Download as pdf or txt
Download as pdf or txt
You are on page 1of 18

See discussions, stats, and author profiles for this publication at: https://www.researchgate.

net/publication/329474298

Madness and Power: and the Decolonized Body: Essays on Kate Grenville

Chapter · January 2010


DOI: 10.1163/9789042032866_005

CITATION READS

1 72

1 author:

Bill Ashcroft
UNSW Sydney
58 PUBLICATIONS   2,692 CITATIONS   

SEE PROFILE

All content following this page was uploaded by Bill Ashcroft on 10 September 2019.

The user has requested enhancement of the downloaded file.


!

!
!
!
N#1*&,,!#*1!F'0&7!
"#$#%&'(!)*+,-!#*1!+J&!E&.'%'*5P&1!G'1Q!
!
??!G 6LL! - @C):H;" !
!
!
!

N!
H @ " ! F D H F L D ! G D L 6 D V D ! +J#+! "#$#%&'(! )*+,-! 0#,! $#,&1! '*! +J&!
@Q1*&Q! &..&*+75.! G&#! ZG&#+75.&[! N5%&,X! G8+! .%&#7%Q! N5%&,! 0#,!
%5++%&!3'7&!+J#*!#!,+538%8,!+'!075+&!+J&!*'4&%U!#*!51&#!#$'8+!+J&!
W',,5$5%5+5&,! '(! &..&*+75.! 5*154518#%5+QU!'7! W&7J#W,! #*! 51&#! #$'8+! +J&! 0#Q,! 5*!
0J5.J! 5*154518#%5+Q! .#*! ,'! f85./%Q! $&! 7&W7&,&*+&1! #,! &..&*+75.5+Q! #*1! &4&*!
3#1*&,,X!-!.J&&7QU!8*.'*4&*+5'*#%!7&$&%U!L5%5#*!5,!#!(5287&!$&#75*2!#!15,+#*+!
7&%#+5'*! +'! +J&! 7&#%]%5(&! +&77'7! '(! +#95! 1754&7,X! "#$#%&'(! )*+,-! W7'451&,! 38.J!
3'7&!+J#*!+J&!,+'7Q!'(!#!%5(&X!-,!=7&*45%%&!,#Q,!5*!#*!5*+&745&0U!
!
6! 0#,*>+! #%%! +J#+! 5*+&7&,+&1! 5*! +J&! 7&#%! G&#! N5%&,U! $8+! 5*! 0J#+! ,J&! 7&]
W7&,&*+&1!+'!3&X!-,!6!07'+&!3'7&!#*1!3'7&U!,J&!\!#+!%&#,+!3Q!51&#!'(!
J&7!\!$&2#*!+'!&3$'1Q!51&#,!6>1!$&&*!4#28&%Q!38%%5*2!'4&7!('7!f85+&!#!
0J5%&! \! #$'8+! J'0! #! 0'3#*! 2&+,! +'! 075+&! J&7! '0*! %5(&U! 7#+J&7! +J#*!
J#4&!5+!075++&*!('7!J&7X!C'0!#!0'3#*!2&+,!+'!+87*!J&7!$#./!'*!#%%!+J&!
+J5*2,!0'3&*!#7&!,8WW',&1!+'!0#*+U!#*1!#*'+J&7!,&+!'(!W75'75+5&,X!C'0!
5+! (&&%,! +'! $&! #! $52! %'81! 781&! #.+54&! 0'3#*! 5*,+&#1! '(! #! %5++%&! 3&&/!
W'%5+&!'*&!iX X X kX!"#$#%&'(!)*+,-!'4&7%#W,!05+J!+J&!%5(&!'(!G&#!N5%&,!5*!#!
(&0!W%#.&,U!$8+!+J#+>,!#%%!\!5+>,!*'+!7&#%%Q!#$'8+!J&7!#+!#%%Xc!!
!
=7&*45%%&>,!.'33&*+!3#/&,!8,!W'*1&7!+J&!&9+&*+!+'!0J5.J!7&#%]%5(&!.J#7#.+&7,U!
W#7+5.8%#7%Q!&..&*+75.,!%5/&!G&#!N5%&,!J&7,&%(U!&95,+!3'7&!#,!51&#,U!7#*2&,!'(!
,'.5#%! W',,5$5%5+5&,U! 7#+J&7! +J#*! #,! J5,+'75.#%! ,8$b&.+,^! (5287&,! #7'8*1! 0J5.J!
3Q+J,!#*1!%&2&*1,!#..838%#+&X!6*!+J5,!7&,W&.+U!L5%5#*!@5*2&7!#*1!G&#!N5%&,!1'!


c
!<#+&! =7&*45%%&U! 5*+&745&0&1! $Q! @8&! T''%(&! 5*! /%0#&C! )*+,#1(A! 2+B! 71&! ?6(P
*,%$#%&!M+>1$(!F1,1!F,#**1&U!&1X!@8&!T''%(&!_!<#+&!=7&*45%%&!Z@+!L&'*#71,U! B @ T O!
-%%&*!_!A*05*U!!$$#[O!$"X!
%&! G 6 L L ! - @ C ) : H ; " !!!!!™!

.'*4&72&X!"J&Q!.'*4&72&!5*!+J#+!,8$+%&!0#Q!5*!0J5.J!+J&!J5,+'7Q!#*1!.J#7#.+&7!
'(! #*! #8+J'7>,! ,'.5&+Q! #*1! .8%+87&! %&#/! 5*+'! J&7! $''/X! "J&Q! .'*4&72&! 5*! +J&!
#%%&2'75.#%!W',,5$5%5+5&,!.'*,+#*+%Q!W7'((&7&1!$Q!%5+&7#7Q!%#*28#2&X!
! "#$#%&'(!)*+,-!5,!#!$''/!#$'8+!W'0&7U!7&,5,+#*.&U!#*1!(7&&1'3X!F'0&7!5,!&9]
&7+&1!5*!3#*Q!('73,X!6+!5,U!(57,+U!+J&!W'0&7!'(!+J&!27'8WU!'(!+J&!*&&1!('7!#..&W]
+#*.&!$Q!+J&!27'8W!+J#+!#((&.+,!L5%5#*!+J&!257%U!#!*&&1!+J#+!1754&,!J&7!+'!$&+7#Q!
+J',&!0J'!#7&!#,!15((&7&*+!#,!,J&!5,X!"J5,!W'0&7!&9+&*1,!5*+'!L5%5#*>,!#1'%&,]
.&*.&!0J&*!,J&!&*.'8*+&7,!+J&!(8%%!&9+&*+!'(!J&7!'8+,51&7!,+#+8,X!=7'8W!.'*]
('735+Q!5,!*'+J5*2!%&,,!+J#*!+J&!W'0&7!'(!,'.5#%!.'*4&*+5'*!5+,&%(!0J5.J!L5%5#*!
8%+53#+&%Q!1&(&#+,!$Q!$&.'35*2!#!J'3&%&,,!W&75W#+&+5.!Y.J#7#.+&7>X!N'7&!'$]
45'8,!5,!+J&!W'0&7!&9&7+&1!$Q!-%$5'*!+J&!;#+J&7U!0J'U!8*+5%!0&!(5*1!'8+!3'7&!
#$'8+!J53!5*!3%,0!;$%<1(!ZW8$%5,J&1!#,!?$L#+&'(!)*+,-!5*!+J&! A @ - [U!#WW&#7,!
#*!#$,871!#*1!$%8,+&75*2!.#75.#+87&!0J',&!7#2&!#+!L5%5#*>,!5*1&W&*1&*.&!W7']
.&&1,!+J7'82J!4#75'8,!$&#+5*2,!+J#+!.8%35*#+&!5*!J&7!7#W&!0J5%&!J&7!3'+J&7!5,!
'*!J'%51#QX!)%&#7%QU!+J5,!,8$,&f8&*+!$''/!'*!-%$5'*!,822&,+,!+J#+!=7&*45%%&!
0#,! 5*+7528&1! $Q! +J&! ('7.&,! +J#+! .'*,W57&1! +'! .7&#+&! ,8.J! #*! '27&U! #%+J'82J!
&4&*!YJ5,>!,+'7Q!(#5%,!+'!+87*!J53!5*+'!#*!&*+57&%Q!$&%5&4#$%&!J83#*!$&5*2X!G8+!
"#$#%&'(!)*+,-!5,!#*!#..'8*+!'(!J'0!W'0&7!.#*!$&!#WW7'W75#+&1U!#*1!5,!#WW7']
W75#+&1U! $Q! #! 0'3#*! 0J'! .&%&$7#+&,!J&7! '0*! 5*154518#%5+Q! $Q! #..&W+5*2! J&7!
'0*! $'1Q! #*1! Y075+5*2>! J&7! '0*! ,+'7QX! "J5,! 5,! +J&! W'0&7! '(! 7&,5,+#*.&X! 6(!
W'0&7!5,!1&(5*&1!#,!+J&!.#W#.5+Q!+'!.J#*2&!+J&!$&J#45'87!'(!'+J&7,U!5+!5,!#%,'!
+J&!.#W#.5+Q!+'!7&,5,+!+J&!W#+75#7.J#%!W'0&7!&9&7+&1!$Q!-%$5'*!#*1!+J&!'WW7&,]
,54&!,'.5#%!.'*4&*+5'*!J&!&3$'15&,X!"J5,!5,!*'+!+J&!,+'7Q!'(!L5%5#*!,'!38.J!#,!
#*!#..'8*+!'(!+J&!0#Q!L5%5#*!.'3&,!+'!.'33#*1!J&7!'0*!,+'7QU!.'3&,!+'!5*]
4&*+!+J&!*#77#+54&!'(!#!%5(&!,J&!1&,57&,X!
! T75++&*! 5*! +J7&&! W#7+,U! R-! =57%US! R-! I'8*2! L#1QUS! #*1! R-! T'3#*US! +J&!
$''/! 5,! #! /5*1! '(! L#$96&C(,+4%&! 4%&^6`U! ,J'05*2! +J&! W7'27&,,! (7'3! +J&!
1&,W&7#+&!1&,57&!('7!#..&W+#*.&!5*!+J&!257%U!+J7'82J!+J&!27#18#%!7&#%5P#+5'*!'(!
J&7!15((&7&*.&!(7'3!+J&!,'.5#%!,&+U!+'!#!(8%%!&3$7#.&!'(!J&7!5*154518#%5+Q!#*1!
3'$5%5+QX!6+!5,!.%&#7%Q!+J&!,+'7Q!'(!#!0'3#*!$7&#/5*2!'8+!'(!+J&!,'.5#%!.'*,+75.]
+5'*,! '*! J&7! 2&*1&7U! $8+! 5+! 5,! #%,'! #! ,8$+%&! ,+'7Q! '(! .8%+87#%! +7#*,('73#+5'*U!
2&*&7#+&1! $Q! $75&(! $8+! 8*35,+#/#$%&! .'**&.+5'*,! 5*! +J&! $''/! $&+0&&*! +J&!
W#+75#7.J#%!#*1!53W&75#%!*#77#+54&,!'(!'WW7&,,5'*X!"J&!Y1'8$%&!.'%'*5P#+5'*>!'(!
0'3&*!5*!53W&75#%5,3!J#,!$&&*!#!,+#*1#71!'(!W',+.'%'*5#%!+J&'7Q!,5*.&!<57]
,+&*!C'%,+!F&+&7,'*!#*1!-**#!:8+J&7('71>,!$''/!'(!+J#+!*#3&!5*! !$+%X!F#+75]
#7.JQ! #*1! 53W&75#%5,3! #7&! 3577'7! 53#2&,! '(! '*&! #*'+J&7U! #*1! 0'3&*! #7&!
1'8$%Q! 53W%5.#+&1! 5*! +J&3X! -%+J'82J! L5%5#*>,! ,+7822%&! 05+J! J&7! #WW#%%5*2!
;#+J&7! Z+J&! 0'71! 5,! #%0#Q,! .#W5+#%5P&1[! 5,! .%&#7%Q! #! W#+75#7.J#%! ,+7822%&U! +J&!
™!!!!!/%9&1((!%&9!;+B1,! %"!

*'4&%!,8$+%Q!53W%5.#+&,!J&7!+7#*,('73#+5'*!5*!#!$7'#1&7!.8%+87#%!#*1!W'%5+5.#%!
.'*+&9+X!!
! "J&!;#+J&7>,!*#3&!\!-%$5'*U!+J&!#7.J#5.!*#3&!('7!G75+#5*!\!#%&7+,!8,!+'!+J&!
W',+.'%'*5#%!53W%5.#+5'*,!'(!+J&!$''/U!('7!L5%5#*!5,!$'7*!5*!+J&!Q&#7!'(!;&1&]
7#+5'*X!"J5,!5,!*'+!+'!,#Q!+J#+!+J&!*'4&%!5,!#!W',+.'%'*5#%!#%%&2'7Q!5*!#*Q!,53W%&!
,&*,&X! "#$#%&'(! )*+,-! 5,! +J&! ,+'7Q! '(! #! 0'3#*! 0J'! 15,.'4&7,! +J&! 7&#%5+Q! #*1!
W'0&7!'(!J&7!'0*!$'1Q!#*1!+J7'82J!+J#+!15,.'4&7Q!%&#7*,!+'!075+&!+J&!*#77#]
+54&!'(!J&7!'0*!%5(&!7#+J&7!+J#*!%54&!$&+0&&*!+J&!%5*&,!'(!+J&!*#77#+54&,!075++&*!
('7!J&7X!G8+!+J&!3#b'7!+J&3&,!'(!+J&!*'4&%!\!W'0&7!#*1!7&,5,+#*.&U!+J&!.'**&.]
+5'*!$&+0&&*!$'1Q!#*1!,&%(U!#*1!+J&!&9+&*+!+'!0J5.J!%54&,!#7&!%54&1!05+J5*!W#7]
+5.8%#7!*#77#+54&,!\!#%%!.'#%&,.&!7'8*1!#!.&*+7#%!#%%&2'75.#%!,+78.+87&!5*!0J5.J!
-8,+7#%5#>,! &*+7#W3&*+! 5*! +J&! 15,.'87,&! '(! D3W57&U! 5+,! .'*4&*+5'*,! #*1! 5+,!
0#7,U!#*1!+J&!,%'0!,+7822%&!+'!%54&!5+,!'0*!J5,+'7Q!3577'7!+J&!,+7822%&!'(!+J&!
0'3#*X!C&7!#..&W+#*.&!'(!J&7!$'1Q!5,!7&(%&.+&1!5*!#*!#..&W+#*.&!'(!-8,+7#]
%5#*!W%#.&U!#*1!J&7!075+5*2!J&7!'0*!,+'7QU!J&7!,+#775*2!7'%&!5*!J&7!'0*!17#3#U!
3577'7,! #! *#+5'*#%! ,+'7Q! ,+7822%5*2! +'! .'3&! 5*+'! $&5*2X! 6*! +J5,! 0#QU! 05+J! #*!
5*+&735++&*+! $8+! 5*,5,+&*+! 7&28%#75+QU! +J&! W#+75#7.J#%! ,+7822%&! 5*! 0J5.J! L5%5#*!
&*2#2&,! 5,! &.J'&1! 5*! #! *#+5'*#%! ,+7822%&! 05+J! D3W57&X! "J5,! '..87,! (7'3! +J&!
3'3&*+!'(!J&7!W'7+&*+'8,!$57+J!5*!+J&!Q&#7!'(!-8,+7#%5#>,!;&1&7#+5'*O!
!
6+!0#,!#!05%1!*52J+!5*!+J&!Q&#7!'(!;&1&7#+5'*!+J#+!+J&!$57+J!+''/!W%#.&X!
C'7,&,!/5./&1!1'0*!+J&57!,+#$%&,X!F52,!(%&0U!(52,!27&0!+J'7*,X!"J&!5*]
(#*+!3&0%&1!#*1!,+#7&1!#*1!+J&!1'.+'7!#,,87&1!+J&!3'+J&7!+J#+!#!.#8%!
0#,!#!%8./Q!,52*X!?!C#,$s!+J&!(#+J&7!&9.%#53&1U!'8+,51&!5*!+J&!0#5+5*2!
7''3U!+5%&1!#,!5(!('7!J'775$%&!&3&72&*.5&,X!"J5,!0#,!#!.'*+5*2&*.Q!J&!
0#,!*'+!W7&W#7&1!('7Xd!!
!
"J&!'4&7$&#75*2!$'3$#,+!'(!+J&!(#+J&7!.'*+7#,+,!05+J!+J&!J'W&%&,,!4#28&*&,,!
'(!+J&!3'+J&7U!0J'!%&+,!L5%5#*!,%5W!'((!J&7!$7&#,+!+'!+J&!(%''7X!6(!5+!5,!J#71!+'!
+#/&!&5+J&7!+J&!(#+J&7!'7!+J&!3'+J&7!,&75'8,%QU!+J&!$''/U!075++&*!(7'3!+J&!W&7]
,W&.+54&! '(! +J&! .J5%1! Z#*1U! %#+&7U! +J&! 3#+875*2! #18%+[U! ,J'0,! J'0! ,&75'8,%Q!
L5%5#*!+#/&,!+J&3O!
!
-%$5'*!0#,!#!3#*!'(!3'8,+#.J&,!#*1!,J5*Q!$''+,!+J#+!,f8&#/&1!0J&*!
J&! 0#%/&1X! C5,! $''+,! '*! +J&! ,+#57,!(5%%&1! +J&! J'8,&U! J5,! J#*1! 05+J! 5+,!
W'0&7(8%! $%#./! J#57,! 275WW&1! +J&! $#*5,+&7! J#71! &*'82J! +'! 3#/&! 5+!
+7&3$%&X!Z%[!


d
!<#+&!=7&*45%%&U!"#$#%&'(!)*+,-!Z@+!L&'*#71,U!B @ T O!-%%&*!_!A*05*U!!$+&[O!#X!;87]
+J&7!W#2&!7&(&7&*.&,!#7&!5*!+J&!3#5*!+&9+X!
%+! G 6 L L ! - @ C ) : H ; " !!!!!™!

-%$5'*!&3$'15&,!+J&!53W&75#%!7&%#+5'*,J5W!5*!3'7&!+J#*!*#3&U!$8+!5*!J53!5+!5,!
#!,+&75%&!*#77#+54&U!&9J#8,+&1U!53#25*#+54&%Q!$#77&*X!C&!5,!,8WW',&1%Q!075+5*2!#!
$''/U!$8+!(57,+!J&!38,+!R2#+J&7!J5,!3#+&75#%US!0J5.J!J&!1'&,!$Q!,%5.5*2!#7+5.%&,!
'8+!'(!*&0,W#W&7,!Z&[X!-%$5'*!5,!#!3#*!3#7''*&1!5*!J5,!'0*!8,&%&,,!%5(&!'$]
,&,,&1!05+J!(#.+,U!$&.#8,&U!#,!3%,0!;$%<1(!7&4&#%,U!J&!J#,!$&&*!%',+!5*!#!,+'7Q!
#%7&#1Q!075++&*!('7!J53X!C&!5,!#*!&3'+5'*#%!.75WW%&!#*1!J5,!'*%Q!0#Q!'(!(5*1]
5*2!#*Q!W,Q.J'%'25.#%!#*.J'7!5,!+J7'82J!+J&!.&7+#5*+Q!'(!(#.+,O!!
!
751!:%<*!+:!*51!4%**1,!#(!*5#(U!J&!,#51X!8&!E+#&*!+:!%<*6%$!:%<*G!*51!:%<*(!
%,1!*51(1X!6!7&27&++&1!J#45*2!$&&*!,%QX!7%01!:+,!%!4+41&*!*51!:+$$+B#&C!
:%<*U! J&! 1&3#*1&1U! #*1! %5(+&1! #! (5*2&7! 5*+'! +J&! #57! #,! 5(! +&,+5*2! +J&!
$7&&P&X!H+&(#91,!*5#(!:%<*X!Z+[!
!
;#.+,! #7&! #! 7&4&7,#%! '(! ;'8.#8%+>,! &f8#+5'*! '(! F'0&7a <*'0%&12&X! -%$5'*>,!
(#.+,!#7&!#*!#$,871!+7#4&,+Q!'(!/*'0%&12&!1&,W5+&!+J&!#8+J'75+Q!+J&Q!,&&3!+'!
,822&,+X!G8+!+J5,!WJ#*+'3!$''/!'(!-%$5'*>,!5*+7'18.&,!+J&!+J&3&!'(!*#77#+54&!
5*!+J&!*'4&%U!+J&!4#75'8,!,+'75&,!05+J5*!0J5.J!W&'W%&!%54&U!'7!#7&!+7#WW&1U!#*1!
+J&!,+'7Q!+J#+!L5%5#*!&4&*+8#%%Q!075+&,!('7!J&7,&%(X!-%$5'*U!.#82J+!#,!J&!5,!5*!
+J&!,+&75%5+Q!'(!(#.+,U!5,!#!3#*!+7#WW&1!5*!#!W#+75#7.J#%!*#77#+54&!+J#+!1&+&735*&,!
J5,!W7&b815.&,X!TJ&*!B'7#J!254&,!$57+J!\!RNQ!05(&!%''/&1!05+J5*!J&7,&%(!#*1!
,#0!#!%545*2!$&5*2US!J&!W'*1&7,!5*!3%,0!;$%<1(^!R6!%''/&1!05+J5*!3Q,&%(!#*1!
,#0!*'+J5*2XSg!C5,!7&4&*2&!5,!+#/&*!'8+!'*!L5%5#*O!RF+41&!9+!&+*!&119!196P
<%*#+&U!;#+J&7!W7'*'8*.&1!7&28%#7%Q!'4&7!+J&!%&2!'(!%#3$X!F+41&'(!%E*#*691(!
$#1! #&! +*51,! 9#,1<*#+&(S! Z""\+[X! "J&7&! 5,! 7&#%%Q! *'! ,+'7Q! J&! .#*! W7'18.&U! ,'!
&4&*+8#%%Q!(#.+,!'4&70J&%3!J53!#*1!J&!J#,!#!*&74'8,!$7&#/1'0*!Z#+[U!0J5.J!
$75*2,!#!+&3W'7#7Q!$7&#+J!'(!(7&,J!#57!5*+'!+J&!J'8,&X!
! "J&!'+J&7!.75+5.#%!+J&3&!5*!+J&!$''/!5,!L5%5#*>,!$'1QU!0J5.J!$&.'3&,!#!,5+&!
'(!,+7822%&U!'(!#%5&*#+5'*U!#*1!8%+53#+&%Q!#!,'87.&!'(!J&7!'0*!15,.'4&7Q!'(!%#*]
28#2&X!V&7Q!&#7%Q!5*!J&7!.J5%1J''1!,J&!7&#%5P&,!+J#+!,J&!5,!(#+X!6*!+J&!,.J''%]
Q#71!+J5,!.#*!$&!#!,'87.&!'(!,'3&!1'35*#*.&U!,5*.&!,J&!.#*!J'%1!+0'!'7!+J7&&!
'+J&7!257%,!8W!'*!+J&!,&&],#0X!G8+!J&7!$'1Q!5,!+J&!,5+&!'(!#!38.J!3'7&!,5*5,+&7!
,+7822%&!05+J!J&7!(#+J&7U!0J'!2&+,!J&7!+'!$&*1!'4&7!5*!J5,!,+81Q!0J5%&!J&!$&#+,!
J&7X!TJ&*!-%$5'*!+#/&,!+'!$&#+5*2!L5%5#*U!J&!5,!5*18%25*2!5*!#!,#15,+5.!,&98#%!
W%&#,87&U! #*1! J&7! $&*15*2! '4&7U! $#75*2! J&7! $'++'3! #*1! $&5*2! 0J5WW&1U! $&]
.'3&,!,'3&+J5*2!'(!#!75+8#%X!TJ#+!J&!.#**'+!2&+!(7'3!+J&!3'+J&7U!,J&!J#45*2!
7&+7&#+&1!5*+'!+J&!W7'+&.+5'*!'(!#!1&%5.#+&!.'*,+5+8+5'*U!J&!2&+,!45.#75'8,%Q!$Q!
$&#+5*2!J5,!1#82J+&7X!


g
!<#+&!=7&*45%%&U!3%,0!;$%<1(!ZL'*1'*O!F5.#1'7U!!$$)[O!!%,X!
™!!!!!/%9&1((!%&9!;+B1,! %$!

! "J&!(5*#%!15,.'4&7Q!L5%5#*!3#/&,!5,!+J&!+Q7#**Q!'(!,'.5&+Q!5+,&%(U!7&W7&,&*]
+&1!$Q!+J&!27'8W!'(!.J5%17&*!05+J!0J'3!,J&!+75&,!+'!2#5*!#..&W+#*.&!$8+!('7!
0J'3!,J&!05%%!#%0#Q,!$&!#!3&7&!257%X!!
!
6+!0#,!&#,Q!+'!,&&!$'Q,!J#1!#%%!+J&!(8*U!&4&*!+J'82J!+53'7'8,!`'J*!$&]
J5*1!2%#,,!J#1!%5++%&!(8*X!6!0#,!+J&!$522&,+!257%!#,!0&%%!#,!+J&!7'82J&,+X!
6*!+J&!,.J''%!$#*1!6!0#,!+J&!'*%Q!'*&!0J'!J#1!&4&7!W%#Q&1!+J&!1783,X!
Z'%[!
!
"J&! (#.+! +J#+! ,J&! 5,! *'+! #! $'Q! #*1! +J#+! J&7! %'81*&,,U! J&7! $7#4&7QU! #*1! J&7!
7'82J*&,,!.#*!*&4&7!$&!#*Q+J5*2!$8+!,+7#*2&!5*!#!257%!5,!,'3&+J5*2!+J#+!1'2,!
J&7!.J5%1J''1X!L5%5#*>,!.J5%1J''1!5,!#!,+'7Q!1&+&735*&1!$Q!'+J&7,X!6+!5,!#!,+'7Q!
5*! 0J5.J! ,J&U! %5/&! -8,+7#%5#U! 5,! '8+! '(! W%#.&U! #,! ,822&,+&1! $Q! J&7! G75+5,J!
+&#.J&7!N5,,!V5*&U!0J'!RJ#+&1!+J&!0#Q!$571,!5*!-8,+7#%5#!%#82J&1!#+!#!W&7,'*!
(7'3!+J&!+'W,!'(!.J53*&Q,U!#*1!+J&!0#Q!+J&!,8*!$7'82J+!+J&!3'5,+87&!'8+!'(!#!
W&7,'*S!Z#![X!L5%5#*>,!1&,57&!('7!#..&W+#*.&!('7.&,!J&7!+'!W%#Q!$Q!+J&!3#,.8]
%5*&!78%&,!'(!+J&!2#3&U!$8+!,J&!W%#Q,!#!%5++%&!+''!J#71U!#*1!+783W&+,!+J&!(#.+!'(!
J&7!'0*!$7#4&7Q!#!%5++%&!+''!%'81%QX!
! "J&!$&25**5*2!'(!05,1'3!#*1!+J&!&*1!'(!.J5%1J''1!('7!L5%5#*!#7&!7&W7&,&*]
+&1!$Q!J&7!&*.'8*+&7!05+J!#*'+J&7!'8+,51&7U!#!*&52J$'87U!N5,,!=#,JX!C#45*2!
,+'%&*!#!+5%&!(7'3!J&7!J'8,&U!L5%5#*!J#,!2#5*&1!+J&!W7&,+52&!'(!#!,&.7&+!5*!+J&!
&Q&,!'(!J&7!(75&*1,X!;8%%!'(!+7583WJU!,J&!7&(8,&,!+'!+&%%O!
!
8*!#(!4-!(1<,1*U!6!.7'0&1X!J1<%6(1!8!%4!L,%>1,!*5%&!%&-+&1G!%&9!0&+B!
%$$!*51!9%&C1,+6(!E$%<1(!ajk!8!%4!%&!1OE$+,1,!%&9!%!51,+U!6!,J'8+&1U!
%&9!8!9#(<+>1,!*5#&C(X!Z)%[!
!
T#5+5*2! $&J5*1! +J&! $8,J&,! 0#+.J5*2! N5,,! =#,J! ('7! R,'3&+J5*2! +'! $'#,+!
#$'8+S!Z%#[U!L5%5#*!$&25*,!+'!%&#7*!#!%&,,'*!#$'8+!5*154518#%5+QX!N5,,!=#,J!5,!
3'7&!,W&.+#.8%#7!+J#*!,J&!J#1!J'W&1U!$&.#8,&!,J&!0&#7,!+7'8,&7,!#*1!,3'/&,!
#!W5W&X!"J5,!3#/&,!L5%5#*!RJ82&!05+J!,&.7&+XS!:&2#71&1!Z5*&45+#$%Q[!#,!#!05+.J!
$Q!+J&!.J5%17&*U!N5,,!=#,J!7&W7&,&*+,!+'!L5%5#*U!#%3',+!05+J'8+!J&7!/*'05*2!
5+U!#!(5287&!'(!5*1&W&*1&*.&!7&4&#%&1!*'+!'*%Q!5*!J&7!,'%5+#7Q!%5(&!$8+!#%,'!5*!
J&7!$'1Q!5+,&%(O!
!
"J&!J#57!5*!N5,,!=#,J>,!#73W5+,!0#,!#!+5*Q!J&#1!'(!0&%%]$78,J&1!J#57X!
@J&!,#0!3&!,+#75*2!#*1!,#51U!Y+6!(11G!#*!#(!<++$1,!*5#(!B%-U!#*1!6!$&2#*!
+'!,0&#+!8*1&7!3Q!.%'+J&,X!/1&! %,1! E,+69! +:! *51#,(U!N5,,!=#,J!,#51!
#*1!05*/&1!#+!3&!%5/&!#*!8*.%&X!2%#,!#(!(6EE+(19!*+!L1!>#,#$1X!Z&)[!
!
G8+! #+! +J5,! ,+#2&! ,J&! 5,! +''! Q'8*2! +'! %&#7*! +J&! %&,,'*! #*1! 05%%! $&+7#Q! N5,,!
=#,JU!0J'!J#,!$&(75&*1&1!J&7X!"J&!.'*(%5.+!('7!L5%5#*!.'3&,!0J&*!,J&!+#/&,!
&,! G 6 L L ! - @ C ) : H ; " !!!!!™!

+J&!'+J&7!.J5%17&*!+'!(5*1!#!+5%&!#*1!38,+!1&.51&!$&+0&&*!#./*'0%&125*2!N5,,!
=#,J!#*1!,+#Q5*2!05+J!+J&!,'.5&+Q!'(!+J&!.7'01O!!
!
6(!N5,,!=#,J!J#1!2'*&!#0#Q!6!0'8%1!*'+!J#4&!J#1!+'!,#Q!#*Q+J5*2U!$8+!
,J&! ,+''1U! #*1! +''/! #! ,+&W! .%',&7! #,! 5(! +'! 3#/&! ,87&! 5+! 0#,! 3&U! #*1!
,35%&1!#2#5*U!#*1!0#,!#$'8+!+'!,#Q!3'7&U!0J&*!3Q!3'8+J!'W&*&1U!#*1!
6!J&#71!3Q,&%(!,J75&/5*2U!Y+6',1!%!(#$$-!+$9!$++&-!+$9!4%#9G!-+6!C+*!%!
:%<1!$#01!%!E,6&1U!C+!%B%-X!Z&$[!
!
"J5,!5,!+J&!,Q3$'%5.!&*1!'(!L5%5#*>,!.J5%1J''1U!('7!5+!5,!+J&!,+'7Q!'(!$&+7#Q#%U!
#*1!'(!,J#3&U!0J5.J!#7&!+J&!5*+7'18.+5'*!+'!#18%+J''1X!G8+!N5,,!=#,J!J#,!J#1!
#*! &((&.+! '*! L5%5#*! +J#+! 05%%! $&#7! (785+U! $&.#8,&! L5%5#*>,! ,+7822%&! $&+0&&*!
,'.5#%! #..&W+#*.&! #*1! 5*1&W&*1&*.&! $&.'3&,! #! ,+7822%&! +'! &*+&7! J&7! '0*!
$'1QX!
!
!
:&.%#535*2!+J&!G'1Q!
-+!+J&!+&**5,!W#7+5&,!+'!0J5.J!,J&!5,!,8$b&.+&1!#,!#!YQ'8*2!%#1Q>U!L5%5#*!0#,!
R+J&!(#+!257%!0J'!%''/&1!%5/&!.'.'*8+!5.&!0J&*!,J&!$%8,J&1!ijk!G8+!6!0#,!#!
W&7,'*! '(! $7#5*,U! #*1! ,+5%%! J'W&1! ('7! +J&! $&,+S! Z"#[X! A7,8%#U! J&7! (75&*1U! 0J'!
R0#,!*'+!#!$#1!W&7,'*!#*1!J#1!+J&!2&*&7',5+Q!+J#+!,'3&+53&,!2'&,!05+J!$&5*2!
$&#8+5(8%S! Z+,[U! '((&7,! +'! #145,&U! $8+! L5%5#*>,! 7&W%Q! 5,! #! W'52*#*+! &*+7Q! +'!
3#+875+QO!R8!B+6$9!L1!%!419#+<,1!E,1**-!C#,$G!6!,#51U!%&9!8!%4!*++!%,,+C%&*!*+!
L1!419#+<,1S!Z+![X!-!.'*,+#*+!7&(7#5*!('7!L5%5#*!J#,!$&&*!+J#+!J&7!15((&7&*.&!5,!
&#,5%Q!.#,+!#,!3#1*&,,O!
!
751-!(%-!-+6!%,1!$++&-!(+41!+:!*514S!"J&!2#+&!$&+0&&*!8,!3#1&!J&7!
$7#4&U!#*1!,J&!%&#*&1!'4&7!#*1!/5,,&1!3&!f85./%Q!'*!+J&!.J&&/X!J6*!8!
%$B%-(!*1$$!*514!-+6!%,1!(#4E$-!%!C1&#6(!ijk!8!*1$$!*514!-+6!B#$$!C+!
:%,X!Z+![!
!
@J&! ,&&3,! +'! J#4&! 'W+&1! ('7! +J&! 5*+&%%&.+U! J&7! $'1Q! #! *&.&,,#7Q! $871&*! +'!
.#77QX!G8+!5+!5,!05+J!+J&!2'73%&,,!E8*.#*!'*!+J&!$&#.J!+J#+!,J&!$&25*,!+'!&9]
W#*1!5*+'!J&7!'0*!$'1QU!5*+'!+J&!,&*,&!'(!5+,!W7&,&*.&O!
!
6!0#,!J8*27Q!('7!&#.J!*&9+!,+&WU!&#.J!*&0!,J#W&!'(!,/5*!0#5+5*2!+'!$&!
15,.'4&7&1X!6!0#,!J8*27Q!('7!+J&!275+!'(!,#*1!$&+0&&*!'87!*#/&1!,/5*,!
ijk!6!0#,!#!$'%1!257%!J8*27Q!('7!&4&7Q+J5*2X!6!+''/!E8*.#*>,!J#*1!#*1!
W8+!5+!$'%1%Q!'*!3Q!$7&#,+X!Z!!![!
!
™!!!!!/%9&1((!%&9!;+B1,! &!!

L5%5#*>,!$'1QU!+J&!.#7#W#.&!+J#+!,J&!J#1!.#775&1!#7'8*1!7#+J&7!+J#*!5*J#$5+&1U!
5,!$&.'35*2!+J&!(%&,J!'(!J&7!'0*!*&0!*#77#+54&X!6+!5,!#!,+'7Q!+J#+!E8*.#*!.#*]
*'+! ,J#7&^! %5/&! #! 2&*+%&3#*U! J&! 7&(8,&,! +'! 2'! (87+J&7U! $8+! L5%5#*U! 5**'.&*+!
+J'82J!,J&!5,!5*!+J&!3#++&7!'(!,&9U!(5*1,!+J#+!J&7!'0*!$'1Q!.#*!$&!+J&!,W#.&!'(!
J&7!&9W&75&*.&!'(!+J&!0'7%1U!W&7J#W,!&4&*!+J&!,W#.&!'(!+J#+!05,1'3!5*#..&,]
,5$%&!5*!+J&!8*54&7,5+QX!-*1!5+!5,!`'#*!7#+J&7!+J#*!E8*.#*!0J'!05%%!J&%W!J&7!+'!
5*J#$5+!+J5,!.'7W'7&#%!,&%(X!
! @+7822%5*2!+'!2&+!L5%%5#*!+'!154&!'((!+J&!$'#+!5*+'!+J&!0#+&7U!`'#*!#**'8*]
.&,U!R8*!#(!%!(<%&9%$!&+*!*+!L1!B1*XS!L5%5#*>,!*#77#+54&!.'*+5*8&,O!
!
`'#*!0#,!#,!,+7'*2!#*1!,%5WW&7Q!#,!#!J''/&1!(5,J!#,!,J&!W5**&1!3&!+'!
+J&!$'#71,!'(!+J&!$'#+!#*1!$&2#*!75WW5*2!#+!3Q!$8++'*,!#*1!J''/,X!NQ!
'0*!$8%/!J&%1!3&!,W7&#1&#2%&1!8*1&7!J&7!#*1!(5*#%%Q!5+!,&&3&1!&#,5&7!
*'+!+'!7&,5,+X!NQ!&Q&!0#,!(5%%&1!05+J!W8./&7&1!*5WW%&!#,!`'#*!7&#.J&1!
'4&7!3Q!,J'8%1&7!('7!#!(#,+&*5*2U!#*1!6!,3&%%&1!#!,J#7W!#*53#%!,3&%%!
(7'3! +J#+! J#57](5%%&1! #73W5+X! TJ&*! 3Q! $7&#,+,! %'%%&1! '8+! 5*! +J&! ,8*U!
`'#*!,#+!$#./!,'!+J#+!+J&!$'#+!7'./&1!,5./&*5*2%QX!M+B!"#$U!8!B#$$!&+*!
%(0! %C%#&U! ,J&! ,#51U! W#*+5*2U! #*1! 6! 0#+.J&1! J&7! W5*/! +'*28&! %5./! +J&!
,#%+! (7'3! +J&! .'7*&7,! '(! J&7! 3'8+JX! 6! J&#71! 3Q! 4'5.&! ,#Q! 8! <%&&+*U!
.+%&U! 8! <%&&+*! &4&*! #,! 6! 0#,! ,+#*15*2! 8W!+'! 7&3'4&! 3Q! ,/57+X! 6! '8+]
7#2&1!3Q,&%(U!,+#*15*2!*#/&1!5*!+J&!,8*!05+J!+J&!$'#+!7'./5*2!$&*&#+J!
3Q!,'%&,U!$8+!`'#*!0#,!*'+!'8+7#2&1X!@J&!%&#*&1!$#./!,'!+J#+!J&7!,#%]
%'0!$7&#,+,!$&.#3&!#,!(%#+!#,!#!$'Q>,U!#*1!#1357&1!3&X!Y+6!%,1!%!:#&1!
:#C6,1! +:! %! B+4%&U! "#$U! ,J&! ,#51! ,5*.&7&%QX! 8! $#01! *51! B%-! *51,1! #(! (+!
46<5! +:! -+6X! 6! J#1! *'+! +J'82J+! '(! 3Q,&%(! 5*! ,8.J! #! 0#Q! $&('7&X! NQ!
$8%/! J#1! #%0#Q,! $&&*! #*! #WW&*1#2&U! $8+! *'0U! %''/5*2! 1'0*! '*! 3Q!
,3''+J!W#%&!$7&#,+,!5*!+J&!,8*U!6!0#,!W7&W#7&1!+'!7&.'*,51&7X!Z!!#[!
!
"J'82J! *'+! '4&7+%Q! ,&98#%U! +J5,! 5,! ,&*,8#%! 5*! +J&! &9+7&3&U! #! .&%&$7#+5'*! '(!
(%&,J!5*!#!.'3W&%%5*2%Q!53#25*&1!#%%&2'7Q!'(!7&$57+JX!6+!5,!#!75+&!'(!W#,,#2&U!#!
3'3&*+!5*!0J5.J!L5%5#*!&*+&7,!J&7!$'1Q!#,!+J&!,8$,+#*.&!'(!+J&!*#77#+54&!'(!
,&%(! ,J&! 05%%! 3&+#WJ'75.#%%Q! Y075+&>U! #! *#77#+54&! '(! 7&,5,+#*.&! #*1! 5*1&W&*]
1&*.&U!#*1!8%+53#+&%Q!'(!(7&&1'3X!"J&!(7&&1'3!(7'3!+J&!W#+75#7.J#%!&3W57&!'(!
J&7! (#+J&7>,! $%8,+&75*2! 1'35*#*.&! 5,! #! (7&&1'3! +'! &*+&7! +J&! +&9+! '(! J&7! '0*!
$'1QX!"J5,!.'**&.+5'*!$&+0&&*!0'3#*>,!$'1Q!#*1!0'3#*>,!%#*28#2&!5,!457]
+8#%%Q!#!,+#W%&!'(!(&35*5,+!+J&'7QX!Cx%y*&!)59'8,!,#Q,O!
!
-! 0'3#*>,! $'1QU! 05+J! 5+,! +J'8,#*1! +J7&,J'%1,! '(! #71'87! \! '*.&U! $Q!
,3#,J5*2! Q'/&,! #*1! .&*,'7,U! ,J&! %&+,! 5+! #7+5.8%#+&! +J&! W7'(8,5'*! '(!
3&#*5*2,! +J#+! 78*! +J7'82J! 5+! 5*! &4&7Q! 157&.+5'*! \! 05%%! 3#/&! +J&! '%1!
&'! G 6 L L ! - @ C ) : H ; " !!!!!™!

,5*2%&! 27''4&1! 3'+J&7! +'*28&! 7&4&7$&7#+&! 05+J! 3'7&! +J#*! '*&! %#*]
28#2&Xh!!
!
L5%5#*>,!75+&!'(!W#,,#2&!W8+,!(%&,J!'*!+J5,!#$,+7#.+!51&#X!6+!5,!'*%Q!$Q!7&.%#535*2!
J&7!$'1Q!+J#+!,J&!.#*!.%#53!+J&!5*154518#%5+Q!'(!%#*28#2&!#*1!$&25*!+'!075+&U!
$Q! %545*2! '8+! J&7! '0*! ,+'7Q! 5*! +J&! Y7&4&7$&7#+5*2>! %#*28#2&! '(! J&7! (7&&1'3X!
"J&!,+7822%&!5,U!'(!.'87,&U!+'!&9+75.#+&!J&7,&%(!(7'3!W#+75#7.J#%!%#*28#2&U!#*1!
+J5,!5,!#+!+J&!,#3&!+53&!+'!&9+75.#+&!J&7,&%(!(7'3!+J&!;#+J&7>,!$'15%Q!W7&,&*.&U!
0J5.J!5,!$'+J!WJQ,5.#%%Q!#*1!,&98#%%Q!'4&7W'0&75*2O!!
!
Y+6!%,1!%!*#C5*!$#**$1!>#O1&U!;#+J&7!,#51!#,!5(!J5,!+&&+J!0&7&!.%&*.J&1!'*!
+J&!0'71,X!?!*#C5*!%&9!(1%4-!>#O1&X!6!,#+!,+#75*2!#+!+J&!0''1!27#5*!#*1!
#+! 3Q! J#*1! %Q5*2! '*! 5+U! J&#75*2! ;#+J&7! $7&#+J&! #$'4&! 3Q! J&#1! #*1!
(&&%5*2!+J&!J&#+!'(!J5,!$'1Q!#2#5*,+!+J&!,51&!'(!3Q!#73!#,!J&!,+''1!'4&7!
3&X! C5,! *&#7*&,,! ('7! ,8.J! #! %'*2! +53&! 3#1&! 3&! 5+.J! $8+! 6! .'8%1! *'+!
3'4&U!#*1!,#+!(&&%5*2!+J&!$%''1!W'8*1!5*!3Q!(#.&U!#*1!#!27&#+!J&#+!#*1!
.'*2&,+5'*!7#15#+5*2!(7'3!;#+J&7!05+J!J5,!1#7/!J511&*!+7'8,&7,!#+!&Q&!
%&4&%X!Z!!"[!
!
"J&!.%53#9!'(!+J&!,+7822%&!$&+0&&*!;#+J&7!#*1!L5%5#*!.'3&,!0J&*!J&!0#*+,!+'!
+#/&!J&7!#*1!J&7!$7'+J&7!`'J*!+'!+J&!D#,+&7!@J'0X!L5%5#*!J#,!#%7&#1Q!+#,+&1!+J&!
b'Q,!'(!&,.#W&!(7'3!;#+J&7>,!ZW75,'*[!J'8,&!#*1!'*!+J5,!1#Q!,J&!.7&&W,!'8+!#+!
1#0*! #*1! 0#+.J&,! J&7! &*7#2&1! (#+J&7! 2'! '((! 05+J'8+! J&7X! T#5+5*2! 8*+5%! +J&!
J'8,&!5,!&3W+QU!,J&!&*+&7,!5+O!
!
"J&! J'8,&! J#1! *&4&7! $&&*! 35*&! +'! &9W%'7&! $&('7&X! 6+! 0#,! *'+! ,'3&]
+J5*2!+'!$&!1'*&!%52J+%QX!"J&7&!0#,!W'0&7!0#5+5*2!('7!3&!0J&*!6!+''/!
+J&! J'8,&! 5*+'! 3Q! '0*! J#*1,U! #*1! 6! 151! *'+! 05,J! +'! 78,J! '7! (83$%&!
,8.J!#!1&%5.#+&!3#++&7X!Z!''[!
!
"J&!&3W+Q!J'8,&!5,!#!4&7Q!15((&7&*+!,W#.&!05+J'8+!-%$5'*!\!*'!%'*2&7!#!W75,'*!
\!#*1!0J&*!,J&!&*+&7,!+J&!J'8,&!,J&!R%5,+&*,!+'!+J&!,5%&*.&!%5/&!#!,Q3WJ'*QUS!
#!,5%&*.&!0J5.J!,877&*1&7,!8W!#!WJ'+'27#WJ!'(!J&7,&%(!5*!#!,85+!W'./&+!5*!J&7!
(#+J&7>,!7''3O!R6!,+#7+&1!#+!3Q!'0*!(#.&U!0J5.J!,35%&1!5*!#!1#P&1!0#Q!#+!+J&!
.#3&7#U!.#82J+!('7!'*.&!5*!#!3'3&*+!'(!$75&(!$&#8+QS!Z!'#[X!6+!5,!#,!+J'82JU!
$Q! ,&&5*2! J&7,&%(! #,! '+J&7! 5*! +J&! WJ'+'27#WJU! +J7'82J! J&7! (#+J&7>,! 2#P&U! ,J&!
.#*!7&%&#,&!J&7,&%(!(7'3!+J&!+Q7#**Q!'(!+J#+!2#P&!#*1!$&25*!+'!,&&!J&7,&%(!('7!


h
!Cx%y*&!)59'8,U!R"J&!L#82J!'(!+J&!N&18,#S!Z!$"%[U!5*!M1B!I,1&<5!I14#&#(4(U!&1X!
D%#5*&!N#7/,!_!6,#$&%%&!)'87+754'*!ZG752J+'*O!C#74&,+&7U!!$+,[O!'%&X!
™!!!!!/%9&1((!%&9!;+B1,! &#!

+J&!(57,+!+53&X!@J&!%''/,!#+!J&7!*#/&1!$'1Q!5*!+J&!3577'7U!(5*#%%Q!7&%&#,&1!5*!+J&!
,5%&*+!J'8,&X!
!
TJ&*!6!,#+!'*!+J&!(%''7!5*!(7'*+!'(!+J&!3577'7!#*1!,W7&#1!3Q!%&2,U!+J&!
,5%&*.&! $&.#3&! (752J+&*5*2! #2#5*! #*1! 7'#7&1! #+! 3&X! 6+! (5%%&1! 3Q! &#7,!
05+J! +J5./! *'5,&! +J#+! &$$&1! #*1! (%'0&1! %5/&! ,87(! '*! #! 15,+#*+! $&#.JX!
TJ&*!6!3&+!3Q!'0*!&Q&,!5*!+J&!3577'7!6!+J'82J+!6!352J+!$&!#$'8+!+'!
(#5*+X! T#,! +J5,! &.,+#,Qs! 6! (5%%&1! +J&! 7''3! 05+J! ,'8*1,! %5/&! ,+'73! 5*!
+7&&+'W,U! %5/&! 754&7,U! %5/&! J'7,&,! 2#%%'W5*2U! #*1! 0#,! W7&W#75*2! ('7! +J&!
3'3&*+!0J&*!(%&,J!0'8%1!$&!+7#*,('73&1X!Z!'%[!
!
"J5,! 5,! #! .78.5#%! 3'3&*+! ('7! L5%5#*U! +J&! 3'3&*+! 0J&*! J&7! (%&,J! 5,! '*! +J&!
4&72&!'(!+7#*,('735*2!5*+'!+J&!(8%%!$&5*2!'(!J&7!,&%(U!.'3W%&+5*2!0J#+!`'#*!J#1!
$&28*U!5*J#$5+5*2!#!$'1Q!+J#+!5,!*'!%'*2&7!#*!#WW&*1#2&!$8+!(8%%Q!J&7,X!@8.J!#!
3'3&*+! '(! (7&&1'3! 3&#*,! &,.#W&! (7'3! +J&! ,+'7Q! 5*! 0J5.J! L5%5#*! J#,! $&&*!
+7#WW&1U! ,'3&+J5*2! ;#+J&7! 05%%! *'+! #%%'0X! TJ&*! J&! 7&+87*,! J'3&U! +J&! 75+8#%!
$&#+5*2!+J5,!+53&!+87*,!5*+'!7#W&U!#!7#W&!+J#+!'..87,!'*!,&4&7#%!%&4&%,!'(!J#+7&1U!
#*2&7U!#*1!*&&1U!$8+!0J5.J!5,U!8%+53#+&%QU!#*!&9&7+5'*!'(!J5,!W'0&7!+'!W7&4&*+!
J&7!,W575+8#%!&,.#W&X!"J5,!5,!+J&!7&#%!&,.#W&!J&!J#1!$&&*!7#*+5*2!#$'8+U!*'+!+J&!
,8,W5.5'*! +J#+! ,J&! J#1! $&&*! R'((! 05+J! $'Q,XS! -+! +J5,! 3'3&*+U! #,! +J&! J'8,&!
254&,!$#./!R'*%Q!,5%&*.&S!#*1!+J&!'*%Q!,'8*1!5,!R+J&!W#*+5*2!'(!+J&!1&,W&7#+&!
3#.J5*&!+J#+!0#,!;#+J&7US!+J&!&3W57&!'(!W#+75#7.JQ!7&#.J&,!5+,!%535+U!$&.#8,&!
#%+J'82J!J&!.#*!5*4#1&!J&7!J&!05%%!*&4&7!#2#5*!$&!#$%&!+'!1'35*#+&!J&7X!I&+!
J&!J#,!('7!+J&!3'3&*+!,5%&*.&1!J&7U!#*1!J#45*2!('8*1!J&7!$'1Q!,J&!38,+!(5*1!
J&7!4'5.&O!
!
TJ#+&4&7!J#1!J#WW&*&1!\!#*1!6!0'8%1!*'+!#,/!3Q,&%(!b8,+!0J#+!+J#+!
J#1!$&&*!\!J#1!J#WW&*&1!+'!#!3#,,!'(!(%&,J!.#%%&1!L5%5#*U!*'+!+'!3&X!6!
.'0&7&1! 5*! +J#+! (%&,JU! 3Q! ,&%(! ,J78*/! +'! +J&! ,5P&! '(! #! W&#U! $8+! ,+5%%! 6!
+75&1!+'!,W&#/!+'!N'+J&7X!F&7J#W,!,J&!0'8%1!7&%&#,&!3&!(7'3!5+!#%%U!'7!
+#/&!3&!'4&7U!'7!,#4&!3&X!Z!'&[!
!
G8+U!+7Q!#,!,J&!352J+U!,J&!.#**'+!3#/&!+J&!0'71,!.'3&X!"J&!W'0&7!'4&7!+J&!
$'1Q!5,!+J&!W'0&7!'4&7!%#*28#2&U!#*1!('7!+J&!+53&!$&5*2!;#+J&7!J#,!7&#,,&7+&1!
+J#+! W'0&7X! G8+! 0J#+! L5%5#*! .#**'+! $75*2! J&7,&%(! +'! ,W&#/! '(! 05%%! *'+U! 8%+5]
3#+&%QU! ,5%&*.&! J&7U! ('7! +J&! 15,.'4&7Q! '(! +J&! $'1Q! J#,! $&.'3&! +J&! 3'3&*+!
(7'3!0J5.J!,J&!38,+!$&25*!+'!&*+&7!J&7!'0*!,+'7QU!38,+!&*#.+!+J&!17#3#!+J#+!
(7&&,!J&7!(7'3!+J&!53W&75#%!1'35*#+5'*!'(!J&7!(#+J&7X!"J#+!(7&&1'3!5,!#+!+J&!
,#3&!+53&!#*!&,.#W&!(7'3!.'*4&*+5'*U!(7'3!+J&!+&15'8,!#*1!$#*#%!*#77#+54&!5*!
0J5.J!,J&!J#1!$&&*!#!$5+!W%#Q&7X!G8+!('7!+J&!3'3&*+!+J&!15((5.8%+5&,!#WW&#7!5*]
,873'8*+#$%&U!$&.#8,&!J&7!(#+J&7!,&&3,!+'!J#4&!+87*&1!J&7!$'1Q!$#./!5*+'!#*!
&)! G 6 L L ! - @ C ) : H ; " !!!!!™!

#WW&*1#2&U!#!R3#,,!'(!(%&,J!.#%%&1!L5%5#*XS!TJ&*!E8*.#*!#,/,!0J#+!5,!07'*2!
05+J!J&7U!,J&!7&W%5&,O!
!
751,1!#(!&+*5#&C!6EX!G8+!J5,!J#*1!'*!3Q!/*&&!0#,!5*+'%&7#$%&!#*1!J5,!
(#.&!0#,!+''!.%',&!+'!35*&X!C&!0#,!#$'8+!+'!&*+&7!3Q!,/5*!+J7'82J!J5,!
(#.&! #*1! /*&&X! C&! .'8%1! $7&#+J&! +''! 1&&W%Q! #*1! ,.#++&7! 3&! 5*! 3#*Q!
(7#23&*+,X!B'+J5*2!0#,!/&&W5*2!3&!+'2&+J&7!*'0X!Z!'"[!
!
"J&!7#W&!5,!+''!15((5.8%+!+'!&9W%#5*U!$8+!#+!#!3&+#WJ'75.#%!%&4&%!,J&!J#,!(&%+!+J&!
/&&*&,+!.'*,&f8&*.&!'(!53W&75#%!W'0&7U!+J&!W'0&7!'(!%#*28#2&!#*1!+J&!W'0&7!
'(!+J&!.'%'*5P&7!+'!,5%&*.&!+J&!5*4#1&1X!"J5,!,5%&*.5*2!5,!#!W7&4&*+5'*!'(!J&7!
#$5%5+Q!+'!075+&!J&7!'0*!,+'7Q^!,J&!J#,!'*.&!#2#5*!$&.'3&!#!45.+53!5*!+J&!53]
W&75#%!17#3#!'(!1'35*#*.&!#*1!'WW7&,,5'*X!
! "J5,! .75,5,! 5,! 7&,'%4&1! $Q! L5%5#*! 5*! #*! 5*+&7&,+5*2! 0#QX! @J&! 7&2#5*,! J&7!
4'5.&U! #*1! %&#7*,! +'! 7&]&*+&7! J&7! $'1QU! $Q! &*+&75*2! -8,+7#%5#*! W%#.&X! R8! %4!
C+#&C!L6(5US!,J&!,#Q,U!RA*1&7!#!.'8*+7Q!,/Q!6!*&&1&1!+'!27&&+!3Q,&%(!#%'*&U!
%5/&!#!,+7#*2&7S!Z!'$[X!-+!+J5,!W'5*+U!+J&!15,.'4&7Q!'(!+J&!$'1QU!0J5.J!5,!+J&!
&*+7Q!+'!%#*28#2&U!#*1!+J&!15,.'4&7Q!'(!W%#.&!$&.'3&!'*&!#*1!+J&!,#3&U!('7!5+!
5,! 5*! W',+.'%'*5#%! E$%<1! +J#+! 15((&7&*.&! #*1! ,8$b&.+545+Q! #7&! 15,.'4&7&1X! "J5,!
.'**&.+5'*!$&+0&&*!+J&!$'1Q!#*1!W%#.&!533&15#+&%Q!7#5,&,!+'!W7'35*&*.&!+J&!
,+7822%&! '4&7! %#*28#2&! +J#+! '..87,! 5*! .'%'*5P&1! ,W#.&X! "J&! )#*#15#*! 075+&7!
E&**5,!L&&!W8+,!+J&!,+7822%&!05+J!%#*28#2&!+J5,!0#QO!!
!
G&*&#+J! +J&! 0'71,! '87! #$,&*+&&! 3#,+&7,! J#4&! 254&*! 8,U! +J&7&! 5,! #*!
8*1&735*5*2!,5%&*.&X!6+!,#W,!'87!*&74&X!-*1!$&*&#+J!+J#+!,5%&*.&U!+J&7&!
5,!#!7#0!0&%+&7!'(!.#1&*.&!+J#+!+83$%&,!#*1!,+7#5*,!+'0#71!0'71,!#*1!
+J#+!3#/&,!+J&!,5%&*.&!#!$%&,,5*2!$&.#8,&!5+!,J8,J&,!&#,Q!,W&&.JX!"J#+!
.#1&*.&!5,!J'3&Xl!!
!
L&&! 1&,.75$&,! J5,! '0*! &9W&75&*.&! '(! ,&&5*2! 075+&7,! #%%! #7'8*1! J53! 8,5*2!
0'71,!0J5%&!J&!5,!,53W%Q!R2#22&1XS!T75+5*2!J#1!$&.'3&!#!W7'$%&3!+'!5+,&%(O!
R5+!J#1!27'0*!5*+'!#!,&#7.J!('7!#8+J&*+5.5+QU!$8+!#%%!5+!.'8%1!3#*#2&!+'!$&!0#,!
#! ,Q3W+'3! '(! 5*#8+J&*+5.5+QXS! "J5,! 5*#8+J&*+5.5+Q! .'3&,! *'+! (7'3! +J&! %#*]
28#2&!E1,!(1U!$8+!(7'3!+J&!,5+8#+5'*!'(!+J&!%#*28#2&!5*!5+,!W#7+5.8%#7!.'3W%&9!
'(! 15,.87,54&! 7&%#+5'*,X! "J&! %#*28#2&! $&.'3&,! #! +''%! ('7! .'*,+78.+5*2! #! 15(]
(&7&*+!7&#%5+Q!$Q!5*5+5#+5*2!15((&7&*+!('73,!'(!%#*28#2&!8,&X!6+!5,!5*4&,+&1!05+J!
,+7#+&25.!3#7/&7,!+J7'82J!+J&!W7'.&,,!'(!*#35*2U!#*1!#1#W+&1!+'!+J&!%5*285,+5.!


l
!E&**5,!L&&U!R)#1&*.&X!)'8*+7QX!@5%&*.&O!T75+5*2!5*!)'%'*5#%!@W#.&US!L+6&9%,-! &!
#X!!Z;#%%!!$")[O!!&)X!
™!!!!!/%9&1((!%&9!;+B1,! &%!

W7'.&,,&,!'(!#!W75'7!#*1!5*152&*'8,!'7U!5*!+J&!.#,&!'(!,&++%&7!.8%+87&,U!#!1&4&%]
'W5*2! 4&7*#.8%#7! %#*28#2&X! "J8,U! ('7! +J&! 0'3#*! #*1! .'%'*5#%! ,8$b&.+U! +J&!
Y#8+J&*+5.>!%#*28#2&!5,!'*&!0J',&!#8+J&*+5.5+Q!5+,&%(!5,!.'*,+78.+&1!5*!+J&!W7']
.&,,!'(!.'*,+78.+5*2!+J&!,&%(X!
! "J5,!*&&1!+'!075+&!'8+!'(!#!,&*,&!'(!W%#.&!5,!&f854#%&*+!+'!+J&!&9J'7+#+5'*,!
'(!`<,#*6,1!:`4#&#&1!+'!Y075+&!+J&!$'1Q>X!)59'8,!,#Q,O!
!
T'3#*!38,+!075+&!J&7!,&%(O!38,+!075+&!#$'8+!0'3&*!#*1!$75*2!0']
3&*!+'!075+5*2U!(7'3!0J5.J!+J&Q!J#4&!$&&*!1754&*!#0#Q!#,!45'%&*+%Q!#,!
(7'3! +J&57! $'15&,! \! ('7! +J&! ,#3&! 7&#,'*,U! $Q! +J&! ,#3&! %#0U! 05+J! +J&!
,#3&! (#+#%! 2'#%X! T'3#*! 38,+! W8+! J&7,&%(! 5*+'! +J&! +&9+! \! #,! 5*+'! +J&!
0'7%1!#*1!5*+'!J5,+'7Q!\!$Q!J&7!'0*!3'4&3&*+Xm!!
!
`8,+!#,!W',+.'%'*5#%!075+&7,!*&&1&1!+'!7&].'*.&54&!'(!.'%'*5#%!,W#.&U!0'3&*!
38,+!Y075+&!+J&57!$'15&,>U!$Q!7&.'*,+78.+5*2U!7&45,5'*5*2!+J&!$'1Q!#,!#!,5+&!'(!
15((&7&*.&X!L5%5#*!1'&,!+J5,!$Q!7&15,.'4&75*2!J&7!$'1Q!5*!+J&!$8,JX!TJ&*!,J&!
#7754&,!#+!#*!'$,.87&!.'8*+7Q!+'0*U!05+J!5+,!)#%&1'*5#*!C'+&%U!#!7&35*1&7!'(!
+J&!.'*+5*8#%!5*(%&.+5'*!'(!G75+#5*!5*!+J&!,&++%&3&*+!'(!-8,+7#%5#U!#*1!%''/,!'8+!
+J&!05*1'0!'(!+J&!7''3!+J&Q!J#1!254&*!J&7U!,J&!/*'0,!,J&!J#,!#7754&1!#+!+J&!
752J+!W%#.&X!T5W5*2!J&7!(#.&!05+J!#!+'0&%!05+J!+J&!0'71! ) - L D E H B 6 - B !,J&!
%''/,!'8+!#.7',,!+J&!27&Q!+5*!7''(!#*1!,&&,!,J&&WX!R/-!<+6&*,-!,#C5*!+,!B,+&CU!
6!+'%1!+J&!+'0&%!#*1!.J#*2&1!+'!2'!1'0*,+#57,S!Z!'$[X!"J5,!5,!#!W%#.&!0J&7&!
0'3&*! 5*! +7'8,&7,! 0&7&! *'+! ,&&*! $8+! 0J&7&! ,'3&'*&! '(! J&7! $8%/! 0&#75*2!
+7'8,&7,!,+75/&,!+J&!+'0*!183$X!
! "J&! 3'3&*+! '(! +7#*,('73#+5'*! .'3&,! 0J&*! ,J&! 2'&,! ('7! #! ,053! 5*! +J&!
754&7X!@'3&!$'Q,!+J7'0!7'./,!#+!J&7!#*1!,J&!0#5+,!('7!+J&3!+'!%&#4&O!
!
NQ! $'1Q! $&.#3&! 075*/%&1! %5/&! #! ,8%+#*#U! 3Q! (5*2&7,! W8./&7&1! #*1!
0J5+&U!3Q!(&&+!*83$X!G&J5*1!3&!+J&!$#*/!'(!+J&!.7&&/!7',&!8WU!+J'7*QU!
1&*,&! 05+J! #227&,,54&! $8,J&,! '*! +J5,! ,51&X! -$'7525*&,! /*'0! J'0! +'!
5*,5*8#+&!+J&3,&%4&,!+J7'82J!,8.J!$8,J&,!$8+!6U!05+J!3Q!%#72&!0J5+&!
$'1QU!,'(+!#,!#!278$U!.'8%1!*'+X!Z!#![!
!
TJ&*!,J&!0#%/,!*#/&1!$#./!+'!+J&!)#%&1'*5#*U!R+J&!,5%&*.&!,W7&#1!'8+!(7'3!
3&! 5*! 75WW%&,XS! @J&! J#,! 57'*5.#%%Q! #WW7'W75#+&1! +J&! W'0&7! +'! ,5%&*.&! '+J&7,U!
0J5.J!05%%!$&!+J&!$&25**5*2!'(!J&7!W'0&7!'4&7!%#*28#2&X!F#,,5*2!+J&!W8$%5]
.#*>,! 1#82J+&7! ,05*25*2! '*! +J&! $#*5,+&7U! ,J&! +&%%,! J&7O! RY+6! B#$$! %$B%-(! ,1P
414L1,!*5#(XS!:&%&#,&1!+J8,!$#./!5*+'!J&7!$'1QU!#0#Q!(7'3!+J&!.'*(5*&3&*+!


m
!)59'8,U!R"J&!L#82J!'(!+J&!N&18,#US!')%X!
&&! G 6 L L ! - @ C ) : H ; " !!!!!™!

'(! ;#+J&7>,! J'8,&! #*1! ;#+J&7>,! 1'35*#+5'*U! ,J&! 7&2#5*,! J&7! ,+7&*2+J! 5*! +J&!
$8,JX!6*!+J&!(5%3!4&7,5'*!'(!+J&!*'4&%U!L5%5#*!0#%/,!*#/&1!(7'3!+J&!$#Q!8W!+'!
+J&!J'8,&!+'!(#.&!J&7!(#+J&7X!"J5,!.#W+87&,!4&7Q!0&%%!+J&!7&,5,+#*+!3&#*5*2!'(!
L5%5#*>,!7&]&*+7Q!5*+'!J&7!$'1QU!('7!+J5,!5,!#!(8*1#3&*+#%!7&,5,+#*.&!+'!J5,!.'*]
+7'%! #*1! 5*4#,54&! W7&,&*.&U! #! ,+#+&3&*+! '(! 51&*+5+QX! G8+! 5+! 35,,&,! +J&! 53W'7]
+#*.&!'(!J&7!15,.'4&75*2!J&7,&%(!5*!+J&!$8,JU!+J&!&*2#2&3&*+!05+J!W',+.'%'*5#%!
W%#.&!05+J!#%%!5+,!#3$54#%&*.&X!T#%/5*2!'*!5*+'!+J&!$8,J!#0#Q!(7'3!+J&!+'0*O!
!
C'0!6!%'4&1!#%%!+J#+!7#8.'8,!*'5,&U!,J75%%!$571,U!.5.#1#,!+J#+!3#1&!3Q!
J&#1!75*2!0J&*!#!+7&&(8%!'(!+J&3!45$7#+&!+'2&+J&7U!#*1!+J&!J&#1Q!,3&%%!
'(!&8.#%QW+8,!%&#(!3'8%1!8*1&7!1&0X!C'0!(8%%!'(!$%8&!#*1!2'%1!W7']
35,&! +J',&! 1#0*,! 0&7&U! 0J&*! ,'3&! 5*,5,+&*+! $571! '*! #! $7#*.J! '4&7]
J&#1!0'/&!3&U!'7!#!J'+!7#Q!'(!%52J+!$&+0&&*!%&#4&,!+J#+!0#73&1!3Q!
&Q&%51,! ijk! 6! ,W&*+! J'87,! 7&#15*2! +J&! ,.75$$%&,! '*! 283]+78*/,U! #*1!
0#,!,'3&+53&,!05+J5*!#!17&#3!'(!8*1&7,+#*15*2!&4&7Q+J5*2X!Z!#'[!
!
"J5,!5,!#!%Q75.#%!3'3&*+!5*!0J5.J!+J&!$'1QU!W%#.&U!#*1!,1%9#&C!.'3&!+'2&+J&7X!
D4&*!+J'82J!5+!5,!#!7&#15*2!'(!+J&!,.75$$%Q!283U!5+!5,!#!7&#15*2!'(!W%#.&U!#!7&#1]
5*2!+J#+!05%%!254&!J&7!+J&!153&*,5'*!'(!,W575+!+'!$&25*!075+5*2!J&7!'0*!*#77#]
+54&! 5*! +J&! .5+QX! :&+87*5*2! +'! J&7! (#+J&7>,! '8+7#2&! #*1! $'3$#,+U! ,J&! J#,! 7&]
2#+J&7&1!J&7!,+7&*2+JX!"'!J5,!RY+6!%,1!&+!9%6C5*1,!+:!4#&1US!,J&!J#,!#*!#*]
,0&7!+J#+!,5%&*.&,!J53U!R751&!-+6!%,1!%!<6<0+$9G!ajk!?&9!/+*51,!#(!%!B5+,1S!
Z!##[X!TJ&*!+J&!5*&45+#$%&!.'33#*1!+'!Y$&*1!'4&7>!.'3&,U!+J&!+78&!3&#*5*2!
'(!L5%5#*>,!7&15,.'4&7Q!'(!J&7!$'1Q!5*!-8,+7#%5#*!W%#.&!$&.'3&,!.%&#7O!
!
E#Q,! '(! 0#+.J5*2! +J&! ,8*! 3&%+! #%'*2! J'75P'*,! #,! 5+! 7',&U! (%#++&*5*2!
+J7'82J!+J&!#+3',WJ&7&!$&('7&!5+!W8%%&1!5+,&%(!8W!#*1!$87,+!(7&&U!3#1&!5+!
J#71!+'!3'4&!f85./%QU!#*1!6!151!*'+!3'4&!f85./%QU!$8+!0#,!2#+J&75*2!
3Q,&%(! +'! 3'4&! 0J&*! ;#+J&7! ,+#7+%&1! 3&! $Q! (%5*25*2! +J&! $&%+! 1'0*!
$&+0&&*!8,X!8&*+$1,%L$1U!J&!,J'8+&1!ijk!"J&!$&%+!%#Q!'*!+J&!(%''7!5*!#!
27&#+!,5%&*.&X!Z!##[X!
!
L#*28#2&! #*1! ,5%&*.&! #7&! .75+5.#%! 5*! +J&! &9&7+5'*! '(! ;#+J&7>,! W'0&7U! #*1! ,5]
%&*.&!5,!('7.&1!'*!J53!$Q!+J&!7&#WW&#7#*.&!'(!L5%5#*>,!7&*&0&1!,&*,&!'(!J&7!
$'1QX!E#*2&7'8,!+J'82J!J&!J#,!$&&*U!#*1!7&3#5*,!+'!J&7U!J&!5,!7&18.&1!+'!#!
$%8,+&75*2! #*1! 53W'+&*+! (''%X! "J&! W'0&7],+7822%&! J#,! $&&*! #! ,+7822%&! +'! 7&]
.%#53!+J&!$'1QX!G8+!5+!J#,!#%,'!$&&*!#!,+7822%&!$&+0&&*!%#*28#2&!#*1!,5%&*.&U!
$&+0&&*!#*!53W&75#%!#*1!5*1&W&*1&*+!*#77#+54&!'(!,&%(X!
!
!
™!!!!!/%9&1((!%&9!;+B1,! &"!

B#77#+54&!#*1!N'$5%5+Q!
C#45*2! 7&]&*+&7&1! %#*28#2&U! ,'! +'! ,W&#/U! +J7'82J! +J&! 3&1583! '(! J&7! $'1QU!
L5%5#*>,! *#77#+54&! $&25*,! 05+J! J&7! #WW7'W75#+5'*!'(!@J#/&,W&#7&!#*1!+J&!.8%]
+87#%!.#W5+#%!5+!7&W7&,&*+,X!TJ&*!#..8,&1!$Q!J&7!(#+J&7!'(!53W7'W75&+Q!('7!,5+]
+5*2!5*!#!+7&&!05+J!E8*.#*U!,J&!7&,W'*1,O!RF1!C1*!6E!*+!)5%01(E1%,1U!6!,#51U!
#*1!151!*'+!&9W&.+!J53!+'!$&%5&4&!3&X!F1!,1<#*1!)5%01(E1%,1S!Z$+[X!TJ&*!,J&!
W7'4&,! 5+! $Q! 7&.5+5*2U! J&! .7'0,O! RU5U! "#$#%&U! ijk! -+6! %,1! $#01! +&1! +:! *5+(1!
%E1(!*%6C5*!*+!9+!*5#&C(S!Z$$[X!C&7!7&,W'*,&!+'!+J5,!5,!+'!/&&W!7&.5+5*2U!8,5*2!
+J&! #8+J'75+Q! '(! J&7! @J#/&,W&#7&! #,! #! 0&#W'*! #2#5*,+! +J&! $8%%Q5*2! '(! J&7!
(#+J&7X!@J&!7&.5+&,!8*+5%!J&!,.7&#3,!#+!J&7!+'!,+'WU!0J5.J!,J&!0'*>+!1'!8*+5%!J&!
,%#W,!J&7!#*1!.'*(5,.#+&,!J&7!RT5%%5#3XS!"J5,!5,!+J&!3'3&*+!0J&*!7&.5+#+5'*U!
0J5.J!,&&3,!+'!$&!3&7&%Q!3535.7QU!$&.'3&,!+J&!$&25**5*2!'(!#!*&0!*#77#]
+54&U!#!*#77#+54&!,J&!5*J#$5+,!+7583WJ#*+%QU!#*1!'*&!,J&!.'*+5*8&,!+'!Y075+&>!#,!
#*!#18%+U!1&,W5+&!%8*#+5.!#,Q%83,!#*1!2#'%,X!H(!.'87,&U!L5%5#*!*&4&7!WJQ,5.#%%Q!
075+&,!#*Q+J5*2^!+J&!+&9+!5,!J&7!'0*!%5(&U!#*1!5*!+J5,!,&*,&!@J#/&,W&#7&!5,!#W]
W7'W75#+&U!$&.#8,&!+J&!+&9+!5,!#%,'!#!17#3#!.J#7#.+&75P&1!$Q!J&7!4'%8$%&!7&.5+#]
+5'*,!#*1!+J&!W7&,&*.&!'(!#*!#815&*.&X!
! B&4&7+J&%&,,U!+J5,!.8%+87#%!.#W5+#%U!1&4&%'W&1!(7'3!%5+&7#7Q!%&#7*5*2U!5,!'*&!
+J#+!(5*1,!5+,&%(!#+!'11,!05+J!.'*4&*+5'*#%!&18.#+5'*X!6*1&&1U!+'!075+&!J&7!'0*!
,+'7Q!L5%5#*!%&#7*,!+J#+!,J&!38,+!&,.#W&!3#*Q!15((&7&*+!W75,'*,X!"J&!*#77#+54&!
'(!J&7!%5(&U!J&7!,+'7QU!38,+!$&!.'*+5*8#%%Q!075++&*U!'*!+J&!78*U!#,!,J&!#4'51,!+J&!
4#75'8,!5*,+5+8+5'*,!+J#+!0#5+!+'!+7#W!J&7X!C&7!(#+J&7>,!J'8,&!0#,!#!W75,'*!,J&!
%&#7*+!+'!&,.#W&!&#7%QU!$8+!+'!J&7!27&#+!15,5%%8,5'*!,J&!15,.'4&7,!+J&!8*54&7,5+Q!
+'!$&!#!W75,'*!'(!+J&!,W575+X!L5%5#*!J#1!
!
%''/&1!('70#71!+'!7&#15*2!#%%!+J&!05,1'3!&4&7!075++&*!#*1!+'!+J5*/5*2!
1&&W%Q!#$'8+!53W'7+#*+!+J5*2,X!6!J#1!W%#**&1!,&7&*&!J'87,!05+J!(&#7]
%&,,!35*1,!0J'!0'8%1!J&%W!3&!7&,'%4&!W7'$%&3,!'(!2''1!#*1!&45%U!#*1!
0J#+!&4&7Q+J5*2!352J+!3&#*X!Z!,'[!
!
6*,+&#1U!,J&!.'%%&.+,!R#!(&0!(#.+,!#$'8+!&*.%',87&!%#0,U!#!%5,+!'(!1#+&,!#*1!$#+]
+%&,S!Z!,#[X!C&7!&18.#+5'*!*&2%&.+,!+'!'((&7!J&7!#*,0&7,!+'!+J&,&!$52!f8&,+5'*,O!
!
6!'(+&*!0#*+&1!+'!,+#*1!#*1!Q&%%!1'0*!5*+'!+J&!75*2X!F51,1!#(!(#W1s!6!
0'8%1! J#4&! %5/&1! +'! ,J'8+X! F5%*! 5%>1! -+6! 9+&1! B#*5! *51! C,%&9! %&9!
#&1::%L$1s!F51,1!#(!*51!$#:1!%$$!%,+6&9!6(s!Z!,#[!
!
;X`X!@+7'81!5,!%&,,!*#54&O!RF5%*!9#9!-+6!1OE1<*s!C&!0#*+&1!+'!/*'0X!F#(9+4s!
iXX Xk!Y+6!B#$$!&+*!:#&9!#*!51,1S!Z!,)[X!
&+! G 6 L L ! - @ C ) : H ; " !!!!!™!

! )'*,&f8&*+%QU!L5%5#*>,!%5(&!#,!#!0'3#*!$&.'3&,!.J#7#.+&75P&1!$Q!(7&&1'3U!
#*! &,.#W&! (7'3! +J&! 4#75'8,! W75,'*,! '(! +J&! ,W575+U! #! (7&&1'3! +'! $&.'3&! +J&!
.&*+7&!'(!J&7!'0*!*#77#+54&U!#*1!,J&!#.J5&4&,!+J5,!+J7'82J!3'$5%5+QX!@J&!#%,'!
#.J5&4&,!5+!$Q!28#7#*+&&5*2!J&7,&%(!#*!#815&*.&U!#,!,J&!1'&,!0J&*!,J&!2'&,!+'!
+J&!W5.+87&,U!',+&*,5$%Q!+'!$&.'3&!,'3&'*&!&%,&!('7!#!+53&O!
!
G8+!$&('7&!+J&!%52J+,!0&*+!1'0*!6!7&3#5*&1!L5%!#*1!0#,!$&25**5*2!+'!
%'4&! 1&(5#*.&! #*1! $&5*2! +J&! .&*+7&! '(! #%3',+! #*Q! /5*1! '(! #++&*+5'*X! 6!
,0&%%&1!+J&*!,'!+J#+!3Q!$&5*2!(5%%&1!&4&7Q!.&%%!'(!3Q!$8%/X!6!0#,!J82&U!
.'%',,#%U! 3#2*5(5.&*+U! 0J&*! #%%! +J&! J&#1,! J#1! +87*&1U! &4&7Q'*&! 0#,!
,+#75*2U! #! (&0! 0&7&! ,J'8+5*2! #+! 3&U! #*1! +J&! 3#*#2&7! 0#,! J877Q5*2!
1'0*!+J&!#5,%&!+'0#71,!3&X!6!$&%'*2&1!+'!3Q,&%(!+J&*U!#*1!6!%'4&1!+J&!
2%#7&!'(!W8$%5.!%5(&X!Z!))[!
!
!R6!$&%'*2&1!+'!3Q,&%(!+J&*S!\!0J#+!5,!'..8775*2!J&7&!5,!+J&!4&7Q!'WW',5+&!'(!
-%+J8,,&7>,!.'*.&W+!'(!5*+&7W&%%#+5'*U!'(!+J&!,8$b&.+!$&5*2!.#%%&1!('7+J!$Q!+J&!
2#P&!'(!W'0&7X!L5%5#*!J&7,&%(!.#%%,!('7+J!+J&!2#P&!'(!'+J&7,!'*!J&7!'0*!+&73,U!
$&.#8,&!J&7!R$&5*2!(5%%&1!&4&7Q!.&%%S!'(!J&7!$8%/X!@J&!J#,!,W&*+!J&7!%5(&!%'./&1!
5*+'! +J&! 51&#! '(! J&7! $&5*2! +J#+! J&7! (#+J&7>,! 2#P&! 53W%5&1! #*1! 0J5.J! 5,! 3#1&!
.'*.7&+&!5*!+J&!4#75'8,!W75,'*,!(7'3!0J5.J!,J&!&,.#W&,X!B'0U!,5*.&!7&.%#53]
5*2! J&7! $'1Q! 5*! +J&! $8,JU! ,J&! .'*+7'%,! +J&! *#77#+54&! #*1! +J&! 53W#.+! '(! J&7!
$&5*2!'*!'+J&7,X!`8,+!#,!,J&!,5%&*.&1!+J&!'*%''/&7,!5*!+J&!.'8*+7Q!+'0*U!*'0!
,J&!.'33#*1,!+J&!#++&*+5'*!'(!.5+Q]10&%%&7,X!6+!5,!5*!+J&!2#P&!'(!+J5,!'8+7#2&1!
#++&*+5'*!+J#+!,J&!$&.'3&,!(8%%Q!J&7,&%(U!*'0J&7&!3'7&!,'!+J#*!0J&*!,J&!7&]
(8,&,!+'!,+#*1!('7!R='1!@#4&!+J&!e8&&*XS!R6(!5+!J#1!*'+!$&&*!,'3&'*&!&%,&>,!
B#+5'*#%!-*+J&3!W%#Q5*2!0J&*!+J&!7&1!W%8,J!.87+#5*!b&7/&1!#W#7+U!6!352J+!*'+!
J#4&! 35*1&1X! G8+! 6! 151! *'+! %5/&! ('7&52*! $'3$#,+S! Z!))[X! 6+! +''/! -8,+7#%5#! #!
%'*2!+53&!+'!#27&&!+J#+!R='1!@#4&!+J&!e8&&*S!0#,!R('7&52*!$'3$#,+XS!6+!,+5%%!
J#,*>+!.'3&!+'!+&73,!05+J!+J&!51&#!'(!:&W8$%5.#*!5*1&W&*1&*.&X!L5%5#*>,!&9]
#3W%&!7&(%&.+,!W''7%Q!8W'*!W',+];&1&7#+5'*!-8,+7#%5#X!
! -%+J'82J! L5%5#*! &,.#W&,! J&7! (#+J&7>,! R('7&52*! $'3$#,+US! #*1! .#**'+! $&!
.'*+#5*&1!#*Q!%'*2&7!5*!J5,!J'8,&U!J&!,+5%%!J#,!+J&!W'0&7!+'!J#4&!J&7!W%#.&1!5*!
+J&! *&9+! W75,'*! \! #! %8*#+5.! #,Q%83X! "J5,!5,!+J&!+J571!'(!+J&!W75,'*,!5*!0J5.J!
L5%5#*!5,!+7#WW&1X!G8+!#%%!'(!+J&3!.'*45*.&!J&7!+J#+!(7&&1'3!#*1!3'$5%5+Q!38,+!
$&!2#5*&1!#+!#%%!.',+,!\!(7&&1'3!+'!7'#3!+J&!.5+QU!+'!.#%%!#++&*+5'*!+'!J&7,&%(U!
(7&&1'3U!#$'4&!#%%U!+'!3'4&!+J7'82J!+J&!W%'+!'(!J&7!'0*!,+'7QU!+'!E$%<1!J&7]
,&%(X!G8+!&4&*!5*!+J&!#,Q%83U!%5(&!0&*+!'*O!R;#+J&7!.'8%1!,+'W!3&!78**5*2!05%1!
$8+! J&! 0'8%1! *'+! ,+'W! 3&! $&5*2! #%54&! #*1! &*b'Q5*2! 0J#+&4&7! 0#,! +'! $&! &*]
b'Q&1S!Z!)$[X!R6!#3!@J#/&,W&#7&US!,J&!,#Q,!+'!:5,&7!+J&!*87,&U!0J5.J!.'*(573,!
™!!!!!/%9&1((!%&9!;+B1,! &$!

J5,!51&#!'(!J&7!3#1*&,,U!$8+!0J5.J!J#,!#+!%&#,+!+0'!3&#*5*2,X!@J&!/*'0,!,'!
38.J!'(!@J#/&,W&#7&!+J#+!,J&!.#*!7&.5+&!&4&7Q!W%#QX!G8+!'*!#*'+J&7!%&4&%!,J&!
J#,!7&#.J&1!+J&!,+#2&!#+!0J5.J!,J&!.#*!5*4&*+!#*1!W%#Q!'8+!J&7!'0*!17#3#U!J&7!
'0*! ,+'7Q! '*! +J&! ,+#2&! '(! +J&! .5+QX! @J&! J#,! +#/&*! J'%1! '(! +J#+! 0J5.J! 352J+!
J#4&!.'%'*5P&1!J&7!#*1!3#1&!5+!0'7/!+'!J&7!#14#*+#2&X!TJ&*!;#+J&7!.'3&,!+'!
45,5+U!'7!+'!+#8*+!J&7!5*!+J&!R%''*Q!$5*US!,J&!15,.#71,!+J&!$'1Q!+J#+!,J&!J#,!7&]
(#,J5'*&1! #0#Q! (7'3! J5,! .'*+7'%U! #*1! 5*,+&#1! $&.'3&,! %5/&! W%#,+5.5*&! R'7!
,+'*&U! '7! ,/QU! '7! #*Q+J5*2! +J#+! .'8%1! 2'! '*! %545*2! 5+,! '0*! ,5%&*+! %5(&! 0J&*!
&4&7Q'*&! +J'82J+! 5+! 0#,! 1&#1S! Z!%)[X! 6*! +J5,! 0#QU! &4&*! +J&! R%''*Q! $5*S! $&]
.'3&,!,'3&+J5*2!,J&!.#*!.'*+7'%U!#!,+#2&!'*!0J5.J!,J&!.#*!W%#Q!'8+!J&7!'0*!
5*+&7*#%!17#3#X!!
! 6*!+J&!&*1!5+!5,!-8*+!<5++QU!+J'7*!5*!+J&!,51&!'(!-%$5'*U!0J'!7&,.8&,!L5%5#*U!
$Q! $%#./3#5%5*2! J&7! $7'+J&7! 05+J! +J7&#+,! '(! &9W',87&O! R8! *+$9! 5#4! 8! B+6$9!
(E,1%9! (*+,#1(! %L+6*! 5#(! 4%9! B#:1! %&9! 9%6C5*1,! ijk! 8! *+$9! 5#4! 8! B+6$9!
(E,1%9!(*+,#1(!%L+6*!5#(!B+41&!%&9!51!C%>1!#&S!Z!&'[X!-%+J'82J!5+!+#/&,!J&7!#!
,833&7!#*1!#!05*+&7U!,J&!.'3&,!+'!&3$7#.&!+J&!.5+Q!05+J!5+,!+&&35*2!%5(&U!+J&!
R+#%%!$85%15*2,!(8%%!'(!W&'W%&!05+J!3Q,+&75'8,!%54&,!0J'!.#3&!'8+!#+!18,/!+'!%&+!
+J&57! 1'2,! 7&%5&4&! +J&3,&%4&,! 5*! +J&! 28++&7S! Z!&%[X! @J&! &3$7#.&,! +J&! W7',+5]
+8+&,! +'! 0J'3! ,J&! $'#,+,! '(! J&7! 45725*5+QX! G8+! ,J&! #135+,! +J#+! J&7! R$'1Q!
Q&#7*&1!+''U!3Q!W#,,5'*#+&!J511&*!$'1Q!+J#+!0#,!75W&!*'0!8*1&7!#%%!+J&!%#Q&7,!
'(!.%'+J&,U!75W&!('7!&.,+#,QX!6!0#,!(8%%!'(!J'+!$%''1U!3Q!(%&,J!,W7#*2!'8+!#+!3&!
(8%%!'(!%5(&XS!Z!&$[X!
! "J&!%#,+!+53&!L5%5#*!,&&,!J&7!(#+J&7!J&!5,!5*!+J&!(8%%!7&2#%5#!'(!J5,!53W&75#%!
.J#7#.+&7U!,5*.&!5+!5,!T#7!#*1!J&!5,!17&,,&1!5*!35%5+#7Q!8*5('73X!-+!+J&!(8*&7#%!
'(!-8*+!<5++QU!0J'!J#1!%&(+!&4&7Q+J5*2!+'!J&7U!J&!#WW7'#.J&,X!
!
TJ&*!5*!J5,!,5./!/J#/5!J&!#WW7'#.J&1!3&!+J7'82J!+J&!(%'0&7,U!6!,+''1!
3Q! 27'8*1! #*1! +75&1! *'+! +'! $&! #(7#51! iX X X k! "#$#%&! J&! ,#51U! #,! 5(! 7&]
35*15*2!3&!0J'!6!0#,X!"#$#%&U!-+6!%,1!%&!1O%4E$1!+:!*51!91C1&1,%<-!
+:! *51! B5#*1! ,%<1(X! 6! 38,+! J#4&! ,+''1! $%5*/5*2! 5*! 3Q! ,87W75,&! #*1!
;#+J&7! J5,,&1U! ,'! +J#+! +J&! .7&&W5*2! .'8,5*! ,+#7&1U!Y+6! %,1! (*1,#$1! %&9!
91C1&1,%*1U!%&9!%(!<+,,6E*!%(!%!(&%01X!Z!"+\$[!
!
6+! 5,! ,52*5(5.#*+! +J#+! +J&! %#*28#2&! '(! 35,'2Q*Q! ,%51&,! 5*+'! +J&! %#*28#2&! '(!
7#.5,3U!('7!+J&Q!#7&!35*+&1!'(!+J&!,#3&!.'5*!5*!1'8$%&!.'%'*5P#+5'*X!G8+!0&!
*&&1!+'!2'!+'!3%,0!;$%<1(!+'!(5*1!+J&!,'87.&!'(!+J5,!'8+7#2&X!-%$5'*!J#1!$&]
.'3&!#!.'*4&7+!+'!E#705*5,3U!$&%5&45*2!+J&!3#++&7!'(!,&9!0#,!,53W%Q!#!$8,5]
*&,,! '(! ,8W&75'7! 3&*! (5*15*2! ,8W&75'7! 0'3&*! +'! W7'W#2#+&! +J&! 7#.&! 05+J!
,8W&75'7!'((,W75*2X!)%&#7%QU!+J5,!(#*+#,Q!5,!.'3W%&+&%Q!15,W&%%&1!$Q!L5%5#*U!0J'!
",! G 6 L L ! - @ C ) : H ; " !!!!!™!

.'*+7#4&*&,!&4&7Q!'*&!'(!-%$5'*>,!.'*4&*+5'*#%!*'+5'*,!'(!Y,8W&75'75+Q>X!C5,!
'8+7#2&!.'3&,!*'+!'*%Q!(7'3!J5,!5*#$5%5+Q!+'!.'*+7'%!J&7U!+'!.'*+#5*!J&7!5*!J5,!
'0*!*#77#+54&U!(7'3!+J&!(#.+!+J#+!J&!.#**'+!&4&*!8*1&7,+#*1!+J&!*#+87&!'7!53]
W%5.#+5'*,!'(!J&7!(7&&1'3X!-,!0&!,&&!5*!3%,0!;$%<1(U!52*'7#*.&!#*1!8*.&7+#5*]
+Q!3#/&!J53!Y#*95'8,>U!#*1!+J5,U!#$,871!+J'82J!J&!5,U!3#/&,!J53!&9+7&3&%Q!
1#*2&7'8,X!
! "J'82J!L5%5#*!5,!#!0'3#*!0J'!Q&#7*,!('7!%'4&U!*'+'75&+Q!5,!3'7&!,&18.]
+54&X!"J5,!*'+'75&+Q!%&#1,!+'!2#'%!('7!+0'!0&&/,!\!#!J&%%!+J#+!.'*45*.&,!J&7!+J#+!
+J&! *&.&,,#7Q! .'*,&f8&*.&! '(! 15,.'4&75*2! J&7! $'1QU! #*1! 075+5*2! J&7! '0*!
,+'7QU!5,!3'$5%5+QU!#*!&,.#W&!(7'3!+J&!5*.#7.&7#+5'*!7&W7&,&*+&1!$Q!+J&!W'0&7!
'(! ;#+J&7! #*1! +J&! J51&$'8*1! W7&b815.&U! .'*4&*+5'*U! #*1! '715*#75*&,,! +J#+! J&!
7&W7&,&*+,X!@&+!(7&&!(5*#%%QU!,J&!,#Q,O!
!
-JK!TJ#+!#!27&&+5*2!+J&!,+7&&+!0#,U!05+J!;7#*/!0#45*2!J5,!$'++%&!#+!3&!
$&Q'*1!#!+7#3U!#*1!+J&!15*!#*1!75.J*&,,U!+J&!.%#3'87!#*1!$8,+%&U!+J&!
.'%'87! #*1! &98$&7#*.&U! #%%! +J&! %5(&K! C'0! 6! %'4&1! 5+U! .'35*2! '8+! '(! #!
J&%%!'(!,5%&*.&K!6!#%3',+!/*&%+!'*!+J&!W#4&3&*+!#*1!/5,,&1!5+U!('7!6!,#0!
*'0!+J#+!+J5,!0#,!3Q!J'3&U!6!$&%'*2&1!J&7&X!6!0#,!7&.'2*5,&1U!6!J#1!#!
W#7+!+'!W%#Q!J&7&U!5*!+J&!%5(&!'(!+J&!,+7&&+,X!6!,0'7&!6!0'8%1!*&4&7!#%%'0!
3Q,&%(! +'! $&! 05+J17#0*! #2#5*U! $8+! %54&! #%0#Q,! #3'*2! +J&,&! W&'W%&U!
#*1!$&!,&&*!#*1!J&#71U!*'+5.&1!#*1!7&3&3$&7&1X!Z!$"[!
!
"J5,!3'3&*+!'(!&.,+#,Q!#*1!$&%'*25*2!5,!3#7/&1!$Q!+J&!3&+#WJ'7,!+J#+!J#4&!
.'3&!+'!.J#7#.+&75P&!L5%5#*>,!(7&&1'3O!,5%&*.5*2!#*1!53W75,'*3&*+!#7&!,Q*'*]
Q3'8,!+'!J&7^!$8+!,J&!J#,!#!W#7+!+'!W%#Q!5*!+J&!17#3#!,J&!075+&,!J&7,&%(^!,J&!5,!
7&.'2*5P&1U!*'+5.&1U!#*1!7&3&3$&7&1U!J&%1!5*!+J&!2#P&!'(!+J&!'*%''/&7,!5*!#!
0#Q!+J#+!,J&!.'*+7'%,^!,5%&*.&!5,!('7&,0'7*!('7!+J&!4'%8$5%5+Q!'(!J&7!7&.5+#+5'*^!
,J&! 05%%! $&! 3'$5%&! #*1! +7#4&%! +J&,&! ,+7&&+,X! C&7! (#+J&7>,! 1&#+J! 3#/&,! J&7!
R0&52J+%&,,US!7&%&#,5*2!+J&!(5*#%!$'*1!05+J!+J&!W#,+O!
!
6!0#,!15,.'4&75*2!*&0!0#Q,!'(!b'87*&Q5*2!+J7'82J!3Q!%5(&X!8*!#(!L1**1,!
*+! *,%>1$! 6! 0'8%1! 7&35*1! 3Q,&%(U! 0J&*! 3Q! 7''3! $&2#*! +'! .%',&! 5*!
#7'8*1!3&U!#*1!;7#*/!0#,!*'0J&7&!+'!$&!('8*1X!M+!+&1!1&D+-#&C!$#:1!
<%&!%::+,9!&+*!*+!D+6,&1-U!6!+'%1!+J&!W&'W%&!5*!+J&!$8,X!Z!+%[!
!
"J&!,5P&!'(!+J&!#815&*.&!5*!+J&!$8,!5,!2''1U!$8+!5+,!f8#%5+Q!5,!0#*+5*2U!#*1!,'!
,J&!+#/&,!+'!2&++5*2!5*+'!+#95,!#+!+7#((5.!%52J+,X!"J5,!5,!W&7J#W,!+J&!3',+!(#3'8,!
(&#+87&!'(!G&#!N5%&,>,!%5(&U!$8+!5+!5,!3&7&%Q!'*&!(&#+87&!#3'*2!'+J&7,!'(!L5%]
5#*>,!3'$5%5+QX!6*!#!.875'8,!0#QU!5+!5,!*'+!G&#!N5%&,!0J'!5,!J5,+'7Q!$8+!L5%5#*!\!
RC5,+'7Q! 5,! *'+! +J&! W#,+! $8+! +J&! W7&,&*+! 3#1&! (%&,JS! Z',%[X! -,! ,J&! 3'4&,!
#7'8*1!+J&!.5+QU!,J&!&9J'7+,!J&7,&%(!+'!$++0!#+!+J&!#WW#7&*+%Q!5*,52*5(5.#*+!$8+!
™!!!!!/%9&1((!%&9!;+B1,! "!!

75.J%Q! 4#75&1! &4&*+,! #7'8*1! J&7U! '7! +'! $#(*1&! +'! +J&! +#WW5*2! '(! +J&! $%5*1! 3#*!
05+J!J5,!,+5./!\!R"#(*1&U!6!+'%1!3Q,&%(U!*5#(!#(!5#(*+,-S!Z',&[X!:5./U!+J&!+'73&*]
+'7! '(! J&7! .J5%1J''1! #*1! 3#775&1! 5*! #! (#57Q]+#%&! 0&115*2! +'! A7,8%#U! J#,! $&]
.'3&! #! ,.78((Q! E'3#5*! ,W&#/&7! 53W#,,5'*&1! #$'8+! +J&! 15.+#+'7,J5W! '(! +J&!
W7'%&+#75#+Xn! L5/&! +J&! *#77#+54&! '(! J&7! %5(&U! +J&! *#77#+54&! '(! J5,+'7Q! 5,! .'*]
+5*8#%%Q!$&5*2!075++&*!#*1U!#,!W',+.'%'*5#%!075+&7,!/*'0U!YC5,+'7Q>!'*%Q!.'3&,!
5*+'!$&5*2!$Q!#!W7'.&,,!'(!('72&++5*2!\!#!('72&++5*2!'(!+J&!3#725*#%U!5*!0J5.J!5,!
.'*+#5*&1!+J&!75.J!4#75&+Q!'(!'715*#7Q!%5(&X!
! `8,+!#,!C5,+'7Q!5,!+J&!W7&,&*+!3#1&!(%&,JU!,'!5,!+J&!,&%(X!TJ#+&4&7!W#,+,!3#Q!
J#8*+!L5%5#*U!0J#+&4&7!.75,&,!'4&7.'3&!#*1!+7583WJ,!#.J5&4&1U!0J#+&4&7!75+&,!
'(!W#,,#2&!*&2'+5#+&1U!,J&!5,!,+5%%!#!*#77#+54&!5*!+J&!075+5*2U!#!W7'.&,,!'(!,&%(]
.7&#+5'*O!
!
6!(5%%!3Q,&%(!8W!*'0U!#*1!%''/!05+J!W5+Q!'*!+J',&!J'%%'0!3&*!5*!+J&57!
,85+,U!+J',&!J'%%'0!0'3&*!5*!+J&57!.%#,,5.!*#4Q!#*1!0J5+&X!"J&Q!J#4&!
*'+!3#1&!+J&3,&%4&,!8W!(7'3!+J&57!W7&,&*+,!#*1!+J&57!W#,+,U!$8+!J#4&!
%&+!'+J&7,!1'!5+!('7!+J&3!\!0J5%&!6U!%#72&!#*1!W%#5*U!(752J+&*5*2!+'!+J&3!
#*1!,'3&+53&,!+'!3Q,&%(U!J#4&!+#/&*!+J&!W#,+!#*1!W7&,&*+!5*+'!3Q,&%(X!
Z''"[!
!
GQ!+#/5*2!+J&!W7&,&*+!#*1!+J&!W#,+!5*+'!J&7,&%(U!$Q!075+5*2!J&7!'0*!*#77#+54&U!
W&7('735*2!5*!J&7!'0*!3'$5%&!87$#*!17#3#U!L5%5#*!J#,!$&.'3&!C5,+'7QX!G8+!
(7&&5*2!J&7,&%(!(7'3!J&7!(#+J&7>,!*#77#+54&U!&*+&75*2!J&7!$'1Q!#*1!7&.%#535*2!
%#*28#2&U!,J&!J#,!#WW7'W75#+&1!+J&!W'0&7!+'!075+&!J&7!'0*!,+'7QU!$Q!L1#&C!J&7!
'0*! ,+'7QX! C&7,! J#,! $&&*! +J&! ,+'7Q! '(! 0'3#*! &,.#W5*2! +J&! D3W57&! '(! +J&!
;#+J&7U! #*1! 5*! ,'! 1'5*2! ,J&! J#,! &*#.+&1! #! 18#%! #%%&2'7Q! '(! 1'35*#*.&! #*1!
(7&&1'3O!(7&&1'3!+'!7&.%#53!+J&!$'1Q!+J7'82J!.'%'*5#%!W%#.&U!+'!7&.%#53!%#*]
28#2&!$Q!,J&115*2!#*!53W&75#%!15,.'87,&U!+'!&,.#W&!+J&!W75,'*,!'(!,'.5#%!.'*]
4&*+5'*!+J7'82J!3'$5%5+Q!#*1!&9].&*+75.5+QU!#*1!+'!.'33#*1!+J&!*#77#+54&!'(!
+J&!,&%(!$Q!.'*+5*8#%%Q!075+5*2!#!,+'7Q!,J&!0#*+,!+'!5*J#$5+X!
!
!
™!


n
!-!YE'3#5*!,W&#/&7>!5,!,'3&'*&!0J'!,W&#/,!#+!@Q1*&Q>,!E'3#5*!F#7/U!,535%#7!+'!
@W&#/&7,>!)'7*&7X!

View publication stats

You might also like