malondialdehid.


    








  



i

  
 

$3)&3,$3)&3,!*59'1.03)43*7.&4246#&-93  #*38&3,&0.58&
.3,095&0.58&

&7&1
 3= ;BF3 ?7DGB3=3@ :3= 7=E=>GE;8 439; (7@5;BF3 3F3G (7?793@9 3= ;BF3 G@FG= ?7@9G?G?=3@
3F3G ?7?B7D43@K3= ;BF33@@K3 K3@9 F;?4G> E753D3 AFA?3F;E E7F7>3: EG3FG 5;BF33@ 6;>3:;D=3@ F3@B3
?7@9GD3@9;B7?43F3E3@?7@GDGFB7D3FGD3@B7DG@63@9G@63@93@K3@947D>3=G
*8*389&3 .)&3&
&7&1
 3D3@9E;3B367@93@E7@933@993D63@F3@B3:3=?7>3=G=3@B7D4G3F3@E74393;?3@36;?3=EG6
63>3? (3E3> K3F   3F3G (3E3> K3F   63@ K3F   6;B;63@3 67@93@ B7@;@9 E;@9=3F  E3FG 4G>3@ 63@ 3F3G 67@63 B3>;@9 E76;=;F *B 







 E3FG 3?3  FG;@9 43@K3= *B 








 >;?3 3@993D3@ :3= 5;BF3 3F3G :3= F7D4;F E74393; 6;?3=EG6 B363 K3F
  6;B;63@3 67@93@ B;63@3 B7@;@9 >3?3  >;?3 F3:G@ 63@ 3F3G 67@63 B3>;@9 43@K3= *B










>;?3D3FGEGDG:;E;4G=G;@;
F3@B3;L;@F7DFG>;E63D;B7@7D4;F

iv



    



(

G;E B3@3: 63B3F ?7@G>;E ?A@A9D3? F7@F3@9
%3>A6;>67:;6B7DF3@63EFD7EEA=E;63F;8
;B3@63@9 E753D3 >G3E B7@97FD;3@ $;B6 B7DA=E;63E;
%?7DGB3=3@BD7=GE3DF7D7?3=E7>:;6GB+7>363>3:E3FG3@EFDG=FGD3>B363B7>4393;
E;EF7?=7:;6GB3@7@93@47DB793@9B363=A@E7B;@;=;F3
3=3@?7@63B3F=3@EG3FG67V@;E;8G@9E;A@3>4;A=;?;3K3;FG
;>3?3=:>G=:;6GB47D>74;:3@63>3?=3D4A:;6D3FBDAF7;@
63@ >7?3= 3=3@ F7DA@6;3>67:;F?7@;@9=3F%63@ :;6GB 67@93@
47D4393;D73=E;E7D;3>BDAE7EK3@96;3>3?;FG4G:
*G3@9 >;@9=GB >;B;6 B7DA=E;63E; E3?3  67@93@
3I3> F7D3@9EG@9 BDAE7EBDAE7E =;?;3I; (3D3 B3=3D
=3D4A:;6D3FBDAF7;@63@>7?3=?7?B7>3;3 D7@63: 63@ F;@99; F7D>74;:
63:G>G:3DGE?7@97F3:G;?7F34A>;E?7@K3?A>7=G>7D@K3

63@7@L;?7@L;?K3@9?7?B7@93DG:;B363BDAE7EBDAE7E
v

  
 

F7DE74GF +7:;@993 ?7F34A>;E?7 ;FG E7@6;D; ?7DGB3=3@
D73=E;63>3?E7>K3@96;=3F3>;E;EA>7:E73:7@L;?63@
?7F34A>;E?74G=3@>3:EG3FGBDAE7E353=?7>3;@=3@E3@93F
F7D;@F79D3E; 63@ F7D=AAD6;@3E; G@FG= ?7@E7;?43@9=3@
EFD7EEA=E;63F;8
(7@G>;E3@ ?A@A9D3H7;@; ?3E;: 7:B7@G>;E7DB;3:B7@G>;E
67@93@ D7@63: :3F; ?7?A:A@ =D;F;= 63@ E3D3@ =7B363
?7D7=3 K3@9 >74;: 3=:>; 63@ B3D3 B3=3D  G@FG= ?7?47D;
?3EG==3@ K3@9 BAE;F;B =7B363 B7@G>;E G@FG= B7D43;=3@
FG>;E3@ ?A@A9D38  ;@; E747>G? 63@ E7EG63:@K3 B7@G>;E
G53B=3@F7D;?3=3E;:

7@B3E3D%76;A"3@G3D;


(7@G>;E

vi


    

  

!#

:

#!! :..
#!"#

.;

" 
T G4G@93@EFD7EEA=E;63F;8%67@93@

 ;@W3?3E;B3633F7DAE=>7DAE;E 
T+G?47D*36;=3>4743E63>3?FG4G:?3@GE;3 
T*36;=3>743E63>3?;A>A9; 
T+FD7E'=E;63F;87@93@!@W3?3E; 
T%7=3@;E?7F7D;=7?;33=;43FEFD7E
 A=E;63F;8 
T @F;A=E;63@
T%3=3@3@K3@9?7@93@6G@93@F;A=E;63@








#! $"# 




# $" 




vii







  
 

 


3?43D  %7=3@;E?7*73=E;(7?47@FG==3@



+7@K3I3':6



3?43D  +FDG=FGDEG3FG%7?4D3@(>3E?3



3?43D
 "3>GDB7?47@FG=3@*'+(DAE7E


(7DA=E;63E7>;B;6(7D3@3@+ 



63@3@F;A=E;63@




3?43D (7DA=E;63E;>;B;6K3@9F7D7?3=F3=;=7?;3 

3?43D +;@6DA?%7F34A>;=  

viii


    

  



,(


$%-.2)-%1)/(.2/(!3


 ,

 438+!3%$8$1.783.+4%-%

 

 438+!3%8$1.78!-)2.+%

+ 

 +43!3().-

+ (J

 +43(!3).-%%1.7)$!2%

$($

 )/./1.3%)-)/!2%


%

 %3>A@6;3>67:;6

(#.

 (7@K3=;F#3D6;AH3E5G>7D

( (J

 (.2/(.+)/)$8$1./%1.7)$!+43!3).-%1.7)$!2%

+#*,

 +GDH7K#7E7:3F3@*G?3:,3@993

*'+

 %!#3)5%78'%-/%#)%2

+'

 4/%1.7)$!)2,43!2%

ix

  
 

x


    

 

9'93,&3786*77407.)&8.+)*3,&3.3>&2&7.5&)&
&8*64701*647.7



E3? $7?3= ,3= =3@ ?7F34A>;F 3E3? 7=AE3B7@F3@A3F (
A=AE3B7@F3@A3F ( 63@ 3E3? 67=AE3:7=E3@A3F
  G?G?@K3 ?7@9:3E;>=3@ ?76;3FAD 3@F;;@W3?3E;
63@;?G@AEGBD7E;8$7A@963@+:G;


(7?47D;3@ 3EGB3@ 6;7F '?793
 63B3F ?7@7=3@
E;FA=;@ ,:  !$  ?3GBG@ E;FA=;@ ,:  !$ 63@ D7EBA@E
;?G@A9>A4G>;@EG4=>3E,: !9 63@,: !9 3E7:;@993
67@93@ 3EGB3@ 6;7F '?793
 47DB7@93DG: ?7@GDG@=3@
=A@E7@FD3E; E3? D3=:;6A@3F B363 E7> ;?G@ ?3@GE;3
41)-63@ F;=GE G=F;4G=F; ?7@9;@6;=3E;=3@ 43:I3
'?793 
 ?7?A6G>3E; D7EBA@ ;?G@ ?7>3>G; E3FG 3F3G
>74;:F;93?7=3@;E?7?A>7=G>7DGF3?3 67@93@?7DG43:
1

  
 

=A?BAE;E 63@ 8G@9E; ?7?4D3@ E7>   ?7?A6;V=3E;
BDA6G=E; 7;=AE3@A;6 63@ 
 ?7@9G43: 4;AE;@F7E;E
E;FA=;@(363 ?3@GE;3 E;FA=;@ 6;:3E;>=3@ A>7: 47D4393; E7>
F7D?3EG= ?3=DA839 ?A@AE;F E7>,E7> AFAF BA>AE E7>E7>
EFDA?3 H3E=G>7D V4DA4>3E 63@ 36;BAE3"3D;@93@ 36;BAE3
F;63=:3@K3E74393;F7?B3F?7F34A>;E?763@B7@K;?B3@3@
>7?3= F7F3B; 3: E3FG@K3 363>3:
%GDD3K


  ;@; K3@9 ?7@K7434=3@ F7D47@FG=@K3 8AE8A>;B;6
K3@9 6;B7D>G=3@ E74393; =A?BA@7@ ?7?4D3@ +7?G3
?7?4D3@ F7D6;D; 63D; 3F3E  BDAF7;@  8AE8A>;B;6  
=A>7EF7DA> =3D4A:;6D3F
63@>7?3=P>7?3=>3;@
4;>36;3?3F;>74;:67=3FE3FGB7DE3FG8D3=E;63D;>7?3=
6; 63>3? ?7?4D3@%7?4D3@ F7D6;D; 3F3E >3B;E3@ D3@9=3B
?A>7=G> >7?3= K3@9 F;63= F7DBGFGE 67@93@ F743> =GD3@9
>74;:  @? ;63>3? >3B;E3@ D3@9=3B F7DE74GF F7DF3@3?
BDAF7;@ 747D3B3?7?4D3@ ;B;6 63@
BDAF7;@(DAF7;@63E3D63@3E3?AD93@;=K3@9?7@93@6G@9
8AE8AD K3@9 =;@; 6;E74GF E74393; 3E3? @G=>73F E3?
@G=>73FF7D6;D;63D;& %.781)".-4#+%)#
#)$&E7>
63@&%GDD3K


%;FA=A@6D;3B363AD93@;E?737DA4;=E753D3=A@EF3@
?7@93>3?; =7DGE3=3@ BDA9D7E;8 I3>3GBG@ F;63= 363

2


    

7=EBAEGDF7D:363B=3DE;@A97@97@AFA=E;=(DAE7E=7DGE3=3@
63B3F ?7>;BGF; EG?47D 7@6A97@ E7B7DF; ;@EF34;>;F3E &
67BGD;@3E; =7E3>3:3@ EBA@F3@ E7>3?3 D7B>;=3E; &
E73: EB7E;7E A=E;97@ D7>3F;8 *'+ E74393; 3=;43F
?7F34A>;E?7A=E;97@63@BDA6G=B7DA=E;63E;>;B;6%
3?43D ;>3 $;B;6 B7DA=E;63E; F7D7AE;63 K3@9 F7>3:
6;?A6;V=3E;B363G?G?@K3:;6DA=E; 6;A=E;9G3@AE;@
6;=7F3:G;E74393;:3E;>E3?B;@963D;=7DGE3=3@&K3@9
6;7E=D7E;63>3?E7DG?&D7B3;D+3>GD3@=7?;:' 6
63@ 3@3>A9@K3 :;6DA=E;9G3@;@ 63B3F 6;=3;F=3@ 67@93@
B7@K3=;F 6797@7D3F;8 EAE;3E; *'+ 63@ B7@99G@33@ 
' 6 E74393; 4;A?3D=7D EFD7EE A=E;63F;8 F7>3: 6;E7>;6;=;
63>3?47D4393;B7@K3=;FF7D?3EG==3@6G@93@=7?;:63@
=3@=7DBDAEF3F:;AG %3!+


7D63E3D=3@ 4G=F; 7=EB7D;?7@F3> 43:I3 =7DGE3=3@
A=E;63F;8 B7D?3@7@ F7D;B;6 ?7?4D3@ E7>G>7D
BDAF7;@ 63@ &3>3? & ?;FA=A@6D;3 :;6DA=E;
67A=E;9G3@AE;@ ' 6 3F3G AJA6;:;6DA 
67A=E;9G3@AE;@AJA6363>3:E3>3:E3FG47@FG=6A?;@3@
63D;D36;=3>4743EK3@96;E7434=3@>7E;A=E;63F;863@F7>3:
43@K3=6;9G@3=3@E74393;4;A?3D=7DG@FG=EFD7EA=E;63F;8
63@ =3DE;@A97@7E;E+FG6; ?7@G@3:?7@A93?47D3F63@:;6DA=3D4A@
3DA?3F;=BA>;E;=>;=:7@9 %3!+


/%2)%2 .*2)'%- 1%!*3)& *'+ K3@9 6;:3E;>=3@ 43;=
7@6A97@ 3F3G 7=EA97@ 63B3F ?7@K7D3@9 >7?3= BDAF7;@
63@3E3?@G=>73FE753D347DE3?33@6;E7>E7>:;6GB3>3?
& ?;FA=A@6D;3 :K6DAJK67AJK9G3@AE;@7 ' 6
E74G3: @G=>7AE;63 F7DA=E;63E; & 363>3: >7E; &
B3>;@9 E7D;@9 F7D67F7=E; 63@ 6;B7>33: B7D43;=3@
& ' 6 6;7=E=D7E;=3@ 63>3? GD;@3@K3= 4G=F;
F7>3:?7@G@3: F7D67F7=E; B363 B3E;7@ 67@93@ 47D4393;
?353? =3@=7D3>3? B>3= 3F7DAE=>7DAF;= ?3@GE;3 363
B7@;@9=3F3@ 3: & A=E;63F;8 6;?A6;V=3E; 63@ 
':6 4  (7@;@9=3F3@ =7?;: ' 6 63@ &
>7G=AE;F ;=7?;3 63@ F;@9=3F GD;@ ' 6 63>3? 6;347F7E

4


    

47D=AD7>3E; 67@93@ =7B3D3:3@ @78DAB3F; 6;347F7E 63@
D7F;@AB3F; %7=3@;E?7 D73=E; B7?47@FG==3@ E7@K3I3 
' 6A>7:D36;=3>A=E;97@FA@;3 %3!+



3?43D
%7=3@;E?7*73=E;(7?47@FG==3@+7@K3I3' 6
FA@;3 %3!+



*'+F7D47@FG=E753D347D=7E;@3?4G@9B363E7>:;6GB
63D;AD93@;E?737DA4;=E74393;439;3@63D;BDAE7EVE;A>A9;
?7F34A>;=63@D73=E;4;A=;?;3>3;@@K3*'+F7DB7@F;@9K3@9
?7@K7434=3@=7DGE3==3@4;A?A>7=G>63E3D363>3:D36;=3>
:;6DA=E;>' 63B3F?7DGE3=&E7>63@?;FA=A@6D;3.
3>=A%3!+

3D3B7?47@FG==3@*'+63>3??3@397?7@
EFD7EE'=E;63F;8K3;FG D36;=3>3@;A@EGB7DA=E;63F7D47@FG=
63D;BDAE7ED76G=E;AJK97@?A>7=G>7DK3@96;?76;3E;A>7:
AJ;63E7 &(  3@6 03@F:;@7 AJ;63E7 3F3G E753D3 @A@

5

  
 

7@L;?3F;= 7>75FDA@ ?;FA5:A@6D;3> D36;=3> EGB7DAJ;67
6;E?GF3E7D36;=3>+'A>7:EGB7DAJ;676;E?GF3E7?7@;@9

7VE;7@ 6;F3@9=3B A>7: 7@L;? 9>GF3F;3@ B7DAJ;63E7 (J
K3@9?7?7D>G=3@+ E74393;6A@AD7>7=FDA@*73=E;,:7
AJ;67E769>GF:3F;A@++6;D76G=E;=7?43>;?7@7: 7@LK?7 9>GF3F:;A@7 D76G5F3E7 D76 ?7@99G@3=3@
&(  E74393; 6A@AD 7>7=FDA@ *73=E;  4747D3B3
>A93?FD3@E;E;E7B7DF;7 G63@>3;@@K363B3F?7DGE3=
:K6DA97@ B7DA=E;63 ?7@ D735F;H7 :K6DA=E;>
D73=E; 7@FA@ *73=E;  D36;53> :K6DAJK> 63B3F D36;53>
>;B;6 K3@9 47DBGE3F B363 =3D4A@$  *73=E;  ,:7 >;B;6
D36;53>$ E7>3@75G>7D ?7@ >;B;6 B7DAJK> $'' ;B;6
B7DAJK> D36;53> ;@; F;63= 6;D76G=E; A>7: 3@F;A=E;63@ ?3=3
F7D;B;6B7DAE;63E;*73=E;*36;=3>>;B;6B7DAJK>
$''6;D76G=E;63D;H;F3?;@,' ?7@9:3E;>=3@>;B;6
:K6DAB7DA=E;63 63@ D36;53> H;F3?;@ ,'?7@9:3E;>=3@
B7?47@FG=3@>;B;6:K6DAB7DAJ;6763@D36;53>63D;H;F3?;@
,' ?7@9:3E;>=3@ >;B;6 :K6DAB7DAJ;67 63@ D36;53> 63D;
H;F3?;@  ,' F7D3=:;D *73=E;  D797@7D3E;63D;B363
H;F3?;@A>7:H;F3?;@3?43D 

6


    

3?43D
+FDG=FGDEG3FG%7?4D3@(>3E?3%GDD3K



7

  
 

3?43D
"3>GDB7?47@FG=3@*'+(DAE7E(7DA=E;63E7>;B;6(7D3@3@+ 
63@3@F;A=E;63@
.3>=A%3!+



+3>3:E3FG83=FADB7@F;@9K3@9F7D>;43FG@FG=?7@3:?3=3@3@K3@96;=A@EG?E;E7:3D;
:3D; %3=3@3@ K3@9 =;F3 ?3=3@ E7:3D;:3D; ?7@93@6G@9

8


    

47D4393; L3F 9;L; 3F3G @GFD;7@ K3@9 E3@93F 47D9G@3 439;
FG4G:=3D7@3 43@K3= ?7@9=A@EG?E; ?3=3@3@ E;3B E37?3=;E?7 34@AD?3> >;BABDAF7;@ 4;3E3@K3
47D:G4G@93@ 67@93@ AH7DBDA6G=E; 3F3G =7=GD3@93@
>;BABDAF7;@ ;E>;B;67?;3 ;B;67?;3 ?7DGB3=3@ B7D;EF;I3 B7@;@9=3F3@ >;B;6
E7DG?E74393;83=FADD;E;=AB7@K3=;F=3D6;AH3E=G>3D 3>;@;
6;E7434=3@ B363 6;E>;B;67?;3 3=G =A>7EF7DA>
K3@947DB7D3@B3633F7DAE=>7DAE;E
 F7DAE=>7DAE;E ?7DGB3=3@ (7@G?BG==3@ >;B;6
?7@;?4G>=3@ 3F7DA?3 3=;43F A=E;63E; =A>7EF7DA>$$
#A>7EF$$ 3=:;D@K3 FDA?4AE;E F;?4G> 3=;43F B>3=
F7D=AK3= 3=:;D@K3 B7?4G>G: 63D3: F7DEG?43F E3>3:
E3FG@K36;F3@63;A>7:=363D%K3@9?7@;@9=3F3?43D
 %3>A@6;3>67:;6 % 363>3: BDA6G= 3=:;D  63D;
B7DA=E;63E;>;B;6E74393;BDAE7E679D363E;3E3?>3?3=F3=
;B;6 B7DA=E;63E;
>;B;663@47D=A@FD;4GE;F7D:363B=7DGE3=3@A=E;63F;8&
#7DGE3=3@&;@;6;@3?3=3@EFD7EA=E;63F;8

9

  
 

"92'*6!&).0&1'*'&7)&1&289'9-2&397.&
*36;=3> 4743E 63@ *'+ >3;@@K3 47D3E3> 63D; BDAE7E
?7F34A>;E?7 @AD?3> B7@F;@9 63>3? FG4G: ?3@GE;3 
EG?47D7=EA97@GEE7B7DF;E;@3D0ALA@?7DA=A=BA>GE;
G63D3 63@ ;@6GEFD; =;?;3 (7?47@FG==3@ D36;=3> 4743E
F7D3?E7>E74393;=A@E7=G7@E;63D;
=76G37@L;?3F;=63@@A@7@L;?3F;=*73=E;7@L;?LF;=K3@9
47D8G@9E; E74393; EG?47DD36;=3> 4743E F7D?3EG= K3@9
F7D>;43F 63>3? D3@F3; B7D@3B3E3@ 63@ 839AE;FAE;E 63>3?
E;@F7E;EBDAEF39>3@6;@63@63>3?E;FA=DA?(
$;G 
*36;=3> 4743E 3? D73=E; @A@7@L;?3F;=
63D; A=E;97@ 67@93@ E7@K3I3E7@K3I3 AD93@;= ?3GBG@
K3@96;B7D=3E3;A>7:D73=E;;A@;E3E;,3@;K3?3%3!+


6;BA=F;@ E3>3: E3FG@K3 363>3:
 K3@9 ?7DGB3=3@ 3E3? >7?3= 63>3? 47@FG= F;63=
F7D7EF7D;V=3E;E7:;@993?;FA=A@6D;33=3@DGE3=63@F7D;B;6K3@9F7D 4;E3 6;>;:3F 67@93@
4747D3B3 ;@6;=3FAD E7B7DF;  ;6DA=E;67A=E;9G3@AE;@
':6K3@963B3F?7@993?43D=3@=7DGE3==3@&63@
?3>A@6;3>67:;6 % K3@9 ?7@993?43D=3@ =7DGE3=3@
8AE8A>;B;6?7?4D3@E7>B363:3>=7E7:3F3@?A63>63E3DK3@9
B3>;@9B7@F;@963>3?=7:;6GB3@?3@GE;3,3@B3=7E7:3F3@
K3@9ABF;?3>?3=3E793>3B7=7D;&793D367@93@?3KAD;F3EB7@6G6G=

11

  
 

47DGE;3 B3@;=3@>3GFE3KGD
E3KGD3@ =353@9=353@93@ 63@ 4G3:4G3:3@ !=3@ >3GF
43@K3=?7@93@6G@9A?793
E3KGDE3KGD3@63@=353@9
=353@93@E753D3VFA=;?;343@K3=?7@93@6G@9=3DAF7@A;6
VFAEF7DA> E3BA@;@ 9>G5AE;@>3F7E BA>;87@A> BDAF73E7
;@:;4;FADE?A@AF7DB7@63@VFA7EFDA97@+7?G3?3=3@3@
K3@9 ?7@93@6G@9 VFA=;?;3 63B3F 47DE;83F 3@F;A=E;63@
3=F;8
@F;A=E;63@ 3=F;8 K3;FG ?3=3@3@ K3@9 ?7@93@6G@9
=3DAF7@A;6BA>;87@3>VFA7EFDA97@;@:;4;FADBDAF73E7K3@9
43@K3= ?7@93@6G@9 E7@K3I3 >K5AB7@7 53@F:3J3@F:;@
K3@9?7?BG@K3;=7?3?BG3@?7?BDAF7=E;A=E;63E;K3@9
6;E7434=3@A>7:D36;=3>4743E
!&).0&1*'&7)&1&2.414,.
*36;=3> 4743E 363>3: E7=7>A?BA= 43:3@ =;?;3 43;=
47DGB3 3FA? ?3GBG@ ?A>7=G> K3@9 ?7?;>;=; E3FG 3F3G
>74;: 7>7=FDA@ K3@9 F;63= 47DB3E3@93@ %7DGB3=3@ A?BA= 43:3@ =;?;3 67@93@ D73=E; ;=; E3FG 3F3G >74;: 7>7=FDA@ 4743E *36;=3>
4743E63B3F6;:3E;>=3@63D;?7F34A>;E?7FG4G:63@83=FAD
7=EF7D@3>E7B7DF;3E3BDA=A=E;@3DG>FD3H;A>7F63@4747D3B3
BA>GF3@ 6; E7=;F3D =;F3 (7@K3=;F K3@9 6;E7434=3@ D36;=3>

12


    

4743E47DE;83F=DA@;EG@FG=?7@5793:@K3?3=36;B7D>G=3@
3@F;A=E;63@

3?43D
*73=E;F7D;B;6B7DA=E;63E;A=E;63E;B363>7?3=F3=;@$"  

 3?43D ?7DGB3=3@ =7DGE3=3@ ?;@K3= 63@
>7?3= E7>3;@ 6;47434=3@ A>7: BDAE7E A=E;63E; 63B3F 7: BDAE7E :;6DA>;E;E (363 BDAE7E :;6DA>;E;E
6;:3E;>=3@ 9>;E7D;63 63E; 3E3?3E3? 47D3@F3; B7@67=
E7:;@9933=3@F7D74;:D73=F;86;43@6;@9=3@67@93@A=E;63@
@A@ D36;=3> 3=;43F@K3 D36;=3> 4743E >74;: 47D43:3K3 3;@K3@947DGB34;A?3=DA?A>7=G>
=3D7@3 63B3F ?7?47@FG= D36;=3> 43DG >74;: >3@7=G> E7B7DF; BA>;E3=3D;6BDAF7;@ >;B;63 63@
3E3? @G=>73F ?7DGB3=3@ E3E3D3@ 63D; D36;=3> 4743E 3=3@
F7DK3@96;E74343=@ A>7: D36;=3>
4743E*36;=3> 4743E 63B3F 6;:3E;>=3@ 63D; ?7F34A>;E?7
FG4G:63@83=FAD7=EF7D@3>E7B7DF;3E3BDA=A=E;@3DG>FD3
H;A>7F43@K3==A@EG?E;3E3?>7?3=F3= 4743E 47DE;83F =DA@;E G@FG= ?7@5793:@K3 ?3=3
6;B7D>G=3@E7@K3I33@F;D36;=3>*36;=3>4743E63>3?FG4G:
363>3:D36;=3>67D;H3F63D;A=E;97@K3@96;E74GF=7>A?BA=
A=E;97@D73=F;8F7D?3EG=6;63>3?@K3363>3:FD;B>7F
' 
E;@9>7F '  3?43D  3@;A@ EGB7DA=E;63 '  :;6DA=E;>
'  @;FD;F A=E;63 &' :;6DA97@ B7DA=E;63 

' 



3>=A=E;>$' 63@ D36;=3> B7DA=E;>$' +:;97A=3%3!+



,G4G: ?3@GE;3 63B3F ?7@7FD3>;E;D D36;=3> 4743E ;@;
:3@K3E333:@K3F7D>3>G47D>74;:?3=33=3@>74;:
EG>;F G@FG= 6;@7FD3>;E;D A@FA:@K3 4;>3 =A@EG?E; 3E3?
>7?3=74;:  FG4G: F7DB3;B;6 B7DA=E;63E;
E7:;@993FG4G:F;63=?3?BGG@FG=?7@97>G3D=3@@K3(363
G?G@K3E7?G3E7>63>3?
D36;=3>4743E;@;?7>3>G;43@FG3@4747D3B37@L;?=:GEGE

14


    

F7F3B; ?3@GE;3 E753D3 3>3?; ?7@93>3?; 679D363E; 3F3G
=7?G6GD3@ E7;D;@9 67@93@ 47DF3?43:@K3 GE;3 3=;43F@K3
B7?G@3:3@D36;=3>4743E;@;F;63=63B3F6;B7@G:;67@93@
43;=?3=3EFD7EA=E;63F;8F7DF;?4G>@K3=3@=7D>3B;E3@>;B;6B363
6;@6;@9 E7>3=3@ F7DA=E;63E; ?7?B7@93DG:; B7?4G>G:
63D3: 63@ BDA6G=E; BDAEF39>3@6;@ *36;=3> 4743E E753D3
F7DGE?7@GDGEF7D47@FG=6;63>3?FG4G:(7DGE3=3@E7>A>7:
D36;=3> 4743E D73=F;8 6;63:G>G; A>7: =7DGE3=3@ ?7?4D3@
E7>67@93@D3@9=3;3@BDAE7EE74393;47D;=GF
3

,7D7@ 3@F3D3 D36;=3> 4743E 67@93@
=A?BA@7@ ?7?4D3@ E7:;@993 F7D;I7>



=;43F63D;:3>;@;363>3:;@F7@E;F3EBDAE7EA=E;63E;
E7>E7> FG4G: K3@9 @AD?3> ?7@=3@=7DGE3=3@K3@9>74;:43@K3=#73633@EFD7E
A=E;63F;8 ?7?43I3 B363 =7DGE3=3@ A=E;63F;8 ?G>3; 63D;
F;@9=3F E7> 
E7>K3@9DGE3=;@;>3:K3@93=:;D@K347D?3@;87EF3E;?7@>;FGE63@BDAE7EB7@G33@E7>?7@74;: 57B3F /1%,!341% !')-' #3D;36;

 #GDA=; %3 !+



+FD7E A=E;63F;8 ;@; 63B3F F7D7:
4747D3B3 =A@6;E; @3?G@ B363 63E3D@K3 EFD7E A=E;63F;8
;@; F7D7=G> D36;=3> 4743E 63@ B7@7FD3>;E;D@K3 3@F;A=E;63@
(7@K7434@K34;E36;=3D7@3=3@=GD3@9@K33@F;A=E;63@3F3G
=7>74;:3@BDA6G=E;D36;=3>4743EA>7:FG4G:!A@EGB7DA=E;6

17

  
 

K3@96;:3E;>=3@B36347D4393;B7@K3=;F?7DGB3=3@83=FAD
=G@5;63D;BDAE7EBDA>;87D3E;63@6;E8G@9E;7@6AF7>E7:;@993
EFD7E A=E;63F;8 ?7DGB3=3@ B7@K7434 B7@F;@9 F7D3;@ E74393;@K3 #GDA=; %3 !+

 3==AH;5 %3 !+



(7@;@9=3F3@ EFD7E A=E;63F;8 K3@9 6;63B3F 63D;
=7F;63=E7;?43@93@ 3@F3D3  :;6DA=E;> 63@ ?7=3@;E?7
B7DF3:3@3@3@F;A=E;63@ 63>3? FG4G:#7F;63=E7;?43@93@
63B3F ?7@K7434=3@ 787= :;>3@9@K3 8G@9E; 7@6AF7>
F7D?3EG=63>3?B3FA97@7E;E63@BDA97E;VF3E63>3?9393>
G>3D
63@ ?7@K7434=3@ 3BABFAE;E ?;AE;F 63@ @7=DAE;E "G93
6;:G4G@9=3@ 67@93@ 3D;F?;3 63@ 6;E8G@9E; 7@6AF7>;3>
67@93@ 6;E8G@9E; K3@9 F7D3>G; D76G=E; 3=F;H;F3E
E;@F7E;E@;FD;FA=E;63F7D?3EG=;@3=F;H3E;63D;@;FD;FA=E;63
=F;H3E; ;?G@ 63@ ;@W3?3E; 3=F;H3E; 63D; E;EF7? *
63@E;EF7?E3D38E;?B3F;E63@B7@;@9=3F3@=363DE;D=G>3E;
=3F7=A>3?;@K3@9F7D47@FG=63D;;@F7D3=E;3@;A@EGB7DA=E;63
63@ @;FD;F A=E;63 E7?G3@K3 63B3F ?7@;@9=3F=3@ EFD7E
A=E;63F;8%GDD3K


+FD7E A=E;63F;8 ?7@9;@6G=E; B7DA=E;63E; ?7?4D3@
>;B;6 K3@9 63B3F ?7@;?4G>=3@ =7DGE3=3@ K3@9 3=3@

18


    

?7@K7434=3@ B7DG43:3@ F7D:363B EFDG=FGD 4;A>A9;E 63D;
;=3F3@ ?7?4D3@ 67@93@ D7E7BFAD 3F3G 7@L;? K3@9 63B3F
?7@993@99G8G@9E;@AD?3>E7>3>>7 %3!+

$74;:;B;6?7?47D;=3@=A@FD;4GE;E7DF3?7?B7D47E3D
=7DGE3=3@ E7> K3@9 47D3E3> 63D; BDA6G= :3E;> B7DA=E;63E;
(363 4747D3B3 EFG6; 6;>3BAD=3@ 43:I3 EFD7E A=E;63F;8
?7?793@9 B7D3@3@ B7@F;@9 B363 B3FA97@7E;E F7D;=3E;B7@K3=;F=3D6;AH3E=G>3DD7EB;D3FAD;=93@99G3@
E;EF7? ;?G@ =3DE;@A97@7E;E 43:=3@ 6;F7@993D3; ;=GF
47DB7D3@63>3?BDAE7EB7@G33@B363B7@67D;F36;347F7E
*0&3.72* 8*6/&).33?
47@FG= 7@76;A> 9>G=AE3 F7DA=E;63E; 63>3? >A93? FD3@E;E;
F7D93@FG@93@;A@D36;=3>7@76;A>K3@96;=A@H7DE;=763>3?
=7FA3>67:;663@D36;=3>3@;A@EGB7DA=E;63*36;=3>3@;A@
EGB7DA=E;63 ?7@93>3?; 6;E?GF3E7 ?7?47@FG= :;6DA97@
B7DA=E;63 4;>3 F;63= 3=3@ F7D679D363E; A>7: =3F3>3E7 3F3G
9>GF3F;A@ B7DA=E;63E7 @L;? D76G=F3E7 E;FAEA> 3>6AE3

19

  
 

?7@9=A@H7DE; 9>G=AE3 ?7@ ;@FD3E7>G>3D
?7@99G@3=3@ @;5AF;@3?;6 367@;@ 6;@G=>7AF;63 8AE83F
&(  K3@9 47D3E3> 63D; GD 8AE83F B7@FAE3 E74393;
EG3FG =A83=FAD +7>3?3 F7D;=7?;3 =A@EG?E;
&( 3=3@F7D:3?43F63>3??7?B7DF3:3@=3@3=F;H;F3E
/%1.*2)$!2% '+43!3).-

/1.3%)-

*)-!2%(#63>3?8D3=E;?7?4D3@?7>3>G;B7@;@9=3F3@
E;@F7E;E $%-.5.6;3E;>9>;E7DA>63>3?E7>B7?4G>G:63D3:63@
:;B7D9>;=7?;33=3@?7D3@9E3@9*'+?7>3>G;3=F;H3E;(#
DAI@>7

+D;H3EF3H3 %3!+

&;E:;=3I3 %3!+


?7>3BAD=3@ 43:I3 :;B7D9>;=7?;3 63B3F ?7@;@9=3F=3@
*'+ 63D; FD3@EBADF 7>7=FDA@ ?;FA=A@6D;3 63@ BDA6G=E;
*'+ ?;FA=A@6D;3 ?7DGB3=3@ B7D;EF;I3 B7@F;@9 63>3?
=A?B>;=3E;6;347F7E?7>;FGE
;B7D9>;=7?;3

63@

:;B7D=A>7EF7DA>7?;3

3=3@

?7?B7D4GDG= 63@ ?7?B7DB3D3: B7?47@FG==3@ *'+
?7>3>G; 4747D3B3 ?7=3@;E?7 *'+ 3=3@ ?7@;@9=3F=3@
B7?47@FG=3@7=EBD7E; 4,.1-%#1.2)2 835FAD: ,&N63@
?7?B7DB3D3:EFD7EA=E;63F;8,&N63B3F?7@93=;43F=3@
D7E;EF7@E; ;@EG>;@ ?7>3>G; B7@GDG@3@ 3GFA8AE8AD;>3E; !43.
/(.2/(.18+!3).- 63D; D7E7BFAD ;@EG>;@ B7DG43:3@ D7E7BFAD
;@EG>;@ EG4EFD3F  ?7@;=; 8G@9E;
G@FG= ?7@;@9=3F=3@ 787= H3EA6;>3F3E; 7@6AF7> ?7@7=3@
7=EBD7E; ?A>7=G> 36:7E; ?7@9:3?43F BDA6G=E; ,&
N ?7@9GD3@9; 787= B7DFG?4G:3@ 63D; E7> AFAF BA>AE
?7@9:3?43F 787= $$ F7DA=E;63E; ?7@7=3@ BDA>;87D3E;
?7@9:3?43F BDA>;87D3E; 63@ ?;9D3E; E7> 7@6AF7> 63@
?7@9GD3@9;B7@743>3@FG@;=3;@F;?363@BDA>;87D3E;3FAF


3?43D

3?43D
+;@6DA?%7F34A>;=3FAF



27

  
 

$7?3= K3@9 6;=A@EG?E;  63@ 6;34EAD4E; 63D; 6;;F
?3GBG@  K3@9 6;E;@F7E;E A>7: FG4G: :3DGE 63B3F 6;43I3
=7 47D4393; 74;:
>3@7?3=
F;63= >3DGF 63>3? 3;D ?3=3 G@FG= ?7?43I3@K3 ?7>3>G;
B>3E?363D3:>7?3=@A@BA>3DFD;9>;E7D;6363@=A>7EF7DA>
7EF7D :3DGE 47D934G@9 67@93@ >7?3= 3?VB3F;= K3@9
>74;: BA>3D 8AE8A>;B;6 63@ =A>7EF7DA> 4743E E7DF3 BDAF7;@
3BA>;BABDAF7;@G@FG=?7?47@FG=>;BABDAF7;@K3@963B3F
>3DGF63>3?3;D%GDD3K


 $;BABDAF7;@ G?G?@K3 ?7DGB3=3@ EG3FG B3DF;=7>
47D47@FG= E87D;E >3B;E3@ >G3D@K3 F7DEGEG@ A>7: 8AE8A>;B;6
67@93@ 9G9GE 3E3? ?7@9:363B =7 3D3: BGE3F B3DF;=7>
?A>7=G> =A>7EF7DA> 6;=7@3> E74393; 3BA>;BABDAF7;@
BA>;BABDAF7;@ F7D47@3? 6; 63>3? >3B;E3@ B7D?G=33@
>;BABDAF7;@ E763@9=3@ ;@F; B3DF;=7> >;BABDAF7;@ F7D47@3?
63>3? 7EF7D =A>7EF7DA> 63@ ?A>7=G> FD;9>;E7D;63 %GDD3K



 $;BABDAF7;@ B>3E?3 6;=>3E;V=3E;=3@ 47D63E3D=3@
67@E;F3E@K3=757B3F3@97D3=3@@K36;63>3?7>7=FDA8AD7E;E
=3@6G@93@ BDAF7;@ 63@ >7?3=@K3 ;=7F3:G; 363 7?B3F
;BABDAF7;@ 63>3? B>3E?3 K3;FG =;>A?;=DA@ K3@9
47D3E3>63D;GEGE.$$ %18.6%-2)38)/./1.3%)-3F3G
/1%">;BABDAF7;@47D3E3>63D;:3F;63@GEGE$$.6%-2)38
)/./1.3%)- 3F3G 3>;BABDAF7;@ 47D3E3> 63D; :3F; 63@ GEGE

28


    

#A>7EF7DA>4743E63@7EF7D=A>7EF7DA>6;63>3?E;D=G>3E;63D3:
F;63=63B3F47D763D63>3?=73633@4743E?7>3;@=3@47D363
63>3?B3DF;=7>>;BDABDAF7;@(363B7@7@FG3@=A>7EF7DA>FAF3>
K3@947D36363>3?63D3:6;:;FG@93:=A>7EF7DA>K3@9
F7D63B3F63>3?47D4393;>;BABDAF7;@F7DE74GF 3G9


 +;EF7?GDB7@93@9=GF3@>;BABDAF7;@63B3F6;439;
?7@ B7@57D@33@
63D; >;B;6 K3@9 47D3E3> 63D; 6;;F $;B;6>;B;6 F7DE74GF
E7B7DF;

FD;9>;E7D;63

8AE8A>;B;6

=A>7EF7DA>4743E

6;3@9=GF 6; 63>3? B3DF;=7> >;BABDAF7;@ =:GEGE K3@9
6;E74GF =;>A?;=DA@ E7>3@G3D=3@ A>7: E7>
7B;F7> ?G=AE3 =7 $4#342 +!#3%!+ GEGE :3>GE 3>3?
E;D=G>3E;63D3:=;>A?;=DA@K3@9=3K33=3@FD;9>;E7D;63
3=3@ 47D;@F7D3=E; 67@93@ 7@L;? >;BABDAF7;@ >;B3E7
K3@9?7@9:;6DA>;E;EE7439;3@47E3DFD;9>;E7D;63B363
;@F; =;>A?;=DA@ ?7@7?3= 63@ 9>;E7DA>
E3? >7?3= ;@; 3=3@ 6;3?4;> G@FG=6;9G@3=3@ A>7:
A?;=DA@K3@9
EG63:=7:;>3@93@43@K3=FD;9>;E7D;63@K33=3@47D763D
=7?43>; =7 E;D=G>3E; 63D3: 63@ 6;3?4;> A>7: :3F;
E7:;@993 67@93@ 67?;=;3@ >;B;6>;B;6 A=E;97@ K3@9
47D3E3> 63D; B7@57D@33@ =75G3>; FD;9>;E7D;63 3=:;D@K3
?3EG==763>3?:3F;

29

  
 



+;EF7?7@6A97@K3@9?7@93@9=GF>;B;6K3@947D3E3>
63D;:7B3D=73>G;E;D=G>3E;63D3:
$;B;6;@;47DE3?367@93@>;BABDAF7;@6;D3=;F?7@.$$ %18.6%-2)38)/./1.3%)-6;63>3?
:3F;63@6;E7=D7E;=7E;D=G>3E;63D3:
+7E3?B3;@K3 6; B7?4G>G: =3B;>7D 47D4393; .$$

;BABDAF7;@>;B3E7
K3@9?7@9:;6DA>;E;EE7439;3@47E3DFD;9>;E7D;6363>3?;@F;@K3
63@ 6;=A@H7DE; ?7@ !$ -3%1,%$)%3 %-2)38
)/./1.3%)- +7439;3@ 47E3D B3DF;=7> !$ K3@9 F7D47@FG=
3=3@ ?7@93>3?; :;6DA>;E;E >74;: >3@;BABDAF7;@K3@9
=3K3 3=3@ =A>7EF7DA> 63@ 47DB7D3@ 63>3? B7@93@9=GF3@
=A>7EF7DA>=77::7B3DE7439;3@>39;6;>7B3E=73;@@K3 ?7>3>G; ?7=3@;E?7 7@6AE;FAE;E 67@93@
B7D3@F3D3D7E7BFAD$$DAI@ %3!+  %GDD3K


;>3 ?7?4D3@ E7> F7>3: ?7@=3D7@3B7@7D;?33?$$63@4;AE;@F7E;E;@F7D@3>
K3@947D>74;:F7D3:B7@93?4;>3@=A>7EF7DA>=753;D3@
7=EFD3E7>G>7D G@FG= 6;43I3 =7?43>; =7 :3F; K3@9 6;=7@3>
E74393; 1%5%12%#(.+%23%1.+31!-2/.13 3>;@;6;6G936;>3=G=3@
A>7: $$;BABDAF7;@?7@93@9=GF>7?3==7:3F;;63>3?
:3F; ;=3F3@ >7?3= F7DE74GF 6;GD3;=3@ E7:;@993 F7D47@FG=

30


    

=7?43>; =77?B3F G@EGD >7?3= F7DE74GF 63@ 3E3? >7?3=
K3@9 6;47@FG= 3=3@ 6;B3=3; E74393; EG?47D 3@7D9; 3F3G
4;>3 3:@K3 47D>74;: 3=3@ 6;E;?B3@ 6;7?3=
3:=A>7EF7DA>6;63>3?FG4G:?3@GE;363@:7I3@
6;3FGD A>7: 43@K3= 83=FAD (363 G?G?@K3 E7?G3 83=FAD
F7DE74GF63B3F6;439;?7@3: >G3D E7> E7B7DF; 3: =A>7EF7DA> 4743E 3F3G K3@9
F7D;=3F63>3?>;BABDAF7;@6;>G3DE7>B7DE76;33@3E3?>7?3=
4743E 63@ 363@K3 :AD?A@ F7DF7@FG 3=FAD =76G3 363>3:
63>3? E7> E7B7DF; =79;3F3@ E;EF7? 7@L;? K3@9 47DB7D3@

31

  
 

63>3?=3F34A>;E?7=A>7EF7DA>3:B7DE76;33@F7DB7@A;63
>3@AEF7DA> 63@ E=G3>7@ E74393; BD7=GDEAD G@FG= E;@F7E;E
=A>7EF7DA> 3: :3E;> ?7F34A>;E?7 =A>7EF7DA> 363@K3
=79;3F3@ B7@93@9=GF3@ =A>7EF7DA> 3F3G 67D;H3F@K3 =7>G3D
63D; E7> 67@93@ ?7=3@;E?7 B7@93@9=GF3@ 3=F;8 ?7>3>G;
?7?4D3@ E7> 63@ B7@93DG: H;E=AE;F3E ?7?4D3@ $74;:
>3@343:I363>3??7@93FGD4;AE;@F7E;E
=A>7EF7DA> =76G3  ?353? 83=FAD  F7DE74GF 47=7D;@9
47D:G4G@93@
(7DG43:3@ K3@9 F7D3;@@K33F3GE743>;=@K3K3@9
=7?G6;3@?7@9:3E;>=3@B7DG43:3@63>3?>37EF7DA> 6; :3F; E7439;3@ 6;3FGD A>7: =A>7EF7DA> 63>3?
6;7F
#A>7EF7DA>363>3:?A>7=G>:;6DA8A4;=3F3GF;63=>3DGF
63>3?3;D-@FG=?7@EFD3@BADF@K363>3?3>;D3@63D3:63@
?7@9;D;?@K3 =7 E7>E7> 6; E7>GDG: FG4G: 6;?76;3E; A>7:
B3DF;=7>B3DF;=7> >;BABDAF7;@ K3@9 47D47634763 B363 F;3B
EF7B@K3 $;BABDAF7;@ 363>3: ?A>7=G> F7D6;D; 63D; BDAF7;@
63@ >;B;6 FD;35K>9>K57DA> 5:A>7EF7DK> 7EF7D B:AEB:A>;B;6
63@ 5:A>7EF7DA> K3@9 6;934G@9=3@ 67@93@ ;@F7D3=E;
:;6DA8A43@F3D3439;3@9G9GE@A@BA>3D63D;>;B;667@93@
?A>7=G> BDAF7;@ 7D63E3D=3@ 4A4AF ?A>7=G> =7D3B3F3@
63@G=GD3@B3DF;=7>@K3>;BABDAF7;@B>3E?363D3:?3@GE;3
6;439; ?7@;?3 9A>A@93@ GF3?3 K3;FG=;>A?;=DA@

32


    

>;BABDAF7;@ =7D3B3F3@ E3@93F D7@63: H7DK >AI 67@E;FK
>;BABDAF7;@ .$$ >;BABDAF7;@ =7D3B3F3@ D7@63: >AI
67@E;FK>;BABDAF7;@$$>;BABDAF7;@=7D3B3F3@F;@99;:;9:
67@E;FK>;BABDAF7;@ $63@>;BABDAF7;@=7D3B3F3@E3@93F
F;@99;H7DK:;9:67@E;FK>;BABDAF7;@. $7D63E3D=3@
=757B3F3@

$ 63B3F 6;439; >39; ?7@A?;=DA@?7@3@9=3B=A>7EF7DA>63@>7?3=63D;GEGE
#;>A?;=DA@ 363>3: 4GF;D4GF;D >7?3= K3@9 ?7@93@6G@9
E76;=;F BDAF7;@ $7?3= 6;=;D;? =7 =3@ E;E3 =;>A?;=DA@ :K>A?;5DA@ D7?@3@FE
K3@9?7@93@6G@9E7439;3@47E3D=A>7EF7DA>+;E3=A>7EF7DA>
;@;6;43I3?7@G3?:3F;=A>7EF7DA>63D;E;E3
=;>A?;=DA@6;934G@9=3@67@93@=A>7EF7DA>K3@96;E;@F7E;E
A>7: :3F; ?7@ .$$ .$$ ;@; =7?G6;3@
6;9G@3=3@ G@FG= FD3@EBADF >7?3=>7?3= =7 ;D3@
63D3: 63@ ?7?G>3; B7@K3>GD3@ >7?3=>7?3= =7 F7B;E7B3@G:63D3:3>3?BDAE7E
B7D3@3@@K3 ;FG .$$ ?7@93>3?; BDAE7E B7@9GD3;3@
%GDD3K


 (7@K3=;F 797@3D3F;8 >3;@ 363>3: #3@=7D K3@9
?7DGB3=3@ EG3FG B7@K3=;F K3@9 6;=3D3=F7D;E3E; A>7:
BDA>;87D3E;K3@9F;63=F7D=A@FDA>K3@9F7DE743D63D;637D3:
>A=3>63@?7@K7D3@9=7E7>GDG:FG4G:+74393;B7@5793:

33

  
 

=3@=7D E7B7DF; EAK473@E 63@ FA?3FAE +AK3E3BA@;@ 63B3F
?7>3I3@=3@=7D67@93@?7@;@9=3F=3@;??G@A=A?B7F7@E;
3F3G?7@;@9=3F=3@3=F;H;F3E:;BA=A>7EF7DA>7?;3@K3%GDD3
K


;B7D=A>7EF7DA>7?;3 63@ !@W3?3E; B363 G?G?@K3
?7DGB3=3@ D7EBA@ F7D:363B 7:
BDAE7E K3@9 E3@93F B7@F;@9 K3;FG BDAE7E7@6AF7>@6AF7>
363>3:439;3@F7DB7@F;@9B7?4G>G:63D3:K3@947DB7D3@
63>3?BDAE7E3F7DAE=>7DAE;E@6AF7>?7@7EF7DA>$$F7DGF3?3K3@9F7DA=E;63E;E3@93FBA@F7@E;3>
?7DGE3= 7@6AF7> 63@

$ E74393; =A?BA@7@ BDAF7=F;8

E3@93F 47DB7D3@ 63>3? ?7=3@;E?7 3F7DAE=>7DAE;E B363
6;E>;B;67?;3*A44;@63@3F37@


;E>;B767?;3 ?7?BG@K3; B7D3@3@ B7@F;@9 B363
F7DE7> 7@6AF7> ;@6;@9 3DF7D; K3@9
3=3@ ?7@9;@6G=E; F7D;F3E
E7>E7> 7@6AF7> 3=3@ ?7@K7434=3@ =A@EF;FG7@ B>3E?3
%;E3>@K3>;BABDAF7;@K3@9?7@3?
6;@6;@93DF7D;E7:;@993?7?G@9=;@=3@FDA?4AE;F?7>7=3F
B363 63D3: K3@9 ?7@93>3?; =7DGE3=3@ 63@ ?7@93>3?;
;@W3?3E;%7@93=;43F=3@7?7@7>7?7@ >3;@@K3 6; 63>3?
E;D=G>3E; 63D3: ;>3 BDAE7E =7DGE3==3@ ;@; 47D>3@9EG@9

34


    

=DA@;=E7>3?34747D3B3F3:G@?3=3BDAE7E3F7DAE=>7DAE;E
F7DGE 47D>3@;D3@63D3:B363637D3:
;FG?7@7EF7DA> 363>3: EG3FG =A?BA@7@ K3@9 E3@93F
B7@F;@9 63>3? FG4G: ?3?3>;3 K3@9 ?7?BG@K3; 8AD?G>3
  '   63B3F 6;@K3F3=3@ E74393;
:;6DA=E;
=A>7EF3@ =3D7@3 :3@K3 ?7?BG@K3; E3FG  9G9GE :;6DA=E;>
B363 3FA? 
 63@ ;=3F3@ D3@9=3B B363  63@  E7DF3
B7D5343@93@ B363 
 
 63@   *AE


 :D;EF;7


-@FG= ?7@9;67@F;V=3E; 363@K3 =A>7EF7DA> 63>3?
EG3FGE3?B7>63B3F6;>3=G=3@67@93@D73=E;I3D@3K3;FG
  *73=E; +3>=AI3E=; =A>7EF7DA> 63>3? =>ADA8AD? 83FB7=3F?3=3F;?4G>I3D@3?7D3:
  *73=E; $;747D?3@@GD5:3D6 I3D@3 =7:;3DGF3@=A>7EF7DA>63>3?=>ADA8AD?6;F3?43:=3@3E3?
EG>83F B7=3F 63@ 3@:;6D;6 3E7F3F #A>7EF7DA> =743@K3=3@
47D3E3> 63D; =A>7EF7DA> :7I3@ E763@9=3@ =A>7EF7DA> 63D;
FG?4G:3@EG=3D 6;E7D3BGEGE#A>7EF7DA>63>3? ?3=3@3@
:7I3@;F7DGF3?347D3E3>63D;AF3==G@;@9F7>GD:3F;63@
>7?3= :7I3@ >3;@@K3 #A>7EF7DA> ?3=3@3@ 63>3? IG7EF7DA>7EF7D:?76


 #A>7EF7DA> 363>3: 7=G> BD7=GDEAD G@FG=
E;@F7E;E :AD?A@ EF7DA;6 H;F3?;@  63@ 93D3? 7?B76G

35

  
 

#A>7EF7DA> 47D3E3> 63D; 6;7F 63@ 6;E;@F7E;E 63>3? FG4G:
;7F ?7@93@6G@9



 ?9 =A>7EF7DA> #A>7E7DA>  7B;F7> GEGE 

 ?9 :3D;
#A>7EF7DA> GEGE F7DE7D3B =;D3=;D3

 39;3@ B7@F;@9
63D;4;AE;@F7E;E=A>7EF7DA>363>3::3F;63@GEGE#A>7EF7DA>
63>3?FG4G:63B3F6;7=E=D7E;=3@E74393;93D3?7?B76G
63@ =A>7EF7DA>  K3@9 F;63= F7DE7D3B 63>3? GEGE 3=3@
6;=7>G3D=3@>7I3F87E7E#A>7EF7DA>FAF3>K3@9:;>3@9E7F;3B
:3D;43;=K3@947D3E3>63D;6;7F?3GBG@7@6A97@GEE747E3D


?93H;63@6/3@9

$7HK7F3>


#A>7EF7DA> 63>3? FG4G: 47D3E3> 63D; 6G3 EG?47D
K3;FG 63D; 7@6A97@GE 6;:3E;>=3@ A>7: :3F; 63@ 63@47D3E3>63D;EG?47D?3=3@3@K3@9F7DE7D3B
63D; GEGE.3@ 7F 3>


 #A>7EF7DA> K3@9 47D3E3> 63D;
?3=3@3@ ?7@K76;3=3@=;D3=;D3

 ?9 B7D:3D;63@:3F;
?7@E=7D7E;=E@ =;D3=;D3  9 B7D:3D;/;>EA@ 3@6 *G67>
 #A>7EF7DA> 63>3? GEGE 6;E7D3B =;D3=;D3 
 63@
E;E3@K3 6;7=E=D7E;=3@ 63>3? 87E7E 3K

 >73DV7>6




3@K3 =A>7EF7DA> 4743E K3@9 47D934G@9 63>3?

?;E7> 3E3? 7?B76G 63@ 6;E7D3B A>7: 7@F7DAE;F +7439;3@
47E3D =A>7EF7DA> ?3=3@3@ 363 63>3? 47@FG= =A>7EF7DA>
7EF7D#A>7EF7DA>7EF7D=7?G6;3@6;:;6DA>;E;EA>7:=A>7EF7DA>
7EF7D3E7?7@9:3E;>=3@=A>7EF7DA>4743EG@FG=B7@K7D3B3@
#A>7EF7DA> :3@K3 E7439;3@ =75;> >3DGF 63>3? >;@9=G@93@

36


    

3;D63@=7?G6;3@6;B3DF;E;=763>3?47@FG=?;E7>67@93@
93D3?7?B76GE747>G?B7@K7D3B3@%;E7>K3@9F7D47@FG=
3@F3D3 93D3? 7?B76G 67@93@ FD;3E;>9>;E7D;63 8AE8A>;B;6
3E3? >7?3= K3@9 F7D;A@;E3E; 63@ 3E3? >7?3= K3@9 F;63=
F7D;A@;E3E;?A@A3E;>9>;E7D;63>;EA8AE8A>;B;663@=A>7EF7DA>
4743E363>3:?7?47@FG=?;E7>53?BGD3@13A7F3>


3H;6 3@6 /3@9

 %;E7> ;@; 6;FD3@87D =7 7@F7DAE;F
G@FG= 6;E7D3B (7@K7D3B3@@K3 F7D93@FG@9 B363 3E3?
7?B76G63>3?>G?7@GEGE.AE:A>7F3>


 #A>7EF7DA> :3DGE ?7>7I3F; 6;UGE;A@ 43DD;7D B363
3@F3D?G=3 >G?7@ GEGE