automotive simulation system - robotics
TRANSCRIPT
- 1 -!
!
!
!
!
!
!
!
!
Automotive Simulation System
!
!
"#$%$&!'()*+$,!
"#-*$&#!.-/0$(1!23244567!
!
!8&9%$(:9#,!;<!=$:#$(&!>-:#()+9)!
!"?@;;+!;<!A+$?#(9?)+B!A+$?#(;&9?!)&*!C;/D-#$(!A&E9&$$(9&E!
!C$&#($!<;(!F&#$++9E$&#!F&<;(/)#9;&!G(;?$::9&E!",:#$/:!HCFFG"I!
!
!
!
!
!!!"-D$(%9:;(1!>::;?9)#$!G(;<$::;(!J@;/):!'(K-&+!
"-0/9##$*1!46!L),!4335!
!
- 2 -!
!
"#$%$&!'()*+$,!
24!M;N)&&)!=),!
C9#,!'$)?@!=>!O327!
!
L),!45B!4335!
!
J@$!P$)&!
Q)?-+#,!;<!A&E9&$$(9&EB!C;/D-#9&E!)&*!L)#@$/)#9?:!
J@$!8&9%$(:9#,!;<!=$:#$(&!>-:#()+9)!
R7!"#9(+9&E!S9E@N),!
C()N+$,B!=$:#$(&!>-:#()+9)!O335!
!
!
P$)(!"9(B!
F! :-0/9#! #;! ,;-! #@9:! *9::$(#)#9;&! $	#+$*! T>-#;/;#9%$! "9/-+)#9;&! ",:#$/U! 9&!
D)(#9)+! <-+<9+/$&#! <;(! #@$! ')?@$+;(! ;<! C;/D-#$(! "?9$&?$! )&*! ')?@$+;(! ;<!
A&E9&$$(9&E!*$E($$!)#!#@$!8&9%$(:9#,!;<!=$:#$(&!>-:#()+9)V!
!
W;-(:!<)9#@<-++,!
!
!
!
!
"#$%$&!'()*+$,!
!
- 3 -!
! "#$%&'()*+),)%-./
!
!
!
!
!
!
!
!
!
!
F! N;-+*! +9X$! #;! #@)&X! #@$! 8&9%$(:9#,! ;<! =$:#$(&! >-:#()+9)B! #@$! <)?-+#,! ;<!
A&E9&$$(9&EB! C;/D-#9&E! )&*! L)#@$/)#9?:! <;(! #@$! ;DD;(#-&9#,! )&*! :-DD;(#!
*-(9&E! /,! ?;-(:$! N;(XV! ! L,! #@)&X:! E(;N! $YD;&$	)++,! #;! )&*! <;(! J@;/):!
'(K-&+B!)&*!#@$!CFFG"!E(;-DB!<;(!)++!#@$9(!:-DD;(#!)&*!)*%9?$V!
!
F!/-:#! )?X&;N+$*E$! #@$! 9&:D9()#9;&B! +;%$! )&*! :-DD;(#! ;<!/,! <)/9+,! >&&$B! Z;*!
)&*!C+)9($V!!L-?@!+;%$!)&*!#@)&X:!#;!,;-V!
!
!
["#$%$&!
!
- 4 -!
0 "1.-23#-/
!
!
J@$!>-#;/;#9%$!"9/-+)#9;&!9:!)!+)(E$!)&*!?;/D+$Y!:;<#N)($!D(;\$?#!N9#@!#@$!E;)+!
;<! 0(9&E9&E! )! ($)+9:#9?! *(9%9&E! :9/-+)#;(! #;! #@$!N;(X0$&?@V! !L)&,! )##(90-#$:! ;<!
#@9:! )! +)(E$! :,:#$/! ($]-9($! ($<;(/! )&*! ($*$:9E&! #;! 9/D(;%$! D$(<;(/)&?$! )&*!
:#)09+9#,V!!J;!#@9:!$&*B!#@9:!#@$:9:!*9:?-::$:!#@$!)##$/D#!#;!/;%$!>-#;"9/!#;!)!&$N!
;D$()#9&E!:,:#$/!D+)#<;(/!:;!):!#;!/)X$!0$##$(!-:$!;<!@)(*N)($!)&*!+$%$()E$!#@$!
C+9$&#^"$(%$(!)(?@9#$?#-($!;<!#@$!*$:9E&V!
!
!
- 5 -!
4 5&%-)%-/63+)/
!! "#$%&'()*+),)%-.////////////////////////////////////////////////////////////////////////////////////////////////////0!
1! "2.-34#- //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////5!
0! 6&%-)%-784+)/////////////////////////////////////////////////////////////////////////////////////////////////////////////////9!
0/!! :;.-7&<7=;+>3).////////////////////////////////////////////////////////////////////////////////////////////////////////////////////?!
0/1! :;.-7&<7@42().//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////A!
0/0! "223)B;4-;&%.////////////////////////////////////////////////////////////////////////////////////////////////////////////////////C!
5! D%-3&*>#-;&% ////////////////////////////////////////////////////////////////////////////////////////////////////////////// !!!
5/!! @E).;.7F-3>#->3) //////////////////////////////////////////////////////////////////////////////////////////////////////////// !!!
9! :;-)34->3)7G)B;)'/ /////////////////////////////////////////////////////////////////////////////////////////////////// !1!
7V2V2! AY)/D+$:!;<!_#@$(!"9/-+)#;(:VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV24!
7V2V4! L;#9%)#9;&VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV27!
9/1! F&<-'43)7@E)&3H//////////////////////////////////////////////////////////////////////////////////////////////////////////// !I!
7V4V2! "9&E+$#;&VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV2O!
7V4V4! "#)#$!P$:9E&!G)##$(& VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV2`!
7V4VR! C@)9&!;<!Z$:D;&:909+9#,VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV26!
I! G)B;)'7&<7-E)7#>33)%-7;,J(),)%-4-;&% //////////////////////////////////////////////////////////// 1K!
I/!! ">-&F;,6(;)%- //////////////////////////////////////////////////////////////////////////////////////////////////////////////// 1K!
I/1! ">-&F;,F)3B)3/////////////////////////////////////////////////////////////////////////////////////////////////////////////// 1!!
I/0! L.)*7F&<-'43)7:;2343;). ///////////////////////////////////////////////////////////////////////////////////////////// 11!
OVRV2! a#VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV44!
OVRV4! Z)X.$# VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV4R!
OVRVR! J9&,bLMVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV4R!
OVRVc! G>M VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV4c!
I/5! :;,;-4-;&%.7&<7-E)7;,J(),)%-4-;&%///////////////////////////////////////////////////////////////////////// 15!
OVcV2! _0\$?#9%$:VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV47!
?! D,J(),)%-4-;&%74%*7M>-#&,)./////////////////////////////////////////////////////////////////////////// 1I!
?/!! M2N)#-;B)O77F-42;(;-H72H7PQ#)J-;&%7R4%*(;%+74%*7F-4-)7@34%.;-;&%.////////////// 1?!
?/1! M2N)#-;B)O72>;(*;%+7&%747:;%>Q7.H.-), /////////////////////////////////////////////////////////////////// 0!!
`V4V2! G;(#9&E!>-#;"9/"$(%$( VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVR2!
`V4V4! P,&)/9?!L)X$<9+$![!F*$) VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVR2!
`V4VR! L)X$<9+$!P$:9E&!J@$;(, VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVRR!
- 6 -!
`V4Vc! P,&)/9?!L)X$<9+$!d!G()?#9?$VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVR7!
`V4V7! P,&)/9?!L)X$<9+$!C;&?+-:9;& VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVc5!
?/0! D,J3&B)*7S)-'&3$7PQ)#>-;&% ////////////////////////////////////////////////////////////////////////////////// 5C!
`VRV2! .$#N;(X9&E!G(9&?9D+$:!J@$;(,VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV72!
`VRV4! .$#N;(X!G$(<;(/)&?$!G()?#9:$ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV74!
?/5! PQJ)3;,)%-.7-&7)B4(>4-)7&>-#&,)./ /////////////////////////////////////////////////////////////////////// 91!
?/9! "%4(H.;.7&<7-E)7F)#&%*7PQJ)3;,)%-///////////////////////////////////////////////////////////////////////// 95!
A! 6&%#(>.;&%////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 9I!
C! G)<)3)%#).////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 9?!
"JJ)%*;Q//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 9C!
C/!! ">-&F;,F)3B)37T4$)<;()///////////////////////////////////////////////////////////////////////////////////////////// 9C!
C/1! ">-&F;,6(;)%-7T4$)<;() ////////////////////////////////////////////////////////////////////////////////////////////// I?!
!
- 7 -!
!
!"# $%&'()*(+%,-./&(
Q9E-($!2!1!AY)/D+$!:?($$&:@;#!;<!Z)?$(!H-:$*!<(;/!e2fI VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV24!
Q9E-($!4!1!A-(;!J(-?X!@):!)!($)+9:#9?!?)09&!H:?($$&:@;#!<(;/!e4fI VVVVVVVVVVVVVVVVVVVVVVVVVVVVVV2R!
Q9E-($!R!1!Z>Z"!9&!)?#9;&!H:?($$&:@;#!<(;/!eRfI VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV2c!
Q9E-($!c!1!J_ZC"!)!/;*$(&!>F!?@)/D9;&:@9D!H:?($$&:@;#!<(;/!ecfI VVVVVVVVVVVVVVVVVVVVVVVV2c!
Q9E-($!7!1!>!"9&E+$#;&!C+)::!P9)E()/ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV2`!
Q9E-($!O!1!"#)#$!P$:9E&!F&@$(9#)&?$VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV26!
Q9E-($!`!1!C@)9&!;<!Z$:D;&:909+9#,VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV25!
Q9E-($!6!1!J@$!_(9E9&)+!>-#;"9/C+9$&#!F&#$(<)?$B!H-:$*!9/)E$!<(;/!e2RfIVVVVVVVVVVVVVVV42!
Q9E-($!5!1!>-#;"9/"$(%$(!F&#$(<)?$ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV44!
Q9E-($!23!1!F/)E$!;<!#@$!>-#;"9/C+9$&#!:9*$!D)&$+VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV4O!
Q9E-($!22!1!J@$!:#)&*!)+;&$!>-#;"9/C+9$&#!%9:-)+9:)#9;&!N9&*;N VVVVVVVVVVVVVVVVVVVVVVVVVVVVV4O!
Q9E-($!24!1!"9/-+)#9;&"#;DD$*!N9#@;-#!%)+9*)#9;&VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV4`!
Q9E-($!2R!1!"$(%$(=;(+*'-9+*$(!0+9&*!#;!#@$!($:-+#: VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV46!
Q9E-($!2c!1!"9/-+)#9;&"#;DD$*!N9#@!%)+9*)#9;&VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV45!
Q9E-($!27!1!"$(%$(=;(+*'-9+*$(!)0+$!#;!9&*9?)#$!:-??$:: VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVR3!
Q9E-($!2O!1!G(;E()/!?;&#(;+!<+;N!*9)E()/VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV73!
Q9E-($!2`!1!G$(<;(/)&?$!0$<;($!9/D+$/$&#)#9;&VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV7R!
Q9E-($!26!1!G$(<;(/)&?$!)<#$(!9/D+$/$&#)#9;&VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV77!
!
!
- 8 -!
!
!"0 $%&'()*(1234/&(
!
J)0+$!2!1!F&#(;*-?#;(,!($/)(X: VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVR7!
J)0+$!4!1!8:$<-+!P$?+)()#9;&:VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVR`!
J)0+$!R!1!C;/D9+$(!M90()(,!<+)E:VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVR6!
J)0+$!c!1!"?(9D#!C)#?@[)++VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVR5!
J)0+$!7!1!a#!*$?+)()#9;&:VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVc3!
J)0+$!O!1!a#!J;;+:!";-(?$!g$&$()#9;& VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVcR!
J)0+$!`!1!M9:#9&E!J)(E$#!_0\$?#:VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVcc!
J)0+$!6!1!F/D+9?9#!'-9+*!Z-+$: VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVcO!
J)0+$!5!1!M9&X9&EB!C+$)&9&E!)&*!F&?+-*9&EVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVc6!
J)0+$!23!1!'$&?@/)(X9&E!S)(*N)($!G+)#<;(/VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV7R!
!
- 9 -!
!
!"! 533./6%2'%)7&(
!
>F! ! ! >(#9<9?9)+!F&#$++9E$&?$!
>GF! ! ! >DD+9?)#9;&!G(;E()//9&E!F&#$(<)?$!
CFFG"! ! ! C$&#($!;<!F&#$++9E$&#!F&<;(/)#9;&!G(;?$::9&E!",:#$/:!
C_MM>P>!! ! C_MM>0;()#9%$!P$:9E&!>?#9%9#,!
gCC! ! ! g.8!C^Chh!C;/D9+$(!
g.8!! ! ! )!($?-(:9%$!)?(;&,/!<;(!Tg.8i:!.;#!8&9YU!
g8F! ! ! g()D@9?)+!8:$(!F&#$(<)?$!
jPA! ! ! j!P$:X#;D!A&%9(;&/$&#!
G>M! ! ! G@,:9?:!>0:#()?#9;&!M),$(!
Z>Z"! ! ! Z;0;#!>-#;!Z)?9&E!"9/-+)#;(!
J_ZC"!! ! J@$!_D$&!Z)?9&E!C)(!"9/-+)#;(!
8=>! ! ! 8&9%$(:9#,!;<!=$:#$(&!>-:#()+9)!
bLM! ! ! AY#$&:90+$!L)(X-D!M)&E-)E$!
!
!
- 11 -!
7 8%-2&*9#-:&%/
!
J@$! >-#;/;#9%$! "9/-+)#;(B! *$:?(90$*! @$($)<#$(! ):! !"#$%&'B! 9:! )! :;<#N)($!
:9/-+)#9;&! )&*! *$%$+;D/$&#! D+)#<;(/! <;(! #@$! *$:9E&! )&*! ?)+90()#9;&! ;<!
$&E9&$$(9&E!D(;\$?#:V!!J@$!C$&#($!<;(!F&#$++9E$&#!F&<;(/)#9;&!",:#$/:!HCFFG"I!9:!)!
($:$)(?@! E(;-D! 9&! #@$! :?@;;+! ;<! A+$?#(9?)+! )&*! A+$?#(;&9?! A&E9&$$(9&E! )#! #@$!
8&9%$(:9#,! ;<! =$:#$(&! >-:#()+9)! )&*! @):! #@$! E;)+! ;<! ($:$)(?@9&E! (;0;#9?! )&*!
)-#;/)#9;&!:,:#$/:!):!#@$,!)DD+,!#;!/;*$(&!%$@9?+$:V! !>-#;"9/!($9&<;(?$:!#@)#!
;0\$?#9%$! 0,! ?;&:9:#9&E! ;<! )! :;<#N)($! ($)+9:#9?! N;(+*! :9/-+)#9;&! -:9&E!
D(;E()//)0+$! (;0;#:! #@)#! D(;%9*$:! %9:-)+9:)#9;&! )&*! 9&:#(-/$&#)#9;&! :$&:;(:!
)(;-&*! )! %9(#-)+! (;)*! &$#N;(X! $&%9(;&/$&#V! ! J@$! :;<#N)($! 9:! *$%$+;D$*! <;(!
L9?(;:;<#!=9&*;N:k!N9#@!#@$!E;)+!;<!@)%9&E!)!?(;::!D+)#<;(/B!*9:#(90-#)0+$!)&*!
$Y#$&:90+$!/;*-+)(! :,:#$/V! ! J@$:$! ;0\$?#9%$:! )($! #;! 0$!/$#! 9&! D)(#! 0,!/;%9&E!
)+:;! ;&#;! #@$! P$09)&! M9&-Yk! ;D$()#9&E! :,:#$/!N@9+$! 9/D(;%9&E! ($+9)09+9#,! )&*!
#N$)X9&E! D$(<;(/)&?$V! ! >-#;"9/! 9:! 0-9+#! )(;-&*! #@$! -:$! ;<! ;D$&! :;-(?$!
#$?@&;+;E9$:! :;! #@)#! #@$! :;<#N)($! ?)&! 0$! *9:#(90-#$*! #;! ;#@$(! ($:$)(?@!
9&:#9#-#9;&:!)&*!9:!*$:9E&$*!#;!?;//-&9?)#$!;%$(!)&!A#@$(&$#!&$#N;(XV!
!
8"# 19/&%&(:'.-;'-./(
!
J@9:! #@$:9:! N9++! $Y)/9&$! :;/$! ;<! #@$! $Y)/D+$:! ;<! :9/-+)#9;&! )&*! #@$! N;(X!
)+($)*,!?;/D+$#$*!9&#;!>-#;"9/!9&!C@)D#$(!7V!!C@)D#$(!O!?;&*-?#:!)!($%9$N!)&*!
$YD+)&)#9;&! ;<! #@$! ?-(($&#! 9/D+$/$&#)#9;&V! ! Q;++;N$*! 0,! C@)D#$(! `! ?;&#)9&:!
*9:?-::9;&!;<!#@$!9/D+$/$&#)#9;&!;<!9/D(;%$/$&#!;0\$?#9%$:V!
- 12 -!
!
; <:-)23-92)/=)>:)'?/
!
;?!?! @A3,B()./&C/D-E)2/F:,9(3-&2./
J@$($!)($!%)(9;-:!$Y)/D+$:!;<!)-#;/;#9%$!:9/-+)#;(:!?-(($&#+,!0$9&E!*$%$+;D$*!
<;(! #@$!D-(D;:$:! ;<! $&#$(#)9&/$&#B! <;(! :D$?9<9?! )DD+9?)#9;&:! +9X$!*(9%$(! #()9&9&E!
)&*!<;(!D(;*-?#!*$%$+;D/$&#!)&*!($:$)(?@!D-(D;:$:V!
!
!
=;+>3)7!7O7PQ4,J()7.#3))%.E&-7&<7G4#)37U>.)*7<3&,7V!WX7
G4#)37
J@9:!D(;\$?#!9:!)!<($$B!):!9&!?;:#B!?(;::[D+)#<;(/!)(?)*$!?)(!:9/-+)#9;&!D(;\$?#V!
Z)?$(!>-#@;(!Z--*!%)&!g))+!9&!#@$!.$#@$(+)&*:!*$:?(90$:!@9:!D(;\$?#!):B!
()*+,-.&/.*.0-,,.+-$//123*#0$-'.+*-./&'"3*#&$4.2-$5,+#.60$-.4$41+$'',-+&*3."/,78.
"/&49.2-$0,//&$4*3.+*-.2:;/&+/.#$.*+:&,<,.*.-,*3&/#&+.0,,3&49.*4=.*4.,>+,33,4#.-,4=,-.
,49&4,.0$-.9-*2:&+*3.-,*3&/'?.@*-/8.#-*+A/.*4=./"+:.+*4.B,.+-,*#,=.-,3*#&<,3;.,*/;.
6+$'2*-,=.#$.$#:,-8.'$-,.+3$/,=8.=-&<&49./&'"3*#&$4/7?.C:,.DE8.2:;/&+/.*4=.$#:,-.
0&3,.0$-'*#/.*-,.=$+"',4#,=?.F=&#$-/.*4=./"22$-#.2-$9-*'/.*-,.*3/$.*<*&3*B3,.#$.
9,#.*.<,-;.+"/#$'&G*B3,.*4=.,>2*4=*B3,./&'"3*#$-?.
H2,4IJ.&/."/,=.0$-.-,4=,-&49?K.LMN.
!
- 13 -!
Z)?$(!9:!:9/9+)(!9&!/)&,!<-&?#9;&)+!N),:!#;!>-#;"9/!@;N$%$(!#@$!D(;\$?#!:;-(?$!
9:! &;#! <($$! $&;-E@! #;! 0$! *9:#(90-#)0+$V! ! J@9:! /)X$:! 9#! -&:-9#)0+$! ):! >-#;"9/!
9&#$&*:! #;! *$%$+;D! 9&#;! )! ($:$)(?@! )&*! *$%$+;D/$&#! D+)#<;(/! #@)#! /),! 0$!
*9:#(90-#$*!)(;-&*!#@$!N;(+*V!!Z)?$(!)+:;!+)?X:!)&,!*$:9E&!?;&:9*$()#9;&!<;(!-:$!
;<!(;0;#9?!D(;E()//9&E!;(!9&:#(-/$&#)#9;&V!
!
!
!
=;+>3)717O7P>3&7@3>#$7E4.7473)4(;.-;#7#42;%7U.#3))%.E&-7<3&,7V1WX7
!
P>3&7@3>#$7F;,>(4-&37
J@$! lA-(;! J(-?X! "9/-+)#;(m! 9:! )&! 9//$(:9%$! :9/-+)#;(! $YD$(9$&?$! ;<! *(9%9&E! )!
#(-?X!;(!%)(9;-:!+)(E$!#()&:D;(#!%$@9?+$:!)(;-&*!#@$!?9#9$:!)&*!(;)*:!;<!A-(;D$V!!
F#!)9/:!#;!D(;%9*$!#@$!/;:#!($)+9:#9?!$YD$(9$&?$!N9#@!*$#)9+$*!E()D@9?:!)&*!(9?@!
9&#$()?#9%$!$&%9(;&/$&#:V! ! F&!D)(#9?-+)(!;<! #@$!*(9%9&E!?)09&!N9#@! 9#$/:!:-?@!):!
N9&E!/9((;(:V!!J@9:!D(;D(9$#)(,!:9/-+)#;(!9:!*$:9E&$*!#;!:@)($!#@$!#(-?X!*(9%9&E!
$YD$(9$&?$!)(;-&*!A-(;D$!N9#@!#@$!D)#(;&:!;<!#@$!?;/D)&,!"C"!";<#N)($V!
!
!
- 14 -!
!
=;+>3)707O7G"GF7;%74#-;&%7U.#3))%.E&-7<3&,7V0WX7
G&2&-7">-&7G&2&-;#7F;,>(4-&37UG"GFX7
!
'-9+#! N9#@! #@$! 9*$)! ;<! D(;%9*9&E! )! :9/D+$! R*! (;0;#! :9/-+)#;(! <;(! ?;/D$#9#9%$!
()?9&E! )&*! $*-?)#9;&)+! D-(D;:$:! <;(! #@$! :-0\$?#:! ;<! >(#9<9?9)+! F&#$++9E$&?$! )&*!
($)+[#9/$! )*)D#9%$! ;D#9/)+! ?;&#(;+V! ! J@9:! D(;\$?#! @):! 0$$&! :-D$(:$*$*! 0,! J@$!
_D$&!Z)?9&E!C)(!"9/-+)#;(!HJ_ZC"I!D(;\$?#V!
!
!
=;+>3)757O7@MG6F747,&*)3%7"D7#E4,J;&%.E;J7U.#3))%.E&-7<3&,7V5WX7
@E)7MJ)%7G4#;%+76437F;,>(4-&37U@MG6FX7
8:9&E! /;($! /;*$(&! E()D@9?:! #$?@&;+;E9$:! ;%$(! #@$! D($%9;-:! D(;\$?#V! ! J_ZC"!
?;	&-$:! Z>Z"! $<<;(#! 9&! >F! ?;/D$#9#9;&! 0,! <;?-:9&E! ;&! #@$! ?;/D$#9#9%$!
D(;E()//9&E!;<!?;/D+9)&#!D(;E()//$*!(;-#9&$:!#;!@)&*+$!)!E9%$&!#()?X!+),;-#V!!
- 15 -!
J_ZC"!9:!0-9+#!)(;-&*!)!?;//-&9#,!;<!<-&!:$$X9&E!#$?@&;+;E9?)+!:)%%,!<)&:!N@;!
N)&#!#;!:$$!#@$9(!()?$(:!$Y?$$*B!#@$!D(;\$?#!*;$:!)++;N!-:$(:!#;!?($)#$!$%$&#:!<;(!
#@$9(! >F! D(;E()//$*! ()?9&E! #$)/:! )&*! )++;N:! #()?X:! #;! 0$! ?-:#;/9:$*! <;(! #@$!
*$%$+;D/$&#! ;<! ($)+! N;(+*! #()?X:V! ! 8:$(:! ?;&#(90-#$! 0):$*! ;&! #@$9(! N)&#! #;!
D)(#9?9D)#$!9&!)&!$%$&#!0):$*!;&!)!D)(#9?-+)(!:?$&)(9;V!
!
;?!?0 G&-:>3-:&%/
!
Z;)*! #()&:D;(#! :)<$#,! 9:! )&! ;&E;9&E! ?;&?$(&! ):! #@$! &-/0$(! ;<! (;)*! #()&:D;(#!
%$@9?+$:!9&?($):$:!&)#9;&)++,!e7fB!)&*!#@9:!9/D;(#)&?$!<;(!>-:#()+9)B!?;	&-$:!#;!
E(;N!):!*;$:!#@$!D(;D;(#9;&!;<!(;)*!#()&:D;(#)#9;&!9&!>-:#()+9)&!:;?9$#,!eOfV!!!C)(!
/)&-<)?#-($(:! )($! :$$X9&E! N),:! #;! D($%$&#! #()<<9?! )??9*$&#:! 9&! )! /)&,! &$N!
*9($?#9;&:B!;<#$&!N9#@!#@$!9&?+-:9;&!;<!)!*(9%$(!)::9:#)&?$!D(;*-?#!e`fV!
!
",:#$/:!@)%$!)+:;!0$$&!*$%$+;D$*!<;(!#@$!-:$!;<!:9/-+)#9&E!@)(*N)($!#@(;-E@!)!
@)(*N)($[9&[#@$[+;;D! %$@9?+$! :9/-+)#9;&V! ! J@9:! 9:! )! %$@9?+$! ;&! )! N;(X0$&?@!
)DD(;)?@! 9&!;(*$(!#;!*$%$+;D!?;/D+$Y!)*)D#9%$!:,:#$/:! +9X$! #()?#9;&!)::9:#! e6fV!!
>-#;"9/! N9++! 0(9&E! #@$! :;<#N)($! 0$&?@[#;D! #;! )! *$%9?$V! ! n9:-)+B! 9&#$(<)?$! )&*!
/;&9#;(9&E! *$%9?$:! #@)#! ?)&! @$+D!/)&)E$! (9:X:! 9&! #@$! &)#9;&)+! (;)*! #()&:D;(#!
:,:#$/!)($!9/D;(#)&#!#$?@&;+;E9$:!#@)#!&$$*!9&&;%)#9%$!)&*!:;/$#9/$:!?;/D+$Y!
:;+-#9;&:V!!>#!D($:$&#!*(9%$(!)::9:#)&?$!)&*!$&@)&?$/$&#!9&&;%)#9;&:!)($!:+;N!#;!
/)(X$#! )&*! $YD$&:9%$! #;! *$%$+;DV! ! J@$! :#$$D! :#)(#[-D! ?;:#:! ;<! D(;%9*9&E! ($)+!
@)(*N)($! <;(! #$:#9&E! )&*! #@$! (9E;(;-:! #$:#9&E! ($]-9($/$&#:! /$)&! :9E&9<9?)&#!
#9/$!*$+),:!0$#N$$&!*$%$+;D/$&#!9#$()#9;&:!#@)#!9&@909#!($:$)(?@V!!>!N;(#@N@9+$!
E;)+! #@$($<;($! 9:! #;! D(;%9*$! )! #)(E$#$*! #$:#0$*! <;(! *(9%$([)::9:#)&?$! <-&?#9;&:V!!!
',!0-9+*9&E!;&!#@$!$Y9:#9&E!N;(X!;<!>-#;"9/!#@$!CFFG"!E(;-D!N9++!0$!)0+$!D(;%9*$!
($)+9:#9?!:9/-+)#$*!*)#)!)&*!9&:#(-/$&#:!<;(!-:$!9&!*(9%$([)::9:#)&?$!#$?@&;+;E,!
D(;\$?#:V!
!
J$:#9&E! )&*! *$%$+;D/$&#! ;<! *(9%$(! )::9:#)&?$! )&*! :)<$#,! :,:#$/:! ?)&! 0$! )&!
$YD$&:9%$B!*)&E$(;-:!)&*!#9/$!9&#$&:9%$!9#$()#9%$!D(;?$::V!!J@$!*$%$+;D/$&#!;<!)!
-:$<-+! :9/-+)#9;&! 9:! ($]-9($*! #@$($<;($! #;! D(;%9*$! )&! )0:#()?#! N),! ;<! *$)+9&E!
- 16 -!
N9#@!($)+!N;(+*!:9#-)#9;&:!)&*!@$&?$!($*-?$! #@$!$YD$&:$B!*)&E$(!)&*! +$&E#@!;<!
#9/$!9&%;+%$*!N9#@!*$%$+;D/$&#!9#$()#9;&:V!
!
>*%)&?$:! 9&! ?;/D-#)#9;&! )&*! $+$?#(;&9?:! @):! :@;N&! D(;/9:$! #;! 9/D(;%$! #@$!
:)<$#,!)&*!+9%$:!;<!9&*9%9*-)+:!N9#@!#@$!9&#(;*-?#9;&!;<!]-)+9#,!?@$)D!?)/$():!)&*!
/9?(;?;&#(;++$(!?)D)09+9#,V!!=9#@!#@$!)::9:#)&?$!;<!#@9:!*$%$+;D/$&#!D+)#<;(/!#@$!
;DD;(#-&9#,! #;! +$%$()E$! #@;:$! #$?@&;+;E9$:! 9&! #@$! 9/D(;%$/$&#! ;<! :)<$#,B!
#@(;-E@! ($:$)(?@! D(;\$?#:! :-?@! ):! >?#9%$! >*%)&?$! =)(&9&E! ",:#$/:! e5f! )&*!
)::9:#)&?$!>*)D#9%$!C(-9:$!C;&#(;+!e23fV!!
!
AY9:#9&E!D+)#<;(/:!?)#$(9&E!<;(!#@$!:9/-+)#9;&!;<!)-#;/;#9%$!:,:#$/:!@)%$!0$$&!
<;?-:$*! ;&! $&E9&$! D$(<;(/)&?$! )&*! ?)(! *,&)/9?:V! ! n$@9?+$! /)&-<)?#-($(:! 9&!
E$&$()+!*;!($:$)(?@!9&!@;-:$!)&*!X$$D!#@$9(!*$%$+;D/$&#!#;;+:!D(;D(9$#)(,V!!J@$!
-:$!;<!%9(#-)+! ($)+9#,!$&%9(;&/$&#:! #;!:9/-+)#$!*)#)! <;(!-:$! 9&! <-(#@$(!($:$)(?@!
@):!:#(;&E!D;#$	)+!#;!)??$+$()#$!9/D(;%$/$&#:!9&!*(9%$(!)::9:#)&?$!#$?@&;+;E,B!
)&*!%$@9?+$!9&:#(-/$&#)#9;&!($:$)(?@!e22fV!!J@9:!9:!N@$($!>-#;"9/!9:!D;:9#9;&$*B!
#;!D(;%9*$!)&!)*)D#)0+$!)&*!)%)9+)0+$!N;(X:#)#9;&! #;!$<<9?9$&#+,!)&*! (9E;(;-:+,!
#$:#!&$N!)-#;/;#9%$!*$%9?$:V!
!
<"0 :)*'=2./(19/).>(
";<#N)($! $&E9&$$(9&E! ?;&?$D#:! )DD+9$*! #;! >-#;"9/! )&*! *9:?-::$*! +)#$(! 9&! #@9:!
#@$:9:!)($!*$:?(90$*!9&!#@$!<;++;N9&E!:$?#9;&V!
!
;?0?! F:%+()-&%/
!
J@$! :9&E+$#;&! *$:9E&! D)##$(&! -:$:! /$#@;*:! #;! $&:-($! )! ?+)::! ;&+,! @):! ;&$!
9&:#)&?$!;(!)!:D$?9<9$*!&-/0$(!;<!9&:#)&?$:!)&*!D(;%9*$:!)!E+;0)+!D;9&#!;<!)??$::!
<;(!#@$/V!
!
Q9E-($!7!9:!)!?+)::!*9)E()/!;<!)!:9&E+$#;&!*$:9E&B!@$($!#@$!<-&?#9;&!E$#F&:#)&?$HI!
($#-(&:!)!($<$($&?$!#;!#@$!-&9]-$!:9&E+$#;&!)##(90-#$V! !J@$!?+)::!"9&E+$#;&!@):!)!
- 17 -!
?;&:#(-?#;(!#@)#! 9&9#9)+9:$:!#@$!-&9]-$!:9&E+$#;&!%)(9)0+$!;(!($#-(&:! 9#! 9<!)+($)*,!
$:#)0+9:@$*V!
!
=;+>3)797O7"7F;%+()-&%76(4..7Y;4+34,7
!
J@9:! *$:9E&! D)##$(&! ;<! )! -&9]-$! -09]-9#;-:! ;0\$?#! @):! #@$! )*%)&#)E$! ;<!
?;&#(;++9&E! )??$::V! ! L)&)E9&E! )&*! $&?)D:-+)#9&E! #@$! :;+$! 9&:#)&?$B! *-$! #;! #@$!
"9&E+$#;&! 0$9&E! )! ?+)::B! 9#! @):! ?;/D+$#$! )&*! :#(9?#! ?;&#(;+! ;%$(!N@$&! )&*! @;N!
;#@$(! ?+)::$:! )??$::! 9#V! ! J@$! :)/$! D(9&?9D+$:!/),! 0$! )?@9$%$*! 0,! -:9&E! E+;0)+!
%)(9)0+$:! @;N$%$(! #@$! "9&E+$#;&! *$:9E&! D)##$(&! )%;9*:! ?;/D+9?)#9&E! #@$! &)/$!
:D)?$! 0,! D;++-#9&E! 9#! N9#@! E+;0)+! %)(9)0+$:! #;! :#;($! :;+$! 9&:#)&?$:V! ! >&;#@$(!
)*%)&#)E$!?;/$:!<(;/!#@$!<+$Y909+9#,!#@9:!)DD(;)?@!D(;%9*$:!;%$(!?+)::!/$#@;*:!
;<! :;<#N)($! ?;&#(;+B! 9&?+-*9&E! )++;N9&E! )! %)(9)0+$! )&*! *,&)/9?! &-/0$(! ;<!
9&:#)&?$:V! ! "9&E+$#;&! ?+)::$:B! ):! )! ?+)::! ?)&! @)%$! #@$9(! ;D$()#9;&! )&*! :#(-?#-($!
($<9&$*!0,!-:$!;<!9&@$(9#)&?$V!
!
;?0?0 F-3-)/H).:+%/63--)2%/
!
>! :#)#$! *$:9E&! D)##$(&! -:$:! ?+)::!/$#@;*:! #;! ?;&%$(#! ;0\$?#:! 0$#N$$&! ?+)::$:V!!
J@$!;0\$?#!0$?;/$:!#@$!:#)#$!)&*!#@9:!)++;N:!)&!;0\$?#!#;!)+#$(!0$@)%9;-(!0):$*!
;&!#@$!9&#$(&)+!:#)#$!?@)&E$:!9&!#@)#!;0\$?#V!!J@9:!9:!)?@9$%$*!0,!9/D+$/$	&E!)&!
)0:#()?#! :#)#$! ?+)::! #@)#! )?#:! ):! )!D(;Y,! <;(! $YD+9?9#+,!*$<9&$*! :#)#$! ?+)::$:! #@)#!
9&@$(9#!#@$!)0:#()?#!?+)::!H:$$!Q9E-($!OIV!
!
- 18 -!
!
=;+>3)7I7O7F-4-)7Y).;+%7D%E)3;-4%#)7
!
J@9:!*$:9E&!/;*)+9#,!@):!#@$!?;&:$]-$&?$!;<!+;?)+9:9&E!0$@)%9;-(!;<!)!:#)#$!#;!#@$!
($+$%)&#!?+)::!N@9?@!D)(#9#9;&:!0$@)%9;-(!<;(!*9<<$($&#!:#)#$:V!!J@$!)+#$(&)#9%$!9:!
#;!-:$!%)(9)0+$:!)&*!*)#)!N9#@9&!)!?+)::!#;!*$<9&$!9&#$(&)+!:#)#$:!)&*!@)%$!?;&#$Y#!
;D$()#9;&:! %)+9*)#$! *)#)! )&*! @$&?$! #@$! ?-(($&#! :#)#$! $YD+9?9#+,V! ! J@9:!
?;/D+9?)#9;&! /-:#! 0$! 9/D+$/$&#$*! ($D$)#$*+,! )&*! #@(;-E@;-#! #@$!
9/D+$/$&#)#9;&V! ! Q-(#@$(! N9#@;-#! #@9:! *$:9E&! D)##$(&! 9&?+-*9&E! )! &$N! :#)#$!
N;-+*!($]-9($!?@)&E9&E!:$%$()+!+)(E$!?;&*9#9;&)+!;D$()#9;&!:#)#$/$&#:V!
!
>&! )*%)&#)E$! ;<! #@$! :#)#$! *$:9E&! D)##$(&! 9:! 9#! $&:-($:! :#)#$! #()&:9#9;&:! )($!
$YD+9?9#B!N@$&!)&!;0\$?#!*$<9&$:!)!:#)#$!0,!#@$!9&#$(&)+!*)#)!%)+-$:!;<!)!?+)::!#@$!
?@)&E$!;<!:#)#$!@):!&;!($D($:$&#)#9;&!9&!#@$!*)#)!-	+!:-?@!#9/$!):!)::9E&/$&#!
#;! #@;:$! %)(9)0+$:! @):! 0$$&! ?;/D+$#$V! ! ',! @)%9&E! :#)#$! ;0\$?#:B! #@$! ?;&#$Y#! 9:!
D(;#$?#$*! <(;/! 9&%)+9*! )&*! 9&?;&:9:#$&#! 9&#$(&)+! :#)#$:! *-$! #;! ?;&#$Y#! :@9<#9&EV!!
J@$:$!:#)#$!#()&:9#9;&:!)($!)#;/9?!)&*!N9++!0$!9&*$D$&*$&#!;<!9&#$((-D#9;&:!<(;/!
)&;#@$(!#):X!)&*!@$&?$!D(;#$?#$*!<(;/!?9(?-/:#)&?$:!;<!()?$!?;&*9#9;&:V!
!
;?0?4 5E3:%/&C/=).B&%.:1:(:-I/
!
J@$! ?@)9&! ;<! ($:D;&:909+9#,! *$:9E&! D)##$(&! )%;9*:! ?;-D+9&E! #@$! :$&*$(! ;<! )!
($]-$:#! #;! )! ($?$9%$(! 0,! -:9&E! /;($! #@)&! ;&$! ;0\$?#! ):! )&! 9&#$(/$*9)#$+,! #;!
@)&*+$! #@$! ($]-$:#V! ! J@$:$! ?@)9&:! ($?$9%9&E!;0\$?#:!*;!D)::! ($]-$:#:! )+;&E! #@$!
?@)9&!-	+!)&!;0\$?#!@)&*+$:!9#!;(!*(;D:!9#V!
- 19 -!
J@$!($):;&:!<;(!@)%9&E!)!*$?;-D+$*!:$&*$(!)&*!($?$9%$(!?)&!0$!0$?)-:$!)!?+)::!9&!
)!?@)9&!/),!&;#!@)%$!#;!X&;N!@;N!#@$!;0\$?#!N9++!0$!@)&*+$*V!!>!@)&*+$(!?)&!;&+,!
9&#$(D($#!N@$($! #;! <-(#@$(!D(;?$::!)&!;0\$?#!0-#!?)&!;&+,!X&;N!N9#@9&! 9#:!;N&!
?;&#$Y#!N@)#!)&!;0\$?#! 9:!)&*! 9:!($]-9($*!;<! 9#V! ! F&!)!?@)9&!;<!($:D;&:909+9#,B!:$$!
Q9E-($!`B!$)?@!?+)::!9:!)&!;0\$?#!@)&*+$(!:;(#9&E!;(!/)&9D-+)#9&E!-	+!#@$!;0\$?#!
9:!@)&*+$*V!
!
!
=;+>3)7?7O76E4;%7&<7G).J&%.;2;(;-H7
!
>!?@)9&!;<!($:D;&:909+9#,!@):!#@$!)*%)&#)E$!;<! +;;:$!?;-D+9&E!0$?)-:$!#@9:! <($$:!
)&!;0\$?#!<(;/!@)%9&E!#;!X&;N!N@9?@!;#@$(!;0\$?#!@)&*+$:!)!($]-$:#V! !>&!;0\$?#!
($]-9($:!;&+,!#@)#!9#!N9++!0$!@)&*+$*!)DD(;D(9)#$+,!<;(!)&!;0\$?#!;<!#@)#!?+)::V!!J@$!
:$&*$(B! "$(%$(=;(+*'-9+*$(B! )&*! ($?$9%$(B! J9&,bLMB! &$$*! &;#! X&;N! ;<! $)?@!
;#@$(!N@9+$!/)9&#)9&9&E!:;<#N)($!9&#$E(9#,V! !J@9:!)++;N:!<;(!9&?($):$*!<+$Y909+9#,!
N@$&! @)&*+9&E! ;0\$?#! ($:D;&:909+9#9$:V! ! _0\$?#:! ?)&! 0$! ($D+)?$*! N9#@! %)(9;-:!
)+#$(&)#9%$:! )#! (-&[#9/$! )&*! %)(9;-:! ($]-$:#:! ?)&! 0$! 9&#$(D($#$*! 0,! )&;#@$(!
:9&E+$!;0\$?#V!
>! *9:)*%)&#)E$! ;<! #@$! ?@)9&! *$:9E&! D)##$(&B! 9:! )! ($?$9D#! ;<! )! ($]-$:#! 9:! &;#!
E-)()&#$$*V! !"9&?$!#@$!:$&*$(!*;$:!&;#!X&;N!$YD+9?9#+,!;<!#@$!($?$9%$(!)&!;0\$?#!
/),!0$!@)&*+$*!9&)DD(;D(9)#$+,!;(!E;!-&@)&*+$*!N@$&!)!?@)9&!9:!&;#!$:#)0+9:@$*!
D(;D$(+,!*-(9&E!(-	/$V!
- 20 -!
!
J =)>:)'/&C/-E)/#922)%-/:,B(),)%-3-:&%/
!
>-#;"9/! 9:! )&! ;D$&! :;-(?$! :9/-+)#9;&! D+)#<;(/V! ! >&! $&%9(;&/$&#! 9:! ($D+9?)#$*!
N9#@! /;*$+:! #@)#! 9&?+-*$! %$@9?+$:B! (;)*:B! 9&#$(:$?#9;&:B! 0-9+*9&E:! )&*! %)(9;-:!
;0:#)?+$:! 9&?+-*9&E! #($$:! (;)*! :9E&:V! ! J@$! $<<$?#:! ;<! E()%9#,! )&*! N9&*! )($!
($D+9?)#$*! ;&! #@$! %9(#-)+! %$@9?+$! N@9?@! )! -:$(! ?)&! *(9%$! -:9&E! )-#;/)#$*!
:?(9D#9&EB!g8F!?;&#(;+:!)&*!)!\;,:#9?X!?;&#(;+!:#$$(9&E!N@$$+!)&*!D$*)+:V!
!
L)D:B!/;*$+!D;:9#9;&:B!?)(!D)()/$#$(:!)($!($)*! <(;/!bLM!<9+$:!E$&$()#$*! <(;/!
-:$(! 9&D-#! ):! N$++! ):! 9&<;(/)#9;&! <($$+,! )%)9+)0+$! <(;/! #@$! _D$&! "#($$#! L)D!
G(;\$?#!e24fV!!_D$&!"#($$#!L)D!9:!)!D-0+9?!?;++)0;()#9;&!$<<;(#!#;!D(;%9*$!)&!;D$&!
)&*! <($$!*)#)0):$!;<! E$;E()D@9?)+!*)#)! <;(!D-0+9?! )??$::V! !>-#;"9/!-:$:! #@9:!):!
#@$!0):9:!;<!#@$!/)D:!N@9?@!9#!-:$:!(-&&9&E!)!:9/-+)#9;&V!
!
>-#;"9/! @):! ($:D;&:909+9#9$:! #;! ?($)#$! )! %9:-)+9:)#9;&! ;<! )! %9(#-)+! #@($$[
*9/$&:9;&)+! $&%9(;&/$&#! )&*! #;!/)9&#)9&! #()?X!;<! )! %9(#-)+!N;(+*! ;<! $+$/$&#:!
)&*!;0:#)?+$:V!!J@9:!9:!0(;X$&!-D!9&#;!)!?+9$&#!)&*!:$(%$(!$Y$?-#)0+$:!#;!)++;N!#@$!
:9/-+#)&$;-:!$Y$?-#9;&!;&!/-+#9D+$!?;/D-#$(:!)&*!)#!*9<<$($&#!+;?)#9;&:!?)&!0$!
?;&&$?#$*! #;! #@$! :)/$! %9(#-)+! N;(+*! %9)! )! &$#N;(XV! ! J@9:! ?+9$&#! :$(%$(!
)(?@9#$?#-($! 9:! )&! 9/D;(#)&#! D)(#! ;<! #@$! #()&:9#9;&! #;! )!/-+#9D+$! &;*$! &$#N;(X!
:9/-+)#9;&V!
!
J@$!#N;!$Y$?-#)0+$:!)($!0(;X$&!-D!9&#;!:$%$()+!X$,!($:D;&:90+$!?+)::$:V!
!
?"# 5-'):%@A4%/7'(
!
J@$!>-#;"9/C+9$&#!@):!#@$!($:D;&:909+9#,!;<!?($)#9&E!#@$!E()D@9?)+!9&#$(<)?$!)&*!
%9:-)+9:)#9;&!;<!#@$!/;*$+:!)&*!$&%9(;&/$&#!;<!#@$!D@,:9?)+!:9/-+)#9;&V!!F#!@):!)!
E()D@9?)+!-:$(!9&#$(<)?$!:@;N&!0$+;N!9&!Q9E-($!6V!
!
- 21 -!
!
=;+>3)7A7O7@E)7M3;+;%4(7">-&F;,6(;)%-7D%-)3<4#)Z7U>.)*7;,4+)7<3&,7V!0WX7
!
J@$! >-#;"9/C+9$&#! *;/9&)&#! :;<#N)($! )(?@9#$?#-($! *$:9E&! 9:! #@$! "9&E+$#;&V! ! >!
"9&E+$#;&!*$:9E&!D)##$(&B! *$:?(90$*!0,! Q9E-($!7B! ($:#(9?#:! #@$! 9&:#)	)#9;&! ;<! )!
?+)::!#;!)!:9&E+$!;0\$?#V! ! F&!:;<#N)($!)!:9&E+$!9&:#)&?$!9:!-:$<-+!<;(!?;[;(*9&)#9&E!
)?#9;&:!)?(;::!)!:,:#$/V!e2cf!
!
J@$! ?+)::$:! #@)#! )($! X$,! :9&E+$#;&:! 9&! >-#;"9/C+9$&#! )($! C+9$&#C;&#(;++$(B!
g()D@9?:L)&)E$(B! Z)X.$#C+9$&#! )&*! 8:$(G(;E()/PMMV! ! J@$,! )($! )++!
9/D+$/$&#$*!#;!0$!9&*9%9*-)+!#@($)*:!#;!$Y$?-#$!#@$9(!9&*9%9*-)+!D)(#V!!J@$,!)($!
($E-+)(+,! ($<$((9&E! 0)?X! #;! )&;#@$(! :9&E+$#;&! ;<! ;#@$(! #@($)*:! <;(! #(9EE$(:! #;!
$&)?#!+;)*!)&*!(-&!0$@)%9;-(:!;%$(!:@)($*!/$/;(,V!
!
?"0 5-'):%@:/.6/.(
!
J@$! >-#;"9/"$(%$(! @):! #@$! ($:D;&:909+9#,! ;<! @)&*+9&E! #@$! :#)#-:! ;<! #@$!
$&%9(;&/$&#! 9&! #@$!:9/-+)#9;&V! ! F#!D(;*-?$:! 9&#$()?#9;&:!;<! #@$!/;*$+:! #@(;-E@!
#@$!D@,:9?:!$&E9&$V!
- 22 -!
!
=;+>3)7C7O7">-&F;,F)3B)37D%-)3<4#)7
J@$! :9/D+$! 9&#$(<)?$! ;<!>-#;"9/"$(%$(! *9:D+),:! )! $YD)&*)0+$! #($$! ;<! (;0;#:! 9&!
#@$! :9/-+)#$*! N;(+*V! ! AYD)&*9&E! $)?@! 9#$/! :@;N:! N@9?@! 0;*,! #@$! (;0;#! 9:!
?;&&$?#$*!#;!)&*!#@$!)##(90-#$:!;<!#@$!0;*,!9&!#@$!N;(+*V!
!
?"! B&/C(:)*'=2./($%3.2.%/&(
!
>-#;"9/! )*;D#:! :$%$()+! <($$B! ;D$&[:;-(?$! +90()(9$:! #;! D(;%9*$! <$)#-($:! )&*!
<-&?#9;&)+9#,!<;(!#@$!:9/-+)#9;&V!!J@$!+90()(9$:!($+$%)&#!#;!#@9:!#@$:9:!)($1!
!
J?4?! K-/
!
a#B! #;! 0$! D(;&;-&?$*! +9X$! #@$! N;(*! T?-#$UB! 9:! #@$! g8F! )&*! )DD+9?)#9;&!
*$%$+;D/$&#! <()/$N;(X! #@)#! >-#;"9/! 9:! 0-9+#! -D;&V! ! J@9:! N$++! *;?-/$&#$*!
+90()(,! 9:! -:$*! #;! ?($)#$! #@$! g8F! ;<! )DD+9?)#9;&:! )&*! #;! D(;%9*$! :;/$B! bLM!
D)(:9&E! )&*! ?(;::! D+)#<;(/! <9+$! @)&*+9&E! <$)#-($:V! ! a#! 9:! N$++! X&;N&! <;(! 0$9&E!
-:$*! 9&! #@$! M9&-Y! *$:X#;D! $&%9(;&/$&#! jPA! )&*! :$%$()+! +$)*9&E! )DD+9?)#9;&:!
9&?+-*9&E!g;;E+$!A)(#@!)&*!#@$!0(;N:$(!_D$()!e27fV!
!
a#! (-&:! ;&! )++!/)\;(! D+)#<;(/:! 9&?+-*9&E! o)%)! 0):$*! a#! o)/09! )&*! :-DD;(#! <;(!
A/0$**$*! M9&-Y!N9#@!a#! AY#$&*$*V! ! a#! ";<#N)($B! <;(/)++,! X&;N&! ):! J(;++#$?@!
- 23 -!
";<#N)($B! ($+$):$:! #@$! :;<#N)($V! ! J@$! +90()(,! -:$:! Chh! )&*! @):! #@$! &;#)0+$!
$Y?$D#9;&:! #;! )! &;(/)+! +90()(,! 0,! #@$! -:$! ;<! &;&[:#)&*)(*! #;;+:! #;! D(;*-?$!
:#)&*)(*!Chh!:;-(?$!?;*$!0$<;($!?;/D9+)#9;&V!!!
!
J?4?0 =3$L)-/
!
Z)X.$#! 9:! E)/$! &$#N;(X! $&E9&$! *$%$+;D$*! <;(! #@$! ()D9*! *$%$+;D/$&#! ;<!
/-+#9D+),$(!E)/9&E!:;<#N)($V!!'):$*!;&!#@$!8PG!D(;#;?;+!#@9:!C^Chh!+90()(,!9:!)!
D(;#;?;+!N9#@!+;N!;%$(@$)*!)&*!+;N!($:D;&:$!#9/$V!!J@$!D(;\$?#!N(9##$&!9&!+)(E$!
D)(#!)&*!)*/9&9:#$($*!0,!o$&X9&E:!";<#N)($B!#@$!#)E+9&$!;<!Z)X.$#!9:!(O"3#&23*;,-.
$4.#:,.E,*=3&4,K!e2OfV!
!
F&! >-#;"9/! Z)X.$#! 9:! -:$*! #;! D(;%9*$! #@$! )DD+9?)#9;&! &$#N;(X! :#)?X! )&*! #;!
?;//-&9?)#$! 0$#N$$&! #@$! ?;($! )DD+9?)#9;&:! #@$! ?+9$&#! )&*! :$(%$(V! ! P-(9&E! #@$!
*$%$+;D/$&#!;<!>-#;"9/! #@9:! ?;//-&9?)#9;&!@):!0$$&!*;&$! #@(;-E@! +;?)+@;:#B!
#@$!+;;D0)?X!)**($::!;<!)!?;/D-#$(V!
!
J?4?4 M:%ING</
!
J9&,bLM! 9:! )! :-D$(! +9E@#N$9E@#!)&*! :9/D+$!;D$&!:;-(?$!bLM!D)(:$(!N(9##$&! 9&!
ChhV! !=9#@;-#!:-DD;(#! <;(! <$)#-($:!:-?@!):!AY#$&:90+$!"#,+$:@$$#!M)&E-)E$!)&*!
9E&;(9&E! P;?-/$&#! J,D$! P$<9&9#9;&:! J9&,bLM! <;?-:$:! ;&! $):$! ;<!
9/D+$/$&#)#9;&V! ! P$%$+;D$*! 0,! M$$! J@;/):;&! ):! )! ?(;::! D+)#<;(/! <($$+,!
)%)9+)0+$! ;D$&! :;-(?$!D(;\$?#!J9&,bLM! 9:! -:$*! 9&!>-#;"9/! <;(! #@$!D)(:9&E! )&*!
:#;()E$! ;<! :9/-+)#9;&! 9&<;(/)#9;&! bLM! <9+$:V! ! J@-:! D(;%9*9&E! >-#;"9/! N9#@!
@-/)&!($)*)0+$!)&*!$*9#)0+$!*)#)!<9+$:V!
- 24 -!
!
J?4?7 6"</
!
G@,:9?:! >0:#()?#9;&! M),$(! ;(! G>M! 9:! )&! ;D$&! :;-(?$! D@,:9?)+! :9/-+)#9;&! >GF!
)0:#()?#9;&! :,:#$/V! ! ! F#! N;(X:! ):! )&! 9&#$(<)?$! 0$#N$$&! #@$! +;N[+$%$+! D@,:9?:!
$&E9&$:! )&*! )! @9E@[+$%$+! :9/-+)#9;&! )DD+9?)#9;&! )++;N9&E! <+$Y909+9#,! <;(! )&!
)DD+9?)#9;&! #;! :N9#?@! D@,:9?:! $&E9&$:! :-?@! ):! '-++$#B! .$N#;&! g)/$! P,&)/9?:!
A&E9&$!)&*!#@$!J;X)/)X!G@,:9?:!A&E9&$!#;!&)/$!)!<$NV!!F&!>-#;"9/B!G>M!)?#:!):!
#@$! 9&#$(<)?$! <;(! D@,:9?:! $&E9&$:! <;(! >-#;"9/"$(%$(! N@$($! )++! #@$! D@,:9?:!
?)+?-+)#9;&:! #)X$!D+)?$V! ! G>M!D(;%9*$:! )&! $Y#$&:9%$! ()&E$!;<! <$)#-($:! 9&?+-*9&E!
:-DD;(#! <;(! bLMB! #@$! ",?#@$! G@,:9?:! A*9#;(! <9+$! <;(/)#B! C_MM>P>! )&*!
0$&?@/)(X9&E!#;;+:V!
!
?"8 $%@%'2'%)7&()*('9/(%@D4/@/7'2'%)7(
!
>-#;"9/! 9:!)! +)(E$!)&*!?;/D+$Y!D(;\$?#V! ! F#!@):!@)*! #@$!D)(#9?9D)#9;&!;<!:$%$()+!
:#-*$&#:! ;%$(! #@$! #9/$! 9#! @):! 0$$&! 9&! *$%$+;D/$&#V! ! J@9:! 9&?+-*$:! J;(:$&!
";//$(! N@;! *$:9E&$*! #@$! D@,:9?:! )&*! :$(%$(! 9/D+$/$&#)#9;&! e2`fB! o;@)&&$:!
'()&*!N@;!?($)#$*!#@$!E()D@9?:!%9(#-)+9:)#9;&!)&*!(;)*!E$&$()#9;&!<$)#-($:!e2Rf!
)&*!Gp+!Z--*!N@;!0-9+#!;&!#@$!%$@9?+$!/;*$+:!)&*!D@,:9?:!N9#@!)!<;?-:!;&!%9:9;&!
e26f!#@$:$!#@($$!?;&#(90-#$*!#@$!<;-&*)#9;&:!;<!#@$!D(;\$?#V!!>&*!#@$!D(;\$?#!@):!
0$$&!)&*!?;	&-$:!#;!0$!0-9+#!;&!0,!:#-*$&#:V!
!
_&!9&@$(9#9&E!#@$!D(;\$?#!9&!4336!#@$!D(;\$?#!<)?$*!:;/$!/)\;(!9::-$:V!!!
_&$! 9&?+-*$*! #@$! +)?X! ;<! *;?-/$&#)#9;&! ;<! #@$! D(;\$?#! #@)#! ?)&! 0$! $YD$?#$*! 9&!
)&,! +)(E$! :;<#N)($!D(;\$?#V! ! >&;#@$(!N):! #@$!D$(<;(/)&?$!;<! #@$! :;<#N)($q! #@$!
:9/-+)#9;&! @)*! E(;N&! 9&! ?;/D+$Y9#,! 9&! :-?@! )! N),! ):! #;! 0$?;/$! -&:#)0+$! 9&!
%)(9;-:!N),:! )&*! #@$! :+;N! D(;E($::9;&! ;<! 9#$()#9;&:! ;<! #@$! D@,:9?:! :9/-+)#9;&!
9#:$+<V!!F#!)DD$)($*!?;/D+$Y9#,!N):!9&#(;*-?$*!#;!#@$!:;<#N)($!:,:#$/!0,!#@$!+)?X!
;<!*$%$+;D/$&#!9&!#@$!;%$()++!:;<#N)($!*$:9E&V!
!
- 25 -!
F&!#@$!:;-(?$!?;*$!;<!>-#;"9/B!#@$!9/D+$/$&#)#9;&!0$E)&!#;!($+,!#;;!@$)%9+,!;&!
#@$! :9&E+$#;&! D)##$(&! <;(! )DD+9?)#9;&! ?;&#(;+V! ! F&! #@$:$! ?):$:! $)?@! #@($)*! ;<!
?;&#(;+! 9:! )! :9&E+$#;&!)&*!D($:-/$:!)&!;%$()++! ;0\$?#9%$!)&*!)##$/D#:! #;!$&)?#!
#@)#!0$@)%9;-(V! !J@$!?(;::9&E!;<!($:D;&:909+9#9$:! 9:! 9&$%9#)0+$!):! 9:!?($)#9&E!()?$!
?;&*9#9;&:!0$#N$$&! ($:D;&:909+9#9$:V! ! J@9:! 9::-$! 9:! <-(#@$(! $Y$/D+9<9$*!N9#@! #@$!
-:$!;<!)!?@)9&!;<!($:D;&:909+9#,!N@;:$!?+)::$:!@)&*+$!($]-$:#:!N9#@!&;!($?$9D#!;(!
($D+,!#;!-D*)#$!#@$!:9&E+$#;&!/):#$(!?+)::V!!>!:9&E+$#;&!9#:$+<!9:!-:$<-+!9&!*$<9&9&E!
)! E+;0)+! :#)#$! 0$?)-:$! 9#! ?)&! 0$! ($<$($&?$*! -&9]-$+,! )&*! E+;0)++,! N9#@;-#!
?;/D+9?)#9;&V! ! S;N$%$(! N9#@! :$%$()+! :9&E+$#;&! lE+;0)+! :#)#$:m! )&*! N9#@! &;!
%)+9*)#9;&B!0,!#@$!-:$!;<!;0\$?#:!9&!)!?@)9&:!;<!($:D;&:909+9#,B!($0-##)+!;<!)!<;(N)(*!
E+;0)+!:#)#$!#()&:9#9;&!9&!(-	/$!9:!9/D;::90+$V!!8&?@$?X$*!#()&:9#9;&:!9&#$(&)++,!
N9++! )++;N! #@$! :9/-+)#9;&! #;! +$)*! 9&#;! #;! )&! -&X&;N&! )&*! 9&%)+9*! N;(X9&E!
?;&*9#9;&V! ! =@$&! #@9:! ;??-(:! )! #$(/9&)+! :$E/$&#)#9;&! <)-+#! ;(! 9&%)+9*! )??$::!
$((;(!N9++!;??-(!):! 9&#$(&)+!($<$($&?$:!$Y$?-#9&E! 9&!;&$!;<! #@$!:9&E+$#;&!?+)::$:!
@):!0$?;/$!:#)+$!)&*!9&%)+9*V!!_&?$!)!E+;0)+!9&?;&:9:#$&#!:#)#$!;??-(:!#@$($!9:!&;!
/$)&:!#;!/;%$!0)?X!#;!)!D($%9;-:!:#)#$!;(!9&#;!)!?;(($?#9&E!:#)#$V!
!
>#! #@$! #9/$!;<!N(9#9&E! :#$D:!N$($!0$9&E!/)*$! #;!)**($::! :;/$!;<! #@$! :;<#N)($!
*$:9E&! 9::-$:! 9*$	<9$*V! ! J@$! +)?X! ;<! )&,! ?+$)(! :#)#$! *$:9E&! /)*$! $Y$?-#9;&!
?;/D+$YV! ! J@$! :9&E+$#;&! *$:9E&:! N$($! 0$9&E! $&@)&?$*! #;! *$)+! N9#@! #@)#!
?;/D+$Y9#,! 0,! 9/D+$/$	&E! :#)#$! *$:9E&! D)##$(&:! N9#@! #@$9(! 9&#$(&)+! :#)#$!
9&<;(/)#9;&V!!n)+9*)#9;&!;<!:#)#$!#()&:9#9;&:!N9++!0$!*9:?-::$*!9&!#@9:!#@$:9:V!
!
J?7?! D1O)#-:>)./
!
F/D(;%$/$&#!;0\$?#9%$!N;-+*!0$!#;!#$:#!)&*!9/D+$/$&#!?(;::!D+)#<;(/!<$)#-($!;<!
#@$! D(;\$?#! 0,! 0-9+*9&E! >-#;"9/"$(%$(! <;(! #@$! M9&-Y! D+)#<;(/V! ! J@$! D(;0+$/!
:#)(#:!9:!#N;!<;+*B!#;!($D+9?)#$!#@$!0-9+*!D(;?$::!)+($)*,!9&!D+)?$!)&*!#;!9&#(;*-?$!
/;($!:#)09+9#,!#;!#@$!)DD+9?)#9;&!0,!9&#(;*-?9&E!:#)#$!#()&:9#9;&:V!!!
- 26 -!
!
P 8,B(),)%-3-:&%/3%*/D9-#&,)./
J@$! ?+9$&#! 9&#$(<)?$! @):! ?@)&E$*! ]-9#$! )! 09#! :9&?$! #@$! D($%9;-:! %$(:9;&! ;<!
>-#;"9/V!
!
=;+>3)7!K7O7D,4+)7&<7-E)7">-&F;,6(;)%-7.;*)7J4%)(7
!
!
=;+>3)7!!7O7@E)7.-4%*74(&%)7">-&F;,6(;)%-7B;.>4(;.4-;&%7';%*&'7
!
- 27 -!
J@$!?+9$&#!&;N!?;&:9:#:!;<!#N;!N9&*;N:V! !J@$!:$?;&*B!#@$!%9:-)+9:)#9;&!N9&*;N!
?)&!0$!/)Y9/9:$*!<;(!-:$!N9#@!)!:$?;&*!/;&9#;(!;(!D(;\$?#;(V!!J@$!#N;[N9&*;N!
9&#$(<)?$! ;<! >-#;"9/C+9$&#! D(;%9*$:! )&! -&?+-##$($*! %9$N! ;<! #@$! ?;&#(;+:! ;<! #@$!
?+9$&#V!!J@$!?;&#(;+:!;<!#@$!?+9$&#!)($!E)#@$($*!9&#;!)!:$D)()#$!*9)+;E!#@)#!D(;%9*$:!
9&D-#!<;(!#@$!?;&&$?#9;&!D(;?$::!;%$(!#@$!&$#N;(XV!
!
E"# F3G/;'%6/H((:'23%4%'>(3>(IJ;/D'%)7(K27C4%7,(27C(:'2'/(1.27&%'%)7&(
!
J@$!9&#$(&)+!:#)#$!;<!9&*$D$&*$&#!#@($)*:!9:!($+9)&#!;&!#@$!/$/;(,!;<!N@)#!#@$,!
@)%$! $Y$?-#$*! $YD+9?9#+,! ):!N$++! ):! #@$! 9/D+9?9#!/$/;(,! ;<! #@$! D;:9#9;&! ;<! #@)#!
#@($)*V! ! >:! )&! $Y)/D+$B! N@$&! +;)*9&E! #@$! "9/-+)#9;&L)&)E$(! 9&9#9)+9:$:! <(;/!
&$N!:9/-+)#9;&!*)#)!+;)*$*!0,!"$(%$(=;(+*'-9+*$(!)&!9&*$D$&*$&#!#@($)*!#@)#!
/),! ;(! /),! &;#! @)%$! D)(:$*! #@$! N;(+*! )##(90-#$:! ?;(($?#+,V! ! F<!
"$(%$(=;(+*'-9+*$(B!N@9?@!(-&:!;&!)!:$D)()#$!#@($)*!)&*!($?$9%$*!)&!$((;(!)&*!
:;!@):!&;#!+;)*$*!,$#!;(!9:!9&%)+9*B!)!<)#)+!$((;(!;??-(:V!
!
'$<;($! #@$! #()&:9#9;&! #;! #@$!:9/-+)#9;&!:#)#$! l"9/-+)#9;&M;)*$*mB!)!%)+9*)#9;&!;<!
?;/D+$#9;&! /-:#! ;??-(V! ! J@$! <;++;N9&E! *$:?(90$:! N@)#! @)DD$&:! N9#@;-#! ?+)::!
#()&:9#9;&!%)+9*)#9;&V!
!
Q(;/!"9/-+)#9;&"#;DD$*V?DD!
<$&=.%&'"3*#&$4%#$22,=PPJ$*=6%&'"3*#&$4Q.2%&'"3*#&$48.RS-$9-,//E&*3$9.
Q2RS-$9-,//E398.%C)TUI.V$-3=W&3,U*',7.
X.
...O%IYJHI.ZZ.[3$*=%&'"3*#&$467[\.
...%,-<,-]$-3=^"&3=,-PPB"&3=!3362RS-$9-,//E398.V$-3=W&3,U*',7\.
...@:*49,%#*#,62%&'"3*#&$48.%&'"3*#&$4J$*=,=PPT4/#*4+,677\..
_.
=;+>3)7!17O7F;,>(4-;&%F-&JJ)*7';-E&>-7B4(;*4-;&%7
!
- 28 -!
S$($!#@$!0-9+*>++HI!<-&?#9;&!9:!-&?@$?X$*!)&*!$Y$?-#$:!#;!?($)#$!#@$!;0\$?#:!<;(!
#@$! :9/-+)#9;&V! ! J@$! ?@)&E$! ;<! :#)#$! ;??-(:! N@$&! 0-9+*>++HI! ($#-(&:B! )&*!
"9/-+)#9;&"#;DD$*!0$?;/$:!"9/-+)#9;&M;)*$*V!
!
Q(;/!"$(%$(=;(+*'-9+*$(V?DD!
<$&=.%,-<,-]$-3=^"&3=,-PPB"&3=!336RS-$9-,//E&*3$9.Q2RS-$9-,//E398.%C)TUI.
0&3,U*',7.X.
.%,-<,-]$-3=^"&3=,-.QB"&3=,-.`.4,V.%,-<,-]$-3=^"&3=,-67\.
.^"&3=E*#*@-,*#$-Q.B"&3=E*#*@-,*#$-.`.4,V.^"&3=E*#*@-,*#$-64,V.
aOJW&3,J$*=,-60&3,U*',77\..
B"&3=,-1bB"&3=]$-3=67\.
B"&3=,-1bB"&3=I-*2:&+/6B"&3=E*#*@-,*#$-1b+-,*#,^EI-*2:&+/677\.
B"&3=,-1bB"&3=S:;/&+/6B"&3=E*#*@-,*#$-1b+-,*#,^ES:;/&+/677\.
B"&3=,-1bB"&3=HB5,+#/6B"&3=E*#*@-,*#$-1b+-,*#,^EHB5,+#/677\.
B"&3=,-1bB"&3=C,--*&46B"&3=E*#*@-,*#$-1b+-,*#,^EC,--*&4677\.
.._.
=,3,#,.B"&3=E*#*@-,*#$-\.
=,3,#,.B"&3=,-\.
_.
=;+>3)7!07O7F)3B)3[&3(*\>;(*)372(;%*7-&7-E)73).>(-.7
!
S$($!<-&?#9;&!0-9+*>++HI!N9++!)+N),:!($#-(&!]-9$#+,!):!#@$!?@)9&!;<!($:D;&:909+9#,!
9&!@)&*+9&E!;0\$?#:!N9++!*(;D!-&@)&*+$*!($]-$:#:!:-?@!):!9&%)+9*!bLMV!!J@9:!9:!&;#!
E;;*!):!#@$!0$@)%9;-(!;<!"9/-+)#9;&"#;DD$*!9:!&;!+;&E$(!0+;?X$*!)&*!9&$%9#)0+,!
#@$!)DD+9?)#9;&!N9++!)?@9$%$!)&!9&%)+9*!:#)#$V!!=@)#!9:!)::-/$*!@$($!9:!)&!9/D+9?9#!
-&*$(:#)&*9&E! 0$#N$$&! "$(%$(=;(+*'-9+*$(! )&*! #@$! ($:#! ;<! #@$! :9/-+)#9;&!
#;N)(*:!#@$!($]-9($*!?($)#9;&!;<!:9/-+)#9;&!*)#)!?;&#)9&9&E!#@$!&;*$:!<;(!$)?@!;<!
#@$!bLM!;0\$?#:!($]-9($*V!
!
!
- 29 -!
Q(;/!"9/-+)#9;&"#;DD$*V?DD!
<$&=.%&'"3*#&$4%#$22,=PPJ$*=6%&'"3*#&$4Q.2%&'"3*#&$48.RS-$9-,//E&*3$9.
Q2RS-$9-,//E398.%C)TUI.V$-3=W&3,U*',7.
X.
...O%IYJHI.ZZ.[3$*=%&'"3*#&$467[\.
...&06c%,-<,-]$-3=^"&3=,-PPB"&3=!3362RS-$9-,//E398.V$-3=W&3,U*',77.-,#"-4\.
...@:*49,%#*#,62%&'"3*#&$48.%&'"3*#&$4J$*=,=PPT4/#*4+,677\..
_.
=;+>3)7!57O7F;,>(4-;&%F-&JJ)*7';-E7B4(;*4-;&%7
!
F&! #@$! /;*9<9$*! "9/-+)#9;&"#;DD$*! M;)*HI! /$#@;*! 0$+;N! ?;&#(;+! 9:! *9%$(#$*!
<(;/!#@$!#()&:9#9;&!9<!#@$!0-9+*>++HI!<-&?#9;&!($#-(&:!<)+:$V!
Z$#-(&9&E! ;<! )! ';;+$)&! 9:! ;&+,! D;::90+$! N@$&! )! D(;?$::! ?)&! :#)#$! :-??$::! ;(!
;#@$(N9:$V!!
!
Q(;/!"$(%$(=;(+*'-9+*$(V?DD!
B$$3.%,-<,-]$-3=^"&3=,-PPB"&3=!336RS-$9-,//E&*3$9.Q2RS-$9-,//E398.%C)TUI.
0&3,U*',7.
X.
..%,-<,-]$-3=^"&3=,-.QB"&3=,-.`.4,V.%,-<,-]$-3=^"&3=,-67\.
..^"&3=E*#*@-,*#$-Q.B"&3=E*#*@-,*#$-.`.4,V.^"&3=E*#*@-,*#$-64,V.
aOJW&3,J$*=,-60&3,U*',77\..
..#-;.
....X.
..........2RS-$9-,//E391b/,#d*3",6Me7\.
..........B"&3=,-1bB"&3=]$-3=67\.
..........2RS-$9-,//E391b/,#d*3",6fe7\...........
..........B"&3=,-1bB"&3=I-*2:&+/6B"&3=E*#*@-,*#$-1b+-,*#,^EI-*2:&+/677\.
..........2RS-$9-,//E391b/,#d*3",6ge7\...........
- 30 -!
..........B"&3=,-1bB"&3=S:;/&+/6B"&3=E*#*@-,*#$-1b+-,*#,^ES:;/&+/677\.
..........2RS-$9-,//E391b/,#d*3",6he7\.
..........B"&3=,-1bB"&3=HB5,+#/6B"&3=E*#*@-,*#$-1b+-,*#,^EHB5,+#/677\.
..........2RS-$9-,//E391b/,#d*3",6ie7\...........
..........B"&3=,-1bB"&3=C,--*&46B"&3=E*#*@-,*#$-1b+-,*#,^EC,--*&4677\.
..........2RS-$9-,//E391b/,#d*3",6jj7\...........
...._.
....+*#+:6/#-&49.,7.
....X.
.......+,--.ZZ.[,>+,2#&$4P.[.ZZ.,.ZZ.,4=3\.
.......=,3,#,.B"&3=E*#*@-,*#$-\.
.......=,3,#,.B"&3=,-\.
.......-,#"-4.0*3/,\.
...._.
....=,3,#,.B"&3=E*#*@-,*#$-\.
....=,3,#,.B"&3=,-\.
....-,#"-4.#-",\.
_.
=;+>3)7!97O7F)3B)3[&3(*\>;(*)3742()7-&7;%*;#4-)7.>##)..7
!
n)+9*9#,! ?@$?X9&E! 9:! $:#)0+9:@$*! #@(;-E@! #@$!-:$!;<! )! #(,! ?)#?@!/$#@;*! )&*! #@$!
-:$!;<!$Y?$D#9;&:V! !J@9:! 9:!)!E$&$(9?!N),!#;!D(;%9*$!<$$*0)?X!N9#@;-#!($]-9(9&E!
D)::9&E!;<!($<$($&?$:!0$#N$$&! <-&?#9;&:V! !J@$!$Y?$D#9;&!?;++$?#$*! 9:!)!:#(9&E!:;!
#@)#!)&!$((;(!?)&!0$!($D;(#$*B!<-(#@$(!#@9:!$Y?$D#9;&!9:!-:$*!#;!9&<;(/!#@$!:#)#$!
#()&:9#9;&!;<!#@$!<)9+-($!0,!($#-(&9&E!<)+:$!N@9?@!9&!#-(&!D($%$&#:!#@$!?@)&E$!;<!
:#)#$! #;! )&! 9&%)+9*! ;&$V! ! >&,! ;0\$?#! 9&! )! ?@)9&! ;<! ($:D;&:909+9#,! ?)&! ?($)#$! )&!
$Y?$D#9;&V!!S;N$%$(!#@$!?;:#!#;!D$(<;(/)&?$!;<!-:9&E!:-?@!)&!)DD(;)?@!/)X$:!9#!
9&)DD(;D(9)#$!<;(!@9E@+,!-:$*!<-&?#9;&:V!!F&!#@$!?):$!;<!@9E@!D$(<;(/)&?$!:$?#9;&:!
;<!?;*$B! 9#! 9:!0$##$(! #;!-:$! <-&?#9;&:!N9#@!)!&$-#()+! ($)+9:)#9;&! #;! #@$!%)+9*9#,!;<!
- 31 -!
?;&#$Y#! ($+$%)&#! #;! #@$! &$Y#! $Y$?-#$*! ?;//)&*:V! ! Q;(! #@9:! $Y)/D+$! ;<! +;)*9&E!
bLMB!#@$!;&+,!#9/$!D$&)+#,!9:!<;(!#@$!-:$(!N@$&!#@$($!9:!)&!9&%)+9*!*)#)!:$#!0$9&E!
+;)*$*!N@9?@!9:!&;#!#9/$!?(9#9?)+V!
E"0 F3G/;'%6/H(3-%4C%7,()7(2($%7-J(&>&'/@(
J;N)(*:!#@$!;0\$?#9%$!;<!)?@9$%9&E!#@$!;-#?;/$!;<!0(9&E9&E!>-#;"9/!#;!#@$!M9&-Y!
D+)#<;(/!)!0-9+*!D(;?$::!N):!($]-9($*! #@)#!N;-+*!D(;*-?$! #@$!($]-9($*!09&)(,!
<9+$:!-:9&E!)!M9&-Y!:,:#$/!?;/D9+$(V!!gCC!9:!)!g.8!C^Chh!?;/D9+$(!gCC!N):!#@$!
+;E9?)+! ?@;9?$! N9#@! )+/;:#! -&9%$(:)+! )%)9+)09+9#,! ;&! 8&9Y! 0):$*! :,:#$/:V! ! g.8!
L)X$! 9:! )! 0-9+*! :?(9D#9&E! #;;+:$#! #;! D(;%9*$! )-#;/)#9;&! <;(! #@$! ?;/D9+)#9;&!
D(;?$::!)&*!9:!:9/9+)(+,!N9*$+,!:-DD;(#$*V!
>-#;"9/! 0$9&E! ;<! ?+9$&#^:$(%$(! )(?@9#$?#-($! )++;N$*! /;%$/$&#! ;<! #@$! "$(%$(!
$Y$?-#)0+$!;%$(!#;!#@$!M9&-Y!D+)#<;(/V!!J@9:!N):!)?@9$%$*!)&*!9:!*$:?(90$*!9&!#@$!
<;++;N9&E!:$?#9;&V!
!
P?0?! 6&2-:%+/"9-&F:,F)2>)2/
!
'-9+*9&E! >-#;"9/! ;&! )&;#@$(! D+)#<;(/!N):!/)*$! $):9$(! 0,! #@$! *$:9E&! ?@;9?$:!
)&*! ?;&#(90-#9;&! ;<! D($%9;-:! N;(X! ;&! #@$! D(;\$?#V! ! J@9:! 9&?+-*$:! #@$! N;(X! ;<!
Z--*B! ";//$(! )&*! '()&*! N9#@! ($<$($&?$:! 9&! #@$9(! *$%$+;D/$&#! D(;?$::! #;!
?@;;:9&E!D;D-+)(!;D$&!:;-(?$!+90()(9$:B!)&*!9&!+)(E$!D)(#!D+)#<;(/!9&*$D$&*$&#!
+90()(9$:!e26f!e2`f!e2RfV!
!
J@$! D(;?$::! ;<! D($D)(9&E! >-#;"9/! 9&%;+%$*! /)&,! #N$)X:! )&*! ($N(9#9&E!
*9<<$($&?$:!0$#N$$&!N@)#! 9:! )++;N)0+$!;&! #@$!L9?(;:;<#! ?;/D9+$(!)&*! :#)&*)(*!
C^Chh!;(!%)(9$&#!;<!9/D+$/$&#$*!9&!#@$!g.8!gCC!?;/D9+$(V!
!
P?0?0 HI%3,:#/G3$)C:()/Q/8*)3/
!
J@$! L9?(;:;<#! n9:-)+! "#-*9;! 9&#$E()#$*! *$%$+;D$(! $&%9(;&/$&#! )&*! ?;/D9+$(!
@)&*+$*! )&*! ;(E)&9:$*! 0-9+*9&E! $Y$?-#)0+$:! -&*$(! #@$!=9&*;N:! $&%9(;&/$&#!
- 32 -!
N9#@!/;*9<9?)#9;&:!<;(!#@$!-:$!;<!aJ!:;-(?$!E$&$()#9;&!#;;+:V! !J@9:!D(;?$::!N):!
(;-E@+,!<;++;N$*!9&!;(*$(!#;!($D+9?)#$!#@$!0-9+*!D(;?$::!-&*$(!M9&-YV!!J@$!0-9+*!
D(;?$::!N):!)##$/D#$*!):!<;++;N:1!
2V C;/D9+$!#@$!#@9(*!D)(#,!M90()(9$:V!
4V '-9+*!)++!#@$!:;-(?$!<9+$:V!
RV M9&X!)++!#@$!($]-9($*!:;-(?$!09&)(9$:B!+9&X!*$D$&*$&#!+90()(9$:V!
cV C($)#$!#@$!$Y$?-#)0+$!09&)(9$:!>-#;"9/"$(%$(!)&*!>-#;"9/C+9$&#!#;!#@$9(!
($:D$?#9%$!+;?)#9;&:V!
F#! N):! ?+$)(! <(;/! #@$! <)9+-($! #@)#! /;($! ?;&*9#9;&:! )&*! :?(9D#9&E! /-:#! 0$!
9/D+$/$&#$*!#;!)?@9$%$!#@9:!;0\$?#9%$V!!J@$!$Y#()!:#$D:!9&?+-*$*!)($1!
2V Z-&!#@$!aJ!:;-(?$!E$&$()#9;&!#;;+:!#;!E$&$()#$!:;-(?$!<9+$:!<;(!#@$!g8FV!
J@9:!9:!($]-9($*!):!aJ!-:$:!)&!bLM!<9+$!:#(-?#-($!#;!#()&:D)($&#+,!?;&#)9&!
#@$! g8F! *$:9E&! :D$?9<9?)#9;&V! ! J@9:! )++;N:! D(;E()//$(:! #;! ($)*B!/;*9<,!
)&*!9/D+$/$&#!#@$9(!;N&!?@)&E$:!-:9&E!#@$!#;;+:!D(;%9*$*!0,!aJ!;(!$%$&!
)!0):9?! #$Y#!$*9#;(V! !aJ!D(;%9*$:! #;;+:! #;! lE$&$()#$m!Chh!:;-(?$! <9+$:! #@)#!
?)&!0$!?)++$*!)&*!9&!#-(&!?)++!<-&?#9;&:!N9#@9&!>-#;"9/!#@)#!)($!+9&X$*!#;!
#@$/V! ! J@-:! D(;%9*9&E! #@$! ?(;::[D+)#<;(/! )&*! #()&:D)($&#! g8F! /;*-+$!
#@)#!>-#;"9/!&$$*:!#;!)+:;!0$!?(;::[D+)#<;(/V!
4V C@$?X!*$D$&*$&?9$:!;<!:;-(?$!<9+$:!r!?;/D9+$!*$D$&*$&?9$:!<9(:#V!
F&! L9?(;:;<#! n9:-)+! "#-*9;B! )&! 9&#$E()#$*! :;<#N)($! *$%$+;D/$&#!
$&%9(;&/$&#B! #@9:! 9:! @)&*+$*! 9&#$(&)++,! ):! +9&X:! )&*! *$D$&*$&?9$:!
0$#N$$&! :;-(?$! <9+$:! )($! @)&*+$*! ):! *$%$+;D/$&#! ;??-(:V! ! Q;(! )&!
9&*$D$&*$&#!0-9+*!:?(9D#!#@9:!9:!&;#!#(-$V!!J@$!?@;9?$:!/)*$!0,!#@$!:?(9D#!
/-:#! 0$! *,&)/9?! 9&! ;(*$(! #;! D($%$&#! +;&E! 0-9+*! #9/$:! )&*! <($]-$&#!
/;*9<9?)#9;&V!
RV '-9+*9&E!*$D$&*$&?9$:!<(;/!D(;\$?#!+;?)#9;&:!;-#:9*$!;<!>-#;"9/"$(%$(V!
';#@!>-#;"9/C+9$&#!)&*!>-#;"9/"$(%$(!:@)($!:;-(?$!<9+$:!#@)#!($D(;*-?$!
<-&?#9;&)+9#,!)&*!)($!9*$	?)++,!-:$*V! ! F#! 9:! 9/D;(#)&#!#;!0$!)0+$!#;!0-9+*!
$)?@! $Y$?-#)0+$! 9&*$D$&*$&#+,!N@$&! ?;&#(90-#9&E! #;! )! E(;-D! D(;\$?#! ):!
?+9$&#!?;*$!/),!0$!-&:#)0+$!)&*! 9#! 9:!-&&$?$::)(,! #;!0-9+*!0;#@!D(;\$?#:!
?;/D+$#$+,V!
!
- 33 -!
J@$!9/D+$/$&#)#9;&!;<!)!:?(9D#!#;!)?@9$%$!#@$:$!:#$D:!N):!($]-9($*V!!'-9+*9&E!;&!
)!M9&-Y!D+)#<;(/!?)&!%)(,!N9*$+,!0):$*!;&!#@$!#;;+:!)%)9+)0+$!)&*!:-DD;(#$*!<;(!
%)(9;-:! *9:#(90-#9;&:V! ! J;! X$$D! >-#;"9/! N9*$+,! *9:#(90-#)0+$! #@$! %$(,! N9+*+,!
:-DD;(#$*!:$#!;<!#;;+:B!g.8!L)X$!)&*!gCC!N$($!?@;:$&!#;!0$!#@$!0-9+*!D+)#<;(/V!
P?0?4 G3$)C:()/H).:+%/ME)&2I/
!
g.8!L)X$!9:!)&!)DD+9?)#9;&!<;(!)-#;/)#$*!:?(9D#9&E!;<!#@$!0-9+*!D(;?$::V!!F#!-:$:!
)!lL)X$<9+$m!:?(9D#!#;!$Y$?-#$!?;//)&*:!0):$*!;&!(-+$:!)&*!*$D$&*$&?9$:V!
>!L)X$<9+$!9:!)!:?(9D#!;<!$YD+9?9#!;(!9/D+9?9#!(-+$:B!%)(9)0+$!*$?+)()#9;&:B!*9($?#9%$:!
)&*!?;//$&#:!e25fV! !Z-+$:!*$<9&$!@;N!)&*!N@$&!)!#)(E$#B!<;(!$Y)/D+$!)!:;-(?$!
<9+$B! 9:!0-9+#V! !P9($?#9%$:!$Y$?-#$!?;//)&*:!)&*!?;&#(;+! +;E9?!N9#@9&!/)X$!N@9+$!
?;//$&#:! )($! 9E&;($*! +9&$:! <;(! #@$! D-(D;:$! ;<! )&&;#)#9;&! )&*! 0$E9&!N9#@! #@$!
@)#?@!:,/0;+!lsmV!
!
Z-+$:!)($!0):$*!;&!#@$!:#)&*)(*!$Y)/D+$!):!<;++;N:1!
!
#*-9,#/.P.2-,-,k"&/&#,/.
. +$''*4=.
. l.
!
J@9:! 9:! 9&#$(D($#$*!):B!N@$&!/)X9&E!#*-9,#B!$&:-($!2-,-,k"&/&#,/!)($!/)*$B! 9<!:;!
$Y$?-#$! +$''*4=V! ! >&,! ?;//)&*! #@)#! ($#-(&:! )&! $((;(! N9++! @)+#! #@$! /)X$!
D(;?$::V!
!
>&!$YD+9?9#!+9:#!;<!?;//)&*:!?)&!0$!N(9##$&!#;!0-9+*!#@$!$Y$?-#)0+$:!;<!>-#;"9/!
@;N$%$(!:-?@!)!+9:#!/-:#!0$!/;*9<9$*!N9#@!$%$(,!)**9#9;&!;(!($/;%)+!;<!:;-(?$!
<9+$:! 9&! #@$! D(;\$?#V! ! >&*! )+:;! $%$(,! $YD+9?9#! #)(E$#! /-:#! +9:#! $)?@! )&*! $%$(,!
*$D$&*$&?,! ($]-9($*! :;! #@)#! #@$! 0-9+*! ?;//)&*! ?)&! 0$! $Y$?-#$*! N9#@! )&!
)::-/$*!:-??$::V!!J@9:!9:!)&!-&N9$+*,!?;/D+9?)#9;&V!
!
- 34 -!
F/D+9?9#! (-+$:! 9&! L)X$<9+$:! *$:?(90$! )! #,D$! ;<! (-+$! <;(! 0-9+*9&E! )! #,D$! ;<! <9+$B!
-:-)++,! 0):$*! ;&! )! D)(#9)+! <9+$&)/$V! ! J@$! :$#! ;<! 9/D+9?9#! (-+$:! 9&!L)X$! D(;%9*$!
-:$<-+! -#9+9#,! N@$&! ?;/D9+9&E! :9/D+$! :;-(?$! :#(-?#-($:! )&*! ?@$?X9&E!
D($($]-9:9#$:V!!L)&,!;<!#@$!9/D+9?9#!(-+$:!)($!*$:?(90$*!<(;/!#@$!0-9+#[9&!(-+$:!;<!
#@$!g.8!L)X$!D(;E()/V!
!
!
n)(9)0+$!*$?+)()#9;&:!)($!N(9##$&!9&!#@$!<;(/!;<1!
!
d!)T!^JF`%$',d*3",.
!
>&*!?)&!0$!9&?+-*$*!9&!)!<-#-($!D)(#!;<!#@$!:?(9D#!-:9&E!#@$!<;++;N9&E!:,&#)Y1!
!
*33.P..
,+:$.m6d!)T!^JF7.
!
J@$!)0;%$!$Y)/D+$!N;-+*!N@$&!(-&&9&E!/)X$!$Y$?-#$!l$?@;!";/$n)+-$mV!
!
P9($?#9%$:! )($! #@$! -:$<-+! ?;&#(;+! )&*! ?;//)&*! <$)#-($:! ;<! g.8!L)X$V! ! J@$:$!
)++;N! 9&?+-:9;&! ;<! :;-(?$! )&*! D(;E()/! <+;N! )&*! :#;D! <(;/! N9#@9&! )! L)X$<9+$!
9#:$+<V!
!
C;//$&#:! )($! #@$! -:$<-+! *$:?(9D#;(:! #@)#! @$+D! :-//)(9:$! 9&<;(/)#9;&! <;(! )!
@-/)&! ($)*$(! )&*! ?)&! 0$! -:$*! #;! 9E&;($! ;(! 0+;?X! :$?#9;&:! ;<! ?;*$! <(;/!
$Y$?-#9&EV!
!
J;! 0$! -:$*! D(;*-?#9%$+,! 9&! )!/-+#9D+$! D(;E()//$(! $&%9(;&/$&#! )!L)X$<9+$! #;!
0-9+*!>-#;"9/!/-:#!/)X$!-:$!;<!#@$!<;++;N9&E!D(;D$(#9$:1!!9#!N9++!
• ')+)&?$!:9/D+9?9#,!N@9+$!0$9&E!E$&$()+!$&;-E@!<;(!-:$!N9#@!+9##+$!&$$*!<;(!
/;*9<9?)#9;&!):!:;-(?$!?;*$!)&*!*$D$&*$&?9$:!?@)&E$V!
• '$!*,&)/9?!:;!#@)#!$)?@!:;-(?$!<9+$!09&)(,!N9++!0$!?;/D9+$*!:$D)()#$+,!
- 35 -!
• '$!:D$?9<9?)++,!*$:?(90$*!9&!#@$!D(;?$::!:;!#@)#!$((;(:!?)&!0$!-&*$(:#;;*!
)&*!#@)#!$)?@!$Y$?-#)0+$!?)&!0$!?;/D9+$*!:$D)()#$+,V!
!
C+$)(+,! #@$! ?;/D+$Y9#,! ;<! #@$! ?;*$! +$)%$:! #@$! D(;?$::! ;<! N(9#9&E! )! ?;/D+$#$+,!
$YD+9?9#! 0-9+*! :?(9D#! N9++! 0$! &$)(+,! 9/D;::90+$B! ):! *$D$&*$&?9$:! <;++;N!
*$D$&*$&?9$:! +9X$! )! ()009#!N)(($&V! ! ! J;! ;%$(?;/$! #@$:$! *9<<9?-+#9$:! )! *,&)/9?!
)DD(;)?@!N):!#)X$&!)&*!9:!*$:?(90$*!9&!#@$!<;++;N9&E!?@)D#$(V!
P?0?7 HI%3,:#/G3$)C:()/R/623#-:#)/
!
J@$! <;++;N9&E!:$?#9;&! 9:!)!*$#)9+$*!$Y)/9&)#9;&!;<! #@$!?;&?$D#:! 9&%;+%$*! 9&! #@$!
$Y$?-#9;&!;<!#@$!*,&)/9?!0-9+*!D(;?$::V!
!
.
nn.
nn.!"#$%&'%,-<,-.O*A,0&3,.
nn.]-&##,4.#$.-,23&+*#,.#:,.B"&3=.2-$+,//."/,=.&4.d%8.#$.B"&3=."4=,-.J&4">.
nn.!//"',/.*33.3&B-*-&,/.*-,.B"&3#.B,0$-,:*4=.#:&/.&4+3"=,/P.
nn. )*A4,#8.S!J8.R#8.^"33,#8.#&4;aOJ.
nn..!"#:$-. P. %#,<,4?o$:4?^-*=3,;p!"#$%&'q9'*&3?+$'.
nn.
nn. ),k"&-,/P.B&4"#&3/.
nn.
!
@42()7!7O7D%-3&*>#-&3H73),43$.7
!
'$E9&&9&E! #@9:! :?(9D#! 9:! )! *$:?(9D#9;&! ;<! #@$! D-(D;:$! )&*! )-#@;(! ;<! #@$! :?(9D#V!!
";/$! -:$<-+! &;#$:! )($! )+:;! )##)?@$*! #;! ($/9&*! -:$(:! ;<! #@$! ($]-9($/$&#:! )&*!
$YD$?#)#9;&:! #@)#! /),! )??;/D)&,! #@$! :?(9D#V! ! A%$(,#@9&E! @$($! 9:! D-#! 9&#;!
?;//$&#:! :;! #@$,! N9++! &;#! 9&#$(<$($! N9#@! #@$! /)X$! D(;?$::V! ! >! :$?;&*! @)#?@!
- 36 -!
:,/0;+!N):!D(;*-?$*!#;!)++;N!#@$!?;//$&#!#;!:#)&*!;-#!)N),!<(;/!)&,!+9&$!;<!
9E&;($*!?;*$V!
!
F&!*$:9E&9&E!#@9:!:?(9D#!#@$($!)($!)!<$N!($]-9($/$&#:!0$<;($!9#!?)&!0$?;/$!-:$<-+V!!
P$?+)()#9;&:!)($!-:$*!#;!:D$?9<,!9&<;(/)#9;&!($+$%)&#!#;!#@$!D(;?$::V! !J@$:$!)($!
D+)?$*! &$)(! #@$! #;D! ;<! #@$! :?(9D#! :;! #@)#! #@$,! ?)&! 0$! ;0:$(%$*! $):9+,! <;(! $((;(!
?@$?X9&EB! )&*! )+:;! ($+)#9%$+,! $):,! $*9#9&EV! ! J@$,! 9&?+-*$! +;?)#9;&:!;<! 9/D;(#)&#!
<9+$:!)&*!($:;-(?$:!)&*!)+:;!#@$!<+)E:!-:$*!9&!#@$!0-9+*!D(;?$::V!!F&!#@$!?;*$!0$+;N!
9&!J)0+$!4!N$!:$$!#@$!*$?+)()#9;&!ltHC8ZPFZIm!#@9:!9:!)&!9&0-9+#!<-&?#9;&!;<!L)X$!
#@)#!($<$(:!#;!)!:#(9&E!?;&#)9&9&E!#@$!)0:;+-#$!?-(($&#!N;(X9&E!*9($?#;(,V!
!
- 37 -!
.
@aa`r"/-rB&4r9pp.
O!sF`r"/-rB&4r'*A,.
TUCF)U!JYS!Ct`m6@u)ET)7r??r-,3,*/,.
@WJ!I%`1E.%C!CT@Y@[email protected]]*33.1],>#-*.1*4/&.
nn12,=*4#&+.
nn12,=*4#&+.nn3&B-*-&,/.:,*=,-/.*-,.4$#.+$'2&3,=.V&#:.2,=*4#&+.*4=.V&33.0*&3.
@HUWTI`-,3,*/,.
.
JT^ET)`m6@u)ET)7r??r??r3&B.
RCET)`m6JT^ET)7rR#.
)!sET)`m6JT^ET)7r)*AU,#.
S!JET)`m6JT^ET)7rS!J.
aOJET)`m6JT^ET)7r#&4;>'3.
^uJET)`m6JT^ET)7rB"33,#.
.
@JTFUCET)`m6@u)ET)7r??r!"#$%&'@3&,4#1<e?eD.
%F)dF)ET)`m6@u)ET)7.
!
@42()717O7L.)<>(7Y)#(434-;&%.7
!
!
J)0+$!4!?;&#)9&:!*$?+)()#9;&:!;<!#@$!?;/D9+$(!<+)E:!)&*!($<$($&?$:!#;!)DD+9?)#9;&:!
-:$*! 9&! #@$!0-9+*!D(;?$::!N@9?@!)($! #@$! l/)X$m!09&)(,!)&*! #@$!?;/D9+$(!09&)(,!
lEhhmV! ! >+:;! 9&?+-*$*! )($! )! &-/0$(! ;<! *$?+)()#9;&:!N9#@! )((),:! ;<! D)#@:! #;! #@$!
9&:#)++! +;?)#9;&! ;<! $%$(,! +90()(,! -:$*! 9&! #@9:! 0-9+*! D(;?$::V! ! F#! 9:! )::-/$*! #@)#!
$%$(,! +90()(,! 9:! 9&:#)++$*! -&*$(! lMF'PFZm! )&*! @)%$! #@$! &;(/)+! &)/$! ):! #@$9(!
*9($?#;(,V!
!
- 38 -!
.
nn.
nn. S*#:/.
nn.
.
TU@JuEF`1T??r!"#$%&'@$''$4.1Tm6)!sET)7r%$"-+,.1Tm6S!JET)7.1
Tm6S!JET)7r2*3Y&.1T?rI,4,-*#,=W&3,/.1T?rI,4,-*#,=W&3,/r),3,*/,.1Tm6aOJET)7.1
Tm6%F)dF)ET)7.1Tm6@JTFUCET)7.1Tm6RCET)7r&4+3"=,.1Tm6RCET)7r&4+3"=,rR#@$-,.1
Tm6RCET)7r&4+3"=,rR#I"&.1Tm6^uJET)7r/-+.
nnT4+3"=,.:*/.*.-,0,-,4+,.#$.!"#$%&'@3&,4#r%,-<,-./$"-+,.0&3,/.B"#.#:,;./:$"3=.B,.
'*=,.'$/#3;.&4=,2,4=,4#.
JT^YS!Ct%`1Jm6S!JET)7r3&Br=,B"9.1Jm6^uJET)7r/-+.1Jm6)!sET)7rJ&BrIUu1
J&4">1>ih.1Jm6RCET)7r3&B.
nn1Jm6aOJET)7.
.
nn.
nn. J&B/.
nn.
.
nnRCJT^%`13R#D%"22$-#.13R#%+-&2#.13R#],Bs&#.13R#@$-,.13R#%k3.13R#a'3.13R#I"&.1
3R#%<9.13R#a'3S*##,-4/.13R#U,#V$-A.13R#C,/#.13R#H2,4IJ.13R#u&C$$3/.
RCJT^%`13R#@$-,.13R#I"&.
JT^YU!OF%`13B"33,#+$33&/&$4.13-*A4,#=.m6RCJT^%7..
nn133&B2*3.13#&4;>'3.
JT^%`m6JT^YS!Ct%7.m6JT^YU!OF%7.
!
!
@42()707O76&,J;()37:;2343H7<(4+.7
!
- 39 -!
J@$! ?;&#$&#:! ;<! J)0+$! R! :@;N! <+)E:! -:$*! N@$&! D($[D(;?$::9&E! @$)*$(:! <;(!
?;/D9+)#9;&!)&*!*$?+)()#9;&!;<!D)#@:!<;(!+9&X9&E!+90()(9$:!#;!#@$!/)9&!$Y$?-#)0+$V!!
J@$!M90:! :$?#9;&!0-9+*:! #@$!*$?+)()#9;&! lMF'"m! :;! #@)#! 9#! ?)&!0$!-:$*!*-(9&E! #@$!
+9&X9&E!D(;?$::V! !J@$! +9&$:! 9&! 9E&;($*!?;//$&#! #)E:! ?;&#)9&!)++! #@$!a#! +90()(9$:!
#@)#!)($!&;#!($]-9($*!0-#!)($!+9:#$*!<;(!<-#-($!($<$($&?$!):!#@$,!)($!9&:#)++$*!;&!
#@$!:,:#$/V!!G>M!)&*!#9&,bLM!)($!&;#!9&?+-*$*!9&!#@$!+90()(,!+9:#!):!#@$,!N9++!0$!
:#)#9?)++,! +9&X$*V! ! J@$,! :@;-+*! 0$! 9&?+-*$*! @$($! <;(! *,&)/9?! +9&X9&E! ):!N$++! ):!
($/;%$*!<(;/!9&?+-:9;&!9&!#@$!:#)#9?!;0\$?#!+9:#!0$<;($!?;/D9+9&EV!
!
.
nn.
nn. !"#$%&'.^"&3=/.
nn.
.
.
*33P.!"#$%&'%,-<,-.
. q,+:$.[QQQQQ.mZ.&/.4$V.B"&3#.QQQQQQ[.
!
@42()757O7F#3;J-764-#E]4((7
!
J)0+$!c!?;&#)9&:!#@$!*$<)-+#!$YD+9?9#!(-+$V!!J@$!(-+$!<;(!l)++m!N9++!0$!$Y$?-#$*!9<!#@$!
:?(9D#! 9:! (-&!N9#@! &;! D)()/$#$(:! )&*! 9:! #@$! D)(#! ;<! #@$! :?(9D#! #@)#! #(9EE$(:! #@$!
*$<)-+#!0$@)%9;-(!#;!?;	&-$!#@$!($:#!;<! #@$!0-9+*!D(;?$::V! ! F<! 9#! 9:!:)#9:<9$*B! 9V$V!
#@)#!>-#;"9/"$(%$(!9:!0-9+#!N9#@;-#!$((;(B!#@$&!)!/$::)E$!9&<;(/9&E!#@$!-:$(!9:!
*9:D+),$*V!
!
- 40 -!
.
nn.
nn. R#.OH@.*4=.uT@.
nn.
.
nnO*A,0&3,.2*#:.``.m6@u)ET)7.
IFU`m6@u)ET)7rI,4,-*#,=W&3,/rm6@HUWTI7.
IFUS!Ct`m6@u)ET)7rI,4,-*#,=W&3,/.
.
OH@YWJ!I%`[email protected])F!EY%uSSH)C.1ERCY@H)FYJT^.1ERCYIuTYJT^.
1Tm6@u)ET)7rI,4,-*#,=W&3,/.1Tm6RCET)7r&4+3"=,[email protected]
Tm6@u)ET)7.1Tm6RCET)7r&4+3"=,rR#@$-,.1Tm6RCET)7r&4+3"=,rR#I"&.
.
nn. u/&49.$"-.$V4.R#v/.B&4*-&,/.2-,<,4#/.+$'2*#&B&3&#;.&//",/?.
OH@`m6RCET)7rB&4r'$+.
uT@`m6RCET)7rB&4r"&+.
.
nn. C;2&+*3.%;/#,'.J$+*#&$4/.V&#:.RC1E,<.2*+A*9,/.&4/#*33,=.
nnOH@`r"/-rB&4r'$+.
nnuT@`r"/-rB&4r"&+.
.
@42()797O7^-7*)#(434-;&%.7
!
J@$!a#!($]-9($:!#@)#!#@$!bLM!<9+$:!0$!D(;?$::$*!0,!#;;+:!D(;%9*$*!):!D)(#!;<!a#!#;!
E$&$()#$!:;-(?$!<9+$:!($+)#$*!#;!#@$!g8FV!!J;!<)?9+9#)#$!#@9:!#@$!)0;%$!*$?+)()#9;&:!
9&!J)0+$!7!N9++!0$!-:$*!9&!<;++;N9&E!0-9+*!(-+$:V!
!
- 41 -!
nn.
nn.^[email protected]@.
nn.
nn.R#P.
nn. +=.m6RCET)7\.?r+$40&9"-,.12-,0&>.m6RCET)7.1/#*#&+.1k#1/k31/k3&#,.14$1$2,4//3.
Z.;,/.ww.'*A,.15.x.
nn. ),'$<,.15.x.#$./#$2.2*-*33,3.2-$+,//&49.*4=.,4*B3,.+3,*-.-,*=&49.$0.$"#2"#.
nn. F>*'23,P.. +=.m6RCET)7\.m6O!sF7.10.O*A,0&3,.
nn.yyy.*B$<,.&/.#*A,4.$"#8."44,+,//*-;8.*/.3$49.*/.R#.B"&3#.B,0$-,:*4=.
nn.&0.&4+3"=,=.*==.#$.#:,.=,2,4=,4+&,/[email protected],3$V.
.
OH@YWTJF%.P.m6IFUS!Ct7r"&Y'*&4V&4=$V?:z.
. m6IFU7r'$+Y'*&4V&4=$V?+22z.
. m6IFU7r'$+Y#-,,'$=,3?+22z.
. m6IFU7r'$+Y/,-&*3&G*B3,#-,,?+22z.
. m6IFU7r'$+Y',//*9,3&/#?+22z.
. m6IFU7r'$+Y+$4#-$33,-?+22.
[email protected]@YWTJF%.
.
m6IFU7P.
. q,+:$.[QQQQQ@-,*#&49.R#.),3,*/,.E&-,+#$-;[.
. 'A=&-.m6IFU7.
. .
m6IFU7r'$+Y+$4#-$33,-?+22P.
. q,+:$.[QQQQO$+v&49.mq[.
. [email protected]@YWJ!I%7.m6@u)ET)7r@$4#-$33,-?:.1$.
m6IFU7r'$+Y+$4#-$33,-?+22.
- 42 -!
.
m6IFU7r'$+Y',//*9,3&/#?+22P.
. q,+:$.[QQQQO$+v&49.mq[.
. [email protected]@YWJ!I%7.m6@u)ET)7rO,//*9,J&/#?:.1$.
m6IFU7r'$+Y',//*9,3&/#?+22.
. .
m6IFU7r'$+Y+$4#-$33,-f?+22P.
. q,+:$.[QQQQO$+v&49.mq[.
. [email protected]@YWJ!I%7.m6@u)ET)7r@$4#-$33,-f?:.1$.
m6IFU7r'$+Y+$4#-$33,-f?+22.
. .
m6IFU7r'$+Y/&'"3*#&$4f?+22P.
. q,+:$.[QQQQO$+v&49.mq[.
. [email protected]@YWJ!I%7.m6@u)ET)7r%&'"3*#&$4f?:.1$.
m6IFU7r'$+Y/&'"3*#&$4f?+22.
. .
m6IFU7r'$+Y/,-&*3&G*B3,#-,,?+22P.
. q,+:$.[QQQQO$+v&49.mq[.
. [email protected]@YWJ!I%7.m6@u)ET)7r%,-&*3&G*B3,C-,,?:.1$.
m6IFU7r'$+Y/,-&*3&G*B3,#-,,?+22.
. .
m6IFU7r'$+Y#-,,'$=,3?+22P.
. q,+:$.[QQQQO$+v&49.mq[.
. [email protected]@YWJ!I%7.m6@u)ET)7rC-,,O$=,3?:.1$.
m6IFU7r'$+Y#-,,'$=,3?+22.
.
m6IFU7r'$+Y'*&4V&4=$V?+22P.
. q,+:$.[QQQQO$+v&49.mq[.
- 43 -!
. [email protected]@YWJ!I%7.m6@u)ET)7r'*&4V&4=$V?:.1$.
m6IFU7r'$+Y'*&4V&4=$V?+22.
. .
m6IFUS!Ct7r"&Y'*&4V&4=$V?:P.m6IFU7r'$+Y'*&4V&4=$V?+22.'*&4V&4=$V?"&.
. q,+:$.[QQQu&+v&49.mq[.
. [email protected]$.m6IFUS!Ct7r"&Y'*&4V&4=$V?:.'*&4V&4=$V?"&.
.
.
@42()7I7O7^-7@&&(.7F&>3#)7_)%)34-;&%7
!
J@$!:D$?9)+9:#!?;//)&*!(-+$:!9&!J)0+$!O!)($!$YD+9?9#V!!=@9+$!#@9:!N;-+*!&;(/)++,!
0$!)&!9::-$!):!)&,!?@)&E$!#;!#@$!&)/$B!&-/0$(!;(!:#(-?#-($!;<!#@$:$!<9+$:!N;-+*!
($]-9($!/)&-)+!$*9#9&EB!@;N$%$(! #@$,!)($!-&+9X$+,! #;! ?@)&E$!):! <($]-$&#+,!)&*!
)($! )&! -&-:-)+! 0-9+*! D(;?$::! #@$,! *;! &;#! <9#! 9&#;! #@$! D)##$(&! ;<! *$D$&*$&?,!
?@$?X9&E!)??;/D+9:@$*!9&!#@$!+)#$(!D)(#!;<!#@$!:?(9D#V!!J@$($<;($!#@$,!?)&!0$!X$D#!
):! )! ($<$($&?$! 9&! )&! $YD+9?9#! (-+$V! ! J@$! *9($?#;(9$:! )($! :D$?9<9?)++,! /)*$! #;!
/)9&#)9&! #@$! +),;-#!):!-:$*!0,! #@$!=9&*;N:!0-9+*!D(;?$::V! !C;//$&#$*!;-#! 9:!
?;*$! <;(! 0-9+*9&E!a#! <(;/! :;-(?$B! 0;#@! #@$! +90()(9$:! )&*! #@$! :;-(?$! E$&$()#9;&!
#;;+:B!N@$&!9#!@):!0$$&!$Y#()?#$*!<(;/!)&!)(?@9%$!9&#;!aJPFZV!
Q;(! $)?@! ?):$! ):! #@9:! :$#! ;<! $YD+9?9#! (-+$:! 9:! $Y$?-#$*B! 9<! ($]-9($*B! )! &;#9?$! 9:!
D(9&#$*!#;!#@$!?;&:;+$!9&*9?)#9&E!#@$!)?#9%9#,!9#!9:!D(;?$::9&EV!
!
- 44 -!
.
nn.
nn. HB5,+#.@$'2&3&49.
nn.
.
nn.!33./$"-+,.0&3,/.'"/#.B,.3&/#,=.:,-,8.V&3=+*-=/.&4+3"=,.4,V.0&3,/.*"#$'*#&+*33;.
%Hu)@F%.`.m6V&3=+*-=.??r!"#$%&'@$''$4rQ?+227.m6V&3=+*-=.m6IFU7rQ?+227.
m6V&3=+*-=.Q?+227.
nn.%#*#&+.3&4A.3&B2*3.=",.#$.S!J.B-,*A&49.=;4*'&+.3&4A&49./"22$-#.0$-.I@@.
.
H^oF@C%.`.m6%Hu)@F%P?+22`?$7.m6S!JET)7r3&Br3&B3&B2*3?*.
O!sFEFSFUE.`[email protected]@JuEF7.1$.mQ?=.mZ.
.
nn.
nn. ),k"&-,=.HB5,+#/.0-$'.*4$#:,-.3$+*#&$4?.
nn.
EFSFUE.`. m6@JTFUCET)7r)$*=W*+#$-;?$z.
. . m6@JTFUCET)7rO*2T40$?$z.
. . m6@JTFUCET)7rC,--*&4^"&3=,-?$z.
. . m6@JTFUCET)7r4$=,?$z.
. . m6@JTFUCET)7rH/'S*-/,-?$z.
. . m6@JTFUCET)7r),+#U$=,?$z.
. . m6@JTFUCET)7r/,9',4#?$z.
. . m6@JTFUCET)7r:<,+#$-?$z.
. . m6@JTFUCET)7rAB/23&4,f=?$.
.
@42()7?7O7:;.-;%+7@43+)-7M2N)#-.7
!
- 45 -!
J;! 0-9+*! )! D(;?$::! *,&)/9?)++,! N$! ($]-9($! #@)#! #)(E$#:! 0$! +9:#$*! N9#@;-#!
($]-9(9&E!)&!)-#@;($*! +9:#V! !J@$!N9+*?)(*! <-&?#9;&!)?@9$%$:! #@9:!N@$($!):#$(9:X!
)+;&$!N;-+*!<)9+!0$?)-:$!N@$&!-:$*!N9#@;-#!#@$!N9+*?)(*!<-&?#9;&q! 9&!D)(#!;<!)!
*$D$&*$&?,!N9#@!)! <9+$!N@9?@!@):!)&!$Y#$&:9;&!<;(!$Y)/D+$B! <9+$V;B!*;$:!)+($)*,!
$Y9:#:B! #@$! &;(/)+! 0$@)%9;-(! 9:! #;! #@$&! +;;X! <;(! #@$! 9&?;(($?#! :#(9&E! luV;m! ):! )!
<9+$&)/$V! !=@9?@! #@$&!-:-)++,! <)9+:B! #@$!N9+*?)(*! <-&?#9;&!?;(($?#+,!@)&*+$:! #@$!
-:$!;<!):#$(9:X:!#;!)%;9*!#@9:!?;&<-:9;&V!!"_8ZCA"!&;N!?;&#)9&:!#@$!+9:#!;<!:;-(?$!
<9+$:! #;! 0$! ?;/D9+$*! )&*! +9&X$*B! @;N$%$(! $)?@! <9+$!/),! *$D$&*! ;&! ;#@$(:! )&*!
($]-9($! #@$! 0-9+*9&E! ;<! :;/$! ;#@$(! D)(#:! ;<! #@$! D(;\$?#V! ! _'oACJ"! )+:;! &;N!
?;&#)9&! )! +9:#! ;<! <9+$! &)/$:! #;! 0$! 0-9+#! 0,! ?;/D9+9&E! "_8ZCA"! -:9&E! )! :9/D+$!
$Y#$&:9;&!:-0:#9#-#9;&V!!";/$!09&)(,!;0\$?#!<9+$:!<(;/!>-#;"9/C+9$&#!)($!($]-9($*!
#;!0-9+*!>-#;"9/"$(%$(B!)&*!:;!#@$,!)($!+9:#$*!@$($V!
!
F/D;(#)&#+,! #@$! *$?+)()#9;&! ;<! L>jAPAGA.P! 9:! )! ?;//)&*! -:$*! +)#$(! 9&! #@$!
0-9+*!D(;?$::!#@)#!-:$:!#@$!gCC!D($[D(;?$::;(!#;!?($)#$!)!+9:#!;<!*$D$&*$&?9$:!<;(!
)! E9%$&! :;-(?$! <9+$V! ! J@$! )(E-/$&#! 9:! :-DD+9$*! #@(;-E@! #@$! tv! /)?(;! )&*! #@$!
;-#D-#! E$&$()#$:! #$Y#! <9+$:! <(;/! $)?@! Chh! :;-(?$! <9+$! N9#@! #@$! $Y#$&:9;&! V*!
?;&#)9&9&E!#@$!D)#@:!#;!)++!*$D$&*$&?9$:V!!J@9:!9:!-:$*!9&!#@$!0-9+*!D(;?$::!)&*!9:!
($]-9($*! <;(! 9#! #;! ?;/D+$#$! N9#@;-#! ?;/D+)9&#! ;<! /9::9&E! *$D$&*$&?9$:V! ! J@9:!
)-#;/)#9?!D(;?$::!9:!X$,!#;!/)X9&E!#@9:!*,&)/9?!:?(9D#!N;(XV!!=9#@!$)?@!:;-(?$!
<9+$! &;N! N9#@! )! :9/9+)(+,! &)/$*! V*! *$D$&*$&?,! <9+$! )++! #@)#! ($/)9&:! 9:! #;!
/)&9D-+)#$!#@9:!9&<;(/)#9;&!9&#;!)!<;(/!-:)0+$!0,!g.8!L)X$V!
!
- 46 -!
.
nn.
nn. C&4;aOJ.3&B-*-;.$B5,+#/.
nn.
CTU{aOJ.`. m6aOJET)7r#&4;>'3?$.m6aOJET)7r#&4;/#-?$.
m6aOJET)7r#&4;>'3,--$-?$.m6aOJET)7r#&4;>'32*-/,-?$.
.
#,/#&49P..
. q,+:$.m6%Hu)@F%7.
.
|?$P.|?+22.
. q,+:$.[QQ@$'2&3&49.HB5,+#.mq.0$-.mZ[.
. qm6O!sFEFSFUE7\.z.
. +2.mQ?=.mQ?E\.z.
. /,=.1,.v/rn?Qrrv.1,.v/ryLyPNQP.Qrrvz.
. 1,.v/r.Qzzmmrrv.z.
. 1,.vrymmr.=vz.
. 1,.v/rmmr.Prv.Z.mQ?=.bb.mQ?E\.z.
. -'.10.mQ?=.
. [email protected]@WJ!I%[email protected]+.mZ.1$.mq.
.
@42()7A7O7D,J(;#;-7\>;(*7G>().7
!
.;N!#@$!9&<;(/)#9;&!($]-9($*!<;(!#@$!*$D$&*$&?9$:!9:!+;?)#$*!9&!)! V*!<9+$!N9#@!)!
+;#!;<!;#@$(N9:$!-:$+$::!9&<;(/)#9;&!($<$($&?$:!#;!:,:#$/!<9+$:!)&*!9&?+-*$:V!
!
J@$!lV*m!<9+$!N9++!?;&#)9&!+9:#:!;<!*$D$&*$&?9$:!9&!#@$!<;(/1!
- 47 -!
r2*#:#$=,2,4=,4+;r0&3,4*',?,>#,4/&$4.
r*4$#:,-2*#:#$=,2,4=,4+;r0&3,4*',?,>#,4/&$4.
!
J;! #()&:<;(/! #@;:$! +9:#:! 9&#;! -:$<-+! $YD+9?9#! *$D$&*$&?,! (-+$:! #@$! +9:#! ;<!
?;//)&*:!9&!J)0+$!6!-:$:!)!:#($)/!$*9#;(!#;;+!#;!($)*!)&*!/)&9D-+)#9&E!#@$!<9+$:!
?;&#$&#:! H:9/D+,! D-#! 9#! ($/;%$:! -&N)&#$*! D)(#:B! )**:! ?;+;&! ?@)()?#$(:! )&*!
+$)%9&E!-:$<-+!D)(#:!e43fI!N@9?@!9:!#@$&!($*9($?#$*!#;!)!<9+$!N9#@!#@$!$Y#$&:9;&!lVPmV!
!
J@$!<9+$:!?;&#$&#:!N9++!#@$&!0$!;<!#@$!<;(/1!!
!
Z0&3,4*',?$b.P.Z=,2,4=,4+;.$0.0&3,4*',b.z.
.Z=,2,4=,4+;.$0.0&3,4*',bz.
l..
Z0&3,4*',?+22b.P.Z=,2,4=,4+;.$0.0&3,4*',bz.
Z=,2,4=,4+;.$0.0&3,4*',bz.
l.
!
=@9?@! 9:! +)#$(! 9&?+-*$*!;&#;! #@$!0;##;/!;<! #@$!(-&&9&E!:?(9D#V! ! F&!*;9&E!:;B! #@$!
$YD+9?9#!(-+$:!<;(!)++!#@$!:;-(?$!<9+$:!@)%$!0$$&!*$<9&$*!*,&)/9?)++,!)&*!)($!9&!#;!
0$! -:$*! 9&! #@$! ?;/D9+$! ?;//)&*! H#@$! +):#! +9&$! ;<! J)0+$! 6I! ):! #@$! (-+$:! )($!
$Y$?-#$*! )E)9&V! ! J@$! lwV;! 1! wV?DDm! 9:! )! D)##$(&! /)#?@9&E! (-+$! :;! #@)#! #@$!
?;//)&*:! #;! E$&$()#$! *$D$&*$&?9$:! )&*! ?;/D9+$! 9:! ;&+,! (-&!N@$&! )! &$N! <9+$!
/)#?@9&E!#@$!D)##$(&!luV;m!9:!($]-9($*!;(!)!*$D$&*$&?,!;<!#@)#!(-+$B!#@$!lwV?DDm!B!9:!
?@)&E$*V!
!
- 48 -!
.
nn.
nn. J&4A&49.
nn.
.
!"#$%&'%,-<,[email protected]^oF@C%7.+3&,4#=,2,4=.
. q,+:$.[QJ&4A&49.mq[.
. [email protected]@WJ!I%[email protected]$.m6TUCF)U!JYS!Ct7r!"#$%&'%,-<,-.
m6H^oF@C%7.m6EFSFUE7.m6CTU{aOJ7.m6JT^%7.
.
+3&,4#=,2,4=P.
. +=.??r!"#$%&'@3&,4#1<e?eD\.m6O!sF7.10.O*A,0&3,.=,2,4=!"#$%&'%,-<,-.
.
+3,*4P.
. q,+:$.[QcQcQcQ@3,*4&49??QcQcQcQ[.
. qrB&4r-'.1-0.Q?$.m6TUCF)U!JYS!Ct7r!"#$%&'%,-<,-.m6IFUS!Ct7rQ.
.
.
1&4+3"=,.m6%Hu)@F%P?+22`?E7.
.
@42()7C7O7:;%$;%+Z76()4%;%+74%*7D%#(>*;%+7
!
F&!#@9:!<9&)+!:$?#9;&!)($!#@$!(-+$:!<;(!+9&X9&E!#@$!09&)(,!;0\$?#!<9+$:!9&#;!)!?;/D+$#$!
$Y$?-#)0+$V! ! J@$! (-+$! l?+9$&#*$D$&*m! $Y$?-#$:! )!/;($! :9/D+$! :?(9D#! #;! 0-9+*! #@$!
?;/D;&$&#:!($]-9($*!;<!>-#;"9/C+9$&#V! !J@$! +):#! +9&$! 9:!;<! 9&#$($:#!0$?)-:$!#@9:!
*9($?#9%$! 9&?+-*$:! )++! VP! <9+$:! E$&$()#$*! <(;/! #@$! *$D$&*$&?,! D($[D(;?$::9&E!
?;//)&*V!!G(;%9*9&E!#@$!*,&)/9?!+9:#!;<!$YD+9?9#!*$D$&*$&?9$:V!!J@9:!*$D$&*$&?,!
/)D!)++;N:!#@$!:?(9D#!#;!?;/D9+$!)&*!+9&X!#@$!<9&)+!$Y$?-#)0+$!$):9+,V!
- 49 -!
P?0?; HI%3,:#/G3$)C:()/5&%#(9.:&%/
J@$! ;0\$?#9%$:!N$($! #;! D(;*-?$! )! 0-9+*! D(;?$::! #@)#! @)&*+$:! :;-(?$! ?;*$! )&*!
*$D$&*$&?,! ?@)&E$:B! #;! @)%$! )! D(;?$::! #@)#! ?;/D9+$:! ;0\$?#:! )&*! D(;\$?#:!
9&*$D$&*$&#+,B!#;!0$!:D$?9<9?!:;!N@$($!D(;0+$/:!;??-(!#@$,!?)&!0$!9*$	<9$*!)&*!
#;! 9&?+-*$! #@$! $Y#()! 0-9+*! :#$D:B! (-&&9&E! a#! #;;+:B! *$D$&*$&?,! ?@$?X9&E! )&*!
0-9+*9&E! D(;\$?#:! 9&*$D$&*$&#+,V! ! J@$:$! ;0\$?#9%$:! @)%$! 0$$&! /$#! 0,! )!
?;/09&)#9;&!;<!:D$?9<9?!$YD+9?9#!(-+$:B!)&*!)!*,&)/9?!)DD(;)?@!;<!D($[D(;?$::9&E!
#@$!:;-(?$!#;!0-9+*!(-+$:!:;!#@)#!#@$!:?(9D#!?)&!/;:#+,!/;*9<,!9#:$+<!):!#@$!D(;\$?#!
?@)&E$:V!
!
E"! L@D.)6/C(M/'=).N(IJ/;-'%)7(
!
_&$!;<! #@$! +)(E$:#! 9::-$:!?;&<(;	&E!>-#;"9/!9:! #@$! +)?X!;<!D$(<;(/)&?$! 9&!#@$!
:9/-+)#9;&V! ! L;%9&E! #;! :$D)()#$! #@$! ?+9$&#! )&*! :$(%$(! D(;?$::$:! ;&! :$D)()#$!
/)?@9&$:! *;$:! @$+D! #@$! ;%$()++! #@(;-E@D-#! @;N$%$(! ($<9&$/$&#! )&*! ($<;(/!;<!
#@$!)DD(;)?@!#)X$&!#;!?;//-&9?)#$!;%$(!#@$!&$#N;(X!:@;-+*!,9$+*!($:-+#:!E9%$&!
#@$!($?$&#!/;%$!)N),!<(;/!#@$!?@)9&!;<!($:D;&:909+9#,!:9&E+$#;&!?+)::!:#(-?#-($!
#;!)!/;($!;(E)&9:$*!)DD(;)?@!;<!:#)#$!0):$*!?;&#(;+V!
!
'$&?@/)(X9&E! )(;-&*! #@$! &$#N;(X! ?+)::$:! 9:! #@$! $):9$:#! N),! #;! /$):-($!
:9/-+)#9;&! #@(;-E@D-#B! ):! #@$! ?;*$! 9:! @9E@+,! D($*9?#)0+$! )&*! :-0\$?#! #;! #@$!
D$(<;(/)&?$!;<!#@$!($:#!;<!#@$!)DD+9?)#9;&!:#(-?#-($V!!
!
- 50 -!
!
=;+>3)7!I7O783&+34,7#&%-3&(7<(&'7*;4+34,/7
!
F&!0;#@!#@$!?+9$&#!)&*!#@$!:$(%$(!)($! 9/D+$/$&#)#9;&:! <(;/!)&!$Y#$&:9;&!;<! #@$!
?+)::!Z)XG$$(! <(;/! #@$!Z)X.$#! M90()(,!>GFV! ! Z)XG$$(! 9:! #@$!/)9&! 9&#$(<)?$! <;(!
&$#N;(X! ?;//-&9?)#9;&:! )&*! ?;&#)9&:! )++! #@$! /)\;(! <-&?#9;&:! <;(! #@$! Z)X.$#!
+90()(,V!!';#@!Z)X.)#C+9$&#!)&*!Z)X.$#"$(%$(!)($!:9&E+$#;&!?+)::$:!9&!#@$9(!;N&!
$Y$?-#)0+$!#@)#!)+:;!9/D+$/$&#!#@($)*9&E!:;!#@)#!#@$,!?)&!(-&!9&!#@$9(!;N&!+;;D!
;<! $Y$?-#9;&V! ! F&! #@9:! +;;D! )($! <-&?#9;&:! #;! #@$! ($:#! ;<! >-#;"9/! #@)#! D)::!
9&<;(/)#9;&! -D*)#$:! )&*! #(9EE$(! ?;*$! $Y$?-#9;&! #@(;-E@! #@$! "9&E+$#;&! ?+)::!
?@)9&!;<!($:D;&:909+9#,!9&!;(*$(!#;!-D*)#$!)&*!/)9&#)9&!?;;(*9&)#9;&!#@(;-E@;-#!
#@$! :,:#$/V! ! Q9E-($! 2O! :@;N:! #@$! ($+)#9;&:@9D:! 0$#N$$&! Z)X.$#"$(%$(! )&*!
Z)X.$#C+9$&#!?+)::$:! #;! #@$!($:#!;<! #@$!D(;\$?#q! #@$,!0;#@!?)++! <-&?#9;&:! 9&#;!#@$!
($:#!;<!#@$!09&)(,!)&*!D(;E()/!?;&#(;+!($#-(&:!#;!#@$/V!!=@9?@!#@$&!+;;D:!;%$(!
Z)X.$#! >GF! ?)++:! ?@$?X9&E! <;(! /;($! *)#)! <(;/! #@$! &$#N;(XV! ! J@$! ?+)::!
Z)X.$#"$(%$(!$%)+-)#$:!#@$!D)::9&E!;<!($)+!#9/$!#;!$&:-($!#@$!:9/-+)#9;&!9:!&;#!
D(;?$::$*!#;;!]-9?X+,!)&*!9&!*;9&E!:;!+9/9#:!#@$!D)?X$#!#@(;-E@D-#V!
!
=@$&!)?#9%$!#@$!Z)X.$#C+9$&#!?@$?X:!<;(!)!($?$9%$*!D)?X$#!):!#@$!)?#9%$!#@($)*!
)&*!&$N!D)?X$#!9:!($?$9%$*B!9#! 9:!*$[:$(9)+9:$*!0$<;($!0$9&E!D)::$*!;&!<;(!-:$!9&!
;#@$(! :9&E+$#;&! ?+)::$:! +9X$! g()D@9?L)&)E$(V! ! J@9:! )?#:! ):! )! ?@)9&! ;<!
($:D;&:909+9#,!<(;/!0$#N$$&!*9<<$($&#!#,D$:!;<!($]-$:#V!!!
!
- 51 -!
P?4?! L)-'&2$:%+/62:%#:B()./ME)&2I/
!
>-#;"9/! -:$:! )! D@,:9?:! $&E9&$! #;! @)&*+$! 9&#$()?#9;&:! N9#@! #@$! /;*$+:! 9&! #@$!
:9/-+)#9;&V!!J;!$%)+-)#$!#@$9(!/;%$/$&#!D@,:9?:!$&E9&$:!)*;D#!)!A-+$(!$]-)#9;&!
)DD(;)?@!#;!9&#$E()#9;&!;<!#@$!($)+9:#9?!D@,:9?)+!($+)#9;&:@9D:!#@$,!-D@;+*!e42fV!
!
J;!*;!:;!($]-9($:!D(;%9*9&E!#@$/!N9#@!)!*$+#)!;<!#9/$!#;!(-&!#@$!:9/-+)#9;&!;%$(!
<(;/! #@$! ?-(($&#! :#)#$V! ! J@9:!/$)&:! #@$! +;N$(! #@$! *$+#)! ;<! #9/$! #@$! @9E@$(! #@$!
D($?9:9;&!0-#! #@$! +;&E$(! #@$! ?)+?-+)#9;&! #9/$V! !J@$! 9&%$(:$! 9:! )+:;! #(-$! #@)#! #@$!
+;&E$(!#@$!*$+#)!#@$!+$::!)09+9#,!#;!?;(($?#!?@)&E$:!#;!#@$!:9/-+)#9;&!)&*!@$&?$!)!
+;::!;<!)??-()?,V!!J@$!%)+-$!*$:9E&$*!<;(!9&!>-#;"9/!9:!)!#@9(#,!/9++9:$?;&*!#9/$!
*$+#)V!!J@9:!/$)&:!#@)#!#@$!($:;+-#9;&!;<!#@$!"9/-+)#9;&!9:!#@9(#,!/9++9:$?;&*:!)&*!
#@)#!&;!&$N!9&<;(/)#9;&!0$#N$$&!#@$!?+9$&#!)&*!:$(%$(!9:!*$%$+;D$*!$)(+9$(!#@)&!
#@9:! #9/$V! ! ! J@$! #9/$! #@$! :9/-+)#9;&! :#)#$:! 9:! X&;N&! ):! )! :9/-+)#9;&! #9?XV!!
C;/D-#$(!?,?+$:!)&*!#9/$!)($!($<$(($*!#;!):!#;?X:V!
!
>-#;"9/! &$#N;(X9&E! :#)?X! 9:! @)&*+$*! 0,! #@$! -:$! ;<! #@$! Z)X&$#! .$#N;(X!
L-+#9-:$(!.$#N;(X!+90()(,V! !Z)X&$#!9:!;D$&!:;-(?$!8PG!)&*!Chh!0):$*!&$#N;(X!
+90()(,!*$:9E&$*!#;!D(;%9*$!+;N!($:D;&:$!#9/$!N9#@!+9##+$!;%$(@$)*V!
!
J@$! :9/-+)#9;&! /)9&#)9&:! )! #($$! *)#)! :#(-?#-($! N9#@! #@$! :9/-+)#9;&! :#)#-:!
9&<;(/)#9;&V! ! F#! 9:! :$(9)+9:$*! <;(! :#;()E$! )&*! #()&:/9::9;&! ;<! :9/-+)#9;&! *)#)!
0$#N$$&!#@$!?+9$&#!)&*!:$(%$(V!!!
!
J@$! :9/-+)#9;&! D(;?$::$:! #@$! :9/-+)#9;&! 9&! :D$?9<9?! <9&9#$! ]-)&#-/! ;<! #9/$! ;(!
#9?X:q!#@$:$!#9?X:!($D($:$&#!)!:D$?9<9?!)/;-&#!;<!:9/-+)#$*!#9/$V!!F&!>-#;"9/!#@$!
0):$! #9?X! #9/$! ($D($:$&#:! #@9(#,! /9++9:$?;&*:! ;<! :9/-+)#9;&! #9/$V! ! J@9:! 9:! ;&$!
:9/-+)#9;&!9#$()#9;&!)&*!#@$!D@,:9?:!$&E9&$V!!J@$!D(;?$::!;<!?;//-&9?)#9&E!#@9:!
$%;+-#9;&!;<!#@$!D@,:9?:!:9/-+)#9;&!)&*!#@$!D;:9#9;&!;<!/;*$+:!9&!>-#;"9/!;??-(!
0,! #@$! ?;&&$?#9;&! ;<! )&! >-#;"9/C+9$&#! #;! #@$! "$(%$(V! ! J@9:! ;??-(:! N@$&! #@$!
>-#;"9/C+9$&#!$:#)0+9:@$:!)! ?;&&$?#9;&! #@(;-E@!Z)X&$#!0,! :$&*9&E!)!*)#)E()/!
#;!>-#;"9/"$(%$(V! !J@$!:$(%$(!D(;?$$*:!#;!/;*9<,!:9/-+)#9;&!:#)#$! 9&<;(/)#9;&!
- 52 -!
$)?@!#9?XB!N@9?@!9:!#()&:<$(($*!0,!)!:$(9)+9:$*!:9/-+)#9;&!#($$!):!)!/$::)E$!#;!#@$!
?+9$&#!9&!)!*)#)E()/!%9)!Z)X&$#!)&*!#@$!&$#N;(X!:#)?XV!
!
J;!)::$::!#@$!D$(<;(/)&?$!;<!#@$!:;<#N)($!)##$	&!N):!E9%$&!#;!#@$!D(;?$::!;<!
?;//-&9?)#9;&!0$#N$$&!#@$!#N;!/)\;(!$Y$?-#)0+$B!#@$!?+9$&#!)&*!:$(%$(V!!F&!#@$!
"$(%$(B! #@$! ($:D;&*9&E! #@($)*! 9:! ;<! ?+)::! l.$#N;(XJ@($)*mB! #@9:! 9:! *$<9&$*! ):! )!
N()DD$(! <;(! #@$! ?+)::! lZ)X.$#"$(%$(m! N@9?@! 9/D+$/$&#:! <-&?#9;&)+9#,! <;(! #@$!
?;//-&9?)#9;&! N9#@! Z)X&$#! )&*! ?;*$! #;! D(;?$::! #@$! :$(9)+9:$*! :9/-+)#9;&!
9&<;(/)#9;&!#($$V!
!
P?4?0 L)-'&2$/6)2C&2,3%#)/623#-:.)/
!
J@$!/;%$/$&#! ;<!N;(X! )N),! <(;/!)&,!-&&$?$::)(,! ($:D;&:909+9#,! @$+*! 0,! #@$!
&$#N;(X! #@($)*:! 9&!0;#@! #@$! ?+9$&#! )&*! #@$! :$(%$(! 9:! $YD$?#$*! #;!@$+D!&$#N;(X!
#@($)*:!)*)D#!0$##$(!N@$&!?;/D-#$(!?,?+$!?;&*9#9;&:!?@)&E$V!!_-#?;/$:!?)&&;#!
0$! *$#$(/9&$*!0,! #@$! :-0\$?#9%$! $YD$(9$&?$! ;<! #@$! :9/-+)#;(! ):! #@$! :9/-+)#9;&!
0$@)%$:!*9<<$($&#+,!N@$&!:9/-+)#$*!?@)&E$:!)($!&;#!($<+$?#$*!;&!0,!-:$(! 9&D-#V!!
J@$!<;++;N9&E!:$?#9;&!?;&*-?#:!#;!$%)+-)#$!#@$!?;*$!($<;(/V!
!
E"8 IJD/.%@/7'&(')(/624-2'/()-';)@/&"(
F#!N):!?+$)(!<(;/!#@$!:+-EE9:@!($:D;&:$!;<!>-#;"9/!#@)#!#@$!:9/-+)#9;&!$Y$?-#9;&!
N):! &;#! ;??-((9&E! $<<9?9$&#+,V! ! J;! $%)+-)#$! #@$! -:$<-+&$::! ;<! #@$! 9/D+$/$&#$*!
($<;(/:!)!+;E!N):!?;++$?#$*!;<!$%$&#:!9&!#@$!>-#;"9/"$(%$(!Z)X.$#"$(%$(!?+)::!9&!!
#@$!?;&#(;+!+;;DB!N@9?@!E;%$(&:!#@$!$%;+-#9;&!:D$$*V!!=@$&!$%$&#:!#)X$!D+)?$!:;!
#@)#! #@$! :9/-+)#9;&! 9:! $Y$?-#$*!/;($! #@)&! #@$! :9/-+)#9;&! :#$D! :9x$! )D)(#B! )&*!
$%$&#! )&*! #9/$! N):! ($?;(*$*V! ! J@$! )?#-)+! #9/$! N):! D(9&#$*! #;! )! +;E! )&*! 9:!
D9?#-($*!9&!#@$!<;++;N9&E!D$(<;(/)&?$!?@)(#B!Q9E-($!2`V!
!
J@$! $YD$(9/$&#! N):! ?;&*-?#$*! -:9&E! *$<)-+#! :$##9&E:! )&*! #@$!
l($:9*$	)+y)($)VY/+m! N;(+*! <9+$V! ! J@9:! )++;N$*! #@$! :9/-+)#9;&! #;! *(9%$! #@$! ?)(!
:#()9E@#! <;(N)(*! #@(;-E@! #@$! #;N&!/;*$+:!)&*! #@$&!;-#!;&#;!)!:D)?$!;<!$/D#,!
- 53 -!
E()::!<9$+*:!N9#@!+9##+$!9&D-#!<(;/!#@$!*(9%$(V!!A%$&#:!9&!#@$!:9&E+$!*9E9#:!N;-+*!0$!
9&<+-$&?$*!0,!#@$!?;&&$?#9;&!;<!#@$!?+9$&#B!)&*!:9/9+)(+,!$%$&#:!)#!#@$!#)9+!$&*!;<!
#@$!:9/-+)#9;&!($D($:$&#!:$(%$(! +;)*!;&?$!#@$!?+9$&#!@):!*9:?;&&$?#V! !A)?@!#9/$!
#@$! :)/$!/;#9;&!N):! ?;/D+$#$*! 0,! #@$! $YD$(9/$&#! -&*$(! #@$! $Y)?#! ;D$()#9&E!
:,:#$/!?;&*9#9;&:!)&*!$YD$(9/$&#!(-&!N):!?;/D+$#$*!9&!#N;!/9&-#$:V!!>!&-/0$(!
;<! #(9)+! (-&:!N$($! ?;/D+$#$*! #;! $&:-($! #@)#! #@$! +;E! -:$*!N):! )! ($D($:$&#)#9%$!
:)/D+$!;<!#@$!:9/-+)#9;&!D$(<;(/)&?$V!
!
J@$:$!$YD$(9/$&#:!N$($!)++!?;&*-?#$*!-:9&E!#@$!<;++;N9&E!@)(*N)($V!
G(;?$::;(! F&#$+!C;($!P-;!4V3gSx!
",:#$/!L$/;(,! 4g'!;<!PPZ4!
_D$()#9&E!",:#$/! L9?(;:;<#!=9&*;N:!bG!"GR!
P9($?#b!n$(:9;&! 5V3?!
@42()7!K7O7\)%#E,43$;%+7R43*'43)78(4-<&3,7
!
!
=;+>3)7!?7O78)3<&3,4%#)72)<&3)7;,J(),)%-4-;&%7
!
A)?@!$%$&#!;&+,!;??-(:!N@$&!#@$!D$(9;*!0$#N$$&!:9/-+)#9;&!#9?X:!;(!9#$()#9;&:!9:!
;%$(!#@9(#,!/9++9:$?;&*:V!!!J@9:!/),!0$!*-$!#;!#@$!+$&E#@!;<!$Y$?-#9;&!#9/$!N9#@9&!
#@$! :9/-+)#9;&! E;%$(&9&E! ?;&#(;+! +;;D! ;<! >-#;"9/"$(%$(V! ! J@$:$! $%$&#:! )($!
9&*9?)#$*! ):! )&! ;%$(+;)*! ($D;(#9&E! $((;(:! :-?@! ):! TC)&! .;#! j$$D! 8DzU! #;! #@$!
?;&:;+$V!
- 54 -!
!
J@$!<9(:#!:$(9$:!9:!#@$!()N!($?;(*!;<!#@$!:9/-+)#9;&!+)E!$%$&#V!!J@$!:$?;&*!:$(9$:!9:!
)!N$9E@#$*!)%$()E$!;%$(! #@$! +):#! #N;!($?;(*:V! !Q(;/!#@$!E()D@! 9#!?)&!0$!:#)#$*!
#@)#! #@$!)%$()E$! +)E!$%$&#! #@)#!;??-(:! 9:!;&$!@-&*($*!/9++9:$?;&*:V! !=@9+$! #@9:!
*;$:!&;#!:$$/!+9X$!/-?@B!9#!:@;-+*!0$!($/$/0$($*!#@)#!$)?@!D;9&#!;&!#@$!E()D@!
($D($:$&#:!:-??$::9%$!+)E!$%$&#:B!)&*!/-+#9D+$!$%$&#:!/),!;??-(!#;E$#@$(V! !J@9:!
($:-+#:! 9&! #@$! -:$(! $YD$(9$&?9&E! N@)#! 9:! ($<$(($*! #;! ):! ?@-EE9&E! ):! )&! )D#!
?;/D)(9:;&!#;!)!:#(-EE+9&E!)&*!:+;N+,!/;%9&E!/;#;(!$&E9&$V!
!
F&!E$&$()+! #@$! +;&E$:#! +)E!$%$&#!;??-(($*!&$)(! #@$!0$E9&&9&E!;<! #@$!:9/-+)#9;&B!
)&*!#@$!+)E!$%$&#:!:#;DD$*!N@$&!#@$!?+9$&#!*9:?;&&$?#$*V!
!
Q9E-($!2`!9:!#@$!0$&?@/)(X!#@)#!#@9:!N;(X!)9/:!#;!9/D(;%$!;&V!
!
E"< 5724>&%&()*('9/(:/;)7C(IJD/.%@/7'(
><#$(! #@$! ?@)&E$:! #;! ?;*$! 9&! #@$! :@9<#! #;N)(*:! )! :#)#$! *$:9E&! D)##$(&! )&*! #@$!
($/;%)+! ;<!N;(X! ;&! #@$! &$#N;(X! #@($)*V! ! J@$! $Y)?#! ?;&#$Y#! ;<! #@$! $YD$(9/$&#!
#()9+:!N):! ($D$)#$*V! ! >&*! )! ($D($:$&#)#9%$! :)/D+$! ($:-+#! ?($)#$*! #@$! <;++;N9&E!
?@)(#1!
!
- 55 -!
!
=;+>3)7!A7O78)3<&3,4%#)74<-)37;,J(),)%-4-;&%7
!
F&!Q9E-($!26!N$!?)&!:$$!)!E;;*!($*-?#9;&!9&!#@$!)%$()E$!9&#$&:9#,!;<!+)E!$%$&#:V!!
J@$!)%$()E$!#9/$!<;(!)!+)E!$%$&#!9:!)(;-&*!<;(#,[<9%$!/9++9:$?;&*:V!!J@$!&-/0$(!;<!
$%$&#:!@):!9&?($):$*!#N;!)&*!)!@)+<! <;+*V! !J@$!9&?($):$*!&-/0$(!;<!$%$&#:!/),!
9&*9?)#$! #@)#! #@$! :9/-+)#9;&! 9:! )?#-)++,! ?;/D+$#9&E!/;($! ;<! #@$! )?#-)+! D@,:9?)+!
:#)#$:!0$#N$$&!#@$!:#)(#!)&*!<9&9:@!;<!#@$!$YD$(9/$&#V!!C@-EE9&E!)DD$)($*!#;!0$!
($*-?$*V! ! Q9E-($! 26! )+:;! ($D($:$&#:! N$++! #@$! $)(+,! +)E! :$$&! 9&! #@$! $)(+9$(!
$YD$(9/$&#V!!>&*!)&!-&-:-)+!:D9X$!)#!#@$!$&*!;<!#@$!$YD$(9/$&#!9:!)&!;-#+9$(!0-#!
0$<;($!#@)#!D;9&#!#@$!?+$)(!*(;D[;<<!;<!$%$&#:!@):!;??-(($*!):!0$<;($V!
!
- 56 -!
S 5&%#(9.:&%/
!
J@9:!#@$:9:!)##$/D#$*!#;!)?@9$%$!#@($$!;0\$?#9%$:B!;&$!#;!0(9&E!>-#;"9/"$(%$(!#;!
#@$!M9&-Y!D+)#<;(/B!#;! 9/D(;%$!:#)09+9#,!N9#@!#@$! 9/D(;%$/$&#!;<!#()&:9#9;&:!#;!
@$+D! D($%$&#! 9&%)+9*! 9&#$(&)+! :#)#$:! )&*! )++! N@9+$! 9/D(;%9&E! #@$! &$#N;(X!
D$(<;(/)&?$!;<!#@$!:9/-+)#9;&!:;!#@)#!#@$!:9/-+)#9;&!N):!/;($!($)+9:#9?V! ! F#!@):!
/;:#+,! )?@9$%$*!N@)#! 9#! :$#! ;-#! #;! *;V! ! >-#;"9/! ($/)9&:! )! +)(E$! )&*! ?;/D+$Y!
D9$?$! ;<! :;<#N)($! @;N$%$(! &;N! #@$! 9/D+$/$&#)#9;&! &;N! :#)&*:! ;&! #N;!
D+)#<;(/:!N9#@!9/D(;%$*!:#)09+9#,!)&*!/;($!$<<9?9$&#!D(;?$::$:!<;(!D(;*-?9&E!)&!
)-#;/;#9%$!:9/-+)#9;&V!
- 57 -!
!
T =)C)2)%#)./
!
!
e2f! {Z)?$(!C)(!)&*!Z)?9&E!"9/-+)#;({B!Z$#(9$%$*!L),!4335!@##D1^^NNNV()?$(V&+^!
e4f! {A-(;!J(-?X!"9/-+)#;({B!Z$#(9$%$*!>D(9+!4335!@##D1^^NNNV$-(;#(-?X:9/-+)#;(V?;/^!
eRf! {Z;0;#!>-#;!Z)?9&E!"9/-+)#;({B!Z$#(9$%$*!Q$0(-)(,!4335!@##D1^^()(:V:;-(?$<;(E$V&$#^!
ecf! {=$+?;/$!#;!J@$!J_ZC"!Z)?9&E!';)(*{B!Z$#(9$%$*!Q$0(-)(,!4335!@##D1^^NNNV0$(&9NV;(E^#(0^9&*$YVD@D!
e7f! {Z;)*!<)#)+9#9$:!)&*!<)#)+9#,!()#$:![!2547!#;!433R{B!Z$#(9$%$*!23!"$D#$/0$(!4336!@##D1^^NNNV)0:VE;%V)-^>8""J>J"^>'"|V."Q^G($%9;-:D(;*-?#:^2R32V3Q$)#-($w43>(#9?+$R34337};D$&*;?-/$&#r#)0&)/$~"-//)(,rD(;*&;~2R32V3r9::-$~4337r&-/~r%9$N~!
eOf! >-:#()+9)&!'-($)-!;<!"#)#9:#9?:B!{8:$!;<!-(0)&!D-0+9?!#()&:D;(#!9&!>-:#()+9){B!Z$#(9$%$*!23!"$D#$/0$(!4336!@##D1^^NNNV)0:VE;%V)-^>-::#)#:^)0:|V&:<^53)24262*6``)O)O?)47O60733`06O2?^*62$<$<O$4474?<c?)47O<`4336RR3c5z_D$&P;?-/$&#!
e`f! =V!PV!o;&$:B!{j$$D9&E!C)(:!<(;/!C():@9&EB{!TFFF.%2,+#-"'8.%;+V!R6B!DDV!DDV!c3[c7B!"$D#V!4332V!
e6f! "V!>++$:B!CV!>V!"N9?XB!LV!AV!S;<</)&B!"V!LV!L)@/-*B!)&*!MV!Q$&EB!{J@$!@)(*N)($!*$:9E&!;<!)!($)+[#9/$!SFJM!<;(!#()?#9;&!)::9:#!:9/-+)#9;&B{!d,:&+"3*-.C,+:4$3$9;8.TFFF.C-*4/*+#&$4/.$48.%;+V!ccB!DDV!OO6[O64B!2557V!
e5f! {L;09+$,$![!>*%)&?$*!=)(&9&E!",:#$/:{B!Z$#(9$%$*!o)&-)(,!4335!@##D1^^NNNV($%$(:$9&:)<$#,V?;V-X^)*%)&?$*[N)(&9&E[:,:#$/:^/;09+$,$V@#/+!
e23f! Z$#(9$%$*!o)&-)(,!4335!@##D1^^NNNV#;,;#)V$-^3Oy")<$#,^3Ry-&*$(:#)&*9&Ey)?#9%$y:)<$#,^3Ry?(-9:$y?;&#(;+V):DY!
e22f! JV!g-;B!bV!=)&EB!)&*!gV!W-B!{n9(#-)+[Z$)+9#,['):$*!F&:#(-/$&#!P$%$+;D/$&#!9&!)!n9(#-)+!n$@9?+$!"9/-+)#9;&!",:#$/B{!9&!F3,+#-$4&+.O,*/"-,',4#.*4=.T4/#-"',4#/8.fee}[email protected]}?.i#:.T4#,-4*#&$4*3.@$40,-,4+,.$4B!433`B!DDV!R[427[R[425V!
e24f! {_D$&"#($$L)D{B!Z$#(9$%$*!@##D1^^NNNV;D$&:#($$#/)DV;(E^!e2Rf! oV!gV!'()&*B!{g()D@9?:!<;(!)!RP!P(9%9&E!"9/-+)#;(B{!9&!@,4#,-.0$-.T4#,33&9,4#.
T40$-'*#&$4.S-$+,//&49.%;/#,'/1!8&9%$(:9#,!;<!=$:#$(&!>-:#()+9)B!4336V!e2cf! ZV!SV!A(9?@!g)//)B!Z)+D@!o;@&:;&B!o;@&!n+9::9*$:B!E,/&94.S*##,-4/P.
F3,',4#/.$0.),"/*B3,.HB5,+#1H-&,4#,=.%$0#V*-,1!>**9:;&[=$:+$,!G-0+9:@9&E!C;/D)&,B!F&?B!255OV!
e27f! {a#![!>!?(;::[D+)#<;(/!)DD+9?)#9;&!)&*!8F!<()/$N;(X{B!Z$#(9$%$*!Q$0(-)(,!4335!@##D1^^NNNV]#:;<#N)($V?;/^!
- 58 -!
e2Of! {Z)X.$#![!L-+#9D+),$(!E)/$!&$#N;(X!$&E9&${B!Z$#(9$%$*!_?#;0$(!4335!@##D1^^NNNV\$&X9&::;<#N)($V?;/^!
e2`f! JV!";//$(B!{G@,:9?:!<;(!)!RP!P(9%9&E!"9/-+)#;(B{!8&9%$(:9#,!;<!=$:#$(&!>-:#()+9)!4336V!
e26f! Gp+!"9/$&!Z--*B!{A%)+-)#9;&!;<!)!n9:9;&[[0):$*!P(9%$(!>::9:#)&?$!",:#$/!9&!"9/-+)#9;&B{!9&!@,4#-,.0$-.T4#,33&9,4#.T40$-'*#&$4.S-$+,//&49.%;/#,'/.6@TTS%71!8&9%$(:9#,!;<!=$:#$(&!>-:#()+9)B!4336V!
e25f! {g.8!�/)X$i{B!Z$#(9$%$*!Q$0(-)(,!4335!@##D1^^NNNVE&-V;(E^:;<#N)($^/)X$^/)&-)+^/)X$V@#/+!
e43f! {:$*B!)!:#($)/!$*9#;({B!Z$#(9$%$*!L)(?@!4335!@##D1^^NNNVE&-V;(E^:;<#N)($^:$*^/)&-)+^:$*V@#/+!
e42f! JV!'V!>V!';$9&EB!{{A%)+-)#9;&!;<!Z$)+[J9/$!G@,:9?:!"9/-+)#9;&!",:#$/:{B{!T4#v3.@$40?.@$'2?.I-*2:&+/.T4#,-*+#&$4.C,+:4&k",/.!"/#-*3&*.*4=.%$"#:,*/#.!/&*8.DDV!DDV!462[466B!433`V!
!!
- 59 -!
!""#$%&'((
!
!"# $%&'()*(+,-+,./01+2)3+.
!
!!"
!!"#$%&'()'*+,*+"-./*0(1*"
!!"2+(%%*3"%&"+*41(5.%*"%6*"7$(18"4+&5*99"$9*8"(3":';"%&"7$(18"$38*+"<(3$="
!!"#99$)*9".11"1(7+.+(*9".+*"7$(1%"7*0&+*6.38"%6(9"(351$8*9>"
!!" ?./3*%;"@#<;"A%;"B$11*%;"%(3CD-<"
!!""#$%6&+" " >" '%*,*3EF&63EB+.81*CG#$%&'()HI).(1E5&)"
!!"
!!" ?*J$(+*9>"7(3$%(19"
""!
!
KDDLM$9+M7(3MIGG"
-#NOLM$9+M7(3M)./*"
PQRO?Q#<S@#RTLUVKW?XP?YMEEM+*1*.9*"
KZ<#['L\X"'R#RPKSK#<<T#KN"\2.11"\2*=%+."\.39("
!!\4*8.3%(5"
!!\4*8.3%(5"!!1(7+.+(*9"6*.8*+9".+*"3&%"5&)4(1*8"](%6"4*8.3%(5".38"](11"0.(1"
K^QZP[L+*1*.9*"
"
<PBXP?LUVKW?XP?YMEEMEEM1(7"
ARXP?LUV<PBXP?YMA%"
?#NXP?LUV<PBXP?YM?./Q*%"
@#<XP?LUV<PBXP?YM@#<"
D-<XP?LUV<PBXP?YM%(3C=)1"
BW<XP?LUV<PBXP?YM7$11*%"
"
K<POQRXP?LUVKW?XP?YMEEM#$%&'()K1(*3%\,_E_`"
'O?:O?XP?LUVKW?XP?Y"
- 60 -!
!
!
""!
""! #$%&'!
""!
!
()*+,-./0(11234%5678*58859! 0(:;<3=-(<>2654?@A! 0(:;#3+-(<>! 0
(:;#3+-(<>2B$CD7! 0(12EA9A?$%AFG7CA'! 0(12EA9A?$%AFG7CA'2<ACA$'A! 0(:;HI+-(<>! 0
(:;6.<J.<-(<>! 0(:;*+(.)K-(<>! 0(:;LK-(<>279@C4FA! 0(:;LK-(<>279@C4FA2L%*5?A! 0
(:;LK-(<>279@C4FA2L%E47!0(:;M,+-(<>2'?@!
""(9@C4FA!&$'!$!?ANA?A9@A!%5!34%5678*C7A9%26A?OA?!'54?@A!N7CA'!P4%!%&AQ!'&54CF!PA!
8$FA!85'%CQ!79FABA9FA9%!
+(MD#3KR6/0+:;#3+-(<>2C7P2FAP4S! 0+:;M,+-(<>2'?@! 0+:;<3=-(<>2+7P2E),0
+794T0TUV!0+:;LK-(<>2C7P!
""0+:;HI+-(<>!
!
""!
""! +7P'!
""!
!
""LK+(M6/0CL%W64BB5?%! 0CL%6@?7B%! 0CL%XAP=7%! 0CL%*5?A! 0CL%6YC! 0CL%H8C! 0CL%E47! 0
CL%6OS!0CL%H8C#$%%A?9'!0CL%)A%Z5?[!0CL%KA'%!0CL%\BA9E+!0CL%,7K55C'!
LK+(M6/0CL%*5?A!0CL%E47!
+(MD)3I.6/0CP4CCA%@5CC7'759!0C?$[9A%F!:;LK+(M6>!
""!0CC7PB$C!0C%79QT8C!
+(M6/:;+(MD#3KR6>!:;+(MD)3I.6>!
!
- 61 -!
!
""!
""! #$%&'()!*$(+,-!
""!
!
!
.++/!#$%&'()'01201!
! 3045&!677777!89!(-!:&;!<$(+%!7777776!
!
!
""!
""! =%!>?@!.:,!AB@!
""!
!
"">.C0D(+0!E.%5!FF!8G@AHIBHJ!
KLMF8G@AHIBHJNK0:01.%0,O(+0-N8G@?MOBKJ!
KLMP#QRF8G@AHIBHJNK0:01.%0,O(+0-!
!
>?@SOT#K'FUIAMB@?IL!UI=QSQRHL#IS'APP?HQ!UI=QS@?HLSTB*! UI=QSKABSTB*!
UB8G@AHIBHJNK0:01.%0,O(+0-! UB8G=QIBHJN(:4+$,0! UB8GKLMP#QRJN8G@?MOBKJ! U
B8G@AHIBHJ!UB8G=QIBHJN(:4+$,0N=%@&10!UB8G=QIBHJN(:4+$,0N=%K$(!
!
""! A-(:V!&$1!&;:!=%W-!<(:.1(0-!E1020:%-!4&)E.%(<(+(%X!(--$0-Y!
>?@F8G=QIBHJN<(:N)&4!
AB@F8G=QIBHJN<(:N$(4!
!
""! QXE(4.+!'X-%0)!T&4.%(&:-!;(5%!=QUI02!E.4C.V0-!(:-%.++0,!
"">?@FN$-1N<(:N)&4!
""AB@FN$-1N<(:N$(4!
- 62 -!
!
""!
""!#$%&'%()!*+!,-!$%.!,-!/0.!
""!
""!*12!
""! 34!56*+'%789!:;3<=>?@ABC!,DBC>?E!56*+'%78!,F1G1?3!,H1,FHI,FHI?1C!,=<,<DC=FFI!J!
KCF!LL!MGNC!,O!P!
""! 7CM<QC!,O!P!1<!F1<D!DGBGIICI!DB<3CFF?=@!G=4!C=GRIC!3ICGB!BCG4?=@!<>!<A1DA1!
""! SEGMDIC2!! 34!56*+'%789!56/TUS8!,>!/GNC>?IC!
""!VVV!GR<QC!?F!1GNC=!<A1W!A==C3CFFGBKW!GF!I<=@!GF!*1!RA?I1!RC><BCXG=4!
""!?>!?=3IA4C4!G44!1<!1XC!4CDC=4G=3?CF!<>!/0.!RCI<Y!
!
/0.Z[%&S\!2!56)S(]T+^8;A?ZMG?=Y?=4<Y:X_!
! 56)S(8;M<3ZMG?=Y?=4<Y:3DD_!
! 56)S(8;M<3Z1BCCM<4CI:3DD_!
! 56)S(8;M<3ZFCB?GI?`GRIC1BCC:3DD_!
! 56)S(8;M<3ZMCFFG@CI?F1:3DD_!
! 56)S(8;M<3Z3<=1B<IICB:3DD!
!
/0.2!56)S(8!/0.Z[%&S\!
!
56)S(82!
! aC3X<!bccccc.BCG1?=@!*1!7CICGFC!'?BC31<BKb!
! MN4?B!56)S(8!
! !
56)S(8;M<3Z3<=1B<IICB:3DD2!
! aC3X<!bcccc/<3d?=@!5ab!
! a56/0.8! 56/0.Z[&T)\8! 56.$7'%78;.<=1B<IICB:X! ,<!
56)S(8;M<3Z3<=1B<IICB:3DD!
!
56)S(8;M<3ZMCFFG@CI?F1:3DD2!
! aC3X<!bcccc/<3d?=@!5ab!
- 63 -!
! "#$%&'(! #$%&')*+,-.(! #$'/0120(3%455674+859:;! <=!
#$->?(3@=A)@455674B859:ACC!
! !
#$->?(3@=A)A=D9E=BB4EF:ACCG!
! "4A;=!HIIII%=AJ8D7!#"H!
! "#$%&'(! #$%&')*+,-.(! #$'/0120(3'=D9E=BB4EF:;! <=!
#$->?(3@=A)A=D9E=BB4EF:ACC!
! !
#$->?(3@=A)58@KB698=DF:ACCG!
! "4A;=!HIIII%=AJ8D7!#"H!
! "#$%&'(! #$%&')*+,-.(! #$'/0120(3.8@KB698=DF:;! <=!
#$->?(3@=A)58@KB698=DF:ACC!
! !
#$->?(3@=A)54E86B8L6MB49E44:ACCG!
! "4A;=!HIIII%=AJ8D7!#"H!
! "#$%&'(! #$%&')*+,-.(! #$'/0120(3.4E86B8L6MB4NE44:;! <=!
#$->?(3@=A)54E86B8L6MB49E44:ACC!
! !
#$->?(3@=A)9E44@=O4B:ACCG!
! "4A;=!HIIII%=AJ8D7!#"H!
! "#$%&'(! #$%&')*+,-.(! #$'/0120(3NE44%=O4B:;! <=!
#$->?(3@=A)9E44@=O4B:ACC!
!
#$->?(3@=A)@68DP8DO=P:ACCG!
! "4A;=!HIIII%=AJ8D7!#"H!
! "#$%&'(! #$%&')*+,-.(! #$'/0120(3@68DP8DO=P:;! <=!
#$->?(3@=A)@68DP8DO=P:ACC!
! !
#$->?Q,NR(3K8)@68DP8DO=P:;G!#$->?(3@=A)@68DP8DO=P:ACC!@68DP8DO=P:K8!
! "4A;=!HIII/8AJ8D7!#"H!
! "#$/2'(!<=!#$->?Q,NR(3K8)@68DP8DO=P:;!@68DP8DO=P:K8!
!
!
- 64 -!
!!"
!!" #$%&'(")*+,-.-/0"
!!"
"
!!"1.."2*34'&"5-.&2"+32("$&".-2(&6"7&4&8"9-.6':462"-/'.36&"/&9"5-.&2":3(*+:(-':..;"
<#=>)?<" @" AB9-.6':46" CCD13(*<-+)*++*/DEC',,F" AB9-.6':46" ABG?HFDEC',,F"
AB9-.6':46"EC',,F"
!!"<(:(-'".-/I".-$,:."63&"(*"J1K"$4&:I-/0"6;/:+-'".-/I-/0"23,,*4("5*4"G))"
"
#LM?)N<"@"AB<#=>)?<OC',,@C*F"ABJ1KPQ>FD.-$D.-$.-$,:.C:"
R1S?P?J?HP"@"AB)TTF"URR"ABQH)K=P?F"U*"AEC6"AV"
"
"
!!"
!!" >&W3-4&6"#$%&'(2"54*+":/*(7&4".*':(-*/C"
!!"
P?J?HP"@" AB)KQ?HNPQ>FD>*:6X:'(*4;C*Y"
" " AB)KQ?HNPQ>FDR:,Q/5*C*Y"
" " AB)KQ?HNPQ>FDN&44:-/L3-.6&4C*Y"
" " AB)KQ?HNPQ>FD/*6&C*Y"
" " AB)KQ?HNPQ>FD#2+J:42&4C*Y"
" " AB)KQ?HNPQ>FD>&'(H*6&C*Y"
" " AB)KQ?HNPQ>FD2&0+&/(C*Y"
" " AB)KQ?HNPQ>FD7Z&'(*4C*Y"
" " AB)KQ?HNPQ>FDI$2,.-/&[6C*"
- 65 -!
!
""!
""! #$%&'()!*$+,-,&!.+/0123!
""!
#456'()!7! 89'():4;<=2$%&>?*@.! 89'():4;<=2$%&32,@.!
89'():4;<=2$%&>?*0,,.,@.!89'():4;<=2$%&>?*A-,30,@.!
!
2032$%BC!!
! D01E.!89FGH;IJF<!
!
[email protected]!K@1AA!
! D01E.!LMMI.?A$*$%B!G+/012!8D!N.,!8OL!
! D89(PQJ:JRJ5:<S!T!
! 1A!8M@U!8M@:S!T!
! 30U!V0!W3="@M==WT!
! !V0!W3=XYXCZMC!M==WT!
! !V0!W3=!MTT88==W!T!
! V0!W=X88=!UW!V0!W3=88=!C=W!O!8M@U![[!8M@:S!T!
! ,?!VN!8M@U!
! D89I''<!89I\)P]F<!8945I)H:J<!V1!8O!V.!8D!
!
!
""!
""! )$%^$%B!
""!
!
P_2.F$?F0,`0,C!(GI!89GabJI#F<!1*$0%2U0A0%U!
! D01E.!LM)$%^$%B!8DL!
! 89I''<! 89I\)P]F<! 8945I)H:J<! V.! 8945#J;5P)cRP#d<=P_2.F$?F0,`0,!
89GabJI#F<!89:JRJ5:<!89#456'()<!89)4aF<!
!
1*$0%2U0A0%UC!
! 1U!@@=P_2.F$?I*$0%2V`e@efS!89(PQJ<!VN!(-^0N$*0!U0A0%UP_2.F$?F0,`0,!
- 66 -!
!
"#$%&'!
! ($")*!+,-,-,-,.#$%&/&011,-,-,-,+!
! (23/&245!647!,1*!89:;<=>;?@AB?<CD2?EF*G/5G$4H$4!89I=;B?<CD2,!
!
!
6/&"#EJ$!89GKL>.=G'1"MMN1OD!
!
!
!
- 67 -!
!"# $%&'()*+,)-.&/012-3),-/
!
""!
""!#$%&'()*+(,-%!./0,1(+,!
!!"#$%&&'("&)"$'*+%,-&'"&.'"/0%+1"*$),'22"02'1"%("345"&)"/0%+1"0(1'$"6%(07"
!!"82209'2"-++"+%/$-$%'2"-$'"/0%+&"/':)$'.-(1"&.%2"%(,+01'2;"
""! #22$),2! /++! +(3/4(,2! /4,! 3$(+%! 3,1&4,5/-6! %5(2! (-7+$6,28! ! 9/0-,%:! ;#<:! =%:!
>$++,%:!%(-?@.<!
""!!#$%5&4! 8! '%,A,-BC&5-B>4/6+,?D#$%&'()EF)/(+B7&)!
""!
*@@GH$24H3(-HFDD!
.#IJGH$24H3(-H)/0,!
KLMJ9L#<N;#MOGPQ*R9SK9THBBH4,+,/2,!
*U<#V'GWX/++!WX,Y%4/!W/-2(!!
""WZ,6/-%(7!""+(34/4(,2!/4,!-&%!7&)Z(+,6![(%5!Z,6/-%(7!/-6![(++!1/(+!
*\LUKVG4,+,/2,!
!
<K>SK9GPQ*R9SK9THBBHBBH+(3!
=MSK9GPQ<K>SK9TH=%!
9#ISK9GPQ<K>SK9TH9/0L,%!
;#<SK9GPQ<K>SK9TH;#<!
@.<SK9GPQ<K>SK9TH%(-?Y)+!
>R<SK9GPQ<K>SK9TH3$++,%!
!
KL*<RSJGWKBBH#$%&'()*&))&-! WKPQ9#ISK9TH'&$47,! WKPQ;#<SK9T! W
KPQ*R9SK9THV,-,4/%,6U(+,2!WKPQ*R9SK9THV,-,4/%,6U(+,2H9,+,/2,!WKPQ@.<SK9T!W
KPQ*R9SK9THBBH#$%&'()',4A,4WA]B]^! WKPQ*R9SK9THBBH#$%&'()*+(,-%WA]B]^! W
KPQ=MSK9TH(-7+$6,!WKPQ=MSK9TH(-7+$6,H=%*&4,!WKPQ=MSK9TH(-7+$6,H=%V$(!
""K-7+$6,!5/2!/!4,1,4,-7,!%&!#$%&'()*+(,-%H',4A,4!2&$47,!1(+,2!3$%!%5,?!25&$+6!
3,!)/6,!)&2%+?!(-6,Z,-6,-%!
!
/++8!6,Z,-6#$%&'()',4A,4!
- 68 -!
! "#$%&!'((((()*!%+,!,-$$#,,.-//0!$&123/#4!567#$8,!.&9!:-8&;31;#9<#9'!
!
==5>?@AB;!
4#2#C4:-8&;31;#9<#9D! E&+4F+$8&90G&! 4#2#C4HE&+4F+$8&90! I+2JC.&G&! 4#2#C4H
I+2JC.&!B#99+3C>-3/4#9G&!C&4#G&!4#2#C4HK&4#!5,1L+9,#9G&!!
!
==! B%3,!3C43$+8#,!8%#!4#28%!&.!4#2#C4#C$0!&.!8%#!;#9<#9!&C!8%#!A/3#C8!
4#2#C4HI+2JC.&D! ! E#$8K&4#G&!
4#2#C4HK&4#D! ! ,#M1#C8G&!%<#$8&9G&!
4#2#C4HE&+4F+$8&90D! N6,2/3C#O4G&!
!
PG&D!PG$22!
! "#$%&!'((A&123/3CM!567#$8!)QARESJET!U!)"'!
! ")QAVVT!)QAFW:X;T!)QJKAWRS@T!H$!)*!H&!)"!
!
$/#+CD!
! "#$%&!'(Y(Y(Y(A/#+C3CMGG(Y(Y(Y('!
! "U63CU91!H9.!(G&!
!