una educación diferenciada para la diferencia entre los sexos

!!!

"""###!!!$$$!!!!!!!!!

%%%"""&&&!!!'''(((%%%)))&&&)))***+++"""!!!(((***,,,'''---'''""")))***&&&(((&&&!!!

...&&&---&&&!!!///&&&!!!(((***,,,'''---'''""")))***&&&!!!'''"""000---'''!!!///111222!!!222'''333111222!!!!!!

!!!

&&&444555666777888777888!!!999:::;;;<<<777999===!!!>>>???!!!666===888!!!999???444<<<:::===888!!!???>>>@@@999AAA<<<777BBB===888!!!!!!

>>>???!!!666AAA!!!)))===CCC@@@444777>>>AAA>>>!!!>>>???!!!DDDAAA>>>:::777>>>!!!

EEE@@@???!!!888???FFF:::???FFFAAA444!!!AAA666!!!AAA666@@@CCC444AAA>>>===!!!???444!!!GGG@@@444999777HHH444!!!>>>???666!!!888???III===JJJ!!!

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

)))AAA:::CCC???444!!!KKK???:::???>>>???:::===!!!>>>???!!!...???>>>:::===!!!

)))======:::>>>777444AAA>>>===:::AAA!!!>>>???666!!!

111LLL888???:::BBBAAA<<<===:::777===!!!>>>???!!!***FFF@@@AAA666>>>AAA>>>!!!>>>???!!!MMMNNN444???:::===!!!

,,,@@@444>>>AAA999777HHH444!!!222777444>>>777999AAA666!!!>>>???!!!'''888<<<@@@>>>777===888!!!

!!!!!!!!!!!!!!!))))))JJJ111111!!!DDDAAA>>>:::777>>>!!!

!!!

DDDAAA:::OOO===!!!PPPQQQRRRPPP!

S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!

E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!

111LLL888???:::BBBAAA<<<===:::777===!!!>>>???!!! ***FFF@@@AAA666>>>AAA>>>!!!>>>???!!!MMMNNN444???:::===JJJ !!!,,,@@@444>>>AAA999777HHH444!!!222777444>>>777999AAA666 !!!>>>???!!!'''888<<<@@@>>>777===888JJJ!

"""!!!

VVV"""(((***)))'''!!!

!!!

!!!

...555FFF777444AAA!!!

! !

RJ!*4<:=>@997H4J! ! ! ! ! ! ! ! ! !W!

PJ!PX!9?4<:=8!?>@9A<7B=8!?4!DA>:7>!8?F:?FA4!

A!8@!A6@C4A>=!T=:!8?I=J!)?:9A!>?!WQJQQQ!!

A6@C4=8!Y!A6@C4A8!?4!9?4<:=8!8?F:?FA>=8J! ! ! !Z!

PJRJ!)=6?F7=8!T:7BA>=8!9=49?:<A>=8!CA89@674=8J! ! ! ![!

PJPJ!)=6?F7=8!T:7BA>=8!9=49?:<A>=8!G?C?474=8J! ! ! !$!

PJWJ!)=6?F7=8!T:7BA>=8!9=49?:<A>=8!E@?!8?TA:A4!!

A!9\79=8!Y!9\79A8!T=:!?>7G797=8!=!A@6A8J! ! ! ! !]! !

PJXJ!)=6?F7=8!T:7BA>=8!CA89@674=8J! ! ! ! ! RR!

PJZJ!)=6?F7=8!T:7BA>=8!G?C?474=8J! ! ! ! ! RP!

PJ[J!)=6?F7=8!T:7BA>=8!E@?!8?F:?FA4!T=:!?>7G797=8!=!A@6A8J! RX!

WJ!/A!CAY=:;A!<7?4?4!9A:59<?:!9=4G?87=4A6!^9A<H679=_J! ! ! RZ!

XJ!,A68=!>789@:8=!8=L:?!6A!7F@A6>A>!>?!6=8!8?I=8J! ! ! ! R$!

ZJ!(?G?48A!?IT:?8A!>?!6A!?>@9A97H4!>7G?:?497A>AJ!! ! ! PP!

[J!/A!4A<@:A67OA97H4!>?!6A8!>7G?:?497A8`!!

a7?b=8!A:F@C?4<=8!E@?!4=8!:?<=:4A4!A6!TA8A>=J! ! ! PW!

cJ!(?8A::=66=!>?!6A!T?:8=4A67>A>`!"=!A!6=8!?8<?:?=<7T=8J! ! ! PX!

$J!2=97A67OA:!?8!874H47C=!>?!b@4<A:J! ! ! ! ! ! PZ!

]J!D7?4<?4!A6!>?97:!E@?!?8!CAY=:!?6!:?4>7C7?4<=!?89=6A:J! ! Pc!

RQJ!/=8!9?4<:=8!C7I<=8!Y!6A!9=?>@9A97H4J! ! ! ! ! P]!

RRJ!d!@4A!9=487>?:A97H4!G74A6J! ! ! ! ! ! ! WP!!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


###!!!

! !

RRRJJJ!!! ***444<<<:::===>>>@@@999999777HHH444!!!

!

$%! $&'! ()*+,-.%! /&! 0/1.%.-2,3! /&! #! /&!4%'5! /&! "667! 8$(093! &,! :1!

%);<.1=5! >?@#3! &,! )&=%.-2,! .5,! =%! %/4-:-2,! &,! =5:! .&,;)5:! &/1.%;-A5:3! /-.&!

&BC)&:%4&,;&D!E0,!,-,*F,!.%:5!G%H)+!/-:.)-4-,%.-2,!C5)!)%I2,!/&!,%.-4-&,;53!

)%I%3!8?I=3!)&=-*-2,3!5C-,-2,!5!.1%=J1-&)!5;)%!.5,/-.-2,!5!.-).1,:;%,.-%!C&):5,%=!

5! :5.-%=@K! 0:;%! &:;-C1=%.-2,! C1&/&! C%)&.&),5:! 1,%! 5HA-&/%/3! :-! ;&,&45:! &,!

.1&,;%! J1&3! /&:/&! LMN>3! ,1&:;)%! O5,:;-;1.-2,! &:;%H=&.&! J1&! ;5/5:! =5:!

&:C%P5=&:!:545:!-*1%=&:!%,;&!=%!$&'!'!J1&!,5!C1&/&!C)&A%=&.&)!/-:.)-4-,%.-2,!

%=*1,%! C5)3! &B%.;%4&,;&3! =%:! 4-:4%:! )%I5,&:@! Q-,! &4H%)*53! ,5! )&:1=;%! ;%,!

5HA-53! /%/5! J1&! =%:! %,;&)-5)&:!4+B-4%:! =&'&:! &/1.%;-A%:! C5:;&)-5)&:! %! LMN>!

&=1/&,3! C)&.-:%4&,;&3! -,.=1-)! &=! :&B5! &,! &=! =-:;%/5! /&! .)-;&)-5:! /&! ,5!

/-:.)-4-,%.-2,!&,!=%!%/4-:-2,!/&=!%=14,%/53!C5)!C%);&!/&!=5:!.&,;)5:@!

!

! R!C&:%)!/&!=%!,5!5H=-*%;5)-&/%/!=&*-:=%;-A%3!=%!&,:&P%,I%!4-B;%!:&!G%!-/5!

-4C5,-&,/5! &,! ,1&:;)5! C%<:3! /&! ;%=! 4%,&)%! J1&3! &,! =%! %.;1%=-/%/3! ;5/5:! =5:!

.&,;)5:! &/1.%;-A5:! CFH=-.5:! '! =%! 4%'5)<%! /&! =5:! C)-A%/5:! '! /&! =5:! C)-A%/5:!

.5,.&);%/5:!:5,!4-B;5:@!O5,:&.1&,.-%!=2*-.%!/&!=%!&A5=1.-2,!:5.-%=!&,!)&=%.-2,!

.5,! &=! C%C&=! /&! =%:! 41S&)&:D! :&! G%! -/5! -4C5,-&,/5! =%! .5,:-/&)%.-2,! /&! J1&!

A%)5,&:! '! 41S&)&:! /&H&45:! :&)! -*1%=&:! &,! /&)&.G5:3! ;&,&)! =%:! 4-:4%:!

C5:-H-=-/%/&:!/&!%..&:5!%! ;5/5:! =5:!+4H-;5:!:5.-%=&:!'!/&!J1&3!C5)! ;%,;53! =5:!

.5,;&,-/5:!&/1.%;-A5:!/&H&,!:&)!=5:!4-:45:!C%)%!1,5:!'!5;)%:@!

!

! $&S5:! J1&/%! =%! /-T&)&,.-%! /&! !"##$!"%"&! :&*F,! &=! :&B5! 8=%:! .G-.%:3!

=%H5)&:3!'! =5:!.G-.5:3! T5)4%.-2,!/&=!&:C<)-;1!,%.-5,%=3!H%S5!&=! T)%,J1-:4593!J1&!

&:;%H%!%:&,;%/%!&,!=%!.)&&,.-%!/&!J1&!&=!C%C&=!/&!=%!41S&)!&)%!&=!/&!:&)!H1&,%!

&:C5:%!'!4%/)&@!U5'!=%!=&*-:=%.-2,!&:;%H=&.&!1,!F,-.5!!"##$!"%"&3!-,/-T&)&,;&!%=!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


???!!!

:&B5!'3!%1,J1&!=%!)&%=-/%/!,5:!:-*1&!G%H=%,/5!/&!/-:.)-4-,%.-2,!T&4&,-,%!'!/&!

)&C%);5! :&B-:;%! /&=! ;)%H%S53! &:! 5HS&;-A5! /&! ,1&:;)%! :5.-&/%/! .5,:&*1-)! =%!

-*1%=/%/! /&! G54H)&:! '!41S&)&:! '3! C%)%! &==53! .545! /-.&! &=! %);<.1=5! M@"! /&! =%!

O5,:;-;1.-2,3!=5:!C5/&)&:!CFH=-.5:!/&H&,!)&45A&)!=5:!5H:;+.1=5:!J1&!/-T-.1=;%,!

&:%! -*1%=/%/! '! /&H&,! ET%.-=-;%)! =%! C%);-.-C%.-2,!/&! ;5/5:! =5:! .-1/%/%,5:!&,! =%!

A-/%!C5=<;-.%3!&.5,24-.%3!.1=;1)%=!'!:5.-%=@K!

!

! V3! :-! :&! ;)%;%! /&! &/1.%)! -*1%=-;%)-%4&,;&! %! .G-.5:! '! .G-.%:3! /&!

C)5C5).-5,%)=&:! =5:! 4-:45:! )&.1):5:! C%)%! :1! T5)4%.-2,! C&):5,%=! .545!

.-1/%/%,5:!'!.-1/%/%,%:!.5,!=5:!4-:45:!/&)&.G5:!'!=%:!4-:4%:!C5:-H-=-/%/&:!

/&!-,:&).-2,!:5.-%=3!.%)&.&!/&!:&,;-/5!:1!:&C%)%.-2,!&,!=%:!%1=%:@!!

!

$%!&,:&P%,I%!4-B;%!&:!1,!A%=5)!/&45.)+;-.5!/&! =%!:5.-&/%/!5..-/&,;%=!

J1&! G%! ;&,-/5! .545! .5,:&.1&,.-%! -,.)&4&,;5:! ,5;%H-=<:-45:! &,! =%! T5)4%.-2,!

/&! =%:! 41S&)&:! '! /&! =5:! G54H)&:@! O545! :&P%=%! W%)-,%! Q1H-)%;:L3! E&,! LM>"!

G%H<%!;5/%A<%!&,!0:C%P%!%=*5!4+:!/&!7!4-==5,&:!/&!C&):5,%:!%,%=T%H&;%:!5!:-,!

&:;1/-5:3!/&!=%:!.1%=&:!&=!7"X!%C)5B-4%/%4&,;&!&)%,!41S&)&:Y!&:!/&.-)3!1,5:!

#3N!4-==5,&:!/&!41S&)&:@!"Z!%P5:!4+:!;%)/&3!&,!"66N3!&=!%,%=T%H&;-:45!5!E:-,!

&:;1/-5:K!%T&.;%!%!>Z>@766!C&):5,%:3!/&!=%:!.1%=&:3!.%:-!1,!N6X!:5,!41S&)&:3!

&:! /&.-)3! 1,%:! ZN6@666D! =%! C5H=%.-2,! :-,! &:;1/-5:! G%! J1&/%/5! /-A-/-/%! C5)! N3!

%C)5B-4%/%4&,;&3! '! =%!4%'5)<%3! /&!&/%/&:!%A%,I%/%:@!0,!&=! ,-A&=! &/1.%;-A5!

4+:! %=;53! J1-&,&:! G%,! %=.%,I%/5! 1,! ;<;1=5! 1,-A&):-;%)-53! &=! C5).&,;%S&! /&!

C&):5,%:! .5,! &:;1/-5:! ;&)4-,%/5:! :&! G%!41=;-C=-.%/53! C%)%! =5:! G54H)&:3! C5)!

#3#3!&,;)&!LM>"!'!"66NY!C%)%! =%:!41S&)&:3!C5)!Z3L@!$%:! ;-;1=%/%:!1,-A&):-;%)-%:!

G%,!C%:%/5!/&!7?6@666!&,! =%!C)-4&)%! T&.G%!%!#@"7M@666!&,!&=!%P5!"66N3!'!%!

.5,:;-;1-)!&=!Z#3""X!/&=!;5;%=!/&!;-;1=%/5:!:1C&)-5)&:3!:1C&)%,/5!%!=5:!G54H)&:@K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!L! W%)-,%! Q1H-)%;:D! E[O5&/1.%.-2,! 5! &:.1&=%! :&*)&*%/%\! ],! A-&S5! '! C&):-:;&,;&! /&H%;&K3! &,!^RQ0! _^&A-:;%! /&! =%! R:5.-%.-2,! /&! Q5.-5=5*<%! /&! =%! 0/1.%.-2,! 8```@%:&@&:a)%:&9_3! A5=@! #3!,F4@L3!&,&)5!"6L63!C+*:!L?#_LZ>@!!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


ZZZ!!!

!

!b&)5! ,5! :&! ;)%;%! :5=5! /&! )&:1=;%/5:! %.%/c4-.5:3! :&! ;)%;%! ;%4H-c,! /&!

5;)%:! .5,:&.1&,.-%:! )&=%;-A%:! %=! .%)+.;&)! /&! =%! &/1.%.-2,3! /&=! /&:%))5==5! /&!

A%=5)&:! /&45.)+;-.5:! .545! =%! -*1%=/%/3! =%! .5,A-A&,.-%3! =5:! .54C5);%4-&,;5:!

-,/-A-/1%=&:!'!.5=&.;-A5:3!&=!%C)&,/-I%S&!/&!=%:!)&=%.-5,&:!&,;)&!=5:!:&B5:d!J1&!

/-T<.-=4&,;&!C1&/&,!:&)!%;&,/-/5:!C5)!1,%!&/1.%.-2,!J1&!,5!C%);%!/&!=%!4&I.=%!

/&!.G-.5:!'!.G-.%:!&,!=5:!.&,;)5:!'!&,!=%:!%1=%:@!

!

PPPJJJ!!!PPPXXX!!!999???444<<<:::===888!!!???>>>@@@999AAA<<<777BBB===888!!!???444!!!DDDAAA>>>:::777>>>!!!888???FFF:::???FFFAAA444!!!AAA!!!888@@@!!!AAA666@@@CCC444AAA>>>===!!!TTT===:::!!!888???III===!!!

)))???:::999AAA!!!>>>???!!!WWWQQQJJJQQQQQQQQQ!!!AAA666@@@CCC444===888!!!YYY!!!AAA666@@@CCC444AAA888!!!???444!!!999???444<<<:::===888!!!888???FFF:::???FFFAAA>>>===888 !!!

!

b1&:! H-&,3! &,! =%! O541,-/%/! /&! W%/)-/! ,5! .&:%,! /&! :1)*-)! ,1&A5:!

.&,;)5:! &/1.%;-A5:! J1&! :&C%)%,! %! :1! %=14,%/5! &,! T1,.-2,! /&=! :&B5@! 0,! =%!

%.;1%=-/%/3! C%)%! =%:!&,:&P%,I%:!/&! )c*-4&,!*&,&)%=3! G%'!"?! .&,;)5:!/&!&:;&!

;-C5!81,!63NZ!X!/&=!;5;%=!/&!.&,;)5:93!J1&!.1&,;%,!.5,!.&).%!/&!#6@666!%=14,5:!

'!%=14,%:!8&=!#!X!/&=!;5;%=!/&=!%=14,%/59"@!$%!,5;%H=&!/-T&)&,.-%!&,;)&!=5:!/5:!

C5).&,;%S&:!,5:!/%!1,%!-/&%!/&!J1&!:&!;)%;%!/&!.&,;)5:!41'!*)%,/&:!'!.5,!1,%!

%4C=-%!5T&);%!T5)4%;-A%!8&,!%=*1,5:!.%:5:3!/&!=<,&%!Z!'!.5,!&,:&P%,I%:!/&:/&!

e,T%,;-=!%!f%.G-==&)%;5!'!O-.=5:!g5)4%;-A5:9@!

!

h&!&==5:3!LL! ;-&,&,! ;5/%:!5!%=*1,%!&;%C%!&,!)c*-4&,!/&!.5,.-&);5!'!L#!

:5,!C)-A%/5:@!N!:5,!4%:.1=-,5:3!L6!:5,!T&4&,-,5:!'!N!:&C%)%,!%!=5:!.G-.5:!/&!

=%:!.G-.%:!&,!%1=%:!5!&/-T-.-5:!/-:;-,;5:@!!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!$5:!/%;5:!*=5H%=&:!/&!.&,;)5:!'!%=14,%/5!:&!G%,!&B;)%</5!/&!'()*+,-,.$/#(+,01,%(,20"!(!$34,5676856773! O541,-/%/! /&! W%/)-/@! $5:! )&T&)-/5:! %! .&,;)5:! '! %=14,%/5! :&*)&*%/53! :5,!-,A&:;-*%.-2,!C)5C-%!%!C%);-)!/&! =%:!C+*-,%:!`&H!/&!&:5:!.&,;)5:!'!/&!.5,:1=;%:! ;&=&T2,-.%:!%!=5:!C)5C-5:!.&,;)5:@!O-T)%45:!&,!.&).%!/&!#6@666!&=!,F4&)5!/&!%=14,5:!'!%=14,%:3!/&!T5)4%!&:;-4%/%3! '%! J1&! =%! O5,:&S&)<%! /&! 0/1.%.-2,! ,5! -,T5)4%! /&! &:&! /%;5! '! %=*1,5:! /&! &:5:!.&,;)5:!&A-;%,!5T)&.&)!&:%!-,T5)4%.-2,@!!!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


777!!!

0,!*&,&)%=3!:5,!.&,;)5:! i.=%:-:;%:j3!J1&!:&!/-)-*&,!%!G-S5:!5!G-S%:!/&! =%:!

T%4-=-%:!.5,!4+:!)&.1):5:!&.5,24-.5:D!;&,*%45:!&,!.1&,;%3!C5)!1,!=%/53!J1&!

=%!.15;%!%!C%*%)!4&,:1%=4&,;&!&,! =5:!.&,;)5:!C)-A%/5:!C1&/&!:&)3!/&!4&/-%3!

1,5:! Z66! &1)5:! 4&,:1%=&:! '3! %/&4+:3! &:;+,! =5:! :&)A-.-5:! /&! ;)%,:C5);&3!

.54&/5)3! 1,-T5)4&:! A%)-5:3! %.;-A-/%/&:! &B;)%&:.5=%)&:d! '3! C5)! 5;)53! J1&! =5:!

.&,;)5:!C)-A%/5:!.5,.&);%/5:3!:-!H-&,!,5!C1&/&,!.5H)%)!&:%!.15;%!4&,:1%=3!:<!

.5H)%,!;5/5!=5!/&4+:!'3!&,!5.%:-5,&:3!&:!5H=-*%/5!J1&!&=!1,-T5)4&!:&!.54C)&!

&,!&=!C)5C-5!.&,;)5@!!

!

^&:1=;%! :-*,-T-.%;-A53! C5)! 5;)%! C%);&3! J1&! ,5! G%'%! 5T&);%! /&! O-.=5:!

g5)4%;-A5:! &,! .&,;)5:! ,5! .5,.&);%/5:D! =%! T5)4%.-2,! C)5T&:-5,%=! ,5! &:! 1,%!

5C.-2,!C%)%!J1-&,!;-&,&!1,%!%=;%!.%C%.-/%/!%/J1-:-;-A%@!

!

PPPJJJRRRJJJ!!!)))===666???FFF777===888!!!TTT:::777BBBAAA>>>===888!!!999===444999???:::<<<AAA>>>===888!!!CCCAAA888999@@@666777444===888!!!

!!!

! U&45:!&,.5,;)%/5!?!.&,;)5:3!;5/5:!&==5:!)&=%.-5,%/5:!.5,!&=!(C1:!h&-3!

:-;1%/5:!&,!?!I5,%:!/&!=%!O541,-/%/!/&!W%/)-/D!R=.5).2,3!b5I1&=5!/&!R=%).2,!

'!/5:!H%))-5:!/&!=%!.%C-;%=D!$%!0:;)&==%!'!k%==&.%:@!0,!;5;%=3!1,5:!7@666!%=14,5:@!

!

! Q1! 5T&);%! .5,.&);%/%! A%)<%D! R,/&=3! &,! R=.5).2,3! ;-&,&! .5,.&);%/5:! =5:!

,-A&=&:!/&!b)-4%)-%3!0Q(!'!O-.=5:!g5)4%;-A5:!/&!l)%/5!W&/-53!:-&,/5!C)-A%/5!

&=!f%.G-==&)%;5@!

!

! $5:! (=45:3! &,! &=! H%))-5! /&! $%! 0:;)&==%3! ;-&,&! .5,.&);%/%3! %/&4+:3! =%!

0/1.%.-2,!e,T%,;-=@!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


NNN!!!

!

! !)1/'M*12!.-*a&(12!('!/&!)1D%"*(&(!('!D&(-*(!e%'!2'M-'M&"!&/!

&/%D"&(1!'"!,%")*+"!('/!2'31!)1"!01(12!1!&/Mf"!"*a'/!)1")'-0&(1!

!D&2)%/*"12!

!)'"0-1g!'"0*(&(!d!)&-h)0'-!

.1i/&)*+"! "*a'/'2!'(%)&0*a12! "#!&/%D"12!

&"('/!1T@8!(?7!)A<H679=!

&69=:9H4!

.:7CA:7A!'21!

,.!C?>7=!!jiA9\766?:A<=k!!

!cQQ!!

/12!1/D12!,=C?4<=!j1T@8k!

9A<H679=!

DA>:7>!jiA::7=!/A!'8<:?66Ak!

*4GA4<76!.:7CA:7A!!'21!

jiA9\766?:A<=k!

[$Q!!

-'0&D&-!1T@8!(?7!)A<H679=!

.=O@?6=!>?!&6A:9H4!

,.!C?>J!Y!8@TJ!!j.:7CA:7Ak!!j'21k!!

jiA9\766?:A<=k!

PJRZQ!!

0&l&D&-!1T@8!(?7!)A<H679=!

DA>:7>!_!aA66?9A8!

*4GA4<76!P#!9796=!.:7CA:7A!'21!

iA9\766?:A<=!,.!C?>J!Y!8@TJ!j*4GA4<76!R?:!9796=k!

PJWWQ!!

m5;%D!0,;)&!C%)c,;&:-:3!=5:!,-A&=&:!,5!.5,.&);%/5:!

^&;%4%)3! &,! b5I1&=5! /&! R=%).2,3! &:! C)-A%/5! C%)%! b)-4%)-%3! 0Q(! '!

f%.G-==&)%;53!&,!;1),5!/&!4%P%,%!'!5T)&.&!.5,.&);%/5:!=5:!.-.=5:!T5)4%;-A5:!/&!

*)%/5!4&/-5!'!:1C&)-5)3!&,!G5)%)-5!A&:C&);-,5@!

!

! n%S%4%)3! &,! k%==&.%:! ;-&,&! ;5/5:! =5:! ,-A&=&:! .5,.&);%/5:3! &B.&C;5! &=!

C)-4&)!.-.=5!/&!0/1.%.-2,!e,T%,;-=@!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


>>>!!!

PPPJJJPPPJJJ!!!)))===666???FFF777===888!!!TTT:::777BBBAAA>>>===888!!!999===444999???:::<<<AAA>>>===888!!!GGG???CCC???444777444===888!!!

!!!

! h&! ,1&A53! 5;)5:! ?! .&,;)5:3! ;%4H-c,! /&=! (C1:@! 0,! &:;5:! .%:5:3!

&:;-4%45:!&=!,F4&)5!/&!%=14,%:!&,!4+:!/&!?@666@!

!

! !)1/'M*12!.-*a&(12!('!/&!)1D%"*(&(!('!D&(-*(!e%'!2'M-'M&"!&/!

&/%D"&(1!'"!,%")*+"!('/!2'31!)1"!01(12!1!&/Mf"!"*a'/!)1")'-0&(1!

!,'D'"*"12!

!)'"0-1g!'"0*(&(!d!)&-h)0'-! .1i/&)*+"! "*a'/'2!

'(%)&0*a12! "#!&/%D"&2!

i'2&"&!1T@8!(?7!)A<H679=!

DA>:7>!j)7@>A>!/74?A6k!

P#!iA9\766?:A<=!!,.! WQQm!

,%'"//&"&!1T@8!(?7!)A<H679=!

&69=:9H4!

*4GA4<76!P#!9796=!n!!.:7CA:7A!'21!

iA9\766?:A<=!!,.!

PJQQQm!

/12!0*/12!1T@8!(?7!)A<H679=!

DA>:7>!_!aA66?9A8!

*4GA4<76!P#!9796=!.:7CA:7A!'21!!

iA9\766?:A<=!

RJQQQm!

2'"&-&!1T@8!(?7!)A<H679=!

DA>:7>!_!D=:A<A6AO

*4GA4<76!P#!9796=!.:7CA:7A!'21!

j*4GA4<76!R?:!)796=k!!jiA9\766?:A<=k!

$QQm!

m5;%:D!oD!&,:&P%,I%!4-B;%Y!pD!/%;5:!&:;-4%/5:Y!8!9D!,-A&=&:!,5!.5,.&);%/5:@!!

0=! .5=&*-5! f&:%,%3! &,! =%! I5,%! /&! O-1/%/! $-,&%=3! &:;+! :-&,/5!

C)5*)&:-A%4&,;&!/&:4%,;&=%/53!5T)&.-&,/5!&:;&!.1):5!&:.5=%)!:5=5!&,:&P%,I%:!

.5,.&);%/%:! /&! "q! /&! f%.G-==&)%;5! '! /&! g5)4%.-2,! b)5T&:-5,%=@! $5:! /&4+:!

,-A&=&:!&/1.%;-A5:!&:;+,!:-&,/5!)&.5*-/5:!C5)!&=!.5=&*-5!R=H5)%/%!/&!R=.%=+!/&!

U&,%)&:@!!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


MMM!!!

! g1&,==%,%3! &,! R=.5).2,3! ;-&,&! ;5/%! :1! 5T&);%! &/1.%;-A%! _"q! .-.=5! /&!

0/1.%.-2,! e,T%,;-=3! b)-4%)-%3!0Q(3!f%.G-==&)%;5! '! gb_! .5,.&);%/%@!0:!4-B;%! =%!

e,T%,;-=@!

!

! $5:! n-=5:3! &,! k%==&.%:3! 5T)&.&! "q! .-.=5! /&! 0/1.%.-2,! e,T%,;-=3! b)-4%)-%3!

0Q(!'!f%.G-==&)%;53!:-&,/5!;5/5:!=5:!,-A&=&:!.5,.&);%/5:@!

!

! b5)! F=;-453! &=! .5=&*-5! Q&,%)%3! &,! W5)%;%=%I3! ;-&,&! .5,.&);%/%:! =%:!

&,:&P%,I%:!/&!"q!.-.=5!/&!e,T%,;-=3!b)-4%)-%!'!0Q(!'!,5!.5,.&);%/%:!=%:!/&!L&)!

.-.=5!/&!e,T%,;-=!'!f%.G-==&)%;5@!

!

PPPJJJWWWJJJ!!!)))===666???FFF777===888!!!TTT:::777BBBAAA>>>===888!!!999===444999???:::<<<AAA>>>===888!!!EEE@@@???!!!888???TTTAAA:::AAA444!!!AAA!!!999\\\777999===888!!!YYY!!!999\\\777999AAA888!!!!!!

TTT===:::!!!???>>>777GGG777999777===888!!!===!!!AAA@@@666AAA888!!!

!!!

R!C%);-)!/&! =%!A-*&,.-%!/&! =%!$(0!84%'5!/&!"6679!'!/&!:1!&:;-C1=%.-2,3!

.545!:&!G%!/-.G5!4+:!%))-H%3!/&!=%!,5!/-:.)-4-,%.-2,!C5)!)%I2,!/&!:&B5!&,!&=!

%..&:5!/&=!%=14,%/5!%!=5:!.&,;)5:3!G%,!:1)*-/5!,1&A5:!.&,;)5:!&/1.%;-A5:!&,!

,1&:;)%!O541,-/%/!J1&!%/4-;&,!%!%4H5:!:&B5:3!:-!H-&,3!.G-.5:!'!.G-.%:!:5,!

:&C%)%/5:! /&:C1c:! &,! &/-T-.-5:! 5! %1=%:! '! C)541&A&,! 1,%! &/1.%.-2,!

/-T&)&,.-%/%!C%)%!1,5:!'!5;)%:@!Q5,!#3!:1)*-/5:!&,!"667!'!"66N3!.5,!1,! ;5;%=!

&:;-4%/5!/&!.%:-!?@666!%=14,5:!'!%=14,%:D!

!

R=H5)%/%3! &,! R=.%=+! /&! U&,%)&:3! .1'%! 5T&);%! &:! .5,.&);%/%! C%)%! =5:!

,-A&=&:!/&!e,T%,;-=!"q!.-.=53!b)-4%)-%!'!0Q(!'!C)-A%/%!C%)%!&=!L&)!.-.=5!/&!e,T%,;-=!

'! f%.G-==&)%;5@! O545! G&45:! /-.G5! %,;&:3! &:;&! .&,;)5! &:;+! %:14-&,/5! =5:!

,-A&=&:!J1&!/&S%!/&!5T&);%)!&=!.5=&*-5!f&:%,%3!;%4H-c,!/&=!(C1:!h&-@!

!

!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


LLL666!!!

!

!)1/'M*12!.-*a&(12!('!/&!)1D%"*(&(!('!D&(-*(!e%'!2'M-'M&"!&/!

&/%D"&(1!'"!,%")*+"!('/!2'31!)1"!01(12!1!&/Mf"!"*a'/!)1")'-0&(1!

!'(*,*)*12!j1!&%/&2k!2'.&-&(12!.1-!2'31!

!)'"0-1g!'"0*(&(!d!)&-h)0'-! .1i/&)*+"! "*a'/'2!

'(%)&0*a12!"#!&/%D"&2!d!&/%D"12!

&/i1-&(&!1T@8!(?7!)A<H679=!

&69A65!>?!K?4A:?8!

*4GA4<76!P#!9796=!.:7CA:7A!'21!!

j*4GA4<76!R?:!9796=k!!jiA9\766?:A<=k!

RJQQQm!

/&2!0&i/&2!a&/a'-('!

,=C?4<=!j1T@8k!)A<H679=!

DA>:7>!j,@?49A::A6_'6!

.A:>=k!

*4GA4<76!P#!9796=!n!.:7CA:7A!'21!!

j*4GA4<76!R?:!9796=k!

RJ[XQ!

D1"0'!0&i1-!07?CT=8!D58!"@?B=8!)A<H679=!

.=O@?6=!>?!&6A:9H4!

*4GA4<76!P#!9796=!n!.:7CA:7A!'21!!

j*4GA4<76!R?:!9796=kn!jiA9\766?:A<=k!n!

RJQQQm!

m5;%:D!oD!&,:&P%,I%!4-B;%Y!pD!/%;5:!&:;-4%/5:Y!8!9D!,-A&=&:!,5!.5,.&);%/5:@!!

!

0=!.5=&*-5!/&!g54&,;5!$%:!n%H=%:_k%=A&)/&3!.5,:;%!/&!/5:!&/-T-.-5:D!$%:!

n%H=%:3!C%)%!=5:!.G-.5:3!.5,!=%:!&;%C%:!/&!b)-4%)-%!'!0Q(3!'!k%=A&)/&3!C%)%!=%:!

.G-.%:3! .5,! =%:!4-:4%:! &;%C%:3! '3! %/&4+:3! 0/1.%.-2,! e,T%,;-=3! &,! &:;&! .%:53!

4-B;%@!n5/5:!=5:!,-A&=&:!:5,!.5,.&);%/5:3!&B.&C;5!&=!L&)!.-.=5!/&!e,T%,;-=@!

!

0=!.5=&*-5!W5,;&!n%H5)3!&,!b5I1&=5!/&!R=%).2,3!5T)&.&3!&,! )c*-4&,!/&!

.5,.-&);53!"q!.-.=5!/&!e,T%,;-=3!b)-4%)-%!'!0Q(!'!&,!)c*-4&,!C)-A%/53!L&)!.-.=5!/&!

e,T%,;-=!'!f%.G-==&)%;53!:-&,/53!%/&4+:3!&:;%!F=;-4%!&;%C%!&!e,T%,;-=3!4-B;%:@!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


LLLLLL!!!

PPPJJJXXXJJJ!!!)))===666???FFF777===888!!!TTT:::777BBBAAA>>>===888!!!CCCAAA888999@@@666777444===888!!!

! 0B-:;&,!&,!=%!O541,-/%/!/&!W%/)-/!#!.&,;)5:!C)-A%/5:!4%:.1=-,5:3!.5,!

1,!;5;%=!/&!"@""Z!%=14,5:@!! !

!)1/'M*12!('!/&!)1D%"*(&(!('!D&(-*(!e%'!2'M-'M&"!&/!&/%D"&(1!'"!

,%")*+"!('/!2'31!.-*a&(12!

!D&2)%/*"12!

!)'"0-1g!'"0*(&(!d!

)&-h)0'-! .1i/&)*+"! "*a'/'2!'(%)&0*a12! "#!&/%D"12!

&/(1a'&!,=C?4<=!j1T@8k!

)A<H679=!

&69=L?4>A8!!j'6!2=<=!>?!6A!D=:A6?bAk!

.:7CA:7A!'21!!

iA9\766?:A<=![]Q!

&%/&!"%'a&!&@6A!"@?BA!8o6!&9=4G?87=4A6!

DA>:7>!j&:<@:=!2=:7Ak!

*4GA4<76!.:7CA:7A! PcQ!

'/!.-&(1!,=C?4<=!j1T@8k!

9A<H679=!

DA>:7>!jD7:A87?::Ak!

.:7CA:7A!'21!

iA9\766?:A<=!RP[Z!

!

0=! .5=&*-5! R=/5A&%3! &,! 0=! Q5;5! /&! =%! W5)%=&S%3! .5,! &,:&P%,I%:! /&!

b)-4%)-%3!0Q(!'!f%.G-==&)%;5@!

!

! 0=!.5=&*-5!R1=%!m1&A%3!&,!=%!I5,%!/&!R);1)5!Q5)-%3!J1&!5T&);%!0/1.%.-2,!

e,T%,;-=!'!b)-4%)-%@!0=!F,-.5!J1&!:&!/&.=%)%!E%.5,T&:-5,%=K@!

!

V! &=! .5=&*-5!0=! b)%/53! &,! &=! H%))-5! /&!W-)%:-&))%! 8/-:;)-;5! g1&,.%))%=_0=!

b%)/593!J1&!-4C%);&!&,:&P%,I%:!/&!b)-4%)-%3!0Q(!'!f%.G-==&)%;5@!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


LLL"""!!!

PPPJJJZZZJJJ!!!)))===666???FFF777===888!!!TTT:::777BBBAAA>>>===888!!!GGG???CCC???444777444===888!!!

!! N! .&,;)5:! C)-A%/5:3! .5,! 1,! ;5;%=! &:;-4%/5! /&! .%:-! >@666! %=14,%:3! :5,!

T&4&,-,5:D!

!)1/'M*12!('!/&!)1D%"*(&(!('!D&(-*(!e%'!2'M-'M&"!&/!&/%D"&(1!'"!

,%")*+"!('/!2'31!.-*a&(12!

!,'D'"*"12!

!)'"0-1g!'"0*(&(!d!

)&-h)0'-! .1i/&)*+"! "*a'/'2!'(%)&0*a12! "#!&/%D"&2!

&/('&,%'"0'!,=C?4<=!j1T@8k!

)A<H679=!

&69=L?4>A8!!j'6!2=<=!>?!6A!D=:A6?bAk!

*4GA4<76!.:7CA:7A!!'21!!!

iA9\766?:A<=!

]P[!

"%'20-&!2'p1-&!K7bA8!>?!DA:;A!"@?8<:A!

2?q=:A!)A<H679=!

aA6>?C=:=!*4GA4<76!!.:7CA:7A!!'21!

XQQ!

1-a&//'!1T@8!(?7!)A<H679=!

/A8!-=OA8!

*4GA4<76!P#!9796=!n!.:7CA:7A!'21!!!

iA9\766?:A<=!

RQQQm!

D&0'-!2&/a&01-*2!)=CTAq;A!>?6!2A6BA>=:!)A<H679=!

DA>:7>!!jD=496=A_&:ABA9Ak!

*4GA4<76!P#!9796=!.:7CA:7A!'21!

iA9\766?:A<=!

PZQQ!!

"%'20-&!2'p1-&!2&"0&!D&-V&!

'E@7T=!T:=G?87=4A6?8!&9=4G?87=4A6!

DA>:7>!!j&:<@:=!2=:7Ak!

*4GA4<76!P#!9796=!.:7CA:7A!!'21!n!!

iA9\766?:A<=!n!

!RR$Qm!!

D1"0'&/01!,=C?4<=!j1T@8k!

)A<H679=!

DA>:7>!!!jD7:A87?::Ak!

*4GA4<76!P#!9796=!.:7CA:7A!'21!!

iA9\766?:A<=!

R$WX!!

m5;%:D!oD!&,:&P%,I%!4-B;%Y!pD!/%;5:!&:;-4%/5:@!

!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


LLL###!!!

R=/&%T1&,;&3! /&! g54&,;5! 8(C1:!h&-93! &,! 0=! Q5;5! /&! =%!W5)%=&S%3! ;-&,&!

&,:&P%,I%:!/&!0/1.%.-2,! e,T%,;-=3!b)-4%)-%3!0Q(!'!f%.G-==&)%;5! '! 1,! ;5;%=! /&!

M"7!%=14,%:@!

!

! 0=!.5=&*-5!m1&:;)%!Q&P5)%3!&,!k%=/&45)53!0/1.%.-2,!e,T%,;-=3!b)-4%)-%!'!

0Q(3!.5,!?66!%=14,%:@!

!

()A%==&3! &,! $%:!^5I%:3! 5T)&.&! =%:! &;%C%:! /&! e,T%,;-=! "q! .-.=53! b)-4%)-%3!

0Q(! '! f%.G-==&)%;5@! 0:! 4-B;%! =%! 0/1.%.-2,! e,T%,;-=@! 0:;-4%45:! &,! L@666! &=!

,F4&)5! /&! %=14,%:3! /%/5! J1&! &,! :1! C+*-,%! `&H! /-.&,! E0,! =%! %.;1%=-/%/!

.5,;%45:!.5,!4+:!/&!M66!r%=14,%:sK@!

!

W%;&)! Q%=A%;5)-:3! &,! R)%A%.%3! &:3! S1,;5! .5,! &=! n%S%4%)3! &=! .&,;)5!4+:!

*)%,/&3!1,!.54C=&S5!/&!A%)-5:!&/-T-.-5:3!.5,!"@Z66!%=14,%:@!(T&);%!=%:!&;%C%:!

/&!e,T%,;-=!"q!.-.=53!b)-4%)-%3!0Q(!'!f%.G-==&)%;5@!

!! m1&:;)%!Q&P5)%!Q%,;%!W%)<%3!&,!=%!I5,%!/&!R);1)5!Q5)-%3!&:;+!A-,.1=%/5!

.5,! &=! 4%:.1=-,5! R1=%! m1&A%3! /&! ;%=! 4%,&)%! J1&! =%:! &;%C%:! /&! e,T%,;-=! '!

b)-4%)-%!:5,!T&4&,-,%:!'!=%:!/&!0Q(!'!f%.G-==&)%;53!J1&!R1=%!m1&A%!,5!5T)&.&3!

:5,! 4-B;%:3! )&.5*-&,/5! %=! %=14,%/5! J1&! C)5.&/&! /&! &:;&@! 0=! ,F4&)5! /&!

%=14,5:!'!%=14,%:!=5!G&45:!&:;-4%/5!%!C%);-)!/&!=%:!1,-/%/&:!/&!.%/%!,-A&=@!

!

! W5,;&%=;53! &,! &=! H%))-5! /&! W-)%:-&))%3! 5T&);%! e,T%,;-=! "q! .-.=53! b)-4%)-%3!

0Q(! '! f%.G-==&)%;53! .5,! 1,! ;5;%=! /&! L@>#?! %=14,%:@! R=! :&)! 1,! .&,;)5! /&!

g54&,;53! %=! -*1%=! J1&! 0=! b)%/5! 84%:.1=-,593! :-;1%/5! &,! &=! 4-:45! H%))-53!

:1C5,&45:!J1&! =%!&;%C%!/&!0/1.%.-2,! e,T%,;-=! &:!4-B;%3! '%!J1&!&=! .5=&*-5!0=!

b)%/5!,5!5T&);%!&:;%!&;%C%@!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


LLL???!!!

PPPJJJ[[[JJJ!!!)))===666???FFF777===888!!!TTT:::777BBBAAA>>>===888!!!EEE@@@???!!!888???FFF:::???FFFAAA444!!!TTT===:::!!!???>>>777GGG777999777===888!!!===!!!AAA@@@666AAA888!!!

!!!! n5/5:! =5:!.&,;)5:!C)-A%/5:!J1&!:&C%)%,!%!:1!%=14,%/5!C5)!&/-T-.-5:!5!

%1=%:!C&);&,&.&,!t5!G%,!C&);&,&.-/5_!%!=5:!$&*-5,%)-5:!/&!O)-:;5@!^&F,&,3!&,!

;5;%=3!%!.%:-!Z@666!%=14,5:!'!%=14,%:@!

!

!)1/'M*12!('!/&!)1D%"*(&(!('!D&(-*(!e%'!2'M-'M&"!&/!&/%D"&(1!'"!

,%")*+"!('/!2'31!.-*a&(12!

!'(*,*)*12!j1!&%/&2k!2'.&-&(12!.1-!2'31!

!)'"0-1g!'"0*(&(!d!

)&-h)0'-! .1i/&)*+"! "*a'/'2!'(%)&0*a12!

"#!&/%D"&2!d!&/%D"12!

'a'-'20!D1"0')/&-1!

/?F7=4A:7=8!>?!):78<=!)A<H679=!

.=O@?6=!>?!&6A:9H4!

*4GA4<76!.:7CA:7A!'21!!

iA9\766?:A<=!

PQQQ!!

i12e%'!-'&/!)1//'M'!

M:@T=!'>@9A<7B=!*4<?:4A97=4A6!i=8E@?!

-?A6!)A<H679=!

a766AB797=8A!>?!1>H4!

!*4GA4<76!n!.:7CA:7A!!'21!n!

iA9\766?:A<=!n!!

RRPQm!

K*MK/&"(2!/12!,-'2"12!

/?F7=4A:7=8!>?!):78<=!)A<H679=!

i=A>766A!>?6!D=4<? *4GA4<76!.:7CA:7A! WQQm!

)%Di-'2_K*MK/&"(2!

/?F7=4A:7=8!>?!):78<=!)A<H679=!

DA>:7>!!jK=:<A6?OAk!

*4GA4<76!.:7CA:7A!'21!

iA9\766?:A<=!

RRQQm!

m5;%:D!oD!4-B;5Y!pD!/%;5:!&:;-4%/5:@!

0=! 0A&)&:;! W5,;&.=%)53! &,! b5I1&=5! /&! R=%).2,3! 5T)&.&! &,:&P%,I%:! /&!

0/1.%.-2,!e,T%,;-=3!b)-4%)-%3!0Q(!'!f%.G-==&)%;5@!

!

0=!f5:J1&!^&%=!O5==&*&3!&,!k-==%A-.-5:%!/&!(/2,3!G%!:-/53!G%:;%!&=!.1):5!

%.;1%=3!&=!.5=&*-5!0A&)&:;!0=!f5:J1&3!C)5C-&/%/!/&!=5:!$&*-5,%)-5:!/&!O)-:;5@!0,!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


LLLZZZ!!!

=%! %.;1%=-/%/! G%! :-/5! %/J1-)-/5! C5)! 1,%! ,1&A%! :5.-&/%/3! l)1C5! 0/1.%;-A5!

e,;&),%.-5,%=!f5:J1&!^&%=#3!C&)5!/&T-&,/&!&=!4-:45!&:;-=5!&/1.%;-A5!%,;&)-5)!'!

5T&);%! =%:!4-4%:! &;%C%:! /&! e,T%,;-=3! b)-4%)-%3! 0Q(! '! f%.G-==&)%;5@! Q1! C+*-,%!

`&H!,5!)&:%=;%!&=!G&.G5!/&!;&,&)!1,%!&/1.%.-2,!/-T&)&,.-%/%3!C&)5!=%!4%,;-&,&!

&,!&=!.%:5!/&!b)-4%)-%@!

!

0=! .5=&*-5! U-*G=%,/:! $5:! g)&:,5:3! &,! f5%/-==%! /&=! W5,;&3! :5=5! 5T&);%!

e,T%,;-=!'!b)-4%)-%@!

!

V! &=! .5=&*-5! O14H)&:_U-*G=%,/:3! &,! &=! /-:;)-;5! /&! U5);%=&I%3! ;-&,&!

&,:&P%,I%:!/&!e,T%,;-=3!b)-4%)-%3!0Q(!'!f%.G-==&)%;5@!

!WWWJJJ!!!///AAA!!!CCCAAAYYY===:::;;;AAA!!!<<<777???444???444!!!999AAA:::555999<<<???:::!!!999===444GGG???888777===444AAA666!!! ^̂̂999AAA<<<HHH666777999===___!!!

!!!

LZ! .&,;)5:! :5,! /&=! (C1:! h&-3! H-&,! :&%! /&T-,-/5:! /-)&.;%4&,;&! .545!

E5H)%! .5)C5)%;-A%! /&=! (C1:! h&-K3! H-&,! :&%! %! ;)%Ac:! /&! 1,%! &,;-/%/! .545!

g54&,;53!.1'%!T5)4%!S1)</-.%!&:!1,%!:5.-&/%/!%,2,-4%3!J1&!E.5,T<%!=%!%;&,.-2,!

&:C-)-;1%=!/&!:1:!.5=&*-5:!%! =5:!:%.&)/5;&:!/&! =%!b)&=%;1)%!/&=!(C1:!h&-K3!5! =%!

g1,/%.-2,!O5=&*-5!R=H5)%/%3!J1&!&BC)&:%!&,!:1!C+*-,%!`&HD!!

ER! C&;-.-2,! /&=! O5=&*-5! R=H5)%/%3! =%! b)&=%;1)%! /&=!9:"+, '1$! %'1/%! %! /%)!

.5,;-,1-/%/!%!=%!-/&,;-/%/!.)-:;-%,%!/&=!.5=&*-53!C)&:&,;&!&,!:1!T-,!T1,/%.-5,%=3!'!

,54H)%! %! =5:! :%.&)/5;&:! J1&! /&:%))5==%,! %==<! :1! ;)%H%S5! %! ;<;1=5! C&):5,%=3! :-,!

)&C)&:&,;%)!-,:;-;1.-5,%=4&,;&!%!=%!b)&=%;1)%@K!

R/&4+:3! &=! .5=&*-5! R=H5)%/%! &:;+! %:14-&,/5! C)5*)&:-A%4&,;&! A%)-5:!

,-A&=&:! &/1.%;-A5:! J1&! '%! ,5! 5T&);%! &=! .5=&*-5! f&:%,%3! /&T-,-/5! .545! E5H)%!

.5)C5)%;-A%!/&=!(C1:!h&-K@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#!Q&*F,!2%,;*+<"1=,>1?$+)(,01,@4/*#&(!$34,01,%(,A#B(4$C(!$343!mq!N>@!W%)I53!"6LL@!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


LLL777!!!

!

#! .&,;)5:! C&);&,&.&,! %! =5:! $&*-5,%)-5:! /&! O)-:;53! E1,%! .5,*)&*%.-2,!

)&=-*-5:%! /&! /&)&.G5! C5,;-T-.-5K3! J1&! :&! G%! G&.G5! T%45:%! &,! =5:! 4&/-5:! /&!

.541,-.%.-2,! ;)%:! =%:! -,A&:;-*%.-5,&:!&,! )&=%.-2,!.5,!%H1:5:!:&B1%=&:!/&!:1!

T1,/%/5)D!

$5:!$&*-5,%)-5:! /&! O)-:;5!G%,! )&.5,5.-/5! J1&! :1! T1,/%/5)!W%).-%=! W%.-&=!

h&*5==%/5!%H1:2!:&B1%=4&,;&!/&!:&4-,%)-:;%:3!;1A5!1,%!G-S%!.5,!1,%!41S&)!'!5;)5:!

/5:! .5,! 5;)%3! C5)! =5! J1&!C-/&,! C&)/2,! %! u;5/5:! =5:! J1&! G%,! :-/5! C&)S1/-.%/5:g!

G&)-/5:! 5! &:.%,/%=-I%/5:! C5)! :1! )&C)5H%H=&! %.;1%.-2,u@! 80$W]mh(@&:!

"7a6#a"6L69@!

],!.1%);5!.5=&*-53!&=!f5:J1&!^&%=!O5==&*&!_,1&A%!/&,54-,%.-2,!%!C%);-)!

/&! &:;&! .1):5! /&=! %,;&)-5)! .&,;)5! 0A&)&:;! /&! k-==%A-.-5:%! /&! (/2,_! G%! :-/5!

%/J1-)-/5! %! :1:! %,;&)-5)&:! /1&P5:! _=5:! $&*-5,%)-5:! /&! O)-:;5_3! C&)53! %=*1,%:!

-,T5)4%.-5,&:! %C1,;%,! J1&! :-*1&! H%S5! &=! %4C%)5! &:C-)-;1%=! /&! &:%!

.5,*)&*%.-2,@!

!

],!.&,;)53!&=!W5,;&!n%H5)3! E&:!1,%! -,-.-%;-A%!/&! =%!g1,/%.-2,!n-&4C5:!

W+:!m1&A5:3! .1'5:!5HS&;-A5:!:5,! =%!&/1.%.-2,!'! =%!C)545.-2,!/&! =5:! -/&%=&:!

.%;2=-.5:! '3! &,! .5,.)&;53! /&=! G14%,-:45! '! /&! =%! C&/%*5*<%! /&=! W5A-4-&,;5!

RC5:;2=-.5! /&! Q.G5&,:;%;;3! T1,/%/5! C5)! &=! b%/)&! v5:c! w&,;&,-.G! H%S5! =%!

%/A5.%.-2,!/&!=%!Q%,;<:-4%!k-)*&,!W%)<%@K!

!

],! .&,;)53! &=! m1&:;)%! Q&P5)%3! C&);&,&.&! %! =%! ()/&,! U-S%:! /&! W%)<%!

m1&:;)%!Q&P5)%3!1,%!.5,*)&*%.-2,! T&4&,-,%!/&!&,:&P%,I%! -,:C-)%/%!&,!Q%,!

e*,%.-5!/&!$5'5=%!'!=%!O54C%P<%!/&!v&:F:@!

!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


LLLNNN!!!

n%4H-c,! -*,%.-%,%!&:! =%!O54C%P<%!/&=!Q%=A%/5)3!J1&!/-)-*&3!&=!.5=&*-5!

W%;&)!Q%=A%;5)-:3! E1,!.&,;)5!&/1.%;-A5!C)-A%/5! T&4&,-,5!&,!&=!J1&! =5:!A%=5)&:!

.)-:;-%,5:!-=14-,%,!;5/%!=%!%..-2,!&/1.%;-A%@K!

EU5'! &,! /<%3! &,;)&! =%:! )&=-*-5:%:! -*,%.-%,%:! ;&,&45:! %! =%:!K7bA8! >?! DA:;A!

"@?8<:A! 2?q=:A!'! %! =%!)=CTAq;A! >?6! 2A6BA>=:@! e,:;-;1;5:! J1&! G%,! :%H-/5!

4%,;&,&):&!T-)4&:!&,! =%! T-/&=-/%/!%=!&:C<)-;1!/&!Q%,!e*,%.-53!J1&!A-:-H=&4&,;&!

.)-:;%=-I%! &,! =%! %1;c,;-.%! 5H&/-&,.-%! %=! ^54%,5! b5,;<T-.&! '! =%! %/G&:-2,! %=!

W%*-:;&)-5!'!=%!h5.;)-,%!.%;2=-.%@K!!

8G;;CDaa/-A-,%A5.%.-5,@H=5*:C5;@.54a"66>a6"a"L_.54C%%_/&=_:%=A%/5)@G;4=9!

Q5=5! "! .&,;)5:! :5,! %.5,T&:-5,%=&:! 85! .%:-9D! R1=%! m1&A%! '! m1&:;)%!

Q&P5)%!Q%,;%!W%)<%3!:-;1%/5:!41'!.&).%!8S1,;5!%=!C%)J1&!/&=!O5,/&!()*%I9!'!

.5,!.-&);%!A-,.1=%.-2,!&,;)&!:<@!0=!C)-4&)53!4%:.1=-,53!:5=5!5T)&.&!=%:!&;%C%:!/&!

e,T%,;-=!'!b)-4%)-%@!0=!:&*1,/5!&:!T&4&,-,5!&,!&:%:!/5:!&;%C%:3!:-&,/5!4-B;%:!

=%:!/&!0Q(!V!f%.G-==&)%;5@!!

!

R1=%!m1&A%!/-.&!&,!:1!`&H!8G;;CDaa```@%1=%,1&A%@&:a,%A&*%/5)&:@G;4=9D!

Ex1&)&45:!)&%=-I%)!&:;%!;%)&%!.5,!1,!)&:C&;5!C)5T1,/5!%!.1%=J1-&)!.)&&,.-%!5!

.1=;1)%Y! C%)%! &==5! &=! .5=&*-5! )&GF:%! .1%=J1-&)! %.;-;1/! -4C5:-;-A%! ;%,;5! &,! =%!

C)+.;-.%!)&=-*-5:%!.545!&,!&=!/&!=%!-,:;)1..-2,@K!

m1&:;)%! Q&P5)%! Q%,;%! W%)<%3! &,! :1! A</&5! /&! C)&:&,;%.-2,! &BC)&:%!

8G;;CDaa```@.,::4@&:a`&Ha.545_&:_&=_.5=&*-5@G;4=9D!

Ed(T)&.&45:!1,%!T5)4%.-2,!-,;&*)%=!/&!)%<.&:!.)-:;-%,%:!.5,!)&:C&;5!%=!/-+=5*5!

'!%!=%:!.)&&,.-%:!C&):5,%=&:@K!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


LLL>>>!!!

0,!41.G5:!.%:5:! 8%=!4&,5:!&,! =5:!.&,;)5:!J1&!:&!/&T-,&,!.545! i5H)%!

.5)C5)%;-A%!/&=!(C1:!h&-j9!:&!5T)&.&!4-:%!/-%)-%4&,;&3!.5,!.%)+.;&)!A5=1,;%)-5!

C%)%!&=!%=14,%/5@!!

!

$5:! .5=&*-5:! /&! g54&,;5! /&.=%)%,! J1&! E,5! :5,! .5,T&:-5,%=&:3! C&)5!

;5/%:! =%:! %.;-A-/%/&:! /5.&,;&:! '! 5)-&,;%/5)%:! :&! )&%=-I%,! .5,! 1,%! C)5T1,/%!

T-/&=-/%/!%=!W%*-:;&)-5!/&!=%!e*=&:-%K@!

!

b5/&45:3! C1&:3! /&.-)! J1&! =5:! C=%,;&%4-&,;5:! /&! /&T&,:%! /&! 1,%!

&/1.%.-2,!/-T&)&,.-%/%!&,!T1,.-2,!/&=!:&B5!&:;+,!&,!*)%,!4&/-/%!=-*%/5:!%!=%!

e*=&:-%! .%;2=-.%! '3! :5H)&! ;5/53! %! =5:! :&.;5)&:! 4+:! -,;&*)-:;%:! /&! &:%! e*=&:-%3!

(C1:!h&-!'!$&*-5,%)-5:!/&!O)-:;5D!L>!/&!=5:!"?!.&,;)5:!&/1.%;-A5:!:&*)&*%/5:!

/&!=%!O541,-/%/!/&!W%/)-/!C&);&,&.&,!%!&:%:!2)/&,&:!)&=-*-5:%:@!

!

XXXJJJ!!!,,,AAA666888===!!!>>>777888999@@@:::888===!!!888===LLL:::???!!!666AAA!!!777FFF@@@AAA666>>>AAA>>>!!!>>>???!!!666===888!!!888???III===888!!!

!!!

! 0,! *&,&)%=3! ;5/5:! &:;5:! .&,;)5:! :1&=&,! /&.=%)%)! :1! .)&&,.-%! &,! =%!

-*1%=/%/!/&!=5:!:&B5:@!$5:!%A%,.&:!:5.-%=&:!&,!,1&:;)5!C%<:3!&,!&:;&!;&))&,53!

G%,! .5,:&*1-/5! J1&3! %=! 4&,5:! &,! &=! %:C&.;5! /&=! /-:.1):53! ,%/-&! :&! /&.=%)&!

C%);-/%)-5! /&! =%! /&:-*1%=/%/! /&! =5:! :&B5:@! RG5)%! H-&,3! :-! &:;%! .)&&,.-%! T1&)%!

)&%=4&,;&!%:14-/%!,5!;&,/)<%!:&,;-/5!1,%!&/1.%.-2,!/-T&)&,.-%/%@!

!

! 0,.5,;)%45:! A%)-5:! &=&4&,;5:! _%/&4+:! /&=! 4-:45! G&.G5! /&! =%!

:&C%)%.-2,!/&!.G-.5:!'!.G-.%:3!'%!:&%!C5)!.&,;)53!'%!:&%!C5)!%1=%_!J1&!,5:!/%,!

C)1&H%:! /&! J1&! :1! /-:.1):5! /&! -*1%=/%/! &:!4&)%! %C%)-&,.-%3! 5H=-*%/5! C5)! &=!

C&:5!/&!1,%!4%'5)<%!:5.-%=!J1&!/&T-&,/&!=%!-*1%=/%/!'!/&!1,%!=&*-:=%.-2,!J1&!

C)5G<H&!=%!/&:-*1%=/%/!&,;)&!=5:!:&B5:D!

!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


LLLMMM!!!

! _! ],%! 5T&);%! /&! O-.=5:! g5)4%;-A5:! /-T&)&,;&! &,! T1,.-2,! /&=! :&B5D! Z! /&!

&:;5:!.&,;)5:!5T)&.&,!&,:&P%,I%:!/&!T5)4%.-2,!C)5T&:-5,%=3!#!:5,!4%:.1=-,5:!

'!"3!T&4&,-,5:@!k&%45:!=5:!O-.=5:!g5)4%;-A5:!J1&!5T)&.&,!1,5:!'!5;)5:@!

!

1,'-0&!(*,'-'")*&(&!('!)*)/12!,1-D&0*a12!

D&2)%/*"12!j&4>?6g!-?<ACA:!Y!0AbACA:k!

,'D'"*"12!ji?8A4A!Y!,@?466A4Ak!

*48<A6A97=4?8!>?!0?6?9=C@479A97=4?8!

278<?CA8!D79:=74G=:C5<79=8!Y!-?>?8!

&>C7478<:A97H4!>?!278<?CA8!*4G=:C5<79=8!

?4!-?>!

*48<A6A97=4?8!'6?9<:=<N9479A8!

278<?CA8!'6?9<:H479=8!Y!&@<=CA<7OA>=8!

M?8<7H4!&>C7478<:A<7BA!

&>C7478<:A97H4!Y!,74A4OA8!

(?8A::=66=!>?!&T679A97=4?8!*4G=:C5<79A8!

(?8A::=66=!>?!&T679A97=4?8!D@6<7T6A<AG=:CA!

*CT:?87H4!?4!&:<?8!M:5G79A8!

.:?7CT:?87H4!?4!&:<?8!M:5G79A8!

278<?CA8!D79:=74G=:C5<79=8!Y!-?>?8!

(78?q=!Y!.:=>@997H4!'>7<=:7A6!

M?8<7H4!>?6!0:A48T=:<?!

M?8<7H4!&>C7478<:A<7BA!

(7?<N<79A!

2?9:?<A:7A>=!

)=974A!Y!MA8<:=4=C;A!

2?:B797=8!>?!-?8<A@:A97H4!

'>@9A97H4!*4GA4<76!

(7:?997H4!>?!)=974A!

M?8<7H4!>?!&6=bAC7?4<=8!

0@:;8<79=8!

.A<:=4Ab?!Y!D=>A!

-?8<A@:A97H4!

!

!

b5)!1,!=%/53!G%'!4%'5)!5T&);%!T5)4%;-A%!C%)%!.G-.5:!J1&!C%)%!.G-.%:3!=5!

J1&!&:!,5)4%!*&,&)%=!&,!,1&:;)5!:-:;&4%!&/1.%;-A5@!b5)!5;)53!)&:1=;%!&A-/&,;&!

&=!4%,;&,-4-&,;5! /&=! &:;&)&5;-C5! /&! *c,&)5! &,! /-.G%! 5T&);%D! ;5/5:! =5:!O-.=5:!

g5)4%;-A5:! J1&! :&!5T)&.&,!&,! =5:! .&,;)5:!4%:.1=-,5:! :&! %S1:;%,!%=! )5=! :5.-%=!

%/S1/-.%/5!%! =5:! A%)5,&:3! C)&/54-,%,/5! =%:! &,:&P%,I%:! )&=%.-5,%/%:! .5,! =%!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


"""666!!!

-,T5)4+;-.%Y!=5:!O-.=5:!J1&!:&!5T&);%,!&,!=5:!.&,;)5:!T&4&,-,5:!5H&/&.&,3!%!:1!

A&I3!%=!;-C5!/&!;)%H%S5:!J1&!:&!&,;-&,/&,!EC)5C-5:K!/&!=%:!41S&)&:@!

! _!v1,;5!.5,!1,%!/&.=%)%.-2,!%!T%A5)!/&!=%!-*1%=/%/3!&,.5,;)%45:!:-&4C)&!

=%!&BC)&:-2,!/&!=%!&:C&.-T-.-/%/!T&4&,-,%3!)&=%.-5,%/%!.5,!:1!C%C&=!/&!%4%!/&!

.%:%!'!4%/)&3!.545!&,!&=!.%:5!/&=!O5=&*-5!$5:!n-=5:D!

!

!

! m5! :&! &BC)&:%,3! C5)! &=! .5,;)%)-53! .%)%.;&)<:;-.%:! /&! =%! &:C&.-T-.-/%/!

4%:.1=-,%3! =5! .1%=! &:! :<,;54%! /&=! %,/)5.&,;)-:45! .5,! J1&! :&! &=%H5)%! &=!

/-:.1):5!&,!/&T&,:%!/&!1,%!&/1.%.-2,!/-T&)&,.-%/%3!&:!/&.-)3!/&:/&!1,%!2C;-.%!

4%:.1=-,%3!=5!i,5)4%=j!&:!=5!4%:.1=-,53!J1&!:&!&,;-&,/&!.545!=5!1,-A&):%=3!'!=5!

&:C&.<T-.5Y! =5!J1&!:&!%C%);%!/&! =%!,5)4%!&:! =5! T&4&,-,53!J1&!&:3!C5)! ;%,;53! =5!

J1&!G%'!J1&!/&T-,-)@!!

!

$5:! .&,;)5:! /&! g54&,;5! &BC=-.%,! =%! )%I2,! /&! :1! 5C.-2,! C5)! 1,%!

&,:&P%,I%!/-T&)&,.-%/%!/&!=%!:-*1-&,;&!4%,&)%D!

!"#$#%&'()*+#%+#,'%-*./('%*%.01'(2%,*+%(34.*)%$35'('+4')%$'%.#$0(#,36+%&'()*+#7%8%

$'%#&('+$39#1'2% 43'+'+%$3)43+4#%)'+)3/373$#$2% ('#,,3*+#+%#+4'% 7*)%')4:.07*)%$'% 5*(.#%

$35'('+4'2%)0'7'+%#,40#(%$'%.*$*%$3;'()*%8%,*+%5(',0'+,3#2%,*.&7'.'+4#(3*<%=#(6+%8%

.01'(%43'+'+%.*$*)%$3;'()*)%$'%;3;3(%)0% 3$>+43,#%$3?+3$#$%&'()*+#7<%@+% 7*)%,*7'?3*)%

$'%A*.'+4*% 5#,3734#.*)%B0'%,#$#%#70.+*%,0743;'% 7#)%,0#73$#$')%&(*&3#)%$'%)0%.*$*%

$'%)'(2%7#%.#),073+3$#$%8%7#%5'.3+3$#$2%(#)?*)%,*+)434043;*)%$'%7#%&'()*+#<C!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


"""LLL!!!

_!0,!&=! .%:5!/&! =5:!.&,;)5:!J1&!:&C%)%,!%!.G-.5:!'!.G-.%:!C5)!%1=%:!5!

&/-T-.-5:3! ;%4H-c,! =&:!/-T&)&,.-%,!.5,!1,!1,-T5)4&!/-:;-,;5@!b5)!:1C1&:;53!&:;5!

,5! :5=5! 5.1))&! &,! &:;&! ;-C5! /&! .&,;)5:Y! C5)! =5! *&,&)%=3! ;%4H-c,! =5:! .&,;)5:!

4-B;5:! /-T&)&,.-%,! C5)! 4&/-5! /&=! 1,-T5)4&! %! .G-.5:! '! .G-.%:@! 0=! 1,-T5)4&!

4%:.1=-,5!:1&=&!:&)!:5H)-5!8.5=5)&:!*)-:&:3!%I1=&:d9!'!&=!T&4&,-,5!:1&=&!==&A%)!

T%=/%!/&!.1%/)5:!A-:;5:5:@!n%4H-c,!:&!/-T&)&,.-%,!=5:!1,-T5)4&:!/&C5);-A5:@!

%"*,1-D'2!('!.-*D&-*&!('/!)1/'M*1!/&2!0&i/&2_a&/a'-('!D&2)%/*"1!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!,'D'"*"1!!!

!

!

! Q545:! .5,:.-&,;&:! /&! =%:! /-T&)&,;&:! T5)4%:! /&! A&:;-)! /&! A%)5,&:! '!

41S&)&:@!RG5)%!H-&,3!&,!&=!.%:5!/&!=5:!1,-T5)4&:!&:.5=%)&:3!;&,*%45:!C)&:&,;&!

J1&!:&!;)%;%!/&!C)&,/%:!5H=-*%;5)-%:3!:-,!=%:!.1%=&:!,5!:&!C&)4-;&!=%!&,;)%/%!%=!

.&,;)53! C5)! =5! J1&! C&)4%,&,;&4&,;&! :&! 5H=-*%! %! .G-.5:! '! .G-.%:! %! C)&:&,;%)!

1,%! -4%*&,! .=%)%4&,;&! /-T&)&,.-%/%@! b5)! 5;)%! C%);&3! :&! -4C5,&! %! =%:! .G-.%:!

J1&!==&A&,!T%=/%3!.1%,/5!&=!C%,;%=2,!&:!1,%!C)&,/%!.54F,4&,;&!%/5C;%/%!C5)!

=%:!41S&)&:!'3!4+:!%F,3!C5)!=%:!.G-.%:!/&!&:;%:!&/%/&:@!

!

! _! ],! C)5T&:5)%/5! /-T&)&,.-%/5D! ,5)4%=4&,;&3! &=! C)5T&:5)%/5! ;%4H-c,!

&:;+!:&*)&*%/5!C5)!:&B53!&:!/&.-)3!:&!/%!1,%!.5))&:C5,/&,.-%!&,;)&!&=!:&B5!/&=!

%=14,%/5!'!&=!/&=!C)5T&:5)%/5@!O5,!&==5!:&)+!/-T<.-=!J1&!.G-.5:!'!.G-.%:!;&,*%,!

45/&=5:! A%)-%/5:! C%)%! =%! .5,:;)1..-2,! /&! :1! -/&,;-/%/@! $%! :&C%)%.-2,3! C5)!

;%,;53!&:!;%S%,;&D!/5:!:&B5:3!/5:!41,/5:@!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


""""""!!!

ZZZJJJ!!!(((???GGG???444888AAA!!!???IIITTT:::???888AAA!!!>>>???!!!666AAA!!!???>>>@@@999AAA999777HHH444!!!>>>777GGG???:::???444999777AAA>>>AAA!!!

!!!

$%!4%'5)!C%);&!/&!&:;5:!.&,;)5:!8R=H5)%/%3!W5,;&!n%H5)3!^&;%4%)3!$%:!

n%H=%:_k%=A&)/&3!$5:!n-=5:3!n%S%4%)3!0=!b)%/53!R=/&%T1&,;&3!()A%==&3!W5,;&%=;53!

0A&)&:;! W5,;&.=%)53! U-*G=%,/:! $5:! g)&:,5:3! O14H)&:! U-*G=%,/:3! R,/&=3! $5:!

(=45:9!)&.5*&,3!&,;)&!:1:!:&P%:!/&! -/&,;-/%/!5!&:;-=5!&/1.%;-A53!&=!G&.G5!/&!

5T)&.&)! 1,%! &/1.%.-2,! /-T&)&,.-%/%! '! =%! /&T-&,/&,! .5,! 4+:! 5! 4&,5:!

%)*14&,;5:@!!

!

n5/5:! &==5:! :1&=&,! %=1/-)! %! ;)&:! ;-C5:! /&! )%I5,&:! C%)%! /&T&,/&)! :1!

&/1.%.-2,!/-T&)&,.-%/%D!

!

&J!(?8A::=66A:!C?b=:!6A!T?:8=4A67>A>!>?!9\79A8!Y!9\79=8D!f%:+,/5:&!

&,!&=!/-T&)&,;&!*)%/5!/&!4%/1)&I!/&!.G-.5:!'!.G-.%:3!,5:!/-.&,!J1&3!/%/5!J1&!

=%:! .G-.%:! 4%/1)%,! H-5=2*-.%! '! C:<J1-.%4&,;&! %,;&:! J1&! =5:! .G-.5:3! &:;5:!

/-:4-,1'&,!:1! )&,/-4-&,;5!&,!.5,;%.;5!.5,! =%:!.G-.%:3!C5)J1&!:&! -,G-H&,3! :&!

/&:45;-A%,3!:&!T)1:;)%,!'!:5,!4+:!%*)&:-A5:@!

!

iJ!D?b=:A:!?6!T:=9?8=!>?!8=97A67OA97H4D! e,:-:;&,!&,!&:;&!%C%);%/5!&,!

J1&!!!E=%!.5,/1.;%!/&!=5:!.G-.5:!&,!=%:!.=%:&:!4-B;%:!:1&=&!:&)!4+:!%*)&:-A%!'!

&*5<:;%!J1&!&,!=%:!.=%:&:!/-T&)&,.-%/%:!'!:&!G%!.5,:;%;%/5!J1&3!&,!*&,&)%=3!&,!

=5:!.&,;)5:!4-B;5:! =5:!.G-.5:!&,;-&,/&,!4&S5)!%! =%:!.G-.%:!C&)5! =&:!C-&)/&,!&=!

)&:C&;5K@!

!

)J! *49:?C?4<A:! 6A! ?G79A97A! A9A>NC79AD! ER=! ;&,&)! &,! .1&,;%! =5:!

/-T&)&,;&:!C)5.&:5:!/&!4%/1)%.-2,!H-5=2*-.%!'!C:-.5=2*-.%3!:&!5T)&.&!4&S5)&:!

C5:-H-=-/%/&:!C%)%!=5*)%)!&=!)&,/-4-&,;5!%.%/c4-.5!/&!=5:!%=14,5:3!C1&:;5!J1&!

:&!T%.-=-;%!=%!%/%C;%.-2,!C5)!C%);&!/&!=5:!&/1.%/5)&:!%=!)-;45!/&!.%/%!C&):5,%K@!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


"""###!!!

!

0,! %=*1,5:! .%:5:?! :&! ==&*%! %! /&.-)! J1&! G%'! /-T&)&,.-%:! &,;)&! .G-.5:! '!

.G-.%:!&,!&=!:&,;-/5!/&=!5</5!8E&=!:&,;-/5!/&=!5</5!/&!1,%!.G-.%!&:!4+:!:&,:-H=&!

J1&! &=! /&! =5:! .G-.5:3! C5)! =5! J1&! &=! ;5,5! /&! A5I! 1;-=-I%/5! C5)! 1,%! C)5T&:5)%!

C1&/&!:&)!%/&.1%/5!C%)%!=%:!.G-.%:3!C&)5!,5!%;)%&!=%!%;&,.-2,!/&!1,!.G-.5@K9Y!

&,! =%! .5,T-*1)%.-2,! /&! =5:! G&4-:T&)-5:! /&=! .&)&H)5! 8E&,! =5:! G54H)&:! =5:!

G&4-:T&)-5:! -IJ1-&)/5! '! /&)&.G5! &:;+,! T1&);&4&,;&! .54C%);-4&,;%/5:3! .5,! &=!

C)-4&)5! /&/-.%/5! %! =%:! G%H-=-/%/&:! A&)H%=&:! '! &=! :&*1,/5! %! =%:! T1,.-5,&:!

&:C%.-%=&:@!0:;%!/-A-:-2,!,5!&B-:;&!&,!=%:!41S&)&:3!J1&!1:%,!%4H5:!G&4-:T&)-5:!

/&=!.&)&H)5!C%)%!&=! =&,*1%S&@K9Y!&,! =%!A-:-2,!8Eh&!G&.G53!&B-:;&,!&A-/&,.-%:!/&!

J1&3!/&:/&!=%!.54C5:-.-2,!/&!=%!)&;-,%!G%:;%!=%!T5)4%!&,!J1&!:5,!C)5.&:%/%:!

=%:!-4+*&,&:!C5)!&=!.&)&H)53!G%'!/-T&)&,.-%:!,5;%H=&:!&,;)&!A%)5,&:!'!41S&)&:@!

0:;5!/%!.545!)&:1=;%/5!J1&!=%:!41S&)&:!&:;+,!4+:!%;&,;%:!%!=%:!/-T&)&,.-%:!/&!

.5=5)! '! ;&B;1)%3! 4-&,;)%:! J1&! =5:! A%)5,&:! /-:.-&),&,! .5,! 4%'5)! T%.-=-/%/! =%!

=5.%=-I%.-2,3!=%!/-)&..-2,!'!=%!A&=5.-/%/@K9!

!

[[[JJJ!!!///AAA!!!444AAA<<<@@@:::AAA666777OOOAAA999777HHH444!!!>>>???!!!666AAA888!!!>>>777GGG???:::???444999777AAA888`̀̀!!! !!!

aaa777???bbb===888!!!AAA:::FFF@@@CCC???444<<<===888!!!EEE@@@???!!!444===888!!!:::???<<<===:::444AAA444!!!AAA666!!!TTTAAA888AAA>>>===!!!

!!!

O545! :&P%=%! W%)-,%! Q1H-)%;:3! /%/5! J1&! ,5! :&! %/4-;&! :5.-%=4&,;&! =%!

%)*14&,;%.-2,!/&!=%!:&C%)%.-2,!/&!:&B5:!&,!=%!&/1.%.-2,!/&H-/5!%!1,!/&:;-,5!

t1,!)5=!:5.-%=_!/-T&)&,;&!/&!A%)5,&:!'!41S&)&:3!&,!=%!%.;1%=-/%/3!J1-&,!/&T-&,/&!

=%!&:.1&=%!:&*)&*%/%!H1:.%!=%!,%;1)%=-I%.-2,!/&!=%:!/-T&)&,.-%:@!0,!)&%=-/%/3!:&!

)&*)&:%!%!1,!C%:%/5!=&S%,5!J1&3!/&:C1c:!/&!Q-45,&!/&!f&%1A5-)!'!:1!5H)%!2%,

+1D"40*,+1E*! 8LM?M9!.5,!:1! T%45:%!&BC)&:-2,!Em5!:&!,%.&!41S&)3!:&! ==&*%!%!

:&)=5K3!.)&<%45:!'%!:1C&)%/5@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!?!R);<.1=5!E0/1.%)!%!=%:!.G-.%:!'!%!=5:!.G-.5:!/&!T5)4%!/-T&)&,;&@!],!C:-.2=5*5!G%H=%!/&=!C5)J1c!G%'!C)5T1,/%:!/-T&)&,.-%:K3! J1&! .54&,;%!&=! =-H)5!yzG'!l&,/&)!W%;;&):{! 8b5)!J1c! -4C5);%!&=!lc,&)593! /&! ! $&5,%)/! Q%B3! %=! J1&! )&4-;&! =%! C+*-,%! `&H! /&=! .5=&*-5! n%S%4%)! 8.5,:1=;%3!"#a6"aL"9@!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


"""???!!!

!

!m5! C)&;&,/&45:! )&:C5,/&)! %! &:;&! ;-C5! /&! -,;&)C)&;%.-5,&:! :5H)&! &=!

.1&)C5!G14%,53!:5H)&!&=!T1,.-5,%4-&,;5!/&=!.&)&H)5d3!C1&:!C5.5!&,;&,/&45:!

/&! &==5@! Q545:! .5,:.-&,;&:! /&! J1&! &B-:;&,! /-T&)&,.-%:! &,;)&! G54H)&:! '!

41S&)&:3!C&)5!:%H&45:!J1&!=%!-,A&:;-*%.-2,!&,!&:;&!;&))&,5!&:;+!E&,!4%,;-==%:K!

'3!:5H)&!;5/53!:%H&45:!J1&!.%/%!/&:.1H)-4-&,;5!.-&,;<T-.5!&:!C)5A-:-5,%=!'!J1&!

:1! -,;&)C)&;%.-2,3!4+:! %==+! /&! =5:! G&.G5:! C)5H%/5:3! &:;+! =-*%/%! %! C5:-.-5,&:!

-/&5=2*-.%:! 5! C5=<;-.%:! /&! J1-&,! /&;&,;%! &=! C5/&)! &,! &=! +4H-;5! /&! &:%!

-,A&:;-*%.-2,!.5,.)&;%!5!/&!=%!C)5C-%!C&):5,%!J1&!=%!)&%=-I%@!^&.5)/&45:!J1&!

;%4H-c,! :&! G%! /-.G5! J1&! =%:! 41S&)&:! ;&,<%,! 4&,5:! .%C%.-/%/! -,;&=&.;1%=!

C5)J1&!:1!.&)&H)5!&:!4+:!C&J1&P5!J1&!&=!/&!=5:!G54H)&:!'3!:-,!&4H%)*53!&,!

=%! %.;1%=-/%/3! =5:! )&:1=;%/5:! %.%/c4-.5:! /&! &==%:3! %! ;5/5:! =5:! ,-A&=&:3! :5,!

:1C&)-5)&:!%!=5:!/&!&==5:@!

!

V3! /&:/&! =1&*53! &:;%45:! .5,! Q-45,&! /&! f&%1A5-)! &,! J1&! :5,! =5:!

C)5.&:5:!/&!:5.-%=-I%.-2,!=5:!J1&!4%).%,!=5:!)5=&:!/-T&)&,.-%/5:!/&!A%)5,&:!'!

41S&)&:3! J1&! =%:! /-T&)&,.-%:! T-:-5=2*-.%:! ,5! /&H&,! :1C5,&)! /&:-*1%=/%/&:!

:5.-%=&:! '! J1&3! C)&.-:%4&,;&3! =%! 5)*%,-I%.-2,! :5.-%=! '! =%! &/1.%.-2,3! &,!

&:C&.-%=3!/&H&,!:&)!T%.;5)&:!J1&!.5))-S%,!=%:!/&:-*1%=/%/&:!:5.-%=&:!*&,&)%/%:!

C5)!/-T&)&,.-%:!,%;1)%=&:@!

!!!

cccJJJ!!!(((???888AAA::::::===666666===!!!>>>???!!!666AAA!!!TTT???:::888===444AAA666777>>>AAA>>>`̀̀!!!"""===!!!AAA!!!666===888!!!???888<<<???:::???===<<<777TTT===888!!!

!!!

! 0B-:;&,! =%:! .%;&*5)<%:! :5.-%=&:! iG54H)&j! '! i41S&)j3! &,;&,/-/%:! .545!

4%:.1=-,-/%/!'!T&4-,-/%/!G&*&42,-.%:@!b&)5!&:;%:!.%;&*5)<%:!,-!:5,!F,-.%:!,-!

:5,! -,%45A-H=&:3! &:! /&.-)3! G%'! 4%:.1=-,-/%/&:! '! T&4-,-/%/&:! /-T&)&,;&:! '3!

%/&4+:3! :&! ;)%,:T5)4%,! &,! T1,.-2,! /&=! ;-&4C53! /&=! &:C%.-5! '! &=! .5,;&B;5!

.1=;1)%=@!!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


"""ZZZ!!!

!

! Q&C%)%)! %! .G-.5:! '! .G-.%:! t'! ;%4H-c,! %! :1! C)5T&:5)%/5_3! .5,! =%!

C)&;&,:-2,!/&!J1&!1,5:!'!5;)%:!/&:%))5==&,!4&S5)!:1!C&):5,%=-/%/!:1C5,&3!&,!=%!

C)+.;-.%3! /&T&,/&)! &=!4%,;&,-4-&,;5! /&! 1,%! F,-.%! .%;&*5)<%! t=%! G&*&42,-.%_!

C%)%!.%/%!:&B53!&A-;%,/5! =%! EC&)A&):-2,K!/&!&:&!45/&=5!G&*&42,-.5!%! ;)%Ac:!

/&=!.5,;%.;5!.5,!&=&4&,;5:!/&!=%!C&):5,%=-/%/!J1&!,5!:&!.5,:-/&)%,!C)5C-5:@!

!

! 0==5!,5:!==&A%!%=!4%,;&,-4-&,;5!/&!1,!F,-.5!45/&=5!/&!A%)2,!'!1,!F,-.5!

45/&=5! /&! 41S&)! %=! J1&3! &,! .%/%! .%:53! .G-.5:! '! .G-.%:! /&H&,! -4-;%)3!

/&:=&*-;-4%,/5! .1%=J1-&)! )1C;1)%! .5,! &=! 45/&=53! =5! .1%=! &:! ;)&4&,/%4&,;&!

=-4-;%/5)!/&!=%!=-H&);%/!-,/-A-/1%=3!)&T1&)I%!&=!&:;&)&5;-C5!'!C)541&A&!&=!)&.G%I5!

:5.-%=!%!J1-&,!:&!%C%);%!/&!=%!,5)4%@!

!

! U%'!41.G5:!%:C&.;5:!/&!=5!J1&!:&!&,;-&,/&!C5)!C&):5,%=-/%/!4%:.1=-,%!

G&*&42,-.%!t%1/%.-%3!A%=&,;<%d_!'!/&!=%!T&4-,-/%/!G&*&42,-.%!t:&,:-H-=-/%/3!

C)&5.1C%.-2,! C5)! =5:! /&4+:d_! J1&! :5,! C5:-;-A5:! C%)%! &=! /&:%))5==5! /&! =%!

C&):5,%3!-,/&C&,/-&,;&4&,;&!/&!:1!:&B5@!O245!.5,:&*1-)!J1&!1,5:!'!5;)%:!:&!

E.5,;%*-&,K!/&!&:%:!.%)%.;&)<:;-.%:3!:-!=&:!,&*%45:!:-J1-&)%!:1!.5,5.-4-&,;5@!

!!!

$$$JJJ!!!222===999777AAA666777OOOAAA:::!!!???888!!!888777444HHH444777CCC===!!!>>>???!!!bbb@@@444<<<AAA:::!!!

!!!

! 0:! /-T<.-=! J1&! %=*1-&,! :&! /&:%))5==&! :5.-%=4&,;&! &,! 1,%! -:=%! /&:-&);%3!

.545!&:!/-T<.-=!J1&!=5:!.G-.5:!'!=%:!.G-.%:!%C)&,/%,!%!A-A-)!&,!1,%!:5.-&/%/!J1&!

&:!4-B;%3!:-!&:&!%C)&,/-I%S&!:&!)&%=-I%!C5)!:&C%)%/5@!

!

! $%!.5,A-A&,.-%!*&,&)%!.5,T=-.;5:!'!1,5!/&!=5:!5HS&;-A5:!/&!=%!&/1.%.-2,!

&:3!C)&.-:%4&,;&!%C)&,/&)!%!C)&A&,-)=5:!'!%!)&:5=A&)=5:@!h&!G&.G53!=%!$(03!&,!

:1!%);<.1=5!L3!/-.&!J1&!1,5!/&!=5:!C)-,.-C-5:!/&!=%!&/1.%.-2,!&:!E$%!&/1.%.-2,!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


"""777!!!

C%)%!=%!C)&A&,.-2,!/&!.5,T=-.;5:!'!C%)%!=%!)&:5=1.-2,!C%.<T-.%!/&!=5:!4-:45:3!%:<!

.545!=%!,5!A-5=&,.-%!&,!;5/5:!=5:!+4H-;5:!/&!=%!A-/%!C&):5,%=3!T%4-=-%)!'!:5.-%=@K!

h&!=%!4-:4%!4%,&)%!:&!)&.5*&!&,!&=!%);<.1=5!"3!.545!1,!T-,!/&! =%!&/1.%.-2,D!

E$%! &/1.%.-2,! &,! &=! &S&).-.-5! /&! =%! ;5=&)%,.-%! '! /&! =%! =-H&);%/! /&,;)5! /&! =5:!

C)-,.-C-5:!/&45.)+;-.5:!/&!.5,A-A&,.-%3!%:<!.545!&,!=%!C)&A&,.-2,!/&!.5,T=-.;5:!

'!=%!)&:5=1.-2,!C%.<T-.%!/&!=5:!4-:45:@K!

!

! $5:! .5,T=-.;5:! :5.-%=&:! &,;)&! =5:! :&B5:3! .545! ;%,;5:! 5;)5:3! :&! /%,!

.5;-/-%,%4&,;&!'3!.545!:&P%=%,!;5/%:!=%:!;c.,-.%:!/&!)&:5=1.-2,!/&!.5,T=-.;5:3!!

u&=!.5,T=-.;5!,5!&:!&=!C)5H=&4%3!&=!C)5H=&4%!C1&/&!:&)!.245!:5=1.-5,%45:!&=!.5,T=-.;5u@!b1&:!H-&,3!:-!:&C%)%45:!&,!,1&:;)%:!%1=%:!'!&,!,1&:;)5:!.&,;)5:!%!

=5:! .G-.5:! /&! =%:! .G-.%:3! &A-;%)&45:! =5:! .5,T=-.;5:3! :<3! C&)5! ,5! ;&,/)&45:! =%!

5C5);1,-/%/!/&!J1&!%C)&,/%,!%!)&:5=A&)=5:3!,5!C5/)&45:!/%)=&:!)&.1):5:!C%)%!

&,T)&,;%):&! %! 1,%! .5,A-A&,.-%! &,;)&! =5:! :&B5:! J1&3! &,! 41.G%:! 5.%:-5,&:3!

)&:1=;%! C)5H=&4+;-.%3! '! &:;%)&45:! /&S%,/5! J1&! %T)5,;&,! :-,! =%! T5)4%.-2,!

,&.&:%)-%! =5:! .5,T=-.;5:! -,;&):&B5:3! /&! 4%'5)! &,;-/%/3! :&*1)%4&,;&3! J1&!

C1&/%,!*&,&)+):&=&:!.1%,/5!:&%,!%/1=;5:@!

!

! b&)53! :5H)&! ;5/53! 4&I.=%)=5:! :1C5,&! =%! C5:-H-=-/%/! /&! %'1/%)=&:! %!

.54C)&,/&):&3!%!A%=5)%)! =5!C5:-;-A5!/&!1,%:!'!/&!5;)5:3!%!&:;%H=&.&)! =%I5:!/&!

%4-:;%/3!%!/&:G-,H-):&!&,!:1!;)%;5!.5,! =%:!C&):5,%:!/&=!5;)5!:&B5d!%!.5,A-A-)!

/&!4%,&)%!,%;1)%=3!&,!1,%!C%=%H)%@!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


"""NNN!!!

]]]JJJ!!!DDD777???444<<<???444!!!AAA666!!!>>>???999777:::!!!EEE@@@???!!!???888!!!CCCAAAYYY===:::!!!???666!!!:::???444>>>777CCC777???444<<<===!!!???888999===666AAA:::!!!

!!!

! 0,! C)-4&)! =1*%)3! G%'! J1&! .1&:;-5,%)! :1! .5,.&C;5! /&! E)&,/-4-&,;5!

&:.5=%)K3! J1&3! C%)%! J1-&,&:! &:;5! /&T-&,/&,3! &:! :-,2,-45! /&! E&T-.%.-%!

%.%/c4-.%K3! &:! /&.-)3! )&T&)-/5! &:;)-.;%4&,;&! %! .5,5.-4-&,;5:! %.%/c4-.5:3!

%S&,5:! %! ;5/5! &=! .5,S1,;5! /&! =%:! /&,54-,%/%:! E.54C&;&,.-%:! H+:-.%:K3! J1&!

.54C)&,/&,! /&:;)&I%:3! .5,5.-4-&,;5:! '! %.;-;1/&:3! .5,.&H-/%:! .545!

.%C%.-/%/&:!C%)%!C)&C%)%)!%=!%=14,%/5!C%)%!:1!A-/%!%/1=;%@!

!

! b5)!&==53!A%=5)%)!&=!)&,/-4-&,;5!&:.5=%)!/&!1,!%=14,5!5!%=14,%!&:!;&,&)!

&,! .1&,;%! ,5! :5=5! =5! J1&! :%H&! /&! 4%;&4+;-.%:3! =&,*1%! 5! G-:;5)-%3! :-,5! :1!

.54C&;&,.-%! 4%;&4+;-.%3! =-,*|<:;-.%d! '! ;%4H-c,! :1! %1;5,54<%! &! -,-.-%;-A%!

C&):5,%=3!:1!.54C&;&,.-%!:5.-%=!'!.-1/%/%,%3!&;.@!

!

! 0,! :&*1,/5! =1*%)3! .545! '%! G&45:! /-.G5! %,;&:3! &:;5:! .5=&*-5:!

:&*)&*%/5:!:5,!.&,;)5:!&=-;-:;%:!t%1,J1&!:&%,!.5,.&);%/5:_3!J1&!:&!/-)-*&,!%!

.G-.5:!'!.G-.%:!/&!T%4-=-%:!%.545/%/%:3!.5,!:1T-.-&,;&:!)&.1):5:!&.5,24-.5:3!

&/1.%;-A5:!'!.1=;1)%=&:!/-:C5,-H=&:!C%)%!:1:!G-S5:!&!G-S%:@!0:;%:!.5,/-.-5,&:3!,5!

.%H&! /1/%3! T%A5)&.&,! 1,%! 4%'5)! &T-.%.-%! %.%/c4-.%@! [O245! /-T&)&,.-%)! :-!

&:5:!C)&;&,/-/5:!4&S5)&:!)&:1=;%/5:!:&!/&H&,!%!&:;&!G&.G5!5!%=!/&!;&,&)!1,%!

&/1.%.-2,!:&*)&*%/%\!

!

! b5)! F=;-453! '! %.&C;%,/53! C5)! 1,! 454&,;53! :1! &B-*15! .5,.&C;5! /&!

)&,/-4-&,;53!A&%45:!1,%!:54&)%!C)1&H%!/&!:1!4&,;-)%@!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


""">>>!!!

!

! "10&2!D'(*&2!1i0'"*(&2!'"!/&!.-%'i&!('![#!('!.-*D&-*&!('!PQRR!)'"0-12!D*3012!

r1"&2!)'"0-12!

2'M-'M&(12!'"!.-*D&-*&!

"=<A!C58!A6<A!9?4<:=!TsL679=!

"=<A!C58!A6<A!9?4<:=!T:7BA>=!9=49?:<A>=!

"=<A!C58!A6<A!9?4<:=!T:7BA>=!

R=.%=+!/&!U&,%)&:! R=H5)%/%D!73"7! l@A4!>?!&@8<:7A`!

$g[[! Q%,!l%H)-&=D!>37Z! _!

&6>=B?A`!$gXW!R=.5H&,/%:! R=/&%T1&,;&D!>36N!f%.G-==&)!R=5,:5!$2C&ID!>3L?!

b%/)&!W%,'%,&;D!N37M!

$-.&5!01)5C&5D!N3>7!

R,/&=D!73N>!R=.5).2,! g1&,==%,%D!N36#!

b%)J1&!/&!$-:H5%D!N3N"!

"@?8<:A!2?q=:A!>?!-7\=4>=`!cg$$! R4%,&.&)D!N3NL!

O-1/%/!$-,&%=! R1=%!m1&A%D!>36L! DNb79=`!]g$]! W%;&)!e,4%.1=%;%D!>3"N!

^%42,!'!O%S%=D!>3"M!

$%:!n%H=%:_k%=A&)/&D!N3?Z!

0=!b)%/5D!N3Z>!g1&,.%))%=_0=!b%)/5!

D=4<?A6<=`!cg]Z!

l%H)-&=%!W-:;)%=D!N3ZN!k-)*&,!/&!

W-)%:-&))%D!N37N!!

_!

m1&:;)%!Q&P5)%!Q%,;%!W%)<%D!>3LN!

U5);%=&I%!O14H)&:_U-*G=%,/:D!

N36Z!

0:C&)%,I%D!N3"#! aA6>?G@?4<?8`!]gQ[!m1&:;)%!Q&P5)%!Q%,;%!W%)<%D!

>3LN!

W5,.=5%_R)%A%.%!

W%;&)!Q%=A%;5)-:D!>3">!

^5:%!$1B&4H1)*5D!N3NZ!

/79?=!2=:=66A!i`!$gZ$!

W%;&)!Q%=A%;5)-:D!>3">!

W5)%;%=%I! Q&,%)%D!N3"N! b%:%45,;&D!N3#M! l)&/5:!Q%,!h-&*5D!>36N!

2A4<=!h4F?6`!$gPP!

n%S%4%)D!N36"!b1&,;&!/&!k%==&.%:! $5:!n-=5:D!N3"?! b%/)&!W%)-%,%D!N377! M:?>=8!2A4!

(7?F=`!cg$P!

W%;&)!O=&4&,;<:-4%D!

N3"?!-?<ACA:`!$gRc!

W5,;&!n%H5)D!73MM!b5I1&=5!/&!R=%).2,! 0A&)&:;_W5,;&.=%)5D!

N36M!

Q%,!v5:c!(H)&)5D!N37L!

Q%,!v5:c!/&!O=1,'D!N36?! R=%).2,D!N3ZM!

^&;-)5! $5:!(=45:D!N3#M! O-1/%/!/&!^54%D!N3#L! R).+,*&=D!>3L6! &G@?:A!***!&`!$g[R!

$%:!^5I%:! ()A%==&D!737Z! a79?4<?!&6?7IA4>:?`!$g]X! }5=%_^5I%:D!N3#N! O5=&*-5!01)5C&5!

/&!W%/)-/D!N3>>!

k%=/&45)5! m1&:;)%!Q&P5)%D!73?L! g1&,;&!/&!=%!k-==%D!N3??!

2AC?:!)A6A8A4O`!]gPX!

W%)J1c:!/&!k%==&S5D!>3L?!

k-==%A-.-5:%!/&!(/2,!

f5:J1&!^&%=!O5==&*&!80A&)&:;_0=!H5:J1&9D!

N3?"!

$%1)%!l%).<%!m5H=&S%:!'!f)1,&;D!

N3?7!R=.%=+D!73>"! .AI_)A8B7`!cgZ$!

m5;%D!&,!)5S53!=5:!.&,;)5:!J1&!5H;-&,&,!=%!4%'5)!.%=-T-.%.-2,!/&!:1!I5,%@!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


"""MMM!!!

$%!O5,:&S&)<%!/&!0/1.%.-2,!/&!=%!O541,-/%/!/&!W%/)-/!G%!-,:;%1)%/53!

/&:/&! &=! %P5! "66>3! 1,%! C)1&H%! &B;&),%! %=! %=14,%/5! /&! 7q! /&! C)-4%)-%3! J1&!

%C=-.%! %,1%=4&,;&! %! ;5/5:! =5:! .&,;)5:! &/1.%;-A5:! /&! =%! O541,-/%/@! ],%!

C)1&H%! %4C=-%4&,;&! /&,1,.-%/%! C5)! =%! .541,-/%/! &/1.%;-A%3! C1&:! C%);&! /&!

&:%! .5,.&C.-2,! /&! )&,/-4-&,;5! %.%/c4-.5! J1&! &:;%45:! )&.G%I%,/5@! b1&:!

H-&,3!:1:!)&:1=;%/5:!&,!&=!%P5!"6LL!,5:!/-.&,!J1&!=%:!,5;%:!J1&!5H;-&,&,!&:;5:!

.&,;)5:!:&*)&*%/5:3!&,!=%!4%'5)!C%);&!/&!=5:!.%:5:3!&:;+,!C5)!/&H%S53!-,.=1:53!

/&! =5:! .&,;)5:! CFH=-.5:3! =5:! J1&3! .545! :%H&45:3! &:.5=%)-I%,! %! ;5/5! ;-C5! /&!

.G-.5:! '! .G-.%:3! -,.=1-/5:! =5:! C&);&,&.-&,;&:! %! =5:! *)1C5:! :5.-%=&:! 4+:!

/&:T%A5)&.-/5:@!

O545!C1&/&!5H:&)A%):&!&,!=%!;%H=%!%,;&)-5)Z3!:5=5!#!.&,;)5:!:&*)&*%/5:!

5H;-&,&,! =%! 4&S5)! ,5;%! /&! :1! I5,%Y! &,! ;5/5:! =5:! /&4+:! .%:5:! :5,! .&,;)5:!

4-B;5:!=5:!J1&!;-&,&,!&=!4&S5)!)&:1=;%/5!%.%/c4-.5@!Q-!;&,&45:!&,!.1&,;%!=5!'%!

/-.G53!&,!)&=%.-2,!.5,!&=!,-A&=!:5.-5_&.5,24-.5!/&!=%:!T%4-=-%:!J1&!==&A%,!%!:1:!

G-S5:! &! G-S%:! %! &:;5:! .&,;)5:! '! =%! &,5)4&! -,T=1&,.-%! J1&! &==5! ;-&,&! &,! &:;&!

)&:1=;%/53!,5!C%)&.&!J1&!&=!G&.G5!/&!5T)&.&)!1,%!&/1.%.-2,!/-T&)&,.-%/%!:&%!

1,!&=&4&,;5!C5:-;-A5!C%)%!;&,&)!4&S5)&:!,5;%:@!

!

RRRQQQJJJ!!!///===888!!!999???444<<<:::===888!!!CCC777III<<<===888!!!YYY!!!666AAA!!!999===???>>>@@@999AAA999777HHH444!!!

!!!

! 0/1.%.-2,!4-B;%!,5!&:!:-,2,-45!/&!.5&/1.%.-2,@!0=!G&.G5!/&! )&1,-)!%!

.G-.5:!'!.G-.%:!&,!=5:!4-:45:!.&,;)5:!'!&,!=%:!4-:4%:!%1=%:!,5!:-*,-T-.%3!C5)!:<!

:5=53!J1&!:&!&:;c!C)5/1.-&,/5!1,%!&/1.%.-2,!-*1%=-;%)-%@!!

!

! h&T&,/&45:! =%! 0:.1&=%! 4-B;%! .545! =%! H%:&! %! C%);-)! /&! =%! .1%=! /&H&!

)&%=-I%):&! =%! .5&/1.%.-2,3! J1&! &,;&,/&45:! .545! 1,! 45/&=5! &/1.%;-A53!

%C5'%/5! &,! 1,%! &:.1&=%! 4-B;%3! J1&! C)&;&,/&! =%! .5,:;)1..-2,! /&! C&):5,%:3!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Z!e,T5)4%.-2,!/-:C5,-H=&!&,!=%!C+*-,%!`&H!/&!=%!O541,-/%/!/&!W%/)-/D!```@4%/)-/@5)*!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


###666!!!

-,/&C&,/-&,;&4&,;&!/&! :1! :&B53! :-,!&:;&)&5;-C5:3! J1&3! )&.5*-&,/5! =5! C5:-;-A5!

/&!1,5!'!5;)5!*c,&)53!-4C%);&!1,%!4-:4%!&/1.%.-2,!-,;&*)%=!%!1,5:!'!%!5;)%:@!

!

!$5:!.&,;)5:!&/1.%;-A5:!4-B;5:3!C5)!&=!G&.G5!/&!:&)=53! ;-&,&,!1,%!C%);&!

/&=! .%4-,5! )&.5))-/53! C&)5! %F,! /&H&,! C=%,;&%):&! ;5/%! 1,%! :&)-&! /&!4&/-/%:!

C%)%!.5,:&*1-)!1,%!&/1.%.-2,!-,;&*)%=!,5!/-:.)-4-,%;5)-%D!

!

L@!$%!)&A-:-2,!/&! =5:!.5,;&,-/5:!&,!;5/%:! =%:!+)&%:!/&=!.1))<.1=14!C%)%!

-,;)5/1.-)!=%:!%C5);%.-5,&:!/&!=%:!41S&)&:!%!=%!A-/%!:5.-%=!'!%!=%!.1=;1)%@!

!

"@!$%!1;-=-I%.-2,!/&!=-H)5:!/&!;&B;5!'!4%;&)-%=&:!.1))-.1=%)&:!J1&!/-T1,/%,!

1,%!A-:-2,!,5!&:;&)&5;-C%/%!/&!=5:!:&B5:@!

!

#@!$%!1;-=-I%.-2,!/&!1,!=&,*1%S&!,5!:&B-:;%3!J1&!,54H)&!%!=%:!41S&)&:@!

!

?@!!$%!C)+.;-.%!/&!1,%!5)-&,;%.-2,!&/1.%;-A%!J1&!T%.-=-;&!%!=%:!.G-.%:!'!%!

=5:!.G-.5:!1,%!&=&..-2,!T5)4%;-A%!'!C)5T&:-5,%=!%=!4%)*&,!/&!=5:!&:;&)&5;-C5:!/&!

*c,&)5@!

!

Z@! 0=! /-:&P5! /&! C)5*)%4%:! &:C&.<T-.5:! C%)%! T%.-=-;%)! %! =%:! .G-.%:! &=!

%..&:5! %! =%:! ,1&A%:! ;&.,5=5*<%:! '! %! =%:! C)5T&:-5,&:! ;)%/-.-5,%=4&,;&!

.5,:-/&)%/%:!.545!4%:.1=-,%:@!!

!

7@! $%! -,;)5/1..-2,! &,! &=! !"##$!"%"&! &:.5=%)! /&! .5,5.-4-&,;5:! '!

&BC&)-&,.-%:!)&=%;-A5:!%!=%!:%=1/3!=%!:&B1%=-/%/3!=%:!;%)&%:!/&!=%!A-/%!.5;-/-%,%3!

=%:!)&=%.-5,&:!%T&.;-A%:@@@!!

!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


###LLL!!!

$%! 4%'5)<%! /&! .&,;)5:! 4-B;5:! C)-A%/5:! '! C)-A%/5:! .5,.&);%/5:! J1&!

C&);&,&.&,!%!.5,T&:-5,&:! )&=-*-5:%:!.54C%);&,3!%/&4+:3!.5,! =5:!.&,;)5:!J1&!

:&*)&*%,!%!:1!%=14,%/5!C5)!)%I2,!/&!:&B5!H1&,%!C%);&!/&!:1:!.5,.&C.-5,&:!

&/1.%;-A%:!&,!)&=%.-2,!,5!:5=5!.5,!=%!T5)4%.-2,!)&=-*-5:%3!:-,5!;%4H-c,3!'!=-*%/5!

%! &==53! .5,! :1! 45/&=5! /&! &/1.%.-2,! /-T&)&,.-%/%3! %! C%);-)! /&! 1,%! :-4-=%)!

.5,:-/&)%.-2,!/&!&:%!&:C&.-T-.-/%/! T&4&,-,%@!m5!&:! -4C)&:.-,/-H=&!:&C%)%)!%=!

%=14,%/5!C%)%!;)%,:4-;-)!=5:!4-:45:!A%=5)&:!:&B-:;%:!/&!:-&4C)&@!

!

$%:!%/4-,-:;)%.-5,&:!&/1.%;-A%:3!C5)!:1!C%);&3!/&H&,! T54&,;%)!J1&! =5:!

.&,;)5:! %A%,.&,! &,! &:%! /-)&..-2,3! &4C&I%,/5! C5)! =%! T5)4%.-2,! -,-.-%=! '!

C&)4%,&,;&! /&=! C)5T&:5)%/5! &,! 4%;&)-%! /&! .5&/1.%.-2,! '! :-*1-&,/5! C5)! =%!

)&;-)%/%! /&=! .5,.-&);5! %! =5:! .&,;)5:! &/1.%;-A5:! J1&! :&*)&*%,! %=! %=14,%/53! =%!

/5;%.-2,!/&!)&.1):5:!%!=5:!.&,;)5:!C%)%!=%!;%)&%!.5&/1.%;-A%!'!=%!4&S5)%!/&!1,%!

=&*-:=%.-2,!J1&!&:;%H=&.&!T5)41=%.-5,&:!*&,&)%=&:!%!T%A5)!/&!=%!-*1%=/%/!/&!=5:!

:&B5:3!C&)5!J1&!,5!&:!.5G&)&,;&!.5,!=%!&B-*&,.-%!/&!:1!.14C=-4-&,;5@!

!

h&:*)%.-%/%4&,;&3! =5! J1&! &:;%45:! C&).-H-&,/5! &,! =%! O541,-/%/! /&!

W%/)-/!,5!A%!C5)!%G<@!O5,!&=!*5H-&),5!/&!0:C&)%,I%!R*1-))&!'! =%!/-)&..-2,!/&!

$1.<%! g-*%)3! &,! =%! &/1.%.-2,!4%/)-=&P%3! &=! -,.)&4&,;5! /&! .&,;)5:! &/1.%;-A5:!

=-*%/5:! %=! -,;&*)-:45! .%;2=-.53! .5,! .5,.&C.-5,&:! C5.5! T%A5)&.&/5)%:! /&! =%!

-*1%=/%/! /&! =5:! :&B5:3! &:;+,! ;&,-&,/5! ;5/5! ;-C5! /&! %C5'5:! *1H&),%4&,;%=&:!

C%)%!-,:;%=%):&!&,!,1&:;)%!O541,-/%/!'!)&.-H-)!;5/5!&=!/-,&)5!CFH=-.5!J1&!G%*%!

T%=;%3!%1,!&,!454&,;5:!/&!.)-:-:!&.5,24-.%!'!/&!)&.5);&:!C%)%!;5/5!=5!J1&!:&%!

5T&);%!CFH=-.%@!

!

V!;)%:!=%!A-.;5)-%!/&!:1!4-:45!C%);-/5!&,!&=!*5H-&),5!/&!=%!,%.-2,3!41.G5!

,5:! ;&4&45:!J1&! =5!J1&!'%!5.1))&!&,!,1&:;)%!O541,-/%/!:&!A&%! T5);%=&.-/5!

%J1<! '! T54&,;%/5! &,! &=! .5,S1,;5! /&! 0:C%P%3! &,! =5:! C)2B-45:! %P5:@! 0=!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


###"""!!!

R,;&C)5'&.;5! /&! $&'! C%)%! =%! e*1%=/%/! /&! n)%;5! '! =%! ,5! h-:.)-4-,%.-2,3! J1&!

C)&C%)%H%! &=! %,;&)-5)! l5H-&),5! /&! =%! ,%.-2,3! &,! &=! J1&3! &BC)&:%4&,;&3! :&!

C)5G-H<%! J1&! =%:! &:.1&=%:! J1&! :&C%)%,! %! ,-P5:! '! ,-P%:! &,! T1,.-2,! /&=! :&B5!

C1/-&)%,! )&.-H-)! /-,&)5! CFH=-.53! :&! ==&,%)+! /&! C5=A5! &,! .1%=J1-&)! .%S2,! /&=!

W-,-:;&)-53!:-!&:!J1&!,5!&:;+!'%!&,!=%!C%C&=&)%@!

!

0=! ,1&A5! W-,-:;)5! /&! 0/1.%.-2,3! C5)! 5;)5! =%/53! '%! G%! %,1,.-%/53! =%!

:1C)&:-2,! /&! =%! %:-*,%;1)%!0/1.%.-2,! C%)%! =%! .-1/%/%,<%3! 1,%! C%);&! /&! .1'5!

!"##$!"%"&! ;)%;%H%! /&! =%! -*1%=/%/! /&! =5:! :&B5:@! $1.<%! g-*%)3! .5,:&S&)%! /&!

0/1.%.-2,!'!04C=&5!/&! =%!O541,-/%/!/&!W%/)-/3!,5!G%!C&)/-/5!,-!1,!4-,1;5!

&,!%C5'%)!&:;%!4&/-/%3!4%,-T&:;%,/5!J1&!&:;%!%:-*,%;1)%!E)&:;%!;-&4C5!%!5;)%:!

4%;&)-%:!.545!=%!$&,*1%!'!=%:!W%;&4+;-.%:K@!

!

RRRRRRJJJ!!!ddd!!!@@@444AAA!!!999===444888777>>>???:::AAA999777HHH444!!!GGG777444AAA666!!!

!!!

! $%!&=%H5)%.-2,!/&!&:;&!C&J1&P5!-,T5)4&!G%!:-/5!5HS&;5!/&!1,!=%H5)-5:5!

;)%H%S5! /&! HF:J1&/%! /&! 1,%! -,T5)4%.-2,! J1&! =%! R/4-,-:;)%.-2,! &/1.%;-A%!

4%/)-=&P%!,5!5T)&.&D!

!

! _! $%! C1H=-.%.-2,! /&! =%! O5,:&S&)<%! /&! 0/1.%.-2,3!'()*+, -, .$/#(+, 01, %(,

20"!(!$343! ,5! )&.5*&! ,-,*1,%! &:;%/<:;-.%! &,! )&=%.-2,! .5,! =5:! .&,;)5:!

:&*)&*%/5:!'!&=!%=14,%/5!J1&!&:;5:!&:.5=%)-I%,@!

!

_!0=!C)5*)%4%!J1&!&:;%!R/4-,-:;)%.-2,!C5,&!%!/-:C5:-.-2,!/&=!1:1%)-5!/&!

e,;&),&;! EO5,:1=;%! /&! O&,;)5:! '! Q&)A-.-5:! 0/1.%;-A5:! /&=! .1):5! %.;1%=K! ,5!

5T)&.&!=%! -,T5)4%.-2,!/&!:-!&=!.&,;)5!J1&!:&!.5,:1=;%!&:!4-B;5!5!:&*)&*%/53!,-!

/&=!,F4&)5!/&!:1!%=14,%/5@!!

!


E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!!

!!

!


######!!!

_! n%4C5.5! )&:C5,/&! =%!R/4-,-:;)%.-2,! %! =%:! .5,:1=;%:! ;&=&T2,-.%:! ,-! %!

=%:!)&%=-I%/%:!%!;)%Ac:!/&!4&/-5:!5T-.-%=&:@!

!

! $5:!C)5C-5:!.&,;)5:!&/1.%;-A5:!:&!)&:&)A%,!&:;%:!'!5;)%:!-,T5)4%.-5,&:@!

!

! n%4C5.5!&=!O5,:&S5!0:.5=%)! /&! =%!O541,-/%/!/&!W%/)-/! :&!C)&5.1C%!

/&! )&.5*&)! &:;&! ;-C5! /&! -,T5)4%.-2,! C%)%! G%.&)! :1! %,+=-:-:! /&! =%! &/1.%.-2,!

4%/)-=&P%@!

!

! 0B-:;&,!/-T&)&,;&:!C+*-,%:!`&H!/&!5)*%,-:45:!C%);-.1=%)&:!J1&!;%4H-c,!

5T)&.&,! -,T5)4%.-2,! /&! .&,;)5:! &/1.%;-A5:3! C&)5! =%! -,T5)4%.-2,! J1&! 5T)&.&,!

)&C-;&! =%! J1&! ,5:! /%! &=! )&T&)-/5! C)5*)%4%! EO5,:1=;%! /&! O&,;)5:! '! Q&)A-.-5:!

0/1.%;-A5:K@!

!

! R:<!C1&:3!&:!C5:-H=&!J1&3!%/&4+:!/&! =5:!.&,;)5:!J1&!%J1<! )&.5*&45:3!

C1&/%,!&B-:;-)!5;)5:!J1&!:&*)&*1&,!%=!%=14,%/5!&,!T1,.-2,!/&=!:&B53!C&)5!J1&3!

C5)! ,5! ;&,&)! C+*-,%! `&H3! ,5! G%'%45:! :-/5! .%C%.&:! /&! /&:.1H)-)@! b5)! &==53!

%/&4+:! /&=! 5HS&;-A5! C)-,.-C%=! /&! &:;%! -,A&:;-*%.-2,D! 6A! >?4@497A! >?! 6A!

?I78<?497A! >?! @4=8! 9=6?F7=8! E@?! 4=! :?8T=4>?4! A6! =Lb?<7B=! >?! @4A!

?>@9A97H4!TA:A! 6A! 7F@A6>A>!>?! 6=8!8?I=83!C)&;&,/&45:! ;%4H-c,!>?4@497A:!

6A! GA6<A! >?! A<?497H4! A4A6;<79A! >?! 6A8! 748<7<@97=4?8! ?>@9A<7BA8!CA>:76?qA8!

%,;&! 1,! ;&4%! /&! -4C5);%,.-%! ;)%:.&,/&,;%=! &,! &=! .5,5.-4-&,;5! /&! ,1&:;)%!

)&%=-/%/!&/1.%;-A%3!%:<!.545!:?96ACA:!>79\A!A<?497H4!'!?I7F7:!6A!T@L679A97H43!

&,!=%:!&:;%/<:;-.%:!&/1.%;-A%:!/&=!l5H-&),5!/&!=%!O541,-/%/3!/&!=5:!/%;5:!J1&!

/&,!.1&,;%!/&=!T&,24&,5!/&!=%!&/1.%.-2,!/-T&)&,.-%/%@!

!

!

O%)4&,!U&)&/&)5!/&!b&/)5@!

una educación diferenciada para la diferencia entre los sexos

Documents