El remedio indemnizatorio en el
derecho español de daños*
Análisis, aplicación e instrumentos comparados
5ª edición, 2016**
Pablo Salvador Coderch (Ed.)
Catedrático de derecho civil
Carlos Gómez Ligüerre
Profesor titular de derecho civil
Sonia Ramos González
Doctora en derecho, profesora agregada interina de derecho civil
Antoni Rubí Puig
Doctor en derecho, profesor de derecho civil
Álvaro Luna Yerga
Doctor en derecho, abogado, profesor asociado de derecho civil
*
Este trabajo se ha llevado a cabo en el marco del proyecto de investigación “El análisis de los
remedios en Derecho patrimonial y de la persona” (I+D+I 2014-2016, DER2013-47560-R) financiado
por el Ministerio de Economía y Competitividad y, previamente, del proyecto “Análisis de los remedios
(Remedies) en derecho privado español según la teoría general de la aplicación del derecho (Law
Enforcement Theory), financiado por el Ministerio de Ciencia e Innovación (Plan Nacional de I+D+I,
2011-2014, DER2010-15624).
**
Esta edición no hubiera sido posible sin la colaboración de: Marina Buera, Amaia Forcada, Giulia
Giovannini y Clara Atienza. A todas ellas les agradecemos muy sinceramente la ayuda prestada.
1
2
!"#$%&
!
'()*+,-./01!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!#!
$%&'()&('*)+,-! ./0! .+%)('%1! 0/2*0! 3! 4(-.*5/-&1%! *-*06&+)1%! ./0! '/5/.+1!
+-./5-+7*&1'+1!/-!/0!./'/)81!/%9*:10!./!.*:1%!
;*<01!=*0>*.1'!?1./')8!
'()*+,-./2!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!@A!
B*%!)(*&'1!'/20*%!<C%+)*%!./!'/%91-%*<+0+.*.!
;*<01!=*0>*.1'!?1./')8D!=1-+*!E*51%!F1-7C0/7!
!
'()*+,-./3!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!##!
G/20+2/-)+*!HIJK!?+')(-%&*-)+*%!./!0*!-/20+2/-)+*!
;*<01!=*0>*.1'!?1./')8!
'()*+,-./4!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!LM!
G/20+2/-)+*!HIIJK!$%&+5*)+,-!./0!'+/%21!
;*<01!=*0>*.1'!?1./')8!
'()*+,-./5!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!NO!
G/20+2/-)+*!HIIIJK!G/20+2/-)+*!!"#$%"$&$#"%$'!%($)*+,'-,#!
;*<01!=*0>*.1'!?1./')8D!=1-+*!E*51%!F1-7C0/7!!
!
'()*+,-./6!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PPN!
E/%91-%*<+0+.*.!1<Q/&+>*!
R-&1-+!E(<6!;(+2D!;*<01!=*0>*.1'!?1./')8!
!
'()*+,-./7!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PMS!
G/20+2/-)+*! (-+0*&/'*0! 3! <+0*&/'*0! /-! 0*! '/%91-%*<+0+.*.! 91'! )(09*! 3! /-! 0*!
'/%91-%*<+0+.*.!1<Q/&+>*!
?*'01%!F,5/7!B+2T/''/D!;*<01!=*0>*.1'!?1./')8!
!
'()*+,-./8!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!P#U!
?*(%*0+.*.!./!8/)81!
;*<01!=*0>*.1'!?1./')8D!R-&1-+!E(<6!;(+2!!
!
'()*+,-./9!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PNS!
I59(&*)+,-!1<Q/&+>*!
;*<01!=*0>*.1'!?1./')8D!R-&1-+!E(<6!;(+2!!
!
'()*+,-./0:!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SPU!
E/%91-%*<+0+.*.!91'!8/)81!*Q/-1!
?*'01%!F,5/7!B+2T/''/D!E1%*!V+0W!E*4/0!!
!
'()*+,-./00!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!S@S!
X*:1!
=1-+*!E*51%!F1-7C0/7!
!
'()*+,-./02!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SN#!
;'/%)'+9)+,-!
?*'01%!F,5/7!B+2T/''/!
!
'()*+,-./03!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!MPS!
$0!9'1)/%1!)+>+0!./!'/)0*5*)+,-!./!'/%91-%*<+0+.*./%!)+>+0/%!
Y0>*'1!B(-*!Z/'2*!
3
!
!
4
'()*+,-./01/
$%&'()&('*)+,-!./0!.+%)('%1!0/2*0!3!4(-.*5/-&1%!
*-*06&+)1%!./0!'/5/.+1!+-./5-+7*&1'+1!/-!/0!./'/)81!
/%9*:10!./!.*:1%!
!
P"!?(*&'1!51.1%!./!/%&'()&('*'!/0!.+%)('%1!0/2*0!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!O!
P"P"!IER?K!/0!9(-&1!./!>+%&*!./0!Q('+%&*!3!0*!'/.*))+,-!./!-1&*%D!+-41'5/%D!
5/51'*-.*!1!.+)&C5/-/%!0/2*0/%!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!O!
P"S"!B*%!4+)8*%!X*0017!3!0*!)(0&('*!./0!.#*'-$/'0')!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!U!
P"M"!123$(4-"1$&!1"3$!*%-1"!B/))+1-/%!9*'*!/0!4(&('1K!/0!9(-&1!./!>+%&*!./0!
+-2/-+/'1!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!U!
P"M"!;RE?"!$0!5*')1!./0!.+%)('%1!0/2*0!3!0*!*90+)*)+,-!/4/)&+>*!./!0*%!'/20*%!./!
./'/)81K!/0!9(-&1!./!>+%&*!./0!)+/-&64+)1!%1)+*0!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!N!
P"@"!B*!'/.*))+,-!0/2*0"!$0!9(-&1!./!>+%&*!./0!/%)'+&1'!0/2*0!""""""""""""""""""""""""""""""""""""""!N!
S"!B*!&'*-%>/'%*0+.*.!./0!./'/)81!./!.*:1%"!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PP!
S"P"!E/%91-%*<+0+.*.!)+>+0!3!'/%91-%*<+0+.*.!)+>+0!./'+>*.*!./!./0+&1%!9/-*0/%
!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PP!
S"S"!V*&/'+*0!)1590/5/-&*'+1K!*&'19/001!5[0&+90/!/-!0*!/%&*)+,-!./!4/''1)*''+0!
./!?*%&/00./4/0%D!\*')/01-*!HSM"O"SAPAJ!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PP!
M"!](/-&/%!9'+5*'+*%!3!%/)(-.*'+*%!H5#'6(#&$(47$8"9*47(#&$8*,#9"%:!"""""""""""""""""""""""!PU!
M"P"!B/2+%0*)+,-!;8-(-,-"%:!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PU!
M"S"!^('+%9'(./-)+*!;/(%"<=(>:!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SA!
M"M"!X1)&'+-*!H=/)1-.*'3!B+&/'*&('/!1'!=/)1-.*'3!=1(')/%J!""""""""""""""""""""""""""""""""!SP!
@"!R-C0+%+%!/)1-,5+)1!./0!./'/)81!;=(>$(47$29*4*6'9%:!"""""""""""""""""""""""""""""""""""""""""""""""""!SM!
#"!B*%!.1%!)1-)/9)+1-/%!&'*.+)+1-*0/%!./!0*!'/%91-%*<+0+.*.!)+>+0K!/0!.*:1!)151!
+-Q(%&+)+*!_(/!./</!%/'!)1''/2+.*!3!/0!.*:1!)151!9`'.+.*!_(/!./</!%/'!/>+&*.*!"""!S@!
O"!?1-)/9&1!3!)0*%/%!./!*))+./-&/D!3!0+5+&*)+1-/%!./0!./'/)81!./!.*:1%"!B*!
5+-+5+7*)+,-!./!01%!)1%&/%!%1)+*0/%!./!01%!*))+./-&/%!"""""""""""""""""""""""""""""""""""""""""""""""""""""""!S#!
O"P"!?1-)/9&1!3!)0*%/%!./!*))+./-&/!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!S#!
O"S"!B+5+&*)+1-/%!./0!./'/)81!9'+>*.1!./!.*:1%!"""""""""""""""""""""""""""""""""""""""""""""""""""""""!SO!
O"M"!B*!5+-+5+7*)+,-!./!01%!)1%&/%!%1)+*0/%!./!01%!*))+./-&/%!HF(+.1!
?RBR\E$=ID!PNLAa!=&/>/-!=bRc$BBD!SAA@J!3!0*%!%+590+%&*%!*%(-)+1-/%!+-+)+*0/%!
./!01%!9'+5/'1%!51./01%!*-*06&+)1%!./0!51./'-1!./'/)81!./!.*:1%!"""""""""""""""!SL!
U"!E/%91-%*<+0+.*.!)+>+0!3!9/-*0!!;?*#-$(47$/#'6":!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SN!
N"!E/%91-%*<+0+.*.!)+>+0!/d&'*)1-&'*)&(*0!3!'/%91-%*<+0+.*.!H&*5<+`-!)+>+0D!9/'1J!
)1-&'*)&(*0!;?*#-$(47$/*4-#(9-:!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!MA!
N"P"!V*&/'+*0!)1590/5/-&*'+1K!e'/%91-./!/0!9'19+/&*'+1!91'!01%!.*:1%!_(/!`0!
5+%51!8*!)*(%*.1!*0!1<Q/&1!./!%(!9'19+/.*.f!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!MP!
PA"!E/%91-%*<+0+.*.!)+>+0!3!./'/)81!'/2(0*&1'+1!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!M@!
PP"!e$%!/0!./'/)81!./!.*:1%!(-*!/%9/)+*0+.*.!<+/-!./4+-+.*f!"""""""""""""""""""""""""""""""""""""""""!M#!
5
PS"!V*&/'+*0!)1590/5/-&*'+1K!0*!*))+,-!./!.*:1%!./!01%!9/'Q(.+)*.1%!91'!(-!+06)+&1!
)159/&/-)+*0!3!0*!X+'/)&+>*!)15(-+&*'+*!%1<'/!(4-'-#,%-$7(6(@"%$(9-'*4%!./!SAP@
!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!MO!
0;/',(+<./=.#.>/#&/&>+<,%+,<(</&-/#$>%,<>./-&?(-/
B1%! 9'14/%+1-*0/%! ./0! ./'/)81! %/! /d9'/%*-D! >/'<*05/-&/! 3! 91'! /%)'+&1D! 5/.+*-&/! (-! .+%)('%1!!
/%&'()&('*.1! %1<'/! /0! )*%1! _(/! *-*0+7*-"! R! )1-&+-(*)+,-D! %/! 9'/%/-&*-! )(*&'1! 51.1%! ./!
/%&'()&('*'! /0! *-C0+%+%! ./0! ./'/)81! ./! .*:1%"! =101! /0! 9'+5/'1! /%! /%9/)64+)1! ./0! 9'14/%+1-*0! ./0!
./'/)81"
0;0;/ @AB'C/ &-/ ),"+./ #&/ D$>+(/ #&-/ E,<$>+(/ F/ -(/ <&#(%%$G"/ #&/ ".+(>H/ $"I.<=&>H/ =&=.<("#(/ ./
#$%+J=&"&>/-&?(-&>/
IER?!/%!(-!*)',%&+)1K!!
*J
<J
)J
.J
A%%,"K! e)(C0! /%! 1! )(C0/%! %1-! 0*%! )(/%&+1-/%! 0/2*0/%! _(/! 90*-&/*-! 01%! 8/)81%! *0/2*.1%! 3!
9'1<*.1%!91'!0*%!9*'&/%!/-!/0!)*%1f!
B,)"%K!e)(C0/%!%1-!0*%!'/20*%!./!./'/)81!*90+)*<0/%!*!01%!8/)81%!./0!)*%1f!$-!%(!)*%1K!e)(C0!
/%!0*!Q('+%9'(./-)+*f!
C4()&%'%K!e)(C0/%!%1-!0*%!'*71-/%D!/-!./'/)81D!./!0*%!9*'&/%D!./!)*.*!(-*!./!/00*%f!
/*49),%'*4K!e_(`!)1-)0(+'6*!/0!^(/7!1!g'+<(-*0!/-!(-!)*%1!)151!/0!9'/%/-&*.1!1!_(`!8*<'6*!
./!8*</'!'/%(/0&1f!!
;*'*!5C%!+-41'5*)+,-D!>`*%/!8&&9Khhiii")%(-"/.(hjkk.OPO#Lh<'+/4"9.4!
R%6K!
RJ! R0! +-+)+1! ./! (-! )15/-&*'+1D! -1&*! 1! +-41'5/! ./</! *9*'/)/'! (-! /-)*</7*5+/-&1! *./)(*.1! *0!
/%&C-.*'!9'19+1!./!0*!1'2*-+7*)+,-!/-!0*!)(*0!&'*<*Q*!/0!9'14/%+1-*0!3!_(/D!/-!&1.1!)*%1D!8*!./!
*Q(%&*'%/! *! 0*%! '/20*%! 1! <(/-*%! 9'C)&+)*%! ./! 0*! Q('+%.+))+,-! '/0/>*-&/"! l%(*05/-&/D! /0!
/-)*</7*5+/-&1!+-)0(3/!(-*!'/4/'/-)+*!*0!)*%1D!*!0*!4/)8*!3!*!0*!)(/%&+,-!0/2*0!9'+-)+9*0!%1<'/!0*!
)(*0!>/'%*!/0!/%)'+&1"!R./5C%D!/!+-/d)(%*<0/5/-&/D!/0!/-)*</7*5+/-&1!8*!./!+-)0(+'!/0!-15<'/!3!
*9/00+.1%!./0!*(&1'!1!*(&1'/%!./0!*-C0+%+%D!0*!1'2*-+7*)+,-!9*'*!0*!)(*0!&'*<*Q*-!3D!91'!%(9(/%&1D!0*!
4/)8*!./!)1-)0(%+,-!./0!*-C0+%+%!5+%51"!=+!8*3!.+%&+-&*%!>/'%+1-/%D!)1->+/-/!.+%&+-2(+'0*%!91'!%(!
4/)8*a!3!%+!8*3!>*'+*%!./!+2(*0!4/)8*D!91'!%(!81'*!./!4+-*0+7*)+,-!(!1&'*!)1->/-)+,-!_(/!9/'5+&*!
.+%&+-2(+'!0*![0&+5*!./!0*%!*-&/'+1'/%"!
!!
\J!=+2(/!0*!'/4/'/-)+*!*!0*!)(/%&+,-!0/2*0!90*-&/*.*"!;(/./-!%/'!5C%!./!(-*D!91'!%(9(/%&1D!9/'1!
-1!/%!4'/)(/-&/!-+!*)1-%/Q*<0/!&'*&*'!/-!(-!%101!/%)'+&1!./!(-*!.1)/-*!./!)(/%&+1-/%a!/%!5C%D!%+!
*9*'/)/-!5()8*%!)(/%&+1-/%D!/%!9'1<*<0/!_(/!/0!/%)'+&1!/%&`!5*0!90*-&/*.1!./!<(/-!9'+-)+9+1K!*0!
+-+)+1D! )1->+/-/! .+%&+-2(+'! /-&'/! 0*%! )(/%&+1-/%! -/)/%*'+*%D! 0*%! +591'&*-&/%D! 0*%! ('2/-&/%D! *%6!
)151!/-&'/!&1.*%!0*%!*-&/'+1'/%!3!0*%!%/)(-.*'+*%!9*'*!/%&*<0/)/'!/-%/2(+.*!9'+1'+.*./%!)0*'*%"!
6
$-! 0*! 9'C)&+)*! &'*.+)+1-*0! /%9*:10*D! 0*%! )1-)0(%+1-/%! %(/0/-! +-)0(+'%/! *0! 4+-*0! ./0! /%)'+&1D! 9/'1!
9(/./! /%! *)1-%/Q*<0/! *./0*-&*'! 0*! )1-)0(%+,-! )*9+&*0! *! %(! +-+)+1D! 9(/%! *3(.*! *0! 0/)&1'! m0/! />+&*!
&/-/'! _(/! %*0&*'%/! /0! )(/'91! ./0! +-41'5/! 9*'*! 0//'! 0*%! )1-)0(%+1-/%! *! %(! 4+-*0! 3! %/:*0+7*! /0!
)159'15+%1!./0!*(&1'"
$-! /%)'+&1%! 0*'21%! /%! )15[-! +-)0(+'! (-! %(5*'+1! m(-! 6-.+)/m! 3! (-! "3"9,-'0"$ %,66(#&! *-&/%! ./0!
)(/'91! ./0! /%)'+&1! 3! _(/! '/%(5/! %(! )1-&/-+.1! /%/-)+*0"! =(/0/! %/'! (-! 91)1! 5C%! 0*'21! _(/! 01%!
(D%-#(9-%!./!01%!*'&6)(01%!*)*.`5+)1%D!9/'1!%+/59'/!8*!./!%/'!01!5C%!<'/>/!91%+<0/"
?J! R! )1-&+-(*)+,-D! 8*3! _(/! '/4/'+'! 01%! 8/)81%! '/0/>*-&/%! 9*'*! 0*! )(/%&+,-! 1! )(/%&+1-/%!
90*-&/*.*%D!%+/59'/!)1-!+-.+)*)+,-!./!%(!4(/-&/!H>"!2'D!01%!8/)81%!9'1<*.1%D!%/2[-!0*!%/-&/-)+*!
./! +-%&*-)+*D! 1! 01%! '/0*&*.1%! 91'! /0! )0+/-&/D! 01%! /d&'*6.1%! ./! .1)(5/-&1%! 1! ./! *4+'5*)+1-/%! ./!
&/%&+21%D! ./! *&/%&*.1%! 1! /d9/.+/-&/%! *.5+-+%&'*&+>1%D! 01%! '/%(0&*-&/%! ./! +-41'5/%! 41'/-%/%! 1!
9/'+)+*0/%D! /&)"J"! $0! 9'14/%+1-*0! 8*! ./! ./Q*'! )1-%&*-)+*! ./! _(/! 0*! )(/%&+,-! >*! *! %/'! *-*0+7*.*! ./!
*)(/'.1!)1-!01%!8/)81%!'/0*&*.1%!3!%101!/001%"!Z!/%!5(3!*)1-%/Q*<0/!_(/!/0!+-41'5/!+-.+_(/!%(%!
4(/-&/%D!0*!'/0*)+,-!./!8/)81%!&/-+.1%!/-!)(/-&*!9*'*!%(!/0*<1'*)+,-"
$-!)(*-&1!*0!1'./-!./!0*!-*''*)+,-D!/0!5C%!*)1-%/Q*<0/!/%!/0!)'1-10,2+)1K!8*!./!8*</'!(-*!'*7,-!
91./'1%*!9*'*!./%)'+<+'!01%!8/)81%!./!5*-/'*!.+%&+-&*"!=+-!/5<*'21D!-1!/%!)'+&+)*<0/!)15/-7*'!
)1-! (-*! '/4/'/-)+*! *! 0*! ./5*-.*! 3! *! 0*! 4/)8*! ./! %(! 9'/%/-&*)+,-"! $-! &1.1! )*%1D! /%! <(/-1!
.+%&+-2(+'! /-&'/! 01%! 8/)81%! 5*&/'+*0/%! ./0! )*%1! 3! 01%! 9'1)/%*0/%K! /0! *))+./-&/! 3! %(%!
)+')(-%&*-)+*%D!91'!(-!0*.1D!3!0*!./5*-.*D!%(!)1-&/%&*)+,-D!/&)"!91'!/0!1&'1"
$-!-+-2[-!)*%1!8*3!_(/!*./0*-&*'!)1-)0(%+1-/%!)1-!1)*%+,-!./!0*!-*''*)+,-!./!01%!8/)81%"
XJ!=+2(/-!0*%!'/4/'/-)+*%!*!0*%!'/20*%!1!9'+-)+9+1%!./!./'/)81!*90+)*<0/%!*!01%!8/)81%!'/0*&*.1%D!
*%6!)151!*!0*!Q('+%9'(./-)+*"!$-!0*%!4*)(0&*./%!./!./'/)81!/%9*:10*%D!-1!/%!+-(%(*0!5*'2+-*'!0*%!
'/4/'/-)+*%! *! 01%! 4(-.*5/-&1%! ./! ./'/)81D! 9(/%D! /-! 1)*%+1-/%D! 01%! 9'14/%1'/%! )/-&'*-! %(!
*&/-)+,-!/-!.1)&'+-*%!/d9(/%&*%!91'!1&'1%!9'14/%1'/%D!/-!19+-+1-/%!%1<'/!0*!>*01'*)+,-!./0!)*%1!
1! /-! 0*! 9'19+*! 19+-+,-! .1)&'+-*0! ./! _(+/-! 8*<0*"! $%&*! -1! /%! (-*! <(/-*! 9'C)&+)*! 3! )1->+/-/!
1'+00*'0*"! B*%! '/4/'/-)+*%! *0! ./'/)81! *90+)*<0/! ./</-! /%&*'! *)159*:*.*%! 91'! 1&'*! *! 0*!
Q('+%.+))+,-!)159/&/-&/"!
$J! $0! *-C0+%+%! 1! .+%)(%+,-! 0/2*0! ./0! )*%1! /%! /0! )/-&'1! ./! 2'*>/.*.! ./0! /%)'+&1D! /0! 0(2*'! .1-./! /0!
*-*0+%&*!*:*./!>*01'"!$-!./'/)81!)+>+0D!/0!*-*0+%&*!.1)&'+-*0!8*!./!)1-1)/'!/0!./'/)81!3!.15+-*'!
0*%! '/20*%! 3! %(%! )1->/-)+1-/%! +-&/'9'/&*&+>*%! m0*! +-&/'9'/&*)+,-! ./! 0*! 0/3"! ]1'5*05/-&/D! /%!
*)1-%/Q*<0/! /0*<1'*'! (-! 90*-! ./! 1'2*-+7*)+,-! 1! /%_(/5*! ./0! *-C0+%+%! _(/! %/! >*! *! ./%*''100*'D!
)1-)/<+'!(-*!1!5C%!+./*%!'/)&1'*%!9*'*!%(!)1-&/-+.1!5*&/'+*0!m(-*!1!5C%D!%+/59'/!0*%!5+%5*%D!
9/'1!-1!5()8*%m!3D!*!)1-&+-(*)+,-D!./%*''100*'!/0!*-C0+%+%!/-!'/0*)+,-!)1-!)*.*!(-1!./!01%!9(-&1%!
./0!90*-!1!/%_(/5*"!l-!<(/-!*-C0+%+%!'/_(+/'/!(-!<(/-!/%_(/5*!3!/%&/D!-1'5*05/-&/D!/d+2/!(-*!
.+>+%+,-! ./! 0*! )(/%&+,-! *! *-*0+7*'! %/2[-! 01%! >*'+1%! /0/5/-&1%! ./0! %(9(/%&1! ./! 8/)81! ./! 0*!
-1'5*&+>*!*90+)*<0/"!=+!0*!.+%)(%+,-!>/'%*!%1<'/!0*!*90+)*<+0+.*.!./!'/20*%!./!./'/)81!.+%&+-&*%!*!
01%!8/)81%!./0!)*%1D!/%!+591'&*-&/!.+%&+-2(+'!/-&'/!0*%!.1%!1!5C%!8+9,&/%+%!90*-&/*.*%!3!%*</'!
91-/'!./!5*-+4+/%&1!0*%!'*71-/%!_(/!5+0+&*-!*!4*>1'!3!/-!)1-&'*!./!)*.*!(-*!./!/00*%"!
7
$-!2/-/'*0D!9/'1!5(3!9*'&+)(0*'5/-&/!/-!./'/)81!./!*))+./-&/%D!+591'&*!_(/!/0!*-C0+%+%!&/-2*!
/-!)(/-&*!01%!9(-&1%!./!>+%&*!./!)*.*!9*'&/D!./0!./5*-.*-&/!3!./!0*!./5*-.*.*D!3!_(/!01!8*2*!
%+/59'/!1'./-*.*5/-&/D!./!0*!5+%5*!5*-/'*"!$0!<(/-!*-*0+%&*!-1!.+%)(&/!01%!8/)81%!9'1<*.1%D!
5()81!5/-1%!01%!-+/2*D!%+-1!_(/!Q(/2*!)1-!%(!)*0+4+)*)+,-!Q('6.+)*"!
!
]J!$0!/%)'+&1!4+-*0+7*!)1-!0*%!)1-)0(%+1-/%!_(/!40(3/-!./0!*-C0+%+%!*90+)*.1!*!01%!8/)81%!./0!)*%1"!
$-! ./'/)81! ./! *))+./-&/%D! 0*%! )1-)0(%+1-/%! 5+5/&+7*-! /0! 4*001! 5C%! 9'1<*<0/! ./! (-*! %/-&/-)+*!
_(/!'/%10>+/'*!/0!)*%1D!/-!/0!%(9(/%&1!./!_(/!%/!8(<+/'*!9'/%/-&*.1!(-*!./5*-.*!Q(.+)+*0"!b*-!
./!%/'D!91'!&*-&1D!5(3!9'/)+%*%"!G1!>*0/!/0!4*4$)'+,"-K!/0!Q('+%&*!8*!./!*./0*-&*'!0*!)1-)0(%+,-!5C%!
9'1<*<0/!/-!./'/)81!3!8*!./!/>+&*'!./Q*'!9/'90/Q1!*0!0/)&1'"
0;2;/K(>/I$%L(>/M(--.N/F/-(/%,-+,<(/#&-/!"#$%&'$($)//
/
$-!]'*-)+*!/%!5(3![&+0!9*'*!/0!/%&(.+*-&/!./!./'/)81!)1-%(0&*'!0*%!2(6*%!3!4+)8*%!5/&1.10,2+)*%!
/.+&*.*%!91'!X*0017"!n4'/)/-!5`&1.1%!./!&'*<*Q1!/%/-)+*0/%!9*'*!/%)'+<+'!.+%)('%1%D!)15/-&*'+1%!
./! Q('+%9'(./-)+*D! )15/-&*'+1%! ./! &/d&1%! 1! )*%1%! 9'C)&+)1%"! ;(/./-! )1-%(0&*'%/! /-!
8&&9Khh4+)8/%".*0017m/&(.+*-&"4'h!
0;3;/*+,&-.%/*&0/*/,&1#2%*;/K&%%$."&>/)(<(/&-/I,+,<.C/&-/),"+./#&/D$>+(/#&-/$"?&"$&<./
l-!*-C0+%+%!0/2*0!%1<'/!/0!./'/)81!*90+)*<0/!*!(-!)*%1!3*!*)*/)+.1!%/!9'13/)&*!-/)/%*'+*5/-&/!
%1<'/! /0! 9*%*.1"! $0! Q('+%&*! 8*! ./! &/-/'! /-! )(/-&*! /0! %/%21! ./! 0*! '/&'1%9/))+,-! HE'47%'@E-$ D'(%JK!
7"%!,F%! ./! _(/! (-! 8/)81! 8*3*! &/-+.1! 0(2*'D! &/-./51%! *! )'//'! _(/! 0*! 9'1<*<+0+.*.! ./! %(!
1)(''/-)+*!/%!5*31'!./!01!_(/!'*71-*<0/5/-&/!8*<'6*51%!/%&+5*.1!(4-"%!./!_(/!%()/.+/'*!HoR!
&1'1! 9*%*.1D! &1.1! /0! 5(-.1! /%! <(/-! &1'/'1oJ"! ! Z! /001! 8*! ./! %/'! *%6! 91'_(/! /%! )15[-5/-&/!
*)/9&*.1!_(/!%+!0*%!'/20*%!./!./'/)81!%1-!(-*!2(6*!./!-(/%&'*%!*))+1-/%D!./!-(/%&'*!)1-.()&*D!
/-&1-)/%! 8*3! _(/! /-&/-./'0*%! ./0! 5+%51! 51.1! _(/! (-! 1<%/'>*.1'! '*71-*<0/D! %+&(*.1! /-! 0*!
91%+)+,-! ./! 0*! 9/'%1-*! ./0! ./5*-.*.1D! 0*%! 8*<'6*! +-&/'9'/&*.1! *-&/%! ./! _(/! 01%! 8/)81%! _(/!
./%/-)*./-*'C-!%(!*90+)*)+,-!&/-2*-!0(2*'!H"3$(4-"J!3!-1!./%9(`%!H"3$!*%-J"
$0!9(-&1!./!>+%&*!./0!Q(/7!/%D!91'!&*-&1D!"3$(4-"!m%*0>1!_(/!0*%!0/3/%!*90+)*<0/%!%/*-!'/&'1*)&+>*%D!
_(/! 9(/./! %/'! /0! )*%1m"! $-! )*5<+1! /0! ./0! 0/2+%0*.1'! 3D! /-! %(! )*%1D! /0! ./0! 21<+/'-1! 1! /0! ./! 0*!
*2/-)+*! '/2(0*.1'*! _(/! .+)&*-! (-! '/20*5/-&1! %1-! "3$ !*%-G! $-! 06-/*! ./! 9'+-)+9+1! 8*3! _(/!
.+%&+-2(+'! /-&'/! 0*%! '/%9(/%&*%! *! 0*! 9'/2(-&*K! oep(`! 91.'6*51%! 8*</'! 8/)81foD! 3! 0*%! _(/! )*</!
14'/)/'!*!0*!9'/2(-&*K!qep(/!91./51%!8*)/'!*81'*D!)(*-.1!3*!%*</51%!_(`!8*!1)(''+.1D!3!/-!/0!
4(&('1fr"!V*%!)151!/0!%/%21!./!0*!'/&'1%9/))+,-!/%!5(3!.+46)+0!./!/>+&*'D!/0!*-*0+%&*!8*!./!&/-/'!
/-!)(/-&*!0*%!0/))+1-/%!./!0*!8+%&1'+*D!/%!./)+'D!*_(/001!_(/!8/51%!*9'/-.+.1!./0!*))+./-&/!_(/!
-1%!1)(9*D!*_(/001!_(/!91.'/51%!8*)/'!9*'*!/>+&*'!%(!'/9/&+)+,-!1!9*'*!5+-+5+7*'!%(%!/4/)&1%!
9/'Q(.+)+*0/%!/-!/0!4(&('1"!!R!/%&/![0&+51!'/%9/)&1D!(-*!<(/-*!2(6*!/%!0*!%+2(+/-&/K
*J
<J
)J
.J
n<%/'>*)+1-/%!*!0*!0(7!./0!*))+./-&/"!
?(/%&+1-/%!)0*>/"!
;1%+<0/%!*))+1-/%!)1''/)&+>*%"!
;1%+<0/%!5/Q1'*%!./!.+%/:1!/-!/0!4(&('1"!
^"!\lnGFInEGnD! E"! \RBBIGF$ED! V"! XEI=?nBBD! \"! ]nEF$gD! ?"! ]nE=\$EFD! V"! FnBRZD! V"! sRtIVID! G"! gnXE$R=! 3! ^"!
ZRG?bD! ?"9E4'9()$ ="%%*4%$ ="(#4"7$ H#*6$ -E"$ I,J,%E'6(<.('9E''$ C99'7"4-$ (47$ 5*%%'D)"$ /*##"9-'0"$
8
C9-'*4%$ H*#$ -E"$ K,9)"(#$ A47,%-#&L$ C4$ A4'-'()$ 20(),(-'*4D! G()0/*'! =)+/-)/! u! $-2+-//'+-2D!
V*%%*)8(%/&&%!I-%&+&(&/!14!g/)8-10123D!?*-/%!;(<0+)*&+1-%D!SAPPD
8&&9Khhi/<"5+&"/.(h-%/h9.4h-/i%hSAPPh](k(%8+5*vB/%%1-%vB/*'-/.vVIgmG=;mAS#"9.4
$0!*-&/'+1'!/%!/0!9(-&1!./!>+%&*!./0!+-2/-+/'1D!9/'1!-1D!)*</!+-%+%&+'D!/0!./0!Q('+%&*"!Z!*./5C%D!/-!
./'/)81! /%9*:10! -1! '+2/! 0*! '/20*! mm9'19+*! ./! )(0&('*%! 5(3! *>*-7*.*%! &/)-10,2+)*! 3!
/)1-,5+)*5/-&/D!/-!0*%!)(*0/%!0*!.+%&+-)+,-!/-&'/!01%!9(-&1%!./!>+%&*!"3$(4-"!3!"3$!*%-!/%!)*9+&*0m
m!/-!)(3*!>+'&(.!-1!/%!*.5+%+<0/!)151!9'(/<*!/-!(-!9'1)/%1!Q(.+)+*0!%1<'/!(-!)*%1!./!9'/%(-&*!
-/20+2/-)+*! 0*! 9'/%/-&*)+,-! ./! />+./-)+*! %1<'/! 0*%! 5/.+.*%! ./! )1''/))+,-! %(<%+2(+/-&/%! *0!
*))+./-&/!*.19&*.*%!91'!/0!./5*-.*.1"!!
0;3;/OBA';/P-/=(<%./#&-/#$>%,<>./-&?(-/F/-(/()-$%(%$G"/&I&%+$D(/#&/-(>/<&?-(>/#&/#&<&%L.C/&-/
),"+./#&/D$>+(/#&-/%$&"+*I$%./>.%$(-/
/
l-! .+%)('%1! 0/2*0! '/*05/-&/! 4/)(-.1! '/_(+/'/! 5C%! )1%*%! _(/! 0*! +./-&+4+)*)+,-! ./! 0*%! '/20*%! ./!
./'/)81!*90+)*<0/%!*0!)*%1K!/0!*)',%&+)1!15CB/1$.*!'*7,-!./!),51!3!91'!_(`!(-*%!5+%5*%!'/20*%!
%/!*90+)*-!./!51.1!.+%&+-&1!/-!%+&(*)+1-/%!.+4/'/-&/%"!!
!
$-! 9'+5/'! 0(2*'D! /0! Q('+%&*! 8*! ./! &/-/'! /-! )(/-&*! *! 0*%! 9/'%1-*%! Ho5"*!)"oJ! +->10()'*.*%! 91'!
*)&+>*! 3! 91'! 9*%+>*! /-! 0*! *90+)*)+,-! ./0! ./'/)81a! 0(/21D! 8*! ./! 8*)/'! 01! 9'19+1! )1-! 0*!
+-4'*/%&'()&('*! 46%+)*! 3! 1'2*-+7*&+>*! %1<'/! 0*%! )(*0/%! 0*%! '/20*%! /-! )(/%&+,-! %/! 9'13/)&*-!
H1C#9E'-"9-,#"1:a!3D!/-!&/')/'!0(2*'D!0*%!'/20*%!./!./'/)81!%/!*90+)*-!%+/59'/!Q(-&1!)1-!%+%&/5*%!
5C%!1!5/-1%!.+4(%1%!1!41'5*0+7*.1%!./!-1'5*%!51'*0/%D!./!)1->/-)+1-/%!)(0&('*0/%!H1K*#6%1JD!
_(/D!%/2[-!01%!)*%1%!3!)+')(-%&*-)+*%D!91&/-)+*-!1!*51'&+2(*-!/0!*0)*-)/!3!/4+)*)+*!./!0*%!'/20*%!
0/2*0/%"
!
!
!
R')8+&/)&('/!!
!
!
!!!!!!!!!!!!;/190/!!
!
!
!
!
!!!!?(0&('/!HG1'5%J
!
E(0/%
0;4;/K(/<&#(%%$G"/-&?(-;/P-/),"+./#&/D$>+(/#&-/&>%<$+.</-&?(-/
B*! '/.*))+,-! 0/2*0! '/_(+/'/D! 9(/%D! &15*'! /-! )1-%+./'*)+,-! 5()8*%! )+')(-%&*-)+*%! 3! 8*)/'01! /-!
(-! &+/591! 0+5+&*.1K! /0! .+%)('%1! ./0! /%&(.+*-&/! _(/! 9'/9*'*! (-! /d*5/-D! /0! ./0! *<12*.1! _(/!
./4+/-./!(-!)*%1D!/0!./0!Q(/7!_(/!8*!./!'/%10>/'01!/%&C-!)1-.+)+1-*.1%D!./!/-&'*.*D!91'!/0!&+/591!
.+%91-+<0/D!%+/59'/!/%)*%1"!R0!'/%9/)&1!3!*-&/!0*!9'/%/-&*)+,-!./!(-!)*%1!)(31!*-C0+%+%!8*3!_(/!
*<1'.*'!+-5/.+*&*5/-&/!*!)1-&+-(*)+,-D!(-!)'+&/'+1!*)*%1!'*71-*<0/!./!.+%&'+<()+,-!./0!&+/591!
9(/./!%/'!/0!./!0*%!)+-)1!*.51-+)+1-/%!_(/!)1-41'5*-!0*!'/20*!./!0*%!)+-)1!$w%!H;*<01!=*0>*.1'!
?1./')8!HPNU#JJK
-
2%9,9E(G! V()8*! 2/-&/! -1! *&+/-./D! %+-1! _(/D! )151! 5()81D! /%9/'*D! *-%+1%*D! %(! &('-1! 9*'*!
8*<0*'"
-
2%-,7'(G! G+! /0! 5/Q1'! '/.*)&1'! 0/2*0! /%&C! %101! /-! /0! 5(-.1! m[-+)*5/-&/! 01! /%&C! *-&/! 0*!
9*-&*00*! ./0! .+%91%+&+>1! /0/)&',-+)1! _(/! /%&C! (%*-.1"! =+! /0! &/d&1! _(/! >*%! *! '/.*)&*'! /%! (-!
9
/d*5/-!/%)'+&1D!0*%!.1%!9'+5/'*%!$w%!9(/./-!'/.()+'%/!*!(-*K!*-&/%!./!*''*-)*'!*!/%)'+<+'D!
*%/2['*&/!./!_(/!8*%!/-&/-.+.1!<+/-!0*%!9'/2(-&*%!41'5(0*.*%!/-!/0!/d*5/-"
-
2%+,"6(-'M(G!?1-%&'(3/!(-!/%_(/5*!./!&(!.+%)('%1!3!8*701!91'!/%)'+&1"!$-!./'/)81D!IER?!/%!
(-*!<(/-*!5*-/'*!./!1'2*-+7*'!01%!/%_(/5*%"!
$-!)(*-&1!*0!)1-&/-+.1!/%9/)64+)*5/-&/!'/&,'+)1!./!&(!.+%)('%1D!0*!1'2*-+7*)+,-!&'6*.+)*!/%!)0C%+)*D!
9(/%!9/'5+&/!/d91-/'!3!./4/-./'!&'/%!+./*%!1!'/+&/'*'!(-*!4(-.C-.10*!/-!&'/%!'*71-/%!.+%&+-&*%"!VC%!
./!&'/%!m%/*-!+./*%!1!'*71-/%m!'/%(0&*!*''+/%2*.1D!9(/%!)*%+!-*.+/!/%!)*9*7!./!'/)1'.*'!(-!.+%)('%1!
<*%*.1! /-! )+-)1D! %/+%! 1! %+/&/! 9'+-)+9+1%! H9'(/<*K! ./4+/-.*-! 01%! 0/)&1'/%! (-*! )*(%*! .('*-&/! .+/7!
5+-(&1%! 3D! *0! )*<1D! 9+.*-! *! %(%! 13/-&/%! _(/! '/%(5*-! 0*! +-&/'>/-)+,-J"! =+2(/-! &'/%! /Q/5901%! ./!
.+%)('%1%!)0C%+)1%D!'/&,'+)*5/-&/!012'*.1%D!&1.1%!/001%!*))/%+<0/%!/-!0*!'/.K!/0!9'+5/'1!/%!/0!./!=&/>/!
^1<%D!N*>$-*$='0"$O"H*#"$P*,$.'"D!)(3*!/%&'()&('*!/%!)0*'*5/-&/!&'+C.+)*D!9/'1!%+!)1-%+2(/%!)1-)/<+'!
3!41'5(0*'!(-*!<(/-*!3![-+)*!+./*!/0!'/%(0&*.1!9(/./!%/'!8+%&,'+)1"!R%6D!/-!SAPM!)1-5/51'*51%!/0!
)+-)(/-&/-*'+1! ./! 0*! *01)()+,-D! )1-1)+.*! )151! QA$ E(0"$ ($ 7#"(6RS! ./! V*'&+-! B(&8/'! s+-2D! /0! SU! ./!
*21%&1!./!PNOMD!(-!/Q/5901!0/2/-.*'+1!./!(-!.+%)('%1!)/-&'*.1!/-!(-!&/5*![-+)1D!0*!+2(*0.*.!'*)+*0"!
V*%D!9*'*!(-!9'14/%1'!>/&/'*-1!3D!%1<'/!&1.1D!9*'*!(-!*0(5-1!0+%&1D!/0!N*>$%9E**)%$J'))$9#"(-'0'-&!./!
s/-! E1<+-%1-! /%! (-*! ./! 0*%! .1%! 1! &'/%! *.51-+)+1-/%! ./! '/4/'/-)+*"! B1%! B/)&1'/%! +-&/'/%*.1%! /-!
8*)/'%/! )1-! (-*! <(/-*! 41'5*)+,-! 9*'*! *<12*'! 91'! 0*%! )*(%*%! /-! 0*%! _(/! )'/*-! 8*'C-! <+/-! /-!
'/)(''+'! )1-! )+/'&*! 4'/)(/-)+*! *! ?2.$ A7"(%$ >*#-E$ %!#"(7'4@"! ?*%+! &1.*%! 0*%! ./)+%+1-/%! ./! \*'*)k!
n<*5*!%1-!)1''/)&*%!'/&,'+)*5/-&/!8*<0*-.1"!$0!0/)&1'!/%)`9&+)1!9(/./!)1-&'*%&*'!/%&*!19+-+,-!)1-!
(-!.+%)('%1!9'1-(-)+*.1!91'!(-!9106&+)1!01)*0"!
-
2%9#'D"G!R0!4+-*0D!0*%!9*0*<'*%!%1-!/0!*'5*!9'+-)+9*0!./0!*<12*.1!mm3!./0!Q(/7mm"!l-!<(/-!&/%&!
9*'*!(-!$%&*.1!./!./'/)81!/%!)*0+4+)*'!./!A!*!PA!/0!2'*.1!./!)18/'/-)+*!/-&'/!0*%!9*0*<'*%!
./0!Q(/7!3!0*%!'*71-/%!*(&`-&+)*%!./!%(!./)+%+,-"
X1%! <(/-1%! 0+<'1%! 9*'*! *9'/-./'! *! /%)'+<+'! H&*5<+`-! /-! ./'/)81JK! g/''+00! ;nBBVRGD! ^(.+&8! V"!
=gIG=nGD!E+)8*'.!s"!G$lVRGG!3!^'"D!$0+%*</&8!;nBBVRGD!="@()$T#'-'4@D!P%&!/."D!x10&/'%!s0(i/'D!G/i!
Z1'kD! SAPPa! =&/>/-! ;IGs$ED! ?E"$ 8"4%"$ *H$ 8-&)"L$ ?E"$ ?E'4J'4@$ 5"#%*4U%$ V,'7"$ -*$ T#'-'4@$ '4$ -E"$ WX%-$
/"4-,#&D!;/-2(+-D!G/i!Z1'kD!SAP@"!
-
27'-(G! X/.+)*! 91'! 01! 5/-1%! (-*! )(*'&*! 9*'&/! ./0! &+/591! ./! _(/! .+%91-/%! *! /.+&*'! /0! &/d&1!
_(/! *)*<*%! ./! '/.*)&*'"! b*3! *02(-*%! <(/-*%! 5*-/'*%! ./! /.+&*'! (-! &/d&1K! (-*D! _(/! -1!
%+/59'/!/%!91%+<0/D!/%!8*)/'01!/.+&*'!91'!1&'*!9/'%1-*!5*31'!1!5C%!Q1>/-!_(/!&[a!1&'*D!_(/!
01!8*2*%!&[!*0!.6*!%+2(+/-&/!./!8*</'!'/.*)&*.1!/0!9'+5/'!<1''*.1'"!=+D!91'!4+-D!8*%!./!/.+&*'!
/-!%/2(+.*!&(!9'19+1!&/d&1D!)1-)`./&/!(-*!9*(%*D!91'!<'/>/!_(/!%/*D!*-&/%!./!/59/7*'"!
$-! )(*0_(+/'! )*%1D! /.+&*'! /%! %+/59'/! /-)12/'! /0! &/d&1K! ),'&*01! %+-! 9+/.*.! -+! )1-%+./'*)+,-! *02(-*D!
9(/%!%(/0/-!%/'!./5*%+*.1!0*'21%D!%/!'/9+&/-"!q'/9/&+'%/rD!/-!0*!4'*%/!*-&/'+1'D!'/+&/'*!0*!+./*!./!q%/'!
./5*%+*.1!0*'21rD!_(/!91.'6*!-1!/%&*'"!
B*%!)+-)1!'/20*%!*-&/'+1'/%D!0*%!)+-)1!$w%D!*3(.*-!*!/>+&*'!+-)(''+'!/-!5()81%!/''1'/%"!b*3!(-*!
%/d&*!_(/!/%!%101!9*'*!9'14/%+1-*0/%!./!>/'.*.D!9*'*!2/-&/!_(/!*5*!0*!1<'*!<+/-!8/)8*!5C%!*00C!
./!*_(/001!_(/!0/!>*-!*!.*'!91'!/00*!1!./0!5`'+&1!_(/!0/!>*-!*!'/)1-1)/'!91'!8*</'0*!)'/*.1K
-
Y26!'"M($7"$4,"0*Z!
10
ep(+`-D!&'*%!>10>/'!*!/%)'+<+'!./!)*<1!*!'*<1!/0!&/d&1!_(/!8*<6*!<1''*.1!%+-!_(/'/'!./!%(!.+%91%+&+>1!
/0/)&',-+)1D! -1! 8*! /d9/'+5/-&*.1! -(-)*! 0*! %/-%*)+,-! ./! _(/! /0! -(/>1! .+%)('%1! /%! 5C%! )0*'1! 3!
%/-)+001!_(/!/0!1'+2+-*0f
2;/K(/+<(">D&<>(-$#(#/#&-/#&<&%L./#&/#(Q.>;//
2;0;/A&>).">(R$-$#(#/%$D$-/F/<&>).">(R$-$#(#/%$D$-/#&<$D(#(/#&/#&-$+.>/)&"(-&>/
?(*-.1! %/! 8*<0*! ./! '/%91-%*<+0+.*.! )+>+0! ./! *02(+/-D! /%! ./)+'D! ./! 0*! 91%+<0/! 1<0+2*)+,-! ./!
+-./5-+7*'!9(/%&*!*!)*'21!./!_(+/-!8*!)*(%*.1!(-!.*:1!*!1&'1D!0*!9'+5/'*!+-&(+)+,-!0/2*0!/%!_(/!
%1<'/!0*!)(/%&+,-!'/%10>/'C!(-!&'+<(-*0!)+>+0D!./!*)(/'.1!)1-!0*%!'/20*%D!5*&/'+*0/%!3!9'1)/%*0/%D!
)+>+0/%"
G1!/%!*%6D!9(/%!/0!./'/)81!./!0*!'/%91-%*<+0+.*.!)+>+0!/%!&'*-%>/'%*0D!5(0&+Q('+%.+))+1-*0K!%1<'/!
(-!5+%51!.*:1!9(/./-!)1-1)/'!>*'+*%!Q('+%.+))+1-/%!/-!4(-)+,-!./0!%(Q/&1!_(/!01!)*(%,D!./!0*%!
)+')(-%&*-)+*%!_(/!'1./*'1-!%(!)*(%*)+,-"
$-!/4/)&1D!(-*!)*'*)&/'6%&+)*!%+-2(0*'!./0!./'/)81!/%9*:10D!)159*'*.*!)1-!1&'1%!1'./-*5+/-&1%!
Q('6.+)1%D! /%! _(/! 0*! )(/%&+,-! %1<'/! 0*! 91%+<0/! '/%91-%*<+0+.*.! )+>+0! ./'+>*.*! ./! *))+./-&/%!
51'&*0/%!1!_(/!)*(%*-!0/%+1-/%!)1'91'*0/%!/%!'/%(/0&*!8*<+&(*05/-&/!91'!&'+<(-*0/%!9/-*0/%D!01%!
)(*0/%! ./)+./-! %1<'/! 0*! '/%91-%*<+0+.*.! 9'19+*5/-&/! 9/-*0! 91'! ./0+&1! 3! %1<'/! 0*!
/%9/)64+)*5/-&/!)+>+0!./'+>*.*!./!0*!*-&/'+1'"
=+!/0!&'+<(-*0!9/-*0!*')8+>*!/0!)*%1!1!'/%(/0>/!_(/!-1!8*3!./0+&1D!-1'5*05/-&/!_(/.*!*<+/'&*!*!
0*%!>6)&+5*%D!1!*!%(%!*00/2*.1%D!0*!91%+<+0+.*.!./!+-+)+*'!(-!-(/>1!90/+&1!3!*)(.+'!*!0*!Q('+%.+))+,-!
)+>+0D!/-!<(%)*!./!(-!'/5/.+1!+-./5-+7*&1'+1!91'!01%!.*:1%!)*(%*.1%"!
$%&*! %+-2(0*'+.*.! ./0! ./'/)81! /%9*:10! 8*! 2/-/'*.1! .+%)(%+1-/%! %+-! )(/-&1! /-&'/! _(+/-/%D! 91'!
(-*! 9*'&/D! )1-%+./'*-! _(/! 0*! *&'*))+,-! ./! 0*%! )(/%&+1-/%! ./! 9('*! '/%91-%*<+0+.*.! )+>+0! 91'! 0*!
Q('+%.+))+,-! 9/-*0! /%! (-*! %10()+,-! 9'C)&+)*! _(/! 9/'5+&/! '/%10>/'! /-! (-! %101! 0+&+2+1! 9/-*0! 01%!
&/5*%! )+>+0/%! 3! 9/-*0/%D! 3! _(+/-/%D! 91'! 0*! 1&'*D! 19+-*-! _(/! >/-&+0*'! /-! (-! Q(+)+1! 9/-*0! 01%!
+-&/'/%/%! 9('*5/-&/! )+>+0/%D! *./5C%! ./! 01%! 9/-*0/%D! .+%&1'%+1-*! /0! 9'1)/%1! 9/-*0! 3! /0! ./'/)81!
9/-*0!5+%51!y9'+>*&+7*!/0!./'/)81!3!9'1)/%1!9/-*0/%mm!1!_(/D!/-!/0!)*%1!./!_(/!8*3*!_(/!>10>/'!
*! 0+&+2*'! 91'_(/! /0! &'+<(-*0! 9/-*0! ./%)*'&/! 0*! /d+%&/-)+*! ./! (-*! +-4'*))+,-! 9/-*0D! 01%! 90/+&1%! %/!
/&/'-+7*-"! X/! /001! &'*&*'/51%! /-! >*'+*%! ./! 0*%! %/%+1-/%! ./! /%&/! )('%1"! \*%&/! *81'*! )1-! +-.+)*'!
_(/D!9*'*!<+/-!1!9*'*!5*0D!/%&/!'*%21!./0!./'/)81!/%9*:10!)*'*)&/'+7*!&1.1!/0!./'/)81!./!.*:1%"!!
!
2;2;/ S(+&<$(-/ %.=)-&=&"+(<$.C/ (+<.)&--./ =T-+$)-&/ &"/ -(/ &>+(%$G"/ #&/ I&<<.%(<<$-/ #&/
'(>+&--#&I&->H/U(<%&-."(/V23;6;2:0:W/
!
$0!)*%1!_(/!%/!90*-&/*!*!)1-&+-(*)+,-!3!_(/D!/-!0*!4/)8*!./!)/''*'!/%&*!/.+)+,-D!%+2(/!9/-.+/-&/!
./!'/%10()+,-!*-&/!01%!&'+<(-*0/%D!/Q/590+4+)*K!)(*&'1!*:1%!./%9(`%!./0!*))+./-&/D!&1.*>6*!%/!/%&C!
.+%)(&+/-.1!%+!/0!)*%1!&+/-/!'/0/>*-)+*!9/-*0!1!/d)0(%+>*5/-&/!)+>+0"!
!
$0! SM"O"SAPAD! *! 0*%! SMKSM! 81'*%! H>+2+0+*! ./! =*-! ^(*-JD! /-! 0*! /%&*)+,-! ./! &'/-/%! ./! E1.*0+/%!
H?/')*-6*%J! E$G]$! ./! ?*%&/00./4/0%! ;0*&Q*! H?*%&/00./4/0%D! \*')/01-*JD! (-! )1->13! *''100,! *! (-!
11
2'(91! -(5/'1%1! ./! 9/'%1-*%! _(/D! /-! *_(/001%! 515/-&1%! /%&*<*-! )'(7*-.1! 0*%! >6*%! ./0!
4/''1)*''+0a!PS!9/'%1-*%!4*00/)+/'1-!3!PL!'/%(0&*'1-!8/'+.*%!./!.+>/'%*!)1-%+./'*)+,-"!!
!
B*%!>6)&+5*%D!>+*Q/'1%!./!(-!&'/-!./!?/')*-6*%!_(/!8*<6*!00/2*.1!*!0*!/%&*)+,-!91)1!*-&/%!./!_(/!
01!8+)+/'*!/0!)1->13!./!5/.+*!.+%&*-)+*!_(/!0*%!*''100*'6*D!8*<6*-!%*0+.1!./!%(%!>*21-/%!)/')*!./!
(-!9*%1!%(<&/''C-/1!8*<+0+&*.1!9*'*!9*%*'!*0!1&'1!0*.1!./0!*-.`-D!9/'1!%/!8*<6*-!.+'+2+.1!*!(-*!
9*%*'/0*! %(9/'+1'D! 5C%! 9',d+5*! *! /001%D! (-*! *-&+2(*! %*0+.*! ./! 0*! /%&*)+,-D! _(/! /%&*<*!
+-8*<+0+&*.*"!$-&1-)/%!*02(-1%!>+*Q/'1%D!/-!0(2*'!./!>10>/'!%1<'/!%(%!9*%1%!3!)'(7*'!91'!/0!9*%1!
%(<&/''C-/1D!'/%10>+/'1-!4*&*05/-&/!%*0&*'!*!0*%!>6*%!9*'*!)'(7*'0*%!3!*))/./'!*!0*!90*3*"!!
!
=+2(/!(-*!2'*<*)+,-!/d&'*6.*!./!(-!+-41'5*&+>1!_(/!.+1!0*!-1&+)+*!91)1!./%9(`%!./0!*))+./-&/K!
8&&9Khhiii"31(&(</")15hi*&)8f>zvb=5F98N7'R!
!
B,+./#&/-(/B,#$&"%$(/O<.D$"%$(-/#&/U(<%&-."(/#&/04;5;2:03!
!
?151!)1-%/)(/-)+*!./0!*))+./-&/D!%/!+-+)+*'1-!.+0+2/-)+*%!9/-*0/%"!$0!MA"O"SAPAD!/0!^(/7!/-&1-)/%!
/-)*'2*.1!./!0*!+-%&'())+,-!./0!)*%1!.+)&,!(-!*(&1!91'!/0!_(/!%/!*)1'.,!/0!%1<'/%/+5+/-&1!0+<'/!
./! 0*%! .+0+2/-)+*%! 9'/>+*%"! B*%! *)(%*)+1-/%! 9*'&+)(0*'/%! +-&/'9(%+/'1-! '/)('%1! ./! '/41'5*! 3!
*9/0*)+,-! )1-&'*! .+)81! *(&1"! l-! *(&1! ./! 0*! R(.+/-)+*! ;'1>+-)+*0! ./! \*')/01-*D! ./! PA"P"SAPPD!
/%&+5,!/0!'/)('%1D!'/>1),!/0!*(&1!'/)(''+.1!3!1'./-,!0*!)1-&+-(*)+,-!./!0*!+-%&'())+,-!*!4+-!./!
9'*)&+)*'! 5C%! .+0+2/-)+*%"! B*%! *)(%*)+1-/%! 9*'&+)(0*'/%! 9'/%/-&*'1-! /%)'+&1! /-! /0! _(/!
+-&/'/%*<*-!0*!+59(&*)+,-!./!0*%!9/'%1-*%!_(/!1)(9*<*-!.+>/'%1%!)*'21%!.+'/)&+>1%!/-!E$G]$!3!
RXI]! /-! 0*! 4/)8*! ./0! *))+./-&/! 91'! PS! 9'/%(-&1%! ./0+&1%! 1! 4*0&*%! ./! 815+)+.+1! +59'(./-&/D! *%6!
)151! 91'! PL! ./0+&1%! 1! 4*0&*%! ./! 0/%+1-/%! +59'(./-&/%D! *! &6&(01! ./! )15+%+,-! 91'! 15+%+,-"! $0!
V+-+%&/'+1! ]+%)*0D! RXI]! 3! E$G]$! %/! 19(%+/'1-! *! 01! +-&/'/%*.1! 3! 9'/%/-&*'1-! /%)'+&1%! ./!
*0/2*)+,-"!
!
$0!R^;II!-{P!F*>WD!./!MA"#"SAPSD!*)1'.,!/0!%1<'/%/+5+/-&1!9'1>+%+1-*0!./!0*%!.+0+2/-)+*%!9'/>+*%!
H*'&"! O@P"P! B$?'+5J! 91'! q-1! .*'%/! H|J! 01%! '/_(+%+&1%! _(/! 01%! &+91%! +59'(./-&/%! /d+2/-! 9*'*!
*9'/)+*'!%(!/d+%&/-)+*r!H]X!S"UJD!9(/%&1!_(/!q}.~/0!*-C0+%+%!./!0*%!*)&(*)+1-/%!1<'*-&/%!/-!*(&1%!
-1!'/%(0&*!0*!/d+%&/-)+*!./!+-)(590+5+/-&1!%(%&*-)+*0!./!0*!'/20*5/-&*)+,-!3!./!0*%!-1'5*%!./!
)(+.*.1! *! 1<%/'>*'! /-! /0! C5<+&1! ./0! &'C4+)1! 4/''1>+*'+1! _(/! 9/'5+&*! *4+'5*'! 0*! /d+%&/-)+*! ./!
15+%+,-!./!(-!./</'!./!)(+.*.1!9(-+<0/!/-!0*!/%4/'*!9/-*0r!H]X!S"PJ"!!
!
$-!)1-)'/&1D!0*!^(/7!)1-%+./',!9'1<*.1!_(/K!
!
*J q}$~0! /%&*.1! ./! 5*-&/-+5+/-&1! &`)-+)1! ./0! &'/-! H|J! +590+)*.1! /-! /0! %+-+/%&'1! }/'*~!
*./)(*.1r!H]X!S"SJ"!
!
<J q}$~0! 5*_(+-+%&*! H|J! )(590+,! /-! %(! )1-.())+,-! )1-! &1.*%! 0*%! /d+2/-)+*%! -1'5*&+>*%! *0!
'/%9/)&1r! H)+')(0*)+,-! ./-&'1! ./! 01%! 065+&/%! ./! >/01)+.*.D! 00/>*<*! /-)/-.+.*%! 0*%! 0()/%!
'/20*5/-&*'+*%! *0! 515/-&1! ./! /-&'*'! /-! 0*! /%&*)+,-D! +-%&*-&/! /-! _(/! &*5<+`-! *))+1-,! /0!
)0*d1-D!3!/0!'/%(0&*.1!./!0*%!9'(/<*%!./!*0)1810/5+*!'/%(0&,!-/2*&+>1J!H]X!S"SJ"!
!
)J }$~0!*9/*./'1!./!?*%&/00./4/0%!)(5906*!q01%!'/_(+%+&1%!./!%/2('+.*.!3!*))/%+<+0+.*.!/d+2+.1%!
-1'5*&+>*5/-&/r! H/-! )1-)'/&1D! 8*<6*! %+.1! '/41'5*.1! /-! SAAN! 9*'*! *.*9&*'%/! *! 0*%!
/d+2/-)+*%! ./0! EX! P#@@hSAALD! ./! 5*-/'*! _(/! /0! )'()/! ./! 9*%*Q/'1%! ./! (-! *-.`-! *0! 1&'1!
5/.+*-&/!(-*!9*%*'/0*!%(9/'+1'!4(/!%(%&+&(+.1!91'!(-!9*%1!%(<&/''C-/1J!H]X!S"MJ"!ZD!
!
12
.J
q}B~*%!)1-.+)+1-/%!_(/!/-!9*'&+)(0*'!9'/%/-&*<*!/0!*9/*./'1!/-!/0!515/-&1!./!01%!8/)81%r!
/'*-! +2(*05/-&/! *./)(*.*%! H+0(5+-*)+,-! %(4+)+/-&/D! 9*%1! %(<&/''C-/1! *))/%+<0/D! q%+-!
-+-2[-! 1<%&C)(01rD! 3! y/d&'*1'.+-*'+*5/-&/D! 91'! 0*! 5*31'! *40(/-)+*! ./! 9/'%1-*%! /-! /0!
*9/*./'1!)1-!51&+>1!./!0*!-1)8/!./!=*-!^(*-y!&1'-1%!./!%*0+.*!./!0*!/%&*)+,-!*<+/'&1%D!*%6!
)151!&*5<+`-!01%!91'&1-/%!%+&(*.1%!*0!0*.1!./!.+)81%!&1'-1%J!H]X!S"MJ"!!
!
]+-*05/-&/D! 0*! ^(/7! ./0! )*%1! *4+'5,K! q}G~1! /'*! 9'/>+%+<0/! H|J! _(/! 01%! 9*%*Q/'1%! ./0! &'/-! ./!
)/')*-6*%D! +-)(''+/-.1! /-! (-*! -1&1'+*! -/20+2/-)+*! 3! 9'/%)+-.+/-.1! ./! 0*%! 5C%! /0/5/-&*0/%!
-1'5*%! ./! )(+.*.1D! +-)(590+/-.1! )1-! 01! 9'/>+%&1! /-! 0*! -1'5*&+>*! *90+)*<0/D! ./)+.+/'*-D! %+-!
<(%)*'!/0!9*%1!8*<+0+&*.1!*0!/4/)&1!}3*!_(/!q./%./!_(/!/0!&'/-!./!)/')*-6*%!*<*-.1-,!0*!/%&*)+,-!
8*%&*! _(/! %/! 9'1.(Q1! 0*! /-&'*.*! /-! /0! 5+%51! ./0! &'/-! )*(%*-&/! ./0! %+-+/%&'1! &'*-%)(''+/'1-!
[-+)*5/-&/!P#!%/2(-.1%r~D!9*%*'!*0!1&'1!*-.`-!)'(7*-.1!.+'/)&*5/-&/!0*%!>6*%D!%+-!9'/>/'!_(/!
91'! 0*%! 5+%5*%! %/! 91.'6*! *)/')*'! 1&'1! &'/-! H|Jr! H]X! S"OJ"! q=+/-.1! &*0! ./)+%+,-! ./! &1.1! 9(-&1!
+59'/>+%+<0/rD! %(%! /4/)&1%! q-1! }%1-~! +59(&*<0/}%~! *! 0*%! 9/'%1-*%! '/%9/)&1! ./! 0*%! )(*0/%! %/!
9'/&/-./!%(!+59(&*)+,-!91'!0*%!*)(%*)+1-/%!9*'&+)(0*'/%r!H]X!S"LJ"!
!
$0!*(&1!./!0*!R(.+/-)+*!;'1>+-)+*0!./!\*')/01-*!./!P@"#"SAPM!'/>1),!0*!*-&/'+1'!+-&/'01)(&1'+*!*0!
)1-%+./'*'! _(/! 01%! 9/'+&1%! _(/! 4(/'1-! /%)()8*.1%! /-! %/./! 910+)+*0! ./</-! '*&+4+)*'%/! /-!
9'/%/-)+*! ./! 0*%! 9*'&/%! *-&/! /0! ^(72*.1! ./! ;'+5/'*! I-%&*-)+*! /! I-%&'())+,-! -{! P! ./! F*>C"! =+-!
/5<*'21D!/-!)1-&'*!./0!!"-'-,6!./!01%!'/)(''/-&/%D!0*!R;!\*')/01-*!-1!1'./-,!9'*)&+)*'!-(/>*%!
.+0+2/-)+*%!%1<'/!/0!*))+./-&/!4/''1>+*'+1"!!
!
;1%&/'+1'5/-&/D!(-!*(&1!./0!^(72*.1!./!;'+5/'*!I-%&*-)+*!/!I-%&'())+,-!-{!P!./!F*>CD!./!1)&(<'/!
./!SAP@D!*')8+>,!./!5*-/'*!./4+-+&+>*!0*!)*(%*"!!
!
R! )1-&+-(*)+,-D! %/! '/9'1.()/-! &'/%! 41&12'*46*%! ./! 0*! /%&*)+,-! ./! ?*%&/00./4/00%! ;0*3*D! .1-./!
1)(''+,! /0! *))+./-&/! 3! 1&'*%! &'/%! ./! .1%! /%&*)+1-/%! ./! 4/''1)*''+0! %(+7*%D! F'+-./0i*0.! /!
I-&/'0*k/-mn%&"!$-!0*%!/%&*)+1-/%!%/)(-.*'+*%!./!0*!?1-4/./'*)+,-!b/0>`&+)*!/%!4'/)(/-&/!_(/!-1!
8*3*!-+!9*%1%!/0/>*.1%!-+!%(<&/''C-/1%K!01%!9*%*Q/'1%!/%9/'*-!*!_(/!/0!/590/*.1!./0!4/''1)*''+0!
_(/!>+*Q*!)1-!/001%!/-!)*.*!&'/-!0/%!+-.+_(/!/0!515/-&1!*9'19+*.1!9*'*!)'(7*'!01%!*-./-/%"!
13
!
!
!
!
P>+(%$G"/I&<<.D$(<$(/#&/'(>+&--#&I&->/
P>+(%$G"/I&<<.D$(<$(/#&/'(>+&--#&I&->
/
/
/
/
M&</U(L"L.I/X<$"#&-Y(-#
M&</U(L"L.I/@"+&<-(Z&"[\>+/
/
/
/
/
/
/
14
$0!)1-&'*%&/!/-&'/!$%9*:*!3!=(+7*!%(2+/'/!(-*!'/40/d+,-!%1<'/!01%!)1591'&*5+/-&1%!*9'19+*.1%!
/-! ./'/)81K! /-! *5<1%! 9*6%/%D! 0*! 2/-&/D! 0*%! +-4'*/%&'()&('*%! H0*! *'_(+&/)&('*J! 3! 0*%! -1'5*%! H0*!
)(0&('*J! %1-! .+%&+-&*%! 3D! 91'! 01! &*-&1D! 0*%! '/20*%! ./! ./'/)81! 5C%! *9'19+*.*%! 9*'*! />+&*'!
*))+./-&/%D!'/.()+'!%(!-[5/'1!3!.+%5+-(+'!%(!2'*>/.*.!9(/./-!*-*0+7*'%/!8*<+.*!)(/-&*!./!%(!
+-&/'*))+,-!)1-!*_(/00*%"!
B*!51.+4+)*)+,-!./!0*%!'/20*%!./!./'/)81!1!./!%(!+-&/'9'/&*)+,-!'*71-*<0/5/-&/!91%+<0/!9(/./-!
9'1.()+'!51.+4+)*)+1-/%!/-!0*!*'_(+&/)&('*!1!+-4'*/%&'()&('*D!/-!/0!%+%&/5*!./!-1'5*%!)(0&('*0/%!
1!/-!/0!)1591'&*5+/-&1!./!0*%!2/-&/%D!1!9(/./-!8*)/'!/-!.+%&+-&*!5/.+.*!/-!)*.*!)*%1"!
B*!./)+%+,-!+-4'*/%&'()&('*0!%1<'/!_(`!/4/)&1!/%!9'/4/'+<0/!y/%&*)+1-/%!)151!0*!/%9*:10*!1!)151!
0*%!%(+7*%D!91'!/Q/5901m!-1!/%!*(&1/>+./-&/"!R%6D!(-!4*)&1'!5(3!'/0/>*-&/!9(/./!%/'!0*!>/01)+.*.!
./0! )1->13! ./! 0*'21! '/)1''+.1! _(/! )+')(0*! 91'! >6*%! _(/! )(/-&*-! )1-! /%&*)+1-/%! %/)(-.*'+*%! *!
5C%!./!)+/-!k5h8!3!_(/D!91'!01!&*-&1D!-1!9(/./!./&/-/'%/!%+!(-*!9/'%1-*!+->*./!+-./<+.*5/-&/!
0*!>6*!./0!&'/-"
X1%!)*%1%!5C%K
-
$0! SM! ./! -1>+/5<'/! ./! SAPSD! (-! 815<'/! ./! OL! *:1%! ./! /.*.D! _(/! *&'*>/%*<*! 0*%! >6*%! ./0!
4/''1)*''+0! /-! 0*! /%&*)+,-! ./! =*01(D! g*''*21-*D! 91'! (-! 9*%1! *! -+>/0! _(/! &/-6*! 0*%! <*''/'*%!
<*Q*.*%D! 4(/! *''100*.1! 91'! (-! &'/-! $('15/.! _(/! )+')(0*<*! *! P@A! k5"! 81'*! 3! _(/! -1! &/-6*!
9*'*.*!/-!*_(/00*!/%&*)+,-"!;(/./!5(3!<+/-!9/-%*'%/!_(/!0*!+-4'*/%&'()&('*!/'*!./4+)+/-&/"!
g*5<+`-! _(/! /0! 9/0+2'1! /'*! 5*-+4+/%&1! 3! _(/! 0*! 5*-/'*! 5C%! %/-)+00*! ./! />+&*'01! /'*!
*<%&/-/'%/!./!)'(7*'!0*!>6*!)(*-.1!0*%!<*''/'*%!/%&*<*-!<*Q*.*%"
-
B*!5*.'(2*.*!./0!%C<*.1!S@!./!*21%&1!./!SAPMD!(-*!Q1>/-!./!PO!*:1%!4(/!*''100*.*!91'!(-!
&'/-!./!5/')*-)6*%!*!%(!9*%1!91'!R%),D!g*''*21-*"!V('+,!/-!/0!*)&1"!B*%!>6*%!./0!4/''1)*''+0!
H06-/*! E/(%mt*'*217*J! %/! /-)1-&'*<*-! Q(-&1! *! 0*! 90*7*! .1-./! %/! ./%*''100,! /0! 4/%&+>*0! ./!
5[%+)*D!9+-&('*!3!*2(*!*0!_(/!*%+%&6*!0*!4*00/)+.*!.('*-&/!0*!4+/%&*!5*31'!./!0*!91<0*)+,-"!$0!
R3(-&*5+/-&1! 8*<6*! +-%&*0*.1! (-! 4'/-&/! ./! >*00*%! 5/&C0+)*%! 9*'*! +59/.+'! /0! *))/%1! *! 0*%!
>6*%D!*(-_(/!*_(/00*!-1)8/!5()81%!Q,>/-/%!0*%!)'(7*'1-D!9'/%(5+<0/5/-&/!9*'*!*81''*'%/!
&/-/'!_(/!+'!*!01%!%/'>+)+1%!+-%&*0*.1%!/-!/0!1&'1!/d&'/51!./!0*!90*7*!_(/!*)126*!/0!)1-)+/'&1"
]^]H/0_H/44`2:0:H/#&/08/#&/I&R<&<.H/SOC/a,("/B"+."$./b$.-/A*.>;
$0!PN!./!5*'71!./!PNN@D!.1%!5/-1'/%D!./!P#!3!PO!*:1%!./!/.*.D!)+')(0*<*-!/-!(-!)+)0151&1'!./!
(-*!%10*!90*7*"!=(!)1-.()&1'D!_(+/-!)*'/)6*!./!9/'5+%1!./!)1-.()+'D!)'(7,!0*!>6*!./0!&'/-!91'!(-!
9*%1! *! -+>/0! %+-! <*''/'*%! -+! %/5C41'1%! /-! R! E[*D! ;*.',-D! R! ?1'(:*D! 3! (-! &'/-! *''100,! *! *5<1%!
5()8*)81%! 5*&C-.10/%! /-! /0! *)&1"! R! (-! 0*.1! ./0! 9*%1! 8*<6*! (-*! %/:*0! ./%)101'+.*! ./! 9*%1! *!
-+>/0"!R0!1&'1D!(-!91%&/!./!(-1%!.1%!5/&'1%!./!*0&('*!)1-!%/:*0/%!./!*&/-)+,-!*0!&'/-"!$-!-+-2(-1!
8*<6*! %/:*0D! 9'/)/9&+>*D! ./! %&19"! B1%! .1%! 5/-1'/%! /'*-! >/)+-1%! ./0! 0(2*'! 3! )1-1)6*-! /0! 9*%1! *!
-+>/0"! $-! /0! 515/-&1! ./0! *))+./-&/! /0! &'/-! )+')(0*<*! *! NU! k5h81'*D! 0*! >/01)+.*.! 5Cd+5*!
9/'5+&+.*! /'*! ./! PAA! k5h81'*! 3! /0! )1->13! /'*! >+%+<0/D! *9'1d+5*.*5/-&/D! *! (-! k+0,5/&'1! ./!
.+%&*-)+*! ./0! 0(2*'! ./0! *))+./-&/! /-! 06-/*! '/)&*"! R! (-1%! OAA! 5"! ./! .+%&*-)+*! ./0! 9*%1! *! -+>/0!
/d+%&6*!0*!%/:*0!'/20*5/-&*'+*!_(/!1'./-*!q%+0<*'r"!
15
B1%!9*.'/%!3!/0!8/'5*-1D!'/%9/)&+>*5/-&/D!./!01%!.1%!4*00/)+.1%!+-&/'9(%+/'1-!%/-.*%!./5*-.*%!
)1-&'*!E/-4/!3!/0!5*_(+-+%&*!./0!&'/-"!B1%!9*.'/%!3!8/'5*-1!./!(-*!./!0*%!>6)&+5*%!%10+)+&*'1-!
_(/K
!q}=~/! ./)0*'}*'*~! 0*! 1<0+2*)+,-! ./! }E/-4/~! ./! .1&*'! *0! 9*%1! *! -+>/0! /! +-5/.+*)+1-/%H|J! ./! 0*%!
5/.+.*%! ./! %/2('+.*.D! 9'1&/))+,-! 3! *.>/'&/-)+*! *! 01%! (%(*'+1%H|JD! -/)/%*'+*%! 9*'*! />+&*'!
'+/%21%!/-!0*%!9/'%1-*%!3!/-!0*%!)1%*%D!*&/-.+/-.1!*!0*%!)+')(-%&*-)+*%!./!0*!71-*!3!/-!9*'&+)(0*'!
/0! )/')*5+/-&1! ./! 0*! >6*! *0! 9*%1! 91'! 0*! 91<0*)+,-! 3! .1&*)+,-! ./! <*''/'*%! 1! 5/)*-+%51%! ./!
1<0+2*.*!./&/-)+,-!./!>/86)(01%!3!9/'%1-*%!H|Jr"!!
Z! %/! )1-./-}*'*~! *! 01%! ./5*-.*.1%! *! 9*2*'! NA"MOPD@#! /('1%! *! )*.*! (-1! ./! 01%! 9*.'/%! ./0!
4*00/)+.1! 3! OA"S@ADNO! /('1%! *0! 8/'5*-1D! *%6! )151! ##MD@U! /('1%! 91'! 2*%&1%! 4(-/'*'+1%"! B1%!
9*.'/%!3!/0!8/'5*-1!./!0*!1&'*!>6)&+5*!%10+)+&*'1-!(-*!+-./5-+7*)+,-!./!PMS"#MADPS!/('1%!91'!
/0!4*00/)+5+/-&1!./0!5/-1'D!./!NA"MOPD@#!/('1%!91'!.*:1!51'*0!3!./!P"USOD##!/('1%!91'!2*%&1%!
4(-/'*'+1%"!
$0!^;I!/%&+5,!%(%&*-)+*05/-&/!0*!9'+5/'*!./5*-.*K!)1-./-,!*!E/-4/!*!q.1&*'!/0!9*%1!*!-+>/0!/!
+-5/.+*)+1-/%! %+&1! /-! R! E(*! ./! 0*%! 5/.+.*%! ./! %/2('+.*.D! 9'1&/))+,-! 3! *.>/'&/-)+*! _(/! %/*-!
-/)/%*'+*%!9*'*!%*0>*2(*'.*'!0*!%/2('+.*.!./!0*%!9/'%1-*%r!3!)1-./-,!*!*5<1%!./5*-.*.1%!*!
9*2*'D!/-!)1-)/9&1!./!.*:1!51'*0D!P@@"USPDP#!/('1%!*!01%!9*.'/%D!PU"UALDNM!/('1%!*0!8/'5*-1D!
*5<*%! )*-&+.*./%! /-! )1-)/9&1! ./! .*:1! 51'*0D! *%6! )151! 0*! )(*-&6*! '/)0*5*.*! 91'! 2*%&1%!
4(-/'*'+1%"! R%+5+%51D! /0! ^;I! /%&+5,! %(%&*-)+*05/-&/! 0*! %/2(-.*! ./5*-.*! 3! )1-./-,! *! *5<1%!
./5*-.*.1%!*!9*2*'!0*%!5+%5*%!)*-&+.*./%!/-!)1-)/9&1!./!.*:1!51'*0!3!0*!)(*-&6*!'/)0*5*.*!
91'!2*%&1%!4(-/'*'+1%"!
B*! R(.+/-)+*! ;'1>+-)+*0! HR;J! ./! R! ?1'(:*! /%&+5,! /0! '/)('%1! ./! *9/0*)+,-! ./! E/-4/D! '/>1),! 0*!
=^;I! 3! ./%/%&+5,! *5<*%! ./5*-.*%"! $d&'*)&*51%! 01%! 4(-.*5/-&1%! ./! %(! '/%10()+,-! H/!
+-&'1.()+51%!*02(-1%!)*5<+1%!/-!0*!9(-&(*)+,-!9*'*!%/9*'*'!01%!9C''*41%JK!
q}B~*!)*(%*!./0!*))+./-&/!4(/!/0!2'*>/!./%)(+.1!./!0*%!>6)&+5*%D!_(/D!)1-!+-4'*))+,-!./!&1.*%!0*%!
-1'5*%! ./! 0*! 9'(./-)+*! 3! ./! 0*! )+')(0*)+,-! >+*'+*D! %/! 5/&+/'1-! 0+&/'*05/-&/! ./<*Q1! ./0! &'/-a!
./%)(+.1! '/0*&+>*5/-&/! /d90+)*<0/! 91'! 0*! /.*.! Q(>/-+0D! 9/'1! -1! 91'! /001! 9'/%)+-.+<0/! /!
+-&'*%)/-./-&/!)(*-.1!./!0*!*90+)*)+,-!./0!X/'/)81!%/!&'*&*"
;/'1! 8*! %+.1! 1<Q/&1! &*5<+`-! ./! ./<*&/! 1&'*! +-&/'/%*-&/! )(/%&+,-K! %+! /d+%&/! '/%91-%*<+0+.*.! ./!
E/-4/! 91'! -1! 8*</'! *<1'.*.1! 3*! 0*! %(9'/%+,-! ./! /%/! )1-)'/&1! 9*%1! *! -+>/0D! 1D! *0! 5/-1%D! %(!
'/1'./-*)+,-!9*'*!.1&*'01!./!5/Q1'/%!5/.+1%!./!%/2('+.*.D!)151!<*''/'*%!1!%/5+<*''/'*%"!$%!
)0*'1!_(/!0*!*)&(*0!'/.!>+*'+*D!)1-!0*!/d+%&/-)+*!./!9*%1%!*!-+>/0!9*'*!)'(7*'!0*!06-/*!4`''/*D!./'+>*!
./!'*71-/%!_(/!/-!&+/591%!9'/&`'+&1%!01%!8+)+/'1-!-/)/%*'+1%a!%+-!_(/!)'/*%/-!&*-!/0/>*.1!'+/%21!
)151!/-!0*!*)&(*0+.*.D!*0!8*</'!*(5/-&*.1!&*-&1!0*!)+')(0*)+,-!./!>/86)(01%!*!51&1'!_(/!%/!>/-!
1<0+2*.1%! *! )'(7*'! 91'! /001%"! ;/'1! /-! 01%! &+/591%! 9'/%/-&/%D! )1-! 5/.+1%! &`)-+)1%! 5(3!
%(9/'+1'/%D!%/!8*!+59(/%&1!0*!9106&+)*!)1-.()/-&/!*!0*!/0+5+-*)+,-!./!&*-!9/0+2'1%1%!1<%&C)(01%!
>+*'+1%D! _(/! 91'! (-*%! (! 1&'*%! '*71-/%! %/! 8*-! )1<'*.1! 5()8*%! >+.*%D! )151! /-! /0! )*%1! _(/! -1%!
1)(9*"!
E/%91-./! *! &*0! )'+&/'+1! /0! E/20*5/-&1! ./! 0*! B/3! ./! n'./-*)+,-! ./! 01%! g'*-%91'&/%! g/''/%&'/%!
HE/*0!X/)'/&1!PSPPhNAD!./!SU!%/&+/5<'/JD!_(/!/-!%(!*'&6)(01!SM#!)1-&/590*!&*-&1!01!'/0*&+>1!*!
16
-(/>1%! 9*%1%! *! -+>/0D! _(/! %101! 9/'5+&/! )1-! )*'C)&/'! /d)/9)+1-*0! 3! 91'! )*(%*%! *<%10(&*5/-&/!
Q(%&+4+)*.*%D!)151!0*!%(9'/%+,-!./!01%!*)&(*0/%!1!/-!1&'1!)*%1D!9*'*!01%!%(<%+%&/-&/%D!0*!*.19)+,-!
./!%+%&/5*%!./!%/2('+.*.!3!%/:*0+7*)+,-!5C%!/4+)*)/%"!
;/'1! /%! ./! *.>/'&+'! _(/! /0! *))+./-&/! 1)(''+,! /0! PN! ./! 5*'71! ./! PNN@D! 3! _(/! 91'! /001! /0! &/d&1!
>+2/-&/!/'*!0*!9'+5/'*!'/.*))+,-!./0!*'&6)(01!SM#"!R!&/-1'!./!/00*D!/-!%(!*9*'&*.1!@D!qB1%!9*%1%!*!
-+>/0! _(/! '/%(0&/-! %(<%+%&/-&/%! ./</'C-! )1-&*'! )1-! 01%! %+%&/5*%! ./! %/2('+.*.! 3! %/:*0+7*)+,-!
*./)(*.1%!9*'*!2*'*-&+7*'!%(!%/2('+.*.!_(/D!*!&*0!/4/)&1D!%/!./&/'5+-/-!91'!01%!V+-+%&/'+1%!./!
n<'*%!;[<0+)*%!3!l'<*-+%51!3!./!g'*-%91'&/%D!g('+%51!3!?15(-+)*)+1-/%r"!
;(/%!<+/-D!/%&1%!%+%&/5*%!./!%/2('+.*.!-1!%/!./&/'5+-*'1-!5+-+%&/'+*05/-&/!8*%&*!0*!n'./-!./!
P!./!.+)+/5<'/!./!PNN@!H\n$!./!P@!./0!5+%51!5/%JD!>*'+1%!5/%/%!./%9(`%!./!8*</'!1)(''+.1!/0!
*))+./-&/!1<Q/&1!./!/%&/!0+&+2+1"!$-!/00*!%/!.+%91-/-!0*%!5/.+.*%!./!%/2('+.*.!)1''/%91-.+/-&/%!*!
(-!9*%1!*!-+>/0!)151!/0!./!/%&*!)'-'%D!_(/!%/!)*0+4+)*!./!)0*%/!RD!/-!/0!_(/!8*!./!9'1)/./'%/!*!0*!
+-%&*0*)+,-!./!0*!%/:*0+7*)+,-!_(/!*006!%/!8*)/!)1-%&*'!H*'&6)(01%!U!3!NJ"!
G1!)*<'6*D!9(/%D!+59(&*'!*!E$G]$!(-!'/&'*%1!1!./Q*./7!/-!0*!*90+)*)+,-!./!5/.+.*%!./!%/2('+.*.!
_(/! %/! *-(-)+*<*-! /-! /0! X/)'/&1! ./! PNNAD! )1-! '/5+%+,-! *! 01! _(/! .+%9(%+/%/-! 01%! V+-+%&/'+1%!
)159/&/-&/%D! 3! _(/! -1! %/! )1-)'/&*'1-! 8*%&*! ./%9(`%! ./! 1)(''+.1! /0! *))+./-&/"! ;/'1! 8*! ./!
&/-/'%/! 5(3! /-! )(/-&*! '/%9/)&1! *! 0*%! 5/.+.*%! ./! %/:*0+7*)+,-! *! +-%&*0*'! /-! 0*! )*''/&/'*! 1!
)*5+-1D!_(/!0*!-1'5*D!_(/!%/!'/5+&/!*!0*%!./0!E/20*5/-&1!F/-/'*0!./!?+')(0*)+,-!3*!*0(.+.*%D!*0!
+2(*0! _(/! `%&/D! '/%91-%*<+0+7*! ./! *_(`00*%! *0! &+&(0*'! ./! &*0/%! >6*%! H.+%91%+)+,-! *.+)+1-*0! %/d&*J"!
}$~%! 01! _(/! 3*! /%&*<0/)6*! 0*! n'./-! ./! U! ./! 5*31! ./! PNUSD! >+2/-&/! )(*-.1! /0! ./%.+)8*.1!
*))+./-&/!1)(''+,!H"""J!R!E$G]$!%101!)1''/%91-.6*!/-&1-)/%!3!*81'*!0*!%/:*0+7*)+,-!/%&*<0/)+.*!
9*'*!0*!>6*!4`''/*r!H]X"!@{J"!
B1%!*)&1'/%!./!0*!9'+5/'*!./5*-.*!+-&/'9(%+/'1-!'/)('%1!./!)*%*)+,-!_(/!/0!g=!./%/%&+5,K!
qB*! q./4/)&(1%*! %/:*0+7*)+,-r! ./0! 9*%1! *! -+>/0D! *.5+&+.*! 91'! 0*! R;D! -1! ./%/59/:,! 9*9/0!
'/0/>*-&/! *02(-1! /-! 0*! ./&/'5+-*)+,-! ./0! -/d1! ./! )*(%*0+.*.D! %+-1! _(/D! /-! /d9'/%+,-! ./! 0*!
%/-&/-)+*!'/)(''+.*D!0*!)*(%*!./0!*))+./-&/!/%&(>1!/-!q/0!2'*>/!./%)(+.1!./!0*%!>6)&+5*%D!_(/D!)1-!
+-4'*))+,-! ./! &1.*%! 0*%! -1'5*%! ./! 0*! 9'(./-)+*! 3! ./! 0*! )+')(0*)+,-! >+*'+*D! %/! 5/&+/'1-!
0+&/'*05/-&/!./<*Q1!./0!&'/-r!H]X"!M{J"
$-! Q?#"4"%R$ HI-X'/&! PhSAAAD! iii"+-.'/&")15JS! (-! *'&6)(01! 9(<0+)*.1! /-! /0! *:1! SAAAD! ?*'01%!
F,5/7! B+2T/''/! 3! ;*<01! =*0>*.1'! ?1./')8! *-*0+7*'1-! 0*! Q('+%9'(./-)+*! /%9*:10*! ./! 0*! `91)*!
%1<'/! '/%91-%*<+0+.*.! )+>+0! 91'! *))+./-&/%! 4/''1>+*'+1%! /-! 9*%1%! *! -+>/0! 3! *! 0*! 0(7! ./! 0*!
/d9/'+/-)+*!8+%&,'+)*!-1'&/*5/'+)*-*D!/%!./)+'D!*!0*!./!(-*!)(0&('*!+-.(%&'+*0!5C%!*-&+2(*!3!5C%!
*>*-7*.*! &/)-10,2+)*5/-&/! _(/! 0*! /%9*:10*"! $-! /0! *'&6)(01D! %/! '/5/51'*<*! /0! +-&/-&1! 0[)+.1D!
<'+00*-&/! 3! 4+-*05/-&/! 4*00+.1D! ./! x+00+*5! x/-./00! b105/%D! ^'"D! (-! 5*2+%&'*.1! 0/2/-.*'+1D! ./!
/%&*<0/)/'! (-*! [-+)*! '/20*! 9*'*! '/%10>/'! &1.1%! 01%! )*%1%! ./! *''100*5+/-&1! /-! 9*%1%! *! -+>/0! %+-!
<*''/'*%"!R!9'+-)+9+1%!./0!%+201!D!b105/%!9'19(%1!_(/D!*-&/!(-!9*%1!*!-+>/0D!01%!)1-.()&1'/%!
./!*(&15,>+0/%!8*<6*-!./!./&/-/'!%(%!>/86)(01%D!%*0+'!./!/001%D!5+'*'!*!(-1!3!*!1&'1!0*.1!./!0*%!
>6*%! 3! /%)()8*'! %+! %/! *)/')*<*! *02[-! &'/-! HQ8-*!S$ )**J$ (47$ )'%-"4RJ"! X/! -1! 8*</'! *.19&*.1! &*0/%!
9'/)*()+1-/%D!19+-*<*D!0*%!>6)&+5*%!1!%(%!%()/%1'/%!-1!91.'6*-!'/)0*5*'!-*.*!91'!/0!*))+./-&/!
%(4'+.1"!B*!8+%&1'+*D!)1-&*.*!/-!?#"4"%D!/-%/:*!_(/!0*!'/20*!.(',!91)1%!*:1%!3!_(/D!*0!)*<1D!01%!
&'+<(-*0/%!-1'&/*5/'+)*-1%!8(<+/'1-!./!'/)(''+'!*!)'+&/'+1%!5()81!5C%!5*&+7*.1%!3!*9/2*.1%!*!
0*%! )+')(-%&*-)+*%! ./! )*.*! )*%1"! ;'1<*<0/5/-&/D! 01! 5+%51! 8*<'C! %()/.+.1! )1-! 0*%! 9'19(/%&*%!
17
%1<'/! 9'/)*()+1-/%! /d+2+<0/%! _(/! F,5/7! 3! =*0>*.1'! 41'5(0*'1-! 8*)/! .+/)+%`+%! *:1%! /-! %(!
*'&6)(01K! 01%! 9'+-)+9+1%! ;%-(47(#7%:! ./! '/%91-%*<+0+.*.! )+>+0! )*5<+*-! )1-! /0! &+/591! 3! /%&/! %101!
'/%9/&*!*_(/001!_(/!8*!)'/*.1"!
3;/ c,&"+&>/ )<$=(<$(>/ F/ >&%,"#(<$(>/ V3"$4-"0& -.5& 6/7#.5-"0&
6#8"7/29/
$-! '/%91-%*<+0+.*.! )+>+0D! 0*! 0/3! y./%*''100*.*! 91'! 01%! '/20*5/-&1%m! 3! 0*! Q('+%9'(./-)+*!
/%&*<0/)/-! 01%! )*%1%! 3! )+')(-%&*-)+*%! /-! 01%! )(*0/%! /0! ./5*-.*.1! 8*<'C! ./! %/'! )1-./-*.1!
)+>+05/-&/!*!'/9*'*'!01%!.*:1%!./'+>*.1%!./!(-!%()/%1!1!*)1-&/)+5+/-&1!.*:1%1!_(/!-1!./</'6*!
8*</'!1)(''+.1D!_(/!8*!)*(%*.1!/0!./5*-.*.1!5+%51!3!_(/!/0!./'/)81!/%&*<0/)/!_(/!8*!./!%/'!
9(/%&1!*!%(!)*'21"!
$%! 5(3! .+46)+0! 14'/)/'! (-*! ./4+-+)+,-! ./! 0*! '/%91-%*<+0+.*.! )+>+0! _(/! %/*D! *! 0*! >/7D!
15-+)159'/-%+>*D!19/'*&+>*!3!4/)(-.*"!
c`*-%/! 0*%! .1%! %+2(+/-&/%D! &15*.*%D! '/%9/)&+>*5/-&/D! ./! (-! 0+<'1! )0C%+)1! /%9*:10! 3! ./! 1&'1!
-1'&/*5/'+)*-1K
qE/%91-%*<+0+.*.!)+>+0!/%!+59(&*)+,-!H|J!B*!'/%91-%*<+0+.*.!)+>+0!91'!.*:1%!/d&'*)1-&'*)&(*0/%!
}'/4+/'/! *~! 01%! 9'/%(9(/%&1%D! )1-.+)+1-/%D! 3! )+')(-%&*-)+*%! 91'! 0*%! _(/! (-*! 9/'%1-*! _(/! 8*!
%(4'+.1! (-! .*:1! Q('6.+)*5/-&/! &(&/0*<0/! )151! )1-%/)(/-)+*! ./! 0*! )1-.()&*! 1! *)&+>+.*.! ./! (-!
&/')/'1!&+/-/!./'/)81!*!/d+2+'!%(!'/9*'*)+,-!*!/%/!&/')/'1!1!*!1&'*!9/'%1-*!_(/!%/!/-)(/-&'/!)1-!
`0! /-! (-*! ./&/'5+-*.*! '/0*)+,-r! H]/'-*-.1! E$FB$En! ?RV;n=D! ?#(-(7*$ 7"$ B"%!*4%(D')'7(7$ /'0')D!
R'*-7*.+D!SAASJ"
qR!&1'&!+%!*!)1-.()&!&8*&!*51(-&%!&1!*!0/2*0!i'1-2!*-.!&8*&!)*(%/%!8*'5!41'!i8+)8!)1('&%!i+00!
+591%/!)+>+0!0+*<+0+&3r!HX*-!Xn\\=D!?E"$=(>$*H$?*#-%S$x/%&D!SAAAJ"
3;0;/K&?$>-(%$G"/:6%-%8%/29/
V()8*%! .+%91%+)+1-/%! ./0! ./'/)81! /%9*:10! H)+>+0D! 9/-*0D! *.5+-+%&'*&+>1! 3! 0*<1'*0J! /%&*<0/)/-!
%(9(/%&1%! ./! '/%91-%*<+0+.*.! )+>+0! 1D! 5C%! 2/-/'*05/-&/D! ./! '/%91-%*<+0+.*.! /d&'*)1-&'*)&(*0"!
B*%!9'+-)+9*0/%!/%&C-!/-!01%!*'&6)(01%!./!01%!&/d&1%!0/2*0/%!_(/!%/!)+&*-!*!)1-&+-(*)+,-K
-
PNASmPNPA!./0!?,.+21!?+>+0!./!PUUN
-
PANmPS#!./0!?,.+21!;/-*0!./!PNN#
-
MSmML! ./! 0*! B/3! @AhSAP#D! ./! P! ./! 1)&(<'/D! ./! E`2+5/-! ^('6.+)1! ./0! =/)&1'! ;[<0+)1! y\n$!
-[5"!SMOD!./!S!./!1)&(<'/!./!SAP#D!>`*%/!X"]"!PUÄm"
-
@Sm#@!./!0*!B/3!MPhPNN#D!./!U!./!-1>+/5<'/D!./!;'/>/-)+,-!./!E+/%21%!B*<1'*0/%
18
-
PSU!3!%%"!EXB!PhSAALD!./!PO!./!-1>+/5<'/D!91'!/0!_(/!%/!*9'(/<*!/0!g/d&1!E/4(-.+.1!./!0*!
B/3!F/-/'*0!9*'*!0*!X/4/-%*!./!01%!?1-%(5+.1'/%!3!l%(*'+1%!3!1&'*%!0/3/%!)1590/5/-&*'+*%
-
PSM! ./0! EXB! PhPNN@D! ./! SA! ./! Q(-+1D! 91'! /0! _(/! %/! *9'(/<*! /0! g/d&1! E/4(-.+.1! ./! 0*! B/3!
F/-/'*0!./!0*!=/2('+.*.!=1)+*0"
R02(-*%!1<%/'>*)+1-/%!9'/0+5+-*'/%K
$-!9'+5/'!0(2*'!3!)151!3*!8/51%!%/:*0*.1D!*02(-*%!./!0*%!.+%91%+)+1-/%!)+&*.*%!%/!/-)(/-&'*-!
/-! 0/3/%! )+>+0/%! _(/! %1-! *90+)*.*%! 91'! &'+<(-*0/%! )+>+0/%a! 1&'*%! /%&C-! '/%+./-)+*.*%! /-! 0/3/%!
9/-*0/%!3!%1-!*90+)*.*%!91'!&'+<(-*0/%!&*5<+`-!9/-*0/%a!(-*%!&/')/'*%!%1-!*.5+-+%&'*&+>*%!3!%(!
)1-1)+5+/-&1! )1''/%91-./! *! 0*! Q('+%.+))+,-! )1-&/-)+1%1m*.5+-+%&'*&+>*a! 91'! 4+-D! *02(-*%! %1-!
0*<1'*0/%! 3! 01%! )*%1%! _(/! 90*-&/*-! %1-! )159/&/-)+*! ./! 0*! Q('+%.+))+,-! %1)+*0"! B*! 9'+5/'*!
)*'*)&/'6%&+)*! 9'1)/%*0! ./! 0*! '/%91-%*<+0+.*.! )+>+0! /%D! 9(/%D! %(! -*&('*0/7*! 5(0&+Q('+%.+))+1-*0D!
_(/!&'*&*'/51%!/-!)*96&(01%!91%&/'+1'/%"
$-!%/2(-.1!0(2*'D!<(/-*!9*'&/!./!0*%!.+%91%+)+1-/%!)+&*.*%!%1-!9'+-)+9+1%!H%-(47(#7%JD!-1!'/20*%!
H#,)"%J!./!./'/)81"!=1<'/!0*!.+%&+-)+,-!/-&'/!*5<1%D!>`*%/!x*'.!]REG=xnEgbD!?E"$="@()$C4()&%-G$
C$?**)J'-$H*#$?E'4J'4@$CD*,-$-E"$=(>D!g8/!l-+>/'%+&3!14!?8+)*21!;'/%%D!SAALD!99"!POMmPLPK!9*'*!
*90+)*'!(-*!'/20*D!<*%&*!)1-!)1-1)/'!01%!8/)81%!_(/!./%)'+</!%(!%(9(/%&1!./!8/)81"!$-!)*5<+1D!
0*! *9'/)+*)+,-! ./! (-! 9'+-)+9+1! /d+2/! %+/59'/! 0*! 41'5(0*)+,-! ./! (-! Q(+)+1! ./! >*01'"! R%6D! 91'!
/Q/5901D!)1-.()+'!(-!*(&15,>+0!*!5C%!./!%/%/-&*!k+0,5/&'1%!91'!81'*!/%!(-*!%+590/!)(/%&+,-!./!
8/)81a! )1-.()+'! -/20+2/-&/5/-&/! /%D! *./5C%D! (-*! )(/%&+,-! >*01'*&+>*D! -1'5*&+>*"! B*! 9'+5/'*!
)+')(-%&*-)+*!9(/./!+-&/2'*'!(-*!'/20*a!0*!%/2(-.*D!(-!9'+-)+9+1"
$-!&/')/'!0(2*'D!813!/-!.6*D!0*!0/3!3!01%!'/20*5/-&1%D!/0!./'/)81!0/2+%0*.1!3!'/2(0*&1'+1D!1)(9*-!
(-!0(2*'!)'/)+/-&/!/-!0*!9'/>/-)+,-!./!01%!*))+./-&/%!3!/-!0*!'/%10()+,-!./!01%!)1-40+)&1%!*!_(/!%(!
1)(''/-)+*! .*! 0(2*'"! R_(6! /%! +591'&*-&/! ./%&*)*'! 0*%! .+4/'/-)+*%! <C%+)*%! /-&'/! /0! ./'/)81!
'/2(0*&1'+1! ./! 01%! *))+./-&/%D! /%&*<0/)+.1! 91'! /0! ;*'0*5/-&1D! 91'! /0! 21<+/'-1! 1! 91'! 0*! *2/-)+*!
'/2(0*.1'*! )1-! 91&/%&*.! '/20*5/-&*'+*D! 91'! (-*! 9*'&/D! 3! /0! ./'/)81! ./! .*:1%! )'/*.1! 3!
./%*''100*.1!91'!01%!&'+<(-*0/%D!91'!0*!1&'*D!/0!9(%"$)(>K
-
$0!./'/)81!'/2(0*&1'+1!5+'*!*0!4(&('1D!%/!/%&*<0/)/!"3$(4-""!$-!)*5<+1D!/0!./'/)81!Q(.+)+*0!./!
.*:1%!5+'*!*0!9*%*.1D!%/!./)+./!"3$!*%-"
-
$0!./'/)81!'/2(0*&1'+1!%(/0/!%/'!./&*00*.1!y3!)*.*!>/7!01!/%!5C%"!$%!(-!)1-Q(-&1!./!'/20*%D!
-1!./!9'+-)+9+1%!1!-1!%101!./!/001%"!$-!)*5<+1D!0*!5*31'!9*'&/!./0!./'/)81!./!.*:1%!9*'&/!
./! 9'+-)+9+1%! 1! /%&C-.*'/%! _(/! 01%! &'+<(-*0/%! )1-)'/&*-! ./! 51.1! 5()81! 5C%! 40(+.1! 3D!
5()8*%!>/)/%D!./!51.1!+-&/'%&+)+*0"!
$-&1-)/%! 3! /-! )(*'&1! 0(2*'D! (-*! 9'/2(-&*! )*9+&*0! ./0! 51./'-1! ./'/)81! ./! .*:1%! /%! %+! 0*!
'/2(0*)+,-! ./&*00*.*! ./! (-! %/)&1'! ./! *)&+>+.*.! )+/''*! 1! )0*(%('*! /0! %+%&/5*! ./! 51.1! &*0! _(/!
/d)0(3*! &1.*! 9'/&/-%+,-! *.+)+1-*0! 91'! ./'/)81! ./! .*:1%! 1! %+D! 91'! /0! )1-&'*'+1D! /0! ./5*-.*-&/!
9(/./!/Q/')+&*'!(-*!9'/&/-%+,-!./!'/%91-%*<+0+.*.!)+>+0!*./5C%!./!01%!'/5/.+1%!9'/>+%&1%!91'!0*!
'/2(0*)+,-! /%9/)64+)*! ./0! )*%1K! /%! /0! &/5*! ./! 0*! q!#""6!-'*4rD! ./! 0*! )(/%&+,-! ./! %+! /0! ./'/)81!
'/2(0*&1'+1!)+/''*!1!-1!/0!9*%1!*!(0&/'+1'/%!'/)0*5*)+1-/%!91'!'/%91-%*<+0+.*.!)+>+0"!
19
l-! /Q/5901K! e)+/''*! 0*! '/2(0*)+,-! >+2/-&/! /-! $%9*:*! %1<'/! 0*! .+%10()+,-! ./0! 5*&'+51-+1! 3! %(%!
)1-%/)(/-)+*%! 0*! 91%+<+0+.*.! ./! _(/! (-1! ./! 01%! ),-3(2/%! /Q/')+&/! (-*! 9'/&/-%+,-! ./!
'/%91-%*<+0+.*.! )+>+0! )1-&'*! /0! 1&'1! 3! /-! )(31! 4(-.*5/-&1! *0/2(/! 01%! .*:1%! 51'*0/%! _(/D!
9'/%(-&*5/-&/D!0/!8*!)*(%*.1!0*!+-4+./0+.*.!./0!./5*-.*.1f
3;2;/a,<$>)<,#&"%$(/:'-2/;<-=9/
$-!$%9*:*D!/0!./'/)81!./!.*:1%!/%!4(-.*5/-&*05/-&/!Q('+%9'(./-)+*0D!9(%"<)(>"!Z!01!/%D!91'_(/D!
)151! 3*! 8/51%! +-.+)*.1D! 0*%! .+%91%+)+1-/%! 5C%! +591'&*-&/%! %1<'/! 0*! 5*&/'+*! ./0! ./'/)81!
0/2+%0*.1! %1-! 9'+-)+9+1%! 1! /%&C-.*'/%D! -1! '/20*%! mm3! %1-! 9'+-)+9+1%! @"4"#()[%'6*%mm"! R%6D! .1%!
4(/-&/%!91%+&+>*%!<C%+)*%!./0!./'/)81!/%9*:10!./!.*:1%!m/0!*'&"!PNAS!./0!?,.+21!?+>+0!./!PUUN!3!
/0! *'&"! MS! B/3! @AhSAP#D! ./! P! ./! 1)&(<'/D! ./! E`2+5/-! ^('6.+)1! ./0! =/)&1'! ;[<0+)1m! %/! 41'5(0*-!
)151! 9'+-)+9+1%"! =(! )1-)'/)+,-! 3! ./%*''1001! %/! ./Q*-! *! 0*! Q('+%9'(./-)+*! 3! /%&*! 8*! >/-+.1!
./)+.+/-.1! )1-%&/0*)+1-/%! ./! )*%1%! _(/D! 5(3! *9'1d+5*.*5/-&/D! >*-! ./0+5+&*-.1! 91)1! *! 91)1!
2'(91%! ./! %(9(/%&1%! *-C0121%! ./! '/%91-%*<+0+.*.! )+>+0D! 0*%! 00*5*.*%! m5*0m! q)1-%&/0*)+1-/%! ./!
)*%1%r"!
g*0/%! 2'(91%! ./! %(9(/%&1%! >*-! )*5<+*-.1! )1-! /0! 9*%1! ./0! &+/591! 3! 0*%! )+')(-%&*-)+*%! m*!
.+4/'/-)+*!./!0*%!*(&`-&+)*%!)1-%&/0*)+1-/%D!_(/!/%&C-!4+Q*%!/-!/0!4+'5*5/-&1m!)151!8/51%!>+%&1!
_(/!1)(''/!/-!01%!)*%1%!./!*))+./-&/%!./!4/''1)*''+0"!$0!Q('+%&*!_(/!&'*<*Q*!0*!+-&/'9'/&*)+,-!./0!
./'/)81! *! 9*'&+'! ./0! /%&*.1! ./! 01%! )1-1)+5+/-&1%! )+/-&64+)1%! 3! &`)-+)1%! 9(/./! 14'/)/'! )'+&/'+1%!
'*71-*<0/%!%1<'/!/0!%/-&+.1!./!0*%!'/%10()+1-/%!_(/!9'19(2-*"!=+-!/5<*'21D!-1!/d+%&/!-+-2(-*!
&/1'6*! _(/! 9/'5+&*! 9'/./)+'! 3! /d90+)*'! 0*! .+-C5+)*! ./0! ./'/)81! ./! .*:1%! 3! -1! /d+%&/! 91'! 0*!
5+%5*!'*7,-!91'!0*!)(*0!-1!8*3!(-*!)+/-)+*!./!0*!b+%&1'+*!_(/!-1%!9/'5+&*!9'/./)+'!3!/d90+)*'!/0!
./>/-+'!./!(-*!)10/)&+>+.*."!;/'1!0*!'*71-*<+0+.*.!./0!Q('+%&*!/%!)'()+*0!*!0*!81'*!./!./)+.+'D!./!
-(/>1!91'!/Q/5901D!)*%1%!./!*))+./-&/%!./!4/''1)*''+0D!%+!_(/'/51%!/-)*5+-*'!*!0*!)10/)&+>+.*.!
8*)+*!?*%&/00./4/00%D!1!8*)+*!F'+-./0i*0.!1!I-&/'0*k/-"!=+/59'/!/%!+591'&*-&/!_(/!/0!Q('+%&*!%/9*!
8*)/'!00/2*'!*!01%!&'+<(-*0/%!3!0*!)10/)&+>+.*.!5+%5*!/0!%/-&+.1![0&+51D!0*%!)1-%/)(/-)+*%!./!0*%!
./)+%+1-/%!_(/!>*3*-!*!*.19&*'"!
$-!./'/)81!/%9*:10D!0*!^('+%9'(./-)+*!/-!%/-&+.1!/%&'+)&1!/%!%101!0*!/%&*<0/)+.*!91'!/0!g'+<(-*0!
=(9'/51! 3D! 5C%! )1-)'/&*5/-&/D! 91'! )*.*! (-*! ./! %(%! =*0*%! /-! *%(-&1%! ./! %(! )159/&/-)+*!
H8!(4'%E$8,!#"6"$/*,#-\%$/(%"<=(>JD!9/'1!0*!./-15+-*.*!Q('+%9'(./-)+*!5/-1'D!0*%!%/-&/-)+*%!
./! 0*%! R(.+/-)+*%! ;'1>+-)+*0/%! H8!(4'%E$ /*,#-%$ *H$ C!!"()%\$ /(%"<=(>J! %1-! )*.*! >/7! 5C%!
+591'&*-&/%K!/-!0*!*)&(*0+.*.D!)1-1)/'!),51!./)+./-!0*%!R(.+/-)+*%!0*%!.+%&+-&*%!)1-%&/0*)+1-/%!
./! )*%1%! /%! +59'/%)+-.+<0/! /-! 0*! <(/-*! 9'C)&+)*! ./! )(*0_(+/'! *<12*.1! /%9/)+*0+7*.1! /-!
'/%91-%*<+0+.*.!)+>+0"
!
X1%!<(/-*%!<*%/%!./!.*&1%!./!)1-%(0&*K!
-
x/%&0*i!R'*-7*.+!H8&&9Khh2(+/%<+<&+)"(94"/.(h.'/&h<.J
-
?F;^!y!?$GXn^!Hiii"91./'Q(.+)+*0"/%h%/*')8h+-./dRG"Q%9J
$0! /_(+91! ./! +->/%&+2*.1'/%! _(/D! /-! PNNND! 4(-.,! I-X'/&! 5*-&+/-/! *0! .6*! (-*! %/0/))+,-! ./!
%/-&/-)+*%! ./0! g'+<(-*0! =(9'/51! /%9*:10! %1<'/! '/%91-%*<+0+.*.! )+>+0! ./! 01%! [0&+51%! *:1%"! =(!
20
)1-&/-+.1!+-&/2'*!0*%!9C2+-*%!./!/%&/!)('%1!3!14'/)/!(-!9*-1'*5*!./!0*!Q('+%9'(./-)+*!/%9*:10*!
'/)+/-&/K!
;*<01! =RBcRXnE! ?nX$E?b! 3! =1-+*! ERVn=! FnGtYB$t! H?11'.%"JD! B*('*! RBBl$cR! RtGRED! V+_(/0! ="!
VIERV\$BB! ]REFR=D! =/'2+! VnERB$=! VREgÅG$tD! V*'&*! VnE$Gn! RB?RBX$! 3! R-&1-+! g$EER! I\YÇ$tD! qP#A!
)*%1%! ./! ./'/)81! ./! .*:1%! HSAA@mSAP@J! PAÄ! /.+)+,-rD! A4.#"-$ @hSAP#!
H8&&9Khhiii"+-.'/&")15h9.4hPPNSv/%"9.4J"
3;3;/M.%+<$"(/V]&%."#(<F/K$+&<(+,<&/.</]&%."#(<F/].,<%&>W/
b*3!5()81%!<(/-1%!&'*&*.1%D!)15/-&*'+1%D!51-12'*46*%!3!*'&6)(01%!%1<'/!'/%91-%*<+0+.*.!)+>+0"!
B1%! *(&1'/%! ./! /%&/! /m0+<'1! 8/51%! %/0/))+1-*.1! 01%! %+2(+/-&/%D! 0*! 5*31'! 9*'&/! ./! 01%! )(*0/%!
>/'%*-!%1<'/!/0!./'/)81!/%9*:10D!9/'1!-1!&1.1%D!)151!01%!0/)&1'/%!)159'1<*'C-K
-
s/--/&8!="!R<'*8*5D!g8/!]1'5%!*-.!](-)&+1-%!14!g1'&!B*iD!@&8!/.+&+1-D!]1(-.*&+1-!;'/%%D!
G/i!Z1'kD!SAPS"!$-!0*!&'*.+)+,-!./!b105/%D!;1%-/'!3!;'1%%/'"!B1%!5/Q1'/%!/d91%+&1'/%!./0!
./'/)81!./!.*:1%!%1-!%+/59'/!<(/-1%!/%)'+&1'/%"!!
-
b(21! R??IREEID! 2)"6"4-*%$ 7"$ C4])'%'%$ 29*4^6'9*$ 7")$ ."#"9E*$ 7"$ .(_*%D! PÄ! /."D! R%1)+*)+,-!
0*&+-1*5/'+)*-*! 3! ./0! ?*'+</! ./! X/'/)81! 3! $)1-156*! HRBR?X$J! u! F/1'2/! V*%1-!
l-+>/'%+&3D! B*i! u! $)1-15+)%! ?/-&/'D! \/'k/0/3D! ?*0+41'-+*D! SAAN"! ^(-&1! )1-! /0! 0+<'1! ./!
\(00*'.D! .1%! ./! 0*%! 5C%! <'+00*-&/%!'/4/'/-)+*%! 0*&+-1*5/'+)*-*%D! (&+06%+5*%! 3! (%*.*%! /-! 0*%!
5/Q1'/%!(-+>/'%+.*./%!./0!)1-1!%('!91'!_(+/-/%!3*!%1-!/%&(.+*-&/%!./!/d)/0/-)+*!5(-.+*0"
-
V*'+1! \RE?$BBnGRD! ?#(--(-*$ 7"))($ B"%!*4%(D')'-`$ /'0')"D! $."! l&/&D! SAPP"! g'*&*.1! +&*0+*-1! ./!
'/4/'/-)+*"
-
R'&8('! \$=gD! X*>+.! x"! \REG$=D! G+)810*%! sRbGm]nF$BD! /(%"%S$ 8-(-,-"%S$ (47$ 5#*D)"6%D! ! @&8!
/.+&+1-D! x10&/'%! s0(i/'D! SAP@"! l-*! +-&'1.())+,-! 9*'*! /%&(.+*-&/%! *5/'+)*-1%! ./! 9'+5/'!
)('%1! ./! ./'/)81! H+-.+)*)+,-K! &1.1%! /001%! 8*-! )('%*.1! (-! 2'*.1! (-+>/'%+&*'+1! *-&/%! ./!
/59/7*'!./'/)81J"
-
R04'/.1!\lBBREXD!."#"9E*$&$29*4*6[(G$2)$C4])'%'%$29*4^6'9*$7"$)(%$A4%-'-,9'*4"%$="@()"%D!SÄ!
/."D!;*0/%&'*!$.+&1'/%D!B+5*D!SAAO"!=6-&/%+%!*)*.`5+)*!3!9'14/%+1-*0!./!9'+5/'!-+>/0"
-
^1%`! V*-(/0! \l=gn! BRFnD! B"! ]/'-*-.1! E$FB$En! ?RV;n=! H?11'.%"JD! ="99'*4"%$ 7"$
#"%!*4%(D')'7(7$9'0')D!SÄ!/."D!R'*-7*.+D!?+7('!V/-1'D!SAPM"!B*!9(/%&*!*0!.6*!./!(-!5*-(*0!./!
'/4/'/-)+*"
-
R-*! ?RÇItRE$=! BR=nD! ;/.'1! X$! ;R\Bn! ?nGgE$ER=D! ^*>+/'! nEXlÇR! VnE$GnD! E1%*'+1! cRB;l$=gR!
]$EGYGX$t! HX+'%"JD! /^7'@*$ 9'0')$ 9*6"4-(7*D! c10"! @D! PÄ! /."D! ?+>+&*%! g815%1-! E/(&/'%D! ?+7('!
V/-1'D! SAPP! H^*>+/'! ;BRtR! ;$GRXÉ=D! q?15/-&*'+1! *0! *'&"! PNASrD! 99"! P@#@mP@O@a! 3! $%&8/'!
FÑV$t!?RBB$D!q?15/-&*'+1!*0!*'&"!PNAMrD!99"!P@O@mP@LOJ"!$0!1&'1!5*-(*0!./!'/4/'/-)+*"
-
E1</'&! ?nng$ED! g815*%! lB$GD! oB*i! *-.! $)1-15+)%D! O&8! /.+&+1-o! HSAPSJ"!O"#J")"&$ =(>$
O**J%G!\11k!
S"!
c/'%+,-!
1-!
0+-/D!
./!
SAPOD!
.+%91-+<0/!
/-!
8&&9Khh%)810*'%8+9"0*i"</'k/0/3"/.(h<11k%hSh! ;'/%/-&*)+,-! *%/_(+<0/D! 5(3! 5/.+&*.*! 3!
5(3!<+/-!/%)'+&*"!
-
X$lg=?bD! RbE$G=D! .")'J-%#"9E-D! #"! R(40D! c/'0*2! ?*'0! b/35*--%! c/'0*2D! SAAN"! \(/-! 0+<'1! ./!
+-&'1.()+,-"
-
E+)*'.1! X$! YGF$B! ZYFÖ$tD! ?#(-(7*$ 7"$ #"%!*4%(D')'7(7$ 9'0')D! MÄ! /."D! l-+>/'%+.*.! ./! X/(%&1D!
?+>+&*%D!\+0<*1D!V*.'+.D!PNNM"!B*!>+%+,-!./0!*<12*.1"!
21
-
=+51-!X$RsIGD!R-2(%!^nbG=gnGD!\*%+0!VREs$=IGI=D!a(#J"%'4'%$(47$."(J'4\%$?*#-$=(>D!L&8!/."D!
nd41'.!l-+>/'%+&3!;'/%%D!nd41'.D!SAPS"!n<'*!<'+&C-+)*!./!'/4/'/-)+*"
-
B(+%!XÅ$tm;I?RtnD!I,47(6"4-*%$7"$7"#"9E*$9'0')$!(-#'6*4'()D!g151!cD!PÄ!/."!?+>+&*%!g815%1-!
E/(&/'%D!?+7('!V/-1'D!SAPP"!E/4/'/-)+*!/%9*:10*K!.*!'*7,-!./0!9/-%*5+/-&1!.15+-*-&/"
-
E+)8*'.!R"!$;=g$IGD!?*&8/'+-/!V"!=bREs$ZD! /(%"%$(47$a(-"#'()%$*4$?*#-%D!PP&8!/.+&+1-D!R%9/-!
;(<0+%8/'%D! SAPO"! B*! /d9/'+/-)+*! HE+)8*'.! $9%&/+-J! %/! /-)(/-&'*! )1-! 0*! Q(>/-&(.! H?*&3!
=8*'k/3J!/-!0*!(-+>/'%+.*.!*)&(*05/-&/!5C%!91&/-&/!/-!*-C0+%+%!*)*.`5+)1!./0!./'/)81!./!
.*:1%"
-
V+)8*/0! ]RlE$D! ?*#-$ =(>$ (47$ 29*4*6'9%! H249&9)*!"7'($ *H$ =(>$ (47$ 29*4*6'9%D! c10"! PD! S-.!
/.+&+1-JD! $.i*'.! $02*'! ;(<0+%8+-2D! ?8/0&/-8*5! HlsJ! y! G1'&8*59&1-D! V*%%*)8(%%/&&%!
Hl=RJD!SAAN"!B*!/-)+)019/.+*"
-
V*%%+51!]ERGtnGI!HX+'"JD!?#(--(-*$7"))($B"%!*4%(D')'-`$/'0')"!Hc10"!PK!=\'))"9'-*D!c10!SK!A)$7(44*$
#'%(#9'D')"JD! SÄ! /."D! X1&&"! R"! F+(44'Ü! y! $.+&1'/D! V+0*-1D! SAPA"! n&'1! &'*&*.1! +&*0+*-1! ./!
'/4/'/-)+*"!
-
^*5/%! R"! b$GX$E=nGD! E+)8*'.! G"! ;$RE=nGD! X1(20*%! R"! sZ=RED! ^18-! R"! =I?IBIRGnD! ?E"$ ?*#-$
5#*9"%%D!U&8!/.+&+1-D!R%9/-!;(<0+%8/'%D!G/i!Z1'kD!SAPS"!g'/%!2/-/'*)+1-/%!./!*)*.`5+)1%!
./!9'+5/'!-+>/0!%/!)1-)+&*-!9*'*!9'1.()+'!(-!9(%"<D**J!/d&'*1'.+-*'+1
-
V*'+*-1!^1%`!b$EERXnE! FlREXIR!HX+'"JD!."#"9E*$7"$7(_*%D!R'*-7*.+D!?+7('!V/-1'D!SAPM"!B*%!
*)&*%!./!(-!)1-2'/%1!./!9'+5/'1%!/%9/)+*0+%&*%!/-!0*!5*&/'+*"
-
I-X'/&"! E/>+%&*! 9*'*! /0! *-C0+%+%! ./0! ./'/)81K! iii"+-.'/&")15"! $0! 1'+2/-! ./! &1.1! /%&1"! l-!
9'1.()&1!5(3!)1%&1%1D!*)*%1! ./!*02[-!>*01'!3!m9*'*!%(%!0/)&1'/%m!2'*&+%"!$.+&*.1!3!/%)'+&1!
91'!&'/%!2/-/'*)+1-/%!./!)+>+0+%&*%"
-
b/+-! ságtD! F/'8*'.! xRFG$ED! .")'J-%#"9E-D! PS"D! -/(! </*'</+&/&/! R(40*2/D! c/'0*2! c*80/-D!
VT-)8/-D! SAPM"! $0! 5/Q1'! 9(/-&/! /-&'/! /0! ./'/)81! *0/5C-D! /0! /*66*4$ )(>! 3! /0! 51./'-1!
*-C0+%+%! ./0! ./'/)81! ./! .*:1%D! /%)'+&1! 91'! .1%! /%9/)+*0+%&*%! ./! 9'+5/'! -+>/0! 3! ./! .+%&+-&*%!
2/-/'*)+1-/%D! (-! )0C%+)1"! ?159*'&/! )1-! 01%! 9(%"<D**J%! *-201*5/'+)*-1%! (-! /%&+01!
*.5+'*<0/D!9(/%!/%&C!5(3!<+/-!/%)'+&1"
-
^1%`!B(+%!BR?Elt! \$EX$^n! /&"!*0"D!2)"6"4-*%$7"$."#"9E*$/'0')$AAS$."#"9E*$7"$bD)'@(9'*4"%S$c10"!
S{D!!?1-&'*&1%!3!?(*%+)1-&'*&1%"!X/0+&1!3!)(*%+./0+&1"!#Ä!/."D!X3k+-%1-D!V*.'+.D!SAPM"!V*-(*0!
/%9*:10!./!'/4/'/-)+*"
-
Y-2/0! BÑ;$t! BÑ;$tD! V"! E1%*'+1! cRB;l$=gR! ]$EGYGX$tD! ?#(-(7*$ c,#'%!#,7"49'()$ 7"$
#"%!*4%(D')'7(7$ !*#$ 7(_*%D! g+'*-&! 01! \0*-)8D! c*0/-)+*D! SAPM"! $d)/0/-&/! +-&'1.())+,-K! 0*!
%/-%*&/7!/-)*'-*.*"
-
V+_(/0! VREgÅGm?R=RB=D! =($ Q6*7"#4'M(9'^4R$ 7")$ ."#"9E*$ 7"$ )($ #"%!*4%(D')'7(7$
"3-#(9*4-#(9-,()RD! c! ^1'-*.*%! ./! 0*! R%1)+*)+,-! ./! ;'14/%1'/%! ./! X/'/)81! ?+>+0D!
8&&9Khhiii"./'/)81)+>+0"-/&hQ1'-*.*%hR;X?mSAPPm;nG$G?IRm?R=RB="9.4D! SAPP"! B*!
>+%+,-!./0!9'+5/'!)159*'*&+%&*!/%9*:10"!
-
g815*%! ^"! VI?$BID! ?E"$ 29*4*6'9$ C!!#*(9E$ -*$ =(>D! S-.! /.+&+1-D! =&*-41'.! l-+>/'%+&3! ;'/%%D!
=&*-41'.D!SAAN"!Ñ9&+5*!+-&'1.())+,-!*-*06&+)*D!+-.+)*.*!9*'*!/%&(.+*-&/%!./!.1<0/!2'*.1"
-
ad49E"4"#$e*66"4-(#$M,6$Od#@"#)'9E"4$V"%"-MD,9E!H\*-.!#K!89E,)7#"9E-$<$O"%*47"#"#$?"')$
AAA$ ff$ ghi$ j$ kilS$ 5(#-4"#%9E(H-%@"%"))%9E(H-%@"%"-MS$ 5#*7,J-E(H-,4@%@"%"-MJD! O"! R(40*2/D! ?"b"!
\/)kD!SAPM"!;'/%/-&*)+,-!)0C%+)*D!9*-1'*5*!9*'*!9'C)&+)*!3!*)*./5+*"
22
-
]/'-*-.1! ;RGgRB$ÑG! ;EI$gnD! q?15/-&*'+1! *0! *'&6)(01! PNAS! ??rD! /-! ?C-.+.1! ;RtmRE$=D! B(+%!
XÅ$tm;I?RtnD! E1.'+21! \$E?ncIgtD! ;*<01! =RBcRXnED! /*6"4-(#'*$ 7")$ /^7'@*$ /'0')D! V+-+%&/'+1! ./!
^(%&+)+*D!=/)'/&*'6*!F/-/'*0!g`)-+)*D!?/-&'1!./!;(<0+)*)+1-/%D!V*.'+.D!PNNMD!99"!PNLPmSAAM"!!
B1%! *:1%! &'*-%)(''+.1%! ./%./! %(! 9(<0+)*)+,-! '/>*0+.*-! /0! )15/-&*'+1! )151! 0*! '/4/'/-)+*!
)0C%+)*!./0!./'/)81!/%9*:10!./!0*!-/20+2/-)+*"
-
]/'-*-.1! ;$ÇR! BÑ;$tD! q?15/-&*'+1! *! 01%! *'&%"! PNAS! *! PNPA! ??rD! /-! E1.'+21! \$E?ncIgt!
EnXEÅFl$tm?RGn! H?11'."JD! /*6"4-(#'*%$ ()$ /^7'@*$ /'0')D! @Ä! /."D! R'*-7*.+! g815%1-! E/(&/'%D!
?+7('!V/-1'D!SAPMD!99"!SP#MmSPLP"!l-1!./!01%!.1%!5/Q1'/%!)15/-&*'+1%!201<*0/%!*0!),.+21!
)+>+0!/%9*:10"
-
B"! ]/'-*-.1! E$FB$En! ?RV;n=! 3! ^1%`! V*-(/0! \l=gn! BRFn! H?11'.%"JD! ?#(-(7*$ 7"$
B"%!*4%(D')'7(7$/'0')D!#Ä!/."D!R'*-7*.+!g815%1-!E/(&/'%D!?+7('!V/-1'D!SAP@"!$0!&/%&*5/-&1!
./!(-!2'*-!9'14/%1'D!9'/5*&('*5/-&/!./%*9*'/)+.1"
-
$-)*'-*!En?R! gEÅR=D!V,-+)*!GRcREEn! VI?b$BD!."#"9E*$7"$7(_*%G$?"3-*%$&$6(-"#'()"%D!OÄ!/."D!
g+'*-&! 01! \0*-)8D! c*0/-)+*D! SAPP"! B*! >17! ./! 9'14/%1'*%! ./! .1%! 2/-/'*)+1-/%D! (-*! ./! /00*%!
5*2+%&'*.*!./0!g'+<(-*0!=(9'/51!3D!./%./!SAPPD!./0!g'+<(-*0!?1-%&+&()+1-*0"
-
=?bxREtD! xRGXgD! V"%"-M)'9E"$ 89E,)70"#Em)-4'%%"$ j$ .")'J-%#"9E-S$ 8E(7"4%#"9E-S$
O"#"'9E"#,4@%#"9E-S$ V"%9EmH-%HdE#,4@$ *E4"$ C,H-#(@D! O"! R(40*2/D! c/'0*2! c*80/-D! SAP@"!
I59'/%)+-.+<0/! 9*'*! 0*! 41'5*)+,-! ./! (-! *)*.`5+)1! >/'%*.1! /-! /'0')$ =(>K! /0! ./'/)81! ./!
.*:1%!./!R0/5*-+*D!0*!9'+5/'*!91&/-)+*!+-.(%&'+*0!3!/d91'&*.1'*!./!$('19*D!(-!9*6%!)(31%!
%/)&1'/%!./!*)&+>+.*.!/%&C-!+-&/-%*5/-&/!'/2(0*.1%!3!_(/!-1!%/!9(/./!9/'5+&+'!+-%/2('+.*.!
Q('6.+)*! -+! +-)/'&/7*%! ./! -+-2[-! &+91! *! 0*! 81'*! ./! ./0+5+&*'! 0*%! +-)(5</-)+*%! ./! )*.*!
9/'%1-*!(!1'2*-+7*)+,-!/-!/0!5*')1!./!(-*!.+>+%+,-!5(3!./&/-+.*!./0!&'*<*Q1"
-
c+)&1'! =?bxREgtD! s*&8'3-! s$BBZD! X*>+.! ;REgB$ggD! ?*#-%S$ /(%"%$ (47$ a(-"#'()%$ ;n4'0"#%'-&$
/(%"D**J$8"#'"%:D!PM&8!E/>+%/.!/.+&+1-D!]1(-.*&+1-!;'/%%D!G/i!Z1'kD!SAP#"
-
=&/>/-! =bRc$BBD! I*,47(-'*4%$ *H$ 29*4*6'9$ C4()&%'%$ *H$ =(>D! P%&! /.+&+1-D! b*'>*'.! l-+>/'%+&3!
;'/%%D! ?*5<'+.2/! HV*%%*)8(%/&&%JD! SAA@"! ;*'*.+25*! +590*)*<0/5/-&/! -/1)0C%+)1! ./0!
*-C0+%+%!/)1-,5+)1!./0!./'/)81D!%+-!)*%1%"
-
F/-/>+Ü>/!cIG$ZD! ;*&'+)/!^nlEXRIGD!A4-#*7,9-'*4$($)($#"%!*4%(D')'-F$HSAAUJD!="%$9*47'-'*4%$7"$
)($#"%!*4%(D')'-F$HSAPMJD!="%$"HH"-%$7"$)($#"%!*4%(D')'-F!HSAPPJD!MÜ5/!`."!B+<'*+'+/!F`-`'*0/!
./! X'1+&! /&! ./! ^('+%9'(./-)/! HB"F"X"^"JD! H?100/)&+1-! ^*)_(/%! Fb$=gIG! }X+'"~D! ?#('-F$ 7"$ 7#*'-$
9'0')J"!V*-(*0/%!4'*-)/%/%!./!'/4/'/-)+*D!5(3!+-40(3/-&/%D!)151!&1.1!01!4'*-)`%D!/-!-(/%&'*!
)(0&('*"
4;/B"J-$>$>/&%."G=$%./#&-/#&<&%L./:<-=&-.5&+7#.#4$729/
B*! /)1-156*D! 0*! )+/-)+*! %1)+*0! _(/! /%&(.+*! 0*! 9'1.())+,-D! .+%&'+<()+,-! 3! )1-%(51! ./! <+/-/%! 3!
%/'>+)+1%! H;*(0! sElFVRGD! E1<+-! x$BB=JD! 9(/./! *90+)*'%/! )1-! <(/-1%! 4'(&1%! *0! *-C0+%+%! ./0!
./'/)81!m)151!&*5<+`-!9(/./-!%/'01!0*!9%+)10126*D!0*!)+/-)+*!9106&+)*!1!0*!%1)+10126*m!3D!.('*-&/!
/0! [0&+51! 5/.+1! %+201D! 01! 8*! %+.1! )1-! 5()81! 3! Q(%&+4+)*.1! `d+&1D! *02(-1%! 4'*)*%1%! y3D!
-1&*<0/5/-&/D!*02(-1%!/d)/%1%"
$0!*-C0+%+%!/)1-,5+)1!./0!./'/)81!9(/./!%/'!91%+&+>1!1!-1'5*&+>1K!
23
$0! *-C0+%+%! 91%+&+>1! 9'/2(-&*! %1<'/! 0*%! )1-%/)(/-)+*%! /)1-,5+)*%! ./0! /%&*<0/)+5+/-&1! 3!
*90+)*)+,-! ./! (-*! '/2(0*)+,-! ./&/'5+-*.*D! 91'! /Q/5901D! e_(`! /4/)&1%! &/-.'6*! /%&*<0/)/'! (-*!
'/20*!2/-/'*0!./!./4/)&1!/-!)(3*!>+'&(.!0*!>/01)+.*.!5Cd+5*!./!)+')(0*)+,-!./!>/86)(01%!*!51&1'!
/-!0*%!>6*%!('<*-*%!-1!./</!%(9/'*'!01%!&'/+-&*!k+0,5/&'1%!91'!81'*f
$0!*-C0+%+%!-1'5*&+>1!9'/2(-&*!%1<'/!)(C0!/%!0*!5/Q1'!'/20*D!./!/-&'/!>*'+*%!'/*0/%!1!91%+<0/%D!/-!
&`'5+-1%!./!/4+)+/-)+*!/)1-,5+)*!3D!91'!/001D!./!/-&'/!0*%!.+%&+-&*%!*0&/'-*&+>*%!'*71-*<0/5/-&/!
91%+<0/%! /-! &`'5+-1%! ./! 0+5+&*)+,-! ./! >/01)+.*.! /-! >6*%! ('<*-*%D! )1-%+./'*! 9'/4/'+<0/! *_(/00*!
_(/!'/%(0&/!5C%!/4+)+/-&/!/-!&`'5+-1%!./!)1%&/%!3!</-/4+)+1%!%1)+*0/%"
$0!*-C0+%+%!/)1-,5+)1D!*90+)*.1!*0!./'/)81!./!.*:1%D!*0!./'/)81!./!*))+./-&/%D!*<1'.*.1!)1-!0*%!
&`)-+)*%!./!0*!'/%91-%*<+0+.*.!)+>+0D!9*'&/!./!)1-%+./'*'!0*%!)1-%/)(/-)+*%!9'1<*<0/%D!91%+&+>*%!3!
-/2*&+>*%D!./!0*%!.+%&+-&*%!*)&+>+.*./%!%1)+*0/%!)(31!./%*''1001!2/-/'*!*))+./-&/%"
g815*%! ^"! VI?$BI! H?E"$ 29*4*6'9$ C!!#*(9E$ -*$ =(>D! S-.! /.+&+1-D! =&*-41'.! l-+>/'%+&3! ;'/%%D!
=&*-41'.D!SAAUJD!(-1!./!01%!5/Q1'/%!*-*0+%&*%!/)1-,5+)1%!./0!./'/)81D!%/:*0*!_(/!/0!'+/%21!./!
)*(%*'! *02[-! .*:1! /%! /0! %(<9'1.()&1! +-/>+&*<0/! ./! 5()8*%! y%+! -1! ./! &1.*%m! 0*%! *)&+>+.*./%!
%1)+*0/%! 201<*05/-&/! </-/4+)+1%*%"! Z! *(-_(/D! /%)'+</D! -1'5*05/-&/! -1! 91./51%! /0+5+-*'! /0!
'+/%21!%+-!%(9'+5+'!./!'*67!0*!*)&+>+.*.!./!_(/!%/!&'*&/D!./</'6*51%!*.19&*'!&1.*%!0*%!5/.+.*%D!
Q(%&+4+)*.*%! /-! &`'5+-1%! ./! )1%&/%! 3! </-/4+)+1%D! 9*'*! 5+-+5+7*'! /0! '+/%21K! ./</'6*51%D! 9(/%D!
+->/'&+'! /-! '/.())+,-! ./! '+/%21%! )*-&+.*./%! )'/)+/-&/%! ./! '/)('%1%! 8*%&*! /0! 9(-&1! /-! _(/! (-!
/('1!*.+)+1-*0!/590/*.1!/-!/>+&*'!9`'.+.*%!./'+>*.*%!./!01%!*))+./-&/%!%101!)1-%+2(/!+59/.+'!
*))+./-&/%!/%&+5*.1%!Q(%&*5/-&/!/-!1&'1!/('1"
g1.*! %1)+/.*.! *>*-7*.*! .+%91-/! ./! 5()81%! 5/.+1%! .+%&+-&1%! mQ('6.+)1%! 3! -1! Q('6.+)1%m! 9*'*!
)1-&'10*'!01%!'+/%21%!./'+>*.1%!./!0*%!*)&+>+.*./%!9/0+2'1%*%!y./!)*%+!&1.*%mD!9(/%D!*./5C%!./!0*!
'/%91-%*<+0+.*.! )+>+0D! &*0/%! *)&+>+.*./%! 9(/./-! /%&*'! %(Q/&*%! *! '/2(0*)+1-/%! ./! %/2('+.*.D! *!
+59(/%&1%D!*0!./'/)81!*.5+-+%&'*&+>1!1D!+-)0(%1D!*0!./'/)81!9/-*0D!*./5C%!./!/%&*'01!*!5/.+.*%!
46%+)*%!./!%/2('+.*.!1!*!&'*.+)+1-/%!/.()*&+>*%!3!)6>+)*%!_(/!-*.*!&+/-/-!_(/!>/'!)1-!/0!./'/)81"
$-! &1.1! )*%1D! 0*! /%/-)+*! ./! 0*! '/%91-%*<+0+.*.! )+>+0! /%! 0*! 1<0+2*)+,-! 91&/-)+*0D! *%(5+.*! 91'! /0!
./5*-.*.1D! ./! '/9*'*'! 01%! .*:1%! )*(%*.1%! *! 0*! >6)&+5*! ./! (-! *))+./-&/! 3! _(/! /%&*! m1! (-!
*00/2*.1!%(31D!%+!0*!>6)&+5*!4*00/)+,m!'/)0*5*!*-&/!(-!&'+<(-*0!./!Q(%&+)+*"
5;/ K(>/ #.>/ %."%&)%$."&>/ +<(#$%$."(-&>/ #&/ -(/ <&>).">(R$-$#(#/ %$D$-C/
&-/ #(Q./ %.=./ $"E,>+$%$(/ d,&/ #&R&/ >&</ %.<<&?$#(/ F/ &-/ #(Q./ %.=./
)e<#$#(/d,&/#&R&/>&</&D$+(#(//
b*3! .1%! )1-)/9)+1-/%! 910*'/%! ./0! ./'/)81! ./! 0*! '/%91-%*<+0+.*.! )+>+0"! X/! *)(/'.1! )1-! 0*!
9'+5/'*D! 0*! )*(%*)+,-! ./! (-! .*:1! +-Q(%&1! /d+2/! %(! )1''/))+,-D! _(/! ./</! 91-/'%/! *! )*'21! ./0!
'/%91-%*<0/! ./0! .*:1! 5+%51"! $%&*! /%! 0*! )1-)/9)+,-! &'*.+)+1-*0! ./0! ./'/)81! ./! 0*!
'/%91-%*<+0+.*.! )+>+0! 3! *! 0*! )(*0! %/! *4+0+*-! 0*! 5*31'! 9*'&/! ./! 01%! Q('+%&*%! _(/! *<1'.*-! /%&*!
5*&/'+*"! =(%! '*6)/%! /%&C-! /-! 0*! Q(%&+)+*! )1''/)&+>*! 1! .+%&'+<(&+>*! ./! R'+%&,&/0/%"! $0! .*:1! %+! /%!
+-Q(%&1! 8*! ./! %/'! )159/-%*.1D! 0*! Q(%&+)+*! '/%&*<0/)+.*! 3! /0! /_(+0+<'1! *-&/'+1'! '/)159(/%&1"! B*!
+./*!)'()+*0!*_(6!/%!0*!./!)159/-%*)+,-!3!/0!%+%&/5*!./!'/%91-%*<+0+.*.!)+>+0!%/!/-&+/-./!)151!
(-1!_(/!&+/-./!*!0*!)159/-%*)+,-!./!01%!.*:1%!+-Q(%&*5/-&/!)*(%*.1%!HT#*4@%S$a*#()$T#*4@%J"
24
R! /%&*! )1-)/9)+,-D! %/! )1-&'*91-/! ./%./! /0! %+201! I! H./%./! 0*! 1<'*! ./! n0+>/'! x"! bnBV$=D! ^'"D! /0!
'/*0+%51!Q('6.+)1!./%9(`%!3!/0!*-C0+%+%!/)1-,5+)1!./0!./'/)81!./%./!8*)/!5/.+1!%+201J!0*!>+%+,-!
./!01%!.*:1%!)151!9`'.+.*%!H)*%%"%J!1!)1%&/%!%1)+*0/%!H9*%-%J!_(/!8*3!_(/!/>+&*'!1!9'/>/-+'"!Z!0*!
5/.+.*!./!0*!9'/>/-)+,-!0*!14'/)/!0*!/4+)+/-)+*!/)1-,5+)*K!8*3!_(/!/>+&*'!0*!)*(%*)+,-!./!.*:1%!
*!&/')/'1%!%+!-1!8*)/'01!*%6!'/%(0&*'*!%1)+*05/-&/!+-/4+)+/-&/"!
b*3!91%+)+1-/%!+-&/'5/.+*%K!(-*!./!/00*%!<+/-!./4/-.+.*!.('*-&/!0*![0&+5*!.`)*.*!%1%&+/-/!_(/!
/0! ./'/)81! ./! 0*! '/%91-%*<+0+.*.! )+>+0! ./! )*.*! Q('+%.+))+,-! )*'*)&/'+7*! 91%+&+>*5/-&/! )151!
+06)+&1%! ./&/'5+-*.*%! )1-.()&*%! *%6! )*0+4+)*.*%! 91'! 0*! 0/3! 1! 91'! 0*! Q('+%9'(./-)+*! 3! 91'! )(3*!
'/*0+7*)+,-! )(*-.1! )*(%*-! (-! .*:1! /0! ./'/)81! /%&*<0/)/! (-*! 9'/&/-%+,-D! (-! '/5/.+1!
+-./5-+7*&1'+1! *! 4*>1'! ./! 0*! >6)&+5*! 1! ./! %(%! )*(%*8*<+/-&/%"! $%&*! )1-)/9)+,-D! _(/! 8*! %+.1!
./4/-.+.*!91'!^18-!FnBX\$EF!3!\/-Q*5+-!tI;lE=sZ!/-!-(5/'1%1%!&'*<*Q1%!H?*#-%$(%$T#*4@%D!UU!
g$"! B"! E$c"! NPLD! SAPAJD! &15*! ./! 0*! )1-)/9)+,-! &'*.+)+1-*0! 0*! -1)+,-! ./! +-Q(%&1! 9/'1! /d+2/! _(/!
/%&`!91%+&+>+7*.*D!/%!./)+'D!*)/9&*.*!)151!&*0!91'!/0!./'/)81!*90+)*<0/!/-!0*!Q('+%.+))+,-!./!_(/!
%/!&'*&/"!G1!<*%&*'6*!*%6!(-*!-1)+,-!9('*5/-&/!51'*0!./!.*:1!+-Q(%&1D!%+-1!_(/!%/!'/_(+/'/!%(!
*%(-)+,-! 91'! 9*'&/! ./0! ./'/)81"! b*3! 9(/%! (-! 90(%! ./! 91%+&+>+7*)+,-D! ./! *%(-)+,-! 41'5*0! 91'!
9*'&/! ./0! ./'/)81! ./! 0*! )15(-+.*.! ./! _(/! %/! &'*&/! ./! 0*! +./*! ./! .*:1! +-Q(%&1! H/'0')$ B"9*,#%"$
?E"*#&J"! $%&*! )1-%&'())+,-! &+/-/! *! %(! 4*>1'! 0*! )1-%&*&*)+,-! /596'+)*! ./! _(/! 01%! %+%&/5*%!
Q('6.+)1%!./!./'/)81!./!.*:1%!%1-!.+%&+-&1%!/-!)*.*!Q('+%.+))+,-"!=+-!/5<*'21D!8*!%+.1!)'+&+)*.*!
91'! )/-&'*'%/! /d)0(%+>*5/-&/! /-! 0*! +./*! ./! +-Q(%&1! 0/2*0+7*.1! ./%)1-%+./'*-.1! 0*! -1)+,-! ./!
9`'.+.*D! ./! )1%&/D! _(/! /%! 9*&/-&/! /-! &1.1%! *_(/001%! )*591%! ./! 0*! '/%91-%*<+0+.*.! )+>+0! /-! 01%!
)(*0/%! '+2/! (-! 9'+-)+9+1! ./! '/%91-%*<+0+.*.! 1<Q/&+>*! *Q/-1! *! 0*! +./*! ./! _(/! 0*! '/%91-%*<+0+.*.!
/5*-*! ./0! +-)(590+5+/-&1! ./! (-! ./</'! +59(/%&1! 91'! 0*! 0/3! 1! 91'! 0*! Q('+%9'(./-)+*! }R0*-!
?RBGRGD! TE(-\%$ T#*4@$ >'-E$ g1'&%! *%! x'1-2%! ;*#$ B"7'#"9-'4@$ /'0')$ B"9*,#%"$ ?E"*#&:D! SAPPD!
8&&9Khhi1'k%"</9'/%%")15h*0*-v)*0-*-hN~"!
6;/ '."%&)+./ F/ %-(>&>/ #&/ (%%$#&"+&H/ F/ -$=$+(%$."&>/ #&-/ #&<&%L./ #&/
#(Q.>;/K(/=$"$=$N(%$G"/#&/-.>/%.>+&>/>.%$(-&>/#&/-.>/(%%$#&"+&>/
6;0;/'."%&)+./F/%-(>&>/#&/(%%$#&"+&/
R))+./-&/K!%()/%1!/>/-&(*0!1!*))+,-!./!_(/!+->10(-&*'+*5/-&/!'/%(0&*!.*:1!9*'*!0*%!9/'%1-*%!1!
0*%!)1%*%!HXER$J"
C99'7"4-L$ ($ 6'%E(!S$ ($ 6'%9E(49"S$ "%!"9'())&$ *4"$ 9(,%'4@$ '4c,#&$ *#$ 7"(-E! H?100+-%! $-20+%8!
X+)&+1-*'3J"
?0*%/%! ./! *))+./-&/%K! 0*! +5901%+,-! ./! 0*! .+%&+-)+,-! /-&'/! *))+./-&/%! -*&('*0/%! 3! *))+./-&/%!
)*(%*.1%! 91'! )1-.()&*%! 8(5*-*%"! g'*.+)+1-*05/-&/! 01%! *))+./-&/%! 9(/./-! %/'! -*&('*0/%! 1!
)*(%*.1%!H1!)1)*(%*.1%J!91'!(-*!)1-.()&*!8(5*-*D!+-.+>+.(*0!1!)10/)&+>*"
$Q/5901%!./!*))+./-&/%!-*&('*0/%!H4(-,#()$(99'7"4-%S$(9-%$*H$V*7J!%1-!01%!&/''/51&1%D!)151!01%!
./! b*+&6! 3! ?8+0/D! ./! SAPAD! 1! 01%! 5*'/51&1%! H-%,4(6'JD! )151! /0! ./! ^*9,-! /-! SAPP"! g*5<+`-! 01%!
8('*)*-/%D! )+)01-/%D! &1'5/-&*%D! +-(-.*)+1-/%D! +-)/-.+1%! ./! 1'+2/-! -*&('*0"! B1%! *))+./-&/%!
-*&('*0/%!-1!%+/59'/!%1-!*)1-&/)+5+/-&1%!.+%)'/&1%D!%+-1!_(/D!/-!1)*%+1-/%D!%1-!4/-,5/-1%!_(/!
&+/-/-! 0(2*'! 5(3! 0/-&*5/-&/! 3! )(31%! /4/)&1%! %/! 5*-+4+/%&*-! *! 01! 0*'21! ./! 9/'+1.1%! 5(3!
25
.+0*&*.1%!./!&+/591K!*%6!01%!./-15+-*.1%!a"7'"0()$T(#6$5"#'*7$;oih<XWihJ!1!?E"$='--)"$A9"$C@"S$
Xp-E<Xo-E$ 9"4-,#'"%G! ;/'1! /-! /%&1%! [0&+51%! )*%1%D! 0*! -1)+,-! ./! *))+./-&/! %/! .+4(5+-*! 8*%&*!
./%*9*'/)/'"! R./5C%D! -1! &1.1%! 01%! *))+./-&/%! -*&('*0/%! %1-! )*&*%&',4+)1%! H;*<01! =RBcRXnE!
?nX$E?bD! =1-+*! ERVn=! FnGtYB$tD! E1%*! VIBà! ER]$BD! q?*&*%&'198+)! X*5*2/%K! B+*<+0+&3! *-.!
I-%('*-)/rD!+-!s*'/-!\"!\EnxGD!X*>+.!c"!=GZX$E!}$.%"~D!V"4"#()$B"!*#-%$*H$-E"$qrAAA-E$/*4@#"%%$*H$
-E"$A4-"#4(-'*4()$C9(7"6&$*H$/*6!(#(-'0"$=(>D!P%&!/.+&+1-D!=9'+-2/'D!G/i!Z1'kD!SAPSD!9"!U#mPAMD!
/%9"! NAJD! %+-1! _(/! 5()81%! ./! /001%! .*:*-! [-+)*5/-&/! *! (-*! 1! *! 5(3! 91)*%! >6)&+5*%D! )151! 0*!
)*6.*!./!(-!'*31!1!./!(-!C'<10"
B1%!*))+./-&/%!)*(%*.1%!91'!(-*!)1-.()&*!8(5*-*!H9(,%"7$D&$E,6(4$(@"49&J!%1-!01%!)*(%*.1%!
1!*2'*>*.1%!91'!)1-.()&*%!8(5*-*%D!&*0/%!)151!01%!./!&'*<*Q1D!01%!./!&'C4+)1D!01%!+*&'12`-+)1%D!
01%!.15`%&+)1%"
B*! .+%&+-)+,-! /-&'/! *))+./-&/%! -*&('*0/%! 3! *))+./-&/%! )*(%*.1%! 91'! 01%! %/'/%! 8(5*-1%! /%&C! /-!
)'+%+%K!SAAU!4(/!/0!*:1!/-!/0!)(*0D!91'!9'+5/'*!>/7!/-!0*!8+%&1'+*!./!0*!b(5*-+.*.D!5C%!8*<+&*-&/%!
./!0*!g+/''*!>+>6*-!/-!)+(.*./%!_(/!/-!/0!)*591"!?+/'&*5/-&/D!/0!)*591!/%!(-*!+./*0+7*)+,-!_(/D!
*0!5/-1%!./%./!0*!E/>10()+,-!G/106&+)*D!./%./!0*![0&+5*!20*)+*)+,-D!8*)/!PA"AAA!*:1%D!)*.*!>/7!
8*!&/-+.1!5/-1%!_(/!>/'!)1-!0*!-*&('*0/7*D!)1-!/0!5(-.1!%+0>/%&'/D!-1!8(5*-+7*.1"!g*-&1!/%!*%6!
_(/D!9*'*!5()81%!2/,0121%!m'/-.+.1%!*!0*!2/12'*46*D!(-*!)+/-)+*!8(5*-*mD!3*!-1!>+>+51%!/-!/0!
b101)/-1D!0*!4*%/!./0!?(*&/'-*'+1!91%&/'+1'!*!0*![0&+5*!F0*)+*)+,-D!%+-1!_(/!8/51%!/-&'*.1!/-D!/0!
R-&'191)/-1D!/-!0*!$'*!./0!b15<'/!H;*(0!?Elgt$G!3!$(2/-/!=gn$EV$EJ"
R%6D!/0!&/''/51&1!./!b*+&6D!./!PS!./!/-/'1!./!SAPAD!5*&,!_(+7C%!*!SAA"AAA!9/'%1-*%D!9/'1!/0!91)1!
91%&/'+1'!./!?8+0/D!./!SL!./!4/<'/'1!./!SAPAD!./!5*31'!+-&/-%+.*.D!)*(%,!0*!5(/'&/!./!5/-1%!./!
OAAK!?8+0/!/%&*<*!5()81!5/Q1'!9'/9*'*.1!_(/!b*+&6!9*'*!%191'&*'!0*!)*&C%&'14/"!
$0! g%(-*5+! ./! ^*9,-D! ./! PP! ./! 5*'71! ./! SAPPD! 5*&,! *! )*%+! PO"AAA! 9/'%1-*%D! 9/'1! %(!
)1-%/)(/-)+*!5C%!./%&*)*.*!)(0&('*05/-&/!4(/!%(!/4/)&1!%1<'/!0*!)/-&'*0!-()0/*'!./!](k(%8+5*!
X*++)8+!3!%1<'/!0*!9106&+)*!/-/'2`&+)*!5(-.+*0!./!(-*!2/-/'*)+,-"!
;*'*!5()8*%!9/'%1-*%D!01%!*))+./-&/%!-*&('*0/%!-1!/d+%&/-"!G1!/%!*%6D!9/'1!/0!Q('+%&*!8*'C!<+/-!/-!
*9(-&*'!*!0*%!91%+<+0+.*./%!_(/!0*!)+/-)+*!3!0*!&`)-+)*!91-/-!*!-(/%&'*!.+%91%+)+,-!9*'*!9'/>/-+'!
(-!*))+./-&/!3!01%!)1%&/%!./!&1.1!&+91!./!0*!9'/>/-)+,-"!l-!/Q/5901!./!0+<'1!/%!0*!%(%)/9&+<+0+.*.!
./!*02(-*%!01)*0+.*./%!./0!=('/%&/!/%9*:10!*!(-!&/''/51&1K!%*</51%!_(/!%/!9'1.()+'CD!9/'1!-1!
/%&*51%!/-!)1-.+)+1-/%!./!./)+'!)(C-.1!H>`*%/!0*!i/<!./0!=/'>+)+1!./!I-41'5*)+,-!=6%5+)*!./0!
I-%&+&(&1!F/12'C4+)1!G*)+1-*0D!V+-+%&/'+1!./!]15/-&1!iii"+2-"/%h+2-h0*31(&h%+%51".1J"!
6;2;/K$=$+(%$."&>/#&-/#&<&%L./)<$D(#./#&/#(Q.>/
g*5<+`-! /%&C-! /-! )'+%+%! 0*%! .+%&+-)+1-/%! _(/! .+>+./-! *0! 5(-.1! /-! %+%&/5*%! -*)+1-*0/%! ./!
./'/)81"!X/%./!SAAND!%/!.+%)(&/!%1<'/!/0!)1-)/9&1!./!065+&/%D!0+-./'1%!1!4'1-&/'*%!/)10,2+)1%!./0!
90*-/&*! H240'#*46"4-()$ O*,47(#'"%$ *H$ -E"$ T*#)7J! _(/! %/! )1-%&'(3/! %1<'/! -(/>/! )*&/21'6*%! ./!
9'1<0/5*%D! *02(-*%! ./! 0*%! )(*0/%D! *0! 5/-1%D! -1! '/)1-1)/-! 4'1-&/'*%! 9106&+)*%! -+D! 91'! &*-&1D!
%+%&/5*%!-*)+1-*0/%!./!./'/)81!H)*5<+1!)0+5C&+)1D!*)+.+4+)*)+,-!./!01%!1)`*-1%D!./%*9*'+)+,-!./!
0*! )*9*! ./! 171-1D! +-&/'>/-)+,-! /-! /0! )+)01! ./0! -+&',2/-1D! '1&('*)+,-! 3! ('<*-+7*)+,-! )'/)+/-&/%D!
/d&+-)+,-D! +-)'/5/-&1! ./! 01%! 910()+1-*-&/%! _(65+)1%! 3! %(! )'/)+/-&/! )1-)/-&'*)+,-! /-! 0*!
*&5,%4/'*D!.+4(%+,-!./!&'*-%2`-+)1%D!/&)"J"!R02(-*%!./!/%&*%!4'1-&/'*%!-1!%1-!201<*0/%D!9/'1!1&'*%!
26
01!%1-!3!&1.*%!91-/-!./!5*-+4+/%&1!0*%!0+5+&*)+1-/%!./0!./'/)81!./!.*:1%!)151!./'/)81!./!01%!
*))+./-&/%K! &'*&*.1%! +-&/'-*)+1-*0/%D! 9106&+)*%! 5(-.+*0/%D! ./'/)81! 9[<0+)1! 3! '/2(0*&1'+1D!
./'/)81!%*-)+1-*.1'D!+59(0%1!./0!./%*''1001!&/)-10,2+)1!%1-!+-%&'(5/-&1%!*9*'/-&/5/-&/!5C%!
/4+)*)/%!9*'*!*4'1-&*'!01%!'/&1%!./0!R-&'191)/-1!_(/!/0!>+/Q1!./'/)81!-*)+1-*0!./!.*:1%"!
=+-!/5<*'21D!/0!./'/)81!./!.*:1%!%+2(/!+-&/'9'/&*-.1!(-!'10!/%/-)+*0D!9(/%!/-!&*-&1!/-!)(*-&1!
)1-%&+&(3/!(-!+-%&'(5/-&1!./!)*5<+1!./0!./'/)81!5+%51!./!01%!*))+./-&/%D!/%!(-!51&1'!./!%(!
.+-C5+)*K! &69+)*5/-&/D! 01%! -(/>1%! %(9(/%&1%! ./! '/%91-%*<+0+.*.! )+>+0! +59(0%*-! )*5<+1%! ./!
0/2+%0*)+,-D! 0*%! +-+)+*&+>*%! ./%)/-&'*0+7*.*%! ./! 01%! *<12*.1%! /%9/)+*0+7*.1%! /-! '/%91-%*<+0+.*.!
)+>+0! *-(-)+*-! )1-! 4'/)(/-)+*! 01%! )*5<+1%! _(/! 8*<'C-! ./! 00/2*'"! ! R./5C%D! 01%! -(/>1%! )*%1%! ./!
./'/)81!./!.*:1%!&+/-/-!(-!>*01'!/d9'/%+>1!y/Q/590*'D!%/!./)6*!*-&/%m!+2(*05/-&/!+591'&*-&/!3!
)1-&'+<(3/-! *! 51.+4+)*'! 01%! Q(+)+1%! ./! >*01'! <C%+)1%! _(/! 9'/)1-4+2('*-! 0*%! +-&/'9'/&*)+1-/%!
Q(.+)*0/%!./!01%!9'+-)+9+1%!1!%-(47(#7%"
R%6D! 01%! ./'/)81%! ./! .*:1%! %1-! 4(-.*5/-&*05/-&/! -*)+1-*0/%D! 9/'&/-/)/-! *! %+%&/5*%! /%&*&*0/%!
./! ./'/)81! m*(-_(/! 8*3*! 5*)'1%+%&/5*%! '/2+1-*0/%! *'51-+7*.1%! ./! ./'/)81! ./! .*:1%D! )151!
%()/./!)1-!/0!./'/)81!/('19/1!./!0*!'/%91-%*<+0+.*.!)+>+0!./0!4*<'+)*-&/"
B1%! %+%&/5*%! ./! ./'/)81! ./! .*:1%! /%&C-! )*'*)&/'+7*.1%! 91'! '*%21%! )15(-/%K! %1-D! )151!
*)*<*51%!./!%/:*0*'D!4(-.*5/-&*05/-&/!-*)+1-*0/%D!9/'1!0*%!8/''*5+/-&*%!*-*06&+)*%!(&+0+7*.*%!
9*'*! %(! /d90+)*)+,-! 3! 5/Q1'*! %1-! 201<*0/%! 3! 91'! /001! 9/'5+&/-! '/*0+7*'! (-*! >*01'*)+,-!
+2(*05/-&/!201<*0!3!(-+&*'+*!./!)*.*!%+%&/5*!-*)+1-*0"!$-!&1.1%!/001%D!91./51%!9'/2(-&*'!%1<'/!
01%! )1%&/%! 3! </-/4+)+1%! ./! 0*! '/%91-%*<+0+.*.! )+>+0! m_(/! /%! 5(3! )1%&1%*! ./! *90+)*'mD! %1<'/! %(!
)1-&'+<()+,-!*!5/Q1'*'!0*!/4+)+/-)+*D!/-!%/-&+.1!/)1-,5+)1D!./!0*%!)1-.()&*%!8(5*-*%D!%1<'/!0*!
_(/! 9(/.*-! &/-/'D! 9%+)1%1)+10,2+)*5/-&/D! *! )1''/2+'! 01%! %/-&+5+/-&1%! ./! 5*0&'*&1D! ./! &'*&1!
+-Q(%&1D!_(/!0*!)*(%*)+,-!./!(-!.*:1!9(/.*!8*</'!2/-/'*.1!/-!%(%!>6)&+5*%!1!/-!0*!%1)+/.*.D!1!
%1<'/! 01%! /4/)&1%! 5/'*5/-&/! .+%&'+<(&+>1%! ./! %(! *90+)*)+,-D! %1<'/! %(%! )1-%/)(/-)+*%! /-! 0*!
%/2('+.*.!Q('6.+)*!3!/-!0*!)/'&/7*!./0!./'/)81D!1!%1<'/!%(%!/4/)&1%!/-!/0!./%*''1001!&/)-10,2+)1"!
B(/21D! %1-! %+%&/5*%! <*%*.1%! /-! 0*! *90+)*)+,-! 9'+>*.*! ./0! ./'/)81D! /-! /0! /Q/')+)+1! ./!
9'/&/-%+1-/%!'/%*')+&1'+*%!91'!./)+%+,-!./!0*%!>6)&+5*%!./!(-!.*:1!1!m%+!/%&*%!4*00/)+/'1-m!./!%(%!
8/'/./'1%!1!*00/2*.1%"!n9/'*-!"3$!*%-D!./%9(`%!./!_(/!/0!*))+./-&/!3D!91'!&*-&1D!/0!.*:1!8*3*-!
&/-+.1!0(2*'"!
Z! %(! '*%21! 5C%! )*'*)&/'6%&+)1! )1-%+%&/! /-! _(/! &1.*! *))+,-! ./! .*:1%! /-! )(*0_(+/'! %+%&/5*! ./!
./'/)81!)1-%+%&/!/-!/0!/Q/')+)+1!Q(.+)+*0!./!(-*!9'/&/-%+,-!&/-./-&/!*!0*!'/9*'*)+,-!./0!.*:1!1!*!
%(!+-./5-+7*)+,-!/-!.+-/'1D!.+'+2+.*!)1-&'*!/0!)*(%*-&/!./0!.*:1D!1!)1-&'*!0*!9/'%1-*D!-*&('*0!1!
Q('6.+)*D!_(/!8*!./!'/%91-./'!91'!*_(/0D!1!)1-&'*!0*!)159*:6*!*%/2('*.1'*!./!*5<1%"
6;3;/ K(/ =$"$=$N(%$G"/ #&/ -.>/ %.>+&>/ >.%$(-&>/ #&/ -.>/ (%%$#&"+&>/ VX,$#./ 'BKBUAP]@H/ 097:f/
]+&D&"/ ]gBhPKKH/ 2::4W/ F/ -(>/ >$=)-$>+(>/ (>,"%$."&>/ $"$%$(-&>/ #&/ -.>/ )<$=&<.>/ =.#&-.>/
("(-*+$%.>/#&-/=.#&<"./#&<&%L./#&/#(Q.>/
X('*-&/!/0![0&+51!5/.+1!%+201D!0*!-1)+,-!./!_(/!/0!./'/)81!./!.*:1%!9(/./!)1-&'+<(+'D!)1-!1&'*%!
'*5*%! ./0! ./'/)81D! *! '/.()+'! 3D! /%9/)64+)*5/-&/D! *! 5+-+5+7*'! 01%! )1%&/%! %1)+*0/%! ./! 01%!
*))+./-&/%! 8*! +.1! *! 5C%"! R(-_(/! 01%! %/)&1'/%! .1)&'+-*0/%! 5C%! &'*.+)+1-*0/%! ./0! ./'/)81! )+>+0!
/%9*:10! %/! *4/''*-! *! 0*! +./*! ./! _(/! /0! ./'/)81! ./! 0*! '/%91-%*<+0+.*.! )+>+0! 9/'%+2(/!
9'+-)+9*05/-&/!)159/-%*'!.*:1%D!-*.+/!8*%&*!*81'*!8*!%+.1!)*9*7!./!-/2*'!4(-.*.*5/-&/!_(/!
27
0*!)159/-%*)+,-!9/'4/)&*!%(91-/!9'/>/-)+,-!,9&+5*K!0*!9'/>/-)+,-!./!.*:1%!/%!0*!%15<'*!./!%(!
)159/-%*)+,-"! $-! /4/)&1D! *! 91)1! _(/! -1%! 9*'/51%! *! 9/-%*'D! (-! %+%&/5*! ./! '/20*%! ./!
'/%91-%*<+0+.*.!)+>+0!_(/!)1-%+2(+/'*!_(/!&1.1%!01%!)*%1%!./!*))+./-&/%!91'!01%!)(*0/%!*02(+/-!8*!
./! '/%91-./'! %/! &'*-%+2+/'*-! 1! 0+&+2*'*-! )1-! /0! '/%(0&*.1! ./! _(/! 0*! >6)&+5*! 1<&(>+/'*! (-*!
)159/-%*)+,-! +-&/2'*0! ./! 01%! .*:1%D! 9'/>/-.'6*! ,9&+5*5/-&/! 0*! 1)(''/-)+*! 91&/-)+*0! ./! &*0/%!
.*:1%K! 31! -1! )*(%*'`! (-! .*:1! />*0(*.1! /-! PAA! %+! &/-21! 0*! )/'&/7*! ./! _(/D! ./! 8*)/'01D! 5/!
)1-./-*'C-!*!9*2*'!*!5+!>6)&+5*!&*0!)*-&+.*.D!3!%+!"3$(4-"!9(/.1!/>+&*'!/0!*))+./-&/!+->+'&+/-.1!
L#!/-!9'/)*()+1-/%!HL#â!PAAJ!mm3!01%!</-/4+)+1%!_(/!1<&/-21!./!5+!*)&+>+.*.!%1-!01%!5+%51%!/-!
*5<1%!)*%1%mm"
R0! '/%9/)&1D! 01%! 51./01%! 5C%! %/-)+001%! ./0! *-C0+%+%! /)1-,5+)1! 9*'&/-! ./! *%(-)+1-/%! %+590/%D!
/%)*%*5/-&/! '/*0+%&*%D! 9/'1! 8/('6%&+)*5/-&/! 5(3! 4/)(-.*%D! 9(/%D! /-! &`'5+-1%! 2/-/'*0/%D! 0*%!
9/'%1-*%! '*71-*<0/5/-&/! <+/-! +-41'5*.*%! 3! _(/! -1! /%&`-! &'*%&1'-*.*%! '/%91-./-! *! 01%!
+-)/-&+>1%"!\C%+)*5/-&/D!01%!51./01%!9*'&/-!./!%(91-/'!_(/D!9'+5/'1D!91./51%!+./-&+4+)*'!(-!
-+>/0! ./! 9'/)*()+,-! _(/! 5+-+5+7*! /0! )1%&/! &1&*0! ./! 01%! *))+./-&/%! 9*'*! )*.*! &+91! ./! *)&+>+.*.!
H4*<'+)*'!1<Q/&1%D!)1-.()+'!*(&15,>+0/%D!9'/%&*'!%/'>+)+1%!5`.+)1m%*-+&*'+1%D!/&)"J"!$0!)1%&/!&1&*0!
+-)0(3/! 01%! )1%&/%! 9'+>*.1%D! /%! ./)+'D! 01%! _(/! %(4'/! 0*! >6)&+5*D! 3! 01%! )1%&/%! %1)+*0/%D! 01%! _(/!
/d9/'+5/-&*-!&/')/'1%"
$-! %/2(-.1! 0(2*'D! 01%! 51./01%! *%(5/-D! &*5<+`-! 5(3! .'C%&+)*5/-&/D! _(/! 01%! *2/-&/%! %1)+*0/%!
%1-!-/(&'*0/%!*0!'+/%21D!_(/!/%&C-!9/'4/)&*5/-&/!+-41'5*.1%!./!0*%!)1-%/)(/-)+*%!./!%(%!*)&1%!m
1!./!%(%!15+%+1-/%m!3!_(/!%(%!)1-.()&*%!+-.+>+.(*0/%!%1-!0*![-+)*!)*(%*!./!)*.*!*))+./-&/D!/%!
./)+'D!_(/!0*%!>6)&+5*%!-*.*!9(.+/'1-!8*)/'!9*'*!/>+&*'!/0!.*:1"
R%(5/-!*./5C%!_(/!01%!+-.+>+.(1%!%1-!/)1-,5+)*5/-&/!'*)+1-*0/%D!/%!./)+'D!_(/!'/%91-./-!*!
01%! +-)/-&+>1%! ./! 41'5*! &*0! _(/! %(! )1591'&*5+/-&1! %/! *Q(%&*! %+/59'/! *0! _(/! '/%(0&*! 5C%!
/4+)+/-&/D!.*.*!(-*!'/20*!./!./'/)81!_(/!%/!0/%!*90+)*'C!+-/d1'*<0/5/-&/!/-!&1.1%!3!)*.*!(-1!./!
01%!)*%1%!/-!_(/!8*3*-!+-)(''+.1!/-!(-*!)1-.()&*!.*:1%*!91'!0*!_(/!8*3*-!./!'/%91-./'"
]+-*05/-&/D! %/! %(/0/! %(91-/'! _(/! 0*%! '/20*%! ./! ./'/)81! ./! .*:1%! 1<Q/&1! ./! *-C0+%+%! 9/'5+&/-!
)1-%/2(+'! (-*! )159/-%*)+,-! 9/'4/)&*! ./! 01%! *))+./-&/%D! ./! 51.1! &*0! _(/! %(%! >6)&+5*%! %1-!
)159/-%*.*%! ./! 41'5*! &*-! *Q(%&*.*! *0! .*:1! %(4'+.1! _(/! %+D! *-&/%! ./0! *))+./-&/D! 4(/'*-!
9'/2(-&*.*%! %1<'/! _(`! 9'/4/'+'6*-D! %+! -1! %(4'+'! /0! *))+./-&/! 1! %(4'+'01! 3! %/'! +-./5-+7*.1%! 91'!
/001D!'/%91-./'6*-!_(/!0/%!'/%(0&*'6*!+-.+4/'/-&/D!0/%!.*'6*!+2(*0"!
R!01!0*'21!./!/%&/!)('%1D!>/'/51%!_(/!-+-2(-*!./!/%&*%!*%(-)+1-/%!9(/./!5*-&/-/'%/!+-),0(5/D!
9/'1D! )151! /-! 1&'1%! 5()81%! /d9/'+5/-&1%D! )1->+/-/! )15/-7*'! 9/-%*-.1! _(`! 1)(''+'C! %+! 01%!
'/*0+7*51%!/-!/0!>*)61"!B(/21D!&+/591!8*<'C!9*'*!)1590+)*'!0*%!)1-.+)+1-/%!./!9*'&+.*"!;/'1D!91'!
5()8*! )1590/Q+.*.! _(/! *:*.*51%D! -(-)*! 9'/%)+-.+'/51%! ./! 0*! +./*! <C%+)*K! ($ )($ )(#@(S$ )*%$
E,6(4*%$ #"%!*47"4$ ($ )*%$ '49"4-'0*%$ H/0! 0/)&1'! /%)`9&+)1! 8*'C! <+/-! /-! '/)1'.*'-1%! *! G+/&7%)8/!
)(*-.1!/%)'+<+,!_(/!)($s4'9($#(M^4$!*#$)($9,()$")$E*6D#"$4*$-*6($")$0"4"4*$"%$%,$6()$%(D*#J"
]'/-&/! *! 0*%! 0+5+&*)+1-/%! ./0! *-C0+%+%! 51./'-1! ./0! ./'/)81! ./! .*:1%D! /0! *-C0+%+%! .1)&'+-*0!
&'*.+)+1-*0! +-%+%&/! *<(''+.*5/-&/! /-! 0*! ./! _(/! 0*! '/%91-%*<+0+.*.! )+>+0! 9'/&/-./! [-+)*5/-&/!
)159/-%*'! 6-&/2'*! 1! 0+5+&*.*5/-&/! .*:1%! )*(%*.1%D! )1''+2+/-.1! /-! %(! )*%1! 0*! +-Q(%&+)+*!
2/-/'*.*!91'!/0!.*:1!5+%51"!V*%D!)151!3*!8/51%!%/:*0*.1D!%+!/0!./'/)81!./!.*:1%!/-!*))+,-!
)159/-%*! *./)(*.*5/-&/D! /%! ./)+'D! 6-&/2'*5/-&/D! *! &1.*%! 0*%! >6)&+5*%! /-! &1.1%! 01%! )*%1%! ./!
)*(%*)+,-! ./! (-! .*:1! 91'! 01%! _(/! %/! 8*3*! ./! '/%91-./'D! &*5<+`-! 5+-+5+7*! 01%! )1%&/%! ./! 01%!
28
*))+./-&/%!./!_(/!%/!&'*&/"!ä0&+5*5/-&/D!/0!*-C0+%+%!&'*.+)+1-*0!*.5+&/!0*!4(-)+,-!9'/>/-&+>*!./0!
./'/)81!./!.*:1%D!9/'1!%101!)151!(-*!)1-%/)(/-)+*!./!8/)81D!-1!)151!(-!/4/)&1!-1'5*&+>1!./0!
./'/)81!./!0*!'/%91-%*<+0+.*.!)+>+0D!*021!*%6!)151!%+!./4/-.+`'*51%!_(/!0*!)1-./-*!*!(-*!9/-*!
./! 9'+>*)+,-! ./! 0+</'&*.! 4(/'*! (-! /4/)&1! -1'5*&+>1! ./! 0*! %/-&/-)+*! 9/-*0D! 9/'1! /0! +-2'/%1! /-!
9'+%+,-!3!%(%!./>*%&*.1'*%!)1-%/)(/-)+*%D!(-*!./!9('1!8/)81"!$-!/%&*%!%/./%D!0*!.+%&+-)+,-!/-&'/!
/4/)&1%!./!./'/)81!3!./!8/)81!'17*!0*!5/&*46%+)*"!
V()81!5C%!'/0/>*-&/!_(/!0*!)'6&+)*!*-&/'+1'!/%!1&'*!.+%&+-&*!_(/!'/0*)+1-*!/0!./'/)81!./!.*:1%!
)1-! (-*! 4(-)+,-! )1''/)&+>*D! )*&C'&+)*D! '/%&*('*.1'*! ./0! 1'./-! Q('6.+)1! 3! %1)+*0! *0&/'*.1! 91'! /0!
)*(%*-&/! 3! '/%91-%*<0/! ./! 01%! .*:1%"! $%&*! )'6&+)*! /%! 5()81! 5C%! .+2-*! ./! *&/-)+,-! _(/! 0*!
*-&/'+1'! 3! *9/0*! *! 0*! 9%+)10126*! %1)+*0D! (-! 9(-&1! ./! >+%&*! ./%)1-%+./'*.1! 91'! /0! *-C0+%+%!
/)1-,5+)1!-/1)0C%+)1!./0!./'/)81"
Z! 4+-*05/-&/! _(+7C%! /%! ./)+%+>*! 0*! )1-%+./'*)+,-! ./! _(/! /0! ./'/)81! -1! /%&C! [-+)*5/-&/!
)1-.+)+1-*.1! 91'! 0*! /)1-156*D! %+-1! _(/! 01! /%&C! +2(*05/-&/! 91'! &1.1%! 01%! %*</'/%! )+/-&64+)1%! 3!
&/)-10,2+)1%!*%6!)151!91'!0*%!9*(&*%!)(0&('*0/%!_(/!)*'*)&/'+7*-!*!)*.*!)15(-+.*.!-*)+1-*0K!*!
0*'21! 90*71D! /0! ./'/)81! )(590/! )*<*05/-&/! %(%! 4(-)+1-/%! %+! &'*&*! ./! '/*0+7*'0*%! *! 9*'&+'! ./0!
/%&*.1!./!01%!)1-1)+5+/-&1%D!-1!*!%(!5*'2/-!-+D!5()81!5/-1%D!/-!)1-&'*!./!/001%K!0*!+2-1'*-)+*!
-1!/%!4(/-&/!./!./'/)81"
8;/A&>).">(R$-$#(#/%$D$-/F/)&"(-//:>#"%&-.5&'"$4/9/
$-! ./'/)81! ./! *))+./-&/%! 3! /-! 2/-/'*0D! +-&/'/%*! 0*! .+%&+-)+,-! /-&'/! ./'/)81! 9[<0+)1! 3! ./'/)81!
9'+>*.1K!/0!./'/)81!9[<0+)1!/%&*<0/)/!+-4+-+.*.!./!'/2(0*)+1-/%!_(/!/%&*<0/)/-D!"3$(4-"D!)(C0/%!
%1-!0*%!)1-.+)+1-/%!./!%/2('+.*.!H9'/)*()+1-/%J!<*Q1!0*%!)(*0/%!/%&C!9/'5+&+.1!./%*''100*'!&*0!1!
)(*0!*)&+>+.*.!3D!"3$!*%-D!)(C0/%!%1-!0*%!)1-%/)(/-)+*%!./!-1!8*</'!1<%/'>*.1!0*%!9'/)*()+1-/%!
/%&*<0/)+.*%D!-1'5*05/-&/D!(-*!5(0&*!9/)(-+*'+*D!9/'1!&*5<+`-D!0*!%(%9/-%+,-!./!0*!*)&+>+.*.D!
%(!)/%/D!1D!+-)0(%1D!0*!+591%+)+,-!./!9/-*%!/-!%/-&+.1!/%&'+)&1!H*90+)*)+,-!./0!./'/)81!9/-*0J"!$-!
$%9*:*D! *! .+4/'/-)+*! ./! 01! _(/! 1)(''/! /-! 01%! 9*6%/%! ./! -(/%&'*! C'/*! )(0&('*0D! 01%! +06)+&1%!
&+9+4+)*.1%! /-! /0! ?,.+21! ;/-*0! )1591'&*-! (-*! 9/-*D! (-*! %*-)+,-! /%9/)64+)*5/-&/! 9/-*0D! 9/'1!
*./5C%D!/-!/0!5+%51!9'1)/%1!/-!/0!)(*0!%/!>/-&+0*-!0*%!/>/-&(*0/%!'/%91-%*<+0+.*./%!9/-*0/%!./!
01%! +59(&*.1%D! %/! '/%(/0>/! %1<'/! %(%! '/%91-%*<+0+.*./%! /%&'+)&*5/-&/! )+>+0/%! 1! *_(/00*%! ./! 0*%!
9/'%1-*%!./!_(+/-/%!./9/-./-"
$0!./'/)81!9/-*0D!/0!./'/)81!./!0*!'/%91-%*<+0+.*.!9/-*0D!/%!9'+5*'+*5/-&/!./'/)81!9[<0+)1!_(/!
&(&/0*! +-&/'/%/%! 9[<0+)1%D! /%&1! /%D! 01%! )1-%+%&/-&/%! /-! />+&*'! 0*! )15+%+,-! ./! ./0+&1%! 3! /-!
'/%&*<0/)/'!0*!Q(%&+)+*!_(/<'*-&*.*!91'!/0!./0+-)(/-&/"!$0!./'/)81!)+>+0!./!.*:1%D!/0!./'/)81!./!0*!
'/%91-%*<+0+.*.! )+>+0D! -1! /%! +-)1-2'(/-&/! )1-! /0! *-&/'+1'D! 9(/%! &*5<+`-! 9'/&/-./! *<1'.*'! 0*!
'/.())+,-! '*71-*<0/! 1! 0*! %(9'/%+,-! ./! '+/%21%! _(/! *4/)&*-! *! 5+/5<'1%! ./! 0*! )10/)&+>+.*.! 1! *!
&1.*!/00*"!;/'1!/001!%/!)1-%+2(/D!/-!/0!)*%1!./0!./'/)81!)+>+0D!)1-!9'/&/-%+1-/%!9('*5/-&/!)+>+0/%!
/Q/')+&*.*%!-1'5*05/-&/!/-!(-!9'1)/%1!)+>+0!3!_(/.*!%+/59'/!*!0*!./)+%+,-!./0!./5*-.*-&/!0*!
'/0*&+>*!*0!/Q/')+)+1!./!0*!9'/&/-%+,-!./!.*:1%"!$0!./'/)81!./!.*:1%!/%!9'+>*.1!91'!.1%!'*71-/%K!
/0! ./5*-.*-&/! /0+2/! /-&'/! *))+1-*'! 1! -1! 8*)/'01! 3! 0*! +-./5-+7*)+,-! _(/D! /-! %(! )*%1D! 1<&/-2*D!
_(/.*'C!/-!%(!9*&'+51-+1D!-1!/%!-+-2(-*!5(0&*!_(/!/-2'1%/!0*%!*')*%!./!0*!b*)+/-.*!;[<0+)*"
=+-!/5<*'21D!3*!8/51%!%/:*0*.1!_(/!(-!5+%51!*)&1!9(/./!%/'D!*0!5+%51!&+/591D!(-!+06)+&1!9/-*0!
3!(-!%(9(/%&1!./!'/%91-%*<+0+.*.!)+>+0K!./!./'/)81D!&1.1%!01%!./0+&1%!9(/./-!2/-/'*'!(-*!*))+,-!
29
./! '/%91-%*<+0+.*.! )+>+0! 91'! 01%! .*:1%! />/-&(*05/-&/! )*(%*.1%D! *))+,-! _(/D! -1'5*05/-&/D! %/!
/Q/')/'C! /-! /0! 9'1)/%1! 9/-*0D! 9/'1! _(/! 01%! *4/)&*.1%! 9(/./-! '/%/'>*'%/! 9*'*! /Q/')+&*'0*! /-! (-!
9'1)/%1!)+>+0!+-./9/-.+/-&/!H*'&"!PPS!B$?'JD!*021!_(/!'*'*5/-&/!%()/./"
9;/ A&>).">(R$-$#(#/ %$D$-/ &i+<(%."+<(%+,(-/ F/ <&>).">(R$-$#(#/
V+(=R$e"/%$D$-H/)&<.W/%."+<(%+,(-/:>#"%&-.5&'#.%"-7%9/
$-! ./'/)81! 9'+>*.1! +-&/'/%*! 0*! .+%&+-)+,-! /-&'/! '/%91-%*<+0+.*.! )1-&'*)&(*0D! 91'! (-! 0*.1D! 3!
/d&'*)1-&'*)&(*0! 1! )+>+0! H./'/)81! ./! .*:1%! /-! %/-&+.1! /%&'+)&1JD! 91'! /0! 1&'1"! $-! (-*! 9'+5/'*!
*9'1d+5*)+,-D!0*!)1-.()&*!)(3*!'/*0+7*)+,-!+590+)*!/0!+-)(590+5+/-&1!./!(-!)1-&'*&1!)1-00/>*!0*!
'/%91-%*<+0+.*.! ./! 0*! 9*'&/! +-)(590+.1'*! 4'/-&/! *! %(! )1-&'*9*'&/D! 9/'1! -1! /%! )1-%+./'*.*! (-!
%(9(/%&1!./!'/%91-%*<+0+.*.!)+>+0"!;1'!/Q/5901D!/0!+-)(590+5+/-&1!./!(-!)1-&'*&1!./!&'*-%91'&/!
./! 9/'%1-*%! -1! 2/-/'*! '/%91-%*<+0+.*.! )+>+0! *(-_(/D! )0*'*5/-&/D! 9(/.*! .*'! 0(2*'! *!
'/%91-%*<+0+.*.! )1-&'*)&(*0! /-! 01%! &`'5+-1%! 9'/>+%&1%! 91'! /0! )1-&'*&1! 5+%51! 1! 0*! 0/3"! =+-!
/5<*'21D!%+D!)1-!1)*%+,-!./0!&'*-%91'&/D!_(+/-!01!'/*0+7*D!8+/'/!1!>/Q*!*0!>+*Q/'1D!/%&/!.+%91-.'C!
./! (-*! 9'/&/-%+,-! /%9/)64+)*! ./! '/%91-%*<+0+.*.! )+>+0! )1-! +-./9/-./-)+*! ./! 0*%! _(/! 9(/.*-!
./'+>*'%/!./0!)1-&'*&1!5+%51"
$-! >+'&(.! ./! 01! 2/-`'+)*5/-&/! /%&*<0/)+.1! 91'! /0! *'&"! PS##! ??! 1D! 5/-1%! 41'5*0+%&*5/-&/D! /-!
>+'&(.! ./0! +-2/-+1! )*'*)&/'6%&+)*5/-&/! 8(5*-1D! 01%! 8(5*-1%! 5+%51%! 3! 0*%! 1'2*-+7*)+1-/%!
)'/*.*%! 91'! /001%D! 9(/./-! /-&*<0*'! '/0*)+1-/%! )1-&'*)&(*0/%! 5(3! .+>/'%*%! 3! )1-! (-! )1-&/-+.1!
+-4+-+&*5/-&/!.+>/'%1K!/0!+-)(590+5+/-&1!./!0*%!1<0+2*)+1-/%!/%&*<0/)+.*%!*!)*'21!./!(-*!./!0*%!
9*'&/%!/-!(-!)1-&'*&1!>C0+.1!.*!./'/)81!*!0*!1&'*!*!00/>*'!*!0*!9'+5/'*!*-&/!(-!^(/7!9*'*!_(/!`%&/!
/%&*<0/7)*! 0*%! )1-%/)(/-)+*%! ./! 0*! +-4'*))+,-! %/2[-! /0! 5+%51! )1-&'*&1"! R%6D! 01%! ./</'/%! 3!
1<0+2*)+1-/%! )1-&'*)&(*0/%! %1-! )'/*.1%! 91'! /0! +-2/-+1! 3! 9'15/%*%! ./! 0*%! 9*'&/%! )1-&'*)&(*0/%"!
$-!)*5<+1D!01%!./</'/%!./'+>*.1%!./0!./'/)81!./!.*:1%!.+5*-*-!.+'/)&*5/-&/!./!0*!0/2+%0*)+,-!
3!./!01%!'/20*5/-&1%!*90+)*<0/%!1!./0!./'/)81!Q(.+)+*0D!*0!5*'2/-!./!&1.1!9*)&1!1!*)(/'.1!/-&'/!
0*%!9*'&/%"
$-!/0!/*66*4$=(>S!0*!'/%91-%*<+0+.*.!)1-&'*)&(*0!/%!4(-.*5/-&*05/-&/!1<Q/&+>*D!5+/-&'*%!_(/!
0*! '/%91-%*<+0+.*.! )+>+0! /%! 5*31'5/-&/! 91'! -/20+2/-)+*"! =+-! /5<*'21D! /-! /0! /'0')$ =(>! 3D!
)1-)'/&*5/-&/D! /-! ./'/)81! /%9*:10D! 0*! '/%91-%*<+0+.*.! )1-&'*)&(*0! 9*'&/! ./! (-! 9'+-)+9+1!
2/-/'*0!./!-/20+2/-)+*D!*(-_(/!0*!)(/%&+,-!/%!5(3!.+%)(&+.*"
$-! 0*! 9'C)&+)*D! 0*! .+-C5+)*! ./0! ./'/)81! ./! )1-&'*&1%! /%! /%&'+)&*5/-&/! 9'+>*.*K! 01%! )1-&'*&1%!
%('2/-!3!%/!./%*''100*-!./!*<*Q1!*''+<*!mD*--*6<,!<$*!9*'&+'!./!0*%!%10()+1-/%!+-2/-+*.*%!91'!01%!
*<12*.1%! ./! 0*%! 9*'&/%D! 9*'*! )*.*! %/)&1'! ./0! &'C4+)1! /)1-,5+)1D! *-&/! /0! ./%*''1001! ./! 0*!
&/)-10126*! 3! 0*! )15/')+*0+7*)+,-! ./! -(/>1%! 9'1.()&1%! 3! %/'>+)+1%! )(31! *))/%1! *0! 5/')*.1! 3!
.+%&'+<()+,-! /d+2/-! -(/>*%! %10()+1-/%! )1-&'*)&(*0/%"! $-! )*5<+1D! 0*! .+-C5+)*! ./0! ./'/)81! ./!
.*:1%D! ./! '/%91-%*<+0+.*.! )+>+0D! /%! '/2(0*&1'+*! <-*!<7*>4m! 1! Q(.+)+*0! <D*--*6<,!<D! 9/'1! %+/59'/!
9[<0+)*"!$001!2/-/'*!.+4/'/-)+*%!/%&'()&('*0/%!+591'&*-&/%K!/0!./'/)81!./!)1-&'*&1%!5+'*!*!)'/*'!
1!4*)+0+&*'!'(&*%!)15/')+*0/%D!&'C4+)1!/)1-,5+)1!3!%101!%/)(-.*'+*5/-&/!0+&+2*)+,-"!$-!)*5<+1D!/0!
./'/)81!./!.*:1%!/%&C!)/-&'*.1!/-!0*!0+&+2*)+,-D!9(/%!%(!`-4*%+%!/%&C!9(/%&1!/-!0*!'/)0*5*)+,-!./!
(-*! +-./5-+7*)+,-! ./! .*:1%! 3! 9/'Q(+)+1%! /-! (-! 9'1)/%1! Q(.+)+*0"! B*! .+4/'/-)+*! /%! &*-! 5*')*.*!
_(/D! /-! *02(-1%! 9*6%/%D! 01%! *<12*.1%! ./! )1-&'*&1%! 3! 01%! *<12*.1%! ./! 0+&+2*)+,-! %/! .+4/'/-)+*-!
)0*'*5/-&/!01%!(-1%!./!01%!1&'1%"
30
9;0;/ S(+&<$(-/ %.=)-&=&"+(<$.C/ j<&>)."#&/ &-/ )<.)$&+(<$./ ).</ -.>/ #(Q.>/ d,&/ e-/ =$>=./ L(/
%(,>(#./(-/.RE&+./#&/>,/)<.)$&#(#k/
X/%./! 0(/21! '/%91-./! %+D! /-! (-! )1-&'*&1D! %/! 8*! 1<0+2*.1! *! /-&'/2*'0*! /-! <(/-! /%&*.1! 1! %/! 8*!
)159'15/&+.1! *! '/9*'*'! 01%! .*:1%D! 9/'1! /-! /%&'+)&1! ./'/)81! ./! .*:1%! y./! '/%91-%*<+0+.*.!
/d&'*)1-&'*)&(*0D! )+>+0D! %/! '/%91-./! 91'! 01%! .*:1%! )*(%*.1%! *! 1&'1D! -1! 91'! 01%! )*(%*.1%! *! (-1!
5+%51!1!*!(-!1<Q/&1!9'19+1K!B*!=g=D!PÄD!M@NhSAPSD!./!PP!./!Q(-+1D!V;K!]'*-)+%)1!V*'6-!?*%&C-D!
'/%(/0>/! /%&*! )(/%&+,-! '/0*&+>*! *! %+! /0! 9'19+/&*'+1! ./! (-*! 4+-)*! )1-&*5+-*.*! 91'! `0! 5+%51! )1-!
1)*%+,-! ./0! /Q/')+)+1! ./! (-*! *)&+>+.*.! +-.(%&'+*0! 06)+&*! 3! _(/! ./%9(`%! >/-.+,! *! (-! &/')/'1!
'/%91-./D! 91'! '/%91-%*<+0+.*.! /d&'*)1-&'*)&(*0D! 4'/-&/! *! (-! %(<*._(+'/-&/! 91'! 01%! .*:1%!
/)1-,5+)1%!./'+>*.1%!./0!)1%&/!./!./%)1-&*5+-*)+,-"
$-!9*0*<'*%!./0!g'+<(-*0!=(9'/51K!
q=/! &'*&*! ./! ./)+.+'! %+! (-*! %1)+/.*.! 5/')*-&+0! )1-%&+&(+.*! 91'! /-&/%! 9[<0+)1%! 9*'*! 0*!
'/2/-/'*)+,-!3!)1-%+2(+/-&/!/d901&*)+,-!./!(-!9(/'&1!./91'&+>1m9/%_(/'1!3!%(!71-*!'/%+./-)+*0!
)1-&+2(*!9(/./!'/9/')(&+'!'/&'1%9/)&+>*5/-&/!01%!)1%&/%!./!0*!./%)1-&*5+-*)+,-!*!0*!%1)+/.*.!
5/')*-&+0! _(/! /-! &+/591%! )1-&*5+-,! 0*! 71-*D! 3! /001! 9/%/! *! 8*</'! &/-+.1! _(/! )/%*'! /%&*! /-! %(!
*)&+>+.*.!+-.(%&'+*0!3!8*</'!>/-.+.1!/-!%(!.6*!01%!&/''/-1%!*!<*Q1!9'/)+1!./<+.1!9'/)+%*5/-&/!*!
%(! )1-&*5+-*)+,-D! )1-1)+.*! 91'! &1.*%! 0*%! /-&+.*./%! _(/! %()/%+>*5/-&/! 4(/'1-! *._(+'+/-.1!
./'/)81%! %1<'/! .+)81%! &/''/-1%"! Z! /%&*! ./)+%+,-! %/! %15/&/! 91'! 0*! *)&1'*m'/)(''/-&/! *! 0*!
Q('+%.+))+,-! )+>+0! )1-! <*%/! /-! /0! ?,.+21! ?+>+0!9/'1! +->1)*-.1! /0! 9'+-)+9+1! q_(+/-! )1-&*5+-*!
9*2*rD! 9'/%/-&/! /-! .+>/'%*%! -1'5*%! *.5+-+%&'*&+>*%! ./! 9'1&/))+,-! 5/.+1*5<+/-&*0! _(/! %/!
)1-%+./'*-!*90+)*<0/%!*0!)*%1r"
$')'1%D!="R"!q/d901&*<*!./%./!/0!9'+5/'!&/')+1!./0!%+201!I!(-*!4C<'+)*!%+&*!/-!(-!&/''/-1!./!%(!
9'19+/.*.! (<+)*.1! /-! 0*! 4*)8*.*! 5*'6&+5*! ./! \*.*01-*D! 3! ./%&+-*.*! *! 0*! 4*<'+)*)+,-! ./! H|J!
9'1.()&1%!_(65+)1%!3!*<1-1%r"!
$0! L"#"PNULD! 0*! ?1'91'*)+,-! V/&'1910+&*-*! ./! \*')/01-*! H0(/21! ?1-%/00! ?15*')*0! \*')/01-`%J!
*9'1<,!/0!;0*-!$%9/)+*0!./!0*!]*)8*.*!V*'6&+5*!./!\*')/01-*D!_(/!)1-&/590*<*!0*!(<+)*)+,-!./0!
4(&('1!9(/'&1!./!\*.*01-*!*0!-1'&/!./!01%!5/-)+1-*.1%!&/''/-1%D!3!01%!)*0+4+)*<*!)151!&/''/-1%!
9*'*!9/_(/:*!3!5/.+*-*!+-.(%&'+*D!)1-!0*!/d)/9)+,-!./!(-*!71-*!./%&+-*.*!*!(%1!'/%+./-)+*0"!
$0! P@"#"PNULD! $')'1%D! ="R"! >/-.+,! 5/.+*-&/! /%)'+&('*! 9[<0+)*! *! 0*! ?1'91'*)+,-! (-*! 91')+,-! ./!
&/''/-1!./!(-1%!LP"AAA!5S!(<+)*.*!/-!9'+5/'*!06-/*!./!5*'!91'!M"NAO"#LN!/('1%!HO#A!5+001-/%!
./! 9&*%"J"! $-! *_(/0! /-&1-)/%D! /0! 9'/)+1! ./! 5/')*.1! ./0! &/''/-1! >/-.+.1! /'*! 5(3! %(9/'+1'D! ./!
#"MPU"N#L!/('1%!HUU#!5+001-/%!./!9&*%"JD!9/'1!01%!&/''/-1%!/%&*<*-!*0&*5/-&/!)1-&*5+-*.1%!91'!
(-!)1-&/-+.1!/0/>*.1!./!90151!3!*'%`-+)1"
$0! MP"L"PNULD! $')'1%! )/%,! %(! *)&+>+.*.! +-.(%&'+*0! 3D! /-! /0! 90/+&1D! _(/.,! *)'/.+&*.1! _(/D! )1-!
91%&/'+1'+.*.D!/0!0(2*'!4(/!(&+0+7*.1!)151!71-*!./!/d&'*))+,-!./!*'/-*%!3!>/'&+.1!+-)1-&'10*.1!
./!'/%+.(1%!./!9'1)/./-)+*%!.+4/'/-&/%"
$-!PNUND!$')'1%!>/-.+,!/0!'/%&1!./!01%!&/''/-1%!*!;'+5*!I-51<+0+*'+*D!="R"D!0*!)(*0!3!*!%(!>/7!01%!
>/-.+,! 5/.+*-&/! /%)'+&('*! 9[<0+)*! /0! N"#"PNNA! *! I-51<+0+*'+*! I-.(%&'+*0! l'<*-*D! ="R"! 3! `%&*D!
31
4+-*05/-&/D!01%!>/-.+,!*0!I-%&+&(&1!./!?'`.+&1!n4+)+*0!HI?nJD!(-!<*-)1!9[<0+)1D!/-!PNN@!/-!9*21!./!
./(.*%"!
$-!PNNPD!/0!R3(-&*5+/-&1!./!\*.*01-*!./)+.+,!(<+)*'!/0!9(/'&1!/-!01%!*-&+2(1%!&/''/-1%!./!0*!
./5*-.*D!9/%/!*!%/'!)1-1)+.*!0*!)1-&*5+-*)+,-!./!0*!71-*!91'!01%!/%&(.+1%!_(/!8*<6*!+-+)+*.1!/0!
V+-+%&/'+1! ./! n<'*%! ;[<0+)*%! 3! g'*-%91'&/%! /-! PNNAD! 3! .+>+.+,! 0*! 71-*! /-! .1%! 910621-1%K! (-1!
./%&+-*.1!*!%(/01!'/%+./-)+*0!3!/0!1&'1!*!%+%&/5*!91'&(*'+1"!$0!F1<+/'-1!./!0*!F/-/'*0+&*&!*9'1<,!
/0!9'13/)&1!./!)1-%&'())+,-!./0!9(/'&1!./91'&+>1!./!\*.*01-*!3!1&1'2,!*!V*'+-*!\*.*01-*D!="R"D!
%1)+/.*.! 9*'&+)+9*.*! *0! #Aã! 91'! /0! ?1-%/00! ?15*')*0! \*')/01-`%! 3! /0! R3(-&*5+/-&1! ./!
\*.*01-*D!0*!)1-)/%+,-!9*'*!0*!)1-%&'())+,-!3!/d901&*)+,-!./0!9(/'&1D!)1-!*%(-)+,-D!/-&'/!1&'*%!
1<0+2*)+1-/%D!./!./%)1-&*5+-*'!01%!&/''/-1%"!
$-!SAAPD!SAAS!3!SAAM!/0!?1-%/00!?15*')*0!\*')/01-`%!*91'&,!0*!91')+,-!./!&/''/-1!_(/!8*<6*!
)159'*.1! *! $')'1%! *! V*'+-*! \*.*01-*D! ="R"! )151! *91'&*)+,-! -1! .+-/'*'+*! )1-! 1)*%+,-! ./! &'/%!
%()/%+>*%!*590+*)+1-/%!./!)*9+&*0!'/*0+7*.*%!/-!&*0/%!*:1%"!X/0!>*01'!./!0*!4+-)*!%/!./%)1-&*'1-!
/-! *_(/0! 515/-&1! M"@MS"NUP! ./! /('1%! H#LP! 5+001-/%! ./! 9&*%"J! /-! )1-)/9&1! ./! 2*%&1%! ./!
./%)1-&*5+-*)+,-"!
$0! PN"PS"SAAS! 3! 91'! /%)'+&('*! 9[<0+)*D! I?n! >/-.+,! *! V*'+-*! \*.*01-*D! ="R"! 01%! &/''/-1%! _(/!
1'+2+-*'+*5/-&/!8*<6*-!9/'&/-/)+.1!*!$')'1%!8*)+/-.1!)1-%&*'!_(/!&*0/%!&/''/-1%!+<*-!*!>/'%/!
*4/)&*.1%! 91'! 0*%! 1<'*%! ./! )1-%&'())+,-! ./0! 9(/'&1! ./! \*.*01-*! 3! _(/D! .*.1! _(/! /d+%&6*! (-!
'/5*-/-&/! ./! )1-&*5+-*)+,-! ./0! %(/01D! /0! )1%&/! ./! 0*! )1-&*5+-*)+,-! H>*01'*.1! /-! U"AA#"@UP!
/('1%J! ./<6*! ./%)1-&*'%/! ./0! 9'/)+1! ./! 0*! >/-&*! ./! 01%! &/''/-1%D! 9'/)+1! _(/! _(/.*<*! /-!
PP"@PN"SMA!/('1%"!
V*'+-*!\*.*01-*D!="R"!./5*-.,!*!$')'1%D!="R"!3!0/!'/)0*5,!/0!9*21!./!S#"@@@"#MADPA!/('1%!91'!
.*:1%!3!9/'Q(+)+1%!*%1)+*.1%!*!0*!)1-&*5+-*)+,-!./!0*%!4+-)*%D!)1-!<*%/!/-!/0!*'&"!PNAS!??D!9/'1!
&*5<+`-! 91'! 8*</'! )(590+.1! 0*! 1<0+2*)+,-! ./! ./%)1-&*5+-*)+,-! _(/! +-)(5<6*! *! $')'1%"! R0!
/4/)&1! %/! '/4/'6*! *! .1)&'+-*%! '/0*)+1-*.*%! )1-! 0*! %(<'12*)+,-D! /0! '//5<10%1D! 0*! '/9/&+)+,-! 3! /0!
/-'+_(/)+5+/-&1!+-Q(%&1!3!)+&*<*!0*!=g=^!./!?*&*0(:*!-[5"!MAUhSAA@!./!SU"@"SAA@D!_(/!8*<'6*!
+59(/%&1!*!$')'1%!0*!1<0+2*)+,-!./!./%)1-&*5+-*)+,-"!
$0!M"O"PNNLD!0*!^(-&*!./!E/%+.(1%!./!0*!F/-/'*0+&*&!./!?*&*0(:*!8*<6*!'/_(/'+.1!*!$')'1%D!="R"!9*'*!
_(/D! /-! /0! &`'5+-1! ./! .1%! 5/%/%D! 9'1)/.+/%/! *! 0*! '/&+'*.*! ./! /%)15<'1%! 3! '/%+.(1%! 3! *! 0*!
'/*0+7*)+,-! ./! (-! /%&(.+1! %1<'/! /0! *0)*-)/! ./! 0*! )1-&*5+-*)+,-D! '/_(/'+5+/-&1! '/+&/'*.1! /0!
SO"O"PNNL!3!/0!SU"PP"PNNL"!$')'1%!9'/%/-&,!(-!'/)('%1!*.5+-+%&'*&+>1!)1-&'*!/%&/![0&+51D!_(/!4(/!
+-*.5+&+.1! /0! PP"PP"PNNUD! +-*.5+%+,-! )1-4+'5*.*! 91'! 91%&/'+1'! '/%10()+,-! ./0! X/9*'&*5/-&! ./!
V/.+! R5<+/-&! ./! 0*! F/-/'*0+&*&! ./! ?*&*0(-3*D! ./! MP"P"SAAA"! $')'1%! +-&/'9(%1! /-&1-)/%! '/)('%1!
)1-&/-)+1%1m*.5+-+%&'*&+>1! )1-&'*! /%&*! [0&+5*! '/%10()+,-! 3! /0! g=^! ./! ?*&*0(:*! /-! =/-&/-)+*! ./!
SU"@"SAA@! 01! *.5+&+,! 3D! &'*%! '/>1)*'! 0*%! ./)+%+1-/%! *.5+-+%&'*&+>*%! /-! )(*-&1! *! %(%!
9'1-(-)+*5+/-&1%! ./! +-*.5+%+<+0+.*.! ./0! '/)('%1D! ! /-&',! /-! /0! 41-.1! ./0! *%(-&1! 3! ./%/%&+5,! /0!
'/)('%1!)1-&'*!0*!'/%10()+,-!./!0*!^(-&*!./!SU"PP"PNNLK!
q}$~0!*9*'&*.1!*J!./0!H"""J!*'&6)(01!P#!}./!0*!B/3!OhPNNMD!./!P#!./!Q(0+1D!./!'/%+.(1%!./!?*&*0(:*~!
)1-%+./'*!)151!'/%91-%*<0/!.+'/)&1!./!0*!'/2/-/'*)+,-!./!01%!/%9*)+1%!./2'*.*.1%!91'!./%)*'2*%!
+-)1-&'10*.*%! *! 0*! 9/'%1-*! _(/! 8*! /4/)&(*.1! 0*! ./%)*'2*! 3! %10+.*'+*5/-&/! *0! 9'1.()&1'! 1! /0!
91%//.1'! ./0! '/%+.(1D! %+/-.1! '/%91-%*<0/! [-+)*5/-&/! %(<%+.+*'+1! ./! 0*! 5+%5*H"""JD! %/2[-! %(!
*9*'&*.1!<JD!/0!9'19+/&*'+1!./!0*!4+-)*!H"""J!1!/-!%(!)*%1!/0!&+&(0*'!./0!.15+-+1!9[<0+)1!*4/)&*.1D!3!
)1-%&+&(3/-.1!1<0+2*)+,-!./0!9'1.()&1'!3!./0!91%//.1'!./!01%!'/%+.(1%D!%/2[-!/0!*'&"!PL"P"*JD!0*!./!
32
2*'*-&+7*'!%(!2/%&+,-!./!*)(/'.1!)1-!%(%!9'/%)'+9)+1-/%!./%./!0(/21!+-5/.+*&*5/-&/!*90+)*<0/%!*!
(-! '/_(/'+5+/-&1! ./! ./%)1-&*5+-*)+,-! 9'1.()+.1! <*Q1! %(! >+2/-)+*D! 3! *-&/! (-*! )1-&*5+-*)+,-!
_(/!%/!5*-&(>1!/-!/0!&+/591!&'*%!/00*D!)(*0/%_(+/'*!_(/!4(/%/-!01%!*)(/'.1%D!9'+>*.1%!1!+-)0(%1!./!
)*'C)&/'! 1! *0)*-)/! ('<*-6%&+)1D! _(/! 9(.+/'*-! 8*</'%/! *0)*-7*.1! *0! 515/-&1! ./! 0*! >/-&*! ./! 01%!
&/''/-1%r!H]X"!#{J"
B*!=^;I!-{!SL!\*')/01-*!HU"P"SAAUJ!/%&+5,!/-!9*'&/!0*!./5*-.*!3!)1-./-,!*!$')'1%!*0!9*21!./!
U"UN#"LU#DSU! /('1%"! $-! *9/0*)+,-D! 0*! R;! H=/))+,-! POÄJ! ./! \*')/01-*! HMP"M"SAANJ! /%&+5,! /0!
'/)('%1! ./! *9/0*)+,-! +-&/'9(/%&1! 91'! $')'1%D! ="R"D! ./%/%&+5,! /0! ./! 0*! ./5*-.*-&/D! 3! '/>1),! 0*!
=^;ID!./%/%&+5*-.1!0*!./5*-.*K!
q$0!)1%&/!./!0*!./%)1-&*5+-*)+,-!./!(-!%(/01!)1-&*5+-*.1!./</!91-/'%/!/-!'/0*)+,-!)1-!/0!(%1!
('<*-6%&+)1!./!/%/!%(/01H"""J!}/-!/%&/!%/-&+.1D!*'&"!P#!B/3!OhPNNMD!/-!%(!'/.*))+,-!.*.*!91'!0*!B/3!
NhPNNUD! 3! *)&(*0! *'&"! PN! <! X/)'/&! B/2+%0*&+(! PhSAAND! ./! SP! ./! Q(0+10D! 9/0! _(*0! %w*9'1>*! /0! g/d&!
'/4,%! ./! 0*! B0/+! '/2(0*.1'*! ./0%! '/%+.(%K! qp(/! 0/%! 9/'%1-/%! )*(%*-&%! ./! 0*! )1-&*5+-*)+,! .w(-!
/590*å*5/-&! '/%&/-! 1<0+2*./%! *! %*-/Q*'m01! /-! 4(-)+,! ./! 0w[%! ('<*-6%&+)! _(/! &/-+*! _(*-! /0! >*-!
&'*-%5/&'/"!G1!/%!91./-!'/_(/'+'!5/%('/%!./!%*-/Q*5/-&!)1590/5/-&W'+/%!>+-)(0*./%!*0%!-1(%!
(%1%!('<*-6%&+)%!./0!%ç0D!00/>*&!_(/!8*2+-!/%&*&!9'1512(&%!9/'!/00/%!5*&/+d/%r!H|J
q}B~*! '/)0*5*)+,-! 4(-.*.*! /-! /0! *'&"! PNAS! 9'1.()6*! (-*! %/-%*)+,-! ./! 9/'90/Q+.*.! 91'_(/! -.>/
#(Q.>/>&/L(R<*("/%(,>(#./(/,"(/I$"%(/)<.)$(!./!0*!./5*-.*.*!)(*-.1!/Q/')6*!(-*!*)&+>+.*.!
+-.(%&'+*0!_(/!)/%,!/-!PNULaH"""J!./%)*'&*.*!)(*0_(+/'!1<0+2*)+,-!)1-&'*)&(*0!./!$')'1%!9*'*!)1-!
V*'+-*D! 3*! _(/! `%&*! -1! )159',! .+'/)&*5/-&/! 01%! &/''/-1%! *! *_(/00*! -+! 4(-.*! %(! ./5*-.*! /-!
*))+1-/%! ./'+>*.*%! ./0! )1-&'*&1! ./! )159'*>/-&*D! &*591)1! )*<6*! 0*! '/%91-%*<+0+.*.!
/d&'*)1-&'*)&(*0!91'!I(-+(</&-/&-&=&"+./#&/(-+&<$#(#D!)151!)1-%+./',!0*!%/-&/-)+*!./!0*!=*0*!./!
01!?+>+0!./0!g'+<(-*0!=(9'/51!./!SS!./!.+)+/5<'/!./!SAAU!'/)&+4+)*-.1!/0!)'+&/'+1!./!0*!./!SN!./!
1)&(<'/! ./0! 5+%51! *:1H"""Ja! /-! [0&+51! /d&'/51D! 0*! *))+,-! 9*'*! /d+2+'! '/%91-%*<+0+.*.! )+>+0!
/d&'*)1-&'*)&(*0! 8*<'6*! 9'/%)'+&1! )1-41'5/! *0! *'&"! PNOU! ??D! 9(/%! /0! )*%1! -1! %/'6*! ./! .*:1%!
)1-&+-(*.1%! %+-1! 9/'5*-/-&/%! 3D! *./5C%D! )1-1)+.1%! ./%./! 5()81! *:1%! *-&/%! ./! 0*!
+-&/'91%+)+,-!./!0*!./5*-.*D!./!51.1!_(/!-*.*!8*<'6*!+59/.+.1H"""J!'/)0*5*'!/-!%(!515/-&1!
91'! 01%! .*:1%D! *0! 5*'2/-! ./! (-*! '/%91-%*<+0+.*.! 91'! %*-/*5+/-&1! _(/! 9*'/)/! 8*</'! %+.1!
*%(5+.*!3!'/%(/0&*!)1->/-)+1-*05/-&/!/-!%(!515/-&1r!He"I(>$>/(Q(#$#.J!
qB*! ./5*-.*-&/! -1! 8+71! 9'19+*5/-&/! (-*! '/2/-/'*)+,-! ./0! %10*'! 91'! %(%&+&()+,-! ./! (-*!
1<0+2*)+,-! )1-)'/&*! 3! /d+2+<0/! *! 0*! ./5*-.*.*! +59(/%&*! 91'! 0*! R.5+-+%&'*)+,-! /-! +-&/'`%!
2/-/'*0D!%+-1!_(/!01!_(/!8+71!4(/!('<*-+7*'!0*!71-*!/-!9'19+1!+-&/'`%!3D!)+/'&*5/-&/D!/001!+590+),!
0*!./%)1-&*5+-*)+,-!./!0*!4+-)*r!H]X"!S{!=g=J"
V*'+-*! \*.*01-*D! ="R"! +-&/'9(%1! '/)('%1! /d&'*1'.+-*'+1! 91'! +-4'*))+,-! 9'1)/%*0! 3! '/)('%1! ./!
)*%*)+,-"!$0!%/2(-.1D!91'!+-4'*))+,-!./!01%!*'&%"!PSPA!3!PP#U!??D!*'&%"!MMD!@M!3!@#!?$!3!*'&"!PNAS!
??D!*%6!)151!91'!+-4'*))+,-!./0!*'&"!PNOU!??"!$0!g=!./%/%&+5,!*5<1%!'/)('%1%!3!)1-4+'5,!0*!=R;K!
q}$~-&'/! 01%! .1%! '/4/'+.1%! )'+&/'+1%! 19(/%&1%! ./! ./)+%+,-! }/0! ./! 0*! =g=D! PÄD! ./! SN"PA"SAAU! HE^!
#UAPJD! /-! 0*! _(/! /0! g'+<(-*0! =(9'/51! )1-./-,! *! $')'1%! )1-! <*%/! /-! 0*! '/%91-%*<+0+.*.!
/d&'*)1-&'*)&(*0! 3! /0! ./! 0*! =g=D! PÄD! -[5"! PPM#hSAAU! ./! SS"PS"SAAUD! /-! 0*! _(/! /0! g'+<(-*0D! /-!
)*5<+1D! 0/! *<%10>+,! 91'_(/! 01%! .*:1%! 4(/'1-! )*(%*.1%! *! (-*! 4+-)*! 9'19+*~! /%&*! =*0*! )1-%+./'*!
_(/!./</!'/+&/'*'!}/0!%/2(-.1!)'+&/'+1D!%/2[-!/0!)(*0~!H]X"!@{JK
33
q?(*-.1!%/!&'*&*!./!.*:1%!1'+2+-*.1%!/-!0*!)1%*!>/-.+.*!H|J!/0!.*:1!%(4'+.1!91'!/0!)159'*.1'!
'/%(0&*D! /-! 9'+-)+9+1D! ./0! ./4+)+/-&/! )(590+5+/-&1! 1! ./0! +-)(590+5+/-&1! ./0! )1-&'*&1! ./!
)159'*>/-&*a! 0*! '/0*)+,-! ./! '/%91-%*<+0+.*.! _(/! '/%(0&*! ./0! )(590+5+/-&1! 1! ./4+)+/-&/!
+-)(590+5+/-&1! &+/-/! /0! 5+%51! *0)*-)/! %(<Q/&+>1! _(/! /0! _(/! 5/.+*D! ./-&'1! ./! 0*! ,'<+&*!
)1-&'*)&(*0D! /-&'/! /0! _(/! )*(%*! /0! .*:1! H>/-./.1'J! 3! /0! _(/! 01! '/)+</! H)159'*.1'Ja! /0!
1'./-*5+/-&1! Q('6.+)1! 9'/>`! )1-%/)(/-)+*%! /%9/)64+)*%! 9*'*! 01%! )*%1%! ./! ./4/)&1%! /-! 0*! )1%*!
>/-.+.*a! 3D! 4+-*05/-&/D! 01%! <+/-/%! *4/)&*.1%! %1-! ./! )*'C)&/'! 9*&'+51-+*0D! /-! &*-&1! -1! %/!
./5(/%&'/! 0*! *4/)&*)+,-! ./! <+/-/%! 1! ./'/)81%! ./! 5*31'! &'*%)/-./-)+*"! $-! %(5*D! 01%! .*:1%!
1'+2+-*.1%! /-! 0*! )1%*! >/-.+.*! _(/! %(91-/-! (-! 5/-1%)*<1! ./! %(! >*01'!1! (-*! +591%+<+0+.*.! ./!
./.+)*'0*! *0! (%1! *0! _(/! /%&C! ./%&+-*.*! ./</-! %/'! '/)0*5*.1%! 5/.+*-&/! /0! /Q/')+)+1! ./! 0*%!
*))+1-/%! )1-&'*)&(*0/%! _(/! )1''/%91-.*-D! /-&'/! 0*%! )(*0/%! 4+2('*-! 0*%! *))+1-/%! 9*'*! 9/.+'! /0!
%*-/*5+/-&1! ./! 0*! )1%*! 91'! >+)+1%! 1! ./4/)&1%! 1)(0&1%! }*))+,-! '/.8+<+&1'+*! 3! +,(4-'$ 6'4*#'%! H./!
.+%5+-()+,-! ./0! 9'/)+1! é/-! )(*-&1! 5/-1%wJ~! 1! 0*! *))+,-! '/%10(&1'+*! .+5*-*-&/! ./0!
+-)(590+5+/-&1! ./0! )1-&'*&1! )(*-.1! 0*! )1%*! /-&'/2*.*! /%! %(%&*-)+*05/-&/! .+%&+-&*! ./! *_(`00*!
_(/!%/!9*)&,!)151!1<Q/&1!./!0*!)159'*>/-&*!1!+-8C<+0!9*'*!/0!(%1!*!_(/!%/!./%&+-*!H(-*!)1%*!91'!
1&'*D!1!()',7$!#*$()'*J"
$%&*!'/)0*5*)+,-!./</!+'!.+'+2+.*!)1-&'*!/0!>/-./.1'!5/.+*-&/D!%+!9'1)/./D!0*!%(<'12*)+,-!_(/!*!
&/-1'! ./0! !*'&6)(01! P#PP!??! %/! 19/'*! /-! 4*>1'! ./0! )159'*.1'! '/%9/)&1! ./! 0*%! *))+1-/%! _(/!
)1''/%91-./-!*0!9'+5/'1!)1-&'*!01%!&'*-%5+%1'/%!*-&/'+1'/%H|J!
$0!8/)81!./!_(/!/0!)159'*.1'!-1!%/*!/0!9'+5/'!*._(+'/-&/!-1!01!*(&1'+7*!91'!%6!5+%51!9*'*!/0!
/Q/')+)+1!./!*))+1-/%!./!'/%91-%*<+0+.*.!/d&'*)1-&'*)&(*0!)1-&'*!01%!*-&/'+1'/%!9'19+/&*'+1%!91'!
01%!.*:1%!_(/!8*3*!%(4'+.1!0*!)1%*!>/-.+.*!H]X"!@{J!H|J!
$-![0&+51!/d&'/51D!*(-_(/!%/!*.5+&+/'*!(-*!1<0+2*)+,-!"3$)"@"!./!$')'1%D!'/%(0&*'6*!_(/!`%&*!3*!
%/!8*<'6*!)(590+.1!4'/-&/!*!0*!./5*-.*-&/D!)151!'*71-*!0*!%/-&/-)+*!+59(2-*.*D!5/.+*-&/!01%!
%()/%+>1%! ./%)(/-&1%! ./0! )1%&/! ./! 0*! ./%)1-&*5+-*)+,-! /-! 01%! -/21)+1%! Q('6.+)1%! 9'+>*.1%! ./!
&'*-%5+%+,-!./!01%!&/''/-1%r!H]X"!#{J"!
0:;/A&>).">(R$-$#(#/%$D$-/F/#&<&%L./<&?,-(+.<$.//
$-! /0! 51./01! ./0! *'&"! PNAS! ?,.+21! ?+>+0! ./! PUUND! /0! ./'/)81! ./! 0*! '/%91-%*<+0+.*.! )+>+0! %/!
)1-)+</!<C%+)*5/-&/!)151!./'/)81!Q('+%9'(./-)+*0K!0*%!)1-%&/0*)+1-/%!./!)*%1%!>*-!./0+-/*-.1!
%(9(/%&1%! 2/-`'+)1%! ./! 91%+<0/! '/%91-%*<+0+.*.! )+>+0"! $%&1! /%! *%6D! *(-_(/D! /-! 0*! 9'C)&+)*D! 2'*-!
9*'&/! ./! 0*%! 9'/&/-%+1-/%! +-./5-+7*&1'+*%! ./! '/%91-%*<+0+.*.! )+>+0! .+5*-*-! ./0! ./'/)81!
'/2(0*&1'+1! ./! )*.*! %/)&1'! ./! *)&+>+.*.! 1D! 5C%! /%9/)64+)*5/-&/D! ./! %(! +-4'*))+,-"! B*! &'*<*7,-!
/-&'/! 0*! -1)+,-! ./! 0*! '/%91-%*<+0+.*.! +-&/2'*.*! 91'! )1-%&/0*)+1-/%! ./! )*%1%! ./0+-/*.*%!
Q('+%9'(./-)+*05/-&/!3!%(!)*'*)&/'+7*)+,-!5C%!51./'-*!)151!/0!'/%(0&*.1!./!0*!*90+)*)+,-!./0!
./'/)81!'/2(0*&1'+1!%/!)1-%+2(/!*!91)1!./!_(/!%/!)*+2*!/-!0*!)(/-&*!./!_(/!5()8*%!9'/&/-%+1-/%!
./!'/%91-%*<+0+.*.!%('2/-!./!0*!+-4'*))+,-!./!01%!),.+21%!./!0*%!<(/-*%!9'C)&+)*%!./!0*!)"3$(#-'%!1!
./!01%!/%&C-.*'/%!_(/!./0+5+&*-!/0!/Q/')+)+1!)1''/)&1!./!*)&+>+.*./%!%1)+*0/%!3!9'14/%+1-*0/%!1!./!
0*%! )+')(-%&*-)+*%! ./0! )*%1! )1-)'/&1"! R! &*0/%! 9'C)&+)*%! 3! ),.+21%! %/! '/4+/'/-! &*-&1! 0*!
Q('+%9'(./-)+*! )151! /0! ./'/)81! '/2(0*&1'+1! 3! *%6! %/! ./%*''100*! %+-&`&+)*5/-&/! (-! ./'/)81! ./!
.*:1%!_(/!%/!)1-4+2('*!&*-&1!./!*<*Q1!8*)+*!*''+<*!)151!./!*''+<*!8*)+*!*<*Q1"!
34
00;/jP>/&-/#&<&%L./#&/#(Q.>/,"(/&>)&%$(-$#(#/R$&"/#&I$"$#(k/
=6D! 9/'1! _(+7C%! %101! 91'! 191%+)+,-! *0! ./'/)81! ./! 0*! '/%91-%*<+0+.*.! )1-&'*)&(*0! 1! *0! ./'/)81!
%*-)+1-*.1'! 3D! ./%./! 0(/21D! /%&C! 5/-1%! ./4+-+.1! /-! $%9*:*! _(/! /-! 1&'1%! 9*6%/%! /('19/1%!
)1-&+-/-&*0/%! /-! 01%! )(*0/%! 0*! '/%91-%*<+0+.*.! )+>+0! ./'+>*.*! ./! ./0+&1! -1! /%&C! '/2(0*.*! /-! /0!
),.+21! 9/-*0! -+! 0*! 9'/&/-%+,-! )1''/%91-.+/-&/! %/! /Q/')+&*! *-&/! 0*! Q('+%.+))+,-! 9/-*0"! ZD! ./%./!
0(/21D! /%&C! 5()81! 5/-1%! 9/'4+0*.1! _(/! /-! /0! 9*66*4$ )(>! 3! /-! /0! ./')81! 4/./'*0!
/%&*.1(-+./-%/"
$0!./'/)81!./!.*:1%!&+/-/!(-*!/%9/)+4+)+.*.!)0*'*!3!.+%&+-&*!%+!%/!*-*0+7*!./%./!/0!9(-&1!./!>+%&*!
./0! '/5/.+1! &69+)1! _(/! 0/! /%! 9*'*.+25C&+)*5/-&/! 9'19+1K! 0*%! *))+1-/%! ./! '/9*'*)+,-! /!
+-./5-+7*)+,-!./!.*:1%"!B1%!'/5/.+1%!.*-!(-+.*.!*0!./'/)81!./!.*:1%"
;/'1! )*%+! -*.*! 5C%! 01! 8*)/K! 813! /-! .6*D! /-! (-! 9*6%! 1))+./-&*0! &/)-10,2+)*5/-&/! *>*-7*.1! /%!
)'/)+/-&/5/-&/! .+46)+0! ./! )1-)/<+'! _(/! (-*! *<12*.*! /%&`! /%9/)+*0+7*.*D! *0! 5+%51! &+/591D! /-!
0+&+2*)+,-! ./'+>*.*! ./! .+4*5*)+,-D! ./! 9'1&/))+,-! ./! .*&1%D! ./! .*:1%! 5*%+>1%D! ./! *))+./-&/%! ./!
)+')(0*)+,-D! ./! .*:1%! <+14*'5*)`(&+)1%D! ./! 9'/>/-)+,-! ./! '+/%21%! 0*<1'*0/%D! ./! /d91%+)+,-! *!
%(%&*-)+*%! &,d+)*%D! /&)"! B*! '*7,-! /%! _(/! /0! ./'/)81! ./! .*:1%! ./%)*-%*! %1<'/! '/2(0*)+1-/%!
)'/)+/-&/5/-&/!+-&'+-)*.*%!3!%(!)1-1)+5+/-&1!3!.15+-+1!/%D!/-!0*!9'C)&+)*D!)1-.+)+,-!-/)/%*'+*!
./! 0*! >+*<+0+.*.! ./! (-! /%)'+&1! ./! ./5*-.*! ./! '/)0*5*)+,-! ./! )*-&+.*.! 91'! .*:1%! 3! 9/'Q(+)+1%"!
G*.+/!.15+-*!*!0*!>/7!/0!*)1%1!%/d(*0D!0*!.+4*5*)+,-D!0*!0+&+2*)+,-!91'!+-8*0*)+,-!./!%(%&*-)+*%!
&,d+)*%!1!01%!*))+./-&/%!./!*>+*)+,-"!Z*!-1"!
V*%!_(/.*D!*-)0*.1!<+/-!/-!/0!*-C0+%+%!./!01%!'/5/.+1%D!*02[-!1&'1!9(-&1!./!*9131!*!0*!+./*!./!0*!
(-+.*.!91%+&+>*!./0!./'/)81!./!.*:1%!m/%!./)+'D!*!0*!+./*!./!_(/!/%&/!%/!./4+-/!91'!*021!5C%!_(/!
91'!%(!)1-&'*91%+)+,-!*0!./'/)81!./!)1-&'*&1%D!*0!./'/)81!9/-*0!3!*0!./'/)81!'/2(0*&1'+1"
R%6D!3!/-!9'+5/'!0(2*'D!0*!)(/%&+,-!./!0*!)(09*D!./!0*!-/20+2/-)+*D!./0!./5*-.*.1!1)(9*!(-!0(2*'!
)/-&'*0!/-!)*%+!&1.1%!01%!)*%1%!./!./'/)81!./!.*:1%!'/2+.1%!91'!/0!/%&C-.*'!./!0*!)(09*!5+%5*D!
)151!/%!/0!%(9(/%&1!2/-/'*0!./0!./'/)81!./0!*'&"!PNAS!./0!?,.+21!?+>+0!/%9*:10!./!PUUN"
VC%! *[-D! /-! &1'-1! *! 0*%! )(/%&+1-/%! 0*! )*(%*0+.*.! /-! %/-&+.1! *590+1D! _(/! *<*')*-! 0*! )*(%*0+.*.!
/596'+)*!1!./!8/)81!H9(,%"$'4$H(9-J!3!)*(%*0+.*.D!./!./'/)81D!-1'5*&+>*!1!+59(&*)+,-!1<Q/&+>*!
H!#*3'6(-"$ 9(,%(-'*4S$ %9*!"$ *H$ )'(D')'-&JD! )15(-/%! *! 0*! '/%91-%*<+0+.*.! 91'! -/20+2/-)+*! 3! *! 0*!
1<Q/&+>*"
B(/21D! 0*! -*&('*0/7*! /%/-)+*05/-&/! 9'1)/%*0! ./0! /Q/')+)+1! ./! 0*%! *))+1-/%! 3! 9'/&/-%+1-/%! ./!
./'/)81! ./! .*:1%! )/-&'*-! *! 0*! '/%91-%*<+0+.*.! )+>+0! /-! &1'-1! *! %(! 0+&+2*)+,-! 3! &'*-%*))+,-K! *!
.+4/'/-)+*! ./0! ./'/)81! ./! )1-&'*&1%D! _(/! /%! /d&'*Q(.+)+*0! 3! "3$ (4-"D! /0! ./'/)81! ./! .*:1%! /%!
Q(.+)+*0! 3! "3$ !*%-"! $-! 01%! 9*6%/%! )1-! Q(+)+1! ./! Q('*.1! 9*'*! 0*! '/%91-%*<+0+.*.! )+>+0D! 0*! (-+.*.!
9'1)/%*0!3!9'14/%+1-*0!./0!./'/)81!./!.*:1%!*[-!/%!5C%!5*')*.*D!9/'1!-1!/%!/0!)*%1!./!$%9*:*"!
R./5C%D!/-!)(0&('*%!Q('6.+)*%!_(/!)'//-!/-!0*!*90+)*)+,-!./%)/-&'*0+7*.*D!9'+>*.*!yD*--*6<,!<D!
./0! ./'/)81D! /0! ./'/)81! ./! 0*! '/%91-%*<+0+.*.! )+>+0! /%! (-! +-%&'(5/-&1! 5()81! 5C%! +591'&*-&/!
_(/! /-! *_(/00*%! 1&'*%! /-! 0*%! )(*0/%D! /0! '/5/.+1! <C%+)1! +-./5-+7*&1'+1! /%! 9[<0+)1D! -*!<7*>4D!
9/-*0!1!*.5+-+%&'*&+>1D!*90+)*.1!"3$*HH'9'*D!)1-!&`)-+)*%!./!9*66(47$t$9*4-#*)"!I591'&*!&*5<+`-!
35
0*! 91%+<+0+.*.! ./! '/)(''+'! *! 01%! +-%&'(5/-&1%! _(/! 9/'5+&/-! y9*'*! 5*0! 1! 9*'*! <+/-m! (-*!
1'2*-+7*)+,-! /59'/%*'+*0! ./! 0*%! '/)0*5*)+1-/%! ./! .*:1%! 5*%+>1%! 1! %+590/5/-&/! .+4(%1%K!
9*4-'4@"49&$H""%D!!,4'-'0"$7(6(@"%!3!9)(%%$(9-'*4%"!
$-! /%&/! 0+<'1D! /0! ./'/)81! ./! .*:1%! %/! /d91-/! 5(3! 4(-.*5/-&*05/-&/! *! 9*'&+'! ./! )*%1%D! ./!
%/-&/-)+*%! .+)&*.*%! 91'! 01%! &'+<(-*0/%"! R0! /4/)&1D! 01%! 0/)&1'/%! 8*-! ./! &/-/'! /-! )(/-&*! _(/! 0*!
/>+./-)+*! 9'/%/-&*.*! %1<'/! /0! ./'/)81! /%9*:10! ./! .*:1%! /%! *-/).,&+)*D! -1! /%&*.6%&+)*"!
$%)12/51%! 01%! )*%1%! _(/! -1%! 9*'/)/-! 5C%! %+2-+4+)*&+>1%D! 9/'1! ./0! 5+%51! 51.1! _(/! 0*! 5*31'!
9*'&/! ./! 0*%! 9'(/<*%! 9'/%/-&*.*%! 91'! 01%! 0+&+2*-&/%! /-! 01%! 90/+&1%! %/! <*%*-! /-! '/)10/))+1-/%!
%+-2(0*'/%!./!4/-,5/-1%D!-1%1&'1%!&*591)1!8/51%!00/>*.1!*!)*<1!-+-2[-!*-C0+%+%!/%&*.6%&+)1!./!
0*!%/-&/-)+*!./!01%!&'+<(-*0/%!/%9*:10/%D!-+!./!0*%!.+)&*.*%!91'!/0!g'+<(-*0!=(9'/51"!=*</51%D!
/%1! %6D! _(/! /%&*%! [0&+5%! )'/*-! Q('+%9'(./-)+*D! /%! ./)+'D! %1-! -1'5*&+>*5/-&/! 5(3! '/0/>*-&/%"! $!
+-&/-&*51%!/%&*'!*0!.6*"!G1!%+/59'/!91./51%"!G1!%+/59'/!%*</51%"!H$-!2/-/'*0D!>`*%/!V+)8*/0!
^"!=R?s=D!qX1!x/!E/*003!s-1i!R-3&8+-2!*<1(&!&8/!\/8*>+1'!14!&8/!g1'&!B+&+2*&+1-!=3%&/5!y!R-.!
x83!G1&frD!Xuh$n4'0"#%'-&$*H$5"44%&)0(4'($=(>$B"0'">D!PP@LD!HPNNSJD!\$=gD! \REG$=D! sRbGm]nF$BD!
O(%'9$?*#-$=(>D!9"!èJ"!!
]+-*05/-&/D! /%/-)+*0! *0! ./'/)81! ./! .*:1%D! /%! %(! .+-*5+%51K! /0! )*5<+1! 41'5*! 9*'&/! ./! %(!
-*&('*0/7*"!$0!)1-&'*&1!9'/&/-./!*&*'!/0!4(&('1D!/0!./'/)81!./!.*:1%!'/*-(.*'!/0!9*%*.1"
02;/ S(+&<$(-/ %.=)-&=&"+(<$.C/ -(/ (%%$G"/ #&/ #(Q.>/ #&/ -.>/
)&<E,#$%(#.>/ ).</ ,"/ $-*%$+./ %.=)&+&"%$(-/ F/ -(/ M$<&%+$D(/
%.=,"$+(<$(/>.R<&/-.%$%"82%&5-4-?/2&-7%$#.2/#&/2:04/
/
m
X+'/)&+>*!SAP@hPA@hl$h!'/0*&+>*!*!./&/'5+-*.*%!-1'5*%!91'!0*%!_(/!%/!'+2/-!0*%!*))+1-/%!
91'!.*:1%!/-!>+'&(.!./0!X/'/)81!-*)+1-*0D!91'!+-4'*))+1-/%!./0!X/'/)81!./!0*!)159/&/-)+*!
./! 01%! $%&*.1%! 5+/5<'1%! 3! ./! 0*! l-+,-! $('19/*D! ./! SO"PP"SAP@! HXn! B! M@ND! #"PS"SAP@J! *!
+590/5/-&*'!*-&/%!./!SL"PS"SAPO!
B*! '/%91-%*<+0+.*.! )+>+0! &*5<+`-! %/! 00*5*! '/%91-%*<+0+.*.! /d&'*)1-&'*)&(*0"! $0! -*)+5+/-&1! ./!
(-*! 1<0+2*)+,-! ./! +-./5-+7*'! 91'! .*:1%! )*(%*.1%! *0! 5*'2/-! ./! (-*! '/0*)+,-! Q('6.+)*!
)1-&'*)&(*0! 9(/./! /%&*'! *%1)+*.1! *! 0*! '/*0+7*)+,-! ./! (-*! )1-.()&*! 9/-*05/-&/! &69+)*D! 9/'1!
&*5<+`-!9(/./!/%&*'01!*!0*!+-4'*))+,-!./!.+%91%+)+1-/%!9('*5/-&/!*.5+-+%&'*&+>*%D!./!./'/)81!
9[<0+)1D!9/'1!-1!-/)/%*'+*5/-&/!./!./'/)81!9/-*0"!
l-! /Q/5901! )'/)+/-&/5/-&/! +591'&*-&/! /%! /0! ./! +-4'*))+1-/%! ./0! ./'/)81! 9[<0+)1! ./! 0*!
)159/&/-)+*D!0*%!)(*0/%D!*./5C%!./!>+10*'!/0!./'/)81!/('19/1D!/%9*:10!m1!*5<1%m!)*(%*-!.*:1%!*!
&/')/'1%K! %+! 0*%! /59'/%*%! ./! (-*! 5+%5*! +-.(%&'+*! 41'5*-! (-! )C'&/0! 1! (-*! %10*! /59'/%*! _(/!
1)(9*!(-*!91%+)+,-!.15+-*-&/!/-!0*!+-.(%&'+*!*<(%*!./!&*0!91%+)+,-!3!/0!'/%(0&*.1!4+-*0!/%!_(/!
01%! &/')/'1%! _(/! *._(+/'/-! <+/-/%! 1! )1-&'*&*-! %/'>+)+1%! ./! &*0/%! /59'/%*%! 8*-! ./! 9*2*'! (-!
9'/)+1! 5C%! /0/>*.1! ./0! _(/! 8*<'6*-! ./! 9*2*'! %+! /0! 5/')*.1! 4(-)+1-*'*! /-! )1-.+)+1-/%! ./!
)159/&/-)+*! '*71-*<0/D! /%! 1<>+1! _(/! ! %(4'/-! (-! .*:1! 3! _(/D! /-! 9'+-)+9+1D! &*0! .*:1! /%!
+-./5-+7*<0/K! 0*%! >6)&+5*%! ./0! .*:1D! )0+/-&/%! ./! 0*%! /59'/%*%! /-! )(/%&+,-D! &+/-/-! (-*! *))+,-!
)+>+0D!)(31!)1-1)+5+/-&1!)1''/%91-./!/-!9'+-)+9+1!*!01%!&'+<(-*0/%!)+>+0/%"
36
=+-! /5<*'21D! 01%! 1<%&C)(01%! *0! /Q/')+)+1! ./! (-*! *))+,-! ./! '/%91-%*<+0+.*.! )+>+0! 91'! .*:1%!
./'+>*.1%! ./! 0*! +-4'*))+,-! ./0! ./'/)81! ./! 0*! )159/&/-)+*! %1-! 9(-&1! 5/-1%! _(/! +-%*0>*<0/%"!
?+&/51%!*02(-1%!./!/001%K
PJ
$-!9'+5/'!0(2*'D!0*!*(&1'+.*.!)159/&/-)+*0D!/('19/*!1!/%9*:10*D!8*<'C!./!8*</'!./)0*'*.1!
0*! /d+%&/-)+*! ./! (-! +06)+&1! m./! 0*! 41'5*)+,-! ./! (-! )C'&/0D! ./! 0*! /d+%&/-)+*! ./! (-! *<(%1! ./!
91%+)+,-!.15+-*-&/D!/&)"!$-!./'/)81!/('19/1D!/0!-[)0/1!<C%+)1!./!0*!'/2(0*)+,-!'/0/>*-&/!%/!
/-)(/-&'*!/-!01%!*'&%"!PAP!3!PAS!./0!g'*&*.1!%1<'/!/0!](-)+1-*5+/-&1!./!0*!l-+,-!$('19/*!
3!/-!/0!E/20*5/-&1!./0!?1-%/Q1!PhSAAMD!./!PO!./!.+)+/5<'/!./!SAAS"!$-!./'/)81!/%9*:10D!
B/3! MhPNNPD! ./! PA! ./! /-/'1D! ./! ?159/&/-)+*! X/%0/*0! 3! B/3! P#hSAALD! ./! M! ./! Q(0+1D! ./!
X/4/-%*!./!0*!?159/&/-)+*"
SJ
B(/21D! /0! ./5*-.*-&/! 8*<'C! ./! 9'1<*'! _(/! 8*! %(4'+.1! (-! .*:1! 3! _(/! /%&/! ./'+>*!
9'/)+%*5/-&/!./!0*!+-4'*))+,-!)(3*!/d+%&/-)+*!8*!./)0*'*.1!0*!*(&1'+.*.!)159/&/-)+*0D!9/'1!
/%&*! 91.'CD! /-! ./&/'5+-*.*%! )+')(-%&*-)+*%D! -/2*'%/! *! 4*)+0+&*'! 0*! +-41'5*)+,-! '/0/>*-&/D!
91'! /Q/5901D! *_(/00*! _(/! 8(<+/'*! 1<&/-+.1! ./! /59'/%*%! 9*'&+)+9*-&/%! /-! /0! )C'&/0! _(/!
./-(-)+*'1-!%(!/d+%&/-)+*!9*'*!0+<'*'%/!./!0*%!%*-)+1-/%!0/2*0/%!1!51./'*'!%(!+591'&/"!$-!
$('19*!)1-&+-/-&*0D!*!.+4/'/-)+*!./!01!_(/!1)(''/!/-!01%!$%&*.1%!l-+.1%D!-1!8*3!7'%9*0"#&!3!
0*!&'*-%9*'/-)+*!./!0*%!R.5+-+%&'*)+1-/%!;[<0+)*%!/%!&*5<+`-!5C%!0+5+&*.*!*!/%&*!1'+00*!./0!
n)`*-1!R&0C-&+)1"
MJ
G+!/0!./'/)81!/('19/1D!-+!/0!/%9*:10!&+/-/-!&'*.+)+,-!/-!5*&/'+*!./!*))+1-/%!)10/)&+>*%!1!./!
)0*%/"!V+0/%!1!)+/-&1%!./!5+0/%!./!)1-%(5+.1'/%!9(/./-!8*</'!'/%(0&*.1!.*:*.1%D!/0!.*:1!
&1&*0!9(/./!%/'!5(3!/0/>*.1D!9/'1!)151!/%!5(3!.+4(%1D!-+-2[-!)1-%(5+.1'!+-.+>+.(*0!&+/-/!
+-)/-&+>1%! 9*'*! '/)0*5*'! 3! 0*! +-+)+*&+>*! ./! (-*! 4+'5*! ./! *<12*.1%! 9*'*! *)15(-*'! 0*%!
*))+1-/%! +-.+>+.(*0/%! ./! 01%! )1-%(5+.1'/%! 9/'Q(.+)*.1%! 9(/./! /-)1-&'*'! 5()8*%!
.+4+)(0&*./%!/-!0*!'/2(0*)+,-!9'1)/%*0!./0!$%&*.1!V+/5<'1!./!_(/!%/!&'*&/"!
@J
B1%! .+%&+-&1%! ./'/)81%! -*)+1-*0/%! /('19/1%! &*591)1! '/2(0*-! 4+-*5/-&/! 0*! 00*5*.*!
Q!(%%'4@<*4$ 7"H"49"RD! (-*! /d)/9)+,-! /-! )(3*! >+'&(.! /0! ./5*-.*.1! 9(/./! 191-/'! _(/! /0!
./5*-.*-&/! 1! 01%! ./5*-.*-&/%! -1! %(4'+/'1-! /0! .*:1! _(/! *0/2*-D! 9(/%! )1-%+2(+/'1-!
'/9/')(&+'!%1<'/!%(%!)0+/-&/%!3!9'1>//.1'/%!/0!/d)/%1!./!9'/)+1!)1<'*.1!91'!/0!./5*-.*.1!
5+%51! *0! ./5*-.*-&/"! =+! RD! \! 3! ?! )1-%&+&(3/-! (-! )C'&/0! 3! *)(/'.*-! (-! 9'/)+1! (-! &/')+1!
%(9/'+1'! *0! _(/! '/2+'6*-! /-! )1-.+)+1-/%! ./! )159/&/-)+*D! 9/'1! %(%! )0+/-&/%! )1-%+2(/-!
'/9/')(&+'! /0! %1<'/9'/)+1! /-! 01%! %(31%! %+-! .+%5+-()+,-! ./! 0*! ./5*-.*! ! m)+/'&*5/-&/D! (-!
)*%1!'*'1mD!-1!8*<'C-!%(4'+.1!.*:1!*02(-1!3!0*!/d)/9)+,-!%/'C!191-+<0/!)1-!`d+&1"
#J
B*! *(%/-)+*! ./! >*01'! 9'1<*&1'+1D! /-! /0! 91%&/'+1'! 90/+&1! )+>+0D! ./! 0*%! '/%10()+1-/%! ./! 0*!
*(&1'+.*.!)159/&/-)+*0!./!_(/!%/!&'*&/"
OJ
B*! )(*-&+4+)*)+,-! ./0! .*:1! )*(%*.1K! /0! ./5*-.*.1! 9(/./! 8*</'! )15/&+.1! (-! +06)+&1D! /%&*!
)+')(-%&*-)+*! 9(/./! '/%(0&*'! 9/'4/)&*5/-&/! /%&*<0/)+.*! 91'! 0*! *(&1'+.*.! )159/&/-)+*0D!
9/'1! *(-! 3! *%6D! 9'1<*'! 0*! /d+%&/-)+*! 3! )*(%*)+,-! ./0! .*:1! 9(/./! '/%(0&*'!
/d&'*1'.+-*'+*5/-&/! )1590/Q1K! >`*%/! R%%+5*k+%! snVGIGn=! HX+'"JD! v,(4-'H'&'4@$ (4-'-#,%-$
7(6(@"%$j$?*>(#7%$4*4<D'47'4@$@,'7(49"$H*#$9*,#-%S$SAAN"
37
B*! X+'/)&+>*! &'*&*! ./! *<1'.*'! /%&*%! )(/%&+1-/%"! $-! 9*'&+)(0*'D! +-&/-&*! /%&*<0/)/'! (-! 5+%51!
/_(+0+<'+1! /-&'/! &1.1%! 01%! ./'/)81%! ./! 01%! SU! H9'1-&1! SLJ! $%&*.1%! 5+/5<'1%! ./! 0*! l-+,-!
$('19/*!3!/0!./'/)81!/('19/1!5+%51D!%1<'/!0*!*90+)*)+,-!./0!./'/)81!9[<0+)1!./!0*!)159/&/-)+*!
y5,D)'9$ 24H*#9"6"4-D! *90+)*)+,-! 9[<0+)*D! )1-! &`)-+)*%! ./! ./'/)81! 9[<0+)1! m3! %(! *90+)*)+,-!
9'+>*.*m5#'0(-"$ 24H*#9"6"4-D! )1-! +-%&'(5/-&1%! ./! ./'/)81! 9'+>*.1D! /-! /0! )*%1D! )1-! 0*! *))+,-!
9'+>*.*!./!'/%91-%*<+0+.*.!)+>+0D!/Q/')+&*<0/!*-&/!&'+<(-*0/%!)+>+0/%"
$-! /4/)&1D! /0! 3*! )+&*.1! E/20*5/-&1! PhSAAM! ./%*''100*! 0*%! '/20*%! ./! 01%! *'&"! PAP! 3! PAS! ./0!
g'*&*.1D!01%!)(*0/%!9'186</-!01%!*)(/'.1%!*-&+)159/&+&+>1%!3!01%!*<(%1%!./!91%+)+,-!.15+-*-&/"!
$0!E/20*5/-&1!/%&*<0/)/!0*%!)1-.+)+1-/%!<*Q1!0*%!)(*0/%!0*!?15+%+,-!$('19/*!3!0*%!*(&1'+.*./%!
)159/&/-)+*0/%!-*)+1-*0/%!H3D!91'!%(9(/%&1D!01%!&'+<(-*0/%J!*90+)*-!&*0/%!.+%91%+)+1-/%"
R./5C%!./!0*!*90+)*)+,-!9'19+*5/-&/!9[<0+)*! m*.5+-+%&'*&+>*!H3D!/-!*02(-1%!)*%1%D!9/-*0Jm!./0!
./'/)81!./!0*!)159/&/-)+*D!0*!X+'/)&+>*!/%&*<0/)/!01%!9'/%(9(/%&1%!./!(-!./'/)81!*'51-+7*.1!
./! %(! *90+)*)+,-! 9'+>*.*D! /%! ./)+'D! ./0! /Q/')+)+1! ./! 0*! *))+,-! ./! '/%91-%*<+0+.*.! )+>+0! _(/!
)1''/%91-./!*!01%!9/'Q(.+)*.1%!91'!/0!+06)+&1!)159/&/-)+*0!9*'*!'/)0*5*'!./!01%!+-4'*)&1'/%!(-*!
)159/-%*)+,-!'*71-*<0/!-1!%101!91'!0*%!9`'.+.*%!1)*%+1-*.*%D!%+-1!&*5<+`-!91'!0*%!2*-*-)+*%!
./Q*.*%!./!1<&/-/'!3D!/-!%(!)*%1D!01%!+-&/'/%/%!)1''/%91-.+/-&/%"
B*! X+'/)&+>*! &'*&*! ./! *0+-/*'! *5<1%! 9'1)/%1%! ./! *90+)*)+,-! ./0! ./'/)81! 9*'*! 19&+5+7*'! /0!
'/%(0&*.1! 4+-*0D! +-&/-&*! *'51-+7*'! 01%! .+%&+-&1%! ./'/)81%! -*)+1-*0/%! 3! 9/'%+2(/! /%&*<0/)/'! 0*%!
4'1-&/'*%!/-&'/!*90+)*)+,-!9[<0+)*!3!9'+>*.*!/-!<[%_(/.*!./!(-!/_(+0+<'+1!'*71-*<0/!m9/'1!/-!/0!
)*%1!/('19/1D!5(3!./4/'/-&/!)1-!0*%!*&'+<()+1-/%!3!)159/&/-)+*%!./!0*%!*(&1'+.*./%"
B1%!*'&%"!P!3!S!./!0*!X+'/)&+>*!/%&*<0/)/-!%(!*0)*-)/D!/%&1!/%D!0*%!'/20*%!-/)/%*'+*%!9*'*!*%/2('*'!
_(/!_(+/-!8*3*!%(4'+.1!(-!.*:1!)151!)1-%/)(/-)+*!./!0*%!+-4'*))+1-/%!)159/&/-)+*0/%!'/4/'+.*%!
/-!01%!*'&%"!PAP!3!PAS!./0!g'*&*.1!1!./0!./'/)81!-*)+1-*0!./!0*!)159/&/-)+*D!9(/.*-!/Q/')+&*'!./!
41'5*! /4/)&+>*! %(! ./'/)81! *! 0*! )159/-%*)+,-! 6-&/2'*! HH,))$ 9*6!"4%(-'*4J! ./0! )*:1! )*(%*.1D! ./!
51.1!&*0!_(/!0*!>6)&+5*!./0!.*:1D!(-*!>/7!1<&/-+.*!0*!)159/-%*)+,-D!%/!/-)(/-&'/!/-!0*!5+%5*!
%+&(*)+,-! _(/! /%&*'6*! %+! 0*! +-4'*))+,-! -1! %/! 8(<+/'*! )15/&+.1! ;I,))$ 9*6!"4%(-'*4$ %E())$ !)(9"$ ($
!"#%*4$ >E*$ E(%$ %,HH"#"7$ E(#6$ '4$ -E"$ !*%'-'*4$ '4$ >E'9E$ -E(-$ !"#%*4$ >*,)7$ E(0"$ D""4$ E(7$ -E"$
'4H#'4@"6"4-$4*-$D""4$9*66'-"7D!*'&"!M"SJ"!$0!&/d&1!+-%+%&/!/-!_(/!01%!$%&*.1%!V+/5<'1%!8*<'C-!
./! *%/2('*'! _(/! 01%! 9/'Q(.+)*.1%! 91.'C-! /Q/')+&*'! ./! 41'5*! /4/)&+>*! 0*%! *))+1-/%!
)1''/%91-.+/-&/%!91'!'/%91-%*<+0+.*.!)+>+0!H*'&"S"MJ"!
$-!9*'&+)(0*'D!0*!X+'/)&+>*!H*'&%"!O!3!LJ!<(%)*!9'1&/2/'!*!0*%!/59'/%*%!9*'&+)+9*-&/%!/-!(-!+06)+&1!
)159/&/-)+*0D!9/'1!_(/!8*-!4*)+0+&*.1!%(!9/'%/)()+,-!9(/%!8*-!./-(-)+*.1!&/59'*-*5/-&/!0*!
+-4'*))+,-!3!!%/!8*-!*)12+.1!*!01%!9'12'*5*%!./-15+-*.1%!./!)0/5/-)+*!H="4'"49&$5#*@#(66"%J!
/%&*<0/)+.1%! 91'! /0! ./'/)81! /('19/1! 3! 01%! .+%&+-&1%! ./'/)81%! -*)+1-*0/%! H>`*%/! /*66'%%'*4$
K*-'9"$*4$'66,4'-&$H#*6$H'4"%$(47$#"7,9-'*4$*H$H'4"%$'4$9(#-")$9(%"%"!n^!?!SNUD!AU"PS"SAAOD!9"!PLJ"!
=/! 9*'&/! ./! 0*! *%(-)+,-D! +-.(.*<0/5/-&/! )1''/)&*D! ./! _(/D! "3$ (4-"D! /0! +-4'*)&1'! 3! ./-(-)+*-&/!
91&/-)+*0! ./0! +06)+&1! %/! '/&'*/'C! %+! -1! '/)+</! 2*'*-&6*%! ./! _(/D! *./5C%! ./! 0*! *-(0*)+,-! 1!
51./'*)+,-!./!0*!5(0&*!*.5+-+%&'*&+>*D!-1!%/'C!1<Q/&1!./!(-*!'/)0*5*)+,-!91'!'/%91-%*<+0+.*.!
)+>+0!/-!)(31!/Q/')+)+1D!*./5C%D!/0!*))+1-*-&/!9'/%/-&*'C!)151!9'(/<*!0*!./-(-)+*!5+%5*!3!01%!
./5C%! 5/.+1%! ./! 9'(/<*! _(/! /0! ./5*-.*.1! 8+)+/'*! 00/2*'! /-! %(! 515/-&1! *! 0*%! *(&1'+.*./%K!
&1.*%!0*%!910+)6*%!./0!5(-.1!&'*<*Q*-!)1-!)1-4+./-&/%D!9/'1!%*</-!./!%1<'*%!_(/!%+-!)1-4+./-)+*!
-1!8*3!)1-4+./-&/%"!
38
B1! 5+%51! 1)(''/! )(*-.1! 01%! +-4'*)&1'/%! 1! *02(-1%! ./! /001%! )119/'*-! *)&+>*5/-&/! )1-! 0*!
+->/%&+2*)+,-! 3! 00/2*-! *! (-*! &'*-%*))+,-! )1-! 0*%! *(&1'+.*./%! H8"--)"6"4-$ 8,D6'%%'*4%JK!
.+46)+05/-&/! 91.'6*! 8*</'! (-*! &'*-%*))+,-! %+D! 0(/21! ./! *)1'.*.*! 3! /-! /0! 9'1)/.+5+/-&1! )+>+0!
%(<%+2(+/-&/D!01%!./5*-.*-&/%!91'!'/%91-%*<+0+.*.!)+>+0!9(.+/'*-!*))/./'!*!0*!+-41'5*)+,-!_(/!
/%&C!/-!0*!<*%/!./!0*!&'*-%*))+,-!5+%5*"!!
]+-*05/-&/! 3! *0! 5*'2/-! ./! 01%! .1%! %(9(/%&1%! *-&/'+1'/%D! /%! &*5<+`-! 0,2+)1! _(/D! 5+/-&'*%! /0!
9'1)/.+5+/-&1! *.5+-+%&'*&+>1! +-)1*.1! 9*'*! 0*! 91%+<0/! ./)0*'*)+,-! ./! 0*! )15+%+,-! ./! (-! +06)+&1!
)159/&/-)+*0!-1!8*!%+.1!'/%(/0&1!H-+D!/-!%(!)*%1D!'/>+%*.1!Q('+%.+))+1-*05/-&/JD!01%!9/'Q(.+)*.1%!
91'!/0!9'/%(-&1!+06)+&1!)159/&/-)+*0!-1!9(/./-!*))/./'!*!0*!+-41'5*)+,-!_(/!1<'*!/-!91./'!./!0*!
*(&1'+.*.!)159/&/-)+*0!./!_(/!%/!&'*&/D!9(/%!/001!91-.'6*!/-!9/0+2'1!%(!<(/-*!2/%&+,-"
;1'! /001D! 0*! X+'/)&+>*! /%&*<0/)/! (-! 5+%51! -+>/0! ./! 9'1&/))+,-! 56-+51! *! 4*>1'! ./! 01%!
./-(-)+*-&/%!*59*'*.1%!91'!(-!9'12'*5*!./!)0/5/-)+*D!/('19/1!1!-*)+1-*0K!
-
$0!*'&"!O"#"!/%&*<0/)/!(-*!'/20*!./!9'1&/))+,-!&/591'*0!%/2[-!0*!)(*0!01%!$%&*.1%!5+/5<'1%!
8*<'C-!./!*%/2('*'!_(/D!)1-!'/%9/)&1!*!0*%!*))+1-/%!./!'/%91-%*<+0+.*.!)+>+0D!01%!&'+<(-*0/%!
-*)+1-*0/%!%101!91.'C-!/d+2+'!0*!'/>/0*)+,-!./!+-41'5*)+,-!/%9/)64+)*5/-&/!9'/9*'*.*!9*'*!
(-!/d9/.+/-&/!+-+)+*.1!91'!(-*!*(&1'+.*.!)159/&/-)+*0!1!2/-/'*.*!91'!/%&*![0&+5*D!(-*!>/7!
0*! *(&1'+.*.! /-! )(/%&+,-! 8*3*! '/%(/0&1! ./4+-+&+>*5/-&/! /0! /d9/.+/-&/! 1! *.19&*.1! (-*!
./)+%+,-"
-
$0!*'&"!O"O"!/%&*<0/)/!(-*!'/20*!./!9'1&/))+,-!*<%10(&*!/-!)(3*!>+'&(.!01%!$%&*.1%!V+/5<'1%!
8*<'C-!./!*%/2('*'!_(/D!/-!'/0*)+,-!)1-!0*%!*))+1-/%!./!'/%91-%*<+0+.*.!)+>+0D!01%!&'+<(-*0/%!
-*)+1-*0/%! -1! 91.'C-! ./%>/0*'! /-! -+-2[-! 515/-&1! y-(-)*m! 0*%! 5*-+4/%&*)+1-/%!
'/0*)+1-*.*%! )1-! 01%! 9'12'*5*%! ./! )0/5/-)+*! H)"4'"49&$ 9*#!*#(-"$ %-(-"6"4-%JD! -+! )1-! 0*%!
&'*-%*))+1-/%!H%"--)"6"4-$%,D6'%%'*4%J"
?1-!/%&*%!.1%!0+5+&*)+1-/%D!/0!'/%&1!./!0*%!'/20*%!9'19(/%&*%!%1<'/!'/>/0*)+,-!./!+-41'5*)+,-!*!
/4/)&1%!./!9'(/<*!%+2(/!0*!&'*.+)+,-!/('19/*!)1-&+-/-&*0!m5(3!'/*)+*!*!0*!7'%9*0"#&m!3!/d+2/!*!01%!
$%&*.1%!5+/5<'1%!*%/2('*'!_(/!01%!&'+<(-*0/%!*.5+&*-!0*!9'191%+)+,-!./!9'(/<*!./!0*%!9*'&/%!
./5*-.*-&/%! 91'! '/%91-%*<+0+.*.! )+>+0! )1-! &*0! _(/! 0*! 9'(/<*! %/*! '/0/>*-&/! 9*'*! %(%&*-)+*'! %(!
)*%1D! /%&`! %(4+)+/-&/5/-&/! /%9/)+4+)*.*D! /-! >+%&*! ./! 01%! 8/)81%! *0/2*.1%D! 3! _(/! '/%(0&/!
9'191')+1-*.*D!*!0*!0(7!./0!2'*.1!./!9'1<*<+0+.*.!./!0*!)15+%+,-!./!0*!+-4'*))+,-D!./0!C5<+&1!3!
)1%&/!./!0*!1<&/-)+,-!./!0*!+-41'5*)+,-!%10+)+&*.*D!./!%(!-*&('*0/7*!)1-4+./-)+*0D!*%6!)151!./!%(!
/%9/)+4+)+.*.!/-!'/0*)+,-!)1-!(-*!/>/-&(*0!+->/%&+2*)+,-!9[<0+)*!*-&/'+1'!H*'&"!#J"
n&'*%! '/20*%! +-)0(+.*%! /-! 0*! X+'/)&+>*! &'*&*-! ./! )(/%&+1-/%! )(31! *-C0+%+%! )1''/%91-./! *! 1&'1%!
)*96&(01%! ./! /%&/! /m0+<'1"! R%6D! 0*! 5(3! '*71-*<0/! 9'19(/%&*! ./! /%&*<0/)/'! (-! 90*71! ./! *0! 5/-1%!
)+-)1! *:1%! 9*'*! 0*! 9'/%)'+9)+,-! ./! 0*! *))+,-! H*'&"! PAJD! 0*! _(/! /%&*<0/)/! 0*! 9'/%(-)+,-! ./! 0*!
)*(%*)+,-! ./! .*:1%! /-! /0! )*%1! ./! 01%! )C'&/0/%! H*'&"! PL"SJD! 0*%! _(/! 0+5+&*-! 0*! m&'*.+)+1-*05/-&/!
8+9/'&'14+*.*m! '/%91-%*<+0+.*.! %10+.*'+*! /-! /0! )*%1! ./! 01%! 9'12'*5*%! ./! )0/5/-)+*! H*'&"! PPJ! 3D!
%+5+0*'5/-&/D! 0*! _(/! 8*)/! 01! 9'19+1! /-! /0! )*%1! ./! &'*-%*))+,-! 3! *! 4*>1'! ./! 0*! 9*'&/! _(/! 8*!
&'*-%+2+.1!H*'&"!PNJ"!V/-)+,-!/%9/)+*0!5/'/)/!0*!'/2(0*)+,-!./!0*!!(%%'4@<*4$7"H"49"!H*'&"!PSJD!/-!
)(3*!>+'&(.!/0!./5*-.*.1!91.'C!%+/59'/!191-/'!)151!/d)/9)+,-!*!0*!./5*-.*!./!.*:1%!_(/!/0!
*)&1'! '/9/')(&+,! *! &/')/'1%! &1.1! /d)/%1! ./! %(! 9'/%&*)+,-! H*0"#9E(#@"%J! ./'+>*.1! ./0! +06)+&1!
)159/&/-)+*0"
39
'()*+,-./2/
K(>/%,(+<./<&?-(>/RJ>$%(>/#&/<&>).">(R$-$#(#/
!
P"!B+</'&*.!./!*)&(*'!1!./!*<%&/-/'%/!./!8*)/'01!%+-!+-)(''+'!/-!'/%91-%*<+0+.*.!
HK*$='(D')'-&J!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!@A!
S"!?*(%*)+,-!.101%*!./!.*:1%!HA4-"4-'*4()$?*#-J!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!@#!
M"!?(09*!1!-/20+2/-)+*!HK"@)'@"49"J!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!@O!
@"!E/%91-%*<+0+.*.!1<Q/&+>*!1!91'!'+/%21"!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!@U!
#"!?1-&+-(+.*.!./!0*%!'/20*%!./!'/%91-%*<+0+.*."!E/%91-%*<+0+.*.!*<%10(&*!"""""""""""!#S!
?151!8/51%!>+%&1!/-!/0!)*96&(01!P{D!/-!'/%91-%*<+0+.*.!)+>+0D!0*%!)+')(-%&*-)+*%!/-!0*%!)(*0/%!/0!
./5*-.*.1!8*!./!'/%91-./'!91'!01%!.*:1%!%(4'+.1%!91'!0*!>6)&+5*!%1-!5(3!.+>/'%*%!3!./9/-./-!
./!0*!'/2(0*)+,-!3!0*!Q('+%9'(./-)+*!*90+)*<0/%!*0!)*%1"!;/'1D!/-!&`'5+-1%!2/-/'*0/%D!8*3!)(*&'1!
2'*-./%!'/20*%!./!'/%91-%*<+0+.*.!)+>+0K
0;/ K$R&<+(#/ #&/ (%+,(</ ./ #&/ (R>+&"&<>&/ #&/ L(%&<-./ >$"/ $"%,<<$</ &"/
<&>).">(R$-$#(#/V@#&<$-A$)$%0W/
$0!/%&*&(&1!5C%!<C%+)1!./!(-*!06-/*!./!)1-.()&*!.*:+-*D!9/'1!5C%!</-/4+)+1%*!_(/!9/'Q(.+)+*0D!/%!
*_(/0!%/2[-!/0!)(*0!%(!'/*0+7*)+,-!-1!)1591'&*!-+-2[-!./</'!./!+-./5-+7*'!*!0*%!>6)&+5*%!./0!
.*:1!)*(%*.1"!?1-&'*!*_(/001!_(/!*!5/-(.1!%/!)'//D!0*!'/20*!./!0*!*(%/-)+*!./!'/%91-%*<+0+.*.!
/%D! *41'&(-*.*5/-&/D! (<+)(*K! 0*%! 9`'.+.*%! %/! _(/.*-! .1-./! %/! 8*-! 9'1.()+.1a! 01%! .*:1%D! *006!
.1-./!8*-!&/-+.1!0(2*'"
l-! %10.*.1D! Q('+%&*! 3! Q(/7! -1'&/*5/'+)*-1D! n0+>/'! x/-./00! bnBV$=D! ^'"! HPU@PmPNM#J! /d9'/%,!
)1-)+%*!3!2'C4+)*5/-&/!/%&*!+./*!/-!%(!1<'*!?E"$/*66*4$=(>!HPUUPJK!
q=1(-.! 910+)3! 0/&%! &8/! 01%%/%! 0+/! i8/'/! &8/3! 4*00! /d)/9&! i8/'/! *! %9/)+*0! '/*%1-! )*-! </!
%81i-!41'!+-&/'4/'/-)/r"!
V()81%!%+201%!*-&/%D!/0!X/'/)81!'15*-1!3*!01!8*<6*!8/)81!)1-!0*)1-+%51!*[-!5C%!*.5+'*<0/D!%+!
)*</K!
q)*%(5!%/-&+&!.15+-(%r!H?"!@D!S@D!Na!X"!#AD!PLD!SMJ"
Z! /-! $%9*:*! /%&1! 5+%51! 01! 8*! ./Q*.1! /%)'+&1! 0*! )*&/.'C&+)*! ./! ./'/)81! )+>+0D! 5*2+%&'*.*! ./0!
g'+<(-*0!=(9'/51!3D!0(/21D!./0!g'+<(-*0!?1-%&+&()+1-*0D!$-)*'-*!E1)*!/-!0*!I-&'1.())+,-!*!0*!OÄ!
/.+)+,-!./$."#"9E*$7"$.(_*%G$?"3-*%$&$a(-"#'()"%$H/-!)10*<1'*)+,-!)1-!V,-+)*!G*>*''1JK!
40
q$-! /%&/! 0+<'1! %/! 9*'&/! ./! (-! 9'+-)+9+1! 2/-/'*0K! 0*! 9/'%1-*! _(/! %(4'/! (-! .*:1! /%&C!
1<0+2*.*! *! *%(5+'! %(%! )1-%/)(/-)+*%D! /d)/9&1! %+! /d+%&/-! '*71-/%! Q('6.+)*%! 9*'*!
&'*%0*.*'0*%!*!_(+/-!01!8*!9'1.()+.1r!H9"!P#J"!
=+!/0!9'+-)+9+1!*90+)*<0/!/%!/0!./!*(%/-)+*!./!'/%91-%*<+0+.*.!91'!01%!9'19+1%!*)&1%D!/-&1-)/%!-1!
8*3!+-./5-+7*)+,-!./!.*:1%D!0*%!>6)&+5*%!%/!0*5/-!%(%!9'19+*%!8/'+.*%!m%+!%1<'/>+>/-!*!/00*%m!3!
/0!5(-.1!%+2(/!%(!)('%1"!$%&/!)'+&/'+1!+-)/-&+>*!-+>/0/%!5Cd+51%!./!9'/)*()+,-!/-!0*%!>6)&+5*%!
91&/-)+*0/%! H9*'*! />+&*'! %(4'+'! /0! .*:1JD! 9/'1! &*5<+`-! (-! -+>/0! )/'1! ./! 9'/)*()+,-! /-! 01%!
)*(%*-&/%! 91&/-)+*0/%! ./! .*:1%! H9(/%! -1! 8*<'C-! ./! 9/)8*'! )1-! %(%! )1-%/)(/-)+*%J"! B*! K*$
)'(D')'-&$#,)"!9*'&/!/-!%(5*!./!_(/D!/-!0*%!)1-%&/0*)+1-/%!./!)1-.()&*%!*!0*%!)(*0/%!%/!*90+)*D!/%!
9'/4/'+<0/!(-!9'+-)+9+1!./!0+</'&*.!+-.+>+.(*0!%+-!)1-%+./'*)+,-!*!01%!.*:1%!_(/!0*!*)&+>+.*.!./!
_(/!%/!&'*&/!9(/.*!)*(%*'!*!&/')/'1%K
!
R02(-1!./!(%&/./%!/%&*'CD!%+-!.(.*D!'/%4'+*.1D!9/'1!%(%!)159*:/'1%!-1!&+/-/-!./'/)81!
*!'/)0*5*'!+-./5-+7*)+,-!*02(-*!%+D!91'!/001D!%/!)1-&*2+*-D!-+!5()81!5/-1%!*!/d+2+'0/!
_(/! %/! _(/./! /-! %(! )*%*D! /-! )(*'/-&/-*D! 8*%&*! _(/! )('/! ./0! '/%4'+*.1! H/-! )*5<+1D! %+!
8(<+/'*!)1-&'*6.1!0*!&(</')(01%+%D!(-*!/-4/'5/.*.!2'*>/D!_(+7C%!91.'6*-!'/)0*5*'!91'!
/0!)1-&*2+1!%(4'+.1!%+!/0!9'+5/'!/-4/'51!-1!*.19&,!9'/)*()+,-!*02(-*J"
!
g1.1%! (%&/./%! &+/-/-! _(/! %191'&*'! _(/! %(! >/)+-1! )159'/! /0! .+*'+1! 1! %/! )1-/)&/! *! 0*!
'*.+1! /-! +mg(-/%! _(/! (%&/./%! ./&/%&*-D! _(/! %/! 9/+-/D! ./Q/! ./! 8*)/'01! 1! _(/! %/! *&+0./!
)151!2(%&/!1D!5C%!19+-*<0/5/-&/D!_(/!%/!>+%&*!1!5/.+1!./%>+%&*!)151!0/!90*7)*"
!
$-!-(/%&'1!./'/)81D!-*.+/!&+/-/!./'/)81!*!%/'!*5*.1D!/%!./)+'D!-*.+/!9(/./!/Q/')+&*'!
(-*!9'/&/-%+,-!Q(.+)+*0!m(-*!9'/&/-%+,-!+-./5-+7*&1'+*D!/-!-(/%&'1!)*%1m!91'_(/!1&'*!
9/'%1-*! %/! -+/2*! *! _(/'/'0/D! *! *5*'0/K! -1! 8*3! ./'/)81! *0! *51'! *(-_(/! /001! 9(/.*!
)*(%*'!/0!%(+)+.+1!./0!./%/%9/'*.1!*5*-&/!}?E"$8*##*>%$*H$P*,4@$T"#-E"#!H.'"$="'7"4$
7"%$ c,4@"4$ T"#-E"#%J! (-*! -1>/0*! ./! ^18*--! x1042*-2! >1-! F1/&8/! HPL@NmPUMSJD!
9(<0+)*.*!/-!PLL@~"!VC%!.+%)(&+<0/5/-&/D!-*.+/!&+/-/!./'/)81!*!%/2(+'!%+/-.1!*5*.1D!
*(-_(/!*02(-1%!Q('+%&*%!./4+/-./-!_(/!0*!+-4+./0+.*.!5*&'+51-+*0!3!%(%!)1-%/)(/-)+*%!
<+10,2+)*%! ./</'6*-! .*'! 0(2*'! *! (-*! 9'/&/-%+,-! +-./5-+7*&1'+*! *! 4*>1'! ./0! ),-3(2/!
*40+2+.1!91'!/00*%"
!
;*'/)+.*5/-&/D! >*'+1%! *4+)+1-*.1%! *! 0*! 9'C)&+)*! ./0! -1<0/! ./91'&/! ./0! '(2<3! 9(/./-!
./)+.+'!4(-.*'!(-!)0(<!./91'&+>1D!)1-&'*&*'!(-!%/2('1!./!.*:1%!3!)159'15/&/'%/!*!-1!
1<0+2*'%/! *! '/%91-./'! '/)69'1)*5/-&/! 91'! 0*%! 0/%+1-/%! )*(%*.*%! /-! /0! Q(/21"! $-!
2/-/'*0! 3! /-! ./'/)81! ./! )1-&'*&1%D! 0*%! 9*'&/%! 9(/./-! /d)0(+'! 0+5+&*.*5/-&/! %(!
'/%91-%*<+0+.*.!91'!*))+./-&/%"!!R!)*5<+1!./!/001D!0*!0/3!9(/./!/d+2+'0/%!_(/!)1-&'*&/-!
(-! %/2('1! 1<0+2*&1'+1! ./! *))+./-&/%! 3D! /-! &1.1D! )*%1! 9'186</! 0*! /d)0(%+,-! ./!
'/%91-%*<+0+.*.! 91'! .*:1%! )*(%*.1%! .101%*D! +-&/-)+1-*.*5/-&/D! 1! *)*%1! &*5<+`-! 01%!
)*(%*.1%!91'!-/20+2/-)+*!5(3!2'*>/D!'*3*-*!/-!/0!.101"
!
g*591)1! '/%91-./-! 01%! 9*.'/%! *-&/! (-! 8+Q1! %(31! 91'! /0! 8/)81! ./! 8*</'0/! &'*6.1! *0!
5(-.1!/-!)1-.+)+1-/%!&*0/%!_(/!/0!8+Q1!*4+'5*!0(/21!_(/!9'/4/'+'6*!-1!8*</'!-*)+.1!m1!
*02(+/-! 01! .+)/! 91'! `0D! (-*! *%1)+*)+,-! 1! (-*! 4(-.*)+,-D! 91'! /Q/5901m"! $0! ./'/)81! ./!
4*5+0+*!1<0+2*!*!01%!9*.'/%!*!)(+.*'!*0!8+Q1!9'/)+%*.1!./!*3(.*D!9/'1!-1!)1-)/./!*!/%&/!
(-*!9'/&/-%+,-!./!.*:1%!)1-&'*!*_(/001%"!$0!./'/)81!./!.*:1%!%/!-+/2*!*!)159*'*'!(-*!
>+.*! .('*D! *)*%1! +->+>+<0/! 9*'*! 5()81%D! )1-! /0! >*)61! *<%10(&1! ./0! -+8+0+%51"! ;/'1!
41
+-)0(%1! /%&1! &*5<+`-! '/%(0&*! 910`5+)1! 9*'*! *02(-*%! 9/'%1-*%! _(/! %/! -+/2*-! *! &'*/'!
8+Q1%!*!/%&/!5(-.1D!91'!-1!&/-/'!_(/!)1->+>+'!)1-!%/'/%!&/591'*05/-&/!8/&/',-151%!
3! *<%10(&*5/-&/! ./9/-.+/-&/%D! *0! &+/591! _(/! ./4+/-./-! _(/! _(+/-/%! 01! 8*2*-D!
'/%91-.*-!91'!/001!/-!)*%1%!)151!/0!9'/%/-&*.1!*_(6"!
!
B*! )159/&/-)+*D! %(5*.*! *0! ./%*''1001! &/)-10,2+)1D! /%D! 0+&/'*05/-&/D! ./%&'())+,-!
)'/*.1'*K!0*%!&*<0/&*%!8*-!*''*%*.1!0*%!0+<'/'6*%!&'*.+)+1-*0/%!./0!5+%51!51.1!_(/!0*!
<15<+00*!./!$.+%1-!*)*<,!)1-!0*%!)/'/'6*%!3!/0!51&1'!./!/d901%+,-!)1-!0*%!)*<*00/'6*%D!1!
_(/! B$X! /%&C! *81'*! *)*<*-.1! )1-! 0*%! <15<+00*%! +-)*-./%)/-&/%! 3! /0! 51&1'! /0`)&'+)1!
9(/.*! *)*<*'! ./%90*7*-.1! *0! ./! /d901%+,-"! ;/'1! )159/&/-)+*! -1! /%! )159/&/-)+*!
./%0/*0"!$%D!%+590/5/-&/D!)159/&/-)+*"!?*(%*!.*:1%D!)*(%*!5()81%!5C%!</-/4+)+1%!_(/!
.*:1%D! .+%01)*! )15(-+.*./%D! *)*<*! )1-! /%&+01%! ./! >+.*! )(31! 1'+2/-! %/! 9+/'./! /-! 0*!
-1)8/! ./! 01%! &+/591%D! 9/'1D! /-! (-*! %1)+/.*.! *<+/'&*D! -1! +59+./! _(/! (-*! )15(-+.*.!
'/%(/0>*! 0+<'/5/-&/! >+>+'! *0! 5*'2/-! ./0! ./%*''1001! &/)-10,2+)1! 3! ./! 0*! )159/&/-)+*!
5+%5*! H(-! )0*(%&'1! 51-C%&+)1D! (-*! )15(-+.*.! ./! R5+%8D! 1&'*! -/1''('*0D! /&)"JD! /%1!
&*5<+`-D!./!51.1!5()81!5C%!%/-)+001!3!9'1<*<0/5/-&/!5/-1%!'+)1!_(/!/0!./0!'/%&1!./!
01%!)1-%1)+*.1%"!
!
b/*&8/'!\/--+-2D!(-!*'&+%&*!)*-*.+/-%/D!%/!)1-%&'(3,!(-*!)*%*!./!5(:/)*%!./!&*5*:1!
-*&('*0! m(-*! >+>+/-.*! *! )(*&'1! >+/-&1%! *! 0*! _(/! 0/! 4*0&*<*! (-*! 9*'/.m"! V()8*! 2/-&/!
+-)0(3`-.15/!*!5+!5+%51m!*.5+',!0*!1<'*"!;/'1!*0!)*<1!./!(-!&+/591!\/--+-2!_(/5,!
0*! )*%*"! ZD! )151! %*</51%D! -1! %/! '/%91-./! 91'! 01%! .*:1%! /-! )1%*! 9'19+*! *(-_(/! 0*%!
)1%*%!./!(-1!</-/4+)+/-!*!&/')/'1%!3!%(!./%&'())+,-!0/%!)*(%/!9`'.+.*%"!!
!
!
iii"8(85*2*7+-/")1"(k!
!
n&'1%! H5*01%fJ! /Q/5901%! 01%! .+/'1-! ?0*(./! V1-/&D! E1</'&! E*(%)8/-</'2D! ]'*-)+%!
\*)1-D! F/'8*'.! E+)8&/'! 3! 5()81%! 5C%! H>`*%/! Xh$ C#-'%-%$ TE*$ ."%-#*&"7$ ?E"'#$ b>4$
T*#JJ"!G*&('*05/-&/D!/%&*!'/20*!-1!'+2/!%+!(-1!.*:*!1!./%&'(3/!0*!1<'*!./!(-!&/')/'1!
HqB*! E1-.*! ./! G1)8/rD! ./! E/5<'*-.&! 1! qB*! ;+/&WrD! ./! V+2(/0! Y-2/0! %1-! .1%! )*%1%!
-1&1'+1%J"! $-&'/! (-1%! 3! 1&'1%! )*%1%D! %/! /-)(/-&'*-! +-4+-+&1%! /Q/5901%! ./! +)1-1)0*%&+*D!
42
&*-!>+/Q*!)151!0*!8(5*-+.*.!3D!*!0*'21!90*71D!)*%+!%+/59'/!0*5/-&*<0/"!;/'1D!*!)1'&1!3!
5/.+1!90*71D!01%!+)1-1)0*%&*%!%1-!*)0*5*.1%!91'!0*!5()8/.(5<'/"!
!
$-! 2/-/'*0D! /0! /Q/')+)+1! 0/26&+51! ./! )(*0/%_(+/'*! ./'/)81%! 4(-.*5/-&*0/%! 1'+2+-*!
.*:1%D! 9/'1! %1-! .*:1%! 91'! 01%! )(*0/%! /0! )*(%*-&/! -1! 8*<'C! ./! '/%91-./'"! l-*! 5*.'/!
*&/*! 9(/./! 00/2*'! *! 9'/)+%*'! *%+%&/-)+*! 9%+)10,2+)*D! +-)0(%1! *! /-4/'5*'! %/'+*5/-&/D!
./%9(`%!./!_(/!%(!8+Q1!/-&'/!/-!'/0+2+,-a!3!(-!9*.'/!9(/./!9*%*'!91'!01!5+%51!1!9/1'!
91'_(/!%(!8+Q1!./Q*!/0!14+)+1!9*&/'-1D!*<1''/)/!0*!+./10126*!./!01%!*<(/01%!1!*<*-.1-*!
/0! 9*6%! _(/! 0/%! >+1! -*)/'! *! &1.1%"! ;/'1D! *41'&(-*.*5/-&/D! &1.1! /%&1! /%! 0/3! ./! >+.*"!
I2(*05/-&/D! 5+%! >/)+-1%! 9(/./-! )159'*'! 01%! .+*'+1%D! <*Q*'%/! 0*%! %/'+/%D! >/'! 0*%!
9/06)(0*%!1!%/'!%1)+1%!./!01%!)0(</%!_(/!./&/%&1D!9'*)&+)*'!0*!'/0+2+,-D!/.()*'!*!%(%!8+Q1%D!
1! >1&*'! ./! 01%! 51.1%! 5C%! *0/Q*.1%! *! *_(/001%! _(/! )1-%+./'1! *9'19+*.1%! 9*'*! 8*)/'!
'/*0!5+!+./*!./0!<+/-!)15[-"!Z!*%6!%()/%+>*5/-&/K!-1!8*3!'/%91-%*<+0+.*."
]^]H/0_H/27:`2::6H/#&/9/#&/=(<N.H/SOC/a.>e/B"+."$./]&$E(>/l,$"+("(;/
$0!PO"PP"PNNPD!B(+%!V*-(/0D!_(+/-!Q(2*<*!*!2104!/-!/0!q?0(<!./!F104!g/''*5*'r!./!=+&2/%D!4*00/)+,!
&'*%!'/)+<+'!/0!+59*)&1!./!(-*!9/01&*!0*-7*.*!91'!I%5*/0D!_(/!%/!/-)1-&'*<*!/-!(-*!)*00/!.+%&+-&*!
3! %/9*'*.*! ./! 0*! ./! 0*! >6)&+5*! 91'! (-*! *'<10/.*! _(/! +59/.6*! *! *5<1%! Q(2*.1'/%! >/'%/"! $0!
0*-7*5+/-&1!/-!)(/%&+,-!8*<6*!%+.1!&`)-+)*5/-&/!+-)1''/)&1!*!)*(%*!./0!>+/-&1!_(/!%190*<*!/-!
0*!71-*"!
B()6*D!>+(.*!./0!4*00/)+.1D!/-!%(!-15<'/!3!/-!/0!./!%(%!8+Q1%!5/-1'/%D!./5*-.,!*!I%5*/0D!*0!q?0(<!
./!F104!g/''*5*'rD!*!qB*!$%&'/00*!="R"!./!=/2('1%r!3!*!q;0(%!l0&'*!?159*:6*!R-,-+5*!./!=/2('1%!
3!E/*%/2('1%rD!3!%10+)+&,!(-*!+-./5-+7*)+,-!./!SUP"SML!ê!./!0*%!&'/%!9'+5/'*%!3!./!P"UAM!ê!./!0*!
)(*'&*"!
$0!^;I!-{!S!./!c+0*-1>*!+!0*!F/0&'[!HSS"#"PNNOJ!/%&+5,!/-!9*'&/!0*!./5*-.*!3!)1-./-,!*0!9*21!./!
PPP"NAU! êD! )1-! /0! 065+&/! ./! P"UAM! ê! 9*'*! q;0(%! l0&'*! ?159*:6*! R-,-+5*! ./! =/2('1%! 3!
E/*%/2('1%r"!B*!R;!./!\*')/01-*!H=/))+,-!P#ÄD!PS"#"PNNNJ!/%&+5,!01%!'/)('%1%!./!q?0(<!./!F104!
g/''*5*'rD!qB*!$%&'/00*!="R"!./!=/2('1%r!/!I%5*/0D!*!_(+/-/%!*<%10>+,"!
$0!g=!./%/%&+5,!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!B()6*K!
qB*! +./*! ./0! '+/%21D! 4(-.*.*! /-! 0*! /d901&*)+,-! ./! *)&+>+.*./%D! +-.(%&'+*%D! +-%&'(5/-&1%! 1!
5*&/'+*0/%! 9/0+2'1%1%D! 3! /-! 01%! </-/4+)+1%! _(/! *! &'*>`%! ./! /001! %/! 1<&+/-/-D! /-! 51.1! *02(-1!
9(/./! &'*%0*.*'%/! *! 0*! 9'C)&+)*! ./91'&+>*D! -1! 1'2*-+7*&+>*D! 9*'*! 4(-.*5/-&*'! (-! '`2+5/-! ./!
'/%91-%*<+0+.*.!.+%&+-&1!./0!./!0*!)(09*"!=/!*%(5/!/0!'+/%21!./%./!0*!+./*!./!_(/!%/!)1-1)/!3!%/!
9*'&+)+9*!./!`0!3!./!_(/!/0!Q(2*.1'!/%!)1-%)+/-&/!./!_(/!-1!/d+%&/!/-!/0!./%*''1001!./!(-*!<(/-*!
9'C)&+)*! ./91'&+>*D! 5C%! *00C! ./! 01! _(/! +591-/! 0*! *)&+>+.*.! /-! )1-)'/&1D! 91'_(/! )1-46*! /-! 0*!
*)&(*)+,-!./!01%!./5C%r!H]"X"!M{J"!
R%6D! 0*! '/20*! ./! -1! '/%91-%*<+0+.*.! )1-%+2(/! <C%+)*5/-&/! .1%! )1%*%K! 91&/-)+*! 0*! 0+</'&*.!
+-.+>+.(*0!1!)10/)&+>*!91'!/0!9'1)/.+5+/-&1!./!./5*')*'!1!4+Q*'!01%!065+&/%!./!0*%!*)&+>+.*./%!91'!
)(31! ./%*''1001! 3! )1-%/)(/-)+*%! -1! %/! 8*<'C! ./! '/%91-./'D! 3! *81''*! ./! 9*%1! 01%! )1%&/%! ./!
)159/-%*'!*))+./-&/%D!)*%1!91'!)*%1D!91'!'/%91-%*<+0+.*.!)+>+0D!_(/!/%!(-*!+-%&+&()+,-!Q('6.+)*!
43
5(3!)*'*!./!2/%&+1-*'!H&69+)*5/-&/!91'!)*.*!/('1!2*%&*.1!/-!(-!)*%1!0+&+2*.1!3!2*-*.1!91'!/0!
./5*-.*-&/D!0*!5+&*.D!)+-)(/-&*!)`-&+51%D!%/!_(/.*-!91'!/0!)*5+-1J"!
=(!)1-&'*'+*D!(-*!'/20*!./!'/%91-%*<+0+.*.!*<%10(&*!3!(-+>/'%*0D!91'!&1.1%!01%!.*:1%!./'+>*.1%!
./!0*!)1->+>/-)+*D!./0!'1)/!%1)+*0D!-1%!*''(+-*'6*!*!&1.1%D!-1%!9*'*0+7*'6*!3!0*!%1)+/.*.!)10*9%*'6*!
/-! 91)1%! *:1%"! G*.+/! ./4+/-./! %/'+*5/-&/! %/5/Q*-&/! &1&*0+&*'+%51! ./0! ./'/)81! ./! .*:1%"! G1!
/d+%&/! &*0! '/20*! /-! -+-2[-! 1'./-*5+/-&1! ./0! 5(-.1"! R%15<'1%*5/-&/D! 5()81%! 0*! 9+./-"! =+-!
9/-%*'"
$-!/0!5+%51!1'./-!./!+./*%D!/0!9'+-)+9+1!./!*(%/-)+*!./!'/%91-%*<+0+.*.!%/!*90+)*!)1-!4'/)(/-)+*!
*!+-.+>+.(1%D!9'14/%+1-*0/%!(!1'2*-+7*)+1-/%!)(31!*)&(*'!2/-/'*!%+5(0&C-/*5/-&/!</-/4+)+1%!3!
.*:1%D! ./! 51.1! &*0! _(/! 01%! *2/-&/%! 8*-! ./! <(%)*'! /-! )*.*! )*%1! )1-%/2(+'! (-! /_(+0+<'+1!
'*71-*<0/! /-&'/! (-1%! 3! 1&'1%"! $-! /0! /Q/5901! )0C%+)1D! 01%! <15</'1%! &+/-/-! _(/! ./)+.+'! )1-!
('2/-)+*!/-&'/!01%!.*:1%!./0!*2(*!3!01%!./0!4(/21D!3!0*!910+)6*!/-&'/!01%!./!0*!./&/-)+,-!3!0*!4(2*"!
G1!%+/59'/!/%!4C)+0D!01%!0/)&1'/%!+-&/'/%*.1%!9(/./-!)1-%(0&*'K!F/''+&!X$! F$$=gD!qTE*$8E*,)7$O"$
A66,4"$ H#*6$ ?*#-$ ='(D')'-&RS$ ="@()$ 8-,7'"%D! T(%E'4@-*4$ n4'0"#%'-&$ '4$ 8-G$ =*,'%S$ E/%/*')8! ;*9/'$
G1"!PPmASmA@D!SAPP"!R>*+0*<0/!*&!==EGK!8&&9Khh%%'-")15h*<%&'*)&zPLU#LNL"!
]^]H/0_H/047`2:04H/#&/08/#&/=(<N.H/SOC/a.>e/B"+."$./]&$E(>/l,$"+("(;
$0! M! ./! -1>+/5<'/! ./! SAAND! %/! 9'1.(Q1! (-! +-)/-.+1! /-! 0*! >+>+/-.*! 9'19+/.*.! ./0! ./5*-.*.1D!
%+&(*.*!/-!c+00*''1<0/.1!HR0<*)/&/J!3D!%/2[-!/0!+-41'5/!9/'+)+*0!./!0*!F(*'.+*!?+>+0D!/0!4(/21!%/!
+-+)+,! 91'! 0*! *)&+>+.*.! ./! *02(-1! ./! 01%! 1)(9*-&/%! ./0! +-5(/<0/! 1! 91'! 01%! 9'19+1%! /-%/'/%!
*05*)/-*.1%!/-!`0"!l-1!./!01%!<15</'1%!_(/!+-&/'>+-1!/-!0*%!0*<1'/%!./!/d&+-)+,-!./0!+-)/-.+1!
%(4'+,!8/'+.*%!5(3!2'*>/%!_(/!./&/'5+-*'1-!%(!4*00/)+5+/-&1"!
B*! >+(.*! 3! .1%! 8+Q1%! ./0! 4*00/)+.1! '/)0*5*'1-! *0! 9'19+/&*'+1! ./! 0*! >+>+/-.*D! )1-! <*%/! /-! /0! *'&"!
PNAS! ??D! (-*! +-./5-+7*)+,-! ./! PPO"MONDO#! /('1%! 9*'*! 0*! >+(.*D! 3! ./! @U"@U#DPM! /('1%! 3!
NO"NLADSO! /('1%! '/%9/)&+>*5/-&/! 9*'*! 01%! 8+Q1%"! $0! ^;I! HPO"M"SAPSJ! /%&+5,! 6-&/2'*5/-&/! 0*!
./5*-.*"! B*! R;! HPP"PS"SAPSJ! /%&+5,! /0! '/)('%1! ./! *9/0*)+,-! ./0! ./5*-.*.1! 3! ./%/%&+5,! 0*!
./5*-.*"! $0! g=! ./%/%&+5,! /0! '/)('%1! ./! )*%*)+,-! +-&/'9(/%&1! 91'! 0*! 9*'&/! ./5*-.*-&/! 3!
)1-4+'5,!0*!=R;K!
q$%!)+/'&1!_(/!/-!/0!+-)/-.+1!/%&C!/0!1'+2/-!./0!.*:1!9/'1!/0!-/d1!)*(%*0!_(/!'/0*)+1-*!0*!5(/'&/!
./0!<15</'1!)1-!/%&*!4(/-&/!./!'+/%21!./%*9*'/)/!./%./!/0!515/-&1!/-!_(/!+-+)+*!0*%!0*<1'/%!
9'19+*%!./!/d&+-)+,-!3!/0!9'19+/&*'+1!./0!+-5(/<0/!_(/.*!*0!5*'2/-!./!*)&+>+.*.!./%*''100*.*!/-!
%(! +-&/'+1'D! %+-! 91%+<+0+.*./%! ./! )1-&'10! ./! -+-2[-! &+91"! B*! '/%91-%*<+0+.*.! ./0! 9'19+/&*'+1! -1!
./</! /-Q(+)+*'%/! ./%./! 0*! ,9&+)*! ./0! %+-2(0*'! '+/%21! )'/*.1! 91'! /0! +-)/-.+1! _(/! 51&+>,! 0*!
+-&/'>/-)+,-! ./! 0*! >6)&+5*"! $0! '+/%21! _(/! /%&*! 9/'%1-*! )'/*! %/! &'*%0*.*! *0! C5<+&1! ./!
'/%91-%*<+0+.*.! ./! 0*! >6)&+5*D! _(/! )1-&'10*! 3! *%(5/! /%&*! 4(/-&/! ./! 9/0+2'1! /-! /0! /Q/')+)+1!
1'.+-*'+1!./!%(!9'14/%+,-D!)1-!01!_(/!/0!)('%1!)*(%*0!%/!/%&*<0/)/!/-&'/!/0!/Q/')+)+1!9'14/%+1-*0!
./!/%&/!'+/%21!>10(-&*'+*5/-&/!*%(5+.1!3!/0!.*:1!9'1.()+.1!91'!/0!4(/21D!)1-!0*!)1-%+2(+/-&/!
1<0+2*)+,-!./!%191'&*'!0*%!)1-%/)(/-)+*%!./!%(!*)&(*)+,-"!Z!%+!-1!8*3!)*(%*0+.*.!-1!)*</!8*<0*'D!
-1! 3*! ./! '/%91-%*<+0+.*.! %(<Q/&+>*D! %+-1! &*591)1! ./! '/%91-%*<+0+.*.! 91'! '+/%21! (! 1<Q/&+>*.*!
-/)/%*'+*!9*'*!_(/!/0!./5*-.*.1!./<*!'/%91-./'!9/%/!*0!./%2'*)+*.1!3!0*5/-&*<0/!*))+./-&/!
%(4'+.1!91'!9*'&/!./!_(+/-!91-/!%(!&'*<*Q1!*0!%/'>+)+1!./!0*!)15(-+.*.r!H]X"!S{J"
44
B*! .1)&'+-*! ./0! '+/%21! ./0! 9'14/%+1-*0! /%! 9*)64+)*K! 910+)6*%D! <15</'1%D! %*-+&*'+1%! 3! 1&'1%!
9'/%&*.1'/%!9'14/%+1-*0/%!./!%/'>+)+1%!*%(5/-!/0!'+/%21!*%1)+*.1!*!0*%!)1-&+-2/-)+*%!1'.+-*'+*%!
3! /d&'*1'.+-*'+*%! ./0! /Q/')+)+1! ./! %(! 9'14/%+,-K! 2*Q/%! ./0! 14+)+1! /%! 0*! >+/Q*! /d9'/%+,-! ./! /%&*!
.1)&'+-*"! ?151! &1.*%D! )1-1)/! 065+&/%D! 9/'1! /%! '/%91-%*<+0+.*.! ./0! Q(72*.1'! Q(%&+4+)*'! 5(3!
)(+.*.1%*5/-&/! %(! *0)*-)/D! 9(/%D! ./! 1&'1! 51.1D! /0! ./'/)81! -*(4'*2*! /-! 0*! Q(%&+)+*! ./0! )*%1D!
e(7'c,%-'M!H01%!0/)&1'/%!+-&/'/%*.1%!/-!0*!.+0()+.*)+,-!3!./%*''1001!./!/%&/!)1-)/9&1!8*'C-!<+/-!
/-!)1-%(0&*'!0*!1<'*!./0!2'*-!V*d!x/</'!HPUO@mPNSAJ!3!/-!0//'!g/'5+-+/001!>"!?8+)*21D!MML!l"!="!
P!HPN@NJJK!0*!'*)+1-*0+.*.!9'19+*!./!(-!%+%&/5*!/)1-,5+)1!*>*-7*.1!-1!%1<'/>+>/!*!0*!Q(%&+)+*!
./0!)*%1J"
2;/'(,>(%$G"/#.-.>(/#&/#(Q.>/VB.%/.%$#.-)&>#"%W/
B*! )*(%*)+,-! .101%*! ./! .*:1%! *! 0*%! 9/'%1-*%! 1! *! 0*%! )1%*%! /%! /0! %(9(/%&1! 5C%! 2'*>/! ./!
'/%91-%*<+0+.*.! /d&'*)1-&'*)&(*0"! g*-&1! /%! *%6! _(/! '/%(0&*! .+46)+0! +5*2+-*'! (-! %(9(/%&1! ./!
)*(%*)+,-!+-&/-)+1-*0!./!.*:1%!m!%1<'/!&1.1!%+!&+/-/!)151!)1-%/)(/-)+*!0*!5(/'&/!1!0*%!0/%+1-/%!
./! 0*! >6)&+5*! m! _(/! -1! )1-%&+&(3*! (-! ./0+&1! &+9+4+)*.1! 91'! /0! ?,.+21! ;/-*0D! *./5C%! ./! %/'! (-!
+06)+&1!)+>+0"!$-!H)*%+J!&1.1!)*%1D!Q(-&1!)1-!0*!'/%91-%*<+0+.*.!9/-*0!%('2+'C!0*!)+>+0D!'/2(0*.*!/-!
01%! *'&%"! PAN! 3! %%"! ?;D! 0*! )(*0! )1-! +-./9/-./-)+*! ./! 0*! *-&/'+1'D! 1<0+2*'C! *0! +59(&*.1! 1! *! 0*%!
9/'%1-*%!./!_(+/-/%!./9/-.+/'*!*!'/9*'*'!01%!.*:1%!)*(%*.1%"!
$0!.101!/%!2'*>/!/-!&1.1%!01%!%+%&/5*%!Q('6.+)1%!m8+%&,'+)1%!3!)1-&/591'C-/1%m!3!/%!+-&(+&+>1!_(/!
*%6!%/*K!
!
B*! 9'1<*<+0+.*.! ./! )*(%*'! .101%*5/-&/! (-! .*:1! %(/0/! %/'! 5*31'! _(/! 0*! ./! )*(%*'! /0!
5+%51! &+91! ./! .*:1! )1-! (-*! )1-.()&*! %+5+0*'! 9/'1! %+590/5/-&/! ./%)(+.*.*! 1!
-/20+2/-&/"
!
B(/21D!/0!)*(%*-&/!.101%1!./!.*:1%!./%&'(3/!'+_(/7*!.1%!>/)/%K!)(*-.1!%/!8*)/!)1-!/0!
+-%&'(5/-&1!.*:+-1!3!)(*-.1!01!(%*"
!
]+-*05/-&/D!0*!9%+)10126*!/d90+)*!<+/-!91'!_(`!01%!5+/5<'1%!./!)*%+!)(*0_(+/'!%1)+/.*.!
'/*))+1-*-! ./! 5*-/'*! 5()81! 5C%! +-&/-%*5/-&/! 81%&+0! )1-&'*! _(+/-/%! 0/%! )*(%*-!
.*:1%!./!+-&/-&1D!*!%*<+/-.*%!3D!*!5/-(.1D!)1-!0*!9'/)+%*!>10(-&*.!./!8*)/'!.*:1"!$-!/0!
41-.1D!/0!9'+-)+9+1!<C%+)1!./!Q(%&+)+*!)1''/)&+>*D!./!'/&'+<()+,-D!/-!)(3*!>+'&(.!_(+/-!8*!
)*(%*.1!(-!.*:1!m3!%1<'/!&1.1D!_(+/-!01!8*!)*(%*.1!*!)+/-)+*!3!)1-)+/-)+*m!8*!./!9*2*'!
91'!/001!/%&C!9'/%/-&/!/-!&1.*%!0*!)(0&('*%!8+%&,'+)*%!3!)1-&/591'C-/*%!HG/+0!cIXVRED!
qE/&'+<(&+1-! *-.! E/>/-2/rD! /-! ^1%/98! =RGX$E=hc"! B//! bRVIBgnG! }$.%"~D! N(47D**J$ *H$
w,%-'9"$B"%"(#9E$'4$=(>D!'/9'+-&!14!P%&!/."!SAAPD!s0(i/'!R)*./5+)h;0/-(5!;(<0+%8/'%D!
G/i! Z1'kD! SAPAJ"! $0! '/&1! 5C%! %/'+1! *0! *-C0+%+%! /)1-,5+)1! ./0! ./'/)81! ./! .*:1%!
9'1>+/-/!./!0*!9%+)10126*!3!./!0*!9%+)10126*!%1)+*0D!_(/!5(/%&'*-!&*-&1!_(/!0*!)1-.()&*!
8(5*-*!-1!%+/59'/!/%!/)1-,5+)*5/-&/!'*)+1-*0!)151!_(/!0*!'/>*-)8*D!/0!'/-)1'!3!/0!
'/%/-&+5+/-&1! 41'5*-! 9*'&/! ./! 0*! )1-.+)+,-! 8(5*-*"! n&'*! )1%*! /%! _(/D!
9*'*.,Q+)*5/-&/D!)*%&+2*'!9(/.*!%/'!5()81!5C%!)1%&1%1!9*'*!0*!>6)&+5*!_(/!9/'.1-*'!
3!10>+.*'!Hs/>+-!V"!?REB=VIgbhX*-+/0!g"!FIB\$Eghg+51&83!g"!xIB=nGD!qg8/!;*'*.1d+)*0!
?1-%/_(/-)/%!14!E/>/-2/rD!w*,#4()$*H$5"#%*4()'-&$(47$8*9'()$5%&9E*)*@&D!c10"!N#D!G1"!OD!
SAAUD!9"!PMPOyPMS@J"
45
B1%! 0/)&1'/%! +-&/'/%*.1%! /-! ./%*''1001%! *-*06&+)1%! 3! )159*'*.1%! ./0! ./'/)81! )+>+0! ./! 0*!
'/%91-%*<+0+.*.! 91'! .101! 9(/./-! *)(.+'! *0! /(%"D**J! ./! E+)8*'.! R"! $;=g$IGD! 9'1<*<0/5/-&/! /0!
5C%! )(0&1! ./! 01%! &'*&*5+/-&1%! )1-&/591'C-/1%! ./! 0*! '/%91-%*<+0+.*.! )+>+0! /-! /0! /*66*4$ =(>!
-1'&/*5/'+)*-1! HE+)8*'.! R"! $=;=g$IGD! ?*&8/'+-/! V"! =bREs$ZD! /(%"%$ (47$ a(-"#'()%$ *4$ ?*#-%D! PA&8!
/."D!R%9/-!;(<0+%8/'%D!R(%&+-D!\1%&1-D!?8+)*21D!G/i!Z1'kD!g8/!G/&8/'0*-.%D!SAPSJ!3!01%!0/)&1'/%!
/('19/1%!5C%!+-&/'/%*.1%!/-!(-*!*9'1d+5*)+,-!/%&'+)&*5/-&/!-1'5*&+>*!9(/./-!0//'K!RV$EI?RG!
BRx!IG=gIglg$D!B"%-(-"6"4-$*H$-E"$=(>$?E'#7$?*#-%L$A4-"4-'*4()$?*#-%$-*$5"#%*4%S$5#")'6'4(#&$.#(H-$
K*G$ lD! V*')8! PPD! SAPO"! $-! 0*! &'*.+)+,-! 5/-)+1-*.*! ./0! /*66*4$ =(>! 01%! A4-"4-'*4()$ ?*#-%! %1-D!
)151! %/:*0*! /0! 9'19+1! $;=g$IGD! (-*! 5/7)0*! )('+1%*! ./! %+&(*)+1-/%! _(/! +-)0(3/-! 01%! %(9(/%&1%!
5C%!1<>+1%!./!)*(%*)+,-!+-&/-)+1-*0!./!(-!.*:1!46%+)1!*!0*!9/'%1-*!1!*!0*!9'19+/.*.D!9/'1!_(/!
*<*')*-!&*5<+`-!01%!./-15+-*.1%!26*-'*4()$(47$.'@4'-(#&$N(#6%D!0*!.+4*5*)+,-!3!0*!)*(%*)+,-!
.101%*! ./! .*:1%! /51)+1-*0/%"! $-! $('19*! )1-&+-/-&*0! 3! %+-2(0*'5/-&/! /-! $%9*:*D! /0! ./'/)81!
9/-*0!9*'*%+&*!0*!)*(%*)+,-!./!.*:1%!46%+)1%!3!)'/)+/-&/5/-&/!+->*./!0*!./!.*:1%!/51)+1-*0/%"!
$0! /'0')$ =(>! %+/59'/! 8*! *<1'.*.1! )1-! .+4+)(0&*.! /0! ?#"%!(%%! 3! 0*%! 4'1-&/'*%! /-&'/! 0*!
'/%91-%*<+0+.*.!)+>+0D!0*!0*<1'*0D!0*!*.5+-+%&'*&+>*!3!0*!9/-*0!91'!+-&'(%+1-/%!/-!/0!)+</'/%9*)+1!
%1-!*[-!5C%!<1''1%*%!%+!)*</"!l-!)*%1!./!'/4/'/-)+*!*0!/4/)&1!/%! A4-")$/*#!G$0G$N(6'7'D!LP!;"M.!
SNO!H?*0"!SAAMJD!/-!/0!)(*0!%/!.+%)(&+,!%+!/0!/->61!+-1)(1!./!M#"AAA!)1''/1%!/0/)&',-+)1%!91'!/0!
./5*-.*.1D! s1('1%8! s/--/&8! b*5+.+D! (-! *-&+2(1! /590/*.1! ./! 0*! )159*:6*! I-&/0! ?1'9"D! *! %(%!
&'*<*Q*.1'/%!3!/-!01%!)(*0/%!)'+&+)*<*!0*%!9'C)&+)*%!0*<1'*0/%!./!0*!/59'/%*!)1-%&+&(6*!1!-1!(-*!
+-&'15+%+,-!+0/26&+5*D!(-!?#"%!(%%$H$=;=g$IG!h!=bREs$ZD!/(%"%$(47$a(-"#'()%$*4$?*#-%D!SAPSD!99"!P@!
3!%%"J"!$-!1&'1!)*%1!4*51%1D!&*5<+`-!)+&*.1!91'!$;=g$IG!}"O(&$0G$O'77"#\%$27@"S$A49D!PAA!]"!=(99"!
S.!PA#U!HG"X"!?*0"!SAAAJ~D!0*!)159*:6*!./5*-.*.*!8*<6*!/-&'*.1!/-!0*!<*%/!./!.*&1%!9[<0+)*!./!
0*!)159*:6*!./!%(<*%&*%!*4$)'4"!./5*-.*-&/!)1-!0*!4+-*0+.*.!./!*)&(*0+7*'!0*!+-41'5*)+,-!./!0*!
9C2+-*!i/<!./!*_(/00*!H$=;=g$IG!h!=bREs$ZD!/(%"%$(47$a(-"#'()%$*4$?*#-%D!SAPSD!99"!SP!+!%%"J"!!
3;/',-)(/./"&?-$?&"%$(/V@/?)$?/.7/W/
B*!)*(%*)+,-!./!.*:1%!91'!)(09*!1!-/20+2/-)+*D!91'!./%)(+.1%!5C%!1!5/-1%!2'*>/%D!/%!./)+'D!91'!
-1! 8*</'! 9(/%&1! /-! 9'C)&+)*D! *0! ./%*''100*'! &*0! 1! )(*0! *)&+>+.*.D! 0*%! 9'/)*()+1-/%! 0/2*0! 1!
'*71-*<0/5/-&/! /d+2+<0/%D! /%! /0! %(9(/%&1! <C%+)1! ./! '/%91-%*<+0+.*.! )+>+0! /-! -(/%&'1! %+%&/5*!
Q('6.+)1K! &1.1%D! +-.+>+.(1%! 3! 1'2*-+7*)+1-/%D! /%&*51%! %(Q/&1%! *! ./</'/%! ./! )(+.*.1D! ./!
9'/)*()+,-D!3!%+D!)(*-.1!00/>*51%!*!)*<1!(-*!*)&+>+.*.!01%!+-4'+-2+51%D!8*<'/51%!./!'/%91-./'!
)+>+05/-&/! 91'! 01%! .*:1%! )*(%*.1%D! /%! ./)+'D! &/-.'/51%! _(/! '/9*'*'01%D! -1'5*05/-&/D!
+-./5-+7*-.1!*0!./5*-.*-&/"!
R%6D! 0*! -/20+2/-)+*! %/! 9(/./! ./4+-+'! )151! +-4'*))+,-! ./! ./</'/%! ./! )(+.*.1! +59(/%&1%! 91'! 0*%!
0/3/%D!01%!'/20*5/-&1%!3!0*!)1%&(5<'/!/-!/0!%/-&+.1!./!0*%!<(/-*%!9'C)&+)*%!./!)*.*!%/)&1'!./0!
&'C4+)1"! B1%! *0/5*-/%D! /-! /0! C5<+&1! ./! (-*! )(0&('*! &/)-10,2+)*5/-&/! 5(3! *>*-7*.*! 8*<0*-! ./!
r"#J"E#!)'9E-"4!3!)1->+/-/!*_(6!0*!)+&*!./0!)15/-&*'+1!./!'/4/'/-)+*!*0!\F\!HF/'8*'.!xRFG$ED!ë!
USMD!E$\VRGGD!=í?s$ED!EI$?s$ED!ad49E"4"#$e*66"4-(#$M,6$Od#@"#)'9E"4$V"%"-MD,9ED!\*-.!#D!#"!
R(40*2/D!SAAOD!E.-"!#A!44"J!!
R./5C%! ./! 91./'%/! ./4+-+'! )151! +-4'*))+,-! ./! ./</'/%! ./! )(+.*.1! 0*! -/20+2/-)+*! 9(/./!
)*'*)&/'+7*'%/! )151! )'/*)+,-! 1! +-)'/5/-&1! +''*71-*<0/%! ./! '+/%21%! _(/! 01%! &/')/'1%! -1! &+/-/-!
91'! _(`! %191'&*'K! &1.*! *)&+>+.*.! 8(5*-*! )1591'&*! '+/%21%! m%+! /%&13! '/%4'+*.1! 3! %*021! ./! )*%*!
9(/.1! )1-&*2+*'! *! 0*%! 9/'%1-*%! _(/! %/! *)/'_(/-! *! 56mD! 9/'1! 0*! 5*31'! 9*'&/! ./! 01%! '+/%21%!
-1'5*05/-&/! *%1)+*.1%! *! (-*! )1-.()&*! %1-! '+/%21%! 9/'5+&+.1%! m-+! 0*! 0/3! -+! 01%! &'+<(-*0/%! 5/!
1<0+2*-! *! _(/.*'5/! /-)/''*.1! /-! )*%*! 91'! (-! %+590/! '/%4'+*.1"! V+! '/%91-%*<+0+.*.! )15+/-7*!
46
*006! .1-./! /0! -+>/0! '*71-*<0/D! %1)+*05/-&/! *.5+%+<0/D! /)1-,5+)*5/-&/! %1%&/-+<0/D!
9%+)10,2+)*5/-&/!&10/'*<0/D!`&+)*5/-&/!%191'&*<0/!./!'+/%21%!%1<'/9*%*!/0!(5<'*0!./!01%!'+/%21%!
9/'5+&+.1%!m%+!%13!(-!5`.+)1!+-&/'-+%&*!3!8/!./!&'*<*Q*'!/-!(-*!(-+.*.!./!)(+.*.1%!+-&/-%+>1%D!
&*0!>/7!./<*!*<%&/-/'5/!./!*)(.+'!*!5+!81%9+&*0!%+!/%&13!5(3!)1-%&+9*.1a!%+!%13!%/'191%+&+>1!./!
cIbD!8*<'`!./!*<%&/-/'5/!./!&/-/'!)1-&*)&1%!%/d(*0/%!%+-!9'1&/))+,-!*./)(*.*"
$0! /-41_(/! ./0! '+/%21! 9*'*! +-&/2'*'! /0! )1-)/9&1! ./! ./</'! ./! 9'/)*()+,-! /%&C! )*<*05/-&/!
/d9'/%*.1! /-! /0! *'&"! L! H*J! B"%-(-"6"4-$ ;?E'#7:$ *H$ ?*#-%L$ ='(D')'-&$ H*#$ 5E&%'9()$ (47$ 26*-'*4()$
N(#6D!SAPA!yB"%-(-"6"4-$;?E'#7:S$5E&%'9()$N(#6mK!
qR-! *)&1'! 1'.+-*'+03! 8*%! *! .(&3! &1! /d/')+%/! '/*%1-*<0/! )*'/! i8/-! &8/! *)&1'w%! )1-.()&!
)'/*&/%!*!'+%k!14!983%+)*0!8*'5r"!
R5<1%! /-41_(/%! *9(-&*-! *! 0*! +./*! ./! _(/! /0! ./'/)81! ./0+5+&*! 01%! '+/%21%D! /%! ./)+'D! 01%! .*:1%!
91&/-)+*0/%!_(/!+-)0(3/!./-&'1!./0!C5<+&1!./!'/%91-%*<+0+.*.!/%&*<0/)+.1!91'!0*%!0/3/%!3!91'!0*%!
./5C%! 4(/-&/%! 9'+5*'+*%! ./! '/%91-%*<+0+.*.! H89*!"$ *H$ ='(D')'-&D! *'&"! O! B"%-(-"6"4-$ ;?E'#7:S$
5E&%'9()$ N(#6J"! R%6D! /0! ./5*-.*.1! 8*<'C! ./! '/%91-./'! 91'! 01%! .*:1%! _(/! 8*! )*(%*.1! %+! /%&1%!
%1-! )1-)'/)+,-! ./0! '+/%21! )1-&/590*.1! 91'! 0*! 0/3! HN(#6$ >'-E'4$ -E"$ B'%JJ! 1! %+! '/%(0&*-! ./0!
+-)(590+5+/-&1!./!01%!./</'/%!./!9'/)*()+,-!&*5<+`-!9'/>+%&1%!91'!0*!0/3"
B*! '/20*! ./! 0*! -/20+2/-)+*! +-)/-&+>*! 0*! *.19)+,-! ./! 9'/)*()+1-/%! '*71-*<0/%! *./)(*.*%! /-! /0!
*2/-&/!./!0*!*)&+>+.*.!*''+/%2*.*D!9/'1!-+-2(-*!/-!%(%!>6)&+5*%!91&/-)+*0/%!H%+!/0!.*:1!_(/!`%&*%!
9(/./! %(4'+'! /%! /4/)&+>*5/-&/! '/9*'*<0/D! 9(/%! 5()81%! -1! 01! %1-! 3! %(%! >6)&+5*%! 91&/-)+*0/%!
&'*&*-!91'!/001!./!/>+&*'!%(4'+'01%J"
?1-!/%&*!%*0>/.*.D!0*!'/20*!./!0*!-/20+2/-)+*!%+590/!&+/-/!/-!)(/-&*!%101!0*!)1-.()&*!./0!)*(%*-&/!
91&/-)+*0! ./! .*:1%D! 9/'1! -1! 0*! ./! %(! >6)&+5*! 91&/-)+*0"! $%&*! (-+0*&/'*0+.*.! ./! 0*! '/20*! ./! 0*!
-/20+2/-)+*!-1!/%!9'1<0/5C&+)*!/-!01%!%(9(/%&1%!./!)*(%*)+,-!(-+0*&/'*0!./!.*:1%D!/%!./)+'D!/-!
*_(/001%! /-! 01%! )(*0/%! 0*! >6)&+5*! -*.*! 9(.1! 8*)/'! 91'! />+&*'! 1! 9*0+*'! 01%! .*:1%! _(/! %(4'+,"! $-!
)*5<+1D!3!)151!>/'/51%!/-!/0!)*96&(01!LD!0*!'/20*!./!0*!-/20+2/-)+*!(-+0*&/'*0!-1!4(-)+1-*!<+/-!
/-! 01%! )*%1%! ./! -/20+2/-)+*! <+0*&/'*0D! /%! ./)+'D! /-! *_(/001%! /-! 01%! )(*0/%! 0*! >6)&+5*! 9(.1! 91-/'!
*021!./!%(!9*'&/!9*'*!/>+&*'!%(4'+'!(-!.*:1!1!5+&+2*'!%(%!)1-%/)(/-)+*%"!
l-!)*%1D!*<%10(&*5/-&/!)0*'1D!./!-/20+2/-)+*!(-+0*&/'*0!/%!/0!_(/!'/%10>+,!0*!]^]H/0_H/803`0997H/
#&/26/#&/>&)+$&=R<&H/SOC/K,*>/S(<+*"&N['(-%&<<(#(/F/XG=&ND!_(/!>10>/'C!*!*9*'/)/'!/-!/0!
)*96&(01!MK!0*!>6)&+5*D!(-*!5(Q/'!./!!/.*.!5*.('*D!%/!8*<6*!%15/&+.1D!*!9'+-)+9+1%!./!*:1!PNU@D!
*! (-*! 19/'*)+,-! ./! /d&+'9*)+,-! ./! (-! _(+%&/! 1>C'+)1! /-! /0! b1%9+&*0! ?06-+)1! l-+>/'%+&*'+1! ./!
t*'*217*"!l-!&1'-+001!5+-[%)(01!H@dM!55"J!%/!%10&,!./!(-1!./!01%!*9*'*&1%!/590/*.1%!.('*-&/!
0*! +-&/'>/-)+,-D! 9/'1! -+! /0! )+'(Q*-1! -+! %(%! *3(.*-&/%! %/! 9/')*&*'1-! ./! /001"! R:1%! ./%9(`%D! 0*!
9'/%/-)+*! ./0! &1'-+001! /-! /0! *<.15/-! ./! 0*! >6)&+5*! 4(/! ./&/)&*.*! )*%(*05/-&/! )1-! 1)*%+,-! ./!
(-*%! '*.+12'*46*%! 9'*)&+)*.*%! *! 0*! 9*)+/-&/! ./%9(`%! ./! _(/! 8(<+/'*! %(4'+.1! (-! *))+./-&/!
.15`%&+)1"! $-! Q(-+1! ./! PNULD! *! 0*! *)&1'*! 0/! 4(/! 9'*)&+)*.*! (-*! 8+%&/'/)&156*D! /d&+'9*)+,-! ./!
[&/'1D! *0! )(*0! %/! 8*<6*! *.8/'+.1! /0! &1'-+001"! $-&1-)/%D! 0*! >6)&+5*! ./5*-.,! *0! )+'(Q*-1! ./! 0*!
9'+5/'*! +-&/'>/-)+,-! 3! *0! I-%&+&(&1! G*)+1-*0! ./! =*0(.! HIG=RBlXJ! ./0! _(/! ./9/-.6*"! $-! 0*!
./5*-.*! %10+)+&*<*! (-*! +-./5-+7*)+,-! ./! OA"AAA! /('1%D! _(/! 0/! 4(/! )1-)/.+.*! 91'! 0*! 9'+5/'*!
+-%&*-)+*"!B*!R(.+/-)+*!;'1>+-)+*0!./!t*'*217*!3!/0!g'+<(-*0!=(9'/51!./%/%&+5*'1-!/0!'/)('%1!
9'/%/-&*.1!91'!/0!IG=RBlX"
47
n&'1!/Q/5901!./!-/20+2/-)+*!5`.+)*!m*(-_(/!%/!.+%)(&+,!/-!/0!)*%1!%+!0*!-/20+2/-)+*!./0!5`.+)1!
4(/! 1! -1! 0*! )*(%*! ./! 0*%! 0/%+1-/%! ./0! 9*)+/-&/m! /%! /0! 90*-&/*.1! 3! '/%(/0&1! 91'! 0*! ]^]H/ 0_H/
0052`2::2H/ #&/ 29/ #&/ ".D$&=R<&H/ SOC/ b(D$&</ \m'(--(?L("/ S,Q.N"! $0! )+'(Q*-1! ./5*-.*.1!
8*<6*! +-&/'>/-+.1! _(+'['2+)*5/-&/D! /-! .+)+/5<'/! ./! PNL@D! *! (-! 815<'/! ./! M@! *:1%! ./! /.*.!
9*'*! /d&+'9*'0/! (-! &(51'! /-! %(! /%9+-*! .1'%*0"! X('*-&/! 0*! 19/'*)+,-D! /0! )+'(Q*-1! ./Q,! 10>+.*.*!
(-*!2*%*!*0'/./.1'!./!0*!)10(5-*!0(5<*'!./0!9*)+/-&/!3D!91'!/001D!8(<1!./!+-&/'>/-+'0/!./!-(/>1!
&'/%! 5/%/%! 5C%! &*'./! 9*'*! '/&+'*'0*"! ?1-! 91%&/'+.*.! *! /%&*! %/2(-.*! 19/'*)+,-D! /0! 9*)+/-&/!
9'/%/-&,!(-*%!%/)(/0*%!+''/>/'%+<0/%!_(/!.+/'1-!0(2*'!*!%(!+-)*9*)+.*.!9/'5*-/-&/!3!./5*-.,!
*0!)+'(Q*-1!(-*!+-./5-+7*)+,-!./!S@A"AAA!/('1%"!
l-! /Q/5901! %/-)+001! *)/')*! ./! _(/! 0*! '/%91-%*<+0+.*.! )+>+0! ./0! 5`.+)1! /%! /d)0(%+>*5/-&/! 91'!
)(09*! /%! /0! '/%(/0&1! 91'! 0*! ]^]H/ 0_H/ 038`2:03H/ #&/ 4/ #&/ =(<N.H/ SOC/ a.>e/ B"+."$./ ]&$E(>/
l,$"+("("! l-! 9*)+/-&/! 8*<6*! %(4'+.1! (-! +-4*'&1! ./! 5+1)*'.+1! 3! 8*<6*! %+.1! +-2'/%*.1! /-! 0*!
(-+.*.! ./! )(+.*.1%! +-&/-%+>1%! ./! 0*! ?06-+)*! E[</'! V*.'+.D! .1-./! %/! 0/! 8*<6*-! 9'*)&+)*.1! (-!
)*&/&/'+%51D!(-*!*-2+190*%&+*!3!%/!0/!8*<6*-!+590*-&*.1!>*'+1%!%-"4-%"!l-*!>/7!/%&*<+0+7*.1D!01%!
5`.+)1%!./)+.+/'1-!%(!&'*%0*.1!*!90*-&*!.1-./!%(4'+,!(-!-(/>1!+-4*'&1D!/%&*!>/7!51'&*0"!B*!>+(.*!
/! 8+Q1%! ./0! 9*)+/-&/! '/)0*5*'1-! *! 0*! )06-+)*! 3! *! %(! *%/2('*.1'*! S@A"AAA! /('1%"! ^;I! 3! R;!
./%/%&+5*'1-!0*!./5*-.*K!o}B~*!9*'*.*!)*'.6*)*!H"""J!-1!/%!./<+.*!*!(-*!5*0*!9'*d+%!5`.+)*!H"""J"!
}B~*!*2'*>*)+,-!/%!+-/>+&*<0/D!3!/%!(-*!)1-%/)(/-)+*!./0!/%&*.1!./0!9*)+/-&/!3!./!0*!.10/-)+*!_(/!
9*./)/!H"""J!_(/!/%!01!%(4+)+/-&/5/-&/!+591'&*-&/!3!2'*>/!3!9(/./!./%2'*)+*.*5/-&/!9'1.()+'!0*!
%+&(*)+,-!./!*(&1%!9/'1!_(/!/-!-+-2[-!51.1!/%!5C%!_(/!*)8*)*<0/!*!0*!9'19+*!/-4/'5/.*.!3!0*%!
)1-%/)(/-)+*%!./%2'*)+*.*%!./!/%&*o!H]XK!P{J"!$0!g=!)1-4+'5,!0*!%/-&/-)+*!./!%/2(-.*!+-%&*-)+*K!
/0!.*:1!-1!8*<6*!%+.1!+59(&*<0/!*0!*)&1!5`.+)1!-+!*0!4(-)+1-*5+/-&1!./0!%/'>+)+1!%*-+&*'+1!H*'&%"!
P#@@!??!3!P@U!gEBFX?lJ"!
B*! '/20*! ./! '/%91-%*<+0+.*.! 91'! -/20+2/-)+*! 9/'5+&/! )1-&'10*'! <+/-! 0*! )*0+.*.! ./! 0*! *)&+>+.*.D!
9/'1! -1! %+/59'/! %(! )*-&+.*.D! /%! ./)+'D! /0! -+>/0! ./! 0*! *)&+>+.*.! 5+%5*"! $%&1! [0&+51! %101! 01!
)1-%+2(/! %+! /-! /0! )*%1! )1-)'/&1! 0*! '/20*! )*9&('*D! *./5C%! ./! 0*%! .+5/-%+1-/%! )(*0+&*&+>*%! ./! 0*!
9'/)*()+,-D!%(%!.+5/-%+1-/%!)(*-&+&*&+>*%!H0*!)*0+.*.!/d+2+<0/!./!0*!*)&+>+.*.D!9/'1!&*5<+`-!%(!
-+>/0!1!)*-&+.*.D!91'!/Q/5901J"!X+)81!%/*!*!51.1!./!/Q/5901K!(-!)+'(Q*-1!)*<*05/-&/!9'/)*>+.1!
19/'*! *! %(%! 9*)+/-&/%! ./! *)(/'.1! )1-! 0*%! '/20*%! ./! 0*! 9'14/%+,-! 5`.+)*D! 0*! )"3$ (#-'%D! 9/'1! -1!
&'*<*Q*! S@! 81'*%! %/2(+.*%! %+-! ./%)*-%*'! /-&'/! 19/'*)+,-! 3! 19/'*)+,-D! %*0>1! /-! )+')(-%&*-)+*%!
/d)/9)+1-*0/%!H2(/''*%D!)*&C%&'14/%D!/9+./5+*%J"
4;/A&>).">(R$-$#(#/.RE&+$D(/./).</<$&>?.;//
B*! )(*'&*! '/20*! /%! 0*! '/%91-%*<+0+.*.! 1<Q/&+>*! 1! 91'! '+/%21D! /-! )(3*! >+'&(.! /0! ./5*-.*.1!
'/%91-./!91'!01%!.*:1%!_(/!8*!)*(%*.1!%+590/5/-&/!91'!8*</'01!8/)81!*(-_(/!-1!8*3*!8*<+.1!
-+-2[-! 2`-/'1! ./! )(09*! 1! -/20+2/-)+*D! /%! ./)+'D! -+-2(-*! +-4'*))+,-! ./! ./</'/%D! -+-2[-!
+-)'/5/-&1!+''*71-*<0/!./!'+/%21%"!
B*!'/%91-%*<+0+.*.!1<Q/&+>*!%/!00*5*D!/-!+-20`%D!%-#'9-$)'(D')'-&K!q'4c,#"#%$6,%-$!(&$H*#$())$(99'7"4-%$
)*%%"%$ -E(-$ -E"&$ 9(,%"r! H=bRc$BBD! I*,47(-'*4%D! 9"! PLNJ"! B1%! *0/5*-/%! 8*<0*-! ./!
V"HmE#7,4@%E(H-,4@S!'/%91-%*<+0+.*.!91'!'+/%21"!Z!01%!+&*0+*-1%!./!#"%!*4%(D')'-`$!"#$#'%9E'*"!$-!
$%9*:*D! *02(-1%! *(&1'/%! /%)'+</-! q'/%91-%*<+0+.*.! 1<Q/&+>*r! 3! 1&'1%! q'/%91-%*<+0+.*.! 91'!
'+/%21r"!$-!/%&/!/m0+<'1!%/!%+2(/!0*!9'+5/'*!)1->/-)+,-"
48
$-! /0! ./'/)81! )159*'*.1! 9'19+1! ./! )(0&('*%! &/)-10,2+)*! 3! /)1-,5+)*5/-&/! *>*-7*.*%D! /0!
)'+&/'+1!5C%!)15[-!./!*.19)+,-!./!0*!'/%91-%*<+0+.*.!1<Q/&+>*!/d+2/!(-*!./)+%+,-!0/2*0!_(/!0*!
+591-2*! 1! (-*! Q('+%9'(./-)+*! /%&*<0/"! $-! /0! ./'/)81! /%9*:10D! 0*! '/20*! 2/-/'*0! ./! ./4/)&1! /-!
./'/)81!9'+>*.1!/%!0*!'/%91-%*<+0+.*.!91'!)(09*!./0!*'&"!PNAS!??!m9/'1D!91'!'*71-/%!8+%&,'+)*%!3!
91'!+-40(/-)+*!./0!./'/)81!./!0*!/d9'19+*)+,-!41'71%*D!0*!'/%91-%*<+0+.*.!1<Q/&+>*!/%!/0!9'+-)+9+1!
2/-/'*0!./0!)(*0!9*'&+,!/0!0/2+%0*.1'!*.5+-+%&'*&+>1!*0!/%&*<0/)/'!0*!'/%91-%*<+0+.*.!9*&'+51-+*0!
./!0*%!*.5+-+%&'*)+1-/%!9[<0+)*%!/-!/0!*'&"!MS!B/3!@AhSAP#D!./!P!./!1)&(<'/D!./!E`2+5/-!^('6.+)1!
./0!=/)&1'!;[<0+)1"!
R%6D! /0! ./'/)81! 9'+>*.1! /%9*:10! 9*'&/! ./! (-! 9'+-)+9+1! 2/-/'*0! ./! '/%91-%*<+0+.*.! 91'! )(09*! 3!
1&'1! ./! '/%91-%*<+0+.*.! 1<Q/&+>*"! =+-! /5<*'21D! 0*! '/%91-%*<+0+.*.! 1<Q/&+>*! )151! 9'+-)+9+1!
2/-/'*0! /%! 9(-&1! 5/-1%! _(/! +59'*)&+)*<0/K! -1! /d90+)*! 0*! '/%91-%*<+0+.*.! 91'! 15+%+,-D! _(/!
%+/59'/!01!/%!91'!+-4'*))+,-!./!./</'/%!./!*)&(*'D!3!/-!0*!5+%5*!9'C)&+)*!Q(.+)+*0!)1&+.+*-*!0*%!
%10()+1-/%! *! 0*%! _(/! 00/2*! 0*! %*0*! &/')/'*! ./0! g'+<(-*0! =(9'/51D! 0*! )(*0! 9*'&/! ./0! /%&C-.*'! ./!
'/%91-%*<+0+.*.!1<Q/&+>*D!%1-!%+5+0*'/%!*!0*%!*.19&*.*%!91'!%(!%*0*!9'+5/'*D!_(/!01!8*)/!./!1&'1!
./!-/20+2/-)+*"!!X+)81!/-!&`'5+-1%!*9'1d+5*.1%D!%/'6*!)1-&'*'+1!*0!<(/-!%/-&+.1!_(/!/0!9*)+/-&/!
./! (-*! )06-+)*! 9'+>*.*! .+%9(%+/'*! [-+)*5/-&/! ./! (-*! 9'/&/-%+,-! 91'! .*:1%! )(091%1%! 5+/-&'*%!
_(/! /0! ./! (-! 81%9+&*0! 9[<0+)1! &(>+/'*! (-*! 9'/&/-%+,-! 91'! '/%91-%*<+0+.*.! 1<Q/&+>*a! 1! _(/! /0!
*0(5-1!./!(-*!/%)(/0*!9'+>*.*!/%&(>+/'*!%(Q/&1!*!(-!'`2+5/-!.+%&+-&1!*0!./!(-*!/%)(/0*!9[<0+)*"!
$%&*!)(/%&+,-D!+-.(.*<0/5/-&/!(-*!./!0*%!5C%!)1590/Q*%!./!/%&/!)('%1D!%/!*-*0+7*'C!*!01!0*'21!./!
>*'+*%! ./! %(%! %/%+1-/%"! \*%&/! *_(6! )1-! ./Q*'! *9(-&*.1! _(/! 01%! .+%&+-&1%! '/265/-/%! ./!
'/%91-%*<+0+.*.! ./</'6*-! /%&*<0/)/'%/! 91'! %/)&1'/%! 1! &+91%! ./! *)&+>+.*.D! 9/'1! -1! 91'! 0*!
)1-.+)+,-D!9[<0+)*!1!9'+>*.*D!./!_(+/-/%!0*!00/>*-!*!)*<1"!?1-!0*%!%*0>/.*./%!_(/!+'/51%!>+/-.1D!
/0!9'+-)+9+1!2/-/'*0!/%!_(/!(-*!*)&+>+.*.!_(/!9(/./-!00/>*'!*!)*<1!&*-&1!*2/-&/%!9[<0+)1%!)151!
9'+>*.1%! 8*! ./! /%&*'! %(Q/&*! *! (-! 5+%51! '`2+5/-! ./! '/%91-%*<+0+.*.! 91'! .*:1%"! R! +2(*0.*.! ./!
*)&+>+.*.!3!./!'+/%21!2/-/'*.1!91'!/00*!)1''/%91-./!+2(*0!/%&C-.*'!./!'/%91-%*<+0+.*.!3D!./%./!
0(/21D! .*.*! (-*! *)&+>+.*.! 5C%! 1! 5/-1%! 9/0+2'1%*! -1! 8*3! -+-2[-! 9'1<0/5*! /-! %(Q/&*'0*! *! (-!
/%&C-.*'!5+d&1D!./!-/20+2/-)+*!3!./!'/%91-%*<+0+.*.!1<Q/&+>*D!)151!/%!/0!)*%1!./!01%!*))+./-&/%!
./! )+')(0*)+,-! H/0! *'&"! P! g/d&1! E/4(-.+.1! ./! 0*! B/3! ./! E/%91-%*<+0+.*.! ?+>+0! 3! =/2('1! /-! 0*!
?+')(0*)+,-! ./! c/86)(01%! *! V1&1'D! *9'1<*.1! 91'! /0! EXB! UhSAA@D! /%&*<0/)/! (-! /%&C-.*'! ./!
-/20+2/-)+*! 9*'*! 01%! *))+./-&/%! )1-! '/%(0&*.1! ./! .*:1%! 5*&/'+*0/%! 3! (-1! ./! '/%91-%*<+0+.*.!
1<Q/&+>*!9*'*!*_(/001%!_(/!)*(%/-!.*:1%!9/'%1-*0/%J"!
B*!'/20*!./!0*!'/%91-%*<+0+.*.!1<Q/&+>*!+-)/-&+>*!*!01%!)*(%*-&/%!91&/-)+*0/%!./!.*:1%!*!*.19&*'!
01%! -+>/0/%! '/_(/'+.1%! ./! 9'/)*()+,-D! 9/'1! -1! +-)/-&+>*! *! %(%! >6)&+5*%! 91&/-)+*0/%! *! *.19&*'!
-+-2[-! 2`-/'1! ./! )(+.*.1! H%+/59'/! _(/! 01%! .*:1%! 9(/.*-! %/'! '/9*'*.1%! %+-! ./5*%+*.1%!
9'1<0/5*%D! 9(/%! 5()81%! -1! 9(/./-! %/'01! )1590/&*5/-&/! 3! *02(-1%! -1! 01! 9(/./-! %/'! ./!
-+-2(-*! 5*-/'*K! %101! %/! 5(/'/! (-*! >/7D! 91'! /Q/5901JD! 9(/%! 91'! .+0+2/-&/! _(/! 8*3*! %+.1! /0!
)*(%*-&/! ./! 01%! .*:1%! /%&/! '/%91-./'C! 91'! 0*%! )1-%/)(/-)+*%! .*:1%*%! _(/! %/! ./'+>/-! ./! %(!
*)&(*)+,-"! R%+5+%51D! 0*! '/%91-%*<+0+.*.! 1<Q/&+>*! 9/'5+&/! )1-&'10*'! -1! %101! 0*! )*0+.*.! ./! 0*!
9'/)*()+,-! ./! 01%! *2/-&/%! ./! *)&+>+.*.D! %+-1! &*5<+`-! %(! -+>/0! 5+%51! ./! *)&+>+.*.D! &*5<+`-! 0*!
)*-&+.*.D!91'!&*-&1D!./!9'/)*()+,-"!!
$-!./'/)81!/%9*:10D!01%!%(9(/%&1%!0/2*0/%!5C%!+591'&*-&/%!./!'/%91-%*<+0+.*.!1<Q/&+>*!%1-K
49
!
R.5+-+%&'*)+1-/%! 9[<0+)*%K! *'&%"! MS! *! ML! B/3! @AhSAP#D! ./! P! ./! 1)&(<'/D! ./! E`2+5/-!
^('6.+)1!./0!=/)&1'!;[<0+)1"!
!
R))+./-&/%! ./! )+')(0*)+,-K! E/*0! X/)'/&1! B/2+%0*&+>1! UhSAA@H/ ./! SN! ./! 1)&(<'/D! 91'! /0!
_(/!%/!*9'(/<*!/0!&/d&1!'/4(-.+.1!./!0*!B/3!%1<'/!'/%91-%*<+0+.*.!)+>+0!3!%/2('1!/-!0*!
)+')(0*)+,-!./!>/86)(01%!*!51&1'"
!
R-+5*0/%K!*'&"!PNA#!??"
!
?*7*K!*'&"!MM"#!B/3!PhPNLAD!./!@!./!*<'+0D!./!)*7*!
!
n<Q/&1%!_(/!%/!*''1Q/-!1!)*+2*-!./!(-*!)*%*K!*'&"!PNPA!??
!
$-/'26*!-()0/*'K!*'&"!@#!B/3!S#hPNO@D!./!SN!./!*<'+0D!%1<'/!/-/'26*!-()0/*'"!
!
V/.+1!*5<+/-&/K!B/3!SOhSAALD!./!SM!./!1)&(<'/D!./!'/%91-%*<+0+.*.!5/.+1*5<+/-&*0"!
!
G*>/2*)+,-!*`'/*K!*'&"!PSA!B/3!@UhPNOAD!./!SP!./!Q(0+1D!%1<'/!-*>/2*)+,-!*`'/*
!
;'1.()&1%!./4/)&(1%1%K!R'&"!P!./!0*!X+'/)&+>*!U#hML@h?$$D!./!S#!./!Q(0+1D!'/0*&+>*!*!0*!
*9'1d+5*)+,-! ./! 0*%! .+%91%+)+1-/%! 0/2*0/%D! '/20*5/-&*'+*%! 3! *.5+-+%&'*&+>*%! ./! 01%!
$%&*.1%! 5+/5<'1%! /-! 5*&/'+*! ./! '/%91-%*<+0+.*.! 91'! 01%! .*:1%! )*(%*.1%! 91'! 01%!
9'1.()&1%!./4/)&(1%1%a!*'&%"!PSU!3!%%"!EXB!PhPAALD!./!PO!./!-1>+/5<'/D!91'!/0!_(/!%/!
*9'(/<*! /0! &/d&1! '/4(-.+.1! ./! 0*! B/3! F/-/'*0! 9*'*! 0*! X/4/-%*! ./! 01%! ?1-%(5+.1'/%! 3!
l%(*'+1%!3!1&'*%!0/3/%!)1590/5/-&*'+*%"
!
E/%91-%*<+0+.*.!./0!9'19+/&*'+1!91'!01%!8(51%!/d)/%+>1%!-1)+>1%!9*'*!0*%!9/'%1-*%!1!
0*%!9'19+/.*./%!3!)*6.*!./!C'<10/%!)101)*.1%!/-!%+&+1%!./!&'C-%+&1K!*'&"!PNAU"!S{!3!M{!??"!
]^]H/0_H/580`2::7H/#&/28/#&/=(F.H/SOC/P"%(<"(%$G"/A.%(/^<*(>;/
^1%`!R(2(%&1!&'*<*Q*<*!)151!'/&`-!./!+-)/-.+1%!41'/%&*0/%!9*'*!qgERF=RrD!%1)+/.*.!_(/!8*<6*!
)1-&'*&*.1!)1-!qb$BI?=Rr!01%!5/.+1%!*`'/1%!9*'*!0*!)*59*:*!PNNPmNS"!$0!PU"N"PNNSD!*!)*(%*!./!
(-*! &1'5/-&*D! /0! 8/0+),9&/'1! _(/! &'*-%91'&*<*! *! ^1%`! R(2(%&1! %/! >+1! *4/)&*.1! 91'! (-*!
&('<(0/-)+*D! )81),! )1-&'*! 0*! 0*./'*! ./! (-*! 51-&*:*! 3! %/! +-)/-.+,"! ?151! )1-%/)(/-)+*! ./0!
*))+./-&/D!^1%`!R(2(%&1!'/%(0&,!8/'+.1!3!%(4'+,!(-*!+-)*9*)+.*.!9/'5*-/-&/!&1&*0"
^1%`! R(2(%&1! ./5*-.,! *! qb$BI?=Rr! 3! *! %(! *%/2('*.1'*D! qR00+*-7rD! /-! %10+)+&(.! ./! (-*!
+-./5-+7*)+,-!./!PM#"A@ADAM!ê"
$0! ^;I! ./! ;(')8/-*! HSM"N"PNNUJ! /%&+5,! 0*! ./5*-.*"! B*! R;! ./! R05/'6*! H=/))+,-! SÄD! MP"M"SAAAJ!
/%&+5,!/-!9*'&/!/0!'/)('%1!./!*9/0*)+,-!./!01%!./5*-.*.1%D!)1-./-C-.10/%!*!9*2*'!PU"AMADMO!ê"
$0! g=! /%&+5,! /-! 9*'&/! /0! '/)('%1! ./! )*%*)+,-! +-&/'9(/%&1! 91'! ^1%`! R(2(%&1! /! +-)'/5/-&,! /0!
+591'&/! ./! 0*! +-./5-+7*)+,-! *! SP"AM#"@S! ê"! =+! <+/-! /0! *))+./-&/! *`'/1! )1-%&+&(3,! (-! )*%1!
50
41'&(+&1D! %1%&(>1! /0! g'+<(-*0D! /0! &'*-%91'&+%&*! /%&C! %(Q/&1! *! (-! '`2+5/-! ./! '/%91-%*<+0+.*.!
1<Q/&+>*!)1-!0+5+&*)+,-!./0!_(*-&(5!+-./5-+7*&1'+1!_(/!-1!*.5+&/!51./'*)+,-!*02(-*!91'!01%!
&'+<(-*0/%!H*'&"!PSA!B/3!./!G*>/2*)+,-!R`'/*J"
?159C'/%/!/%&*!'/%10()+,-!)1-!0*!]^]H/0_H/595`2:02H/#&/23/#&/.%+,R<&H/SOC/c<("%$>%./S(<*"/
'(>+J"K!/0!./5*-.*-&/D!*9'/-.+7!./!9+01&1D!'/%(0&,!8/'+.1!/-!(-!*))+./-&/!1)(''+.1!.('*-&/!(-!
/d*5/-!./!>(/01!5+/-&'*%!1&'1!*%9+'*-&/!/%&*<*!*!01%!5*-.1%D!-1!1<&(>1!+-./5-+7*)+,-!*0!-1!
%/'!)1-%+./'*.1!9*%*Q/'1"!$0!&'+<(-*0!)1-)0(3,!_(/!q0*!*%(-)+,-!./0!'+/%21!./!>10*'!&+/-/!5()8*!
5C%! +-&/-%+.*.! 9*'*! 01%! *%9+'*-&/%! *! 0*! 0+)/-)+*! _(/! 9*'*! 01%! 9*%*Q/'1%! ./! 06-/*%! *`'/*%! 1!
*/'1-*>/%! *(&1'+7*.*%! 9*'*! /0! &'*-%91'&/! ./! >+*Q/'1%D! 3*! _(/! 5+/-&'*%! _(/! /-! /0! &'*-%91'&/! 0*!
'/20*!2/-/'*0!/%!/>+&*'!5*-+1<'*%!*''+/%2*.*%D!/-!)*5<+1!0*!/-%/:*-7*!./0!>(/01!3!01%!/dC5/-/%!
)1''/%91-.+/-&/%! )1591'&*-! 91'! %6! 5*-+1<'*%! _(/! %+5(0/-! %+&(*)+1-/%! *9('*.*%! H|J"! =/!
9'1.()/!*%6!H|J!(-*!*%(-)+,-!./!'+/%21%!)159*'&+.1%!91'!&1.1%!01%!&'+9(0*-&/%!./!0*!*/'1-*>/!
_(/!-1!9/'5+&/!+591-/'!*!%(!9'19+/&*'+*!H|J!(-!'`2+5/-!./!'/%91-%*<+0+.*.!1<Q/&+>*r!H]X!M{J"!
B*!.+4/'/-)+*!./!)'+&/'+1%!%/!/d90+)*!%+!%/!&+/-/!/-!)(/-&*!0*!.1)&'+-*!./0!'+/%21!./0!9'14/%+1-*0!
_(/!8/51%!/d9(/%&1!5C%!*''+<*!/-!/%&/!5+%51!)*96&(01"
]^]H/0_H/0243`2::7H/#&/4/#&/#$%$&=R<&H/SOC/c<("%$>%./S(<*"/'(>+J";
$0!SP"L"PNUND!(-*!5(Q/'!./!O#!*:1%!./!/.*.D!4*00/)+,!)151!)1-%/)(/-)+*!./!%/'!2109/*.*!/-!0*!
)*</7*!91'!(-*!5*)/&*!_(/D!.('*-&/!(-!4(/'&/!&/591'*0!./!>+/-&1D!)*3,!./%./!/0!_(+-&1!9+%1!./!
(-! +-5(/<0/! ./! V*.'+."! B*! 9'19+/&*'+*! 8*<6*! .*.1! /-! *''+/-.1! /0! +-5(/<0/! *! ?*'+-*! 3! &/-6*!
)1-&'*&*.1!(-!%/2('1!5(0&+''+/%21!./!)15(-+.*./%!./!9'19+/&*'+1%!)1-!qRF]!l-+,-!]`-+dD!="R"r"!
\/'-*'.1D!>+(.1!./!0*!4*00/)+.*D!./5*-.,!*!E15/1D!B(+%!$-'+_(/!3!B1('./%D!>+(.1!/!8+Q1%!./!0*!
9'19+/&*'+*! ./0! 9+%1D! qRF]! l-+,-! ]`-+dD! ="R"r! 3! ?*'+-*D! *''/-.*&*'+*! ./0! 9+%1D! 3! %10+)+&,! (-*!
+-./5-+7*)+,-!./!NA"P#PDUS!ê"
$0! ^;I! -[5"! #U! ./! V*.'+.! HPP"L"PNNLJ! /%&+5,! /-! 9*'&/! 0*! ./5*-.*D! )1-./-,! *! ?*'+-*! *! 9*2*'!
@U"AUADNL! ê! 3! *<%10>+,! *0! '/%&1! ./! ./5*-.*.1%"! B*! R;! ./! V*.'+.! H=/))+,-! PMÄD! PS"L"SAAAJ!
./%/%&+5,!/0!'/)('%1!./!*9/0*)+,-!+-&/'9(/%&1!91'!?*'+-*!3!/%&+5,!/0!./!\/'-*'.1!/-!/0!%/-&+.1!
./!)1-./-*'!*!&1.1%!01%!./5*-.*.1%!*!9*2*'!OA"PAPDSP!ê"!
$0! g=! /%&+5,! 01%! '/)('%1%! ./! )*%*)+,-! +-&/'9(/%&1%! 91'! E15/1D! B(+%! $-'+_(/D! B1('./%! 3! 0*!
*%/2('*.1'*D!*!_(+/-/%!*<%10>+,"!B*!9'19+/&*'+*!-1!8*<6*!+-)(''+.1!/-!-/20+2/-)+*!91'!-1!8*</'!
*.>/'&+.1! *! 0*! +-_(+0+-*! ./0! 9/0+2'1! _(/! '/9'/%/-&*<*-! 0*%! 5*)/&*%D! 9(/%! /d+2+'0/! &*0! ./</'!
%(91-.'6*!qH"""J!0*!+591%+)+,-!*0!9'19+/&*'+1m*''/-.*.1'!./!(-!/d*)/'<*.1!./</'!./!>+2+0*-)+*!1!
%(9/'>+%+,-!/-!0*!)1-.()&*!./0!+-_(+0+-1r!H]X!S{J"!$-!&`'5+-1%!Q('6.+)1%D!/%&*!.1)&'+-*!%/!/d90+)*!
%+!%/!&+/-/!/-!)(/-&*!_(/!/0!91%//.1'!+-5/.+*&1!./0!9+%1!1!01)*0!/%!/0!+-_(+0+-1D!-1!/0!9'19+/&*'+1!
*''/-.*.1'"! Z! /-! &`'5+-1%! /)1-,5+)1%D! /0! )1%&/! ./! />+&*'! /0! .*:1! /%! 5(3! '/.()+.1! 9*'*! /0!
+-_(+0+-1D! 5()81! 5C%! /0/>*.1! 9*'*! /0! 9'19+/&*'+1D! _(+/-D! ./! /-&'*.*! 3! /-! ./4/)&1! ./! 9*)&1D!
)*'/)/!./!0+<'/!*))/%1!*!0*%!>+>+/-.*%!_(/!*0_(+0/D!%+-!9/'5+%1!./0!*''/-.*&*'+1"!e;1'!_(`!-1!%/!
*90+)*! 0*! 5+%5*! .1)&'+-*! *! (-! /%&*<0/)+5+/-&1! 81&/0/'1! %+! (-1! ./! 01%! 8(`%9/./%! ./0! 81&/0! ./Q*!
)*/'!1!*''1Q*!(-!1<Q/&1!91'!/0!<*0),-!3!*02(+/-!'/%(0&*!8/'+.1f
51
5;/'."+$",$#(#/#&/-(>/<&?-(>/#&/<&>).">(R$-$#(#;/A&>).">(R$-$#(#/
(R>.-,+(//
B*! /d91%+)+,-! %()+-&*! ./! )(*&'1! 2'*-./%! '/20*%! ./! '/%91-%*<+0+.*.! )+>+0! m*(%/-)+*! ./!
'/%91-%*<+0+.*.D! '/%91-%*<+0+.*.! 91'! .101D! '/%91-%*<+0+.*.! 91'! -/20+2/-)+*! 3! '/%91-%*<+0+.*.!
1<Q/&+>*m!9/'5+&/!1'./-*'!*!%(!>/7!0*!/d91%+)+,-!./0!./'/)81!/%9*:10!./!0*!'/%91-%*<+0+.*.!)+>+0!
_(/!%/!*./)(*!%(%&*-)+*05/-&/!*!/%*%!)(*&'1!2'*-./%!'/20*%"!
!
=+-! /5<*'21D! -1! 8*3! .+%)1-&+-(+.*./%! /-&'/! 0*%! )(*&'1! '/20*%D! 9(/%! 0*! &'*-%+)+,-! /-&'/! 01%!
%(9(/%&1%! ./! 8/)81! ./! )*.*! (-*! ./! /00*%! /%! 5C%! 2'*.(*0! _(/! )*&/2,'+)*"! R%6D! 0*! '/20*! ./! 0*!
*(%/-)+*! ./! '/%91-%*<+0+.*.! 9*'&/! ./! (-! 9'+-)+9+1! 2/-/'*0! ./! 0+</'&*.D! 9/'1! /%&*! -1! 9(/./!
/Q/')/'%/! ./! 51.1! *<(%+>1D! /-! 9*'&+)(0*'D! )(*-.1! /0! *<(%1! /%! .101%1! 3! %/! )/<*! /-! 9/'%1-*%! (!
1'2*-+7*)+1-/%! ./&/'5+-*.*%"! $0! .101! 0+5+&*! *%6! 71-*%! 2'+%/%! ./! +-40(/-)+*! ./! 0*! '/20*! ./!
*(%/-)+*!./!'/%91-%*<+0+.*."!
I2(*05/-&/!0*!'/20*!./!0*!'/%91-%*<+0+.*.!91'!.101!0+5+&*!)1-!0*!'/20*!./!0*!-/20+2/-)+*!/-!1&'*!
71-*! 2'+%K! /0! .101! />/-&(*0! 1! 0*! '/%91-%*<+0+.*.! 91'! )(09*! 2'*>/D! 9,)!($ )(-(D! /! +-)0(%1! 01%!
'15*-+%&*%! 00/>*-! %+201%! /-%/:C-.1-1%! _(/! 0*%! 4'1-&/'*%! /-&'/! 0*! 9,)!($ )(-'*#! 3! /0! .101! %1-!
/d&'*1'.+-*'+*5/-&/! .+4(%*%D! /%! 0*! #"9J)"%%4"%%! ./0! /*66*4$ =(>D! 0*! ./%)1-%+./'*)+,-! 9('*! 3!
%+590/"!;*'*!0*!'/20*!./!0*!-/20+2/-)+*!2'*>/D!>`*%/!)*96&(01!MD!/962'*4/!U"!
B(/21D! 0*! '/20*! ./! 0*! -/20+2/-)+*! %/! %10*9*! )1-! 0*! ./! 0*! '/%91-%*<+0+.*.! 1<Q/&+>*D! 3! `%&*! )1-!
*_(`00*D!*0!5/-1%!91'!.1%!'*71-/%K!/-!9'+5/'!0(2*'D!)1-!4'/)(/-)+*!%/!9'/%(5/!0*!-/20+2/-)+*!3!
0*! )*'2*! ./! 9'1<*'! %(! *(%/-)+*! 9(/./! '/%(0&*'! 5(3! 2'*>1%*! ./! %1<'/00/>*'D! )1-! 01! )(*0! /0!
'`2+5/-! 0/2*0! 9'C)&+)1! /%! ./! '/%91-%*<+0+.*.! 1<Q/&+>*D! 1D! *0! '/>`%D! %/! 0+5+&*! )1-! )'+&/'+1%! ./!
+59(&*)+,-!1<Q/&+>*!0*!'/%91-%*<+0+.*.!1<Q/&+>*!3!/-!*02(-1%!)*%1%!`%&*!./>+/-/!+-.+%&+-2(+<0/!
./!0*!'/%91-%*<+0+.*.!91'!-/20+2/-)+*"!
]+-*05/-&/D!/0!/%9*)+1!/d&/'+1'!*!0*!'/%91-%*<+0+.*.!1<Q/&+>*!/%!&*5<+`-!.+46)+0!./!./0+5+&*'!9(/%!
/-!<*%&*-&/%!)*%1%!/0!./'/)81!)159*'*.1!3!/0!/%9*:10!-1!%101!9'/%)+-./-!./!0*!'/0/>*-)+*!./!0*!
-/20+2/-)+*! ./0! )*(%*-&/! ./0! .*:1! %+-1! _(/! 00/2*-! *! 9'/%)+-.+'! &*5<+`-D! *0! 5/-1%!
9'/%(-&+>*5/-&/D!./!0*!/d+2/-)+*!./!9'(/<*!./!0*!'/0*)+,-!./!)*(%*0+.*.D!)(*-.1!%/!&'*&*!./!0*!
'/%91-%*<+0+.*.! ./! )1-.()&*%! &69+)*%! )1-! 0*%! )(*0/%! %/! *%1)+*! -1'5*05/-&/! 0*! 9'1.())+,-! ./0!
/4/)&1!.*:1%1!H)1-&*5+-*)+,-D!)1-&*2+1|J"!$-!/0!065+&/D!/%&C-!01%!%(9(/%&1%!./!'/%91-%*<+0+.*.!
*<%10(&*!_(/D!/-!&1.1!)*%1D!./</-!%/'!*-*0+7*.1%!)1-!5()8*!9'(./-)+*D!9(/%!9(/./-!./2/-/'*'!
/-!(-!./'/)81!./!*(&1'"!G+!%+_(+/'*!/-!(-1!./!*)&1%!%+!0*!/d/-)+,-!./!0*!9'(/<*!./!0*!)*(%*0+.*.!
%/!/d&+/-./!*!0*!'/*0+7*)+,-!./!0*!)1-.()&*!5+%5*"!$0!./'/)81!9('1!./0!*(&1'!-1!/%!&*0D!/%!%101!
(-*!9/'>/'%+,-"!
$-! 0*! '/%91-%*<+0+.*.! 1<Q/&+>*! %/! 9'/%)+-./! ./! 0*! -/20+2/-)+*D! /%! ./)+'D! ./! 0*! +-4'*))+,-! ./!
./</'/%!./!)(+.*.1!3!%/!'/%91-./D!)151!8/51%!.+)81D!91'!0*!%+590/!)*(%*)+,-!./!(-!.*:1"!$-!0*!
'/%91-%*<+0+.*.!*<%10(&*!%/!9'/%)+-./!-1!%101!./!0*!-/20+2/-)+*!%+-1!&*5<+`-!./!0*!'/0*)+,-!./!
)*(%*0+.*.!/-&'/!0*!)1-.()&*!./0!./5*-.*.1!3!/0!.*:1D!./!5*-/'*!_(/!/0!*2/-&/!'/%91-./!91'!0*!
5/'*!'/*0+7*)+,-!./!(-*!*)&+>+.*.!&69+)*"
B1%! 0/)&1'/%! +-&/'/%*.1%! /-! /0! ./%0+-./! /-&'/! 0*%! '/20*%! ./! '/%91-%*<+0+.*.! 91'! -/20+2/-)+*! 3!
'/%91-%*<+0+.*.!1<Q/&+>*D!9(/./-!)1-%(0&*'!0*!=g=D!PÄD!PU#LhSAPOD!./!PU!./!5*'71!HE^!NUM@J"!$-!
52
/0! )*%1D! /0! ./5*-.*-&/D! )0+/-&/! ./! 0*! .+%)1&/)*! /d901&*.*! 91'! 0*! )159*:6*! ./5*-.*.*D! 8*<6*!
%(4'+.1! 0/%+1-/%! *0! 9+%*'! (-! )'+%&*0! '1&1! /-! 0*! /-&'*.*! ./! 01%! <*:1%! ./0! 01)*0! 3! '/)0*5*<*! (-*!
+-./5-+7*)+,-!./!PP"MNMDNPê"!c`*-%/!01%!4(-.*5/-&1%!./!./'/)81!#{!3!O{!H91-/-&/K!]/'-*-.1!
;*-&*0/,-JK!!
!
q!}B~*!1<Q/)+,-!./!41-.1!_(/!0*!)159*:6*!V*)(5<*!.+'+2/D!/-!%(!'/)('%1!./!*9/0*)+,-D!)1-&'*!0*!
'/%10()+,-! ./0! ^(72*.1!($ +,*!%(%)+&*! 0*%! +591'&*-&/%! )(/%&+1-/%! ./! %+! 0*! '/%91-%*<+0+.*.! )+>+0!
/d&'*)1-&'*)&(*0!/%D!3!/-!_(`!5/.+.*D!%(<Q/&+>*!1!91'!)(09*!(!1<Q/&+>*!1!91'!'+/%21a!./!)(C0!%/*!/0!
-+>/0!./!9/'+)+*!3!.+0+2/-)+*!/d+2+<0/%!9*'*!-1!+-)(''+'!/-!)(09*a!3!./!0*!.+%&'+<()+,-!./!0*!)*'2*!
./!9'(/<*!%1<'/!0*!/d+%&/-)+*!1!-1!./!)(09*!H|J!!
R!0*!0(7!./!01%!.*&1%!-1'5*&+>1%!3!0*!5(3!-(&'+.*!.1)&'+-*!Q('+%9'(./-)+*0!_(/D!.('*-&/!0*![0&+5*!
.`)*.*D! 8*! /%&*<0/)+.1! /%&*! =*0*! %1<'/! 0*%! /d9'/%*.*%! )(/%&+1-/%! }/-&'/! 5()8*%! H|J! ==g=!
#OOhSAP#D! ./! SM! ./! 1)&(<'/! HE/)"! SSPMhSAPMJ! H|J! 3!OMNhSAP#D! ./! M! ./! .+)+/5<'/! HE/)"!
##UhSAP@J!H|J~D!0*%!&/%+%!/%/-)+*0/%!*0!'/%9/)&1!9(/./-!/-(-)+*'%/!)151!%+2(/K!
P"! B*! )'/*)+,-! ./! (-! '+/%21D! ./0! _(/! /0! '/%(0&*.1! .*:1%1! %/*! '/*0+7*)+,-D! -1! /%! /0/5/-&1!
%(4+)+/-&/!9*'*!+591-/'!'/%91-%*<+0+.*.!H1<Q/&+>*!1!91'!'+/%21JD!-+!%+_(+/'*!)(*-.1!0*!*)&+>+.*.!
2/-/'*.1'*! ./0! '+/%21! %/*! 4(/-&/! ./! 0()'1! 1! </-/4+)+1! 9*'*! _(+/-! 0*! ./%/59/:*"! =/! '/_(+/'/D!
*./5C%D!0*!)1-)(''/-)+*!./0!/0/5/-&1!./!0*!)(09*!H'/%91-%*<+0+.*.!%(<Q/&+>*JD!_(/!%+2(/!%+/-.1!
<C%+)1! /-! -(/%&'1! X/'/)81! 91%+&+>1! *! &/-1'! ./! 01! 9'/)/9&(*.1! /-! /0!*'&6)(01! PNAS! ??! HBR! B$Z!
PhPUUNJ!D!/0!)(*0!-1!*.5+&/!1&'*%!/d)/9)+1-/%!_(/!*_(/00*%!_(/!%/!8*00/-!9'/>+%&*%!/-!0*!B/3!H|J!
S"!B*!*9'/)+*)+,-!./!0*!)(09*!/%!(-*!>*01'*)+,-!Q('6.+)*!'/%(0&*-&/!./!(-*!)159*'*)+,-!/-&'/!/0!
)1591'&*5+/-&1! )*(%*-&/! ./0! .*:1! 3! /0! '/_(/'+.1! 91'! /0! 1'./-*5+/-&1"! ?1-%&+&(3/! )(09*! (-!
)1591'&*5+/-&1!_(/!-1!/%!)1-41'5/!*!01%!)C-1-/%!1!/%&C-.*'/%!./!9/'+)+*!3!.+0+2/-)+*!/d+2+<0/%!
%/2[-! 0*%! )+')(-%&*-)+*%! ./! 0*%! 9/'%1-*%D! ./0! &+/591! 3! ./0! 0(2*'"! $0! 5/'1! )(590+5+/-&1! ./! 0*%!
-1'5*%! '/20*5/-&*'+*%! ./! )(+.*.1! -1! /d)0(3/D! 91'! %6! %101D! /0! ./-15+-*.1! ì'/9'1)8/!
)(09*<+06%&+)1î"!
M"! $0! '+/%21! -1! /%! (-! )1-)/9&1! (-+&*'+1D! %+-1! 2'*.(*<0/D! _(/! 9(/./! 9'/%/-&*'%/! )1-! .+>/'%*!
/-&+.*.a! 3! /001! &+/-/! '/0/>*-)+*! 9*'*! 0*! 91-./'*)+,-! ./0! -+>/0! ./! .+0+2/-)+*! '/_(/'+.1"! G1! )*</!
)1-%+./'*'!/d+2+<0/!(-*!9/'+)+*!/d&'/5*!3!(-*!.+0+2/-)+*!/d_(+%+&*D!)(*-.1!%/*!-1'5*0!/0!'+/%21!
)'/*.1! 91'! 0*! )1-.()&*! )*(%*-&/! ./0! .*:1"! B*! )'/*)+,-! ./! (-! '+/%21! %(9/'+1'! *0! -1'5*0! m/0!
./%/59/:1! ./! (-*! *)&+>+.*.! 9/0+2'1%*m! '/)0*5*D! /59/'1D! (-*! /0/>*)+,-! 9'191')+1-*.*! ./! 01%!
/%&C-.*'/%!./!9/'+)+*!3!.+0+2/-)+*!H|J!
@"!$0!)*'C)&/'!*-1'5*05/-&/!9/0+2'1%1!./!0*!*)&+>+.*.!)*(%*-&/!./0!.*:1!m/0!_(/!0*!5+%5*!2/-/'/!
(-! '+/%21! /d&'*1'.+-*'+1! ./! )*(%*'! .*:1! *! 1&'1m! 9(/./! Q(%&+4+)*'! 0*! +591%+)+,-D! *! _(+/-! 0*!
./%/59/:*D!./!0*!)*'2*!./!9'1<*'!%(!4*0&*!./!)(09*"!;*'*!0*%!*)&+>+.*./%!_(/!-1!_(/.*!)*0+4+)*'!
./! *-1'5*05/-&/! 9/0+2'1%*%D! '/2+'C-! 0*%! -1'5*%! 2/-/'*0/%! ./0!*'&6)(01! SPL! B$?! HBR! B$Z!
#UhSAAAJ!"! X/0! &/-1'! ./0!*'&6)(01! PNAS! ??! HBR! B$Z! PhPUUNJ!D! /-! '/0*)+,-! )1-! /0!*'&6)(01! SPL"S!
B$?! HBR! B$Z! #UhSAAAJ!D! %/! ./%9'/-./! _(/! )1''/%91-./! *0! .*:*.1! ./5*-.*-&/! 0*! )*'2*! ./! 0*!
9'(/<*!./!0*!)(09*!./0!)*(%*-&/!./0!.*:1!./5*-.*.1"!G1!%/'C!*%6D!)(*-.1!ì(-*!.+%91%+)+,-!0/2*0!
/d9'/%*î! H!*'&"! SPL"O! B$?! HBR! B$Z! #UhSAAAJ!J! +591-2*! *0! ./5*-.*.1! 0*! )*'2*! ./! 9'1<*'! _(/!
8+71!)(*-&1!0/!/'*!/d+2+<0/!9*'*!9'/>/-+'!/0!.*:1a!1!)(*-.1!&*0!+->/'%+,-!./!0*!)*'2*!./!0*!9'(/<*!
>/-2*! '/)0*5*.*! 91'! 01%! 9'+-)+9+1%! ./! ì.+%91-+<+0+.*.! 3! 4*)+0+.*.! 9'1<*&1'+*î! *! 01%! _(/! %/!
'/4+/'/!/0!*'&6)(01!SPL"L!B$?!HBR!B$Z!#UhSAAAJ!"!
#"! $-! *90+)*)+,-! ./! 01! .+%9(/%&1! /-! /0!*'&6)(01! MUO! B$?! HBR! B$Z! #UhSAAAJ!D! /0! &'+<(-*0! 91.'C!
+59(&*'! *! )(09*! ./0! ./5*-.*.1! /0! '/%(0&*.1! .*:1%1! *)*/)+.1D! )(*-.1D! 91'! 0*%! /%9/)+*0/%!
)*'*)&/'6%&+)*%!./!`%&/!3!)1-41'5/!*!(-*!5Cd+5*!./!0*!/d9/'+/-)+*D!9/'&/-/7)*!*!(-*!)*&/21'6*!
./! '/%(0&*.1%! _(/! &69+)*5/-&/! %/! 9'1.(7)*-! H%/*-! '/*0+7*)+,-! ./! (-! '+/%21! )'/*.1J! 91'!
53
+59/'+)+*! 1! -/20+2/-)+*D! 3! -1! 9'191')+1-/! /0! ./5*-.*.1! *0! &'+<(-*0! (-*! /d90+)*)+,-! )*(%*0! ./!
/%/!'/%(0&*.1!.*:1%1!_(/D!)151!/d)/9)+,-!*!*_(/00*!5Cd+5*D!/d)0(3*!0*!)(09*!91'!%(!9*'&/r"!
!
!
54
'()*+,-./3/
n&?-$?&"%$(/V@WC/'$<%,">+("%$(>/#&/-(/"&?-$?&"%$(/
!
!
P"!B*!-/20+2/-)+*!)151!+-4'*))+,-!./!./</'/%!./!9'/)*()+,-!"""""""""""""""""""""""""""""""""""""""""!##!
S"!X/!01%!)*%1%!)0*'1%!./!-/20+2/-)+*!*!01%!)1590/Q1%D!.+46)+0/%!3!.+%)(&+<0/%!3!./!
`%&1%D!*!*_(/001%!/-!01%!)(*0/%!-1!8*3!'/%91-%*<+0+.*.!91'!-/20+2/-)+*!"""""""""""""""""""""!#L!
M"!?+')(-%&*-)+*%!9/'%1-*0/%!./0!./5*-.*.1!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!OS!
M"P"!$.*.!3!/%&*.1!./!%*0(.!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!OS!
M"S"!E/%91-%*<+0+.*.!)+>+0!./!+-)*9*)/%!3!5/-1'/%!/-!./'/)81!/%9*:10!"""""""""!OM!
M"S"!V*&/'+*0!)1590/5/-&*'+1K!/.*.D!%*0(.!3!'/%91-%*<+0+.*.!)+>+0!/-!/0!
./'/)81!)159*'*.1!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!O#!
@"!E+_(/7*!./0!./5*-.*.1!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!OL!
#"!?1-1)+5+/-&1%!/%9/)+*0/%!3!8*<+0+.*./%!9*'&+)(0*'/%!./0!./5*-.*.1!""""""""""""""""""!OU!
O"!?+')(-%&*-)+*%!9/'%1-*0/%!./!0*!>6)&+5*!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!ON!
L"!=+&(*)+1-/%!./!9/0+2'1!_(/!'/_(+/'/-!*))+,-!+-5/.+*&*K!8,77"4$26"#@"49&$
7*9-#'4"!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!LA!
U"!G/20+2/-)+*!2'*>/"!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!LP!
!
0;/K(/"&?-$?&"%$(/%.=./$"I<(%%$G"/#&/#&R&<&>/#&/)<&%(,%$G"/
q$0!'/&1'-1!*!0*!)(09*!)151!)'+&/'+1!./!+59(&*)+,-K!q/0!g'+<(-*0!=(9'/51!8*!>(/0&1!*!01%!
)'+&/'+1%! ./! +59(&*)+,-! %(<Q/&+>*r! }*! 0*! )(09*! )151! )'+&/'+1! 2/-/'*0! 91'! 191%+)+,-! *! 0*!
'/%91-%*<+0+.*.!1<Q/&+>*~"
! !
!
$-)*'-*!En?R!gEIR=hV,-+)*!GRcREEn!VI?b$BD!."#"9E*$7"$7(_*%D!OÄ!
/."D!SAPPD!99"!SLmSU
$0!*'&6)(01!PNAS!./0!),.+21!)+>+0!/%9*:10!./!PUUN!.+)/K!q/0!_(/!91'!*))+,-!(!15+%+,-!)*(%*!.*:1!*!
1&'1D! +-&/'>+-+/-.1! )(09*! 1! -/20+2/-)+*D! /%&C! 1<0+2*.1! *! '/9*'*'! /0! .*:1! )*(%*.1r"! $0! >+/Q1!
9'/)/9&1!./0!),.+21!)+>+0!9'/%(91-/!*%6!(-!)1-)/9&1!./!-/20+2/-)+*!_(/!-1!./4+-/"!
$-! 0*! Q('+%9'(./-)+*! 3! 0*! .1)&'+-*D! &*-&1! /%9*:10*%! )151! )159*'*.*%D! -/20+2/-)+*! %/! ./4+-/!
)151! +-4'*))+,-! ./! ./</'/%! ./! 9'/)*()+,-! 1! ./! )(+.*.1! 1D! %+! %/! 9'/4+/'/D! )151! +-)'/5/-&1!
+''*71-*<0/!./0!'+/%21"!
55
B*!0/3D!01%!'/20*5/-&1%!1!01%!&'+<(-*0/%!/%9/)+4+)*-!-+>/0/%!'*71-*<0/%!./!9'/)*()+,-!1!)(+.*.1!
9*'*! &*0/%! 1! )(*0/%! *)&+>+.*./%! 8(5*-*%D! )(3*! +-1<%/'>*-)+*! 91'! 9*'&/! ./0! )*(%*-&/! ./! .*:1%!
00/>*'C!*!_(/!8*3*!./!*%(5+'01%!3!)159/-%*'!*!0*!>6)&+5*!1!*0!9/'Q(.+)*.1"
B*! Q('+%9'(./-)+*! 9*'&/! %+/59'/! ./! 0*! '/%10()+,-! ./! (-! )*%1! )1-)'/&1! 3! 9*'*! 8*)/'01! 91-/! ./!
5*-+4+/%&1!)(*0/%!%1-!01%!)'+&/'+1%!-1'5*&+>1%!/-!>+'&(.!./!01%!)(*0/%!Q(72*!_(/!0*!)1-.()&*!./0!
./5*-.*.1!+-4'+-2+,!1!-1!./</'/%!./!)(+.*.1!)(31!)(590+5+/-&1!/'*!1!-1!/d+2+<0/!/-!/0!C5<+&1!
./!0*!*)&+>+.*.!_(/!8*<6*!00/>*.1!*!)*<1"!
R%6D! 91'! /Q/5901D! /0! )*%1/ ./! 0*! ]^]H/ 0_H/ 679`2:0:H/ #&/ 0:/ #&/ #$%$&=R<&H/ SOC/ a.>e/ B"+."$./
]&$E(>/l,$"+("(H/'/%(/0>/!(-!%(9(/%&1!./!'/%91-%*<+0+.*.!)+>+0!5`.+)*!91'!/''1'!./!.+*2-,%&+)1!
3D! *0! 8*)/'01D! +./-&+4+)*! (-! ./</'! ./! 9'/)*()+,-! ./0! 5`.+)1! 2/-/'*0! )1-%+%&/-&/! /-! 0*! '/5+%+,-!
./0!9*)+/-&/!*!(-!4*)(0&*&+>1!/%9/)+*0+%&*!*-&/!./&/'5+-*.*%!%+-&15*&10126*%"
$0! PS"PS"PNNOD! $>*! %/! %+-&+,! %[<+&*5/-&/! /-4/'5*D! 9/'.+,! /0! 8*<0*D! %+-&+,! )1%_(+00/1%! )1-!
*.1'5/)+5+/-&1! 3! 9`'.+.*! ./! 0*! 4(/'7*! /-! /0! <'*71! ./'/)81"! R)(.+,! *0! b1%9+&*0! F/-/'*0! ./!
?*'*-7*D!.1-./!4(/!*&/-.+.*!./!('2/-)+*%!91'!/0!5`.+)1!./!2(*'.+*!;61D!_(+/-!0/!.+*2-1%&+),!(-*!
<*Q*.*!./!*7[)*'D!0/!+-3/)&,!20()1%*!3!0/!.+1!./!*0&*"!g'/%!.6*%!./%9(`%D!$>*!>10>+,!*!9'/%/-&*'!01%!
5+%51%!%6-&15*%!3!*)(.+,!-(/>*5/-&/!*0!5+%51!%/'>+)+1!./!('2/-)+*%D!.1-./!4(/!*&/-.+.*!91'!
/0! .1)&1'! B(+%! V+2(/0D! _(+/-! 1'./-,! %(! +-2'/%1"! $-! 0*! 5*.'(2*.*! ./0! .6*! %+2(+/-&/D! *-&/! 0*!
%+&(*)+,-! ./! 0*! 9*)+/-&/D! /0! .1)&1'! ?*'01%! ./)+.+,! &'*%0*.*'0*! *! (-! -(/>1! )/-&'1! 81%9+&*0*'+1!
.1-./! %/! 0/! 9(.1! '/*0+7*'! (-! gR?"! $-! /0! -(/>1! )/-&'1! %/! 0/! .+*2-1%&+),! (-! +-4*'&1! +%_(`5+)1!
)/'/<'*0"!?151!)1-%/)(/-)+*!./!/001D!$>*!_(/.,!)1-!(-*!*4*%+*!./!&+91!51&1'D!9'1<0/5*%!/-!/0!
8*<0*D! *0/d+*D! *2'*46*D! 9*'C0+%+%! /%9C%&+)*! ./! /d&'/5+.*.! %(9/'+1'! ./'/)8*! )1-! )1-&'*)&('*! /-!
40/d+,-!./!./.1%!3!9*'C0+%+%!/%9C&+)*!/-!0*!/d&'/5+.*.!+-4/'+1'!./'/)8*"!
$>*!./5*-.,!*!01%!5`.+)1%!;61D!B(+%!V+2(/0D!?*'01%D!*0!qb1%9+&*0!F/-/'*0!./!?*'*-7*!]/''10r!3!*!
0*%!)159*:6*%!./!%/2('1%!q?159*:6*!./!=/2('1%!R/21-r!3!q?159*:6*!./!=/2('1%!R5*!;'/>+%+,-!
=*-+&*'+*!="B"r!3!%10+)+&,!(-*!+-./5-+7*)+,-!./!LUA"AAA!/('1%!91'!01%!.*:1%!3!9/'Q(+)+1%!%(4'+.1%"!
$B! ^;I! -[5"! O! ./! ]/''10! HPO"S"SAA@J! ./%/%&+5,! 0*! ./5*-.*"! B*! R;! ./! B*! ?1'(:*! H=/))+,-! #ÄD!
@"PS"SAAOJ!./%/%&+5,!/0!'/)('%1!./!*9/0*)+,-"!
$0!g=!/%&+5,!/-!9*'&/!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!0*!*)&1'*!3!)1-./-,!*!;61!3!*!0*%!
)159*:6*%!./!%/2('1%!H*!/%&*%!8*%&*!/0!065+&/!./!01%!%/2('1%!)1-)/'&*.1%J!*0!9*21!./!SM#"PPSDNU!
/('1%"! =/! ./</'6*-! q8*</'! *21&*.1! 01%! 5/.+1%! _(/! 0*! )+/-)+*! 5`.+)*! 91-/! *! %(! *0)*-)/! 9*'*!
./&/'5+-*'!0*!9*&10126*!)1''/)&*!)(*-.1!/'*!91%+<0/!8*)/'01D!)151!5*-+4/%&,!/0!9'19+1!9/'+&1D!
<+/-! 5/.+*-&/! 0*! '/*0+7*)+,-! ./! 0*%! 9'(/<*%! 9/'&+-/-&/%D! <+/-! 9'/>+*! )1-%(0&*! ./! *02[-!
/%9/)+*0+%&*! /-! -/('10126*! %+! 91'! '*7,-! ./! 0*! /%9/)+*0+7*)+,-! ./! _(+/-! /-! /%1%! 515/-&1%! 0/!
*&/-.6*! H5/.+)+-*! 2/-/'*0JD! -1! /%&*<*! /-! )1-.+)+1-/%! ./! ./&/)&*'! 3! 9'/>/-+'! (-! +)&(%! /-!
/>10()+,-"! ]*0&*'1-! /-! /0! )*%1! 01%! )1-1)+5+/-&1%! 5`.+)1%! -/)/%*'+1%! 9*'*! 8*)/'! 91%+<0/! /0!
.+*2-,%&+)1! _(/! 8(<+/'*! 9'/>/-+.1! 1! />+&*.1! 0*! 1<%&'())+,-! )1590/&*! ./! 0*! *'&/'+*! )*',&+.*! *!
9*'&+'!./!(-*!9'/>+*!%+-&15*&10126*!-/('10,2+)*!_(/!-1!4(/!./&/)&*.*!91'!/0!5`.+)1!./!2(*'.+*D!
)151! q%+-! .(.*r! 01! 8*<'6*! 8/)81! /0! 9/'+&1D! 01! _(/! *! 0*! 91%&'/! -1! >+/-/! %+-1! *! +-.+)*'! _(/!
)(*0_(+/'!1&'1!5`.+)1!)1-!(-*!<*%/!56-+5*!./!)1-1)+5+/-&1%!9*'*!/%&1%!%(9(/%&1%!1!%(90+/-.1!
%(%! )*'/-)+*%! 5/.+*-&/! (-! )1-%/Q1! 5`.+)1! )1590/5/-&*'+1D! 8*<'6*! ./&/)&*.1! ./! +-5/.+*&1! 0*!
56
'*7,-!./!%(!+-2'/%1!3!0/!8(<+/'*!9'191')+1-*.1!)1-!0*!('2/-)+*!3!.+0+2/-)+*!-/)/%*'+*!&1.1%!01%!
5/.+1%! )('*&+>1%! ./! _(/! .+%91-6*r! H]X! S{J"! n<%`'>/%/! _(/! 0*! 9*)+/-&/! 8*<6*! *)(.+.1! *! (-!
81%9+&*0!2/-/'*0!3!_(/D!/-!&1.1!)*%1D!/0!g'+<(-*0!8*)/!%(31!/0!.+)&*5/-!9/'+)+*0!%/2[-!/0!)(*0!0*!
)+/-)+*!5`.+)*!+590+)*!_(/!/0!4*)(0&*&+>1!*!)*'21!./!0*!('2/-)+*!+./-&+4+_(/!/0!9'1<0/5*!5`.+)1!
1D!*0!5/-1%D!./'+>/!*0!9*)+/-&/!*!(-!/%9/)+*0+%&*"!!
$-! 01%! 9C''*41%! *-&/'+1'/%! 8/51%! ./4+-+.1! /0! )1-)/9&1! ./! )(09*! 1! -/20+2/-)+*"! X+%&+-&*! *! 0*!
*-&/'+1'!/%!0*!)(/%&+,-D!3*!*0(.+.*!/-!1&'1%!)*96&(01%!./!/%&/!0+<'1D!%1<'/!01%!/0/5/-&1%!./0!-*#-S$
7"$ )($ 4"@)'@"49"S$ "4$ ")$ /*66*4$ =(>L$ (9-x*66'%%'*4S$ 7,-&$ *H$ 9(#"$ (47$ D#"(9E$ *H$ -E(-$ 7,-&S$
9(,%(-'*4$(47$E(#6"!!
2;/ M&/ -.>/ %(>.>/ %-(<.>/ #&/ "&?-$?&"%$(/ (/ -.>/ %.=)-&E.>H/ #$I*%$-&>/ F/
#$>%,+$R-&>/ F/ #&/ e>+.>H/ (/ (d,&--.>/ &"/ -.>/ %,(-&>/ "./ L(F/
<&>).">(R$-$#(#/).</"&?-$?&"%$(/
$-! 0*! 9'C)&+)*! Q('+%9'(./-)+*0! 8*3! )*%1%! 5/'+.+*-*5/-&/! )0*'1%! ./! +-4'*))+,-! ./0! ./</'! ./!
)(+.*.1! 1! _(/! 91'! 01! 5/-1%! 01! /'*-! /-! /0! 515/-&1! 3! )+')(-%&*-)+*%! ./0! *))+./-&/"! n&'1%D! /-!
)*5<+1D!%1-!5C%!)1590/Q1%!./!./)+.+'"!l-1%!&/')/'1%!%1-!.+46)+0/%!1!5(3!.+46)+0/%!./!'/%10>/'!m
E(#7$9(%"%$6(J"$D(7$)(>m!3!*02(-1%!%1-!%101!)0*'*5/-&/!.+%)(&+<0/%"!]+-*05/-&/D!8*3!)*%1%!/-!
01%! )(*0/%! /0! &'+<(-*0! /%&+5*! _(/! -1! 8(<1! *02(-*! -/20+2/-)+*! /-! /0! )1591'&*5+/-&1! ./0!
./5*-.*.1! 3! /%! _(/D! *! .+4/'/-)+*! ./! 01! _(/! 5*-+4+/%&*! 0*! >+%+,-! _(/! ./0! ./'/)81! &+/-/! F/1'2/!
E"E"! V*'&+-D! 01%! Q(+)+1%! ./! 01%! 815<'/%! 3! ./! 0*%! 5(Q/'/%! )1-41'5/! *! ./'/)81! *! >/)/%! 8*-! ./!
*)*<*'!)1-!*<%10()+,-"!!
B*! 5/-1'! 1! 5*31'! .+4+)(0&*.! %(/0/! 9'1>/-+'! ./! _(/! 01%! )'+&/'+1%! 9*'*! /%&+5*'! 1! '/)8*7*'! 0*!
-/20+2/-)+*! %1-! 5()81%! 3! 5(3! .+>/'%1%! /-&'/! %6"! $%)12/'! %101! (-1! ./! 01%! (&+0+7*.1%! 9/'5+&/!
1'./-*'! 0*! /d91%+)+,-! 9/'1! %+590+4+)*! 5()81! /0! .+%)('%1"! R%6D! %+! %/! *%(5/! _(/! /0! 1<Q/&+>1!
9'+-)+9*0! ./0! ./'/)81! ./! .*:1%! /%! ! 5+-+5+7*'! 01%! )1%&/%! ./! 01%! *))+./-&/%! H)151! 8+)+51%! /-!!
;*<01! =RBcRXnED! ?*'01%! FÑV$tD! q$0! X/'/)81! ./! X*:1%! 3! 0*! V+-+5+7*)+,-! ./! 01%! ?1%&/%! ./! 01%!
R))+./-&/%rD!A4.#"-$PhSAA#!Hiii"+-.'/&")15JJ!/-&1-)/%!1'./-*'!01%!)*%1%!./0!5C%!)0*'1!3!4C)+0!
*0!5C%!1%)('1!3!.+46)+0!/%!%/-)+001K!
P"
$-!(-!9'+5/'!)*%1!'/%(/0&1!91'!0*!]^]H/0_H/577`2:02H/#&/07/#&/.%+,R<&D!SOC/c<("%$>%./
S(<*"/ '(>+J"!! 0*! /59'/%*! g*00/'/%! \*00/%96! =B! +-%&*0,! /-! SAA#! (-*! 9(/'&*! )1''/./'*! ./!
8+/''1!m./!ODA#A!5/&'1%!./!*-)81!91'!@DAP#!./!*0&1m!/-!/0!)/5/-&/'+1!5(-+)+9*0!./!B0/+.*"!
?(*&'1! .6*%! ./%9(`%! ./! 0*! +-%&*0*)+,-D! *! 9'+5/'*! 81'*! ./! 0*! Q1'-*.*! 0*<1'*0D! =+5,-D!
&'*<*Q*.1'!./!@U!*:1%!/590/*.1!91'!;+-&('*!3!X/)1'*)+,-!=BD!)15/-7,!*!9+-&*'!0*!9(/'&*!!3!
`%&*! %/! %*0+,! ./! 0*! 2(6*! %(9/'+1'D! 0/! )*3,! /-)+5*! 3! 0/! )*(%,! (-! &'*(5*&+%51! &1'C)+)1! 3!
5[0&+90/%! 4'*)&('*%D! *! '/%(0&*%! ./! 0*%! )(*0/%! 4(/! ./)0*'*.*! %(! +-)*9*)+.*.! 9/'5*-/-&/!
*<%10(&*"!!
$0!&'*<*Q*.1'!./5*-.,!*!g*00/'/%!\*00/%96!=B!3!*!%(!*%/2('*.1'*!E/*0/!=/2('1%!F/-/'*0/%!
=R!3!%10+)+&,!(-*!+-./5-+7*)+,-!./!PLS"NPPDU@!/('1%"!$0!^;I!-[5"!O!./!B0/+.*!./%/%&+5,!0*!
./5*-.*!91'!%/-&/-)+*!./!PN"PP"SAAL"!B*!R;!./!B0/+.*D!=/))+,-!SÄD!/%&+5,!/-!%/-&/-)+*!./!
57
SO"PA"SAAN! /0! '/)('%1! ./! *9/0*)+,-D! '/>1),! /0! 4*001! ./0! ^;I! 3! )1-./-,! *! 0*%! %1)+/.*./%!
./5*-.*.*%!*!+-./5-+7*'!*0!*)&1'!/-!PON"SSADPA!ê"!
$0!g=!)1-4+'5,!0*!%/-&/-)+*!./!*9/0*)+,-!3!*'2(5/-&,!_(/K!
qPÄJ! B*! /59'/%*! ./.+)*.*! *! 0*! +-%&*0*)+,-! ./! 9(/'&*%! 3! _(/! +-%&*0*! /-! (-! )/5/-&/'+1!
5(-+)+9*0! (-*! 9(/'&*! )1''/./'*! 5/&C0+)*! ./! %/+%! 5/&'1%! ./! *-)8('*! 91'! )(*&'1! ./! *0&('*!
./</!8*)/'01!/-!)1-.+)+1-/%!./!/>+&*'!_(/!0*!9(/'&*!)*+2*!-1!%101!%1<'/!01%!&'*<*Q*.1'/%!./!
0*! 1<'*! ./0! )/5/-&/'+1! %+-1! %1<'/! )(*0/%_(+/'*! 9/'%1-*%! _(/! /-! /0! 4(&('1! >+%+&*'*-! /0!
)/5/-&/'+1!1!9*%*'*-!91'!0*!9(/'&*"
SÄJ! $-&'/! 01%! '+/%21%! -*&('*0/%! ./! 0*! >+.*! -1! %/! /-)(/-&'*! /0! ./! _(/! (-*! 9(/'&*! ./!
%/5/Q*-&/%!.+5/-%+1-/%!%/!./%9015/!%1<'/!_(+/-!%/!*)/')*!*!/00*"
MÄJ!$-!/0!0+&+2+1!-1!%/!Q(72*!0*!'/%91-%*<+0+.*.!./!0*!/59'/%*!/590/*.1'*!./0!9/'Q(.+)*.1D!
%+-1! 0*! ./! 0*! /59'/%*! _(/! +-%&*0,! 0*! 9(/'&*"! $0! 9'1<0/5*! -1! /%D! 91'! &*-&1D! ./! 5/.+.*%! ./!
%/2('+.*.! 9*'*! /0! &'*<*Q*.1'D! %+-1! ./! +-%&*0*)+,-! ./! 0*! 9(/'&*! /-! 0*%! )1-.+)+1-/%! ./<+.*%!
9*'*!_(/!-1!%/!./%9015/!%1<'/!9/'%1-*!*02(-*D!&'*<*Q*.1'!1!-1!./!0*!1<'*"
@ÄJ! $0! .*&1! ./! 0*! +-%&*0*)+,-! ./! 0*! 9(/'&*! )(*&'1! .6*%! *-&/%! ./0! 8/)81! .*:1%1D! _(/! /-! /0!
51&+>1!%/!+->1)*!*!4*>1'!./!0*!/59'/%*!_(/!8+71!0*!+-%&*0*)+,-D!Q(%&+4+)*!/-!'/*0+.*.!/0!Q(+)+1!
./! +59(&*)+,-! ./! 0*! %/-&/-)+*! '/)(''+.*D! 9(/%! ./5(/%&'*! (-*! />+./-&/! 9'1d+5+.*.!
&/591'*0!/-&'/!0*!+-%&*0*)+,-!3!/0!./%9015/!./!0*!9(/'&*"
#ÄJ!$%!+-%1%&/-+<0/!_(/!0*!5/'*!/d+%&/-)+*!./!2'*>+00*!/-!0*!9*'&/!+-4/'+1'!./!0*!9(/'&*!9(/.*!
9'1>1)*'! %(! ./%9015/"! $%! 5C%D! %+! *%6! 4(/'*! %/! >/-.'6*! *! ./51%&'*'! %(! ./4/)&(1%*!
+-%&*0*)+,-"! Z! -1! 5/-1%! +-%1%&/-+<0/! /%! _(/! 91'! 0*! 5/'*! /d+%&/-)+*! ./! (-*! /59'/%*!
)1-&'*&+%&*! _(/./! /d1-/'*.*! ./! '/%91-%*<+0+.*.! 0*! /59'/%*! %(<)1-&'*&*.*! 9'/)+%*5/-&/!
9*'*!0*!+-%&*0*)+,-!./!0*!9(/'&*!)151!/59'/%*!/%9/)+*0+7*.*"
OÄJ! $-! ./4+-+&+>*D! /0! 8/)81! &*5<+`-! +-.(<+&*.1! ./! _(/! 01%! &19/%! 1! /%9C''*21%! %/! 8*<6*-!
%*0+.1! ./! 0*! 2(6*! %(9/'+1'! ./! 0*! 9(/'&*! Q(%&+4+)*! /0! Q(+)+1! ./! +59(&*)+,-! ./0! &'+<(-*0!
%/-&/-)+*.1'! 91'! 0*! 91%+)+,-! ./! 2*'*-&/! H==g=! SAmPSmPP! D! MAmPAmAN! 3! #mMmAN! J! _(/! )1-! 0*!
+-%&*0*)+,-!./!0*!9(/'&*!*%(56*!0*!/59'/%*!+-%&*0*.1'*"
LÄJ! $-! 4(-)+,-! ./! 01! *-&/'+1'D! &*591)1! (-! 5/'1! )+/''/! ./4/)&(1%1! ./! 0*! 9(/'&*! /0! .6*!
*-&/'+1'! /d1-/'*'6*! ./! %(! '/%91-%*<+0+.*.! *! 0*! /59'/%*! +-%&*0*.1'*D! %*0>1! 9'(/<*! ./! (-*!
5*-+1<'*! &*-! -/20+2/-&/! 1! 5*0+-&/-)+1-*.*! _(/! 8(<+/'*! 00/2*.1! *0! /d&'/51! ./! %*)*'! 01%!
&19/%!./!0*!9(/'&*!./!%(!2(6*!%(9/'+1'D!&*5<+`-!+-%&*0*.*!91'!0*!5+%5*!/59'/%*r!H]X!#{J"
$-!/4/)&1D!/0!'/%(/0&1!/%!(-!)*%1!)0*'1!./!-/20+2/-)+*!(-+0*&/'*0D!/%!./)+'D!./!(-!%(9(/%&1!/-!
/0!)(*0!0*!>6)&+5*!-*.*!91.6*!8*</'!8/)81!9*'*!/>+&*'!/0!.*:1!_(/!4+-*05/-&/!%(4'+,D!)(*-.1D!
*./5C%D!_(/.*!<+/-!*!0*%!)0*'*%!_(/!01%!./5*-.*.1%!91.6*-!8*</'!*.19&*.1!5C%!3!5/Q1'/%!
9'/)*()+1-/%"!
58
;/'1!/0!%+2(+/-&/!90*-&/*!5C%!.+4+)(0&*./%!&*-&1!*!0*!81'*!./!+./-&+4+)*'!*!01%!'/%91-%*<0/%!./!01%!
.*:1%! %(4'+.1%! 91'! 0*! >6)&+5*! )151! *! 0*! ./! )1-)'/&*'! 01%! -+>/0/%! ./! 9'/)*()+,-! _(/! 91.'6*-!
8*</'%/!*.19&*.1!9*'*!/>+&*'01%K
S"
!l-*! 5*:*-*! ./0! 5/%! ./! 5*'71! ./! PNNSD! 0*! >6)&+5*! /%9/'*<*! 0*! 00/2*.*! ./0! V/&'1! /-! 0*!
/%&*)+,-!./!0*!)*00/!E1)*41'&!./!\*')/01-*"!$0!)1->13!00/2,D!*<'+,!0*%!9(/'&*%!3!0*!*<+2*''*.*!
5()8/.(5<'/! _(/! /%9/'*<*! /-! /0! *-.`-! %/! *<*0*-7,! 8*)+*! /0! +-&/'+1'! ./! 01%! >*21-/%"!
$59(Q*.*!91'!/0!'/%&1!./!>+*Q/'1%D!0*!>6)&+5*!)*3,!*0!%(/01!3!%(4'+,!0/%+1-/%!./!2'*>/.*.!91'!
0*%! _(/! '/)0*5,! (-! &1&*0! ./! ML"L@MD##! /('1%! *! 0*! /-&+.*.! q]/''1)*''+0! V/&'1910+&W! ./!
\*')/01-*D! =Rr! 2/%&1'*! ./0! %/'>+)+1! 9[<0+)1! ./! &'*-%91'&/! 91'! 5/&'1! /-! 0*! )+(.*.! ./!
\*')/01-*!)(*-.1!%/!9'1.(Q1!/0!*))+./-&/"!B*!R(.+/-)+*!;'1>+-)+*0!/%&+5,!/0!'/)('%1!./!0*!
>6)&+5*! )1-&'*! 0*! %/-&/-)+*! ./%/%&+5*&1'+*! ./! 0*! ./5*-.*! ./! 0*! 9'+5/'*! +-%&*-)+*! 3!
)1-)/.+,!(-*!+-./5-+7*)+,-!./!SU"#PUDAS!/('1%!)1-!)*'21!*!0*!/-&+.*.!./5*-.*.*"!B*!]^]H/
0_H/0020`2::0H/#&/3/#&/#$%$&=R<&D!SOC/A.=J"/X(<%*(/h(<&-(,!_(/!9(%1!4+-!*0!9'1)/%1D!
./%13,!01%!*'2(5/-&1%!./!q]/''1)*''+0!V/&'1910+&Wr!3!)1->*0+.,!0*!)1-./-*!./)+.+.*!91'!0*!
R(.+/-)+*!./!\*')/01-*"!!
$0!&/')/'!)*%1!5*-+4+/%&*!*[-!5C%!9*05*'+*5/-&/!0*%!.+4+)(0&*./%!./!*&'+<(+'!'/%91-%*<+0+.*.!*0!
&+&(0*'!./!(-*!1'2*-+7*)+,-!91'!01%!.*:1%!)*(%*.1%!91'!(-!&/')/'1!*Q/-1!*0!C5<+&1!./!+-40(/-)+*!
./!0*!1'2*-+7*)+,-!5+%5*K
M"
$-!0*!5*.'(2*.*!./0!O!./!5*31!./!PNNAD!0*!='*"!Y-2/0*!V"E"!/-&',!/-!(-*!./!0*%!14+)+-*%!./!
0*! /-&+.*.! <*-)*'+*! ./5*-.*.*! 9*'*! '/&+'*'! .+-/'1! ./! (-! )*Q/'1! *(&15C&+)1"! $-! -(/%&'1!
9*6%D! *02(-*%! 14+)+-*%! ./! <*-)1%! 3! )*Q*%! .+%91-/-! ./! )*Q/'1%! *! 9+/! ./! )*00/D! 9/'1! /%! 5C%!
4'/)(/-&/! _(/! &'*%! 0*! 9(/'&*! ./! /-&'*.*! ./! 0*! 14+)+-*D! 8*3*! (-! 9'+5/'! /%9*)+1! /-! /0! _(/!
/%&C-! +-%&*0*.1%! (-1! 1! >*'+1%! )*Q/'1%! *(&15C&+)1%D! _(/! 9(/./-! %/'! (&+0+7*.1%D! 91'! 01!
2/-/'*0D!0*%!S@!81'*%!./0!.6*"!B*!9(/'&*!./!*))/%1!*!/%&/!01)*0!9(/./!)/''*'%/!)1-!(-!9/%&+001"!
X('*-&/! 0*%! 81'*%! ./! 14+)+-*D! 01%! )0+/-&/%! 9(/./-! %(9/'*'! /%&/! /%9*)+1! 3! /-&'*'! .1-./! %/!
/-)(/-&'*-!01%!/590/*.1%!_(/!14'/)/-!01%!%/'>+)+1%!<*-)*'+1%!./!_(/!%/!&'*&/"!$-!/0!*%(-&1D!
/0! 9/%&+001! ./! 0*! 9(/'&*! /%&*<*! '1&1! 3! (-! *&'*)*.1'D! _(/! /%&*<*! *0! *)/)81D! /-&',! /-! /0! 01)*0!
)(*-.1!0*!>6)&+5*!3*!8*<6*!&/)0/*.1!/0!-[5/'1!%/)'/&1!./!%(!&*'Q/&*!./!)'`.+&1"!]1')/Q/*'1-D!
/0!*&'*)*.1'!%*),!(-*!-*>*Q*!)1-!0*!_(/!8+'+,!*!0*!*)&1'*!/-!%(!5*-1!+7_(+/'.*!3!0/!'1<,!0*!
)*-&+.*.! '/&+'*.*"! B*! >6)&+5*! '/)0*5,! P#"AAA"AAA! ./! 9/%/&*%! *! 0*! /-&+.*.! <*-)*'+*! &+&(0*'!
./0! )*Q/'1! *(&15C&+)1"! $-! 9'+5/'*! +-%&*-)+*D! %(! ./5*-.*! 4(/! /%&+5*.*! /-! 9*'&/D! 9/'1! 0*!
/-&+.*.! ./5*-.*.*! '/)(''+,! /-! *9/0*)+,-! 3! 0*! R(.+/-)+*! ;'1>+-)+*0! ./%/%&+5,!
6-&/2'*5/-&/!0*!./5*-.*"!$0!g'+<(-*0!=(9'/51D!/-!]^]H/0_H/255`0997H/#&/0/#&/(R<$-D!SOC
O&#<./X."NJ-&N/O.D&#(D!./%/%&+5,!/0!'/)('%1!./!0*!>6)&+5*K!q}|~!-1!9(/./!*4+'5*'%/!_(/!
0*%! 0/%+1-/%! %(4'+.*%! 91'! 0*! '/)(''/-&/! *0! %/'! *%*0&*.*! 91'! (-! ./%)1-1)+.1D! %/*-! (-*!
)1-%/)(/-)+*! }|~! ./0! /%&*.1! /-! _(/! %/! /-)1-&'*<*! /0! )/''1Q1! +-%&*0*.1! /-! 0*! 9(/'&*! ./!
*))/%1!*0!)*Q/'1!*(&15C&+)1!3!_(/!+59/.6*!)/''*'!0*!9(/'&*!./%./!/0!+-&/'+1'D!%+-1!_(/!&*0/%!
0/%+1-/%! %1-! +59(&*<0/%! /d)0(%+>*5/-&/D! /-! (-*! '/0*)+,-! ./! )*(%*! *! /4/)&1D! *! 0*! >+10/-)+*!
/Q/')+.*!%1<'/!0*!*)&1'*!91'!/0!&/')/'1!./%)1-1)+.1!_(/!0*!*&*),r!H]X!S{J"!
$-!1)*%+1-/%D!_(+/-!)*(%*!/0!*))+./-&/!/%!%(!5+%5*!>6)&+5*"!$-!1&'*%D!/0!'/%91-%*<0/!-*.*!&(>1!
_(/!>/'!)1-!/0!*))+./-&/!_(/!51&+>*!4+-*05/-&/!%(!'/%91-%*<+0+.*."!$-!(-*%!&/')/'*%D!0*!>6)&+5*!
)*'2*! )1-! 0*%! )1-%/)(/-)+*%! ./0! .*:1! _(/! %(4'/"! B*! +59(&*)+,-! ./! .*:1%! -1! ./9/-./! %+/59'/!
./0!'/0*&1!)*(%*0"!R%6!01!)1-4+'5*-!01%!)*%1%!%+2(+/-&/%K
59
@"
B*! ]^]H/ 0_H/ #&/ 30/ #&/ #$%$&=R<&/ 0997/ VAa/ 9095WH/ SOC/ c<("%$>%./ S.<(-&>/ S.<(-&>H/
)1-./-,!*!0*!E/.!G*)+1-*0!./!]/''1)*''+0/%!HE$G]$J!91'!0*!5(/'&/!./!.1%!5/-1'/%!./!/.*.!
_(+/-/%D!.('*-&/!0*%!4+/%&*%!5*31'/%!./0!9(/<01!./!V*-7*-*'/%!HV*.'+.JD!Q(2*<*-!)1-!%(%!
)159*:/'1%! *! >/'! _(+`-! *2(*-&*<*! 5C%! %1<'/! 0*! >6*! ./0! &'/-! )(*-.1! %/! *)/')*<*! 0*!
01)151&1'*"! E$G]$! 8*<6*! ./-(-)+*.1! >*'+*%! >/)/%! 01%! 8/)81%! *0! R3(-&*5+/-&1! ./!
V*-7*-*'/%!_(/!8*<6*!1'./-*.1!>+2+0*'!0*!71-*!.('*-&/!(-*%!81'*%!*0!.6*"!](/'*!./!/00*%D!
2'(91%!./!5()8*)81%!>10>6*-!*!0*!>6*!9*'*!8*<0*'D!'/6'D!</</'!3!Q(2*'%/!0*!>+.*"!$0!.6*!SP!./!
Q(0+1!./!PNNAD!V+2(/0!Y-2/0!?"!3!^1%`!F*<'+/0!;"D!*5<1%!./!_(+-)/!*:1%D!/%&*<*-!./!9+/!%1<'/!
0*%!>6*%D!)1-!ADNS!2'*51%!./!*0)1810!91'!0+&'1!./!%*-2'/!/0!9'+5/'1D!)(*-.1!(-!g'/-!$d9'/%1!
_(/! )+')(0*<*! *! PMA! k5h8"D! 0/%! *''100,"! R5<1%! 5('+/'1-! /-! /0! *)&1"! B1%! 9*.'/%! ./! 0*%!
>6)&+5*%!'/)0*5*'1-!(-*!+-./5-+7*)+,-!./!P#A"S#M!/('1%!*0!R3(-&*5+/-&1!./!V*-7*-*'/%D!
*! E$G]$! 3! *0! 5*_(+-+%&*! ./0! &'/-"! B*%! +-%&*-)+*%! )1-./-*'1-! [-+)*5/-&/! *! E$G]$! 3! *0!
R3(-&*5+/-&1!*!9*2*'!MO"AOP!/('1%!*!)*.*!(-1!./!01%!./5*-.*-&/%"!$0!g'+<(-*0!=(9'/51!
./%/%&+5,!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!0*!)159*:6*!4/''1>+*'+*"!B*!*)&+>+.*.!./!
01%! Q,>/-/%D! /-! *<%10(&1! Q(%&+4+)*<0/D! /'*! )1-1)+.*! 3! ./<6*-! 8*</'%/! *.19&*.1! &1.*%! 0*%!
5/.+.*%! -/)/%*'+*%D! +-)0(%1! 0*! ./&/-)+,-! ./0! )1->13! *! %(! 9*%1! 91'! /0! 9(/<01D! 9*'*! />+&*'!
.*:1%!)151!01%!_(/!%()/.+/'1-!H)4'"!=g=D!PÄD!@@hSAPAD!./!PU!./!4/<'/'1J"!
#"
$0!./5*-.*-&/!/-!/0!9'1)/%1!_(/!'/%10>+,!0*!]^]H/0_H/#&/0:/#&/.%+,R<&/#&/0998/VAa/8370W/
SOC B"+."$./ X,--G"/ U(--&>+&<.>H/ /'*! (-! &'*<*Q*.1'! ./! (-*! /59'/%*! ./! 9'1.()&1%!
)1-2/0*.1%! *! _(+/-! (-*! 5C_(+-*! &/'51%/00*.1'*! 0/! *59(&,! 0*! 5*-1! ./'/)8*"!
I-5/.+*&*5/-&/!./%9(`%!./0!*))+./-&/D!0*!/-4/'5/'*!./!0*!/59'/%*!*)(.+,!*0!0(2*'!./!01%!
8/)81%! 9*'*! *&/-./'! *0! &'*<*Q*.1'D! )1'&,! 0*! 8/51''*2+*! /! +-%&'(3,! *! (-! )159*:/'1! ./0!
&'*<*Q*.1'! 9*'*! _(/! /->10>+/'*! 0*! 5*-1! &'*(5C&+)*5/-&/! *59(&*.*! /-! 8+/01! -*&('*0"!
V+/-&'*%!/%9/'*<*-!*!0*!*5<(0*-)+*D!/0!)159*:/'1!./!0*!>6)&+5*!5/&+,!0*!5*-1!*59(&*.*!
/-! (-*! )*Q*! ./! !*#"3!(4! 00/-*! ./! .+,d+.1! ./! )*'<1-1! %,0+.1D! )15[-5/-&/! )1-1)+.1! )151!
8+/01!%/)1D!./!0*%!_(/!(&+0+7*<*-!9*'*!/0!&'*-%91'&/!./!9'1.()&1%!)1-2/0*.1%D!9(/%!)'/6*!_(/!
9'1)('*'6*! (-*! 5/Q1'! )1-%/'>*)+,-! ./! 0*! 5*-1"! ?(*-.1! 0*! >6)&+5*! 4(/! +-2'/%*.*! /-! /0!
)/-&'1!%*-+&*'+1!01%!&/Q+.1%!./!0*!5*-1!*59(&*.*!/%&*<*-!./%&'(+.1%!91'!)1-2/0*)+,-!3!3*!
-1!4(/!91%+<0/!9'*)&+)*'!/0!+590*-&/"!$0!&'*<*Q*.1'!_(/.,!5*-)1!./!91'!>+.*!3!./5*-.,!*!0*!
/59'/%*!3!*!0*!/-4/'5/'*!./!0*!5+%5*!91'!-1!8*</'!)159'1<*.1!),51!%/!&'*%0*.,!0*!5*-1!
*59(&*.*!*0!81%9+&*0"!g*-&1!/0!^(72*.1!./!;'+5/'*!I-%&*-)+*!)151!0*!R(.+/-)+*!;'1>+-)+*0!
./%/%&+5*'1-! 0*! )1-)/%+,-! ./! PSA"SAS! ê! _(/! /0! ./5*-.*-&/! '/)0*5*D! 9/'1! /0! g'+<(-*0!
=(9'/51!)1-./-,!*!0*!/-4/'5/'*!*!9*2*'!(-*!+-./5-+7*)+,-!./!N"AP#!/('1%"!B*!/-4/'5/'*!
-1! 4(/! ./0! &1.1! .+0+2/-&/! 3! ./<6*! '/%91-./'! 91'! 0*! 9`'.+.*! ./! 0*%! /d9/)&*&+>*%! ./!
'/+590*-&*'!/0!5+/5<'1!*59(&*.1"!
O"
B*! ]^]H/ 0_H/ 039`2:00H/ #&/ 04/ #&/ =(<N.H/ SOC/ a,("/ B"+."$./ b$.-/ A*.>H! '/%(/0>/! (-!
%(9(/%&1!./!-/20+2/-)+*!<+0*&/'*0!1!)1-)(''/-)+*!./!)(09*%"!$0!PM"U"SAAAD!*0'/./.1'!./!0*%!
PS! ./0! 5/.+1.6*D! (-*! /5<*')*)+,-! *! 51&1'! )1-.()+.*! 91'! VCd+51! *&'19/00,! *! ]/'56-!
)(*-.1! 9'*)&+)*<*! %(<5*'+-+%51! *! (-1%! PAAmP#A! 5/&'1%! ./! 0*! )1%&*"! $-! /0! 515/-&1! ./0!
*))+./-&/D!]/'56-!&/-6*!9'1<0/5*%!./!*(.+)+,-!3!-1!+<*!*)159*:*.1!./!<*')*!-+!<13*!./!
%/:*0+7*)+,-"!B*!/5<*')*)+,-!)+')(0*<*!*!(-1%!PA!-(.1%!./!>/01)+.*.!3!8*<6*!10*%!./!5C%!
./! (-! 5/&'1! ./! *0&('*"! ?151! )1-%/)(/-)+*! ./0! *&'19/001D! ]/'56-! %(4'+,! 0/%+1-/%!
+''/>/'%+<0/%!_(/!./&/'5+-*'1-!%(!+-)*9*)+.*.!9/'5*-/-&/"!!
$-! /0! 9'1)/.+5+/-&1! 9/-*0! +-+)+*.1! 91'! /%&1%! 8/)81%D! /0! ^I! -[5"! M! ./! g1'&1%*! )1-./-,! *0!
9*&',-! ./! 0*! /5<*')*)+,-"! B*! R;! '/>1),! 0*! =^I! 3! 01! *<%10>+,D! 91'_(/! 0*%! .(.*%! /d+%&/-&/%!
60
%1<'/! /0! 0(2*'! /d*)&1! /-! _(/! 8*<6*! 1)(''+.1! /0! *))+./-&/! +59/.6*-! +59(&*'0/! (-!
)1591'&*5+/-&1!-/20+2/-&/"
]/'56-! ./5*-.,! *! VCd+51D! *! n&+0+*! H9'19+/&*'+*! ./0! <*')1J! 3! *! t('+)8! $%9*:*! ="R"!
?159*:6*!./!=/2('1%!3!E/*%/2('1%D!3!%10+)+&*!(-*!+-./5-+7*)+,-!./!.*:1%!3!9/'Q(+)+1%!H-1!
)1-%&*!0*!)(*-&6*J"!
$0! ^;I! -[5"! @N! ./! \*')/01-*! HSM"M"SAA#J! /%&+5*! /-! 9*'&/! 0*! ./5*-.*D! )1-%+./'*! _(/! 0*!
)1-.()&*! -/20+2/-&/! ./0! *)&1'! )1-&'+<(3,! /-! (-! S#ã! *0! *))+./-&/! 3! _(/! 0*! )1-.()&*!
-/20+2/-&/!./0!)1-.()&1'!)1-&'+<(3,!/-!(-!L#ã"!$0!%(<5*'+-+%&*!8*<'6*!./<+.1!00/>*'!(-*!
<13*! ./! %/:*0+7*)+,-D! )151! /%&*<0/)/! /0! *'&"! P! n'./-! ./0! V+-+%&/'+1! ./! ]15/-&1! ./!
P@"PA"PNNLD! 3! /0! 9*&',-! ./! 0*! /5<*')*)+,-! ./</'6*! 8*</'! .+%5+-(+.1! 0*! >/01)+.*.! ./! 0*!
/5<*')*)+,-!*!(-1%!&'/%!-(.1%D!)151!/%&*<0/)/!/0!*'&"!ON"S!E/*0!X/)'/&1!P@LPhPNUND!./!P!
./!.+)+/5<'/D!91'!/0!_(/!%/!*9'(/<*!/0!E/20*5/-&1!2/-/'*0!9*'*!/0!./%*''1001!3!/Q/)()+,-!./!
0*!B/3!SShPNUUD!./!SU!./!Q(0+1D!./!?1%&*%K!q$-!01%!&'*51%!./!)1%&*!_(/!-1!/%&`-!<*0+7*.1%!
)151!71-*!./!<*:1!%/!/-&/-./'C!_(/!`%&*!1)(9*!(-*!4'*-Q*!./!5*'!)1-&+2(*!*!0*!)1%&*!./!
(-*! *-)8('*! ./! SAA! 5/&'1%! /-! 0*%! 90*3*%! 3! #A! 5/&'1%! /-! /0! '/%&1! ./! 0*! )1%&*"! X/-&'1! ./!
/%&*%!71-*%!-1!%/!91.'C!-*>/2*'!*!(-*!>/01)+.*.!%(9/'+1'!*!&'/%!-(.1%D!./<+/-.1!*.19&*'%/!
0*%! 9'/)*()+1-/%! -/)/%*'+*%! 9*'*! />+&*'! '+/%21%! *! 0*! %/2('+.*.! 8(5*-*"! $%&*'C! 9'18+<+.1!
)(*0_(+/'! &+91! ./! >/'&+.1! ./%./! 0*%! /5<*')*)+1-/%r"! $-! *90+)*)+,-! ./! 0*! '/20*! ./!
)1-)(''/-)+*!./!)(09*%D!/0!^;I!)1-./-*!*!01%!)1./5*-.*.1%!*0!9*21!./!SPO"ML@DMO!êD!065+&/!
5Cd+51!./0!%/2('1!./!'/%91-%*<+0+.*.!)+>+0D!3!*0!9'19+/&*'+1!3!)1-.()&1'!./!0*!/5<*')*)+,-!
*0!9*21!./!01%!'/%&*-&/%!SM"PNLDUP!ê"!
B*! R;! \*')/01-*! H=/))"! P@ÄD! SN"O"SAAOJ! /%&+5*! /-! 9*'&/! 01%! '/)('%1%! ./! *9/0*)+,-!
+-&/'9(/%&1%!91'!&1.*%!0*%!9*'&/%"!$-!'/0*)+,-!*0!./!VCd+51!3!n&+0+*D!0*!R;!/%&+5*!/-!(-!#Aã!
/0! 91')/-&*Q/! ./! )(09*! ./! 0*! >6)&+5*! 3! ./0! )1-.()&1'D! 3! )1-./-*! *! /%&1%! )1./5*-.*.1%!
%10+.*'+*5/-&/!Q(-&1!*!0*!)159*:6*!./!%/2('1%!*0!9*21!./!POL"O@ND#Sê!H065+&/!./0!%/2('1!
1<0+2*&1'+1JD! *%6! )151! *0! 9*21! ./! 01%! SP"AL#DAO! ê! _(/! )1590/&*-! /0! &1&*0! ./0! 51-&1! ./! 0*!
+-./5-+7*)+,-"!$-!'/0*)+,-!*0!./0!*)&1'D!0*!R;!)1-%+./'*!+-./5-+7*<0/!)1-41'5/!*!<*'/51%!
/0!.*:1!51'*0!)1590/5/-&*'+1"!
$0! g=! ./)0*'*! -1! 8*</'! 0(2*'! *0! '/)('%1! ./! )*%*)+,-! +-&/'9(/%&1! 91'! /0! *)&1'! 91'_(/! qH|J!
/%/! /%9/)+*0! ./</'! ./! .+0+2/-)+*! '/%(0&*D! *%+5+%51D! ./! 0*%! .+%91%+)+1-/%! *.5+-+%&'*&+>*%!
%1<'/! 0*! 5*&/'+*D! _(/! 1<0+2*<*-! *! '/.()+'! 0*! >/01)+.*.! /-! 0*%! 71-*%! 9',d+5*%! *! 0*! )1%&*D! 3!
/%9/)+*05/-&/! *! 0*! 90*3*D! /-! 9'/>+%+,-! ./! 0*! 9'/%/-)+*! ./! <*:+%&*%! 1! -*.*.1'/%"! ;/'1D!
)1-&'*'+*5/-&/! *! 01! _(/! %/! %1%&+/-/D! -1! /%! )+')(-%&*-)+*! _(/! /d)0(3*! 0*! 91%+<+0+.*.! ./!
+59(&*'! /0! '/%(0&*.1! *0! )1591'&*5+/-&1! )(09*<0/! ./0! *2/-&/! /0! _(/! 0*! /5<*')*)+,-!
+59*)&*%/!)1-!0*!>6)&+5*!5C%!*00C!./!01%!065+&/%!*)1&*.1%!'/20*5/-&*'+*5/-&/!9*'*!/0!<*:1"!
?1-%&*!*)'/.+&*.1!_(/!0*!/5<*')*)+,-!)+')(0*<*!*!(-*!>/01)+.*.!/0/>*.*!H-1!5/-1%!./!.+/7!
-(.1%J! 3! 91'! (-*! 71-*! _(/D! *[-! 4(/'*! ./! 0*! *)1&*.*D! %/2(6*! /-)1-&'C-.1%/! '/0*&+>*5/-&/!
9',d+5*! *! 0*! )1%&*! H*! (-*! .+%&*-)+*! ./! PAA! *! P#A! 5/&'1%JD! .1-./! 8*<6*! )*0*%! 3! 90*3*%!
)/')*-*%D!/'*!91%+<0/!/0!%(<5*'+-+%51D!3!/-!0*!_(/D!*&/-.+/-.1!*0!.6*D!81'*!3!`91)*!./0!*:1!
H5/.+1.6*! ./! (-! .15+-21! ./0! 5/%! ./! *21%&1D! `91)*! >*)*)+1-*0JD! '/%(0&*<*D! *%+5+%51D!
9'/%(5+<0/D! (-*! -1&1'+*! *40(/-)+*! ./! <*:+%&*%"! Z! /-! /%*%! )+')(-%&*-)+*%D! 3! /-! *&/-)+,-! *0!
'+/%21! 2/-/'*.1D! /0! 9+01&1! -1! 8*! 9'1<*.1! 0*! *.19)+,-! ./! 0*%! /%9/)+*0/%! 5/.+.*%! ./!
9'/)*()+,-! _(/! 0/! /'*-! /d+2+<0/%! 9*'*! />+&*'! '+/%21%! *! 0*! >+.*! /! +-&/2'+.*.! 46%+)*%! ./! 01%!
<*:+%&*%D!0*%!)(*0/%!-1!)*</!)+')(-%)'+<+'!*!(-*!71-*!./&/'5+-*.*!./%./!/0!515/-&1!_(/!/0!
61
./</'! ./! 9'/)*()+,-! %(<%+%&/! ./%./! 0*! 9(/%&*! /-! 5*')8*! ./! 0*! /5<*')*)+,-D! 515/-&1! /-!
_(/! /0! *2/-&/! ./%/-)*./-*! /0! '+/%21D! 8*%&*! _(/! %/! ./&/-2*D! 3! ./</! *)151.*'%/! /-! )*.*!
515/-&1!*!0*%!)1-)'/&*%!)+')(-%&*-)+*%!_(/!%/!/-)(/-&'/!.('*-&/!0*!)1-.())+,-"r!H]X!M{J"
L"
$-! /0! )*%1! '/%(/0&1! 91'! 0*! ]^]H/ 0_H/ 930`2::0H/ #&/ 07/ #&/ .%+,R<&D! SOC/ a&>T>/ '.<R(-/
c&<"J"#&NH!(-!Q1>/-!./!SP!*:1%!9'*)&+)*<*!./%)/-%1!91'!*2(*%!<'*>*%!/-!/0!'61!FC00/21!*0!
)'(7*'!(-!./%4+0*./'1!./!/%9/)+*0!.+4+)(0&*.D!/0!q;*%1!./0!$5<(.1r!/-!/0!&`'5+-1!5(-+)+9*0!
./! V('+001! Ht*'*217*JD! )*3,! ./! 0*! <*0%*! -/(5C&+)*D! %/! 2109/,! 0*! )*</7*! )1-! (-*! '1)*! 3!
4*00/)+,! /-! /0! *)&1"! ;1)1! ./%9(`%D! /0! 9*.'/! ./! 0*! >6)&+5*! ./5*-.,! *! 0*! *%1)+*)+,-!
1'2*-+7*.1'*!./!0*!*)&+>+.*.!./91'&+>*D!*!0*!)159*:6*!*%/2('*.1'*!3!*0!51-+&1'!_(/!8*<6*!
.+'+2+.1! 0*! *)&+>+.*."! ;1'! /0! 8/)81! %/! %+2(+/'1-! .+0+2/-)+*%! 9/-*0/%! 91%&/'+1'5/-&/!
*')8+>*.*%"! $-! /0! 90/+&1! )+>+0D! 0*%! %/-&/-)+*%! ./! 0*%! +-%&*-)+*%! ./%/%&+5*'1-! 0*! ./5*-.*"!
I2(*0!%(/'&/!)1''+,!/0!./5*-.*-&/!/-!)*%*)+,-"!=/!&'*&*!./!(-!%(9(/%&1!./!)(09*!/d)0(%+>*!
./!0*!>6)&+5*!1D!/-!%(!)*%1D!./!)1-)'/)+,-!./!01%!'+/%21%!*%(5+.1%!91'!0*!9'19+*!>6)&+5*"!
3;/'$<%,">+("%$(>/)&<>."(-&>/#&-/#&=("#(#./
3;0;/P#(#/F/&>+(#./#&/>(-,#/
R!0*!81'*!./!./&/'5+-*'!01%!-+>/0/%!./!9'/)*()+,-!./<+.1%!1!/%&C-.*'/%!./!.+0+2/-)+*!*!)(590+'!
91'! /0! )*(%*-&/! ./! 01%! .*:1%D! Q(/)/%! 3! &'+<(-*0/%! &15*-! /-! )1-%+./'*)+,-! 0*%! )+')(-%&*-)+*%!
9/'%1-*0/%!./!*_(`0"!
$-!)(*-&1!*!0*!/.*.D!/0!)'+&/'+1!)15[-5/-&/!*.19&*.1!91'!0*!5/Q1'!.1)&'+-*!/%!_(/!01%!-+:1%!./!
5(3! )1'&*! /.*.! H01%! 5/-1'/%! ./! L! *:1%! *9'1d+5*.*5/-&/J! %1-! +-+59(&*<0/%! m91'! /001%!
'/%91-./-!%(%!9*.'/%!1!2(*'.*.1'/%!/d!*'&"!PNAM!??ma!/%!5C%D!%+!/0!5/-1'!)*'/)/!./!)*9*)+.*.!
-*&('*0!m(-!-+:1!./!&'/%!*:1%!./!/.*.D!91'!/Q/5901mD!-1!8*3!*))+,-D!-1!8*3!*2/-)+*!%1)+*0"!=+!/0!
5/-1'! &+/-/! )*9*)+.*.! -*&('*0! m3! 9*&'+51-+1! )1-! /0! _(/! '/%91-./'mD! /-&1-)/%! 9(/./!
/4/)&+>*5/-&/!%/'!)1-./-*.1!*!+-./5-+7*'!91'!01%!.*:1%!)*(%*.1%"!VC%D!/-!/0!./'/)81!91%+&+>1D!
0*!)(/%&+,-!%101!8*!%+.1!'/2(0*.*!91'!/0!?,.+21!;/-*0D!*'&%"!PND!PPU"P!3!PSA"P!?;!3!M!3!OP!3!%%"!B/3!
n'2C-+)*! #hSAAAD! ./! PS! ./! /-/'1D! '/2(0*.1'*! ./! 0*! '/%91-%*<+0+.*.! 9/-*0! ./! 01%! 5/-1'/%"! $-!
9*'&+)(0*'D! 0*! Bn! #hSAAA! )1-%+./'*! 9/-*0! 3! )+>+05/-&/! '/%91-%*<0/%! *! 01%! 5/-1'/%! ./! /.*.!
./%./! _(/! )(590/-! 01%! )*&1')/! *:1%! H*'&%"! P"P! 3! OP"M! Bn! #hSAAAJ"! R./5C%D! 0*! .1)&'+-*!
5*31'+&*'+*! *.5+&/! 0*! *90+)*<+0+.*.! ./0! *'&"! PNAS! ??! *0! 5/-1'! )+>+05/-&/! +59(&*<0/! }$%&8/'!
FÑV$t! ?RBB$! HSAAOJD! qB1%! %(Q/&1%! ./! 0*! '/%91-%*<+0+.*.! )+>+0"! B*! '/%91-%*<+0+.*.! 91'! 8/)81!
*Q/-1rD! /-! B"! ]/'-*-.1! E$FB$En! ?RV;n=! H?11'."JD! ?#(-(7*$ 7"$ B"%!*4%(D')'7(7$ /'0')D! MÄ! /."D!
g815%1-mR'*-7*.+D! G*>*''*D! 99"! @OPm#MUD! @UA~"! $0! ./'/)81! )159*'*.1! ./! 9*6%/%! 9',d+51%! *!
-(/%&'*! )(0&('*! 14'/)/! %10()+1-/%! %+5+0*'/%D! 9/'1! .+%)'/9*-&/%! /-! /0! ./&*00/! ./! 0*! '/2(0*)+,-!
9'19(/%&*"
B*! Q('+%9'(./-)+*! ./! 0*! =*0*! PÄ! ./0! g=! &+/-./! *! Q(72*'! 0*! )1-.()&*! ./! 01%! 5/-1'/%! )1-! /.*./%!
)159'/-.+.*%! /-&'/! L! 3! P#! *:1%! /-! &`'5+-1%! ./! -/20+2/-)+*D! 9/'1! /0! /%&C-.*'! ./! .+0+2/-)+*!
/d+2+<0/! /%! 5C%! 0/>/! _(/! /0! ./! 01%! *.(0&1%"! b*3! _(/! &/-/'! /-! )(/-&*! &*5<+`-! _(/D! %+! <+/-! 01%!
&'+<(-*0/%!&+/-./-!*!/d)(%*'!&'*>/%('*%!3!*>*&*'/%!./!01%!Q(/21%!9'19+1%!./!0*!+-4*-)+*D!-1!8*)/-!
01! 5+%51! )1-! 0*! )1-.()&*! )0*'*5/-&/! ./%9'/)+*&+>*! ./! 9/0+2'1%! _(/! &1.1! -+:1! ./! %(! /.*.!
./</'6*! 9'/>/'D! 3! &*591)1! 0*! )1-.()&*! *-&+Q('6.+)*K! 01%! &/')/'1%! -1! &+/-/-! 91'! _(`! *-&+)+9*'! 3!
9'/>/-+'! /0! .*:1! )1-/d1! *! (-! *)&1! >10(-&*'+1D! *''+/%2*.1! 3! *! >/)/%! +-)0(%1! +06)+&1! )15/&+.1! /-!
62
>6%9/'*%! ./! 0*! 9(</'&*.! H^1%/9! ]$EE$E! I! EI\R! 3! ?1>*.1-2*! ElI=YG?b$t! ?R;$BR=g$FlID! qG+:1%! 3!
*.10/%)/-&/%rD!A4.#"-$PhSAAAD!99"!L!3!%%"J!
]^]H/0_H/2:5`2::2H/#&/8/#&/=(<N.H/SOC/a&>T>/'.<R(-/c&<"J"#&N;
;*&'+)+*!F"G"D!./!PO!*:1%D!9/'.+,!0*!>+%+,-!)*%+!&1&*0!./0!1Q1!./'/)81!*0!%(4'+'!(-!<*01-*71!/-!0*!
)*'*D! 0*-7*.1! 91'! V*'+*-1! V"p"D! ./! PL! *:1%D! _(/! Q(2*<*! *0! 4[&<10! )1-! (-1%! *5+21%D! 5+/-&'*%!
/%&*<*!%/-&*.*!/-!(-!<*-)1!./0!Q*'.6-!5(-+)+9*0!./0!;*%/1!./!0*!;0*3*!./!R0)*0C!./!01%!F*7(0/%!
H?C.+7J"
F/1'2+-*! G"V"D! /-! -15<'/! ./! %(! 8+Q*! ;*&'+)+*! F"G"D! ./5*-.,! *! V*'+*-1! V"p"D! *! %(%! 9*.'/%!
H$(%/<+1! V"="! 3! X(0)/! G15<'/! p"t"J! 3! *0! R3(-&*5+/-&1! ./! R0)*0C! ./! 01%! F*7(0/%! 3! %10+)+&,! (-*!
+-./5-+7*)+,-!./!NA"P#PDUP!/('1%"
$0! ^;I! -{! M! ./! ?8+)0*-*! ./! 0*! ]'1-&/'*! HSN"PS"PNN#J! ./%/%&+5,! 0*! ./5*-.*"! B*! R;! ./! ?C.+7!
H=/))+,-!#ÄD!PA"L"PNNOJ!/%&+5,!9*')+*05/-&/!/0!'/)('%1!./!)*%*)+,-!3!)1-./-,!*!V*'+*-1!V"p"!3!
*!%(%!9*.'/%!*!%*&+%4*)/'!*!0*!*)&1'*!(-*!+-./5-+7*)+,-!./!OA"PAPDSP!/('1%"
$0!g=!./%/%&+5,!/0!'/)('%1!./!)*%*)+,-!3!)1-4+'5,!0*!=R;"!G1!/%!-/)/%*'+1!*)(.+'!*!)'+&/'+1%!./!
'/%91-%*<+0+.*.! 91'! '+/%21! 9*'*! 4(-.*5/-&*'! 0*! '/%91-%*<+0+.*.! ./0! 5/-1'"! \*%&*! *-*0+7*'! 0*!
+59(&*)+,-!%(<Q/&+>*!./0!.*:1K!0*!/.*.!HPL!*:1%D!L!5/%/%!3!SS!.6*%J!3!01%!4*)&1'/%!9%+)10,2+)1%!
./0! 5/-1'! +-.+)*-! _(/! 91.6*! 8*</'! 9'/>+%&1! _(/! Q(2*-.1! )1-! (-! <*0,-! ./! )(/'1! 0+2/'*5/-&/!
./%8+-)8*.1! /-! (-! 0(2*'! +-+.,-/1! %/! 91.6*-! )*(%*'! .*:1%! *! &/')/'1%! *Q/-1%! *0! Q(/21"! B*!
'/%91-%*<+0+.*.! ./! 01%! 9*.'/%! &+/-/! %(! 4(-.*5/-&1! /-! 0*! 9'/%(-)+,-! ./! )(09*! )1-&/-+.*! /-! /0!
*'&"!PNAM!??"
3;2;/A&>).">(R$-$#(#/%$D$-/#&/$"%()(%&>/F/=&".<&>/&"/#&<&%L./&>)(Q.-//
K&F/\<?J"$%(/0:`0995H/#&/23/#&/".D$&=R<&H/#&-/'G#$?./O&"(B<+*%,-./008;0;0C/
P"
B*!/d/-)+,-!./!0*!'/%91-%*<+0+.*.!)'+5+-*0!./)0*'*.*!/-!01%!-[5/'1%!PD!SD!MD!#!3!O!
./0! *'&6)(01! SAD! -1! )159'/-./! 0*! ./! 0*! '/%91-%*<+0+.*.! )+>+0D! _(/! %/! 8*'C! /4/)&+>*!
)1-41'5/!*!0*%!'/20*%!%+2(+/-&/%K!
P" $-!01%!)*%1%!./!01%!-[5/'1%!P!3!MD!%1-!&*5<+`-!'/%91-%*<0/%!91'!01%!8/)81%!
_(/! /Q/)(&/-! 01%! ./)0*'*.1%! /d/-&1%! ./! '/%91-%*<+0+.*.! 9/-*0! _(+/-/%! 01%!
&/-2*-! <*Q1! %(! 91&/%&*.! 1! 2(*'.*! 0/2*0! 1! ./! 8/)81D! %+/59'/! _(/! 8*3*!
5/.+*.1! )(09*! 1! -/20+2/-)+*! 91'! %(! 9*'&/! 3! %+-! 9/'Q(+)+1! ./! 0*!
'/%91-%*<+0+.*.!)+>+0!.+'/)&*!_(/!9(.+/'*!)1''/%91-./'!*!01%!+59(&*<0/%"!
B1%! ^(/)/%! 1! g'+<(-*0/%! 2'*.(*'C-! ./! 41'5*! /_(+&*&+>*! 0*! 5/.+.*! /-! _(/! ./<*!
'/%91-./'!)1-!%(%!<+/-/%!)*.*!(-1!./!.+)81%!%(Q/&1%"
B<+*%,-./02:;/A&>).">(R-&>/%$D$-&>/>,R>$#$(<$.>
=1-!&*5<+`-!'/%91-%*<0/%!)+>+05/-&/D!/-!./4/)&1!./!01%!_(/!01!%/*-!)'+5+-*05/-&/K
63
P{! B1%! 9*.'/%! 1! &(&1'/%D! 91'! 01%! .*:1%! 3! 9/'Q(+)+1%! )*(%*.1%! 91'! 01%! ./0+&1%! )15/&+.1%!
91'!01%!5*31'/%!./!.+/)+1)81!*:1%!%(Q/&1%!*!%(!9*&'+*!91&/%&*.!1!&(&/0*!3!_(/!>+>*-!/-!%(!
)159*:6*D!%+/59'/!_(/!8*3*!91'!%(!9*'&/!)(09*!1!-/20+2/-)+*"!H|J
]^]H/2_H/609`2::5H/#&/00/#&/=(F.H/SOC '(<-.>/X<("(#.>/Oe<&N;
$0!U"L"SAAS!/-!V/.+-*!./!;15*'!H\('21%JD!%1<'/!0*%!PLKMA!81'*%D!E1.'+21D!-*)+.1!/0!MP"L"PNUM!
HPN! *:1%JD! )1-! (-*! .1&*)+,-! +-&/0/)&(*0! +-4/'+1'! *0! 9'15/.+1! H/-&'/! 0*! -1'5*0+.*.! 3! /0! '/&'*%1!
5/-&*0! 0/>/J! 3! /.()*.1! /-! (-! )1-&/d&1! 4*5+0+*'! ./%/%&'()&('*.1! H*<*-.1-1! ./! 0*! 5*.'/! *! 01%!
)(*&'1!*:1%!./!/.*.D!!9*.'/!*0)18,0+)1JD!&'*%!)159'*'!/-!(-*!&+/-.*!(-!)()8+001!./!(-1%!PP!)5%"!
./!81Q*D!/-&',!/-!0*!Ñ9&+)*!V/.+-*!?/-&'1D!%+&*!/-!0*!5+%5*!)*00/!_(/!/0!9'+5/'!/%&*<0/)+5+/-&1"!
$%9/',!*!_(/!0*!./9/-.+/-&*D!=10/.*.D!*&/-.+/%/!*!1&'1!)0+/-&/!3D!)(*-.1!%/!/-)1-&'*<*-!%101%!
/-! 0*! ,9&+)*D! 0/! %10+)+&,! _(/! 0/! 2'*.(*%/! 0*! >+%&*D! E1.'+21! 3! =10/.*.! /-&'*'1-! *0! 2*<+-/&/!
8*<+0+&*.1! *0! /4/)&1! 3D! ./%9(`%! ./! '/*0+7*.*! &*0! 19/'*)+,-D! =10/.*.! %/! 0/>*-&,! 9*'*! '/00/-*'! /0!
)1''/%91-.+/-&/! +59'/%1D! 5+/-&'*%! /0! Q1>/-! 9/'5*-/)6*! %/-&*.1"! E1.'+21D! /-&1-)/%D! )0*>,! /0!
)()8+001!_(/!91'&*<*!)1-%+21!/-!0*!71-*!*<.15+-*0!./!=10/.*.D!)*(%C-.10/!2'*>/%!0/%+1-/%!_(/!
&*'.*'1-!SM#!.6*%!/-!%*-*'!3!%/)(/0*%!)1-%+%&/-&/%!/-!)+)*&'+7!_(/01+./*!./!PL!)5%"!./!01-2+&(.!
3!P!)5"!./!*-)8('*!/-!0*!06-/*!5/.+*!*<.15+-*0D!)+)*&'+7!./!S!)5%"!/-!8+91)1-.'+1!+7_(+/'.1!3!
%6-.'15/!./!/%&'`%!91%&'*(5C&+)1"!$0!.6*!/-!_(/!1)(''+/'1-!01%!8/)81%!E1.'+21!8*<6*!1<&/-+.1!
(-*!*(&1'+7*)+,-!./!%*0+.*!./!0*!E/%+./-)+*!/-!0*!_(/!%/!/-)1-&'*<*!+-2'/%*.1!HE/%+./-)+*!B1%!
E1<0/%! ./! c+00*%*-&/! ./! V1-&+Q*J"! G1! )1-%&*! _(/! /0! &+&(0*'! ./! .+)8*! '/%+./-)+*D! b12*./5*D! ="R"!
H_(/! &/-6*! )1-&'*&*.1! /0! %/2('1! ./! '/%91-%*<+0+.*.! )+>+0! )1-! V*94'/! I-.(%&'+*0D! ="R"JD! 8(<+/'*!
*.19&*.1!5/.+.*!*02(-*!9*'*!/>+&*'!01%!8/)81%"
B*! =R;! \('21%D! =/))"! PÄD! L"#"SAA@D! )1-./-,! *0! *)(%*.1! E1.'+21! )151! *(&1'! ./! (-! ./0+&1! ./!
815+)+.+1!/-!2'*.1!./!&/-&*&+>*!*!0*!9/-*!./!%/+%!*:1%!./!9'+%+,-D!+-8*<+0+&*)+,-!/%9/)+*0!9*'*!/0!
/Q/')+)+1! ./0! ./'/)81! ./! %(4'*2+1! 9*%+>1! .('*-&/! /0! &+/591! ./! 0*! )1-./-*D! 3! 9'18+<+)+,-! ./!
*9'1d+5*)+,-!*!0*!>6)&+5*!*!(-*!.+%&*-)+*!+-4/'+1'!./!SAA!5/&'1%!3!./!)15(-+)*'%/!/-!)(*0_(+/'!
41'5*! )1-! /00*! .('*-&/! )+-)1! *:1%"! g*5<+`-! )1-./-,! *! E1.'+21! *! +-./5-+7*'! *! =10/.*.! )1-!
MA"OUA!ê!91'!0/%+1-/%!3!)1-!SA"AAA!/('1%!91'!%/)(/0*%"!X/!.+)8*%!)*-&+.*./%!8*<6*!./!'/%91-./'!
.+'/)&*5/-&/!V*94'/!I-.(%&'+*0D!="R"D!/-!%10+.*'+.*.!)1-!b12*./5*D!="R"
B*! =g=D! SÄD! PP"#"SAA#D! /%&+5,! 9*')+*05/-&/! /0! '/)('%1! ./! )*%*)+,-! +-&/'9(/%&1! 91'! b12*./5*D!
="R"!./!5*-/'*!_(/!'/.(Q1!0*!'/%91-%*<+0+.*.!)+>+0!./!/%&*!/-&+.*.!./!%10+.*'+*!*!%(<%+.+*'+*D!3*!
_(/!/0!g=!)1-%+./',!*90+)*<0/!/0!*'&"!PSA"P!?;!q*0!n'2*-+%51!_(/!&/-6*!<*Q1!%(!2(*'.*!3!&(&/0*!*!
_(+/-!)15/&+,!(-!8/)81!./0+)&+>1!91'!)1-)(''+'!(-!)+/'&1!-+>/0!./!-/20+2/-)+*!_(/!2(*'.*!)1-!/0!
./0+&1! )15/&+.1! (-*! '/0*)+,-! ./! )*(%*h/4/)&1r"! Z! *:*.+,! _(/! q/-! 0*! %/-&/-)+*! ./! /%&*! =*0*!
P#SLhSAAPD! ./! SP! ./! Q(0+1D! %/! ./)0*'*! _(/! (-! '/_(+%+&1! /%/-)+*0! ./! 0*! '/%91-%*<+0+.*.! )+>+0!
%(<%+.+*'+*! /%! 0*! /d+%&/-)+*! ./! (-*! '/0*)+,-! ./! )*(%*0+.*.! m*! 0*! _(/! %/! '/4+/'/! )0*'*5/-&/! 0*!
/d9'/%+,-!0/2*0!ì%+/59'/!_(/!8*3*!5/.+*.1îm!/-&'/!0*!)(09*!1!-/20+2/-)+*!./!_(+/-/%!&/-2*-!*0!
/d/-&1! ./! '/%91-%*<+0+.*.! )'+5+-*0! m&1&*0! 1! 9*')+*05/-&/m! <*Q1! %(! 91&/%&*.! 1! 2(*'.*! 3! 0*!
)15+%+,-! 91'! *_(`0! ./! (-! 8/)81! 9(-+<0/! H|Ja! /d)0(%+,-! }./! 0*! '/%91-%*<+0+.*.! ./0! )/-&'1!
9%+_(+C&'+)1~!_(/!-1!9(/./!*4+'5*'%/!/-!/0!9'/%/-&/!)*%1!H|J!3*!_(/!-1!%/!9'1.(Q1!(-*!)/%+,-!
&/591'*0!./!0*!2(*'.*!./!8/)81!*!4*>1'!./!0*!4*5+0+*!1!./!&/')/'*!9/'%1-*!*!_(+/-!0/!+-)(5<+/'*!
0*!'/%91-%*<+0+.*.!)+>+0!%(<%+.+*'+*!./'+>*.*!./!0*!*)&(*)+,-!./!E1.'+21D!%+-1!_(/!%/!5*-&(>1!0*!
2(*'.*!./!8/)81!91'!9*'&/!./!b12*./5*D!="R"!.('*-&/!0*%!%*0+.*%!*(&1'+7*.*%!91'!%(!X+'/))+,-r!
H]X!S{J"
/
64
K&F/\<?J"$%(/5`2:::H/#&/02/#&/&"&<.H/#&/A&>).">(R$-$#(#/O&"(-/#&/-.>/S&".<&>
B<+*%,-./0;/M&%-(<(%$G"/?&"&<(P"!$%&*!B/3!%/!*90+)*'C!9*'*!/d+2+'!0*!'/%91-%*<+0+.*.!./!0*%!9/'%1-*%!5*31'/%!./!)*&1')/!
*:1%!3!5/-1'/%!./!.+/)+1)81!91'!0*!)15+%+,-!./!8/)81%!&+9+4+)*.1%!)151!./0+&1%!1!4*0&*%!
/-!/0!?,.+21!;/-*0!1!0*%!0/3/%!9/-*0/%!/%9/)+*0/%!H|J
B<+*%,-./3;/Ae?$=&"/#&/-.>/=&".<&>/#&/%(+.<%&/(Q.>;
?(*-.1! /0! *(&1'! ./! 01%! 8/)81%! 5/-)+1-*.1%! /-! 01%! *'&6)(01%! *-&/'+1'/%! %/*! 5/-1'! ./!
)*&1')/!*:1%D!-1!%/!0/!/d+2+'C!'/%91-%*<+0+.*.!)1-!*''/201!*!0*!9'/%/-&/!B/3D!%+-1!_(/!%/!
0/! *90+)*'C! 01! .+%9(/%&1! /-! 0*%! -1'5*%! %1<'/! 9'1&/))+,-! ./! 5/-1'/%! 9'/>+%&*%! /-! /0!
?,.+21!?+>+0!3!./5C%!.+%91%+)+1-/%!>+2/-&/%!H|J
B<+*%,-./5;/U(>&>/#&/-(/<&>).">(R$-$#(#/#&/-.>/=&".<&>;
P"! B1%! 5/-1'/%! %/'C-! '/%91-%*<0/%! )1-! *''/201! *! /%&*! B/3! )(*-.1! 8*3*-! )15/&+.1! 01%!
8/)81%!*!01%!_(/!%/!'/4+/'/!/0!*'&6)(01!P!3!-1!)1-)(''*!/-!/001%!-+-2(-*!./!0*%!)*(%*%!./!
/d/-)+,-!1!/d&+-)+,-!./!0*!'/%91-%*<+0+.*.!)'+5+-*0!9'/>+%&*%!/-!/0!>+2/-&/!?,.+21!;/-*0!
H|J!
^*+,-./h@@@/
M&/-(/<&>).">(R$-$#(#/%$D$B<+*%,-./60;/A&?-(>/?&"&<(-&>
(…)
M"! ?(*-.1! /0! '/%91-%*<0/! ./! 01%! 8/)81%! )15/&+.1%! %/*! (-! 5/-1'! ./! .+/)+1)81! *:1%D!
'/%91-./'C-! %10+.*'+*5/-&/! )1-! `0! ./! 01%! .*:1%! 3! 9/'Q(+)+1%! )*(%*.1%! %(%! 9*.'/%D!
&(&1'/%D!*)12/.1'/%!3!2(*'.*.1'/%!0/2*0/%!1!./!8/)81D!91'!/%&/!1'./-"!?(*-.1!`%&1%!-1!
8(<+/'/-! 4*>1'/)+.1! 0*! )1-.()&*! ./0! 5/-1'! )1-! .101! 1! -/20+2/-)+*! 2'*>/D! %(!
'/%91-%*<+0+.*.!91.'C!%/'!51./'*.*!91'!/0!^(/7!%/2[-!01%!)*%1%"
@"!$-!%(!)*%1D!%/!*90+)*'C!&*5<+`-!01!.+%9(/%&1!/-!/0!*'&6)(01!P@#!./!0*!B/3!MAhPNNSD!./!
SO! ./! -1>+/5<'/D! ./! E`2+5/-! ^('6.+)1! ./! 0*%! R.5+-+%&'*)+1-/%! ;[<0+)*%! 3! ./0!
;'1)/.+5+/-&1! R.5+-+%&'*&+>1! ?15[-D! 3! /-! 0*! B/3! M#hPNN#D! ./! PP! ./! .+)+/5<'/D! ./!
*3(.*%!3!*%+%&/-)+*!*!0*%!>6)&+5*%!./!./0+&1%!>+10/-&1%!3!)1-&'*!0*!0+</'&*.!%/d(*0D!3!%(%!
.+%91%+)+1-/%!)1590/5/-&*'+*%"
3;2;/ S(+&<$(-/ %.=)-&=&"+(<$.C/ &#(#H/ >(-,#/ F/ <&>).">(R$-$#(#/ %$D$-/ &"/ &-/ #&<&%L./
%.=)(<(#./
&'#44#.&<-=
C/2%-%/4/.%&:>D$"59&#E&>#"%2F
65
o/ 0:/ C/2%-%/4/.%& :>D$"59& #E& >#"%2F& <$-A$)$%0& E#"& 3D02$7-)& -.5& +4#%$#.-)& G-"4!
HSAPAJK!'L$-#<&"/
H*J!R!)8+0.ï%!)1-.()&!+%!-/20+2/-&!+4!+&!.1/%!-1&!)1-41'5!&1!&8*&!14!*!'/*%1-*<0/!9/'%1-!14!
&8/!%*5/!*2/D!+-&/00+2/-)/D!*-.!/d9/'+/-)/D!/d)/9&!*%!9'1>+./.!<3!%/)&+1-!H<J!1'!H)J"
H<J!R!)8+0.!0/%%!&8*-!4+>/!3/*'%!14!*2/!+%!+-)*9*<0/!14!-/20+2/-)/"
H)J! g8/! %9/)+*0! '(0/! +-! =(<%/)&+1-! H*J! .1/%! -1&! *9903! i8/-! &8/! )8+0.! +%! /-2*2+-2! +-! *!
.*-2/'1(%!*)&+>+&3!&8*&!+%!)8*'*)&/'+%&+)*003!(-./'&*k/-!<3!*.(0&%"
o/ 00/ C/2%-%/4/.%& :>D$"59& #E& >#"%2F& <$-A$)$%0& E#"& 3D02$7-)& -.5& +4#%$#.-)& G-"4!
HSAPAJC/M$>(R$-$+F
H*J!g8/!)1-.()&!14!*-!*)&1'!i+&8!*!983%+)*0!.+%*<+0+&3!+%!-/20+2/-&!1-03!+4!&8/!)1-.()&!.1/%!
-1&!)1-41'5!&1!&8*&!14!*!'/*%1-*<0/!)*'/4(0!9/'%1-!i+&8!&8/!%*5/!.+%*<+0+&3"
H<J! g8/! )1-.()&! 14! *-! *)&1'! .('+-2! *! 9/'+1.! 14! %(../-! +-)*9*)+&*&+1-! 1'! 01%%! 14!
)1-%)+1(%-/%%! '/%(0&+-2! 41'5! 983%+)*0! +00-/%%! +%! -/20+2/-&! 1-03! +4! &8/! %(../-!
+-)*9*)+&*&+1-!1'!01%%!14!)1-%)+1(%-/%%!i*%!'/*%1-*<03!41'/%//*<0/!41'!&8/!*)&1'"
H)J!R-!*)&1'ï%!5/-&*0!1'!/51&+1-*0!.+%*<+0+&3!+%!-1&!)1-%+./'/.!+-!./&/'5+-+-2!i8/&8/'!
)1-.()&!+%!-/20+2/-&D!(-0/%%!&8/!*)&1'!+%!*!)8+0."
X1%! <(/-*%! .+%)(%+1-/%! ./! 01%! )'+&/'+1%! '/%(5+.1%! 91'! /0! B"%-(-"6"4-! 9(/./-! )1-%(0&*'%/! /-K!
.(4'")%$0G$20(4%$}SS@!R"S.!OM!HG"b"!PNOOJ~!3!/-!5,#-)"$0G$8E")-*4!}@L@!="x"S.!PSM!HR'k"!PNLPJ~
&'$($)&<-=C/c<("%$(/F/B-&=("$(
c<("%$(C/ K.$/ "p85[677/ #,/ 5/ E,$--&+/ 0985/ +&"#("+/ q/ -r(=e-$.<(+$."/ #&/ -(/ >$+,(+$."/ #&>/
D$%+$=&>/#r(%%$#&"+>/#&/-(/%$<%,-(+$."/&+/q/-r(%%e-e<(+$."/#&>/)<.%e#,<&>/#r$"#&="$>(+$."
B<+$%-&/3
B/%!>+)&+5/%D!81'5+%!0/%!)1-.()&/('%!./!>`8+)(0/%!&/''/%&'/%!W!51&/('D!%1-&!+-./5-+%`/%!
./%!.155*2/%!'`%(0&*-&!./%!*&&/+-&/%!W!0/('!9/'%1--/!_(w/00/%!1-&!%(<+%D!%*-%!_(/!9(+%%/!
0/('!ñ&'/!1991%`/!0/('!9'19'/!4*(&/!W!0w/d)/9&+1-!./!0/('!4*(&/!+-/d)(%*<0/!%+!/00/!*!`&`!0*!
)*(%/!/d)0(%+>/!./!0w*))+./-&"!
B/%!>+)&+5/%!.`%+2-`/%!W!0w*0+-`*!9'`)`./-&D!01'%_(w/00/%!%1-&!ó2`/%!./!51+-%!./!%/+7/!*-%!
1(!./!90(%!./!%1+d*-&/m.+d!*-%D!1(!01'%_(/D!_(/0!_(/!%1+&!0/('!ó2/D!/00/%!%1-&!&+&(0*+'/%D!*(!
515/-&!./!0w*))+./-&D!.w(-!&+&'/!0/('!'/)1--*+%%*-&!(-!&*(d!.w+-)*9*)+&`!9/'5*-/-&/!1(!
.w+->*0+.+&`! *(! 51+-%! `2*0! W! UA! 9"! PAAD! %1-&D! .*-%! &1(%! 0/%! )*%D! +-./5-+%`/%! ./%!
.155*2/%!'`%(0&*-&!./%!*&&/+-&/%!W!0/('!9/'%1--/!_(w/00/%!1-&!%(<+%"!
66
g1(&/41+%D!.*-%!0/%!)*%!>+%`%!*(d!./(d!*0+-`*%!9'`)`./-&%D!0*!>+)&+5/!-w/%&!9*%!+-./5-+%`/!
9*'!0w*(&/('!./!0w*))+./-&!./%!.155*2/%!'`%(0&*-&!./%!*&&/+-&/%!W!%*!9/'%1--/!01'%_(w/00/!
*!>101-&*+'/5/-&!'/)8/')8`!0/!.155*2/!_(w/00/!*!%(<+"
B-&=("$(C/'G#$?./'$D$-/(-&=J"/sUt<?&<-$%L&>/X&>&+NR,>%L/VUXUWu
o/828/S$"#&<EvL<$?&
HPJ!x/'!-+)8&!.*%!%+/</-&/!B/</-%Q*8'!>100/-./&!8*&D!+%&!4T'!/+-/-!=)8*./-D!./-!/'!/+-/5!
*-./'/-!7(4T2&D!-+)8&!>/'*-&i1'&0+)8"
HSJ! x/'! .*%! %+/</-&/D! *</'! -+)8&! .*%! 7/8-&/! B/</-%Q*8'! >100/-./&! 8*&D! +%&! 4T'! ./-!
=)8*./-D! ./-! /'! </+! /+-/5! l-4*00! 5+&! /+-/5! s'*4&4*8'7/(2D! /+-/'! =)8+/-/-<*8-! 1./'!
/+-/'!=)8i/</<*8-!/+-/5!*-./'/-!7(4T2&D!-+)8&!>/'*-&i1'&0+)8"!X+/%!2+0&!-+)8&D!i/--!/'!
.+/!c/'0/&7(-2!>1'%ò&70+)8!8/'</+2/4T8'&!8*&"
HMJ!x/'!.*%!PU"!B/</-%Q*8'!-1)8!-+)8&!>100/-./&!8*&D!+%&D!%14/'-!=/+-/!c/'*-&i1'&0+)8k/+&!
-+)8&! -*)8! R<%*&7! P! 1./'! S! *(%2/%)801%%/-! +%&D! 4T'! ./-! =)8*./-D! ./-! /'! /+-/5! *-./'/-!
7(4T2&D! -+)8&! >/'*-&i1'&0+)8D! i/--! /'! </+! ./'! \/2/8(-2! ./'! %)8ò.+2/-./-! b*-.0(-2!
-+)8&!.+/!7('!$'k/--&-+%!./'!c/'*-&i1'&0+)8k/+&!/'41'./'0+)8/!$+-%+)8&!8*&"
4;/A$d,&N(/#&-/#&=("#(#./
eX/</-! ./! &/-/'%/! /-! )(/-&*! 01%! 5/.+1%! ./! _(/! .+%91-/! /0! ./5*-.*.1D! %(! '+_(/7*! m)151! (-*!
)+')(-%&*-)+*!'/0/>*-&/!9*'*!/%&+5*'!0*!)(*-&6*!./0!4*001!)1-./-*&1'+1!*!9*2*'!(-*!)*-&+.*.!./!
.+-/'1! *0! ./5*-.*-&/f! B*! '/%9(/%&*! /%! )0*'*5/-&/! -/2*&+>*! 9*'*! _(+/-/%! %1%&+/-/-! _(/! /0!
./'/)81! ./! 0*! '/%91-%*<+0+.*.! )+>+0D! /0! ./'/)81! ./! .*:1%D! &+/-/! (-*! 4(-)+,-! /d)0(%+>*! 1!
9'/.15+-*-&/5/-&/! )159/-%*&1'+*K! /0! ./5*-.*.1! 8*<'C! ./! 9*2*'! (-*! +-./5-+7*)+,-!
/_(+>*0/-&/! *! (-*! /%&+5*)+,-! '*71-*<0/! ./! &1.1%! 01%! .*:1%! )*(%*.1%! )1-! *<%10(&*!
+-./9/-./-)+*!./!%+!/'*!5C%!1!5/-1%!'+)1!1!5C%!1!5/-1%!_(/!/0!./5*-.*-&/"!
;*'*!_(+/-/%!%1%&+/-/-!_(/!/0!./'/)81!./!.*:1%!&+/-/!(-*!4(-)+,-!9'/>/-&+>*D!3!/%9/)64+)*5/-&/!
_(/! 8*! ./! 9'/>/-+'! .*:1%! ./! 41'5*! /4+)+/-&/D! 0*! '/%9(/%&*! /%! 5C%! )1590/Q*! 9(/%! 01%! .*:1%! %/!
9(/./-!9'/>/-+'!%/*!3*!8*)+/-.1!9*2*'!(-!9'/)+1!*!_(+`-!01%!)*(%*m!(-!9'/)+1!_(/!+-&/'-*0+)/!
&1.1%! 01%! )1%&/%! _(/! 2/-/'/! %(! *)&+>+.*.m! %/*! +591-+/-.1! (-*! %*-)+,-! )1-! /0! 5+%51! 1<Q/&1"!!
$-&1-)/%!%+!-1%!./%0+7*51%!./%./!(-*!)1-)/9)+,-!./!(-!./'/)81!./!.*:1%!)151!(-!%+%&/5*!./!
9'/)+1%!1)(0&1%!*!1&'*!_(/!01!*)/')*!*0!./'/)81!%*-)+1-*.1'!'/%(0&*'C!5()81!5C%!4C)+0!./4/-./'!
(-*! )1-)/9)+,-! /-! >+'&(.! ./! 0*! )(*0! /0! +591'&/! ./! 0*! %*-)+,-! 8*3*! ./! *Q(%&*'%/! *! 0*! '+_(/7*! 3!
'/-&*!./0!./5*-.*.1"!
;*'*!(-*!.+%)(%+,-!%1<'/!0*%!.+4/'/-)+*%!/-&'/!9'/)+1%!3!%*-)+1-/%!>`*%/!/0!?*96&(01!P!./!E1</'&!
X"! ?nng$E! u! R'+/0! ;nERgD! F/&&+-2! I-)/-&+>/%! E+28&%K! A6!#*0'4@$ -*#-%S$ /*4-#(9-$ (47$ B"%-'-,-'*4D!
SAP@a!!9*'*!(-*!)1-)/9)+,-!./0!./'/)81!./!.*:1%!*Q/-*!*0!)1-)/9&1!./!%*-)+,-!>`*%/!]/'-*-.1!
;RGgRB$ÑG! ;EI$gnD! q?15/-&*'+1! *0! *'&6)(01! PNAS! ??rD! /-! ?C-.+.1! ;RtmRE$=D! B(+%! XÅ$tm;I?RtnD!
E1.'+21!\$E?ncIgtD!;*<01!=RBcRXnED!/*6"4-(#'*$7")$/^7'@*$/'0')D!V+-+%&/'+1!./!^(%&+)+*D!=/)'/&*'6*!
67
F/-/'*0! g`)-+)*D! ?/-&'1! ./! ;(<0+)*)+1-/%D! V*.'+.D! PNNM! m3! 9*'*! 0*%! )1-)/9)+1-/%! .15+-*-&/%!
_(/! &+/-./-! *! )1-%&'(+'! 0*! '/%91-%*<+0+.*.! )+>+0! *! 9*'&+'! ./! 0*! +./*! ./! _(/! 01%! %(9(/%&1%! ./!
'/%91-%*<+0+.*.!+-)0(3/-!0*!*-&+Q('+.+)+.*.!./!0*!)1-.()&*!./0!./5*-.*.1D!%*0>1!/-!01%!)*%1%!./!
'/%91-%*<+0+.*.! 1<Q/&+>*D! >`*%/! 0*! ./&*00*.*! 3! 4/)(-.*! .+%)(%+,-! _(/! %/! /-)(/-&'*! /-! B"!
]/'-*-.1!E$FB$En! ?RV;n=!H?11'."JD!?#(-(7*$7"$B"%!*4%(D')'7(7$/'0')D!#Ä!/."D!R'*-7*.+!g815%1-!
E/(&/'%D! ?+7('! V/-1'D! SAP@"! $-! 0*! 9'C)&+)*! Q('+%9'(./-)+*0! /%9*:10*! /0! 0/)&1'! 8*<+&(*.1! ./!
%/-&/-)+*%! ./! 0*%! *(.+/-)+*%! 3! ./0! g'+<(-*0! =(9'/51! %*</! <+/-! _(/! 01%! &'+<(-*0/%! &+/-./-! *!
)*'2*'! 0*! 5*-1! %+! 01%! 5*2+%&'*.1%! _(/! 01%! )1591-/-! &+/-/-! 0*! )1->+))+,-! '*71-*<0/! ./! _(/! /0!
)*(%*-&/!./!.*:1%!3!./5*-.*.1!*)&(,!.101%*5/-&/!3!.+%91-6*!./!+-2/-&/%!5/.+1%!5*&/'+*0/%!
9*'*!./)+.+'!)('%1%!./!)1-.()&*!*0&/'-*&+>1%"!$%!5C%D!/-!1)*%+1-/%!(-1%!3!1&'1%!-1!%101!*&+/-./-!
*!0*!'+_(/7*!*)&(*0!./0!./5*-.*.1!%+-1!*!%(!'+_(/7*!91&/-)+*0"!$%&1!/%D!%1-!5()81!5C%!/%&'+)&1%!
)1-! _(+/-/%! *)&[*-! )1-! C-+51! ./! 0()'1! _(/! )1-! _(+/-/%! 01! 8*)/-! 2'*&(+&*5/-&/"! $%! 0*! >+/Q*!
.1)&'+-*!./!0*!,-')'-(%$9*4-#(E"4-',6"!!
!/.(/"&H&C$#&I"-.5/&CJCJ&(J&3/%/"2#./s69/O;/578/V'.-.;/09:2Wu!/%!(-!)*%1!./!'/4/'/-)+*!_(/!
'/)12/D!41'5(0*D!5(3!9'/)+%*5/-&/!0*!&/%+%!)159/-%*&1'+*!&'*.+)+1-*0K!
q?RV;\$BBD!?"^"!g8/!)*'/!'/_(+'/.!14!*!i*'/81(%/5*-!+%!&8/!%*5/D!i8/&8/'!8/!+%!'+)8!1'!
911'"!]1'D!+4!&8/!4*)&!&8*&!8/!+%!'+)8!'/_(+'/%!14!8+5!2'/*&/'!)*'/!&8*-!+4!8/!91%%/%%/.!1-03!
51./'*&/!5/*-%!1'!+%!911'D!&8/-D!+4!8/!i/'/!/d&'/5/03!911'D!&8/!)*'/!'/_(+'/.!5+28&!</!
%()8!*%!9'*)&+)*003!&1!*51(-&!&1!-1&8+-2a!*-.!-1!1-/!i1(0.!)0*+5!&8*&!%()8!*-!(-)/'&*+-!
*-.!%0+.+-2!'(0/!%81(0.!</!&8/!5/*%('/!14!8+%!0+*<+0+&3|r
?151! 5(/%&'*! /0! ./%0+7*5+/-&1! ./%! ./! 0*! '+_(/7*! *)&(*0! *! 0*! 91&/-)+*0! _(/! 91-/! <+/-! ./!
5*-+4+/%&1! 0*! &/%+%! _(/! /d+2/! &15*'! /-! )1-%+./'*)+,-! /0! C-+51! ./! 0()'1! )151! )+')(-%&*-)+*!
*2'*>*-&/! ./! '/%91-%*<+0+.*.D! (-*! )(/%&+,-! ./'+>*.*! /%! /0! 8/)81! _(/! 0*! '+_(/7*! &+/-/! 5()8*%!
)*'*%K! 01%! Q,>/-/%! %1-! <+10,2+)*5/-&/! 5C%! '+)1%! _(/! 01%! *.(0&1%! 3! _(/! 01%! >+/Q1%a! 01%! 5(3!
+-&/0+2/-&/%D!5C%!_(/!01%!-1'5*0/%D!./%!./0!9(-&1!./!>+%&*!+-&/0/)&(*0a!01%!<+/-!9*'/)+.1%D!5()81!
5C%!*&'*)&+>1%!_(/!01%!-1!*2'*)+*.1%a!01%!5(3!)(0&1%D!5C%!_(/!01%!5/-1%!3!01%!/d9/'+5/-&*.1%!3!
9/'+&1%D! 5C%! _(/! 01%! +-/d9/'&1%"! Z! /%! _(/! *0! 4+-*0D! /0! .+-/'1! /%! (-+.*.! ./! )(/-&*"! $%! ./)+'D! 0*!
'+_(/7*!/-!%/-&+.1!*590+1!/>*0[*!5()8*%!)(*0+.*./%!./0!./5*-.*.1!3!/%&1!-1%!9/'5+&/!9*%*'!*!
0*%!)+')(-%&*-)+*%!/%9/)+*0/%!%+2(+/-&/%"!
5;/ '.".%$=$&"+.>/ &>)&%$(-&>/ F/ L(R$-$#(#&>/ )(<+$%,-(<&>/ #&-/
#&=("#(#./
$0! 9(-&1! ./! 9*'&+.*! /-! 0*! '/%91-%*<+0+.*.! 9'14/%+1-*0! /%! _(/! /0! ./5*-.*.1! '/%91-./! 91'! /0!
+-)(590+5+/-&1! ./0! )(/'91! ./! '/20*%! 9'19+*%! ./! %(! 9'14/%+,-D! *'&/! (! 14+)+1K! 0*! )"3$ (#-'%"! e;/'1!
'/%91-./-! 5C%! +-&/-%*5/-&/! 01%! 5/Q1'/%D! /-! )*.*! 9'14/%+,-D! 14+)+1! 1! 9'C)&+)*! 1! 01! 8*)/-! ./!
*)(/'.1! )1-! 0*%! '/20*%! 2/-/'*0/%! ./0! *'&/D! )1-! 0*! 5/.+*! ./! %(! 9'14/%+,-f! e$%&C! 9/-*0+7*.1! %/'!
(-1!./!01%!5/Q1'/%f!B*!'/%9(/%&*!%(/0/!%/'!_(/!_(+/-!.+%91-/!./!)1-1)+5+/-&1%!/%9/)+*0/%!8*!
./! *)&(*'! ./%./! 0(/21! ./! *)(/'.1! )1-! 0*%! '/20*%! 9'19+*%! ./0! )(/'91! ./! )1-1)+5+/-&1%!
)1''/%91-.+/-&/%D!/%!./)+'D!5C%!9'(./-&/5/-&/!_(/!/0!0/21"!$-!)*5<+1D!./-&'1!./!0*!9'14/%+,-!(!
14+)+1D!0*!'/%9(/%&*!/%!_(/!0*!9/'+)+*!/d&'*1'.+-*'+*!./0!./5*-.*.1!/%!(-*!./!0*%!)+')(-%&*-)+*%!
./!_(/!./0+5+&*-!%(%!./</'/%!./!)(+.*.1D!9/'1!-1!0*![-+)*!./!/00*%"!$-!&1.1!)*%1D!_(+/-!)*'/)/!./!
0*%! 8*<+0+.*./%! 9'19+*%! ./! (-! /%9/)+*0+%&*D! -1! 3*! 91'_(/! %/*! 0/21D! %+-1! 91'_(/D! %+/-.1!
68
9'14/%+1-*0D! .+%91-/! %101! ./! 01%! )1-1)+5+/-&1%! 2/-/'*0/%! ./! %(! 14+)+1D! 8*! ./! *<%&/-/'%/! ./!
/Q/')/'!(-*!/%9/)+*0+.*.!9*'*!)(31!/Q/')+)+1!-1!/%&C!9'/9*'*.1!%(4+)+/-&/5/-&/"
o/ 02/ C/2%-%/4/.%& :>D$"59& #E& >#"%2F& <$-A$)$%0& E#"& 3D02$7-)& -.5& +4#%$#.-)& G-"4!
HSAPAJK
qI4! *-! *)&1'! 8*%! %k+00%! 1'! k-1i0/.2/! &8*&! /d)//.! &81%/! 91%%/%%/.! <3! 51%&! 1&8/'%D! &8/%/!
%k+00%!1'!k-1i0/.2/!*'/!)+')(5%&*-)/%!&1!</!&*k/-!+-&1!*))1(-&!+-!./&/'5+-+-2!i8/&8/'!
&8/!*)&1'!8*%!</8*>/.!*%!*!'/*%1-*<03!)*'/4(0!9/'%1-"r
-
x8/-!&8/!*)&1'!+%!1-/!14!*!0+5+&/.!-(5</'!14!9*'&+/%!&8*&!/-2*2/!+-!*-!*)&+>+&3!&8*&!
91%/%!.+%&+-)&+>/!*-.!%+2-+4+)*-&!.*-2/'%!}/0/)&'+)m91i/'!)159*-3~"!
-
x8/-! &8/! *)&1'! &8*&! 91%%/%%/%! *-! *<1>/m*>/'*2/! k-1i0/.2/! 8*%! *! 9'/m/d+%&+-2!
'/0*&+1-%8+9!i+&8!&8/!1&8/'!9*'&3"!!}=g=D!PÄD!UMOhSAA@D!./!SS!./!Q(0+1~
-
=(<%&*-.*'.!Q(.25/-&!+%!(%(*003!+2-1'/."!B/*'-/'%!*-.!</2+--/'%"!
-
I-&1d+)*&+1-"! g8/! 41'/%//*<+0+&3! &/%&K! >10(-&*'3! +-&1d+)*&+1-! +%! +2-1'/."! I)/.! &/*!
%9+k/.!i+&8!0+_(1('"!!
$-! &*0! %/-&+.1D! 9(/./! >/'%/! 0*! ]^]H/ 0_H/ 679`2:0:H/ #&/ 0:/ #&/ #$%$&=R<&H/ SOC a.>e/ B"+."$./
]&$E(>/l,$"+("(D!3*!&'*&*.*!%,!#(!H>`*%/!/962'*4/!M"PJK!q]*0&*'1-!/-!/0!)*%1!01%!)1-1)+5+/-&1%!
5`.+)1%! -/)/%*'+1%! 9*'*! 8*)/'! 91%+<0/! /0! .+*2-,%&+)1! _(/! 8(<+/'*! 9'/>/-+.1! 1! />+&*.1! 0*!
1<%&'())+,-! )1590/&*! ./! 0*! *'&/'+*! )*',&+.*! *! 9*'&+'! ./! (-*! 9'/>+*! %+-&15*&10126*! -/('10,2+)*!
_(/!-1!4(/!./&/)&*.*!91'!/0!5`.+)1!./!2(*'.+*D!)151!q%+-!.(.*r!01!8*<'6*!8/)81!/0!9/'+&1D!01!_(/!
*! 0*! 91%&'/! -1! >+/-/! %+-1! *! +-.+)*'! _(/! )(*0_(+/'! 1&'1! 5`.+)1! )1-! (-*! <*%/! 56-+5*! ./!
)1-1)+5+/-&1%! 9*'*! /%&1%! %(9(/%&1%! 1! %(90+/-.1! %(%! )*'/-)+*%! 5/.+*-&/! (-! )1-%/Q1! 5`.+)1!
)1590/5/-&*'+1D! 8*<'6*! ./&/)&*.1! ./! +-5/.+*&1! 0*! '*7,-! ./! %(! +-2'/%1! 3! 0/! 8(<+/'*!
9'191')+1-*.1! )1-! 0*! ('2/-)+*! 3! .+0+2/-)+*! -/)/%*'+*! &1.1%! 01%! 5/.+1%! )('*&+>1%! ./! _(/!
.+%91-6*r!H]X"!S{J"
6;/'$<%,">+("%$(>/)&<>."(-&>/#&/-(/D*%+$=(/
eX/</!/0!./5*-.*.1!*&/-./'!*!0*%!)+')(-%&*-)+*%!9/'%1-*0/%!./!0*!>6)&+5*!_(/!0*!%+&[*-!/-!(-*!
91%+)+,-! ./! /d&'/5*! >(0-/'*<+0+.*.! 3! _(/D! *! 5/-(.1D! -1! %1-! *9*'/-&/%f! B*! '/%9(/%&*! /%!
*4+'5*&+>*!/-!&1.1%!*_(/001%!)*%1%!1!)+')(-%&*-)+*%!/-!01%!)(*0/%!/0!./5*-.*.1!8*<6*!./!)1-&*'!
)1-! 0*! 91%+<0/! 9'/%/-)+*! ./! >6)&+5*%! 91&/-)+*0/%! /%9/)+*05/-&/! 4'C2+0/%D! 91'! /Q/5901D! /-! 0*%!
)*00/%! 3! 90*7*%! ./! 0*! )+(.*.D! /-! 2/-/'*0D! /-! 01%! /%)/-*'+1%! 8*<+&(*0/%! ./! 0*! >+.*! )1&+.+*-*"! B*!
'*7,-!/%!%/-)+00*!./!/-&/-./'K!%+!9*'*!5/.+'!0*!+-&/-%+.*.!./0!./</'!./!9'/)*()+,-!-1!%/!&(>+/'*!
/-! )(/-&*! *0! #ã! 1! *0! PAã! 1! *0! P#ã! ./! 91<0*)+,-! 5C%! 4'C2+0D! 01%! +-)/-&+>1%! 9*'*! )1591'&*'%/!
*./)(*.*5/-&/!%/'6*-!%(<,9&+51%"!
$-!)*5<+1D!/-!/%9*)+1%!1D!/-!2/-/'*0D!/-!1)*%+1-/%!/-!0*%!)(*0/%!/0!./5*-.*.1!9(/./!)1-&*'!)1-!
_(/!*_(/00*%!9/'%1-*%!)1-!0*%!)(*0/%!>*!*!+-&/'*)&(*'!%1-!81512`-/*5/-&/!%*-*%!3!4(/'&/%D!%(%!
./</'/%! ./! 9'/)*()+,-! -1! +-)0(+'C-! 0*! )1-%+./'*)+,-! 8*)+*! *_(/00*%! _(/! 9'/)+%/-! ./! (-*!
69
9'1&/))+,-! /%9/)+*0! %*0>1! _(/! %(! +-./4/-%+,-! '/%(0&/! *9*'/-&/! *! 1Q1%! ./! (-! 1<%/'>*.1'!
'*71-*<0/"!$0!/Q/5901!)0C%+)1!/%!0*!9'C)&+)*!./!(-!./91'&/!./!/_(+91!3!./!)1-&*)&1!/-!(-!/%9*)+1!
)/''*.1D!(-!/%&*.+1!1!(-!)*591!./!./91'&/"
B1%!)*%1%!./!0*!0/3!%(/0/-!%/2(+'!/%&*!06-/*!./!'*71-*5+/-&1%"!$%!0*!./-15+-*.*!"@@<%E"))$%J,))$
7*9-#'4"K!Hb$GX$E=nGD!;$RE=nGD!sZ=RE!u!=I?IBIRGnD!?E"$?*#-%$5#*9"%%D!)8*9&/'!@D!U&8!/."D!SAPSJ"
qn-/!'(0/!14!&8/!&1'&!0*i!H|J!+%!&8*&!&8/!./4/-.*-&!&*k/%!8+%!>+)&+5!*%!8/!4+-.%!8+5"!I-!=5+&8!>"!
\'*+-!B//)8!u!?1"!B&.!HPNOSJ!S!p"\"!@A#D!90*+-&+44w%!./)/*%/.!i*%!<('-/.!1-!8+%!0+9!<3!%90*%8+-2!
510&/-! 5/&*0! </)*(%/! ./4/-.*-&! -/20+2/-&03! 4*+0/.! &1! 9'1>+./! *-! *./_(*&/! 2(*'."! \/)*(%/! 14!
9'+1'!/d91%('/%!14!*-1&8/'!k+-.!+-!&8/!9*%&D!./)/*%/.!8*.!H*))1'.+-2!&1!&8/!)1('&J!./>/019/.!*!
&/-./-)3!&1i*'.!)*-)/'"!I-!*-3!/>/-&D!&8/!<('-/.!0+9!.+.!./>/019!*!)*-)/'!4'15!i8+)8!8/!.+/."!
g8/! )1('&! *)k-1i0/.2/.! &8*&! ./*&8! <3! )*-)/'! i*%! (-41'/%//*<0/|r! H$;=g$IGD! /(%"%$ (47$
a(-"#'()%$*4$?*#-%D!N&8!/."D!SAAUD!9"!#@SJ"
7;/]$+,(%$."&>/#&/)&-$?<./d,&/<&d,$&<&"/(%%$G"/$"=&#$(+(C/6855/.&
+4/"?/.70&5#7%"$.//
l-*!/5/'2/-)+*!/%D!.+)/!/0!XER$D!(-*!q%+&(*)+,-!./!9/0+2'1!_(/!'/_(+/'/!(-*!*))+,-!+-5/.+*&*r!
HMÄ! *)/9)+,-J! 3! 0*! 9'/2(-&*! /%! %+D! *-&/! (-*! /5/'2/-)+*D! 01%! ./</'/%! ./! 9'/)*()+,-! %1-! 5/-1%!
+-&/-%1%!_(/!*-&/!(-*!%+&(*)+,-!./!'+/%21!-1'5*05/-&/!/%9/'*<0/"!B*!'/%9(/%&*!)0C%+)*!/%!_(/!0*!
/5/'2/-)+*! %/! &+/-/! /-! )(/-&*! )151! (-*! ./! 0*%! )+')(-%&*-)+*%! _(/! 51.(0*-! 01%! ./</'/%! ./!
)(+.*.1D!9/'1!_(/D!9'1<*<0/5/-&/D!-1!8*3!-/)/%+.*.!./!)1-%&'(+'!(-*!.1)&'+-*!/%9/)64+)*!/-!0*!
)(*0! _(/9*! /-)*%+00*'! 5(0&+&(.! ./! *)1-&/)+5+/-&1%! +-/%9/'*.1%D! 9/'1! 5(3! 8/&/'12`-/1%! /-&'/!
%6"
ep(`!)1-%/)(/-)+*%!&/-.'6*!9*'*!/%&*!.1)&'+-*!0*!*)/9&*)+,-!./!0*!&/%+%!/-!>+'&(.!./!0*!)(*0!8*3!
_(/! .+%&+-2(+'! /-&'/! 0*9%1%! ./! )1-.()&*! /d)(%*<0/%! m/''*'! /%! 8(5*-1m! 1! 0*9%1%! +-/d)(%*<0/%f!
I-.+)*)+,-K! /-! /0! /-&1'-1! ./! %+%&/5*%! )1590/Q1%! )(*0_(+/'! +-2/-+/'1! %*</! _(/! 01%! .+%91%+&+>1%!
./!%/2('+.*.!8*-!./!%/'!'/.(-.*-&/%D!/%!./)+'D!_(/!8*-!./!+-)0(+'!0*!9'/>+%+,-!./0!4*001!8(5*-1"!
$%&*! )1-%+./'*)+,-! _(/! 8*! %+.1! %+/59'/! 1<>+*! /-! */'1-*>/%! 01! /%! )'/)+/-&/5/-&/! /-!
+-4'*/%&'()&('*%! 3! /%&'()&('*%! 4/''1>+*'+*%! 3! /%&C! /59/7*-.1! *! %/'01! /-! *(&15,>+0/%"! l-*!
.+%)(%+,-! &'*.+)+1-*0! %1<'/! 0*! '/0/>*-)+*! 1! +''/0/>*-)+*! ./! (-*! )+')(-%&*-)+*! '/9/-&+-*5/-&/!
+59'/>+%&*!0*!/-)1-&'*'C!/0!0/)&1'!/-!/0!)*%1!%+2(+/-&/"!;/'1!*-&/%!3!9*'*!)1590+)*'!0*!>+.*!./0!
0/)&1'D!)1->+/-/!'/)1'.*'0/!_(/!&1.1!*))+./-&/!/%!+-191'&(-1"!
<0#.2& (J& K$5.$?D%& 68.& >"-.21#"%-%$#.& 6/"($7/2L& B.7J& s928/ O;2#/ 02:2/ VB-(>Z(/ 0996Wu!
H8&&9Khh0*i"Q(%&+*")15h)*%/%h*0*%k*h%(9'/5/m)1('&hPNNOh%mLANMmP"8&50J
o/9/C/2%-%/4/.%&:>D$"59&#E&>#"%2F&<$-A$)$%0&E#"&3D02$7-)&-.5&+4#%$#.-)&G-"4!HSAPAJK
/
qI4!*-!*)&1'!+%!)1-4'1-&/.!i+&8!*-!(-/d9/)&/.!/5/'2/-)3!'/_(+'+-2!'*9+.!'/%91-%/D!&8+%!
+%!*!)+')(5%&*-)/!&1!</!&*k/-!+-&1!*))1(-&!+-!./&/'5+-+-2!i8/&8/'!&8/!*)&1'w%!'/%(0&+-2!
)1-.()&!+%!&8*&!14!&8/!'/*%1-*<0/!)*'/4(0!9/'%1-r"
70
- g8+%! %/)&+1-! *..'/%%/%! &8/! %+&(*&+1-! +-! i8+)8! *-! *)&1'! 4*)/%! &i1! 1'! 51'/! )81+)/%! 14!
)1-.()&D!/*)8!14!i8+)8!/-&*+0%!+&%!1i-!)15<+-*&+1-!14!*.>*-&*2/%!*-.!.+%*.>*-&*2/%"!
I-! *-! /5/'2/-)3D! &8/! 4*)&! 14! &8/! /5/'2/-)3! +&%/04! 5*3! 5/*-! &8*&! &8/! '/%91-%/! +%!
+-%&+-)&+>/!'*&8/'!&8*-!./0+</'*&+>/a!*&!&8/!0/*%&D!+&!+-.+)*&/%!&8*&!&8/!1991'&(-+&+/%!41'!
./0+</'*&+1-!8*>/!<//-!0+5+&/.!<3!%/>/'/!&+5/!9'/%%('/%"
- g8/! /5/'2/-)3! )*-! </! )'/*&/.! <3! &8/! )1-.()&! 14! *-1&8/'! 9/'%1-D! 1'! i+&81(&! 8(5*-!
*)&+1-!H4*+0('/!14!&8/!<'*k/%J"
- $5/'2/-)3"! g8/! k+-.! 14! />/-&! &8*&! 9'/>/-&%! '/*%1-*<0/! 9/190/! 4'15! /d/')+%+-2! &8/!
k+-.!14!211.!Q(.25/-&!&8*&!%()8!9/190/!1'.+-*'+03!/d/')+%/"
- ;'+1'! -/20+2/-)/! 14! &8/! ./4/-.*-&"! R! -(5</'! 14! )1('&%! *.19&! &8/! '(0/! &8*&! &8/!
/5/'2/-)3!.1)&'+-/!.1/%!-1&!*9903!i8/-!&8/!/5/'2/-)3!+%!.(/!&1!&8/!./4/-.*-&w%!9'+1'!
-/20+2/-)/D!<(&!-1&!*00"
8;/n&?-$?&"%$(/?<(D&;/
/
R!01!0*'21!3!01!*-)81!./0!./'/)81!H-1!%101!)+>+0J!/%9*:10!%/!.+%&+-2(/!/-&'/!H%+590/J!-/20+2/-)+*!3!
-/20+2/-)+*! 2'*>/D! 1! *)&(*)+,-! ./0! )*(%*-&/! H1! '/%91-%*<0/! ./! 0*! )*(%*)+,-J! ./0! .*:1! )1-!
)1-1)+5+/-&1! ./0! '+/%21! ./! .*:1! 2/-/'*.1! 91'! 0*! )1-.()&*! +59'(./-&/! 3! *<%10(&*!
./%)1-%+./'*)+,-! ./! %(%! )1-%/)(/-)+*%"! B*! )(09*! 2'*>/! %/! )*'*)&/'+7*! 9'/)+%*5/-&/! 91'! &*0!
+-.+4/'/-)+*! *-&/! (-! '/%(0&*.1! 5(3!9'1<*<0/5/-&/! .*:+-1! 1! 5(3! 2'*>/D! %1<'/! &1.1!)(*-.1!0*!
/>+&*)+,-! ./! %(! 9'1.())+,-! %/'6*! 5(3! 91)1! )1%&1%*D! -*.*! 1! 91)1! 2'*>1%*! 9*'*! /0! .*:*.1'"!
g69+)*5/-&/D!/0!./5*-.*.1!)1-1)/!/0!'+/%21D!+-&/-)+1-*.*5/-&/!01!./%)1-%+./'*D!3!)1-1)/!01%!
8/)81%! _(/! )1->+/'&/-! *! &*0! '+/%21! /-! 1<>+1"! R! 01! 0*'21! ./! /%&/! /m0+<'1D! >/'/51%! 5()81%!
%(9(/%&1%!./!'/%91-%*<+0+.*.!91'!-/20+2/-)+*!2'*>/!/-!B/3/%!_(/!/d+5/-!./!'/%91-%*<+0+.*.!*!
_(+/-! *)&[*! 1! ./Q*! ./! 8*)/'01! 91'! H%+590/J! -/20+2/-)+*"! g*5<+`-! >/'/51%! _(/! 01%! &'+<(-*0/%!
(&+0+7*-!/0!)1-)/9&1!./!q-/20+2/-)+*!2'*>/r!)1-!)'+&/'+1%!5(3!)/:+.1%!*!0*%!)+')(-%&*-)+*!./!)*.*!
)*%1!3!)1-!/0!1<Q/&1!./!00/2*'!*!%10()+1-/%!./!Q(%&+)+*!5*&/'+*0"!!
!
B*!-/20+2/-)+*!2'*>/!*)&[*!*%6!)151!(-!)1-)/9&1!>C0>(0*!/-&'/!/0!.101D!0*!)*(%*)+,-!./!.*:1%D!3!
0*!-/20+2/-)+*!H%+590/JD!)*(%*)+,-!+59'(./-&/!9/'1!-1!+-&/-)+1-*0"!B*!<*%/!./!0*!)*&/21'6*!./!0*!
-/20+2/-)+*!2'*>/!8*!%+.1!.+%)(&+.*K!F/144'/3!?8'+%&198/'!ER;;D!g8/!x'/)k*2/!14!E/)k0/%%-/%%D!
pk$ T(%E'4@-*4$ n4'0"#%'-&$ =(>$ B"0'">D! PPPD! PSA! HSAAUJ"! $-! ./'/)81D! 0*! .+%)(%+,-! %1<'/! 01%!
2'*.1%! ./! 0*! )(09*! /%! 5+0/-*'+*K! \*'&101! ./! =*%%14/''*&1! HPMPMmPM#LJ! .+%&+-2(6*! /-&/! )(09*!
0*&6%%+5*D! 0*&+1'D! 0*&*D! 0/>/! 3! 0/>6%%+5*"! ?15/-&*'+1! *! 0*! B/d! p(1.! G/'>*! HX"! POD! MD! MSJ! Hl0'+)1!
RFGRgID! A)$ 9*66"4-*$ 7'$ O(#-*)*$ 7($ 8(%%*H"##(-*$ ())($ ="3$ v,*7$ K"#0($ ;.G$ XpS$ lSlW:G$ A4-#*7,M'*4"S$
-"%-'$ "$ (44*-(M'*4'D! g1'+-1D! F+*99+)8/00+! $.+&1'/D! SAA@J"! ;*'*! (-*! <[%_(/.*! ./0! 2'*.1! ./!
'/0/>*-)+*! 0/2*0! ./0! )1-)/9&1! ./! q)(09*! 2'*>/rD! 01%! 0/)&1'/%! 9(/./-! /%)'+<+'! /-! F1120/! q)(09*!
2'*>/!\n$r"!?(09*!0*&*!.101!*/_(+9*'*&('|!!
!
$-!9*'/)+.1!1'./-!./!+./*%D!9/'1!/-!./'/)81!9/-*0D!0*!B/3!n'2C-+)*!PhSAP#D!./!MA!./!5*'71D!91'!
0*!_(/!%/!51.+4+)*!/0!?,.+21!;/-*0!+-)0(3/!(-1%!-(/>1%!*'&6)(01%!P@S!3!P#S!_(/!.+%&+-2(/-!/-&'/!
+59'(./-)+*!2'*>/!/!+59'(./-)+*!5/-1%!2'*>/"!l-!*-C0+%+%!_(+/&+%&*!./!0*!'/41'5*!9(/./!>/'%/!
/-!X+)&*5/-!ShSAPO!./0!]+%)*0!./!=*0*!)11'.+-*.1'!./!%/2('+.*.!>+*0"!B*!B/3!n'2C-+)*!PhSAP#D!
./!MA!./!5*'71D!91'!0*!_(/!%/!51.+4+)*!/0!?,.+21!;/-*0"!B1%!-(/>1%!)1-)/9&1%!./!+59'(./-)+*!
71
2'*>/!3!5/-1%!2'*>/!./!01%!*'&%"!P@S!3!P#S!?;!3!%(!+-)+./-)+*!/-!0*!*)&(*)+,-!/%9/)+*0+7*.*!./0!
V]!9*'*!(-*!/4/)&+>*!9'1&/))+,-!9/-*0!./!0*!%/2('+.*.!>+*0"!]+%)*06*!F/-/'*0!./0!$%&*.1"!
!
/
72
'()*+,-./4/
n&?-$?&"%$(/V@@WC/P>+$=(%$G"/#&-/<$&>?./
!
!
P"!$0!)C0)(01!./0!'+/%21!)151!9'/%(9(/%&1!./!0*!-/20+2/-)+*"!""""""""""""""""""""""""""""""""""""""""""!LM!
P"P"!29J"#-$0G$=*4@$A%)(47$BGBG!}@M!G"Z"!#AS!HPULPJ~!""""""""""""""""""""""""""""""""""""""""""""""""""!LM!
P"S"!=g=D!PÄD!PPUOhSAA@D!./!PA!./!.+)+/5<'/D!V;K!I2-*)+1!=+/''*!F+0!./!0*!
?(/%&*"!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!L#!
S"!$0!)1-)/9&1!/)1-,5+)1!./!-/20+2/-)+*K!n4'-"7$8-(-"%$0G$/(##*))$?*>'4@$/*G$}P#N!
]"S.!PON!HS.!?+'"!PN@LJ~!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!LO!
M"!?'6&+)*%!*0!)1-)/9&1!/)1-,5+)1!./!-/20+2/-)+*!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!LU!
@"!?'+&/'+1%!./!+-&/2'*)+,-!./0!./</'!./!.+0+2/-)+*!3D!/-!9*'&+)(0*'D!0*!)1%&(5<'/!
H/,%-*6:!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!UO!
@"P"!B1%!.+%&+-&1%!)'+&/'+1%!./!+-&/2'*)+,-!./0!./</'!./!.+0+2/-)+*!""""""""""""""""""""!UO!
@"S"!$-!9*'&+)(0*'D!0*!)1%&(5<'/!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!UL!
@"M"!$0!)*%1!R0>+*!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!NA!
#"!;*<01!=RBcRXnE!?nX$E?bhR-&1-+1!]$EGYGX$t!?E$GX$D!qI-%&'(5/-&1%!./!)1-&'10!
%1)+*0!3!./'/)81!./!.*:1%rD!A4.#"-!@hSAA@!Hiii"+-.'/&")15JD!99"!PAmPS!"""""""""""""""!NS!
1. El cálculo del riesgo como presupuesto de la negligencia.
$-!0*!)(0&('*!Q('6.+)*!)1-&/591'C-/*!0*!&/%+%!./!_(/D!*!0*!81'*!./!>*01'*'!0*!-/20+2/-)+*D!8*3!_(/!
&/-/'! /-! )(/-&*! 01%! )1%&/%! 3! 01%! </-/4+)+1%! %1)+*0/%! ./! 0*! *)&+>+.*.! 9/0+2'1%*! _(/! '/*0+7*! /0!
./5*-.*.1D! %/! *%1)+*! )1-! /0! *-C0+%+%! /)1-,5+)1! ./0! ./'/)81! 3! /%! )'+&+)*.*! 91'! 5()81%"! =+-!
/5<*'21D!*(-_(/!0*!*-&+2T/.*.!3!0*!&'*.+)+,-!-1!%1-!/0![-+)1!&6&(01!0/2+&+5*.1'!./!(-*!.1)&'+-*D!
0*! +./*! ./! _(/! /-! (-! 5(-.1! 4+-+&1D! )1-! '/)('%1%! 0+5+&*.1%D! 0*! 9'/)*()+,-! _(/! 8*3! _(/! *90+)*'D!
.*.*%! 0*%! )+')(-%&*-)+*%D! *! 0*! '/*0+7*)+,-! ./! (-*! *)&+>+.*.! H06)+&*D! %1)+*05/-&/! 5C%! </-/4+)+1%*!
_(/!9/'Q(.+)+*0D!9/'1!&*5<+`-!9/0+2'1%*J!-1!/%!+-4+-+&*!/%!5(3!>+/Q*K
0;0;/+7M/"%&(J&<#.?&B2)-.5&CJCJ/s43/n;w;/5:2/V0870Wu/
qH|J! g8/! )*%/D! *%! 5*./! <3! &8/! 90*+-&+44D! i*%! &8*&! &8/! ./)/*%/.! '/)/+>/.! *-! +-Q('3! 4'15! *!
01)151&+>/!/-2+-/!14!&8/!./4/-.*-&D!i8+)8!'/%(0&/.!+-!8+%!./*&8D!1-!&8/!SO&8!.*3!14!G1>/5</'D!
PUOLD!(-./'!&8/!41001i+-2!)+')(5%&*-)/%K!
!
b/!i*%!%&*-.+-2!+-!&8/!*4&/'-11-!14!&8/!.*3!-*5/.D!+-!)1->/'%*&+1-!i+&8!*-1&8/'!9/'%1-!*<1(&!
4+4&3! 4//&! 4'15! &8/! ./4/-.*-&w%! &'*)k! +-! $*%&! G/i! Z1'kD! *%! *! &'*+-! 14! )*'%! i*%! )15+-2! +-! 4'15!
^*5*+)*!*&!*!'*&/!14!%9//.!/%&+5*&/.!<3!&8/!90*+-&+44w%!i+&-/%%/%!14!4'15!&i/0>/!&1!&i/-&3!5+0/%!
*-!81('"!g8/!90*+-&+44w%!i+&-/%%/%!8/*'.!-1!%+2-*0!/+&8/'D!4'15!&8/!i8+%&0/!1'!&8/!</00!(91-!&8/!
/-2+-/"!g8/!)0*+5!14!&8/!90*+-&+44!i*%!&8*&!&8/!/>+./-)/!*(&81'+7/.!&8/!Q('3!&1!4+-.!&8*&!&8/!%9//.!
73
14! &8/! &'*+-! i*%! +59'19/'! *-.! -/20+2/-&! +-! &8*&! 9*'&+)(0*'! 90*)/D! +&! </+-2! *! &8+)k03! 919(0*&/.!
-/+28<1'811.!*-.!1-/!14!&8/!%&*&+1-%!14!&8/!'1*."!
!
g8/! />+./-)/! 1-! &8/! 9*'&! 14! &8/! 90*+-&+44! *0%1! %81i/.! &8*&! *! )8+0.! &8'//! 1'! 41('! 3/*'%! 10.! i*%!
%+&&+-2!1'!%&*-.+-2!(91-!&8/!&'*)k!14!&8/!./4/-.*-&w%!'1*.!*%!&8/!&'*+-!14!)*'%!*99'1*)8/.!*-.!
i*%!0+*<0/!&1!</!'(-!1>/'D!+4!-1&!'/51>/.a!*-.!&8/!./)/*%/.D!%//+-2!&8/!.*-2/'!14!&8/!)8+0.D!'*-!&1!
+&D!*-.D!%/+7+-2!+&D!&8'/i!+&!)0/*'!14!&8/!&'*)k!1-!&8/!%+./!1991%+&/!&1!&8*&!4'15!i8+)8!8/!)*5/D!<(&D!
)1-&+-(+-2! *)'1%%! &8/! &'*)k! 8+5%/04D! i*%! %&'()k! <3! &8/! %&/9! 1'! %15/! 9*'&! 14! &8/! 01)151&+>/! 1'!
&/-./'D!&8'1i-!.1i-D!*-.!'/)/+>/.!+-Q('+/%!4'15!i8+)8!8/!.+/.!&8/!%*5/!-+28&"!
g8/!/>+./-)/!1-!&8/!9*'&!14!&8/!./4/-.*-&!&/-./.!&1!9'1>/!&8*&!&8/!)*'%!i/'/!</+-2!'(-!*&!*!>/'3!
51./'*&/!%9//.D!-1&!1>/'!%/>/-!1'!/+28&!5+0/%!*-!81('D!&8*&!&8/!%+2-*0%!'/_(+'/.!<3!0*i!i/'/!
2+>/-D!*-.!&8*&!&8/!)8+0.!i*%!-1&!1-!&8/!&'*)k!1>/'!i8+)8!&8/!)*'%!i/'/!9*%%+-2D!<(&!1-!*!%+./!
&'*)k!-/*'!&8/!5*+-!&'*)k"!
!
=1!4*'!*%!&8/'/!i*%!*-3!)1-40+)&!14!/>+./-)/!1'!_(/%&+1-!14!4*)&D!&8/!_(/%&+1-%!i/'/!%(<5+&&/.!&1!
&8/! Q('3"! g8/! Q('3! 41(-.! *! >/'.+)&! 41'! &8/! 90*+-&+44! *-.! &8/! Q(.25/-&! /-&/'/.! &8/'/1-! i*%!
*44+'5/.D! 1-! *99/*0D! <3! &8/! =(9'/5/! ?1('&! *-.! 4'15! &8/! 0*&&/'! Q(.25/-&! &8/! ./4/-.*-&! 8*%!
*99/*0/.!&1!&8+%!)1('&"!
!
FEnc$ED! ^"! g8/! +591'&*-&! _(/%&+1-! +-! &8+%! )*%/! *'+%/%! (91-! &8/! /d)/9&+1-! &*k/-! <3! &8/!
./4/-.*-&w%! )1(-%/0! &1! &8/! ./-+*0! 14! 8+%! 51&+1-! 41'! *! -1-%(+&D! 5*./! (91-! &8/! 2'1(-.! &8*&! &8/!
-/20+2/-)/! 14! &8/! 90*+-&+44w%! +-&/%&*&/! )1-&'+<(&/.! &1! &8/! +-Q('3! &8*&! )*(%/.! 8+%! ./*&8"! g8/!
/>+./-)/!%81i/.!&8*&!&8/!&'*+-!i*%!*99'1*)8+-2!+-!90*+-!>+/i!14!&8/!./)/*%/.D!*-.!8*.!8/!41'!
8+%!1i-!9('91%/%!*&&/59&/.!&1!)'1%%!&8/!&'*)kD!1'!i+&8!*!>+/i!&1!%*>/!9'19/'&3!90*)/.!8+5%/04!
>10(-&*'+03!+-!*!91%+&+1-!i8/'/!8/!5+28&!8*>/!'/)/+>/.!*-!+-Q('3!4'15!*!)100+%+1-!i+&8!&8/!&'*+-D!
8+%!)1-.()&!i1(0.!8*>/!<//-!2'1%%03!-/20+2/-&D!*-.!-1!'/)1>/'3!)1(0.!8*>/!<//-!8*.!41'!%()8!
+-Q('3"!\(&!&8/!/>+./-)/!4('&8/'!%81i/.!&8*&!&8/'/!i*%!*!%5*00!)8+0.!(91-!&8/!&'*)kD!i81D!+4!-1&!
'/%)(/.D!5(%&!8*>/!<//-!+-/>+&*<03!)'(%8/.!<3!&8/!'*9+.03!*99'1*)8+-2!&'*+-"!g8+%!&8/!./)/*%/.!
%*iD!*-.!8/!1i/.!*!.(&3!14!+591'&*-&!1<0+2*&+1-!&1!&8+%!)8+0.!&1!'/%)(/!+&!4'15!+&%!/d&'/5/!9/'+0D!
+4! 8/! )1(0.! .1! %1! i+&81(&! +-)(''+-2! 2'/*&! .*-2/'! &1! 8+5%/04"! G/20+2/-)/! +590+/%! %15/! *)&! 14!
)155+%%+1-!1'!15+%%+1-!i'1-24(0!+-!+&%/04"!l-./'!&8/!)+')(5%&*-)/%!+-!i8+)8!&8/!./)/*%/.!i*%!
90*)/.D! +&! i*%! -1&! i'1-24(0! +-! 8+5! &1! 5*k/! />/'3! /441'&! +-! 8+%! 91i/'! &1! '/%)(/! &8/! )8+0.D!
)159*&+<0/!i+&8!*!'/*%1-*<0/!'/2*'.!41'!8+%!1i-!%*4/&3"!I&!i*%!8+%!.(&3!&1!/d/')+%/!8+%!Q(.25/-&!
*%! &1! i8/&8/'! 8/! )1(0.! 9'1<*<03! %*>/! &8/! )8+0.! i+&81(&! %/'+1(%! +-Q('3! &1! 8+5%/04"! I4D! 4'15! &8/!
*99/*'*-)/%D! 8/! </0+/>/.! &8*&! 8/! )1(0.D! +&! i*%! -1&! -/20+2/-)/! &1! 5*k/! *-! *&&/59&! %1! &1! .1D!
*0&81(28!</0+/>+-2!&8*&!91%%+<03!8/!5+28&!4*+0!*-.!'/)/+>/!*-!+-Q('3!8+5%/04"!b/!8*.!-1!&+5/!41'!
./0+</'*&+1-"! b/! 5(%&! *)&! +-%&*-&03D! +4! *&! *00D! *%! *! 515/-&w%! ./0*3! i1(0.! 8*>/! <//-! 4*&*0! &1! &8/!
)8+0."!g8/!0*i!8*%!%1!8+28!*!'/2*'.!41'!8(5*-!0+4/!&8*&!+&!i+00!-1&!+59(&/!-/20+2/-)/!&1!*-!/441'&!
&1!9'/%/'>/!+&D!(-0/%%!5*./!(-./'!%()8!)+')(5%&*-)/%!*%!&1!)1-%&+&(&/!'*%8-/%%!+-!&8/!Q(.25/-&!
14! 9'(./-&! 9/'%1-%"! ]1'! *! 9/'%1-! /-2*2/.! +-! 8+%! 1'.+-*'3! *44*+'%D! 1'! +-! &8/! 5/'/! 9'1&/)&+1-! 14!
9'19/'&3D!k-1i+-203!*-.!>10(-&*'+03!&1!90*)/!8+5%/04!+-!*!91%+&+1-!i8/'/!8/!+%!0+*<0/!&1!'/)/+>/!*!
%/'+1(%!+-Q('3D!+%!-/20+2/-)/!i8+)8!i+00!9'/)0(./!*!'/)1>/'3!41'!*-!+-Q('3!%1!'/)/+>/.a!<(&!i8/-!
&8/! /d91%('/! +%! 41'! &8/! 9('91%/! 14! %*>+-2! 0+4/! +&! +%! -1&! i'1-24(0D! *-.! &8/'/41'/! -1&! -/20+2/-&D!
(-0/%%! %()8! *%! &1! </! '/2*'./.! /+&8/'! '*%8! 1'! '/)k0/%%"! g8/! Q('3! i*%! i*''*-&/.! +-! 4+-.+-2! &8/!
./)/*%/.! 4'//! 4'15! -/20+2/-)/! (-./'! &8/! '(0/! *%! *<1>/! %&*&/."! g8/! 51&+1-! 41'! *! -1-%(+&! i*%!
&8/'/41'/! 9'19/'03! ./-+/."! g8*&! &8/! Q('3! i*%! i*''*-&/.! +-! 4+-.+-2! &8/! ./4/-.*-&! 2(+0&3! 14!
-/20+2/-)/!+-!'(--+-2!&8/!&'*+-!+-!&8/!5*--/'!+&!i*%!'(--+-2!'/_(+'/%!-1!.+%)(%%+1-"!G1-/!14!&8/!
/d)/9&+1-%!&*k/-!&1!&8/!)8*'2/!*%!2+>/-D!1'!&1!&8/!'/4(%*0%!&1!)8*'2/!*%!'/_(/%&/.D!*44/)&!&8/!'+28&!
74
14! '/)1>/'3"! l91-! &8/! 9'+-)+90/! *<1>/! %&*&/.D! &8/! Q(.25/-&! *99/*0/.! 4'15! 5(%&! </! *44+'5/.D!
i+&8!)1%&%"!
!
?blE?bD!?"!^"D!*-.!;$?sbRV!*-.!ER;RBBnD!^^"D!)1-)('"!
RBB$GD!^"D!i'1&/!*!.+%%/-&+-2!19+-+1-D!+-!i8+)8!]nBF$ED!^"D!)1-)(''/."!
!
^(.25/-&!*44+'5/.r"
b*3!!5()81%!51.1%!./!*-*0+7*'!-1'5*&+>*5/-&/!(-!)*%1!)151!/0!./%)'+&1K!%/!9(/./!*''*-)*'!
)1-%+./'*-.1! _(/! 01%! '+/%21%! )'/*.1%! 91'! )*.*! 9*'&/! -1! /'*-! '/)69'1)1%D! %+-1! _(/! /0! *%1)+*.1!
)1-!0*%!4/''1>6*%!/%!/d&'*1'.+-*'+1"!R!/001!%/!9(/./!'/%91-./'!_(/!-1!'/%(0&*!>+*<0/!>*00*'!&1.*%!
0*%! >6*%! ./! (-! 4/''1)*''+0! 1! _(/! /001! %101! '/%(0&*! /d+2+<0/! /-! /-&1'-1%! /-! 01%! )(*0/%! /0! /''1'!
8(5*-1!%/*!9'/>+%+<0/!3!*%6D!%()/%+>*5/-&/"!$-!0*!Q('+%9'(./-)+*!/%9*:10*D!0*!+./*D!/d9(/%&*!/-!
/0! >+/Q1! )*%1! -1'&/*5/'+)*-1D! ./! _(/! 0*! 9'/)*()+,-! /d+2+<0/! *0! ./5*-.*.1! 8*! ./! %/'!
)1-5/-%('*<0/! )1-! /0! '+/%21! _(/! `0! 5+%51! 8*! 2/-/'*.1! *9*'/)/! /-! 5()8*%! %/-&/-)+*%! ./0!
g'+<(-*0!=(9'/51!/%9*:10D!*(-_(/!)*%+!-(-)*!./!41'5*!)/-&'*0K!
0;2;/]^]H/0_H/0086`2::4H/#&/0:/#&/#$%$&=R<&H/SOC/@?"(%$./]$&<<(/X$-/#&/-(/',&>+(;/
$0!PU"U"PNNAD!^1%`!V*-(/0!+-&/-&,!%1)1''/'!*!1&'*!9/'%1-*!_(/!%/!/%&*<*!*812*-.1!/-!0*!90*3*!./!
?(00/'*!Hc*0/-)+*J!/-!(-*!71-*!*0/Q*.*!./!0*!./!(%1!8*<+&(*0!./!01%!<*:+%&*%D!%+-!_(/!/d+%&+/'*!/-!
0*%!)/')*-6*%!5+/5<'1%!./0!%/'>+)+1!./!%1)1''+%&*%!5(-+)+9*0/%!3!)(*-.1!/0!5*'!/%&*<*!9+)*.1"!R!
9/%*'!./!_(/!(-*!7,.+*)!./!%1)1''+%&*%!*)(.+,!*!'/%)*&*'0/%D!*5<1%!4*00/)+/'1-"
B*! >+(.*! ./! ^1%`! V*-(/0D! /-! -15<'/! 9'19+1! 3! /-! /0! ./! %(! 8+Q1D! ./5*-.,! *0! R3(-&*5+/-&1! ./!
?(00/'*!3!%10+)+&,!(-*!+-./5-+7*)+,-!./!PSA"SASD@S!ê"!
$0! ^;I! -{! P! ./! =(/)*! /%&+5,! 0*! ./5*-.*! HS"L"PNNOJ! 3! )1-./-,! *0! R3(-&*5+/-&1! *0! 9*21! ./!
PAS"PLS!êD!./!01%!)(*0/%!LS"PSPD@#!ê!9*'*!0*!*)&1'*!3!MA"A#ADOA!ê!9*'*!%(!8+Q1"!B*!R;!./!c*0/-)+*!
H=/))"!UÄD!@"#"PNNUJ!/%&+5,!/0!'/)('%1!./!*9/0*)+,-D!'/>1),!0*!=^;I!3!*<%10>+,!*0!R3(-&*5+/-&1"
$0! g=! ./%/%&+5,! /0! '/)('%1! ./! )*%*)+,-! *0! )1-%+./'*'! _(/! 0*! *)&(*)+,-! ./! 0*! >6)&+5*! 4(/!
-/20+2/-&/D!9(/%!-1!&(>1!/-!)1-%+./'*)+,-!/0!5*0!/%&*.1!./0!5*'D!3!_(/D!/-!)*5<+1D!0*!)1-.()&*!
./0! /_(+91! ./! %*0>*5/-&1! 4(/! *./)(*.*K! q/0! 8/)81! /-! )(/%&+,-! -1! 9(/./! %/'! '/9'1)8*.1!
)(09*<+06%&+)*5/-&/! *0! />/-&(*0! '/%91-%*<0/! y/0! R3(-&*5+/-&1! ./! ?(00/'*m! 3*! _(/! *9*'&/! ./! 0*!
*)&(*)+,-! 9/'%1-*0! ./0! 4*00/)+.1! )'/*.1'*! ./0! '+/%21! 91'! %(! )1591'&*5+/-&1D! _(/! *(-_(/!
+59'/2-*.1!./!(-!%/-&+5+/-&1!%10+.*'+1!./!*5+%&*.!3!*0&'(+%51D!-1!&(>1!/-!)(/-&*!/0!5*0!)*'+7!
_(/!9'/%/-&*<*!/0!5*'D!_(/!/-!/%/!515/-&1!%(91-6*!(-!9/0+2'1!%/'+1rH]X!P{J"
n<>+*-.1! 0*! 91%+<0/! '/%91-%*<+0+.*.! ./! 0*! 9/'%1-*! *! _(+/-! %/! +-&/-&,! %*0>*'! m_(/! 0*! *)&1'*!
9'/&+/'/! *4/''C-.1%/! *! 0*! &/%+%! ./! 0*! 8+91&`&+)*! '/%91-%*<+0+.*.! ./! (-*! /-&+.*.! %10>/-&/D! /0!
R3(-&*5+/-&1mD! 0*! )(/%&+,-! '*.+)*! /-! ./&/'5+-*'! %+! /%&/! 1D! 5C%! )1-)'/&*5/-&/D! 01%! %/'>+)+1%!
5(-+)+9*0/%! ./! >+2+0*-)+*! ./! 90*3*%! 3! %*0>*5/-&1! +-)(590+/'1-D! 91'! 15+%+,-D! /0! ./</'! ./!
+-&/''(59+'!/0!)('%1!)*(%*0!*-&/'+1'5/-&/!5/-)+1-*.1"
75
;(/./! 9/-%*'%/! _(/D! .*.*! 0*! *(&19(/%&*! /-! 9/0+2'1! m1D! .+)81! ./! 1&'1! 51.1D! 0*! *%(-)+,-! ./0!
'+/%21m! 91'! 9*'&/! ./! 01%! <*:+%&*%D! 0*! R.5+-+%&'*)+,-! -1! +-)(590+,! %(! ./</'! ./! 9'1&/))+,-! 3!
%*0>*5/-&1D! 9(/%! -1! &+/-/! 0*! 1<0+2*)+,-! ./! 9'/>/'! &1.1! &+91! ./! *))+./-&/%! -+! ./! 9'1>//'!
%/'>+)+1%! ./! %*0>*5/-&1! ./! 41'5*! _(/! %/! '/.(7)*! /0! -[5/'1! ./! *))+./-&/%! 8*%&*! )/'1D!
+-)0(3/-.1!01%!2'*>/5/-&/!-/20+2/-&/%"
$-!/%&/!%/-&+.1D!%/2[-!/0!g=D!0*!*)&(*)+,-!./!01%!%/'>+)+1%!./!%*0>*5/-&1!4(/!q0,2+)*!3!)1''/)&*rD!
9(/%! q-1! %/! 9(/./! /d+2+'! _(/! 8*3*! (-*! *<(-.*-)+*! &*0! ./! %1)1''+%&*%! _(/! 9(/.*-! *)&(*'! ./!
+-5/.+*&1rH]X!P{JG
2;/ P-/ %."%&)+./ &%."G=$%./ #&/ "&?-$?&"%$(C/ N.$%/5& 6%-%/2& (J& '-""#))&
>#=$.?&'#J&s059/c;2#/069/V2#/'$<;/0947Wu/
nG8G$0G$/(##*))D!'/%(/0&1!/-!PN@LD!/%!/0!)*%1!./!./'/)81!./!.*:1%!5C%!4*51%1!./0!%+201!!_(+7C%!
91'_(/! *)(:,! /0! )1-)/9&1! /)1-,5+)1! ./! -/20+2/-)+*! /-! /0! )`-+&! )(0&('*0! ./! (-! %+%&/5*!
/)1-,5+)1"! g1.*>6*! 813D! /%! )*%+! +-)1-)/<+<0/! (-! )('%1! ./! '/%91-%*<+0+.*.! )+>+0! +59*'&+.1! /-!
)(*0_(+/'*! ./! 0*%! )+-)(/-&*! 4*)(0&*./%! ./! ./'/)81! 5C%! 9'/%&+2+1%*%! %/2[-! 01%! '*-k+-2%! *0! (%1!
_(/!-1!5/-)+1-/!nG8G$0G$/(##*))D!*(-_(/!%101!%/*!9*'*!&'*&*'!./!%(9/'*'01"!?151!8*!./!%/'K
qg8/!+-)+./-&!1(&!14!i8+)8!&8+%!*.5+'*0&3!)*%/!*'1%/!i*%!&8/!%+-k+-2!14!*!<*'2/D!*01-2!i+&8!+&%!
)*'21D! *00/2/.03! </)*(%/! 14! &8/! ./4/-.*-&w%! -/20+2/-)/"! R! )'()+*0! +%%(/! +-! &8/! )*%/! +->10>/.!
i8/&8/'!&8/!9/'%1-!+-!)8*'2/!14!&8/!<*'2/D!&8/!<*'2//D!i*%!-/20+2/-&!+-!</+-2!*%81'/D!*i*3!4'15!
&8/!<*'2/D!.('+-2!&8/!9/'+1.!i8/-!+&!21&!+-&1!.+44+)(0&+/%!*-.!%*-k"!I4!&8/!<*'2//w%!*<%/-)/!i*%!
-/20+2/-)/D! *-.! +4! +&! )1-&'+<(&/.! %(<%&*-&+*003! &1! &8/! 01%%! 14! &8/! <*'2/D! &8/-! &8/! <*'2//w%!
/59013/'D!&8/!1i-/'!14!&8/!<*'2/D!i1(0.!-1&!'/)/+>/!4(00!'/)1>/'3!4'15!&8/!1&8/'!9*'&+/%!i81%/!
-/20+2/-)/!9(&!&8/!<*'2/!+-&1!.+44+)(0&+/%!+-!&8/!4+'%&!90*)/"r
B"!bRGXD!^"
I&!*99/*'%!H|J!&8*&!&8/'/!+%!-1!2/-/'*0!'(0/!&1!./&/'5+-/!i8/-!&8/!*<%/-)/!14!*!<*'2//!1'!1&8/'!
*&&/-.*-&!i+00!5*k/!&8/!1i-/'!14!&8/!<*'2/!0+*<0/!41'!+-Q('+/%!&1!1&8/'!>/%%/0%!+4!%8/!<'/*k%!*i*3!
4'15! 8/'! 511'+-2%"! b1i/>/'D! +-! *-3! )*%/%! i8/'/! 8/! i1(0.! </! %1! 0+*<0/! 41'! +-Q('+/%! &1! 1&8/'%!
1<>+1(%03! 8/! 5(%&! '/.()/! 8+%! .*5*2/%! 9'191'&+1-*&/03D! +4! &8/! +-Q('3! +%! &1! 8+%! 1i-! <*'2/"! I&!
</)15/%! *99*'/-&! i83! &8/'/! )*-! </! -1! %()8! 2/-/'*0! '(0/D! i8/-! i/! )1-%+./'! &8/! 2'1(-.%! 41'!
%()8!*!0+*<+0+&3"!=+-)/!&8/'/!*'/!1))*%+1-%!i8/-!/>/'3!>/%%/0!i+00!<'/*k!4'15!8/'!511'+-2%D!*-.!
%+-)/D! +4! %8/! .1/%D! %8/! </)15/%! *! 5/-*)/! &1! &81%/! *<1(&! 8/'a! &8/! 1i-/'w%! .(&3D! *%! +-! 1&8/'!
%+5+0*'!%+&(*&+1-%D!&1!9'1>+./!*2*+-%&!'/%(0&+-2!+-Q('+/%!+%!*!4(-)&+1-!14!&8'//!>*'+*<0/%K!
P"
S"
M"
g8/!9'1<*<+0+&3!&8*&!%8/!i+00!<'/*k!*i*3a!!
g8/!2'*>+&3!14!&8/!'/%(0&+-2!+-Q('3D!+4!%8/!.1/%a!!
g8/!<('./-!14!*./_(*&/!9'/)*(&+1-%"!!
;1%%+<03!+&!%/'>/%!&1!<'+-2!&8+%!-1&+1-!+-&1!'/0+/4!&1!%&*&/!+&!+-!*02/<'*+)!&/'5%K!+4!&8/!9'1<*<+0+&3!
</! )*00/.! ;a! &8/! +-Q('3D! Ba! *-.! &8/! <('./-D! \a! 0+*<+0+&3! ./9/-.%! (91-! i8/&8/'! \! +%! 0/%%! &8*-! B!
5(0&+90+/.!<3!;K!+"/"D!i8/&8/'!\!0/%%!&8*-!;B"!R990+/.!&1!&8/!%+&(*&+1-!*&!<*'D!&8/!0+k/0+811.!&8*&!*!
<*'2/! i+00! <'/*k! 4'15! +&%! 4*%&%! *-.! &8/! .*5*2/! +&! i+00! .1D! >*'3! i+&8! &8/! 90*)/! *-.! &+5/a! 41'!
76
/d*590/D!+4!*!%&1'5!&8'/*&/-%D!&8/!.*-2/'!+%!2'/*&/'a!%1!+&!+%D!+4!+&!+%!+-!*!)'1i./.!8*'<1'!i8/'/!
511'/.!<*'2/%!*'/!)1-%&*-&03!</+-2!%8+4&/.!*<1(&"!n-!&8/!1&8/'!8*-.D!&8/!<*'2/!5(%&!-1&!</!&8/!
<*'2//w%! 9'+%1-D! />/-! &81(28! 8/! 0+>/%! *<1*'.a! 8/! 5(%&! 21! *%81'/! *&! &+5/%"! x/! -//.! -1&! %*3!
i8/&8/'D!/>/-!+-!%()8!)'1i./.!i*&/'%!*%!G/i!Z1'k!b*'<1'!*!<*'2//!5(%&!</!*<1*'.!*&!-+28&!*&!
*00a!+&!5*3!</!&8*&!&8/!)(%&15!+%!1&8/'i+%/|!*-.!&8*&D!+4!%1D!&8/!%+&(*&+1-!+%!1-/!i8/'/!)(%&15!
%81(0.!)1-&'10"!x/!0/*>/!&8*&!_(/%&+1-!19/-a!<(&!i/!810.!&8*&!+&!+%!-1&!+-!*00!)*%/%!*!%(44+)+/-&!
*-%i/'!&1!*!<*'2//w%!*<%/-)/!i+&81(&!/d)(%/D!.('+-2!i1'k+-2!81('%D!&8*&!8/!8*%!9'19/'03!5*./!
4*%&!8+%!<*'2/!&1!*!9+/'D!i8/-!8/!0/*>/%!+&"!I-!&8/!)*%/!*&!<*'!&8/!<*'2//!0/4&!*&!4+>/!1w)01)k!+-!&8/!
*4&/'-11-!14!^*-(*'3!M'.D!*-.!&8/!401&+00*!<'1k/!*i*3!*&!*<1(&!&i1!1w)01)k!+-!&8/!*4&/'-11-!14!&8/!
41001i+-2! .*3D! &i/-&3m1-/! 81('%! *4&/'i*'.%"! g8/! <*'2//! 8*.! <//-! *i*3! *00! &8/! &+5/D! *-.! i/!
810.!&8*&!8+%!4*<'+)*&/.!%&1'3!i*%!*44+'5*&+>/!/>+./-)/!&8*&!8/!8*.!-1!/d)(%/!41'!8+%!*<%/-)/"!R&!
&8/! 01)(%! +-! _(1! m/%9/)+*003! .('+-2! &8/! %81'&! ^*-(*'3! .*3%! *-.! +-! &8/! 4(00! &+./! 14! i*'! *)&+>+&3m!
<*'2/%! i/'/! </+-2! )1-%&*-&03! é.'+00/.w! +-! *-.! 1(&"! ?/'&*+-03! +&! i*%! -1&! </31-.! '/*%1-*<0/!
/d9/)&*&+1-! &8*&D! i+&8! &8/! +-/>+&*<0/! 8*%&/! *-.! <(%&0/D! &8/! i1'k! 5+28&! -1&! </! .1-/! i+&8!
*./_(*&/! )*'/"! I-! %()8! )+')(5%&*-)/%! i/! 810.! m*-.! +&! +%! *00! &8*&! i/! .1! 810.m! &8*&! +&! i*%! *! 4*+'!
'/_(+'/5/-&! &8*&! &8/! ?1--/'%! ?159*-3! %81(0.! 8*>/! *! <*'2//! *<1*'.! H(-0/%%! 8/! 8*.! %15/!
/d)(%/!41'!8+%!*<%/-)/JD!.('+-2!&8/!i1'k+-2!81('%!14!.*30+28&"
B*!*91'&*)+,-!5C%!-1>/.1%*!/!+591'&*-&/!./0!^(/7!b*-.!/%!0*!)159*'*)+,-!3!/_(+0+<'+1!/-&'/!01%!
)1%&/%! ./! *.19&*'! 5/.+.*%! ./! 9'/)*()+,-! 3! 01%! .*:1%! /%9/'*.1%"! R%6! )(*-.1! 01%! .*:1%!
/%9/'*.1%!%1-!5*31'/%!_(/!/0!)1%&/!./!0*!9'/)*()+,-!_(/!91.'6*!*.19&*'!/0!91&/-)+*0!)*(%*-&/!
./0!.*:1D!`%&/!&/-.'C!/0!./</'!./!*.19&*'!.+)8*%!5/.+.*%!./!9'/)*()+,-"!$-!)*5<+1D!)(*-.1!01%!
.*:1%! /%9/'*.1%! %/*-! 5/-1'/%! _(/! 01%! )1%&/%! ./! 9'/)*()+,-D! -1! 9*'/)/! '*71-*<0/! _(/! %/!
+591-2*!*0!91&/-)+*0!)*(%*-&/!./0!.*:1!/0!./</'!./!*.19&*'!/%&*%!5/.+.*%!./!)(+.*.1"!
$-!0*!0+&/'*&('*!%/)(-.*'+*D!/%!)0C%+)1!/0!&'*<*Q1!./!E+)8*'.!;n=G$ED!C$?E"*#&$*H$K"@)'@"49"!P!^"!
B/2*0!=&(."!SND!PNLS"!l-*!<(/-*!9'/%/-&*)+,-!2'C4+)*!./0!51./01!./!b*-.D!(-!91)1!51.+4+)*.1D!
9(/%!&+/-/!/-!)(/-&*!9'/)*()+1-/%!5*'2+-*0/%D!/%!0*!%+2(+/-&/K
!F'C4+)1!./!^18-!;ERg$E!\EnxG!HPNUMJh=&/>/-!=bRc$BB!HPNULJ"!
77
$-! /0! 2'C4+)1D! 01%! .*:1%! %1-! (-*! 4(-)+,-! ./0! ./</'! ./! )(+.*.1! }XHdJ~"! R! %(! >/7D! 01%! .*:1%!
/%9/'*.1%! }9HdJXHdJ~! %1-! 4(-)+,-! ./)'/)+/-&/! ./! 0*! +->/'%+,-! /-! 5/.+.*%! ./! )(+.*.1"! R%6D!
)(*-&1!5*31'!%/*!0*!+->/'%+,-!/-!5/.+.*%!./!)(+.*.1D!5/-1'!%/'C!/0!.*:1!/%9/'*.1"!
B*!+->/'%+,-!,9&+5*!m3!*!0*!>/7!/d+2+<0/m!/-!9'/)*()+,-!%/'C!*_(/00*!_(/!5+-+5+)/!0*!%(5*!./!01%!
)1%&/%!./!0*%!5/.+.*%!./!9'/)*()+,-!3!/0!.*:1!/%9/'*.1"!R%6D!%+!/0!)*(%*-&/!./0!.*:1!*.19&,!/0!
-+>/0! ./! )(+.*.1! /d+2+<0/D! `%&/! %/'C! )1-%+./'*.1! -1! -/20+2/-&/"! $-! )*5<+1D! %+! /0! )*(%*-&/! ./0!
.*:1!*.19&,!(-!-+>/0!./!)(+.*.1!+-4/'+1'!*0!/d+2+<0/D!`%&/!%/!)1-%+./'*'C!-/20+2/-&/"!
$-! /0! ./'/)81! )15[-! -1'&/*5/'+)*-1D! /0! )1-)/9&1! /)1-,5+)1! ./! -/20+2/-)+*! 8*! %+.1! '/)+<+.1!
91'!/0!o/3/C/2%-%/4/.%&:>D$"59&#E&>#"%2F&<$-A$)$%0&E#"&3D02$7-)&-.5&+4#%$#.-)&G-"4!HSAPAJK!
n&?-$?&"%&
R!9/'%1-!*)&%!-/20+2/-&03!+4!&8/!9/'%1-!.1/%!-1&!/d/')+%/!'/*%1-*<0/!)*'/!(-./'!*00!&8/!
)+')(5%&*-)/%"
;'+5*'3! 4*)&1'%! &1! )1-%+./'! +-! *%)/'&*+-+-2! i8/&8/'! &8/! 9/'%1-w%! )1-.()&! 0*)k%!
'/*%1-*<0/!)*'/!*'/K!
P"
S"
M"
g8/!41'/%//*<0/!0+k/0+811.!&8*&!&8/!9/'%1-w%!)1-.()&!i+00!'/%(0&!+-!8*'5"!
g8/!41'/%//*<0/!%/>/'+&3!14!*-3!8*'5!&8*&!5*3!/-%(/"!
R-.!&8/!<('./-!14!9'/)*(&+1-%!&1!/0+5+-*&/!1'!'/.()/!&8/!'+%k!14!8*'5"!
l-*! .+%)(%+,-! )0C%+)*! ./0! )1-)/9&1! /)1-,5+)1! ./! -/20+2/-)+*D! /-&/-.+.1! )151! 0*! &'*.())+,-! *!
&/'5+-10126*! /)1-,5+)*! ./0! )'+&/'+1! 0/2*0! &'*.+)+1-*0! %1<'/! )(09*D! 9(/./! 0//'%/! )1-!
*9'1>/)8*5+/-&1!/-!a9/(#-E&$0G$5E"(%(4-$B,4S$A49G!HUSO!]"S.!P##@!HL&8!?+')"!PNULJD!91-/-)+*!
./0! Q(/7! E+)8*'.! ;1%-/'"! $-! /0! )*%1D! 0*! 8(`%9/.! ./! (-! 81&/0! ./5*-.*<*! *! 0*! )159*:6*!
/d901&*.1'*!./0!/%&*<0/)+5+/-&1!91'_(/!(-*!9(/'&*!)1''/./'*!./!%(!8*<+&*)+,-!_(/!)15(-+)*<*!
)1-! (-! 9*%*Q/! 9[<0+)1! -1! 8*<6*! %+.1! )/''*.*! )1-! 00*>/! 3! (-! +-&'(%1! 8*<6*! +''(59+.1! /-! 0*!
8*<+&*)+,-!3!8*<6*!*&*)*.1!*!0*!*)&1'*"!
3;/'<*+$%(>/(-/%."%&)+./&%."G=$%./#&/"&?-$?&"%$(/
X/%./!_(/D!*!+-+)+1%!./!0*!.`)*.*!./!01%!LA!!./0!%+201!9*%*.1D!E+)8*'.!;1%-/'!14'/)+/'*!0*!9'+5/'*!
2/-/'*0+7*)+,-! ./0! )1-)/9&1! /)1-,5+)1! ./! -/20+2/-)+*! *! 9*'&+'! ./! nG8G$ 0G$ /(##*))$ ?*>'4@! /%&*!
>/'%+,-!8*!%+.1!1<Q/&1!./!(-*!0+&/'*&('*!+-2/-&/"!
R_(6D!)1''/%91-./![-+)*5/-&/!'/%(5+'!*02(-*%!./!0*%!9'+-)+9*0/%!)'6&+)*%!./!0*%!)(*0/%!8*!%+.1!
1<Q/&1K!
P"
l-!>+/Q1!*41'+%51K!O85/,&.#.&7-)78)-%D!/%!./)+'D!01%!&'+<(-*0/%!-1!%1-!)1-%(0&1'6*%D!%+-1!_(/!
*90+)*-! /0! ./'/)81D! ./! *)(/'.1! )1-! 0*%! )1->/-)+1-/%! +-&/'9'/&*&+>*%! .15+-*-&/%! /-! 0*!
)15(-+.*.! Q('6.+)*! *! 01%! 8/)81%! ./0! )*%1D! &*0! 3! )151! )1-%+./'*-! _(/! 8*-! '/%(0&*.1!
9'1<*.1%!*!01!0*'21!./0!9'1)/%1"!!
78
B*!1<%/'>*)+,-!*)*%1!9'(/<*!./5*%+*.1K!)+/'&*5/-&/D!Q(/)/%!3!&'+<(-*0/%!%1-!/d9/'&1%!%101!
/-!./'/)81!9/'1!/001!-1!0/%!>/.*!)1-%&'(+'!%(!./)+%+,-!%1<'/!/0!/%&*.1!./!01%!)1-1)+5+/-&1%!
)+/-&64+)1%!3!&/)-10,2+)1%!9*'*!'/%10>/'!/0!)*%1!&*0!3!)151!'/%(0&*-D!1<>+*5/-&/D!&*-&1!%+!%1-!
-1&1'+1%! )151! %+! %+2(/-! -*&('*05/-&/! *! 0*! 9'(/<*! 9/'+)+*0! 9'*)&+)*.*"! n&'1! 1'./-! ./! 0*!
1<Q/)+,-!/%!0*!5(3!%+5+0*'!*!0*!*-&/'+1'!41'5(0*.*!91'!_(+/-/%!)'//-!_(/!%*0>1!_(/!0*!0/3!%/!
01!1'./-/!/0!Q(/7!-1!./</!'/%10>/'!<*Q1!)'+&/'+1%!/)1-,5+)1%!%+-1!%10*5/-&/!<*Q1!)'+&/'+1%!
/%&'+)&*5/-&/!-1'5*&+>1%"!
$0!)*%1!./!'/4/'/-)+*!/%!I"$42D-=&(J&P#"5&K#%#"&'#J/VV0980W/009/'(-;/B));/3#/757/s074/
'(-;/A)+<;/348uW
I-!V*3!PNLSD!B+03!F'*3!i*%!&'*>/0+-2!i+&8!E+)8*'.!F'+5%8*iD!i81!i*%!&8+'&//-!3/*'%!10.!*&!
&8/! &+5/! +-! *! PNLS! ]1'.! ;+-&1"! V'%! F'*3! %&199/.! 41'! 2*%10+-/D! 21&! <*)k! 1-&1! &8/! 4'//i*3!
*-.! .'1>/! *&! OAhO#! 5+0/%! 9/'! 81('"! R99'1*)8+-2! E1(&/! MA! 144m'*59D! %8/! )8*-2/.! &1! &8/!
5+..0/!0*-/!14!&8/!4'//i*3!*-.!%81'&03!*4&/'!&8/!)*'!8*&)8<*)k!%&*00/.D!/'(9&+-2!+-&1!40*5/%"!
R!]1'.!F*0*d+/!&'*>/0+-2!+-!&8/!%*5/!.+'/)&+1-!14!&8/!;+-&1!)100+./.!'/*.m/-./.!i+&8!+&"!g8/!
+59*)&! +2-+&/.! *! 4+'/! +-! &8/! ;+-&1D! i8+)8! k+00/.! B+03! F'*3! *-.! 0/4&! E+)8*'.! F'+5%8*i! i+&8!
./>*%&*&+-2!+-Q('+/%!%()8!*%!9/'5*-/-&!.+%4+2('+-2!<('-%!&1!8+%!<1.3"!!!
R&!&'+*0D!1-/!14!&8/!5*+-!+%%(/%!&1!./&/'5+-/!<3!&8/!)1('&!i*%!i8/&8/'!&8/!;+-&1!4(/0!%3%&/5!
i*%!9'19/'03!./%+2-/."!I-!PNOUD!]1'.!</2*-!./%+2-+-2!&8/!%(<)159*)&!)*'!&8*&!/>/-&(*003!
</)*5/!&8/!;+-&1"!g8/!./%+2-!14!&8/!]1'.!;+-&1ô%!'/_(+'/.!&8/!2*%!&*-k!&1!</!90*)/.!</8+-.!
&8/!'/*'!*d0/D!+-%&/*.!14!1>/'!&8/!'/*'!*d0/!*%!%//-!+-!1&8/'!)*'%!*&!&8/!&+5/"!g8+%!90*)/5/-&!
14! &8/! 2*%! &*-k! '/%(0&/.! +-! *! o)'(%8! %9*)/o! 14! N! 1'! PA! +-)8/%! m! 4*'! 0/%%! &8*-! *-3! 1&8/'!
R5/'+)*-! *(&151<+0/! 1'! ]1'.! %(<)159*)&! %10.! 1>/'%/*%"! $>+./-)/! %81i/.! &8*&! ]1'.ï%!
./)+%+1-! -1&! &1! 5*k/! ./%+2-! )8*-2/%! i*%! <*%/.! 1-! *! '+%km</-/4+&! *-*03%+%! &8*&! +-.+)*&/.!
&8*&! &8/! )1%&%! 14! 9/'41'5+-2! *! 4(/0! &*-k! *.Q(%&5/-&! i1(0.! </! S"#! &+5/%! 0*'2/'! &*-! &8/!
'/%(0&+-2!</-/4+&%"!G1!1&8/'!4*)&1'!i*%!)1-%+./'/."
]1'.! &/%&/.! %/>/'*0! 9'1&1&39/%! *-.! &i1! 9'1.()&+1-! 51./0%! 14! &8/! ;+-&1! &1! ./&/'5+-/D!
*51-2!1&8/'!&8+-2%D!&8/!+-&/2'+&3!14!&8/!4(/0!%3%&/5!+-!'/*'m/-.!+59*)&%"!?'*%8!&/%&%!9'1>/.!
&8*&! &8/! ;+-&1! )1(0.! -1&! 5//&! *! 9'191%/.! 4/./'*0! '/2(0*&+1-! '/_(+'+-2! *00! >/8+)0/%!
5*-(4*)&('/.! +-! PNLS! &1! </! *<0/! &1! i+&8%&*-.! *! SA! V;b! 4+d/.! <*''+/'! +59*)&! i+&81(&!
%+2-+4+)*-&! 4(/0! %9+00*2/D! -1'! &8/! 9'191%/.! '/2(0*&+1-! '/_(+'+-2! >/8+)0/%! 5*-(4*)&('/.! +-!
PNLM!&1!i+&8%&*-.!*!MA!V;b!+59*)&"!X/%+2-!)8*-2/%!*&!*!'/0*&+>/03!%5*00!)1%&!)1(0.!8*>/!
/-8*-)/.!&8/!4(/0!%3%&/5"!
g8/! &'+*0! )1('&! '/-./'/.! *! Q(.25/-&! *2*+-%&! ]1'.! *-.! &8/! Q('3! *i*'./.! &8/! F'*3! 4*5+03!
ö#OADAAA! *-.! V*&&8/i! F'+5%8*i! öS"#! 5+00+1-! +-! )159/-%*&1'3! .*5*2/%"!! g8/! Q('3!
*i*'./.!öPS#!5+00+1-!+-!9(-+&+>/!.*5*2/%!&8*&!i/'/!%(<%/_(/-&03!'/.()/.!&1!öM"#!5+00+1-"
n-! *99/*0D! ]1'.! )0*+5/.! &8*&! &8/! &'+*0! )1('&! /''1-/1(%03! *.5+&&/.! +''/0/>*-&D! 8+2803!
9'/Q(.+)+*0!.1)(5/-&*'3!/>+./-)/"!]1'.!*0%1!4('&8/'!%&*&/.!&8*&!+&!i*%!/-&+&0/.!&1!*!>/'.+)&!
-1&i+&8%&*-.+-2! &8/! Q(.25/-&! 1-! &8/! +%%(/! 14! 9(-+&+>/! .*5*2/%! 1-! &i1! 2'1(-.%K! PJ! &8*&!
9(-+&+>/! .*5*2/%! i/'/! %&*&(&1'+03! *-.! )1-%&+&(&+1-*003! +59/'5+%%+<0/! +-! ./%+2-! ./4/)&!
)*%/%a! *-.! SJ! &8*&! &8/'/! i*%! -1! />+./-&+*'3! %(991'&! 41'! *! 4+-.+-2! 14! 5*0+)/! 1'! )1'91'*&/!
79
'/%91-%+<+0+&3! 41'! 5*0+)/"! ]1'.! *'2(/.! &8*&! &8/! 9(-+&+>/! .*5*2/%! %81(0.! </! '/>/'%/.!
</)*(%/!14!/''1-/1(%!+-%&'()&+1-%!*-.!/d)/%%+>/-/%%!14!&8/!*i*'."
n-! *99/*0! F'+5%8*i! 9'1.()/.! />+./-)/! %81i+-2! &8*&! &8/! ./4/-.*-&! i*%! *i*'/! 14! &8/!
.*-2/'%!*%%1)+*&/.!i+&8!&8/!4*(0&3!./%+2-!14!&8/!;+-&1ô%!4(/0!%3%&/5D!*-.!&8*&!&81%/!./4/)&%!
)1(0.! 8*>/! <//-! *..'/%%/.! *&! >/'3! 0+&&0/! )1%&"! R&! &'+*0D! ]1'.! *'2(/.! +-! 4*>1'! 14! &8/! ;+-&1w%!
./%+2-! <*%/.! 1-! *! '+%km</-/4+&! *-*03%+%! </&i//-! &8/! )1%&! 14! 8(5*-! 0+4/! *-.! 0+5<! >/'%(%!
)1'91'*&/!9'14+&%"
g8/!)1('&!14!*99/*0%!*44+'5/.!&8/!&'+*0!)1('&w%!'(0+-2!+-!4*>1'!14!&8/!90*+-&+44!(-./'%&*-.+-2!
&8/'/!i*%!%(<%&*-&+*0!/>+./-)/!&8*&!]1'.w%!5*-*2/5/-&!i*%!*i*'/!14!&8/!./%+2-!40*i%!*-.!
&8*&! ]1'.ï%! )1-.()&! /-.*-2/'/.! 5*-3! 0+>/%"! g8/! )1('&! 4('&8/'! %&*&/.! &8*&! &8/! *51(-&! 14!
9(-+&+>/!.*5*2/%!i*%!-1&!/d)/%%+>/D!*%!]1'.!*'2(/.D!*-.!)159*'/.!]1'.ô%!L"L!<+00+1-!.100*'!
-/&! i1'&8! *-.! NUM! 5+00+1-! .100*'! +-)15/! *4&/'! &*d/%! +-! PNLOD! &8/! )1('&! 41(-.! &8*&! &8/!
9(-+&+>/!*i*'.!i*%!*99'1d+5*&/03!A"AA#ã!14!]1'.ô%!-/&!i1'&8!*-.!A"AMã!14!+&%!+-)15/"!I-!
0+28&!14!&8/!'*&+1!14!9(-+&+>/!.*5*2/%!&1!)159/-%*&1'3!.*5*2/%!14!*99'1d+5*&/03!P"@KPD!&8/!
9(-+&+>/!.*5*2/%!*i*'./.!i/'/!-1&!/d)/%%+>/"!
S"
B*! %/2(-.*! 1<Q/)+,-D! )*%+! 4+01%,4+)*D! /%! 0*! ./! 0*! $"%."=&">,<(R$-$#(#K! -1! %/! &'*&*'6*! %101!
_(/! .1%! .*:1%! 5(3! %+5+0*'/%! %/*-! 5(3! .+46)+0/%! ./! )159*'*'! 1! ./! _(/D! %/-)+00*5/-&/D!
'/%(0&/-!+-)159*'*<0/%"!$%!_(/D!"3$(4-"D!3!/-!'/0*)+,-!)1-!01%!&'/%!/0/5/-&1%!./!0*!4,'5(0*!
./! b*-.D! %(! )(*-&+4+)*)+,-! 1D! *0! 5/-1%D! (-*! *9'1d+5*)+,-! '*71-*<0/! %1-! 5(3! .+46)+0/%! ./!
'/*0+7*'"!
$0!)*%1!./!'/4/'/-)+*!/%!G/))$.?&(J&'-"/0/s509/O;/22#/980/Vx(>L;/0974WuC/!
$-&'/! 01%! *:1%! PN#N! 3! PNOUD! /0! ./5*-.*-&/! *)(.6*! 9/'+,.+)*5/-&/! *! 0*! )1-%(0&*! ./0!
14&*05,0121!./5*-.*.1!9*'*!>+%+&*'%/!3!&'*&*'%/!./!(-*!+''+&*)+,-!/-!01%!1Q1%!)*(%*.*!91'!
0/-&/%! ./! )1-&*)&1"! R! 4+-*0/%! ./! PNOUD! )(*-.1! /0! ./5*-.*-&/! &/-6*! MS! *:1%! ./! /.*.D! /0!
./5*-.*.1! %1%9/)8,! _(/! *_(/0! 91.'6*! %(4'+'! ./! 20*()15*! m(-*! /-4/'5/.*.! ./! 01%! 1Q1%!
)*(%*.*! 91'! (-! /d)/%1! ./! 9'/%+,-! %1<'/! /0! -/'>+1! ,9&+)1m! )(*-.1! /0! 9*)+/-&/! 0/! .+Q1! _(/!
8*<6*! 9/'.+.1! >+%+,-! 9/'+4`'+)*"! $0! 14&*05,0121! 0/! *90+),! /-&1-)/%! (-! &/%&! ./! 9'/%+,-! _(/!
)1-4+'5,! /0! .+*2-,%&+)1"! $0! 9*)+/-&/! *)*<,! 91'! 9/'./'! 0*! >+%&*D! 9/'1! (-! &'*&*5+/-&1!
&/59'*-1! 8*<'6*! />+&*.1! /0! .*:1"! $-! /0! 90/+&1! _(/! %+2(+,! 91'! 5*0*! 9'*d+%! 5`.+)*D! /0!
./5*-.*.1! *0/2,! _(/! /0! /%&C-.*'! 9'14/%+1-*0! -1! /d+26*! 9'*)&+)*'! 9'(/<*%! ./! 9'/%+,-! *!
9*)+/-&/%! 5/-1'/%! ./! )(*'/-&*! *:1%! ./! /.*.D! 9(/%! %/! &'*&*<*! ./! (-*! /-4/'5/.*.! 5(3!
91)1!)15[-!_(/!%101!%/!9'/%/-&*<*!/-!PhS#"AAA!)*%1%"!=(91-+/-.1!_(/!/0!)1%&/!./!)*.*!
&/%&! *90+)*.1! *! )*.*! -+:1! 1! 9/'%1-*! Q1>/-! _(/! %/! >+%+&/! /%! ./! #! l=XD! e8*<6*! _(/! 8*</'!
9'*)&+)*.1!/0!&/%&!1!-1f!]6Q/-%/!_(/!&/-/51%!\!z!#D!;z!PhS#"AAAD!9/'1!_(/!-1%!4*0&*!BD!0*!
/>*0(*)+,-! ./! 0*! 9`'.+.*! ./! 0*! >+%+,-"! =+! \! z! ;dBD! /-&1-)/%! #! z! PS#"AAAhS#"AAA"! V*%!
e)(C-&1!>*0/!(-!1Q1!./!0*!)*'*f
?1-%&*!*)'/.+&*.1D!*./5C%D!_(/!/0!NOã!./!01%!9*)+/-&/%!.+*2-1%&+)*.1%!)1-!20*()15*!91'!
*90+)*)+,-! ./0! &/%&! ./! 9'/%+,-! -1! &/-6*-! 0*! /-4/'5/.*.! H$;=g$IGh=bREs$ZD! /(%"%$ (47$
a(-"#'()%$*4$?*#-%D!PA&8!/."D!R%9/-!;(<0+%8/'%D!SAPSD!9"!SP#J"!
80
blGg$ED!R==n?IRg$!^l=gI?$"!g8+%!)*%/!*'+%/%!4'15!*!5*09'*)&+)/!*)&+1-!+-%&+&(&/.!<3!&8/!
90*+-&+44!H9/&+&+1-/'JD!\*'<*'*!b/00+-2"!
g8/!90*+-&+44!%(44/'%!4'15!9'+5*'3!19/-!*-20/!20*()15*"!;'+5*'3!19/-!*-20/!20*()15*!+%!
/%%/-&+*003!*!)1-.+&+1-!14!&8/!/3/!+-!i8+)8!&8/'/!+%!*-!+-&/'4/'/-)/!+-!&8/!/*%/!i+&8!i8+)8!
&8/!-1('+%8+-2!40(+.%!)*-!401i!1(&!14!&8/!/3/"!=()8!*!)1-.+&+1-!'/%(0&%!+-!9'/%%('/!2'*.(*003!
'+%+-2!*<1>/!&8/!-1'5*0!0/>/0!&1!%()8!*-!/d&/-&!&8*&!.*5*2/!+%!9'1.()/.!&1!&8/!19&+)!-/'>/!
*-.!+&%!4+</'%!i+&8!'/%(0&*-&!01%%!+-!>+%+1-""""!g8/!.+%/*%/!(%(*003!8*%!4/i!%359&15%!*-.D!+-!
&8/!*<%/-)/!14!*!9'/%%('/!&/%&D!+%!14&/-!(-./&/)&/.!(-&+0!&8/!.*5*2/!8*%!</)15/!/d&/-%+>/!
*-.!+''/>/'%+<0/"!
g8/! ./4/-.*-&%! H'/%91-./-&%JD! X'"! g815*%! ]"! ?*'/3! *-.! X'"! E1</'&! ?"! B*(280+-D! *'/!
9*'&-/'%! i81! 9'*)&+)/! &8/! 5/.+)*0! %9/)+*0&3! 14! 198&8*0510123"! n98&8*0510123! +->10>/%!
&8/!.+*2-1%+%!*-.!&'/*&5/-&!14!./4/)&%!*-.!.+%/*%/%!14!&8/!/3/"!
g8/!90*+-&+44!4+'%&!)1-%(0&/.!&8/!./4/-.*-&%!41'!5319+*D!-/*'%+28&/.-/%%D!+-!PN#N"!R&!&8*&!
&+5/!%8/!i*%!4+&&/.!i+&8!)1-&*)&!0/-%/%"!}=8/!)1-%(0&/.!&8/!./4/-.*-&%!%/>/'*0!&+5/%!1>/'!
&8/!-/d&!-+-/!3/*'%"~!l-&+0!&8/!n)&1</'!PNOU!)1-%(0&*&+1-D!&8/!./4/-.*-&%!)1-%+./'/.!&8/!
90*+-&+44w%! >+%(*0! 9'1<0/5%! &1! </! '/0*&/.! %10/03! &1! )1590+)*&+1-%! *%%1)+*&/.! i+&8! )1-&*)&!
0/-%/%"! n-! &8*&! 1))*%+1-D! &8/! ./4/-.*-&D! X'"! ?*'/3D! &/%&/.! &8/! 90*+-&+44w%! /3/! 9'/%%('/! *-.!
4+/0.! 14! >+%+1-! 41'! &8/! 4+'%&! &+5/"! g8+%! &/%&! +-.+)*&/.! &8*&! &8/! 90*+-&+44! 8*.! 20*()15*"! g8/!
90*+-&+44!H"""Ji*%!&8/-!MS!3/*'%!14!*2/"!
g8/'/*4&/'D! +-! R(2(%&! 14! PNOND! *4&/'! )1-%(0&+-2! 1&8/'! 983%+)+*-%D! &8/! 90*+-&+44! 4+0/.! *!
)1590*+-&!*2*+-%&!&8/!./4/-.*-&%!*00/2+-2D!*51-2!1&8/'!&8+-2%D!&8*&!%8/!%(%&*+-/.!%/>/'/!
*-.! 9/'5*-/-&! .*5*2/! &1! 8/'! /3/%! *%! *! 9'1d+5*&/! '/%(0&! 14! &8/! ./4/-.*-&%w! -/20+2/-)/"!
X('+-2!&'+*0D!&8/!&/%&+51-3!14!&8/!5/.+)*0!/d9/'&%!41'!<1&8!&8/!90*+-&+44!*-.!&8/!./4/-.*-&%!
/%&*<0+%8/.! &8*&! &8/! %&*-.*'.%! 14! &8/! 9'14/%%+1-! 41'! &8*&! %9/)+*0&3! +-! &8/! %*5/! 1'! %+5+0*'!
)+')(5%&*-)/%!.1!-1&!'/_(+'/!'1(&+-/!9'/%%('/!&/%&%!41'!20*()15*!(91-!9*&+/-&%!(-./'!@A!
3/*'%!14!*2/"!g8/!'/*%1-!&8/!9'/%%('/!&/%&!41'!20*()15*!+%!-1&!2+>/-!*%!*!'/2(0*'!9'*)&+)/!&1!
9*&+/-&%!(-./'!&8/!*2/!14!@A!+%!&8*&!&8/!.+%/*%/!'*'/03!1))('%!+-!&8+%!*2/!2'1(9"!g/%&+51-3!
+-.+)*&/.D! 81i/>/'D! &8*&! &8/! %&*-.*'.%! 14! &8/! 9'14/%%+1-! .1! '/_(+'/! 9'/%%('/! &/%&%! +4! &8/!
9*&+/-&w%! )1590*+-&%! *-.! %359&15%! '/>/*0! &1! &8/! 983%+)+*-! &8*&! 20*()15*! %81(0.! </!
%(%9/)&/."!
g8/! &'+*0! )1('&! /-&/'/.! Q(.25/-&! 41'! &8/! ./4/-.*-&%! 41001i+-2! *! ./4/-%/! >/'.+)&"! g8/!
90*+-&+44!&8/'/(91-!*99/*0/.!&1!&8/!?1('&!14!R99/*0%D!i8+)8!*44+'5/.!&8/!Q(.25/-&!14!&8/!
&'+*0!)1('&!H"""J"!
x/!4+-.!&8+%!&1!</!*!(-+_(/!)*%/"!H|J!g8/!+%%(/!+%!i8/&8/'!&8/!./4/-.*-&%w!)1590+*-)/!i+&8!
&8/! %&*-.*'.! 14! &8/! 9'14/%%+1-! 14! 198&8*0510123D! i8+)8! .1/%! -1&! '/_(+'/! &8/! 2+>+-2! 14! *!
'1(&+-/!9'/%%('/!&/%&!&1!9/'%1-%!(-./'!@A!3/*'%!14!*2/D!%81(0.!+-%(0*&/!&8/5!4'15!0+*<+0+&3!
(-./'!&8/!4*)&%!+-!&8+%!)*%/!i8/'/!&8/!90*+-&+44!8*%!01%&!*!%(<%&*-&+*0!*51(-&!14!8/'!>+%+1-!
.(/!&1!&8/!4*+0('/!14!&8/!./4/-.*-&%!&1!&+5/03!2+>/!&8/!9'/%%('/!&/%&!&1!&8/!90*+-&+44"!
g8/!+-)+./-)/!14!20*()15*!+-!1-/!1(&!14!S#DAAA!9/'%1-%!(-./'!&8/!*2/!14!@A!5*3!*99/*'!
_(+&/! 5+-+5*0"! b1i/>/'D! &8*&! 1-/! 9/'%1-D! &8/! 90*+-&+44! +-! &8+%! +-%&*-)/D! +%! /-&+&0/.! &1! &8/!
81
%*5/! 9'1&/)&+1-! *%! *441'./.! &1! 9/'%1-%! 1>/'! @AD! /%%/-&+*0! 41'! &+5/03! ./&/)&+1-! 14! &8/!
/>+./-)/!14!20*()15*!i8/'/!+&!)*-!</!*''/%&/.!&1!*>1+.!&8/!2'*>/!*-.!./>*%&*&+-2!'/%(0&!14!
&8+%! .+%/*%/"! g8/! &/%&! +%! *! %+590/! 9'/%%('/! &/%&D! '/0*&+>/03! +-/d9/-%+>/"! g8/'/! +%! -1!
Q(.25/-&! 4*)&1'! +->10>/.D! *-.! &8/'/! +%! -1! .1(<&! &8*&! <3! 2+>+-2! &8/! &/%&! &8/! />+./-)/! 14!
20*()15*!)*-!</!./&/)&/."!g8/!2+>+-2!14!&8/!&/%&!+%!8*'50/%%!+4!&8/!983%+)*0!)1-.+&+1-!14!&8/!
/3/! 9/'5+&%"! g8/! &/%&+51-3! +-.+)*&/%! &8*&! *0&81(28! &8/! )1-.+&+1-! 14! &8/! 90*+-&+44w%! /3/%!
5+28&!8*>/!*&!&+5/%!9'/>/-&/.!&8/!./4/-.*-&%!4'15!*.5+-+%&/'+-2!&8/!9'/%%('/!&/%&D!&8/'/!
+%!*-!*<%/-)/!14!/>+./-)/!+-!&8/!'/)1'.!&8*&!&8/!&/%&!)1(0.!-1&!8*>/!<//-!&+5/03!2+>/-!H"""J"!
l-./'!&8/!4*)&%!14!&8+%!)*%/!'/*%1-*<0/!9'(./-)/!'/_(+'/.!&8/!&+5/03!2+>+-2!14!&8/!9'/%%('/!
&/%&!&1!&8+%!90*+-&+44"!g8/!9'/)*(&+1-!14!2+>+-2!&8+%!&/%&!&1!./&/)&!&8/!+-)+./-)/!14!20*()15*!
&1!9*&+/-&%!(-./'!@A!3/*'%!14!*2/!+%!%1!+59/'*&+>/!&8*&!+''/%9/)&+>/!14!+&%!.+%'/2*'.!<3!&8/!
%&*-.*'.%! 14! &8/! 198&8*0510123! 9'14/%%+1-D! +&! +%! &8/! .(&3! 14! &8/! )1('&%! &1! %*3! i8*&! +%!
'/_(+'/.!&1!9'1&/)&!9*&+/-&%!(-./'!@A!4'15!&8/!.*5*2+-2!'/%(0&%!14!20*()15*"
x/!&8/'/41'/!810.D!*%!*!5*&&/'!14!0*iD!&8*&!&8/!'/*%1-*<0/!%&*-.*'.!&8*&!%81(0.!8*>/!<//-!
41001i/.! (-./'! &8/! (-.+%9(&/.! 4*)&%! 14! &8+%! )*%/! i*%! &8/! &+5/03! 2+>+-2! 14! &8+%! %+590/D!
8*'50/%%! 9'/%%('/! &/%&! &1! &8+%! 90*+-&+44! *-.! &8*&D! +-! 4*+0+-2! &1! .1! %1D! &8/! ./4/-.*-&%! i/'/!
-/20+2/-&D!i8+)8!9'1d+5*&/03!'/%(0&/.!+-!&8/!<0+-.-/%%!%(%&*+-/.!<3!&8/!90*+-&+44!41'!i8+)8!
&8/!./4/-.*-&%!*'/!0+*<0/!H"""J"!
g8/!Q(.25/-&!14!&8/!&'+*0!)1('&!*-.!&8/!./)+%+1-!14!&8/!?1('&!14!R99/*0%!+%!'/>/'%/.D!*-.!
&8/!)*%/!+%!'/5*-./.!41'!*!-/i!&'+*0!1-!&8/!+%%(/!14!.*5*2/%!1-03"
$-! 0*! Q('+%9'(./-)+*! /%9*:10*D! 0*! 9'1<0/5C&+)*! ./! 0*! +-)1-5/-%('*<+0+.*.D! *<1'.*.*! 91'!
b/00+-2D!*9*'/)/!/-!-(5/'1%*%!%/-&/-)+*%"!X/%&*)*51%!&'/%!./!/00*%K
]^]H/3_H/#&/26/#&/E,"$./#&/2::8/VAa/6525WH/SOC/S(<?(<$+(/A.R-&>/c&<"J"#&N;
$-!*<'+0!./!PNNND!/0!='"!n)&*>+1!*)(.+,!*!(-!?/-&'1!./!R&/-)+,-!;'+5*'+*!./!R'2*5*%+00*!./!
?*0*&'*>*!H?+(.*.!E/*0J!.1-./!/0!X'"!V+00C-D!5`.+)1!./!)*</)/'*!./0!*)&1'D!0/!.+*2-1%&+),!
&(</')(01%+%D! _(/! -1! 4(/! )1-4+'5*.*! 91'! 5`.+)1! /%9/)+*0+%&*D! /! +-+)+,! &'*&*5+/-&1!
4*'5*)10,2+)1! )1-! E+4+-*8! H]K! =*-14+! R>/-&+%D! ="R"a! ;RK! I%1-+*7+.*D! E+4*59+)+-*a! RgK!
&'*&*5+/-&1!./!0*!&(</')(01%+%J"!$-!*21%&1!./!PNNND!%/!'/&+',!0*!5/.+)*)+,-!*0!='"!n)&*>+1!
91'_(/! %(! )1-%(51! 0/! 8*<6*! )*(%*.1! (-*! -/('+&+%! ,9&+)*! <+0*&/'*0D! 01! _(/! ./>+-1! /-! (-*!
+-)*9*)+.*.!9/'5*-/-&/!*<%10(&*"!?1-%&*!*)'/.+&*.1!_(/!0*!-/('+&+%!,9&+)*!/%!(-*!'/*))+,-!
91)1! 4'/)(/-&/! HPhPA"AAA! &'*&*5+/-&1%J! ./! 0*! +%1-+*7+.*! 3! _(/! 9(/./! 9*0+*'%/! )1-!
>+&*5+-*!\!OD!_(/!-1!%/!0/!*.5+-+%&',!*0!9*)+/-&/"
$0! ='"! n)&*>+1! +-&/'9(%1D! 9'+5/'1D! '/)0*5*)+,-! *.5+-+%&'*&+>*! )1-&'*! 0*! R.5+-+%&'*)+,-!
F/-/'*0! ./0! $%&*.1D! /0! I-%&+&(&1! G*)+1-*0! ./! 0*! =*0(.! 3! V*94'/! I-.(%&'+*0D! ="R"! /-! 0*! _(/!
%10+)+&*<*! SO! 5+001-/%! ./! 9&*%"! HP#O"SOM! /('1%JD! _(/! 4(/! ./%/%&+5*.*! 91'! %+0/-)+1!
*.5+-+%&'*&+>1!3D!./%9(`%D!'/)('%1!)1-&/-)+1%1m*.5+-+%&'*&+>1!*-&/!0*!R(.+/-)+*!G*)+1-*0D!
_(/! &*5<+`-! 4(/! ./%/%&+5*.1! HM"M"SAA@J"! $0! *)&1'! +-&/'9(%1! 4+-*05/-&/! '/)('%1! ./!
)*%*)+,-"!
82
$0!g=!/%&+5,!.+)81!'/)('%1!./!)*%*)+,-D!/-!/0!_(/!%/!*0/2*<*!+-4'*))+,-!./0!*'&"!P@P"P!B/3!
MAhPNNSD! 3! )1-./-,! *! 0*! R.5+-+%&'*)+,-! F/-/'*0! ./0! $%&*.1! *0! 9*21! ./! MA"AAA! /('1%!
91'_(/!q./</!/-&/-./'%/!_(/!%+/-.1!5`.+)*5/-&/!)1-1)+.1%!01%!/4/)&1%!%/)(-.*'+1%!./!0*!
*.5+-+%&'*)+,-!./!+%1-+*)+.*!3!_(/!/%&1%!8(<+/'*-!91.+.1D!%+!-1!9'/>/-+'%/D!%6!5+-+5+7*'%/!
)1-! 0*! *.5+-+%&'*)+,-! )1-Q(-&*! ./! 0*! >+&*5+-*! \! OD! 0*! -1! 9*(&*)+,-! ./! .+)8*! >+&*5+-*! *0!
'/)(''/-&/D! *! _(+/-! )151! *! )(*0_(+/'! 9*)+/-&/D! %/2[-! /0! +-41'5/! 9/'+)+*0D! %/! 0/! 91.6*-!
9'1.()+'! .+)81%! /4/)&1%! %/)(-.*'+1%D! %+-! 10>+.*'! *./5C%! _(/! *0! 5+%51! -1! %/! 0/! 8*<6*!
'/*0+7*.1! 9'(/<*! _(/! 8(<+/%/! 9/'5+&+.1! (-*! 5/Q1'! )1-4+'5*)+,-! ./0! .+*2-,%&+)1! ./!
9'/%(-)+,-D! %(91-/! (-*! +-4'*))+,-! ./! 0*! q0/d! *'&+%r! _(/! 0/! 8*! 2/-/'*.1! (-*! 9`'.+.*! ./!
191'&(-+.*.D! /-! )(*-&1! 01%! '/%(0&*.1%! 8(<+/'*-! 91.+.1! %/'! 1&'1%D! %+! %/! 0/! 8(<+/%/!
*.5+-+%&'*.1!)1-Q(-&*5/-&/!0*!>+&*5+-*!\!Or!H]X!#ÄJ"
B*%! %1)+/.*./%! 5`.+)*%! 9'14/%+1-*0/%! 14'/)/-! *! %(%! %1)+1%! 2(6*%! 3! /%&C-.*'/%! _(/! .*-!
'*7,-! ./! 0*! 0/d! *'&+%"! R%6D! 91'! /Q/5901D! 0*! =1)+/.*.! $%9*:10*! ./! V/.+)+-*! ./! ]*5+0+*! 3!
?15(-+&*'+*!H%/5]Z?J!H8&&9%Khhiii"%/543)"/%h5/.+)1%hJ!14'/)/!0*!F(6*!g/'*9`(&+)*!/-!
R&/-)+,-!;'+5*'+*!3!1&'*%!2(6*%!)06-+)*%"!$-!'/0*)+,-!)1-!/0!)*%1!'/%(/0&1!91'!0*!%/-&/-)+*!
)+&*.*D! >`*%/! 8&&9Khhiii"5/+2*"+-41h2(+*%h/*&<"*%9"! H./<1! /%&*! +-.+)*)+,-! *! 0*! X1)&1'*!
$0/-*!X6/7!b(+.1<'1!*!_(+/-!/0!/_(+91!./!+->/%&+2*)+,-!_(/!/0*<1'*!3!91-/!*0!.6*!/%&/!/m
0+<'1!_(/.*!5(3!*2'*./)+.1J"!!
!
]^]H/0_H/64`2:00H/#&/9/#&/I&R<&<.H/SOC/a,("/B"+."$./b$.-/A*.>;
$0! M"M"SAAPD! I%**)! /%_(+*<*! /-! 0*! /%&*)+,-! ./! B*! V10+-*! H9'19+/.*.! ./! ]/''1)*''+0%! ./! 0*!
F/-/'*0+&*&! ./! ?*&*0(-3*JD! Q(-&1! *! %(! 4*5+0+*D! )(*-.1! )*3,! 3! %/! ./%0+7,! 8*%&*! +59*)&*'!
)1-&'*!(-!)*:,-!./!-+/>/!*'&+4+)+*0"!R!'*67!./0!*))+./-&/D!%(4'+,!4'*)&('*%!/-! 0*%!>`'&/<'*%!
XLD!XUD!XPP!3!XPSD!9/'&/-/)+/-&/%!*!.1%!71-*%!.+4/'/-&/%!./!0*!)10(5-*D!3!(-*!9*'*90/Q+*!
BPD!)1-!*4/)&*)+,-!./!/%46-&/'/%!'/)&*0/%!3!('+-*'+1%"!
I%**)! 3! %(! 5(Q/'! Y4'+)*! ./5*-.*'1-D! /-! %(! -15<'/! 3! /-! /0! ./! %(%! &'/%! 8+Q*%! 5/-1'/%! ./!
/.*.mV*+&/D! V/0+%*! 3! G1/56mD! *! ]/''1)*''+0%! ./! 0*! F/-/'*0+&*&! ./! ?*&*0(-3*! 3! *! %(!
*%/2('*.1'*! x+-&/'&8('! 3! %10+)+&*'1-! (-*! +-./5-+7*)+,-! 91'! 01%! .*:1%! 3! 9/'Q(+)+1%!
%(4'+.1%!H-1!)1-%&*!)(*-&6*J"
$0! ^;I! -{! L! ./! \*')/01-*! HP#"PS"SAA@J! /%&+5,! /-! 9*'&/! 0*! ./5*-.*! 3! )1-./-,! *! 0*%!
./5*-.*.*%! H*! x+-&/'&8('! %10*5/-&/! 8*%&*! 01%! MAA"AA#DNNê! )(<+/'&1%! 91'! 0*! 9,0+7*! ./!
%/2('1J!*0!9*21!./!O@O"UAMDNLê!*!I%**)!3!./!NA"AAAê!91'!/0!.*:1!51'*0!)*(%*.1!*!0*!5(Q/'!
3!*!0*%!8+Q*%!./0!*)&1'"
B*! R;! ./! \*')/01-*! H=/))+,-! PÄD! SA"N"SAAOJ! /%&+5,! /-! 9*'&/! /0! '/)('%1! ./! *9/0*)+,-!
+-&/'9(/%&1! 91'! 01%! *)&1'/%! 3! *(5/-&,! 0*! +-./5-+7*)+,-! *! 9*2*'! 91'! 0*%! ./5*-.*.*%! *!
LNA"SSADOAê!3!*!PPA"AAA!ê!'/%9/)&+>*5/-&/"
$0!g=!./%/%&+5,!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!01%!./5*-.*.1%K
qH|J!./</!Q(72*'%/!)151!'*71-*<0/!0*!./)+%+,-!./!)*0+4+)*'!)151!-1!.+0+2/-&/!0*!)1-.()&*!
./! 0*! /59'/%*! &+&(0*'! ./! 0*! /%&*)+,-! 9(/%! H|J! /0! .(/:1! ./! (-*! /%&*)+,-! ./! /%_(6! %/!
/-)(/-&'*!1<0+2*.1!*!91-/'!01%!5/.+1%!*./)(*.1%!9*'*!/>+&*'!/0!.*:1!&/-+/-.1!/-!)(/-&*!
83
0*! -*&('*0/7*! ./! 0*! *)&+>+.*.! _(/! 2/%&+1-*D! 3! )1-! 5*31'! 51&+>1D! )(*-.1! )1-&'+<(3,! *!
+-)'/5/-&*'!/0!'+/%21!9'19+1!./!0*!*)&+>+.*.!./91'&+>*!)101)*-.1!/-!(-!0(2*'!9',d+51!*!0*!
9+%&*!(-!/0/5/-&1!*'&+4+)+*0D!'62+.1!3!.('1D!)151!(-!)*:,-!*'&+4+)+*0D!_(/!2/-/',!(-!'+/%21!
/>+./-&/!./!0/%+1-/%!/-!)*%1!./!)10+%+,-D!+-)0(%1!%+!/%&*!%/!9'1.()6*!91'!)1-%/)(/-)+*!./!
(-! ./%0+7*5+/-&1! %(<%+2(+/-&/! *! (-*! )*6.*"! Z! %+/-.1! &1.1! /001! 9'/>+%+<0/D! 0*%! )*6.*%D! 0*%!
)10+%+1-/%!3!/0!.*:1D!-1!91.6*!0+5+&*'%/!*!%/:*0*'!/0!/0/5/-&1!%+-1!_(/!0/!+-)(5<6*!*.19&*'!
5/.+.*%!./!%/2('+.*.!/-)*5+-*.*%!*!/>+&*'!1!*!.+%5+-(+'!/0!'+/%21!./!0/%+1-/%D!01!_(/!-1!
8+71r"!H]X!@{J!
r[7"*$7"$,4$(99'7"4-"$%'6')(#$"4$r())-"#$Whhh$"4$")$(_*$Whhk
8&&9Khhiii"-1&+)+*%S@")15h*)&(*0+.*.h-1&+)+*hPPOMUh/0m&/''+<0/m*))+./-&/m/-m
0*m-+/>/m_(/m)1%&1m0*m>+.*m*m(-mQ1>/-m)1015<+*-1m/-m/%9*-*h
]^]H/0_H/049`2:0:H/#&/25/#&/=(<N.H/SOC/c<("%$>%./S(<*"/'(>+J";
l-*! 5(Q/'! ./! O#! *:1%! ./! /.*.! 3! )1-! 9'1<0/5*%! ,%/1%! 3! *'&+)(0*'/%D! _(/! 8*<6*-!
./&/'5+-*.1! /-! PNUL! /0! '/)1-1)+5+/-&1! ./! (-*! %+&(*)+,-! ./! +->*0+./7! *<%10(&*D! -1!
*.>+'&+,!_(/!/-!0*!/-&'*.*!./0!'/%&*('*-&/!/d901&*.1!91'!0*!./5*-.*.*!8*<6*!(-!/%)*0,-D!
91'! 01! _(/! &'19/7,! 3! )*3,"! ?151! '/%(0&*.1! ./! 0*! )*6.*D! %(4'+,! 4*)&('*%! ./0! %(<)*9+&*0! ./!
4`5('!./'/)81D!./!0*!>`'&/<'*!?P!%+-!./%90*7*5+/-&1!3!./!0*!>`'&/<'*!?SD!_(/!*2'*>*'1-!%(!
*'&'1%+%!9'/>+*"!
B*!>6)&+5*!./5*-.,!*!0*!%1)+/.*.!0+5+&*.*!9'19+/&*'+*!./0!'/%&*('*-&/!3!*!%(!)159*:6*!./!
%/2('1%"!$0!^;I!./%/%&+5,!0*!./5*-.*"!B*!R;!/%&+5,!/-!9*'&/!/0!'/)('%1!./!*9/0*)+,-!./!0*!
*)&1'*!3!)1-./-,!*!01%!./5*-.*.1%!*0!9*21!./!@#"ALO!/('1%"!$0!g=!./%/%&+5,!/0!'/)('%1!./!
)*%*)+,-!./!01%!./5*-.*.1%!3!)1-4+'5,!0*!=R;K!
q}$~0!&'+<(-*0!./!*9/0*)+,-!-1!+-4'+-2+,!/0!*'&"!PNAS!??!H|J!91'_(/!/-!./4+-+&+>*!/%&*!=*0*!%6!
)159*'&/! /0! Q(+)+1! /%/-)+*0! ./! .+)81! &'+<(-*0! %1<'/! 0*! -/20+2/-)+*! +-8/'/-&/! *! 0*!
.+%91%+)+,-!1!)1-4+2('*)+,-!./0!*))/%1!./0!81%&*0!*0!'/%&*('*-&/D!)1-!(-!/%)*0,-!+-&/'5/.+1!
*! /%)*%6%+5*! .+%&*-)+*! ./0! (5<'*0! 3! 9'/)+%*5/-&/! /-! 0*! 71-*! ./! )0*'1%)('1! 9'1>1)*.1D!
%+5(0&C-/*5/-&/D!91'!01%!.+4/'/-&/%!)101'/%!./0!9*>+5/-&1!3!0*!0(7!%10*'!*!0*!/-&'*.*!3!*0!
41-.1D!_(/.*-.1!/-!9/-(5<'*!9'/)+%*5/-&/!/0!9(-&1!/-!_(/!%/!/-)1-&'*<*!/0!/%)*0,-!H|J!
}B~*!)*(%*!./!0*!)*6.*!-1!4(/!%101!/%*!15+%+,-!-/20+2/-&/!.*.1!_(/!&*5<+`-!)1-&'+<(3,!./!
41'5*! +591'&*-&/! /0! /%&*.1! 46%+)1! ./! 0*! ./5*-.*-&/! _(/! *4/)&*<*! *! %(! )*9*)+.*.! ./!
./*5<(0*)+,-"! $-! %(5*D! /0! 9'1<0/5*! -1! /%! &*-&1! ./! )(09*! ./! 0*! >6)&+5*D! 9(/%! -+-2(-*!
)(09*! 8*3! /-! 9*./)/'! /-4/'5/.*./%! 1! 0+5+&*)+1-/%! ,%/*! 3! *'&+)(0*'/%D! )(*-&1! ./!
+59(&*)+,-!*0!./5*-.*.1!./!0*!)*(%*!./!01!%()/.+.1!3!./!%(%!)1-%/)(/-)+*%!H]X"!@{J"
M"
n&'1! 9'1<0/5*! '/0*)+1-*.1! )1-! /0! *-&/'+1'/ /%! /0! -[5/'1D! /-! )*.*! )1-%&/0*)+,-! ./!
)*%1%D/./!I(->.>/).>$+$D.>D!(-*!)+')(-%&*-)+*!_(/!/-)*'/)/'6*!5()81!0*!9'C)&+)*!./0!&/%&!./!
_(/! %/! &'*&/K! %+! /0! &/%&! ./! 9'/%+,-! .+/'*! /_(+>1)*.*5/-&/! 91%+&+>1! /-! 5()81%! )*%1%D! ./!
41'5*! &*0! _(/! %101! (-! PAã! ./! 01%! 91%+&+>1%! 4(/'*! *(&`-&+)1D! /%! ./)+'D! +-.+)*'*! _(/! /0!
9*)+/-&/! ./%*''100*'6*! 20*()15*D! 8*<'6*! _(/! 9'*)&+)*'! )1-&'10/%! *.+)+1-*0/%! _(/! 91.'6*-!
/-)*'/)/'!5()81!%(!)1%&/"!c10>/'/51%!%1<'/!0*!)(/%&+,-!*0!&'*&*'!%1<'/!0*!)1%&(5<'/!3!0*!
84
)1->/-+/-)+*!1!-1!./!&'*7*'!/%&C-.*'/%!9'14/%+1-*0/%!9*'*!'/)8*7*'!0*!-/20+2/-)+*!)(*-.1!
/%&1%!%/!8*3*-!'/%9/&*.1"!!
@"
$-! /0! R\?! ./! 0*! /)1-156*D! 9/'1! -1! /-! /0! ./0! ./'/)81D! /%&C! 0*! .+%&+-)+,-! /-&'/! 5*2-+&(./%!
*<%10(&*%!m*2'/2*.*%!1!&1&*0/%m!3!=(<?$"(-&>"!;+`-%/%/!/-!(-!)*%1!/-!/0!)(*0!!01%!9'+5/'1%!
OA!/('1%!1!.,0*'/%!l=R!+->/'&+.1%!91'!(-+.*.!./!*)&+>+.*.!/>+&/-!.*:1%!91'!(-!+591'&/!./!
PSA!/('1%!1!.,0*'/%D!9/'1!_(/!/-!)*5<+1D!01%!%/2(-.1%!@AD!%101!*81''/-!.*:1%!/>*0(*.1%!/-!
MAD!/&)`&/'*"!$-&1-)/%D!*(-_(/!HOA!õ!@AJ!z!PAA!â!HPSA!õ!MAJz!P#AD!/%!5/Q1'D!5/-1%!5*01D!
_(/.*'%/!/-!OA!./!+->/'%+,-!/-!9'/)*()+,-D!9(/%!01%!%/2(-.1%!@A!%(9/'*-!/-!PA!01%!MA!./!
.*:1%! 91&/-)+*0/%! _(/! %/! *81''*! )1-! .+)8*! +->/'%+,-"! =+! 01%! 0/)&1'/%! -1! 2(%&*-! )1-&*'! /-!
(-+.*./%!/)1-,5+)*%D!/('1%!1!.,0*'/%D!/%!./)+'D!/-!.+-/'1D!9(/./-!8*)/'01!/-!)(*0_(+/'!1&'*!
(-+.*.!_(/!9'/4+/'*-!)151!91'!/Q/5901D!+,()'-&$(7c,%-"7$&"(#%$*H$)'H"S$vnC=P\%G$c10>/51%!./!
*02(-*! 5*-/'*! *! 0*! +-)1-5/-%('*<+0+.*."! $0! .+-/'1! /%! (-*! 5(3! 5*0*! 5/.+.*! 9/'1! /%!
(-+>/'%*0"!B1%!plRBZ%!%1-!5(3!.+46)+0/%!./!/%&+5*'!3!./%./!0(/21!-1!%/!*90+)*-!*!0*%!)1%*%"!
#"
B*! 4,'5(0*! -1! )*9&('*! /0! (,+.<<$&>?.! HE1</'&! X"! ?nng$E! u! R'+/0! ;nERgD! V"--'4@$ A49"4-'0"%$
B'@E-%L$A6!#*0'4@$-*#-%S$/*4-#(9-$(47$B"%-'-,-'*4D!SAP@D!3!;nERgm?nng$ED!SN!^"!B/2*0D!=&(.!PND!
SAAAJD!0*!*(&19(/%&*!/-!'+/%21D!/%!./)+'D!-1!&+/-/!/-!)(/-&*!01%!.*:1%!9'1<*<0/%!)*(%*.1%!
91'! /0! )1591'&*5+/-&1! ./0! ./5*-.*.1! *! %6! 5+%51! 1! *! %(%! 9'19+1%! <+/-/%D! *(-_(/! %/!
+-)0(3/-!/-!0*!)1-&*<+0+.*.!-*)+1-*0"!!
$-! 0*! 0+&/'*&('*! 8+%&,'+)*! 01%! Q('+%&*%D! )151D! 91'! /Q/5901D! 01%! 9/-*0+%&*%! )0C%+)1%D! %+/59'/!
8*<6*-!&/-+.1!/-!)(/-&*!0*!9/-*!./!.*:1!9*'*!./%)1-&*'0*!./!0*!%*-)+,-!9/-*0!_(/!8*<6*!
_(/! +591-/'! *! 01%! 9*.'/%! _(/! /-! (-! ./%)(+.1! 9'1>1)*<*-! (-! *))+./-&/! _(/! )*(%*<*! 0*!
5(/'&/! 91'! 8/'+.*%! 2'*>/%! *! %(! 8+Q1K! /0! %(4'+5+/-&1! ./'+>*.1! ./0! .*:1! ./<6*! %/'!
./%)1-&*.1! ./! 0*! 9/-*! _(/! -1'5*05/-&/! %/! 8*<'6*! 9(/%&1! *! (-! /d&'*:1! /-! 0*%! 5+%5*%!
)+')(-%&*-)+*%"!X/!01!)1-&'*'+1D!!8*<'6*!%1<'/m9'/>/-)+,-!m*0"#<7"-"##"49"m!3D!/-!./4+-+&+>*D!
5/-1%!8+Q1%"!
eg+/-/!/-&1-)/%!%/-&+.1!0*!1<Q/)+,-!./!;nERgm?nng$E!SAAA!3!SAP@!)1-41'5/!*!0*!)(*0!8*3!
_(/!%(5*'!*!01%!)1%&/%!./!01%!.*:1%!)*(%*.1%!*!&/')/'1%!*_(/001%!_(/!./'+>*-!./0!)*(%*.1!
*! (-1! 5+%51! 1! *! %(%! 9'19+1%! <+/-/%f! eB1! &+/-/! %1<'/)*'2*'! 0*! +-&/-%+.*.! ./0! ./</'! ./!
9'/)*()+,-! ./0! ./5*-.*.1! 91'! /0! +591'&/! ./! 01%! .*:1%! 9'1<*<0/%! )*(%*.1%!
-/20+2/-&/5/-&/!*!%(%!9'19+1%!<+/-/%!*./5C%!./!*!01%!<+/-/%!./!(-!&/')/'1!)(*-.1!)151!
.(/:1!./!/001%!91.'6*!!8*</'01%!./%&'(+.1f
O"
B*!4,'5(0*!./!b*-.!*%(5/!_(/!0*%!5C%!./!0*%!2/-&/%!%1-!"&,+<(-&>/(-/<$&>?."!G1!1<%&*-&/D!
5()8*%!9/'%1-*%D!91'!-1!./)+'!0*!5*31'6*D!9'/4/'+'6*-!(-!PAã!./!9'1<*<+0+.*.!./!9/'./'!
PAA!*!(-!#Aã!./!9/'./'!SA"!=101!01%!*>/-&('/'1%!3!01%!/59'/%*'+1%!%1-!*5*-&/%!*0!'+/%21!m!
#'%J<-(J"#%"!$0!/Q/5901!%/!>/!5C%!)0*'1!/-!01%!)*%1%!./!5(/'&/!3!./!.*:1%!9/'%1-*0/%!2'*>/%"!
B*!5*31'!9*'&/!./!0*!2/-&/!/%&*'6*!.+%9(/%&*!*!+-)'/5/-&*'!%(%!+->/'%+1-/%!/-!9'/)*()+,-!
9*'*!9'/%/'>*'!%(!>+.*!/-!5()81!5C%!_(/!.+/7!>/)/%!%+!%(!'+/%21!./!51'+'!9*%*'*!./0!P!91'!
5+0!*0!P!91'!)+/-&1"!;/'1!./!-(/>1D!/%&1!-1!_(+&*!_(/!8*3*!./91'&+%&*%!*5*-&/%!./0!'+/%21!3!
0*!*>/-&('*!_(/!.+%4'(&*-!5()81!5C%!)(*-&1!5*31'!/%!/0!'+/%21D!01!)(*0!.+)81!%/*!./!9*%1D!
/%! (-*! '*7,-! 5C%! 9*'*! &15*'! /-! )1-%+./'*)+,-! /0! )1-%/-&+5+/-&1! ./! 0*! >6)&+5*! 1! 0*!
*%(-)+,-!./0!'+/%21!)151!/d)/9)+,-!191-+<0/!*!(-*!9'/&/-%+,-!./!.*:1%"!!
85
L"
n&'*!1<Q/)+,-!./!0*!'/20*!./!b*-.!./'+>*!./!0*!)1-%+./'*)+,-!./!_(/!%+!4(/'*!)1''/)&*!3!%/!
*90+)*'*! %+/59'/! 3! <+/-D! /-&1-)/%! "(#$&/ %(,>(<*(/ (%%$#&"+&>! ./! 41'5*! -/20+2/-&/"! l-*!
'/%9(/%&*! 91%+<0/! 9/'1! *)*%1! 91)1! 90*(%+<0/! /%! _(/! 0*! 4,'5(0*! /%! &/,'+)*5/-&/! )1''/)&*D!
9/'1! )*%+! -(-)*! %/! *90+)*! <+/-"! n&'*! 5C%! '*71-*<0/! /%! _(/! 8*3! 0*9%1%! ./! )1-.()&*!
+-/d)(%*<0/%D!9/'1!&*5<+`-!8*3!1&'1%!_(/!0/!1)(''/-!+-)0(%1!*0!5C%!/d9/'&1!./!01%!*2/-&/%!
%1)+*0/%! ./! 0*! *)&+>+.*.! ./! _(/! %/! &'*&/"! X/! -(/>1! ?nng$Em;nERg! SAP@! ./4+/-./-! _(/! 01%!
Q(/)/%! ./</'6*-! .+%&+-2(+'! /-&'/! 0*9%1%! +-.+%1)+*<0/%! ./! 0*! )1-.()&*! 8(5*-*! m"##(#"$
E,6(4,6$"%-m!./!*_(/001%!)*'*)&/'+7*<0/%!)151!&1'9/7*%!'*71-*<0/5/-&/!/>+&*<0/%"!e$%&C-!
'/*05/-&/!<+/-!/_(+9*.1%!01%!&'+<(-*0/%!9*'*!.+%&+-2(+'!/-&'/!(-1%!3!1&'1%fD!*!_(+/-!*0/2*!
_(/!/''*'!/%!8(5*-1D!e%/!0/!9(/./!191-/'!_(/!!"#%"#0"#(#"$(,-"6$7'(D*)'9,6f!
U"
n&'*!1<Q/)+,-!/%!0*!./!0*!#$>%."+$",$#(#!./!0*!4(-)+,-!./!'/%91-%*<+0+.*.!91'!-/20+2/-)+*K!
%+! %/! 1<%/'>*! /0! 2'C4+)1! *-&/'+1'D! %/! )159'1<*'C! _(/! /0! ./5*-.*.1! 91&/-)+*0! _(/! /%!
%(4+)+/-&/5/-&/! 9'(./-&/! *(-_(/! 01! %/*! 91'! 8*</'! +->/'&+.1! [-+)*5/-&/! (-*! (-+.*.!
51-/&*'+*!5C%!-1!9*2*!-*.*!91'!)1-)/9&1!./!.*:1%!91'_(/!%/'C!*<%(/0&1!./!0*!./5*-.*!3!
*%(5/! [-+)*5/-&/! 01%! )1%&/%! ./! %(! 9'19+*! 9'/)*()+,-"! $-! )*5<+1D! %+! 15+&/! /%&*! [0&+5*!
(-+.*.! 51-/&*'+*! ./! %(! 9'/)*()+,-! 9*%*! ./! 2109/! *! '/%91-./'! 91'! &1.1%! 01%! .*:1%!
)*(%*.1%"! $%&*! .+%)1-&+-(+.*.! ./! 0*! 4(-)+,-! ./! -/20+2/-)+*! %"9,47,6! b*-.! 2/-/'*! %1<'/m
9'/>/-)+,-"!!
N"
g*5<+`-D! -1! /%! _(/! /0! Q(/7! -1! )*0)(0/D! )151! 8/51%! )15/-&*.1! *0! 41'5(0*'! 0*! 9'+5/'*!
1<Q/)+,-D!/%!_(/!-+-2(-1!./!-1%1&'1%!%(-%,-(=.>/>$&=)<&D!/-!&1.1!515/-&1D!!1)*%+,-!3!
)+')(-%&*-)+*! ./! 0*! >+.*D! 3! -1! 01! 8*)/51%D! /-&'/! 1&'*%! '*71-/%D! 91'_(/! -1! 91./51%!
46%+)*5/-&/!)*0)(0*'!01%!'+/%21%!3!</-/4+)+1%!./!)*.*!(-*!./!0*%!.1)/-*%!./!*)&+>+.*./%!_(/!
00/>*51%! *! )*<1! )*.*! .6*"! b*-.D! +5906)+&*5/-&/D! 3! )1-! `0! )*%+! &1.1%! 01%! /)1-15+%&*%!
-/1)0C%+)1%D!3!%(91-/-!_(/!217*51%!./!01%!*&'+<(&1%!./!0*!.+>+-+.*."!!!
PA" B*! .`)+5*! 1<Q/)+,-! *! 0*! '/20*! 5/'/)/! (-! /962'*4/! *9*'&/D! /0! %+2(+/-&/"! $%! /0! )*%1! ./! 0*!
*./)(*)+,-!./!0*!)1-.()&*!./0!./5*-.*.1!-1!*0!,9&+51!./!0*!'/0*)+,-!)1%&/!</-/4+)+1D!%+-1!
*!1&'1%!)'+&/'+1%!./!+-&/2'*)+,-!./0!./</'!./!.+0+2/-)+*!3!9*'&+)(0*'5/-&/!*!0*!%.>+,=R<&"!!!
4;/'<$+&<$.>/#&/$"+&?<(%$G"/#&-/#&R&</#&/#$-$?&"%$(/FH/&"/)(<+$%,-(<H/
-(/%.>+,=R<&/V'82%#49/
4;0;/K.>/#$>+$"+.>/%<$+&<$.>/#&/$"+&?<(%$G"/#&-/#&R&</#&/#$-$?&"%$(//
;*'*!>*01'*'!/0!)1591'&*5+/-&1!./0!./5*-.*.1D!8*3!_(/!&/-/'!/-!)(/-&*D!/-!9'+5/'6%+51!0(2*'D!
0*%!#$>).>$%$."&>/#&/-(/-&F!1D!5C%!4'/)(/-&/5/-&/D!./!01%!<&?-(=&"+.>!_(/!0*!./%*''100*-!/-!
&/5*! ./! /%&C-.*'/%! ./! 9'/)*()+,-"! ! Z! &*5<+`-D! %+! 0*! 0/3! -1! 01! 8*! /d)0(+.1D! 8*3! _(/! &/-/'! /-!
)(/-&*!0*!)1%&(5<'/!1!%+!%/!9'/4+/'/!0*%!<(/-*%!9'C)&+)*%!./!0*!)(/%&+,-!1!./!0*!9'C)&+)*!./!0*!_(/!
%/!&'*&/!9/'1!/%!+591'&*-&/!./%&*)*'!_(/!/-&'/!0*%!0/3/%!91'!(-!0*.1!3!0*!)1%&(5<'/!91'!1&'1!8*3!
_(/! ./%&*)*'! _(/! 0*%! (-+&<"(+$D(>/ %1-! 5(3! .+>/'%*%! 3! 5(3! .+%&+-&*%! /-! )(*-&1! *! %(! 2'*.1! ./!
/d+2/-)+*"! c`*%/! %+! -1D! 0*! 0+%&*! %+2(+/-&/! ./! /%&C-.*'/%! (%(*05/-&/! (&+0+7*.1%! 91'! 0*%! *2/-)+*%!
'/2(0*.1'*%!/%&*.1(-+./-%/%K
*"
<"
B*%!0/3/%!3!.+%91%+)+1-/%!'/20*5/-&*'+*%!/%9/)64+)*%!H8!"9'H'9$8(H"-&$B"@,)(-'*4%J"!
V/Q1'!&/)-10126*!.+%91-+<0/!HO"%-$C0(')(D)"$?"9E4*)*@&D!\RgJ"!
86
)"
."
/"
4"
2"
8"
E/.())+,-!./!'+/%21%!*!(-!-+>/0!&*-!<*Q1!)151!%/*!'*71-*<0/5/-&/!*0)*-7*<0/!HC%$=*>$C%$
B"(%*4(D)&$C9E'"0(D)"S!RBRERJ"!
R-C0+%+%!)1%&/m</-4+)+1!H/*%-<D"4"H'-$(4()&%'%J!
VCd+51!)(+.*.1!91%+<0/!H?E"$,-6*%-$9(#"$%-(47(#7J!
;'+-)+9+1!./!9'/)*()+,-!H5#"9(,-'*4(#&$!#'49'!)"J!
|!
?1%&(5<'/!H/,%-*6J"!
$-! 9'+5/'! 0(2*'D! 0*! 0/3! 9(/./! /%&*<0/)/'! (-*! '/20*! ./! )(+.*.1! ./&/'5+-*.*! 1! '/5+&+'%/! *! 0*%!
.+%91%+)+1-/%! '/20*5/-&*'+*%! /%9/)64+)*%D! /-! )(31! )*%1! 8*<'C! _(/! /%&*'! *! %(! )1-&/-+.1! 3!
9'/2(-&*'%/!m%+/59'/!_(/!0*!)(/%&+,-!-1!0*!8*3*!'/%(/0&1!0*!5+%5*!0/3m!%+!/%&*!'/2(0*)+,-!/%!./!
56-+51%! 1! ./! 5Cd+51%"! $-! $%9*:*D! (-! )*%1! '/)+/-&/! ./! +-&/'9'/&*)+,-! ./0! ./</'! ./! .+0+2/-)+*!
)1-! 0*%! H%()/%+>*%J! 0/3/%! *90+)*<0/%! *0! %(9(/%&1! H*))+./-&/! ./! &'C4+)1! 91'! +''(9)+,-! ./! '/%/%!
9'1)/./-&/%! ./! (-! )1&1! ./! )*7*! /-! 0*! )*''/&/'*J! /%! 0*! =g=D! PÄD! #AhSAPOD! ./! PP! ./! 4/<'/'1!
H91-/-)+*!./!]/'-*-.1!;*-&*0/,-JK!0*!'/%91-%*<+0+.*.!./0!9'19+/&*'+1!1!*''/-.*&*'+1!./!(-!)1&1!
./!)*7*!-1!/%!1<Q/&+>*!%+-1!91'!)(09*D!9(/%!/0!'+/%21!&/-+.1!/-!)(/-&*!91'!0*!0/3!/%!'+/%21!./!0*!
)+')(0*)+,-D! -1! ./! 0*! )*7*D! 9/'1! /-! /0! )*%1D! /0! ./5*-.*.1! -1! )(590+,! 01%! ./</'/%! ./! )1-.()&*!
_(/! 0/! +591-6*! 0*! 0/2+%0*)+,-! *90+)*<0/! HXR! G1>/-*! ./! 0*! B/3! ./! =/2('+.*.! c+*0D! %/2[-! 0*!
'/.*))+,-!_(/!0/!.*<*!0*!XR!MÄ!./!0*!B/3!PAhSAANJ"!!
!
$-! %/)&1'/%! +-&/-%*5/-&/! '/2(0*.1%D! )151! /0! 41'5*.1! 91'! 0*! +-&/'%/))+,-! ./0! ./'/)81! ./! 0*!
/-/'26*! 3! ./0! 5/.+1! *5<+/-&/D! >`*%/! E+)8*'.! B"! E$c$=t! 3! ^*)k! BI$Gs$D! 8-#,@@)'4@$ H*#$ C'#G$ 5*>"#$
5)(4-%$ (47$ -E"$ QT(#$ *4$ /*()RD! G/i! Z1'kD! nd41'.! l-+>/'%+&3! ;'/%%D! SAPO"! B*! )(/%&+,-! )/-&'*0!
*-*0+7*.*!/-!/0!0+<'1!/%!_(/D!*./5C%!./!0*!<1-.*.!./!0*!'/20*!0/2*0D!8*3!_(/!&/-/'!/-!)(/-&*!%+!%/!
*90+)*! *! &1.*%! 0*%! 90*-&*%! /d+%&/-&/%! 1! %101! *! 0*%! _(/! %/! )1-%&'(3*-! /-! /0! 4(&('1K! 01! 5/Q1'! /%!
/-/5+21!./!01!<(/-1!3D!)1-!4'/)(/-)+*D!(-1%!/%&C-.*'/%!5/-1%!/d+2/-&/%!9/'1!(-+>/'%*05/-&/!
*90+)*<0/%!%1-!5/Q1'/%!_(/!(-!/%&C-.*'!+./*0!H9106&+)*5/-&/!8*<0*-.1J!9/'1!%101!*90+)*<0/!*!0*%!
-(/>*%!+-%&*0*)+1-/%"!!
$-! %/2(-.1! 0(2*'D! 0*! 0/3! 1! /0! '/20*5/-&1! .+%91-+<0/%! 9(/./-! '/5+&+'%/! *! 0*! 5/Q1'! &/)-10126*!
.+%91-+<0/! HO"%-$ C0(')(D)"$ ?"9E4*)*@&S! \RgJ! 1! 9(/./! /%&*<0/)/'! (-! /%&C-.*'! ./! '/.())+,-! ./!
'+/%21%!_(/!1'./-/!'/.()+'01%!&*-!<*Q1!)151!%/*!*0)*-7*<0/!HC%$=*>$C%$B"(%*4(D)&$C9E'"0(D)"$
HRBRERJJ"!!l-!)'+&/'+1!5C%!9'/)+%1!9/'1!*)*%1!5C%!/)1-,5+)1!/%!/0!_(/!./'+>*!./!0*!*90+)*)+,-!
./0!*-C0+%+%!)1%&/m</-/4+)+1!H/*%-<D"4"H'-J!3!/0!5C%!/%&'+)&1!1!/d+2/-&/!/%!/0!_(/!'/_(+/'/!*.19&*'!
/0!n-6*%-$/(#"$8-(47(#7D!/0!5*31'!)(+.*.1!91%+<0/D!*021!_(/!/-!0*!9'C)&+)*!+590+)*!0*!/d+2/-)+*!
./!'/)(''+'!*!0*!&/)-10126*!5C%!%/2('*!./!0*%!/d+%&/-&/%!1!)/%*'!/-!0*!*)&+>+.*.!./!0*!_(/!%/!&'*&/"!
!!
=/!9(/./!91'!%(9(/%&1!/d+2+'!5C%D!9/'1!/-&1-)/%!0*!'/%91-%*<+0+.*.!./Q*!./!%/'!/-!-/20+2/-)+*!3!
9*%*!*!%/'!1<Q/&+>*!1!*<%10(&*!)151!/%!91'!/Q/5901!/0!)*%1!/-!/0!_(/!%/!9'/)0(3/!0*!91%+<+0+.*.!
./!191-/'!(-*!/d)/9)+,-!91'!'+/%21%!./!./%*''1001"!
!!
4;2;/P"/)(<+$%,-(<H/-(/%.>+,=R<&/
B*!)1%&(5<'/D!01%!(%1%!./!0*!9'14/%+,-D!*'&/!(!14+)+1D!%(%!<(/-*%!9'C)&+)*%D!%1-!6-.+)/%!./!)*0+.*.D!
./! )1-.()&*! *./)(*.*D! 91'! .+0+2/-&/D! ./0! ./5*-.*.1D! 9/'1! %1-! %101! /%1K! +-.+)+1%D! 9(/%! -+!
%+_(+/'*! )1-%&+&(3/-! (-*! 9'/%(-)+,-! /-! %/-&+.1! /%&'+)&1"! ;1'! )+/'&1D! e)1-1)/! 0*! 0/)&1'*! 0*!
.+%&+-)+,-!/-&'/!9'/%(-)+1-/%D!+-.+)+1%!3!%1%9/)8*%f
87
$0!)*%1!./!'/4/'/-)+*!%1<'/!(%1%D!)1%&(5<'/!3!&/)-10126*!/%!?E"$?GwG$N*!!"#"!E/%(/0&1!8*)/!5C%!
./! 1)8/-&*! *:1%D! %(! 0/)&('*! /%! &1.*>6*! (-! 9(-&1! ./! 9*'&+.*! 5*2-64+)1! 9*'*! /0! *-C0+%+%! ./! 0*!
)(/%&+,-!./!%+!/0!'/%9/&1!*!0*!)1%&(5<'/!9/'5+&/!+-.()+'!.+0+2/-)+*!/-!_(+`-!1<%/'>,!*_(/00*"!
>D/&>JOJ&G##1/"&QRS&PJT5&UVU&:T5&'$"J9L&7/"%J&5/.$/5L&TWU&NJ6J&RRT&:XYVT9Z
;/&+&+1-! <3! &8/! $*%&/'-! g'*-%91'&*&+1-! ?159*-3D! *%! 1i-/'! 14! &8/! &(2%! V1-&'1%/! *-.! g"! ^"!
b119/'D!41'!/d1-/'*&+1-!4'15D!1'!0+5+&*&+1-!14D!0+*<+0+&3a!%/9*'*&/!0+</0%!<3!&8/!G/i!$-20*-.!?1*0!
u!?1k/!?159*-3!*-.!<3!b"!G"!b*'&i/00!u!=1-D!I-)"D!*2*+-%&!&8/!G1'&8/'-!\*'2/!?1'91'*&+1-D!*%!
1i-/'!14!&8/!<*'2/!G1'&8/'-!G1"!MA!*-.!&8/!<*'2/!G1'&8/'-!G1"!PLa!*-.!0+</0!<3!&8/!G1'&8/'-!
\*'2/! ?1'91'*&+1-! *2*+-%&! &8/! &(2%! V1-&'1%/! *-.! b119/'"! g8/! %(+&%! i/'/! Q1+-/.! *-.! 8/*'.!
&12/&8/'"! ]'15! &8/! ./)'//! '/-./'/.! }#M! ]"HS.J! PAL~D! &8/! 9/&+&+1-/'! $*%&/'-! g'*-%91'&*&+1-!
?159*-3!*-.!&8/!G1'&8/'-!\*'2/!?1'91'*&+1-D!*99/*0"
}g8/!19/'*&1'!14!*!&(2<1*&!i*%!%(/.!41'!&8/!>*0(/!14!&i1!<*'2/%!*-.!&8/+'!)*'21/%D!i8+)8!i/'/!
01%&! *&! %/*! .('+-2! *! )1*%&*0! %&1'5! +-! V*')8! PNSU"! g8/! <*%+%! 14! &8/! )0*+5! i*%! &8*&! &8/! &(2! i*%!
-/20+2/-&03!(-%/*i1'&83!+-!&8*&!+&!i*%!-1&!/_(+99/.!i+&8!*!'*.+1!'/)/+>/'D!*-.!&8(%!)1(0.!-1&!
'/)/+>/!'/91'&%!14!*-!+59/-.+-2!%&1'5"!g8/'/!i*%!/>+./-)/!&8*&!&8/!5*%&/'D!8*.!8/!8/*'.!&8/!
i/*&8/'!'/91'&%D!i1(0.!8*>/!&('-/.!<*)k~
B"!bRGXD
I&!+%!-1&!4*+'!&1!%*3!&8*&!&8/'/!i*%!*!2/-/'*0!)(%&15!*51-2!)1*%&i+%/!)*''+/'%!%1!&1!/_(+9!&8/+'!
&(2%"!n-/!0+-/!*01-/!.+.!+&a!*%!41'!&8/!'/%&D!&8/3!'/0+/.!(91-!&8/+'!)'/i%D!%1!4*'!*%!&8/3!)*-!</!%*+.!
&1! 8*>/! '/0+/.! *&! *00"! R-! *./_(*&/! '/)/+>+-2! %/&! %(+&*<0/! 41'! *! )1*%&i+%/! &(2! )*-! -1i! </! 21&! *&!
%5*00! )1%&! *-.! +%! '/*%1-*<03! '/0+*<0/! +4! k/9&! (9a! 1<>+1(%03! +&! +%! *! %1(')/! 14! 2'/*&! 9'1&/)&+1-! &1!
&8/+'!&1i%"!gi+)/!/>/'3!.*3!&8/3!)*-!'/)/+>/!&8/%/!9'/.+)&+1-%D!<*%/.!(91-!&8/!i+./%&!91%%+<0/!
+-41'5*&+1-D!*>*+0*<0/!&1!/>/'3!>/%%/0!i+&8+-!&i1!1'!&8'//!8(-.'/.!5+0/%!*-.!51'/"!=()8!*!%/&!+%!
&8/!/*'%!14!&8/!&(2!&1!)*&)8!&8/!%91k/-!i1'.D!Q(%&!*%!&8/!5*%&/'w%!<+-1)(0*'%!*'/!8/'!/3/%!&1!%//!*!
%&1'5! %+2-*0! *%81'/"! x8*&/>/'! 5*3! </! %*+.! *%! &1! 1&8/'! >/%%/0%D! &(2%! &1i+-2! 8/*>3! )1*0! 0*./-!
<*'2/%D! %&'(-2! 1(&! 41'! 8*04! *! 5+0/D! 8*>/! 0+&&0/! 91i/'! &1! 5*-1/(>'/D! *-.! .1! -1&D! *%! &8+%! )*%/!
9'1>/%D! /d91%/! &8/5%/0>/%! &1! i/*&8/'! i8+)8! i1(0.! -1&! &('-! <*)k! %&*(-)8/'! )'*4&"! g8/3! )*-!
8*>/!*&!8*-.!9'1&/)&+1-!*2*+-%&!.*-2/'%!14!i8+)8!&8/3!)*-!0/*'-!+-!-1!1&8/'!i*3"
I%!+&!&8/-!*!4+-*0!*-%i/'!&8*&!&8/!<(%+-/%%!8*.!-1&!3/&!2/-/'*003!*.19&/.!'/)/+>+-2!%/&%f!g8/'/!
*'/D!-1!.1(<&D!)*%/%!i8/'/!)1('&%!%//5!&1!5*k/!&8/!2/-/'*0!9'*)&+)/!14!&8/!)*00+-2!&8/!%&*-.*'.!
14! 9'19/'! .+0+2/-)/a! i/! 8*>/! +-.//.! 2+>/-! %15/! )(''/-)3! &1! &8/! -1&+1-! 1('%/0>/%"! I-.//.! +-!
51%&!)*%/%!'/*%1-*<0/!9'(./-)/!+%!+-!4*)&!)1551-!9'(./-)/a!<(&!%&'+)&03!+&!+%!-/>/'!+&%!5/*%('/a!
*!i810/!)*00+-2!5*3!8*>/!(-.(03!0*22/.!+-!&8/!*.19&+1-!14!-/i!*-.!*>*+0*<0/!./>+)/%"!I&!-/>/'!
5*3! %/&! +&%! 1i-! &/%&%D! 81i/>/'! 9/'%(*%+>/! </! +&%! (%*2/%"! ?1('&%! 5(%&! +-! &8/! /-.! %*3! i8*&! +%!
'/_(+'/.a! &8/'/! *'/! 9'/)*(&+1-%! %1! +59/'*&+>/! &8*&! />/-! &8/+'! (-+>/'%*0! .+%'/2*'.! i+00! -1&!
/d)(%/!&8/+'!15+%%+1-"!\(&!8/'/!&8/'/!i*%!-1!)(%&15!*&!*00!*%!&1!'/)/+>+-2!%/&%a!%15/!8*.!&8/5D!
%15/!.+.!-1&a!&8/!51%&!&8*&!)*-!</!('2/.!+%!&8*&!&8/3!8*.!-1&!3/&!</)15/!2/-/'*0"!?/'&*+-03!+-!
%()8!*!)*%/!i/!-//.!-1&!9*(%/a!i8/-!%15/!8*>/!&81(28&!*!./>+)/!-/)/%%*'3D!*&!0/*%&!i/!5*3!%*3!
&8*&!&8/3!i/'/!'+28&D!*-.!&8/!1&8/'%!&11!%0*)k"!g8/!%&*&(&/!H%/)&+1-!@U@D!&+&0/!@OD!l"!="!?1./!}@O!
l=?R! ë! @U@~J! .1/%! -1&! </*'! 1-! &8+%! %+&(*&+1-! *&! *00"! I&! 9'/%)'+</%! -1&! *! '/)/+>+-2D! <(&! *!
88
&'*-%5+&&+-2!%/&D!*-.!41'!*!>/'3!.+44/'/-&!9('91%/a!&1!)*00!41'!8/09D!-1&!&1!2/&!-/i%"!x/!810.!&8/!
&(2%! &8/'/41'/! </)*(%/! 8*.! &8/3! <//-! 9'19/'03! /_(+99/.D! &8/3! i1(0.! 8*>/! 21&! &8/! R'0+-2&1-!
'/91'&%"!g8/!+-Q('3!i*%!*!.+'/)&!)1-%/_(/-)/!14!&8+%!(-%/*i1'&8+-/%%"
X$?E$$!R]]IEV$X"
$0! 2'*-! /%9/)+*0+%&*! *)*.`5+)1! /-! ./'/)81! ./! .*:1%D! /0! 9'14/%1'! E+)8*'.! $9%&/+-D! ./! GZlD!
.+%)'/9*!./0!*-C0+%+%!./0!Q(/7!b*-.!/-!g8/!b199/'"!$9%&/+-!.+%&+-2(/D!9'+5/'1D!/-!01%!)*%1%!/-!
01%! _(/! .*:*.1'/%! 3! >6)&+5*%! 91&/-)+*0/%! 8*-! )1-&'*&*.1! %1<'/! %(! +-&/'*))+,-D! 0*! )1%&(5<'/!
./</'6*! %/'! )1-%+./'*.*! )151! 9'(/<*! ./! .+0+2/-)+*! /-! *(%/-)+*! ./! 9*)&1! /-! )1-&'*'+1"! $%&*!
9'+5/'*! 1<%/'>*)+,-! /%! 5(3! *&/-.+<0/D! *(-_(/! 0*! %/2(-.*! '*7,-! ./! ./%*)(/'.1! )1-! b*-.! /%!
5C%! 19+-*<0/D! 9(/%! )(*-.1! 8*3! .*:1%! 91&/-)+*0/%! *! &/')/'1%! *Q/-1%! *! 0*%! 9*'&/%! )1-&'*&*-&/%D!
$9%&/+-! /-&+/-./! _(/! 0*! )1%&(5<'/! -1! ./</'6*! %/'! &/-+.*! /-! )(/-&*! 91'_(/! &*591)1! ./</'6*!
%/'01!0*!-/20+2/-)+*D!3*!_(/!0*!'/%91-%*<+0+.*.!./</'6*!%/'!1<Q/&+>*"!g*0!/%!0*!19+-+,-D!%+-2(0*'D!
9/'1! &*5<+`-! 9'1>+-+/-&/! ./0! 9'14/%1'! *5/'+)*-1! 9'1<*<0/5/-&/! 5C%! %*<+1! ./! ./'/)81! ./!
.*:1%"!
$0! C/2%-%/4/.%& :>D$"59& #E& >#"%2! '/%(5/! 0*! 91%+)+,-! .15+-*-&/! /0! 9*66*4$ =(>! ./0! ./'/)81!
-1'&/*5/'+)*-1K!
o/ 03/ C/2%-%/4/.%& :>D$"59& #E& >#"%2F& <$-A$)$%0& E#"& 3D02$7-)& -.5& +4#%$#.-)& G-"4!
HSAPAJC/',>+.=
*J
R-! *)&1'w%! )1590+*-)/! i+&8! &8/! )(%&15! 14! &8/! )155(-+&3D! 1'! 14! 1&8/'%! +-! 0+k/!
)+')(5%&*-)/%! +%! />+./-)/! &8*&! &8/! *)&1'w%! )1-.()&! +%! -1&! -/20+2/-&! <(&! .1/%! -1&!
9'/)0(./!*!4+-.+-2!14!-/20+2/-)/"!
<J
R-! *)&1'w%! ./9*'&('/! 4'15! &8/! )(%&15! 14! &8/! )155(-+&3D! 1'! 14! 1&8/'%! +-! 0+k/!
)+')(5%&*-)/%D!+-!*!i*3!&8*&!+-)'/*%/%!'+%k!+%!/>+./-)/!14!&8/!*)&1'w%!-/20+2/-)/!<(&!
.1/%!-1&!'/_(+'/!*!4+-.+-2!14!-/20+2/-)/"!
n&'*%! )(/%&+1-/%! '/0*)+1-*.*%! )1-! 0*! )1%&(5<'/! ./'+>*-! ./! %(! )*'C)&/'! .+-C5+)1! 3! 9'/2(-&*-!
91'! 0*%! )1-%/)(/-)+*%! ./! %(! )*5<+1! *! 01! 0*'21! ./0! &+/591K! _(`! 1)(''/! %+! 0*%! 9'C)&+)*%! %1<'/!
%/2('+.*.! )*5<+*-! *! 01! 0*'21! ./0! &+/591! 9/'1! (-! /.+4+)+1D! +-%&*0*)+,-! 1! *(&15,>+0! 8*<6*-! %+.1!
4*<'+)*.1%!)1-!*-&/'+1'+.*.!*0!)*5<+1!./!0/2+%0*)+,-!3!-1!%/!8*-!*.*9&*.1!0*%!-(/>*%!/d+2/-)+*%"!!
$0!)'+&/'+1!&'*.+)+1-*0!/%!_(/!0*!)1%&(5<'/D!)151!0*!0/3D!-1!/%!'/&'1*)&+>*!3!_(/!01%!>+/Q1%!1<Q/&1%!
9(/./-!_(/.*'%/!)151!/%&*<*-!*!-1!%/'!_(/!%/!8*3*!/%&*<0/)+.1!01!)1-&'*'+1!<$@#(47H(-E"#'4@"!
l-!)*%1!./!'/4/'/-)+*!/%!>"$4-"7#&(J&[)/$./Vn;w;/0982W!/-!/0!)(*0!'/)0*5*<*!0*!>+)&+5*!_(/!%/!
8*<6*! '/%<*0*.1! /-! 0*! <*:/'*! 3! '/%(0&*.1! %/>/'*5/-&/! 8/'+.*! 91'! 01%! >+.'+1%! *%&+00*<0/%! ./! 0*%!
5*59*'*%!./!0*!.()8*!+-%&*0*.1%!/-!(-*!`91)*!/-!0*!)(*0!&1.*>6*!-1!/'*!0/2*05/-&/!1<0+2*.1!-+!
(-*! 9'C)&+)*! )15[-! +-%&*0*'! >+.'+1! 3! 90C%&+)1! +-*%&+00*<0/%"! B1! 5+%51! 1)(''/! /-! 01%! /.+4+)+1%!
*-&+2(1%!./!\*')/01-*!_(/!-1!8*-!%+.1!'/%&*('*.1%!3!_(/!-1!)(/-&*-!)1-!%!#'4J)"#%D!)151!/%!/0!
)*%1!./!*02(-1%!./!/001%!/-!0*!l-+>/'%+&*&!;159/(!]*<'*"!!
VC%! )(/%&+1-/%! '/0*)+1-*.*%! )1-! 0*! )1%&(5<'/! %1-! 0*%! _(/! +-_(+/'/-! %1<'/! 0*! 2/-/'*0+7*)+,-!
2/12'C4+)*! ./! %(! 9'C)&+)*"! $0! ),.+21! )+>+0! ./! PUUN! %/! '/4/'6*! 8+%&,'+)*5/-&/! *! 0*! )1%&(5<'/! ./0!
89
0(2*'!9/'1!/-!PNL@!0*!-(/>*!'/2(0*)+,-!./!4(/-&/%!./0!),.+21!%(9'+5+,!0*!/d+2/-)+*!./!01)*0+.*.!
3!*_(6D!)151!0*!5*31'!9*'&/!./!0*%!)(0&('*%!*>*-7*.*%!01%!/%&C-.*'/%!(%(*0/%!%/!/-&+/-./-!)151!
2/-/'*05/-&/! /d+2+<0/%! )1-! +-./9/-./-)+*! ./0! 0(2*'! /-! /0! _(/! %/! ./%*''100/! 0*! *)&+>+.*.! ./! 0*!
_(/! %/! &'*&/"! $%&1! /%! )0*'1! /-! /0! )*%1! ./! 0*! 9'C)&+)*! 5`.+)*! >`*%/! HU<,"&/ D;/ U&--$"Z.IIH/ S(>>/
0968/3!s/--/&8!="!R\ERbRVD!/,%-*6S$K*4<9,%-*6(#&$5#(9-'9"S$(47$K"@)'@"49"D!PAN!?10(5!D!0"!E/>"!
PLU@D!SAANJ"
?*</!&1.*>6*!9'/2(-&*'D!e)1-!+-./9/-./-)+*!./!0*!0*&+&(.!3!01-2+&(.!2/12'C4+)*%!./0!0(2*'!/-!/0!
_(/!%/!./%*''100*!0*!*)&+>+.*.D!9(/./!/0!Q(72*.1'!&/-/'!/-!)(/-&*!)+')(-%&*-)+*%!_(/!%/!./-!%101!
/-!*02(-1!./!01%!0(2*'/%!9(/%&1%!)151!)159*'*)+,-f
4;3;/P-/%(>./B-D$(//
$0!S@!./!Q(0+1!./!SAPMD!(-!&'/-!R0>+*!./!0*!%/'+/!LMA!./!E/-4/D!_(/!'/*0+7*<*!/0!&'*3/)&1!V*.'+.m
]/''10!./%)*''+0,!/-!/0!9(-&1!k+015`&'+)1!U@D@PS!./!0*!06-/*!./!*0&*!>/01)+.*.!n'/-%/m=*-&+*21!
./! ?1591%&/0*D! %+&(*.1! /-! (-*! )('>*! 5(3! 9'1-(-)+*.*D! 0*! )('>*! R! F'*-./+'*D! 9',d+5*! *! 0*!
/%&*)+,-!./!=*-&+*21!./!?1591%&/0*"!R0!/-&'*'!/-!0*!)('>*!/0!&'/-!)+')(0*<*!*!PN#!k5h2!)(*-.1!0*!
>/01)+.*.! 5Cd+5*! ./! 9*%1! /'*! ./! UA! k5h8"! X('*-&/! 01%! %/+%! k+0,5/&'1%! 9'/>+1%! *! 0*! )('>*D! /0!
5*_(+-+%&*D!/0!='"!]'*-)+%)1!^1%`!F*'7,-D!_(+/-!8*<6*!8/)81!/%&*!5+%5*!'(&*!(-*%!%/%/-&*!>/)/%D!
5*-&(>1!(-*!)1->/'%*)+,-!&/0/4,-+)*!)1-!/0!+-&/'>/-&1'!./!*!<1'.1!./0!&'/-"!?151!'/%(0&*.1!./0!
*))+./-&/D!LN!9/'%1-*%!4*00/)+/'1-!3!5C%!./!PMA!'/%(0&*'1-!8/'+.*%!./!.+>/'%*!)1-%+./'*)+,-"!
I-+)+*.*%! *)&(*)+1-/%! 9/-*0/%D! (-*! ./! 0*%! )(/%&+1-/%! 90*-&/*.*%! %/! '/0*)+1-*<*! )1-! 0*! 91%+<0/!
'/%91-%*<+0+.*.!y9/-*0!3!)+>+0y!./0!5*_(+-+%&*!./0!&'/-D!9(/%!/0!)1->13!/-&',!/-!0*!)('>*!*!(-*!
>/01)+.*.!*!&1.*%!0()/%!%(9/'+1'!*!0*!9/'5+&+.*"!;/'1!0*!.+%)(%+,-!%1<'/!0*!*'_(+&/)&('*D!%1<'/!0*!
+-4'*/%&'()&('*! ./! %/2('+.*.! ./0! %+%&/5*! 4/''1>+*'+1D! /5/'2+,! )151! 1&'*! ./! 0*%! )(/%&+1-/%!
)'()+*0/%!9*'*!*-*0+7*'!/0!)*%1"!$-!/0!&'*51!*))+./-&*.1D!/0!%+%&/5*!./!%/2('+.*.!+-%&*0*.1!/'*!/0!
R=]R!HR-(-)+1!./!=/:*0/%!3!]'/-*.1!R(&15C&+)1!y!>6./1!E$G]$D!PNUMJD!5/-1%!*>*-7*.1!_(/!/0!
$EgV=!H$('19/*-!E*+0!g'*44+)!V*-*2/5/-&!=3%&/5J"!!
$0!9'13/)&1!+-+)+*0!./!)1-%&'())+,-!./!0*!06-/*!./!*0&*!>/01)+.*.!n'/-%/m=*-&+*21!./!?1591%&/0*!
9'/>/6*! 0*! +-%&*0*)+,-! ./0! %+%&/5*! $EgV=! *! 01! 0*'21! ./! &1.*! 0*! 06-/*"! =+-! /5<*'21D! '*71-/%!
&`)-+)*%D! ./! +-2/-+/'*D! 51&+>*'1-! _(/! /0! ;'/%+./-&/! ./! RXI]D! 91'! ./0/2*)+,-! ./0! ?1-%/Q1! ./!
R.5+-+%&'*)+,-D!./)+.+/'*!51.+4+)*'!/0!9'13/)&1!/-!/0!%/-&+.1!./!/0+5+-*'!/0!%+%&/5*!$EgV=!/-!
01%![0&+51%!)(*&'1!k+0,5/&'1%!./!0*!06-/*"!$0!X+'/)&1'!F/-/'*0!./!=/2('+.*.!./!RXI]!)/'&+4+),!0*!
*./)(*)+,-!&`)-+)*!./0!9'13/)&1!51.+4+)*.1"!$-!)1-)'/&1D!*!9*'&+'!./0!k+0,5/&'1!UADP@N!/0![-+)1!
%+%&/5*!./!9'1&/))+,-!19/'*&+>1!/'*!/0!%+%&/5*!R=]R"!!
?151! /-! 0*%! 06-/*%! ./! *0&*! >/01)+.*.! 01%! &'/-/%! 9(/./-! )+')(0*'! *! >/01)+.*./%! ./! 8*%&*! MAA!
k5h8D! /0! 5*_(+-+%&*! -1! 9(/./! >/'! )1''/)&*5/-&/! 0*%! %/:*0/%! 0*&/'*0/%! ./! 0*! >6*! 3! '/*))+1-*'! *!
&+/591"! ;1'! /%&/! 51&+>1D! %/! 8*)/! -/)/%*'+1! (-! %+%&/5*! )151! /0! $EgV=D! '/2(0*.1!
4(-.*5/-&*05/-&/! 91'! 0*%! '/20*%! &`)-+)*%! q;'/%)'+9)+1-/%! g`)-+)*%! 3! n9/'*&+>*%r! H;gnJ! ./!
RXI]D! _(/! +-&'1.()/! &1.*! 0*! %/:*0+7*)+,-! /-! )*<+-*! 5/.+*-&/! /('1<*0+7*%! _(/! +-41'5*-! *0!
)1-.()&1'! 9/'5*-/-&/5/-&/! ./! 0*%! %/:*0/%! 3! >/01)+.*./%! 5Cd+5*%"! $-! /0! )*%1! ./! _(/! /0! &'/-!
%(9/'/! 0*! >/01)+.*.! 5Cd+5*! 1! '/<*%/! %/:*0/%! _(/! +-.+)*-! 9*'*.*D! /0! %+%&/5*! *)&+>*! /0! 4'/-*.1!
*(&,5*&+)1!./0!&'/-D!/>+&*-.1!*%6!0*!91%+<+0+.*.!./!*))+./-&/%!91'!4*001%!8(5*-1%"!!
90
B1%!&'/-/%!_(/!)+')(0*-!)1-!/0!%+%&/5*!R=]R!-1!9(/./-!)+')(0*'!*!>/01)+.*./%!%(9/'+1'/%!*!01%!
SAA!k5h8"D!9(/%!/0!%+%&/5*!*)&+>*!/0!4'/-*.1!*(&15C&+)1!./0!&'/-!%+!%/!/d)/./!/%/!065+&/"!R81'*!
<+/-D! /0! %+%&/5*! R=]R! /%! )159*&+<0/D! %/2[-! .+%91-/! /0! E/20*5/-&1! F/-/'*0! ./! ?+')(0*)+,-! ./!
RXI]! HEF?JD! )1-! 0*! /d+%&/-)+*! ./! <*0+7*%! /-! 0*%! >6*%! _(/! &'*-%5+&/-! *0! )1-.()&1'! *>+%1%! %1<'/!
065+&/%!./!>/01)+.*.D!)1-!(-*!9*'&+)(0*'+.*.!'/%9/)&1!*0!%+%&/5*!$EgV=K!/0!%+%&/5*!R=]R!1<0+2*!
*0!5*_(+-+%&*!*!9(0%*'!(-!<1&,-!./!'/)1-1)+5+/-&1!/-!/0!1'./-*.1'!./!*!<1'.1D!./!5*-/'*!_(/!
%+!-1!01!8*)/!/-!(-1%!%/2(-.1%!1!/0!&'/-!%(9/'*!/0!065+&/!./!>/01)+.*.!/%&*<0/)+.1%/!9'1.()+'C!/0!
4'/-*.1!*(&15C&+)1!./0!&'/-"!
$-!/0!&'*51!./0!*))+./-&/D!0*![-+)*!%/:*0!./!0+5+&*)+,-!./!>/01)+.*.!*!UA!k5h8!%/!/-)1-&'*<*!*!
SAA!5/&'1%!./!0*!)('>*D!/'*!(-*!%/:*0!9'19+*!./!0*%!06-/*%!./!*0&*!>/01)+.*.!3!%/!)1''/%91-.6*!
)1-!/0!9(-&1!/-!/0!_(/D!%/2[-!0*!81Q*!./!'(&*!./0!)1-.()&1'!.+%91-+<0/!/-!)*<+-*D!/0!&'/-!./<6*!
8*</'!'/.()+.1!0*!>/01)+.*.!8*%&*!01%!UA!k5h8"!
?1-%&*D!*./5C%D!_(/!./%./!-1>+/5<'/!./!SAPSD!E/-4/!8*<6*!1'./-*.1!*!01%!5*_(+-+%&*%!./!01%!
&'/-/%! R0>+*! ./! 0*! %/'+/! LMAD! 9'/>+*! *(&1'+7*)+,-! ./! RXI]D! _(/! )+')(0*'*-! *! 01! 0*'21! ./! &1.*! 0*!
06-/*!./!*0&*!>/01)+.*.!n'/-%/m=*-&+*21!)1-!/0!%+%&/5*!R=]RD!3*!_(/!.('*-&/!01%!9'+5/'1%!.6*%!
./! 4(-)+1-*5+/-&1! ./! 0*! 06-/*D! /0! %+%&/5*! $EgV=! 8*<6*! .*.1! 4*001%! ./! %14&i*'/D! 2/-/'*-.1!
%+&(*)+1-/%!./!('2/-)+*!_(/!-1!/'*-!&*0/%"!
2)$5([%D!U"U"SAPMD!8&&9Khh/09*+%")15h/09*+%hSAPMhAUhA#h5/.+*hPML#LMSLL@vPNL#PN"8&50
91
2)$5([%D!SO"L"SAPMD!8&&9Khh/09*+%")15h/09*+%hSAPMhALhSOh5/.+*hPML@ULSU@Av#A#MSM"8&50
!
/
!
!
](-)+1-*5+/-&1!./0!%+%&/5*!R=]R!/-!/0!*))+./-&/!./!=*-&+*21!./!?1591%&/0*K!
8&&9Khh/09*+%")15h/09*+%hSAPMhAUhAUh5/.+*hPML#NLAPL@vAO@OLP"8&50
R(&1!R(.+/-)+*!;'1>+-)+*0!R!?1'(:*!H=/))"!OÄJD!-{!M#AhSAP@D!MA"N"SAP@D!V;K!Y-2/0!;*-&+-!
E/+2*.*D! 91'! /0! )(*0! %/! ./Q*! %+-! /4/)&1! 0*%! +59(&*)+1-/%! '/*0+7*.*%! /-! /0! R(&1! ./! N"#"SAP@!
./0! ^(72*.1! ./! I-%&'())+,-! -{! M! ./! =*-&+*21! *! >*'+1%! 5+/5<'1%! ./0! ?1-%/Q1! ./!
R.5+-+%&'*)+,-! ./! RXI]! ./! 5[0&+90/%! ./0+&1%! ./! 5(/'&/! 3! 0/%+1-/%! 91'! +59'(./-)+*! 3! (-!
./0+&1!./!'+/%21!)*&*%&',4+)1"!!
!
R(&1!R(.+/-)+*!;'1>+-)+*0!R!?1'(:*!H=/))"!OÄJD!-{!PLShSAPOD!SO"#"SAPOD!V;K!Y-2/0!V*-(/0!
;*-&6-!E/+2*.*D!91'!/0!_(/!/%&+5*!>*'+1%!'/)('%1%!./!*9/0*)+,-!+-&/'9(/%&1%!)1-&'*!/0!R(&1!
./0!^(72*.1!./!I-%&'())+,-!-{!M!./!=*-&+*21!3!01!'/>1)*!9*'*!*)1'.*'!/0!'/&1'-1!./0!9'1)/%1!
*!0*!4*%/!./!.+0+2/-)+*%!9'/>+*%!./!+->/%&+2*)+,-!3D!/-!9*'&+)(0*'D!9*'*!0*!'*&+4+)*)+,-!./!01%!
+-41'5/%!9/'+)+*0/%!%1<'/!/>*0()+,-!+-&/2'*0!./0!'+/%21!/-!0*!06-/*!4/''1>+*'+*"!!
5;/ O(R-./ ]BKhBM\A/ '\MPA'g`B"+."$./ cPAnynMPz/ 'APnMPH/
{@">+<,=&"+.>/ #&/ %."+<.-/ >.%$(-/ F/ #&<&%L./ #&/ #(Q.>|H/ B.!"/%/
4`2::4/VYYY;$"#<&+;%.=WH/));/0:[02/
q2)$ ."#"9E*$ 7"$ .(_*%$ 9*6*$ '4%-#,6"4-*$ 7"$ 9*4-#*)$ %*9'()L$ ,4$ "c"6!)*$ %"49'))*$ (!)'9(7*$ ($ )($
'4%-()(9'^4$7"$7'%!*%'-'0*%$CO8$!(#($0"E[9,)*%$
;*'*!+0(%&'*'!),51!/0!./'/)81D!3!/0!./'/)81!./!.*:1%!/-!9*'&+)(0*'D!)1-&'+<(3/!*!9*%*'!./!9/1'/%!
*! 5/Q1'/%! %+&(*)+1-/%! 9(/./! %/'>+'! (-! /Q/5901! +-%9+'*.1! /-! 1&'1! _(/! %/! 9(/./! /-)1-&'*'! /-!
=?bí]$Ehngg! HSAAAJ!3!_(/!8/51%!'/41'5(0*.1!9*'*!*.*9&*'01!*0!%+%&/5*!./!4'/-*.1!R\=!H\.%$;
])#7M&602%/4J!9*'*!*(&15,>+0/%"!É%&/!/%!(-!.+%91%+&+>1!/0/)&',-+)1!*-&+<01_(/1!_(/!)1-&'10*!0*!
9'/%+,-! ./! 06_(+.1! ./! 01%! 4'/-1%! 3! ./! /%&*! 41'5*! />+&*! _(/! 0*%! '(/.*%! %/! <01_(//-! )(*-.1! %/!
/Q/')/!(-*!9'/%+,-!/d)/%+>*!%1<'/!/0!9/.*0D!2/-/'*05/-&/!/-!%+&(*)+1-/%!./!*0&1!'+/%21"!$-!PNLUD!
V/')/./%!\/-7!+-%&*0,!/0!9'+5/'!%+%&/5*!R\=!/-!(-!)1)8/!./!%/'+/!)151!%+%&/5*!19)+1-*0"!?1-!
92
91%&/'+1'+.*.D! 5()8*%! 4+'5*%! 01! +-)1'91'*'1-! *! %(%! >/86)(01%! )151! /_(+91! ./! %/'+/D! *(-_(/!
&1.*>6*!-1!/'*!1<0+2*&1'+1P"
$%! +-.(.*<0/! _(/! /%&/! .+%91%+&+>1D! 813! %(9/'*.1D! 5/Q1'*<*! 0*! )*9*)+.*.! ./! 4'/-*.1! ./! (-!
>/86)(01! <*Q1! )(*0_(+/'! )+')(-%&*-)+*! 91'! 01! _(/! />+&*<*! *))+./-&/%! +-.+>+.(*0/%! 3! &*5<+`-!
)10/)&+>1%"!;/'1!*./5C%D!%+!&1.1%!.+%91-6*-!./0!5+%51D!)1-&'+<(6*!*!.+%5+-(+'!/-!2'*-!5/.+.*!0*!
9'1<*<+0+.*.! ./! )10+%+,-! /-&'/! >/86)(01%"! $%! /%&/! %/2(-.1! /4/)&1! /0! _(/! -1%! +-&/'/%*! ./%&*)*'!
*_(6"!
$-! (-! %/-)+001! /Q/5901D! .1%! )1-.()&1'/%! H?P! 3! ?SJ! <*'*Q*-! 0*! 91%+<+0+.*.! ./! +-%&*0*'! %/-.1%!
%+%&/5*%! ./! 4'/-*.1! R\="! B*! (&+0+.*.! *-(*0! _(/! )*.*! )1-.()&1'! 1<&+/-/! ./0! .+%4'(&/! ./! %(!
*(&15,>+0! /%! ./! PSAA! êD! 3! %(%! )1%&/%! /%9/'*.1%! %/'C-! ./! OAA! ê! _(/! '/%(0&*-! ./! (-*!
9'1<*<+0+.*.! ./0! Oã! ./! %(4'+'! (-! *))+./-&/! _(/! 0/! )1591'&*'C! .*:1%! 91'! >*01'! ./! PA"AAA! ê!
HADAO!d!PA"AAAJ"!B*!+-%&*0*)+,-!./!(-!.+%91%+&+>1!./!R\=!&+/-/!(-!)1%&/!./!PAA!ê!*-(*0/%!3*!_(/!
/%&/! %+%&/5*! '/_(+/'/! ./! '/>+%+1-/%! 9/'+,.+)*%"! ;/'1! .+%91-/'! ./! `0! '/.()/! 0*! 9'1<*<+0+.*.! ./!
%(4'+'!(-!*))+./-&/!./!(-!Oã!*!(-!SãD!91'!01!_(/!01%!)1%&/%!/%9/'*.1%!<*Q*'C-!*!SAA!ê!HAwAS!d!
PA"AAAJ"
B1%!!(&<*HH%$./!(-*!3!1&'*!19)+,-!9*'*!?P!3!?S!4+2('*-!/-!0*!&*<0*!%+2(+/-&/K
=(91-2*51%!_(/!?S!19&*!91'!+-%&*0*'!/0!R\="!$-&1-)/%!?P!8*'C!01!9'19+1D!9(/%!NAA!ú!OAA!)151!
91./51%! 1<%/'>*'! /-! 0*! 9'+5/'*! )10(5-*"! ;1'! /0! )1-&'*'+1D! %+! ?S! '/%(/0>/! -1! +-%&*0*'01D! ?P!
&*591)1!01!8*'CD!9(/%!/%&*'/51%!/-!0*!%/2(-.*!)10(5-*D!OAA!ú!#AA"!=+!9*'&+51%!./!0*!./)+%+,-!
./!?P!00/2*'/51%!*!0*!5+%5*!)1-)0(%+,-D!'/%(0&*-.1!0*%!.1%!%+&(*)+1-/%!./!/_(+0+<'+1!%/:*0*.*%!
/-! 0*! &*<0*"! =/! 1<%/'>*! _(/! /d+%&/! (-! /_(+0+<'+1! /4+)+/-&/! H)*%+00*! %(9/'+1'! +7_(+/'.*J! 3! 1&'1!
+-/4+)+/-&/!H)*%+00*!+-4/'+1'!./'/)8*J!_(/!%/!)1''/%91-./-!)1-!%/-.1%!/_(+0+<'+1%!./!G*%8"!R!)(C0!
./!/001%!%/!00/2*'CD!./9/-./'C!./!)+')(-%&*-)+*%!/d&/'-*%!)151!%/:*0*-!=?bí]$E!3!ngg!9*'*!(-!
/Q/5901!%+5+0*'K!%+!?P!%*</!_(/!?S!8*!+-%&*0*.1!/0!R\=D!8*'C!01!9'19+1D!9/'1!%+!%*</!_(/!-1!01!8*!
8/)81D! &*591)1! 01! 8*'C! `0D! 9(/%! (-! %101! R\=! -1! .+%5+-(3/! %(4+)+/-&/5/-&/! 0*! 4'/)(/-)+*! 3!
1
! $0! %+%&/5*! ./! *-&+<01_(/1! ./! '(/.*%! *0! 4'/-*'! HR\=J! %/! )1->+'&+,! /-! (-! .+%91%+&+>1! ./! %/'+/! 1<0+2*&1'+1!
9*'*!&1.1%!01%!&('+%51%!-(/>1%!>/-.+.1%!/-!0*!l-+,-!$('19/*!*!9*'&+'!./!SAAMD!/-!>+'&(.!./!0*!E/%10()+,-!
./0! ;*'0*5/-&1! $('19/1! %1<'/! 0*! ?15(-+)*)+,-! ./!0*!?15+%+,-!ì;'1&/))+,-!./!01%!9/*&1-/%K!?159'15+%1!
./! 0*! +-.(%&'+*! /('19/*! ./0! *(&15,>+0î! H?nVHSAAPJ! MUN! ù! ?#mA#MLhSAAPù! SAAPhSSPOH?n=JJD! ./! PM! ./!
Q(-+1!./!SAAS!H;#vgRHSAASJAMSMa!Xn!?!SOP!$h#LOD!./!MA"PA"SAAMJ"!=+-!/5<*'21D!0*!-1'5*&+>*!%/!8*!>+%&1!
3*!%(9/'*.*!/-!/%&/!9(-&1!91'!/0!E/20*5/-&1!H?$J!-{!OOPhSAAN!./0!;*'0*5/-&1!$('19/1!3!./0!?1-%/Q1D!./!
PM!./!Q(0+1!./!SAAND!'/0*&+>1!*!01%!'/_(+%+&1%!./!8151012*)+,-!./!&+91!'/4/'/-&/%!*!0*!%/2('+.*.!2/-/'*0!./!
01%!>/86)(01%!./!51&1'D!%(%!'/510_(/%!3!%+%&/5*%D!)1591-/-&/%!3!(-+.*./%!&`)-+)*%!+-./9/-.+/-&/%!*!/001%!
./%&+-*.1%!HXn!B!SAAûPD!./!MP"L"SAANJD!/0!)(*0!/%&*<0/)+,!/0!$=;!H2)"9-#*4'9$8-(D')'-&$/*4-#*)D!_(/!+-)0(3/!0*!
4(-)+,-!./!R\=J!)151!.+%91%+&+>1!./!%/'+/!1<0+2*&1'+1!/-!&1.1%!01%!&('+%51%!3!>/86)(01%!)15/')+*0/%!0+2/'1%!
-(/>1%!_(/!%/!>/-.*-!/-!0*!l-+,-!$('19/*!./%./!/0!P!./!-1>+/5<'/!./!SAPP"
93
2'*>/.*.! ./! 0*%! )10+%+1-/%! /-&'/! >/86)(01%"! C$ !#'*#'D! <*Q1! (-! %+%&/5*! ./! *(%/-)+*! ./!
'/%91-%*<+0+.*.! ;4*$ )'(D')'-&$ #,)":S$ -1! 8*3! 2*'*-&6*%! ./! _(/! -+-2(-*! ./! 0*%! .1%! 9*'&/%! %/!
)1591'&*'C!)1''/)&*5/-&/!&'*%!*%(5+'!_(/!0*!1&'*!01!8*'C"!
=(91-2*51%! *81'*! (-*! %+&(*)+,-! /-! 0*! _(/! /d+%&/! (-*! %/'+/! ./!-! )1-.()&1'/%! ?PD! ?SD! ?MD"""! ?-D!
9*'*! Pâ-âü! 3! 9! /%! 0*! 9'1<*<+0+.*.! ./! _(/! (-! )1-.()&1'! 8*3*! +-%&*0*.1! /0! %+%&/5*! R\=! /-! %(!
>/86)(01%"!$-&1-)/%!01%!</-/4+)+1%!/%9/'*.1%!9*'*!?P!%/'C-K!
!
X/! .1-./! '/%(0&*! _(/! ?P! +-%&*0*'C! /0! R\=! /-! %(! *(&15,>+0! %+/59'/! _(/! 0*! 9'1<*<+0+.*.! %/*!
%(9/'+1'!*!S#ãD!/%&1!/%D!)(*-.1!5C%!./!(-*!)(*'&*!9*'&/!./!01%!>/86)(01%!.+%91-2*-!./!`0D!9/'1!
-1! 01! 8*'C! %+! 0*! 9'191')+,-! /%! +-4/'+1'D! 9(/%! -1! 0/! %*0.'C! *! )(/-&*"! $0! /Q/5901! +0(%&'*! (-! )*%1!
&69+)1!./!+-%&*0*)+,-!./!.+%91%+&+>1%!/-!01%!_(/!%/!9'1.()/!(-!/4/)&1!./!/d&/'-*0+.*./%!./!'/.!y
4"->*#J$ "3-"#4()'-'"%m! 3*! _(/! *! 5*31'! -[5/'1! ./! (%(*'+1%! ./! (-! 5+%51! 9'1.()&1! 1! %/'>+)+1D!
5*31'! %/'C! 0*! (&+0+.*.! _(/! )*.*! (-1! ./! /001%! 1<&/-.'C! ./! `0"! ;/'1D! *! 9/%*'! ./! _(/! &1.1%! 01%!
+-&/'/%*.1%! )1+-)+.*-! /-! _(/! 0*! .+4(%+,-! 2/-/'*0+7*.*! ./0! 9'1.()&1! %/'6*! %1)+*05/-&/!
</-/4+)+1%*D! 0*! /d+%&/-)+*! ./! .1%! /_(+0+<'+1%! 9(/./! )1591'&*'! _(/! 01%! %()/%+>1%! +-&/-&1%! ./!
)15/')+*0+7*'! /0! (%1! ./0! 9'1.()&1! 4'*)*%/-! ./<+.1! *! _(/! 0*! '/.! -1! /%&`! 01! %(4+)+/-&/5/-&/!
/d&/-.+.*!9*'*!)'/*'!01%!+-)/-&+>1%!9'+>*.1%!-/)/%*'+1%!9*'*!0*!+-%&*0*)+,-"!;/'1!(-!)*5<+1!./!
Q('+%9'(./-)+*!1D!91'!%(9(/%&1D!./!0/2+%0*)+,-!91.'6*!.*'!(-!>(/0)1!*!/%&*!%+&(*)+,-K!91'!/Q/5901D!
%+!/0!g'+<(-*0!=(9'/51D!*-&/!(-!)*%1!./!'/)0*5*)+,-!./!.*:1%!3!9/'Q(+)+1%!91'!)10+%+,-!/-&'/!.1%!
>/86)(01%D!'/%(/0>/!_(/!0*!4*0&*!./!+-%&*0*)+,-!./!R\=!/%!-/20+2/-)+*!3!_(/!`%&*!'/.()/!1!*-(0*!0*!
+-./5-+7*)+,-!*!_(/!&/-.'6*!./'/)81!/0!*)&1'D!/-&1-)/%!-+-2[-!)1-.()&1'!91.'C!'/)0*5*'!%+!-1!
.+%91-6*! ./! R\=! 3D! /-! )*5<+1D! ./</'C! 9*2*'! 01%! .*:1%! '/%(0&*-&/%! *0! 1&'1! >/86)(01"! B1%! 9*21%!
9*'*!?P!%/!>/'6*-!51.+4+)*.1%!./!0*!5*-/'*!%+2(+/-&/K
=+!+-%&*0*!R\=D!/-!)*%1!./!)10+%+,-!%/'C!+-./5-+7*.1!91'!*_(`0!_(/!4(/!-/20+2/-&/!91'_(/!-1!01!
+-%&*0,"! $-! )*5<+1D! %+! -1! +-%&*0*! /0! %+%&/5*! ./</'C! 9*2*'! (-*! +-./5-+7*)+,-! *! _(+`-! 01! 8*<6*!
94
+-%&*0*.1D! 1! <+/-D! /-! )*%1! ./! _(/! /0! 1&'1! &*591)1! 01! 8(<+/'*! +-%&*0*.1! )*.*! (-1! *%(5+'C! %(%!
9'19+1%!.*:1%"!
;1./51%!1<%/'>*'!),51!+-./9/-.+/-&/5/-&/!./!0*!./)+%+,-!./!01%!./5C%!+-.+>+.(1%D!9*'*!?P!
'/%(0&*!5C%!</-/4+)+1%1!+-%&*0*'!R\=!3*!_(/!01%!9*21%!./!0*!4+0*!%(9/'+1'!%1-!%+/59'/!%(9/'+1'/%!
*!01%!./!0*!+-4/'+1'"!X/!/%&*!41'5*D!/0!9'/)/./-&/!Q('+%9'(./-)+*0!8*<'6*!+-.()+.1!01%!+-)/-&+>1%!
9'+>*.1%!-/)/%*'+1%!9*'*!0*!2/-/'*0+7*)+,-!./0!9'1.()&1D!_(/!./!1&'*!41'5*!-1!8(<+/'*!91.+.1!
9'1.()+'%/r"!
!
l-! *-C0+%+%! .1)&'+-*0! '/0*&+>*5/-&/! 51./'-1! %1<'/! 0*! )1%&(5<'/! 9(/./! >/'%/! /-! =&/>/-!
b$g?b$ED! q?'/*&+-2! =*4/! =1)+*0! G1'5%! +-! *! X*-2/'1(%! x1'0.rD! gl$ n4'0"#%'-&$ *H$ 8*,-E"#4$
/()'H*#4'($ =(>$ B"0'">! PD! PNmSS! HPNNNJK! 8*3! )1%&(5<'/%! '*71-*<0/%! 3! 8*3! )1%&(5<'/%!
+''*71-*<0/%D! 8C<+&1%! %1)+*0/%! 3! >+)+1%! )15(-/%"! G1! 8*3! -+-2(-*! <(/-*! '*7,-! *&/-./'! 01%!
%/2(-.1%"!
!
!
!
!
!
!
95
'()*+,-./5/
n&?-$?&"%$(/V@@@WC/n&?-$?&"%$(/1/"&2/&0&"/2&$12-&
)#^8$%8"/
!
!
P"G/20+2/-)+*!9/'!%/"!I-4'*))+,-!./!-1'5*%!0/2*0/%"!;'/%(-)+1-/%!"""""""""""""""""""""""""""""""!NO!
S"!;'//59&+1-!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PAO!
M"!E/%!+9%*!01_(+&('!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PPP!
0;n&?-$?&"%$(/)&</>&;/@"I<(%%$G"/#&/".<=(>/-&?(-&>;/O<&>,"%$."&>/
$-!/%&*!=/%+,-D!&'*&*51%!4(-.*5/-&*05/-&/!./!&'/%!)(/%&+1-/%K
$-!/0!/*66*4$=(>D!0*!)1-.()&*!./!_(+/-!+-4'+-2/!(-*!0/3!/%)'+&*!m1!(-!'/20*5/-&1m!%/!9'/%(5/!
-/20+2/-&/!%+!/0!4+-!./!9'1&/))+,-!./!0*!-1'5*&+>*!>+10*.*!/%!Q(%&*5/-&/!*59*'*'!*!0*!>6)&+5*!./!
01%!.*:1%!)*(%*.1%K!%+!*%6!/%D!/0!./5*-.*-&/!-1!8*<'C!./!9'1<*'!0*!-/20+2/-)+*!./0!./5*-.*.1!
%+-1![-+)*5/-&/!/0!.*:1!3!0*!)*(%*0+.*."!B*!9'/%(-)+,-!*.5+&/!9'(/<*!/-!)1-&'*'+1!H-/20+2/-)+*!
!"#$%"J"!$-!)*5<+1D!%+!0*!0/3!_(/<'*-&*.*!-1!9/'%+2(/!9'1&/2/'!*!0*!>6)&+5*!./!01%!.*:1%!%(4'+.1%D!
%(! +-4'*))+,-! )1-00/>*'C! 0*! *90+)*)+,-! ./! 0*%! )1-%/)(/-)+*%! ./! ./'/)81! 9'/>+%&*%! 91'! 0*! 0/3!
>+10*.*D! 9/'1! %/'C! +''/0/>*-&/! *! /4/)&1%! ./! *9'/)+*'! 0*! -/20+2/-)+*"! ZD! 4+-*05/-&/D! %+! /0!
./5*-.*.1! ./%*''100,! %(! *)&+>+.*.! .*:+-*! )(590+/-.1! )1-! &1.1%! 01%! '/_(+%+&1%! 0/2*0/%! 3!
'/20*5/-&*'+1%D!/001!/%!(-!+-.+)+1!./!_(/!*)&(,!)1''/)&*5/-&/D!9/'1D!./!-(/>1D!)*</!9'1<*'!_(/!
-1!4(/!*%6"
VC%!*00C!./!0*!0/3!/%)'+&*!1!./!0*%!'/2(0*)+1-/%!*90+)*<0/%!*!(-!%/)&1'!./!*)&+>+.*.D!(-*!.1)&'+-*!
Q('+%9'(./-)+*0!)15[-!*0!/*66*4$=(>!3!*0!/'0')$=(>!/%&*<0/)/!_(/!%+!(-!*))+./-&/!&+/-/!0(2*'!/-!
)+')(-%&*-)+*%! &*0/%! _(/! %(! 1)(''/-)+*! -1'5*05/-&/! %101! %/! /d90+)*! 91'_(/! %(! )*(%*-&/! 8*!
+-4'+-2+.1! (-! ./</'! ./! )(+.*.1D! /-&1-)/%! &*5<+`-! %/! 9'/%(5/! %(! -/20+2/-)+*D! %+/59'/! )1-!
91%+<+0+.*.!./!9'(/<*!/-!)1-&'*'+1!H#"%$'!%($)*+,'-,#J"!
$-! &/')/'! 0(2*'D! (-1! ./! 01%! &/5*%! 5C%! +591'&*-&/%! ./! 01%! ./'/)81%! )1-&/591'C-/1%D! /-!
/-&1'-1%!+-&/-%*5/-&/!'/2(0*.1%D!/%!/0!'/0*&+>1!*!%+!0*!'/2(0*)+,-!0/2*0!3!'/20*5/-&*'+*!./!&*0!1!
)(*0! *)&+>+.*.D! )1-! 0*! )1-%+2(+/-&/! *90+)*)+,-! ./! 0*%! )1-%/)(/-)+*%! ./! ./'/)81! 0/2*05/-&/!
9'/>+%&*%!_(/!)1''/%91-.*-!/-!)*%1!./!+-4'*))+,-D!)+/''*!/0!%+%&/5*!/!+59+./!/0!/Q/')+)+1!./!0*%!
9'/&/-%+1-/%! ./! .*:1%! 9'/>+%&*%! 91'! /0! ./'/)81! )15[-D! 91'! /Q/5901D! 91'! /0! *'&"! PNAS! ??!
H!#""6!-'*4JD! 1! <+/-! 3! 91'! /0! )1-&'*'+1D! ./Q*! *<+/'&*! &*0! 91%+<+0+.*."! $-! /0! /*66*4$ =(>!
*-201*5/'+)*-1D! 0*! )(/%&+,-! /%! 5(3! ./<*&+.*D! 9/'1! 8*3! *)(/'.1! /-! _(/! /0! 0/2+%0*.1'! 9(/./!
)0*(%('*'! /0! %+%&/5*! /-! )*.*! )*%1"! $0! 9'1<0/5*! /%! .1<0/K! %+! 01! 8*)/! /d9'/%*5/-&/D! 8*3! _(/!
96
+-&/'9'/&*'! 0*! ./0+5+&*)+,-! 0/2*0! ./0! )+/''/! )*&/21'+*0"! Z! %+! /0! )+/''/! /%! +5906)+&1D! 0*%! .(.*%!
+-&/'9'/&*&+>*%!%(/0/-!%/'!*[-!5*31'/%"
$0!./'/)81!/%9*:10!>+2/-&/!&'*&*!./!/%&*%!)(/%&+1-/%!*021!+.+1%+-)'C%+)*5/-&/D!%1<'/!&1.1!/-!/0!
)*%1!./!0*!-/20+2/-)+*!!"#$%"D!9(/%D!)151!>/'/51%D!&1.*>6*!/%!4'/)(/-&/!/-)1-&'*'!*4+'5*)+1-/%!
./! 01%! &'+<(-*0/%! )1-41'5/! *! 0*%! )(*0/%! 0*! 9'1.())+,-! ./0! .*:1! 9/'5+&/! +-4/'+'! 3! 9'/%(5+'! 0*!
-/20+2/-)+*!./!%(!)*(%*-&/!+-)0(%1!%+!9'(/<*!_(/!8*<6*!)(590+.1!)1-!&1.*%!0*%!/d+2/-)+*%!0/2*0/%!
3!'/20*5/-&*'+*%"
?15/-7*'/51%! *-*0+7*-.1! 01%! )'+&/'+1%! ./0! C/2%-%/4/.%& :>D$"59& #E& >#"%2F& <$-A$)$%0& E#"&
3D02$7-)& -.5& +4#%$#.-)& G-"4! HSAPAJ! mEggmD! _(/! /d&'*)&*51%! ./0! 1'+2+-*0! /-! +-20`%! 3! _(/!
14'/)/-! (-*! <(/-*! <*%/! *-*06&+)*! 9*'*! (-*! .+%)(%+,-! ./! 0*! -/20+2/-)+*! !"#$ %"$ /-! &`'5+-1%! ./!
'*71-*<+0+.*.D! 9/'1! _(/D! )151! *)*<*51%! ./! %/:*0*'D! -1! .*-! '*7,-! )*<*0! ./0! ./'/)81! /%9*:10!
>+2/-&/K
_&X`&C>>J&6%-%8%#"0&a$#)-%$#.2&-2&@/?)$?/.7/&3/"&6/
R-! *)&1'! +%! -/20+2/-&! +4D! i+&81(&! /d)(%/D! &8/! *)&1'! >+10*&/%! *! %&*&(&/! &8*&! +%! ./%+2-/.! &1!
9'1&/)&!*2*+-%&!&8/!&39/!14!*))+./-&!&8/!*)&1'ï%!)1-.()&!)*(%/%D!*-.!+4!&8/!*))+./-&!>+)&+5!
+%!i+&8+-!&8/!)0*%%!14!9/'%1-%!&8/!%&*&(&/!+%!./%+2-/.!&1!9'1&/)&"
-
g8+%!%/)&+1-!*990+/%!&1!%&*&(&/%D!'/2(0*&+1-%!*-.!1'.+-*-)/%"
- $d9'/%%! *-.! +590+/.! %&*&(&1'3! )*(%/%! 14! *)&+1-K! =15/! %&*&(&/%! ./)0*'/! )1-.()&!
(-0*i4(0D! +591%/! *! 9(<0+)m0*i! 9/-*0&3! 1-! &8/! 9/'%1-! i81%/! )1-.()&! >+10*&/%! &8/!
%&*&(&/D!*-.!*0%1!%9/)+43!&8*&!&8/!>+10*&1'!+%!)+>+003!0+*<0/!+-!.*5*2/%!&1!&8/!>+)&+5!14!&8/!
>+10*&+1-"!?/'&*+-!1&8/'!%&*&(&/%!%+5903!%&*&/!&8*&D!+4!)/'&*+-!)1-.()&!)*(%/%!8*'5D!&8/!
*)&1'! +%! 0+*<0/! &1! *! >+)&+5"! Z/&! 0*'2/! -(5</'%! 14! %&*&(&/%! H|J! *'/! %+0/-&! *%! &1! 9'+>*&/!
0+*<+0+&3! +-! &8/! />/-&! 14! *! %&*&(&1'3! >+10*&+1-"! g8/-D! &8/! )1('&D! '/03+-2! 1-! 1'.+-*'3!
9'+-)+90/%!14!0/2+%0*&+>/!+-&/'9'/&*&+1-D!5*3!+-!*99'19'+*&/!)*%/%!+-4/'!*!)*(%/!14!*)&+1-!
41'!.*5*2/%"
- E*&+1-*0/%K
*J I&!i1(0.!</!*iki*'.!41'!*!)1('&!+-!*!&1'&!)*%/!&1!)155/-.!*%!'/*%1-*<0/!
&8*&!</8*>+1('!&8*&!&8/!0/2+%0*&('/!8*%!*0'/*.3!)1-./5-/.!*%!(-0*i4(0"
<J g8/!Q(.2/5/-&!14!&8/!0/2+%0*&('/!+%!&8/!*(&81'+&*&+>/!'/9'/%/-&*&+>/!14!&8/!
)155(-+&3"
)J g8/!-/20+2/-)/!%&*-.*'.!/-)1(-&/'%!.+44+)(0&3!+-!./*0+-2!i+&8!9'1<0/5%!14!
'/)(''+-2!)1-.()&"!H|J!%&*&(&/%!*..'/%%!)1-.()&!&8*&!)1-%9+)(1(%03!'/)('%!
+-!*!i*3!&8*&!<'+-2%!+&!&1!&8/!*&&/-&+1-!14!&8/!0/2+%0*&('/"!G/20+2/-)/!9/'!%/!
8/-)/!'/90*)/%!./)+%+1-!5*k+-2!<3!Q('+/%!})*'//'!Q(.2/%~"
.J ]('&8/'51'/D! -/20+2/-)/! 8*%! <//-! %/&&0/.! .1)&'+-/! +-! R5/'+)*-! &1'&! 0*i!
41'!5*-3!./)*./%D!}-1&!(-./'!=9*-+%8!B*iK!%//!+-4'*~"
- G/20+2/-)/!9/'!%/!*990+/%!1-03!i8/-!&8/!*))+./-&!&8*&!+-Q('/%!&8/!90*+-&+44!+%!&8/!&39/!14!
*))+./-&!&8*&!&8/!%&*&(&/!%//k%!&1!*>/'&"!I-!%15/!)*%/%D!-/20+2/-)/!9/'!%/!.1/%!-1&!*9903!
</)*(%/!&8/!%&*&(&/!+%!-1&!*!%*4/&3!%&*&(&/!*&!*00"
97
- B+)/-%+-2! %&*&(&/%K! n-/! 2/-/'*0! 9('91%/! 14! %()8! 0+)/-%+-2! %&*&(&/%! +%! &1! 9'1&/)&! &8/!
9(<0+)! *2*+-%&! 983%+)*0! *-.! /51&+1-*0! 8*'5! H|J! <(&! +-! 5*-3! )*%/%D! &8/! +55/.+*&/!
'/*%1-! 41'! &8/! 9/'%1-ï%! 0*)k! 14! 0+)/-%/! +%! (-'/0*&/.! &1! &8/! %&*&/ï%! 2/-/'*0! %*4/&3!
9('91%/"!]1'!/d*590/D!*!51&1'+%&!5*3!0*)k!*!0+)/-%/!1-03!</)*(%/!14!*!4*+0('/!&1!4+0/!41'!
0+)/-%/! '/-/i*0"! I4! &8+%! 51&1'+%&! +%! +->10>/.! +-! *-! *))+./-&D! &8/! 0*)k! 14! 0+)/-%/! 8*%! -1!
</*'+-2!1-!&8/!51&1'+%&ï%!-/20+2/-)/"!=+5+0*'03D!*!983%+)+*-!5*3!0*)k!*!0+)/-%/!+-!*!%&*&/!
1-03!</)*(%/!&8/!983%+)+*-!8*%!-1&!3/&!%*&+%4+/.!&8/!%&*&/ï%!'/%+./-)3!'/_(+'/5/-&"!I-!
1&8/'! )*%/%D! 81i/>/'D! &8+%! 2/-/'*0! *%%/%%5/-&! .1/%! -1&! 9/'&*+-"! I4D! 41'! /d*590/D! *!
9/'%1-!19/'*&/%!*!51&1')3)0/!+-!*!i*3!&8*&!%(22/%&%!*!0*)k!14!%k+00D!*-.!+4!&8/!/>+./-)/!
%81i%! &8*&! &8/! 9/'%1-! .1/%! -1&! 8*>/! *! 0+)/-%/! &1! 19/'*&/! *! 51&1')3)0/! </)*(%/! &8/!
9/'%1-! 8*%! 4*+0/.! &8/! &/%&! &8*&! *%%/%%/%! %k+00%D! &8/-D! ./9/-.+-2! 1-! &8/! Q('+%.+)&+1-ï%!
'(0/%D!&8/!0*)k!14!*!0+)/-%/!5*3!</!-/20+2/-)/!9/'!%/!1'!*.5+%%+<0/!*%!&/-.+-2!&1!%81i!
&8/!9/'%1-ï%!-/20+2/-&!(-%k+004(0-/%%"!=*5/!+4!*!9'19/'&3!1i-/'!8*%!+-%&*00/.!*!4('-*)/!
i+&81(&!%/)('+-2!*!9/'5+&!'/_(+'/.!<3!*!)+&3!1'.+-*-)/D!*-.!&8/!/>+./-)/!+-.+)*&/%!&8*&!
&8/!+-%9/)&1'!i1(0.!-1&!8*>/!+%%(/.!&8/!9/'5+&!H|J"
- G/20+2/-)/! 9/'! %/! +%! )0/*'03! +-*99'19'+*&/! i8/-! &8/! *)&1'ï%! )1-.()&! 4*00! </01i! &8/!
'/_(+'/5/-&%! 14! *! %&*&(&/! /-*)&/.! (I+&<! &8/! )1-.()&! 1))(''/."! b1i/>/'D! *! 0*&/'m
/-*)&/.!%&*&(&/!)*-!</!*.5+%%+<0/!/>+./-)/!</*'+-2!1-!&8/!*)&1'ï%!-/20+2/-)/"
c+)/>/'%*D! /0! )(590+5+/-&1! 91'! /0! ./5*-.*.1! ./! 0*%! '/2(0*)+1-/%! .+)&*.*%! 9*'*! 9'1&/2/'! 01%!
+-&/'/%/%!1!0*!+-&/2'+.*.!./0!./5*-.*-&/!-1!/d)0(+'C!0*!91%+<+0+.*.!./!_(/!/%&/![0&+51!9'(/</!0*!
-/20+2/-)+*! ./! *_(/0D! 9/'1! %/'C! (-! +-.+)+1! ./! _(/! 0*! )1-.()&*! 9(/%&*! /-! )(/%&+,-! 4(/! )1''/)&*D!
.+0+2/-&/"!
?151!8/51%!%/:*0*.1!*0!+-+)+1!./!/%&*!=/%+,-D!/%&*!.1<0/!)1-%&'())+,-!-1!8*!%+.1!'/)+<+.*!91'!/0!
./'/)81!/%9*:10!-+D!/%9/)64+)*5/-&/D!91'!%(!Q('+%9'(./-)+*"!$%&*D!)151!%/!>/'C!*!)1-&+-(*)+,-D!*!
5/-(.1!8*!%1%&/-+.1!_(/!/0!)(590+5+/-&1!./!0*%!.+%91%+)+1-/%!.+)&*.*%!9*'*!9'/>/-+'!/0!.*:1!
)*(%*.1!-1!/%!,<+)/!*!0*!./)0*'*)+,-!./!0*!/d+%&/-)+*!./!-/20+2/-)+*D!9(/%!`%&*!/d+%&+'6*!91'_(/!/0!
8/)81!5+%51!./!_(/!%/!8*3*!9'1.()+.1!/0!*))+./-&/!+590+)*!_(/!0*%!'/2(0*)+1-/%!/'*-!1!8*<6*-!
./>/-+.1!+-%(4+)+/-&/%!3!_(/!*02(-*!-/20+2/-)+*!8*<6*!./<+.1!./!&/-/'!0(2*'K!/%!(-*!/%9/)+/!./!
*-+5+%51!Q('6.+)1D!*)*%1!9'19+1!./!(-!9/-%*5+/-&1!9'+5+&+>1"
=+-! /5<*'21! 3! /-! 1)*%+1-/%D! /%&*! Q('+%9'(./-)+*! /%! )1-&'*''/%&*.*! 91'! 1&'*! %/2[-! 0*! )(*0! -1!
)*</! *0/2*'! /-! )*%*)+,-! 3! *-&/! 0*! =*0*! PÄ! 0*! +-4'*))+,-! ./! -1'5*%! '/20*5/-&*'+*%! 3! 9('*5/-&/!
*.5+-+%&'*&+>*%"!g*591)1!*_(6!9*'/)/!_(/!/0!g'+<(-*0!=(9'/51!*-./!*)/'&*.1K!0*!5*31'!9*'&/!
./! 0*%! *)&+>+.*./%! _(/! -1! 9/'&/-/)/-! *! 01%! *)&1%! 5C%! %/-)+001%! ./! 0*! >+.*! )1&+.+*-*! /%&C-!
+-&/-%*5/-&/! '/2(0*.*%! 3! 0*! )1-%+./'*)+,-! ./! 01%! /%&C-.*'/%! /%&*<0/)+.1%! 91'! 01%! *2/-&/%!
'/2(0*.1'/%!./</'6*!./!%/'!(-!/0/5/-&1!5(3!+591'&*-&/!9*'*!/>*0(*'!0*!.+0+2/-)+*!1!-/20+2/-)+*!
./0!./5*-.*.1"!B*!.+>+%+,-!Q('+%.+))+1-*0!2/-/'*!*%6!(-*!.1)&'+-*!1'*)(0*'!/!+2-1'*!/0!9'+-)+9+1!
./! 0*! (-+.*.! ./0! 1'./-*5+/-&1! Q('6.+)1D! ./! 0*! >+/Q*! 3! <(/-*! +./*! )1-41'5/! *! 0*! )(*0! (-*! &*'/*!
<C%+)*!./0!+-&`'9'/&/!/%!)1-)1'.*'!'*71-*.*5/-&/!)C-1-/%!.+%)1'.*-&/%"!
!
_&XR&C>>&6%-%8%#"0&'#41)$-.7/
98
"
R-! *)&1'ï%! )1590+*-)/! i+&8! *! 9/'&+-/-&! %&*&(&/D! i8+0/! />+./-)/! 14! -1--/20+2/-)/D!
.1/%!-1&!9'/)0(./!4+-.+-2!&8*&!&8/!*)&1'!+%!-/20+2/-&! (-./'!ë!M!41'!4*+0+-2!&1!*.19&!
9'/)*(&+1-%!+-!*..+&+1-!&1!&81%/!5*-.*&/.!<3!&8/!%&*&(&/"
"
I4! *-! *)&1'ï%! *.19&+1-! 14! *! 9'/)*(&+1-! i1(0.! '/_(+'/! &8/! *)&1'! &1! >+10*&/! *! %&*&(&/D!
&8/!*)&1'!)*--1&!</!41(-.!-/20+2/-&!41'!4*+0+-2!&1!*.19&!&8*&!9'/)*(&+1-"
- x8+0/! =(<%/)&+1-! H*J! %&*&/%! &8/! }l"="~! 2/-/'*0! ?1551-mB*i! '(0/D! &8+%! '(0/! )*-! </!
1>/')15/!<3!*!9*'&+)(0*'!%&*&(&/!/d9'/%%+-2!*!)1-&'*'3!(-./'%&*-.+-2"
-
I-!/*)8!+-%&*-)/D!)1590+*-)/!+%!/>+./-)/!14!-1-!-/20+2/-)/!<(&!+&!+%!-1&!)1-)0(%+>/"
-
=&*&(&/%!&8*&!5/'/03!%/&!5+-+5(5!%&*-.*'.%"
- l-(%(*0!)+')(5%&*-)/%"!R!4+-.+-2!&8*&!*..+&+1-*0!9'/)*(&+1-%!*'/!)*00/.!41'!./%9+&/!&8/!
*)&1'ï%! )1590+*-)/! i+&8! &8/! %&*&(&/! +%! )0/*'03! *99'19'+*&/! +4! &8/! 9'/)*(&+1-! '/0*&/%! &1!
%15/! (-(%(*0! %+&(*&+1-! </31-.! &8/! 2/-/'*0+&3! 14! %+&(*&+1-%! *-&+)+9*&/.! <3! &8/! %&*&(&/!
+&%/04"
B1%!)(*&'1!)*%1%!%+2(+/-&/%!./0+5+&*-!01%!065+&/%!./!0*!-/20+2/-)+*!!"#$%"K!!
P"
$-! I#""$2& (J& 67#%%/ sK;A;/ Pi;/ 025/ V0874Wu! /0! ./5*-.*.1! 8*<6*! %+&(*.1! /0! 2*-*.1! ./0!
./5*-.*-&/! /-! (-*! Q*(0*! ./! %(! /5<*')*)+,-! _(/! -1! .+%91-6*! ./! )159*'&+5/-&1%! _(/!
9/'5+&+/'*-! %/9*'*'! *! 01%! *-+5*0/%! 3! 01! 8*<6*! 8/)81! +-)(590+/-.1! .+%91%+)+1-/%! 0/2*0/%!
_(/!/d+26*-!/%&*!%/9*'*)+,-!91'!'*71-/%!%*-+&*'+*%"!X('*-&/!/0!&'*-%91'&/!(-!2109/!./!5*'!
9'1>1),! _(/! 0*! )*'2*! %/! ./%/%&+<*'*! 3! 01%! *-+5*0/%! )*3/'1-! 91'! 0*! <1'.*"! $0! ./5*-.*-&/!
*0/2*<*!0*!-/20+2/-)+*!9/'!%/!./0!./5*-.*.1!91'_(/!`%&/!8*<6*!+-)(590+.1!(-*!.+%91%+)+,-!
0/2*0! 3! `%&/! [0&+51! %/! ./4/-.6*! *0/2*-.1! _(/! 0*! .+%91%+)+,-! 0/2*0! -1! &/-6*! _(/! >/'! )1-! 0*!
/%&*<+0+.*.!./!0*!)*'2*!%+-1!)1-!0*!/>+&*)+,-!./!)1-&*2+1%"!!
qs/003D!?"\"!g8+%!+%!*-!*)&+1-!&1!'/)1>/'!.*5*2/%!41'!&8/!01%%!14!*!-(5</'!14!%8//9!i8+)8!&8/!
./4/-.*-&D! *! %8+91i-/'D! 8*.! )1-&'*)&/.! &1! )*''3D! *-.! i8+)8! i/'/! i*%8/.! 1>/'<1*'.! *-.!
01%&! <3! '/*%1-! H*%! i/! 5(%&! &*k/! +&! &1! </! &'(03! *00/2/.J! 14! &8/! -/20/)&! &1! )15903! i+&8! *!
)/'&*+-! 1'./'! 5*./! <3! &8/! ;'+>3! ?1(-)+0D! +-! 9('%(*-)/! 14! &8/! ?1-&*2+1(%! X+%/*%/%!
HR-+5*0%J!R)&D!PUFN"!g8/!R)&!i*%!9*%%/.!5/'/03!41'!%*-+&*'3!9('91%/%D!+-!1'./'!&1!9'/>/-&!
*-+5*0%!+-!*!%&*&/!14!+-4/)&+1(%!.+%/*%/!4'15!)155(-+)*&+-2!+&!&1!1&8/'!*-+5*0%!i+&8!i8+)8!
&8/3! 5+28&! )15/! +-! )1-&*)&"! l-./'! &8/! *(&81'+&3! 14! &8*&! R)&D! )/'&*+-! 1'./'%! i/'/! 5*./a!
*51-2%&!1&8/'%D!*-!1'./'!<3!i8+)8!*-3!%8+9!<'+-2+-2!%8//9!1'!)*&&0/!4'15!*-3!41'/+2-!91'&!
&1!91'&%!+-!F'/*&!\'+&*+-!+%!&1!8*>/!&8/!90*)/!1))(9+/.!<3!%()8!*-+5*0%!.+>+./.!+-&1!9/-%!14!
)/'&*+-! .+5/-%+1-%D! *-.! &8/! 4011'! 14! %()8! 9/-%! 4('-+%8/.! i+&8! <*&&/-%! 1'! 411&m810.%"! g8/!
1<Q/)&!14!&8+%!1'./'!+%!&1!9'/>/-&!*-+5*0%!4'15!</+-2!1>/')'1i./.D!*-.!%1!<'1(28&!+-&1!*!
)1-.+&+1-!+-!i8+)8!&8/!.+%/*%/!2(*'./.!*2*+-%&!i1(0.!</!0+k/03!&1!</!./>/019/."!
g8+%!'/2(0*&+1-!8*%!<//-!-/20/)&/.D!*-.!&8/!_(/%&+1-!+%D!i8/&8/'!&8/!01%%D!i8+)8!i/!5(%&!
*%%(5/!&1!8*>/!<//-!)*(%/.!<3!&8*&!-/20/)&D!/-&+&0/%!&8/!90*+-&+44%!&1!5*+-&*+-!*-!*)&+1-"
99
g8/!)1('&!8/0.!&8*&!1-/!+%!-1&!0+*<0/!41'!&8/!>+10*&+1-!14!*!%&*&(&/!+4!&8/!.*5*2/!)1590*+-/.!
14!+%!.+44/'/-&!*-.!*9*'&!4'15!&8/!9('91%/!14!&8/!%&*&(&/"!!=1!&8/!)1('&!+%%(/.!*!Q(.25/-&!+-!
4*>1'! 14! &8/! ./4/-.*-&! *-.! 8/-)/! 8/0.! &8/! ./4/-.*-&! i*%! -1&! 0+*<0/! (-./'! &8/! %&*&(&/!
</)*(%/! &8/! 9('91%/! 14! &8/! %&*&(&/! i*%! .+44/'/-&! 4'15! &8/! 8*'5! %(44/'/.! <3! &8/! 90*+-&+44"!
g8/! %&*&(&/! *+5/.! *&! 9'/>/-&+-2! &8/! %9'/*.! 14! *! )/'&*+-! .+%/*%/%! *-.! -1&! &1! k//9! %8//9!
4'15!i*%8+-2!1>/'<1*'."!
R%!*!'/%(0&D!&8/!)1('&!8/0.!&8*&!&8/!./4/-.*-&w%!4*+0('/!&1!)15903!i+&8!&8/!%&*&(&/!i*%!-1&!
&8/!9'1d+5*&/!)*(%/!14!&8/!90*+-&+44w%!+-Q('3"r!
S"
$-&K-"%$.&(J&G/"b#?&s026/n;P;/804/Vn;w;/092:Wu!/0!>/86)(01!./!0*!>6)&+5*D!4*00/)+.*!/-!/0!
*))+./-&/D!4(/!*''100*.1!91'!/0!>/86)(01!./0!./5*-.*.1D!9/'1!/0!9'+5/'1!)+')(0*<*!%+-!0()/%!
+-4'+-2+/-.1!*%6!0*%!'/2(0*)+1-/%!*90+)*<0/%!/-!5*&/'+*!./!&'C4+)1"!=/!.+%)(&6*!/-&1-)/%!%+!%/!
&/-6*!_(/!&/-/'!/-!)(/-&*!0*!/d)/9)+,-!./!-/20+2/-)+*!)1-&'+<(&+>*!)151!4*)&1'!'/0/>*-&/!./!
0*! 9'/&/-%+,-! ./0! ./5*-.*-&/"! $0! Q(/7! ?*'.171! '/%91-.+,! _(/! 91'! %(9(/%&1! *%6! &/-6*! _(/!
%/'K!!
}|~!x/!&8+-k!&8/!(-/d)(%/.!15+%%+1-!14!&8/!%&*&(&1'3!%+2-*0%!+%!51'/!&8*-!%15/!/>+./-)/!
14!-/20+2/-)/"!I&!+%!-/20+2/-)/!+-!+&%/04"!B+28&%!*'/!+-&/-./.!41'!&8/!2(+.*-)/!*-.!9'1&/)&+1-!
14!1&8/'!&'*>/00/'%!1-!&8/!8+28i*3"!\3!&8/!>/'3!&/'5%!14!&8/!8391&8/%+%D!&1!15+&D!i+04(003!1'!
8//.0/%%03D! &8/! %*4/2(*'.%! 9'/%)'+</.! <3! 0*i! 41'! &8/! </-/4+&! 14! *-1&8/'! &8*&! 8/! 5*3! </!
9'/%/'>/.!+-!0+4/!1'!0+5<D!+%!&1!4*00!%81'&!14!&8/!%&*-.*'.!14!.+0+2/-)/!&1!i8+)8!&81%/!i81!0+>/!
+-!1'2*-+7/.!%1)+/&3!*'/!(-./'!*!.(&3!&1!)1-41'5"!}|~
M"
$0! %+2(+/-&/! )*%1D! >/5)-& (J& +))4-.& s28:/ n;w;/ 024H/ 09/ n;P;2#/ 987/ V0939Wu! /%! Q('6.+)*! 3!
8(5*-*5/-&/!5C%!)1590+)*.1!3!)1->+/-/!00*5*'!0*!*&/-)+,-!%1<'/!/%&*!)+')(-%&*-)+*!9(/%D!
)1-! )+/'&*! 4'/)(/-)+*D! 01%! Q,>/-/%! *9'/-.+)/%! ./! Q('+%&*! %1-! 9*'&+.*'+1%! ./! ./)+%+1-/%!
.'C%&+)*%!_(/!8*<'6*!_(/!*.19&*'D!)1-!0*!0/3!/-!0*!5*-1!3!&'*%!%(!0/)&('*!*)*%1!*9'/%('*.*"!
?151!/-!?E"$B*(7D!./0!2'*-!?1'5*)!V)?*'&83D!R--*!g/.0*!3!%(!8/'5*-1D!^18-!\*)8/kD!.1%!
)'+*&('*%! ./>*%&*.*%D! )*5+-*<*-! 91'! 0*! )*''/&/'*! /-! %/-&+.1! )1-&'*'+1! *0! 9'/%)'+&1! 91'! 0*!
0/2+%0*)+,-! *90+)*<0/! 9*'*! 01%! 9/*&1-/%! )(*-.1! 4(/'1-! *''100*.1%! 91'! (-! *(&15,>+0"! X/!
-(/>1! %/! &'*&*<*! ./! '/%91-./'! *! 0*! 9'/2(-&*! ./! %+! 0*! +-4'*))+,-! ./! 0*! 0/3! 9/'5+&6*! (-*!
+0*)+,-! ./! -/20+2/-)+*! !"#$ %"D! *(&15C&+)*5/-&/"! ! R-&/%! ./! )1-)0(+'! _(/! *%6! /%D! 5/'/)/! 0*!
9/-*!%(%9/-./'!/0!Q(+)+1!.+/7!5+-(&1%!8*%&*!8*</'!0/6.1!./&/-+.*5/-&/!/0!)*%1"!!
B$bVRGD!^"
qx8+0/!i*0k+-2!*01-2!*!8+28i*3D!R--*!g/.0*!*-.!8/'!<'1&8/'D!^18-!\*)8/kD!i/'/!%&'()k!<3!
*!9*%%+-2!*(&151<+0/D!19/'*&/.!<3!&8/!./4/-.*-&!b/005*-"!=8/!i*%!+-Q('/.!*-.!\*)8/k!i*%!
k+00/."!\*)8/k!i*%!*!./*4m5(&/"!b+%!1))(9*&+1-!i*%!)100/)&+-2!*-.!%/00+-2!Q(-k"!b+%!%+%&/'D!
V'%"! g/.0*D! i*%! /-2*2/.! +-! &8/! %*5/! 1))(9*&+1-"! g8/3! 14&/-! 9+)k/.! (9! Q(-k! *&! &8/!
+-)+-/'*&1'! 14! &8/! >+00*2/! 14! I%0+9"! R&! &8/! &+5/! 14! &8/! *))+./-&! &8/3! i/'/! i*0k+-2! *01-2!
é=(-'+%/!b+28i*3w!*-.!i8//0+-2!<*<3!)*''+*2/%!)1-&*+-+-2!Q(-k!*-.!i11.!i8+)8!&8/3!8*.!
9+)k/.!(9!*&!&8/!+-)+-/'*&1'"!I&!i*%!*<1(&!%+d!1w)01)kD!1'!*!0+&&0/!/*'0+/'D!1-!*!=(-.*3!/>/-+-2!
+-! X/)/5</'"! X*'k-/%%! 8*.! *0'/*.3! %/&! +-"! \*)8/k! i*%! )*''3+-2! *! 0+28&/.! 0*-&/'-D! 1'D! *&!
0/*%&D! &8/'/! +%! &/%&+51-3! &1! &8*&! /44/)&"! g8/! Q('3! 41(-.! &8*&! &8/! *))+./-&! i*%! .(/! %10/03! &1!
100
&8/!-/20+2/-)/!14!&8/!19/'*&1'!14!&8/!*(&151<+0/"!g8/!./4/-.*-&%!.1!-1&D!(91-!&8+%!*99/*0D!
)8*00/-2/! &8/! 4+-.+-2! 14! -/20+2/-)/! 1-! &8/! 9*'&! 14! &8/! 19/'*&1'"! g8/3! 5*+-&*+-D! 81i/>/'D!
&8*&!V'%"!g/.0*!*-.!8/'!<'1&8/'!i/'/!2(+0&3!14!)1-&'+<(&1'3!-/20+2/-)/!*%!5*&&/'!14!0*i"
=(-'+%/! b+28i*3D! *&! &8/! 90*)/! 14! &8/! *))+./-&D! )1-%+%&%! 14! &i1! '1*.i*3%D! %/9*'*&/.! <3! *!
2'*%%!901&"!g8/'/!*'/!-1!411&9*&8%!*01-2!&8/!8+28i*3!*-.!&8/!)/-&/'!2'*%%!901&!i*%!%14&"
I&!+%!-1&!(-0*i4(0!41'!*!9/./%&'+*-D!i8//0+-2!*!<*<3!)*''+*2/D!&1!(%/!&8/!'1*.i*3!(-./'!%()8!
)+')(5%&*-)/%D! <(&! *! 9/./%&'+*-! (%+-2! &8/! '1*.i*3! +%! <1(-.! &1! /d/')+%/! %()8! )*'/! 41'! 8+%!
%*4/&3!*%!*!'/*%1-*<03!9'(./-&!9/'%1-!i1(0.!(%/"!g8/!c/8+)0/!*-.!g'*44+)!B*i!H?1-%"!B*i%D!
)8"!LPJ!9'1>+./%!&8*&!é;/./%&'+*-%!i*0k+-2!1'!'/5*+-+-2!1-!&8/!9*>/.!91'&+1-D!1'!&'*>/0/.!
9*'&!14!*!'1*.i*3!%8*00!</!%(<Q/)&!&1D!*-.!)15903!i+&8D!&8/!'(0/%!21>/'-+-2!>/8+)0/%D!i+&8!
'/%9/)&!&1!5//&+-2!*-.!&('-+-2!1(&D!/d)/9&!&8*&!%()8!9/./%&'+*-%!%8*00!k//9!&1!&8/!0/4&!14!&8/!
)/-&/'! 0+-/! &8/'/14D! *-.! &('-! &1! &8/+'! 0/4&! +-%&/*.! 14! '+28&! %+./! &8/'/14D! %1! *%! &1! 9/'5+&! *00!
>/8+)0/%!9*%%+-2!&8/5!+-!/+&8/'!.+'/)&+1-!&1!9*%%!1-!&8/+'!'+28&"!=()8!9/./%&'+*-%!%8*00!-1&!
</!%(<Q/)&!&1!&8/!'(0/%!21>/'-+-2!>/8+)0/%!*%!&1!2+>+-2!%+2-*0%"w!Hë!U#D!%(<."!O"J!V'%"!g/.0*!
*-.! 8/'! <'1&8/'! .+.! -1&! 1<%/'>/! &8/! %&*&(&1'3! '(0/! *-.D! *&! &8/! &+5/! 14! &8/! *))+./-&D! i/'/!
9'1)//.+-2!+-!/*%&/'03!.+'/)&+1-!1-!&8/!/*%&m<1(-.!1'!'+28&m8*-.!'1*.i*3"!g8/!./4/-.*-&%!
51>/.! &1! .+%5+%%! &8/! )1590*+-&! 1-! &8/! 2'1(-.D! *51-2! 1&8/'%D! &8*&! >+10*&+1-! 14! &8/!
%&*&(&1'3! '(0/! )1-%&+&(&/%! )1-&'+<(&1'3! -/20+2/-)/! *%! 5*&&/'! 14! 0*i"! g8/3! .+.! -1&D! +-! &8/!
)1('&%!</01iD!('2/!&8*&!*-3!-/20+2/-)/!+-!1&8/'!'/%9/)&!14!V'%"!g/.0*!1'!8/'!<'1&8/'!<*'%!*!
'/)1>/'3"! g8/! &'+*0! Q(.2/! 0/4&! &1! &8/! Q('3! &8/! _(/%&+1-! i8/&8/'! 4*+0('/! &1! 1<%/'>/! &8/!
%&*&(&1'3!'(0/!i*%!*!9'1d+5*&/!)*(%/!14!&8/!*))+./-&a!8/!0/4&!&1!&8/!Q('3!-1!_(/%&+1-!14!1&8/'!
4*(0&! 1'! -/20+2/-)/! 1-! &8/! 9*'&! 14! V'%"! g/.0*! 1'! 8/'! <'1&8/'D! *-.! &8/! ./4/-.*-&%! .+.! -1&!
'/_(/%&! &8*&! *-3! 1&8/'! _(/%&+1-! </! %(<5+&&/."! l91-! &8+%! *99/*0D! &8/! 1-03! _(/%&+1-!
9'/%/-&/.! +%! i8/&8/'D! *%! 5*&&/'! 14! 0*iD! .+%'/2*'.! 14! &8/! %&*&(&1'3! '(0/! &8*&! 9/./%&'+*-%!
%8*00! k//9! &1! &8/! 0/4&! 14! &8/! )/-&/'0+-/! 14! *! 8+28i*3! )1-%&+&(&/%! )1-&'+<(&1'3! -/20+2/-)/!
i8+)8!<*'%!*-3!'/)1>/'3!<3!&8/!90*+-&+44!}|~"
g8/!90*+-&+44%!%81i/.!<3!&8/!&/%&+51-3!14!*!=&*&/!910+)/5*-!&8*&!é&8/'/!i/'/!>/'3!4/i!)*'%!
21+-2! /*%&w! *&! &8/! &+5/! 14! &8/! *))+./-&D! <(&! &8*&! 21+-2! i/%&! &8/'/! i*%! é>/'3! 8/*>3! =(-.*3!
-+28&!&'*44+)"!l-&+0!&8/!'/)/-&!*.19&+1-!14!&8/!-/i!%&*&(&1'3!'(0/!41'!9/./%&'+*-%D!1'.+-*'3!
9'(./-)/! i1(0.! 8*>/! .+)&*&/.! &8*&! 9/./%&'+*-%! %81(0.! -1&! /d91%/! &8/5%/0>/%! &1! &8/!
.*-2/'!14!i*0k+-2!*01-2!&8/!'1*.i*3!(91-!i8+)8!&8/!é>/'3!8/*>3!=(-.*3!-+28&!&'*44+)w!i*%!
9'1)//.+-2!i8/-!&8/3!)1(0.!i*0k!+-!)159*'*&+>/!%*4/&3!*01-2!*!'1*.i*3!(%/.!<3!>/'3!4/i!
)*'%"!I&!+%!%*+.!&8*&!-1iD!<3!41')/!14!&8/!%&*&(&1'3!'(0/D!9/./%&'+*-%!*'/!2(+0&3!14!)1-&'+<(&1'3!
-/20+2/-)/!*%!5*&&/'!14!0*i!i8/-!&8/3!(%/!&8/!%*4/'!'1*.i*3D!(-0/%%!&8*&!'1*.i*3!+%!0/4&!14!
&8/!)/-&/'!14!&8/!'1*."!X+%'/2*'.!14!&8/!%&*&(&1'3!'(0/!14!&8/!'1*.!*-.!1<%/'>*-)/!14!*!'(0/!
<*%/.!1-!+55/51'+*0!)(%&15D!+&!+%!%*+.D!+%!-/20+2/-)/!i8+)8!*%!5*&&/'!14!0*i!+%!*!9'1d+5*&/!
)*(%/! 14! &8/! *))+./-&D! &81(28! 1<%/'>*-)/! 14! &8/! %&*&(&1'3! '(0/! 5+28&D! (-./'! &8/!
)+')(5%&*-)/%!14!&8/!9*'&+)(0*'!)*%/D!/d91%/!*!9/./%&'+*-!&1!%/'+1(%!.*-2/'!4'15!i8+)8!8/!
i1(0.!</!4'//!+4!8/!41001i/.!&8/!'(0/!&8*&!8*.!<//-!/%&*<0+%8/.!<3!)(%&15"!I4!&8*&!</!&'(/D!
&8/-!&8/!B/2+%0*&('/!8*%!./)'//.!&8*&!9/./%&'+*-%!5(%&!1<%/'>/!&8/!2/-/'*0!'(0/!14!)1-.()&!
i8+)8!+&!8*%!9'/%)'+</.!41'!&8/+'!%*4/&3!/>/-!(-./'!)+')(5%&*-)/%!i8/'/!1<%/'>*-)/!i1(0.!
%(<Q/)&!&8/5!&1!(-(%(*0!'+%ka!&8*&!9/./%&'+*-%!*'/!&1!</!)8*'2/.!i+&8!-/20+2/-)/!*%!5*&&/'!
14! 0*i! 41'! *)&+-2! *%! 9'(./-)/! .+)&*&/%"! I&! +%! (-'/*%1-*<0/! &1! *%)'+</! &1! &8/! B/2+%0*&('/! *-!
+-&/-&+1-! &8*&! &8/! %&*&(&/! %81(0.! 8*>/! %1! /d&'*1'.+-*'3! *! '/%(0&D! *-.! &8/! )1('&%! 5*3! -1&!
2+>/!&1!*!%&*&(&/!*-!/44/)&!-1&!+-&/-./.!<3!&8/!B/2+%0*&('/!}|~"
101
g8/!%&*&(&/!(91-!i8+)8!&8/!./4/-.*-&%!'/03!+%!14!.+44/'/-&!)8*'*)&/'"!I&!.1/%!-1&!9'/%)'+</!
*..+&+1-*0! %*4/2(*'.%D! i8+)8! 9/./%&'+*-%! 5(%&! 9'1>+./! 41'! &8/! 9'/%/'>*&+1-! 14! &8/! 0+4/! 1'!
0+5<!1'!9'19/'&3!14!1&8/'%D!1'!/>/-!14!&8/5%/0>/%D!-1'!.1/%!+&!+591%/!(91-!9/./%&'+*-%!*!
8+28/'!%&*-.*'.!14!)*'/"!x8*&!&8/!%&*&(&/!.1/%!9'1>+./!+%!'(0/%!14!&8/!'1*.!&1!</!1<%/'>/.!
<3!9/./%&'+*-%!*-.!<3!>/8+)0/%D!%1!&8*&!*00!&81%/!i81!(%/!&8/!'1*.!5*3!k-1i!81i!&8/3!*-.!
1&8/'%!%81(0.!9'1)//.D!*&!0/*%&!(-./'!(%(*0!)+')(5%&*-)/%"!R!2/-/'*0!'(0/!14!)1-.()&!mm!*-.D!
%9/)+4+)*003D! *! '(0/! 14! &8/! '1*.! mm! 5*3! *))1590+%8! +&%! +-&/-./.! 9('91%/! (-./'! (%(*0!
)1-.+&+1-%D!<(&D!i8/-!&8/!(-(%(*0!1))('%D!%&'+)&!1<%/'>*-)/!5*3!./4/*&!&8/!9('91%/!14!&8/!
'(0/!*-.!9'1.()/!)*&*%&'198+)!'/%(0&%"
G/20+2/-)/! +%! 4*+0('/! &1! /d/')+%/! &8/! )*'/! '/_(+'/.! <3! 0*i"! x8/'/! *! %&*&(&/! ./4+-/%! &8/!
%&*-.*'.!14!)*'/!*-.!&8/!%*4/2(*'.%!'/_(+'/.!&1!5//&!*!'/)12-+7/.!.*-2/'D!&8/-D!*%!i/!8*>/!
%*+.D! -1! 1&8/'! 5/*%('/! 5*3! </! *990+/.! +-! ./&/'5+-+-2! i8/&8/'! *! 9/'%1-! 8*%! )*''+/.! 1(&!
&8/! .(&3! 14! )*'/! +591%/.! <3! 0*i"! ]*+0('/! &1! 1<%/'>/! &8/! %&*-.*'.! +591%/.! <3! %&*&(&/! +%!
-/20+2/-)/D!*%!5*&&/'!14!0*i"!n-!&8/!1&8/'!8*-.D!i8/'/!*!%&*&(&1'3!2/-/'*0!'(0/!14!)1-.()&!
4+d/%!-1!./4+-+&/!%&*-.*'.!14!)*'/!i8+)8!i1(0.!(-./'!*00!)+')(5%&*-)/%!&/-.!&1!9'1&/)&!0+4/D!
0+5<! 1'! 9'19/'&3! <(&! 5/'/03! )1.+4+/%! 1'! %(990/5/-&%! *! ?1551-mB*i! '(0/D! i8+)8! 8*%!
*0i*3%!<//-!%(<Q/)&!&1!0+5+&*&+1-%!*-.!/d)/9&+1-%a!1'!i8/'/!&8/!%&*&(&1'3!'(0/!14!)1-.()&!
'/2(0*&/%! )1-40+)&+-2! '+28&%! *-.! 1<0+2*&+1-%! +-! 5*--/'! )*0)(0*&/.! &1! 9'151&/! 9(<0+)!
)1->/-+/-)/!*-.!%*4/&3D!&8/-!&8/!%&*&(&/D!+-!&8/!*<%/-)/!14!)0/*'!0*-2(*2/!&1!&8/!)1-&'*'3D!
%81(0.! -1&! </! )1-%&'(/.! *%! +-&/-./.! &1! i+9/! 1(&! &8/! 0+5+&*&+1-%! *-.! /d)/9&+1-%! i8+)8!
Q(.+)+*0!./)+%+1-%!8*>/!*&&*)8/.!&1!&8/!?1551-mB*i!.(&3a!-1'!%81(0.!+&!</!)1-%&'(/.!*%!*-!
+-40/d+<0/!)155*-.!&8*&!&8/!2/-/'*0!'(0/!14!)1-.()&!+-&/-./.!&1!9'/>/-&!*))+./-&%!5(%&!</!
41001i/.!/>/-!(-./'!)1-.+&+1-%!i8/-!1<%/'>*-)/!5+28&!)*(%/!*))+./-&%"!x/!5*3!*%%(5/!
'/*%1-*<03!&8*&!&8/!B/2+%0*&('/!.+'/)&/.!9/./%&'+*-%!&1!k//9!&1!&8/!0/4&!14!&8/!)/-&/'!14!&8/!
'1*.! </)*(%/! &8*&! i1(0.! )*(%/! &8/5! &1! 4*)/! &'*44+)! *99'1*)8+-2! +-! &8*&! 0*-/! *-.! i1(0.!
/-*<0/!&8/5!&1!)*'/!41'!&8/+'!1i-!%*4/&3!</&&/'!&8*-!+4!&8/!&'*44+)!*99'1*)8/.!&8/5!4'15!&8/!
'/*'"!x/!)*--1&!*%%(5/!'/*%1-*<03!&8*&!&8/!B/2+%0*&('/!+-&/-./.!&8*&!*!%&*&(&/!/-*)&/.!41'!
&8/! 9'/%/'>*&+1-! 14! &8/! 0+4/! *-.! 0+5<! 14! 9/./%&'+*-%! 5(%&! </! 1<%/'>/.! i8/-! 1<%/'>*-)/!
i1(0.!%(<Q/)&!&8/5!&1!51'/!+55+-/-&!.*-2/'"!
}|~! R! 9/./%&'+*-! +%D! 14! )1('%/D! *&! 4*(0&! +4! 8/! 4*+0%! i+&81(&! 211.! '/*%1-! &1! 1<%/'>/! &8/!
%&*&(&1'3!'(0/!14!)1-.()&"!g8/!2/-/'*0!.(&3!+%!/%&*<0+%8/.!<3!&8/!%&*&(&/D!*-.!./>+*&+1-!4'15!
+&! i+&81(&! 211.! )*(%/! +%! *! i'1-2! *-.! &8/! i'1-2.1/'! +%! '/%91-%+<0/! 41'! &8/! .*5*2/%!
'/%(0&+-2!4'15!8+%!i'1-2"
@"
I-!/*)8!*)&+1-D!&8/!Q(.25/-&!%81(0.!</!*44+'5/.D!i+&8!)1%&%"r!
!
!
$-! c-=-./2-& K8%8-)& B.28"-.7/& '#J& (J& K-%)#7M/ s6:/ '(-;/ B));/ 4+L/ 583/ V0997WuH/ 0*!
./5*-.*-&/! /'*! 0*! )159*:6*! *%/2('*.1'*! ./! 0*! >6)&+5*D! _(+/-! 8*<6*! %(4'+.1! .*:1%!
5*&/'+*0/%! )1-%+%&/-&/%! /-! /0! +-)/-.+1! ./! (-1%! 91%&/%! ./! 5*./'*"! $0! +-)/-.+1! 8*<6*! %+.1!
9'1>1)*.1!91'!(-*!)10+00*!/-)/-.+.*!_(/!%/!0/!8*<6*!)*6.1!*0!./5*-.*.1D!5/-1'!./!/.*.D!3!
%(!9*.'/D!)151!&+&(0*'!./!0*!91&/%&*.!9*'/-&*0D!&*5<+`-!./5*-.*.1D!*0/2*<*!0*!-/20+2/-)+*!
!"#$ %"$ ./! /%&1%! [0&+51%D! 9(/%! 0*! 0/3! 9'18+<6*! ./! *-&+2(1! 0*! >/-&*! ./! &*<*)1! *! 5/-1'/%! ./!
/.*."!=+-!/5<*'21D!/0!&'+<(-*0!./!*9/0*)+,-!)1-%+./',!_(/!0*!9'18+<+)+,-!0/2*0!./!>/-&*!./!
&*<*)1!*!5/-1'/%!./!/.*.!9'/&/-.6*!9'1&/2/'!%(!%*0(.!9/'1!-1!/>+&*'!+-)/-.+1%"!
102
B*!=*0*!;'+5/'*!./0!g'+<(-*0!=(9'/51!*)12/!0*!4+2('*!./!0*!-/20+2/-)+*!!"#$%"D!*)15(-*.*!)1-!
0*%!.1)&'+-*%!./!0*!+-&/'9'/&*)+,-!&/0/10,2+)*!./!0*!0/3!H*'&6)(01!M!./0!?,.+21!?+>+0J!1!)1-!0*!./0!4+-!
./! 9'1&/))+,-! ./! 0*! -1'5*D! _(/! /%! (-1! ./! 01%! )'+&/'+1%! )15[-5/-&/! *)/9&*.1%! ./! +59(&*)+,-!
1<Q/&+>*"!!
=+-! /5<*'21D! /-! 0*! Q('+%9'(./-)+*! /%9*:10*D! 0*! )(/%&+,-! %/! )1590+)*! %1<'/5*-/'*! 91'_(/! /0!
g'+<(-*0!=(9'/51!%+2(/!*4/''C-.1%/!*!0*!-1)+,-!%/2[-!0*!)(*0!/0!)(590+5+/-&1!./!0*!-1'5*&+>*!
-1!/d)(%*!./!0*!-/20+2/-)+*!+59(&*.*!*0!./5*-.*.1!%+!8(<1!.*:1D!9(/%!0*!9'1.())+,-!./0!.*:1!
+590+)*! )(09*! /-! )(*-&1! %/:*0+7*! _(/! /0! ./5*-.*.1! -1! *.19&,! 9'/)*()+1-/%! %(4+)+/-&/%! 1! 0*%!
-/)/%*'+*%!9*'*!/>+&*'!0*!9'1.())+,-!./0!.*:1K!0*%!-/)/%*'+*%!3!/d+2+<0/%D!9/'1!-1!&1.*%D!8*<'6*!
_(/!5*&+7*'D!9(/%!0*%!9'/)*()+1-/%!-/)/%*'+*%!3!%(4+)+/-&/%!9*'*!/>+&*'!0*!9'1.())+,-!./0!.*:1!
9(/./-! 00/2*'! *! %/'! +-4+-+&*%"! R./5C%D! 9'1<*<0/5/-&/! %/'6*! '*71-*<0/! _(/! 01%! &'+<(-*0/%!
/%9*:10/%! 9*'&+/'*-! ./0! 9'+-)+9+1! /-! )(3*! >+'&(.D! 3! )151! 5/'1! 9(-&1! ./! 9*'&+.*D! /0!
)(590+5+/-&1!91'!9*'&/!./0!./5*-.*.1!./!0*%!/d+2/-)+*%!0/2*0/%!3!'/20*5/-&*'+*%!./!%/2('+.*.!
/%!+-.+)+1!./!_(/!%(!)1591'&*5+/-&1!-1!4(/!-/20+2/-&/"!
=+2(/-!)(*&'1!)*%1%!/-!01%!)(*0/%!%/!./<*&/-!<'/>/5/-&/!0*%!)(/%&+1-/%!*9(-&*.*%K!
0;
]^]H/0_H/240`2:05H/6;5;2:05H/SOC/A(I(&-/](<(N(/a$=&"(/
{B"+&%&#&"+&>/#&-/%(>.
0;[!?151!)1-%/)(/-)+*!./0!+-)/-.+1!1'+2+-*.1!/-!0*!/5<*')*)+,-!./!'/)'/1!H|JD!*&'*)*.*!/-!/0!
9(/'&1! ./91'&+>1! \1&*41)8! ./! I<+7*D! /0! PN! ./! .+)+/5<'/! ./! SAA#D! %(4'+/'1-! .*:1%! >*'+*%!
/5<*')*)+1-/%!./!'/)'/1!*&'*)*.*%!/-!01%!*0'/./.1'/%"
B1%! 9'19+/&*'+1%! ./! 0*%! /5<*')*)+1-/%! .*:*.*%! H1! 0*%! *%/2('*.1'*%! _(/! 0/%! +-./5-+7*'1-D!
%(<'12C-.1%/! /-! /0! 0(2*'! ./! 01%! *%/2('*.1%J! +-&/'9(%+/'1-! ./5*-.*%! /-! '/)0*5*)+,-! ./! 0*!
+-./5-+7*)+,-!./!01%!.*:1%!%(4'+.1%!91'!0*%!/5<*')*)+1-/%!)1-&'*!X"!$%&/<*-D!9'19+/&*'+1!./!0*!
/5<*')*)+,-!/-!0*!_(/!%/!1'+2+-,!/0!+-)/-.+1D!0*!/-&+.*.!ol-./'i'+&+-2!E+%k!=/'>+)/%D!B&.o!H/-!01!
%()/%+>1D!lE=JD!H|J!*%/2('*.1'*!./!0*!/5<*')*)+,-!H|JD!3!)1-&'*!0*!/-&+.*.!o;(/'&1!X/91'&+>1!
\1&*41)8D!="B"oD!_(/!/'*!0*!)1-)/%+1-*'+*!./!0*!/d901&*)+,-!./0!)+&*.1!9(/'&1!./91'&+>1"!$-!(-*!./!
0*%!./5*-.*%!-1!%/!./5*-.*<*!*!lE=D!3!/-!1&'*!-1!%/!./5*-.*<*!*!;(/'&1!X/91'&+>1!\1&*41)8D!
="B"
B*%! ./5*-.*%! +-&/'9(/%&*%! *-&/! .+%&+-&1%! ^(72*.1%! %/! *)(5(0*'1-D! &'*5+&C-.1%/! 3!
'/%10>+`-.1%/!91'!/0!^(72*.1!./!;'+5/'*!I-%&*-)+*!-[5"!P!./!I<+7*"
2;[!g*-&1! /0! ^(72*.1! ./! ;'+5/'*! I-%&*-)+*! )151! 0*! R(.+/-)+*! ;'1>+-)+*0! H|J! )1-./-*'1-! }*!
$%&/<*-!3!lE=~!%10+.*'+*5/-&/!H%*0>1!/-!/0!%(9(/%&1!/-!_(/!%101!%/!./5*-.*<*!*0!9'19+/&*'+1J!*!
+-./5-+7*'! *! 01%! ./5*-.*-&/%! /-! 0*%! )*-&+.*./%! *! _(/! )1-%+./'*'1-! *%)/-.6*-! 01%! .*:1%!
)*(%*.1%!/-!0*%!/5<*')*)+1-/%!*.3*)/-&/%"!Z!*<%10>+/'1-!*!;(/'&1!X/91'&+>1!\1&*41)8D!="B!91'!
)1-%+./'*'! _(/! -+! 0*! )1-)/%+1-*'+*! -+! %(%! /590/*.1%! +-)(''+/'1-! /-! -/20+2/-)+*! *02(-*D! 01%!
)1-&'*&1%! ./! )/%+,-! ./0! (%1! 3! .+%4'(&/! ./0! *5*''/! )1-)/'&*.1%! )1-! 01%! &+&(0*'/%! ./! 0*%!
/5<*')*)+1-/%! -1! 2/-/'*<*-! (-*! 1<0+2*)+,-! ./! )(%&1.+*! 9*'*! 0*! )1-)/%+1-*'+*! ./0! 9(/'&1D! -1!
8*<6*! +-)(590+.1! /0! ./</'! ./! >+2+0*-)+*! /d&/'+1'! ./! 0*%! /5<*')*)+1-/%! 3! -1! /d+%&6*-!
+-)(590+5+/-&1%! ./! 1<0+2*)+1-/%! *.5+-+%&'*&+>*%! _(/! 8(<+/'*-! +-40(+.1! )*(%*05/-&/! /-! 0*!
9'1.())+,-!1!/d&/-%+,-!./0!+-)/-.+1"
103
3;[!X"!$%&/<*-!H|J!3!lE=!H|JD!)1-./-*.*!)151!*%/2('*.1'*!./!0*!'/%91-%*<+0+.*.!)+>+0!./!/%&/D!
8*-! +-&/'9(/%&1! '/)('%1! /d&'*1'.+-*'+1! 91'! +-4'*))+,-! 9'1)/%*0! 4(-.*.1! /-! .1%! 51&+>1%D! 3!
'/)('%1!./!)*%*)+,-!4(-.*.1!/-!)+-)1!51&+>1%"
B*! /-&+.*.! oF/-/'*0+! $%9*:*D! ="R"! ./! =/2('1%! 3! E/*%/2('1%o! H/-! 01! %()/%+>1D! F/-/'*0+J! 8*!
+-&/'9(/%&1! '/)('%1! ./! )*%*)+,-D! 4(-.*.1! /-! %/+%! 51&+>1%D! )1-&'*! 0*! *<%10()+,-! ./! ;(/'&1!
X/91'&+>1!\1&*41)8D!="B"!H|J
c.<=,-(%$G"/#&-/=.+$D./%,(<+./#&-/<&%,<>./s#&/%(>(%$G"u
0;[!$0!51&+>1!)(*'&1!./0!'/)('%1!00/>*!/0!%+2(+/-&/!/962'*4/K
ì!E/%91-%*<+0+.*.! ./! \1&*41)8! 91'! +-/d+%&/-)+*! ./! ;0*-! ./! R(&19'1&/))+,-! 3! ;0*-! ./!
$5/'2/-)+*!H|J
îI-4'*))+,-! ./0!!R'&"! SA!!!./! 0*!!B/3! MPhPNN#D! ./! U! ./! -1>+/5<'/!! HE?B! PNN#D! MA#MJ!D! ./!
;'/>/-)+,-!./!E+/%21%!B*<1'*0/%!3!./0!R'&"!PAD!R-/d1%!I!3!II!./0!EX!UhSAA@D!./!SM!./!/-/'1!D!91'!
/0! _(/! %/! ./%*''100*-! ./&/'5+-*.1%! *%9/)&1%! ./! 0*! B/3! ./! n'./-*)+,-! ./! $5/'2/-)+*%! ./! 0*%!
I%0*%!\*0/*'/%"
H|J!2;[!$0!51&+>1!%/!4(-.*5/-&*!/-!_(/!;(/'&1!X/91'&+>1!\1&*41)8D!="B"!-1!.+%91-6*!./!(-!90*-!
./! *(&19'1&/))+,-! 3! ./! (-! 90*-! ./! /5/'2/-)+*! 9'19+1%! 9*'*! /0! 9(/'&1! ./91'&+>1! 3! _(/! .+)81!
90*-!./!*(&19'1&/))+,-!8(<+/'*!9/'5+&+.1!9'/>/-+'!/0!+-)/-.+1!H|J
XÉ?IVn!=É;gIVn
M&%$>$G"/#&/-(/](-(
0;[!B1%! 9'/)/9&1%! +->1)*.1%! )151! +-4'+-2+.1%! -1! %1-! *9&1%! 9*'*! 4(-.*'! /0! 51&+>1a! -1! 9(/./-!
)1-%&+&(+'! (-! &6&(01! 9*'*! *&'+<(+'! *! ;(/'&1! X/91'&+>1! \1&*41)8D! ="B"! 0*! '/%91-%*<+0+.*.! 91'! 01%!
.*:1%! %(4'+.1%! 91'! 0*%! /5<*')*)+1-/%! ./! 0*%! ./5*-.*-&/%! )151! )1-%/)(/-)+*! ./0! +-)/-.+1!
1'+2+-*.1!/-!0*!/5<*')*)+,-!./!'/)'/1!H|J!D!9(/%!(-*!0/3!./!9'/>/-)+,-!./!'+/%21%!0*<1'*0/%!-1!
&+/-/!)151!4+-!./!9'1&/))+,-!/>+&*'!01%!.*:1%!*!<+/-/%!./!01%!9'19+/&*'+1%!./!<*')1%!*5*''*.1%!*!
(-!9(/'&1!./91'&+>1"
2;[!B*! %(9(/%&*! +-4'*))+,-! ./! (-*! -1'5*! *.5+-+%&'*&+>*! &*591)1! 9(/./! 4(-.*'! (-! '/)('%1! ./!
)*%*)+,-"! R./5C%D! 0*! %/-&/-)+*! 8*! *4+'5*.1! _(/! -+-2(-*! '/0*)+,-! )*(%*0! /d+%&/! /-&'/! 91%+<0/%!
+-)(590+5+/-&1%!*.5+-+%&'*&+>1%!3!01%!.*:1%!)(3*!+-./5-+7*)+,-!%/!'/)0*5*"!B*!*4+'5*)+,-!./!
0*! '/)(''/-&/! ./! _(/! /0! 90*-! ./! *(&19'1&/))+,-! 8(<+/'*! 9/'5+&+.1! 9'/>/-+'! /0! +-)/-.+1! /%! (-*!
%+590/!*0/2*)+,-!./!9*'&/D!./!)*'C)&/'!4C)&+)1!/-!&*-&1!_(/!*4/)&*!*0!*%9/)&1!4C)&+)1!./!0*!'/0*)+,-!
./! )*(%*0+.*.D! -1! *0! *%9/)&1! Q('6.+)1! ./! 0*! +59(&*)+,-! 1<Q/&+>*D! /%! +59'19+*! 91'! &*-&1! ./! (-!
'/)('%1!./!)*%*)+,-D!3!-1!91-/!./!'/0+/>/!+-4'*))+,-!0/2*0!*02(-*!H|Jr"
2;
]^]H/0_H/9:9`2::5H/#&/9/#&/".D$&=R<&H/SOC/B"+."$./](-(>/'(<%&--&<;/
$0! SA"U"PNNSD! 0*! l"g"$D! 41'5*.*! 91'! qn<'*%! =(<&/''C-/*%D! ="R"r! 3! qR(d+-+D! ="R"rD! /-)*'2,! *0!
5/)C-+)1!V+2(/0!Y-2/0!0*!%(%&+&()+,-!./!(-*!9+/7*!./0!%+%&/5*!./!4'/-1!./!(-*!'/&'1/d)*>*.1'*!
/-! /0! /d&/'+1'! ./! (-*! 5+-*! %+&(*.*! /-! \*0%*'/-3! H\*')/01-*J"! ;*'*! /001D! /0! )1-.()&1'! ./! 0*!
'/&'1/d)*>*.1'*!8+-),!(-*!9*0*-)*!/-!/0!%(/01!*!4+-!./!_(/!0*!9'/%+,-!/Q/')+.*!91'!`%&*!0/>*-&*'*!
0*!'(/.*!&'*%/'*!3D!)(*-.1!V+2(/0!Y-2/0!%/!.+%91-6*!*!)101)*'!./<*Q1!(-!&*)1!./!5*./'*D!(-1!./!
104
01%!9+%&1-/%!./0!5/)*-+%51!./!0*!9*0*-)*!)/.+,!9'1>1)*-.1!0*!)*6.*!<'(%)*!./!0*!9*'&/!&'*%/'*!
./!0*!5C_(+-*!_(/!0/!*9'+%+1-,!3!0/!)*(%,!0*!5(/'&/"
B(+%*D!>+(.*!./!V+2(/0!Y-2/0D!/-!-15<'/!9'19+1!3!/-!/0!./!%(!8+Q1!5/-1'!]'*-)+%)1D!./5*-.,!*!
qn<'*%!=(<&/''C-/*%D!="R"r!3!*!qR(d+-+D!="R"r!3!%10+)+&,!(-*!+-./5-+7*)+,-!./!PSA"SASD@S!ê"
$0! ^;I! -{! #! ./! V*-'/%*! HSM"#"PNNLJ! ./%/%&+5,! 0*! ./5*-.*"! B*! R;! ./! \*')/01-*! H=/))+,-! POÄD!
N"PS"PNNUJ! /%&+5,! /0! '/)('%1! ./! *9/0*)+,-! 3! )1-./-,! *! 0*%! %1)+/.*./%! ./5*-.*.*%! *! 9*2*'!
PSA"SASD@S!ê"
$0!g=!./%/%&+5*!/0!'/)('%1!./!)*%*)+,-K!'/%(/0>/!_(/!/0!/-)*'2*.1!3!/0!)*9*&*7!./!0*%!%1)+/.*./%!
./5*-.*.*%! 15+&+/'1-! -/20+2/-&/5/-&/! 5/.+.*%! ./! 9'/)*()+,-D! 9(/%! )1-%+-&+/'1-! _(/D! )151!
3*!8*<6*!1)(''+.1!/-!1&'*%!1)*%+1-/%D!%/!*)15/&+/'*!0*!'/9*'*)+,-!./!41'5*!*''+/%2*.*!)(*-.1!/0!
'/%(0&*.1! 4+-*05/-&/! 9'1.()+.1! /'*! 9'/>+%+<0/"! =/:*0*! /0! g'+<(-*0! /-! /0! ](-.*5/-&1! S{! ./! 0*!
=/-&/-)+*K!
qG1! <*%&*! 9*'*! /d)0(+'! .+)8*! ./)0*'*)+,-! ./! )(09*<+0+.*.! 0*! +-/d+%&/-)+*! ./! +-4'*))+,-!
'/20*5/-&*'+*!%1%&/-+.*!91'!0*%!'/)(''/-&/%!/-!<*%/!*!)+/'&1%!+-41'5/%!+-)1'91'*.1%!*!01%!*(&1%D!
3*!_(/D!.*.*!0*!-*&('*0/7*!./!0*!19/'*)+,-!_(/!%/!/%&*<*!'/*0+7*-.1D!/%!)0*'1!_(/!0*!5+%5*!-1!
/'*!1<Q/&1!./!'/2(0*)+,-!./!&*0!)0*%/"!R./5C%D!8*!./!)+&*'%/!/-!/%&/!%/-&+.1!0*!.1)&'+-*!./!/%&*!
=*0*!/d9'/%*.*D!/-&'/!1&'*%D!/-!%/-&/-)+*%!./!SS!./!*<'+0!./!SAAM!H!E^!SAAMD!M#@#JD!PU!./!Q(-+1!H!
E^!SAA@D!@@MPJ!3!U!./!1)&(<'/!./!SAA@!HE^!SAA@D!OONMJD!%/2[-!0*!)(*0!0*!+59(&*)+,-!%(<Q/&+>*!
./0!*)&1!0/%+>1D!)1-!(-!4(-.*5/-&1!./!'/9'1)8/!)(09*<+06%&+)1D!%/!<*%*!/-!_(/!0*!9'1.())+,-!./0!
.*:1!+-.+)*!_(/!-1!%/!8*-!&15*.1!0*%!9'/)*()+1-/%!1!-1!%/!8*!*)&(*.1!)1-!/0!)(+.*.1!-/)/%*'+1!
9*'*! +59/.+'01D! '/>/0*-.1! _(/! 0*%! 2*'*-&6*%! *.19&*.*%! )1-41'5/! *! 0*%! .+%91%+)+1-/%! >+2/-&/%!
9*'*!/>+&*'!01%!.*:1%!91%+<0/%!-1!8*-!14'/)+.1!'/%(0&*.1!91%+&+>1D!91-+`-.1%/!./!5*-+4+/%&1!0*!
+-%(4+)+/-)+*!./!0*%!5+%5*%!3!_(/!-1!%/!8*00*<*!)1590/&*!0*!.+0+2/-)+*D!3!*%6!9'/)+%*!0*![0&+5*!./!
0*%! %/-&/-)+*%! )+&*.*%! _(/! ì-1! '/%(0&*! %(4+)+/-&/! 0*! _(/! 91.'6*! ./-15+-*'%/! .+0+2/-)+*!
'/20*5/-&*'+*D!%+!0*!'/*0+.*.!4C)&+)*!/>+./-)+*!_(/!0*%!5/.+.*%!*.19&*.*%!9*'*!/>+&*'!01%!.*:1%!
9'/>+%+<0/%!8*-!'/%(0&*.1!+-/4+)*)/%D!9(/%!0*!.+0+2/-)+*!_(/!8*!./!*.19&*'%/!/-!/0!)(590+5+/-&1!
./!0*%!1<0+2*)+1-/%!)159'/-./!-1!%101!0*%!9'/>/-)+1-/%!3!)(+.*.1%!'/20*5/-&*'+1%!%+-1!*./5C%!
&1.1%!01%!_(/!0*!9'(./-)+*!+591-2*!9*'*!/>+&*'!01%!/>/-&1%!.*:1%1%r"
3;
]^]H/0_H/07`2::4H/#&/3/#&/I&R<&<.H/SOC/c<("%$>%./S(<*"/'(>+J";/
l-! Q1>/-! ./! SL! *:1%! 4*00/)+,! 91'! +-8*0*)+,-! ./! 51-,d+.1! ./! )*'<1-1! ./%9'/-.+.1! 91'! (-!
)*0/-&*.1'!./!*2(*!*!2*%!_(/!%/!8*00*<*!/-!0*!)1)+-*!./0!9+%1!_(/!)159*'&6*!)1-!X*-+/0"!
B1%! 9*.'/%! ./0! 4*00/)+.1D! B/1-*'.1! 3! E1%*D! ./5*-.*-! *! qE/9%10! \(&*-1D! =RrD! *! X*-+/0D! 3! *! 01%!
9'19+/&*'+1%!./0!9+%1D!B(+%!;/.'1!3!$>*D!3!%10+)+&*-!(-*!+-./5-+7*)+,-!./!PSA"SASD@S!ê"!
$0! ^;I! -{! M! ./! B/,-! HS"#"PNNLJ! /%&+5*! 0*! ./5*-.*! /-! 9*'&/K! *<%(/0>/! *! X*-+/0! 3! )1-./-*! *!
qE/9%10!\(&*-1D!=Rr!91'!./4+)+/-)+*%!/-!0*!+-%&*0*)+,-!3!/-!/0!4(-)+1-*5+/-&1!./0!)*0/-&*.1'!3!*!
B(+%!;/.'1!3!$>*!91'!)*'/)/'!0*!)1)+-*!./!'/Q+00*%!./!>/-&+0*)+,-!*0!9*21!./!(-*!+-./5-+7*)+,-!./!
@N"OPND#O!êD!91'!)(1&*%!./0!#A!ã!0*!9'+5/'*!3!#A!ã!01%!%/2(-.1%"!B*!R;!./!B/,-!H=/))+,-!SÄD!
SL"P"PNNUJ!/%&+5*!/0!'/)('%1!./!*9/0*)+,-!./!qE/9%10!\(&*-1D!=RrD!'/>1)*!0*!=^;I!3!)1-./-*!%101!
*!B(+%!;/.'1!3!$>*!*!*<1-*'!*!01%!*)&1'/%!(-*!+-./5-+7*)+,-!./!MO"AOADLM!ê"!
105
$0!g=!./)0*'*!-1!8*</'!0(2*'!*0!'/)('%1!./!)*%*)+,-!./!01%!*)&1'/%"!$0!g=!'/%(/0>/!_(/!0*!)*%*)+,-!
-1! /%! (-*! &/')/'*! +-%&*-)+*! /-! 0*! _(/! 9(/.*! 51.+4+)*'%/! /0! '/0*&1! ./! 01%! 8/)81%! 9'1<*.1%K!
qE/9%10! \(&*-1D! =Rr! %101! /'*! %(5+-+%&'*.1'*! ./! 0*%! <15<1-*%! ./! <(&*-1! (&+0+7*.*%! /-! /0!
)*0/-&*.1'! 3D! *./5C%D! -1! 0*%! /-&'/2*<*! %+_(+/'*! /-! /0! .15+)+0+1! )+&*.1"! ! =/:*0*! /0! g'+<(-*0!
=(9'/51K!
q]^!@{K!G1!%/!)+&*!}/-!/0!51&+>1!./!)*%*)+,-!%1<'/!91%+<0/!)(09*!/d)0(%+>*!./!0*!>6)&+5*~!-1'5*!-+!
Q('+%9'(./-)+*! *02(-*! )151! +-4'+-2+.*D! %+-! _(/! *! &*0! /4/)&1! 9(/.*! >*0/'! 0*! ./! (-! *'&6)(01!
./0!X/)'/&1!./!PP!./!%/9&+/5<'/!./!PNNS!!%1<'/!1<0+2*)+1-/%!./0!(%(*'+1!./!(-*!+-%&*0*)+,-!./!
2*%D! 9(/%! <+/-! %*<+.1! /%! _(/! %/2[-! '/+&/'*.6%+5*! Q('+%9'(./-)+*! ./! /%&*! =*0*! 0*%! -1'5*%!
*.5+-+%&'*&+>*%!1!'/20*5/-&*'+*%!)*'/)/-!./!+.1-/+.*.!9*'*!%(%&/-&*'!91'!%6!%10*%!!(-!51&+>1!./!
)*%*)+,-!)+>+0r"
2;/3"//41%$#.//
?151!+-.+)C<*51%!*0!+-+)+1!./!0*!=/%+,-D!(-*!./!0*%!)(/%&+1-/%!<C%+)*%!./0!51./'-1!./'/)81!./!
.*:1%!/%!%+!0*%!9'/>+%+1-/%!./0!0/2+%0*.1'!%1<'/!0*!'/2(0*)+,-!./!&*0!1!)(*0!*)&+>+.*.!)+/''*-!1!-1!
/0! %+%&/5*! ./! '/5/.+1%! *0! /Q/')+)+1! *.+)+1-*0! ./! (-*! 9'/&/-%+,-! )+>+0! ./! '/9*'*)+,-! 1!
+-./5-+7*)+,-!./0!.*:1!<*%*.*!/-!/0!*'&6)(01!PNAS!./0!?,.+21!?+>+0!1!/-!01%!*'&6)(01%!*'&%"!MS!*!
ML!B/3!@AhSAP#D!./!P!./!1)&(<'/D!./!E`2+5/-!^('6.+)1!./0!=/)&1'!;[<0+)1"!=/!&'*&*!./!'/%91-./'!
*! )(/%&+1-/%! )151! 0*%! _(/! %+2(/-D! ! /-! 01%! $%&*.1%! l-+.1%! ./! R5`'+)*! /%&*%! )(/%&+1-/%! %/!
90*-&/*-! )*%+! %+/59'/! /-! 0*%! '/0*)+1-/%! /-&'/! /0! ./'/)81! 4/./'*0! 3! 01%! ./'/)81%! /%&*&*0/%"! $-!
$%9*:*D!/-!)*5<+1D!0*!*'_(+&/)&('*!)1-%&+&()+1-*0!./0!$%&*.1!-1!/%!4/./'*0!3!0*%!9'/2(-&*%!_(/!
8*3!_(/!41'5(0*'!%1-!*021!.+%&+-&*%K
e$-! /0! )*%1! ./! _(/! (-*! )1-.()&*! .*:+-*! /%&`! 9'/>+%&*! 91'! (-*! 0/2+%0*)+,-! /%9/)64+)*! _(/!
/%&*<0/7)*! 0*%! )1-%/)(/-)+*%! ./! %(! '/*0+7*)+,-D! %/! *90+)*! *./5C%! /0! *'&"! PNAS! ??f! e=+! /%! *%6D! %/!
*90+)*!)(5(0*&+>*5/-&/fD!e01!8*)/!%(<%+.+*'+*5/-&/fD!e01!8*)/!%101!/-!0*!5/.+.*!/-!_(/!/0!.*:1!
-1!8*3*!_(/.*.1!6-&/2'*5/-&/!'/9*'*.1!)1-!0*!*90+)*)+,-!./!0*!0/3!+-4'+-2+.*f!
eg+/-/! (-! &'*<*Q*.1'! *))+./-&*.1! (-*! 9'/&/-%+,-! )+>+0! *.+)+1-*0! *! *_(/00*! 1! *! *_(/00*%! _(/! 0/!
'/)1-1)/!/0!./'/)81!0*<1'*0!3!./!0*!%/2('+.*.!%1)+*0f!
eg+/-/! (-! ),-3(2/D! /d),-3(2/! 1! 9/'%1-*! +-&/2'*-&/! ./! (-*! '/0*)+,-! ./! 9*'/Q*! *-C012*! *! 0*!
5*&'+51-+*0! *))+1-/%! ./! .*:1%! *./5C%! ./! 0*%! 9'/&/-%+1-/%! 9'/>+%&*%! 91'! 0*! 0/2+%0*)+,-!
5*&'+51-+*0!9*'*!/0!)*%1!./!0*%!)'+%+%!./!9*'/Q*f
eE/%91-./! /0! $%&*.1! 0/2+%0*.1'! 91'! 0*! *9'1<*)+,-! ./! (-*! 0/3! )(3*! *90+)*)+,-! .*:*! *0!
./5*-.*-&/f
$-! 0*! 0+&/'*&('*! /%9*:10*D! /%! )0C%+)1! /0! &'*<*Q1! ./! ]/'-*-.1! FÑV$t! ;nVRED! B"%!*4%(D')'7(7$
"3-#(9*4-#(9-,()$ &$ *-#(%$ H,"4-"%$ 7"$ #"!(#(9'^4$ 7"$ 7(_*%L$ /*))(-"#()$ 8*,#9"$ B,)"$ &$ (H'4"%D! I-X'/&!
PhPNNN!Hiii"+-.'/&")15J"!
106
$-! ./'/)81! /%9*:10! /0! 9'+5/'! )'+&/'+1! _(/! ./</! &/-/'%/! /-! )(/-&*! /%D! 91'! %(9(/%&1D! /0!
/%&*<0/)+.1!91'!0*!0/3!1!0*!'/2(0*)+,-!./!_(/!%/!&'*&/!y-(-)*!+-%+%&/'/51%!<*%&*-&/!*!01!0*'21!3!01!
*-)81!./!0*%!%/%+1-/%!./!/%&/!)('%1!/-!_(/!01!9'+5/'1!_(/!8*3!_(/!8*)/'!*-&/!(-*!)(/%&+,-!0/2*0!
%1<'/!./'/)81!./!.*:1%!/%!<(%)*'!3!8*00*'!0*%!'/20*%!./!./'/)81!*90+)*<0/%D!01%!I,"#(=&"+.>/#&/
#&<&%L.D! -1! 0*%! +-&(+)+1-/%! 51'*0/%! ./0! *-*0+%&*"! l-! <(/-! /Q/5901! /%! /0! *'&6)(01! PSM! BF==D!
'/)*'21! ./! 0*%! 9'/%&*)+1-/%! /)1-,5+)*%! /-! )*%1! ./! *))+./-&/! ./! &'*<*Q1! 3! /-4/'5/.*.!
9'14/%+1-*0"
P"
!!!!!og1.*%!0*%!9'/%&*)+1-/%!/)1-,5+)*%!_(/!&/-2*-!%(!)*(%*!/-!*))+./-&/!./!&'*<*Q1!
1!/-4/'5/.*.!9'14/%+1-*0!%/!*(5/-&*'C-D!%/2[-!0*!2'*>/.*.!./!0*!4*0&*D!./!(-!MA!*!
(-!#AãD!)(*-.1!0*!0/%+,-!%/!9'1.(7)*!91'!5C_(+-*%D!*'&/4*)&1%!1!/-!+-%&*0*)+1-/%D!
)/-&'1%! 1! 0(2*'/%! ./! &'*<*Q1! _(/! )*'/7)*-! ./! 01%! .+%91%+&+>1%! ./! 9'/)*()+,-!
'/20*5/-&*'+1%D! 01%! &/-2*-! +-(&+0+7*.1%! 1! /-! 5*0*%! )1-.+)+1-/%D! 1! )(*-.1! -1! %/!
8*3*-!1<%/'>*.1!0*%!5/.+.*%!2/-/'*0/%!1!9*'&+)(0*'/%!./!%/2('+.*.!/!8+2+/-/!/-!/0!
&'*<*Q1D!1!0*%!/0/5/-&*0/%!./!%*0(<'+.*.!1!0*%!./!*./)(*)+,-!9/'%1-*0!*!)*.*!&'*<*Q1D!
8*<+.*! )(/-&*! ./! %(%! )*'*)&/'6%&+)*%! 3! ./! 0*! /.*.D! %/d1! 3! ./5C%! )1-.+)+1-/%! ./0!
&'*<*Q*.1'"!
S"
!!!!!B*! '/%91-%*<+0+.*.! ./0! 9*21! ./0! '/)*'21! /%&*<0/)+.1! /-! /0! *9*'&*.1! *-&/'+1'!
'/)*/'C!.+'/)&*5/-&/!%1<'/!/0!/59'/%*'+1!+-4'*)&1'!3!-1!91.'C!%/'!1<Q/&1!./!%/2('1!
*02(-1D!%+/-.1!-(01!./!90/-1!./'/)81!)(*0_(+/'!9*)&1!1!)1-&'*&1!_(/!%/!'/*0+)/!9*'*!
)(<'+'0*D!)159/-%*'0*!1!&'*-%5+&+'0*"!
M"
!!!!!B*! '/%91-%*<+0+.*.! _(/! '/2(0*! /%&/! *'&6)(01! /%! +-./9/-.+/-&/! 3! )159*&+<0/! )1-!
0*%!./!&1.1!1'./-D!+-)0(%1!9/-*0D!_(/!9(/.*-!./'+>*'%/!./!0*!+-4'*))+,-o"!
c`*%/D! %1<'/! /%&/! &/5*D! R--*! FIG†=! I! ]R\E$BBR=D! q?*96&(01! Ic"! $0! '/)*'21! ./! 9'/%&*)+1-/%! ./! 0*!
=/2('+.*.!=1)+*0oD!/-!R--*!FIG†=!I!]R\E$BBR=D!A4%-#,6"4-*%$7"$9*6!"4%(9'^4$7")$7(_*$7"#'0(7*$7"$
(99'7"4-"$7"$-#(D(c*$&$"4H"#6"7(7$!#*H"%'*4()rD!B*!B/3D!V*.'+.D!SAPSD!9C2%"!SSNmSOU"
=+-!/5<*'21D!)(*-.1!0*!0/2+%0*)+,-!*90+)*<0/!-1!/%&*<0/)6*!/d9'/%*5/-&/!0*!9'/)0(%+,-!1!`%&*!-1!
'/%(0&*<*! ./! 0*%! .+%91%+)+1-/%! ./! 0*! 0/3! 0*! )(/%&+,-! 8(<1! ./! %/'! '/%(/0&*! 91'! 01%! &'+<(-*0/%"!!
?151!'/%(0&,!./!0*!)159/&/-)+*!./!Q('+%.+))+,-!/-!0*!4*51%*!%/-&/-)+*!./!]^]H/0_H/0207`2::8H/
#&/ 05/ #&/ #$%$&=R<&H/ SOC/ P"%(<"(%$G"/ A.%(/ ^<*(>D! /-! )(3*! >+'&(.! 0*! q8()($ 7"$ )*$ 8*9'()$ "%$ )($
s4'9($9*6!"-"4-"$!(#($9*4*9"#$7"$)(%$7"6(47(%$7"$#"%!*4%(D')'7(7$9'0')$!*#$(99'7"4-"$7"$-#(D(c*$
"4-#"$"6!)"(7*$&$"6!)"(7*#RG$n<%`'>/%/!_(/!0*!%/-&/-)+*!-1!-/2,!0*!9'/&/-%+,-!2/-`'+)*!./!0*!
>6)&+5*! 91'! '/%91-%*<+0+.*.! )+>+0! %+-1! _(/! .+Q1! _(/! `%&*! &/-6*! -*&('*0/7*! 0*<1'*0! 3! _(/! 0*!
Q('+%.+))+,-!)1''/%91-.6*!*!0*!Q('+%.+))+,-!%1)+*0"!
$0!SL"PP"PNNLD!^(*-!R0</'&1D!_(+/-!9'/%&*<*!%/'>+)+1%!9*'*!q?10*4/!?1-%&'())+1-/%!$d&'/5/:*%D!
="R"rD!%(4'+,!(-!*))+./-&/!)(*-.1!&'*<*Q*<*!/-!0*!)101)*)+,-!./!(-!*%)/-%1'!/-!(-*!1<'*D!)*(%*.1!
91'!(-!4*001!/-!0*!%(Q/)+,-!./0!)8*%+%!/-!/0!9(-&*0!./!*_(`0"!$0!&'*<*Q*.1'!-1!00/>*<*!/0!)+-&(',-!
./! %/2('+.*."! ?151! )1-%/)(/-)+*! ./0! *))+./-&/D! ^(*-! R-&1-+1! _(/.,! +59/.+.1! 9*'*! 0*!
'/*0+7*)+,-!./!0*%!&*'/*%!8*<+&(*0/%!./!%(!9'14/%+,-"!!
107
^(*-! R-&1-+1! ./5*-.,! 0*! )1-%&'()&1'*! 3! %10+)+&,! (-*! +-./5-+7*)+,-! ./! PUA"MAMDOM! ê"! $0! ^;I!
-[5"!O!./!\*.*Q17!HM"M"SAAAJ!./%/%&+5*!0*!./5*-.*"!B*!R;!./!\*.*Q17!H=/))+,-!SÄD!S@"PP"SAAAJ!
./%/%&+5*!/0!'/)('%1!./!*9/0*)+,-!3!)1-4+'5*!0*!=^;I"!
$0!g=!%/!*<%&(>1!./!)1-1)/'!/0!'/)('%1!./!)*%*)+,-!3!./)0*',!0*!-(0+.*.!./!&1.*%!0*%!*)&(*)+1-/%"!
R9'/)+,! 4*0&*! ./! )159/&/-)+*! ./! 0*! Q('+%.+))+,-! )+>+0! 9*'*! )1-1)/'! 0*! ! '/)0*5*)+,-! ./!
'/%91-%*<+0+.*.! 90*-&/*.*D! 9(/%! /%! )1-%/)(/-)+*! ./0! +-)(590+5+/-&1! ./0! )1-&'*&1! ./! &'*<*Q1!
91'!9*'&/!./0!/59'/%*'+1!H]X!M{J"!
$-! /0! 5+%51! %/-&+.1K! =g=D! PÄD! PMN#hSAAUD! ./! P#! ./! /-/'1a! =g=D! PÄD! SOLhSAAUD! ./! PO! ./! *<'+0a!
=g=D!PÄD!MOLhSAAUD!./!PN!./!5*31a!=g=D!PÄD!#PMhSAAUD!./!@!./!Q(-+1a!=g=D!PÄD!PAOAhSAAUD!./!PL!
./!-1>+/5<'/a!=g=D!PÄD!PAOPhSAAUD!./!PL!./!-1>+/5<'/"!/H#G!)1-!=g=D!PÄD!PPPUhSAAUD!./!PN!./!
-1>+/5<'/"
X1%! *:1%! ./%9(`%! (-*! -(/>*! %/-&/-)+*! ./0! g'+<(-*0! =(9'/51! *)1&,! 0*! *90+)*)+,-! &/591'*0! ./!
.+)8*!.1)&'+-*!3!/%&*<0/)+,!_(/!`%&*!-1!&/-6*!)*'C)&/'!'/&'1*)&+>1"!c`*%/!0*!]^]H/0_H/587`2::9H/
00/#&/>&)+$&=R<&H/SOC a.>e/B"+."$./]&$E(>/l,$"+("(C/
$0! P#"PS"PNNMD! *! 0*%! POKMA! 81'*%D! V+00C-D! ./! SL! *:1%! ./! /.*.D! '/*0+7*<*! &*'/*%! ./! %/0/))+,-! ./!
9/%)*.1!/-!(-*!/5<*')*)+,-!9'19+/.*.!./!?1-%&*-7*"!I<*!>/%&+.1!)1-!+59/'5/*<0/!3!<1&*%!./!
215*!./!%(/0*!*-&+./%0+7*-&/D!3!)*'2*<*!(-*%!)*Q*%!>*)6*%!)(*-.1D!*!)*(%*!./!(-!2109/!./!5*'D!
9/'.+,!/0!/_(+0+<'+1!3!)*3,!*0!*2(*!91'!(-!8(/)1!_(/D!./!8*</'!&/-.+.1!.+5/-%+1-/%!+-4/'+1'/%D!
8(<+/'*!+59/.+.1!0*!)*6.*D!3!4*00/)+,!*812*.1"!
B*!5(Q/'!/!8+Q1%!./!0*!>6)&+5*!./5*-.*'1-!*!?1-%&*-7*D!9'19+/&*'+*!./0!<*')1D!3!%10+)+&*'1-!(-*!
+-./5-+7*)+,-!./!@UA"UANDOU!ê"!
$0!^;I!-[5"!@U!./!\*')/01-*!HP#"O"PNNNJ!/%&+5,!/-!9*'&/!0*!./5*-.*!3!)1-./-,!*!0*!./5*-.*.*!
*0!9*21!./!@U"AUADNL!/('1%!)1-!<*%/!/-!01%!*'&%"!PNAS!3!PNAM!??"!R5<*%!9*'&/%!'/)(''+/'1-!/-!
*9/0*)+,-"!B*!R;!./!\*')/01-*!H=/))+,-!PÄD!P#"@"SAAAJ!./%/%&+5,!/0!./!0*!./5*-.*.*!3!/%&+5,!
/-!9*'&/!/0!./!0*!*)&1'*!/-!/0!%/-&+.1!./!*(5/-&*'!0*!+-./5-+7*)+,-!*!SAN"SLUDLS!/('1%"!
$0!g=!./%/%&+5,!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!0*!./5*-.*.*K!
q}B~1%! (%1%! 3! )1%&(5<'/%! ./! 0*! 5*'! *)/9&*-! ./&/'5+-*.1%! '+/%21%"! R81'*! <+/-D! /%&1%! '+/%21%!
/%&C-! 9/-%*.1%! 5C%! /-! 0*! /4/)&+>+.*.! ./! 0*! 9/%)*! _(/! /-! 0*! %/2('+.*.! ./0! &'*<*Q*.1'! H|J"! $0!
2109/! ./! 5*'! /%! (-! 8/)81! 9'/>+%+<0/! 3! 9'/>+%+<0/! /'*! &*5<+`-! _(/! (-! 5*'+-/'1! 9(.+/'*! )*/'D!
)151!)*3,D!91'!/4/)&1!./!/%&/!2109/!./!5*'!3!./!0*!+-)0+-*)+,-!./0!<*')1!91'!(-!8(/)1!_(/D!./!
8*</'!&/-+.1!(-*%!.+5/-%+1-/%!+-4/'+1'/%D!-(-)*!%/!8(<+/'*!9'1.()+.1r!H]X"!M{J"
$0!g'+<(-*0!'/%10>+,D!/-!)1-&'*!./!01%!9'/)/./-&/%!Q(.+)+*0/%D!*!4*>1'!./!0*!)159/&/-)+*!./0!1'./-!
)+>+0K!
q=+-! .(.*! 0*! Q('+%.+))+,-! /%! (-! 9'/%(9(/%&1! 9'1)/%*0! *<%10(&1! 9*'*! /0! >C0+.1! ./%*''1001! ./! 0*!
'/0*)+,-! Q('6.+)1! 9'1)/%*0! 3! )151! &*0! ./! 1<0+2*.*! 1<%/'>*-)+*! 91'! %(! -*&('*0/7*! ./! 1'./-!
9[<0+)1! H|J"! ! =+-! /5<*'21D! 0*! *)/9&*)+,-! ./! 0*%! *-&/'+1'/%! )1-)0(%+1-/%D! -1! /%! %(4+)+/-&/! 9*'*!
)1-%+./'*'! _(/! 0*! )159/&/-)+*! Q('+%.+))+1-*0! %1<'/! 0*! 9'/&/-%+,-! /Q/')+&*.*! /-! /%&/! 9'1)/%1!
)1''/%91-./!*0!1'./-!%1)+*0!3!-/2*'!0*!0/2+&+5+.*.!./0!1'./-!Q('+%.+))+1-*0!)+>+0!9*'*!)1-1)/'!./!
108
(-!*%(-&1!_(/!%/!+-+)+*!)1-!0*!)1</'&('*!_(/!0/!9'191')+1-*<*!(-*!'/+&/'*.*!Q('+%9'(./-)+*!*0!
'/%9/)&1"!B1!)1-&'*'+1!)1-&'*.+)/!0*!5+%5*!/%/-)+*!./0!./'/)81!*!0*!&(&/0*!Q(.+)+*0!/4/)&+>*D!9(/%!
)1-&'*'+1!*!/%&*!&(&/0*!/%!_(/!*!9*'&+'!./!(-*!+-&/'9'/&*)+,-!91%&/'+1'!./!0*!-1'5*&+>*D!3!./%9(`%!
./!_(/!8*-!9*%*.1!5C%!./!.+/7!*:1%!./%./!_(/!%/!+-&/'9(%1!0*!./5*-.*D!%/!+-*.5+&*!*!&'C5+&/!
/-! 0*! Q('+%.+))+,-! /-! 0*! _(/! 8*<6*! %+.1! 90*-&/*.*D! 9*%*-.1! *<%10(&*5/-&/! 91'! *0&1! _(/! /%&/!
5+%51!g'+<(-*0D!/-!1)*%+1-/%!3D!9'/)+%*5/-&/!&'*%!91-./'*'!0*%!)+')(-%&*-)+*%!./0!)*%1D!*)(:,!
0*! .1)&'+-*! ./0! 9/'/2'+-*Q/! /-'*+7*-.1! 9'+-)+9+1%! 9'1)/%*0/%! )1-! 01%! )1-%&+&()+1-*05/-&/!
9'1&/2+.1%!m0*!&(&/0*!Q(.+)+*0!/4/)&+>*!%+-!+-./4/-%+,-D!3!0*!/>+&*)+,-!./!.+0*)+1-/%!+-./<+.*%mr"
?1-! 91%&/'+1'+.*.D! /0! g=! 8*! 5*-&/-+.1! /%&/! -(/>1! )'+&/'+1! /-! 0*! ]^]H/ 0_H/ #&/ 9/ #&/ =(<N./ #&/
2:0:/Va}A/030735WH//SOC//a,("/B"+."$./b$.-/A*.>"
$-! 0*! *)&(*0+.*.D! /0! *'&6)(01! R'&"! S"<J! K&F/ 36`2:00H/ #&/ 0:/ #&/ .%+,R<&H/ <&?,-(#.<(/ #&/ -(/
E,<$>#$%%$G"/>.%$(-H!'/2(0*!/d9'/%*5/-&/!0*!)(/%&+,-K!
{B<+*%,-./2;!y=R$+./#&-/.<#&"/E,<$>#$%%$."(-/>.%$(-;
B1%! ,'2*-1%! Q('+%.+))+1-*0/%! ./0! 1'./-! %1)+*0D! 91'! *90+)*)+,-! ./! 01! /%&*<0/)+.1! /-! /0!
*'&6)(01!*-&/'+1'D!)1-1)/'C-!./!0*%!)(/%&+1-/%!0+&+2+1%*%!_(/!%/!9'15(/>*-K
H|J!
<"! $-! '/0*)+,-! )1-! 0*%! *))+1-/%! _(/! 9(/.*-! /Q/')+&*'! 01%! &'*<*Q*.1'/%! 1! %(%!
)*(%*8*<+/-&/%! )1-&'*! /0! /59'/%*'+1! 1! )1-&'*! *_(`001%! *! _(+/-/%! %/! 0/%! *&'+<(3*! 0/2*0D!
)1->/-)+1-*0!1!)1-&'*)&(*05/-&/!'/%91-%*<+0+.*.D!91'!01%!.*:1%!1'+2+-*.1%!/-!/0!C5<+&1!
./! 0*! 9'/%&*)+,-! ./! %/'>+)+1%! 1! _(/! &/-2*-! %(! )*(%*! /-! *))+./-&/%! ./! &'*<*Q1! 1!
/-4/'5/.*./%! 9'14/%+1-*0/%D! +-)0(+.*! 0*! *))+,-! .+'/)&*! )1-&'*! 0*! *%/2('*.1'*! 3! %+-!
9/'Q(+)+1! ./! 0*! *))+,-! ./! '/9/&+)+,-! _(/! 9(.+/'*! )1''/%91-./'! *-&/! /0! 1'./-!
)159/&/-&/o"
B*! )(/%&+,-! ./! 0*! 9'/)0(%+,-! /%! )1-! 4'/)(/-)+*! 5(3! .+46)+0! ./! '/%10>/'! 91'! 5()81! _(/! 0*%!
.+%91%+)+1-/%!0/2*0/%!1!'/20*5/-&*'+*%!./!_(/!%/!&'*&/!0*!*<1'./-"!l-*!'*7,-!91'!0*!)(*0!/001!/%!
*%6!/%!_(/!)1-!4'/)(/-)+*!/0!*))+./-&/!%/!9'1.()/!*<%10(&*5/-&/!*0!5*'2/-!./!0*!'/0*)+,-!_(/!
5/.+*! /-&'/! 0*! >6)&+5*! 3! /0! )*(%*-&/! ./0! .*:1! 3! /%! 91'! &*-&1! *Q/-1! *! &1.*! '/0*)+,-! 0*<1'*0D!
4(-)+1-*'+*0! 1! ./! 9'/%&*)+,-! ./! %/'>+)+1%! _(/! 9(.+/'*! 5/.+*'! 1! 8(<+/'*! 91.+.1! 5/.+*'! /-&'/!
*5<1%"! $-&1-)/%D! (-*! <(/-*! +./*! '/)&1'*! /%! _(/! /-! 9'+-)+9+1! 0*! '/0*)+,-! /%9/)64+)*! _(/! (-/! *0!
)*(%*-&/!./0!.*:1!)1-!%(!>6)&+5*!-1!./Q*!*!0*!9'+5/'*!*0!5*'2/-!./!01%!./</'/%!./!9'/)*()+,-!
_(/! &+/-/! )1-! &1.1! /0! 5(-.1"! l-! <(/-! )*%1! /%! 0*! >&"+&"%$(/ #&-/ ^]H/ 3_H/ 3/ #&/ ".D$&=R<&/ #&/
2::8/VAa/5852WH//SOC/a.(d,*"/g,&-$"/S(<+*"&N/#&/h&-(>%.;/
R! 0*%! PPKMA! 8"! ./0! SN"PP"PNNOD! ;*&'+)+*D! )/0*.1'*! /-! /0! )/-&'1! ./! /%9/)+*0+.*./%! ./0! )1590/Q1!
81%9+&*0*'+1!q/'*0!?*0./r!HB(21JD!./9/-.+/-&/!./0!=/'>+)+1!F*00/21!./!=*0(.!Hq=$EFR=rJD!<*Q*<*!
/-!/0!*%)/-%1'!./!.+)81!)1590/Q1!)(*-.1D!./<+.1!*!(-!4*001!5/)C-+)1D!/0!*%)/-%1'!)*31!./%./!0*!
MÄ! 90*-&*D! )81)*-.1! )1-! /0! *51'&+2(*.1'! %+&(*.1! /-! /0! 41%1! ./0! %,&*-1! ./0! /.+4+)+1"! ?151!
)1-%/)(/-)+*! ./0! *))+./-&/D! ;*&'+)+*! %(4'+,! &'*(5*&+%51%! 5[0&+90/%! 3! 9'/)+%,! ./! *&/-)+,-!
9%+_(+C&'+)*!8*%&*!PNNU"!B*!=/-&/-)+*!./0!^(72*.1!./!01!=1)+*0!-{!P!./!B(21!HSN"P"PNNNJ!./)0*',!
_(/!0*%!%/)(/0*%!./'+>*.*%!./0!*))+./-&/!./!&'*<*Q1!91'!;*&'+)+*!/'*-!)1-%&+&(&+>*%!./!+->*0+./7!
9/'5*-/-&/!*<%10(&*!/-!2'*.1!./!2'*-!+->*0+./7!3!'/)1-1)+,!/0!./'/)81!./!`%&*!*!9/')+<+'!(-*!
9/-%+,-!5/-%(*0!./!P"@A@DU@!ê!)1-!(-!'/)*'21!./0!#Aã!91'!4*0&*!./!5/.+.*%!./!%/2('+.*."
109
;*&'+)+*! ./5*-.,! *0! q=$EFR=r! 3! *! 0*! (-&*! ./! F*0+)+*! 3! %10+)+&,! (-*! +-./5-+7*)+,-! ./!
P"AMP"PLPDS#!êD!_(/!0*!?1-%/00/'6*!./-/2,!91'!%+0/-)+1!*.5+-+%&'*&+>1"!$0!g=^!F*0+)+*!H=/))+,-!PÄD!
M"M"SAA@J! /%&+5,! /0! '/)('%1! )1-&/-)+1%1! *.5+-+%&'*&+>1! 3! )1-./-,! *! 0*%! *.5+-+%&'*)+1-/%!
)1./5*-.*.*%!*0!9*21!./!MAA"#AA!ê
$0!g=!./%/%&+5,!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!/0!q=$EFR=r!3!0*!(-&*!./!F*0+)+*"!$0!g=D!
&'*%!./%/%&+5*'!01%!*'2(5/-&1%!91'!01%!)(*0/%!0*!./5*-.*-&/!./</'6*!8*</'!00*5*.1!*0!9'1)/%1!
*! 0*! /59'/%*! 4*<'+)*-&/! ./0! *%)/-%1'! 3! 0*! /-)*'2*.*! ./! %(! 5*-&/-+5+/-&1D! *-*0+7,! /0! 51&+>1!
)/-&'*0!./0!'/)('%1D!*!%*</'D!%+!0*!/d+%&/-)+*!./!(-*!'/0*)+,-!./!/590/1!9[<0+)1!/-&'/!>6)&+5*!3!
R.5+-+%&'*)+,-! *-(0*<*! 0*! '/%91-%*<+0+.*.! 9*&'+51-+*0! ./! /%&*! [0&+5*"! $0! g=! '/%10>+,! _(/D! 91'!
5C%! _(/! /0! .*:1! %/! 8(<+/'*! 9'1.()+.1! /-! /0! ./%*''1001! ./! (-*! '/0*)+,-! ./! %/'>+)+1! 9[<0+)1D! /0!
*))+./-&/!_(/.*<*!4(/'*!./!01%!'+/%21%!+-8/'/-&/%!*0!/Q/')+)+1!./!%(!9'14/%+,-D!./!5*-/'*!_(/!0*!
0/%+,-!/'*!*-&+Q('6.+)*D!5Cd+5/!)(*-.1!0*!/590/*.*!-1!&(>1!0*!5C%!56-+5*!+-&/'>/-)+,-!/-!/0!
*))+./-&/!H]"!X"!#{J"
;1.'6*!00/2*'!*!41'5(0*'%/!0*!9'/2(-&*!%1<'/!/0!)+/''/!./0!%+%&/5*!/-!*_(/001%!)*%1%!/-!01%!)(*0/%!
0*!'/2(0*)+,-!)1''/%91-.+/-&/!0+%&*!0*%!)1-%/)(/-)+*%!./!./'/)81!*%1)+*.*%!*!%(!+-4'*))+,-!3!0*!
0+%&*! %/! )1-4+2('*! )1-! )'+&/'+1%! _(/! +-&/'9'/&*&+>*5/-&/! /%! '*71-*<0/! /-&/-./'! )151!
/d)0(3/-&/%!./!&1.*!9'/&/-%+,-!+-./5-+7*&1'+*!}91'!/Q/5901D!%+!/-!(-*!.+%91%+)+,-!./!0*!0/3!%/!
/%&*<0/)/! _(/! q=(%r! H(&+0+7*)+,-! ./0! *'&6)(01! ./&/'5+-*.1J! )1-%/)(/-)+*%! ./! %(! +-4'*))+,-! %1-!
%+/&/! _(/! /-(5/'*! *! )1-&+-(*)+,-! 3! 0*! [0&+5*! ./! /00*%! *9*'/)/! 9'/)/.+.*! ./! 0*! )1-Q(-)+,-!
)19(0*&+>*! qPr"! ?1-! 5*31'! '1&(-.+.*.! )(*-.1! /0! 0/2+%0*.1'! (&+0+7*! (-! *.>/'<+1! _(/! +-.+_(/!
/d)0(%+,-! Hq239),%'0(6"4-"R$ *$ y4'9(6"4-"J$ 1! +-)0(3*! (-*! %*0>/.*.! 2/-`'+)*! ./0! &+91! Hq/*4$
"39),%'^4$ 7"$ 9,()"%+,'"#($ *-#(%RJD! *(-_(/! -1! %/! /d90+)+&/! _(/! 0*! /d)0(%+,-! %/! '/4+/'/! *!
9'/&/-%+1-/%!+-./5-+7*&1'+*%!91'!'/%91-%*<+0+.*.!)+>+0"!
B*!4+-*0+.*.!./!0*!0/3!/d9'/%*.*!/-!%(!&/d&1D!5/Q1'!/-!%(!9*'&/!.+%91%+&+>*!_(/!/-!%(!9'/C5<(01!3!
5/Q1'! /-! /%&/! _(/! /-! 01%! 5*&/'+*0/%! 9'/9*'*&1'+1%D! 9(/./! +-.+)*'! +-.+)+*'+*5/-&/! _(/! /0!
0/2+%0*.1'!1!/0!'/2(0*.1'!9'/&/-.6*-!/4/)&+>*5/-&/!*<*')*'!./!5*-/'*!81512`-/*!3!)1590/&*!/0!
C5<+&1!5*&/'+*0!1<Q/&1!./!0*%!.+%91%+)+1-/%!/-!)(/%&+,-"!
R(-! /-! *(%/-)+*! ./! 01! *-&/'+1'D! 0*! /d)0(%+,-! ./! 9'/&/-%+1-/%! +-./5-+7*&1'+*%! 91'!
'/%91-%*<+0+.*.! )+>+0! 2/-/'*0! 9(/./! +-4/'+'%/! ./0! )*'C)&/'! 1<Q/&+>*5/-&/! )1590/&1! 3!
9'1<*<0/5/-&/! 15-+)159'/-%+>1! ./! 0*! '/2(0*)+,-! ./! _(/! %/! &'*&/"! ;/'1! /-! /%&1%! )*%1%! 3*! %/!
90*-&/*-! )(/%&+1-/%! +-&/'9'/&*&+>*%! %1<'/! &1.1! %+! 0*! 0/2+%0*)+,-! 4(/! .+)&*.*! <*%&*-&/! &+/591!
*&'C%!3!-1!8*!%+.1!51.+4+)*.*"!
n&'1%!)*%1%!./!'/4/'/-)+*!/-!$%9*:*!%/!8*-!90*-&/*.1!/-!./'/)81!)+>+0!/-!&1'-1!*!0*!'/2(0*)+,-!
./0!5*&'+51-+1!3!./!0*!>+.*!/-!9*'/Q*D!3!./!0*%!)*(%*%!./!%/9*'*)+,-!3!.+>1')+1!./!0*!9*'/Q*"!l-!
)'+&/'+1! '*71-*<0/! 9*'*! *<1'.*'! /%&*! &/5C&+)*! 9(/./! %/'! /0! ./! %+! /0! )1591'&*5+/-&1!
9'/%(-&*5/-&/! .*:+-1! 91'! )(3*! '/*0+7*)+,-! %/! 9+./! (-*! +-./5-+7*)+,-! .*'6*! 0(2*'! *! 0*!
9'/&/-%+,-!+-)0(%1!%+!0*%!9*'&/%!-(-)*!8(<+/'*-!)1-&'*6.1!5*&'+51-+1!1!-1!8(<+/'*-!5*-&/-+.1!
(-*! '/0*)+,-! %/5/Q*-&/"! R%6D! 0*! '/2(0*)+,-! /%9/)64+)*! ./0! 5*&'+51-+1! 3! /0! .+>1')+1! -1! /%&C! /-!
-+-2[-! )*%1! 9/-%*.*! 9*'*! )(<'+'! 0*%! )1-%/)(/-)+*%! 9*&'+51-+*0/%! ./! *)&1%! 91'! 01%! )(*0/%! 8*3!
_(/! '/%91-./'! /-! 9'C)&+)*5/-&/! )(*0_(+/'! )+')(-%&*-)+*! ./! 0*! >+.*D! %*0>1! _(/! 5/.+/!
)1-%/-&+5+/-&1! ./0! *4/)&*.1"! $001! /%! 9*'&+)(0*'5/-&/! *%6! /-! /0! )*%1! ./! 01%! .*:1%! 9/'%1-*0/%D!
9/'1!&*5<+`-!/-!/0!)*%1!./!01%!.*:1%!*!0*!9'19+/.*."!
110
I->/'%*5/-&/D!01%!.*:1%!9('*5/-&/!/)1-,5+)1%!%/!'/%+./-)+*-!9'/4/'+<0/5/-&/!/-!./'/)81!./!
)1-&'*&1%!3!-1!/-!'/%91-%*<+0+.*.!)+>+0"!b*3D!*0!5/-1%!/596'+)*5/-&/D!(-!9'+-)+9+1!./!'/%/'>*!
./0!)1-&'*&1!9*'*!0*!)(/%&+,-!./!0*!+-./5-+7*<+0+.*.!./!01%!.*:1%!9('*5/-&/!/)1-,5+)1%!H>`*%/!
/0!)*96&(01!PAJ"!
B*%! 0+5+&*)+1-/%D! 5C%! _(/! 0*%! /d)0(%+1-/%! ./! '/%91-%*<+0+.*.D! %1-! )15(-/%! /-! /0! ./'/)81! ./!
&'*-%91'&/D! &/''/%&'/D! *`'/1! 3! 5*'6&+51D! 9/'1! )1->+/-/! 91-/'! ./! 5*-+4+/%&1! _(/! %/! &'*&*! ./!
0+5+&*)+,-!./!0*!'/%91-%*<+0+.*.!)1-&'*)&(*0"!
;'C)&+)*5/-&/! ./%./! 1&'1! /d&'/51! ./0! 1'./-*5+/-&1! Q('6.+)1! /%! )0C%+)*! /-! -(/%&'*!
Q('+%9'(./-)+*! 3! .1)&'+-*! 0*! )(/%&+,-! %1<'/! 0*! '/%91-%*<+0+.*.! ./0! $%&*.1! 0/2+%0*.1'! 3D!
)1-)'/&*5/-&/D! %+! /0! $%&*.1! 8*! ./! '/%91-./'! 91'! 01%! .*:1%! )*(%*.1%! 91'! (-*! 0/3! 41'5*0! 1!
5*&/'+*0!3D!/-!)*%1!*4+'5*&+>1D!)1-!_(`!)1-.+)+1-/%!1!/-!_(`!)+')(-%&*-)+*%!H$.(*'.1!FRE?ÅR!X$!
$Gg$EEÅRD! =($ #"%!*4%(D')'7(7$ !(-#'6*4'()$ 7")$ "%-(7*$ )"@'%)(7*#$ "4$ 7"#"9E*$ "%!(_*)D! SÄ! /."D!
g815%1-! ?+>+&*%D! ?+7('! V/-1'D! SAALa! ^1*_(6-! X$! ]l$Gg$=! \REXR^Å! HX+'"JD! a(4,()$ 7"$
#"%!*4%(D')'7(7$!sD)'9(S!SÄ!/."D!V+-+%&/'+1!./!^(%&+)+*D!R'*-7*.+D!?+7('!V/-1'D!SAPAD!99"!OUL!3!%%"a!
c+)/-&/! FREEIXn! VRZnBD! =($ B"%!*4%(D')'7(7$ !(-#'6*4'()$ 7")$ "%-(7*L$ "%!"9'()$ #"H"#"49'($ ($ )($
#"%!*4%(D')'7(7$7")$"%-(7*$)"@'%)(7*#D!g+'*-&!01!\0*-)8D!c*0/-)+*D!SAA@J"
3J&C/2&$12-&)#^8$%8"/
B1%! &'+<(-*0/%! /%9*:10/%! 8*-! '/)+<+.1! 0*! .1)&'+-*! ./-15+-*.*! QB"%$ '!%($ )*+,'-,#R! yq0*%! )1%*%!
8*<0*-! 91'! %6! 5+%5*%rmD! /-! )(3*! >+'&(.! %+! /0! *))+./-&/! 8*! &/-+.1! 0(2*'! /-! )+')(-%&*-)+*%! &*0/%!
_(/D! -1'5*05/-&/! 3! *! 1Q1%! ./! (-! 1<%/'>*.1'! '*71-*<0/D! *))+./-&/%! ./! 6-.10/! %+5+0*'! 1)(''/-!
9'/)+%*5/-&/!91'!-/20+2/-)+*!./0!./5*-.*.1D!/-&1-)/%!0*!/d+%&/-)+*!./!/%&*![0&+5*!%/!9'/%(5/!
%*0>1!9'(/<*!/-!)1-&'*'+1"!$%&*!.1)&'+-*!/%!)15[-!813!/-!$('19*!3!*%6D!91'!/Q/5901D!0*!*90+)*-!
'/2(0*'5/-&/! 01%! &'+<(-*0/%! *0/5*-/%! HC4%9E"'4%D">"'%%J! 3! 01%! 4'*-)/%/%! HI(,-"$ r'#-,"))"J"! =/!
&'*&*! *%6! ./! )1-.()&*%! _(/! -1'5*05/-&/! %1-! .*:+-*%! %101! 91'_(/! %1-! -/20+2/-&/%D! 9(/%! /-!
*(%/-)+*!./!)(09*!/0!.*:1!-1!&+/-/!0(2*'"!B*!.1)&'+-*!/-)(/-&'*!%(!!5*31'!.+4+)(0&*.!/-!*_(/001%!
)*%1%D! _(/! %1-! 0/2+,-D! /-! 01%! )(*0/%! *! 0*! 9'/%(5+<0/! -/20+2/-)+*! ./0! ./5*-.*.1! %/! %(5*! 0*!
9'/%(-&*!-/20+2/-)+*!./0!./5*-.*-&/"
$-!/0!/*66*4$=(>$-1'&/*5/'+)*-1!&'/%!)*%1%!./!'/4/'/-)+*!%1-!01%!%+2(+/-&/%K!
$-! ]0"./& (J& ]#-5)// s059/ P"?;/ A&);/ 299/ VPi;/ 0863Wu! /0! ./5*-.*-&/! 8*<6*! '/%(0&*.1! 8/'+.1!
)(*-.1!(-!<*''+0!./!8*'+-*!)*3,!./!(-*!>/-&*-*!./0!/.+4+)+1!./0!./5*-.*.1!3!/0!Q(/7!;1001)k!-1!
&(>1!5()8*!.+4+)(0&*.!/-!)1-)0(+'!_(/!/%&*%!)1%*%!%101!9(/./-!1)(''+'!%+!/0!./5*-.*.1!8*!%+.1!
-/20+2/-&/"!!
};0*+-&+44w%! )1590*+-&! %&*&/.! &8*&! 8/! i*%! 9*%%+-2! *01-2! &8/! 8+28i*3! +-! 4'1-&! 14! ./4/-.*-&w%!
9'/5+%/%! i8/-! 8/! i*%! %&'()k! *-.! <*.03! 8('&! <3! *! <*''/0! 14! 401('! &8*&! i*%! *99*'/-&03! </+-2!
01i/'/.!4'15!*!i+-.1i!*<1>/D!i8+)8!i*%!1-!&8/!9'/5+%/%!14!&8/!./4/-.*-&D!*!./*0/'!+-!401('"!
=/>/'*0!i+&-/%%/%!&/%&+4+/.!&8*&!&8/3!%*i!&8/!<*''/0!4*00!*-.!8+&!90*+-&+44"!g8/!./4/-.*-&!)0*+5/.!
q&8*&! &8/'/! i*%! -1! />+./-)/! 14! -/20+2/-)/! 41'! &8/! Q('3r"! g8/! &'+*0! )1('&D! *2'//+-2D! -1-%(+&/.!
111
90*+-&+44!*4&/'!&8/!Q('3!8*.!*%%/%%/.!&8/!.*5*2/%!*&!°#A"!n-!*99/*0!+-!&8/!?1('&!14!$d)8/_(/'D!
&8/! 90*+-&+44! *'2(/.! &8*&! &8/! />+./-)/! i*%! %(44+)+/-&! &1! %(991'&! *! >/'.+)&! +-! 8+%! 4*>1'"! I-!
'/%91-%/D! &8/! ./4/-.*-&w%! 0*i3/'! *'2(/.! &8*&! +&! i*%! )1-%+%&/-&! i+&8! &8/! />+./-)/! &8*&! &8/!
9(')8*%/'!14!&8/!401('!1'!%15/!)1590/&/!%&'*-2/'!i*%!%(9/'>+%+-2!&8/!01i/'+-2!14!&8/!<*''/0!14!
401('!*-.!&8*&!+&%!4*00!i*%!-1&!*&&'+<(&*<0/!+-!*-3!i*3!&1!./4/-.*-&!1'!8+%!%/'>*-&%"!
;nBBn?sD! ?"\"! x/! *'/! *00! 14! 19+-+1-! &8*&! &8/! '(0/! 5(%&! </! *<%10(&/! &1! /-&/'! &8/! >/'.+)&! 41'! &8/!
90*+-&+44"! g8/! 0/*'-/.! )1(-%/0! i*%! _(+&/! '+28&! +-! %*3+-2! &8*&! &8/'/! *'/! 5*-3! *))+./-&%! 4'15!
i8+)8!-1!9'/%(59&+1-!14!-/20+2/-)/!)*-!*'+%/D!<(&!I!&8+-k!+&!i1(0.!</!i'1-2!&1!0*3!.1i-!*%!*!
'(0/!&8*&!+-!-1!)*%/!)*-!9'/%(59&+1-!14!-/20+2/-)/!*'+%/!4'15!&8/!4*)&!14!*-!*))+./-&"!=(991%/!+-!
&8+%! )*%/! &8/! <*''/0! 8*.! '100/.! 1(&! 14! &8/! i*'/81(%/! *-.! 4*00/-! 1-! &8/! 90*+-&+44D! 81i! )1(0.! 8/!
91%%+<03!*%)/'&*+-!4'15!i8*&!)*(%/!+&!1))(''/.f!I&!+%!&8/!.(&3!14!9/'%1-%!i81!k//9!<*''/0%!+-!*!
i*'/81(%/!&1!&*k/!)*'/!&8*&!&8/3!.1!-1&!'100!1(&D!*-.!I!&8+-k!&8*&!%()8!*!)*%/!i1(0.D!</31-.!*00!
.1(<&D! *441'.! 9'+5*! 4*)+/! />+./-)/! 14! -/20+2/-)/"! R! <*''/0! )1(0.! -1&! '100! 1(&! 14! *! i*'/81(%/!
i+&81(&!%15/!-/20+2/-)/D!*-.!&1!%*3!&8*&!*!90*+-&+44!i81!+%!+-Q('/.!<3!+&!5(%&!)*00!i+&-/%%/%!4'15!
&8/!i*'/81(%/!&1!9'1>/!-/20+2/-)/!%//5%!&1!5/!9'/91%&/'1(%"!=1!+-!&8/!<(+0.+-2!1'!'/9*+'+-2!*!
81(%/D! 1'! 9(&&+-2! 91&%! 1-! &8/! )8+5-/3%D! +4! *! 9/'%1-! 9*%%+-2! *01-2! &8/! '1*.! +%! +-Q('/.! <3!
%15/&8+-2! 4*00+-2! (91-! 8+5D! I! &8+-k! &8/! *))+./-&! *01-/! i1(0.! </! 9'+5*! 4*)+/! />+./-)/! 14!
-/20+2/-)/"!n'!+4!*-!*'&+)0/!)*0)(0*&/.!&1!)*(%/!.*5*2/!+%!9(&!+-!*!i'1-2!90*)/!*-.!.1/%!5+%)8+/4D!
I!&8+-k!&8*&!&81%/!i81%/!.(&3!+&!i*%!&1!9(&!+&!+-!&8/!'+28&!90*)/!*'/!9'+5*!4*)+/!'/%91-%+<0/D!*-.!+4!
&8/'/! +%! *-3! %&*&/! 14! 4*)&%! &1! '/<(&! &8/! 9'/%(59&+1-! 14! -/20+2/-)/D! &8/3! 5(%&! 9'1>/! &8/5"! g8/!
9'/%/-&! )*%/! (91-! &8/! />+./-)/! )15/%! &1! &8+%D! *! 5*-! +%! 9*%%+-2! +-! 4'1-&! 14! &8/! 9'/5+%/%! 14! *!
./*0/'!+-!401('D!*-.!&8/'/!4*00%!.1i-!(91-!8+5!*!<*''/0!14!401('"!I!&8+-k!+&!*99*'/-&!&8*&!&8/!<*''/0!
i*%!+-!&8/!)(%&1.3!14!&8/!./4/-.*-&!i81!1))(9+/.!&8/!9'/5+%/%D!*-.!i81!+%!'/%91-%+<0/!41'!&8/!
*)&%!14!8+%!%/'>*-&%!i81!8*.!&8/!)1-&'10!14!+&a!*-.!+-!53!19+-+1-!&8/!4*)&!14!+&%!4*00+-2!+%!9'+5*!
4*)+/!/>+./-)/!14!-/20+2/-)/D!*-.!&8/!90*+-&+44!i81!i*%!+-Q('/.!<3!+&!+%!-1&!<1(-.!&1!%8/i!&8*&!+&!
)1(0.!-1&!4*00!i+&81(&!-/20+2/-)/D!<(&!+4!&8/'/!*'/!*-3!4*)&%!+-)1-%+%&/-&!i+&8!-/20+2/-)/!+&!+%!41'!
&8/!./4/-.*-&!&1!9'1>/!&8/5"!}^(.25/-&!*44+'5/.~"!
!
?8'+%! FlgbEI$D! ^/44'/3! ^"! ER?bBIG=sI! 3! R-.'/i! ^"! xI=gEI?b! HA4%'7"$ -E"$ w,7'9'()$ a'47$ UO! ?1'-/00! B"!
E/>"! LLLD! UAUmUAN! HSAAPJJD! /-)(/%&*'1-! *! (-! -[5/'1! /0/>*.1! ./! Q(/)/%! 4/./'*0/%!
/%&*.1(-+./-%/%! %1<'/! (-! )*%1! 51./0*.1! *! 9*'&+'! ./! O&#4"$ 0G$ O*(7)"$ 3! 9'/2(-&*'1-! %1<'/! %(!
/%&+5*)+,-! ./! 0*! 9'1<*<+0+.*.! ./! _(/! /0! <*''+0! 8(<+/'*! )*6.1! 91'! -/20+2/-)+*! /-! %(!
*%/2('*5+/-&1! 91'! 0*! /590/*.1'*! ./0! ./5*-.*.1K! 0*! 41'5(0*)+,-! ./0! )*%1! /'*! 0*! 5+%5*! 9*'*!
&1.1%! 01%! /-)(/%&*.1%D! 9/'1! %(%! '/%9(/%&*%! 1%)+0*<*-! %*0>*Q/5/-&/"! V/-1%! ./0! #Aã! ./! 0*%!
'/%9(/%&*%! )1+-)+.+/'1-! )1-! 0*! *9'/)+*)+,-! /%&*.6%&+)*! ./! 0*! 9'1<*<+0+.*.! _(/! '/%(0&*<*! ./! 01%!
.*&1%!./0!51./01"!!
$-! '#)4/.-"/2& a$(-2& (J& 68.& \))$-.7/& B.28"-.7/& '#J/ s8:7/ c;2#/ 00:2/ V0>+/ '$<;/ 0986Wu! 01%!
./5*-.*-&/%! 8*<6*-! %(4'+.1! .*:1%! 91'_(/! 0*! <*'*-.+00*! ./! 0*! /%)*0/'*! 5/)C-+)*! 91'! 0*! _(/!
/%&*<*! %(<+/-.1! %/! ./&(>1! ./! 2109/! 9/'1! 01%! /%)*01-/%! %+2(+/'1-! )151! %+! &*0! )1%*"! $0! )*%1!!
+-&/'/%*!91'_(/!/0!g'+<(-*0!./!;(/'&1!E+)1!_(/!01!'/%10>+,!'/%(5+,!9*'*!/0!9[<0+)1!0*!.1)&'+-*"!
\nxG$=D!?+')(+&!^(.2/"
R99/00*-&%!*'/!90*+-&+44%!+-!*!.+>/'%+&3!*)&+1-!&1!'/)1>/'!.*5*2/%!41'!+-Q('+/%!&8/3!%(44/'/.!+-!*-!
*))+./-&! i8+0/! '+.+-2! *-! /%)*0*&1'"! R4&/'! &8/! 9*'&+/%! 8*.! 9'/%/-&/.! &8/+'! />+./-)/D! &8/!
./4/-.*-&%! 51>/.! 41'! *-.! i/'/! 2'*-&/.! *! .+'/)&/.! >/'.+)&"! g8/! )1('&! 8/0.! &8*&! &8/'/! i*%! -1!
112
/>+./-)/! 14! -/20+2/-)/! *-.! &8*&! &8/! .1)&'+-/! 14! '/%! +9%*! 01_(+&('D! i8+)8! i1(0.! '*+%/! *!
9'/%(59&+1-!14!-/20+2/-)/D!.+.!-1&!*9903"!x/!'/>/'%/!&8/!.+'/)&/.!>/'.+)&!*-.!'/5*-.!&8/!)*%/!
&1!&8/!.+%&'+)&!)1('&!</)*(%/!i/!810.!&8*&!'/%!+9%*!01_(+&('!.1/%!*9903"
I"!\R?sFEnlGX
n-! ]/<'(*'3! PSD! PNU@D! ^1%/! X15+-21! ?105/-*'/%! c+>*%! *-.! 8+%! i+4/D! X+0+*! R''/*7*! ./!
?105/-*'/%D!*''+>/.!*&!&8/!B(+%!V(:17!V*'+-!I-&/'-*&+1-*0!R+'91'&!+-!;(/'&1!E+)1"!g8/3!&11k!*-!
/%)*0*&1'! 1-! &8/+'! i*3! &1! &8/! I55+2'*&+1-! *-.! ?(%&15%! )8/)k91+-&! 1-! &8/! %/)1-.! 0/>/0"! V'%"!
?105/-*'/%! i*%! '+.+-2! &8/! /%)*0*&1'! 1-! &8/! '+28&m8*-.! %+./D! 810.+-2! &8/! 51>+-2! 8*-.'*+0D! 1-/!
%&/9!*8/*.!14!8/'!8(%<*-."!x8/-!&8/!)1(90/!i*%!*<1(&!8*04i*3!(9!&8/!/%)*0*&1'D!&8/!8*-.'*+0!
%&199/.! 51>+-2D! <(&! &8/! %&/9%! )1-&+-(/.! &8/! *%)/-&D! )*(%+-2! V'%"! ?105/-*'/%! &1! 01%/! 8/'!
<*0*-)/"!b/'!8(%<*-.!2'*<</.!8/'!4'15!</8+-.!i+&8!<1&8!8*-.%!*-.!9'/>/-&/.!8/'!4'15!4*00+-2D!
<(&!+-!.1+-2!%1D!8/!01%&!8+%!<*0*-)/!*-.!&(5<0/.!.1i-!&8/!%&*+'%"!V'"!*-.!V'%"!?105/-*'/%!4+0/.!*!
.+'/)&!*)&+1-!*2*+-%&!&8/!=(-!R00+*-)/!I-%('*-)/!?159*-3D!i81!+%!&8/!0+*<+0+&3!+-%('*-)/!)*''+/'!
41'! &8/! *+'91'&w%! 1i-/'! *-.! 19/'*&1'D! &8/! ;(/'&1! E+)1! ;1'&%! R(&81'+&3"! =(-! R00+*-)/! <'1(28&! *!
&8+'.m9*'&3! )1-&'*)&(*0! *)&+1-! *2*+-%&! x/%&+-281(%/! $0/)&'+)! ?1'91'*&+1-! <*%/.! 1-! *!
5*+-&/-*-)/! )1-&'*)&! &8*&! '/_(+'/.! x/%&+-281(%/! &1! +-%9/)&D! 5*+-&*+-D! *.Q(%&D! '/9*+'D! *-.!
'/90*)/! 9*'&%! *%! -//./.! 41'! &8/! /%)*0*&1'! *-.! 8*-.'*+0%D! *-.! &1! k//9! &8/! /%)*0*&1'! +-! *! %*4/!
19/'*&+-2!)1-.+&+1-"!H|J
g8/!&'+*0!i*%!)1-.()&/.!1-!^*-(*'3!MA!*-.!MPD!PNUO"!H|J!R4&/'!8/*'+-2!&8/!9*'&+/%w!*'2(5/-&%D!
&8/!)1('&!'(0/.!&8*&!&8/'/!i*%!-1!/>+./-)/!&8*&!&8/!;1'&%!R(&81'+&3!8*.!<//-!-/20+2/-&D!*-.!&8*&!
&8/! )*%/! )1(0.! -1&! 21! &1! &8/! Q('3! <*%/.! 1-! '/%! +9%*! 01_(+&('! </)*(%/! *&! 0/*%&! 1-/! 14! &8/!
'/_(+'/5/-&%! 41'! +&%! *990+)*&+1-! m&8*&! &8/! +-Q('3m)*(%+-2! +-%&'(5/-&*0+&3! i*%! i+&8+-! &8/!
/d)0(%+>/!)1-&'10!14!&8/!./4/-.*-&m!i*%!-1&!5/&!H|J"
II"!E$=!I;=R!BnplIglE
l-./'!;(/'&1!E+)1!0*iD!&8'//!'/_(+'/5/-&%!5(%&!</!5/&!41'!'/%!+9%*!01_(+&('D!Hq&8/!&8+-2!%9/*k%!
41'!+&%/04rJD!&1!*9903K!qHPJ!&8/!*))+./-&!5(%&!</!14!*!k+-.!i8+)8!1'.+-*'+03!.1/%!-1&!1))('!+-!&8/!
*<%/-)/!14!%15/1-/w%!-/20+2/-)/a!HSJ!+&!5(%&!</!)*(%/.!<3!*-!*2/-)3!1'!+-%&'(5/-&*0+&3!i+&8+-!
&8/!/d)0(%+>/!)1-&'10!14!./4/-.*-&a!}*-.~!HMJ!+&!5(%&!-1&!</!.(/!&1!*-3!>10(-&*'3!*)&+1-!1-!&8/!
9*'&!14!90*+-&+44"r!?155(-+&3!;*'&-/'%8+9!>"!;'/%<3&/'+*-!b1%9+&*0"!I4!*00!&8'//!'/_(+'/5/-&%!*'/!
5/&D!&8/!Q('3!5*3!+-4/'!&8*&!&8/!./4/-.*-&!i*%!-/20+2/-&!/>/-!&81(28!&8/'/!+%!-1!.+'/)&!/>+./-)/!
&1!&8*&!/44/)&"!H|J
R"!g8/!]+'%&!E/_(+'/5/-&K!I-4/'/-)/!14!G/20+2/-)/
g8/!4+'%&!'/_(+'/5/-&!&8*&!5(%&!</!5/&!41'!'/%!+9%*!01_(+&('!&1!*9903!+%!&8*&!q&8/!*))+./-&!5(%&!
</! %()8! &8*&! +-! &8/! 0+28&! 14! 1'.+-*'3! /d9/'+/-)/! +&! 2+>/%! '+%/! &1! *-! +-4/'/-)/! &8*&! %15/1-/! 8*%!
<//-!-/20+2/-&r"!x/!810.!&8*&!&8+%!'/_(+'/5/-&!i*%!5/&!</)*(%/!*-!/%)*0*&1'!8*-.'*+0!9'1<*<03!
i1(0.! -1&! %&19! %(../-03! i8+0/! &8/! /%)*0*&1'! )1-&+-(/%! 51>+-2! (-0/%%! %15/1-/! 8*.! <//-!
-/20+2/-&"
g8+%!'/_(+'/5/-&!i1(0.!-1&!</!5/&!+4!*99/00*-&%!8*.!%81i-!-1&8+-2!51'/!&8*-!&8*&!&8/3!8*.!
<//-! +-Q('/.! 1-! &8/! /%)*0*&1'D! </)*(%/! <*%/.! 1-! &8+%! 4*)&! *01-/! +&! i1(0.! -1&! </! 0+k/03! &8*&!
113
%15/1-/!1&8/'!&8*-!&8/!*99/00*-&%!8*.!<//-!-/20+2/-&"!H|J"!b/'/D!+&!i*%!-1&!.+%9(&/.!&8*&!&8/!
8*-.'*+0!5*04(-)&+1-/.!*-.!%&199/.!%(../-03D!*-!/>/-&!&8*&!41'/%//*<03!)1(0.!)*(%/!'+./'%!&1!
01%/! &8/+'! <*0*-)/! *-.! 2/&! +-Q('/."! g8(%D! &8/! />+./-)/! 2*>/! '+%/! &1! *-! +-4/'/-)/! &8*&! %15/1-/!
9'1<*<03! 8*.! <//-! -/20+2/-&! +-! 19/'*&+-2! 1'! 5*+-&*+-+-2! &8/! /%)*0*&1'D! *-.! &8/! 4+'%&!
'/_(+'/5/-&!41'!&8/!*990+)*&+1-!14!'/%!+9%*!01_(+&('!i*%!5/&"
\"!g8/!=/)1-.!E/_(+'/5/-&K!$d)0(%+>/!?1-&'10
g8/!%/)1-.!'/_(+'/5/-&!41'!'/%!+9%*!01_(+&('!&1!*9903!+%!&8*&!&8/!+-Q('3m)*(%+-2!+-%&'(5/-&*0+&3!
m+-!&8+%!)*%/D!&8/!/%)*0*&1'm!5(%&!8*>/!<//-!i+&8+-!&8/!/d)0(%+>/!)1-&'10!14!&8/!./4/-.*-&"!g8/!
.+%&'+)&! )1('&! 41(-.! &8*&! &8+%! '/_(+%+&/! i*%! -1&! 5/&D! ./%9+&/! &8/! 9*'&+/%w! %&+9(0*&+1-! &8*&! q&8/!
/%)*0*&1'!+-!_(/%&+1-!+%!9'19/'&3!14!*-.!+%!(-./'!&8/!)1-&'10!14!&8/!;(/'&1!E+)1!;1'&%!R(&81'+&3"r!
x/! *2'//! &8*&! &8+%! %&+9(0*&+1-! i*%! -1&! <3! +&%/04! /-1(28! &1! %*&+%43! &8/! '/%! +9%*! 01_(+&('!
'/_(+'/5/-&"! I&! .+.! -1&! /d)0(./! &8/! 91%%+<+0+&3! &8*&! %15/1-/! /0%/! *0%1! 8*.! )1-&'10! 1>/'! &8/!
/%)*0*&1'a! +-.//.D! &8/! %&+9(0*&+1-! %*+.! &8*&! x/%&+-281(%/! 5*+-&*+-/.! &8/! /%)*0*&1'"! x/! 810.D!
81i/>/'D! &8*&! &8/! ;1'&%! R(&81'+&3! /44/)&+>/03! 8*.! /d)0(%+>/! )1-&'10! 1>/'! &8/! /%)*0*&1'! </)*(%/!
&8/! *(&81'+&3! +-! )1-&'10! 14! *! 9(<0+)! *'/*! 8*%! *! -1-./0/2*<0/! .(&3! &1! 5*+-&*+-! +&%! 4*)+0+&+/%! +-! *!
%*4/!)1-.+&+1-"
]/i! )1('&%! 8*>/! '/_(+'/.! &8*&! )1-&'10! 0+&/'*003! </! q/d)0(%+>/"r! H|Jg8/! /d)0(%+>/! )1-&'10!
'/_(+'/5/-&D!&8/-D!%81(0.!-1&!</!%1!-*''1i03!)1-%&'(/.!*%!&1!&*k/!4'15!&8/!Q('3!&8/!*<+0+&3!&1!
+-4/'!&8*&!*!./4/-.*-&!i*%!-/20+2/-&!i8/-!&8/!./4/-.*-&!i*%!'/%91-%+<0/!41'!&8/!+-Q('3m)*(%+-2!
+-%&'(5/-&*0+&3D! />/-! +4! %15/1-/! /0%/! 5+28&! *0%1! 8*>/! <//-! '/%91-%+<0/"! g8/! 9('91%/! 14! &8/!
'/_(+'/5/-&!+%!-1&!&1!'/%&'+)&!&8/!*990+)*&+1-!14!&8/!'/%!+9%*!01_(+&('!+-4/'/-)/!&1!)*%/%!+-!i8+)8!
&8/'/! +%! 1-03! 1-/! *)&1'! i81! ./*0&! i+&8! &8/! +-%&'(5/-&*0+&3D! <(&! '*&8/'! q&1! /0+5+-*&/! &8/!
91%%+<+0+&3!&8*&!&8/!*))+./-&!i*%!)*(%/.!<3!*!&8+'.!9*'&3"r!H|J!I&!+%!-1&!-/)/%%*'3D!&8/'/41'/D!41'!
&8/! ./4/-.*-&! &1! 8*>/! 8*.! *)&(*0! 983%+)*0! )1-&'10a! +&! +%! /-1(28! &8*&! &8/! ./4/-.*-&D! *-.! -1&! *!
&8+'.! 9*'&3D! i*%! (0&+5*&/03! '/%91-%+<0/! 41'! &8/! +-%&'(5/-&*0+&3"! g8(%D! '/%! +9%*! 01_(+&('! *990+/%!
/>/-!+4!&8/!./4/-.*-&!%8*'/%!'/%91-%+<+0+&3!i+&8!*-1&8/'D!1'!+4!&8/!./4/-.*-&!+%!'/%91-%+<0/!41'!
&8/!+-%&'(5/-&*0+&3!/>/-!&81(28!%15/1-/!/0%/!8*.!983%+)*0!)1-&'10!1>/'!+&"!H|J!I&!41001i%!&8*&!*!
./4/-.*-&! )8*'2/.! i+&8! *! -1-./0/2*<0/! .(&3! 14! )*'/! &1! 5*+-&*+-! *-! +-%&'(5/-&*0+&3! +-! *! %*4/!
)1-.+&+1-!/44/)&+>/03!8*%!/d)0(%+>/!)1-&'10!1>/'!+&!41'!&8/!9('91%/%!14!*9903+-2!'/%!+9%*!01_(+&('"!
H|J!l-0/%%!&8/!.(&3!+%!./0/2*<0/D!&8/!'/%!+9%*!01_(+&('!+-4/'/-)/!+%!-1&!./4/*&/.!+4!&8/!./4/-.*-&!
8*.! %8+4&/.! 983%+)*0! )1-&'10! &1! *-! *2/-&! 1'! )1-&'*)&/.! i+&8! *-1&8/'! &1! )*''3! 1(&! +&%!
'/%91-%+<+0+&+/%"
x/!810.!&8*&!&8/!;1'&%!R(&81'+&3!)1(0.!-1&!./0/2*&/!+&%!.(&3!&1!5*+-&*+-!%*4/!/%)*0*&1'%"!g8/'/!
*'/! -1! %/&! )'+&/'+*! 41'! ./&/'5+-+-2! i8/&8/'! *! .(&3! +%! -1-m./0/2*<0/a! &8/! )'+&+)*0! _(/%&+1-! +%!
i8/&8/'!&8/!'/%91-%+<+0+&3!+%!%1!+591'&*-&!&1!&8/!)155(-+&3!&8*&!+&!%81(0.!-1&!</!&'*-%4/''/.!&1!
*-1&8/'! H|J"! g8/! ;1'&%! R(&81'+&3! i*%! )8*'2/.! i+&8! %()8! *! '/%91-%+<+0+&3"! I&! i*%! )'/*&/.! 41'! *!
9(<0+)!9('91%/D!i8+)8!+-)0(./.!&8/!19/'*&+1-!*-.!5*-*2/5/-&!14!&8/!*+'91'&"H"""J!R!)1-)15+&*-&!
14!&8+%!*(&81'+&3!+%!&8/!.(&3!&1!k//9!&8/!4*)+0+&+/%!+&!19/'*&/%!+-!*!'/*%1-*<03!%*4/!)1-.+&+1-"!g8/!
9(<0+)!+%!/-&+&0/.!&1!'/03!1-!&8/!;1'&%!R(&81'+&3!m-1&!+&%!*2/-&%!1'!)1-&'*)&1'%m!&1!%//!&8*&!&8+%!+%!
.1-/"!
?"!g8/!g8+'.!E/_(+'/5/-&K!g8/!;0*+-&+44%w!R)&+1-%
114
g8/!&8+'.!'/_(+'/5/-&!&8*&!5(%&!</!5/&!41'!'/%!+9%*!01_(+&('!&1!*9903!+%!&8*&!&8/!*))+./-&!5(%&!
-1&! 8*>/! <//-! .(/! &1! &8/! 90*+-&+44w%! >10(-&*'3! *)&+1-%"! g8/! .+%&'+)&! )1('&! 41(-.D! *-.! i/! *2'//D!
&8*&!&8/'/!i*%!-1!/>+./-)/!&8*&!V'"!*-.!V'%"!?105/-*'/%!)*(%/.!&8/!*))+./-&"!I-.//.D!&8/'/!+%!
-1! +-.+)*&+1-! &8*&! &8/3! .+.! *-3&8+-2! 1&8/'! &8*-! *&&/59&! &1! '+./! &8/! /%)*0*&1'! +-! &8/! 1'.+-*'3!
5*--/'"!g8/'/41'/D!i/!810.!&8*&!*00!&8'//!'/_(+'/5/-&%!i/'/!5/&!*-.!&8*&!&8/!Q('3!%81(0.!8*>/!
<//-! *001i/.! &1! )1-%+./'! i8/&8/'! &8/! ;1'&%! R(&81'+&3! i*%! 0+*<0/! <*%/.! 1-! &8/! 9/'5+%%+<0/!
+-4/'/-)/!14!-/20+2/-)/!'*+%/.!<3!&8/!*990+)*&+1-!14!'/%!+9%*!01_(+&('!H"""J"
gnEEl$BBRD!?+')(+&!^(.2/!.+%%/-&+-2"!I!5(%&!'/2'/&4(003!.+%%/-&"!H|J!I-!53!>+/iD!%10/03!</)*(%/!
&8/!8*-.'*+0!%&199/.!*-.!V'%"!?105/-*'/%!4/00D!i+&81(&!4('&8/'!/>+./-)/!*%!&1!i83!1'!81i!&8/!
8*-.'*+0!5*04(-)&+1-/.D!.1/%!-1&!2+>/!'+%/!&1!*-!+-4/'/-)/!14!-/20+2/-)/!<3!&8/!;1'&%!R(&81'+&3"!
H|J
g8/!5*04(-)&+1-+-2!14!*-!/%)*0*&1'!9'/%/-&%!*-!/>/-!%&'1-2/'!*'2(5/-&!*2*+-%&!&8/!'*+%+-2!14!*-!
+-4/'/-)/!14!-/20+2/-)/!i+&81(&!*..+&+1-*0!9'114!*%!&1!&8/!)*(%/!14!&8/!5*04(-)&+1-"!R0&81(28!*!
)1('&! )*-! &*k/! -1&+)/! &8*&! *-! /%)*0*&1'! +%! *! )1590+)*&/.! 9+/)/! 14! 5*)8+-/'3D! +&! 8*%! -1! <*%+%! 14!
)1551-!k-1i0/.2/!41'!+-4/''+-2!&8*&!+&%!5*04(-)&+1-!+%!&8/!'/%(0&!14!&8/!19/'*&1'w%!-/20+2/-)/"
]+-*05/-&/! /-/ dA-""-& (J& 61-.?-"5& V25/ '(-;2#/ 486H/ 054/ O;2#/ 687W! 0*! >+)&+5*! +-2'/%,! /-! (-!
81%9+&*0! 9*'*! %/'! +-&/'>/-+.*! ./! ./! *9/-.+)+&+%D! 9/'1D! &'*%! /0! 0*&*! 5`.+)*D! %*0+,! ./! `0! )1-! (-*!
0/%+,-! +''/>/'%+<0/! /-! /0! )(/001! 3! (-*! 9*'C0+%+%! 9*'*! /d&/-./'! 3! 51>/'! (-1! ./! %(%! <'*71%"! B*!
>6)&+5*!./5*-.1D!/0!&'+<(-*0!./!9'+5/'*!+-%&*-)+*!4*00,!*!4*>1'!./!01%!./5*-.*.1%!3!0*!>6)&+5*!
'/)(''+,"!$0!'*71-*5+/-&1!./0!&'+<(-*0!./!*9/0*)+,-!/%!/0!_(/!%/!'/%(5/!*!)1-&+-(*)+,-K
FI\=nGD!?"!^"!!n-!n)&1</'!SUD!PNMND!90*+-&+44!)1-%(0&/.!./4/-.*-&!X'"!g+00/3D!i81!.+*2-1%/.!8+%!
*+05/-&! *%! *99/-.+)+&+%D! *-.! 5*./! *''*-2/5/-&%! 41'! *-! *99/-./)&153! &1! </! 9/'41'5/.! <3!
./4/-.*-&! X'"! =9*-2*'.! *&! *! 81%9+&*0! 1i-/.! *-.! 5*-*2/.! <3! ./4/-.*-&! X'"! =i+4&"! ;0*+-&+44!
/-&/'/.!&8/!81%9+&*0D!i*%!2+>/-!*!8391./'5+)!+-Q/)&+1-D!%0/9&D!*-.!0*&/'!i*%!*i*k/-/.!<3!X'%"!
g+00/3!*-.!=9*-2*'.!*-.!i8//0/.!+-&1!&8/!19/'*&+-2!'115!<3!*!-('%/!i815!8/!</0+/>/.!&1!</!
./4/-.*-&! F+%0/'D! *-! /59013//! 14! X'"! =i+4&"! X/4/-.*-&! X'"! E/%/'D! &8/! *-*/%&8/&+%&D! *0%1! *-!
/59013//! 14! X'"! =i+4&D! *.Q(%&/.! 90*+-&+44! 41'! &8/! 19/'*&+1-D! 9(00+-2! 8+%! <1.3! &1! &8/! 8/*.! 14! &8/!
19/'*&+-2!&*<0/!*-.D!*))1'.+-2!&1!90*+-&+44w%!&/%&+51-3D!0*3+-2!8+5!<*)k!*2*+-%&!&i1!8*'.!1<Q/)&%!
*&! &8/! &19! 14! 8+%! %81(0./'%D! *<1(&! *-! +-)8! </01i! 8+%! -/)k"! X'"! E/%/'! &8/-! *.5+-+%&/'/.! &8/!
*-*/%&8/&+)!*-.!90*+-&+44!01%&!)1-%)+1(%-/%%"!x8/-!8/!*i1k/!/*'03!&8/!41001i+-2!51'-+-2!8/!i*%!
8+%!81%9+&*0!'115!*&&/-./.!<3!./4/-.*-&!g8159%1-D!&8/!%9/)+*0!-('%/D!*-.!*-1&8/'!-('%/!i81!
i*%!-1&!5*./!*!./4/-.*-&"!
;0*+-&+44!&/%&+4+/.!&8*&!9'+1'!&1!&8/!19/'*&+1-!8/!8*.!-/>/'!8*.!*-3!9*+-!+-D!1'!+-Q('3!&1D!8+%!'+28&!
*'5!1'!%81(0./'D!<(&!&8*&!i8/-!8/!*i*k/-/.!8/!4/0&!*!%8*'9!9*+-!*<1(&!8*04!i*3!</&i//-!&8/!
-/)k!*-.!&8/!91+-&!14!&8/!'+28&!%81(0./'"!b/!)1590*+-/.!&1!&8/!-('%/D!*-.!&8/-!&1!X'"!g+00/3D!i81!
2*>/!8+5!.+*&8/'53!&'/*&5/-&%!i8+0/!8/!'/5*+-/.!+-!&8/!81%9+&*0"!g8/!9*+-!.+.!-1&!)/*%/!<(&!
%9'/*.!.1i-!&1!&8/!01i/'!9*'&!14!8+%!*'5D!*-.!*4&/'!8+%!'/0/*%/!4'15!&8/!81%9+&*0!&8/!)1-.+&+1-!
2'/i!i1'%/"!b/!i*%!(-*<0/!&1!'1&*&/!1'!0+4&!8+%!*'5D!*-.!./>/019/.!9*'*03%+%!*-.!*&'1983!14!&8/!
5(%)0/%!*'1(-.!&8/!%81(0./'"!b/!'/)/+>/.!4('&8/'!&'/*&5/-&%!4'15!X'"!g+00/3!(-&+0!V*')8D!PN@AD!
*-.!&8/-!'/&('-/.!&1!i1'kD!i/*'+-2!8+%!*'5!+-!*!%90+-&!1-!&8/!*.>+)/!14!X'"!=9*-2*'."!H|J
115
x/!8*>/!-1!.1(<&!&8*&!+-!*!51./'-!81%9+&*0!*!9*&+/-&!+%!_(+&/!0+k/03!&1!)15/!(-./'!&8/!)*'/!14!*!
-(5</'!14!9/'%1-%!+-!.+44/'/-&!&39/%!14!)1-&'*)&(*0!*-.!1&8/'!'/0*&+1-%8+9%!i+&8!/*)8!1&8/'"!H|J!
x/! .1! -1&! </0+/>/! &8*&! /+&8/'! &8/! -(5</'! 1'! '/0*&+1-%8+9! 14! &8/! ./4/-.*-&%! *01-/! ./&/'5+-/%!
i8/&8/'!&8/!.1)&'+-/!14!'/%!+9%*!01_(+&('!*990+/%"!$>/'3!./4/-.*-&!+-!i81%/!)(%&1.3!&8/!90*+-&+44!
i*%!90*)/.!41'!*-3!9/'+1.!i*%!<1(-.!&1!/d/')+%/!1'.+-*'3!)*'/!&1!%//!&8*&!-1!(--/)/%%*'3!8*'5!
)*5/!&1!8+5!*-.!/*)8!i1(0.!</!0+*<0/!41'!4*+0('/!+-!&8+%!'/2*'."!R-3!./4/-.*-&!i81!-/20+2/-&03!
+-Q('/.!8+5D!*-.!*-3!./4/-.*-&!)8*'2/.!i+&8!8+%!)*'/!i81!%1!-/20/)&/.!8+5!*%!&1!*001i!+-Q('3!&1!
1))('D! i1(0.! </! 0+*<0/"! g8/! ./4/-.*-&! /59013/'%! i1(0.! </! 0+*<0/! 41'! &8/! -/20/)&! 14! &8/+'!
/59013//%a!*-.!&8/!.1)&1'!+-!)8*'2/!14!&8/!19/'*&+1-!i1(0.!</!0+*<0/!41'!&8/!-/20+2/-)/!14!&81%/!
i81!</)*5/!8+%!&/591'*'3!%/'>*-&%!41'!&8/!9('91%/!14!*%%+%&+-2!+-!&8/!19/'*&+1-"!H|J
g8/!Q(.25/-&!+%!'/>/'%/."
$-! /0! ./'/)81! /%9*:10! 0*! *90+)*)+,-! ./! 0*! .1)&'+-*! ./! '/%! '!%($ )*+,'-,#! /%! 813! 2/-/'*0! 3D! %1<'/!
&1.1! /-! ./'/)81! ./! '/%91-%*<+0+.*.! 5`.+)*D! 01%! &'+<(-*0/%! %(/0/-! 8*<0*'! ./! #(Q.>/
#&>)<.).<%$."(#.>"!c`*%/!01%!&'/%!)*%1%!%+2(+/-&/%K!!
(W/]^]H/0_H/0046`0998H/#&/9/#&/#$%$&=R<&H/SOC/b(D$&</\m'(--(?L("/S,Q.N;
B*! /%91%*! ./0! *)&1'D! ./! LU! *:1%! ./! /.*.D! 4(/! +-&/'>/-+.*! %*&+%4*)&1'+*5/-&/! ./! 8*0(d! >*02(%!
<+0*&/'*0D!/%&1!/%D!Q(*-/&/%"!R!01%!91)1%!.6*%!./!0*!+-&/'>/-)+,-D!%+-!/5<*'21D!0*!9*)+/-&/!9'/%/-&,!
(-!)(*.'1!./!)1-&'*)&('*!5(%)(0*'!9'12'/%+>*!*!-+>/0!)/'>+)*0D!)1-!.+4+)(0&*.!./!./20()+,-D!91'!
01! _(/D! *-&/! 0*! %1%9/)8*! ./! _(/! %/! &'*&*'*! ./! &`&*-1%! 91%&_(+'['2+)1! %/! +-+)+,! /0! 191'&(-1!
&'*&*5+/-&1! 3! 0*! /-4/'5*! 4(/! &'*%0*.*.*! *! 1&'1! 81%9+&*0! .1-./D! )1-4+'5*.1! /0! .+*2-,%&+)1! 4(/!
+-2'/%*.*!/-!0*!l?I"!B*!9*)+/-&/!4*00/)+,!*!01%!_(+-)/!.6*%!91'!&`&*-1%!2'*>/!91%&_(+'['2+)1"!$0!
*)&1'! ./5*-.,! *! 0*! )1-2'/2*)+,-! '/0+2+1%*! &+&(0*'! ./0! 81%9+&*0D! *0! )+'(Q*-1D! *0! 5`.+)1! _(/! 0/!
*%+%&+,!/-!0*!19/'*)+,-!3!*!0*!V(&(*!F/-/'*0!./!=/2('1%!/-!'/)0*5*)+,-!./!(-*!+-./5-+7*)+,-!
PSA"SASD@S! ê"! $0! ^(72*.1! ./%/%&+5,! 0*! ./5*-.*D! 5*%! 0*! R(.+/-)+*! '/>1),! 0*! %/-&/-)+*! 3!
)1-./-,!*!0*!)1-2'/2*)+,-!'/0+2+1%*!3!*!0*!)159*:6*!*%/2('*.1'*!*!9*2*'!NA"P#PDUS!ê!5C%!0*%!
)1%&*%!)*(%*.*%!/-!9'+5/'*!+-%&*-)+*"!$0!g'+<(-*0!=(9'/51!'/>1),!0*!=/-&/-)+*!./!0*!R(.+/-)+*!
[-+)*5/-&/!/-!01!'/4/'/-&/!*!0*!)1-./-*!/-!)1%&*%D!/-!/0!%/-&+.1!./!-1!+591-/'!0*%!./!9'+5/'*!
+-%&*-)+*!*!-+-2(-*!./!0*%!9*'&/%"!B*!=/-&/-)+*!+59(&,!/0!'/%(0&*.1!.*:1%1!*0!5*0!)(590+5+/-&1D!
91'! 0*! /-&+.*.! &+&(0*'! ./0! )/-&'1! 81%9+&*0*'+1D! ./! 0*! 9'/%&*)+,-! ./! &/-/'! /0! /%9*)+1D! /0!
+-%&'(5/-&*0!3!/0!5*&/'+*0!*!(&+0+7*'!/-!/0!/%&*.1!_(/!%/*!9'/)+%1!9*'*!/>+&*'!+-4/))+1-/%"!Z!/001!
91'_(/D!*(-_(/!%/!*4+'5*!_(/!0*!1<0+2*)+,-!5`.+)*!/%!./!5/.+1%D!-1!./!'/%(0&*.1D!/001!-1!1<%&*!*!
0*!9'/%(-)+,-!./%4*>1'*<0/!_(/!-*)/!./0!.*:1D!)(*-.1!`%&/!/%!./%9'191')+1-*.1!/-!'/0*)+,-!)1-!
01!_(/!/%!(%(*0"
$0! g'+<(-*0! =(9'/51! +./-&+4+),! 0*! .1)&'+-*! ./0! .*:1! ./%9'191')+1-*.1! )1-! 0*%! 5/.+.*%! ./!
4*)+0+&*)+,-!./!0*!9'(/<*!/d+%&/-&/%!/-!1&'1%!1'./-*5+/-&1%!Q('6.+)1%!./!-(/%&'1!/-&1'-1K!
ì}?~1->+/-/! '/)1'.*'! 0*! .1)&'+-*! %1<'/! /0! .*:1! ./%9'191')+1-*.1D! ./0! _(/! %/! ./%9'/-./! 0*!
)(09*<+0+.*.!./0!*(&1'!}*%6D!0*!=/-&/-)+*!./!PM!.+)+/5<'/!PNNL!HR"UUPOJ~D!_(/!)1''/%91-./!*!0*!
'/20*!ì#"%$'!%($)*+,'-,#î!H0*!)1%*!8*<0*!91'!%6!5+%5*J!_(/!%/!'/4+/'/!*!(-*!/>+./-)+*!_(/!)'/*!(-*!
./.())+,-!./!-/20+2/-)+*!3!8*!%+.1!&'*&*.*!9'14(%*5/-&/!91'!0*!.1)&'+-*!*-201*5/'+)*-*!3!*!0*!
'/20*! ./0! C4%9E"'4%D">"'%! H*9*'+/-)+*! ./! 9'(/<*J! ./! 0*! .1)&'+-*! *0/5*-*! 3D! *%+5+%51D! *! 0*!
.1)&'+-*!4'*-)/%*!./!0*!H(,-"$0'#-,"))"!H)(09*!>+'&(*0Ja!01!_(/!'/_(+/'/!_(/!%/!9'1.(7)*!(-!/>/-&1!
.*:1%1!./!01%!_(/!-1'5*05/-&/!-1!%/!9'1.()/-!%+-1!91'!'*7,-!./!(-*!)1-.()&*!-/20+2/-&/D!_(/!
116
.+)81!/>/-&1!%/!1'+2+-/!91'!*02(-*!)1-.()&*!_(/!/-&'/!/-!0*!/%4/'*!./!0*!*))+,-!./0!./5*-.*.1!
*(-_(/!-1!%/!)1-17)*!/0!./&*00/!/d*)&1!3!_(/!/0!5+%51!-1!%/*!)*(%*.1!91'!(-*!)1-.()&*!1!(-*!
*))+,-!_(/!)1''/%91-.*!*!0*!/%4/'*!./!0*!9'19+*!>6)&+5*î!H]X"!S{J
RW/]^]H/0_H/460`2::3H/#&/8/#&/=(F.H/SOC/b(D$&</\m'(--(?L("/S,Q.N;
$0!L"P"PNNP!V*'+%10!%(4'+,!(-!*))+./-&/!./!/%_(6!/-!\*_(/+'*!\/'/&!_(/!0/!)*(%,!(-*!4'*)&('*!./!
/%9+-*!&+<+*0D!./!0*!_(/!4(/!*(d+0+*.*!'4$%'-,$3!&'*%0*.*.*!*!\*')/01-*D!.1-./!4(/!*&/-.+.*!91'!/0!
.1)&1'! ?*'01%! R-&1-+1D! _(/! &/-6*! )1-&'*&*.1! (-! %/2('1! )1-! x+-&/'&8('! 3! 9/'&/-/)6*! *!
qR%+%&/-)+*! =*-+&*'+*! ?10/2+*0D! =Rr"! $0! &'*&*5+/-&1! %/! 9'101-2,! 8*%&*! 5*31! ./! PNNSD! /-! )(31!
&'*-%)('%1! 0*! 9*)+/-&/! %/! %15/&+,! *! &'/%! +-&/'>/-)+1-/%"! ]+-*05/-&/D! V*'+%10! *)(.+,! *! 1&'1!
.1)&1'! 9*'*! _(/! *)*<*%/! /0! &'*&*5+/-&1D! 9/'1! 0/! _(/.*'1-! %/)(/0*%! 2'*>/%! _(/! )1-%+%&/-! /-!
0+5+&*)+,-!./!0*!51>+0+.*.!./!0*!'1.+00*!./'/)8*D!*&'14+*!5(%)(0*'!3!(-*!)1Q/'*!+''/>/'%+<0/"
V*'+%10!./5*-.*!*0!.1)&1'!?*'01%!R-&1-+1D!*!x+-&/'&8('!3!*!qR%+%&/-)+*!=*-+&*'+*!?10/2+*0D!=Rr!3!
%10+)+&*!(-*!+-./5-+7*)+,-!./!PSA"SASD@S!ê"!
$0!^;I!-{!S#!./!\*')/01-*!HL"@"PNN#J!/%&+5*!/-!9*'&/!0*!./5*-.*!3!)1-./-*!*!?*'01%!R-&1-+1!3!*!
x+-&/'&8('! *0! 9*21! ./! LS"PSPD@#! ê"! B*! R;! ./! \*')/01-*! H=/))+,-! PPÄD! U"#"PNNLJ! /%&+5*! /0!
'/)('%1!./!*9/0*)+,-D!'/>1)*!0*!=^;I!3!*<%(/0>/!*!01%!)1-./-*.1%!/-!0*!+-%&*-)+*!9'/>+*"
$0!g=!/%&+5*!/0!'/)('%1!+-&/'9(/%&1!91'!0*!*)&1'*D!'/>1)*!0*!=R;!3!)1-4+'5*!0*!=^;I"!?1-%+./'*!_(/!
/0! 0*'21! 9/'+1.1! ./! &'*&*5+/-&1D! )1-! &'/%! +-&/'>/-)+1-/%! ./! 91'! 5/.+1! 3! )1-! /0! '/%(0&*.1! ./!
2'*>/%!%/)(/0*%D!/%!%(4+)+/-&/!9*'*!./.()+'!0*!-/20+2/-)+*!5`.+)*!./!*)(/'.1!)1-!0*!'/20*!#"%$'!%($
)*+,'-,#"!R%6K!
q}l~-*!)*6.*!3!(-*!0/%+,-!_(/!&*591)1!%/!.+)/!_(/!4(/'*-!/%9/)+*05/-&/!2'*>/%D!-+!)1590+)*.1%D!
&+/-/-! (-! &'*&*5+/-&1! 0*'21! 3! .101'1%1! )1-! (-! '/%(0&*.1! _(/! -1! 9(/./! 91'! 5/-1%! _(/!
)1-%+./'*'%/! ./%9'191')+1-*.1K! (-*! )1Q/'*! +''/>/'%+<0/a! 01! )(*0! )'/*! (-*! ./.())+,-! ./!
-/20+2/-)+*!;z#"%$'!%($)*+,'-,#{:S!(-*!*9*'+/-)+*!./!9'(/<*!./!`%&*!;QC4%9E"'%D">"'%R:S!(-*!)(09*!
>+'&(*0!;QH(,-"$0'#-,"))"R:GG1!%/!&'*&*D!9(/%D!./!(-*!1<Q/&+>*)+,-!*<%10(&*!./!'/%91-%*<+0+.*.!%+-1!
./! *9'/)+*)+,-! ./! )(09*D! ./.()+.*! ./0! '/%(0&*.1! ./%9'191')+1-*.1! 3! -1! )1-&'*.+)81%! 91'!
8/)81%!)1-%+./'*.1%!*)'/.+&*.1%!91'!9'(/<*!9/'+)+*0"!=/!9'1.()/!(-!%()/%1!3!(-!.*:1K!/%!)0*'1!
_(/!-1!)1-%&*!)*(%*!./0!5+%51!+59(&*<0/!*!0*!>6)&+5*!H|JD!-+!%/!5/-)+1-*!/0!)*%1!41'&(+&1!1!0*!
4(/'7*!5*31'a!0*!)*(%*!4(/!0*!*)&(*)+,-!5`.+)*D!./!)(31!5*0!'/%(0&*.1!%/!./%9'/-./!0*!)(09*!3D!
91'!/-./D!0*!'/%91-%*<+0+.*.r!H]X!M{J"
%W/]^]H/0_H/407`2::7H/#&/06/#&/(R<$-H/SOC/h$%&"+&/K,$>/S."+&>/O&"(#e>;
$0!N"S"PNN@D!/0!X'"!^1'2/!+-&/'>+-1!_(+'['2+)*5/-&/!*!V*+&/!./!(-*!8/'-+*!.+%)*0!3!0/!+590*-&,!(-!
+-Q/'&1! ,%/1! 3! (-*! 90*)*! ./! &+&*-+1! _(/! 0/! 9'1.(Q/'1-! (-*! +-4/))+,-! <*)&/'+*-*"! $-! /0!
91%&19/'*&1'+1D!0*!9*)+/-&/!4(/!>+%+&*.*!/-!&'/%!1)*%+1-/%!91'!.101'/%D!9/'1!0*!+-4/))+,-!-1!4(/!
./&/)&*.*!91'!4*0&*!./!/590/1!./0!5/.+1!.+*2-,%&+)1!*./)(*.1"!$0!M"N"PNN@D!V*+&/!+-2'/%,!/-!/0!
qb1%9+&*0!c+'2/-!./!0*%!G+/>/%r!./!F'*-*.*D!.1-./!4(/!+-&/'>/-+.*!/-!&'/%!1)*%+1-/%!91'_(/!%/!
0/!/-)1-&',!(-!*<%)/%1!./!9(%!/-!0*!71-*!/-!0*!_(/!8*<6*!%+.1!+-&/'>/-+.*"!V*+&/!%(4'+,!%/)(/0*%!
)1-%+%&/-&/%! /-! (-*! &/&'*9*'/%+*! )1-! +-)*9*)+.*.! ./0! LOãD! 9/'Q(+)+1! /%&`&+)1! ./'+>*.1! ./!
&'*_(/1&156*!3!./9'/%+,-!2'*>/"!
117
V*+&/! ./5*-.,! *! ^1'2/! 3! *! qG/('1%*-D! ="B"r$ ;4*$ 9*4%-($ #")(9'^4$ 9*4$ ")$ 9(%*:D! 3! %10+)+&,! (-*!
+-./5-+7*)+,-!./!NAP"#PUDO!ê"
B*! =^;I! -{! S#! ./! \*')/01-*D! PO"S"PNNND! /%&+5,! /-! 9*'&/! 0*! ./5*-.*D! )1-./-,! *! ^1'2/! *! 9*2*'!
#@A"NPADUN! ê! 3! *<%10>+,! *0! 1&'1! ./5*-.*.1"! B*! =R;! ./! \*')/01-*D! =/))"! {LÄD! MP"P"SAAAD!
./%/%&+5,!/0!'/)('%1!./!*9/0*)+,-!+-&/'9(/%&1!91'!^1'2/!3!)1-4+'5,!0*!=^;I"
$0!g=!./%/%&+5,!/0!'/)('%1!./!)*%*)+,-D!9(/%K
!q}R~-&/!/0!.*:1!./%9'191')+1-*.1!H|J!%/!/%9/'*!./0!*2/-&/!(-*!/d90+)*)+,-!1!(-*!Q(%&+4+)*)+,-!
)(3*! *(%/-)+*! (! 15+%+,-! 9(/./! ./&/'5+-*'! 0*! +59(&*)+,-! 91'! )(09*! _(/! 3*! /-&1-)/%! %/!
9'/%(5/r! 3! /-! /%&/! )*%1D! q-1! %/! 8*! 9'1.()+.1! 91'! 9*'&/! ./0! ./5*-.*.1! (-*! /d90+)*)+,-! _(/!
/d)0(3*!0*!*9'/)+*)+,-!./!-/20+2/-)+*!91'!4*0&*!./!*&/-)+,-!.('*-&/!/0!91%&19/'*&1'+1r!H]X!S{J"
-
n&'*%!%/-&/-)+*%!'/0/>*-&/%K!==g=D!PÄD!UPMhPNNLD!./!SO!./!%/9&+/5<'/a!#NMhPNNND!./!SN!
./!Q(-+1a!PAMUhPNNND!./!N!./!.+)+/5<'/"!$-!0*!0+&/'*&('*!Q('6.+)*!/%9*:10*!0*!'/4/'/-)+*!
/%! Y0>*'1! BlGR! Z$EFRD! =($ !#,"D($ 7"$ )($ #"%!*4%(D')'7(7$ 9'0')$ 6F7'9*<%(4'-(#'(G$ /,)!($ &$
/(,%()'7(7D!g815%1-m?+>+&*%D!V*.'+.D!SAA@D!99"!PUO!3!%%"
!
118
'()*+,-./6/
A&>).">(R$-$#(#/.RE&+$D(/
!
P"!?1-)/9&1!2/-/'*0!./!'/%91-%*<+0+.*.!1<Q/&+>*"!X+%&+-)+1-/%!)1-!'/%91-%*<+0+.*.!
91'!)(09*!3!'/%91-%*<+0+.*.!*<%10(&*!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PPN!
P"P!E/0*)+,-!)1-!0*!'/%91-%*<+0+.*.!91'!-/20+2/-)+*!"""""""""""""""""""""""""""""""""""""""""""""!PSA!
P"S"!E/0*)+,-!)1-!0*!'/%91-%*<+0+.*.!*<%10(&*!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PSA!
P"M"!$0!*-C0+%+%!/)1-,5+)1!./!0*!'/%91-%*<+0+.*.!1<Q/&+>*!"""""""""""""""""""""""""""""""""""!PSA!
S"!R)&+>+.*./%!*-1'5*05/-&/!9/0+2'1%*%!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PSM!
S"P"!B*!'/20*!/-!/0!E/%&*&/5/-&!Hg8+'.J!14!g1'&%!""""""""""""""""""""""""""""""""""""""""""""""""""""""!PSM!
S"S"!E*%21%!./!0*%!*)&+>+.*./%!*-1'5*05/-&/!9/0+2'1%*%!""""""""""""""""""""""""""""""""""""!PS#!
M"!E/%91-%*<+0+.*.!1<Q/&+>*!3!'/0*)+1-/%!./!>/)+-.*.!H5#'0(-"$K,'%(49":!""""""""""""""!PSO!
@"!B*!-1)+,-!./!'/%91-%*<+0+.*.!1<Q/&+>*!91'!5/'*!)*(%*)+,-!./!.*:1%!"""""""""""""""""!PSL!
#"!E/265/-/%!0/2*0/%!./!'/%91-%*<+0+.*.!1<Q/&+>*!/-!./'/)81!/%9*:10!"""""""""""""""""""!PSL!
O"!V*&/'+*0/%!)1590/5/-&*'+1%K!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PSU!
O"P"!B*!.1<0/!Q(%&+4+)*)+,-!./!0*!'/%91-%*<+0+.*.!1<Q/&+>*K!B&)(47%$0G$I)"-9E"#!
}HPUOUJ!lsbB!P~"!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PSU!
O"S"!l-*!>+%+,-!/('19/*!)1-&+-/-&*0!./!0*!'/%91-%*<+0+.*.!1<Q/&+>*!1!91'!
'+/%21!Hb/'-!s¢&7!3!F/'8*'.!x*2-/'"!X/0+k&%'/)8&D!PA"!R(40*2/D!B()8&/'8*-.D!
VT-)8/-D!SAAO!!ëë!PNA!3!%%"J!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PMA!
0;/'."%&)+./?&"&<(-/#&/<&>).">(R$-$#(#/.RE&+$D(;/M$>+$"%$."&>/%."/
<&>).">(R$-$#(#/).</%,-)(/F/<&>).">(R$-$#(#/(R>.-,+(/
$-!'/%91-%*<+0+.*.!1<Q/&+>*!HEnD!/-!+-20`%D!8-#'9-$='(D')'-&JD!/0!./5*-.*.1!'/%91-./!91'!8*</'!
)*(%*.1!(-!.*:1!*!0*!>6)&+5*!*(-_(/!-1!8*3*!+-)(''+.1!/-!-+-2[-!2`-/'1!./!)(09*!1!-/20+2/-)+*"!
B*!'/%91-%*<+0+.*.!1<Q/&+>*!/%!(-*!/d)/9)+,-!*!0*!'/20*!2/-/'*0!./0!*'&"!PNAS!??!_(/!+591-/!0*!
'/9*'*)+,-! 1! )159/-%*)+,-! ./! 01%! .*:1%! %+/59'/! _(/! %(! )*(%*-&/! 8*3*! +-)(''+.1! /-! *02[-!
2`-/'1! ./! )(09*! 1! -/20+2/-)+*D! <*%C-.1%/D! 91'! &*-&1D! /-! 0*! +59(&*)+,-! %(<Q/&+>*! *0! %(Q/&1"! $-!
*(%/-)+*!./!0*!5+%5*D!0*!'/%91-%*<+0+.*.!%/!./-15+-*!1<Q/&+>*D!%+!<+/-!*02(-*!.1)&'+-*D!5()8*!
Q('+%9'(./-)+*!3!*02(-*%!0/3/%!/%9*:10*%!!%/!'/4+/'/-!*!0*!En!)151!'/%91-%*<+0+.*.!91'!'+/%21!
H*'&"!P"P!./0!gEB=E?=cV!q")$9*47,9-*#$7"$0"E[9,)*%$($6*-*#$"%$#"%!*4%(D)"S$"4$0'#-,7$7")$#'"%@*$
9#"(7*$ !*#$ )($ 9*47,99'^4|rJD! ./-1&*-.1! _(/! /0! )*(%*-&/! -1! '/%91-./! 91'! (-! )1591'&*5+/-&1!
-/20+2/-&/! 1! )(091%1! %+-1! 91'! /0! 5/'1! '+/%21! ./! )*(%*'! (-! .*:1! )1-! %(! )1-.()&*! 1! )1-! 0*!
*)&+>+.*.!_(/!./%*''100*D!/001!*(-_(/!%/!8*3*!)1591'&*.1!.+0+2/-&/5/-&/"!$-!1&'*%!1)*%+1-/%!/0!
)*'C)&/'!1<Q/&+>1!%/!1<%/'>*!91'!0*!4*0&*!./!'/4/'/-)+*!*!01%!)'+&/'+1%!&'*.+)+1-*0/%!./!0*!)(09*!1!
-/20+2/-)+*!H*'&"!PAO"S!?$K!qH,49'*4(6'"4-*$7"$)*%$%"#0'9'*%$!sD)'9*%rJD!91'!%(!-/2*)+,-!/-!0*!0/3!
H*'&"!M"P!B/3!SOhSAALD!./!SM!./!1)&(<'/D!./!'/%91-%*<+0+.*.!5/.+1*5<+/-&*0K!q(,4+,"$4*$"3'%-($
7*)*S$ 9,)!($ *$ 4"@)'@"49'(rJ! 3D! /-! 01%! _(/! 9*'/)/-! %/'! 01%! 5/-1%D! 0*! 0/3! *4+'5*! /d9'/%*5/-&/! /0!
)*'C)&/'! 1<Q/&+>1! ./! 0*! '/%91-%*<+0+.*.! H*'&"! @#! B/3! S#hPNO@D! ./! SN! ./! *<'+0D! %1<'/! $-/'26*!
G()0/*'K! q"%-($ #"%!*4%(D')'7(7$ %"#]$ *Dc"-'0(rJ"! b*<0*51%! 9(/%! ./! En! )(*-.1D! 9/%/! *! _(/! /0!
)*(%*-&/! ./0! .*:1! %/! 8*3*! )1591'&*.1! .+0+2/-&/5/-&/D! ./</'C! '/%91-./'! +2(*05/-&/! 91'! 01%!
119
.*:1%!)*(%*.1%!91'!%(!*)&+>+.*.!*0!&'*&*'%/D!-1'5*05/-&/D!./!(-*!*)&+>+.*.!_(/!2/-/'*!'+/%21%!
/d&'*1'.+-*'+1%!3!_(/!(-!)1591'&*5+/-&1!.+0+2/-&/!&*591)1!01%!8*!91.+.1!/>+&*'"!!
0;0/A&-(%$G"/%."/-(/<&>).">(R$-$#(#/).</"&?-$?&"%$(/
B*!'/20*!./!En!)1-)+/'-/!*)&+>+.*./%!_(/!/-&'*:*-!(-!'+/%21!5(3!%+2-+4+)*&+>1!./!)*(%*'!.*:1%D!
%/*!3*!91'_(/!01%!'+/%21%!2/-/'*.1%!%1-!/d&'*1'.+-*'+1%D!/%!./)+'D!5(3!2'*>/%D!%/*!3*!91'_(/!01%!
'+/%21%! '/%+.(*0/%D! *_(/001%! _(/! %(<%+%&/-! 9/%/! *! 0*! .+0+2/-)+*! ./! 0*! )1-.()&*! ./0! ./5*-.*.1D!
%1-! +-/0+5+-*<0/%"! $-! 01%! )*%1%! ./! *)&+>+.*./%! )*0+4+)*.*%! )151! *-1'5*05/-&/! 9/0+2'1%*%D! 8*3!
'*71-/%!9*'*!'/)(''+'!*!(-*!'/20*!./!En!/!+-)/-&+>*'!*0!'/%91-%*<0/!./!0*!*)&+>+.*.!*''+/%2*.*!
9*'*! _(/! *.19&/! ./)+%+1-/%! %1)+*05/-&/! ./%/*<0/%! *)/')*! ./0! -+>/0! 1! 2'*.1! ./! 0*! *)&+>+.*.!
5+%5*"!
0;2;/A&-(%$G"/%."/-(/<&>).">(R$-$#(#/(R>.-,+(/
$-!*90+)*)+,-!./!(-*!'/20*!./!'/%91-%*<+0+.*.!1<Q/&+>*D!'/%(0&*!+''/0/>*-&/!/d*5+-*'!/0!-+>/0!./!
)(+.*.1!*.19&*.1!91'!/0!./5*-.*.1K!%+!0*!*)&1'*!9'(/<*!0*!'/0*)+,-!./!)*(%*0+.*.!3!-1!)1-)(''/!
-+-2(-*!)*(%*!./!/d1-/'*)+,-D!0*!./5*-.*.*!'/%91-./'C!)+>+05/-&/!)1-!+-./9/-./-)+*!./!_(/!
8(<+/'*!%+.1!.+0+2/-&/!1!-/20+2/-&/"!
$-!)*5<+1D!/-!01%!%+%&/5*%!./!)159/-%*)+,-!./!.*:1%!<*%*.1%!/-!0*!'/%91-%*<+0+.*.!*<%10(&*D!
0*!'/%91-%*<+0+.*.!%/!./%0+2*D!*./5C%D!./!&1.*!)1-/d+,-!)*(%*0"!R%6!9(/%D!0*!)*(%*0+.*.!m*./5C%!
./0! -+>/0! ./! )(+.*.1m! '/%(0&*! +''/0/>*-&/! 9*'*! +59(&*'! 0*%! )1-%/)(/-)+*%! 9'/>+%&*%! /-! 0*! 0/3! *0!
./5*-.*.1K! 0*! 5/'*! *)'/.+&*)+,-! ./! (-! '/%(0&*.1! 9(/./! <*%&*'! )151! 4(-.*5/-&1! ./! 0*!
'/%91-%*<+0+.*.!/-!)(/%&+,-"!
B1%! '/265/-/%! ./! '/%91-%*<+0+.*.! *<%10(&*! 8*)/-! +--/)/%*'+*! &1.*! 0*<1'! Q(.+)+*0! ./!
+./-&+4+)*)+,-!./!0*!'/0*)+,-!)*(%*0!3!./!/d+%&/-)+*!/!+-4'*))+,-!./!(-!./</'!./!9'/)*()+,-K!01%!
'/%91-%*<0/%!91&/-)+*0/%!/%&C-!+./-&+4+)*.1%!"3$(4-"!91'!0*!0/3!3!"3$!*%-!%,01!'/%&*!)159'1<*'!%+!
/0!./5*-.*.1!00/>*<*!*!)*<1!0*!*)&+>+.*.!&69+)*!1!)*'*)&/'6%&+)*5/-&/!9/0+2'1%*D!*%6!)151!%+!/0!
.*:1!9'1.()+.1!/%&*<*!&*5<+`-!&69+)*5/-&/!*%1)+*.1!*0!./%*''1001!./!&*0!*)&+>+.*."
$%!)1-!&1.1!.+%)(&+<0/!%+!%1-!*(&`-&+)1%!%(9(/%&1%!./!'/%91-%*<+0+.*.!*<%10(&*!*_(/001%!/-!01%!
)(*0/%! 0*! )*(%*0+.*.! %101! %/! 9'/%(5/D! 91'! /Q/5901D! 91'! )1-)'/)+,-! ./! '+/%21! /-! '/*0+7*)+,-! ./!
)1-.()&*%! )1-! '+/%21! )*'*)&/'6%&+)1"! $-! .+)81%! '/265/-/%D! 0*! )*(%*0+.*.! -1! ./Q*! ./! )*'/)/'! ./!
'/0/>*-)+*D!%+-1!_(/!%/!9'/%(5/!3!./</'C!%/'!/0!./5*-.*.1!_(+/-D!)1-!5*31'!1!5/-1'!0*d+&(.D!
&/-.'C!0*!)*'2*!./!9'1<*'!0*!4*0&*!./!)*(%*0+.*.!1!+59(&*)+,-!1<Q/&+>*"!!
0;3;/P-/("J-$>$>/&%."G=$%./#&/-(/<&>).">(R$-$#(#/.RE&+$D(/
]/'-*-.1!FÑV$t!;nVRED!/(#@($7"$)($!#,"D($&$#"%!*4%(D')'7(7$*Dc"-'0(D!A4.#"-!PhSAAPD!99"!Sm@K
120
qB*!.+%&+-)+,-!/-&'/!0*!'/20*!./!'/%91-%*<+0+.*.!91'!)(09*!3!0*!'/20*!./!'/%91-%*<+0+.*.!1<Q/&+>*!
/%! (-*! ./! 0*%! H|J! <C%+)*%! ./0! X/'/)81! ./! .*:1%"! l-*! 3! 1&'*! '/20*! )1-%&+&(3/-! +2(*05/-&/! 0*!
.(*0+.*.!/%/-)+*0!*!0*!_(/!%/!/-4'/-&*-!/0!0/2+%0*.1'!3!/0!Q(/7!*!0*!81'*!./!'/2(0*'!)1-!-1'5*%!./!
'/%91-%*<+0+.*.!01%!)1591'&*5+/-&1%!91&/-)+*05/-&/!.*:1%1%"
B1%! /4/)&1%! ./! (-*! 3! 1&'*! %1<'/! 0*%! )1-.()&*%! ./! )(+.*.1! ./0! )*(%*-&/! H%+! /0! *))+./-&/! /%!
(-+0*&/'*0D!/%&1!/%D!%(!9'1<*<+0+.*.!./!*)*/)+5+/-&1!./9/-./!./0!)1591'&*5+/-&1!./0!.*:*-&/!3!
-1!./0!./!0*!>6)&+5*J!1!./!)*(%*-&/!3!>6)&+5*!H%+!/0!*))+./-&/!/%!<+0*&/'*0D!/%&1!/%D!%(!9'1<*<+0+.*.!
./!*)*/)+5+/-&1!./9/-./!./0!)1591'&*5+/-&1!./!*5<1%J!8*-!%+.1!*590+*5/-&/!/%&(.+*.1%!91'!
/0! *-C0+%+%! /)1-,5+)1! ./0! X/'/)81! ./! .*:1%! 3! -1! /%! -/)/%*'+1! '/9'1.()+'01%! *_(6"! $0! 0/)&1'!
+-&/'/%*.1! 9(/./! /-)1-&'*'! /0! &'*&*5+/-&1! )*-,-+)1! ./! 0*! 5*&/'+*! /-! =&/>/-! =bRc$BBD!
29*4*6'9$C4()&%'%$*H$C99'7"4-$=(>D!9"!O!3!%%D!?*5<'+.2/!HV*%%"JD!PNUL"
?1->+/-/! '/)1'.*'! 0*%! 91%+<0/%! >/-&*Q*%! 3! ./%>/-&*Q*%! ./! 0*! '/%91-%*<+0+.*.! 1<Q/&+>*!
)159*'*.*%!)1-!0*!'/%91-%*<+0+.*.!91'!)(09*"
(W/]$=)-$I$%(%$G"/F/=&".</)<.)&">$G"/(-/&<<.</&"/-.>/)<.%&>.>/E,#$%$(-&>
$-! 0*! 5/.+.*! /-! _(/! 0*! '/20*! ./! '/%91-%*<+0+.*.! 1<Q/&+>*! 9/'5+&/! *! 01%! Q(/)/%! 3! &'+<(-*0/%!
./)+.+'!0*!'/%91-%*<+0+.*.!./0!./5*-.*.1!%+-!)1-%+./'*)+,-!8*)+*!/0!-+>/0!./!.+0+2/-)+*!/d+2+<0/D!
3!%+-!./&/-/'%/!*!./&/'5+-*'!%+!/0!)(+.*.1!'/*05/-&/!1<%/'>*.1!91'!/0!./5*-.*.1!%/!8*!*&/-+.1!
*! &*0! -+>/0D! 01%! 9'1)/.+5+/-&1%! Q(.+)+*0/%! /-! 0*! 5*&/'+*! %/'C-D! /-! <(/-*! 0,2+)*D! 5C%! %+590/%! 3!
5/-1%!)1%&1%1%"
R0!%/'!+2(*05/-&/!5C%!9'/./)+<0/!/0!'/%(0&*.1!H3*!_(/!(-*!91%+<0/!4(/-&/!./!+-)/'&+.(5<'/D!_(/!
/%! 0*! ./)+%+,-! ./! %+! /0! ./5*-.*.1! 8*! %+.1! 1! -1! -/20+2/-&/D! _(/.*! 91'! ./4+-+)+,-! 1<>+*.*J! %/!
+-)'/5/-&*'C!0*!&*%*!./!&'*-%*))+,-!/d&'*Q(.+)+*0!./!0*%!'/)0*5*)+1-/%!./!.*:1%!3!9/'Q(+)+1%!91'!
'/%91-%*<+0+.*.!/d&'*)1-&'*)&(*0"
;1'! *:*.+.('*D! %+! %/! %(91-/D! )151! 9*'/)/! '/*0+%&*! 8*)/'D! _(/! 01%! Q(/)/%! 3! &'+<(-*0/%! 9(/./-!
)15/&/'!/''1'/%!/-!0*!./&/'5+-*)+,-!./0!/%&C-.*'!./!0*!.+0+2/-)+*!/d+2+<0/!1!/-!0*!>*01'*)+,-!./0!
*Q(%&/!./!0*!)1-.()&*!./0!./5*-.*.1!*!&*0!/%&C-.*'D!/0!*&'*)&+>1!./!0*!'/20*!./!'/%91-%*<+0+.*.!
1<Q/&+>*D!_(/!/0+5+-*!./!'*67!&1.*!91%+<+0+.*.!./!/''1'!*0!'/%9/)&1D!%/!*)'/)+/-&*"
$%&*!>/-&*Q*!9'1)/%*0!./!0*!'/%91-%*<+0+.*.!1<Q/&+>*!4'/-&/!*!0*!)(09*!/%D!/-!<(/-*!5/.+.*D!5C%!
&/,'+)*!_(/!'/*0"!Z!-1!%,01!91'_(/!<*Q1!(-!'`2+5/-!./!'/%91-%*<+0+.*.!1<Q/&+>*!/%!/%9/'*<0/!_(/!
%/! 9'1.(7)*-! 5C%! '/)0*5*)+1-/%! +-./5-+7*&1'+*%! 3D! 91'! &*-&1D! 5*31'! -[5/'1! ./! 0+&+2+1%! 3! ./!
)1%&/%!9'1)/%*0/%!201<*0/%!_(/!<*Q1!(-!'`2+5/-!./!)(09*"!B*!'*7,-!!/%!5C%!%(&+0!3!9'1)/./!./0!
8/)81! ./! _(/D! )1-! '/20*! ./! 0*! )(09*! 1! %+-! /00*D! %+/59'/! %/'C! -/)/%*'+1! /d*5+-*'! /-! /0! 9'1)/%1D!
*./5C%! ./! 0*! )*(%*0+.*.! 5*&/'+*0D! 0*! +59(&*)+,-! 1<Q/&+>*! ./0! .*:1! )*(%*.1! *! 0*! )1-.()&*! ./0!
)*(%*-&/"! Z! )151! &*0! Q(+)+1! ./! +59(&*)+,-! 1<Q/&+>*! -1! /%! )1-)/9&(*05/-&/! .+%&+-2(+<0/! ./0!
*-C0+%+%!!)1%&/m</-/4+)+1!./!0*!)1-.()&*!./0!)*(%*-&/!*!0*!>+%&*!./!%(%!)1%&/%!./!9'/)*()+,-D!./!0*!
9'1<*<+0+.*.!./0!*))+./-&/!3!./!0*!5*2-+&(.!./0!.*:1D!/0!9'1)/%1!-1!'/%(0&*'C!%+2-+4+)*&+>*5/-&/!
5/-1%!)1%&1%1!<*Q1!(-*!'/20*!./!'/%91-%*<+0+.*.!1<Q/&+>*"
121
B1! *-&/'+1'! /%! *0! 5/-1%! 9*')+*05/-&/! )+/'&1! y9*')+*05/-&/D! 9(/%D! )151! 8*<'/51%! ./! >/'D! -1!
&1.*%! 0*%! )(/%&+1-/%! '/0*)+1-*.*%! )1-! 0*! )*(%*0+.*.! %1-! )(/%&+1-/%! ./! +59(&*)+,-! 1<Q/&+>*mm! 3!
./Q*!)151![-+)*!'*7,-!*(&,-15*!./!9'/4/'/-)+*!./!0*!En!0*!%+2(+/-&/K
RW/K(/)&-$?<.>$#(#/#&/-(/(%+$D$#(#/#(Q.>(
=+!/0!>10(5/-!./!*)&+>+.*.!91&/-)+*05/-&/!.*:1%*!./0!)*(%*-&/!H)(C-&1%!k+0,5/&'1%!)1-.()/!%(!
)*5+,-! (-*! &'*-%91'&+%&*! *(&,-15*D! )(C-&*%! 81'*%! >(/0*! %(%! */'190*-1%! (-*! )159*:6*! *`'/*D!
)(C-&1%!9'1.()&1%!_(65+)1%!+-/>+&*<0/5/-&/!)1-&*5+-*-&/%!4*<'+)*!(-*!/59'/%*JD!3!-1!%,01!%(!
+->/'%+,-! /-! )(+.*.1! 1! 9'/)*()+,-D! /%! (-! 4*)&1'! +-40(3/-&/! %1<'/! 0*! 9'1<*<+0+.*.! ./!
*)*/)+5+/-&1! ./0! .*:1D! 0*! '/20*! ./! '/%91-%*<+0+.*.! 91'! )(09*! %/! >/! +-)*9*7! ./! +-.()+'! /-! /0!
)*(%*-&/!01%!-+>/0/%!./!*)&+>+.*.!%1)+*05/-&/!5C%!./%/*<0/%"
R0!)*(%*-&/D!*!4+-!./!/0(.+'!/0!9*21!./!0*!+-./5-+7*)+,-D!0/!<*%&*!)1-!*0)*-7*'!/0!-+>/0!./!)(+.*.1!
/d+2+<0/D! /%&1! /%D! %/'! .+0+2/-&/"! =+/-.1! .+0+2/-&/D! 9(/%D! -1! %/! /-4'/-&*! *0! '+/%21! ./! *<1-*'!
+-./5-+7*)+,-! *02(-*! 91'! 01%! .*:1%! '/%(0&*-&/%! ./! %(! *)&+>+.*.D! ./! 51.1! _(/! 0*! '/20*! ./! 0*!
)(09*!-1!0/!+-)/-&+>*'C!*!*.19&*'!/0!>10(5/-!./!*)&+>+.*.!5C%!*./)(*.1!%1)+*05/-&/D!/%!./)+'D!
./%./! /0! 9(-&1! ./! >+%&*! ./! 0*! '/.())+,-! /4+)+/-&/! ./! 01%! )1%&/%! %1)+*0/%! H01%! 9'+>*.1%! 5C%! 0*%!
/d&/'-*0+.*./%!-/2*&+>*%D!01%!.*:1%!*!&/')/'1%J!./'+>*.1%!./!*_(`00*"!$%)12/'CD!/-!)*5<+1D!*_(/0!
-+>/0! ./! *)&+>+.*.! _(/! 0/! '/%(0&/! 9'+>*.*5/-&/! 5C%! >/-&*Q1%1D! 3! _(/! %/'C! %(9/'+1'! *0! 5C%!
)1->/-+/-&/! ./%./! /0! 9(-&1! ./! >+%&*! ./0! <+/-/%&*'! %1)+*0"! B*! '*7,-! ./! 01! *-&/'+1'! /%! _(/! %(!
4(-)+,-! ./! 14/'&*! -1! '/)12/'C! 01%! )1%&/%! ./'+>*.1%! ./! 01%! .*:1%! *! &/')/'1%! 3! _(/.*'C! *%6! 91'!
./<*Q1! ./! 1&'*! _(/! /4/)&+>*5/-&/! .+/'*!'*7,-!./!/001%K!9'1.()+'C!/-&1-)/%!5*31'!)*-&+.*.!./!
*_(/00*!_(/!'/%(0&*'6*!,9&+5*"!
B*!'/20*!./!'/%91-%*<+0+.*.!1<Q/&+>*D!91'!/0!)1-&'*'+1D!4(/'7*!*0!)*(%*-&/!*!+-&/'-*0+7*'!/0!)1%&/!
/d&/'-1! ./! %(! *)&+>+.*.K! )151D! )1-! +-./9/-./-)+*! ./! %(! 5*31'! 1! 5/-1'! )(+.*.1D! &/-.'C! _(/!
9*2*'!91'!&1.1!/0!.*:1!)*(%*.1D!0/!)1->+/-/D!91'!9'19+1!+-&/'`%D!/0/2+'!/0!-+>/0!./!*)&+>+.*.!_(/!
8*)/!5Cd+5*!0*!.+4/'/-)+*!/-&'/!0*!(&+0+.*.!'/%(0&*-&/!./!0*!*)&+>+.*.!3!/0!.*:1!9'1.()+.1D!3!`%&/!
/%!9'/)+%*5/-&/!/0!-+>/0!_(/!.+)&*!0*!5*d+5+7*)+,-!./0!<+/-/%&*'!%1)+*0"
$%&*! >/-&*Q*! 4'/-&/! *! 0*! ./! 0*! )(09*! -1! '/%(0&*! ./5*%+*.1! '/0/>*-&/! )(*-.1! 0*! *)&+>+.*.!
91&/-)+*05/-&/! 2/-/'*.1'*! ./! .*:1%! -1! /%! /-! %6! 9/0+2'1%*D! /%! ./)+'D! )(*-.1! %/! &'*&*! ./! (-*!
*)&+>+.*.!_(/D!%+!%/!'/*0+7*!)1-!0*!9'/)*()+,-!'/_(/'+.*!91'!/0!/%&C-.*'!./!0*!.+0+2/-)+*!/d+2+<0/D!
9'/%/-&*! (-! '+/%21! '/.()+.1! ./! 9'1.()+'! .*:1%! H5C%! &`)-+)*5/-&/K! 0*! 9'1<*<+0+.*.! ./0! .*:1!
/>*0(*.*! /-! /0! 9(-&1! ./! 0*! .+0+2/-)+*! /d+2+<0/! /%! <*Q*J"! R(-_(/! /0! >10(5/-! ./! 0*! *)&+>+.*.! ./0!
)*(%*-&/!%(9/'/!01!./%/*<0/!%1)+*05/-&/D!/0!.*:1!'/%(0&*-&/!-1!/%!%+2-+4+)*&+>1"
;1'! )1-&'*D! 0*! )15/-&*.*! ./4+)+/-)+*! ./! 0*! '/20*! ./! 0*! )(09*! %6! %/! )1->+/'&/! /-! 9'/1)(9*-&/! /-!
'/0*)+,-!)1-!*)&+>+.*./%!_(/!%/!9(/./-!)*0+4+)*'!./!+-&'6-%/)*5/-&/!9/0+2'1%*%K!/-!/00*%D!/0!.*:1!
/%9/'*.1! /%! +591'&*-&/! *(-! )(*-.1! /0! *2/-&/! *)&[/! )1-! &1.*! 0*! .+0+2/-)+*! /d+2+<0/"! $%&/! .*:1!
/%9/'*.1!9(/./!%/'!*0&1!&*-&1!)151!)1-%/)(/-)+*!./!0*!/0/>*.*!9'1<*<+0+.*.!./!_(/!1)(''*!/0!
.*:1! )151! 91'! 0*! /0/>*.*! 5*2-+&(.! ./! `%&/D! *(-! %+/-.1! '/.()+.*! 0*! 9'1<*<+0+.*.! ./0! 5+%51!
H9+`-%/%/D!91'!/Q/5901D!/-!(-*!)/-&'*0!-()0/*'K!0*!9'1<*<+0+.*.!./!/%)*9/!9(/./!%/'!9/_(/:*!%+!
%/! 19/'*! )1-! .+0+2/-)+*D! 9/'1! %+! (-! &*0! />/-&1! ./! <*Q*! 9'1<*<+0+.*.! &+/-/! 0(2*'D! /0! '/%(0&*.1!
.*:1%1!/%!>/'.*./'*5/-&/!)*&*%&',4+)1J"
122
g'*&C-.1%/!./!*)&+>+.*./%!+-8/'/-&/5/-&/!9/0+2'1%*%!'/.(-.*D!9(/%D!)1-!)0*'+.*.D!/-!+-&/'`%!./!
0*!%1)+/.*.!_(/!_(+/-!./%*''100*!0*!*)&+>+.*.!-1!/d)/.*!01%!-+>/0/%!./!`%&*!_(/!%1-!%1)+*05/-&/!
,9&+51%"! B*! )1-%/)(/-)+*! /%D! /-! 9'+-)+9+1D! 0*! 9'/4/'/-)+*! ./! 0*! '/%91-%*<+0+.*.! 1<Q/&+>*! )151!
'/20*!./!'/%91-%*<+0+.*.!9*'*!(-*!*)&+>+.*.!./!/%*!-*&('*0/7*"
$-!!9('+.*.D!/-!01%!C5<+&1%!./!*))+./-&/!<+0*&/'*0!/%!9'/)+%1!&15*'!/-!)1-%+./'*)+,-!&*5<+`-!/0!
>10(5/-! ./! *)&+>+.*.! ./! 0*! 91&/-)+*0! >6)&+5*"! B*! +-)+./-)+*! %1<'/! `%&/! ./! *5<*%! '/20*%! ./!
'/%91-%*<+0+.*.!/%D!<*Q1!)+/'&1%!%(9(/%&1%D!9'/)+%*5/-&/!/0!19(/%&1!*0!_(/!%/!*)*<*!./!/d91-/'"!
=/!9(/./!%1%0*3*'!/%&*!1<Q/)+,-D!%+-!/5<*'21D!%(91-+/-.1!%+590/5/-&/!_(/!/0!*-C0+%+%!%/!0+5+&*!
*!01%!*))+./-&/%!(-+0*&/'*0/%!H*`'/1%D!5/.+1*5<+/-&*0/%J!3!*!*_(/001%!<+0*&/'*0/%!/-!01%!_(/!/-!
'/0*)+,-!)1-!/0!.*:1!/%9/'*.1!/0!-+>/0!./!*)&+>+.*.!./0!)*(%*-&/!/%!5C%!&'*%)/-./-&/!_(/!/0!./!0*!
>6)&+5*"
$-!&`'5+-1%!5C%!&`)-+)1%!./!9'1<*<+0+.*.D!%/*-K
!z!q4*0&*!./!)(+.*.1!./0!)*(%*-&/r!H/-!1&'1%!&`'5+-1%D!q-/20+2/-)+*rJ
j!z!q-1!rD!H91'!&*-&1D!q.+0+2/-)+*!./0!)*(%*-&/rJ
Z!z!q*)*/)+5+/-&1!./0!.*:1r
;'1<!HZhJ!z!9'1<*<+0+.*.!./!Z!)1-.+)+1-*.*!*!_(/!8*3*!1)(''+.1!
;'1<!HZhjJ!z!9'1<*<+0+.*.!./!Z!)1-.+)+1-*.*!*!_(/!-1!8*3*!1)(''+.1!"
l-*!*)&+>+.*.!%/!9(/./!./4+-+'!)151!+-&'6-%/)*5/-&/!9/0+2'1%*!%+!!/0!)1)+/-&/
!!/%!%,01!0+2/'*5/-&/!%(9/'+1'!*!P"
$%&/!'/%(0&*.1!./0!)1)+/-&/!+-.+)*!_(/!0*!1<%/'>*)+,-!1!)1-%&*&*)+,-!./!_(/!8*!1)(''+.1!ZD!/%&1!
/%D!/0!.*:1D!-1!/%!(-*!<(/-*!%/:*0!1!+-.+)+1!./!%+!!8*!1)(''+.1!1!-1D!/%!./)+'D!./!%+!/0!)*(%*-&/!
*)&(,!)1-!-/20+2/-)+*"!ZD!'/)(`'./%/D!9'/)+%*5/-&/!/%!/-!)*%1%!)151!`%&1%!/-!01%!_(/!0*!'/20*!./!
'/%91-%*<+0+.*.!1<Q/&+>*!*9*'/)/!)151!9'/4/'+<0/!*!0*!'/20*!./!'/%91-%*<+0+.*.!91'!)(09*r"
2;/B%+$D$#(#&>/(".<=(-=&"+&/)&-$?<.>(>/
2;0;/K(/<&?-(/&"/&-/A&>+(+&=&"+/V^L$<#W/.I/^.<+>/
_&TS&C>>J&\A.#"4-))0&!-.?/"#82&\7%$($%$/2
*"
<"
R-! *)&1'! i81! )*''+/%! 1-! *-! *<-1'5*003! .*-2/'1(%! *)&+>+&3! +%! %(<Q/)&! &1! %&'+)&!
0+*<+0+&3!41'!983%+)*0!8*'5!'/%(0&+-2!4'15!&8/!*)&+>+&3"!
R-!*)&+>+&3!+%!*<-1'5*003!.*-2/'1(%!+4K!
+" &8/! *)&+>+&3! )'/*&/%! *! 41'/%//*<0/! *-.! 8+2803! %+2-+4+)*-&! '+%k! 14! 983%+)*0!
8*'5!/>/-!i8/-!'/*%1-*<0/!)*'/!+%!/d/')+%/.!<3!*00!*)&1'%!*-.!
++" &8/!*)&+>+&3!+%!-1&!1-/!14!)1551-!(%*2/"!
$0/5/-&1%!./!0*!'/20*K!
123
*"
?(+.*.1!'*71-*<0/!./%90/2*.1!91'!&1.1%!01%!*2/-&/%!H#"(%*4(D)"$9(#"$'%$"3"#9'%"7$D&$
())$(9-*#%J"!?1-!4'/)(/-)+*!%/'C!/0!*2/-&/!_(/!./%*''100/!(-*!*)&+>+.*.!/0!_(/!/%&*'C!
5/Q1'! %+&(*.1! 9*'*! )1-&'10*'! 01%! '+/%21%! _(/! *_(/00*! 2/-/'/"! ?1-! &1.1D! -1! ./</'C!
)1-%+./'*'%/! [-+)*5/-&/! 0*! .+0+2/-)+*! ./%90/2*.*! 91'! /0! )*(%*-&/! 91&/-)+*0D! %+-1!
&*5<+`-! 0*! ./! 1&'1%! *2/-&/%! +590+)*.1%! /-! 0*! *)&+>+.*.D! 3*! %/*-! &/')/'1%! 1! 0*%!
9'19+*%! >6)&+5*%! 91&/-)+*0/%! ./! .*:1%"! B*! '/20*! ./! En! 9/'%+2(/! 9'1&/2/'! *!
q9/'%1-*%!+-1)/-&/%!_(/!%(4'/-!(-!.*:1r!H-E"$'44*9"4-$!"#%*4$>E*$%,HH"#%$E(#6J!*!
'/%(0&*%! ./! (-! q'+/%21! +-/>+&*<0/! ./! .*:1! +-8/'/-&/! *! 0*! *)&+>+.*.! ./0! )*(%*-&/r!
H,4(0*'7(D)"$#'%J$*H$E(#6$-E(-$'%$'4E"#"4-$'4$-E"$7"H"47(4-}%$(9-'0'-&J"!l-*!*)&+>+.*.!
-1! ./</'6*! '/9(&*'%/! )151! +-8/'/-&/5/-&/! /! +-/>+&*<0/5/-&/! 9/0+2'1%*! %+! 01%!
)(+.*.1%! '*71-*<0/%! _(/! 9(/./-! *.19&*'! %(%! >6)&+5*%! 91&/-)+*0/%! %+'>/-!
8*<+&(*05/-&/!9*'*!'/.()+'!1!/>+&*'!0*!9'1.())+,-!./!*))+./-&/%"!g*591)1!./</'6*!
*90+)*'%/! %+-! 5C%! (-*! '/20*! ./! En! /-! (-*! )0*%/! ./! >6)&+5*%! %/'C! /-&/'*5/-&/!
+-1)/-&/! %+! 01%! .*:1%! _(/! %(4'/! %/! ./</-! )1-! 4'/)(/-)+*! *! %(! 9'19+*! 15+%+,-! /-!
./%90/2*'! 5/.+.*%! ./! 9'/)*()+,-! '*71-*<0/%"! $-! 2/-/'*0D! )(*-.1! 0*! &*%*! ./!
*))+./-&/%!/-!(-*!)1-%&/0*)+,-!./!)*%1%!%/!./</!*!0*!)15<+-*)+,-!./!./)+%+1-/%!./!
)1-.()&*!91'!9*'&/!./!)*(%*-&/%!3!>6)&+5*%!91&/-)+*0/%D!%/!./<+0+&*-!01%!*'2(5/-&1%!
*! 4*>1'! ./! (-*! '/20*! ./! EnD! 4(-.*.1%! /-! 0*! 9'/>/-)+,-! 1! /-! (-*! >+%+,-! `&+)*! ./! 0*!
'/20*"!
<"
;'/>+%+<+0+.*.! HH*#%""(D')'-&J"! $-! 2/-/'*0D! /0! 4*>1'/)+5+/-&1! ./! '/20*%! ./! En! %/!
+-)'/5/-&*! )(*-.1! /0! )*(%*-&/! )1-1)/! /4/)&+>*5/-&/! 01%! '+/%21%! 9'19+1%! ./! 0*!
*)&+>+.*.! /-! )(/%&+,-"! ?1-! '/0*)+,-! *! 0*! 5*31'6*! ./! *)&+>+.*./%! *-1'5*05/-&/!
9/0+2'1%*%D!01%!)*(%*-&/%!91&/-)+*0/%!)1-1)/-!./!8/)81!01%!'+/%21%!+-8/'/-&/%!*!%(!
)1-.()&*! H0*! '/%91-%*<+0+.*.! 91'! '+/%21%! -1! 9'/>+%+<0/%! /%! '/4/'+.*! /-! 1)*%+1-/%!
)151!q'/%91-%*<+0+.*.!*<%10(&*rJ"!
)"
E+/%21!*0&*5/-&/!%+2-+4+)*&+>1!HE'@E)&$%'@4'H'9(4-$#'%JJK!>`*%/!*9*'&*.1!P"!
."
l%1! )15[-! H9*66*4$ ,%(@"J"! l-*! *)&+>+.*.! _(/! /%! -1'5*0! 1! 8*<+&(*0! -1! 9(/./!
'/9(&*'%/! )151! *-1'5*05/-&/! 9/0+2'1%*"! $-! /%&/! %/-&+.1D! 0*%! Q('+%.+))+1-/%! ./0!
/*66*4$ =(>$ -1'&/*5/'+)*-1! '/)(''/-! *! (-! /%&C-.*'! ./! q(%1! -1! -*&('*0r! H4*4<
4(-,#()$,%"J"!$0!/%&C-.*'!./!q(%1!-1!-*&('*0r!/%!*5<+2(1!3!9'/%/-&*D!*0!5/-1%D!&'/%!
%+2-+4+)*.1%! .+4/'/-&/%"! $-! 9'+5/'! 0(2*'D! 9(/./! '/4/'+'! *! (-! (%1! _(/! %/! *0/Q*! ./0!
/%&*.1!./!-*&('*0/7*a!/-!%/2(-.1!0(2*'D!%+2-+4+)*'!(-!(%1!_(/!-1!/%!)15[-!1!(%(*0a!
3D! 91'! [0&+51D! ./%)'+<+'! (-! (%1! _(/! /%! +''*71-*<0/! 1! +-*9'19+*.1! *! 0*! 0(7! ./! 0*%!
)+')(-%&*-)+*%!/-!(-*!)15(-+.*."!!!
l-*! *)&+>+.*.! %/'C! )0*'*5/-&/! ./! (%1! )15[-! %+! /%! 00/>*.*! *! )*<1! 91'! (-*! 9*'&/!
%(%&*-)+*0!./!0*!91<0*)+,-!/-!(-*!)15(-+.*."!?(*-.1!(-*!5*31'6*!%+2-+4+)*&+>*!./!
0*! 91<0*)+,-! ./%*''100*! (-*! ./&/'5+-*.*! *)&+>+.*.D! 0*! *(%/-)+*! ./! En! 9(/./!
/d90+)*'%/! 91'! 9'+-)+9+1%! ./! '/)+9'1)+.*."! =+-! /5<*'21D! 1&'*%! *)&+>+.*./%! &*5<+`-!
9(/./-! %/'! ./! (%1! )15[-! *(-_(/! %/*-! ./%*''100*.*%! [-+)*5/-&/! 91'! (-! -[5/'1!
0+5+&*.1!./!*)&1'/%!H91'!/Q/5901D!/0!%(5+-+%&'1!./!/-/'26*!/0`)&'+)*!1!./!2*%!00/>*.1!
*!)*<1!91'!(-*!1!91)*%!)159*:6*%!5/')*-&+0/%!/-!(-*!./&/'5+-*.*!)15(-+.*.J"!$0!
)1-)/9&1!./!(%1!)15[-!9(/./D!91'![0&+51D!+-)0(+'!*./5C%!*)&+>+.*./%!_(/D!*(-_(/!
-1! 5(3! 4'/)(/-&/%D! '/%(0&/-! 4*5+0+*'/%! /-! /0! 5*')1! ./! (-*! )15(-+.*."! $-! /%&1%!
124
)*%1%D!*)&+&(./%!<C%+)*%!./0!9[<0+)1!&+/-./-!*!0*!*)/9&*)+,-!./!'+/%21%!4*5+0+*'/%!3!
&'*.+)+1-*0/%D! *! 9/%*'! ./! 0*! 2/-/'*0! *>/'%+,-! 4'/-&/! *! '+/%21%! 91)1! 8*<+&(*0/%! 1!
-1>/0/%"!
$Q/5901K! '/%91-%*<+0+.*.! 1<Q/&+>*! 91'! .*:1%! )*(%*.1%! /-! >10*.('*%! ./! /.+4+)+1%! H'/%+.(1%! 3!
/%)15<'1%! 9'13/)&*.1%! _(/! .*:*-! *! 9'19+/.*./%! )10+-.*-&/%! 1! *! 9/'%1-*%! _(/! /%&(>+/'/-! /-!
/00*%J"!
2;2;/A(>?.>/#&/-(>/(%+$D$#(#&>/(".<=(-=&"+&/)&-$?<.>(>/
C/2%-%/4/.%&:6/7#.59&#E&>#"%2&:XYUU9
o/52:/A]^;/BR".<=(--F/M("?&<.,>/B%+$D$+$&>/
I-!./&/'5+-+-2!i8/&8/'!*-!*)&+>+&3!+%!*<-1'5*003!.*-2/'1(%D!&8/!41001i+-2!4*)&1'%!*'/!&1!
</!)1-%+./'/.K
H*J! /d+%&/-)/! 14! *! 8+28! ./2'//! 14! '+%k! 14! %15/! 8*'5! &1! &8/! 9/'%1-D! 0*-.! 1'! )8*&&/0%! 14!
1&8/'%a
H<J!0+k/0+811.!&8*&!&8/!8*'5!&8*&!'/%(0&%!4'15!+&!i+00!</!2'/*&a
H)J!+-*<+0+&3!&1!/0+5+-*&/!&8/!'+%k!<3!&8/!/d/')+%/!14!'/*%1-*<0/!)*'/a
H.J!/d&/-&!&1!i8+)8!&8/!*)&+>+&3!+%!-1&!*!5*&&/'!14!)1551-!(%*2/a
H/J!+-*99'19'+*&/-/%%!14!&8/!*)&+>+&3!&1!&8/!90*)/!i8/'/!+&!+%!)*''+/.!1-a!*-.
H4J!/d&/-&!&1!i8+)8!+&%!>*0(/!&1!&8/!)155(-+&3!+%!1(&i/+28/.!<3!+&%!.*-2/'1(%!*&&'+<(&/%"
$d&'*)&1!./!0*!91-/-)+*!./0!^(/7!E+)8*'.!R"!;1%-/'!/-!/0!)*%1!B.5$-.-&G-"A#"&]/)%&C-$)"#-5&'#J&
(J&\4/"$7-.&'0-.-4$5&'#;H/906/c;2#/0074/V7+L/'$<;/099:WC!
qg8/! '11&%! 14! %/)&+1-! #SA! *'/! +-! -+-/&//-&8m)/-&('3! )*%/%"! g8/! 51%&! 4*51(%! 1-/! +%! B&)(47%$ 0G$
I)"-9E"#D! P! $d"! SO#D! *44ô.D! B"E"! M! b"B"! MAA! HPUOUJD! <(&! *! 51'/! +00(5+-*&+-2! 1-/! +-! &8/! 9'/%/-&!
)1-&/d&!+%!I8$))/&(J&6=-.H/09/a.L">;/Vn;w;W/380/V0822W;!R!5*-!&11k!144!+-!*!81&m*+'!<*0011-!*-.!
0*-./.D! i+&81(&! +-&/-.+-2! &1D! +-! *! >/2/&*<0/! 2*'./-! +-! G/i! Z1'k! ?+&3"! R! )'1i.! &8*&! 8*.! <//-!
*-d+1(%03!i*&)8+-2!8+%!+->10(-&*'3!./%)/-&!&'*590/.!&8/!>/2/&*<0/%!+-!&8/+'!/-./*>1'!&1!'/%)(/!
8+5!i8/-!8/!0*-./."!g8/!1i-/'!14!&8/!2*'./-!%(/.!&8/!<*0011-+%&!41'!&8/!'/%(0&+-2!.*5*2/D!*-.!
i1-"!Z/&!&8/!<*0011-+%&!8*.!-1&!<//-!)*'/0/%%"!I-!&8/!&8/-!%&*&/!14!<*0011-+-2!+&!i*%!+591%%+<0/!
&1!5*k/!*!9+-91+-&!0*-.+-2"
!
V,'))"!+%!*!9*'*.+25*&+)!)*%/!41'!%&'+)&!0+*<+0+&3"!H*J!g8/!'+%k!H9'1<*<+0+&3J!14!8*'5!i*%!2'/*&D!*-.!
H<J!&8/!8*'5!&8*&!i1(0.!/-%(/!+4!&8/!'+%k!5*&/'+*0+7/.!)1(0.!</D!*0&81(28!0()k+03!i*%!-1&D!2'/*&!
H&8/! <*0011-+%&! )1(0.! 8*>/! )'*%8/.! +-&1! &8/! )'1i.! '*&8/'! &8*-! +-&1! &8/! >/2/&*<0/%J"! g8/!
)1-40(/-)/!14!&8/%/!&i1!4*)&1'%!/%&*<0+%8/.!&8/!('2/-)3!14!%//k+-2!&1!9'/>/-&!%()8!*))+./-&%"!H)J!
Z/&!%()8!*))+./-&%!)1(0.!-1&!</!9'/>/-&/.!<3!&8/!/d/')+%/!14!.(/!)*'/a!&8/!&/)8-10123!14!)*'/!+-!
<*0011-+-2!i*%!+-%(44+)+/-&03!./>/019/."!H.J!g8/!*)&+>+&3!i*%!-1&!*!5*&&/'!14!)1551-!(%*2/D!%1!
&8/'/! i*%! -1! 9'/%(59&+1-! &8*&! +&! i*%! *! 8+2803! >*0(*<0/! *)&+>+&3! ./%9+&/! +&%! (-*>1+.*<0/!
'+%k+-/%%"! H/J! g8/! *)&+>+&3! i*%! +-*99'19'+*&/! &1! &8/! 90*)/! +-! i8+)8! +&! &11k! 90*)/mm./-%/03!
919(0*&/.!G/i!Z1'k!?+&3"!g8/!'+%k!14!%/'+1(%!8*'5!&1!1&8/'%!H1&8/'!&8*-!&8/!<*0011-+%&!8+5%/04D!
125
&8*&! +%J! )1(0.! 8*>/! <//-! '/.()/.! <3! %8+4&+-2! &8/! *)&+>+&3! &1! &8/! %9*'%/03! +-8*<+&/.! *'/*%! &8*&!
%(''1(-./.!&8/!)+&3!+-!&81%/!.*3%"!H4J!E/+-41')+-2!H.JD!&8/!>*0(/!&1!&8/!)155(-+&3!14!&8/!*)&+>+&3!
14!'/)'/*&+1-*0!<*0011-+-2!.+.!-1&!*99/*'!&1!</!2'/*&!/-1(28!&1!144%/&!+&%!(-*>1+.*<0/!'+%k%"
g8/%/!*'/D!14!)1('%/D!&8/!%+d!4*)&1'%!+-!%/)&+1-!#SA"!g8/3!*'/!'/0*&/.!&1!/*)8!1&8/'!+-!&8*&!/*)8!+%!
*! .+44/'/-&! 4*)/&! 14! *! )1551-! _(/%&! 41'! *! 9'19/'! 0/2*0! '/2+5/! &1! 21>/'-! *))+./-&%! &8*&!
-/20+2/-)/!0+*<+0+&3!)*--1&!*./_(*&/03!)1-&'10!}|~a!=8*>/00D!=&'+)&!B+*<+0+&3!>/'%(%!G/20+2/-)/D!N!^"!
B/2*0! =&(."! P! HPNUAJ"! \3! 5*k+-2! &8/! *)&1'! %&'+)&03! 0+*<0/mm<3! ./-3+-2! 8+5! +-! 1&8/'! i1'.%! *-!
/d)(%/! <*%/.! 1-! 8+%! +-*<+0+&3! &1! *>1+.! *))+./-&%! <3! </+-2! 51'/! )*'/4(0mmi/! 2+>/! 8+5! *-!
+-)/-&+>/D!5+%%+-2!+-!*!-/20+2/-)/!'/2+5/D!&1!/d9/'+5/-&!i+&8!5/&81.%!14!9'/>/-&+-2!*))+./-&%!
&8*&!+->10>/!-1&!2'/*&/'!/d/'&+1-%!14!)*'/D!*%%(5/.!&1!</!4(&+0/D!<(&!+-%&/*.!'/01)*&+-2D!)8*-2+-2D!
1'! '/.()+-2! H9/'8*9%! &1! &8/! >*-+%8+-2! 91+-&J! &8/! *)&+>+&3! 2+>+-2! '+%/! &1! &8/! *))+./-&"! }|~"! g8/!
2'/*&/'!&8/!'+%k!14!*-!*))+./-&!HH*JJ!*-.!&8/!)1%&%!14!*-!*))+./-&!+4!1-/!1))('%!HH<JJD!&8/!51'/!i/!
i*-&! &8/! *)&1'! &1! )1-%+./'! &8/! 91%%+<+0+&3! 14! 5*k+-2! *))+./-&m'/.()+-2! *)&+>+&3! )8*-2/%a! &8/!
%&'1-2/'D! &8/'/41'/D! +%! &8/! )*%/! 41'! %&'+)&! 0+*<+0+&3"! ]+-*003D! +4! *-! *)&+>+&3! +%! /d&'/5/03! )1551-!
HH.JJD!0+k/!.'+>+-2!*-!*(&151<+0/D!+&!+%!(-0+k/03!/+&8/'!&8*&!+&%!8*7*'.%!*'/!9/')/+>/.!*%!2'/*&!1'!
&8*&!&8/'/!+%!-1!&/)8-10123!14!)*'/!*>*+0*<0/!&1!5+-+5+7/!&8/5a!%1!&8/!)*%/!41'!%&'+)&!0+*<+0+&3!+%!
i/*k/-/."
g8/!0*'2/%&!)0*%%!14!)*%/%!+-!i8+)8!%&'+)&!0+*<+0+&3!8*%!<//-!+591%/.!(-./'!&8/!%&*-.*'.!)1.+4+/.!
+-! &8/! =/)1-.! E/%&*&/5/-&! 14! g1'&%! +->10>/%! &8/! (%/! 14! .3-*5+&/! *-.! 1&8/'! /d901%+>/%! 41'!
./510+&+1-!+-!'/%+./-&+*0!1'!('<*-!*'/*%"!E/%&*&/5/-&D!%(9'*D!=/)"!#PND!)155/-&!."!$d901%+>/%!
*'/! .*-2/'1(%! />/-! i8/-! 8*-.0/.! )*'/4(003D! *-.! i/! &8/'/41'/! i*-&! <0*%&/'%! &1! )811%/! &8/!
01)*&+1-! 14! &8/! *)&+>+&3! i+&8! )*'/! *-.! *0%1! &1! /d901'/! &8/! 4/*%+<+0+&3! 14! (%+-2! %*4/'! %(<%&+&(&/%!
H%()8! *%! *! i'/)k+-2! <*00JD! *%! i/00! *%! &1! </! )*'/4(0! +-! &8/! <0*%&+-2! +&%/04"! \0*%&+-2! +%! -1&! *!
)1551-90*)/!*)&+>+&3!0+k/!.'+>+-2!*!)*'D!1'!%1!%(9/'+1'!&1!%(<%&+&(&/!5/&81.%!14!./510+&+1-!&8*&!
&8/!+591%+&+1-!14!0+*<+0+&3!+%!(-0+k/03!&1!8*>/!*-3!/44/)&!/d)/9&!&1!'*+%/!&8/!*)&+>+&3ô%!)1%&%r"
3;/A&>).">(R$-$#(#/.RE&+$D(/F/<&-(%$."&>/#&/D&%$"#(#/V3"$(-%/&
@8$2-.7/9/
;*'*!/0!*-C0+%+%!0/2*0!./!0*!)(/%&+,-!&'*&*.*!/-!/%&/!/962'*4/D!>`*-%/!01%!*'&6)(01%!#@OmPM!3!#@Om
P@! ./0! ?,.+21! )+>+0! ./! ?*&*0(:*D! %1<'/! +-5+%+1-/%D! 3! 01%! *'&6)(01%! MUNmMNP! ./0! ?,.+21! ?+>+0!
/%9*:10D!/-!'/0*)+,-!)1-!%(%!*'&6)(01%!PNALmPNAU"!
$0! '`2+5/-! 0/2*0! ./! En! 91'! *)&+>+.*./%! *-1'5*05/-&/! 9/0+2'1%*%! 9*'/)/! &/-/'! %(! 1'+2/-! /-!
9'1<0/5*%!%('2+.1%!/-&'/!>/)+-1%!)*(%*.1%!91'!(%1%!+-)159*&+<0/%!./!%(%!4+-)*%!'/%9/)&+>*%"!B*!
'/%91-%*<+0+.*.! 91'! (-! (%1! +-)159*&+<0/! 1! +-5+%+,-! 9(/./! 4(-.*'%/! /-! 0*! )1-.()&*! ./0!
./5*-.1! )1-%+%&/-&/! /-! /0! ./%*''1001! ./! *)&+>+.*./%! +-(%(*0/%! 1! 0*! )'/*)+,-! ./! )1-.+)+1-/%!
91)1! 8*<+&(*0/%! /-! %(! 4+-)*! _(/! +-&/'4+/'/-! )1-! /0! (%1! 3! .+%4'(&/! ./! %(%! <+/-/%! 91'! 9*'&/! ./0!
*)&1'"!$-!/0!/*66*4$=(>D!(-*!*)&+>+.*.!./0!./5*-.*.1!_(/!*4/)&*!*0!(%1!3!.+%4'(&/!9'+>*.1%!./!
(-*!4+-)*!/%!+06)+&*!%+!%/!00/>*!*!)*<1!-/20+2/-&/5/-&/D!%+!'/%(0&*!*-1'5*05/-&/!9/0+2'1%*!1!%+!0*!
*)&+>+.*.!/%!+''*71-*<0/!3!)*(%*!.*:1%!./!41'5*!+-&/-)+1-*0"!
126
4;/K(/".%$G"/#&/<&>).">(R$-$#(#/.RE&+$D(/).</=&<(/%(,>(%$G"/#&/
#(Q.>/
R02(-1%! *)*.`5+)1%! 8*-! *<12*.1! 91'! (-+>/'%*0+7*'! /0! 9'+-)+9+1! ./! EnD! /%! ./)+'D! (-*! '/20*! ./!
'/%91-%*<+0+.*.! 91'! &1.1%! 01%! .*:1%! _(/! 9(/.*! )*(%*'! (-*! 9/'%1-*! /-! %(%! +-&/'*))+1-/%!
%1)+*0/%"!=/!&'*&*!./!(-*!>+%+,-!*''*+2*.*!/-!/0!%/-&+'!./!0*%!2/-&/%K!)1-!(-*!*0&*!9'1<*<+0+.*.D!/0!
)15[-!./!01%!)+(.*.*-1%!'/%91-./'C!*4+'5*&+>*5/-&/!*!0*!9'/2(-&*!*)/')*!./!%+!(-*!9/'%1-*!8*!
./!'/%91-./'!91'!01%!.*:1%!_(/!)*(%/!*!(-!&/')/'1"!?(*-.1!*02(+/-!*)&[*!>10(-&*'+*5/-&/!3D!*0!
8*)/'01D!1<&+/-/!01%!</-/4+)+1%!/%9/'*.1%!./!&*0!*))+,-D!9*'/)/!./!Q(%&+)+*!_(/!8*3*!./!*''1%&'*'!
)1-! 0*%! )1-%/)(/-)+*%! -/2*&+>*%! ./'+>*.*%! ./! %(! *))+,-"! =+-! /5<*'21D! (-*! )'6&+)*! &'*.+)+1-*0! *!
/%&*!&/%+%!*9(-&*!*!0*!)+')(-%&*-)+*!./!_(/!0*!5*31'6*!./!*))+./-&/%!1)(''/-!/-!0*!+-&/'%/))+,-!
0+&/'*0! 1! 4+2('*.*! ./! .1%! 1! 5C%! *)&+>+.*./%"! ;1'! /001D! 0*! 5/'*! )*(%*0+.*.! ./! 8/)81! '/%(0&*! (-!
)'+&/'+1! +-./&/'5+-*.1! /! +-%(4+)+/-&/! 9*'*! 0*! *&'+<()+,-! ./! '/%91-%*<+0+.*."! ;1'! /Q/5901D!
)(*-.1!(-!&'/-!*''100*!(-!>/86)(01!/-!(-!9*%1!*!-+>/0D!/0!*))+./-&/!&+/-/!%(!1'+2/-!&*-&1!/-!/0!
4(-)+1-*5+/-&1!./0!4/''1)*''+0!)151!/-!0*!)1-.())+,-!./!*(&15,>+0/%"!
5;/A&?*=&"&>/-&?(-&>/#&/<&>).">(R$-$#(#/.RE&+$D(/&"/#&<&%L./
&>)(Q.-/
$-! ./'/)81! /%9*:10D! .+4/'/-&/%! -1'5*%! '/)12/-! %(9(/%&1%! ./! '/%91-%*<+0+.*.! 1<Q/&+>*! 91'!
'*7,-! ./! %(! 1<Q/&1"! $%&1%! '/265/-/%! 0/2*0/%! %(%&/-&*-! (-! <(/-! 4'*25/-&1! ./! 0*! 9*'&/! /%9/)+*0!
./0!./'/)81!./!.*:1%D!./!0*!_(/!-1!.*51%!)(/-&*!/d8*(%&+>*!/-!/%&/!&'*<*Q1"!
B*%!'/20*%!./!'/%91-%*<+0+.*.!1<Q/&+>*!5C%!./%&*)*<0/%!/-!./'/)81!/%9*:10!%1-K
!
R.5+-+%&'*)+1-/%! 9[<0+)*%K! *'&%"! MS! *! ML! B/3! @AhSAP#D! ./! P! ./! 1)&(<'/D! ./! E`2+5/-!
^('6.+)1!./0!=/)&1'!;[<0+)1!3!*'&"!PAO"S!?$"
!
R))+./-&/%! ./! )+')(0*)+,-K! E/*0! X/)'/&1! B/2+%0*&+>1! UhSAA@H/ ./! SN! ./! 1)&(<'/D! 91'! /0!
_(/!%/!*9'(/<*!/0!&/d&1!'/4(-.+.1!./!0*!B/3!%1<'/!'/%91-%*<+0+.*.!)+>+0!3!%/2('1!/-!0*!
)+')(0*)+,-!./!>/86)(01%!*!51&1'"
!
R-+5*0/%K!*'&"!PNA#!??"
!
?*7*K!*'&"!MM"#!B/3!PhPNLAD!./!@!./!*<'+0D!./!)*7*!
!
?1%*%!_(/!%/!*''1Q/-!1!)*+2*-!./!(-*!)*%*K!*'&"!PNPA!??
!
$-/'26*!-()0/*'K!*'&"!@#!B/3!S#hPNO@D!./!SN!./!*<'+0D!%1<'/!/-/'26*!-()0/*'"!
!
V/.+1!*5<+/-&/K!B/3!SOhSAALD!./!SM!./!1)&(<'/D!./!'/%91-%*<+0+.*.!5/.+1*5<+/-&*0D!
51.+4+)*.*!91'!0*!B/3!PPhSAP@D!./!M!./!Q(0+1"
127
!
G*>/2*)+,-!*`'/*K!*'&"!PSA!B/3!@UhPNOAD!./!SP!./!Q(0+1D!%1<'/!-*>/2*)+,-!*`'/*
!
;'1.()&1%!./4/)&(1%1%K!R'&"!P!./!0*!X+'/)&+>*!U#hML@h?$$D!./!S#!./!Q(0+1D!'/0*&+>*!*!0*!
*9'1d+5*)+,-! ./! 0*%! .+%91%+)+1-/%! 0/2*0/%D! '/20*5/-&*'+*%! 3! *.5+-+%&'*&+>*%! ./! 01%!
$%&*.1%! 5+/5<'1%! /-! 5*&/'+*! ./! '/%91-%*<+0+.*.! 91'! 01%! .*:1%! )*(%*.1%! 91'! 01%!
9'1.()&1%!./4/)&(1%1%a!*'&%"!PSU!3!%%"!EXB!PhPAALD!./!PO!./!-1>+/5<'/D!91'!/0!_(/!%/!
*9'(/<*! /0! &/d&1! '/4(-.+.1! ./! 0*! B/3! F/-/'*0! 9*'*! 0*! X/4/-%*! ./! 01%! ?1-%(5+.1'/%! 3!
l%(*'+1%!3!1&'*%!0/3/%!)1590/5/-&*'+*%!HEXB!PhSAALJ"
-
;*<01! =*0>*.1'! ?1./')8D! ]/'-*-.1! F,5/7! ;15*'! H$.%"JD! RR"cc"D! ?#(-(7*$ 7"$
#"%!*4%(D')'7(7$9'0')$7")$H(D#'9(4-"S$?+7('!V/-1'D!g815%1-m?+>+&*%D!SAAU"!
-
R-&1-+1! n'&+! c*00/Q1D! V*'6*! ./0! ?*'5/-! F*')6*! F*'-+)*! HX+'%"JD! RR"cc"D! =($
#"%!*4%(D')'7(7$ 9'0')$ !*#$ 7(_*%$ 9(,%(7*%$ !*#$ %"#0'9'*%$ 7"H"9-,*%*%D! SÄ"! /."D!
g815%1-!E/(&/'%D!R'*-7*.+D!SAP#"!
!
X/&/'5+-*.1%!%/'>+)+1%D!'/2(0*.1%!/-!/0!*'&"!P@U!EXB!PhSAALK!%/'>+)+1%!%*-+&*'+1%D!01%!
./! '/9*'*)+,-! 3! 5*-&/-+5+/-&1! ./! /0/)&'1.15`%&+)1%D! *%)/-%1'/%! 3! >/86)(01%! ./!
51&1'D! %/'>+)+1%! ./! '/8*<+0+&*)+,-! 3! '/9*'*)+,-! ./! >+>+/-.*%D! %/'>+)+1%! ./! '/>+%+,-D!
+-%&*0*)+,-!1!%+5+0*'/%!./!2*%!3!/0/)&'+)+.*.!3!01%!'/0*&+>1%!*!5/.+1%!./!&'*-%91'&/"
!
E/%91-%*<+0+.*.!./0!9'19+/&*'+1!91'!01%!8(51%!/d)/%+>1%!-1)+>1%!9*'*!0*%!9/'%1-*%!1!
0*%!9'19+/.*./%!3!)*6.*!./!C'<10/%!)101)*.1%!/-!%+&+1%!./!&'C-%+&1K!*'&"!PNAU"!S{!3!M{!??"!
6;/S(+&<$(-&>/%.=)-&=&"+(<$.>C//
6;0;/K(/#.R-&/E,>+$I$%(%$G"/#&/-(/<&>).">(R$-$#(#/.RE&+$D(C/C0)-.52&(J&P)/%7D/"/sV0868W/
}~gK/0u;/
}g8/!./4/-.*-&!'/&*+-/.!*-.!+-./9/-./-&!)1-&'*)&1'!&1!)1-%&'()&!*!91-.!+-!B*-)*%&/'D!$-20*-."!
\/-/*&8!&8/!0*-.!i/'/!10.!5+-/!%8*4&%!&8*&!8*.!01-2!%+-)/!<//-!4+00/.!*-.!)1>/'/."!G/+&8/'!&8/!
)1-&'*)&1'! -1'! &8/! 0*-.01'.! .+%)1>/'/.! *-3! '/*%1-! 41'! )1-)/'-"! g8/! 91-./.! i*&/'! />/-&(*003!
<'1k/!&8'1(28!&8/!./<'+%!+-!&8/!%8*4&%!*-.!401i/.!+-&1!&8/5D!&8/-!&81'1(28!81'+71-&*0!%8*4&%!&1!
4011.! &8/! 90*+-&+44ï%! 5+-/"~! *J! q&8/! 9/'%1-! i81! 41'! 8+%! 1i-! 9('91%/%! <'+-2%! 1-! 8+%! 0*-.! *-.!
)100/)&%! *-.! k//9%! &8/'/! *-3&8+-2! 0+k/03! &1! .1! 5+%)8+/4! +4! +&! /%)*9/%D! 5(%&! k//9! +&! *&! 8+%! 9/'+0r!
H^(%&+)/! \0*)k<1('-! *-.! B1'.! ?'*-%i1'&8Ja! <J! &8/! ./4/-.*-&! </*'%! =B! 41'! 8*'5%! )*(%/.! <3! *!
q-1-m-*&('*0! (%/r! +-! &8/! ./4/-.*-&ï%! 0*-.! HB1'.! ?8*-)/001'! ?*+'-%J"! R5<+2(+&3K! q-1-m-*&('*0!
(%/r!3+/0.%!*&!0/*%&!&8'//!91%%+<0/!5/*-+-2%a!+&!5+28&!</!1-/!&8*&!./9*'&%!4'15!*!%&*&/!14!-*&('/a!
+&! 5+28&! </! 1-/! &8*&! +%! (-)1551-! 1'! (-(%(*0D! 1'! +&! 5+28&! </! 1-/! &8*&! +%! (-'/*%1-*<0/! 1'!
+-*99'19'+*&/!+-!0+28&!14!&8/!01)*0!)+')(5%&*-)/%"
}g~8/!;0*+-&+44!H|J!+%!&8/!1))(9+/'!14!*!5+-/!*-.!i1'k%!(-./'!*!)01%/!14!0*-."!g8/!X/4/-.*-&%!*'/!
&8/! 1i-/'%! 14! *! 5+00! +-! 8+%! -/+28<1('811.D! *-.! &8/3! 9'191%/.! &1! 5*k/! *! '/%/'>1+'! 41'! &8/!
9('91%/! 14! k//9+-2! *-.! %&1'+-2! i*&/'! &1! </! (%/.! *<1(&! &8/+'! 5+00! (91-! *-1&8/'! )01%/! 14! 0*-.D!
i8+)8D!41'!&8/!9('91%/%!14!&8+%!)*%/D!5*3!</!&*k/-!*%!</+-2!*.Q1+-+-2!&1!&8/!)01%/!14!&8/!;0*+-&+44D!
*0&81(28D!+-!91+-&!14!4*)&D!%15/!+-&/'>/-+-2!0*-.!0*3!</&i//-!&8/!&i1"!l-./'-/*&8!&8/!)01%/!14!
128
0*-.!14!&8/!X/4/-.*-&%!1-!i8+)8!&8/3!9'191%/.!&1!)1-%&'()&!&8/+'!'/%/'>1+'!&8/'/!i/'/!)/'&*+-!
10.! *-.! .+%(%/.! 5+-+-2! 9*%%*2/%! *-.! i1'k%"! g8/'/! i/'/! 4+>/! >/'&+)*0! %8*4&%D! *-.! %15/!
81'+71-&*0!%8*4&%!)155(-+)*&+-2!i+&8!&8/5"!g8/!>/'&+)*0!%8*4&%!8*.!<//-!4+00/.!(9!i+&8!%1+0!*-.!
'(<<+%8D!*-.!+&!.1/%!-1&!*99/*'!&8*&!*-3!9/'%1-!i*%!*i*'/!14!&8/!/d+%&/-)/!/+&8/'!14!&8/!>/'&+)*0!
%8*4&%!1'!14!&8/!81'+71-&*0!i1'k%!)155(-+)*&+-2!i+&8!&8/5"!I-!&8/!)1('%/!14!&8/!i1'k+-2!<3!&8/!
;0*+-&+44!14!8+%!5+-/D!8/!8*.!2'*.(*003!i1'k/.!&8'1(28!&8/!%/*5%!14!)1*0!(-./'-/*&8!&8/!)01%/D!
*-.! 8*.! )15/! +-&1! )1-&*)&! i+&8! &8/! 10.! *-.! .+%(%/.! i1'k%! (-./'-/*&8! &8/! )01%/! 14! &8/!
X/4/-.*-&%"
I-! &8*&! %&*&/! 14! &8+-2%! &8/! '/%/'>1+'! 14! &8/! X/4/-.*-&%! i*%! )1-%&'()&/."! I&! i*%! )1-%&'()&/.! <3!
&8/5! &8'1(28! &8/! *2/-)3! *-.! +-%9/)&+1-! 14! *-! /-2+-//'! *-.! )1-&'*)&1'"! ;/'%1-*003D! &8/!
X/4/-.*-&%! *99/*'! &1! 8*>/! &*k/-! -1! 9*'&! +-! &8/! i1'k%D! 1'! &1! 8*>/! <//-! *i*'/! 14! *-3! i*-&! 14!
%/)('+&3!)1--/)&/.!i+&8!&8/5"!R%!'/2*'.%!&8/!/-2+-//'!*-.!&8/!)1-&'*)&1'D!i/!5(%&!&*k/!+&!4'15!
&8/! )*%/! &8*&! &8/3! .+.! -1&! /d/')+%/D! *%! 4*'! *%! &8/3! i/'/! )1-)/'-/.D! &8*&! '/*%1-*<0/! )*'/! *-.!
)*(&+1-!i8+)8!&8/3!5+28&!8*>/!/d/')+%/.D!&*k+-2!-1&+)/D!*%!&8/3!*99/*'!&1!8*>/!&*k/-!-1&+)/D!14!
&8/!>/'&+)*0!%8*4&%!4+00/.!(9!+-!&8/!5*--/'!i8+)8!I!8*>/!5/-&+1-/."!b1i/>/'D!53!B1'.%D!i8/-!
&8/! '/%/'>1+'! i*%! )1-%&'()&/.D! *-.! 4+00/.D! 1'! 9*'&03! 4+00/.D! i+&8! i*&/'D! &8/! i/+28&! 14! &8/! i*&/'!
</*'+-2!(91-!&8/!.+%(%/.!*-.!+59/'4/)&03!4+00/.m(9!>/'&+)*0!%8*4&%D!<'1k/!&8'1(28!&81%/!%8*4&%"!
g8/! i*&/'! 9*%%/.! .1i-! &8/5! *-.! +-&1! &8/! 81'+71-&*0! i1'k+-2%D! *-.! 4'15! &8/! 81'+71-&*0!
i1'k+-2%! (-./'! &8/! )01%/! 14! &8/! X/4/-.*-&%! +&! 9*%%/.! 1-! +-&1! &8/! i1'k+-2%! (-./'! &8/! )01%/! 14!
&8/! ;0*+-&+44D! *-.! 4011./.! 8+%! 5+-/D! )*(%+-2! )1-%+./'*<0/! .*5*2/D! 41'! i8+)8! &8+%! *)&+1-! i*%!
<'1(28&"
BnEX!?RIEG=K
V3!B1'.%D!&8/!9'+-)+90/%!1-!i8+)8!&8+%!)*%/!5(%&!</!./&/'5+-/.!*99/*'!&1!5/!&1!</!/d&'/5/03!
%+590/"! g8/! X/4/-.*-&%D! &'/*&+-2! &8/5! *%! &8/! 1i-/'%! 1'! 1))(9+/'%! 14! &8/! )01%/! 1-! i8+)8! &8/!
'/%/'>1+'! i*%! )1-%&'()&/.D! 5+28&! 0*i4(003! 8*>/! (%/.! &8*&! )01%/! 41'! *-3! 9('91%/! 41'! i8+)8! +&!
5+28&!+-!&8/!1'.+-*'3!)1('%/!14!&8/!/-Q135/-&!14!0*-.!</!(%/.a!*-.!+4D!+-!i8*&!I!5*3!&/'5!&8/!
-*&('*0! (%/'! 14! &8*&! 0*-.D! &8/'/! 8*.! <//-! *-3! *))(5(0*&+1-! 14! i*&/'D! /+&8/'! 1-! &8/! %('4*)/! 1'!
(-./'2'1(-.D! *-.! +4D! <3! &8/! 19/'*&+1-! 14! &8/! 0*i%! 14! -*&('/D! &8*&! *))(5(0*&+1-! 14! i*&/'! 8*.!
9*%%/.!144!+-&1!&8/!)01%/!1))(9+/.!<3!&8/!;0*+-&+44D!&8/!;0*+-&+44!)1(0.!-1&!8*>/!)1590*+-/.!&8*&!
&8*&!'/%(0&!8*.!&*k/-!90*)/"!I4!8/!8*.!./%+'/.!&1!2(*'.!8+5%/04!*2*+-%&!+&D!+&!i1(0.!8*>/!0*+-!(91-!
8+5!&1!8*>/!.1-/!%1D!<3!0/*>+-2D!1'!<3!+-&/'91%+-2D!%15/!<*''+/'!</&i//-!8+%!)01%/!*-.!&8/!)01%/!
14!&8/!X/4/-.*-&%!+-!1'./'!&1!8*>/!9'/>/-&/.!&8*&!19/'*&+1-!14!&8/!0*i%!14!-*&('/!H|J"
}I~4!&8/!X/4/-.*-&%D!-1&!%&199+-2!*&!&8/!-*&('*0!(%/!14!&8/+'!)01%/D!8*.!./%+'/.!&1!(%/!+&!41'!*-3!
9('91%/!i8+)8!I!5*3!&/'5!*!-1-m-*&('*0!(%/D!41'!&8/!9('91%/!14!+-&'1.()+-2!+-&1!&8/!)01%/!&8*&!
i8+)8!+-!+&%!-*&('*0!)1-.+&+1-!i*%!-1&!+-!1'!(91-!+&D!41'!&8/!9('91%/!14!+-&'1.()+-2!i*&/'!/+&8/'!
*<1>/!1'!</01i!2'1(-.!+-!_(*-&+&+/%!*-.!+-!*!5*--/'!-1&!&8/!'/%(0&!14!*-3!i1'k!1'!19/'*&+1-!1-!
1'! (-./'! &8/! 0*-.D! m! *-.! +4! +-! )1-%/_(/-)/! 14! &8/+'! .1+-2! %1D! 1'! +-! )1-%/_(/-)/! 14! *-3!
+59/'4/)&+1-! +-! &8/! 51./! 14! &8/+'! .1+-2! %1D! &8/! i*&/'! )*5/! &1! /%)*9/! *-.! &1! 9*%%! 144! +-&1! &8/!
)01%/!14!&8/!;0*+-&+44D!&8/-!+&!*99/*'%!&1!5/!&8*&!&8*&!i8+)8!&8/!X/4/-.*-&%!i/'/!.1+-2!&8/3!i/'/!
.1+-2! *&! &8/+'! 1i-! 9/'+0a! *-.D! +4! +-! &8/! )1('%/! 14! &8/+'! .1+-2! +&D! &8/! />+0! *'1%/! &1! i8+)8! I! 8*>/!
'/4/''/.D! &8/! />+0D! -*5/03D! 14! &8/! /%)*9/! 14! &8/! i*&/'! *-.! +&%! 9*%%+-2! *i*3! &1! &8/! )01%/! 14! &8/!
;0*+-&+44! *-.! +-Q('+-2! &8/! ;0*+-&+44D! &8/-! 41'! &8/! )1-%/_(/-)/! 14! &8*&D! +-! 53! 19+-+1-D! &8/!
X/4/-.*-&%!i1(0.!</!0+*<0/"!H|J
129
BnEX!?ERGxnEgbK
V3! B1'.%D! I! )1-)('! i+&8! 53! -1<0/! *-.! 0/*'-/.! 4'+/-.! +-! &8+-k+-2! &8*&! &8/! '(0/! 14! 0*i! i*%!
)1''/)&03!%&*&/.!<3!V'"!a}]^@'P/UKB'~U}An!+-!./0+>/'+-2!&8/!19+-+1-!14!&8/!$d)8/_(/'!?8*5</'"!I4!
*! 9/'%1-! <'+-2%D! 1'! *))(5(0*&/%D! 1-! 8+%! 0*-.! *-3&8+-2! i8+)8D! +4! +&! %81(0.! /%)*9/D! 5*3! )*(%/!
.*5*2/! &1! 8+%! -/+28<1('D! 8/! .1/%! %1! *&! 8+%! 9/'+0"! I4! +&! .1/%! /%)*9/D! *-.! )*(%/! .*5*2/D! 8/! +%!
'/%91-%+<0/D!81i/>/'!)*'/4(0!8/!5*3!8*>/!<//-D!*-.!i8*&/>/'!9'/)*(&+1-%!8/!5*3!8*>/!&*k/-!
&1!9'/>/-&!&8/!.*5*2/"
I-! )1-%+./'+-2! i8/&8/'! *! X/4/-.*-&! +%! 0+*<0/! &1! *! ;0*+-&+44! 41'! .*5*2/! i8+)8! &8/! ;0*+-&+44! 5*3!
8*>/! %(%&*+-/.D! &8/! _(/%&+1-! +-! 2/-/'*0! +%! -1&! i8/&8/'! &8/! X/4/-.*-&! 8*%! *)&/.! i+&8! .(/! )*'/!
*-.!)*(&+1-D!<(&!i8/&8/'!8+%!*)&%!8*>/!1))*%+1-/.!&8/!.*5*2/"!H|J"!R-.!&8/!.1)&'+-/!+%!41(-./.!
1-!211.!%/-%/"!]1'!i8/-!1-/!9/'%1-D!+-!5*-*2+-2!8+%!1i-!*44*+'%D!)*(%/%D!81i/>/'!+--1)/-&03D!
.*5*2/!&1!*-1&8/'D!+&!+%!1<>+1(%03!1-03!Q(%&!&8*&!8/!%81(0.!</!&8/!9*'&3!&1!%(44/'"!b/!+%!<1(-.!%+)!
(&+!%(1!(&!-1-!0*/.*&!*0+/-(5"!g8+%!+%!&8/!9'+-)+90/!14!0*i!*990+)*<0/!&1!)*%/%!0+k/!&8/!9'/%/-&D!
*-.!I!.1!-1&!.+%)1>/'!+-!&8/!*(&81'+&+/%!i8+)8!i/'/!)+&/.!*-3&8+-2!)1-40+)&+-2!i+&8!+&"!
H|J! I! )15/! i+&81(&! 8/%+&*&+1-! &1! &8/! )1-)0(%+1-! &8*&! &8/! Q(.25/-&! 14! &8/! $d)8/_(/'! ?8*5</'!
i*%! '+28&"! H|J"! g8/! X/4/-.*-&%D! +-! 1'./'! &1! /44/)&! *-! 1<Q/)&! 14! &8/+'! 1i-D! <'1(28&! 1-! &1! &8/+'!
0*-.D!1'!1-!&1!0*-.!i8+)8!41'!&8+%!9('91%/!5*3!</!&'/*&/.!*%!</+-2!&8/+'%D!*!0*'2/!*))(5(0*&/.!
5*%%! 14! i*&/'D! *-.! %&1'/.! +&! (9! +-! *! '/%/'>1+'"! g8/! )1-%/_(/-)/! 14! &8+%! i*%! .*5*2/! &1! &8/!
;0*+-&+44D!*-.!41'!&8*&!.*5*2/D!81i/>/'!%k+04(003!*-.!)*'/4(003!&8/!*))(5(0*&+1-!i*%!5*./D!&8/!
X/4/-.*-&%D!*))1'.+-2!&1!&8/!9'+-)+90/%!*-.!*(&81'+&+/%!&1!i8+)8!I!8*>/!*.>/'&/.D!i/'/!)/'&*+-03!
'/%91-%+<0/"!
/
6;2;/ }"(/ D$>$G"/ &,<.)&(/ %."+$"&"+(-/ #&/ -(/ <&>).">(R$-$#(#/ .RE&+$D(/ ./ ).</ <$&>?./ Vg&<"/
~+N/F/X&<L(<#/x(?"&<;/M&-$Z+><&%L+H/0:;/B,I-(?&H/K,%L+&<L("#H/St"%L&"H/2::6/oo/09:/F/
>>;W/
s¢&7! 3! x*2-/'! /%)'+</-! _(/! %/! 8*<0*! ./! '/%91-%*<+0+.*.! 91'! '+/%21! HF/4ò8'.(-2%8*4&(-2J!
)(*-.1! 0*! '/%91-%*<+0+.*.! ./0! /4/)&+>*5/-&/! '/%91-%*<0/! ./9/-./! /d)0(%+>*5/-&/! ./! _(/! /0!
*))+./-&/! /-! )(/%&+,-! %/! 8*3*! 9'1.()+.1! 91'! 0*! )1-)'/)+,-! ./0! '+/%21! _(/! /0! '/%91-%*<0/!
)1-&'10*<*"! $0! 4(-.*5/-&1! ./! +59(&*)+,-! /%! 0*! )+')(-%&*-)+*! ./! _(/! *02(+/-! 8*! 2/-/'*.1! (-!
'+/%21! ./! .*:1! /%9/)64+)1D! /-! /%9/)+*0D! )(*-.1! /d901&*D! <*Q1! %(! )1-&'10! 3! .+'/))+,-D! (-*!
+-%&*0*)+,-! &`)-+)*"! =+! /0! 1<0+2*.1! *! +-./5-+7*'! +-4'+-2+,! 1! -1! (-! ./</'! ./! )(+.*.1! /%!
+-.+4/'/-&/"!
!
B*! +./*! 5*'*>+001%*5/-&/! /d9'/%*.*! 91'! E(.104! c"! I8/'+-2! HPUPUmPUNSJ! /-! PUOLD! ./! _(/! 0*!
'/%91-%*<+0+.*.! %/! 4(-.*5/-&*! /-! 0*! )(09*D! -1! /-! /0! .*:1! H.(%$ 89E,)76*6"4-$ '6$ #~6'%9E"4$
5#'0(-#"9E-J! 1%)+0*! /-&'/! /0! /''1'! 8+%&,'+)1! 3! /0! +59(/%&1! ./! %*-2'/D! 9/'1! 4(/! /-1'5/5/-&/!
+-40(3/-&/K! /-! /0! ?,.+21! ?+>+0! *0/5C-! ./! PUNO! 0*! '/%91-%*<+0+.*.! 91'! )(09*! /'*! *<%10(&*5/-&/!
9'/.15+-*-&/! Hëë! UMM! 3! %%"JD! 5+/-&'*%! _(/! 0*! '/%91-%*<+0+.*.! 91'! '+/%21! %/! )/:6*! *! 01%! .*:1%!
)*(%*.1%! 91'! 01%! *-+5*0/%! Hë! UMM! 3! %%"J! /! +-)0(%1! /%&*! %/! '/.(Q1! /-! PNAU! *! 01%! )*%1%! ./! .*:1%!
)*(%*.1%!91'!*-+5*0/%!./!0(Q1!H)*<*001%!./!'*7*D!-1!./!&+'1!91'!/Q/5901J"!!
!
=+-! /5<*'21D! 8*<6*! 9'/)/./-&/%! )0*'1%! ./! '/%91-%*<+0+.*.! 91'! '+/%21! _(/! %/! '/0*)+1-*<*-! )1-!
01%!.*:1%!)*(%*.1%!91'!01%!4/''1)*''+0/%!HB/3!9'(%+*-*!./!PUMUD!B/3!y3*!*0/5*-*m!./!PULPJ"!?1-!
130
/0! &+/591! 0*! '/%91-%*<+0+.*.! 91'! '+/%21! %/! *%1)+,! *! 01%! .*:1%! ./! 0*! )+')(0*)+,-! HPNAUJ! 3D!
9'1&1&69+)*5/-&/D! *! 01%! )*(%*.1%! *0! 5/.+1! *5<+/-&/! HPN@MJ"! X/%9(`%! ./! 0*! =/2(-.*! F(/''*!
V(-.+*0D!/0!/%&C-.*'!./!0*!En!%/!4(/!*590+*-.1£!*!01%!.*:1%!2/-/'*.1%!91'!0*!/d901&*)+,-!./!(-*!
/59'/%*! 1! +-%&+&()+,-! &/)-10,2+)*5/-&/! )1590/Q*%D! 1! 01%! 5/.+)*5/-&1%! 3D! 4+-*05/-&/D! *! 01%!
./4/)&1%! ./! 9'1.()&1! _(/! )*(%*-! .*:1%! 9/'%1-*0/%! 1! .*:1%! 5*&/'+*0/%! *! )1%*%! .+%&+-&*%! *0!
5+%51!9'1.()&1!./4/)&(1%1"!!
!
$-!./'/)81!/%9*:10D!0*!'/%91-%*<+0+.*.!91'!01%!.*:1%!)*(%*.1%!91'!01%!*-+5*0/%!.15`%&+)1%!/%!
&'*.+)+1-*05/-&/! 1<Q/&+>*! H*'&"! PNA#! ??D! ?1-)/9)+,-! gER\RXn! YBcRE$tD! =($ #"%!*4%(D')'7(7$ 9'0')$
(#-[9,)*$ Xohi$ 7")$ /^7'@*$ /'0')G$ .(_*%$ 9(,%(7*%$ !*#$ )*%$ (4'6()"%$ 7*6F%-'9*%"! =/9&/5! $.+)+1-/%"!
SAAP! n>+/.1"! $-! /0! ?1551-! B*i! 0*! '/20*! &'*.+)+1-*0! /'*! _(/! 01%! 91%//.1'/%! ./! *-+5*0/%!
.15`%&+)1%!'/%91-.6*-!%+!)1-1)6*-!1!91.6*-!8*</'!)1-1)+.1!0*!9'19/-%+,-!./0!*-+5*0!*!)*(%*'!
.*:1%! H%)+/-&/'! *)&+1-J! 3! 01%! &/-/.1'/%! ./! *-+5*0/%! -1! .15`%&+)1%! m%*0>*Q/%m! 01! 8*)6*-!
1<Q/&+>*5/-&/"!$%&*!.+%&+-)+,-!%+/59'/!4(/!.+46)+0!./!./0+5+&*'K!>`*%/!O"E#"4%$0G$O"#-#(6%$a'))%$
/'#9,%D! }B&."! S! p"\"! P! HPN#LJ~D! (-! )*%1! /-! /0! _(/! (-! /0/4*-&/! .15/%&+)*.1! 4(/! *%(%&*.1! 91'! (-!
9/''1D!_(/.,!4(/'*!./0!)1-&'10!./!%(!.15*.1'!3!)*(%,!.*:1%!*!(-*!-+:*"!b13!/-!.6*D!0*!)(/%&+,-!
8*!%+.1!'/2(0*.*!0/2*05/-&/!./!41'5*%!5(3!.+%&+-&*%!91'!5()8*%!Q('+%.+))+1-/%"!!
!
!
131
'()*+,-./7/
n&?-$?&"%$(/,"$-(+&<(-/F/R$-(+&<(-/&"/-(/
<&>).">(R$-$#(#/).</%,-)(/F/&"/-(/<&>).">(R$-$#(#/
.RE&+$D(/
/
!
!
P"!G/20+2/-)+*!<+0*&/'*0!H\+0*&/'*0!)*'/!1'!Q1+-&!)*'/J!""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PMM!
S"!G/20+2/-)+*!)1-&'+<(&+>*!;/*4-#'D,-*#&$K"@)'@"49":!""""""""""""""""""""""""""""""""""""""""""""""""""""!PM@!
S"P"!\(&&/'4+/0.!>"!]1''/%&/'!}PAM!$-2"!E/9"!NSO!Hs"\"!PUANJ~!""""""""""""""""""""""""""""!PM@!
S"S"!B/E13!]+<'/!?1"!>"!?8+)*21D!V+0i*(k//!u!=&"!;*(0!E3"!H!SMS!l="!M@AD!PNP@J
!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PM#!
S"M"!=g=D!PÄD!M!./!Q(-+1!./!PNAP"!?10/))+,-!B/2+%0*&+>*D!NP!9"!UOL!""""""""""""""""""""!PML!
S"@"! =g=D! @ÄD! O! ./! Q(0+1! ./! PNNA! HE^! OAOSJD! V;K! R-&1-+1! V*'&6-! c*0>/'./"!
I-/d+%&/-)+*! ./! /''1'! Q(.+)+*0! *0! 9'/%/-&*'! (-! .1)(5/-&1! /-! +.+15*!
/d&'*-Q/'1!%+-!*)159*:*'!&'*.())+,-!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PMU!
M"!g8/!B*%&!?0/*'!?8*-)/!X1)&'+-/!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!P@A!
M"P"!X*>+/%!>"!V*--!HP#S!$-2"!E/9"!#UUJ!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!P@A!
M"S"!E/%&*&/5/-&!!H=/)1-.J!14!g1'&%!HPNO#D!(9.*&/.!R9'+0!SAPSJ!""""""""""""""""""""!P@P!
@"! G/20+2/-)+*! )159*'*&+>*! 1! )1-)(''/-)+*! ./! )(09*%! ! ;/*6!(#(-'0"$ K"@)'@"49":
!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!P@S!
@"P"! =g=D! PÄD! NOLhSAASD! SP! ./! 1)&(<'/D! V;K! R-&1-+1! F(00,-! \*00/%&/'1%"!
R))+./-&/!./!&'C4+)1!91'!)10+%+,-!./!(-*!51&1)+)0/&*!)1-!(-!51-&,-!./!2'*>*!
3!*'/-*"!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!P@S!
@"S"!=g=D!PÄD!O@#hSAP@D!./!#!./!-1>+/5<'/D!V;K!^1%`!B(+%!?*0>1!?*</001"!?*6.*!
./!>+*Q/'1!*!0*!>6*!./0!5/&'1!91'!/0!8(/)1!/d+%&/-&/!/-&'/!01%!>*21-/%!)(*-.1!
/0!)1->13!8*<6*!+-+)+*.1!0*!5*')8*"!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!P@M!
@"M"! R-&1-+1! ]$EGYGX$thc6)&1'! V"! =YG?b$t! HSAAMJD! qG/20+2/-)+*! V(0&+0*&/'*0!
/-! R))+./-&/! ./! V1&1)+)0/&*D! e)(C0! /%! /0! $%&C-.*'! Ñ9&+51! ./!
E/%91-%*<+0+.*.frD!A4.#"-!MhSAAMD!Hiii"+-.'/&")15JD!99"!PAmPP"!"""""""""""""""""!P@#!
#"!G/20+2/-)+*!)159*'*&+>*!51.+4+)*.*!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!P@O!
#"P"!?(*-&+&*&+>*5/-&/!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!P@O!
#"S"!?(*0+&*&+>*5/-&/!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!P@O!
O"!e?1-)(''/-)+*!./!)*(%*%!1!)159/-%*)+,-!./!)(09*%f!"""""""""""""""""""""""""""""""""""""""""""""""""!P@L!
L"! R))+./-&/! <+0*&/'*0! /-! 0*! '/%91-%*<+0+.*.! 91'! )(09*! 3! /-! 0*! '/%91-%*<+0+.*.!
1<Q/&+>*!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!P@U!
U"!?(09*!/d)0(%+>*!./!0*!>6)&+5*!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!P@N!
132
N"!G/20+2/-)+*!+59(&*.*!HA6!,-"7$K"@)'@"49"J!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!P#A!
PA"!=/2('+.*.!9*%+>*!./!*(&15,>+0/%!H9#(%E>*#-E'4"%%J!""""""""""""""""""""""""""""""""""""""""""""""""!P#M!
PA"P"!XwR5*'+1!>"!]1'.!V1&1'!?1"!}UAO!=1"!S.!@S@!H]0*"!SAAPJ~!""""""""""""""""""""""""!P#M!
PA"S"!=g=D!PÄD!PALPhSAAUD!./!L!./!-1>+/5<'/D!V;K!?0/5/-&/!R(2/'!B+:C-"!P##!
PA"M"!=R;!\*')/01-*D!=/))"!POÄD!@MhSAAND!./!SN!./!/-/'1D!V;K!R2(%&6-!]/''/'!
\*''+/-.1%"!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!P#L!
0;/n&?-$?&"%$(/R$-(+&<(-/VU$-(+&<(-/%(<&/.</E.$"+/%(<&W/
g*-&1! /-! /0! 51./01! -1'5*&+>1! ./0! *-C0+%+%! .1)&'+-*0! &'*.+)+1-*0! ./! 0*! -/20+2/-)+*D! _(/! /-!
X/'/)81!/%9*:10!*''*-)*!./0!*'&"!PNAS!??!./!PUUND!)151!/-!/0!9*'*.+25*!*-*06&+)1!./0!=(>$t$
29*4*6'9%! -/1)0C%+)1D! %/! 9*'&/! %+/59'/! ./! 0*! )*(%*)+,-! (-+0*&/'*0! ./! .*:1%! 91'! 0*! 91%+<0/!
-/20+2/-)+*! ./0! ./5*-.*-.1! 1! ./5*-.*.1%D! 9/'1! %+-! _(/! /0! ./5*-.*-&/! 8*3*! )1-&'+<(+.1! *!
)*(%*'!/0!.*:1D!1!8*<+`-.101!8/)81D!8*3*!+-4'+-2+.1!&*5<+`-!./</'/%!./!9'/)*()+,-!/d+2+<0/%D!/%!
./)+'D!8*3*!%+.1D!*!%(!>/7D!-/20+2/-&/K!8*3D!91'!*%6!./)+'01D!(-*!%10*!.+'/))+,-!)*(%*0!91%+<0/!_(/!
>*! ./0! ./5*-.*.1! *0! ./5*-.*-&/! 3! /%&/! -1! 9(.1! 8*)/'! -*.*! 9*'*! />+&*'! /0! .*:1! _(/! %(4'+,"!
p(+7C%! /0! /Q/5901! ./! '/4/'/-)+*! %/*! /0! ./0! 9*)+/-&/! *-/%&/%+*.1! 3! &/-.+.1! /-! (-*! 5/%*! ./!
19/'*)+1-/%!_(+/-!/%!>6)&+5*!./!(-*!-/20+2/-)+*!5`.+)*K!9*'/)/!)0*'1!_(/!-*.*!9(.1!8*)/'!91'!
/>+&*'!/0!.*:1"
$-!0*!'/*0+.*.D!%+-!/5<*'21D!%1-!91)1!4'/)(/-&/%!01%!)*%1%!./!)*(%*)+,-!9('*5/-&/!(-+0*&/'*0!./!
.*:1%"!Z!/001!/%!*%6!-1!%101!/-!/0!%/-&+.1!&'+>+*0!./!_(/!&1.1%!)1-&'+<(+51%!*0!.*:1D!*(-_(/!%101!
%/*! 91'! /0! 8/)81! ./! /%&*'! .1-./! 3! )(*-.1! %/'6*! 5/Q1'! _(/! -1! 8(<+`'*51%! /%&*.1! )(*-.1!
%(4'+51%! /0! *))+./-&/"! $%! _(/! 5()8*%! >/)/%D! 0*! >6)&+5*! )1-&'+<(3/! )*(%*0! 3! -/20+2/-&/5/-&/! *!
/59/1'*'!0*%!)1%*%K!/-!/0!/Q/5901!_(/!*)*<*51%!./!91-/'D!/0!*<12*.1!./0!5`.+)1!3!./0!81%9+&*0!
./5*-.*.1%!9(/./-!&'*&*'!./!9'1<*'!_(/!/0!9*)+/-&/D!)1-!*-&/'+1'+.*.!*!91-/'%/!/-!5*-1%!./0!
5`.+)1D!8*<6*!./%)(+.*.1!0*%!+-%&'())+1-/%!_(/!/%&/!0/!8*<6*!.*.1!%1<'/!0*!)1-.()&*!_(/!./<6*!
1<%/'>*'!*-&/%!./!0*!+-&/'>/-)+,-"!$%!./)+'D!%+!-1!%+/59'/D!)*%+!%+/59'/!)*</!90*-&/*'!0*!)(/%&+,-!
./! 0*! )1-&'+<()+,-! ./0! ./5*-.*-&/! *! 0*! 9'1.())+,-! -/20+2/-&/! ./0! .*:1! 3D! )*%1! ./! _(/! 0*!
9'/2(-&*!*.5+&*!'/%9(/%&*D!*4+'5*&+>*D!0*!'/0*&+>*!*!0*%!)1-%/)(/-)+*%!./!&*0!)1-&'+<()+,-"!
R%6! %()/.+,! /-! /0! )*%1! 4+-*05/-&/! '/%(/0&1! 91'! 0*! ]^]H/ 0_H/ 2:0`2:04H/ #&/ 24/ #&/ (R<$-H/ SOC/
c<("%$>%./ a(D$&</ B<<.F./ c$&>+(/ /-! 0*! _(/! %/! *&'+<(3,! *0! 9/*&,-! _(/! )'(7,! /-! '1Q1! /0! 9*%1! ./!
9/*&1-/%! /-! /0! _(/! 0/! *&'19/00*'1-! /0! LAã! ./! 0*! '/%91-%*<+0+.*.! 91'! /0! .*:1! %(4'+.1"! B*!
%/-&/-)+*!'/%(5/!*%6!01%!8/)81%K
o$-! /4/)&1D! .1%! %1-! 0*%! )(/%&+1-/%! _(/! )1->/'2/-! /-! /%&*%! *)&(*)+1-/%D! 0*! 9'+5/'*D! '/4/'+.*! *0!
8/)81!./!_(/!0*!>6)&+5*!)'(7,!/0!9*%1!./!9/*&1-/%!/-!4*%/!'1Q*!./0!%/5C41'1D!3!0*!%/2(-.*D!_(/!/0!
>/86)(01!01!)'(7,!/-!4*%/!>/'./"!g/-+/-.1!/-!)(/-&*!0*%!)*'*)&/'6%&+)*%!./0!)'()/D!9/'4/)&*5/-&/!
./%)'+&*%!/-!0*!%/-&/-)+*!'/)(''+.*!3!_(/!*_(6!%/!.*-!91'!'/9'1.()+.*%D!./</!)1-)0(+'%/!)1-!_(/!
-1%! /-)1-&'*51%! *-&/! (-! )'()/! '/2(0*.1! 91'! %/5C41'1%! )1-! 0*%! /%9/)+*0+.*./%! 9(/%&*%! ./!
'/0+/>/!/-!0*!%/-&/-)+*!./!+-%&*-)+*D!01!_(/!)1-00/>*!/-!9'+5/'!0(2*'D!_(/!/0!5+%51!%/!'/2(0*<*!
91'! 0*%! 0()/%! ./! 01%! %/5C41'1%D! 3! /-! %/2(-.1! 0(2*'! 3! /-! )1-)(''/-)+*! )1-! 0*! *-&/'+1'D! _(/! *0!
.+%91-/'! %10*5/-&/! ./! 0()/%! ./! 9/*&1-/%D! /0! >/86)(01! +2-1'*<*! /-! _(`! 4*%/! %/! /-)1-&'*<*! /0!
'/4/'+.1! %/5C41'1D! ./! 41'5*! _(/! /%! 0*! )1-4+*-7*! /-! 0*! -1'5*0+.*.! /-! /0! 4(-)+1-*5+/-&1! ./0!
133
%+%&/5*! %/5*4,'+)1! /0! _(/! 0/! 00/>*! *! 0*! )'//-)+*! ./! _(/! %/! /-)1-&'*<*! /-! 4*%/! '1Q*! 9*'*! 01%!
9/*&1-/%D! )151! /4/)&+>*5/-&/! 1)(''+,"! ?1-%&*! &*5<+`-! *)'/.+&*.1! 0*! >/01)+.*.! *! 0*! _(/!
)+')(0*<*!/0!>/86)(01!_(/!91'!%/'!0+2/'*5/-&/!%(9/'+1'!*!0*!9/'5+&+.*!m-1!00/2*<*!*!#S!k5"!81'*m!
)*'/)/! ./! '/0/>*-)+*! /-! %6! 5+%5*! 9*'*! ./&/'5+-*'! 0*! )(09*<+0+.*.! /d)0(%+>*! ./0! )1-.()&1'"! B1!
5+%51!1)(''/!'/%9/)&1!./!0*%!)*'*)&/'6%&+)*%!./!0*!)*07*.*D!0*!/d+%&/-)+*!./!-(5/'1%1%!9/*&1-/%!
/-!0*!71-*D!/-!*&/-)+,-!*!0*!81'*!3!)1-.+)+,-!./!0*!>6*D!/0!>/86)(01!./&/-+.1!/-!/0!)*''+0!./'/)81D!
8/)81%!_(/!91'!/0!)1-&'*'+1!./!01!%/:*0*.1!/-!/0!'/)('%1D!%101!9(/./-!&/-/'!0*!&'*-%)/-./-)+*!
_(/!0*!%/-&/-)+*!./!+-%&*-)+*!0/%!1&1'2*!9*'*!/%&+5*'!0*!)1-)(''/-)+*!./!)(09*%D!9/'1!/-!51.1!
*02(-1!9*'*!./)0*'*'!_(/!0*!)(09*!%/*!/d)0(%+>*!./0!)1-.()&1'!./5*-.*.1D!9(/%!)*'/)/-!&1.1%!3!
)*.*!(-1!./!/001%!./!/4/)&1%!/-/'>*-&/%!'/%9/)&1!./!01%!8/)81%!1<Q/&+>1%!./!01%!_(/!9*'&+51%D!3!
_(/!-1!%1-!1&'1%!_(/!0*!9/*&,-!)'(7,!)1-!/0!%/5C41'1!/-!'1Q1D!_(/!4(/!0*![-+)*!_(/!01!8+71!./!
&1.*%! 0*%! 9/'%1-*%! _(/! /%9/'*<*-! 9*'*! )'(7*'! 3! _(/D! 91'! [0&+51D! )1''+,! )(*-.1! >+1! >/-+'! /0!
>/86)(01"!;1'!01!&*-&1D!&1.1%!01%!8/)81%!9'1<*.1%!&/-+.1%!/-!)(/-&*!/-!0*!%/-&/-)+*!./!+-%&*-)+*D!
*./5C%!./!/%&+5*'01%!*./)(*.*5/-&/!>*01'*.1%D!-1!9(/./!00/>*'!*!1&'*!)1-)0(%+,-!_(/!-1!%/*!0*!
./&/'5+-*)+,-!./!0*!)1-)(''/-)+*!./!)(09*%!3!/-!0*!9'191')+,-!4+Q*.*D!./%/%&+5C-.1%/D!91'!/001D!
/0!51&+>1!./0!'/)('%1o"!H]X!P{J
Z!/-!0*!*)&(*0+.*.D!/%!4'/)(/-&/!_(/!0*!-/20+2/-)+*!./0!./5*-.*-&/D!91'!5C%!_(/!)1-&'+<(3*!*!0*!
)*(%*)+,-!./0!.*:1!y*!%(!)1)*(%*)+,-mmD!-1!%/!&15/!-1'5*&+>*5/-&/!/-!)1-%+./'*)+,-!%+!-1!/%!
%(4+)+/-&/5/-&/!'/0/>*-&/!1!mm)151!1)(''/D!91'!/Q/5901D!/-!/0!./'/)81!/%9*:10!./!01%!*))+./-&/%!
./!&'*<*Q1mm!%+!-1!/%!)'*%*D!%+!-1!)1-%&+&(3/!-/20+2/-)+*!2'*>/"!b+%&,'+)*5/-&/!%/!8*!9*%*.1!./!(-!
%+%&/5*!/-!/0!)(*0!0*!)1-&'+<()+,-!)(091%*!./0!./5*-.*-&/!*!0*!)*(%*)+,-!./0!*))+./-&/!2/-/'*<*!
(-*! /d)/9)+,-! &1&*0! *! 4*>1'! ./0! ./5*-.*.1! *! 1&'1! /-! /0! )(*0! /%&*! %101! 9(/./! 191-/'%/! %+! /%!
%+2-+4+)*&+>*D!)(*-&+&*&+>*!1!)(*0+&*&+>*5/-&/D!3D!/-!&*0/%!)*%1%D![-+)*5/-&/!91'!0*!9*'&/!/-!0*!)(*0!
%/!)1-%+./'*!_(/!8*!)1-&'+<(+.1!*!)*(%*'!01%!.*:1%"!;1'![0&+51D!%+!0*!)*(%*)+,-!)(09*<0/!./0!.*:1!
/%!+59(&*<0/!%,01!*0!./5*-.*-&/!%(!9'/&/-%+,-!%/'C!./%/%&+5*.*"!B1%!)*%1%!_(/D!*!)1-&+-(*)+,-D!
%/!'/%(5/-!&'*7*-!/0!*')1!./!/%&*!/>10()+,-!H/-!01%!./'/)81%!./!.*:1%!./!01%!$%&*.1%!l-+.1%!./!
R5`'+)*!3!/-!SAPPD!&1.1%!01%!/%&*.1%!5/-1%!)(*&'1!3!/0!X+%&'+&1!./!?10(5<+*!&/-6*-!(-!%+%&/5*!
(! 1&'1! ./! -/20+2/-)+*! )159*'*&+>*D! -1'5*05/-&/! 51.+4+)*.*D! _(/! /-! $%9*:*! %/! 00*5*!
)159/-%*)+,-! ./! )(09*%! 1! )1-)(''/-)+*! ./! )*(%*%! 3! _(/! /%! /0! )15[-5/-&/! *90+)*.1! 91'! 0*!
Q('+%9'(./-)+*!./!0*!=*0*!;'+5/'*!./0!g'+<(-*0!=(9'/51J"
2;/n&?-$?&"%$(/%."+<$R,+$D(/:'#.%"$A8%#"0&@/?)$?/.7/9/
$-!/0!?1551-!B*i!3!*!9'+-)+9+1%!./0!%+201!I!%/!)1-%+./',!_(/!0*!>6)&+5*!_(/!/'*!)(09*<0/!./!
%(!.*:1!9/'.6*!91'!)1590/&1!/0!./'/)81!*!'/)0*5*'D!)1-!+-./9/-./-)+*!./!0*!'/0/>*-)+*!)*(%*0!
./!%(!9'19+1!)1591'&*5+/-&1"!B*!'/20*D!/0*<1'*.*!/-!&'+<(-*0/%!./0!/*66*4$=(>D!/%!)1-1)+.*!
)151!9*4-#'D,-*#&$4"@)'@"49"!3!4(/D!/-!%(!41'5(0*)+,-!8+%&,'+)*!(-*!5*-+4/%&*)+,-!./0!9'+-)+9+1!
9)"(4$ E(47%D! >+2/-&/! /-! *_(/00*%! Q('+%.+))+1-/%! 3! /-! )(3*! >+'&(.! /0! ./5*-.*-&/! %101! 91.6*!
'/)0*5*'!(-*!+-./5-+7*)+,-!%+!-*.*!8*<6*!&/-+.1!_(/!>/'!/-!01%!%()/%1%!_(/!)*(%*'1-!/0!.*:1"!
$%! 8*<+&(*0! +./-&+4+)*'! (-! )*%1! +-20`%! ./0! *:1! PUAND! U,++&<I$&-#/ D;/ c.<<&>+&<D! )151! /0! )*%1!
4(-.*)+1-*0!./!0*!.1)&'+-*"
2;0;/U,++&<I$&-#/D;/c.<<&>+&</s0:3/P"?;/A&);/926/V~;U;/08:9Wu/
134
g8+%! i*%! *-! *)&+1-! 1-! &8/! )*%/! 41'! 1<%&'()&+-2! *! 8+28i*3D! <3! 5/*-%! 14! i8+)8! 1<%&'()&+1-! &8/!
90*+-&+44! }\(&&/'4+/0.~D! i81! i*%! '+.+-2! *01-2! &8/! '1*.D! i*%! &8'1i-! .1i-! i+&8! 8+%! 81'%/D! *-.!
+-Q('/.D!/&)"!R&!&8/!&'+*0!</41'/!\*+0/3D!^"!*&!X/'<3D!+&!*99/*'/.!&8*&!&8/!./4/-.*-&!}]1''/%&/'~D!41'!
&8/!9('91%/!14!5*k+-2!%15/!'/9*+'%!&1!8+%!81(%/D!i8+)8!i*%!)01%/!<3!&8/!'1*.%+./!*&!1-/!/-.!14!
&8/!&1i-D!8*.!9(&!(9!*!910/!*)'1%%!9*'&!14!&8/!'1*.D!*!4'//!9*%%*2/!</+-2!0/4&!<3!*-1&8/'!<'*-)8!
1'!&'//!+-!&8/!%*5/!.+'/)&+1-"!g8*&!&8/!90*+-&+44!0/4&!*!9(<0+)!81(%/!-1&!4*'!.+%&*-&!4'15!&8/!90*)/!
+-!_(/%&+1-!*&!U!1w)01)k!+-!&8/!/>/-+-2!+-!R(2(%&D!i8/-!&8/3!i/'/!Q(%&!</2+--+-2!&1!0+28&!)*-.0/%D!
<(&!i8+0/!&8/'/!%&+00!i*%!0+28&!/-1(28!&1!.+%)/'-!&8/!1<%&'()&+1-!*&!1-/!8(-.'/.!3*'.%!.+%&*-)/a!
*-.!&8/!i+&-/%%!i81!9'1>/.!&8+%D!%*+.!&8*&!+4!&8/!90*+-&+44!8*.!-1&!<//-!'+.+-2!>/'3!8*'.!8/!5+28&!
8*>/!1<%/'>/.!*-.!*>1+./.!+&a!&8/!90*+-&+44D!81i/>/'D!i81!i*%!'+.+-2!>+10/-&03D!.+.!-1&!1<%/'>/!
+&D!<(&!'1./!*2*+-%&!+&D!*-.!4/00!i+&8!8+%!81'%/!*-.!i*%!5()8!8('&!+-!)1-%/_(/-)/!14!&8/!*))+./-&a!
*-.! &8/'/! i*%! -1! />+./-)/! 14! 8+%! </+-2! +-&1d+)*&/.! *&! &8/! &+5/"! n-! &8+%! />+./-)/D! \*+0/3D! ^"D!
.+'/)&/.!&8/!Q('3D!&8*&!+4!*!9/'%1-!'+.+-2!i+&8!'/*%1-*<0/!*-.!1'.+-*'3!)*'/!)1(0.!8*>/!%//-!*-.!
*>1+./.!&8/!1<%&'()&+1-a!*-.!+4!&8/3!i/'/!%*&+%4+/.!&8*&!&8/!90*+-&+44!i*%!'+.+-2!*01-2!&8/!%&'//&!
/d&'/5/03!8*'.D!*-.!i+&81(&!1'.+-*'3!)*'/D!&8/3!%81(0.!4+-.!*!>/'.+)&!41'!&8/!./4/-.*-&D!i8+)8!
&8/3!*))1'.+-203!.+."
B1'.!$00/-<'1(28D!?"^"!R!9*'&3!+%!-1&!&1!)*%&!8+5%/04!(91-!*-!1<%&'()&+1-D!i8+)8!8*.!<//-!5*./!
<3!&8/!4*(0&!14!*-1&8/'D!*-.!*>*+0!8+5%/04!14!+&D!+4!8/!.1/%!-1&!8+5%/04!(%/!)1551-!*-.!1'.+-*'3!
)*(&+1-!&1!</!+-!&8/!'+28&"!I-!)*%/!14!9/'%1-%!'+.+-2!(91-!i8*&!+%!)1-%+./'/.!&1!</!&8/!i'1-2!%+./!
14! &8/! '1*.! &8*&! i1(0.! -1&! *(&81'+7/! *-1&8/'! 9('91%/03! &1! '+./! (9! *2*+-%&! &8/5"! n-/! 9/'%1-!
</+-2!+-!4*(0&!i+00!-1&!.+%9/-%/!i+&8!*-1&8/'w%!(%+-2!1'.+-*'3!)*'/!41'!8+5%/04"!gi1!&8+-2%!5(%&!
1))('! &1! %(991'&! &8+%! *)&+1-K! *-! 1<%&'()&+1-! +-! &8/! '1*.! <3! &8/! 4*(0&! 14! &8/! ./4/-.*-&D! *-.! -1!
i*-&!14!1'.+-*'3!)*'/!&1!*>1+.!+&!1-!&8/!9*'&!14!&8/!90*+-&+44"
$-!0*%!Q('+%.+))+1-/%!./!01%!$%&*.1%!l-+.1%!./!R5`'+)*D!/0!)*%1!_(/!+591'&,!0*!.1)&'+-*!*!*_(`0!
9*6%!4(/!B/E13!]+<'/!?1"!c"!?8+)*21D!V+0i*(k//!u!=&"!;*(0!E*+0i*3K
2;2;/K&A.F/c$R<&/'.;/D;/'L$%(?.H/S$-Y(,Z&&/Ä/]+;/O(,-/AF;/V/232/}];/34:H/0904W/
R%!9*'&!14!+&%!<(%+-/%%!14!5*k+-2!40*dD!90*+-&+44!}*99/00*-&~!%&1'/.!*<1(&!LAA!&1-%!14!%&'*i!(-+&%!
1i-! 0*-."! g8/! %&*)k%! i/'/! 0+-/.! +-! &i1! '1i%"! g8/! ./4/-.*-&w%! '+28&! 14! i*3! '*-! *<1(&! LA! 4//&!
4'15! &8/! 4+'%&! '1i! *-.! U#! 4//&! 4'15! &8/! %/)1-."! n-/! .*3! *! 8+28! i+-.! )*''+/.! %9*'k%! 4'15! *!
9*%%+-2! &'*+-! &1! 1-/! 14! &8/! %&*)k%! 14! 40*d! 01)*&/.! I! &8/! '1i! 4('&8/'! 4'15! &8/! &'*)k%"! g8*&! 4+'/!
/>/-&(*003!)1-%(5/.!*00!&8/!40*d"!R99/00*-&!<'1(28&!*-!*)&+1-!*2*+-%&!'/%91-./-&!&1!'/)1>/'!&8/!
>*0(/! 14! 40*d! %&'*i! &8*&! i*%! ./%&'13/.! .(/! &1! &8/! *00/2/.! -/20+2/-)/! 14! &8/! '/%91-./-&"!
E/%91-./-&! *00/2/.! &8*&! R99/00*-&! i*%! 2(+0&3! 14! )1-&'+<(&1'3! -/20+2/-)/! +-! 90*)+-2! &8/!
+-40*55*<0/! %&*)k%! 14! 40*d! %&'*i! &11! -/*'! &1! &8/! '*+0'1*.! &'*)kD! &81(28! &8/! %&'*i! i*%! %&+00! 1-!
R99/00*-&ô%!0*-."
V?s$GGRD!^"!g8/!_(/%&+1-%!)/'&+4+/.!9'/%/-&!&i1!4*)&%!K!HPJ!g8/!-/20+2/-)/!14!&8/!'*+0'1*.!i*%!
&8/! +55/.+*&/! )*(%/! 14! &8/! ./%&'()&+1-! 14! &8/! 9'19/'&3D! HSJ! g8/! 9'19/'&3! i*%! 90*)/.! <3! +&%!
1i-/'!-/*'!&8/!'+28&!14!i*3!14!&8/!'*+0'1*.D!<(&!1-!&8/!1i-/'ô%!1i-!0*-."!
135
g8/! _(/'3! +%! H|J! i8/&8/'! 1-/! +%! 0+5+&/.! +-! &8/! (%/! 14! 1-/ô%! 9'19/'&3! <3! +&%! 9'1d+5+&3! &1! *!
'*+0'1*.a!1'D!&1!0+5+&!&8/!9'191%+&+1-!&1!&8/!)*%/!(-./'!'/>+/iD!i8/&8/'!1-/!+%!%(<Q/)&!+-!+&%!(%/!
&1!&8/!)*'/0/%%!*%!i/00!*%!&1!&8/!)*'/4(0!19/'*&+1-!14!&8/!'1*."!H|J
g8*&!1-/ô%!(%/%!14!8+%!9'19/'&3!5*3!</!%(<Q/)&!&1!&8/!%/'>+&(./!14!&8/!i'1-24(0!(%/!<3!*-1&8/'!
14! 8+%! 9'19/'&3! %//5%! *-! *-15*03"! I&! (9%/&%! &8/! 9'/%(59&+1-%! 14! 0*i! *-.! &*k/%! 4'15! 8+5! &8/!
*%%(59&+1-! *-.! &8/! 4'//.15! i8+)8! )15/%! 4'15! &8/! *%%(59&+1-D! &8*&! &8/! 1&8/'! i+00! 1</3! &8/!
0*iD! -1&! >+10*&/! +&"! I&! )*%&%! (91-! 8+5! &8/! .(&3! 14! -1&! 1-03! (%+-2! 8+%! 1i-! 9'19/'&3! %1! *%! -1&! &1!
+-Q('/! *-1&8/'D! <(&! %1! &1! (%/! 8+%! 1i-! 9'19/'&3! &8*&! +&! 5*3! -1&! </! +-Q('/.! <3! &8/! i'1-2%! 14!
*-1&8/'"! b1i! 4*'! )*-! &8+%! %(<Q/)&+1-! </! )*''+/.f! n'D! )1-4+-+-2! &8/! _(/%&+1-! &1! '*+0'1*.%D! i8*&!
0+5+&%!%8*00!</!9(&!(91-!&8/+'!+55(-+&3!4'15!&8/!'/%(0&!14!&8/+'!i'1-24(0!19/'*&+1-f!I-!&8/!)*%/!
*&!<*'D!&8/!9'19/'&3!./%&'13/.!+%!./%)'+</.!*%!+-40*55*<0/D!<(&!&8/'/!*'/!./2'//%!14!&8*&!_(*0+&3a!
*-.! 81i! i'1-24(0! 5(%&! </! &8/! 19/'*&+1-f! I-! &8+%! )*%/D! 0*'2/! _(*-&+&+/%! 14! %9*'k%! *-.! o0+>/!
)+-./'%o!i/'/!/5+&&/.!4'15!&8/!9*%%+-2!/-2+-/"!b1(%/%!5*3!</!%*+.!&1!</!+-40*55*<0/D!*-.!5*3!
</D! *%! &8/3! 8*>/! <//-D! %/&! 1-! 4+'/! <3! %9*'k%! *-.! )+-./'%! 4'15! ./4/)&+>/! 1'! )*'/0/%%03! 8*-.0/.!
01)151&+>/%"! R'/! &8/3! &1! </! %(<Q/)&! *%! i/00! *%! %&*)k%! 14! 40*d! %&'*iD! &1! %()8! 0*i0/%%! 19/'*&+1-f!
R-.!+%!&8/!(%/!14!4*'5%!*0%1D!&8/!)(0&+>*&+1-!14!i8+)8!&8/!<(+0.+-2!14!&8/!'*+0'1*.!8*%!9'/)/./.f!
n'! +%! &8*&! *! (%/! i8+)8! &8/! '*+0'1*.! 5(%&! 8*>/! *-&+)+9*&/.! *-.! &1! i8+)8! +&! 8/-)/! 1i/%! *! .(&3D!
i8+)8! +&! .1/%! -1&! 1i/! &1! 1&8/'! (%/%f! R-.! i83f! g8/! _(/%&+1-! +%! /%9/)+*003! 9/'&+-/-&! *-.!
+55/.+*&/03!%81i%!&8*&!&8/!'+28&%!14!1-/!5*-!+-!&8/!(%/!14!8+%!9'19/'&3!)*--1&!</!0+5+&/.!<3!&8/!
i'1-2%!14!*-1&8/'"!g8/!.1)&'+-/!14!)1-&'+<(&1'3!-/20+2/-)/!+%!/-&+'/03!1(&!14!90*)/"!X/9*'&!4'15!
&8/! %+590/! '/_(+'/5/-&! 14! &8/! 0*iD! &8*&! />/'31-/! 5(%&! (%/! 8+%! 9'19/'&3! %1! *%! -1&! &1! +-Q('/!
1&8/'%D!*-.!31(!9*%%!&1!'/4+-/5/-&%!*-.!)1-4(%+-2!)1-%+./'*&+1-%"!g8/'/!+%!-1!/5<*''*%%5/-&!
+-! &8/! 9'+-)+90/! />/-! &1! &8/! 19/'*&+1-! 14! *! '*+0'1*."! =()8! 19/'*&+1-! +%! *! 0/2+&+5*&/! (%/! 14!
9'19/'&3a!1&8/'!9'19/'&3!+-!+&%!>+)+-+&3!5*3!%(44/'!+-)1->/-+/-)/%!*-.!</!%(<Q/)&!&1!'+%k%!<3!+&D!
<(&!*!'+%k!4'15!i'1-24(0!19/'*&+1-!+%!-1&!1-/!14!&8/5"
VE"!^l=gI?$!bnBV$=D!9*'&+*003!)1-)(''+-2"!I4!*!5*-!%&*)k/.!8+%!40*d!%1!-/*'!&1!*!'*+0'1*.!&8*&!+&!
1<>+1(%03! i*%! 0+k/03! &1! </! %/&! 4+'/! &1! <3! *! i/00m5*-*2/.! &'*+-D! I! %81(0.! %*3! &8*&! 8/! )1(0.! -1&!
&8'1i!&8/!01%%!(91-!&8/!'1*.!<3!&8/!1%)+00*&+-2!'/%(0&!14!*-!+-_(+'3!<3!&8/!Q('3!i8/&8/'!&8/!'1*.!
8*.!(%/.!.(/!)*'/"!I!%81(0.!%*3!&8*&!*0&81(28!14!)1('%/!8/!8*.!*!'+28&!&1!9(&!8+%!40*d!i8/'/!8/!
0+k/.!(91-!8+%!1i-!0*-.D!&8/!0+*<+0+&3!14!&8/!'*+0'1*.!41'!*!4+'/!i*%!*<%10(&/03!)1-.+&+1-/.!(91-!
&8/! %&*)k%! </+-2! *&! *! '/*%1-*<03! %*4/! .+%&*-)/! 4'15! &8/! &'*+-"! I4! I! *5! '+28&! %1! 4*'D! *! >/'3!
+591'&*-&!/0/5/-&!+-!./&/'5+-+-2!&8/!'+28&!&1!'/)1>/'!+%!i8/&8/'!&8/!90*+-&+44ô%!40*d!i*%!%1!-/*'!
&1!&8/!&'*)k!*%!&1!</!+-!.*-2/'!4'15!/>/-!*!9'(./-&03!5*-*2/.!/-2+-/"!b/'/!)/'&*+-03D!/d)/9&!+-!
*! )0/*'! )*%/D! i/! %81(0.! )*00! +-! &8/! Q('3"! I! .1! -1&! %(991%/! &8*&! *-31-/! i1(0.! )*00! +&! 9'(./-&! &1!
%&*)k!40*d!i+&8+-!4+>/!4//&!14!&8/!/-2+-/%!1'!+59'(./-&!&1!.1!+&!*&!*!.+%&*-)/!14!8*04!*!5+0/D!*-.!+&!
i1(0.!-1&!</!*<%('.!+4!&8/!0*i!(0&+5*&/03!%81(0.!41'5(0*&/!*-!/d*)&!5/*%('/D!*%!+&!8*%!&/-./.!&1!
+-!1&8/'!+-%&*-)/%a!"""!<(&!*&!9'/%/-&!I!&*k/!+&!&8*&!+4!&8/!_(/%&+1-!I!%(22/%&!</!5*&/'+*0!i/!%81(0.!
0/&!&8/!Q('3!./)+./!i8/&8/'!%/>/-&3!4//&!i*%!&11!-/*'!<3!&8/!)'+&/'+1-!&8*&!I!8*>/!9'191%/.!H|J!I!
.1! -1&! &8+-k! i/! -//.! &'1(<0/! 1('%/0>/%! i+&8! &8/! &81(28&! &8*&! 53! >+/i! ./9/-.%! (91-!
.+44/'/-)/%!14!./2'//"!g8/!i810/!0*i!.1/%!%1!*%!%11-!*%!+&!+%!)+>+0+7/."!=//!G*%8!>"!l-+&/.!=&*&/%!!!
H"!"!"J!G/20+2/-)/!+%!*00!./2'//!mm!&8*&!14!&8/!./4/-.*-&!8/'/!./2'//!14!&8/!-+)/%&!%1'&a!*-.!</&i//-!
&8/! >*'+*&+1-%! *))1'.+-2! &1! .+%&*-)/! &8*&! I! %(991%/! &1! /d+%&! *-.! &8/! %+590/! (-+>/'%*0+&3! 14! &8/!
'(0/%! +-! &8/! gi/0>/! g*<0/%! 1'! &8/! B/2/%! \*'<*'1'(5D! &8/'/! 0+/%! &8/! )(0&('/! 14! &i1! &81(%*-.!
3/*'%"
I!*5!*(&81'+7/.!&1!%*3!&8*&!gb$!?bI$]!^l=gI?$!)1-)('%!+-!&8/!19+-+1-!&8*&!I!/d9'/%%"
136
$0!!"47(4-$/%9*:10!./0!)*%1!*5/'+)*-1!</C#0&P$A"/&'#J&(J&'D$7-?#!/%!0*!=g=D!PÄD!./!M!./!Q(-+1!./!
PNAP"
2;3;/]^]H/0_H/3/#&/E,"$./#&/09:0;/'.-&%%$G"/K&?$>-(+$D(H/90/);/867/
B*! /%&*)+,-! ./! VC0*2*! ./%&+-*<*! (-! /%9*)+1! *! *05+*'/%! ./! 9*Q*D! %+&(*.1! Q(-&1! *! (-1! ./! 01%!
*-./-/%"!l-*!01)151&1'*!_(/!%/!/-)1-&'*<*!/-!/%/!*-.`-!+-+)+,!0*!5*')8*D!9/'1!%/!>+1!1<0+2*.*!
*!.*'!)1-&'*>*91'"!;(/%&1!_(/!5+/-&'*%!8*<6*!/%&*.1!9*'*.*!(-!/590/*.1!8*<6*!*0+5/-&*.1!%(%!
)*0./'*%! 9*'*! *>+>*'! /0! 4(/21D! ./! %(! )8+5/-/*! )15/-7*'1-! *! %*0&*'! )8+%9*%! _(/! 9'1>1)*'1-! /0!
+-)/-.+1! ./0! *05+*'! 3! ./! (-*%! 5/')*-)6*%! *05*)/-*.*%! )/')*D! 9'19+/.*.! ./0! *)&1'"! É%&/!
./5*-.,! *! 0*! ?159*:6*! ./! 4/''1)*''+0"! g*-&1! /0! ^;I! ./! VC0*2*! )151! 0*! R;! ./! F'*-*.*!
./%/%&+5*'1-!0*!./5*-.*"!$0!g=!./)0*',!-1!8*</'!0(2*'!*0!'/)('%1K
qB*! %/-&/-)+*! '/)(''+.*D! /-! >+'&(.! ./! 01%! 8/)81%! _(/! )1-%+2-*! )1-! '/0*)+,-! *! 0*%! 9'(/<*%! ./0!
90/+&1D!./)0*'*!_(/!-1!8*-!+-)(''+.1!/-!)(09*!1!-/20+2/-)+*!01%!./9/-.+/-&/%!./!0*!?159*:6*!./D!
*!0*!)(*0!-1!*4/)&*!/-!/%&/!)*%1!'/%91-%*<+0+.*.!.+'/)&*D!-+!+-.+'/)&*D!91'_(/!-+-2(-*!1<0+2*)+,-!
8*<6*!)1-&'*6.1!3!91'_(/!01%!*05+*'/%!./!9*Q*D!%+-!)1->/-+1!1!9*)&1!_(/!0+5+&*%/!/0!./'/)81!./!0*!
/59'/%*!*!(&+0+7*'!0*!>6*!00*5*.*!./0!;/%1D!%/!)101)*'1-!/-!0*!+-5/.+*)+,-!./!0*!5+%5*!91'!01%!
.(/:1%! ./! *_(/00*! 5/')*-)6*! *! %*<+/-.*%! ./0! (%1! )1-%&*-&/! _(/! %/! 91.6*! 8*)/'! ./! 0*! >6*D! 91'!
)(3*!'*7,-!-1!8*3!>6-)(01!Q('6.+)1!-+!9'/)/9&1!0/2*0!_(/!*59*'/!0*!+-./5-+7*)+,-!_(/!9+./!/0!
'/)(''/-&/r!H]X!S{J"
ù! ;*<01! =RBcRXnEh?*'01%! FÑV$tD! q$0! X/'/)81! ./! X*:1%! 3! 0*! V+-+5+7*)+,-! ./! 01%! ?1%&/%! ./! 01%!
R))+./-&/%rD!A4.#"-$PhSAA#!Hiii"+-.'/&")15JD!99"!P#mPOK
q}|$~-! 0*! 5*31'! 9*'&/! ./! 01%! )*%1%D! 0*%! >6)&+5*%! 91&/-)+*0/%! -(6D'F4$ 9(/./-! +-40(+'! /-! 0*!
4'/)(/-)+*! 3! 2'*>/.*.! ./! 01%! *))+./-&/%K! 01%! )1-.()&1'/%! ./! *(&15,>+0/%D! 91'! /Q"D! 9(/./-!
)1-.()+'! 9'(./-&/5/-&/! 3! 01%! 9/*&1-/%! 9(/./-! )*5+-*'! &*5<+`-! )1-! 5*31'! 1! 5/-1'!
9'/)*()+,-"!$-!&*0/%!)*%1%D!%/!8*<0*!./!9'/)*()+,-!1!)*(%*)+,-!<+0*&/'*0!./!.*:1%!HD')(-"#()$9(#"S$
c*'4-$9(#"J!3!/0!)1-)/9&1!./!9'/)*()+,-!,9&+5*!%/!)1590+)*!(-!91)1D!9(/%!./9/-./!./0!)(+.*.1!
*.19&*.1!91'!*5<*%!9*'&/%"!
=(91-2*51%D! /-! (-! /Q/5901! &15*.1D! )1-! *02(-*%! 51.+4+)*)+1-/%D! ./! E+)8*'.! R"! ;n=G$E!
H29*4*6'9$ C4()&%'%$ *H$ =(>S$ OÄ! /."D! R%9/-! B*i! u! \(%+-/%%D! G/i! Z1'kD! SAAMD! 9"! PLSJD! *! %(! >/7!
+-%9+'*.1! /-! (-! )*%1! ;="B*&$ I'D#"$ /*G$ 0G$ /E'9(@*S$ a')>(,J""$ t$ 8-G$ 5(,)$ B&G$ /*GS$ WlW$ nG8G$ luh$
;XoXu::$'/*0!./!9'+-)+9+1%!./0!%+201!D!(-!2'*-Q/'1!/%!9'19+/&*'+1!./!(-*!90*-&*)+,-!./!*021.,-!
_(/! /%! *&'*>/%*.*! 91'! (-*! >6*! ./! 4/''1)*''+0"! $0! 9*%1! ./! 0*%! 01)151&1'*%! ./! >*91'! 9'1>1)*!
1)*%+1-*05/-&/! )8+%9*%D! )1-! /0! )1-%+2(+/-&/! '+/%21! ./! +-)/-.+1! ./! 01%! )*591%"! R5<*%! 9*'&/%!
9(/./-! *.19&*'! &'/%! -+>/0/%! .+%&+-&1%! ./! 9'/)*()+,-K! -+-2(-*D! 5/.+*! 1! *0&*"! R%6D! /0! 2'*-Q/'1!
9(/./! 90*-&*'! *021.,-! Q(-&1! *! 0*%! >6*%! ./0! 4/''1)*''+0D! 8*)/'01! *! L#! 5"! ./! .+%&*-)+*! 1! *0/Q*'01!
8*%&*!SAA!5"!./!0*%!>6*%"!;1'!%(!9*'&/D!0*!)159*:6*!9'19+/&*'+*!./0!4/''1)*''+0!9(/./!+-%&*0*'!/-!
0*%! )8+5/-/*%! ./! %(%! 01)151&1'*%! (-! *'&+0(2+1! *9*2*! )8+%9*%! ./! )*0+.*.! 5/.+*! 1! *0&*D! 9/'1!
&*5<+`-!9(/./!'/%10>/'!-1!+-%&*0*'!-+-2(-1"!
137
$-!0*!+(R-(/2D!%(%!&'/%!)10(5-*%!'/)12/-!01%!.+%&+-&1%!-+>/0/%!./!9'/)*()+,-!_(/!9(/./-!*.19&*'!
0*%!9*'&/%D!*%6!)151!%(%!)1%&/%!'/%9/)&+>1%"!B1%!</-/4+)+1%!/%9/'*.1%!/-!*81''1!./!.*:1%!%1-!01%!
5+%51%!/-!01%!&'/%!9'+5/'1%!)*%1%!/!+591'&*-!P#A!ê!H/-!0*!)(*'&*!)10(5-*D!.1-./!-+!2'*-Q/'1!-+!
4/''1)*''+0! *.19&*-! -+-2[-! 2`-/'1! ./! 9'/)*()+,-D! 01%! .*:1%! %(</-! *! MAA! êJ"! B*! )15<+-*)+,-!
,9&+5*! /%! *_(/00*! /-! 0*! )(*0! /0! 2'*-Q/'1! *0/Q*! %(! 90*-&*)+,-! *! L#! 5"! ./! 0*%! >6*%! 3! /0! 4/''1)*''+0!
+-%&*0*! /-! %(%! 5C_(+-*%! (-! 5/)*-+%51! ./! )*0+.*.! 5/.+*"! X/! /%&/! 51.1! %/! 9'/>+/-/! (-!
*))+./-&/!)(31!.*:1!/%9/'*.1!/%!./!P#A!êD!)1-!(-!)1%&/!./!9'/)*()+,-!./!L#!ê"!
2;4;/]^]H/4_H/6/#&/E,-$./#&/099:/VAa/6:62WH/SOC/B"+."$./S(<+*"/h(-D&<#&;/@"&i$>+&"%$(/#&/
&<<.</E,#$%$(-/(-/)<&>&"+(</,"/#.%,=&"+./&"/$#$.=(/&i+<("E&<./>$"/(%.=)(Q(</+<(#,%%$G"/
qB*!./5*-.*!%1<'/!0*!_(/!./</51%!9'1-(-)+*'-1%!00/2*!*!0*!)1-)0(%+,-!./!_(/!%/!8*!9'1.()+.1!
/''1'!Q(.+)+*0!+-./5-+7*<0/!)1-!*''/201!*!01%!*'&6)(01%!SNS!3!%+2(+/-&/%!./!0*!B/3!n'2C-+)*!./0!
;1./'! ^(.+)+*0mBn;^! /-! 0*! %/-&/-)+*! ./0! g'+<(-*0! ?/-&'*0! ./! g'*<*Q1! Hg?gJ! ./! S! ./! 1)&(<'/! ./!
PNUL!HEg?g!PNULûSA#PS!JD!_(/!./-/2,!/0!'/+-&/2'1!./!2*%&1%!5`.+)1%!91'!*%+%&/-)+*!('2/-&/!3!
./! )*'C)&/'! >+&*0D! *0! 5*'2/-! ./! 0*! =/2('+.*.! =1)+*0! /%9*:10*"! R! 0*! 9/&+)+,-! ./! ./)0*'*)+,-! ./!
/''1'! Q(.+)+*0! %/! 00/2*! /-! 0*! ./5*-.*! 5/.+*-&/! 0*! *'2(5/-&*)+,-! %+2(+/-&/K! PJ! B*! %/-&/-)+*!
*.10/)/!./!ì/''1'!/-!0*!)1-%&'())+,-!./!0*!'/%10()+,-î!*0!*)/9&*'!/-!%(%!*-&/)/./-&/%!01%!8/)81%!
9'1<*.1%!./!0*!%/-&/-)+*!./!+-%&*-)+*D!)1''+2+`-.101%!0(/21!/-!0*!4(-.*5/-&*)+,-!Q('6.+)*!/-!/0!
9(-&1!'/0*&+>1!*!0*!4/)8*!./!0*!19/'*)+,-!_(+'['2+)*!_(/!1'+2+-,!/0!0+&+2+1!./0!_(/!9'1)/./!/%&*!
./5*-.*a!SJ!B*!'/4/'+.*!%/-&/-)+*!./0!g'+<(-*0!?/-&'*0!./!g'*<*Q1!+-)(''/!/-!ì/''1'!)'*%1î!/-!
0*! *9'/)+*)+,-! ./! 0*! 4/)8*! ./! &*0! +-&/'>/-)+,-! _(+'['2+)*! HLmMmUPJ! %/2[-! 0*! )1->+))+,-! ./0!
g'+<(-*0! m)(*-.1! /-! '/*0+.*.! /0! .6*! ./! 0*! 19/'*)+,-! 4(/! /0! MmLmUPa! MJ! $%&/! /''1'! m)1-&+-[*! /0!
*'2(5/-&1! ./! 0*! 9*'&/! ./5*-.*-&/m! %/! 8*! ./<+.1! *! +2-1'*-)+*! ./! 0*! ì%/)(/-)+*! -1'5*0! 9*'*!
+-.+)*'!0*%!4/)8*%!/-!0*!.1)(5/-&*)+,-!5/')*-&+0!-1'&/*5/'+)*-*îD!_(/!%+2(/!/0!1'./-!5/%m.6*m
*:1! /-! 0(2*'! ./0! 1'./-! .6*m5/%m*:1! )1->/-)+1-*05/-&/! /%&*<0/)+.1! /-! $%9*:*! 3! /-! 1&'1%!
5()81%! 9*6%/%a! 3! @J! B*! /_(+>1)*)+,-! ./0! Q(72*.1'! /-! 0*! +-&/'9'/&*)+,-! ./! 01%! 2(*'+%51%! _(/!
4+2('*-!/-!0*%!4*)&('*%!/!+-41'5/%!./!0*!)06-+)*!/-!_(/!%/!9'*)&+),!0*!19/'*)+,-!'/[-/!m./!-(/>1!
%/2[-!0*!./5*-.*!./!0*!./)0*'*)+,-!./!/''1'!Q(.+)+*0m!01%!'/_(+%+&1%!/d+2+.1%!91'!0*!B/3!n'2C-+)*!
./0! ;1./'! ^(.+)+*0! 9*'*! 0*! +-./5-+7*)+,-! *! _(/! %/! '/4+/'/! /0! *'&6)(01! PSP! ./! 0*! ?1-%&+&()+,-!
$%9*:10*D! *0! &'*&*'%/! ./! (-! ì/''1'! )'*%1î! ì+-/d90+)*<0/î! ì/>+./-&/î! 3! &'*%)/-./-&/! 9*'*! 0*!
'/%10()+,-"
138
$-! *9131! ./! /%&*! *'2(5/-&*)+,-! %/! *)159*:*! *! 0*! ./5*-.*! /-&'/! 1&'1%! /0/5/-&1%! ./!
)1->+))+,-D! (-! +-41'5/! ./0! ?1-%/Q/'1! ?15/')+*0! ./! 0*! $5<*Q*.*! ./! 01%! $%&*.1%! l-+.1%! ./!
R5`'+)*D!)1-!4/)8*!PS!./!-1>+/5<'/!./!PNUND!/-!/0!_(/!%/!+-.+)*!_(/!01%!/%)'+&1%!9'1)/./-&/%!
./!.+)81!9*6%!/-!01%!_(/!4+2('*-!4/)8*%!)+4'*.*%D!./</-!%/'!+-&/'9'/&*.1%!*&'+<(3/-.1!0*!9'+5/'*!
)+4'*!*0!5/%D!0*!%/2(-.*!*0!.6*!3!0*!&/')/'*!*0!*:1r!H]X!P{J"
q?+/'&*5/-&/D! /0! *'2(5/-&1! ./! 5C%! 9/%1! ./! 0*! ./5*-.*! /%! /0! _(/! %/! '/4+/'/! *0! 51.1! ./! %/'!
0/6.*%! 0*%! 4/)8*%! ./! 01%! .1)(5/-&1%! *)'/.+&*&+>1%! ./! 0*! +-&/'>/-)+,-! _(+'['2+)*! ./! 0*!
./5*-.*-&/"!B*!*4+'5*)+,-!./!0*!9*'&/!./5*-.*-&/!./!_(/!0*!%/-&/-)+*!+59(2-*.*!+-)(''+,!/-!
/''1'!/-!/%&/!9(-&1!/%!)1->+-)/-&/D!3!*%6!01!./</51%!'/)1-1)/'!./!*)(/'.1!)1-!/0!.+)&*5/-!./0!
V+-+%&/'+1! ]+%)*0"! R81'*! <+/-D! 0*! /_(+>1)*)+,-! +59(&*.*! -1! )(590/! 01%! '/_(+%+&1%! ./0! /''1'!
+-./5-+7*<0/!_(/!%/!./.()/-!./!01%!*'&6)(01%!SNS!3!SN#!./!0*!B/3!n'2C-+)*!./0!;1./'!^(.+)+*0"!
g*0/%! '/_(+%+&1%! %1-D! /-&'/! 1&'1%D! ./! *)(/'.1! )1-! 0*! +-&/'9'/&*)+,-! Q('+%9'(./-)+*0D! /0! )*'C)&/'!
1%&/-%+<0/! 1! 9*&/-&/! ./0! /''1'! mg"! ="! P"ÄD! POmOmUU! HE^! PNUUû@NM@Ja! g"! ="! @"Ä! PPmPAmUN! HE^!
PNUNûLP#NJa!g"!="!P"Ä!PMm@mUU!HE^!PNUUûMP@MJma!%(!+-40(/-)+*!./&/'5+-*-&/!H)1-.+)+,-!%+-/!_(*!
-1-!J!/-!/0!4*001!mg"!="D!%1)"!S@mPPmUO!HE^!PNUOûOLPOJmD!3!_(/!-1!8*3*!%+.1!9'1>1)*.1!1!9'1.()+.1!
91'!0*!)1-.()&*!.101%*!1!)(091%*!./!0*!9*'&/!9/'Q(.+)*.*!Hg"!="!S"ÄD!S@mPPmUOJ"
$-! /0! 9'/%/-&/! %(9(/%&1! /%! )0*'1! _(/! /0! )1591'&*5+/-&1! 9'1)/%*0! ./! 0*! 9*'&/D! _(/! -1! )(590+,!
)1-! /0! '/_(+%+&1! /%&*<0/)+.1! /-! /0! *'&6)(01! OAP! ./! 0*! B/3! ./! $-Q(+)+*5+/-&1! ?+>+0! HB$?J! ./!
*)159*:*'!(-*!&'*.())+,-!./!01%!.1)(5/-&1%!9'/%/-&*.1%!/-!0/-2(*!/d&'*-Q/'*D!8*!)1-&'+<(+.1!
./)+%+>*5/-&/! *! 0*! /_(+>1)*)+,-! ./0! Q(72*.1'D! %+-! _(/! 0*! 5/'*! *.>/'&/-)+*! )1-&/-+.*! /-! /0!
/%)'+&1! ./! +59(2-*)+,-! ./0! '/)('%1! ./! %(90+)*)+,-! 4(/'*! <*%&*-&/! 9*'*! )159/-%*'! /0!
5*0/-&/-.+.1!9'1>1)*.1!91'!&*0!)*'/-)+*"
$0! /''1'! 9*./)+.1! 91'! /0! g'+<(-*0! ?/-&'*0! ./! g'*<*Q1! H/-! /0! _(/! -1! 8(<+/'*! +-)(''+.1!
%/2('*5/-&/! ./! 8*</'%/! *)159*:*.1! 0*%! &'*.())+1-/%! 9'/)/9&+>*%D! 1! +-)0(%1! ./! 8*</'%/!
*91'&*.1! /-! (-! 515/-&1! *-&/'+1'! /0! +-41'5/! ./! 0*! $5<*Q*.*! l=R! _(/! %/! *.Q(-&*! )151!
.1)(5/-&1! -{! @! *! 0*! ./5*-.*! ./! /''1'! Q(.+)+*0J! -1! 9(/./! ./)+'%/! &*591)1! _(/! %/*! (-! /''1'!
1%&/-%+<0/!1!9*&/-&/"!$-!>/'.*.D!813!91'!813D!-1!)*</!/%&+5*'!8/)81!-1&1'+1!/-!$%9*:*!/0!1'./-!
./! 0/)&('*! /-! 0*%! '/9'/%/-&*)+1-/%! -(5`'+)*%! ./! 0*%! 4/)8*%! _(/! %/! 9'*)&+)*-! /-! 01%! $%&*.1%!
l-+.1%!./!R5`'+)*"
X/!*)(/'.1!)1-!&1.1!01!*-&/'+1'!-1!9(/./!*))/./'%/!*!0*!9/&+)+,-!+-./5-+7*&1'+*!_(/!%/!./.()/!
./!0*!./5*-.*r!H]X!M{J"
$0!*'&"!SNS!./!0*!B/3!n'2C-+)*!./0!;1./'!^(.+)+*0!/%&*<0/)/!0*!'/%91-%*<+0+.*.!9*&'+51-+*0!H)+>+0J!
./0!$%&*.1!91'!01%!.*:1%!)*(%*.1%!/-!)(*0/%_(+/'*!<+/-/%!1!./'/)81%!91'!/''1'!Q(.+)+*0!1!91'!/0!
4(-)+1-*5+/-&1!*-1'5*0!./!0*!R.5+-+%&'*)+,-!./!^(%&6)+*"
$0!*'&"!SNM!Bn;^!/%&*<0/)/!01%!'/_(+%+&1%!./!0*!*))+,-!91'!/''1'!Q(.+)+*0a!/-!9*'&+)(0*'D!/0!%+2(+/-&/!
*'&"! SN@! 8*)/! 01! 5+%51! 9*'*! 01%! )*%1%! ./! 9'+%+,-! 9'/>/-&+>*! )(*-.1! /0! *4/)&*.1! 8*3*! %+.1!
*<%(/0&1! 91'! +-/d+%&/-)+*! ./0! 8/)81! +59(&*.1! 1! %/! 8*3*! .+)&*.1! *(&1! ./! %1<'/%/+5+/-&1! 0+<'/!
91'!0*!5+%5*!)*(%*"!!
!
$0! *'&"! SN#! Bn;^! .+)/! 0+&/'*05/-&/K! q$-! -+-2[-! )*%1! 8*<'C! 0(2*'! *! 0*! +-./5-+7*)+,-! )(*-.1! /0!
/''1'!Q(.+)+*0!1!/0!*-1'5*0!4(-)+1-*5+/-&1!./!01%!%/'>+)+1%!&(>+/'*!91'!)*(%*!0*!)1-.()&*!.101%*!
1!)(091%*!./0!9/'Q(.+)*.1"r!
139
]+-*05/-&/D!/0!*'&"!SNO!Bn;^!/%&*<0/)/!0*!'/%91-%*<+0+.*.!%(<%+.+*'+*!./!01%!^(/)/%!3!V*2+%&'*.1%!
91'!01%!.*:1%!)*(%*.1%!91'!/001%!/-!/0!/Q/')+)+1!./!%(%!4(-)+1-/%!/-!01%!)*%1%!./!q.101r!1!q)(09*!
2'*>/r"!
3;/^L&/K(>+/'-&(</'L("%&/M.%+<$"&/
B*!*90+)*)+,-!./!0*!9*4-#'D,-*#&$4"@)'@"49"!91.6*!.*'!0(2*'!*!'/%(0&*.1%!+-Q(%&1%D!9(/%!&'*&*!./!
+2(*0!41'5*!*!&1.*%!0*%!>6)&+5*%!./!*))+./-&/%!<+0*&/'*0/%D!)1-!+-./9/-./-)+*!./0!2'*.1!./!)(09*!
_(/! &(>+/'*-! /-! /0! ./%*%&'/"! l-*! 9'+5/'*! 4,'5(0*! 9*'*! *0+>+*'! /0! '+21'! ./! 0*! -/20+2/-)+*!
)1-&'+<(&+>*! 4(/! 0*! ./! /d+2+'! _(/! 0*! >6)&+5*! 8(<+/'*! &/-+.1! 0*! [0&+5*! 191'&(-+.*.! ./! />+&*'! /0!
*))+./-&/"!=101!/-!/%/!)*%1D!./<6*!9/'./'!/0!./'/)81!*0!)1<'1!./!0*!+-./5-+7*)+,-!_(/!)159/-%*!
%(%!.*:1%"
3;0;/M(D$&>/D;/S(""/V052/P"?;/A&);/588W/
R&!&8/!&'+*0D!</41'/!$'%k+-/D!^"D!+&!*99/*'/.!&8*&!&8/!90*+-&+44D!8*>+-2!4/&&/'/.!&8/!41'/m4//&!14!*-!*%%!
</01-2+-2!&1!8+5D!&('-/.!+&!+-&1!*!9(<0+)!8+28i*3D!*-.!*&!&8/!%*5/!&+5/!+-!_(/%&+1-!&8/!*%%!i*%!
2'*7+-2! 1-! &8/! 144! %+./! 14! *! '1*.! *<1(&! /+28&! 3*'.%! i+./D! i8/-! &8/! ./4/-.*-&w%! i*21-D! i+&8! *!
&/*5!14!&8'//!81'%/%D!)15+-2!.1i-!*!%0+28&!./%)/-&D!*&!i8*&!&8/!i+&-/%%!&/'5/.!*!%5*'&+%8!9*)/D!
'*-!*2*+-%&!&8/!*%%D!k-1)k/.!+&!.1i-D!*-.!&8/!i8//0%!9*%%+-2!1>/'!+&D!+&!.+/.!%11-!*4&/'"!|!g8/!
0/*'-/.!Q(.2/!&10.!&8/!Q('3D!&8*&!|!+4!&8/3!&81(28&!&8*&!&8/!*))+./-&!5+28&!8*>/!<//-!*>1+./.!<3!
&8/! /d/')+%/!14! 1'.+-*'3! )*'/! 1-! &8/!9*'&! 14! &8/!.'+>/'D! &1! 4+-.!41'!&8/! 90*+-&+44"! g8/! Q('3!41(-.!
&8/+'!>/'.+)&!41'!&8/!90*+-&+44!H|J
}g8/!./4/-.*-&w%!*&&1'-/3~!51>/.!41'!*!-/i!&'+*0D!1-!&8/!2'1(-.!14!5+%.+'/)&+1-"!g8/!*)&!14!&8/!
90*+-&+44! +-! &('-+-2! &8/! .1-k/3! +-&1! &8/! 9(<0+)! 8+28i*3! i*%! *-! +00/2*0! 1-/D! *-.D! *%! &8/! +-Q('3!
*'1%/! 9'+-)+9*003! 4'15! &8*&! *)&D! &8/! 90*+-&+44! +%! -1&! /-&+&0/.! &1! )159/-%*&+1-! 41'! &8*&! +-Q('3!
i8+)8D!<(&!41'!8+%!1i-!(-0*i4(0!*)&!i1(0.!-/>/'!8*>/!1))(''/."!H|J!g8/!9'+-)+90/!41)(%!14!0*i!
H"""J!+%D!&8*&!i8/'/!*-!*))+./-&!+%!&8/!'/%(0&!14!4*(0&%!1-!<1&8!%+./%D!-/+&8/'!9*'&3!)*-!5*+-&*+-!*-!
*)&+1-"! g8(%D! +-! \(&&/'4+/0.! >"! ]1''/%&/'D! PP! $*%&! OAD! +&! i*%! 8/0.! &8*&! 1-/! i81! +%! +-Q('/.! <3! *-!
1<%&'()&+1-!1-!*!8+28i*3D!*2*+-%&!i8+)8!8/!4/00D!)*--1&!5*+-&*+-!*-!*)&+1-D!+4!+&!*99/*'!&8*&!8/!
i*%! '+.+-2! i+&8! 2'/*&! >+10/-)/! *-.! i*-&! 14! 1'.+-*'3! )*'/D! i+&81(&! i8+)8! 8/! 5+28&! 8*>/! %//-!
*-.!*>1+./.!&8/!1<%&'()&+1-!H|J
B1'.! R<+-2/'D! ?"\"! H|J! }R~%! &8/! ./4/-.*-&! 5+28&D! <3! 9'19/'! )*'/D! 8*>/! *>1+./.! +-Q('+-2! &8/!
*-+5*0D!*-.!.+.!-1&D!8/!+%!0+*<0/!41'!&8/!)1-%/_(/-)/!14!8+%!-/20+2/-)/D!&81(28!&8/!*-+5*0!5*3!
8*>/!<//-!+59'19/'03!&8/'/"
;*'k/D! \"! H|J! }g~8/! -/20+2/-)/! i8+)8! +%! &1! 9'/)0(./! *! 90*+-&+44! 4'15! '/)1>/'+-2! +-! *-! *)&+1-! 14!
&8+%!-*&('/D!5(%&!</!%()8!*%!&8*&!8/!)1(0.D!<3!1'.+-*'3!)*'/D!8*>/!*>1+./.!&8/!)1-%/_(/-)/%!14!
&8/! ./4/-.*-&w%! -/20+2/-)/"! H|J! }R~0&81(28! &8/! *%%! 5*3! 8*>/! <//-! i'1-203! &8/'/D! %&+00! &8/!
./4/-.*-&!i*%!<1(-.!&1!21!*01-2!&8/!'1*.!*&!%()8!*!9*)/!*%!i1(0.!</!0+k/03!&1!9'/>/-&!5+%)8+/4"!
x/'/!&8+%!-1&!%1D!*!5*-!5+28&!Q(%&+43!&8/!.'+>+-2!1>/'!211.%!0/4&!1-!*!9(<0+)!8+28i*3D!1'!/>/-!
140
1>/'!*!5*-!03+-2!*%0//9!&8/'/D!1'!&8/!9('91%/03!'(--+-2!*2*+-%&!*!)*''+*2/!21+-2!1-!&8/!i'1-2!
%+./!14!&8/!'1*."
X/! /%&/! 51.1D! 0*! .1)&'+-*! ./! 0*! q[0&+5*! 191'&(-+.*.r! H)(%-$ 9)"(#$ 9E(49"$ 7*9-#'4"J! %/! /0*<1',!
)151! (-*! )1''/))+,-! *0! '+21'! ./! 0*! -/20+2/-)+*! )1-&'+<(&+>*! H/*4-#'D,-*#&$ 4"@)'@"49"J"! l-*!
*0&/'-*&+>*!9*'*!0*%!>6)&+5*%!)(3*!)1-&'+<()+,-!*0!.*:1!-1!8*<6*!%+.1!0*![-+)*!)*(%*!./0!./%*%&'/"!
B*! +-40(/-)+*! _(/! &(>1! /0! '/5/.+1D! _(/! %/! )1''/%91-./! )1-! (-! %/-&+.1! 5(3! /0/5/-&*0! ./! 0*!
Q(%&+)+*D!51&+>,!_(/!/0!C6"#'9(4$=(>$A4%-'-,-"!0*!+-)0(3/'*!/-!/0!#"%-(-"6"4-!3!_(/!9'19(%+/'*D!
*%6D!%(!*.19)+,-!2/-/'*0"
3;2;/A&>+(+&=&"+//V]&%."#W/.I/^.<+>/V0965H/,)#(+&#/B)<$-/2:02W/
_`UYJ&<-2%&')/-"&'D-.7/F&G/)1)/22&3)-$.%$EEJ&
R!90*+-&+44!i81!8*%!-/20+2/-&03!%(<Q/)&/.!8+5%/04!&1!*!'+%k!14!8*'5!4'15!&8/!./4/-.*-&ô%!
%(<%/_(/-&!-/20+2/-)/!5*3!'/)1>/'!41'!8*'5!)*(%/.!&8/'/<3!+4D!+55/.+*&/03!9'/)/.+-2!
&8/!8*'5D!
H*J!&8/!90*+-&+44!+%!(-*<0/!&1!*>1+.!+&!<3!&8/!/d/')+%/!14!'/*%1-*<0/!>+2+0*-)/!*-.!)*'/D!*-.!
H<J!&8/!./4/-.*-&!+%!-/20+2/-&!+-!4*+0+-2!&1!(&+0+7/!i+&8!'/*%1-*<0/!)*'/!*-.!)159/&/-)/!
8+%!&8/-!/d+%&+-2!1991'&(-+&3!&1!*>1+.!&8/!8*'5D!i8/-!8/!
H+J!k-1i%!14!&8/!90*+-&+44ô%!%+&(*&+1-!*-.!'/*0+7/%!1'!8*%!'/*%1-!&1!'/*0+7/!&8/!9/'+0!
+->10>/.!+-!+&!1'!
H++J! i1(0.! .+%)1>/'! &8/! %+&(*&+1-! *-.! &8(%! 8*>/! '/*%1-! &1! '/*0+7/! &8/! 9/'+0D! +4! 8/!
i/'/!&1!/d/')+%/!&8/!>+2+0*-)/!i8+)8!+&!+%!&8/-!8+%!.(&3!&1!&8/!90*+-&+44!&1!/d/')+%/"!
_&`WSJ&<-2%&')/-"&'D-.7/F&B.-%%/.%$(/&3)-$.%$EE&
R! 90*+-&+44! i81D! <3! &8/! /d/')+%/! 14! '/*%1-*<0/! >+2+0*-)/D! )1(0.! .+%)1>/'! &8/! .*-2/'!
)'/*&/.!<3!&8/!./4/-.*-&ô%!-/20+2/-)/!+-!&+5/!&1!*>1+.!&8/!8*'5!&1!8+5D!)*-!'/)1>/'!+4D!
<(&!1-03!+4D!&8/!./4/-.*-&!
H*J!k-1i%!14!&8/!90*+-&+44ô%!%+&(*&+1-D!*-.!
H<J!'/*0+7/%!1'!8*%!'/*%1-!&1!'/*0+7/!&8*&!&8/!90*+-&+44!+%!+-*&&/-&+>/!*-.!&8/'/41'/!(-0+k/03!
&1!.+%)1>/'!8+%!9/'+0!+-!&+5/!&1!*>1+.!&8/!8*'5D!*-.!
H)J!&8/'/*4&/'!+%!-/20+2/-&!+-!4*+0+-2!&1!(&+0+7/!i+&8!'/*%1-*<0/!)*'/!*-.!)159/&/-)/!8+%!
&8/-!/d+%&+-2!1991'&(-+&3!&1!*>1+.!&8/!8*'5"!
141
4;/n&?-$?&"%$(/%.=)(<(+$D(/./%."%,<<&"%$(/#&/%,-)(>//:'#41-"-%$(/&
@/?)$?/.7/9/
B*!.1)&'+-*!./!0*!q[0&+5*!191'&(-+.*.r!-1!'/%(/0>/D!%+-!/5<*'21D!&1.1%!01%!)*%1%"!=(!*90+)*)+,-!
/%! .+46)+0! )(*-.1! -1! /%! 91%+<0/! +./-&+4+)*'! _(+`-! m/0! ! *2/-&/! 1! 0*! >6)&+5*m! &(>1! 0*! [0&+5*!
191'&(-+.*.! )0*'*! ./! />+&*'! /0! *))+./-&/"! g*591)1! /-! *_(/001%! )*%1%! /-! _(/! /0! ./%*%&'/! /%!
)1-%/)(/-)+*! ./! )1-&'+<()+1-/%! )(091%*%! %+5+0*'/%! 1! /_(+>*0/-&/%! /-&'/! *2/-&/! 3! >6)&+5*! ./0!
.*:1"! R%6D! 91'! /Q/5901D! /-! (-*! )10+%+,-! /-&'/! .1%! >/86)(01%! 9(/./! '/%(0&*'! +591%+<0/! 1! 5(3!
.+46)+0! +./-&+4+)*'! _(+`-! ./! %(%! )1-.()&1'/%! 4(/! /0! [0&+51! _(/! 9(.1! />+&*'! /0! *))+./-&/"! B*!
%10()+,-! *! &*0/%! 9'1<0/5*%! >+-1! ./! 0*! '/20*! _(/! %/! 8*! 2/-/'*0+7*.1! 4+-*05/-&/"! =/! &'*&*! ./!
)159*'*'!0*!'/%91-%*<+0+.*.!./!*2/-&/!3!>6)&+5*!3!./!.+%&'+<(+'!0*!'/%91-%*<+0+.*.!/-!4(-)+,-!
./!01%!91')/-&*Q/%!./!'/%91-%*<+0+.*."!X/!0*!-/20+2/-)+*!)1-&'+<(&+>*D!_(/!/d1-/'*<*!*0!*2/-&/!%+!
0*!>6)&+5*!9(.1!/>+&*'!/0!.*:1!3!./!0*!.1)&'+-*!./!0*!q[0&+5*!191'&(-+.*.rD!_(/!%101!/d1-/'*<*!*!
0*!>6)&+5*!_(/!-1!9(.1!/>+&*'!/0!.*:1D!%/!9*%*!*!(-*!-(/>*!'/20*D!0*!9*6!(#(-'0"$4"@)'@"49"!/-!0*!
_(/! 0*! '/%91-%*<+0+.*.! %/! .+%&'+<(3/! /-&'/! 01%! 9*'&+)+9*-&/%! /-! /0! *))+./-&/! /-! 4(-)+,-! ./! %(!
)1-&'+<()+,-"!B*!.1)&'+-*!8*!%+.1!*.19&*.*!91'!&1.*%!0*%!Q('+%.+))+1-/%D!/-&'/!/00*%D!0*!-(/%&'*!/-!
0*!_(/!%/!)1-1)/!)151!q)1-)(''/-)+*!./!)(09*%rD!q)1-)(''/-)+*!./!)*(%*%r!1!q)159/-%*)+,-!./!
)(09*%r"
4;0;/]^]H/0_H/967`2::2H/20/#&/.%+,R<&H/SOC/B"+."$./X,--G"/U(--&>+&<.>;/B%%$#&"+&/#&/
+<JI$%./).</%.-$>$G"/#&/,"(/=.+.%$%-&+(/%."/,"/=."+G"/#&/?<(D(/F/(<&"(;/
V*-(/0! E"?"D! 9'19+/&*'+1! ./! (-*! )*%*! /-! F+-`%D! =/>+00*D! %+&(*.*! Q(-&1! *! 0*! )*''/&/'*! *! c*0/-)+*D!
/%&*<*!'/*0+7*-.1!1<'*%!/-!%(!.15+)+0+1!3!8*<6*!)1-&'*&*.1!/0!&'*-%91'&/!./!2'*>*!3!*'/-*!)1-!
q;10>/'1! V*-(/0! E(+7! F*')6*D! ="R"r"! $0! S#"#"PNNSD! %1<'/! 0*%! PNKAA! 8"D! ^1%`! F"="D! )1-.()&1'! *0!
%/'>+)+1! ./! 0*! /-&+.*.! 5/-)+1-*.*D! ./%)*'2,! (-! 51-&,-! ./! 2'*>*! 3! *'/-*! ./! &*0! 41'5*! _(/!
1)(9*<*D!%+-!%/:*0+7*)+,-!*02(-*D!PDS#!5!./!)*07*.*!%1<'/!(-*!*-)8('*!&1&*0!./!PSDU!5"!?(*&'1!
81'*%! ./%9(`%D! 8*)+*! 0*%! SMKAA! 8"D! R0</'&1! ^1%`! B"E"D! _(/! )1-.()6*! %+-! )*%)1! (-*! 51&1)+)0/&*! *!
(-*! >/01)+.*.! %(9/'+1'! *! 0*! 9/'5+&+.*D! )10+%+1-,! )1-! /0! 51-&,-! ./! 2'*>*! 3! *'/-*"! ?151!
)1-%/)(/-)+*! ./0! +59*)&1D! 0*! 51&1)+)0/&*! %*0+,! ./%9/.+.*! *! >*'+1%! 5/&'1%! 3! R0</'&1! ^1%`! B"E"!
)*3,!*0!%(/01D!01!)(*0!0/!1)*%+1-,!0/%+1-/%!./!2'*>/.*.D!)(3*%!%/)(/0*%!4(/'1-!./)0*'*.*%!91'!/0!
I-%&+&(&1!G*)+1-*0!./!0*!=/2('+.*.!=1)+*0!)151!+->*0+./7!9/'5*-/-&/!/-!2'*.1!./!+-)*9*)+.*.!
9/'5*-/-&/"!
B*!>6)&+5*!./5*-.,!*!V*-(/0!E"?"D!*!q;10>/'1!V*-(/0!E(+7!F*')6*D!=RrD!%1)+/.*.!/-)*'2*.*!./0!
*<*%&/)+5+/-&1D! *! ^1%`! F"="D! )1-.()&1'! )1-&'*&*.1! ./! 0*! 5+%5*D! 3! *0! R3(-&*5+/-&1! ./! F+-`%! 3!
%10+)+&,!(-*!+-./5-+7*)+,-!./!MOS"ULNDON!ê!91'!01%!.*:1%!%(4'+.1%"!
$0!^;I!-{!PU!./!=/>+00*!HSL"S"PNNOJ!./%/%&+5,!0*!./5*-.*!3!*<%10>+,!*!&1.1%!01%!./5*-.*.1%!91'!
4*0&*!./!'/)0*5*)+,-!9'/>+*!/-!>6*!*.5+-+%&'*&+>*"!$0!*)&1'!+-&/'9(%1!'/)('%1!./!*9/0*)+,-!)1-&'*!
0*!=^;ID!_(/!0*!=R;!=/>+00*!H=/)"!OÄD!S#"PP"PNNOJ!/%&+5,!9*')+*05/-&/K!*<%10>+,!*!01%!./5*-.*.1%!
q;10>/'1! V*-(/0! E(+7! F*')6*D! ="R"r! 3! *! ^1%`! F"="! 3! )1-./-,! %10+.*'+*5/-&/! *0! R3(-&*5+/-&1! ./!
F+-/%!3!*!V*-(/0!E"?"!*0!9*21!./!(-*!+-./5-+7*)+,-!./!PAU"UOMDN!ê!91'!01%!.*:1%!%(4'+.1%D!)1-!
4(-.*5/-&1! /-! /0! *'&"! PNAS! ??"! $%&*! )*-&+.*.! %/! )1''/%91-./! )1-! (-*! '/<*Q*! ./0! LAã! ./! 01!
%10+)+&*.1! /-! 0*! ./5*-.*D! 91-./'*-.1! /0! &'+<(-*0! 0*! )1-)(''/-)+*! ./! )(09*! ./0! *)&1'"! $0!
142
R3(-&*5+/-&1! )1./5*-.*.1! 3! /0! *)&1'D! R0</'&1! ^1%`! B"E"D! +-&/'9(%+/'1-! %/-.1%! '/)('%1%! ./!
)*%*)+,-!)1-&'*!0*!=R;"!
$0!g=!/%&+5,!9*')+*05/-&/!/0!9'+5/'1!./!01%!'/)('%1%!3!./%/%&+5,!/0!%/2(-.1"!$-!%(!%/-&/-)+*!/0!
g=! )*%,! /0! +,(4-,6$ +-./5-+7*&1'+1! 3! '/.(Q1! 0*! +-./5-+7*)+,-! *! (-! PAã! ./! 0*%! 9'/&/-%+1-/%!
+-+)+*0/%D!/%!./)+'D!*!(-*!)(*-&6*!./!MU"MMMDP#!êD!'/%(0&*.1!./!91-./'*'!./!-(/>1!0*!)(09*!./!0*!
>6)&+5*! /-! (-! NAã"! B1%! 8/)81%! /%/-)+*0/%! _(/! &15*! /0! g=! *! 0*! 81'*! ./! *9'/)+*'! 0*! )(09*! ./! 0*!
>6)&+5*!/-!(-!NAã!%1-!H]X!\"!S{JK!
-
$0!51-&,-!./!2'*>*!3!*'/-*!1)(9*<*!PDS#!5!./!(-*!)*07*.*!./!PSDU!5D!1!01!_(/!/%!01!
5+%51D!%,01!1<%&*)(0+7*<*!/0!PAã!./0!9*%1"!
-
$0!515/-&1!./!0*!)10+%+,-!-1!)+')(0*<*!-+-2[-!1&'1!>/86)(01!/-!-+-2(-1!./!01%!.1%!
%/-&+.1%"
b*<6*!.+>/'%*%!%/:*0/%!_(/!0+5+&*<*-!0*!>/01)+.*.!*!MA!k5h8!3!_(/!*>+%*<*-!./0!9/0+2'1!
./! 9*%1! ./! 9/*&1-/%D! *! 0*%! )(*0/%! /0! *)&1'! 8+71! )*%1! 15+%1! )+')(0*-.1! *! (-*! >/01)+.*.!
%(9/'+1'! *! 0*! 9/'5+&+.*D! 8/)81! _(/! >+/-/! )1''1<1'*.1! 91'_(/! 0*! 51&1)+)0/&*! %*0+,!
./%9/.+.*!*!SN!5/&'1%!./0!0(2*'!./0!*))+./-&/"
-
-
$0!*)&1'!-1!00/>*<*!9(/%&1!/0!)*%)1!./!%/2('+.*."
=+-! /5<*'21D! /0! g=! -1! /d1-/',! *0! R3(-&*5+/-&1! ./! F+-/%D! 9(/%! )1-%+./',! _(/! `%&/! &*5<+`-!
8*<6*! +-)(''+.1! /-! -/20+2/-)+*! 91'! 15+%+,-! ./! %(! ./</'! ./! )(+.*.1! 3! 5*-&/-+5+/-&1! ./! 0*%!
)1-.+)+1-/%! ./! %/2('+.*.! /-! 0*%! )*''/&/'*%! 01)*0/%! 91'! 5/.+1! ./! 0*! 910+)6*! 01)*0! H*'&"! PA"S! XB!
MMNhPNNA! 3! *'&"! @! ./! %(! E/20*5/-&1! ./! L! ./! /-/'1! ./! PNNSJ"! $0! g=! *9'/)+,! _(/! /0! &+/591!
.('*-&/!/0!)(*0!/0!51-&,-!./!2'*>*!3!*'/-*!/%&(>1!/-!0*!)*''/&/'*!8*<6*!%+.1!5C%!_(/!%(4+)+/-&/!
9*'*!_(/D!/-!(-*!01)*0+.*.!9/_(/:*D!0*!910+)6*!01)*0!%/!9/')*&*%/!./0!9/0+2'1"!;1'!/001!/%&*<0/)/!%(!
)(09*!/-!(-!PAã"
4;2;/]^]H/0_H/645`2:04H/#&/5/#&/".D$&=R<&H/SOC/a.>e/K,$>/'(-D./'(R&--.;/'(*#(/#&/D$(E&<./(/
-(/D*(/#&-/=&+<./).</&-/L,&%./&i$>+&"+&/&"+<&/-.>/D(?."&>/%,("#./&-/%."D.F/L(R*(/$"$%$(#./
-(/=(<%L(;//
$0!PL"#"SAAO!]`0+d!%/!<*Q,!./0!5/&'1!./!V*.'+.!/-!0*!/%&*)+,-!./!Ñ9/'*!3!%/!9/')*&,!_(/!%/!8*<6*!
/_(+>1)*.1! ./! /%&*)+,-D! 91'! 01! _(/! +-&/-&,! >10>/'! *! %(<+'! ./! +-5/.+*&1"! =+-! /5<*'21D! )151!
+-%&*-&/%! *-&/%! /0! 5/&'1! %/! 8*<6*! 9(/%&1! /-! 5*')8*D! ]`0+d! )*3,! *! 0*! >6*! 91'! /0! 8(/)1! /d+%&/-&/!
/-&'/!01%!>*21-/%!3!4(/!*''100*.1!91'!/0!)1->13"!?151!)1-%/)(/-)+*!./0!*))+./-&/D!9/'.+,!0*%!.1%!
9+/'-*%"! p(/.,! ./%)*'&*.1! _(/! /0! 9*%*Q/'1! &(>+/'*! 0*! +-&/-)+,-! ./! %(+)+.*'%/! 1! ./! >+*Q*'! /-&'/!
01%!.1%!>*21-/%"
]`0+d!./5*-.*!*!qV/&'1!./!V*.'+.!="R"r!3!%10+)+&*!(-*!+-./5-+7*)+,-!H-1!)1-%&*!)(*-&6*J"
143
$0! ^;I! -[5"! OM! V*.'+.! HMA"O"SAPAJ! /%&+5*! /-! 9*'&/! 0*! ./5*-.*! 3! )1-./-*! *0! 9*21! ./!
LMS"OSMD@OêD!*0!)1-%+./'*'!_(/!0*!2'*<*)+,-!./!0*%!)C5*'*%!./0!*-.`-D!91'!-1!%/'!)1-&+-(*D!9*%,!
./0!)+/''/!./!0*%!9(/'&*%!./0!&'/-!*!0*!+5*2/-!./0!)(/'91!)*6.1!/-!0*%!>6*%"
B*! R;! V*.'+.! H=/))+,-! PSÄD! P#"M"SAPSJ! /%&+5*! /-! 9*'&/! /0! '/)('%1! ./! *9/0*)+,-! ./! V/&'1! ./!
V*.'+.!="R"!3!'/.()/!0*!+-./5-+7*)+,-!*!SNM"A@NDMUê"!$%&*<0/)/!_(/!0*!2'*<*)+,-!/%!)1-&+-(*!3!
'/)12/!0*!/-&'*.*!./!]`0+d!/-!/0!8(/)1!/-&'/!01%!>*21-/%K
qV/&'1! ./</! &15*'! 5/.+.*%! /%9/)+*0/%! *-&/! 0*%! %+&(*)+1-/%! ./! '+/%21! _(/! /%&/! 5/.+1!
./! 01)151)+,-! 2/-/'*! H|J! ;1'! (-*! 9*'&/! /%! -1&1'+1! 0*! /d+%&/-)+*! ./! <*''/'*%! 1!
5*59*'*%! ./! %/2('+.*.D! _(/! />+&*-! %+&(*)+1-/%! )151! 0*! 9'/%/-&/! ./! &*0! 51.1! _(/! *0!
)/''*'%/! %+5(0&C-/*5/-&/! )1-! 0*%! 9(/'&*%! ./0! &'/-D! +59+./-! &1.1! *)/')*5+/-&1! *0!
>/86)(01"! X+)81%! 5/.+.*%! ./! %/2('+.*.! /d+%&/-&/%! /-! 01%! 5/&'1%! ./! 1&'*%! )+(.*./%!
/('19/*%!H|J!G1!9(/./-!%/'!)*0+4+)*.*%!/%&*%!5/.+.*%!./!%/2('+.*.!)151!%14+%&+)*.*%D!
)(*-.1!1&'1%!9*6%/%!0*%!*.19&*-!%+/-.1!'*71-*<0/5/-&/!/d+2+<0/%!)1-41'5/!*0!/%&*.1!
./! 0*! &`)-+)*! /-! *_(/0! 515/-&1! H|J! $0! 9*%1! *0! >*)61! ./! X"! ]`0+d! -1! /-)1-&',! &19/!
*02(-1! 3! %6! (-! 9/0+2'1%6%+51! 8(/)1D! _(/! 8+71! _(/! %(! /'',-/*! 3! ./%9+%&*.*! *))+,-!
&(>+/'*!(-*%!)1-%/)(/-)+*%!2'*>6%+5*%!H|J!91'!01!_(/!%/!)*0)(0*!.+)8*!+-)+./-)+*!./!0*!
)1-.()&*!./!X"!]`0+d!/-!/0!'/%(0&*.1!0/%+>1D!/-!(-!OAãr!H]X!M{J
$0!g=!./%/%&+5*!01%!'/)('%1%!./!)*%*)+,-!3!/d&'*1'.+-*'+1!91'!+-4'*))+,-!9'1)/%*0!./!V/&'1!./!
V*.'+.!="R"!3!&*5<+`-!/0!'/)('%1!./!)*%*)+,-!./!]`0+dK
qP"!$0!5/&'1!/%!(-!5/.+1!./!&'*-%91'&/!_(/!2/-/'*!/0!'+/%21!./!0*!/%&'/)8/7!./!*02(-1%!
*-./-/%D! /-! )1-)'/&1! /0! ./! 0*! /%&*)+,-! ./! Ñ9/'*D! .1-./! 1)(''+/'1-! 01%! 8/)81%D! 3! 0*!
5*%+>*! *40(/-)+*! ./! >+*Q/'1%! /-! ./&/'5+-*.*%! 81'*%"! B1%! 51&+>1%! ./! 0*! )*6.*! %1-!
.+>/'%1%K! 0*! 9'19+*! )1-4(%+,-! 1! 9'/)+9+&*)+,-! ./! 0*%! 9/'%1-*%D! 0*! -1! 9/')/9)+,-! ./0!
'+/%21! 91'! 9*'&/! ./! 01%! 5(3! Q,>/-/%D! 0*! .+%)*9*)+&*)+,-! ./! *02(-1%! >+*Q/'1%D! (-!
/59(Q,-!)*(%*0!1!+-&/-)+1-*.1"
S"! ?(*-.1! (-! &'/-! %/! ./&+/-/! /-! (-*! /%&*)+,-D! /0! '+/%21! ./! )*6.*! *! 0*%! >6*%! )1-&+-(*!
/d+%&+/-.1!%+D!)151!%()/.+,!/-!/0!)*%1D!01%!>*21-/%!/-!>/7!./!/%&*'!(-+.1%!/-&'/!%6!./!
41'5*! _(/! -1! 8*3*! %/9*'*)+,-! /-&'/! /001%D! /%&C-! (-+.1%! 91'! (-! %+%&/5*! _(/! ./Q*! (-!
8(/)1!91'!/0!_(/!/%!91%+<0/!)*/'!*!0*%!>6*%"
M"! $%/! '+/%21! *0&1! ./! )*6.*! *! 0*%! >6*%! 91-/! /-! 9/0+2'1! 0*! +-./5-+.*.! ./! 0*%! 9/'%1-*%D!
+-)0(%1!%(%!>+.*%"!?1-!*)+/'&1!%/:*0*!0*!R(.+/-)+*!;'1>+-)+*0!0*%!)*(%*%K!0*!>/01)+.*.!./!
01%! &'/-/%D! 0*! 0/-&+&(.! ./0! 4'/-*.1! 3! 0*! )+')(0*)+,-! %1<'/! '*60/%! ./! 41'5*! _(/! -1! /%!
91%+<0/!/>+&*'!/0!)(/'91!)*6.1"
@"! $0! '+/%21! 3! %(%! )1-%/)(/-)+*%! %1-! 9'/>+%+<0/%! H|J! ;*'*! 0*! /59'/%*! '/)(''/-&/! /%!
9'/>+%+<0/! 0*! )*6.*! *! )*(%*! ./! )(*0_(+/'*! ./! 01%! 51&+>1%! *-&/%! /-(-)+*.1%"! $!
+2(*05/-&/!%1-!9'/>+%+<0/%!)1-!4*)+0+.*.!0*%!)1-%/)(/-)+*%!2'*>/%"
#"! $%&/! /0/>*.1! '+/%21! ./0! %+%&/5*! ./! &'*-%91'&/! /d+2/! *! 01%! >+*Q/'1%! *)&(*'! )1-! 0*!
5Cd+5*! 9'(./-)+*D! 3! *! 0*! /59'/%*! &'*-%91'&+%&*! *.19&*'! 0*%! 5/.+.*%! ./! %/2('+.*.!
2/-/'*0/%!3!/%9/)64+)*%!*./)(*.*%!9*'*!/>+&*'01!H|J
O"! $-! 0*! /%&*)+,-! ./! Ñ9/'*! 3! /-! '/0*)+,-! )1-! /0! &'/-! ./0! _(/! %/! *9/,! .1-! ]/0+d! D! -1!
/d+%&6*!-+-2(-*!5/.+.*!./!%/2('+.*.!./%&+-*.*!*!/>+&*'!_(/!(-!>+*Q/'1D!91'!)(*0_(+/'*!
./! 01%! 51&+>1%! *''+<*! /d9(/%&1%D! 9(.+/'*! )*/'! *! 0*%! >6*%! *! &'*>`%! ./0! 8(/)1! /d+%&/-&/!
/-&'/!.1%!>*21-/%!H]X"!U{J"
144
\*Q1! -+-2[-! )1-)/9&1! 9(/./! -/2*'%/! _(/! 0*! *))+,-! ./0! '/)(''/-&/! )1-&'+<(3/'*! /-!
/0/>*.1!2'*.1!*!0*!)*(%*)+,-!./0!'/%(0&*.1"!g'/%!%1-!0*%!)*(%*%!_(/!91.'6*-!/d90+)*'0*K!
9'19,%+&1! ./! %(+)+.*'%/D! 9'19,%+&1! ./! >+*Q*'! /-&'/! 01%! .1%! >*21-/%! 3! )1-4(%+,-"!
X/%)*'&*.*%! 0*%! .1%! 9'+5/'*%! ./! 41'5*! /d9'/%*! 91'! 0*! R(.+/-)+*D! 0*! &/')/'*D!
)*'*)&/'+7*.*! 91'! 0*! )1-4(%+,-! /-! 0*! 9/')/9)+,-! ./! 0*! 9(/'&*! ./0! >*2,-m8(/)1! /-&'/!
>*21-/%D!/%!*&'+<(+<0/![-+)*5/-&/!*0!'/)(''/-&/!H]X"!N{Jr"!
4;3;/B"+."$./cPAnynMPz`h*%+.</S;/]yn'gPz/V2::3WH/{n&?-$?&"%$(/S,-+$-(+&<(-/&"/B%%$#&"+&/
#&/S.+.%$%-&+(H/j%,J-/&>/&-/P>+J"#(</Å)+$=./#&/A&>).">(R$-$#(#k|H/B.!"/%/3`2::3H/
VYYY;$"#<&+;%.=WH/));/0:[00;/
ql-! 56-+51! ./! -/20+2/-)+*! /%! +-/>+&*<0/D! 3*! %/*! 91'_(/! 0*! &/)-10126*! *>*-7*! 3! /0!
)1591'&*5+/-&1!*-&/%!.+0+2/-&/!9*%*!*!%/'!-/20+2/-&/D!91'_(/!/0!*2/-&/!-1!/%!)*9*7!./!*Q(%&*'!
%(!-+>/0!./!.+0+2/-)+*!*0!/%&C-.*'!/%&*<0/)+.1!%/2[-!(-*!9/'%1-*!5/.+*!1!91'_(/!/0!191'&(-+%&*!
%/!*9'1>/)8*!./!%(!%+&(*)+,-"!
R./5C%D! 01%! Q(/)/%! &+/-/-! %/'+1%! 9'1<0/5*%! ./! +-41'5*)+,-! *! 0*! 81'*! ./! 9'/)+%*'! 01%! >*21%!
/%&C-.*'/%! /%&*<0/)+.1%! 91'! 0*! 0/3"! $0! /''1'! Q(.+)+*0! %/! 8*)/! 9*&/-&/! &*-&1! /-! 0*! ./&/'5+-*)+,-!
./0!/%&C-.*'!)151!/-!0*!%(<%(-)+,-!./!0*!)1-.()&*!./!)*.*!9*'&/!*!`%&/"!
g*591)1!/%!./0!&1.1!)+/'&1!_(/!0*%!+-&/'*))+1-/%!%/*-!'/+&/'*.*%!3!_(/!01%!*2/-&/%!&15/-!%(%!
./)+%+1-/%!%+5(0&C-/*5/-&/"!
;1-2*51%! (-! /Q/5901K! /-! /0! C5<+&1! ./! 0*! 7#.%"$A8%#"0& ./?)$?/.7/D! %+! *%(5+51%! _(/! 0*!
+-&/'*))+,-! -1! /%! '/9/&+.*! H*4"$ %E*-$ @(6"J! 3! _(/! 0*! >6)&+5*! 8*! +-+)+*.1! /0! )('%1! )*(%*0!
)(091%*5/-&/D! /-&1-)/%D! *0! -1! &'*&*'%/! ./! *))+1-/%! %+5(0&C-/*%D! /0! ./5*-.*.1! -1! &/-.'C!
+-)/-&+>1%! *! />+&*'! /0! *))+./-&/"! X/! *86! 0*! +-&'1.())+,-! ./! 0*! )0C(%(0*! Q)(%-$ 9)"(#$ 9E(49"RG! X/0!
5+%51! 51.1D! )1-! `%&*! &/-/51%! /0! 9'1<0/5*! _(/! 0*! >6)&+5*! _(/! +-+)+*! 0*! *))+,-! %/! 9(/./!
)1591'&*'! -/20+2/-&/5/-&/! /%9/'*-.1! *! _(/! /0! ./5*-.*.1! &/-2*! 0*! [0&+5*! 191'&(-+.*.! ./!
/>+&*'0*"
R-&/! &1.1%! /%&1%! 9'1<0/5*%! ./</51%! *4+'5*'! _(/! 01%! -+>/0/%! ./! 9'/)*()+,-! ./! )*.*! 9*'&/!
./9/-./-D! /4/)&+>*5/-&/D! ./! 0*! '/20*! _(/! *.19&/51%"! R%6D! /0! ./5*-.*.1D! <*Q1! (-*! '/20*! ./!
9*4-#'D,-*#&$ 4"@)'@"49"D! &15*! -+>/0/%! 5C%! <*Q1%! ./! 9'/)*()+,-! }ZH?-GJ~D! 3*! _(/! %/! >/'C!
/d1-/'*.1!./!'/%91-%*<+0+.*.!%+/59'/!_(/!0*!>6)&+5*!8*3*!%+.1!-/20+2/-&/"!$-!/0!C5<+&1!./!0*!
9*6!(#(-'0"$ 4"@)'@"49"! %(! 2'*.1! ./! -/20+2/-)+*! %/! >/'C! )159/-%*.1! )1-! /0! ./! 0*! >6)&+5*D! 91'!
/%&1! &15*'C! (-! -+>/0! 5/.+1! ./! 9'/)*()+,-! }ZH?5GJ~"! ZD! 4+-*05/-&/D! )1-! %'6!)"$ 4"@)'@"49"D! /0!
Q(/7! %,01! &/-.'C! /-! )(/-&*! %(! 2'*.1! ./! -/20+2/-)+*D! 91'! 01! _(/! %/'C! 5C%! 9'/)*>+.1! _(/! /-! 01%!
*-&/'+1'/%! )*%1%! }ZH=GJ~"! B1%! -+>/0/%! ./! 9'/)*()+,-! ./0! ./5*-.*.1! <*Q1! 0*%! .+%&+-&*%! '/20*%!
_(/.*-!1'./-*.1%!./!0*!%+2(+/-&/!5*-/'*K
ZH?-GJ!â!ZH?5GJ!â!ZH=GJ
;1'!)1-&'*D!0*!>6)&+5*!&+/-/!+-)/-&+>1%!*!)1591'&*'%/!5C%!.+0+2/-&/5/-&/!)(*-.1!/0!./5*-.*.1!
&+/-/! 5/-1%! +-)/-&+>1%D! ./<+.1! *! _(/! 0*! >6)&+5*! ./</'C! %191'&*'! 01%! )1%&/%! ./! 01%! .*:1%! -1!
)159/-%*.1%"!X/!/%&*!41'5*!01%!-+>/0/%!./!9'/)*()+,-!./!0*!>6)&+5*!%1-K!
145
H=GJ!â!H?5GJ!â!H?-GJr
5;/n&?-$?&"%$(/%.=)(<(+$D(/=.#$I$%(#(/
5;0;/',("+$+(+$D(=&"+&/
!
]^]H/0_H/772`2::8H/#&/20/#&/E,-$.H/SOC/B"+."$./X,--G"/U(--&>+&<.>;
B*!5*.'(2*.*!./0!S@"S"PNNOD!V*'6*!;+0*'!%/!/-)1-&'*<*!/-!0*!.+%)1&/)*!q?8*'01&r!./!c*00*.10+.!
)(*-.1! /0! 9/'%1-*0! /%&*<*! '/*0+7*-.1! 0*%! 0*<1'/%! ./! 0+59+/7*! *-&/%! ./0! )+/''/! ./0! 01)*0"! $0!
)*5*'/'1!R('/0+1!./Q,!/-)+5*!./!0*!<*''*!(-!/->*%/!1'+2+-*0!./!*2(*!5+-/'*0D!)1-!0*!/&+_(/&*!3!
&*9,-!)1''/%91-.+/-&/%D!_(/!8*<6*!'/00/-*.1!)1-!%1%*!)C(%&+)*!H8+.',d+.1!./!%1.+1!HG*nbJJD!3!
%*0+,! ./0! 01)*0! 9*'*! &+'*'! 0*! <*%('*"! V*'6*! ;+0*'! </<+,! ./0! /->*%/! 3! %(4'+,! 2'*>/%! 0/%+1-/%!
/%14C2+)*%D!_(/!9'/)+%*'1-!PN!+-&/'>/-)+1-/%!_(+'['2+)*%D!P"PAM!.6*%!./!+-)*9*)+.*.D!2*%&1%!91'!
(-!+591'&/!./!O"MA@DUS!êD!3!./!0*%!_(/!./'+>*'1-!%/)(/0*%!2'*>/%"
V*'6*! ;+0*'! ./5*-.,! *! R('/0+1D! *! ^1%`! B(+%D! 9'19+/&*'+1! ./! 0*! .+%)1&/)*D! 3! *! %(! *%/2('*.1'*D!
q=/2('1%! R"F"]rD! 3! %10+)+&,! (-*! +-./5-+7*)+,-! ./! O"MA@DUS! ê! 91'! 2*%&1%D! #M"AMMDMP! ê! 91'!
+-)*9*)+.*.D! MAA"#AODA#! ê! 91'! %/)(/0*%! 46%+)*%D! 3! NA"P#PDUS! ê! 91'! %/)(/0*%! 9%6_(+)*%D! )1-! /0!
065+&/!./!P#A"S#MDAM!ê!9*'*!0*!*%/2('*.1'*"
$0! ^;I! -[5"! S! ./! c*00*.10+.! HN"PP"SAAAJ! /%&+5,! /-! 9*'&/! 0*! ./5*-.*! 3! )1-./-,! *! 01%!
./5*-.*.1%! *0! 9*21! ./! NA"P#PDUS! ê"! B*! R;! ./! c*00*.10+.! H=/))+,-! PÄD! P#"M"SAAPJ! /%&+5,! /-!
9*'&/!/0!'/)('%1!./!0*!*)&1'*!/-!/0!%/-&+.1!./!*(5/-&*'!0*!+-./5-+7*)+,-!*!SAN"#NPDP@!ê"
$0! g=! ./%/%&+5,! /0! '/)('%1! ./! )*%*)+,-! +-&/'9(/%&1! 91'! 01%! ./5*-.*.1%"! $0! .*:1! 4(/!
)1-%/)(/-)+*!.+'/)&*!3!9'C)&+)*5/-&/!/d)0(%+>*!./!0*!*))+,-!./!R('/0+1"!qB*!5*31'!/-&+.*.!./!0*!
9'+-)+9*0! -/20+2/-)+*! ./0! ./5*-.*-.1! R('/0+1D! *<%1'</! 1! -/(&'*0+7*! 9'C)&+)*5/-&/D! )(*0_(+/'!
-/20+2/-)+*!0/>6%+5*!_(/!_(/9*!*9'/)+*'!./!0*!./5*-.*-&/r!H]^!P{J"
5;2;/',(-$+(+$D(=&"+&/
!
B<+;/20;4/K&F/30`0995H/#&/8/#&/".D$&=R<&H/#&/O<&D&"%$G"/#&/A$&>?.>/K(R.<(-&>/
qR'&6)(01!SP"!E+/%21!2'*>/!/!+-5+-/-&/"
H|J
@"! B1%! &'*<*Q*.1'/%! 1! %(%! '/9'/%/-&*-&/%! -1! 91.'C-! %(4'+'! 9/'Q(+)+1! *02(-1! ./'+>*.1! ./! 0*!
*.19)+,-! ./! 0*%! 5/.+.*%! *! _(/! %/! '/4+/'/-! 01%! *9*'&*.1%! *-&/'+1'/%D! (/ =&".>/ d,&/ L,R$&<("/
.R<(#./#&/=(-(/I&/./%.=&+$#./"&?-$?&"%$(/?<(D&r"
146
!
B<+;/005;4/A&(-/M&%<&+./K&?$>-(+$D./0`0994H/#&/2:/#&/E,"$.H/).</&-/d,&/>&/()<,&R(/
&-/^&i+./A&I,"#$#./#&/-(/K&F/X&"&<(-/#&/-(/]&?,<$#(#/].%$(qR'&6)(01!PP#"!?1-)/9&1!./0!*))+./-&/!./!&'*<*Q1"
H|J
@"! G1! 1<%&*-&/! 01! /%&*<0/)+.1! /-! 01%! *9*'&*.1%! *-&/'+1'/%D! -1! &/-.'C-! 0*! )1-%+./'*)+,-! ./!
*))+./-&/!./!&'*<*Q1K!
H|J
R;/ K.>/ d,&/ >&("/ #&R$#.>/ (/ #.-./ ./ (/ $=)<,#&"%$(/ +&=&<(<$(/ #&-/ +<(R(E(#.</
(%%$#&"+(#.r"
!
=1%&+/-/-! 0*! +59'(./-)+*! &/5/'*'+*! ./0! &'*<*Q*.1'! 0*! =g=D! @ÄD! SS"P"SAAU! HE^! SALOJ! m
*))+./-&/! ./! )+')(0*)+,-$ ./! &'*<*Q*.1'! _(/! )+')(0*<*! /-! <+)+)0/&*! /-! .+'/))+,-! 9'18+<+.*! 3!
)10+%+1-,!)1-!(-!>/86)(01!_(/!)+')(0*<*!)1''/)&*5/-&/ma!3!0*%!==g=^D!=*0*!./!01!=1)+*0D!;*6%!c*%)1D!
\+0<*1D!N"S"SAPA!y0*!>6)&+5*D!_(+/-!'/*0+7*<*!&'*<*Q1%!/-!(-*!1<'*!*!U!5/&'1%!./!*0&('*D!_(/!-1!0/!
)1''/%91-.6*!'/*0+7*'D!)1-!SDOM!2h0!./!*0)1810!/-!%*-2'/!3!ADA#!(2h50!./!)1)*6-*!/-!%*-2'/D!3!%+-!
*'-`%D!%(4'+,!(-!./%>*-/)+5+/-&1D!)*3,!*0!>*)61!3!5('+,!)151!)1-%/)(/-)+*!./!(-!&'*(5*&+%51!
)'*-/1/-)/4C0+)1a!?*%&+00*!3!B/,-D!c*00*.10+.D!PSL@hSAPAD!SP"N"SAPA!m*))+./-&/!./!)+')(0*)+,-!./!
&'*<*Q*.1'! 91'! )+')(0*'! )1-! (-*! &*%*! ./! *0)1810! %(9/'+1'! /-! 5C%! ./0! .1<0/! *! 0*! 9/'5+&+.*ma!
R-.*0()6*D!F'*-*.*D!PULhSAALD!S@"P"SAAL!m*))+./-&/!'4$'-'4"#"$./!&'*<*Q*.1'!_(/!./)+.+,!%*0+'!./!
%(!>+>+/-.*!91'!/0!<*0),-!*0!/-)1-&'*'%/!<01_(/*.*!0*!9(/'&*!./!/-&'*.*a!3!R-.*0()6*D!VC0*2*D!
LAOhSAAOD! S"M"SAAO! m*))+./-&/! ./! )+')(0*)+,-! ./! &'*<*Q*.1'! _(/! )1-.()6*! (-*! 51&1)+)0/&*! *!
>/01)+.*.!/d)/%+>*D!8*)+/-.1!/_(+0+<'+1%!/-!(-*!%10*!'(/.*D!00/>*-.1!/0!)*%)1!./%*<'1)8*.1D!%+-!
%/2('1!-+!9/'5+%1!./!)1-.()+'m"!
6;/j'."%,<<&"%$(/#&/%(,>(>/./%.=)&">(%$G"/#&/%,-)(>k/
!
B1%!&'+<(-*0/%!/-!5()8*%!Q('+%.+))+1-/%!/%&C-!.+>+.+.1%!%1<'/!0*!)(/%&+,-!./!%+!8*3!_(/!&/-/'!/-!
)(/-&*!0*!)1-&'+<()+,-!./!)*(%*%D!0*!+-&/-%+.*.!./!0*%!)(09*%!'/%9/)&+>*%!1!*5<*%!)1%*%!*!0*!>/7"!
$-! 0*! )(0&('*! /%&*.1(-+./-%/! /0! 2'*-! Q('+%&*! x+00+*5! B013.! ;'1%%/'! HPUNUmPNLSJD! *)*%1! /0!
)'/*.1'!./0!51./'-1!./'/)81!./!.*:1%!/-!%(!9*6%D!5*-&(>1!/0!)'+&/'+1!./!_(/!8*<6*!_(/!&/-/'!
/-!)(/-&*!0*!)(09*!)159*'*&+>*!-1!0*!)1-&'+<()+,-!)*(%*0!H/*6!(#(-'0"$K"@)'@"49"D!#P!!V+)8"!B"!
E/>"! @O#D! @UP! HPN#MJJ"! $-! ./4/)&1! ./! 4+Q*)+,-! 0/2*0! ./0! )'+&/'+1D! /%! 9'(./-&/! &/-/'! /-! )(/-&*!
*5<1%!4*)&1'/%!H9+`-%/%/!/-!01%!)*%1%!./!*&'19/001!./!(-!)+)0+%&*!_(/!-1!00/>*<*!/-)/-.+.*%!0*%!
0()/%D!-+!9(/%&1!/0!)*%)1!3!_(/!%/!8*<6*!%*0&*.1!(-!%&19!)(*-.1!/0!*(&151>+0+%&*!)+')(0*<*!*!(-*!
>/01)+.*.!SA!k5h8!%(9/'+1'!*!0*!9/'5+&+.*J"!!
!
;1'!1&'1!0*.1D!/%&(.+1%!'/)+/-&/%!5(/%&'*-!)151!0*%!'/2(0*)+1-/%!/%&*&*0/%!/%&*.1(-+./-%/%!_(/!
/%&*<0/)/-! 91')/-&*Q/%! 4*%&+.+1%*5/-&/! 9'/)+%1%! ./! '/%91-%*<+0+.*.! /-! 4(-)+,-! ./0! 2'*.1! ./!
)1-&'+<()+,-! )(091%*! *0! *))+./-&/! ./! )*.*! 9*'&/! %1-! 4'/)(/-&/5/-&/! 1'+00*.*%! 91'! 01%! Q('*.1%!
H$0+!s"!\/%4D!^18-!^"!X1-18(/!IIID!w,#&$K,))'H'9(-'*4$'4$a*7'H'"7$/*6!(#(-'0"$K"@)'@"49"$B"6"7'"%!
LN!."!?8+"!B"!E/>"!N@#D!NOS!HSAPSJJ"!
!
R02(-1%!&'+<(-*0/%!./%)1-%+./'*-!0*!)(09*!./0!./5*-.*-&/!%+!/0!./5*-.*.1!*)&(,!.101%*5/-&/!
1!)1-!)(09*!5(3!2'*>/"!$0!.101!01!)1''159/!&1.1"!!
147
7;/B%%$#&"+&/R$-(+&<(-/&"/-(/<&>).">(R$-$#(#/).</%,-)(/F/&"/-(/
<&>).">(R$-$#(#/.RE&+$D(/
B*%! '/20*%! _(/! '/%(/0>/-! /0! 9'1<0/5*! ./! 0*! -/20+2/-)+*! ./! 0*! >6)&+5*! /-! /0! .*:1! _(/! %(4'/!
%(91-/-! _(/! /0! *))+./-&/! 4(/! <+0*&/'*0"! $%! ./)+'D! _(/! )1-41'5/! *! 0*! )0*%+4+)*)+,-! /590/*.*! *0!
+-+)+1!./!/%&/!)*96&(01D!&*-&1!*2/-&/!)151!>6)&+5*!)*(%*'1-D!1!9'1>1)*'1-D!/0!.*:1!1!9(.+/'1-!
8*</'01!/>+&*.1!)1-!(-!)1591'&*5+/-&1!*0&/'-*&+>1!3!_(/!0/%!>/-6*!+59(/%&1!91'!0*!-1'5*!./!
)(+.*.1! _(/! +-)(590+/'1-D! /-! &1.1! 1! /-! 9*'&/"! ;1'! 8+9,&/%+%D! 0*! >6)&+5*! -1! 9(/./! %/'!
'/%91-%*<0/!./0!.*:1!_(/!%(4'/D!-+!%+_(+/'*!/-!9*'&/D!/-!/0!)*%1!./!(-!*))+./-&/!(-+0*&/'*0D!9(/%!
/-!/%/!)*%1!-1!9(.1!8*)/'!-*.*!9*'*!/>+&*'01"
l-*! >/7! /d90+)*.*%! 0*%! %10()+1-/%! _(/! 01%! Q(/)/%! 3! &'+<(-*0/%! 8*-! .*.1! *0! 9'1<0/5*! ./! 01%!
*))+./-&/%! <+0*&/'*0/%! /%! 191'&(-1! *-*0+7*'! /0! 4(-)+1-*5+/-&1! ./! 0*%! '/20*%! 1! /%&C-.*'/%! ./!
'/%91-%*<+0+.*.!/-!01%!*))+./-&/%!_(/D!91'!./</'%/!/-!9*'&/!*!0*!)1-&'+<()+,-!./!0*!>6)&+5*D!%/!
./-15+-*-!q<+0*&/'*0/%r"
B1%!'/265/-/%!1!/%&C-.*'/%!./!'/%91-%*<+0+.*.!%1-!.1%K!0*!)(09*!3!0*!'/%91-%*<+0+.*.!1<Q/&+>*"!
$-! /0! 9'+5/'1! %101! %/! '/%91-./! 91'! .*:1%! )*(%*.1%! ./! 41'5*! -/20+2/-&/D! /%! ./)+'D! _(/! (-!
)1591'&*5+/-&1! .+0+2/-&/! *0&/'-*&+>1D! *Q(%&*.1! *! 0*! -1'5*! ./! )(+.*.1D! 8(<+/'*! />+&*.1"! $-! (-!
'`2+5/-! <*%*.1! /-! 0*! )(09*! -1! %/! '/%91-./! %+! 0*! *)&(*)+,-! 4(/! .+0+2/-&/D! *(-_(/! 8*3*! .*:1"!
?(*-.1!0*!'/%91-%*<+0+.*.!/%!1<Q/&+>*D!/0!*2/-&/!%/'C!'/%91-%*<0/!./!&1.1%!01%!.*:1%!)*(%*.1%!
0+2*.1%!*!%(!*)&+>+.*.D!)1-!+-./9/-./-)+*!./0!-+>/0!./!)(+.*.1!_(/!/590//"!$%!+-&(+&+>1!%(91-/'!
_(/! %+! /0! *2/-&/! *)&[*! ./! 41'5*! )1''/)&*! )*(%*'C! 5/-1%! .*:1%D! 9/'1! <*Q1! (-! /%&C-.*'! ./!
'/%91-%*<+0+.*.! 1<Q/&+>*D! 3! *! .+4/'/-)+*! ./! 01! _(/! %()/./'6*! /-! (-! '`2+5/-! ./! )(09*D! &*5<+`-!
'/%91-./'C!./!01%!.*:1%!_(/!0*!.+0+2/-)+*!-1!8(<+/'*!/>+&*.1"
B*!+591%+)+,-!./!(-!/%&C-.*'!./!'/%91-%*<+0+.*.!1<Q/&+>*!1!./!'/%91-%*<+0+.*.!91'!)(09*!&+/-/!
5()8*%! +590+)*)+1-/%"! I-&/'/%*-! *81'*! 0*%! _(/! &+/-/! )(*-.1! (-1! (! 1&'1! /%&C-.*'! ./!
'/%91-%*<+0+.*.! %/! *90+)*-! *! %/)&1'/%! ./! *)&+>+.*.! /-! 01%! _(/D! 91'! 01%! '10/%! *%(5+.1%! 91'!
91&/-)+*0/%!)*(%*-&/%!3!91&/-)+*0/%!>6)&+5*%D!01%!*))+./-&/%!%1-!<+0*&/'*0/%"
l-*!'/20*!./!'/%91-%*<+0+.*.!1<Q/&+>*!9'1&/2/!/-!5*31'!5/.+.*!_(/!1&'*!./!)(09*!*!0*%!>6)&+5*%!
91&/-)+*0/%! ./! *))+./-&/%! (-+0*&/'*0/%"! B*%! >6)&+5*%! -1! 9(/./-! 8*)/'! -*.*! 91'! />+&*'! /0! .*:1!
_(/! 9(/./-! %(4'+'! 3! /0! /%&C-.*'! ./! '/%91-%*<+0+.*.! 1<Q/&+>*! 0/%! )(<'/! '/%9/)&1! ./! &1.1%! 01%!
.*:1%!_(/!%/!)*(%/-"!g*-&1!./!01%!_(/!/0!*2/-&/!)*(%,!)1-!)(09*!)151!./!*_(`001%!_(/!%/!)*(%/-!
*! 9/%*'! ./0! )1591'&*5+/-&1! .+0+2/-&/! ./! %(! '/%91-%*<0/"! R%6D! /-! *))+./-&/%! (-+0*&/'*0/%D! 0*!
'/%91-%*<+0+.*.!1<Q/&+>*!/%D!9*'*!0*%!>6)&+5*%D!(-!'`2+5/-!5C%!9'1&/)&1'!_(/!0*!'/%91-%*<+0+.*.!
91'!)(09*"
?(*-.1! /0! *))+./-&/! /%! <+0*&/'*0D! %+-! /5<*'21D! 0*%! )1%*%! -1! 4(-)+1-*-! ./0! 5+%51! 51.1! 3! /0!
*-C0+%+%!%/!)1590+)*K
-
=+! /0! *))+./-&/! /%! <+0*&/'*0! 3! /0! /%&C-.*'! ./! '/%91-%*<+0+.*.! /%! 0*! )(09*D! 01%! 91&/-)+*0/%!
'/%91-%*<0/%! %101! 01! %/'C-! 91'! 01%! .*:1%! _(/! )*(%/-! 91'! -1! 8*</'! 1<%/'>*.1! /0! -+>/0! ./!
)(+.*.1!_(/!0/%!/'*!/d+2+<0/"!?151!/-!(-!*))+./-&/!<+0*&/'*0!*5<1%D!*2/-&/!3!>6)&+5*D!%1-!
91&/-)+*0/%!)*(%*-&/%!./0!.*:1D!(-1%!3!1&'1%!*.19&*'C-!/0!-+>/0!./!)(+.*.1!_(/!0/%!/d1-/'*!
./!'/%91-%*<+0+.*.!3!0*%!>6)&+5*%D!./!+2(*0!51.1!_(/!/-!01%!*))+./-&/%!(-+0*&/'*0/%D!8*<'C-!
148
./!*%(5+'!01%!.*:1%!_(/!%(4'*-!%+!/0!*2/-&/!-1!*)&(,!./!41'5*!-/20+2/-&/"!B*!%+&(*)+,-!./!
0*%! >6)&+5*%! -1! )*5<+*! 5()81! '/%9/)&1! ./! 0*! _(/! &/-6*-! /-! 01%! *))+./-&/%! (-+0*&/'*0/%"!
=*0>1!91'_(/D!3!0*!.+4/'/-)+*!9(/./!-1!%/'!5/-1'D!/-!(-!/%)/-*'+1!./!*))+./-&/!<+0*&/'*0D!0*!
>6)&+5*! 9(/./! />+&*'! /0! .*:1! 3! 0*! .+0+2/-)+*! _(/! 0/%! 9(/./! %/'! /d+2+<0/! 9(/./! +-)0(+'! 0*!
1<0+2*)+,-!./!%(90+'!0*!-/20+2/-)+*!./!01%!91&/-)+*0/%!*2/-&/%!./!.*:1%"
-
B*%! )1%*%! )*5<+*-! )(*-.1! /0! '`2+5/-! /%! 0*! '/%91-%*<+0+.*.! 1<Q/&+>*"! $-! /%&/! )*%1D! 01%!
91&/-)+*0/%!'/%91-%*<0/%!'/%91-./'C-!./!&1.1%!01%!.*:1%!_(/!)*(%/-D!91'!01%!_(/!8*<'C-!
./!+-./5-+7*'!/-!&1.1!)*%1!*!0*%!>6)&+5*%"!É%&*%D!%+-!/5<*'21D!9(/./-!8*)/'!*021!91'!/>+&*'!
/0! .*:1! _(/! 9(/./-! %(4'+'"! =+-! /5<*'21D! %+! %*</-! _(/! >*-! *! %/'! +-./5-+7*.*%! )*'/)/-! ./!
+-)/-&+>1%! 9*'*! %/'! 9'/)*>+.*%! 3! 01%! *2/-&/%D! 91&/-)+*0/%! '/%91-%*<0/%D! *)*<*'C-!
'/%91-.+/-.1!91'!.*:1%!_(/!%101!%(!>6)&+5*!9(.1!/>+&*'"
;1'! &*0/%! 51&+>1%D! /-! *))+./-&/%! <+0*&/'*0/%! /%! -/)/%*'+*! 0*! )1''/))+,-! ./! 0*! )1-)(''/-)+*! ./!
)(09*%!1!./!)*(%*%"!B*!)1-.()&*!./!0*!>6)&+5*!./</!%/'!&/-+.*!/-!)1-%+./'*)+,-"!$-!(-!'`2+5/-!
./! '/%91-%*<+0+.*.! 91'! )(09*! 91'_(/! /%! 0*! 41'5*! ./! *%/2('*'! _(/! *2/-&/%! 3! >6)&+5*%! %/!
*Q(%&*'C-! *! 0*! -1'5*! ./! )(+.*.1"! $-! (-! '`2+5/-! 21</'-*.1! 91'! 0*! '/%91-%*<+0+.*.! 1<Q/&+>*D!
91'_(/! /%! 0*! 41'5*! ./! +-)/-&+>*'! *! 0*%! >6)&+5*%! 9*'*! _(/! *.19&/-! 0*%! 9'/)*()+1-/%! _(/!
5+-+5+7*-!01%!.*:1%!_(/!9(/./-!00/2*'!*!%(4'+'"
8;/',-)(/&i%-,>$D(/#&/-(/D*%+$=(//
B*!'*7,-!91'!0*!)(*0!0*!)1-&'+<()+,-!./!0*!-/20+2/-)+*!./0!./5*-.*-&/!*!0*!)*(%*)+,-!./0!.*:1!/%!
+591'&*-&/!)1-%+%&/!/-!)1-%+./'*'!/-!)*.*!)*%1!8*%&*!_(`!9(-&1!)*.*!(-*!./!0*%!9*'&/%!/%&*<*!
/-!5/Q1'/%!)1-.+)+1-/%!_(/!0*!1&'*!./!/>+&*'!/0!*))+./-&/!1!'/.()+'!%(!9'1<*<+0+.*.!1!2'*>/.*."!
;1'! &*0! '*7,-D! -1! )*</! .+%&'+<(+'! '/%91-%*<+0+.*.! /-&'/! *2/-&/! 3! >6)&+5*! %+! 0*! [-+)*! )*(%*! ./0!
.*:1!/%!0*!)1-.()&*!-/20+2/-&/!./!`%&*!_(/!4(/!2'*>/5/-&/!./%)(+.*.*!1D!+-)0(%1D!.101%*D!/-!(-*!
5/.+.*!&*0!_(/!/0!.*:1!%/!%(4'+,!%101!)151!)1-%/)(/-)+*!./!%(!)1591'&*5+/-&1!1!%/!./</!*!`0!
/-! (-*! 5/.+.*! &*0! _(/! )1->+/'&/! /-! +''/0/>*-&/! 0*! />/-&(*0! 9*'&+)+9*)+,-! ./0! *2/-&/"! ?151!
%/:*0C<*51%!*0!+-+)+1!./!/%&*!%/%+,-D!01%!)*%1%!/-!01%!)(*0/%!/0!&'+<(-*0!'/%(/0>/!_(/!01%!.*:1%!
4(/'1-! +59(&*<0/%! %,01! *0! *)&(*'! -/20+2/-&/! ./! 0*! >6)&+5*! )+/''*-! /0! )6')(01K! ./! 0*! )*(%*)+,-!
<+0*&/'*0!./!.*:1%!91'!/0!./5*-.*.1!3!./5*-.*-&/!*!0*!*(&1!)*(%*)+,-!(-+0*&/'*0!./0!.*:1!91'!
/0!./5*-.*-&/"
=/! &'*&*! ./! 01%! )*%1%! ./! )(09*! /d)0(%+>*! ./! 0*! >6)&+5*"! ?(*-.1! 0*! >6)&+5*! /%! 0*! [-+)*! )*(%*! ./0!
./%*%&'/D!-1!9(/./!'/)0*5*'!(-*!)159/-%*)+,-!91'!01%!.*:1%!%(4'+.1%"
!
]^]H/0_H/0384`2::7H/#&/2:/#&/#$%$&=R<&H/SOC/@?"(%$./]$&<<(/X$-/#&/-(/',&>+(;
$-!0*%!+-%&*0*)+1-/%!./!(-!)+')1D!\'*(0+1D!%+-!*(&1'+7*)+,-!*02(-*!3!*)&(*-.1!*!%(!'+/%21D!%1'&/,!
0*%! >*00*%! _(/! ./0+5+&*<*-! 0*! Q*(0*! ./! 01%! &+2'/%D! *<'+,! /0! 9/%&+001! ./! %/2('+.*.! _(/! )/''*<*! 0*!
&'*59+00*!*!&'*>`%!./!0*!)(*0!%/!*0+5/-&*<*!*!01%!*-+5*0/%D!5/&+,!/0!<'*71!+7_(+/'.1!/-!0*!Q*(0*!
9*'*!+-&'1.()+'!/0!'/)+9+/-&/!(&+0+7*.1!9*'*!.*'!./!</</'!*!01%!&+2'/%D!3!(-1!./!/001%!0/!*''*-),!/0!
<'*71!./!)(*Q1"!\'*(0+1D!_(+/-!&'*<*Q*<*!/-!/0!)+')1D!-1!/'*!/0!)(+.*.1'!8*<+&(*0!./!01%!&+2'/%!3!
/'*!90/-*5/-&/!)1-%)+/-&/!./!0*!*2'/%+>+.*.!./!01%!5+%51%"!
149
\'*(0+1!./5*-.,!*!\C'<*'*D!.(/:*!./!01%!*-+5*0/%D!*!%(!*%/2('*.1'*!3!*0!R3(-&*5+/-&1!./!c*00!
.wld,D!_(/!8*<6*!)1-)/.+.1!0*!0+)/-)+*!./!*)&+>+.*.D!3!%10+)+&,!(-*!+-./5-+7*)+,-!@SA"LAUD@L!ê!
/-!)1-)/9&1!./!0/%+1-/%!9/'5*-/-&/%"!
$0! ^;I! -[5"! S! ./! G(0/%! HPS"S"PNNUJ! ./%/%&+5,! 0*! ./5*-.*! *0! *9'/)+*'! )(09*! /d)0(%+>*! ./! 0*!
>6)&+5*"!B*!R;!./!?*%&/00,-!H=/))+,-!MÄD!P"N"SAAAJ!./%/%&+5,!/0!'/)('%1!./!*9/0*)+,-!3!)1-4+'5,!
0*!=^;I"!
$0! g=! ./%/%&+5,! /0! '/)('%1! ./! )*%*)+,-! +-&/'9(/%&1! 91'! \'*(0+1! 4(-.*.1! /-! 0*! +-4'*))+,-! ./0!
*'&6)(01! PNA#! ??"! qB*! )*(%*! /4+)+/-&/! 3! *./)(*.*! ./! 0*%! 0/%+1-/%! %(4'+.*%! 91'! /0! *)&1'! %/!
/-)(/-&'*!H"""J!/-!0*!9'19+*!)1-.()&*!./!*_(`0D!_(+/-D!)1-%)+/-&/!3!./0+</'*.*5/-&/D!*%(5+,!/0!
'+/%21!_(/!/-&'*:*<*!(-*!*))+,-!_(/!%/!'/>/0*!)*'/-&/!./!&1.*!9'(./-)+*D!./!&*0!41'5*!_(/!4(/!`0!
_(+/-! >10(-&*'+*! 3! )1-%)+/-&/5/-&/! %/! %+&(,! /-! 0*! 91%+)+,-! ./! '+/%21D! 3! *%(5+,! 3! *)/9&,! %(%!
)1-%/)(/-)+*%D!)1-!01!_(/!+-&/'4+'+,!/-!/0!-/d1!)*(%*0!/-&'/!/0!'+/%21!+-8/'/-&/!*!0*!&/-/-)+*!3!
(&+0+7*)+,-!./!01%!*-+5*0/%!3!/0!'/%(0&*.1!0/%+>1!9'1.()+.1r!H]X!S{J"
!
V+2(/0!Y-2/0! X$! XIn=!X$! XIn=D!/,)!($"39),%'0($7"$)($0[9-'6($"4$)*%$(99'7"4-"%$7"$9'#9,)(9'^4D!
B*!B/3!R)&(*0+.*.D!V*.'+.D!SAPS"!!
9;/n&?-$?&"%$(/$=),+(#(/VB418%/5&@/?)$?/.7/W/
e;(/./! 1D! +-)0(%1D! ./</! &/-/'%/! /-! )(/-&*! 0*! )1-&'+<()+,-! )(091%*! ./0! 9*.'/! 1! 2(*'.*.1'! ./0!
5/-1'!*!0*!)*(%*)+,-!./0!.*:1!_(/!/%&/!%(4'/!9*'*!./%)1-&*'0*!./!0*!)(1&*!./!'/%91-%*<+0+.*.!
./0!./5*-.*.1f!;+`-%/%/!/-!/0!)*%1!./!(-!)1-.()&1'!_(/!*&'19/00*!*!(-!-+:1!./!)(*&'1!*:1%!./!
/.*.! 5+/-&'*%! %(! 9*.'/! 1! 5*.'/! /%&C-! .+%&'*6.*5/-&/! 8*<0*-.1! )1-! (-! >/)+-1"! V()8*%!
Q('+%.+))+1-/%!l"="R"!8*-!'/)8*7*.1!&*0!91%+<+0+.*.!D!/%!./)+'D!%/!8*-!-/2*.1!*!*90+)*'!0*!.1)&'+-/!
./!0*!./-15+-*.*!'6!,-"7$4"@)'@"49"!HB*<+/'!>"!;/00/&+/'D!OO#!R"S.!PAPM!HV/"!PNN#J!3!1&'1%!8*-!
0/2+%0*.1! *0! /4/)&1D! 9/'1! %('2/! 0*! 9'/2(-&*K! e./</! ./! %/'! ./! 9/1'! )1-.+)+,-! /0! ./5*-.*.1! _(/!
)1-&'+<(3,!*!)*(%*'!(-!.*:1!*0!5/-1'!./5*-.*-&/!)1-!%(%!9*.'/%!1!2(*'.*.1'/%!_(/!*_(/0!_(/!
01! 8+71! )1-! (-! /d&'*:1f! eZ! _(`! 1)(''/! /-! (-! )*%1! /-! /0! )(*0! (-*! 9/'%1-*! 5/-&*05/-&/!
.+%)*9*)+&*.*!/!+-&/'-*.*!/-!(-!/%&*<0/)+5+/-&1!9%+_(+C&'+)1!%/!%(+)+.*f!e;(/./-!01%!&'+<(-*0/%!
+59(&*'! 9*'&/! ./! 0*! '/%91-%*<+0+.*.! *0! 9*)+/-&/! 5+%51! 3! '/.()+'! /-! )1-%/)(/-)+*! 0*!
+-./5-+7*)+,-! _(/! 8(<+/'*! ./! *4'1-&*'! /0! /%&*<0/)+5+/-&1! 91'! %(%! 4*001%! ./! *&/-)+,-! H='6'-"7$
9(!(9'-&Jf
;/-%/51%! /-! .1%! 9*'/Q*%! ./! )*%1%! 5(3! %+5+0*'/%"! $-! 0*! 9'+5/'*D! (-*! 5*.'/! ./%)(+.*! 91'! (-!
515/-&1!/0!)(+.*.1!./!%(!8+Q1!5(3!9/_(/:1!3!/%&/!/%!.*:*.1!*))+./-&*05/-&/!91'!(-!&/')/'1"!
$-! &*0! )+')(-%&*-)+*! 01%! &'+<(-*0/%! *)*%1! 91.'6*-! ./Q*'! ./! +59(&*'! 0*! )(1&*! ./! )1-&'+<()+,-!
5*&/'-*! *! 0*! )*(%*)+,-! ./0! .*:1! 3! -1! ./%)1-&*'0*! ./! 0*! +-./5-+7*)+,-! _(/! 9*2*'C! /0! &/')/'1!
./5*-.*.1"! =+-! /5<*'21D! %+! /0! -+:1! /%&*<*! /-! (-*! /%)(/0*! 3! %(%! '/%91-%*<0/%! ./%)(+.*-! 01%!
)(+.*.1%!/d+2+<0/%!-+-2[-!&'+<(-*0!./Q*'C!./!&/-/'!/-!)(/-&*!0*!'/%91-%*<+0+.*.!./!0*!/%)(/0*!3!
./0!&/')/'1"!;*'/)+.*5/-&/D!/-!0*!%/2(-.*!9*'/Q*!8+91&`&+)*!./!)*%1%"!$-!/0!9'+5/'1D!/0!5*'+.1!
./!(-*!5(Q/'!*4/)&*.*!91'!(-*!/-4/'5/.*.!-/('1./2/-/'*&+>*!2'*>/!-1!)+/''*!0*!9(/'&*!./!%(!
)*%*D!0*!/-4/'5*!%*0/!./!/00*!3!%(4'/!(-!.*:1!)*(%*.1!91'!(-!&/')/'1!-/20+2/-&/5/-&/"!g*5<+`-!
*_(6! 0*! -/20+2/-)+*! ./0! 5*'+.1! &/-./'C! *)*%1! *! %/'! 9*%*.*! 91'! *0&1! 91'! 01%! &'+<(-*0/%"! ;/'1!
+5*2+-/51%! _(/! 0*! 9*)+/-&/! /%&*<*! *0! )(+.*.1! ./! (-*! '/%+./-)+*! /%9/)+*0+7*.*D! %(9(/%&1! /-! /0!
150
)(*0!0*!'/%+./-)+*!3!/0!&/')/'1!'/%91-./'C-!)0*'*5/-&/!91'!01%!.*:1%!1)*%+1-*.1%"!e;1'!_(`!/-!
/0!9'+5/'!2'(91!./!)*%1%!0*!5*.'/!3!/0!5*'+.1!9*'/)/-!%/'!./!5/Q1'!)1-.+)+,-!_(/!0*!/%)(/0*!3!
0*!'/%+./-)+*f!l-*!91%+<0/!'/%9(/%&*K!./%./!0*!9/'%9/)&+>*!./!0*!.+%(*%+,-D!./!0*!9'/>/-)+,-!./!
.*:1%D! 01%! 4*5+0+*'/%! %(/0/-! %/'! 01%! +-&/'/%*.1%! /-! _(/! /0! 8+Q1! 3! 0*! 5(Q/'! ./%>*0+.*! -1! %(4'*-!
.*:1%D!/%!5C%D!%(4'/-!*_(/001!_(/!01%!9/-*0+%&*%!00*5*-!(-*!9/-*!./!.*:1"!Z!0*!)1-./-*!./'+>*.*!
./0!`d+&1!./!0*!9'/&/-%+,-!'/%*')+&1'+*!-1!0/%!.+%(*./!5()81!5C%!1!%,01!01!8*)/!5*'2+-*05/-&/"!
X/%./! /0! 9(-&1! ./! >+%&*! ./! 0*! )159/-%*)+,-D! 0*! 4*5+0+*! %+2(/! %+/-.1! (-*! (-+.*.! /)1-,5+)*! ./!
)1-%(51!3!0*%!'/.+%&'+<()+1-/%!+-&/'-*%!./!%(%!5+/5<'1%!-1!%/'C-!'/*05/-&/!)159/-%*&1'+*%"!
G*&('*05/-&/D!/0!*-C0+%+%!*-&/'+1'!/%!9/'4/)&*5/-&/!.+%)(&+<0/D!9/'1!9*'*!/%&1!%/!8*-!'/.*)&*.1!
/%&*%!%/%+1-/%"!
$-! SAPS! /0! ]+%)*0! '/%91-%*<0/! ./! %/2('+.*.! >+*0! .+1! +-%&'())+1-/%! *! 01%! 4+%)*0/%! 9*'*! _(/!
+->/%&+2(/-!/-!9'14(-.+.*.!01%!*))+./-&/%!./!)+')(0*)+,-!)1-!'/%(0&*.1!./!.*:1%!*!5/-1'/%!_(/!
-1! +<*-! *./)(*.*5/-&/! %(Q/&1%! 3! 8*! 9'19(/%&1! _(/! 0*! ]+%)*06*! %10+)+&/! 9/-*%! 5C%! 2'*>/%! /-!
/%&1%!)*%1%!H]+%)*06*!=/2('+.*.!c+*0D!o=/2('+.*.!c+*0!9'/%/-&*!0*%!)1-)0(%+1-/%!./0!;'13/)&1!./!
I->/%&+2*)+,-! %1<'/! *))+./-&/%! /-! 5/-1'/%oD! #"O"SAPSa! oB*! ]+%)*06*! ./! =/2('+.*.! c+*0! 90*-&/*!
_(/! /0! ]+%)*0! ./! V/-1'/%! *)&[/! )1-&'*! 9*.'/%! 5(0&*.1%! 91'! -1! (%*'! ô%+00+&*ôoD! /('19*9'/%%"/%W;/
eR90+)*'6*!%+%&/5C&+)*5/-&/!/%&*!.+'/)&+>*!*!01%!*))+./-&/%!.15`%&+)1%f!
!
]^]H/0_H/8:`2::7H/#&/26/#&/&"&<.H/SOC/'-&=&"+&/B,?&</K$QJ";
$0!MA"L"PNN@D!B()+1!3!?/)+0+*!4(/'1-!*!>+%+&*'!/0!V(%/1!F*(.6!*-/Q1!*0!qg/5901!$d9+*&1'+1!./!0*!
=*2'*.*! ]*5+0+*r! H\*')/01-*J! Q(-&1! *! %(%! 8+Q1%D! B1'/-71D! ./! #! *:1%! ./! /.*.D! 3! E1)61D! &*5<+`-!
5/-1'! ./! /.*."! $-! /0! 5(%/1! 8*<6*! /d9(/%&*%! >*'+*%! /%)(0&('*%! *! 0*%! _(/! /0! 9[<0+)1! 91.6*!
*)/')*'%/!/!+-)0(%1!&1)*'0*%!%+-!_(/!/d+%&+/'*-!5/.+.*%!./!%/2('+.*.!1!)*'&/0/%!./!*.>/'&/-)+*!
_(/! 01! +59+.+/'*-! 1! 9'18+<+/'*-! '/%9/)&+>*5/-&/"! l-*! ./! 0*%! 1<'*%! ./! 0*! /d91%+)+,-! /'*! (-!
)1-Q(-&1!/%)(0&,'+)1!./!>*'+*%!9+/7*%!/-%*5<0*.*%D!)1-!/%&'()&('*!*%+5`&'+)*D!./!+-/%&*<+0+.*.!
*)(%*.*!3!)(3*!9*'&/!5C%!%*0+/-&/!/%&*<*!*!(-*!*0&('*!./!PD@#!5"!B1'/-71D!./!PDPM!5"!./!*0&('*D!
%/!*)/'),!3!%/!)102,!./!/00*"!B*!/%&*&(*!<*%)(0,!3!0*%!&'/%!9+/7*%!%(9/'+1'/%!./0!)1-Q(-&1!)/.+/'1-!
3!)*3/'1-!/-)+5*!./0!5/-1'D!)*(%C-.10/!0*!5(/'&/!91'!'1&('*!./!0*!<*%/!./0!)'C-/1"!
B()+1! 3! ?/)+0+*D! /-! -15<'/! 9'19+1! 3! /-! '/9'/%/-&*)+,-! ./! E1)61D! ./5*-.*'1-! *! 0*! q^(-&*!
?1-%&'()&1'*! ./0! g/5901! $d9+*&1'+1! ./! 0*! =*2'*.*! ]*5+0+*r! 3! %10+)+&*'1-! (-*! +-./5-+7*)+,-! *!
./&/'5+-*'!/-!/Q/)()+,-!./!%/-&/-)+*"!
$0!^;I!-{!MA!./!\*')/01-*!HPO"N"PNNUJ!/%&+5,!0*!./5*-.*!3!)1-./-,!*!0*!./5*-.*.*!*0!9*21!./!
0*! +-./5-+7*)+,-! *! ./&/'5+-*'! /-! /Q/)()+,-! ./! %/-&/-)+*"! B*! R;! \*')/01-*! H=/))+,-! POÄD!
SS"PA"PNNNJ! /%&+5,! /-! 9*'&/! /0! '/)('%1! ./! *9/0*)+,-! +-&/'9(/%&1! 91'! 0*! q^(-&*! ?1-%&'()&1'*rD!
'/>1),!0*!%/-&/-)+*!./!+-%&*-)+*D!*9'/)+,!)1-)(''/-)+*!./!)(09*%!./!01%!9*.'/%D!3!)1-./-,!*!0*!
./5*-.*.*!*0!9*21!./!@A"AOLD@L!ê!9*'*!)*.*!(-1!./!01%!9*.'/%!3!PS"ASADS@!ê!9*'*!0*!8/'5*-*!
/-!)1-)/9&1!./!.*:1!51'*0D!*%6!)151!M"@AADSL!ê!/-!)1-)/9&1!./!.*:1%!5*&/'+*0/%!91'!01%!2*%&1%!
./0!%/9/0+1"!
$0!g=!/%&+5,!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!B()+1!3!?/)+0+*D!'/>1),!/-!9*'&/!0*!%/-&/-)+*!
./! *9/0*)+,-! 3! )1-./-,! *! 0*! q^(-&*! ?1-%&'()&1'*r! *0! 9*21! ./! OA"PAPDSP! ê! *! )*.*! 9'12/-+&1'! 3!
PU"AMADOM! ê! *! 0*! 8/'5*-*! /-! )1-)/9&1! ./! .*:1! 51'*0D! 5C%! #"PAAD@P! ê! /-! )1-)/9&1! ./! .*:1%!
5*&/'+*0/%K!
151
q}G~1!9(/./!*.5+&+'%/!0*!'/0/>*-)+*!)*(%*0!_(/!0*!=R;!*9'/)+*!/-!0*!)1-.()&*!./!01%!9*.'/%!./0!
5/-1'D!9(/%!-1!)1-&'+<(3,!/4+)*75/-&/!*!0*!9'1.())+,-!./0!.*:1!H|J"!}R~[-!)(*-.1!/0!5/-1'!%/!
/-)1-&'*'*! %15/&+.1! *! 0*! 5C%! /%&'/)8*! >+2+0*-)+*! ./! %(%! 9*.'/%D! -1! _(/.*<*! /d)0(+.*! 0*!
)*(%*)+,-!./0!*))+./-&/r!H]X!M{J"!
! ]^]H/0_H/044`2::7H/#&/7/#&/I&R<&<.H/SOC/a.>e/B"+."$./]&$E(>/l,$"+("(;
$0!SM"PA"PNNPD!^1'2/D!./!N!*:1%D!%(<+,!*!Q(2*'!*!0*!*71&/*!./0!/.+4+)+1!/-!)159*:6*!./!1&'1%!.1%!
5/-1'/%D!./!@!3!L!*:1%"!^1'2/D!)1-!0*!+-&/-)+,-!./!)12/'!(-*!9/01&*D!%(<+,!91'!(-*!/%)*0/'+00*!*!
(-!&/Q*.1!/-!_(/!8*<6*!90*)*%!%10*'/%!3!./9,%+&1%!./!*2(*"!l-*!>/7!*''+<*D!9/'.+,!/0!/_(+0+<'+1!3!
*2*'',!)1-!0*!5*-1!+7_(+/'.*!(-!)*<0/!/0`)&'+)1!)1-.()&1'!./!<*Q*!&/-%+,-D!01!_(/!9'1>1),!(-*!
4(/'&/!./%)*'2*!_(/!0/!0*-7,!%1<'/!1&'*!&/''*7*"!V*'6*!^(*-*D!./!PO!*:1%D!*)(.+,!*!%1)1''/'!*!%(!
8/'5*-1! 3! '/)+<+,! 1&'*! ./%)*'2*! /0`)&'+)*"! R! )1-%/)(/-)+*! ./! 0*%! ./%)*'2*%D! *5<1%! 5/-1'/%!
%(4'+/'1-!0/%+1-/%!&'*(5C&+)*%!3!_(/5*.('*%D!%+/-.1!0*%!./!^1'2/!./!5*31'!2'*>/.*."!$0!)*<0/D!
%+-!'/>/%&+5+/-&1!*+%0*-&/D!%/!/-)1-&'*<*!*!(-*!*0&('*!./!PD@A!5D!PA!)5!+-4/'+1'!*!0*!!/%&*<0/)+.*!
/-! /0! E/*0! X/)'/&1! S@PMhPNLMD! ./! SA! ./! %/9&+/5<'/D! 91'! /0! _(/! %/! *9'(/<*! /0! E/20*5/-&1!
/0/)&'1&`)-+)1!9*'*!<*Q*!&/-%+,-"!
!
V*'6*! ^(*-*D! /-! %(! -15<'/D! 3! ?0*(.+1! 3! Y-2/0*D! /-! '/9'/%/-&*)+,-! ./! %(! 8+Q1! 5/-1'! ^1'2/D!
./5*-.*-!*!qI</'.'10*D!="R"rD!3!%10+)+&*'1-!(-*!+-./5-+7*)+,-!./!UP"LAUDMU!ê"
$0! ^;I! -{! P! ./! =(/)*! HPA"PA"PNNUJ! /%&+5,! /-! 9*'&/! 0*! ./5*-.*! 3! )1-./-,! *! 9*2*'! L"@SSD#! ê! *!
V*'6*! ^(*-*! 3! PA"##MDLL! ê! *! 01%! 9*.'/%D! )151! '/9'/%/-&*-&/%! ./0! 5/-1'"! B*! R;! ./! c*0/-)+*!
H=/))+,-! OÄD! P"O"PNNNJ! ./%/%&+5,! /0! '/)('%1! ./! *9/0*)+,-! ./! 0*! ./5*-.*.*! 3! /%&+5,! /0! ./! 01%!
./5*-.*-&/%!/-!/0!%/-&+.1!./!*(5/-&*'!0*!+-./5-+7*)+,-!./!^1'2/!*!PM"#@ADU!ê"!B*!R;!5*-&(>1!
0*!9'191')+,-!./0!#Aã!./!)(09*!9*'*!)*.*!(-*!./!0*%!9*'&/%"!
$0! g=! ./%/%&+5,! /0! '/)('%1! ./! )*%*)+,-! ./! qI</'.'10*D! ="R"rD! /-! )(31! 9'+5/'! 51&+>1! %1%&/-6*! 0*!
)(09*!/d)0(%+>*!./!01%!9*.'/%!./!0*%!>6)&+5*%K!
q}B~*!R(.+/-)+*!/-!/%&/!)*%1!00/2}*~!*!0*!)1-)0(%+,-!./!-1!)1-%+./'*'!*)'/.+&*.1!_(/!0*!9(/'&*!./!
*))/%1!*!0*!&/''*7*!./0!/.+4+)+1!/%&(>+/'*!)/''*.*!)1-!00*>/!3!%/!4*)+0+&*'*!91'!01%!9*.'/%!/0!*))/%1!
*! 0*! &/''*7*! ./0! 5/-1'! *))+./-&*.1|! }G~1! )*</! .(.*'! ./0! +-)(590+5+/-&1! 91'! 0*! ?159*:6*!
/0`)&'+)*! +-%&*0*.1'*D! '/%91-%*<0/! ./0! )(+.*.1! 3! 5*-&/-+5+/-&1! ./! 0*! +-%&*0*)+,-D! ./! 0*!
-1'5*&+>*!*.5+-+%&'*&+>*!/-!)(*-&1!*!0*!*0&('*!./0!)*<0/!)1-.()&1'!./!)1''+/-&/|D!_(/!./%9(`%!
./0!*))+./-&/!4(/!'/>/%&+.1!./!9'1&/))+,-D!%+-!_(/!8(<+/'*!*.>/'&/-)+*!*02(-*!./0!9/0+2'1!_(/!0*!
+-%&*0*)+,-!'/9'/%/-&*<*r!H]X"!S{J"!
!
B<+;/ 0;2/ ^&i+./ A&I,"#$#./ #&/ -(/ K&F/ >.R<&/ <&>).">(R$-$#(#/ %$D$-/ F/ >&?,<./ &"/ -(/
%$<%,-(%$G"/#&/D&L*%,-.>/(/=.+.<H/()<.R(#./).</&-/A&(-/M&%<&+./K&?$>-(+$D./8`2::4H/#&/
29/ #&/ .%+,R<&/ V&"/ >,/ <&#(%%$G"/ #(#(/ ).</ -(/ K&F/ 35`2:05H/ #&/ 22/ #&/ >&)+$&=R<&H/ #&/
<&I.<=(/ #&-/ >$>+&=(/ )(<(/ -(/ D(-.<(%$G"/ #&/ -.>/ #(Q.>/ F/ )&<E,$%$.>/ %(,>(#.>/ (/ -(>/
)&<>."(>/&"/(%%$#&"+&>/#&/%$<%,-(%$G"W/
q$-! 01%! %(9(/%&1%! ./! %/)(/0*%! 3! 0/%+1-/%! &/591'*0/%D! 0*! )(09*! /d)0(%+>*! 1! )1-)(''/-&/! ./!
>6)&+5*%!-1!)1-.()&1'*%!./!>/86)(01%!*!51&1'!_(/!%/*-!5/-1'/%!./!)*&1')/!*:1%!1!_(/!%(4'*-!
152
(-!5/-1%)*<1!46%+)1D!+-&/0/)&(*0D!%/-%1'+*0!(!1'2C-+)1!_(/!0/%!9'+>/!./!)*9*)+.*.!./!)(09*!)+>+0D!
-1! %(9'+5/! -+! '/.()/! 0*! +-./5-+7*)+,-! 3! %/! /d)0(3/! 0*! *))+,-! ./! '/9/&+)+,-! )1-&'*! 01%! 9*.'/%D!
&(&1'/%!3!./5C%!9/'%1-*%!46%+)*%!_(/D!/-!%(!)*%1D!./<*-!'/%91-./'!91'!/00*%!0/2*05/-&/"!g*0/%!
'/20*%! -1! 9'1)/./'C-! %+! /0! 5/-1'! 1! *02(-*! ./! 0*%! 9/'%1-*%! 5/-)+1-*.*%! 8*-! )1-&'+<(+.1!
.101%*5/-&/!*!0*!9'1.())+,-!./0!.*:1"
0:;/]&?,<$#(#/)(>$D(/#&/(,+.=GD$-&>/V7"-2D=#"%D$./22W/
?1-!4'/)(/-)+*D!%/!90*-&/*!0*!)(/%&+,-!%1<'/!%+!%/!*90+)*!0*!'/20*!./!0*!)159/-%*)+,-!./!)(09*%!/-!
01%!)*%1%!/-!01%!)(*0/%!/0!./5*-.*-&/D!)1-.()&1'!./!(-!>/86)(01!*!51&1'D!%/!)*(%*!*!%6!5+%51!(-!
.*:1! )1-! %(! 9'19+*! -/20+2/-)+*D! 9/'1D! +-5/.+*&*5/-&/! 3! *! )1-&+-(*)+,-D! /0! .*:1! %(4'+.1! %/!
*2'*>*! )151! )1-%/)(/-)+*! ./! (-! ./4/)&1! /-! 0*! %/2('+.*.! ./0! >/86)(01! _(/! )1-.()6*"! B1%!
&'+<(-*0/%!/%9*:10/%!*-*0+7*-!/%&*!)(/%&+,-!./%./!/0!9(-&1!./!>+%&*!./!0*!)*(%*0+.*.!3!%1-!5(3!
/%&'+)&1%!)1-!0*!./4+)+/-)+*!./!%(!9'(/<*"!$-!/0!/*66*4$=(>!*5/'+)*-1!0*!.1)&'+-*!.15+-*-&/!
9/'5+&/! 0*! *90+)*)+,-! ./! 01%! )'+&/'+1%! 2/-/'*0/%! %1<'/! )(09*! )159*'*&+>*! 9/'1! (-*! .1)&'+-*!
5+-1'+&*'+*! *(-_(/! +-40(3/-&/! -+/2*! &*0! 91%+<+0+.*.! 3! )+:/! 0*! )(/%&+,-! *! 01%! .*:1%!
/%9/)64+)*5/-&/!)*(%*.1%!91'!/0!./4/)&1!./!%/2('+.*.!./0!9'1.()&1!/-!0*!%/2(-.*!)10+%+,-"!
0:;0;/MrB=(<$./D;/c.<#/S.+.</'.;/s8:6/].;/2#/424/Vc-(;/2::0Wu/
x/! 8*>/! 41'! '/>+/i! &8/! ./)+%+1-! +-! I*#7$ a*-*#$ /*G$ 0G$ .UC6(#'*S! LMS! =1"S.! PP@M! H]0*"! S.! X?R!
PNNNJ! H"""J! 1-! &8/! +%%(/! 14! i8/&8/'! 9'+-)+90/%! 14! )159*'*&+>/! 4*(0&! *9903! +-! *! )'*%8i1'&8+-/%%!
)*%/"!x/!810.!&8*&!9'+-)+90/%!14!)159*'*&+>/!4*(0&!)1-)/'-+-2!*991'&+1-5/-&!14!4*(0&!*%!&1!&8/!
)*(%/!14!&8/!(-./'03+-2!)'*%8!i+00!-1&!1'.+-*'+03!*9903!+-!)'*%8i1'&8+-/%%!1'!/-8*-)/.!+-Q('3!
)*%/%!H|J
=$?nGXREZ!IG^lEZ!?R=$=
}=~()8! )*%/%D! i8+)8! *'/! *0%1! 14&/-! '/4/''/.! &1! *%! q%/)1-.*'3! )100+%+1-r! 1'! q/-8*-)/.! +-Q('3r!
)*%/%D! +->10>/! <1&8! *-! +-+&+*0! *))+./-&! *-.! *! %(<%/_(/-&! 1'! %/)1-.*'3! )100+%+1-! )*(%/.! <3! *-!
*00/2/.! ./4/)&+>/! )1-.+&+1-! )'/*&/.! <3! *! 5*-(4*)&('/'D! i8+)8! +%! (-'/0*&/.! &1! &8/! )*(%/! 14! &8/!
+-+&+*0! *))+./-&! <(&! i8+)8! )*(%/%! *..+&+1-*0! *-.! .+%&+-)&! +-Q('+/%! </31-.! &81%/! %(44/'/.! +-! &8/!
9'+5*'3!)100+%+1-!H"""J
I-!.UC6(#'*S!?0+441'.! b*''+%D! *! 5+-1'D! i*%! +-Q('/.! i8/-! &8/! )*'! +-! i8+)8! 8/! i*%! '+.+-2! *%! *!
9*%%/-2/'! )100+./.! i+&8! *! &'//! *-.! &8/-! <('%&! +-&1! 40*5/%"! g8/! )*'! i*%! .'+>/-! <3! *! 4'+/-.! 14!
b*''+%!i81!i*%!*00/2/.03!+-&1d+)*&/.!*-.!%9//.+-2!*&!&8/!&+5/!14!&8/!*))+./-&"!b*''+%D!*-.!8+%!
51&8/'D! s*'/-! XôR5*'+1D! %(/.! ]1'.! *00/2+-2! &8*&! *! ./4/)&+>/! '/0*3! %i+&)8! +-! &8/! *(&151<+0/!
)*(%/.!b*''+%ô%!+-Q('+/%!H"""J
;'+1'! &1! Q('3! %/0/)&+1-D! &8/! 90*+-&+44%! 51>/.! &1! /d)0(./! />+./-)/! *<1(&! &8/! .'+>/'ô%! *0)1810!
)1-%(59&+1-! 1-! &8/! .*3! 14! &8/! *))+./-&! *-.! &8/! &'+*0! )1('&! '(0/.! &8*&! />+./-)/! 14! &8/! .'+>/'ô%!
*0)1810! )1-%(59&+1-! i1(0.! </! /d)0(./."! g8/! )1('&! '/*%1-/.! &8*&! &8/! *)&%! 0/*.+-2! (9! &1! &8/!
)100+%+1-! i/'/! -1&! *&! +%%(/D! '*&8/'D! &8/! +%%(/! *%! &1! ]1'.ô%! 0+*<+0+&3! )1-)/'-/.! />/-&%! 1))(''+-2!
*4&/'! &8/! +-+&+*0! )100+%+1-! i+&8! &8/! &'//"! b1i/>/'D! *&! &'+*0D! ]1'.! 51>/.! &1! *5/-.! +&%! *44+'5*&+>/!
153
./4/-%/%!&1!+-)0(./!*-!*00/2*&+1-!&8*&!b*''+%ô%!+-Q('+/%!i/'/!)*(%/.!<3!&8/!4*(0&!14!*!&8+'.!9*'&3D!
*-.!9'144/'/.!/>+./-)/!14!&8/!.'+>/'ô%!+-&1d+)*&+1-!*-.!/d)/%%+>/!%9//."!g8/!&'+*0!)1('&!2'*-&/.!
]1'.ô%! '/_(/%&! *-.! 8/0.! &8*&! *-! *991'&+1-5/-&! ./4/-%/! i*%! *>*+0*<0/! *-.! />+./-)/! 14! &8/!
.'+>/'ô%!*)&+1-%!+-!)*(%+-2!&8/!+-+&+*0!*))+./-&!)1(0.!</!*.5+&&/.!+-!%(991'&!14!%()8!./4/-%/"!I-!
&8/!4*)/!14!%()8!'(0+-2D!&8/!9*'&+/%!%&+9(0*&/.!&1!&8/!Q('3!&8*&!&8/!-/20+2/-&!*-.!/d)/%%+>/!%9//.!
14!&8/!.'+>/'!)*(%/.!&8/!+-+&+*0!*))+./-&!*-.!&8*&!*&!&8/!&+5/!&8/!.'+>/'!8*.!*!<011.!*0)1810!0/>/0!
14!"P@!9/')/-&"
]1001i+-2!./0+</'*&+1-%D!&8/!Q('3!'/&('-/.!*!>/'.+)&!41'!&8/!./4/-%/D!4+-.+-2!&8*&!]1'.!i*%!-1&!*!
0/2*0!)*(%/!14!&8/!+-Q('+/%!&1!b*''+%!H|J!XôR5*'+1!%(<%/_(/-&03!51>/.!41'!*!-/i!&'+*0D!*00/2+-2!
&8*&!&8/!)1('&!/''/.!+-!9/'5+&&+-2!/>+./-)/!14!&8/!.'+>/'ô%!+-&1d+)*&+1-!&1!21!&1!&8/!Q('3!H"""J!
RGRBZ=I=
H|J
l-./'! i8*&! 8*%! <//-! )8*'*)&/'+7/.! <3! TE'-"E"(7$ 0G$ ?*&*-($ a*-*#$ /*#!GS! UNL! ="x"S.! OU@!
Hg/--"PNN#JD! *%! &8/! q5*Q1'+&3! >+/iDr! &8/! 4*(0&! 14! &8/! 90*+-&+44! 1'! *! &8+'.! 9*'&3! +-! )*(%+-2! &8/!
+-+&+*0! *))+./-&! +%! '/)12-+7/.! *%! *! ./4/-%/! &1! *! )'*%8i1'&8+-/%%! )*%/! *2*+-%&! *! 9'1.()&!
5*-(4*)&('/'!H"""J!
I-!a""J'4%$0G$I*#7$a*-*#$/*GS!*!X/0*i*'/!&'+*0!Q(.2/!%/&!1(&!*!)159'/8/-%+>/!*-*03%+%!.+%)(%%+-2!
&8/! *'2(5/-&%! 1-! <1&8! %+./%! 14! &8/! +%%(/D! </41'/! (0&+5*&/03! )1-)0(.+-2! &8*&! 9'+-)+90/%! 14!
)159*'*&+>/! 4*(0&! %81(0.! *9903! +-! /-8*-)/.! +-Q('3! )*%/%"! ]+'%&D! &8/! )1('&! '/*%1-/.! &8*&! i8+0/!
%15/! )*%/%! 5*3! 9'/%/-&! *! )0/*'! 4*)&(*0! ./0+-/*&+1-! </&i//-! 9'+5*'3! +-Q('+/%! *-.! %/)1-.*'3!
+-Q('+/%D! i8/'/<3! &8/! .'+>/'ô%! )159*'*&+>/! 4*(0&! %81(0.! </! /d)0(./.! 4'15! )1-%+./'*&+1-D! 51%&!
)*%/%! .1! -1&! H"""J! =/)1-.D! &8/! )1('&! i*%! )1-)/'-/.! &8*&! *! '(0/! /d)0(.+-2! )1-%+./'*&+1-! 14! &8/!
90*+-&+44!.'+>/'ô%!4*(0&!+-!)*(%+-2!*-!*))+./-&!i1(0.!012+)*003!/d&/-.!&1!9'/>/-&!&8/!90*+-&+44!4'15!
%(+-2! *! -/20+2/-&! &8+'.! 9*'&3! i81! )*(%/.! &8/! *))+./-&D! *-.! &8/'/<3! '(-! )1(-&/'! &1! i/00m
/%&*<0+%8/.!9'+-)+90/%!14!&1'&!0*i!H"""J!
R-1&8/'!012+)*0!8('.0/!+-8/'/-&!+-!90*+-&+44ô%!91%+&+1-!+%!&8+%"!I4!*!90*+-&+44!-/20+2/-&03!)'*%8/%!8+%!
>/8+)0/!+-&1!*!&'//!*-.!%(44/'%!*-!/-8*-)/.!+-Q('3!</)*(%/!14!*!./%+2-!./4/)&!+-!8+%!)*'D!90*+-&+44!
%*3%! &8*&! &8/! 5*-(4*)&('/'! +%! 0+*<0/! 41'! &8/! /-8*-)/.! +-Q('3! '/2*'.0/%%! 14! &8/! 90*+-&+44ô%!
-/20+2/-)/!+-!)*(%+-2!&8/!)100+%+1-"!\(&!i8*&!+4!*!90*+-&+44!)100+./%!i+&8!*-1&8/'!>/8+)0/!*-.!&8/!
.'+>/'!14!&8*&!>/8+)0/!+%!-/20+2/-&f!H"""J
]+-*003D!&8/!)1('&!-1&/.!&8*&!&8/!'(0/!)1-)/'-+-2!9'1d+5*&/!)*(%*&+1-!%81(0.!</!-1!.+44/'/-&!+-!
/-8*-)/.!+-Q('3!)*%/%!&8*-!&8*&!*990+/.!+-!1'.+-*'3!-/20+2/-)/!)*%/%
g8/!V+-1'+&3!c+/i
}g~8/!q5+-1'+&3r!>+/iD!'/Q/)&+-2!&8/!*990+)*&+1-!14!)159*'*&+>/!4*(0&!9'+-)+90/%D!41)(%/%!1-!&8/!
(-./'03+-2! '*&+1-*0/! 41'! +591%+-2! 0+*<+0+&3! *2*+-%&! *(&151<+0/! 5*-(4*)&('/'%! 41'! %/)1-.*'3!
+-Q('+/%! )*(%/.! <3! *! ./%+2-! ./4/)&"! g8/! 4/./'*0! .+%&'+)&! )1('&! +-! w'6"4"M$ 0G$ /E#&%)"#$ /*#!GS!L@!
]"=(99"S.! #@U! HX"="?"PNNNJD! #"0"#%"7$ '4$ !(#-$ (47$ 0(9(-"7S! SON! ]"M.! @MN! H@&8! ?+'"! SAAPJD!
/d90*+-/.!&8/!/%%/-&+*0!'*&+1-*0/!14!&8/!5+-1'+&3!>+/iK
154
g8/!)'*%8i1'&8+-/%%!.1)&'+-/!+591%/%!0+*<+0+&3!1-!*(&151<+0/!5*-(4*)&('/'%!41'!./%+2-!./4/)&%!
&8*&!/-8*-)/D!'*&8/'!&8*-!)*(%/D!+-Q('+/%!H"""Jg8/!+%%(/!41'!9('91%/%!14!*!)'*%8i1'&8+-/%%!)*%/D!
&8/'/41'/D! +%! /-8*-)/5/-&! 14! +-Q('+/%D! -1&! &8/! 9'/)+9+&*&+-2! )*(%/! 14! &8/! )100+%+1-! H"""J$ }g~8/!
)1-)/9&!14!q/-8*-)/.!+-Q('3r!/44/)&+>/03!*991'&+1-%!4*(0&!*-.!.*5*2/%!1-!*!)159*'*&+>/!<*%+%a!
./4/-.*-&! +%! 0+*<0/! 1-03! 41'! &8/! +-)'/*%/.! +-Q('3! )*(%/.! <3! +&%! 1i-! )1-.()&D! -1&! 41'! &8/! +-Q('3!
'/%(0&+-2!4'15!&8/!)'*%8!+&%/04
}$~>+./-)/! 14! &8/! 90*+-&+44ô%! +-&1d+)*&+1-! *-.! /d)/%%+>/! %9//.! +%! -1&! *.5+%%+<0/! +-! *!
)'*%8i1'&8+-/%%!)*%/!*2*+-%&!*!>/8+)0/!5*-(4*)&('/'!H|J
?nG?Bl=InG
I-!%(5D!i/!810.!&8*&!9'+-)+90/%!14!)159*'*&+>/!4*(0&!+->10>+-2!&8/!)*(%/%!14!&8/!4+'%&!)100+%+1-!.1!
-1&!2/-/'*003!*9903!+-!)'*%8i1'&8+-/%%!)*%/%"!=()8!*!'(0/D!i/!</0+/>/D!'/)12-+7/%!&8/!+591'&*-&!
.+%&+-)&+1-! </&i//-! 4*(0&! +-! )*(%+-2! &8/! *))+./-&! *-.! 4*(0&! +-! )*(%+-2! *..+&+1-*0! 1'! /-8*-)/.!
+-Q('+/%! *%! *! '/%(0&! 14! *! 9'1.()&! ./4/)&D! *! .+%&+-)&+1-! &8*&! ./4+-/%! *-.! 0+5+&%! *! 5*-(4*)&('/'ô%!
0+*<+0+&3! +-! )'*%8i1'&8+-/%%! )*%/%"! I-! %()8! )*%/%D! &8/! *(&151<+0/! 5*-(4*)&('/'! +%! %10/03!
'/%91-%+<0/!41'!&8/!/-8*-)/.!+-Q('+/%!&1!&8/!/d&/-&!&8/!90*+-&+44!./51-%&'*&/%!&8/!/d+%&/-)/!14!*!
./4/)&+>/! )1-.+&+1-! *-.! &8*&! &8/! ./4/)&! 9'1d+5*&/03! )*(%/.! &8/! /-8*-)/.! +-Q('+/%"! g8(%D! *-!
*(&151<+0/!5*-(4*)&('/'!i81!*00/2/.03!./%+2-/.!*!./4/)&+>/!9'1.()&!5*3!-1&!</!8/0.!0+*<0/!41'!
.*5*2/%! )*(%/.! <3! &8/! +-+&+*0! )100+%+1-! *-.! 5*3! -1&! *991'&+1-! +&%! 4*(0&! i+&8! &8/! 4*(0&! 14! &8/!
.'+>/'!14!&8/!>/8+)0/!i81!)*(%/.!&8/!+-+&+*0!*))+./-&"
x/!</0+/>/!&8+%!'(0/!i+00!/-%('/!<1&8!4*+'-/%%!+-!&8/!*991'&+1-5/-&!14!.*5*2/%!*-.!&8*&!&8/!Q('3!
i+00!-1&!</!(-.(03!)1-4(%/.!*<1(&!&8/!+%%(/%!+-!&8/!)*%/D!/%9/)+*003!+-!)*%/%!0+k/!&81%/!</41'/!(%!
&1.*3D! i8/'/! <1&8! *))+./-&%! +->10>/.! .'+-k+-2! *-.! .'+>+-2"! \/)*(%/! &8/! +-+&+*0! )100+%+1-! +%!
9'/%(5/.!+-!)'*%8i1'&8+-/%%!)*%/%D!&8/!Q('3ô%!41)(%!+-!%()8!)*%/%!%81(0.!</!1-!i8/&8/'!*!./4/)&!
/d+%&/.! *-.! i8/&8/'! %()8! ./4/)&! 9'1d+5*&/03! )*(%/.! &8/! /-8*-)/.! +-Q('+/%"! l-41'&(-*&/03D! +-!
&8/! )1-%10+.*&/.! )*%/%D! &8/! Q('+/%ô! 41)(%! i*%! %8+4&/.! &1! &8/! )1-.()&! 14! &8/! +-&1d+)*&/.! .'+>/'%!
i81!)*(%/.!&8/!+-+&+*0!*))+./-&%"!I-!0+28&!14!&8/!)1-4(%+1-!)*(%/.!<3!&8/!+-&'1.()&+1-!14!*))+./-&m
)*(%+-2!4*(0&!*-.!&8/!+59'19/'!41)(%!90*)/.!1-!&8/!-1-m9*'&3!.'+>/'%ô!+-&1d+)*&+1-!+-!/*)8!)*%/D!
i/!)1-)0(./!&8*&!<1&8!&8/!/%&*&/!*-.!XôR5*'+1!*'/!/-&+&0/.!&1!*!-/i!&'+*0!H|J
0:;2;/]^]H/0_H/0:70`2::8H/#&/7/#&/".D$&=R<&H/SOC/'-&=&"+&/B,?&</K$QJ";//
X1-!Y-2/0!X*-+/0!+-&/'9(%1!./5*-.*!)1-&'*!?+&'1§-!b+%9*-+*D!="R"!4(-.*5/-&*.*!/-!_(/!/0!PS!
./!5*31!./!PNNU!%(4'+,!(-!*))+./-&/!./!)+')(0*)+,-!)(*-.1!)1-.()6*!(-!>/86)(01!5*')*!?+&'1§-!
tD! %+-! _(/! %/! *)&+>*'*! %(! *+'<*2"! $0! *)&1'D! _(/! %(4'+,! 0/%+1-/%! 9/'%1-*0/%! /-! /0! *))+./-&/D!
'/)0*5*<*D!/-&'/!1&'*%!)1%*%D!(-*!+-./5-+7*)+,-!./!PUP"AAA!/('1%"
$-!/0!)*%1!%/!.+%)(&+,!%+!0*!-/20+2/-)+*!./0!./5*-.*-&/!91.6*!&/-/'%/!/-!)(/-&*!9*'*!)159/-%*'!
9*'&/!./!01%!.*:1%!%(4'+.1%!91'!./4/)&1!./!9'1.()&1"!$0!./5*-.*.1!*0/2*<*!_(/!/0!*)&1'!8*<6*!
)1-&'+<(+.1!-/20+2/-&/5/-&/!*!)*(%*'!/0!.*:1D!9/'1!-1!*91'&*<*!9'(/<*!)1-)'/&*!*02(-*!%1<'/!
0*!)1-&'+<()+,-!)*(%*0!./!0*!)1-.()&*!-/20+2/-&/!./0!*)&1'!*!0*!9'1.())+,-!./0!.*:1"!B*!'/%9(/%&*!
y)1''/)&*m! ./0! g'+<(-*0! 4(/! -/2*&+>*K! -/20+2/-)+*! 3! )*(%*0+.*.! %/! .+4/'/-)+*-! <C%+)*5/-&/! /-!
155
_(/!0*!9'+5/'*!/%!+-4'*))+,-!./!(-!./</'!./!)(+.*.1!3!0*!%/2(-.*D!9'1.())+,-!./!(-!'/%(0&*.1!
5*&/'+*0K
q}$~-! 0*! 8+9,&/%+%! _(/! -1%! 1)(9*! -1! /d+%&/! 9'(/<*! ./! _(/! /001! %/*! *%6D! /%! ./)+'D! ./! _(/!
./&/'5+-*.*%! 0/%+1-/%! %/! 8*3*-! 9'1.()+.1! 1! *2'*>*.1! 91'! 0*! 4*0&*! ./! (%1! ./0! )+-&(',-! ./!
%/2('+.*."!G+!%+_(+/'*!9(/./!8*<0*'%/!./!9'(/<*!-1&1'+*D!9(/%!/-!-+-2[-!515/-&1!%/!+-41'5*!
9/'+)+*05/-&/! /-! 91%! ./! 0*! -1&1'+/.*.D! %+/-.1! 91'! 1&'*! 9*'&/! 1<>+1! _(/! /0! *+'<*2! -1! 4(-)+1-,D!
_(/!/0!*)&1'!%(4'+,!./&/'5+-*.*%!0/%+1-/%D!3!_(/!/0!*+'<*2!9(.1!.+%5+-(+'0*%!/-!(-!@AãD!01!_(/!
-1! 9(.1! 1)(''+'! .*.*! %(! +-Q(%&+4+)*.*! 4*0&*! ./! 4(-)+1-*5+/-&1D! '/>/0*.1'*! ./! ./4/)&1! /-! /0!
5+%51"! $-! )1-%/)(/-)+*D! /%&C! 9'1<*.1! /0! ./4/)&1! ./0! 9'1.()&1D! ./0! .*:1! 3! '/0*)+,-! )*(%*0D!
9'(/<*!_(/!+-)(5</!*0!*)&1'!H*'&6)(01!#!./!0*!B/3!SShPNN@JD!%+-!_(/!%/!8*3*!9'1<*.1!_(/!0*!4*0&*!
./! (%1! ./0! )+-&(',-! ./! %/2('+.*.! %(9(%+/'*! 9'1.())+,-! 1! *2'*>*)+,-! ./! 0*%! %/%+1-/%! %(4'+.*%D!
/d&'/51%! )(3*! 9'(/<*! )1''/%91-.6*! *! 0*! 9*'&/! ./5*-.*.*"! ?1-%/)(/-&/5/-&/! 8*! ./!
)1-4+'5*'%/!/0!4*001!./!0*!%/-&/-)+*!+59(2-*.*r!H]X!S{J"
B*! )(/%&+,-! *%6! 90*-&/*.*! /%! )0C%+)*! /-! /0! *-C0+%+%! ./! 0*! '/%91-%*<+0+.*.! ./! 9'1.()&1! 3D!
(%(*05/-&/! %/! 41'5(0*! ./0! 51.1! %+2(+/-&/K! e9(/./! /0! ./5*-.*.1! *0/2*'! /0! 9'+-)+9+1! ./!
)159/-%*)+,-!./!)(09*%!1!./!)*(%*%!H9*6!(#(-'0"$H(,)-J!)(*-.1!0*!)1-.()&*!./!0*!>6)&+5*!)*(%,!
+-+)+*05/-&/! /0! *))+./-&/D! 9/'1! 01%! .*:1%! %/! *2'*>*'1-! 91'! 0*! )1-.+)+,-! ./4/)&(1%*! ./0!
9'1.()&1f! R0! '/%9/)&1D! /0! /*66*4$ =(>$ -1'&/*5/'+)*-1! %+2(/! .1%! 1'+/-&*)+1-/%! .+%&+-&*%! 3!
)1-&'*9(/%&*%K
*J
B*! &/-./-)+*! 5*31'+&*'+*! '/)1-1)/! 0*! 91%+<+0+.*.! ./! _(/! /0! ./5*-.*.1! *0/2(/! 0*!
)(09*!)159*'*&+>*!1!)1-&'+<()+,-!./!0*!)(09*!./0!./5*-.*-&/!*!0*!)*(%*)+,-!+-+)+*0!
./0! *))+./-&/D! )(3*%! )1-%/)(/-)+*%! %/! >/-! 0(/21! *2'*>*.*%! 91'! 0*! )10+%+,-! 1!
*))+./-&/! %/)(-.*'+1%! ./<+.1%! *0! ./4/)&1! 9'1<*.1! ./0! 9'1.()&1"! G*.*! +59+./D! /-!
%/./!./!'/%91-%*<+0+.*.!./!9'1.()&1D!&/-/'!/-!)(/-&*!0*!.1)&'+-*!2/-/'*0!./!0*!)(09*!
)159*'*&+>*!3D!*./5C%D!/d)0(+'!&*0!91%+<+0+.*.D!%(/0/!./)+'%/D!+59/.+'6*!0,2+)*5/-&/!
*0!5+%51!./5*-.*-&/!*))+1-*'!)1-&'*!(-!&/')/'1!)1)*(%*-&/!./0!.*:1"!
<J
B*! &/-./-)+*! 5+-1'+&*'+*! '/)8*7*! 0*! 19+-+,-! *-&/'+1'D! 3! )1-! /00*D! 0*! 91%+<+0+.*.! ./!
*0/2*'! )1-! `d+&1! 0*! )1-&'+<()+,-! )*(%*0! ./! 0*! -/20+2/-)+*! ./0! *)&1'! *! 0*! 9'1.())+,-!
./0! .*:1! )(*-.1! `%&/! *./5C%! '/%(0&,! *2'*>*.1! 91'! /0! ./4/)&1! ./0! 9'1.()&1"! B*!
'*7,-D! ./! %/'! &*0D! )1-%+%&+'6*! /-! _(/! 0*! )(09*! ./0! ./5*-.*-&/! /-! 0*! )*(%*)+,-! ./0!
*))+./-&/!-1!/%!'/0/>*-&/!/-!'/0*)+,-!)1-!0*!)(/%&+,-!./!%+!/0!./5*-.*.1!4*<'+),!1!
-1! (-! 9'1.()&1! ./4/)&(1%1D! 3! -1! 01! %/'6*! 91'! )1-%&+&(+'! %,01! (-*! )*(%*! '/51&*! ./0!
.*:1! 4+-*05/-&/! %(4'+.1"! b*<'6*! 4*0&*! ./! 9'/>+%+<+0+.*.! HH*#"%""(D')'-&J! 3! -1!
)1-)(''+'6*!0*!)*(%*0+.*.!*./)(*.*!H!#*3'6(-"$9(,%(-'*4J"!
B*! 5*31'! 9*'&/! ./! 01%! )*%1%! ./! %/2('+.*.! 9*%+>*! 1! 9#(%E>*#-E'4"%%! %/! '/0*)+1-*-! )1-!
./5*-.*-&/%! _(/! )1-.()6*-! %(! >/86)(01! <*Q1! 0*! +-40(/-)+*! ./0! *0)1810! 1! ./! 1&'*%! %(%&*-)+*%!
_(65+)*%D! _(/! %(9/'*<*-! 01%! 065+&/%! ./! >/01)+.*.! 9/'5+&+.1%! 1! _(/! -1! 00/>*<*-! 9(/%&1! /0!
)+-&(',-!./!%/2('+.*."!b$GX$E=nG!3!gx$E=sI!9'/2(-&*-!/-&1-)/%!'/&,'+)*5/-&/!*0!0/)&1'K
qe$%!*)*%1!9'/>+%+<0/!9*'*!(-!)1-.()&1'!/<'+1!_(/!)*(%*!(-!*))+./-&/!3!0/%+1-*!*!(-!&/')/'1!_(/!
/0!*(&15,>+0!)1-!/0!)(*0!)10+%+1-*!/%&(>+/'*!./4/)&(1%*5/-&/!.+%/:*.1f!H|J!eb*3!*02[-!&'+<(-*0!
/-! /0! 5(-.1! _(/! ./Q*'6*! *! (-! )1-.()&1'! '+)1! 3! /<'+1! 0+<'/! ./! &1.*! '/%91-%*<+0+.*.! 91'_(/! %(!
)1-.()&*!-/20+2/-&/!-1!4(/!(-*!)*(%*!9',d+5*!*!0*%!*2'*>*.*%!0/%+1-/%!./!%(!>6)&+5*fr!H9"!#AUJ"
156
0:;3;/]BO/U(<%&-."(H/]&%%;/06_H/43`2::9H/#&/29/#&/&"&<.H/SOC/B?,>+*"/c&<<&</U(<<$&"#.>;/
5(#($9(%*%$%'6')(#"%S$0F(4%"$)(%$88C5$C%-,#'(%S$8"99G$pS$WhixWhhgS$7"$WX$7"$6(&*S$&$="^4S$8"99G$XS$
WhlxWhhkS$7"$Wl$7"$6(&*G
$0! P#! ./! *21%&1! ./! SAAP! *! 0*%! @KAA! 81'*%D! ;/.'1! ]'*-)+%)1! 5('+,! *! )*(%*! ./! (-! *))+./-&/! ./!
)+')(0*)+,-!/-!(-!)*5+-1!9*')/0*'+1!/-&'/!=*-&*!?/)+0+*!3!c+00*'!./!V*3*!H&`'5+-1!5(-+)+9*0!./!
\'/&[-D!=1'+*J!*0!%*0+'%/!./!0*!)*07*.*!/0!&1.1!&/''/-1!_(/!)1-.()6*"
=(%!9*.'/%D!]/'56-!3!?*'10+-*D!+-&/'9(%+/'1-!./5*-.*!)1-&'*!/0!+591'&*.1'!./0!>/86)(01D!I%(7(!
I<`'+)*D! ="R"D! '/)0*5*-.1! (-*! +-./5-+7*)+,-! 91'! .*:1! 51'*0! ./'+>*.1! ./0! 4*00/)+5+/-&1! ./!
;/.'1! ]'*-)+%)1D! 91'! /-&/-./'! _(/! 0*! 5(/'&/! ./! %(! 8+Q1! ./'+>,! ./0! ./4/)&1! ./! 4(-)+1-*5+/-&1!
./0! *+'<*2! ./! _(/! /%&*<*! .1&*.1! /0! >/86)(01! 3! _(/! -1! 00/2,! *! *))+1-*'%/! /-! /0! 515/-&1! ./0!
%+-+/%&'1"
B*!=^;I!-{!SU!./!\*')/01-*!./!P!./!Q(-+1!./!SAAL!./%/%&+5,!0*!./5*-.*"!B1%!9*.'/%!./!;/.'1!
]'*-)+%)1!9'/%/-&*'1-!'/)('%1!./!*9/0*)+,-!5*-&/-+/-.1!%(!9'/&/-%+,-!+-+)+*0"
B*! =R;! \*')/01-*D! =/))"! POÄD! @MhSAAND! ./! SN! ./! /-/'1D! ./%/%&+5,! /0! '/)('%1! ./! *9/0*)+,-!
<*%C-.1%/!/-!.1%!*'2(5/-&1%K
$-! 9'+5/'! 0(2*'D! 0*! R(.+/-)+*! 00/2*! q*! 0*! )1-)0(%+,-! ./! _(/! /%! .(.1%*! H-1! /%&*'6*!
%(4+)+/-&/5/-&/!*)'/.+&*.*J!0*!'/0*)+,-!./!)*(%*0+.*.!/-&'/!/0!*0/2*.1!./4/)&1!./0!9'1.()&1!3!/0!
'/%(0&*.1D!)(*-.1!0*!4*0&*!./!(&+0+7*)+,-!./0!)+-&(',-!9'19+*!3!./!0*!9*%*Q/'*D!(-+.1!*0!/d)/%1!./!
>/01)+.*.D!)1-%&+&(3/-!)*(%*!*./)(*.*!3!%(4+)+/-&/!9*'*!/d90+)*'!01!%()/.+.1!)1-!+-./9/-./-)+*!
./!_(/!/0!*+'<*2!&(>+/'*D!1!-1D!_(/!8*</'%/!.+%9*'*.1"!$%&/!&/5*!/%!'/8(+.1!/d9'/%*5/-&/!/-!/0!
'/)('%1! 3! )1-%+./'*51%! _(/! &+/-/! '/0/>*-)+*! .+'/)&*! /-! 01! /-Q(+)+*.1D! -1! %,01! 91'! 0*! 1<0+2*.*!
>*01'*)+,-!./!0*!)(09*!./0!9/'Q(.+)*.1!9'/>+%&*!/-!/0!*'&"!N!./!0*!B/3!./!'/%91-%*<+0+.*.!)+>+0!91'!
9'1.()&1!./4/)&(1%1!_(/!9/'5+&/!00/2*'!8*%&*!0*!/d1-/'*)+,-!./!'/%91-%*<+0+.*.!./0!4*<'+)*-&/!
H1! +591'&*.1'! /-! /%&/! )*%1JD! %+-1! _(/! 91.'6*! '/9'/%/-&*'! (-*! )*(%*0+.*.! *./)(*.*! /-! 0*!
9'1.())+,-! ./0! '/%(0&*.1! _(/! ./%8*<+0+&*'6*! 0*! 9'19+*! *90+)*)+,-! ./0! *'&"! #! ./! .+)8*! 0/3! /-!
'/0*)+,-!*0!4(-)+1-*5+/-&1!./0!*+'<*2r!H]X!S{J"
ZD! 91'! 1&'1! 0*.1D! 0*! =R;! &*5<+`-! ./4+/-./! 0*! ./%/%&+5*)+,-! ./0! '/)('%1! /-! <*%/! *! _(/! q-1!
/%&*51%! *-&/! (-! +59*)&1! 4'1-&*0! -+! o)*%+! 4'1-&*0o! _(/! +-.+)*! /0! 5*-(*0! }'/0*&+>1! *0!
4(-)+1-*5+/-&1!./0!*+'<*2~!%+-1!5C%!<+/-!*-2(0*'D!)1-!(-!C-2(01!'/%9/)&1!./0!/Q/!./0!>/86)(01!
_(/! %/2[-! (-! 9/'+&1! ./</'6*! 9'1>1)*'! 0*! *)&+>*)+,-! ./0! 5+%51! 9*'*! 0*! 5C%! /4/)&+>*! )1</'&('*!
9/'1! _(/! %/2[-! 1&'1%! 9/'+&1%! 3! 01! 1<%/'>*.1! /-! 0+&/'*&('*! -1! /%! (-*! .+'/))+,-! ./! 4(/'7*!
*9'19+*.*! 9*'*! 0*! *)&+>*)+,-! ./0! *+'<*2! 4'1-&*0"! $-! &*0/%! )+')(-%&*-)+*%D! -1! )*</! %+-1! )1-)0(+'!
)1-!/0!^(72*.1!./!;'+5/'*!I-%&*-)+*!_(/!-1!91./51%!*4+'5*'!%/!8*3*!9'1<*.1!(-!'/*0!./4/)&1!
/-!/0!4(-)+1-*5+/-&1!./0!*+'<*2!1<Q/&1!./0!0+&+2+1r!H]X!M{J"
157
'()*+,-./8/
'(,>(-$#(#/#&/L&%L./
!
!
P"!?*(%*0+.*.!H/(,%(-'*4:!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!P#N!
P"P"!?*(%*0+.*.!3!15+%+,-!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!POA!
P"S"!?*(%*0+.*.!5[0&+90/!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!POM!
P"M"!?*(%*0+.*.!+-./&/'5+-*.*!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PO@!
S"!?*(%*0+.*.!2/-`'+)*!3!/%9/)64+)*!HF/-/'+)!?*(%*&+1-!*-.!=9/)+4+)!?*(%*&+1-J!"!PLM!
S"P"! V*&/'+*0! )1590/5/-&*'+1K! =g^l$D! #"M"SAP#"! \1%&1-! =)+/-&+4+)!
V/.+7+-&/)8-+k!F5<b!)"!Rns!=*)8%/-mR-8*0&mXI/!F/%(-.8/+&%k*%%/!HR%(-&1!
?m#AMhPMJ!3!)"!\/&'+/<%k'*-k/-k*%%/!Ex$!HR%(-&1!?m!#A@hPMJ!""""""""""""""""""""!PLM!
M"!?*(%*0+.*.!*0&/'-*&+>*!!;C)-"#4(-'0"$/(,%(-'*4:!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PLO!
M"P"!8,66"#%$0G$?'9"$}MM!?*0"!S.!UAD!PNN!;"S.!P!HPN@UJ~!"""""""""""""""""""""""""""""""""""""""!PLO!
M"S"!Z<*''*!>"!=9*-2*'.!HS#!?*0"S.!@UOD!P#@!;"S.!OULJ!""""""""""""""""""""""""""""""""""""""""!PLU!
M"M"!=g=D!PÄD!O@@hSAAAD!./!SS!./!Q(-+1D!V;K!R041-%1!c+00*2,5/7!E1.+0!""""""""""!PLU!
@"!?*(%*0+.*.!)1-)(''/-&/!;/*49,##"4-$/(,%(-'*4:!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PLN!
@"P"!e'4@%-*4$0G$/E'9(@*$B&G$}PNP!x+%"!OPAD!SPP!G"x"!NPM!HPNSLJ~!""""""""""""""""""!PLN!
@"S"! X*:1%! )*(%*.1%! 91'! +-)/-.+1%! 3! .1)&'+-*! ./! 0*! =*0*! PÄ! ./0! g'+<(-*0!
=(9'/51!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PUA!
@"M"!=g=D!PÄD!#MOhSAPSD!./!PA!./!%/9&+/5<'/D!V;K!^(*-!R-&1-+1!+10!E61%"!""!PU@!
@"@"! =g=D! MÄD! P#"P"SAPM! HE^! SAPMûPUOOJD! V;K! x/-)/%0*1! ]'*-)+%)1! n0/*!
F1.13"!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PUO!
@"#"!V*&/'+*0!)1590/5/-&*'+1K$.'))*4$0G$?>'4$8-(-"$}U#!G"b"!@@ND!POM!R"!PPP!
HPNMSJ~!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PUL!
#"!?*(%*0+.*.!%()/%+>*!;8,99"%'0"$/(,%(-'*4:!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PUU!
#"P"!\Fb!G^x!PN#SD!PAPA!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PUU!
#"S"!O(J"#$0G$T'))*,@ED&$}HPNLAJ!S!x"B"E"!#A~!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PUU!
#"M"! =g=D! PÄD! @OPhSAAMD! ./! U! ./! 5*31D! V;K! *>+/'! nô?*00*28*-! V(:17"!
]'*)&('*! ./! '1.+00*! /-! *))+./-&/! ./! /%_(6! 3! '/%91-%*<+0+.*.! )+>+0! 5`.+)1m
%*-+&*'+*!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PUU!
#"@"!?*(%*0+.*.!%()/%+>*!3!*<*-.1-1!./0!=(<%&*-&+*0!)1-&'+<(&+-2!4*)&1'!&/%&
!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PUN!
O"!?*(%*0+.*.!9'1<*<+06%&+)*!;5#*D(D')'%-'9$/(,%(-'*4:!"""""""""""""""""""""""""""""""""""""""""""""""""""""!PNA!
158
0;/'(,>(-$#(#/V'-82-%$#.9/
?*(%*D! 9*'*! 01%! Q('+%&*%D! /%! 9*47'-'*$ %'4"$ +,($ 4*4D! 0+5+&*.*! -1'5*&+>*5/-&/! 91'! )'+&/'+1%! ./!
*./)(*)+,-! %1)+*0"! $%! /0! q\(&m41'! g/%&r"! $%! ./)+'D! 0*! 9*47'-'*$ %'4"$ +,($ 4*4D! 51.(0*.*! 91'! 0*!
*9'/)+*)+,-! %1)+*0! .15+-*-&/! m9/'1! 5(3! )*5<+*-&/m! %1<'/! )(C0/%! %1-! 01%! '10/%! %1)+*0/%! _(/!
./&/'5+-*-D! 9*'*! )*.*! )1-%&/0*)+,-! ./! )1-.()&*%! 9/0+2'1%*%D! 0*%! 9/'%1-*%! (! 1'2*-+7*)+1-/%! *!
)(31!)*'21!%/!91-/-!01%!'+/%21%!2/-/'*.1%"!
B*!)*(%*0+.*.!/%D!9'+5*'+*5/-&/D!(-*!)(/%&+,-!/596'+)*!3!'/%91-./!*!0*!9'/2(-&*!%1<'/!91'!_(`!
%/!9'1.(Q1!/0!.*:1D!)(C0!4(/!%(!/d90+)*)+,-!)+/-&64+)*D!&`)-+)*!1!)+/-&64+)1!%1)+*0"
B*! 51.(0*)+,-! 1! 0+5+&*)+,-! -1'5*&+>*! ./! 0*! )*(%*0+.*.! m/-! +-20`%! %9*!"$ *H$ )'(D')'-&! H*-&/%K!
!#*3'6(-"$9(,%(-'*4Ja!3!/-!*0/5C-D!*Dc"J-'0"$Ä,#"9E4,4@%)"E#"$H>`*%/!)*96&(01!NJm!&'*&*!./!/>+&*'!
8*)/'! '/%91-./'! *! 01%! 9*.'/%! 91'! 01%! *)&1%! ./! %(%! 8+Q1%! 1! *! 01%! -+/&1%! 91'! 01%! ./! %(%! *<(/01%D!
*(-_(/D! )151! *5<1%! /Q/5901%! %(2+/'/-D! 0*! '/%9(/%&*! /%! 4'/)(/-&/5/-&/! 5(3! .+46)+0"!
I-&(+&+>*5/-&/D! 01%! <15</'1%! 3! 0*%! *(&1'+.*./%! _(/! 01%! 21<+/'-*-! /%&C-! 5C%! .+'/)&*5/-&/!
+-)(5<+.1%!/-!0*!&*'/*!./!*&*Q*'!+-)/-.+1%!_(/!01%!)+(.*.*-1%!/-!2/-/'*0a!01%!910+)6*%!01!/%&C-!
/-!0*%!./!9'/>/-+'!3!/>+&*'!./0+&1%a!01%!9*.'/%!/-!0*%!./!>/0*'!91'!_(/!%(%!8+Q1%!6"4*#"%$7"$"7(7!
-1!)*(%/-!.*:1%!*!&/')/'1%D!/&)"!=+!0*!9'/2(-&*!/%!*!_(+`-!+-)(5</!9'/>/-+'!*))+./-&/%D!/0!&/%&!
5C%!4/)(-.1!9*'*!'/%91-./'0*!/%!4+0&'*'!/0!*-C0+%+%!)1-!0*!)1-%+./'*)+,-!./!_(/!%+!&1.1%!8/51%!
./!'/%91-./'!91'!&1.1D!-1!8*3!.+>+%+,-!./0!&'*<*Q1!91%+<0/D!-+!91'!&*-&1D!./%*''1001!&/)-10,2+)1"
R%6D! 0*! )*(%*0+.*.! /%! /0! &/''+&1'+1! ./! 01%! /d9/'&1%D! ./! 01%! 9/'+&1%"! B*! +59(&*)+,-! 1<Q/&+>*D! ./! 0*!
0/2+%0*)+,-D!0*!Q('+%9'(./-)+*D!0*%!9'19(/%&*%!'*71-*.*%!./!01%!0/&'*.1%!./!0*%!9*'&/%!_(/!91-/-!
./!5*-+4+/%&1!0*%!'*71-/%!3!)1-%/)(/-)+*%!./!91-/'!*!)*'21!./!*02(+/-!1!./!*02(-*!1'2*-+7*)+,-!
&*0/%!1!)(*0/%!)1-.()&*%!9/0+2'1%*%"
$0! C/2%-%/4/.%& :>D$"59& #E& >#"%2/ 14'/)/! (-! <(/-! 5*')1! *-*06&+)1! *! 0*! .1<0/! )(/%&+,-! ./! 0*!
)*(%*0+.*.!3!./!%(!*)1&*)+,-!91'!/0!./'/)81K
_&TRJ&P-7%8-)&7-82/
g1'&+1(%!)1-.()&!5(%&!</!*!4*)&(*0!)*(%/!14!8*'5!41'!0+*<+0+&3!&1!</!+591%/."!?1-.()&!+%!*!
4*)&(*0! )*(%/! 14! 8*'5! i8/-! &8/! 8*'5! i1(0.! -1&! 8*>/! 1))(''/.! *<%/-&! &8/! )1-.()&"!
g1'&+1(%!)1-.()&!5*3!*0%1!</!*!4*)&(*0!)*(%/!14!8*'5!(-./'!ë!SL"
_&TUJ&K8)%$1)/&28EE$7$/.%&7-82/2
I4!5(0&+90/!*)&%!1))('D!/*)8!14!i8+)8!(-./'!f$Wp$*01-/!i1(0.!8*>/!<//-!*!4*)&(*0!)*(%/!14!
&8/!983%+)*0!8*'5!*&!&8/!%*5/!&+5/!+-!*<%/-)/!14!&8/!1&8/'!*)&H%JD!/*)8!+%!'/2*'./.!*%!*!
4*)&(*0!)*(%/!14!&8/!8*'5"!
_&TYJ&<$4$%-%$#.2&#.&<$-A$)$%0&P#"&>#"%$#82&'#.587%
R-! *)&1'w%! 0+*<+0+&3! +%! 0+5+&/.! &1! &81%/! 8*'5%! &8*&! '/%(0&! 4'15! &8/! '+%k%! &8*&! 5*./! &8/!
*)&1'ï%!)1-.()&!&1'&+1(%"
159
O(R-./ ]BKhBM\A/ '\MPA'gH/ B"+."$./ cPAnynMPz/ 'APnMPH/ {'(,>(-$#(#/ F/ A&>).">(R$-$#(#|H/ 3_/
&#;H/B.!"/%&0`2::6/VYYY;$"#<&+;%.=WH/)J?>;/3[7C/
q$0! 9'1<0/5*! 9'C)&+)1! }./0! )'+&/'+1! ./! 0*! 9*47'-'*$ %'4"$ +,($ 4*4! HD,-<H*#$ -"%-J~! '*.+)*! /-! %(!
-*&('*0/7*! )1-&'*4*)&(*0"! E/_(+/'/! _(/! /0! &'+<(-*0! ./&/'5+-/! (-*! )*(%*0+.*.! 8+91&`&+)*K! e_(`!
8*<'6*!1)(''+.1!%+!/0!./5*-.*.1!-1!8(<+/'*!*)&(*.1!)151!01!8+71f!ep(`!8*<'6*!1)(''+.1!./!-1!
15+&+'!0*!)1-.()&*!_(/!%/!/%9/'*<*!./!`0f!$%&*%!9'/2(-&*%!90*-&/*-!%/'+1%!9'1<0/5*%!./!9'(/<*!
;Q'-$ '%$ '6!*%%'D)"$ -*$ @*$ D(9J$ -*$ -E"$ 6*6"4-$ D"H*#"$ -E"$ (99'7"4-S$ z#"6*0"{$ -E"$ 4"@)'@"49"$ *H$ -E"$
7"H"47(4-S$(47$%""$>E(-$>*,)7$E(0"$E(!!"4"7R!HR\ERbRV!HSAASJD!9"!PAPJ"!$0!)1-)/9&1!./!*))+,-!
%(91-/! 0*! )*(%*)+,-! ./! /4/)&1%! 3! /0! ./! 15+%+,-D! %(! *(%/-)+*D! 9/'1! %+/59'/! _(/! 8*)/51%! *021!
/>+&*51%! *021! H01! _(/! 8*<'6*! 1)(''+.1! %+! -1! 8(<+`'*51%! 8/)81! -*.*J! 3! 15+&+51%! *021! H01! _(/!
8*<'6*51%!91.+.1!8*)/'!9/'1!-1!8/51%!8/)81J"!c`*%/D!Vn=g$EÅG!HPNULD!9"!P@PJo"
0;0;/'(,>(-$#(#/F/.=$>$G"/
B*! 9'+5/'*! )(/%&+,-! _(/! %/! 90*-&/*! /%! %+! 91./51%! 8*<0*'! ./! )*(%*0+.*.! /-! 0*! 15+%+,-"!
]+01%,4+)*5/-&/D! 8*3! 5()81%! &'()1%! 9*'*! '1./*'! /0! 9'1<0/5*! ./! 0*! )*(%*0+.*.! /-! 0*! 15+%+,-"!
c`*%/!/0!%+2(+/-&/!_(/!&15*51%!./!0*!1<'*!)+&*.*!./!XÅ$tD!VnlBIG$=! HPNNUD!9"!S#MJK!8*3!)*(%*%!
q9'19+)+*&+>*%r! H9*4-#'D,-'4@JD! _(/! )1-&'+<(3/-! 91%+&+>*5/-&/! *! 0*! 1)(''/-)+*! ./0! /4/)&1D! 3!
q'/%+%&+>*%r!H9*,4-"#(9-'4@JD!_(/!)1-&'+<(3/-!*!%(!-1!1)(''/-)+*K!4(5*'!/%!)*(%*!9'19+)+*&+>*!./!
)C-)/'! ./! 9(05,-D! 5+/-&'*%! _(/! 8*)/'! /Q/')+)+1! /%! (-*! )*(%*! '/%+%&+>*"! $%&/! )*'C)&/'! -1! /%!
*<%10(&1D!9(/%!9(/./!*0&/'*'%/!/-!9'/%/-)+*!./!1&'*%!)*(%*%K!0*!*'/-*!/%!)*(%*!9'19+)+*&+>*!./!
*))+./-&/%!./!)*''/&/'*D!9/'1!/-!9'/%/-)+*!./!8+/01!/%!)*(%*!'/%+%&+>*"
B*! 5*31'! 9*'&/! ./! 01%! )*%1%! ./! '/%91-%*<+0+.*.! )+>+0! %1-! 9/)*.1%! ./! 4*0&*! ./! )1-&'10! 1! ./!
>+2+0*-)+*! ./! 8/)81%! *Q/-1%K! 0*! *)&(*)+,-! ./%)(+.*.*! ./0! ./9/-.+/-&/! /%! )*(%*! 9'19+)+*&+>*! ./!
.*:1%a!/0!)1-&'10!1!>+2+0*-)+*!91'!9*'&/!./0!/59'/%*'+1!/%!)*(%*!'/%+%&+>*!H>`*%/!*'&"!PNAM!??J"!
;1'!&*-&1D!0*!15+%+,-!./!/%&/!)1-&'10!1!>+2+0*-)+*!'/5(/>/!(-*!)*(%*!'/%+%&+>*!3D!/-!/%&/!%/-&+.1D!
91./51%!*4+'5*'!_(/D!/-!)+/'&1!51.1D!/%&C!)1-&'+<(3/-.1!*!0*!9'1.())+,-!./0!.*:1"
B*! +./*! /%! _(/! %+! /0! 9*&'1-1! 3! /0! /590/*.1! %10>/-&/D! /-! /0! %(9(/%&1! *'_(/&69+)1D! 9(.+/'*-!
)1-&'*&*'!0+<'/5/-&/D!/-&1-)/%!0*!/d+%&/-)+*!1!+-/d+%&/-)+*!./!(-!%+%&/5*!./!'/%91-%*<+0+.*.!91'!
/0!8/)81!*Q/-1!-1!%/'6*!'/0/>*-&/"!=+-!/5<*'21!/-!0*!9'C)&+)*!01!/%!3!5()81!91'_(/K!+J!0*!>6)&+5*!
%*</!_(`!/59'/%*!0/!)*(%,!.*:1%D!9/'1!-1!)(C0!./!%(%!/590/*.1%a!++J!01%!/590/*.1%!%(/0/-!%/'!
/%)*%*5/-&/! %10>/-&/%a! +++J! /-! *(%/-)+*! ./! '/%91-%*<+0+.*.D! /0! 9*&'1-1! )1-&'*&*'6*! *! 01%! 5C%!
+-%10>/-&/%!Hc,7@"6"4-$!#**H$7"H"47(4-%Ja!+>J!8*3!5()81%!)1%&/%!./!-/21)+*)+,-!/-&'/!9*&'1-1%!
3!1<'/'1%"!;*'*!(-!*-C0+%+%!5C%!/d&/-%1!./!/%&/!9'1<0/5*D!>`*%/!=RBcRXnED!FÑV$t!HSAASJ"
$-! $%9*:*D! 0*! 5*31'! 9*'&/! ./! 01%! '/)('%1%! ./! )*%*)+,-! '/%(/0&1%! 91'! %/-&/-)+*! ./0! g'+<(-*0!
=(9'/51!%1-!)*%1%!./!'/%91-%*<+0+.*.!91'!15+%+,-!/-!0*!>+2+0*-)+*!1!)1-&'10!./!01%!8/)81%!./!
1&'1"! R%6D! /-! /0! )*%1! R7-*0),00*'! '/%(/0&1! 91'! 0*! ]^]H/ 3_H/ #&/ 22/ #&/ ".D$&=R<&/ #&/ 2::4! VAa/
2::5Ç2:WH/SOC/A$%(<#./P"<*d,&N/]("%L.H/0*!'1&('*!./!(-!.+_(/!./!)1-&/-)+,-!./!(-*!<*0%*!./!
'/%+.(1%! 5+-/'1%! 8*<6*! 9'1.()+.1! /0! >/'&+.1! ./! %(! )1-&/-+.1! /-! (-! *40(/-&/! ./0! '61!
F(*.*0_(+>+'D! /0! F(*.+*5*'D! )(31! )*()/! 4(/! +->*.+.1! 91'! 01.1%! )1-&*5+-*-&/%! _(/! .*:*'1-! 0*!
401'*! 3! 0*! 4*(-*! ./0! %+%&/5*! 86.'+)1"! B*! <*0%*! ./! '/%+.(1%! 5+-/'1%! /'*! 9'19+/.*.! ./! \10+./-!
R9+'%*D! =BD! _(/D! /-! 5*'71! ./! PNNOD! 8*<6*! /-)*'2*.1! /0! '/)'/)+5+/-&1! ./0! .+_(/! ./! 0*! <*0%*! *!
F/1)+%*D! =R! _(/D! *! %(! >/7D! 8*<6*! *%(5+.1! /0! )1-&'10! ./! 0*! +-%&*0*)+,-"! $0! g'+<(-*0! =(9'/51!
160
)1-4+'5,! /-! 01! %(%&*-)+*0! /0! R)(/'.1! ./0! ?1-%/Q1! ./! V+-+%&'1%! ./! S"U"SAAS! /-! )(3*! >+'&(.D!
)1-41'5/! *! 01%! *'&%"! UND! PAU! 4J! 3! 2J! 3! PPA"P! ./! 0*! B/3! SNhPNU#D! ./! R2(*%D! 8*<6*! %*-)+1-*.1! *!
\10+./-!R9+'%*D!=B!)1-!(-*!5(0&*!./!OAP"APSDP!ê!3!0/!8*<6*!)1-./-*.1!*0!9*21!./!S"ULA"PUPDOO!
ê! 91'! 01%! .*:1%! *0! .15+-+1! 9[<0+)1! 8+.'C(0+)1! 3! *! *<1-*'! @P"OAO"MPODL#! ê! 91'! 01%! 2*%&1%!
1'+2+-*.1%!91'!0*!'/91%+)+,-!./0!&/''/-1!*0!/%&*.1!*-&/'+1'!*!01%!8/)81%"!$-&'/!1&'1%!*'2(5/-&1%D!
/0!g'+<(-*0!=(9'/51!4(-.*5/-&*!%(!./)+%+,-!/-!)0*>/!./!15+%+,-K!qR!\10+./-!R9+'%*D!="B"D!0/!/'*!
/d+2+<0/D!)151!&+&(0*'!./!0*!/d901&*)+,-!5+-/'*!/0!./</'!./!5*-&/-/'!0*!<*0%*!/-!0*%!*./)(*.*%!
)1-.+)+1-/%!./!%/2('+.*.!3!0*!15+%+,-!./!/%/!./</'!)1591'&*!/%/!/0/5/-&1!./!)(09*<+0+.*.!_(/!
0*!R.5+-+%&'*)+,-!8*!&/-+.1!/-!)(/-&*!*0!.+)&*'!/0!*)(/'.1!./!_(/!&'*/!)*(%*!/%&/!9'1)/%1"!H"""J!R!
\10+./-!R9+'%*D!="B"D!0/!/%!+59(&*<0/!0*!)(09*!/-!0*!/0/))+,-!./!/%*!/59'/%*!HF/1)+%*J!3!0*!)(09*!
91'! -1! 8*</'%/! +590+)*.1! 5C%! .+'/)&*5/-&/! /-! 0*! >+2+0*-)+*! ./! (-1%! +-%&'(5/-&1%! ./! )1-&'10!
)'/*.1%!9*'*!5*-&/-/'!0*!%/2('+.*.!/-!(-*!%+&(*)+,-!./!'+/%21!)'/*.*!91'!/00*!/-!/0!/Q/')+)+1!./!
%(!*)&+>+.*.r!H]X!PP{J"
?*'01%! FÑV$t! BIFÖ$EE$D! qp(+/-! )1-&*5+-*! 9*2*! H"""J! %+! *02(-*! Q('+%.+))+,-! /%! )159/&/-&/! 9*'*!
)1-./-*'01"!?1-40+)&1%!./!Q('+%.+))+,-!/-!/0!)*%1!\10+./-rD!A4.#"-$WxWhXWD!99"!OmLK!
q\10+./-! ./5*-.,! *-&/! 0*! Q('+%.+))+,-! )+>+0! *! 0*%! /59'/%*%! éI-&/)%*mI-*'%*wD! .+%/:*.1'*! ./! 0*!
<*0%*D! éR?=D! R)&+>+.*./%! ./! ?1-%&'())+,-! 3! =/'>+)+1%D! ="! R"wD! /Q/)(&1'*! ./0! 9'13/)&1! ./!
)1-%&'())+,-D!3!éF/1&/)-+*!3!?+5+/-&1%D!="!R"wD!/-)*'2*.*!./0!5*-&/-+5+/-&1!./!0*!<*0%*!./%./!/0!
*:1!PNNO!3!/Q/)(&1'*!./0!9'13/)&1!./!*590+*)+,-!./!0*!/%)15<'/'*D!*%6!)151!*!é\*-)1!c+&*0+)+1wD!
)159*:6*!*%/2('*.1'*!./!éR?=w!3!./!éF/1&/)-+*w"!B*!./5*-.*!%10+)+&*<*!0*!)1-./-*!%10+.*'+*!./!
&1.1%!/001%!*0!9*21!./!PP#"SPM"SPA!/('1%D!91'!01%!+-)(590+5+/-&1%!./!01%!'/%9/)&+>1%!)1-&'*&1%D!
9*'*!'//5<10%*'!*!\10+./-!0*%!)*-&+.*./%!*!0*%!_(/!0/!8*<6*!)1-./-*.1!/0!R)(/'.1!./0!?1-%/Q1!
./!V+-+%&'1%!./!S!./!*21%&1!./!SAAS!H%*-)+,-!./!OAP"APSDP!/('1%D!/0!+591'&/!5C%!/0/>*.1!_(/!/0!
*'&6)(01!PAN!./!0*!B/3!./!R2(*%!>+2/-&/!/-!/0!515/-&1!./0!*))+./-&/!9/'5+&6*!+591-/'!91'!0*!
)15+%+,-! ./! (-*! +-4'*))+,-! 5(3! 2'*>/a! 1<0+2*)+,-! ./! 9*21! ./! (-*! +-./5-+7*)+,-! ./!
S"ULA"PUPDOO!/('1%D!91'!01%!.*:1%!)*(%*.1%!*0!.15+-+1!9[<0+)1!8+.'C(0+)1a!1<0+2*)+,-!./!*<1-*'!
@P"OAO"MOPDL#!/('1%D!91'!01%!2*%&1%!./!'/91%+)+,-!./!0*!71-*!*4/)&*.*!*!0*!%+&(*)+,-!*-&/'+1'!*!0*!
)*&C%&'14/Jr! }3~! /-! 9'/>+%+,-! ./0! 9*21! }./~! 1&'*%! /-&+.*./%! }_(/~! /-! )1-)'/&1! 0*! ^(-&*! ./!
R-.*0()6*!9(.+/'}*~!'/)0*5*'!./!\10+./-!)151!)1-%/)(/-)+*!./0!*))+./-&/r"
}B*~! q=g=D! PÄD! NOMhSAPPD! ./! PP! ./! /-/'1! ./! SAPS/ H|J! 8*! )1-4+'5*.1! 0*%! %/-&/-)+*%!
./%/%&+5*&1'+*%! ./! 0*%! +-%&*-)+*%! 3! 8*! ./)0*'*.1! -1! 8*</'! 0(2*'! *0! '/)('%1! ./! )*%*)+,-! 91'!
+-4'*))+,-! 9'1)/%*0! +-&/'9(/%&1! 91'! \10+./-"! ;*'*! 0*! Q('+%.+))+,-! )+>+0! H|J! ./! +2(*0! 51.1! _(/!
9*'*! 0*! Q('+%.+))+,-! )1-&/-)+1%1m*.5+-+%&'*&+>*D! -1! 8*3! 1&'1! '/%91-%*<0/! ./0! ./%*%&'/! _(/!
\10+./-D!/59'/%*!/d901&*.1'*!./!0*!5+-*K
qB*!}%/-&/-)+*~!./!9'+5/'*!+-%&*-)+*!&(>1!5(3!/-!)(/-&*!/0!+-41'5/!./!01%!9/'+&1%!9'/%/-&*.1!/-!
0*%!.+0+2/-)+*%!9'/>+*%!9/-*0/%D!%+!<+/-!+-&/'9'/&C-.101!/-!(-!%/-&+.1!-1!&1&*05/-&/!)1+-)+./-&/!
)1-! /0! 9'19(/%&1! 91'! 0*! ./5*-.*-&/! 813! '/)(''/-&/! 3D! ./%./! 0(/21D! 91-+`-.101! /-! '/0*)+,-D!
5/.+*-&/! (-*! 5(3! 5/'+&1'+*! 0*<1'! ./! 0*! 5*2+%&'*.*mQ(/7D! )1-! &1.*%! 0*%! ./5C%! 9'(/<*%!
9'*)&+)*.*%! /-! /0! 9'1)/%1! )+>+0D! 00/2*-.1! *%6! *! 0*! )1-)0(%+,-! ./! _(/! -1! 8(<1! +-)(590+5+/-&1!
)1-&'*)&(*0!./!0*%!./5*-.*.*%!3!%6D!/-!)*5<+1D!9*'&+)+9*)+,-!'/0/>*-&/!./!0*!9'19+*!\10+./-D!91'!
5/.+1! ./! (-! '/9'/%/-&*-&/! %(31! &`)-+)*5/-&/! )(*0+4+)*.1D! /-! /0! 9'13/)&1! _(/! /00*! 5+%5*!
)1-%+./'*! ./4/)&(1%1D! *%6! )151! *)&(*)+1-/%! 9'19+*%! ./! \10+./-! /-! 0*! <*0%*! _(/! 9(.+/'1-!
)1-&'+<(+'! *! 0*! '1&('*! 5C%! '/0/>*-&/5/-&/! _(/! )(*0/%_(+/'*! )C0)(01%! /'',-/1%! %1<'/! /0!
)1591'&*5+/-&1!./!0*%!00*5*.*%!5*'2*%!*7(0/%!./0!F(*.*0_(+>+'r!H]X"!N{J"
161
B*!'/%91-%*<+0+.*.!/d)0(%+>*!./!\10+./-!8*!>/-+.1!)1-4+'5*.*D!./!8/)81D!91'!0*%!./)+%+1-/%!./!
0*!=*0*!g/')/'*!./0!g'+<(-*0!=(9'/51!_(/!8*-!)1-4+'5*.1!0*!*(%/-)+*!./!'/%91-%*<+0+.*.!./!0*!
R.5+-+%&'*)+,-! 91'! /0! 4(-)+1-*5+/-&1! *-1'5*0! ./! 01%! %/'>+)+1%! ./! +-%9/))+,-! 3! )1-&'10! ./! 0*%!
+-%&*0*)+1-/%!./!0*!5+-*!/-!01%!9'1)/%1%!./!'/%91-%*<+0+.*.!9*&'+51-+*0!+-+)+*.1%!91'!.+>/'%*%!
/59'/%*%!3!/-&+.*./%!*4/)&*.*%!91'!01%!>/'&+.1%!&,d+)1%"!R%6D!/-&'/!1&'*%D!0*%!==g=D!MÄD!SN"N"SAPS!
HE^!OUO#JD!PS"PS"SAPP!HE^!SAPSûSOLSJD!O"M"SAPS!H^lE!PAPNU#JD!PM"M"SAPS!H^lE!PMAMOAJ!&1.*%!
/00*%!)1-4+'5*&1'+*%!./!0*!./)0*'*)+,-!./!*(%/-)+*!./!'/%91-%*<+0+.*.!./!0*!R.5+-+%&'*)+,-"!
n<%`'>/%/!_(/D!/-!0*!15+%+,-D!0*!0/3!/%&*<0/)/!(-!./</'!./!*)&(*'!_(/!/0!1<0+2*.1!+-)(590+,K!-1!
8*3!)*(%*0+.*.!%+-1!+-)(590+5+/-&1!./!(-!./</'!HD#"(9E$*H$7,-&JD!)151!/-!0*!-/20+2/-)+*"
]^]H/3_H/07;6;2:04/VAa/2:04Ç3453WH/SOC/x&"%&>-(./\-&(/X.#.F;/
$0!N"M"SAAOD!0*!*)&1'*!)+')(0*<*!91'!0*!R(&19+%&*!RmL!/-!(-!&'*51!)1-!<(/-*!>+%+<+0+.*.!3!/-!<(/-!
/%&*.1!./!)1-%/'>*)+,-"!B*!>6*!/%&*<*!41'5*.*!91'!(-*!%10*!)*07*.*!9*'*!0*!)+')(0*)+,-D!)1-!&'/%!
)*''+0/%! /-! )*.*! %/-&+.1"! B*! *)&1'*! )1-.()6*! *! >/01)+.*.! +-*./)(*.*D! 9/'.+,! /0! )1-&'10! ./! %(!
>/86)(01D!/%&/!%/!./%90*7,!8*)+*!0*!./'/)8*!./!0*!)*07*.*D!%/!%*0+,!./!0*!>6*!/!+59*)&,!)1-&'*!(-1%!
C'<10/%! (<+)*.1%! /-! 0*! )(-/&*! 3! 4+-*05/-&/! /0! 3*! 5*09*'*.1! >/86)(01! _(/.,! ./&/-+.1! /-! /0!
)/-&'1!./!0*!>6*"!!$0!5*'2/-!./'/)81!./!0*!)*07*.*D!/-!/0!9(-&1!.1-./!%/!%*0+,!/0!>/86)(01!./!0*!
>6*D!/%&*<*!Q(-&*!*!(-*!)(-/&*D!%/2(+.*!./!(-!&*0(.!3!*!%/+%!5/&'1%!./!.+%&*-)+*!8*<6*!(-1%!9+-1%!
./!51./'*.*!/->/'2*.('*D!*02(-1%!)1-!&'1-)1!./!5C%!./!P#!)5!./!.+C5/&'1"!
b*3! _(/! &/-/'! /-! )(/-&*! 9*'*! 0*! )159'/-%+,-! ./0! )*%1! _(/! 0*! n'./-! ?+')(0*'! MSPhN#!
'/)15+/-.*!0*!+-%&*0*)+,-!./!<*''/'*%!./!%/2('+.*.!/-!0*!>6*!%+!/d+%&/!(-!1<%&C)(01!*0!<1'./!./!0*!
)*07*.*!*!(-*!.+%&*-)+*!+-4/'+1'!*!O!5/&'1%"!
B*! )1-.()&1'*! +-&/'9(%1! (-*! '/)0*5*)+,-! ./! '/%91-%*<+0+.*.! 9*&'+51-+*0! *! 0*! R.5+-+%&'*)+,-!
_(/!4(/!./%/%&+5*.*!91'!'/%10()+,-!./!MA"#"SAAU!./0!V+-+%&/'+1!./!]15/-&1D!0*!)(*0!*!%(!>/7!4(/!
1<Q/&1!./!'/)('%1!./!'/91%+)+,-D!_(/!4(/!*!%(!>/7!./%/%&+5*.1!91'!%+0/-)+1!*.5+-+%&'*&+>1"!
B*!=*0*!./!01!?1-&/-)+1%1mR.5+-+%&'*&+>1!./!0*!RG!HSN"A@"SAPPJ!/%&+5,!/-!9*'&/!/0!'/)('%1!./!0*!
'/)0*5*-&/D!*-(0,!0*!'/%10()+,-!3!)1-)/.+,!*!0*!*)&1'*!(-*!+-./5-+7*)+,-!./!PUA"AAA!/('1%"!
$0!g=!/%&+5*!/0!'/)('%1!./!)*%*)+,-!./0!R<12*.1!./0!$%&*.1K!
q}|~! )(*-.1! 0*! +59(&*)+,-! ./! 0*! 0/%+,-! *0! 4(-)+1-*5+/-&1! ./0! %/'>+)+1! 9[<0+)1! %/!
>+-)(0*!*!(-*!15+%+,-!./!0*!R.5+-+%&'*)+,-!/-!.+)8*!9'/%&*)+,-!}|~!0*!./&/'5+-*)+,-!
./0! -/d1! )*(%*0! %/! )1590+)*D! 91'_(/! }|~! -1! /%! 3*! %(4+)+/-&/! )1-! _(/! 0*! 0/%+,-! %/*! /%*!
)1-%/)(/-)+*!0,2+)*!./!0*!*)&+>+.*.!9'/%&*)+1-*0!9[<0+)*D!91'_(/!%+/59'/!%/!.*'C!.+)8*!
)1-/d+,-! }|~"! }|~! 1! %/! /d+2/! *02[-! 1&'1! 9'/%(9(/%&1! ./0! -/d1! )*(%*0! 1! 0*!
'/%91-%*<+0+.*.! *._(+/'/! (-*! /d&/-%+,-! _(/! -1! /%! 0*! _(/! %/! )1''/%91-./! )1-! /%&*!
+-%&+&()+,-!+-./5-+7*&1'+*a!91'_(/!%+/59'/!%/'C!0*!9'/%&*)+,-!./0!%/'>+)+1!./!)*''/&/'*!
/0! 2/-/'*.1'! ./! 0*! 0/%+,-"! }|~! /-! &*0/%! %(9(/%&1%! ./! 15+%+,-! }|~! 0*! '/0*)+,-! ./!
)*(%*0+.*.! %/! +-&/2'*! ./! (-! /0/5/-&1! *:*.+.1! *0! ./! /%*! )1-/d+,-! 0,2+)*a! /%! ./)+'D! 0*!
-/)/%+.*.!./!(-!./</'!m-1!%101!(-*!1<0+2*)+,-m!./!0*!R.5+-+%&'*)+,-!./!*)&(*'!/-!(-!
./&/'5+-*.1!%/-&+.1!}|~"!
162
$-! )(*0_(+/'! )*%1D! 0*! )*(%*0+.*.! ./! 8/)81D! 3*! %/*! 91'! *))+,-! (! 15+%+,-D! /%! (-! 5*0! )'+&/'+1! ./!
+59(&*)+,-!./!.*:1%D!9(/%!90*-&/*!(-*!+-4+-+.*.!./!9'1<0/5*%!/-!)*%1%!./!)*(%*)+,-!5[0&+90/!3!
)*(%*)+,-!+-./&/'5+-*.*"!R!)1-&+-(*)+,-!%/!90*-&/*'C-!*02(-1%!./!01%!5C%!'/0/>*-&/%"
0;2;/'(,>(-$#(#/=T-+$)-&/
B1! -1'5*0! /%! _(/! 8*3*! ./5*%+*.*%! )*(%*%D! /%! ./)+'D! _(/! 8*3*! 5()81%! />/-&1%! %+-! )(31!
*)*/)+5+/-&1!&*591)1!%/!8*<'6*!9'1.()+.1!/0!.*:1"!B*!)*(%*0+.*.!/%!(-!)'+&/'+1!./!+59(&*)+,-!
./5*%+*.1!*590+1"
c`*%/!%+!-1!/0!%+2(+/-&/!)1-)/9&1!./!)*(%*!&1&*0D!_(/!&15*51%!./!(-1!./!01%!5/Q1'/%!5*-(*0/%!
./! 4+01%146*! ./! 0*! )+/-)+*! /%)'+&1%! /-! 0*! 9*%*.*! .`)*.*K! q})~*.*! *)1-&/)+5+/-&1! &+/-/! 91'! 01!
2/-/'*0!5[0&+90/%!)*(%*%"!}"""~!B*!)*(%*!&1&*0!./!(-!%()/%1!/!/%!0*!%(5*!}"""~!./!&1.1%!01%!/>/-&1%!
)PD!)SD!"""!)-!&*0/%!_(/D!./!)*.*!)+!HP!+!-JD!/%!)+/'&1!_(/!./!-1!8*</'!1)(''+.1!)+D!3!9/'5*-/)+/-.1!
&1.1!01!./5C%!+2(*0D!&*591)1!8*<'6*!1)(''+.1!/R!HXÅ$tD!VnlBIG$=!HPNNLD!9"!P@OJ"
;*'/)+.*5/-&/D!]lV$EgnGD!sE$==!HSAAPD!9"!NUJK!Q?E"$!#*D)"6$'%$-E(-S$-*$@"-$($%"-$*H$9*47'-'*4%$-E(-$
'%$ @"4,'4")&$ )(>H,))&$ %,HH'9'"4-$ H*#$ %*6"$ *,-9*6"S$ -E"$ %"-$ 6,%-$ 9*4-('4$ '47"H'4'-")&$ 6(4&$
9*47'-'*4%R"
?(*-.1! >*'+1%! *2/-&/%! )1-&'+<(3*-! *! )*(%*'! (-! .*:1D! %(! *)&(*)+,-! )1-Q(-&*! 9(/./! )'/*'! (-!
/4/)&1!%+-`'2+)1K!0*!*)&(*)+,-!./!(-1!'/4(/'7*!/0!/4/)&1!9/'Q(.+)+*0!./!0*!./0!1&'1!1!>+)/>/'%*D!./!
41'5*! &*0! _(/! 5+/-&'*%! 0*! 9'1<*<+0+.*.! ./! _(/! )*.*! )1-.()&*D! *+%0*.*5/-&/! )1-%+./'*.*D!
)*(%*'*! /0! .*:1! /%! '/.()+.*D! /-! )*5<+1D! 0*! 9'1<*<+0+.*.! ./! _(/! 0*! %(9/'91%+)+,-! ./! *5<*%! 01!
)*(%/! /%! 5()81! 5C%! /0/>*.*! _(/! 0*! %(5*! ./! 0*%! 9'1<*<+0+.*./%! +-.+>+.(*0/%"! ;*'/)+.*5/-&/D!
snEGbRl=$ED!E$c$=t!}HPNNUJD!9"!MLP!3!HSAAAJD!9"!OSO!3!%%"~K!%+!8*3!>*'+1%!*2/-&/%!91&/-)+*0/%!./!
.*:1%!_(/!*)&[*-!%/)(/-)+*05/-&/D!/0!9'+5/'1!/-!*)&(*'!9(/./!-1!)*(%*'!-+-2[-!.*:1!91'_(/D!
91'! /Q/5901D! 0*! )*-&+.*.! ./! >/'&+.1%! _(/! '/*0+7*! /%! 91'! %6! %10*! +-1)(*"! ;/'1! 01%! >/'&+.1%! ./!
_(+/-/%! 0/! %+2(/-! %/! %(5*-! *! 01%! *-&/'+1'/%! 3D! /-&'/! &1.1%D! *)*<*-! 91'! )*(%*'! 2'*>/%! .*:1%"!
X+)81! ./! 1&'1! 51.1D! &*0*'! 5/.+1! <1%_(/! -1! /%! -/)/%*'+*5/-&/! 2'*>/D! 9/'1! )1'&*'! 01%! C'<10/%!
'/%&*-&/%!%/'6*!(-*!)*&C%&'14/"!B*!'/20*D!&'*.+)+1-*05/-&/!*90+)*.*!91'!01%!&'+<(-*0/%!/%9*:10/%D!
./!0*!'/%91-%*<+0+.*.!1<Q/&+>*!3!%10+.*'+*!./!01%!)1)*(%*-&/%!./0!.*:1!-1!&+/-/!/-!)(/-&*!_(/!/0!
%/2(-.1!*2/-&/!/%!5()81!5C%!9/0+2'1%1!_(/!/0!9'+5/'1K!/0!>/-/-1!/%&C!/-!0*!.1%+%"
B*!)1-)/%+,-!./!*))+1-/%!./!'/2'/%1!*!_(+/-!8*!9*2*.1!(-*!+-./5-+7*)+,-!91'!/0!&1.1!0+5+&*!0*!
)1-)0(%+,-! *-&/'+1'D! 9/'1! [-+)*5/-&/! %+! /0! %+%&/5*! Q(.+)+*0! 4(-)+1-*! '*71-*<0/5/-&/! <+/-! 3!
2'*.[*!0*!*))+,-!./!'/2'/%1!/-!4(-)+,-!./0!+-)'/5/-&1!./0!.*:1!)*(%*.1!/-!>/7!./!8*)/'01!m/-!/0!
/Q/5901! *-&/'+1'm! 9'191')+1-*05/-&/! *0! -[5/'1! ./! C'<10/%! &*0*.1%"! R./5C%D! '/_(+/'/! _(/! /0!
./5*-.*.1!/-!>6*!./!'/2'/%1!%/*!%10>/-&/"
$-!01%!)*%1%!./!/4/)&1!%+-`'2+)1!/%!5(3!.+%)(&+.1!%+!8*3!1!-1!(-![-+)1!51.1!0,2+)1!./!+59(&*'!
01%! .*:1%! *! )*.*! (-1! ./! 01%! ./5*-.*.1%! }>`*%/! \$Gm=bRbRE! HSAAAJD! 9"! O#N~"! R02(-*%!
9'19(/%&*%D!)1-!&1.1D!/%&+5(0*-!0*!'/40/d+,-!./!01%!Q(/)/%!3!5*2+%&'*.1%!00*5*.1%!*!./)+.+'K!(-*!
./! /00*%D! 91'! /Q/5901D! ./4+-/! /0! .*:1! 5*'2+-*0! ./! )*.*! ./5*-.*.1D! /-! )*%1%! ./! *)&(*)+,-!
%+5(0&C-/*! ./! >*'+1%! .*:*.1'/%D! &/-+/-.1! /-! )(/-&*! /0! 9'15/.+1! ./! &1.*%! 0*%! )15<+-*)+1-/%!
163
91%+<0/%!./!*)&1%!.*:+-1%a!1&'*!*9(-&*!*0!8/)81!./!_(/!%+!&1.1%!01%!./5*-.*.1%!%/!)1591'&*'1-!
./!&*0!51.1!_(/!8*<'6*!<*%&*.1!0*!*)&(*)+,-!./!)(*0_(+/'*!./!/001%!9*'*!)*(%*'!&1.1!/0!.*:1D!/0!
'`2+5/-! ./! '/%91-%*<+0+.*.! %10+.*'+*! +-4'*+-)/-&+>*! (-! )1591'&*5+/-&1! 9'(./-&/! ./! &1.1%!
/001%D!9(/%!/0!.*:1!%,01!%/!)*(%*!(-*!>/7!3!0*!*))+,-!./!'/2'/%1!9/'5+&+'C!.+>+.+'!%(!/%&+5*)+,-!
9'191')+1-*05/-&/! *0! -[5/'1! ./! )*(%*-&/%"! $-! )*%1%! *%6! '/%(0&*! Q(%&+4+)*.*! (-*! )1-./-*! 91'!
+591'&/!%(9/'+1'!*!01%!.*:1%!)*(%*.1%"
-
VÄ"! R%(-)+,-! $=g$c$! ;REXnD! 8*)'7(#'7(7$ '6!#*!'($ 7"$ 7",7*#"%D! V*')+*0! ;1-%D! $.+)+1-/%!
^('6.+)*%!3!=1)+*0/%D!V*.'+.D!SAP@"!
0;3;/'(,>(-$#(#/$"#&+&<=$"(#(/
$-!/0!/*66*4$=(>D!0*!.1)&'+-*!9'1)/%*0!)+>+0!/-!5*&/'+*!./!9'(/<*!9'19(2-*!_(/!/0!./5*-.*.1!
./</! %/'! )1-./-*.1! %+! 0*! 9'1<*<+0+.*.! ./! _(/! 8*3*! )*(%*.1! /0! .*:1! /%! 5*31'! ./! Aw#!
H!#"!*47"#(49"$*H$-E"$"0'7"49"$#,)":D!/%!./)+'D!%+!/%!5C%!9'1<*<0/!_(/!8*3*!)*(%*.1!/0!.*:1!_(/!
01!)1-&'*'+1"!$%&*!&/%+%!/%!910`5+)*"
RJ
;*'*!*02(-1%D!0*!'/20*!./!0*!9'/91-./'*-)+*!./!0*!9'1<*<+0+.*.!91%+&+>*!/%!)1''/)&*"!R%6D!
%(91-2*51%!})1-!\$Gm! =bRbRE!HSAAAJ!9"!O#@D!%+2(+/-.1!*!sRZ$!HPNUSJ~!(-!)*%1!/-!/0!
_(/!/0!.*:1!/%!./!PAA!êD!9/'1!0*!9'1<*<+0+.*.!./!_(/!/0!./5*-.*.1!01!8*3*!)*(%*.1!/%!
%,01! ./0! @Aã"! =+! %/! *90+)*! 0*! '/20*D! /0! ./5*-.*.1! %/'C! *<%(/0&1D! 9/'1! *! )1%&*! ./! (-!
/''1'!9'1<*<0/!./!@A!ê!HAw@!d!PAA!z!@AJ"!=+-!/5<*'21D!%(9,-2*%/!*81'*!_(/!'+2/!(-*!
'/20*!./!'/%91-%*<+0+.*.!9'191')+1-*0!*!0*!9'1<*<+0+.*.!./!8*</'!)*(%*.1!/0!.*:1D!/%!
./)+'D! <*%&*'C! )1-! _(/! 0*! 9'1<*<+0+.*.! %/*! 5*31'! _(/! )/'1D! 9/'1! /0! +591'&/! ./! 0*!
)1-./-*!%/!2'*.(*'C!./!*)(/'.1!)1-!*_(`00*"!$-&1-)/%D!/-!/0!)*%1!*-&/'+1'D!/0!&'+<(-*0!
)1-./-*'C!*0!./5*-.*.1!*!9*2*'!@A!ê!*0!./5*-.*-&/D!9/'1!/0!)1%&/!./0!/''1'!/%9/'*.1!
%/'C!@U!ê!/-!>/7!./!@A!ê!H8*3!(-!@Aã!./!9'1<*<+0+.*.!./!_(/!/0!./5*-.*.1!4(/'*!/0!
)*(%*-&/!./0!.*:1a!/-&1-)/%D!%+!)*(%,!.*:1%!./!PAA!êD!/%!)1-./-*.1!*!9*2*'!@A!3!./Q*!
./!9*2*'!OAK!/0!)1%&/!./!/''1'!/%9/'*.1!/%!./!Aw@!d!OA!z!S@"!;/'1!&*5<+`-!8*3!(-!OAã!
./!9'1<*<+0+.*.!./!_(/!/0!./5*-.*.1!-1!)*(%*'*!.*:1!*02(-1D!/-!)(31!)*%1!9*2*'C!./!
5C%!01%!@A!ê!*!_(/!%/'C!)1-./-*.1K!*_(6!/0!)1%&/!./0!/''1'!/%9/'*.1!/%!./!AwO!d!@A!z!
S@"!B*!%(5*!./!*5<1%!/''1'/%D!4'(&1!./!0*!*90+)*)+,-!./!0*!'/20*!./!0*!'/%91-%*<+0+.*.!
9'191')+1-*0!/%!./!S@!õ!S@!z!@U"!b*3!(-*!9`'.+.*!/%9/'*.*!-/&*!./!UJ"!B*!'/20*!./!0*!
9'/91-./'*-)+*!./!0*!9'1<*<+0+.*.!91%+&+>*!/%!&*5<+`-!./4/-.+.*!91'!1&'1%!}B$cVnE$!
HPNNAJ~D! _(/! /-&+/-./-! _(/! +-)/-&+>*! *! 01%! *)&1'/%! 9*'*! _(/! &'*&/-! ./! '/.()+'! 0*!
+-)/'&/7*! ./0! Q(+)+1! *91'&*-.1! 5C%! 9'(/<*%"! ;1'! [0&+51D! 0*! '/20*! 5/-)+1-*.*! 9(/./!
'/.()+'!01%!)1%&/%!./!0+&+2*)+,-D!*(-_(/!%,01!%/*!91'_(/!8*<'C!5/-1%!)*%1%!_(/!0+&+2*'"!
\J! n&'1%! /-! )*5<+1! )'+&+)*-! 0*! &/%+%! ./! 0*! 9'/91-./'*-)+*! ./! 0*! 9'1<*<+0+.*.! 3!
4*>1'/)/-! (-*! '/20*! ./! '/%91-%*<+0+.*.! 9'191')+1-*0"! =(9,-2*%/! (-! )*%1! ./!
)1-)(''/-)+*! ./! )*(%*%! }=bRc$BB! HPNNUJD! 9"! SPS~D! /-! /0! _(/! 8*3! +J! (-*! +-4+-+.*.! ./!
9/_(/:1%! 9'1.()&1'/%! )(3*%! )(1&*%! ./! 5/')*.1! 3! 9'1<*<+0+.*.! +-.+>+.(*0! ./! )*(%*'!
.*:1%! %1-! 5(3! <*Q*%a! 3! ++J! (-! 2'*-! 9'1.()&1'! )1-! (-*! )(1&*! ./! 5/')*.1! ./! 5C%! ./0!
#Aã"!X*.1!(-!.*:1!+59(&*<0/!*!*02(-*%!./!0*%!/59'/%*%!./!0*!+-.(%&'+*!3!/-!*(%/-)+*!
./!9'(/<*!%1<'/!)(C0!./!/00*%!01!)*(%,D!0*!'/20*!&'*.+)+1-*0!00/>*'C!*!_(/!01%!9/_(/:1%!
9'1.()&1'/%!%/*-!+-4'*+-)/-&+>*.1%!*!*.19&*'!0*%!9'/)*()+1-/%!Q(%&*%D!9(/%!4C)+05/-&/!
/>*.+'C-! &1.*! '/%91-%*<+0+.*.D! .*.*%! 0*%! '/.()+.*%! 9'1<*<+0+.*./%! ./! 8*</'01%!
164
)*(%*.1!/4/)&+>*5/-&/"!$-!)*5<+1D!/0!9'1.()&1'!9'+-)+9*0!%/'C!%1<'/+-)/-&+>*.1D!9(/%D!
)151!*(&1'!./!5C%!./0!#Aã!./!01%!.*:1%!9'1<*<0/%D!-1!91.'C!/>+&*'!0*!)1-./-*!91'!0*!
&1&*0+.*."! ;1'! /%1D! =bRc$BB! 9'191-/! +591-/'! '/%91-%*<+0+.*.! /-! 9'191')+,-! *! 0*!
9'1<*<+0+.*.! ./! )*(%*)+,-! ./! )*.*! )(*0D! 91'! 9/_(/:*! _(/! '/%(0&/! H6(#J"-$ %E(#"$
)'(D')'-&J"!B*!&/%+%!*9(-&*!*!(-!+-)1->/-+/-&/!)0*'1!./!0*!'/20*!./!0*!9'/91-./'*-)+*!./!
0*! 9'1<*<+0+.*.K! .+%&1'%+1-*! 01%! +-)/-&+>1%! ./! _(+/-/%D! %*<+/-.1! _(/! /%! 5(3! 91)1!
9'1<*<0/! _(/! %(! )1591'&*5+/-&1! 2/-/'/! *02[-! .*:1D! 01! 00/>*-! *! )*<1!
%+%&/5C&+)*5/-&/D!/-!0*!%(91%+)+,-!./!_(/!-(-)*!%/'C-!)1-./-*.1%!H*%6D!/-!/0!/Q/5901!
./0! *9*'&*.1! *-&/'+1'! /0! ./5*-.*.1! -(-)*! %/'6*! )1-./-*.1D! 9(/%! 0*! 9'1<*<+0+.*.! ./!
_(/! %(! )1-.()&*! )*(%*'*! /0! .*:1! /%! %,01! ./0! Aw@"! B*! .1)&'+-*! %(/0/! '/4/'+'%/! *! /%&*!
)(/%&+,-!)1-!0*!/d9'/%+,-!#"9,##'4@$6'%%"%D!4*001%!'/9/&+.1%J"
?151!%/:*0*!\$Gm=bRbRE!HSAAAJ!0*%!91%+)+1-/%!RJ!3!\J!./0!./<*&/!'/40/Q*-!.1%!9(-&1%!
./! 9*'&+.*! .+%&+-&1%! /-! 5*&/'+*! ./! )*(%*0+.*.K! _(+/-/%! 4*>1'/)/-! 0*! 9'+5/'*! &/%+%!
9'+>+0/2+*-!(-*!9/'%9/)&+>*!"3$!*%-!./0!./'/)81!./!.*:1%!3!_(+/-/%!%1-!9*'&+.*'+1%!./!
0*!%/2(-.*!91-/-!/0!*)/-&1!/-!(-*!>+%+,-!"3$(4-"D!)/-&'*.*!/-!0*!+./*!./!9'/>/-)+,-!./!
.*:1%"!
?J! l-*! %6-&/%+%! 8*! %+.1! +-&/-&*.*! 91'! ;nERgD=g$IG! HPNNLJD! _(+/-/%! %/! 9'1-(-)+*-! 91'!
(-*!'/20*!./!'/%91-%*<+0+.*.!91'!+-)/'&/7*! ;)'(D')'-&$H*#$,49"#-('4-&:K!'/%91-./'C!91'!
(-! .*:1! )(3*! )*(%*! /%! +-)+/'&*! 0*! 9*'&/! _(/! 1'+2+-,! 1! &(>1! 0*! 5/Q1'! 191'&(-+.*.! ./!
/>+&*'!0*!+-)/'&/7*D!/001!00/>*'6*!*!0*%!9*'&/%!*!19&+5+7*'!%(%!+->/'%+1-/%!3!./%9/Q*'!"3$
(4-"! 0*! +-)/'&+.(5<'/D! ./! 41'5*! _(/! "3$ !*%-S$ 0*! *90+)*)+,-! ./! 0*%! '/20*%! 1'.+-*'+*%! ./!
'/%91-%*<+0+.*.D! 3*! %/! /-)*'2*'6*! ./! 2/-/'*'! 01%! +-)/-&+>1%! ,9&+51%! 9*'*! '/.()+'! /0!
.*:1!9'+5*'+1"!E/%91-./!*%6!_(+/-!/%&C!/-!5/Q1'!)1-.+)+,-!./!9'/)1-%&'(+'!0*!9'(/<*!
;9E"(!"%-$"0'7"49"$!#*0'7"#%Jr"
/
0;3;0;/S(+&<$(-/%.=)-&=&"+(<$.C/!#0)/&C-.5-))&3-"#)$./&(J&N.$%/5&6%-%/2L&/%&-)JL&572/};/];/
ÉÉÉÉ/V2:04W/
!
l-!)*%1!'/)+/-&/!./0!g'+<(-*0!=(9'/51!]/./'*0!./!01%!$%&*.1%!l-+.1%!+0(%&'*!/%&*%!&/-%+1-/%"!$-!
5(#*)'4"$0G$nG8GD!%/-&/-)+*!.+)&*.*!/0!SM!./!*<'+0!./!SAP@D!/0!g'+<(-*0!/d*5+-,!&*-&1!01%!065+&/%!./!
0*!+59(&*)+,-!+-.+>+.(*0!./!.*:1%!)151!01%!/d)/%1%!./!*90+)*)+,-!./!(-*!'/20*!./!%10+.*'+.*.!*!
(-!%(9(/%&1!./!'/%91-%*<+0+.*.!)+>+0!./'+>*.*!./!(-!./0+&1!./!&/-/-)+*!./!91'-12'*46*!+-4*-&+0"!
$-!/0!*%(-&1D!0*!)(/%&+,-!)1-%+%&6*!/-!./)+.+'!%+!;*'10+-/D!/0!./5*-.*.1!)1-./-*.1!9/-*05/-&/!
91'!0*!&/-/-)+*!./!.1%!41&12'*46*%!91'-12'C4+)*%!./!0*!>6)&+5*!)(*-.1!/'*!5/-1'!./!/.*.D!8*<6*!
./! %*&+%4*)/'0/! (-*! +-./5-+7*)+,-! 91'! &1.1%! 01%! .*:1%! %(4'+.1%! '/0*)+1-*.1%! )1-! .+)8*%!
+5C2/-/%! 9'1.()+.*%! 3! .+%&'+<(+.*%! 91'! 1&'1%! 3! /-! 91%/%+,-! ./! )/-&/-*'/%D! *)*%1! 5+00*'/%! ./!
9/'%1-*%!/-!&1.1!/0!5(-.1K!
!#0)/&C-.5-))&3-"#)$./&(J&N.$%/5&6%-%/2L&/%&-)JL&572/};/];/ÉÉÉÉ/V2:04W
^l=gI?$!s$GG$XZ!./0+>/'/.!&8/!19+-+1-!14!&8/!?1('&"
g8+%!)*%/!9'/%/-&%!&8/!_(/%&+1-!14!81i!&1!./&/'5+-/!&8/!*51(-&!14!'/%&+&(&+1-!*!91%%/%%1'!
14! )8+0.! 91'-12'*983! 5(%&! 9*3! &1! &8/! >+)&+5! i81%/! )8+0.811.! *<(%/! *99/*'%! +-! &8/!
165
91'-12'*98+)! 5*&/'+*0%! 91%%/%%/."! g8/! '/0/>*-&! %&*&(&1'3! 9'1>+%+1-%! *'/! %/&! 41'&8! *&!PU!
l"!="!?"!ëSS#N"!H|~
;/&+&+1-/'! X130/! E*-.*00! ;*'10+-/! 90/*./.! 2(+0&3! &1! %()8! *-! 144/-%/"! b/! *.5+&&/.! &1!
91%%/%%+-2! </&i//-! P#A! *-.! MAA! +5*2/%! 14! )8+0.! 91'-12'*983D! i8+)8! +-)0(./.! &i1! &8*&!
./9+)&/.! &8/! %/d(*0! /d901+&*&+1-! 14! *! 31(-2! 2+'0D! -1i! *! 31(-2! i15*-D! i81! 21/%! <3! &8/!
9%/(.1-35! qR53r! 41'! &8+%! 0+&+2*&+1-"! g8/! _(/%&+1-! +%! i8*&! )*(%*0! '/0*&+1-%8+9! 5(%&! </!
/%&*<0+%8/.! </&i//-! &8/! ./4/-.*-&w%! )1-.()&! *-.! *! >+)&+5w%! 01%%/%! 41'! 9('91%/%! 14!
./&/'5+-+-2!&8/!'+28&!&1D!*-.!&8/!*51(-&!14D!'/%&+&(&+1-!(-./'!ëSS#N"
I
H|J!x8/-!}&8/!'/%91-./-&!>+)&+5!+-!&8+%!)*%/~!i*%!/+28&!*-.!-+-/!3/*'%!10.D!%8/!i*%!%/d(*003!
*<(%/.! <3! 8/'! (-)0/! +-! 1'./'! &1! 9'1.()/! )8+0.! 91'-12'*983"! b/'! (-)0/! i*%! 9'1%/)(&/.D!
'/_(+'/.! &1! 9*3! *<1(&! öODAAA! +-! '/%&+&(&+1-D! *-.! %/-&/-)/.! &1! *! 0/-2&83! 9'+%1-! &/'5"! g8/!
>+)&+5!(-./'i/-&!*-!+-+&+*0!)1('%/!14!&8/'*93!</2+--+-2!+-!PNNU!*-.!)1-&+-(+-2!+-&1!PNNN"!
\3!&8/!/-.!14!&8+%!9/'+1.D!8/'!&8/'*9+%&w%!-1&/%!'/91'&/.!&8*&!%8/!i*%!qé<*)k!&1!-1'5*0wra!8/'!
+->10>/5/-&! +-! .*-)/! *-.! 1&8/'! *2/m*99'19'+*&/! *)&+>+&+/%D! *-.! &8/! %(991'&! 14! 8/'! 4*5+03D!
Q(%&+4+/.!*-!19&+5+%&+)!*%%/%%5/-&"!b/'!4(-)&+1-+-2!*99/*'/.!&1!./)0+-/!+-!8/'!&//-*2/!3/*'%D!
81i/>/'a! *-.! *! 5*Q1'! <01i! &1! 8/'! '/)1>/'3! )*5/! i8/-D! *&! &8/! *2/! 14! PLD! %8/! 0/*'-/.! &8*&!
+5*2/%!14!8/'!*<(%/!i/'/!</+-2!&'*44+)k/.!1-!&8/!I-&/'-/&"!g8/!.+2+&*0!+5*2/%!i/'/!*>*+0*<0/!
-*&+1-i+./! *-.! -1! .1(<&! i1'0.i+./"! g81(28! &8/! /d*)&! %)*0/! 14! &8/! &'*./! +-! 8/'! +5*2/%! +%!
(-k-1i-D! &8/! 91%%/%%1'%! &1! .*&/! /*%+03! -(5</'! +-! &8/! &81(%*-.%"! g8/! k-1i0/.2/! &8*&! 8/'!
+5*2/%!i/'/!)+')(0*&/.!4*'!*-.!i+./!'/-/i/.!&8/!>+)&+5w%!&'*(5*!*-.!5*./!+&!.+44+)(0&!41'!
8/'!&1!'/)1>/'!4'15!8/'!*<(%/"!H|J
;/&+&+1-/'!;*'10+-/!+%!1-/!14!&8/!+-.+>+.(*0%!i81!91%%/%%/.!&8+%!>+)&+5w%!+5*2/%"!I-!SAAND!8/!
90/*./.! 2(+0&3! +-! 4/./'*0! )1('&! &1! 1-/! )1(-&! 14! 91%%/%%+1-! 14! 5*&/'+*0! +->10>+-2! &8/! %/d(*0!
/d901+&*&+1-! 14! )8+0.'/-! +-! >+10*&+1-! 14!PU! l"!="!?"! ëSS#S"! ;*'10+-/! *.5+&&/.! &1! k-1i+-2!
91%%/%%+1-!14!</&i//-!P#A!*-.!MAA!+5*2/%!14!)8+0.!91'-12'*983D!&i1!14!i8+)8!./9+)&/.!&8/!
'/%91-./-&! >+)&+5"!!g8/! >+)&+5! %1(28&! '/%&+&(&+1-! (-./'! ëSS#ND! *%k+-2! 41'! )01%/! &1! öM"@!
5+00+1-D! )1-%+%&+-2! 14! -/*'03! öM! 5+00+1-! +-! 01%&! +-)15/! *-.! *<1(&! ö#AADAAA+-! 4(&('/!
&'/*&5/-&!*-.!)1(-%/0+-2!)1%&%"!=8/!*0%1!%1(28&!*&&1'-/3w%!4//%!*-.!)1%&%"!
R4&/'! <'+/4+-2! *-.! 8/*'+-2%D! &8/! X+%&'+)&! ?1('&! ./)0+-/.! &1! *i*'.! '/%&+&(&+1-"! g8/! X+%&'+)&!
?1('&! 1<%/'>/.! &8*&! q/>/'31-/! +->10>/.! i+&8! )8+0.! 91'-12'*983! m4'15! &8/! *<(%/'%! *-.!
9'1.()/'%! &1! &8/! /-.m(%/'%! *-.! 91%%/%%1'%m! )1-&'+<(&/}%~! &1! }&8/! >+)&+5w%~! 1-21+-2!
8*'5"r!!\(&!+&!)1-)0(./.!&8*&!&8/!F1>/'-5/-&!8*.!&8/!<('./-!14!9'1>+-2!&8/!*51(-&!14!&8/!
>+)&+5w%! 01%%/%! q.+'/)&03! 9'1.()/.! <3! ;*'10+-/! &8*&! i1(0.! -1&! 8*>/! 1))(''/.! i+&81(&! 8+%!
91%%/%%+1-! 14! 8/'! +5*2/%"r!g8/! X+%&'+)&! ?1('&! 41(-.! &8*&D! (-./'! &8+%! %&*-.*'.D! &8/!
F1>/'-5/-&!8*.!4*+0/.!&1!5//&!+&%!<('./-!14!9'1>+-2!i8*&!01%%/%D!+4!*-3D!i/'/!9'1d+5*&/03!
)*(%/.!<3!;*'10+-/w%!144/-%/"!I&!&8(%!8/0.!&8*&!q*-!*i*'.!14!'/%&+&(&+1-!+%!-1&!*99'19'+*&/!+-!
&8+%!)*%/"r!
g8/! >+)&+5! %1(28&! *! i'+&! 14! 5*-.*5(%D! *%k+-2! &8/! l-+&/.! =&*&/%! ?1('&! 14! R99/*0%! 41'! &8/!
]+4&8! ?+')(+&! &1! .+'/)&! &8/! X+%&'+)&! ?1('&! &1! 1'./'! ;*'10+-/! &1! 9*3! '/%&+&(&+1-! +-! &8/! *51(-&!
'/_(/%&/."!;|:$ g8/! ]+4&8! ?+')(+&! '/8/*'.! &8/! )*%/! /-! <*-)! }|*-.~! 8/0.! &8*&! ëSS#N! .+.! -1&!
0+5+&! '/%&+&(&+1-! &1! 01%%/%! 9'1d+5*&/03! )*(%/.! <3! &8/! ./4/-.*-&D! *-.! /*)8! ./4/-.*-&! i81!
166
91%%/%%/.!&8/!>+)&+5w%!+5*2/%!%81(0.!</!5*./!0+*<0/!41'!&8/!>+)&+5w%!/-&+'/!01%%/%!4'15!&8/!
&'*./!+-!8/'!+5*2/%D!/>/-!&81(28!1&8/'!144/-./'%!90*3/.!*!'10/!+-!)*(%+-2!&81%/!01%%/%"
;*'10+-/! %1(28&! '/>+/i! 8/'/"! H|J"! ]1'! &8/! '/*%1-%! %/&! 41'&8D! &8/! ./)+%+1-! 14! &8/! ?1('&! 14!
R99/*0%!+%!>*)*&/."
II
g+&0/!PU! l"!="!?"! ëSS#NH*J!9'1>+./%! &8*&! *! .+%&'+)&! )1('&! q%8*00! 1'./'! '/%&+&(&+1-! 41'! *-3!
144/-%/r! (-./'! ?8*9&/'! PPA! 14! g+&0/! PUD! i8+)8! )1>/'%! *! -(5</'! 14! 144/-%/%! +->10>+-2! &8/!
%/d(*0!/d901+&*&+1-!14!)8+0.'/-!*-.!)8+0.!91'-12'*983!+-!9*'&+)(0*'"!;*'10+-/!i*%!)1->+)&/.!
14!k-1i+-203!91%%/%%+-2!)8+0.!91'-12'*983!(-./'!ëSS#SD!*!?8*9&/'!PPA!144/-%/"
=/)&+1-! SS#N! %&*&/%! *! <'1*.! '/%&+&(&+1-*'3! 9('91%/K! I&! '/_(+'/%! .+%&'+)&! )1('&%! &1! 1'./'!
./4/-.*-&%!q&1!9*3!&8/!>+)&+5!H"""J!&8/!4(00!*51(-&!14!&8/!>+)&+5w%!01%%/%!*%!./&/'5+-/.!<3!&8/!
)1('&Dr! ëSS#NH<JHPJD! *-.! /d9'/%%03! %&*&/%! &8*&! q}&~8/! +%%(*-)/! 14! *! '/%&+&(&+1-! 1'./'! (-./'!
&8+%!%/)&+1-!+%!5*-.*&1'3Dr!ëSS#NH<JH@JHRJ"!H|J!q}&~8/!<('./-!14!./51-%&'*&+-2!&8/!*51(-&!
14! &8/! 01%%! %(%&*+-/.! <3! *! >+)&+5! *%! *! '/%(0&! 14! &8/! 144/-%/! %8*00! </! 1-! &8/! *&&1'-/3! 41'! &8/!
F1>/'-5/-&Dr!ëMOO@H/J"
g8/! &8'/%810.! _(/%&+1-! &8/! ?1('&! 4*)/%! +%! i8/&8/'! ëSS#N! 0+5+&%! '/%&+&(&+1-! &1! &81%/! 01%%/%!
9'1d+5*&/03! )*(%/.! <3! &8/! ./4/-.*-&w%! 144/-%/! )1-.()&"! g8/! ]+4&8! ?+')(+&! 8/0.! &8*&! +&! .1/%!
-1&D!)1-&'*'3!&1!&8/!810.+-2%!14!1&8/'!?1('&%!14!R99/*0%!&1!8*>/!*..'/%%/.!&8/!_(/%&+1-"!H"""J!
R%! *! 2/-/'*0! 5*&&/'D! &1! %*3! 1-/! />/-&! 9'1d+5*&/03! )*(%/.! *-1&8/'! +%! *! i*3! 14! 5*k+-2! &i1!
%/9*'*&/! <(&! '/0*&/.! *%%/'&+1-%"! ]+'%&D! +&! 5/*-%! &8/! 41'5/'! />/-&! )*(%/.! &8/! 0*&&/'"! g8+%! +%!
k-1i-!*%!*)&(*0!)*(%/!1'!)*(%/!+-!4*)&"!H"""J!$>/'3!/>/-&!8*%!5*-3!)*(%/%D!81i/>/'D!*-.!1-03!
%15/! 14! &8/5! *'/! 9'1d+5*&/D! *%! &8/! 0*i! (%/%! &8*&! &/'5"! =1! &1! %*3! &8*&! 1-/! />/-&! i*%! *!
9'1d+5*&/!)*(%/!14!*-1&8/'!5/*-%!&8*&!+&!i*%!-1&!Q(%&!*-3!)*(%/D!<(&!1-/!i+&8!*!%(44+)+/-&!
)1--/)&+1-!&1!&8/!'/%(0&"!g8/!+./*!14!9'1d+5*&/!)*(%/D!*%!.+%&+-)&!4'15!*)&(*0!)*(%/!1'!)*(%/!
+-! 4*)&D! ./4+/%! /*%3! %(55*'3"! H"""J! g8/! )1-)/9&! 14! 9'1d+5*&/! )*(%*&+1-! +%! *990+)*<0/! +-! <1&8!
)'+5+-*0!*-.!&1'&!0*iD!*-.!&8/!*-*03%+%!+%!9*'*00/0!+-!5*-3!+-%&*-)/%"!H"""J!
R00! 9*'&+/%! *2'//! ëSS#N! +591%/%! %15/! )*(%*&+1-! '/_(+'/5/-&"! H"""J! E/*.+-2! &8/! %&*&(&/! &1!
+591%/!*!2/-/'*0!9'1d+5*&/m)*(%/!0+5+&*&+1-!*))1'.%!i+&8!)1551-!%/-%/"!R%!-1&/.!*<1>/D!
9'1d+5*&/!)*(%/!41'/)01%/%!0+*<+0+&3!+-!%+&(*&+1-%!i8/'/!&8/!)*(%*0!0+-k!</&i//-!)1-.()&!*-.!
'/%(0&!+%!%1!*&&/-(*&/.!&8*&!&8/!%1m)*00/.!)1-%/_(/-)/!+%!51'/!*k+-!&1!5/'/!41'&(+&3"!H"""J
III
g8/'/!'/5*+-%!&8/!.+44+)(0&!_(/%&+1-!14!81i!&1!*9903!&8/!%&*&(&/w%!)*(%*&+1-!'/_(+'/5/-&%!+-!
&8+%! )*%/"! g8/! 9'1<0/5! %&/5%! 4'15! &8/! %15/i8*&! *&39+)*0! )*(%*0! 9'1)/%%! (-./'03+-2! &8/!
01%%/%! &8/! >+)&+5! )0*+5%! 8/'/"! I&! +%! 9/'8*9%! %+590/! /-1(28! 41'! &8/! >+)&+5! &1! 9'1>/! &8/!
*22'/2*&/! 01%%/%D! +-)0(.+-2! &8/! )1%&%! 14! 9%3)8+*&'+)! &'/*&5/-&! *-.! 01%&! +-)15/D! &8*&! %&/5!
4'15! &8/! 1-21+-2! &'*44+)! +-! 8/'! +5*2/%! *%! *! i810/"! H"""Jg8/%/! 01%%/%! 5*3! </! )*00/.D! 41'!
)1->/-+/-)/w%! %*k/D! *! >+)&+5w%! q2/-/'*0! 01%%/%"r! g8/! .+44+)(0&3! +%! +-! ./&/'5+-+-2! &8/! q4(00!
*51(-&r!14!&81%/!2/-/'*0!01%%/%D!+4!*-3D!&8*&!*'/!&8/!9'1d+5*&/!'/%(0&!14!&8/!144/-%/!)1-.()&!
167
14!*!9*'&+)(0*'!./4/-.*-&!i81!+%!1-/!14!&81(%*-.%!i81!8*>/!91%%/%%/.!*-.!i+00!+-!&8/!4(&('/!
91%%/%%!&8/!>+)&+5w%!+5*2/%!<(&!i81!8*%!-1!1&8/'!)1--/)&+1-!&1!&8/!>+)&+5"
I-!./&/'5+-+-2!&8/!*51(-&!14!2/-/'*0!01%%/%!*!./4/-.*-&!5(%&!9*3!(-./'!ëSS#N!&8/!(0&+5*&/!
_(/%&+1-! +%! 81i! 5()8! 14! &8/%/! 01%%/%! i/'/! &8/! q9'1d+5*&/! '/%(0&Dr! 14! &8*&! +-.+>+.(*0w%!
144/-%/"!\(&!&8/!51%&!.+44+)(0&!*%9/)&!14!&8+%!+-_(+'3!)1-)/'-%!&8/!&8'/%810.!'/_(+'/5/-&!14!
)*(%*&+1-!+-!4*)&"!g1!</!%('/D!&8/!'/_(+'/5/-&!14!9'1d+5*&/!)*(%*&+1-D!*%!.+%&+-)&!4'15!5/'/!
)*(%*&+1-! +-! 4*)&D! i1(0.! 9'/>/-&! 810.+-2! *-3! 91%%/%%1'! 0+*<0/! 41'! 01%%/%! )*(%/.! +-! 1-03! *!
'/51&/!%/-%/"!\(&!&8/!>+)&+5w%!)1%&%!14!&'/*&5/-&!*-.!01%&!+-)15/!'/%(0&+-2!4'15!&8/!&'*(5*!
14! k-1i+-2! &8*&! +5*2/%! 14! 8/'! *<(%/! *'/! </+-2! >+/i/.! 1>/'! *-.! 1>/'! *'/! .+'/)&! *-.!
41'/%//*<0/! '/%(0&%! 14! )8+0.m91'-12'*983! )'+5/%D! +-)0(.+-2! 91%%/%%+1-D! *%%(5+-2! &8/!
9'/'/_(+%+&/! 14! 4*)&(*0! )*(%*&+1-! +%! %*&+%4+/."! g8/! 9'+5*'3! 9'1<0/5D! &8/-D! +%! &8/! 9'19/'!
%&*-.*'.!14!)*(%*&+1-!+-!4*)&"
R
g8/!&'*.+&+1-*0!i*3!&1!9'1>/!&8*&!1-/!/>/-&!i*%!*!4*)&(*0!)*(%/!14!*-1&8/'!+%!&1!%81i!&8*&!
&8/!0*&&/'!i1(0.!-1&!8*>/!1))(''/.!q<(&!41'r!&8/!41'5/'"!g8+%!*99'1*)8!+%!*!4*5+0+*'!9*'&!14!
1('!0/2*0!&'*.+&+1-D!*-.!-1!9*'&3!.+%9(&/%!&8*&!*!%81i+-2!14!<(&m41'!)*(%*&+1-!i1(0.!%*&+%43!
ëSS#Nw%! 4*)&(*0m)*(%*&+1-! '/_(+'/5/-&"! =15/&+5/%! &8*&! %81i+-2! )1(0.! </! 5*./! i+&8! 0+&&0/!
.+44+)(0&3"!]1'!/d*590/D!<(&m41'!)*(%*&+1-!)1(0.!</!%81i-!i+&8!/*%/!+-!5*-3!)*%/%!+->10>+-2!
9'1.()/'%!14!)8+0.!91'-12'*983D!%//!ëSS#PH*Ja!9*'/-&%!i81!9/'5+&!&8/+'!)8+0.'/-!&1!</!(%/.!
41'! )8+0.m91'-12'*983! 9'1.()&+1-D! %//! ëSS#PH<Ja! +-.+>+.(*0%! i81! %/00! )8+0.'/-! 41'! %()8!
9('91%/%D! %//! ëSS#PRa! 1'! &8/! +-+&+*0! .+%&'+<(&1'! 14! &8/! 91'-12'*98+)! +5*2/%! 14! *! )8+0.D! %//!
ëSS#S"
I-! &8+%! )*%/D! 81i/>/'D! *! %81i+-2! 14! <(&m41'! )*(%*&+1-! )*--1&! </! 5*./"! g8/! X+%&'+)&! ?1('&!
41(-.! &8*&! &8/! F1>/'-5/-&! 4*+0/.! &1! 9'1>/! %9/)+4+)! 01%%/%! )*(%/.! <3! ;*'10+-/! +-! *! <(&m41'!
%/-%/! *-.! '/)12-+7/.! &8*&! +&! i1(0.! </! q+-)'/.+<03! .+44+)(0&r! &1! .1! %1! +-! *! )*%/! 0+k/! &8+%"!
H"""J]'15! &8/! >+)&+5w%! 9/'%9/)&+>/D! ;*'10+-/! i*%! Q(%&! 1-/! 14! &81(%*-.%! 14! *-1-351(%!
91%%/%%1'%"! g1! </! %('/D! &8/! >+)&+5w%! 9'/)+%/! ./2'//! 14! &'*(5*! 0+k/03! </*'%! *! '/0*&+1-! &1! &8/!
&1&*0! -(5</'! 14! 144/-./'%a! +&! i1(0.! 9'1<*<03! </! 0/%%! +4! 1-03! PA! '*&8/'! &8*-! &81(%*-.%! 8*.!
%//-!8/'!+5*2/%"!\(&!+&!+%!-1&!91%%+<0/!&1!9'1>/!&8*&!8/'!01%%/%!i1(0.! </!0/%%!H*-.!<3!81i!
5()8J! <(&! 41'! 1-/! 91%%/%%1'w%! +-.+>+.(*0! '10/! +-! &8/! 0*'2/D! 011%/03! )1--/)&/.! -/&i1'k!
&8'1(28!i8+)8!8/'!+5*2/%!)+')(0*&/"!$>/-!i+&81(&!;*'10+-/w%!144/-%/D!&81(%*-.%!i1(0.!8*>/!
>+/i/.! *-.! i1(0.! +-! &8/! 4(&('/! >+/i! &8/! >+)&+5w%! +5*2/%D! %1! +&! )*--1&! </! %81i-! &8*&! 8/'!
&'*(5*!*-.!*&&/-.*-&!01%%/%!i1(0.!8*>/!<//-!*-3!.+44/'/-&!<(&!41'!;*'10+-/w%!144/-%/"!g8*&!
+%!/%9/)+*003!%1!2+>/-!&8/!9*'&+/%w!%&+9(0*&+1-!&8*&!&8/!>+)&+5!8*.!-1!k-1i0/.2/!14!;*'10+-/"
E/)12-+7+-2! &8*&! 01%%/%! )*--1&! </! %(<%&*-&+*&/.! (-./'! *! <(&m41'! *99'1*)8! i8/'/! &8/!
./4/-.*-&! +%! *-! *-1-351(%! 91%%/%%1'! 14! +5*2/%! +-! i+./! )+')(0*&+1-! 1-! &8/! I-&/'-/&D! &8/!
>+)&+5! *-.! &8/! F1>/'-5/-&! ('2/! &8/! ?1('&! &1! '/*.! ëSS#N! &1! '/_(+'/! *! 0/%%! '/%&'+)&+>/!
)*(%*&+1-!%&*-.*'.D!*&!0/*%&!+-!&8+%!*-.!%+5+0*'!)8+0.m91'-12'*983!)*%/%"!g8/3!*'/!)1''/)&!&1!
-1&/! &8*&! )1('&%! 8*>/! ./9*'&/.! 4'15! &8/! <(&m41'! %&*-.*'.! i8/'/! )+')(5%&*-)/%! i*''*-&D!
/%9/)+*003!i8/'/!&8/!)15<+-/.!)1-.()&!14!5(0&+90/!i'1-2.1/'%!9'1.()/%!*!<*.!1(&)15/"!
g8/! >+)&+5! *-.! &8/! F1>/'-5/-&! 011k! &1! &8/! 0+&/'*&('/! 1-! )'+5+-*0! *-.! &1'&! 0*i! 41'!
*0&/'-*&+>/%! &1! &8/! <(&m41'! &/%&"! g8/! ?1('&! 8*%! -1&/.! &8*&! &8/! q51%&! )1551-r! /d)/9&+1-! &1!
168
&8/! <(&m41'! )*(%*&+1-! '/_(+'/5/-&! +%! *990+/.! i8/'/! q5(0&+90/! %(44+)+/-&! )*(%/%!
+-./9/-./-&03! "!"!"! 9'1.()/! *! '/%(0&r"!! g8+%! /d)/9&+1-! +%! *-! +00! 4+&! 8/'/D! *%! *00! 9*'&+/%! %//5! &1!
'/)12-+7/"! ;*'10+-/w%! 91%%/%%+1-! 14! &i1! +5*2/%! 14! &8/! >+)&+5! i*%! %('/03! -1&! %(44+)+/-&! &1!
)*(%/!8/'!/-&+'/!01%%/%!4'15!&8/!1-21+-2!&'*./!+-!8/'!+5*2/%"!H"""J
l-./'%&*-.*<03D! &8/! >+)&+5! *-.! &8/! F1>/'-5/-&! &8(%! )1-)/-&'*&/! 1-! *! 8*-.4(0! 14! 0/%%!
./5*-.+-2! )*(%*&+1-! &/%&%! /-.1'%/.! <3! *(&81'+&+/%! 1-! &1'&! 0*i"! n-/! 9'15+-/-&! &'/*&+%/!
%(22/%&%!&8*&!q}i~8/-!&8/!)1-.()&!14!&i1!1'!51'/!*)&1'%!+%!%1!'/0*&/.!&1!*-!/>/-&!&8*&!&8/+'!
)15<+-/.!)1-.()&D!>+/i/.!*%!*!i810/D!+%!*!<(&m41'!)*(%/!14!&8/!/>/-&D!*-.!*990+)*&+1-!14!&8/!
<(&m41'!'(0/!&1!&8/5!+-.+>+.(*003!i1(0.!*<%10>/!*00!14!&8/5D!&8/!)1-.()&!14!/*)8!+%!*!)*(%/!+-!
4*)&! 14! &8/! />/-&"r! ;'1%%/'! *-.! s//&1-! ë@PD! *&! SOU"! g8/! E/%&*&/5/-&! *.19&%! *! %+5+0*'!
/d)/9&+1-!41'!q}5~(0&+90/!%(44+)+/-&!)*(%*0!%/&%"r!P!E/%&*&/5/-&!ëSLD!?155/-&!HD!*&!MUAyMUP"!
g8+%! +%! i8/'/! *! i'1-2.1/'w%! )1-.()&D! &81(28! *01-/! q+-%(44+)+/-&! "!"!"! &1! )*(%/! &8/! 90*+-&+44w%!
8*'5Dr!+%D!qi8/-!)15<+-/.!i+&8!)1-.()&!<3!1&8/'!9/'%1-%Dr!q51'/!&8*-!%(44+)+/-&!&1!)*(%/!
&8/! 8*'5"r!AD'7"! g8/! E/%&*&/5/-&! 144/'%! *%! *-! /d*590/! *! )*%/! +-! i8+)8! &8'//! 9/190/!
+-./9/-./-&03!<(&!%+5(0&*-/1(%03!0/*-!1-!*!)*'D!)'/*&+-2!/-1(28!)15<+-/.!41')/!&1!'100!+&!144!
*!)0+44"!AD'7G!$>/-!+4!/*)8!/d/'&/.!&11!0+&&0/!41')/!&1!51>/!&8/!)*'D!*-.!&8/!41')/!/d/'&/.!<3!*-3!
&i1! i*%! %(44+)+/-&! &1! &8/! 51>/! &8/! )*'D! /*)8! +-.+>+.(*0! +%! *! 4*)&(*0! )*(%/! 14! &8/! )*'w%!
./%&'()&+1-"!AD'7G$g8/!F1>/'-5/-&!*'2(/%!&8*&!&8/%/!*(&81'+&+/%!q9'1>+./!*590/!%(991'&!41'!
*-!é*22'/2*&/w!)*(%*&+1-!&8/1'3Dr!*-.!&8*&!%()8!*!&8/1'3!i1(0.!</%&!/44/)&(*&/!)1-2'/%%+1-*0!
+-&/-&!+-!)*%/%!0+k/!&8+%"!g8/!>+)&+5!%*3%!5()8!&8/!%*5/"!
g8/%/! *0&/'-*&+>/! )*(%*0! &/%&%! *'/! *! k+-.! 14! 0/2*0! 4+)&+1-! 1'! )1-%&'()&"! I4! &8/! )1-.()&! 14! *!
i'1-2.1/'!+%!-/+&8/'!-/)/%%*'3!-1'!%(44+)+/-&!&1!9'1.()/!*-!1(&)15/D!&8*&!)1-.()&!)*--1&!
+-! *! %&'+)&! %/-%/! </! %*+.! &1! 8*>/! )*(%/.! &8/! 1(&)15/"! G1-/&8/0/%%D! &1'&! 0*i! &/*)8/%! &8*&!
*0&/'-*&+>/!*-.!0/%%!./5*-.+-2!)*(%*0!%&*-.*'.%!*'/!-/)/%%*'3!+-!)/'&*+-!)+')(5%&*-)/%!&1!
>+-.+)*&/!&8/!0*iw%!9('91%/%"!I&!i1(0.!</!*-15*01(%!&1!&('-!*i*3!*!9/'%1-!8*'5/.!<3!&8/!
)15<+-/.!*)&%!14!5*-3!i'1-2.1/'%!%+5903!</)*(%/!-1-/!14!&81%/!i'1-2.1/'%!*01-/!)*(%/.!
&8/! 8*'5"! R-.! +&! i1(0.! </! -1-%/-%+)*0! &1! *.19&! *! '(0/! i8/'/<3! +-.+>+.(*0%! 8('&! <3! &8/!
)15<+-/.! i'1-24(0! *)&%! 14! 5*-3! H*-.! &8(%! +-! 5*-3! +-%&*-)/%! 8('&! 51'/! <*.03! &8*-!
1&8/'i+%/J!i1(0.!8*>/!-1!'/.'/%%D!i8/'/*%!+-.+>+.(*0%!8('&!<3!&8/!*)&%!14!1-/!9/'%1-!*01-/!
i1(0.!8*>/!*!'/5/.3"!g81%/!*'/!&8/!9'+-)+90/%!&8*&!(-./'0+/!&8/!>*'+1(%!*22'/2*&/!)*(%*&+1-!
&/%&%!&8/!>+)&+5!*-.!&8/!F1>/'-5/-&!)+&/D!*-.!&8/3!*'/!%1(-.!9'+-)+90/%"
g8/%/! *0&/'-*&+>/! )*(%*0! %&*-.*'.%D! &81(28! %*0(&*'3! i8/-! *990+/.! +-! *! Q(.+)+1(%! 5*--/'D!
*0%1!)*-!</!&*k/-!&11!4*'"!g8*&!+%!+00(%&'*&/.!<3!&8/!>+)&+5w%!%(22/%&/.!*99'1*)8!&1!*9903+-2!
ëSS#N!+-!)*%/%!0+k/!&8+%"!g8/!>+)&+5!%*3%!&8*&!(-./'!&8/!%&'+)&!012+)!14!&8/%/!*0&/'-*&+>/!)*(%*0!
&/%&%D!/*)8!91%%/%%1'!14!8/'!+5*2/%!+%!*!9*'&!14!*!)*(%*0!%/&!%(44+)+/-&!&1!9'1.()/!8/'!1-21+-2!
&'*(5*D!%1!/*)8!91%%/%%1'!%81(0.!</!&'/*&/.!*%!*!)*(%/!+-!4*)&!14!*00!&8/!&'*(5*!*-.!*00!&8/!
*&&/-.*-&!01%%/%!+-)(''/.!*%!*!'/%(0&!14!&8/!/-&+'/!1-21+-2!&'*44+)!+-!8/'!+5*2/%"!H"""J
g8/! %&'+k+-2! 1(&)15/! 14! &8+%! '/*%1-+-2! m&8*&! /*)8! 91%%/%%1'! 14! &8/! >+)&+5w%! +5*2/%! i1(0.!
</*'! &8/! )1-%/_(/-)/%! 14! &8/! *)&%! 14! &8/! 5*-3! &81(%*-.%! i81! 91%%/%%/.! &81%/! +5*2/%m!
+00(%&'*&/%! i83! &8/! ?1('&! 8*%! <//-! '/0()&*-&! &1! *.19&! *22'/2*&/! )*(%*&+1-! 012+)! +-! *-!
+-)*(&+1(%! 5*--/'D! /%9/)+*003! +-! +-&/'9'/&+-2! )'+5+-*0! %&*&(&/%! i8/'/! &8/'/! +%! -1! 0*-2(*2/!
/d9'/%%03!%(22/%&+-2!?1-2'/%%!+-&/-./.!&8*&!*99'1*)8!H"""J"!
169
?1-&'*'3! &1! &8/! >+)&+5w%! %(22/%&+1-D! &8+%! +%! -1&! *k+-! &1! *! )*%/! +-! i8+)8! *! q2*-2! 14! '(44+*-%r!
)100/)&+>/03!</*&%!*!9/'%1-D!1'!+-!i8+)8!*!i15*-!+%!q2*-2!'*9/.!<3!4+>/!5/-!1-!1-/!-+28&!1'!
<3!4+>/!5/-!1-!4+>/!%/_(/-&+*0!-+28&%"r!]+'%&D!&8+%!)*%/!.1/%!-1&!+->10>/!*!%/&!14!i'1-2.1/'%!
*)&+-2! +-! )1-)/'&D! 41'! ;*'10+-/! 8*.! -1! )1-&*)&! i+&8! &8/! 1>/'i8/05+-2! 5*Q1'+&3! 14! &8/!
144/-./'%! 41'! i81%/! *)&+1-%! &8/! >+)&+5! i1(0.! 810.! 8+5! *))1(-&*<0/"! =/)1-.D! *.19&+-2! &8/!
>+)&+5w%! *99'1*)8! i1(0.! 5*k/! *-! +-.+>+.(*0! 91%%/%%1'! 0+*<0/! 41'! &8/! )15<+-/.!
)1-%/_(/-)/%! 14! &8/! *)&%! 14! -1&! Q(%&! SD! #D! 1'! />/-! PAA! +-./9/-./-&03! *)&+-2! 144/-./'%a! <(&!
+-%&/*.D!*!-(5</'!&8*&!5*3!'/*)8!+-&1!&8/!&/-%!14!&81(%*-.%"!
I&!+%!(-)0/*'!i8/&8/'!+&!)1(0.!/>/'!</!%/-%+<0/!&1!/5<'*)/!&8/!4+)&+1-!&8*&!&8+%!>+)&+5w%!/-&+'/!
01%%/%! i/'/! &8/! q9'1d+5*&/! '/%(0&Dr! ëSS#NH<JHMJH]JD! 14! *! %+-20/! 91%%/%%1'w%! 144/-%/"!
;*'10+-/w%!)1-&'+<(&+1-!&1!&8/!)*(%*0!9'1)/%%!(-./'03+-2!&8/!>+)&+5w%!01%%/%!i*%!>/'3!5+-1'D!
<1&8! )159*'/.! &1! &8/! )15<+-/.! *)&%! 14! *00! 1&8/'! '/0/>*-&! 144/-./'%D! *-.! +-! )159*'+%1-! &1!
&8/! )1-&'+<(&+1-%! 14! 1&8/'! +-.+>+.(*0! 144/-./'%D! 9*'&+)(0*'03! .+%&'+<(&1'%! Hi81! 5*3! 8*>/!
)*(%/.! 8(-.'/.%! 1'! &81(%*-.%! 14! 4('&8/'! >+/i+-2%J! *-.! &8/! +-+&+*0! 9'1.()/'! 14! &8/! )8+0.!
91'-12'*983"!H"""J?1-2'/%%!2*>/!-1!+-.+)*&+1-!&8*&!+&!+-&/-./.!+&%!%&*&(&/!&1!</!*990+/.!+-!&8/!
/d9*-%+>/! 5*--/'! &8/! >+)&+5! %(22/%&%D! *! 5*--/'! )1-&'*'3! &1! &8/! </.'1)k! 9'+-)+90/! &8*&!
'/%&+&(&+1-!%81(0.!'/40/)&!&8/!)1-%/_(/-)/%!14!&8/!./4/-.*-&w%!1i-!)1-.()&!-1&!&8/!)1-.()&!
14!&81(%*-.%!14!2/12'*98+)*003!*-.!&/591'*003!.+%&*-&!144/-./'%!*)&+-2!+-./9/-./-&03D!*-.!
i+&8!i815!&8/!./4/-.*-&!8*.!-1!)1-&*)&"
g8/!>+)&+5!*'2(/%!&8*&!810.+-2!/*)8!91%%/%%1'!0+*<0/!41'!8/'!/-&+'/!01%%/%!i1(0.!</!4*+'!*-.!
9'*)&+)*0D!+-!9*'&!</)*(%/!144/-./'%!5*3!%//k!)1-&'+<(&+1-!4'15!1-/!*-1&8/'"!I4!&8*&!i/'/!%1D!
+&! 5+28&! 5+&+2*&/! &1! %15/! ./2'//! &8/! )1-)/'-%! 8/'! *99'1*)8! 9'/%/-&%"! \(&! &8/'/! +%! %)*-&!
*(&81'+&3! 41'! 8/'! )1-&/-&+1-! &8*&! 144/-./'%! )1->+)&/.! +-! .+44/'/-&! 9'1)//.+-2%! +-! .+44/'/-&!
Q('+%.+)&+1-%!*-.!1'./'/.!&1!9*3!'/%&+&(&+1-!&1!&8/!%*5/!>+)&+5!5*3!%//k!)1-&'+<(&+1-!4'15!
1-/!*-1&8/'"!g8/'/!+%!-1!2/-/'*0!4/./'*0!'+28&!&1!)1-&'+<(&+1-"!H"""J!
g8/!'/*0+&3!+%!&8*&!&8/!>+)&+5w%!%(22/%&/.!*99'1*)8!i1(0.!*51(-&!&1!810.+-2!/*)8!91%%/%%1'!
14!8/'!+5*2/%!0+*<0/!41'!&8/!)1-.()&!14!&81(%*-.%!14!1&8/'!+-./9/-./-&03!*)&+-2!91%%/%%1'%!
*-.!.+%&'+<(&1'%D!i+&8!-1!0/2*0!1'!9'*)&+)*0!*>/-(/!41'!%//k+-2!)1-&'+<(&+1-"!g8*&!*99'1*)8!+%!
%1! %/>/'/! +&! 5+28&! '*+%/! _(/%&+1-%! (-./'! &8/! $d)/%%+>/! ]+-/%! ?0*(%/! 14! &8/!$+28&8!
R5/-.5/-&"! H|J! }g~8/'/! +%! *! '/*0! _(/%&+1-! i8/&8/'! 810.+-2! *! %+-20/! 91%%/%%1'! 0+*<0/! 41'!
5+00+1-%!14!.100*'%!+-!01%%/%!)100/)&+>/03!)*(%/.!<3!&81(%*-.%!14!+-./9/-./-&!*)&1'%!5+28&!</!
/d)/%%+>/!*-.!.+%9'191'&+1-*&/!+-!&8/%/!)+')(5%&*-)/%"!g8/%/!)1-)/'-%!144/'!4('&8/'!'/*%1-!
-1&!&1!+-&/'9'/&!&8/!%&*&(&/!&8/!i*3!&8/!>+)&+5!%(22/%&%"
\
g8/! )1-&/-&+1-! &8*&! &8/! >+)&+5w%! /-&+'/! 01%%/%! 4'15! &8/! 1-21+-2! &'*./! +-! 8/'! +5*2/%! i/'/!
q%(44/'/.! H"""J! *%! *! 9'1d+5*&/! '/%(0&r! 14! ;*'10+-/w%! 144/-%/! 41'! 9('91%/%! 14! ëSS#N! 5(%&! </!
'/Q/)&/."!\(&!&8*&!.1/%!-1&!5/*-!&8/!<'1*./'!9'+-)+90/%!(-./'03+-2!&8/!*22'/2*&/!)*(%*&+1-!
&8/1'+/%! &8/! F1>/'-5/-&! *-.! &8/! >+)&+5! )+&/! *'/! +''/0/>*-&! &1! ./&/'5+-+-2! &8/! 9'19/'!
1(&)15/!+-!)*%/%!0+k/!&8+%"!g8/!)*(%/!14!&8/!>+)&+5w%!2/-/'*0!01%%/%!+%!&8/!&'*./!+-!8/'!+5*2/%"!
R-.!;*'10+-/!+%!*!9*'&!14!&8*&!)*(%/D!41'!8/!+%!1-/!14!&81%/!i81!>+/i/.!8/'!+5*2/%"!x8+0/!+&!+%!
-1&! 91%%+<0/! &1! +./-&+43! *! .+%)'/&/D! '/*.+03! ./4+-*<0/! +-)'/5/-&*0! 01%%! 8/! )*(%/.D! +&! +%!
+-.+%9(&*<0/!&8*&!8/!i*%!*!9*'&!14!&8/!1>/'*00!98/-15/-1-!&8*&!)*(%/.!8/'!2/-/'*0!01%%/%"!
^(%&! *%! +&! (-./'5+-/%! &8/! 9('91%/%! 14! &1'&! 0*i! &1! &('-! *i*3! 90*+-&+44%! 8*'5/.! <3! %/>/'*0!
170
i'1-2.1/'%D! +&! i1(0.! (-./'5+-/! &8/! '/5/.+*0! *-.! 9/-1012+)*0! 9('91%/%! 14! ëSS#N! &1! &('-!
*i*3!>+)&+5%!+-!)*%/%!0+k/!&8+%"
x+&8! '/%9/)&! &1! &8/! %&*&(&/w%! '/5/.+*0! 9('91%/D! &8/'/! )*-! </! -1! _(/%&+1-! &8*&! +&! i1(0.!
9'1.()/!*-15*01(%!'/%(0&%!&1!%*3!&8*&!-1!'/%&+&(&+1-!+%!*99'19'+*&/!+-!&8/%/!)+')(5%&*-)/%"!
I&!+%!)1551-!2'1(-.!&8*&!&8/!>+)&+5!%(44/'%!)1-&+-(+-2!*-.!2'+/>1(%!8*'5!*%!*!'/%(0&!14!8/'!
k-1i0/.2/! &8*&! *! 0*'2/D! +-./&/'5+-*&/! -(5</'! 14! +-.+>+.(*0%! 8*>/! >+/i/.! *-.! i+00! +-! &8/!
4(&('/!>+/i!+5*2/%!14!&8/!%/d(*0!*<(%/!%8/!/-.('/."!H"""Jg8/!(-0*i4(0!)1-.()&!14!/>/'31-/!
i81! '/9'1.()/%D! .+%&'+<(&/%D! 1'! 91%%/%%/%! &8/! +5*2/%! 14! &8/! >+)&+5w%! *<(%/! m+-)0(.+-2!
;*'10+-/m!90*3%!*!9*'&!+-!%(%&*+-+-2!*-.!*22'*>*&+-2!&8+%!&'*2/.3"!R-.!&8/'/!)*-!</!-1!.1(<&!
?1-2'/%%! i*-&/.! >+)&+5%! &1! '/)/+>/! '/%&+&(&+1-! 41'! 8*'5%! 0+k/! &8+%"! g8/! 0*i! 5*k/%!
'/%&+&(&+1-!q5*-.*&1'3Dr!H"""J
X/-3+-2!'/%&+&(&+1-!+-!)*%/%!0+k/!&8+%!i1(0.!*0%1!</!*&!1..%!i+&8!&8/!9/-1012+)*0!9('91%/%!14!
ëSS#Nw%!5*-.*&1'3!'/%&+&(&+1-!%)8/5/"!I-!*!%/-%/D!/>/'3!>+/i+-2!14!)8+0.!91'-12'*983!+%!*!
'/9/&+&+1-! 14! &8/! >+)&+5w%! *<(%/"! n-/! '/*%1-! &1! 5*k/! '/%&+&(&+1-! 5*-.*&1'3! 41'! )'+5/%! 0+k/!
&8+%! +%! &1! +59'/%%! (91-! 144/-./'%! &8*&! &8/+'! )1-.()&! 9'1.()/%! )1-)'/&/! *-.! ./>*%&*&+-2!
8*'5%!41'!'/*0D!+./-&+4+*<0/!>+)&+5%"!H"""J
I4! &8/! %&*&(&/! <3! +&%! &/'5%! '/_(+'/.! *! %81i+-2! 14! %&'+)&! <(&m41'! )*(%*&+1-D! &8/%/! 9('91%/%!
i1(0.! </! </%+./! &8/! 91+-&"! \(&! &8/! &/d&! 14! &8/! %&*&(&/! +%! -1&! %1! 0+5+&/."! R0&81(28! ?1-2'/%%!
0+5+&/.!'/%&+&(&+1-!&1!01%%/%!&8*&!*'/!&8/!q9'1d+5*&/!'/%(0&r!14!&8/!./4/-.*-&w%!144/-%/D!%()8!
(-/0*<1'*&/.! )*(%*0! 0*-2(*2/! <3! -1! 5/*-%! '/_(+'/%! <(&m41'! )*(%*&+1-! <3! +&%! &/'5%"! H"""J! I&!
i1(0.! </! (-*))/9&*<0/! &1! *.19&! *! )*(%*0! %&*-.*'.! %1! %&'+)&! &8*&! +&! i1(0.! (-./'5+-/!
)1-2'/%%+1-*0!+-&/-&!i8/'/!-/+&8/'!&8/!90*+-!&/d&!14!&8/!%&*&(&/!-1'!0/2*0!&'*.+&+1-!./5*-.%!
%()8!*-!*99'1*)8"
I-! &8+%! %9/)+*0! )1-&/d&D! i8/'/! +&! )*-! </! %81i-! <1&8! &8*&! *! ./4/-.*-&! 91%%/%%/.! *! >+)&+5w%!
+5*2/%! *-.! &8*&! *! >+)&+5! 8*%! 1(&%&*-.+-2! 01%%/%! )*(%/.! <3! &8/! )1-&+-(+-2! &'*44+)! +-! &81%/!
+5*2/%! <(&! i8/'/! +&! +%! +591%%+<0/! &1! &'*)/! *! 9*'&+)(0*'! *51(-&! 14! &81%/! 01%%/%! &1! &8/!
+-.+>+.(*0! ./4/-.*-&! <3! '/)1('%/! &1! *! 51'/! &'*.+&+1-*0! )*(%*0! +-_(+'3D! *! )1('&! *9903+-2!
ëSS#N! %81(0.! 1'./'! '/%&+&(&+1-! +-! *-! *51(-&! &8*&! )1591'&%! i+&8! &8/! ./4/-.*-&w%! '/0*&+>/!
'10/!+-!&8/!)*(%*0!9'1)/%%!&8*&!(-./'0+/%!&8/!>+)&+5w%!2/-/'*0!01%%/%"!g8/!*51(-&!i1(0.!-1&!
</!%/>/'/!+-!*!)*%/!0+k/!&8+%D!2+>/-!&8/!-*&('/!14!&8/!)*(%*0!)1--/)&+1-!</&i//-!&8/!)1-.()&!
14!*!91%%/%%1'!0+k/!;*'10+-/!*-.!&8/!/-&+'/&3!14!&8/!>+)&+5w%!2/-/'*0!01%%/%!4'15!&8/!&'*./!+-!
8/'! +5*2/%D! i8+)8! *'/! &8/! 9'1.()&! 14! &8/! *)&%! 14! &81(%*-.%! 14! 144/-./'%"! I&! i1(0.! -1&D!
81i/>/'D! </! *! &1k/-! 1'! -15+-*0! *51(-&"! g8/! '/_(+'/.! '/%&+&(&+1-! i1(0.! </! *! '/*%1-*<0/!
*-.!)+')(5%)'+</.!*i*'.!+591%/.!+-!'/)12-+&+1-!14!&8/!+-.+%9(&*<0/!'10/!14!&8/!144/-./'!+-!
&8/!)*(%*0!9'1)/%%!(-./'03+-2!&8/!>+)&+5w%!01%%/%!*-.!%(+&/.!&1!&8/!'/0*&+>/!%+7/!14!&8*&!)*(%*0!
'10/"!g8+%!i1(0.!%/'>/!&8/!&i+-!21*0%!14!8/09+-2!&8/!>+)&+5!*)8+/>/!/>/-&(*0!'/%&+&(&+1-!41'!
*00! 8/'! )8+0.m91'-12'*983! 01%%/%! *-.! +59'/%%+-2! (91-! 144/-./'%! &8/! 4*)&! &8*&! )8+0.m
91'-12'*983!)'+5/%D!/>/-!%+590/!91%%/%%+1-D!*44/)&!'/*0!>+)&+5%"
g8/'/!'/5*+-%!&8/!_(/%&+1-!14!81i!.+%&'+)&!)1('&%!%81(0.!21!*<1(&!./&/'5+-+-2!&8/!9'19/'!
*51(-&! 14! '/%&+&(&+1-"! R&! *! 2/-/'*0! 0/>/0! 14! *<%&'*)&+1-D! *! )1('&! 5(%&! *%%/%%! *%! </%&! +&! )*-!
4'15!*>*+0*<0/!/>+./-)/!&8/!%+2-+4+)*-)/!14!&8/!+-.+>+.(*0!./4/-.*-&w%!)1-.()&!+-!0+28&!14!&8/!
<'1*./'! )*(%*0! 9'1)/%%! &8*&! 9'1.()/.! &8/! >+)&+5w%! 01%%/%"! g8+%! )*--1&! </! *! 9'/)+%/!
5*&8/5*&+)*0! +-_(+'3! *-.! +->10>/%! &8/! (%/! 14! .+%)'/&+1-! *-.! %1(-.! Q(.25/-&"! \(&! &8*&! +%!
171
-/+&8/'!(-(%(*0!-1'!-1>/0D!/+&8/'!+-!&8/!i+./'!)1-&/d&!14!)'+5+-*0!%/-&/-)+-2!1'!+-!&8/!51'/!
%9/)+4+)!.15*+-!14!'/%&+&(&+1-"!I&!+%!i/00!'/)12-+7/.!&8*&!.+%&'+)&!)1('&%!<3!-/)/%%+&3!q/d/')+%/!
H|J!.+%)'/&+1-!+-!4*%8+1-+-2!*!'/%&+&(&+1-!1'./'"r!H"""J!R%%/%%+-2!*-!+-.+>+.(*0!./4/-.*-&w%!'10/!
+-! &8/! )*(%*0! 9'1)/%%! </8+-.! *! )8+0.m91'-12'*983! >+)&+5w%! 01%%/%! .1/%! -1&! +->10>/! *!
%(<%&*-&+*003!.+44/'/-&!1'!2'/*&/'!/d/')+%/!14!.+%)'/&+1-"
g8/'/!*'/!*!>*'+/&3!14!4*)&1'%!.+%&'+)&!)1('&%!5+28&!)1-%+./'!+-!./&/'5+-+-2!*!9'19/'!*51(-&!
14! '/%&+&(&+1-D! *-.! +&! +%! -/+&8/'! -/)/%%*'3! -1'! *99'19'+*&/! &1! 9'/%)'+</! *! 9'/)+%/! *021'+&85!
41'!./&/'5+-+-2!&8/!9'19/'!'/%&+&(&+1-!*51(-&!*&!&8+%!91+-&!+-!&8/!0*iw%!./>/0195/-&"!X1+-2!
%1! i1(0.! (-.(03! )1-%&'*+-! &8/! ./)+%+1-5*k/'%! )01%/%&! &1! &8/! 4*)&%! 14! *-3! 2+>/-! )*%/"! \(&!
.+%&'+)&!)1('&%!5+28&D!*%!*!%&*'&+-2!91+-&D!./&/'5+-/!&8/!*51(-&!14!&8/!>+)&+5w%!01%%/%!)*(%/.!
<3!&8/!)1-&+-(+-2!&'*44+)!+-!&8/!>+)&+5w%!+5*2/%!}H/d)0(.+-2D!14!)1('%/D!*-3!'/51&/!01%%/%!H"""J~D!
&8/-!%/&!*-!*i*'.!14!'/%&+&(&+1-!+-!)1-%+./'*&+1-!14!4*)&1'%!&8*&!</*'!1-!&8/!'/0*&+>/!)*(%*0!
%+2-+4+)*-)/! 14! &8/! ./4/-.*-&w%! )1-.()&! +-! 9'1.()+-2! &81%/! 01%%/%"! g8/%/! )1(0.! +-)0(./! &8/!
-(5</'!14!9*%&!)'+5+-*0!./4/-.*-&%!41(-.!&1!8*>/!)1-&'+<(&/.!&1!&8/!>+)&+5w%!2/-/'*0!01%%/%a!
'/*%1-*<0/!9'/.+)&+1-%!14!&8/!-(5</'!14!4(&('/!144/-./'%!0+k/03!&1!</!)*(28&!*-.!)1->+)&/.!
41'!)'+5/%!)1-&'+<(&+-2!&1!&8/!>+)&+5w%!2/-/'*0!01%%/%a!*-3!*>*+0*<0/!*-.!'/*%1-*<03!'/0+*<0/!
/%&+5*&/!14!&8/!<'1*./'!-(5</'!14!144/-./'%!+->10>/.!H51%&!14!i815!i+00D!14!)1('%/D!-/>/'!
</! )*(28&! 1'! )1->+)&/.Ja! i8/&8/'! &8/! ./4/-.*-&! '/9'1.()/.! 1'! .+%&'+<(&/.! +5*2/%! 14! &8/!
>+)&+5a! i8/&8/'! &8/! ./4/-.*-&! 8*.! *-3! )1--/)&+1-! &1! &8/! +-+&+*0! 9'1.()&+1-! 14! &8/! +5*2/%a!
81i! 5*-3! +5*2/%! 14! &8/! >+)&+5! &8/! ./4/-.*-&! 91%%/%%/.a! *-.! 1&8/'! 4*)&%! '/0/>*-&! &1! &8/!
./4/-.*-&w%!'/0*&+>/!)*(%*0!'10/"
g8/%/!4*)&1'%!-//.!-1&!</!)1->/'&/.!+-&1!*!'+2+.!41'5(0*D!/%9/)+*003!+4!.1+-2!%1!i1(0.!'/%(0&!
+-!&'+>+*0!'/%&+&(&+1-!1'./'%"!g8/3!%81(0.!'*&8/'!%/'>/!*%!'1(28!2(+./91%&%!41'!./&/'5+-+-2!
*-!*51(-&!&8*&!4+&%!&8/!144/-%/"!H"""J
£
£
£
g8/! ]+4&8! ?+')(+&w%! +-&/'9'/&*&+1-! 14! &8/! '/_(+'/5/-&%! 14! ëSS#N! i*%! +-)1''/)&"! g8/! X+%&'+)&!
?1('&!0+k/i+%/!/''/.!+-!'/_(+'+-2!*!%&'+)&!%81i+-2!14!<(&m41'!)*(%*&+1-"!g8/!Q(.25/-&!14!&8/!
?1('&! 14! R99/*0%! +%! >*)*&/.D! *-.! &8/! )*%/! +%! '/5*-./.! 41'! 4('&8/'! 9'1)//.+-2%! )1-%+%&/-&!
i+&8!&8+%!19+-+1-"
I&!+%!%1!1'./'/."
B*!9'(/<*!./!0*!)*(%*0+.*.!./!8/)81!&*5<+`-!/%!(-*!&*'/*!*'.(*!)(*-.1!%(!9'(/<*!/%!%101!
)+')(-%&*)+*0K! $-! /(&! 0G$ 8-(-"$ *H$ =*,'%'(4(S$ ."!(#-6"4-$ *H$ ?#(4%!*#-(-'*4$ (47$ ."0")*!6"4-!
}OMP!#A"!S.!MNM!HB*"!PNN@J~D!0*!>6)&+5*!8*<6*!/%&*.1!)1-%(5+/-.1!</<+.*%!*0)18,0+)*%!8*%&*!
0*! /5<'+*2(/7! 3! 8*<6*! &'*&*.1! ./! )'(7*'! (-! 9(/-&/! ./! )*5+-1! *! %(! )*%*"! $0! 9(/-&/! &/-6*!
<*'*-.+00*%!./!(-*!*0&('*!./!MSww!HUPDSU!)5D!*9'1d+5*.*5/-&/J!/-!0(2*'!./!MOww!HNPD@@!)5D!
*9'1d+5*.*5/-&/J! _(/! /'*! /0! 56-+51! '/_(/'+.1! 91'! 0*! C6"#'9(4$ C%%*9'(-'*4$ *H$ 8-(-"$
N'@E>(&$(47$?#(4%!*#-(-'*4$bHH'9'()%!HRR=bgnJ"!B1%!8/'/./'1%!./!0*!>6)&+5*!./5*-.*'1-!*0!
X/9*'&*5/-&1! /%&*&*0! *! )*'21! ./0! 9(/-&/! *0/2*-.1! _(/! (-*! <*'*-.+00*! 5C%! *0&*! 8*<'6*!
/>+&*.1!0*!)*6.*!51'&*0!./!0*!>6)&+5*"!B1%!0/)&1'/%!+-&/'/%*.1%!9(/./-!0//'!)1-!9'1>/)81!/0!
*-C0+%+%!)*(%*0!_(/!'/*0+7,!/0!&'+<(-*0!91'!5C%!_(/!*_(/001!_(/!'/*05/-&/!1)(''+,!-(-)*!%/!
%*<'C!)1-!)/'&/7*"!!
172
2;/'(,>(-$#(#/?&"e<$%(/F/&>)&%*I$%(/VX&"&<$%/'(,>(+$."/("#/])&%$I$%/
'(,>(+$."W/
B*!.+%&+-)+,-!/-&'/!)*(%*0+.*.!2/-`'+)*!3!/%9/)64+)*!/%!/%9/)+*05/-&/!'/0/>*-&/!/-!)*%1%!/-!_(/!
0*!>6)&+5*!8*!)1-%(5+.1!1!%+.1!/d9(/%&*!*!(-*!%(%&*-)+*!&,d+)*D!)151!(-!5/.+)*5/-&1!1!(-1%!
9'1.()&1%!_(65+)1%"!V+/-&'*%!_(/!0*!)*(%*0+.*.!/%9/)64+)*!%/!'/4+/'/!*!0*!)(/%&+,-D!)15[-!*!&1.1!
)*%1!./!.*:1%D!./!%+!0*!)1-.()&*!./0!./5*-.*.1!/4/)&+>*5/-&/!)*(%,!/0!.*:1!*0!./5*-.*-&/D!0*!
)*(%*0+.*.!2/-`'+)*!'/%91-./!*!0*!)(/%&+,-!./!%+!0*!)1-.()&*!./0!./5*-.*.1!9/'&/-/)/!*0!&+91!
./! *)&+>+.*.! )*9*7D! 2/-/'*05/-&/D! ./! )*(%*'! (-! .*:1! ./0! &+91! %(4'+.1! 91'! /0! ./5*-.*-&/"! B*!
>6)&+5*!./!.*:1%!*%1)+*.1%!*!5/.+)*5/-&1%!./</'C!*)'/.+&*'D!9*'*!>/-)/'!/-!Q(+)+1D!-1!%,01!_(/!
8*! )1-%(5+.1! /0! 5/.+)*5/-&1! )1-)'/&1! /-! )+')(-%&*-)+*%! &*0/%! _(/! 8*)/-! 91%+<0/! 0*!
5*&/'+*0+7*)+,-! ./0! .*:1! m9/'61.1! ./! )1-%(51D! .1%+%D! )+')(-%&*-)+*%! 9/'%1-*0/%! ./! 0*! >6)&+5*!
&*0/%! )151! 0*! /.*.D! 01%! 8C<+&1%! 1! *-&/)/./-&/%! 5`.+)1%! 3! 4*5+0+*'/%m! H)*(%*0+.*.! /%9/)64+)*JD!
%+-1! *./5C%D! 3! ./! 41'5*! 9'/>+*D! _(/! /0! 9'1.()&1! /%D! )1-41'5/! *0! /%&*.1! ./! 0*! )+/-)+*! 3! ./! 0*!
&`)-+)*!.+%91-+<0/D!+.,-/1!1!)*9*7!/-!*<%&'*)&1!./!9'1.()+'!*_(/0!.*:1!H)*(%*0+.*.!2/-`'+)*J"!
$0!`d+&1!./!0*!*))+,-!./!.*:1%!./9/-./'C!/-&1-)/%!./!0*!>*0+./7!./!0*!9'(/<*!9/'+)+*0!_(/!*913/!
0*! *0/2*)+,-! ./! 0*! >6)&+5*! %1<'/! 0*! )*(%*0+.*.! 2/-`'+)*! H^*5/%! R"! b/-./'%1-! ^'"D! E()2*'.! G"!
;/*'%1-D!X1(20*%!R!s3%*'!3!^18-!R"!=+)+0+*-1!!HSAALJD!?E"$?*#-%$5#*9"%%D!LÄ!/."D!x10&/'%!s0(i/'D!
G(/>*!Z1'kD!99"!PAOD!PPSmPPOJ"!$-!./'/)81!/%9*:10D!'+2/!0*!'/20*!./!0+<'/!*9'/)+*)+,-!91'!/0!Q(/7!
./! 0*! 9'(/<*! 9/'+)+*0! H*'&"! M@U! B/3! ./! $-Q(+)+*5+/-&1! ?+>+0K! q}/~0! &'+<(-*0! >*01'*'C! 01%!
.+)&C5/-/%!9/'+)+*0/%!%/2[-!0*%!'/20*%!./!0*!%*-*!)'6&+)*rJ"
2;0;/S(+&<$(-/%.=)-&=&"+(<$.C/]^a}PH/5;3;2:05;/U.>+."/]%$&"+$I$%/S&#$N$"+&%L"$Z/X=Rg/%;/
B\~/](%L>&"[B"L(-+[M@&/X&>,"#L&$+>Z(>>&/VB>,"+./'[5:3`03W/F/%;/U&+<$&R>Z<("Z&"Z(>>&/
AxP/VB>,"+./'[/5:4`03W/
Q2n$)(>$;|:
L!!!!!!!!R'&+)0/!OHPJ!14!X+'/)&+>/!U#hML@!9'1>+./%!*%!41001i%K
éR!9'1.()&!+%!./4/)&+>/!i8/-!+&!.1/%!-1&!9'1>+./!&8/!%*4/&3!i8+)8!*!9/'%1-!+%!/-&+&0/.!&1!
/d9/)&D!&*k+-2!*00!)+')(5%&*-)/%!+-&1!*))1(-&D!+-)0(.+-2K
H*J!!!!!!&8/!9'/%/-&*&+1-!14!&8/!9'1.()&a
H<J!!!!!!&8/!(%/!&1!i8+)8!+&!)1(0.!'/*%1-*<03!</!/d9/)&/.!&8*&!&8/!9'1.()&!i1(0.!</!9(&a
H)J!!!!!!&8/!&+5/!i8/-!&8/!9'1.()&!i*%!9(&!+-&1!)+')(0*&+1-"w!H|J
g8/!.+%9(&/!+-!&8/!5*+-!9'1)//.+-2%!*-.!&8/!_(/%&+1-%!'/4/''/.!41'!*!9'/0+5+-*'3!'(0+-2
PS!!!!!!F"!?1'91'*&+1-D! -1i! \"!="!?1'91'*&+1-D! *! )159*-3! /%&*<0+%8/.! +-! =*+-&! ;*(0! Hl-+&/.!
=&*&/%JD!5*-(4*)&('/%!*-.!%/00%!9*)/5*k/'%!*-.!+590*-&*<0/!)*'.+1>/'&/'!./4+<'+00*&1'%"
PM!!!!!!F"!+591'&/.! *-.! 5*'k/&/.! +-! F/'5*-3! éF(+.*-&! ;(0%*'! @LAw! *-.! éF(+.*-&! V/'+.+*-! NLOw!
9*)/5*k/'%D! i8+)8! *'/! 5*-(4*)&('/.! +-! &8/! l-+&/.! =&*&/%! <3! F"!?1'91'*&+1-D! *-.!
éF"!?1-&*k! E/-/i*0! @!Rcg!Ow! +590*-&*<0/! )*'.+1>/'&/'! ./4+<'+00*&1'%D! 5*-(4*)&('/.! <3!
&8/!0*&&/'!+-!$('19/"
$VG\%$#"9*66"47(-'*4%$*H$WW$w,)&$Whhi$9*49"#4'4@$!(9"6(J"#%$(47$-E"$%,D%"+,"4-$"0"4-%$
'4$/(%"$/ihlxXl
P@!!!!!!I-! *! 0/&&/'! 14! SS!^(03! SAA#! %/-&D! +-&/'! *0+*D! &1! &'/*&+-2! 983%+)+*-%D! F"!+-.+)*&/.! &8*&! +&%!
_(*0+&3!)1-&'10!%3%&/5!8*.!/%&*<0+%8/.!&8*&!*!)1591-/-&!(&+0+%/.!&1!8/'5/&+)*003!%/*0!&8/!
173
9*)/5*k/'%!i8+)8!+&!5*'k/&/.!5*3!/d9/'+/-)/!*!2'*.(*0!./2'*.*&+1-"!g8*&!./4/)&!)1(0.!
0/*.!&1!9'/5*&('/!<*&&/'3!./90/&+1-D!'/%(0&+-2!+-!01%%!14!&/0/5/&'3!*-.h1'!01%%!14!9*)+-2!
1(&9(&!i+&81(&!i*'-+-2"
P#!!!!!!R%! *! )1-%/_(/-)/D! F"!'/)155/-./.! 983%+)+*-%! &1! )1-%+./'D! +-&/'! *0+*D! '/90*)+-2! %()8!
9*)/5*k/'%!41'!&8/!9*&+/-&%!*44/)&/."!G1&i+&8%&*-.+-2!&8/!4*)&!&8*&!&8/!i*''*-&3!41'!&8/!
9*)/5*k/'%!5*3!8*>/!/d9+'/.D!F"!(-./'&11k!&1!5*k/!'/90*)/5/-&!./>+)/%!*>*+0*<0/!4'//!
14!)8*'2/!41'!9*)/5*k/'m./9/-./-&!9*&+/-&%!*-.!&81%/!.//5/.!<3!&8/+'!983%+)+*-%!&1!</!
</%&!%/'>/.!<3!'/90*)/5/-&"
PO!!!!!!]1001i+-2!&8*&!'/)155/-.*&+1-D!&8/!9*)/5*k/'%!9'/>+1(%03!+590*-&/.!+-!\!*-.!xD!i81!
<1&8!8*.!5/.+)*0!+-%('*-)/!)1>/'!i+&8!RnsD!i/'/!'/90*)/.!+-!=/9&/5</'!*-.!G1>/5</'!
SAA#D! '/%9/)&+>/03D! <3! 1&8/'! 9*)/5*k/'%! 9'1>+./.! 4'//! 14! )8*'2/! <3! &8/! 5*-(4*)&('/'"!
g8/! 9*)/5*k/'%! &8*&! 8*.! <//-! '/51>/.! i/'/! ./%&'13/.! i+&81(&! *-3! /d9/'&! 19+-+1-!
</+-2!1<&*+-/.!1-!&8/+'!4(-)&+1-+-2"
PL!!!!!!RnsD! 1-! &8/! <*%+%! 14! &8/! ./>10>/.! '+28&%! 14! \! *-.! xD! <'1(28&! 9'1)//.+-2%! </41'/! &8/!
R5%&2/'+)8&! =&/-.*0! HB1)*0! ?1('&D! =&/-.*0J! %//k+-2! *-! 1'./'! &8*&! \1%&1-! =)+/-&+4+)!
V/.+7+-&/)8-+k!9*3!)159/-%*&+1-!+-!'/%9/)&!14!&8/!)1%&%!'/0*&+-2!&1!&8/!+590*-&*&+1-!14!
&8/! 1'+2+-*0! 9*)/5*k/'%D! (9.*&/.! &1! &8/! .*&/%! 1-! i8+)8! &81%/! 9*)/5*k/'%! i/'/!
'/90*)/."!g81%/!)1%&%!i/'/!$lE!S!O##"MU!+-!'/%9/)&!14!\!*-.!$lE!#!NP@"AL!+-!'/%9/)&!14!
x"!
PU!!!!!!g8/! R5%&2/'+)8&! =&/-.*0! (98/0.! &8*&! )0*+5! <3! Q(.25/-&! 14! S#!V*3! SAPP"! R%! \1%&1-!
=)+/-&+4+)! V/.+7+-&/)8-+kw%! *99/*0! *2*+-%&! &8*&! ./)+%+1-! i*%! .+%5+%%/.! <3! &8/!
B*-.2/'+)8&!=&/-.*0!HE/2+1-*0!?1('&D!=&/-.*0JD!&8*&!)159*-3!01.2/.!1-!*99/*0!1-!*!91+-&!
14!0*i!</41'/!&8/!'/4/''+-2!)1('&"
$VG\%$#"9*66"47(-'*4%$*H$w,4"$Whhi$9*49"#4'4@$'6!)(4-(D)"$9(#7'*0"#-"#$7"H'D#'))(-*#%$(47$
-E"$%,D%"+,"4-$"0"4-%$'4$/(%"$/ihuxXl
PN!!!!!!\3!0/&&/'!14!^(-/!SAA#D!F"!+-41'5/.!&'/*&+-2!983%+)+*-%!&8*&!+&%!_(*0+&3!)1-&'10!%3%&/5!8*.!
/%&*<0+%8/.! &8*&! &8/! 4(-)&+1-+-2! 14! +590*-&*<0/! éF"!?1-&*k! E/-/i*0! @!Rcg!Ow!
./4+<'+00*&1'%! 5+28&! </! *44/)&/.! <3! *! ./4/)&! +-! 1-/! 14! +&%! )1591-/-&%! i8+)8! )1(0.! 0+5+&!
&8/!./>+)/w%!&8/'*9/(&+)!/44+)*)3"!I&!i*%!*99*'/-&!4'15!&8/!%)+/-&+4+)!*-*03%+%!)*''+/.!1(&!
&8*&!*!5*2-/&+)!%i+&)8!+-!&81%/!./4+<'+00*&1'%!5+28&!'/5*+-!%&()k!+-!&8/!)01%/.!91%+&+1-"
SA!!!!!!R%! +%! *99*'/-&! 4'15! &8/! 1'./'! 41'! '/4/'/-)/! +-! ?*%/! ?#A@hPMD! +4! &8/! é/-*<0/! 5*2-/&! (%/w!
51./! i*%! *)&+>*&/.! *-.! &8/! 5*2-/&+)! %i+&)8! </)*5/! %&()k! +-! &8/! )01%/.! 91%+&+1-D!
&'/*&5/-&!14!>/-&'+)(0*'!1'!*&'+*0!*''83&85+*%!i1(0.!</!+-8+<+&/."!R%!*!)1-%/_(/-)/D!*-3!
)*'.+*)! .3%'83&85+*! &8*&! )1(0.! </! 4*&*0! i1(0.! -1&! </! '/)12-+%/.! <3! &8/! ./4+<'+00*&1'%!
*-.!-1!0+4/m%*>+-2!%81)k!i1(0.!</!2+>/-!&1!&8/!9*&+/-&"
SP!!!!!!I-! &81%/! )+')(5%&*-)/%D! F"!'/)155/-./.! &'/*&+-2! 983%+)+*-%! &1! ./*)&+>*&/! &8/! 5*2-/&+)!
%i+&)8!+-!&8/!./4+<'+00*&1'%!)1-)/'-/."
SS!!!!!!n-!S!V*')8!SAAOD!*%!*!'/%(0&!14!&8/!+-41'5*&+1-!'/4/''/.!&1!*&!9*'*2'*98!PN!*<1>/!</+-2!
.+%%/5+-*&/.D! &8/! +590*-&*<0/! )*'.+1>/'&/'! ./4+<'+00*&1'! +590*-&/.! +-! ]D! i81! i*%!
)1>/'/.! 41'! +-%('*-)/! 9('91%/%! <3! \/&'+/<%k'*-k/-k*%%/! Ex$D! i*%! '/90*)/.!
9'/5*&('/03"
SM!!!!!!\3! 0/&&/'! 14! MP!R(2(%&! SAAND! \/&'+/<%k'*-k/-k*%%/! Ex$! '/_(/%&/.! \1%&1-! =)+/-&+4+)!
V/.+7+-&/)8-+k! &1! '/+5<('%/! &8/! )1%&%! +-)(''/.! +-! '/%9/)&! 14! ]w%! &'/*&5/-&D! *51(-&+-2!
&1! $lE!SA!MP#"AP! *-.! $lE!PSS"#AD! +-! )1--/)&+1-! i+&8! &8/! 19/'*&+1-! &1! '/90*)/! &8/!
./4+<'+00*&1'"
S@!!!!!!R-!*)&+1-!i*%!<'1(28&!<3!\/&'+/<%k'*-k/-k*%%/!Ex$!41'!*-!1'./'!&8*&!\1%&1-!=)+/-&+4+)!
V/.+7+-&/)8-+k! '/+5<('%/! &8/! %(5%! +-! _(/%&+1-! </41'/! &8/! B*-.2/'+)8&! XT%%/0.1'4!
174
HE/2+1-*0!?1('&D!XT%%/0.1'4JD!i8+)8!(98/0.!&8*&!)0*+5!<3!Q(.25/-&!14!M!]/<'(*'3!SAPP"!
R4&/'! \1%&1-! =)+/-&+4+)! V/.+7+-&/)8-+k! *99/*0/.! *2*+-%&! &8*&! Q(.25/-&D! &8/!
n</'0*-./%2/'+)8&! XT%%/0.1'4! Hb+28/'! E/2+1-*0! ?1('&D! XT%%/0.1'4J! >*'+/.! &8*&! ./)+%+1-!
+-!9*'&D!1'./'+-2!&8*&!)159*-3!&1!9*3!&8/!%(5!14!$lE!#!N#S"UAD!&12/&8/'!i+&8!+-&/'/%&"!
\1%&1-!=)+/-&+4+)!V/.+7+-&/)8-+k!01.2/.!*-!*99/*0!1-!*!91+-&!14!0*i!</41'/!&8/!'/4/''+-2!
)1('&D! )1-&/-.+-2! &8*&! \/&'+/<%k'*-k/-k*%%/! Ex$w%! )0*+5! %81(0.! </! .+%5+%%/.! +-! +&%!
/-&+'/&3"
$?E"$9*4%'7"#(-'*4%$%"-$*,-$D&$-E"$O,47"%@"#'9E-%E*H$'4$/(%"%$/ihlxXl$(47$/ihuxXl
;|:$
SU!!!!!!I-! &81%/! )+')(5%&*-)/%D! &8/! \(-./%2/'+)8%&814! ./)+./.! &1! %&*3! &8/! 9'1)//.+-2%! *-.! &1!
'/4/'!&1!&8/!?1('&!14!^(%&+)/!41'!*!9'/0+5+-*'3!'(0+-2!&8/!41001i+-2!_(/%&+1-%D!i8+)8!*'/!
41'5(0*&/.!+-!*!%+5+0*'!5*--/'!+-!<1&8!?*%/!?#AMhPM!*-.!?*%/!?#A@hPMK
éHPJ!!!!!!I%!R'&+)0/!OHPJ!14!X+'/)&+>/!U#hML@!&1!</!+-&/'9'/&/.!*%!5/*-+-2!&8*&!*!9'1.()&!+-!
&8/! 41'5! 14! *! 5/.+)*0! ./>+)/! +590*-&/.! +-! &8/! 8(5*-! <1.3! H+-! &8+%! )*%/D! *!
9*)/5*k/'!}*-.!*-!+590*-&*<0/!)*'.+1>/'&/'!./4+<'+00*&1'~J!+%!*0'/*.3!./4/)&+>/!+4!
}9*)/5*k/'%~! +-! &8/! %*5/! 9'1.()&! 2'1(9! 8*>/! *! %+2-+4+)*-&03! +-)'/*%/.! '+%k! 14!
4*+0('/! }1'! i8/'/! *! 5*04(-)&+1-! 8*%! 1))(''/.! +-! *! %+2-+4+)*-&! -(5</'! 14!
./4+<'+00*&1'%!+-!&8/!%*5/!%/'+/%~D!<(&!*!./4/)&!8*%!-1&!<//-!./&/)&/.!+-!&8/!./>+)/!
i8+)8!8*%!<//-!+590*-&/.!+-!&8/!%9/)+4+)!)*%/!+-!91+-&f
HSJ!!!!!!I4!&8/!*-%i/'!&1!&8/!4+'%&!_(/%&+1-!+%!+-!&8/!*44+'5*&+>/K
X1!&8/!)1%&%!14!&8/!19/'*&+1-!&1!'/51>/!&8/!9'1.()&!*-.!&1!+590*-&!*-1&8/'!9*)/5*k/'!
}1'! *-1&8/'! ./4+<'+00*&1'~! )1-%&+&(&/! .*5*2/! )*(%/.! <3! 9/'%1-*0! +-Q('3! 41'! &8/!
9('91%/%! 14! R'&+)0/!P! *-.! %/)&+1-! H*J! 14! &8/! 4+'%&! 9*'*2'*98! 14! R'&+)0/!N! 14!
X+'/)&+>/!U#hML@fw
H|J
/'.">$#&<(+$."/.I/+L&/d,&>+$.">/<&I&<<&#
$v,"%-'*4$X
MO!!!!!!\3! +&%! 4+'%&! _(/%&+1-D! &8/! '/4/''+-2! )1('&! +%! *%k+-2D! +-! /%%/-)/D! i8/&8/'! R'&+)0/!OHPJ! 14!
X+'/)&+>/! U#hML@! +%! &1! </! +-&/'9'/&/.! *%! 5/*-+-2! &8*&D! i8/'/! +&! +%! 41(-.! &8*&! 9'1.()&%!
</01-2+-2! &1! &8/! %*5/! 2'1(9! 1'! 41'5+-2! 9*'&! 14! &8/! %*5/! 9'1.()&+1-! %/'+/%D! %()8! *%!
9*)/5*k/'%! 1'! +590*-&*<0/! )*'.+1>/'&/'! ./4+<'+00*&1'%D! 8*>/! *! 91&/-&+*0! ./4/)&D! +&! +%!
91%%+<0/! &1! )0*%%+43! %()8! *! 9'1.()&! *%! ./4/)&+>/D! i+&81(&! &8/'/! </+-2! *-3! -//.! &1!
/%&*<0+%8!&8*&!&8/!9'1.()&!+-!_(/%&+1-!8*%!%()8!*!./4/)&"
ML!!!!!!]1'! &8/! 9('91%/%! 14! *-%i/'+-2! &8*&! _(/%&+1-D! +&! %81(0.! </! '/)*00/.! &8*&D! *%! +%! *99*'/-&!
4'15! R'&+)0/!OHPJ! 14! X+'/)&+>/! U#hML@D! *! 9'1.()&! +%! ./4/)&+>/! i8/-! +&! .1/%! -1&! 9'1>+./!
&8/!%*4/&3!i8+)8!*!9/'%1-!+%!/-&+&0/.!&1!/d9/)&D!&*k+-2!*00!&8/!)+')(5%&*-)/%!+-&1!*))1(-&D!
+-)0(.+-2! &8/! 9'/%/-&*&+1-! 14! &8/! 9'1.()&D! &8/! (%/! &1! i8+)8! +&! )1(0.! '/*%1-*<03! </!
/d9/)&/.! &8*&! +&! i1(0.! </! 9(&! *-.! &8/! &+5/! i8/-! &8/! 9'1.()&! i*%! 9(&! +-&1! )+')(0*&+1-"!
V1'/1>/'D! *))1'.+-2! &1! &8/! %+d&8! '/)+&*0! +-! &8/! 9'/*5<0/! &1! &8*&! .+'/)&+>/D! &8*&!
*%%/%%5/-&! 5(%&! </! )*''+/.! 1(&! 8*>+-2! '/2*'.! &1! &8/! '/*%1-*<0/! /d9/)&*&+1-%! 14! &8/!
9(<0+)!*&!0*'2/"
MU!!!!!!g8/! %*4/&3! i8+)8! &8/! 9(<0+)! *&! 0*'2/! +%! /-&+&0/.! &1! /d9/)&D! +-! *))1'.*-)/! i+&8! &8*&!
9'1>+%+1-D! 5(%&! &8/'/41'/! </! *%%/%%/.! <3! &*k+-2! +-&1! *))1(-&D! +-&/'! *0+*D! &8/! +-&/-./.!
9('91%/D!&8/!1<Q/)&+>/!)8*'*)&/'+%&+)%!*-.!9'19/'&+/%!14!&8/!9'1.()&!+-!_(/%&+1-!*-.!&8/!
%9/)+4+)!'/_(+'/5/-&%!14!&8/!2'1(9!14!(%/'%!41'!i815!&8/!9'1.()&!+%!+-&/-./."
MN!!!!!!x+&8! '/2*'.! &1! 5/.+)*0! ./>+)/%! %()8! *%! &8/! 9*)/5*k/'%! *-.! +590*-&*<0/! )*'.+1>/'&/'!
./4+<'+00*&1'%! *&! +%%(/! +-! &8/! 5*+-! 9'1)//.+-2%D! +&! +%! )0/*'! &8*&D! +-! &8/! 0+28&! 14! &8/+'!
175
4(-)&+1-! *-.! &8/! 9*'&+)(0*'03! >(0-/'*<0/! %+&(*&+1-! 14! 9*&+/-&%! (%+-2! %()8! ./>+)/%D! &8/!
%*4/&3! '/_(+'/5/-&%! 41'! &81%/! ./>+)/%! i8+)8! %()8! 9*&+/-&%! *'/! /-&+&0/.! &1! /d9/)&! *'/!
9*'&+)(0*'03!8+28"
@A!!!!!!V1'/1>/'D!*%!1<%/'>/.D!+-!/%%/-)/D!<3!&8/!R.>1)*&/!F/-/'*0!*&!91+-&!MA!14!8+%!n9+-+1-D!&8/!
91&/-&+*0! 0*)k! 14! %*4/&3! i8+)8! i1(0.! 2+>/! '+%/! &1! 0+*<+0+&3! 1-! &8/! 9*'&! 14! &8/! 9'1.()/'!
(-./'! X+'/)&+>/! U#hML@! %&/5%D! 41'! 9'1.()&%! %()8! *%! &81%/! *&! +%%(/! +-! &8/! 5*+-!
9'1)//.+-2%D!4'15!&8/!*<-1'5*0!91&/-&+*0!41'!.*5*2/!i8+)8!&81%/!9'1.()&%!5+28&!)*(%/!
&1!&8/!9/'%1-!)1-)/'-/."
@P!!!!!!R))1'.+-203D!i8/'/!+&!+%!41(-.!&8*&!%()8!9'1.()&%!</01-2+-2!&1!&8/!%*5/!2'1(9!1'!41'5+-2!
9*'&! 14! &8/! %*5/! 9'1.()&+1-! %/'+/%! 8*>/! *! 91&/-&+*0! ./4/)&D! +&! +%! 91%%+<0/! &1! )0*%%+43! *%!
./4/)&+>/!*00!&8/!9'1.()&%!+-!&8*&!2'1(9!1'!%/'+/%D!i+&81(&!&8/'/!</+-2!*-3!-//.!&1!%81i!
&8*&!&8/!9'1.()&!+-!_(/%&+1-!+%!./4/)&+>/"
@S!!!!!!V1'/1>/'D! %()8! *-! +-&/'9'/&*&+1-! +%! )1-%+%&/-&! i+&8! &8/! 1<Q/)&+>/%! 9('%(/.! <3! &8/! $l!
0/2+%0*&('/D!%//k+-2!&1!/-%('/D!+-!9*'&+)(0*'D!*%!+%!*99*'/-&!4'15!&8/!%/)1-.!*-.!%/>/-&8!
'/)+&*0%!+-!&8/!9'/*5<0/!&1!X+'/)&+>/!U#hML@D!*!4*+'!*991'&+1-5/-&!14!&8/!'+%k%!+-8/'/-&!
+-!51./'-!&/)8-1012+)*0!9'1.()&+1-!</&i//-!&8/!+-Q('/.!9/'%1-!*-.!&8/!9'1.()/'"
@M!!!!!!I&! 41001i%! 4'15! *00! &8/! 41'/21+-2! )1-%+./'*&+1-%! &8*&! &8/! *-%i/'! &1! p(/%&+1-! P! +%! &8*&!
R'&+)0/!OHPJ!14!X+'/)&+>/!U#hML@!5(%&!</!+-&/'9'/&/.!*%!5/*-+-2!&8*&D!i8/'/!+&!+%!41(-.!
&8*&! 9'1.()&%! </01-2+-2! &1! &8/! %*5/! 2'1(9! 1'! 41'5+-2! 9*'&! 14! &8/! %*5/! 9'1.()&+1-!
%/'+/%D!%()8!*%!9*)/5*k/'%!*-.!+590*-&*<0/!)*'.+1>/'&/'!./4+<'+00*&1'%D!8*>/!*!91&/-&+*0!
./4/)&D! %()8! *! 9'1.()&! 5*3! </! )0*%%+4+/.! *%! ./4/)&+>/! i+&81(&! &8/'/! </+-2! *-3! -//.! &1!
/%&*<0+%8!&8*&!&8*&!9'1.()&!8*%!%()8!*!./4/)&r"
3;/'(,>(-$#(#/(-+&<"(+$D(//:\)%/".-%$(/&'-82-%$#.9/
A&=$>$G"K! 90('*0+.*.! ./! )*(%*-&/%! ./! (-! 5+%51! .*:1! +-.+>+%+<0/! 3! '/%91-%*<+0+.*.! %10+.*'+*!
Hw*'4-$(47$8"0"#()$='(D')'-&J"
B1%! )*%1%! ./! )*(%*0+.*.! *0&/'-*&+>*! 90*-&/*-! 0*! )(/%&+,-! ./0! &'C-%+&1! ./! 0*! '/%91-%*<+0+.*.!
+-.+>+.(*0!*!0*!)10/)&+>*K!(-1!1!>*'+1%!./!01%!)1./5*-.*.1%D!9/'1!-1!&1.1%!/001%D!8*-!)*(%*.1!/0!
.*:1! 3! -1! %/! %*</! )(C0! 1! )(C0/%! 8*-! %+.1"! e;(/./-! %/'! )1-./-*.1%! &1.1%f! $0! )*%1! )0C%+)1! /%!
=(55/'%!>"!g+)/"!
3;0;/6844/"2&(J&>$7/&s33/'(-;/2#/8:H/099/O;2#/0/V0948Wu/
?REg$ED!^"!$*)8!14!&8/!&i1!./4/-.*-&%!*99/*0%!4'15!*!Q(.25/-&!*2*+-%&!&8/5!+-!*-!*)&+1-!41'!
9/'%1-*0!+-Q('+/%"!;('%(*-&!&1!%&+9(0*&+1-!&8/!*99/*0%!8*>/!<//-!)1-%10+.*&/."
;0*+-&+44ô%!*)&+1-!i*%!*2*+-%&!<1&8!./4/-.*-&%!41'!*-!+-Q('3!&1!8+%!'+28&!/3/!*-.!4*)/!*%!&8/!'/%(0&!
14!</+-2!%&'()k!<3!<+'.!%81&!.+%)8*'2/.!4'15!*!%81&2(-"!g8/!)*%/!i*%!&'+/.!<3!&8/!)1('&!i+&81(&!
*!Q('3!*-.!&8/!)1('&!41(-.!&8*&!1-!G1>/5</'!SAD!PN@#D!90*+-&+44!*-.!&8/!&i1!./4/-.*-&%!i/'/!
8(-&+-2! _(*+0! 1-! &8/! 19/-! '*-2/"! $*)8! 14! &8/! ./4/-.*-&%! i*%! *'5/.! i+&8! *! PS! 2*(2/! %81&2(-!
01*./.! i+&8! %8/00%! )1-&*+-+-2! L! PhS! %+7/! %81&"! ;'+1'! &1! 21+-2! 8(-&+-2! 90*+-&+44! .+%)(%%/.! &8/!
8(-&+-2! 9'1)/.('/! i+&8! ./4/-.*-&%D! +-.+)*&+-2! &8*&! &8/3! i/'/! &1! /d/')+%/! )*'/! i8/-! %811&+-2!
176
*-.! &1! ok//9! +-! 0+-/"o! I-! &8/! )1('%/! 14! 8(-&+-2! 90*+-&+44! 9'1)//./.! (9! *! 8+00D! &8(%! 90*)+-2! &8/!
8(-&/'%! *&! &8/! 91+-&%! 14! *! &'+*-20/"! g8/! >+/i! 14! ./4/-.*-&%! i+&8! '/4/'/-)/! &1! 90*+-&+44! i*%!
(-1<%&'()&/.!*-.!&8/3!k-/i!8+%!01)*&+1-"
X/4/-.*-&! g+)/! 40(%8/.! *! _(*+0D! i8+)8! '1%/! +-! 40+28&! &1! *! PAm411&! /0/>*&+1-! *-.! 40/i! </&i//-!
90*+-&+44! *-.! ./4/-.*-&%"! \1&8! ./4/-.*-&%! %81&! *&! &8/! _(*+0D! %811&+-2! +-! 90*+-&+44ô%! .+'/)&+1-"! R&!
&8*&! &+5/! ./4/-.*-&%! i/'/! L#! 3*'.%! 4'15! 90*+-&+44"! n-/! %81&! %&'()k! 90*+-&+44! +-! 8+%! /3/! *-.!
*-1&8/'!+-!8+%!(99/'!0+9"!]+-*003!+&!i*%!41(-.!<3!&8/!)1('&!&8*&!*%!&8/!.+'/)&!'/%(0&!14!&8/!%811&+-2!
<3!./4/-.*-&%!&8/!%81&%!%&'()k!90*+-&+44!*%!*<1>/!5/-&+1-/.!*-.!&8*&!./4/-.*-&%!i/'/!-/20+2/-&!
+-!%1!%811&+-2!*-.!90*+-&+44!i*%!-1&!)1-&'+<(&1'+03!-/20+2/-&"!H|J
g8/!9'1<0/5!9'/%/-&/.!+-!&8+%!)*%/!+%!i8/&8/'!&8/!Q(.25/-&!*2*+-%&!<1&8!./4/-.*-&%!5*3!%&*-."!
I&! +%! *'2(/.! <3! ./4/-.*-&%! &8*&! &8/3! *'/! -1&! Q1+-&! &1'&4/*%1'%D! *-.! &8(%! Q1+-&03! *-.! %/>/'*003!
0+*<0/D!*%!&8/3!i/'/!-1&!*)&+-2!+-!)1-)/'&D!*-.!&8*&!&8/'/!+%!-1&!%(44+)+/-&!/>+./-)/!&1!%81i!i8+)8!
./4/-.*-&!i*%!2(+0&3!14!&8/!-/20+2/-)/!i8+)8!)*(%/.!&8/!+-Q('+/%!m&8/!%811&+-2!<3!g+)/!1'!&8*&!<3!
=+51-%1-"
?1-%+./'+-2!}&8+%!*'2(5/-&~D!i/!</0+/>/!+&!+%!)0/*'!&8*&!&8/!)1('&!%(44+)+/-&03!41(-.!1-!&8/!+%%(/!
&8*&! ./4/-.*-&%! i/'/! Q1+-&03! 0+*<0/! *-.! &8*&! &8(%! &8/! -/20+2/-)/! 14! <1&8! i*%! &8/! )*(%/! 14! &8/!
+-Q('3!1'!&1!&8*&!0/2*0!/44/)&"!H"""J!I&!&8(%!./&/'5+-/.!&8*&!&8/!-/20+2/-)/!14!<1&8!./4/-.*-&%!i*%!
&8/! 0/2*0! )*(%/! 14! &8/! +-Q('3! m1'! &8*&! <1&8! i/'/! '/%91-%+<0/"! I590+)+&! +-! %()8! 4+-.+-2! +%! &8/!
*%%(59&+1-!&8*&!&8/!)1('&!i*%!(-*<0/!&1!*%)/'&*+-!i8/&8/'!&8/!%81&%!i/'/!4'15!&8/!2(-!14!1-/!
./4/-.*-&!1'!&8/!1&8/'!1'!1-/!%81&!4'15!/*)8!14!&8/5"!g8/!1-/!%81&!&8*&!/-&/'/.!90*+-&+44ô%!/3/!
i*%!&8/!5*Q1'!4*)&1'!+-!*%%/%%+-2!.*5*2/%!*-.!&8*&!%81&!)1(0.!-1&!8*>/!)15/!4'15!&8/!2(-!14!
<1&8!./4/-.*-&%"!I&!i*%!4'15!1-/!1'!&8/!1&8/'!1-03"!H|J
P"!X/*-!x+251'/!8*%!&8+%!&1!%*3K!ox8/-!&i1!1'!51'/!9/'%1-%!<3!&8/+'!*)&%!*'/!91%%+<03!&8/!%10/!
)*(%/!14!*!8*'5D!1'!i8/-!&i1!1'!51'/!*)&%!14!&8/!%*5/!9/'%1-!*'/!91%%+<03!&8/!%10/!)*(%/D!*-.!
&8/! 90*+-&+44! 8*%! +-&'1.()/.! />+./-)/! &8*&! &8/! 1-/! 14! &8/! &i1! 9/'%1-%D! 1'! &8/! 1-/! 14! &8/! %*5/!
9/'%1-ô%! &i1! *)&%D! +%! )(09*<0/D! &8/-! &8/! ./4/-.*-&! 8*%! &8/! <('./-! 14! 9'1>+-2! &8*&! &8/! 1&8/'!
9/'%1-D!1'!8+%!1&8/'!*)&D!i*%!&8/!%10/!)*(%/!14!&8/!8*'5"!H<J!H"""J!g8/!'/*0!'/*%1-!41'!&8/!'(0/!&8*&!
/*)8!Q1+-&!&1'&4/*%1'!+%!'/%91-%+<0/!41'!&8/!i810/!.*5*2/!+%!&8/!9'*)&+)*0!(-4*+'-/%%!14!./-3+-2!
&8/!+-Q('/.!9/'%1-!'/.'/%%!%+5903!</)*(%/!8/!)*--1&!9'1>/!81i!5()8!.*5*2/!/*)8!.+.D!i8/-!+&!
+%! )/'&*+-! &8*&! </&i//-! &8/5! &8/3! .+.! *00a! 0/&! &8/5! </! &8/! 1-/%! &1! *991'&+1-! +&! *51-2!
&8/5%/0>/%"!=+-)/D!&8/-D!&8/!.+44+)(0&3!14!9'114!+%!&8/!'/*%1-D!&8/!'(0/!%81(0.!*9903!i8/-/>/'!&8/!
8*'5!8*%!90('*0!)*(%/%D!*-.!-1&!5/'/03!i8/-!&8/3!*)&/.!+-!)1-%)+1(%!)1-)/'&"o!Hx+251'/D!=/0/)&!
?*%/%!1-!&8/!B*i!14!g1'&%D!ë!P#M"J
S"! x8/-! i/! )1-%+./'! &8/! '/0*&+>/! 91%+&+1-! 14! &8/! 9*'&+/%! *-.! &8/! '/%(0&%! &8*&! i1(0.! 401i! +4!
90*+-&+44! i*%! '/_(+'/.! &1! 9+-! &8/! +-Q('3! 1-! 1-/! 14! &8/! ./4/-.*-&%! 1-03D! *! '/_(+'/5/-&! &8*&! &8/!
<('./-! 14! 9'114! 1-! &8*&! %(<Q/)&! </! %8+4&/.! &1! ./4/-.*-&%! </)15/%! 5*-+4/%&"! g8/3! *'/! <1&8!
i'1-2.1/'%! m<1&8! -/20+2/-&! &1i*'.! 90*+-&+44"! g8/3! <'1(28&! *<1(&! *! %+&(*&+1-! i8/'/! &8/!
-/20+2/-)/!14!1-/!14!&8/5!+-Q('/.!&8/!90*+-&+44D!8/-)/!+&!%81(0.!'/%&!i+&8!&8/5!/*)8!&1!*<%10>/!
8+5%/04! +4! 8/! )*-"! g8/! +-Q('/.! 9*'&3! 8*%! <//-! 90*)/.! <3! ./4/-.*-&%! +-! &8/! (-4*+'! 91%+&+1-! 14!
91+-&+-2!&1!i8+)8!./4/-.*-&!)*(%/.!&8/!8*'5"!I4!1-/!)*-!/%)*9/!&8/!1&8/'!5*3!*0%1!*-.!90*+-&+44!
+%!'/5/.+0/%%"!n'.+-*'+03!./4/-.*-&%!*'/!+-!*!4*'!</&&/'!91%+&+1-!&1!144/'!/>+./-)/!&1!./&/'5+-/!
i8+)8!1-/!)*(%/.!&8/!+-Q('3"!H|J
177
I-!*..+&+1-!&1!&8*&D!81i/>/'D!+&!%81(0.!</!91+-&/.!1(&!&8*&!&8/!%*5/!'/*%1-%!14!910+)3!*-.!Q(%&+)/!
%8+4&! &8/! <('./-! &1! /*)8! 14! ./4/-.*-&%! &1! *<%10>/! 8+5%/04! +4! 8/! )*-! m'/0+/>+-2! &8/! i'1-2/.!
9/'%1-!14!&8/!.(&3!14!*991'&+1-+-2!&8/!+-Q('3!&1!*!9*'&+)(0*'!./4/-.*-&D!*9903!8/'/!i8/'/!i/!*'/!
)1-)/'-/.! i+&8! i8/&8/'! 90*+-&+44! +%! '/_(+'/.! &1! %(9903! />+./-)/! 41'! &8/! *991'&+1-5/-&! 14!
.*5*2/%"!I4!./4/-.*-&%!*'/!+-./9/-./-&!&1'&4/*%1'%!*-.!&8(%!/*)8!0+*<0/!41'!&8/!.*5*2/!)*(%/.!
<3! 8+5! *01-/D! *-.D! *&! 0/*%&D! i8/'/! &8/! 5*&&/'! 14! *991'&+1-5/-&! +%! +-)*9*<0/! 14! 9'114D! &8/!
+--1)/-&!i'1-2/.!9*'&3!%81(0.!-1&!</!./9'+>/.!14!8+%!'+28&!&1!'/.'/%%"!g8/!i'1-2.1/'%!%81(0.!
</!0/4&!&1!i1'k!1(&!</&i//-!&8/5%/0>/%!*-3!*991'&+1-5/-&H"""J!=15/!14!&8/!)+&/.!)*%/%!'/4/'!&1!
&8/!.+44+)(0&3!14!*991'&+1-+-2!&8/!<('./-!14!.*5*2/%!</&i//-!&8/!+-./9/-./-&!&1'&4/*%1'%D!*-.!
%*3!&8*&!i8/'/!4*)&(*003!*!)1''/)&!.+>+%+1-!)*--1&!</!5*./D!&8/!&'+/'!14!4*)&!5*3!5*k/!+&!&8/!</%&!
+&!)*-D!i8+)8!i1(0.!</!51'/!1'!0/%%!*!2(/%%D!%&'/%%+-2!&8/!4*)&1'!&8*&!&8/!i'1-2.1/'%!*'/!-1&!+-!*!
91%+&+1-!&1!)1590*+-!14!(-)/'&*+-&3"!H|J
g8/!Q(.25/-&!+%!*44+'5/."
3;2;/wR(<<(/D;/])("?(<#/V25/'(-;2#/486H/054/O;2#/687W/
FI\=nGD! ?"! ^"! g8+%! +%! *-! *)&+1-! 41'! .*5*2/%! 41'! 9/'%1-*0! +-Q('+/%! }9*'*03%+%! *-.! *&'1983! 14! &8/!
5(%)0/%! *'1(-.! &8/! %81(0./'~! *00/2/.! &1! 8*>/! <//-! +-40+)&/.! 1-! 90*+-&+44! <3! ./4/-.*-&%! .('+-2!
&8/!)1('%/!14!*!%('2+)*0!19/'*&+1-!}*99/-./)&153~"!g8/!&'+*0!)1('&!/-&/'/.!Q(.25/-&%!14!-1-%(+&!
*%! &1! *00! ./4/-.*-&%! *-.! 90*+-&+44! *99/*0/.! H"""J! x/! 8*>/! -1! .1(<&! &8*&! +-! *! 51./'-! 81%9+&*0! *!
9*&+/-&! +%! _(+&/! 0+k/03! &1! )15/! (-./'! &8/! )*'/! 14! *! -(5</'! 14! 9/'%1-%! +-! .+44/'/-&! &39/%! 14!
)1-&'*)&(*0! *-.! 1&8/'! '/0*&+1-%8+9%! i+&8! /*)8! 1&8/'! H"""J! \(&! i/! .1! -1&! </0+/>/! &8*&! /+&8/'! &8/!
-(5</'! 1'! '/0*&+1-%8+9! 14! &8/! ./4/-.*-&%! *01-/! ./&/'5+-/%! i8/&8/'! &8/! .1)&'+-/! 14! #"%$ '!%($
)*+,'-,#!*990+/%"!g8/!Q(.25/-&!+%!'/>/'%/."
$0!)*%1!90*-&/*!(-!.1<0/!9'1<0/5*!./!+-)/'&+.(5<'/D!(-1!'/0*&+>1!*!0*!)*(%*!./0!.*:1D!91'_(/!%/!
./%)1-1)/! )(C0! ./! 01%! .+%&+-&1%! 9'14/%+1-*0/%! 5`.+)1%! _(/! *&/-.+/'1-! *! 0*! 9*)+/-&/! )*(%,! /0!
.*:1!*!0*!9*)+/-&/D!3!1&'1!'/0*&+>1!*!0*!-/20+2/-)+*D!91'_(/!-1!%/!%*</!_(`!+-4'*))+,-!./0!./</'!./!
)(+.*.1! )*(%,! /0! .*:1! *! 0*! >6)&+5*"! B*! %/-&/-)+*! %/! )/-&'*! /-! /%&/! %/2(-.1! 9'1<0/5*! 3! /-! 0*!
*90+)*)+,-! ./! 0*! .1)&'+-*! #"%$ '!%($ )*+,'-,#! )151! 5/)*-+%51! 9*'*! %10()+1-*'! 0*! 4*0&*! ./! 9'(/<*!
%1<'/!0*!-/20+2/-)+*!./!01%!./5*-.*.1%D!91'!01!_(/!-1%!'/5+&+51%!*0!)*96&(01!#D!*9*'&*.1!M"
3;3;/]^]H/0_H/644`2:::H/#&/22/#&/E,"$.H/SOC/B-I.">./h$--(?G=&N/A.#$-/
$0!SL"L"PNUMD!/-!;(/<0*!./!R051'*.+/0D!4*00/)+,!^1%`!="!91'!(-*!2*-2'/-*!2*%/1%*!./!0*!_(/!8*<6*!
%+.1! +-&/'>/-+.1! (-*! %/5*-*! *-&/%"! g'*%! 0*! +-&/'>/-)+,-D! /0! %*-+&*'+1! Rg=! ]`0+d! c"! ! 0/! 8*<6*!
*.5+-+%&'*.1!(-*!+-3/))+,-!./0!9'1.()&1!oX101m?1-/('*%/o!mC)+.1!*)/&+0%*0+)60+)1m!'/)/&*.*!91'!
/0!4*)(0&*&+>1"!
B1%! 9*.'/%! ./0! 4*00/)+.1! '/)0*5*-! (-*! +-./5-+7*)+,-! ./! PSA"SAS! /('1%! *! ]`0+d! c"! 3! *! 0*!
*%/2('*.1'*!x+-&/'&8('"
178
B*! =^;I! -"! S! ./! p(+-&*-*'! ./! 0*! n'./-! HP#"PS"PNN@J! ./%/%&+5*! 0*! ./5*-.*"! B1%! ./5*-.*-&/%!
+-&/'91-/-! '/)('%1! ./! *9/0*)+,-! 3! 0*! =R;! ./! g10/.1! HSA"#"PNN#J! )1-4+'5*! 0*! =^;I"! B1%! *)&1'/%!!
'/)(''/-!/-!)*%*)+,-!3!/0!g=!./)0*'*!-1!8*</'!0(2*'!*0!'/)('%1K
q}?~*<'6*! *9'/)+*'! /-! 9'+-)+9+1! )1-)(''/-)+*! ./! -/20+2/-)+*! 9'14/%+1-*0! /-! /0! ./5*-.*.1D! 91'!
-1! 8*</'! /590/*.1D! )151! _(/.*! *.>/'&+.1D! 01%! 5/.+1%! %14+%&+)*.1%! _(/! 0*! )+/-)+*! 0/!
9'191')+1-*<*D!/%!./)+'!8*</'!+-3/)&*.1!)1-!/0!/590/1!./!01%!5+%51%!3!-1!5/.+*-&/!8/'>+.1!./!
*2(Q*! 3! Q/'+-2*D! _(/! '/%(0&*! -1! /0! 5`&1.1! 5C%! %/2('1D! -1! 1<%&*-&/! %(! (%1! &'*.+)+1-*0D! *! 4+-! ./!
/>+&*'! 4*)&1'/%! 9'19+1%! ./0! 2/'5/-! 3! )1-&*5+-*)+,-D! 9(/%! /0! '+/%21! ./0! 5*&/'+*0! %15/&+.1! *!
/<(00+)+,-!/%!_(/!`%&*!-1!01!%/*!91'!/0!&+/591!%(4+)+/-&/!H|J!};~/'1!%()/./!3!/0!ì4*)&(5î!01!91-/!
./! 5*-+4+/%&1D! _(/! -1! 4(/! 0*! [-+)*! +-3/))+,-! _(/! '/)+<+,! /0! 4*00/)+.1D! %+-1! _(/! %/! 0/! 9(%1!(-*!
%/2(-.*!/0!.6*!%+2(+/-&/!HSS!./!Q(0+1!./!PNUMJ!/-!/0!9(/<01!./!V+2(/0!$%&/<*-!91'!/0!9'*)&+)*-&/!
./! .+)8*! 01)*0+.*.D! %+-! _(/! )1-%&/! 5*&/'+*0! /590/*.1! -+! 9*'&/! ./0! )(/'91! +-3/)&*.*! 3! *[-!
'/)+<+,!(-*!&/')/'*!./0!9'1.()&1!X101m?1-/('*%/D!_(/!0/!+-3/)&,!/0!9'*)&+)*-&/!.1-!B()+1!E"!G"D!
_(/! (&+0+7,! *2(Q*! 3! Q/'+-2(+00*! ./%+-4/)&*.*! 91'! /<(00+)+,-D! 9'1.()+`-.1%/! /0! +-&/'-*5+/-&1!
81%9+&*0*'+1!*0!%+2(+/-&/!.6*!ySM!./!Q(0+1!./!PNNMyq!H]X"!S{J"
R! 0*! )*(%*0+.*.! *0&/'-*&+>*! m(-1! ./! 01%! .1%! )1./5*-.*.1%! )*(%,! /0! .*:1D! 9/'1! -1! 01%! .1%m! %/!
191-/! 0*! )1-)(''/-&/! m)(*0_(+/'*! ./! 01%! )1./5*-.*.1%! %/! )1-.(Q1! ./! &*0! 5*-/'*! _(/!
./%/-)*./-*.1!/0!.*:1m"!
4;/'(,>(-$#(#/%."%,<<&"+&/:'#.78""/.%&'-82-%$#.9/
4;0;/[$.?2%#.&(J&'D$7-?#&C0J&s090/x$>;/60:H/200/n;x;/903/V0927Wu/
nx$GD! ^"! x/! &8/'/41'/! 8*>/! &8+%! %+&(*&+1-K! g8/! -1'&8/*%&! 4+'/! i*%! %/&! <3! %9*'k%! /5+&&/.! 4'15!
./4/-.*-&ô%!01)151&+>/"!g8+%!4+'/D!*))1'.+-2!&1!&8/!4+-.+-2!14!&8/!Q('3D!)1-%&+&(&/.!*!9'1d+5*&/!
)*(%/!14!&8/!./%&'()&+1-!14!90*+-&+44ô%!9'19/'&3"!g8+%!4+-.+-2!i/!4+-.!&1!</!i/00!%(991'&/.!<3!&8/!
/>+./-)/"!x/!8*>/!&8/!-1'&8i/%&!4+'/D!14!(-k-1i-!1'+2+-"!g8+%!4+'/D!*))1'.+-2!&1!&8/!4+-.+-2!14!
&8/! Q('3D! *0%1! )1-%&+&(&/.! *! 9'1d+5*&/! )*(%/! 14! &8/! ./%&'()&+1-! 14! &8/! 90*+-&+44ô%! 9'19/'&3"! g8+%!
4+-.+-2!i/!*0%1!4+-.!&1!</!i/00!%(991'&/.!<3!&8/!/>+./-)/"!x/!8*>/!*!(-+1-!14!&8/%/!&i1!4+'/%!
N@A! 4//&! -1'&8! 14! 90*+-&+44ô%! 9'19/'&3D! 4'15! i8+)8! 91+-&! &8/! (-+&/.! 4+'/! <1'/! .1i-! (91-! *-.!
./%&'13/.! &8/! 9'19/'&3"! x/! &8/'/41'/! 8*>/! &i1! %/9*'*&/D! +-./9/-./-&D! *-.! .+%&+-)&! *2/-)+/%D!
/*)8!14!i8+)8!)1-%&+&(&/.!&8/!9'1d+5*&/!)*(%/!14!90*+-&+44ô%!.*5*2/D!*-.!/+&8/'!14!i8+)8D!+-!&8/!
*<%/-)/!14!&8/!1&8/'D!i1(0.!8*>/!*))1590+%8/.!%()8!'/%(0&"!
!
I&!+%!%/&&0/.!+-!&8/!0*i!14!-/20+2/-)/!&8*&!*-3!1-/!14!&i1!1'!51'/!Q1+-&!&1'&4/*%1'%D!1'!1-/!14!&i1!
1'!51'/!i'1-2.1/'%!i81%/!)1-)(''+-2!*)&%!14!-/20+2/-)/!'/%(0&!+-!+-Q('3D!*'/!/*)8!+-.+>+.(*003!
'/%91-%+<0/! 41'! &8/! /-&+'/! .*5*2/! '/%(0&+-2! 4'15! &8/+'! Q1+-&! 1'! )1-)(''/-&! *)&%! 14! -/20+2/-)/"!
g8+%! '(0/! *0%1! 1<&*+-%! oi8/'/! &i1! )*(%/%D! /*)8! *&&'+<(&*<0/! &1! &8/! -/20+2/-)/! 14! *! '/%91-%+<0/!
9/'%1-D! )1-)('! +-! 9'1.()+-2! *-! +-Q('3! &1! *-1&8/'D! /+&8/'! 14! i8+)8! )*(%/%! i1(0.! 9'1.()/! +&!
'/2*'.0/%%! 14! &8/! 1&8/'D! H"""J! </)*(%/D! i8/&8/'! &8/! )1-)(''/-)/! </! +-&/-&+1-*0D! *)&(*0D! 1'!
)1-%&'()&+>/D!/*)8!i'1-2.1/'D!+-!/44/)&D!*.19&%!&8/!)1-.()&!14!8+%!)1m*)&1'D!*-.!41'!&8/!4('&8/'!
'/*%1-! &8*&! +&! +%! +591%%+<0/! &1! *991'&+1-! &8/! .*5*2/! 1'! &1! %*3! &8*&! /+&8/'! 9/'9/&'*&/.! *-3!
179
.+%&+-)&! +-Q('3! &8*&! )*-! </! %/9*'*&/.! 4'15! &8/! i810/"! g8/! i810/! 01%%! 5(%&! -/)/%%*'+03! </!
)1-%+./'/.!*-.!&'/*&/.!*%!*-!/-&+'/&3!H|J
I&! +%! H|J)1-)/+>*<0/! &8*&! *! 4+'/! %1! %/&! 5+28&! (-+&/! i+&8! *! 4+'/! 14! %1! 5()8! 2'/*&/'! 9'191'&+1-%D!
%()8!*%!*!'*2+-2!41'/%&!4+'/D!*%!&1!</!/->/019/.!1'!%i*001i/.!(9!<3!&8/!2'/*&/'!8101)*(%&D!*-.!+&%!
+./-&+&3! ./%&'13/.D! %1! &8*&! &8/! 2'/*&/'! 4+'/! )1(0.! </! %*+.! &1! </! *-! +-&/'>/-+-2! 1'! %(9/'%/.+-2!
)*(%/"! \(&! i/! 8*>/! -1! %()8! %+&(*&+1-! 8/'/"! g8/%/! 4+'/%! i/'/! 14! )159*'*&+>/03! /_(*0! '*-k"! I4!
&8/'/!i*%!*-3!.+44/'/-)/!+-!&8/+'!5*2-+&(./!1'!&8'/*&/-+-2!*%9/)&D!&8/!'/)1'.!+-.+)*&/%!&8*&!&8/!
-1'&8/*%&!4+'/!i*%!&8/!0*'2/'!4+'/!*-.!i*%!'/*003!'/2*'./.!*%!&8/!5/-*)+-2!*2/-)3"!R&!*-3!'*&/!
&8/'/!+%!-1!+-&+5*&+1-!1'!%(22/%&+1-!&8*&!&8/!-1'&8/*%&!4+'/!i*%!/->/019/.!*-.!%i*001i/.!(9!<3!
&8/!-1'&8i/%&!4+'/"!x/!i+00!/''!1-!&8/!%+./!14!&8/!./4/-.*-&!+4!i/!'/2*'.!&8/!&i1!4+'/%!*%!14!/_(*0!
'*-k"!
R))1'.+-2!&1!i/00!%/&&0/.!9'+-)+90/%!14!-/20+2/-)/D!+&!+%!(-.1(<&/.!&8*&!+4!&8/!9'114!.+%)01%/.!&8/!
1'+2+-!14!&8/!-1'&8i/%&!4+'/D!/>/-!&81(28!+&%!1'+2+-!</!*&&'+<(&/.!&1!*!&8+'.!9/'%1-D!&8/!'*+0'1*.!
)159*-3D!*%!&8/!1'+2+-*&1'!14!&8/!-1'&8/*%&!4+'/D!i1(0.!</!0+*<0/!41'!&8/!/-&+'/!.*5*2/"!g8/'/!+%!
-1! '/*%1-! &1! </0+/>/! &8*&! &8/! -1'&8i/%&! 4+'/! 1'+2+-*&/.! 4'15! *-3! 1&8/'! &8*-! 8(5*-! *2/-)3"! I&!
i*%!*!%5*00!4+'/"!I&!8*.!&'*>/0/.!1>/'!*!0+5+&/.!*'/*"!I&!8*.!<//-!+-!/d+%&/-)/!<(&!41'!*!.*3"!]1'!*!
&+5/!+&!i*%!&81(28&!&1!8*>/!<//-!/d&+-2(+%8/."!I&!i*%!-1&!+-!&8/!-*&('/!14!*!'*2+-2!41'/%&!4+'/"!
g8/!'/)1'.!.+%)01%/%!-1&8+-2!14!-*&('*0!98/-15/-*!i8+)8!)1(0.!8*>/!2+>/-!'+%/!&1!&8/!4+'/"!I&!+%!
51'*003!)/'&*+-!&8*&!+&!i*%!%/&!<3!%15/!8(5*-!*2/-)3"!
!
G1i!&8/!_(/%&+1-!+%!i8/&8/'!&8/!'*+0'1*.!)159*-3D!i8+)8!+%!41(-.!&1!8*>/!<//-!'/%91-%+<0/!41'!
&8/!1'+2+-!14!&8/!-1'&8/*%&!4+'/D!/%)*9/%!0+*<+0+&3!</)*(%/!&8/!1'+2+-!14!&8/!-1'&8i/%&!4+'/!+%!-1&!
+./-&+4+/.D! *0&81(28! &8/'/! +%! -1! '/*%1-! &1! </0+/>/! &8*&! +&! 8*.! *-3! 1&8/'! &8*-! 8(5*-! 1'+2+-"! R-!
*44+'5*&+>/!*-%i/'!&1!&8*&!_(/%&+1-!i1(0.!)/'&*+-03!5*k/!*!i'1-2.1/'!*!4*>1'+&/!14!&8/!0*i!*&!
&8/!/d9/-%/!14!*-!+--1)/-&!%(44/'/'"!g8/!+-Q(%&+)/!14!%()8!*!.1)&'+-/!%(44+)+/-&03!+59/*)8/%!&8/!
012+)!(91-!i8+)8!+&!+%!41(-./."!x8/'/!1-/!i81!8*%!%(44/'/.!.*5*2/!<3!4+'/!9'1>/%!&8/!1'+2+-!14!
*! 4+'/! *-.! &8/! )1('%/! 14! &8*&! 4+'/! (9! &1! &8/! 91+-&! 14! &8/! ./%&'()&+1-! 14! 8+%! 9'19/'&3D! 1-/! 8*%!
)/'&*+-03!/%&*<0+%8/.!0+*<+0+&3!1-!&8/!9*'&!14!&8/!1'+2+-*&1'!14!&8/!4+'/"!F'*-&+-2!&8*&!&8/!(-+1-!14!
&8*&! 4+'/! i+&8! *-1&8/'! 14! -*&('*0! 1'+2+-D! 1'! i+&8! *-1&8/'! 14! 5()8! 2'/*&/'! 9'191'&+1-%D! +%!
*>*+0*<0/!*%!*!./4/-%/D!&8/!<('./-!+%!1-!&8/!./4/-.*-&!&1!%81i!&8*&!<3!'/*%1-!14!%()8!(-+1-!i+&8!
*! 4+'/! 14! %()8! )8*'*)&/'! &8/! 4+'/! %/&! <3! 8+5! i*%! -1&! &8/! 9'1d+5*&/! )*(%/! 14! &8/! .*5*2/"! G1!
9'+-)+90/! 14! Q(%&+)/! '/_(+'/%! &8*&! &8/! 90*+-&+44! </! 90*)/.! (-./'! &8/! <('./-! 14! %9/)+4+)*003!
+./-&+43+-2!&8/!1'+2+-!14!<1&8!4+'/%!+-!1'./'!&1!'/)1>/'!&8/!.*5*2/%!41'!i8+)8!/+&8/'!1'!<1&8!4+'/%!
*'/!'/%91-%+<0/"H|J
\3!&8/!?1('&"m^(.25/-&!*44+'5/."
4;2;/M(Q.>/%(,>(#.>/).</$"%&"#$.>/F/#.%+<$"(/#&/-(/](-(/0_/#&-/^<$R,"(-/],)<&=.//
$-! 5*&/'+*! ./! .*:1%! )*(%*.1%! 91'! +-)/-.+1%D! 0*! =*0*! PÄ! ./0! g'+<(-*0! =(9'/51! 5*-&+/-/! 0*!
.1)&'+-*!)1-41'5/!*!0*!)(*0!*0!*)&1'D!9/'Q(.+)*.1!91'!(-!+-)/-.+1D!0/!<*%&*!)1-!9'1<*'!_(/!/%&/!
&(>1!%(!1'+2/-!/-!0*!/%4/'*!./!+-40(/-)+*!./0!./5*-.*.1"!$%&/![0&+51!./</'CD!%+!_(+/'/!-/2*'!0*!
)1-)(''/-)+*!./!)*(%*0+.*.!./!8/)81D!*)'/.+&*'!_(/!/0!4(/21!%/!./<+,!*!0*!*)&(*)+,-!+-&/-)+1-*.*!
./!&/')/'1%!1!9'191')+1-*'!+-.+)+1%!%/'+1%!3!4(-.*.1%!./!_(/!/0!1'+2/-!./0!+-)/-.+1!9(.1!8*</'!
180
9'1>/-+.1! ./! )*(%*%! *Q/-*%! *! %(! 91%+<+0+.*.! ./! )1-&*)&1D! )1-&'10! 1! >+2+0*-)+*! ./0! <+/-! /-!
)(/%&+,-"!
V(W/]^]H/0_H/806`2:00H/#&/6/#&/I&R<&<./#&/2:02H/SOC/a,("/B"+."$./b$.-/A*.>;
=1<'/! 0*%! AKP#! 81'*%! ./0! P! ./! Q(0+1! ./! SAA@D! 5+/-&'*%! 0*! 90*&*41'5*! '/510_(/! 4'+21'64+)1!
5*&'6)(0*!RRR!%/!/-)1-&'*<*!'/*0+7*-.1!0*<1'/%!./!)*'2*!/-!/0!/%&*<0/)+5+/-&1!=(9/'%10!%+&1!/-!
0*! 90*&*41'5*! <*Q*! ./! V/')*5*.'+.D! %(4'+,! (-! +-)/-.+1D! 91'! )1'&1)+')(+&1! /-! /0! )159'/%1'!
4'+21'64+)1D!_(/!*4/)&,!&*-&1!*!0*!5/')*-)6*!)151!*0!/.+4+)+1!/!+-%&*0*)+1-/%!./0!%(9/'5/')*.1"!$-!
/%*!4/)8*!0*!90*&*41'5*!'/510_(/!/'*!9'19+/.*.!./!?*''1)/'6*%!B()*%!3!%(!(%1!)1''/%91-.6*!*!X"!
$(%/<+1! /-! >+'&(.! ./! )1-&'*&1! ./! 9'`%&*51! ./! (%1! )/0/<'*.1! /0! PP! ./! 4/<'/'1! ./! SAA@"! B*!
'/%91-%*<+0+.*.! )+>+0! ./0! '/510_(/! H1<0+2*&1'+*! 3! %(90/5/-&*'+*! 8*%&*! #A! 5+001-/%! ./! /('1%J!
/%&*<*! *%/2('*.*! )1-! V*94'/! 5/.+*-&/! 9,0+7*! %(%)'+&*! /0! PL! ./! 4/<'/'1! ./! SAA@"! ?1-!
*-&/'+1'+.*.! HMA! ./! .+)+/5<'/! ./! SAAMJ! %/! 8*<6*! *%/2('*.1! )1-! 0*! 5+%5*! /-&+.*.! 0*! )*</7*!
&'*)&1'*"! R5<*%! 9,0+7*%! /%&*<*-! /-! >+21'! *0! 1)(''+'! /0! %+-+/%&'1"! ;1'! %(! 9*'&/D! 0*! 5/')*-&+0!
X+-1%10! =(9/'5/')*.1%"! ="B"! H*-&/%! R810.! =(9/'5/')*.1%D! ="B"J! /'*! *''/-.*&*'+*! ./0!
/%&*<0/)+5+/-&1!=(9/'%10!*0!&+/591!./!1)(''+'!/0!+-)/-.+1"!$-!/%/!&+/591!&/-6*!/-!>+21'!0*!9,0+7*!
./! %/2('1%! %(%)'+&*! <*Q1! %(! *-&+2(*! ./-15+-*)+,-! )1-! R00+*-7D! ?159*:6*! ./! =/2('1%! 3!
E/*%/2('1%D! ="R"! _(/D! /-! /%/-)+*! 3! /-! 01%! &`'5+-1%! 9*)&*.1%D! )(<'6*! 01%! .*:1%! 5*&/'+*0/%D! 0*!
9`'.+.*! ./! </-/4+)+1%D! 0*! *>/'6*! ./! 5*_(+-*'+*! 3! /0! '1<1"! X/! *)(/'.1! )1-! /%&*! [0&+5*! 9,0+7*D!
R00+*-7! *<1-,! *! X+-1%10! =(9/'5/')*.1%! 0*! )*-&+.*.! ./! PAP"MNADPA! /('1%! /-! )1-)/9&1! ./!
+-./5-+7*)+,-!91'!01%!.*:1%!%(4'+.1%!91'!/0!+-)/-.+1!3!1<Q/&1!./!)1</'&('*"
X+-1%10! =(9/'5/')*.1%D! ="B"! 3! R00+*-7! =/2('1%D! ="R"! ./5*-.*'1-! *! X"! $(%/<+1! 3! *! V*94'/"!
X+-1%10!=(9/'5/')*.1%!'/)0*5,!0*!+-./5-+7*)+,-!)1''/%91-.+/-&/!*!01%!.*:1%!-1!)(<+/'&1%!91'!
0*!9,0+7*!5/-)+1-*.*!HUS"MSSDNA!/('1%JD!3!R00+*-7!8+71!01!9'19+1!)1-!0*!+-./5-+7*)+,-!_(/!/%&*!
*%/2('*.1'*!*%(5+,!)1-!)*'21!*!0*!9,0+7*!HPAP"MNADPA!/('1%J"
$0! ^;I! -{! @! ./! V*Q*.*81-.*! HV*.'+.JD! O"O"SAAOD! ./%/%&+5,! 6-&/2'*5/-&/! 0*! ./5*-.*! *0!
)1-%+./'*'! _(/! /0! +-)/-.+1! %/! 8*<6*! 9'1.()+.1! 91'! )*%1! 41'&(+&1"! B*! R;! V*.'+.D! =/))"! PMÄD!
SA"S"SAAUD! ./%/%&+5,! /0! '/)('%1! ./! 01%! ./5*-.*-&/%D! /%&+5,! 0*! +59(2-*)+,-! ./! V*94'/! 3!
)1-4+'5,D!*(-_(/!)1-!.+%&+-&1%!'*71-*5+/-&1%D!/0!4*001!*<%10(&1'+1!./!9'+5/'*!+-%&*-)+*"
$0!g=!/%&+5,!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!X+-1%10!=(9/'5/')*.1%!3!R00+*-7!/-!<*%/!*!
_(/! q-1! /d+%&/-! '*71-/%! 9*'*! -1! )*0+4+)*'! )151! 8/)81! ./! 0*! )+')(0*)+,-! H*'&"! M! EX! LhSAAPJ! /0!
+-)/-.+1! _(/! *4/)&,! *0! %/5+''/510_(/! *%/2('*.1! ./! '/%91-%*<+0+.*.! )+>+0! 1<0+2*&1'+*! 3!
%(90/5/-&*'+*! /-! V*94'/D! /-&+.*.! _(/D! )1-%/)(/-&/5/-&/D! 91'! &'*&*'%/! ./! (-! %+-+/%&'1! -1!
/d)0(+.1!./!)1</'&('*D!%6!%/!/-)(/-&'*!9*%+>*5/-&/!0/2+&+5*.*!4'/-&/!*!0*!'/)0*5*)+,-!/4/)&(*.*!
./!)1-&'*'+1r!H|J!R!/%&*!)1-)0(%+,-!%/!00/2*!>*01'*-.1!_(/!/0!)*(%*-&/!./!01%!.*:1%!91'!01%!_(/!
%/! '/)0*5*! /%! (-! %/5+''/510_(/D! 5/-)+1-*.1! /d9'/%*5/-&/! )151! >/86)(01! *! 51&1'! /-! /0!
*'&6)(01! S"P! EX! LhSAAPa! _(/! .+)81! >/86)(01! -1! %/! /-)(/-&'*! )159'/-.+.1! /-! 0*! /d)0(%+,-! ./0!
*'&6)(01! M"M! EX! LhSAAPD! 3! _(/! /0! +-)/-.+1! %1<'/>+-1! )(*-.1! %/! /-)1-&'*<*! /%&*)+1-*.1! /-! /0!
0(2*'!./%&+-*.1!*!0*!'/*0+7*)+,-!./!19/'*)+1-/%!./!)*'2*!3!./%)*'2*!./0!5+%51D!)1-%(%&*-)+*0/%!
*!%(!)1-.+)+,-!./!>/86)(01!./!&'*-%91'&/!./!5/')*-)6*%D!%+&(*)+,-!/-!_(/!8*<'6*!./!5*-&/-/'%/D!
-1!)1-!>1)*)+,-!./!9/'5*-/-)+*D!%+-1!&*-!%101!91'!/0!&+/591!-/)/%*'+1!9*'*!%(!4+-*0+7*)+,-!H01!
_(/D!)151!%/:*0,!/0!^(72*.1!*0!*0(.+'!*!(-*!%+&(*)+,-!./!&'C-%+&1D!.*!)(/-&*!./!0*!/d+%&/-)+*!./!
(-*! %+&(*)+,-! ./! )1-&+-(+.*.! /-&'/! /0! 8/)81! +-.(.*<0/! ./! 0*! )+')(0*)+,-! _(/! '/9'/%/-&*! 0*!
181
)1-.())+,-!./0!>/86)(01!8*%&*!/%/!0(2*'!3!/0!)1-%&+&(+.1!91'!/0!*<*-.1-1!./0!5+%51!8*%&*!/0!./!
/-&'/2*!./!0*!5/')*-)6*Jr!H]X!M{!\J"
$0! g=! *:*./! _(/! q%/-&*.1! _(/! %/! &'*&,! ./! (-! 8/)81! ./! 0*! )+')(0*)+,-D! 0*! '/%91-%*<+0+.*.! ./0!
9'19+/&*'+1! 1! 91%//.1'! ./</! /-Q(+)+*'%/! ./%./! 0*! ,9&+)*! ./0! %+-2(0*'! '+/%21! )'/*.1! 91'! 0*!
)1-.())+,-!./!(-!>/86)(01!*!51&1'D!_(/D!)1-&'*'+*5/-&/!*!01!%/:*0*.1!91'!0*!R;D!%6!%/!&'*&*!./!
(-*! %+&(*)+,-! ./! /%9/)+*0! '+/%21D! _(/! )1591'&*! (-*! 9'/%(-)+,-! ./! )(09*! _(/! )1''/%91-./!
./%&'(+'!*0!*2/-&/D!91'!/-)1-&'*'%/!)/')*-1!*!0*!4(/-&/!./!9/0+2'1D!3!_(/!8*)/!_(/!/0!9'1<0/5*!%/!
)1-&'*+2*!/-!/%&/!)*%1!*!>*01'*'D!./%./!/0!9(-&1!./!>+%&*!./!0*!)*(%*0+.*.D!%(!'/0/>*-)+*!)*(%*0D!/%!
./)+'D! %+! %(! *)&(*)+,-! -/20+2/-&/! 9(.1! %/'! )*(%*05/-&/! ./&/'5+-*-&/! ./0! '/%(0&*.1! .*:1%1D!
/-&/-.+.*!/%*!'/0*)+,-!./!)*(%*0+.*.D!-1!%101!./%./!/0!90*-1!4/-15/-10,2+)1!H)*(%*0+.*.!46%+)*J!
%+-1! &*5<+`-! ./%./! /0! 90*-1! Q('6.+)1D! )151! 91%+<+0+.*.! ./! _(/! %/! 0/! 9(/.*! +59(&*'!
1<Q/&+>*5/-&/! H)*(%*0+.*.! Q('6.+)*J"! }X~/! 5*-/'*! _(/! *0! 9'19+/&*'+1! 3! *0! )1-.()&1'! %6! 0/%!
)1''/%91-.6*!>/0*'!91'!0*!%/2('+.*.!./0!5+%51D!+-)0(3/-.1!0*!./!&1.1%!%(%!5/)*-+%51%D!/-&'/!
/001%D!/0!%+%&/5*!./!'/4'+2/'*)+,-D!/-!)(*-&1!/%&*<*!6-&+5*5/-&/!'/0*)+1-*.1!)1-!0*!*)&+>+.*.!*!0*!
_(/!/%&*<*!9'+-)+9*05/-&/!./%&+-*.1!/0!>/86)(01"!G1!)*</D!)151!8*)/!0*!R;D!./%>+-)(0*'!0*!)*(%*!
46%+)*!./0!+-)/-.+1!H)1'&1)+')(+&1!/-!/0!2'(91!4'+21'64+)1J!)1-!01%!./</'/%!/d+2+<0/%!./!*./)(*.1!
5*-&/-+5+/-&1! 3! )1-%/'>*)+,-! ./0! >/86)(01D! 9(/%D! 91'! 5C%! _(/! /%&/! 8(<+/'*! %+.1! )/.+.1!
/%)*%*5/-&/! )+-)1! 5/%/%! *-&/%! 3! .+%9(%+/'*! ./! )/'&+4+)*.1! 14+)+*0! %1<'/! %(! *9&+&(.! 9*'*! %/'!
(%*.1!9*'*!0*!4+-*0+.*.!)1-!_(/!/%&*<*!%+`-.101!/-!/0!515/-&1!./0!%+-+/%&'1D!%(!(%1!)1-&+-(*.1!
.('*-&/!/%&/!&+/591!m3!91'!&*-&1D!)1-!91%&/'+1'+.*.!*!.+)8*!+-%9/))+,-m!%+&(*<*!*0!*2/-&/!/-!(-*!
%+&(*)+,-! ./! )1-&'10! ./! 0*! 4(/-&/! ./! 9/0+2'1! _(/! 0/! 1<0+2*<*! *! /d&'/5*'! %(! .+0+2/-)+*! *! 4+-! ./!
./&/)&*'! 91%+<0/%! +-)+./-)+*%D! *>/'6*%! 1! ./4/)&(1%1%! 4(-)+1-*5+/-&1%D! )1-! 1<Q/&1! ./! 9'/>/-+'!
.*:1%!)151!01%!1)*%+1-*.1%r!H]X!#{!\J"
ZD! /-! ./4+-+&+>*D! /0! g=! q4+Q*! 0*! +-./5-+7*)+,-! )1''/%91-.+/-&/! *0! &1&*0! ./! 01%! .*:1%! 3! 9/'Q(+)+1%!
./'+>*.1%! ./0! %+-+/%&'1! /-! 0*! %(5*! ./! PLM"OPNDPN! /('1%"! X/! /%&*! )*-&+.*.D! 01%! ./5*-.*.1%!
./</'C-! +-./5-+7*'! %10+.*'+*5/-&/! *! 0*! ./5*-.*-&/! R00+*-7D! ?159*:6*! ./! =/2('1%! 3!
E/*%/2('1%D! ="R"D! )1-! 0*! %(5*! 91'! /%&*! %*&+%4/)8*! *! %(! *%/2('*.1D! ./! PAP"MNADPA! /('1%"! Z! 0*!
.+4/'/-)+*D! LS"SSNDAN! /('1%D! ./</'C! %/'! *<1-*.*! *0! 9/'Q(.+)*.1! X+-1%10! =(9/'5/')*.1%! ="B"r!
H]X! O{J"! $%&*%! )*-&+.*./%! %/! +-)'/5/-&*'C-! )1-! 01%! +-&/'/%/%! 0/2*0/%! ./%./! 0*! 4/)8*! ./! 0*!
'/)0*5*)+,-!/d&'*Q(.+)+*0!HSA"O"SAA#J"
VRW/]^]H/0_H/425`2::9H/#&/4/#&/E,"$.H/SOC/a.>e/B"+."$./]&$E(>/l,$"+("(;
$0!PO!./!4/<'/'1!./!SAAA!%/!9'1.(Q1!(-!+-)/-.+1!/-!0*%!-*>/%!+-.(%&'+*0/%!9'19+/.*.!./!R)/+&/%!
c+00*-(/>*!="R"!/-!0*!71-*!.1-./!0*!%1)+/.*.!./5*-.*.*D!^1%`!V10+-*!g1'-/'1D!="B"D!H)1-!)1-%&*!
%(! >+-)(0*)+,-! 0/2*0! )1-! 0*! 9'19+/&*'+*J! 8*<6*! *05*)/-*.1! 5*&/'+*0! 4C)+05/-&/! +-40*5*<0/D! ./!
./%/)81!3!)*Q*%!./!5*./'*!4+-*!3!)*'&,-"!
R)/+&/%! c+00*-(/>*! ="R"! ./5*-.,! *! V(&(*! F/-/'*0! ./! =/2('1%! 3! *! 0*! >+(.*! ./! ^1%`! V10+-*!
g1'-/'1"!
$0! ^;I! -{! P! ./! R0)+7*! HMA"PA"SAAMJ! /%&+5,! /-! 9*'&/! 0*! ./5*-.*! 3! )1-./-,! *! 0*! >+(.*! ./! ^1%`!
V10+-*! g1'-/'1! *! 9*2*'! SPM"UMND#S! /('1%D! 3! *! V(&(*! F/-/'*0! ./! =/2('1%! L#"PSO! /('1%! 5C%!
L"#@@!/('1%!/-!)1-)/9&1!./!./%/%)15<'1%"!B*!R;!/%&+5,!/-!9*'&/!/0!'/)('%1!./!*9/0*)+,-!./!0*!
*)&1'*! 3! 51.+4+),! 0*! +-./5-+7*)+,-! ./<+.*! 91'! 0*! V[&(*! HP#A"S#MDAM! /('1%! 91'! .*:1%! 3!
9/'Q(+)+1%!3!#"UOUDON!/('1%!91'!2*%&1%!./!./%/%)15<'1J"
182
$0! g=! ./%/%&+5,! /0! '/)('%1! ./! )*%*)+,-! +-&/'9(/%&1! 91'! 0*! >+(.*! ./! ^1%`! V10+-*! )1-! <*%/! *! 0*!
+-4'*))+,-!./0!*'&"!PNAS!??K!q$-!01%!)*%1%!./!+-)/-.+1D!0*!Q('+%9'(./-)+*!%*0>*!0*%!.+4+)(0&*./%!./!
9'(/<*! ./! %(! )*(%*D! <*%*-.1! 0*! +59(&*)+,-! 1<Q/&+>*! /-! 0*! 2/-/'*)+,-! ./! (-! 9/0+2'1!
Q('6.+)*5/-&/! ./%*9'1<*.1! 3! /-! /0! )1-&'10! _(/! %/! /Q/')/! %1<'/! 0*%! )1%*%! _(/! 01! 2/-/'*-"! X/!
51.1! _(/! *.5+&/! (-! 2'*.1! ./! '*71-*<0/! 9'1<*<+0+.*.! )(*0+4+)*.*D! .+%&+-&*! ./! 0*! )/'&/7*!
*<%10(&*D!/-!0*!'/)1-%&'())+,-!9'1)/%*0!./!0*!'/0*)+,-!)*(%*0!m!%/-&/-)+*%!./!MA!./!-1>+/5<'/!./!
S"AAP!H!E^!SAAPD!NNPNJ!!a!SN!./!*<'+0!./!S"AAS!H!E^!SAASD!@NLPJ!a!P#!./!4/<'/'1!SAAU!H!E^!SAAUD!
SOONJ|r!H]X"!@{J"!
V%W/]^]H/0_H/485`2::8H/#&/28/#&/=(F.H/SOC/@?"(%$./]$&<<(/X$-/#&/-(/',&>+(;
$-! 0*! 5*.'(2*.*! ./0! O"M"PNNL! %/! 1'+2+-,! (-! +-)/-.+1! /-! 0*! >+>+/-.*! ./! ^(*-! R-&1-+1D! 01! )(*0!
9'1>1),!.*:1%!H-1!%/!/%9/)+4+)*-J!/-!0*%!71-*%!)15(-/%!./0!/.+4+)+1!.1-./!%/!8*00*<*D!*%6!)151!
/-!0*%!>+>+/-.*%!./!E1.1041D!?0/5/-&/D!?*'01%!^1%`!3!E*[0"!^(*-!R-&1-+1!&/-6*!%1<'/!(-*!*0415<'*!
./0!%*0,-!(-!*0*'2*.1'D!*0!_(/!%/!/-)1-&'*<*-!/-)8(4*.1%!.1%!&/0`41-1%!3!(-*!0C59*'*"!
B*!?15(-+.*.!./!;'19+/&*'+1%!3!E1.1041D!?0/5/-&/D!?*'01%!^1%`!3!E*[0!./5*-.*-!*!^(*-!R-&1-+1!
3! %(! *%/2('*.1'*D! 3! %10+)+&*-! (-*! +-./5-+7*)+,-! ./! P"LNS! ê! *%6! )151! 0*! '/9*'*)+,-! ./! 01%!
./%9/'4/)&1%!1)*%+1-*.1%!/-!0*%!71-*%!)15(-/%"
$0! ^;I! -{! @! ./! =(/)*! HPN"P"PNNNJ! ./%/%&+5*! 0*! ./5*-.*"! B*! R;! ./! c*0/-)+*! H=/))+,-! OÄD!
P#"O"SAAAJ! /%&+5*! /-! 9*'&/! /0! '/)('%1! ./! *9/0*)+,-! 3! )1-./-*! *0! ./5*-.*.1! *! 9*2*'! 0*! %(5*!
_(/!%/!./&/'5+-/!/-!/Q/)()+,-!./!%/-&/-)+*"!
$0!g=!./%/%&+5*!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!0*!*%/2('*.1'*!./0!./5*-.*.1K
q}b~*! ./! 5*-&/-/'%/! /0! .*&1! ./! _(/! /0! +-)/-.+1! %/! 1'+2+-,! /-! 0*! >+>+/-.*! ./0! ./5*-.*.1! ^(*-!
R-&1-+1D! 3! 5C%! /d*)&*5/-&/D! /-! /0! /-)8(4/! 5[0&+90/! (&+0+7*.1! 91'! `0! /-! /0! %*0,-! )15/.1'! ./0!
9+%1H|J! }B~*! *&'+<()+,-! *! `%&/! ./! 0*! '/%91-%*<+0+.*.! ./! 01%! .*:1%! 1)*%+1-*.1%! 91'! /0! 4(/21!
'/%91-./!*!0*!)1''/)&*!*90+)*)+,-!./!0*!5C%!'/)+/-&/!.1)&'+-*!./!/%&*!=*0*D!_(/!%/!'/%(5/!/-!0*!
%/-&/-)+*! ./!M! ./! 4/<'/'1! ./! SAA#! HE^! SAA#D! PUMOJ! H|J! }1~! ./!SM! ./! -1>+/5<'/! ./! SAA@! HE^!
SAA@D! LMUMJ!D! /-! .1-./! 0*! +59(&*)+,-! ./! 0*! '/%91-%*<+0+.*.! ./! 01%! .*:1%! )*(%*.1%! 91'! (-!
+-)/-.+1!%/!'/*0+7,!/-!*&/-)+,-!*0!)1-&'10!1!>+2+0*-)+*!_(/!/0!./5*-.*.1!/Q/')6*!%1<'/!/0!C5<+&1!
.15`%&+)1D!*4+'5*-.1!_(/!o/%&*!=*0*!>+/-/!./)0*'*-.1!_(/!-1!&1.1!+-)/-.+1!/%!91'!)*%1!41'&(+&1!
3! _(/! -1! <*%&*! 9*'*! 00/2*'! *! &*0! )1-)0(%+,-! _(/! /0! %+-+/%&'1! %/! 8(<+/'*! 9'1.()+.1! 91'! )*(%*%!
./%)1-1)+.*%!H==g=D!/-&'/!1&'*%D!./!N!./!-1>+/5<'/!./!PNNM!}!E^!PNNMD!UNLM~!!D!SN!./!/-/'1!./!
PNNO!}!E^!PNNLD!OMO#~!!D!PM!./!Q(-+1!./!PNNU!}!E^!PNNUD!@OUL~!!D!PP!./!4/<'/'1!./!SAAA!3!PS!./!
4/<'/'1! ./! SAAA! }! E^! SAAPD! U#A~! !JD! ./! 51.1! _(/D! 2/-/'*.1! (-! +-)/-.+1! ./-&'1! ./0! C5<+&1! ./!
)1-&'10!./0!91%//.1'!./!0*!)1%*!m9'19+/&*'+1!1!_(+`-!/%&C!/-!)1-&*)&1!)1-!/00*m!8*3!_(/!9'/%(5+'!
_(/! 0/! /%! +59(&*<0/D! %*0>1! _(/! 9'(/</! _(/! 1<',! )1-! &1.*! 0*! .+0+2/-)+*! /d+2+<0/! 9*'*! />+&*'! 0*!
9'1.())+,-!./0!/>/-&1!.*:1%1!H==g=D!/-&'/!1&'*%D!./!PM!./!Q(-+1!./!PNNU!}!E^!PNNUD!@OUL~!!D!SS!
./!5*31!./!PNNND!MP!./!/-/'1!3!PP!./!4/<'/'1!./!SAAAD!PS!./!4/<'/'1!}!E^!SAAPD!U#A~!!3!SL!./!
*<'+0!./!SAAPD!S@!./!/-/'1!./!SAAS!}!E^!SAASD!SU~!!J"!}R~)'/.+&*.1!/0!+-)/-.+1!)*(%*-&/!./0!.*:1D!
m-1! +591'&*! _(/! -1! /%&`! 9'1<*.*! 0*! )*(%*! ./0! 5+%51m! SA! ./! *<'+0! ./! SAAS! m-1! /%! %(4+)+/-&/!
/d9'/%*'! _(/! -1! %/! 8*! *)'/.+&*.1! )(C0! 4(/! 0*! )*(%*! ./0! %+-+/%&'1mD!SL! ./! 4/<'/'1! H! E^! SAAMD!
183
SP#SJ! !3!SO! ./! Q(-+1! ./! SAAM! H! E^! SAAMD! #NOAJ! m./</! 9'1<*'%/! /0! +-)/-.+1D! -1! /0! 8/)81D!
-1'5*05/-&/!+591%+<0/D!_(/!)1-%&+&(3/!0*!)*(%*!)1-)'/&*!_(/!01!9'1>1),o"!
$%&*!5+%5*!1'+/-&*)+,-!Q('+%9'(./-)+*0!%/!/-)(/-&'*!&*5<+`-!/-!0*%!=/-&/-)+*%!./!!SA!./!5*31!
./!SAA#!H!E^!SAA#D!OONMJ!H%$+(#(/).</-(/]^]H/0_H/#&/05/#&/I&R<&<./#&/2::8/VAa/2669WH/SOC/
a.>e/A(=G"/c&<<J"#$N/X(R<$&-J!D!PU!./!Q(0+1!./!SAAO!H!E^!SAAOD!#M@#J!H]X"!S{JK
}qB*!%/-&/-)+*!./!SA!./!5*31!./!SAA#!HE^!SAA#D!OONMJH|J!9'/)+%*!_(/D!)(*-.1!%/!9'1.()/!(-!
+-)/-.+1!/-!(-!+-5(/<0/D!*0!9/'Q(.+)*.1!0/!)1''/%91-./!9'1<*'!0*!'/*0+.*.!./0!5+%51!3!_(/!%/!
9'1.(Q1! /-! /0! C5<+&1! ./! 19/'*&+>+.*.! ./0! ./5*-.*.1D! 5+/-&'*%! _(/! *! _(+/-! &(>1! 0*!
.+%91-+<+0+.*.! m)1-&*)&1D! )1-&'10! 1! >+2+0*-)+*m! ./! 0*! )1%*! /-! _(/! %/! 1'+2+-,! /0! +-)/-.+1! 0/!
)1''/%91-./! *)'/.+&*'! 0*! /d+%&/-)+*! ./! 0*! *)&(*)+,-! +-&/-)+1-*.*! ./! &/')/'1%! 1! ./! %/'+1%! 3!
4(-.*.1%!+-.+)+1%!./!_(/!0*!)*(%*!8(<+/'*!91.+.1!9'1>/-+'!./!*2/-&/%!/d&/'+1'/%r!H]X"!S{!]^]H/
0_H/ #&/ 05/ #&/ I&R<&<./ #&/ 2::8/ VAa/ 2669WH/ SOC/ a.>e/ A(=G"/ c&<<J"#$N/ X(R<$&-C/ ?*'01%! 3!
$'-/%&1! '/*0+7*<*-! 1<'*%! /-! (-*! >+>+/-.*! )(*-.1! %/! 1'+2+-,! (-! +-)/-.+1! /-! /00*! 3! .*:,! 0*%!
>+>+/-.*%! ./! X101'/%D! B1'/-71! 3! V*'6*! X101'/%D! _(/! 4(/'1-! 9*')+*05/-&/! +-./5-+7*.1%! 91'! 0*!
)159*:6*!*%/2('*.1'*!qB*!l-+,-!3!/0!]`-+d!$%9*:10D!="R"rJ~"
4;3;/]^]H/0_H/536`2:02H/#&/0:/#&/>&)+$&=R<&H/SOC/a,("/B"+."$./b$.-/A*.>;/
$0! MP"M"SAAM! &(>1! 0(2*'! (-! *))+./-&/! ./! &'C4+)1! ./<+.1! *! 0*! )10+%+,-! /-! (-*! )('>*! ./! .1%!
>/86)(01%!_(/!)1-.()6*-!/-!%/-&+.1!)1-&'*'+1D!*!)1-%/)(/-)+*!./0!)(*0!(-1!./!01%!)1-.()&1'/%D!
X+1-+%+1D! %(4'+,! 0/%+1-/%D! 3! *5<1%! >/86)(01%! %(4'+/'1-! .*:1%! 5*&/'+*0/%! _(/! 4(/'1-! '/9*'*.1%!
91'! 0*%! '/%9/)&+>*%! *%/2('*.1'*%"! B*! 9'(/<*! ./! *0)1810/5+*! 9'*)&+)*.*! *0! 1&'1! )1-.()&1'D!
G+)10C%D!.+1!91%+&+>*D!3!/%&/!*.5+&+,!_(/!/-!/0!515/-&1!./0!*))+./-&/!)+')(0*<*!*!(-*!>/01)+.*.!
%(9/'+1'! *! 01%! #A! k5h8! 9/'5+&+.1%"! $-! /0! )*%1D! -1! 9(.1! *)'/.+&*'%/! )(C0! ./! 01%! .1%! >/86)(01%!
+->*.+,!/0!)*''+0!)1-&'*'+1"!
X+1-+%+1!./-(-)+,!*!G+)10C%!3!%/!'/%/'>,!0*!*))+,-!)+>+0!9*'*!+-&/'91-/'0*!/-!(-!9'1)/.+5+/-&1!
91%&/'+1'"!$0!^(72*.1!./!01!;/-*0!HL"M"SAA#J!)1-./-,!*!G+)10C%!)151!*(&1'!./!(-!./0+&1!)1-&'*!0*!
%/2('+.*.! ./0! &'C4+)1! 3! ./! (-! ./0+&1! ./! 0/%+1-/%! 91'! +59'(./-)+*"! B*! R;! c+7)*3*! HP"L"SAA#J!
'/>1),! 0*! %/-&/-)+*! ./! +-%&*-)+*! 3! *<%10>+,! *0! *)(%*.1K! o-1! %/! 8*! 9'1<*.1! _(/! /4/)&+>*5/-&/!
4(/'*!%(!>/86)(01!_(+/-!+->*.+,!/0!)*''+0!)1-&'*'+1!3D!91'!01!&*-&1D!+-)(''+/'*!/-!0*!+-4'*))+,-!./0!
./</'!1<Q/&1!./!)(+.*.1!./&/'5+-*-&/!./0!%+-+/%&'1"oHR"b"!S{!=g=J"!
X+1-+%+1! ./5*-.,! *! 0*! )159*:6*! ./! %/2('1%! R00+*-7! ="R"D! *%/2('*.1'*! ./0! >/86)(01! )1-.()+.1!
91'!G+)10C%D!3!'/)0*5,!(-*!+-./5-+7*)+,-!91'!01%!.*:1%!9/'%1-*0/%!%(4'+.1%"!
$0!^;I!-{!P!./!F(/'-+)*mB(51!HPS"P"SAANJ!./%/%&+5,!0*!./5*-.*!o*0!/%&+5*}'~!_(/!%/!)*'/)/-!./!
/0/5/-&1%! )1-)0(3/-&/%! _(/! 9/'5+&*-! )1-1)/'! )1-! )/'&/7*! _(+`-! +->*.+,! /0! )*''+0! )1-&'*'+1D!
)*(%*!./0!*))+./-&/o!HR"b"!S{J"!
B*!=R;!./!c+7)*3*!H=/))+,-!MÄD!PP"O"SAANJ!/%&+5,!9*')+*05/-&/!/0!'/)('%1!/-!)(*-&1!*!0*%!)1%&*%D!
9/'1!)1-4+'5,!/0!'/%&1!./!9'1-(-)+*5+/-&1%!./!0*!=^;IK!o*-&/!0*%!>/'%+1-/%!)1-&'*.+)&1'+*%!./!01%!
0+&+2*-&/%!3!*&/-.+/-.1!*!0*!.1)&'+-*!./!0*%!'/20*%!./!9'(/<*!_(/!/-!/%&1%!%(9(/%&1%!./</-!%/'!
184
./!*90+)*)+,-!H"""J!/0!*)&1'!-1!8*!012'*.1!*)'/.+&*'!01%!8/)81%!_(/!'/)0*5*!3!91'!&*-&1!}9'1)/./~!
./%/%&+5*'!%(!./5*-.*o!HRb!@{J"!
$0! *)&1'! +-&/'9(%1! '/)('%1! ./! )*%*)+,-! 91'! +-4'*))+,-! ./0! *'&"! PNAS! ??D! ./0! *'&"! P"P! g/d&1!
E/4(-.+.1!./!0*!B/3!%1<'/!'/%91-%*<+0+.*.!)+>+0!3!%/2('1!/-!0*!)+')(0*)+,-!./!>/86)(01%!*!51&1'!
3!./!0*!.1)&'+-*!Q('+%9'(./-)+*0!%1<'/!/%&/![0&+51!9'/)/9&1"!
$0!g=!/%&+5,!/0!'/)('%1!./!)*%*)+,-!./0!*)&1'D!./)0*',!*0!./5*-.*.1!'/%91-%*<0/!./0!PAAã!./!
01%!.*:1%!9/'%1-*0/%!*)'/.+&*.1%!91'!/0!*)&1'!3!1'./-,!'/91-/'!0*%!*)&(*)+1-/%!*!0*!R;!9*'*!_(/!
.+)&*'*!%/-&/-)+*!/-!&1'-1!*!0*!)(*-&6*!./!0*!+-./5-+7*)+,-K!
o\J! H"""J! }l~-*! '/)69'1)*! )10+%+,-! ./! >/86)(01%! -1! %(91-/! /d)/9)+,-! *02(-*! *! 0*! *90+)*)+,-! ./0!
9'+-)+9+1!./!'/%91-%*<+0+.*.!1<Q/&+>*!91'!/0!'+/%21!./!0*!)+')(0*)+,-!H"""J"!
$0! 9'+-)+9+1! ./! '/%91-%*<+0+.*.! 1<Q/&+>*! m/-! )(3*! 0/2+&+5+.*.! )1-%&+&()+1-*0! -1! /%! -/)/%*'+1!
/-&'*'!*_(6mD!/-!/4/)&1D!-1!%101!%(91-/!/0!/%&*<0/)+5+/-&1!./!)'+&/'+1%!./!+59(&*)+,-!*Q/-1%!*!0*!
)1-)(''/-)+*!./!)(09*!1!-/20+2/-)+*D!%+-1!_(/!)1591'&*!&*5<+`-!/%&*<0/)/'!(-*!9'/%(-)+,-!./!
)*(%*0+.*.! /-&'/! 0*%! *)&+>+.*./%! ./! '+/%21! 3! 0*! )1-%/)(/-)+*%! .*:1%*%! _(/! *9*'/7)*-! )151!
)*'*)&/'6%&+)*%!./!*_(/00*%D!)151!1)(''/!)1-!01%!.*:1%!./'+>*.1%!./!(-*!)10+%+,-!)(*-.1!%/!&'*&*!
./!0*!'/%91-%*<+0+.*.!1<Q/&+>*!91'!/0!'+/%21!)'/*.1!91'!0*!)1-.())+,-!./!(-!>/86)(01!./!51&1'"!
$%&*! 9'/%(-)+,-! %101! 9(/./! /-/'>*'%/! ./51%&'*-.1! _(/! )1-)(''/-! 0*%! )*(%*%! ./! /d1-/'*)+,-!
)1-4+2('*.*%!91'!0*!0/3!)151!/d)0(3/-&/%!./0!-/d1!./!)*(%*0+.*.!/-&'/!0*!*))+,-!3!/0!.*:1!H"""J
?J!B*!%10()+,-!*9(-&*.*!&'*%0*.*!0*!)1-&'1>/'%+*!*0!&/5*!./!%+!9'1)/./!1!-1!_(/!)*.*!)1-.()&1'!
'/%*'7*!91'!)1590/&1!01%!.*:1%!)1'91'*0/%!)*(%*.1%!*!01%!1)(9*-&/%!./0!1&'1!>/86)(01!+590+)*.1!
/-!0*!)10+%+,-!H"""J
}$~-! &'*-)/! ./! (-+4+)*'! 0*! .1)&'+-*! /d+%&/-&/! )1-! /4/)&1! ./! 4+Q*)+,-! ./! Q('+%9'(./-)+*D! .*.*! 0*!
.+>/'2/-)+*! /d+%&/-&/! /-&'/! 0*%! .+%&+-&*%! *(.+/-)+*%! 9'1>+-)+*0/%D! -1%! +-)0+-*51%! 91'! /-&/-./'!
_(/!0*!%10()+,-!./0!'/%*')+5+/-&1!9'191')+1-*0!/%!9'1)/./-&/!%101!)(*-.1!9(/.*!*)'/.+&*'%/!/0!
)1-)'/&1!91')/-&*Q/!1!2'*.1!./!+-)+./-)+*!)*(%*0!./!)*.*!(-1!./!01%!>/86)(01%!+590+)*.1%!3!_(/D!
/-!)*%1!./!-1!%/'!*%6D!*5<1%!)1-.()&1'/%!'/%91-./-!./0!&1&*0!./!01%!.*:1%!9/'%1-*0/%!)*(%*.1%!
*! 01%! 1)(9*-&/%! ./0! 1&'1! >/86)(01! )1-! *''/201! *! 0*! .1)&'+-*! 00*5*.*! ./! 0*%! )1-./-*%! )'(7*.*%"!
B*%!'*71-/%!/-!_(/!%/!4(-.*!/%&*!)1-)0(%+,-!%1-!0*%!%+2(+/-&/%K
H*J!$%&*!/%!0*!.1)&'+-*!%/2(+.*!91'!(-!-[5/'1!)1-%+./'*<0/!./!*(.+/-)+*%!9'1>+-)+*0/%"
H<J!?1-%&+&(3/!(-*!%10()+,-!*)/9&*.*!/d9'/%*5/-&/!91'!*02(-*!./!0*%!0/2+%0*)+1-/%!./!X/'/)81!
)159*'*.1D!)151!%/!8*!/d9(/%&1"
H)J!$%!(-*!.1)&'+-*!9',d+5*D!*(-_(/!-1!)1+-)+.*!)1-!/00*D!*!0*!_(/!+-%9+'*!0*!Q('+%9'(./-)+*!./!
/%&*!=*0*!&/-./-&/!*!9'1)0*5*'!0*!%10+.*'+.*.!+59'19+*!/-&'/!01%!*2/-&/%!_(/!)1-)(''/-!*!)*(%*'!
/0!.*:1!)(*-.1!-1!9(/./!/%&*<0/)/'%/!0*!9'191')+,-!/-!_(/!)*.*!(-1!./!/001%!8*!)1-&'+<(+.1!*!
%(!9'1.())+,-"
185
H.J! $%! *)1'./! )1-! 0*! &/-./-)+*! _(/! %/! '/2+%&'*! /-! /0! X/'/)81! )159*'*.1! *! *&'+<(+'!
'/%91-%*<+0+.*.! 90/-*! *! 01%! )*(%*-&/%! %+5(0&C-/*5/-&/! ./! (-! .*:1! 91'! (-*! 90('*0+.*.! ./!
*)&+>+.*./%! H>"! 2'"D! ;$gBD! *'&6)(01! MKPASD! %/2[-! /0! )(*0K! ì$-! )*%1! ./! (-*! 90('*0+.*.! ./!
*)&+>+.*./%D! %+! )*.*! (-*! ./! /00*%! 8(<+/'*! )*(%*.1! /0! .*:1! 91'! %6! %10*! *0! 5+%51! &+/591D! %/!
)1-%+./'*'C!_(/!)*.*!*)&+>+.*.!/%!)*(%*!./0!.*:1!./!0*!>6)&+5*îJ"
H/J! $%! 0*! .1)&'+-*! 5C%! *)1'./! )1-! 0*! 9'/%(-)+,-! ./! )*(%*0+.*.D! _(/! '+2/! /-! /0! %+%&/5*! ./!
'/%91-%*<+0+.*.! 1<Q/&+>*! 91'! '+/%21D! /-! '/0*)+,-! )1-! /0! *2/-&/! ./! 0*! *)&+>+.*.! 9/0+2'1%*! _(/!
+-&/'>+/-/!/-!0*!9'1.())+,-!./0!.*:1!)*'*)&/'6%&+)1!./!.+)8*!*)&+>+.*.!./!'+/%21"!$%&+5*51%!_(/D!
)(*-.1D!91'!4*0&*!./!.*&1%D!-1!'/%(0&*!91%+<0/!./%&'(+'!0*!9'/%(-)+,-!4(-.*.*!/-!/0!'+/%21!)'/*.1!
91'!)*.*!)1-.()&1'!'/%9/)&1!./!01%!.*:1%!9/'%1-*0/%!)*(%*.1%!*!01%!1)(9*-&/%!./0!1&'1!>/86)(01!
H%(9(/%&1! *! _(/! %/! )1-&'*/! /0! )*%1! /-Q(+)+*.1JD! /0! 9'+-)+9+1! ./! '/%91-%*<+0+.*.! 1<Q/&+>*! 9(/./!
'/%(0&*'! .*:*.1! %+D! %+-! 1&'1! 4(-.*5/-&1! _(/! 8*</'! /d+%&+.1! 1&'*! 91%+<0/! )*(%*! )1-)(''/-&/D!
9'/%(-&+>*5/-&/!%/!'/%&'+-2/!0*!)*(%*0+.*.!+59(&*<0/!*!)*.*!)1-.()&1'!/-!0*!9'1.())+,-!./!01%!
.*:1%! *0! 1&'1! >/86)(01! *! (-*! 9'191')+,-! ./0! #Aã! H/%&*! '/.())+,-! %6! %/'6*! 9'1)/./-&/! %+! %/!
9'1<*%/!_(/!*5<1%!)*(%*'1-!/0!*))+./-&/!/-!.+)8*!9'191')+,-Jo!H]X"!@{J"
4;4;/]^]H/3_H/05;0;2:03/VAa/2:03Ç0866WH/SOC/x&"%&>-(./c<("%$>%./\-&(/X.#.F;//
B*!%1)+/.*.!qF/%&+,-!./!I-4'*/%&'()&('*%D!="R"lr!HFI=RJD!9'19+/.*.!./!0*!F/-/'*0+&*&!./!?*&*0(:*D!
*.Q(.+),!0*!/Q/)()+,-!./!0*%!1<'*%!9[<0+)*%!./!)1-%&'())+,-!./!0*!06-/*!N!./0!5/&'1!./!\*')/01-*!
3!./!.1%!90*-&*%!./!*9*')*5+/-&1!*!0*!5/')*-&+0!q]IER!SAAAD!="R"rD!*(-_(/!0*!9'+5/'*!%/!'/%/'>,!
4(-)+1-/%!./!%(9/'>+%+,-!3!./!/Q/)()+,-!./!0*%!1<'*%"!$%&*%!1<'*%!)1591'&*'1-!(-!51>+5+/-&1!
)1-&+-(1!./!&+/''*%!3!0*!)+')(0*)+,-!./!)*5+1-/%!3!2'[*%D!01!_(/!)*(%,!*!0*!2*%10+-/'*D!9'19+/.*.!
./! ?*'<('*-&/%! b1%9+&*0/&D! ="B"D! (-*! 9`'.+.*! ./! +-2'/%1%D! 91'! 0*! .+%5+-()+,-! ./! >/-&*%! ./!
)*'<('*-&/!3!0*!+-(&+0+7*)+,-!./0!0*>*./'1!./!>/86)(01%D!>*01'*.*!91'!0*!%1)+/.*.!/-!POA"LL@D@@!
/('1%"
?*'<('*-&/%! b1%9+&*0/&D! ="B;/ +-&/'91-/! '/)0*5*)+,-! *-&/! 0*! ?1-%/Q/'6*! ./! ;106&+)*! g/''+&1'+*0! 3!
n<'*%!;[<0+)*%!./!0*!F/-/'*0+&*&!./!?*&*0(:*!3!%10+)+&*!(-*!+-./5-+7*)+,-!./!POA"LL@D@@!/('1%"!
B*!?1-%/Q/'6*!./%/%&+5*!&*0!'/)0*5*)+,-!91'!'/%10()+,-!./!SL"#"SAAU"!
?*'<('*-&/%! b1%9+&*0/&D! ="B"! +-&/'91-/! '/)('%1! )1-&/-)+1%1m*.5+-+%&'*&+>1"! $0! g=^! ./! ?*&*0(:*!
H=*0*!?R!%/))+,-!@ÄD!S#"#"SAPPJ!/%&+5*!/0!'/)('%1!3!)1-./-*!*!]IER!SAAAD!="R"!3!*!FI=R!*0!9*21D!
91'!5+&*.D!./!POA"LL@D@@!/('1%"!!
B*%!%1)+/.*./%!./5*-.*.*%!+-&/'91-/-!!'/)('%1%!./!)*%*)+,-!*-&/!/0!g="!É%&/!01%!./%/%&+5*K!!
qB*! 9/)(0+*'+.*.! ./! 0*! *)&+>+.*.! ./%*''100*.*! /-! 0*! /%&*)+,-! ./! %/'>+)+1D! (-+.1! *! 0*%!
)*'*)&/'6%&+)*%!./!0*%!1<'*%!/Q/)(&*.*%!91'!0*!R.5+-+%&'*)+,-D!)1591'&*-D!*!Q(+)+1!./!0*!
=*0*!./!+-%&*-)+*D!)1-.+)+1-/%!./!/-&+.*.!%(4+)+/-&/!_(/!8*)/-!9'1)/./-&/!0*!1<0+2*)+,-!
./!'/%*')+5+/-&1r!H]X"!M{J"!
q}B~1! _(/! %+'>/! ./! Q(%&+4+)*)+,-! *! 0*! =*0*! 9*'*! )1-)0(+'! /-! 0*! )1-./-*! ./! *5<*%!
%1)+/.*./%!/%!0*!+591%+<+0+.*.!./!./&/'5+-*'!0*!)(*-&6*!./!01%!.*:1%!3!9/'Q(+)+1%!H"""J!
_(/!/'*-!+59(&*<0/%!*!(-*!(!1&'*D!8*<+.*!)(/-&*!./!_(/!0*%!1<'*%!/Q/)(&*.*%!91'!)*.*!
186
(-*! ./! /00*%! %/! '/*0+7*'1-! *0! 5+%51! &+/591! 3! %(%! /4/)&1%! 4(/'1-! )1-Q(-&*! 9/'1!
+591%+<0/%!./!+-.+>+.(*0+7*'r!H]X"!@{J"!
4;5;/S(+&<$(-/%.=)-&=&"+(<$.C&!$))#.&(J&>=$.&6%-%/&s85/n;g;/449H/063/B;/000/V0932Wu/
g8/!./4/-.*-&!5*+-&*+-/.!i+'/%!&1!)*''3!/0/)&'+)!)(''/-&!1>/'!*!9(<0+)!<'+.2/!+-!\/'0+-"
I-! &8/! )1-%&'()&+1-! 14! &8/! <'+.2/! &8/'/! i/'/! &i1! %9*-%! 14! 2+'./'%! 1-! /*)8! %+./! </&i//-! &8/!
'1*.i*3!*-.!411&i*3"!I-!/*)8!%9*-!&8/!2+'./'%!*&!/*)8!/-.!%019/.!(9i*'.%!&1i*'.%!/*)8!1&8/'!
4'15!&8/!4011'!14!&8/!<'+.2/!(-&+0!)1--/)&/.!<3!81'+71-&*0!2+'./'%!*<1(&!-+-/&//-!4//&!*<1>/!&8/!
4011'"
g8/!i+'/%!i/'/!)*''+/.!*<1>/!&8/!4'*5/i1'k!14!&8/!<'+.2/!</&i//-!&8/!&i1!'1i%!14!2+'./'%"
g1!0+28&!&8/!411&i*3!14!&8/!<'+.2/!*&!+&%!)/-&/'!*!0*59!i*%!8(-2!4'15!*!<'*)k/&!Q(%&!1(&%+./!14!
1-/!14!&8/!81'+71-&*0!2+'./'%!*-.!)'1%%+-2!1>/'!&8/!/-.!14!&8/!2+'./'!-/*'!+&%!)1--/)&+1-!i+&8!*!
%019+-2! 2+'./'"! x+'/%! '*-! 4'15! *! 91%&! 1<0+_(/03! .1i-i*'.! &1! &8/! 0*59! *-.! )'1%%/.! &8/!
81'+71-&*0!2+'./'!*!411&!1'!51'/!*<1>/!+&"!g8/!)1-%&'()&+1-!14!&8/!i+'/!0+-/%!1>/'!*-.!(91-!&8/!
<'+.2/! +%! &/'5/.! */'+*0"! g8/! i+'/%! i/'/! +-%(0*&/.! 41'! i/*&8/'! 9'1&/)&+1-! <(&! -1&! *2*+-%&!
)1-&*)&"
g8/!./)/./-&!*-.!1&8/'!<13%!8*.!<//-!*))(%&15/.!41'!*!-(5</'!14!3/*'%!&1!90*3!1-!&8/!<'+.2/!
+-! &8/! .*3&+5/D! 8*<+&(*003! )0+5<+-2! &8/! %019+-2! 2+'./'%! &1! &8/! 81'+71-&*0! 1-/%D! 1-! i8+)8! &8/3!
i*0k/.!*-.!%*&!*-.!4'15!i8+)8!&8/3!%15/&+5/%!.+>/.!+-&1!&8/!'+>/'"!G1!)(''/-&!9*%%/.!&8'1(28!
&8/!i+'/%!+-!&8/!.*3&+5/!/d)/9&!<3!)8*-)/"
g8/!./)/./-&D!i8+0/!%+&&+-2!1-!*!81'+71-&*0!2+'./'!*&!*!91+-&!i8/'/!&8/!i+'/%!4'15!&8/!91%&!&1!
&8/! 0*59! i/'/! +-! 4'1-&! 14! 8+5! 1'! *&! 8+%! %+./D! *-.! i8+0/! 4*)+-2! 1(&i*'.%! 4'15! &8/! %+./! 14! &8/!
<'+.2/D!0/*-/.!1>/'D!01%&!8+%!<*0*-)/D!+-%&+-)&+>/03!&8'/i!1(&!8+%!*'5D!*-.!&11k!810.!14!1-/!14!&8/!
i+'/%!i+&8!8+%!'+28&!8*-.!&1!%*>/!8+5%/04!4'15!4*00+-2"!g8/!i+'/%!8*99/-/.!&1!</!)8*'2/.!i+&8!*!
8+28!>10&*2/!)(''/-&!*&!&8/!&+5/!*-.!8/!i*%!/0/)&'1)(&/."
g8/!)+')(5%&*-)/%!14!&8/!./)/./-&ô%!./*&8!2+>/!'+%/!&1!*-!(-(%(*0!+%%(/!14!+&%!)*(%/"!I-!0/*-+-2!
1>/'!4'15!&8/!2+'./'!*-.!01%+-2!8+%!<*0*-)/!8/!i*%!/-&+&0/.!&1!-1!9'1&/)&+1-!4'15!&8/!./4/-.*-&!
&1!k//9!4'15!4*00+-2"!I&%!1-03!0+*<+0+&3!i*%!+-!/d91%+-2!8+5!&1!&8/!.*-2/'!14!)8*'2/.!i+'/%"!I4!<(&!
41'! &8/! )(''/-&! +-! &8/! i+'/%! 8/! i1(0.! 8*>/! 4*00/-! .1i-! 1-! &8/! 4011'! 14! &8/! <'+.2/! 1'! +-&1! &8/!
'+>/'D! 8/! i1(0.! i+&81(&! .1(<&! 8*>/! <//-! /+&8/'! k+00/.! 1'! %/'+1(%03! +-Q('/."! R0&81(28! 8/! .+/.!
4'15!/0/)&'1)(&+1-D!3/&D!+4!<3!'/*%1-!14!8+%!9'/)/.+-2!01%%!14!<*0*-)/!8/!i*%!<1(-.!&1!4*00!/d)/9&!
41'!&8/!+-&/'>/-&+1-!14!&8/!)(''/-&D!8/!/+&8/'!.+.!-1&!8*>/!01-2!&1!0+>/!1'!i*%!&1!</!5*+5/."!I-!
%()8! *-! 1(&)15/! 14! 8+%! 01%%! 14! <*0*-)/D! &8/! ./4/-.*-&! ./9'+>/.! 8+5D! -1&! 14! *! 0+4/! 14! -1'5*0!
/d9/)&*-)3D!<(&!14!1-/!&11!%81'&!&1!</!2+>/-!9/)(-+*'3!*001i*-)/D!+-!1-/!*0&/'-*&+>/D!*-.!-1&!14!
-1'5*0D!<(&!14!0+5+&/.D!/*'-+-2!)*9*)+&3D!+-!&8/!1&8/'"
I4! +&! i/'/! 41(-.! &8*&! 8/! i1(0.! 8*>/! &8(%! 4*00/-! i+&8! ./*&8! 9'1<*<03! '/%(0&+-2D! &8/! ./4/-.*-&!
i1(0.!-1&!</!0+*<0/D!(-0/%%!41'!)1-%)+1(%!%(44/'+-2!41(-.!&1!8*>/!<//-!%(%&*+-/.!4'15!&8/!%81)k"!
187
I-! &8*&! %+&(*&+1-! 8+%! 0+4/! 1'! /*'-+-2! )*9*)+&3! 8*.! -1! >*0(/"! g1! )1-%&+&(&/! *)&+1-*<0/! -/20+2/-)/!
&8/'/!5(%&!</!.*5*2/D!*-.!.*5*2/!+%!0+5+&/.!&1!&81%/!/0/5/-&%!&8/!%&*&(&/!9'/%)'+</%"
I4!+&!%81(0.!</!41(-.!&8*&!<(&!41'!&8/!)(''/-&!8/!i1(0.!8*>/!4*00/-!i+&8!%/'+1(%!+-Q('3D!&8/-!&8/!
01%%!14!0+4/!1'!/*'-+-2!)*9*)+&3!'/%(0&+-2!4'15!&8/!/0/)&'1)(&+1-!i1(0.!</!5/*%('/.!<3!+&%!>*0(/!
+-! %()8! +-Q('/.! )1-.+&+1-"! $>+./-)/! &8*&! 8/! i1(0.! </! )'+990/.! i1(0.! </! &*k/-! +-&1! *))1(-&! +-!
&8/!%*5/!5*--/'!*%!&81(28!8/!8*.!*0'/*.3!<//-!)'+990/."
b+%!9'1<*<0/!4(&('/!<(&!41'!&8/!)(''/-&!&8(%!</*'%!1-!0+*<+0+&3!*%!i/00!*%!.*5*2/%"!x8/&8/'!&8/!
%81)k!4'15!&8/!)(''/-&!&8'/i!8+5!<*)k!1-!&8/!2+'./'!1'!i8/&8/'!8/!i1(0.!8*>/!'/)1>/'/.!8+%!
<*0*-)/D!i+&8!1'!i+&81(&!&8/!*+.!14!&8/!i+'/!8/!&11k!810.!14D!+4!+&!8*.!-1&!<//-!)8*'2/.D!*'/!+%%(/%!
14!4*)&D!*%!&1!i8+)8!&8/!/>+./-)/!*%!+&!%&*-.%!5*3!0/*.!&1!.+44/'/-&!)1-)0(%+1-%"
$d)/9&+1-!1>/''(0/."
5;/'(,>(-$#(#/>,%&>$D(/:6877/2$(/&'-82-%$#.9/
5;0;/UXg/nax/0952H/0:0:/
q}|x~/--!./'!c/'0/&7&/!.(')8!c/'%)8(0./-!./%!=)8ò.+2/'%!/+-!\/+-!>/'01'/-!8*&!(-.!/%!+85!U!
^*8'/!%9ò&/'!+-4102/!.+/%/'!\/8+-./'(-2!-+)8&!2/0+-2&D!*(4!./'!]0()8&!>1'!90¢&70+)8!/+-%/&7/-./5!
R'&+00/'+/</%)8(•!'/)8&7/+&+2!./-!%)8T&7/-./-!\(-k/'!7(!/''/+)8/-r"
5;2;/]-M/"&(J&c$))#8?DA0&sV097:W/2/x;K;A;/5:u/
eg8/!./4/-.*-&!-/20+2/-&03!%&'()k!&8/!90*+-&+44!i+&8!8+%!*(&151<+0/D!)*(%+-2!%/>/'/!+-Q('3!&1!&8/!
90*+-&+44w%! 0/4&! 0/2! *-.! *-k0/"! =15/! &+5/! 0*&/'D! <(&! </41'/! &'+*0D! &8/! 90*+-&+44! i*%! %81&! +-! &8/!
*0'/*.3m.+%*<0/.!0/4&!0/2!.('+-2!*!'1<</'3!*&!8+%!90*)/!14!/590135/-&"!R%!*!'/%(0&!14!&8/!2(-%81&!
i1(-.D!&8/!*0'/*.3!.+%*<0/.!0/4&!0/2!8*.!&1!</!*59(&*&/."!R&!&'+*0D!&8/!./4/-.*-&!*'2(/.!&8*&!8/!
%81(0.! </! 0+*<0/! 41'! &8/! 90*+-&+44w%! .*5*2/%! .(/! &1! 8+%! .+%*<+0+&3! 1-03! (9! &1! &8/! &+5/! 14! &8/!
%811&+-2"! g8/! &'+*0! Q(.2/! '/Q/)&/.! &8+%! *'2(5/-&! <(&! &8/! )1('&! 14! *99/*0! *))/9&/.! +&"! g8/!
Q(.25/-&! 14! &8/! )1('&! 14! *99/*0! i*%! '/>/'%/.! <3! &8/! b1(%/! 14! B1'.%D! i8+)8! '(0/.! &8*&! &8/!
90*+-&+44w%!'/)1>/'3!41'!8+%!.+%*<+0+&3!i*%!-1&!*44/)&/.!<3!&8/!%/)1-.!+-Q('3!*-.!*59(&*&+1-r!H*%!
_(1&/.!<3!b$GX$E=nG!/&!*0"D!?E"$?*#-%$5#*9"%%J"
5;3;/]^]H/0_H/460`2::3H/#&/8/#&/=(F.H/SOC/b(D$&</\m'(--(?L("/S,Q.N;/c<(%+,<(/#&/<.#$--(/
&"/(%%$#&"+&/#&/&>d,*/F/<&>).">(R$-$#(#/%$D$-/=e#$%.[>("$+(<$(/
!
$0!L"P"PNNP!V*'+%10!%(4'+,!(-!*))+./-&/!./!/%_(6!/-!\*_(/+'*!\/'/&!_(/!0/!)*(%,!(-*!4'*)&('*!./!
/%9+-*!&+<+*0D!./!0*!_(/!4(/!*(d+0+*.*!'4$%'-,$3!&'*%0*.*.*!*!\*')/01-*D!.1-./!4(/!*&/-.+.*!91'!/0!
X'"! ?*'01%! R-&1-+1D! _(/! &/-6*! )1-&'*&*.1! (-! %/2('1! )1-! x+-&/'&8('! 3! 9/'&/-/)6*! *! qR%+%&/-)+*!
=*-+&*'+*! ?10/2+*0D! =Rr"! $0! &'*&*5+/-&1! %/! 9'101-2,! 8*%&*! 5*31! ./! PNNSD! /-! )(31! &'*-%)('%1! 0*!
9*)+/-&/! %/! %15/&+,! *! &'/%! +-&/'>/-)+1-/%"! ]+-*05/-&/D! V*'+%10! *)(.+,! *! 1&'1! .1)&1'! 9*'*! _(/!
*)*<*%/! /0! &'*&*5+/-&1D! 9/'1! 0/! _(/.*'1-! %/)(/0*%! 2'*>/%! _(/! )1-%+%&/-! /-! 0+5+&*)+,-! ./! 0*!
51>+0+.*.!./!0*!'1.+00*!./'/)8*D!*&'14+*!5(%)(0*'!3!(-*!)1Q/'*!+''/>/'%+<0/"
188
V*'+%10!./5*-.,!*0!.1)&1'!?*'01%!R-&1-+1D!*!x+-&/'&8('!3!*!qR%+%&/-)+*!=*-+&*'+*!?10/2+*0D!=Rr!3!
%10+)+&,!(-*!+-./5-+7*)+,-!./!PSA"SASD@S!ê"!
$0!^;I!-{!S#!./!\*')/01-*!HL"@"PNN#J!/%&+5,!/-!9*'&/!0*!./5*-.*!3!)1-./-*!*!?*'01%!R-&1-+1!3!*!
x+-&/'&8('! *0! 9*21! ./! LS"PSPD@#! ê"! B*! R;! ./! \*')/01-*! H=/))+,-! PPÄD! U"#"PNNLJ! /%&+5,! /0!
'/)('%1!./!*9/0*)+,-D!'/>1)*!0*!=^;I!3!*<%10>+,!*!01%!)1-./-*.1%!/-!0*!+-%&*-)+*!9'/>+*"
$0! g=! /%&+5,! /0! '/)('%1! +-&/'9(/%&1! 91'! 0*! *)&1'*D! '/>1),! 0*! =R;! 3! )1-4+'5,! 0*! =^;I"! R%6D! /0!
g'+<(-*0!=(9'/51!*4+'5,!/-!%(!]X!M{K
q$-! /0! 9'/%/-&/! )*%1D! 8(<1! (-*! *)&(*)+,-! 5`.+)*! /-! (-! .+0*&*.1! 9/'61.1! ./! &+/591D! )1-!
'/9/&+.*%! +-&/'>/-)+1-/%! _(+'['2+)*%D! )1-! (-! 9'1)/%1! 0*'21! 3! .101'1%1! 3! (-! '/%(0&*.1!
+''/>/'%+<0/K! (-*! )1Q/'*! /-! 9/'%1-*! Q1>/-"! $-! 0*! '/0*)+,-! 4C)&+)*! <*%*.*! /%/-)+*05/-&/! /-! 0*%!
>*'+*%!9'(/<*%!9/'+)+*0/%!%/!*4+'5*!_(/!-1!8(<1!)(09*!1!-/20+2/-)+*D!01!)(*0!-1!/%!(-!ìH(9-,6î!
%+-1!(-*!ì+,("%-'*$',#'%î!'/>+%*<0/!/-!)*%*)+,-a!%/!.+)/!_(/!0*!9'(/<*!9/'+)+*0!.+)/!_(/!-1!8*3!
-/d1!)*(%*0!/-&'/!0*!*)&(*)+,-!5`.+)*!3!/0!'/%(0&*.1!.*:1%1a!9/'1!-1!.+)/!),51!-+!91'_(`!%/!8*!
9'1.()+.1!`%&/a!-+!.+)/!/-!-+-2[-!515/-&1!_(/!0*!)*(%*!4(/'*!*Q/-*!*!*_(/00*!*)&(*)+,-D!-+!_(/!
4(/'*! )*(%*.*! 91'! 4(/'7*! 5*31'D! -+! _(/! &(>+/'*! %(! 1'+2/-! /-! 9'/>+*%! )1-.+)+1-/%! ./! 0*! 9'19+*!
9/'Q(.+)*.*"
$-!./4+-+&+>*D!(-*!)*6.*!3!(-*!0/%+,-!_(/!&*591)1!%/!.+)/!_(/!4(/'*-!/%9/)+*05/-&/!2'*>/%D!-+!
)1590+)*.1%D!&+/-/-!(-!&'*&*5+/-&1!0*'21!3!.101'1%1!)1-!(-!'/%(0&*.1!_(/!-1!9(/./!91'!5/-1%!
_(/! )1-%+./'*'%/! ./%9'191')+1-*.1K! (-*! )1Q/'*! +''/>/'%+<0/a! 01! )(*0! )'/*! (-*! ./.())+,-! ./!
-/20+2/-)+*!Hì#"%$'!%($)*+,'-,#îJD!(-*!*9*'+/-)+*!./!9'(/<*!./!`%&*!HC4%9E"'%D">"'%JD!(-*!)(09*!
>+'&(*0!HH(,-"$0'#-,"))"J"
G1!%/!&'*&*D!9(/%D!./!(-*!1<Q/&+>*)+,-!*<%10(&*!./!'/%91-%*<+0+.*.!%+-1!./!*9'/)+*)+,-!./!)(09*D!
./.()+.*! ./0! '/%(0&*.1! ./%9'191')+1-*.1! 3! -1! )1-&'*.+)81%! 91'! 8/)81%! )1-%+./'*.1%!
*)'/.+&*.1%!91'!9'(/<*!9/'+)+*0"!=/!9'1.()/!(-!%()/%1!3!(-!.*:1K!/%!)0*'1!_(/!-1!)1-%&*!)*(%*!
./0! 5+%51! +59(&*<0/! *! 0*! >6)&+5*! H-1! &+/-/! %/-&+.1! 0*! *</''*-&/! 4'*%/! *-&/%! &'*-%)'+&*K! qH"""J!
)*(%*!'/*0!4(/!/0!*)&1!0+<'/!3!>10(-&*'+1!./!0*!9*'&/!*)&1'*rJD!-+!%/!5/-)+1-*!/0!)*%1!41'&(+&1!1!0*!
4(/'7*!5*31'a!0*!)*(%*!4(/!0*!*)&(*)+,-!5`.+)*D!./!)(31!5*0!'/%(0&*.1!%/!./%9'/-./!0*!)(09*!3D!
91'!/-./D!0*!'/%91-%*<+0+.*."r!
5;4;/'(,>(-$#(#/>,%&>$D(/F/(R("#."./#&-/],R>+("+$(-/%."+<$R,+$"?/I(%+.</+&>+/
!
$-!/0!?1551-!B*i!/%&*.1(-+./-%/D!01%!ëë!SO!3!SL!./0!Egg!8*-!*<*-.1-*.1!0*!/d+2/-)+*!./!_(/!
)*.*! (-*! ./! 0*%! )1-.()&*%! /-Q(+)+*.*%! 9(/.*! %/'! )1-%+./'*.*! )151! (-! q4*)&1'! %(%&*-)+*0r!
)1-&'+<(&+>1! *! )*(%*'! /0! .*:1K! <*%&*! *81'*! 3! /-! 5()8*%! Q('+%.+))+1-/%! _(/! 9(/.*! %/'!
)1-%+./'*.1! )151! (-! q4*)&1'! %(4+)+/-&/r"! R0! '/%9/)&1D! 9(/./! >/'%/! I*#7$ a*-*#$ /*G$ rG$ O**6"#!
}LMO!="$"!S.!LS@!Hc*"!SAPMJ~D!(-!)*%1!/-!/0!)(*0!01%!8/'/./'1%!./!(-!910+)6*!4*00/)+.1!/-!SAAL!./!
5/%1&/0+15*!H)C-)/'!90/('*0!)(3*![-+)*!)*(%*!)1-1)+.*!/%!0*!/d91%+)+,-!*0!910>1!./!*5+*-&1J!/0!
)(*0! 8*<6*! &'*<*Q*.1! /-! %(! Q(>/-&(.! /-! (-! *%&+00/'1! 3! 0(/21! )151! +-%9/)&1'! ./! 4'/-1%! ./!
*(&15,>+0/%"!$-!*5<*%!*)&+>+.*./%!9(.1!8*</'!/%&*.1!/d9(/%&1!*0!910>1!./!*5+*-&1!/-!5*31'!
5/.+.*! _(/! )(*0_(+/'! 9/'%1-*! /d9(/%&*! *0! *+'/! *5<+/-&*0K! /d91%+)+,-! '/0/>*-&/D! '/%10>+,! /0!
189
&'+<(-*0D!/%!)(*0_(+/'*!_(/!8*3*!<*%&*.1!y_(/!8*3*!%+.1!%(4+)+/-&/m!9*'*!)*(%*'!/0!5/%1&/0+15*"!
n&'*%!)*(%*%!%(4+)+/-&/%!-1!/d)0(3/-!0*!'/0/>*-)+*!./!0*!9'+5/'*"!
6;/'(,>(-$#(#/)<.R(R$-*>+$%(/:3"#A-A$)$2%$7&'-82-%$#.9/
l-! 9/''1! B*<'*.1'D! BR\D! *.+/%&'*.1! 91'! 0*! 910+)6*! ./! 4'1-&/'*%! 9*'*! ./&/)&*'! .'12*%D! /%&C!
/-&'/-*.1! 9*'*! 0*.'*'! )(*-.1! 8(/0/! /0! '*%&'1! 1! '/%+.(1! ./! /00*%! 3! *)+/'&*! -(/>/! ./! )*.*! .+/7!
>/)/%!_(/!0*.'*"!$%!(-!<(/-!9/''1D!9(/%!&+/-/!(-*!&*%*!./!(-!NAã!./!*)+/'&1%"
=+! ./! )*.*! PAA! 9*%*Q/'1%! ./! (-! *>+,-! 9'1)/./-&/! ./! (-! 9*6%! *-.+-1D! P! 00/>*! .'12*%! 3! BR\!
/4/)&+>*5/-&/!0*.'*!*!(-1!./!/001%D!VlB$D!e)(C0!/%!0*!9'1<*<+0+.*.!./!_(/!VlB$!00/>/!.'12*%f
V()8*!2/-&/D!)(/-&*!x*'.!]REG=xnEgb!H?E"$="@()$C4()&%-G$C$?**)J'-$H*#$?E'4J'4@$(D*,-$-E"$=(>D!
g8/!l-+>/'%+&3!14!?8+)*21!;'/%%D!SAALD!)*96&(01!MAD!?E"$O(%"$B(-"J!.+'6*!_(/!0*!9'1<*<0+.*.!/%!./!
(-!NAã"!¶I-)1''/)&1ß!G1!9'/2(-&*51%!%1<'/!0*!9'1<*<+0+.*.!./!_(/!BR\!*)+/'&/!%+-1!%1<'/!0*!./!
_(/! VlB$! 00/>/! .'12*%! 3! /%&*! [0&+5*D! ./! /-&'*.*! /%D! )151! 8/51%! .+)81D! Pã"! R0! 9+/! ./! 0*!
/%)*0/'+00*! ./! (-! *>+,-! _(/! *)*<*! ./! *&/''+7*'! )1-! )+/-! 9*%*Q/'1%! *! <1'.1D! BR\! *)/'&*'C! )151!
5Cd+51!(-*!>/7!H9(/%!%,01!(-!9*%*Q/'1!./!)*.*!)+/-!00/>*!.'12*%JD!9/'1!104*&/*'C!*!01%!1&'1%!NND!
*)/'&*'C!)1-!/0!NAã!./!01%!)*%1%D!9/'1!%/!/_(+>1)*'C!/-!/0!PAã!./!01%!'/%&*-&/%D!/%!./)+'D!0*.'*'C!
/_(+>1)*.*5/-&/!*!NDNN!9*%*Q/'1%!m'/.1-./*-.1K!*!PAm"!X/!PP!0*.'+.1%D!P!+./-&+4+)*!*!(-!>+*Q/'1!
)1-! .'12*%"! l-*! &*%*! )1''/)&*! 9*'*! %191'&*'! (-*! 0/2+%0*)+,-! _(/! 9/'5+&/! '/2+%&'*'! *! 01%! PP! ./!
)*.*!PAAD!9/'1!-1!9*'*!*2(*-&*'!(-*!_(/!9/'5+&*!./&/-/'01%!)1-!%10*!/%*!+-41'5*)+,-D!5()81!
5/-1%!)1-./-*'01%"
ù!5#*7,9-$B,)""!$%!0*!'/20*!./!0*!9'1<*<+0+.*.!)159(/%&*K!0*!9'1<*<+0+.*.!./!_(/!%*02*!)*'*!/-!
.1%!&+'*.*%!)1-%/)(&+>*%!./!(-*!5+%5*!51-/.*!/%!AD#!d!AD#!z!DS#D!/0!9'1.()&1D!-1!0*!%(5*!./!0*%!
9'1<*<+0+.*./%! +-.+>+.(*0/%D! &'*&C-.1%/! ./! %()/%1%! +-./9/-.+/-&/%"! $-! ./'/)81D! 0*%! )1%*%! -1!
%1-! &*-! %/-)+00*%K! /-! (-! /Q/5901! 4*51%1D! )+&*.1! 91'! x*'.! ]*'-%i1'&8! H)*96&(01! SNJD! /0! Q('*.1!
&/-6*!_(/!./)+.+'!%1<'/!%+!/0!)*9+&C-!./!(-!<*')1!/'*!'/%91-%*<0/!./!0*!./%*9*'+)+,-!3!9'1<*<0/!
5(/'&/!./!(-!5*'+-/'1!_(/!8*<6*!)*6.1!!5/.+*!81'*!*-&/%!*!0*%!*2(*%!4'6*%!./0!R&0C-&+)1!%+-!_(/!
-*.+/! )*3/'*! /-! 0*! )(/-&*"! $0! )*9+&C-! ./)+.+,! -1! >+'*'! 0*! -*>/! 3D! *./5C%D! '/%(0&*<*! _(/! -1!
.+%91-6*!./!(-!)*<1!9*'*!&+'C'%/01!*0!5*'+-/'1"!+5*2+-/-!_(/!/0!Q('*.1!)'//!_(/!/0!./5*-.*-&/!
&+/-/!'*7,-!/-!*4+'5*'!0*!-/20+2/-)+*!./0!)*9+&C-D!9(/%!./!8*</'!2+'*.1!0*!-*>/!*!&+/591D!8*<'6*!
&/-+.1!(-!OAã!./!9'1<*<+0+.*.!./!/-)1-&'*'!*0!5*'+-/'1!>+>1!3!%+!8(<+/'*!.+%9(/%&1!./!(-!)*<0/!
1!%12*D!./!1&'1!OAã!./!_(/!/0!5*'+-/'1!%/!*4/''*'*!*!/00*!3!%/!%*0>*'*"!R!1Q1%!./0!Q('*.1D!_(+7C%!/0!
./5*-.*-&/! ./</'6*! 2*-*'D! 9/'1! %+! <(%)*51%! 0*! 9'1<*<+0+.*.! )159(/%&*K! ADO! d! ADO! z! ADMOD!
91./51%!)1-)0(+'!_(/!/0!'/%)*&/!8*<'6*!%+.1!91)1!9'1<*<0/"!;1./51%!)*5<+*'!/0!/Q/5901D!9/'1!
/0!%+590/!)C0)(01!./!9'1<*<+0+.*./%!-1!'/%(/0>/!&1.1%!01%!9'1<0/5*%"!R%6D!%+!0*!15+%+,-!./!00/>*'!
(-!)*<0/!%/!)1-%+./'*!-/20+2/-&/!/-!(-!N#ã!./!01%!)*%1%D!9/'1!0*!9'1<*<+0+.*.!./!_(/!*''1Q*'!(-!
)*<1!/-!/0!515/-&1!Q(%&1!+-5/.+*&*5/-&/!91%&/'+1'!*0!2'+&1!./!ßb15<'/!*0!*2(*ßD!8*)/!/001!(-*!
.+4/'/-)+*f! l-*! &`)-+)*! (%*.*! 91'! 5()81%! *<12*.1%! )1-%+%&/! /-! ./%)1591-/'! /0! 8/)81! )1-!
9'1<*<+0+.*.!!%(9/'+1'!*0!#Aã!/-!>*'+1%!_(/!!0*!&+/-/-!5(3!+-4/'+1'"
ù! ]*0*)+*! ./0! ]+%)*0! H5#*%"9,-*#U%$ I())(9&:"! $-! (-! )*%1! ./! ?*0+41'-+*! ./! 4+-*0/%! ./! 01%! *:1%!
%/%/-&*D! 5"*!)"$ 0G$ /*)))'4%D! (-*! 5(Q/'! 8*<6*! %+.1! >6)&+5*! ./! (-! 8('&1! 91'! /0! 9'1)/.+5+/-&1! ./0!
&+',-"!l-!&/%&+21!./)0*',!_(/!8*<6*!>+%&1!*!0*!0*.'1-*!)1''+/-.1!)*00/!*''+<*!3!0/!./%)'+<+,!)151!
(-*!5(Q/'!<0*-)*!)1-!(-*!)10*!./!)*<*001D!_(/!)1-.()6*!(-!)1)8/!*5*'+001!*)159*:*.*!91'!(-!
190
815<'/!*4'1*5/'+)*-1!)1-!51%&*)81!3!<*'<*"!R0!.6*!%+2(+/-&/D!0*!910+)6*!./&(>1!*!(-*!5(Q/'!_(/!
'/%91-.6*! *! &*0! ./%)'+9)+,-"! X('*-&/! /0! ! Q(+)+1D! /0! 4+%)*0! 9'/%/-&,! /0! 9/'+&*Q/! ./! (-! 9'14/%1'! ./!
5*&/5C&+)*%!9*'*!_(/!&/%&+4+)*'*!*)/')*!./!0*!'/20*!./!0*!9'1<*<+0+.*.!)159(/%&*!/-!/0!)*%1K
B*!9'1<*<+0+.*.!./!_(/!(-!)1)8/!4(/'*!*5*'+001!/'*!./!PhPA"
B*!./!_(/!(-!815<'/!00/>*'*!(-!51%&*)81D!./!Ph@"
B*!./!_(/!0*!5(Q/'!9/+-*'*!)10*!./!)*<*001D!./!PhPA"
B*!./!_(/!/00*!4(/'*!'(<+*D!PhPA"
B*!./!_(/!/0!815<'/!-/2'1!&(>+/'*!<*'<*D!./!PhPA"
B*!./!_(/!/0!)1)8/!/%&(>+/'*!1)(9*.1!91'!(-*!9*'/Q*!+-&/''*)+*0D!./!PhPAA"
]+%)*0! 3! 9'14/%1'! /d90+)*'1-! *0! Q('*.1! _(/! 0*! 9'1<*<+0+.*.! ./! _(/! &1.*%! /%&*%! )+')(-%&*-)+*%!
4(/'*-!)*%(*0/%!91.'6*-!/%&+5*'%/!5(0&+90+)*-.1!0*%!9'1<*<+0+.*./%!+-.+>+.(*0/%K!PhPA!d!Ph@!d!
PhPAD!/&)"D!)(31!'/%(0&*.1!/'*!./!_(/!8*<6*!(-*!9'1<*<+0+.*.!91'!(-!5+00,-!./!_(/!8(<+/'*!(-*!
9*'/Q*! ./! &*0/%! )*'*)&/'6%&+)*%"! $0! Q('*.1! .+)&,! (-! >/'/.+)&1! ./! )(09*<+0+.*.D! 9/'1! /0! g'+<(-*0!
=(9'/51!)*0+41'-+*-1!8*<6*!*<(%*.1!./!%(!*'2(5/-&*)+,-D!9(/%!-+-2(-*!./!0*%!<*%/%!./!)C0)(01!
&/-6*! -+-2[-! 2`-/'1! ./! 4(-.*5/-&1! %,0+.1"! VC%! 4C)+05/-&/K! 5()8*%! 9'1<*<+0+.*./%! -1! /'*-!
+-./9/-.+/-&/%!/-&'/!%6!H91'!/Q/5901D!5()8*!2/-&/!_(/!00/>*!<*'<*!&*5<+`-!&+/-/!<+21&/K!00/>*'!
0*!(-*!8*)/!5C%!9'1<*<0/!00/>*'!0*!1&'*J"!B*!4*0*)+*!./0!4+%)*0!)1-%+%&/!/-!9'/%/-&*'!/0!)*%1!)151!
%+! /0! Q('*.1! 8(<+/'*! ./! )159*'*'! 0*%! 9'1<*<+0+.*./%! ./! _(/! /0! *)(%*.1! %/*! )(09*<0/! )1-! 1&'*!
9/'%1-*! /%)12+.*! *0! *7*'"! ;/'1! 0*! )(/%&+,-! 0/2*0! /%! ),51! 0*%! 9'1<*<+0+.*./%! ./! _(/! /0! *)(%*.1!
%/*! )(09*<0/! %/! )159*'*-! )1-! 0*! 91%+<+0+.*.! ./! _(/! )(*0_(+/'! 1&'1! '/*05/-&/! 01! 4(/'*K! %+! (-*!
9/'%1-*!/-!PAA"AAA!&+/-/!01%!'*%21%!+-)'+5+-*.1'/%D!9/'1!.+/7!/-!(-!5+00,-!&*5<+`-!01%!&+/-/-D!
-1!./Q*!./!%/'!)+/'&1!_(/!0*!9'1<*<+0+.*.!./!_(/!/0!9'+5/'!+59(&*.1!./&/-+.1!%/*!)(09*<0/!/%!./!
(-*!)1-&'*!.+/7K!8*3!9(/%!-(/>/!9'1<*<+0+.*./%!./!_(/!0*!./&/-)+,-!8*3*!%+.1!/_(+>1)*.*"
?E"$ /*4c,49-$ I())(9&"! =+2(/! ]*'-%i1'&8K! B+-.*! &+/-/! MS! *:1%D! /%! %10&/'*D! /d&'1>/'&+.*! 3! 5(3!
<'+00*-&/a! %/! 2'*.(,! /-! 4+01%146*D! /%&(>1! 5(3! 5/&+.*! /-! &/5*%! ./! /)10126*! 3! ./'/)81%! ./! 01%!
*-+5*0/%D! 9*'&+)+9,! /-! 5*-+4/%&*)+1-/%! )1-&'*'+*%! *! 0*! /-/'26*! -()0/*'"! ep(`! *)&+>+.*./%! %1-!
5C%!9'1<*<0/%!_(/!/Q/'7*!B+-.*D!HPJ!)*Q/'*!./!<*-)1!1!HSJ!)*Q/'*!./!<*-)1!3!4/5+-+%&*!*)&+>*f!R!
X*-+/0!s*8-/5*-!0/!.+/'1-!/0!9'/5+1!G1</0!91'!51%&'*'!),51!0*!9'+5/'*!'/%9(/%&*!/%!5()81!
5C%!9'1<*<0/!_(/!0*!%/2(-.*K!HSJ!/%!(-!%(<)1-Q(-&1!./!HPJ"!
=1<'/!0*%!)(/%&+1-/%!_(/!90*-&/*!0*!H9'/&/-%+,-!./!0*J!/%&*.6%&+)*!/-!0*!*90+)*)+,-!./0!./'/)81D!
>`*%/!R0</'&!=RgnEERD!;*<01!=RBcRXnE!?nX$E?bD!5#*D(D')'7(7$"%-(7[%-'9(S$@#(47"%$D(%"%$7"$
7(-*%$&$(D*@(9[($I-X'/&D!S!HSAPOJ"!
191
'()*+,-./9/
@=),+(%$G"/.RE&+$D(/
!
!
P"!I59(&*)+,-!1<Q/&+>*!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PNM!
S"!l-*!)(/%&+,-!91'!01!5/-1%!&/'5+-10,2+)*!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PNL!
M"! Y5<+&1! ./! 9'1&/))+,-! ./! 0*! -1'5*! Hb*'5! i+&8+-! &8/! E+%k! h! =)8(&7</'/+)8! ./'!
G1'5J!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PNU!
M"P"! =g=D! PÄD! NAShPNNUD! ./! U! ./! 1)&(<'/D! V;K! $.(*'.1! ]/'-C-./7m?+.! ./!
g/5/%"!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PNU!
M"S"!=g=D!MÄD!M!./!-1>+/5<'/!./!SAAU!HE^!#U#SJD!V;K!^1*_(6-!b(/0+-!V*'&6-/7!
./!c/0*%)1"!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PNN!
@"!;'/>+%+<+0+.*.!;I*#"%""(D')'-&:!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!PNN!
@"P"!;*0%2'*4!>"!B1-2!I%0*-.!E"E"!}GS@U!G"Z"!MMND!POS!G"$"!NN!HPNSUJ~!"""""""""""!SAA!
@"S"!=g=D!PÄD!#NLhPNNOD!./!PN!./!Q(0+1D!V;K!$.(*'.1!]/'-C-./7m?+.!./!g/5/%"
!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SAS!
#"!?*(%*0+.*.!R./)(*.*!H;'1d+5*&/!?*(%/!h!R.ò_(*-7&8/1'+/J!"""""""""""""""""""""""""""""""""!SAS!
#"P"!=g=D!PÄD!S##hPNNLD!./!P!./!*<'+0D!V;K!;/.'1!F1-7C0/7!;1>/.*"!""""""""""""""""!SAS!
#"S"! =g=D! PÄD! MLLhSAA@D! ./! PS! ./! 5*31D! V;K! I2-*)+1! =+/''*! F+0! ./! 0*! ?(/%&*"
!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SAM!
#"M"! =g=D! MÄD! ./! PU! ./! 5*31! ./! SAPA! HE^! MO#PJD! V;K! $-'+_(/! B/)(5</''+!
V*'&6"!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SA@!
#"@"!V*&/'+*0!)1590/5/-&*'+1K!=&*80/)k/'!>"!]1'.!V1&1'!?159*-3!}SOO!G/<"!
OAPD!OOL!G"x"S.!S@@!HSAAMJ~!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SA#!
O"!E+/%21%!2/-/'*0/%!./!0*!>+.*!HF/-/'*0!B+4/!E+%k%!h!$'0*(<&/!E+%+k/-J!""""""""""""""""""!SAL!
O"P"!=g=D!MÄD!SN!./!1)&(<'/!./!PNNU!HE^!U@SPJD!V;K!^1%`!V*-(/0!=+/+'*!V62(/7"
!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SAL!
O"S"!=g=^!?15(-+.*.!c*0/-)+*-*D!=*0*!?mRD!=/))"!PÄD!##hSAAMD!./!S!./!/-/'1D!
V;K!V*'+*-1!R3(%1!E(+7mg10/.1"!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SAU!
L"!;'18+<+)+,-!./!'/2'/%1!3!91%+)+,-!./!2*'*-&/!;B"6*-"4"%%$h!B"@#"%%0"#D*-$,47$
V(#(4-"4%-")),4@:!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SAU!
U"!;'1>1)*)+,-!H;'1>1)*&+1-!h!b/'*(%41'./'(-2J!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SPA!
N"! ?1-%/-&+5+/-&1! ./! 0*! >6)&+5*! 3! *%(-)+,-! ./0! 9'19+1! '+/%21! ! Hc+)&+5w%! )1-%/-&!
*-.! *%%(59&+1-! 14! '+%k! h! $+->/'%&ò-.+2(-2D! g*&</%&*-.m*(%%)80+/•/-./-!
$+-i+00+2(-2!(-.!b*-./0-!*(4!/+2/-/!F/4*8'J!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SPS!
N"P"!=g=D!PÄD!NMPhSAAPD!./!PL!./!1)&(<'/D!V;K!^/%[%!?1'<*0!]/'-C-./7"!"""""""!SPM!
N"S"!=g=D!PÄD!#UAhSAAOD!./!MP!./!5*31D!V;K!^1%`!R-&1-+1!=/+Q*%!p(+-&*-*"!"!SP@!
N"M"!=g=D!PÄD!SOhSAPSD!./!MA!./!/-/'1D!V;K!^1%`!R-&1-+1!=/+Q*%!p(+-&*-*"!"""!SP#!
192
N"@"!V*&/'+*0!)1590/5/-&*'+1K!e4'@E-$0G$w">"--!}M!?*0"!@&8!SNOD!UM@!;"S.!ONOD!
PP!?*0"!E9&'"!S.!S!HPNNSJ~!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SP#!
PA"! V*&/'+*0! )1590/5/-&*'+1K! B/d5*'k! I-&/'-*&+1-*0D! I-)"! >"! =&*&+)! ?1-&'10!
?1591-/-&%D!I-)"!}#LS!l"="!vvv!HSAP@J~"!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SPO!
/
0;/@=),+(%$G"/.RE&+$D(//
B*! )*(%*0+.*.! ./! 8/)81! ./! 01%! Q('+%&*%D! q9*47'-'*$ %'4"$ +,($ 4*4r! HO,-<I*#$ -"%-JD! 90*-&/*D! /-&'/!
1&'1%D!)151!>+51%!/-!0*!*-&/'+1'!=/%+,-!UÄD!(-!9'1<0/5*!5(3!%/'+1K!0*!5*31'!9*'&/!./!0*%!0/3/%!
)+/-&64+)*%! m46%+)*%D! _(65+)*%D! <+10,2+)*%D! 9%+)10,2+)*%D! /)1-,5+)*%D! %1)+10,2+)*%D! /&)"m! -1! %/!
41'5(0*-!/-!&`'5+-1%!./!)*(%*0+.*.D!9(/%!0*!9*47'-'*$%'4"$+,($4*4!/%!5(3!91)1!/d)0(3/-&/D!.+)/!
./5*%+*.1! *)/')*! ./! 0*! ./&/'5+-*)+,-! ./! (-! 4/-,5/-1D! ./! 0*! /d90+)*)+,-! 3! 9'/.+))+,-! ./! 0*!
'/*0+.*."!g'*%0*.*.1!01!*-&/'+1'!*0!&/''+&1'+1!./0!./'/)81D!%+2-+4+)*!_(/D!)1-!0*!)*(%*0+.*.!/-!0*!
5*-1D! (-! Q(/7! 1! (-! &'+<(-*0! 9(/./-! +59(&*'! )(*0_(+/'! '/%(0&*.1! *! )(*0_(+/'! 9/'%1-*D! 91'!
'/51&*! _(/! 8*3*! %+.1! %(! 9*'&+)+9*)+,-! /-! 0*! )*./-*! )*(%*0"! G1%! 91./51%! '/51-&*'! *! R.C-! 3!
$>*D! 91./51%! *&'+<(+'! 01%! 5*0/%! ./! 0*! 9*&'+*! *! _(+/-/%! -1%! )1-_(+%&*'1-! 8*)/! .1%! 5+0D! 1! 5+0!
_(+-+/-&1%! *:1%! 3D! ./%./! 0(/21D! 91./51%! )1-./-*'! *! 01%! 8+Q1%! /-! /0! >+/-&'/! ./! %(%! 5*.'/%"!
x+00+*5!=8*k/%9/*'/D!+->/-&1'!./!0*!)1-.+)+,-!8(5*-*D!01!>+1!<+/-!/-!/0!51-,0121!./!\'(&1D!/-!
0*!$%)/-*!SÄD!./0!R)&1!S{!./!%(!^(0+1!?`%*'K
g8ô!*<(%/!14!2'/*&-/%%!+%!i8/-!+&!.+%Q1+-%
E/51'%/!4'15!91i/'"!R-.D!&1!%9/*k!&'(&8!14!?*/%*'D
I!8*>/!-1&!k-1i-!i8/-!8+%!*44/)&+1-%!%i*3/.
V1'/!&8*-!8+%!'/*%1-"!\(&!w&+%!*!)1551-!9'114
g8*&!01i0+-/%%!+%!31(-2!*5<+&+1-w%!0*../'D
x8/'/&1!&8/!)0+5</'!(9i*'.!&('-%!8+%!4*)/"
\(&!i8/-!8/!1-)/!*&&*+-%!&8/!(951%&!'1(-.D
b/!&8/-!(-&1!&8/!0*../'!&('-%!8+%!<*)kD
B11k%!+-!&8/!)01(.%D!%)1'-+-2!&8/!<*%/!./2'//%
\3!i8+)8!8/!.+.!*%)/-."!=1!?*/%*'!5*3"
g8/-D!0/%&!8/!5*3D!9'/>/-&"!R-.!%+-)/!&8/!_(*''/0
x+00!</*'!-1!)101('!41'!&8/!&8+-2!8/!+%D
]*%8+1-!+&!&8(%K!&8*&!i8*&!8/!+%D!*(25/-&/.D
x1(0.!'(-!&1!&8/%/!*-.!&8/%/!/d&'/5+&+/%"
B"#/+L&<&I.<&/+L$"Z/L$=/(>/(/>&<)&"+r>/&??Ñ
xL$%LH/L(+%L&#H/Y.,-#/(>/L$>/Z$"#/?<.Y/=$>%L$&D.,>Ñ
B"#/Z$--/L$=/$"/+L&/>L&--;
X/! *86! _(/! 01%! Q('+%&*%! %+/59'/! 8*3*-! &'*&*.1! ./! *)1&*'! 1! 0+5+&*'D! )1-! )'+&/'+1%! -1'5*&+>1%D! 0*!
)+/2*! /d&/-%+,-! ./! 0*! )*(%*0+.*."! B1%! /)1-15+%&*%D! 91'! %(! 9*'&/D! &*5<+`-! 8*-! 9(/%&1! ./!
5*-+4+/%&1!_(/!0*!.+>+%+,-!./0!&'*<*Q1D!)1-.+)+,-!./0!./%*''1001!&/)-10,2+)1D!'/%(0&*'6*!+591%+<0/!
%+!&1.1!/0!5(-.1!8(<+/'*!./!/%&*'!*!)*'21!./!&1.1%!01%!*))+./-&/%!_(/!1)(''/-D!5+/-&'*%!_(/!01%!
%1)+,0121%! 8*-! 9(/%&1! /0! *)/-&1! /-! _(/! *! )*.*! '10! %1)+*0! )1''/%91-./! (-! )6')(01! ./!
193
+-)(5</-)+*%K!/0!)+(.*.*-1!./!*!9+/!9(/./!'/%91-./'!91'!-1!8*</'!00*5*.1!*!0*!910+)6*!1!*!01%!
<15</'1%D!9/'1!-1!91'!-1!8*</'%/!)1591'&*.1!)151!./</-!./!8*)/'01!/0!(-1!1!01%!1&'1%"!$-!0*%!
9C2+-*%! _(/! %+2(/-D! %/! /0/-)*-! *02(-1%! ./! 01%! )'+&/'+1%! 5C%! %/-%*&1%D! 5C%! 9'1<*.1%D!
)15/-7*-.1!91'!01%!./!0*!9'/>+%+<0+.*.!3!9'1d+5+.*.K!/0!/4/)&1!8*!./!%/'!9'/>+%+<0/!9*'*!_(+/-!
8*!./!)*'2*'!)1-!%(%!)1-%/)(/-)+*%!3!-1!8*!./!%/'!&*-!'/51&1!_(/!*)*</51%!/-!(-!5(-.1!/-!/0!
)(*0!&1.1%!9(/./-!%/'!)1-./-*.1%!91'!)(*0_(+/'!*)1-&/)+5+/-&1!./%*2'*.*<0/!1!&/''+<0/D!9(/%!
*0!4+-!3!*0!)*<1!&1.1%!%151%!9*'&/!./!/%/!&1.1!3!-*.*!8*<'6*!1)(''+.1!/-!/0!>*)61"!!
!
l-*!'/4/'/-)+*!)0C%+)*K!E+)8*'.!R"!$9%&/+-D!C$?E"*#&$*H$8-#'9-$='(D')'-&G$S!^"!B/2*0!=&(."!P#PD!POA!
HPNLMJK!qg8/!O,-<H*#$-"%-!.1/%!-1&!9'1>+./!*!%*&+%4*)&1'3!*))1(-&!14!&8/!)1-)/9&!14!)*(%*&+1-!+4!
&8/!i1'.%!é+-!4*)&w!*'/!&*k/-!%/'+1(%03r"
$-!./'/)81!)+>+0!/%9*:10D!0*!*91'&*)+,-!)0C%+)*!/%!./!]/'-*-.1!;RGgRB$ÑG!;EI$gn!}q?*(%*0+.*.!/!
+59(&*)+,-! 1<Q/&+>*K! ?'+&/'+1%! ./! +59(&*)+,-rD! /-! R%1)+*)+,-! ./! ;'14/%1'/%! ./! X/'/)81! )+>+0D!
/"4-"4(#'*$7")$/^7'@*$/'0')$;Xkko<Xoko:S$&"!IID!V*.'+.!HPNNAJD!9C2%"!P#OP!3!%%"~K!
q$0! 9'1<0/5*! ./! 0*! /d+%&/-)+*! 1! -1! ./! -/d1! ./! )*(%*0+.*.! /-&'/! 0*! )1-.()&*! ./0! 91%+<0/!
'/%91-%*<0/!3!/0!'/%(0&*.1!.*:1%1!m01!_(/!01%!*-201%*Q1-/%!00*5*-!9(,%(-'*4$'4$H(9-m!-1!./</!%/'!
/-! 51.1! *02(-1! )1-4(-.+.1! )1-! /0! 9'1<0/5*D! '*.+)*05/-&/! .+%&+-&1D! ./! %+! /0! '/%(0&*.1! .*:1%1!
)*(%*05/-&/! 0+2*.1! *! 0*! )1-.()&*! /-! )(/%&+,-D! 9(/./! 1! -1! %/'! é9(/%&1! *! )*'21w! ./! *_(/00*!
)1-.()&*! )151! é1<'*w! ./! %(! *(&1'D! ./! *)(/'.1! )1-! 01%! )'+&/'+1%! /%&*<0/)+.1%! *0! /4/)&1! 91'! /0!
0/2+%0*.1'D! 1! ./.()+.1%! 91'! /0! 19/'*.1'! Q('6.+)1! ./! 0*! /%&'()&('*! 3! 4(-)+,-! ./! 0*%! -1'5*%! ./!
'/%91-%*<+0+.*.! )1''/%91-.+/-&/%"! G1! ./</! %/'! /-! 51.1! *02(-1! )1-4(-.+.1D! /-! %(5*D! )1-! /0!
9'1<0/5*! ./! %+! /0! '/%(0&*.1! .*:1%1! /%! 1! -1! *Dc"-'0(6"4-"$ '6!,-(D)"$ *! 0*! )1-.()&*! ./0!
./5*-.*.1!m01!_(/!%/!8*!00*5*.1D!/-!41'5*!5(3!+59'/)+%*D!é)*(%*0+.*.!Q('6.+)*w!H0*!9(,%(-'*4$'4$
)(>D!)"@()$9(,%(-'*4!1!#"6*-"4"%%$*H$7(6(@"$./!01%!*-201%*Q1-/%J!3!01!_(/!0*!.1)&'+-*!*0/5*-*D!
)1-!5C%!9'/)+%+,-D!./-15+-*!*Dc"J-'0"$Ä,#"9E4,4@R!H9C2%"!P#OP!3!P#OSJ"!!
!
l-!%/2(-.1!2'(91!./!9'1<0/5*%!/-!+59(&*)+,-!1<Q/&+>*!/%!_(/!%(%!4'1-&/'*%!)1-!0*!+59(&*)+,-!
%(<Q/&+>*D!)1-!0*!)(09*D!%1-!.+4(%*%"!$%!5C%D!*5<*%!%/!%10*9*-!/-!<(/-*!5/.+.*!9(/%!0*!9(/%&*!*!
)*'21!./!(-!'/%(0&*.1!>+/-/!*)159*:*.*!)1-!4'/)(/-)+*!91'!0*!+591%+)+,-!./!(-!./</'!./!/>+&*'!
0*!9'1.())+,-!./!&*0!'/%(0&*.1"!!
!
=+-! /5<*'21D! *-*06&+)*5/-&/D! )1->+/-/! )1-%+./'*'! %+/59'/! 91'! %/9*'*.1! 0*! )(/%&+,-! ./! *!
_(+`-/%! +-)(5</! *%+%&+'! 5`.+)*5/-&/! *! (-! /-4/'51D! *! (-! 9*)+/-&/! y*! 01%! 5`.+)1%! y! ./! 0*!
'/0*&+>*!*!%+!&*0!1!)(*0!5`.+)1!&/-6*!1!-1!/0!./</'!./!*&/-./'!*!/%&/!1!*_(/0!9*)+/-&/!)1-)'/&1!/-!
./&/'5+-*.*%! )+')(-%&*-)+*%! HeX/</! (-*! )*'.+,012*D! >+*Q/'*! /-! (-! 5/&'1D! *%+%&+'! *! (-! 9*%*Q/'1!
_(/!8*!%(4'+.1!(-!./%5*31f!eX/</!(-!./'5*&,0121!*>+%*'!*!1&'1!>+*Q/'1!./0!5+%51!5/&'1!_(/!
(-*! 5*-)8*! /-! %(! 9+/0! 91.'6*! %/'! (-! 5/0*-15*fJ"! I59(&*)+,-! 1<Q/&+>*! 3! ./</'! ./! )(+.*.1! %/!
%10*9*-D!9/'1!-1!)1+-)+./-"!!
!
B*! +./*! ./! _(/! 01%! )'+&/'+1%! ./! +59(&*)+,-! 1<Q/&+>*! ./0! .*:1! *0! )1591'&*5+/-&1! ./0! )*(%*-&/!
'/9'1.()/-!5()81%!m%+!-1!&1.1%m!01%!/0/5/-&1%!./0!./</'!./!9'/)*()+,-!8*!%+.1!./4/-.+.*!91'!
;*<01! =*0>*.1'! ?nX$E?bD! G(-1! FREnl;RD! ?*'01%! FÑV$t! BIFÖ$EE$D! q$0! )6')(01! ./! '/%91-%*<0/%"! B*!
/>*-/%)/-&/! .+%&+-)+,-! /-&'/! '/%91-%*<+0+.*.! 91'! )(09*! 3! 1<Q/&+>*rD! A4.#"-! @hSAA#D! 99"! SNmMA"!
;*'/)+.*5/-&/D!/%&*!+./*!9(/./!>/'%/!/-!V*'&6-!FRE?ÅR! yEI;nBB! VnGgI^RGnD!A6!,-(9'^4$*Dc"-'0(S$
9(,%($!#^3'6($&$()9(49"$7"$)*%$7(_*%$'47"64'M(D)"%D!?15*'/%D!F'*-*.*D!SAAUD!99"!PSLD!PSUD!PSND!
PM@"!
194
P"/ %."+<(H/ De(>&/ a,("/ B"+."$./ XBA'!B/ BSBM\H/ {jP>/ .RE&+$D(/ -(/ $=),+(%$G"/ .RE&+$D(/ &"/
M&<&%L./
#&/
#(Q.>k|VL++)C``?(<%$(=(#.;R-.?>).+;%.=;&>`2:03`:3`&>[.RE&+$D([-([
$=),+(%$."[.RE&+$D([&";L+=-f/0;0;2:03WC
q}B~*! '/%91-%*<+0+.*.! %/! *%+2-*! 1! &+/-./! *! *%+2-*'%/! *0! %(Q/&1! _(/! &+/-/! 01! _(/! ./-15+-*'`! /0!
.15+-+1!./0!8/)81!1!)1-&'10!./!0*!%+&(*)+,-"!B1%!)'+&/'+1%!./!+59(&*)+,-!%/!/%&'()&('*-!3!19/'*-!
*0! %/'>+)+1! ./! /%/! 9'19,%+&1! [0&+51! 3! ./%./! `0! 2*-*-! %(! )18/'/-)+*! %+%&/5C&+)*! 3! Q('6.+)1m
9106&+)*"!g*0!>/7!/d9'/%*.1!./!51.1!5C%!*<*')*.1'D!0*!'/%91-%*<+0+.*.!91'!/0!.*:1!%/!*&'+<(3/!
*0!%(Q/&1!_(/!&+/-/!/0!.15+-+1!./0!8/)81D!5+/-&'*%!_(/!./!0*!'/%91-%*<+0+.*.!%/!/d1-/'*!*0!_(/!
-1!&+/-/!&*0!.15+-+1D!<+/-!91'_(/!/%/!.15+-+1!01!*._(+/'/!1&'1D!<+/-!91'_(/!/0!)1-&'10!%1<'/!/0!
8/)81!%/!9+/'./!./<+.1!*!4*)&1'/%!-1!./9/-.+/-&/%!./!-+-2[-!%(Q/&1D!)151!1)(''/D!91'!/Q/5901D!
/-!01%!)*%1%!./!4(/'7*!5*31'r"
O(R-./]BKhBM\AH/B"+."$./cPAnynMPzH/{'(,>(-$#(#/F/A&>).">(R$-$#(#|H/3_/&#;H/B.!"/%&0`2::6/
VYYY;$"#<&+;%.=WC
qB*%!+-%(4+)+/-)+*%!3!/d)/%1%!./0!9'+-)+9+1!)*(%*0!8*-!00/>*.1!*!01%!Q('+%&*%!*!)1-%&'(+'!)'+&/'+1%!
-1'5*&+>1%! ./! +59(&*)+,-! 1<Q/&+>*! _(/! 9/'5+&*-! 51.(0*'01D! /%! ./)+'D! *590+*'01! 1! '/%&'+-2+'01!
%/2[-!)1->/-2*"!$-!/0!/*66*4$=(>D!0*!)*(%*0+.*.!/-&/-.+.*!)151!9*47'-'*$%'4"$+,($4*4$;9(,%"$
'4$ H(9-:$ %/! 5*&+7*! ./! *)(/'.1! )1-! (-*! 5+'6*.*! ./! .1)&'+-*%! %1<'/! !#*3'6(-"$ 9(,%(-'*4$ )1-! /0!
1<Q/&1! ./! ./%)*'&*'! 0*%! )*(%*%! 5C%! '/51&*%! H#"6*-"4"%%$ -"%-JD! 0*%! 5C%! +59'/>+%+<0/%! 1!
+59'1<*<0/%! HH*#"%'@E-$ -"%-J! 3! 0*%! )*(%*%! )(31! '+/%21! &69+)1! -1! 00/2,! *! 5*&/'+*0+7*'%/!
/4/)&+>*5/-&/! /-! /0! .*:1! /-! )(/%&+,-! HE(#6<>'-E'4<-E"<#'%J$ -"%-:"! $-! /0! /'0')$ =(>S$ %1<'/%*0/! 0*!
)(0&('*!*0/5*-*!./!0*!+59(&*)+,-!1<Q/&+>*!;bDc"J-'0"$Ä,#"9E4,4@:"!
$0!'/*0+%51!Q('6.+)1!+-&/-&,!./9('*'!/0!)1-)/9&1!./!)*(%*!./!&1.*!)1--1&*)+,-!-1'5*&+>*D!9/'1!
/0! +-&/-&1! 4'*)*%,! 3! /0! 0+<'1! 5C%! +-40(3/-&/! %1<'/! )*(%*0+.*.! ./! 0*! %/2(-.*! 5+&*.! ./0! %+201! !
}bREgD!bnGnEÉ!HPN#NJ!3!HPNU#J~!>10>+,!*!(-*!)1-)/9)+,-!./!0*!)*(%*0+.*.!)1-)/<+.*!)151!Q(+)+1!
4C)&+)1m-1'5*&+>1! 0*! )(*0D! <*%*.*! /-! /0! %/-&+.1! )15[-D! *<*')*<*! 0*! )*(%*0+.*.! ./! 8/)81! 3! 0*!
+59(&*)+,-!1<Q/&+>*!}>`*%/D!)'6&+)*5/-&/D!xEIFbg!HPNU#JD!HPNUUJ~"!
$0! 9'1<0/5*! /%! _(/! 5()81%! )'+&/'+1%! ./! +59(&*)+,-! 1<Q/&+>*! %/! ./&+/-/-! /-! /0! -+>/0! ./! 0*%!
9'19(/%&*%! .1)&'+-*0/%"! ;1)*%! 0/3/%! 01%! 8*-! 8/)81! %(31%D! *(-_(/! 91./51%! +./-&+4+)*'! *02(-1%!
91%+&+>*.1%!./!41'5*!.+%9/'%*K!
-
-
B1%! *'&%"! P#@D! SOND! MUND! P#NOD! PNAMD! PNA#! 3! %+2(+/-&/%! ./0! ?,.+21! ?+>+0D! _(/! ./0+5+&*-! 01%!
'10/%!%1)+*0/%!<C%+)1%!*!)(31!)*'21!%/!91-/-!01%!.*:1%!)*(%*.1%!91'!9/'%1-*%!.+%&+-&*%!*0!
./5*-.*.1K!9*.'/%D!&(&1'/%D!9'19+/&*'+1%D!/59'/%*'+1%D!5*/%&'1%"!
B1%!*'&%"!PPUD!PSA!3!PSP!./0!?,.+21!;/-*0!./!PNN#!_(/D!./!41'5*!9*'*0/0*!*!01!/%&*<0/)+.1!
91'!/0!*'&"!PNAM!./0!?,.+21!?+>+0D!./4+-/-!'10/%!4*5+0+*'/%D!%1)+*0/%!3!/)1-,5+)1%!*!01%!_(/!0*!
0/3! 9/-*0! *%1)+*! /0! ./</'! ./! '/%91-./'! )+>+05/-&/! 91'! 0*%! )1-%/)(/-)+*%! .*:1%*%! ./! 01%!
./0+&1%!)15/&+.1%!91'!&/')/'1%!*!)*'21!1!<*Q1!/0!)1-&'10!1!./9/-./-)+*!./!_(+/-/%!/Q/')/-!
*_(/001%! '10/%! H9*.'/%D! &(&1'/%D! 2(*'.*.1'/%! 0/2*0/%D! /59'/%*'+1%D! 9'19+/&*'+1%! ./!
>/86)(01%D!R.5+-+%&'*)+1-/%!9[<0+)*%J"!
195
-
$-! 2/-/'*0D! 0*%! .+%91%+)+1-/%! _(/! '/2(0*-! *)&+>+.*./%D! +591-/-! ./</'/%! 3! ./0+5+&*-! )1-!
)0*'+.*.!91%+)+1-/%!./!2*'*-&/K!91'!/Q/5901D!/0!*'&"!MM!./!0*!B/3!PhPNLAD!./!@!./!*<'+0D!./!
?*7*a!/0!*'&"!P!./!0*!B/3!SShPNN@a!01%!*'&%"!PMN!3!%+2(+/-&/%!./!0*!BE^R;"!
-
$0! *'&"! P@P! ./! 0*! BE^R;! %/2[-! /0! )(*0! Q%^)*$ %"#]4$ '47"64'M(D)"%$ )(%$ )"%'*4"%$ !#*7,9'7(%$ ()$
!(#-'9,)(#$!#*0"4'"4-"%$7"$7(_*%$+,"$F%-"$4*$-"4@($")$7"D"#$c,#[7'9*$7"$%*!*#-(#$7"$(9,"#7*$
9*4$ )($ ="&R$ 3! _(/! 9(/./! %/'! /-&/-.+.1D! )151! >/'/51%! /-%/2(+.*D! /-! )0*>/! ./! '+/%21%!
2/-/'*0/%!./!0*!>+.*"!
B*! .1)&'+-*! Q('6.+)*! 00/>*! 5C%! ./! (-! %+201! .+%)(&+/-.1! 01%! &,9+)1%! %1<'/! +59(&*)+,-! 3! *02(-*%!
9'19(/%&*%! 8*-! %+.1! 1)*%+1-*05/-&/! (&+0+7*.*%! 91'! 0*! Q('+%9'(./-)+*"! B*%! _(/! %+2(/-! /%&C-!
&15*.*%D!)1-!*02(-*%!51.+4+)*)+1-/%D!./!0*!5(3!+-40(3/-&/!1<'*!./0!9/-*0+%&*!*0/5C-!FT-&8/'!
^Rsn\=r!}Strafrecht Allgemeiner Teil. Die Grundlagen und die Zurechnungslehre. 2 Auflage, Berlin, New York, De
Gruyter (1993), pp. 195 y ss. Traducción: La imputación objetiva en Derecho Penal, Civitas, Madrid (1996), pp.
90 y ss.].
196
-
s*'0! B*'/-7D! b/2/0%! t('/)8-(-2%0/8'/! l-.! ./'! \/2'+44! ./'! n<Q/k&+>/-! t('/)8-(-2! $+-!
\/+&'*2$Ä,#$B"9E-%!E')*%*!E'"$7"%$e#'-'%9E"4$A7"()'%6,%$n47$Ä,#$="E#"$0*4$7"#$1w,#'%-'%9E"4$
e(,%()'-m-1D!'/+59'/%+,-!./!0*!/.+)+,-!./!PNSLD!R*0/-K!=)+/-&+*!c/'0*2!HPNLAJD!99"!OS!3!OM"
-
]'+/.'+)8m?8'+%&+*-!=)8'1/./'D!X/'!\0+&7!*0%!V1'.+-%&'(5/-&K!$+-!=&'/+47(2!.(')8!P#A!^*8'/!
=&'*4'/)8&%i+%%/-%)8*4&"! R-8*-2K! X+/! F/-/%+%! ./'! B/8'/! >1-! ./'! 1<Q/k&+>/-! t('/)8-(-2D!
X(-)k/'!u!b(5<01&D!SAAN"
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
2;/}"(/%,&>+$G"/).</-./=&".>/+&<=$".-G?$%(/
$-! 0*! Q('+%9'(./-)+*! 3! 0*! .1)&'+-*D! %/! '/4+/'/-! *! 01%! )'+&/'+1%! Q('6.+)1%! ./! 0+5+&*)+,-! ./! 0*!
)*(%*0+.*.!/596'+)*!./!51.1%!5(3!.+%&+-&1%K!/-!1)*%+1-/%!8*<0*-!./!)*(%*0+.*.!0/2*0!1!Q('6.+)*!
)151!19(/%&*!*!)*(%*0+.*.!-*&('*0D!-*&('*06%&+)*!1!/596'+)*"!V()81%!3D!/-&'/!1&'1%D!01%!*(&1'/%!
197
./!/%&/!/m0+<'1D!91'!+-40(/-)+*!./!0*!)(0&('*!Q('6.+)*!*0/5*-*D!8*<0*51%!./!+59(&*)+,-!1<Q/&+>*!m
/d9'/%+,-! _(/! &'*.()/! *Dc"J-'0"$ Ä,#"9E4,4@"! B1%! Q('+%&*%! 3! Q(/)/%! ./0! /*66*4$ =(>D! 91'! %(!
9*'&/D!%/!'/4/'6*-!*!0*!)(/%&+,-!./!01%!065+&/%!./!0*!)*(%*0+.*.!)(*-.1!/d*5+-*<*-!%+!`%&*!8*<6*!
%+.1!%(4+)+/-&/5/-&/!9',d+5*!3!8*<0*<*-!*%6!./!!#*3'6(-"$9(,%(-'*4"!;/'1!/-!01%![0&+51%!>/+-&/!
*:1%D!%/!8*!+59(/%&1!0*!/d9'/%+,-!%9*!"$*H$)'(D')'-&D!C5<+&1!1!*0)*-)/!./!0*!'/%91-%*<+0+.*.D!_(/!
)1-%+%&/!/-!0*!9(/%&*!*!)*'21!./!0*%!)1-%/)(/-)+*%!./!(-!'/%(0&*.1!.*:1%1!'/*0+7*.*!91'!0*!0/3!1!
91'! 0*! Q('+%9'(./-)+*"! B*! +./*D! 5C%! 9'C)&+)*! _(/! 4+01%,4+)*D! /%! _(/! /0! ./5*-.*.1! 8*<'C! ./!
'/%91-./'!91'!*_(/001%!.*:1%!_(/!./'+>*-!./!01%!'+/%21%!_(/!./'+>*-!./!%(!*))+,-!3!_(/!00/>*-!*!
)*'*)&/'+7*'!%(!)1-.()&*!)151!2/-/'*.1'*!./!'/%91-%*<+0+.*."!
3;/y=R$+./#&/)<.+&%%$G"/#&/-(/".<=(/Vg(<=/Y$+L$"/+L&/A$>Z/`/
]%L,+NR&<&$%L/#&</n.<=W/
$-!01%!5*-(*0/%!3!&'*&*5+/-&1%!51-12'C4+)1%!./!0*!+59(&*)+,-!1<Q/&+>*D!/0!)'+&/'+1!./0!C5<+&1!
./!9'1&/))+,-!./!0*!-1'5*!%(/0/!/d9'/%*'%/!)151!(-1!5C%!/-&'/!01%!>*'+1%!+-)0(+.1%!/-!0*!0+%&*!
./! 5Cd+5*%! ./! /d9/'+/-)+*D! *90+)*.1%! 91'! 01%! &'+<(-*0/%! 1! 9'19(/%&1%! 91'! 0*! .1)&'+-*"! =+-!
/5<*'21D!0*!+./*!./!C5<+&1!./!9'1&/))+,-!./!0*!-1'5*!/%!9'/>+*!1D!91'!01!5/-1%D!)0*'*5/-&/!5C%!
'/0/>*-&/!_(/!&1.*%!0*%!./5C%"!$-!%(!>+'&(.D!/0!+-&`'9'/&/!./!0*!0/3D!'/20*5/-&1!1!.+%91%+)+,-!*!
*90+)*'! %/! )1591'&*! )151! &*0! 3! 14'/)/! (-*! '/%9(/%&*! 4(-.*5/-&*.*! *! (-*! 9'/2(-&*! %1<'/! /0!
*0)*-)/! ./! 0*! 0/3D! /%! ./)+'D! %1<'/! %(! +-&/'9'/&*)+,-K! e+-)0(3/! 0*! .+%91%+)+,-! ./! _(/! %/! &'*&*! 01%!
<+/-/%! 1! +-&/'/%/%! .*:*.1%! ./! 0*! >6)&+5*! /-! %(! C5<+&1! ./! 9'1&/))+,-f! e$%&C-! 01%! '+/%21%!
2/-/'*.1%!1!+-)'/5/-&*.1%!91'!/0!./5*-.*.1!+-)0(+.1%!/-!0*!)1-.()&*!9'/>+%&*!91'!0*!0/3f!=1-D!
)151!%/!9(/./!>/'D!)(/%&+1-/%!9'19+*%!./!0*!+-&/'9'/&*)+,-!./0!./'/)81!1D!%+!%/!_(+/'/D!-1!%101!
./! 0*! +-&/'9'/&*)+,-! 0+&/'*0D! %+-1! &*5<+`-! ./! 0*! +-&/'9'/&*)+,-! %+%&/5C&+)*D! 8+%&,'+)*! 3D! 5(3!
9*'&+)(0*'5/-&/D!./!0*!&/0/10,2+)*D!9(/%!%/!9'/2(-&*!%+!/0!4+-!./!9'1&/))+,-!./!0*!-1'5*!+-)0(3/!*!
0*!>6)&+5*!/-!/0!)*%1!)1-)'/&1"!
;1'! &1.1! 01! *-&/'+1'D! )1-%+./'*'! _(/! 0*! .1)&'+-*! ./0! C5<+&1! ./! 9'1&/))+,-! ./! 0*! -1'5*! /%!
%(%&*-&+>*5/-&/!.+%&+-&*!*!0*%!)*&/21'6*%!2/-/'*0/%!/590/*.*%!/-!0*!+-&/'9'/&*)+,-!./0!./'/)81!
/-!1&'*%!)(0&('*%!Q('6.+)*%!/%!_(+7C%!(-!)*%1!./!8+9,%&*%+%D!/%&1!/%D!./!'/.(90+)*)+,-!+--/)/%*'+*!
./!41'5(0*)+1-/%!3*!)1-1)+.*%"
3;0;/]^]H/0_H/9:2`0998H/#&/8/#&/.%+,R<&H/SOC/P#,(<#./c&<"J"#&N['$#/#&/^&=&>;/
l-!&'*<*Q*.1'!5('+,!*&'19/00*.1!91'!(-!)*5+,-!)(*-.1D!*0!.+'+2+'!0*!19/'*)+,-!./!%(!)*'2*D!%/!
%+&(,!&'*%!(-!9(-&1!)+/21!./0!>/86)(01!3!`%&/!0/!*90*%&,"!$-!0*!./5*-.*D!%(!>+(.*!/!8+Q1%!*0/2*'1-!
_(/! /0! )1-.()&1'! ./0! )*5+,-! -1! 91%/6*! /0! )/'&+4+)*.1! ./! *9&+&(.! ./! 5*-/Q1! ./! 5*_(+-*'+*!
5+-/'*!/d+2+.1!91'!/0!*'&"!PPL!./0!E/20*5/-&1!F/-/'*0!./!G1'5*%!\C%+)*%!./!=/2('+.*.!V+-/'*!
HE"X"!UOMhPNU#D!./!S!./!*<'+0J"!$0!g=!)1-4+'5,!0*%!%/-&/-)+*%!./%/%&+5*&1'+*%!./!0*%!+-%&*-)+*%D!
9(/%K
!q}0~*!*(%/-)+*!./!.+)81!9/'5+%1!/%!+''/0/>*-&/!/-!/%&/!)*%1r!H]"X"!S{J"!
198
3;2;/]^]H/3_H/3/#&/".D$&=R<&/#&/2::8/VAa/5852WH/SOC/a.(d,*"/g,&-$"/S(<+*"&N/#&/h&-(>%.;/
R! 0*%! PPKMA! 8"! ./0! SN"PP"PNNOD! ;*&'+)+*D! )/0*.1'*! /-! /0! )/-&'1! ./! /%9/)+*0+.*./%! ./0! )1590/Q1!
81%9+&*0*'+1!q/'*0!?*0./r!HB(21JD!./9/-.+/-&/!./0!=/'>+)+1!F*00/21!./!=*0(.!Hq=$EFR=rJD!<*Q*<*!
/-!/0!*%)/-%1'!./!.+)81!)1590/Q1!)(*-.1D!./<+.1!*!(-!4*001!5/)C-+)1D!/0!*%)/-%1'!)*31!./%./!0*!
MÄ! 90*-&*D! )81)*-.1! )1-! /0! *51'&+2(*.1'! %+&(*.1! /-! /0! 41%1! ./0! %,&*-1! ./0! /.+4+)+1"! ?151!
)1-%/)(/-)+*! ./0! *))+./-&/D! ;*&'+)+*! %(4'+,! &'*(5*&+%51%! 5[0&+90/%! 3! 9'/)+%,! ./! *&/-)+,-!
9%+_(+C&'+)*!8*%&*!PNNU"!B*!=/-&/-)+*!./0!^(72*.1!./!01!=1)+*0!-{!P!./!B(21!HSN"P"PNNNJ!./)0*',!
_(/!0*%!%/)(/0*%!./'+>*.*%!./0!*))+./-&/!./!&'*<*Q1!91'!;*&'+)+*!/'*-!)1-%&+&(&+>*%!./!+->*0+./7!
9/'5*-/-&/!*<%10(&*!/-!2'*.1!./!2'*-!+->*0+./7!3!'/)1-1)+,!/0!./'/)81!./!`%&*!*!9/')+<+'!(-*!
9/-%+,-!5/-%(*0!./!P"@A@DU@!ê!)1-!(-!'/)*'21!./0!#Aã!91'!4*0&*!./!5/.+.*%!./!%/2('+.*."
;*&'+)+*! ./5*-.,! *0! q=$EFR=r! 3! *! 0*! (-&*! ./! F*0+)+*! 3! %10+)+&,! (-*! +-./5-+7*)+,-! ./!
P"AMP"PLPDS#!êD!_(/!0*!?1-%/00/'+*!./-/2,!91'!%+0/-)+1!*.5+-+%&'*&+>1"!$0!g=^!F*0+)+*!H=/))+,-!PÄD!
M"M"SAA@J! /%&+5,! /0! '/)('%1! )1-&/-)+1%1! *.5+-+%&'*&+>1! 3! )1-./-,! *! 0*%! *.5+-+%&'*)+1-/%!
)1./5*-.*.*%!*0!9*21!./!MAA"#AA!ê"!
$0!g=!./%/%&+5,!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!/0!q=$EFR=r!3!0*!(-&*!./!F*0+)+*"!$0!g=D!
&'*%!./%/%&+5*'!01%!*'2(5/-&1%!91'!01%!)(*0/%!0*!./5*-.*-&/!./</'6*!8*</'!00*5*.1!*0!9'1)/%1!
*! 0*! /59'/%*! 4*<'+)*-&/! ./0! *%)/-%1'! 3! 0*! /-)*'2*.*! ./! %(! 5*-&/-+5+/-&1D! *-*0+7,! /0! 51&+>1!
)/-&'*0!./0!'/)('%1D!*!%*</'D!%+!0*!/d+%&/-)+*!./!(-*!'/0*)+,-!./!/590/1!9[<0+)1!/-&'/!>6)&+5*!3!
R.5+-+%&'*)+,-! *-(0*<*! 0*! '/%91-%*<+0+.*.! 9*&'+51-+*0! ./! /%&*! [0&+5*"! $0! g=! '/%10>+,! _(/D! 91'!
5C%! _(/! /0! .*:1! %/! 8(<+/'*! 9'1.()+.1! /-! /0! ./%*''1001! ./! (-*! '/0*)+,-! ./! %/'>+)+1! 9[<0+)1D! /0!
*))+./-&/!_(/.*<*!4(/'*!./!01%!'+/%21%!+-8/'/-&/%!*0!/Q/')+)+1!./!%(!9'14/%+,-D!./!5*-/'*!_(/!0*!
0/%+,-!/'*!*-&+Q('6.+)*D!5Cd+5/!)(*-.1!0*!/590/*.*!-1!&(>1!0*!5C%!56-+5*!+-&/'>/-)+,-!/-!/0!
*))+./-&/!H]"!X"!#{J"
4;/O<&D$>$R$-$#(#/:P#"/2//-A$)$%09/
B1%!)*%1%!./0!?1551-!B*i!-1'&/*5/'+)*-1!*)1&*-!0*!)*(%*0+.*.D!/%!./)+'D!)1-%&'(3/-!/0!)'+&/'+1!
./!0*!!#*3'6(-"$9(,%(-'*4!)1-!.1)&'+-*%!&*0/%!)151!/0!7'#"9-4"%%$-"%-$H/d+2/-)+*!./!)/')*-6*!/-&'/!
0*! )1-.()&*! ./0! ./5*-.*.1! 3! /0! .*:1! ./! 0*! >6)&+5*D! *(%/-)+*! ./! 4*)&1'/%! +-&/'5/.+1%JD! /0!
%,D%-(4-'()$H(9-*#$-"%-$H0*!)1-.()&*!./0!./5*-.*.1!/%!/0!4*)&1'!./)+%+>1!./!9'1.())+,-!./0!.*:1JD!
1D!5C%!%(<Q/&+>*5/-&/D!/0!H*#"%""(D')'-&$-"%-$H/0!.*:1!/'*!9'/>+%+<0/!9*'*!(-*!9/'%1-*!'*71-*<0/!
_(/!8(<+/'*!/%&*.1!/-!0*%!)+')(-%&*-)+*%!./0!./5*-.*.1J"!!
!
R! >/)/%D! 0*! *(%/-)+*! ./! +59(&*)+,-! 1<Q/&+>*! /%! 9*05*'+*! y1! ./</'6*! %/'01mK! /-! =(,#"(4*$ 0G$
=*,M*,4! }H#OA! G"! Z"! S.! MML! HG"! Z"! R99"! X+>"! PNNAJ~D! /0! ./5*-.*-&/D! *''/-.*&*'+1! ./! (-*!
>+>+/-.*D!8*<6*!9(/%&1!*!8/'>+'!.1%!100*%!2'*-./%!./!*2(*!3!%/!_(/5,!(-*!9+/'-*!5+/-&'*%!0*%!
5*-+9(0*<*"! E/)0*5,! /-&1-)/%! *0! ./5*-.*.1D! 9'19+/&*'+1! 3! *''/-.*.1'! ./0! +-5(/<0/D! 91'! -1!
8*</'! 5*-&/-+.1! /-! <(/-! 4(-)+1-*5+/-&1! /0! %/'>+)+1! ./! 9'1>+%+,-! ./! *2(*! )*0+/-&/! /-! 0*!
>+>+/-.*"! I->/'%*5/-&/D! /-! 5+! Q(>/-&(.! (-+>/'%+&*'+*D! 4(+! 9'/2(-&*.1! (-*! >/7! 91'! (-*!
)159*:/'*! _(/! %/! 8*<6*! '/%4'+*.1! &'*%! *<'+'! 0*! >/-&*-*! ./! %(! 8*<+&*)+,-! *-&/! 0*! %/_(/.*.! 3!
/d)/%1! ./! )*01'! 9'1>1)*.1%! 91'! 0*! )*0/4*))+,-! ./! 0*! '/%+./-)+*! (-+>/'%+&*'+*! /-! V[-+)8!
HR0/5*-+*J"!!
199
!
$0! )*%1! 5C%! 4*51%1! ./! 9'/>+%+<+0+.*.! /%D! %+-! .(.*! 5()%@#(H$ 0G$ =*4@$ A%)(47$ BGB"! }GS@U! G"Z"! MMND!
POS!G"$"!NN!HPNSUJ~"
/
/
4;0;/O(->?<(I/D;/K."?/@>-("#/A;A;/sn248/n;w;/339H/062/n;P;/99/V0928Wu/
R;;$RB!4'15!*!Q(.25/-&!14!&8/!R99/00*&/!X+>+%+1-!14!&8/!=(9'/5/!?1('&!+-!&8/!%/)1-.!Q(.+)+*0!
./9*'&5/-&D!/-&/'/.!X/)/5</'!POD!PNSLD!*44+'5+-2!*!Q(.25/-&!+-!4*>1'!14!90*+-&+44!/-&/'/.!(91-!
*!>/'.+)&"
?REXntnD!?8"!^"!
;0*+-&+44! i*%! %&*-.+-2! 1-! *! 90*&41'5! 14! ./4/-.*-&ô%! '*+0'1*.! *4&/'! <(3+-2! *! &+)k/&! &1! 21! &1!
E1)k*i*3!\/*)8"!R!&'*+-!%&199/.!*&!&8/!%&*&+1-D!<1(-.!41'!*-1&8/'!90*)/"!gi1!5/-!'*-!41'i*'.!
&1!)*&)8!+&"!n-/!14!&8/!5/-!'/*)8/.!&8/!90*&41'5!14!&8/!)*'!i+&81(&!5+%8*9D!&81(28!&8/!&'*+-!i*%!
*0'/*.3! 51>+-2"! g8/! 1&8/'! 5*-D! )*''3+-2! *! 9*)k*2/D! Q(59/.! *<1*'.! &8/! )*'D! <(&! %//5/.!
(-%&/*.3!*%!+4!*<1(&!&1!4*00"!R!2(*'.!1-!&8/!)*'D!i81!8*.!8/0.!&8/!.11'!19/-D!'/*)8/.!41'i*'.!&1!
8/09!8+5!+-D!*-.!*-1&8/'!2(*'.!1-!&8/!90*&41'5!9(%8/.!8+5!4'15!</8+-."!I-!&8+%!*)&D!&8/!9*)k*2/!
i*%!.+%01.2/.D!*-.!4/00!(91-!&8/!'*+0%"!I&!i*%!*!9*)k*2/!14!%5*00!%+7/D!*<1(&!4+4&//-!+-)8/%!01-2D!
*-.! i*%! )1>/'/.! <3! *! -/i%9*9/'"! I-! 4*)&! +&! )1-&*+-/.! 4+'/i1'k%D! <(&! &8/'/! i*%! -1&8+-2! +-! +&%!
*99/*'*-)/!&1!2+>/!-1&+)/!14!+&%!)1-&/-&%"!g8/!4+'/i1'k%!i8/-!&8/3!4/00!/d901./."!g8/!%81)k!14!
&8/! /d901%+1-! &8'/i! .1i-! %15/! %)*0/%! *&! &8/! 1&8/'! /-.! 14! &8/! 90*&41'5D! 5*-3! 4//&! *i*3"! g8/!
%)*0/%!%&'()k!&8/!90*+-&+44D!)*(%+-2!+-Q('+/%!41'!i8+)8!%8/!%(/%"
g8/!)1-.()&!14!&8/!./4/-.*-&ô%!2(*'.D!+4!*!i'1-2!+-!+&%!'/0*&+1-!&1!&8/!810./'!14!&8/!9*)k*2/D!i*%!
-1&! *! i'1-2! +-! +&%! '/0*&+1-! &1! &8/! 90*+-&+44D! %&*-.+-2! 4*'! *i*3"! E/0*&+>/03! &1! 8/'! +&! i*%! -1&!
-/20+2/-)/! *&! *00"! G1&8+-2! +-! &8/! %+&(*&+1-! 2*>/! -1&+)/! &8*&! &8/! 4*00+-2! 9*)k*2/! 8*.! +-! +&! &8/!
91&/-)3! 14! 9/'+0! &1! 9/'%1-%! &8(%! '/51>/."! G/20+2/-)/! +%! -1&! *)&+1-*<0/! (-0/%%! +&! +->10>/%! &8/!
+->*%+1-!14!*!0/2*003!9'1&/)&/.!+-&/'/%&D!&8/!>+10*&+1-!14!*!'+28&"!o;'114!14!-/20+2/-)/!+-!&8/!*+'D!%1!
&1!%9/*kD!i+00!-1&!.1o!H|J
I4!-1!8*7*'.!i*%!*99*'/-&!&1!&8/!/3/!14!1'.+-*'3!>+2+0*-)/D!*-!+--1)/-&!*-.!8*'50/%%!*)&D!*&!0/*%&!
&1!1(&i*'.!%//5+-2D!i+&8!'/4/'/-)/!&1!8/'D!.+.!-1&!&*k/!&1!+&%/04!&8/!_(*0+&3!14!*!&1'&!</)*(%/!+&!
8*99/-/.!&1!</!*!i'1-2D!H|J
g8/!'+%k!'/*%1-*<03!&1!</!9/')/+>/.!./4+-/%!&8/!.(&3!&1!</!1</3/.D!*-.!'+%k!+591'&%!'/0*&+1-a!+&!
+%!'+%k!&1!*-1&8/'!1'!&1!1&8/'%!i+&8+-!&8/!'*-2/!14!*99'/8/-%+1-!H|J
G/20+2/-)/D! 0+k/! '+%kD! +%! &8(%! *! &/'5! 14! '/0*&+1-"! G/20+2/-)/! +-! &8/! *<%&'*)&D! *9*'&! 4'15! &8+-2%!
'/0*&/.D!+%!%('/03!-1&!*!&1'&D!+4!+-.//.!+&!+%!(-./'%&*-.*<0/!*&!*00!H|J
g8/!0*i!14!)*(%*&+1-D!'/51&/!1'!9'1d+5*&/D!+%!&8(%!41'/+2-!&1!&8/!)*%/!</41'/!(%"!g8/!_(/%&+1-!14!
0+*<+0+&3! +%! *0i*3%! *-&/'+1'! &1! &8/! _(/%&+1-! 14! &8/! 5/*%('/! 14! &8/! )1-%/_(/-)/%! &8*&! 21! i+&8!
0+*<+0+&3"!I4!&8/'/!+%!-1!&1'&!&1!</!'/.'/%%/.D!&8/'/!+%!-1!1))*%+1-!&1!)1-%+./'!i8*&!.*5*2/!5+28&!
</!'/)1>/'/.!+4!&8/'/!i/'/!*!4+-.+-2!14!*!&1'&"
200
RGXE$x=D!^"!H.+%%/-&+-2J"
\(&!i/!*'/!&10.!&8*&!o&8/'/!+%!-1!-/20+2/-)/!(-0/%%!&8/'/!+%!+-!&8/!9*'&+)(0*'!)*%/!*!0/2*0!.(&3!&1!
&*k/! )*'/D! *-.! &8+%! .(&3! 5(%&! </! 1-/! i8+)8! +%! 1i/.! &1! &8/! 90*+-&+44! 8+5%/04! *-.! -1&! 5/'/03! &1!
1&8/'%"o!}=*051-.!g1'&%!HO&8!/."JD!S@"~!g8+%D!I!&8+-k!&11!-*''1i!*!)1-)/9&+1-"!x8/'/!&8/'/!+%!&8/!
(-'/*%1-*<0/!*)&D!*-.!%15/!'+28&!&8*&!5*3!</!*44/)&/.!&8/'/!+%!-/20+2/-)/!i8/&8/'!.*5*2/!.1/%!
1'!.1/%!-1&!'/%(0&"!g8*&!+%!+55*&/'+*0"!=81(0.!i/!.'+>/!.1i-!\'1*.i*3!*&!*!'/)k0/%%!%9//.D!i/!
*'/! -/20+2/-&! i8/&8/'! i/! %&'+k/! *-! *99'1*)8+-2! )*'! 1'! 5+%%! +&! <3! *-! +-)8"! g8/! *)&! +&%/04! +%!
i'1-24(0"!I&!+%!*!i'1-2!-1&!1-03!&1!&81%/!i81!8*99/-!&1!</!i+&8+-!&8/!'*.+(%!14!.*-2/'!<(&!&1!*00!
i81!5+28&!8*>/!<//-!&8/'/! m*!i'1-2!&1!&8/!9(<0+)!*&!0*'2/"!=()8!+%!&8/!0*-2(*2/!14!&8/!%&'//&"!
=()8!&8/!0*-2(*2/!14!&8/!)1('&%!i8/-!%9/*k+-2!14!)1-&'+<(&1'3!-/20+2/-)/"!=()8!*2*+-!*-.!*2*+-!
&8/+'! 0*-2(*2/! +-! %9/*k+-2! 14! &8/! .(&3! 14! %15/! ./4/-.*-&! *-.! .+%)(%%+-2! 9'1d+5*&/! )*(%/! +-!
)*%/%!i8/'/!%()8!*!.+%)(%%+1-!+%!i81003!+''/0/>*-&!1-!*-3!1&8/'!&8/1'3"!H;/''3!>"!E1)8/%&/'!B+-/!
?1"D! SPN! G"! Z"! OA"J! R%! i*%! %*+.! <3! V'"! ^(%&+)/! bnBV$=! 5*-3! 3/*'%! *21D! o&8/! 5/*%('/! 14! &8/!
./4/-.*-&ô%! .(&3! +-! ./&/'5+-+-2! i8/&8/'! *! i'1-2! 8*%! <//-! )155+&&/.! +%! 1-/! &8+-2D! &8/!
5/*%('/!14!0+*<+0+&3!i8/-!*!i'1-2!8*%!<//-!)155+&&/.!+%!*-1&8/'"o!H=9*./!>"!B3--!u!\1%&1-!E"!
E"! ?1"D! PLS! V*%%"! @UU"J! X(/! )*'/! +%! *! .(&3! +591%/.! 1-! /*)8! 1-/! 14! (%! &1! 9'1&/)&! %1)+/&3! 4'15!
(--/)/%%*'3!.*-2/'D!-1&!&1!9'1&/)&!RD!\!1'!?!*01-/"
g8/!9'191%+&+1-!+%!&8+%"!$>/'3!1-/!1i/%!&1!&8/!i1'0.!*&!0*'2/!&8/!.(&3!14!'/4'*+-+-2!4'15!&81%/!
*)&%! &8*&! 5*3! (-'/*%1-*<03! &8'/*&/-! &8/! %*4/&3! 14! 1&8/'%"! =()8! *-! *)&! 1))('%"! G1&! 1-03! +%! 8/!
i'1-2/.! &1! i815! 8*'5! 5+28&! '/*%1-*<03! </! /d9/)&/.! &1! '/%(0&D! <(&! 8/! *0%1! i81! +%! +-! 4*)&!
+-Q('/.D!/>/-!+4!8/!</!1(&%+./!i8*&!i1(0.!2/-/'*003!</!&81(28&!&8/!.*-2/'!71-/"!g8/'/!-//.%!</!
.(&3!.(/!&8/!1-/!)1590*+-+-2!<(&!&8+%!+%!-1&!*!.(&3!&1!*!9*'&+)(0*'!+-.+>+.(*0!</)*(%/!*%!&1!8+5!
8*'5!5+28&!</!/d9/)&/."!b*'5!&1!%15/!1-/!</+-2!&8/!-*&('*0!'/%(0&!14!&8/!*)&D!-1&!1-03!&8*&!1-/!
*01-/D!<(&!*00!&81%/!+-!4*)&!+-Q('/.!5*3!)1590*+-"!x/!8*>/!-/>/'D!I!&8+-kD!8/0.!1&8/'i+%/"!I-.//.!
+-!&8/!.'$/(!#'*!)*%/!i/!%*+.!&8*&!*!<'/*)8!14!*!2/-/'*0!1'.+-*-)/!./4+-+-2!&8/!./2'//!14!)*'/!&1!
</! /d/')+%/.! +-! 1-/ô%! )*00+-2! +%! />+./-)/! 14! -/20+2/-)/! *%! &1! />/'3! 1-/"! x/! .+.! -1&! 0+5+&! &8+%!
%&*&/5/-&! &1! &81%/! i81! 5+28&! </! /d9/)&/.! &1! </! /d91%/.! &1! .*-2/'"! l-'/*%1-*<0/! '+%k! </+-2!
&*k/-D!+&%!)1-%/_(/-)/%!*'/!-1&!)1-4+-/.!&1!&81%/!i81!5+28&!9'1<*<03!</!8('&"!
!
;*'/)+.*5/-&/D!?#'"7"#$$0G$='--)"!}#AS!#A"!S.!NSM!H]0*"!X+%&"!?&"!R99"!PNULJ~K!.1%!/%&(.+*-&/%!./!0*!
l-+>/'%+&3!14!V+*5+!/59(Q*<*-!(-!*(&15,>+0!/-!/0!+-&/-&1!./!91-/'01!/-!5*')8*D!9/'.+/'1-!/0!
)1-&'10!./0!>/86)(01D!/%&/!%/!./%90*7,!3!2109/,!9'+5/'1!0/>/5/-&/!*!0*!>6)&+5*!3D!/-%/2(+.*D!%/!
/%&'/00,! )1-&'*! (-! 5('1! ./4+)+/-&/5/-&/! )1-%&'(+.1"! $0! 5('1! %/! ./''(5<,! %1<'/! 0*! >6)&+5*! 3!
/%&*! 4*00/)+,"! $-! /0! )*%1! %/! .+%)(&6*! 0*! '/%91-%*<+0+.*.! ./0! *'_(+&/)&1! _(/! 8*<6*! 9'13/)&*.1! /0!
5('1!3!.+'+2+.1!%(!)1-%&'())+,-D!*%6!)151!0*!9'19+/&*'+*D!0*!l-+>/'%+.*."!!
!
$0! ./<*&/! /-&'/! ?*'.171! 3! R-.'/i%! %+2(/! *<+/'&1K! >`*%/! O"E#"47-$ 0G$ V,)H$ n47"#>#-'-"#%$
A4%,#(49"$/*"!}LOU!G"!x"!S.!#OU!Hx+%"!SAANJ~D!%1<'/!0*!'/%91-%*<+0+.*.!./!(-!/59'/%*'+1!3!%(!
*%/2('*.*! 91'! 0*! /d901%+,-! ./! (-! ./9,%+&1! _(/! 0*! /59'/%*! 8*<6*! 9/'5+&+.1D! )151! 4*>1'D!
)1-%&'(+'! /-! 81'*%! 0+<'/%! *! (-1! ./! %(%! /590/*.1%D! /-! /0! <+/-! /-&/-.+.1! ./! _(/! -1! +<*! *! %/'!
/590/*.1!)151!(-!/->*%/!*!9'/%+,-D!_(/!4(/!01!_(/!%()/.+,"!
201
4;2;/]^]H/0_H/597`0996H/#&/09/#&/E,-$.H/SOC/P#,(<#./c&<"J"#&N['$#/#&/^&=&>;/
$0! PS! ./! %/9&+/5<'/! ./! PNULD! 8*)+*! /0! *&*'./)/'D! (-! &'*)&1'! _(/! '/510)*<*! (-*! >10(5+-1%*!
)*'2*! ./! 9*Q*! %(<6*! 91'! 0*! )*00/! ./! 0*! R5*'2('*! ./! =*-&*! ?'+%&+-*! ./! c*05*.'+2*0D! c*00*.10+.D!
)(*-.1D!*0!91)1!./!+-+)+*'!0*!)(/%&*D!0*!9*Q*!'17,!(-*!06-/*!./!<*Q*!&/-%+,-!_(/!)'(7*<*!0*!)*00/!3!
)(31%!)*<0/%!8*<6*-!9/'.+.1!/0!*+%0*-&/"!R0!)1-&*)&1D!%*0&,!(-*!)8+%9*D!0*!9*Q*!9'/-.+,D!*'.+,!&1.*!
0*!)*'2*D!*02(-*%!9*>/%*%!>10*'1-D!00/>*.*%!91'!/0!)*01'!3!/0!>+/-&1D!8*%&*!0*!>/-&*-*!*<+/'&*!./!
(-*!)*%*!>/)+-*D!*'.+,!(-*!)1'&+-*!3!)1-!/00*!&1.*!0*!)*%*"!
=(%! 9'19+/&*'+1%! ./5*-.*'1-! PA#"U#L! ê! *0! )1-.()&1'! ./0! &'*)&1'D! *! %(! 9'19+/&*'+1D! *! 0*!
*%/2('*.1'*! )1-! 0*! _(/! /0! 9'19+/&*'+1! &/-6*! )1-&'*&*.1! /0! %/2('1! 1<0+2*&1'+1! ./! >/86)(01%D! *!
_(+/-! 8*<6*! %+.1! 9'19+/&*'+1! ./0! '/510_(/D! *%6! )151! *! q$0/)&'1510+-/'*! ./! c*00*.10+.r! _(/!
/d901&*<*!0*!06-/*!/0`)&'+)*!3!*!0*!*%/2('*.1'*!./!0*!'/%91-%*<+0+.*.!)+>+0!./!/%&*![0&+5*"!
B*! =/-&/-)+*! ./! 9'+5/'*! +-%&*-)+*! )1-./-,! *! 01%! ./5*-.*.1%! *! 9*2*'! *! 01%! *)&1'/%! (-*!
+-./5-+7*)+,-!./!#N"L@U!ê"!$-!*9/0*)+,-D!0*!R(.+/-)+*!5*-&(>1!0*!)1-./-*D!/%9/)+4+)*-.1!_(/!
/0! )1-.()&1'D! /0! 9'19+/&*'+1! ./0! &'*)&1'! 3! 0*! *%/2('*.1'*! ./<6*-! '/%91-./'! ./! (-! OAã! ./! 0*!
+-./5-+7*)+,-D! 3! $0/)&'1510+-/'*! ./! c*00*.10+.! 3! %(! *%/2('*.1'*D! ./0! @Aã! '/%&*-&/D! 9/'1!
*<%10>+,! *0! 9'19+/&*'+1! ./0! '/510_(/! 9(/%! /-&/-.+,! Q+,"$ "#($ "39"%'0*$ (-#'D,'#$ ,4($
#"%!*4%(D')'7(7$'4$0'@')(47*$()$!#*!'"-(#'*$7"$,4$0"E[9,)*$7"$!*#$%[$'46^0')R"!
$0! g'+<(-*0! =(9'/51! /%&+5,! /-! 9*'&/! /0! '/)('%1! ./! )*%*)+,-! ./! &'/%! ./! 01%! 9'19+/&*'+1%!
./5*-.*-&/%!/-!/0![-+)1!%/-&+.1!./!+591-/'!/0!9*21!./!01%!+-&/'/%/%!0/2*0/%!./%./!0*!%/-&/-)+*!
./!9'+5/'*!+-%&*-)+*!3!)1-4+'5,!/0!'/%&1!./!9'1-(-)+*5+/-&1%!./!0*!=R;K!!
o}R~(-_(/!/%&*!=*0*!&+/-/!/%&*<0/)+.1!_(/!9(/./!+-)0(+'%/!/-!/0!9'/)/9&1!H*'&"!PNAMJD!*590+*.1!
91'!*-*0126*D!*!0*!'/0*)+,-!./!)151.*&1!3!91'!&*-&1!0*!)1-.()&*!./0!.(/:1!./!(-!>/86)(01!_(/!01!
)/./!*!9/'%1-*!+-/d9/'&*!9*'*!)1-.()+'!3!)*(%*!)1-!`0!(-!2'*>/!*))+./-&/!H"""J!}$~-!/0!)*%1!_(/!
-1%! 1)(9*! H"""J! 4*0&*! /0! 9'/%(9(/%&1! +-/d)(%*<0/! ./! (-*! '/0*)+,-! Q/'C'_(+)*! 9*'*! 0*!
'/%91-%*<+0+.*.! 91'! 8/)81! *Q/-1! 1! +-.+'/)&*! H"""J! 5Cd+5/! %+! %/! &+/-/! /-! )(/-&*D! )151! 8*)/! 0*!
R(.+/-)+*D! _(/! /0! '/510_(/! /%! ./! 91'! %6! (-! 1<Q/&1! +-5,>+0D! _(/! %101! 9(/./! %/'! *''*%&'*.1! 91'!
1&'1D! %+/-.1! *0! 9'19+/&*'+1! 3! )1-.()&1'! ./! `%&/! H./0! *(&15,>+0J! *! _(+/-/%! ./</! *<*')*'! 0*!
'/%91-%*<+0+.*.D! *0! [0&+51! +-)0(%1! 91'! 0*! )101)*)+,-! ./! 0*! )*'2*D! %+-! _(/! *9*'/7)*! )0*'*! 0*!
+-)*'.+-*)+,-! ./0! %(9(/%&1! /-! /0! -{! P{! ./0! *'&"! PNAUD! 9*'*! /d+2+'! &*0! '/%91-%*<+0+.*.! }*0!
9'19+/&*'+1! ./0! '/510_(/~! ! H"""JD! 9(/%D! '/9/&+51%D! -1! *9*'/)/! *))+,-! (! 15+%+,-! *)8*)*<0/! H91'!
+-./51%&'*.*J!*0!5+%51D!-+!%/!0/!9(/./!'/*0+7*'!(-*!+59(&*)+,-!9('*5/-&/!1<Q/&+>*o"
5;/'(,>(-$#(#/B#&%,(#(/VO<.i$=(+&/'(,>&/`/B#vd,("N+L&.<$&W/
5;0;/]^]H/0_H/255`0997H/#&/0/#&/(R<$-H/SOC/O&#<./X."NJ-&N/O.D&#(;/
l-! *&'*)*.1'! 41')/Q/,! /! 8+'+,! )1-! (-*! -*>*Q*! *! 0*! *)&1'*D! (-*! 5(Q/'! _(/D! ./! 5*.'(2*.*D! 8*<6*!
/-&'*.1!/-!(-!01)*0!)1-!)*Q/'1!*(&15C&+)1!./!0*!/-&+.*.!<*-)*'+*!0(/21!./5*-.*.*"!$0!9/%&+001!
./!0*!9(/'&*!/%&*<*!'1&1"!B*!*)&1'*!'/)0*5,!*!0*!./5*-.*.*!(-*!+-./5-+7*)+,-!./!NA"P#S!ê"!$-!
9'+5/'*! +-%&*-)+*! %(! ./5*-.*! 4(/! /%&+5*.*! /-! 9*'&/D! 9/'1! 0*! /-&+.*.! ./5*-.*.*! '/)(''+,! /-!
*9/0*)+,-! 3! 0*! R(.+/-)+*! ;'1>+-)+*0! ./%/%&+5,! 6-&/2'*5/-&/! 0*! ./5*-.*"! $0! g=! )1-4+'5,! 0*!
./)+%+,-!./!0*!R(.+/-)+*!)1-!'*71-/%!'/4/'+.*%!*!0*!)*(%*0+.*.!*./)(*.*K
202
!qH|J! 9*'*! 0*! ./&/'5+-*)+,-! ./! 0*! /d+%&/-)+*! ./! 0*! '/0*)+,-! 1! /-0*)/! 9'/)+%1! 3! .+'/)&1! /-&'/! 0*!
)15+%+,-!(!15+%+,-!m)*(%*m!3!/0!.*:1!1!9/'Q(+)+1!'/%(0&*-&/!m/4/)&1mD!0*!.1)&'+-*!Q('+%9'(./-)+*0!
*90+)*! /0! 9'+-)+9+1! ./! )*(%*0+.*.! *./)(*.*D! _(/! /d+2/! _(/! /0! '/%(0&*.1! %/*! (-*! )1-%/)(/-)+*!
-*&('*0D!*./)(*.*!3!%(4+)+/-&/!./!0*!./&/'5+-*)+,-!./!0*!>10(-&*.a!H"""J!(-*!'/0*)+,-!./!-/)/%+.*.!
)1-41'5/! *! 01%! )1-1)+5+/-&1%! -1'5*05/-&/! *)/9&*.1%! 3! ./<+/-.1! >*01'*'%/! /-! )*.*! )*%1!
)1-)'/&1D! %+! /0! *)&1! *-&/)/./-&/! _(/! %/! 9'/%/-&*! )151! )*(%*D! &+/-/! >+'&(*0+.*.! %(4+)+/-&/! 9*'*!
_(/! ./0! 5+%51! %/! ./'+>/D! )151! )1-%/)(/-)+*! -/)/%*'+*! /0! /4/)&1! 0/%+>1! 9'1.()+.1! H"""J! }$~%!
9'/)+%*!0*!/d+%&/-)+*!./!(-*!9'(/<*!&/'5+-*-&/!'/0*&+>*!*0!-/d1!/-&'/!0*!)1-.()&*!./0!*2/-&/!3!0*!
9'1.())+,-!./0!.*:1D!./!&*0!41'5*!_(/!8*2*!9*&/-&/!0*!)(09*<+0+.*.!_(/!1<0+2*!*!'/9*'*'01r!H]"X"!
S{J"!
n<%`'>/%/! /0! &'C-%+&1D! %+-! %10()+,-! *02(-*! ./! )1-&+-(+.*.D! ./! 0*! )*(%*0+.*.! *./)(*.*! *! 0*!
)(09*<+0+.*.D!/-&/-.+.*!)151!+-4'*))+,-!./!(-!./</'!./!9'/)*()+,-"!
5;2;/]^]H/0_H/377`2::4H/#&/02/#&/=(F.H/SOC/@?"(%$./]$&<<(/X$-/#&/-(/',&>+(;/
l-! 9/''1D! ./! '*7*! X1</'5*--! 3! )(31! 9'19+/&*'+1! /'*! BC7*'1D! %/! /%)*9,D! /-&',! /-! 0*! 4+-)*!
)10+-.*-&/!3!>/)+-*D!9'19+/.*.!./!V+00C-!3!?0*(.+*D!3!)15/-7,!*!9/0/*'%/!)1-!/0!9/''1!./!`%&1%"!
g'*%!41')/Q/*'!9*'*!%/9*'*'01%D!V+00C-!%(4'+,!(-*!9*'*.*!)*'.+*)*!_(/!0/!9'1>1),!0*!5(/'&/"!;1'!
/%&1%!8/)81%!%/!+-+)+*'1-!*)&(*)+1-/%!9/-*0/%!_(/!4(/'1-!*')8+>*.*%!91'!*(&1!./!SA"#"PNNO"!B*!
>+(.*!./!V+00C-!>+(.*!./5*-.,!*!BC7*'1!3!%10+)+&,!(-*!+-./5-+7*)+,-!./!##"UNODPU!ê"!$0!^;I!-{!M!
./! g1'&1%*! HPL"PP"NLJ! /%&+5,! 6-&/2'*5/-&/! 0*! ./5*-.*! /-! *90+)*)+,-! ./0! *'&"! PNA#! ??! _(/!
/%&*<0/)/!(-*!'/%91-%*<+0+.*.!1<Q/&+>*!./0!91%//.1'!./!*-+5*0/%K!QÅ"Ç)$!*%""7*#$7"$,4$(4'6()S$*$
")$+,"$%"$%'#0($7"$F)S$"%$#"%!*4%(D)"$7"$)*%$!"#c,'9'*%$+,"$9(,%(#"S$(,4+,"$%"$)"$"%9(!"$*$"3-#(0["G$
8^)*$9"%(#]$"%-($#"%!*4%(D')'7(7$"4$")$9(%*$7"$+,"$")$7(_*$!#*0'4'"#($7"$H,"#M($6(&*#$*$7"$9,)!($
7")$ +,"$ )*$ E,D'"%"$ %,H#'7*R"! $0! ./5*-.*.1! *9/0,! 3! 0*! R;! ./! g*''*21-*! H=/))+,-! MÄD! M"S"PNNUJ!
/%&+5,!/-!9*'&/!%(!'/)('%1!/-!/0!%/-&+.1!./!'/<*Q*'!0*!)(*-&6*!./!0*!+-./5-+7*)+,-!*!SL"N@UDAU!ê!
91'_(/!)1-%+./',!0*!)1-&'+<()+,-!./!0*!9'19+*!>6)&+5*!*0!.*:1K!
qE/%9/)&1!./!%+!/%&/!+-4*'&1!4(/!.+'/)&*5/-&/!)*(%*.1!91'!0*!9/0/*!./0!9/''1!./0!*)&1'!1!<+/-!4(/!
(-*! )+')(-%&*-)+*! )*%(*0! H|J! ./</51%! )1-)0(+'D! )1-! /0! ^(/7! ì($ +,*îD! _(/! 8(<1! (-*! '/0*)+,-!
.+'/)&*! /-&'/! /0! 8/)81! ./! _(/! /0! 9/''1! ./0! ./5*-.*.1! 9/-/&'*%/! /-! 0*! 4+-)*! ./0! %/:1'! ="! 3! /0!
8/)81!./!_(/!`%&/!5('+/%/D!3!/001!91'_(/!H|J!01!)+/'&1!/%!_(/!&/-/51%!*!(-*!9/'%1-*!./!OO!*:1%!
)1-!(-*!2'*>6%+5*!.10/-)+*!)*'.6*)*!H|Ja!&/-/51%D!*./5C%D!(-*!%+&(*)+,-!./!&/-%+,-D!)151!/%!0*!
9/0/*! ./0! 9'19+1! 9/''1D! 9'1>1)*.*! 91'! 0*! +->*%+,-D! 91'! 9*'&/! ./0! 9/''1! ./0! ./5*-.*.1D! ./! %(!
4+-)*D! %+/-.1! /%&/! 9/''1! 5*31'! 3! ./! '*7*! /%9/)+*05/-&/! *2'/%+>*! 3! 4(/'&/a! 3D! 4+-*05/-&/D! (-!
/%9/)+*0!/%4(/'71!-/)/%*'+1!9*'*!%/9*'*'!*5<1%!9/''1%"!X/0!)1-Q(-&1!./!/%&1%!4*)&1'/%!%/!/d&'*/!
0*! )1-)0(%+,-D! <*%*.*! /-! /0! +-41'5/! 41'/-%/! H|J! }./! _(/~! /0! /%4(/'71! /d*2/'*.1! H|J! 8*<'6}*~!
*(5/-&*.1!%(%!'/_(/'+5+/-&1%!./!+''+2*)+,-!5+1)C'.+)*!_(/!0*%!>C0>(0*%!)1'1-*'+*%!-1!91.6*-!
%(90+'D!)10*9%*-.1!(-*!./!/00*%!H|J"
}=~+!*&/-./51%!*!0*!&/1'6*!./!0*!)*(%*0+.*.!*./)(*.*D!%/2[-!+->1)*!0*!%/-&/-)+*!'/)(''+.*!H|J!3!
/%&1! /%! _(/! /0! '/%(0&*.1! %/*! )1-%/)(/-)+*! >+'&(*0! 3! %(4+)+/-&/! ./! 0*! ./&/'5+-*)+,-! ./0! />/-&1!
.*:1%1D! '/%(0&*! _(/! /-! /%&/! )*%1! )1-)(''+,! 1&'*! )*(%*! 5(3! '/0/>*-&/D! 0*! 9'/>+*! 2'*>/!
/-4/'5/.*.!./0!4*00/)+.1D!%+-!0*!)(*0!-1!%/!91.6*!8*</'!9'1.()+.1!/0!4*00/)+5+/-&1D!)*(%*!_(/!*!%(!
203
>/7! )1-)(''+,! 91'! (-*! )+/'&*! +59'(./-)+*! ./! 0*! >6)&+5*D! 3*! _(/D! )1-1)/.1'! /0! %/:1'! ="! )151!
-*.+/!./!%(!2'*>/!/%&*.1D!./</'6*!8*</'!./Q*.1!_(/!%(!/%91%*!+-&/-&*%/!%/9*'*'01%!1!+-&/-&*'01!
)1-!1&'1%!5`&1.1%!H5*-2(/'*71!./!*2(*J!1!+-)0(%1!./Q*'!_(/!%/!9/0/*%/-!H|J!;1'!&*-&1D!8(<1!
.1%! )*(%*%! '/0/>*-&/%D! 0*! +->*%+,-! 91'! /0! 9/''1! 3! 0*! +-&/'>/-)+,-! ./0! %/:1'! ="D! 9/%/! *! %(!
/-4/'5/.*.! )*'.6*)*D! _(/! 91'! %6! -1! 8(<+/'*-! .*.1! 0(2*'! *0! ./%/-0*)/D! 9/'1! _(/! Q(-&*%!
'/%(0&*'1-!4*&*0/%D!*0!+-&/'*))+1-*'!*5<*%!/-&'/!%6D!%+-!_(/!9(/.*!.*'%/!5*31'!'/0/>*-)+*!*!(-*!3!
1&'*r!H]X"!@{J"
$0!g=!./%/%&+5,!/0!'/)('%1!./!)*%*)+,-!./0!./5*-.*.1!3!)1-4+'5,!0*!=R;K
}X~/!(-*!5*-/'*!+-)(/%&+1-*<0/!3!*!&'*>`%!./!(-*!8/'5/-`(%+%!0,2+)*!3!'*)+1-*0!/-!0*!%/-&/-)+*!
'/)(''+.*!%/!00/2*!*!0*!)1-)0(%+,-!<*%*.*!/-!(-!+-41'5/!9/'+)+*0!./0!5`.+)1!41'/-%/!_(/!*4+'5*!
_(/!/0!o./%/-0*)/!m5(/'&/m!/'*!./!9'/>//'!./<+.1!*!/%&*%!90*)*%!*&/'15*&1%*%!1<%&'()&+>*%!/-!
0*%! )1'1-*'+*%oD! _(/! +-.+)*-! (-! /-0*)/! )*(%*0D! 9'/)+%1! 3! .+'/)&1! /-&'/! 0*! /-&'*.*! >+10/-&*! ./0!
9/''1!3!0*!5(/'&/!./!}BC7*'1~r!H]X"!S{J"!
5;3;/]^]H/3_H/#&/08/#&/=(F./#&/2:0:/VAa/3650WH/SOC/P"<$d,&/K&%,=R&<<$/S(<+*;//
$0! PA"PP"SAAAD! =*0>*.1'D! _(+/-! )(5906*! )1-./-*! ./! 9'+>*)+,-! ./! 0+</'&*.D! +59(/%&*! 91'!
=/-&/-)+*!./!P#"PP"SAAAD!91'!%/-.1%!./0+&1%!./!815+)+.+1!3!&/-/-)+*!+06)+&*!./!*'5*%D!%/!4(2,!./0!
b1%9+&*0!?*'01%!./!0*!b*3*!.1-./!'/)+<6*!&'*&*5+/-&1!5`.+)1D!&'*%!0+</'*'%/!./!01%!2'+00/&/%!_(/!
01!/%91%*<*-!*!0*!)*5*!3!*9'1>/)8*-.1!_(/!/0!910+)6*!/-)*'2*.1!./!%(!)(%&1.+*!%/!/-)1-&'*<*!
/-!/0!*%/1!)151!)1-%/)(/-)+*!./!(-*!515/-&C-/*!+-.+%91%+)+,-"!$0!PM"@"SAAPD!)1-!1)*%+,-!./!
(-! *0&/')*.1! *0! 8*</'! >*'+1%! )1)8/%! 5*0! *9*')*.1%D! =*0>*.1'! .+%9*',! *! ]'()&(1%1D! )*(%C-.10/!
0/%+1-/%! /-! (-*! 9+/'-*! _(/! ./&/'5+-*'1-! %(! *59(&*)+,-! 91'! /-)+5*! ./! 0*! '1.+00*! 3! %(!
+-)*9*)+.*.! 9/'5*-/-&/! &1&*0"! B*! =R;! ./! R0+)*-&/! H=/))+,-! PÄD! PM"S"SAA@J! )1-./-,! *! =*0>*.1'!
)151! *(&1'! ./! (-! ./0+&1! ./! 815+)+.+1! /-! 2'*.1! ./! &/-&*&+>*! 3! (-! ./0+&1! ./! &/-/-)+*! +06)+&*! ./!
*'5*%!)1-!0*!*2'*>*-&/!./!'/+-)+./-)+*!3!*!+-./5-+7*'!*!]'()&(1%1!/-!@"LPLDSO!/('1%!91'!2*%&1%!
3! /-! MAA"AAA! /('1%! 91'! 0*! %/)(/0*! 3! .*:1%! 51'*0/%"! ]'()&(1%1! +-&/'9(%1! '/)0*5*)+,-!
*.5+-+%&'*&+>*! 9'/>+*! 4'/-&/! *0! V+-+%&/'+1! ./0! I-&/'+1'D! _(/! 0*! ./%/%&+5,! /-! '/%10()+,-! ./!
SO"S"SAAL"! B*! =RG! H@"O"SAAUJ! /%&+5,! /-! 9*'&/! /0! '/)('%1! )1-&/-)+1%1m*.5+-+%&'*&+>1!
+-&/'9(/%&1!91'!]'()&(1%1!3D!&15*-.1!)151!<*%/!0*!+-./5-+7*)+,-!./&/'5+-*.*!/-!0*!>6*!9/-*0D!
+59(&,! *! 0*! R.5+-+%&'*)+,-! 0*! 5+&*.! ./! 0*! )*-&+.*.! )1-)/.+.*! 91'! .*:1%! 9/'%1-*0/%! 5C%! 01%!
2*%&1%!HP#@"LPLDSO!/('1%JD!91'_(/!q-1!9(/./!./Q*'%/!./!*9'/)+*'!(-*!)1-.()&*!/-!*02[-!*%9/)&1!
-/20+2/-&/!/-!0*!)(%&1.+*!./0!9'/%1r!H]X!@{!=g=J!3!q./!-1!8*</'%/!9'1.()+.1!/0!4(-)+1-*5+/-&1!
*-1'5*0!./!01%!%/'>+)+1%!9[<0+)1%D!0*!4(2*!-1!8*<'6*!&/-+.1!0(2*'!3D!/-!)1-%/)(/-)+*D!&*591)1!0*!
*2'/%+,-H|J!$-!%(5*D!0*!+-&/'>/-)+,-!./0!&/')/'1!/-!0*!)*(%*)+,-!./0!.*:1!&(>1!2'*-!'/0/>*-)+*!
9/'1! -1! 0*! +-&/-%+.*.! <*%&*-&/! 9*'*! '159/'! &1&*05/-&/! /0! -/d1! )*(%*0r! H]X! S{! =g=J"! $0! g=!
./%/%&+5,!01%!'/)('%1%!./!)*%*)+,-!+-&/'9(/%&1%!91'!*5<*%!9*'&/%!3!)1-4+'5,!0*!=RGK!
q}$~%!9'/)+%1!_(/!8*3*!*02[-!9(-&1!./!)1-/d+,-!/-&'/!/0!.*:1!3!/0!%/'>+)+1!9[<0+)1D!_(/!9(/./!
%/'!91'!01!2/-/'*0!q.+'/)&1D!+-5/.+*&1!3!/d)0(%+>1rD!9/'1D!/-!1)*%+1-/%!<*%&*!}_(/!%/*~!q+-.+'/)&1D!
%1<'/>/-+.1!3!)1-)(''/-&/!)1-!8/)81%!.*:1%1%!./!&/')/'1%!1!./!0*!9'19+*!>6)&+5*rH|J!R%6D!/-!0*!
}=g=D!MÄD!@"O"SAASD!E^!OSNS~!.+Q+51%K!qH|J!_(/!-1!%1-!*.5+%+<0/%!H|J!'/%&'+))+1-/%!./'+>*.*%!./!
1&'*%! 9/'%9/)&+>*%! &/-./-&/%! *! *%1)+*'! /0! -/d1! ./! )*(%*0+.*.! )1-! /0! 4*)&1'! /4+)+/-&/D!
9'/91-./'*-&/! 1! %1)+*05/-&/! *./)(*.1! 1! /d)0(%+>1! 9*'*! 9'1.()+'! /0! '/%(0&*.1! .*:1%1D! 9(/%&1!
_(/! m>C0+.*%! )151! %1-! /-! 1&'1%! &/''/-1%m! +'6*-! /-! )1-&'*! ./0! )*'C)&/'! 1<Q/&+>1! ./! 0*!
'/%91-%*<+0+.*.!9*&'+51-+*0!./!0*%!R.5+-+%&'*)+1-/%!;[<0+)*%"!B*!)1-%+./'*)+,-!./!8/)81%!_(/!
204
9(/./-! ./&/'5+-*'! 0*! '(9&('*! ./0! -/d1! )*(%*0D! *! %(! >/7D! ./</! '/%/'>*'%/! 9*'*! *_(`001%! _(/!
)1591'&*-!4(/'7*!5*31'!H|J!*!01%!)(*0/%!+591'&*!*:*.+'!/0!)1591'&*5+/-&1!./!0*!>6)&+5*!/-!0*!
9'1.())+,-!H|J!./0!.*:1D!1!0*!2'*>6%+5*!-/20+2/-)+*!./!`%&*!H|Jr!H]X!M{J"!
q$-! %(9(/%&1%! %+5+0*'/%! H|J! 8/51%! ./)0*'*.1! _(/! H|J! 01%! 9/'Q(.+)*.1%! -1! &+/-/-! /0! ./</'!
Q('6.+)1! ./! %191'&*'! 01%! '+/%21%! ./'+>*.1%! ./! 01%! +-/>+&*<0/%! 4'*)*%1%! 9/-+&/-)+*'+1%D! %+-1! _(/!
./</-!%/'!)159*'&+.1%!/-!>+'&(.!./0!9'+-)+9+1!./!%10+.*'+.*.!91'!/0!)1-Q(-&1!./!0*!%1)+/.*.!_(/!
%(4'*2*! /0! 2*%&1! 9[<0+)1D! 3*! _(/! 0*! 0/%+,-! )*(%*.*! *0! 9*'&+)(0*'! %/! *%+5+0*'6*! *! (-*! 1<0+2*)+,-!
9[<0+)*!H|J!_(/!H|J./</!'/9*'&+'%/!/-&'/!&1.1%!H|Jr!H]X!@{J!
q}R~9'/)+*51%!0*!/d+%&/-)+*!./!(-*!)1-)(''/-)+*!./!)*(%*%D!./&/'5+-*-&/!./!(-*!51./'*)+,-!/-!
/0!_(*-&(5!+-./5-+7*&1'+1!H|Jr!H]X!@{J"!
c`*%/D!/-!/0!5+%51!%/-&+.1D!0*!=g=D!PÄD!HE^!S@@PJD!./!M!./!5*'71!./!SAPA//-!(-!)*%1!/-!/0!_(/!(-!
9'/%1! 4*00/)+,! 91'! *2'/%+,-! )1-! *'5*! <0*-)*! /-! 01%! 0*>*<1%! ./! 0*! 9'+%+,-K! q0*! +59'/%)+-.+<0/!
'/0*)+,-!./!)*(%*0+.*.!/-&'/!0*!*)&(*)+,-!./!0*!R.5+-+%&'*)+,-!3!/0!'/%(0&*.1!.*:1%1!9'1.()+.1!
9(/./! *9*'/)/'! <*Q1! 41'5*%! 5/.+*&*%D! +-.+'/)&*%! 3! )1-)(''/-&/%! H*(-_(/! *.5+&+/-.1! 0*!
91%+<+0+.*.! ./! (-*! 51./'*)+,-! ./! 0*! '/%91-%*<+0+.*.! /-! /0! )*%1! ./! _(/! +-&/'>/-2*-! 1&'*%!
)*(%*%D!0*!)(*0!./</!&/-/'%/!/-!)(/-&*!/-!/0!515/-&1!./!4+Q*'%/!0*!+-./5-+7*)+,-Jr!H]X!O{J"
5;4;/S(+&<$(-/%.=)-&=&"+(<$.C/]+(L-&%Z&</D;/c.<#/S.+.</'.=)("F/s266/n&R;/6:0H/667/
n;x;2#/244/V2::3Wu/
g8+%! +%! *! )+>+0! *)&+1-! 41'! .*5*2/%! '/%(0&+-2! 4'15! &8/! +-Q('3! *-.! i'1-24(0! ./*&8! 14! R53! V"!
=&*80/)k/'! HR53J"! R99/00*-&%D! =(%*-! =&*80/)k/'! *-.! X*0/! =&*80/)k/'D! 9*'/-&%! 14! &8/! ./)/*%/.!
*-.!%9/)+*0!*.5+-+%&'*&1'%!14!8/'!/%&*&/D!*00/2/.!&8*&!.('+-2!&8/!/*'03!51'-+-2!81('%!14!R9'+0!SND!
SAAAD! R53! i*%! .'+>+-2! *! PNNL! ]1'.! $d901'/'! /_(+99/.! i+&8! ]+'/%&1-/! x+0./'-/%%! Rg! '*.+*0!
&+'/%! +-! *! '/51&/! *'/*! 14! i/%&/'-! X1(20*%! ?1(-&3D! G/<'*%k*D! i8/-! 1-/! 14! &8/! &+'/%! 4*+0/.D!
'/-./'+-2! &8/! >/8+)0/! +-19/'*<0/"! g8/3! 4('&8/'! *00/2/.! &8*&! E+)8*'.! ?11k! /-)1(-&/'/.! R53!
q*01-/! *-.! %&'*-./.r! *%! *! .+'/)&! '/%(0&! 14! &8/! &+'/! 4*+0('/! *-.! &8*&! 8/! *%%*(0&/.! *-.! 5('./'/.!
8/'"!g8/!=&*80/)k/'%!<'1(28&!&8+%!*)&+1-!*2*+-%&!]1'.!V1&1'!?159*-3!H]1'.JD!&8/!5*-(4*)&('/'!
14!&8/!>/8+)0/a!\'+.2/%&1-/h]+'/%&1-/D!I-)"!H]+'/%&1-/JD!&8/!5*-(4*)&('/'!14!&8/!&+'/a!*-.!?11k"!
g8/!.+%&'+)&!)1('&!41'!X1.2/!?1(-&3!%(%&*+-/.!./5(''/'%!4+0/.!1-!</8*04!14!]1'.!*-.!]+'/%&1-/!
*-.!.+%5+%%/.!&8/!*)&+1-!*%!&1!&81%/!9*'&+/%"!x/!*44+'5"
g8/! =&*80/)k/'%! *00/2/.! &8*&! q01-2! </41'/! R9'+0! SND! SAAADr! ]1'.! *-.! ]+'/%&1-/! 8*.! *)&(*0!
k-1i0/.2/!14!q&8/!./4/)&+>/!-*&('/!14!&8/!]1'.!$d901'/'ô%!]+'/%&1-/!&+'/%!*-.!&8/+'!9'19/-%+&3!&1!
(-/d9/)&/.03!<01i!1(&!)*(%+-2!i+./m'*-2+-2!'/%(0&%!&8*&!+-)0(./.!%&'*-.+-2!*-.!'1001>/'%"r!g8/!
=&*80/)k/'%!*00/2/.!&8*&!]1'.!*-.!]+'/%&1-/!i+&88/0.!&8+%!k-1i0/.2/!4'15!)1-%(5/'%!*-.!&8/!
2/-/'*0!9(<0+)!*-.!*.>/'&+%/.!&8/!]1'.!$d901'/'!/_(+99/.!i+&8!]+'/%&1-/!&+'/%!*%!q./9/-.*<0/!
i8/-!(%/.!(-./'!%+5+0*'!)+')(5%&*-)/%!*%!R53!i*%!(%+-2!&8/5!.('+-2!&8/!/*'03!51'-+-2!81('%!
14!R9'+0!SND!SAAA"r
I-! 1'./'! &1! 9'/>*+0! +-! *! -/20+2/-)/! *)&+1-D! *! 90*+-&+44! 5(%&! /%&*<0+%8! &8/! ./4/-.*-&ô%! .(&3! &1!
9'1&/)&! &8/! 90*+-&+44! 4'15! +-Q('3D! *! 4*+0('/! &1! .+%)8*'2/! &8*&! .(&3D! *-.! .*5*2/%! 9'1d+5*&/03!
)*(%/.! <3! &8/! 4*+0('/! &1! .+%)8*'2/! &8*&! .(&3"! H|J! <3! *00/2+-2! &8*&! ]1'.! *-.! ]+'/%&1-/! 4*+0/.! &1!
/d/')+%/!'/*%1-*<0/!)*'/!+-!./%+2-+-2!*-.!5*-(4*)&('+-2!&8/+'!&+'/%D!*-.!4*+0/.!&1!i*'-!(%/'%!14!
205
91&/-&+*0! &+'/! ./4/)&%D! &8/! =&*80/)k/'%! 8*>/! *00/2/.! &8/! /d+%&/-)/! 14! *! 0/2*0! .(&3! *-.! *! <'/*)8!
&8/'/14!<3!<1&8!]1'.!*-.!]+'/%&1-/"!g8/!'/5*+-+-2!+%%(/!+%!i8/&8/'!&8/!<'/*)8!14!&8+%!.(&3!i*%!
&8/!9'1d+5*&/!)*(%/!14!R53ô%!8*'5"
g8/! 9'1d+5*&/! )*(%/! 14! *-! +-Q('3! +%! q&8*&! )*(%/! i8+)8D! +-! *! -*&('*0! *-.! )1-&+-(1(%! %/_(/-)/D!
i+&81(&! *-3! /44+)+/-&D! +-&/'>/-+-2! )*(%/D! 9'1.()/%! &8/! +-Q('3D! *-.! i+&81(&! i8+)8! &8/! +-Q('3!
i1(0.! -1&! 8*>/! 1))(''/."r! H|J! =&*&/.! *-1&8/'! i*3D! *! 90*+-&+44! 5(%&! 5//&! &8'//! <*%+)!
'/_(+'/5/-&%!+-!/%&*<0+%8+-2!9'1d+5*&/!)*(%/K!HPJ!&8*&!i+&81(&!&8/!-/20+2/-&!*)&+1-D!&8/!+-Q('3!
i1(0.! -1&! 8*>/! 1))(''/.D! )1551-03! k-1i-! *%! &8/! q<(&! 41'r! '(0/a! HSJ! &8*&! &8/! +-Q('3! i*%! *!
-*&('*0! *-.! 9'1<*<0/! '/%(0&! 14! &8/! -/20+2/-)/a! *-.! HMJ! &8*&! &8/'/! i*%! -1! /44+)+/-&! +-&/'>/-+-2!
)*(%/!H|J
R%!&1!&8/!4+'%&!'/_(+'/5/-&D!*!./4/-.*-&ô%!)1-.()&!+%!&8/!)*(%/!14!&8/!/>/-&!+4!q&8/!/>/-&!i1(0.!
-1&!8*>/!1))(''/.!<(&!41'!&8*&!)1-.()&a!)1->/'%/03D!&8/!./4/-.*-&ô%!)1-.()&!+%!-1&!*!)*(%/!14!&8/!
/>/-&! +4! &8/! />/-&! i1(0.! 8*>/! 1))(''/.! i+&81(&! +&"r! b*%/081'%&! >"! =&*&/D! S@A! G/<"! *&! UNND! @U#!
G"x"S.!*&!PUL"!I-!&8+%!)*%/D!*))/9&+-2!*%!&'(/!&8/!*00/2*&+1-%!14!&8/!19/'*&+>/!*5/-./.!9/&+&+1-D!
&8/! 4+'%&! /0/5/-&! 14! 9'1d+5*&/! )*(%*&+1-! +%! /%&*<0+%8/."! g8/! 9/&+&+1-! *00/2/%! &8*&! ?11k! q41(-.!
R53!*01-/!*-.!%&'*-./.!*%!*!.+'/)&!'/%(0&!14!&8/!4*+0('/!14!&8/!]+'/%&1-/!x+0./'-/%%!Rg!E*.+*0!
g+'/!*-.!9'1)//./.!&1!*<.()&D!&/''1'+7/D!'*9/!*-.!5('./'!R53"r!]+'/%&1-/!)1-)/./%!&8*&!(-./'!
&8/!4*)&(*0!*00/2*&+1-%!14!&8/!=&*80/)k/'%ô!9/&+&+1-D!&8*&!q<(&!41'r!&8/!4*+0('/!14!+&%!&+'/D!R53!i1(0.!
-1&!8*>/!<//-!*&!&8/!90*)/!i8/'/!%8/!i*%!*%%*(0&/.!*-.!5('./'/."!
g8/!%/)1-.!*-.!&8+'.!)1591-/-&%!14!9'1d+5*&/!)*(%*&+1-!*'/!%15/i8*&!+-&/''/0*&/."!x*%!&8/!
)'+5+-*0!*%%*(0&!*-.!5('./'!&8/!q-*&('*0!*-.!9'1<*<0/r!'/%(0&!14!&8/!4*+0('/!&1!i*'-!14!91&/-&+*0!
&+'/! 4*+0('/D! 1'! .+.! &8/! )'+5+-*0! *)&%! )1-%&+&(&/! *-! /44/)&+>/! +-&/'>/-+-2! )*(%/! i8+)8! i1(0.!
9'/)0(./! *-3! )*(%*0! 0+-k! </&i//-! &8/! 4*+0('/! &1! i*'-! *-.! &8/! +-Q('+/%! *-.! i'1-24(0! ./*&8! 41'!
i8+)8!.*5*2/%!*'/!)0*+5/.!+-!&8+%!*)&+1-f!R-!/44+)+/-&!+-&/'>/-+-2!)*(%/!+%!*!-/iD!+-./9/-./-&!
41')/!+-&/'>/-+-2!</&i//-!&8/!./4/-.*-&ô%!-/20+2/-&!*)&!*-.!&8/!90*+-&+44ô%!+-Q('3"!H|J!g8+%!41')/!
5*3!</!&8/!)1-.()&!14!*!&8+'.!9/'%1-!i81!8*.!4(00!)1-&'10!14!&8/!%+&(*&+1-D!i81%/!)1-.()&!&8/!
./4/-.*-&! )1(0.! -1&! *-&+)+9*&/! 1'! )1-&/590*&/D! *-.! i81%/! )1-.()&! '/%(0&/.! .+'/)&03! +-! &8/!
90*+-&+44ô%!+-Q('3!H|J"!
g8+%! 9'+-)+90/! '/_(+'/%! &8*&! i/! ./&/'5+-/! i8/&8/'! &8/! .(&3! 1i/.! &1! R53! <3! ]1'.! *-.!
]+'/%&1-/D! *%! 5*-(4*)&('/'%! *-.! %/00/'%! 14! &8/! *00/2/.03! ./4/)&+>/! &+'/%D! +-)0(./.! *! .(&3! &1!
*-&+)+9*&/!*-.!2(*'.!*2*+-%&!)'+5+-*0!*)&%!9/'9/&'*&/.!*2*+-%&!&8/!(%/'%!14!%()8!&+'/%"!H|J
F/-/'*003D! i/! 8*>/! '/)12-+7/.! *! .(&3! &1! *-&+)+9*&/! *-.! 9'1&/)&! *-1&8/'! *2*+-%&! )'+5+-*0! *)&%!
i8/'/!&8/!9*'&3!)8*'2/.!i+&8!&8/!.(&3!8*%!%15/!'+28&!14!)1-&'10!1>/'!&8/!9/'9/&'*&1'!14!%()8!
*)&%!1'!&8/!983%+)*0!9'/5+%/%!(91-!i8+)8!&8/!)'+5/!1))('%!H|J"!
x/!8*>/!41(-.!-1!*(&81'+&3!'/)12-+7+-2!*!.(&3!1-!&8/!9*'&!14!&8/!5*-(4*)&('/'!14!*!9'1.()&!&1!
9'1&/)&! *! )1-%(5/'! 4'15! )'+5+-*0! *)&+>+&3! *&! &8/! %)/-/! 14! *! 9'1.()&! 4*+0('/! i8/'/! -1! 983%+)*0!
8*'5! +%! )*(%/.! <3! &8/! 9'1.()&! +&%/04"! H|J! g8/! =&*80/)k/'%! *'2(/! &8*&! *! .(&3! &1! *-&+)+9*&/!
)'+5+-*0! *)&%! *%%1)+*&/.! i+&8! 9'1.()&! 4*+0('/! *'+%/%! 4'15! &8/+'! *00/2*&+1-%! &8*&! ]1'.! *-.!
]+'/%&1-/!k-/i!1'!%81(0.!8*>/!k-1i-!14!q&8/!91&/-&+*0!41'!%+5+0*'!.*-2/'1(%!%+&(*&+1-%!*'+%+-2!
*%! *! '/%(0&! 14! *! <'/*k.1i-! 14! *! ]1'.! $d901'/'! *-.h1'! +&%! &+'/%! '/%(0&+-2! +-! .*-2/'! &1! +&%!
)1-%(5/'%! *-.! (%/'%! 4'15! )'+5+-*0! *)&+>+&3D! *.>/'%/! i/*&8/'! )1-.+&+1-%D! +-*<+0+&3! &1!
)155(-+)*&/!i+&8!1&8/'%!1'!*-3!)15<+-*&+1-!&8/'/14r"!g8/3!*0%1!*00/2/!&8*&!]1'.!*-.!]+'/%&1-/!
206
8*.!1'!%81(0.!8*>/!8*.!qk-1i0/.2/D!&1!+-)0(./!%&*&+%&+)*0!+-41'5*&+1-D!'/2*'.+-2!&8/!0+k/0+811.!
14!)'+5+-*0!)1-.()&!*-.h1'!%/d(*0!*%%*(0&!*2*+-%&!*(&1!*-.!&+'/!+-.(%&'3!)1-%(5/'%!*%!*!'/%(0&!
14!(-/d9/)&/.!*(&1!*-.h1'!&+'/!4*+0('/%!+-!2/-/'*0r"!R%%(5+-2!&8/!&'(&8!14!&8/%/!*00/2*&+1-%D!&8/!
51%&! &8*&! )*-! </! +-4/''/.! +%! &8*&! ]1'.! *-.! ]+'/%&1-/! 8*.! 2/-/'*0! k-1i0/.2/! &8*&! )'+5+-*0!
*%%*(0&%! )*-! 1))('! *&! &8/! %)/-/! 14! *! >/8+)(0*'! 9'1.()&! 4*+0('/"! b1i/>/'D! +&! +%! 2/-/'*003! k-1i-!
&8*&!>+10/-&!)'+5/!)*-!*-.!.1/%!1))('!+-!*!>*'+/&3!14!%/&&+-2%D!+-)0(.+-2!&8/!'/0*&+>/!%*4/&3!14!*!
>+)&+5ô%! 815/"! g8/! 4*)&%! *00/2/.! .1! -1&! 9'/%/-&! &8/! &39/! 14! k-1i0/.2/! )1-)/'-+-2! *! %9/)+4+)!
+-.+>+.(*0ô%! )'+5+-*0! 9'19/-%+&3D! 1'! '+28&! 14! )1-&'10! 1>/'! 9'/5+%/%! k-1i-! &1! 8*>/! <//-! &8/!
%)/-/!14!9'+1'!)'+5+-*0!*)&+>+&3D!(91-!i8+)8!i/!8*>/!'/)12-+7/.!*!&1'&!.(&3!&1!9'1&/)&!*-1&8/'!
4'15! )'+5+-*0! *)&%"! g8/! =&*80/)k/'%! 8*>/! -1&! *-.! )1(0.! -1&! *00/2/! *-3! %9/)+*0! '/0*&+1-%8+9!
</&i//-! ]1'.! *-.! ]+'/%&1-/! *-.! &8/! )'+5+-*0! *)&1'! H?11kJ! 1'! &8/! >+)&+5! 14! 8+%! )'+5/! HR53J!
i8+)8!i1(0.!/d&/-.!&8/+'!.(&3D!*%!5*-(4*)&('/'%!*-.!%/00/'%!14!9'1.()&%D!&1!9'1&/)&!*!)1-%(5/'!
4'15!8*'5!)*(%/.!<3!*!)'+5+-*0!*)&!9/'9/&'*&/.!*&!&8/!%)/-/!14!*!9'1.()&!4*+0('/!H|J"!
R0&81(28! &8/! 19/'*&+>/! *5/-./.! 9/&+&+1-! *00/2/%! %(44+)+/-&! 4*)&%! &1! /%&*<0+%8! &8*&! ]1'.! *-.!
]+'/%&1-/! -/20+2/-&03! 90*)/.! ./4/)&+>/! 9'1.()&%! 1-! &8/! 5*'k/&! i8+)8! )*(%/.! R53! &1! </)15/!
%&'*-./.!*&!-+28&!+-!*!'/51&/!01)*&+1-D!+&!*00/2/%!-1!4*)&%!(91-!i8+)8!/+&8/'!]1'.!1'!]+'/%&1-/!
i1(0.!8*>/!*!0/2*0!.(&3!&1!*-&+)+9*&/!*-.!2(*'.!*2*+-%&!&8/!)'+5+-*0!*)&%!i8+)8!i/'/!)155+&&/.!
*&!&8*&!01)*&+1-!<3!*-1&8/'!9*'&3"!g8/'/41'/D!&8/!)'+5+-*0!*)&%!)1-%&+&(&/!*-!/44+)+/-&!+-&/'>/-+-2!
)*(%/D!i8+)8!-/)/%%*'+03!./4/*&%!9'114!14!&8/!/%%/-&+*0!/0/5/-&!14!9'1d+5*&/!)*(%/"
R44+'5/."!
6;/A$&>?.>/?&"&<(-&>/#&/-(/D$#(/VX&"&<(-/K$I&/A$>Z>/`/P<-(,R+&/
A$>$Z&"W/
6;0;/]^]H/3_H/29/#&/.%+,R<&/#&/0998/VAa/8420WH/SOC/a.>e/S(",&-/]$&$<(/S*?,&N;/
l-! Q1>/-! _(/! %/! *''1Q,! *0! 5*'! ./%./! (-! '159/10*%! 5('+,! *812*.1"! =(! 5*.'/! 9'/&/-.+,!
'/%91-%*<+0+7*'! *! 0*! ^(-&*! ./! ?*-&*<'+*! 91'! -1! 8*</'! %/:*0+7*.1! /0! 0(2*'! )151! 9/0+2'1%1"! $-!
>*-1K!/0!5*'!%+/59'/!01!/%!3!-1!/%!'*71-*<0/!%/:*0+7*'!&1.*!0*!)1%&*"!
;*'/)+.*5/-&/D! 0*! ]^]H/ 3_H/ #&/ 8/ #&/ (R<$-/ #&/ 2::3/ VAa/ 3683WH/ SOC/ c<("%$>%./ X."NJ-&N/
n(D(<<.H! '/%(/0>/! (-! )*%1! /-! /0! _(/! (-*! >+*-.*-&/! %(4'+,! .*:1%! /-! %(%! '1.+00*%! *0! 2109/*'%/!
)1-&'*!(-!5('1!*!)*(%*!./!(-!4(/'&/!2109/!./!5*'!_(/!%(9/',!/0!V('1!./!=*-!B1'/-71!./0!9*%/1!
5*'6&+51! ./! F+Q,-D! R%&('+*%"! $0! g'+<(-*0! =(9'/51! ./%/%&+5,! 0*%! 9'/&/-%+1-/%! ./! 0*! *)&1'*!
%+'>+`-.1%/!./!01%!)'+&/'+1%!./0!'+/%21!2/-/'*0!./!0*!>+.*!3!./!0*!*%(-)+,-!./!'+/%21%!91'!9*'&/!./!
0*! >6)&+5*D! 9(/%D! ./<+.1! *0! &/591'*0D! 0*! 910+)6*! 5(-+)+9*0! 8*<6*! )1'&*.1! /0! &'C4+)1! /-! /0! 9*%/1!
5*'6&+51!3!8*<6*!*.>/'&+.1!*!01%!>+*-.*-&/%!./!_(/!&(>+/'*-!)(+.*.1!*0!&'*-%+&*'!91'!0*!71-*"!$0!
g'+<(-*0!*4+'5,K!
qX/! /001! %/! ./.()/! 0*! '(9&('*! ./0! -/d1! )*(%*0! )1-41'5/! *! 01%! )'+&/'+1%! *-&/'+1'5/-&/!
5/-)+1-*.1%D! &1.*! >/7! _(/! 0*%! 0/%+1-/%! 9'1.()+.*%! -1! %1-! +59(&*<0/%! *0! 4(-)+1-*5+/-&1! ./0!
%/'>+)+1! 9[<0+)1! 3! %6! *0! 9'1)/./'! ./! 0*! *))+./-&*.*! 813! *)&1'*D! &1.*! >/7! _(/! )151! %/:*0*! 0*!
'/%10()+,-!'/)(''+.*!ì_(+/-!9/%/!*!0*!/>+./-)+*!./0!&/591'*0!/d+%&/-&/!-1!.(.,!/-!)+')(0*'!91'!
207
0*! 71-*! .1-./! 01! 8+71D! %+-! .(.*! )1->/-)+.*! ./! _(/! 91.6*! 8*)/'01! %+-! '+/%21! *02(-1! 9*'*! %(!
+-&/2'+.*.!46%+)*î"r
q$%!91'!/001!_(/!9/%/!*!0*!1<0+2*)+,-!./!0*!R.5+-+%&'*)+,-!./5*-.*.*!./0!5*-&/-+5+/-&1!./!0*%!
)1-.+)+1-/%!56-+5*%!3!/0/5/-&*0/%!./!%/2('+.*.!./!0*%!)*00/%!3!9*%/1%!9[<0+)1%!01)*0/%D!&1.*!>/7!
_(/!0*%!/-&+.*./%!./!0*!R.5+-+%&'*)+,-!01)*0!&+/-/-!0*!1<0+2*)+,-!+-/d)(%*<0/!./!5*-&/-/'!&*0/%!
>6*%!9[<0+)*%!*<+/'&*%!*!0*!)+')(0*)+,-!9/*&1-*0!3!>+*'+*D!/-!)1-.+)+1-/%!&*0/%!_(/!0*!%/2('+.*.!./!
_(+/-/%! 0*! (&+0+7*-! /%&`! -1'5*05/-&/! 2*'*-&+7*.*D! /-! /0! )*%1! /-Q(+)+*.1D! -1! 9(/./! +->1)*'%/!
+59'/>+%+,-!./!0*!;10+)6*!V(-+)+9*0D!*0!*.19&*'!+.`-&+)*%!5/.+.*%!_(/!0*!9'19+*!'/)0*5*-&/D!91'!
01! _(/! (-! 8/)81! +-/%9/'*.1! )1-00/>*! 0*! +591%+<+0+.*.! ./! 9'1)('*'! 5/.+1%! *./)(*.1%! 9*'*! %(!
/>+&*)+,-D! &1.*! >/7! _(/! /0! 2109/! ./! 5*'! _(/! %(9/',! /0! ìV('1î! ./! =*-! B1'/-71! 3! *0)*-7,! *! 0*!
'/)(''/-&/! '/%(0&,! +-/%9/'*.1D! '*71-/%! &1.*%! /00*%! _(/! 00/>*-! *! 0*! ./%/%&+5*)+,-! ./0! '/)('%1!
+-&/'9(/%&1D! %+-! _(/! 0*! 9'(/<*! &/%&+4+)*0! 9'*)&+)*.*! %/*! %(4+)+/-&/! 9*'*! ./%>+'&(*'! 01!
*-&/'+1'5/-&/!'/%/:*.1"r!H]X!M{J"
6;2;/]^]a/'.=,"$#(#/h(-&"%$("(H/](-(/'[BH/]&%%;/0_H/55`2::3H/#&/2/#&/&"&<.H/SOC/S(<$("./
BF,>./A,$N[^.-&#.;//
B*! .1)&'+-*! ./0! '+/%21! 2/-/'*0! ./! 0*! >+.*! -1! %,01! %/! *90+)*! *! '+/%21%! ./'+>*.1%! ./! )*(%*%!
-*&('*0/%D! %+-1! &*5<+`-! *! '+/%21%! )'/*.1%! 91'! /0! +-2/-+1! 8(5*-1"! $-! /%&/! %/-&+.1D! 0*! =g=^!
?15(-+.*.!c*0/-)+*-*D!=*0*!?mRD!=/))"!PÄD!##hSAAMD!./!S!./!/-/'1!'/%10>+,!(-!)*%1!/-!/0!_(/!0*!
>6)&+5*!4*00/)+,!*0!%/'!*''100*.*!91'!(-!&'/-!5+/-&'*%!)'(7*<*!91'!(-!9*%1!*!-+>/0!/-!0*!/%&*)+,-!
./! \/-+5C5/&D! c*0/-)+*"! g1.*%! 0*%! %/:*0/%! 4(-)+1-*<*-! )1''/)&*5/-&/! 3! /0! )1-.()&1'! -1! %,01!
8*<6*!(&+0+7*.1!0*%!%/:*0/%!*)[%&+)*%!)1''/%91-.+/-&/%!%+-1!_(/D!*0!*.>/'&+'!_(/!*02(+/-!)'(7*<*!
0*! >6*D! .+%5+-(3,! 0*! >/01)+.*.! 8*%&*! )*%+! ./&/-/'! /0! &'/-! /-! /0! 515/-&1! ./! 0*! )10+%+,-"! $0!
g'+<(-*0!./%/%&+5,!/0!'/)('%1!+-&/'9(/%&1!91'!01%!4*5+0+*'/%!./!0*!>6)&+5*!*0!*4+'5*'!_(/K
q}B~*! )*(%*! /4+)+/-&/! ./0! *))+./-&/! 4(/! 0*! 9'19+*! )1-.()&*! ./! X:*"! V*'6! B(7"! H"""J! ;1.'6*!
90*-&/*'%/!0*!/d+%&/-)+*!./!'/%91-%*<+0+.*.!91'!0*!9'19+*!/d+%&/-)+*!./0!9*%1!*!-+>/0!/-!/0!C5<+&1!
('<*-1D!5*%!/-&+/-./!0*!=*0*!_(/!01%!5+%51%!m*(-!)(*-.1!%/*!./%/*<0/!%(!./%*9*'+)+,-!91'!0*!
9*(0*&+-*! )1->/'%+,-! ./! 0*%! 06-/*%! /-! %(<&/''C-/*%! /-! 0*%! 71-*%! ('<*-*%! 3! *%6! 9*'/)/! _(/! %/!
'/*0+7*! )1-! 0*%! ./! -(/>*! )1-%&'())+,-m! %1-! -/)/%*'+1%! 9*'*! /0! -1'5*0! 4(-)+1-*5+/-&1! ./0!
%/'>+)+1! 9[<0+)1! 3! 01! _(/! /%! /d+2+<0/! *! 0*%! R.5+-+%&'*)+1-/%! ;[<0+)*%! +590+)*.*%! /%! /0!
/%&*<0/)+5+/-&1!./!0*%!5/.+.*%!./!%/2('+.*.!0/2*05/-&/!9'/>+%&*%"!l-*!>/7!/%&*<0/)+.*%!`%&*%D!
/-! )1''/)&1! 4(-)+1-*5+/-&1! 3! ./%90/2*.*! 0*! .+0+2/-)+*! /d+2+<0/! 91'! 01%! /590/*.1%! H)151! /%! /0!
)*%1JD! -1! 9(/./! +59(&*'%/! *! .+)8*%! R.5+-+%&'*)+1-/%! 0*! 9'1.())+,-! ./! *))+./-&/%! 91'! 0*!
+-1<%/'>*-)+*!./!0*%!5/.+.*%!91'!01%!(%(*'+1%r!H]X!#{J"!
7;/O<.L$R$%$G"/#&/<&?<&>./F/).>$%$G"/#&/?(<("+&/:C/4#%/./22&`/
C/?"/22(/"A#%&8.5&I-"-.%/.2%/))8.?9/
G1!)*</!'/&'1)/./'!/-!/0!)('%1!)*(%*0!/!+59(&*'!*!(-!*2/-&/!0*%!)1-%/)(/-)+*%!1'+2+-*.*%!91'!0*!
+-&/'91%+)+,-! ./0! )1591'&*5+/-&1! +06)+&1! ./! (-! &/')/'1"! R%6D! -1! )*</! '/%91-%*<+0+7*'! *0! ./(.1'!
_(/! 9*2,! (-*! ./(.*! *0! *)'//.1'! 91'! /0! )'+5/-! _(/! `%&/! 9/'9/&',! 0(/21! )1-! *'5*%! *._(+'+.*%!
2'*)+*%!*0!.+-/'1!9*2*.1"!B*!.1)&'+-*!/-!)(/%&+,-!%,01!9(/./!*-*0+7*'%/!)1-!9'/)+%+,-!/-!%/./!./!
*(&1'6*!3!9*'&+)+9*)+,-D!5*&/'+*!5(3!*0/Q*.*!./0!1<Q/&1!./!/%&*%!-1&*%"!R_(6!<*%&*'C!)1-!+-.+)*'!
208
_(/! /0! ./5*-.*.1! -1! '/%91-./'C! %*0>1! _(/! 8(<+/'*! /%&*.1! /-! 91%+)+,-! ./! 2*'*-&/! /-! /0!
515/-&1! /-! _(/! 1)(''+/'1-! 01%! 8/)81%"! $-! ./'/)81! )+>+0! 3! /-! 5*&/'+*! ./! '/%91-%*<+0+.*.! 91'!
)(09*D! 01%! ./</'/%! ./! 9'/)*()+,-! ./! (-! *2/-&/! %1)+*0! 9*'*! )1-! 01%! ./5C%D! 1! <+/-! %/! ./4+-/-!
+-%&+&()+1-*05/-&/! 91'! 0*! 0/3! H9*.'/%D! 5*/%&'1%D! /590/*.1'/%D! 9'19+/&*'+1%D! *-4+&'+1-/%D!
*5+21%JD!1!<+/-!%/!/%&*<0/)/-!9'+5/'1!%1)+*0!3!./%9(`%!Q('+%9'(./-)+*05/-&/!9*'*!)*.*!%/)&1'!
/%9/)64+)1!./0!&'C4+)1"!
$0!/Q/5901!)0C%+)1!./!9'18+<+)+,-!./0!'/2'/%1!/%!0*!+-&/'91%+)+,-!./!(-*!)1-.()&*!.101%*!./!(-!
&/')/'1D! %1<'/! &1.1! %+! /%! ./0+)&+>*"! R%6D! 0*! Q('+%9'(./-)+*! ./! 0*! =*0*! g/')/'*! '/)8*7*<*!
8+%&,'+)*5/-&/!0*%!'/)0*5*)+1-/%!./!0*%!>6)&+5*%!./!./0+&1%D!9(/%!)1-%+./'*<*!_(/!%(!)15+%+,-!
./'+>*<*!/d)0(%+>*5/-&/!./!0*!*)&(*)+,-!>10(-&*'+*!./0!./0+-)(/-&/D!9/'1!-1!./0!4(-)+1-*5+/-&1!
./!01%!%/'>+)+1%!9[<0+)1%!./!%/2('+.*.!)+(.*.*-*"!=+-!/5<*'21D!/0!)'+&/'+1!./!0*!9'18+<+)+,-!./0!
'/2'/%1!*.5+&/!5()8*%!51.(0*)+1-/%!-1'5*&+>*%!3!0*!/>10()+,-!./!0*!Q('+%9'(./-)+*!/%9*:10*!
.*!'*7,-!./!*02(-*!5(3!%+2-+4+)*&+>*"!
B*!]^]H/3_H/#&/06/#&/#$%$&=R<&/#&/0997/VAa/9422WH//a,("/B"+."$./b$.-/A*.>/+-+)+,!(-!)*5<+1!
./! -1&*K! )1-./-,! *! 0*! R.5+-+%&'*)+,-! )/-&'*0! ./0! $%&*.1! *! 9*2*'! L#"PSP! ê! *! 0*! >+(.*! ./! 0*!
>6)&+5*!./!(-!'1<1!)1-!815+)+.+1!9/'9/&'*.1!91'!.1%!'/)0(%1%!_(/!.+%4'(&*<*-!./!(-!9/'5+%1!
9/-+&/-)+*'+1"!n&'*%!8*-!%/2(+.1!./%9(`%K!91'!/Q/5901D!0*%!]]BnH/](-(/'[BH/]&%%;/4_H/#&/3:/#&/
=(F./#&/2::0/VAa'B/0236WH/SOC/a,("/'(<-.>/c&<"J"#&N/#&/B?,$<<&/c&<"J"#&N/3!#&/2:/#&/
=(<N./ #&/ 2::2/ Va}A/ 2::3Ç58684WH/ SOC/ K.,<#&>/ ]("N/ '(-D.K! .1%! )*%1%! &'C2+)*5/-&/!
2/5/01%! 9'1&*21-+7*.1%! 91'! 01%! 5+%51%! ./0+-)(/-&/%! _(/! )15/&+/'1-! %/-.1%! '1<1%! )1-!
815+)+.+1!)1-%/)(&+>1%D!/0!5+%51!.6*!3!)1-&'*!.1%!&*d+%&*%a!(-1!./!01%!*(&1'/%!8*<6*!%+.1!1<Q/&1!
./!(-*!5/.+.*!)*(&/0*'!/-!(-!)/-&'1!./!+-&/'-*5+/-&1!./!/d&'*-Q/'1%!/-!&'C5+&/!./!/d9(0%+,-D!
91%&/'+1'5/-&/! 8*<6*! )(590+.1! (-*! )1-./-*! ./! .1%! %/5*-*%! /-! 9'+%+,-! 9/'1D! /-! 0(2*'! ./! %/'!
./>(/0&1!*0!)/-&'1!./!+-&/'-*5+/-&1D!8*<6*!%+.1!9(/%&1!/-!0+</'&*.D!)+')(-%&*-)+*!_(/!*9'1>/)8,!
9*'*! *%*0&*'! *! %(%! >6)&+5*%! )1-! *3(.*! ./! (-! &/')/'1"! B*! 9'+5/'*! %/-&/-)+*! )1-./-,! *! 0*!
R.5+-+%&'*)+,-!*!9*2*'!PMS"SSSDOO!ê!3D!0*!%/2(-.*D!PSA"SAS!ê"!g*5<+`-!)1-41'5*-!/%&*!06-/*!
Q('+%9'(./-)+*0!0*%!==g=D!MÄD!S#"#"SAAAD!@"O"SAASD!P@"PA"SAA@!3!PU"#"SAPA!1!0*!5C%!'/)+/-&/K
]^]H/3_H/#&/29/#&/".D$&=R<&/#&/2:00/VAa/2:02Ç2507WH/SOC/'&->(/O$%./K.<&"N.;/
$0!PL"L"SAAS!%/!9'1.(Q1!(-!*&'*)1!/-!0*!14+)+-*!./!?*Q*!V*.'+.!%+&*!/-!0*!)*00/!g10/.1D!-[5/'1!
LLD!./!V*.'+."!?/%C'/1D!/590/*.1!./!.+)8*!/-&+.*.D!'/)+<+,!(-!.+%9*'1!./!V*'+-1D!*!_(+/-!%/!0/!
8*<6*! )1-)/.+.1! (-! 9/'5+%1! 9/-+&/-)+*'+1! ./! %*0+.*! 5/.+*-&/! R(&1! ./! PP"P"SAAS! ./0! ^(/7! ./!
c+2+0*-)+*!;/-+&/-)+*'+*!-[5"!S!./!?*%&+00*mB/,-"!?151!)1-%/)(/-)+*!./0!.+%9*'1D!?/%C'/1!%(4'+,!
(-*!8/'+.*!9/-/&'*-&/!*<.15+-*0!/-!8+91)1-.'+1!+7_(+/'.1!3!_(/.,!/-!%+&(*)+,-!./!+-)*9*)+.*.!
9/'5*-/-&/!*<%10(&*"
?/%C'/1! '/)0*5,! (-*! +-./5-+7*)+,-! ./! .*:1%! 3! 9/'Q(+)+1%! *0! V+-+%&/'+1! ./0! I-&/'+1'"! B*!
=/)'/&*'+*! F/-/'*0! g`)-+)*D! 91'! ./0/2*)+,-! ./0! V+-+%&'1! ./0! I-&/'+1'D! ./%/%&+5,! 0*! '/)0*5*)+,-!
5/.+*-&/!'/%10()+,-!/d9'/%*!./!PO"O"SAAU"
R)&1! %/2(+.1D! 0*! >6)&+5*! +-&/'9(%1D! )1-&'*! 0*! '/%10()+,-! ./! 0*! =/)'/&*'+*! F/-/'*0! g`)-+)*! ./0!
V+-+%&/'+1! ./0! I-&/'+1'D! '/)('%1! *-&/! 0*! =*0*! ./! 01! ?1-&/-)+1%1! R.5+-+%&'*&+>1! ./! 0*! RG"! $0!
MA"N"SAAND! 0*! RG! .+)&,! %/-&/-)+*! )1-! 0*! )(*0! /%&+5,! 9*')+*05/-&/! /0! '/)('%1! )1-&/-)+1%1m!
*.5+-+%&'*&+>1! 41'5(0*.1! 91'! ?/%C'/1! 3! )1-./-,! *0! V+-+%&/'+1! *0! 9*21! ./! S#A"AAA! /('1%D! /-!
)1-)/9&1!./!.*:1%!3!9/'Q(+)+1%D!%+-!)1%&*%"
209
B*!R.5+-+%&'*)+,-!./0!$%&*.1!+-&/'9(%1!'/)('%1!./!)*%*)+,-!)1-&'*!0*!%/-&/-)+*!./!0*!RG"!$0!g=!
./)0*'*!-1!8*</'!0(2*'!*0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!0*!R<12*)6*!./0!$%&*.1!3!)1-./-*!
/-!)1%&*%!*!0*!R.5+-+%&'*)+,-"!$-!9*'&+)(0*'D!/0!g=!./%/%&+5*!/0!'/)('%1!./!)*%*)+,-!*%(5+/-.1!
_(/! 0*! R.5+-+%&'*)+,-! 8*! ./! '/%91-./'! ./! 01%! .*:1%! ./'+>*.1%! ./0! 4'*)*%1! ./! 01%! 9/'5+%1%!
)*')/0*'+1%"! $-! /4/)&1D! 0*! )1-)/%+,-! ./! (-! 9/'5+%1! )*')/0*'+1! -1! +590+)*! 0*! ./%*9*'+)+,-! ./! 0*!
'/0*)+,-!/d+%&/-&/!/-&'/!/0!+-&/'-1!3!0*!R.5+-+%&'*)+,-!q)1-%/)(/-)+*!./!0*!./-15+-*.*!'/0*)+,-!
./!é%(9'/5*)6*!/%9/)+*0wD!./!0*!_(/!.+5*-*-!(-!)1-Q(-&1!./!./'/)81%!3!./</'/%!/-&'/!*5<1%D!3!
_(/! -1! _(/.*-! /-! %(%9/-%1! 1! ./%*9*'/)/-! .('*-&/! 01%! 9/'+1.1%! ./! 9/'5+%1D! %+-1! _(/!
)1-&+-[*-D!+-)0(%1!4(/'*!./0!)/-&'1!9/-+&/-)+*'+1r!H]^!P1JD!%+-!./%)1-1)/'!_(/D!/-!)*%1%!)151!01%!
./!*(&1%D!/0!8/)81!)*(%*-&/!./0!'/%(0&*.1!.*:1%1!-1!.+5*-*!.+'/)&*5/-&/!./!0*!*)&+>+.*.!1!./!
01%!%/'>+)+1%!./!0*!R.5+-+%&'*)+,-"
$0!g=!4(-.*5/-&*!%(!./)+%+,-!%1<'/!(-*!.1)&'+-*!Q('+%9'(./-)+*0!3*!%/-&*.*!91'!0*!=*0*!M*!H==g=!
./!L"PA"PNNLD!S#"#"SAAAD!@"O"SAASD!P@"PA"SAA@!3!PU"#"SAPAJD!*4+'5*-.1!_(/!qH"""J!0*!1<0+2*)+,-!./!
%191'&*'!+-.+>+.(*05/-&/!/0!.*:1!%(4'+.1!-1!9(/./!+59(&*'%/!*!01%!9/'Q(.+)*.1%!)(*-.1!`%&1%!
-1! &+/-/-! /0! ./</'! Q('6.+)1! ./! %191'&*'! 01%! '+/%21%! ./'+>*.1%! ./! 01%! +-/>+&*<0/%! 4'*)*%1%!
9/-+&/-)+*'+1%D!%+-1!_(/!./</-!%/'!)159*'&+.1%!/-!>+'&(.!./0!9'+-)+9+1!./!0*!%10+.*'+.*.!91'!/0!
)1-Q(-&1!./!0*!%1)+/.*.!_(/!%(4'*2*!/0!2*%&1!9[<0+)1!H"""Jr!H]X!M{J"
X/! 0*! =*0*! SÄ! ./0! g'+<(-*0! =(9'/51D! >`*%/! 0*! ]^]H/ 2_H/ 966`2::0H/ #&/ 29/ #&/ =(F.H/ SOC a.>e/
B"+."$./S(<+*"/O(--*"K!(-!'/)0(%1D!.('*-&/!(-!9/'5+%1D!8+'+,!3!>+10,!*!(-*!5(Q/'"!$0!g=!-/2,!0*!
'/%91-%*<+0+.*.!)+>+0!%(<%+.+*'+*!./!0*!R.5+-+%&'*)+,-!"3$*'&6)(01!PSP!./0!?,.+21!;/-*0!91'_(/!
01%! 9'/%1%! -1! %1-! 4(-)+1-*'+1%! 9[<0+)1%D! *0! &+/591! _(/! %(2+'+,! '/)0*5*'! 91'! /''1'! Q(.+)+*0! >6*!
*'&6)(01%!SNS!3!%%"!Bn;^"!
8;/O<.D.%(%$G"/VO<.D.%(+$."/`/g&<(,>I.<#&<,"?W/
$0!)'+&/'+1!./!0*!9'1>1)*)+,-!*<1'.*!*_(/001%!)*%1%!/-!01%!)(*0/%!0*!>6)&+5*!%(4'/!(-!.*:1!)151!
)1-%/)(/-)+*! +-5/.+*&*! ./! %(! )1-.()&*D! 9(/%! /%&*! [0&+5*! 4(/! (-*! '/*))+,-! &1'9/! 9/'1! *)*%1!
+-/>+&*<0/!*-&/!/0!)1591'&*5+/-&1!./0!./5*-.*.1"!;1'!/Q/5901D!(-!%(9(/%&1!)0*'1!/%!/0!_(/!%/!
/d91-/-! *! )1-&+-(*)+,-! /-! /0! )(*0! 0*! >6)&+5*! ./! (-! ./0+&1! .101%1! )1-&'*! 0*! 0+</'&*.! %/d(*0! 3D!
*)*%1D! )1-&'*! 0*! >+.*D! +-&/-&*! 8(+'! ./! _(+/-/%! 0/! *5/-*7*<*-! 3! %/! *''1Q*! 91'! (-*! >/-&*-*"! $-!
-(/%&'*!)(0&('*D!0*!9'1>1)*)+,-!/%!&1.*>6*!(-*!*5/-*7*!&/''+<0/!_(/!%/!9'13/)&*!%/%2*.*5/-&/!
)1-&'*!0*%!5(Q/'/%"!
]^]H/2_H/0056`2::5H/#&/26/#&/>&)+$&=R<&H/SOC/a.(d,*"/X$=e"&N/X(<%*(;
B*!>6)&+5*D!./&/-+.*!+0/2*05/-&/!91'!c6)&1'!V"!3!E*4*/0D!%(4'+,!0/%+1-/%!9/'%1-*0/%!3!.*:1%!/-!0*!
'19*!*0!*''1Q*'%/!91'!0*!>/-&*-*!9*'*!8(+'!./!%(%!)*9&1'/%!)(*-.1!`%&1%!0*!/%&*<*-!*5/-*7*-.1!
)1-! <+%&('6%D! )*<0/! /0`)&'+)1! 3! (-*! 9+%&10*! 9*'*! _(/! %/! _(+&*'*! 0*! '19*"! B*! =R;! V*.'+.! ./!
@"PA"SAA@! )1-./-,! *! 01%! *)(%*.1%D! c6)&1'! V"! 3! E*4*/0D! 91'! %/-.1%! ./0+&1%! ./! '1<1! )1-!
+-&+5+.*)+,-D! ./&/-)+,-! +0/2*0! 3! ./0+&1! )1-&'*! 0*! +-&/2'+.*.! 51'*0D! 9/'1! 0/%! *<%10>+,! ./!
+-./5-+7*'!*!0*!>6)&+5*"!$0!g'+<(-*0!=(9'/51D!/-!)*5<+1D!/%&+5,!/0!'/)('%1!./!)*%*)+,-D!'/>1),!
210
0*! =R;! /! +59(&,! 1<Q/&+>*5/-&/! 01%! .*:1%! *! 0*! )1-.()&*! ./! 01%! )(09*<0/%! )1-./-C-.10/%! *!
+-./5-+7*'!*!0*!>6)&+5*!)1-!SP"OAA!ê!91'!0*%!0/%+1-/%D!M"AUMD@P!ê!91'!0*%!%/)(/0*%!3!UPDMA!ê!91'!
01%!.*:1%!/-!0*!'19*"!$0!g'+<(-*0!'/%10>+,K!
Q24$ ")$ 9(%*$ +,"$ %"$ (4()'M($ )($ %'-,(9'^4$ 9*(9-'0($ *$ )($ !#"%'^4$ *9(%'*4(7($ !*#$ ")$ 7")'-*$ 9*4-#($ )($
'4-"@#'7(7$6*#()$H,"$)($7"%"49(7"4(4-"$7"$)(%$)"%'*4"%$&$7(_*%$%,H#'7*%G$2)$!"#c,7'9(7*$4*$%"$)(%$
!#*7,c*$!*#$%,$!#*!'($0*),4-(7G$8'$"3'%-[($()@s4$#"%+,'9'*$!(#($"),7'#$)($(99'^4$9#'6'4()S$4*$!,"7"$
'6!"7[#%")"$ "%($ !*%'D')'7(7S$ *D)'@]47*)"$ ($ %*!*#-(#$ (+,")$ 7")'-*$ &$ 4*$ 9*4%-($ +,"$ E,D'"#($ !*7'7*$
"),7'#$)($(99'^4$9#'6'4()$%'4$-()"%$#'"%@*%S$-#(7,9'7*%$"4$7(_*%$9*#!*#()"%$&$6(-"#'()"%S$+,"S$!*#$)*$
-(4-*S$7"D"4$9*4%'7"#(#%"$0'49,)(7*%$&$*Dc"-'0(6"4-"$'6!,-(D)"%$($)($(99'^4$7")'9-'0($(4-"#'*#$7"$
)*%$(9,%(7*%S$-'!'H'9(7($"4$")$7")'-*$9*4-#($)($'4-"@#'7(7$6*#()$7")$(#-G$XglGX$/5RG$
]^]H/0_H/047`2:04H/#&/08/#&/=(<N.H/SOC/a.>e/B"+."$./]&$E(>/l,$"+("(;
$0! )*%1! %+2(+/-&/! 1%)+0*! /-&'/! 0*! 9'1>1)*)+,-! 3! /0! )1-%/-&+5+/-&1! ./! 0*! >6)&+5*! 1! *%(-)+,-! ./!
'+/%21%! 3! '/%91-./! *! 0*! 9'/2(-&*! ./! %+! 01%! 9'14/%+1-*0/%! 8*-! ./! *%(5+'! 0*%! )1-%/)(/-)+*%! ./!
*_(/001%! )1591'&*5+/-&1%! ./! 1&'*%! 9/'%1-*%! )1-! _(+/-/%! 9'/)+%*5/-&/! %/! '/0*)+1-*-! /-! /0!
/Q/')+)+1! ./! 0*! 9'14/%+,-! ./! 01%! 9'+5/'1%D! 91'! /Q/5901D! %*-+&*'+1%! )1-! 9*)+/-&/%! /d)+&*.1%! 1!
*0&/'*.1%a!910+)6*%!)1-!./&/-+.1%!>+10/-&1%!1!9/0+2'1%1%a!1!<15</'1%!)1-!+-)/-.+1%!9'1>1)*.1%!
+-&/-)+1-*.*5/-&/!1!./%)(+.*.*5/-&/"!
$0! M! ./! -1>+/5<'/! ./! SAAND! %/! 9'1.(Q1! (-! +-)/-.+1! /-! 0*! >+>+/-.*! 9'19+/.*.! ./0! ./5*-.*.1D!
%+&(*.*! /-! c+00*''1<0/.1D! R0<*)/&/D! 3D! %/2[-! /0! +-41'5/! 9/'+)+*0! ./! 0*! F(*'.+*! ?+>+0D! /0! 4(/21! %/!
+-+)+,! 91'! 0*! *)&+>+.*.! ./! *02(-1! ./! 01%! 1)(9*-&/%! ./0! +-5(/<0/! 1! 91'! 01%! 9'19+1%! /-%/'/%!
*05*)/-*.1%!/-!`0"!l-1!./!01%!<15</'1%!_(/!+-&/'>+-1!/-!0*%!0*<1'/%!./!/d&+-)+,-!./0!+-)/-.+1!
%(4'+,!8/'+.*%!5(3!2'*>/%!_(/!./&/'5+-*'1-!%(!4*00/)+5+/-&1"!
B*! >+(.*! 3! .1%! 8+Q1%! ./0! 4*00/)+.1! '/)0*5*'1-! *0! 9'19+/&*'+1! ./! 0*! >+>+/-.*D! )1-! <*%/! /-! /0! *'&"!
PNAS! ??D! (-*! +-./5-+7*)+,-! ./! PPO"MONDO#! /('1%! 9*'*! 0*! >+(.*D! 3! ./! @U"@U#DPM! /('1%! 3!
NO"NLADSO! /('1%! '/%9/)&+>*5/-&/! 9*'*! 01%! 8+Q1%"! $0! ^;I! HPO"M"SAPSJ! /%&+5,! 6-&/2'*5/-&/! 0*!
./5*-.*"! B*! R;! HPP"PS"SAPSJ! /%&+5,! /0! '/)('%1! ./! *9/0*)+,-! ./0! ./5*-.*.1! 3! ./%/%&+5,! 0*!
./5*-.*"! $0! g=! ./%/%&+5,! /0! '/)('%1! ./! )*%*)+,-! +-&/'9(/%&1! 91'! 0*! 9*'&/! ./5*-.*-&/! 3!
)1-4+'5,!0*!=R;K!
q$%!)+/'&1!_(/!/-!/0!+-)/-.+1!/%&C!/0!1'+2/-!./0!.*:1!9/'1!/0!-/d1!)*(%*0!_(/!'/0*)+1-*!0*!5(/'&/!
./0!<15</'1!)1-!/%&*!4(/-&/!./!'+/%21!./%*9*'/)/!./%./!/0!515/-&1!/-!_(/!+-+)+*!0*%!0*<1'/%!
9'19+*%!./!/d&+-)+,-!3!/0!9'19+/&*'+1!./0!+-5(/<0/!_(/.*!*0!5*'2/-!./!*)&+>+.*.!./%*''100*.*!/-!
%(! +-&/'+1'D! %+-! 91%+<+0+.*./%! ./! )1-&'10! ./! -+-2[-! &+91"! B*! '/%91-%*<+0+.*.! ./0! 9'19+/&*'+1! -1!
./</! /-Q(+)+*'%/! ./%./! 0*! ,9&+)*! ./0! %+-2(0*'! '+/%21! )'/*.1! 91'! /0! +-)/-.+1! _(/! 51&+>,! 0*!
+-&/'>/-)+,-! ./! 0*! >6)&+5*"! $0! '+/%21! _(/! /%&*! 9/'%1-*! )'/*! %/! &'*%0*.*! *0! C5<+&1! ./!
'/%91-%*<+0+.*.! ./! 0*! >6)&+5*D! _(/! )1-&'10*! 3! *%(5/! /%&*! 4(/-&/! ./! 9/0+2'1! /-! /0! /Q/')+)+1!
1'.+-*'+1!./!%(!9'14/%+,-D!)1-!01!_(/!/0!)('%1!)*(%*0!%/!/%&*<0/)/!/-&'/!/0!/Q/')+)+1!9'14/%+1-*0!
./!/%&/!'+/%21!>10(-&*'+*5/-&/!*%(5+.1!3!/0!.*:1!9'1.()+.1!91'!/0!4(/21D!)1-!0*!)1-%+2(+/-&/!
1<0+2*)+,-!./!%191'&*'!0*%!)1-%/)(/-)+*%!./!%(!*)&(*)+,-"!Z!%+!-1!8*3!)*(%*0+.*.!-1!)*</!8*<0*'D!
-1! 3*! ./! '/%91-%*<+0+.*.! %(<Q/&+>*D! %+-1! &*591)1! ./! '/%91-%*<+0+.*.! 91'! '+/%21! (! 1<Q/&+>*.*!
-/)/%*'+*!9*'*!_(/!/0!./5*-.*.1!./<*!'/%91-./'!9/%/!*0!./%2'*)+*.1!3!0*5/-&*<0/!*))+./-&/!
%(4'+.1!91'!9*'&/!./!_(+/-!91-/!%(!&'*<*Q1!*0!%/'>+)+1!./!0*!)15(-+.*.r!H]X"!S{J"
211
9;/'.">&"+$=$&"+./#&/-(/D*%+$=(/F/(>,"%$G"/#&-/)<.)$./<$&>?.//
Vh$%+$=r>/%.">&"+/("#/(>>,=)+$."/.I/<$>Z/`/P$"D&<>+v"#$?,"?H/
^(+R&>+("#[(,>>%L-$&Ö&"#&"/P$"Y$--$?,"?/,"#/g("#&-"/(,I/&$?&"&/
X&I(L<W/
G1!/%!+59(&*<0/!*0!*2/-&/!/0!'/%(0&*.1!.*:1%1!)(*-.1!/0!<+/-!Q('6.+)1!0/%+1-*.1!/%!.+%91-+<0/!3!
0*! >6)&+5*! 9'/%&,! %(! )1-%/-&+5+/-&1! *0! *)&1D! )151! &*591)1! 01! /%! /-! /0! )*%1! /-! _(/! 0*! >6)&+5*!
*%(5+,!/0!'+/%21!./0!.*:1!*!(-!<+/-!Q('6.+)1!+-.+%91-+<0/"!$-!0*!.1)&'+-*D!/%!4'/)(/-&/!1<%/'>*'!
0*! %+2(+/-&/! .+%&+-)+,-! /-&'/! )1-%/-&+5+/-&1! ./! 0*! >6)&+5*! 3! *%(-)+,-! ./! '+/%21"! $-! /0! 9'+5/'!
)*%1D! 0*! >6)&+5*! )1-%+/-&/! ./! 41'5*! 06)+&*! *! /d91-/'%/! *! (-*! )1-.()&*! /d&'/5*.*5/-&/!
9/0+2'1%*D!9/'1!01!8*)/!/-!/0!C5<+&1!./!<+/-/%!Q('6.+)1%!.+%91-+<0/%D!/%!./)+'D!>6)&+5*!91&/-)+*0!3!
)*(%*-&/!91&/-)+*0!./0!.*:1!9(/./-!06)+&*5/-&/!%15/&/'%/!*!/%/!5*31'!'+/%21"!$-!)*5<+1D!/-!0*!
*%(-)+,-!./0!'+/%21D!0*!>6)&+5*!*)/9&*!%15/&/'%/!*!(-!'+/%21!)(3*!)'/*)+,-!1!*2'*>*)+,-!-1!%1-!
*)&+>+.*./%! 06)+&*%"! B1%! /Q/5901%! )0C%+)1%! >*-! ./%./! 0*! 9*'&+)+9*)+,-! /-! (-! ./0+&1! *! 0*! )*''/'*!
+0/2*0! )1-)/'&*.*! 91'! >*'+1%! 51&1'+%&*%! /-! (-*! )*''/&/'*! *<+/'&*! *0! &'C4+)1"! B1%! &'+<(-*0/%! %1-!
)*%+! %+/59'/! '/*)+1%! *! *.5+&+'! 0*! /d)/9)+,-! *0/2*.*! %/2[-! 0*! )(*0! 0*! >6)&+5*! *%(5+,! %(! 9'19+1!
'+/%21!3!&+/-./-!*!'/)8*7*'0*!/-!01%!)*%1%!/-!01%!)(*0/%!8*3!(-*!*%+5/&'6*!/-&'/!0*%!91%+)+1-/%!./!
0*!>6)&+5*!3!./0!./5*-.*.1"!
$0!)'+&/'+1!./!)1-%/-&+5+/-&1!./!0*!>6)&+5*!%(/0/!%/'!*90+)*.1!9*'*!/d1-/'*'!./!'/%91-%*<+0+.*.!
*0! ./5*-.*.1! )(*-.1! /0! ./5*-.*-&/! 9*'&+)+9,! >10(-&*'+*5/-&/! /-! )(*0_(+/'! &+91! ./! 9'C)&+)*!
./91'&+>*D!'/*0+7,!(-*!*)&+>+.*.!9/0+2'1%*!*!%*<+/-.*%!./0!'+/%21!_(/!)1-00/>*<*!1!+->*.+,!(-*!
4+-)*!*Q/-*!%+-!)1-%/-&+5+/-&1!./0!&+&(0*'"!$-!0*!9'C)&+)*!./!.+4/'/-&/%!./91'&/%!8*<+&(*05/-&/!
%/!*90+)*!0*!*%(-)+,-!./0!'+/%21!91'!9*'&/!./!0*!>6)&+5*!H^1%`!;IÇ$IEn! =RBFl$EnD!B"%!*4%(D')'7(7$
9'0')S$!#]9-'9($7"!*#-'0($&$(%,49'^4$7"$#'"%@*%D!?+>+&*%D!?+7('!V/-1'D!SAANJ"!
B*!9'+5/'*!%/-&/-)+*!_(/!'/)1-1)+,!0*!*%(-)+,-!./0!'+/%21!.('*-&/!0*!9'C)&+)*!./91'&+>*!4(/!0*!
]^]H/0_H/#&/22/#&/.%+,R<&/#&/0992/VAa/8399WD!SOC/A(I(&-/'(>(<&>/'G<#.R(C/(-!*4+)+1-*.1!*!
0*!9/01&*!>*%)*!9/'.+,!(-!1Q1!*0!'/)+<+'!(-!9/01&*71!./!%(!)1-&'+-)*-&/"!B*!>6)&+5*!./5*-.,!*!%(!
)1-&'+-)*-&/! 3! *! 0*! q?159*:6*! G*)+1-*0! b+%9C-+)*! R%/2('*.1'*D! =Rr! 3! %10+)+&,! (-*!
+-./5-+7*)+,-!./!OA"MS@DPU!ê"!$0!g'+<(-*0!=(9'/51!./)0*',!8*</'!0(2*'!*0!'/)('%1!+-&/'9(/%&1!
91'! 0*! /-&+.*.! ./5*-.*.*D! '/>1),! 0*%! %/-&/-)+*%! /%&+5*&1'+*%! ./! 0*! +-%&*-)+*! 3! ./%/%&+5,! 0*%!
9'/&/-%+1-/%!./0!*)&1'"!$0!g'+<(-*0!*4+'5,!_(/!q/-!5*&/'+*!./!Q(/21%!1!./91'&/%!./!/%&/!&+91!0*!
+./*! ./0! '+/%21! _(/! )*.*! (-1! ./! /001%! 9(/.*! +590+)*'! m'1&('*%! ./! 0+2*5/-&1%D! 4'*)&('*%! ,%/*%D!
/&)"mD!>*!+-%+&*!/-!01%!5+%51%!3!)1-%+2(+/-&/5/-&/!_(+/-/%!*!%(!/Q/')+)+1!%/!./.+)*-!01!*%(5/-D!
%+/59'/!)0*'1!/%!_(/!0*%!)1-.()&*%!./!01%!9*'&6)+9/%!-1!%/!%*02*-!./!01%!065+&/%!-1'5*0/%!3*!_(/!
./!%/'!*%6!91.'6*!+-)0(%1!/-&'*'!/-!/0!C5<+&1!./!0*%!)1-.()&*%!./0+)&+>*%!.101%*%!1!)(091%*%r!H]X!
#{J"!
$%&/! )'+&/'+1! ./! +59(&*)+,-! ./! .*:1%! 8*! %+.1! *90+)*.1! )1-&+-(*.*5/-&/! 91'! /0! g'+<(-*0!
=(9'/51!/-!-(5/'1%*%!1)*%+1-/%K!]^]H/0_H/244`0999H/#&/08/#&/=(<N.H/SOC! B-I.">./U(<%(-J/
^<$--.[c$?,&<.(K!(-*!/%_(+*.1'*!5('+,!*0!)81)*'!)1-&'*!0*!)*%/&*!./!(-!&'*-%41'5*.1'!/0`)&'+)1!
)(*-.1! ./%)/-.6*! (-*! 9+%&*! ./! /%_(6! %1<'/! (-! 90C%&+)1a! ]^]H/ 0_H/ 859`2::0H/ #&/ 27/ #&/
>&)+$&=R<&H/SOC!@?"(%$./]$&<<(/X$-/#&/-(/',&>+(K!(-*!*0(5-*!./!(-!)('%1!./!2104!2109/,!)1-!/0!
9*01!*!%(!51-+&1'*!*0!/''*'!(-!2109/a!]^]H/0_H/930`2::0H/#&/07/#&/.%+,R<&H/SOC! a&>T>/'.<R(-/
c&<"J"#&NK! Q1>/-! *4+)+1-*.1! *0! '*4&+-2! 5('+,! *812*.1! &'*%! )*/'! *0! *2(*! 3! 2109/*'%/! )1-! (-*!
212
'1)*a!]^]H/3_H/0/#&/E,-$./#&/2::2/VAa/63::WH/SOC/P"<$d,&/K&%,=R&<<$/S(<+*K!(-*!9*'&+)+9*-&/!
/-!(-!/-)(/-&'1!./!4[&<10!4/5/-+-1!%(4'+,!(-*!4'*)&('*!)1590/Q*!.+%&*0!/-!/0!'*.+1!+7_(+/'.1"!
$0! g'+<(-*0! =(9'/51! &*5<+`-! '/)(''/! *! 0*! *%(-)+,-! ./0! '+/%21! /-! )*%1%! /-! 01%! _(/! 0*! 9'19+*!
>6)&+5*! '/*0+7*! (-*! *)&+>+.*.! 9/0+2'1%*! *! %*<+/-.*%! ./0! 9/0+2'1! _(/! )1-00/>*<*! H*(&19(/%&*! /-!
9/0+2'1J"! B*! ]^]H/ 0_H/ / 205`0998H/ #&/ 02/ #&/ =(<N.H/ SOC/ K,$>/ S(<+*"&N['(-%&<<(#(/ F/ XG=&NH/
-1%!5(/%&'*!(-!)*%1!./!*(&19(/%&*!/-!9/0+2'1!91'!9*'&/!./!0*!>6)&+5*K!(-*!&*'./!./!Q(0+1!3!9*'*!
*0+>+*'%/! ./0! *21<+*-&/! )*01'D! (-! Q1>/-! ./! PL! *:1%D! _(/! -1! %*<6*! -*.*'D! ./)+.+,! '/4'/%)*'%/! /-!
(-*! )8*')*! 9',d+5*! *! 0*! )*'9+-&/'6*! /-! 0*! _(/! &'*<*Q*<*"! R0! .6*! %+2(+/-&/D! 0*! F(*'.+*! ?+>+0! 01!
/-)1-&',!*812*.1"!B1%!*)&1'/%!'/)0*5*'1-!OA"PAP!ê!*!0*!/59'/%*!./!)*'9+-&/'6*"!B*%!+-%&*-)+*%!
./%/%&+5*'1-!0*!./5*-.*!3!/0!g=!-1!*.5+&+,!/0!'/)('%1!./!01%!*)&1'/%"!
$-![0&+51!0(2*'D!%1-!'/0*&+>*5/-&/!4'/)(/-&/%!01%!)*%1%!./!.*:1%!%(4'+.1%!91'!(-*!9/'%1-*!_(/!
%/! *./-&',! /-! (-*! 4+-)*! *Q/-*! %+-! )1-%/-&+5+/-&1! ./! %(! 9'19+/&*'+1"! $-! /%&/! %/-&+.1D! >`*%/! 0*!
]^]H/ 0_H/ 24:`2::4H/ #&/ 2/ #&/ (R<$-H/ SOC/ A.=J"/ X(<%*(/ h(<&-(K! 0*! >6)&+5*! %/! *./-&',! /-! (-*!
4C<'+)*!*<*-.1-*.*!*!&'*>`%!./!(-!*2(Q/'1!./!(-*!./!0*%!>*00*%!3D!3*!/-!/0!+-&/'+1'D!*))/.+,!*!(-!
&'*-%41'5*.1'!./!/0/)&'+)+.*.!9'19+/.*.!./!q](/'7*%!$0`)&'+)*%!./!?*&*0(:*D!=Rr!H]$?=RJ!3!%/!
*913,!/-!(-!+-&/''(9&1'D!*!)1-%/)(/-)+*!./!01!)(*0!%(4'+,!(-*!./%)*'2*!/0`)&'+)*!_(/!0/!9'1>1),!
0*!9`'.+.*!./!*5<*%!5*-1%"!$0!g=!/%&+5,!/0!'/)('%1!+-&/'9(/%&1!91'!]$?=R!*90+)*-.1!)'+&/'+1%!
./!9'18+<+)+,-!./!'/2'/%1!3!./!*%(-)+,-!./0!'+/%21K!0*!)1-.()&*!+06)+&*!./0!*)&1'!./!*))/./'!*!(-*!
4+-)*!*Q/-*!3!>*00*.*!9*'*!)12/'!&(</'6*%!./!)1<'/!+-&/'4+'+,!/-!/0!)('%1!)*(%*0!./!01%!8/)81%!3!
9'19+)+,! /0! *))+./-&/D! )1-! +-./9/-./-)+*! ./0! '+/%21! _(/! /-&'*:*<*! 0*! *)&+>+.*.! ./! %(5+-+%&'1!
/0`)&'+)1"!R./5C%D!&*0!)1-.()&*!%(91-6*!0*!*)/9&*)+,-!./!(-!2'*>/!'+/%21!91'!/0!%(Q/&1!q8*<+.*!
)(/-&*! ./! 0*! 9/0+2'1%+.*.! _(/! /-&'*:*! /0! *))/%1! %+-! )1-&'10! *! (-*! /.+4+)*)+,-! H"""J! 91'! 9/'%1-*!
./%)1-1)/.1'*!./!0*%!)1-&+-2/-)+*%!-1)+>*%!+-8/'/-&/%!*!0*!5+%5*R$H]X!S{J"
9;0;/]^]H/0_H/930`2::0H/#&/07/#&/.%+,R<&H/SOC/a&>T>/'.<R(-/c&<"J"#&N;/
$0! .6*! P@"#"PNN@! B(+%! R"R"! )1-)/'&,! )1-! 0*! qR%1)+*)+,-! X/91'&+>*! ?(0&('*0! B('r! (-*! /d)('%+,-!
9*'*!9'*)&+)*'!'*4&+-2!/-!/0!'61!FC00/21D!/-!/0!&'*-%)('%1!./!0*!)(*0!&'/%!9*'&+)+9*-&/%!)*3/'1-!*0!
*2(*"!X1%!./!/001%!4(/'1-!'/)12+.1%!/-!9+'*2(*%!./!*9131D!9/'1!-1!4(/!91%+<0/!%*0>*'!*!B(+%!R"R"!
*!9/%*'!./!_(/!/0!51-+&1'!=*-&+*21!B"l"!+-&/-&,!%(<+'01!*!0*!<*0%*!*2*''C-.101!./0!<'*71"!B(+%!R"R!
5('+,!/-!/0!*)&1!91'!9*'*.*!)*'.+1m'/%9+'*&1'+*!./&/'5+-*.*!91'!&'*(5*&+%51!)'*-/1/-)/4C0+)1!
)1-!8/51''*2+*!%(<.('*0"
^1%`!R"!E"D!9*.'/!./!0*!>6)&+5*D!./5*-.*!*!=*-&+*21!B"!l"D!oR%1)+*)+,-!X/91'&+>*!?(0&('*0!B('o!3!*!
0*! o?159*:6*! ./! =/2('1%! 3! E/*%/2('1%! b/'5/%D! =R! F'(91! ]1'&(-*o! 3! '/)0*5*! (-*!
+-./5-+7*)+,-!./!OA"S@P!ê"
$0! ^;I! -{! P! ./! $Q/*! ./! 01%! ?*<*00/'1%! ! HN"P"PNNOJ! 3! 0*! R;! ./! t*'*217*! H%/))+,-! SÄD! L"#"PNNOJ!
./%/%&+5*-!0*!./5*-.*"
$0!g=!./%/%&+5*!/0!'/)('%1!./!)*%*)+,-K
qB*!*(%/-)+*!./!)(09*D!+-)0(%1!/-!%(!56-+51!2'*.1!./!0/>6%+5*D!/d)0(3/!0*!+59(&*)+,-!%(<Q/&+>*D!
91'_(/!%/!8*!*21&*.1!91'!01%!./5*-.*.1%!0*!.+0+2/-)+*!_(/!0*%!)+')(-%&*-)+*%!/d+26*-"
213
;/'1! &*591)1! %/! *9'/)+*! '/%91-%*<+0+.*.! ./%./! 0*! 9/'%9/)&+>*! ./! (-! /d)0(%+>1! )'+&/'+1! ./!
+59(&*)+,-! 1<Q/&+>1D! 9(/%! %+! 0*! 2/-/'*)+,-! ./! ./&/'5+-*.1%! '+/%21%! 9(/./! *)*''/*'! 0*!
'/%91-%*<+0+.*.!)+>+0!91'!.*:1D!/-!/0!%+%&/5*!./!)(09*!/d&'*)1-&'*)&(*0!./0!*'&"!PNAS!??!-1!)*</!
/'+2+'! /0! '+/%21! /-! 4*)&1'! [-+)1! ./! 0*! '/%91-%*<+0+.*.! 3! /%! 9'/)+%1! _(/! %/! .`! (-*! )1-.()&*!
*./)(*.*! 9*'*! 9'1.()+'! /0! '/%(0&*.1! .*:1%1"! $-! /0! )*%1! /%! )+/'&1! _(/! /d+%&6*! (-*! %+&(*)+,-! ./!
'+/%21!H)151!.+)/!0*!=/-&/-)+*!'/)(''+.*!/0!ì'*4&+-2î!/%!(-*!*)&+>+.*.!./91'&+>*!)1-%+%&/-&/!/-!
/0!./%0+7*5+/-&1!5/.+*-&/!<1&/!-/(5C&+)1!91'!*2(*%!<'*>*%!_(/!./</!)*0+4+)*'%/!./!9/0+2'1%*D!
91'_(/!&+/-/!9*'*!01%!9*'&+)+9*-&/%!(-!+-.(.*<0/!'+/%21!./!>(/0)1!1!)*6.*!*0!*2(*!91'!/0!9'19+1!
'/)1''+.1!&('<(0/-&1!./!0*%!*2(*%JD!9/'1!%/!&'*&*<*!./!(-*!*)&+>+.*.!>10(-&*'+*D!)(31!9/0+2'1!/'*!
)1-1)+.1! 91'! /0! %10+)+&*-&/D! 3! /0! *))+./-&/! %/! 9'1.(Q1! ./-&'1! ./0! C5<+&1! ./0! '+/%21! *%(5+.1! 3!
*)/9&*.1"! b(<1! *%(-)+,-! ./! '+/%21D! 3! -1! )1-)(''+,! 91'! 9*'&/! ./! 01%! ./5*-.*.1%! -+-2[-!
+-)'/5/-&1! 1! *2'*>*)+,-! ./0! '+/%21! *%(5+.1"! $%&*! )1-)0(%+,-! '/%91-./! *0! )'+&/'+1! _(/! >+/-/!
%+2(+/-.1!/-!)1-)'/&1!/%&*!=*0*!/-!'/0*)+,-!)1-!%(9(/%&1%!%+5+0*'/%"!Z!*(-_(/!-1!%1-!5()8*%!
0*%!'/%10()+1-/%!/-!5*&/'+*!./!*))+./-&/%!)1-!1)*%+,-!./!9'C)&+)*%!./91'&+>*%D!)*</!%/:*0*'!91'!
%(! %/5/Q*-7*! )*%(6%&+)*! 0*%!=/-&/-)+*%! ./! SS! ./! 1)&(<'/! ./! PNNS! H! E^! PNNSD! UMNNJ! !H0/%+1-/%!
%(4'+.*%! )1-! 1)*%+,-! ./! Q(/21! ./! 9/01&*! *! 9*0*JD!SA! ./! 5*'71! ./! PNNO! H! E^! PNNOD!
SS@@J! !H*))+./-&/! 9'*)&+)*-.1! /0! /%_(6JD!SA! ./! 5*31! ./! PNNO! H! E^! PNNOD! MULNJ! !H)10+%+,-! ./!
0*-)8*!*!51&1'!)1-!/%)1001!%(5/'2+.1!*!/%)*%*!9'14(-.+.*.!/-!9*-&*-1J!3!P@!./!*<'+0!./!PNNN!H!
E^!PNNND!MP@AJ!!H*))+./-&/!/-!)('%1!./!*9'/-.+7*Q/!./!9*'*9/-&/Jr!H]X"!@{J"
9;2;/]^]H/0_H/58:`2::6H/#&/30/#&/=(F.H/SOC/a.>e/B"+."$./]&$E(>/l,$"+("(;/
$0!O"#"PNUN!3!.('*-&/!0*!PMÄ!/&*9*!./!0*!@@Ä!/.+)+,-!./!0*!c(/0&*!?+)0+%&*!*!$%9*:*D!_(/!9*'&6*!./!
\/-*%_(/! )1-! .+'/))+,-! *! ^*)*D! (-1! ./! 01%! 9*'&+)+9*-&/%! ./! (-! 2'(91! ./! PUA! )+)0+%&*%! %(4'+,!
0/%+1-/%! 5(3! 2'*>/%! )151! )1-%/)(/-)+*! ./! 0*! )*6.*! %(4'+.*! /-! /0! +-&/'+1'! ./! (-! &[-/0!
+-%(4+)+/-&/5/-&/! +0(5+-*.1! )1-! .1%! 41)1%! 8*0,2/-1%! %+&(*.1%! *! (-1%! #A! 5/&'1%! ./! 0*! <1)*!
-1'&/! ./0! &[-/0! 3! .+>/'%*%! <15<+00*%! /-! /0! '/%&1! ./0! '/)1''+.1"! R-&/%! ./! 0*! )*''/'*D! %(! X+'/)&1'!
8*<6*!+-.+)*.1!*0!?15+%*'+1!./!0*!5+%5*!_(/!%/!8*<6*-!&15*.1!0*%!5/.+.*%!191'&(-*%!3!_(/!%/!
)(5906*-!&1.*%!0*%!.+%91%+)+1-/%"!ql-+9(<0+)D!="R"rD!/-)*'2*.*!./!0*!1'2*-+7*)+,-!3!)1-&'10!./!0*!
)*''/'*D! 8*<6*! *.>/'&+.1! ./0! 9/0+2'1! *0! ^/4/! ./! 0*! l-+.*.! ./! b(/%)*! ./! 0*! X/5*')*)+,-! ./!
?*''/&/'*%! ./0! $%&*.1! /-! R'*2,-D! _(+/-D! *! %(! >/7D! 8*<6*! /-)*'2*.1! ./! 41'5*! >/'<*0! 0*!
+0(5+-*)+,-!*!(-*!/59'/%*!./!=*<+:C-+21"!
\'(-1! ./5*-.,! *! ql-+9(<0+)D! ="R"r! 3! q?*Q*! ./! =/2('1%! E/(-+.1%D! ="R"r! 3! %10+)+&,! (-*!
+-./5-+7*)+,-!./!@UA"UPA!ê"!
$0!^;I!./!\10&*:*!HMP"L"PNNUJ!/%&+5,!/-!9*'&/!0*!./5*-.*!3!)1-./-,!*!01%!./5*-.*.1%!*0!9*21!
./! MOA"OALDSO! ê! 5C%! /0! +-&/'`%! *-(*0! ./0! SAã! ./%./! 0*! 4/)8*! ./0! %+-+/%&'1"! B*! R;! ./! b(/%)*!
HP#"L"PNNNJ! ./%/%&+5,! 01%! '/)('%1%! ./! *9/0*)+,-! ./! 01%! ./5*-.*.1%D! /%&+5,! /0! ./0! *)&1'! 3!
'/>1),!0*!=^;I!/-!/0!%/-&+.1!./!4+Q*'!0*!+-./5-+7*)+,-!/-!@UA"UANDOU!ê"!
$0! g=! ./%/%&+5,! /0! '/)('%1! ./! )*%*)+,-! ./! ql-+9(<0+)D! ="R"r! 3! )1-4+'5,! 0*! =R;K! q}4~(-)+1-/%!
+-8/'/-&/%!*!0*!1'2*-+7*)+,-!%1-!H|J!0*!./!*.19&*'!0*%!5/.+.*%!-/)/%*'+*%!9*'*!/>+&*'!01%!'+/%21%!
9'19+1%! ./! /%&*! 9'C)&+)*! ./91'&+>*D! '+/%21%! _(/! %1-! .+%&+-&1%! ./! 01%! _(/! 0*! 9'19+*! )159/&+)+,-!
2/-/'*! 3! _(/D! *! .+4/'/-)+*! ./! *_(/001%D! 01%! 9'14/%+1-*0/%! )1-1)/-! 3! *%(5/-! >10(-&*'+*5/-&/!
)151!9*'&/!./!%(!*)&+>+.*.!H|J!$%!}0*~!4*0&*!./!5/.+.*%!./!%/2('+.*.!0*!_(/!*9*'/)/!)151!)*(%*!
9',d+5*!3!*./)(*.*!9*'*!9'1.()+'!/0!.*:1!H|J!}$~0!.*:1!*9*'/)6*!)151!9'1<*<0/!3!0,2+)1!9*'*!
214
_(+/-! 1'2*-+7*<*! 0*! )*''/'*! 3! `%&/! -1! %/! 8(<+/'*! 5*&/'+*0+7*.1! ./! 8*</'%/! )/0/<'*.1! /-! (-!
/%)/-*'+1!5C%!4*>1'*<0/!9*'*!0*!+-&/2'+.*.!3!%*0(.!./0!)+)0+%&*r!H]"X"!M{J"
9;3;/]^]H/0_H/26`2:02H/#&/3:/#&/&"&<.H/SOC/a.>e/B"+."$./]&$E(>/l,$"+("(;/
E1.1041!&'*<*Q*<*!/-!0*!/59'/%*!]/'9+D!g'*-%91'&/%!3!n<'*%!=1)+/.*.!R-,-+5*!H%(<)1-&'*&*.*!!
91'! R?=D! ;'13/)&1%D! n<'*%! 3! ?1-%&'())+1-/%! =1)+/.*.! R-,-+5*J! )(*-.1! %/! 9'1.(Q1! (-*!
/d901%+,-! ! /-! 0*%! 1<'*%! ./! )1-%&'())+,-! ./! (-! &'*51! ./! *(&1>6*! RmO! Hg*5,-mc+00*0/2'/D!
R%&('+*%JD!5+/-&'*%!9'1)/.6*!*!0*!./%&'())+,-!./!01%!'/%&1%!./!)1'.,-!./&1-*-&/!%1<'*-&/!./!0*%!
>10*.('*%"
E1.1041!./5*-.*!*!]/'9+D!g'*-%91'&/%!3!n<'*%!=1)+/.*.!R-,-+5*!3!*!R?=D!;'13/)&1%D!n<'*%!3!
?1-%&'())+1-/%!=1)+/.*.!R-,-+5*!3!%10+)+&*!(-*!+-./5-+7*)+,-!./!U#N"N@SDM@!/('1%"
$0!^;I!-[5"!PA!./!F+Q,-!HSN"N"SAAOJ!/%&+5*!/-!9*'&/!0*!./5*-.*!3!)1-./-*!*!]/'9+D!g'*-%91'&/%!
3! n<'*%! =1)+/.*.! R-,-+5*! *0! 9*21! ./! SML"ALND! OM! /('1%"! B*! R;! ./! F+Q,-! H=/)"! LÄD! SS"N"SAAUJ!
/%&+5*!/0!'/)('%1!+-&/'9(/%&1!91'!0*!)1-./-*.*!3!0*!*<%(/0>/"
$0!g=!./%/%&+5*!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!/0!./5*-.*-&/D!91'_(/!/-&+/-./!_(/!q$%!
)+/'&1! _(/! /-! )*%1%! ./! *)&+>+.*./%! /%9/)+*05/-&/! 9/0+2'1%*%! H|J! -1! /%! %(4+)+/-&/! /0!
)(590+5+/-&1! ./! 0*%! -1'5*%! 3! '/20*5/-&1%D! ./<+/-.1! /0! /59'/%*'+1! /d&'/5*'! %(! .+0+2/-)+*D!
R81'*! <+/-D! /0! '+/%21! _(/! ./'+>*! ./! 0*! 5*-+9(0*)+,-! ./! /d901%+>1%! 01! )'/,! /0! 9'19+1! 0/%+1-*.1D!
_(/! 01! )1-1)6*! )151! 9*'&/! ./! %(! *)&+>+.*.D! 9(/%! -1! 8(<1! -+-2[-! +-)'/5/-&1! 1! *2'*>*)+,-!
+59'/>+%+<0/D! ./%9'191')+1-*.1! 1! .+%&+-&1! ./0! _(/! 4+2('*<*! /-! /0! 5*-(*0! ./! /590/1! ./!
/d901%+>1%!/.+&*.1!91'!0*!l-+,-!$%9*:10*!./!$d901%+>1%D!-+!/-!9*'&+)(0*'!/-!0*!4+)8*!./!%/2('+.*.!
./0!4*<'+)*-&/"!H|J!E1.1041D!/-!0*!)1-.+)+,-!./!+-2/-+/'1!&`)-+)1!./!5+-*%D!)1-!0*!/%9/)+*0+.*.!./!
0*<1'/1! 3! /d901%+>1%D! 4(/! )1-&'*&*.1! 9*'*! 00/>*'! 0*! .+'/))+,-! 4*)(0&*&+>*! ./! 0*! 1<'*"! =+/-.1!
'/%91-%*<0/!./!_(/!%/!)(590+/'*-!0*%!5/.+.*%!./!%/2('+.*.!/-!/0!5*-/Q1!./!/d901%+>1%D!&*-&1!
/-!%(!*)&+>*)+,-!)151!./%&'())+,-!01!_(/!00/>1!*!)*<1!*!9*'&+'!./!(-!90*-!./!>10*.('*%!_(/!&/-6*!
*! %(! .+%91%+)+,-! 3! _(/! /'*! %(4+)+/-&/! 9*'*! /0! ./%*''1001! ./! .+)8*! *)&+>+.*.! /-! 0*! 41'5*! _(/!
4+2('*<*!/-!*_(/00*!.1)(5/-&*)+,-"!R%(5+,!)151!&*0!/0!'+/%21!_(/!4+-*05/-&/!%/!5*&/'+*0+7,!*0!
-1! *0/Q*'%/! *! 0*! .+%&*-)+*! 56-+5*! ./! %/2('+.*.! ./0! 0(2*'! .1-./! %/! 8*<6*! 9'/-.+.1! 4(/21! *! 01%!
&'171%!./!)1'.,-!./&1-*-&/q"!H]X!@{J"
9;4;/S(+&<$(-/%.=)-&=&"+(<$.C/[.$?D%&(J&O/=/%%/s3/'(-;/4+L/296H/834/O;2#/696H/00/'(-;/A)+<;/
2#/2/V0992Wu/
g8/!90*+-&+44!%(/.!&8/!./4/-.*-&!41'!9/'%1-*0!+-Q('+/%!*'+%+-2!1(&!14!*!&1()8!411&<*00!2*5/"!g8/'/!
i*%!%15/!.+%9(&/!*%!&1!&8/!./4/-.*-&w%!)1-.()&!i8+)8!)*(%/.!&8/!90*+-&+44w%!+-Q('3"!R))1'.+-2!&1!
&8/!90*+-&+44D!*4&/'!&8/!90*+-&+44!)*(28&!*!9*%%D!&8/!./4/-.*-&!'*-!+-&1!8/'!4'15!&8/!'/*'D!k-1)k+-2!
8/'! .1i-D! *-.! %&/99+-2! 1-! 8/'! 8*-."! g8/! ./4/-.*-&w%! >/'%+1-! i*%! &8*&! 8/! )100+./.! i+&8! &8/!
90*+-&+44! +-! *-! (-%())/%%4(0! *&&/59&! &1! +-&/')/9&! &8/! 9*%%"! g8/! ./4/-.*-&! 51>/.! 41'! %(55*'3!
Q(.25/-&D!*'2(+-2!&8*&!&8/!90*+-&+44!*%%(5/.!&8/!'+%k!14!+-Q('3!<3!9*'&+)+9*&+-2!+-!&8/!2*5/"!g8/!
&'+*0!Q(.2/!2'*-&/.!&8/!51&+1-D!*-.!&8*&!./)+%+1-!i*%!*44+'5/.!<3!&8/!?1('&!14!R99/*0"
215
0:;/S(+&<$(-/%.=)-&=&"+(<$.C/</,4-"M&B.%/".-%$#.-)L&B.7J&(J&6%-%$7&
'#.%"#)&'#41#./.%2L&B.7J/s572/};];/ÉÉÉ/V2:04Wu;/
/
l-!<(/-!)*%1!'/)+/-&/!9*'*!./0+5+&*'!/0!*0)*-)/!./!0*!)(/%&+,-!&'*&*.*!/-!/%&/!)*96&(01D!5C%!*00C!
./! 0*%! .+%9(&*%! &/'5+-10,2+)*%! 3! 4+01%,4+)*%D! /%! ="36(#J$ A4-"#4(-'*4()S$ A49G$ 0G$ 8-(-'9$ /*4-#*)$
/*6!*4"4-%S$A49"!}#LS!l"="!vvv!HSAP@J~"!B*!)(/%&+,-!90*-&/*.*!/-!/0!*%(-&1!/d+26*!./&/'5+-*'!%+!
=&*&+)!?1-&'10!?1591-/-&%D!I-)D!(-*!)159*:6*!4*<'+)*-&/!./!)8+9%!+-)1'91'*<0/%!*!)*'&()81%!./!
&+-&*! '/(&+0+7*<0/%! 4*<'+)*.1%! 91'! B/d5*'k! I-&/'-*&+1-*0D! I-)"D! &/-6*! 0/2+&+5*)+,-! 9*'*! /Q/')/'!
(-*!*))+,-!91'!9(<0+)+.*.!/-2*:1%*!)1-&'*!`%&*"
Q6/7%$#.&XXTf&:-9&Q<-.D-4&\7%&Z&1"#($5/2F$
qHPJ!R-3!9/'%1-!i81D!1-!1'!+-!)1--/)&+1-!i+&8!*-3!211.%!1'!%/'>+)/%D!1'!*-3!)1-&*+-/'!
41'! 211.%D! (%/%! +-! )155/')/! *-3! i1'.D! &/'5D! -*5/D! %35<10D! 1'! ./>+)/D! 1'! *-3!
)15<+-*&+1-!&8/'/14D!1'!*-3!4*0%/!./%+2-*&+1-!14!1'+2+-D!4*0%/!1'!5+%0/*.+-2!./%)'+9&+1-!14!
4*)&D!1'!4*0%/!1'!5+%0/*.+-2!'/9'/%/-&*&+1-!14!4*)&D!i8+)8K
qHRJ!+%! 0+k/03! &1! )*(%/! )1-4(%+1-D! 1'! &1! )*(%/! 5+%&*k/D! 1'! &1! ./)/+>/! *%! &1! &8/!
*44+0+*&+1-D!)1--/)&+1-D!1'!*%%1)+*&+1-!14!%()8!9/'%1-!i+&8!*-1&8/'!9/'%1-D!1'!*%!&1!
&8/!1'+2+-D!%91-%1'%8+9D!1'!*99'1>*0!14!8+%!1'!8/'!211.%D!%/'>+)/%D!1'!)155/')+*0!
*)&+>+&+/%!<3!*-1&8/'!9/'%1-D!1'
qH\J!+-! )155/')+*0! *.>/'&+%+-2! 1'! 9'151&+1-D! 5+%'/9'/%/-&%! &8/! -*&('/D!
)8*'*)&/'+%&+)%D! _(*0+&+/%D! 1'! 2/12'*98+)! 1'+2+-! 14! 8+%! 1'! 8/'! 1'! *-1&8/'! 9/'%1-w%!
211.%D!%/'>+)/%D!1'!)155/')+*0!*)&+>+&+/%D
q%8*00!</!0+*<0/!+-!*!)+>+0!*)&+1-!<3!*-3!9/'%1-!i81!</0+/>/%!&8*&!8/!1'!%8/!+%!1'!+%!0+k/03!&1!
</!.*5*2/.!<3!%()8!*)&"r
R%! '/0/>*-&! &1! +&%! B*-8*5! R)&! )0*+5D! =&*&+)! ?1-&'10! *00/2/.! &i1! &39/%! 14! 4*0%/! 1'! 5+%0/*.+-2!
)1-.()&! <3! B/d5*'k"! ]+'%&D! +&! *00/2/.! &8*&! &8'1(28! +&%! ;'/<*&/! 9'12'*5! B/d5*'k! q9('91%/4(003!
5+%0/*.%! /-.m(%/'%r! &1! </0+/>/! &8*&! &8/3! *'/! 0/2*003! <1(-.! <3! &8/! ;'/<*&/! &/'5%! *-.! *'/! &8(%!
'/_(+'/.! &1! '/&('-! &8/! ;'/<*&/m0*</0/.! )*'&'+.2/! &1! B/d5*'k! *4&/'! *! %+-20/! (%/"! H|J! =/)1-.D! +&!
*00/2/.! &8*&! (91-! +-&'1.()+-2! &8/! ;'/<*&/! 9'12'*5D! B/d5*'k! q%/-&! 0/&&/'%! &1! 51%&! 14! &8/!
)159*-+/%! +-! &8/! &1-/'! )*'&'+.2/! '/5*-(4*)&('+-2! <(%+-/%%r! 4*0%/03! *.>+%+-2! &81%/! )159*-+/%!
&8*&!+&!i*%!+00/2*0!&1!%/00!'/4('<+%8/.!;'/<*&/!)*'&'+.2/%!*-.D!+-!9*'&+)(0*'D!&8*&!+&!i*%!+00/2*0!&1!
(%/!=&*&+)!?1-&'10w%!9'1.()&%!&1!'/4('<+%8!&81%/!)*'&'+.2/%"!H|J!I.=&*&+)!?1-&'10!*%%/'&/.!&8*&!<3!
&81%/! %&*&/5/-&%D! B/d5*'k! 8*.! 5*&/'+*003! 5+%'/9'/%/-&/.! q&8/! -*&('/D! )8*'*)&/'+%&+)%D! *-.!
_(*0+&+/%r!14!<1&8!+&%!1i-!9'1.()&%!*-.!=&*&+)!?1-&'10w%!9'1.()&%"!H|JI&!4('&8/'!5*+-&*+-/.!&8*&!
B/d5*'kw%! 5+%'/9'/%/-&*&+1-%! 8*.! q9'1d+5*&/03! )*(%/.! *-.! }i/~'/! 0+k/03! &1! )*(%/! +-Q('3! &1!
}=&*&+)! ?1-&'10~! <3! .+>/'&+-2! %*0/%! 4'15! }=&*&+)! ?1-&'10~! &1! B/d5*'kDr! *-.! 8*.! q%(<%&*-&+*003!
+-Q('/.!}+&%~!<(%+-/%%!'/9(&*&+1-r!<3!q0/*.+-2!)1-%(5/'%!*-.!1&8/'%!+-!&8/!&'*./!&1!</0+/>/!&8*&!
}=&*&+)! ?1-&'10~! +%! /-2*2/.! +-! +00/2*0! )1-.()&"r! H|J=&*&+)! ?1-&'10! %1(28&! &'/<0/! .*5*2/%D!
*&&1'-/3w%!4//%!*-.!)1%&%D!*-.!+-Q(-)&+>/!'/0+/4"!!
g8/! X+%&'+)&! ?1('&! 2'*-&/.! B/d5*'kw%! 51&+1-! &1! .+%5+%%! =&*&+)! ?1-&'10w%! B*-8*5! R)&! )0*+5"! I&!
8/0.! &8*&! =&*&+)! ?1-&'10! 0*)k/.! q9'(./-&+*0! %&*-.+-2r! &1! <'+-2! &8*&! )0*+5D! H|J"! g8/! )1('&!
216
/598*%+7/.!&8*&!&8/'/!i/'/!q51'/!.+'/)&!90*+-&+44%!+-!&8/!41'5!14!'/5*-(4*)&('/'%!14!B/d5*'kw%!
)*'&'+.2/%ra!&8*&!=&*&+)!?1-&'10w%!+-Q('3!i*%!q'/51&}/~r!</)*(%/!+&!i*%!*!5/'/!q<3!9'1.()&!14!&8/!
%(991%/.!5*-+9(0*&+1-!14!)1-%(5/'%w!'/0*&+1-%8+9%!i+&8!'/5*-(4*)&('/'%ra!*-.!&8*&!B/d5*'kw%!
q*00/2/.! +-&/-&! }i*%~! &1! .'3! (9! %9/-&! )*'&'+.2/! %(990+/%! *&! &8/! '/5*-(4*)&('+-2! 0/>/0D! '*&8/'!
&8*-! *&! }=&*&+)! ?1-&'10~w%! %(9903! 0/>/0D! 5*k+-2! '/5*-(4*)&('/'%! B/d5*'kw%! *00/2/.! +-&/-./.!
&*'2/&"r!H|J
g8/!=+d&8!?+')(+&!'/>/'%/.!&8/!.+%5+%%*0!14!=&*&+)!?1-&'10w%!B*-8*5!R)&!)0*+5"!H|J}I&~!)1-)0(./.!
&8*&! =&*&+)! ?1-&'10! 8*.! %&*-.+-2! </)*(%/! +&! q*00/2/.! *! )12-+7*<0/! +-&/'/%&! +-! +&%! <(%+-/%%!
'/9(&*&+1-! *-.! %*0/%! &1! '/5*-(4*)&('/'%! *-.! %(44+)+/-&03! *00/2/.! &8*&! &8}1~%/! +-&/'/%&%! i/'/!
8*'5/.! <3! B/d5*'kw%! %&*&/5/-&%! &1! &8/! '/5*-(4*)&('/'%! &8*&! =&*&+)! ?1-&'10! i*%! /-2*2+-2! +-!
+00/2*0!)1-.()&r"!H|J
}x~/! 2/-/'*003! 9'/%(5/! &8*&! *! %&*&(&1'3! )*(%/! 14! *)&+1-! +%! 0+5+&/.! &1! 90*+-&+44%! i81%/! +-Q('+/%!
*'/!9'1d+5*&/03!)*(%/.!<3!>+10*&+1-%!14!&8/!%&*&(&/"!]1'!)/-&('+/%D!+&!8*%!<//-!q*!i/00!/%&*<0+%8/.!
9'+-)+90/!14!}&8/!?1551-~!B*iD!&8*&!+-!*00!)*%/%!14!01%%D!i/!*'/!&1!*&&'+<(&/!+&!&1!&8/!9'1d+5*&/!
)*(%/D!*-.!-1&!&1!*-3!'/51&/!)*(%/"r!H|J!g8*&!>/-/'*<0/!9'+-)+90/!'/40/)&%!&8/!'/*0+&3!&8*&!q&8/!
Q(.+)+*0! '/5/.3! )*--1&! /-)159*%%! />/'3! )1-)/+>*<0/! 8*'5! &8*&! )*-! </! &'*)/.! &1! *00/2/.!
i'1-2.1+-2"r!H|J
g8/!9'1d+5*&/m)*(%/!+-_(+'3!+%!-1&!/*%3!&1!./4+-/D!*-.!1>/'!&8/!3/*'%!+&!8*%!&*k/-!>*'+1(%!41'5%a!
<(&! )1('&%! 8*>/! *! 2'/*&! ./*0! 14! /d9/'+/-)/! *9903+-2! +&D! *-.! &8/'/! +%! *! i/*0&8! 14! 9'/)/./-&! 41'!
&8/5!&1!.'*i!(91-!+-!.1+-2!%1H|J"!;'1d+5*&/m)*(%/!*-*03%+%!+%!)1-&'100/.!<3!&8/!-*&('/!14!&8/!
%&*&(&1'3!)*(%/!14!*)&+1-"!g8/!_(/%&+1-!+&!9'/%/-&%!+%!i8/&8/'!&8/!8*'5!*00/2/.!8*%!*!%(44+)+/-&03!
)01%/!)1--/)&+1-!&1!&8/!)1-.()&!&8/!%&*&(&/!9'18+<+&%"
;(&! .+44/'/-&03D! &8/! 9'1d+5*&/m)*(%/! '/_(+'/5/-&! 2/-/'*003! <*'%! %(+&%! 41'! *00/2/.! 8*'5! &8*&! +%!
q&11!'/51&/r!4'15!&8/!./4/-.*-&w%!(-0*i4(0!)1-.()&"!g8*&!+%!1'.+-*'+03!&8/!)*%/!+4!&8/!8*'5!+%!
9('/03!./'+>*&+>/!14!q5+%41'&(-/%!>+%+&/.!(91-!*!&8+'.!9/'%1-!<3!&8/!./4/-.*-&w%!*)&%"r!H|JI-!*!
%/-%/D!14!)1('%/D!*00!)155/')+*0!+-Q('+/%!4'15!4*0%/!*.>/'&+%+-2!*'/!./'+>*&+>/!14!&81%/!%(44/'/.!
<3! )1-%(5/'%! i81! *'/! ./)/+>/.! <3! &8/! *.>/'&+%+-2a! <(&! %+-)/! &8/! B*-8*5! R)&! *(&81'+7/%! %(+&!
1-03! 41'! )155/')+*0! +-Q('+/%D! &8/! +-&/'>/-+-2! %&/9! 14! )1-%(5/'! ./)/9&+1-! +%! -1&! 4*&*0! &1! &8/!
%81i+-2!14!9'1d+5*&/!)*(%*&+1-!'/_(+'/.!<3!&8/!%&*&(&/"!H|J
x/! &8(%! 810.! &8*&! *! 90*+-&+44! %(+-2! (-./'! ëPPS#H*J! 1'.+-*'+03! 5(%&! %81i! /)1-15+)! 1'!
'/9(&*&+1-*0!+-Q('3!401i+-2!.+'/)&03!4'15!&8/!./)/9&+1-!i'1(28&!<3!&8/!./4/-.*-&w%!*.>/'&+%+-2a!
*-.! &8*&! &8*&! 1))('%! i8/-! ./)/9&+1-! 14! )1-%(5/'%! )*(%/%! &8/5! &1! i+&8810.! &'*./! 4'15! &8/!
90*+-&+44"!g8*&!%81i+-2!+%!2/-/'*003!-1&!5*./!i8/-!&8/!./)/9&+1-!9'1.()/%!+-Q('+/%!&1!*!4/001i!
)155/')+*0!*)&1'!&8*&!+-!&('-!*44/)&!&8/!90*+-&+44"!]1'!/d*590/D!i8+0/!*!)159/&+&1'!i81!+%!41')/.!
1(&!14!<(%+-/%%!<3!*!./4/-.*-&w%!4*0%/!*.>/'&+%+-2!2/-/'*003!i+00!</!*<0/!&1!%(/!41'!+&%!01%%/%D!&8/!
%*5/! +%! -1&! &'(/! 14! &8/! )159/&+&1'w%! 0*-.01'.D! +&%! /0/)&'+)! )159*-3D! *-.! 1&8/'! )155/')+*0!
9*'&+/%! i81! %(44/'! 5/'/03! *%! *! '/%(0&! 14! &8/! )159/&+&1'w%! q+-*<+0+&3! &1! 5//&! }+&%~! 4+-*-)+*0!
1<0+2*&+1-%"rH|J
217
'()*+,-./0:/
A&>).">(R$-$#(#/).</L&%L./(E&"./
/
!
!
P"!E/%91-%*<+0+.*.!>+)*'+*!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SPN!
S"!E/%91-%*<+0+.*.!./'+>*.*!./!0*!./9/-./-)+*!9/'%1-*0K!9*.'/%!3!&(&1'/%!"""""""""!SSP!
M"!E/%91-%*<+0+.*.!./'+>*.*!./!0*!./9/-./-)+*!9'14/%+1-*0K!/59'/%*'+1%!3!
&+&(0*'/%!./!)/-&'1%!.1)/-&/%!./!/-%/:*-7*!-1!%(9/'+1'!""""""""""""""""""""""""""""""""""""""""""""""""!SS@!
M"P!](-.*5/-&1!./!0*!'/%91-%*<+0+.*.!>+)*'+*!./0!/59'/%*'+1!""""""""""""""""""""""""!SS#!
@"!R))+,-!./!'/9/&+)+,-!)1-&'*!/0!/590/*.1!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SM@!
#"!I->/'%+,-!./!0*!)*'2*!./!0*!9'(/<*!./!0*!.+0+2/-)+*!"""""""""""""""""""""""""""""""""""""""""""""""""""""""!SM@!
O"!B*!'/%91-%*<+0+.*.!./!0*!R.5+-+%&'*)+,-!9[<0+)*!3!./0!9/'%1-*0!*!%(!%/'>+)+1!SML!
L"!X/!0*!./9/-./-)+*!*0!)1-&'10"!B*!'/%91-%*<+0+.*.!./!0*!1'2*-+7*)+,-!""""""""""""""""""!S@A!
c,&"+&>/)<$=(<$(>C
-
R'&6)(01%!PNAM!3!PNA@!./0!),.+21!)+>+0"
R'&"!PSA!./0!),.+21!9/-*0"
R'&%"!MS!*!ML!B/3!@AhSAP#D!./!P!./!1)&(<'/D!./!E`2+5/-!^('6.+)1!./0!=/)&1'!;[<0+)1"!
R'&"! OP"M! ./! 0*! B/3! n'2C-+)*! #hSAAAD! ./! PS! ./! /-/'1D! '/2(0*.1'*! ./! 0*! '/%91-%*<+0+.*.!
9/-*0!./!01%!5/-1'/%"
ë!USU!./0!),.+21!)+>+0!*0/5C-!H\T'2/'0+)8/%!F/%/&7<()8!H\F\JJ"
K$+&<(+,<(/>&%,"#(<$(C
-
-
^*>+/'! \RE?$BÑ! XnVÉG$?bD! B"%!*4%(D')'7(7$ 9'0')$ 7")$ "6!#"%(#'*$ !*#$ (9-'0'7(7"%$ 7"$ %,%$
7"!"47'"4-"%D!V)F'*ib+00D!V*.'+.D!PNN#"
c/',-+)*!=RG^lBIYG! ;lIFD!."$)($#"%!*4%(D')'7(7$9'0')$7"$)*%$6("%-#*%$($)($#"%!*4%(D')'7(7$9'0')$
7")$-'-,)(#$7")$9"4-#*$7*9"4-"D!\1%)8D!\*')/01-*D!SAAP"
;*<01!=RBcRXnE! ?nX$E?bh?*'01%!FÑV$t! BIFÖ$EE$h^(*-!R-&1-+1! ElIt! FRE?IRD! R-&1-+! El\Å! ;lIFD!
^1%`!;IÇ$IEn!=RBFl$EnD!qE/%91-./*&!=(9/'+1'!IrD!I-X'/&!ShSAAS!Hiii"+-.'/&")15J
=146*!X$!=RBR=!VlEIBBnD!B"%!*4%(D')'7(7$9'0')$"$'49(!(9'7(7L$)($#"%!*4%(D')'7(7$9'0')$!*#$7(_*%$
9(,%(7*%$ !*#$ !"#%*4(%$ "4$ )(%$ +,"$ 9*49,##"$ 9(,%($ 7"$ '49(!(9'-(9'^4D! g+'*-&! 01! \0*-)8D!
c*0/-)+*D!SAAM"
^1%/9! =nBÉ! ]$BIlD! =($ #"%!*4%(D')'7(7$ "3-#(9*4-#(9-,()$ 7")$ !#'49'!()$ !*#$ E"9E*%$ 7"$ %,%$
(,3')'(#"%L$!#'49'!'*%$&$-"47"49'(%D!$.+&1'+*0!E/(%D!V*.'+.D!SAPS"
E/+-+/'!b"!sERRsVRGD!qc+)*'+1(%!*-.!?1'91'*&/!B+*<+0+&3r!+-!V+)8*/0!]*('/!H$."JD!?*#-$=(>$
(47$ 29*4*6'9%D! $.i*'.! $02*'D! SAAN! H;*'&! 14! &8/! $-)3)019/.+*! 14! B*i! *-.! $)1-15+)%D! S."!
/.J"!
218
-
^/--+4/'! REB$GD! x+00+*5! ^"! ?REG$Z! r'9(#'*,%$ )'(D')'-&$ H*#$ H#(,7$ *4$ %"9,#'-'"%$ 6(#J"-%L$ -E"*#&$
(47$ "0'7"49"G! G/i! Z1'k! l-+>/'%+&3! =)8110! 14! B*iD! $)1-15+)%! *-.! n'2*-+7*&+1-! HPNNSD!
SAPSJ!
!
0;/A&>).">(R$-$#(#/D$%(<$(//
=/2[-!0*!'/20*!2/-/'*0!./0!./'/)81!/%9*:10!./!.*:1%D!0*!'/%91-%*<+0+.*.!)+>+0!./'+>*!./!*)&1%!(!
15+%+1-/%! 9'19+1%"! R%6! 01! 9'/>`! /0! *'&6)(01! PNAS! ??! )(*-.1! .+%91-/! _(/! q/0! _(/! 91'! *))+,-! (!
15+%+,-! )*(%*! .*:1! *! 1&'1! +-&/'>+-+/-.1! )(09*! 1! -/20+2/-)+*! /%&C! 1<0+2*.1! *! '/9*'*'! /0! .*:1!
)*(%*.1R"! B*! )*(%*)+,-! (-+0*&/'*0! ./! .*:1%! 3! 0*! 1<0+2*)+,-! ./! +-./5-+7*'! )1-! )*'21! *! %(!
)*(%*-&/!8*-!./4+-+.1!&'*.+)+1-*05/-&/!/0!51./01!<C%+)1!./!'/%91-%*<+0+.*.!)+>+0"
=+-!/5<*'21D!0*!1<0+2*)+,-!./!+-./5-+7*'!)1-!)*'21!*0!)*(%*-&/!5*&/'+*0!./0!.*:1!-1!*21&*!01%!
%(9(/%&1%!./!'/%91-%*<+0+.*.!9'/>+%&1%!91'!/0!?,.+21"!?1-41'5/!*0!(<+*%,-./09:3/''K
qB*! 1<0+2*)+,-! _(/! +591-/! /0! *'&6)(01! *-&/'+1'! /%! /d+2+<0/D! -1! %,01! 91'! 01%! *)&1%! (!
15+%+1-/%!9'19+1%D!%+-1!91'!01%!./!*_(/00*%!9/'%1-*%!./!_(+/-/%!%/!./</!'/%91-./'"
B1%!9*.'/%!%1-!'/%91-%*<0/%!./!01%!.*:1%!)*(%*.1%!91'!01%!8+Q1%!_(/!%/!/-)(/-&'/-!<*Q1!
%(!2(*'.*"
B1%!&(&1'/%!01!%1-!./!01%!9/'Q(+)+1%!)*(%*.1%!91'!01%!5/-1'/%!1!+-)*9*)+&*.1%!_(/!/%&C-!
<*Q1!%(!*(&1'+.*.!3!8*<+&*-!/-!%(!)159*:6*"
B1!%1-!+2(*05/-&/!01%!.(/:1%!1!.+'/)&1'/%!./!(-!/%&*<0/)+5+/-&1!3!/59'/%*!'/%9/)&1!./!
01%! 9/'Q(+)+1%! )*(%*.1%! 91'! %(%! ./9/-.+/-&/%! /-! /0! %/'>+)+1! ./! 01%! '*51%! /-! _(/! 01%!
&(>+/'*-!/590/*.1%D!1!)1-!1)*%+,-!./!%(%!4(-)+1-/%"
B*%! 9/'%1-*%! 1! /-&+.*./%! _(/! %/*-! &+&(0*'/%! ./! (-! ?/-&'1! .1)/-&/! ./! /-%/:*-7*! -1!
%(9/'+1'! '/%91-./'C-! 91'! 01%! .*:1%! 3! 9/'Q(+)+1%! _(/! )*(%/-! %(%! *0(5-1%! 5/-1'/%! ./!
/.*.! .('*-&/! 01%! 9/'61.1%! ./! &+/591! /-! _(/! 01%! 5+%51%! %/! 8*00/-! <*Q1! /0! )1-&'10! 1!
>+2+0*-)+*! ./0! 9'14/%1'*.1! ./0! ?/-&'1D! ./%*''100*-.1! *)&+>+.*./%! /%)10*'/%! 1!
/d&'*/%)10*'/%!3!)1590/5/-&*'+*%"
B*! '/%91-%*<+0+.*.! ./! _(/! &'*&*! /%&/! *'&6)(01! )/%*'C! )(*-.1! 0*%! 9/'%1-*%! /-! `0!
5/-)+1-*.*%! 9'(/</-! _(/! /590/*'1-! &1.*! 0*! .+0+2/-)+*! ./! (-! <(/-! 9*.'/! ./! 4*5+0+*!
9*'*!9'/>/-+'!/0!.*:1"r
$0!*'&6)(01!PNAM!??!-1!*21&*D!%+-!/5<*'21D!0*!'/2(0*)+,-!./!0*!./-15+-*.*!é'/%91-%*<+0+.*.!91'!
8/)81! *Q/-1w! _(/! /%D! /-! '/*0+.*.D! '/%91-%*<+0+.*.! 91'! 01%! .*:1%! )*(%*.1%! 91'! 0*%! 9/'%1-*%! ./!
)(31!)1591'&*5+/-&1!'/%91-./!/0!1<0+2*.1!*!/.()*'0*%D!)1-&'10*'0*%!1!%(9/'>+%*'0*%"
g*0! '/%91-%*<+0+.*.! 9(/./! %/'! [-+)*5/-&/! )+>+0D! /-! )(31! )*%1! %/2(+'C! 0*%! '/20*%! ./0! *'&6)(01!
PNAM!??"!;(/./!%/'D!&*5<+`-!)1-%/)(/-)+*!./0!./0+&1!)15/&+.1!91'!0*!9/'%1-*!./9/-.+/-&/!91'!
_(+/-!%/!8*!./!'/%91-./'D!/-!)(31!)*%1!%/'C-!./!*90+)*)+,-!0*%!'/20*%!/%9/)+*0/%!9'/>+%&*%!/-!&-/
(<+*%,-./02:/'OK
q=1-!&*5<+`-!'/%91-%*<0/%!)+>+05/-&/D!/-!./4/)&1!./!01%!_(/!01!%/*-!)'+5+-*05/-&/K
P"! B1%! 9*.'/%! 1! &(&1'/%D! 91'! 01%! .*:1%! 3! 9/'Q(+)+1%! )*(%*.1%! 91'! 01%! ./0+&1%! )15/&+.1%!
91'!01%!5*31'/%!./!.+/)+1)81!*:1%!%(Q/&1%!*!%(!9*&'+*!91&/%&*.!1!&(&/0*!3!_(/!>+>*-!/-!%(!
)159*:6*D!%+/59'/!_(/!8*3*!91'!%(!9*'&/!)(09*!1!-/20+2/-)+*"
219
S"! B*%! 9/'%1-*%! -*&('*0/%! 1! Q('6.+)*%! &+&(0*'/%! ./! /.+&1'+*0/%D! 9/'+,.+)1%D! '/>+%&*%D!
/%&*)+1-/%!./!'*.+1!1!&/0/>+%+,-!1!./!)(*0_(+/'!1&'1!5/.+1!./!.+4(%+,-!/%)'+&*D!8*<0*.*!1!
>+%(*0D!91'!01%!./0+&1%!)15/&+.1%!(&+0+7*-.1!01%!5/.+1%!./!01%!_(/!%/*-!&+&(0*'/%D!./Q*-.1!
*!%*0>1!01!.+%9(/%&1!/-!/0!*'&6)(01!SPS!./!/%&/!?,.+21"
M"! B*%! 9/'%1-*%! -*&('*0/%! 1! Q('6.+)*%D! /-! 01%! )*%1%! ./! ./0+&1%! )15/&+.1%! /-! 01%!
/%&*<0/)+5+/-&1%! ./! 01%! _(/! %/*-! &+&(0*'/%D! )(*-.1! 91'! 9*'&/! ./! 01%! _(/! 01%! .+'+Q*-! 1!
*.5+-+%&'/-D!1!./!%(%!./9/-.+/-&/%!1!/590/*.1%D!%/!8*3*-!+-4'+-2+.1!01%!'/20*5/-&1%!./!
910+)6*!1!0*%!.+%91%+)+1-/%!./!0*!*(&1'+.*.!_(/!/%&`-!'/0*)+1-*.1%!)1-!/0!8/)81!9(-+<0/!
)15/&+.1D!./!51.1!_(/!`%&/!-1!%/!8(<+/'*!9'1.()+.1!%+-!.+)8*!+-4'*))+,-"
@"! B*%! 9/'%1-*%! -*&('*0/%! 1! Q('6.+)*%! ./.+)*.*%! *! )(*0_(+/'! 2`-/'1! ./! +-.(%&'+*! 1!
)15/')+1D! 91'! 01%! ./0+&1%! _(/! 8*3*-! )15/&+.1! %(%! /590/*.1%! 1! ./9/-.+/-&/%D!
'/9'/%/-&*-&/%!1!2/%&1'/%!/-!/0!./%/59/:1!./!%(%!1<0+2*)+1-/%!1!%/'>+)+1%"
#"!B*%!9/'%1-*%!-*&('*0/%!1!Q('6.+)*%!&+&(0*'/%!./!>/86)(01%!%(%)/9&+<0/%!./!)'/*'!'+/%21%!
9*'*! &/')/'1%D! 91'! 01%! ./0+&1%! )15/&+.1%! /-! 0*! (&+0+7*)+,-! ./! *_(/001%! 91'! %(%!
./9/-.+/-&/%!1!'/9'/%/-&*-&/%!1!9/'%1-*%!*(&1'+7*.*%"r
B1%!%(9(/%&1%!)1-&/590*.1%!91'!/0!*'&"!PSA!?;!-1!%/!)1''/%91-./-!)1-!/0!*'&6)(01!PNAM!??D!*%6!
91'!/Q/5901D!/0!9'+5/'1!*!.+4/'/-)+*!./0!%/2(-.1D!%/!'/4+/'/!2/-`'+)*5/-&/!*!&1.1!/59'/%*'+1D!
)1-!+-./9/-./-)+*!./0!%/)&1'!1!'*51!*0!_(/!%/!./.+_(/!3!/-!/0!_(/!/590//!*!_(+/-/%!)*(%*'1-!/0!
.*:1"! $d+%&/D! %+-! /5<*'21D! (-*! )0*'*! %+5+0+&(.! /-&'/! *5<*%! '/2(0*)+1-/%D! _(/! )159*'&/-! /0!
9'+-)+9+1!)15[-!)1-41'5/!*0!)(*0!0*!*(%/-)+*!./!)*(%*)+,-!46%+)*!-1!/d1-/'*!./!'/%91-%*<+0+.*.!
*! _(+/-/%! &/-6*-! 0*! 1<0+2*)+,-! ./! %(9/'>+%*'! 3! )1-&'10*'! 0*! *)&(*)+,-! ./! _(+/-! )*(%,! .*:1%! *!
&/')/'1%"
B*%!'/20*%!)+>+0/%!3!9/-*0/%!./!'/%91-%*<+0+.*.!91'!8/)81!*Q/-1!)1-&/-+.*%!/-!01%!*'&6)(01%!PNAM!
??!3!PSA!?;!'/2(0*-!./!41'5*!%+5+0*'!%(9(/%&1%!8/&/'12`-/1%!_(/![-+)*5/-&/!&+/-/-!/-!)15[-!
0*!/d+%&/-)+*!./!(-*!'/0*)+,-!./!./9/-./-)+*!1!%(<1'.+-*)+,-!/-&'/!/0!)*(%*-&/!3!/0!'/%91-%*<0/!
./0! .*:1"! B1%! .+%&+-&1%! %(9(/%&1%! ./! 8/)81! 9(/./-! '/)1-.()+'%/! *! .1%! 2'*-./%! )*&/21'6*%! ./!
./9/-./-)+*K! 0*! ./'+>*.*! ./! (-*! '/0*)+,-! 4*5+0+*'! 1! *%+5+0*<0/! *! /00*! 3! 0*! 1'+2+-*.*! /-! (-*!
'/0*)+,-!0*<1'*0!1!9'14/%+1-*0"
B*%!9/'%1-*%!46%+)*%!'/%91-./-!91'!%(!9'19+*!)1-.()&*!-/20+2/-&/!3!.*:+-*"!;/'1D!)1-!4'/)(/-)+*!
m)1-!4'/)(/-)+*!5()81!5*31'm!0*%!9/'%1-*%!46%+)*%!3!Q('6.+)*%!'/%91-./-!91'!/0!8/)81!./!1&'1D!/%!
./)+'D!91'!0*!)1-.()&*!-/20+2/-&/!3!.*:+-*!./!(-!&/')/'1!>+-)(0*.1!)1-!/0!'/%91-%*<0/!91'!(-*!
'/0*)+,-! ./! *2/-)+*D! ./9/-./-)+*! (! 1&'*%! %+5+0*'/%! ./&/'5+-*.*%! 91'! 0*! 0/3! 1! 91'! 0*!
Q('+%9'(./-)+*"!=/!8*<0*!/-&1-)/%!./!'/%91-%*<+0+.*.!>+)*'+*!;r'9(#'*,%$='(D')'-&J!1!91'!/0!8/)81!
./! 1&'1! HB"%!*47"(-$ 8,!"#'*#J"! B*%! 5*31'/%! %10>/-)+*! 3! )*9*)+.*.! ./! *4'1-&*'! 01%! )1%&/%! ./!
&'*-%*))+,-! ./! _(+/-! 8*! ./! '/%91-./'! 91'! /0! 8/)81! *Q/-1! Q(%&+4+)*-! _(/! 01! 8*2*! *-&/%! _(/! /0!
)*(%*-&/!./0!.*:1!1!/-!0(2*'!%(31"
$-! >+'&(.! ./! 0*! '/%91-%*<+0+.*.! 91'! 8/)81! *Q/-1D! (-*! 9/'%1-*D! /0! 9'+-)+9*0D! '/%91-./! 91'! 01%!
.*:1%! )*(%*.1%! 91'! 1&'*D! /0! *2/-&/D! %+! 5/.+*! /-&'/! /001%! (-*! '/0*)+,-! _(/! 0/2+&+5*! *0! 9'+5/'1!
9*'*! )1-&'10*'! 01%! *)&1%! ./0! %/2(-.1! 3! %+! /0! .*:1! %/! 8*! )*(%*.1! /-! /0! )('%1! 3! ./%*''1001! ./! 0*!
*)&+>+.*.!/-)15/-.*.*!91'!/0!9'+5/'1!*0!%/2(-.1!1!)1-!1)*%+,-!./!/00*K
*J
=/! /-&+/-./! _(/! 8*3! )1-&'10! %+! /0! 9'+-)+9*0! &+/-/! 0*! [0&+5*! 9*0*<'*! /-! &1.1! 01! '/0*&+>1! *0!
51.1!./!00/>*'!*!)*<1!0*!*)&+>+.*.!./!_(/!%/!&'*&*"!
220
<J
;*'*! ./&/'5+-*'! %+! 01%! .*:1%! 8*-! %+.1! )*(%*.1%! /-! /0! )('%1! 1! )1-! 1)*%+,-! ./! 0*! *)&+>+.*.!
/-)15/-.*.*!H89*!"$*H$26!)*&6"4-JD!%/!&+/-/-!/-!)(/-&*K!
-
B*!-*&('*0/7*!./!0*!)1-.()&*!.*:+-*D!/%!./)+'D!%(!2'*.1!./!)1+-)+./-)+*!1!%+5+0+&(.!
)1-!0*!-*&('*0/7*!3!)*'*)&/'6%&+)*%!./!0*!*)&+>+.*.!/-)15/-.*.*"
-
=(!9'/>+%+<+0+.*.D!/-!)*%1!./!.101"
-
=(!1)(''/-)+*!/-!)11'./-*.*%!/%9*)+1&/591'*0/%!5C%!1!5/-1%!9',d+5*%!*!*_(`00*%!
/-!0*%!_(/!./</!&/-/'!0(2*'!0*!*)&+>+.*.!/-)15/-.*.*"
$0! 9'+5/'! '/_(+%+&1! H9*4-#*)J! 9/'5+&/! .+%&+-2(+'! 01%! %(9(/%&1%! ./! '/%91-%*<+0+.*.! >+)*'+*! ./0!
9'+-)+9*0!./!*_(/001%!/-!01%!)(*0/%!/0!)*(%*-&/!./0!.*:1!'/%91-./!91'_(/!8*!*)&(*.1!91'!)(/-&*!
/! +-&/'`%! 9'19+1%"! $0! %/2(-.1! H%9*!"$ *H$ "6!)*&6"4-J! 00/>*! *! +59(&*'! 1! 91-/'! *! )*'21! ./0!
9'+-)+9*0! [-+)*5/-&/! 01%! .*:1%! )*(%*.1%! /-! /0! ./%*''1001! ./! 0*%! *)&+>+.*./%! _(/! 8*!
/-)15/-.*.1! *0! *2/-&/D! 9/'1! -1! )(*0/%_(+/'*! .*:1%! /-! )(3*! )*(%*)+,-! 8*3*! +-&/'>/-+.1! /%&/!
[0&+51"
B*!'/20*!./!'/%91-%*<+0+.*.!91'!/0!8/)81!./!1&'1!%/!/d90+)*!5(3!<+/-!)(*-.1!/0!>6-)(01!_(/!(-/!
*0!'/%91-%*<0/!)1-!/0!)*(%*-&/!./!01%!.*:1%!9(/./!)*'*)&/'+7*'%/!)151!(-*!'/0*)+,-!./!*2/-)+*D!
/%! ./)+'D! )(*-.1! '/%91-./! /0! 9'+-)+9*0! 91'! 01! 8/)81! 91'! %(! *2/-&/a! *%6D! (-! /59'/%*'+1! 91'! 01%!
.*:1%! )*(%*.1%! 91'! %(%! /590/*.1%! 1! (-*! R.5+-+%&'*)+,-! 9[<0+)*! 91'! 01%! 1)*%+1-*.1%! 91'! %(%!
4(-)+1-*'+1%D! 9(/%! 1</./)/! *! 0*! -/)/%+.*.! ./! 14'/)/'! *! 0*%! >6)&+5*%! 91&/-)+*0/%! ./! .*:1%! (-*!
9'1&/))+,-!/4+)*7!/-!%(9(/%&1%!/-!_(/!0*!+-%10>/-)+*!./0!*2/-&/!)*(%*-&/!./!.*:1%!91.'6*!91-/'!
/-!9/0+2'1!&*-&1!0*!9'/>/-)+,-!./!*))+./-&/%!)151!%(!'/9*'*)+,-D!*%6!)151!*!0*!)1->/-+/-)+*!./!
8*)/'! '/%91-./'! *! *_(`00*! ./! 0*%! 9*'&/%! ./! 0*! '/0*)+,-D! -1'5*05/-&/! /0! 9'+-)+9*0D! _(/! 9(/./!
2/%&+1-*'!0*!+-41'5*)+,-!'/0/>*-&/!*!5/-1'!)1%&/"
2;/A&>).">(R$-$#(#/#&<$D(#(/#&/-(/#&)&"#&"%$(/)&<>."(-C/)(#<&>/F/
+,+.<&>//
$0!(<+*%,-./09:3/''!./.+)*!*!9*.'/%!3!&(&1'/%!%(%!.1%!9'+5/'*%!'/20*%K
qB1%!9*.'/%!%1-!'/%91-%*<0/%!./!01%!.*:1%!)*(%*.1%!91'!01%!8+Q1%!_(/!%/!/-)(/-&'/-!<*Q1!
%(!2(*'.*"
B1%!&(&1'/%!01!%1-!./!01%!9/'Q(+)+1%!)*(%*.1%!91'!01%!5/-1'/%!1!+-)*9*)+&*.1%!_(/!/%&C-!
<*Q1!%(!*(&1'+.*.!3!8*<+&*-!/-!%(!)159*:6*"r
B*! '/20*! )+>+0! -1! )1-&+/-/! 9'/>+%+,-! *02(-*! %1<'/! 0*! /.*.! ./0! 8+Q1"! b*3! _(/! /-&/-./'! _(/! 0*!
-1'5*!/%!./!*90+)*)+,-!*!01%!.*:1%!)*(%*.1%!91'!5/-1'/%!./!/.*.!1!91'!5*31'/%!*!01%!_(/!%/!
8*3*!9'1''12*.1!1!'/8*<+0+&*.1!0*!9*&'+*!91&/%&*."!$0!/_(+>*0/-&/!9/-*0D!%+-!/5<*'21D!.+%&+-2(/!
/-!4(-)+,-!./!0*!/.*.!./0!)*(%*-&/!91'!_(+/-!/0!9*.'/!1!&(&1'!./</'C-!'/%91-./'"!
$-!/4/)&1D!&-/(<+*%,-./02:/'O/9'/>`!_(/!'/%91-./'C-!./!5*-/'*!%(<%+.+*'+*K
221
qP"!B1%!9*.'/%!1!&(&1'/%D!91'!01%!.*:1%!3!9/'Q(+)+1%!)*(%*.1%!91'!01%!./0+&1%!)15/&+.1%!
91'!01%!5*31'/%!./!.+/)+1)81!*:1%!%(Q/&1%!*!%(!9*&'+*!91&/%&*.!1!&(&/0*!3!_(/!>+>*-!/-!
%(!)159*:6*D!%+/59'/!_(/!8*3*!91'!%(!9*'&/!)(09*!1!-/20+2/-)+*GR
$-! 01%! )*%1%! /-! _(/! /0! ./0+-)(/-&/! %/*! ./)0*'*.1! +-+59(&*<0/! 91'! 0*%! )*(%*%! 9'/>+%&*%! /-! /0!
*'&6)(01!SA"!P{!3!M{!?;!3D!/-!)1-%/)(/-)+*D!/d/-&1!./!0*!'/%91-%*<+0+.*.!9/-*0D!0*!'/20*!9/-*0!%/!
)1590/5/-&*!)1-!0*!9'/>+%&*!/-!/0!*'&6)(01!PPU!?;!_(/!9'/>`!0*!'/%91-%*<+0+.*.!)+>+0!%10+.*'+*!
./!9*.'/%D!&(&1'/%!3!2(*'.*.1'/%!./!8/)81K
qH"""J!%+/59'/!_(/!8*3*!5/.+*.1!)(09*!1!-/20+2/-)+*!91'!%(!9*'&/!3!%+-!9/'Q(+)+1!./!0*!
'/%91-%*<+0+.*.!)+>+0!.+'/)&*!_(/!9(.+/'*!)1''/%91-./'!*!01%!+59(&*<0/%"!B1%!^(/)/%!3!
g'+<(-*0/%! 2'*.(*'C-! ./! 41'5*! /_(+&*&+>*! 0*! 5/.+.*! /-! _(/! ./<*! '/%91-./'! )1-! %(%!
<+/-/%!)*.*!(-1!./!.+)81%!%(Q/&1%"r
V+/-&'*%!/0!)*(%*-&/!./0!.*:1!-1!%(9/'/!01%!.+/)+1)81!*:1%!%/'C!./!*90+)*)+,-!0*!K&F/\<?J"$%(/
5`2:::H/ #&/ 02/ #&/ &"&<.H/ <&?,-(#.<(/ #&/ -(/ A&>).">(R$-$#(#/ O&"(-/ #&/ -.>/ S&".<&>"! $0!
(<+*%,-./60;3!./!0*!-1'5*!9'/>`!_(/K
q?(*-.1! /0! '/%91-%*<0/! ./! 01%! 8/)81%! )15/&+.1%! %/*! (-! 5/-1'! ./! .+/)+1)81! *:1%D!
'/%91-./'C-! %10+.*'+*5/-&/! )1-! `0! ./! 01%! .*:1%! 3! 9/'Q(+)+1%! )*(%*.1%! %(%! 9*.'/%D!
&(&1'/%D!*)12/.1'/%!3!2(*'.*.1'/%!0/2*0/%!1!./!8/)81D!91'!/%&/!1'./-"!?(*-.1!`%&1%!-1!
8(<+/'/-! 4*>1'/)+.1! 0*! )1-.()&*! ./0! 5/-1'! )1-! .101! 1! )(09*! 2'*>/D! %(! '/%91-%*<+0+.*.!
91.'C!%/'!51./'*.*!91'!/0!^(/7!%/2[-!01%!)*%1%"r
B*!'/%91-%*<+0+.*.!91'!01%!.*:1%!)*(%*.1%!91'!/0!5/-1'!./!/.*.!-1!/d+2/!>+.*!/-!)159*:6*!)1-!
/0!)*(%*-&/!./0!.*:1"!B1%!*'&6)(01%!PNAM"!S!??!3!OP"M!BnE;V!-1!/d+2/-!)1->+>/-)+*!91'!01!_(/!0*!
'/%91-%*<+0+.*.! 9(/./! /d+2+'%/! /-! 01%! )*%1%! ./! %/9*'*)+,-D! Q(.+)+*0! 1! ./! 8/)81D! -(0+.*.! 3!
.+>1')+1"! $-! &1.1%! 01%! )*%1%! 0*! 2(*'.*! /%! (-! '/_(+%+&1! 9*'*! ./)0*'*'! 0*! '/%91-%*<+0+.*.! ./! 01%!
9*.'/%!91'!01%!8/)81%!./!%(%!8+Q1%"
B*! )1-%/)(/-)+*! 5C%! +591'&*-&/! ./! 0*! +-&'1.())+,-! ./0! &`'5+-1! é2(*'.*w! /%! _(/! /0! 9'12/-+&1'!
_(/! -1! )1->+>/! )1-! /0! 5/-1'! -1! _(/.*! 0+</'*.1! *(&15C&+)*5/-&/! ./! '/%91-%*<+0+.*."!
E/%91-./'C!/0!9'12/-+&1'!_(/!/-!/0!515/-&1!./!)*(%*)+,-!./0!.*:1!&/-6*!m1!./</'6*!&/-/'m!/0!
)1-&'10! ./0! 5/-1'D! )1-! +-./9/-./-)+*! ./! 0*%! 4*)(0&*./%! _(/! 0/! )1''/%91-.*-! 91'! 0/3! 1! 91'!
%/-&/-)+*"!B*!2(*'.*!'/*0!9'/>*0/)/!%1<'/!0*!0/2*0"
=+!<+/-!./!*)(/'.1!)1-!/0!*'&6)(01!PNAM"cI!0*!'/%91-%*<+0+.*.!91'!8/)81!*Q/-1!./!01%!9*.'/%!91'!
.*:1%! )*(%*.1%! 91'! %(%! 8+Q1%! 5/-1'/%! /%! (-*! '/%91-%*<+0+.*.! 91'! )(09*! 9'/%(-&*D! 9(/%! H|:$
q)/%*'C!)(*-.1!0*%!9/'%1-*%!/-!`0!5/-)+1-*.*%!9'(/</-!_(/!/590/*'1-!&1.*!0*!.+0+2/-)+*!./!(-!
<(/-!9*.'/!./!4*5+0+*!9*'*!9'/>/-+'!/0!.*:1RD!/0!g'+<(-*0!=(9'/51!)*%+!-(-)*!8*!*.5+&+.1!/%&*!
9'(/<*"
]^]H/0_H/226`2::6H//#&/8/#&/=(<N.H/SOC/a.>e/B"+."$./]&$E(>/l,$"+("(;
222
$0!SS"O"PNNMD!)+-)1!5/-1'/%!*._(+'+/'1-!.1%!<1&/00*%!./!C)+.1!)01'86.'+)1!3!(-!'1001!./!9*9/0!./!
*0(5+-+1!*!;*(0*!3!V*')1!R-&1-+1D!&'*<*Q*.1'/%!./0!%(9/'5/')*.1!9'19+/.*.!./!q=(9/'5/')*&%!
^1.14+D!="B"rD!%+&(*.1!/-!/0!?*59+-2!V*%!;*&1&d/%!./!;*0%"!$0!1<Q/&+>1!./!01%!5/-1'/%!/'*!'/*0+7*'!
(-! /d9/'+5/-&1! )1-%+%&/-&/! /-! 8*)/'! /d901&*'! (-*! <1&/00*! ./! ?1)*m?10*"! l-*! >/7! 4+-*0+7*.1! /0!
/d9/'+5/-&1D!2(*'.*'1-!0*!<1&/00*!./!C)+.1!/-!(-*!&(</'6*!./!(-*%!1<'*%!_(/!%/!00/>*<*-!*!)*<1!
/-!/0!5+%51!)*59+-2"!VC%!&*'./D!1&'1%!5/-1'/%!./!5C%!)1'&*!/.*.!/-)1-&'*'1-!0*!<1&/00*!3!%/!
>/'&+,!06_(+.1!%1<'/!(-1!./!/001%D!$013D!_(+/-!9/'.+,!0*!>+%+,-!./!%(!1Q1!+7_(+/'.1!3!%(4'+,!>*'+*%!
%/)(/0*%!46%+)*%!3!9%+)10,2+)*%"
B1%! 9*.'/%! ./! 0*! >6)&+5*D! R0</'&1! 3! $%9/'*-7*D! ./5*-.*'1-! *! ;*(0*D! V*')1! R-&1-+1D!
q=(9/'5/')*&%! ^1.14+! ="B"rD! q?*59+-2! V*%! ;*&1&d/%D! ="B"rD! 0*%! *%/2('*.1'*%! q$*20/! =&*'D! ="R"r! 3!
qt('+)8D! ="R"rD! *! V*'+*-1! 3! %(! 8+Q1D! Y-2/0! 3! %(! 8+Q1D! ^1'2/! 3! %(! 8+Q1D! 3! ^(*-! I2-*)+1! 3! %(! 8+Q1D! 3!
%10+)+&*'1-! PSA"SAS! ê! 91'! 0*! 9`'.+.*! ./! >+%+,-! ./0! 1Q1! H1! OA"APA! ê! /-! )*%1! ./! _(/! '/)(9/'*'*!
9*')+*05/-&/!0*!>+%+,-JD!@"LPS!ê!91'!01%!.6*%!./!<*Q*!3!U"O@@DM#!ê!91'!01%!2*%&1%!5`.+)1%"
$0!^;I!-{!M!./!0*!\+%<*0!HSM"PS"PNNLJ!/%&+5,!/-!9*'&/!0*!./5*-.*!3!)1-./-,!*!01%!9*.'/%!/!8+Q1%!
./5*-.*.1%!*0!9*21!./!#U"#A#DO@!ê"
B*! R;! ./! F+'1-*! H=/))+,-! PÄD! S@"M"PNNNJ! /%&+5,! /-! 9*'&/! /0! '/)('%1! ./! R0</'&1! 3! $%9/'*-7*a!
*%+5+%51D!/%&+5,!%,01!01%!'/)('%1%!./!^1'2/!3!%(!8+Q1D!3!./!Y-2/0!3!%(!8+Q1D!*!_(+/-/%!*<%10>+,D!3!
)1-./-,! *! 01%! ./5C%! 9*.'/%! /! 8+Q1%D! *! 01%! >/-./.1'/%D! *! q=(9/'5/')*&%! ^1.14+D! ="B"rD! q?*59+-2!
V*%!;*&1&d/%D!="B"r!3!*!0*%!*%/2('*.1'*%!*0!9*21!./!POU"ASL!ê"!
$0! g=! /%&+5,! 01%! '/)('%1%! ./! R0</'&1! 3! $%9/'*-7*! 3! )1-./-,! *! 01%! 9*.'/%! _(/! 8*<6*-! %+.1!
*<%(/0&1%! 91'! 0*! R;D! *0! )*59+-2! 3! *! %(! *%/2('*.1'*"! R%+5+%51D! /%&+5,! 01%! '/)('%1%! ./! q$*20/!
=&*'D!="R"r!3!q=(9/'5/')*&%!^1.14+D!="B"rD!*!0*%!_(/!*<%10>+,!Q(-&1!)1-!01%!>/-./.1'/%!3!01%!1&'1%!
5/-1'/%!)1-./-*.1%!91'!0*!R;K!
q}b~(<1!(-*!*)'/.+&*.*!(-+.*.!./!*)&(*)+,-D!2/-/'*.1'*!./!(-!'+/%21!/>+./-&/D!_(/!%/!&'*.(Q1!
/-!/0!.*:1!1)*%+1-*.1D!3!_(/!/001!-1!_(/.*!/-/'>*.1!91'!0*!/.*.!./!_(+/-/%!4(/'1-!*<%(/0&1%!*!
9*'&+'! ./! (-*! *'2(5/-&*)+,-! +2(*05/-&/! /%9/)(0*&+>*! %1<'/! /0! )1-&'10! 3! .15+-+1! _(/! ì%(/0/-!
&/-/'! 01%! 5*31'/%! %1<'/! 01%! 5/-1'/%î! 3! ./! 0*! +2-1'*-)+*! ./! 0*%! )*'*)&/'6%&+)*%! ./0! 9'1.()&1!
*._(+'+.1"! $%! .1)&'+-*! ./! /%&*! =*0*! 0*! ./! _(/! 0*! '/%91-%*<+0+.*.! ./)0*'*.*! /-! /0! *'&6)(01! PNAM!
H|J!)1-&/590*!(-*!'/%91-%*<+0+.*.!91'!'+/%21!1!)(*%+!1<Q/&+>*D!Q(%&+4+)C-.1%/!91'!0*!&'*%2'/%+,-!
./0! ./</'! ./! >+2+0*-)+*! _(/! *! 01%! 9*.'/%! +-)(5</! %1<'/! 01%! 8+Q1%! %15/&+.1%! *! %(! 91&/%&*.! )1-!
9'/%(-)+,-! ./! )(09*! /-! _(+/-! 0*! 1%&/-&*! H|J! %+-! _(/! %/*! 9/'5+&+.1! *59*'*'%/! /-! _(/! 0*!
)1-.()&*! ./0! 5/-1'D! ./<+.1! *! %(! /%)*%*! /.*.! 3! 4*0&*! ./! 5*.('/7D! -1! 9(/./! )*0+4+)*'%/! ./!
)(091%*D!9(/%!0*!'/%91-%*<+0+.*.!.+5*-*!./!)(09*!9'19+*!./0!2(*'.*.1'!91'!15+%+,-!./0!./</'!
./!>+2+0*-)+*!H|J!'*71-/%!_(/!91-/-!/-!/>+./-)+*!0*!+-4'*))+,-!0/2*0!./-(-)+*.*!/-!/0!51&+>1!3!
/0!/''1'!Q('6.+)1!9*./)+.1!91'!0*!%/-&/-)+*!./!+-%&*-)+*r!H]X"!#{J"!
B*%!.+%91%+)+1-/%!*90+)*.*%!/-!/%&/!)*%1!4(/'1-!01%!*'&%"!PNAS!3!PNAM!??D!*'&"!SO!B/3!SOhPNU@D!
./!PN!./!Q(0+1D!F/-/'*0!./!X/4/-%*!./!01%!?1-%(5+.1'/%!3!l%(*'+1%"!
!
!
223
]^]H/0_H/29`2::6H/#&/27/#&/&"&<.H/SOC/O&#<./X."NJ-&N/O.D&#(;
^1%`!R(2(%&1D!./!PA!*:1%D!3!%(!8/'5*-1!E*4*/0D!./!LD!%/!/-)1-&'*<*-!/-!(-!9*%1!/0/>*.1!%+&(*.1!
/-!/0!9(-&1!k+015`&'+)1!NSD#!./!0*!*(&19+%&*!RmND!)(*-.1!/0!9'+5/'1!*''1Q,!(-*!9+/.'*!./!(-1%!
S#! )5"! 3! SD#! s2"D! ./! 41'5*! +-&/-)+1-*.*D! ./%./! 0*! <*'*-.+00*! ./0! 9(/-&/! 8*)+*! 0*! )*07*.*"! B*!
9+/.'*! *&'*>/%,! /0! 9*'*<'+%*%! ./! (-! *(&1<[%! /! +59*)&,! )1-&'*! ?*'01%! V+2(/0D! (-1! ./! 01%!
1)(9*-&/%! ./0! >/86)(01"! ?151! )1-%/)(/-)+*! ./0! *))+./-&/D! ?*'01%! V+2(/0! %(4'+,! (-*! )1-&(%+,-!
&1'C)+)*!_(/!0/!9'1>1),!0*!5(/'&/"!
$%&6<*0+7D! 5*.'/! ./! ?*'01%! V+2(/0D! ./5*-.,! *! $>*'+%&1! /! I-`%D! 9*.'/%! ./! ^1%`! R(2(%&1D! 3! *!
qR(&19+%&*%! ./0! R&0C-&+)1D! ?1-)/%+1-*'+*! $%9*:10*D! ="R"rD! 3! %10+)+&,! (-*! +-./5-+7*)+,-! ./!
PUA"MAMDOM!ê"
$0!^;I!-{!P!./!;*.',-!HS@"PA"PNN#J!/%&+5,!/-!9*'&/!0*!./5*-.*!3!)1-./-,!*!$>*'+%&1!/!I-`%!3!*!
qR(&19+%&*%! ./0! R&0C-&+)1D! ?1-)/%+1-*'+*! $%9*:10*D! ="R"r! *0! 9*21! ./! NA"P#PDUS"! ê"! B*! R;! ./! B*!
?1'(:*!H=/))+,-!MÄD!PA"M"PNNNJ!/%&+5,!/0!'/)('%1!./!*9/0*)+,-!+-&/'9(/%&1!91'!qR(&19+%&*%!./0!
R&0C-&+)1D!?1-)/%+1-*'+*!$%9*:10*D!="R"rD!*!0*!_(/!*<%10>+,"!
$0!g=!/%&+5,!/0!'/)(%1!./!)*%*)+,-!+-&/'9(/%&1!91'!$%&6<*0+7D!'/>1),!0*!=R;!3!)1-4+'5,!0*!=^;IK!
}G~1! )*</! )*0+4+)*'! 0*! )1-.()&*! ./! 01%! 5/-1'/%D! ./! %+/&/! 3! .+/7! *:1%! ./! /.*.D! )151! ì&1'9/D!
+-&/-)+1-*0! 3! .*:1%*îD! /%! ./)+'D! )151! .101%*! /-! )1-&'*91%+)+,-! *! -/20+2/-&/D! .*.*! 0*! 4*0&*! ./!
.+%)/'-+5+/-&1!./!01%!5+%51%!9*'*!*9'/)+*'!*!2'*>/.*.!3!)1-%/)(/-)+*%!./!%(%!*)&1%a!-1!%/!/%&CD!
91'! &*-&1D! *-&/! (-*! )1-.()&*! Q('6.+)*5/-&/! )*0+4+)*<0/! )151! .101%*! _(/D! ./! /d+%&+'D!
+-&/''(59+'6*! /0! -/d1! )*(%*0D! %+/-.1! *%6! _(/! 0*! )1-.()&*! ./! 01%! +-)*9*)/%! -1! &+/-/-! /%*!
>+'&(*0+.*.!+-&/''(9&1'*!./0!-/d1!)*(%*0"!G1!)*</!*&'+<(+'!/%*!/4+)*)+*!+-&/''(9&1'*!*!0*!)1-.()&*!
./!(-!&/')/'1!_(/!/%!(-*!./!*_(/00*%!_(/!0*!-1'5*!./!)(+.*.1!+-4'+-2+.*D!/-!/0!)*%1!0*!*.19)+,-!
./! 5/.+.*%! )(3*! 15+%+,-! %/! +59(&*! *! R(&19+%&*%! ./0! R&0C-&+)1D! &/-6*! 0*! 4+-*0+.*.! ./! 9'/>/-+'r!
H]X"!S{J"!
B*%!.+%91%+)+1-/%!*90+)*.*%!*!/%&/!)*%1!4(/'1-!01%!*'&%"!PNAS!3!PNAM!??"!
$0!g'+<(-*0!*9'/)+*!/-!/0!)*%1!)1-)(''/-)+*!./!)*(%*%K!0*!*)&(*)+,-!./0!5/-1'!3!0*!15+%+,-!./!0*!
/59'/%*!)1-)/%+1-*'+*"!R5<*%!&+/-/-!'/0/>*-)+*!Q('6.+)*K!0*!9'+5/'*!91'_(/!/%!+59(&*<0/!*!0*!
)(09*! '4$ 0'@')(47*! ./! 01%! 9*.'/%a! 0*! %/2(-.*D! 91'_(/! /0! g'+<(-*0! *&'+<(3/! *! 0*! /59'/%*!
)1-)/%+1-*'+*!0*!*.19)+,-!./!0*!.+0+2/-)+*!-/)/%*'+*!9*'*!/>+&*'!/%&/!&+91!./!*))+./-&/%"
3;/A&>).">(R$-$#(#/#&<$D(#(/#&/-(/#&)&"#&"%$(/)<.I&>$."(-C/
&=)<&>(<$.>/F/+$+,-(<&>/#&/%&"+<.>/#.%&"+&>/#&/&">&Q("N(/"./
>,)&<$.</
?1-41'5/! *! 0*%! '/20*%! )+>+0/%! 3! 9/-*0/%! ./! '/%91-%*<+0+.*.! 91'! 8/)81! *Q/-1D! /59'/%*'+1%! m
.(/:1%! 3! .+'/)&1'/%! ./! (-! /%&*<0/)+5+/-&1! 1! /59'/%*m! 3! &+&(0*'/%! ./! (-! )/-&'1! .1)/-&/! ./!
/-%/:*-7*! -1! %(9/'+1'! m/59'/%*'+1%! *0! 4+-! 3! *0! )*<1m! '/%91-./-! ./! 01%! .*:1%! )*(%*.1%! 91'D!
224
'/%9/)&+>*5/-&/D! %(%! ./9/-.+/-&/%! 3! 5*/%&'1%"! B*%! '/2(0*)+1-/%! )+>+0! 3! 9/-*0! -1! %1-D! %+-!
/5<*'21D!81512`-/*%"
$0!(<+*%,-./09:3/''!./.+)*!*!01%!/59'/%*'+1%D!/-!2/-/'*0D!3!*!(-!&+91!)1-)'/&1!./!/59'/%*'+1%!1!
'/%91-%*<0/%D! 01%! .+'/)&1'/%! ./! )/-&'1%! .1)/-&/%! ./! /-%/:*-7*! -1! %(9/'+1'D! %(%! .1%! [0&+5*%!
+-.+)*)+1-/%!./!'/%91-%*<0/%K
qB1!%1-!+2(*05/-&/!01%!.(/:1%!1!.+'/)&1'/%!./!(-!/%&*<0/)+5+/-&1!3!/59'/%*!'/%9/)&1!./!
01%! 9/'Q(+)+1%! )*(%*.1%! 91'! %(%! ./9/-.+/-&/%! /-! /0! %/'>+)+1! ./! 01%! '*51%! /-! _(/! 01%!
&(>+/'*-!/590/*.1%D!1!)1-!1)*%+,-!./!%(%!4(-)+1-/%"
B*%! 9/'%1-*%! 1! /-&+.*./%! _(/! %/*-! &+&(0*'/%! ./! (-! ?/-&'1! .1)/-&/! ./! /-%/:*-7*! -1!
%(9/'+1'! '/%91-./'C-! 91'! 01%! .*:1%! 3! 9/'Q(+)+1%! _(/! )*(%/-! %(%! *0(5-1%! 5/-1'/%! ./!
/.*.! .('*-&/! 01%! 9/'61.1%! ./! &+/591! /-! _(/! 01%! 5+%51%! %/! 8*00/-! <*Q1! /0! )1-&'10! 1!
>+2+0*-)+*! ./0! 9'14/%1'*.1! ./0! ?/-&'1D! ./%*''100*-.1! *)&+>+.*./%! /%)10*'/%! 1!
/d&'*/%)10*'/%!3!)1590/5/-&*'+*%"r
$-! /0! ?,.+21! 9/-*0! 0*! '/%91-%*<+0+.*.! )+>+0! ./! &*0/%! %(Q/&1%! %/! )1-)'/&*! /-! 01%! %+2(+/-&/%!
%(9(/%&1%!_(/!)1-&/590*!/0!(<+*%,-./02:/'OK
qS"! B*%! 9/'%1-*%! -*&('*0/%! 1! Q('6.+)*%! &+&(0*'/%! ./! /.+&1'+*0/%D! 9/'+,.+)1%D! '/>+%&*%D!
/%&*)+1-/%!./!'*.+1!1!&/0/>+%+,-!1!./!)(*0_(+/'!1&'1!5/.+1!./!.+4(%+,-!/%)'+&*D!8*<0*.*!1!
>+%(*0D!91'!01%!./0+&1%!)15/&+.1%!(&+0+7*-.1!01%!5/.+1%!./!01%!_(/!%/*-!&+&(0*'/%D!./Q*-.1!
*!%*0>1!01!.+%9(/%&1!/-!/0!*'&6)(01!SPS"
M"! B*%! 9/'%1-*%! -*&('*0/%! 1! Q('6.+)*%D! /-! 01%! )*%1%! ./! ./0+&1%! )15/&+.1%! /-! 01%!
/%&*<0/)+5+/-&1%! ./! 01%! _(/! %/*-! &+&(0*'/%D! )(*-.1! 91'! 9*'&/! ./! 01%! _(/! 01%! .+'+Q*-! 1!
*.5+-+%&'/-D!1!./!%(%!./9/-.+/-&/%!1!/590/*.1%D!%/!8*3*-!+-4'+-2+.1!01%!'/20*5/-&1%!./!
910+)6*!1!0*%!.+%91%+)+1-/%!./!0*!*(&1'+.*.!_(/!/%&`-!'/0*)+1-*.1%!)1-!/0!8/)81!9(-+<0/!
)15/&+.1D!./!51.1!_(/!`%&/!-1!%/!8(<+/'*!9'1.()+.1!%+-!.+)8*!+-4'*))+,-"
@"! B*%! 9/'%1-*%! -*&('*0/%! 1! Q('6.+)*%! ./.+)*.*%! *! )(*0_(+/'! 2`-/'1! ./! +-.(%&'+*! 1!
)15/')+1D! 91'! 01%! ./0+&1%! _(/! 8*3*-! )15/&+.1! %(%! /590/*.1%! 1! ./9/-.+/-&/%D!
'/9'/%/-&*-&/%!1!2/%&1'/%!/-!/0!./%/59/:1!./!%(%!1<0+2*)+1-/%!1!%/'>+)+1%"r
$0!?,.+21!9/-*0!)*'/)/!./!(-*!'/20*!/%9/)64+)*!%1<'/!0*!'/%91-%*<+0+.*.!./!&+&(0*'/%!./!)/-&'1%!
.1)/-&/%D! 9(/%! /0! 0/2+%0*.1'! ./! PNN#! /-&/-.+,! _(/! -1! 8*3! .+4/'/-)+*%! /-&'/! /0! &+&(0*'! ./! (-!
)/-&'1!/.()*&+>1!_(/!'/%91-./!91'!0*%!./4+)+/-)+*%!./!)1-&'10!./!01%!5*/%&'1%!_(/!)1-&'*&,!3!/0!
/59'/%*'+1!_(/!01!8*)/!91'!01%!.*:1%!)*(%*.1%!91'!01%!./9/-.+/-&/%!*!%(!%/'>+)+1K!*5<1%!%1-!
/59'/%*'+1%"
3;0/c,"#(=&"+./#&/-(/<&>).">(R$-$#(#/D$%(<$(/#&-/&=)<&>(<$./
=(91-2*51%!(-!5(-.1!+5*2+-*'+1D!(AD!/-!/0!_(/D!)151!%()/./!/-!/0!-(/%&'1D!(PD!01%!&'*<*Q*.1'/%!
1! /590/*.1%! ./! /59'/%*%! 9'+>*.*%! 3! 4(-)+1-*'+1%! *0! %/'>+)+1! ./! *.5+-+%&'*)+1-/%! 9[<0+)*%!
9(/./-!)*(%*'!.*:1%!*!&/')/'1%!/-!/0!)('%1!./!%(!*)&+>+.*.!9'14/%+1-*0D!9/'1!/-!/0!_(/!*./5C%!3!
*!.+4/'/-)+*!./!01!_(/!%(/0/!1)(''+'!/-!(PK
225
P"
B*! >6)&+5*! ./0! .*:1! 9(/./! +./-&+4+)*'! 5(3! 4C)+05/-&/! *0! &'*<*Q*.1'! m1! *0! /590/*.1! 1!
4(-)+1-*'+1!9[<0+)1m!_(/!01!)*(%,"!!
S"
B1%!)1%&/%!./!)1-&'*&*)+,-!/-&'/!/59'/%*'+1!3!&'*<*Q*.1'!%1-!<*Q1%!3D!/-!9*'&+)(0*'D!0*!0/3!
9/'5+&/! _(/! *5<1%! 9(/.*-! 9*)&*'! 0+<'/5/-&/! 0*! *%(-)+,-! m91'! /0! (-1! 1! 91'! /0! 1&'1m! 3D!
)1-%+2(+/-&/5/-&/D!0*!/d1-/'*)+,-!m./0!1&'1!1!./0!(-1m!./!&1.*!91%+<0/!'/%91-%*<+0+.*.!91'!
.*:1%!)*(%*.1%!*!&/')/'1%"!!
M"
$0!/590/*.1!/%!-/(&'*0!*0!'+/%21!m/%&1!/%D!0*!(&+0+.*.!/%9/'*.*!./!%(!'+_(/7*!/%!0*!./!%(!>*01'!
/%9/'*.1m!/!+0+5+&*.*5/-&/!%10>/-&/!m/%!./)+'D!9(/./!)1%&/*'!0*!'/9*'*)+,-!./!)(*0/%_(+/'*!
.*:1%!_(/D!/-!/0!./%*''1001!./!%(!*)&+>+.*.!9'14/%+1-*0!)*(%/!*!&/')/'1%"!!
$-!/%&*%!)1-&'*4C)&+)*%!)+')(-%&*-)+*%D!0*!'/20*!./!'/%91-%*<+0+.*.!./0!/59'/%*'+1!91'!01%!.*:1%!
)*(%*.1%!91'!%(%!/590/*.1%!%/'6*!*<%10(&*5/-&/!+--/)/%*'+*D!9(/%!<*%&*'6*!)1-!0*!'/20*!2/-/'*0!
./! '/%91-%*<+0+.*.! 91'! *)&1%! (! 15+%+1-/%! 9'19+1%! 3! 0*! 0+</'&*.! )1-&'*)&(*0! ./! *%(5+'!
'/%91-%*<+0+.*.! 91'! /0! 8/)81! *Q/-1D! 9(/%D! /-! *(%/-)+*! ./! )1%&/%! ./! &'*-%*))+,-D! 0*! *%+2-*)+,-!
0/2*0! ./! 01%! '/)('%1%! 3! ./! 0*! '/%91-%*<+0+.*.! 91'! %(! (%1! /%! +''/0/>*-&/! %/2[-! 51%&',! E1-*0.!
?1*%/K!%+!/59'/%*'+1!3!&'*<*Q*.1'!9*)&*'1-!_(/!`%&/!8*<'6*!./!'/%91-./'D!/0!/590/*.1!9/.+'6*!
5*31'! %(/0.1! 91'! /001D! 9/'1! %+! /0! 9*)&1! 9'/>+,! _(/! /0! /59'/%*'+1! *%(5+'6*! 0*! '/%91-%*<+0+.*.!
)1-&'*6.*!91'!/0!&'*<*Q*.1'D!`%&/!1<&/-.'C!5/-1'!%(/0.1!./!*_(`0"!$-!*5<1%!)*%1%D!0*!.+4/'/-)+*!
/-!5C%!1!/-!5/-1%!>/-.'6*!*!/_(+>*0/'!*!01%!)1%&/%!./!0*!9'+5*!./0!)1''/%91-.+/-&/!%/2('1!./!
.*:1%!_(/!)1-&'*&*'6*-D!'/%9/)&+>*5/-&/D!&'*<*Q*.1'!1!/59'/%*'+1"
=+-! /5<*'21D! /0! 51./01! *-&/'+1'! /%D! )151! ./)+51%D! )1-&'*4C)&+)1D! 9(/%! -+/2*! 0*%! '/*0+.*./%!
/)1-,5+)*%!./!(P!)*'*)&/'+7*.*%!91'!0*!.+>+%+,-!./0!&'*<*Q1D!0*!+2-1'*-)+*!'*)+1-*0!3!0*!)1-4+*-7*!
1D! 01! _(/! /%! 01! 5+%51D! 91'! /0! ./%*''1001! )1-&+-(*.1! ./! 01%! )1-1)+5+/-&1%! )+/-&64+)1%! 3!
&/)-10,2+)1%!3!0*!)1-%+2(+/-&/!/%9/)+*0+7*)+,-K
P"
!!!!!B*!>6)&+5*!-1!91.'C!+./-&+4+)*'!4C)+05/-&/!*0!/590/*.1!)*(%*-&/!.+'/)&1!./0!.*:1!
1D! 5/Q1'! .+)81D! 01! -1'5*0! %/'C! _(/! 0/! '/%(0&/! 5C%! %/-)+001! +./-&+4+)*'! *! 0*! /59'/%*!
_(/!*0!&'*<*Q*.1'!./!0*!5+%5*!)*(%*-&/!.+'/)&1!./0!.*:1"!$-!*(%/-)+*!./!(-*!'/20*!
./!'/%91-%*<+0+.*.!91'!/0!8/)81!./!1&'1D!/0!/59'/%*'+1!91.'C!/%)1-./'%/!./&'C%!./!
%(!*-,-+51!/590/*.1"!!
S"
!!!!!B1%!)1%&/%!./!&'*-%*))+,-!/-&'/!/59'/%*'+1%!-1!%(/0/-!%/'!<*Q1%D!)151!&*591)1!
01! %1-! 01%! ./! )1-&'*&*)+,-! ./! (-! %/2('1"! B1%! 9'+5/'1%! )*%+! -(-)*! 01! %1-D! 9(/%! 0*%!
9*'&/%! -1! %(/0/-! .+%91-/'! ./! 0*! 5+%5*! +-41'5*)+,-! 3! )*.*! (-*! /%&C! /d9(/%&*! *!
)1-.()&*%! 191'&(-+%&*%! ./! 0*! 1&'*"! B*! *%+5/&'6*! +-41'5*&+>*! 3! 0*! /d+2/-)+*! ./!
%*0>*2(*'.+*%!_(/!*%/2('/-!/0!)(590+5+/-&1!/-)*'/)/-!/0!9'1)/%1!)1-&'*)&(*0"!
M"
!!!!!G1'5*05/-&/D! /0! &'*<*Q*.1'! -1! %/'C! +0+5+&*.*5/-&/! %10>/-&/! 1! -1! /%&*'C!
*%/2('*.1!3!-1!91.'C!*4'1-&*'!&1.*%!0*%!+-./5-+7*)+1-/%!./<+.*%!91'!01%!.*:1%!_(/!
)*(%/"! ;/'1! %+! 01%! &'*<*Q*.1'/%! )*'/)/-! ./! '/)('%1%! %(4+)+/-&/%! 9*'*! 9*2*'! (-*!
+-./5-+7*)+,-!/_(+>*0/-&/!*!01%!.*:1%!)*(%*.1%D!&*591)1!&/-.'C-!+-)/-&+>1%!9*'*!
*.19&*'! (-! -+>/0! ,9&+51! ./! 9'/)*()+1-/%D! %+-1! 1&'1! +-4/'+1'! _(/! /%&*'C!
9'/)+%*5/-&/!/-!4(-)+,-!./0!2'*.1!./!0+5+&*)+,-!./!%(!%10>/-)+*!/)1-,5+)*"!?151!
-1! 8*<'C-! ./! '/%91-./'! 91'! &1.1%! 01%! .*:1%! )*(%*.1%! m)*'/)/-! 91'! 8+9,&/%+%! ./!
226
'/)('%1%! 9*'*! /001m! %(%! ./5*-.*%! %*0*'+*0/%! -1! '/40/Q*'C-! /0! +591'&/! ./! *_(`001%D!
91'!01!_(/!&*591)1!01%!/59'/%*'+1%!%/'C-!'*)+1-*05/-&/!+-)/-&+>*.1%!*!*.19&*'!0*%!
9'/)*()+1-/%! 1! 0*%! 5/.+.*%! ./! )1-&'10! ,9&+5*%"! ;1'! [0&+51D! 01%! /59'/%*'+1%! %/!
2(*'.*'C-! 5(3! 5()81! ./! *%(5+'! 0*%! ./(.*%! ./! '/%91-%*<+0+.*.! )+>+0! ./! %(%!
/590/*.1%!3!&/-./'C-!*!)1-&'*&*'!/590/*.1%!5Cd+5*5/-&/!+-%10>/-&/%!m3!01!_(/!/%!
*[-! 9/1'K! )1-! /0/>*.1! 2'*.1! ./! 9'19/-%+,-! *0! '+/%21m! 9*'*! 0*! '/*0+7*)+,-! ./! 0*%!
&*'/*%! 5C%! 9/0+2'1%*%! 9*'*! &/')/'1%"! B*! *(%/-)+*! ./! (-*! '/20*! ./! '/%91-%*<+0+.*.!
>+)*'+*!%(91-.'6*!0*!./%/%&+5*)+,-!./0!)1%&/!%1)+*0!./!0*%!*)&+>+.*./%!'/*0+7*.*%!91'!
./0/2*)+,-"!$-!/4/)&1D!0*!'/20*!8*)/!'/)*/'!01%!)1%&/%!./0!)1-&'10D!./!0*!)11'.+-*)+,-!
3!./0!*%/2('*5+/-&1!./!/%*%!*)&+>+.*./%!%1<'/!_(+/-!9/')+<+'C!01%!</-/4+)+1%!./!%(!
'/*0+7*)+,-!/-!>/7!./!8*)/'01!%1<'/!&/')/'1%D!0*%!>6)&+5*%"!$-!*(%/-)+*!./!(-*!'/20*!
./!'/%91-%*<+0+.*.!>+)*'+*D!0*!>6)&+5*!'/%(0&*'6*!+-4'*)159/-%*.*!3!/0!9'/)+1!./!0*%!
*)&+>+.*./%! 91&/-)+*05/-&/! .*:+-*%! 9*'*! /00*! -1! '/40/Q*'6*! &1.1%! 01%! )1%&/%!
./'+>*.1%! ./! %(! '/*0+7*)+,-! 3D! -*&('*05/-&/D! )151! /0! 9'+-)+9*0! -1! 8*<'6*! ./!
'/%91-./'!91'!01%!.*:1%!./!%(%!/590/*.1%!&*591)1!)1-&'*&*'6*!Q*5C%!01%!%/2('1%!
_(/!91.'6*-!)(<'+'!/%&*%!)1-&+-2/-)+*%"!!
B*! '/%91-%*<+0+.*.! >+)*'+*! 1! 91'! 8/)81! *Q/-1! /%! (-*! '/%9(/%&*! 0/2*0! /4+)+/-&/! *! 01%! 9'1<0/5*%!
90*-&/*.1%!91'!0*%!%+&(*)+1-/%!/-!_(/!/0!)*(%*-&/!91&/-)+*0!./0!.*:1!./%*''100*!%(!*)&+>+.*.!91'!
)(/-&*! ./! %(! 9'+-)+9*0D! _(/! %/'C! ./)0*'*.1! .+'/)&*5/-&/! '/%91-%*<0/"! É%&/D! *-&/! 0*! &/%+&('*! ./!
&/-/'!_(/!'/%91-./'!91'!01%!.*:1%!./!%(%!/590/*.1%D!*0+-/*'C!0*%!5/.+.*%!./!)1-&'10!%1<'/!/0!
&'*<*Q1! ./! *_(`001%! )1-! /0! 2'*.1! '*71-*<0/! ./! 9'/)*()+1-/%! /d+2+<0/%! 3! '/)(''+'C! *! %(!
/d9/'+/-)+*!9'14/%+1-*0!9*'*!8*)/'01!*%6"!B*!'/%91-%*<+0+.*.!>+)*'+*!%/!)1-%&'(3/D!./!/%&/!51.1D!
*!9*'&+'!./!0*%!+->/'%+1-/%!/-!.+0+2/-)+*!./!9'+-)+9*0!3!*2/-&/!3!1<0+2*!*!*5<1%!*!)11'.+-*'!%(%!
*)&+>+.*./%!3!1<%/'>*'!01%!'/%9/)&+>1%!./</'/%!./!9'/)*()+,-"!
$-!(-*!'/0*)+,-!./!*2/-)+*D!/0!9'+-)+9*0!%/!</-/4+)+*!./!0*!*)&+>+.*.!_(/!./%*''100*!1&'*!9/'%1-*D!
%(!*2/-&/"!$0!9'1<0/5*!/)1-,5+)1!<C%+)1!./!0*%!'/0*)+1-/%!./!*2/-)+*!)1-%+%&/!/-!*0+-/*'!./!0*!
5/Q1'! 5*-/'*! 91%+<0/! 01%! +-&/'/%/%! ./0! 9'+-)+9*0! m_(/! 9'/&/-./! 5*d+5+7*'! 01%! </-/4+)+1%!
'/%(0&*-&/%!./!0*!*)&+>+.*.!./!%(!*2/-&/m!)1-!01%!./!`%&/!m_(/!_(+/'/!5*d+5+7*'!01%!./!%(!9'19+*!
*)&+>+.*."
$-&1-)/%D!/0!9'1<0/5*!Q('6.+)1!4(-.*5/-&*0!./!0*%!'/0*)+1-/%!./!*2/-)+*!)1-%+%&/!/-!.+%/:*'!0*%!
'/20*%!)1-&'*)&(*0/%!3!0/2*0/%!./!0*!'/0*)+,-!/-&'/!9'+-)+9*0!3!*2/-&/!_(/!5/Q1'!+-)/-&+>/-!*!(-*!
3!*!1&'*!9*'&/!*!*0+-/*'!/4+)+/-&/5/-&/!%(%!+-&/'/%/%!'/%9/)&+>1%"!
B*%! '/20*%! 0/2*0/%! 3! )1-&'*)&(*0/%! *<1'.*-! %+5(0&C-/*5/-&/! >*'+1%! 9'1<0/5*%! 1! )1%&/%! ./!
*2/-)+*! 3! %/! .+'+2/-! *! '/.()+'! 0*%! ./%>+*)+1-/%! ./0! )1591'&*5+/-&1! ./0! *2/-&/! '/%9/)&1! ./!
*_(/00*!)1-.()&*!_(/!5/Q1'!%+'>/!*!01%!+-&/'/%/%!./0!9'+-)+9*0K
-
B1%!%.>+&>/#&/>,)&<D$>$G"D!_(/!'/)*/-!%1<'/!/0!9'+-)+9*0!3!)(3*!5+%+,-!/%!*%/2('*'!_(/!/0!
*2/-&/! *)&(*'C! )1-41'5/! *! 01! 9'/>+%&1"! $0! 9'+-)+9*0! 9(/./! 1<%/'>*'! 3! )1-&'10*'! /0!
)1591'&*5+/-&1! ./0! *2/-&/D! 9/'1! %,01! 9(/./! 8*)/'01! ./-&'1! ./! (-1%! 065+&/%! 3! -1D! ./%./!
0(/21D! 8*%&*! /0! 9(-&1! /-! _(/! 0/! %*0.'6*! 5C%! *! )(/-&*! '/*0+7*'! 91'! %6! 5+%51! 0*! *)&+>+.*.!
/-)15/-.*.*!*!%(!*2/-&/"
-
B1%!%.>+&>/#&/?(<("+*(D!/d+2+.1%!91'!/0!9'+-)+9*0!3!)(3*!4(-)+,-!/%!%(4'*2*'!01%!2*%&1%!./!0*!
)1-4+*-7*!_(/!/0!9'+5/'1!8*!./!./91%+&*'!/-!/0!%/2(-.1"!$0!*2/-&/!9(/./!/%41'7*'%/!5C%!1!
227
5/-1%! /-! /0! ./%*''1001! ./! %(! *)&+>+.*.D! /%! ./)+'D! 9(/./! &'*<*Q*'! 5C%! 1! 5/-1%! 3! 9(/./!
8*)/'01!5/Q1'!1!9/1'D!/%&1!/%D!%(!*)&+>+.*.!/%&C!%(Q/&*!*!(-!2'*.1!5C%!1!5/-1%!/0/>*.1!./!
'+/%21!51'*0!H6*#()$E(M(#7J"
-
l-*! )+/'&*! )e<#$#(/ <&>$#,(-D! )1-%/)(/-)+*! ./! _(/D! +-)0(%1! /-! 01%! -+>/0/%! ,9&+51%! ./!
%(9/'>+%+,-! 3! 2*'*-&6*D! %(/0/! %/'! 9'/4/'+<0/! _(/! 9/'%+%&*! )+/'&*! ./%>+*)+,-! /-! 0*! )1-.()&*!
./0!*2/-&/!'/%9/)&1!*!0*!_(/!%/'6*!,9&+5*"!$0!)1-&'10!&1&*0!%(91-/!)1%&/%!+-4+-+&1%"!
B*%! '/20*%! ./! 0*! '/%91-%*<+0+.*.! >+)*'+*! %1-! ./! .1%! &+91%K! (-*%! m0*%! _(/! '/2(0*-! 0*! '/0*)+,-!
/d&/'-*! /-&'/! /0! 9'+-)+9*0! 3! *2/-&/! ./0! .*:1D! 91'! (-! 0*.1D! 3! 0*! >6)&+5*! ./0! .*:1D! 91'! /0! 1&'1m!
9(/./-! /%&*<0/)/'! _(/! 0*! >6)&+5*! ./5*-./! .+'/)&*5/-&/! *0! 9'+-)+9*0! 1! *! `%&/! 3! *0! *2/-&/!
%+5(0&C-/*! 3! %10+.*'+*5/-&/D! /&)"a! 1&'*%! m0*%! _(/! '/2(0*-! 0*! '/0*)+,-! +-&/'-*! /-&'/! 9'+-)+9*0! 3!
*2/-&/m!*<1'.*-!.+'/)&*5/-&/!/0!9'1<0/5*!./!01%!)1%&/%!./!*2/-)+*K!0*%!.+4+)(0&*./%!./!)1-&'10!
./0!9'+-)+9*0D!/0!'+/%21!51'*0!3!*>/'%+,-!*0!'+/%21!./0!*2/-&/D!0*!41'5*!./!9*21!./0!%*0*'+1!3!0*%!
)1-.+)+1-/%! ./0! &'*<*Q1D! /&)"! ?1-41'5/! *! 01! %/:*0*.1! 8*%&*! *_(6D! 0*! '/20*! <C%+)*! ./! 0*! '/0*)+,-!
/d&/'-*! ./</! 9'/>/'! 0*! 91%+<+0+.*.! ./! _(/! 0*! >6)&+5*! '/)0*5/! .+'/)&*5/-&/! *0! 9'+-)+9*0! 91'! /0!
.*:1! )*(%*.1! 91'! 0*! )1-.()&*! -/20+2/-&/! ./0! *2/-&/"! =1<'/! /001! >10>/'/51%! /-! /0! *9*'&*.1!
%+2(+/-&/! ./! /%&/! &'*<*Q1"! \*%&/! *_(6! )1-! +-.+)*'! _(/! 0*! '/2(0*)+,-! 0/2*0! ./! 0*! '/%91-%*<+0+.*.!
>+)*'+*!1!91'!/0!8/)81!./!1&'1!-1!9(/./!*-*0+7*'%/!)1-!+-./9/-./-)+*!./0!5*')1!2/-/'*0!./!0*!
'/2(0*)+,-!)1-&'*)&(*0!3D!/-!%(!)*%1D!0/2*0!*90+)*<0/!*!0*!'/0*)+,-!./!./9/-./-)+*"
*J
A&-(%$G"/#&/#&)&"#&"%$(!
B*! Q('+%9'(./-)+*! %1%&+/-/! (-! )1-)/9&1! *5906%+51! ./! ./9/-./-)+*K! -1! /%! 9'/)+%1! >6-)(01!
0*<1'*0D! -+! '/0*)+,-! Q('6.+)*! 1-/'1%*D! -+! _(/! %/*! 9/'5*-/-&/D! +-./4+-+.*! 1! .('*./'*D! -+! _(/! 0*!
5+%5*! '/0*)+,-! %/*! Q('6.+)*"! g*591)1! %/! /d+2/! _(/! 0*! '/0*)+,-! ./! ./9/-./-)+*! '/.(-./! /-!
</-/4+)+1! ./0! 9'+-)+9*0! 3! %/! +-)0(3/-! 0*%! 5/'*%! '/0*)+1-/%! ./! )1590*)/-)+*! 3! <(/-*! >/)+-.*."!
B1%!'/_(+%+&1%!./!0*!'/0*)+,-!./!./9/-./-)+*!%1-!5C%!*590+1%!_(/!01%!./!0*!'/0*)+,-!0*<1'*0"
B*!Q('+%9'(./-)+*!/%9*:10*D!./!41'5*!%+5+0*'!*0!'/%&1!./!0*%!/('19/*%!8*!/0*<1'*.1!(-*!%/'+/!./!
6-.+)/%!)(3*!)1-)(''/-)+*!1!*(%/-)+*!9/'5+&/-D!'/%9/)&+>*5/-&/D!*4+'5*'!1!-/2*'!0*!'/0*)+,-!./!
./9/-./-)+*"!R%6D!8*<'C!'/0*)+,-!./!./9/-./-)+*!3D!91'!&*-&1D!'/%91-%*<+0+.*.!91'!8/)81!*Q/-1D!
)(*-.1!/0!9'+-)+9*0K
-
E/2(0/!/0!&+/591!3!0(2*'!./!&'*<*Q1D!*%6!)151!/0!./!1)+1!3!>*)*)+1-/%"
-
=/!'/%/'>/!0*%!4(-)+1-/%!./!)1-&'10D!>+2+0*-)+*!1!.+'/))+,-!./!0*%!0*<1'/%!/-)*'2*.*%"
-
;1-2*!*!.+%91%+)+,-!./0!*2/-&/!01%!+-%&'(5/-&1%!3!5/.+1%!./!&'*<*Q1!-/)/%*'+1%"
-
R%(5*!01%!'+/%21%!/)1-,5+)1%!3!4+-*-)+/'1%!./!0*!*)&+>+.*."
?(*0_(+/'*!./!01%!)'+&/'+1%!/-(-)+*.1%!/%!%(4+)+/-&/!9*'*!./)0*'*'!0*!/d+%&/-)+*!./!(-*!'/0*)+,-!
./!./9/-./-)+*"!?1-!4'/)(/-)+*D!0*!Q('+%9'(./-)+*!/%9*:10*!8*!*90+)*.1!1&'1%!5/-1%!2/-/'*0/%"!
R%6D! Q(/)/%! 3! &'+<(-*0/%! 9'/2(-&*-! &*5<+`-! %1<'/! /0! 51.1! ./! 9*21! H5/.+*-&/! 4*)&('*)+,-! 1!
228
%*0*'+1J! ./! 0*%! 0*<1'/%! /-)15/-.*.*%! 1! _(+`-! /%! /0! &+&(0*'! ./! 0*! 9,0+7*! _(/! )(<'/! 01%! .*:1%!
)*(%*.1%!*!&/')/'1%!91'!0*!*)&+>+.*."
G1! 8*3! ./9/-./-)+*D! )1-! &1.1D! /-! /0! )*%1! *'_(/&69+)1! ./0! )1-&'*&+%&*! 1! 9'/%&*.1'! ./! %/'>+)+1%!
+-./9/-.+/-&/"! $0! )15+&/-&/! _(/! /-)*'2*! (-*! 1<'*! *! (-! )1-&'*&+%&*! +-./9/-.+/-&/! -1! ./</'6*!
)1-&'*/'! m/-! 9'+-)+9+1m! '/%91-%*<+0+.*.! .+'/)&*! H/-! 0*! '/2(0*)+,-! )+>+0J! -+! %(<%+.+*'+*! H/-! 0*!
9/-*0J"!R%6D!91'!/Q/5901D!/0!9'151&1'!+-51<+0+*'+1!-1!'/%91-./!)1-!<*%/!/-!/0!*'&6)(01!PNAM!??!
91'! 01%! .*:1%! )*(%*.1%! *! 01%! 9'19+/&*'+1%! ./! /.+4+)+1%! )10+-.*-&/%! *! 0*! 1<'*D! )(*-.1! 01%! .*:1%!
%/*-! +59(&*<0/%! *! 0*! *)&(*)+,-! ./! 01%! *2/-&/%! ./! 0*! /.+4+)*)+,-! _(/! `0! )1-&'*&,! %+! %/! &'*&*! ./!
)1-&'*&+%&*%!+-./9/-.+/-&/%D!-1!%(<1'.+-*.1%!*!%(%!,'./-/%"!$0!g'+<(-*0!=(9'/51!%101!*9'/)+*!
'/0*)+,-! ./! %(<1'.+-*)+,-! 1! ./9/-./-)+*! /-&'/! 0*! /59'/%*! 9'151&1'*! 3! /0! *2/-&/! ./! 0*!
/.+4+)*)+,-!)(*-.1!/%&/![0&+51K
qH|J! /%&C! %(Q/&1! *0! )1-&'10! ./! 0*! 9'19+/.*.! 1! 9'151&1'*! ./! 0*! 1<'*! 1! %/! /-)(/-&'*!
+-)*'.+-*.1! /-! %(! 1'2*-+7*)+,-! )1''/%91-.+`-.10/! /0! )1-&'10D! >+2+0*-)+*! 3! .+'/))+,-! ./!
0*%!0*<1'/%!/-)*'2*.*%r!}=g=D!PÄD!./!PP!./!Q(-+1!./!SAAU!HE^!M#OMJD!V;K!I2-*)+1!=+/''*!F+0!
./!0*!?(/%&*~
$-! /4/)&1D! -1! 9(/./! *4+'5*'%/! _(/! /-! &1.1! )*%1! /0! '/%&1! ./! *2/-&/%! ./! 0*! /.+4+)*)+,-! %/!
/-)(/-&'*-!/-!(-*!%+&(*)+,-!./!./9/-./-)+*!'/%9/)&1!./0!9'151&1'"!;1'!5/.+1!./0!)1-&'*&1!./!
1<'*! 1! ./! %/'>+)+1%D! /0! .(/:1! ./! 0*! 1<'*! /-)*'2*! *! 9'14/%+1-*0/%! +-./9/-.+/-&/%! (-*!
./&/'5+-*.*!1<'*!1!%/'>+)+1!3!/-!/%&/!%/-&+.1!5*-+4+/%&*!%(!>10(-&*.!)1-&'*)&(*0"!B*!>+2+0*-)+*!
./0! .(/:1! ./! 0*! 1<'*! %1<'/! 01%! *2/-&/%! _(/! )1-&'*&*! &+/-/! )151! 4+-*0+.*.! )159'1<*'! 0*!
)1-41'5+.*.!./!01!/Q/)(&*.1!)1-!01!9*)&*.1D!01!)(*0!./</!.+4/'/-)+*'%/!./!0*!+./*!./!>+2+0*-)+*D!
)1-&'10D!1!.+'/))+,-!./!0*!/Q/)()+,-!&`)-+)*!./!0*%!0*<1'/%!/-)*'2*.*%"!
B1! 5+%51! 9(/./! ./)+'%/! ./0! 9'/%&*&*'+1! ./! %/'>+)+1%! _(/! 01%! )1-&'*&*! )1-! (-! 9'/%&*.1'!
*(&,-151!1!)1-!(-*!/59'/%*!./!%/'>+)+1%!-+!m)1-!5*31'!'*7,-m!/-!/0!./0!%+590/!)159'*.1'!./!
)1%*%"! R(-_(/! -1! %/! )1-%+./'*! )1-&'*&+%&*! +-./9/-.+/-&/! *! _(+/-! *)&[*! 41'5*05/-&/! )151!
*(&,-151!%+D!./!8/)81D!/%&C!%(Q/&1!*0!)1-&'10!./0!./5*-.*.1!1!%/!/-)(/-&'*!+-)*'.+-*.1!/-!%(!
1'2*-+7*)+,-"
]^]H/0_H/0379`2::6H/#&/2:/#&/#$%$&=R<&H/SOC/a.>e/B"+."$./]&$E(>/l,$"+("(;
?1-! 1)*%+,-! ./! 0*! /d&'*))+,-! ./! (-! _(+%&/D! 0*! ='*"! V/0+%*! )1-&'*&,! 01%! %/'>+)+1%! 5`.+)1%! ./0!
2+-/),0121! R'5*-.1D! _(+/-! 41'5*<*! 9*'&/! ./0! )(*.'1! 5`.+)1! ./! 0*! qV(&(*! ./! g/0/4,-+)*! ./!
$%9*:*D!="R"rD!*!0*!_(/!*!%(!>/7!9/'&/-/)6*!/0!5*'+.1!./!0*!9*)+/-&/!3!_(/!&*5<+`-!0*!)(<'6*"!X*.1!
/0! )1-)+/'&1! ./! .+)8*! V(&(*! )1-! 0*! q?06-+)*! F+'1-*D! ="R"rD! 0*! 19/'*)+,-! %/! 00/>,! *! )*<1! /-! .+)8*!
)06-+)*D!.1-./!)151!)1-%/)(/-)+*!./!(-*!-/20+2/-)+*!5`.+)*!%/!0/!&(>1!_(/!/d&+'9*'!(-!1>*'+1!*!
0*!9*)+/-&/"!B*!V(&(*!9*2,!01%!2*%&1%!./!*%+%&/-)+*"!
V/0+%*! ./5*-.,! *0!2+-/),0121D! *! q?06-+)*! F+'1-*D! ="R"r! 3! *! *%/2('*.1'*! qx+-&/'&8('rD! 3! %10+)+&,!
(-*!+-./5-+7*)+,-!./!@MU"NS#DP#!ê!(!1&'*!)*-&+.*.!_(/!%/!)1-%+./'*'*!5C%!*Q(%&*.*!*!./'/)81"!
;'1)/.+5+/-&1K! /0! ^;I! -{! #! ./! F+'1-*! HPP"PS"PNNUJ! )1-./-,! *! 01%! ./5*-.*.1%! *0! 9*21! ./!
ON"OPADO! ê"! B*! R;! ./! F+'1-*! H=/))+,-! SÄD! PU"PP"PNNNJ! /%&+5,! /0! '/)('%1! ./! *9/0*)+,-! ./! 0*!
q?06-+)*!F+'1-*!="R"r!3!./!%(!)159*:6*!./!%/2('1%!3D!/-!9*'&/D!01%!./!0*!*)&1'*!3!/0!2+-/),0121D!91'!
229
01! _(/! 0*! R;! '/>1),! 0*! =^;ID! *<%10>+,! *! 0*! ?06-+)*! 3! *! %(! )159*:6*! ./! %/2('1%! 3! 4+Q,! 0*!
+-./5-+7*)+,-!/-!LU"#@#DNU!ê"!
$0!g=!./%/%&+5,!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!0*!*)&1'*!3!)1-4+'5,!0*!=R;K!
!q}$~0! 4*)(0&*&+>1! _(/! '/*0+7,! 0*! +-&/'>/-)+,-! 3! _(/! )*(%,! /0! .*:1! H"""J! -1! 41'5*<*! 9*'&/! ./! 0*!
90*-&+00*! ./! 0*! ?06-+)*! H"""J! 3! 0*%! 0/%+1-/%! %(4'+.*%! %1-! *&'+<(+<0/%! /d)0(%+>*5/-&/! *! (-*! 5*0*!
9'*d+%! 5`.+)*! H"""J! }$~%! />+./-&/! 0*! +-*90+)*)+,-! *0! )*%1! ./0! *'&"! PNAM! ./0! ?,.+21! ?+>+0! H"""J! }B~*!
?06-+)*! %/! 0+5+&,! *! 9/'5+&+'! 0*! (&+0+7*)+,-! ./! %(%! +-%&*0*)+1-/%! H"""J! 3! *! %(5+-+%&'*'! 01%! 5/.+1%!
&`)-+)1%! /! +-%&'(5/-&1%! -/)/%*'+1%! H"""J! 3! ./! &*0/%! 4(-)+1-/%! -1! %('2/! 9*'*! /00*! -+-2(-*!!
1<0+2*)+,-!./!'/%91-./'!91'!0*!*))+,-!(!15+%+,-!)(091%*!H"""J!./0!9'14/%+1-*0!_(/!+-&/'>+-1!H"""J!
9(/%! -+-2(-*! %/! 0/! +59(&*! 91'! (-! 8*)/'! -/20+2/-&/! 9'19+1! '/4/'+.1! *! 01%! 5/.+1%! *%+%&/-)+*0/%!
9*'*!/4/)&(*'01D!+-)*'.+-*<0/!./-&'1!./0!*'&"!PNAS!H"""J!G1!)1-)(''/D!91'!1&'1!0*.1D!0*!%+&(*)+,-!./!
./9/-./-)+*!4(-)+1-*0!3!/)1-,5+)*!./!0*!&+&(0*'!./!0*!)06-+)*!'/%9/)&1!./0!5`.+)1r!H]"X"!P{J"
R./5C%! ./! 0*! '/0*)+,-! ./! ./9/-./-)+*D! 9*'*! +59(&*'! /0! .*:1! *! )*'21! ./0! 9'+-)+9*0D! /0! *'&6)(01!
PNAM!??!'/_(+/'/!_(/!/0!.*:1!8*3*!%+.1!)*(%*.1!/-!/0!%/'>+)+1!./!01%!'*51%!/-!_(/!01%!&(>+/'*-!
/590/*.1%D!1!)1-!1)*%+,-!./!%(%!4(-)+1-/%"!R%6D!/0!*2/-&/!8*!./!8*</'!*)&(*.1!/-!/0!5*')1!./!0*!
'/0*)+,-! ./! *2/-)+*! 1! )1-! 1)*%+,-! ./! /00*"! B*! +-&/'9'/&*)+,-! Q('+%9'(./-)+*0D! &*-&1! /-! 0*!
Q('+%.+))+,-!)+>+0!)151!/-!0*!9/-*0D!8*!%+.1!*590+*D!9(/%!-*.*!.+)/-!01%!&/d&1%!0/2*0/%!*)/')*!./!
_(`!./<*!/-&/-./'%/!91'!0*%!4(-)+1-/%!9'19+*%!./0!2+'1!./!0*!/59'/%*"
;/%/!*!0*%!.+4+)(0&*./%!./!./&/'5+-*'!0*%!*)&+>+.*./%!9'19+*%!./!0*!/59'/%*!/-!*02(-1%!)*%1%D!/%!
)0*'1! _(/! /0! /59'/%*'+1! '/%91-./'C! 91'! 01%! .*:1%! )*(%*.1%! )151! )1-%/)(/-)+*! ./! 0*%!
+-%&'())+1-/%D! *(&1'+7*)+1-/%! 3! 9'18+<+)+1-/%! +59(/%&*%! *! %(%! ./9/-.+/-&/%"! =+-! /5<*'21D! /0!
/59'/%*'+1! -1! '/%91-./'C! ./! 01%! .*:1%! _(/D! 9/%/! *! %/'! )1-%/)(/-)+*! ./! 0*%! *)&+>+.*./%!
/59'/%*'+*0/%! &69+)*%! 4(/'1-! )*(%*.1%! .101%*5/-&/! 91'! %(%! /590/*.1%"! $-! 0*! Q('+%9'(./-)+*!
/%9*:10*! /%! &'*.+)+1-*0! )1-%+./'*'! /0! 9'+-)+9+1! ./! 0*! 9'18+<+)+,-! ./! '/2'/%1! 3! /d1-/'*'! ./!
'/%91-%*<+0+.*.!*0!/59'/%*'+1!/-!01%!)*%1%!/-!_(/!%(!./9/-.+/-&/!8*!)*(%*.1!.*:1%!./!41'5*!
.101%*!%+'>+`-.1%/!./!01%!+-%&'(5/-&1%!./!&'*<*Q1!1!./!0*!)1</'&('*!./!0*%!4(-)+1-/%!/-)*'2*.*%"!
$0!9'+-)+9*0!'/%91-./D!%+-!/5<*'21D!91'!0*%!./%>+*)+1-/%!.101%*%!./!0*!)1-.()&*!./!%(!*2/-&/!%+!
`%&*%!'/%(0&*<*-!9'/>+%+<0/%D!5C%!*[-!%+!0*!*)&+>+.*.!/-)15/-.*.*!/%!*''+/%2*.*!9*'*!&/')/'1%"
]^]H/0_H/0::6`2::6H/#&/2/#&/&"&<.H/SOC/h$%&"+&/K,$>/S."+e>/O&"(#e>;/
E/%91-%*<+0+.*.! ./! /59'/%*! 9'19+/&*'+*! ./! 0*! */'1-*>/! _(/! %/! 8*<6*! '/%/'>*.1! 0*! 2/%&+,-! 3!
)1-&'10!./!0*!-*>/2*)+,-K
{c+*9'15! g/0/>+%+,-D! ="R"r! H/-! *./0*-&/D! qc+*9'15! ="R"rJ! )1-&'*&,! *! ?*'01%! V*-(/0D! )C5*'*!
9'14/%+1-*0D!9*'*!0*!2'*<*)+,-!./%./!(-!8/0+),9&/'1!./!&15*%!*`'/*%!./!0*!/%&*)+,-!./!/%_(6!q=10!
3!G+/>/r!./!=+/''*!G/>*.*"!?1-!/%&/!4+-D!)1-&'*&,D!*!%(!>/7D!01%!%/'>+)+1%!./!qb/0+%10D!="R"r!_(/D!91'!
%(! 9*'&/D! 8*<6*! *''/-.*.1! *! qb/0+%i+%%! I<`'+)*D! ="B"r! (-! 8/0+),9&/'1! ./! %(! 9'19+/.*.! 3! 01%!
%/'>+)+1%!./!(-1!./!%(%!9+01&1%D!)1-%/'>*-.1!0*!%/2(-.*!0*%!4*)(0&*./%!./!2/%&+,-!3!)1-&'10!./!0*!
-*>/2*)+,-"! $0! SN"P"PNNAD! ?*'01%! V*-(/0! >+*Q*<*! )1-! 01%! 9*%*Q/'1%! ^1%`! ?*'01%! 3! R</0*'.1! *!
<1'.1!./0!8/0+),9&/'1D!_(/!>10*<*!)1-!(-*!/0/>*)+,-!5/-1'!*!0*!/%&*<0/)+.*!/-!/0!E/20*5/-&1!./!
?+')(0*)+,-! R`'/*D! )(*-.1! (-*! 4(/'&/! 'C4*2*! ./! >+/-&1! ./%/%&*<+0+7,! 0*! */'1-*>/! 3! 0*! 8+71!
230
/%&'/00*'%/! )1-&'*! /0! %(/01"! ?151! )1-%/)(/-)+*! ./0! *))+./-&/D! /0! 9+01&1! 4*00/)+,! 3! 01%! 9*%*Q/'1%!
%(4'+/'1-!2'*>/%!8/'+.*%D!_(/!0*!%/-&/-)+*!-1!./&*00*"!
?*'01%! V*-(/0D! ./! (-*! 9*'&/D! 3! ^1%`! ?*'01%D! R</0*'.1! 3! qc+*9'15D! ="R"rD! ./! 1&'*D! ./5*-.*'1-! *!
qb/0+%i+%%! I<`'+)*D! ="B"rD! *! qb/0+%10D! ="R"r! 3! *! qB*! l-+,-! 3! /0! ]`-+d! $%9*:10D! ="R"rD! 3! %10+)+&*'1-!
%/-.*%!+-./5-+7*)+1-/%D!)(3*!)(*-&6*!-1!)1-%&*!/-!0*!>/'%+,-!9(<0+)*.*!./!0*!%/-&/-)+*"
$0!^;I!-{!U!./!F'*-*.*!HSM"O"PNNLJ!/%&+5,!/-!9*'&/!0*%!./5*-.*%!3!)1-./-,!*!0*%!./5*-.*.*%!*!
9*2*'!PNS"NMO!ê!*!?*'01%!V*-(/0D!LS"ULPDLO!ê!*!^1%`!?*'01%D!PP"LLLDLL!ê!*!R</0*'.1!3!S@"POODLA!
ê!*!qc+*9'15!="R"r"!B*!R;!./!F'*-*.*!H=/))+,-!MÄD!P"S"PNNNJ!./%/%&+5,!/0!'/)('%1!./!*9/0*)+,-!
+-&/'9(/%&1!91'!qb/0+%i+%%!I<`'+)*D!="B"r!3!/%&+5,!/0!./!?*'01%!V*-(/0D!/-!/0!%/-&+.1!./!*(5/-&*'!
%(!+-./5-+7*)+,-!*!SML"L@AD@M!êD!3!/0!./!qb/0+%10D!="R"rD!*!0*!_(/!*<%10>+,"!
$0! g=! ./%/%&+5,! /0! '/)('%1! ./! )*%*)+,-! +-&/'9(/%&1! 91'! 0*! 9'19+/&*'+*! ./0! 8/0+),9&/'1"! $0!
*))+./-&/!%/!./<+,!*0!+-)(590+5+/-&1!./!(-!./</'!'/0/>*-&/!./!9'/>+%+<+0+.*.!./0!9+01&1D!9(/%!/-!
/0!>(/01!q-1!%/!1<%/'>*'1-!0*%!9'/%)'+9)+1-/%!./0!E/20*5/-&1!./!?+')(0*)+,-!R`'/*r!H]"X"!S{J"!B*!
'/%91-%*<+0+.*.!91'!8/)81!*Q/-1!-1!)1''/%91-./!*!qb/0+%10D!="R"rD!_(/!8*<6*!*%(5+.1!q0+5+&*.*%!
4*)(0&*./%!'/%9/)&1!./!0*!(&+0+7*)+,-!)15/')+*0!./!0*!*/'1-*>/r!3!*(-_(/!q.*<*!+-%&'())+1-/%!./!
>(/01!*0!9+01&1rD!*0!)1-&'*./)+'!`%&*%!0*!%/2('+.*.!./0!>(/01D!0*!./)+%+,-!4+-*0!%1<'/!%(!/Q/)()+,-!
)1''/%91-.6*!*0!9+01&1"!;1'!1&'1!0*.1D!qb/0+%i+%%!I<`'+)*D!="B"r!'/%91-./!91'!01%!.*:1%!)*(%*.1%!
91'! %(! ./9/-.+/-&/D! 9(/%! 8*<6*! '/&/-+.1! q/-! )(*-&1! 9'19+/&*'+*D! 0*! 91%/%+,-! 3! /0! )1-&'10! ./! 0*!
*/'1-*>/! *! &'*>`%! ./! 0*! .1&*)+,-D! 01! _(/! %(91-/D! 5C%! _(/! (-! *''/-.*5+/-&1! ./! )1%*D! (-!
*''/-.*5+/-&1!./!1<'*!1! )*9(-'*$*!"#'%$_(/!}0/~!1<0+2*!H|J!*!0*!1<&/-)+,-!./!(-!'/%(0&*.1!H01%!
>+*Q/%! /-)*'2*.1%! 91'! 0*! *''/-.*&*'+*JD! _(/! /%! 9'/)+%*5/-&/! 01! _(/! '/&'+<(3/! /0! 9'/)+1!
)1->/-+.1D!3!-1!0*!./&/-)+,-!1!/0!(%1!./!0*!*/'1-*>/r!H]"X"!@{J"
]^]H/0_H/0:7:`2::7H/#&/06/#&/.%+,R<&H/SOC/a&>T>/'.<R(-/c&<"J"#&N;
R(%/-)+*! ./! '/%91-%*<+0+.*.! )+>+0! ./0! /590/*.1'! 91'! /0! %(+)+.+1! ./! (-! )0+/-&/! _(/! +-2+'+,! /0!
9'1.()&1!&,d+)1!_(/!(-!./9/-.+/-&/!0/!8*<6*!>/-.+.1K
$0! P@"PA"PNN#D! =*-&+*21D! ./! SA! *:1%! ./! /.*.! 3! /-! &'*&*5+/-&1! 91'! /%_(+714'/-+*! 9*'*-1+./D!
/-&',! /-! (-! /%&*<0/)+5+/-&1! ./%&+-*.1! *! 0*! >/-&*! ./! 9'1.()&1%! 1'&19`.+)1%D! +-%&'(5/-&1%! ./!
0*<1'*&1'+1! 3! %(%&*-)+*%! _(65+)*%"! g'*%! 51%&'*'! (-*! &*'Q/&*! ./! (-! &*00/'! ./! Q13/'6*! /-! /0! _(/!
%(9(/%&*5/-&/!&'*<*Q*<*D!*._(+'+,!(-*!<1&/00*!./!(-!9'1.()&1!_(/!)1-&/-6*!)+*-('1!91&C%+)1D!*!
9/%*'!./!_(/!%(!5*.'/!91.'6*!8*</'!*.>/'&+.1!*!0*!9'19+/&*'+*!./0!-/21)+1!_(/!%/!*<%&(>+/'*!./!
4*)+0+&*'! *! %(! 8+Q1! &*0! )0*%/! ./! 9'1.()&1! H/d&'/51! _(/! -1! %/! 9'1<,! .('*-&/! /0! 9'1)/%1J"!
;1%&/'+1'5/-&/D!=*-&+*21!+-2+'+,!/0!)1-&/-+.1!./!0*!<1&/00*!3!4*00/)+,"
?0*'*D! E*4*/0D! R'5*-.1D! R'*)/0+! 3! c/',-+)*D! 9*.'/%! 3! 8/'5*-1%D! '/%9/)&+>*5/-&/D! ./! =*-&+*21D!
./5*-.*'1-! *! E+&*! 3! *! %(! )159*:6*! *%/2('*.1'*D! q?*Q*! ./! =/2('1%! E/(-+.1%D! ?159*:6*! ./!
=/2('1%!3!E/*%/2('1%D!=Rr!H/C82BJ!3!%10+)+&*'1-!(-*!+-./5-+7*)+,-!./!U@"P@PDON!ê!9*'*!)*.*!
(-1!./!01%!9*.'/%!3!PU"AMADOM!ê!9*'*!)*.*!(-1!./!01%!8/'5*-1%"
$0! ^;I! -[5"! O! ./! B/,-! HSA"@"PNNUJ! ./%/%&+5,! 0*! ./5*-.*"! B*! R;! B/,-! H=/))+,-! PÄD! #"O"SAAAJ!
./%/%&+5,! /0! '/)('%1! ./! *9/0*)+,-! +-&/'9(/%&1! 91'! 01%! 4*5+0+*'/%! ./! =*-&+*21! 3! )1-4+'5,! 0*!
%/-&/-)+*!./!+-%&*-)+*"
231
$0!g=!./%/%&+5,!/0!'/)('%1!./!)*%*)+,-"!B*!)15/')+*0+7*)+,-!./!0*!%(%&*-)+*!>/-.+.*!-1!/%&*<*!
)1-.+)+1-*.*!*!-+-2(-*!/d+2/-)+*!'/20*5/-&*'+*D!/0!)159'*.1'!/'*!(-*!9/'%1-*!5*31'!./!/.*.D!
./! *9*'+/-)+*! -1'5*0! 3! %+-! /0! 5/-1'! %6-&15*! ./! _(/! 9*./)+/'*! (-! &'*%&1'-1! 9%6_(+)1! 3! _(/!
)1-1)6*!9/'4/)&*5/-&/!/0!)*'C)&/'!&,d+)1!./0!9'1.()&1!)159'*.1"!;1'!&1.1!/001D!-1!)*</!/d+2+'!*0!
/590/*.1!_(/!>/-.+,!/0!9'1.()&1!(-*!.+0+2/-)+*!%(9/'+1'!*!0*!_(/!1<%/'>,!/-!%(!515/-&1D!%+-1!
_(/!/0!'/%(0&*.1!%/!./</!/d)0(%+>*5/-&/!*!0*!)1-.()&*!./!=*-&+*21"
<J
'."&i$G"/ #&-/ #(Q./ %."/ -(>/ +(<&(>/ ./ I,"%$."&>/ )<.)$(>/ #&-/ #&)&"#$&"+&/ V27#1/& #E&
/41)#04/.%W!
!
R./5C%! ./! 0*! '/0*)+,-! ./! ./9/-./-)+*! 0*! '/%91-%*<+0+.*.! ./0! /59'/%*'+1! 91'! 8/)81%! ./! %(!
./9/-.+/-&/! /d+2/! 0*! )1-)(''/-)+*! ./! (-*! )1-/d+,-! /-&'/! /0! .*:1! 3! 0*%! &*'/*%! 1! 4(-)+1-/%!
9'19+*%!./0!./9/-.+/-&/"!$0!%9*!"$*H$"6!)*&6"4-!00/>*!*!+59(&*'!1!91-/'!*!)*'21!./0!9'+-)+9*0!
[-+)*5/-&/! 01%! .*:1%! )*(%*.1%! /-! /0! ./%*''1001! ./! 0*%! *)&+>+.*./%! _(/! 8*! /-)15/-.*.1! *0!
*2/-&/D! 9/'1! -1! )(*0/%_(+/'*! .*:1%! /-! )(3*! )*(%*)+,-! 8*3*! +-&/'>/-+.1! /%&/! [0&+51"! R%6D! /0!
*'&6)(01!PNAM"@!??!/d+2/!_(/!01%!9/'Q(+)+1%!%/*-!)*(%*.1%!H|J!!*#$%,%$7"!"47'"4-"%$"4$")$%"#0'9'*$
7"$)*%$#(6*%$"4$+,"$)*%$-,0'"#(4$"6!)"(7*%D!*$9*4$*9(%'^4$7"$%,%$H,49'*4"%!3!/0!*'&6)(01!PSA"@!?;!
8*)/! '/4/'/-)+*! *! H|J! )*%$ 7")'-*%$ +,"$ E(&(4$ 9*6"-'7*$ %,%$ "6!)"(7*%$ *$ 7"!"47'"4-"%S$
#"!#"%"4-(4-"%$*$@"%-*#"%$"4$")$7"%"6!"_*$7"$%,%$*D)'@(9'*4"%$*$%"#0'9'*%"
]^]H/0_H/545`2::7H/#&/05/#&/=(F.H/SOC/a&>T>/'.<R(-/c&<"J"#&N;/
E/%91-%*<+0+.*.! )+>+0! .+'/)&*! ./0! /590/*.1'D! *<%(/0&1! /-! /0! 9'1)/%1! 9/-*0D! 91'! .*:1%! .101%1%!
)*(%*.1%!91'!%(!./9/-.+/-&/"
$0! P"U"PNNSD! &'*%! 4+-*0+7*'! %(! Q1'-*.*! 0*<1'*0D! F*<'+/0D! >+2+0*-&/! Q('*.1! ./! q=/2('! I<`'+)*D! ="R"r!
%15/&+.1! *! &'*&*5+/-&1! 9%+_(+C&'+)1D! .+%9*',D! )1-! (-! *'5*! 9'19+/.*.! ./! 0*! /59'/%*D! %1<'/! %(!
*-&+2(*!)159*:/'*!3!5*.'/!./!%(%!.1%!8+Q1%D!*!_(+/-!5*&,D!3!%1<'/!%(!)(:*.*D!*!_(+/-!8+'+,!/-!
(-!<'*71"!=(m!/59'/%*D!/-!)1-&'*!./!01!.+%9(/%&1!/-!/0!*'&6)(01!PA"@!./0!E/*0!X/)'/&1!OSNhPNLUD!
)*'/)6*! ./! +-%&*0*)+1-/%! ./! *'5/'1! 1! )*Q*! ./! %/2('+.*.! 9*'*! /0! ./9,%+&1! ./! 0*%! *'5*%! 3! 8*<6*!
*(&1'+7*.1! *! %(%! /590/*.1%! 5*-&/-/'! %(%! *'5*%! )1-! 91%&/'+1'+.*.! *0! 4+-! ./0! %/'>+)+1"! $-! 0*!
)*(%*!9/-*0D!0*!=g=D!SÄD!SO"M"PNNL!HE^!S#PSJ!)1-./-,!*!F*<'+/0!91'!%/-.1%!./0+&1%!./!*%/%+-*&1!3!
0/%+1-/%! 2'*>/%D! *%6! )151! *! 9*2*'! S@A"@A@DU@! ê! *! 01%! 8+Q1%! ./! 0*! >6)&+5*! 3! PL"@SNDM#! ê! *! %(!
)(:*.*"! $0! g'+<(-*0! 8*<6*! *<%(/0&1! *! q=/2('! I<`'+)*D! ="R"r! ./! &1.*! '/)0*5*)+,-! 91'!
'/%91-%*<+0+.*.!)+>+0!%(<%+.+*'+*!"3$*'&6)(01!SS!?;!./!PNLMD!*0!)1-%+./'*'!_(/!0*!*)&+>+.*.!.101%*!
./0! ./9/-.+/-&/! %/! 8*<6*! ./%*''100*.1! 4(/'*! ./! %(! 0(2*'! ./! &'*<*Q1D! *0! 5*'2/-! ./! 0*! Q1'-*.*!
0*<1'*0!3!91'!)*(%*%!3!4+-/%!9/'%1-*0/%"
$-! /0! 9'1)/.+5+/-&1! )+>+0! 91%&/'+1'D! /0! ^;I! -[5"! U! ./! ?C.+7! HSL"N"PNNNJ! /%&+5,! /-! 9*'&/! 0*!
./5*-.*! 3! )1-./-,! *! q=/2('! I<`'+)*D! ="R"r! *! 9*2*'! P"#UO"OLPDNO! ê! *! $'+)*! 3! PP"#AMDML! ê! *!
V*2.*0/-*"!B*!R;!./!?C.+7!H=/))+,-!@ÄD!SN"S"SAAAJ!)1-4+'5,!0*!=^;I"
$0! g=! ./%/%&+5,! /0! '/)('%1! ./! )*%*)+,-! +-&/'9(/%&1! 91'! q=/2('! I<`'+)*D! ="R"r! 4(-.*.1! /-! 0*!
+-4'*))+,-!./0!*'&6)(01!PNAS!??!91'!+-/d+%&/-)+*!./!'/0*)+,-!./!)*(%*0+.*.!/-&'/!0*!)1-.()&*!./0!
/590/*.1'!3!01%!.*:1%"!B*!=g=!*9'/)+,!_(/!*(-_(/!/0!*(&1'!.+'/)&1!/!+-5/.+*&1!./0!8/)81!4(/!/0!
)1-./-*.1!9/-*05/-&/D!`%&/!8*<6*!(&+0+7*.1!(-!*'5*!9/'&/-/)+/-&/!*!0*!/59'/%*!./!%/2('+.*.D!
0*! )(*0! 8*<6*! 15+&+.1! (-! ./</'! ./! )(+.*.1! *0! -1! )1-&'10*'! %(! &/-/-)+*! 3! .+%91-+<+0+.*.! )1-!
232
5/.+.*! *02(-*D! 1! )(*-.1! 5/-1%! /-! 01! '/20*5/-&*'+*5/-&/! /d+2+<0/D! 91'! 01! _(/! )1-&'+<(3,! ./!
51.1!'/0/>*-&/!/-!0*!)'/*)+,-!./0!'/%(0&*.1!Q('6.+)*5/-&/!./%*9'1<*.1"
]^]H/2_H/0460`2:04H/#&/0/#&/(R<$-H/SOC/O&<I&%+./B"#<e>/@RJQ&N;
R(%/-)+*!./!'/%91-%*<+0+.*.!%(<%+.+*'+*!./0!/590/*.1'!91'!*)&1%!./!%(!./9/-.+/-&/!91'!4*0&*!./!
)1-/d+,-!/-&'/!/0!./0+&1!)15/&+.1!3!0*!)0*%/!./!*)&+>+.*.!9'19+*!./!0*!'/0*)+,-!./!/590/1"!
$0!P@"O"SAPPD!/-&'/!0*%!SA"MA!3!0*%!SA"@#!8%"D!]'*-)+%)1D!5*'+-/'1!./!SS!*:1%!./!0*!/5<*')*)+,-!
./!9/%)*!q;/'()*rD!%/!/-)1-&'*<*!)1-!1&'1%!)159*:/'1%!./!&'+9(0*)+,-!/-!/0!9/%_(/'1!*&'*)*.1!
/-!/0!5(/00/!>+/Q1!./0!9(/'&1!./!?/./+'*!HR!?1'(:*J"!X/%./!0*!)1)+-*!<*Q,!*!0*!71-*!+-&/'+1'!./!
919*!3!%+-!5/.+*'!9*0*<'*!3!91'!0*!/%9*0.*!*9(:*0,!)1-!(-!)()8+001!*!R.'+*-1D!)1-!/0!9'19,%+&1!
./! )*(%*'0/! 0*! 5(/'&/"! $0! 8/'+.1! 8(3,! 8*%&*! /0! /d&/'+1'! )1-! /0! )()8+001! )0*>*.1! /-! 0*! /%9*0.*! 3!
]'*-)+%)1! 0/! 9/'%+2(+,! &'*%! )12/'! 1&'1! )()8+001! 3! *0)*-7,! *! R.'+*-1! /-! /0! 9*-&*0C-! ./0! 5(/00/!
.1-./!0/!*%/%&,!(-*!%/2(-.*!9(:*0*.*!&*5<+`-!/-!3!91'!0*!/%9*0.*"!R!)1-&+-(*)+,-D!]'*-)+%)1!
*''1Q,!*!R.'+*-1!*0!5*'!3!%/!.+'+2+,!*0!<*')1!.1-./!/%9/',!/0!'/2'/%1!./0!9*&',-"!R.'+*-1!%*0>,!0*!
>+.*D!9/'1!%(4'+,!(-!&'*(5*&+%51!>`'&/<'1m5/.(0*'!3!0/%+,-!5/.(0*'!+-)1590/&*D!)1-!%/)(/0*%!
./!%6-.'15/!./!8/5+%/))+,-!5/.(0*'D!)+)*&'+)/%!3!(%1!./!<*%&1-/%!9*'*!)*5+-*'D!01!_(/!)1-00/>,!
%(!./)0*'*)+,-!./!+-)*9*)+.*.!9/'5*-/-&/!*<%10(&*!91'!9*'&/!./!0*!=/2('+.*.!%1)+*0"!]'*-)+%)1!
)1-&*<*!)1-!*-&/)/./-&/%!)06-+)1%!91'!9%+)1%+%!-1!/%9/)+4+)*.*!'/0*)+1-*.*!)1-!/0!)1-%(51!./!
)*--*<+%! 3! *0)1810D! 910+&1d+)15*-6*! 3! 9'1<*<0/! &'*%&1'-1! ./! 0*! 9/'%1-*0+.*.D! %+! <+/-! .+)81!
)(*.'1! -1! %(9(%1! /-! /0! 515/-&1! ./! 01%! 8/)81%! (-*! *0&/'*)+,-! ./! %(! )*9*)+.*.! +-&/0/)&+>*! 1!
>10+&+>*"
$0!^;I!-[5"!P!./!n'&+2(/+'*!+-%&'(3,!%(5*'+1!./!9'1)/.+5+/-&1!1'.+-*'+1!91'!./0+&1!./!+-&/-&1!
./! *%/%+-*&1"! B*! =R;! ./! B*! ?1'(:*! H=/))+,-! PÄD! S@"@"SAPSJ! )1-./-*! *! ]'*-)+%)1! )151! *(&1'!
'/%91-%*<0/! ./! (-! ./0+&1! ./! *%/%+-*&1! /-! 0*! +59/'4/)&*! 51.*0+.*.! )15+%+>*! ./! &/-&*&+>*! *! 0*%!
9/-*%! ./! 9'+%+,-! ./! 1)81! *:1%! 3! *! +-./5-+7*'! *! R.'+*-1! *! PAM"U#A! /('1%"! ;1'! 1&'1! 0*.1D!
*<%(/0>/! *! g/1.(041D! 9*&',-! ./! 0*! /5<*')*)+,-D! ./! 0*! 9'/&/-%+,-! +-./5-+7*&1'+*! %(<%+.+*'+*!
41'5(0*.*!91'!0*!*)(%*)+,-!9*'&+)(0*'"
$0!g=!/%&+5*!/-!9*'&/!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!R.'+*-1!/-!/0!%/-&+.1!./!*(5/-&*'!
0*!+-./5-+7*)+,-!*!P#A"AAA!/('1%"!R81'*!<+/-D!./%/%&+5*!/0!51&+>1!/-!/0!_(/!R.'+*-1!%10+)+&*<*!
0*!)1-./-*!./0!9*&',-!./!0*!/5<*')*)+,-!*!'/%91-./'!%(<%+.+*'+*5/-&/!./!01%!.*:1%!)1-!<*%/!/-!
/0!*'&6)(01!PSA"@!?;"!q};~*'*!_(/!9(/.*!/-&'*'!/-!Q(/21!0*!)0*%/!./!'/%91-%*<+0+.*.!./!_(/!*_(6!
%/! &'*&*! /d+2/-K! *J! (-*! '/0*)+,-! ./! ./9/-./-)+*! ./0! *(&1'! ./! 0*! *))+,-! 3! 0*! 9/'%1-*! 1! /-&+.*.!
+590+)*.*!/-!*_(/00*a!<J!_(/!/0!'/%91-%*<0/!9/-*0!*)&[/!/-!/0!5*')1!./!0*%!4(-)+1-/%!9'19+*%!./0!
)*'21! 1! /590/1D! *(-! )(*-.1! 01! 8(<+/'*! 8/)81! )1-! )+/'&*! /d&'*0+5+&*)+,-a! 3D! )JD!
)1-%/)(/-&/5/-&/D!)+/'&1!/-2*')/!1!)1-/d+,-!/-&'/!/0!./0+&1!3!0*!)0*%/!./!*)&+>+.*.!9'19+*!./!0*!
'/0*)+,-!./!/590/1"!R%6!0*%!)1%*%D!/%!/%&*!'/0*)+,-!0*!_(/!4*0&*D!3!_(/D!%+-!/5<*'21D!%6!%/!.+1!/-!
%(9(/%&1%!)151!/0!./0!/590/*.1!./0!2/%&1'!_(/!'/)+</!.+-/'1!/-!/%&*!)*0+.*.D!9*'*!+-2'/%*'01!/-!
0*!%/2('+.*.!%1)+*0!3!%/!01!_(/.*a!1!/0!/590/*.1!./!(-*!2*%10+-/'*!_(/!%/!*9'19+*!./!0*!&*'Q/&*!./!
)'`.+&1!*9'1>/)8*-.1!/0!./%)(+.1!./0!)0+/-&/!_(/!0*!8*<6*!9(/%&1!/-!%(%!5*-1%!9*'*!/0!9*21!./0!
)15<(%&+<0/a! )*%1%! /-! 01%! _(/! %/! *9'/)+,! 0*! '/%91-%*<+0+.*.r! H]X! S{J"!
233
4;/B%%$G"/#&/<&)&+$%$G"/%."+<(/&-/&=)-&(#./
R!.+4/'/-)+*!./!01!_(/!%()/./!)1-!0*!'/%91-%*<+0+.*.!./!9*.'/%!3!./!&(&1'/%D!01%!/59'/%*'+1%!3!
&+&(0*'/%! ./! )/-&'1%! .1)/-&/%! ./! /-%/:*-7*! -1! %(9/'+1'! 9(/./-D! (-*! >/7! _(/! 8*3*-!
+-./5-+7*.1!*!0*%!>6)&+5*%D!'/)0*5*'!./!%(%!./9/-.+/-&/%!0*%!)*-&+.*./%!9*2*.*%!91'!01%!.*:1%!
_(/!)*(%*'1-"!$0!'`2+5/-!./!(-1%!3!1&'1%!/%D!%+-!/5<*'21D!.+>/'%1"
$0! (<+*%,-./ 09:4/ ''! 9'/>`! _(/! /0! /59'/%*'+1! _(/! 8*3*! %*&+%4/)81! 0*! +-./5-+7*)+,-! 9(/.*!
'/9/&+'!01!9*2*.1!./!%(!/590/*.1D!)*(%*-&/!5*&/'+*0!./0!9/'Q(+)+1K
q$0! _(/! 9*2*! /0! .*:1! )*(%*.1! 91'! %(%! ./9/-.+/-&/%! 9(/./! '/9/&+'! ./! `%&1%! 01! _(/!
8(<+/%/!%*&+%4/)81r"
$0! 9'/)/9&1! <(%)*D! *%6D! (-! /_(+0+<'+1! /-&'/! 01%! +-)/-&+>1%! *! 0*! 9'/>/-)+,-! ./0! /59'/%*'+1D! _(/!
./</!%(9/'>+%*'!*!%(%!/590/*.1%!%+!_(+/'/!/>+&*'!0*!)1-./-*D!01%!+-)/-&+>1%!*!0*!.+0+2/-)+*!/-!0*!
*)&(*)+,-! ./! 01%! ./9/-.+/-&/%D! _(/! *)*<*'C-! '/%91-.+/-.1! 91'! 01%! .*:1%! _(/! )*(%*'1-D! 3! 0*!
+-./5-+.*.!./!0*!>6)&+5*D!_(/!8*<'C!)1<'*.1!./0!/59'/%*'+1D!5C%!%10>/-&/!_(/!%(%!/590/*.1%!3!
)1-!5*31'!)*9*)+.*.!./!*%/2('*'!0*!/>/-&(*0+.*.!./0!9*21!./!0*!+-./5-+7*)+,-"
$0! /59'/%*'+1! 91.'C! /Q/')+&*'! 0*! *))+,-! ./! '/9/&+)+,-! )1-&'*! %(! /590/*.1! /-! &1.1! )*%1"! $0!
*'&6)(01!PNA@!??!-1!0+5+&*!0*!*))+,-!*!(-!./&/'5+-*.1!(5<'*0!./!)(09*!1!./!.*:1!+59(&*<0/%!*0!
/590/*.1"! B1%! /590/*.1%! 9'+>*.1%! %1-! )*-.+.*&1%! 91&/-)+*0/%! *! (-*! *))+,-! ./! '/9/&+)+,-! 91'!
&1.1%!01%!.*:1%!_(/!)*(%/-!/-!/0!./%/59/:1!./!0*%!4(-)+1-/%!_(/!0/%!%1-!/-)15/-.*.*%"
B1%!&+&(0*'/%!./!)/-&'1%!.1)/-&/%!./!/-%/:*-7*!-1!%(9/'+1'!9(/./-D!)1-41'5/!*0!(<+*%,-./09:4!
??! '/9/&+'! )1-&'*! 01%! 9'14/%1'/%! _(/! %/! /-)1-&'*<*-! *! )*'21! ./0! /%&(.+*-&/! _(/! )*(%,! .*:1%D!
*(-_(/!%101!)(*-.1!%/!*9'/)+*!.101!1!)(09*!2'*>/!/-!0*!*)&(*)+,-!m*)&+>*!(!15+%+>*m!./0!5*/%&'1K
q?(*-.1! %/! &'*&/! ./! ?/-&'1%! .1)/-&/%! ./! /-%/:*-7*! -1! %(9/'+1'D! %(%! &+&(0*'/%! 91.'C-!
/d+2+'!./!01%!9'14/%1'/%!0*%!)*-&+.*./%!%*&+%4/)8*%D!%+!8(<+/%/-!+-)(''+.1!/-!.101!1!)(09*!
2'*>/!/-!/0!/Q/')+)+1!./!%(%!4(-)+1-/%!_(/!4(/%/-!)*(%*!./0!.*:1"r
B1%! 9'14/%1'/%! ./! )/-&'1%! .1)/-&/%! ./! /-%/:*-7*! -1! %(9/'+1'! /%&C-! *%6! 5/-1%! /d9(/%&1! *! 0*!
*))+,-! ./! '/9/&+)+,-! 91'! 01%! .*:1%! )*(%*.1%! 91'! 0*%! 9/'%1-*%! *! %(! )*'21! _(/! 1&'1%! &+91%! ./!
/590/*.1%!1!./9/-.+/-&/%"
5;/@"D&<>$G"/#&/-(/%(<?(/#&/-(/)<,&R(/#&/-(/#$-$?&"%$(/
B1%!%(Q/&1%!'/%91-%*<0/%!91'!8/)81!./!1&'1!'/%91-./-!/-!0*!5/.+.*!/-!_(/!-1!9(.+/'1-!/>+&*'!
/0!.*:1!_(/!%(4'+,!0*!>6)&+5*"!=1-!'/%91-%*<0/%D!91'!&*-&1D!./!*)(/'.1!)1-!/0!'`2+5/-!2/-/'*0!./!
0*!)(09*!*0!_(/!3*!%/!8*!8/)81!'/4/'/-)+*!/-!)*96&(01%!*-&/'+1'/%!./!/%&1%!5*&/'+*0/%"
=+-!/5<*'21D!3!*!.+4/'/-)+*!./!01!_(/!%()/./!/-!/0!'`2+5/-!2/-/'*0D!/-!/0!_(/!0*!>6)&+5*!./0!.*:1!
./</!9'1<*'!0*!-/20+2/-)+*!./0!./5*-.*.1D!/0!%(Q/&1!'/%91-%*<0/!*0!_(/!%/!/d+Q*!'/%91-%*<+0+.*.!
234
91'!01%!.*:1%!)*(%*.1%!91'!0*%!9/'%1-*%!_(/!./9/-./-!./!`0!./</!9'1<*'!%(!9'19+*!.+0+2/-)+*!%+!
_(+/'/!/d1-/'*'%/!./!'/%91-%*<+0+.*."!=/!9'1.()/!*_(6!(-*!+->/'%+,-!./!0*!)*'2*!./!0*!9'(/<*K!
0*!)*'2*!./!0*!.+0+2/-)+*!)1''/%91-./!*0!./5*-.*.1"!B*!>6)&+5*!./0!.*:1!&/-.'C!%(4+)+/-&/!)1-!
./51%&'*'!_(/!/0!.*:1!4(/!)*(%*.1!91'!(-1!./!01%!/590/*.1%!./0!/59'/%*'+1!)1-!1)*%+,-!./!0*%!
4(-)+1-/%!_(/!`%&/!0/!/-)15/-.,"!R%6!01!.+%91-/!/0!9C''*41!4+-*0!./0!(<+*%,-./09:3/''K
qB*! '/%91-%*<+0+.*.! ./! _(/! &'*&*! /%&/! *'&6)(01! )/%*'C! )(*-.1! 0*%! 9/'%1-*%! /-! `0!
5/-)+1-*.*%! 9'(/</-! _(/! /590/*'1-! &1.*! 0*! .+0+2/-)+*! ./! (-! <(/-! 9*.'/! ./! 4*5+0+*!
9*'*!9'/>/-+'!/0!.*:1"r
$0! '/%(0&*.1! 4+-*0! /%! %+5+0*'! *0! 9'19+1! ./! 0*! '/%91-%*<+0+.*.! 1<Q/&+>*"! X/! 8/)81D! 0*%!
Q(%&+4+)*)+1-/%! &'*.+)+1-*0/%! ./! 0*! '/%91-%*<+0+.*.! >+)*'+*! _(/! %/! 8*-! %/:*0*.1! /-! 9C2+-*%!
*-&/'+1'/%!/>1)*-!*!0*%!/590/*.*%!9*'*!4(-.*5/-&*'!0*!1<Q/&+>*)+,-!./!0*!)(09*"
c&<"("#./XÅSPz/O\SBAH/{'(<?(/#&/-(/)<,&R(/F/<&>).">(R$-$#(#/.RE&+$D(|H/B.!"/%/0`2::0
qPJ!B*!-1)+,-!2/-/'*0!./!)*'2*!./!0*!9'(/<*
B*%!./)+%+1-/%!./!01%!Q(/)/%!3!&'+<(-*0/%!'/_(+/'/-!0*!*9'/)+*)+,-!3!>*01'*)+,-!./!)+')(-%&*-)+*%!
1!%()/%1%!_(/!-1!/%&C-!*!%(!.+%91%+)+,-D!%+-1!*!0*!./!0*%!9*'&/%!/-!/0!9'1)/%1!1!*!0*!./!&/')/'1%"!
?(*-.1! )1-! '/4/'/-)+*! *! /%*%! )+')(-%&*-)+*%! %/! 8*<0*! ./! )*'2*! ./! 0*! 9'(/<*D! %/! /%&C! 8*)+/-.1!
5/-)+,-! *! .1%! *%9/)&1%! %/9*'*<0/%! /-! /0! 90*-1! &/,'+)1K! 9*'*! 91./'! *.19&*'! (-*! ./)+%+,-!
4(-.*.*!/0!Q(/7!1!&'+<(-*0!8*!./!*._(+'+'!(-!)+/'&1!2'*.1!./!)1->+))+,-!*)/')*!./0!*)*/)+5+/-&1!
./!*_(/00*!)+')(-%&*-)+*D!9/'1!9*'*!/001!/%!-/)/%*'+1!_(/!*02(-*!./!0*%!9*'&/%!0/!9'191')+1-/!01%!
/0/5/-&1%! 9'1<*&1'+1%! _(/! 0/! 9/'5+&*-! *0)*-7*'01"! B*%! '/20*%! %1<'/! )*'2*! ./! 0*! 9'(/<*!
)159'/-./-D! 9(/%D! ./! (-! 0*.1D! 0*! ./&/'5+-*)+,-! ./0! (5<'*0! ./! )/'&+.(5<'/! _(/! '/_(+/'/! /0!
Q(72*.1'! 9*'*! %*&+%4*)/'! 0*! 9'/&/-%+,-! 3D! ./! 1&'1D! 0*! ./&/'5+-*)+,-! ./! )(C0! ./! 0*%! 9*'&/%! 8*! ./!
%(5+-+%&'*'! 0*%! 9'(/<*%! 9*'*! *0)*-7*'! .+)81! (5<'*0D! %1! 9/-*! ./! '/)+<+'! (-*! ./)+%+,-! *.>/'%*!
%1<'/!/0!41-.1!./0!*%(-&1!%+!-1!01!8*)/"
$-! /0! C5<+&1! Q('6.+)1! -1'&/*5/'+)*-1D! *5<1%! *%9/)&1%! %1-! *-*0+7*.1%! +-./9/-.+/-&/5/-&/!
./-&'1! ./! 0*! 2/-`'+)*! q<('./-! 14! 9'114rK! %/! 8*<0*! *%6! ./! q<('./-! 14! 9/'%(*%+1-rD! q0/>/0! 14!
)1-4+./-)/r! 1! q%&*-.*'.! 14! 9'114r! 9*'*! '/4/'+'%/! *0! 9'+5/'1D! 4'/-&/! *! q<('./-! 14! 9'1.()&+1-r! 1!
q<('./-!14!9'114r!/-!%/-&+.1!/%&'+)&1"
$-! $%9*:*! 3D! /-! 2/-/'*0D! /-! $('19*D! -1! %/! '/*0+7*! )1-! -+&+./7! m1! -1! %/! '/*0+7*! /-! *<%10(&1m! 0*!
.+%&+-)+,-! /-&'/! 0*%! .1%! >/'&+/-&/%! ./! 0*! )*'2*! ./! 0*! 9'(/<*"! g*0! >/7! /001! %/! ./<*! *! _(/!
+5906)+&*5/-&/! %/! )1-%+./'*! _(/! %,01! 8*3! (-! -+>/0! ./! )1-4+*-7*! 1! )1->+))+,-! Q('6.+)*5/-&/!
*.5+%+<0/! /-! /0! Q(72*.1'! *)/')*! ./0! *)*/)+5+/-&1! ./! (-! )+/'&1! %()/%1"! $%&/! -+>/0! %/'6*! /0! ./! 0*!
90/-*!)/'&/7*D!/%&1!/%D!/0!)1''/%91-.+/-&/!*!(-*!9'1<*<+0+.*.!./!*)*/)+5+/-&1!./0!PAAã"!G1!5/!
)*</! .(.*! ./! _(/! /%&/! %(9(/%&1! +5906)+&1! -1! '/40/Q*! 0*! '/*0+.*.! ./0! 4(-)+1-*5+/-&1! ./! 01%!
%+%&/5*%!Q('6.+)1%!3D!5C%!*[-D!-1!/%!/-!*<%10(&1!./%/*<0/!)151!1<Q/&+>1"
;+`-%/%/! /-! /0! -+>/0! ./! 9'/>/-)+,-! )+>+0D! *.5+-+%&'*&+>*! 1! 9/-*0! _(/! &'*/'6*! )1-%+21! (-*!
/d+2/-)+*! ./! /%&/! '+21'! /-! /0! )1->/-)+5+/-&1! ./0! Q(/7D! &'+<(-*0! 1! *(&1'+.*.! %*-)+1-*.1'*"! =/!
./4+-/!/-&'/!-1%1&'1%!8*<+&(*05/-&/!)*'2*!./!0*!9'(/<*!)151!'/20*!./!./)+%+,-!1!./!Q(+)+1!_(/!
9/'5+&/!*0!Q(72*.1'!'/%10>/'!0*!)1-&'1>/'%+*!/-!4*>1'!./!_(+/-!-1!/%&C!%15/&+.1!*!/00*D!/-!)*%1!
235
./!_(/!0*!9'(/<*!*91'&*.*!-1!%/*!)1-)0(3/-&/"!=/'6*!/%/-)+*05/-&/!(-*!'/20*!_(/!91%+<+0+&*'6*!
/>+&*'!/0!4*4$)'+,"-!)(*-.1!%/!9'1.()/!(-!/59*&/!/-&'/!01%!0+&+2*-&/%!/-!)(*-&1!*!0*!)1->+))+,-!
./!0*!>/'.*.!1!4*0%/.*.!./0!%()/%1!%(%)+&*.*!/-!/0!Q(72*.1'"
$%&*!-1)+,-D!%+-!/5<*'21D!9'/%/-&*!(-*!.+4+)(0&*.K!/-!&`'5+-1%!/%&*.6%&+)1%D!/59*&/!_(+/'/!./)+'!
_(/! 0*! )1->+))+,-! ./0! Q(72*.1'! )1-! '/%9/)&1! *0! *)*/)+5+/-&1! ./0! %()/%1! /-! )(/%&+,-D! &'*%! /0!
9'1)/%1!3!0*!/>/-&(*0!9'(/<*!9'/%/-&*.*!/-!`0D!/%!/d*)&*5/-&/!./0!#Aã"!=+!0*!.+%&'+<()+,-!./!0*!
9'1<*<+0+.*.!./0!%()/%1!/%!)1-&+-(*D!0*!9'1<*<+0+.*.!/4/)&+>*!./!_(/!)1+-)+.*!/d*)&*5/-&/!)1-!/0!
#Aã! /%! ! /-! 0*! 9'C)&+)*D! +-/d+%&/-&/D! 3! /001! *(-_(/! 0*! )1->+))+,-! ./0! Q(72*.1'! 9'/>+*! *0! 9'1)/%1!
4(/'*! 9'/)+%*5/-&/! ./! (-! #Aã! H/-! &`'5+-1%! 5C%! &`)-+)1%D! _(/! 0*! 9'1<*<+0+.*.! 91%&/'+1'! /-!
%/-&+.1! <*3/%+*-1! %/*! Q(%&1! ./! AD#! /%! 9'C)&+)*5/-&/! +591%+<0/D! *(-! )(*-.1! 0*! 9'1<*<+0+.*.!
9'/>+*!4(/'*!./!AD#J"
R./5C%D! 0*! )1-)/9)+,-! ./! 0*! )*'2*! ./! 0*! 9'(/<*! .15+-*-&/! /-! 0*! .1)&'+-*! /%9*:10*! %+&[*! /0!
)/-&'1! ./! *&/-)+,-! /-! /0! %(Q/&1! /_(+>1)*.1! y/0! Q(/7! 1! &'+<(-*0mD! /-! 0(2*'! ./! 1'+/-&*'0*! 8*)+*!
*_(`001%! )(31! )1591'&*5+/-&1! y/0! 9'1<*&1'+1D! 9/'1! &*5<+`-! /0! /d&'*9'1)/%*0m! /%!
>/'.*./'*5/-&/!'/0/>*-&/K!0*%!9*'&/%!/-!/0!0+&+2+1"!B1!./)+%+>1!./!0*!)*'2*!./!0*!9'(/<*!/%!_(/!%/!
&'*&*! ./! (-! +-%&'(5/-&1! /%&'*&`2+)1! /-! 5*-1%! ./0! 0/2+%0*.1'! 3! ./! 01%! Q(/)/%! 3! &'+<(-*0/%! _(/!
9/'5+&/!+-.()+'!01%!)1591'&*5+/-&1%!9'1)/%*0/%!3!/d&'*9'1)/%*0/%!./%/*.1%"!$-!'/0*)+,-!)1-!0*!
)*'2*!./!0*!9'(/<*!0*!9'/1)(9*)+,-!./0!%+%&/5*!Q('6.+)1!-1!/%!*)*.`5+)*D!-+!./!/9+%&/510126*!./!
0*!4(-)+,-!Q(.+)+*0D!%+-1!9'*25C&+)*D!)151!01!/%!/-!/0!'/%&1!./!0*%!5*&/'+*%"!=(!1<Q/&+>1!/%!/0!./!
'/2(0*'!)1591'&*5+/-&1%!/-!/0!5(-.1!'/*0"
SJ!?*'2*!./!0*!9'(/<*!3!5/.+.*%!./!)(+.*.1!./0!)*(%*-&/
?151! %/! 8*! +-.+)*.1! /-! /0! %(<*9*'&*.1! *-&/'+1'D! 0*! -1)+,-! 2/-/'*0! ./! )*'2*! ./! 0*! 9'(/<*!
9'/%/-&*! .1%! *%9/)&1%! _(/! ./</-! %/'! *-*0+7*.1%! %/9*'*.*5/-&/K! (-1! /%! 0*! 4+Q*)+,-! ./0! (5<'*0!
./!)1->+))+,-!1!)1-4+*-7*!'/_(/'+.1!9*'*!.*'!91'!*)'/.+&*.*!(-*!)+')(-%&*-)+*!/-!_(/!%/!<*%*!
(-*! 9'/&/-%+,-a! /0! 1&'1! /%! 0*! ./&/'5+-*)+,-! ./! )(C0! ./! 01%! 0+&+2*-&/%! 8*! ./! *91'&*'! 01%! 5/.+1%!
9'1<*&1'+1%! _(/! 9/'5+&*-! *0)*-7*'! /%/! -+>/0! ./! )1->+))+,-D! ./! 51.1! _(/! %+! /0! 2'*>*.1! 91'! &*0!
)*'2*! -1! %*&+%4*)/! /%*! /d+2/-)+*! 9'1<*&1'+*D! 0*! ./)+%+,-! Q(.+)+*0! %1<'/! /0! *)*/)+5+/-&1! ./! 0*!
)+')(-%&*-)+*!/-!)(/%&+,-!%/'C!-/2*&+>1"
X/0! 9'+5/'1! ./! /001%! %/! 8*! 1)(9*.1! *590+*5/-&/! 0*! 0+&/'*&('*! ./0! *-C0+%+%! /)1-,5+)1! ./0!
X/'/)81"!=/!8*!*-*0+7*.1D!/-!(-*!9'+5/'*!/&*9*D!)151!5/)*-+%51!_(/!H/-!)1-/d+,-!)1-!1&'1%D!
)151!0*!5*2-+&(.!./!0*!%*-)+,-J!9/'5+&/!'/2(0*'!/0!)1591'&*5+/-&1!9'1)/%*0!./!0*%!9*'&/%!H/-!
)(*-&1! *0! 5`'+&1! ./! 0*! 9'/&/-%+,-D! *! 01%! 2*%&1%! /-! 5*&/'+*! 9'1<*&1'+*! 1! *0! &+91! ./! 9'(/<*!
/590/*.*J"! g1.1%! 01%! 51./01%! )1-%+./'*-! _(/! /0! )1591'&*5+/-&1! /d&'*9'1)/%*0! ./! 0*%! 9*'&/%!
H/0!-+>/0!./!)(+.*.1D!0*!)15+%+,-!1!-1!./!(-!./0+&1J!/%&C!.*.1!/d,2/-*5/-&/D!./!51.1!_(/!-1!%/!
*-*0+7*! /0! /4/)&1! _(/! /-! )1-/d+,-! )1-! /0! 5+%51! 9(/.*! &/-/'! /0! (5<'*0! ./! )1->+))+,-! ./0!
Q(72*.1'!*.19&*.1!91'!/0!%+%&/5*!Q('6.+)1"
$-!(-*!%/2(-.*!/&*9*!H_(/!%/!%10*9*!/-!9*'&/!)1-!0*!9'+5/'*JD!%6!%/!>*!*!)1-%+./'*'!0*!+-)+./-)+*!
./! /%/! *%9/)&1! ./! 0*! )*'2*! ./! 0*! 9'(/<*! %1<'/! 0*! )1-.()&*! ./! 01%! %(Q/&1%! 9'/>+*! *0! 9'1)/%1! y
*./5C%! ./! 0*! 9'1)/%*0mD! /-! /%9/)+*0! 5/.+*-&/! /0! /d9/.+/-&/! ./! %(91-/'! _(/! _(+/-! 8*! *)&(*.1!
)1-41'5/!*!X/'/)81!/-!/0!90*-1!/d&'*9'1)/%*0!H8*!%+.1!.+0+2/-&/!1!-1!8*!)15/&+.1!/0!./0+&1JD!%/!
/-4'/-&*! *! 5/-1'/%! )1%&/%! ./! 9'(/<*! ./! %(! +-1)/-)+*! _(/! _(+/-! 8*! *)&(*.1! +06)+&*5/-&/!
H4*0%+4+)*'!.1)(5/-&1%!1!%1<1'-*'!&/%&+21%!/%!)1%&1%1J"
236
$-!0*!5*31'6*!./!/%&1%!51./01%D!*./5C%D!0*!./&/'5+-*)+,-!./0!(5<'*0!./!)1-4+*-7*!./0!Q(72*.1'!
%/! ./&/'5+-*! ./! 41'5*! /-.,2/-*! /-! 4(-)+,-! ./! 0*%! >*'+*<0/%! _(/! *4/)&*-! *0! )1591'&*5+/-&1!
9'/9'1)/%*0! 3! 9'1)/%*0! ./! 0*%! 9*'&/%"! $-! )159*'*)+,-! )1-! 0*! +591'&*-)+*! )(*-&+&*&+>*! 3!
)(*0+&*&+>*!./0!&'*&*5+/-&1!'/)+<+.1!91'!/%*!>/'&+/-&/!./!0*!)*'2*!./!0*!9'(/<*D!0*!1&'*!8*!9*%*.1!
5()81!5C%!+-*.>/'&+.*!/-!0*!0+&/'*&('*!./0!qB*i!u!$)1-15+)%r"
=+-!/5<*'21D!/%!9'/)+%*5/-&/!0*!)(/%&+,-!./!_(+`-!8*!./!*)'/.+&*'!/0!8/)81!)1-&'1>/'&+.1!H/-!/0!
*%(-&1!_(/!-1%!1)(9*D!0*!)(09*!./0!)*(%*-&/!./0!.*:1JD!%1!9/-*!./!'/)+<+'!(-!Q(+)+1!*.>/'%1D!0*!
_(/! %/! .+0()+.*! /-! 0*! .1)&'+-*! ./0! g'+<(-*0! =(9'/51! *)/')*! ./! 0*! +->/'%+,-! ./! 0*! )*'2*! ./! 0*!
9'(/<*!/-!0*%!*)&+>+.*./%!./!/0/>*.1!'+/%21"
R0!)1-&'*'+1!./!01!_(/!1)(''/!/-!01%!51./01%!5/-)+1-*.1%!*-&/'+1'5/-&/D!/-!_(/!%/!9'/&/-.6*!
*-*0+7*'! 3! %/! ./51%&'*<*! /0! /4/)&1! ./! 0*%! '/20*%! ./! (5<'*0! ./! )1-4+*-7*! %1<'/! /0!
)1591'&*5+/-&1!/d&'*9'1)/%*0!./!01%!./%&+-*&*'+1%D!/-!01%!51./01%!%1<'/!/%/!%/2(-.1!*%9/)&1!
./!0*!)*'2*!./!0*!9'(/<*!&*0!/4/)&1!%/!%(91-/!/d)0(+.1!1!%/!-+/2*!H*0!5/-1%!/-!/0!90*-1!&/,'+)1JD!
)151! )1-)0(%+,-! ./0! 51./01"! G+! )151! 9(-&1! ./! 9*'&+.*! -+! )151! '/%(0&*.1! 0*! &/%+%! ./! 0*!
+''/0/>*-)+*!/d&'*9'1)/%*0!./!0*!)*'2*!./!0*!9'(/<*!/%!)1->+-)/-&/!)1-!)*'C)&/'!2/-/'*0"!I-)0(%1!
/590/*-.1! /0! 51./01! _(/! +590+)*! +-41'5*)+,-! )1590/&*! 3! %+5`&'+)*! /-&'/! *5<*%! 9*'&/%D! 3!
9'(/<*!(-+&*'+*!3!90/-*5/-&/!)1->+-)/-&/D!/%!91%+<0/!./51%&'*'!),51!0*!*%+2-*)+,-!./!0*!)*'2*!
./! 0*! 9'(/<*! ./! 0*! )(09*! *! ./5*-.*-&/! 1! ./5*-.*.1! %6! *4/)&*! *! 01%! +-)/-&+>1%! *0! )(+.*.1! ./0!
91&/-)+*0! )*(%*-&/! ./0! .*:1"! ZD! 01! _(/! /%! +591'&*-&/! *! -(/%&'1%! /4/)&1%! ./! >*01'*'! 0*!
Q('+%9'(./-)+*!./0!g'+<(-*0!=(9'/51D!/%!91%+<0/!+2(*05/-&/!9'1<*'!_(/!./!/%*!+-)+./-)+*!%1<'/!
01%!+-)/-&+>1%!*0!)(+.*.1!%/!./.()/!_(/!0*!+->/'%+,-!./!0*!)*'2*!./!0*!9'(/<*!/%&C!)1-&'*+-.+)*.*!
)(*-.1! 0*! *)&+>+.*.! 2/-/'*.1'*! ./! '+/%21%! /%! ./! 0*%! )*0+4+)*<0/%! )151! +-&'6-%/)*5/-&/!
9/0+2'1%*%"r
6;/K(/<&>).">(R$-$#(#/#&/-(/B#=$"$>+<(%$G"/)TR-$%(/F/#&-/)&<>."(-/(/
>,/>&<D$%$./
$0! '`2+5/-! ./%)'+&1! /-! 01%! *9*'&*.1%! *-&/'+1'/%! /%! ./! *90+)*)+,-! *! 01%! &+&(0*'/%! ./!
1'2*-+7*)+1-/%!9'+>*.*%D!/59'/%*'+1%!3!&+&(0*'/%!./!)/-&'1%!.1)/-&/%!9'+>*.1%!./!/-%/:*-7*!-1!
%(9/'+1'"!
B1%! (<+>;/ 32/ (/ 37/ #&/ -(/ K&F/ 4:`2:05H/ #&/ 0/ #&/ .%+,R<&H/ #&/ Ae?$=&"/ a,<*#$%./ #&-/ ]&%+.</
OTR-$%.D!/-!>+21'!*!9*'&+'!./0!S!./!1)&(<'/!./!SAPOD!)1-&+/-/-!/0!-(/>1!'`2+5/-!Q('6.+)1!./!0*!
'/%91-%*<+0+.*.!./!0*!R.5+-+%&'*)+,-!9[<0+)*!3!./0!9/'%1-*0!*!%(!%/'>+)+1K/
$0!'`2+5/-!<C%+)1!./!'/%91-%*<+0+.*.!./!0*!R.5+-+%&'*)+,-!9[<0+)*!/%!/0!)1-&/-+.1!/-!/0!*'&6)(01!
32;0/K&F/4:`2:05C
qP"! B1%! 9*'&+)(0*'/%! &/-.'C-! ./'/)81! *! %/'! +-./5-+7*.1%! 91'! 0*%! R.5+-+%&'*)+1-/%!
;[<0+)*%! )1''/%91-.+/-&/%D! ./! &1.*! 0/%+,-! _(/! %(4'*-! /-! )(*0_(+/'*! ./! %(%! <+/-/%! 3!
./'/)81%D! %+/59'/! _(/! 0*! 0/%+,-! %/*! )1-%/)(/-)+*! ./0! 4(-)+1-*5+/-&1! -1'5*0! 1!
237
*-1'5*0!./!01%!%/'>+)+1%!9[<0+)1%!%*0>1!/-!01%!)*%1%!./!4(/'7*!5*31'!1!./!.*:1%!_(/!/0!
9*'&+)(0*'!&/-2*!/0!./</'!Q('6.+)1!./!%191'&*'!./!*)(/'.1!)1-!0*!B/3
B*! *-(0*)+,-! /-! >6*! *.5+-+%&'*&+>*! 1! 91'! /0! 1'./-! Q('+%.+))+1-*0! )1-&/-)+1%1!
*.5+-+%&'*&+>1! ./! 01%! *)&1%! 1! .+%91%+)+1-/%! *.5+-+%&'*&+>*%! -1! 9'/%(91-/D! 91'! %6!
5+%5*D!./'/)81!*!0*!+-./5-+7*)+,-"r"
X/!/%&/!51.1D!0*!'/%91-%*<+0+.*.!./!0*!R.5+-+%&'*)+,-!%/!)1-4+2('*!)151!(-*!'/%91-%*<+0+.*.K
-
M$<&%+(K!0*!R.5+-+%&'*)+,-!'/%91-./!/-!9'+5/'!0(2*'D!/%!./)+'D!-1!01!8*)/!%(<%+.+*'+*5/-&/"!
R%6!01!9'/>`!/0!(<+;/36;0/F/2/K&F/4:`2:05K
qP"! ;*'*! 8*)/'! /4/)&+>*! 0*! '/%91-%*<+0+.*.! 9*&'+51-+*0! *! _(/! %/! '/4+/'/! /%&*! B/3D! 01%!
9*'&+)(0*'/%! /d+2+'C-! .+'/)&*5/-&/! *! 0*! R.5+-+%&'*)+,-! ;[<0+)*! )1''/%91-.+/-&/! 0*%!
+-./5-+7*)+1-/%!91'!01%!.*:1%!3!9/'Q(+)+1%!)*(%*.1%!91'!0*%!*(&1'+.*./%!3!9/'%1-*0!*!
%(!%/'>+)+1"
S"! B*! R.5+-+%&'*)+,-! )1''/%91-.+/-&/D! )(*-.1! 8(<+/'/! +-./5-+7*.1! *! 01%! 0/%+1-*.1%D!
/d+2+'C! ./! 14+)+1! /-! >6*! *.5+-+%&'*&+>*! ./! %(%! *(&1'+.*./%! 3! ./5C%! 9/'%1-*0! *! %(!
%/'>+)+1!0*!'/%91-%*<+0+.*.!/-!_(/!8(<+/'*-!+-)(''+.1!91'!.101D!1!)(09*!1!-/20+2/-)+*!
2'*>/%D!9'/>+*!+-%&'())+,-!./0!)1''/%91-.+/-&/!9'1)/.+5+/-&1"
;*'*! 0*! /d+2/-)+*! ./! .+)8*! '/%91-%*<+0+.*.! 3D! /-! %(! )*%1D! 9*'*! %(! )(*-&+4+)*)+,-D! %/!
91-./'*'C-D! /-&'/! 1&'1%D! 01%! %+2(+/-&/%! )'+&/'+1%K! /0! '/%(0&*.1! .*:1%1! 9'1.()+.1D! /0!
2'*.1! ./! )(09*<+0+.*.D! 0*! '/%91-%*<+0+.*.! 9'14/%+1-*0! ./0! 9/'%1-*0! *0! %/'>+)+1! ./! 0*%!
R.5+-+%&'*)+1-/%!9[<0+)*%!3!%(!'/0*)+,-!)1-!0*!9'1.())+,-!./0!'/%(0&*.1!.*:1%1r"
R%6D! /0! '`2+5/-! 0/2*0! ./! '/%91-%*<+0+.*.! ./! 01%! /590/*.1%! 9[<0+)1%! /%! 5C%! 0*d1! _(/! /0!
2/-/'*0!_(/!'/%(0&*!./!*90+)*)+,-!*!01%!/590/*.1%!9'+>*.1%!)1-41'5/!*0!*'&6)(01!PNA@!??"!
?1-41'5/!*'&"!MO"S!B/3!@AhSAP#!%101!8*<'C-!./!'/%91-./'!4'/-&/!*!0*!R.5+-+%&'*)+,-!_(/!
+-./5-+7,! 01%! .*:1%! _(/! )*(%*'1-! )(*-.1! %(! *)&(*)+,-! 4(/'*! 2'*>/5/-&/! -/20+2/-&/! 1!
.101%*"
-
\RE&+$D(K! 0*! '/%91-%*<+0+.*.! ./! 0*! R.5+-+%&'*)+,-! /%! +-./9/-.+/-&/! ./! 0*%! 9'/)*()+1-/%!
*%(5+.*%!91'!/00*!/-!0*!1'2*-+7*)+,-!3!9'/%&*)+,-!./0!%/'>+)+1!.1-./!%/!8*-!1'+2+-*.1!01%!
.*:1%"
-
!Pi%-,>$D(K! 0*! >6)&+5*! 1D! /-! 2/-/'*0D! 0*! 9/'%1-*! 0/2+&+5*.*! *)&+>*5/-&/! 9*'*! '/)0*5*'!
./</'C! .+'+2+'! %(! *))+,-! )1-&'*! 0*! R.5+-+%&'*)+,-D! 9/'1D! ./%./! PNNND! 3*! -1! 9(/./! 8*)/'01!
)1-&'*!/0!4(-)+1-*'+1!_(/!)*(%,!.+'/)&*5/-&/!/0!.*:1"!R%6!01!.+%91-/-!/0!3*!&'*-%)'+&1!*'&"!
MO! ! B/3! @AhSAP#! 3D! 9*'*! 01%! %(9(/%&1%! /-! _(/! /0! .*:1! 01! %/*! )151! )1-%/)(/-)+*! ./! (-!
8/)81!&+9+4+)*.1!)151!./0+&1D!/0!(<+;/37;2/K&F/4:`2:05C
qS"! B*! /d+2/-)+*! ./! '/%91-%*<+0+.*.! 9/-*0! ./0! 9/'%1-*0! *0! %/'>+)+1! ./! 0*%!
R.5+-+%&'*)+1-/%! ;[<0+)*%! -1! %(%9/-./'C! 01%! 9'1)/.+5+/-&1%! ./! '/)1-1)+5+/-&1! ./!
'/%91-%*<+0+.*.! 9*&'+51-+*0! _(/! %/! +-%&'(3*-D! %*0>1! _(/! 0*! ./&/'5+-*)+,-! ./! 01%!
8/)81%! /-! /0! 1'./-! Q('+%.+))+1-*0! 9/-*0! %/*! -/)/%*'+*! 9*'*! 0*! 4+Q*)+,-! ./! 0*!
'/%91-%*<+0+.*.!9*&'+51-+*0r"
238
-
],R>$#$(<$(C/%+-!/5<*'21D!)(*-.1!/0!.*:1!)*(%*.1!91'!/0!4(-)+1-*'+1!1!*2/-&/!./0!%/'>+)+1!
./! 0*! R.5+-+%&'*)+,-! %/*! )1-%/)(/-)+*! ./! (-! )1591'&*5+/-&1! &+9+4+)*.1! )151! ./0+&1D! 0*!
'/%91-%*<+0+.*.!./!0*!R.5+-+%&'*)+,-D!)1-41'5/!(-/(<+*%,-./020/'OD!%/'C!%(<%+.+*'+*!./!0*!
_(/!)1''/%91-.*!*0!'/%91-%*<0/!9/-*0K
q$0! $%&*.1D! 0*! ?15(-+.*.! R(&,-15*D! 0*! 9'1>+-)+*D! 0*! +%0*D! /0! 5(-+)+9+1! 3! ./5C%! /-&/%!
9[<0+)1%D!%/2[-!01%!)*%1%D!'/%91-./-!%(<%+.+*'+*5/-&/!./!01%!.*:1%!)*(%*.1%!91'!01%!
9/-*05/-&/! '/%91-%*<0/%! ./! 01%! ./0+&1%! .101%1%! 1! )(091%1%D! )(*-.1! `%&1%! %/*-!
*(&1'+.*.D!*2/-&/%!3!)1-&'*&*.1%!./!0*!5+%5*!1!4(-)+1-*'+1%!9[<0+)1%!/-!/0!/Q/')+)+1!./!
%(%! )*'21%! 1! 4(-)+1-/%! %+/59'/! _(/! 0*! 0/%+,-! %/*! )1-%/)(/-)+*! .+'/)&*! ./0!
4(-)+1-*5+/-&1!./!01%!%/'>+)+1%!9[<0+)1%!_(/!0/%!/%&(>+/'/-!)1-4+*.1%D!%+-!9/'Q(+)+1!./!
0*! '/%91-%*<+0+.*.! 9*&'+51-+*0! ./'+>*.*! ./0! 4(-)+1-*5+/-&1! -1'5*0! 1! *-1'5*0! ./!
.+)81%!%/'>+)+1%!/d+2+<0/!)1-41'5/!*!0*%!-1'5*%!./!9'1)/.+5+/-&1!*.5+-+%&'*&+>1D!3!%+-!
_(/D!/-!-+-2[-!)*%1D!9(/.*!.*'%/!(-*!.(90+)+.*.!+-./5-+7*&1'+*"
=+! %/! /d+2+/'*! /-! /0! 9'1)/%1! 9/-*0! 0*! '/%91-%*<+0+.*.! )+>+0! ./! 0*! *(&1'+.*.D! *2/-&/%! 3!
)1-&'*&*.1%! ./! 0*! 5+%5*! 1! 4(-)+1-*'+1%! 9[<0+)1%D! 0*! 9'/&/-%+,-! ./</'C! .+'+2+'%/!
%+5(0&C-/*5/-&/!)1-&'*!0*!R.5+-+%&'*)+,-!1!/-&/!9[<0+)1!9'/%(-&*5/-&/!'/%91-%*<0/!
)+>+0!%(<%+.+*'+1"r
X/! /%&/! 51.1D! /-! /0! ./'/)81! /%9*:10D! )1/d+%&/-! )1-! )+/'&*! .+4+)(0&*.! &'/%! %+%&/5*%! ./!
'/%91-%*<+0+.*.! 91'! /0! 8/)81! ./! 1&'1K! (-1D! *.5+-+%&'*&+>1D! 9*'*! 01%! .*:1%! )*(%*.1%! 91'!
4(-)+1-*'+1%!3!/590/*.1%!9[<0+)1%!H*'&%"!MO!3!ML!B/3!@AhSAP#a!1&'1D!)+>+0D!9*'*!01%!)*(%*.1%!91'!
9*'&+)(0*'/%!*!1&'1%!9*'&+)(0*'/%!H?,.+21!?+>+0!./!PUUND![0&+5*5/-&/!51.+4+)*.1!/-!/%&*!5*&/'+*!
/-!PNNPJa!3!(-!&/')/'1D!&*5<+`-!)+>+0!m9/'1!*90+)*.1!91'!01%!&'+<(-*0/%!9/-*0/%mD!9*'*!01%!.*:1%!
)*(%*.1%!91'!8/)81%!&+9+4+)*.1%!)151!./0+&1!91'!/0!?,.+21!;/-*0!./!PNN#!3!1&'*%!0/3/%!9/-*0/%!
H*'&"!PSA!?;J"
]^]H/0_H/93`2::6H/#&/07/#&/I&R<&<.H/SOC/a,("/B"+."$./b$.-/A*.>;
I-)159/&/-)+*!./!0*!Q('+%.+))+,-!)+>+0!9*'*!)1-./-*'!*!(-!4(-)+1-*'+1!9[<0+)1
B*! '/9'/%/-&*)+,-! 9'1)/%*0! ./! 0*! /59'/%*! é;+-3/'D! ="! R"w! 3! ./! %(%! *.5+-+%&'*.1'/%! 9'/%/-&,!
./5*-.*!./!'/%91-%*<+0+.*.!)+>+0!91'!.*:1!51'*0!)1-&'*!/0!+-%9/)&1'!./!4+-*-7*%!./0!$%&*.1!_(/!
8*<6*! +-+)+*.1! 0*%! *)&(*)+1-/%! ./! +-%9/))+,-! &'+<(&*'+*! )1-&'*! 0*! )159*:6*! 3! %(%!
*.5+-+%&'*.1'/%"! $-! 0*! ./5*-.*D! 9'/%/-&*.*! *-&/! /0! 1'./-! Q('+%.+))+1-*0! )+>+0D! %/! /d)0(6*!
/d9'/%*5/-&/!0*!9/&+)+,-!./!)1-./-*!*!0*!R.5+-+%&'*)+,-!3!%/!/d+26*!%101!0*!'/%91-%*<+0+.*.!./0!
4(-)+1-*'+1"
$0! ^(72*.1! ./! ;'+5/'*! I-%&*-)+*! -[5"@S! ./! \*')/01-*! .+)&,! *(&1! 91'! /0! _(/! ./)0*'*<*! 0*!
+-)159/&/-)+*! ./! 0*! Q('+%.+))+,-! )+>+0"! E/)(''+.1! /-! *9/0*)+,-D! /0! *(&1! 4(/! )1-4+'5*.1! 91'! 0*!
=/))+,-! ?(*'&*! ./! 0*! R(.+/-)+*! ;'1>+-)+*0! ./! \*')/01-*! _(/D! ./! +2(*0! 51.1! _(/! /0! Q(72*.1D!
)1-%+./',!_(/!0*!)159/&/-)+*!)1''/%91-.6*!*!0*!Q('+%.+))+,-!)1-&/-)+1%1m*.5+-+%&'*&+>*"!B*!=*0*!
;'+5/'*!)1-4+'5,!0*!./)+%+,-!./!0*%!+-%&*-)+*%K
qRJ! $0! 5*-.*&1! ./! .+'+2+'! 0*! *))+,-! )1-&'*! 0*! R.5+-+%&'*)+,-! 9[<0+)*! /-! 01%! )*%1%! ./!
'/%91-%*<+0+.*.!)+>+0!./0!4(-)+1-*'+1!H*'&"!P@#!B/3!MAhPNNSJ!-1!./Q*!0(2*'!*!.(.*%!/-!%(!&/-1'!
239
0+&/'*0! 3! /-! %(! (<+)*)+,-! %+%&/5C&+)*! H'/2(0*)+,-! ./0! ./'/)81! ./! '/2'/%1J! *)/')*! ./! 0*!
+591%+<+0+.*.! ./! '/)0*5*'! .+'/)&*5/-&/! )1-&'*! *_(`0D! 9(/%! /-! 1&'1! )*%1! .+)81! 5*-.*&1!
'/%(0&*'6*! +-/d90+)*<0/! 3! %+-! /%9/)+4+)+.*.! *02(-*! /-! '/0*)+,-! )1-! /0! 9'+-)+9+1! 2/-/'*0! ./!
'/%91-%*<+0+.*.!9*&'+51-+*0!./!0*%!R.5+-+%&'*)+1-/%!9[<0+)*%!91'!/0!4(-)+1-*5+/-&1!-1'5*0!1!
*-1'5*0! ./! 01%! %/'>+)+1%! 9[<0+)1%D! 3! '/.(-.*-&/! '/%9/)&1! ./! 01%! 9'/)/9&1%! _(/! 9'1)0*5*-D!
+-)0(%1! )(*-.1! 0*! R.5+-+%&'*)+,-! *)&[*! /-! '/0*)+1-/%! ./! X/'/)81! 9'+>*.1D! _(/! 01%! .*:1%!
)*(%*.1%! 91'! %(! 9/'%1-*0! %/! )1-%+./'*-! *)&1%! 9'19+1%! ./! 0*! R.5+-+%&'*)+,-! H*'&"! P@@! B/3!
MAhPNNSJ"
\J!B*!B/3!MAhPNNS!./'12*!/0!*'&6)(01!@M!./!0*!B/3!./!'`2+5/-!Q('6.+)1!./!0*!R.5+-+%&'*)+,-!./0!
$%&*.1!3!-1!+-)0(3/!9'/)/9&1!*02(-1!_(/!./!5*-/'*!.+'/)&*!3!/d9'/%*!'/)1-17)*D!)151!*_(`0D!0*!
91%+<+0+.*.!./!./5*-.*'!.+'/)&*5/-&/!*0!4(-)+1-*'+1"!H|Jr!H]"!^"!PAJ
7;/ M&/ -(/ #&)&"#&"%$(/ (-/ %."+<.-;/ K(/ <&>).">(R$-$#(#/ #&/ -(/
.<?("$N(%$G"/
$-! 0*%! 9C2+-*%! 9'/)/./-&/%! 8/51%! &/-+.1! 1)*%+,-! ./! /d*5+-*'! <'/>/5/-&/! 0*! '/2(0*)+,-!
/%9*:10*!./!0*!'/%91-%*<+0+.*.!91'!8/)81!*Q/-1"!b/51%!9*'&+.1!./0!51./01!<C%+)1!./!0*!'/0*)+,-!
9'+-)+9*0m*2/-&/! 3! 8/51%! )1-)0(+.1! )1-! 0*! >+2/-)+*! ./! 0*%! '/20*%! )+>+0/%! 3! 9/-*0/%! ./!
'/%91-%*<+0+.*.!./0!/59'/%*'+1"
X/%./!(-!9(-&1!./!>+%&*!/%&'+)&*5/-&/!*-*06&+)1D!8*3!_(/!'/4'/-.*'!0*%!)/-&/-*'+*%!'/20*%!./!01%!
?,.+21%! 3! '/)1-1)/'! _(/! *-&+)+9*'1-! *021! _(/! 0*! .1)&'+-*! )1-&/591'C-/*! &1.*>6*! .+%)(&/K! 0*!
-/)/%+.*.!./!.+%&+-2(+'!/-&'/!)*(%*-&/!3!'/%91-%*<0/!/-!*_(/001%!)*%1%!/-!_(/!/0!.*:1!8*!%+.1!
)*(%*.1!91'!/0!+-)(590+5+/-&1!./!./</'/%!./!9'1&/))+,-!3!/-!01%!_(/D!/-!*(%/-)+*!./!(-*!'/20*!
./! '/%91-%*<+0+.*.! 91'! 8/)81! *Q/-1D! 0*! >6)&+5*! ./</'6*! )*'2*'! )1-! 0*! +-%10>/-)+*! ./0! )*(%*-&/!
./0!.*:1"
$0! X/'/)81! ./! X*:1%! ./! (-*! %1)+/.*.! )1590/Q*! /-! 0*! _(/! 01%! +-.+>+.(1%! +-&/'*)&[*-! 9*'*! 0*!
)1-%/)()+,-! ./! +-&/'/%/%! .+4/'/-&/%! H3D! *! 5/-(.1D! )1-&'*9(/%&1%J! />10()+1-*!
+''/5/.+*<0/5/-&/! 8*)+*! 0*! +59(&*)+,-! ./! .*:1%! )1-! <*%/! /-! 0*! &+&(0*'+.*.! ./! *)&+>+.*./%! 1!
'/0*)+1-/%!3!-1!5/.+*-&/!)'+&/'+1%!5C%!1!5/-1%!/%&'+)&1%!./!)*(%*0+.*.!1!/>+&*<+0+.*."!;1./51%!
*4+'5*'D! 91'! &*-&1D! _(/! *2/-)+*D! ./9/-./-)+*! 3! 9'19+/.*.! %/! '+2/-! 91'! 0*%! 5+%5*%! '/20*%! ./!
'/9*'*)+,-!./!.*:1%"
$-! /0! %+%&/5*! /%9*:10! ./! '/%91-%*<+0+.*.! 91'! 8/)81! ./! 1&'1! /0! '/%91-%*<0/! -1! /%! *Q/-1! *! 0*!
)*(%*)+,-!./0!.*:1"!;1'!/0!)1-&'*'+1D!0*!B/3!9'/%(5/!%(!9*'&+)+9*)+,-!/-!/0!5+%51!*!&'*>`%!./!
(-*!)1-.()&*!-/20+2/-&/!)1-%+%&/-&/!/-!-1!8*</'!/>+&*.1D!./<+/-.1!8*)/'01D!/0!.*:1"!?1-!1&'*%!
9*0*<'*%D! -1! /d+%&/! '/%91-%*<+0+.*.! 91'! 8/)81! *Q/-1! %+-1D! 5C%! <+/-D! (-! >/'.*./'1! )*%1! ./!
'/%91-%*<+0+.*.!91'!8/)81!9'19+1!1D!5/Q1'!.+)81D!'/%91-%*<+0+.*.!./!0*!1'2*-+7*)+,-!./!0*!_(/!
%/!/%!&+&(0*'"!B*!'/%91-%*<+0+.*.!91'!8/)81!*Q/-1!3*!-1!/%!(-!'/9'1)8/!%+-1!(-*!2*'*-&6*!0/2*0!/-!
4*>1'!./!0*%!>6)&+5*%!_(/!*%(5/!_(+/-!./)+./!9*'&+)+9*'!/-!/0!&'C4+)1!)1-41'5/!*!*02(-1!./!01%!
'10/%!9'/>+%&1%!0/2*05/-&/"
240
$-! /4/)&1D! 0*! )1-)/9)+,-! )0C%+)*! ./! 0*! '/%91-%*<+0+.*.! >+)*'+*! )151! (-! '`2+5/-! /-! /0! _(/! (-!
9'+-)+9*0! '/%91-./! 91'! (-! *2/-&/! *! _(+/-! /-)15+/-.*! 0*! '/*0+7*)+,-! ./! (-*! *)&+>+.*.! _(/.*!
./%.+<(Q*.*! )(*-.1! 9'/&/-./51%! *90+)*'0*! *! (-! *2/-&/! _(/! ./%/59/:*! %(%! 4(-)+1-/%! /-! (-*!
1'2*-+7*)+,-! )1590/Q*"! $-! (-*! 1'2*-+7*)+,-D! 0*%! 4(-)+1-/%! ./! )1-&'10! 3! %(9/'>+%+,-! %/! .+0(3/-!
/-!(-*!+-4+-+.*.!./!'/0*)+1-/%!./!*2/-)+*"!B*!'/%91-%*<+0+.*.!>+)*'+*!%/!)1->+/'&/!/-&1-)/%!/-!
(-!)1%&/!5C%!./!0*!*)&+>+.*.!/59'/%*'+*0D!/-!(-*!9'+5*!_(/!9*2*!/0!/59'/%*'+1!/-!4*>1'!./!0*%!
>6)&+5*%! 91&/-)+*0/%! ./! .*:1%! )*(%*.1%! 91'! 0*! *)&+>+.*.! 9'19+*! ./0! 2+'1! ./! 0*! /59'/%*"! l-!
%/2('1! 1<0+2*&1'+1! _(/! 0*! 0/3! 1&1'2*! *! 0*%! >6)&+5*%! ./! .*:1%! )*(%*.1%! 91'! 1'2*-+7*)+1-/%"! $0!
/59'/%*'+1! -1! /%! 5C%! _(/! (-! )1./(.1'! _(/! *%(5/! /0! '+/%21! ./! 0*! +-%10>/-)+*! ./! %(%!
)10*<1'*.1'/%!3!01%!)1%&/%!./!+./-&+4+)*)+,-!./!0*!>6)&+5*"
$-! 0*! '/%91-%*<+0+.*.! ./! 0*! 1'2*-+7*)+,-D! /0! 9*'*.+25*! 3*! -1! /%! 0*! '/0*)+,-! 9'+-)+9*0m*2/-&/D!
%+-1!0*!*%(-)+,-!1<Q/&+>*!./!'/%91-%*<+0+.*.!91'!&1.1%!01%!.*:1%!./'+>*.1%!./!0*!*)&+>+.*.!./!0*!
1'2*-+7*)+,-!./!0*!_(/!%/!/%!&+&(0*'!1!./!01%!<+/-/%!_(/!)1591-/-!/0!9'19+1!9*&'+51-+1"
X/!/%&*!41'5*D!)1->/'2/-!0*%!'/20*%!./!'/%91-%*<+0+.*.!./!0*%!1'2*-+7*)+1-/%!9'+>*.*%!)1-!0*%!
./! 0*! 5*31'! /59'/%*! ./! %/'>+)+1%K! 0*! R.5+-+%&'*)+,-! 9[<0+)*"! X/%./! /0! 9(-&1! ./! >+%&*!
)1-)/9&(*0D!0*!'/%91-%*<+0+.*.!>+)*'+*!./!/59'/%*'+1%!9'+>*.1%!3!1'2*-+7*)+1-/%!9[<0+)*%!-1!/%!
.+4/'/-&/"! B1%! .1%! '/265/-/%! 9/'%+2(/-! 01%! 5+%51%! 1<Q/&+>1%K! .+%&'+<(+'! /4+)+/-&/5/-&/! 01%!
+-)/-&+>1%D!/>+&*'!0*!+-%10>/-)+*!./0!'/%91-%*<0/!3D!*!0*!91%&'/D!14'/)/'!*!0*!>6)&+5*!./0!.*:1!(-!
'`2+5/-!/4+)*7!./!9'1&/))+,-"!R5<*%!1'2*-+7*)+1-/%D!./!./'/)81!9[<0+)1!3!./!./'/)81!9'+>*.1D!
9*%*-! ./! 0*! '/%91-%*<+0+.*.! 91'! 8/)81! *Q/-1! *! 0*! '/%91-%*<+0+.*.! ./! 0*%! 1'2*-+7*)+1-/%!
)1590/Q*%!)151!&*0/%"
241
'()*+,-./00/
M(Q./
!
P"!X*:1!3!.*:1!+-./5-+7*<0/!Hb*'5!*-.!R)&+1-*<0/!1'!E/)1>/'*<0/!X*5*2/J!"""!S@M!
S"!g+91%!./!.*:1!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!S@@!
S"P"!X*:1%!9/'%1-*0/%K!5(/'&/D!.*:1%!)1'91'*0/%!3!.*:1!51'*0!""""""""""""""""""""""!S@#!
S"S"!?1-%/)(/-)+*%!9*&'+51-+*0/%!./'+>*.*%!./0!.*:1!)1'91'*0!"""""""""""""""""""""""!S@#!
S"M"!;`'.+.*!./!191'&(-+.*.!H=*%%$*H$/E(49"J!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!S@#!
S"@"! $0! ./%*''1001! ./! 01%! )1-1)+5+/-&1%! 3! 0*! )'/)+/-&/! )1590/Q+.*.! ./0!
)1-)/9&1!./!.*:1!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!S@L!
S"#"!X*:1%!)1-)/-&'*.1%!3!.*:1%!.+4(%1%!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!S@N!
S"O! $0! )1-)/9&1! ./! .*:1%! /d)0(%+>*5/-&/! /)1-,5+)1%! H5,#"$ 29*4*6'9$ =*%%J
!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!S#A!
M"!R-C0+%+%!/)1-,5+)1!./0!./'/)81!;29*4*6'9$C4()&%'%$*H$=(>:!"""""""""""""""""""""""""""""""""""!S#S!
@"!=+%&/5*!9*'*!0*!>*01'*)+,-!./!01%!.*:1%!3!9/'Q(+)+1%!)*(%*.1%!*!0*%!9/'%1-*%!/-!
*))+./-&/%!./!)+')(0*)+,-!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!S#M!
@"P"! B*! <*'/5*)+,-! 0/2*0! 3! 1<0+2*&1'+*! ./! 01%! .*:1%! 9/'%1-*0/%! )*(%*.1%! /-!
01%! *))+./-&/%! ./! )+')(0*)+,-K! %(! *90+)*)+,-! 9('*5/-&/! 1'+/-&*&+>*! 9*'*!
/>*0(*'! .*:1%! )*(%*.1%! /-! *))+./-&/%! .+%&+-&1%! *! 01%! ./! )+')(0*)+,-! 3! 01%!
)*%1%! .+46)+0/%! 3! /d&'*1'.+-*'+1%! /-! 01%! )(*0/%! 01%! &'+<(-*0/%! )1-)/./-!
+-./5-+7*)+1-/%!+2(*05/-&/!/d&'*1'.+-*'+*%!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!S#M!
@"S"! g6&(01! Ic! H*'&%"! MS! *! P@MJ! 3! R-/d1! ./0! ?"3-*$ B"H,47'7*$ 7"$ )($ ="&$ %*D#"$
#"%!*4%(D')'7(7$ 9'0')$ &$ %"@,#*$ "4$ )($ 9'#9,)(9'^4$ 7"$ 0"E[9,)*%$ ($ 6*-*#D!
+-&'1.()+.1%! 91'! 0*! B/3! M#hSAP#D! ./! SS! ./! %/9&+/5<'/D! ./! '/41'5*! ./0!
%+%&/5*!9*'*!0*!>*01'*)+,-!./!01%!.*:1%!3!9/'Q(+)+1%!)*(%*.1%!*!0*%!9/'%1-*%!
/-!*))+./-&/%!./!)+')(0*)+,-!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SOS!
#"!X/%*''1001%!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SOO!
#"P"!X*:1%!51'*0/%!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SOO!
#"S"! ;`'.+.*! ./! +-2'/%1%! 3! ./! 0*! )*9*)+.*.! ./! 2/-/'*'01%! ;=*%-$ 2(#4'4@S$
A6!('#6"4-$*H$2(#4'4@$/(!(9'-&:!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SL@!
#"M"!I-4'*))+,-!./!)1-%/-&+5+/-&1!+-41'5*.1!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SLO!
#"@"! G*)+5+/-&1! +-./<+.1! Hx'1-24(0! ?1-)/9&+1-D! x'1-24(0! \+'&8D! x'1-24(0!
B+4/J!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SLL!
#"#"!X*:1!9('*5/-&/!/)1-,5+)1!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SUM!
#"O"!;`'.+.*!./!191'&(-+.*.!;=*%%$*H$($/E(49":!"""""""""""""""""""""""""""""""""""""""""""""""""""""""!SU@!
O"!B/%+1-/%!9/'%1-*0/%!3!5+&+2*)+,-!H?159/-%*&1'3!X*5*2/%K!;/'%1-*0!I-Q('3!*-.!
V+&+2*&+1-J!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SUL!
O"P"! V*&/'+*0! )1590/5/-&*'+1K! T'))'(6%$ 0G$ O#'@E-$ $ HOMS! G"Z"="S.! LOA!
G"Z"=(9"DPNN#J!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SUL!
L"!?159*&+<+0+.*.!./!4(/-&/%!+-./5-+7*&1'+*%!;/*))(-"#()$8*,#9"$#,)":!"""""""""""""""""""!SUN!
242
L"P! ;'/%&*)+1-/%! ./! 0*! =/2('+.*.! =1)+*0! /! +-./5-+7*)+,-! ./! .*:1%! 3!
9/'Q(+)+1%!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SNA!
L"S! ;'/%&*)+1-/%! ./0! %/2('1! ./! '/%91-%*<+0+.*.! )+>+0! 3! 9'/%&*)+1-/%! ./0!
%/2('1!./!*))+./-&/!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SNM!
!
0;/M(Q./F/#(Q./$"#&="$N(R-&/Vg(<=/("#/B%+$."(R-&/.</
A&%.D&<(R-&/M(=(?&W//
X*:1!HN(#6J!/%!)(*0_(+/'!./&'+5/-&1D!9/'Q(+)+1D!5/-1%)*<1D!.101'!1!510/%&+*!H!q.*:*'rD!XER$JD!
5+/-&'*%!_(/!.*:1!+-./5-+7*<0/!H(9-'*4(D)"$*#$#"9*0"#(D)"$7(6(@"J!/%!(-!)1-)/9&1!-1'5*&+>1D!
_(/! '/4+/'/! *_(/00*%! 0/%+1-/%! )*(%*.*%! 91'! )1-.()&*%! _(/! '/[-/-! 01%! '/_(+%+&1%! ./! 01%! .1%!
%+%&/5*%! <C%+)1%! ./! '/%91-%*<+0+.*.D! 91'! )(09*! 3! 1<Q/&+>*"! G/20+2/-)+*! /%! 4(-.*5/-&*05/-&/!
+-4'*))+,-! ./! ./</'/%! ./! )(+.*.1D! 9'/>+%&1%! 0/2*0! 1! Q('+%9'(./-)+*05/-&/D! )151! >+51%! /-! /0!
)*96&(01!M{!./!/%&1%!5*&/'+*0/%"!Z!'/%91-%*<+0+.*.!1<Q/&+>*!/%!)*(%*)+,-!./!.*:1%!1<Q/&+>*5/-&/!
+59(&*<0/! 3! 8*! ./! /%&*'! 9'/>+%&*! 91'! 0/3! 1! 5(3! <+/-! 4(-.*5/-&*.*! 91'! (-*! Q('+%9'(./-)+*!
)1-%10+.*.*"! p(`! )1-%/)(/-)+*%! %/! )1-%+./'*-! .*:+-*%! /%! (-*! )(/%&+,-! ./! 9106&+)*! Q('6.+)*! m3!
/)1-,5+)*D!%1)+*0D!)(0&('*0m!)(31!*0)*-)/!./9/-./!./!0*!+-&/-%+.*.!./!01%!./</'/%!./!9'/)*()+,-!
_(/!%/!'/%(/0>*!/%&*<0/)/'!1!!./!01%!'+/%21%!_(/!%/!_(+/'*-!9'/>/-+'"
$-!&`'5+-1%!./!.*:1D!0*!'/%91-%*<+0+.*.!)1-&'*)&(*0!3!/d&'*)1-&'*)&(*0!%(/0/-!.+%&+-2(+'%/!./0!
51.1! %+2(+/-&/K! 0*! 9'/&/-%+,-! ./'+>*.*! ./0! +-)(590+5+/-&1! )1-&'*)&(*0! ./</'6*! %/'! %(4+)+/-&/!
9*'*!%+&(*'!*0!*)'//.1'!/-!0*!91%+)+,-!/-!0*!_(/!%/!/-)1-&'*'6*!./!8*</'%/!)(590+.1!/0!)1-&'*&1D!
0*! 9'/&/-%+,-! /d&'*)1-&'*)&(*0! 9/'%+2(/! m0+&/'*05/-&/m! +-./5-+7*'! *! 0*! >6)&+5*! 9*'*! ./Q*'0*!
+-./5-/D!/%&1!/%D!&*0!3!)151!%/!/-)1-&'*'6*!%+!/0!*))+./-&/!-(-)*!8(<+/'*!&/-+.1!0(2*'"!
B*! /d+%&/-)+*! 9'1<*.*! ./! (-! .*:1! )+/'&1! )*(%*.1! 91'! 0*! )1-.()&*! ./0! ./5*-.*.1! /%!
-1'5*05/-&/! (-! 9'/%(9(/%&1! /%/-)+*0! ./! 0*! '/%91-%*<+0+.*.! )+>+0"! =+-! .*:1! -1! 8*<'6*!
'/%91-%*<+0+.*."! $-! 0*! ]^]H/ 3_H/ #&/ 0:/ #&/ I&R<&<./ #&/ 2::9/ VAa/ 247:WH/ SOC/ \%+(D$./ a,("/
g&<<&<./ O$"(H/ 91'! /Q/5901D! /0! g'+<(-*0! =(9'/51! )1-4+'5,! 0*! %/-&/-)+*! ./%/%&+5*&1'+*! ./! 0*!
./5*-.*!./!(-*!9*)+/-&/D!*!_(+/-!01%!%/'>+)+1%!5`.+)1%!8*<6*!+-41'5*.1!&*'.6*5/-&/!_(/!/'*!
91'&*.1'*! ./0! >+'(%! ./0! cIbK! 0*! *)&1'*! -1! 8*<6*! 9'1<*.1! q/-! /0! 9'1)/%1! H|JD! %+_(+/'*! %/*! ./!
41'5*!+-.+)+*'+*D!)(C0/%!%1-!01%!9/'Q(+)+1%!)1-)'/&1%D!%+-2(0*'/%D!&*-2+<0/%!H|J!_(/!0/!8*!)*(%*.1!
0*! &*'.*-7*! /-! 0*! &15*! ./! )1-1)+5+/-&1! ./! 0*! &/-/-)+*! ./0! >+'(%! ./0! =IXRr"! ;/'1D! %+-! /5<*'21D!
8*3!+591'&*-&/%!%*0>/.*./%!*!/%&/!9'+-)+9+1!3D!)151!>/'/51%!/-!/%&/!)*96&(01D!/-!./&/'5+-*.*%!
1)*%+1-/%!8*3!'/%91-%*<+0+.*.!91'!0*!9`'.+.*!./!191'&(-+.*./%!./!/>+&*'!1!9*0+*'!0*!9'1.())+,-!
./!(-!.*:1"!!
R%6D!0*%!)1-%/)(/-)+*%!.*:1%*%!./!0*!)1-.()&*!./0!./5*-.*.1!%1-!+-./5-+7*<0/%!%+!%1-!*)&(*0/%"!
B1%! .*:1%! 4(&('1%! 01! %/'C-! (-*! >/7! 9'1.()+.1%! 3! 5/.+*-&/! (-*! -(/>*! '/)0*5*)+,-! ./!
'/%91-%*<+0+.*.!)+>+0!H*'&"!SSA!B$?J"!B*!]^]H/0_H/58:`2::9H/#&/2:/#&/E,-$.H/SOC/a.>e/B"+."$./
]&$E(>/ l,$"+("(/ _(/! '/%(/0>/! (-! )*%1! ./! )/%C'/*! 9'*)&+)*.*! &*'.6*5/-&/D! )+')(-%&*-)+*! _(/!
)*(%,! .*:1%! 2'*>/%! *0! -+:1D! -/2,! 0*! +-./5-+7*)+,-! 91'! q2*%&1%! ./! 4+%+1&/'*9/(&*D! )0*%/%! ./!
-*&*)+,-! }3! 1&'1%~D! &/-+/-.1! /-! )(/-&*! _(/! %/! &'*&*! ./! (-1%! .*:1%D! 9/'Q(+)+1%! 3! 2*%&1%! 4(&('1%!
8+91&`&+)1%D!_(/!91'!&*0!)+')(-%&*-)+*!-1!9(/./-!%/'!1<Q/&1!./!(-*!)1-./-*!./!4(&('1r"!
243
;/'1!/0!9*)+/-&/!/d9(/%&1!*!(-*!%(%&*-)+*!&,d+)*!1!'*.+1*)&+>*!_(/D!/%&*.6%&+)*5/-&/D!%*</!_(/!0*!
9'1<*<+0+.*.!./!)1-&'*/'!&*0!1!)(*0!/-4/'5/.*.!8*!9*%*.1!./0!ADAAAPã!*0!ADAAPã!-1!&+/-/!(-*!
*))+,-! 91'! /0! ADAAP! ã! ./! 01%! .*:1%! 9'1<*<0/%"! $-! *(%/-)+*! ./! .*:1%! *)&(*0/%D! 9/'1! *-&/! 0*!
9'1<*<+0+.*.!./!)*(%*'01%D!/0!./5*-.*-&/!9(/./!.+%91-/'!./!*))+1-/%!-/2*&1'+*%D!./!)/%*)+,-!3!
*<%&/-)+,-! ./! 0*! *)&+>+.*.! _(/! *5/-*7*! )*(%*'! .*:1%! HA4c,49-'*4JD! +-)0(%1! ./! *))+1-/%!
&/-./-&/%! *! +-./5-+7*'! *0! *4/)&*.1! 91'! 01%! )1%&/%! ./! 01%! )8/_(/1%! 3! 9'(/<*%! *-*06&+)*%D!
9/'+,.+)*%!9*'*!./%)*'&*'!0*!)1-&'*))+,-!./!0*!/-4/'5/.*.D!9/'1!-1!./!(-*!*))+,-!./!.*:1%!/-!
%/-&+.1!/%&'+)&1"!
R!.+4/'/-)+*!./0!*'&"!PNAS!./0!?,.+21!?+>+0!/%9*:10D!*02(-1%!%+%&/5*%!Q('6.+)1%D!)151!/0!*0/5C-!
)0*%+4+)*-! &+91%! 2/-`'+)1%! ./! .*:1! /-! 4(-)+,-! ./! 01%! <+/-/%! Q('6.+)1%! *4/)&*.1%K! 0*! >+.*D! 0*!
+-&/2'+.*.!)1'91'*0D!0*!%*0(.D!0*!0+</'&*.D!0*!9'19+/.*.!(!1&'1!./'/)81!%+5+0*'!Hë!USM!./0!?,.+21!
)+>+0! *0/5C-J"! g*5<+`-! 19&*-! 91'! /%&*! 1'+/-&*)+,-! 01%! ;'+-)+9+1%! ./! X/'/)81! $('19/1! ./!
E/%91-%*<+0+.*.! ?+>+0D! (-! 9'13/)&1! *)*.`5+)1! ./0! 2,#*!"(4$ V#*,!$ *4$ ?*#-$ =(>! HSAA#J! 3! 5(3!
+-40(+.1!91'!/0!./'/)81!*0/5C-K
_&WTV$67D-5/.2/"2-%b1E)$7D%L
qHPJ!x/'!>1'%ò&70+)8!1./'!4*8'0ò%%+2!.*%!B/</-D!./-!s¢'9/'D!.+/!F/%(-.8/+&D!.+/!]'/+8/+&D!
.*%! $+2/-&(5! 1./'! /+-! %1-%&+2/%! E/)8&! /+-/%! *-./'/-! i+./''/)8&0+)8! >/'0/&7&D! +%&! ./5!
*-./'/-!7(5!$'%*&7!./%!.*'*(%!/-&%&/8/-./-!=)8*./-%!>/'940+)8&/&r"
\"%J&TFXST&3"$.7$1)/2&#E&+8"#1/-.&>#"%&<-=J&3"#%/7%/5&$.%/"/2%2F&
qHPJ!g8/!%)19/!14!9'1&/)&+1-!14!*-!+-&/'/%&!./9/-.%!1-!+&%!-*&('/a!&8/!8+28/'!+&%!>*0(/D!&8/!
9'/)+%+1-!14!+&%!./4+-+&+1-!*-.!+&%!1<>+1(%-/%%D!&8/!51'/!/d&/-%+>/!+%!+&%!9'1&/)&+1-"
HSJ!B+4/D!<1.+03!1'!5/-&*0!+-&/2'+&3D!8(5*-!.+2-+&3!*-.!0+</'&3!/-Q13!&8/!51%&!/d&/-%+>/!
9'1&/)&+1-"
HMJ! $d&/-%+>/! 9'1&/)&+1-! +%! 2'*-&/.! &1! 9'19/'&3! '+28&%D! +-)0(.+-2! &81%/! +-! +-&*-2+<0/!
9'19/'&3"
H@J! ;'1&/)&+1-! 14! 9('/! /)1-15+)! +-&/'/%&%! 1'! )1-&'*)&(*0! '/0*&+1-%8+9%! 5*3! </! 51'/!
0+5+&/.!+-!%)19/!H"""Jr
2;/^$).>/#&/#(Q.//
$-! /0! *-C0+%+%! .1)&'+-*0! ./0! .*:1D! %/! %(/0/-! .+%&+-2(+'! /-&'/! .*:1%! 5*&/'+*0/%D! _(/! %1-! 01%!
)*(%*.1%! *! <+/-/%! %1<'/! 01%! )(*0/%! /0! ./5*-.*-&/! &+/-/! (-! ./'/)81! ./! 9'19+/.*.! /-! %/-&+.1!
*590+1D! (-$ !#*!"#-&$ #'@E-! H5#*!"#-&$ .(6(@"%$ *#$ A4c,#&$ -*$ 5"#%*4()$ 5#*!"#-&JD! ./! 01%! .*:1%!
9/'%1-*0/%! H5"#%*4()$ A4c,#&J"! X/-&'1! ./! /%&1%! [0&+51%! %/! %(<.+%&+-2(/! /-&'/! .*:1%! )1'91'*0/%D!
51'*0/%!3!01%!9/'Q(+)+1%!/)1-,5+)1%!_(/!./'+>*-!./!01%!.*:1%!)1'91'*0/%!5+%51%!y91'!/Q/5901D!
0*%!9`'.+.*%!'/%(0&*-&/%!./!01%!.6*%!./!<*Q*!0*<1'*0!./!0*!>6)&+5*"!
l-! <(/-! 9(-&1! ./! 9*'&+.*! 9*'*! *<1'.*'! /%&*! )(/%&+,-! /%! &/-/'! /-! )(/-&*! (-! -[)0/1! )0*'1! ./!
.*:1%!4C)+0!./!+./-&+4+)*'!3D!%101!0(/21D!9*%*'!*!)1-%+./'*'!/0!8*01!./!91%+<0/%!.*:1%!_(/!)+')(-.*!
*!01%!9'+5/'1%!3!_(/!%1-!5()81!5C%!.+46)+0/%!./!/%&+5*'!3!./!9'1<*'"!
244
2;0;/M(Q.>/)&<>."(-&>C/=,&<+&H/#(Q.>/%.<).<(-&>/F/#(Q./=.<(-//
X/-&'1!./!0*!)*&/21'6*!./!01%!.*:1%!9/'%1-*0/%D!01%!./'+>*.1%!./!0*!5(/'&/!HT#*4@H,)$."(-EJ!1!
0*%!0/%+1-/%!)*(%*.*%!91'!(-!&'*(5*!/d&/'-1!H.(44*$O'*)*@'9*!/-!./'/)81!+&*0+*-1D!\*7')&$A4c,#&$
/-!/0!/*66*4$=(>J!%1-!9*'&+.*%!_(/!813!/-!.6*!%(/0/-!/%&*'!+-)0(+.*%!%+-!5C%!/-!/0!C5<+&1!./!
01%!.*:1%!'/%*')+<0/%!m*(-_(/!-1!4(/!*%6!)1-!0*!+-./5-+7*)+,-!91'!)*(%*!./!5(/'&/!/-!/0!9*%*.1"!
$-! )*5<+1D! 01%! .*:1%! 51'*0/%D! _(/! 01%! *-201*5/'+)*-1%! ./-15+-*-! q5('4$ (47$ 8,HH"#'4@R! 3! 01%!
*0/5*-/%!q89E6"#M"4@")7RS!01%!1'+2+-*.1%!91'!/0!.101'!46%+)1D!91'!0*!9`'.+.*!./!(-!%/'!_(/'+.1!1!
91'! 0*! ./%&'())+,-! ./! (-! <+/-! +''/)(9/'*<0/D! %1-! 5()81! 5C%! .+46)+0/%! ./! ./&/'5+-*'! 3D!
)1-%/)(/-&/5/-&/D! 5()81! 5C%! 4C)+0/%! ./! /d*2/'*'"! $%! -1'5*0D! 9(/%D! _(/! /0! )*'C)&/'!
+-./5-+7*<0/!./!01%!%/2(-.1%!%/*!5C%!.+46)+0!./!%(%&*-)+*'!_(/!/0!./!01%!9'+5/'1%"!
2;2;/'.">&%,&"%$(>/)(+<$=."$(-&>/#&<$D(#(>/#&-/#(Q./%.<).<(-//
?151!8/51%!+-.+)*.1D!0*%!)1-%/)(/-)+*%!9*&'+51-+*0/%!./'+>*.*%!./!(-!.*:1!)1'91'*0!&*5<+`-!
)1-%&+&(3/-!(-!.*:1!+-./5-+7*<0/"!$0!*'&"!PPAO!??!.+%&+-2(/!/-&'/!.*:1!/5/'2/-&/!H0*!9`'.+.*!
.+%5+-()+,-!./!01%!<+/-/%!9'19+/.*.!./0!.*:*.1%J!3!0()'1!)/%*-&/!H=*%%$*H$5#*H'-%D!01%!</-/4+)+1%!
1! 2*-*-)+*%! ./Q*.1%! ./! 1<&/-/'J"! B*! 9*'&+.*! 5C%! )15[-! ./0! .*:1! /5/'2/-&/! /%! 0*! ./! 2*%&1%!
5`.+)1%!Ha"7'9()$23!"4%"%J!./'+>*.1%!./0!&'*&*5+/-&1!./0!.*:1!)1'91'*0"!;1'!%(!9*'&/D!/0!0()'1!
)/%*-&/!)(<'/!&*-&1!0*%!9`'.+.*%!./!+-2'/%1%!91'!&'*<*Q1!9/'%1-*0!H=*%-$2(#4'4@%J!*)(5(0*.*%!
.('*-&/! /0! &+/591! ./! +-)*9*)+.*.! &/591'*0! ./! 0*! >6)&+5*D! )151! *_(/00*%! 2/-/'*.*%! 91'! 0*!
+591%+<+0+.*.!./!./%*''100*'D!/-!)*%1!./!%/)(/0*%!9/'5*-/-&/%D!0*!*)&+>+.*.!9'14/%+1-*0!8*<+&(*0!
./!0*!>6)&+5*!1D!%+!0*%!%/)(/0*%!%1-!*<%10(&*5/-&/!+->*0+.*-&/%D!)(*0_(+/'!*)&+>+.*.!0*<1'*0"!$-!/0!
)*%1! ./! >6)&+5*%! /-! /.*.! -1! 0*<1'*0D! %(! 0()'1! )/%*-&/! %/! ./&/'5+-*! /%&+5*-.1! 0*! 9`'.+.*! 1!
.+%5+-()+,-! ./! %(! )*9*)+.*.! ./! 2*-*-)+*! HA6!('#6"4-$ *H$ 2(#4'4@$ /(!(9'-&J"! $0! %+%&/5*! ./!
>*01'*)+,-! ./! .*:1%! 9/'%1-*0/%! )1-&/590*! *02(-*%! )1-%/)(/-)+*%! /)1-,5+)*%! ./'+>*.*%! ./0!
.*:1!)1'91'*0!*90+)*<0/%!%,01!*!0*!>6)&+5*!/-!/.*.!0*<1'*0"!!
2;3;/Oe<#$#(/#&/.).<+,"$#(#/V<#22&#E&'D-.7/W//
$-! 1)*%+1-/%D! 0*! -/20+2/-)+*! ./0! ./5*-.*.1! '/.()/! 0*! 9'1<*<+0+.*.! ./! _(/! /0! ./5*-.*-&/!
9'/%/'>/! %(! %*0(.D! )1-%/'>/! %(%! <+/-/%D! 1<&/-2*! (-! </-/4+)+1! 1! -1! /d9/'+5/-&/! (-*! 9`'.+.*!
H9`'.+.*! ./! 191'&(-+.*.D! )*%%$ *H$ ($ 9E(49"JK! (-! .+*2-,%&+)1! &*'.61! 1! (-! /''1'! ./! .+*2-,%&+)1!
9(/./-! '/.()+'! 1! +-)0(%1! 9'+>*'! *0! 9*)+/-&/! ./! (-! )C-)/'! ./! 91%+<+0+.*./%! ./! &'*&*5+/-&1!
5`.+)1a! /0! 9*)+/-&/! _(/D! )151! )1-%/)(/-)+*! ./! (-*! +-&/'>/-)+,-! _(+'['2+)*D! %(4'/! (-! .*:1!
2'*>/!%1<'/!/0!)(*0!/0!5`.+)1!-1!0/!8*<6*!+-41'5*.1!_(+7C%!*0/2*'C!_(/D!./!8*</'!1<&/-+.1!.+)8*!
+-41'5*)+,-D! 8*<'6*! '/)8*7*.1! /0! &'*&*5+/-&1a! 0*! 5*0*! 9'C)&+)*! ./0! *<12*.1! )1-%+%&/-&/! /-!
8*</'! +-&/'9(/%&1! (-*! '/)0*5*)+,-! 4(/'*! ./! 90*71! 9'+>*! *! 0*! >6)&+5*! ./! 0*! 91%+<+0+.*.D! 91'!
'/.()+.*!_(/!'/%(0&/D!./!1<&/-/'!(-*!%/-&/-)+*!4*>1'*<0/!*!%(%!./'/)81%!/!+-&/'/%/%"!
$0!&'*<*Q1!./!'/4/'/-)+*!/%!^1%/98!b"!sIGFD!q?*(%*&+1-D!>*0(*&+1-!*-.!)8*-)/!+-!9/'%1-*0!+-Q('3!
&1'&%!+->10>+-2!9'//d+%&+-2!)1-.+&+1-%!*-.!4(&('/!)1-%/_(/-)/%rD!NA!P()"$=G$wG!PM#MD!PMOMmPMOU!
HPNUPJK
245
ql-./'!&8/!&'*.+&+1-*0!*99'1*)8D!}&8/~!01%%!14!*!-1&m</&&/'m&8*-m/>/-!)8*-)/!14!'/)1>/'+-2!4'15!
&8/!)*-)/'!i1(0.!-1&!</!)159/-%*<0/!</)*(%/!+&!.+.!-1&!*99/*'!51'/!0+k/03!}&8*-~!-1&!&8*&!&8/!
9*&+/-&!i1(0.!8*>/!%('>+>/.!i+&8!9'19/'!)*'/"
R!51'/!'*&+1-*0!*99'1*)8!|!i1(0.!*001i!'/)1>/'3!41'!&8/!01%%!14!&8/!)8*-)/!14!)('/!/>/-!&81(28!
&8/!)8*-)/!i*%!-1&!</&&/'!&8*-!/>/-"!g8/!9'1<*<+0+&3!14!01-2m&/'5!%('>+>*0!i1(0.!</!'/40/)&/.!+-!
&8/! *51(-&! 14! .*5*2/%! *i*'./.! 41'! &8/! 01%%! 14! &8/! )8*-)/"! x8+0/! &8/! 90*+-&+44! 8/'/! )1(0.! -1&!
9'1>/! <3! *! 9'/91-./'*-)/! 14! &8/! />+./-)/! &8*&! 8/! i*%! ./-+/.! *! )('/! <3! &8/! ./4/-.*-&w%!
-/20+2/-)/D!8/!)1(0.!%81i!<3!*!9'/91-./'*-)/!14!&8/!/>+./-)/!&8*&!8/!i*%!./9'+>/.!14!*!MAã!
)8*-)/!14!*!)('/r"
B*! )(/%&+,-! /%! 910`5+)*D! 9(/%D! ./! *)(/'.1! )1-! 0*! &/%+%! &'*.+)+1-*0D! /%! ./)+'D! )1-! 0*! '/20*! ./0! q1!
&1.1!1!-*.*rD!(-!./5*-.*-&/!_(/!9'(/<*!_(/!/0!./5*-.*.1!)*(%,!-/20+2/-&/5/-&/!/0!.*:1!)1-!
(-*! 9'1<*<+0+.*.! +2(*0! 1! 5*31'! _(/! /0! #Aã! 1<&+/-/! &1.1D! /%&1! /%D! /0! PAAã! ./! 0*! /%&+5*)+,-!
'*71-*<0/!./0!.*:1D!5+/-&'*%!_(/!1&'1!./5*-.*-&/!_(/!%101!)1-%+2(/!9'1<*'!%(!)*%1!)1-!(-*!
9'1<*<+0+.*.!./0!@NãD!1<&+/-/!/0!A!ã!./!0*!+-./5-+7*)+,-D!/%&1!/%D!-*.*"!!
;1'! %(! 9*'&/D! 01%! 9*'&+.*'+1%! ./! 0*! &/%+%! 5C%! 51./'-*D! /%! ./)+'D! ./! 0*! '/20*! ./! 0*! q9`'.+.*! ./!
191'&(-+.*.rD!*9(-&*-!*!0*!)+')(-%&*-)+*!./!_(/!9/'5+&+'!_(/!(-!5`.+)1!(!81%9+&*0!./5*-.*.1%!
%/*-!*<%(/0&1%D!9(/%!/0!9*)+/-&/!3*!/%&*<*!./5*%+*.1!/-4/'51!)151!9*'*!91./'!'/)(9/'*'%/!./!
%(! .10/-)+*! 3! %1<'/>+>+'D! +-4'*+-)/-&+>*! )1591'&*5+/-&1%! .+0+2/-&/%! /-! '/0*)+,-! )1-! /-4/'51%!
5(3!2'*>/%!1!&/'5+-*0/%"!!!
Z!/-!0*!9'C)&+)*D!01%!)*%1%!9(/./-!00/2*'!*!%/'!)1590+)*.1%!./!'/%10>/'!91'!0*!.+4+)(0&*.!5*&/'+*0!
./!9'1<*'!0*!)*(%*0+.*.!./!8/)81D!91'!/Q/5901D!/-!)*%1%!/-!01%!)(*0/%!0*!)1-.+)+,-!./0!9*)+/-&/!
%/! *2'*>,! 91'! 0*! 5/&C%&*%+%! ./! %(! .10/-)+*! 1'+2+-*'+*D! 9/'1! -1! '/%(0&*! )0*'1! )(C-.1! )15/-7,!
*_(/00*"
B1%!&'+<(-*0/%!/%9*:10/%!)1-%+./'*-!+-./5-+7*<0/!0*!9`'.+.*!./!191'&(-+.*.!3!%1%&+/-/-!_(/!/0!
+591'&/! ./! 0*! +-./5-+7*)+,-! /-! /%&1%! )*%1%! 8*! ./! %/'! .+%&+-&1! *0! _(/! )1''/%91-./'6*! *! 0*!
.10/-)+*! ./0! 9*)+/-&/D! *! 0*! %/)(/0*! ./'+>*.*! ./0! &'*&*5+/-&1! 5`.+)1! 1! *0! </-/4+)+1! _(/! /0!
./5*-.*-&/!8*<'6*!1<&/-+.1!./!2*-*'!/0!90/+&1"!R%6D!/-!0*!'/)+/-&/!]^]H/3_H/#&/3/#&/#$%$&=R<&/
#&/2:03/VAa/582WH/SOC/A$%(<#./P"<*d,&N/]("%L.H/_(/!'/%(/0>/!(-!)*%1!./!.+*2-,%&+)1!&*'.61!
./! (-! )C-)/'! /-! /0! *<.15/-! _(/! %/! .+%/5+-,! 3! )*(%,! 0*! 5(/'&/! ./! 0*! /%91%*! 3! 5*.'/! ./! 01%!
*)&1'/%D! /0! g=! )*%*! 0*! =R;! 91'_(/! q8*! /''*.1! *0! )1-%+./'*'! _(/! /-! /%&/! )*%1! /0! +591'&/! ./! 0*!
+-./5-+7*)+,-! ./</! )*0)(0*'%/! &/-+/-.1! /-! )(/-&*! /0! +591'&/! &1&*0! ./0! .*:1! 9'1.()+.1r"!
E/)(`'./%/D! )1-! &1.1D! _(/! /-! $%9*:*D! -1! '+2/! 0*! '/20*! ./! 0*! 9'/91-./'*-)+*! ./! 0*! />+./-)+*! 3!
_(/D! 91'! 01! &*-&1D! 01%! &'+<(-*0/%! 9(/./-! *9'/)+*'! 0*! )*(%*0+.*.! 3! %(! 9'(/<*! )1-! 5()8*! 5*31'!
0+</'&*.!_(/!/-!0*%!Q('+%.+))+1-/%!./0!)1551-!0*i!-1'&/*5/'+)*-1"
$-! 1&'1! 1'./-! ./! +./*%D! 0*! .1)&'+-*! ./! 0*! 9`'.+.*! ./! 191'&(-+.*.! 9(/./! &'*&*'! ./! *90+)*'%/! *!
)*591%!*Q/-1%!*0!./!%(!%('2+5+/-&1D!_(/!4(/!/0!./!0*!'/%91-%*<+0+.*.!91'!5*0*!9'*d+%!5`.+)*!/-!
)*%1%!./!.*:1%!9/'%1-*0/%"!ep(`!1)(''/D!91'!/Q/5901D!/-!/0!)*%1!./!_(/!(-*!9/'%1-*!'/)0*5/!*!
(-*!/59'/%*!91'!8*</'!%+.1!1<Q/&1!./!(-*!.+%)'+5+-*)+,-!./!2`-/'1!/-!(-*!14/'&*!./!/590/1!/-!
0*! )(*0! 3! %+-! .+%)'+5+-*)+,-! 9(/./! 9'1<*'! _(/! &/-6*! (-! S#ã! ./! 9'1<*<+0+.*./%! ./! 1<&/-/'! /0!
9(/%&1D! 9(/%! 8*<6*D! )1-&*-.1! *! 0*! ./5*-.*-&/D! )(*&'1! )*-.+.*&1%! /-! 0*%! 5+%5*%! )1-.+)+1-/%!
1<Q/&+>*%f"!
246
$-!&1.1!)*%1!/0!9'1<0/5*!./!41-.1!/%!/0!./!0*!*9'/)+*)+,-!./!0*!)*(%*0+.*."!$9%&/+-!3!=8*'k/3!01!
90*-&/*-!<+/-!/-!%(!4*51%1!9(%"D**J$;/(%"%$(47$a(-"#'()$*4$?*#-%D!PA&8!/.+&+1-D!9"@SLJK!<*Q1!0*!
'/20*!./!0*!9`'.+.*!./!191'&(-+.*.D!(-!81%9+&*0!_(/!8*!./!./4/-./'%/!./!PAA!'/)0*5*)+1-/%!91'!!
5(/'&/%!91'!5*0*!9'*d+%!5`.+)*!3!_(/!)1-%+2(/!9'1<*'!_(/!&/-6*!(-!S#!ã!./!9'1<*<+0+.*.!./!
8*</'! )*(%*.1! 01%! .*:1%! /-! 0*! 5+&*.! ./! 01%! )*%1%D! 9/'1! -1! )1-%+2(/! )1-&'*''/%&*'! 0*! 9'(/<*!
9'/%/-&*.*!91'!/0!./5*-.*-&/!./!_(/!8*!)*(%*.1!01%!.*:1%!)1-!9'1<*<+0+.*.!./0!(-!L#!ã!/-!0*!
1&'*!5+&*.!./!01%!)*%1%D!8*<'C!./!'/%91-./'!91'!OSD#!./!0*%!PAA!'/)0*5*)+1-/%!!}HADS#!d!#AJ!õ!HP!
d!#AJ!z!OSD#~"!$%&C!)0*'1!_(/!/0!81%9+&*0!/%!%1<'/+-)/-&+>*.1D!9(/%D!./!*)(/'.1!)1-!0*!'/20*!./!0*!
9'/91-./'*-)+*!./!0*!/>+./-)+*D!%101!8*!)*(%*.1!0*!5+&*.!./!0*%!5(/'&/%!}HADS#!d!#AJ!õ!HADL#!d!
#AJ!z!#A~"!n<%`'>/%/!_(/!*(-_(/D!/-!/%&/![0&+51!%(9(/%&1D!/0!./5*-.*.1!/%!+-4'*+-)/-&+>*.1!/-!
01%! )*%1%! ./! 9'1<*<+0+.*.! '/.()+.*! y¶9/'1! -1! )/'1ßm! 01%! '/%(0&*.1%! 201<*0/%! %/! )159/-%*-D! 3*!
_(/! /0! ./5*-.*.1! /%! %1<'/+-)/-&+>*.1! /-! *_(/001%! /-! 01%! )(*0/%! 0*! 9'1<*<+0+.*.! /%! /0/>*.*! m
¶9/'1!-1!/%!./0!PAA!ãßm"!!
;*'*!*)*<*'!./!)1590+)*'!0*%!)1%*%D!'/)(`'./%/!),51D!/-!%/./!./!)*(%*0+.*.!./!8/)81D!8+)+51%!
'/4/'/-)+*!*!0*!&/%+%!./!=&/>/-!=8*>/00D!%/2[-!0*!)(*0D!%+!8*3!5()81%!./5*-.*.1%!_(/!8*-!91.+.1!
)*(%*'!/0![-+)1!.*:1!91'!/0!_(/!%/!0+&+2*D!9/'1!./!<*%&*-&/%!./!/001%!%101!%/!9(/./!9'1<*'!_(/!01!
8*-!)*(%*.1!)1-!(-*!9'1<*<+0+.*.!'/.()+.*D!+-4/'+1'!*0!#A!ãD!/%&1%![0&+51%!%*0.'C-!*<%(/0&1%!%+!
/0! &'+<(-*0! *90+)*! 0*! '/20*! ./! 0*! 9'/91-./'*-)+*! ./! 0*! />+./-)+*K! 91'! 8+9,&/%+%D! 01%! 9'1<*<0/%!
)*(%*-&/%!)1-!5/-1'!9'1<*<+0+.*.!m¶+-4/'+1'!*0!#A!ãßm!./!8*</'!2/-/'*.1!/0!.*:1!_(/.*-!4(/'*!
./0!)*%1!3!/0!'/%(0&*.1!4+-*0!/%!./!+-4'*9'/>/-)+,-"!$%!0*!>+/Q*!.+%)(%+,-!/-&'/!9*'&+.*'+1%!./!0*!
'/20*! ./! 0*! 9'/91-./'*-)+*! ./! 0*! />+./-)+*! 3! 9*'&+.*'+1%D! )151! =8*>/00D! ./! 0*! '/20*! ./! 0*!
)*(%*0+.*.! 9'1<*<+06%&+)*"! l-*! 910`5+)*! *Q/-*! *! -(/%&'*! Q('+%.+))+,-D! 9(/%! 0*%! 0/3/%! 9'1)/%*0/%!
/%9*:10*%!3!%(%!&'+<(-*0/%!*9'/)+*-!01%!8/)81%!*0!5*'2/-!./0!)C0)(01!./!9'1<*<+0+.*./%"!
2;4;/P-/#&>(<<.--./#&/-.>/%.".%$=$&"+.>/F/-(/%<&%$&"+&/%.=)-&E$#(#/#&-/%."%&)+./#&/#(Q.//
$0! ./'/)81! )0C%+)1! ./! 0*! '/%91-%*<+0+.*.! )+>+0D! 91'! /Q/5901! /0! ./0! *'&6)(01! PNAS! ??! ./! PUUND!
<*%&*<*!9*'*!.*'!'*7,-!Q('6.+)*!./!0*%!)1-.()&*%!_(/!)*(%*<*-!(-!.*:1!+-5/.+*&1!*!(-*!1!5C%!
9/'%1-*%!./&/'5+-*.*%!1!./%&'(6*-!(-!1<Q/&1!5(/<0/!1!+-5(/<0/D!01!_(/!91./51%!./-15+-*'!
.*:1%!9(-&(*0/%!H7'%9#"-"$7(6(@"%JK!/0!*&'19/001!)*(%*<*!0*!5(/'&/!./!0*!>6)&+5*!1!0/!9'1.()6*!
(-*!0/%+,-!)(31%!'/%(0&*.1%!/'*-!+-5/.+*&1%!1!5(3!9',d+51%!/-!/0!&+/591!*!0*!'/*0+7*)+,-!./!0*!
)1-.()&*"!
;/'1! 813! %*</51%! 5()81! 5C%! ./! 0*%! )1-%/)(/-)+*%! *! 0*'21! 90*71! ./! )1-.()&*%! *)&(*05/-&/!
91)1! .*:+-*%! 1! *9*'/-&/5/-&/! +-1)(*%K! 91'! 91-/'! %101! /Q/5901%! %/-)+001%D! 0*! *%/9%+*! 3! 01%!
*-&+<+,&+)1%! 8*-! 9/'5+&+.1! %(9/'*'! 0*%! /-4/'5/.*./%! +-4/))+1%*%D! 0*%! >*)(-*%! -1%! 9/'5+&/-!
)15<*&+'! 0*%! /-4/'5/.*./%! >6'+)*%! 3! 0*! /9+./5+10126*! -1%! 91-/! /-! )1-.+)+1-/%! ./! *-*0+7*'! *!
0*'21!90*71!0*%!)1-%/)(/-)+*%!./0!)1-%(51!1!0*!/d91%+)+,-!./!(-*!91<0*)+,-!*!%(%&*-)+*%!&,d+)*%D!
3!0*!5/.+)+-*!0*<1'*0!-1%!9/'5+&/!)1-1)/'!0*%!)1-%/)(/-)+*%!&*5<+`-!*!0*'21!90*71!./!&'*<*Q1%!
'/*0+7*.1%! /-! ./&/'5+-*.*%! )1-.+)+1-/%D! 91%&('*0/%D! 46%+)*%! 1! *5<+/-&*0/%"! B1! *-&/'+1'! 8*!
'/.()+.1!0*!+591'&*-)+*!./!01%!.*:1%!9(-&(*0/%!/!+-.+>+.(*0/%!3!-1%!1<0+2*!*!8*<0*'!./!.+%&+-&*%!
)*&/21'6*%!./!.*:1%!5()81!5C%!)1590/Q1%K!
(W/M(Q.>/-(+&"+&>H/+(<#*.>/F/%."+$",(#.>/
247
R%6D! 8*<0*51%! ./! .*:1%! 0*&/-&/%! 9*'*! '/4/'+'-1%! *! *_(/001%! )*%1%! /-! 01%! )(*0/%! 0*! )1-.()&*!
9/'Q(.+)+*0!2/-/'*!.*:1%!)1-!5C%!1!5/-1%!9'1<*<+0+.*.!9/'1!_(/!/-!&1.1!)*%1!%/!5*-+4+/%&*-!*!
5(3!0*'21!90*71"!B(/21D!/0!)1-)/9&1!./!.*:1!9/'5*-/-&/!91-/!/0!*)/-&1!/-!0*%!)1-%/)(/-)+*%!./!
%/)(/0*%! +''/>/'%+<0/%! 9/'1! <+/-! ./&/'5+-*.*%! (-*! >/7! _(/! %1-! )1-1)+.*%"! B*! Q('+%9'(./-)+*!
8*<0*!&*5<+`-!./!.*:1!)1-&+-(*.1!9*'*!'/4/'+'%/!*!*_(/001%!_(/!>*-!9'1.()+`-.1%/!*!01!0*'21!
./0!&+/591D!9/'1!/-!*02[-!&'*<*Q1!%(%!*(&1'/%!8/51%!9'/4/'+.1!(&+0+7*'!0*!/d9'/%+,-!.*:1!&*'.61!
9*'*!*0(.+'!*!*_(/001%!_(/!%/!>*-!5*-+4/%&*-.1!*!01!0*'21!./0!&+/591!3!)(3*!1)(''/-)+*!-1!/'*!
9'/>+%+<0/! *! 0*! 0(7! ./0! /%&*.1! ./! 01%! )1-1)+5+/-&1%! /-! /0! 515/-&1! ./! 0*! )*(%*)+,-! ./0! 9'+5/'!
.*:1"!$0!.*:1!&*'.61D!*!.+4/'/-)+*!./0!0*&/-&/D!-1!/%!9'/>+%+<0/!/-!/0!515/-&1!./!0*!)*(%*)+,-!./0!
9'+5/'! .*:1! 91'! /0! )(*0! %/! 0+&+2*! 3! 91'! /%1! %/! 9/'5+&/! (-*! -(/>*! '/)0*5*)+,-! 91%&/'+1'"!
G*&('*05/-&/!&1.*%!/%&*%!Q(%&+4+)*)+1-/%!%1-!/596'+)*%!3!-1!/%&C-!/%)(09+.*%!/-!0*%!&*<0*%!./!0*!
0/3"!E/%(0&*-!191'&(-*%!9*'*!91-/'!./!5*-+4+/%&1!1'+/-&*)+1-/%!-1'5*&+>*%!'*71-*<0/%!*!0*!81'*!
./!/%&+5*'!0*!+-./5-+7*<+0+.*.!./0!.*:1!1!%+!0*!9'/&/-%+,-!9*'*!'/)0*5*'0*!/%&C!1!-1!9'/%)'+&*"!
B*! .+%)(%+,-! '/*0+7*.*! /-! /0! *9*'&*.1! *-&/'+1'! %1<'/! 9`'.+.*! ./! 191'&(-+.*.! -1%! 8*! 00/>*.1! *!
)1-%+./'*'! ./! -(/>1! 0*! .(*0+.*.! /-&'/! 9'/91-./'*-)+*! ./! 0*! />+./-)+*! 3! )*(%*0+.*.!
9'1<*<+06%&+)*"! ;/'1! 01%! 0/)&1'/%! 8*<'C-! ./! 1<%/'>*'! _(/! /%&1! 5+%51! -1%! 00/>*! *! 91-/'! /-!
.+%)(%+,-!0*!.+%&+-)+,-!/-&'/!.*:1%!*)&(*0/%!3!.*:1%!4(&('1%K!e_(`!1)(''/!)(*-.1!-1!8*3!&1.*>6*!
(-! .*:1! *)&(*0D! 9/'1! /0! )1591'&*5+/-&1! ./0! ./5*-.*.1! 8*! +-)'/5/-&*.1! 0*! 9'1<*<+0+.*.! ./!
_(/! /0! ./5*-.*-&/! )1-&'*+2*! (-*! /-4/'5/.*.! /-! /0! 4(&('1! 3! /001! 9(/./! 9'1<*'%/!
/9+./5+10,2+)*5/-&/f! ;+`-%/%/! /-! /0! )*%1! /-! /0! )(*0D! /0! 1! 01%! ./5*-.*-&/%! 4(/'1-! /d9(/%&1%!
.('*-&/! 0*'21! &+/591! *! %(%&*-)+*%! _(65+)*%! )*-)/'62/-*%! 3! /0! /%&*.1! ./! 01%! )1-1)+5+/-&1%!
9/'5+&/!*%/>/'*'!_(/!0*!9'1<*<+0+.*.!./!_(/D!*0!)*<1!./!>/+-&/!1!&'/+-&*!*:1%D!)1-&'*+2*-!&*0/%!1!
)(*0/%! /-4/'5/.*./%! /%! 5*31'! _(/! /-! '/0*)+,-! *0! '/%&1! ./! 0*! 91<0*)+,-"! B1%! -1'&/*5/'+)*-1%!
8*<0*-! *0! '/%9/)&1! ./! Q-*#-'*,%$ #'%JRK! 8*3! +-)'/5/-&1! +-./<+.1! ./0! '+/%21D! 9/'1! -1! 8*3! &1.*>6*!
.*:1!*)&(*0"!e;(/./-!01%!*4/)&*.1%!./5*-.*'!*!_(+/-/%!8*-!+-)'/5/-&*.1!/0!'+/%21!9/'5+&+.1D!
9/'1!&1.*>6*!-1!8*-!)*(%*.1!.*:1!*02(-1f!p(+/-/%!'/%91-./-!*4+'5*&+>*5/-&/!*!/%&*!)(/%&+,-!
%(/0/-! *'2(5/-&*'! _(/D! 91'! 01! 5/-1%D! 01%! *4/)&*.1%! 8*-! ./! 91./'! '/%*')+'%/! ./! 01%! 2*%&1%!
./'+>*.1%! ./! 0*%! '/>+%+1-/%! 5`.+)*%! 9/'+,.+)*%! *! 01%! _(/! ./</-! %15/&/'%/! 9*'*! )1-&'10*'! 0*!
/>10()+,-! ./! %(! %*0(.! H>`*%/! I-! '/! V*'+-/! R%</%&1%! ?*%/%D! SO#! ]"M.! UOPD! UOL! HN&8! ?+'"! SAAPJD!
)+&*.1! 91'! $9%&/+-! 3! =8*'k/3D! /(%"%$ (47$ a(-"#'()%D! 9"! @SND! ./! _(+/-/%! %/! &15*! /%&*! )(/%&+,-J"!
n&'1%! -+/2*-! 0*! 5*31'! 3! *9(-&*-! *! 0*! '/*0+.*.! *)&(*0! ./0! .*:1! 9%+)10,2+)1! ./'+>*.1! ./! 0*!
*-%+/.*.! _(/! /d9/'+5/-&*! /0! *4/)&*.1! *-&/! /0! +-)'/5/-&1! +-./<+.1! ./0! '+/%21! ./! )1-&'*/'! (-*!
/-4/'5/.*."
$-! 0*! Q('+%.+))+,-! /%9*:10*D! 0*! )1-)(''/-)+*! ./! .*:1%! 9/'5*-/-&/%! 3! .*:1%! &*'.61%! %/! *9'/)+*!
<+/-! /-! /0! )*%1! ./! 01%! .*:1%! )*(%*.1%! 91'! 0*! &*0+.15+.*"! RcIg$! HR%1)+*)+,-! ./! c6)&+5*%! ./! 0*!
g*0+.15+.*!/-!$%9*:*J!'/)0*5,!*0!4*<'+)*-&/!F'T-/-&8*0!(-*!+-./5-+7*)+,-!9*'*!01%!%1)+1%!./!
RcIg$! ./! SA"AAA! /('1%! 91'! )*.*! 9(-&1! 91')/-&(*0! ./! 5+-(%>*06*! '/)1-1)+.1! 91'! 0*!
R.5+-+%&'*)+,-!/%9*:10*"!B*!=^;I!-{!NA!./!V*.'+.D!PN"PP"SAPM!/%&+5,!0*!./5*-.*D!9/'1!0*!=R;!
V*.'+.! H=/))"! P@ÄJ! ./! V*.'+.D! ./! PM"PA"SAP@D! '/>1),! 0*! =^;I! 3! ./%/%&+5,! 0*! ./5*-.*! 91'!
)1-%+./'*'! 9'/%)'+&*! 0*! *))+,-! ./! .*:1%"! $-! 0*! =g=D! ;0/-1D! ./! SA"PA"SAP#D! /0! g'+<(-*0! =(9'/51!
./%/%&+5,! 01%! '/)('%1%! /d&'*1'.+-*'+1! 91'! +-4'*))+,-! 9'1)/%*0! 3! ./! )*%*)+,-! +-&/'9(/%&1%! 91'!
RcIg$! 3! )1-4+'5*! 0*! =R;"! $0! )*96&(01! PS! %1<'/! 9'/%)'+9)+,-! ./%*''100*! /%&*! )(/%&+,-"! =1<'/! 0*!
=^;ID! >`*%/! ;*<01! =RBcRXnE! ?nX$E?bD! ?*'01%! FÑV$t! BIFÖ$EE$D! R-&1-+! El\Å! ;lIFD! =1-+*! ERVn=!
FnGtYB$tD! R-&1-+! g$EER! I\YÇ$tD! oX*:1%! &*'.61%"! R>+&/! )"! F'T-/-&8*0"! ?15/-&*'+1! *! 0*! =^;I! -{! NA!
V*.'+.D! PN"PP"SAPMD! %1<'/! 01%! .*:1%! )*(%*.1%! 91'! 0*! &*0+.15+.*oD! A4.#"-$ PhSAP@D!
248
8&&9Khhiii"+-.'/&")15h9.4hPAMOv'/>+%*.1"9.4J"! =1<'/! 0*! =R;D! >`*%/! =1-+*! ERVn=! FnGtYB$tD!
G1&*!*!0*!=/-&/-)+*!./!0*!R(.+/-)+*!;'1>+-)+*0!H=/))+,-!P@ÄJD!V*.'+.D!PM"PA"SAP@!HV;K!=*2'*'+1!
R''131! F*')6*JD! %1<'/! 01%! .*:1%! *%1)+*.1%! *! 0*! &*0+.15+.*D! E/>+%&*! ?$=?nD! P@"PP"SAP@D!
!
8&&9Khh<012"()05"/%h)/%)1h4+0/%hSAP@hPPhX*ã?Mã\P1%m*%1)+*.1%m*m0*m&*0+.15+.*m
!
?15/-&*'+1m*m0*m=R;mV*.'+.mPMmPAmSAP@"9.4
!
RW/M(Q.>/#$>%<&+.>H/#(Q.>/$"#$D$#,(-&>/F/#(Q.>/=(>$D.>/
?151! 3*! 8/51%! %/:*0*.1D! /0! '`2+5/-! &'*.+)+1-*0! ./0! ./'/)81! ./! .*:1%! %/! *./)(*!
'*71-*<0/5/-&/! *! *))+./-&/%! .+%)'/&1%! _(/! *4/)&*-! *! (-*! 9/'%1-*! 1! *! (-! -[5/'1! '/.()+.1! ./!
/00*%D! _(/! %/! )*(%*-! /-! (-! +-%&*-&/! 1! /-! (-! 9/'61.1! ./! &+/591! '/.()+.1! 3! _(/! 9'1>1)*-!
4+-*05/-&/! (-! '/%(0&*.1! +-5/.+*&1! 3! />*0(*<0/! *0! )*<1! ./! 91)1! &+/591"! $0! +-)/-.+1! ./! (-!
/.+4+)+1D!0*!./%&'())+,-!./!(-!1<Q/&1D!/0!*&'19/001!51'&*0!./!(-!9/*&,-D!0*!)*(%*)+,-!./!8/'+.*%!
_(/!%*-*-!*0!)*<1!./!*02[-!&+/591D!*(-_(/!./Q/-!%/)(/0*%!_(/!9(/./-!/>*0(*'%/!%+-!./5*%+*.*!
)1590/Q+.*.!%1-!/Q/5901%!./!/%&/!&+91!./!.*:1%"!
;/'1! /0! *-C0+%+%! &'*.+)+1-*0! 3! /0! ./'/)81! 5+%51! ./! .*:1%! 4(-)+1-*-! 5(3! 0+5+&*.*5/-&/! /-! 01%!
)*%1%!./!.*:1%!0*&/-&/%D!)(3*%!5*-+4/%&*)+1-/%!%,01!%/!)1-1)/-!*!01!0*'21!./!5()81%!*:1%D!*)*%1!
./!.`)*.*%D!3!/-!01%!)*%1%!./!*))+./-&/%!5*%+>1%!H6(%%$-*#-%JD!_(/!*4/)&*-!*!5()8*%!9/'%1-*%!3!
_(/!)1-!4'/)(/-)+*!01!8*)/-!*!)10/)&+>1%!.+46)+0/%!./!./&/'5+-*'"!
$-! /%&1%! )*%1%! 3! /-! 1&'1%! %/5/Q*-&/%D! /0! ./'/)81! '/2(0*&1'+1D! /0! /%&*<0/)+5+/-&1! ./! 41-.1%! ./!
)159/-%*)+,-! /%9/)64+)1%! 1D! *[-! 5/Q1'D! 0*! *%(-)+,-! ./! 01%! )1%&/%! ./! 01%! *))+./-&/%! 3!
/-4/'5/.*./%! 91'! 01%! %+%&/5*%! 2/-/'*0/%! ./! 0*! %/2('+.*.! %1)+*0! 9(/./-! )1-%&+&(+'! (-*!
*0&/'-*&+>*!*0!./'/)81!./!.*:1%D!)(31!0(2*'!./</!)/:+'%/!*0!&'*&*5+/-&1!./!01%!)*%1%!5C%!2'*>/%D!
./! 01%! '/%+.(*0/%! 1! y-,&/%/! <+/-m! ./! 01%! /5/'2/-&/%D! 9(/%! 0*! '/%91-%*<+0+.*.! )+>+0! )(590/! (-*!
4(-)+,-!/%/-)+*0!/-!0*!.+-C5+)*!./0!./'/)81"!R0!'/%9/)&1D!9(/./!>/'%/!R0</'&1!RtRFER! VRBnD!=($
-#(@"7'($7")$(6'(4-*$&$")$7"#"9E*$"%!(_*)D!PÄ!/."D!R&/0+/'D!\*')/01-*D!SAAL!3!.(_*%$7")$(6'(4-*L$
)'-'@(9'^4S$ (%"@,#(6'"4-*$ 7"$ #'"%@*%$ &$ H*47*%$ 7"$ 9*6!"4%(9'^4D! PÄ! /."D! ](-.*)+,-! V*94'/! m
I-%&+&(&1!./!?+/-)+*%!./0!=/2('1D!V*.'+.D!SAPP"!
2;5;/M(Q.>/%."%&"+<(#.>/F/#(Q.>/#$I,>.>/
R! >/)/%! /%! '/0/>*-&/! -1! &*-&1! 0*! -*&('*0/7*! ./0! .*:1! )151! /0! 2'*.1! ./! %(! )1-)/-&'*)+,-! 1!
.+4(%+,-K! -1! %101! %/! &'*&*! ./! _(/! 0*! 2'*>/.*.! ./! (-! .*:1! %/! +-)'/5/-&*! 5C%! _(/!
9'191')+1-*05/-&/!)(*-&1!5*31'!/%!%(!2'*.1!./!)1-)/-&'*)+,-!m.*.*!0*!4(-)+,-!./!(&+0+.*.!./!
0*! 5*31'! 9*'&/! ./! 01%! 8(5*-1%mD! /%! _(/D! *./5C%D! 01%! .*:1%! 5(3! .+4(%1%D! %1-! 5()81! 5C%!
)1%&1%1%! ./! 2/%&+1-*'! _(/! 01%! .*:1%! )1-)/-&'*.1%K! (-! %(Q/&1! _(/! %(4'/! (-! *))+./-&/! _(/! 0/!
)(/%&*!PAA"AAA!ê!&+/-/!5()81%!5C%!+-)/-&+>1%!9*'*!'/)0*5*'!(-*!)159/-%*)+,-!_(/! PAA"AAA!
*4/)&*.1%! _(/! 8*-! %(4'+.1! (-! .*:1! ./! P! ê! 3! /0! )1%&/! ./! 0*! %(5*! ./! 0*%! '/)0*5*)+1-/%! /-! /%&/!
%/2(-.1!)*%1!8*'6*!+->+*<0/!0*!'/)0*5*)+,-!91'!>6*!Q(.+)+*0"!R(-_(/!/0!./'/)81!./!.*:1%!)(/-&*!
)1-!+-%&'(5/-&1%!9*'*!2/%&+1-*'!'/)0*5*)+1-/%!)10/)&+>*%!91'!.*:1%!.+4(%1%D!%+-2(0*'5/-&/!0*%!
*))+1-/%!./!)0*%/D!_(/!/-!/0!./'/)81!/%9*:10!/%&C-!5(3!/5<'+1-*'+*5/-&/!'/2(0*.*%!/-!/0!*'&"!
PP! B$?"! l-*! *0&/'-*&+>*! *! 0*%! *))+1-/%! ./! )0*%/! /%! /0! ./'/)81! '/2(0*&1'+1D! /%! ./)+'D! /0!
249
/%&*<0/)+5+/-&1! ./! '/20*%! 2/-/'*0/%! 9*'*! 2/%&+1-*'! 0*! )*(%*)+,-! 3! '/%91-%*<+0+.*.! 91'!
)*(%*)+,-!./!.*:1%!.+4(%1%"!
2;6/P-/%."%&)+./#&/#(Q.>/&i%-,>$D(=&"+&/&%."G=$%.>/V38"/&+7#.#4$7&<#22W/
X*:1! 1! 9`'.+.*! /d)0(%+>*5/-&/! /)1-,5+)1%! %(/0/! ./4+-+'%/! )151! /0! .*:1! 9/)(-+*'+1! _(/! -1!
'/%(0&*!./!(-!.*:1!9/'%1-*0!)*(%*.1!*0!./5*-.*-&/!1!./!(-!.*:1!5*&/'+*0!)*(%*.1!*!(-!<+/-!
_(/!/%!9'19+/.*.!./0!./5*-.*-&/"!l-!<(/-!*-C0+%+%!9(/./!>/'%/!/-!/0!B"%-(-"6"4-$*H$-E"$=(>$
?E'#7$ ?*#-%L$ ='(D')'-&$ H*#$ 29*4*6'9$ N(#6$ H;'/0+5+-*'3! X'*4&! G1"! MD! R(2(%&! PLD! SAP#a! g/-&*&+>/!
X'*4&!G1!SD!R9'+0!L&8D!SAP@a!g/-&*&+>/!X'*4&!G1"PD!R9'+0!@&8D!SAPSJ!
$-!/0!/*66*4$=(>!-1'&/*5/'+)*-1D!'+2/!/-!5*&/'+*!./!.*:1%!9('*5/-&/!/)1-,5+)1%!(-*!'/20*!
2/-/'*0! ./! *(%/-)+*! ./! '/%91-%*<+0+.*.! H4*$ )'(D')'-&$ #,)"JK! -1! 8*3! (-! ./</'! 2/-/'*0! ./!
*<%&/-/'%/! ./! )*(%*'! +->10(-&*'+*5/-&/! .*:1%! 9('*5/-&/! /)1-,5+)1%! *! &/')/'1%D! %+-1! _(/!
/%&1%!%101!%1-!+-./5-+7*<0/%!)(*-.1!)1-)(''/-!<(/-*%!'*71-/%!9*'*!/001D!)151!9(/./-!%/'D!91'!
/Q/5901D! 0*! -/20+2/-)+*! ./! (-! 9'14/%+1-*0! 1! 0*! )1-4+*-7*! %(%)+&*.*! '*71-*<0/5/-&/! 91'! /0!
)*(%*-&/! ./! 01%! .*:1%! /-! (-*! >6)&+5*! 1! /-! (-! 2'(91! ./4+-+.1! ./! >6)&+5*%"! B*! /d)0(%+,-! ./! (-!
./</'! 2/-/'*0! %/! 4(-.*5/-&*! /-! 0*! .1<0/! )1-%+./'*)+,-! ./! _(/! (-*! '/%91-%*<+0+.*.! (-+>/'%*0!
91'! .*:1%! /d)0(%+>*5/-&/! /)1-,5+)1%! 2/-/'*'6*! (-*! '/%91-%*<+0+.*.! +-./&/'5+-*.*! 3!
./%9'191')+1-*.*! m+59'*)&+)*<0/m! 3D! %1<'/! &1.1D! /-! _(/! 0*! 8/''*5+/-&*! +./*0! 9*'*! 2/%&+1-*'!
)1-&+-2/-)+*%! 9('*5/-&/! /)1-,5+)*%! m)(/%&+1-/%! _(/D! 91'! ./4+-+)+,-D! >/'%*-! /d)0(%+>*5/-&/!
%1<'/!.+-/'1m!/%!/0!)1-&'*&1!3!-1!/0!./'/)81!./!0*!'/%91-%*<+0+.*.!/d&'*)1-&'*)&(*0"
$-!0*!Q('+%9'(./-)+*!/%9*:10*D!01%!)*%1%!./!.*:1%!9('*5/-&/!/)1-,5+)1%!%(/0/-!'/%10>/'%/!)1-!
<*%/! /-! )1-%+./'*)+1-/%! '/0*)+1-*.*%! )1-! /0! )*'C)&/'! 9('*5/-&/! /%9/)(0*&+>1D! +-)+/'&1! 1!
+-%(4+)+/-&/5/-&/!9'1<*.1!./!01%!.*:1%!_(/!/0!./5*-.*-&/!*0/2*!8*</'!%(4'+.1"!$-!0*!]^]H/3_H/
#&/23/#&/=(<N./#&/2::9/VAa/25:2WH/SOC/a.(d,*"/g,&-$"/S(<+*"&N/#&/h&-(>%.D!./%)'+&*!/-!/0!
*9*'&*.1!N!./!/%&/!)*96&(01D!/0!g'+<(-*0!=(9'/51!)1-)/.+,!*0!81&/0!V+2(/0!Y-2/0!./!V*.'+.!(-*!
+-./5-+7*)+,-!91'!0*!)*6.*!./!+-2'/%1%!_(/!8*<6*!/d9/'+5/-&*.1!.('*-&/!/0!9/'61.1!/-!/0!_(/!
&(>+/'1-!0(2*'!(-*%!1<'*%!./0!5/&'1!5(3!9',d+5*%!*!%(!/-&'*.*!9'+-)+9*0"!$-!/0!)*%1!'/%(/0&1!
91'!0*!=g=D!PÄD!PULhSAPSD!./!SN!./!5*'71D!V;K!^1%`!R-&1-+1!=/+Q*%!p(+-&*-*D!b1&/0/'*!X+*21-*0!
="R"D!9'19+/&*'+*!./0!b1&/0!b+0&1-!./!\*')/01-*D!)1-&'*&,!*!qE/-&1k+0!I-+&+*0!$%9*:*D!="R"r!9*'*!_(/!
./%+-4/)&*'*! *02(-*%! 90*-&*%! ./0! 81&/0! 3! >*'+*%! &'*<*Q*.1'*%! ./! 0*! 0+59+/7*! %(4'+/'1-! (-*!
+-&1d+)*)+,-! ./<+.1! *! _(/! %(! *))/%1! *! 0*! 71-*! ./%+-4/)&*.*! %/! 9'1.(Q1! *-&/%! ./! 0*%! @U! 81'*%!
'/)15/-.*.*%! 91'! E/-&1k+0"! b1&/0/'*! X+*21-*0! ="R"! ./5*-.,! *! /%&*! /59'/%*! 3! %10+)+&,! _(/! 0/!
)159/-%*'*! q91'! 01%! '/)*'21%! ./! 9'/%&*)+1-/%! %*&+%4/)81%! *! 0*%! =/2('+.*.! =1)+*0! /-! '/0*)+,-! *!
0*%!./)0*'*)+1-/%!./!+->*0+./7!./!0*%!&'*<*Q*.1'*%!+-&1d+)*.*%D!0*!)*-&+.*.!./!OML"PMODU@!/('1%D!
}3~! 91'! 01%! 2*%&1%! ./! ./4/-%*! 0/&'*.*! /-! 01%! .+>/'%1%! /d9/.+/-&/%! *.5+-+%&'*&+>1%! 3!
9'1)/.+5+/-&1%!Q(.+)+*0/%!0*!)*-&+.*.!./!#LO"MASDNN!/('1%r"!
m!]/'-*-.1!FÑV$t! ;nVRED!^(*-!R-&1-+1!ElIt! FRE?ÅR!HSAASJD!qg8/!;0('*0!m*-.!V+%0/*.+-2m!-1&+1-!
14!$)1-15+)!B1%%!+-!g1'&"!R!B*i!*-.!$)1-15+)%!;/'%9/)&+>*rD!A4.#"-!@hSAASD!Hiii"+-.'/&")15J
!
2;6;0;/S(+&<$(-/%.=)-&=&"+(<$.C/B=&<$%("/K(Y/@">+$+,+&H/A&>+(+&=&"+/.I/+L&/K(Y/^L$<#H/
^.<+>C/K$(R$-$+F/I.</P%.".=$%/g(<=//
!
250
g/-&*&+>/! X'*4&! G1"! PD! R9'+0! @&8D! SAPS! y=/)&+1-%! Pm#ma! g/-&*&+>/! X'*4&! G1"! SD! R9'+0! L&8D! SAP@! y
=/)&+1-%!OmP#ma!;'/0+5+-*'3!X'*4&!G1"!MD!R(2(%&!PLD!SAP#!y=/)&+1-%!POmSAmK!!
U-(%Z/K&++&</.I/^&"+(+$D&/M<(I+/n.;/0/("#/n.;/2/
o/0;/K$(R$-$+F/I.</+L&/}"$"+&"+$."(-/@"I-$%+$."/.I/P%.".=$%/K.>>C/X&"&<(-/O<$"%$)-&>
H*J!R-!*)&1'!8*%!-1!2/-/'*0!.(&3!&1!*>1+.!&8/!(-+-&/-&+1-*0!+-40+)&+1-!14!/)1-15+)!01%%!1-!
*-1&8/'
H<J! X(&+/%! &1! *>1+.! &8/! (-+-&/-&+1-*0! +-40+)&+1-! 14! /)1-15+)! 01%%! *'/! '/)12-+7/.! +-! &8/!
)+')(5%&*-)/%!%/&!41'&8!+-!ëë!mZ"
o/2;/P%.".=$%/K.>>/M&I$"&#
]1'!9('91%/%!14!&8+%!E/%&*&/5/-&D!q/)1-15+)!01%%r!+%!9/)(-+*'3!.*5*2/!-1&!*'+%+-2!4'15!
+-Q('3!&1!&8/!90*+-&+44w%!9/'%1-!1'!4'15!983%+)*0!8*'5!&1!&8/!90*+-&+44w%!9'19/'&3"!
o/3;/O<&%-,>$."/.I/^.<+/K$(R$-$+F/B<$>$"?/I<.=/'."+<(%+/VP%.".=$%/K.>>/A,-&W
$d)/9&! *%! 9'1>+./.! /0%/i8/'/! +-! &8+%! E/%&*&/5/-&D! &8/'/! +%! -1! 0+*<+0+&3! +-! &1'&! 41'!
/)1-15+)! 01%%! )*(%/.! <3! -/20+2/-)/! +-! &8/! 9/'41'5*-)/! 1'! -/21&+*&+1-! 14! *! )1-&'*)&!
</&i//-!&8/!9*'&+/%"!
o/4;/O<.I&>>$."(-/n&?-$?&"%&/A&>,-+$"?/$"/P%.".=$%/K.>>
R! 9'14/%%+1-*0! +%! %(<Q/)&! &1! 0+*<+0+&3! +-! &1'&! 41'! /)1-15+)! 01%%! )*(%/.! <3! &8/! -/20+2/-&!
9/'41'5*-)/!14!*-!(-./'&*k+-2!&1!%/'>/!*!)0+/-&"!
o/5;/n&?-$?&"+/S$><&)<&>&"+(+$."
HPJ/ n-/! i81D! +-! &8/! )1('%/! 14! 8+%! <(%+-/%%D! 9'14/%%+1-! 1'! /590135/-&D! 1'! +-! *-3!
&'*-%*)&+1-! +-! i8+)8! 8/! 8*%! *! 9/)(-+*'3! +-&/'/%&D! %(990+/%! 4*0%/! +-41'5*&+1-! 41'! &8/!
2(+.*-)/! 14! 1&8/'%D! +%! %(<Q/)&! &1! 0+*<+0+&3! 41'! 9/)(-+*'3! 01%%! )*(%/.! &1! &8/5! <3! &8/+'!
'/0+*-)/! (91-! &8/! +-41'5*&+1-D! +4! 8/! 4*+0%! &1! (%/! '/*%1-*<0/! )*'/! +-! 1<&*+-+-2! 1'!
)155(-+)*&+-2!+&"
HSJ!}g~8/!0+*<+0+&3!%&*&/.!+-!=(<%/)&+1-!HPJ!+%!0+5+&/.!&1!01%%!%(44/'/.
H*J! <3! &8/! 9/'%1-! 1'! 1-/! 14! *! 0+5+&/.! 2'1(9! 14! 9/'%1-%! 41'! i81%/! 2(+.*-)/! &8/! *)&1'!
+-&/-.%!&1!%(9903!&8/!+-41'5*&+1-!H|Ja!*-.
H<J! &8'1(28! '/0+*-)/! (91-! &8/! +-41'5*&+1-! +-! *! &'*-%*)&+1-! &8*&! &8/! *)&1'! +-&/-.%! &1!
+-40(/-)/!H|J
o/6;/n&?-$?&"+/O&<I.<=("%&/.I/]&<D$%&>
HPJ!n-/!i81D!+-!&8/!)1('%/!14!8+%!<(%+-/%%D!9'14/%%+1-D!1'!/590135/-&D!1'!+-!*-3!1&8/'!
&'*-%*)&+1-! +-! i8+)8! 8/! 8*%! *! 9/)(-+*'3! +-&/'/%&D! 9/'41'5%! *! %/'>+)/! 41'! &8/! </-/4+&! 14!
1&8/'%D!+%!%(<Q/)&!&1!0+*<+0+&3!41'!9/)(-+*'3!01%%!)*(%/.!&1!&8/5!<3!&8/+'!'/0+*-)/!(91-!&8/!
%/'>+)/D!+4!8/!4*+0%!&1!/d/')+%/!'/*%1-*<0/!)*'/!+-!9/'41'5+-2!+&"
HSJ!g8/!0+*<+0+&3!%&*&/.!+-!=(<%/)&+1-!HPJ!+%!0+5+&/.!&1!01%%!%(44/'/.
H*J! <3! &8/! 9/'%1-! 1'! 1-/! 14! *! 0+5+&/.! 2'1(9! 14! 9/'%1-%! 41'! i81%/! </-/4+&! &8/! *)&1'!
9/'41'5%!&8/!%/'>+)/a!*-.
H<J!&8'1(28!'/0+*-)/!(91-!+&!+-!*!&'*-%*)&+1-!&8*&!&8/!*)&1'!+-&/-.%!&1!+-40(/-)/"!
HMJ!R!90*+-&+44w%!'/)1>/'3!(-./'!&8+%!=/)&+1-!+%!%(<Q/)&!&1!&8/!%*5/!'(0/%!14!)159*'*&+>/!
'/%91-%+<+0+&3!&8*&!*9903!&1!1&8/'!)0*+5%!14!-/20+2/-)/"
251
H@J!g8+%!=/)&+1-!.1/%!-1&!'/)12-+7/!0+*<+0+&3!41'!-/20+2/-)/!+-!&8/!)1('%/!14!-/21&+*&+-2!1'!
9/'41'5+-2!*!)1-&'*)&!</&i//-!&8/!9*'&+/%"
o/7;/P%.".=$%/K.>>/I<.=/@"E,<F/+./(/^L$<#/O&<>."/.</+./O<.)&<+F/n.+/U&-."?$"?/+./
+L&/'-($=("+/
$d)/9&! *%! 9'1>+./.! /0%/i8/'/! +-! &8+%! E/%&*&/5/-&D! *! )0*+5*-&! )*--1&! '/)1>/'! 41'!
/)1-15+)!01%%!)*(%/.!<3
H*J!(-+-&/-&+1-*0!+-Q('3!&1!*-1&8/'!9/'%1-a!1'
H<J!(-+-&/-&+1-*0!+-Q('3!&1!9'19/'&3!+-!i8+)8!&8/!)0*+5*-&!8*%!-1!9'19'+/&*'3!+-&/'/%&"
o/8;/O,R-$%/n,$>("%&/A&>,-+$"?/$"/P%.".=$%/K.>>
R-! *)&1'! i81%/! i'1-24(0! )1-.()&! 8*'5%! 1'! 1<%&'()&%! *! 9(<0+)! '/%1(')/! 1'! 9(<0+)!
9'19/'&3! +%! %(<Q/)&! &1! 0+*<+0+&3! 41'! '/%(0&+-2! /)1-15+)! 01%%! +4! &8/! )0*+5*-&w%! 01%%/%! *'/!
.+%&+-)&!+-!k+-.!4'15!&81%/!%(44/'/.!<3!5/5</'%!14!&8/!*44/)&/.!)155(-+&3!+-!2/-/'*0"
o/9;/c<(,#/
n-/!i81!4'*(.(0/-&03!5*k/%!*!5*&/'+*0!5+%'/9'/%/-&*&+1-!14!4*)&D!19+-+1-D!+-&/-&+1-D!1'!
0*iD! 41'! &8/! 9('91%/! 14! +-.()+-2! *-1&8/'! &1! *)&! 1'! '/4'*+-! 4'15! *)&+-2D! +%! %(<Q/)&! &1!
0+*<+0+&3! 41'! /)1-15+)! 01%%! )*(%/.! <3! &8/! 1&8/'w%! Q(%&+4+*<0/! '/0+*-)/! 1-! &8/!
5+%'/9'/%/-&*&+1-"
3;/B"J-$>$>/&%."G=$%./#&-/#&<&%L./:+7#.#4$7&\.-)02$2&#E&<-=9/
$0!*-C0+%+%!/)1-,5+)1!./0!./'/)81!'/.()/!0*%!)*&/21'6*%!./!.*:1!*!.1%K
-
X*:1%!9*&'+51-+*0/%!1!9/)(-+*'+1%D!/%!./)+'D!*_(/001%!_(/!*4/)&*-!*!<+/-/%!1!%/'>+)+1%!_(/!
9(/./-!%/'!1<Q/&1!./!&'C4+)1!3D!91'!&*-&1D!./!>*01'*)+,-!/-!(-!5/')*.1!0/2*0"!;1'!/Q/5901K!
.*:1%! )*(%*.1%! *! (-! *(&15,>+0D! *! (-! /.+4+)+1D! 1! .*:1%! _(/! +591%+<+0+&*-! *! (-! 9'14/%+1-*0!
./%*''100*'!%(!*)&+>+.*.!9'14/%+1-*0!.('*-&/!(-1%!.6*%D!%/5*-*%D!5/%/%!1!*:1%"
-
X*:1%!-1!9*&'+51-+*0/%!1!51'*0/%"!=1-!01%!_(/!%/!)*(%*-!*!<+/-/%![-+)1%D!+-%(%&+&(+<0/%D!1D!
91'!./)+'01!./!1&'1!51.1D!*!9/'%1-*%!1!*!<+/-/%!_(/!-1!%1-!1<Q/&1!./!&'C4+)1D!-+!91'!&*-&1!./!
*9'/)+*)+,-D!/-!-+-2[-!5/')*.1D!%/*!3*!91'_(/!-1!/d+%&/D!%/*!3*!91'_(/!0*!0/3!-1!*.5+&/!%(!
/d+%&/-)+*!1!4(-)+1-*5+/-&1K!8*3D!/4/)&+>*5/-&/!3!)151!/%)'+</!V+)8*/0!=*-./0D!<+/-/%!_(/!
-1! %/! 9(/./-! )159'*'! HV+)8*/0! ^"! =RGX$BD! TE(-$ a*4"&$ /(4\-$ O,&L$ ?E"$ a*#()$ ='6'-%$ *H$
a(#J"-D! P%&! /."D! ]*''*'D! =&'*(%! *-.! F+'1(dD! SAPSJK! -1! /%&C! <+/-! )159'*'! (-! /%)0*>1D! -1! %/!
9(/./!>/-./'!(-!*5+21!*!01%!*5+21%D!-1!/%!4C)+0!)159'*'!*51'D!-+!%(/0/!9*'/)/'!'*71-*<0/!
)15/')+*'! 8+Q1%D! 0*! 0+%&*! /%! 91&/-)+*05/-&/! 5(3! 0*'2*! 9/'1! %101! %(! )1-&/-+.1! <C%+)1! -1! /%!
910`5+)1D! 9(/%! 8*3! 5()8*! )1-&'1>/'%+*! /-! %(%! 5C'2/-/%D! (-*! )(/%&+,-D! /%&*! [0&+5*D! _(/!
%101! %/! 9(/./! *-*0+7*'! )(590+.*5/-&/! )1-! )1-1)+5+/-&1! ./! )*(%*D! 5C%! *./0*-&/"! $-! &1.1!
)*%1D! 8*)/! 5C%! ./! (-! %+201! _(/! 01%! 1'./-*5+/-&1%! ./! 01%! 9*6%/%! ./! -(/%&'*! )(0&('*!
'/)1-1)/-!_(/!01%!.*:1%!)*(%*.1%!*!1<Q/&1%![-+)1%D!+''/590*7*<0/%D!+591%+<0/%!./!)159'*'!
1!>/-./'D!1!5()81%!./!01%!.*:1%!9/'%1-*0/%!m3!9*'*.+25C&+)*5/-&/D!0*!5(/'&/!/-!5()81%!
)*%1%! H-1! /-! &1.1%Jm! %1-! +-./5-+7*<0/%! ./! *02(-*! 5*-/'*"! $0! 9'1<0/5*! %(/0/! %/'! ),51D!
9(/%! e),51! >*01'*'! 0*! 9`'.+.*! ./! (-! 8+Q1fD! e),51! +-./5-+7*'! (-! .*:1! )(3*! 1)(''/-)+*!
252
4(&('*! -*.+/! 1! )*%+! -*.+/! *%/2('*'6*fD! e),51! >*01'*'! 0*! ./%&'())+,-! ./! 0*! [-+)*! 41&12'*46*!
./0! 9*.'/fD! e/0! *&'19/001! 51'&*0! ./! -(/%&'*! >+/Q*! 9/''*! ./! &'/)/! *:1%! ./! /.*.D! *'&'6&+)*D!
%1'.*!3!)*%+!)+/2*fD!e),51!/0!+-%(0&1!>(02*'!./!_(+/-D!.+%9*'C-.1%/!(-!&+'1!/-!/0!7*9*&1D!0/!
)8+00*!*!1&'1!mq¶$'/%!(-!*(&`-&+)1!8+Q1!./!9(&*rßm!1!/0!./0!)6-+)1!<+/-!0/6.1!3!/d_(+%+&*5/-&/!
/.()*.1D!_(/D!%1-'+/-.1D!%(%(''*!m¶qb(`'4*-1D!_(/!/'/%!)151!^1-!=-1irß"!
4;/]$>+&=(/)(<(/-(/D(-.<(%$G"/#&/-.>/#(Q.>/F/)&<E,$%$.>/%(,>(#.>/(/
-(>/)&<>."(>/&"/(%%$#&"+&>/#&/%$<%,-(%$G"//
4;0;/K(/R(<&=(%$G"/-&?(-/F/.R-$?(+.<$(/#&/-.>/#(Q.>/)&<>."(-&>/%(,>(#.>/&"/-.>/(%%$#&"+&>/
#&/ %$<%,-(%$G"C/ >,/ ()-$%(%$G"/ ),<(=&"+&/ .<$&"+(+$D(/ )(<(/ &D(-,(</ #(Q.>/ %(,>(#.>/ &"/
(%%$#&"+&>/ #$>+$"+.>/ (/ -.>/ #&/ %$<%,-(%$G"/ F/ -.>/ %(>.>/ #$I*%$-&>/ F/ &i+<(.<#$"(<$.>/ &"/ -.>/
%,(-&>/-.>/+<$R,"(-&>/%."%&#&"/$"#&="$N(%$."&>/$?,(-=&"+&/&i+<(.<#$"(<$(>//
$-! /0! ./'/)81! /%9*:10! ./! .*:1%D! 0*! +-./5-+7*)+,-! ./! 01%! .*:1%! 9/'%1-*0/%! )*(%*.1%! /-!
*))+./-&/%! ./! )+')(0*)+,-! /%&C! &*%*.*! 0/2*05/-&/! 5/.+*-&/! (-! %+%&/5*! ./! <*'/51%! 3! ./!
*90+)*)+,-!1<0+2*&1'+*!HR-/d1!./0!g/d&1!E/4(-.+.1!./!0*!B/3!%1<'/!'/%91-%*<+0+.*.!)+>+0!3!%/2('1!
/-!0*!)+')(0*)+,-!./!>/86)(01%!*!51&1'D!*9'1<*.1!91'!E/*0!X/)'/&1!B/2+%0*&+>1!UhSAA@D!./!SN!./!
1)&(<'/!m/-!*./0*-&/D!g/d&1!E/4(-.+.1mD!*590+*5/-&/!'/41'5*.1!91'!0*!B/3!M#hSAP#D!./!SS!./!
%/9&+/5<'/D!./!'/41'5*!./0!%+%&/5*!9*'*!0*!>*01'*)+,-!./!01%!.*:1%!3!9/'Q(+)+1%!)*(%*.1%!*!0*%!
9/'%1-*%!/-!*))+./-&/%!./!)+')(0*)+,-J"!!
$-!)*5<+1D!/%!9('*5/-&/!1'+/-&*&+>*!9*'*!01%!)*%1%!./!.*:1%!)*(%*.1%!91'!*))+./-&/%!.+%&+-&1%!
*!01%!./!)+')(0*)+,-"!b13D!01%!Q(/)/%!3!&'+<(-*0/%!/%9*:10/%!%(/0/-!*90+)*'!./!5*-/'*!1'+/-&*&+>*!
/%&/! %+%&/5*! *! *))+./-&/%! .+%&+-&1%! *! 01%! ./! )+')(0*)+,-! H>`*-%/D! 91'! /Q/5901D! 0*%! ==g=D! #Ä!
H;/-*0JD!PO"#"SAAS!m)*./&/!./!0*!2(*'.+*!)+>+0!.+%9*'*!%(!*'5*!10>+.*-.1!_(/!/%&*<*!)*'2*.*!3!/0!
9'13/)&+0!+59*)&*!/-!/0!9,5(01!./'/)81!./!(-!)159*:/'1ma!MÄD!S"PP"SAPP!%(+)+.+1!./!9'/%1!/-!
)/0.*! ./! *+%0*5+/-&1ma! PÄD! SL"PP"SAPP! m0/%+,-! ./! ./'/)81%! 4(-.*5/-&*0/%! *! 0*! .+2-+.*.! /!
+-&/2'+.*.!51'*0!)151!)1-%/)(/-)+*!./!./%9+.1!0*<1'*0!+59'1)/./-&/J"!
(W/B)-$%(%$G"/.<$&"+(+$D(/&"/(%%$#&"+&>/#$>+$"+.>/(/-.>/#&/%$<%,-(%$G"
B*!./)+%+,-!./!01%!Q(/)/%!3!&'+<(-*0/%!./!*90+)*'!0*!0/3!./!<*'/51%!4(/'*!./!%(!C5<+&1!/%&'+)&1!./!
*90+)*)+,-!/%!.+%)'/)+1-*0!3!-1!/%&C!%(Q/&*!91'!&*-&1!*!01%!065+&/%!./!0*!*90+)*)+,-!*-*0,2+)*!./!0*%!
0/3/%!./0!*'&"!@"P!??K!-1!%/!/d+2/!-+!%+5+0+&(.!/-!01%!%(9(/%&1%!./!8/)81!-+!+./-&+.*.!./!'*7,-D!
*(-_(/!91'!0*!9'19+*!0,2+)*!./!0*!0/3!./!<*'/51%!%/!/d+2/!%+5+0+&(.!1!)159*'*<+0+.*.!./0!.*:1!
)*(%*.1"! $d+2+'! +./-&+.*.! ./! '*7,-! 00/>*'6*! *! 9'/2(-&*'%/! 91'! *_(/00*%! '*71-/%! _(/!
4(-.*5/-&*-! 0*! 0/3! ./! <*'/51%! 5+%5*D! 0*%! )(*0/%! %1-! ./! -*&('*0/7*! *%/2('*&1'+*K! %/! &'*&*!
)0*'*5/-&/!./!)1-&/-/'!/0!9'/)+1!./!0*%!9'+5*%!./0!%/2('1!1<0+2*&1'+1!3!./!4*)+0+&*'!01%!)C0)(01%!
./!0*%!'/%/'>*%!&`)-+)*%!/-!'/%91-%*<+0+.*.!)+>+0"!=+!/001!/%!*%6D!_(/!&*5<+`-!9(/./!%/'!.+%)(&+.1D!
-1! &/-.'6*! 5()81! %/-&+.1! 9'13/)&*'! /%&*! 0,2+)*! %1<'/! *))+./-&/%! )*(%*.1%! /-! /0! ./%*''1001! ./!
*)&+>+.*./%! -1! %(Q/&*%! *! %/2('1! 1<0+2*&1'+1"! eE/%91-./'6*! 0*! 8+9,&/%+%! *-&/'+1'! *! (-*! 1<Q/)+,-!
<*%*.*! /-! (-*! /d+2/-)+*! -1'5*&+>*! ./! &'*&*5+/-&1! %+5+0*'! ./! )*%1%! %+5+0*'/%D! /%! ./)+'D! /-! /0!
+-&/-&1! ./! />+&*'! _(/! *02(-1%! &'+<(-*0/%! )1-)/.+/'*-! +-./5-+7*)+1-/%! 5(3! /0/>*.*%! 3! 1&'1%!
5(3!'/.()+.*%!/-!*))+./-&/%!5(3!9*'/)+.1%f!!
n<%`'>/%/! _(/! /-! 0*! Q('+%9'(./-)+*! ./! 0*! %*0*! PÄD! %+! <+/-! 0*! ./)+%+,-! ./! *90+)*'! /0! <*'/51! /%!
.+%)'/)+1-*0! 9*'*! /0! &'+<(-*0D! (-*! >/7! 8*! ./)+.+.1! *90+)*'01! 8*! ./! %/'! )1-%/)(/-&/! )1-! &*0!
253
./)+%+,-! 3! 0*! *90+)*)+,-! 8*! ./! %/'! /%&'+)&*D! /%&1! /%! 3! /-! &`'5+-1%! 90*-1%D! -1! 9(/./! *90+)*'01! *!
5/.+*%"!$-!)*5<+1!3!/-!/%9/'*!./!/%&(.+1%!./!&'*<*Q1!./!)*591!.1)(5/-&*.1%!0*%!%*0*%!SÄ!3!MÄ!
-1!9*'/)/-!%/2(+'!/%&/!)'+&/'+1D!%+-1!(-*!&/%+%!./!-(/>1!91'!*%6!./)+'01!.1<0/5/-&/!1'+/-&*&+>*D!
/-!0*!./)+%+,-!%1<'/!%+!*90+)*'01!1!/-!0*!*90+)*)+,-!5+%5*"!
-
]^]H/0_H/858`2:0:H/#&/05/#&/#$%$&=R<&H/SOC/a.>e/B"+."$./]&$E(>/l,$"+("(;/B%%$#&"+&/
#&/+<(R(E.;/K(/()-$%(%$G"/.<$&"+(+$D(/"./)&<=$+&/>&)(<(<>&/#&-/R(<&=.;/
qX1-!V*'+*-1!%(4'+,!(-!*))+./-&/!)(*-.1!%/!./''(5<,!0*!9*'&/!+-4/'+1'!./!(-!&*<+_(/!/-!/0!_(/!
&'*<*Q*<*! 3! 0/! )*3,! /-! 0*! 5*-1! +7_(+/'.*D! *! '/%(0&*%! ./0! )(*0! %(4'+,! 0/%+1-/%! 3! %/)(/0*%D! _(/!
'/)0*5*! ./! 01%! ./5*-.*.1%! t*5*k1*! ="RD! 3! =/2('1%! ]IRg?D! *! 01%! _(/! 0*! %/-&/-)+*! ./0! ^(72*.1!
)1-./-*!*!9*2*'D!)1-Q(-&*!3!%10+.*'+*5/-&/D!0*!%(5*!./!P#A"S#MDAM!/('1%D!3!*./5C%!*!t*5*k1*D!
0*! )*-&+.*.! ./! #"NPMDSS! /('1%! H|J! E/)(''+.*! /-! *9/0*)+,-D! 0*! %/-&/-)+*! ./! 0*! R(.+/-)+*!
;'1>+-)+*0!5*-&+/-/!0*!./0!^(72*.1!%*0>1!/-!01!'/0*&+>1!*0!9*21!./!01%!+-&/'/%/%!H|J!X1-!V*'+*-1!
41'5(0*!(-!.1<0/!'/)('%1D!/d&'*1'.+-*'+1!91'!+-4'*))+,-!9'1)/%*0!3!./!)*%*)+,-!H|J"!
$0!%/2(-.1!51&+>1!41'5(0*.1!%/!%(%&/-&*!/-!0*!*90+)*)+,-!+-./<+.*!./0!*'&6)(01!PNAS!./0!??D!*0!
5+-(%>*01'*'!01%!.*:1%!91'!/'',-/*!(&+0+7*)+,-!./0!*-/d1!H%+%&/5*D!<*'/51%!3!&*<0*%J!./!0*!B/3!
MAhPNN#D!)1-./-*-.1!*!0*!./5*-.*.*!t*5*k1*!*!9*2*'!)*-&+.*./%!+-4/'+1'/%!*!0*%!9'1)/./-&/%!
)1-41'5/!*!./'/)81D!*0!-1!8*</'%/!9'1-(-)+*.1!%1<'/!01%!4*)&1'/%!./!)1''/))+,-!+-8/'/-&/%!/-!
01! _(/! %/! '/4+/'/! *! .1%! *%9/)&1%K! +-)*9*)+.*.! &1&*0! ./0! *)&1'! 3! 9/'Q(+)+1%! /)1-,5+)1%h+-2'/%1%!
-/&1%!91'!&'*<*Q1!9/'%1-*0"
=/!/%&+5*"
B*! 4(-)+,-! ./! )(*-&+4+)*'! 01%! .*:1%! *! +-./5-+7*'! /%! 9'19+*! 3! %1</'*-*! ./! 01%! ,'2*-1%!
Q('+%.+))+1-*0/%D! *&/-.+.1%! 01%! 8/)81%! 9'1<*.1%! 3! /0! 9'+-)+9+1! ./! +-./5-+.*.! ./! 0*! >6)&+5*D! *0!
*59*'1! ./! 01%! *'&6)(01%! PPAO! 3! PNAS! ./0! ?,.+21! ?+>+0! D! 3! /%&*! 4(-)+,-! /%! /0! '/%(0&*.1! ./! (-*!
*)&+>+.*.! ./! *9'/)+*)+,-! 9*'*! 01! _(/! 217*! ./! *590+*! 0+</'&*.! _(/! *<*')*! 0*! 91%+<+0+.*.! ./!
%/'>+'%/!*!/4/)&1%!1'+/-&*&+>1%!./!%+%&/5*%!1<Q/&+>1%D!)151!/0!./0!<*'/51!*-/d1!*!0*!B/3!%1<'/!
E/%91-%*<+0+.*.! ?+>+0! 3! =/2('1! /-! 0*! ?+')(0*)+,-! ./! c/86)(01%! *! V1&1'D! )1-! /0! _(/! %/! .1&*! *0!
%+%&/5*!./!)'+&/'+1%!&`)-+)1%!./!>*01'*)+,-D!*%6!)151!./!(-*!%/2('+.*.!3!2*'*-&6*!9*'*!0*%!9*'&/%!
5*31'!./!0*!_(/!./'+>*!./0!%+590/!*'<+&'+1!Q(.+)+*0D!)1-!0*!)1-%/)(/-)+*!./!_(/!%101!9(/.*!%/'!
'/>+%*.*! /-! )*%*)+,-! %+! 0*! ./&/'5+-*)+,-! 91'! /0! g'+<(-*0! o*! _(1o! '/%(0&*! 5*-+4+/%&*5/-&/!
/'',-/*!1!+0,2+)*!H|J!
R81'*!<+/-D!/%&*!'/20*!&+/-/!&*5<+`-!.1%!0+5+&*)+1-/%"!l-*D!_(/!/0!g'+<(-*0!-1!9(/./!*0&/'*'!01%!
&`'5+-1%! /-! _(/! /0! ./<*&/! 4(/! 90*-&/*.1D! 3! ./</'C! '/%10>/'! /-! *&/-)+,-! *! 0*%! )+')(-%&*-)+*%!
)1-)(''/-&/%D!./&/'5+-*-.1!0*!+-./5-+7*)+,-!_(/!)1''/%91-.*!)1-!*''/201!*!.+)81!%+%&/5*D!%+-!
%*0+'%/! ./0! <*'/51! 9*'*! 9'1)('*'! +-./5-+7*)+1-/%! .+%&+-&*%D! 9(/%&1! _(/! 01! )1-&'*'+1! 8*'6*!
+-)1-2'(/-&/! 0*! '/%10()+,-! 3! %(91-.'6*! (-! />+./-&/! ./%*Q(%&/! /-! 0*! ./&/'5+-*)+,-! 3!
)(*-&+4+)*'1-!./0!.*:1!/-!(-!%+%&/5*!/-!/0!_(/!01%!>*01'/%!./!.6*%!3!9(-&1%!/%&C-!.+'/)&*5/-&/!
)*0)(0*.1%!/-!9'/>+%+,-!3!91-./'*)+,-!*!%(%!+-8/'/-&/%!4*)&1'/%!./!)1''/))+,-!H|J"
$-!/0!)*%1D!0*!=*0*!%/!8*!9'1-(-)+*.1!/d9'/%*5/-&/!&*-&1!%1<'/!/0!4*)&1'!./!)1''/))+,-!)151!./!
0*! 9`'.+.*! ./! /510(5/-&1%! 9*'*! -/2*'01%D! 91%+<0/5/-&/! 91'_(/! /-&+/-./! )1''/)&*5/-&/!
+-./5-+7*.1! /0! .*:1! )1-! 0*! +-./5-+7*)+,-! _(/! /%&*<0/)/! *0! 5*'2/-! ./! 01%! 4*)&1'/%"! X/! /%*!
254
41'5*!+2-1'*!/0!4*)&1'!./!)1''/))+,-!./'+>*.1!./!0*!+-)*9*)+.*.!&1&*0!./0!*)&1'!_(/!/-!/0!<*'/51!
(&+0+7*.1! /-! 0*! %/-&/-)+*! 9*'*! 0/%+1-/%! 3! %/)(/0*%! 1%)+0*! ./! P@"PAP! *! LA"#A#! /('1%D! 01! _(/!
9/'5+&/! +-)'/5/-&*'! 0*! +-./5-+7*)+,-! }/-~! #A"AAA! /('1%D! &/-+/-.1! /-! )(/-&*! 0*! /.*.! ./0!
0/%+1-*.1! H-*)+.1! /0! .6*! M! ./! 5*'71! ./! PNLOJD! 0*! 4/)8*! ./0! %+-+/%&'1! HPM! ./! Q(-+1! SAASJ! 3! 0*%!
191'&(-+.*./%! 9/'.+.*%! ./! >+.*! 0*<1'*0D! /-! (-! 5/')*.1! _(/! *.5+&/! )151! 2/-/'*0! /0! &'*<*Q1!
8*%&*! 01%! O#! *:1%"! g*591)1! %/! +-./5-+7*-! 01%! 9/'Q(+)+1%! /)1-,5+)1%h+-2'/%1%! 91'! &'*<*Q1!
9/'%1-*0D!01!_(/!./</'C!)1''/2+'%/!5/.+*-&/!(-*!+-./5-+7*)+,-!./0!#ã!%1<'/!01%!PSS"@AA!/('1%!
)1-)/.+.1!91'!%/)(/0*%D!01!_(/!%(91-/!(-!+-)'/5/-&1!./!O"PSA!/('1%r!H]X"!#{J"
$-! /0! 5+%51! %/-&+.1D! >`*%/! 0*! ]^]H/ 0ÄD! 320`2::9H/ #&/ 7/ #&/ =(F.H/ SOC/ a.>e/ B"+."$./ ]&$E(>/
l,$"+("("!@"?&>+(/#&/>.>(/%J,>+$%(/).</"&?-$?&"%$(/#&/-(/#,&Q(/#&/,"/R(<;!
B1%! <*'/51%! +-./5-+7*&1'+1%! %1-! 4'/)(/-&/5/-&/! *90+)*.1%! 1'+/-&*&+>*5/-&/! 91'! 01%!
&'+<(-*0/%!/-!)*%1%!./!&1.1!9(-&1!*Q/-1%!*!01%!*))+./-&/%!./!)+')(0*)+,-"!V*%!)151!%(!*90+)*)+,-!
/%!/4/)&+>*5/-&/!1'+/-&*&+>*D!5C%!*00C!./0!5*-.*&1!./!0*!0/3D!/0!g'+<(-*0!=(9'/51!/-&+/-./!_(/!
%(! *90+)*)+,-! /'',-/*! -1! 00/2*! *! )*%*)+,-"! eI590+)*! /%&*! &/%+%! _(/! -1! /%! 01! 5+%51! /''*'! /-! 0*!
*90+)*)+,-!./!(-*!0/3!+59/'*&+>*!_(/!/_(+>1)*'%/!/-!0*!*90+)*)+,-!(4()^@'9(!./!0*!5+%5*!0/3!*!
)*%1%! _(/! )*/-! 4(/'*! ./! %(! *0)*-)/fD! e8*3! .+4/'/-)+*%! /-&'/! *90+)*)+,-! *-*0,2+)*! 3! *90+)*)+,-!
1'+/-&*&+>*f!c`*%/!*0!'/%9/)&1!0*!%/-&/-)+*!%+2(+/-&/K!
!
-
]^]H/3_H/#&/9/#&/I&R<&<./#&/2:0:/VAa/33:7WH/SOC/K,$>/S(<*(/M*&N[O$%(N./X$=e"&N;/
$-!/0!b1%9+&*0!PS!./!n)&(<'/!./!V*.'+.!/0!8+Q1!./!0*!*)&1'*D!V*'6*!I-`%D!8*<6*!%+.1!.+*2-1%&+)*.1!
./!/%)0/'1%+%!&(</'1%*!*!01%!1)81!5/%/%!./!/.*.!3!4(/!&'*&*.1!8*%&*!01%!)(*&'1!*:1%!./!/.*.!)1-!
5/.+)*5/-&1%! %+-! _(/! ./Q*'*-! ./! 9'1.()+'%/! *&*_(/%! /9+0`9&+)1%! )1-%&*-&/%! 3! *2'/%+>1%!
*%1)+*.1%! *! 0*! /-4/'5/.*."! $-! /0! b1%9+&*0! =*-! ?*'01%! %/! 0/! *90+),! &*5<+`-! .('*-&/! 1&'1%! &'/%!
*:1%! 3! 5/.+1! &'*&*5+/-&1! 4*'5*)10,2+)1! 3! %/! ./%*)1-%/Q,! 0*! )+'(26*"! ]+-*05/-&/! 3! *! +-+)+*&+>*!
9'19+*D! 0*! *)&1'*! *)(.+,! *! 0*! )06-+)*! g/k-1-! ./! \*')/01-*D! .1-./D! &'*%! 0*%! 9'(/<*%! 9/'&+-/-&/%D!
19/'*'1-!*0!5/-1'!3D!./%./!/-&1-)/%D!./Q,!./!5*-+4/%&*'!)'+%+%!/9+0`9&+)*%"!$0!5/-1'!_(/.,!)1-!
(-*!5+-(%>*06*!./0!OLã"
$0! PM! ./! *21%&1! ./! SAASD! V*'6*! I-`%! +-&/'9(%1D! /-! -15<'/! ./! %(! 8+Q1D! (-*! '/)0*5*)+,-!
9*&'+51-+*0! )1-&'*! 0*! ?15(-+.*.! ./! V*.'+.D! _(/! 4(/! ./%/%&+5*.*! 91'! %+0/-)+1! *.5+-+%&'*&+>1D!
*(-_(/D! )1-%&*! /-! 0*! %/-&/-)+*! _(/! 0*! R.5+-+%&'*)+,-! '/)1-1)+,! *! 0*! *)&1'*! 01%! 2*%&1%! ./!
@#"@@#DNA! /('1%! ./'+>*.1%! ./! 0*! +-&/'>/-)+,-! _(+'['2+)*"! V*'6*! I-`%! +-&/'9(%1! '/)('%1!
)1-&/-)+1%1m*.5+-+%&'*&+>1!)1-&'*!0*!./%/%&+5*)+,-!9'/%(-&*!./!0*!'/)0*5*)+,-!*.5+-+%&'*&+>*D!
%+/-.1! 9*'&/%! ./5*-.*.*%! 0*! ?15(-+.*.! ./! V*.'+.! 3! t('+)8! $%9*:*! ?6*! ./! =/2('1%! 3!
E/*%/2('1%D!3!%10+)+&,!(-*!+-./5-+7*)+,-!./!@#A"L#N!/('1%!91'!01%!.*:1%!46%+)1%!3!51'*0/%!./0!
5/-1'"!
$0!g=^!V*.'+.!H=/))+,-!NÄJ!/-!=/-&/-)+*!./!SL"PP"SAAO!/%&+5,!/-!9*'&/!/0!'/)('%1!./!0*!*)&1'*!3!
)1-./-,! *! 01%! ./5*-.*.1%! *0! 9*21! ./! @PU"##MDOO! /('1%D! 91'! )1-%+./'*'! q9'1<*.*! 0*!
)1-)(''/-)+*!./!01%!'/_(+%+&1%!0/2*0/%!./!0*!'/%91-%*<+0+.*.!9*&'+51-+*0r!H]X!@{!=g=^!V*.'+.J"!
B*! )*-&+.*.! )1-)/.+.*! +-)0(6*! 01%! @#"@@#DNA! /('1%! 91'! 2*%&1%! ./! 0*! 19/'*)+,-! 3! MLM"PALDLO!
/('1%!/-!)1-)/9&1!./!.*:1%!46%+)1%!3!51'*0/%!./0!5/-1'D!)*-&+.*.!/%&*![0&+5*!_(/!'/%(0&*<*!./!
*90+)*'! /0! %+%&/5*! ./! <*'/51%"! $-! 9*'&+)(0*'D! /0! g'+<(-*0! 1&1'2,! 0*! 5Cd+5*! 9(-&(*)+,-! *! 01%!
.*:1%!46%+)1%!./0!5/-1'!3!0/!*90+),!0*!9*'&+.*!./!.*:1!51'*0!)1590/5/-&*'+1"!
255
$0!g=!+-*.5+&+,!/0!'/)('%1!./!)*%*)+,-!./!0*!)159*:6*!*%/2('*.1'*!3!./%/%&+5,!/0![-+)1!51&+>1!
./0! '/)('%1! ./! 0*! R.5+-+%&'*)+,-! ./5*-.*.*! <*%*.1! /-! /0! )*'C)&/'! ./%9'191')+1-*.1! 3!
*'<+&'*'+1!./!0*!+-./5-+7*)+,-D!9(/%D!*0/2*<*!/0!'/)(''/-&/D!0*!%/-&/-)+*!+59(2-*.*!-1!%/!*&/-6*!
*!01%!)'+&/'+1%!./!*90+)*)+,-!./0!<*'/51!/-!01!'/0*&+>1!*!0*!5+-(%>*06*!3!/0!.*:1!51'*0K!
q}$~0!<*'/51!'/)12+.1!/-!0*!'/%10()+,-!./!0*!X+'/))+,-!F/-/'*0!./!=/2('1%!3!;0*-/%!./!;/-%+1-/%!
./!S@!./!/-/'1!./!SAAOD!_(/!'+2/!9*'*!/0!%/)&1'!./!01%!%/2('1%!9'+>*.1%D!-1!/'*!>+-)(0*-&/!9*'*!
/0!&'+<(-*0!*!_(1"!$%&/!*)(.+,!*!.+)81!.1)(5/-&1!9*'*!1'+/-&*'%/!*!0*!81'*!./!)*0)(0*'!0*!)(*-&6*!
./! 0*! +-./5-+7*)+,-D! ./0! 5+%51! 51.1! _(/! 8*<'6*! 91.+.1! +-%9+'*'%/! /-! *02[-! 1&'1! .1)(5/-&1!
%+5+0*'! 1! /-! /0! )'+&/'+1! Q('+%9'(./-)+*0! 9'/.15+-*-&/! /-! )*%1%! *-C0121%"! $-! &1.1! )*%1D! 0*!
*90+)*)+,-!+-)1''/)&*!./!(-!<*'/51!-1!>+-)(0*-&/!m%(91-+/-.1!_(/!/4/)&+>*5/-&/!&(>+/'*!0(2*'m!
-1! )1-%&+&(3/! (-*! +-4'*))+,-! ./! 0*! 0/2*0+.*.! 3D! 91'! )1-%+2(+/-&/D! -1! %+'>/! ./! 4(-.*5/-&1! 9*'*!
)*%*'!0*!%/-&/-)+*!+59(2-*.*"!;1'!01!./5C%D!&/-+/-.1!/-!)(/-&*!0*!/d9/'+/-)+*!./!/%&*!=*0*!/-!
5*&/'+*! ./! +-./5-+7*)+1-/%D! 0*! )+4'*! 4+-*05/-&/! /%&*<0/)+.*! 91'! /0! &'+<(-*0! *! _(1! -1! '/%(0&*!
./%9'191')+1-*.*!-+!*'<+&'*'+*r!H]X!@{J"
=+5+0*'5/-&/D!/0!g'+<(-*0!=(9'/51!8*!'/%(/0&1!_(/!01%!&'+<(-*0/%!./!+-%&*-)+*!9(/./-!*9*'&*'%/!
./! 0*%! '/20*%! ./! 01%! <*'/51%! )(*-.1! %/! &'*&*! ./! /%&+5*'! 0*! +-./5-+7*)+,-! 91'! ./0+&1%! .101%1%D!
(-*!&/%+%!_(/!1%)+0*!/-&'/!0*!+./*!./!_(/!0*!)*(%*)+,-!.101%*!./!.*:1%!/%!1!9(/./!%/'!4C)+05/-&/!
5()81! 5C%! .*:+-*! _(/! %(! )*(%*)+,-! -1! .101%*! y91'! /Q/5901D! -/20+2/-&/m! 3! 0*! ./! _(/! _(+7C%!
&*5<+`-!8*3!+-./5-+7*)+1-/%!%*-)+1-*&1'+*%!/-!/0!./'/)81!/%9*:10D!%101!_(/!+5906)+&*%K
-
]^]H/ 3_H/ 375`2::8H/ #&/ 25/ #&/ E,"$.H/ SOC/ O&<I&%+./ B"#<e>/ @RJQ&N;/ M&-$+./ #.-.>./ #&/
-&>$."&>;/ P-/ +<$R,"(-/ #&/ $">+("%$(/ ),&#&/ >&)(<(<>&/ #&-/ R(<&=./ )(<(/ (,=&"+(</ -(/
$"#&="$N(%$G"/&"/%(>.>/#&/#&-$+.>/#.-.>.>;/
$-!/0!)*%1!./!0*!%/-&/-)+*!./!0*!=*0*!%/2(-.*D!/-!0*!)(*0!(-!Q(2*.1'!*4+)+1-*.1!./!4[&<10!8*<6*!
2109/*.1! 1&'1! /-! /0! '1%&'1! /-! '/%9(/%&*! *! (-*! 9'1>1)*)+,-! ./! 0*! >6)&+5*! 3! *0! 5*'2/-! ./!
)(*0_(+/'! 0*-)/! ./0! Q(/21D! /0! +59(&*.1! 8*<6*! %+.1! )1-./-*.1! )151! *(&1'! ./! (-! ./0+&1! ./!
0/%+1-/%! 3! *0! 9*21! ./! (-*! +-./5-+7*)+,-! ./! #A"#UND#U! /('1%"! ;*'*! 0*! ./&/'5+-*)+,-! ./! /%&*!
[0&+5*D!0*!=*0*!./!+-%&*-)+*!8*<6*!'/)(''+.1!1'+/-&*&+>*5/-&/!*!01%!<*'/51%!./0!g/d&1!E/4(-.+.1D!
9/'1!%/!8*<6*!*9*'&*.1!./!%(%!.+%91%+)+1-/%!/-!5*&/'+*!./!0()'1!)/%*-&/"!$0!g'+<(-*0!=(9'/51!
'/)8*7*! /0! '/)('%1! ./! )*%*)+,-! ./0! )1-./-*.1D! 9(/%! )1-%+./'*! <C%+)*5/-&/! _(/! 0*! %*0*! ./!
+-%&*-)+*!9(/./!/4/)&+>*5/-&/!*9*'&*'%/!./!01%!)'+&/'+1%!+-./5-+7*&1'+1%!/%&*<0/)+.1%!91'!0*!0/3!
)(*-.1!/0!.*:1!%/!)*(%,!.101%*5/-&/"!
q$0!*)(%*.1!^/%[%!Y-2/0D!5*31'!./!/.*.!3!%+-!*-&/)/./-&/%!9/-*0/%D!Q(2*<*!(-!9*'&+.1!./!4[&<10m
%*0*! /-! /0! )*591! ./! o=/%! ;*+%/%oD! ./! =*-&! R-&1-+! HI<+7*JD! )(*-.1D! /-! %(%! 5+-(&1%! 4+-*0/%! 3!
/-)1-&'C-.1%/!/-!0*!71-*!./0!)/-&'1!./0!)*591D!9'19+-,!*!]/'56-D!Q(2*.1'!./0!/_(+91!'+>*0D!(-!
)1.*71D!&'*%!01!)(*0!%/!.+'+2+,!+-5/.+*&*5/-&/!8*)+*!%(!C'/*D!%*0+/-.1!&'*%!`0!/0!'/4/'+.1!]/'56-"!
R0!00/2*'!*!%(!91%+)+,-!/%&/!0/!9'19+-,!(-!/59(Q,-!'/)'+5+-C-.10/!%(!)1591'&*5+/-&1D!/59(Q,-!
_(/! 0/! 8+71! '/&'1)/./'D! %+-! 9/'./'! /0! /_(+0+<'+1! 3! )*/'! *0! %(/01D! '/%91-.+/-.1! /0! *)(%*.1D! )1-!
+-&/-)+,-!./!5/-1%)*<*'!%(!+-&/2'+.*.!46%+)*D!)1-!(-!9(:/&*71!.+'+2+.1!.+'/)&*5/-&/!*0!'1%&'1D!
2109/C-.10/!*%6!/-!0*!71-*!./!0*!-*'+7D!4'/-&/!3!1Q1!./'/)81!H|J!
B*!R(.+/-)+*!./!+-%&*-)+*!.+)&,!/0!%+2(+/-&/!9'1-(-)+*5+/-&1K!o?1-./-*51%!*!^/%[%!Y-2/0!)151!
*(&1'!'/%91-%*<0/!./!(-!./0+&1!./!0/%+1-/%!H|J!*!0*%!9/-*%!./!(-!*:1!3!%/+%!5/%/%!./!9'+%+,-!H|J!
256
$-! /0! 1'./-! )+>+0D! ^/%[%! Y-2/0! *<1-*'C! *! ]/'56-D! /-! )1-)/9&1! ./! +-./5-+7*)+,-D! 0*! %(5*! ./!
#A"#UND#U!/('1%!H|J!
}=~/! 9'/9*',! '/)('%1! ./! )*%*)+,-! 91'! /0! )1-./-*.1! H|J! B*! %*0*! ./! +-%&*-)+*! ./%201%*! 01%!
)1-)/9&1%!+-./5-+7*&1'+1%!./!41'5*!%(4+)+/-&/!3!_(/!9/'5+&/!/-&/-./'!/0!)'+&/'+1!./!>*01'*)+,-!
./0!_(/!8*!8/)81!(%1"!$-!/4/)&1D!./!(-*!9*'&/!)159/-%*!01%!PAA!.6*%!./!<*Q*!/!+-)*9*)+.*.!HPA!
./!/001%!./!81%9+&*0+7*)+,-J!)1-!#"APODPA!/('1%a!0*%!%/)(/0*%D!%+-!)1-%+./'*'!/0!9/'Q(+)+1!/%&`&+)1D!
)1-!SP"P@PDSA!/('1%a!)1-!PN"ASL!/('1%!/%&/![0&+51"!=1<'/!/0!&1&*0!'/%(0&*-&/!91'!0*%!%/)(/0*%!0*!
%*0*!2+',!(-!4*)&1'!./!)1''/))+,-!./0!PAãa!3D!/-!4+-D!*:*.+,!P"MUUDSA!/('1%!/-!)1-)/9&1!./!0()'1!
)/%*-&/! 91'! 0*! 9`'.+.*! ./! .6*%! ./! &'*<*Q1! H|J! ;1'! 01! ./5C%D! 0*! )+')(-%&*-)+*! ./! _(/! 0*!
*./)(*)+,-!*!0*%!9'/%)'+9)+1-/%!./0!<*'/51D!&15*.1!)151!'/4/'/-)+*D!-1!8*3*!%+.1!90/-*D!/%!(-*!
1<Q/)+,-! *_(6! +-*&/-.+<0/D! 9(/%! %(%! 9'/>+%+1-/%! &+/-/-! _(/! >/'! )1-! *))+1-/%! ./! 5(3! .+%&+-&1!
&/-1'!./!0*!/-Q(+)+*.*"!Z!/%!_(/D!/-!/4/)&1D!./%./!/0!9(-&1!./!>+%&*!./!0*!*4/))+,-!51'*0!-1!/%!01!
5+%51! '/%(0&*'! >6)&+5*! ./! (-! *))+./-&/! 9'19+1! ./! 01%! ./0! &'C4+)1! '1.*.1! _(/! ./! (-*! *))+,-!
.101%*D!'/40/d+>*5/-&/!1'+/-&*.*!*!)*(%*'!.*:1"!$-!/%&/!)*%1!/-!(-*!'/2+,-!*-*&,5+)*!)151!0*!
./0! +59*)&1"! R%6D! /%! '*71-*<0/! _(/! /%/! 90(%! ./! 2'*>/.*.! 3! ./! 2'*>*5/-! %/! &'*.(7)*! /-! (-!
+-)'/5/-&1!./0!51-&1!./!0*!+-./5-+7*)+,-r"
$-!/0!5+%51!%/-&+.1D!>`*%/!0*!=g=D!SÄD!MOOhSAPPD!./!PP!5*31!./!SAPPD!V;K!V+2(/0!?105/-/'1!
V/-`-./7!./!B(*')*"!X/0+&1!.101%1!./!0/%+1-/%"
?(*&'1!'/4/'/-)+*%!<+<0+12'C4+)*%!/%9/)64+)*%K
-
V+_(/0! VREgÅGm?R=RB=D! o;1'! (-*! 9(/%&*! *0! .6*! ./0! %+%&/5*! ./! >*01'*)+,-! ./0! .*:1!
)1'91'*0!Hq<*'/51rJ"!B6-/*%!2/-/'*0/%!./!01%!&'*<*Q1%!./!0*!q?15+%+,-!./!/d9/'&1%roD!A4.#"-!
@hSAPSD!iii"+-.'/&")15
-
V+_(/0!VREgÅGm?R=RB=D!q?1-)/9&1%!9/'Q(.+)+*0/%!HE"(7%$*H$7(6(@"J!/-!0*!+-./5-+7*)+,-!
91'!5(/'&/!3!91'!0/%+1-/%!9/'%1-*0/%!/-!$('19*rD!A4.#"-!ShSAPMD!iii"+-.'/&")15"
-
^*>+/'!BÑ;$t!FRE?ÅR!./!0*!=$EERGR!HX+'"JD!a(4,()$7"$r()*#(9'^4$7")$.(_*$/*#!*#()S$V,[($
7"$(!)'9(9'^4$7")$8'%-"6($7"$O(#"6(9'^4$!(#($(99'7"4-"%$7"$9'#9,)(9'^4D!R'*-7*.+D!SAAL"!
-
Y0>*'1! BlGR! Z$EFRD! =1-+*! ERVn=! FnGtYB$tD! I2-*)+1! VREÅGD! qF(6*! ./! \*'/51%D!
c*01'*)+,-! ./! .*:1%! )*(%*.1%! 91'! *))+./-&/%! ./! )+')(0*)+,-D! ./! -*>/2*)+,-! *`'/*! 3! 91'!
9'+%+,-!+-./<+.*r!A4.#"-!hSAAOD!iii"+-.'/&")15
RW/ S(+&<$(-/ %.=)-&=&"+(<$.C/ &i%&)%$."&>/ (/ -(/ ()-$%(%$G"/ .<$&"+(+$D(/ #&/ -(/ -&?$>-(%$G"/
>.R<&/R(<&=.>//
!
?1-! &1.1D! 8*3! /d)/9)+1-/%! 5(3! -1&*<0/%! /-! )*%1%! /-! 01%! _(/! 01%! &'+<(-*0/%! )1-)/./-!
+-./5-+7*)+1-/%!+2(*05/-&/!/d&'*1'.+-*'+*%!*0!5*'2/-!./!0*!0/2+%0*)+,-!%1<'/!<*'/51%"!!
-
]^]H/3_H/#&/08/#&/>&+$&=R<&/#&/2::9/VAa/73:3WH/SOC/a,("/'(<-.>/^<$--./B-.">.H/>.R<&/-(/
=,&<+&/#&/-(/=,E&</F/#&/-(/L$E(/#&-/(%+.</&"/>,/)<&>&"%$(/F/&"/%$<%,">+("%$(>/
&i+<(.<#$"(<$(>
257
$0!S!./!%/9&+/5<'/!./!SAA#D!/0!*)&1'D!./!MS!*:1%!./!/.*.D!/%&*<*!&'*<*Q*-.1!/-!/0!)*591!)(*-.1!
>+1!_(/!(-*!*>+1-/&*!./0!$Q`')+&1!./0!R+'/D!_(/!8*<6*!./%9/2*.1!./!V(')+*!9*'*!'/*0+7*'!(-!>(/01!
./! /-&'/-*5+/-&1D! %/! /%&'/00*<*! /-! /0! )*%)1! ('<*-1! ./! \*/7*D! ^*`-D! 3! )*6*! %1<'/! %(! )*%*D!
)*(%*-.1!%(!./''(5</!/!+-)/-.+1"!R0!.6*!%+2(+/-&/D!01%!/_(+91%!./!'/%)*&/!/-)1-&'*'1-!/0!)(/'91!
./%)(*'&+7*.1!3!)1590/&*5/-&/!_(/5*.1!./!%(!5(Q/'D!9/'1!-+-2[-!'*%&'1!./!%(!8+Q*!./!-(/>/!
5/%/%!./!/.*."!
;1'! R)(/'.1! ./0! ?1-%/Q1! ./! V+-+%&'1%! ./! P@! ./! %/9&+/5<'/! ./! SAAL! %/! ./)0*',! 0*!
'/%91-%*<+0+.*.! 9*&'+51-+*0! ./! 0*! R.5+-+%&'*)+,-! ./0! $%&*.1! 3! %/! *)1'.,! +-./5-+7*'! *0! *)&1'!
)1-!L@S"NOMDPN!/('1%"!
$0!*)&1'!+-&/'9(%1!'/)('%1!)1-&/-)+1%1!*.5+-+%&'*&+>1!%10+)+&*-.1!_(/!%/!*(5/-&*'*!0*!)(*-&6*!
)1-)/.+.*! /-! /0! )+&*.1! R)(/'.1! *! PU@"ONND#P! /('1%! 5C%! /-! )1-)/9&1! ./! %/)(/0*%! 9%+)10,2+)*%!
HPAM"ANMDUN! /('1%JD! 2*%&1%! ./! &'*&*5+/-&1! 9%+)10,2+)1! HMOA! /('1%JD! .6*%! ./! +-)*9*)+.*.!
HO"MNSDPA!/('1%J!3!.*:1!51'*0!./'+>*.1!./!0*!9`'.+.*!./!1<Q/&1%!./!>*01'!HOM"O@A!/('1%J"!
$0!g=!/%&+5,!/-!9*'&/!/0!'/)('%1!./0!*)&1'!3!*(5/-&,!0*!+-./5-+7*)+,-!)1-)/.+.*!91'!/0!R)(/'.1!
./0! ?1-%/Q1! ./! V+-+%&'1%! /-! PSA"#M#DLL! /('1%D! 91'! 01%! 5+%51%! )1-)/9&1%! *0/2*.1%! 91'! /0!
'/)(''/-&/K!
q;'/>+%&1! 9*'*! ./&/'5+-*'! 0*! '/%91-%*<+0+.*.! )+>+0! ./'+>*.*! ./! *))+./-&/%! ./! )+')(0*)+,-! ./!
>/86)(01%!*!51&1'D!5*0!)*</!}0*~!*90+)*)+,-!}./0!<*'/51~!1!*0!5/-1%!%+-!)1''/))+1-/%!*0!)*%1!H|J!
Z! /%! _(/! 0*%! )+')(-%&*-)+*%! )1-! 0*%! _(/! %/! 9'/%/-&*-! 01%! *)1-&/)+5+/-&1%D! %/! '/>/0*-! )151!
/%9/)+*05/-&/! &'C2+)*%! H|J! 3! 91'! /001! *)'//.1'*%! ./! (-! '/%*')+5+/-&1! _(/D! %+! <+/-! /%! ./! 5(3!
.+46)+0! >*01'*)+,-D! 01! _(/! /%&C! )0*'1! /%! _(/! -1! %/! )1-%+2(/! )1-! 0*! *90+)*)+,-! ./! (-! <*'/51!
9'/>+%&1!9*'*!*)1-&/)+5+/-&1%!5/-1%!.'*5C&+)1%H|Jr!H]X"!M{J"
B*%! )+')(-%&*-)+*%! ./0! )*%1! 00/>*'1-! *0! +-)'/5/-&1! ./! 0*! +-./5-+7*)+,-D! _(/! *%)/-.+,! *!
UOM"@NUDNO!/('1%!/-!&1&*0"!
c`*%/! &*5<+`-D! '/)+/-&/5/-&/D! 0*! 3*! )+&*.*! ]^]H/ 3_H/ #&/ 3/ #&/ #$%$&=R<&/ #&/ 2:02/ VAa/
2:03Ç582WH/ SOC/ A$%(<#./ P"<*d,&N/ ]("%L.D! _(/! '/%(/0>/! (-! )*%1! %1<'/! 9`'.+.*! ./!
191'&(-+.*.!./!lG!9*)+/-&/!./!#A!*:1%!./!/.*.!*!_(+/-!.+*2-1%&+)*'1-!&*'.6*5/-&/!(-!9'1)/%1!
&(51'*0!*<.15+-*0!)(*-.1!3*!%/!8*<6*!8/)81!5/&C%&*%+%!/-!/0!9/'+&1-/1K!q}B~1%!<*'/51%!H|J!-1!
9(/./-! *90+)*'%/! %+-! 5*&+)/%! )(*-.1! %/! &'*&*! ./! 0*! '/%91-%*<+0+.*.! 9*&'+51-+*0! ./! 0*!
R.5+-+%&'*)+,-! %*-+&*'+*! H|J! $-! /0! )*%1! H|J! 0*! %(5*! 4+Q*.*! H"""J! ./! PAU"U@OD#P! /('1%! _(/! /0!
<*'/51! '/)1-1)/! *0! ),-3(2/! 3! PU"P@PDAU! /('1%! *! 0*! 8+Q*! -1! /%! *./)(*.*! 9*'*! )15/-7*'! /0!
)C0)(01!./!0*!+-./5-+7*)+,-"!$-!)*%1%!%/5/Q*-&/%!H|J!/%&*!%*0*!>+/-/!'/)1-1)+/-.1!)*-&+.*./%!
_(/! 1%)+0*-! /-&'/! 01%! #AA"AAA! /('1%! 3! OAA"AAA! /('1%D! 91'! 01! _(/D! '/.()+/-.1! /%&*! %(5*! /-!
*&/-)+,-!*0!'/.()+.1!2'*.1!./!9'1<*<+0+.*.!./!8*</'!/>+&*.1!/0!'/%(0&*.1!4*&*0!9'1.()+.1!%+!%/!
8(<+/'*! /4/)&(*.1! (-! .+*2-,%&+)1! )/'&/'1! ./! 0*! /-4/'5/.*.! H|J! 9'1)/./! '/)1-1)/'! H|J! (-*!
%(5*! ./! PSO"NULD#ND! +2(*0! *! 0*! '/)1-1)+.*! 91'! 0*! %/-&/-)+*! ./! +-%&*-)+*D! _(/! -1! 9(/./! %/'!
%(9/'*.*! 91'! +59/.+'01! /0! 9'+-)+9+1! ./! 0*! 9'18+<+)+,-! ./! #"H*#6(-'*$ '4$ !"',%r! H]X! @{J"!!
B*! +-./5-+7*)+,-! 91'! 5(/'&/! )1-)/.+.*! 91'! 0*! Q('+%9'(./-)+*! /-! )*%1%! %/5/Q*-&/%! &'+90+)*! 0*!
_(/!)1''/%91-./'6*!91'!0*!0/2+%0*)+,-!./!<*'/51%!91'!0*!5(Q/'!3!5*.'/!./!01%!'/)0*5*-&/%"!!
258
-
]^'/00`2::8H/#&/20/#&/&"&<./VU\P/"T=;/4:H/#&/05/#&/I&R<&<./#&/2::8WH/>.R<&/-(/
)<$D(%$G"/$"#&R$#(/#&/-(/%,>+.#$(/#&/-.>/L$E.>/#&/-(/(%+.<(/#,<("+&/#$&N/(Q.>
$-!/%&*!%/-&/-)+*D!/0!g?!./%/%&+5,!/0!'/)('%1!./!*59*'1!+-&/'9(/%&1!91'!0*!^(-&*!./!R-.*0()6*!
)1-&'*! /0! R(&1! ./! 0*! R(.+/-)+*! ;'1>+-)+*0! ./! =/>+00*D! ?+>+0D! =/)"! OÄD! MA"PS"SAA#D! _(/! 8*<6*!
)1-./-*.1! *! 0*! ^(-&*! *! 9*2*'! (-*! +-./5-+7*)+,-! ./! P"@#A"AAA! /('1%! *! 0*! ='*"! ?*'5/-!
]/'-C-./7"!91'!0*!./)0*'*)+,-!+-./<+.*!./!0*!/d+%&/-)+*!./!(-*!%+&(*)+,-!./!./%*59*'1!./!%(%!
8+Q1%D! ./! #! 3! @! *:1%! ./! /.*.! '/%9/)&+>*5/-&/D! 3! 0*! )1-%+2(+/-&/! 9'+>*)+,-! ./! %(! 2(*'.*! 3!
)(%&1.+*"!
B1%!8/)81%!3!/0!+&/'!9'1)/.+5/-&*0!./0!)*%1!%1-!01%!%+2(+/-&/%K!
$-!PNNOD!0*!910+)6*!8*00,!*!0*!='*"!?*'5/-!]"!/-!%+&(*)+,-!./!9`'.+.*!./!*(&1)1-&'10!./<+.1!*!(-*!
+-2/%&*! *0)18,0+)*"! $0! PS"PP"PNNOD! 0*! ?1-%/Q/'6*! ./! R%(-&1%! =1)+*0/%! ./! 0*! ^(-&*! ./! R-.*0()6*!
./)0*',! 0*! /d+%&/-)+*! ./! (-*! %+&(*)+,-! 0/2*0! ./! ./%*59*'1! ./! %(%! 8+Q1%D! '/&+',! 0*! 2(*'.*! 3!
)(%&1.+*!./!0*!5*.'/!3!01%!5/-1'/%!_(/.*'1-!<*Q1!0*!&(&/0*!./!0*!^(-&*!./!R-.*0()6*"
$0!S"O"PNNLD!0*!^(-&*!./!R-.*0()6*!.+1!*!01%!5/-1'/%!/-!*)12+5+/-&1!9'/*.19&+>1!*0!5*&'+51-+1!
41'5*.1!91'!^(*-!3!^1%/4*"!
B*!5*.'/!./!01%!5/-1'/%!%/!19(%1!Q(.+)+*05/-&/!*!0*!./)0*'*)+,-!./!*)12+5+/-&1!3!/0!^(72*.1!./!
;'+5/'*! I-%&*-)+*! -[5"! L! ./! =/>+00*D! U"N"PNNUD! ./%/%&+5,! 0*! 191%+)+,-! ./! 0*! 5*.'/"! E/)(''+.*!
91'!0*!*)&1'*D!0*!%/-&/-)+*!./0!^(72*.1!4(/!'/>1)*.*!91'!=/-&/-)+*!./!0*!R(.+/-)+*!;'1>+-)+*0!./!
=/>+00*D!=/))"!OÄD!PS"O"SAAAD!9(/%!)1-%+./',!_(/!-1!/d+%&6*!%+&(*)+,-!0/2*0!./!./%*59*'1"!
G1! 1<%&*-&/D! /-! /Q/)()+,-! ./! 0*! *-&/'+1'! %/-&/-)+*! ./! 0*! R(.+/-)+*D! /0! *(&1! ./0! ^(72*.1! ./!
;'+5/'*!I-%&*-)+*!-[5"!L!./!=/>+00*D!PP"L"SAAPD!'/%10>+,!_(/D!9*'*!>/0*'!91'!/0!+-&/'`%!%(9/'+1'!
./!01%!5/-1'/%D!/%&1%!./<6*-!9/'5*-/-)/'!)1-!%(%!*)12/.1'/%"!
;1'!%(!9*'&/D!01%!*)12/.1'/%!'/)(''+/'1-!/-!*59*'1!0*!=R;!./!=/>+00*D!PS"O"SAAAD!91'!0*!_(/!%/!
'/)8*7*<*!0*!/d+%&/-)+*!./!(-*!%+&(*)+,-!0/2*0!./!./%*59*'1D!3!*0/2*'1-!>(0-/'*)+,-!./0!./'/)81!
*! 0*! &(&/0*! Q(.+)+*0! /4/)&+>*! 91'_(/! %/! 0/%! 8*<6*! -/2*.1! %(! 9*'&+)+9*)+,-! /-! /0! 9'1)/%1! Q(.+)+*0!
+-+)+*.1! 91'! 0*! 5*.'/! ./! 01%! 5/-1'/%"! B*! =g?D! =*0*! SÄD! PS@hSAASD! ./! SA! ./! 5*31! H\n$! -[5"! D!
/%&+5,! /0! *59*'1! %10+)+&*.1! 3! ./)0*',! 0*! -(0+.*.! ./! 0*! =R;! =/>+00*! )1-! '/&'1*))+,-! ./! 0*%!
*)&(*)+1-/%! 9*'*! _(/D! 9/'%1-*.1%! 01%! *)12/.1'/%! ./! 01%! 5/-1'/%D! %/! 9'1-(-)+*'*! -(/>*!
=/-&/-)+*!91'!*_(`00*"!
;1)1%!5/%/%!./%9(`%D!0*!R;!=/>+00*D!*)*&*-.1!/0!4*001!./0!g?D!.+)&,!-(/>*!%/-&/-)+*D!SO"PS"SAASK!
q}X~/)0*'*51%! _(/! -1! 8*! /d+%&+.1! %+&(*)+,-! 0/2*0! ./!./%*59*'1! H|J! 3! ./-/2*51%!
*%+5+%51!/0!*)12+5+/-&1!9'/*.19&+>1!+-&/'/%*.1"
R)1'.*51%! _(/D! /-! )1-%/)(/-)+*D! 01%! 5/-1'/%! '/4/'+.1%! >(/0>*-! *! )1->+>+'! )1-! %(!
+-.+)*.*!5*.'/!<*Q1!)(3*!2(*'.*!3!)(%&1.+*!_(/.*'C-"
259
X/)0*'*51%!0*!+591%+<+0+.*.!./!/Q/)()+,-!./!01!*_(+!'/%(/0&1!/-!/0!9(-&1!)(*'&1!./!/%&/!
4*001! }%/2[-! /0! )(*0! q./0! /d*5/-! ./0! '/%(0&*.1! ./0! 9'12'*5*! ./! *)/')*5+/-&1!H|J! %/!
)1-%&*&*! H|J!_(/! /0! '/2'/%1! ./! 01%! 5/-1'/%! )1-! %(! 5*.'/! '/%(0&*! 3*! +591%+<0/! 3!
./>+/-/! (-*! _(+5/'*! %+-! (-! %/'+1! _(/<'*-&1! ./! 0*! %*0(.! 9%6_(+)*D! 3! _(+/-! %*</! %+!
&*5<+`-! ./! 0*! 46%+)*D! ./! &*0/%! 5/-1'/%! H|J!}X~/%9(`%! ./0! &+/591! &'*-%)(''+.1! 3! 0*%!
>+)+%+&(./%! *)*/)+.*%! )1-! 91%&/'+1'+.*.! *! 0*! %/-&/-)+*! ./! /%&*! =*0*! *-(0*.*! 3! 0*%!
>+>/-)+*%! *! _(/! 01%! 5/-1'/%! 8*-! /%&*.1! /d9(/%&1%! 8*)/-! _(/! )1-&/590/-! *! *_(`00*%!
)151!*!(-*!/d&'*:*r!H]X"!@{J"!
!
R)1'.*51%! _(/! 91'! 9*'&/! ./0! Q(72*.1! ./0! _(/! 9'1)/./-! /%&*%! *)&(*)+1-/%! 3! *0! _(/!
)1''/%91-./! %(! /Q/)()+,-D! %/! +-)1/! +-)+./-&/! 9*'*! 0*! ./&/'5+-*)+,-! ./! 0*!
+-./5-+7*)+,-! %(%&+&(&1'+*! _(/! 8*! ./! )1''/%91-./'! *! 0*! '/)(''/-&/! 91'! 0*!
+591%+<+0+.*.!./!0*!/Q/)()+,-!%/:*0*.*r!})1-41'5/!*0!*'&"!PU"S!./!0*!Bn!OhPNU#D!./!P!./!
Q(0+1D!./0!;1./'!^(.+)+*0~"!
$-! /0! 5/-)+1-*.1! +-)+./-&/! ./! /Q/)()+,-D! 0*! 5*.'/! %10+)+&,! *021! 5C%! ./! P! 5+00,-! ./! /('1%! H-1!
)1-%&*!0*!)(*-&6*!/d*)&*J"!
?1-%&*!*)'/.+&*.1!_(/D!/-!/0!*:1!SAAMD!0*!8+Q*D!./!PM!*:1%!./!/.*.D!>10>+,!91'!%(!9'19+*!
>10(-&*.!*!)1->+>+'!)1-!%(!5*.'/!<+10,2+)*D!3!_(/!/0!%(4'+5+/-&1!9*./)+.1!91'!?*'5/-!
%/!&'*.(Q1!/-!.1%!/-4/'5/.*./%K!(-*!./9'/%+,-D!_(/!&(>1!5*-+4/%&*)+1-/%!&*-!2'*>/%!
)151! /0! +-&/-&1! ./! %(+)+.+1D! 3! (-! )C-)/'! ./! 9(05,-! 91'! /0! _(/! &(>1! _(/! %15/&/'%/! *!
&'*&*5+/-&1!1-)10,2+)1"
B*!=/-&/-)+*!./0!^(72*.1!./!;'+5/'*!I-%&*-)+*!-{!L!./!=/>+00*D!SU"M"SAA#!)1-./-,!*!0*!^(-&*!./!
R-.*0()6*!*!9*2*'!*!0*!5*.'/!./!01%!5/-1'/%!(-*!+-./5-+7*)+,-!./!LS"OLA!/('1%"!
B*! 9*'&/! *)&1'*! 3! 0*! ^(-&*! ./! R-.*0()6*! +-&/'9(%+/'1-! '/)('%1! ./! *9/0*)+,-"! B*! R(.+/-)+*!
;'1>+-)+*0!./!=/>+00*D!=/)"!OÄD!MA"PS"SAA#D!./%/%&+5,!/0!'/)('%1!./!0*!^(-&*D!/%&+5,!/-!9*'&/!./!0*!
9*'&/!*)&1'*!3!)1-./-,!*!0*!^(-&*!*!9*2*'!(-*!+-./5-+7*)+,-!./!P"@#A"AAA!/('1%K!
q}=~+-!_(/!(-!%(9(/%&1!&*-!/%9/)64+)1!3!8(5*-1!)151!/0!9'/%/-&/!2(*'./!'/0*)+,-!*02(-*!)1-!01%!
%(9(/%&1%! ./! *))+./-&/%! ./! &'C4+)1D! }/0! Q(/7! *! _(1~! ./)+./D! 9*'*! )(*-&+4+)*'! 0*! +-./5-+7*)+,-D!
*)(.+'! *0! <*'/51! +-./5-+7*&1'+1! /%&*<0/)+.1! 9*'*! 0*%! )159*:6*%! *%/2('*.1'*%! /-! 0*! B/3!
MAhPNN#! ./! U! ./! -1>+/5<'/! H|JD! ./)+%+,-! _(/! %,01! &+/-/! ./! *)+/'&1! /0! /0+5+-*'! /-! *02[-!
91')/-&*Q/!(-*!.+%)'/)+1-*0+.*.!_(/!4C)+05/-&/!91.'6*!./%/5<1)*'!/-!*'<+&'*'+/.*."!$-!/4/)&1D!
91'!.1-./!_(+/'*!_(/!%/!5+'/D!-+-2[-!9*'*-2,-!/%!91%+<0/!/%&*<0/)/'!/-&'/!(-*%!0/%+1-/%!1!(-!
4*00/)+5+/-&1!91'!*))+./-&/!./!&'C4+)1!)1-!0*!+0/26&+5*!9'+>*)+,-!./!(-1%!8+Q1%!*!%(!5*.'/!./%./!
8*)/! )*%+! .+/7! *:1%D! )1-! -(5/'1%*%! 3! 5(3! 2'*>/%! )+')(-%&*-)+*%! _(/! '1./*'1-! &*0! 9'+>*)+,-! 3!
_(/!*2'*>*'1-!8*%&*!/d&'/51%!./!.+46)+0!-*''*)+,-!/0!%(4'+5+/-&1D!91./51%!3*!*>*-7*'!_(/!5(3!
%(9/'+1'! *0! ./! 0*! 5(/'&/"! ;1'! &*-&1! -1! >*0/! )151! '/4/'/-&/! /0! +-.+)*.1! <*'/51D! _(/D! 91'! 1&'*!
9*'&/D!&*5<+`-!%/!8*!*90+)*.1!)1-!)'+&/'+1%!%(5*5/-&/!'/%&'+)&+>1%!/-!(-!/Q/')+)+1!+''*)+1-*0!./!
0*!9'(./-)+*!3!91-./'*)+,-!./<+.*%H|J!H]X"!M{J"
};~*'/)/! ./! &1.1! 9(-&1! )1''/)&1! /-! &`'5+-1%! ./! '*71-*<+0+.*.D! 9'(./-)+*! 3! 91-./'*)+,-D! 0*!
(&+0+7*)+,-! ./0! '/4/'/-&/! +-./5-+7*&1'+1! /590/*.1! 91'! 0*! %10+)+&*-&/! '/%9/)&1! ./! 0*%!
260
+-./5-+7*)+1-/%! 1&1'2*.*%! 91'! /0! g'+<(-*0! =(9'/51! /-! 01%! %(9(/%&1%! ./! 9/'%1-*%!
+-./<+.*5/-&/!9'+>*.*%!./!0+</'&*.D!./<+`-.1%/!&/-/'!9'/%/-&/!_(/!/0!)'+&/'+1!(&+0+7*.1!91'!/0!
R0&1!g'+<(*0!/%!9'12'/%+>*5/-&/!)'/)+/-&/!H|J"
?1-!&*0/%!9*'C5/&'1%D!9'1)/./!*)/9&*'!6-&/2'*5/-&/D!91'!/%&/!)1-)/9&1D!/!+-)0(%1!)*0+4+)*'01!./!
51./'*.1D!/0!+591'&/!./!*021!5C%!./!(-!5+00,-!./!/('1%!9/.+.1!H|J!!}X~/</!&/-/'%/!/-!)(/-&*!
_(/! &1.*%! 0*%! )+4'*%! 8*-! ./! 5(0&+90+)*'%/! 91'! .1%D! 9(/%! .1%! 8*-! %+.1! 0*%! 9'+>*)+1-/%! ./! 0*!
%10+)+&*-&/!H|J!3!_(/D!4+-*05/-&/D!/0!8/)81!-1!/%!./0!&1.1!/_(+9*'*<0/D!9(/%!9*'/)/!5()81!5C%!
2'*>/!0*!9'+>*)+,-!./!(-1%!8+Q1%!_(/!0*!_(/!9(/.*!%(4'+'!(-1!5+%51!H|J
}b~*! ./! %/'! 1<Q/&1! ./! +-./5-+7*)+,-! .+4/'/-)+*.1! /0! %(4'+5+/-&1! *%+5+0*<0/! *! 0*! 5(/'&/! 46%+)*!
_(/!'/9'/%/-&*!/0!4+-!./!*_(/00*!/d9/)&*&+>*!}./!'/)(9/'*)+,-!./!01%!8+Q1%~D!0*!9`'.+.*!./4+-+&+>*!
./!01%!8+Q1%D!3!91'!&*0!)1-)/9&1!*)1'.*51%!(-*!%(5*!./!S#A"AAA!/('1%D!/-!0(2*'!./!01%!#AA"AAA!
%10+)+&*.1%!91'!0*!'/)(''/-&/!91'_(/!)159(&*!.1%!8+Q1%D!/-!&*-&1!_(/!/%!*_(6!.1-./!8/51%!./!
8*)/'! )+/'&1! &'*&1! .+4/'/-)+*.1'! /-! *&/-)+,-! *! 0*! %+-2(0*'+.*.! ./! 0*! %+&(*)+,-! 9'1.()+.*! )1-!
'/%9/)&1!*!0*!5/-1'!H|JD!91'_(/!9*'*!`%&*!-1!9(/./!9'/.+)*'%/!(-*!%+&(*)+,-!/_(+>*0/-&/!*!0*!
5(/'&/!46%+)*!.*.1!_(/!>10(-&*'+*5/-&/!8*!>(/0&1!*!)1->+>+'!)1-!%(!5*.'/!H|J
$0! [0&+51! )1-)/9&1! ./! +-./5-+7*)+,-! _(/! 9'1)/./! *)1'.*'! H|J! /%! /0! '/0*&+>1! *! 0*! /-4/'5/.*.!
*)&(*0! ./! 0*! %10+)+&*-&/D! %+&(*)+,-! _(/! %6! _(/! 9(/./! %/'! )1-)/9&(*.*! )151! ./! %/)(/0*%! *!
)1-%/)(/-)+*!./!(-!.*:1!1!0/%+,-!%(4'+.1!./!5*-/'*!+0/26&+5*D!3!*_(6D!./%9'1>+%&1%!3*!./!&1.1%!
01%!*-&/)/./-&/%D!3*!)1-%+./'*.1%D!3!*&/-.+/-.1!/-!/d)0(%+>*!*!0*%!%/)(/0*%D!91.'6*!/%&*<0/)/'%/!
)+/'&1! 9*'*-2,-! )1-! 0*%! %/)(/0*%! 9'1.()+.*%! /-! *))+./-&/! ./! )+')(0*)+,-D! 3! &15*-.1! )151!
'/4/'/-&/! /0! <*'/51! +-./5-+7*&1'+1! ./! 0*! B/3! MAhPNN#! ./! U! ./! -1>+/5<'/! H|JD! 9/'1! /-! %(!
5Cd+51!/d91-/-&/!/-!*&/-)+,-!*!0*!9*'&+)(0*'+.*.!./0!)*%1D!9*'/)/!91-./'*.*!0*!./&/'5+-*)+,-!
91'!/%&/!)1-)/9&1!./!(-*!%(5*!./!SAA"AAA!/('1%D!.*.1!_(/!01%!9*./)+5+/-&1%!%1-!+''/>/'%+<0/%!
/!+-)('*<0/%"!=(5*.1%!01%!)1-)/9&1%!'/4/'+.1%!/-!0*%!)(*-&6*%!%/:*0*.*%D!-1%!91-/!/-!9'/%/-)+*!
./!(-*!+-./5-+7*)+,-!*%)/-./-&/!*!P"@#A"AAA!/('1%D!0*!_(/!./>/-2*'C!/0!+-&/'`%!0/2*0r!H]X"!#{J"
B*!^(-&*!./!R-.*0()6*!'/)(''+,!/-!*59*'1!/%&*!./)+%+,-!3!/0!g'+<(-*0!?1-%&+&()+1-*0!./%/%&+5,!
/0! '/)('%1K! q}b~/51%! ./! )1-)0(+'! _(/! 0*! _(/Q*! *81'*! /d*5+-*.*! -1! *0)*-7*! 01%! (5<'*0/%! ./! 0*!
51&+>*)+,-! 5*-+4+/%&*5/-&/! +''*71-*<0/! _(/! /d+2/! 0*! .1)&'+-*! )1-%&+&()+1-*0! 9*'*! /%&+5*'!
>(0-/'*.1! /0! ./'/)81! 4(-.*5/-&*0! *! 0*! &(&/0*! Q(.+)+*0! /4/)&+>*! 9'1)0*5*.1! 91'! /0! *'&"! S@"P! ?$r!
H]^"!N{J"!!
B*! *4+'5*)+,-! ./! 0*! R(.+/-)+*! ;'1>+-)+*0! /-! /0! 4(-.*5/-&1! ./! ./'/)81! &/')/'1! /-! )(3*! >+'&(.!
8*3!.*:1%!3!/%9/)64+)*5/-&/!.*:1%!51'*0/%!H%(4'+5+/-&1%J!9/1'/%D!5C%!2'*>/%!_(/!01%!)*(%*.1%!
91'!0*!5(/'&/!-1!/%!*(&1/>+./-&/"!e=/!_(+/'/!./)+'!_(/!8(<+/'*!%+.1!5/-1%!5*01!9*'*!0*!5*.'/!
_(/!8(<+/'*-!5*&*.1!*!%(%!.1%!8+Q1%f!e=,01!/-!/0!)*%1!./!815+)+.+1!+59'(./-&/f!eg*5<+`-!/-!/0!
./!815+)+.+1!.101%1f!e;(/./!/%&*'!'/0*)+1-*.*!0*!+-./5-+7*)+,-!)1-)/.+.*!)1-!)1-%+./'*)+1-/%!
./'+>*.*%!./!0*!9'/>/-)+,-!./0!8/)81!.*:1%1f!$0!815+)+.+1!/%&C!%*-)+1-*.1!91'!/0!?,.+21!;/-*0!
9/'1! 0*%! .+%)(%+1-/%! /%&'+)&*5/-&/! Q('6.+)*%! %1<'/! 0*! 2(*'.*! 3! )(%&1.+*! ./! -+:1%! 5/-1'/%! ./!
/.*.!%1-!5*31'5/-&/!)+>+0/%"!e^(/2*!*02[-!9*9/0!/-!/%&/!)*%1!0*!9'15+-/-)+*!1!%+-2(0*'+.*.!./0!
.*:1f! $%! %*<+.1! _(/! 01%! *))+./-&/! *<%10(&*5/-&/! +-/%9/'*.1%D! /d&'*1'.+-*'+1%! /-! &*0! %/-&+.1D!
00/>*-!*!01%!&'+<(-*0/%!*!)1-)/./'!+-./5-+7*)+1-/%!5*31'/%!_(/!0*%!_(/!1&1'2*-!1!)1->*0+.*-!
/-! )*%1%! ./! *))+./-&/%! 91'! ./)+'01! *%6! )15(-/%! (! 1'.+-*'+1%! 3! _(/D! +2(*05/-&/D! 01%! 5/.+1%! ./!
+-41'5*)+,-! 3! /0! 9[<0+)1! /-! 2/-/'*0! %/! +-&/'/%*-! 5C%! 91'! /0! %()/%1! /d&'*1'.+-*'+1! _(/! 91'! /0!
)1''+/-&/D! *(-_(/! 0*! 4'/)(/-)+*! ./! /%&1%! [0&+51%! %/*! 5()81! 5C%! 0/%+>*! %1)+*05/-&/"! ep(`!
261
Q(%&+4+)*)+1-/%! &+/-/! /0! &'*&*5+/-&1! /%9/)+*0! 3! *)*%1! 9'+>+0/2+*.1! ./0! *))+./-&/! /d&'*1'.+-*'+1f!
e=(4'/-! 0*! >6)&+5*! 1! %(%! *00/2*.1%! (-! .*:1! *.+)+1-*0! 91'! 0*! )+')(-%&*-)+*! ./! _(/! /0! *))+./-&/!
8(<+/'*!%+.1!*<%10(&*5/-&/!/d&'*1'.+-*'+1f
c`*%/! (-! )15/-&*'+1! ./0! R(&1! ./! 0*! R(.+/-)+*! ;'1>+-)+*0! ./! =/>+00*! ./! MA"PS"SAA#! /-! V+2(/0!
Y-2/0! EnIF! XRcI=nGD! qI-./5-+7*)+,-! 91'! 0*! 9'+>*)+,-! +-./<+.*! ./! 0*! )159*:6*! ./! 01%! 8+Q1%"!
?15/-&*'+1! *0! RR;! =/>+00*D! ?+>+0! =/)"! OÄD! MA"PS"SAA#D! V;K! E(9/'&1! V10+-*! cC7_(/7rD! A4.#"-!
ShSAAOD!iii"+-.'/&"!
4;2;/^*+,-./@h/V(<+>;/32/(/043W/F/B"&i./#&-/>/,%#&C/E8.5$5#&5/&)-&</0&2#A"/&"/21#.2-A$)$5-5&
7$($)&0&2/?8"#&/.&)-&7$"78)-7$g.&5/&(/Dh78)#2&-&4#%#"H/$"+<.#,%$#.>/).</-(/K&F/35`2:05H/#&/
22/ #&/ >&)+$&=R<&H/ #&/ <&I.<=(/ #&-/ >$>+&=(/ )(<(/ -(/ D(-.<(%$G"/ #&/ -.>/ #(Q.>/ F/ )&<E,$%$.>/
%(,>(#.>/(/-(>/)&<>."(>/&"/(%%$#&"+&>/#&/%$<%,-(%$G"/
$0!-(/>1!%+%&/5*D!_(/!8*!/-&'*.1!/-!>+21'!/0!P!./!/-/'1!./!SAPO!HX"]"!p(+-&*!B/3!M#hSAP#JD!%/!
/%&'()&('*!%1<'/!0*!<*%/!./!&'/%!&+91%!./!.*:1!)1'91'*0!91%+<0/%!)*(%*.1%!91'!(-!*))+./-&/!./!
)+')(0*)+,-! H0*! 5(/'&/D! 0*%! %/)(/0*%! 3! 0*%! 0/%+1-/%! &/591'*0/%J! 3D! /-&'/! 0*%! -1>/.*./%! _(/!
9'/%/-&*D!./%&*)*51%!0*%!%+2(+/-&/%K!
*J
M(Q.>/%.<).<(-&>/F/)&<E,$%$.>H/)&<>."(-&>/F/)(+<$=."$(-&>H/<&>(<%$R-&>!
B*! '/41'5*! .+%&+-2(/! /-&'/! o.*:1%! )1'91'*0/%o! 3! 01%! o9/'Q(+)+1%o! _(/! *_(/001%! )*(%*-D! 01! _(/!
9/'5+&/! +-)0(+'! /-! /%&1%! [0&+51%! (-*! .+>/'%+.*.! ./! )1-)/9&1%! '/%*')+<0/%! _(/! /-! 0*%!
&'*.+)+1-*0/%!)0*%+4+)*)+1-/%!./!.*:1%!-1!%+/59'/!%/!8*-!&'*&*.1!./!5*-/'*!*(&,-15*"!
R%6D!./-&'1!./!0*!)*&/21'6*!./!9/'Q(+)+1%!9/'%1-*0/%D!+-)0(3/!/0!9/'Q(+)+1!9%+)146%+)1D!/0!9/'Q(+)+1!
/%&`&+)1D!/0!.*:1!51'*0!/-!%/-&+.1!/%&'+)&1!1!!#"-',6$7*)*#'%D!1!0*!9`'.+.*!./!)*0+.*.!./!>+.*D!_(/!
%/!)1-)'/&*!&*-&1!/-!0*!9`'.+.*!./!*(&1-156*!9/'%1-*0!1!0+5+&*)+,-!9*'*!'/*0+7*'!0*%!*)&+>+.*./%!
/%/-)+*0/%! ./! 0*! >+.*! 1'.+-*'+*! m! ./%./! )15/'! 8*%&*! &15*'! ./)+%+1-/%! H-(/>1! *'&"! #P! gE!
BE?=?cVJmD! )151! /-! 0*! 9`'.+.*! ./! ./%*''1001! 9/'%1-*0D! _(/! +-)0(+'6*! 0*%! *)&+>+.*./%! ./! 1)+1!
9/'1!&*5<+`-!0*!1)(9*)+,-!1!*)&+>+.*.!9'14/%+1-*0!H-(/>1!*'&"!#M!gE!BE?=?cVJ"!
X/-&'1! ./! 0*! )*&/21'6*! ./! 9/'Q(+)+1%! 9*&'+51-+*0/%D! 0*! '/41'5*! .+%&+-2(/! /-&'/! 0()'1! )/%*-&/! 3!
.*:1!/5/'2/-&/!3!/-!/%&*![0&+5*!)*&/21'6*!+-)0(3/!.+>/'%1%!&+91%!./!2*%&1%!-1!)1-&/590*.1%!/-!
/0!%+%&/5*!>+2/-&/K!/-!)*%1!./!4*00/)+5+/-&1D!91'!/Q/5901D!*:*./!01%!2*%&1%!'*71-*<0/%!_(/!*_(/0!
)*(%/D!)151!/0!./%90*7*5+/-&1D!0*!5*-(&/-)+,-!1!/0!*01Q*5+/-&1a!/-!)*%1!./!%/)(/0*%D!)(<'/!01%!
2*%&1%!9'/>+%+<0/%!./!*%+%&/-)+*!4(&('*D!01%!2*%&1%!./!'/8*<+0+&*)+,-!4(&('*D!01%!'/0*)+1-*.1%!)1-!
0*! 9`'.+.*! ./! *(&1-156*! 9/'%1-*0! H*3(.*%! &`)-+)*%! 1! 9'1.()&1%! ./! *9131JD! 1! o/0! 9/'Q(+)+1!
9*&'+51-+*0! 91'! /0! +-)'/5/-&1! ./! )1%&/%! ./! 51>+0+.*.r! H-(/>1! *'&"! PPN! gE! BE?=?cVJD! _(/! >*!
5C%! *00C! ./0! *)&(*0! 2*%&1! ./! *./)(*)+,-! ./0! >/86)(01"! $0! %+%&/5*D! *./5C%D! *.5+&/! _(/! 01%!
4*5+0+*'/%! ./! >6)&+5*%! 4*00/)+.*%! 1! ./! 2'*-./%! 0/%+1-*.1%! %/*-! +-./5-+7*.1%! 91'! 2*%&1%! ./!
&'*&*5+/-&1! 5`.+)1! 3! 9%+)10,2+)1! ./! 8*%&*! %/+%! 5/%/%! ./! .('*)+,-! H-(/>1! *'&"! MO"M! gE!
BE?=?cVJ"! $-! )*%1! ./! 0/%+1-/%! &/591'*0/%D! +-)0(3/! 01%! 2*%&1%! ./! *%+%&/-)+*! %*-+&*'+*! 3! &1.1%!
*_(/001%!_(/!o0*!0/%+,-!9'1.()/!/-!/0!./%*''1001!./!0*!>+.*!1'.+-*'+*!./0!0/%+1-*.1!8*%&*!/0!4+-*0!
./0!9'1)/%1!)('*&+>1oD!/-!9*'&+)(0*'D!o01%!+-)'/5/-&1%!./!01%!)1%&/%!./!51>+0+.*.!./0!0/%+1-*.1D!
01%! ./%90*7*5+/-&1%! ./! 4*5+0+*'/%! 9*'*! *&/-./'0/! ! H"""J! 3D! /-! 2/-/'*0D! 01%! -/)/%*'+1%! 9*'*! _(/!
_(/./-! *&/-.+.1%! `0! 1! 01%! 4*5+0+*'/%! 5/-1'/%! 1! /%9/)+*05/-&/! >(0-/'*<0/%! ./! 01%! _(/! %/!
1)(9*<*o!H-(/>1!*'&"!P@S!gE!BE?=?cVJ!"!
262
<J
h(-.<(%$G"/>&)(<(#(/#&/-.>/)&<E,$%$.>/)&<>."(-&>/F/)(+<$=."$(-&>!
l-1! ./! 01%! 9(-&1%! 4(/'&/%! ./! 0*! '/41'5*! /%! _(/! >*01'*! ./! 5*-/'*! %/9*'*.*! 01%! 9/'Q(+)+1%!
9/'%1-*0/%D!./!(-!0*.1D!3!01%!9/'Q(+)+1%!9*&'+51-+*0/%D!./0!1&'1!H-(/>1!*'&"!MM!gE!BE?=?cVJD!3!
./!/%&*!5*-/'*!)1''+2/!(-1!./!01%!./4/)&1%!/%&'()&('*0/%!./0!*)&(*0!%+%&/5*"!
R-&/%!./!0*!'/41'5*D!0*!+-./5-+7*)+,-!<C%+)*!/-!)*%1!./!5(/'&/!)159/-%*<*!/0!.*:1!51'*0!./!
01%! 4*5+0+*'/%! 9/'1! &*5<+`-! /0! 9/'Q(+)+1! 9*&'+51-+*0! <C%+)1! ./'+>*.1! ./! 0*! ./9/-./-)+*!
/)1-,5+)*!./!0*!>6)&+5*"!R./5C%D!0*!<*%/!9*'*!/0!)C0)(01!./0!9/'Q(+)+1!9*&'+51-+*0!91'!9`'.+.*!
./!+-2'/%1%!/-!01%!&'/%!%(9(/%&1%!./!.*:1!)1'91'*0!Hé0()'1!)/%*-&/!9'/%/-&/w!/-!0*!&/'5+-10126*!
./!0*!=g=D!PÄD!S#"M"SAPAD!E^!SAPAûPNULD!V;K!^(*-!R-&1-+1!+10!E61%J!/'*!/0!.*:1!9/'%1-*0!<C%+)1"!
Z! /-! /0! )*%1! ./! 0/%+1-/%! 9/'5*-/-&/%D! 0*! +-./5-+7*)+,-! )1590/5/-&*'+*! _(/! 0*! >6)&+5*! 91.6*!
'/)+<+'! 91'! '*7,-! ./! %(! +-)*9*)+.*.! )159/-%*<*! *0! 5+%51! &+/591D! %/2[-! '/+&/'*.*!
Q('+%9'(./-)+*! ./0! g=D! 9/'Q(+)+1%! 9/'%1-*0/%! 3! 9*&'+51-+*0/%! 3! /'*! /0! Q(/7! _(+/-! &/-6*! _(/!
>*01'*'! 0*! +591'&*-)+*! ./! )*.*! *%9/)&1! /-! )*.*! )*%1! )1-)'/&1"! B*! '/41'5*! *)*<*! )1-! /%&*!
)1-4(%+,-!./!)1-)/9&1%!3D!&*-&1!9*'*!01%!)*%1%!./!%/)(/0*%!)151!./!0/%+1-/%!&/591'*0/%D!>*01'*!
./!5*-/'*!%/9*'*.*!/0!.*:1!51'*0!*%1)+*.1!*!0*!9`'.+.*!./!)*0+.*.!./!>+.*"!
)J
^(R-(>/#&/-,%<./%&>("+&!
$0!%+%&/5*!)*0)(0*!/0!0()'1!)/%*-&/D!/-!)*%1%!./!4*00/)+5+/-&1!3!./!%/)(/0*%D!5/.+*-&/!(-!51./01!
./!<*%/!*)&(*'+*0!_(/!5(0&+90+)*!01%!+-2'/%1%!-/&1%!./0!4*00/)+.1!1!./!0*!>6)&+5*!1D!/-!/0!)*%1!./!
>6)&+5*%! 5/-1'/%! ./! MA! *:1%! 9/-.+/-&/%! ./! *))/./'! *0! 5/')*.1! 0*<1'*0! 3! ./! >6)&+5*%! )1-!
./.+)*)+,-! *! 0*%! &*'/*%! ./0! 812*'D! (-! 91')/-&*Q/! ./0! %*0*'+1! 56-+51! +-&/'9'14/%+1-*0D! 91'! (-!
)1/4+)+/-&/!_(/!+-)1'91'*!/0/5/-&1%!'/0/>*-&/%!9*'*!/0!)C0)(01!H-(/>1%!*'&%"!!UA!3!%%"!3!PSO!3!%%"!
gE!BE?=?cVJ"
.J
@"#$D$#,(-$N(%$G"/#&/-.>/)&<E,$%$.>/!
R02(-*%! 51.+4+)*)+1-/%! ./0! *)&(*0! %+%&/5*! 9'/&/-./-! +-.+>+.(*0+7*'! /-! 5*31'! 5/.+.*! /0!
9/'Q(+)+1!/-!)*.*!)*%1!9*'&+)(0*'"!;1'!/Q/5901D!/0!.*:1!51'*0!./!01%!4*5+0+*'/%!1!*00/2*.1%!./!0*!
>6)&+5*! 4*00/)+.*! %/! )(*-&+4+)*! ./! 5*-/'*! +-.+>+.(*0! 3! -1! 91'! '*7,-! ./! %(! 9/'&/-/-)+*! *! (-*!
(-+.*.!4*5+0+*'!)1-)'/&*"!$0!<*'/51!/)1-,5+)1!H0*!*)&(*0!&*<0*!IIIJD!_(/!1&1'2*!(-!./&/'5+-*.1!
>*01'! *! 0*%! .+%&+-&*%! %/)(/0*%! /-! 4(-)+,-! ./0! -[5/'1! ./! 9(-&1%! m_(/! 9'/>+*5/-&/! %/! 8*-!
*%+2-*.1!)1-41'5/!*0!<*'/51!5`.+)1m!3!0*!/.*.!./!0*!>6)&+5*D!%/!*'&+)(0*!./!9(-&1!/-!9(-&1!3!./!
*:1!/-!*:1"!R./5C%D!/0!%+%&/5*!*.5+&/!0*!+-./5-+7*)+,-!./!01%!2*%&1%!91'!-/)/%+.*.!./!*3(.*!
./!&/')/'*!9/'%1-*!5C%!*00C!./!01%!)*%1%!./!2'*-./%!+->C0+.1%!3!'/2(0*!./!5*-/'*!5(3!./&*00*.*!
0*!5*-/'*!./!)*0)(0*'0*!H-(/>1%!*'&%"!PSA!3!%%"!gE!BE?=?cVJ"!
/J
O.>$R$-$#(#/#&/$"#&="$N(</)&<E,%$.>/&i%&)%$."(-&>/!
B*!'/41'5*!&*5<+`-!'/)1-1)/!/0!)*'C)&/'!)/''*.1!1!/d)0(3/-&/!./0!%+%&/5*!./!<*'/51%D!o91'!01!
_(/!-1!9(/./-!4+Q*'%/!+-./5-+7*)+1-/%!91'!)1-)/9&1%!1!+591'&/%!.+%&+-&1%!*!01%!9'/>+%&1%!/-!`0o!
H*'&"! MM"#! gE! BE?=?cVJ"! G1! 1<%&*-&/D! *.5+&/! 0*! 91%+<+0+.*.! ./! +-./5-+7*'D! /-! 01%! )*%1%! ./!
5(/'&/! 3! %/)(/0*%! 9/'5*-/-&/%D! q9/'Q(+)+1%! /d)/9)+1-*0/%r! _(/! %/*-! q'/0/>*-&/%D! 1)*%+1-*.1%!
91'! )+')(-%&*-)+*%! %+-2(0*'/%! 3! -1! )1-&/590*.1%! )1-41'5/! *! 0*%! '/20*%! 3! 065+&/%! ./0! %+%&/5*r!
263
H*'&"!MM"#!gE!BE?=?cVJD!)1-!(-!065+&/!5Cd+51!./!+-)'/5/-&1!./0!S#ã!./!0*!+-./5-+7*)+,-!91'!
9/'Q(+)+1!9/'%1-*0!<C%+)1!H*'&"!LL!3!PPS!gE!BE?=?cVJ"
4J
S.=&"+./#&/#&+&<=$"(%$G"/#&/-(/%,("+*(/$"#&="$N(+.<$(/!
$0!-(/>1!%+%&/5*!)*5<+*!/0!515/-&1!./!./&/'5+-*)+,-!./!0*!)(*-&6*!./!01%!.+%&+-&1%!)1-)/9&1%!
+-./5-+7*<0/%! 3! %(%&+&(3/! /0! *:1! ./! /%&*<+0+7*)+,-! ./! 0*%! %/)(/0*%! H==g=! PÄD! @SNhSAALD!
@MAhSAALD!./!PL!./!*<'+0D!V;K!$-)*'-*!E1)*!g'6*%J!91'!/0!q*:1!/-!_(/!%/!./&/'5+-/!/0!+591'&/!
91'!*)(/'.1!/d&'*Q(.+)+*0!1!'/%10()+,-!Q(.+)+*0r!H-(/>1!*'&"!@AJ"!
2J
@"#&="$N(%$."&>/ ).</ %(,>(/ #&/ =,&<+&C/ %(+&?.<*(>/ (,+G".=(>/ #&/ )&<E,#$%(#.>H/
d,&/ $"%-,F&"/ (-/ (--&?(#.H/ F/ ).>$R$-$#(#/ #&/ &i%-,$</ -(/ $"#&="$N(%$G"/ >$/ &i$>+&/
)<,&R(/#&/-(/$"&i$>+&"%$(/#&-/)&<E,$%$.H/(>*/%.=./#&/&i+&"#&<-(/(/.+<(>/)&<>."(>//!
B*!B/3!M#hSAP#!8*!%(%&+&(+.1!/0!*-&+2(1!%+%&/5*!./!)0*%+4+)*)+,-!./!01%!9/'Q(.+)*.1%D!91'!'*7,-!
./!%(!9/'&/-/-)+*!*!2'(91%!./!4*5+0+*%!/d)0(3/-&/%!/-&'/!%6!3!<*%*.1!/-!(-*!Q/'*'_(6*!/-&'/!01%!
4*5+0+*'/%! ./! )*.*! 2'(91D! 91'! 1&'1! _(/! .+%&+-2(/! /-&'/! )*&/21'6*%! *(&,-15*%! ./! 9/'Q(.+)*.1%D!
_(/!+-)0(3/-!*0!),-3(2/!>+(.1D!01%!*%)/-.+/-&/%D!01%!./%)/-.+/-&/%D!01%!8/'5*-1%D!3!&*5<+`-!*!
01%!*00/2*.1%"!
$0!-(/>1!%+%&/5*!%(9/'*!0*!'+2+./7!3!/0!*(&15*&+%51!./0!*-&/'+1'!/-!(-!&'+90/!%/-&+.1K!9'+5/'1D!
91'_(/! *.5+&/! _(/! o)1-)(''*-! )+')(-%&*-)+*%! _(/! %(91-2*-! 0*! +-/d+%&/-)+*! ./0! 9/'Q(+)+1! *!
'/%*')+'o!H*'&"!OS"S!gE!BE?=?cVJ!*(-!)(*-.1!/0!%(Q/&1!/%&`!+-)0(+.1!/-!*02(-*!./!0*%!)*&/21'6*%!
./!9/'Q(.+)*.1a!/-!%/2(-.1!0(2*'D!91'_(/!*.5+&/!_(/!&/-2*-!0*!)1-.+)+,-!./!9/'Q(.+)*.1%!1&'1%!
4*5+0+*'/%! .+%&+-&1%! *! 01%! %/:*0*.1%! 5C%! *''+<*! 1! 9/'%1-*%! 5(3! )/')*-*%! *! 0*! >6)&+5*! _(/!
o8(<+/'*-! )1->+>+.1! 4*5+0+*'5/-&/! )1-! 0*! >6)&+5*! .('*-&/! (-! 56-+51! ./! )+-)1! *:1%!
+-5/.+*&*5/-&/! *-&/'+1'/%! *0! 4*00/)+5+/-&1o! H*'&"! OL! gE! BE?=?cVJ"! ZD! /-! &/')/'! 0(2*'D! 91'_(/!
)151! 3*! 8*<6*! *.5+&+.1! 0*! Q('+%9'(./-)+*! /%9*:10*! /-! *02[-! )*%1! H91'! /Q/5901D! =g=D! PÄD!
SO"M"SAPSD! E^! ##UAD! V;K! ^(*-! R-&1-+1! +10! E61%JD! 1&1'2*! 0*! )1-.+)+,-! ./! 9/'Q(.+)*.1! *! 0*!
9/'%1-*D! %/*! 9*'+/-&/! 1! -1! ./! 0*! >6)&+5*! _(/D! o./! 8/)81! 3! ./! 41'5*! )1-&+-(*.*D! /Q/')/! 0*%!
4(-)+1-/%! _(/! 91'! +-)(590+5+/-&1! 1! +-/d+%&/-)+*! -1! /Q/')/! 0*! 9/'%1-*! 9/'&/-/)+/-&/! *! (-*!
)*&/21'6*!)1-)'/&*!1!*%(5/!%(!91%+)+,-o!H*'&"!OS"M!gE!BE?=?cVJ"!
b*3!1&'1%!)*5<+1%!./!./&*00/!/-!'/0*)+,-!)1-!/0!4(-)+1-*5+/-&1!./!0*%!&*<0*%"!R%6D!91'!/Q/5901D!0*!!
'/41'5*!0+5+&*!/0!9*9/0!./!0*!/.*.!./!0*!>6)&+5*!/-!0*!)(*-&+4+)*)+,-!./0!.*:1!51'*0!*!.1%!)*%1%!
H/0!.*:1!51'*0!./0!),-3(2/!91'!0*!5(/'&/!./!0*!9*'/Q*!%,01!&+/-/!5/-1%!>*01'!%+!0*!>6)&+5*!4*00/)/!
)1-! 5C%! ./! OL! *:1%a! /0! .*:1! 51'*0! ./! 01%! 9'12/-+&1'/%! 91'! 0*! 5(/'&/! ./0! 8+Q1! /%! +-4/'+1'! %+! 0*!
>6)&+5*!4*00/)/!)1-!5C%!./!MA!*:1%J"!=/!.+%&+-2(/!8*%&*!/-!)(*&'1!-+>/0/%!0*!+-./5-+7*)+,-!_(/!
'/)+</!)*.*!8+Q1!./!0*!>6)&+5*!/-!4(-)+,-!./!%(!/.*."!ZD!*./5C%D!0*!'/41'5*!+-&'1.()/!/0!4*)&1'!./!
0*!)1->+>/-)+*!/-&'/!),-3(2/%!1!5+/5<'1%!./!0*!9*'/Q*!./!8/)81!9*'*!4+Q*'!0*!+-./5-+7*)+,-K!%/!
/%&*<0/)/! (-*! )*-&+.*.! 4+Q*! 8*%&*! 01%! _(+-)/! *:1%! ./! )1->+>/-)+*! HNA"AAA! /('1%! %+! 0*! >6)&+5*!
&/-6*!5/-1%!./!OL!*:1%J!3!%/!*90+)*!(-!+-)'/5/-&1!./!PAAA!/('1%!91'!)*.*!*:1!*.+)+1-*0"!$-!0*!
&*<0*!'/0*&+>*!*!q9/'Q(+)+1!9/'%1-*0!9*'&+)(0*'rD!0*!)1->+>/-)+*!)1-!0*!>6)&+5*D!*./5C%D!Q(%&+4+)*!/-!
*02(-1%!)*%1%!(-*!+-./5-+7*)+,-!*.+)+1-*0"
8J
@"#&="$N(%$."&>/).</>&%,&-(>/!
264
L;0W/O&<E,$%$./)&<>."(-/RJ>$%./
B*!)(*-&+4+)*)+,-!./0!9/'Q(+)+1!9/'%1-*0!<C%+)1!%+2(/!/-!06-/*%!2/-/'*0/%!/0!%+%&/5*!*-&/'+1'D!)1-!
*02(-*%!9*'&+)(0*'+.*./%K!
-
-
-
-
-
$0!<*'/51!/)1-,5+)1!%/!*'&+)(0*!./!9(-&1!3!9(-&1!3!./!*:1!/-!*:1D!*!.+4/'/-)+*!./0!*)&(*0!
<*'/51D!5C%!+59'/)+%1D!91'_(/!(&+0+7*!81'_(+00*%!./!9(-&(*)+,-!3!./!/.*.!/d)/%+>*5/-&/!
*590+*%"
$0! <*'/51! 5`.+)1! 9'/>`! (-*! 9(-&(*)+,-! [-+)*! 3! %(9/'+1'! 9*'*! *02(-*%! %/)(/0*%!
)1-)(''/-&/%!_(/!Q(-&*%!%(91-/-!(-*!*2'*>*)+,-!./!0*!/-&+.*.!4+%+10,2+)*!./!)*.*!(-*!./!
/00*%!H%/)(/0*%!+-&/'*2'*>*&1'+*%D!-(/>1!*'&"!NN!gE!BE?=?cVJ"!$-!*(%/-)+*!./!9(-&(*)+,-!
/%9/)64+)*!/-!0*!&*<0*D!/0!%+%&/5*!4*)(0&*!*0!Q(/7!9*'*!*(5/-&*'!/-!(-!PAã!0*!9(-&(*)+,-!_(/!
'/%(0&/!./!*90+)*'!0*!4,'5(0*!./!%/)(/0*%!)1-)(''/-&/%!H-(/>1!*'&"!NN"M!gE!BE?=?cVJ"!
\*Q1!/0!%+%&/5*!*)&(*0D!0*!%(<%+%&/-)+*!./!+-)*9*)+.*./%!9'//d+%&/-&/%!_(/!8*3*-!+-40(+.1!/-!
/0! '/%(0&*.1! 0/%+>1! /%! (-*! )+')(-%&*-)+*! _(/! *)&[*! )151! 4*)&1'! ./! .+%5+-()+,-! ./! 0*!
+-./5-+7*)+,-!<C%+)*!/-!(-!91')/-&*Q/!!/_(+>*0/-&/!*0!2'*.1!./!+-40(/-)+*!/-!0*!*2'*>*)+,-!
./! 0*! %/)(/0*"! $0! -(/>1! <*'/51D! /-! )*5<+1D! '/2(0*! /d9'/%*5/-&/! /%&*! 91%+<+0+.*.! /-!
*02(-1%! *9*'&*.1%! ./0! <*'/51! 5`.+)1! 3! 9'/>`! _(/D! /-! %(! ./4/)&1D! %/! *90+_(/! 0*! 4,'5(0*!
%+2(+/-&/K! HVm5J! h! }PmH5hPAAJ~D! .1-./! qVr! /%! 0*! 9(-&(*)+,-! ./! 0*! %/)(/0*! /-! /0! /%&*.1!
*)&(*0!3!q5r!/%!0*!9(-&(*)+,-!./!0*!%/)(/0*!9'//d+%&/-&/"!
X/%*9*'/)/!/-!/0!-(/>1!&/d&1!0*!)1-%+./'*)+,-!./!0*%!+-)*9*)+.*./%!9'//d+%&/-&/%!)151!(-!
4*)&1'! ./! *(5/-&1! ./! 0*! +-./5-+7*)+,-! <C%+)*D! _(/D! /-! )*5<+1D! %/! 5*-&+/-/! /-! 0*!
+-./5-+7*)+,-!91'!5(/'&/"!
$0!-(/>1!%+%&/5*!9'/>`!(-*!'/20*!./!)+/''/!)1-41'5/!*!0*!)(*0!o0*%!%/)(/0*%!-1!+-)0(+.*%!/-!
-+-2(-1! ./! 01%! )1-)/9&1%! ./0! <*'/51! 5`.+)1! %/! 5+./-! )1-! )'+&/'+1%! *-*0,2+)1%! *! 01%!
9'/>+%&1%!/-!`0o!H-(/>1!*'&"!NL"#!gE!BE?=?cVJ"
L;2W/M(Q./=.<(-/%.=)-&=&"+(<$./
$0! %+%&/5*! +-&'1.()/! (-*! +-./5-+7*)+,-! *.+)+1-*0! ./! N"OAA! *! @U"AAA! /('1%! 91'! .*:1! 51'*0!
)1590/5/-&*'+1! *%1)+*.1! *! 0/%+1-/%! /%&`&+)*%! 5(3! +591'&*-&/%D! _(/! 8*3*-! '/)+<+.1! *0! 5/-1%!
(-*!9(-&(*)+,-!./!MO!9(-&1%!/-!/0!<*'/51!5`.+)1!H-(/>1!*'&"!PAO"P!gE!BE?=?cVJ!
L;3W/O&<E,$%$./=.<(-/).</)e<#$#(/#&/%(-$#(#/#&/D$#(/#&/-.>/I(=$-$(<&>/#&/?<("#&>/
-&>$."(#.>/
$0!-(/>1!*'&"!PPA"@!*)0*'*!_(/!q0*!0/2+&+5*)+,-!9*'*!'/)0*5*'!0*!'/9*'*)+,-!./!/%&/!9/'Q(+)+1!%/!
*&'+<(3/! /-! /d)0(%+>*! *0! 0/%+1-*.1D! q_(+/-! ./</'C! ./%&+-*'! 0*! +-./5-+7*)+,-! *! )159/-%*'! 01%!
9/'Q(+)+1%!%(4'+.1%!91'!01%!4*5+0+*'/%!*4/)&*.1%r"
+J
@"#&="$N(%$."&>/).</-&>$."&>/+&=).<(-&>C/)e<#$#(/+&=).<(-/#&/%(-$#(#/#&/D$#(H/
)&<E,$%$./ )&<>."(-/ ).</ $"+&<D&"%$G"/ d,$<T<?$%(/ &/ $"#&="$N(%$G"/ #&/ )&<E,$%$.>/
)(+<$=."$(-&>/>&?T"/>,/$=).<+&/!
B*!'/41'5*!%(%&+&(3/!/0!)1-)/9&1!q.6*!./!<*Q*r!91'!/0!./!.6*!./!q9`'.+.*!&/591'*0!./!)*0+.*.!./!
>+.*r!H-(/>1%!*'&%"!PML!3!%%"!gE!BE?=?cVJ!/!+-&'1.()/!)151!9/'Q(+)+1!9/'%1-*0!'/%*')+<0/!H./!
@AA!*!POAA!/('1%J!/0!_(/!/0!0/%+1-*.1!%(4'/!91'!)*.*!+-&/'>/-)+,-!_(+'['2+)*!H-(/>1!*'&"!P@A!gE!
265
BE?=?cVJ"! $-! 01! '/0*&+>1! *! 01%! 9/'Q(+)+1%! 9*&'+51-+*0/%! 91'! 2*%&1%! *%1)+*.1%! *! 0*! 0/%+,-! 1! 91'!
0()'1! )/%*-&/D! /0! %+%&/5*! *.5+&/! %(! +-./5-+7*)+,-! /-! /0! +591'&/! _(/! 0*! >6)&+5*! )1-%+2*!
*)'/.+&*'"!
QJ
'.=)(+$R$-$#(#/ #&/ -(>/ $"#&="$N(%$."&>/ ).</ -&>$."&>/ F/ ).</ =,&<+&/ >$/ (=R.>/
#(Q.>/#&<$D("/#&-/(%%$#&"+&/#&/%$<%,-(%$G"/F/(E,>+&/#&/-(/%,("+*(/$"#&="$N(+.<$(/
(/-(/d,&/+$&"&"/#&<&%L./-.>/L&<&#&<.>!
B1%!-(/>1%!*'&%"!@@!3!@#!9'/>`-!/0!4*00/)+5+/-&1!./!0*!>6)&+5*!0/%+1-*.*!)151!(-*!)+')(-%&*-)+*!
_(/D! 3*! %/! 8*3*! 9'1.()+.1! *! )*(%*! ./0! *))+./-&/! ./! )+')(0*)+,-! 1! -1! H*'&"! @LJD! +-40(3/! /-! 0*!
)(*-&6*!./!0*!+-./5-+7*)+,-D!0*!)(*0!%/!>/'C!'/.()+.*!%/2[-!0*%!'/20*%!*006!9'/>+%&*%"!$-!)*5<+1D!
9*'*!/0!g'+<(-*0!=(9'/51!/%!(-!8/)81!'/0/>*-&/!%+!/0!4*00/)+5+/-&1!&'*/!)*(%*!./0!*))+./-&/!3!/%!
(-! /4/)&1! 5C%! ./0! 5+%51! 1D! 91'! /0! )1-&'*'+1D! /%! (-! '+/%21! 2/-/'*0! 5C%! ./! 0*! >+.*D! (-*!
)+')(-%&*-)+*! '/0*&+>*! *! 0*! /%9/'*-7*.*! ./! >+.*! ./0! %(Q/&1D! 91'_(/! %,01! /-! /0! 9'+5/'! )*%1! 01%!
8/'/./'1%!./!0*!>6)&+5*!8*<'C-!./!%191'&*'!(-*!'/.())+,-!./!0*!+-./5-+7*)+,-!./!&1.1%!3!)*.*!
(-1! ./! 01%! )1-)/9&1%! 9/'Q(.+)+*0/%! H==g=D! PÄD! PM"N"SAPSD! E^! PPALP! 3! =g=D! PÄD! PA"PS"SAAND! E^!
SAPAûSUAJ"
5;/M&>(<<.--.>//
5;0;/M(Q.>/=.<(-&>/
(W
M(Q./)(+<$=."$(-/F/=.<(-C/-(>/<(N."&>/#&/-(/#$I&<&"%$(H/&"/c&<"("#./XÅSPz/O\SBAH/
{M(Q./=.<(-|H/B.!"/%/0`2:::H/iii"+-.'/&")15H/));/0[3/
q$-! /)1-156*D! .*:*'! /%! 8*)/'! .+%5+-(+'! 0*! (&+0+.*.! ./0! +-.+>+.(1! .*:*.1"! $-! ./'/)81D! %/!
.+%&+-2(/! /-&'/! .*:1%! 9*&'+51-+*0/%! 3! .*:1%! 51'*0/%D! (-*! .(*0+.*.! <C%+)*! 3! _(/! &+/-/!
+591'&*-&/%! )1-%/)(/-)+*%! 0/2*0/%"! $0! *-C0+%+%! /)1-,5+)1! ./0! ./'/)81! +-&/2'*! /-&1-)/%! 01%!
.+%)('%1%!./!0*!/)1-156*!3!./0!./'/)81!9*'*!/0*<1'*'!(-*!&/1'6*!4/)(-.*!3!/0/2*-&/!./!01%!.*:1%!
51'*0/%!_(/!%/!/d91-/!*!)1-&+-(*)+,-"
$-! /0! 5*')1! ./! /%&*! &/1'6*D! 01%! .*:1%! 9*&'+51-+*0/%! %/! .+4/'/-)+*-! ./! 01%! .*:1%! 51'*0/%! /-!
4(-)+,-!./!0*!5(3!.+%&+-&*!*9&+&(.!_(/!/0!.+-/'1!&+/-/D!/-!(-1!3!/-!1&'1!)*%1D!9*'*!'/%&*('*'!0*!
(&+0+.*.!9/'.+.*K
*J
<J
$0!.*:1!9*&'+51-+*0!9'1>1)*!(-*!.+%5+-()+,-!./!(&+0+.*.!_(/!/%!)159/-%*<0/!)1-!
.+-/'1!1!)1-!<+/-/%!+-&/')*5<+*<0/%!91'!.+-/'1"!
$0!.*:1!-1!9*&'+51-+*0!1!51'*0D!91'!/0!)1-&'*'+1D!+590+)*!(-*!'/.())+,-!./0!-+>/0!./!
(&+0+.*.! _(/! -+! /0! .+-/'1D! -+! <+/-/%! +-&/')*5<+*<0/%! 91'! `%&/D! 9(/./-! 00/2*'! *!
)159/-%*'K! &1.1! /0! 1'1! ./0! 5(-.1! -1! <*%&*! 9*'*! '//590*7*'! /0! %(4'+5+/-&1!
/d9/'+5/-&*.1! 91'! /0! >/01)+%&*! _(/! _(/.*! &/&'*90`Q+)1! )151! )1-%/)(/-)+*! ./! (-!
*))+./-&/"!
l-*! '/9'/%/-&*)+,-! 2'C4+)*! 3! 5(3! %/-)+00*! ./! *5<*%! -1)+1-/%! 9(/./! 1<&/-/'%/! 5/.+*-&/! 0*!
4(-)+,-!./!(&+0+.*.!./0!.+-/'1"!B*%!)1-%/)(/-)+*%!./!(-!.*:1!9*&'+51-+*0!%/!.+<(Q*-!/-!0*!4+2('*!
PD! _(/! 5(/%&'*! (-! 51>+5+/-&1! 8*)+*! 0*! +7_(+/'.*! *! 01! 0*'21! ./! 0*! 9'19+*! )('>*K! /0! +-.+>+.(1!
266
.*:*.1! %(4'/! (-! .*:1! 9*&'+51-+*0! ./! +591'&/! XD! 9/'1! /0! *<1-1! ./! (-*! )*-&+.*.! ./! .+-/'1! X!
9(/./!'/%&*<0/)/'!0*!(&+0+.*.!9/'.+.*!3!>10>/'!*!00/>*'0/!./!\!*!R"
B1%! /4/)&1%! ./! (-! .*:1! 51'*0! %/! '/9'/%/-&*-! /-! 0*! 4+2('*! S! )151! (-! ./%90*7*5+/-&1! _(/! %/!
9'1.()/!-1!*!01!0*'21!./!0*!5+%5*!)('>*!%+-1!./!(-*!*!1&'*!_(/!%/!%+&[*!5C%!*<*Q1"!n<%`'>/%/!
_(/! /0! )*5<+1! -1! *4/)&*! *! 0*! )*-&+.*.! ./! .+-/'1! .+%91-+<0/! 91'! /0! .*:*.1D! _(/! %+2(/! %+/-.1! 0*!
5+%5*"!=()/./D!%+-!/5<*'21D!_(/!0*!5+%5*!)*-&+.*.!0/!>*0/!5/-1%D!0/!'+-./!5/-1%!(&+0+.*.K!/-!/0!
/Q/5901! (&+0+7*.1! 9*'*! +0(%&'*'! /0! )1-)/9&1! ./! .*:1%! 51'*0D! -(/%&'1! >/01)+%&*! +->C0+.1! 3*! -1!
9(/./! .+%4'(&*'! )1-! 0*! 5+%5*! +-&/-%+.*.! ./0! .+-/'1! _(/! -1! 8*! 9/'.+.1"! R%6D! /-! 0*! 4+2('*! P! 0*!
.+4/'/-)+*! /-&'/! 0*! (&+0+.*.! R! 3! 0*! \! /%! 51-/&*'+*D! ./! .+-/'1"! $-! )*5<+1D! /-! 0*! 4+2('*! S! /%! ./!
(&+0+.*.!o9('*o"
"
RW/S(+&<$(-/%.=)-&=&"+(<$./>.R<&/#(Q./=.<(-//
[/].R<&/-(/$"#&="$N(R$-$#(#/#&/-(/("?,>+$(/)<.D.%(#(/).</-(/$"%&<+$#,=R<&/#&/#&>(<<.--(</
,"(/&"I&<=&#(#C/]^]a/X(-$%$(H/3_H/626`2::4/#&/20/E,-$.H/SOC/S_/M.-.<&>/X(-$"#./X$$-&'/!5*31!3!-1>+/5<'/!./!PNNLD!>*'+1%!81%9+&*0/%!2*00/21%D!9[<0+)1%!3!9'+>*.1%D!+-3/)&*'1-!*!
@#A! 9*)+/-&/%! )1-! )(*.'1%! ./! 91%+<0/! &'15<1/5<10+%51! 9(051-*'! /0! 5/.+)*5/-&1!
'*.+14C'5*)1!C6"#%9(4$5,)6*4(-"$AA$?"9E4"-',6$=,4@$C@"4-$H/-!*./0*-&/D!C6"#%9(4$5,)6*4(-"$
AAJ! 9*'*! 0*! '/*0+7*)+,-! ./! 2*55*2'*46*%! 9(051-*'/%! ./! >/-&+0*)+,-m9/'4(%+,-"! X+)81!
'*.+14C'5*)1D! (-! )1-&'*%&/! +-3/)&*<0/! )159(/%&1! ./! &/)-/)+1! HNN5g)J! 3! ./! 5+)'1/%4/'*%! ./!
*0<[5+-*! /0*<1'*.*%! )1-! 90*%5*! 8(5*-1D! 8*<6*! %+.1! 4*<'+)*.1! 91'! /0! 0*<1'*&1'+1! <'+&C-+)1!
qG3)15/.!R5/'%8*5r!9*'*!/0!.+*2-,%&+)1!./!/5<10+*%!9(051-*'/%"!
267
$0!PU"PP"PNNLD!/0!V+-+%&/'+1!./!=*-+.*.!./0!E/+-1!l-+.1!'/&+',!./0!5/')*.1!<'+&C-+)1!01%!01&/%!Rm
#@UD!Rm##@!3!Rm##O!./!C6"#%9(4$5,)6*4(-"$AAD!&'*%!8*</'!./&/)&*.1!_(/!(-1!./!01%!.1-*-&/%!./!
0*!9*'&+.*!./!90*%5*D!./!_(+/-!%/!8*<6*!1<&/-+.1!(-1!./!01%!)1591-/-&/%!./0!'*.+14C'5*)1D!0*!
*0<[5+-*! Ä"4()D$ WhD! 8*<6*! ./%*''100*.1! (-*! -(/>*! >*'+*-&/! ./! 0*! /-4/'5/.*.! ./! ?'/(&74/0.&m
^*k1<! H/-! *./0*-&/D! ->$?^J! )1-! 91%&/'+1'+.*.! *! 0*! .1-*)+,-"! $%&*! /-4/'5/.*.D! )151! 0*!
/-4/'5/.*.! ./! ?'/(&74/0.&m^*k1<D! /%! (-*! /-4/'5/.*.! 51'&*0! _(/! *4/)&*! *0! %+%&/5*! -/'>+1%1!
)/-&'*0!3!.*:*!0*!4(-)+,-!)/'/<'*0D!%+!<+/-!*9*'/)/!/-!/.*./%!5C%!&/59'*-*%"!
$%/! 5+%51! .6*D! /0! V+-+%&/'+1! ./! =*-+.*.! <'+&C-+)1! )15(-+),! .+)8*! '/&+'*.*! *0! V+-+%&/'+1! ./!
=*-+.*.!3!?1-%(51!/%9*:10"!B*!=(<.+'/))+,-!F/-/'*0!./!?1-&'10!]*'5*)`(&+)1D!&'*%!)159'1<*'!
0*! 9'/%/-)+*! /-! /0! 5/')*.1! /%9*:10! ./! .1%! ./! 01%! 01&/%! 91&/-)+*05/-&/! )1-&*5+-*.1%! )1-! 0*!
->$?^!H01&/%!Rm#@U!3!Rm##@J!1'./-,D!)151!5/.+.*!9'/)*(&1'+*D!0*!+-51>+0+7*)+,-!./0!9'1.()&1"!
R%+5+%51D! *.>+'&+,! ./! _(/! -1! /d+%&6*-! />+./-)+*%! ./! _(/! /0! 9'1.()&1! 4(/'*! ./4/)&(1%1! 1!
/%&(>+/%/!)1-&*5+-*.1!)1-!0*!->$?^D!./!_(/!/0!.1-*-&/!%(4'+/'*!*_(/00*!/-4/'5/.*.!1!8(<+/'/!
./%*''100*.1! /0! *2/-&/! +-4/))+1%1! /-! /0! 515/-&1! ./! 0*! .1-*)+,-D! 3! ./! _(/! 0*! ->$?^! 4(/'*!
&'*-%5+%+<0/!91'!>6*!%*-2(6-/*"
$-&'/! /0! SO"PP"SAAM! 3! /0! SP"L"SAA@D! /0! g'+<(-*0! =(9/'+1'! ./! ^(%&+)+*! ./! F*0+)+*! .+)&,! SU!
%/-&/-)+*%! /-! 5*&/'+*! ./! '/%91-%*<+0+.*.! 9*&'+51-+*0! ./! 0*! R.5+-+%&'*)+,-! %*-+&*'+*! 91'! 01%!
91%+<0/%!.*:1%!46%+)1%!3!51'*0/%!./'+>*.1%!./!)1-&*2+1%!91'!&*0/%!8/)81%"!$-!)1-)'/&1D!/-!/0!)*%1!
_(/!.+1!0(2*'!*!0*!=g=^!./!F*0+)+*!./!SP"L"SAA@D!0*!9*)+/-&/!3!*)&1'*!8*<6*!'/)0*5*.1!/-!0*!>6*!
)1-&/-)+1%1m*.5+-+%&'*&+>*! MAA"#AODA#! ê! /-! )1-)/9&1! ./! .*:1%! 51'*0/%D! *%6! )151! 0*! )'/*)+,-!
./! C'/*%! 5(0&+.+%)+90+-*'/%! /-! 0*%! _(/! %/! 14'/)+/'*! *%+%&/-)+*! *! 01%! 9*)+/-&/%"! $0! g=^! ./! F*0+)+*!
./%/%&+5,!/0!'/)('%1K!
q}G~+!%/!8*!9'1<*.1!)+/-&64+)*5/-&/!/0!'+/%21!./!00/2*'!*!)1-&'*/'!.+)8*!/-4/'5/.*.!91'!/0!8/)81!
./!8*</'!'/)+<+.1!/0!5/-)+1-*.1!'*.+14C'5*)1!+-&/2'*.1!91'!(-!)1591-/-&/!./!(-*!9*'&+.*!./!
90*%5*D!/-!)1-)'/&1!0*!*0<[5+-*D!.1-*.*!91'!_(+/-!)1-&'*Q1!)1-!91%&/'+1'+.*.!*!0*!.1-*)+,-!0*!
-(/>*! >*'+*-&/! ./! .+)8*! /-4/'5/.*.D! -+! %/! 8*! ./51%&'*.1! _(/! 0*! *)&1'*! 8*3*! '/%(0&*.1!
+-4/)&*.*D! 01! )(*0! /0+5+-*! (-1! ./! 01%! 9'/%(9(/%&1%! +59'/%)+-.+<0/%! 9*'*! 0*! )1-)(''/-)+*! ./!
'/%91-%*<+0+.*.! 9*&'+51-+*0! ./! 0*! R.5+-+%&'*)+,-! )(*0! /%! 0*! /d+%&/-)+*! ./0! .*:1! 1! 0/%+,-!
+-./5-+7*<0/!H|!J!;/%/!*!_(/!0*!*(%/-)+*!./!.*:1!/4/)&+>1!3!*-&+Q('6.+)1!*%6!)151!./!'/0*)+,-!
)*(%*0!/-&'/!/0!4(-)+1-*5+/-&1!-1'5*0!1!*-1'5*0!./!0*!R.5+-+%&'*)+,-!%*-+&*'+*!3!/0!+->1)*.1!
9/'Q(+)+1D! 8*-! ./! .*'! 0(2*'! *! 0*! ./%/%&+5*)+,-! ./! 0*! 9'/%/-&/! '/)0*5*)+,-D! )1->+/-/! %+2-+4+)*'!
_(/!%/!)159'/-./!0*!9'/1)(9*)+,-!)'/)+/-&/!./!0*!*)&1'*!*-&/!0*!91%+<+0+.*.!./!./%*''100*'!/-!/0!
4(&('1!0*!/-4/'5/.*.r!H]X"!@{J"!
HV*'+*-! FIBI! =RBXRÇRD! qE/%91-%*<+0+.*.! ./! 0*! R.5+-+%&'*)+,-! 91'! /0! 91%+<0/! )1-&*2+1! ./! 0*!
-(/>*!>*'+*-&/!./!0*!/-4/'5/.*.!./!?'/(&74/0.&m^*k1<rD!A47#"-$PhSAAOJ
B*! %/-&/-)+*! /d&'*)&*.*! -+/2*! *! 0*! '/)0*5*-&/! 0*! +-./5-+7*)+,-! %10+)+&*.*! 9(/%! )1-%+./'*! _(/!
8*3! (-*! *<%10(&*! +-)/'&+.(5<'/! %1<'/! /0! ./%*''1001! ./! 0*! /-4/'5/.*."! eb*<'6*! %+.1! +2(*0! 0*!
'/%10()+,-! ./0! )*%1! %+! 0*! ./5*-.*-&/! 8(<+/'*! 9'1<*.1! 0*! /d+%&/-)+*! ./! (-! '+/%21! /-! %/-&+.1!
&`)-+)1D! /%! ./)+'D! ./! (-*! 9'1<*<+0+.*.! '*71-*<0/5/-&/! )(*-&+4+)*.*! ./! %(4'+'! /0! .*:1f! e=/'6*!
'*71-*<0/! /d+2+'! (5<'*0/%! ./! )(*-&+4+)*)+,-! ./! &*0! '+/%21! H)151D! 91'! /Q/5901D! _(/! `%&/! 4(/'*!
+2(*0! 1! %(9/'+1'! *! ./&/'5+-*.1! 91')/-&*Q/Jf! $-! 1&'1! 9(-&1! ./! /%&*%! %/%+1-/%D! *-*0+7*51%! 01%!
)*%1%! ./! '/%91-%*<+0+.*.! ./! 9'14/%+1-*0/%! %*-+&*'+1%! 3! ./! 4*<'+)*-&/%! ./! 5/.+)*5/-&1%! 1!
268
9'1.()&1%! %*-+&*'+1%! 91'! -1! 8*</'! +-41'5*.1! *0! )1-%(5+.1'! ./! )1-&+-2/-)+*%! 9'/>+%+<0/%! ./0!
)1-%(51! 1! (%1! ./! 5/.+)*5/-&1%! 3! 9'1.()&1%D! *(-_(/! 01%! '+/%21%! %/*-! /d&'*1'.+-*'+*5/-&/!
'/.()+.1%K! e/%! )18/'/-&/! /%&*! Q('+%9'(./-)+*! )1-! 0*! 06-/*! ./! '/%10()+1-/%! *9(-&*.*! 91'! /%&/!
)*%1f! $-! 0*! 0+&/'*&('*! >`*%/! V*'2*'/&! R"! \$EF$ED! R*'1-! X"! gx$E=sID! ql-)/'&*+-&3! *-.! I-41'5/.!
?81+)/K!l-5*%k+-2!X*(</'&rD!PA@!a'9E'@(4$=(>$B"0'">!S#L!HSAA#J"!
m
U(<&=(%$G"/ #&/ -.>/ #(Q.>/ =.<(-&>/ ).</ )<$>$G"/ $"#&R$#(f/ ]BnH/ 3_H/ ]&%%;/ 3_H/ #&/ 06/ #&/
I&R<&<./#&/2:02/Va}A/8::34WH/SOC/@>(R&-/X(<%*(/X(<%*([U-("%.//
!
q$-! /0! 9'/%/-&/! '/)('%1! %/! +59(2-*! 0*! '/%10()+,-! ./0! =/)'/&*'+1! ./! $%&*.1! ./! ^(%&+)+*D! 91'!
./0/2*)+,-! ./0! V+-+%&'1! ./0! '*51D! ./! PLmPSmSAPA! /%&+5*&1'+*! /-! 9*'&/! ./! 0*! '/)0*5*)+,-! 91'!
'/%91-%*<+0+.*.!9*&'+51-+*0!./0!/%&*.1!91'!/''1'!Q(.+)+*0!41'5(0*.*!91'!/0!'/)(''/-&/!/0!SAmPPm!
SAAN"
$-!.+)8*!'/%10()+,-!%/!)1-&/590*!(-*!+-./5-+7*)+,-!./!###"OAA!ê!91'!01%!@"OMA!.6*%!./!9'+%+,-!
HPS!*:1%D!U!5/%/%!3!U!.6*%JD!*!'*7,-!./!PSA!êh.6*"
R-&/! /%&*! ^('+%.+))+,-! %/! '/)0*5*-! PA"AAA"AAA! ê! 5+-1'*.1%! /-! 0*! )*-&+.*.! 3*! '/)1-1)+.*! /!
+-)'/5/-&*.1%!/-!/0!+-&/'`%!0/2*0!./%./!0*!4/)8*!./!0*!'/)0*5*)+,-!*.5+-+%&'*&+>*"
B*! )(/%&+,-! ./<*&+.*D! (-*! >/7! _(/! /0! /''1'! Q(.+)+*0! '/%(0&*! ./! 0*! %/-&/-)+*! ./! '/>+%+,-! 9/-*0D!
_(/.*!0+5+&*.*!*!./&/'5+-*'!0*!)(*-&6*!*!+-./5-+7*'!91'!01%!.*:1%!3!9/'Q(+)+1%D!'/*0/%!_(/!-1!
5/'*5/-&/!8+91&`&+)1%D!_(/!'/%(0&/-!*)'/.+&*.1%!3!_(/!*9*'/7)*-!)*(%*05/-&/!>+-)(0*.1%!)1-!
0*!)1-./-*!_(/!4(/!1<Q/&1!./!'/>+%+,-"
}$~0!'/)(''/-&/!4(/!)1-./-*.1!91'!%/-&/-)+*!./!0*!R(.+/-)+*!;'1>+-)+*0!./!?C.+7!H|J!)151!*(&1'!
./! .1%! ./0+&1%! ./! >+10*)+,-! +591-+`-.1%/0/! (-*! 9/-*! ./! PU! *:1%! ./! 9'+%+,-! 91'! )*.*! (-1! ./!
/001%!)1-!/0!065+&/!./!MA!*:1%"!X+)8*!%/-&/-)+*!4(/!'/>+%*.*!91'!/0!g=!/-!%/-&/-)+*!./!POmLmSAAN!
H|J! )1-! <*%/! *! _(/! -(/>*%! 9'(/<*%! ./! RXGD! 91'! /0! *>*-)/! ./! 0*! &`)-+)*D! 8*<6*-! 9/'5+&+.1!
)1-)0(+'!_(/!01%!'/%&1%!<+10,2+)1%!./!&*0/%!>+10*)+1-/%!-1!9/'&/-/)6*-!*0!='"!^(*-!H|J"
B*! 9*'&/! *)&1'*! /-&+/-./! _(/! 0*! +-./5-+7*)+,-! '/)1-1)+.*! /-! >6*! *.5+-+%&'*&+>*! -1! &+/-/! /-!
)(/-&*! 0*%! )+')(-%&*-)+*%! /%9/)+*0/%! )1-)(''/-&/%! /-! /0! )*%1! H|J! ;1'! /001! /-&+/-./! _(/! 8*! ./!
9*'&+'%/! ./! (-! 5,.(01! .+*'+1! ./! PMMDMM! êh.6*! 3! *90+)*-.1! (-! 91-./'*.1! )'+&/'+1! ./!
9'12'/%+>+.*.!0*!)*-&+.*.!*!+-./5-+7*'!91'!/%&/!)1-)/9&1!%/'6*!./!U"AAA"AAA!./!ê"!I2(*05/-&/!
%/! %10+)+&*-! S"AAA"AAA! ê! 91'! 0*%! %/)(/0*%! 46%+)*%! 3! 9%6_(+)*%! _(/! %(4'/! &'*%! &*-&1%! *:1%! ./!
/-)*')/0*5+/-&1"
$-!)(*-&1!*!0*!+-./5-+7*)+,-!91'!01%!.*:1%!51'*0/%!3!./!.+>/'%*!6-.10/!_(/!+590+)*-!0*!9'+%+,-!
/-!%6!5+%5*!)1-%+./'*.*!3!0*!91%&/'+1'!%+&(*)+,-!./!9'1>+%+1-*0+.*.!/-!0*!0+</'&*.!8*%&*!_(/!%/!
'/%10>+,!0*!'/>+%+,-!9/-*0D!&/-+/-.1!/-!)(/-&*!%(!.('*)+,-D!0*!-*&('*0/7*!+-4*5*-&/!./!01%!./0+&1%!
1<Q/&1!./!)1-./-*D!/0!_(/!/0!='"!^(*-!)(*-.1!+-2'/%*!/-!9'+%+,-!&+/-/!(-*%!'/0*)+1-/%!4*5+0+*'/%!
)0*'*5/-&/! ./%/%&'()&('*.*%D! H"""J! /0! _(/! 0*! 9'+%+,-! -1! +-40(3,! /-! %(! *''*+21! 0*<1'*0! 3*! _(/!
9*'&+51%! ./! _(/! 0*! 9'+%+,-! -1! 0/! %(9(%1! 0*! 9`'.+.*! ./! +-2'/%1%! /)1-,5+)1%! H*0! +-2'/%*'! /-!
9'+%+,-!>+>6*!./!(-*!9/_(/:*!9/-%+,-!3!./!01!_(/!1<&/-6*!./!o21''+00*o!3!./!5/-.+2*'JD!/-!/0!)*%1!
./! *(&1%! 0*! =*0*! )1-%+./'*! 91-./'*.*! *0! )*%1! (-*! +-./5-+7*)+,-! ./! UNO"AAA! ê! ./! 01%! )(*0/%!
269
SUA"AAA! )1''/%91-./-! *! (-*! 9'+-)+9+1! ./! 9'12'/%+>+.*.! 9*'*! *&/-./'! *! )159/-%*'! /0!
5*-&/-+5+/-&1! /-! /0! &+/591! ./! 0*! 9'+>*)+,-! ./! 0+</'&*.D! *%9/)&1! -1! )1-&/590*.1! /-! 0*!
'/%10()+,-!'/)(''+.*!H"""J
}$~%&*51%! *-&/! (-*! 9/'%1-*! _(/! ./! 9*'&+.*D! *-&/%! ./! %(! +-2'/%1! /-! 9'+%+,-D! 9'/%/-&*! 2'*>/%!
.`4+)+&%! +-&/0/)&+>1%! H*-*04*</&1! 3! o<1'./'! 0+-/oJD! _(/! 91'! .+>/'%1%! 4*)&1'/%! 91%&/'+1'/%D! /-&'/!
/001%! 0*! 8/9*&19*&10126*D! %(! ./9'/%+,-! 3! %(! 0*'2*! *.+))+,-! *! *0)1810! 3! .'12*%D! 813! /-! .6*D! %(!
/%&*.1!9%+_(+C&'+)1!'/%91-./!*!(-*!/.*.!5/-&*0!./!U!*:1%D!9'C)&+)*5/-&/!(-*!./5/-)+*"!
}F~'*-!9*'&/!./!0*!9*&10126*!9%+)10,2+)*h9%+_(+C&'+)*!_(/!9'/%/-&*!/-!0*!*)&(*0+.*.!/0!'/)(''/-&/!
&+/-/!%(!1'+2/-!/-!)*(%*%!/d&'*:*%!*0!8/)81!5+%51!./!0*!9'+%+,-!3!./!0*!)1-./-*!/'',-/*D!9/'1!
-1!9(/./!./%)1-1)/'%/!0*!/d+%&/-)+*!./!(-*!+-40(/-)+*!-/2*&+>*!H"""J!'/%(0&*-&/!./!0*!&'*(5C&+)*!
%+&(*)+,-!_(/!%(91-/!/0!>/'%/!)(590+/-.1!(-*!9/-*!91'!./0+&1!-1!)15/&+.1"!;1'!/001!/-&+/-./!0*!
=*0*!_(/!0*!+-./5-+7*)+,-!./</!%/'!+-)'/5/-&*.*!91'!/%&/!)1-)/9&1!/-!PA@"AAA!ê!H'/%(0&*-.1!
(-!&1&*0!./!P!5+00,-!./!/('1%Jr"
l-!5+00,-!./!/('1%!91'!PS!*:1%!3!U!5/%/%!./!9'+%+,-!/_(+>*0/-D!/-!(-*!9'+5/'*!*9'1d+5*)+,-!
5(3!<('.*!9(/%!-1!&+/-/!/-!)(/-&*!-+!%+_(+/'*!(-!&+91!./!+-&/'`%!'*71-*<0/5/-&/!*90+)*<0/D!*!
91)1! 5C%! ./! (-1%! UA"AAA! /('1%! 91'! *:1"! e$%! *./)(*.*! /%&*! +-./5-+7*)+,-f! eB1! /%!
-1'5*&+>*5/-&/!1!/596'+)*5/-&/f!G,&/%/!_(/!0*!%/-&/-)+*!%/!'/4+/'/!91'5/-1'+7*.*5/-&/!*!0*!
9/'%1-*0+.*.!./0!'/)0*5*-&/!3!*!%(%!)*9*)+.*./%!9*'*!*)&(*'!*4/)&+>*5/-&/!3!9'14/%+1-*05/-&/!
/-!0*!)15(-+.*."!e=/'6*!'*71-*<0/!/-!0*!06-/*!./!0*%!&/-./-)+*%!*!<*'/5*'!0*%!+-./5-+7*)+1-/%D!
&/-/'!/-!)(/-&*!0*!'/-&*!9/'!)C9+&*!./!01%!)+(.*.*-1%!./!/%&/!9*6%f!G,&/%/!*0!'/%9/)&1!_(/!01%!
%/'/%!8(5*-1%!&'*<*Q*-!-1'5*05/-&/!0*%!.1%!&/')/'*%!9*'&/%!./!01%!.6*%!./0!*:1!3!/-!)*5<+1!0*!
9'+>*)+,-! ./! 0+</'&*.! %/! 9'101-2*! )*.*! .6*! )1-! %(%! -1)8/%! .('*-&/! /0! &+/591! /-! _(/!
/4/)&+>*5/-&/!8*!&/-+.1!0(2*'"!e?*<'6*!.+4/'/-)+*'D!)151!8*)/!0*!%/-&/-)+*D!01%!)*%1%!%/2[-!0*%!
)+')(-%&*-)+*%! 9/'%1-*0/%! ./! )*.*! >6)&+5*f! =+! *%6! 4(/'*D! 8*<'6*! _(/! &/-/'! /-! )(/-&*! 0*%!
)+')(-%&*-)+*%! 9/'%1-*0/%! 3! 4*5+0+*'/%D! 91'! /Q/5901D! %+! 0*! >6)&+5*! &/-6*! 1! -1! 4*5+0+*! 3D! 91'!
%(9(/%&1D!%(%!+-2'/%1%!8+%&,'+)1%!3!01%!9/'Q(+)+1%!*%1)+*.1%!*!0*!)/%*)+,-!./!%(!9'14/%+,-!3!14+)+1D!
*%6! )151! %(! /.*.! 3! 1&'*%"! B(/21D! e&+/-/! %/-&+.1D! )151! *9(-&*! 0*! %/-&/-)+*D! )1-%+./'*'! _(/! 01%!
.*:1%!%1-!/d91-/-)+*0/%!3!_(/!%/!+-)'/5/-&*-!5C%!9'191')+1-*05/-&/!/-!4(-)+,-!./0!&+/591!
./! 9'+>*)+,-! ./! 0+</'&*.f! e?1-%&+&(3/! (-! 065+&/! *! 0*! )(*-&6*! +-./5-+7*<0/! /0! +591'&/!
2/-/'*05/-&/!*)/9&*.1!9*'*!0*!+-./5-+7*)+,-!91'!5(/'&/f
m
O<&>,"%$G"/#&/#(Q./=.<(-C/(<+;/9;3/K&F/\<?J"$%(/0`0982H/#&/5/#&/=(F.H/#&/O<.+&%%$G"/
'$D$-/#&-/M&<&%L./(-/g.".<H/(/-(/@"+$=$#(#/O&<>."(-/F/c(=$-$(</F/(/-(/O<.)$(/@=(?&"C/
qH|J!g'/%"!B*!/d+%&/-)+*!./!9/'Q(+)+1!%/!9'/%(5+'C!%+/59'/!_(/!%/!*)'/.+&/!0*!+-&'15+%+,-!
+0/26&+5*"!B*!+-./5-+7*)+,-!%/!/d&/-./'C!*0!.*:1!51'*0D!_(/!%/!>*01'*'C!*&/-.+/-.1!*!0*%!
)+')(-%&*-)+*%!./0!)*%1!3!*!0*!2'*>/.*.!./!0*!0/%+,-!/4/)&+>*5/-&/!9'1.()+.*D!9*'*!01!_(/!
%/! &/-.'C! /-! )(/-&*D! /-! %(! )*%1D! 0*! .+4(%+,-! 1! *(.+/-)+*! ./0! 5/.+1! *! &'*>`%! ./0! _(/! %/!
8*3*!9'1.()+.1r"
m
]BO/ 'J#$NH/ ]&%%;/ 2_H/ '$D$-H/ 336`2::9H/ #&/ 07/ #&/ ".D$&=R<&H/ SOC/ B"+."$./ S(<*"/
c&<"J"#&N
$0! P#! ./! -1>+/5<'/! ./! SAAUD! /0! .+*'+1! q$0! ;*6%r! 9(<0+),! (-! '/91'&*Q/! %1<'/! /0! 9'1<0/5*! ./0!
-*')1&'C4+)1! /-! =*-0[)*'! ./! \*''*5/.*D! /-! /0! _(/! &+0.*<*! *0! ./5*-.*-&/D! ! R0</'&1D! ./!
270
-*')1&'*4+)*-&/K!oR91.1%!)151!n'/Q*%D!%(!8+Q1!;/'+)1!D!;(091!1!;*0+001!%1-!-*')1%!)1-1)+.1%!_(/!
+->+/'&/-!%(%!</-/4+)+1%!/-!-/21)+1%!0()'*&+>1%r"!$-!/0!*:1!SAAS!/0!5+%51!9/'+,.+)1!8*<6*!%+.1!
)1-./-*.1! )+>+05/-&/! 91'! 9(<0+)*'! (-! '/91'&*Q/! %1<'/! /0! 5+%51! &/5*K! o$%*! '/*0+.*.! /%! _(/! /0!
-*')1&'C4+)1!41'5*!9*'&/!./!0*!>+.*!)1&+.+*-*!./0!9(/<01"!g1.1!%/!%*</"!eG1!8+71!o!;(091!o!./!E/3!
V*21!/-!0*!)*<*02*&*f!Z!o!;(091!o!/%!(-!-*')1o"!
R0</'&1!./5*-.,!*0!9/'+1.+%&*!*(&1'!./0!'/91'&*Q/!3!*!0*!%1)+/.*.!/.+&1'*!./!$0!;*6%D!3!%10+)+&,!0*!
)1-./-*!%10+.*'+*!./!*5<1%!*0!9*21!./!P#A"AAA!/('1%!/-!)1-)/9&1!./!.*:1%!51'*0/%"!
$0!^(72*.1!./!;'+5/'*!I-%&*-)+*!-{!M!./!=*-0[)*'!./!\*''*5/.*!/%&+5,!/-!9*'&/!0*!./5*-.*!3!
)1-./-,!*!01%!)1./5*-.*.1%!*0!9*21!./!PA"AAA!/('1%"!B*!R(.+/-)+*!;'1>+-)+*0!./!?C.+7!/%&+5,!
/-!9*'&/!/0!'/)('%1!./!*9/0*)+,-!./0!./5*-.*-&/!3!*(5/-&,!0*!+-./5-+7*)+,-!*!MA"AAA!/('1%K!
q}$~%! )0*'1! _(/! *&'+<(+'! *! *02(+/-! 0*! )1-.+)+,-! ./0+)&+>*! ./! -*')1&'*4+)*-&/! /%! /d9'/%+,-! _(/!
./%*)'/.+&*D!5/-1%9'/)+*!3!*4'/-&*!*0!*)&1'!H|J!?1->/-.'C!&*5<+`-!+-.+)*'!_(/!0*!'/+&/'*)+,-!/-!
0*!)1-.()&*D!0*!8*)/!5C%!2'*>/"!G1!/%!)+/'&1!_(/!0*!'/)&+4+)*)+,-!9'1>1)*.*!/-!/0!0+&+2+1!*-&/'+1'!3!
0*! +-./5-+7*)+,-! )1-)/.+.*! *0! ='"! R-.'`%! %*0./! 9*'*! %+/59'/! )(*0_(+/'! 1&'*! >(0-/'*)+,-! *! %(!
./'/)81! *0! 81-1'"! B/Q1%! ./! )1->/'&+'%/! *_(/00*! )1-./-*! /-! (-*! 9*&/-&/! ./! )1'%1! 9*'*! /0!
9/'+,.+)1! 3! 9*'*! %(%! 9/'+1.+%&*%D! 0/%! )101)*! /-! (-*! 91%+)+,-! ./! 2*'*-&6*! '/%9/)&1! ./! 4(&('1%!
&'*&*5+/-&1%! 9/'+1.6%&+)1%! ./! 0*! 5+%5*! -1&+)+*"! =/! *0/2*! _(/! &1.1! %/! 8*! ./<+.1! *! (-! /''1'D! 3!
/4/)&+>*5/-&/! *%6! 8*! ./! 8*</'! %+.1"! ;/'1! )'//51%! _(/! &*0! /''1'! /%! +-/d)(%*<0/! *! 0*! >+%&*! ./! 0*!
)1-./-*! 9'/>+*D! ./! &*0! 41'5*! _(/! 01! [-+)1! _(/! 9'1>1)*! /%! 0*! /d+2/-)+*! ./! (-! 90(%! ./!
'/%91-%*<+0+.*.!*-&/!0*!'/+&/'*)+,-!/-!/0!+06)+&1!.1%!>/)/%!)15/&+.1r!H]X"!S{J"
$0! g'+<(-*0! *90+)*! (-*! >+/Q*! 3! <(/-*! .1)&'+-*! /-! )(3*! >+'&(.! )*.*! -(/>*! 9(<0+)*)+,-! ./0!
/-(-)+*.1! .+4*5*&1'+1! /%! *! %(! >/7! (-*! -(/>*! .+4*5*)+,-"! R4+'5*D! *! )1-&+-(*)+,-D! _(/! 0*!
)+')(-%&*-)+*! ./! _(/! 0*! ./5*-.*.*! 8(<+/'*! 8*<+.1! ./! '/)&+4+)*'! *-&/'+1'5/-&/! (-*! 9'+5/'*!
+-41'5*)+,-! ./! )1-&/-+.1! %+5+0*'! 3! '/4/'+.*! *0! ./5*-.*-&/! %+&[*! *! 0*! ./5*-.*.*! 5+%5*! /-!
91%+)+,-!./!2*'*-&/D!01!)(*0!_(+/'/!./)+'D!9'1<*<0/5/-&/D!_(/!3*!/%&C!%1<'/!*>+%1!3!_(/!./</'6*!
./! 8*</'! /d&'/5*.1! %(! .+0+2/-)+*! /-! /0! )*%1! _(/! .+1! 0(2*'! *! 0*! %/2(-.*! )1-./-*"! $0! /''1'! /%!
5/-1%! /d)(%*<0/! 0*! %/2(-.*! >/7"! ep(`! 4*)&1'! '/%(0&*! ./&/'5+-*-&/! 9*'*! 0*! 4+Q*)+,-! ./! 0*!
+-./5-+7*)+,-D! 0*! 5*31'! +-/d)(%*<+0+.*.! ./0! /''1'! 1! 0*! /-&+.*.! ./0! .*:1! 9'/%(-&*5/-&/!
)*(%*.1f!e;1.'6*!8*</'!5/.+*.1!(-*!)1-%+./'*)+,-!./!.*:1%!9(-+&+>1%f!en!/%!5C%!)0*'1!/0!.*:1!
(! 14/-%*! *0! 81-1'! ./0! ./5*-.*-&/! )(*-.1! /0! ./5*-.*.1! +-%+%&/! /-! '/+&/'*'! /0! /-(-)+*.1!
.+4*5*&*'+1f!
m
/c-)%/"2&(J&G$%7D7#7M&s237/~(";/30H/697/O;2#/847/V0985Wu/
V)]REBRGXD! ^(%&+)/"! g8+%! +%! *! 5/.+)*0! 5*09'*)&+)/! *)&+1-! i8/'/+-! 90*+-&+44! B+00+*-! s"! x*0&/'%!
'/)/+>/.! *! öSDAAADAAA! .*5*2/! *i*'.! *2*+-%&! ./4/-.*-&! ?"! g815*%! b+&)8)1)kD! V"X"! g8/!
./4/-.*-&!983%+)+*-!*99/*0%!4'15!&8/!Q('3ô%!>/'.+)&!*-.!)/'&*+-!9'/&'+*0!*-.!91%&m&'+*0!'(0+-2%!14!
&8/!.+%&'+)&!)1('&"
g8/! 4*)&%! 5*3! </! %(55*'+7/.! *%! 41001i%"! I-! X/)/5</'! PNLND! *! 0(59! 1-! &8/! -/)k! 14! B+00+*-!
x*0&/'%!i*%!.+%)1>/'/.!<3!8/'!4*5+03!983%+)+*-"!V'%"!x*0&/'%!i*%D!*&!&8/!&+5/D!*99'1d+5*&/03!
MS!3/*'%!14!*2/D!5*''+/.D!i+&8!41('!5+-1'!)8+0.'/-"!=8/!i*%!-1&!/59013/.!1(&%+./!&8/!815/"!g8/!
4*5+03!983%+)+*-!)1-.()&/.!*!-(5</'!14!&/%&%!*-.!*.>+%/.!8/'!&1!)1-%(0&!i+&8!*!%('2/1-"!V'%"!
271
x*0&/'%!i*%!%//-!<3!./4/-.*-&!b+&)8)1)kD!*!%('2/1-D!1-!^*-(*'3!LD!PNUA"!R%!*!'/%(0&!14!&8/!9'+1'!
&/%&+-2! *-.! 8+%! 983%+)*0! /d*5+-*&+1-! 14! 8/'D! X'"! b+&)8)1)k! '/)155/-./.! %('2+)*0! '/51>*0! 14!
.+%/*%/.!*'/*%!14!&8/!&83'1+.!20*-."!g8/'/!i/'/!+-.+)*&+1-%!14!*!91%%+<03!5*0+2-*-&!)1-.+&+1-"!
=('2/'3! i*%! %)8/.(0/.! 41'! ^*-(*'3! SSD! PNUA"! V'%"! x*0&/'%! i*%! *.>+%/.! &8/! 19/'*&+1-! i*%! *!
'/0*&+>/03! 01i! '+%k! 9'1)/.('/! i+&8! *-! *-&+)+9*&/.! &8'//m.*3! 81%9+&*0! %&*3! *-.! *! %5*00! '/%+.(*0!
%)*'"
g8/!19/'*&+1-!9'1)//./.!+-!i8*&!*99/*'/.!*&!&8/!&+5/!&1!</!*!'1(&+-/!5*--/'"!=9/)+5/-%!i/'/!
%/-&!&1!&8/!9*&810123!0*<1'*&1'3!*-.!-1!5*0+2-*-)3!i*%!./&/)&/."!g8/!9*&+/-&!i*%!%(&('/.!*-.!
%/-&!&1!&8/!'/)1>/'3!'115"!n-/!.*3!0*&/'!V'%"!x*0&/'%ô!)1-.+&+1-!'*9+.03!./&/'+1'*&/."!b/'!8/*.!
<*0011-/.!+-!%+7/D!%8/!</)*5/!<0+-.!*-.!%(44/'/.!/d&'/5/!'/%9+'*&1'3!.+%&'/%%"!=8/!i*%!&*k/-!&1!
&8/! +-&/-%+>/! )*'/! (-+&! i8/'/! *! <'/*&8+-2! &(</! i*%! +-%/'&/."! =81'&03! &8/'/*4&/'D! X'"! b+&)8)1)k!
i*%! *.>+%/.! <3! &8/! 81%9+&*0! 9*&810123! ./9*'&5/-&! &8*&! *! 1-/! +-)8! <3! 1-/! *-.! 1-/m8*04! +-)8!
9+/)/!14!/%198*2(%!&+%%(/!i*%!)1--/)&/.!&1!&8/!&83'1+.!%9/)+5/-!%/-&!&1!&8/!0*<1'*&1'3!.('+-2!
%('2/'3"!V'%"!x*0&/'%ô!i1(-.!i*%!-1i!<*.03!+-4/)&/."!=8/!i*%!&*k/-!&1!%('2/'3"!X'"!b+&)8)1)k!
'/19/-/.!&8/!i1(-.!*-.!1<%/'>/.!*!%+2-+4+)*-&!810/!+-!&8/!0/4&!4'1-&!91'&+1-!14!8/'!/%198*2(%"!
b/! )1-)0(./.! &8*&! '/9*+'! i*%! -1&! 91%%+<0/! *-.! %/i/.! &8/! /%198*2(%! %8(&m&8/'/<3! )01%+-2! +&!
9/'5*-/-&03"
R&! &8+%! 91+-&! 4//.+-2! i*%! 91%%+<0/! 1-03! &8'1(28! *! &(</! +-%/'&/.! .+'/)&03! +-&1! V'%"! x*0&/'%ô!
%&15*)8! H"""J! l0&+5*&/03D! )101-! +-&/'91%+&+1-! %('2/'3! i*%! 9/'41'5/.! i8+)8! +->10>/.! 5*k+-2! *!
%1'&!14!<39*%%!/%198*2(%!4'15!*!91'&+1-!14!V'%"!x*0&/'%ô!)101-!H"""J!
V'%"!x*0&/'%!<'1(28&!&8+%!*)&+1-!*2*+-%&!X'"!b+&)8)1)k!<*%/.!(91-!-/20+2/-)/!+-!)(&&+-2!+-&1!&8/!
/%198*2(%!*-.!+-!4*+0+-2!&1!5*k/!9'159&!'/9*+'!&8/'/14"!=8/!%1(28&!ö@DAAADAAA!+-!.*5*2/%"!X'"!
b+&)8)1)k! ./-+/.! -/20+2/-)/! *-.! <0*5/.! &8/! +-Q('3! &1! &8/! /%198*2(%! 1-! &8/! *<-1'5*0!
983%+10123! 14! V'%"! x*0&/'%"! g8/! Q('3! *i*'./.! V'%"! x*0&/'%! öSDAAADAAA! +-! .*5*2/%! *-.! X'"!
b+&)8)1)k!*99/*0%!&8/'/4'15!H|J"
g8/! />+./-)/! 8/'/+-! </*'%! 1(&! &8*&! 5/.+)*0! %)+/-)/! 8*%! .1-/! *00! &8*&! +&! )*-! .1! &1! *00/>+*&/!
90*+-&+44ô%!)1-.+&+1-!*-.!-1!4('&8/'!%('2/'3!+%!)1-&/590*&/.D!*0&81(28!&8/!%*5/!+%!-1&!'(0/.!1(&"!
g8+%!.1/%!-1&!5/*-!&8/!.*5*2/!.1-/!&1!V'%"!x*0&/'%!8*%!<//-!(-.1-/!*-.!&8*&!%8/!8*%!<//-!
'/%&1'/.!&1!8/'!9'/>+1(%!)1-.+&+1-"!I&!%+5903!5/*-%!8/'!)1-.+&+1-!)*--1&!</!8/09/.!<3!4('&8/'!
%('2/'3!1'!&'/*&5/-&"!g8/!%(<%&+&(&/!/%198*2(%!4*%8+1-/.!4'15!*!9*'&!14!V'%"!x*0&/'%ô!)101-!+%D!
*99*'/-&03D! 4(-)&+1-+-2! *%! i/00! *%! )*-! </! /d9/)&/.! <(&! &8*&! 0/>/0! 14! 4(-)&+1-! +%! *! %1(')/! 14!
9/'5*-/-&! 9'1<0/5%! 41'! V'%"! x*0&/'%"! x8/-! %8/! %i*001i%D! 411.! .1/%! -1&! *(&15*&+)*003! 21! &1!
8/'!%&15*)8"!I&!9+0/%!(9!+-!2'1&/%_(/!<(02/%!+-!8/'!&8'1*&!*-.!(99/'!)8/%&"!I&!+%!-/)/%%*'3!41'!8/'!
&1! 5*-(*003! 5*%%*2/! &8/! <(02/%! .1i-i*'.! &1! 41')/! &8/! 411.! &1! 8/'! %&15*)8"! g8/! 9'1)/%%! +%!
983%+)*003!9*+-4(0"!R%!&8/'/!+%!-1!>*0>/!&1!k//9!&8/!)1-&/-&%!14!8/'!%&15*)8!4'15!&'*>/0+-2!<*)k!
(9!&8/!5*k/%8+4&!/%198*2(%D!%8/!)*--1&!0+/!40*&!*-.!5(%&!'/5*+-!+-!*!91%+&+1-!i8/'/!2'*>+&3!i+00!
k//9!&8/!)1-&/-&%!14!8/'!%&15*)8!+-!90*)/"!b/'!)1-.+&+1-!+%!/5<*''*%%+-2D!.+%&*%&/4(0!&1!9/'%1-%!
*'1(-.! 8/'D! *-.! *! 5*Q1'! 1<%&*)0/! &1! 0/*.+-2! *! -1'5*0! 0+4/"! =8/! 8*%! %/'+1(%! 1-21+-2! .+2/%&+>/!
9'1<0/5%"! R&! &8/! &+5/! 14! &'+*0! 8/'! 0+4/! /d9/)&*-)3! i*%! @P"N! 3/*'%"! g8/! 3/*'%! </&i//-! V'%"!
x*0&/'%ô! +-Q('3! *-.! *&&*+-5/-&! 14! 8/'! 9'/%/-&! 0/>/0! 14! 4(-)&+1-+-2! i/'/! *! -+28&5*'/! 14! 9*+-D!
.+%*<+0+&3D!81%9+&*0+7*&+1-%!*-.!%('2+)*0!9'1)/.('/%"!=8/!8*%!%/>/'/!.+%4+2('+-2!%)*'%!1-!8/'!-/)k!
*-.!&1'%1"!V*-3!*)&+>+&+/%D!%()8!*%!/*&+-2!*-.!%+&&+-2D!)1-&+-(/!&1!</!9*+-4(0"
272
R4&/'!8*>+-2!'/>+/i/.!&8/!'/)1'.D!i/!)1-)0(./!1('!)100/)&+>/!)1-%)+/-)/!*'/!-1&!%81)k/.!<3!&8/!
%+7/!14!&8/!>/'.+)&!8/'/+-"!g8/!Q(.25/-&!+%!*44+'5/."
!
=?bEn$X$ED!?8+/4!^(%&+)/D!.+%%/-&+-2"!g8/!5*2-+&(./!14!&8/!>/'.+)&!+-!&8+%!)*%/!+%!&8/!'/%(0&!14!
&'+*0!/''1'!*-.!i8*&!9('91'&%!&1!</!5+%)1-.()&!14!&8/!Q('1'%!H"""J!
\3!'/*%1-!14!&8/!H"""J!&'+*0!)1('&!/''1'%!*-.!%9/)(0*&+1-!1-!&8/!9*'&!14!&8/!Q('1'%D!&8/!5*2-+&(./!
14!&8/!>/'.+)&!+-!&8+%!)*%/!./51-%&'*&/%!!#"c,7'9"$*4$'-%$H(9""!I-!0+28&!14!/>+./-)/D!+&!%81)k%!53!
)1-%)+/-)/"!
g8/! 90*+-&+44D! B+00+*-! s"! x*0&/'%D! *&! &8/! &+5/! 14! &'+*0! 8*.! *! 0+4/! /d9/)&*-)3! 14! @P"N! 3/*'%"! b/'!
5/.+)*0! <+00%! *&! &8/! &+5/! 14! &'+*0! i/'/! *99'1d+5*&/03! ö#NDAAA"! =8/! 5*./! -1! )0*+5! 41'! 01%&m
/*'-+-2! )*9*)+&3D! 1'! .+5+-+%8/.! /*'-+-2! )*9*)+&3a! -1! />+./-)/! 14! 4(&('/! %('2/'3! 1'! 5/.+)*0!
/d9/-%/%! i*%! 9'/%/-&/."! g8/! öS! 5+00+1-! >/'.+)&! +-)0(./.! öPDN@ADAAA! +-! &8/! 2/-/'*0! .*5*2/!
)*&/21'+/%"
n-!*-!*--(*0!<*%+%!&8+%!2+>/%!&8/!90*+-&+44!&8/!9'+-)+9*0!%(5!14!ö@LDLMM!9/'!3/*'!41'!&8/!'/%&!14!
8/'! 0+4/"! R%%(5+-2! 1-/m8*04! 14! &8/! .*5*2/! *i*'.! +%! 9*+.! 1-! /d9/-%/%! *-.! *&&1'-/3! 4//%D! &8/!
'/5*+-+-2! öP! 5+00+1-! +->/%&/.! *&! PAã! %+590/! +-&/'/%&! H9'/%/-&! +-&/'/%&! '*&/%! )1591(-./.!
_(*'&/'03! 1-! 51-/3! +->/%&/.! +-! ?"X"ô%! i+00! /d)//.! PAãJD! 9*3*<0/! *--(*003D! i+00! 9'1>+./! *-!
*--(*0!+-)15/!14!öPAADAAA!i+&81(&!+->*.+-2!&8/!9'+-)+9*0!%(5!+->/%&/.!H|J"
I-! 53! 19+-+1-D! )1('&%! 14! 0*%&! '/%1'&! 5(%&! /d/')+%/! *! ./2'//! 14! /)1-15+)! Q(.25/-&! &1! 9'1>+./!
%&*<+0+&3! +-! 1('! 4'//! /-&/'9'+%/! %3%&/5! +4! Q(%&+)/! +%! &1! </! *.5+-+%&/'/.! 4*+'03! *-.! i+&8+-! '/*%1-!
H"""J"!
I&!+%!'/%9/)&4(003!%(<5+&&/.!&8+%!)1('&!%81(0.!'/>/'%/!&8/!&'+*0!)1('&!*-.!2'*-&!*!-/i!&'+*0!1-!&8/!
2'1(-.!14!5+%)1-.()&!14!)1(-%/0!41'!&8/!90*+-&+44!+-!)01%+-2!*'2(5/-&!*-.D!4*+0+-2!&8+%D!&8*&!&8/!
)1('&!%81(0.!'/5*-.!&8/!)*%/!41'!*!8/*'+-2!1-!&8/!51&+1-!41'!-/i!&'+*0!)1-)/'-+-2!&8/!)8*'2/!14!
5+%)1-.()&!1-!&8/!9*'&!14!&8/!Q('3!+-!4+d+-2!&8/!.*5*2/!*i*'.r"!
B*! +-./5-+7*)+,-! )1-)/.+.*! /-! /%&/! )*%1! %(9/'*<*! 0*! '/-&*! 9/'! )C9+&*! 5/.+*! /-! 01%! $%&*.1%!
l-+.1%! /-! PNU#D! _(/! /'*! ./! (-1%! SO"AAA! .,0*'/%! H8&&9Khhiii"./512'*98+*")15h.<m
9)PNSN"9.4a! 8&&9KhhiiiS")/-%(%"21>h9'1.Sh919%)*-h9OAmP#O"9.4J"! ;/'1! 0*! 5*2-+&(.! ./! 0*!
9'+5/'*! /%! )*'*)&/'6%&+)*! /-! *_(/00*! Q('+%.+))+,-! ./! 0*%! '/*))+1-/%! ./! (-! Q('*.1! *-&/! 0*!
)*(%*)+,-! 2'*>/5/-&/! -/20+2/-&/! ./! .*:1%! 9/'%1-*0/%! +''/>/'%+<0/%! 3! _(/! &'*%&1)*-! 9*'*!
%+/59'/! 0*! >+.*! ./! 0*! >6)&+5*! 3! ./! %(! 4*5+0+*! )1->+'&+`-.10*! /-! (-! %(4'+5+/-&1! )1-&+-(*.1"!
R%(5+/-.1!_(/!&1.1!/0!1'1!./0!5(-.1!-1!9(/./!'/%+&(*'!*!0*!>6)&+5*!/-!%(!4(-)+,-!1'+2+-*'+*!./!
(&+0+.*.D! /%! ./)+'D! /-! %(! %+&(*)+,-! *-&/'+1'! *0! *))+./-&/D! e_(`! %/-&+.1! &+/-/! 9*2*'0/! (-*!
+-./5-+7*)+,-!5(3!/0/>*.*f!g1.*>6*!813!8*3!_(+/-!19+-*!_(/!01%!.*:1%!51'*0/%!-1!./</'6*-!
%/'! +-./5-+7*<0/%! 9/'1! e&+/-/! %/5/Q*-&/! 19+-+,-! (-! 4(-.*5/-&1! /596'+)1! /-! /-)(/%&*%!
'/*0+7*.*%! *! 0*%! >6)&+5*%! ./0! .*:1f! R[-! *%(5+/-.1! &*5<+`-! _(/! /0! .*:1! 51'*0! -1! %(/0/! %/'!
*%/2('*.1! &/-/51%! 0*! )/'&/7*! '*71-*<0/! ./! _(/! 0*%! >6)&+5*%! 91&/-)+*0/%! 9'/4+/'/-! (-*!
'/2(0*)+,-!%*-)+1-*&1'+*!*!1&'*!)1-!'/%(0&*.1%!/_(+>*0/-&/%!9/'1!1<&/-+.1%!)1-!0*!1<0+2*)+,-!./!
+-./5-+7*'!*!0*%!>6)&+5*%!5+%5*%f!ec*0/!0*!*-&/'+1'!)1-%+./'*)+,-!9*'*!01%!)*%1%!/-!01%!)(*0/%!/0!
*))+./-&/!/%!51'&*0f!
273
5;2;/ Oe<#$#(/ #&/ $"?<&>.>/ F/ #&/ -(/ %()(%$#(#/ #&/ ?&"&<(<-.>/ :<#2%& +-".$.?L& B41-$"4/.%& #E&
+-".$.?&'-1-7$%09/
(W/K(/+&"#&"%$(/(/#&>?-.>(</I,"#(#(=&"+&/-.>/<,R<.>/$"#&="$N(+.<$.>C/
R-&/%! ./! 0*! >+2/-)+*! 3! *90+)*)+,-! )'/)+/-&/5/-&/! 2/-/'*0! ./0! %+%&/5*! ./! <*'/51%! *! )*%1%! ./!
.*:1%!#$>+$"+.>!*!*))+./-&/%!./!)+')(0*)+,-D!/'*!9'C)&+)*!8*<+&(*0!./!01%!&'+<(-*0/%!)1-)/./'!(-*!
+-./5-+7*)+,-! *! &*-&1! *07*.1D! %+-! ./&*00*'! 0*! )*-&+.*.! *%+2-*.*! 91'! )*.*! )1-)/9&1"! R%6! 91'!
/Q/5901D!-(/]^]H/0_H/983`2::5H/#&/3:/#&/".D$&=R<&H/SOC/'-&=&"+&/B,?&</K$QJ"D!)1-4+'5,!0*!
+-./5-+7*)+,-! ./! PUA"MA@! /('1%! *! (-*! 5/-1'! ./! N! *:1%! ./! /.*.D! _(/! 8*<6*! %(4'+.1! 0/%+1-/%!
-/('10,2+)*%! 91'! *%4+d+*! ./<+.1! *! +-5/'%+,-! /-! (-*! 9+%)+-*! 9[<0+)*D! )1-! <*%/! /-! 0*%! q0/%+1-/%D!
%/)(/0*%D!3!0()'1!)/%*-&/!3!2*%&1%!%1<'/>/-+.1%r"!
]^]H/0_H/842`2::9H/#&/5/#&/&"&<./#&/2:0:H/SOC/c<("%$>%./S(<*"/'(>+J";
$-!/0!)*%1D!0*!%/:1'*!B10/%!B/,-D!(-*!'/9(&*.*!*)&'+7!./!)+-/D!/-&',!*)159*:*.*!91'!/0!&*5<+`-!
*)&1'!^/'/53!I'1-%D!/-!(-*!%(+&/!./!.1%!9+%1%!/-!/0!81&/0!=*-&1!V*('1!./!V*.'+."!B*!8*<+&*)+,-!
%/! /-)1-&'*<*! *! *! 1%)('*%! 91'_(/! /0! *0(5<'*.1! ./! /5/'2/-)+*! -1! 4(-)+1-*<*"! B*! *)&1'*! )*3,!
91'!0*!/%)*0/'*!3!%(4'+,!4'*)&('*!./!9/0>+%!3!./!0*!5(:/)*!./'/)8*"
B*! *)&1'*! '/)0*5,! *! 0*! 9'19+/&*'+*! ./0! 81&/0D! R-)*! b1&/0/%D! ="B"D! 3! *0! .+'/)&1'! ./0! 81&/0! =*-&1!
V*('1!##P"MLL!/('1%"
^;I!-[5"!PP!./!V*.'+.!HPP"L"SAASJ!./%/%&+5,!0*!./5*-.*"!B*!R;!/%&+5,!/-!9*'&/!/0!'/)('%1!./!
*9/0*)+,-! ./! 0*! *)&1'*D! /%&+5,! /-! 9*'&/! 0*! ./5*-.*D! )1-./-,! *! R-)*! b1&/0/%D! ="B"! *! 9*2*'!
@P"SSODU#S!/('1%!3!*<%10>+,!*0!.+'/)&1'!./0!81&/0"!!B*!R;!*9'/)+,!)1-)(''/-)+*!./!)(09*%D!/-!(-!
L#ã! 9*'*! 0*! *)&1'*! 3! /-! (-! S#ã! 9*'*! 0*! /-&+.*.! ./5*-.*.*D! 9/'1! '/)8*7,! 9*'&/! ./! %(!
'/)0*5*)+,-! 91'! 0()'1! )/%*-&/! HPS"SOADO@! /('1%J! 91'! )1-%+./'*'! _(/! %/! <*%*<*! /-! 0*!
'/5(-/'*)+,-!_(/!8(<+/'*!1<&/-+.1!./!8*</'!)(590+.1!.1%!)1-&'*&1%!*!0*!>/7"!
B*! *)&1'*! +-&/'9(%1! '/)('%1! ./! )*%*)+,-! )1-&'*! 0*! =R;! 3! *0/2,D! /-&'/! 1&'1%! 51&+>1%D! +-4'*))+,-!
./0! *'&"! PNAS! 3! PPAO! ??! 91'! -1! 8*</'! +-)0(+.1! /0! +591'&/! ./0! 0()'1! )/%*-&/! 9'1<*.1! 91'! 0*!
*)&1'*"! $0! g'+<(-*0! =(9'/51! /%&+5,! /%&/! 51&+>1! ./0! '/)('%1! /! +-)'/5/-&,! 0*! +-./5-+7*)+,-!
./<+.*!91'!/0!./5*-.*.1!/-!M"AO#DPO!/('1%D!/_(+>*0/-&/!*0!S#ã!./!0*!2*-*-)+*!*0/2*.*!91'!0*!
*)&1'*K!
o}l~-*!+-&/'9'/&*)+,-!./!01%!*'&%"!PNAS!3!PPAO!??!*)1'./!)1-!0*!'/*0+.*.!%1)+*0!-1!*(&1'+7*!(-!
)'+&/'+1!&*-!'62+.1!_(/!91'!0*!5/'*!)1+-)+./-)+*!&/591'*0!9*')+*0!./!.1%!)1-&'*&1%!./!(-*!5+%5*!
*)&'+7! 9*'*! *9*'/)/'! /-! .1%! 9/06)(0*%! .+4/'/-&/%D! *(-_(/! (-*! %/! '(/./! /-! $%9*:*! 3! 0*! 1&'*! /-!
R(%&'*0+*D!_(/./!./%)*'&*.1!%(!&'*<*Q1!/-!(-*!./!/00*%D!9(/%!-1!%,01!/0!&+/591!'/_(/'+.1!91'!0*!
9'1.()&1'*!*(%&'*0+*-*!%/!0+5+&*<*!*!.1%!%/5*-*%!./!'1.*Q/!3!(-*!./!/-%*31!%+-1!_(/D!*./5C%D!
0*!/d9/'+/-)+*!/-%/:*!_(/!01%!*)&1'/%!%(/0/-!/%41'7*'%/!*0!5Cd+51!91'!*9'1>/)8*'!0*%!`91)*%!/-!
_(/! 0/%! 14'/)/-! 9*9/0/%D! .*.1! %(! %+/59'/! +-)+/'&1! 4(&('1! 9'14/%+1-*0D! 3! /-! 0*! *)&(*0+.*.! /%!
8*<+&(*0! 0*! 9*'&+)+9*)+,-! %+5(0&C-/*! /-! 9/06)(0*%! 3! %/'+/%! ./! &/0/>+%+,-D! +-)0(%1! /-! 0(2*'/%!
.+%&*-&/%!/-&'/!%6D!2'*)+*%!*!0*!4*)+0+.*.!3!'*9+./7!./!./%90*7*5+/-&1!_(/!<'+-.*-!01%!51./'-1%!
5/.+1%!./!&'*-%91'&/r!H]X"!PA{J"
274
RW/K(/()<&%$(%$G"/#&-/-,%<./%&>("+&/&"/&-/%(>./#&/D*%+$=(>/=&".<&>/#&/&#(#/
-
]^]H/0_H/237`2:00H/#&/03/#&/(R<$-H/SOC/c<("%$>%./S(<*"/'(>+J";
B*! *)&1'*D! (-*! /%)10*'! ./! P#! *:1%! ./! /.*.! '/%(0&,! 2'*>/5/-&/! 8/'+.*! )(*-.1! (-! C'<10! )*3,!
%1<'/! /00*! /-! /0! '/)+-&1! ./! %(! )10/2+1"! B*! *)&1'*! ./5*-.,! *! E/%+./-)+*! b+%9*-1! R0/5*-*! 9*'*!
R0(5-1%! ="R"D! 0*! R%1)+*)+,-! ;*&'1-*&1! ./0! ?10/2+1! R0/5C-! 3! 0*! /-&+.*.! *%/2('*.1'*! B+</'&3!
=/2('1%D!3!%10+)+&*!(-*!+-./5-+7*)+,-!./!M"L#U"NUND@A!ê"!
$0! ^;I! -[5"! P! ./! V*'</00*! HPA"PA"SAAOJ! /%&+5,! /-! 9*'&/! 0*! ./5*-.*! 3! )1-./-,! *! E/%+./-)+*!
b+%9*-1! R0/5*-*! 9*'*! R0(5-1%! ="R"! 3! R%1)+*)+,-! ;*&'1-*&1! ./0! ?10/2+1! R0/5C-! *0! 9*21! ./!
OSO"AM#DSS!ê"!B*!R;!./!VC0*2*!H=/))+,-!OÄD!O"O"SAALJ!/%&+5*!/-!9*'&/!/0!'/)('%1!./!*9/0*)+,-!
9'/%/-&*.1!91'!0*%!./5*-.*.*%!3!'/.(Q1!0*!+-./5-+7*)+,-!*!SMA"@PND@N!ê"
$0!g=!./%/%&+5,!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!E+&*K!
o=+-!/5<*'21!/0!90*-&/*5+/-&1!201<*0!./0!51&+>1!+59+./!*90+)*'!}0*!.1)&'+-*!./!/%&*!=*0*!./%./!
0*! =g=D! PÄD! S#"M"SAPA~D! /-! 4*>1'! ./! 0*! '/)(''/-&/D! 9(/%! %(! 4(-.*5/-&1! 9'+-)+9*0! 9*'/)/! %/'! 0*!
o-1&1'+*! ./%9'191')+,-o! /-&'/! 0*! )*-&+.*.! ./! OU"O#PD@#! /('1%! /%&*<0/)+.*! 91'! 0*! %/-&/-)+*!
+59(2-*.*!)151!4*)&1'!./!)1''/))+,-!91'!0*!+-)*9*)+.*.!91'!+->*0+./7!9/'5*-/-&/!3!0*!o'/-&*!
>+&*0+)+*o! ./! P"U@S"#PLD@A! /('1%! 9/.+.*! /-! 0*! ./5*-.*! 91'! 0()'1! )/%*-&/D! %+/-.1! *%6! _(/! 01!
./&/'5+-*-&/! 9*'*! 0*! '/4/'+.*! .1)&'+-*! ./! /%&*! =*0*! -1! /%D! ./%./! 0(/21D! 0*! .+4/'/-)+*! /-&'/! 01!
9/.+.1! /-! 0*! ./5*-.*! 3! 0*! )*-&+.*.! '/%(0&*-&/! ./! (-*! *90+)*)+,-! ./0! %+%&/5*! /-! %(!
+-&/'9'/&*)+,-! /%&'+)&*5/-&/! 0+&/'*0"! X/! *86! _(/! &*591)1! /-! /0! 51&+>1! %/! *0(.*! *! +-41'5/!
*)&(*'+*0! *02(-1D! /0/5/-&1! 9'1<*&1'+1! -1'5*05/-&/! &/-+.1! /-! )(/-&*! 9*'*! 91./'! *90+)*'! 0*!
'/4/'+.*! .1)&'+-*! *0! )*%1! )1-)'/&1D! 3! %6! [-+)*5/-&/D! %101! *0! 4+-*0! ./0! *0/2*&1! ./0! 51&+>1D! *!
+-41'5/%!./0!I-%&+&(&1!G*)+1-*0!./!$%&*.6%&+)*!%1<'/!+-2'/%1%!4*5+0+*'/%!5/.+1%!3!/%9/'*-7*!./!
>+.*! ./! 0*! 5(Q/'! /-! R-.*0()6*! ./! &1.1! 9(-&1! +-%(4+)+/-&/%! 9*'*! 0*! *90+)*)+,-! ./! 01%! /0/5/-&1%!
)1''/)&1'/%!./!_(/!%/!&'*&*D!&1.*!>/7!_(/!8*-!./!4(-.*'%/!/-!)+')(-%&*-)+*%!/d)/9)+1-*0/%o"
?151!'/%(0&*!./!0*!)1-&'*%&*)+,-!./!/%&/!)*%1!)1-!/0!*-&/'+1'5/-&/!)1-%+./'*.1!3!)1-!/0!*-C0+%+%!
*006!'/*0+7*.1D!/0!g'+<(-*0!=(9'/51!)1-%+./'*!_(/!0*!2*-*-)+*!/%9/'*.*!./!(-*!>6)&+5*!5/-1'!./!
/.*.! ./! (-! *))+./-&/! ./! )+')(0*)+,-! /%! ./5*%+*.1! /%9/)(0*&+>*! )151! 9*'*! Q(%&+4+)*'! (-*!
+-./5-+7*)+,-! )151! 0*! /%&*<0/)+.*! 91'! 0*! 0/3! ./0! <*'/51"! ;/'1! 0*! *-&/'+1'! -1! /%! (-*! .1)&'+-*!
*(&1/>+./-&/"! $0! )(*&'1! >/)/%! )*59/,-! ./0! 5(-.1! ./! 51&1)+)0+%51D! V*')! VC'_(/7D! -*)+.1! /-!
?/'>/'*!/0!PL!./!4/<'/'1!./!PNNMD!3*!8*<6*!)1-%/2(+.1!%(!9'+5/'!)*59/1-*&1!./0!5(-.1!)1-!PL!
*:1%! ./! /.*."! $-! /0! )*%1! ./! _(/! 8(<+/'*! %(4'+.1! (-! *))+./-&/! ./! &'C4+)1! 1! ./! 1&'*! -*&('*0/7*!
*-&/%!./!8*</'!)(590+.1!0*!/.*.!./!.+/)+1)81!*:1%D!e)*<'6*!Q(%&+4+)*'!(-*!%*0>/.*.!9*'*!*_(/001%!
)*%1%!/-!01%!)(*0/%!0*!9'/)1)+.*.!/%!/%/-)+*0!9*'*!/0!*9'/-.+7*Q/!(!.15+-+1!./0!14+)+1!./!_(/!%/!
&'*&/! H+-&`'9'/&/%D! 5[%+)1%D! 5*&/5C&+)1%D! Q(2*.1'/%! ./! *Q/.'/7D! *02(-1%! ./91'&+%&*%Jf! $-! /0!
065+&/D! e_(`! 1)(''+'6*! /-! /0! )*%1! ./! (-! *)&1'! +-4*-&+0! H;*<0+&1! ?*0>1D! I%**)! b/59%&/*.mx'+28&Jf!
eX/</'6*!%/'!/0!)'+&/'+1!/-!./'/)81!/0!./!0*!9'1<*<+0+.*.!'*71-*<0/!./!1<&/-/'!+-2'/%1%!4(&('1%!1!
./!8*)/'01!*0!5/-1%!.('*-&/!(-!9/'61.1!./!&+/591!91%&/'+1'!*0!./0!*))+./-&/f!$-!1&'1!1'./-!./!
+./*%D!%(9,-2*%/!/0!)*%1!./!.1%!8/'5*-1%!2/5/01%D!(-1!./!01%!)(*0/%!./.+)*!PA!*:1%!./!%(!>+.*!
*! *._(+'+'! 3! /d901&*'! )1-! 5()81! `d+&1! (-! /%&*<0/)+5+/-&1! 81&/0/'1! ./! %(! 9'19+/.*.D! 5+/-&'*%!
_(/! /0! 1&'1! %+2(/! /%&(.+1%! (-+>/'%+&*'+1%! 3! ./%*''100*! (-*! )*''/'*! 5(3! 9'15/&/.1'*! )151!
)1-%(0&1'! +-&/'-*)+1-*0"! $0! .6*! /-! /0! _(/! *5<1%! )(590/-! PA! *:1%! ./! *)&+>+.*.! 9'14/%+1-*0! (-!
*))+./-&/! 2'*>/! 9'1>1)*! /0! +-)/-.+1! 3! ./%&'())+,-! ./0! 81&/0! 3! 2'*>/%! 8/'+.*%! /-! /0! 8/'5*-1!
275
)1-%(0&1'!_(+/-!_(/.*!+-)*9*)+&*.1!9*'*!&'*<*Q*'!/-!/0!4(&('1"!$0!9'+5/'1!%/'C!+-./5-+7*.1!91'!
0*! +-&/2'+.*.! ./! 01%! .*:1%! %(4'+.1%! /-! %(! 9'19+/.*.! 5+/-&'*%! _(/! /0! %/2(-.1! >/'C! )1-! &1.*!
9'1<*<+0+.*.!5(3!0+5+&*.*!0*!+-./5-+7*)+,-!91'!%(!9`'.+.*!./!)*9+&*0!8(5*-1"!
5;3;/@"I<(%%$G"/#&/%.">&"+$=$&"+./$"I.<=(#.///
]^]H/0_H/323`2:00H/#&/03/#&/=(F.H/SOC/a.>e/B"+."$./]&$E(>/l,$"+("(;
$-!4/)8*!+-./&/'5+-*.*D!?/0+*!)1-%+-&+,!%15/&/'%/!*!(-*!+-&/'>/-)+,-!_(+'['2+)*!)1-%+%&/-&/!/-!
(-*! 5/-+%/)&156*! *'&'1%),9+)*! 9*'*! 0*! _(/! %10+)+&,! 3! 1<&(>1! *(&1'+7*)+,-! ./! %(! )159*:6*!
*%/2('*.1'*D! R=I=R"! G1! 1<%&*-&/D! /-! _(+',4*-1D! /0! )+'(Q*-1! )159'1<,! _(/! 0*! 19/'*)+,-!
9'12'*5*.*! /'*! +--/)/%*'+*! 91'_(/! /0! 5/-+%)1! -1! /%&*<*! *4/)&*.1D! ./)+.+,! )*5<+*'! /0!
&'*&*5+/-&1! _(+'['2+)1! /-! _(+',4*-1D! %/))+1-,! 3! /d&'*Q1! 0*! 90+)*! 5/.+*0D! 3! 0+</',! /0! *0/',-! 1!
'/&+-C)(01! '1&(0+*-1! /d&/'-1D! 19/'*)+,-! 9*'*! 0*! )(*0! 0*! 9*)+/-&/! -1! 8*<6*! 9'/%&*.1! -+-2[-!
)1-%/-&+5+/-&1"
?/0+*! ./5*-.*! *! ]/0+)6%+51! 3! *! R2'(9*)+,-! V(&(*0! R%/2('*.1'*! HR"V"RJD! 3! %10+)+&*! (-*!
+-./5-+7*)+,-!./!PUA"AAA!ê
$0! ^;I! -[5"! S! ./! V*.'+.! HSP"PA"SAA#J! ./%/%&+5*! 0*! ./5*-.*"! B*! R;! ./! V*.'+.! H=/))+,-! PSÄD!
L"PP"SAALJ!./%/%&+5*!/0!'/)('%1!./!*9/0*)+,-"!
$0! g'+<(-*0! =(9'/51! '/>1),! 0*! =R;! ./%/%&+5*&1'+*! ./! 0*! ./5*-.*! 91'_(/! )1-%+./',! _(/D! *(-!
)(*-.1! 0*! +-&/'>/-)+,-! _(/! %/! 00/>,! *! )*<1! 4(/! )1''/)&*! 3! -1! '/%(0&,! -+-2(-*! %/)(/0*! 46%+)*D!
/d+%&6*!(-!.*:1!+-./5-+7*<0/!./'+>*.1!./0!+-)(590+5+/-&1!./0!9'14/%+1-*0K!o}/~0!)1-%/-&+5+/-&1!
9'/>+1! ./! 0*! 9*)+/-&/! 01! 8*<6*! .*.1! 9*'*! (-*! +-&/'>/-)+,-! )06-+)*! .+%&+-&*! H|J! ./! 0*! _(/! -1!
./'+>*<*!-+-2[-!'+/%21!+-5/.+*&1!3!2'*>/!9*'*!0*!+-&/2'+.*.!46%+)*!1!9%6_(+)*!./0!/-4/'51!_(/!
9(.+/'*!Q(%&+4+)*'0*"!G1!/%!/0!.*:1!_(/!'/%(0&*!./!0*!+-&/'>/-)+,-!9'12'*5*.*!9(/%&1!_(/!-1!%/!
9'1.(Q1D!%+-1!/0!.*:1!_(/!'/%(0&*!./!0*!_(/!%6!%/!00/>,!*!)*<1!)1-!0*!_(/!-1!%101!-1!012',!5/Q1'*'!
%(%!.10/-)+*%!/-!0*!'1.+00*D!%+-1!_(/!%/!0/!9'+>,!./!)1-1)/'!01%!'+/%21%!3!</-/4+)+1%!91%+<0/%!9*'*!
%(! %*0(.D! 9(/%&1! _(/! -+-2(-*! +-41'5*)+,-! 8(<1! '/%9/)&1! ./! (-*! *)&(*)+,-! 5`.+)*! _(/!
./%)1-1)6*"! B*! 4*0&*! ./! +-41'5*)+,-! )1-4+2('*! /-! /%&/! )*%1! (-! .*:1! 51'*0! 2'*>/"! H"""J! l-! .*:1!
_(/!4(-.*5/-&*!0*!'/%91-%*<+0+.*.!91'!0/%+,-!./0!./'/)81!./!*(&1-156*!./0!9*)+/-&/!'/%9/)&1!
./!01%!<+/-/%!<C%+)1%!./!%(!9/'%1-*D!)151!9'/%(9(/%&1!/%/-)+*0!9*'*!91./'!./)+.+'!0+<'/5/-&/!
%1<'/!0*!%10()+,-!5C%!)1->/-+/-&/!*!%(!%*0(.D!*!%(!+-&/2'+.*.!46%+)*!3!9%6_(+)*!3!*!%(!.+2-+.*.r!
H]X"!S{J"!
$0! g'+<(-*0! =(9'/51! *%(5+,! 0*! +-%&*-)+*! 3! )(*-&+4+),! /0! .*:1! /-! MA"AAA! /('1%! q&/-+/-.1! /-!
)(/-&*! 0*! +-&/'>/-)+,-! 5`.+)*! '/*0+7*.*D! ./! 5/-1'! /-&+.*.! _(/! 0*! _(/! 8*<6*! %+.1! 9'13/)&*.*!
+-+)+*05/-&/D!*%6!)151!}_(/!0*!+-&/'>/-)+,-~!&*591)1!9(%1!4+-!*!%(%!.10/-)+*%r!H*'&%"!PNAS!??D!
PA"#!B/3!F/-/'*0!./!=*-+.*.D!]X"!M{J"
B1%! *'&%"! PSOP! 3! PSOS! ??! +-)0(3/-! 0*! /d+2/-)+*! )1--*&('*0! *0! )1-)/9&1! ./! )1-&'*&1! ./! _(/! /0!
)1-%/-&+5+/-&1! %/! 9'13/)&/! %1<'/! %(! 1<Q/&1"! B*! B/3! @PhSAASD! ./! P@! ./! -1>+/5<'/D! <C%+)*!
'/2(0*.1'*! ./! 0*! *(&1-156*! ./0! 9*)+/-&/! 3! ./! ./'/)81%! 3! 1<0+2*)+1-/%! /-! 5*&/'+*! ./!
+-41'5*)+,-!3!.1)(5/-&*)+,-!)06-+)*!y/-!*./0*-&/D!B/3!@PhSAASm!'/4(/'7*!0*!/d+2/-)+*!2/-/'*0!
./0!?,.+21!?+>+0!91'!'*71-/%!./'+>*.*%!./!0*!*%+5/&'6*!./!+-41'5*)+,-!_(/!)*'*)&/'+7*!0*!'/0*)+,-!
276
5`.+)1m9*)+/-&/D!91'!0*!&'*%)/-./-)+*!./!0*%!'/0*)+1-/%!5`.+)*%D!%1<'/!&1.1!%+!/0!&'*&*5+/-&1!/%!!
*2'/%+>1D!3!/-!/%&/![0&+51!)*%1D!/d+2/!_(/!/0!)1-%/-&+5+/-&1!3!0*!+-41'5*)+,-!%(4+)+/-&/%!%1<'/!
01%! '+/%21%! 3! )*'*)&/'6%&+)*%! ./! 0*! +-&/'>/-)+,-! %/! 9'/%/-&/-! 91'! /%)'+&1! H*'&%"! U"S! 3! U"M! B/3!
@PhSAASJ"! $%&*! 0/3! /%9/)+*0! '/2(0*! 01%! %(Q/&1%D! 0*! )*9*)+.*.! -/)/%*'+*! 9*'*! )1-%/-&+'D! /0!
)1-&/-+.1!<C%+)1!./!0*!+-41'5*)+,-!'/0/>*-&/D!*%6!)151!0*%!/d)/9)+1-/%!&*-&1!*!0*!-/)/%+.*.!./!
1<&/-/'!/0!)1-%/-&+5+/-&1!./0!9*)+/-&/!)151!./!+-41'5*'0/"!
X1%! )(/%&+1-/%! )1590/Q*%! 3! -1! %+/59'/! <+/-! *<1'.*.*%! 91'! 0*! Q('+%9'(./-)+*! 3! 0*! .1)&'+-*!
/%9*:10*%! %1-D! /-! 9'+5/'! 0(2*'D! 0*%! '/0*&+>*%! *! 0*! +-41'5*)+,-! %1<'/! 0*%! )1-%/)(/-)+*%! 3D! /-!
9*'&+)(0*'D!01%!/4/)&1%!*.>/'%1%!./0!&'*&*5+/-&1!./!0*!+-&/'>/-)+,-!3!%(!2'*.1!./!9'1<*<+0+.*."!
eX/</!/0!5`.+)1!+-41'5*'!%1<'/!/4/)&1%!*.>/'%1%!_(/!%/!9'1.()/-!/-!PhP"AAA"AAA!./!)*%1%D!/-!
PhP"AAAD! /-! PhPAAf! $-! 0*! Q('+%9'(./-)+*! /%9*:10*D! /%! 4'/)(/-&/! _(/! /0! g'+<(-*0! =(9'/51!
%1%&/-2*! _(/! 0*! +-41'5*)+,-! ./<*! 9'191')+1-*'%/! +-)0(%1! %+! /0! /4/)&1! /%! '*'6%+51! /-! 01%!
&'*&*5+/-&1%!5`.+)1%!>10(-&*'+1%D!!5+/-&'*%!_(/!/%!5C%!40/d+<0/!/-!01%!&'*&*5+/-&1%!-/)/%*'+1%!
V]^]H/0_H/0`2:00H/#&/2:/#&/&"&<.H/SOC/a.>e/B"+."$./]&$E(>/l,$"+("(W;/$-!%/2(-.1!0(2*'D!/0!
*'&"! #"@! B/3! @PhSAAS! /%&*<0/)/! _(/! /0! 5`.+)1! 9(/./! 1<>+*'! 0*! +-41'5*)+,-! %+! )'//! _(/! 9(/./!
'/%(0&*'! )1-&'*9'1.()/-&/! 9*'*! 0*! %*0(.! ./0! 9*)+/-&/! H%+-! 9/'Q(+)+1! ./! _(/! %/! +-41'5/! *! 01%!
4*5+0+*'/%J!3!(-*!9'C)&+)*!%1)+*0!!+->/&/'*.*!3!-1&1'+*!/-!-(/%&'*!)(0&('*!)1-.()/!*!_(/!5()81%D!
91'! -1! ./)+'! 0*! 5*31'6*D! ./! 01%! 9*)+/-&/%! *4/)&*.1%! 91'! /-4/'5/.*./%! 2'*>/%! 1! &/'5+-*0/%!
+2-1'/-!%(!)1-.+)+,-D!+-)0(%1!)(*-.1!>*-!*!%/'!1<Q/&1!./!+-&/'>/-)+1-/%!./!5()8*!/-&+.*."!B*!
)(/%&+,-! 91&/-)+*0! 9*'/)/'6*! %/'! 2'*>/! 9/'1! 01! )+/'&1! /%! _(/! 0*! Q('+%9'(./-)+*! -1! .*! '*7,-! ./!
)1-40+)&1%!/-!01%!)(*0/%!0*!)(/%&+,-!%/!8*3*!90*-&/*.1"!
$0! 5*-(*0D! )0C%+)1! 3! ./! '/4/'/-)+*! /-! /%&*! 5*&/'+*D! /%! /0! ./! ^(0+1! ?`%*'! FRBYG! ?nEgÉ=D!
B"%!*4%(D')'7(7$9'0')$6F7'9(D!@Ä!/."D!?+>+&*%!g815%1-!E/(&/'%D!G*>*''*D!SAP@"!
5;4;/n(%$=$&"+./$"#&R$#./Vx<."?I,-/'."%&)+$."H/x<."?I,-/U$<+LH/x<."?I,-/K$I&W/
$-! 0*! )(0&('*! ./0! /*66*4$ =(>! %(/0/! .+%&+-2(+'%/! /-&'/! T#*4@H,)$ /*49"!-'*4S$ T#*4@H,)$ O'#-ES$
T#*4@H,)$='H"$$-!/0!9'+5/'!2'(91!./!%(9(/%&1%D!0*!'/)0*5*)+,-!%/!+-&/'91-/!91'!/0!8/)81!5+%51!
./0! /5<*'*71D! -1'5*05/-&/! )(*-.1! /0! 815<'/! 1! 0*! 5(Q/'! %/! 8*<6*-! %15/&+.1! *! (-*!
+-&/'>/-)+,-!4*00+.*!./!/%&/'+0+7*)+,-!3!/0!*)&1'!'/)0*5*!*0!5`.+)1!_(/!0*!9'*)&+),"!$-!/0!%/2(-.1D!
/0!5`.+)1!-1!*.>+'&+,!*!0*!2/%&*-&/!%1<'/!5*041'5*)+1-/%!)1-2`-+&*%!./0!4/&1!3!%/!0*!9'+>,!./!0*!
91%+<+0+.*.!./!./)+.+'!*<1'&*'"!$-!/0!&/')/'1D!/%!/0!-+:1!5+%51D!>6)&+5*!./!(-*!+->*0+./7D!_(+/-!
'/)0*5*! )1-&'*! %(%! 9*.'/%! 1! )1-&'*! /0! 5`.+)1! 91'! -1! 8*</'! +59/.+.1! _(/! 00/2*'*! *0! 5(-.1! 1D!
5C%! %/-)+00*5/-&/D! 91'_(/! 0*! >+.*! ./! (-*! 9/'%1-*! .+%5+-(+.*! /%! 5()81! 5C%! .+46)+0! 3! )1%&1%*!
_(/!0*!./!1&'*!_(/!-1!01!/%"
B*%! )(/%&+1-/%! '/0*)+1-*.*%! )1-! 01%! &'/%! %(9(/%&1%! /%&C-! /-! /0! )/-&'1! ./! (-1! ./! 01%! ./<*&/%!
)(0&('*0/%D! 51'*0/%D! /)1-,5+)1%! 3! %1)+*0/%! 5C%! /-)1-*.1%! ./0! [0&+51! 5/.+1! %+201! 3! /59+/7*-!
91'!0*!&'*.())+,-!5+%5*!./!0*%!/d9'/%+1-/%!/-!+-20`%K!qi'1-24(0rD!%+2-+4+)*!q+-Q(%&1rD!q+-./<+.1rD!
9/'1! 01%! *(&1'/%! ./! 8*<0*! /%9*:10*! 8*)/-! /_(+0+<'+1%! 9*'*! />+&*'! 8*<0*'! ./! q-*)+5+/-&1!
+-./<+.1r! 1! ./! q>+.*! +-Q(%&*r! m%/! (%*-! /d9'/%+1-/%! &*0/%! )151! q-*)+5+/-&1! +-./%/*.1rD! 91'!
/Q/5901"!B*!+-)151.+.*.!/%!/d90+)*<0/D!9/'1!/0!/(4/5+%51D!*0!4+-!4'(%&'*.1D!/%!*)*%1!9/1'"
(W/c"#.?E8)&'#.7/1%$#.
277
$0!2'(91!./!)*%1%!5C%!%/-)+001!./!'/%10>/'!/%!/0!9'+5/'1D!/0!./!)1-)/9)+,-!+-./<+.*!91'!/>+&*<0/!
HT#*4@H,)$ /*49"!-'*4JD! '/*05/-&/! _(/'+.*! />+&*'D! 9/'1! 4+-*05/-&/! *)*/)+.*"! $0! 4'*)*%1! ./! 0*!
5/.+.*! *-&+)1-)/9&+>*D! 5C%! 1! 5/-1%! .'C%&+)*D! *.19&*.*! H.+%91%+&+>1! +-&'*(&/'+-1D! >*%/)&156*D!
0+2*.('*! ./! &'159*%J! 91'! %6! %,01! -1! .*! 0(2*'! *! '/%91-%*<+0+.*.! )+>+0! ./0! 5`.+)1! 1! ./0! )/-&'1!
%*-+&*'+1! %+/59'/! _(/! /0! 9*)+/-&/! 8*3*! %+.1! 9'/>+*5/-&/! +-41'5*.1! ./! 0*%! 91%+<+0+.*./%! ./!
4'*)*%1! ./! 0*! +-&/'>/-)+,-! V]]^]H/ 0_f/ 447`2::0H/ #&/ 00/ #&/ =(F.H/ SOC/ K,$>/ S(<+*"&N[
'(-%&<<(#(/ F/ XG=&N/ [D(>&%+.=*([H/ 3_H/ / #&/ 3/ #&/ .%+,R<&/ #&/ 2:::/ VAa/ 7799WH/ SOC/ a,("/
B"+."$./ b$.-/ A*.>/ [D(>&%+.=*([W;/ B1%! )*%1%! ./! '/%91-%*<+0+.*.! )+>+0! %(/0/-! 4(-.*5/-&*'%/! 1!
<+/-! /-! 0*! 9'C)&+)*! -/20+2/-&/! ./! 0*! +-&/'>/-)+,-! V]^]H/ 0_H/ #&/ 0:/ #&/ .%+,R<&/ #&/ 0995/ VAa/
74:3WH/SOC/B"+."$./X,--G"/U(--&>+&<.>/[-$?(#,<(/#&/+<.=)(>[f/]^]H/0_H/530`0998H/#&/5/#&/
E,"$.H/ SOC/ B"+."$./ X,--G"/ U(--&>+&<.>/ [-$?(#,<(/ #&/ +<.=)(>[WH! 1! <+/-! /-! /0! )*'C)&/'!
./4/)&(1%1! ./0! 9'1.()&1! %*-+&*'+1! (&+0+7*.1! H]^]H/ 0_H/ 766`0999H/ #&/ 24/ #&/ >&)+$&=R<&H/ SOC/
B-I.">./h$--(?G=&N/A.#$-/[/#$>).>$+$D./$"+<(,+&<$"./#&I&%+,.>.[W;!!!!
]^]H/0_H/530`0998H/#&/5/#&/E,"$.H/SOC/B"+."$./X,--G"/U(--&>+&<.>;/
oX1:*!;/&'*!;"!c"D!91'!%6!3!/-!'/9'/%/-&*)+,-!./!0*!)15(-+.*.!)1-3(2*0!41'5*.*!)1-!%(!/%91%1D!
./5*-.,! *! 01%! 5`.+)1%! /%9/)+*0+%&*%! ./0! =/'>+)+1! ./! F+-/)10126*! ./0! b1%9+&*0! ;'1>+-)+*0! ./!
t*51'*D!*!.1-!^/%[%!]"!E"!3!*!.1-!?*'01%!$'-/%&1!F"!F"!%10+)+&*-.1!4(/'*-!)1-./-*.1%!*0!9*21!./!
(-*! +-./5-+7*)+,-! ./! _(+-)/! 5+001-/%! ./! 9/%/&*%! 5C%! +-&/'/%/%! 0/2*0/%! 3! )1%&*%"! B*! 9(,%($
!"-"47'! '/%+.6*! /-! (-*! +-)1''/)&*! 19/'*)+,-! ./! 0+2*.('*! ./! &'159*%! *! 0*! _(/! %/! %15/&+,! 9*'*!
/>+&*'!0*!)1-)/9)+,-D!9(/%!_(/.,!/5<*'*7*.*!3!.+1!*!0(7!*!.1%!-+:*%!2/5/0*%"
$0! ^(72*.1! ./! PÄ! I-%&*-)+*! /%&+5,! 0*! ./5*-.*! /-! 01! _(/! '/%9/)&*! *! .1-! ^/%[%! ]"! E"D! _(/! 4(/!
)1-./-*.1!*!+-./5-+7*'!*!0*!*)&1'*!/-!0*!%(5*!./!}NAP#PDN!/('1%~!H"""JD!*<%10>+/-.1!*0!'/%&1!./!
01%! ./5*-.*.1%"! $-! 2'*.1! ./! *9/0*)+,-D! 0*! R(.+/-)+*! )1-4+'5,! /%*! *<%10()+,-D! 9/'1! '/>1),! 0*!
)1-./-*!+59(/%&*!*0!%/:1'!]"!E"D!*0!)(*0!*<%10>+,!H"""J
?1-&'*!0*!%/-&/-)+*!./!0*!R(.+/-)+*!0*!*)&1'*!+-&/'9(%1!'/)('%1!./!)*%*)+,-!H"""J
}B~*!*9'/)+*)+,-!./!0*%!9'(/<*%D!./&*00*.*!3!5+-()+1%*!/-!0*!%/-&/-)+*!./!9'+5/'*!+-%&*-)+*!_(/!
/%! '/>1)*.*! 91'! 0*! R(.+/-)+*D! /%! *)/'&*.*a! 0*! '/)(''/-&/! _(/'6*! 0*! 19/'*)+,-! ./! 0+2*.('*! ./!
&'159*%D!%/2('*5/-&/!-1!%/!0/!0+2,!5C%!_(/!0*!./'/)8*D!91'_(/!%/!/%&+5,!_(/!/001!/'*!%(4+)+/-&/!
91'! )'//'! _(/! -1! &/-6*! 1>*'+1! -+! '/%&1! 56-+51! ./0! 5+%51! /-! /0! 0*.1! +7_(+/'.1! )151!
)1-%/)(/-)+*! ./! }(-*~! 19/'*)+,-! *-&/'+1'! *! 0*! _(/! *81'*! %/! )1-%+./'*D! %+/-.1! *%6! _(/! /-! /0!
+-41'5/! 9/'+)+*0! %/! .+)/! _(/! q%/! )1-%/'>*! 0*! &'159*! 3! (-*! 9*'&/! ./0! 1>*'+1r! H"""J! $0! /''1'! ./! 0*!
R(.+/-)+*!8*!%+.1!/%&+5*'!)151!+-&1)*<0/!01!_(/!%/!.+)/!/-!0*!8+%&1'+*!)06-+)*!H"""J!
$-!)1-%/)(/-)+*!01%!51&+>1%!%/!/%&+5*-D!.*-.1!0(2*'!*!0*!*-(0*)+,-!3!)*%*)+,-!./!0*!%/-&/-)+*!
H"""J!B*!%/-&/-)+*!./!9'+5/'*!+-%&*-)+*!+-)0(3/!/-&'/!01%!)1-)/9&1%!+-./5-+7*<0/%!/0!.*:1!51'*0!
*! 0*! *)&1'*D! 9'1.()+.1D! .+)/D! 91'! 01%! /5<*'*71%! -1! ./%/*.1%"! G1! 9(/./! /%&*! =*0*! )159*'&+'! &*0!
9(-&1!./!>+%&*D!91'_(/!0*!>+.*!8(5*-*!/%!(-!<+/-!9'/)+1%1!/-!)(*0_(+/'!%1)+/.*.!)+>+0+7*.*D!)(31!
1'./-*5+/-&1!Q('6.+)1!0*!9'1&/2/!*-&/!&1.1!3!%1<'/!&1.1"!G1!9(/./!*.5+&+'%/!_(/!/0!-*)+5+/-&1!
./! 8+Q1%! -1! 9'/>+%&1%! %/*! (-! 5*0! 9*'*! 01%! 9'12/-+&1'/%D! -+! %+_(+/'*! )(*-.1D! )151! 1)(''/! /-! /0!
9'/%/-&/! )*%1D! 01%! -*)+.1%! )*'/)/-! ./! &*'*! 1! /-4/'5/.*.! _(/! 9(.+/'*! %/'>+'! ./! /d)(%*! 9*'*!
%1%&/-/'! 01! )1-&'*'+1! ./! 01! *-&/'+1'5/-&/! *4+'5*.1"! n&'*! )1%*! /%! _(/! /0! 9*&'+51-+1! ./! 01%!
9'12/-+&1'/%!&/-2*!_(/!*4'1-&*'!5*31'/%!2*%&1%!1!./Q*'!./!1<&/-/'!+-2'/%1%!91'!0*!%(%9/-%+,-!1!
*<*-.1-1!./0!&'*<*Q1!*-&/!0*!)1-&+-2/-)+*!+-/%9/'*.*!./0!/5<*'*71!3!9*'&1D!3!/-!/%&/!%/-&+.1!/%!
278
*.5+%+<0/!(-*!)159/-%*)+,-!/)1-,5+)*D!_(/!%/!4+Q*!*_(6D!91'!0*%!)+')(-%&*-)+*%!_(/!./-1&*-!0*!
91)*!9'(/<*!9'*)&+)*.*D!/-!}@U"AUADNO!/('1%~!H"""J
RW/c"#.?E8)&]$"%D/
$0!%/2(-.1!2'(91!./!)*%1%D!/0!./!-*)+5+/-&1!+-./<+.1!HT#*4@H,)$O'#-EJD!91'!8+91&`&+)*5/-&/!-1!
_(/'+.1D! /%! 5C%! )1590/Q1"! $-! 0*! *)&(*0+.*.D! 0*! '/%91-%*<+0+.*.! ./0! 5`.+)1! /-! 01%! )*%1%! ./!
-*)+5+/-&1%! ./! -+:1%! )1-! 5*041'5*)+1-/%! 1! *-15*06*%! )1-2`-+&*%! -1! ./&/)&*.*%! .('*-&/! /0!
/5<*'*71!HT#*4@H,)$O'#-EJ!%(/0/!4(-.*5/-&*'%/!/-!/0!.+*2-,%&+)1!+-)1''/)&1!%1<'/!0*!)1-.+)+,-!
./0! 4/&1D! )1-! 0*! )1-%+2(+/-&/! 9'+>*)+,-! *! 0*! 5(Q/'! ./! 0*! 91%+<+0+.*.! ./! ./)+.+'! %1<'/! 0*!
)1-&+-(*)+,-! ./0! /5<*'*71! )(*-.1! %(! +-&/''(9)+,-D! .*.1! /0! )*%1D! /'*! 0/2*05/-&/! 91%+<0/"! B*!
+-./5-+7*)+,-! %(/0/! )159'/-./'! .1%! 9*'&+.*%K! /0! .*:1! 51'*0! *%1)+*.1! *! &*0! 9'+>*)+,-! 3! 0*%!
)1-%/)(/-)+*%!/)1-,5+)*%!*%1)+*.*%!*!0*!*-15*06*D!/%&1!/%D!01%!%1<'/)1%&/%!./'+>*.1%!./!&'*&*'D!
5*-&/-/'! 1! /.()*'! /%9/)+*05/-&/! *! (-! -+:1! .+4/'/-&/D! 91'! %(! +->*0+./7! 46%+)*D! %(! .+%5+-()+,-!
9%6_(+)*! 1! 91'! *5<*%! H]]^]H/ 0_H/ 0::2`2::5H/ #&/ 20/ #&/ #$%$&=R<&H/ SOC/ a.>e/ B"+."$./ ]&$E(>/
l,$"+("(f/669`2:0:H/#&/4/#&/".D$&=R<&H/SOC/a.>e/B"+."$./]&$E(>/l,$"+("(f/3_H/#&/20/#&/
I&R<&<./#&/2::6/VAa/0:46WH/SOC/\%+(D$./a,("/g&<<&<./O$"(;!R02(-1%!&'+<(-*0/%D!%+-!/5<*'21D!
'/)8*7*-!0*!+-./5-+7*)+,-!91'!/0!.*:1!9*&'+51-+*0!H]^]H/0_H/344`2:00H/#&/30/#&/=(F.H/SOC/
a.>e/ B"+."$./ ]&$E(>/ l,$"+("(W"! l-*! )(/%&+,-! ./! 41-.1! /%! _(/D! /-! -(/%&'1! 9*6%D! -1! &1.1%! 01%!
-+:1%! )1-! 0*%! 5+%5*%! .+4+)(0&*./%! %1-! *%+%&+.1%! 5`.+)*D! %1)+*0! 3! /)1-,5+)*5/-&/D! ./0! 5+%51!
51.1D!%+-1!_(/!0*!'/%91-%*<+0+.*.!)+>+0D!91'!8+9,&/%+%D!%101!+-./5-+7*!01%!)*%1%!./!-*)+5+/-&1!1!
./!>+.*!+-./<+.1%!3!0+&+2*.1%"!$%&1!/%!9*'*.,Q+)1K!(-*!2/%&*-&/!_(/!/%!+-41'5*.*!./!_(/!/0!8+Q1!
_(/! 8*! )1-)/<+.1! 9*./)/! ./! (-*! )1-.+)+,-! '/0/>*-&/! %/2[-! 0*! 0/2+%0*)+,-! /-! 5*&/'+*! ./!
+-&/''(9)+,-! 0/2*0! ./0! /5<*'*71! -1! 1<&+/-/! 01! 5+%51! _(/! 1&'*! 2/%&*-&/! _(/! -1! /%! +-41'5*.*D!
9/'1!_(/!0(/21!'/)0*5*!3!1<&+/-/!(-*!+-./5-+7*)+,-!91'!'/%91-%*<+0+.*.!)+>+0"
R%6D! 0*! Q('+%9'(./-)+*! 5*-+4+/%&*! (-*! +-)151.+.*.! 1<>+*D! 9(/%! 0*! %15<'*! ./0! -+8+0+%51! %/!
9'13/)&*!%1<'/!0*%!./)+%+1-/%!Q(.+)+*0/%K!-+-2[-!&'+<(-*0!&+/-/!-+-2[-!2`-/'1!./!9'1<0/5*%!*!0*!
81'*! ./! +-./5-+7*'! )(*0/%_(+/'*! 0/%+1-/%! 46%+)*%! 1! 9%6_(+)*%! 9/'5*-/-&/%! )*(%*.*%! *! (-*!
9/'%1-*D! /-&'/! 1&'*%! )1%*%D! 91'_(/! /0! &`'5+-1! ./! )159*'*)+,-! /%! 0*! )1-.+)+,-! ./! 0*! >6)&+5*!
*-&/%!./!%(4'+'!0*!0/%+,-!./!_(/!%/!&'*&/"!;/'1!/0!.'*5*!+-/0(.+<0/!./0!*<1'&1!/%!_(/!/0!&`'5+-1!./!
)159*'*)+,-! /%! /0! >*)61! +-%1-.*<0/! ./! 0*! +-/d+%&/-)+*! 5+%5*"! ?1-! &1.1D! 9+`-%/%/! /-! 01! _(/!
1)(''/!)1-!0*!H5*31'J!+-./5-+7*)+,-!./!0/%+1-/%!5(3!2'*>/5/-&/!+->*0+.*-&/%!)159*'*.*!)1-!
0*%! H-1'5*05/-&/! 5/-1'/%J! +-./5-+7*)+1-/%! 91'! )*(%*! ./! 5(/'&/K! 0*! *%+%&/-)+*! *0! 9*)+/-&/!
9(/./! +590+)*'! )1%&/%! 5()81! 5C%! /0/>*.1%! _(/! /0! +591'&/! (%(*05/-&/! )1-)/.+.1! 91'!
+-./5-+7*)+,-!91'!)*(%*!./!5(/'&/"!!
]^]H/0_H/#&/04/#&/=(<N./#&/2:03/VAa/2422WH/SOC/a.>e/B"+."$./]&$E(>/l,$"+("(;/&
$-! /0! )*%1D! *! 0*! *)&1'*D! /5<*'*7*.*! ./%./! .+)+/5<'/! ./! PNULD! 0/! 4(/'1-! 9'*)&+)*.*%! &'/%!
/)12'*46*%!/-!0*!)1-%(0&*!5`.+)*!9'+>*.*!./!%(!2+-/),0121!H/-!0*%!%/5*-*%!&'/+-&*!3!(-1D!&'/+-&*!
3! )+-)1! 3! &'/+-&*! 3! -(/>/! ./0! /5<*'*71JD! *(-_(/! ./! -+-2(-*! ./! /00*%! _(/.,! )1-%&*-)+*! /-! 0*!
8+%&1'+*!)06-+)*"!$0!9*'&1!%/!9'1.(Q1!/0!SN"L"PNUU!3!-*)+,!(-*!-+:*!%+-!5*-1%!-+!*-&/<'*71%"!B*!
*)&1'*! ./5*-.,! *0! 2+-/),0121! 3! *! %(! *%/2('*.1'*D! F/-/'*0! $%9*:10*! ./! =/2('1%D! ="RD! 91'!
'/%91-%*<+0+.*.! )+>+0! /-! '/)0*5*)+,-! ./! (-*! +-./5-+7*)+,-! ./! MAA"#AO! /('1%"! X/%/%&+5*.*! 0*!
./5*-.*!/-!0*%!.1%!+-%&*-)+*%D!/0!g'+<(-*0!=(9'/51!/%&+5,!/0!'/)('%1!./!0*!*)&1'*D!*9'/)+,!(-*!
+-./<+.*! ./-/2*)+,-! ./! 0*! 9'(/<*! /-! %/2(-.*! +-%&*-)+*! )1-%+%&/-&/! /-! (-! '/_(/'+5+/-&1! *0!
279
./5*-.*.1!9*'*!_(/!*91'&*'*!/0!8+%&1'+*0!5`.+)1!3!0*%!/)12'*46*%!'/*0+7*.*%!3!1'./-,!'/91-/'!
0*%!*)&(*)+1-/%!*0!515/-&1!/-!_(/!%/!8*<6*!./-/2*.1!0*!9'(/<*!/-!%/2(-.*!+-%&*-)+*"!B*!R;!B*%!
;*05*%! HPL"#"SAPAJ! .+)&,! (-*! %/2(-.*! %/-&/-)+*! /-! )(3*! >+'&(.! )1-./-,! *! 01%! ./5*-.*.1%! *0!
9*21!./!MAA"#AODA#!/('1%!/-!)1-)/9&1!./!.*:1!51'*0!3!/)1-,5+)1D!'/%10()+,-!0(/21!)1-4+'5*.*!
91'!/0!g=K!
q}b~*3! +-.+)+1%! )(*0+4+)*.1%! 91'! *-1'5*0/%! /-! /0! )(590+5+/-&1! ./! 01%! ./</'/%! 5`.+)1%! 9*'*!
/5+&+'!%(!.+*2-,%&+)1!H"""J"!}E~/%(0&*!)1-&'*'+1!*!0*!0,2+)*D!)1-!0*%!)+')(-%&*-)+*%!)1-)(''/-&/%D!-1!
>+%(*0+7*'!/-!0*%!&'/%![0&+5*%!/)12'*46*%!H%1<'/!&1.1!/-!0*%!.1%![0&+5*%!5(3!9',d+5*%!*0!4+-*0!./!
0*! 2/%&*)+,-J! *-15*06*%! 46%+)*%! )151! 0*%! ./0! 9'/%/-&/! )*%1! H"""J"! $0! .*:1! _(/! 4(-.*5/-&*! 0*!
'/%91-%*<+0+.*.! /d+%&/"! $%&*51%! *-&/! (-*! +-./<+.*! 2/%&+,-! 5`.+)*! ./0! /5<*'*71! _(/! +59+.+,!
./&/)&*'! *! &+/591! 0*%! 5*041'5*)+1-/%! 3! _(/! ./! 8*</'01! 8/)81! 8(<+/'*! 9'1>1)*.1! %10()+1-/%!
.+%&+-&*%D!*0!5*'2/-!./!(-!91%+<0/!*<1'&1D!_(/!-1!'/%(0&*!%(%&*-)+*0"!$0!.*:1D!.+)/!0*!=g=!MP!./!
5*31!./!SAPP!HE^!SAPPD!@AAAJ!D!o/%!+-./9/-.+/-&/!./!0*!./)+%+,-!./!*<1'&*'!3!'/%(0&*!-1!%,01!./0!
8/)81! ./! 8*</'! 9'+>*.1! -/20+2/-&/5/-&/! *! 0*! 5*.'/! ./! 0*! 91%+<+0+.*.! ./! ./)+.+'! *)/')*! ./! %(!
%+&(*)+,-!9/'%1-*0!3!4*5+0+*'!3!./!)1-%/-&+'D!/-!./4+-+&+>*D!.*'!>+.*!*!(-!-(/>1!%/'D!_(/!*4/)&*'C!
9'14(-.*5/-&/!*!0*!%(3*!/-!&1.1%!01%!%/-&+.1%D!%+-1!./!01%!/4/)&1%!_(/!.+)8*!9'+>*)+,-!)1-00/>*!
./'+>*.1%! ./! 01%! %(4'+5+/-&1%! 3! 9*./)+5+/-&1%! 1)*%+1-*.1%! 91'! /0! -*)+5+/-&1! ./! (-*! 8+Q*!
*4/)&*.*! 91'! (-! 5*0! +''/5/.+*<0/! m.*:1! 51'*0mD! 3! ./! 0*! -/)/%+.*.! ./! 8*)/'! 4'/-&/! *! 2*%&1%! 1!
./%/5<10%1%! /d&'*1'.+-*'+1%! 1! /%9/)+*0/%! m.*:1%! 9*&'+51-+*0/%m! &/-+/-.1! /-! )(/-&*! /-!
)(*0_(+/'!)*%1!_(/!-1!/%&*51%!*-&/!0*!)1-)/9)+,-!-1!./%/*.*!./!(-!8+Q1D!%+-1!*-&/!(-!/5<*'*71!
>10(-&*'+1! /-! /0! _(/! /0! -+:1! -1! '/9'/%/-&*! (-! .*:1! 5C%! *00C! ./! 01! _(/! )1591'&*! /%/! 90(%! _(/!
'/%(0&*!./!0*!+-)*9*)+.*.r!!H]]"XX"!#{!3!O{J"
;*<01!=RBcRXnE!?nX$E?bD!=1-+*!ERVn=!FnGtYB$tD!R'+*.-*!RFlIB$ER!BBlBBD!E1%*!VIBà!ER]$BD!B*('*!
RBBl$cR!RtGRED!=/'2+!VnERB$=!VREgÅG$tD!oR-,5*01%oD!A4.#"-!@hSAPMD!
8&&9Khhiii"+-.'/&")15h)*hf/.zOP
%W/c"#.?E8)&<$E//
$0!&/')/'!2'(91!./!)*%1%!+-)0(3/!0*%!*))+1-/%!./!01%!8+Q1%!_(/!8*-!-*)+.1!)1-!5*041'5*)+1-/%!-1!
./&/)&*.*%!.('*-&/!/0!/5<*'*71!HT#*4@H,)$='H"J!)1-&'*!%(%!9*.'/%!91'!-1!8*</'!+59/.+.1!_(/!
00/2*'*! *0! 5(-.1! 1! )1-&'*! /0! 5`.+)1! _(/! /'',! /-! /0! .+*2-,%&+)1! 91'! 01%! .*:1%! 51'*0/%! 3! 01%!
2*%&1%!*%1)+*.1%!*!0*%!5*041'5*)+1-/%"!
B*%!==g=D!PÄD!OONhSAPAD!./!@!./!-1>+/5<'/D!V;K!^1%`!R-&1-+1!=/+Q*%!p(+-&*-*!a!UMLhSAALD!./!O!
./! Q(0+1! ./! SAALD! V;K! ^1%`! R-&1-+1! =/+Q*%! p(+-&*-*D! 3! PPNLhSAALD! ./! SM! ./! -1>+/5<'/D! V;K!
$-)*'-*)+,-! E1)*! g'6*%D! '/)8*7*-! /d9'/%*5/-&/! 0*! ./5*-.*! ./! 0*! 5*.'/! 1! 01%! 9*.'/%! /-!
-15<'/!./!%(%!8+Q1%"!$-!)1-)'/&1D!/0!g=!/%&*<0/)/!/-!01%!.1%![0&+51%!)*%1%D!%1<'/!-*)+5+/-&1%!./!
-+:1%!)1-!%6-.'15/!./!X1i-K
q}?*</~! 5*-&/-/'! /0! )'+&/'+1! +-./5-+7*&1'+1! ./! 0*! 9'+5/'*! +-%&*-)+*D! %+! <+/-! )1-! /d)0(%+,-! ./0!
8+Q1!5/-1'D!/-!)(31!-15<'/!&*5<+`-!*)&[*-!01%!'/)(''/-&/%D!91'!&'*&*'%/!./!(-*!%+&(*)+,-!_(/!
*4/)&*!/d)0(%+>*5/-&/!*!01%!9*.'/%r!H]X"!@{!]^]H/0_H/837`2::7H/6/#&/E,-$.H/SOC/a.>e/B"+."$./
]&$E(>/l,$"+("(J"
280
qP{! $0! .*:1! 1)*%+1-*.1! 91'! }0*~! 4*0&*! ./! +-41'5*)+,-! *4/)&*! /-! /d)0(%+>*! *! 01%! 9*.'/%!
./5*-.*-&/%D! *! 01%! _(/! %/! 8*! 1)*%+1-*.1! (-! .*:1! 51'*0! *0! >/'%/! 9'+>*.1%! ./! 0*! +-41'5*)+,-!
-/)/%*'+*!9*'*!91./'!&15*'!./!41'5*!*./)(*.*!%(%!./)+%+1-/%"
S{! X/</! ./%)*'&*'%/! _(/! %/! 8*3*! 9'1.()+.1! (-! .*:1! *! 0*! 5/-1'D! 3*! _(/! /%&*! =*0*! 8*! >/-+.1!
)1-%+./'*-.1D!./%./!0*!%/-&/-)+*!./!#!Q(-+1!PNNU!HE^!PNNUD!@SL#JD!_(/!-1!9(/./!*.5+&+'%/!_(/!
/%&/! &+91! ./! -*)+5+/-&1%! %/*! (-! 5*0! /-! %6! 5+%51! H*%6! 5+%51! =g=! ./! PN! Q(-+1! SAAL! }! E^! SAALD!
##LS~Jr!H]X"!@{!]^]H/0_H/0097`2::7H/#&/23/#&/".D$&=R<&H/SOC/P"%(<"(%$G"/A.%(/^<*(>J"
B*!]^]H/3_H/#&/06/#&/E,"$./#&/2:0:/VAa/5706WH/SOC/]&?,"#./S&"e"#&N/Oe<&NH/'/%(/0>/!1&'1!
)*%1!/-!/0!_(/!0*!*)&1'*!.+1!*!0(7!*!(-!-+:1!)1-!=6-.'15/!./!X1i-!./%9(`%!./!8*</'%/!%15/&+.1!
*!0*!9'(/<*!./!0*!*5-+1)/-&/%+%!3!./!8*</'!%+.1!+-41'5*.*!/'',-/*5/-&/!_(/!/0!'/%(0&*.1!./!0*!
9'(/<*!/'*!-1'5*0"!$0!g=!)1-4+'5*!0*!=g=^!?15(-+.*.!c*0/-)+*-*!/-!0*!_(/!%/!)1-./-*<*!*!0*!
F/-/'*0+&*&! c*0/-)+*-*! *! 9*2*'! *0! 5/-1'! (-*! 9/-%+,-! >+&*0+)+*! 5/-%(*0! ./! P"#AA! /('1%D!
'/>*01'+7*<0/%! ./! *)(/'.1! )1-! /0! I;?D! /-! )1-)/9&1! ./0! .*:1! /)1-,5+)1! *%1)+*.1! *! 0*%!
-/)/%+.*./%! ./! )(+.*.1! 3! *&/-)+,-"! R./5C%D! 0*! =g=^! )1-./-*<*! *! 0*! F/-/'*0+.*.! c*0/-)+*-*! *!
9*2*'!*!)*.*!(-1!./!01%!9*.'/%!L#"AAA!/('1%!/-!)1-)/9&1!./!.*:1!51'*0"!
[/S(+&<$(-/%.=)-&=&"+(<$.C/^,<)$"/D;/].<+$"$H/30/'(-;3#/22:H/643/O;2#/954H/082/'(-;A)+<;/
337/V0982W
sRl=D! ^"! g8+%! )*%/! 9'/%/-&%! &8/! _(/%&+1-! 14! i8/&8/'! *! )8+0.! <1'-! i+&8! *-! 8/'/.+&*'3! *440+)&+1-!
5*3!5*+-&*+-!*!&1'&!*)&+1-!*2*+-%&!*!5/.+)*0!)*'/!9'1>+./'!i81!m</41'/!&8/!)8+0.ô%!)1-)/9&+1-m!
-/20+2/-&03! 4*+0/.! &1! *.>+%/! &8/! )8+0.ô%! 9*'/-&%! 14! &8/! 91%%+<+0+&3! 14! &8/! 8/'/.+&*'3! )1-.+&+1-D!
./9'+>+-2! &8/5! 14! &8/! 1991'&(-+&3! &1! )811%/! -1&! &1! )1-)/+>/! &8/! )8+0."! R0&81(28! &8/!
1>/'i8/05+-2!5*Q1'+&3!14!./)+%+1-%!+-!1&8/'!Q('+%.+)&+1-%!'/)12-+7/!&8/!'+28&!14!-E"$!(#"4-%!&1!
5*+-&*+-!*-!*)&+1-!(-./'!&8/%/!)+')(5%&*-)/%D!&8/!1(&m14m%&*&/!)*%/%!8*>/!(-+41'503!./-+/.!-E"$
9E')7U%! '+28&! &1! <'+-2! i8*&! 8*%! <//-! )1551-03! &/'5/.! *! qi'1-24(0! 0+4/r! *)&+1-"! I-!/,#)"47"#$ 0G$
O'*<89'"49"$=(D*#(-*#'"%!HPNUAJ!PAO!?*0"R99"M.!UPP!}PO#!?*0"E9&'"!@LL~D!81i/>/'D!&8/!?1('&!14!
R99/*0! )1-)0(./.! &8*&! (-./'! ?*0+41'-+*! ?1551-! B*i! &1'&! 9'+-)+90/%D! *-! *440+)&/.! )8+0.! )1(0.!
5*+-&*+-!%()8!*-!*)&+1-!*-.!)1(0.!q'/)1>/'!.*5*2/%!41'!&8/!9*+-!*-.!%(44/'+-2!&1!</!/-.('/.!
.('+-2! &8/! 0+5+&/.! 0+4/! %9*-! *>*+0*<0/! &1! %()8! *! )8+0.! *-.! *-3! %9/)+*0! 9/)(-+*'3! 01%%! '/%(0&+-2!
4'15!&8/!+59*+'/.!)1-.+&+1-r!H!'7"D!*&!9"!UMPJD!+-)0(.+-2!&8/!)1%&%!14!5/.+)*0!)*'/!&1!&8/!/d&/-&!
%()8!)1%&%!i/'/!-1&!'/)1>/'/.!<3!&8/!)8+0.ô%!9*'/-&%"!I-!&8/!)*%/!*&!<*'D!*!.+44/'/-&!9*-/0!14!&8/!
?1('&!14!R99/*0!.+%*2'//.!i+&8!&8/!)1-)0(%+1-!+-!/,#)"47"#!*-.!*44+'5/.!*!&'+*0!)1('&!Q(.25/-&!
.+%5+%%+-2!&8/!)8+0.ô%!)*(%/!14!*)&+1-!1-!./5(''/'"!x/!2'*-&/.!*!8/*'+-2!&1!'/%10>/!&8/!)1-40+)&"
}g8/! g('9+-%D! 8(%<*-.! *-.! i+4/D! <'1(28&! %(+&! 1-! </8*04! 14! &8/5%/0>/%! *-.! &8/+'! &i1! )8+0.'/-!
*2*+-%&! &8/+'! 983%+)+*-! *-.! *! 81%9+&*0! 41'! -/20+2/-)/! 41'! 4*+0+-2! &1! +-41'5! &8/5! &8*&! &8/+'!
144%9'+-2! i1(0.! >/'3! 0+k/03! </! &1&*003! ./*4"! =(<%/_(/-&! &1! &8+%! *00/2/.! -/20+2/-)/D! *! .*(28&/'D!
^13D!i*%!)1-)/+>/.!*-.!i*%!<1'-!&1&*003!./*4"!]1('!)*(%/%!14!*)&+1-!i/'/!*00/2/."!g8/!1-03!1-/!
+->10>/.!+-!&8+%!*99/*0!i*%!<'1(28&!1-!</8*04!14!^13D!i81!%1(28&!.*5*2/%!41'!</+-2!q./9'+>/.!14!
&8/! 4(-.*5/-&*0! '+28&! 14! *! )8+0.! &1! </! <1'-! *%! *! i810/D! 4(-)&+1-*0! 8(5*-! </+-2! i+&81(&! &1&*0!
./*4-/%%Dr! *-.! 41'! /d9/-%/%! 41'! q%9/)+*0+7/.! &/*)8+-2D! &'*+-+-2! *-.! 8/*'+-2! /_(+95/-&"r~!
Hb/-./'%1-D! ;/*'%1-D! s3%*'D! =+0+)+*-1D! g8/! g1'&%! ;'1)/%%D! L&8! /."D! R%9/-! ;(<0+%8/'%D! G/i! Z1'kD!
SAALD!9"!MMNJ!H"""J
281
g8/! <*%+)! 4*00*)3! 14! &8/! /,#)"47"#! *-*03%+%! +%! &8*&! +&! +2-1'/%! &8/! /%%/-&+*0! -*&('/! 14! &8/!
./4/-.*-&%ô!*00/2/.!i'1-2!*-.!1<%)('/%!*!)'+&+)*0!.+44/'/-)/!</&i//-!i'1-24(0!0+4/!*)&+1-%!*-.!
&8/! 1'.+-*'3! 9'/-*&*0! +-Q('3! )*%/%! -1&/.! *<1>/! H|J"! }g~8/! 1<>+1(%! &'*2+)! 4*)&! +%! &8*&! 90*+-&+44!
-/>/'!8*.!*!)8*-)/!q&1!</!<1'-!*%!*!i810/D!4(-)&+1-*0!8(5*-!</+-2!i+&81(&!&1&*0!./*4-/%%ra!+4!
./4/-.*-&%! 8*.! 9/'41'5/.! &8/+'! Q1<%! 9'19/'03D! %8/! i1(0.! -1&! 8*>/! <//-! <1'-! i+&8! 8/*'+-2!
+-&*)&D!<(&!m!*))1'.+-2!&1!&8/!)1590*+-&!m!i1(0.!-1&!8*>/!<//-!<1'-!*&!*00!H|J
F+>/-!&8+%!>+/i!14!&8/!'/0/>*-&!+-Q('3!i8+)8!&8/!90*+-&+44!8*%!%(%&*+-/.!*&!&8/!./4/-.*-&ô%!8*-.%D!
%15/! )1('&%! 8*>/! )1-)0(./.! &8*&! &8/! 90*+-&+44! 8*%! %(44/'/.! -1! 0/2*003! )12-+7*<0/! +-Q('3! 1-! &8/!
2'1(-.! &8*&! )1-%+./'*&+1-%! 14! 9(<0+)! 910+)3! .+)&*&/! *! )1-)0(%+1-! &8*&! 0+4/! m! />/-! i+&8! &8/! 51%&!
%/>/'/! 14! +59*+'5/-&%! m+%D! *%! *! 5*&&/'! 14! 0*iD! *0i*3%! 9'/4/'*<0/! &1! -1-0+4/"! g8/! ./)+%+1-%!
4'/_(/-&03! %(22/%&! &8*&! *! )1-&'*'3! )1-)0(%+1-! i1(0.! q.+%*>1ir! &8/! %*-)&+&3! *-.! >*0(/! 14! 0/%%m
&8*-m9/'4/)&!8(5*-!0+4/!H|J
}x~/! _(/%&+1-! i8/&8/'! &8/%/! )1-%+./'*&+1-%! *01-/! 9'1>+./! *! %1(-.! <*%+%! 41'! '/Q/)&+-2! &8/!
)8+0.ô%! &1'&! *)&+1-"! g1! </2+-! i+&8D! +&! +%! 8*'.! &1! %//! 81i! *-! *i*'.! 14! .*5*2/%! &1! *! %/>/'/03!
8*-.+)*99/.!1'!%(44/'+-2!)8+0.!i1(0.!q.+%*>1ir!&8/!>*0(/!14!0+4/!1'!+-!*-3!i*3!%(22/%&!&8*&!&8/!
)8+0.!+%!-1&!/-&+&0/.!&1!&8/!4(00!5/*%('/!14!0/2*0!*-.!-1-0/2*0!'+28&%!*-.!9'+>+0/2/%!*))1'./.!&1!*00!
5/5</'%!14!%1)+/&3"
V1'/1>/'D!i8+0/!1('!%1)+/&3!*-.!1('!0/2*0!%3%&/5!(-_(/%&+1-*<03!90*)/!&8/!8+28/%&!>*0(/!1-!*00!
8(5*-! 0+4/D! i/! .1! -1&! &8+-k! &8*&! +&! +%! *))('*&/! &1! %(22/%&! &8*&! &8+%! %&*&/ô%! 9(<0+)! 910+)3!
/%&*<0+%8/%! m*%! *! 5*&&/'! 14! 0*im! &8*&! (-./'! *00! )+')(5%&*-)/%! q+59*+'/.! 0+4/r! +%! q9'/4/'*<0/r! &1!
q-1-0+4/"r!H|J!!
I-!&8+%!)*%/D!+-!i8+)8!&8/!90*+-&+44ô%!1-03!*440+)&+1-!+%!./*4-/%%D!+&!%//5%!_(+&/!(-0+k/03!&8*&!*!Q('3!
i1(0.!/>/'!)1-)0(./!&8*&!0+4/!i+&8!%()8!*!)1-.+&+1-!+%!i1'%/!&8*-!-1&!</+-2!<1'-!*&!*00"!H|J!
!
}x~/! </0+/>/! &8*&! &8/! 1(&m14m%&*&/! ./)+%+1-%! *'/! 1-! %1(-./'! 2'1(-.%! +-! 810.+-2! &8*&! mi+&8!
'/%9/)&!&1!&8/!)8+0.ô%!)0*+5!41'!9*+-!*-.!%(44/'+-2!1'!1&8/'!2/-/'*0!.*5*2/%m!'/)1>/'3!%81(0.!</!
./-+/.! </)*(%/! HPJ! +&! +%! %+5903! +591%%+<0/! &1! ./&/'5+-/! +-! *-3! '*&+1-*0! 1'! '/*%1-/.! 4*%8+1-!
i8/&8/'!&8/!90*+-&+44!8*%!+-!4*)&!%(44/'/.!*-!+-Q('3!+-!</+-2!<1'-!+59*+'/.!'*&8/'!&8*-!-1&!</+-2!
<1'-D! *-.! HSJ! />/-! +4! +&! i/'/! 91%%+<0/! &1! 1>/')15/! &8/! 4+'%&! 8('.0/D! +&! i1(0.! </! +591%%+<0/! &1!
*%%/%%!2/-/'*0!.*5*2/%!+-!*-3!4*+'D!-1-%9/)(0*&+>/!5*--/'!H|J
R0&81(28!i/!8*>/!./&/'5+-/.!&8*&!&8/!&'+*0!)1('&!9'19/'03!'/Q/)&/.!90*+-&+44ô%!)0*+5!41'!2/-/'*0!
.*5*2/%D!i/!)1-)0(./!&8*&!8/'!)0*+5!41'!&8/!q/d&'*1'.+-*'3!/d9/-%/%!41'!%9/)+*0+7/.!&/*)8+-2D!
&'*+-+-2!*-.!8/*'+-2!/_(+95/-&r!&8*&!%8/!i+00!+-)('!.('+-2!8/'!0+4/&+5/!</)*(%/!14!8/'!./*4-/%%!
%&*-.%!1-!*!.+44/'/-&!411&+-2!H|J
R0&81(28!&8/!9*'/-&%!*-.!)8+0.!)*--1&D!14!)1('%/D!<1&8!'/)1>/'!41'!&8/!%*5/!5/.+)*0!/d9/-%/%D!
i/! </0+/>/! +&! i1(0.! </! +0012+)*0! *-.! *-15*01(%! &1! 9/'5+&! 1-03! 9*'/-&%D! *-.! -1&! &8/! )8+0.D! &1!
'/)1>/'!41'!&8/!)1%&!14!&8/!)8+0.ô%!1i-!5/.+)*0!)*'/"!I4!%()8!*!.+%&+-)&+1-!i/'/!/%&*<0+%8/.D!&8/!
*440+)&/.! )8+0.ô%! '/)/+9&! 14! -/)/%%*'3! 5/.+)*0! /d9/-%/%! 5+28&! i/00! ./9/-.! 1-! &8/! i81003!
41'&(+&1(%!)+')(5%&*-)/!14!i8/&8/'!&8/!9*'/-&%!*'/!*>*+0*<0/!&1!%(/!*-.!'/)1>/'!%()8!.*5*2/%!
1'! i8/&8/'! &8/! 5/.+)*0! /d9/-%/%! *'/! +-)(''/.! *&! *! &+5/! i8/-! &8/! 9*'/-&%! '/5*+-! 0/2*003!
'/%91-%+<0/!41'!9'1>+.+-2!%()8!)*'/"
282
g8/! Q(.25/-&! +%! '/>/'%/.! *-.! &8/! )*%/! +%! '/5*-./.! &1! &8/! &'+*0! )1('&! 41'! 4('&8/'! 9'1)//.+-2%!
)1-%+%&/-&!i+&8!&8+%!19+-+1-"
5;5;/M(Q./),<(=&"+&/&%."G=$%./
]^]H/3_H/#&/23/#&/=(<N./#&/2::9//VAa/25:2WH//SOC//a.(d,*"/g,&-$"/S(<+*"&N/#&/h&-(>%.;
$-! *<'+0! ./! PNNO! %/! 00/>*'1-! *! )*<1! (-*%! 1<'*%! 9[<0+)*%! ./! )1-/d+,-! ./! 0*%! 06-/*%! U! 3! PA! ./0!
5/&'1! ./! V*.'+.D! %/2[-! /0! 9'13/)&1! /0*<1'*.1! 91'! 0*! R.5+-+%&'*)+,-! 3! )(3*! /Q/)()+,-! 8*<6*!
*.Q(.+)*.1!*!]??=R!3!]??"!B*%!1<'*%!+590+)*'1-D!.('*-&/!(-!*:1!3!5/.+1!3!0*%!S@!81'*%!./0!.6*D!
(-*!/d)*>*)+,-D!*!)+/01!*<+/'&1D!/-!0*!9(/'&*!9'+-)+9*0!3!*!01!0*'21!./!&1.*!0*!4*)8*.*!./0!b1&/0!
V+2(/0!Y-2/0"!$001!1<0+2,!*0!81&/0!*!51.+4+)*'!01%!*))/%1%D!*!<*Q*'!/0!9'/)+1!./0!%/'>+)+1!3!*!)/''*'!
./&/'5+-*.*%! 71-*%D! *./5C%! ./! %191'&*'! /0! ./%90+/2(/! ./! 5*_(+-*'+*! 9/%*.*! 3! ./! 19/'*'+1%D!
910>1D!'(+.1%!3!>+<'*)+1-/%!+-8/'/-&/%!*!01%!&'*<*Q1%"
$0!PA"@"PNNLD!/0!81&/0!'/)0*5,!*!0*!?1-%/Q/'6*!./!n<'*%!;[<0+)*%D!l'<*-+%51!3!g'*-%91'&/%!./!0*!
?15(-+.*.!./!V*.'+.!MUP!5+001-/%!./!9/%/&*%!H(-1%!S!5+001-/%!./!/('1%J!91'!0*!5+-1'*)+,-!./!
+-2'/%1%!3!9`'.+.*!./!)0+/-&/0*!_(/!0*!/Q/)()+,-!./!0*%!1<'*%!8*<6*!%(9(/%&1!9*'*!/0!./%*''1001!
./0!-/21)+1"
$0!PP"PS"PNNLD!0*!?15+%+,-!;/'5*-/-&/!./0!?1-%/Q1!./!$%&*.1!/5+&+,!.+)&*5/-!./%/%&+5*-.1!0*!
'/)0*5*)+,-! %15/&+.*! *! %(! )1-%(0&*"! $0! PU"PS"PNNLD! 0*! ?1-%/Q/'6*! ./-/2,! 0*! '/)0*5*)+,-!
/d9'/%*5/-&/"
$0! b1&/0! +-&/'9(%1! '/)('%1! )1-&/-)+1%1m*.5+-+%&'*&+>1"! $0! g=^! V*.'+.! HN"O"SAA@J! ./%/%&+5,! /0!
'/)('%1! 91'_(/! )1-%+./',! _(/! /0! .*:1! -1! /'*! *-&+Q('6.+)1K! qg*0! 9/'Q(+)+1! %*0>1! )+')(-%&*-)+*%!
)1-)'/&*%! ./! *2'*>*)+,-! -1! /d)/./! /-! &*0/%! )*%1%! ./! 0*%! )*'2*%! 2/-/'*0/%! 0+2*.*%! *0! %&*&(%!
Q('6.+)1! ./! )+(.*.*-1! %+-! '/%(0&*'! 91'! /001! *-&+Q('6.+)1! H"""J! $%&1! *)1-&/)/! /-! 0*! 5*31'6*! ./! 01%!
)*%1%!./!)1-%&'())+,-!./!1<'*%!9[<0+)*%r!HR-&/)/./-&/!./!b/)81!P{J
$0!g=!/%&+5,!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!/0!81&/0!3D!/-!9*'&/D!/0!'/)('%1!)1-&/-)+1%1m!
*.5+-+%&'*&+>1D!*0!0+5+&*'!0*!)(*-&6*!+-./5-+7*&1'+*!%10+)+&*.*K
qB1%! &'*<*Q1%! 91'! %(! (<+)*)+,-! -1! +-)+.+/'1-! )1-! 0*! 5+%5*! +-&/-%+.*.! /-! 1&'1%! +-5(/<0/%D!
-/21)+1%!1!*)&+>+.*./%!./0!/-&1'-1!H"""J!G+!91'!0*!(<+)*)+,-!-+!91'!0*%!)*'*)&/'6%&+)*%!./!0*%!1<'*%!
-+! 91'! 0*! -*&('*0/7*! ./0! -/21)+1! _(/! /d901&*! .+)8*! /-&+.*.! /%&*<*! Q('6.+)*5/-&/! 1<0+2*.*! *!
%191'&*'!/0!.*:1r!H]X"!S{J"
$-!'/0*)+,-!*!0*!)(*-&6*!+-./5-+7*&1'+*D!/0!g=!'/)8*7,!/0!)C0)(01!9'19(/%&1!91'!0*!'/)(''/-&/!3!
./&/'5+-,!_(/!%/!)*0)(0*'*!/-!/Q/)()+,-!./!%/-&/-)+*!)1-41'5/!*!01%!%+2(+/-&/%!)'+&/'+1%K!
ob1&/0!V+2(/0!Y-2/0î!'/)0*5*!MUP"MLO"AAA!9/%/&*%!HS"SNS"PP#DNS!/('1%J!)1-!4(-.*5/-&1!/-!(-!
+-41'5/!/0*<1'*.1!91'!ì$?lD!R(.+&1'/%!3!?1-%(0&1'/%D!="R"î!H"""J"!$-!.+)81!+-41'5/!%/!19/'*!)1-!
.1%!5*2-+&(./%K!/0!0()'1!)/%*-&/!3!/0!.*:1!/5/'2/-&/"!B*!9'+5/'*!'/%91-./!*!0*!5+-1'*)+,-!./!
283
01%!'/%(0&*.1%!)151!)1-%/)(/-)+*!./!0*!)*6.*!./!01%!+-2'/%1%!91'!/0!/4/)&1!./!0*%!1<'*%D!5+/-&'*%!
_(/! 0*! %/2(-.*! )1-%+%&/! /-! 0*! 9`'.+.*! ./! )0+/-&/0*! 1)*%+1-*.*! 91'! 0*%! 5+%5*%! 8*%&*! %(! &1&*0!
'/)(9/'*)+,-D! /%&+5*-.1! 0*! )1''/%91-.+/-&/! .+%5+-()+,-! ./! +-2'/%1%! 3! %(! +59*)&1! /-! 01%!
'/%(0&*.1%!H"""J!
X+)81! /%&(.+1! H"""J! '/%(0&*D! %+-! /5<*'21D! +-[&+0! 9*'*! /0! 4+-! 9/'%/2(+.1D! _(/! -1! )1-%+%&/! /-!
./&/'5+-*'! 0*! +-)+./-)+*! _(/! 0*%! 1<'*%! 0+&+2+1%*%! 9(/./-! 8*</'! &/-+.1! /-! 0*! />10()+,-! ./! %(!
-/21)+1D!%+-1!/-!)(*-&+4+)*'!01%!.*:1%!3!9/'Q(+)+1%!)1-)'/&1%!3!)+/'&1%!H"""J!_(/!%/*-!)1-%/)(/-)+*!
.+'/)&*!/!+-5/.+*&*!./!0*!/Q/)()+,-!./!01%!&'*<*Q1%!H"""J"!;1'!)1-%+2(+/-&/D!./</!_(/.*'!4(/'*!./0!
)C0)(01!/0!00*5*.1!ì.*:1!/5/'2/-&/î!H"""J
?1-!0*!./-15+-*)+,-!./!ì0()'1!)/%*-&/îD!/0!.+)&*5/-!+-)1'91'*!0*!)*6.*!./!01%!+-2'/%1%!.('*-&/!
0*!/Q/)()+,-!./!0*%!1<'*%D!/%&1!/%D!/-&'/!Q(-+1!./!PNNO!3!5*31!./!PNNL!H/-!'/*0+.*.!)15/-7*'1-!
*-&/%D!/-!*<'+0!./!PNNOJ"!;*'*!/001D!>(/0>/!*!19/'*'!)1-!8+9,&/%+%!3!9'13/))+1-/%!H"""J!./!/%)*%1!
>*01'! )(*-.1! %/! &'*&*! ./! /%)(.'+:*'! /0! *3/'! 3! )1-%&*&*'! 01! _(/! 8*! 9*%*.1D! )(*-&+4+)*-.1! (-*!
0/%+,-! '/*0! 3! 9*'&+)(0*'! H"""J! };~*'*! 5/.+'! /0! .*:1! H"""J! 9(/./-! 5*-/Q*'%/! >*01'/%! '/*0/%! ./! 0*!
9'19+*! /59'/%*D! &*0! )(*0! %1-! 01%! ./)0*'*.1%! *! /4/)&1%! ./0! +59(/%&1! %1<'/! %1)+/.*./%! 9*'*! 01%!
/Q/')+)+1%!PNN#D!PNNOD!PNNL!3!PNNU"!\*%&*'C!_(/D!/-!0*!4*%/!./!/Q/)()+,-!./!%/-&/-)+*D!9*'&+/-.1!
./!*_(/001%!.*&1%D!%/!)*0)(0/!0*!/>10()+,-!_(/!./</'6*-!8*</'!%/2(+.1!01%!</-/4+)+1%!/-&'/!Q(-+1!
./!PNNO!3!5*31!./!PNNL!H"""J!./!-1!8*</'!5/.+*.1!0*%!1<'*%D!)159*'C-.101%!)1-!01%!'/*05/-&/!
1<&/-+.1%!3!./)0*'*.1%!/-!.+)81!9/'61.1D!0+5+&C-.10*!*!01%!_(/!%/*-!+59(&*<0/%!*!0*%!*)&+>+.*./%!
./%*''100*.*%!/-!/0!81&/0!H"""J"!X/!/%&/!51.1!9(/./-!)*0)(0*'%/!0*%!2*-*-)+*%!./Q*.*%!./!1<&/-/'!
.('*-&/!/0!&+/591!/-!/0!_(/!0*%!1<'*%!&(>+/'1-!0(2*'o!H]X"!@{J"!
5;6;/Oe<#$#(/#&/.).<+,"$#(#/:<#22&#E&-&'D-.7/9/
sIGFD!/(,%(-'*4S$r(),(-'*4$(47$/E(49"$'4$5"#%*4()$A4c,#&$?*#-%$A40*)0'4@$5#""3'%-'4@$A4c,#'"%$(47$
I,-,#"$/*4%"+,"49"%D!NA!ZRB$!B"^"!PM#M!HPNUPJ
]^]H/3_H/#&/27/#&/>&+$&=R<&/#&/2:00/Va}A/35:537WH/SOC/B"+."$./S(<+*/X(<%*(;/
$0! @"PP"SAA@D! V/0)81'D! -*)+.1! /-! PN@OD! *)(.+,! *0! =/'>+)+1! ./! l'2/-)+*%! ./0! b1%9+&*0! PS! ./!
1)&(<'/! HV*.'+.J! 3! _(/.,! +-2'/%*.1! /-! /0! =/'>+)+1! ./! V/.+)+-*! 8*%&*! /0! *0&*! 81%9+&*0*'+*D! /0!
S@"PS"SAA@"! X('*-&/! /%/! &+/591D! ./! 0*%! 9'(/<*%! _(/! %/! 0/! 9'*)&+)*'1-D! 00*5,! 0*! *&/-)+,-! 0*!
9'/%/-)+*! /-! /0! gR?! ./! (-! -,.(01! 9*'/-_(+5*&1%1! ./! )1-&1'-1%! +''/2(0*'/%! ./! PS! 55"! ./!
.+C5/&'1! %+&(*.1! /-! /0! 0,<(01! +-4/'+1'! ./'/)81! H9(05,-J"! $0! PN"@"SAA#D! ./%9(`%! ./! %/'!
/d*5+-*.1! /-! 0*! )1-%(0&*! ./0! =/'>+)+1! ./! G/(510126*! ./0! 5+%51! 81%9+&*0D! %/! *9'/)+,! _(/! 0*!
0/%+,-! 9(051-*'! /'*! ./! PU! 55"! ./! .+C5/&'1"! $0! SN"@"SAA#D! %/! %10+)+&,! (-! -(/>1! gR?D! 3! /0!
U"O"SAA#D! %/! +-41'5,! ./! 0*! %1%9/)8*! ./! -/190*%+*! ./! 9(05,-D! _(/! %/! )1-%+./',! +''/%/)*<0/"! =/!
+-+)+,! &'*&*5+/-&1! ./! _(+5+1&/'*9+*! 3D! *! 9*'&+'! ./0! SM"N"SAA#D! &*5<+`-! %/! *.5+-+%&',!
'*.+1&/'*9+*!*0!9*)+/-&/"!V/0)81'!4*00/)+,!/0!SL"N"SAA#"!
$0! SS"N"SAAOD! I-5*)(0*.*D! 0*! /%91%*! ./0! 4*00/)+.1D! +-&/'91-/! '/)0*5*)+,-! ./! '/%91-%*<+0+.*.!
9*&'+51-+*0! *-&/! /0! =/'>+)+1! V*.'+0/:1! ./! =*0(.! %10+)+&*-.1! (-*! +-./5-+7*)+,-! ./! POA"AAA!
/('1%!5C%!+-&/'/%/%D!_(/!%/!./%/%&+5*!91'!%+0/-)+1!*.5+-+%&'*&+>1"!
284
$0!g=^!V*.'+.!H=*0*!?mRD!=/))"!UÄD!MP"L"SAANJ!./%/%&+5*!/0!'/)('%1!)1-&/-)+1%1m*.5+-+%&'*&+>1"!
$0! g=! /%&+5*! 9*')+*05/-&/! /0! '/)('%1! ./! )*%*)+,-! 91'_(/! qH|J! *&/-.+/-.1! *0! &/-1'! ./! 01%!
+-41'5/%! )+&*.1%! 3! *-&/'+1'5/-&/! &'*-%)'+&1%! H|JD! }%/! )1-)0(3/~! _(/! )1-)(''/-! 01%! '/_(+%+&1%!
./4+-+.1'/%! ./! 0*! '/%91-%*<+0+.*.! 9*&'+51-+*0! ./! 0*! R.5+-+%&'*)+,-! H|JD! 9(/%! /0! '/&'*%1! /-! /0!
.+*2-,%&+)1! 3! 0*! '/*0+7*)+,-! &*'.6*! ./! 0*%! 9'(/<*%! _(/! 8(<+/%/-! 9/'5+&+.1! (-*! *-&/'+1'!
)1-4+'5*)+,-! ./0! .+*2-,%&+)1! ./! 9'/%(-)+,-D! %(91-/}-~! (-*! +-4'*))+,-! ./! 0*! )"3$ (#-'%! _(/! 8*!
2/-/'*.1!(-*!9`'.+.*!./!191'&(-+.*.D!/-!)(*-&1!01%!'/%(0&*.1%!8(<+/'*-!91.+.1!%/'!1&'1%r"!$0!
g=! *:*./! /-! '/0*)+,-! )1-! 0*! +-./5-+7*)+,-! _(/! qH|J! 8*! ./! &/-/'%/! /-! )(/-&*! _(/! -1! %/!
+-./5-+7*! 91'! /0! 4*00/)+5+/-&1! ./! X1-! V/0)81'! H|J! %+-1! H|J! 91'! 0*! 9`'.+.*! ./! 191'&(-+.*.!
%(4'+.*!9(/%D!*!0*!>+%&*!./!01%!'/4/'+.1%!+-41'5/%!)*</!%1%&/-/'!_(/D!/-!/%&/!)*%1D!/0!'/&'*%1!/-!0*!
9'C)&+)*! ./0! ââ/%&(.+1! -/(510,2+)1! ./0! 9*)+/-&/! 8+71! +591%+<0/! %(! &'*&*5+/-&1! )1-!
91%+<+0+.*./%!./!)('*)+,-!91'!0*!/d&/-%+,-!&(51'*0úúD!(-*!>/7!*)'/.+&*.*!ââ0*!9'/%/-)+*!./!(-!
-,.(01! 9(051-*'! %10+&*'+1! ./! <1'./%! +''/2(0*'/%! 3! 3*! ./! (-! &*5*:1! ./! PS! 55úúD! (-+.1! *! 0*%!
/%9/)+*0/%! )+')(-%&*-)+*%! ./0! 9*)+/-&/D! }3! *~! %(%! *-&/)/./-&/%! 9/'%1-*0/%! ./! 8*</'! %+.1!
&'*<*Q*.1'! ./! *%</%&1! 3! .+%10>/-&/%! 1'2C-+)1%D! *./5C%! ./! 01%! *-&/)/./-&/%! 4*5+0+*'/%! ./!
-/190*%+*! 9(051-*'! ./0! 9*.'/! 3! (-! 8/'5*-1r"! ]+-*05/-&/D! /0! g=! )1-./-*! *! 0*! R.5+-+%&'*)+,-!
;[<0+)*!*!*<1-*'!*!I-5*)(0*.*!0*!)*-&+.*.!./!MA"AAA!/('1%!/-!)1-)/9&1!./!+-./5-+7*)+,-!H]X!
L{J"
]^]H/3_H/#&/26/#&/E,"$./#&/2::8/VAa/6525WH/SOC/S(<?(<$+(/A.R-&>/c&<"J"#&N;/
H;*<01! =RBcRXnED! ]/'-*-.1! FÑV$tD! =1-+*! ERVn=! H$.%"JD! C!F47'9"$ Whho$ ()$ ?#(-(7*$ 7"$
B"%!*4%(D')'7(7$9'0')$7")$H(D#'9(4-"D!g815%1-!?+>+&*%D!?+7('!V/-1'D!SAPAD!99"!SPmSM"J
$-! /0! )*%1! *_(6! '/%(/0&1D! 0*! )(/%&+,-! 90*-&/*.*! /'*! %+! 0*! 4*0&*! ./! *.5+-+%&'*)+,-! ./! (-! 4C'5*)1!
_(/!)1-&'*''/%&*<*!01%!/4/)&1%!*.>/'%1%!./!1&'1!.+%&+-&1D!9/'1!_(/!%,01!1)(''/-!/-!(-!ADAAPã!
./!01%!)*%1%D!/'*!1!-1!)1-&'*'+*!*!0*!)"3$(#-'%!./!0*!5/.+)+-*"
$0! g'+<(-*0! '/%91-.+,! *4+'5*&+>*5/-&/! *! 0*! )(/%&+,-D! /-! /0! 5*')1! ./! 0*! '/%91-%*<+0+.*.!
9*&'+51-+*0! ./! 0*%! R.5+-+%&'*)+1-/%! ;[<0+)*%D! /%! ./)+'D! /-! /0! ./! (-*! '/20*! ./! '/%91-%*<+0+.*.!
1<Q/&+>*"!G1!%+-!)+/'&*!.+4+)(0&*.D!)1-!&1.1D!)151!8*<'/51%!./!>/'"
$-! *<'+0! ./! PNNND! 01%! %/'>+)+1%! 9[<0+)1%! ./! *&/-)+,-! 5`.+)*! 9'+5*'+*! .+*2-1%&+)*'1-! *0!
'/)0*5*-&/! 3! '/)(''/-&/! /-! )*%*)+,-! (-! )(*.'1! %1%9/)81%1! ./! &(</')(01%+%"! $0! 9*)+/-&/! 4(/!
/-&1-)/%! &'*&*.1! )1-! E+4+-*8! MAA! HE+4*59+)+-*! /! I%+1-*)+.*J! 3! ;+'*)+-*5+.*D! *! 0*! /%9/'*! ./!
'/%(0&*.1%! *-*06&+)1%"! $-! *21%&1! %/! 0/! '/&+',! 0*! I%1-+*)+.*mE+4*59+)+-*! &'*%! .+*2-1%&+)C'%/0/! (-!
)(*.'1! ./! .+%5+-()+,-! ./! *2(./7*! >+%(*0! 91'! 9'1<*<0/! &1d+)+.*.! 91'! *-&+&(</')(01%+%D!
+-+)+C-.1%/!&'*&*5+/-&1!)1-!)1590/Q1!>+&*56-+)1!\"!
$-!1)&(<'/!3!.+)+/5<'/!./!PNNND!01%!%/'>+)+1%!./!-/('10126*!3!./!14&*0510126*!./!.1%!81%9+&*0/%!
9[<0+)1%! )1-4+'5*'1-! (-! .+*2-,%&+)1! ./! -/('+&+%! ,9&+)*! <+0*&/'*0! )1-! .+%5+-()+,-! ./! *2(./7*!
>+%(*0D!)151!)1-%/)(/-)+*!./!(-*!'/*))+,-!&,d+)*!*!0*!5/.+)*)+,-!*-&+&(</')(01%*D!9'1<*<+0+.*.!
./!1'+2/-!+*&'12`-+)1!_(/!%/!/%&*<0/)+,!&'*%!./%)*'&*'!1&'*%!)*(%*%"!
B*! -/('+&+%! ,9&+)*D! /%! (-! /4/)&1! *.>/'%1! 5(3! +-4'/)(/-&/! ./0! &'*&*5+/-&1! )1-! E+4+-*8! MAAD!
9'1.()+.1! 91'! 0*! +%1-+*)+.*K! q}=~/! 9'1.()/! /-! *9'1d+5*.*5/-&/! (-1! ./! )*.*! .+/7! 5+0!
285
&'*&*5+/-&1%rD! /%! ./)+'D! /-! (-! ADAAP! ã! ./! 01%! )*%1%D! 9/'1! q}0~*! *.5+-+%&'*)+,-! ./! 9+'+.1d+-*! 1!
>+&*5+-*! \OD! )1-)15+&*-&/5/-&/! *0! &'*&*5+/-&1! )1-! +%1-+*)+.*D! +-&/-&*! 9'/>/-+'! 0*! ./4+)+/-)+*!
./!.+)81!)159(/%&1!/-!/0!1'2*-+%51D!.+%5+-(3/-.1!*%6!)1-%+./'*<0/5/-&/!0*!9'1<*<+0+.*.!./!
9*./)/'! -/('+&+%r! H]"! X"! @{! ./! 0*! =/-&/-)+*! '/%/:*.*D! _(/! )+&*! /0! ]"! X"! PA{! ./! 0*! =/-&/-)+*!
'/)(''+.*D!=RGD!=/))+,-!@ÄD!M"M"SAA@J"
$0! 9*)+/-&/! '/)0*5,! (-*! +-./5-+7*)+,-D! 91'! '/%91-%*<+0+.*.! 9*&'+51-+*0! ./! 0*%!
R.5+-+%&'*)+1-/%!;[<0+)*%D!91'!+591'&/!./!P#O"AAA!ê!HSO!5+001-/%!./!9/%/&*%J!_(/!8*<6*!%+.1!
'/)8*7*.*D!9'+5/'1!/-!>6*!*.5+-+%&'*&+>*!3D!./%9(`%D!/-!>6*!Q('+%.+))+1-*0!91'!0*!=RGD!=/))+,-!@ÄD!
M"M"SAA@! H;Enc! SAA@hPMM#NAJ"! B*! %/-&/-)+*! 4(/! '/)(''+.*! /-! )*%*)+,-D! /-&'/! 1&'1%D! 91'! .1%!
51&+>1%! '/0*)+1-*.1%! )1-! 0*! )1-)(''/-)+*! /-! /0! )*%1! ./! 01%! '/_(+%+&1%! ./! 0*! '/%91-%*<+0+.*.!
9*&'+51-+*0! m1<Q/&+>*m! ./! 0*%! R.5+-+%&'*)+1-/%! ;[<0+)*%! 91'! /0! 4(-)+1-*5+/-&1! -1'5*0! 1!
*-1'5*0! ./! 01%! %/'>+)+1%! 9[<0+)1%D! ./! 01%! *'&6)(01%! PAO! ?$! 3! PMN! ./! 0*! B/3! MAhPNNSD! ./! SO! ./!
-1>+/5<'/D! ./! E`2+5/-! ^('6.+)1! ./! 0*%! R.5+-+%&'*)+1-/%! ;[<0+)*%! 3! ./0! ;'1)/.+5+/-&1!
R.5+-+%&'*&+>1!?15[-!HB/3!MAhPNNSJ"
B*!=/-&/-)+*!./0!g'+<(-*0!=(9'/51!*4+'5,K
q}$~%! .1)&'+-*! Q('+%9'(./-)+*0! )1-%10+.*.*! 0*! _(/! /-&+/-./! _(/! 0*! 5+%5*! }0*! '/%91-%*<+0+.*.!
9*&'+51-+*0!/%!1<Q/&+>*!1!./!'/%(0&*.1D!./!5*-/'*!_(/!01!'/0/>*-&/!-1!/%!/0!9'1)/./'!*-&+Q('6.+)1!
./!0*!R.5+-+%&'*)+,-D!%+-1!0*!*-&+Q('+)+.*.!./0!'/%(0&*.1!1!0/%+,-!*(-_(/!H|J!/%!+59'/%)+-.+<0/!
_(/! /d+%&*! -/d1! )*(%*0! /-&'/! /0! 4(-)+1-*5+/-&1! -1'5*0! 1! *-1'5*0! ./0! %/'>+)+1! 9[<0+)1! 3! /0!
'/%(0&*.1!0/%+>1!1!.*:1%1!9'1.()+.1"r!H]"!X"!M{J
G1!1<%&*-&/D!/-!/0!9C''*41!%+2(+/-&/!./!5+%51!](-.*5/-&1!./!X/'/)81!%/!9(/./!0//'K
q}$~%! &*5<+`-! .1)&'+-*! Q('+%9'(./-)+*0! '/+&/'*.*! }%+2(/-! )+&*%! *! 0*%! ==g=! SA"M"SAALa! L"M"SAALa!
PO"M"SAA#~! _(/! *! 0*! R.5+-+%&'*)+,-! -1! /%! /d+2+<0/! -*.*! 5C%! _(/! 0*! *90+)*)+,-! ./! 0*%! &`)-+)*%!
%*-+&*'+*%! /-! 4(-)+,-! ./0! )1-1)+5+/-&1! ./! 0*! 9'C)&+)*! 5`.+)*D! %+-! _(/! 9(/.*! %1%&/-/'%/! (-*!
'/%91-%*<+0+.*.! <*%*.*! /-! 0*! %+590/! 9'1.())+,-! ./0! .*:1D! 9(/%&1! _(/! H|J! 01! _(/! %*-)+1-*! /-!
5*&/'+*!./!'/%91-%*<+0+.*.!%*-+&*'+*!/%!(-*!+-./<+.*!*90+)*)+,-!./!5/.+1%!9*'*!0*!1<&/-)+,-!./0!
'/%(0&*.1"r!H]"X"!M{J
$0! g'+<(-*0! )1-)/./! (-*! +-./5-+7*)+,-! ./! MA"AAA! /('1%D! *021! 5/-1%! ./! 0*! _(+-&*! 9*'&/! ./! 0*!
%10+)+&*.*!q91'!0*!9`'.+.*!./!191'&(-+.*.r!H]"X"!O{J"!$-!&`'5+-1%!./0!./'/)81!&'*.+)+1-*0!./!0*!
'/%91-%*<+0+.*.!)+>+0D!0*!9`'.+.*!./!(-*!9'1<*<+0+.*.!*9'/)+*<0/!./!/>+&*'!(-!.*:1!2'*>/D!)(3*!
91%+<+0+.*.! ./! 1)(''/-)+*! /%D! *! %(! >/7D! ./0! ADAAPãD! )1-%&+&(3/! (-*! +-4'*))+,-! ./! (-! ./</'! ./!
)(+.*.1! 5`.+)1! %+! 01%! )1%&/%! ./! />+&*'! /0! .*:1! /'*-D! )151! /'*! /0! )*%1D! /d&'*1'.+-*'+*5/-&/!
'/.()+.1%D! 9(/%! /0! /4/)&1! *.>/'%1! ./! 0*! +%+1-*)+.*! /'*! ./0! )1-1)+5+/-&1! 5`.+)1! )15[-D! 91'!
'/.()+.*! _(/! 4(/'*! 0*! 9'1<*<+0+.*.! ./! %(! 1)(''/-)+*"! ?151! *./5C%! &*0! /4/)&1! *.>/'%1! 91.'6*!
)1-&/-/'%/! )1-! 0*! .+%9/-%*)+,-! ./! >+&*5+-*! \D! 0*! 15+%+,-! ./! &*0/%! 9'/)*()+1-/%! 9*'/)/!
-/20+2/-)+*!+-)0(%1!./%./!0*!5C%!%/-)+00*!./!0*%!+-&/'9'/&*)+1-/%!91%+<0/%!./!0*!4,'5(0*!./!b*-."!
B*!)1-)0(%+,-!*!0*!_(/!00/2*!0*!=*0*!g/')/'*!/%!)1''/)&*"!B*!'/%91-%*<+0+.*.!91'!15+%+,-!%+/59'/!
01!/%!91'!+-4'*))+,-!./!./</'/%!./!)(+.*.1"!
286
6;/ K&>$."&>/ )&<>."(-&>/ F/ =$+$?(%$G"/ V'.=)&">(+.<F/ M(=(?&>C/
O&<>."(-/@"E,<F/("#/S$+$?(+$."W/
?(*-.1!0*!>6)&+5*!./!(-!.*:1!H9/'%1-*0!1!./!1&'1!1'./-J!1'+00*!>10(-&*'+*!3!./%)(+.*.*5/-&/!
&1.*! 191'&(-+.*.! '*71-*<0/! ./! -/(&'*0+7*'! 1! 5+&+2*'! *02(-*%! ./! %(%! )1-%/)(/-)+*%! 8*3! .1%!
/-41_(/%! _(/! 9/'5+&/-! )1-&/-/'! '*71-*<0/5/-&/! /0! *0)*-)/! ./! 0*! '/%91-%*<+0+.*.! ./0! .*:1!
1'+2+-*'+1! 3! ./! +-)/-&+>*'! *! 0*! >6)&+5*! 5+%5*! *! 8*)/'! 01! _(/! /%&`! /-! %(! 5*-1! 9*'*! '/.()+'! 01%!
.*:1%K! (-! 9'+5/'! /-41_(/! %/! )/-&'*! /-! /0! '/_(+%+&1! ./! 0*! )*(%*0+.*."! ;(/./-! )1-)(''+'!
)+')(-%&*-)+*%! &*0/%! /-! 0*%! )(*0/%! )(*0_(+/'! 1<%/'>*.1'! '*71-*<0/! /-&+/-.*! _(/! 01%! .*:1%!
(0&/'+1'/%!./'+>*-!./0!)1591'&*5+/-&1!./!0*!>6)&+5*!3!-1!./0!./5*-.*.1"!l-!%/2(-.1!/-41_(/!
*9(-&*! *! 0*! -/20+2/-)+*! )1-&'+<(&+>*! ./! 0*! 9'19+*! >6)&+5*"! ?1-! &1.1D! /0! *-*0+%&*! 8*<'C! ./!
/d&'/5*'!0*!9'(./-)+*!/-!0*!/>*0(*)+,-!Q('6.+)*!./!01%!)*%1%!3!(-!<(/-!&*5+7!91.'6*!)1-%+%&+'!/-!
&/-/'!/d)0(%+>*5/-&/!/-!)(/-&*!0*!-/20+2/-)+*!2'*>/!1!0*!./%*&/-)+,-!+-&/-)+1-*.*!3!>10(-&*'+*!
./! 0*! >6)&+5*"! B*! -/20+2/-)+*! %+590/! 9'1<*<0/5/-&/! ./</'6*! 91./'! %/'! &/-+.*! /-! )(/-&*!
[-+)*5/-&/!/-!01%!)*%1%!/-!01%!)(*0/%!0*!>6)&+5*!91&/-)+*0!+-&/'*)&[*!)1-!/0!)*(%*-&/!./0!.*:1!/-!
)1-.+)+1-/%!./!'*71-*<0/!+2(*0.*.D!%+5/&'6*!./!+-41'5*)+,-!3!_(+7C%!&*5<+`-!./!'/)+9'1)+.*."!
B*!+./*!'/)&1'*!8*!./!%/'!%+/59'/!_(/!/0!)*(%*-&/!./!.*:1%!/-)(/-&'*!*!0*!>6)&+5*!)151!/%&C!3!
-1!9(/./!%15/&/'0*!./%9(`%!./!8*</'0/!)*(%*.1!(-!.*:1!*!)*'2*%!/%9/)64+)*%!./!.+0+2/-)+*"!b*3D!
91'!*%6!./)+'01D!91%+)+1-/%!./!2*'*-&/!"3$(4-"!9/'1!&*5<+`-!8*3D!3!)1-!5*31'!51&+>1D!91%+)+1-/%!
./!2*'*-&/!"3$!*%-"!p(+/-!8*!)*(%*.1!(-!.*:1!&+/-/D!*./5C%!./0!./</'!./!)159/-%*'01D!1&'1!./!
*&/-)+,-!3!%/2(+5+/-&1!"3$!*%-"!
6;0;/S(+&<$(-/%.=)-&=&"+(<$.C/c$))$-42&(J&]"$?D%&&V632/n;w;];2#/76:/n;w;],);H0995W/
xRBBR?bD! ^l=gI?$"! ;0*+-&+44! E1<<+-%! i*%! *! 9*%%/-2/'! +-! *-! *(&151<+0/! .'+>/-! <3! 8/'! LAm3/*'m
10.!4*&8/'!1-!*-!(9%&*&/!8+28i*3"!R-!/3/i+&-/%%!%*i!&8/!)*'!>//'!144!&8/!'1*.!*&!*<1(&!O#!598!
*-.! &('-! 1>/'! +-! *! )(0>/'&! 1-! *.Q1+-+-2! 4*'50*-."! g8/'/! i*%! )+')(5%&*-&+*0! />+./-)/! &8*&! &8/!
.'+>/'D! i81! 8*.! .'+>/-! i+&8! &8+%! 90*+-&+44! *-.! 1&8/'! 4*5+03! 5/5</'%! /*'03! &8*&! 51'-+-2! 4'15!
G/i!Z1'k!?+&3!&1!;0*&&%<('28!*-.!i*%!'/&('-+-2!&8/!%*5/!.*3D!8*.!4*00/-!*%0//9!*&!&8/!i8//0"!
g8+%!i*%!)1-.()&!&8*&!&8/!Q('3!41(-.!&1!</!<1&8!-/20+2/-&!*-.!*!9'1d+5*&/!)*(%/!14!&8/!*))+./-&"!
n-! &8+%! *99/*0D! ./4/-.*-&%D! i81! +-)0(./! &8/! 0/%%1'%! 14! &8/! >/8+)0/D! .1! -1&! %/'+1(%03! )1-&/%&!
0+*<+0+&3a! &8/! 5*+-! +%%(/! +%! &8/! &'+*0! )1('&ô%! &'/*&5/-&! 14! 90*+-&+44! E1<<+-%ô! *00/2/.! 4*+0('/! &1!
5+&+2*&/!.*5*2/%!.(/!&1!8/'!'/0+2+1(%!</0+/4%!*%!*!^/81>*8ô%!x+&-/%%"
g8/! )/-&'*0! _(/%&+1-! 41'! (%D! 1-! *99/00*&/! '/>+/iD! +%! H|J! &8/! <'1*./'! )1-&'1>/'%3! +->10>+-2!
90*+-&+44ô%!</0+/4%!*-.!&8/+'!9'19/'!/44/)&!(91-!8/'!51-/&*'3!*i*'."!g8*&D!+-!&('-D!1<0+2/%!(%!&1!
2'*990/! i+&8! 2'*>/! )1-%&+&(&+1-*0! +%%(/%! 1'.+-*'+03! -1&! +->10>/.! +-! *! 51&1'! >/8+)0/! *))+./-&m
/>/-!1-/!*%!&'*2+)!*-.!)*&*%&'198+)!*%!&8+%!1-/"
I"
]1'!*!8(-.'/.!3/*'%!+&!8*%!<//-!%/&&0/.!0*i!+-!&8+%!%&*&/!&8*&!*!9*'&3!i81!)0*+5%!&1!8*>/!%(44/'/.!
.*5*2/! <3! &8/! &1'&! 14! *-1&8/'! +%! <1(-.! q&1! (%/! '/*%1-*<0/! *-.! 9'19/'/441'&%! &1! 5*k/! &8/!
.*5*2/! *%! %5*00! *%! 9'*)&+)*<0/r! H|J! *-.! +4! *-! +-Q('/.! 9*'&3! *001i%! &8/! .*5*2/%! &1! </!
(--/)/%%*'+03!/-8*-)/.D!&8/!+-)(''/.!01%%!Q(%&03!4*00%!(91-!8+5!H|J"
287
;0*+-&+44! E1<<+-%! %(44/'/.! *! %/>/'/03! .*5*2/.! 0/4&! 8+9D! *%! i/00! *%! *! 9*+-4(0! +-Q('3! &1! 8/'! '+28&!
k-//"!b/'!1i-!/d9/'&!&/%&+4+/.!&8*&!+4!&8/%/!+-Q('+/%!i/'/!-1&!*00/>+*&/.!<3!i/00!'/)12-+7/.!*-.!
(-+>/'%*003! *))/9&/.! %('2+)*0! 9'1)/.('/%D! 8/'! 9'12-1%+%! i*%! 41'! *! i8//0)8*+'m<1(-.! 0+4/!
</)*(%/!14!&8/!+-/>+&*<+0+&3!14!-/)'1&+)!./>/0195/-&!+-!&8/!<1-/!%&'()&('/!14!&8/%/!0+5<%"
V1'/1>/'D! *00! &8/! /d9/'&%! *2'//.! &8*&! &8/! %('2+)*0! +-&/'>/-&+1-! *>*+0*<0/! &1! &8+%! 90*+-&+44! H#S!
3/*'%!14!*2/!*&!&8/!&+5/!14!&8/!*))+./-&J!144/'/.!8/'!&8/!9'1%9/)&!14!*!211.!'/)1>/'3!*-.!*!-/*'!
-1'5*0! 0+4/"! b1i/>/'D! E1<<+-%D! *! ./>1(&! ^/81>*8ô%! x+&-/%%D! 9'/%/-&/.! 9'114! H)8+/403! 4'15! 8/'!
1i-!81%9+&*0!'/)1'.%J!&8*&!%8/!i*%!1<0+2/.!&1!'/4(%/!&8/%/!'/)155/-./.!%('2/'+/%!</)*(%/!8/'!
)8(')8!9'18+<+&%!&8/!<011.!&'*-%4(%+1-%!&8/3!i1(0.!-/)/%%*'+03!/-&*+0"
I-!*))1'.*-)/!i+&8!%/&&0/.!0*iD!&8/!G/i!Z1'k!9*&&/'-!Q('3!+-%&'()&+1-!1-!&8/!%(<Q/)&!14!.*5*2/!
5+&+2*&+1-! '/4/'%! &1! &8/! *)&+1-%! 14! q*! '/*%1-*<03! 9'(./-&! 9/'%1-r! *-.! 5/*%('/%! &8/! .(&3! &1!
5+&+2*&/!+-!*))1'.*-)/!i+&8!&8*&!%&*-.*'."!R0&81(28!&8/!&'+*0!)1('&!*)_(*+-&/.!&8/!Q('3!i+&8!&8/!
/d+%&/-)/!14!&8*&!%&*-.*'.D!+&!)8*'2/.!&8*&!+-!&8+%!)*%/!&8/!%&*-.*'.!&1!</!*990+/.!i*%!%15/&8+-2!
>/'3!.+44/'/-&H|J"
I-! *<*-.1-+-2! &8/! q'/*%1-*<03! 9'(./-&! 9/'%1-r! &/%&! +-! 4*>1('! 14! *! q'/*%1-*<0/! ^/81>*8ô%!
x+&-/%%r! %&*-.*'.D! 1>/'! ./4/-.*-&%ô! 1<Q/)&+1-D! &8/! &'+*0! )1('&! 9/')/+>/.! &8/! +%%(/! *%! +->10>+-2!
&8+%! 90*+-&+44ô%! 4(-.*5/-&*0! '+28&! &1! &8/! 4'//! /d/')+%/! 14! 8/'! '/0+2+1-D! 9'1&/)&/.! <3! &8/! ]+'%&!
R5/-.5/-&!&1!&8/!l-+&/.!=&*&/%!?1-%&+&(&+1-!H|J"
I-!1('!>+/iD!&8/!*-*03%+%!14!&8/!&'+*0!)1('&!)1-&*+-/.!5*-3!40*i%"!g8/!4+'%&!/''1'!i*%!+-!./4+-+-2!
&8/! 4(-.*5/-&*0! +%%(/! *%! i8/&8/'! *-3! Q('3! >/'.+)&! )1(0.! </! 9/'5+&&/.! &1! )1-40+)&! i+&8! &8+%!
90*+-&+44ô%! q'/0+2+1(%! </0+/4! &8*&! +&! 5*3! </! </&&/'! &1! %(44/'! 9'/%/-&! 9*+-! &8*-! &1! </! <*''/.! 4'15!
/-&/'+-2!&8/!s+-2.15!14!b/*>/-r!H|J"
G1!1-/!%(22/%&%!&8*&!&8/!=&*&/D!1'D!41'!&8*&!5*&&/'D!*-31-/!/0%/D!8*%!&8/!'+28&!&1!+-&/'4/'/!i+&8!
&8*&!'/0+2+1(%!</0+/4"!\(&!&8/!'/*0!+%%(/!8/'/!+%!i8/&8/'!&8/!)1-%/_(/-)/%!14!&8*&!</0+/4!5(%&!</!
4(003!9*+.!41'!8/'/!1-!/*'&8!<3!%15/1-/!1&8/'!&8*-!&8/!+-Q('/.!</0+/>/'!H|J"
R5/'+)*-! )1('&%! 8*>/! -1! <(%+-/%%! /-.1'%+-2! 1'! )1-./5-+-2! &8/! &'(&8! 1'! 4*0%+&3! 14! *-31-/ô%!
'/0+2+1(%!</0+/4%"!H|J!R-!/d&'*1'.+-*'3!/d*590/!14!&8/!9/'+0%!14!%()8!*-!/d)('%+1-!+%!&8/!'/)/-&!
V+--/%1&*! )*%/! 14!B(-.5*-!>"!V)s1i-D!#MA!G"x"S.!UALD!USUD!i8/'/!.*5*2/%!i/'/!*i*'./.!
*2*+-%&!*!?8'+%&+*-!=)+/-&+%&!%&/94*&8/'!i81!<01)k/.!)1->/-&+1-*0!&'/*&5/-&!&8*&D!&1!*!5/.+)*0!
)/'&*+-&3D! i1(0.! 8*>/! %*>/.! *! 31(-2! )8+0.ô%! 0+4/"! b/'/! i*%! *! 8/*0&83! PPm3/*'m10.! <13! i81!
%())(5</.! &1! *! %(../-! 1-%/&! 14! Q(>/-+0/! .+*</&/%D! *! .+%/*%/! &8*&! +%! /*%+03! .+*2-1%*<0/! *-.!
&'/*&*<0/! <3! )1->/-&+1-*0! 5/.+)*0! 9'*)&+)/"! I-%&/*.D! 8+%! 51&8/'! *-.! %&/94*&8/'! /-0+%&/.! &8/!
%/'>+)/%!14!?8'+%&+*-!=)+/-)/!9'*)&+&+1-/'%!i81!9'1>+./.!1-03!q%9+'+&(*0!&'/*&5/-&"r!g8/!)8+0.ô%!
)1-.+&+1-!./&/'+1'*&/.!'*9+.03D!*-.!8/!.+/.!&8'//!.*3%!0*&/'"!g8/'/!i*%!/>+./-)/!&8*&!*!%81&!14!
+-%(0+-!*.5+-+%&/'/.!*%!0*&/!*%!&i1!81('%!</41'/!./*&8!)1(0.!8*>/!%*>/.!8+5"!R!i'1-24(0!./*&8!
*)&+1-!i*%!)155/-)/.!<3!&8/!)8+0.ô%!-*&('*0!4*&8/'!*-.!8+%!10./'!%+%&/'!*2*+-%&!&8/!51&8/'!*-.!
%&/94*&8/'D! &8/! >*'+1(%! %9+'+&(*0! 9'*)&+&+1-/'%D! *-.! &8/! ?8'+%&+*-! =)+/-)/! ?8(')8! +&%/04"! R! Q('3!
*i*'./.!)159/-%*&1'3!.*5*2/%!*2*+-%&!*00!./4/-.*-&%!+-!&8/!*51(-&!14!ö#"S!5+00+1-!H'/.()/.!
1-!91%&m&'+*0!51&+1-!&1!öP"#!5+00+1-JD!*-.!öN!5+00+1-!+-!9(-+&+>/!.*5*2/%!*2*+-%&!&8/!)8(')8"!g8/!
V+--/%1&*! ?1('&! 14! R99/*0%! 1>/'&('-/.! &8/! >/'.+)&! *2*+-%&! &8/! )8(')8! *-.! +&%! 144+)+*0%D! <(&!
(98/0.!&8/!91'&+1-!14!&8/!*i*'.!*2*+-%&!&8/!51&8/'D!%&/94*&8/'!*-.!01)*0!9'*)&+&+1-/'%!H|J"!
II"
288
H|JI&! %//5%! *99*'/-&! &1! (%! &8*&! *! 9/'%1-! +-! 90*+-&+44! E1<<+-%ô! 91%+&+1-! 5(%&! </! 9/'5+&&/.! &1!
9'/%/-&! &1! &8/! Q('3! &8/! <*%+%! 41'! 8/'! '/4(%*0! 14! 5/.+)*0! &'/*&5/-&a! 1&8/'i+%/D! &8/! Q('3! i1(0.!
%+5903!</!0/4&!i+&8!&8/!4*)&!14!8/'!'/4(%*0D!i+&81(&!*-3!/d90*-*&+1-!*&!*00"!n-)/!%()8!/>+./-)/!+%!
H*%!+&!%81(0.!</J!'/)/+>/.D!&8/!)1('&!+%!)*00/.!(91-!&1!+-%&'()&!&8/!Q('1'%!*%!&1!81i!%()8!/>+./-)/!
%81(0.!*44/)&!&8/+'!./0+</'*&+1-%"!R..'/%%+-2!&8+%!+%%(/D!i/!810.!&8*&!&8/!9*&&/'-!Q('3!+-%&'()&+1-!
5(%&!</!%(990/5/-&/.!8/'/!i+&8!&8/!41001i+-2!.+'/)&+1-K!qI-!)1-%+./'+-2!i8/&8/'!&8/!90*+-&+44!
*)&/.!*%!*!'/*%1-*<03!9'(./-&!9/'%1-D!31(!5*3!)1-%+./'!&8/!90*+-&+44ô%!&/%&+51-3!&8*&!%8/!+%!*!
</0+/>/'!+-!&8/!^/81>*8ô%!x+&-/%%!4*+&8D!*-.!&8*&!*%!*-!*.8/'/-&!14!&8*&!4*+&8D!%8/!)*--1&!*))/9&!
*-3! 5/.+)*0! &'/*&5/-&! i8+)8! '/_(+'/%! *! <011.! &'*-%4(%+1-"! I! )8*'2/! 31(! &8*&! %()8! </0+/4! +%! *!
4*)&1'!41'!31(!&1!)1-%+./'D!&12/&8/'!i+&8!*00!&8/!1&8/'!/>+./-)/!31(!8*>/!8/*'.D!+-!./&/'5+-+-2!
i8/&8/'!&8/!90*+-&+44!*)&/.!'/*%1-*<03!+-!)*'+-2!41'!8/'!+-Q('+/%D!k//9+-2!+-!5+-.D!81i/>/'D!&8*&!
&8/!1>/''+.+-2!&/%&!+%!i8/&8/'!&8/!90*+-&+44!*)&/.!*%!*!'/*%1-*<03!9'(./-&!9/'%1-D!(-./'!*00!&8/!
)+')(5%&*-)/%!)1-4'1-&+-2!8/'r"
7;/ '.=)(+$R$-$#(#/ #&/ I,&"+&>/ $"#&="$N(+.<$(>/ :'#))-%/"-)& 6#8"7/&
"8)/9/
-
-
;*<01! =RBcRXnE! ?nX$E?b! /&"! *0"! HSAAOJD! q$0! ./'/)81! /%9*:10! ./! .*:1%! /-! SAA#K!
?*'*)&/'6%&+)*%!
.+4/'/-)+*0/%rD!
V)*D()$
w,#'%-D!
O"!#"%%D!
c10"!
O!
H8&&9Khhiii"</9'/%%")15h)2+h>+/i)1-&/-&")2+f!*'&+)0/zPPULu)1-&/d&z2QJD!9C2%"!PLmSS"!
]/'-*-.1! FÑV$t! ;nVRED! qE/%91-%*<+0+.*.! /d&'*)1-&'*)&(*0! 3! 1&'*%! 4(/-&/%! ./! '/9*'*)+,-!
./!.*:1%K!q?100*&/'*0!=1(')/!E(0/r!3!*4+-/%rD!A4.#"-!PhSAAAD!iii"+-.'/&")15
K&F/ 35`0995H/ #&/ (F,#(/ F/ (>$>+&"%$(/ (/ -(>/ D*%+$=(>/ #&/ #&-$+.>/ D$.-&"+.>/ F/ %."+<(/ -(/
-$R&<+(#/>&i,(-/V#&/00/#&/#$%$&=R<&WC
B<+;/5;/@"%.=)(+$R$-$#(#&>;/
qP"!B*!9/')/9)+,-!./!0*%!*3(.*%!'/2(0*.*%!/-!0*!9'/%/-&/!B/3!-1!%/'C!)159*&+<0/!)1-!0*!
9/')/9)+,-!./!0*%!+-./5-+7*)+1-/%!91'!.*:1%!3!9/'Q(+)+1%!)*(%*.1%!91'!/0!./0+&1D!_(/!%/!
/%&*<0/7)*-!5/.+*-&/!%/-&/-)+*"
G1!1<%&*-&/!01!/%&*<0/)+.1!/-!/0!9C''*41!*-&/'+1'D!9'1)/./'C!/0!/>/-&(*0!*<1-1!./!&1.*!1!
9*'&/!./!0*!*3(.*!'/2(0*.*!/-!0*!9'/%/-&/!B/3!3!-1'5*%!./!./%*''1001!)(*-.1!/0!)(09*<0/!
./0!./0+&1!8*3*!%+.1!./)0*'*.1!/-!%+&(*)+,-!./!+-%10>/-)+*!9*')+*0D!%+-!_(/!/-!-+-2[-!)*%1!
9(/.*! 9/')+<+'%/! 91'! *5<1%! )1-)/9&1%! +591'&/! 5*31'! ./0! 4+Q*.1! /-! 0*! '/%10()+,-!
Q(.+)+*0"
S"! R%+5+%51D! 0*%! *3(.*%! )1-&/590*.*%! /-! /%&*! B/3! %/'C-! +-)159*&+<0/%! )1-! 0*%!
+-./5-+7*)+1-/%! 1! *3(.*%! /)1-,5+)*%! *! _(/! /0! </-/4+)+*'+1! ./! 0*%! 5+%5*%! &(>+/'*!
./'/)81! *! &'*>`%! ./! (-! %+%&/5*! ./! %/2('1! 9'+>*.1D! *%6! )151D! /-! /0! %(9(/%&1! ./!
+-)*9*)+.*.! &/591'*0! ./! 0*! >6)&+5*D! )1-! /0! %(<%+.+1! _(/! 9(.+/'*! )1''/%91-./'! 91'! &*0!
+-)*9*)+.*.!/-!(-!'`2+5/-!9[<0+)1!./!=/2('+.*.!=1)+*0"
G1! 1<%&*-&/! 01! /%&*<0/)+.1! /-! /0! 9C''*41! *-&/'+1'D! 9'1)/./'6*! /0! />/-&(*0! *<1-1! ./! 0*!
*3(.*!'/2(0*.*!/-!0*!9'/%/-&/!B/3!3!-1'5*%!./!./%*''1001D!*0!</-/4+)+*'+1!./!(-!%/2('1!
9'+>*.1! )(*-.1! /0! +591'&/! ./! 0*! +-./5-+7*)+,-! *! 9/')+<+'! /-! >+'&(.! ./0! 5+%51! 4(/'*!
289
+-4/'+1'!*!0*!4+Q*.*!/-!0*!%/-&/-)+*!%+-!_(/!0*!.+4/'/-)+*!*!9*2*'!9(/.*!%(9/'*'!/0!<*'/51!
4+Q*.1.
M"!$-!01%!%(9(/%&1%!./!0/%+1-/%!1!.*:1%!./&/'5+-*-&/%!./!0*!+-)*9*)+.*.!9/'5*-/-&/!1!
5(/'&/! ./! 0*! >6)&+5*D! 0*! 9/')/9)+,-! ./! 0*%! *3(.*%! %/'C! )159*&+<0/! )1-! 0*! ./! )(*0_(+/'!
9/-%+,-!9[<0+)*!_(/!/0!</-/4+)+*'+1!&(>+/'*!./'/)81!*!9/')+<+'"
@"! B*%! *3(.*%! 91'! +-)*9*)+.*.! 9/'5*-/-&/! %/'C-! )159*&+<0/%! )1-! 0*%! ./! +-)*9*)+.*.!
&/591'*0r"
-
K&F/32`0999H/#&/>.-$#(<$#(#/%."/-(>/D*%+$=(>/#&-/+&<<.<$>=./V#&/8/#&/.%+,R<&WC
B<+*%,-./8;/^<(">=$>$G"/#&/-(/(%%$G"/%$D$-/(-/P>+(#.;
qP"! $0! $%&*.1! %/! %(<'12*'C! /-! 01%! ./'/)81%! _(/! *%+%&/-! *! 01%! </-/4+)+*'+1%! )1-&'*! 01%!
1<0+2*.1%! +-+)+*05/-&/! *0! '/%*')+5+/-&1! )151! *(&1'/%! ./! 01%! ./0+&1%D! ./! *)(/'.1! )1-! 01!
9'/>+%&1!/-!/0!9'/%/-&/!*'&6)(01"!
S"!?1-!)*'C)&/'!9'/>+1!*!0*!9/')/9)+,-!./!0*%!+-./5-+7*)+1-/%!/%&*<0/)+.*%!/-!/%&*!B/3D!
01%! </-/4+)+*'+1%! ./</'C-! &'*-%5+&+'! *0! $%&*.1! 0*%! *))+1-/%! )+>+0/%! ./! 0*%! _(/! 4(/%/-!
&+&(0*'/%"!
M"! =+! -1! 8(<+/'/! '/)*6.1! %/-&/-)+*! 4+'5/D! 0*! >6)&+5*! 1D! /-! %(! )*%1D! 01%! ./'/)818*<+/-&/%!
&'*-%5+&+'C-!*0!$%&*.1!%(!/d9/)&*&+>*!./!./'/)81!4(-.*.*!/-!0*!4(&('*!4+Q*)+,-!Q(.+)+*0!./!
'/%91-%*<+0+.*.!)+>+0r"
B<+;/9;0/
/
q=+!0*!'/%91-%*<+0+.*.!)+>+0!8(<+/'*!%+.1!4+Q*.*!5/.+*-&/!%/-&/-)+*!4+'5/D!0*!>6)&+5*!1!%(%!
./'/)818*<+/-&/%! %,01! 9/')+<+'C-! 0*%! +-./5-+7*)+1-/%! 9'/>+%&*%! /-! /%&*! B/3! /-! 0*!
5/.+.*!/-!_(/!.+)8*!'/%91-%*<+0+.*.!-1!%/!8(<+/'*!8/)81!/4/)&+>*r"
7;0/O<&>+(%$."&>/#&/-(/]&?,<$#(#/].%$(-/&/$"#&="$N(%$G"/#&/#(Q.>/F/)&<E,$%$.>//
]^]H/ 4_H/ #&/ 04/ #&/ E,-$./ #&/ 2::9/ VAa/ 6:96WH/ SOC/ B,<&-$./ M&>#&"+(#./ U."&+&H/ K(>/
)<&>+(%$."&>/ #&/ -(/ ]&?,<$#(#/ ].%$(-/ >G-./ <&>+("/ -(/ )(<+$#(/ #&/ -,%<./ %&>("+&/ #&/ -(/
$"#&="$N(%$G"/).</<&>).">(R$-$#(#/%$D$-;
$0!PP"S"SAAM!*!$(012+1D!./!MP!*:1%!./!/.*.!3!19/'*.1'!./!5C_(+-*%!9/'4+0*.1'*%!./!)8*9*%D!%/!0/!
_(/.,!*&'*9*.1!/0!<'*71!/-!01%!'1.+001%!./!0*!5C_(+-*!_(/!/%&*<*!(&+0+7*-.1!3!%/!0/!9'1.(Q1!(-!
./%2*''1!5(%)(0*'D!)1-!'/%(0&*.1D!./%9(`%!./!>*'+*%!+-&/'>/-)+1-/%!_(+'['2+)*%D!./!q.`4+)+&!./!0*!
/d&/-%+,-!./0!)1.1!3!5(:/)*!./'/)81%!3!5*-1!/-!2*''*!)(<+&*0r"
B*!X+'/))+,-!;'1>+-)+*0!./0!IG==!+59(%1!*!0*!/59'/%*!(-!'/)*'21!./0!MAã!/-!0*%!9'/%&*)+1-/%!
./'+>*.*%! ./0! *))+./-&/! 3! ./)0*',! *0! &'*<*Q*.1'! /-! %+&(*)+,-! ./! +-)*9*)+.*.! 9/'5*-/-&/! &1&*0!
HI;gJ"!$0!)*9+&*0!)1%&/!./!0*!I;g!*%)/-.+,!*!PAM"M@UD#U!ê"!$(012+1!)1<',D!*./5C%D!./!?*&*0*-*!./!
290
n))+./-&/! PS"ASADS@! ê! /-! )1-)/9&1! ./! +-)*9*)+.*.! 9/'5*-/-&/! &1&*0! 3! ./! 0*! =/2('+.*.! =1)+*0!
PO"AP#D@A!ê!/-!)1-)/9&1!./!+-)*9*)+.*.!&/591'*0!HIgJ"
$(012+1! '/)0*5,! S#A"AAA! ê! /-! )1-)/9&1! ./! '/%91-%*<+0+.*.! )+>+0! *! 0*! /59'/%*! 9*'*! 0*! _(/!
&'*<*Q*<*D!]*<'+)*.1%!V/&C0+)1%D!="R"D!*!0*!/59'/%*!_(/!%()/.+,!*!/%&*![0&+5*D!3!*!F'1(9*5*!;0(%!
l0&'*D!*%/2('*.1'*!./!0*!'/%91-%*<+0+.*.!)+>+0!./!*_(`00*%"
$0! ^(72*.1! ./! 01! =1)+*0! -{! P! ./! R>+0`%! HM"N"SAALJ! /%&+5,! /-! 9*'&/! 0*! ./5*-.*! 3D! *90+)*-.1!
1'+/-&*&+>*5/-&/! /0! %+%&/5*! ./! <*'/51%D! )1-./-,! *! 01%! ./5*-.*.1%! *! 9*2*'! PS"MPPDLU! êD!
)*-&+.*.! _(/! '/%(0&*! ./! ./%)1-&*'! ./! 0*! +-./5-+7*)+,-! 201<*0! %/2[-! <*'/51%! H*)&(*0+7*.1%! *!
SAAOJ! mP@M"ONO! /('1%m! /0! )*9+&*0! )1%&/! ./! I;g! 3! 01! 9/')+<+.1! ./0! %/2('1"! $0! g=^! R%&('+*%!
HSA"O"SAAUJ!./%/%&+5,!/0!'/)('%1!./!%(90+)*)+,-!3!)1-4+'5,!0*!=/-&/-)+*!./0!^(72*.1"
$0! g=! /%&+5,! /0! '/)('%1! 9*'*! 0*! (-+4+)*)+,-! ./! .1)&'+-*! ./0! *)&1'D! '/>1),! 0*! =R;! 3! )1-./-,! *0!
9*21!./!NP"UAA!/('1%"!$0!g=!-1!+-)0(3,!/-!0*!+-./5-+7*)+,-!)*0)(0*.*!%/2[-!<*'/51%!/0!4*)&1'!
./! )1''/))+,-! 91'! 9/'Q(+)+1%! /)1-,5+)1%! H#"AAA! /('1%JD! 0*! 9*'&/! ./! 0*! +-./5-+7*)+,-! 91'!
0/%+1-/%!9/'5*-/-&/%!_(/!/0!g'+<(-*0!)1-%+./',!_(/!'/%91-.6*-!*!0*!.+%)*9*)+.*.!0*<1'*0!H(-1%!
M@"AAA!/('1%J!3!01!)1<'*.1!./0!%/2('1!91'!Ig"
;1'!(-!0*.1D!/0!g'+<(-*0!)1-4+'5,!_(/!/'*!./!*90+)*)+,-!*0!)*%1!0*!'/20*!./!0*!./.())+,-!./!0*%!
9'/%&*)+1-/%!./!0*!=/2('+.*.!=1)+*0K
q}R~! /4/)&1%! ./! 4+Q*'! 0*! +-./5-+7*)+,-! H"""J! ./<}/~-! ./%)1-&*'%/! ./0! +591'&/! ./0! .*:1! &1&*0! 0*%!
9'/%&*)+1-/%! ./! 0*! =/2('+.*.! =1)+*0D! /-! 0*! 5/.+.*! /-! _(/! `%&*%! )(<'/-! 0*! '/%91-%*<+0+.*.!
1<Q/&+>*! ./0! /59'/%*'+1! 91'! /0! 5+%51! 8/)81! 3! 8*-! %+.1! 4+-*-)+*.*%! 91'! `%&/! ./-&'1! ./! (-!
%+%&/5*! ./! )1</'&('*! 9[<0+)*! /-! /0! 5*')1! ./! 0*! =/2('+.*.! =1)+*0a! ./%)(/-&1! ./0! _(/D! %+-!
/5<*'21D! %/! /d)0(3/! /0! '/)*'21! /-! 0*! 5/.+.*! /-! _(/! /0! 5+%51! )(590/D! %/2[-! 0*! .1)&'+-*! ./! 0*!
=*0*D!(-*!4(-)+,-!9'/>/-&+>*!*(&,-15*r!H]X"!@{J"
;1'! 1&'1! 0*.1D! /0! g'+<(-*0D! %+2(+/-.1! 0*! .1)&'+-*! /%&*<0/)+.*! /-! 0*! ]^]H/ 4_H/ #&/ 07/ #&/ E,-$./ #&/
2::7/VAa/83:3WH/SOC/a.>e/S(",&-/KG)&N/X(<%*(/#&/-(/]&<<("(/./)0*',!0*!-/)/%+.*.!./!_(/!0*!
./.())+,-!1!)159/-%*)+,-!%/!'/*0+)/!/-&'/!)1-)/9&1%!81512`-/1%K
q}g~'*&C-.1%/! ./!9'/%&*)+1-/%! ./!0*! =/2('+.*.!=1)+*0D!_(/! '/%*')/-! 91'! 0*! 9`'.+.*! ./! +-2'/%1%!
_(/! 2/-/'*! 0*! .+%5+-()+,-! ./! 0*! )*9*)+.*.! ./! 2*-*-)+*D! &/591'*0! 1! 9/'5*-/-&/D! /%&*%!
9'/%&*)+1-/%! %,01! 9(/.*-! )159/-%*'%/! )1-! 0*%! +-./5-+7*)+1-/%! '/)1-1)+.*%! 91'! /0! 00*5*.1!
0()'1! )/%*-&/K! +2(*05/-&/! 0*%! _(/! %/! '/)1-1)/-! 91'! 0*! +-)*9*)+.*.! &/591'*0! -1! 9(/./-!
)159/-%*'%/!)1-!0*%!_(/!%/!1&1'2*-!91'!0*!+-)*9*)+.*.!9/'5*-/-&/!3!>+)/>/'%*r!H]X"!@{J"
$-! 9*'&+)(0*'D! )151! /0! )C0)(01! ./! 0*! +-./5-+7*)+,-! %/! 8*<6*! '/*0+7*.1! )1-41'5/! *! <*'/51%D! /0!
g'+<(-*0!*90+),!0*!.1)&'+-*!*-&/'+1'!*0!)*%1!./!0*!%+2(+/-&/!5*-/'*K
q}=~,01! %/! ./%)1-&*'C-! 0*! +-./5-+7*)+,-! '/)1-1)+.*! 91'! 0()'1! )/%*-&/! Hg*<0*! IcD! 4*)&1'! ./!
)1''/))+,-! 91'! 9/'Q(+)+1%! /)1-,5+)1%J! 3D! 9*')+*05/-&/! /0! 4*)&1'! ./! )1''/))+,-! ./! 0/%+1-/%!
9/'5*-/-&/%! _(/! )1-%&+&(3/-! (-*! +-)*9*)+.*.! 9*'*! 0*! 1)(9*)+,-! 1! *)&+>+.*.! 8*<+&(*0! ./! 0*!
>6)&+5*D! 9(/%! /%&/! [0&+51! 4*)&1'! )159/-%*! -1! %,01! 0*! 9`'.+.*! ./! )*9*)+.*.! 0*<1'*0! /-! %/-&+.1!
/%&'+)&1D! %+-1! &*5<+`-! 0*! 9`'.+.*! ./! 1&'*%! *)&+>+.*./%D! %*&+%4*))+1-/%! 3! 191'&(-+.*./%! ./0!
291
.+%4'(&/! ./! 0*! >+.*! H"""J! }p~(/.*'C! *0! 9'(./-&/! *'<+&'+1! ./0! Q(72*.1'! ./! 0*! +-%&*-)+*! H"""J!
./&/'5+-*'! _(`! 9*'&/! ./! 0*! )*-&+.*.! '/)1-1)+.*! H"""J! +-)*9*)+.*.! 9/'5*-/-&/! %/! +59(&*! *! 0*!
+-)*9*)+.*.!0*<1'*0!3!_(`!9*'&/!%/!+59(&*!*0!+59/.+5/-&1!9*'*!1&'*%!*)&+>+.*./%!3!1)(9*)+1-/%!
./! 0*! >6)&+5*D! *! 0*! +591%+<+0+.*.! 1! .+4+)(0&*.! 9*'*! '/*0+7*'! 01%! *)&1%! 5C%! /%/-)+*0/%! ./! 0*! >+.*!
H)15/'D!>/%&+'%/D!*%/*'%/D!/&)"J!3!*!0*!+591%+<+0+.*.!9*'*!01%!.+%4'(&/%!3!%*&+%4*))+1-/%!./!0*!>+.*!
_(/! )*<6*! /%9/'*'! /-! 01%! 5C%! >*'+*.1%! *%9/)&1%! H%/-&+5/-&*0D! %1)+*0D! 9'C)&+)*! ./! ./91'&/%D!
*%+%&/-)+*!*!*)&1%!)(0&('*0/%D!'/*0+7*)+,-!./!*)&+>+.*./%!5*-(*0/%D!/&)"Jr!H]X"!@{J"
/]^]H/0_H/688`2::8H/#&/24/#&/E,-$.H/SOC/A.=J"/X(<%*(/h(<&-(;
$0!N"S"PNNUD!^/%[%!&'*<*Q*<*!/-!0*!)101)*)+,-!./!90*-)8*%!5/&C0+)*%!/-!0*!)(<+/'&*!./!(-!9*</00,-!
+-.(%&'+*0! %1<'/! (-*! >+2*! ./! (-! 5/&'1! ./! *-)8('*! 3! 1)81! 5/&'1%! ./! *0&('*D! %+-! 5/.+.*%! ./!
%/2('+.*.D! %*0>1! (-! )+-&(',-! _(/! -1! 91.6*! /-2*-)8*'! 91'! 4*0&*! ./! /0/5/-&1%! ./! *-)0*Q/"! ^/%[%!
)*3,! *0! %(/01! &'*%! 9/'./'! /0! /_(+0+<'+1! 3D! )151! )1-%/)(/-)+*! ./0! *))+./-&/D! %(4'+,! 0/%+1-/%! 3!
%/)(/0*%!5(3!2'*>/%!_(/!51&+>*'1-!0*!./)0*'*)+,-!./!0*!+-)*9*)+.*.!9/'5*-/-&/!*<%10(&*!9*'*!
0*!'/*0+7*)+,-!./!)(*0_(+/'!1)(9*)+,-"!
B*! >6)&+5*! '/)+<+,! 9'/%&*)+1-/%! /)1-,5+)*%! ./! qV(&(*! ]'/5*9r! 3! ./0! q=/2('1! ./! G/21)+*)+,-!
?10/)&+>*r"
^/%[%! 3! V*')1! R-&1-+1D! V,-+)*! 3! c*0/-&+-*D! 4*5+0+*'/%! ./! 0*! >6)&+5*D! ./5*-.*-! *! ?*'01%!
]'*-)+%)1D!.+'/)&1'!./!0*!1<'*D!*!qI-23%/'!="?"rD!9'13/)&+%&*!./!0*!1<'*D!*!qV1-&*Q/%!I-.(%&'+*0/%!
V+'51D!="B"rD!*!qR0()1+0D!="R"r!3!*!;/.'1!]'*-)+%)1D!3!%10+)+&*-!(-*!+-./5-+7*)+,-!./!NPA"ULADMA!ê"
$0! ^;I! -{! #! ./! Y0*>*! HSL"PS"SAAAJ! /%&+5*! /-! 9*'&/! 0*! ./5*-.*! 3! )1-./-*! *! ?*'01%! ]'*-)+%)1D!
qI-23%/'!=1)+/.*.!?+>+0rD!qV1-&*Q/%!I-.(%&'+*0/%!V+'51D!="B"rD!qR0()1+0D!="R"r!3!;/.'1!]'*-)+%)1!*!
9*2*'! #US"MNUD@@! ê! *! ^/%[%! 3! @U"AUADNL! ê! *! 01%! '/%&*-&/%! *)&1'/%"! B*! R;! ./! Y0*>*! H=/))+,-! SÄD!
MA"M"SAAPJ! /%&+5*! /0! '/)('%1! ./! *9/0*)+,-! +-&/'9(/%&1! 91'! ;/.'1! ]'*-)+%)1D! *! _(+/-! *<%(/0>/D!
5*-&/-+/-.1!/0!'/%&1!./!9'1-(-)+*5+/-&1%"
$0!g=!/%&+5*!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!?*'01%!]'*-)+%)1!3!*)(/'.*!./%)1-&*'!./!0*%!
+-./5-+7*)+1-/%! 0*%! )*-&+.*./%! 9/')+<+.*%! 91'! ^/%[%! ./! 0*! qV(&(*! ]'/5*9r! 3! ./0! q=/2('1! ./!
G/21)+*)+,-!?10/)&+>*rK!!
oPÄ"!;(/./-!/d+%&+'!*))+1-/%!.+4/'/-&/%!9*'*!*0)*-7*'!0*!&1&*0!)159/-%*)+,-!./0!.*:1!1)*%+1-*.1!
91'! (-! *))+./-&/! ./! &'*<*Q1a! 0*! )159*&+<+0+.*.! -1! _(/.*! /d)0(+.*! )(*-.1! 5/.+*-&/! 0*%!
9'/%&*)+1-/%!./!0*!=/2('+.*.!=1)+*0!-1!%/!*0)*-7*!0*!)1590/&*!'/9*'*)+,-!./0!.*:1!)*(%*.1"
SÄ"! G1! 1<%&*-&/D! -1! ./</! /d+%&+'! (-*! +-./9/-./-)+*! *<%10(&*! ./! 01! 9/')+<+.1! /-! )1-)/9&1! ./!
+-./5-+7*)+1-/%! 91'! 0*%! )1-&+-2/-)+*%! *%/2('*.*%! 3! 91'! 0*%! ./! '/%91-%*<+0+.*.! )+>+0!
)1590/5/-&*'+*a! /%&*%! [0&+5*%! ./</-! )1590/&*'! 01! 3*! 9/')+<+.1D! 9*'*! />+&*'! 0*!
o%1<'/+-./5-+7*)+,-oD! /%&1! /%D! /0! /-'+_(/)+5+/-&1! +-Q(%&1a! ./! *86! _(/! )1''/%91-.*! %/-&*'! _(/!
0*%! .+%&+-&*%! +-./5-+7*)+1-/%! %1-! +-&/'./9/-.+/-&/%! ./<+.1! *! _(/D! *./5C%D! )(*-.1! /0!
*))+./-&*.1! %/! .+'+2/! *0! /59'/%*'+1! 91'! 0*! )159/-%*)+,-! ./! 01! -1! '/%*')+.1D! /0! .*:1! 3*! %/! 8*!
0+5+&*.1D!.*.1!_(/!(-*!9*'&/!./0!5+%51!4(/!+-./5-+7*.*"
292
MÄ"!$-!./4+-+&+>*D!%/!&'*&*!./!+-./5-+7*'!(-!.*:1!.+%&+-&1!1!./!)1590/&*'!0*%!+-./5-+7*)+1-/%!3*!
9/')+<+.*%!*!)*'21!./!0*!=/2('+.*.!=1)+*0!8*%&*!%*&+%4*)/'!/0!.*:1!'/*05/-&/!%(4'+.1"
@Ä"!$%&*!'/%9(/%&*!./'+>*!./!0*!)15<+-*)+,-!./0!9'+-)+9+1!./!'/%*')+5+/-&1!)1590/&1!./0!.*:1!
H*'&6)(01!PNAS!./0!?,.+21!?+>+0JD!)1-!/0!9'+-)+9+1!./!0*!9'18+<+)+,-!./0!/-'+_(/)+5+/-&1!+-Q(%&1!
H"""J
OÄ"! $-! '/0*)+,-! *0! '/)*'21! ./! 9'/%&*)+1-/%D! 0*! B/3! -1%! +-.+)*! _(/! %/! &'*&*! ./! (-! %(9(/%&1!
%*-)+1-*.1'!./0!/59'/%*'+1!-/20+2/-&/D!91'!01!_(/!-1!./</'6*!*)(5(0*'%/!/%&*!)*-&+.*.D!_(/!-1!
&+/-/!)151!4+-*0+.*.!'/9*'*'!/0!.*:1!)*(%*.1D!%+-1!%*-)+1-*'!*!_(+`-!01!8*!1)*%+1-*.1o!H]X"!@{J"
7;2/ O<&>+(%$."&>/ #&-/ >&?,<./ #&/ <&>).">(R$-$#(#/ %$D$-/ F/ )<&>+(%$."&>/ #&-/ >&?,<./ #&/
(%%$#&"+&//
]^]H/0_H/7:5`2:00H/#&/25/#&/.%+,R<&H/SOC/c<("%$>%./a(D$&</B<<.F./c$&>+(>;
$0! PP"L"PNNUD! ?*'01%! R0</'&1D! /'*! 19/'*.1'! ./! 2'[*! 9(/-&/! ./! ?15/')+*0! l-+,-"! =(! &'*<*Q1!
)1-%+%&6*! /-! &'*%0*.*'! 9*_(/&/%! ./! )8*9*! 5/&C0+)*! /-! 0*! %/))+,-! ./! )1'&/! ./! )8*9*! 9*'*! %(!
91%&/'+1'!*05*)/-*5+/-&1"!$0!.6*!./0!*))+./-&/D!/0!&'*<*Q*.1'!'/&+',!/0!&19/!5,>+0!/d+%&/-&/!/-&'/!
/0! 4+-*0! ./0! )*5+-1! ./! '1.+001%D! 91'! /0! _(/! )*6*-! 0*%! )8*9*%! )1'&*.*%D! 3! /0! 9`'4+0! 5,>+0! 4+-*0! /-!
41'5*!./!.1<0/!g!/!+-&'1.(Q1!01%!.1%!9+/%!/-!/0!8(/)1!'/%(0&*-&/"!R0!'/&+'*'!/0!&19/D!%/!9'1.(Q1!(-!
(-!0/>/!./%-+>/0!/-!/0!&'/-!%1<'/!/0!_(/!/%&*<*-!0*%!)8*9*%D!%(4+)+/-&/!9*'*!9'1>1)*'!%(!)*6.*"!
?*'01%! R0</'&1! 9(.1! '/&+'*'! %,01! (-1! ./! %(%! 9+/%! ./! .+)81! 8(/)1! 3! %(4'+,! 2'*>/%! 4'*)&('*%! 3!
%/)(/0*%!/-!/0!9+/!_(/!_(/.,!*&'*9*.1!./<+.1!*0!+59*)&1!./!0*%!)8*9*%!5/&C0+)*%"
?*'01%! R0</'&1! ./5*-.,! *! R<*0! g'*-%41'5*.1%D! ="B"! H%()/%1'*! ./! ?15/')+*0! l-+,-J! 3! *!
F'1(9*5*!;0(%!l0&'*D!="R"D!3!'/)0*5,!(-*!+-./5-+7*)+,-!91'!.*:1%!3!9/'Q(+)+1%!./!PMN"AAODUO!
/('1%D!)1-!/0!065+&/!./!U#"N@NDOU!/('1%!9*'*!0*!*%/2('*.1'*"
$0! ^;I! -[5"! #! ./! c+&1'+*! HMA"O"SAAOJ! /%&+5,! 9*')+*05/-&/! 0*! ./5*-.*! 3! )1-./-,! *! 01%!
./5*-.*.1%!*0!9*21!./!PPU"AASD#@!/('1%D!)1-!/0!065+&/!./!U#"N@NDOU!/('1%!9*'*!0*!*%/2('*.1'*"!
B*! R;! Y0*>*! H=/))"! PÄD! SA"S"SAALJ! ./%/%&+5,! /0! '/)('%1! ./! *9/0*)+,-! 9'/%/-&*.1! 91'! ?*'01%!
R0</'&1D!3!/%&+5,!/-!9*'&/!01%!./!R<*0!g'*-%41'5*.1%!3!F'1(9*5*D!'/.()+/-.1!/0!+591'&/!./!0*!
+-./5-+7*)+,-!*!NL"OAUDSA!/('1%"
$0!g=!./%/%&+5,!/0!'/)('%1!./!)*%*)+,-!+-&/'9(/%&1!91'!F'1(9*5*K
qB*! '/)(''/-&/! /%! 0*! *%/2('*.1'*! ./! 0*! 9,0+7*! _(/! ./&/'5+-*! (-*! )1</'&('*! )(*-&+&*&+>*! 3! /-!
<*%/! *! 0*! 5+%5*! %/! 4+Q*! (-*! 9'+5*D! 3D! *81'*D! 9'/&/-./! /-'+_(/)/'%/! 0*! ?159*:6*! ./! %/2('1%!
*4'1-&*-.1!(-!9*21!5/-1'!./0!_(/!%/!)159'15/&+,!/-!/0!)1-&'*&1!./!%/2('1"!$-!/%&/!%/-&+.1!/0!
*'&"!PAP!./!0*!B?=!!+59+./!*!0*!*%/2('*.1'*!./%)1-&*'!)*-&+.*.!*02(-*!91'!0*!/d+%&/-)+*!./!>*'+1%!
%/2('1%!./!*))+./-&/%"!B1!9'/&/-.+.1!91'!0*!*%/2('*.1'*!>+10*!/0!*'&"!P!./!0*!B?=!D!/-!)(*-&1!-1!
)(590+'6*!)1-!0*%!1<0+2*)+1-/%!9*)&*.*%r"
293
294
'()*+,-./02/
O<&>%<$)%$G"/
!
!
P"!$0!90*71!*-(*0!/-!/0!?,.+21!)+>+0!./!PUUN!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SN#!
S"!$%4(/'71%!Q(.+)+*0/%!91'!5+&+2*'!/0!'+21'!./0!90*71!*-(*0!./0!*'&6)(01!PNOU"S!??"!
X*:1%!&*'.61%!3!90*71!./!9'/)0(%+,-"!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SNO!
S"P"!=g=D!PÄD!@@#hSAPAD!./!P@!./!Q(0+1D!V;K!]'*-)+%)1!V*'6-!?*%&C-"!""""""""""""""!SNL!
S"S"!B*!&'*2/.+*!./!0*!g*0+.15+.*!3!0*!.1)&'+-*!./!01%!.*:1%!&*'.61%"!$0!)*%1!
R>+&/!)"!F'T-/-&8*0!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!SNU!
M"!;0*71%!/%9/)+*0/%!./!9'/%)'+9)+,-!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!MAM!
@"!;'/%)'+9)+,-!./!0*!*))+,-!./!'/%91-%*<+0+.*.!)+>+0!./'+>*.*!./!./0+&1!"""""""""""""""""!MA@!
@"P"!=g=D!!;0/-1D!PSS#hSAAND!./!P@!./!/-/'1D!V;K!$-)*'-*)+,-!E1)*!g'6*%"!MA#!
#"!I-&/''(9)+,-!./!0*!9'/%)'+9)+,-!/-&'/!)1''/%91-%*<0/%!%10+.*'+1%!./!(-!5+%51!
.*:1!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!MAO!
#"P!=g=D!PÄD!SSMhSAAMD!./!P@!./!5*'71D!V;K!^1%`!R05*2'1!G1%/&/"!"""""""""""""""""!MAO!
#"S!R)(/'.1!./!=*0*!./!SL!./!5*'71!./!SAAM!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!MAL!
O"!$0!90*71!&'+/-*0!./0!?,.+21!)+>+0!./!?*&*0(-3*!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!MAL!
O"P"! R0</'&! BRVRE?R! +! VREpl†=D! q?15/-&*'+! *! 0w*'&+)0/! PSPmSPrD! /-! R0</'&!
BRVRE?R!+!VREpl†=D!R-&1-+!cRpl$E! RBnZD!/*6"4-(#'$()$))'D#"$!#'6"#$7")$/*7'$
/'0')$ 7"$ /(-(),4&(G$ .'%!*%'9'*4%$ !#")'6'4(#%G$ 5#"%9#'!9'^$ '$ 9(7,9'-(-D! R&/0+/'D!
\*')/01-*D!SAPSD!99"!#NS!3!%%"!H/d&'*)&1J!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!MAU!
O"S"! X1)&'+-*! Q('+%9'(./-)+*0! %1<'/! /0! 90*71! )*&*0C-! ./! 9'/%)'+9)+,-! 3! 01%!
90*71%!9'/>+%&1%!/-!0/3/%!/%9/)+*0/%!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!MAN!
!
0;/P-/)-(N./(",(-/&"/&-/'G#$?./%$D$-/#&/0889/
$-! PUUND! *:1! ./! 0*! /-&'*.*! /-! >+21'! ./0! ),.+21! )+>+0D! /0! ./'/)81! ./! .*:1%! /'*! (-*! +-%&+&()+,-!
5/-1'D! +-)159*'*<0/5/-&/! 5/-1%! +591'&*-&/! _(/! 0*! 9'19+/.*.! +-51<+0+*'+*D! 0*! 4*5+0+*! 1! /0!
./'/)81! %()/%1'+1! y)/-&'*0/%! /-! /0! ./'/)81! )+>+0! ./! 0*! `91)*m! /! +-)0(%1! _(/! /0! ./'/)81! ./!
)1-&'*&1%D!0*!1&'*!2'*-!4(/-&/!./!1<0+2*)+1-/%!./0!),.+21"
R./5C%D!01%!*))+./-&/%!91'!01%!_(/!%(!)*(%*-&/!8*<6*!./!'/%91-./'!/'*-!*))+./-&/%!.+%)'/&1%K!
(-! +59*)&1D! )1-&*2+1! (! 15+%+,-! )0*51'1%*! )*(%*<*-! (-! .*:1! )(31%! /4/)&1%! /'*-! +-5/.+*&1%! m
*&'19/001D!)*6.*D!2109/m!1!5(3!9',d+51%!/-!/0!&+/591!*!%(!)*(%*)+,-!5+%5*"!$-!/%/!)1-&/d&1D!/-!
/%*!)(0&('*!0*!'/20*!./0!*:1!-1!/'*!9`%+5*D!*(-_(/!)1-&'*%&*<*!)1-!.+4+)(0&*.!)1-!0*!9'/%)'+9)+,-!
0*'2*D!./5*%+*.1!0*'2*D!./!0*%!1<0+2*)+1-/%!_(/!)*'/)6*-!./!(-!&`'5+-1!9'19+1!_(/!)1-41'5/!*0!
*'&6)(01!PNO@!??D!/-!%(!'/.*))+,-!9'/>+*!*!0*!B/3!@ShSAP#D!./!#!./!1)&(<'/D!./!'/41'5*!./!0*!B/3!
PhSAAAD!./!L!./!/-/'1D!./!$-Q(+)+*5+/-&1!?+>+0D!9'/%)'+</-!*!01%!P#!*:1%"!B*!*)&(*0!'/.*))+,-!./0!
*'&"!PNO@"S!??!/%&*<0/)/K!qB*%!*))+1-/%!9/'%1-*0/%!_(/!-1!&/-2*-!90*71!/%9/)+*0!9'/%)'+</-!*!01%!
)+-)1!*:1%!./%./!_(/!9(/.*!/d+2+'%/!/0!)(590+5+/-&1!./!0*!1<0+2*)+,-r"!!V*%D!/-!&1.1!)*%1D!/-!0*!
295
%+&(*)+,-!./%)'+&*D!0*!-1'5*!<C%+)*!%1<'/!9'/%)'+9)+,-!./!0*!*))+,-!91'!.*:1%!./0!(<+*%,-./0968/
''D!_(/!/%&*<0/)+,!/0!9/'/-&1'+1!90*71!./!(-!*:1D!/'*!)159'/-%+<0/K
q;'/%)'+</-!91'!/0!&'*-%)('%1!./!(-!*:1K
H|J!
S"! B*! *))+,-! 9*'*! /d+2+'! 0*! '/%91-%*<+0+.*.! )+>+0! 91'! +-Q('+*! 1! )*0(5-+*D! 3! 91'! 0*%!
1<0+2*)+1-/%! ./'+>*.*%! ./! 0*! )(09*! 1! -/20+2/-)+*! ./! _(/! %/! &'*&*! /-! /0! *'&6)(01! P"NASD!
./%./!_(/!01!%(91!/0!*2'*>+*.1"r
g*5<+`-!./</!&/-/'%/!/-!)(/-&*!/0!*'&6)(01!PNON!??K!
q$0!&+/591!9*'*!0*!9'/%)'+9)+,-!./!&1.*!)0*%/!./!*))+1-/%D!)(*-.1!-1!8*3*!.+%91%+)+,-!
/%9/)+*0!_(/!1&'*!)1%*!./&/'5+-/D!%/!)1-&*'C!./%./!/0!.6*!/-!_(/!9(.+/'1-!/Q/')+&*'%/r"
=1<'/!/%&/!9'/)/9&1D!>`*%/K!V*-(/0!^/%[%!VREÅG! BÑ;$tD!q$0!7'"%$($+,*$./0!90*71!./!9'/%)'+9)+,-!
/d&+-&+>*K!/0!*'&6)(01!PNON!./0!?,.+21!?+>+0rD!/-!V*-(/0!^/%[%!VREÅG! BÑ;$t!/&"!*0"D!=($!#"%9#'!9'^4$
"3-'4-'0(RD!g+'*-&!01!\0*-)8D!c*0/-)+*D!SAP@D!99"!P#mSM@"
B*! 9'/%)'+9)+,-! ./! 0*! *))+,-! ./! '/%91-%*<+0+.*.! )+>+0! /d&'*)1-&'*)&(*0! 9(/./! %/'! +-&/''(59+.*!
91'!01%!5/.+1%!9'/>+%&1%!/-!/0!*'&"!PNLM!??!3D!/-!&1.1!)*%1D!%101!%/!+-+)+*'C!*!9*'&+'!./0!515/-&1!
/-! /0! _(/! 0*! >6)&+5*! ./0! .*:1! /%&(>1! /-! )1-.+)+1-/%! ./! '/)0*5*'! 0*! +-./5-+7*)+,-! *-&/! 01%!
Q(/)/%!3!&'+<(-*0/%!./!0*!Q('+%.+))+,-!)+>+0"!R%6D!91'!/Q/5901D!/0!(<+*%,-./0::/KP'<$=!.+%91-/!0*!
+-&/''(9)+,-! ./! 0*! 9'/%)'+9)+,-! )+>+0! /-! 01%! )*%1%! /-! _(/! 0*! >6)&+5*! ./0! .*:1! )*(%*.1! )151!
)1-%/)(/-)+*!./!(-!./0+&1!1!4*0&*!./)+.*!'/%/'>*'%/!0*%!*))+1-/%!)+>+0/%K
qB*%!*))+1-/%!_(/!-*)/-!./!(-!./0+&1!1!4*0&*!91.'C-!/Q/')+&*'%/!Q(-&*!1!%/9*'*.*5/-&/a!
9/'1!5+/-&'*%!/%&(>+/%/!9/-.+/-&/!0*!*))+,-!9/-*0!-1!%/!/Q/')+&*'C!0*!)+>+0!)1-!%/9*'*)+,-!
8*%&*! _(/! *_(`00*! 8*3*! %+.1! '/%(/0&*! /-! %/-&/-)+*! 4+'5/D! %*0>1! %+/59'/! 01! .+%9(/%&1! /-!
01%!*'&6)(01%!@D!#!3!O!./!/%&/!?,.+21"r
2;/ P>I,&<N.>/ E,#$%$(-&>/ ).</ =$+$?(</ &-/ <$?.</ #&-/ )-(N./ (",(-/ #&-/
(<+*%,-./0968;2/'';/M(Q.>/+(<#*.>/F/)-(N./#&/)<&%-,>$G";/
?1-! /0! 9*%1! ./0! &+/591D! /0! g'+<(-*0! =(9'/51! 8*! +.1! %(*>+7*-.1! /0! '+21'! ./! 0*! '/20*! ./! 0*!
9'/%)'+9)+,-!*-(*0"!$0!/d9/.+/-&/!9'/4/'+.1!/%!/0!_(/!)1-%+%&/!/-!/-&/-./'!_(/!/0!.6*!+-+)+*0!./!
),59(&1! ./0! 90*71! H7'"%$ ($ +,*J! )15+/-7*! *! )1-&*'! )(*-.1! %/! )1-1)/-! &1.*%! 0*%! )1-%/)(/-)+*%!
./0! .*:1! )*(%*.1! 3! %/! 9(/./-! />*0(*'! %(%! [0&+5*%! %/)(/0*%D! (-! )'+&/'+1! 0/>/5/-&/! 9*'*.,Q+)1!
_(/!4*>1'/)/!*!0*!>6)&+5*!./!(-*!0/%+,-!-1!51'&*0D!9/'1!_(/!4*>1'/)/D!&*5<+`-D!*!_(+/-!*)+/'&*!*!
5*&*'!*!%(!>6)&+5*"
n&'1%!./%*''1001%!)+/-&64+)1%!8*-!./Q*.1!5(3!*&'C%!0*!'/20*!./!0*!9'/%)'+9)+,-!*-(*0!./0!),.+21!
)+>+0"!p(+7C%!(-1!./!01%!5C%!./%&*)*.1%!/%!/0!*.>/-+5+/-&1!./!0*!/9+./5+10126*!1!*90+)*)+,-!./!0*!
/%&*.6%&+)*! 3! ./! 0*%! )+/-)+*%! -*&('*0/%! *0! %('2+5+/-&1! 3! )1-&*2+1! ./! 9*&10126*%"! =(%! 1'62/-/%!
'/51&1%! )1+-)+./-! /-! /0! &+/591! )1-! 01%! ./! 0*! *%/9%+*! /0! 5`.+)1! <'+&C-+)1! ^18-! =-1i! HPUPOm
PU#UJ!4(/!/0!9'+5/'1!/-!*%1)+*'!/0!1'+2/-!./!(-*!/9+./5+*!./!),0/'*!/-!B1-.'/%D!/-!PU#@D!)1-!/0!
%(5+-+%&'1! ./! *2(*! )1-&*5+-*.*! /-! (-*! 4(/-&/! ./0! =181D! (-! <*''+1! 01-.+-/-%/D! 9/'1! )151!
296
.+%)+90+-*!)+/-&64+)*!<*%/!./!0*!51./'-*!5/.+)+-*!9'/>/-&+>*D!0*<1'*0D!/&)"D!-1!%/!2/-/'*0+7*!8*%&*!
0*!%/2(-.*!5+&*.!./0!%+201!D!)(*-.1D!)1-&+-(*-.1!/%&(.+1%!'/*0+7*.1%!/-!R0/5*-+*!*-&/%!./!0*!
=/2(-.*!F(/''*!V(-.+*0D!)+/-&64+)1%!<'+&C-+)1%!/59+/7*-!*!*%1)+*'!/%&*.6%&+)*5/-&/!/0!)1-%(51!
./0! &*<*)1! )1-! ./&/'5+-*.*%! 41'5*%! ./! )C-)/'"! b13! /-! .6*D! -1! /%! )1-)/<+<0/! (-! )*%1! %/'+1! ./!
.*:1%!91'!/d91%+)+,-!*!9'1.()&1%!&,d+)1%!m5*&/'+*0/%!./!)1-%&'())+,-D!9'1.()&1%!*0+5/-&+)+1%D!
_(65+)1%!./!)(*0_(+/'!-*&('*0/7*D!5/.+)*5/-&1%D!/&)"!%+-!(-!/%&(.+1!/9+./5+10,2+)1!%/'+1"
R%6!/0!./%*''1001!)+/-&64+)1!3!&/)-10,2+)1!8*!*''(5<*.1!)1-!0*%!<*%/%!'*71-*<0/%!./!0*!'/20*!./!0*!
9'/%)'+9)+,-! *-(*0D! )151D! 91'! 1&'*! 9*'&/D! 01! 8*! 8/)81! &*5<+`-! )1-! 0*! +./*! &'*.+)+1-*0! ./! _(/!
)*(%*)+,-!./0!.*:1!/%!(-!8/)81!1!*)&1!3!-1!(-!9'1)/%1!_(/D!*!01!5/Q1'D!%/!./%*''100*!*!01!0*'21!./!
.+/7D!>/+-&/D!&'/+-&*!1!)(*'/-&*!*:1%D!1!_(/!.*:*!*!01%!8+Q1%!/-!/0!>+/-&'/!./!%(%!5*.'/%"
?1-%)+/-&/!./!/001D!0*!=*0*!;'+5/'*!./0!g'+<(-*0!=(9'/51!*4+'5*!_(/!0*!9'/%)'+9)+,-!*-(*0!%101!
./</!)159(&*'%/!./%./!/0!515/-&1!/-!_(/!9(/.*-!)1-%+./'*'%/!./4+-+&+>*%!0*%!)1-%/)(/-)+*%!
./0!*))+./-&/!1!./%./!/0!515/-&1!./!0*!5*-+4/%&*)+,-!./0!.*:1!_(/!8*!9/'5*-/)+.1!0*&/-&/!5C%!
./!P!*:1!./%9(`%!./0!8/)81!_(/!01%!)*(%,"
2;0;/]^]H/0_H/445`2:0:H/#&/04/#&/E,-$.H/SOC/c<("%$>%./S(<*"/'(>+J";/
B*! )(/%&+,-! Q('6.+)*! _(/! 90*-&/,! /0! [-+)1! 51&+>1! ./0! '/)('%1! ./! )*%*)+,-! )1-&'*! 0*! %/-&/-)+*!
./%/%&+5*&1'+*! ./! 0*! R(.+/-)+*! ;'1>+-)+*0! ./! ?C)/'/%D! )1-4+'5*&1'+*! ./! 0*! 9'+5/'*! +-%&*-)+*D!
)1-%+%&6*! /-! ./&/'5+-*'! %+! 8*<6*! 9'/%)'+&1! 0*! *))+,-! _(/! /Q/')+&*<*! /0! ./5*-.*-&/"! $0! P#! ./!
-1>+/5<'/! ./! SAA#D! /0! *)&1'! ./5*-.,! *! 0*! _(/! 8*<6*! %+.1! %(! /%91%*! /-! '/)0*5*)+,-! ./!
#P@"OMU"PM!/('1%!91'!.*:1%!51'*0/%D!.*:1%!46%+)1%!3!%/)(/0*%!9%+)10,2+)*%D!./&/'+1'1!./!%(!4*5*!
3! 81-1'D! .*:1! 9*&'+51-+*0! 3! /-'+_(/)+5+/-&1! +-Q(%&1! )*(%*.1%! 91'! 0*! +-4+./0+.*.! ./! 0*!
./5*-.*.*!5+/-&'*%!/%&(>+/'1-!)*%*.1%!3!./!0*!./)0*'*)+,-!Q(.+)+*0!./!_(/!(-1!./!01%!.1%!8+Q1%!
&/-+.1%!8*%&*!/-&1-)/%!91'!5*&'+51-+*0/%D!)1-)'/&*5/-&/!0*!8+Q*!-*)+.*!/-!PNU@D!-1!8*<6*!%+.1!
/-2/-.'*.*!91'!/0!./5*-.*-&/"
B*! =*0*! ;'+5/'*! )1-4+'5,! 0*! %/-&/-)+*! '/)(''+.*! 3! ./%/%&+5,! /0! '/)('%1! ./! )*%*)+,-K! qH|J! /%!
9/'&+-/-&/! *0! )*%1! /d*5+-*.1! /0! )'+&/'+1! %/2(+.1! 91'! 0*! %/-&/-)+*! ./! SU! ./! 1)&(<'/! ./! SAAN!
.+%&+-2(+/-.1!/-&'/!/0!.*:1!)1-&+-(*.1!3!/0!.*:1!.('*./'1!1!9/'5*-/-&/D!_(/!/%!*_(/0!_(/!%/!
9'1.()/!/-!(-!515/-&1!./&/'5+-*.1!91'!0*!)1-.()&*!./0!./5*-.*.1!9/'1!9/'%+%&/!*!01!0*'21!
./0!&+/591!)1-!0*!91%+<+0+.*.D!+-)0(%1D!./!*2'*>*'%/!91'!4*)&1'/%!3*!./0!&1.1!*Q/-1%!*!0*!*))+,-!(!
15+%+,-!./0!./5*-.*.1"!$-!/%&/!)*%1!./!.*:1!.('*./'1!1!9/'5*-/-&/!/0!90*71!./!9'/%)'+9)+,-!
)15/-7*'C!*!)1''/'!q./%./!_(/!01!%(91!/0!*2'*>+*.1rD!)151!.+%91-/!/0!*'&"!PNOUmS!??D!/%!./)+'!
./%./! _(/! &(>1! )*<*0! )1-1)+5+/-&1! ./0! 5+%51! 3! 9(.1! 5/.+'! %(! &'*-%)/-./-)+*! 5/.+*-&/! (-!
9'1-,%&+)1!'*71-*<0/D!91'_(/!./!1&'1!51.1!%/!.*'6*!0*!8+9,&/%+%!./!*<%10(&*!+59'/%)'+9&+<+0+.*.!
./!0*!*))+,-!8*%&*!0*!5(/'&/!./0!9/'Q(.+)*.1D!/-!/0!)*%1!./!.*:1%!9/'%1-*0/%D!1!0*!&1&*0!9`'.+.*!
./!0*!)1%*D!/-!)*%1!./!.*:1%!5*&/'+*0/%D!>(0-/'C-.1%/!*%6!0*!%/2('+.*.!Q('6.+)*!2*'*-&+7*.*!91'!
/0!*'&6)(01!N"M!./!0*!?1-%&+&()+,-!3!4(-.*5/-&1D!*!%(!>/7D!./!0*!9'/%)'+9)+,-"
p(/!`%&*D!3!-1!0*!./!.*:1%!)1-&+-(*.1%D!/%!0*!>/'.*./'*!-*&('*0/7*!./!*_(/001%!)(3*!'/9*'*)+,-!
%/!9+.+,!/-!0*!./5*-.*!+-&/'9(/%&*!91'!/0!813!'/)(''/-&/!01!./5(/%&'*!/0!9'19+1!90*-&/*5+/-&1!
./0!51&+>1D!_(/!9'/%/-&*!)151!)1-&+-(*)+,-!1!*2'*>*)+,-!./!01%!.*:1%!8/)81%!91%&/'+1'/%!*!0*!
9'19+*! 9'/%/-&*)+,-! ./! 0*! ./5*-.*! 9*'*D! ./%9(`%D! %+&(*'! +-)18/'/-&/5/-&/! /0! )15+/-71! ./0!
90*71! ./! 9'/%)'+9)+,-! /-! (-*! 4/)8*! *-&/'+1'! 3D! *./5C%D! 9'/%)+-./! ./0! )(+.*.1%1! *-C0+%+%! ./0!
&'+<(-*0!%/-&/-)+*.1'D!'/%/:*.1!/-!/0!4(-.*5/-&1!Q('6.+)1!)(*'&1!./!/%&*!%/-&/-)+*!./!)*%*)+,-D!
297
_(/! .+%&+-2(/! /&*9*%! 1! 4*%/%! %/2[-! 01%! )1-)/9&1%! +-./5-+7*&1'+1%! ./! 0*! 9'19+*! ./5*-.*! 3!
./&/'5+-*!9*'*!)*.*!(-1!./!/001%!0*!4/)8*!065+&/!+-+)+*0!./0!90*71!./!9'/%)'+9)+,-"
X/!*86!_(/!/-!/0!'/)('%1!%/!19&/!91'!)/-&'*'!0*!*&/-)+,-!/-!01%!9*./)+5+/-&1%!46%+)1%!3!9%6_(+)1%!
./0! ./5*-.*-&/! ./'+>*.1%! &*-&1! ./! 0*! +-4+./0+.*.! ./! %(! /%91%*! 3! ./0! 9'1)/.+5+/-&1! ./!
%/9*'*)+,-! )1-3(2*0! )151! ./! 0*! ./4+-+&+>*! )1-4+'5*)+,-! ./! _(/! -1! /'*! 8+Q*! <+10,2+)*! %(3*! 0*!
Q1>/-!*!_(+/-!8*%&*!/-&1-)/%!8*<6*!&/-+.1!91'!&*0"!;1'!/%1!9'/&/-./!9'101-2*'!/0!+-+)+1!./0!90*71!
./! 9'/%)'+9)+,-! 8*%&*! 0*! 4/)8*! ./0! +-41'5/! 5`.+)1! ./! %/9&+/5<'/! ./! SAA#D! 9/'1! %+-! '/<*&+'!
5/.+*-&/!*'2(5/-&1!*02(-1!/0!'*71-*5+/-&1!./0!&'+<(-*0!%/-&/-)+*.1'D!)159*'&+.1!*81'*!91'!
/%&*! =*0*D! ./! _(/! .+)81! +-41'5/! -1! >+/-/! %+-1! *! )1-4+'5*'! /0! 5+%51! .+*2-,%&+)1! ./0!
9*./)+5+/-&1! )*'.+*)1! ./0! *)&1'm'/)(''/-&/! /-! /0! *:1! SAAP! _(/! ./&/'5+-,D! /-! /0! 9'19+1! *:1!
SAAPD! 0*! +590*-&*)+,-! ./! (-! 5*')*9*%1%D! 8/)81! ./0! _(/! )(*0_(+/'! 9/'%1-*! )1-! 5/.+*-1%!
)1-1)+5+/-&1%!9(/./!./.()+'!_(/!0*!*4/))+,-!)*'.+*)*!%/'C!./!91'!>+.*"
=+! *! &1.1! /001! %/! (-/! _(/! 0*! &1&*0! )1-4+'5*)+,-! ./! _(/! /0! *)&1'm'/)(''/-&/! -1! /'*! /0! 9*.'/!
<+10,2+)1!./!0*!'/4/'+.*!Q1>/-!%/!9'1.(Q1!5/.+*-&/!0*!-1&+4+)*)+,-!./!0*!%/-&/-)+*!./!SL!./!5*'71!
./!SAAM!3!_(/!0*![0&+5*!./!0*%!&'*-%4/'/-)+*%!<*-)*'+*%!./!*_(`0!*!0*!./5*-.*.*!&(>1!0(2*'!/0!M!
./!-1>+/5<'/!./!SAAMD!-/)/%*'+*5/-&/!8*!./!)1-)0(+'%/!_(/!/0!P#!./!-1>+/5<'/!./!SAA#D!4/)8*!
./! 9'/%/-&*)+,-! ./! 0*! ./5*-.*D! 8*<6*! 9'/%)'+&1! 0*! *))+,-! 9*'*! /d+2+'! *! 0*! ./5*-.*.*!
+-./5-+7*)+,-! 91'! .*:1%! 3! 9/'Q(+)+1%! )1-! <*%/! /-! /0! *'&"! PNAS! ??! D! 9(/%! -+! 0*! %/9*'*)+,-!
)1-3(2*0!/%!/-!%6!5+%5*!+06)+&*D!)151!&*591)1!01!/%!_(/!/0!),-3(2/!3*!%/9*'*.1!)1->+>*!)1-!1&'*!
9/'%1-*D! -+! ./%./! 0(/21! )*</! /-)(*.'*'! /-! /0! )1-)/9&1! ./! .*:1! )1-&+-(*.1D! *! 01%! /4/)&1%!
Q('6.+)1%!./!_(/!-1!)15+/-)/!*!)1''/'!/0!90*71!./!9'/%)'+9)+,-!./!0*!*))+,-D!/0!'/)(/'.1!5C%!1!
5/-1%! 9/'+,.+)1D! 5C%! 1! 5/-1%! +-&/-%1! (! 1<%/%+>1D! ./! 01! %()/.+.1! *-&/'+1'5/-&/D! +-)0(%1!
*(-_(/! /%&/! '/)(/'.1! 9(/.*! '/9/')(&+'! /-! /0! /%&*.1! ./! %*0(.! ./0! %(Q/&1D! 3*! _(/! ./! *.5+&+'!
%/5/Q*-&/!+./-&+4+)*)+,-!/0!+-+)+1!./0!90*71!./!9'/%)'+9)+,-!%/!9'101-2*'6*!+-./4/)&+<0/5/-&/D!/-!
&1.1%!01%!)*%1%!+5*2+-*<0/%D!8*%&*!0*!5(/'&/!./0!9'19+1!%(Q/&1D!3!91'!/-./!+-)0(3/-.1!0*!9'19+*!
5(/'&/!/-&'/!01%!.*:1%!+59(&*<0/%!*0!./5*-.*.1!91'!%(!)1-.()&*!/-!)(*0_(+/'!&+/591!9*%*.1"r!
H]X"!O{J
2;2;/ K(/ +<(?&#$(/ #&/ -(/ ^(-$#.=$#(/ F/ -(/ #.%+<$"(/ #&/ -.>/ #(Q.>/ +(<#*.>;/ P-/ %(>./ BD$+&/ %;/
X<t"&"+L(-//
(W/ P-/ %(>./ )-("+&(#./ &"/ -(/ ]aO@/ "1/ 9:/ S(#<$#H/ 09;00;2:03/ VBD$+&/ %;/ X<t"&"+L(-W;/ O(R-./
]BKhBM\A/ '\MPAP'gH/ ]."$(/ ABS\]/ X\nzyKP]H/ '(<-.>/ XÅSPz/ K@XÜPAAPH/ B"+."$/ A}U!/
O}@XH/B"+."$/^PAAB/@UyáPzH/{M(Q.>/+(<#*.>|H/@"M<&+/:0`2:04/V&i+<(%+.W
qR>+&/rD! R%1)+*)+,-! ./! c6)&+5*%! ./! 0*! g*0+.15+.*! /-! $%9*:*D! 9'/%/-&,! ./5*-.*! ./! Q(+)+1!
1'.+-*'+1D! _(/! )1''/%91-.+,! /-! &('-1! ./! '/9*'&1! /0! PL"S"SAPS! *0! ^(72*.1! ./! '/4/'/-)+*D! )1-&'*!
F'T-/-&8*0! ;8*'5*! ="R"! 3! /-! 0*! )(*0! %10+)+&*<*! %/! .+)&*'*! %/-&/-)+*! 91'! 0*! _(/! %/! ./)0*'*'*-!
)151!*4/)&*.1%!91'!0*!&*0+.15+.*!*K
*J
g1.1%! *_(/001%! %1)+1%! ./! 0*! *)&1'*! 9/')/9&1'/%! ./! 0*%! *3(.*%! /)1-,5+)*%!
/%&*<0/)+.*%! /-! /0! EX! PAAOhSAPAD! ./! #! ./! *21%&1D! 91'! /0! _(/! %/! '/2(0*! /0!
9'1)/.+5+/-&1!./!)1-)/%+,-!./!*3(.*%!*!0*%!9/'%1-*%!*4/)&*.*%!91'!0*!&*0+.15+.*!
/-!$%9*:*!.('*-&/!/0!9/'61.1!PNOAmPNO#!HEX!PAAOhSAPAJ"!!
298
<J
I2(*05/-&/! *! *_(/001%! %1)+1%! ./! 0*! *)&1'*! *! 01%! _(/! 0/%! %/*! '/)1-1)+.*! /%&*!
)1-.+)+,-!5/.+*-&/!'/%10()+,-!*.5+-+%&'*&+>*!1!%/-&/-)+*!4+'5/"!
Z!91'!0*!_(/!%/!./)0*'*'*!/0!./'/)81!*!9/')+<+'!+-./5-+7*)+1-/%!./0!*9*'&*.1!.J!*K!
)J
B1%! 8/'/./'1%! ./! 01%! *4/)&*.1%D! 3*! 4*00/)+.1%D! 9/')/9&1'/%! /-! >+.*! ./! 0*%! *3(.*%!
./0! EX! PAAOhSAPA! 1! _(/! >+/'*-! %(! )1-.+)+,-! ./! &*0+.156.+)1%! '/)1-1)+.*!
5/.+*-&/!%/-&/-)+*!1!'/%10()+,-!*.5+-+%&'*&+>*!4+'5/!/-!>+.*!1!&'*%!%(!5(/'&/"!
Z!91'!0*!_(/!%/!)1-./-*'*!*!F'T-/-&8*0!;8*'5*!="R"!*K
.J I-./5-+7*'! *! 01%! %1)+1%! ./! 0*! *)&1'*! /-! 0*! )*-&+.*.! '/%(0&*-&/! ./! 5(0&+90+)*'! 91'!
SA"AAA! ê! )*.*! 9(-&1! 91')/-&(*0! ./! 5+-(%>*06*! '/)1-1)+.1! 91'! 0*! R.5+-+%&'*)+,-!
/%9*:10*! *! )*.*! (-1! ./! /001%D! 5C%! 01%! +-&/'/%/%! 0/2*0/%! ./! /%&*! )*-&+.*.! ./%./! 0*!
4/)8*!./!0*!+-&/'91%+)+,-!./!0*!./5*-.*"!
F'T-/-&8*0!;8*'5*!="R"!)1-&/%&,!0*!./5*-.*D!90*-&/,!./)0+-*&1'+*!91'!4*0&*!./!Q('+%.+))+,-D!91'!
)1-%+./'*'!_(/!0*!Q('+%.+))+,-!)159/&/-&/!/'*!0*!)1-&/-)+1%1m*.5+-+%&'*&+>*D!41'5(0,!.+>/'%*%!
/d)/9)+1-/%! 9'1)/%*0/%D! *%6! )151! %10+)+&,D! /-! )(*-&1! *0! 41-.1D! 0*! ./%/%&+5*)+,-! 6-&/2'*! ./! 0*!
./5*-.*D!)1-!+591%+)+,-!./!)1%&*%!*!0*!*)&1'*"
g*0!3!)151!%/!/d90+)*!/-!0*!=^;I!-[5"!NAD!./!PN"PP"SAPMD!q0*!&*0+.15+.*!)151!9'+-)+9+1!*)&+>1!4(/!
./%)(<+/'&*! 3! ./%*''100*.*! /-! 01%! *:1%! #A! /-! R0/5*-+*! 91'! ?8/5+/! F'T-/-&8*0! F5<b!
1<&/-+/-.1!9*&/-&/!/-!}.+)81!9*6%~!/0!5/%!./!1)&(<'/!./!PN#L!H|J!$-!$%9*:*!0*!.+%&'+<()+,-!./!
5/.+)*5/-&1%!)1-!&*0+.15+.*!%/!9'1.(Q1!./%./!*0!5/-1%!/0!5/%!./!Q(-+1!./!PN#ND!)1-%&*-.1!/-!
*(&1%!_(/!01%!.+%&'+<(+.1%!.+'/)&*5/-&/!91'!V/.+-%*!1<&(>+/'1-!*(&1'+7*)+,-!/0!L!./!Q(-+1!./!
PNOA!3!%+-!_(/!8*3*!%+.1!9'1<*.1!H|J!_(/!%(!)15/')+*0+7*)+,-!/4/)&+>*!-1!%/!9'1.(Q/'*!8*%&*!/0!
5/%! ./! -1>+/5<'/! ./! /%/! 5+%51! *:1! H|J! }B~1%! 9'+5/'1%! )*%1%! ./! *4/)&*.1%! 91'! 0*! +-2/%&*! ./!
5/.+)*5/-&1%!)1-!&*0+.15+.*!)15/')+*0+7*.1%!/-!$%9*:*!9(.+/'1-!/59/7*'!*!/>+./-)+*'%/!H|J!
/-!/0!9'+5/'!&'+5/%&'/!./!PNOA!H|J"
}$~0! PU! ./! 5*31! ./! PNOS! %/! .+)&,! n'./-! V+-+%&/'+*0! 9'18+<+/-.1! 0*! )15/')+*0+7*)+,-! ./!
5/.+)*5/-&1%!)1-!&*0+.15+.*!3!.+)/!0*!./5*-.*.*!_(/!V/.+-%*!9*'*0+7,!0*%!>/-&*%!/-!/0!5/%!
./! .+)+/5<'/! ./! PNOPD! *(-_(/! H|J! %/! '/4+/'/! *! 5/.+*.1%! ./0! 5/%! HefJ! ./! PNOS! )151! é90*71!
'*71-*<0/!H|J!9*'*!_(/!&1.1%!01%!9'/9*'*.1%!./!&*0+.15+.*!./!V/.+-%*!8(<+/'*-!%+.1!'/&+'*.1%!
./! 0*%! 4*'5*)+*%! 3! *05*)/-/%w! H|J! B*! *-(0*)+,-! ./! 0*%! *(&1'+7*)+1-/%! *.5+-+%&'*&+>*%! 4+2('*!
4/)8*.*!/-!/0!5/%!./!/-/'1!./!PNOMD!/d)/9&1!9*'*!/0!$-&/'1!=/.+>D!)(3*!*-(0*)+,-!/%!./0!5/%!./!
1)&(<'/! ./! PNOS! H|J! }$~0! ?10/2+1! ./! 4*'5*)`(&+)1%! +-41'5,! *! 0*%! 4*'5*)+*%! 3! 5*31'+%&*%! ./! 0*!
'/&+'*.*! ./! 01%! 9'1.()&1%! H|J! 1'./-*-.1! _(/! %/! 9(%+/'*-! *! .+%91%+)+,-! ./0! )10/2+1! 9*'*! %/'!
'/&+'*.1%!./!0*!)+')(0*)+,-!H|J"
=+2(+/-.1! /%&*%! 9*(&*%D! /-! /0! E/*0! X/)'/&1! PAAOhSAPAD! ./! #! ./! *21%&1D! %/! /%&*<0/)/! )151!
9/'+1.1!/-!/0!_(/!9(.+/'1-!9'1.()+'%/!*4/))+1-/%!91'!&*0+.15+.*!/0!./!01%!*:1%!PNOA!*!PNO#!H|J!
)1-&/590*-.1!(-!/%9*)+1!&/591'*0!/-!/0!_(/!H|J!91.6*-!&1.*>6*!/d+%&+'!/-!/0!&'C4+)1!1!/-!91./'!
./! 9*'&+)(0*'/%! 5/.+)*5/-&1%! )1-! &*0+.15+.*! H|JD! 9(/%&1! _(/! 9*'/)/! _(/! %/! 8*-! 1<Q/&+>*.1!
)*%1%!5C%!*00C!./0!*:1!PNOMr"
299
l-*! ./! 0*%! )(/%&+1-/%! _(/! 90*-&/*<*! /0! )*%1! /'*D! 91'! &*-&1D! 0*! 9'/%)'+9)+,-! ./! (-*! *))+,-! 91'!
.*:1%!)*(%*.1%!91'!(-!%()/%1!_(/!&(>1!0(2*'!5()81%!*:1%!./%9(`%!./!0*!/d9+'*)+,-!./0!<'/>/!
90*71!*-(*0!./!9'/%)'+9)+,-!./!0*!*))+,-!./!'/)0*5*)+,-!./!.*:1%!/d&'*)1-&'*)&(*0/%D!9/'1!_(/!
-1!%/!5*-+4/%&*'1-!8*%&*!5()81!./%9(`%!3!)(*-.1!/0!90*71!./!9'/%)'+9)+,-!3*!8*<6*!/d9+'*.1"
B*! .+%&+-)+,-! /-&'/! .*:1%! )1-&+-(*.1%! 3! 9/'5*-/-&/%! /%! 9*)64+)*! /-! 0*! Q('+%9'(./-)+*! ./0!
g'+<(-*0! =(9'/51! /%9*:10D! *(-_(/D! )151! 8*<'/51%! ./! >/'D! %(! *90+)*)+,-! '/_(+/'/! (-*!
)1-%+./'*)+,-!./&/-+.*!./!0*%!)+')(-%&*-)+*%!./!)*.*!)*%1!)1-)'/&1"
*J
$-!&`'5+-1%!2/-/'*0/%D!3!/-!/0!)*%1!./0!.*:1!9/'%1-*0!)1-&+-(*.1D!-1!&1.1%!%(%!/4/)&1%!
9/'Q(.+)+*0/%!%1-!)1-1)+.1%!1D!*0!5/-1%!9'/>+%+<0/%D!/-!/0!515/-&1!./!%(!9'1.())+,-!
+-+)+*0"! R0! '/%9/)&1D! '+2/! /0! )'+&/'+1! ./! 0*! )12-1%)+<+0+.*.! 3! 9'/>+%+<+0+.*.! 5`.+)*%D! /%!
./)+'D! 8*3! _(/! &/-/'! /-! )(/-&*! /0! *-C0+%+%! )06-+)1! ./! 0*! )1-.+)+,-! ./0! 9*)+/-&/! 3! /0!
515/-&1!*!9*'&+'!./0!)(*0!%/!9(/./-!/%&*<0/)/'D!%+/59'/!5`.+)*5/-&/D!0*!-*&('*0/7*!3!
*0)*-)/! ./! 0*%! %/)(/0*%! ./4+-+&+>*%! ./0! .*:1"! R%6D! )1-17)*! 1! -1! 0*! >6)&+5*! )(C0! %/*! 0*!
&'*%)/-./-)+*!./!%(!)1-.+)+,-D!01!'/0/>*-&/!/%!/0!.+)&*5/-!5`.+)1!/5+&+.1!./!*)(/'.1!
)1-! 0*! )"3$ (#-'%! (7$ E*9"! ZD! %/2[-! 0*! Q('+%9'(./-)+*! ./0! g'+<(-*0! =(9'/51D! )+&*.*! /-! 0*!
%/-&/-)+*D! q)(*-.1! %/! &'*&*! ./! .*:1%! )1-&+-(*.1%! 1! ./! 9'1.())+,-! %()/%+>*! /!
+-+-&/''(59+.*D!/0!),59(&1!./0!90*71!./!9'/%)'+9)+,-!./!0*!*))+,-!-1!%/!+-+)+*!H7'"%$($
+,*J! 8*%&*! 0*! 9'1.())+,-! ./0!./4+-+&+>1!'/%(0&*.1D! )(*-.1! -1! /%! 91%+<0/! 4'*))+1-*'! /-!
/&*9*%! .+4/'/-&/%! 1! 8/)81%! .+4/'/-)+*.1%! 0*! %/'+/! 9'1%/2(+.*! H|J"! B*! .+4+)(0&*.! ./!
./&/'5+-*'! /-! .*:1%! ./! )*'C)&/'! )1-&+-(*.1! )(C-.1! %/! 8*! 9'1.()+.1! /0! ./4+-+&+>1!
'/%(0&*.1! ./</! '/%10>/'%/! 5/.+*-&/! 0*! >*01'*)+,-! ./! 0*! 9'(/<*! 3! *.5+&+/-.1! 0*!
91%+<+0+.*.! ./! 4'*))+1-*'! /-! /&*9*%! .+4/'/-&/%! 1! 8/)81%! .+4/'/-)+*.1%! 01%! .*:1%!
%(4'+.1%r!H]X!S{D!=g=D!PÄD!PM"M"SAAL!m_(/!'/%(/0>/!(-!)*%1!./!)(09*!)1-&'*)&(*0J"!
<J
$-! )*5<+1D! /0! .*:1! 9/'5*-/-&/! 1! .('*./'1! /%! /0! _(/! q%/! 9'1.()/! /-! (-! 515/-&1!
./&/'5+-*.1! H|J! 9/'1! 9/'%+%&/! *! 01! 0*'21! ./0! &+/591! )1-! 0*! 91%+<+0+.*.D! +-)0(%1D! ./!
*2'*>*'%/!91'!4*)&1'/%!3*!./0!&1.1!*Q/-1%!*!0*!*))+,-!(!15+%+,-!./0!./5*-.*.1r!H]X"!#{!
=g=D! PÄD! @@#hSAPAD! P@"L"SAPAD! )1-! )+&*! ./! 0*! =g=D! PÄD! #PShSAAND! MA"O"SAANJ"! =+-!
/5<*'21D! %(! /-&+.*.D! /-! %(! )*%1D! %(! *2'*>*)+,-! 3! %1-! )1-%/)(/-)+*%D! '/%(0&*-!
5`.+)*5/-&/!)1-1)+.*%!1!9'/>+%+<0/%!/-!(-!515/-&1!.*.1D!*!9*'&+'!./0!)(*0!/59+/7*!*!
)1''/'!/0!90*71!./!9'/%)'+9)+,-D!9(/%!/%!./%./!/-&1-)/%!)(*-.1!/0!*2'*>+*.1!&(>1!)*<*0!
)1-1)+5+/-&1!./0!.*:1!3!9(.1!%*</'!./!%(!&'*%)/-./-)+*"!q}X~/!1&'1!51.1!%/!.*'6*!0*!
8+9,&/%+%!./!*<%10(&*!+59'/%)'+9&+<+0+.*.!./!0*!*))+,-!8*%&*!0*!5(/'&/!./0!9/'Q(.+)*.1!
H|J!>(0-/'C-.1%/!*%6!0*!%/2('+.*.!Q('6.+)*!2*'*-&+7*.*!91'!/0!*'&"!N"M!./!0*!?1-%&+&()+,-!
3!4(-.*5/-&1D!*!%(!>/7D!./!0*!9'/%)'+9)+,-r!H]X"!#{D!PÄD!@@#hSAPAD!P@"L"SAPAJ"!
B*!*0&/'-*&+>*!/-&'/!.*:1%!)1-&+-(*.1%!3!.*:1%!9/'5*-/-&/%!-1!/%!/d)0(3/-&/D!9(/%D!/-!/0!)*%1!
)1-)'/&1D! 9(/./! 9'1.()+'%/! (-! %10*9*5+/-&1! 9*')+*0! /-&'/! *5<*%! )*&/21'6*%D! /%! ./)+'D! 9(/./-!
)1-)(''+'! /-! (-! [-+)1! %(9(/%&1! .*:1%! 9/'5*-/-&/%! )1-! .*:1%! )1-&+-(*.1%D! ./0! 5+%51! 51.1!
_(/!/-!(-1!./!)159'*>/-&*!9(/./-!8*)/'01!01%!>+)+1%!*9*'/-&/%!3!01%!1)(0&1%"!$-&1-)/%D!%+!/-!/0!
)*%1!)1-)'/&1!3!)151!9*'/)/!'/%(0&*'!./!0*!%/-&/-)+*D!8*!&/-+.1!0(2*'!&*0!)1-)('%1D!0*!9'/&/-%+,-!
/%9/)64+)*5/-&/!*%1)+*.*!*!01%!.*:1%!8+%&,'+)1%D!5*-+4/%&*.1%!3!)1-1)+.1%!5()81%!*:1%!*&'C%D!
91.'6*! )1-%+./'*'%/! 9'/%)'+&*D! 9/'1D! /-! )*5<+1D! -1! 01! /%&*'6*! 0*! 9'/&/-%+,-! 91'! /0! .*:1!
./%)1-1)+.1! 3! 5`.+)*5/-&/! +59'/>+%+<0/D! )(31! *0)*-)/! 3! )1-%/)(/-)+*%! %/! 8*-! )1-1)+.1!
5()81%!*:1%!5C%!&*'./"!R!/%&/!'/%9/)&1D!01%!*(&1'/%!./!/%&/!)15/-&*'+1!-1!%*</51%!./!-+-2(-*!
Q('+%9'(./-)+*D! /-! )(3*! >+'&(.! %/! )1-%+./'/! _(/! 0*! 9'/&/-%+,-! ./! .*:1%! %/*! -/)/%*'+*5/-&/!
300
(-+&*'+*D!8*%&*!/0!9(-&1!./!_(/!/0!)1-1)+5+/-&1!./!(-*!9*'&/D!5C%!1!5/-1%!+591'&*-&/D!./!01%!
.*:1%! )*(%*.1%! 3! ./! %(%! )1-%/)(/-)+*%! *''*%&'/! 0*! 9'/%)'+9)+,-! ./! 0*! 9*'&/! '/%&*-&/! 3!
./%)1-1)+.*D!/%!./)+'D!./!01%!.*:1%!)1-&+-(*.1%"
$-! /0! ./'/)81! 2/-/'*0! ./! 0*! '/%91-%*<+0+.*.! )+>+0! 91'! )(09*! 1! -/20+2/-)+*! -1! 8*3! (-! 90*71! ./!
2*'*-&6*D! /-! 0*! &/'5+-10126*! ./0! /*66*4$ =(>D! 8-(-,-"$ *H$ B"!*%"®! _(/! /%&*<0/7)*! (-*! '/20*! ./!
9'/)0(%+,-! &'*-%)(''+.1! (-! ./&/'5+-*.1! 9/'+1.1! ./! &+/591! /%&*<0/)+.1! 91'! 0*! 0/3"! l-*!
'/2(0*)+,-!%/5/Q*-&/!'+2/!/-!0*!*)&(*0+.*.!/-!5*&/'+*!./!'/%91-%*<+0+.*.!)+>+0!./0!4*<'+)*-&/!91'!
./4/)&1! ./! 9'1.()&1D! _(/! /%! '/%91-%*<+0+.*.! 1<Q/&+>*! 3! /%&C! /%&*<0/)+.*! 91'! &-/ (<+*%,-./ 044!
A&(-/ M&%<&+./ K&?$>-(+$D./ 0`2::7H/ #&/ 06/ #&/ ".D$&=R<&D! 91'! /0! _(/! %/! *9'(/<*! /0! &/d&1!
'/4(-.+.1! ./! 0*! B/3! F/-/'*0! 9*'*! 0*! X/4/-%*! ./! 01%! ?1-%(5+.1'/%! 3! l%(*'+1%! 3! 1&'*%! 0/3/%!
)1590/5/-&*'+*%K
B<+*%,-./044;/Pi+$"%$G"/#&/<&>).">(R$-$#(#
qB1%!./'/)81%!'/)1-1)+.1%!*0!9/'Q(.+)*.1!/-!/%&/!)*96&(01!%/!/d&+-2(+'C-!&'*-%)(''+.1%!
PA! *:1%D! *! )1-&*'! ./%./! 0*! 4/)8*! /-! _(/! %/! 8(<+/'*! 9(/%&1! /-! )+')(0*)+,-! /0! 9'1.()&1!
)1-)'/&1! )*(%*-&/! ./0! .*:1D! *! 5/-1%! _(/D! .('*-&/! /%/! 9/'61.1D! %/! 8(<+/%/! +-+)+*.1! 0*!
)1''/%91-.+/-&/!'/)0*5*)+,-!Q(.+)+*0"r
?1-!)*'C)&/'!2/-/'*0D!(-*!'/20*!%+5+0*'!>+/-/!/%&*<0/)+.*!/-!/0!???*&!91'!%(!*'&6)(01!PSPmS@K!
B<+*%,-./020[24;/O-(N./#&/)<&%-,>$G"
q?(*0_(+/'! 9'/&/-%+,-! %(%)/9&+<0/! ./! 9'/%)'+9)+,-! %/! /d&+-2(/! /-! &1.1! )*%1! 91'! /0!
&'*-%)('%1! +-+-&/''(59+.1! ./! &'/+-&*! *:1%! ./%./! %(! -*)+5+/-&1D! )1-! +-./9/-./-)+*! ./!
_(/! 8*3*-! )1-)(''+.1! )*(%*%! ./! %(%9/-%+,-! 1! _(/! 0*%! 9/'%1-*%! 0/2+&+5*.*%! 9*'*!
/Q/')/'0*!-1!8*3*-!)1-1)+.1!1!-1!8*3*-!91.+.1!)1-1)/'!01%!.*&1%!1!0*%!)+')(-%&*-)+*%!*!
0*%!)(*0/%!8*)/!'/4/'/-)+*!/0!*'&6)(01!PSPmSMD!/-!5*&/'+*!./!),59(&1!./!90*71%"r
$0!?,.+21!)+>+0!./!PUUN!-1!./%)1-1)6*!0*!&`)-+)*!./!0*%!'/20*%!./!9'/)0(%+,-D!9(/%!+-)0(3,!(-*!./!
'/%91-%*<+0+.*.! ./)/-*0! /-! /0! *'&6)(01! P#NP! ??! 9*'*! 0*%! '/%91-%*<+0+.*./%! ./'+>*.*%! ./!
./4/)&1%! /-! 0*! )1-%&'())+,-D! 9/'1! -(-)*! %/! 8*! 9'/.+%9(/%&1! (-*! %10()+,-! 2/-/'*0! 9*'*! 0*%!
9'/&/-%+1-/%! )+>+0/%! -+D! /-! 9*'&+)(0*'D! 9*'*! 0*%! 9'/&/-%+1-/%! ./'+>*.*%! ./! '/%91-%*<+0+.*.! )+>+0!
91'!)(09*!1!-/20+2/-)+*"
R0! 5*'2/-! ./! )1-%+./'*)+1-/%! 2/-/'*0/%! %1<'/! /0! 4(-.*5/-&1! 3! -*&('*0/7*! ./0! +-%&+&(&1! ./! 0*!
9'/%)'+9)+,-D!+-)0(+.*%!/-!0*!%/-&/-)+*!)15/-&*.*D!/0!-[)0/1!*'2(5/-&*&+>1!<C%+)1!./%*''100*.1!
91'!0*!5*2+%&'*.*!]/'-C-./7!X6*7!/-!/0!)*%1!'*.+)*!/-!/%&*!.+%&+-)+,-!/-&'/!.*:1%!9/'5*-/-&/%!
3!.*:1%!)1-&+-(*.1%!*!0*!_(/!-1%!8/51%!'/4/'+.1!/-!01%!9C''*41%!*-&/'+1'/%!3!/-!0*!/d+2/-)+*!./!
&/-/'!/-!)(/-&*!%(%!)1-%/)(/-)+*%"!$-!&*0!%/-&+.1D!y/%)'+</!0*!5*2+%&'*.*yK
q}V~()81%!./!01%!9*./)+5+/-&1%!*!01%!_(/!%/!'/4+/'/!0*!./5*-.*-&/!-1!%1-!%+-1!)1-%/)(/-)+*%!
0,2+)*%!3!9'/>+%+<0/%D!./%./!/0!9(-&1!./!>+%&*!5`.+)1D!./0!.*:1!9'+-)+9*0!_(/D!%/2[-!01%!/%&(.+1%!
3! *'&6)(01%! 5`.+)1%! 1<'*-&/%! /-! *(&1%D! >+/-/! )1-%&+&(+.1! 4(-.*5/-&*05/-&/D! 91'! 0*%!
5*041'5*)+1-/%! ./! %(%! /d&'/5+.*./%! %(9/'+1'/%! 1! +-4/'+1'/%D! ./! 5*-/'*! _(/! %/! &'*&*! ./!
.10/-)+*%!H>"2"K!0/%+1-/%!./!/%9*0.*!1!)10(5-*D!.101'D!*'&'1%+%D!&/-%+,-!1!./<+0+.*.!5(%)(0*'|JD!
301
_(/!%/!2/-/'*-!*0!&'*&*'!./!)159/-%*'!0*%!4(-)+1-/%!./!0*%!_(/!%/!)*'/)/!H|J"!!X/%./!/%&/!9(-&1!
./!>+%&*!0*%!0/%+1-/%!9*./)+.*%!91'!_(+/-/%!9(.+/'*-!/%&*'!*4/)&*.1%!91'!0*!+-2/%&*!9'/-*&*0!./!
0*! &*0+.15+.*! 8*)/! &+/591! _(/! 91.'6*-! /%&+5*'%/! )1-%10+.*.*%! )1-! %/)(/0*%D! *(-_(/! ./! 0*!
.1)(5/-&*)+,-! &`)-+)*! 1<'*-&/! /-! *(&1%! H+-41'5/! b/+0./0</'2! 3! *'&6)(01%! 5`.+)1%!
/%9/)+*0+7*.1%!/-!0*!5*&/'+*J!'/%(0&*!)1-!)0*'+.*.!_(/!/d+%&/!(-!/59/1'*5+/-&1!2/-/'*0+7*.1!3!
9'12'/%+>1!./!01%!*4/)&*.1%r!H]X!M{J"!
B*! 5*2+%&'*.*! %/! '/4+/'/! %/2(+.*5/-&/! *0! )1-&/-+.1! ./0! I-41'5/! b/+./0</'2D! ./! SP"PS"SAPSD!
*91'&*.1!91'!0*!./5*-.*-&/!/!+-)1'91'*.1!*!0*%!*)&(*)+1-/%!/-!0*!*(.+/-)+*!9'/>+*K!
qB1! _(/! '/%(0&*! ./! /%&/! +-41'5/! H|J! /%! _(/! /-! 4/)8*%! '/)+/-&/%! %/! 8*! %*<+.1! _(/! 01%! *4/)&*.1%!
91'!0*!&*0+.15+.*!9(/./-!9*./)/'!H|J!q.*:1%!%/)(-.*'+1%D!&*'.61%!1!./!*9*'+)+,-!&*'.6*r!3!_(/!
%/!.+%&+-2(/-!/d9'/%*5/-&/!./!01%!_(/!00*5*!q.*:1%!)1-&+-(*.1%r!H|J"!=/!&'*&*!./!.*:1%!_(/D!%+!
<+/-! 9(.+/'*-! &/-/'! &*5<+`-! (-! 1'+2/-! 9'/-*&*0D! -1! %/! 8*<6*-! 5*-+4/%&*.1! 1! )1-1)+.1%! )151!
>+-)(0*.1%!*!0*!&*0+.15+.*!8*%&*!4/)8*%!'/)+/-&/%!H|J"!=1-!9*./)+5+/-&1%!*%1)+*.1%!*0!%+%&/5*!
-/'>+1%1D!>*%)(0*'!H*'&/'+*%D!>/-*%!3!&/Q+.1!0+-4C&+)1J!3!./!0*!5(%)(0*&('*!H|J!=/!&'*&*!./!.*:1%!
*<%10(&*5/-&/!.+4/'/-&/%!*!01%!_(/!91.'6*-!)1-%+./'*'%/!)151!%/)(/-)+*0/%!./!0*!&/'*&12/-+*D!
H|J!$%&1!+590+)*!_(/D!*!9/%*'!./0!&+/591!&'*-%)(''+.1!./%./!01%!8/)81%D!/-!0*!*)&(*0+.*.!-1!%/!
&+/-/! (-! )1-1)+5+/-&1! )+/'&1! H|J! 3! *<%10(&*5/-&/! ./4+-+&+>1! %1<'/! /0! *0)*-)/! 0*%! 0/%+1-/%! 3!
%/)(/0*%! 9'1.()+.*%! 91'! 0*! &*0+.15+.*! H|JD! 91'! 01! _(/D! /-! *90+)*)+,-! ./! 0*! .1)&'+-*!
Q('+%9'(./-)+*0! ./%)'+&*! *-&/'+1'5/-&/D! 0*! *))+,-! '/)&1'*! ./0! 9'1)/.+5+/-&1! -1! 9(/./!
)1-%+./'*'%/!9'/%)'+&*r!H]X"!M{J"
RW/ ]&"+&"%$(/ #&/ -(/ B,#$&"%$(/ O<.D$"%$(-/ V]&%%$G"/ 04_WH/ 03;0:;2:04H/ SOC/ ](?<(<$./ BAA\w\/
XBA'!B;/
B*! R(.+/-)+*! ;'1>+-)+*0! H=/))+,-! P@ÄJD! PM"PA"SAP@D! 8*! /%&+5*.1! /0! '/)('%1! ./! *9/0*)+,-!
+-&/'9(/%&1! 91'! F'T-/-&8*0! ;8*'5*D! ="R"! )1-&'*! 0*! %/-&/-)+*! ./0! ^(72*.1! ./! ;'+5/'*! I-%&*-)+*!
-[5"!NA!./!V*.'+.D!./!PN"PP"SAPM!3D!/-!)1-&'*!./!01!%1%&/-+.1!91'!/0!^(72*.1D!8*!)1-%+./'*.1!
9'/%)'+&*D! )1-41'5/! *! 01%! *'&%"! PNOU"S! 3! PNON! ./0! ?,.+21! ?+>+0! /%9*:10D! 0*! ./5*-.*! ./!
'/%91-%*<+0+.*.!)+>+0!./!0*!R%1)+*)+,-!./!>6)&+5*%!./!0*!&*0+.15+.*!/-!$%9*:*"
%W/ ]&"+&"%$(/ #&-/ ^<$R,"(-/ ],)<&=.H/ 0_H/ O-&".H/ 2:;0:;2:05H/ SOC/ a.>e/ B"+."$./ ]P@aB]/
l}@n^BnB;/
$0! g'+<(-*0! =(9'/51! /-! 0*! %/-&/-)+*! )+&*.*! 8*! ./%/%&+5*.1! 01%! '/)('%1%! /d&'*1'.+-*'+1! 91'!
+-4'*))+,-! 9'1)/%*0! 3! ./! )*%*)+,-! +-&/'9(/%&1%! 91'! RcIg$! 3! 8*! )1-4+'5*.1! 0*! =R;"! $-! '/0*)+,-!
)1-!0*!9'/%)'+9)+,-!./!0*!*))+,-D!/0!g=!/%&*<0/)/K!
}B~1![-+)1!_(/!%/!'/)0*5,!/-!0*!./5*-.*!/%!(-*!+-./5-+7*)+,-!)1-%+%&/-&/!/-!SA"AAA!
/('1%! 91'! q)*.*! 9(-&1! 91')/-&(*0! ./! 5+-(%>*06*! '/)1-1)+.*! 91'! 0*! R.5+-+%&'*)+,-!
$%9*:10*rD! /%! ./)+'D! (-*! +-./5-+7*)+,-! 91'! 0*%! 5*041'5*)+1-/%! 46%+)*%! /d+%&/-&/%! *0!
&+/591!./0!-*)+5+/-&1!H|J!=(91-/!_(/!0*%!%/)(/0*%!-1!%/!8*-!51.+4+)*.1!3!_(/!/0!.*:1!
/-! %6! %/! 9'1>1),! /-! .+)81! 515/-&1! 3! -1! /-! 1&'1! 91%&/'+1'D! %+-! _(/! 9(/.*! _(/.*'!
+-./&/'5+-*.1!/-!>+'&(.!./!(-*!91%+<0/!/>10()+,-!./!0*!/-4/'5/.*.!/-!(-!%/-&+.1!1!/-!
1&'1"!;1'!&*-&1D!0*!%/-&/-)+*!-1!8*!4'*))+1-*.1!/0!.*:1D!9(/%!)151!&*0!-1!)1-%+./'*!01%!
%1<'/>/-+.1%! /-! (-*! /&*9*! .+%&+-&*D! 3! )151! )1-%/)(/-)+*! ./)0*'*! 9'/%)'+&*! 0*! *))+,-!
./Q*-.1! *! %*0>1! 01%! .*:1%! %/)(-.*'+1%! 1! ./! *9*'+)+,-! &*'.6*D! %+/59'/! _(/! /0! -(/>1!
302
.*:1!1!0*!*2'*>*)+,-!%/!./%)(<'*!/-!4/)8*!91%&/'+1'D!01!_(/!/-!/%&1%!515/-&1%!-1!%/!
8*! *)'/.+&*.1! *! &'*>`%! ./! 0*! )1''/%91-.+/-&/! +->/%&+2*)+,-! )+/-&64+)*D! -+! '/%(0&*!
&*591)1!./0!+-41'5/!b/+./0</'2!/-!_(/!%/!/%&*<0/)/!%+590/5/-&/!)151!91%+<+0+.*.!3!
%+-!)*'C)&/'!2/-/'*0!H|J
Z! /%! _(/! (-*! )1%*! /%! _(/! 01%! .*:1%! %/! 5*-+4/%&*'*-! )1-! /0! -*)+5+/-&1D! _(/! -1! %1-!
.*:1%!)1-&+-(*.1%!%+-1!9/'5*-/-&/%!3!/>*0(*<0/%D!/-!01%!_(/!/0!90*71!./!9'/%)'+9)+,-!
)15+/-7*! *! )1''/'! )(*-.1! %/! 9'1.(Q/'1-D! 3! %/! )1-%&*&,! %(! )*'C)&/'! 9/'5*-/-&/! 3!
./4+-+&+>1D! 3! 1&'*! )1%*! .+%&+-&*! %1-! /%&1%! .*:1%! &*'.61%! /-! 01%! _(/! %6! )*</! _(/! /0!
),59(&1!%/!.+4+/'*!*0!515/-&1!/-!_(/!%(%!)1-%/)(/-)+*%!0/%+>*%!%/*-!./4+-+&+>*%"!
$%&*51%! *-&/! 0*! 00*5*.*! )1%*! Q(72*.*! &/591'*0D! 1! 01! _(/! 0*! .1)&'+-*! )1-1)/! )1-! /0!
-15<'/! ./! 065+&/%! &/591'*0/%! ./! 0*! )1%*! Q(72*.*D! _(/! /%! *.5+&+.*! 91'! -(/%&'*!
Q('+%9'(./-)+*D!/%9/)+*05/-&/!/-!*_(/001%!%(9(/%&1%!/-!_(/!/0!)('%1!)'1-10,2+)1!./!0*%!
0/%+1-/%! 5(/%&'*! 0*! *9*'+)+,-! ./! .*:1%! -(/>1%D! 1! (-*! *2'*>*)+,-! ./0! *-&/'+1'5/-&/!
*9'/)+*.1D! %+/59'/! _(/! /0! -(/>1! .*:1! 1! 0*! *2'*>*)+,-! %/! ./%)(<'*! /-! (-*! 4/)8*!
91%&/'+1'"! =(91-/! _(/! (-*! %/-&/-)+*! 9(/./! %/'>+'! ./! )1590/5/-&1! *! 1&'*! )(*-.1! /-!
`%&*!-1!%/!9(.+/'1-!&/-/'!/-!)(/-&*!./&/'5+-*.1%!%(9(/%&1%D!-1!*!8+9,&/%+%!/-!_(/!0*!
+-./5-+7*)+,-! 9(.1! 9'/>/'%/! )1-! *-&/'+1'+.*.! H|JD! 3D! /-! )(*0_(+/'! )*%1D! -1! 91.'6*!
)1-00/>*'! _(/! /0! 90*71! ./! +-+)+*0! ./! 9'/%)'+9)+,-! >10>+/'*! *! )159(&*'%/! 9*'*! &1.1%!
/001%"! $-! 0*! *)&(*0+.*.D! 0*! 91%+<+0+.*.! ./! +-./5-+7*'! 91'! .*:1%! %1<'/>/-+.1%! /%&C!
'/)1-1)+.*! /-! /0! R-/d1"! ;'+5/'1"! U! }%+)D! N~! ./! 0*! B/3! %1<'/! E/%91-%*<+0+.*.! ?+>+0! 3!
=/2('1!/-!0*!?+')(0*)+,-!./!c/86)(01%!*!V1&1'!MAhPNN#r!H]X"!@{D!#J"
$0!V*2+%&'*.1!X"!]'*-)+%)1!REEnZn! ]I$=gR=!/5+&+,!(-!>1&1!9*'&+)(0*'!/-!/0!_(/!./4+/-./!
_(/! /0! .+/%! *! _(1! ./0! 90*71! *-(*0! ./! 9'/%)'+9)+,-! ./</! )159(&*'%/! *! 9*'&+'! ./0!
q'/)1-1)+5+/-&1! *.5+-+%&'*&+>1! ./! 0*! +-)*9*)+.*.! /d+%&/-&/! 3! %+/59'/! _(/! `%&*! /%&`!
'/0*)+1-*.*! )1-! 0*! +-2/%&+,-! ./! &*0+.15+.*rD! 3! )+&*D! /-! /%&/! %/-&+.1D! 0*! .1)&'+-*!
/%&*<0/)+.*! /-! 0*! =g=D! PÄD! ./! PP! ./! 4/<'/'1! ./! SAPP"! ?1-41'5/! *! /%&*! .1)&'+-*D! /0!
V*2+%&'*.1! %1%&+/-/! _(/! /-! /0! )*%1! 0*! *))+,-! -1! /%&*'6*! 9'/%)'+&*! 9(/%! -1! %/! 8*<'6*!
+-+)+*.1! /0! ),59(&1! ./0! 90*71! 8*%&*! 0*! '/%10()+,-! ./! 01%! 9'1)/.+5+/-&1%!
*.5+-+%&'*&+>1%! ./! +-)*9*)+.*.! >+-)(0*.1%! *0! EX! PAAOhSAPAD! 9(/%! *(-_(/! q)1-!
*-&/'+1'+.*.!H|J!%/!90*-&/*'1-!91'!*02(-1%!*4/)&*.1%!9'1)/.+5+/-&1%!./!+-)*9*)+.*.!
H|J!01%!5+%51%!%101!)1-)'/&*<*-!0*!/d+%&/-)+*!./!0/%+1-/%!3h1!%/)(/0*%D!-1!0*!'/0*)+,-!
./!)*(%*!*!/4/)&1!)1-!0*!&*0+.15+.*!01!)(*0!%101!%/!>*!*!/4/)&(*'!&'*%!/0!EX!PAAOhSAPAD!
)151!/%&*<0/)/!/%&*!-1'5*!/-!%(!*'&"!Ur!H]X"!NJ"!
3;/O-(N.>/&>)&%$(-&>/#&/)<&>%<$)%$G"/
B1%! 90*71%! 2/-/'*0/%! ./! 9'/%)'+9)+,-! )1->+>/-D! %+-! /5<*'21D! )1-! /d)/9)+1-/%! )1-&/-+.*%! /-!
-1'5*%!/%9/)+*0/%!_(/D!)1-!1)*%+,-!./!0*!'/2(0*)+,-!./0!/Q/')+)+1!./!9'/&/-%+1-/%!/%9/)64+)*%!./!
'/%91-%*<+0+.*.D!9'/>`-!90*71%!/%9/)+*0/%!./!9'/%)'+9)+,-"!$-!/0!C5<+&1!9'19+1!./!*90+)*)+,-!./!
&*0/%! -1'5*%D! /0! 9'+-)+9+1! ./! /%9/)+*0+.*.! 1<0+2*! *! *&/-./'! *! %(%! 90*71%D! _(/! '/%(0&*'C-! ./!
*90+)*)+,-!/-!0(2*'!./!01%!90*71%!2/-/'*0/%!%/:*0*.1%!/-!/0!*9*'&*.1!*-&/'+1'"
R%6D!/0!(<+*%,-./043/^AKXM'}/9'/>`!(-!90*71!/%9/)+*0!./!&'/%!*:1%!9*'*!/0!/Q/')+)+1!./!0*!*))+,-!
./!'/%91-%*<+0+.*.!91'!.*:1%!)*(%*.1%!91'!9'1.()&1%!./4/)&(1%1%K
303
qP"! B*! *))+,-! ./! '/9*'*)+,-! ./! 01%! .*:1%! 3! 9/'Q(+)+1%! 9'/>+%&1%! /-! /%&/! )*96&(01!
9'/%)'+<+'C! *! 01%! &'/%! *:1%D! *! )1-&*'! ./%./! 0*! 4/)8*! /-! _(/! /0! 9/'Q(.+)*.1! %(4'+,! /0!
9/'Q(+)+1D! 3*! %/*! 91'! ./4/)&1! ./0! 9'1.()&1! 1! 91'! /0! .*:1! _(/! .+)81! ./4/)&1! 0/! 1)*%+1-,D!
%+/59'/! _(/! %/! )1-17)*! *0! '/%91-%*<0/! ./! .+)81! 9/'Q(+)+1"! B*! *))+,-! ./0! _(/! 8(<+/%/!
%*&+%4/)81!0*!+-./5-+7*)+,-!)1-&'*!&1.1%!01%!./5C%!'/%91-%*<0/%!./0!.*:1!9'/%)'+<+'C!*0!
*:1D!*!)1-&*'!./%./!/0!.6*!./0!9*21!./!0*!+-./5-+7*)+,-"r
S"!B*!+-&/''(9)+,-!./!0*!9'/%)'+9)+,-!%/!'+2/!91'!01!/%&*<0/)+.1!/-!/0!?,.+21!?+>+0"
g*5<+`-!%/!9'/>`-!90*71%!/%9/)+*0/%!./!9'/%)'+9)+,-!9*'*!/0!/Q/')+)+1!./!0*%!*))+1-/%!)1-&'*!01%!
*2/-&/%! ./! 0*! /.+4+)*)+,-! /-! &-/ (<+*%,-./ 08! #&/ -(/ K&F/ 38`0999H/ #&/ 5/ #&/ ".D$&=R<&H/ #&/
\<#&"(%$G"/#&/-(/P#$I$%(%$G"C
qP"!B*%!*))+1-/%!9*'*!/d+2+'!0*!'/%91-%*<+0+.*.!9'/>+%&*!/-!/0!*'&6)(01!*-&/'+1'!91'!.*:1%!
5*&/'+*0/%! .+5*-*-&/%! ./! 01%! >+)+1%! 1! ./4/)&1%D! 9'/%)'+<+'C-! /-! /0! 90*71! ./! .1%! *:1%! *!
)1-&*'! ./%./! _(/! %/! 9'1.(7)*-! .+)81%! .*:1%D! %+-! 9/'Q(+)+1! ./! 0*%! *))+1-/%! _(/! 9(/.*-!
%(<%+%&+'!9*'*!/d+2+'!'/%91-%*<+0+.*./%!91'!+-)(590+5+/-&1!)1-&'*)&(*0"
S"! B*! *))+,-! ./! '/9/&+)+,-! _(/! 9(.+/%/! )1''/%91-./'! *! )(*0_(+/'*! ./! 01%! *2/-&/%! _(/!
+-&/'>+/-/-! /-! /0! 9'1)/%1! ./! /.+4+)*)+,-! )1-&'*! 01%! ./5C%D! 1! *! 01%! *%/2('*.1'/%! )1-&'*!
/001%D!9'/%)'+<+'C!/-!/0!90*71!./!.1%!*:1%!./%./!0*!4+'5/7*!./!0*!'/%10()+,-!Q(.+)+*0!_(/!
)1-./-/! *0! '/%91-%*<0/! *! +-./5-+7*'! 01%! .*:1%D! 1! *! 9*'&+'! ./! 0*! 4/)8*! /-! 0*! _(/! %/!
8(<+/'*!9'1)/.+.1!*!0*!+-./5-+7*)+,-!./!41'5*!/d&'*Q(.+)+*0"r
4;/ O<&>%<$)%$G"/ #&/ -(/ (%%$G"/ #&/ <&>).">(R$-$#(#/ %$D$-/ #&<$D(#(/ #&/
#&-$+./
l-*!./!0*%!9/)(0+*'+.*./%!./0!./'/)81!/%9*:10!./!.*:1%!/%!0*!*(&1-156*!5*&/'+*0!3!9'1)/%*0!./!
0*!'/%91-%*<+0+.*.!)+>+0!./'+>*.*!./!./0+&1"!?1-41'5/!*!01!9'/>+%&1!/-!/0!*'&6)(01!PAN!?;K
qP"! B*! /Q/)()+,-! ./! (-! 8/)81! ./%)'+&1! 91'! 0*! B/3! )151! ./0+&1! 1<0+2*! *! '/9*'*'D! /-! 01%!
&`'5+-1%!9'/>+%&1%!/-!0*%!B/3/%D!01%!.*:1%!3!9/'Q(+)+1%!91'!`0!)*(%*.1%"
S"! $0! 9/'Q(.+)*.1! 91.'C! 19&*'D! /-! &1.1! )*%1D! 91'! /d+2+'! 0*! '/%91-%*<+0+.*.! )+>+0! *-&/! 0*!
^('+%.+))+,-!?+>+0"r
X/! /%&/! 51.1D! 0*! >6)&+5*! ./! (-! ./0+&1! 9(/./! 1<&/-/'! (-! 9'1-(-)+*5+/-&1! %1<'/! 0*!
+-./5-+7*)+,-! _(/! 0/! )1''/%91-./! /-! /0! 5+%51! 9'1)/.+5+/-&1! 9/-*0! /-! _(/! %/! ./)+.+'C! 0*!
'/%91-%*<+0+.*.!9/-*0!./0!./0+-)(/-&/"!g*5<+`-!9(/./!'/%/'>*'%/!0*%!*))+1-/%!)+>+0/%!9*'*D!(-*!
>/7! 4+-*0+7*.1! /0! 9'1)/.+5+/-&1! )'+5+-*0D! ./5*-.*'! (-*! +-./5-+7*)+,-! *-&/! 01%! Q(/)/%! 3!
&'+<(-*0/%!./!0*!Q('+%.+))+,-!)+>+0"!$-!&*0!)*%1D!)151!3*!%/!8*!8/)81!'/4/'/-)+*D!/0!9'1)/%1!9/-*0!
+-&/''(59/!0*!9'/%)'+9)+,-!./!0*!*))+,-!)+>+0D!)(31!90*71!/59/7*'C!*!)1-&*'!(-*!>/7!4+-*0+7*.1!/0!
9'1)/.+5+/-&1!9/-*0"
=+-! /5<*'21D! 01%! 90*71%! 9/-*0/%! ./! 9'/%)'+9)+,-D! /%! ./)+'D! 01%! 90*71%! /-! _(/! 0*! >6)&+5*! ./! (-!
./0+&1!9(/./!90*-&/*'!(-*!*))+,-!9/-*0!)1-&'*!/0!./0+-)(/-&/D!-1!%/!)1''/%91-./-!)1-!/0!90*71!
)+>+0! ./! 9'/%)'+9)+,-! ./! 0*! *))+,-! ./! +-./5-+7*)+,-! ./! .*:1%"! B*! .+>/'2/-)+*! 90*-&/*! (-!
304
9'1<0/5*!9'C)&+)1!)1-%+%&/-&/!/-!./&/'5+-*'!%+!0*!*))+,-!./!.*:1%!8*!9'/%)'+&1!)(*-.1!0*!*))+,-!
9/-*0!%/!90*-&/*!./-&'1!./0!90*71!9/-*0!./!9'/%)'+9)+,-!9/'1!(-*!>/7!*21&*.1!/0!90*71!)+>+0!./!
/Q/')+)+1!./!0*!*))+,-!./!.*:1%"
;1.'6*! /-&/-./'%/! _(/D! (-*! >/7! &'*-%)(''+.1! /0! 90*71! ./! 9'/%)'+9)+,-! ./! 0*! *))+,-! )+>+0D! (-*!
/>/-&(*0! *))+,-! 9/-*0! 91%&/'+1'! -1! 9/'5+&+'6*! *! 0*! >6)&+5*! /0! /Q/')+)+1! ./! 0*! *))+,-! )+>+0! /-! /0!
5+%51!9'1)/%1!9/-*0!1!0*!'/%/'>*!./!0*!*))+,-!)+>+0!9*'*!/Q/')+&*'0*!*-&/!01%!Q(/)/%!3!&'+<(-*0/%!
./!/%*!Q('+%.+))+,-"!B*!=*0*!;'+5/'*!./0!g'+<(-*0!=(9'/51!-1!01!8*!/-&/-.+.1!*%6"!$-!01%!)*%1%!
/-! _(/! 0*! *))+,-! 9/-*0! %/! 90*-&/*! ./%9(`%! ./! 0*! /d9+'*)+,-! ./0! 90*71! ./! 0*! *))+,-! ./! .*:1%D! 0*!
=*0*! 8*! /-&/-.+.1! _(/! -1! 8*3! '*71-/%! 9*'*! _(/! 0*! >6)&+5*! ./0! ./0+&1! 9+/'.*! /0! ./'/)81! *! %(!
+-./5-+7*)+,-"
B*!<'/>/.*.!./0!90*71!)+>+0!8*!00/>*.1!*0!g'+<(-*0!=(9'/51!*!41'7*'!01%!&/d&1%!0/2*0/%!3!*!*4+'5*'!
_(/D!/-!/%&1%!)*%1%D!0*!*))+,-!_(/!/Q/')+&*!0*!>6)&+5*!-1!%/!)1''/%91-./!)1-!0*!*))+,-!2/-/'*0!./!
.*:1%D! %+-1! )1-! 1&'*! /%9/)64+)*! ./'+>*.*! ./0! ./0+&1! *! 0*! _(/! ./</! *90+)*'%/! /0! 90*71! 2/-/'*0! ./!
9'/%)'+9)+,-!./!P#!*:1%!9'/>+%&1!/-!/0!*'&6)(01!PNO@!??!9*'*!0*%!*))+1-/%!_(/!)*'/7)*-!./!90*71!
9'19+1!./!9'/%)'+9)+,-D!*(-_(/!%101!%+!%/!1<&+/-/!%/-&/-)+*!./!)1-./-*!/-!0*!>6*!9/-*0"
4;0;/]^]H//O-&".H/0225`2::9H/#&/04/#&/&"&<.H/SOC/P"%(<"(%$G"/A.%(/^<*(>;/
$0! O! ./! Q(-+1! ./! PNNO! .1%! 5/-1'/%! *2'/.+/'1-! *! (-! &/')/'1D! &*5<+`-! 5/-1'D! 3! 0/! )*(%*'1-!
2'*>/%!.*:1%!9/'%1-*0/%"!?151!)1-%/)(/-)+*!./!0*!*2'/%+,-D!%/!+-+)+*'1-!*))+1-/%!9/-*0/%!*-&/!
/0!^(72*.1!./!V/-1'/%!./!R05/'6*D!_(/!.+)&,!%/-&/-)+*!./!)1-./-*!/0!M!./!1)&(<'/!./!PNNO"!$0!L!
./!*<'+0!./!PNNUD!0*!5*.'/!./!0*!>6)&+5*!./5*-.,!/-!0*!>6*!)+>+0!*!01%!9*.'/%!./!01%!*2'/%1'/%"!
B1%!./5*-.*.1%!19(%+/'1-!0*!9'/%)'+9)+,-!./!0*!*))+,-!)+>+0D!90*-&/*.*!)*%+!.1%!*:1%!./%9(`%!
./!0*!)15+%+,-!./!01%!8/)81%!3!./!0*!%/-&/-)+*!9/-*0!)1-./-*&1'+*"!B*!./5*-.*-&/!5*-&/-6*!_(/!
/0!90*71!./!9'/%)'+9)+,-!_(/!./<6*!'/%(0&*'!./!*90+)*)+,-!-1!/'*!/0!*-(*0!./0!*'&6)(01!PNOU"S!??D!
%+-1! /0! ./! _(+-)/! *:1%! ./0! *'&6)(01! PNO@! ??D! 9(/%! /0! ?,.+21! -1! 9'/>`! 90*71! /%9/)+*0! 9*'*! 0*!
*))+,-!./!'/%91-%*<+0+.*.!)+>+0!./'+>*.*!./!./0+&1"
B*%!+-%&*-)+*%!.+/'1-!0*!'*7,-!*!0*!./5*-.*-&/!3!'/)8*7*'1-!0*!/d)/9)+,-!./!9'/%)'+9)+,-!./!0*!
*))+,-!_(/!19(%+/'1-!01%!./5*-.*.1%"!É%&1%!'/)(''+/'1-!/-!)*%*)+,-!3!0*!=*0*!;'+5/'*!)1-4+'5,!
0*!./)+%+,-!./!0*%!+-%&*-)+*%!3!/%&*<0/)+,!)151!.1)&'+-*!Q('+%9'(./-)+*0!_(/K
qH|J! /0! 9'19+1! g'+<(-*0! =(9'/51! 8*! *90+)*.1! *! 0*%! *))+1-/%! ./! '/)0*5*)+,-! ./! 0*!
'/%91-%*<+0+.*.! )+>+0! ./'+>*.*! ./! ./0+&1! )15/&+.1! 91'! 5*31'/%! ./! /.*.! /0! 90*71! ./! P#!
*:1%D!91'_(/!/0!*'&6)(01!PNOUD!S{!??!+-)0(3/!/d)0(%+>*5/-&/!/-!/0!90*71!./!9'/%)'+9)+,-!
./!(-!*:1!0*%!1<0+2*)+1-/%!_(/!-*)/-!/-!>+'&(.!./!01!.+%9(/%&1!/-!/0!*'&6)(01!PNAS!??!"!
B*%! _(/! %('2/-! )151! )1-%/)(/-)+*! ./! .*:1%! 9'1.()+.1%! 91'! ./0+&1%! _(/! -1! %/*-! 0*!
)*0(5-+*!1!0*!+-Q('+*!-1!/%&C-!+-)0(+.*%!/-!/%&*!.+%91%+)+,-D!/-!>+'&(.!./!01!_(/!/%&*<0/)/!
/0!*'&6)(01!PANS!??!"!$%&*!.1)&'+-*!8*!%+.1!%1%&/-+.*!'/+&/'*.*5/-&/!/-!%/-&/-)+*%!./!L!
/-/'1! PNUSD! L! 1)&(<'/! PNUM! D! P! *<'+0! PNNAD! PN! 1)&(<'/! PNNA! D! PA! 5*31! PNNM! 3! @! Q(0+1!
SAAA!3!MP!/-/'1!SAA@!D!/-&'/!5()8*%!1&'*%"
$-!)18/'/-)+*!)1-!0*!.1)&'+-*!*-&/'+1'5/-&/!/d9(/%&*D!8*3!_(/!)1-)0(+'!_(/!/-!/0!*)&(*0!
/%&*.1! ./! )1%*%D! ./</! *90+)*'%/! 0*! '/20*D! ./! *)(/'.1! )1-! 0*! _(/! *0! &'*&*'%/! ./! (-! 8/)81!
./0+)&+>1!./!(-!+-+59(&*<0/!_(/!8*!%+.1!1<Q/&1!./!%*-)+,-!/-!0*!Q('+%.+))+,-!)159/&/-&/!
305
./! 5/-1'/%D! ./</! *90+)*'%/! 0*! .1)&'+-*! %1%&/-+.*! 91'! /%&*! =*0*! /-! '/0*)+,-! *0! 90*71! ./!
9'/%)'+9)+,-! ./! 0*%! *))+1-/%! ./! '/%91-%*<+0+.*.! )+>+0! 91'! .*:1%! ./'+>*.1%! ./! 8/)81%!
./0+)&+>1%!3D!91'!&*-&1D!/0!90*71!%/'C!./!P#!*:1%!91'!*90+)*)+,-!./0!*'&6)(01!PNO@!??"!B*!
*90+)*)+,-! ./! /%&/! 90*71! '/_(+/'/! _(/! 8*3*! 8*<+.1! (-*! '/%10()+,-! ./! 0*! Q('+%.+))+,-! ./!
5/-1'/%!./)0*'*-.1!_(/!01%!8/)81%!9'1<*.1%!/%&C-!&+9+4+)*.1%!)151!./0+&1!_(/!8*-!%+.1!
)15/&+.1%!91'!(-!5/-1'!-1!+59(&*<0/"r!H]X"!#{!3!O{J
5;/ @"+&<<,)%$G"/ #&/ -(/ )<&>%<$)%$G"/ &"+<&/ %.<<&>).">(R-&>/
>.-$#(<$.>/#&/,"/=$>=./#(Q./
X/!*)(/'.1!)1-!/0!*'&6)(01!PNL@!??D!0*%!*))+1-/%!./0!*)'//.1'!)15[-!4'/-&/!*!)(*0_(+/'*!./!01%!
)1./(.1'/%! %10+.*'+1%! +-&/''(59/-! 0*! 9'/%)'+9)+,-! '/%9/)&1! ./! &1.1%! /001%"! R%6! 01! +591-/! 0*!
(-+.*.!./!0*!./(.*!_(/!/%!/d+2+<0/!*!&1.1%!3!0*!9'19+*!.+-C5+)*!./!0*!%10+.*'+.*.D!_(/!9/'5+&/!
./5*-.*'!)1-Q(-&*!1!%()/%+>*5/-&/!*!01%!)1./(.1'/%!8*%&*!/0!)1<'1!&1&*0!./!0*!./(.*K
qB*!+-&/''(9)+,-!./!0*!9'/%)'+9)+,-!./!*))+1-/%!/-!0*%!1<0+2*)+1-/%!%10+.*'+*%!*9'1>/)8*!
1!9/'Q(.+)*!91'!+2(*0!*!&1.1%!01%!*)'//.1'/%!3!./(.1'/%"!H|Jr
B*!=*0*!;'+5/'*!8*<6*!5*-&/-+.1!8+%&,'+)*5/-&/!0*!*90+)*)+,-!./0!9'/)/9&1!*!01%!)*%1%!/-!_(/!0*!
%10+.*'+.*.!/'*!+59(/%&*!91'!0*!%/-&/-)+*!_(/!'/)1-1)6*!_(/!/0!.*:1!./<6*!%/'!9(/%&1!*!)*'21!./!
>*'+1%!)1''/%91-%*<0/%"!X/!/%&/!51.1D!'/%(0&*<*!91%+<0/!_(/!0*%!*4+'5*)+1-/%!)1-&/-+.*%!/-!0*!
%/-&/-)+*!_(/!%/!.+)&,!)1-!51&+>1!./!0*!*))+,-!./!0*!>6)&+5*!)1-&'*!(-1!./!01%!)1)*(%*-&/%!./!(-!
5+%51! .*:1! %+'>+/'*! 0(/21! ./! 4(-.*5/-&1! 9*'*! +-+)+*'! (-! %/2(-.1! 90/+&1! 4'/-&/! *! 1&'1%!
)1''/%91-%*<0/%! _(/! -1! 91.6*-! 191-/'! _(/! 8*<6*! &'*-%)(''+.1! 5C%! ./! (-! P! *:1! /-&'/! /0!
*))+./-&/!3!0*!./5*-.*!_(/!*81'*!%/!9'/%/-&*<*!)1-&'*!/001%"
5;0/]^]H/0_H/223`2::3H/#&/04/#&/=(<N.H/SOC/a.>e/B-=(?<./n.>&+&;/
$0! )*%1! '/%(/0&1! 91'! 0*! =g=D! PÄD! P@"M"SAAM! HE^! MO@#J! 51.+4+),! 0*! _(/! 8*<6*! %+.1! 0*! .1)&'+-*!
&'*.+)+1-*0!./!0*!=*0*!;'+5/'*"!B*!>6)&+5*!./5*-.,!*0!*'_(+&/)&1D!*0!*9*'/Q*.1'!3!*0!/-)*'2*.1!
./! 0*! 1<'*! /-! 0*! _(/! %(4'+,! (-! q2'*>/! *))+./-&/! 0*<1'*0r! )1-! '/9/')(%+1-/%! _(/! -1! /d90+)*! 0*!
91-/-)+*"!B*!R(.+/-)+*!;'1>+-)+*0!./!n>+/.1!/%&+5,!/-!9*'&/!/0!'/)('%1!./!*9/0*)+,-!)1-&'*!0*!
%/-&/-)+*! )1-./-*&1'+*! ./! 0*! 9'+5/'*! +-%&*-)+*D! *<%10>+,! *0! *'_(+&/)&1D! 3! )1-./-,! *0! '/%&1! ./!
./5*-.*.1%!*!9*2*'!%10+.*'+*5/-&/!*!0*!>6)&+5*!(-*!+-./5-+7*)+,-!./!SPL"N#A!/('1%"!G+-2(-1!
./! 01%! )1-./-*.1%! 9*2,! 0*! +-./5-+7*)+,-! 3! 0*! >6)&+5*! ./5*-.,! /-&1-)/%! *! 0*%! '/%9/)&+>*%!
)159*:6*%!*%/2('*.1'*%"!$-!/0!9'1)/%1!%/2(+.1!)1-&'*!0*%!)159*:6*%D!0*%!+-%&*-)+*%!*.5+&+/'1-!
0*! /d)/9)+,-! ./! 9'/%)'+9)+,-! ./! 0*! *))+,-"! B*%! *%/2('*.1'*%! -1! 8*<6*-! %+.1! ./5*-.*.*%! /-! /0!
9'+5/'!9'1)/%1!3!8*<6*!&'*-%)(''+.1!)1-!)'/)/%!/0!*:1!_(/!9'/>`!/0!*'&6)(01!PNOU"S!?)"!9*'*!/0!
/Q/')+)+1!./!0*!*))+,-!./!'/)0*5*)+,-!./!.*:1%"!B*!=*0*!;'+5/'*!)1-4+'5,!01%!'*71-*5+/-&1%!./!
0*! %/-&/-)+*! '/)(''+.*K! qH|J! 0*! .1)&'+-*! 8*! '/)1-1)+.1! Q(-&1! *! 0*! ./-15+-*.*! é%10+.*'+.*.!
9'19+*wD! '/2(0*.*! /-! -(/%&'1! ?,.+21! )+>+0! _(/! >+/-/! +59(/%&*! )1-! )*'C)&/'! 9'/./&/'5+-*.1! "3$
0*),4-(-"! 1! "3$ )"@"D! 1&'*! 51.*0+.*.! ./! 0*! %10+.*'+.*.D! 00*5*.*! é+59'19+*w! (! 1<0+2*)+1-/%! '4$
%*)'7,6! _(/! .+5*-*-! ./! 0*! -*&('*0/7*! ./0! +06)+&1! 3! ./! 0*! 90('*0+.*.! ./! %(Q/&1%! _(/! 8*3*-!
)1-)(''+.1! *! %(! 9'1.())+,-D! 3! _(/! %('2/D! )(*-.1! -1! '/%(0&*! 91%+<0/! +-.+>+.(*0+7*'! 0*%!
'/%9/)&+>*%!'/%91-%*<+0+.*./%"!R!/%&*![0&+5*!/%9/)+/!./!%10+.*'+.*.!-1!%1-!*90+)*<0/%!&1.*%!0*%!
'/20*%! 9'/>/-+.*%! 9*'*! 0*! %10+.*'+.*.! 9'19+*! 3D! /-! /%9/)+*0D! -1! )*</! _(/! %/! &15/! /-!
)1-%+./'*)+,-! /0! *'&6)(01! PNL@! ?)"! /-! %(! 9C''*41! 9'+5/'1D! 5()81! 5/-1%! )(*-.1! /0! 8/)81!
306
*0/2*.1! _(/.,! +59'/Q(72*.1D! 91'! 9'19+*! ./4+-+)+,-D! '/%9/)&1! ./! 01%! _(/! -1! 4(/'1-! &'*6.1%! *0!
9'1)/%1D!<*%C-.1%/!/-!(-*!9'/%(-&*!'/%91-%*<+0+.*.!'4$%*)'7,6$H0*!%10+.*'+.*.!-1!%/!9'/%(5/!
)1-41'5/!*0!*'&6)(01!PPML!?)"JD!_(/!4(/!./)0*'*.*!9*'*!(-1%!%(Q/&1%!.+%&+-&1%!H|J!./!01%!0(/21!
>+-)(0*.1%D! *! 01%! _(/! -1! 9(/./! /d&/-./'%/! 0*! %+-2(0*'+.*.! ./! (-! 9'1-(-)+*5+/-&1! _(/! %/!
/%&*<0/)/! )1-! <*%/! /-! 0*%! )+')(-%&*-)+*%! 4C)&+)*%! *0/2*.*%! 3! 9'1<*.*%! /-! /0! *%(-&1! 9'/>+1D! %+-!
_(/!H|J!9(/.*-!41'5(0*'%/!'/9'/%/-&*)+1-/%!(-+0*&/'*0/%!./!%10+.*'+.*.!%+-!)*(%*!./51%&'*.*"r!
H]X"!@J"
B*!./)+%+,-!./!0*!=*0*!;'+5/'*!)1-&,!)1-!(-!>1&1!9*'&+)(0*'!./0!5*2+%&'*.1!*>+/'!nw?*00*28*-!
V(:17K! qB*! '*7,-! ./0! >1&1! 9*'&+)(0*'! /%D! /-! 9'+5/'! 0(2*'D! 91'! /-&/-./'! _(/! 0*! '/%10()+,-!
*.19&*.*!8*)/!./)+'!*0!?,.+21!?+>+0!01!_(/!`%&/!-1!.+)/"!$0!*'&6)(01!PNL@D!/-!%(!9'+5/'!9C''*41!
H|J!-1!.+%&+-2(/!%+!0*!%10+.*'+.*.!/%!9'19+*!1!+59'19+*a!)(3*!.+%&+-)+,-!-1!8*!%+.1!'/)1-1)+.*!
91'!0*!.1)&'+-*!)+>+0+%&*"!H|J!B*!'*7,-!./!/%&/!>1&1!9*'&+)(0*'!/%D!/-!%/2(-.1!0(2*'D!91'!/-&/-./'!
_(/! %/! .*! (-! 2+'1! *! 0*! .1)&'+-*! Q('+%9'(./-)+*0! _(/D! )1-! (-! )'+&/'+1! 9'12'/%+%&*! _(/! >+/-/! ./!
*:1%D!5*-&+/-/!/0!9'+-)+9+1!!#*$7(64(-*D!/-!</-/4+)+1!./0!9/'Q(.+)*.1!91'!*)&1!.*:1%1D!0*!9*'&/!
5C%! .`<+0! ./! (-*! '/0*)+,-"! R%+5+%51D! /-! &/')/'! 0(2*'D! +590+)*! (-! )*5<+1! +-Q(%&+4+)*.1! ./! 0*!
.1)&'+-*! Q('+%9'(./-)+*0! _(/! %+/59'/! 8*<6*! 5*-&/-+.1! (-*! +-&/'9'/&*)+,-! '/%&'+)&+>*! ./0!
+-%&+&(&1!./!0*!9'/%)'+9)+,-D!)151!)1-&'*'+1!*!0*!Q(%&+)+*!+-&'6-%/)*"r!H]X"!P{!./0!>1&1!9*'&+)(0*'J"
5;2/B%,&<#./#&/](-(/#&/27/#&/=(<N./#&/2::3/
B*!.1)&'+-*!./!0*!%/-&/-)+*!_(/!*)*<*51%!./!)+&*'!4(/!'/>*0+.*.*D!91)1!./%9(`%D!/-!/0!B%,&<#./
#&/ -(/ ](-(/ O<$=&<(/ #&/ 27/ #&/ =(<N./ #&/ 2::3/ Va}A/ 2::7Ç004359WD! /0! )(*0! 3! )1-! )*'C)&/'!
2/-/'*0D!/%&*<0/)+,!_(/K
q;'/%)'+9)+,-!./!0*%!1<0+2*)+1-/%!%10+.*'+*%"
$0! 9C''*41! 9'+5/'1! ./0! *'&6)(01! PNL@! ./0! ?,.+21! ?+>+0! [-+)*5/-&/! )1-&/590*! /4/)&1!
+-&/''(9&+>1!/-!/0!%(9(/%&1!./!0*%!1<0+2*)+1-/%!%10+.*'+*%!/-!%/-&+.1!9'19+1D!)(*-.1!&*0!
)*'C)&/'!./'+>*!./!-1'5*!0/2*0!1!9*)&1!)1->/-)+1-*0D!%+-!_(/!9(/.*!/d&/-./'%/!*0!C5<+&1!
./! 0*! %10+.*'+.*.! +59'19+*D! )151! /%! 0*! ./'+>*.*! ./! '/%91-%*<+0+.*.! /d&'*)1-&'*)&(*0!
)(*-.1!%1-!>*'+1%!01%!)1-./-*.1%!Q(.+)+*05/-&/"r
R%6D!./%./!/-&1-)/%D!0*!+-&/''(9)+,-!./!0*!9'/%)'+9)+,-!_(/!0*!>6)&+5*!./0!.*:1!)1-%+2*!4'/-&/!*!
(-1!./!01%!)1''/%91-%*<0/%!%10+.*'+1%!./0!.*:1!-1!+-&/''(59/!-/)/%*'+*5/-&/!0*!9'/%)'+9)+,-!
'/%9/)&1!./0!'/%&1!_(/D!/-!(-!/>/-&(*0!90/+&1!91%&/'+1'D!91.'6*-!191-/'!)1-!`d+&1!0*!/d)/9)+,-!
./!9'/%)'+9)+,-!./!0*!*))+,-"
6;/P-/)-(N./+<$&"(-/#&-/'G#$?./%$D$-/#&/'(+(-,"F(/
VC%!./!(-!%+201!./%9(`%!./!0*!9'15(02*)+,-!./0!?,.+21!?+>+0D!01%!/%4(/'71%!./!0*!Q('+%9'(./-)+*!
91'!*&/59/'*'!0*%!+-Q(%&+)+*%!*!0*%!_(/!00/>*!/-!1)*%+1-/%!/0!9/'/-&1'+1!90*71!*-(*0!./0!*'&6)(01!
PNOU"S! ??! *)1-%/Q*<*-! 0*! *.19)+,-! ./! (-! -(/>1! 90*71! 2/-/'*0! 9*'*! 0*! 9'/&/-%+,-! ./!
'/%91-%*<+0+.*.!)+>+0!/d&'*)1-&'*)&(*0"!R%6!01!8+71!/0!0/2+%0*.1'!./0!?1.+!?+>+0!./!?*&*0(-3*!_(/D!
/-!/0!C5<+&1!9'19+1!./!%(%!)159/&/-)+*%D!*.19&,!(-!-(/>1!90*71!m&'+/-*0m!9*'*!/0!/Q/')+)+1!./!0*!
*))+,-!+-./5-+7*&1'+*!./!0*%!>6)&+5*%!./!*))+./-&/%"!B*!B0/+!SNhSAASD!./!MA!./!./%/5<'/D!./!0*!
307
O<$=&<(/ K-&$/ #&-/ '.#$/ '$D$-/ #&/ '(+(-,"F(! /%&*<0/)+,! (-! 90*71! 5C%! 0*'21! _(/! /0! ./0! ),.+21!
/%9*:10!9*'*!0*!*))+,-!./!'/%91-%*<+0+.*.!)+>+0!/d&'*)1-&'*)&(*0!/-!%(!(<+*%,-./020[20K
q;'/%)'+(/-!*0!)*9!./!&'/%!*-3%K
H|J
.J!B/%!9'/&/-%+1-%!./'+>*./%!./!'/%91-%*<+0+&*&!/d&'*)1-&'*)&(*0"r
6;0;/B-R&<+/KBSBA'B/$/SBAl}à]H/{'.=&"+(<$/(/-r(<+$%-&/020[20|H/&"/B-R&<+/KBSBA'B/$/SBAl}à]H/
B"+."$/ hBl}PA/ BK\wH/ '#4/.%-"$& -)& ))$A"/& 1"$4/"& 5/)& '#5$& '$($)& 5/& '-%-)8.0-J& !$21#2$7$#.2&
1"/)$4$.-"2J&3"/27"$17$g&$&7-587$%-%H/B+&-$&<H/U(<%&-."(H/2:02H/));/592/F/>>;/V&i+<(%+.W/
q$0!??!?*&!*00*'2*!/-!.1%!*-3%!/0!&/'5+-+!*-(*0!./!9'/%)'+9)+,!9/'!*!0/%!9'/&/-%+1-%!./'+>*./%!./!
'/%91-%*<+0+&*&!/d&'*)1-&'*)&(*0!./!0w*'&"!P"NOU"S!??"!Bw*00*'2*5/-&!./0!&/'5+-+!>+2/-&!4+-%!*!&'/%!
*-3%!`%!&*5<`!(-*!'/41'5*!)*<.*0!./0!??!?*&!_(/D!*!0*!9'W)&+)*D!/>+&*'W!)1590/d+&*&%!/-!0*!2/%&+,!
./0%! 90/&%! ./'+>*&%! ./! '/%91-%*<+0+&*&! )+>+0! +! )1-&'+<(+'W! *! 91%%+<+0+&*'! /0! '/%)*<*0*5/-&! ./0%!
.*-3%!)*(%*&%!+-Q(%&*5/-&"!$-!*_(/%&!9(-&D!/%!91%*!/-!'/00/(!_(/!/0!??!?*&!-1!-15`%!8*!/%)('å*&!
&/'5+-+%D!&*5<`!/0%!8*!*00*'2*&!/-!/0%!%(9ç%+&%!/-!_(Ü!)*0+*!4/'m81"
X/! 4/&D! /0! &/'5+-+! 4+-%! *'*! >+2/-&! .w(-! *-3! 9/'! *! 0*! 9'/%)'+9)+,! ./! 0/%! 9'/&/-%+1-%! ./0! .'/&! ./!
.*-3%!/'*!./0%!91)%!/-!_(Ü!0*!9'/%)'+9)+,!91.+*!*''+<*'!*!%/'!0*!_T/%&+,!./&/'5+-*-&!./0!90/&D!*!
.+4/'Ü-)+*!./0!_(/!4+-%!*'*!%())/©*!/-!0*!5*Q1'+*!./!90/&%!)+>+0%"
Bw*00*'2*5/-&! ./0! &/'5+-+! +590+)*! &*5<`! 0*! %/>*! (-+4+)*)+,! *5<! /0! &/'5+-+! ./! 9'/%)'+9)+,! ./!
<1-*!9*'&!./!9'/&/-%+1-%!)1-&'*)&(*0%D!+-)01%/%!*0!5*&/+d!*'&"!PSPm!SP!??!?*&"!R!0*!9'W)&+)*D!*+dç!
91%*'W! 4+! *! )1-%&'())+1-%! *'&+4+)+1%/%! %1<'/! 0*! -*&('*0/%*! )1-&'*)&(*0! 1! /d&'*)1-&'*)&(*0! ./! 0*!
9'/&/-%+,!.w+-./5-+&7*)+,!_(/!%w/%&W!/d/')+&*-&D!%+!/%!.,-*!1!-1!(-!)1-)('%!./!9'/&/-%+1-%!1!./!
-1'5/%! _(/! 41-*5/-&/-! 0*! 9'/&/-%+,D! +! &*-&/%! .w*0&'/%! _T/%&+1-%! Q('6.+_(/%! )1590/d/%! _(/!
-15`%! 9'/&/-/-! />+&*'! _(/! 0*! 9'/&/-%+,! .w+-./5-+&7*)+,! /%! 9(2(+! )1-%+./'*'! 9'/%)'+&*"! $0!
&/'5+-+! ./! &'/%! *-3%! %w*90+)*! *! &1&/%! 0/%! 9'/&/-%+1-%! _(/! ./'+>/-! ./! '/%91-%*<+0+&*&!
/d&'*)1-&'*)&(*0D!*5<!41-*5/-&!*!0w*'&"!P"NAS!+!%%"!??!1!*!0*!0/2+%0*)+,!%/)&1'+*0!_(/!)1''/%91-2(+D!
+! %(<%&+&(/+d! /0! >+2/-&! .w(-! *-3! ./! 0w*'&"! P"NOU"S! ??! *! &1&%! /0%! /4/)&/%! *! ?*&*0(-3*"! BwW5<+&!
.w*90+)*)+,! ./0! &/'5+-+! &'+/--*0! `%! /0! 5*&/+d! ./0! _(/! '/%(0&*! ./0! &/'5+-+! *-(*0! 4+-%! *'*! >+2/-&D! +!
*+dç! >10! .+'! _(/! %w8+! %1&5/&/-! 0/%! 9'/&/-%+1-%! _(/! &/-/-! 9/'! 4+-*0+&*&! 0*! '/9*'*)+,! .w(-! .*-3!
)*(%*&!*0!5*'2/!./!0w+-)1590+5/-&!.w(-*!1<0+2*)+,!)1-&'*)&(*0"
$0!&/'5+-+D!(-!)19!5`%D!`%!/0!2/-/'*0!*!?*&*0(-3*D!*+dç!>10!.+'!_(/!%(<%&+&(/+d!)1590/&*5/-&!/0!
_(/!4+-%!*'*!8+!/'*!>+2/-&D!9/'ç!-1!*4/)&*!/0%!&/'5+-+%!/%9/)+*0%D!.+-%!/0%!_(*0%!)*0!+-)01('/!&*-&!
/0%! _(/! &/-/-! (-*! .('*.*! .+4/'/-&! )15! 0*! 5*&/+d*! *-(*0! ./! 0w*'&"! P"NOU"S! ??D! +! &*5<`! /0%!
/%&*<0/'&%! 9/0! .'/&! /%&*&*0! _(/! )1+-)+./+d/-! *5<! /0! ./! 0w*'&"! PSPmSP! ??! ?*&"! R+dç! %())//+dD! 9/'!
/d/590/D! *5<! /0! &/'5+-+! ./! _(*&'/! *-3%! ./! 0w*'&"! N@N! ??1! 9/'! /d+2+'! 0*! '/%91-%*<+0+&*&! ./0%!
*.5+-+%&'*.1'%! ./! 0/%! %1)+/&*&%! 5/')*-&+0%D! /0! .w(-! *-3! 9/'! /d+2+'! 0*! '/%91-%*<+0+&*&! *!
0wR.5+-+%&'*)+,!./!0w*'&"!P@S"#!./!0*!B0/+!MAhPNNSD!./!SO!./!-1>/5<'/D!./!'`2+5/-!Q('6.+)1!./!0*%!
R.5+-+%&'*)+1-/%!;[<0+)*%!3!./0!9'1)/.+5+/-&1!*.5+-+%&'*&+>1!)15[-D!/0!./!0*!5*&/+d*!.('*.*!
9/'!.*-3%!./!0w*'&"!PSS"S!./!0*!B0/+D!./!PO!./!./%/5<'/D!./!/d9'19+*)+,-!41'71%*D!1!/0!./!&'/%!*-3%!
./!0w*'&"!PS"P!./!0*!B0/+!SShPNN@D!./!O!./!Q(0+10D!./!'/%91-%*<+0+.*.!)+>+0!91'!.*:1%!)*(%*.1%!91'!
9'1.()&1%!./4/)&(1%1%"!g*591)!%(<%&+&(/+d!/0%!&/'5+-+%!/%9/)+*0%!./0!.'/&!)*&*0WD!4+-%!+!&1&!)15!
/0! ./! 0w*'&"! @O"M! B?1! _(/! 4*! '/5+%%+,! /d9'/%%*! *! 0w*'&"! P"NOU! ??"! R_(/%&*! 5(0&+90+)+&*&! ./!
'/2(0*)+1-%! .,-*! 001)! *! 'Ü2+5%! &*-&! 9/'90/d1%! )15! /0! ./! 0*! '/%91-%*<+0+&*&! 5Ü.+)1m%*-+&W'+*K! *!
308
?*&*0(-3*!0/%!9'/&/-%+1-%!./!.*-3%!)1-&'*!/0%!81%9+&*0%!9[<0+)%!9'/%)'+(/-!*!0w*-3!5/-&'/!_(/!
9/'!0/%!./'+>*./%!./!0w/d/')+)+!./!0*!5/.+)+-*!9'+>*.*!/0!&/'5+-+!./!9'/%)'+9)+,!`%!./!&'/%!*-3%D!
(-*!.+4/'Ü-)+*!./!.1%!*-3%!2/-%!-/20+2+<0/"
B*! ./0+5+&*)+,! )0*'*D! *! 0*! 9'W)&+)*D! ./! 0wW5<+&! .w*90+)*)+,! ./0! &/'5+-+! -1! %/'C! %/-7+00*D! *&/%*! 0*!
)1590/d+&*&! ./! 4+d*'! /0! .'/&! *90+)*<0/! *0%! %(9ç%+&%! ./! '/%91-%*<+0+&*&! /d&'*)1-&'*)&(*0"! B*! '/20*!
./!0w*'&"!PA"N!??D!%/21-%!0*!_(*0!ì0*%!1<0+2*)+1-/%!-1!)1-&'*)&(*0/%!%/!'/2+'C-!91'!0*!0/3!./0!0(2*'!
.1-./! 8(<+/'/! 1)(''+.1! /0! 8/)81! ./! _(/! ./'+>/-îD! 0w*-15/-*&! )'+&/'+! ./! 0*! 0/d! 01)+! ./0+)&+!
)15+%%+D! 9'/%/-&*! 41'å*! /0/5/-&%! .w+-./&/'5+-*)+,"! $-! %/21-! 001)D! /-! *_(/%&*! )1590/d+&*&! 8+!
+-40(+'W! 0*! _T/%&+,! ./! 0*! Q('+%.+))+,! )159/&/-&! 9/'! '/%10.'/! /0! %(9ç%+&! ./! 4/&! _(/D! /-! )*%1%! ./!
)1-40+)&/!./!00/+%D!91&!-1!)1+-)+.+'!*5<!/0!.15+)+0+!./0!./5*-.*-&!+!/0!001)!./!0*!9'1.())+,!./0%!
.*-3%!+D!9/'!*_(/%&!51&+(D!*5<!/0!./0!.'/&!*90+)*<0/!*0!41-%!./0!)*%"!]+-%!*'*!-1!/%!90*-&/Q*>/-!
_T/%&+1-%!./!.'/&!+-&/''/2+1-*0D!-+!&*591)!+-&/'-*)+1-*0%D!'/0*&+>/%!*0!.'/&!./!0*!'/%91-%*<+0+&*&!
/d&'*)1-&'*)&(*0! *5<! 41-*5/-&! *0! .'/&! )+>+0! ./! ?*&*0(-3*"! R5<! /0! ??! ?*&! *_(/%&%! )1-40+)&/%!
%/'C-!91%%+<0/%!9/'!<`!_(/!0+5+&*&%!*0!&/'5+-+!./!9'/%)'+9)+,!./!0*!9'/&/-%+,!./!.*-3%"
Bw+-+)+! ./0! )ç59(&! ./0! &/'5+-+! ./! 9'/%)'+9)+,! ./! 0*! 9'/&/-%+,! ./! .*-3%! `%! (-*! ./! 0/%! _T/%&+1-%!
)*<.*0%!/-!0*!5*&Ü'+*"!]+-%!*'*!81!/'*!9/'!0*!<'/>/&*&!/d&'/5*!./0!&/'5+-+!+!9/'!0*!>+2Ü-)+*!.w(-!
)'+&/'+!%(<Q/)&+(!_(/!/d)/9)+1-*>*!0*!'/20*!2/-/'*0!1<Q/)&+>*!./!0w*)&+1!-*&*!./!0w*'&"!P"NON!??"!B*!
+591'&W-)+*! ./0! .+/%! *! _(1! /-! 0/%! *))+1-%! ./! .*-3%! /%! 5*-&`D! /-)*'*! _(/! 5+&+2*.*! 9/'!
0w*00*'2*5/-&! ./0! &/'5+-+D! 9/'_(Ü! -1! %/59'/! )1+-)+.+'*-! /0! 515/-&! ./0! 4/&! _(/! 9'1.(/+d! /0%!
.*-3%!*5<!/0!./!0*!)1590/&*!./&/'5+-*)+,!./0!%/(!*<*%&D!_(/!91&!%/'!510&!91%&/'+1'"
X/!&1&*!5*-/'*D!%+!<`!4+-%!*'*!/'*!510&!9'1<*<0/!_(/!9*%%`%!5`%!.w(-!*-3!/-&'/!/0!4/&!)*(%*-&!
./0%!.*-3%!+!0*!+-&/'91%+)+,!./!0*!./5*-.*!./!'/)0*5*)+,!./!'/%91-%*<+0+&*&D!/0!&/'5+-+!./!&'/%!
*-3%! 9/'5/&! 9/-%*'! _(/! %/'*-! 5/-3%! /0%! %(9ç%+&%! /-! _(Ü! &'*-%)1''/'W! *_(/%&! &/'5+-+! /-&'/!
*5<.,%! 515/-&%D! /0! _(/! />+&*'W! 90*-&/Q*'! _T/%&+1-%! %1<'/! /0! .+/%! *! _(1"! ;/0! )*%! _(/! *+dç!
%())//+d+D!`%!)0*'!_(/!/0!&/'5+-+!./!&'/%!*-3%!)15/-å*'W!*!)159(&*'m%/!./%!./0!515/-&!/-!_(Ü!
/0%!.*-3%!%w8*2+-!5*-+4/%&*&!./!5*-/'*!)1590/&*!+!/0!9/'Q(.+)*&!-w8*2+!&+-2(&!)*<*0!)1-/+d/5/-&D!
)15!&*5<`!./!0*!9/'%1-*!)1-&'*!0*!_(*0!%w8*!.w*.'/å*'D!/-!/0%!&/'5/%!./!0w*'&"!PSPmSM!??!?*&"!g1&!
*+dç!%/59'/!*5<!/0!065+&!./0!&/'5+-+!./!9'/)0(%+,!./!&'/-&*!*-3%!./!0w*'&"!PSPmS@!??!?*&"
;/0!_(/!4*!*!0w*-15/-*.*!'/%91-%*<+0+&*&!)+>+0!./'+>*.*!./!./0+)&/D!/0!g=!0+!8*!*90+)*&!/0!&/'5+-+!./!
9'/%)'+9)+,!./!0w*'&"!P"NO@!??!m_(/!9/'!*!?*&*0(-3*!%/'+*!/0!./0!./'12*&!*'&"!M@@!?X??m!9/'!/>+&*'!
0w/4/)&/! 9'/%)'+9&+(! ./0! &/'5+-+! .w(-! *-3! ./! 0w*'&"! P"NOU"S! ??"! R5<! /0! -1(! ??! ?*&D! %+! /%! %/2(/+d!
*_(/%&*!Q('+%9'(./-)+*!-1!/d/59&*!./!910Ü5+)*D!/0!&/'5+-+!8*('W!./!%/'!00*>1'%!/0!./!./(!*-3%!
./!0w*'&"!PSPmSA!??!?*&"r
6;2;/M.%+<$"(/E,<$>)<,#&"%$(-/>.R<&/&-/)-(N./%(+(-J"/#&/)<&>%<$)%$G"/F/-.>/)-(N.>/)<&D$>+.>/
&"/-&F&>/&>)&%$(-&>/
B*! )1->+>/-)+*! ./0! 90*71! ./! 9'/%)'+9)+,-! ./! 0*! *))+,-! ./! .*:1%! /%9/)64+)*5/-&/! 9'/>+%&1! /-! /0!
*'&6)(01! PSPmSP! ???*&! )1-! 0*! '/2(0*)+,-! /%&*&*0! /-! 5*&/'+*! ./! '/%91-%*<+0+.*.! )+>+0!
/d&'*)1-&'*)&(*0! 8*! 90*-&/*.1! /0! 9'1<0/5*! ./! ./&/'5+-*'! _(`! 90*71D! %+! /0! /%&*&*0! 1! /0!
*(&1-,5+)1D! '/%(0&*-! ./! *90+)*)+,-! *0! /Q/')+)+1! ./! *))+1-/%! ./! .*:1%! 4(-.*.*%! /-! -1'5*&+>*!
/%&*&*0"
309
$-!)1-)'/&1D!/0!9'1<0/5*!%/!8*!90*-&/*.1!)1-!1)*%+,-!./0!90*71!./!/Q/')+)+1!./!0*!*))+,-!)1-&'*!
/0!*%/2('*.1'!_(/!'/)1-1)/!*!0*!>6)&+5*!./!(-!*))+./-&/!./!)+')(0*)+,-!/0!(<+*%,-./7;0!#&-/^&i+./
A&I,"#$#./#&/-(/K&F/>.R<&/A&>).">(R$-$#(#/'$D$-/F/]&?,<./&"/-(/'$<%,-(%$G"/#&/h&L*%,-.>/(/
S.+.<D!)1-41'5/!*0!)(*0K
qP"!$0!*%/2('*.1'D!./-&'1!./0!C5<+&1!./0!*%/2('*5+/-&1!1<0+2*&1'+1!3!)1-!)*'21!*0!%/2('1!
./! %(%)'+9)+,-! 1<0+2*&1'+*D! 8*<'C! ./! %*&+%4*)/'! *0! 9/'Q(.+)*.1! /0! +591'&/! ./! 01%! .*:1%!
%(4'+.1%! /-! %(! 9/'%1-*! 3! /-! %(%! <+/-/%"! $0! 9/'Q(.+)*.1! 1! %(%! 8/'/./'1%! &/-.'C-! *))+,-!
.+'/)&*!9*'*!/d+2+'01"!ä-+)*5/-&/!_(/.*'C!/d1-/'*.1!./!/%&*!1<0+2*)+,-!%+!9'(/<*!_(/!/0!
8/)81! -1! .*! 0(2*'! *! 0*! /d+2/-)+*! ./! '/%91-%*<+0+.*.! )+>+0! )1-41'5/! *0! *'&6)(01! P! ./! 0*!
9'/%/-&/! B/3"! ;'/%)'+</! 91'! /0! &'*-%)('%1! ./! (-! *:1! 0*! *))+,-! .+'/)&*! 9*'*! /d+2+'! *0!
*%/2('*.1'!0*!%*&+%4*))+,-!*0!9/'Q(.+)*.1!./0!+591'&/!./!01%!.*:1%!%(4'+.1%!91'!`%&/!/-!
%(!9/'%1-*!3!/-!%(%!<+/-/%"r
$0!9'/)/9&1!9'/>`!(-!90*71!./!P!*:1!9*'*!_(/!0*!>6)&+5*!./0!*))+./-&/!/Q/')+&/!0*!*))+,-!.+'/)&*!
)1-&'*!/0!*%/2('*.1'!./0!'/%91-%*<0/!./0!*))+./-&/!./!)+')(0*)+,-"!ep(/.*!/%&/!90*71!%(%&+&(+.1!
91'!/0!./!M!*:1%!>+2/-&/!/-!?*&*0(-3*!)(*-.1!0*!*))+,-!.+'/)&*!%/!/Q/')+&/!91'!(-*!>6)&+5*!%(Q/&*!
*0!./'/)81!)+>+0!)*&*0C-!1!/0!*))+./-&/!8*!&/-+.1!0(2*'!/-!?*&*0(-3*f
B*!)(/%&+,-!8*!%+.1!me4+-*05/-&/fm!'/%(/0&*!91'!0*!]^]H/0_H/534`2:03H/#&/6/#&/>&)+$&=R<&H/SOC/
B"+."$./](-(>/'(<%&--&<;!$-!/0!)*%1!_(/!'/%10>+,!4+-*05/-&/!0*!=*0*D!/0!)1-.()&1'!./!(-!>/86)(01!
8*<6*! %(4'+.1! (-! *))+./-&/! ./! )+')(0*)+,-! /-! V*&*',! H\*')/01-*J"! $0! '/%91-%*<0/! )*'/)6*! ./!
%/2('1! 91'! 01! _(/! 0*! )1</'&('*! ./! %(! '/%91-%*<+0+.*.! )1''/%91-.6*! *0! ?1-%1')+1! ./!
?159/-%*)+,-!./!=/2('1%"!B*!>6)&+5*!./0!*))+./-&/!/Q/')+,!)1-&'*!/%*!/-&+.*.!0*!*))+,-!.+'/)&*!
./! '/)0*5*)+,-! ./! 01%! .*:1%! %(4'+.1%"! B1! 8+71D! %+-! /5<*'21D! 5C%! ./! (-! *:1%! ./%9(`%! ./0!
*))+./-&/D! *(-_(/! *-&/%! ./! 0*! /d9+'*)+,-! ./0! 90*71! &'+/-*0! ./0! ???*&"! $0! ?1-%1')+1! 19(%1! 0*!
9'/%)'+9)+,-! ./! 0*! *))+,-D! _(/! 4(/! ./%/%&+5*.*! 91'! 0*%! +-%&*-)+*%D! *(-_(/! 4(/! *)12+.*! 91'! 0*!
)*%*)+,-"!B*!=*0*!;'+5/'*!'/%10>+,!_(/K
qB*! =*0*! *! 0*! >+%&*! ./! 0*%! %10()+1-/%! )1-&'*.+)&1'+*%! /! +-)1-)+0+*<0/%! _(/! %/! 8*-! .*.1! %1<'/! 0*!
)(/%&+,-! _(/! %/! .+%)(&/! )1-%+./'*! _(/! 8*! ./! *90+)*'%/! /0! 90*71! ./! 9'/%)'+9)+,-! ./! (-! *:1!
/%&*<0/)+.1! /-! /0! L"P! ./0! E/*0! X/)'/&1! B/2+%0*&+>1! UhSAA@D! ./! SN! ./! 1)&(<'/D! 91'! /0! _(/! %/!
*9'(/<*!/0!g/d&1!E/4(-.+.1!./!0*!B/3!%1<'/!E/%91-%*<+0+.*.!?+>+0!3!=/2('1!/-!0*!?+')(0*)+,-!./!
c/86)(01%!*!V1&1'D!/%&+5*-.1!/0!'/)('%1!+-&/'9(/%&1!91'!/0!R<12*.1!./0!$%&*.1"
=/!+591-/!.+)8*!%10()+,-!%+!%/!9*'&/!./!)1-%+./'*'D!)151!'/%(0&*!-/)/%*'+1D!)(C0!/%!0*!-*&('*0/7*!
./! 0*! *))+,-! /Q/')+&*.*! 3! ./! .,-./! -*)/! /0! ./'/)81! _(/! 5/.+*-&/! /00*! %/! 8*)/! >*0/'! *-&/! 01%!
&'+<(-*0/%!91'!5/.+1!./!0*!9'/&/-%+,-"
$-! /0! 9'/%/-&/! )*%1! -1! %/! &'*&*! ./! (-*! %+590/! *))+,-! ./'+>*.*! ./! )(09*! /d&'*)1-&'*)&(*0! /-!
>+'&(.! ./! 0*! )(*0! /0! _(/! 8*! %(4'+.1! (-! .*:1! %/! .+'+2/! )1-&'*! *_(`0! _(/! %/! 01! 9'1.(Q1! 9*'*!
'/)0*5*'0/! 0*! +-./5-+7*)+,-! 191'&(-*"! ;1'! /0! )1-&'*'+1! /0! /Q/')+)+1! ./! 0*! *))+,-! )1-&'*! /0!
?1-%1')+1! ./! ?159/-%*)+,-! ./! =/2('1%! -*)/! 9'/)+%*5/-&/! ./! (-! ./'/)81! ./! )*'C)&/'!
/d&'*1'.+-*'+1!_(/!-1!)1-4+/'/!*0!9/'Q(.+)*.1!0*!0/2+%0*)+,-!)+>+0!)*&*0*-*!%+-1!/0!*'&6)(01!PP"P"<J!
./!0*!B/3!%1<'/!E/%91-%*<+0+.*.!?+>+0!3!=/2('1!/-!0*!?+')(0*)+,-!./!c/86)(01%!*!V1&1'!3!/0!PP"M!
./0!g/d&1!E/4(-.+.1!./0!$%&*&(&1!B/2*0!./0!?1-%1')+1!./!?159/-%*)+,-!./!=/2('1%!D!*9'1<*.1!
91'!/0!E/*0!X/)'/&1!B/2+%0*&+>1!LhSAA@D!./!SN!./!1)&(<'/D!-1'5*%!./!0*%!_(/!./'+>*!0*!1<0+2*)+,-!
310
./! .+)81! 1'2*-+%51! ./! +-./5-+7*'! )(*-.1! /0! .*:1! 8*3*! %+.1! )*(%*.1! 91'! >/86)(01! -1!
*%/2('*.1"
X/! *86! _(/D! -*)+.*! ./! 0*! 0/3! 0*! 1<0+2*)+,-! ./0! ?1-%1')+1! ./! ?159/-%*)+,-! ./! =/2('1%D! 8*! ./!
/-&/-./'%/!*90+)*<0/!/0!90*71!./!9'/%)'+9)+,-!_(/!0*!9'19+*!0/3!/%&*<0/)/!9*'*!0*!/d+2/-)+*!./0!
)(590+5+/-&1!./!&*0!1<0+2*)+,-!*-&/!01%!&'+<(-*0/%D!_(/!/-!/%&/!)*%1!m)151!%/!8*!'/9/&+.1m!/%!/0!
./!(-!*:1!4+Q*.1!/-!/0!9'19+1!*'&6)(01!L"P!./!0*!B/3!%1<'/!E/%91-%*<+0+.*.!?+>+0!3!=/2('1!/-!0*!
?+')(0*)+,-!./!c/86)(01%!*!V1&1'"!R%6!01!/%&*<0/)/!/0!*'&6)(01!PANA!./0!?,.+21!?+>+0!)(*-.1!.+)/!
_(/!0*%!1<0+2*)+1-/%!./'+>*.*%!./!0*!0/3!o%/!'/2+'C-!91'!01%!9'/)/9&1%!./!0*!0/3!_(/!0*%!8(<+/'/!
/%&*<0/)+.1o"
qB*! 9'19+*! X+%91%+)+,-! ]+-*0! ;'+5/'*! ./! .+)8*! 0/3! '/4+/'/! _(/! /0! g/d&1! E/4(-.+.1! %/! .+)&*! *0!
*59*'1! ./! 01! /%&*<0/)+.1! /-! /0! *'&6)(01! P@N"P"OÄ! ./! 0*! ?1-%&+&()+,-! $%9*:10*D! %/2[-! /0! )(*0! /0!
$%&*.1!&+/-/!)159/&/-)+*!/d)0(%+>*!/-!5*&/'+*!./!0/2+%0*)+,-!5/')*-&+0D!91'!01!_(/!0*%!-1'5*%!
./! .+)8*! 0/3! '+2/-! .+'/)&*5/-&/! /-! &1.1! %(! &/''+&1'+1D! %+-! _(/! 9(/.*! 19/'*'! /-! /%&/! )*%1! /0!
9'+-)+9+1!./!&/''+&1'+*0+.*.!9*'*!'/)0*5*'!0*!*90+)*)+,-!./!0*!-1'5*!)*&*0*-*"r!H]X"!@{J
$-!)1-%/)(/-)+*D!/0!90*71!)*&*0C-!./!9'/%)'+9)+,-D!/-!5*&/'+*!./!*))+,-!./!.*:1%D!%/'C!*90+)*<0/!
%+/59'/!_(/!-1!/d+%&*!'/2(0*)+,-!/%9/)+*0!_(/!9'/>/*!(-!90*71!.+4/'/-&/"!R%6!%()/./D!./!8/)81D!
)1-!/0!90*71!_(/!/0!*'&6)(01!PNOU"S!??!9'/>`!)1-!)*'C)&/'!2/-/'*0!9*'*!0*!*))+,-!./!.*:1%"!g*0!
90*71D! )151! 3*! %/! 8*! >+%&1D! -1! 9'/)0(3/! /0! /Q/')+)+1! ./! *))+1-/%! ./! .*:1%! /%9/)64+)*5/-&/!
'/2(0*.*%!91'!0/3/%!/%9/)+*0/%!_(/!9'/>/*-!90*71%!.+4/'/-&/%!*0!2/-/'*0"!;1'!&*-&1D!/0!90*71!./!
9'/%)'+9)+,-! ./! (-*! *))+,-! ./! .*:1%! 9'/>+%&*! /-! (-*! '/2(0*)+,-! /%9/)+*0! %/! *90+)*'C! )1-!
9'/4/'/-)+*! /-! &1.1! )*%1D! )1-! +-./9/-./-)+*! ./! _(/! /0! 90*71! 2/-/'*0! %/*! /0! /%&*&*0! 1! /0!
*(&1-,5+)1"!
!
!
311
'()*+,-./03/
P-/)<.%&>./%$D$-/#&/<&%-(=(%$G"/#&/
<&>).">(R$-$#(#&>/%$D$-&>/
!
!
P"!$0!9'1)/%1!)+>+0!./!'/)0*5*)+,-!./!.*:1%!3!9/'Q(+)+1%!""""""""""""""""""""""""""""""""""""""""""""""""!MPM!
S"!$0!9'1)/%1!1'.+-*'+1!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!MPM!
S"P"!]*%/!*0/2*&1'+*K!./5*-.*!3!)1-&/%&*)+,-"!E/)1->/-)+,-!"""""""""""""""""""""""""""!MPM!
S"S"!]*%/!+-&/'5/.+*K!*(.+/-)+*!;'/>+*!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!MPL!
S"M"!]*%/%!9'1<*&1'+*!3!4+-*0K!Q(+)+1!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!MPN!
S"@"!=/-&/-)+*K!*)0*'*)+,-D!)1''/))+,-!3!)1590/5/-&1!"""""""""""""""""""""""""""""""""""""""""!MSP!
M"!E/)('%1%!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!MSS!
@"!$Q/)()+,-!9'1>+%+1-*0!3!./4+-+&+>*"!V/.+.*%!)*(&/0*'/%!""""""""""""""""""""""""""""""""""""""""""""""!MSM!
#"!^(+)+1!>/'<*0!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!MS#!
q;*'*!1<&/-/'!^(%&+)+*!-1!<*%&*!&/-/'!'*7,-D!
/%!-/)/%*'+1!%*</'0*!/d91-/'!3!./51%&'*'0*D!
/-)1-&'*'!_(+/-!0*!/-&+/-.*!3!0*!_(+/'*!.*'D!
3!91'![0&+51!m_(/!/%!01!5C%!+591'&*-&/mD!
/-)1-&'*'!(-!./(.1'!_(/!9(/.*!9*2*'"r
;+/'1!?RBRVRGXE$I
2%-,7'*%$%*D#"$")$!#*9"%*$9'0')D!g151!IIID!
$.+)+1-/%!^('6.+)*%!$('19*mR5`'+)*D!\(/-1%!R+'/%D!PNOSD!9"!SOP"
$0!./'/)81!./!.*:1%!-1!%/!/-&+/-./!%+-!0*%!'/20*%!_(/!'/2(0*-!/0!9'1)/%1!/-!_(/!%/!/d+2+'C-!0*%!
/>/-&(*0/%!'/%91-%*<+0+.*./%!)+>+0/%D!/%&1!/%D!%+-!/0!./'/)81!9'1)/%*0"!$0!9'+5/'1D!%+-!/0!%/2(-.1D!
/%!(-!./'/)81!*<%&'*)&1D!3!/0!%/2(-.1D!%+-!/0!9'+5/'1D!/%!(-!./'/)81!>*)61"!
?1-!5()8*!4'/)(/-)+*D!*0!'/>+%*'!0*!Q('+%9'(./-)+*D!-1%!/-)1-&'*51%!)1-!'/%10()+1-/%!Q(.+)+*0/%!
_(/D! ./%./! (-! 9(-&1! ./! >+%&*! /%&'+)&*5/-&/! 5*&/'+*0D! 9(/./-! &/-/'! .+46)+0! /d90+)*)+,-"! =+-!
/5<*'21D!/0!4*001!%/!/d90+)*!0*%!5C%!./!0*%!>/)/%!/-!*&/-)+,-!*!0*%!>+)+%+&(./%!./0!9'1)/%1K!%+!-1!%/!
*.5+&+,!&*0!1!)(*0!9'(/<*D!%+!9'/)0(3,!0*!*0/2*)+,-!./!*02[-!8/)81!1!4(-.*5/-&1!Q('6.+)1D!1!%+!0*%!
9*'&/%!-1!00/>*'1-!*!)*<1!*02(-*!*)&(*)+,-!_(/!91.6*!9/'Q(.+)*'!0*!4(&('*!+-&/'91%+)+,-!./!*02[-!
'/)('%1!9'1)/%*0D!91'!/Q/5901"
$-!0*%!9C2+-*%!_(/!%+2(/-!%/!)1-&+/-/!(-*!*9'1d+5*)+,-!%+-&`&+)*!*!0*%!'/20*%!./0!9'1)/.+5+/-&1!
)+>+0! 3! (-*! /d90+)*)+,-! 9'C)&+)*! ./! *02(-*%! ./! 0*%! )(/%&+1-/%! 9'1)/%*0/%! 5C%! '/0/>*-&/%! ./0!
9'1)/%1! ./%./! 0*! 9/'%9/)&+>*! ./0! ./'/)81! ./! .*:1%"! $-! 51.1! *02(-1! 9'/&/-./! %/'! (-! &'*&*.1!
/d8*(%&+>1! %1<'/! 0*! 5*&/'+*! -+D! 91'! &*-&1D! %(%&+&(3/! /0! /%&(.+1! ./! 0*%! 0/3/%! 9'1)/%*0/%D! 0*!
Q('+%9'(./-)+*!3!0*!.1)&'+-*!*0!'/%9/)&1"
312
0;/P-/)<.%&>./%$D$-/#&/<&%-(=(%$G"/#&/#(Q.>/F/)&<E,$%$.>/
B*!B/3!PhSAAAD!./!L!./!/-/'1D!./!/-Q(+)+*5+/-&1!)+>+0!H/-!*./0*-&/D!B$?J!'/2(0*!/-!/0!g6&(01!II!./0!
B+<'1!II!.1%!9'1)/%1%!./)0*'*&+>1%!1'.+-*'+1%D!_(/!%1-!01%!_(/!/%&C-!/-(5/'*.1%!/-!/0!*'&6)(01!
S@U"S!B$?K!/0!Q(+)+1!1'.+-*'+1!3!/0!Q(+)+1!>/'<*0"
?151!>/'/51%!*!)1-&+-(*)+,-D!-(/%&'1!0/2+%0*.1'!8*!./0+5+&*.1!/0!C5<+&1!./!*5<1%D!%+!<+/-!8*!
/%&*<0/)+.1! (-*! )0C(%(0*! ./! )+/''/D! 5/.+*-&/! 0*! )(*0! 8*! .+%9(/%&1! _(/! &1.*%! 0*%! )1-&+/-.*%!
Q(.+)+*0/%! _(/! -1! &/-2*-! %/:*0*.*! 91'! 0*! B/3! (-*! &'*5+&*)+,-! /%9/)64+)*D! %/'C-! >/-&+0*.*%! 3!
./)+.+.*%!91'!01%!&'C5+&/%!./0!Q(+)+1!1'.+-*'+1"
B*! B/3! (&+0+7*! .1%! )'+&/'+1%! 9*'*! ./)+.+'! _(`! 5*&/'+*%! Q('6.+)*%D! 1! )1-40+)&1%! Q('6.+)1%D! %/!
'/%10>/'C-!*!&'*>`%!./!01%!&'C5+&/%!./0!Q(+)+1!1'.+-*'+1!1!/0!Q(+)+1!>/'<*0K!/0!)'+&/'+1!1<Q/&+>1!3!/0!
./!0*!)(*-&6*D!(-*!>/7!/d)0(+.*%!)+/'&*%!5*&/'+*%!_(/!&+/-/-!%/:*0*.*!/-!0*!B$?!(-*!&'*5+&*)+,-!
/%9/)+*0"
$-!/0!C5<+&1!./!0*%!'/)0*5*)+1-/%!./!.*:1%!3!9/'Q(+)+1%D!)1-!)*'C)&/'!2/-/'*0K!
+J =/!./)+.+'C-!/-!Q(+)+1!1'.+-*'+1!0*%!'/)0*5*)+1-/%!./!5C%!./!O"AAA!/('1%!./!)(*-&6*"!B*!
)(*-&6*!./!(-!90/+&1!%/!4+Q*!%/2[-!/0!+-&/'`%!/)1-,5+)1!./!0*!./5*-.*D!_(/!%/!)*0)(0*!./!
*)(/'.1!)1-!0*%!'/20*%!)1-&/-+.*%!/-!01%!*'&6)(01%!S#P!3!%+2(+/-&/%!B$?"!
++J =/!./)+.+'C-!/-!Q(+)+1!>/'<*0!0*%!'/)0*5*)+1-/%!./!5/-1%!./!O"AAA!/('1%!./!)(*-&6*%"!!
+++J =/!./)+.+'C-!/-!&1.1!)*%1!91'!01%!&'C5+&/%!./0!Q(+)+1!1'.+-*'+1!01%!90/+&1%!/-!5*&/'+*!./!
./'/)81%!*0!81-1'D!+-&+5+.*.!9/'%1-*0!3!4*5+0+*'!3!9'19+*!+5*2/-"!!
$-! 0*%! 9C2+-*%! _(/! %+2(/-! *! )1-&+-(*)+,-! %/! /d91-/-! 0*%! '/20*%! 2/-/'*0/%! ./0! Q(+)+1! 1'.+-*'+1"!
l0&/'+1'5/-&/! H0'7"! *9*'&*.1! #JD! 3! *! 51.1! ./! *9(-&/D! %/! /d91-.'C-! %+-&`&+)*5/-&/! 0*%!
9'+-)+9*0/%!.+4/'/-)+*%!/-&'/!/0!Q(+)+1!1'.+-*'+1!3!/0!>/'<*0"!
2;/P-/)<.%&>./.<#$"(<$./
?1-! /0! 1<Q/&1! ./! /%&(.+*'! /0! Q(+)+1! 1'.+-*'+1D! 91./51%! .+>+.+'01! /-! 0*%! %+2(+/-&/%! 4*%/%K!
*0/2*&1'+*D!+-&/'5/.+*D!9'1<*&1'+*!3!4+-*0"
2;0;/c(>&/(-&?(+.<$(C/#&=("#(/F/%."+&>+(%$G";/A&%."D&"%$G"/
(W/M&=("#(
313
X+)/!/0!*'&6)(01!MNN!B$?!_(/!q/0!Q(+)+1!9'+-)+9+*'C!91'!./5*-.*r"!B*!./5*-.*!/%D!*%6D!/0!*)&1!./!
+-)1*)+,-! ./0! Q(+)+1D! /0! *)&1! ./! 9/&+)+,-! 1! 91%&(0*)+,-! 3D! /-! %(5*D! /0! /%)'+&1! '/)&1'! ./0!
9'1)/.+5+/-&1! _(/! ./0+5+&*! /0! 1<Q/&1! ./0! Q(+)+1! H]'*-)+%)1! ERVn=! VÉGX$tD! 24c,'9'(6'"4-*$ /'0')S$
g151!IID!R&/0+/'D!\*')/01-*D!SAAUD!99"!PP#LmPP#UJ"
B*! ./5*-.*! ./</! +-)0(+'! 0*! +./-&+4+)*)+,-! ./0! &'+<(-*0D! ./! 0*%! 9*'&/%D! ./0! 9'1)('*.1'! 3! ./0!
*<12*.1!./0!./5*-.*-&/D!01%!8/)81%!m-*''*.1%!q./!41'5*!1'./-*.*!3!)0*'*r!3!)1-!/d9'/%+,-!./!
q)*%$ 7*9,6"4-*%S$ 6"7'*%$ "$ '4%-#,6"4-*%$ +,"$ %"$ (!*#-"4$ "4$ #")(9'^4$ 9*4$ )*%$ E"9E*%$ +,"$
4(-.*5/-&/-!0*%!9'/&/-%+1-/%r!H*'&6)(01!MNN"S!B$?JmD!01%!4(-.*5/-&1%!./!./'/)81!9'1)/%*0/%!3!
%(%&*-&+>1%D!3!0*!9/&+)+,-!1!%[90+)1"
B*! B$?! '/2(0*D! /-! %(%! *'&6)(01%! S#O! 3! %+2(+/-&/%D! 0*%! .+0+2/-)+*%! 9'/0+5+-*'/%D! (-! )1-Q(-&1! ./!
91%+<0/%!*)&+>+.*./%!_(/!1</./)/-!*!0*!4+-*0+.*.!./!9'/9*'*'!/0!Q(+)+1!3!_(/!%/!00/>*-!*!)*<1!*-&/%!
./!+-&/'91-/'!0*!./5*-.*"!$-!/0!)*&C0121!%/!/-)(/-&'*-D!/-&'/!1&'*%D!0*!%10+)+&(.!./!/d8+<+)+,-!./!
0*! )1%*! 1! 0*! %10+)+&(.! ./! /d8+<+)+,-! ./! .1)(5/-&1%! -/)/%*'+1%! 9*'*! /0! Q(+)+1"! $-! '/0*)+,-! )1-! 0*%!
00*5*.*%!*))+1-/%!)10/)&+>*%!1!./!)0*%/!H/)(%%$(9-'*4%JD!0*%!.+0+2/-)+*%!9'/0+5+-*'/%!%1-!/%/-)+*0/%!
9*'*!0*!*>/'+2(*)+,-!./!01%!+-&/2'*-&/%!./!(-!2'(91!./!*4/)&*.1%"
l-*!./5*-.*!./4/)&(1%*!/%&C!*<1)*.*!*0!4'*)*%1"!G1!<*%&*!&/-/'!0*!'*7,-K!8*3!_(/!)1-1)/'!0*%!
'/20*%!./0!Q(/21!9*'*!)1->/'&+'!/%*!'*7,-!/-!(-*!'/%10()+,-!Q(.+)+*0!/%&+5*&1'+*"!R!/%&/!'/%9/)&1D!
3! 91'! %(! '/0/>*-)+*! 9'C)&+)*! /-! 01%! 9'1)/.+5+/-&1%! ./! '/%91-%*<+0+.*.! )+>+0! y&*-&1! )1-&'*)&(*0!
)151!/d&'*)1-&'*)&(*0mD!)1->+/-/!*<1'.*'!/0!9'1<0/5*!./!0*!9'/)0(%+,-"!X/!)1-41'5+.*.!)1-!/0!
(<+*%,-./4::/KP'K
q?(*-.1! 01! _(/! %/! 9+.*! /-! 0*! ./5*-.*! 9(/.*! 4(-.*'%/! /-! .+4/'/-&/%! 8/)81%! 1! /-!
.+%&+-&1%! 4(-.*5/-&1%! 1! &6&(01%! Q('6.+)1%D! 8*<'C-! ./! *.()+'%/! /-! /00*! )(*-&1%! '/%(0&/-!
)1-1)+.1%!1!9(/.*-!+->1)*'%/!*0!&+/591!./!+-&/'91-/'0*D!%+-!_(/!%/*!*.5+%+<0/!'/%/'>*'!
%(!*0/2*)+,-!9*'*!(-!9'1)/%1!(0&/'+1'"
P"!B*!)*'2*!./!0*!*0/2*)+,-!*!_(/!%/!'/4+/'/!/0!9C''*41!*-&/'+1'!%/!/-&/-./'C!%+-!9/'Q(+)+1!
./! 0*%! *0/2*)+1-/%! )1590/5/-&*'+*%! 1! ./! 8/)81%! -(/>1%! 1! ./! -(/>*! -1&+)+*! 9/'5+&+.*%!
/-!/%&*!B/3!/-!515/-&1%!91%&/'+1'/%!*!0*!./5*-.*!3!*!0*!)1-&/%&*)+,-"
S"!X/!)1-41'5+.*.!)1-!01!.+%9(/%&1!/-!*0!*9*'&*.1!*-&/'+1'D!*!/4/)&1%!./!0+&+%9/-./-)+*!3!
./! )1%*! Q(72*.*D! 01%! 8/)81%! 3! 01%! 4(-.*5/-&1%! Q('6.+)1%! *.()+.1%! /-! (-! 0+&+2+1! %/!
)1-%+./'*'C-! 01%! 5+%51%! _(/! 01%! *0/2*.1%! /-! 1&'1! Q(+)+1! *-&/'+1'! %+! 8(<+/%/-! 91.+.1!
*0/2*'%/!/-!`%&/r"
X/%&*)*-!0*%!.1%!)1-%/)(/-)+*%!9'C)&+)*%!%+2(+/-&/%K
P" !G1! %/! 9(/./! )1''/2+'! (-*! ./5*-.*! ./4/)&(1%*"! VC%! *00C! ./! 0*%! *0/2*)+1-/%!
)1590/5/-&*'+*%! 3! *)0*'*&1'+*%D! 3! ./! 0*%! 9'/&/-%+1-/%! )1590/5/-&*'+*%D! *! _(/! %/!
'/4+/'/! /0! *'&6)(01! @SO! B$?! /-! /0! 5*')1! ./! 0*! *(.+/-)+*! 9'/>+*D! (-*! >/7! 90*-&/*.*! 0*!
./5*-.*! 3! ./0+5+&*.1! /0! 1<Q/&1! ./0! 0+&+2+1! -1! /%! 91%+<0/! *0&/'*'! /0! 5+%51D! -+! %+_(+/'*!
9*'*!)1''/2+'!(-!./4/)&1!/-!0*!./5*-.*"!!
314
c`*%/D! 91'! /Q/5901D! 0*! ]^]H/ 0_H/ 0072`2::3H/ #&/ 02/ #$%$&=R<&H/ SOC/ B"+."$./ X,--G"/
U(--&>+&<.>D! /-! (-! )*%1! /-! _(/! %/! /Q/')+&*<*! (-*! *))+,-! ./)0*'*&+>*! ./! .15+-+1! )1-!
91%&/'+1'+.*.!*!(-!9'1)/%1!./!&/')/'6*!./!.15+-+1K
qB*! %/-&/-)+*! ./! /%&*! =*0*! ./! MA! ./! Q(0+1! ./! PNNO! ./)0*',! _(/! ì-1! ./%*9*'/)/! 0*!
)1-%/)(/-)+*! -/2*&+>*! ./! 0*! )1%*! Q(72*.*! )(*-.1D! 5/.+*-&/! /0! %/2(-.1! 90/+&1D! %/! 8*-!
_(/'+.1!%(90+'!1!%(<%*-*'!01%!/''1'/%!*0/2*&1'+1%!1!./!9'(/<*!*)*/)+.1%!/-!/0!9'+5/'1D!
9(/%! -1! /%! )1''/)&1! 9'1)/%*05/-&/! 90*-&/*'! ./! -(/>1! 0*! 5+%5*! 9'/&/-%+,-! )(*-.1!
*-&/%! %/! 15+&+/'1-! 9/.+5/-&1%D! 1! -1! 9(.+/'1-! ./51%&'*'%/! 1! /0! Q(72*.1'! -1! 01%!
*&/-.+,îq"
S"!G1!%/!9(/./!./Q*'!9*'*!(-!90/+&1!91%&/'+1'!0*!'/)0*5*)+,-!./!01%!.*:1%!3!9/'Q(+)+1%"!
?1-! )*'C)&/'! 2/-/'*0D! -1! %/! 9(/./! +-%&*'! (-*! ./5*-.*! /-! 0*! _(/! %/! %10+)+&/D!
/d)0(%+>*5/-&/D! _(/! /0! ^(72*.1! ./)0*'/! 0*! '/%91-%*<+0+.*.! ./0! )*(%*-&/! ./0! .*:1! %+!
/%&*!9'/&/-%+,-!-1!%/!*)159*:*!./!0*!'/)0*5*)+,-!./!0*%!)1-%/)(/-)+*%!./'+>*.*%!./!
*_(/00*!./)0*'*)+,-!./!'/%91-%*<+0+.*.D!/"2"D!0*!+-./5-+7*)+,-!./!.*:1%!3!9/'Q(+)+1%"!
B*!.1)&'+-*!)1-%+./'*!_(/!0*%!*))+1-/%!5/'*5/-&/!./)0*'*&+>*%!-1!9(/./-!/Q/')+&*'%/!
/-!01%!%(9(/%&1%!/-!_(/!*!0*!*)&1'*!-1!0/!)1->+/-/!1!-1!0/!+-&/'/%*!%10+)+&*'!(-*!&(&/0*!
./! )1-./-*D! )151! %()/./! /-! /0! 9'/%/-&/! )*%1"! $-! /%&/! %/-&+.1D! /0! ;'14/%1'! nEg$BB=!
ERVn=D!."#"9E*$5#*9"%()$/'0')D!g815%1-mR'*-7*.+D!SAALD!9"!#SD!%1%&+/-/!_(/K!
q}=~+!91'!0*!-*&('*0/7*!Q('6.+)*!./0!./'/)81!9(/./!%/'!9/.+.*!0*!)1-./-*!*!9'/%&*)+,-D!
-1! /%! *.5+%+<0/! 9/.+'! (-*! &(&/0*! ./! 5/'*! ./)0*'*)+,-D! 91'_(/! /%! )1-&'*'+1! *! 0*!
/)1-156*! /-! /0! /Q/')+)+1! ./! 0*! 91&/%&*.! Q('+%.+))+1-*0! 9/'5+&+'! 0*! '/*0+7*)+,-! ./! .1%!
9'1)/%1%!%+!0*!&(&/0*!-/)/%*'+*!9(/./!%/'!.+%9/-%*.*!/-!(-1!%,01r"
VC%! '/)+/-&/5/-&/D! 3! )1-! '/4/'/-)+*! /d9'/%*! *0! *'&6)(01! @AA! B$?D! 0*! ]^]H/ 0_H/
064`2:00H/#&/20/=(<N.D!SOC/P"%(<"(%$G"/A.%(/^<*(>H!.+)&*.*!/-!(-!)*%1!/-!_(/!%/!
.+%)(&6*! 0*! '/)0*5*)+,-! ./! .*:1%! ./'+>*.1%! ./! (-! %+-+/%&'1D! /%&*<0/)/! _(/! -1! 9(/./!
./Q*'%/!9*'*!(-!90/+&1!91%&/'+1'!(-*!+-./5-+7*)+,-!./!.*:1%!3!9/'Q(+)+1%!-1!%10+)+&*.*!
/-! /0! 90/+&1! *-&/'+1'D! %+/59'/! _(/! /-&'/! .+)8*! 9'/&/-%+,-! 3! /0! 1<Q/&1! 9'+-)+9*0! ./0!
90/+&1!/d+%&*!(-*!6-&+5*!)1-/d+,-K!
qG1! ./%*9*'/)/! 0*! )1-%/)(/-)+*! -/2*&+>*! ./! 0*! )1%*! Q(72*.*! )(*-.1D! 5/.+*-&/! /0!
%/2(-.1!90/+&1D!%/!8*-!_(/'+.1!%(90+'!1!%(<%*-*'!01%!/''1'/%!*0/2*&1'+1%!1!./!9'(/<*!
*)*/)+.1%! /-! /0! 9'+5/'1D! 91'_(/! -1! /%! )1''/)&1! 9'1)/%*05/-&/! 90*-&/*'! ./! -(/>1! 0*!
5+%5*!9'/&/-%+,-!)(*-.1!*-&/%!%/!15+&+/'1-!9/.+5/-&1%D!1!-1!9(.+/'1-!./51%&'*'%/!
1! /0! Q(72*.1'! -1! 01%! *&/-.+,! H==g=! MA"L"NOD! M"#"AA! 3! SL"PA"AAJrD! 3D! <J! *./5C%D! %/2[-!
/%&*!5+%5*!%/-&/-)+*D!*0)*-7*!*!)(/%&+1-/%!_(/!%/!8*-!./.()+.1!./!5*-/'*!+5906)+&*!
/-! 0*! ./5*-.*K! qB*! )1%*! Q(72*.*! %/! /d&+/-./! +-)0(%1! *! )(/%&+1-/%! -1! Q(72*.*%D! /-!
)(*-&1! -1! ./.()+.*%! /d9'/%*5/-&/! /-! /0! 9'1)/%1D! 9/'1! _(/! '/%(0&*-! )(<+/'&*%!
+2(*05/-&/!91'!0*!)1%*!Q(72*.*!+59+.+/-.1!%(!'/9'1.())+,-!/-!(0&/'+1'!9'1)/%1D!)(*0!
%()/./! )1-! 9/&+)+1-/%! )1590/5/-&*'+*%! ./! 1&'*! 9'+-)+9*0! (! 1&'*%! )(/%&+1-/%!
./.()+<0/%! 3! -1! ./.()+.*%D! )151! (-*! +-./5-+7*)+,-! ./! .*:1%! -1! %10+)+&*.*D! %+/59'/!
_(/! /-&'/! /00*%! 3! /0! 1<Q/&1! 9'+-)+9*0! ./0! 90/+&1! /d+%&*! (-! 9'14(-.1! /-0*)/D! 9(/%! /0!
5*-&/-+5+/-&1! /-! /0! &+/591! ./! 0*! +-)/'&+.(5<'/! 0+&+2+1%*D! ./%9(`%! ./! (-*! ./5*-.*!
.1-./! 1<Q/&+>*! 3! )*(%*05/-&/! /0! *)&1'! 9(.1! 8*)/'! >*0/'! &1.1%! 01%! 9/.+5/-&1%! _(/!
315
&/-6*! )1-&'*! /0! ./5*-.*.1D! _(+/<'*! 0*%! 2*'*-&6*%! Q('6.+)*%! ./0! *5/-*7*.1! H==g=!
SU"S"NP! 3! MA"L"NOJD! 91%&(0*.1%! /-! 2'*-! 5/.+.*! +-)1'91'*.1%! /d906)+&*5/-&/! *81'*! *0!
*'&"!@AA!./!0*!-(/>*!B$?r"!
B*! %10+)+&(.! ./! ./)0*'*)+,-! ./! '/%91-%*<+0+.*.! )+>+0! -1! *)159*:*.*! ./! 0*! '/)0*5*)+,-! ./!
.*:1%! 3! 9/'Q(+)+1%! /%! (-*! /%&'*&/2+*! '/0*&+>*5/-&/! 4'/)(/-&/! m*(-_(/! *''+/%2*.*m! )(*-.1! 0*!
./5*-.*!%+'>/!*0!/d)0(%+>1!4+-!./!41'7*'!(-*!-/21)+*)+,-!3D!5(3!9*'&+)(0*'5/-&/D!)(*-.1!%/!
&'*&*!./!0+5+&*'!/0!'+/%21!./!)1%&*%!9'1)/%*0/%"!Z!9(/./!&/-/'!`d+&1D!%+!%/!*)'/.+&*!0*!-/)/%+.*.!
./! *.19)+,-! ('2/-&/! ./! (-*! '/%10()+,-! Q(.+)+*0! _(/! ./)0*'/! 0*! '/%91-%*<+0+.*.! )+>+0! ./0!
)*(%*-&/"!
^(-&1! )1-! 0*! ./5*-.*! ./</-! *)159*:*'%/! &1.1%! 01%! .1)(5/-&1%! ./! _(/! _(+/'*! >*0/'%/! 0*!
9*'&/! 9*'*! %1%&/-/'! %(! 91%+)+,-"! =1-! /d)/9)+1-*0/%! 01%! )*%1%! /-! _(/D! )1-! 91%&/