


































journal2011


!

"#!!!!!!!!$%&'()*+!,%-*+&!.%/0!123*245!6%&'(2!77!

!"#$!%&'"($)*((%+,-$.//+%,,&0'$$
12/#$3"*4&0'$&0$("%$325&*6$$
78,(&5%$924480&(#$
$
8+/+9!8+:9*!
!
"#$%&'()!&*(($+*(!(,%%-,./'.+!)0*!-1*(')2!*3'/*&'4!0$5*!'.6#,7
*.4*/!&$.2!'.!)0*!(-4'$#!8,()'4*!4-&&,.')2!)-!$/-3)!$!4-&1$)'5*!
()$.4*!$+$'.()!)0*!3,%3-%)*/!96$)!*:3#-('-.;<!!=->*5*%?!12!$#'+.7
'.+!')(*#6!>')0!)0*!4-%3-%$)*!'.)*%*()(?!1'$(*/!%*(*$%40?!$./!1,%'*/!
3%*8,/'4*(!/%'5'.+!)0*!.$)'-.@(!6*$%!-6!6$)?!)0*!(-4'$#!8,()'4*!4-&7
&,.')2!'(!/'()$.4'.+!')(*#6!6%-&!')(!-%'+'.$#!3,%3-(*!$./!,.>')7
)'.+#2!3*%3*),$)'.+!$!0-()'#*!$./!$.)$+-.'()'4!*.5'%-.&*.)!6-%!6$)!
3*-3#*;!!A0'(!3$3*%!>'##!(*%5*!$(!$!4%')'B,*!-6!)0*!&$'.#2!,.4-.7
)*()*/!-1*(')2!.$%%$)'5*!$./!3%-5'/*!8,()'6'4$)'-.!6-%!>02!(-4'$#!
>-%C*%(!(0-,#/!6%$&*!>*'+0)71$(*/!/'(4%'&'.$)'-.!$(!$.!'((,*!-6!
(-4'$#!8,()'4*;!$
!
! ;92!<+:*%<+&!=*-:'/2!%>!%)2?*:@!*?!+!<2A+:*32!%<2B!!C&+/(*?:!
92+D&*<2?!/2>2/!:%!>+:E!=2%=&2!+?!F-%/%<+/@!:*(2!)%()?G!HI&+025!
"JJKL!+<D!+!F<+:*%<+&!?2-'/*:@!:9/2+:G!H8/'(5!"JEJL5!+<D!(2?M
?+A2?!?'//%'<D*<A!:92!-9*&D9%%D!%)2?*:@!2=*D2(*-!=2/=2:'+:2!+!
D%%(?D+@M&*02!+:(%?=92/2!:9+:!N'2?:*%<?!492:92/!:%D+@O?!@%':9!
4*&&!)2!+)&2!:%!%':&*32!:92*/!=+/2<:?!HP*&=2/<5!"JJ"LB!!Q%45!232<!
(2()2/?!%>!:92!?%-*+&!R'?:*-2!-%(('<*:@!9+32!2<:2/2D!:92!+<:*M>+:!
>%/+@5!4*:9!S&*T+)2:9!$&+/05!:92!SU2-':*32!V*/2-:%/!%>!:92!Q+M
:*%<+&!C??%-*+:*%<!%>!,%-*+&!.%/02/?5!/2>2//*<A!:%!%)2?*:@!+?!+!
F?-%'/A2G!HQ24?42205!"JEJLB!!

P%4232/5!2(2/A*<A!/2?2+/-9!?'AA2?:?!:9+:!?'-9!+&+/(*?:!
/2=/2?2<:+:*%<?!%>!%)2?*:@!(+@!)2!'<4+//+<:2DB!!8%/!*<?:+<-25!
42*A9:!(+@!)2!+<!'</2&*+)&2!=/2D*-:%/!%>!>':'/2!D*?2+?2!+<D!(%/M
:+&*:@!H$+(=%?5!,+A'@5!S/<?)2/A2/5!W&*32/@5!X!Y+2??2/5!"JJZL5!
+<D!?'?:+*<2D!42*A9:!&%??!*?!<%:!+&4+@?!=%??*)&2!%/!232<!92+&:9@!
HI+-%<!X!C=9/+(%/5!"JEELB!!Q%<2:92&2??5!:92/2!*?!+!<%:*-2+)&2!
?*&2<-2!+(%<A!?%-*+&!4%/02/?!D2<%'<-*<A!:92!=2/=2:'+:*%<!%>!
+<:*M%)2?*:@!/92:%/*-B!!;9*?!*<+-:*%<!?'AA2?:?!+!-2/:+*<!D*?-%(>%/:!
*<!=/%3*D*<A!?'==%/:!>%/!?*T2!+--2=:+<-2!+<D!(+@!)2!*<D*-+:*32!%>!
+!)2&*2>!:9+:!42*A9:!&%??!?9%'&D!)2!:92!(+*<!+?=*/+:*%<!>%/!>+:!=2%M



8+:9*!

$%&'()*+!,%-*+&!.%/0!123*245!6%&'(2!77!!!!!!!!"[!

=&2B!!
;9*?!*?!:/%')&*<A5!-%<?*D2/*<A!:9+:!42*A9:M)+?2D!D*?-/*(*M

<+:*%<!(+@!<%:!)2!+<!2<:*/2&@!?2=+/+:2!>%/(!%>!%==/2??*%<5!)':!
/+:92/!+!-%<:*<'+:*%<!%>!:92!?+(2!?%-*+&!>%/-2?!+*(2D!+:!%==/2??M
*<A!%:92/!(+/A*<+&*T2D!(2()2/?!%>!?%-*2:@B!!8%/!*<?:+<-25!$+(M
=%?!2:!+&B!H"JJZL!<%:2\!

!
Q2A+:*32!+::*:'D2?!:%4+/D?!:92!%)2?2!+/2!9*A9&@!
-%//2&+:2D!4*:9!<2A+:*32!+::*:'D2?!:%4+/D?!(*<%/*M
:*2?!+<D!:92!=%%/5!?'-9!+?!:92!)2&*2>!:9+:!+&&!:92?2!
A/%'=?!+/2!&+T@!+<D!&+-0!?2&>M-%<:/%&!+<D!4*&&M
=%42/B!!;9*?!?'AA2?:?!:9+:!+<U*2:*2?!+)%':!/+-*+&!
*<:2A/+:*%<!+<D!*((*A/+:*%<!(+@!)2!+<!'<D2/&@*<A!
-+'?2!%>!?%(2!%>!:92!-%<-2/<!%32/!%)2?*:@B!H=B!]^L!!
!

7:!9+?!?*(*&+/&@!)22<!%)?2/32D!:9+:!+<:*M>+:!?2<:*(2<:!*?!+??%-*+:2D!
4*:9!<2A+:*32!3*24?!:%4+/D!4%(2<!H$+(=%?!2:!+&B5!"JJZL5!*(=&@M
*<A!:9+:!42*A9:M)+?2D!D*?-/*(*<+:*%<!*?!<%:!%<&@!>+-*&*:+:2D!)@!
%:92/!=/2R'D*-2?5!)':!+&?%!(+@!)2!+!32<'2!:9/%'A9!49*-9!:92@!+/2!
>'/:92/!?'==%/:2DB!!

_2:!+?!&%<A!+?!:92!?%-*+&!R'?:*-2!-%(('<*:@O?!2<D%/?2(2<:!
%>!:92!=/23+*&*<A!3*24!%>!%)2?*:@!2<D'/2?5!3+/*%'?!>%/(?!%>!
42*A9:M)+?2D!D*?-/*(*<+:*%<!4*&&!/2(+*<!'<2U=&%/2D5!+<D!+<@!+:M
:2(=:?!:%!+DD/2??!:92(!4*&&!)2!*<+D2N'+:2B!!;9*?!=+=2/5!:92/2>%/25!
2<-%'/+A2?!?%-*+&!4%/02/?!:%!-/*:*-+&&@!/223+&'+:2!:92*/!<2A+:*32!
+??'(=:*%<?!+<D!2U=&%/2!*<<%3+:*32!+==/%+-92?!:%4+/D!+D3%-+:M
*<A!>%/!?*T2!+--2=:+<-2B!!
$
:;%<=>*4&0&0'$("%$;%6*(&20,"&?$1%(@%%0$!%&'"($*0/$A%*6("$

!
`'-9!%>!:92!D*>>*-'&:@!*<!+DD/2??*<A!42*A9:M)+?2D!D*?M

-/*(*<+:*%<!+/*?2?!>/%(!:92!?:*A(+!?'//%'<D*<A!%)2?*:@5!49*-9!*?!
:*A9:&@!4%32<!*<:%!:92!+--2=:2D!<%:*%<!:9+:!*:!*?!'<*32/?+&&@!'<M
92+&:9@!:%!)2!>+:B!!;9*?!?')?2N'2<:&@!=2/(*:?!+!-'&:'/2!*<!49*-9!
42*A9:M)+?2D!D*?-/*(*<+:*%<!+<D!?:*A(+:*T+:*%<!+/2!>/2N'2<:&@!
R'?:*>*2D!+?!>%/(?!%>!92+&:9!=/%(%:*%<!HS/<?)2/A2/5!"JJKLB!!

_2:5!:92!2(=*/*-+&!23*D2<-2!+??2??*<A!:92!/2&+:*%<?9*=!)2M
:422<!%)2?*:@!+<D!+D32/?2!92+&:9!%':-%(2?!*?!%>:2<!-%<:/+D*-:%/@5!



.9@!.2*A9:!`+::2/?!

"]!!!!!!!!$%&'()*+!,%-*+&!.%/0!123*245!6%&'(2!77!

?=2-'&+:*325!+<D!(+//2D!)@!-%<>%'<D*<A!3+/*+)&2?B!!8%/!2U+(=&25!
(%/:+&*:@!/+:2?!(+@!)2!&%42/!+(%<A!:9%?2!49%?2!)%D@!(+??!*<M
D2U!HI`7L!D2>*<2?!:92(!+?!F%32/42*A9:G!HI`7!a!"]L!:9+<!:9%?2!
49%!+/2!%>!F<%/(+&G!42*A9:!HI`7!)2:422<!E^B]!+<D!"]L!%/!+/2!
F'<D2/42*A9:G!HI`7!b!E^B]L!H8&2A+&5!Y/+')+/D5!.*&&*+(?%<5!X!
Y+*&5!"JJ]LB!!8+:!=+:*2<:?!4*:9!-%/%<+/@!+/:2/@!D*?2+?2!(+@!9+32!
&%42/!/*?0!>%/!-+/D*+-!D2+:9!-%(=+/2D!4*:9!:9*<<2/!=+:*2<:?!Hc+<A!
2:!+&B5!"JJZL5!+<D!:92/2!+/2!D%-'(2<:2D!?'/3*3+&!+D3+<:+A2?!%>!
%)2?*:@!+A+*<?:!0*D<2@!D*?2+?25!*<>2-:*%<5!92+/:!D*?2+?25!-+<-2/5!
+<2(*+5!/92'(+:%*D!+/:9/*:*?5!C7V,5!+<D!-9/%<*-!%)?:/'-:*32!='&M
(%<+/@!D*?2+?2!HP%/4*-95!8%<+/%45!P+(*&:%<5!`+-d2&&+<5!.%%5!
X!;*&&*?-95!"JJEe!c+&+<:+/Mf+D295!C))%:5!,+&+9'D22<5!c*&=+:/*-05!
X!P%/4*-95!"JJ]e!c+&+<:+/Mf+D29!2:!+&B5!"JJge!c+&+<:+/Mf+D29!2:!
+&B5!"JJZe!h+32&0+!2:!+&B5!"JJZLB!!

S32<!*>!%)2?*:@!42/2!+?!D2:/*(2<:+&!:%!92+&:9!+?!*?!-%(M
(%<&@!/2=%/:2D5!:92/2!+/2!?:*&&!<%!D2>*<*:*32!4+@?!:%!:/2+:!*:!*<!:92!
&%<AM:2/(!HS/<?)2/A2/!X!c%&2:?0@5!EKKKLB!!C<!*<:2/2?:*<A!*/%<@!
%>!:/+D*:*%<+&!42*A9:M(+<+A2(2<:!+==/%+-92?!*?!:9+:!:92@!+/2!<%M
:%/*%'?&@!*<2>>2-:*32!*<!=/%(%:*<A!&%<AM:2/(!42*A9:!&%??!+<D!(+@!
+-:'+&&@!)2!9+/(>'&!HC=9/+(%/5!"JEJLB!!8%/!*<?:+<-25!>/2N'2<:!
42*A9:!-@-&*<A5!=/2%--'=+:*%<!4*:9!:9*<<2??5!<2A&*A2<-2!%>!%:92/!
92+&:9!*??'2?5!&%4!?2&>M2?:22(5!+<D!>%%D!%)?2??*%<!+/2!-%((%<&@!
%)?2/32D!+(%<A!D*2:2/?!HI+-%<!X!C=9/+(%/5!"JEELB!!12?2+/-9!
+&?%!?9%4?!:9+:!D*2:*<A!(+@!+-:'+&&@!*<-/2+?2!:92!&*02&*9%%D!:9+:!
>+:!@%':9!/2(+*<!+:!:92*/!=/2?2<:!42*A9:!%/!232<!A+*<!42*A9:!
HQ2'(+/0M,T:+*<2/5!.+&&5!Y'%5!,:%/@5!P+*<2?5!X!S*?2<)2/A5!
"JJZLB!!

P%4232/5!:92?2!%':-%(2?!+/2!<%:!/2=%/:2D!*<!:92!+-+D2(*-!
&*:2/+:'/2!:%!:92!?+(2!2U:2<:!+?!+/2!<2A+:*32!+??%-*+:*%<?!)2:422<!
42*A9:!+<D!92+&:9B!!S/<?)2/A2/!+<D!c%&2:?0@!HEKKKL!2U+(*<2D!
:9*?!:/2<D!)@!/23*24*<A!:4%!+/:*-&2?!:9+:!?:'D*2D!:92!2>>2-:?!%>!%)2M
?*:@!%<!92+/:!D*?2+?2!+<D!9%4!%>:2<!:92@!42/2!-*:2D!*<!:92!"..$#(!
-6!D.)*%.$#!E*/'4'.*;!!;92!+':9%/?!?:+:2D!:9+:!:92!+<:*M%)2?*:@!+/:*M
-&2!4+?!/2>2/2<-2D!(%/2!>/2N'2<:&@!:9+<!:92!+/:*-&2!(+0*<A!<%!
-%<<2-:*%<?!)2:422<!42*A9:!+<D!<2A+:*32!92+&:9!%':-%(2?B!!,*(*M
&+/!/2?'&:?!+/2!%)?2/32D!232<!492<!+/:*-&2?!2U+(*<2!:92!?+(2!
D+:+?2:5!&2+D*<A!S/<?)2/A2/!+<D!c%&2:?0@!HEKKKL!:%!-%<-&'D25!
F+':9%/?!?9%4!+!-&2+/!=/2>2/2<-2!>%/!+/:*-&2?!:9+:!+??*A<!+!9*A9!



8+:9*!

$%&'()*+!,%-*+&!.%/0!123*245!6%&'(2!77!!!!!!!!"Z!

/*?0!:%!%)2?*:@5!/2A+/D&2??!%>!R%'/<+&!?:+:'/2!%/!D+:+!N'+&*:@G!H=B!
"[^LB!

;92!/2+?%<?!>%/!%32/?:+:*<A!:92!92+&:9!/*?0?!%>!%)2?*:@!+/2!
D*32/?25!)':!$+(=%?!2:!+&B!H"JJZL!?'AA2?:!:9+:!>*<+<-*+&!*<-2<:*32?!
+/2!=+/:&@!:%!)&+(25!)2-+'?2!('-9!>'<D*<A!>%/!%)2?*:@M/2&+:2D!/2M
?2+/-9!*?!=/%3*D2D!)@!:92!=9+/(+-2':*-+&!+<D!42*A9:M&%??!*<D'?M
:/*2?B!!;92/2>%/25!/2?2+/-92/?!+/2!2<-%'/+A2D!:%!?'==%/:!+<:*M>+:!
+::*:'D2?!)@!)/%+D2<*<A!:92!D2>*<*:*%<!%>!'<92+&:9@!42*A9:!+<D!
2U+AA2/+:*<A!:92!+??%-*+:2D!92+&:9!/*?0?!%>!%)2?*:@!*<!%/D2/!:%!?2&&!
:92*/!=/%D'-:?!H$+(=%?!2:!+&B5!"JJZLB!

C!-%<>&*-:!%>!*<:2/2?:!9+?!?*(*&+/&@!A*32<!/*?2!:%!:92!>%/(+M
:*%<!%>!:92!F%)2?*:@!2=*D2(*-G!*<!=')&*-!92+&:9B!!;92!$2<:2/?!>%/!
V*?2+?2!$%<:/%&!+<D!h/232<:*%<!H$V$L!*<!=+/:*-'&+/!9+?!=&+@2D!+<!
*<>&'2<:*+&!/%&2!*<!9@=*<A!:92!2=*D2(*-!:%!*<-/2+?2!>'<D*<A!>%/!
:92*/!=/%A/+(?!H$+(=%?!2:!+&B5!"JJZLB!!8%/!2U+(=&25!*<!"JJ[5!:92!
$V$!/2&2+?2D!+!?:'D@!2?:*(+:*<A!:9+:![JJ5JJJ!D2+:9?!/2?'&:!+<<'M
+&&@!>/%(!%)2?*:@e!9%4232/5!:9+:!<'()2/!4+?!>%'<D!:%!)2!+<!%32/M
2?:*(+:*%<5!&2+D*<A!?%(2!:%!N'2?:*%<!492:92/!:92!D+:+!42/2!='/M
=%?2>'&&@!>+&?*>*2D!Hc%&+:+5!"JJ[LB!!7<!+-:'+&*:@5!23*D2<-2!*<D*-+:2?!
:9+:!=2%=&2!+/2!%<&@!?&*A9:&@!92+3*2/!:9+<!:92@!42/2!+!A2<2/+:*%<!
+A%5!4*:9!+<!+32/+A2!=2/!=2/?%<!42*A9:!A+*<!%>!g!:%!EJ!=%'<D?!
H$+(=%?!2:!+&B5!"JJZe!8&2A+&5!$+//%&&5!c'-T(+/?0*5!X!i%9<?%<5!
EKK^LB!!;92?2!A+*<?!?')?2N'2<:&@!*<>%/(!:92!=')&*-!92+&:9!D2>*<*M
:*%<!%>!:92!2=*D2(*-!*<!49*-9!(%/2!=2%=&2!+/2!-&+??*>*2D!+?!)2*<A!
F%32/42*A9:G!+<D!F%)2?2G!HI`7!a!#JL5!&2+D*<A!$+(=%?!2:!+&B!
H"JJZL!:%!-%<-&'D2!:9+:!F:9*?!*?!9+/D&@!:92!%/A@!%>!>+?:!>%%D!)*<AM
*<A!+<D!*<+-:*3*:@!4*D2&@!:9%'A9:!:%!)2!:%!)&+(2!>%/!:92!?'==%?2D!
>+:!2U=&%?*%<G!H=B!]]LB!!
$

!%&'"(B1*,%/$C&,5+&4&0*(&20$*0/$325&*6$78,(&5%!
! !
! .9*&2!('-9!%>!:92!<+:*%<!>%-'?2?!%<!%)2?*:@!=/232<:*%<5!
D*?-/*(*<+:*%<!+A+*<?:!>+:!=2%=&2!/2(+*<?!&+/A2&@!'<<%:*-2D!
H.+<<5!"JJKLB!!C!D*?-'??*%<!%>!:92!?%'/-2?!%>!42*A9:!?:*A(+!+<D!
9%4!:92@!(+<*>2?:!*<:%!:92!232/@D+@!/2+&*:*2?!%>!>+:!=2%=&2!4*&&!
<%:!%<&@!>+-*&*:+:2!+<!'<D2/?:+<D*<A!%>!:92!A/+3*:@!%>!42*A9:M)+?2D!
D*?-/*(*<+:*%<5!)':!+&?%!)/%+D2<!:92!&2<?!:9/%'A9!49*-9!%==/2?M
?*%<!*?!3*242DB!



.9@!.2*A9:!`+::2/?!

"g!!!!!!!!$%&'()*+!,%-*+&!.%/0!123*245!6%&'(2!77!

D+&'&0,$2E$3(&'4*$$
!
,:*A(+:*T+:*%<!*?!>+-*&*:+:2D!)@!-%<?2/3+:*32!*D2%&%A@!:9+:!

2(=9+?*T2?!*<D*3*D'+&!+--%'<:+)*&*:@!+<D!?2&>M-%<:/%&!H$/+<D+&&5!
EKK]LB!!;92!-%<-2=:!%>!=2/?%<+&!-'&=+)*&*:@!*<!R'?:*>@*<A!D*?-/*(*M
<+:*%<!*?!)+?2D!%<!:92!+??'(=:*%<!:9+:!)2*<A!>+:!*?!+!-9%*-25!/2M
?'&:*<A!>/%(!+!&+-0!%>!D*?-*=&*<2!/2A+/D*<A!2+:*<A!+<D!2U2/-*?2!
9+)*:?!HV2i%<A5!EK^JLB!!;92?2!3*24?!<2A+:*32&@!+>>2-:!9%4!%:92/?!
*<:2/+-:!4*:9!+<D!'&:*(+:2&@!:/2+:!>+:!=2%=&2B!!8%/!2U+(=&25!?:*AM
(+:*T*<A!-%<D*:*%<?!:9+:!+/2!-%<?*D2/2D!:%!)2!4*:9*<!=2/?%<+&!-%<M
:/%&5!?'-9!+?!%)2?*:@5!+/2!&2??!&*02&@!:%!2&*-*:!92&=*<A!)29+3*%/?!+<D!
2(=+:9@5!+<D!+/2!(%/2!&*02&@!:%!23%02!+<A2/!+<D!D*?&*02!Hh'9&!X!
P2'2/5!"JEJe!.2*<2/5!h2//@5!X!`+A<'??%<5!EK^^LB!!C!=2/-2*32D!
&+-0!%>!)%D@!+4+/2<2??!+::/*)':2D!:%!>+:!=2%=&2!+&?%!*<?:*A+:2?!?%M
-*2:@O?!<22D!:%!=2/?*?:2<:&@!/2(*<D!:92(!%>!:92*/!?*T2!2*:92/!
:9/%'A9!(%/2!?'):&2!>%/(?!%>!D*?-/*(*<+:*%<!%/!D*/2-:!9+/+??(2<:B!!
;9*?!?%-*2:+&!=/+-:*-2!%>!)%D@!=%&*-*<A!+??'(2?!:9+:!D*?-/*(*<+M
:*%<!*?!+<!+==/%=/*+:2!(2+<?!%>!=/%(%:*<A!42*A9:!&%??!Hh'9&!X!
P2'2/5!"JEJLB!

7<!=')&*-!92+&:9!4%/05!&+)2&*<A!>+:<2??!+?!+!D*?2+?2!*?!<%:!
%<&@!+!>&+42D!-%<-2=:5!)':!+&?%!>%/(?!+!D+<A2/%'?!(2:+=9%/*-+&!
&*<0!)2:422<!92+&:9!+<D!(%/+&*:@!HW&*32/5!"JJZLB!!;9+:!*?5!*<:/*<?*-!
4*:9*<!%'/!*D2+?!+)%':!92+&:9!+<D!(%/+&*:@!*?!:92!<%:*%<!:9+:!>+:!*?!
)+D!+<D!:9*<!*?!A%%De!:92/2>%/25!:9*<!=2%=&2!('?:!)2!FA%%DG!+<D!
>+:!=2%=&2!F)+DG!)@!=/%U@B!!;92/2>%/25!'?*<A!+!D*?2+?2!(2:+=9%/!
:%!D*+A<%?2!)%D@!D23*+<-@!*?!:/%')&2?%(25!+?!>+:!=2%=&2!-+<<%:!)2!
?2=+/+:2D!>/%(!:92*/!)%D*2?5!+<D!=')&*-!92+&:9!(%D2&?!2(=9+?*TM
*<A!=2/?%<+&!-'&=+)*&*:@!+<D!)&+(2!:2<D!:%!-%<:/*)':2!:%!+!(+??!
%':/+A2!<%:!+A+*<?:!:92!2<3*/%<(2<:+&!-%<:/*)':%/?!:%!*&&!92+&:95!
)':!+A+*<?:!>+:!=2%=&2!:92(?2&32?B!!

$
!%&'"(B1*,%/$C&,5+&4&0*(&20-$F+%G*6%05%$*0/$920,%H8%05%,$

!
C!D*?-'??*%<!%>!:92!(+<<2/!*<!49*-9!42*A9:M)+?2D!D*?M

-/*(*<+:*%<!-+<!+D32/?2&@!+>>2-:!:92!=9@?*-+&5!(2<:+&5!?%-*+&5!+<D!
2-%<%(*-!42&&M)2*<A!%>!>+:!=2%=&2!=/%3*D2?!>'/:92/!R'?:*>*-+:*%<!
>%/!>/+(*<A!42*A9:M)+?2D!D*?-/*(*<+:*%<!+?!+!?%-*+&!R'?:*-2!*??'2B!!
8+:!=2%=&2!+/2!+:!+!?232/2!D*?+D3+<:+A2!492<!*:!-%(2?!:%!+--2??M



8+:9*!

$%&'()*+!,%-*+&!.%/0!123*245!6%&'(2!77!!!!!!!!"^!

*<A!+D2N'+:2!92+&:9-+/2!:9+:!+DD/2??2?!:92*/!<22D?!4*:9!)%:9!-+/2!
+<D!/2?=2-:B!!P%?=*:+&!3*?*:?!+/2!=+/:*-'&+/&@!?:/2??M*<D'-*<A!2UM
=2/*2<-2?5!)2-+'?2!>+:!=+:*2<:?!:2<D!:%!>2+/!:9+:!:92@!4*&&!)2!&2-M
:'/2D!+<D!-/*:*-*T2D!)@!:92*/!=9@?*-*+<?!)2-+'?2!%>!:92*/!?*T2!
H`2//*&&!X!Y/+??&2@5!"JJ^LB!!`2D*-+&!2N'*=(2<:!*?!'<+--%((%M
D+:*<A!:%!:92!<22D?!%>!>+:!=+:*2<:?5!49%!(+@!>2+/!:9+:!2U+(*<+:*%<!
A%4<?5!)&%%D!=/2??'/2!-'>>?5!+<D!4+*:*<A!/%%(!-9+*/?!4*&&!<%:!)2!
&+/A2!2<%'A9!:%!+--%((%D+:2!:92*/!?*T2B!!;9*?!?')?2N'2<:&@!-%<M
:/*)':2?!:%!>22&*<A?!%>!+<U*2:@5!?9+(25!+<D!2()+//+??(2<:!+/%'<D!
)2*<A!2U+(*<2D!)@!:92*/!D%-:%/?!+?!42&&!+?!+!?2<?2!%>!)2*<A!&2??!
:9+<!9'(+<!H`2//*&&!X!Y/+??&2@5!"JJ^LB!!

P2+&:9!-+/2!=/%3*D2/?!%>:2<!2U9*)*:!?*A<*>*-+<:!+<:*M>+:!
)*+?B!!h9@?*-*+<?!(+@!3*24!:92*/!>+:!=+:*2<:?!+?!+404+/D5!'A&@5!
42+0M4*&&2D5!?&%==@5!<%<-%(=&*+<:5!+<D!&+T@!H8%?:2/!2:!+&B5!"JJ#LB!!
Q'/?2?!+<D!D*2:*-*+<?!?*(*&+/&@!/2=%/:!9+3*<A!<2A+:*32!+::*:'D2?!
HW)2//*2D2/5!.+&02/5!`%</%25!X!CD2@+<R'5!EKK]e!h%%<!X!;+/M
/+<:5!"JJKLB!!,%(2!(2<:+&!92+&:9!=/%>2??*%<+&?!9+32!232<!=/%M
=%?2D!:9+:!F%)2?*:@G!)2!-%<?*D2/2D!+!=?@-9%&%A*-+&!D*?%/D2/!
H6%&0%4!X!WOI/*2<5!"JJgLB!

V'2!:%!:92*/!<2A+:*32!2U=2/*2<-2?5!(+<@!>+:!=2%=&2!D2&+@!
-+/2!%/!+3%*D!3*?*:*<A!:92*/!92+&:9!-+/2!=/%3*D2/!+&:%A2:92/B!!8+:!
4%(2<!9+32!>242/!h+=!:2?:?!+<D!(+((%A/+(?!:9+<!:92*/!:9*<<2/!
-%'<:2/=+/:?!H.225!`-$+/:9@5!V+3*?5!X!h9*&&*=?5!"JJJLB!!S32<!
492<!>+:!4%(2<!?'?=2-:!:9+:!:92@!9+32!?@(=:%(?!%>!A@<2-%&%A*M
-+&!-+<-2/5!(+<@!?:*&&!D2&+@!9+3*<A!-+<-2/!?-/22<*<A!:2?:?!HC(@5!
C+&)%/A5!d@%<?5!X!c2/+<2<5!"JJZLB!!

7<!?-9%%&?5!)'&&*2?!>/2N'2<:&@!:+/A2:!>+:!-9*&D/2<!Hi+<??2<5!
$/+*A5!I%@-25!X!h*-02::5!"JJ[LB!!;92?2!*<D*3*D'+&?!(*??!?-9%%&!
(%/2!%>:2<!:9+<!:92*/!:9*<<2/!=22/?5!49*-9!(+@!)2!+!?:/+:2A@!:%!
+3%*D!9+/+??(2<:!>/%(!:92*/!-&+??(+:2?!HY2*2/!2:!+&B5!"JJgLB!!
.2*A9:M)+?2D!:2+?*<A!-%<:/*)':2?!:%!>+:!-9*&D/2<O?!+3%*D+<-2!%>!
=9@?*-+&!+-:*3*:*2?5!+?!:92@!>2+/!)2*<A!R'DA2D!)@!:92*/!=22/?!H8+*:95!
d2%<25!C@2/?5!P2%5!X!h*2:/%)2&&*5!"JJ"e!h*2/-2!X!.+/D&25!EKKge!
,:%/-95!`*&?%(5!V2I/+A+<T+5!d24*<5!Y2>>02<5!X!,*&32/?:2*<5!
"JJgLB!!;92?2!*<D*3*D'+&?!+/2!-%<?2N'2<:&@!(%/2!&*02&@!:%!2<A+A2!
*<!)*<A2!2+:*<A!+<D!'?2!9+/(>'&!:+-:*-?!?'-9!+?!?2&>M*<D'-2D!3%(M
*:*<A5!>+?:*<A5!+<D!?(%0*<A!+?!+!(2+<?!%>!42*A9:!/2D'-:*%<!
HQ2'(+/0M,T:+*<2/5!8+&0<2/5!,:%/@5!h2//@5!P+<<+<5!X!`'&2/:5!



.9@!.2*A9:!`+::2/?!

"K!!!!!!!!$%&'()*+!,%-*+&!.%/0!123*245!6%&'(2!77!

"JJ"LB!!h22/!3*-:*(*T+:*%<!%32/!)%D@!?*T2!-%<:/*)':2?!:%!D2=/2?M
?*%<!+<D!*<-/2+?2D!?'*-*D2!+::2(=:?!+(%<A!?-9%%&M+A2D!-9*&D/2<!
HS*?2<)2/A5!Q2'(+/0M,T:+*<2/5!X!,:%/@5!"JJ#LB$$

7<2N'+&*:@!=2/?*?:?!*<:%!@%'<A!+D'&:9%%D5!+?!>+:!=2%=&2!+/2!
&2??!&*02&@!:%!+::2<D!-%&&2A2!H$/+<D+&&5!EKK[LB!!C!&+-0!%>!-%&&2A2!
2D'-+:*%<!-%<:/*)':2?!:%!>+:!=2%=&2O?!2-%<%(*-!D%4<4+/D!(%)*&M
*:@5!+?!$+<<*<A!+<D!`+@2/!HEKZZL!?2(*<+&&@!<%:2\!F%)2?*:@!*?5!*<!
=+/:5!-9+/+-:2/*?:*-!%>!:92!&%42/!?%-*+&!-&+??2?!)2-+'?2!:92!%)2?2!
+/2!=/232<:2D!>/%(!%):+*<*<A!:92!2D'-+:*%<!+<D!'&:*(+:2&@!:92!%-M
-'=+:*%<!+<D!*<-%(2!<2-2??+/@!:%!/+*?2!%/!(+*<:+*<!=/2?2<:!?%-*+&!
-&+??!&232&?G!H=B!EEg[LB!!
! 7<!:92!4%/0=&+-25!>+:!=2%=&2!+/2!?')R2-:!:%!D*?-/*(*<+:*%<5!
=+/:*-'&+/&@!*<!:2/(?!%>!9*/*<A!+<D!4+A2?B!!7<!2U=2/*(2<:+&!9*/*<A!
?-2<+/*%?5!>+:!R%)!?2202/?!>%/!(+<+A2/*+&!=%?*:*%<?!42/2!&2??!&*02&@!
:%!)2!9*/2D!:9+<!:9*<<2/!%<2?5!D2?=*:2!9+3*<A!:92!?+(2!N'+&*>*-+M
:*%<?!H,4+(*5!$9+<5!.%<A5!8'/<9+(5!X!;%32j5!"JJ^LB!!,*(*&+/!
2U=2/*(2<:?!?'AA2?:!:9+:!>+:!4%(2<!+/2!2?=2-*+&&@!?')R2-:!:%!:9*?!
)*+?!Hh*<A*:%/25!V'A%<*5!;*<D+&25!X!,=/*<A5!EKK[LB!

;92!*(=+-:!%>!42*A9:!%<!2+/<*<A?!+&?%!D*>>2/?!+-/%??!A2<M
D2/B!!8+:!4%(2<!+/2!(%/2!&*02&@!:%!4%/0!*<!&%4M=+@*<A!R%)?!+<D!
>+-2!(%/2!4+A2!=2<+&:*2?!)2-+'?2!%>!:92*/!42*A9:!Hh+Ak<!X!
Vk3*&+5!EKKgLB!!7<!-%<:/+?:5!(2<!+==2+/!:%!2+/<!:92!?+(2!?+&+/@!
/2A+/D&2??!%>!42*A9:B!!P%4232/5!>+:!(2<!+/2!%32//2=/2?2<:2D!*<!
&+)%/M*<:2<?*32!%--'=+:*%<?!+<D!'<D2//2=/2?2<:2D!*<!(+<+A2/*+&!
=%?*:*%<?!492/2!:92@!+/2!:@=*-+&&@!=+*D!&2??5!49*-9!*(=&*2?!:9+:!>+:!
(2<!(+@!)2!+3%*D*<A!%--'=+:*%<?!492/2!4+A2!=2<+&:*2?!)+?2D!%<!
42*A9:!+/2!(%/2!-%((%<!Hh+Ak<!X!Vk3*&+5!EKKgLB!!

;9*?!D*?-/2=+<-@!*<!2+/<*<A?!+<D!%:92/!D*?-/*(*<+:%/@!
=/+-:*-2?!?'AA2?:!:9+:5!492<!-%(=+/2D!:%!:92*/!:9*<<2/!-%'<:2/M
=+/:?5!>+:!=2%=&2!+(%<A!:92!9*A92/!?%-*+&!-&+??2?!+/2!(%/2!D%4<M
4+/D&@!(%)*&25!492/2+?!>+:!=2%=&2!+(%<A!:92!&%42/!?%-*+&!-&+??2?!
+/2!&2??!'=4+/D&@!(%)*&2!HS/<?)2/A2/5!"JJKLB!!CDD*:*%<+&&@5!*:!
=/%3*D2?!(%/2!(2+<*<A>'&!-%<:2U:!:%!:92!-%((%<!%)?2/3+:*%<!
:9+:!=%%/!=2%=&2!+&?%!:2<D!:%!)2!>+::2/!:9+<!<%<M=%%/!=2%=&25!+?!
S/<?)2/A2/!H"JJKL!<%:2?5!F+&:9%'A9!:92/2!*?!?%(2!23*D2<-2!:9+:!
=%32/:@!*?!>+::2<*<A5!:92/2!*?!('-9!?:/%<A2/!23*D2<-2!:9+:!>+:<2??!
*?!*(=%32/*?9*<AG!H=B!#"LB!

$



8+:9*!

$%&'()*+!,%-*+&!.%/0!123*245!6%&'(2!77!!!!!!!!#J!

;%5244%0/*(&20,$
$

;9*?!=+=2/!?220?!:%!&2A*:*(*T2!42*A9:M)+?2D!D*?-/*(*<+M
:*%<!+?!+!?%-*+&!R'?:*-2!*??'2!)@!9*A9&*A9:*<A!:92!%/*A*<?!%>!?:*A(+!
+<D!*:?!+D32/?2!2>>2-:!%<!:92!42&&M)2*<A!%>!>+:!=2%=&2B!!;%!=/%(%:2!
?*T2!+--2=:+<-25!*:!*?!<2-2??+/@!>%/!?%-*+&!4%/02/?!:%!+D3%-+:2!>%/!
+!<+:*%<+&!92+&:9!=%&*-@!:9+:!*?!*<-&'?*32!%>!+&&!)%D@!:@=2?!+<D!2<M
-%'/+A2?!92+&:9@!&*3*<A!)+?2D!%<!)/%+D2/!=9@?*-+&5!(2<:+&5!+<D!
?=*/*:'+&!>+-:%/?5!/+:92/!:9+<!?%&2&@!%<!42*A9:B!!

W<2!?'-9!+==/%+-9!:%!42&&<2??!*?!/2>2//2D!:%!+?!P2+&:9!+:!
S32/@!,*T2!HPCS,L5!49*-9!2()/+-2?!)%D@!D*32/?*:@5!+-0<%4&M
2DA2?!:9+:!92+&:9!*?!<%:!?%&2&@!D2:2/(*<2D!)@!42*A9:5!+D3%-+:2?!
&*?:2<*<A!:%!*<:2/<+&!)%D@!-'2?!:%!?*A<+&!9'<A2/5!+<D!=/%(%:2?!
>*<D*<A!2U2/-*?2!:9+:!*?!2<R%@+)&2!+<D!<%:!D%<2!>%/!:92!?%&2!='/M
=%?2!%>!&%?*<A!42*A9:!HC??%-*+:*%<!>%/!,*T2!V*32/?*:@!+<D!P2+&:95!
"JJKLB!!I@!:+0*<A!+!(%/2!9%&*?:*-!+==/%+-9!:%!92+&:95!*<D*3*D'+&?!
+/2!2<-%'/+A2D!:%!23+&'+:2!:92*/!)%D*2?!<%:!2U-&'?*32&@!*<!:2/(?!
%>!+!<'()2/!%<!+!?-+&2e!D%*<A!?%!92&=?!=/232<:!(+&+D+=:*32!2+:*<A!
9+)*:?!+<D!+::*:'D2?!HI+-%<5!,:2/<5!6+<!d%+<5!X!c2*(5!"JJ]LB!!
,'-9!+<!+==/%+-9!*?!+&?%!-/'-*+&!:%!*(=/%32!?%-*2:+&!+::*:'D2?!+<D!
/2D'-2!?:2/2%:@=2?!)@!/2-%A<*T*<A!:9+:!42*A9:!*?!<%:!+&4+@?!*<M
D*-+:*32!%>!*<D*3*D'+&!2+:*<A!9+)*:?5!=9@?*-+&!+-:*3*:@!&232&?5!%/!
=?@-9%&%A*-+&!*??'2?!Hc*<A5!c+:/*<+5!X!P+@2?5!"JJ#LB!!
$ $

920568,&20$
$

.2*A9:M)+?2D!D*?-/*(*<+:*%<!*?!+!=2/3+?*32!?%-*+&!>%/-2B!!
7:?!=/2?2<-2!*?!?%!*<A/+*<2D!*<!%'/!-'&:'/2!:9+:!*:!*?!=2/-2*32D!+?!
)2*<A!+!D2?2/32D!>%/(!%>!D*?-/*(*<+:*%<5!<%:!%<&@!+(%<A!:9%?2!
49%!=2/=2:'+:2!*:5!)':!+(%<A!:9%?2!49%!2U=2/*2<-2!*:!+?!42&&B!!
.92<!:92!?%-*+&!R'?:*-2!-%(('<*:@!'<4*::*<A&@!=+/:*-*=+:2?!*<!
+<:*M%)2?*:@!/92:%/*-5!*:?!2U*?:2<-2!*?!>'/:92/!=2/=2:'+:2D5!+<D!>+:!
=2%=&2!+/2!&2>:!4*:9%':!+<@!+&&*2?l49%!4*&&!+D3%-+:2!>%/!:92*/!
+--2=:+<-2!+<D!D*A<*:@!*>!>+:!=2%=&2!:92(?2&32?!9+32!+<!*<:2/<+&M
*T2D!+<:*M>+:!)*+?!Hh'9&5!`%??M1+-'?*<5!X!,-94+/:T5!"JJgLm!!C<!
+&+/(*<A!-%<:/+D*-:*%<!2U*?:?!492<!:92!?%-*+&!4%/0!=/%>2??*%<5!
49*-9!=/%(%:2?!*D2+&?!%>!?%-*+&!*<-&'?*%<5!+<:*9+:25!+<D!+--2=M
:+<-25!D%2?!<%:!2U:2<D!:9%?2!?+(2!*D2+&?!:%!>+:!=2%=&2B!!.92<!42!



.9@!.2*A9:!`+::2/?!

#E!!!!!!!!$%&'()*+!,%-*+&!.%/0!123*245!6%&'(2!77!

&*32!*<!+!?%-*2:@!492/2!=2%=&2!4%'&D!/+:92/!&%?2!+!&*()!:9+<!)2!>+:!
H,-94+/:T5!6+/:+<*+<5!Q%?205!X!I/%4<2&&5!"JJZL5!*:!)2-%(2?!+=M
=+/2<:!:9+:!+<:*M>+:!)*+?!+>>2-:?!=2%=&2!%>!+&&!?*T2?5!+<D!*:!*?!:92/2M
>%/2!'=!:%!:9%?2!*<!:92!?%-*+&!R'?:*-2!-%(('<*:@!:%!/232/?2!:9*?!
:/2<D5!<%:!:%!+D3+<-2!*:B!!
!

I2(%$
$

;9/%'A9%':!:9*?!=+=2/5!:92!:2/(!F>+:G!4*&&!)2!>/2N'2<:&@!'?2DB!!
$%<:/+/@!:%!=%='&+/!'?+A25!:9*?!=9/+?2!*?!+-:'+&&@!(2+<:!:%!<2'M
:/+&*T2!42*A9:!?:*A(+!+<D!*?!:92!=/2>2//2D!4%/D!-9%*-2!-%(=+/2D!
4*:9!%:92/5!(%/2!?:*A(+:*T*<A!(2D*-+&!:2/(*<%&%A@!?'-9!+?!
F%32/42*A9:G!+<D!F%)2?2G!H.+<<5!"JJKLB!
!

;%E%+%05%,$
!

C(@5!QB!cB5!C+&)%/A5!CB5!d@%<?5!hB5!X!c2/+<2<5!dB!H"JJZLB!I+//*M
2/?!:%!/%':*<2!A@<2-%&%A*-+&!-+<-2/!?-/22<*<A!>%/!.9*:2!
+<D!C>/*-+<MC(2/*-+<!%)2?2!4%(2<B!D.)*%.$)'-.$#!F-,%7
.$#!-6!G1*(')25!HI5!E[gnE]]B!

C=9/+(%/5!dB!H"JEJLB!6+&*D*:@!%>!-&+*(?!(+D2!*<!42*A9:!(+<+A2M
(2<:!/2?2+/-9\!C!<+//+:*32!/23*24!%>!D*2:2:*-!+/:*-&2?B!J,7
)%')'-.!F-,%.$#5!KH#JL5!"nKB!

C??%-*+:*%<!>%/!,*T2!V*32/?*:@!+<D!P2+&:9B!H"JJKLB!L$('4!3%'.4'7
3#*(!-6!=*$#)0!$)!M5*%2!N'O*;!12:/*232D!>/%(!9::=\oo
444B?*T2D*32/?*:@+<D92+&:9B%/Ao-%<:2<:B+?=m*DpgZ!

I+-%<5!dB5!X!C=9/+(%/5!dB!H"JEELB!.2*A9:!?-*2<-2\!S3+&'+:*<A!
:92!23*D2<-2!>%/!+!=+/+D*A(!?9*>:B!J,)%')'-.!F-,%.$#5!PI
HKLB!!

I+-%<5!dB5!,:2/<5!iB!,B5!6+<!d%+<5!`B5!X!c2*(5!QB!dB!H"JJ]LB!,*T2!
+--2=:+<-2!+<D!*<:'*:*32!2+:*<A!*(=/%32!92+&:9!>%/!%)2?25!
>2(+&2!-9/%<*-!D*2:2/?B!F-,%.$#!-6!)0*!"&*%'4$.!Q'*)!"(7
(-4'$)'-.5!PIRHZL5!K"KnK#ZB!!

I&+025!iB!H"JJK5!Q%32()2/!E"LB!N),/'*(!(,++*()!-5*%>*'+0)!C'/(!
$%*!4-%-.$%2!)'&*!1-&1(;!12:/*232D!>/%(!9::=\oo
444B-<<B-%(o"JJKoPSCd;PoEEoE"o(%9B0*D?B-+/D*+-!
B=/%)&2(?B%)2?*:@o!

$+(=%?5!hB5!,+A'@5!CB5!S/<?)2/A2/5!hB5!W&*32/5!SB5!X!Y+2??2/5!YB!



8+:9*!

$%&'()*+!,%-*+&!.%/0!123*245!6%&'(2!77!!!!!!!!#"!

H"JJZLB!;92!2=*D2(*%&%A@!%>!%32/42*A9:!+<D!%)2?*:@\!
h')&*-!92+&:9!-/*?*?!%/!(%/+&!=+<*-m!D.)*%.$)'-.$#!F-,%.$#!
-6!M3'/*&'-#-+25!HR5!]]nZJB!

$+<<*<A5!PB5!X!`+@2/5!iB!HEKZZLB!W)2?*:@Mn7:?!=%??*)&2!2>>2-:!%<!
-%&&2A2!+--2=:+<-2B!A0*!J*>!M.+#$./!F-,%.$#!-6!E*/'7
4'.*5!STRH"EL5!EEg"nEEg[B!

$/+<D+&&5!$B!,B!HEKK[LB!h/2R'D*-2!+A+*<?:!>+:!=2%=&2\!7D2%&%A@!+<D!
?2&>M*<:2/2?:B!F-,%.$#!-6!U*%(-.$#')2!$./!N-4'$#!U(240-#7
-+25!VVH[L5!^^"n^K[B!

$/+<D+&&5!$B,B!HEKK]LB!V%!=+/2<:?!D*?-/*(*<+:2!+A+*<?:!:92*/!
92+3@42*A9:!D+'A9:2/?m!U*%(-.$#')2!$./!N-4'$#!U(240-#7
-+2!L,##*)'.5!SPHgL5!g"[ng#]B!

V2i%<A5!.B!HEK^JLB!;92!?:*A(+!%>!%)2?*:@\!;92!-%<?2N'2<-2?!%>!
<+*32!+??'(=:*%<?!-%<-2/<*<A!:92!-+'?2?!%>!=9@?*-+&!D23*M
+<-2B!F-,%.$#!-6!=*$#)0!$./!L*0$5'-%5!SPHEL5!g]n^gB!

S*?2<)2/A5!`B5!Q2'(+/0M,T:+*<2/5!VB5!X!,:%/@5!`B!H"JJ#LB!C??%M
-*+:*%<?!%>!42*A9:M)+?2D!:2+?*<A!+<D!2(%:*%<+&!42&&M)2*<A!
+(%<A!+D%&2?-2<:?B!"%40'5*(!-6!U*/'$)%'4(!W!"/-#*(4*.)!
E*/'4'.*5!PRTH^L5!g##ng#^B!

S/<?)2/A2/5!hB!H"JJKLB!V%2?!?%-*+&!-&+??!2U=&+*<!:92!-%<<2-:*%<!
)2:422<!42*A9:!+<D!92+&:9m!7<!SB!1%:9)&'(!X!,B!,%&%3+@!
HSD?BL5!A0*!6$)!(),/'*(!%*$/*%!H==B!"]n[ELB!Q24!_%/05!Q_\!
Q24!_%/0!q<*32/?*:@!h/2??B!

S/<?)2/A2/5!hB5!X!c%&2:?0@5!1B!iB!HEKKKLB!I*%(2D*-+&!/+:*%<+&2!>%/!
+!42&&<2??!+==/%+-9!:%!%)2?*:@\!C<!+&:2/<+:*32!:%!+!>%-'?!
%<!42*A9:!&%??B!F-,%.$#!-6!N-4'$#!D((,*(5!RRH"L5!""En"ZJB!

8+*:95!`B!,B5!d2%<25!`B!CB5!C@2/?5!;B!,B5!P2%5!`B5!X!h*2:/%)2&&*5!
CB!H"JJ"LB!.2*A9:!-/*:*-*?(!D'/*<A!=9@?*-+&!+-:*3*:@5!-%=M
*<A!?0*&&?5!+<D!/2=%/:2D!=9@?*-+&!+-:*3*:@!*<!-9*&D/2<B!U*/'7
$)%'4(5!PPIH"L5!2"#B!

8&2A+&5!cB!`B5!$+//%&&5!`B!VB5!c'-T(+/?0*5!1B!iB5!X!i%9<?%<5!$B!
dB!HEKK^LB!W32/42*A9:!+<D!%)2?*:@!*<!:92!q<*:2D!,:+:2?\!
h/23+&2<-2!+<D!:/2<D?5!EKZJMEKK[B!D.)*%.$)'-.$#!F-,%.$#!
-6!G1*(')25!SS5!#Kn[gB!

8&2A+&5!cB!`B5!Y/+')+/D!IB!7B5!.*&&*+(?%<5!VB!8B5!X!Y+*&5!`B!PB!
H"JJ]LB!SU-2??!D2+:9?!+??%-*+:2D!4*:9!'<D2/42*A9:5!%32/M
42*A9:5!+<D!%)2?*:@B!F-,%.$#!-6!)0*!"&*%'4$.!E*/'4$#!"(7
(-4'$)'-.5!SKHHE]L5!E^ZEnE^ZgB!



.9@!.2*A9:!`+::2/?!

##!!!!!!!!$%&'()*+!,%-*+&!.%/0!123*245!6%&'(2!77!

8%?:2/5!YB!VB5!.+DD2<5!;B!CB5!`+0/*?5!CB!hB5!V+3*D?%<5!VB5!,+<M
D2/?%<5!1B!,B5!C&&*?%<5!VBIB5!2:!+&B!H"JJ#LB!h/*(+/@!-+/2!
=9@?*-*+<?O!+::*:'D2?!+)%':!%)2?*:@!+<D!*:?!:/2+:(2<:B!G1*7
(')2!X*(*$%405!PPHEJL5!EEZ^nEEggB!

8/'(5!VB!H"JEJ5!V2-2()2/!ZLB!Y02!-1*(')2!'(!$!.$)'-.$#!(*4,%')2!!
)0%*$);!12:/*232D!>/%(!9::=\oo444B-<<B-%(o"JEJ!
Wh7Q7WQoE"oJZo>/'(B%)2?*:@B(*&*:+/@o!

Y2*2/5!CB!IB5!8%?:2/5!YB!VB5!.%()&25!dB!YB5!`-d+'A9&*<5!iB5!I%/M
/+D+*&25!cB!SB5!Q+-9(+<*5!iB5!2:!+&B!H"JJgLB!;92!/2&+:*%<?9*=!
)2:422<!/2&+:*32!42*A9:!+<D!?-9%%&!+::2<D+<-2!+(%<A!2&2M
(2<:+/@!?-9%%&-9*&D/2<B!G1*(')25!PRH]L5!"E]gMn"EZEB!

P*&=2/<5!cB!H"JJ"5!,2=:2()2/!EELB!8+:!-9+<-2B!A0*!Z,$%/'$.;!12M
:/*232D!>/%(!9::=\oo444BA'+/D*+<B-%B'0o?%-*2:@o"JJ"o
?2=oEEo>+(*&@+<D/2&+:*%<?9*=?B=')&*-92+&:9!

P%/4*-95!;B!IB5!8%<+/%45!YB!$B5!P+(*&:%<5!`B!CB5!`+-d2&&+<5!.B!
1B5!.%%5!`B!CB5!X!;*&&*?-95!iB!PB!H"JJELB!;92!/2&+:*%<?9*=!
)2:422<!%)2?*:@!+<D!(%/:+&*:@!*<!=+:*2<:?!4*:9!92+/:!>+*&M
'/2B!F-,%.$#!-6!)0*!"&*%'4$.![-##*+*!-6![$%/'-#-+25!H\5!
g^KMgK]B!

i+<??2<5!7B5!$/+*A5!.B!`B5!I%@-25!.B!8B5!X!h*-02::5!.B!H"JJ[LB!
C??%-*+:*%<?!)2:422<!%32/42*A9:!+<D!%)2?*:@!4*:9!)'&&@M
*<A!)29+3*%/?!*<!?-9%%&M+A2D!-9*&D/2<B!U*/'$)%'4(5!PPHH]L5!
EE^gnEEK"B!

c+&+<:+/Mf+D295!cB5!C))%::5!cB!$B5!,+&+9'D22<5!CB!cB5!c*&=+:/*-05!
1B!VB5!X!P%/4*-95!;B!IB!H"JJ]LB!,'/3*3+&!+D3+<:+A2?!%>!
%)2?*:@!*<!D*+&@?*?!=+:*2<:?B!A0*!"&*%'4$.!F-,%.$#!-6!
[#'.'4$#!J,)%')'-.5!\P5!][#n]][B!

c+&+<:+/Mf+D295!cB5!P%/4*-95!;B!IB5!W/2%=%'&%?5!CB5!c%32?D@5!$B!
hB5!_%'<2??*5!PB!C<02/5!,B!VB5!2:!+&B!H"JJgLB!1*?0!>+-:%/!
=+/+D%U!*<!4+?:*<A!D*?2+?2B![,%%*.)!G3'.'-.!'.![#'.'4$#!
J,)%')'-.!$./!E*)$1-#'4![$%*5!PIH[L5![##n[["B!

c+&+<:+/Mf+D295!cB5!c'4+25!QB5!.'5!VB!_B5!,9+<:%'>5!1B!,B5!8%M
N'25!VB5!C<02/5!,B!VB5!2:!+&B!H"JJZLB!C??%-*+:*%<?!%>!)%D@!
>+:!+<D!*:?!-9+<A2?!%32/!:*(2!4*:9!N'+&*:@!%>!&*>2!+<D!=/%M
?=2-:*32!(%/:+&*:@!*<!92(%D*+&@?*?!=+:*2<:?B!"&*%'4$.!
F-,%.$#!-6![#'.'4$#!J,)%')'-.5!\H5!"J"n"EJB!

c+<A5!rB5!,9+45!dB!iB5!P+@2?5!,B!.B5!P+-9+(%3*:-95!1B5!C)*D%35!
CB5!$%92<5!7B5!2:!+&B!H"JJZLB!7(=+-:!%>!)%D@!(+??!*<D2U!%<!



8+:9*!

$%&'()*+!,%-*+&!.%/0!123*245!6%&'(2!77!!!!!!!!#[!

-+/D*+-!(%/:+&*:@!*<!=+:*2<:?!4*:9!0<%4<!%/!?'?=2-:2D!
-%/%<+/@!+/:2/@!D*?2+?2!'<D2/A%*<A!(@%-+/D*+&!=2/>'?*%<!
?*<A&2M=9%:%<!2(*??*%<!-%(=':2D!:%(%A/+=9@B!F-,%.$#!-6!
)0*!"&*%'4$.![-##*+*!-6![$%/'-#-+25!]THgL5!E[E^nE["ZB!

c*<A5!QBdB5!c+:/*<+5!cB5!X!P+@2?5!VB!H"JJ#LB!E-5'.+!$>$2!6%-&!
/'*)(^!=*$#'.+!*$)'.+!3%-1#*&(!$./!*:*%4'(*!%*('()$.4*!
H"<D!2DBL;!d+02!V+&&+?5!;r\!P2&(!h')&*?9*<AB!

c%&+:+5!YB!H"JJ[5!Q%32()2/!"[LB!V+:+!%<!D2+:9?!>/%(!%)2?*:@!*?!
*<>&+:2D5!qB,B!+A2<-@!?+@?B!A0*!J*>!_-%C!A'&*(;!12M
:/*232D!>/%(!9::=\oo444B<@:*(2?B-%(o"JJ[oEEo"[o
92+&:9o"[%)2?2B9:(&ms/pE!

`2//*&&5!SB5!X!Y/+??&2@5!iB!H"JJ^LB!.%(2<O?!?:%/*2?!%>!:92*/!2UM
=2/*2<-2?!+?!%32/42*A9:!=+:*2<:?B!F-,%.$#!-6!"/5$.4*/!
J,%('.+5!V]H"L5!E#KnE[ZB!

Q2'(+/0M,T:+*<2/5!VB5!8+&0<2/5!QB5!,:%/@5!`B5!h2//@5!$B5!P+<<+<5!
hB!iB5!X!`'&2/:5!,B!H"JJ"LB!.2*A9:M:2+?*<A!+(%<A!+D%&2?M
-2<:?\!$%//2&+:*%<?!4*:9!42*A9:!?:+:'?!+<D!D*?%/D2/2D!2+:M
*<A!)29+3*%/?B!D.)*%.$)'-.$#!F-,%.$#!-6!G1*(')25!SVHEL5!
E"#nE#EB!

Q2'(+/0M,T:+*<2/5!VB5!.+&&5!`B5!Y'%5!iB5!,:%/@5!`B5!P+*<2?5!iB5!X!
S*?2<)2/A5!`B!H"JJZLB!W)2?*:@5!D*?%/D2/2D!2+:*<A5!+<D!2+:M
*<A!D*?%/D2/?!*<!+!&%<A*:'D*<+&!?:'D@!%>!+D%&2?-2<:?\!P%4!
D%!D*2:2/?!>+/2!]!@2+/?!&+:2/m!F-,%.$#!-6!)0*!"&*%'4$.!Q'*7
)*)'4!"((-4'$)'-.5!PIV5!]]Kn]Z^B!

Q24?4220B!H"JEJ5!`+/-9!"]LB!`**/1$4C^!E'40*##*!G1$&$!$./!
-1*(')2B!12:/*232D!>/%(!9::=\oo444B<24?4220B-%(o"JEJo!
J#o"[o>22DM@%'/M-9*&D/2<M42&&B9:(&!

W)2//*2D2/5!PB5!.+&02/5!1B5!`%</%25!VB5!X!CD2@+<R'5!`B!HEKK]LB!
C::*:'D2!%>!D*2:2:*-?!?:'D2<:?!+<D!/2A*?:2/2D!D*2:*:*+<?!:%M
4+/D!%)2?*:@B!F-,%.$#!-6!)0*!"&*%'4$.!Q'*)*)'4!"((-4'$7
)'-.5!KRH^L5!KE[nKE]B!

W&*32/5!SB!iB!H"JJZLB!;92!=%&*:*-?!%>!=+:9%&%A@\!P%4!%)2?*:@!)2M
-+(2!+<!2=*D2(*-!D*?2+?2B!U*%(3*4)'5*(!'.!L'-#-+2!$./!
E*/'4'.*5!]KH[L5!ZEEnZ"gB!

h+Ak<5!iB!CB5!X!Vk3*&+5!CB!HEKKgLB!W)2?*:@5!%--'=+:*%<+&!+::+*<M
(2<:5!+<D!2+/<*<A?B!N-4'$#!N4'*.4*!a,$%)*%#25!T\H#L5!g]Zn
ggJB!

h+32&0+5!iB!$B5!I/%4<5!1B!,B5!c+/&+<5!IB!_B5!$+??5!7B5!d2'-9:2/5!1B!



.9@!.2*A9:!`+::2/?!

#]!!!!!!!!$%&'()*+!,%-*+&!.%/0!123*245!6%&'(2!77!

,B5!d+A+??25!dBVB5!2:!+&B!H"JJZLB!S>>2-:!%>!%)2?*:@!%<!?'/M
3*3+&!*<!2=*:92&*+&!%3+/*+<!-+<-2/B![$.4*%5!PITHgL5!E]"Jn
E]"[B!

h*2/-25!iB!.B5!X!.+/D&25!iB!HEKKgLB!$+'?2!+<D!2>>2-:!)2&*2>?!+<D!
?2&>M2?:22(!%>!%32/42*A9:!-9*&D/2<B!F-,%.$#!-6![0'#/!U(27
40-#-+2!$./!U(240'$)%25!H\HZL5!Z[]nZ]JB!

h*<A*:%/25!1B5!V'A%<*5!IB!dB5!;*<D+&25!1B!,B5!X!,=/*<A5!IB!HEKK[LB!
I*+?!+A+*<?:!%32/42*A9:!R%)!+==&*-+<:?!*<!?*('&+:2D!2(M
=&%@(2<:!*<:2/3*24B!F-,%.$#!-6!"33#'*/!U(240-#-+25!TK
HZL5!KJKnKEgB!

h%%<5!`B!_B5!X!;+//+<:5!`B!H"JJKLB!W)2?*:@\!C::*:'D2?!%>!'<D2/M
A/+D'+:2!?:'D2<:!<'/?2?!+<D!/2A*?:2/2D!<'/?2?B!F-,%.$#!-6!
[#'.'4$#!J,%('.+5!P\5!"#]]n"#Z]B!

h'9&5!1B!`B5!X!P2'2/5!$B!CB!H"JEJLB!W)2?*:@!?:*A(+\!7(=%/:+<:!
-%<?*D2/+:*%<?!>%/!=')&*-!92+&:9B!"&*%'4$.!F-,%.$#!-6!
U,1#'4!=*$#)05!PIIHZL5!EJEKnEJ"^B!

h'9&5!1B!`B5!`%??M1+-'?*<5!$B!CB5!X!,-94+/:T5!`B!IB!H"JJgLB!7<M
:2/<+&*T+:*%<!%>!42*A9:!)*+?\!7(=&*-+:*%<!>%/!)*<A2!2+:*<A!
+<D!2(%:*%<+&!42&&M)2*<AB!G1*(')25!PR5!"Jn"#B!

,-94+/:T5!`B!IB5!6+/:+<*+<5!dB!1B5!Q%?205!IB!CB5!X!I/%4<2&&5!cB!
VB!H"JJZLB!;92!*<>&'2<-2!%>!%<2O?!%4<!)%D@!42*A9:!%<!
*(=&*-*:!+<D!2U=&*-*:!+<:*M>+:!)*+?B!G1*(')25!P]H#L5![[Jn
[[gB!

,:%/-95!SB!CB5!`*&?%(5!6B!CB5!V2I/+A+<T+5!QB5!d24*<5!CB!IB5!Y2>M
>02<5!YB!1B5!X!,*&32/?:2*<5!iB!PB!H"JJgLB!h22/!3*-:*(*T+M
:*%<5!=?@-9%?%-*+&!+DR'?:(2<:5!+<D!=9@?*-+&!+-:*3*:@!*<!
%32/42*A9:!+<D!+:M/*?0M>%/M%32/42*A9:!@%':9B!F-,%.$#!-6!
U*/'$)%'4!U(240-#-+25!HSHEL5!^Jn^KB!

,4+(*5!6B5!$9+<5!8B5!.%<A5!6B5!8'/<9+(5!CB5!X!;%32j5!`B!iB!
H"JJ^LB!.2*A9:M)+?2D!D*?-/*(*<+:*%<!*<!%--'=+:*%<+&!9*/M
*<A!+<D!92&=*<A!)29+3*%/B!F-,%.$#!-6!"33#'*/!N-4'$#!U(27
40-#-+25!H\H[L5!KZ^nK^EB!

.+<<5!`B!H"JJKLB!8%/24+/DB!7<!SB!1%:9)&'(!X!,B!,%&%3+@!HSD?BL5!
A0*!6$)!(),/'*(!%*$/*%!H==B!*UnUU3LB!Q24!_%/05!Q_\!Q24!
_%/0!q<*32/?*:@!h/2??B!

.225!$B!$B5!`-$+/:9@5!SB!hB5!V+3*?5!1B!IB5!X!h9*&&*=?5!1B!,B!
H"JJJLB!,-/22<*<A!>%/!-2/3*-+&!+<D!)/2+?:!-+<-2/\!7?!%)2M
?*:@!+<!'</2-%A<*T2D!)+//*2/!:%!=/232<:*32!-+/2m!"..$#(!-6!



8+:9*!

$%&'()*+!,%-*+&!.%/0!123*245!6%&'(2!77!!!!!!!!#Z!

D.)*%.$#!E*/'4'.*5!PHSHKL5!ZKgngJ[B!!
.2*<2/5!IB5!h2//@5!1B!hB5!X!`+A<'??%<5!iB!HEK^^LB!C<!+::/*)'M

:*%<+&!+<+&@?*?!%>!/2+-:*%<?!:%!?:*A(+?B!F-,%.$#!-6!U*%(-.7
$#')2!$./!N-4'$#!U(240-#-+25!RRH]L5!g#^ng[^B!

6%&0%45!QB!VB5!X!WOI/*2<5!$B!hB!H"JJgLB!7??'2?!>%/!V,`M6\!
,9%'&D!%)2?*:@!)2!*<-&'D2D!+?!+!)/+*<!D*?%/D2/mB!A0*!
"&*%'4$.!F-,%.$#!-6!U(240'$)%25!PV]5!gJ^ngEJB!!

!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
$
$


