journal2011


!

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

!"##$%%&"'()*++",-./(0$$,.1/(2&.$1((
3,#41#$14.-*,5(678'*1-,9(3,.4,9-:'$((
2%8$#.%(*&(!*#-4'(!"88*1.(;"1-,9((
.<$(0$-,.$914.-*,(=1*#$%%!
!
8/9'&+!:2&2;2!<*-=0%490*!
!
"#$!%&'($)!*(+($,!-.',/&!-/-01+('/&!+&)!.+($!/2!'&3+.3$.+('/&!
#+4$!31'56$)!(/!(#$!#'7#$,(!8/.1)8')$9!+&)!5+,,!'&3+.3$.+('/&!
#+,!6$3/5$!+!3/&3$.&'&7!,/3'+1!',,0$:!!;$,$+.3#!)$5/&,(.+($,!
(#+(!'&3+.3$.+('/&!+)4$.,$1<!+22$3(,!,/3'+1!&$(8/.=,9!'&3.$+,$,!
.',=!2+3(/.,!2/.!3#'1).$&!/2!'&3+.3$.+($)!-+.$&(,9!+&)!$3/&/5'>
3+11<!+&)!-/1'('3+11<!)',$&2.+&3#',$,!3/550&'('$,!+&)!&$'7#6/.>
#//),:!!"#./07#!3.'('3+1!$?+5'&+('/&!/2!(#$!$?',('&7!.06.'3!/2!'&>
3+.3$.+('/&9!.$$&(.<!$5$.7$,!+,!+&!'&($7.+1!-/'&(!/2!'&($.4$&('/&!
2/.!,/3'+1!8/.=$.,!(/!)',.0-(!(#$!3#./&'3!3<31$!/2!.$3')'4',5!+&)!
)/8&8+.)!,-'.+1!3+0,$)!6<!'&3+.3$.+('/&:!!@#'1$!-+,(!.$,$+.3#!
#+,!-./4')$)!+!30.,/.<!=&/81$)7$!/2!(#$!.',=!+&)!-./($3('4$!2+3>
(/.,!(#+(!-.$)'3(!.$$&(.<!,033$,,9!503#!.$5+'&,!/6,30.$:!!"#$!
-0.-/,$!/2!(#',!A0+1'(+('4$!,(0)<!',!(/!$?-1/.$!(#$!'&(.'3+($9!.$3/&>
)'($9!+&)!'&('5+($!8+<,!(#+(!2+5'1<!5$56$.,!20&3('/&!(/!+,,',(!(#$!
2/.5$.1<!'&3+.3$.+($)!'&)'4')0+1!)0.'&7!.$$&(.<:!!B<!+&+1<C'&7!
)+(+!(#./07#!+!(.+&,+3('/&+1!,/3'+1!,0--/.(!-+.+)'759!(#',!-+-$.!
$?-+&),!0-/&!+&)!$&#+&3$,!$?',('&7!1'($.+(0.$!/&!(#$!'5-1'3'(!
20&3('/&,!/2!2+5'1'+1!,/3'+1!,0--/.(!)0.'&7!-.',/&$.!.$$&(.<:!!D5>
-1'3+('/&,!2/.!,/3'+1!8/.=!-.+3('3$!8'(#!2/.5+11<!'&3+.3$.+($)!'&>
)'4')0+1,!+.$!$?-1/.$)!6+,$)!/&!=$<!2'&)'&7,!2./5!(#$!,(0)<:!!
!

7;!>??@5!AB2!C24!$B+/*A+)&2!D/'9A9!/2E%/A2F!AB+A!AB2!
8;*A2F!,A+A29!/+A2!%G!*;-+/-2/+A*%;!/2+-B2F!+;!+9A%;*9B*;H!I!*;!
I??!E2%E&2!)2B*;F!)+/9!JDB2!C24!$B+/*A+)&2!D/'9A9!$2;A2/!%;!AB2!
,A+A295!>??@KL!!M(%;H!:*9E+;*-!(2;!+H2F!I@!+;F!%&F2/5!AB*9!/+A2!
*9!I!*;!#N5!+;F!G%/!MG/*-+;!M(2/*-+;!(2;!)2A422;!AB2!+H29!%G!I@!
+;F!#O5!AB2!;'()2/!P'(E9!A%!I!*;!QL!!DB*9!9'/H2!*;!AB2!E%E'&+A*%;!
*(E/*9%;2F!)R!AB2!8L,L!E2;+&!9R9A2(!/2E/292;A9!AB2!B*HB29A!/+A2!%G!
*(E/*9%;(2;A!%G!+;R!-%';A/R!*;!AB2!4%/&FL!!M&%;H9*F2!+!E/2-*E*S
A%'9!H/%4AB!*;!AB2!;+A*%;+&!*;-+/-2/+A*%;!/+A2!+/2!/2-%/F!;'()2/9!
%G!*;F*3*F'+&9!-%(E&2A*;H!E/*9%;!92;A2;-29!+;F!/22;A2/*;H!9%-*2AR!



<*-=0%490*!

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

JC*;+/F5!>??"KL!!8E%;!/22;A/R5!9232/+&!)+//*2/9!+/2!&+*F!)+/2!)R!
B*HB!/2-*F*3*9(I!+;F!E/232;A!G%/(2/!E/*9%;2/9!/2&2+92F!G/%(!-%/S
/2-A*%;+&!-'9A%FR!A%!A/'&R!/2*;A2H/+A2!*;A%!AB2!-%((';*ARL!!T'/S
AB2/(%/25!AB2!-%&&+A2/+&!-%;92U'2;-29!%G!*;-+/-2/+A*%;!-+;!)2!E/%S
B*)*A*32!+;F!F2)*&*A+A*;H!A%!B2+&ABR!/2*;A2H/+A*%;!*;A%!9%-*+&5!G+(*&S
*+&5!-%((';*AR5!+;F!4%/0!&*G2!'E%;!/2&2+92L!!V'2!A%!AB2!9A*H(+!%G!
*(E/*9%;(2;A!%;!%--'E+A*%;+&5!9%-*+&5!+;F!G+(*&*+&!92AA*;H95!AB2!
E/%9E2-A9!%G!&%;HSA2/(!9'--299!G%/!E2%E&2!4*AB!-/*(*;+&!/2-%/F9!
-+;!)2!F*9(+&L!!DB/%'HB!-/*A*-+&!2W+(*;+A*%;!%G!AB2!2W*9A*;H!/')/*-!
%G!*;-+/-2/+A*%;5!/22;A/R!2(2/H29!+9!+;!*;A2H/+&!E%*;A!%G!*;A2/32;S
A*%;!G%/!9%-*+&!4%/02/9!A%!F*9/'EA!AB2!-B/%;*-!-R-&2!%G!/2-*F*3*9(!
+;F!F%4;4+/F!9E*/+&!%G!*;-+/-2/+A*%;L!

.B*&2!AB2/2!*9!-'/9%/R!0;%4&2FH2!%G!AB2!/*90!+;F!E/%A2-S
A*32!G+-A%/9!AB+A!E/2F*-A!/22;A/R!9'--299!+;F!/2-*F*3*9(5!('-B!/2S
(+*;9!A%!)2!2W+(*;2FL!!,%(2!2(E*/*-+&!9A'F*29!B+32!F2(%;S
9A/+A2F!AB2!E%9*A*32!*(E+-A!%G!G+(*&R!9'EE%/A!9R9A2(9!%;!/2*;A2S
H/+A*%;5!R2A!AB2!*;A/*-+A25!*;3*9*)&25!+;F!*;A*(+A2!4+R9!AB+A!G+(*&R!
(2()2/9!G';-A*%;!A%!+99*9A!AB2!/2&2+92F!*;F*3*F'+&!+/2!&+/H2&R!';S
F%-'(2;A2FL!!DB2!E'/E%92!%G!AB*9!/292+/-B!9A'FR!*9!A%!F232&%E!+!
F22E2/!';F2/9A+;F*;H!%G!AB2!*(E&*-*A!G';-A*%;9!%G!&299!A+;H*)&2!)'A!
2U'+&&R!3+&'+)&2!+9E2-A9!%G!G+(*&*+&!9%-*+&!9'EE%/AL!!M!A/+;9+-S
A*%;+&!9%-*+&!9'EE%/A!E+/+F*H(!*9!'92F!A%!2WE+;F!'E%;!+;F!2;S
B+;-2!2W*9A*;H!&*A2/+A'/2!%;!AB2!*(E&*-*A!G';-A*%;9!%G!G+(*&*+&!9%S
-*+&!9'EE%/A!F'/*;H!E/*9%;2/!/22;A/RL!!7(E&*-+A*%;9!G%/!9%-*+&!4%/0!
E/+-A*-2!4*AB!G%/(+&&R!*;-+/-2/+A2F!*;F*3*F'+&9!+/2!2WE&%/2F!)+92F!
%;!02R!G*;F*;H9!G/%(!AB2!9A'FRL!!
(

>4%%(3,#41#$14.-*,?(0$$,.1/?(4,@(0$#-@-A-%+(
(

X+99!*;-+/-2/+A*%;!*;!AB2!8;*A2F!,A+A29!*9!+!9%-*+&!*99'2!
AB+A!F2(+;F9!)%AB!-&*;*-+&!/292+/-B!+;F!+AA2;A*%;!+A!AB2!E%&*-R!
&232&L!!M--%/F*;H!A%!AB2!8;*A2F!,A+A29!Y'/2+'!%G!Z'9A*-2!,A+A*9A*-95!
*;!>??Q!AB2!A%A+&!G2F2/+&5!9A+A25!+;F!&%-+&!+F'&A!E/*9%;2/!E%E'&+A*%;!
-%;9*9A2F!%G!;2+/&R!>L#!(*&&*%;!*;F*3*F'+&9!J[&+=25!>??QKL!!T'/S
AB2/(%/25!AB2!8;*A2F!,A+A29!*;-+/-2/+A29!+A!+!/+A2!%G!+EE/%W*(+A2&R!
"\?!E2/!I??5???!/29*F2;A95!/2E/292;A*;H!AB2!B*HB29A!/+A2!4%/&FS
4*F2!JY%'GG+/F5!>??"]!$&2+/5!>??@]!V+R5!>??\]!:+/A;2R5!>??N]!
X+/A*;2=5!>??"]!DB2!C24!$B+/*A+)&2!D/'9A9!$2;A2/!%;!AB2!,A+A295!



122;A/R!+;F!,'--299G'&!12*;A2H/+A*%;!

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

>??@KL!!DB*9!*9!9*H;*G*-+;A&R!B*HB2/!AB+;!AB+A!%G!^'/%E2+;!*;(+A2!
E%E'&+A*%;95!*;-&'F*;H!AB2!1'99*+;!T2F2/+A*%;!JN>@!E2/!I??5???!
/29*F2;A9K5!Y2&+/'9!JO>N!E2/!I??5???!/29*F2;A9K5!+;F![2%/H*+!JO?I!
E2/!I??5???!/29*F2;A9KL!!MFF*A*%;+&&R5!/+-*+&!F*9E+/*AR!*;!*;-+/-2/+S
A*%;!/+A29!*9!+!-%;9E*-'%'9!+;F!E/%)&2(+A*-!/2+&*AR!JDB2!C24!
$B+/*A+)&2!D/'9A9!$2;A2/!%;!AB2!,A+A295!>??@]!$%%025!>??\]!
:+/A;2R5!>??N]!C2AA*A!_!.29A2/;5!>??O]!.29A2/;!_!C2AA*A5!>??>KL!!
MG/*-+;SM(2/*-+;9!+/2!)2A422;!N!+;F!@!A*(29!(%/2!&*02&R5!+;F!
`+A*;%9!A4*-2!+9!&*02&R5!A%!)2!*;-+/-2/+A2F!AB+;!$+'-+9*+;9]!MG/*S
-+;SM(2/*-+;!(2;!(+02!'E!O\a!%G!AB2!E/*9%;!E%E'&+A*%;L!!12S
92+/-B!F2(%;9A/+A29!AB+A!(+99!*;-+/-2/+A*%;!+F32/92&R!+GG2-A9!9%S
-*+&!;2A4%/095!*;-/2+929!/*90!G+-A%/9!G%/!-B*&F/2;!%G!*;-+/-2/+A2F!
E+/2;A95!2-%;%(*-+&&R!+;F!E%&*A*-+&&R!F*92;G/+;-B*929!-%((';*S
A*29!+;F!;2*HB)%/B%%F95!+;F!'&A*(+A2&R!-%;A/*)'A29!A%!+!E2/;*-*%'9!
-R-&2!%G!9%-*+&!2W-&'9*%;!+;F!F*9+F3+;A+H2!G%/!*;F*3*F'+&95!G+(*S
&*29!+;F!-%((';*A*29!+GG2-A2F!)R!*;-+/-2/+A*%;!J<P2&9)2/H!_!T/*S
29A+F5!>??@]!C2A2/9*&*+5!>??I]!C2AA*A!_!.29A2/;5!>??OKL!!

V*9A'/)*;H&R!B*HB!/2-*F*3*9(!/+A29!';F2/9-%/2!(+;R!%G!AB2!
9%-*+&5!2-%;%(*-5!+;F!E9R-B%&%H*-+&!-%;92U'2;-29!%G!*;-+/-2/+S
A*%;!+;F!AB2!-B+&&2;H29!%G!-%((';*AR!/2*;A2H/+A*%;L!!MA!+!(*;*S
('(5!Q\a!%G!E/*9%;2/9!-%(E&2A2!AB2*/!E/*9%;!%/!P+*&!92;A2;-29!
+;F!/22;A2/!AB2!-%((';*AR!J:'HB29!_!.*&9%;5!>??>KL!!12-2;A!
29A*(+A29!*;F*-+A2!AB+A!+A!&2+9A!"??5???!*;F*3*F'+&9!+/2!/2&2+92F!
R2+/&R!JM'9A*;5!>??I]!Y'/2+'!%G!Z'9A*-2!,A+A*9A*-95!>?I?]!V/+*;2!_!
:2/(+;5!>??"]!Z%B;9%;S`*9A4+;5!$'&&2;5!_!`+A299+5!>??N]!
,*(%;9%;5!>??N]!D/+3*9!_!C2A2/9*&*+5!>??IKL!!bG!AB*9!-%B%/A5!*A!*9!
29A*(+A2F!AB+A!A4%SAB*/F9!4*&&!/2A'/;!A%!-%//2-A*%;+&!-'9A%FR!
J2*AB2/!+9!+!/29'&A!%G!E+/%&2!3*%&+A*%;9!%/!+!;24!%GG2;92K!4*AB*;!AB2!
#SR2+/!E2/*%F!G%&&%4*;H!AB2*/!/2&2+92!JX2+/95!.+;H5!:+R5!_!
Y+&295!>??@]!X2&&%4!_!$B/*9A*+;5!>??@]!C2A2/9*&*+5!>??I]!c+S
A*%;+&!122;A/R!129%'/-2!$2;A2/5!>?I?KL!!7;-/2+9*;H!9'--299G'&!/2S
2;A/R!2WE2/*2;-29!B+9!AB2!E/%(*92!%G!/2F'-*;H!G*9-+&!9A/+*;5!9%-*2S
A+&!-%9A95!+;F!E2/9%;+&!-%&&+A2/+&!-%;92U'2;-29!+99%-*+A2F!4*AB!
*;-+/-2/+A*%;!AB+A!42*HB!%;!AB2!*;F*3*F'+&5!G+(*&R5!-%((';*AR5!
+;F!H%32/;(2;AL!!

!
!
!



<*-=0%490*!

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

>$.<*@%(
(

DB*9!/292+/-B!4+9!-%;F'-A2F!+9!+!U'+&*A+A*32!9A'FR!-%;9*9A*;H!
%G!G+-2SA%SG+-2!*;A2/3*249!4*AB!AB/22!G%/(2/&R!*;-+/-2/+A2F!(2;L!!
M9!+!92-%;FSR2+/!9%-*+&!4%/0!*;A2/;!*;!+!c24!d%/0!$*AR!/22;A/R!
E/%H/+(5!7!(2A!AB2!AB/22!H2;A&2(2;!%32/!AB2!-%'/92!%G!\!(%;AB9L!!
DB2!*;A2/3*24229!42/2!*;3*A2F!A%!E+/A*-*E+A2!*;!AB2!/292+/-B5!+;F!*A!
4+9!-%((';*-+A2F!)%AB!*;!4/*A*;H!+;F!32/)+&&R!AB+A!*;3%&32(2;A!
4+9!3%&';A+/RL!!./*AA2;!*;G%/(2F!-%;92;A!4+9!%)A+*;2F!G/%(!2+-B!
E+/A*-*E+;AL!7;SF2EAB5!92(*S9A/'-A'/2F!*;A2/3*249!42/2!-%;F'-A2F!
AB/%'HB!9232;!%E2;S2;F2F!U'29A*%;9L!!DB2!*;A2/3*24!%'A&*;2!-%;S
9*9A2F!%G!U'29A*%;9!AB+A!2WE&%/2F!AB2!*;F*3*F'+&e9!E/*(+/R!/2&+A*%;S
9B*E9!F'/*;H!/2*;A2H/+A*%;!G/%(!E/*9%;!+;F!4B+A!*;!AB292!/2&+A*%;S
9B*E9!B2!G%';F!(%9A!(2+;*;HG'&L!!DB2!U'29A*%;9!42/2!+9!G%&&%49f!
!
!"# $%'&F!R%'!A2&&!(2!+!)*A!+)%'A!AB2!(+*;!/2&+A*%;9B*E9!*;!R%'/!
&*G2!F'/*;H!R%'/!/2*;A2H/+A*%;g#
$"# C&2+92!A2&&!(2!+)%'A!R%'/!(%9A!3+&'2F!/2&+A*%;9B*Eh9!+(%;H!
AB292g#
%"# $+;!R%'!F29-/*)2!R%'/!/2&+A*%;9B*E9!4*AB!AB292!E2/9%;h9g#
.B+A!F%!R%'!G*;F!B2&EG'&!*;!AB%92!/2&+A*%;9B*Eh9g#

7;A+;H*)&2!AB*;H9!
M9*F2!G/%(!(+A2/*+&!AB*;H9!&*02!B%'9*;H!%/!G%%F5!+/2!
AB2/2!AB*;H9!AB+A!R%'!H+*;g!

V%!R%'!G22&!9'EE%/A2F!2(%A*%;+&&Rg!
V%!R%'!G22&!+!E'/E%92g!
V%!R%'!G22&!;22F2F!%/!*(E%/A+;A!A%!AB+A!E2/9%;h9g!
V%!R%'!G22&!+EE/2-*+A2F!%/!3+&'2Fg!
V%!R%'!G22&!-+/2F!G%/g!
:%4!F%!AB2R!J9hB2K!9B%4!AB2R!J9hB2K!-+/2h9g!

&"# .B+A!F%!R%'!3+&'2!(%9A!*;!AB%92!/2&+A*%;9B*Eh9g#
'"# .B+A!F%!R%'!G*;F!(%9A!'92G'&!*;!AB%92!/2&+A*%;9B*Eh9g#
("# V%!R%'!G22&!R%'!B+32!+!-&2+/!/%&2!*;!R%'/!G+(*&R!%/!-*/-&2!%G!
G/*2;F9g#
)"# :%4!F%!R%'!G22&!AB*9!4%'&F!B+32!)22;!F*GG2/2;A!*G!R%'!B+F!
)22;!9A+R*;H!*;!+!9B2&A2/!%/!A/+;9*A*%;+&!/29*F2;-2g#

!
M&&!AB/22!(2;!+/2!G+AB2/9!+;F5!+A!AB2!A*(2!%G!*;A2/3*245!42/2!';F2/!



122;A/R!+;F!,'--299G'&!12*;A2H/+A*%;!

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

E+/%&2!9'E2/3*9*%;!+;F!&*3*;H!4*AB!G+(*&R!%/!+;!*;A*(+A2!E+/A;2/L!!
c+(29!%G!*;A2/3*24!E+/A*-*E+;A9!42/2!/2E&+-2F!4*AB!AB2!E92'F%S
;R(9!V+&25!,A+;&2R5!+;F!X+/0!A%!(+*;A+*;!+;%;R(*ARL!!V+&2!*9!+;!
MG/*-+;SM(2/*-+;!(+&2!*;!B*9!(*FS\?9!4B%!&*329!4*AB!B*9!&%;HS
A*(2!E+/A;2/!J4B%!7!/2G2/!A%!+9!D*;+KL!!7;!B*9!(%9A!/2-2;A!E/*9%;!
92;A2;-25!V+&2!92/32F!>!Ih>!R2+/9L!!,A+;&2R5!+!.29A!7;F*+;!(+&2!*;!
B*9!(*FS\?95!92/32F!#!R2+/9!G%/!B*9!(%9A!/2-2;A!%GG2;92L!!:2!&*329!
4*AB!+!4%(+;!4B%5!G%/!AB2!E+9A!F2-+F25!B+9!9E%/+F*-+&&R!)22;!
)%AB!G/*2;F!+;F!H*/&G/*2;FL!!T*;+&&R5!X+/0!*9!+;!MG/*-+;SM(2/*-+;!
(+&2!*;!B*9!&+A2!#?9!4B%!-%(E&2A2F!+!I>SR2+/!92;A2;-2L!!:2!&*329!
4*AB!B*9!(%AB2/5!G+AB2/5!+;F!R%';H2/!9*9A2/L!!M&&!AB/22!(2;!/29*F2!
*;!c24!d%/0!$*ARL!

DB2!/%&2!%G!G+(*&R!F'/*;H!AB2!/2*;A2H/+A*%;!E/%-299!4+9!
2W+(*;2F!AB/%'HB!U'+&*A+A*32!+;+&R9*9!%G!E+/A*-*E+;A9e!E2/-2EA*%;9!
+;F!*;A2/E/2A+A*%;9!%G!G+(*&R!FR;+(*-9!+;F!/2&+A*%;9B*E9L!!,A/%;H!
-%;9*F2/+A*%;!4+9!H*32;!A%!AB2!*(E+-A!%G!F%(*-*&2!%;!2+-B!G+(S
*&Re9!+)*&*AR!A%!E2/G%/(!AB2!&299SA+;H*)&25!AB%'HB!9A/%;H&R!(2+;S
*;HG'&5!+9E2-A9!%G!9'EE%/AL!!7;A2/3*24!F+A+!42/2!H/%'E2F!*;A%!%;2!
%G!A4%!-+A2H%/*29f!G2+A'/29!%G!E/*(+/R!/2&+A*%;9B*E9!%/!A/+;9+-S
A*%;+&!9%-*+&!9'EE%/AL!!
!

0$%"'.%(
(

B$4."1$%(*&(=1-+41/(0$'4.-*,%<-8%(
(

M&&!*;A2/3*24229!*;F*-+A2F!AB+A!AB2*/!(%9A!3+&'2F!/2&+A*%;S
9B*E9!42/2!4*AB!*((2F*+A2!G+(*&R!(2()2/95!*;-&'F*;H!-B*&F/2;5!
E+/2;A95!+;F!/%(+;A*-!E+/A;2/9L!!.B2;!+902F!4B+A!AB2R!G%';F!
(%9A!'92G'&!*;!AB292!/2&+A*%;9B*E95!+&&!9'HH29A2F!*;G%/(+&5!&299S
A+;H*)&2!+/A*-'&+A*%;9!%G!9'EE%/A5!9'-B!+9!&%325!-+/*;H5!H'*F+;-25!
+;F!/2+&*=+A*%;!%G!9%-*+&!/%&2L!!X'-B!%G!AB2!+;2-F%A+&!23*F2;-2!
AB2R!*(E+/A2F5!AB2!(%(2;A9!%/!9*A'+A*%;9!AB+A!E/%F'-2!AB*9!9'ES
E%/A5!4%'&F!)2!&%9A!B+F!AB2R!;%A!)22;!/29*F*;H!4*AB!G+(*&RL!!`*3S
*;H!4*AB!G+(*&R!(2()2/9!+GG%/F2F!+&&!AB/22!(2;!%EE%/A';*A*29!G%/!
AB2!2W-B+;H2!%G!9'EE%/AL!

V+&2!9A+A2F!AB+A!+&%;H!4*AB!B*9!F+'HBA2/5!B*9!E+/A;2/!D*;+!
4+9!AB2!-2;A/+&!G*H'/2!*;!B*9!/22;A/RL!!7;!AB2!G*;+&!#!(%;AB9!%G!B*9!
92;A2;-25!V+&2!+;F!D*;+!4%/02F!F2&*)2/+A2&R!%;!)'*&F*;H!AB2*/!



<*-=0%490*!

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

-%((';*-+A*%;!90*&&9!+;F!9A/2;HAB2;*;H!AB2*/!/2&+A*%;9B*EL!!.B2;!
B2!4+9!/2&2+92F!A%!D*;+i9!/29*F2;-25!B2!*((2F*+A2&R!)2H+;!/2&RS
*;H!B2+3*&R!%;!*;9A/'(2;A+&!+;F!2(%A*%;+&!9%'/-29!%G!9'EE%/A!
G/%(!B2/L!!DB292!*;-&'F2F!B%'9*;H5!G*;+;-*+&!+99*9A+;-25!2(%A*%;+&!
9'EE%/A5!+;F!B2&E!4*AB!;+3*H+A*;H!AB2!/29E%;9*)*&*A*295!/2U'*/2S
(2;A95!+;F!E9R-B%9%-*+&!9A/299%/9!AB+A!+--%(E+;R!/22;A/RL!!V+&2!
+&9%!-%((2;A2F!/2E2+A2F&R!%;!AB2!E&2+9'/2!+;F!(2+;*;H!H+*;2F!
G/%(!E&+R*;H!+;!+-A*325!E+/2;A+&!/%&2!*;!B*9!+F'&A!F+'HBA2/i9!&*G2L!

,A+;&2R!+;F!X+/0!)%AB!*F2;A*G*2F!AB2*/!A22;+H2!-B*&F/2;!+9!
E/%3*F*;H!AB2!(%9A!3+&'+)&2!/2&+A*%;9B*E!F'/*;H!AB2*/!/22;A/RL!!
,A+;&2Re9!9%;!*9!I\!R2+/9!%&F!+;F!&*329!4*AB!B*9!(%AB2/L!!X+/0e9!
I"SR2+/S%&F!F+'HBA2/!B+9!+;!*;G+;A!+;F!&*329!4*AB!AB2!-B*&Fe9!G+AB2/!
+;F!G+(*&RL!!,A+;&2R!+;F!X+/0!922!AB2*/!/29E2-A*32!-B*&F/2;!%;!+!
4220&R!)+9*9!+;F!2;H+H2!4*AB!AB2(!*;!+!3+/*2AR!%G!E%9*A*325!E/%S
F'-A*325!+;F!*;A2/+-A*32!+-A*3*A*29L!!,A+;&2R!E&+R9!)+&&!4*AB!B*9!9%;5!
B2&E9!B*(!4*AB!B%(24%/05!+;F!A+029!B*(!A%!('92'(95!E+/095!B*9!
B%(25!AB2!(%3*295!+;F!+/-+F29L!!:2!-%;32/929!2WA2;9*32&R!4*AB!
B*9!9%;!+;F!%GG2/9!+F3*-2!+;F!H'*F+;-2!&*)2/+&&RL!!

X+/0!9%-*+&*=29!4*AB!B*9!F+'HBA2/!+;F!92/329!+9!/2&*2G!
-+/2A+02/!G%/!B*9!H/+;FF+'HBA2/L!!DB2*/!9B+/2F!A*(2!*9!/*-B!4*AB!
&+'HBA2/5!-%;32/9+A*%;5!+;F!-%';92&L!!:2!+--%(E+;*29!B*9!F+'HBS
A2/!A%!9-B%%&!+A!A*(295!4B2;!B2!E2/-2*329!+!;22F!A%!+F3%-+A2!%;!
B2/!)2B+&G5!+;F!E/%3*F29!*;E'A!%;!B%4!A%!)2!+!jH%%F!E+/2;ALk!!
X+/0!/2E%/A2F!AB+A!*;!+FF*A*%;!A%!B*9!F+'HBA2/5!B*9!/2&+A*%;9B*E!
4*AB!B*9!(%AB2/!4+9!(%9A!3+&'+)&2!F'/*;H!/22;A/RL!!:2!+99*9A9!B2/!
4*AB!2//+;F95!-%%0*;H5!+;F!B%'92B%&F!A+909L!!.B2;!9B2!4+9!B%9S
E*A+&*=2F!9B%/A&R!+GA2/!B*9!/2&2+925!X+/0!+99'(2F!(+;R!%G!AB292!
F%(29A*-!A+909!*;!B2/!+)92;-2L!!:2!2WE/2992F!9+A*9G+-A*%;!*;!)2*;H!
+)&2!A%!E/%3*F2!G%/!B*9!G+AB2/!+;F!9*9A2/!*;!AB292!4+R9!+;F!A%!/2-*ES
/%-+A2!AB2!-+/*;H!H29A'/29!B2!G2&A!G/%(!AB2(L!!.B*&2!E&+R*;H!+;!
+-A*32!/%&2!*;!-%;A/*)'A*;H!A%!AB2!42&&S)2*;H!%G!B*9!G+(*&R!(2(S
)2/95!X+/0!F29-/*)2F!/2-2*3*;H!(2+;*;HG'&!9'EE%/A!G/%(!AB2(!+9!
42&&L!!DB*9!4+9!-%;32R2F!AB/%'HB!j+F3*-2l+!&%A!%G!e7!&%32!R%'9]e!
+;F!mAB2n!B2&E!AB+A!AB2R!E/%3*F2Lk!!,%(2!%G!AB2!(%9A!9+&*2;A!2W+(S
E&29!%G!AB2!*;G%/(+&!9'EE%/A!*(E+/A2F!A%!X+/0!)R!B*9!G+(*&R!(2(S
)2/9!42/2!2&'-*F+A2F!4B2;!B2!F*9-'992F!B*9!/2+FP'9A(2;A!A%!9%-*S
2AR!+GA2/!I>!R2+/9!%G!E/*9%;!&*G2!+;F!*9%&+A*%;!G/%(!9%-*2ARL!!
!



122;A/R!+;F!,'--299G'&!12*;A2H/+A*%;!

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

7!AB*;0!+)%'A!AB2!G*/9A!F+R!7!H%A!/2&2+92F!G/%(!
E/*9%;L!!DB2!4%/&F!mB+Fn!-B+;H2FL!!7Ae9!+!32/R5!32/R!
F23+9A+A*;H!2GG2-A5!4B2;!R%'!4+&0!%'A!%G!E/*9%;LLL!
DB2!G*/9A!AB*;H!7!;%A*-2F!4+9!AB+A!E2%E&2!42/2!+&&!
4+&0*;H!+/%';F!4*AB!-2&&!EB%;295!%/!9%(2!ARE2!%G!
H+FH2Al!*Ai9!&*02!o.%45!4B+A!*9!AB2/2!A%!A+&0!
+)%'Agi!LLL!M&&!F+R!&%;H5!232/R)%FRe9!4+&0*;H!+;F!
A+&0*;HL!

!
X+/0i9!4%/F9!E/%3*F2!+!4*;F%4!*;A%!AB2!9')A&2!E9R-B%&%H*-+&!+;F!
2(%A*%;+&!+FP'9A(2;A9!AB+A!%--'/!+A!A*(29!*;!AB2!/2*;A2H/+A*%;!
E/%-299L!!X+/0!2WE&+*;2F!B%4!B*9!G+(*&R!(2()2/9!+99*9A2F!B*(!*;!
+FP'9A*;H!A%!(+;R!9*(E&2!R2A!E/%G%';F&R!%32/4B2&(*;H!F232&%ES
(2;A9!AB+A!B2!4+9!;2H%A*+A*;H!*;!B*9!2;3*/%;(2;AL!!DB2R!2+92F!B*9!
E/%-299!%G!+--&*(+A*%;L!
!

md%'/!G+(*&R!0;%49n!R%'e/2!*;!+!9A+A2!%G!9B%-0L!
M;FlAB2R!+/2!+)&2!A%!4+&0!R%'!AB/%'HB!AB2!A/+;9*S
A*%;!+;F!2WE&+*;!eDB*9!*9!4B+Ae9!H%*;H!%;5!AB*9!*9!
4B+Ae9!;245!&2((2!A2+-B!R%'!B%4!A%!%E2/+A2!+!-2&&!
EB%;25!&2((2!A2+-B!R%'!B%4!A%!'92!V6V9Le!d%'/!
G+(*&R!*9!AB2/2!A%!-%+-B!R%'!AB/%'HB!232/RAB*;HL!
DB2R!H%;;+!-/+4&!R%'!';A*&!R%'!4+&0!+H+*;L!
!

DB292!2W-2/EA9!*&&'(*;+A2!9%(2!%G!AB2!(+;R!4+R9!AB+A!B2+&ABR!
G+(*&R!FR;+(*-9!-+;!%E2/+A2!+9!9A+)*&*=*;H!G%/-29!F'/*;H!AB2!E%S
A2;A*+&&R!-B+%A*-!+;F!-B+&&2;H*;H!/22;A/R!E/%-299L!!DB2R!9E2+0!A%!
AB2!';*U'2!/%&2!AB+A!AB%92!4B%!+/2!*;A*(+A2&R!*;3%&32F!*;!AB*9!
E/%-299!B+32!*;!2+9*;H!AB2!9A/+*;!+;F!F*9-%(G%/A!AB+A!+--%(E+;R!
/2*;A2H/+A*%;!*;A%!-*3*&*+;!&*G2L!!^WE&*-*A!2GG%/A9!%;!AB2!E+/A!%G!G+(S
*&R!(2()2/9!A%!+99*9A!AB2*/!/22;A/R!E/%-299!+/2!2+9*&R!-%;9*F2/2F!
9%-*+&!9'EE%/AL!!d2A!4B+A!42!)2H*;!A%!922!*9!AB+A!AB2/2!+/2!(%/2!
9')A&2!G%/(9!%G!9'EE%/A5!G%';F!4*AB*;!AB2!-%;A2WA!%G!G+(*&R!+;F!
B%(25!4B*-B!'/H2!'9!A%!-%;-2EA'+&*=2!+;F!F*992-A!9%-*+&!9'EE%/A!
*;!+!(%/2!2WE+;9*32!G+9B*%;L!!DB292!*;A/*-+-*29!)2-+(2!E+/A*-'S
&+/&R!+EE+/2;A!4B2;!/29E%;F2;A9!+/A*-'&+A2F!AB2!)2;2G*A!E/%3*F2F!
)R!A/+;9+-A*%;+&!9%-*+&!9'EE%/AL!
!



<*-=0%490*!

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

C14,%4#.-*,4'(!*#-4'(!"88*1.(
(

D/+;9+-A*%;+&!9%-*+&!9'EE%/A!*9!';F2/9A%%F!+9!AB2!*;A2//2S
&+A2F!9R9A2(9!%G!-+/*;H5!+99*9A+;-25!+;F!9'EE%/A!AB+A!*;-/2+92!AB2!
-+E+-*AR!%G!/29E%;F2;A9!A%!E/%3*F2!(2+;*;HG'&!-%;A/*)'A*%;9!A%!
%AB2/9L!!DB2!('&A*F*/2-A*%;+&!2W-B+;H2!%G!9'EE%/A!4*AB*;!AB2!G+(S
*&R!9R9A2(!;%A!%;&R!E/%3*F29!;2-299+/R!9%-*+&!9'EE%/A!
J*;9A/'(2;A+&!+;F!2(%A*%;+&K!A%!AB2!3'&;2/+)&2!*;F*3*F'+&5!)'A!
+&9%!+&&%49!B*(!%/!B2/!A%!G*;F!+!92;92!%G!E'/E%92!)R!-%;A/*)'A*;H!
A%!%AB2/9!*;!*(E%/A+;A!+;F!-%;92U'2;A*+&!4+R9!JX+/A*;2=!_!$B/*9S
A*+;5!>??Q]!c+92/!_!`+6*H;25!>??NKL!!DB2!E%9*A*32!H+*;!G/%(!AB*9!
E/%-299!*9!2WE%;2;A*+&!+9!+&&!E+/A*29!+/2!9A/2;HAB2;2F!+;F!2(E%4S
2/2FL!!DB2!+EE&*-+A*%;!%G!+!&*G2S-%'/92!E2/9E2-A*32!*&&'(*;+A29!B%4!
A/+;9+-A*%;+&!9'EE%/A!G%/A*G*29!9%-*+&!)%;F9!+;F!+&&%49!G%/!AB2!G'&S
G*&&(2;A!%G!*(E%/A+;A!9%-*+&!/%&29!4*AB*;!AB2!G+(*&R!9'-B!+9!E/%S
3*F2/5!-+/2A+02/5!+;F!E/%F'-A*32!G+(*&R!(2()2/!J^&F2/5!IQQO]!
:'A-B*;9%;5!>??\]!X+-X*&&+;!_!$%EB2/5!>??\KL!!7A!-%;F*A*%;9!+!
-%/2!%G!/29*&*2;-2!+;F!92;92!%G!(+9A2/R5!4B*-B5!+&%;H!4*AB!(2+;S
*;HG'&!/%&2!G'&G*&&(2;A5!*9!2/%F2F!)R!AB2!9%-*+&5!E%&*A*-+&5!+;F!E9RS
-B%&%H*-+&!+/-B*A2-A'/2!%G!AB2!*;-+/-2/+A*%;!E/%-299L!!

D/+;9+-A*%;+&!9'EE%/A!4+9!2(EB+9*=2F!+;F!23*F2;-2F!*;!
+&&!AB/22!*;A2/3*249L!!129E%;F2;A9!+9-/*)2F!(%/2!3+&'2!A%!/2&+A*%;S
9B*E9!*;!4B*-B!AB2R!42/2!+)&2!A%!-%;A/*)'A2!+;F!+99'(2!+!9'EE%/S
A*32!/%&2!G%/!AB2*/!&%32F!%;2L!!DB*9!4+9!+EE+/2;A!*;!-%((2;A9!9'-B!
+9!X+/0i9!/29E%;92!A%!AB2!U'29A*%;!%G!4B+A!4+9!(%9A!B2&EG'&!G%/!
B*(!4*AB*;!B*9!E/*(+/R!/2&+A*%;9B*E9f!jD%!G*;F!%'A!AB2!*(E%/A+;-2!
AB+A!AB2!(+&2!/%&2!(%F2&!E&+R9!*;!AB2!G+(*&RL!!.2!E&+R!+!(+P%/!
*(E+-A!*;!AB2!G+(*&RL!!C2%E&2!+&4+R9!-%(2!A%!(2!G%/!+F3*-2l*Ai9!
32/R!*(E%/A+;ALk!
! 7A!*9!;%A24%/ABR!AB+A!4B2;!+902F!4B+A!4+9!j(%9A!B2&EG'&k!
*;!B*9!/2&+A*%;9B*E95!X+/0!*F2;A*G*2F!;%A!9%(2AB*;H!H*32;!A%!B*(5!
)'A!/+AB2/!9%(2AB*;H!B2!E/%3*F2F!A%!AB%92!G%/!4B%(!B2!-+/29!
F22E&RL!!.*AB%'A!AB2!9'EE%/A!%G!B*9!G+(*&R5!X+/0e9!+)*&*AR!A%!+9S
9'(2!(2+;*;HG'&!G+(*&*+&!/%&29!+;F!E/%3*F2!&%325!+99*9A+;-25!+;F!
-+/2!A%!B*9!(%AB2/5!F+'HBA2/!+;F!H/+;FF+'HBA2/!4%'&F!)2!H/2+A&R!
-%(E/%(*92FL!!129*F*;H!4*AB!G+(*&R!/+AB2/!AB+;!*;!+!9B2&A2/!2;S
+)&2F!X+/0!A%!-+/2!G%/!B*9!H/+;FF+'HBA2/!G%/!2WA2;F2F!E2/*%F9!%G!
A*(2L!!.B2;!+902F!A%!-&+/*GR!4BR!922*;H!AB2!*(E%/A+;-2!%G!AB2!



122;A/R!+;F!,'--299G'&!12*;A2H/+A*%;!

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

(+&2!/%&2!*;!AB2!G+(*&R!4+9!(%9A!B2&EG'&5!B2!/29E%;F2F5!jY2-+'92!
R%'/!&*G2!B+9!(%/2!(2+;*;H!4B2;!R%'e/2!E&+R*;H!R%'/!/%&2!*;!9%-*S
2AR!+;F!*;!&*G2!*;!H2;2/+&LLL!7Ae9!F2G*;*A2&R!9%(2AB*;H!AB+A!(%A*3+A29!
R%'Lk!

,A+;&2Re9!/29E%;92!A%!AB2!G*/9A!*;A2/3*24!U'2/R!Jj$%'&F!R%'!
A2&&!(2!+!)*A!+)%'A!AB2!E/*(+/R!/2&+A*%;9B*E9!*;!R%'/!&*G2!/*HBA!
;%4gkK!+&9%!*&&'9A/+A2F!A/+;9+-A*%;+&!9'EE%/AL!!MGA2/!9A+A*;H!AB+A!
AB2!(%9A!*(E%/A+;A!/2&+A*%;9B*E!*;!B*9!&*G2!*9!B*9!I\SR2+/S%&F!9%;5!
B2!42;A!%;!A%!2WE&+*;5!jB2!;22F9!+!E2/9%;!A%!H'*F2!B*(5!+!/%&2!
(%F2&L!!^32;!AB%'HB!*;!AB2!E+9A!7!B+F!E/%)&2(9!4*AB!AB2!&+45!AB+A!
F%;eA!9A%E!(2!G/%(!A2+-B*;H!B*(!AB2!/*HBA!G/%(!AB2!4/%;HLk!!DB2!
9*H;*G*-+;-2!%G!B*9!E/292;-2!*;!+;F!-%;A/*)'A*%;9!A%!B*9!9%;i9!&*G2!
42/2!-2;A/+&!*;!,A+;&2Ri9!23+&'+A*%;!%G!(2+;*;HG'&!9%-*+&!/2&+A*%;S
9B*E9L!!DB*9!F23*+A29!G/%(!A/+F*A*%;+&5!';*F*/2-A*%;+&!3*249!%G!9%S
-*+&!9'EE%/AL!!:%4232/5!7!E'/E%/A!AB+A!AB2!+)*&*AR!%G!AB292!(2;!A%!
-%;A/*)'A2!*;!(2+;*;HG'&!4+R9!A%!AB2*/!&%32F!%;295!+;F!AB2!42&S
-%(*;H!%G!AB292!H29A'/29!)R!&%32F!%;295!G';-A*%;!E%*H;+;A&R!+9!
9%'/-29!%G!9'EE%/AL!
!

;-%#"%%-*,(
(

1292+/-B!B+9!*;F*-+A2F!9%(2!E/+H(+A*-5!-*/-'(9A+;A*+&5!
+;F!)2B+3*%/+&!G+-A%/9!AB+A!E/2F*-A!9'--299G'&!/22;A/R5!*;-&'F*;H!+!
9A/%;H!G+(*&R!9'EE%/A!9R9A2(L!!:%4232/5!AB2!*;A/*-+A25!/2-%;F*A25!
+;F!*;A*(+A2!4+R9!AB+A!G+(*&R!G';-A*%;9!A%!+99*9A!AB2!G%/(2/&R!*;S
-+/-2/+A2F!+/2!&299!';F2/9A%%F!JX+/A*;2=!_!$B/*9A*+;5!>??Q]!c+92/!
_!`+6*H;25!>??N]!c+92/!_!6*9B2/5!>??N]!d+B;2/!_!6*9B2/5!
>??@KL!!1292+/-B!G*;F*;H9!*;!AB2!E/292;A!9A'FR!-%//%)%/+A2!4*AB!
9-B%&+/9!*;!AB2!G*2&F!)R!2;B+;-*;H!AB2!2W*9A*;H!&*A2/+A'/2!%;!G+(*&S
*+&!9%-*+&!9'EE%/A!F'/*;H!E/*9%;2/!/22;A/RL!!DB*9!+EE2+/2F!E/%(*S
;2;A&R!AB/%'HB%'A!AB2!*;A2/3*249L!!C+/A*-*E+;A9!;%A2F!G+(*&R!(2(S
)2/9!4*AB!4B%(!AB2R!2W-B+;H2F!-+/*;H!H29A'/295!9'EE%/A5!+;F!+GS
G2-A*%;!+9!02R!*;!AB2*/!/2*;A2H/+A*%;L!!C+/2;AB%%F!4+9!-2;A/+&!*;!
AB2!(2;e9!9A%/*29!J%GG2/*;H!9'EE%/AK5!G%/!*;9A+;-25!+9!4+9!G22&*;H!
-+/2F!G%/!J/2-2*3*;H!9'EE%/AKL!!Y%AB!/2-2*3*;H!+;F!E/%3*F*;H!9'ES
E%/A!+;F!-+/2!-%(E2&&2F!AB2!(2;!A%!)2!(%/2!-%;9-*2;A*%'9!+;F!
*;A2;A*%;+&!*;!AB2*/!F2-*9*%;S(+0*;H!+;F!)2B+3*%/L!!.B+A!AB2R!F2S
9-/*)2F!*;!AB292!/2&+A*%;9B*E9!%32/+&&!42/2!E/%S9%-*+&!+AA*A'F29!+;F!



<*-=0%490*!

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

)2B+3*%/9!9A2((*;H!G/%(!9A/2;HAB2;2F!92;92!%G!E'/E%92!+;F!
92;92!%G!92&GL!!

Z'WA+E%9*;H!AB2!G*;F*;H9!%G!AB*9!9A'FR!4*AB!2W*9A*;H!&*A2/+S
A'/2!%;!AB2!/%&2!%G!G+(*&R!9'EE%/A!F'/*;H!/2*;A2H/+A*%;!/+*929!(+;R!
U'29A*%;9!+;F!)2H9!G%/!G'/AB2/!/292+/-BL!!DB*9!9A'FR!E+329!AB2!4+R!
G%/!G'A'/2!U'+&*A+A*32!+;+&R9*9!AB+A!*9!-/*A*-+&!*;!%'/!U'29A!A%!';F2/S
9A+;F!E/2F*-A%/9!%G!9'--299G'&!/22;A/R!*;A%!AB2!-%((';*AR!+GA2/!
*;-+/-2/+A*%;L!!1*H%/%'9!/292+/-B!*;A%!AB2!;'+;-2F!/%&2!%G!G+(*&R5!
AB2!*(E+-A!%G!F%(*-*&25!+;F!AB2!32/R!F2G*;*A*%;!%G!9%-*+&!9'EE%/A!
B+9!AB2!E%A2;A*+&!A%!)/*FH2!AB2!H+E!+;F!2+92!AB2!-%;A/+F*-A*%;!)2S
A422;!2(E*/*-+&!23*F2;-2!+;F!E%&*-R!*(E&2(2;A+A*%;!*;!/2H+/F!A%!
G+(*&R!9'EE%/A!+;F!E/*9%;2/!/2&2+92L!!

V29E*A2!&*(*A+A*%;9!*;!9A'FR!F29*H;!+;F!9+(E&2!92&2-A*%;5!
-%;9*F2/+)&2!*;9*HBA!4+9!%)A+*;2F!*;A%!AB2!4+R9!*;!4B*-B!G%/S
(2/&R!*;-+/-2/+A2F!*;F*3*F'+&9!H+*;!9%-*+&!9'EE%/A!G/%(!G+(*&R!
+;F!*;A*(+A2!E+/A;2/9L!!DB2!U'+&*A+A*32!;+A'/2!%G!AB2!9A'FR!F29*H;5!
*;!-%;P';-A*%;!4*AB!+!9(+&&!9+(E&2!9*=25!&*(*A9!AB2!H2;2/+&*=+)*&*AR!
%G!AB2!9A'FR!/29'&A9L!!MFF*A*%;+&&R5!G'A'/2!+;+&R929!('9A!2W+(*;2!
/22;A/R!9'--299!*;!)/%+F2/!A2/(9!AB/%'HB!&%;H*A'F*;+&!(*W2F!
(2AB%F9!+EE/%+-B29L!!p'+;A*A+A*32!2(E*/*-+&!9A'F*29!4*AB!/%)'9A!
9+(E&2!9*=29!4%'&F!E/%3*F2!+!E%E'&+A*%;S&232&!+99299(2;A!%G!AB2!
)2;2G*A!%G!A/+;9+-A*%;+&!9'EE%/A!A%!G%/(+&&R!*;-+/-2/+A2F!*;F*3*F'S
+&9L!!:%4232/!F29E*A2!AB2!+G%/2(2;A*%;2F!&*(*A+A*%;95!AB2/2!*9!
-%;9*F2/+)&2!*;9*HBA!AB+A!-+;!)2!H+*;2F!G/%(!AB292!G*;F*;H9!G%/!
E/+-A*-*;H!9%-*+&!4%/02/9!+;F!G%/!+;R%;2!4B%!4%/09!*;!AB2!G*2&F!
%G!E/*9%;2/!/22;A/R!*;!AB2!8;*A2F!,A+A29L!!!

[*32;!AB+A!9%-*+&!4%/02/9!E/+-A*-2!+9!-&*;*-*+;95!/292+/-BS
2/95!+;F!E%&*-R!(+02/9!+A!AB2!(*-/%5!(2==%5!+;F!(+-/%!&232&95!AB2!
E/%G299*%;!*9!';*U'2&R!E%*92F!A%!A+02!%;!AB2!*99'2!%G!/22;A/R!4*AB!+!
B%&*9A*-!E2/9E2-A*32!+;F!A%!2;H+H2!*;!+FF/299*;H!*A!G/%(!('&A*E&2!
+;H&29L!!C/*9%;2/!/22;A/R!*9!+;!*99'2!%G!9%-*+&!P'9A*-2!+;F!-*3*&!
/*HBA9!AB+A!+GG2-A9!+!&+/H2!E%/A*%;!%G!%'/!E%E'&+A*%;L!!7A!*9!%'/!/2S
9E%;9*)*&*AR!+9!+H2;A9!%G!9%-*+&!-B+;H2!A%!(+02!+!9*;-2/2!-%((*AS
(2;A!A%!/29A%/*;H!)+9*-!B'(+;!/*HBA9!+;F!G'&&!E+/A*-*E+A*%;!*;!9%-*S
2AR!G%/!+&&!-*A*=2;9L!

(
(
(



122;A/R!+;F!,'--299G'&!12*;A2H/+A*%;!

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

D*.$(
(

I!T%/!AB2!E'/E%929!%G!AB*9!+;+&R9*95!/2-*F*3*9(!/2G2/9!A%!/2+//29A5!
/2-%;3*-A*%;5!+;Fh%/!/2*;-+/-2/+A*%;!%--'//*;H!+A!+;R!E%*;A!F'/*;H!
AB2!#!R2+/9!G%&&%4*;H!/2&2+92!G/%(!E/*9%;L!!
(

0$&$1$,#$%(
!
M'9A*;5!ZL!J>??IKL!C/*9%;2/!/22;A/Rf!$'//2;A!A/2;F95!E/+-A*-295!+;F!

*99'29L!E.'5$!F!G$1'&A0$&3<9!HIJ#K5!#IOq##OL!!
Y%'GG+/F5!ZL!ML5!_!Y2/H2/%;5!`L!^L!J>??"KL!122;A/R!4%/09L!J/0.>

&+1!/2!K22$&)$.!;$#+6'1'(+('/&9!HHJ>K5!Iq>QL!
Y'/2+'!%G!Z'9A*-2!,A+A*9A*-9!J>?I?KL!<2R!T+-A9!MA!M![&+;-2f!$%/S

/2-A*%;+&!C%E'&+A*%;9L!12A/*232F!G/%(!BAAEfhh
)P9L%PEL'9F%PLH%3h-%;A2;AhH&+;-2hA+)&29h-%//>A+)L-G(!

$&2+/5!DL!1L!J>??@KL!DB2!2GG2-A9!%G!B*HB!*(E/*9%;(2;A!/+A29!%;!
-%((';*A*29L!E.'5$!F!J0,('3$9!LIJIK5!Q"qI#?L!

$%%025!$L!`L!J>??\KL![%*;H!B%(2f!T%/(2/&R!*;-+/-2/+A2F!MG/*-+;!
M(2/*-+;!(2;!/2A'/;!A%!!G+(*&*29!+;F!-%((';*A*29L!J/0.>
&+1!/2!M+5'1<!N0.,'&79!OOJOK5!#@@qO?OL!!

V+R5!1LVL5!M-%-05!ML$L5!Y+B/5!,LZL5!_!M/F*AA*5!ZLML!J>??\KL!7;-+/S
-2/+A2F!G+AB2/9!/2A'/;*;H!B%(2!A%!-B*&F/2;!+;F!G+(*&*29f!
7;A/%F'-A*%;!A%!AB2!9E2-*+&!*99'2!+;F!+!E/*(2/!%;!F%*;H!
/292+/-B!4*AB!(2;!*;!E/*9%;L!M+(#$.'&79!LJ#K5!I@#q>??L!

V/+*;25!ZL5!_!:2/(+;5!VLYL!J>??"KL!$/*A*-+&!A*(2!*;A2/32;A*%;!G%/!
/22;A/R!G/%(!E/*9%;!G%/!E2/9%;9!4*AB!(2;A+&!*&&;299L!P,<>
3#'+(.'3!*$.4'3$,9!QRJI>K5!I\""qI\@IL!

^&F2/5![L!JIQQOKL!D*(25!B'(+;!+H2;-R5!+;F!9%-*+&!-B+;H2f!C2/S
9E2-A*329!%;!AB2!&*G2!-%'/92L!*/3'+1!P,<3#/1/7<!S0+.($.1<9!
QIJIK5!OqI\L!

[&+=25!`L^L!J>?I?KL!$%//2-A*%;+&!C%E'&+A*%;9!*;!AB2!8;*A2F!,A+A295!
>??QL!Y'/2+'!%G!Z'9A*-2!,A+A*9A*-9!Y'&&2A*;L!12A/*232F!G/%(!
BAAEfhh)P9L%PEL'9F%PLH%3h-%;A2;AhE')hEFGh-E'9?QLEFG!

:+/A;2R5!$L!J>??NKL!8L,L!/+A29!%G!*;-+/-2/+A*%;L!M!H&%)+&!E2/9E2-S
A*32]!T+-A!9B22Af!1292+/-B!G/%(!AB2!c+A*%;+&!$%';-*&!%;!
$/*(2!+;F!V2&*;U'2;-R5!Iq@L!

:'HB295!DL5!_!.*&9%;5!VLZL!J>??>KL!7;(+A29!/2A'/;*;H!A%!AB2!-%(S
(';*AR!+GA2/!92/3*;H!A*(2!*;!E/*9%;L!.+9B*;HA%;5!V$f!8L,L!



<*-=0%490*!

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

V2E+/A(2;A!%G!Z'9A*-25!Y'/2+'!%G!Z'9A*-2!,A+A*9A*-9L!12S
A/*232F!G/%(!BAAEfhh)P9L%PEL'9F%PLH%3h-%;A2;AhE')hEFGh
/22;A/RLEFG!

:'A-B*;9%;5!^LVL!J>??\KL!DB2!&*G2!-%'/92!E2/9E2-A*32f!M!E/%(*9S
*;H!+EE/%+-B!G%/!)/*FH*;H!AB2!(*-/%!+;F!(+-/%!4%/&F9!G%/!
9%-*+&!4%/02/9L!M+5'1'$,!'&!*/3'$(<9!RT!JIK5!IO#qI\>L!

Z%B;9%;S`*9A4+;5!,L5!$'&&2;5!_!`+A299+L!J>??NKL!:%4!A%!E/232;A!
E/*9%;2/!/22;A/R!E/%H/+(9!G/%(!G+*&*;Hf!7;9*HBA9!G/%(!23*S
F2;-2S)+92F!-%//2-A*%;9L!M$)$.+1!P./6+('/&9!IUJ#K5!IQq
>\L!

<P2&9)2/H5!^L5!_!T/*29A+F5!$L!J>??@KL!,%-*+&!+F32/9*A*29!*;!G*/9AS
A*(2!+;F!/2E2+A!E/*9%;2/9L!D&($.&+('/&+1!J/0.&+1!/2!*/3'+1!
P,<3#'+(.<9!QHJNK9!\IOq\>NL!

X+-X*&&+;5!1L5!_!$%EB2/5!1L!J>??\KL!T+(*&*29!*;!AB2!&*G2!-%'/92f!
7;A2/F2E2;F2;-R!%G!/%&295!/%&2!-%;G*H'/+A*%;95!+;F!E+ABS
4+R9L!J/0.&+1!/2!V+..'+7$!+&)!M+5'1<9!TIJOK5!@\@q@"QL!

X+/A*;2=5!VL!ZL!J>??"KL!7;G%/(+&!B2&E*;H!(2-B+;*9(9L!J/0.&+1!/2!
K22$&)$.!;$#+6'1'(+('/&9!HHJIK5!>#q#"L!

X+/A*;2=5!VL!ZL5!_!$B/*9A*+;5!ZL!J>??QKL!DB2!G+(*&*+&!/2&+A*%;9B*E9!
%G!G%/(2/!E/*9%;2/9]!^W+(*;*;H!AB2!&*;0!)2A422;!/29*F2;-2!
+;F!*;G%/(+&!9'EE%/A!(2-B+;*9(9L!J/0.&+1!/2!E/&($5-/>
.+.<!W(#&/7.+-#<9!LRJ>K5!>?Iq>>OL!

X2+/95!VLCL5!.+;H5!rL5!:+R5!$L5!_!Y+&295!.LVL!J>??@KL!,%-*+&!
2-%&%HR!+;F!/2-*F*3*9(f!7(E&*-+A*%;9!G%/!E/*9%;2/!/22;A/RL!
E.'5'&/1/7<9!HTJ>K5!#?Iq#O?L!

X2&&%45!ZL5!_!$B/*9A*+;5!ZL!J>??@KL!D/+;9*A*%;*;H!%GG2;F2/9!A%!AB2!
-%((';*ARf!M!-%;A2;A!+;+&R9*9!%G!/22;A/R!H'*F29L!J/0.&+1!
/2!K22$&)$.!;$#+6'1'(+('/&9!HIJOK5!##Qq#\\L!

c+92/5!1L`L5!_!`+6*H;25!cL![L!J>??NKL!T+(*&R!9'EE%/A!*;!AB2!E/*9S
%;2/!/22;A/R!E/%-299f!^WE2-A+A*%;9!+;F!/2+&*A*29L!J/0.&+1!
/2!K22$&)$.!;$#+6'1'(+('/&9!HLJIK5!Q#qI?NL!

c+92/5!1L5!_!6*9B2/5!$LML!J>??NKL!T+(*&R!(2()2/9e!2WE2/*2;-29!
4*AB!*;-+/-2/+A*%;!+;F!/22;A/RL!@$,($.&!E.'5'&/1/7<!;$>
4'$89!IJ>K5!>?q#IL!

c+A*%;+&!122;A/R!129%'/-2!$2;A2/!J>?I?KL!122;A/R!G+-A9L!12S
A/*232F!G/%(!BAAEfhh444L;+A*%;+&!/22;A/R/29%'/-2-2;S
A2/L%/HhG+-A9!

C2A2/9*&*+5!ZL!J>??IKL!C/*9%;2/!/22;A/Rf!C')&*-!9+G2AR!+;F!/2*;A2H/+S



122;A/R!+;F!,'--299G'&!12*;A2H/+A*%;!

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

A*%;!-B+&&2;H29L!"#$!P.',/&!J/0.&+19!ROJ#K5!#N?q#"\L!
C2AA*A5!YL5!_!.29A2/;5!YL!J>??OKL!X+99!*(E/*9%;(2;A!+;F!AB2!&*G2S

-%'/92f!1+-2!+;F!-&+99!*;2U'+&*AR!*;!8L,L!*;-+/-2/+A*%;L!
X5$.'3+&!*/3'/1/7'3+1!;$4'$8!TY5J>K!I\IqINQL!

DB2!C24!$B+/*A+)&2!D/'9A9!$2;A2/!%;!AB2!,A+A29]!C')&*-!,+G2AR!
C2/G%/(+;-2!C/%P2-A!12E%/AL!J>??@KL!b;2!*;!I??f!Y2B*;F!
Y+/9!*;!M(2/*-+!>??@L!12A/*232F!G/%(!BAAEf444LE24!
-2;A2/%;AB29A+A29L%/H!'E&%+F2FT*&29h@?I\C$D,sC/*9%;?@!
sT7cM`s>SISIsTb1.^YLEFG!

C*;+/F5!X*-B+2&L!J>??"KL!M!/22;A/RS-2;A2/2F!3*9*%;!%G!-/*(*;+&!
P'9A*-2L!M$)$.+1!*$&($&3'&7!;$-/.($.5!ZUJ>K5!I?#qI?QL!

,*(%;9%;5!ZL!J>??NKL!12AB*;0*;H!j/+A*%;+&!F*9-/*(*;+A*%;k!+H+*;9A!
2WS%GG2;F2/9L![$/.7$(/8&!J/0.&+1!/&!P/4$.(<!\+8!F!P/1>
'3<9!OLJ>K5!>@#q#IIL!!

D/+3*95!ZL5!_!C2A2/9*&*+5!ZL!J>??IKL!122;A/R!/2-%;9*F2/2Ff!M!;24!
&%%0!+A!+;!%&F!U'29A*%;L!E.'5$!F!G$1'&A0$&3<9!HIJ#K5!
>QIq#I#L!!

.29A2/;5!YL5!_!C2AA*A5!YL!J>??>KL!Y2R%;F!-/*(2!+;F!E';*9B(2;Af!
C/*9%;9!+;F!*;2U'+&*ARL!E/&($?(,9!OJ#K5!#"qO#L!

d+B;2/5!ZL5!_!6*9B2/5!$LML!J>??@KL!7&&*;%*9!E/*9%;2/9e!/22;A/R!9'-S
-299!AB/22!R2+/9!+GA2/!/2&2+92]!1292+/-B!)/*2GL!%.6+&!D&,('>
(0($!J0,('3$!P/1'3<!E$&($.9!Iq"L!

!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!