journal2011


!

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

!
"#$%&'(&!)*(+$%(,!-*%!.(/$%(0/'*(01!2*+'01!3*%4!!
0(5!6',0,/$%!7$,8*(,$9!:%*#!7$1'$-!/*!!
6$;$1*8#$(/!0(5!2<,/0'(0='1'/>!
!
89:&2;!<+')(+=!+=>!8&2?+=>/+!.2*9@!
!
!"#$%&'()*+$,%$-'(.-/%)+&-&'#.&0%+'%+&%$#1#&&-.*%'2%-$-/*3#%'"#%
1+.1(4&'-$1#&%5+'"%-%1246.#"#$&+7#%-66.2-1"%'"-'%821(&#&%2$%
.#/+#8%-$)%427+$,%'"#%-88#1'#)%-.#-%8.24%)#7#/264#$'%'2%&(&'-+$9
-:+/+'*;%<"(&0%+'%+&%+46#.-'+7#%'2%12$&+)#.%-//%&21+-/0%#$7+.2$9
4#$'-/0%-$)%6&*1"2/2,+1-/%8-1'2.&%5"#$%-)).#&&+$,%'"#%1246/#=%
$##)&%28%)+&-&'#.%.#&62$&#%8.24%-%&21+-/%52.>%6#.&6#1'+7#;%%<2%
#&'-:/+&"%+44#)+-'#%-$)%/2$,9'#.4%&(662.'%$#'52.>&0%+'%+&%-/&2%
$#1#&&-.*%'2%:.+$,%'2,#'"#.%+$'#.)+&1+6/+$-.*%'#-4&%'2%-&&+&'%+$%
)+&-&'#.%.#/+#8%#882.'&;%?$%'"#%6-&'%)#1-)#0%-%$(4:#.%28%)#7-&'-'+$,%
$-'(.-/%)+&-&'#.&%"-7#%4-$-,#)%'2%1-(&#%)#-'"0%)#&'.(1'+2$0%-$)%
)+&#-&#%5+'"+$%'"#%626(/-'+2$&%28%-%7-&'%$(4:#.%28%12($'.+#&;%%
<"+&%6-6#.%#=-4+$#&%,/2:-/%)+&-&'#.%.#/+#8%#882.'&%82.%'".##%4-@2.%
$-'(.-/%)+&-&'#.&%28%'"#%6-&'%)#1-)#%'".2(,"%-%.#7+#5%28%'"#%/+'9
#.-'(.#%-$)%8.24%2:&#.7-'+2$&%4-)#%+$%'"#%8+#/);%%%
!

,%-*+&!4%/0!A/+-B*B*%=2/9!+/2!B+'C:B!B%!23+&'+B2!9*B'+B*%=9!
-%(A/2:2=9*32&;5!B+0*=C!+&&!9%-*+&5!2=3*/%=(2=B+&5!+=>!A9;-:%D
&%C*-+&!E+-B%/9!*=B%!+--%'=BF!!<:2/2E%/25!4:2=!+AA/%+-:*=C!=+B'/+&!
>*9+9B2/95!*B!*9!=2-299+/;!B%!+=+&;@2!B:2!-*/-'(9B+=-29!'9*=C!+!
-%(A/2:2=9*32!+AA/%+-:!B:+B!E%-'929!%=!/2&*2E!2EE%/B9!+=>!(%3*=C!
B:2!+EE2-B2>!+/2+9!E/%(!+!>232&%A(2=B!9B+=>A%*=B!B%4+/>!+!9B+B2!
%E!9'9B+*=+)*&*B;F!!,%-*+&!4%/02/9!+*(!B%!29B+)&*9:!*((2>*+B2!+=>!
&%=CDB2/(!9'AA%/B!=2B4%/09!);!)/*=C*=C!B%C2B:2/!*=B2/>*9-*A&*=+/;!
B2+(9!B%!+99*9B!*=!>*9+9B2/D/2&+B2>!2EE%/B9F!!7=!B:2!A+9B!>2-+>25!>23D
+9B+B*=C!=+B'/+&!>*9+9B2/9!:+32!(+=+C2>!B%!4/2+0!:+3%-5!>29B/'-D
B*%=5!>2+B:5!+=>!>*92+92!%=!B:2!A%A'&+B*%=9!%E!+!3+9B!='()2/!%E!
-%'=B/*29F!!8&B:%'C:!B:2!+-B'+&!%--'//2=-2!%E!9%(2!=+B'/+&!>*9+9D
B2/9!&+9B!%=&;!+!E24!92-%=>95!B:2*/!*(A+-B!*=E&'2=-29!&*E2D-%'/92!
B/+G2-B%/*29!B:/%'C:%'B!C2=2/+B*%=9F!!<:2!E%&&%4*=C!A+A2/!2?+(D
*=29!C&%)+&!>*9+9B2/!/29A%=92!2EE%/B9!3*+!E*2&>!/292+/-:!+=>!&*B2/+D



<+')(+=!+=>!.2*9@!

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

B'/2!/23*249!+EB2/!B:2!7=>*+=!I-2+=!2+/B:J'+02!+=>!E%&&%4*=C!B9'D
=+(*!*=!89*+!KLMMNO5!P'//*-+=2!Q+B/*=+!%=!B:2!R'&E!$%+9B!%E!B:2!
S=*B2>!,B+B29!KLMMTO5!+=>!B:2!>23+9B+B*=C!2+/B:J'+02!*=!P+*B*!
KLMUMOF!
! 7=!B:2!4+02!%E!+!=+B'/+&!>*9+9B2/5!-%(('=*B*29!-%=9*9B2=B&;!
9B/*32!B%!/2)'*&>!*=E/+9B/'-B'/2V!:%4232/5!*B!*9!*(A2/+B*32!B%!=%B!
%32/&%%0!B:2!=22>!E%/!(2=B+&!:2+&B:!A/%E299*%=+&9F!!7=!+>>*B*%=!B%!
+>>/299*=C!-%(('=*B;!/2)'*&>*=C!4*B:!=%=C%32/=(2=B+&!%/C+=*D
@+B*%=9!KWRI9O!+=>!C%32/=(2=B+&!+*>5!B:*9!A/%-299!9:%'&>!)2!&2>!
B:/%'C:!-'&B'/+&!E%/('&+B*%=!4:*&2!2(A:+9*@*=C!B:2!A9;-:%9%-*+&!
*(A+-B!%=!B:%92!+EE2-B2>!+=>!+=!%32/+&&!=22>!E%/!(2=B+&!:2+&B:!
-+/2!A/%E299*%=+&9F!!7=!+>>*B*%=!B%!2?+(*=*=C!C&%)+&!>*9+9B2/!/2D
9A%=92!2EE%/B9!B:/%'C:%'B!B:2!A+9B!>2-+>25!B:*9!A+A2/!+&9%!2?D
A&%/295!E/%(!+!E*/9BD:+=>!A2/9A2-B*325!4:;!B:2!#FMD(+C=*B'>2!
2+/B:J'+02!*=!P+*B*!A/%>'-2>!9'-:!+!9'>>2=D%=92B!-/*9*9F!!<:2!
$2=B/+&!7=B2&&*C2=-2!8C2=-;!9B+B29!B:+B!P+*B*!*9!B:2!A%%/29B!-%'=D
B/;!*=!B:2!.29B2/=!P2(*9A:2/2!KLMUUO!+=>!*B9!A%%/!*=E/+9B/'-B'/2!
+=>!2-%=%(*-!*=9B+)*&*B;!:*C:&*C:B!4:;!3'&=2/+)&2!-%(('=*B*29!
:+32!&*(*B2>!+--299!B%!X9+E2B;!=2B9Y!+=>!4:;!B:2!2+/B:J'+02!:+9!
(+>2!P+*B*!+!C&%)+&!A/*%/*B;F!!

!
.(5'0(!?+$0(!"0%/@A<04$!0(5!/@$!7$,<1/'(&!B,<(0#',!

!
! I=!Z2-2()2/!L[5!LMMN5!+!(+99*32!2+/B:J'+02!%--'//2>!
'=>2/!B:2!7=>*+=!I-2+=!%EE!B:2!-%+9B!%E!7=>%=29*+F!!<:2!\FMD
(+C=*B'>2!J'+02!-/2+B2>!+!92/*29!%E!B9'=+(*9!B:+B!-+'92>!C/2+B!
>29B/'-B*%=!+=>!&%99!%E!&*E2!B:/%'C:%'B!B:2!7=>*+=!I-2+=!)+9*=!
4*B:*=!9232/+&!:%'/9!%E!B:2!*=*B*+&!2+/B:J'+02F!!<:2!SF,F!R2%&%C*D
-+&!,'/32;!9B+B2>!B:+B!B:2!2+/B:J'+02DC2=2/+B2>!B9'=+(*!A/%>'-2>!
B:2!C/2+B29B!>2+B:!B%&&!E/%(!+=;!B9'=+(*!*=!E*32!-2=B'/*295!4*B:!+!
B%B+&!%E!L#T5\TM!E+B+&*B*29!K899%-*+B2>!]/2995!LMMTOF!!<:2!B9'=+(*!
4*A2>!+4+;!2=B*/2!3*&&+C29!%=!B:2!,'(+B/+=!9:%/25!B%/2!B:/%'C:!
-%+9B+&!+/2+9!%E!,/*!^+=0+5!/+3+C2>!B:2!-%+9B9!%E!7=>*+5!<:+*&+=>5!
_+&+;9*+5!_;+=(+/5!+=>!B:2!_+&>*3295!+=>!-%=B*='2>!B%!Q2=;+5!
,%(+&*+5!+=>!<+=@+=*+F!!$%+9B+&!*=>'9B/*+&!*=E/+9B/'-B'/2!4+9!
-/'9:2>5!9B/'-B'/29!42/2!>29B/%;2>5!+=>!+=!29B*(+B2>!U5UL[5\MM!
A2%A&2!42/2!/2=>2/2>!:%(2&299!KI&92=5!_+B'9@290*5!]+>(+5!`!
.*-0/2(2/+B=25!LMMTOF! ! ! ! !



7=B2/=+B*%=+&!,%-*+&!.%/0!+=>!Z*9+9B2/!129A%=92!

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

! 8EB2/!B:*9!>23+9B+B*%=5!%=2!%E!B:2!C/2+B29B!:'/>&29!B%4+/>!
&%=CDB2/(!/2-%32/;!:+9!)22=!/29B%/*=C!B:2!&*32&*:%%>9!%E!B:2!9'/3*D
3%/9!%E!B:2!B9'=+(*F!!_+=;!%E!B:2!:+/>D:*B!-%(('=*B*29!+&/2+>;!
:+>!:*C:!&232&9!%E!A%32/B;5!+=>!B:2!&+/C2!A%A'&+B*%=9!%E!B:2!
-%+9B+&!3*&&+C29!4:%!/2&*2>!:2+3*&;!%=!E*9:*=C!+=>!E+/(*=C!9'ED
E2/2>!C/2+B&;F!!.:*&2!/2)'*&>*=C!+=>!/2-%=9B/'-B*=C!-%(('=*B*29!
2=B+*&9!+!(%/2!9B/+*C:BE%/4+/>!+AA/%+-:5!B:2!A9;-:%&%C*-+&!9B/299!
*=!B:2!+EB2/(+B:!%E!>*9+9B2/9!*9!(%/2!>*EE*-'&B!B%!+>>/299!
K6+=1%%;2=!`!^2+=*=C5!LMMTOF!!12)'*&>*=C!B:2!-%(('=*B;!E%D
-'929!%=!B:2!*((2>*+B2!=22>9!%E!B:2!-*B*@2=9!);!C*3*=C!B:2(!E%%>!
+=>!9:2&B2/F!!a'B!>*9-'99*=C!B/+'(+B*-!9B/299!+=>!A9;-:%&%C*-+&&;!
>*EE*-'&B!2?A2/*2=-29!/2J'*/29!(2=B+&!:2+&B:!A/%E299*%=+&9!+9!42&&!
+9!+!4*&&*=C=299!%E!B:2!A2%A&2!+EE2-B2>!);!B:2!>*9+9B2/!B%!A+/B*-*D
A+B2F!!.*B:!B:*9!'=>2/9B+=>*=C5!+=>!E2+/*=C!B:+B!A9;-:%&%C*-+&!
>+(+C2!4*&&!*(A2>2!&%=CDB2/(!9%-*+&!/2-%32/;5!&2+>2/9!%E!+EE2-B2>!
-%'=B/*29!+/2!*=-/2+9*=C&;!9'CC29B*=C!B:+B!>%=%/!=+B*%=9!92=>!
B2+(9!%E!*=B2/=+B*%=+&!-%'=92&%/9!B%!+99*9B!4*B:!A%9BDB/+'(+B*-!/2D
+-B*%=9!+9!+!(+BB2/!%E!'/C2=-;!K,*&%32!`!b4*5!LMMTOF!!

7=!E'/B:2/!2?+(*=*=C!B:*9!=22>5!P%&&*E*2&>5!P24+C25!R'=D
+4+/>2=+5!Q%>*B'4+00'5!a%A+C%+5!+=>!.22/+/+B:=2C2!KLMMHO!
-%=>'-B2>!+!9B'>;!%=!B:2!A9;-:%&%C*-+&!9;(AB%(9!+=>!-%A*=C!
(2-:+=*9(9!%E!9'/3*3%/9!*=!,/*!^+=0+!/%'C:&;!LM!(%=B:9!+EB2/!
B:2!B9'=+(*F!!<:2!/292+/-:2/9!E%'=>!B:+B!+(%=C!A+/B*-*A+=B9!4:%!
42/2!9232/2&;!+EE2-B2>!);!B:2!B9'=+(*C!B:2!A/23+&2=-2!%E!A%9BD
B/+'(+B*-!9B/299!>*9%/>2/!K]<,ZO!4+9!LUc5!>2A/299*%=!4+9!U[c5!
+=>!+=?*2B;!4+9!"McF!!129A%=>2=B9!2?A&+*=2>!B:+B!:+3*=C!*=B2/D
=+&!9B/2=CB:5!E+(*&;5!E/*2=>95!429B2/=!(2>*-*=25!+=>!/2&*C*%=9!
A/+-B*-29!:2&A2>!B:2(!B%!9'/3*32!KP%&&*E*2&>!2B!+&F5!LMMHOF!!d2B!>2D
9A*B2!+-J'*/2>!-%A*=C!(2-:+=*9(95!+!9*C=*E*-+=B!A2/-2=B+C2!%E!
A%9BD>*9+9B2/!+EE2-B2>!A%A'&+B*%=9!9B*&&!/2J'*/2!(2=B+&!:2+&B:!*=B2/D
32=B*%=9F!

$%((*BB2>!(2=B+&!:2+&B:!A/%E299*%=+&9!+=>!-%//29A%=>*=C!
+EE*&*+B29!4%/&>4*>2!9B/*32!B%!-%%/>*=+B2!B:2*/!/29A%=92!2EE%/B9!B%!
+*>!B:%92!A%A'&+B*%=9!9220*=C!B%!/29B%/2!B:2*/!&*329!B%!+!A/2D
>*9+9B2/!9B+B2F!!<:2!LMMN!B9'=+(*!>23+9B+B2>!9232/+&!>232&%A*=C!
-%'=B/*29!*=!B:2!]+-*E*-!/2C*%=5!+=>!4:*&2!8(2/*-+!4+9!/+&&;*=C!
)2:*=>!/2&*2E!2EE%/B95!&299!B:+=!+!;2+/!&+B2/5!B:2!S=*B2>!,B+B29!
4%'&>!+&9%!)2!9B/'-0!);!*B9!%4=!=+B'/+&!>*9+9B2/F!



<+')(+=!+=>!.2*9@!

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

D<%%'+0($!E0/%'(0!
!

7=!8'C'9B!LMMT5!P'//*-+=2!Q+B/*=+!9B/'-0!B:2!R'&E!$%+9B5!
-/2+B*=C!&+9B*=C!+=>!E+/D/2+-:*=C!2EE2-B9F!!<:2!:'//*-+=2!-+'92>!
(+99*32!E&%%>*=C!*=!B:2!-*B;!%E!W24!I/&2+=9!+=>!-+B+9B/%A:*-!
>+(+C2!+&%=C!B:2!-%+9B9!%E!8&+)+(+5!_*99*99*AA*5!+=>!^%'*9*+=+F!!
8=!29B*(+B2>!UM!(*&&*%=!A2%A&2!/29*>*=C!+&%=C!B:2!R'&E!$%+9B!%E!
B:2!S=*B2>!,B+B29!42/2!+EE2-B2>!);!P'//*-+=2!Q+B/*=+!KP+(*&B%=5!
,'BB%=5!_+B:2495!_+/B*=5!`!62=B'/+5!LMM\OF!!89!+!/29'&B5!P'//*D
-+=2!Q+B/*=+!-+'92>!%=2!%E!B:2!&+/C29B!+=>!(%9B!+)/'AB!/2&%-+D
B*%=9!%E!A2%A&2!*=!SF,F!:*9B%/;!KR/%2=!`!]%&*30+5!LMMHOF!!

8AA/%?*(+B2&;!UFT!(*&&*%=!A2%A&2!+C2>!U[!;2+/9!+=>!%&>2/!
&2EB!B:2*/!/29*>2=-29!*=!^%'*9*+=+5!_*99*99*AA*5!+=>!8&+)+(+!)2D
-+'92!%E!P'//*-+=2!Q+B/*=+!KR/%2=!`!]%&*30+5!LMMHOF!!<:%92!4:%!
/2(+*=2>!E+-2>!9:%/B+C29!%E!>/*=0+)&2!4+B2/5!E%%>5!:2+&B:!-+/25!
+=>!'B*&*B;!92/3*-295!+9!42&&!+9!&%=CDB2/(!:2+&B:!/*909!E/%(!-%(D
('=*-+)&2!>*92+92!%'B)/2+09!+=>!2=3*/%=(2=B+&!-%=B+(*=+=B95!
>*/2-B&;!%/!*=>*/2-B&;!+99%-*+B2>!4*B:!B:2!9B%/(!KP+(*&B%=!2B!+&F5!
LMM\OF!!,*(*&+/!B%!B:2!-+B+9B/%A:*-!*(A+-B!%E!B:2!LMMN!B9'=+(*5!
%=2!%E!B:2!A/299*=C!=22>9!E%/!B:2!3*-B*(9!%E!P'//*-+=2!Q+B/*=+!
4+9!E%/!(2=B+&!:2+&B:!A/%E299*%=+&9e!90*&&9!+=>!9'AA%/BF!!_%/2!
B:+=!"H[5MMM!23+-'229!/2-2*32>!(2>*-+&!%/!(2=B+&!:2+&B:!92/3*-29!
E/%(!9:2&B2/9F!!!

,'/3*3%/9!/2(+*=2>!4*>2&;!>*9A2/92>!E%/!9*C=*E*-+=B!A2/*D
%>95!B2(A%/+/*&;!/29*>*=C!*=!+&&!TM!SF,F!9B+B29!+=>!B:2!Z*9B/*-B!%E!
$%&'()*+!K_*&&95!f>(%=9%=5!`!]+/05!LMM#OF!!]%9BF>*9+9B2/!/2D
92+/-:!:+9!E%'=>!B:+B!)%B:!92A+/+B*%=!E/%(!E+(*&;!+=>!/2&%-+B*%=!
2&23+B2!%=2e9!/*90!E%/!A%9BD>*9+9B2/!(2=B+&!:2+&B:!A/%)&2(9!
KW+G+/*+=5!R%2=G*+=5!]2&-%3*B@5!_+=>2&5!`!W+G+/*+=5!LMMUOF!!7=!
E+-B5!+!/2-2=B!(2B+D+=+&;9*9!*=329B*C+B*=C!B:2!2EE2-B9!%E!>*9A&+-2D
(2=B!%=!(2=B+&!:2+&B:!%'B-%(29!-%=-&'>2>!B:+B!>*9A&+-2>!A2/9%=9!
>*9A&+;!4%/92!(2=B+&!:2+&B:!B:+=!=%=>*9A&+-2>!-%(A+/*9%=!
C/%'A9!>%F!!<:2!(2B+D+=+&;9*9!+&9%!E%'=>!B:+B!A2/9%=9!>*9A&+-2>!
4*B:*=!B:2*/!%4=!-%'=B/;!2?A2/*2=-2!4%/92!%'B-%(29!B:+=!/2E'D
C229!/2&%-+B2>!B%!%B:2/!-%'=B/*29!>%!K]%/B2/!`!P+9&+(5!LMMTOF!!IE!
B:2!P'//*-+=2!Q+B/*=+!23+-'2295!+AA/%?*(+B2&;!NUM5MMM!:+>!=%B!
/2B'/=2>!B%!B:2*/!:%(29!);!I-B%)2/!LMM[5!+=>!%E!B:2925!+)%'B!
LHM5MMM!:+>!=%B!232=!/2B'/=2>!B%!B:2*/!-%'=B*29!%E!%/*C*=!KR/%2=!



7=B2/=+B*%=+&!,%-*+&!.%/0!+=>!Z*9+9B2/!129A%=92!

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

`!]%&*30+5!LMMHOF!! ! ! ! ! ! !
7=!B:2!B4%!42209!E%&&%4*=C!P'//*-+=2!Q+B/*=+5!_*&&95!f>D

(%=9%=5!+=>!]+/0!KLMM#O!9+(A&2>!/29*>2=B9!%E!W24!I/&2+=9!4:%!
42/2!23+-'+B2>!B%!B:2!8(2/*-+=!12>!$/%99!%E!$2=B/+&!<2?+9!*=!
8'9B*=F!!<:2!/292+/-:2/9!9%'C:B!B%!2?+(*=2!:%4!>2(%C/+A:*-!+=>!
>*9+9B2/D/2&+B2>!2?A2/*2=-29!A/2>*-B!+-'B2!9B/299!9;(AB%(9!+(%=C!
P'//*-+=2!Q+B/*=+!23+-'229F!!8-'B2!9B/299!>*9%/>2/!K8,ZO5!+!(+D
G%/!9B/299!/29A%=92!*=!B:2!E*/9B!(%=B:!A%9BDB/+'(+5!%/!2+/&;!]<,Z5!
4+9!B:2!(2=B+&!:2+&B:!%'B-%(2!%E!*=B2/29BF!!<:2!/292+/-:2/9!E%'=>!
B:+B!B:2!2(2/C*=C!A/2>*-B%/!%E!8,Z!9;(AB%(!9232/*B;!4+9!/+-2g
2B:=*-*B;F!!<:2!W%=D.:*B2!A+/B*-*A+=B9!*=!B:2!9+(A&2!42/2!)%B:!
(%/2!9232/2&;!2?A%92>!B%!B/+'(+B*-!2?A2/*2=-29!+=>!:+>!&%42/!
(2+=!*=-%(2!&232&9!B:+=!.:*B2!A+/B*-*A+=B95!4:*-:!9'CC29B!B:+B!
/+-*+&!9B+B'9!+EE2-B2>!B:2!3'&=2/+)*&*B;!&232&9!%E!B:2!9'/3*3%/9F!!_*D
=%/*B;!9B+B'9!*B92&E!:+9!)22=!9:%4=!B%!*=-/2+92!B:2!/*90!%E!]<,Z!
+EB2/!B/+'(+5!+&B:%'C:!B:*9!2EE2-B!(+;!)2!&+/C2&;!)2-+'92!%E!>*ED
E2/2=B*+&!2?A%9'/2!B%!A%32/B;!+=>!3*%&2=-2!K_*&&95!f>(%=9%=5!`!
]+/05!LMM#OF!!

<:2!A/2D2?*9B*=C!:*C:!/+B2!%E!A%32/B;!*=!W24!I/&2+=9!
K-&%92!B%!LHcO!+(A&*E*2>!B:2!>*9+9B2/e9!*(A+-B!%=!*=>*3*>'+&9!
B:/%'C:!>2-/2+92>!>*9+9B2/!A/2A+/2>=299!K_*&&95!f>(%=9%=5!`!
]+/05!LMM#OF!!<:2/2E%/25!4:2=!B:2!(*>>&2!-&+99!23+-'+B2>!W24!
I/&2+=95!>*9A+/*B*29!)2B422=!B:2!32/;!/*-:!+=>!32/;!A%%/!42/2!
232=!(%/2!+--2=B'+B2>F!!_+=;!%E!B:2!A%%/!42/2!E%/-2>!B%!2=>'/2!
B:2!9B%/(!*=!B:2*/!:%(29!%/!(%32!B%!9:2&B2/9!+9!+!&+9B!/29%/B5!+=>!
(+=;!42/2!A/%E%'=>&;!+EE2-B2>!);!B:2!*=+>2J'+B2!/29%'/-29!+=>!
/29A%=92!K$'BB2/5!LMMTOF!!89!+!/29'&B5!P'//*-+=2!Q+B/*=+!&2EB!>2D
9B/%;2>!:%(29!+=>!&*329!*=!*B9!4+02F!!<:*9!E%/-2>!8(2/*-+=9!B%!
&%%0!+B!B:2!A%32/B;!B:+B!-%=B*='29!B%!2?*9B!*=!B:2!S=*B2>!,B+B29F!!
S&B*(+B2&;5!B:2!*=+>2J'+B2!/29A%=92!B%!B:2!:'//*-+=2e9!+EB2/(+B:!
2?A%92>!+!E+*&'/2!*=!2(2/C2=-;!/29A%=92!%=!B:2!&%-+&5!9B+B25!+=>!
E2>2/+&!&232&95!+=>!+9!9'-:5!+!E+*&'/2!*=!B:2!=+B*%=e9!%32/+&&!2(2/D
C2=-;!(+=+C2(2=B!9;9B2(!K$'BB2/5!LMMTOF!!8&B:%'C:!8(2/*-+!:+9!
B/+>*B*%=+&&;!)22=!+=!*((2>*+B2!/29A%=>2/!B%!%B:2/!9'EE2/*=C!=+D
B*%=9!4:2=!+!=+B'/+&!>*9+9B2/!%--'/95!B:2!*=9'EE*-*2=B!+=>!>2&+;2>!
/29A%=92!%E!B:2!S=*B2>!,B+B29!B%!P'//*-+=2!Q+B/*=+!4+9!'=+--2ABD
+)&2F!!<:*9!A+BB2/=!4+9!J'*B2!>*9B*=-B!E/%(!4:2=!B:2!2+/B:J'+02!
%--'//2>!*=!P+*B*h!+(%=C!B:2!E*/9B!/29A%=>2/9!B%!>2&*32/!/2&*2E!9'AD



<+')(+=!+=>!.2*9@!

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

A&*29!4+9!B:2!S=*B2>!,B+B29!$%+9B!R'+/>!K_%//*992;5!LMUMOF!
!

"0%/@A<04$!'(!D0'/'!
!

I=!B:2!232=*=C!%E!i+='+/;!UL5!LMUM5!B:2!9B/%=C29B!2+/B:D
J'+02!B%!:*B!P+*B*!*=!(%/2!B:+=!LMM!;2+/9!9B/'-0!B:2!.29B2/=!
]/%3*=-2!-*B;!%E!^2%C+=2F!!<:2!J'+02e9!2A*-2=B2/!4+9!&%-+B2>!U#!
0(!9%'B:429B!%E!B:2!>2=92&;!A%A'&+B2>!-+A*B+&!]%/BD+'D]/*=-2!
KSW7$fj5!LMUM+OF!!<:2!J'+02!+EE2-B2>!%=2DB:*/>!%E!P+*B*e9!A%A'D
&+B*%=!%E!=*=2!(*&&*%=5!&2+3*=C!"MM5MMM!>2+>!+=>!%=2!(*&&*%=!*=>*D
3*>'+&9!:%(2&299F!!<:2!$/2%&2!9A2+0*=C!-%'=B/;!*9!+/C'+)&;!B:2!
A%%/29B!-%'=B/;!*=!B:2!.29B2/=!P2(*9A:2/25!9'CC29B*=C!+!/+B*%=D
+&2!+9!B%!4:;!XB:2!-%A*=C!(2-:+=*9(9!%E!B:292!-%(('=*B*29!42/2!
+=>!+/2!=%4!9B/2B-:2>!B%!B:2!&*(*BY!KSW7$fj5!LMUM)OF!!P+*B*e9!
A%&*B*-+&!E/+C*&*B;!+=>!&+-0!%E!9%&*>!*=E/+9B/'-B'/2!>2(%=9B/+B2!:%4!
B:2!2=3*/%=(2=Be9!2?B2/=+&!E+-B%/9!-+=!2?+-2/)+B2!9'EE2/*=C!*=!+!
>*9+9B/%'9!2+/B:J'+02F!!

!
B@$!D0'/'!2/<5>!B*<%!

!
j/%(!_+/-:!UN!B%!LU5!LMUM5!7!:+>!B:2!%AA%/B'=*B;!B%!G%*=!j%/>D
:+(!S=*32/9*B;e9!R/+>'+B2!,-:%%&!%E!,%-*+&!,2/3*-29!P+*B*!,B'>;!
<%'/5!4:*-:!4+9!%/C+=*@2>!B%!+99*9B!4*B:!%=D9*B2!>*9+9B2/!/2&*2E!
2EE%/B9!4*B:*=!B:2!P+*B*+=!-%(('=*B;!9%%=!+EB2/!B:2!LMUM!2+/B:D
J'+02F!!^2>!);!_+/-*+=%!]%A29-'5!]:FZF5!+99%-*+B2!A/%E299%/!+B!
B:2!R/+>'+B2!,-:%%&!%E!,%-*+&!,2/3*-295!B:2!P+*B*!,B'>;!<%'/!A/%D
3*>2>!9B'>2=B9!4*B:!+!'=*J'2!-:+=-2!B%!9B/2=CB:2=!B:2*/!9%-*+&!
4%/0!90*&&9!E/%(!+=!*=B2/=+B*%=+&!A2/9A2-B*32F!

.*B:!B:*9!C%+&!*=!(*=>5!Z/F!]%A29-'!>29*C=2>!+!-%'/925!
7=B2/=+B*%=+&!,%-*+&!Z232&%A(2=B!+=>!$%(('=*B;Da'*&>*=C!*=!+!
R&%)+&!$%=B2?B5!4:*-:!)/*=C9!9B'>2=B9!B%!>*EE2/2=B!>232&%A*=C!
-%'=B/*29!4:2/2!B:2;!:+32!B:2!%AA%/B'=*B;!+AA&;!B:2%/*29!B:2;!
&2+/=2>!*=!-&+99!B%!+!/2+&!4%/&>!C&%)+&!-%=B2?BF!Z/F!]%A29-'5!4:%!
B/+32&2>!4*B:!UU!9B'>2=B9!B%!B:2!Z%(*=*-+=!12A')&*-!+=>!P+*B*5!
2(A:+9*@29!B:+B!9B'>2=B9!-+==%B!B/'&;!&2+/=!+)%'B!*=B2/=+B*%=+&!
>232&%A(2=B!'=&299!B:2;!>%!9%(2B:*=C!B:+B!*9!/2&+B2>!B%!C&%)+&!
*99'295!+=>!+992/B9!B:+B!B:*9!2+/B:J'+02!:+9!(+>2!P+*B*!+!C&%)+&!
A/*%/*B;!K,+99*5!LMUMOF!!<:'95!B:2!P+*B*!,B'>;!<%'/!92B!%'B!B%!*>2=D



7=B2/=+B*%=+&!,%-*+&!.%/0!+=>!Z*9+9B2/!129A%=92!

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

B*E;5!+992995!+=>!23+&'+B2!B:2!=22>9!%E!B:2!>*9+9B2/D+EE2-B2>!-%(D
('=*B*29!+=>!A%9BDB/+'(+!9'/3*3%/9F!!,A2-*E*-+&&;5!A+/B*-*A+=B9!
'92>!-%(A/2:2=9*32!+AA/%+-:29!*=!B:2!>232&%A(2=B!92-B%/!);!
(22B*=C!4*B:!)%B:!C%32/=(2=B!+=>!-%(('=*B;!&2+>2/9!B%!+>>/299!
&*E2&*=2!/29%'/-29!4*B:*=!B:2!2=B*/2!P+*B*+=!A%A'&+B*%=F!!8EB2/!
(22B*=C!4*B:!3+/*%'9!WRI9!+=>!-%(('=*B;!&2+>2/95!42!+992992>!
B:2!(%9B!A2/B*=2=B!-%=-2/=9!/2&+B2>!B%!>*9+9B2/!/2&*2E!2EE%/B9!9'-:!
+9!+--299!B%!E%%>5!4+B2/5!9:2&B2/5!(2>*-+&!+BB2=B*%=5!)+B:*=C!E+-*&*D
B*295!2&2-B/*-*B;5!2>'-+B%/95!+=>!(2=B+&!:2+&B:!A/%3*>2/9F!!7=!2?+(D
*=*=C!B:2!/29A%=92!2EE%/B9!%=!('&B*A&2!&232&95!42!:+>!B:2!%AA%/B'D
=*B;!B%!+99299!A%9BD>*9+9B2/!-%(('=*B;!=22>9!%E!B:2!P+*B*+=!A%A'D
&+B*%=!*=!)%B:!B:2!Z%(*=*-+=!12A')&*-!+=>!P+*B*F!!

.2!9A2=B!B:2!E*/9B!B4%!>+;9!*=!B:2!Z%(*=*-+=!12A')&*-5!
4:2/2!42!(2B!4*B:!C%32/=(2=B!%EE*-*+&9!4:%!+/2!/29A%=9*)&2!E%/!
>29*C=*=C!B:2!=+B*%=e9!9%-*+&!A%&*-;!A&+BE%/(5!+=>!4*B:!SW7$fj!
/2A/292=B+B*329!4:%!+/2!-%%/>*=+B*=C!/29A%=92!2EE%/B9!*=!P+*B*!
K,+99*5!LMUMOF!!<:2!SW7$fj!%/C+=*@+B*%=!*=!B:2!Z%(*=*-+=!12D
A')&*-!A/%3*>29!%A2/+B*%=+&!9'AA%/B!B%!B:2!P+*B*!%A2/+B*%=!+=>!
9B/*329!B%!(22B!B:2!=22>9!%E!>*9A&+-2>!P+*B*+=9!+-/%99!B:2!)%/>2/5!
A+/B*-'&+/&;!3'&=2/+)&2!-:*&>/2=!KSW7$fj5!LMUM+OF!!
!
G*;$%/>!*-!G*%/F0<FG%'(+$C!D0'/'!
!

8EB2/!+99299*=C!B:2!Z%(*=*-+=!12A')&*-e9!>*9+9B2/D/2&+B2>!
2EE%/B95!%'/!ULDA2/9%=!C/%'A!-/%992>!B:2!)%/>2/!*=B%!P+*B*!4:2/2!
42!*((2>*+B2&;!=%B*-2>!B:2!>*9A&+-2>!-+(A9!A+-02>!*=!%32/A%A'D
&+B2>!B2=B!-*B*29F!!.:*&2!>/*3*=C!B:/%'C:!B:2!-+A*B+&!%E!]%/BD+'D
]/*=-25!42!)2C+=!922*=C!2=>&299!92+9!%E!-+(A!9*B29!A/2-+/*%'9&;!
A2/-:2>!*=!'=9+E2!+/2+9!)2B422=!/'))&2!+=>!%B:2/!:+@+/>9!&+-0*=C!
)+9*-!9:2&B2/!+=>!)+9*-!9%-*+&!92/3*-29!KSW7$fj5!LMUM)OF!!<:2!
-:+%9!4+9!922(*=C&;!2=>&299!+9!)/%02=D>%4=!(2>*-+&!E+-*&*B*29!
/2&%-+B2>!B:2*/!A+B*2=B9!B%!B:2!;+/>9!%E!B:2*/!*=9B*B'B*%=95!'=>2/!
B2=B95!%/!9*(A&;!%=!B:2!C/%'=>F!!<:2!9B/22B9!42/2!E&%%>2>!4*B:!>2D
)/*95!-:*&>/2=!42/2!4+&0*=C!+*(&299&;!B:/%'C:%'B!B:2!-*B;5!+=>!
(%B:2/9!42/2!4+9:*=C!B:2*/!)+)*29!*=!)'-02B9!%E!'=9+=*B+/;!4+B2/!
*=!B:2!942&B2/*=C!:2+BF!!P2/2!B:2!P+*B*!,B'>;!<%'/!4+9!+)&2!B%!*=D
B2C/+B2!B:2%/;!+=>!A/+-B*-25!+9!9B'>2=B9!:+>!B:2!%AA%/B'=*B;!B%!2?D
A2/*2=-2!B:2!/2&+B*%=9:*A!)2B422=!*(A%32/*9:2>!+=>!3'&=2/+)&2!



<+')(+=!+=>!.2*9@!

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

-%(('=*B*29!+=>!2=3*/%=(2=B+&!B:/2+B9F!!
!
E*(='/!G*<!H>'/'9!3*%4'(&!B*&$/@$%!:*%!D0'/'!
! !
! 89!B:2!P+*B*!,B'>;!<%'/!-%=B*='2>!B%!>/*32!429B!%E!]%/BD
+'D]/*=-25!42!+//*32>!+B!%'/!E*=+&!>29B*=+B*%=!*=!i+-(2&5!4:2/2!42!
A+/B=2/2>!4*B:!B:2!=%=A/%E*B!%/C+=*@+B*%=!Q%=)*B!]%'!8;*B*!
KQIW]8dV!.%/0*=C!<%C2B:2/!j%/!P+*B*OF!!i+-(2&5!+!-*B;!%E!
"T5MMM!B:+B!*9!0=%4=!E%/!*B9!3*)/+=B!+/B!9-2=25!&%9B!*B9!-*B;!:+&&5!TN!
9-:%%&95!+=>!9%(2!U5HMM!:%(29!B%!B:2!2+/B:J'+02!K,+99*5!LMUMOF!!
8>>*B*%=+&&;5!N5NMM!:%(29!42/2!A+/B*+&&;!>29B/%;2>5!+=>!(%/2!
B:+=!T5#MM!E+(*&*29!42/2!>*9A&+-2>!B%!B2=B!-*B*29!92B!'A!);!WRI9!
+=>!B:2!$+=+>*+=!C%32/=(2=BF!! !

f9B+)&*9:2>!*=!LMMN5!QIW]8d!+*(9!B%!2(A%42/!+=>!*(D
A/%32!B:2!&*329!%E!B:2!A2%A&2!%E!P+*B*!);!-%&&+)%/+B*=C!4*B:!%B:2/!
WRI9F!!<:2!-%&&+)%/+B*%=!+&&%49!QIW]8d!B%!)'*&>!=2B4%/09!B%!
9:+/2!*==%3+B*32!B2-:=%&%C;!+=>!2?A2/B*92!B%!9B/2=CB:2=!P+*B*+=!
9%&'B*%=9!B%!9%-*+&5!2=3*/%=(2=B+&5!+=>!2-%=%(*-!A/%)&2(9F!!,A2D
-*E*-+&&;5!QIW]8d!A+/B=2/2>!4*B:!B:2!P+*B*!,B'>;!<%'/!B%!A/%D
(%B2!+4+/2=299!%=!+!C&%)+&!&232&!+=>!*=-/2+92!'/C2=-;!B%!B+02!
+-B*%=!B%!+>>/299!B:2!-'//2=B!9*B'+B*%=!*=!P+*B*F!!8--%/>*=C!B%!
]%A29-'h!!

!
<:2!*(A%/B+=-2!%E!4%/0*=C!4*B:!QIW]8d!4+9!B:+B!*B!
E%-'929!%=!>*C=*E*2>!/2&*2E!+=>!/2-%=9B/'-B*%=!2EE%/B9!B:+B!
2(A%42/!P+*B*+=9!B%!%/C+=*@2!+=>!A/%3*>2!E%/!B:2(D
92&329!F!F!F!7B!C+32!9B'>2=B9!+!-:+=-2!B%!9A2+0!4*B:!P+*B*+=9!
B%!k&2+/=!E/%(!B:2(!4:+B!*9!=22>2>Fe!K,+99*5!LMUMOF!
!

.:*&2!*=!A+/B=2/9:*A!4*B:!QIW]8d!+=>!4%/0*=C!%=!+!&%-+&!
&232&5!B:2!P+*B*!,B'>;!<%'/e9!(*99*%=!4+9!B%!*(A&2(2=B!+!.%/0!
E%/!$+9:!2(A&%;(2=B!A/%C/+(!B:+B!*=-%/A%/+B2>!9%-*%&%C*-+&!+=>!
2-%&%C*-+&!(2B:%>9!B:/%'C:!>2E%/29B+B*%=!+=>!-%(A%9B!B2-:D
=*J'29F!!<:2!.%/0!E%/!$+9:!A/%C/+(!4+9!)+92>!%=!92&ED+992/B*32!
+=>!2(A%42/(2=B!+AA/%+-:29F!!.2!>29*C=+B2>!B:/22!(+*=!B:2(29!
B%!:2&A!E+-*&*B+B2!B:2!2(A&%;(2=B!A/%C/+(h!&2+>2/9:*Ag
(+=+C2(2=B5!>*/2-B!4%/05!+=>!(+/02B*=Cg-%(('=*B;!2>'-+B*%=F!!

<:2!'=A/2-2>2=B2>!='()2/!%E!>*9A&+-2>!P+*B*+=9!:+9!



7=B2/=+B*%=+&!,%-*+&!.%/0!+=>!Z*9+9B2/!129A%=92!

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

A&+-2>!+!-%=9*>2/+)&2!)'/>2=!%=!B:2!+&/2+>;!42+0!*=E/+9B/'-B'/2!
%E!/%+>95!9:2&B2/95!(2>*-+&!E+-*&*B*295!+=>!9-:%%&9F!!8EB2/!(22B*=C!
4*B:!&%-+&!-%(('=*B*29e!&+4;2/9!+=>!A/%E299%/9!+=>!-%=>'-B*=C!
9*B2!3*9*B95!42!42/2!+)&2!B%!*>2=B*E;!+=>!A/*%/*B*@2!B:2!P+*B*!,B'>;!
<%'/e9!E'=>/+*9*=C!C%+&9F!!.2!-/2+B2>!E'=>/+*9*=C!C%+&9!B%!)'*&>!
&+B/*=295!)+B:*=C!E+-*&*B*295!+=>!2>'-+B*%=+&!+(2=*B*295!+9!42&&!+9!B%!
A/%3*>2!(%9J'*B%!=2B9!B%!:2&A!A/232=B!B:2!9A/2+>!%E!(+&+/*+F!%
!
B@$!D0'/'!.('/'0/';$!
!

SA%=!B:2!,B'>;!<%'/e9!/2B'/=!B%!W24!d%/0!$*B;5!42!:+>!
B:2!%AA%/B'=*B;!B%!)/*=C!=24!0=%4&2>C2!+=>!*>2+9!/2C+/>*=C!
C&%)+&!>*9+9B2/!/2&*2E!*=B%!%'/!-&+99/%%(9!+=>!E*2&>!A&+-2(2=B9F!!
89!+!/29'&B!%E!B:2!B/*A5!42!42/2!+)&2!B%!*=B2C/+B2!B:2%/;!+=>!A/+-D
B*-25!+9!42&&!+9!9B/2=CB:2=!%'/!90*&&9!*=!*=B2/=+B*%=+&!>232&%A(2=B!
+=>!9%-*+&!4%/0F!!$%&'()*+!S=*32/9*B;!,-:%%&!%E!,%-*+&!.%/0!
:2&>!+!P+*B*!E%/'(!2=B*B&2>!X12)'*&>5!12=24!+=>!129B%/2h!8!1*3D
2B*=C!Z*+&%C'2!%=!P+*B*e9!j'B'/2FY!!<:2!E%/'(!-%=9*9B2>!%E!A+=2&D
*9B9!E/%(!B:2!,-:%%&!%E!,%-*+&!.%/05!B:2!,-:%%&!%E!7=B2/=+B*%=+&!
]')&*-!8EE+*/95!+=>!$%&'()*+!S=*32/9*B;!R/+>'+B2!,-:%%&!%E!
i%'/=+&*9(F!!<:2!A+=2&*9B9!42/2!+)&2!B%!9:+/2!B:2*/!E*/9BD:+=>!2?D
A2/*2=-29!*=!+99*9B*=C!*=!>*9+9B2/D/2&+B2>!2EE%/B9F!!<%C2B:2/5!42!
A/%(%B2>!+4+/2=299!+=>!*=-/2+92>!2>'-+B*%=!+(%=C!%B:2/!C/+>'D
+B2!9B'>2=B9!+=>!(2B!%'/!E'=>/+*9*=C!C%+&9!B%!:2&A!/2)'*&>!B:2!-*B;!
%E!i+-(2&F!!

7=9A*/2>!);!*=B2/=+B*%=+&!WRI9!+=>!B:2!/29*&*2=B!P+*B*+=!
-%(('=*B;5!7!A+/B=2/2>!4*B:!B:2!P+*B*!,B'>;!<%'/e9!B2+(!&2+>2/!
Q+/+!^*C:B)'/=!B%!E'/B:2/!+>>/299!B:2!=22>9!%E!B:2!P+*B*+=!-%(D
('=*B;!);!A/%3*>*=C!>*9+9B2/D/2&+B2>!92/3*-29F!!<%C2B:2/5!42!-/2D
+B2>!<:2!P+*B*!7=*B*+B*32!K<P7O5!4:*-:!)'*&B!+!=2B4%/0!%E!+C2=-*295!
*=9B*B'B*%=95!-%(('=*B*29!+=>!*=>*3*>'+&9!>29*C=2>!B%!9'AA%/B!
2+-:!%B:2/!*=!>*9+9B2/!/2&*2E!2EE%/B9F!!a+92>!%=!B:2!8992B!a+92>!
$%(('=*B;!Z232&%A(2=B!K8a$ZO!+AA/%+-:!-%DE%'=>2>!);!i%:=!
^F!_-Q=*C:B!+=>!i%:=!]F!Q/2B@(+==!E%/!B:2!I)+(+!]/29*>2=B*+&!
$+(A+*C=5!42!B+*&%/2>!B:2!<P7!(%>2&!B%!(%/2!9A2-*E*-+&&;!(22B!
B:2!=22>9!%E!>*9+9B2/!/29A%=92!2EE%/B9!*=!P+*B*F!

S&B*(+B2&;5!<P7!*>2=B*E*29!+=>!'929!*=>*3*>'+&!+=>!-%(D
('=*B;!9B/2=CB:9!);!*=329B*=C!*=!:'(+=!-+A*B+&F!!I'/!A/+-B*-29!+/2!



<+')(+=!+=>!.2*9@!

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

>29*C=2>!'9*=C!+!:'(+=*9B*-!+AA/%+-:!B:+B!*(A&2(2=B9!2(A%42/D
(2=B!+=>!92&ED+992/B*32!A2/9A2-B*329F!!.2!+*(!B%!-/2+B2!=2B4%/09!
%E!9'AA%/B!B:/%'C:!+=!*=B2/&*=02>!-%(A/2:2=9*32!9B/'-B'/2!+=>!
9;9B2(!);!9B/2=CB:2=*=C!-%(('=*B;!B*29F!!<P7!2=-%'/+C29!+=>!
A/%3*>29!B:2!-+A+-*B;!E%/!B:2!-%(('=*B;!B%!>232&%A!%4=2/9:*A!%E!
B:2*/!>*/2-B*%=!+=>!+-:*232!&%=CDB2/(!*=>2A2=>2=-2F!!,*(*&+/!B%!
B:2!9B/'-B'/2!%E!B:2!QIW]8d!4%/0!E%/!-+9:!A/%C/+(5!<:2!P+*B*!
7=*B*+B*32!+*(9!B%!29B+)&*9:!/2&*2E!2EE%/B9!B:/%'C:!-%(('=*B;!2(D
A%42/(2=B!9%!*=>*3*>'+&9!:+32!+=!%AA%/B'=*B;!B%!B+02!&%-+&!%4=D
2/9:*A!*=!>232&%A(2=B!2EE%/B9!/+B:2/!B:+=!/2(+*=!A+99*32!-%=9'(D
2/9!%E!*=B2/=+B*%=+&!+*>F!
!

)*(+1<,'*(!
!

.2!)2&*232!B:+B!-%(('=*B;!(%)*&*@+B*%=!+=>!9B/2=CB:2=D
*=C!B:2!-+A+-*B;!%E!2?*9B*=C!/29%'/-29!*=!P+*B*!B%!-%=>'-B!9%-*+&!
*=B2/32=B*%=9!/2(+*=9!+=!*((2>*+B2!+=>!A/299*=C!=22>F!!]%%/!C%3D
2/=(2=B!*=E/+9B/'-B'/2!+=>!2-%=%(*-!*=9B+)*&*B;!*=!+EE2-B2>!>*9+9D
B2/!-%(('=*B*29!:*C:&*C:B!B:2!'/C2=-;!B%!29B+)&*9:!/2&*2E!2EE%/B9!
B:+B!+/2!>29*C=2>!B%!:2&A!3'&=2/+)&2!A%A'&+B*%=9!>232&%A!+=>!)2D
-%(2!92&ED9'9B+*=2>F!!89!*=B2/=+B*%=+&!+*>!E%-'929!%=!9'AA&;*=C!
>*9A&+-2>!-+(A9!4*B:!2992=B*+&!&*E2&*=2!/29%'/-295!B:2*/!+AA/%+-:!
9B*&&!/+*929!A/%3%-+B*32!J'29B*%=9F!!j%/!2?+(A&25!4:+B!A/2-+'B*%=9!
+/2!*(A&2(2=B2>!B%!-%=B/%&!B:2!*=-/2+9*=C!='()2/9!%E!/+A2!+=>!
-/*(2!3*-B*(9l!!

.:*&2!*B!*9!A%99*)&2!B%!-%(A&2B2&;!/2A+*/!>+(+C2>!+=>!>2D
9B/%;2>!*=E/+9B/'-B'/2!%32/!B:2!=2+/!E'B'/25!*B!*9!*(A2/+B*32!B%!+>D
>/299!B:2!A9;-:%9%-*+&!*(A+-B!%=!P+*B*+=9!+9!42&&F!!7B!*9!%'/!(*9D
9*%=5!+9!9%-*+&!4%/0!9B'>2=B9!+=>!+9!E'B'/2!9%-*+&!4%/0!A/%E299*%=D
+&95!B%!A/%(%B2!+4+/2=299!%E!B:2!9*B'+B*%=!*=!P+*B*F!!.2!('9B!
:*C:&*C:B!B:2!*(A%/B+=-2!%E!2+/&;!/2-%32/;!+-B*%=5!B:2!9B+)*&*@+B*%=!
%E!B:2!9*B'+B*%=5!+=>!B:2!A/232=B*%=!%E!E'/B:2/!>2B2/*%/+B*%=F!
! Z*9+9B2/9!4*&&!:+AA2=F!!<%!&2992=!B:2*/!*(A+-B9!*=!B:2!E'D
B'/25!3'&=2/+)&2!-%(('=*B*29!=22>!B%!9B/2=CB:2=!B:2*/!/29*&*2=-;!
+9!42&&!+9!C+*=!+4+/2=299!%E!A%B2=B*+&!/*90!E+-B%/9!B:+B!-%'&>!*(D
A2>2!B:2*/!J'+&*B;!%E!&*E2!*=!B:2!232=B!%E!+!>*9+9B2/F!!Z+(+C2>!
:%'9*=C!+=>!*=E/+9B/'-B'/2!=22>!B%!)2!/2)'*&B!+=>!(+>2!(%/2!/2D
9*9B+=B!B%!2=3*/%=(2=B+&!B:/2+B9F!!Z*9+9B2/9!+/2!*=-%(2D=2'B/+&!+=>!



7=B2/=+B*%=+&!,%-*+&!.%/0!+=>!Z*9+9B2/!129A%=92!

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

-%&%/!)&*=>5!;2B!B:2*/!*(A+-B9!+/2!=%B!K$'BB2/5!LMMTOF!!1292+/-:!%=!
B:2!LMMN!7=>*+=!I-2+=!B9'=+(*5!B:2!LMMT!P'//*-+=2!Q+B/*=+!*=!B:2!
S=*B2>!,B+B295!+=>!B:2!LMUM!2+/B:J'+02!*=!P+*B*!>2(%=9B/+B295!
%=-2!+C+*=5!B:+B!*(A%32/*9:2>!-%(('=*B*29!9'EE2/!C/2+B&;!E/%(!
-+B+9B/%A:29!B:+B!/29'&B!E/%(!=+B'/+&!>*9+9B2/95!+9!B:*9!A%A'&+B*%=!
%EB2=!&*329!+=>!4%/09!*=!:*C:&;!3'&=2/+)&2!&%-+B*%=9F!
!

7$-$%$(+$,!
!

899%-*+B2>!]/299F!KLMMT5!8A/*&!UMOF!LMMN!>2+>&*29B!J'+02!;2+/!E*32!
-2=B'/*29F!12B/*232>!E/%(!:BBAhgg444F(9=)-F(9=F-%(g
*>g[\NH##Tg!

<:2!a+B2;2!12&*2E!8&&*+=-2F!KLMUUOF!12B/*232>!E/%(!:BBAhgg
444F)+B2;/2&*2EF%/Cg4%/0gA/%G2-B9gB:2D)+B2;9g!

$2=B/+&!7=B2&&*C2=-2!8C2=-;F!KLMUUOF%<"#%52./)%8-1':22>F!12D
B/*232>!E/%(!:BBA9hgg444F-*+FC%3g&*)/+/;gA')&*-+B*%=9g!
B:2D4%/&>DE+-B)%%0gC2%9g:+F:B(&m!

$'BB2/5!,F!^F!KLMMTOF!<:2!C2%C/+A:;!%E!9%-*+&!3'&=2/+)*&*B;h!1+-25!
-&+995!+=>!-+B+9B/%A:2F!12B/*232>!E/%(!:BBAhgg4+9*9F%'F2>'g
>%-9g$'BB2nLMMTFA>E!

R/%2=5!iF!8F5!`!]%&*30+5!8F!fF!KLMMHOF!P'//*-+=2!Q+B/*=+!23+-'D
229h!4:%!B:2;!+/25!4:2/2!B:2;!+/25!+=>!:%4!B:2;!+/2!E+/D
*=CF!A2$'"/*%B-:2.%C#7+#55!DED5!"LoTUF!

P+*B*+=!-:*&>/2=!*=!Z%(*=*-+=!12A')&*-5!B:2!E*C:B!E%/!+=!*>2=B*B;F!
KLMMH5!j2)/'+/;!UOF!F$'.#1(/'(.-&5%F)(1-.#&%)-.%G62.9
'($+)-)#&F!12B/*232>!E/%(!:BBAhgg444F2=B/2-'&B'/+9F%/Cg
=%B*-*+9g=249gP+B*+=n-:*&>/2=n*=nZ%(*=*-+=n12A')&*-!
nB:2nE*C:BnE%/n+=n*>2=B*B;!!

P+(*&B%=5!aF!fF5!,'BB%=5!]F!ZF5!_+B:2495!<F5!_+/B*=5!iF!8F5!`!
62=B'/+5!,F!iF!KLMM\OF!<:2!2EE2-B!%E!P'//*-+=2!Q+B/*=+h!
a*/B:9!*=!B:2!SF,F!C'&E!-%+9B!/2C*%=5!)2E%/2!+=>!+EB2/!B:2!
9B%/(F!H-'+2$-/%I+'-/%J'-'+&'+1&%C#62.'&5!KLKLO5!Uo"LF!

P%&&*E*2&>5!_F5!P24+C25!$F5!R'=+4+/>2=+5!$F!WF5!Q%>*B'4+00'5!
]F5!`!.22/+/+B:=2C25!QF!KLMMHOF!,;(AB%(9!+=>!-%A*=C!*=!
,/*!^+=0+!LMoLU!(%=B:9!+EB2/!B:2!LMMN!B9'=+(*F!<"#%M.+'9
+&"%N2(.$-/%28%O&*1"+-'.*5!DPQ5!"\oNNF!

_*&&95!_F!8F5!f>(%=9%=5!ZF5!`!]+/05!$F!^F!KLMM#OF!</+'(+!+=>!
9B/299!/29A%=92!+(%=C!P'//*-+=2!Q+B/*=+!23+-'229F!



<+')(+=!+=>!.2*9@!

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

R4#.+1-$%N2(.$-/%28%O(:/+1%S#-/'"5!PTK,UO5!UU[oUL"F!
_%//*992;5!,F!KLMUM5!i+='+/;!LLOF!SF,F!$%+9B!R'+/>!*=!P+*B*h!j*/9B!

129A%=>2/9!o*=!E%/!B:2!&%=C!:+'&F!<?AF;!12B/*232>!E/%(!
:BBAhgg444FB*(2F-%(gB*(2g9A2-*+&9gA+-0+C29g+/B*-&2g!
M5LHHMN5U\T""#\nU\T"N\NnU\T[M"N5MMF:B(&!

W+G+/*+=5!^F!_F5!R%2=G*+=5!8F!QF5!]2&-%3*B@5!ZF5!_+=>2&5!jF5!`!
W+G+/*+=5!aF!KLMMUOF!<:2!2EE2-B!%E!/2&%-+B*%=!+EB2/!+!=+B'/+&!
>*9+9B2/F!N2(.$-/%28%<.-(4-'+1%J'.#&&5!DUK"O5!TUUoTL[F!

I&92=5!,F!aF5!_+B'9@290*5!.F5!]+>(+5!<F!6F5!`!.*-0/2(2/+B=25!
PF!_F!KLMMTOF!12)'*&>*=C!+EB2/!B:2!<9'=+(*h!R2BB*=C!*B!
/*C:BF!RAM?GV%R%N2(.$-/%28%'"#%S(4-$%F$7+.2$4#$'5!EU
KHO5![UUo[UNF!

]%/B2/5!_F5!`!P+9&+(5!WF!KLMMTOF!]/2>*9A&+-2(2=B!+=>!A%9B>*9D
A&+-2(2=B!E+-B%/9!+99%-*+B2>!4*B:!(2=B+&!:2+&B:!%E!/2E'D
C229!+=>!*=B2/=+&&;!>*9A&+-2>!A2/9%=9h!8!(2B+D+=+&;9*9F!
N2(.$-/%28%'"#%R4#.+1-$%A#)+1-/%R&&21+-'+2$5!QPUKTO5!
[MLo[ULF! !

,+99*5!iF!KLMUM5!8A/*&!U\OF!R,,!A/%E299%/e9!9B'>;!B%'/!C*329!9B'D
>2=B9!%=D9*B2!>*9+9B2/D+*>!2?A2/*2=-2F!12B/*232>!E/%(!
:BBAhgg444FE%/>:+(F2>'g-+(A'9n/29%'/-29g2=249/%%(!
g*=9*>2E%/>:+(!g+A/*&nU\nLMUMg*=nE%-'9nE+-'&B;n+=>g
C99nA/%E299%/9n9B'>;n#TUMNF+9A!

,*&%325!ZF5!`!b4*5!8F!aF!KLMMTOF!</+=9&+B*=C!-%(A+99*%=!*=B%!
A9;-:%9%-*+&!+*>!+EB2/!B:2!B9'=+(*F!<"#%B-$1#'5!EWK5!L[\o
L#UF!

SW7$fj!KLMUM+5!j2)/'+/;!ULO!,*B'+B*%=!SA>+B25!SW7$fj!
_%=B:&;!,*B'+B*%=!12A%/Bh$:*&>/2=!*=!P+*B*!I=2!_%=B:!
8EB2/F! ! ! ! ! !

SW7$fj!KLMUM)5!_+/-:!UMO!S=*B2>!E%/!$:*&>/2=5!SW7$fj!f(2/D
C2=-;!129A%=92!SA>+B2h!SW7$fj!*=!P+*B*h!LUDLH!j2)/'D
+/;!LMUMF!

6+=1%%;2=5!_F5!`!^2+=*=C5!iF!KLMMTOF!8EB2/!B:2!B9'=+(*!D!j+-*=C!
B:2!A')&*-!:2+&B:!-:+&&2=C29F!<"#%H#5%F$,/-$)%N2(.$-/%28%
A#)+1+$#5!EKQ5!N"ToN"HF!

!
!
!
!