!

!

"#$%&'&(! )(! *+),(! -$./)%$0/! /12/&+*/)%/+! '! 3$/! %()%'4! -'./)4!

/12/&+*/)%(&(*5! 6+),(! '! 2&'-/%'! 0/7! )'! 0+(! /*! 3$/! 2$0/44/! 0+42'&! 0/! *+*!

2&82&+'7!+*/0+(%(*/)%/!+)%/&.+&!)(!2'9:%+;(5"!?!

(5@7! A!'! 4/%$(B/)C&+'!D9(%E'7!)$*(!0/! 4$(4! ;(&%(4!F!(! ;(&%(!GHH7! /)0/&/I(0(!('4!

2(&/)%/4!/!(*+B'4!0/!J+')!0/!K+&(;$4(5!

#! +)%/&/44/! 0/! D9(%E'! 2/9'4! (44$)%'4! 2'9:%+;'4! 0/;'&&+(7! /*! 2(&%/7! 0/!

;+&;$)4%L);+(4!0/!4$(!.+0(M!*(4!/&(!%(*NA*!$*(!(%+%$0/!;'*2&//)4:./9!)$*!B&/B'!

0/!4/$!%/*2'5!6'0(!(!.+0(!;$9%$&(9!0(!O&A;+(!()%+B(!0/4/).'9./$P4/!/4%&/+%(*/)%/7!

.+);$9(0(! ('4! (;')%/;+*/)%'4!0(! ;+0(0/PQ4%(0'7! (! !"#$%&'Q44(! .+);$9(IE'! &/4$9%(.(!

R$)0(*/)%(9*/)%/! 0(! '&B()+S(IE'! 2'9:%+;(7! ;')4%+%$:0(! 2'&! $*(! ;')4%/9(IE'! 0/!

;+0(0/4PQ4%(0'4!R'&%/*/)%/!;+'4(4!0/!4$(4!2/;$9+(&+0(0/47!0/!4$(4!%&(0+IT/47!0/!4/$4!

0/$4/4!/!,/&8+45!U!2&82&+(!0+*/)4E'!0(!;+0(0/PQ4%(0'! +*2$),(7!0/!4(:0(7!B&()0/!

4'9+0(&+/0(0/! /)%&/! 4/$4! ,(N+%()%/47! R(;+9+%()0'! (! (IE'! ;'/&;+%+.(! 0'4! 2(0&T/4! 0/!

;')0$%(M!('!*/4*'!%/*2'7!2&'2+;+(.(!V!!"#$%''!0/4/).'9.+*/)%'!0/!$*(!R+4+')'*+(!

2(&%+;$9(&7! +);')R$)0:./97! 3$/! /&(! '! '&B$9,'! /! '! 2(%&+*W)+'! ;'*$*! 0/! 4/$4!

;+0(0E'45!#!R/)W*/)'!B/'B&CR+;'!/!'!2'9:%+;'!(44';+(.(*P4/!0/!%(9!*'0'!3$/7!)(!

9:)B$(!B&/B(7!!"#$%'/&(7!('!*/4*'!%/*2'7!$*(!/12&/44E'!B/'B&CR+;(!/!$*(!/12&/44E'!

2'9:%+;(7! 0/4+B)()0'! %()%'! '! 9$B(&! 0(! ;+0(0/! 3$()%'! (! 2'2$9(IE'! 4$N*/%+0(! V!

*/4*(! 4'N/&()+(5! @'*2&//)0/P4/7! (44+*7! 2'&! 3$/! $*! B&/B'! ()%+B'! 2/)4(.(! (! 4+!

*/4*'!()%/4!0/!%$0'!;'*'!$*!;+0(0E'!'$!;'*'!$*!"()+*(9!2'9:%+;'"5!

Q44(!9+B(IE'!/4%&/+%(!/)%&/!'!,'*/*!B&/B'!/!(!!"#$%'%&()42(&/;/!)(!.+0(!/!)'!

2/)4(*/)%'!0'4!R+984'R'45!XC!6(9/4!0/!Y+9/%'!Z4A;$9'!GH!(5@[7!4/B$)0'!'!,+4%'&+(0'&!

Coleo "Os Pensadores". Introduo ao volume "Plato". So Paulo, Nova Cultural, 1991.

\/&80'%'7! %/&+(! 0/4/*2/),(0'! +*2'&%()%/! 2(2/9! )(! 2'9:%+;(! 0/! 4/$! %/*2'7!

%/)%()0'!+)0$S+&!'4!B&/B'4!0(!XW)+(!(!4/!$)+&/*!)$*(!R/0/&(IE'!/7!(44+*7!2'0/&/*!

'R/&/;/&! &/4+4%]);+(! V! (*/(I(! 2/&4(! 3$/! /)%E'! 4/! ;')R+B$&(.(5!J/44/!*'0'7! ;'*!

6(9/4! F! 3$/! (! %&(0+IE'! ;')4+0/&(! '! 2')%'! +)+;+(9! 0(! +)./4%+B(IE'! ;+/)%:R+;'P

R+9'48R+;(!';+0/)%(9!F!%/&+(!;'*/I(0'!%(*NA*!(!9+),(B/*!0'4!R+984'R'4P2'9:%+;'4!/!

0'4! R+984'R'4P9/B+49(0'&/47! ;$-(! .+0(! /! ;$-(! 'N&(! 0/4/).'9./&(*P4/! /*! :)%+*(!

;')/1E'!;'*!'4!0/4%+)'4!0(!!"#$%&'^'!2&82&+'!.';(N$9C&+'!0'4!2&+*/+&'4!R+984'R'4!

*()+R/4%(P4/! /44(! ;')/1E'_! *$+%(4! 0(4! 2(9(.&(4! 3$/! /*2&/B(*! 4$B/&/*!

/12/&+]);+(4! 0/! ;$),'! '&+B+)(&+(*/)%/! 4';+(97! B/)/&(9+S(0(4! 2(&(! /129+;(&! (!

'&B()+S(IE'! 0'! ;'4*'5! D'&! '$%&'! 9(0'7! (! /4%&$%$&(! 2'9:%+;(! R'&)/;/! ('! 2/)4(0'&!

/43$/*(4! +)%/&2&/%(%+.'4_! (! !"#$%'*')C&3$+;(! ;'&&/42')0/! $*(! +)%/&2&/%(IE'! 0'!

2&';/44'!;'4*'BW)+;'!/)%/)0+0'!;'*'!'!0/40'N&(*/)%'!'$!(! %&()4R'&*(IE'!0/!

$*!`)+;'!2&+);:2+'!()*+,-./'%(9!;'*'!(2(&/;/!)(4!2&+*/+&(4!;'4*'B')+(4!R+9'48R+;(45!

@'*!'! %/*2'7!/44/4!/43$/*(4! +)%/&2&/%(%+.'4!.E'7!2'&A*7!4/!(9%/&()0'7!/*!2(&%/!

2/9(!0+)L*+;(!+)/&/)%/!('!2/)4(*/)%'!R+9'48R+;'7!/*!2(&%/!;'*'!&/R9/1'!0(4!)'.(4!

R'&*(4! 0/! .+0(! 2'9:%+;(5! U! +)4%($&(IE'! 0'! &/B+*/! 0/*';&C%+;'! /*! U%/)(4! /! /*!

'$%&(4! ;+0(0/4! 4$4;+%(! )'.'4! %/*(4! 2(&(! (! +)./4%+B(IE'! /! 4$B/&/! )'.'4! 3$(0&'4!

/129+;(%+.'4_! '! R+984'R'! Q*2A0';9/4! 0/! UB&+B/)%'! F! 9:0/&! 0/*';&C%+;'! /*! 4$(!

;+0(0/!F!;');/N/!(!'&B()+S(IE'!0'!$)+./&4'!;'*'!&/4$9%()%/!0'!-'B'!0/!*`9%+29(4!

"&(:S/4"!&/B+0(4!2/9(!$%"0"1$)'Z+B$(90(0/!2/&()%/!(!9/+[5!U'!*')+4*'!;'&2'&(9+4%(!0'4!

2&+*/+&'4!2/)4(0'&/4!2'0/!/)%E'!4$;/0/&!'!29$&(9+4*'_!'!;'4*'!A!;'*2&//)0+0'!V!

+*(B/*!0(!29$&(9+0(0/!0/!2'0/&/4!0(!!"#$%'0/*';&C%+;(5!

!

"#!$%%&'()*+#,!-.&'!/&0&!#!/#)#12#3!

!

Q)%&/!?ab!/!?=b!(5@7!U%/)(47!4'N!'!B'./&)'!0/!DA&+;9/47!(%+)B+$!'!(2'B/$!0/!

4$(! .+0(! 2'9:%+;(! /! ;$9%$&(97! %'&)()0'P4/! (! ;+0(0/PQ4%(0'! *(+4! 2&'/*+)/)%/! 0(!

O&A;+(5! Q44(! 4+%$(IE'! R'&(! ;')3$+4%(0(! 4'N&/%$0'! 0/2'+4! 0(4! B$/&&(4! *A0+;(47!

3$()0'!U%/)(4!9+0/&'$!(!0/R/4(!0'!*$)0'!B&/B'!/!0/&&'%'$!'4!2/&4(45!c+N/&%()0'!

(4! ;+0(0/4! B&/B(4! 0(! d4+(! Y/)'&! /! (2'+()0'P4/! 4'N&/! 2'0/&'4(! ;')R/0/&(IE'!

*(&:%+*(7!U%/)(4!%/./!4/$!2&/4%:B+'!($*/)%(0'M!/)3$()%'!/12()0+(!/!R'&%(9/;+(!4/$!

+*2/&+(9+4*'7!+)%/&)(*/)%/!(2&+*'&(.(!(!/12/&+]);+(!0/*';&C%+;(7!+)4%($&(0(!0/40/!

>be!(5@5!2/9(!&/.'9%(!2'2$9(&!;,/R+(0(!2'&!@9:4%/P)/45!D/9(!2&+*/+&(!./S!)(!,+4%8&+(7!

'! B'./&)'! 2(44(&(! (! 4/&! /1/&;+0'! 2/9'! 2'.'7! 3$/7! 0+&/%(*/)%/7! )(! U44/*N9A+(!

(233#-%$)./' 50/;+0+(! '4! 0/4%+)'4! 0(! !"#$%&'Y(47! )(! ./&0(0/7! (! 0/*';&(;+(! (%/)+/)4/!

(2&/4/)%(.(!4A&+(4!9+*+%(IT/45!Q*!2&+*/+&'!9$B(&7!)/*!%'0'4!2'0+(*!2(&%+;+2(&!0'4!

0/N(%/4! 0(! U44/*N9A+(_! (2/)(4! '4! 3$/! 2'44$:(*! 0+&/+%'4! 0/! ;+0(0()+(5! Q44(!

0+4;&+*+)(IE'!/1;9$:(!0(4!&/4'9$IT/4!2'9:%+;(4!(!*(+'&!2(&%/!0'4!,(N+%()%/4!0(!!"#$%4'

(4!*$9,/&/47!'4!/4%&()B/+&'47!'4!/4;&(.'45!Q*!;')4/3f]);+(7!;')4%+%$:(!$*(!*+)'&+(!

'!5-1"%'Z2'.'[!3$/!(44$*+&(!'!2'0/&!/*!U%/)(45!

U!0/*';&(;+(!(%/)+/)4/!/&(7!)(!./&0(0/7!$*(!R'&*(!(%/)$(0(!0/!'9+B(&3$+(!

ZB'./&)'! 0'4! "#67"$/' 0/! 2'$;'4[7! -C! 3$/! 4'*/)%/! (3$/9(! 2/3$/)(! 2(&;/9(! 0(!

2'2$9(IE'!F!'4!";+0(0E'4"!F!$4$R&$:(!0'4!2&+.+9AB+'4!0(!+B$(90(0/!2/&()%/!(!9/+!/!

0'! 0+&/+%'! 0/! R(9(&! )'4! 0/N(%/4! 0(! U44/*N9A+(! ($%-7"*$).&' U4! 0/;+4T/4! 2'9:%+;(4!

/4%(.(*7! 2'&A*7! )(! 0/2/)0]);+(! 0/! +)%/&R/&]);+(4! (+)0(! *(+4! &/4%&+%(47! 2'+4! )(!

2&82&+(! U44/*N9A+(! )/*! %'0'4! %+),(*! '4! */4*'4! &/;$&4'4! 0/! (%$(IE'5! c+0'! '!

&/9(%8&+'! 0'4! 2&'-/%'4! 9/.(0'4! V! '&0/*! 0'! 0+(7! '! (&($%'! 2&')$);+(.(! (! R8&*$9(!

%&(0+;+')(9_! "

#!;$+0(0'!0'4!0/*';&(%(4!/*! +*2/0+&!3$/!'!2'0/&! &/%'&)(44/!V4!*E'4!0(!

()%+B(! (&+4%';&(;+(! /! '$%&(! ./S! 4/! ;/)%&(9+S(44/7! &/(44$*+)0'! ;(&C%/&! .+%(9:;+'! /!

,/&/0+%C&+'7!(;(N(.(!2'&!/&+B+&!'N4%C;$9'4!V!2&82&+(!0/*';&(;+(5!U!2&/';$2(IE'!/*!

2&/4/&.(&! (! 2$&/S(! 0(4! +)4%+%$+IT/4! 0/*';&C%+;(47! 0/R/)0/)0'P(4! 0(4! R(;IT/4!

(0./&4C&+(4!F!0/&&'%(0(4!*(4!4/*2&/!(%$()%/4!/!2&')%(4!(!%/)%(&!&/;$2/&(&!()%+B'4!

2&+.+9AB+'4!F7! 9/.'$! '4! 0/*';&(%(4! (! /4%(N/9/;/&! +);9$4+./! $*(! 0$&(IE'! 9+*+%(0(!

2(&(!'!/1/&;:;+'!0(4!R$)IT/4!2`N9+;(45!D(&(!3$/!)/),$*!*(B+4%&(0'!4/!(;'4%$*(44/!

('!2'0/&!/!)/9/!3$+4/44/!4/!2/&2/%$(&7!(4!R$)IT/4!2`N9+;(4!0$&(.(*!(2/)(4!$*!()'5!

U9A*! 0+44'! (0'%'$P4/! (! %+&(B/*! 0/! 4'&%/! 2(&(! (! /4;'9,(! 0'4! ';$2()%/4! 0(3$/9(4!

R$)IT/47!;'*!/1;/IE'!0'4!;'*()0'4!*+9+%(&/47!0'4!';$2()%/4!0/!;(&B'4!R+)();/+&'4!

/!0'4!3$/!/1/&;+(*!;'*+44T/4!%A;)+;(4!3$/!/1+B+44/*!;'*2/%]);+(!/42/;+(95!@'*!'!

2&';/44'! 0/! %+&(B/*! 0/! 4'&%/!F! 3$/! 2(&/;/! /4%&(),'! /! +&&(;+')(9! V! */)%(9+0(0/!

(R/+%(!V!(0*+)+4%&(IE'!2`N9+;(!*'0/&)(!F!(!0/*';&(;+(!B&/B(!2&';$&(.(!0/R/)0/&P

4/! R+&*()0'! '! 2'0/&! )(4! *E'4! 0(! U44/*N9A+(! 0'4! ;+0(0E'45! 6(+4! /4;&`2$9'47!

2'&A*7! .+),(*! %'&)(&! (+)0(! *(+4! +)4%C./+4! /! R9$%$()%/4! (4! 0/;+4T/4! 2'9:%+;(45! #!

;'*2(&/;+*/)%'! V!U44/*N9A+(! /&(! R&/3f/)%/*/)%/! /4;(44'7! -C! 3$/7! /*! ;')0+IT/4!

)'&*(+47!*$+%'4!;+0(0E'4!2&/R/&+(*!';$2(&P4/!0/!4/$4!)/B8;+'4!2(&%+;$9(&/4M!'4!3$/!

;'*2(&/;+(*!('4!0/N(%/4!/4%(.(*!4$-/+%'4!V4!+)R9$]);+(4!0'4!'&(0'&/4!*(+4!,CN/+47!

3$/! R(S+(*! '4;+9(&! (4! 0/;+4T/4M! R+)(9*/)%/7! (! ;$&%(! 0$&(IE'! 0(4! R$)IT/4! 2`N9+;(4!

($*/)%(.(!*(+4! (+)0(! (! 0+R+;$90(0/! 0/! 4/! 0/4/).'9./&! $*(! 9+),(! 2'9:%+;(! /4%C./97!

;')%:)$(7!0$&(0'$&(5!

U4!0/R+;+]);+(4!0'! &/B+*/!0/*';&C%+;'!(%/)+/)4/! %'&)(&(*P4/!2(%/)%/4!2(&(!

(9B$)4! 2/)4(0'&/47! 3$/! 4/! /*2/),(&(*! /*! ;'&&+B+P9(45! K/! (! 9+N/&0(0/!

2&'2'&;+')(0(!('4!;+0(0E'4!/&(!$*!2(%&+*W)+'!;(&'!(!4/&!2&/4/&.(0'7!(!/4%(N+9+0(0/!

2'9:%+;(!/1/*29+R+;(0(!2'&!'$%&'4!2(:4/47!;'*'!'!QB+%'7!2(&/;+(!+)./-C./95!K/*!R(9(&!

3$/7! 0/)%&'! 0(! 2&82&+(! O&A;+(7! '! *+9+%(&+4*'! 0/! Q42(&%(! 4$B/&+(! $*(! 4'9$IE'!

2'9:%+;(!N(4/(0(!)'!4(;&+R:;+'!0(4!9+N/&0(0/4!+)0+.+0$(+4!/*!)'*/!0(!0+4;+29+)(!/!0(!

'&0/*!4';+(95!

U!;&:%+;(!V!0/*';&(;+(!(%/)+/)4/!/!(!2&';$&(!0/!4'9$IT/4!2'9:%+;(4!0'!*$)0'!

B&/B'! R'&(*! 2&/';$2(IT/4! ;/)%&(+4! 0(! .+0(! /! 0(! 'N&(! 0(3$/9/! 3$/! A! 2'&!*$+%'4!

;')4+0/&(0'!'!*(+'&!2/)4(0'&!0(!U)%+Bf+0(0/_!D9(%E'5!^/9/7!R+9'4'R+(!/!(IE'!2'9:%+;(!

/4%+./&(*!2/&*()/)%/*/)%/!+)%/&9+B(0(47!2'+4!(9+*/)%'$!4/*2&/!(!;').+;IE'!0/!3$/!

"555!'4!*(9/4!)E'!;/44(&E'!2(&(!'4!,$*()'4!()%/4!3$/!(!&(I(!0'4!2$&'4!/!($%])%+;'4!

R+984'R'4! ;,/B$/! ('! 2'0/&7! '$! ()%/4! 3$/! '4! ;,/R/4! 0(4! ;+0(0/47! 2'&! $*(! 0+.+)(!

B&(I(7!2'),(*P4/!(!R+9'4'R(&!./&0(0/+&(*/)%/"!(8)*9)':;;.&!

!

4562&!#!7+)8%87+#!&!#!/8)96+:#!

!

D9(%E'!)(4;/$!/*!U%/)(4!/*!?hePi!(5@5!/!*'&&/$!/*!=?ePi!(5@5!Q44(4!0(%(4!

4E'!N(4%()%/4!4+B)+R+;(%+.(4_!4/$!)(4;+*/)%'!';'&&/$!)'!()'!4/B$+)%/!('!0(!*'&%/!0/!

DA&+;9/4M! 4/$! R(9/;+*/)%'! 0/$P4/! 0/S! ()'4! ()%/4! 0(! N(%(9,(! 0/!

0/!%'0(4!(4!;'+4(4!F!/!;/&%(*/)%/!+)%/&2&/%()0'!0/!R'&*(!2(&;+(9!/!/*2'N&/;+0(!(!

%/4/! ,/&(;9:%+;(!F7! (R+&*(.(! (! +*2'44+N+9+0(0/! 0/! 3$(93$/&! ;'),/;+*/)%'! /4%C./95!

#4!0(0'4!0'4!4/)%+0'4!%/&+(*!.(9+0(0/! +)4%()%L)/(!/!R$B(S7!'!3$/!%'&)(.(! +)`%+9!/!

+9/B:%+*(! 3$(93$/&! (R+&*(%+.(! 4'N&/! (! &/(9+0(0/_! 3$()0'! 4/! %/)%(.(! /12&+*+&! (9B'7!

/4%/! -C!0/+1(&(!0/!4/&!'!3$/!2(&/;+(!)'!*'*/)%'!()%/&+'&5!^(!./&4E'!(2&/4/)%(0(!

2'&!@&C%+9'7!'!+);/44()%/!*'.+*/)%'!0(4!;'+4(4!%'&)(.(P4/!$*!/*2/;+9,'!V!;+]);+(!

/!V!(IE'7!3$/!)E'!2'0+(*!0+42/)4(&!N(4/4!/4%C./+45!l$4;()0'!-$4%(*/)%/!/4%(N/9/;/&!

/44/4! R$)0(*/)%'4! 4/B$&'4! 2(&(! '! ;'),/;+*/)%'! /! 2(&(! (! (IE'7! D9(%E'!

0/4/).'9./&C7! )(! R(4/! +)+;+(9! 0/! 4$(! R+9'4'R+(7! %/4/4! 3$/! %/)0/*! (! 4$4%/)%(&! (!

&/(9+0(0/! )'! +)%/*2'&(9! /! )'! /4%C%+;'5! K8! 2'4%/&+'&*/)%/! 4/$! 2/)4(*/)%'! +&C!

&/(N+9+%(&! /! &/(N4'&./&! '! *'.+*/)%'! /! (! %&()4R'&*(IE'7! %/)%()0'! /4%(N/9/;/&! (!

4:)%/4/!/)%&/!(!%&(0+IE'!/9/C%+;(!Z3$/!)/B(.(!(!&(;+')(9+0(0/!0/!3$(93$/&!*$0()I([!/!

(!,/&(;9:%+;(!Z3$/!(R+&*(.(!'!R9$1'!;')%:)$'!0/!%'0(4!(4!;'+4(4[5!

Y(4! '! B&()0/! (;')%/;+*/)%'! 0(! *';+0(0/! 0/! D9(%E'! R'+! '! /);')%&'! ;'*!

K8;&(%/45!^(! A2';(! 0(! '9+B(&3$+(! 0'4! 6&+)%(! Z/)%&/! '4! 3$(+4! /4%(.(*!@C&*+0/4! /!

@&:%+(4[7!'4!B'./&)()%/4!,(.+(*!%/)%(0'!R(S/&!0/!K8;&(%/4!;`*29+;/!)(!/1/;$IE'!0/!

c/')!0/!K(9(*+)(7!;$-'4!N/)4!0/4/-(.(*!;')R+4;(&5!K8;&(%/4!&/;$4'$P4/!(!2(&%+;+2(&!

0(!%&(*(!+)0+B)(!/7!/.+0/)%/*/)%/7!0/+1'$!0/!4/&!.+4%'!;'*!4+*2(%+(!2/9'4!%+&()'45!

Y(+4!%(&0/7!-C!&/+)4%($&(0'!'!&/B+*/!0/*';&C%+;'!/*!U%/)(47!K8;&(%/4!R'+!(;$4(0'!

0/! ;'&&'*2/&! (! -$./)%$0/7! 2'&! 0+R$)0+&! +0A+(4! ;')%&C&+(4! V! &/9+B+E'! %&(0+;+')(97! /!

;')0/)(0'!(!*'&&/&!N/N/)0'!;+;$%(5!

D9(%E'7! 3$/! 4/B$+&(! '4! 0/N(%/4! 0/! K8;&(%/4! /! 3$/! '! ;')4+0/&(.(!F! ;'*'!

/4;&/./&C!)'!

0+R:;+9!*/!2(&/;/$!(0*+)+4%&(&!'4!)/B8;+'4!0/!Q4%(0'"!(8)*9)':;;.&'Y(4!'!+*2(;%'!

;($4(0'! 2'&! K8;&(%/4! )'! 2/)4(*/)%'! /! )(! .+0(! 0/! D9(%E'! %/./! %(*NA*! '$%&(!

4+B)+R+;(0'7! /4%/! 0/! &/2/&;$44T/4! (+)0(! *(+4! 0$&(0'$&(4_! ;'*! K8;&(%/47! '! -'./*!

D9(%E'!2$0/&(!4/)%+&!(!)/;/44+0(0/!0/!R$)0(*/)%(&!3$(93$/&!(%+.+0(0/!/*!;');/+%'4!

;9(&'4! /! 4/B$&'45! D'&! +)%/&*A0+'! 0/! K8;&(%/4! /! 0/! 4$(! +);/44()%/! (IE'! ;'*'!

2/&3$+&+0'&! 0/! ;')4;+]);+(4! /! 0/! ;&:%+;'! 0/! +0A+(4! .(B(4! '$! 2&/;');/N+0(47! '!

2&+*(0'!0(!2'9:%+;(! %'&)(P4/7!2(&(!D9(%E'7!'!2&+*(0'!0(!./&0(0/7!0(!;+]);+(5!K/!'!

+)%/&/44/!0/!D9(%E'!R'+!+)+;+(9*/)%/!0+&+B+0'!2(&(!(!2'9:%+;(7!(%&(.A4!0(!+)R9$]);+(!0/!

K8;&(%/4! /9/! &/;'),/;/!3$/!'! +*2'&%()%/!)E'! /&(! R(S/&!2'9:%+;(7!3$(93$/&!2'9:%+;(7!

*(4! (!2'9:%+;(5! D'&! +44'! A! 3$/! -$4%(*/)%/! 4/! &/;$4(! (! 2(&%+;+2(&7! )(!*';+0(0/7! 0/!

(%+.+0(0/4! 2'9:%+;(4_! 2&+*/+&'! %/*! 0/! /);')%&(&! '4! R$)0(*/)%'4! %/8&+;'4! 0(! (IE'!

2'9:%+;(!F! /! 0/! %'0(! (IE'!F! 2(&(! '&+/)%CP9(! &/%(*/)%/5! U! R+9'4'R+(! 2(&(! D9(%E'!

&/2&/4/)%'$7!(44+*7!0/!+):;+'7!(!(IE'!/)%&(.(0(7!(!3$/!4/!&/)$);+(!(2/)(4!2(&(!2'0/&!

.+&!(!4/&!&/(9+S(0(!;'*!29/)+%$0/!0/!;')4;+]);+(5!

J/2'+4!0(!*'&%/!0/!K8;&(%/47!0+42/&4'!'!)`;9/'!3$/!4/!;')B&/B(&(!/*!%'&)'!

0'!*/4%&/7!D9(%E'!.+(-(5!G+4+%(!Y/B(&(7!')0/!Q$;9+0/47!3$/! %(*NA*!2/&%/);/&(! ('!

B&$2'!4';&C%+;'7!R$)0(&(!$*(!/4;'9(!R+9'48R+;(7!.+);$9()0'!4';&(%+4*'!/!/9/(%+4*'5!

G(+! ('! 4$9! 0(! H%C9+(! ZY(B)(!O&A;+([7! ')0/! ;').+./! ;'*!U&3$+%(4! 0/! 6(&/)%'5!#!

R(*'4'! *(%/*C%+;'! /! 2'9:%+;'! 2+%(B8&+;'! 0CP9,/! $*! /1/*29'! .+.'! 0/! 4CN+'P

B'./&)()%/7! 3$/! /9/! 0/2'+4! (2')%(&C7! )(! >-!?@#$A)/' ;'*'! 4'9$IE'! +0/(9! 2(&(! '4!

2&'N9/*(4! 2'9:%+;'45! ^(! K+;:9+(7! /*! K+&(;$4(7! ;')3$+4%(! (! (*+S(0/! /! (! +)%/+&(!

;')R+()I(!0/!J+')7!;$),(0'!0'!%+&()'!J+'):4+'5!Q44(!9+B(IE'!;'*!J+')!F!%(9./S!'!

*(+4! R'&%/! 9(I'! (R/%+.'! 0(! .+0(! 0/! D9(%E'! F! &/2&/4/)%(! %(*NA*! '! +):;+'! 0/!

&/+%/&(0(4!%/)%(%+.(4!2(&(!+)%/&R/&+&!)(!.+0(!2'9:%+;(!0/!K+&(;$4(5!D9(%E'!.+4+%(!(+)0(!'!

)'&%/!0(!dR&+;(7!*(4!0/!4$(!+0(!('!QB+%'!3$(4/!)(0(!4/!4(N/!;'*!4/B$&()I(5!@/&%'!A!

3$/7!/*!@+&/)/7!+)%/+&'$P4/!0(4!2/43$+4(4!*(%/*C%+;(4!0/4/).'9.+0(4!2'&!6/'0'&'7!

2(&%+;$9(&*/)%/! (4! &/R/&/)%/4! ('4! "+&&(;+')(+4"! ZB&()0/S(47! ;'*'! Gh7! ;$-'! .(9'&!

/1(%'! )E'! 4/! 2'0+(! 0/%/&*+)(&[5! #4! +&&(;+')(+4! *(%/*C%+;'4! +)42+&(&E'! .C&+(4!

0'$%&+)(4! 29(%W)+;(47! 2'+4! &/2&/4/)%(*! $*(! "-$4%(! */0+0("! 3$/! )/),$*(!

9+)B$(B/*!;')4/B$/!/1($&+&5!

^/44(!A2';(!D9(%E'!;'*2T/!4/$4!2&+*/+&'4!J+C9'B'47!B/&(9*/)%/!;,(*(0'4!

"0+C9'B'4! 4';&C%+;'4"7! 2'+4! %]*! /*! K8;&(%/4! (! 2/&4')(B/*! ;/)%&(95! Q)%&/! /44/4!

0+C9'B'4! /4%C! (!B!"#"7$)' 5-' CDA*)9-%/' 3$/! 2&/%/)0/! &/2&'0$S+&! (! 0/R/4(! R/+%(! 2/9'!

2&82&+'!K8;&(%/4!0+()%/!0(!U44/*N9A+(!3$/!'! -$9B'$!/!;')0/)'$5!D'&A*7!0/!;/&%(!

R'&*(7!'$%&'4!0+C9'B'4!0/44(!R(4/!;')4%+%$/*!%(*NA*!0/R/4(4!3$/!D9(%E'!R(S!0/!4/$!

*/4%&/7!*'4%&()0'! 3$/! )/*! /&(! :*2+'! )/*! 2/&./&%+(! '4! -'./)45!^/44(! ;(%/B'&+(!

2'0/*!4/&! +);9$:0'4!'!8*69"0/''!E)+,-%/''!E6%$%/''!8F*1$5-%'/!'!2,96G*"0&'J/)%&/!'4!

2&+*/+&'4!0+C9'B'4!4+%$(*P4/!(+)0(!'!H6!$)%'I-0"*'Z%(9./S!%(*NA*!'!H6!$)%'I)$"*./''!

J*"9F7"*)%/''!OD*7$)%'F!)'4!3$(+4!(2(&/;/*!'4!B&()0/4!4'R+4%(4!F!/!'!#"0&'k!2'44:./9!

3$/7!%(*NA*!)/44(!A2';(7!D9(%E'!%/),(!;'*/I(0'!(!/4;&/./&!(!>-!?@#$A)&'Q*!B/&(97!

'4! "0+C9'B'4! 4';&C%+;'4"! 0/4/).'9./*! 0+4;$44T/4! 4'N&/! A%+;(7! 2&';$&()0'! 0/R+)+&!

0/%/&*+)(0(! .+&%$0/! Z;'&(B/*7! E)+,-%K' 2+/0(0/7! 2,96G*"0K' (*+S(0/7! E6%$%K'

($%';')%&'9/7!8F*1$5-%.&'Y(4!4E'!0+C9'B'4!(2'&A%+;'47!'$!4/-(7!R(S/*!'!9/.()%(*/)%'!

0/! 0+R/&/)%/4! *'0'4! 0/! 4/! ;');/+%$(&! (3$/9(4! .+&%$0/47! 0/)$);+(*! (! R&(B+9+0(0/!

0/44(4!;');/+%$(IT/47!*(4!0/+1(*!(!3$/4%E'!(N/&%(7!+);');9$4(5!H44'!2'44+./9*/)%/!

/4%(&+(!&/9(;+')(0'!('!'N-/%+.'!0'!2&82&+'!K8;&(%/47!3$/!4/!2&/';$2(.(!()%/4!;'*!'!

0/4/);(0/(*/)%'! 0'! ;'),/;+*/)%'! 0/! 4+! */4*'! /! )E'! 2&'2&+(*/)%/! ;'*!

0/R+)+IT/4!0/!;');/+%'45!J/!3$(93$/&!*'0'7!(9B$*(4!%/4/4!4';&C%+;(4!NC4+;(4!2'0/*!

4/&!/);')%&(0(4!)/44/4!0+C9'B'47!;'*'!(!0(!+0/)%+R+;(IE'!0(!.+&%$0/!;'*!;/&%'!%+2'!

0/!;'),/;+*/)%'!/!(!0(!$)+0(0/!0/!%'0(4!(4!.+&%$0/45!#4!'$%&'4!0+C9'B'4!0/44(!R(4/!

*()+R/4%(*!0$(4!2&/';$2(IT/4!3$/!2/&*()/;/&E'!;')4%()%/4!)(!'N&(!29(%W)+;(_!'!

2&'N9/*(! 2'9:%+;'! Z;'*'! )'! 8F*1$5-%.' /! '! 0'! 2(2/9! 3$/! (! &/%8&+;(! 2'0/!

0/4/*2/),(&!)(!A%+;(!/!)(!/0$;(IE'!(LD*7$)%/'J*"9F7"*)%/''4!0'+4!H6!$)%.&!

!

!

!

$!$:#0&'+#!8.!;+2#:.%#3!

!

@/&;(!0/!=ei!(5@5!D9(%E'!R$)0(!/*!U%/)(4!(!U;(0/*+(7!4$(!2&82&+(!/4;'9(!0/!

+)./4%+B(IE'!;+/)%:R+;(!/!R+9'48R+;(5!#!(;')%/;+*/)%'!A!0(!*C1+*(!+*2'&%L);+(!2(&(!

(! ,+4%8&+(! 0'! 2/)4(*/)%'! ';+0/)%(95! D9(%E'! %'&)(P4/! '! 2&+*/+&'! 0+&+B/)%/! 0/! $*(!

+)4%+%$+IE'! 2/&*()/)%/7! .'9%(0(! 2(&(! (! 2/43$+4(! '&+B+)(9! /! ;');/N+0(! ;'*'!

;')-$B(IE'!0/!/4R'&I'4!0/!$*!B&$2'!3$/!.]!)'!;'),/;+*/)%'!(9B'!.+.'!/!0+)L*+;'!

/!)E'!$*!;'&2'!0/!0'$%&+)(4!(!4/&/*!4+*29/4*/)%/!&/4B$(&0(0(4!/!%&()4*+%+0(45!#!

3$/! 4/! 4(N/!0(4! (%+.+0(0/4!0(!U;(0/*+(7!N/*!;'*'!(!'N&(!/4;&+%(!0/!D9(%E'!/! (4!

)'%:;+(4! 4'N&/! 4/$! /)4+)(*/)%'! '&(97! %/4%/*$),(*! 4'N&/! /44(! ;');/2IE'! 0(!

(%+.+0(0/!+)%/9/;%$(9_!()%/4!0/!%$0'!N$4;(!(!+)3$+/%(IE'7!&/R'&*$9(IE'!2/&*()/)%/!/!

*$9%+29+;(IE'! 0(4! .+(4! 0/! (N'&0(B/*! 0'4! 2&'N9/*(47! (! R+9'4'R+(! 4/)0'!

R$)0(*/)%(9*/)%/!R+9'4'R(&!F!/4R'&I'!2(&(!2/)4(&!*(+4!2&'R$)0(!/!;9(&(*/)%/5!

^/44(!*/4*(!A2';(7!/*!U%/)(47!H48;&(%/4!0+&+B/!$*!'$%&'!/4%(N/9/;+*/)%'!

0/!/0$;(IE'!4$2/&+'&5!Y(4!H48;&(%/4!F!4/B$+)0'!(! 9+),(!0'4!4'R+4%(4!F!2&/%/)0/!

/0$;(&!'!(42+&()%/!V!.+0(!2`N9+;(7!0'%()0'P'!0/!&/;$&4'4!&/%8&+;'45!^(0(!0/!;+]);+(!

(N4%&(%(_! N(4%(.(! *$)+&! '! /0$;()0'! 0/! "2')%'4! 0/! .+4%("7! 3$/! /9/! 0/./&+(! 4(N/&!

0/R/)0/&!0/! R'&*(!2/&4$(4+.(5!^$*(!0/*';&(;+(!0+&+B+0(!0/! R(%'!2'&!'&(0'&/47!(!

+)4%+%$+IE'! 0/! H48;&(%/4! +)0+4;$%+./9*/)%/! 0/4/).'9./! $*(! /0$;(IE'! &/(9+4%(7!

(%/)0/)0'!V4!)/;/44+0(0/4!0'!*'*/)%'5!Y(4!A!'$%&(!(!2/&42/;%+.(!0(!U;(0/*+(5!

D(&(! D9(%E'! (! 2'9:%+;(! )E'! 4/! 9+*+%(! V! 2&C%+;(7! +)4/B$&(! /! ;+&;$)4%();+(95! J/./!

2&/44$2'&! (! +)./4%+B(IE'! 4+4%/*C%+;(! 0'4! R$)0(*/)%'4! 0(! ;')0$%(! ,$*()(! F!

;'*'! K8;&(%/4! /)4+)(&(5! D'&A*7! 4$(4! N(4/4! `9%+*(4! )E'! 4/! 9+*+%(&+(*! ('! 29()'!

24+;'98B+;'! /! A%+;'_! '4! R$)0(*/)%'4! 0(! (IE'! &/3$/&/*! $*(! /129+;(IE'! B9'N(9! 0(!

&/(9+0(0/7! )(! 3$(9! (3$/9(! ;')0$%(! 4/! 0/4/)&'9(5! J/2'+4! 0/! 4$(4! .+(B/)47! 3$()0'!

R&/3f/)%'$! ;/)%&'4! 2+%(B8&+;'4! 0/! 2/43$+4(! ;+/)%:R+;(7! D9(%E'! .+(! )(!*(%/*C%+;(! (!

2&'*/44(! 0/! $*! ;(*+),'! 3$/! $9%&(2(44(&+(! (4! (2'&+(4! 4';&C%+;(4!F! (4! 2/&B$)%(4!

3$/! K8;&(%/4! R(S+(7!*(4! (R+)(9! 0/+1(.(! 4/*! &/42'4%(!F! /! ;')0$S+&+(! V! ;/&%/S(5!U!

/0$;(IE'!0/./&+(7!/*!`9%+*(!+)4%L);+(7!N(4/(&P4/!)$*(!-!$%9-1-'Z;+]);+([!/!$9%&(2(44(&!

'!29()'!+)4%C./9!0(!'2+)+E'!(5"M).&'Q!(!2'9:%+;(!2'0/&+(!0/+1(&!0/!4/&!'!-'B'!R'&%$+%'!

0/! (IT/4! *'%+.(0(4! 2'&! +)%/&/44/4! )/*! 4/*2&/! ;9(&'4! /! R&/3f/)%/*/)%/! 2'$;'!

0+B)'47!2(&(!4/!%&()4R'&*(&!)$*(!(IE'!+9$*+)(0(!2/9(!./&0(0/!/!$*!B/4%'!;&+(0'&!

0/!,(&*')+(7!-$4%+I(!/!N/9/S(5!

J$&()%/!;/&;(!0/!.+)%/!()'47!D9(%E'!0/0+;(P4/!('!*(B+4%A&+'!/!V!;'*2'4+IE'!

0/! 4$(4! 'N&(45! K'N! R'&%/! +)R9$]);+(! 0'! 2+%(B'&+4*'7! /4;&/./! '4! "0+C9'B'4! 0/!

%&()4+IE'"7!3$/!-$4%(*/)%/!*(&;(*!F!4/B$)0'!*$+%'4!+)%A&2&/%/4!F!'!2&'B&/44+.'!

0/49+B(*/)%'! 0(4! 2'4+IT/4! '&+B+)(&+(*/)%/! 4';&C%+;(4! /! (! R'&*$9(IE'! 0/! $*(!

R+9'4'R+(! 2&82&+(7! (! 2(&%+&! 0(! )'.(! 4'9$IE'! 2(&(! '! 2&'N9/*(! 0'! ;'),/;+*/)%'7!

&/2&/4/)%(0(! 2/9(! 0'$%&+)(! 0(4! $5=$)%4' R'&*(4! +);'&28&/(4! /! %&()4;/)0/)%/4! 3$/!

4/&+(*!'4!*'0/9'4! 0'4! 'N-/%'4! 4/)4:./+45!Q44(4! )'.(4! R'&*$9(IT/4! (2(&/;/*! /*!

.C&+'4! 0+C9'B'4_!I=0"0/'

*$)0'! B&/B'7! )E'! A! 2'&! 4/$4! ;'4%$*/47! '! 9';(9! +)0+;(0'! 2(&(! D9(%E'! %/)%(&!

;');&/%+S(&!'!*'0/9'!2'9:%+;'!2&'2'4%'!)(!>-!?@#$A)'/!3$/!&/2&/4/)%(!$*!/4R'&I'!0/!

&(;+')(9+S(IE'! 0(4! R$)IT/4! 2`N9+;(4! /! 0(! /4%&$%$&(! 4';+(95! G'9%()0'! (! K+&(;$4(7! '!

'N-/%+.'!0/!D9(%E'!4/&+(!'$%&'7!N/*!*(+4!2&C%+;'!/!&/(9+4%(_!;'*!.+4E'!0/!./&0(0/+&'!

/4%(0+4%(7!2&/';$2(P'!'!;')-$)%'!0'!*$)0'!B&/B'5!K/$!+)%/)%'7!%$0'!9/.(!(!;&/&7!A!'!

0/!2&/2(&(&! '! -'./*! %+&()'!2(&(! &/R&/(&! '! (.()I'!0'4! ;(&%(B+)/4/4! /7! 4/! 2'44:./97!

/12$94CP9'4!0(!K+;:9+(7!')0/! -C!/4%E'! +)4%(9(0'45!K+&(;$4(!2'0/&+(! %&()4R'&*(&P4/!)'!

;/)%&'! 0/! R'&%/! *')(&3$+(! ;')4%+%$;+')(97! 3$/! (N(&;(&+(! '! ;')-$)%'! 0(4!

;'*$)+0(0/4! B&/B(4! 0'! '/4%/! 0(! K+;:9+(5! Q! '! *$)0'! B&/B'7! R'&%(9/;+0'! 2'&! /44(!

$)+E'7! 2'0/&+(! '2'&! &/4+4%]);+(! ('! /4%&()B/+&'! +).(4'&5! Y(4! (! *+44E'! 0/! D9(%E'!

R&(;(44(_!)E'!;')4/B$/!*$0(&!(4!0+42'4+IT/4!0/!J+'):4+'!HH5!U2/)(4!;')4/B$/!3$/!

/9/! 4/! 9+B$/7!/*!&/9(IT/4!0/!(*+S(0/7!(!U&3$+%(4!0/!6(&/)%'7!0()0'!$*!2(44'!/*!

0+&/IE'!('!+0/(9!2'9:%+;'!0/!$)+R+;(&!/44(!2(&%/!0'!*$)0'!,/9])+;'5!

Q44(! 4/B$)0(! %/)%(%+.(! 2'9:%+;(! *(9'B&(0(! 0/./! %/&! +)%/&&'*2+0'! (!

;'*2'4+IE'!0(!4A&+/!0/!0+C9'B'4!;')4%+%$:0(!2/9'!J)*1O0$5-%/'P--9-9"/'C"G$%9)'/!J"#69$A"&'

J+C9'B'4!0(!29/)(!*(%$&+0(0/!+)%/9/;%$(9!0/!D9(%E'7!)/9/4!(4!2&+*/+&(4!R'&*$9(IT/4!

0(!"0'$%&+)(!0(4!+0A+(4"!Z;'*'7!2'&!/1/*29'7!(2(&/;+(*!)'!

2'4+IE'!3$/!A!(:!(%&+N$:0(!('!4'R+4%(!D&'%CB'&(4!0/!UN0/&(!F!9/.(!V!&/(R+&*(IE'!0/!

3$/!'!;'),/;+*/)%'!./&0(0/+&'!)E'!2'0/!0+42/)4(&!(!R$)0(*/)%(IE'!)(4!$5=$)%4!

Q! A! /44/! *$)0'! 0/! /44]);+(4! /4%C./+4! /! 2/&/)/4! 3$/! '! 0+C9'B'! ;,(*(0'!

C"G$%9)'+)./4%+B(5!U'!/1(*+)(&!(4!N(4/4!0(!0+4%+)IE'!/)%&/!./&0(0/!/!/&&'7!(2&/4/)%(!

(B$0(!;&:%+;(!0(!(%+.+0(0/!0';/)%/!0'4!4'R+4%(47!(;$4(0'4!0/!;&+(&!/!0+R$)0+&!+*(B/)4!

R(94(47!4+*$9(;&'4!0(!./&0(0/!XC!'!J"#69$A"'&/%'*(!(! %/4/!0/!3$/!'! +0/(9!2(&(!(!!"#$%'

4/&+(! (! /1+4%]);+(! 0/! $*! &/+! R+984'R'7! 3$/! +);9$4+./! 2$0/44/! B'./&)(&! 4/*!

)/;/44+0(0/!0/!9/+45!

U!2&/';$2(IE'!2'9:%+;(!3$/!&/(2(&/;/!('! 9')B'!0'4!0+C9'B'4!;')%+)$(!(! %/&!

4/$!;')%&(2')%'!)'!;(*2'!2&C%+;'5!U%&(.A4!0(!8)*9)':;;'4(N/P4/!3$/!D9(%E'!.'9%(!

$*(! ./S! *(+4! (! K+&(;$4(7! 2&/44+')(0'! 2'&! J+')! /! 2'&! U&3$+%(4! /! (! ;').+%/! 0/!

J+'):4+'!HH7!3$/!4/!0/;9(&(!0+42'4%'!(!4/B$+&!4$(!'&+/)%(IE'!R+9'48R+;(5!U!/44(!(9%$&(!

J+')!,(.+(!4+0'!N()+0'!0/!K+&(;$4(!2/9'!%+&()'7!*(4!9')B/!0/!4$(!2C%&+(!;')%+)$(!(!

(9+*/)%(&!'!+0/(9!0/!&/R'&*(&!4$(!;+0(0/7!2(&(!)/9(!+)4%($&(&!$*!&/B+*/!3$/!(9+(44/7!

;'*'!2&/4;&/.+(!D9(%E'7!(!($%'&+0(0/!/!(!9+N/&0(0/5!

Q44(! )'.(! +);$&4E'! 0/! D9(%E'! (! K+&(;$4(! R'+! 0/;/2;+')()%/5! J+'):4+'! )E'!

;$*2&+$! )/),$*(! 0/! 4$(4! 2&'*/44(4_! )/*!*'0+R+;'$! 4$(! ;')0$%(! 2'9:%+;(7! )/*!

%&'$1/!0/!.'9%(!J+')7!)/*!4/!/)%&/B'$!('!/4%$0'!4A&+'!0(! R+9'4'R+(5!U2/4(&!0+44'!

3$+4! &/%/&! D9(%E'! /*! K+&(;$4(7! /! '! R+984'R'! 48! ;')4/B$/! (R+)(9! 4(+&! 0/! 9C! B&(I(4! V!

+)%/&R/&]);+(!0/!4/$4!(*+B'4!0/!6(&/)%'5!U'!&/B&/44(&7!D9(%E'!/);')%&(!J+')7!3$/!

2&/2(&(!$*(!/12/0+IE'!;')%&(!J+'):4+'5!U!/12/0+IE'!+)+;+(9*/)%/!%/*!]1+%'_!(R+)(9!

J+')!;')4/B$/!9+.&(&!4$(!;+0(0/!0(!%+&()+(!3$/!(!'2&+*/5!J+')7!/)%&/%()%'7!;'*/I(!

(!/);')%&(&!'2'4+IT/4!V4!&/R'&*(4!3$/!3$/&!+)%&'0$S+&!/7!/*!*/+'!V4!2/&%$&N(IT/4!

3$/!2(44(*!(!(B+%(&!(!.+0(!2'9:%+;(!0(!;+0(0/7!(;(N(!%&(:0'!2'&!4/$4!2&82&+'4!(*+B'4!

/! (44(44+)(0'5! Q! '! 3$/! A! 2+'&! 2(&(! D9(%E'_! '!*()0()%/! 0'! ;&+*/7! @(9+2'47! A! $*!

(%/)+/)4/!9+B(0'!V!U;(0/*+(!/!3$/!R'&(!;'*!J+')!2(&(!K+&(;$4(5!

D/&0+0'!'!(*+B'7!/);/&&(0(!(!(./)%$&(!2'9:%+;(!0/!K+&(;$4(7!&/4%(*!(!D9(%E'!

'4!0/N(%/4!0(!U;(0/*+(!/!(!/9(N'&(IE'!0/!4$(!'N&(!/4;&+%(5!m/4%(P9,/!'!2&+);+2(9_!'!

4/$!*$)0'!0/!+0A+(45!

Y()+R/4%()0'!$*(!.+0(!/42+&+%$(9! +)3$+/%(7!/*!&//9(N'&(IE'!2/&*()/)%/7!(4!

`9%+*(4!'N&(4!0/!D9(%E'!9/.()%(*!)'.'4!2&'N9/*(4!'$!&//1(*+)(*!'4!()%+B'4!4'N!

'$%&'4!L)B$9'45!U'!C"G$%9)'/!('!J"#69$A"'0/./&+(!4/B$+&P4/!'!-!?@#$A)'F7!+0/)%+R+;()0'P'!;'*!(!U%/)(4!2&AP,+4%8&+;(7!

3$/!%/&+(!4(9.'!'!*$)0'!*/0+%/&&L)/'!0(!+).(4E'!0'4!,(N+%()%/4!0/!U%9(45!

J(! R(4/! R+)(9! 0(! 'N&(! 0/! D9(%E'! A! (+)0(! '! 2/&*+%+&E'!%'&)(&P%/!;9(&(!(!;($4(7!3$/!(44+*!0/4;'N&+&C47!3$/!R(S!;'*!3$/!(!(9*(!

4/-(! +*'&%(95"! k! K8;&(%/4! 3$/*! R(9(! (! @/N/47! )'!

2'$;'! ()%/4! 0/! N/N/&! (! ;+;$%(7! (%&+N$+P9,/! /129+;+%(*/)%/! $*(! )'.(! 9+),(! 0/!

&/4'9$IE'! 0/! ()%+B'4! 2&'N9/*(4! R+9'48R+;'4! /! ;+/)%:R+;'4_! (! 0'$%&+)(! 0(4! +0A+(45!

D'$;'!()%/47!)'!*/4*'!0+C9'B'7!K8;&(%/4!0/;9(&(&(_!"555!Q+4!'!;(*+),'!3$/!4/B$+5!

@'9';'!/*!;(0(!;(4'!$*!2&+);:2+'7!(3$/9/!3$/! -$9B'!'!*(+4! 489+0'7!/! %$0'!'!3$/!

2(&/;/! /4%(&! /*! ;')4')L);+(! ;'*! /9/!F!3$/&! 4/! %&(%/! 0/! ;($4(4! '$! 0/! 3$(93$/&!

'$%&(!;'+4(!

F! (0*+%'! ;'*'! ./&0(0/+&'7! (0*+%+)0'! ;'*'! R(94'! '! 3$/! ;'*! /9/! )E'!

;');'&0("5!U3$/9(!(R+&*(IE'!0/!3$/!/1+4%/!$*!l/9'!/*!4+7!$*!l'*!/*!4+!'$!$*!

O&()0/!/*!4+!4$&B/7!0/)%&'!0'!0/4/).'9.+*/)%'!0(!R+9'4'R+(!29(%W)+;(7!-$4%(*/)%/!

)'! *'*/)%'! /*! 3$/! /4%(! F! 4/B$)0'! (! *(+'&+(! 0'4! +)%A&2&/%/4! F! ;'*/I(! (!

(44$*+&! R+4+')'*+(! 2&82&+(! /! 4/! 0+4%+)B$/! 0'! 4';&(%+4*'5! Q44(! 4/2(&(IE'! %/&+(!

';'&&+0'!)'!2')%'!/*!3$/!(!R'&*$9(IE'!0(!)'IE'!0/!$5=$)/';'*'!/44]);+(!/1+4%/)%/!

/*!4+!

F!+)0/2/)0/)%/!0(4!;'+4(4!/!0'!+)%/9/;%'!,$*()'!F7!&/2&/4/)%(!(!(0'IE'7!

2'&!D9(%E'7!0/!$*!*A%'0'!0/!2/43$+4(!0/!:)0'9/!*(%/*C%+;(5!@'9';(&!$*!2&+);:2+'!

/!(;/+%(&!;'*'!./&0(0/+&'!'!3$/!/4%C!/*!;')4')L);+(!;'*!/9/7!&/-/+%()0'!'!3$/!9,/!

/4%C! /*! 0/4(;'&0'! F! ;'*'! (R+&*(&(! K8;&(%/4! F! 4+B)+R+;(! 2/)4(&! ";'*'!

B/W*/%&("7!3$/!2&'2T/!,+28%/4/4!0(4!3$(+4!/1%&(+!(4! ;')4/3f]);+(4! 98B+;(45!Q!A!'!

3$/! D9(%E'! 2&'2T/! (%&(.A4! 0(! N';(! 0/! K8;&(%/4_! &/*')%(&! 0'! ;')0+;+')(0'! Z'4!

2&'N9/*(4! (! 4/&/*! &/4'9.+0'4! '$! (4! ;'+4(4! (! 4/&/*! /129+;(0(4[! V! ;')0+IE'! Z(!

,+28%/4/! /129+;(%+.([7! .+4()0'! ()%/4! 0/! %$0'! (! /4%(N/9/;/&! $*(! &/9(IE'! 0/!

;')4/3f]);+(!98B+;(!/)%&/!(4!0$(4!2&'2'4+IT/4!Z(!3$/!/12&+*/!'!2&'N9/*(!/!(!3$/!

/12&+*/! 4$(!,+2'%A%+;(! &/4'9$IE'[5!D&'.+4'&+(*/)%/!0/+1(P4/!0/! 9(0'! (!3$/4%E'!0/!

4(N/&!4/!(!;')0+IE'!A!/9(!2&82&+(!($%'P4$4%/)%C./9!'$!4/!/1+B/!'!&/;$&4'!(!;')0+IT/4!

*(+4!(*29(4!'$!NC4+;(4!3$/!(!;')0+;+')/*5!J/!4(:0(7!'!+*2'&%()%/!A!./&+R+;(&!'!3$/!

/4%C! /*! ;')4')L);+(! ;'*! '! 2&+);:2+'! 2&'2'4%'5! 6'0(.+(! '! 29(%')+4*'! )E'! 4/!

0/%/&C!(:_!'!/1(*/!0(!2&+*/+&(!,+28%/4/!3$/! &/4$9%(!0(!(29+;(IE'!0'!"*A%'0'!0'4!

B/W*/%&(4"!F!(!/1+4%]);+(!0/!/)%+0(0/4!/*!4+7!(4!$5=$)%/';($4(4!+)%/9+B:./+4!0'!3$/!'4!

4/)%+0'4!(2&//)0/*!

F!&/*/%/&C!(!'$%&(4!,+28%/4/4!3$/!(!;')0+;+')(*5!#!2/)4(*/)%'!0/!D9(%E'!

+&C!4/!;')4%&$+)0'7!(44+*7!;'*'!$*!-'B'!0/!,+28%/4/4!+)%/&9+B(0(45!U'!&/9(%+.+4*'!

0'4!4'R+4%(47!D9(%E'!'2T/!)E'!$*(!(R+&*(IE'!0/!./&0(0/!4+*298&+(!/!0'B*C%+;(5!U!

N$4;(!0/! $*(! ;')0+IE'! +);')0+;+')(0(!2(&(! '! ;'),/;+*/)%'7!'! /);')%&'! ;'*!'!

(N4'9$%'!R$)0(*/)%'!0(!./&0(0/!Z3$/!48!/)%E'!4/!0+4%+)B$/!0'!/&&'!/!0(!R()%(4+([7!A!

2(&(!D9(%E'!)E'!'!2')%'!0/!2(&%+0(!*(4!(!*/%(!(!4/&!(9;()I(0(5!D'&A*!48!4/!;,/B(&C!

(:!0/2'+4!3$/!4/!(%&(./44/!%'0'!'!;(*2'!0'!2'44:./95!#!(N4'9$%'7!'!)E'P,+2'%A%+;'7!

,(N+%(!(9A*!0(4!`9%+*(4!,+28%/4/45!

^'4!2&+*/+&'4!0+C9'B'4!F!'4!0(! "R(4/! 4';&C%+;("!F! -C! 4/! N$4;(.(! (9B'!0/!

+0])%+;'!/!$)'!3$/!/4%(&+(!2'&!%&C4!0(4!*`9%+29(4!*()/+&(4!0/!4/!/)%/)0/&!;');/+%'4!

;'*'!"%/*2/&()I("!'$!";'&(B/*"5!Y(4!/44/!1-%1"'3$/!/1+4%+&+(!/*!0+./&4(4!;'+4(4!

)E'!/&(!(+)0(!$*(!/)%+0(0/!*/%(R:4+;(7!(9B'!3$/!/1+4%+44/!/*!4+!/!2'&!4+5!^'!2,96G*"0'

A! 3$/! (4! 2(9(.&(4! $5=$)' /! -$5"%' (2(&/;/*! /*2&/B(0(47! 2/9(! 2&+*/+&(! ./S7! )$*(!

(;/2IE'! 2&'2&+(*/)%/! 29(%W)+;(5! U*N(4! (3$/9(4! 2(9(.&(4! 4E'! 0/&+.(0(4! 0/! $*!

./&N'!;$-'!4+B)+R+;(0'!A!"./&"!/!%]*7!(44+*7!;'*'!(;/2IE'!'&+B+)C&+(7!(!0/!"R'&*(!

.+4:./9"! Z2&+*(&+(*/)%/! )'! 4/)%+0'! 0/! "R'&*(%'"! '$! "R+B$&("[5! U'! 3$/! 2(&/;/7! -C!

/4%(.(*! +)%/B&(0(4! ('! .';(N$9C&+'! 0'4! 2+%(B8&+;'47! ;'*! '! 4/)%+0'! 0/! *'0/9'!

B/'*A%&+;'!'$!R+B$&(5!

^'4!0+C9'B'4!0(!2&+*/+&(! R(4/7!3$/!2(&/;/*!&/2&'0$S+&!(4!;')./&4(IT/4!0'!

2&82&+'! K8;&(%/47! (! 2&';$&(! 0'! 1-%1"/' (9A*! 0/! R+;(&! &/4%&+%(! V! N$4;(! 0/! $*!

0/)'*+)(0'&! ;'*$*!)'! ):./9! 0(! 4+B)+R+;(IE'! 0(4! 2(9(.&(47! 9+*+%(.(P4/! (! 0/N(%/4!

4'N&/! 3$/4%T/4! *'&(+45! Q44/4! 0/N(%/4! )E'! /&(*! ;');9$4+.'4_! 0/+1(.(*! '4!

2&'N9/*(4! /)&+3$/;+0'4! /! &/.'9%'47! ;'*! +44'! 0/)$);+()0'! (! R&(B+9+0(0/! '$! (!

2(&;+(9+0(0/!0'4!2')%'4!0/!.+4%(!;')R&')%(0'45!U'!;,/B(&!(!/44/!2')%'7!(!0+(9A%+;(!

4';&C%+;(! 2'0+(! 0(&P4/! 2'&! 4(%+4R/+%(7! )(! */0+0(! /*! 3$/! 4/$! 'N-/%+.'! 4/&+(! '!

0&(*C%+;'! /*N(%/! 0(4! ;')4;+]);+(47! ;')0+IE'! 2(&(! '! ($%';'),/;+*/)%'5! XC! /*!

D9(%E'!F!(!2(&%+&!0(!R(4/!0'!

2&82&+'4! 2&'N9/*(4! /! )E'! (2/)(4! V! 4')0(B/*! 0(! ;')4;+]);+(! 0'4! +)%/&9';$%'&/45!

6'&)(P4/!$*(!2/43$+4(!0(4!+)%/&9+B(IT/4!/)%&/!(4!+0A+(47!;,/B()0'7!)(!R(4/!R+)(9!0'!

29(%')+4*'7! (! 4/&! ;')4+0/&(0(! $*! %+2'!0/! "*/%&A%+;("! '$! (&%/! 0(4!*/0+0(4! /! 0(4!

2&'2'&IT/45!

"U0*+%(*'4!2'+4!F!'!3$/!*/!4/&.+&C!0/!2')%'!0/!2(&%+0(!/!0/!N(4/!F!3$/!

/1+4%/! $*!l/9'! /*! 4+! /! 2'&! 4+7! $*!l'*7! $*!O&()0/7! /! (44+*!2'&! 0+()%/5"!Q44(4!

2(9(.&(47! 3$/! D9(%E'! R(S! K8;&(%/4! 0+S/&! )'!

2(&(0+B*(4! 0'4! 3$(+4! (4! ;'+4(4! *(%/&+(+4! 4/&+(*! (2/)(4! ;82+(4! +*2/&R/+%(4! /!

%&()4+%8&+(45! K/&+(*7!2'+47! %+2'4! +0/(+47! (! %&()4;/)0/&!'!29()'!*$%C./9!0'4!'N-/%'4!

R:4+;'45!

U! (R+&*(%+.(! 0/! 3$/! '! *$)0'!*(%/&+(9! 4/! %'&)(! ;'*2&//)4:./9! (%&(.A4! 0(!

,+28%/4/! 0(4! +0A+(4! 0/+1(7! 2'&A*7! /*! 4$42/)4'! $*! 2&'N9/*(! 0/;+4+.'_! '! 0(!

2'44+N+9+0(0/!0/!4/!;'),/;/&!/44(4!&/(9+0(0/4!+).+4:./+4!/!+);'&28&/(45!@'*!/R/+%'7!'!

3$/! +)+;+(9*/)%/!R'+! %'*(0'!;'*'!,+28%/4/!/129+;(%+.(!F!(!/1+4%]);+(!0'!*$)0'!

0(4!+0A+(4!F!)E'!N(4%(!(!4+!*/4*'5!k!2&/;+4'!3$/!4/!(0*+%(!$*!;'),/;+*/)%'!0(4!

+0A+(4!+);'&28&/(4!3$/!()%/;/0/!('!;'),/;+*/)%'!R'&)/;+0'!2/9'4!4/)%+0'47!3$/!48!

(9;()I(*!'!;'&28&/'5!^'!IO0"0'D9(%E'!/12T/!(!0'$%&+)(!0/!3$/!'! +)%/9/;%'!2'0/!

(2&//)0/&! (4! +0A+(4! 2'&3$/! %(*NA*! /9/! A7! ;'*'! (4! +0A+(47! +);'&28&/'5! U! (9*(!

,$*()(7!()%/4!0'!)(4;+*/)%'!F!()%/4!0/!2&/)0/&P4/!('!;C&;/&/!0'!;'&2'!F7!%/&+(!

;')%/*29(0'! (4! +0A+(4! /)3$()%'! 4/B$+(!'! ;'&%/-'!0'4!0/$4/45!Q);(&)(0(7!2/&0/!(!

2'44+N+9+0(0/!0/!;')%(%'!0+&/%'!;'*!'4!(&3$A%+2'4!+);'&28&/'47!*(4!0+()%/!0/!4$(4!

;82+(4! F! '4! 'N-/%'4! 4/)4:./+4! F! 2'0/! +&! B&(0(%+.(*/)%/! &/;$2/&()0'! '!

;'),/;+*/)%'!0(4!+0A+(45!@'),/;/&!4/&+(!/)%E'!9/*N&(&7!&/;'),/;/&5!U!,+28%/4/!0(!

&/*+)+4;]);+(!./*7!(44+*7!4$4%/)%(&!(!,+28%/4/!0(!/1+4%]);+(!0'!*$)0'!0(4!R'&*(45!

Y(47!2'&! 4$(!./S7! +*29+;(!'$%&(!0'$%&+)(7!3$/!(!;')0+;+')(_! (!0(!2&//1+4%]);+(!0(!

(9*(! /*! &/9(IE'! ('! ;'&2'7! (! 0(! +);'&&$2%+N+9+0(0/! 0/44(! (9*(! +);'&28&/(! /7!

2'&%()%'7!(!0(!4$(!+*'&%(9+0(0/5!Q44(!+*'&%(9+0(0/7!0/!3$/!K8;&(%/4!)E'!%/./!;/&%/S(!

)'4!2&+*/+&'4!0+C9'B'47!;')./&%/P4/7!)(!;')4%&$IE'!0'!29(%')+4*'7!)$*(!;')0+IE'!

2(&(!(!;+]);+(7!2(&(!(!/129+;(IE'!+)%/9+B:./9!0'!*$)0'!R:4+;'5!

Y(4! 4/! (! 0'$%&+)(! 0(! &/*+)+4;]);+(! 9+B(! (! (9*(! V4! +0A+(4! /! -$4%+R+;(! 3$/! '!

,'*/*!(4!;'),/I(7!;'*'!/129+;(&!'!&/9(;+')(*/)%'!/)%&/!(4!R'&*(4!/!'4!'N-/%'4!

R:4+;'47!/)%&/!'!+);'&28&/'!/!'!4/$!'2'4%'7!'!;'&28&/'g!Q44(!A!$*(!3$/4%E'!3$/!'!

2&82&+'!D9(%E'! 9/.()%(!)'!0+C9'B'!J)*1O0$5-%&'U)%/4!(+)0(!4$4;+%(!'$%&'!2&'N9/*(7!

3$/! /4%C! )(! N(4/! 0(3$/9/! /! 3$/! )E'! ,(.+(! 4+0'! /4;9(&/;+0'! )(4! 'N&(4! ()%/&+'&/4_!

(R+)(97!0/!3$/!,C!+0A+(4g!

#4!/1/*29'4!0/!+0A+(4!(2&/4/)%(0'4!)'!

2/)4(0'&/4!2'4%/&+'&/4!Z+);9$4+./!U&+4%8%/9/4[!R(&E'!(!/44(4!)'IT/45!Q7!4/!('!9')B'!

0(!/.'9$IE'!0/!4/$!2/)4(*/)%'7!2/&*()/)%/*/)%/!(2&'R$)0'$7!/4;9(&/;/$!'$!&/R/S!

'!4+B)+R+;(0'!0/!2(&%+;+2(IE'!/!0/!+*+%(IE'7!-(*(+4!(N&+$!*E'!0(!%&()4;/)0]);+(!0(4!

+0A+(45!

U! 0'$%&+)(! 29(%W)+;(! 0(! +*+%(IE'! (161-%$%.' 0+R/&/! 0(! 3$/! '4! 2+%(B8&+;'4!

2&'2$),(*!0/40/!'!4A;$9'!GH!(5@5!J/4/).'9./)0'!$*!2/)4(*/)%'!R$)0(*/)%(0'!

)(4! +)./4%+B(IT/4!*(%/*C%+;(47!'4!2&+*+%+.'4!2+%(B8&+;'4!(R+&*(.(*!3$/!"%'0(4!(4!

;'+4(4!4E'!)`*/&'4"7!/)%/)0/)0'!;'*'!)`*/&'4!&/(9+0(0/4!;'&28&/(47!;')4%+%$:0(4!

2'&!$)+0(0/4!+)0/;'*2'):./+4!3$/!/&(*!('!*/4*'!%/*2'!'!*:)+*'!0/!;'&2'!/!'!

*:)+*'!0/! /1%/)4E'5!U4! ;'+4(4! +*+%(&+(*!'4! )`*/&'47! 2(&(! '4! 2+%(B8&+;'47! )$*(!

(;/2IE'!29/)(*/)%/! &/(9+4%(_!'4!'N-/%'4! &/R9/%+&+(*!/1%/&+'&*/)%/! 4$(!;')4%+%$+IE'!

)$*A&+;(! +)%/&+'&5!U!161-%$%/')'! 2+%(B'&+4*'7! (2&/4/)%(&(! 2'&%()%'! $*! ;(&C%/&! 0/!

+*()]);+(_!'!*'0/9'!/!(!;82+(!/4%E'!(*N'4!)'!29()'!;');&/%'M!4E'!(4!0$(4!R(;/4!F!

+)%/&)(! Z(2&//)0+0(! &(;+')(9*/)%/[! /! /1%/&)(! Z(2&//)0+0(! 2/9'4! 4/)%+0'4[! F! 0(!

*/4*(! &/(9+0(0/5! @'*! D9(%E'! (! )'IE'! 0/! +*+%(IE'! (03$+&/! (;/2IE'! */%(R:4+;(7!

;'*'!98B+;(!0/;'&&]);+(!0'!"0+4%();+(*/)%'"!/)%&/!'!29()'!4/)4:./9!/!'!+)%/9+B:./95!

#4!'N-/%'4!R:4+;'4!F!*`9%+29'47!;');&/%'4!/!2/&/;:./+4!F!(2(&/;/*!;'*'!;82+(4!

+*2/&R/+%(4!0'4!(&3$A%+2'4! +0/(+47! +)P;'&28&/'4!/!2/&/)/45!#!*$)0'!4/)4:./9!4/&+(!

$*(! +*+%(IE'!0'!*$)0'! +)%/9+B:./97!2'+4! %'0'!'!$)+./&4'7! 4/B$)0'!(!;'4*'B')+(!

0'!P$1-,/'4/&+(!&/4$9%()%/!0(!(IE'!0/!$*!0+.+)'!(&%/4E'!Z0/*+$&B'[!3$/!%/&+(!0(0'!

R'&*(7! 2/9'! */)'4! (%A! ;/&%'! 2')%'7! (! $*(! *(%A&+(P2&+*(! Z(! ";($4(! /&&()%/"[7!

%'*()0'!2'&!*'0/9'! (4! +0A+(4! /%/&)(45!U!(&%/!0+.+)(! %/&+(!2&'0$S+0'! (4!'N&(4!0(!

)(%$&/S(!/!%(*NA*!(4!+*(B/)4!0/44(4!'N&(4!Z;'*'!'!&/R9/1'!0'!R'B'!)$*(!2(&/0/[5!

U)(9'B(*/)%/7!(!(&%/!,$*()(!2&'0$S!0/!0$29(!*()/+&(_!'!,'*/*!%()%'!;')4%&8+!

$*(!;(4(!&/(9!;'*'7!)(!;')0+IE'!0/!2+)%'&7!2'0/!&/2&'0$S+&!)$*!3$(0&'!(!+*(B/*!

0/44(!;(4(5!#!(&%+4%(!(2(&/;/!2'&!+44'7!)(!>-!?@#$A)/';'*'!";&+(0'&!0/!(2(&]);+(4"5!#!

2&'N9/*(!0(!+*+%(IE'!%'&)(P4/!*(+4!;'*29/1'!3$()0'!&/R/&+0'!('4!'N-/%'4!0/!(&%/7!

'N-/%'4!(&%+R+;+(+47!(&%/R(%'45!j(SP4/!/)%E'!(!0+4%+)IE'!/)%&/!B&($4! +)%/&*/0+C&+'4!0/!

+*+%(IE'_!'!'N-/%'!)(%$&(9!+*+%(!(!+0A+(!3$/!9,/!A!;'&&/42')0/)%/!/!(!(&%/!+*+%(7!2'&!

4$(!./S7!(3$/9(!+*+%(IE'5!U!&/9(IE'!;82+(P*'0/9'!$4(0(!*/%(R+4+;(*/)%/!2'&!D9(%E'!

2(&(! /129+;(&! (! &/9(IE'! 4/)4:./9P+)%/9+B:./9! &/(2(&/;/! (44+*! /*! 4$(! ;');/2IE'!

/4%A%+;(! /! -$4%+R+;(! (4! &/4%&+IT/4! R/+%(4! ('4! (&%+4%(4! )(!>-!?@#$A)&'D(&%+;$9(&*/)%/! '4!

2'/%(47! ;'*'! \'*/&'7! 4E'! (:! (2&/4/)%(0'4! ;'*'! R(S/)0'! "4+*$9(;&'4! ;'*!

4+*$9(;&'47! (R(4%(0'4! 0(! ./&0(0/"5! ^'! ;(4'! 0(4! (&%/4! 29C4%+;(47! D9(%E'! &/;$4(! (!

$%+9+S(IE'! 0'4! &/;$&4'4! 0(! 2/&42/;%+.(7! 3$/! /)%E'! 4/! 0+R$)0+(*! /! 9,/! 2(&/;+(*! (!

4'R+4%+;(!)(!(&%/7!2'+4!(;/)%$(.(*!(!"+9$4E'!0/! &/(9+0(0/"5!U!(&%/! +*+%(%+.(!0/./&+(!

2&/4/&.(&!'!;(&C%/&!0/!;82+(!0/!4/$4!2&'0$%'47!)E'!3$/&/)0'!;')R$)0+P9'4!;'*!'4!

'N-/%'4! &/(+45! #$%&'! ;(*+),'! 2(&(! (4! (&%/4! 29C4%+;(4! 4/&+(! %/)%(&! &/2&'0$S+&! (!

./&0(0/+&(! &/(9+0(0/!F!0(4! R'&*(4! +);'&28&/(4!F7!'!3$/!;'9';(!D9(%E'7! 4/B$)0'!

(9B$)4!+)%A&2&/%/47!;'*'!()%/;+2(0'&!0(!(&%/!(N4%&(%(5!

!

(0*+)+4%&(IE'!+)%/&)(!F!/4%(4!(4!%&]4!R$)IT/4!/44/);+(+4!0(!;+0(0/5!Q!'!+*2'&%()%/!

)E'!A!3$/!$*(!;9(44/!$4$R&$(!0/!$*(!R/9+;+0(0/!4$2/&+'&7!*(4!3$/!%'0(!(!;+0(0/!4/-(!

R/9+S5!#!+)0+.:0$'!R(&+(!2(&%/!0(!;+0(0/!2(&(!2'0/&!;$*2&+&!4$(!R$)IE'!4';+(9!/!)+44'!

;')4+4%/!4/&!-$4%'_!/*!;$*2&+&!(!2&82&+(!R$)IE'5!

U! &/'&B()+S(IE'! 0(! ;+0(0/7! 2(&(! %&()4R'&*CP9(! /*! &/+)'! 0(! -$4%+I(7! /1+B/!

)(%$&(9*/)%/! &/R'&*(4! &(0+;(+45!U! R(*:9+(7! 2'&! /1/*29'7! 0/./&+(! 0/4(2(&/;/&! 2(&(!

3$/!(4!*$9,/&/4!R'44/*!;'*$)4!(!%'0'4!'4!B$(&0+E/4M!(4!;&+()I(4!4/&+(*!/0$;(0(4!

2/9(!;+0(0/!/!(!2&';&+(IE'!0/./&+(!4/&!&/B$9(0(!0/!*'0'!(!2&/4/&.(&!(!/$B/)+(M!2(&(!

/.+%(&!'4!9(I'4!R(*+9+(&/4!/B':4%(47!)/),$*(!;&+()I(!;'),/;/&+(!4/$!./&0(0/+&'!2(+!/!

)/),$*!2(+! 4/$! ./&0(0/+&'! R+9,'M! (! /1/;$IE'!0'4! %&(N(9,'4!)E'! 9/.(&+(! /*! ;')%(!

0+4%+)IE'!0/!4/1'!*(4!%E'P4'*/)%/!(!0+./&4+0(0/!0(4!(2%+0T/4!)(%$&(+45!

U! /R/%+.(IE'! 0/44(! $%'2+(! 4';+(9! 0/2/)0/&+(! R$)0(*/)%(9*/)%/7! 2'&! '$%&'!

9(0'7!0/!$*!;$+0(0'4'!4+4%/*(!/0$;(%+.'7!3$/!2/&*+%+44/!(!;(0(!;9(44/!0/4/).'9./&!

(4! .+&%$0/4! +)0+42/)4C./+4! ('! /1/&;:;+'! 0/! 4$(4! (%&+N$+IT/45!Y(4! (! ;+0(0/! +0/(9! 48!

2'0/&+(!4$&B+&!4/!'!B'./&)'!4$2&/*'!R'44/!;')R+(0'!(!&/+4PR+984'R'45!Q44/4!;,/R/4!

0/!Q4%(0'!4/&+(*!/4;'9,+0'4!0/)%&/!'4!*/9,'&/4!B$(&0+E/4!/!4$N*/%+0'4!(!0+./&4(4!

2&'.(4! 3$/! 2/&*+%+&+(*! (.(9+(&! 4/$! 2(%&+'%+4*'! /! 4$(! &/4+4%]);+(5! Y(47!

2&+);+2(9*/)%/7! 0/./&+(*! &/(9+S(&! $*(! 4A&+/! 0/! /4%$0'4! 2(&(! 2'0/&/*! (%+)B+&! (!

;+]);+(7! '$! 4/-(7! '! ;'),/;+*/)%'! 0(4! +0A+(47! /9/.()0'P4/! (%A! 4/$! R$)0(*/)%'!

4$2&/*'_!(!+0A+(!0'!l/*5!

U!0+4;$44E'!/*!%'&)'!0(!;+0(0/!+0/(9!;/0/!/)%E'! 9$B(&7!)(!>-!?@#$A)/'(!0$(4!

(2&/4/)%(IT/4! 4+)%A%+;(4! 0/! ;'*'! 4/! 0/40'N&(&+(! '! ;'),/;+*/)%'! ,$*()'! ('!

(4;/)0/&!(%A!(!;')%/*29(IE'!0'!*$)0'!0(4!/44]);+(4_!'!/43$/*(!0(!9+),(!0+.+0+0(!

/!(!(9/B'&+(!0(!;(./&)(5!

n*(!9+),(!0+.+0+0(!/*!0'+4!4/B*/)%'4!ZUl7!l@[7!$*!&/2&/4/)%()0'!'!29()'7!

4/)4:./9!/!'$%&'!'!29()'!+)%/9+B:./97!4/&./!(!K8;&(%/4!Z(:!;/&%(*/)%/!(2/)(4!2'&%(P.'S!

0/! D9(%E'[! 2(&(! %'&)(&! .+4$(9+SC./9! (! (4;/4/! 0+(9A%+;(5! Q44/4! 0'+4! 4/B*/)%'4!

(2&/4/)%(*! 4$N0+.+4T/4! ;'&&/42')0/)%/4! (! 0+R/&/)%/4! %+2'4! 0/! 'N-/%'4! 4/)4:./+4! /!

+)%/9+B:./+4!/7!;')4/3f/)%/*/)%/7!(!*'0(9+0(0/4!0+./&4(4!0/!;'),/;+*/)%'_!

#! 2&';/44'! 0/! ;'),/;+*/)%'! &/2&/4/)%(! (! 2&'B&/44+.(! 2(44(B/*! 0(4!

4'*N&(4! /! +*(B/)4! %$&.(4! ('! 9$*+)'4'! $)+./&4'! 0(4! +0A+(47! (%&(./44()0'! /%(2(4!

+)%/&*/0+C&+(45!@(0(!R(4/!/);')%&(!4$(!R$)0(*/)%(IE'!/!&/4'9$IE'!)(!R(4/!4/B$+)%/5!

#!3$/!)E'!A!.+4%'!;9(&(*/)%/!)'!29()'!4/)4:./9!Z/!48!2'0/!4/&!'N-/%'!0/!;')-/%$&([!

%&()4R'&*(P4/! /*!'N-/%'!0/! ;&/)I(!3$()0'! 4/! %/*!;')0+IE'!0/!2/&;/2IE'!):%+0(5!

U44+*7!'! ()+*(9!3$/!)(!'N4;$&+0(0/! "2(&/;/!$*!B(%'"! &/./9(P4/!0/! R(%'!$*!B(%'!

3$()0'!4/!(;/)0/!(!9$S5!Y(4!/44(!/.+0]);+(!4/)4:./9!(+)0(!2/&%/);/!('!0'*:)+'!0(!

'2+)+E'_! A!$*(!;&/)I(! (!6%9$%./'2'+4! (! ;/&%/S(! 48!2'0/! (0.+&!0/!$*(!0/*')4%&(IE'!

&(;+')(9!/7!2'&%()%'7!0/2'+4!3$/!4/!2/)/%&(!)(!/4R/&(!0'!;'),/;+*/)%'! +)%/9+B:./95!

^'! 29()'! 4/)4:./9! '! ;'),/;+*/)%'! )E'! $9%&(2(44(! '! ):./9! 0(! '2+)+E'7! 0(!

29($4+N+9+0(0/5! U! 2&+*/+&(! /%(2(! 0'! ;'),/;+*/)%'! +)%/9+B:./9! A! &/2&/4/)%(0(! 2/9(!

5$Q0"$)/';'),/;+*/)%'!0+4;$&4+.'!/!*/0+(%+S(0'&7!3$/!/4%(N/9/;/!9+B(IT/4!&(;+')(+4_!A!

'! ;'),/;+*/)%'! %:2+;'! 0(4! *(%/*C%+;(45! #! ;'),/;+*/)%'! 4/)4:./9! 0/./!

R$)0(*/)%(&P4/!)/44/!2(%(*(&!3$/! 9,/!/4%C! 4'N&/2'4%'! /! 9,/!0C! 4$4%/)%(IE'5! H44'!

4+B)+R+;(! 3$/7! 2(&(! D9(%E'! Z4$B/4%E'! 3$/! '! m/)(4;+*/)%'! 0/4/).'9./&C[7! '!

;'),/;+*/)%'!0'!*$)0'!R:4+;'!0/./!4/&!;')4%&$:0'!;'*!+)4%&$*/)%(9!*(%/*C%+;'5!

Y(4! '4! ;'),/;+*/)%'4! *(%/*C%+;'4! )E'! ;')4%+%$/*7! )'! 29(%')+4*'7! '! C2+;/! 0(!

;+]);+(5! KE'! (+)0(! $*(! R'&*(! 0/! +)%/9+B+N+9+0(0/! 2&+*/+&(7! *(&;(0(! 2'&!

;'*2&'*+44'4!;'*!'!29()'!4/)4:./9_!(4!/)%+0(0/4!*(%/*C%+;(4!4E'!*`9%+29(4!ZR(SP4/!

$*! ;C9;$9'! '$! $*(! 0/*')4%&(IE'! B/'*A%&+;(! $%+9+S()0'P4/! 0+./&4'4! =! '$! .C&+'4!

%&+L)B$9'4[M! (9A*!0+44'! (! 2&82&+(! &/2&/4/)%(%+.+0(0/!*()+R/4%(! $*! 9+(*/!0'!29()'!

*(%/*C%+;'! ;'*! (! 4/)4+N+9+0(0/7! (! 0/)$);+(&! 4/$! ;(&C%/&!0/! +)%/&*/0+C&+'! /)%&/! (!

2/&;/2IE'! 4/)4:./9! /!(! +)%/9+B+N+9+0(0/!29/)(5!Q4%(! 48! 4/! (9;()I(!3$()0'7!(9A*!0(4!

/)%+0(0/4!*(%/*C%+;(47!;,/B(P4/!V!/.+0]);+(!2$&(*/)%/!+)%/9/;%$(9!(0R-%$%.'0(4!+0A+(45!

^E'!4/! %&(%(!*(+4!0/!.C&+'4!=7!*(4!0(!/44]);+(!*/4*(!0/!"%&+)0(0/"7!3$/!;')R/&/!

4/)%+0'! V3$/9/4! 4/$4! &/R9/1'4!*(%/*C%+;'4M! )E'! 4/! %&(%(!*(+4! 0/! %&+L)B$9'4!F!0/!

.C&+'4! %+2'4!F7!*(4!0(!"%&+()B$9(&+0(0/"!3$/!)/9/4! 4/! /R/%+.(7! 4/*! 4/! /4B'%(&! /*!

)/),$*!0/9/45!@,/B(P4/!(44+*!('!0'*:)+'!0(4!R'&*(47!V!0+(9A%+;(!3$/!4/!(2&/4/)%(!

;'*'! $*(! */%(*(%/*C%+;(5! j+)(9*/)%/7! )'! ;$*/! 0'! *$)0'! 0(4! +0A+(47! (!

4$2/&/44]);+(! 0'! l/*! 0(&+(! 4$4%/)%(IE'! (! %'0'! '! /0+R:;+'! 0(4! R'&*(4! 2$&(4! /!

+);'&28&/(45! D&+);:2+'! 0/! ;'),/;+*/)%'! Z0'! 2')%'! 0/! .+4%(! 0'! 4$-/+%'[! /! 0/!

;'B)'4;+N+9+0(0/!Z0'!2')%'!0/!.+4%(!0'!'N-/%'[7!'!l/*!/1/&;/!2(2/9!()C9'B'!('!3$/!

'! K'9! 2'44$+! )'! 29()'! 4/)4:./9! /! *(%/&+(95! D&+);:2+'! 0/! &/(9+0(0/! F! A! /9/! 3$/!

;')R/&/!V4! ;'+4(4! /44]);+(! /!/1+4%]);+(7! %&()4*$%()0'!/*!/4%&$%$&(! &/(9!(! %/44+%$&(!

+)+;+(9*/)%/! ,+2'%A%+;(! 0(4! +0A+(45! K$2/&/44]);+(! A! '! (N4'9$%'! +&&/9(;+')C./9! /! 2'&!

+44'!*/4*'!+)0/R+):./9_!0/9/!F!;'*'!0'4!+&&(;+')(+4!*(%/*C%+;'4!F!48!4/!2'0/*!

%/&! +)0+;(IT/4! (2&'1+*(0(47! ;'*'! (4! 3$/! 4/! 'N%]*! 0/! $*(! "-$4%(! */0+0("5! J'!

;(&C%/&! +)0/R+):./9!0'!l/*!)/;/44(&+(*/)%/!0/;'&&/!$*!4/)4'!(B$0'!0(! 9+*+%(IE'!

0(!2(9(.&(7!3$/!2/&2(44(! %'0(!(!'N&(!29(%W)+;(!/!/4%C!/12&/44'!2(&%+;$9(&*/)%/!)'!

U! ;')4%&$IE'! 0'! ;'),/;+*/)%'! ;')4%+%$+7! (44+*7! )'! 29(%')+4*'7! $*(!

;')-$B(IE'! 0/! +)%/9/;%'! /! /*'IE'7! 0/! &(SE'! /! .')%(0/_! (! -!$%9-1-' A! R&$%'! 0/!

+)%/9+B]);+(!/!0/!(*'&5!

!

@2858)8A+#!

>be! (5@5! F! U! &/.'9%(! 2'2$9(&! 9+0/&(0(! 2'&! @9:4%/)/4! +)4%($&(! (! 0/*';&(;+(! /*!

U%/)(45!

?obP?io!(5@5!F!U%/)(4!%'*(!2(&%/!)(4!B$/&&(4!*A0+;(4!Z;')%&(!'4!2/&4(4[5!

?abP?=b! (5@5! F! D/&:'0'! 0/! (2'B/$! 0/! U%/)(47! )'! 3$(9! ';'&&/! '! B'./&)'! 0/!

DA&+;9/45!

?ab! (5@5! Z(2&'1+*(0(*/)%/[! F! @,/B(! (! U%/)(4! '! R+984'R'! U)(1CB'&(4! 0/!

@9(SW*/)(7! 3$/7! /*N'&(! 2&'%/B+0'! 2'&! DA&+;9/47! (R+)(9! %/*! 0/! 0/+1(&! (! ;+0(0/7!

0/.+0'!V4!2/&4/B$+IT/4!4$4;+%(0(4!2'&!4$(4!+0A+(47!;')%&C&+(4!V!&/9+B+'4+0(0/!2'2$9(&!

/!'R+;+(95!

?=h!(5@5!F!H&&'*2/!(!B$/&&(!0'!D/9'2')/4'_!/)%&/!U%/)(4!/!Q42(&%(5!

?heP?hi!(5@5!F!S)%A-'J#)9T"'-1'B9-0)%&!

=oo! (5@5!F! X$9B(0'!2/9(!U44/*N9A+(! 2'2$9(&! 0/!U%/)(47! K8;&(%/4! A! ;')0/)(0'! (!

*'&&/&!N/N/)0'!;+;$%(5!

=ee! (5@5! Z(2&'1+*(0(*/)%/[!F!J#)9T"' U$)V)4'I)70)'L*=A$)' (%,#' 5)' ;9F#$)/' C$A6#$).K' -1'

C$*)A,%)/' A"0W-A-'X$"0/' A,0W)5"'5"' 9$*)0"'X$"06%$"' ;K' A"0U$U-' A"1'2,A#$5-%' -1'I-7)*)K'U)$')'

5*-0-'("05-'9"1)'A$O0A$)'5)%'!-%+,$%)%'1)9-1F9$A)%'5-'P-"5"*".'-'U$%$9)'"'27$9"&!

=ei!(5@5!F!J#)9T"'G,05)/'-1'B9-0)%/')'BA)5-1$)&!

=ai!(5@5!F!Y'&&/!J+'):4+'!H7!0/!K+&(;$4(7!4/)0'!4$;/0+0'!2'&!4/$!R+9,'!J+'):4+'!

HH5!C-7,05)'U$)7-1'5-'J#)9T"')'C$*)A,%)&!

=ap!(5@5!F!P-*A-$*)'U$)7-1')'C$*)A,%)&!

=?eP=?i!(5@5!F!J#)9T"'1"**-'-1'B9-0)%&!

==e! (5@5! F! j+9+2/! 0(! Y(;/0W)+(! ;')3$+4%(! (! O&A;+(7! .+%'&+'4'! )(! N(%(9,(! 0/!