de diosas y brujas- noe costas
TRANSCRIPT
!"#$%&'($')*+"$,-./'0#1.,'2$##.'34-*5&'&,"6"7.5/'!$'!"&#.#'8,*9.#':'2.+".#';<,"=$,.'$("1">7'$7')&5$11">7'?."1$#'@"A.#,."1$#A"A.#BC*$,-&.*(.DE1&=!$C>#"-&'F$6.5/'F$:'GHGGG
!" ##$
%
"&'()*+
<,>5&6& IJ7-,&(*11">7' K).C"-*5&'JE' L.1".'*7.'#$M*.5"(.('$5$A.(. GK).C"-*5&'JJE' N"-&/'O*71">7'($5'5$76*.9$'$7'5.'1*5-*,. KP'''''''''''''''''''''''').C"-*5&'JJJE' ?$1*C$,.7(&'7*$#-,.'Q"#-&,". GGG).C"-*5&'J@E' N.-,"=&7"& GRS).C"-*5&'@E' T=&, GUG).C"-*5&'@JE ),$.7(&'*7.'7*$A.'1*5-*,.''''''''''''''' GKU'V&-.#' GWK8"+5"&6,.X". GHK'''''''''''''''''''
,
F$'Q.6&'55$6.,'="'=Y#'C,&X*7(&',$1&7&1"="$7-&'.'="'Z*$,"(.':'$,*("-.'.="6.'T(.N.7-"7"'Z*$'=$'Q.'.1&=C.%.(&':' #$'Q.'$71.,6.(&'($'5.'1&,,$11"&7':' ,$A"#">7'($$#-"5&'($'$#-$'$7#.:&[':'.'2"5A".'\.55&'C&,'$MC,$#.,'*7'6,.7'.X$1-&'C&,'+,"7(.,=$'1&7]-$71">7['1.5"($D':'.="#-.('1.#"'"71&7("1"&7.5E'
^*"$,&'.6,.($1$,'.'="#'.="6.#['Z*$'1&7'X$'1&7#-,*:$7'.'(".,"&'*7.'1*5-*,.'$5$A.(.:',$14C,&1.'($'5&'X$=$7"7&]=.#1*5"7&[':'.'7*$#-,&#'Q&=+,$#'Z*$'.C&,-.7'1&=C,$7#">7.'5.'7.-*,.5$D.'X$=$7"7.':'1&7'5&#'Z*$'.A.7D.=&#'*7"(&#'Q.1".'7*$#-,&'($#-"7&'*7"]A$,#.5E
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`'.6,.($1"(.E
-
.)+/+0+
!"#$"%$&'($(#%()*+#,%-(%)".+)/'(%$"%0&1"*2%/**3.4/5%'21%*/02*%(-
/1)"1)(*%*"6-"7/21(*%#28*"%-(%1()3*(-"9(%"#4"':6/'(%$"%-(%.3;"*<%=-
6/1%>%(-%'(82,%31%.2$2%$"%2)2*0(*%'()"02*:(%$"%#3;")2%(%"#(%./)($
$"% 13"#)*(% "#4"'/"% ?3",% $3*(1)"% $".(#/($2% )/".42,% 12% @(8:(
-20*($2%)*(#'"1$"*%31%*2-%."*(."1)"%28;")(-%>%4*"A/#/8-"<
!")"*./1($(%42*%31(%B/#)2*/(%?3",%'(#/%"7'-3>"1)"."1)",%"-%4*2C
)(021/#.2% 63"% .(#'3-/12,% -(% .3;"*% (**/85% #/1% ".8(*02% (-
.2."1)2%"1%"-%?3"%()"1/&1$2#"%(%62*.3-(*%.3-)/)3$%$"%4*"031C
)(#%*"-()/A(#%(%#3%'21$/'/51,%($A/*)/5%?3"%#3#%42)"1'/(-/$($"#%-(
4*2>"')(8(1% .3'@2% .+#% (--+% $"-% @2*/921)"% $2.&#)/'2% >% *"4*2C
$3')/A2%?3"%-2#%#/0-2#%@(8:(1%(#/01($2<
D/1% 1"0(*% 42*% "--2% "-% (.2*% $"% 4(*";(% 1/% -(% .()"*1/$($,% "#% (#:
'2.2%"."*0",%(-%6/1,%-(%.3;"*%4"1#($2*(,%'*"()/A(,%./-/)(1)",%"$3C
'($2*(%'21%/$"(#%4*24/(#% >,% #/.3-)+1"(."1)",% -(%4*24/")(*/(%$"
31%'3"*42%'21%$"*"'@2%(-%4-('"*%>%(%-(#%"-"''/21"#<
E%"#%"1%"#)"%'21)"7)2%$"%A2'"#%6"."1/1(#%?3"%#"%#3.(%-(%$"%F2"
*"A"-(1$2%-2#%%'5$/02#%$"%31%'(./12%>%"-%.2$2%$"%)*(1#6"*/*%-2#
(1)"*/2*"#<%D"0G1%"1)/"1$2,%'21%"#)(%4(*)/'3-(*/$($H%-(%$"%$"#"(*
>%1"'"#/)(*%'2.4(*)/*%-2%#3>2%(%4(*)/*%$"%@(8"*%)*(1#/)($2%)(.8/&1
"--(% $/A"*#(#% #"1$(#,% $"% @(8"*% 4($"'/$2,% )(.8/&1% $"'"4'/21"#,
$2-2*"#,%"%/1'-3#2%/1;3#)/'/(#,%>%$"%@(8"*#"%('"*'($2%(%8G#?3"$(#
4*2631$(#%?3"%(8*/"#"1%13"A(#%4"*#4"')/A(#%(%#3%"7/#)"1'/(<
1
I-(*2%?3"%?3/"1%-"(%#3#%4+0/1(#,%42$*+%24/1(*%?3"%"-%$"%-(%(3)2C
*(%63"%31%'(./12%4(*)/'3-(*/#.2J%4"*2%-2%/11"0(8-"%#"*+%(%-(%A"9
?3"% )(-% 4(*)/'3-(*/$($% )3A2% '2.2% .")(% 31(% *"A"-('/51% 1($(
."12#%)*(#'"1$"1)"%K>%12%"#%('(#2%-(%)*(#'"1$"1'/(%-(%.+#%0"13/C
1(%42#/8/-/$($%21)2-50/'(%$"-%#"*%@3.(12L
M*(#%-2%?3"%/1)"*4*")2%-(%/1A/)('/51%?3"%F2"%@('"%(%-(#%-"')2*(#,
#"%8(#(%"1%(-02%#"1'/--2%>%"#"1'/(-H%*"'2*)(*%.2."1)+1"(."1)"%-(
'2)/$/(1"/$($%4(*(%/1)"*1(*12#%"1%"-%#/-"1'/2%$"%-(%."$/)('/51%>,
$"#$"%&-%)2*1(*12#%(8/"*)(#%>%$/#421/8-"#%4(*(%-2%?3"%"#"%#/-"1'/2
)*(/0(,%'2.2%N"-%(.2*%#(0*($2N%#"0G1%-(%(3)2*(<%O1%'/"*)2%.2$2,
31%(.2*%?3"%42*%.2."1)2#%*"./)/*+%(%P-()51H%4(*)/*%$"-%(.2*
6:#/'2%"1%'3(-?3/"*(%$"%#3#%A(*/(8-"#%>%$"#$"%&-%(#'"1$"*,%--"A(*#"
@('/(%"-%(*?3")/42%./#.2%$"-%(.2*J%&#"%?3"%-/8"*($2%?3/9+%$"#$"
-2%'21)*($/')2*/2%>%$"#$"%-2%$"1#2%$"%-(%.()"*/(-/$($,%4"*./)/*+
6/1(-."1)"%"-%"1'3"1)*2%'21%-(%8"--"9(%>%'21%-(%Q"*$($<
T(.'N.7-"7"
a#1,"-&,.
2
345)+6&77*84b3&(&#' 5&#' #.7-&#' 5.' A"5"C$7(".7[' :' -&(&#' 5&#Q&=+,$#'#&+,"&#['Z*$'#$',"6$7'C&,'$5'9*#-&'=$("&($5'("&#'TC&5&E'EEE7.A$6*`' C.,.' +*#1.,5.' $7' 5$9.7.#' ,$6"&7$#[(&7($'$,.'=Y#'C,&+.+5$'Q.55.,'.'.Z*`55.'.' 5.Z*$'($#$.+.'1&7&1$,'=Y#'Z*$'-&(.#'5.#'1&#.#['5.Q$,=.7.'($5'$#C$9"#=&':'($5'$1&E'
R28"*)%S*(A"#%
=%."13$2%-(%@/#)2*/(%12#%4*"#"1)(%'2.2%4"?3"T(#%@&*2(#%?3"%#"
$"#"1A3"-A"1% $"% .(1"*(% '(3)"-2#(% "1% 31% .31$2% $"% @2.8*"#,
#/1% *2.4"*% )(8G"#,% ('2.2$+1$2#"% (% -(#% #/)3('/21"#,% (-% )/".42
?3"% -(#% .2$/6/'(1% #3)/-."1)"<%B(>% "7'"4'/21"#,% $"#$"% -3"02,% >
'2.2% -(% A"*$($% ;(.+#%$(T(%(%31(%'(3#(% ;3#)(,% "1)21'"#%?3"% -(
A"*$($%>%-(%A29%/1)"*1(%@(8-"H
bEEE'b+"$7$#-.,'C.,.'-&(&#b'2$'-,.-.'($'*7'($#.,,&55&'"7("A"(*.5'#"$=]C,$'1&7#"#-$7-$'1&7'#*'*#&'C.,.'$5'($#.,,&55&'($'5.'#&1"$(.(['($'A.5&],$#'Q*=.7&#['5.'C,&=&1">7'($5'.5-,*"#=&'$7'$5'6,.(&'=Y#'$5$A.(&['5."7-$6,.1">7'($5'"7("A"(*&'1&7'5.'#&1"$(.(':'$5'$5$A.="$7-&'($'5.'#&1"$](.('Q*=.7.'$7-$,.'Q.1".'$5'C5.7&'=Y#'.5-&'($'5.'$M"#-$71".'(&7($$5' .=&,' :' $5' -,.-&' 5"=C"&' 9*$6*$7' C.C$5$#' 1,*1".5$#/' -.5$#' #&7' 5.#1.,.1-$,4#-"1.#'C,$(&="7.7-$#'($'#.,A&(.:.bE'
S(1$@/
9
P"*2% '2.2% $/'"% U#@2% N-.' A"(.' $#' -.7' ="#-$,"&#.' Z*$' 7*$#-,.#=.7&#'7&'C*$($7'.51.7D.,'#*#'1"=.#['7*$#-,&#'&9&#'7&'C*$($7'&+#$,]A.,'#*'="#-$,"&'=Y#'C,&X*7(&E'F.'1"$71".'="#=.'$#'*7'="#-$,"&[':'5"$7-4X"1&#'Z*$'Q.7'$=C$D.(&'.'(.,#$'1*$7-.'($'$55&['$#-Y7'.+.7(&]7.7(&' #*' A"$9.' .1-"-*(' &+#-"7.(.' :' #*C$,#-"1"&#.' ($' Z*$' *7' (4.#.+,Y7'-&(&'5&'Z*$'#$'C*$($'#.+$,N<
I21%=-8"*)%O/1#)"/1,%-(%@/#)2*/(%"1)"*(%$"%-(%'/"1'/(%@(%)2.($2
31(%*3)(%.3>%$/6"*"1)",%42*?3"%'3(1)2%.+#%4"1")*5%"1%"-%1G'-"2
$"%-(%.()"*/(,%.+#%4"*4-";2%63"%?3"$(1$2<%M2$(%-(%-50/'(%?3"$5
()*+#,% )2$(% -(% *('/21(-/$($% ?3"$5% ()*+#,% )2$2% '212'/./"1)2
?3"$5%()*+#,%=-8"*)%O/1#)"/1%$"'-(*5%?3"%-(%)"2*:(%$"%-(%*"-()/A/C
$($%-"%--"05%$"%/.4*2A/#2,%?3"%;(.+#%(1)"*/2*."1)"%@(8:(%4"1#(C
$2%"1%"--(%>%?3",%#/1%#3%'212'/./"1)2%'/"1):6/'2%(1)"*/2*,%12%-"
@(8*:(%#/$2%42#/8-"%$"#(**2--(*-(<%O/1#)"/1%'21'"$/5%?3"%"#)"%$"#C
'38*/./"1)2%-"%@(8:(%#/$2%N$($2N<%
F2#2)*(#%#2.2#%31%./#)"*/2,%)2$2%-2%?3"%"7/#)"%"#%31%./#)"*/2,%>
)2$2#%13"#)*2#% "#63"*92#%4(*(% '2.4*"1$"*-2%"#)+1%#3#4"1$/$2#
$"%-(%1($(<%
B(':(%-(%)"*'"*(%#".(1(%$"%$/'/".8*",%12)&%?3"%(-%*"0*"#(*%$"%4*2C
-210($2#%4"*:2$2#%$"%(8#)*(''/51,%&#)2#%#"%@(8:(1%'21A"*)/$2%"1%31(
'(*(')"*:#)/'(%12*.(-%$"%./#%@2*(#% #2-/)(*/(#<%V/%."1)"% #"% $")"1:(
12*.(-."1)"%"1%-(%/1A"#)/0('/51%>%-(%-"')3*(%$"%"#)"%6"15."12,%"#)(C
8(%(4*"1$/"1$2%.+#%$"%@/#)2*/(%(1)/03(%"1)*"#('($(%$"%-/8*2#%>%A(*/(#
$2'"1(#%$"%)"7)2#%%"7)*(:$2#%$"%28*(#%$"%6/-5#262#,%"#'*/)2*(#,%.:#)/'2#<
D/1%-(%."12*%/1)"1'/51%$"%4*28(*%./%@(8/-/$($%"1%"-%26/'/2%$"%-(
"#'*/)3*(WXY,%'2."19(*21%(%--"0(*%(%./#%.(12#%-/8*2#%?3"%42'2%(
:
42'2%/8(1%('-(*(1$2%"-%4(12*(.(J%1"'"#/)(8(%2)*2%)/42%$"%-/)"*(C
)3*(<%!"#43&#%$"%(-0312#%$:(#%$"% /1)"*"#(*."%#34"*6/'/(-."1)"
'2."1'&%(% #"1)/*."% /1)*(1?3/-(,% >%42*%4*/."*(%A"9% "1%./%A/$(
)3A"%"-%$"#"2%$"%"#'*/8/*%>%)*(1#./)/*%"#)2#%13"A2#%$"#'38*/./"1C
)2#%>%(4*"1$/9(;"#<%D/1%$";(*."%/.4*"#/21(*%"1%(8#2-3)2%42*% -2
?3"%'*":(%?3"%"*(%31%/.43-#2%4(#(;"*2%>%(1/.($(%42*%.2$"-2#%$"
"#'*/)2*(#Z"#% ?3"% ."% 03#)(8(1,% '2."1'&% "1)21'"#% (% $"$/'(*-"
A(*/(#%@2*(#%$"-%$:(%(%"#)(%)(*"(%>%(%$/83;(*%(-0312#%4+**(62#%$"%-2
?3"%A(.2#%(%'2.4(*)/*<%
P(*(% "1)"1$"*% "#)"% "1#(>2% 12% @('"% 6(-)(% )"1"*% 1/10G1% '212'/C
./"1)2W[Y "#4"'/(-<%O-%-"103(;"%"#%#"1'/--2%>%'2.4(*)2%31%431)2%$"
A/#)(%4"*#21(-,%#38;")/A2<%O#%"-%*"#3-)($2%$"%31%(4*"1$/9(;",%2*$"C
1(1$2%'21'"4)2#%>%#/)3('/21"#%?3"%#/".4*"%@(8:(%A/#)2%(82*$($(#
'21%)".2*%>%42'(%'-(*/$($,%42*?3"%#"%@(%*2$"($2%"-%)".(%'21%31
A"-2%"1/0.+)/'2%>%#34"*6/'/(-%\(%A"*$($%"#%?3"%12%43"$2%0(*(1)/C
9(*%"-%(0*($2%$"%)2$(#%-(#%-"')2*(#<%E%$";2%(-%2-6()2%>%(-%2;2%'-:1/'2
$"%-(#%.+#%#(0('"#%-(#%.G-)/4-"#%4/#)(#%?3"%43"$(1%#3*0/*%$"%&-<
V"% $/;",% A2>% (% 83#'(*% "1)*"% (?3"--(#% >% (?3"--2#% (% ?3/"1"#% -2#
$".+#%'21#/$"*(1%42'2%'3"*$(#%2%'3"*$2#,%2%"1)*"%12#2)*(#%./#C
.(#,% "1)*"% .3;"*"#% '2.2% A2#% ?3"% @(1% '21)".4-($2% (-02% ?3"
'*""1% ?3"% 12% $"8"1% '2.4(*)/*% '21% 1($/"<% B(*)(% $"-% *(921(C
./"1)2%$"-%(-.(%@3.(1(,%@(*)(%$"%-(%'/"1'/(%>%-(%4#/'2-20:(,%$"
-2#%./'*2#'24/2#%"%/1'-3#2%$"%-2#%)"-"#'24/2#%2*/"1)($2#%@('/(%-(#
"#)*"--(#% #/1% -(% 4*2631$/$($% ?3"% 1('"% $"% 31% '2*(921% #/1'"*2,
"#)2>%$"'/$/$(%(%#"03/*%($"-(1)"%'21%"-%A(-2*%$"%31(%.3;"*%?3"%@(
4(*)/$2% >% '2.4*3"8(%?3"% #"%@(%(-9($2% #28*"% #3% )3.8(%"1%"#)"
.31$2<% ]1(% .3;"*% ?3"% ?3/"*"% "*/0/*#"% 13"A(."1)"% #28*"% #:
;
./#.(% "1% 31(% *"(-/$($% $21$"% "7/#)"1% 13."*2#(#% >% @2**"1$(#
'21)*($/''/21"#,% 4(*(% #"03/*% ($"-(1)"% >% 4*2'3*(*% 12% (6"**(*."
6"8*/-."1)"%(%-(%*(951<
P(*(%(?3"--(#%?3"%A"1%"-%63)3*2%>%(6/*.(1%'212'"*%"-%4(#($2,%4(*(
A2#,% ?3"% 42#"&#% 31(% /1)"-/0"1'/(% "7)*(2*$/1(*/(% $"1)*2% $"% 31
"1A2-)2*/2%4"*6"')2%?3"%@(%4"*$3*($2,%31(%/1)"-/0"1'/(%?3"%?3/C
9+#%@(%$"#)*3/$2%)2$2,%#(-A2%)3%'2*(951%42*?3"%--"A(#%31(%@/#)2C
*/(%$"1)*2%)3>2%>%42*?3"%$")*+#%$"%)3%#/-"1'/2%>%)3%$2-2*%>('"%31(
@/#)2*/(,%4"*6"')(."1)"%(*)/'3-($(,%?3"%"#4"*(%#"*%"#'*/)(<%
!($2%?3"%"#%31%'212'/./"1)2%?3"%4"*.(1"'"%42'2%'212'/$2,%-2
?3"%A2>%(%$"#(**2--(*%"#%31(%#:1)"#/#%$"%-2%?3"%'*"2%?3"%"#%"-%"#)(C
$2%$"%#382*$/1('/51%"1%"-%?3"%"#)(.2#%/1."*#(#%-(#%.3;"*"#%$"
13"#)*(% '/A/-/9('/51<% E% "#)(% #/)3('/51% 12% "#% /**"A"*#/8-"<
I212'"*-(%12%$"8"%'21A"*)/*#"%"1%31(%@3/$(%(-%4(#($2,%#/12%"1
31(%8G#?3"$(%"1%"-%621$2%$"-%"#4";2%'3*A2%$/*"''/21(1$2%13"#C
)*(% ./*($(% @('/(% "-% 63)3*2,% *"'21?3/#)(1$2% 31% 4(4"-% ?3"% >(
@".2#%;30($2%(-%4*/1'/4/2%$"%-2#%)/".42#,%4(*(%"A/)(*%-(%)2$(A:(
"7'-3#/51%>%.(*0/1(-/$($%6"."1/1(<%=#:%'21)*/83/*".2#%(%"**($/C
'(*%-2#%"#)"*"2)/42#%$(T/12#%"1%'21)*(%$"%-2#%A(-2*"#%$"%13"#)*2
4*24/2%0&1"*2,% -2#%?3"%@(1%2)2*0($2%$".(#/($2#%4*/A/-"0/2#% (-
0&1"*2%.(#'3-/12,% >% '3(1$2%."% *"6/"*2%(%&#)"%."% *"6/"*2%(%"#(
42*'/51%$"%/1$/A/$32#%?3"%(-/."1)(%>%#2#)/"1"%"#)(%'3-)3*(%$2./C
1(1)"<%=31?3"%)(.8/&1%(0*($"9'2%(%(?3"--2#%A(*21"#%)(1%4"*;3C
$/'($2#%'2.2%12#2)*(#,%?3"%4*"'"$/"*21%13"#)*2%'(./12%>%12#
('2.4(T(1%/1'21$/'/21(-."1)"<
O#)"%'212'/./"1)2%12#%(8*"%'(./12#%13"A2#%(%12#2)*(#%-(#%.3;"C
*"#,%4(*(%'21#"03/*%.(>2*"#%"#4('/2#%$"%/03(-$($<%I2.2%$/'"%-(
<=
$2')2*(%S/.83)(#%"1%#3%-/8*2%M@"%\(103(;"%26%)@"%S2$$"##H%NO-
'212'/./"1)2%$"%31%4(#($2%($2*(1$2%(%31(%!/2#(%43"$"%03/(*
(-%.31$2%@('/(%-(%/03(-$($%$"%#"72#%>%(%31%63)3*2%12%A/2-"1)2%>
N'"1)*($2%"1%-(%)/"**(N<N
R28"*)%S*(A"#%)(.8/&1%#"%*"6/"*"%(%-(#%1/16(#,%#28"*(1(#%>%#('"*C
$2)/#(#%$"%-(#%'/A/-/9('/21"#%.()*/(*'(-"#%$"-%V"$/)"**+1"2,%(1)"C
*/2*"#%(%-2#%)/".42#%"1%?3"%-2#%43"8-2#%$"-%12*)"%--"0(*21%'21%#3#
(*.(#%$"%8*21'"%>%@/"**2%(%/.421"*%#3#%$/2#"#%.(#'3-/12#<
<<<'3(1$2% -(%42"#:(%"*(%31% -"103(;"%.+0/'2%A/1'3-($2%'21%'"*"C
.21/(#%4243-(*"#%"1%@212*%$"%-(%!/2#(%V($*"%]1/A"*#(-,%$"%-(
!/2#(%\31(,%V($*"%M/"**(,%!($2*(%!"%Q/$(%2%(-0G1%2)*2%$"%#3#
./-%12.8*"#,%-"103(;"%$"#A/*)3($2%42*%-2#%/1A(#2*"#%4()*/(*'(-"#<
\3"02%A/1/"*21% -2#% 6/-5#262#% 0*/"02#,% -2#% '3(-"#% (82./1(*21% $"
-2#%./)2#%>%-(%.(0/(%42*?3"%12%"*(1%'2.4()/8-"#%'21%#3%*('/21(C
-/#.2%(%3-)*(19(,% >%8(;2% #3% /16-3"1'/(%#"% /1'385%31(%42"#:(%$"
1()3*(-"9(%"./1"1)"."1)"%-50/'(,%'21%"-%$/2#%=42-2%'2.2%4()*2C
12,%?3"%@(%4*"$2./1($2%$"#$"%"1)21'"#%"1% -(#%"#'3"-(#%>%31/C
A"*#/$($"#%$"%U''/$"1)"<%
D5'*()"#% -"% A2-A/5% -(%"#4(-$(%(% -2#%./)2#%42&)/'2#%(% )*(A&#%$"% -(
6/-2#26:(,%>%)(.8/&1%A2-A/5%-(%"#4(-$(%(%-(%!/2#(%?3"%-2#%/1#4/*(8(
>%?3"%"7/0:(%?3"%"-%@2.8*"%*/1$/"#"%(%-(%.3;"*%#3%@2."1(;"%"#4/C
*/)3(-%>%#"73(-%"1%)2$2%(')2%'*"()/A2J%"-%/1)"-"')2%.(#'3-/12,%)*(C
)(1$2%$"%@('"*#"%(3)2#36/'/"1)"%'2.42*)(*:(%(#:%31%"7)*(A:2%$"#C
@21*2#2%>%"#)&*/-<%
=-%"#'*/8/*%"#)(#%4+0/1(#%/1A"#)/02%>%"74-2*2%(%31(%4*"#(%?3"%12
*"#3-)(% 6+'/-% '212'"*H% 13"#)*2% 4(#($2<% O1% 2'(#/21"#% #"1):% 31(
"12*."%(-"0*:(,%31(%-/8"*('/51%$"%)2$(#%-(#%#34"*'@"*:(#%>%6(-#2#
<<
4*";3/'/2#,% (% )*(A&#% $"% -2#% '3(-"#% 31% (-.(%2%31% '3"*42% #"% '21C
A/"*)"1%"1%*"@"1"#<%O#)(%4*"#(%@3>"%$"%.:%(%31(%A"-2'/$($%"?3/C
A(-"1)"%(%-(%.:(<%\(%83#'2,%83#'2%"#)(%4*"#(%(%-(%?3"%."%@"%()*"C
A/$2%>%$"#(6/($2%42'2,%>%"1%"#)(%"74"*/"1'/(%*"A/A2%-(%".2'/51%$"
-(%'(9($2*(<%=%."$/$(%?3"%"#'*/82,%."%#/"1)2%()*(:$(%42*%-2#%'21C
'"4)2#%A"*)/$2#%>%"-%(4*"1$/9(;"<%I*"2%?3"%-(%'2@"*"1'/(%>%"A2-3C
'/51%#21%42#/8-"#%"1%31%)"7)2%"%/16-3>"1%"1%13"#)*(#%A/$(#%>%13"#C
)*2%"1)2*12<
O#)"%"1#(>2%"#%(1)"%)2$2%31(%/1A"#)/0('/51%*"(-/9($(%(%4(*)/*%$"
31(%"74"*/"1'/(%?3"%#28*"4(#5%./%'2.4*"1#/51%"% /.43-#5%"#)(
8G#?3"$(<% ]1(% "74"*/"1'/(% $/#4(*($2*(<% E% 4(*(% ?3"%"#)(% "74"C
*/"1'/(%$"%A/$(%'28*"%#"1)/$2,%$2>%*/"1$(%#3"-)(%(-%/1)"*&#%$"%'2.C
4*"1$"*%-2%?3"%4(*(%31%#"*%"#'&4)/'2%>%*('/21(-%131'(%4(#5%42*
#3%."1)"<%V"% *"4/)2%31(% >%2)*(% A"9%4(*(%./#% ($"1)*2#% N63"%31
*"0(-2% $"-% 31/A"*#2,% 31% .(*(A/--2#2% *"0(-2<<<N,% 42*% "#2% ?3/"*2
'2.4(*)/*-2%'21%3#)"$"#%./#%(./0(#,%./#%@"*.(1(#J%'21%3#)"$"#
./#%(./02#,%./#%@"*.(12#<
!"#$"% #/".4*"% (-8"*02% -(% 4*2631$(% '*""1'/(% $"% ?3"% "-% #"'*")2
(1/$(% "1% "-% .2$2% "1% ?3"% *"-('/21"#% )3% (4*"1$/9(;",% "1% '5.2
2*$"1"#% -(% /162*.('/51,% "1% '2.2% (*."#% "-% .(4(<% !"#$"% "#"
-30(*,%"#)"%"1#(>2%12%@38/"*(%#/$2%42#/8-"%#/1%-(%/.42*)(1):#/.(
8/8-/20*(6:(%$"%(3)2*(#% >% (3)2*"#%4*"'3*#2*"#% >%4/21"*2#%?3"% #"
8*/1$(*21%(%./%-"')3*(%4(*(%'2.4*"1$"*,%*"'24/-(*,%#"-"''/21(*%>
#/1)")/9(*%#3#%)"2*:(#<%!"4"1$/"1$2%$"-%431)2%$"%A/#)(,%"#%'2.2
31(%28*(%$"%P/'(##2%?3"%$"%-(%*&4-/'(%$"%31%2*/0/1(-%"1%31%4*2C
'"#2% /1"74-/'(8-"% $"% *"C'*"('/51,% $"#(**2--(% #3% 4*24/(% 28*(,% #3
4*24/(% '*"('/51<% M(.8/&1% ."% (3)2*/'&% "-% 4*/A/-"0/2% $"% ($(4)(*
<%
(-0312#% '3"1)2#% (% 31(% A"*#/51% 6"."1/1(,% ."% $:% 4"*./#2% 4(*(
/1A"1)(*%(-031(#%4(-(8*(#,%>(%?3"%@"*"$(.2#%31%-"103(;"%$2./C
1(1)"."1)"%.(#'3-/12,%>%(%#"1)/*12#%/1A2-3'*($(#%'2.2%@&*2(#
6"."1/1(#%"1%A"9%$"%@"*2:1(#,%-2%?3"%."%*"#3-)(%(8#2-3)(."1)"
4-('"1)"*2%>%#(-3$(8-"<%
P"*2%."%--"A5%(-0G1%)/".42%$"'/$/*."%(%"#'*/8/*%#28*"%-2%2'3**/C
$2,%>%(%*"31/*%A(-2*%4(*(%('"4)(*%"-% */"#02%$"%*"A"-(*%"#)(% /162*C
.('/51%?3"%31(%A"9%A/#)(%>%$/'@(%"#)(8-"'"%'2.2%31%()"1)($2,%"-
)"**2*%$"%4"1#(*,%31(%A"*$($%1($(%2*)2$27(%?3"%#"%1/"0(1%(%"7(C
./1(*%>%"A(-3(*%-(#%'21#/$"*(8-"#%4*3"8(#%*"31/$(#%('"*'(%$"%-(
"7/#)"1'/(%$"%31(%'3-)3*(%"#4/*/)3(-%42-/)":#)(%4(*(%$/#6*3)(*%13"#C
)*(%#"73(-/$($%>%"-"A(*-(%(%-2%.+#%#(0*($2<
I2.4*3"82%'($(%$:(%?3"%)2$2%-2%?3"%26*"9'(#%/1)"1'/21(-%>%$"#/1C
)"*"#($(."1)",%)/"1"%-(%242*)31/$($%$"%";"*'"*%#3%/16-3"1'/(%>%$";(*
31(%@3"--(%"1%"-%.31$2%>%43"$"%('*"'"1)(*%"12*."."1)"%13"#)*(
'21)*/83'/51<%O#)"%"1#(>2%"#%31(%#:1)"#/#%$"%'2.4*"1#/51%>%"#)+%/1#C
4/*($2%"1%-(%$2')*/1(%#/-2:#)(<%!"%12%@(8"*%A/A/$2%-2%?3"%'21#/$"*2
-(%62*.('/51%.+#%/.42*)(1)"%"1%./%A/$(%8(#($(%>%4*(')/'($(%"1%"#)(
$2')*/1(W^Y,%(%-(%?3"%'21#/$"*2%G1/'(%A+-/$(%>%(.2%4*2631$(."1)",
"#)"%"1#(>2%12%@38/"*(%#/$2%"#'*/)2<%E%#/%8/"1%)*()2%$"%#"*%8(#)(1)"
28;")/A(% '21% -2% ?3"% )*(1#./)2,% 12% "7/#)"% )(-% 28;")/A/$($% 42*?3",
(4*"1$:%?3"%-2#%4*28-".(#%#2'/(-"#%4*2A2'(1%4*28-".(#%"'215./C
'2#,%42-:)/'2#,%$"%#(-3$,%")'<,%>%?3"%-(%.";2*%.(1"*(%$"%(82*$(*-2#
"#%42*%"-%'(./12%$"-%$(*%$"#/1)"*"#($2%?3"%4(*)"%$"-%/1$/A/$32<
=%-2%-(*02%$"%-(%@/#)2*/(,%-(%@3.(1/$($%#/".4*"%#"%@(%*"#/#)/$2%(-
'(.8/2,%(%-(%('"4)('/51%$"%/$"(#%13"A(#%>%@(%.(1)"1/$2%-2#%2;2#
8/"1% '"**($2#<% \2#% )"7)2#% @/#)5*/'2#% "#)+1% --"12#% $"% ";".4-2#<
<,
O#)"%"1#(>2%"#%./%4"?3"T(%'21)*/83'/51%>%"1%"#)"%'21)"7)2%'*"2
?3"%./%"74"*/"1'/(%"#%31(%6/03*(%'3>2%A(-2*%*"#/$"%4*"'/#(."1)"
"1%@('"*%)(10/8-"%(?3"--2%?3"%(1@"-(.2#%12#%*"#3-)"%31%#3"T2
*"(-%>%42#/8-",%'"*'(12,% 6+'/-%$"% /.(0/1(*%>%'21'"8/*<%O#)(%"74"C
*/"1'/(%"#)+%%($".+#%'"*'(,%)/"1"%/.(0"1%'2*42*(-%>%*"(-/$($%@/#C
)5*/'(<
E%'2.2%$"#'38*/*%$"4"1$"%"7'-3#/A(."1)"%$"%.:,%"#%-(%4*/."*(
(3)2*/9('/51% ?3"% 4*(')/'2% 4(*(% @(8/-/)(*."% (% @('"*% -2% ?3"% N12
4"1#(8(%4"*./)/*."N<%O1%"#)2#%)"7)2#%."%'21'"$2%@('"*%>%$"'/*
-2%?3"%."%4-(9'(<%D/".4*"%@"%/1)"1)($2%@('"*-2,%>%."%/.(0/12
?3"%-2%?3"%A2>%(%1(**(*,%$"#'*/8/*,%*"-()(*,%"7421"*,%"#%.3>%$/6:'/-
$"% "1)"1$"*% >% @"*/*+% (-0312#% 2:$2#% #"1#/8-"#,% >(% ?3"% #2.2#
.3'@(#%-(#%"#'&4)/'(#<%P"*2%-(%43"*)(%'"**($(%?3"$5%()*+#,%>%?3/"C
*2%*"'2**"*%./%'(./12%>%./#%4*20*"#2#%"1%"#)"%.31$2%"1%"-%?3"
@"%4"1")*($2<%\(%/1)"1'/51%"#%"74-2*(*%-(%#/1&*"#/#%>%-(%(1#/"$($
?3"%#3421"%-(%-/8"*)($%$"-%'212'/./"1)2%$"%./#%"-"''/21"#%?3"
(31?3"%1/%#/?3/"*(%-2%#"4(,%"#)+%*"0/$2%42*%31%(6+1%$"%-/8"*)($,
8G#?3"$(,%$2./1/2%>%'21)*2-%#28*"%./%A/$(<%
B(>%.+#%/1A"#)/0('/51%>%"74-2*('/51%$"%-(%?3"%4"1#&%"7/#)/*:(%"1
)2$(%./%A/$(<%M/"1"%*(:'"#%(1'"#)*(-"#<%M/"1"%#/01/6/'($2%)*(#'"1C
$"1)",%42*?3"%$"#'38*2%.3'@2%$"%-2%?3"%12%#(8:(%?3"%62*.(8(
4(*)"%$"%./%A/$(%>%-"%$/2%/.43-#2<%\(%(A/$"9%$"%'212'/./"1)2#%#"
(8*/5% $"% 62*.(% /1."1#(% >% '21% 0*(1% 1()3*(-/$($% "1% )2$2#% -2#
(#4"')2#<%D/1%".8(*02,%"1%"#)"%"1#(>2%A2>%(%'"1)*(*."%"1%"-%./)2
?3"% '21#)*3>5% 13"#)*(% '3-)3*(% #"73(-% "#)"*"2)/4($(,% #2'(A(1$2
($".+#% "-% #"1)/$2% /**"".4-(9(8-"% ?3"% "--(% ";"*'"% "1% 13"#)*(#
A/$(#,%"1%13"#)*(%6"./1/$($%>%13"#)*(%31/51%"#4/*/)3(-%#(0*($(<
<-
EEEC&,'5&'-.7-&'.Q&,.'Z*$'5.',$A$5.1">7'47-"=.'Q.'1&=$7D.(&':'=$'.1$,]1&' .' *7.' =&,.5"(.(' $=&1"&7.5[' ($#.*-&,"D&' .' 1*.5Z*"$,' ,$5"6">7' Z*$C5.7-$.' .#$A$,.1"&7$#' :' $M"6$71".#' X.7Y-"1.#' X*7(.=$7-.(.#' $7' 5.A&5*7-.(' ($' *7' ("&#' Z*$' C,&Q"+$' Z*$' #$' $MC,$#$' 5.' #.+"(*,4.' ($' 5.V.-*,.5$D.E
<1
EEEb3_'-"$7$#'$5'C&($,'($'($#C$,-.,'.5'.5$-.,6.(&['*7"$7(&'$5'1&,.D>7'.'5.1.+$D.[' ' 5"+,.7(&'.' 5.'=$7-$' ($5' A.14&[' ' .5$9.7(&' 5.#' -"7"$+5.#' ($' ' 5."7-$,7.'=",.(.':'$5' '&5A"(&E''@$[''+"$7.A$7-*,.(.'C&-$#-.(E''N$=&,".A$,(.($,.['Z*$'$7($,$D.#'5.'A"(.'Q.1".'$5',$1-&'#$7-"(&bE
"7)*(/$2%$"%O74"*/"1'/(#%S3/($(#<%D/-2
<2
).C4-*5&'J
>(7*($&4($?@A&(/*6(6$@/@B(6(
bEEE2*+",4.#'C&,'="cb'2"5&
F($(%--"0(%(%-(%"74"*/"1'/(,%#/1%4*"A/(%/1A/)('/51<%D/".4*"%."%@"
4*"031)($2%42*%?3&%"#)2>%(?3:,%$"%$21$"%A"102,%?3&%"#%-2%?3"
$"82%@('"*,%'3+-%"#%./%./#/51,%(%$21$"%/*&,%'2.2%#2>%"1%*"(-/$($,
#/%"1%A"*$($%A/A2%2%"#)2>%/.(0/1(1$2J%>%'*"2%?3"%#2>%31%(-.(%?3"
(-%"#)(*%"1%"#)"%'3"*42,%83#'(%2)*(%4(*(%'2.4-"."1)(*#"<
bTCY6.-$['TCY6.-$'+,$A$'1.7($5.E'bN.%.7.[':'.5'&-,&[':'.5'&-,&['5&#'(4.#'-,.7#1*,,$7'$7'=&7>-&7&',"-=&[
Q.#-.'5.'_5-"=.'#45.+.'($5'-"$=C&',$1&6"(&'$7'5.'Q"#-&,".d':'-&(&#'7*$#-,&#.:$,$#'Q.7'=.,1.(&'.'5&#'7$1"&#'$5'1.="7&'Q.1".'5.'C&5A&,"$7-.'=*$,-$E'
bTCY6.-$['TCY6.-$'+,$A$'1.7($5.E'be7.'&5$.(.'($'.76*#-".'Q.+4.'$MC$,"=$7-.(&'(4.#'.7-$,"&,$#'1*.7(&
#$'=$'"=C*#&'5.'-&-.5'A.1*"(.('($'-&(.#'5.#',$5"6"&7$#['-&(&#'5&#'1,$(&#[:'$5'$#X*$,D&'($'A"A",'*7.'A"(.'("67.'=$'C.,$1">'*7.'=$,.'-,.=C.E
b@"A$b)&7-$=C5`'$5'1"$5&['5&#'C$Z*$%&#':'X,&7(&#&#'Y,+&5$#':'$MC$,"=$7-`'*7.1*,"&#.'6,.-"-*('C&,'Q.+$,'.+"$,-&'="#'&9&#'Q*=.7&#'$7'5.'*,"(.('($
5.'-"$,,.'$5'-"$=C&'#*X"1"$7-$'C.,.'A$,'$#.#'1&#.#E
<9
b@"A$bL.+4.'55$6.(&'$5'=&=$7-&'($'C.#.,'.'5.'.11">7['($'5$A.7-.,=$':'($
=&A$,=$E'!$'C,&7-&'=$'#$7-4'C5$->,"1.'($'X*$,D.':',$#&5*1">7E'N"#'5.,]6.#'7&1Q$#'($'(*$5&':'5Y6,"=.#'5$'Q.+4.'(.(&'#"67"X"1.(&'.'="'"7"1".]1">7'$7'$5'#"5&4#=&d'5.'=*$,-$'Q.+4.'#"(&'5.'+$+"(.'->M"1.d'5.'1&=C,$7]
#">7'Q.+4.'#"(&'5.'-,.7#X&,=.1">7E
E2%'*":(%6"*A/"1)"."1)"%?3"%-(%6/-2#26:(%>%-(%*(951%'21#)/)3/*:(1
31%43"1)"%"1)*"%(.82#%.31$2#%>%?3"%."%4"*./)/*:(%)*(#-($(*."
$"%312%(%2)*2%#/1%.(>2*"#%4*28-".(#<%D/1%".8(*02,%"#"%43"1)"
12%"7/#)"%42*?3"%-(%6/-2#26:(%#"%@(%'21A"*)/$2%"1%@/#)2*/(%(-./$2C
1($(%$"%-(%6/-2#26:(,%(**20(1)"%$"%42$"*%>%42*?3"%-(%*(951%"#%31
43"1)"%#/1%)"*./1(*%?3"%."%$";(%(%./)($%$"%'(./12<
P"*2%31(%"74"*/"1'/(%'(.8/5%./%A/$(<%Q/A/.2#%"1%31(%&42'(
$21$"% )2$2% #"% '3"#)/21(% >% #/1%".8(*02%(%."13$2% 12#% 1"0(C
.2#%(%('"4)(*%-(%"A/$"1'/(<%E%>2%"#)(8(%$"#)/1($(%(%4*"#"1'/(*
./%4*24/(%)*(1#62*.('/51,%12%'2.4(*(8-"%(%-(#%0*(1$"#%)*(1#C
6/03*('/21"#%$"-%4(#($2<%E%(31?3"%#/.4-"%"1%#3%1()3*(-"9(%63"
31(% )*(1#62*.('/51% ('2.4(T($(% (-% 4*/1'/4/2% $"% 31% "12*."
#36*/./"1)2% 6:#/'2% >% ."1)(-<% \2% ?3"% 4*"#"1'/&% >% #/02% 4*"#"1C
'/(1$2%$"1)*2%$"%.:,%"#%'21)*(*/2%(%'21'"4)2#%*"'212'/$2#%42*
-(%'/"1'/(%>%42*%-(%*(951<%O#)+%"1%$"#('3"*$2%'21% -2#%$20.(#
$"%6"%'21#(0*($2#,%>%"#%(1)(051/'2%(%.3'@2#%$"%-2#%$/'@2#%31/C
A"*#(-."1)"% #"03/$2#<%D&%?3"% -2%?3"%@"%"74"*/."1)($2,%4(*(
#3%'2.4*28('/51%".4:*/'(%$"8"*+%4*2$3'/*#"%31%'(.8/2%)*(#C
'"1$"1)(-%>%*"A2-3'/21(*/2%"1%'($(%)"**"12%$"%(')/A/$($%>%'21C
$3')(%6"."1/1(<%
<:
V/%A/$(%12%@(8:(%#/$2%31(%4(1('"(,%./%4($*"%@(8:(%4(*)/$2%'3(1C
$2%)"1:(%#/")"%(T2#,%63"%31(%&42'(%$"%$/6:'/-%)*+1#/)2%"1%6(./-/(%>(
?3"%./%.($*"%?3"$(8(%(%'(*02%$"%)*"#%@/;2#H%./%@"*.(1(%$"%21'"
(T2#,%./%@"*.(12%$"%#"/#,%>%>2<%E%)2$2%42*%'2."19(*,%31(%.($*"
A/3$(,%#2-(%'21%#3%(-.(,%#/1%A/A/"1$(,%"#'(#2#%"#)3$/2#%4*/.(*/2#,
31(%"'212.:(%?3"% *"#2-A"*% >% )*"#%@/;2#<%F2% 63"% 6+'/-<%P"*2% "--(
@"*"$5%31(%A2-31)($%$"%@/"**2,%>%#('5%($"-(1)"%-(%6(./-/(<
\3"02%$"%31(%)*/#)"%"74"*/"1'/(%?3"%)3A"%(%-2#%X_%(T2#,%."%03(*C
$&%.3>%8/"1%$"%12%"1(.2*(*."%42*?3",%($".+#%$"%$"#'38*/*%-(
'*3"-$($% >% "-% #36*/./"1)2% ?3"% #/01/6/'(% '(*"'"*% $"% '21)"1'/51
6(./-/(*,%"#(%.(-@($($(%"74"*/"1'/(%."%@(8:(%(**"8()($2%-(%'*"C
"1'/(%$"%31(%A/*0/1/$($%(#2'/($(%(%-2#%.";2*"#%#"1)/./"1)2#%$"
31%(.2*%")"*12<%D/%8/"1%#/".4*"%1"'"#/)"%(%!/2#,%"1%"#"%.2."1C
)2% ."% 63"% /.4"*/2#2% $"42#/)(*% )2$(#% ./#% "74"')()/A(#% #28*"% "-
(.2*%>% )2$2% -2%?3"%"1%"#"%.2."1)2%./%'(8"'/)(%>%./%'2*(951
)"1:(1%(#2'/($2#%>% 63"*21%"1'2."1$($2#%(% -(%"#4"*(19(%$"%"#(
31/51<%O1%(-0G1%.2."1)2,%#"1)($(%"1%31(%4-(9(,%)*/#)",%.3>%)*/#C
)",%)3A"%./%4*/."*%"74"*/"1'/(%'21%./%03/(%6"."1/12<%]1(%;2A"1
$"%312#%[_%(T2#%?3"%A/&1$2."%"1%"#"%"#)($2%#"%@(8:(%#"1)($2%(
./%-($2<%!"#'21#2-($(%'2."1'&%"1)21'"#%(%'21)(*-"%-2%?3"%."
@(8/(%4(#($2,%>%#/".4*"%*"'3"*$2%#3#%4(-(8*(#H%N=%1($/"%-"%4(#(
(-02%?3"%12%43"$(%#34"*(*<%D/%)"%)2'5%"#)(%#/)3('/51,%"#%42*?3"
#(8&#%'2.2%#34"*(*-(N<%!"%(@:%"1%.+#,%"#)"%4*/1'/4/2%63"%31(%6/-2C
#26:(%$"%A/$(%?3"%(4-/?3&,%>%."%$/;"%4(*(%.:%./#.(%N#/%&#)2%."
4(#(%(%./,%"#%42*?3"%"#)2>%'(#($(%'21%`"#G#,%31%#/.82-/#.2%?3"
'21#)*3/%$"%./%!/2#,%(#:%"#%?3"%#/%12%"#%(?3:%#"*+%"1%-(%2)*(%A/$(
N#2>%'21%&-N%N<%O1)21'"#%."%$"#"1)"1$:%$"-%)".(%>%(4*"1$:%(%$/#C
<;
6*3)(*%$"%./%#"73(-/$($,%?3"%"*(%-2%G1/'2%?3"%."%?3"$(8(,%4"*2
."%*"#3-)5%$/6:'/-%"1(.2*(*."%42*?3"%."%?3"$5%.3>%'-(*2%?3"
"-%#"72%"#%31(%1"'"#/$($%8/2-50/'(%?3"%31(%43"$"%#()/#6('"*%"1
"#)"%.31$2,%4"*2,%"1%'(.8/2%"-%(.2*%"#%#38-/."<
=%./#%Xa%(T2#%)3A"%-(%4*/."*(%>%G1/'(%"74"*/"1'/(%.()"*1(<%I*"2
?3"%./%/1'21#'/"1)"%8*"0(8(%42*%)"1"*%(%(-03/"1%(%?3/"1%4*2)"C
0"*% '2.2% #"1):(% ?3"% 12% -2%@(8:(1%@"'@2%'21./02,% >% "1)21'"#
)3A"%(%./%@/;(%(%?3/"1%(.2%"1)*(T(8-"."1)"<%P"*2%)(.42'2%63"
6+'/-%#"*%.($*"%#2-(%>%#2-)"*(,%>%'*/(*%>%"$3'(*%(%31(%@/;(%"1%31(
'3-)3*(% $21$"% -2#% A(-2*"#% "#)(1% 43"#)2#% "1% -(% @"0".21:(% $"-
A(*51,%>%($".+#%42*?3"%"-%"#)($2%)"%*"03-(,%4"*2%"-%"#)($2%12%)"
4*2)"0"% >% )2$2%"--2%(A(-($2%42*% -(% '3-4(,% -(% /.(0"1,%"-%4"'($2,
")'<<%P"*2%12#2)*(#%)(.8/&1,%(%4"#(*%$"%"#)(#%$/6/'3-)($"#,%#(-/.2#
($"-(1)"<
=% -2#%[b%(T2#%'2."1'&%(%4(*)/'/4(*%$"% -2#%"#)3$/2#% 6/-2#26:'2#,
4#/'2-50/'2#,%)*(8(;2#%$2')*/1(*/2#,%4*(')/'(#%$"%*"6-"7/51%>%."$/C
)('/51% #/-2:#)(#<% ]1(% "#'3"-(%?3"%12% 2)2*0(% ):)3-2#% $"% 128-"9(,
$21$"%#"%(4*"1$"%(%#"*%128-"#%'21%13"#)*(#%(''/21"#<%F31'(%."
@(8:(%#"1)/$2%()*(/$(%1/%."%@(8/(%$"#A"-($2%-(%4(*)/'/4('/51%"1
1/1031(%2)*(%/1#)/)3'/51%1/%2*0(1/#.2<%%P"*2%#:%."%--(.5%-(%()"1C
'/51% -(%'(-/$"9%>%'21)"1'/51%$"-%'21;31)2%@3.(12%?3"%'2162*C
.(8(%+?3"-%0*342<%O#(#%4*+')/'(#%>%(4*"1$/9(;"%.2$/6/'(*21%'3-C
)3*(-."1)"%./%A/$(<
I2.4(*)/*% "#)(#% *"-('/21"#% $"% (6"')2% ."% 4"*./)/5% (4*"1$"*,% >
'($(%"74"*/"1'/(%"1%4(*";(%63"%/.42*)(1)"%42*?3"%'($(%31(%$";5
"1%./%"1#"T(19(#%?3"%."%('"*'(8(1%>%"A/$"1'/(8(1%"-%*"#4")2,%-(
$/01/$($,% 6/$"-/$($%>% -/8"*)($%$"% -(%?3"%#"%(-/."1)(%>%$"6/1"%"-
%=
(.2*<% M*(1#'3**/"*21% $"#$"% (--:% .+#% $"% $2#% $&'($(#<% I3(1$2
#"1):%-(%1"'"#/$($%$"%31%(-02%.+#%$"%-(%A/$(,%./%@/;(%#"%#2#)"1:(
'21% -(% 62*)(-"9(%@"*"$($(% >%"#)(8(%4*21)(%(% (*.(*%31(% 6(./-/(<
=#:% "#%?3"%$"#43&#%$"% )2.(*%$/#)(1'/(%$"%31(% *"-('/51% -(82*(-
?3"%."%8*/1$(8(%'2.2$/$($%"'215./'(,% >%$"%31(% *"-('/51%$"
4(*";(%?3"%)"1$:(%(%'3.4-/*%'21%-2#%*2-"#%>%*"?3/#/)2#%)*($/'/21(C
-"#,%'2."1'&%(%83#'(*%-(%A"*$($,%"-%(.2*%A"*$($"*2,%43*2,%>%'2.C
4*"1$:(%?3"%#/%"-%#"72%"*(%#5-2%31(%$"#'(*0(%'()+*)/'(%>%(-/."1)(C
8(% -(% 42#"#/51% 12% )"1:(% #"1)/$2% ".4(*";(*#"<% E% )(.42'2% )"1:(
#"1)/$2%'216/(*%-2#%#"1)/./"1)2#%.+#%43*2#%(%31%@2.8*"%?3"%12
4*/A/-"0/(*(%>%'2.4(*)/"*(%A(-2*"#%>%4*/1'/4/2#%/03(-"#%2%#/./-(*"#,
>(%?3"%)"1:(%31(%1()3*(-%)"1$"1'/(%(%631$/*."%"1"*0&)/'(."1)"
'21%"-%2)*2,%$"%-2%?3"%."%@(8/(%4"*'()($2,%>%#/%?3"*:(%$/#6*3)(*
$"%31%(.2*%83"12%12%"#)(8(%83#'(1$2%"1%"-%-30(*%($"'3($2<%
O1)21'"#%'2."195%(%0"#)(*#"%31(%'*/#/#%?3"%)*(#'"1$/5%(%)2$(#%-(#
2)*(#,%>%'3(1$2%'*":%?3"%."%@(8:(%(4*"1$/$2%)2$(#%-(#%*"#43"#)(#
."%'(.8/(*21% )2$(#% -(#%4*"031)(#,% >% -(#% *"#43"#)(#% ?3"% ?3"*:(
$(*% ."% $28-(8(1% "1% $2#,% ."% ?3"8*(8(1,% >% #/% 8/"1% "#)2>% ('2#C
)3.8*($(%(%"16*"1)(*%$/6/'3-)($"#%"#(%A"9%-(%A/$(%4(*"':(%#30"*/*
2)*(% '2#(% >% )2$2% #"% /1A"*):(<%V/%.($*"%@(8:(% "16"*.($2%0*(A"C
."1)",%'21%-(%'2.4-/'('/51%$"%?3"%#"%@(8:(%@"'@2%'(*02%$"%31
#28*/12%'21%$".2*(%.($3*()/A(%>%1($/"%?3"*/(%@('"*#"%'(*02%$"
(.82#% 1/% $"% -(% #/)3('/51% 6(./-/(*,% ?3"% #"% @(8:(% '2.4-/'($2
@2**2*2#(."1)"<%E2%?3"*:(%#(-A(*-2#%"%/1)"1)&%@('"*."%'(*02%$"
#3#%A/$(#,%4"*2%"#(%A"9%-(%A/$(,%'21)31$"."1)",%."%$"':(%N12N%>
>2%."%#"1):(%.2*/*<<<c3"*:(%#(-A(*-2#%(%)2$2#,%4"*2%#/%(-02%(4*"1C
$:% '21% -(% $2')*/1(% 63"% (% #2-)(*% 0"1"*2#(."1)"<% D2-)(*<<<,% >% 42*
%<
4*/."*(%A"9%-3"02%$"%#2-)(*,%?3"$(8(%#3#4"1$/$(%"1%"-%A(':2%'21
N./%A/$(N%>%)"1:(%?3"%@('"*."%'(*02%N$"%./N,%12%$"%./%@/;(,%1/%$"
./%.($*",%1/%$"%./%#28*/12,%1/%$"%./%@"*.(12,%1/%$"%./%@"*C
.(1(<%!"%./%A/$(<<<de$"%"#)"%"1A(#"%>%)2$2%-2%?3"%/.4-/'(d%E%"#2
"*(% *"C$/6:'/-,%42*?3"%@(8:(%$/#)*(:$2%8(#)(1)"%./%()"1'/51%2'3C
4(1$2."%$"%-(%A/$(%$"%?3/"1"#%(.2<%O1%(?3"--2#%.2."1)2#%"1
?3"%-(%(103#)/(%>%-(%)*/#)"9(%."%/1A($:(1%>%."%@"-(8(1%"-%(-.(,%>
#"1):(% -(% /.4/"$($% ?3"% "#)(% A/$(% )/"1"% 4(*(% '21% 12#2)*2#% #"*"#
@3.(12#,% #"% ."% $"#0(**(8(% "-% '2*(951<% O1)21'"#% --(.&% (% ./
.($*"%"#4/*/)3(-,%-(%--(.&%(%0*/)2#%>%$"#'21#2-($(,%."%#"1):(%'2.C
4-")(."1)"%$"#(.4(*($(%>%4*"031)(8(%#/%"1%"#)"%$"#&*)/'2%>%@/"C
*+)/'2%"#4('/2%#/-"1'/2#2%@(8:(%(-03/"1%?3"%12#%"#'3'@(*(%>%#"1C
):(%13"#)*2%/1."1#2%$"#(.4(*2<%I21#/$"*&%-(%42#/8/-/$($%$"%4(*C
)/*% >,% "1% "#2#% .2."1)2#% "1% ?3"% ."% #"1):(% $"#4*2A/#)(% >% @(.C
8*/"1)(%$"%(6"')2,%2'34($(%"1%"#2#%."1"#)"*"#%>%(-";($(%$"%(')/C
A/$($"#%$2')*/1(*/(#%>%$"%."$/)('/51%>%*"6-"7/51,%$"'/$:%/*%(%31(
'"*".21/(% .3-)/)3$/1(*/(% '21% ./#% (./0(#,% >% ./#% (./02#% $"-
(-.(<% !2)($(% 0"1&)/'(."1)"% $"% 31(% '21#(8/$(% 62*)(-"9(,% #(8:(
"#(%A"9%?3"%-(#%-+0*/.(#%#"%#2-)(*:(1%(1)"%'3(-?3/"*%"A"1)3(-/$($<%
=-0312#% .:#)/'2#% $/'"1% ?3"% )2$2% '2./"19(% '21% "-% (8*(92<% O#"
$:(,% --"0(8(%>2%#/1%.(>2*"#%"#4"')()/A(#%?3"%'2.4(*)/*%31%42'2
$"%(6"')2%>%$"#4"$/*."%$"%./#%(./02#<%D"1):(%?3"%4*21)2%4(*)/C
*:(%>%"#)(8(%/1'21#2-(8-",%#3.($2%(%-(%4&*$/$(%$"%)2$2%(?3"--2%(
-2%?3"%@(8:(%$($2% /.42*)(1'/(% A/)(-H% 6(./-/(,% )*(8(;2,%"#)3$/2#,
")'<<%O1)21'"#,%"1%"#"%.2."1)2,%"1%"#"%4*"'/#2%.2."1)2,%A/%(
(?3"-%#"*%@3.(12%>%#"1):%"-%$"#"2%6"*A/"1)"%$"%(0*($"'"*-"%42*
@(8"*%'2.4(*)/$2%#3%#(8/$3*:(,%0"1"*2#/$($,%'(-/$"9,%)2-"*(1'/(<
%%
P"1#(8(H%N>2%"#)2>%4(*)/"1$2%>%131'(%-"%(0*($"':%-(%)*(1#./#/51
$"% #3% "74"*/"1'/(N,% >% #"1):% -(% 1"'"#/$($% $"% #"--(*% "#"%4*2631$2
(0*($"'/./"1)2% >%$"#4"$/*."%'21%31%(8*(92<%O1%"#(%#/)3('/51,
$21$"%>2%1($(%.+#%42$:(%$(*,%'21%-(%#"1#('/51%$"%?3"%"1%'3(-C
?3/"*%.2."1)2%$";(*:(%"#)"%.31$2,%#3'"$/5%?3"%6*"1)"%(%./%"#)(C
8(%(?3"-%#"*%@3.(12%"7)*(2*$/1(*/2,%'21%31(%#21*/#(%(.(8-",%-2#
8*(92#%(8/"*)2#%>%31(%./*($(%@21$(<%
E%-3"02,%$"%"#)2%."%#"1)&%'21%-(%#()/#6(''/51%$"-%$"8"*%'3.4-/$2<
I"**&%"-%)".(,%2%(-%."12#%"#2%'*":%"1%(?3"-%.2."1)2,%>%'21%-(
4*3$"1'/(-%$/#)(1'/(%?3"%#/".4*"%03(*$&%@('/(%&-,%"1'21)*&%"1%"-
2)*2%"7)*".2%$"-%#(-51%#3%./*($(<%]1(%./*($(%?3"%12%4(*"':(%$"
31%#"*%$"%"#)"%4-(12,%4*2631$(%>%.(01&)/'(,%4"*2%-(%A"*$($%"#%?3"
-(%(103#)/(%$"%(?3"-%.2."1)2%12%."%4"*./):(%*"(-/9(*%1/1031(
(#2'/('/51,%(8#2-3)(."1)"%1($(<%=#:% 63"%?3"%#/1%2'34(*."%$"-
)".(,%."%*")/*&%$"-%-30(*<%O-%$2-2*%."%?3"8*(8(%>%1"'"#/)(8(%--2C
*(*% >% "#)(*% (% #2-(#<%V"% 63/% #/1%$"#4"$/*."%$"%1($/"% >%2-A/$&% -(
#/)3('/51%>%-(%#"1#('/51<
V/"1)*(#%)(1)2%./%.($*"%#"%*"'34"*5%$"%#3%"16"*."$($,%$"#43&#
$"%31%"#63"*92%$"#'2.31(-%$"%'(#/%$2#%(T2#%?3"%@/'"%4(*(%(>3C
$(*%(%#(-A(*%#3%A/$(%>%-(%$"%./%#28*/12<%\3"02%'($(%?3/&1%"1'21C
)*5%#3%#/)/2,%4"*2%N>2%12%"1'21)*(8(%"-%.:2N<%F31'(%)3A"%$".(C
#/($(#%42#"#/21"#,%4"*2%-(%A/$(,%"1%(?3"-%.2."1)2,%4"*.(1"':(
".4"T($(%"1%?3"%)3A/"*(%."12#<%D5-2%#"1):(%?3"%/1;3#)(."1)"
."%/8(%(**"8()(1$2%'($(%312%$"%./#%+.8/)2#%>%./#%(6"')2#%.+#
/.42*)(1)"#<%D3#4"1$/$(%"1%"-%A(':2,%#/1%1($(%4(*(%8*/1$(*-"%(
1($/",%--"05%"1)21'"#%31(%/1A/)('/51%4(*(%4(*)/'/4(*%$"%31(%*"3C
1/51% (% -(% ?3"% &-% A"1$*:(% "7)*(2*$/1(*/(."1)",% '21%42'(% 0"1)"<
%,
V"%*"#3-)5%"7)*(T(,%)(-%A"9%42*?3"%"#(%#/)3('/51%#"%.2#)*(8(%42'2
'2.G1%"%/1242*)31(,%>%31%42'2%(%*"0(T($/"1)"#,%42*?3"%#"1):(
?3"%)"1:(%."12#%?3"%26*"'"*%?3"%(1)"#%('"4)&%>2%."%@(8:(%'21C
A"*)/$2%"1%31% #"*%@3.(12%*2)2% >%(%431)2%$"%"7)/103/*#",%4"*2
31(%(./0(%#30/*/5%N)(-%A"9%#"(%31%*"0(-2%$"-%'/"-2,%12%-2%*"'@('"#N,
(1)"%-2%?3"%."%"1'20:%$"%@2.8*2#%>%63/<%F2%)"1:(%1($(%?3"%4"*C
$"*<
E%(--:%--"05,%&-<%F31'(%63"%$/6:'/-%(.(*-2,%)2$2#%-2%(.(1,%-2%*"'2C
12'"1%"%/$"1)/6/'(1%'2.2%.("#)*2,%03:(%"#4/*/)3(-,%6/-5#262%4"1C
#($2*,%>%12%63"%$/6:'/-%".2'/21(*."%(--:%"#)+8(.2#%4(*(%'2.4(*C
)/*<%I3(1$2%."%('"*?3&%(%$(*-"%-(%8/"1A"1/$(%'21%4*2631$2%(6"'C
)2,%)2)(-."1)"%'21.2A/$(,%>%-"%4*"031)&%'5.2%"#)(8(,%#"1):%?3"
13"#)*2% 4-"72% #2-(*% #"% @(8:(% .(01")/9($2WXY '2.2% #/% 31% 82)51
/.(1)($2%()*(;"*(%>%($@/*/"*(%./%'2*(951%(-%#3>2<%V"%$(8(%-(%#"1C
#('/51% $"% ?3"% #"% ()*(:(1% >% (#4/*(8(1% "1A2-A/&1$212#<% \3"02
13"#)*(#% '"*".21/(#,% >% $28-"."1)"% '21.2A/$(% '3(1$2% )3A"% -(
./#.(%#"1#('/51%(-%$"#4"$/*.",%'21%-+0*/.(#%"1%-2#%2;2#%>%@21C
$(."1)"% ".2'/21($(% -"% $/;"% NS*('/(#N,% (% -2% ?3"% &-% *"#421$/5H
NO#)2%"#%31(%'"*".21/(N<%I-(*2%?3"%'*":%?3"%-(#%#"1#('/21"#%"1"*C
0&)/'(#%"*(1%4*2$3')2%$"%./%/.(0/1('/51,%-2%()*/83:(%)(.8/&1%(
./%"#)($2%$"%"7('"*8($(%#"1#/8/-/$($%2%(% -2%?3"%#3'"$:(%"1%./
'(8"9(<%`(.+#%@(8:(%#"1)/$2%(-02%#".";(1)"%1/%'*":$2%?3"%&#)2%#"
#"1):(%$"%"#"%.2$2<%O*(%31(%"#'&4)/'(%*('/21(-%?3"%'*":(%"1%)2$2
-2%?3"%)2'(8(,%#"1):(,%2-:(,%>%(?3"--(#%#"1#('/21"#%#28*"4(#(8(1
./%'2.4*"1#/51,%./%*(921(./"1)2<%=#:%"#%?3"%4*"6"*:%'*""*%?3"
(?3"--2% "*(% $"8/$2% (-% "#)($2% $"% #3#'"4)/8/-/$($% "1% "-% ?3"% ."
"1'21)*(8(,%>%($".+#%)"1:(%'2#(#%/.42*)(1)"#%?3"%*"#2-A"*%42*C
%-
?3"%"#)(8(%"1%31(%$/#>31)/A(H%)"1:(%?3"%)2.(*%-(%$"'/#/51%$"%#/
4(*):(%2%."%?3"$(8(<%P"*2%"#(%#/)3('/51%."%/1A/)5%(%*"6-"7/21(*,
>%"1)21'"#%."%$")3A"%>%4"1#&%K42*?3&%12%*"0*"#(*L,%>%K#/%"#%'/"*C
)2L,%K#/%"-%(.2*%"7/#)"L%R"0*"#&%'21%$3$(#<%R"'2*$&%(%(-03/"1%?3"
."%$/;2H%N#5-2%31%0*(1%(.2*%43"$"%)*("*)"%$"%13"A2N<
P"*2%(31%'21%)2$(%-(%63"*9(%$"%"#(%"74"*/"1'/(,%12%."%$(8(%'3"1C
)(% ?3"% @(8:(% '2."19($2% (% "1(.2*(*."% 1/% ?3"% "*(% -(%4*2)(02C
1/#)(%$"%31(%@/#)2*/(%$"%(.2*<%E%1/1031(%$"%-(#%?3"%."%@(8:(1
'21)($2,%42*%-2%?3"%:1)/.(."1)"%)3A"%-(%/.4*"#/51%$"%?3"%"#(
"74"*/"1'/(%$(*:(%/.43-#2%(%31%(.2*%)*(#'"1$"1)"%=-%4*/1'/4/2
63"%31(%'@/#4(%?3"%#3(A"."1)"%#"%'21A/*)/5%"1%--(.(<%\3"02%$"#C
'38*:%?3"%"*(%(.2*,%>%"#)(8(%$"1)*2%$"%./%4*24/2%'2*(951<
E2%12%42$:(%A"*%"1%?3&%62*.(%#"%.(1/6"#)(*:(%./%#3"T2<%f3"%"A/C
$"1)"% ?3"% 12% #(8:(% "1% ?3&% 62*.(% #"% '21'*")(*:(<% P"*2% 12% 63"
1"'"#(*/2% #(8"*-2<% D"% A"% ?3"% )2$(#% -(#% 63"*9(#% $"-%31/A"*#2% *"#C
421$/"*21%(%./#%'*""1'/(#<%E%43$"%A"*%'2.2%"-%'(./12%."%()*(C
;2% @('/(% "#"% #3"T2% >% '5.2% "-% 31/A"*#2% '2."195% (% 2*0(1/9(*#"
4(*(%?3"%%#3'"$/"*(<%M(.42'2%1"'"#/)"%#(8"*%'5.2%#"%*"2*0(C
1/9(*:(%"-%31/A"*#2<%NO#)"%(.2*%;(.+#%43"$"%#"*%'*"($2%2%$"#)*3/C
$2,%#/".4*"%"7/#)/5,% #/".4*"%@(%"7/#)/$2,%>% )2$2%(?3"--2%?3"%@(
"7/#)/$2%(-031(%A"9,%"7/#)"%#/".4*",%($?3/"*"% 62*.(,%4(#(%42*%-(
62*.(%>%$";(%-(%62*.(N,%)(.42'2%#&%(@2*(%'5.2%#"%4*"#"1)(*+%(
63)3*2,%4"*2%#&%?3"%()*("*+%-(%62*.(<%D&%?3"%"-%31/A"*#2%#"%"1'(*C
0(*+%$"%"#"%4(#2<
E%#&%?3"%"#)"%"#%./%'(./12,%./%./#/51,%>%?3"%"#)2>%(-/1"($(%'21
-2%?3"%$"#"2,%42*?3"%."%#/"1)2%.(*(A/--2#(%'3(1$2%"74"*/."1)2
"#)"%#"1)/."1)2<%D/"1)2%"1)3#/(#.2,%(-"0*:(,%(0*($"'/./"1)2,%31(
%1
#"1#('/51%?3"%."%(4(#/21(%>%?3"%12%#5-2%."% -/8"*(%(%./,% #/12
)(.8/&1%(%./%"1)2*12%42*?3"%"#%'21)(0/2#2%>%12#%'21A/"*)"%"1
"#(%".2'/51%?3"%)2$2#%(1@"-(.2#%>%?3"*".2#%"74"*/.")(*<
F3"#)*2%#3"T2,%."%$/'"%?3"%%63"%-2%?3"%#/".4*"%?3/#"%>%@2>
'21)/13(%#/&1$2-2,%>%"#)"%(.2*%'*"'"<%D/".4*"%-2%(1@"-&%>%-(%A/$(
63"%(8*/"1$2%"-%4(#2,%"-%'(./12%?3"%'*"2%.+0/'(."1)"<%D(8:(%?3"
"#)"%)"#2*2%"#)(8(%"1%(-0G1%#/)/2%>%."%63"%28#"?3/($2,%>%$/%./%4*/C
."*%4(#2%'21%6"%42*?3"%'2.2%$/'"%\3)@"*%g/10%N12%1"'"#/)2%A"*
)2$(%-(%"#'(-"*(%4(*(%(A(19(*N<%D"1)/*%"#)"%0*(1%(.2*%>%'*""*%"1%"#(
A/#/51%/1)"*1(,%63"%-2%?3"%'2."195%(%(8*/*%-(%43"*)(%(%)*(A&#%$"%-(
'3(-%"-%31/A"*#2%#"%"74*"#5%>%(@2*(%'21)/1G(%"7)"*/2*/9(1$2%>%4-(#C
.(1$2%"1%"#)"%)*(#'"1$"1)(-%#3"T2%4(*(%*"6-";(*%?3"%(%-(%/1.2*C
)(-/$($% -(% 8*/1$(% "-% (.2*,% "-% #"1)/*% (.2*% >% *2$"(*12#% $"% &-<
O#)(.2#%(?3:%4(*(%'*"(*%(%13"#)*2%(-*"$"$2*%"-%.31$2%?3"%"-"0/C
.2#%>%4"*./)/*%?3"%)(.8/&1%"7/#)(%"-%.31$2%?3"%2)*2#%"-/;(1%A/A/*,
42*?3"%12#%'21A"*)/.2#%"1%-2%?3"%'*"".2#%#/%'*"".2#,%A".2#%>
$"#"(.2#%4(*(%12#2)*(#<%O#%31%A/(;"%"1%"-%'3(-%-(%G-)/.(%6*21)"*(
12%"#%"-%"#4('/2%42*?3"%)/"1"%42#/8/-/$($"#%/16/1/)(#<
P2*%(-031(%*(951%?3"%$"#'2129'2,%"#)(%"74"*/"1'/(%$"#4"*)5%"1
.:<% M(-% A"9% 42*?3"% "#)(8(% (A(19($(% "1%"-% '(./12% $"-% 4*20*"#2
"A2-3)/A2<%M(-%A"9%31(%@"*"1'/(%6(A2*(8-",%)(-%A"9%-(%'21$3')(,%-(
2'34('/51%2%-(%(-/."1)('/51<%V"%$:%'3"1)(%?3"%31(%43"$"%(>3C
$(*%(-%2*0(1/#.2%42*%")(4(#,%*"'2**/"1$2%31%'(./12%$"%"74-2*(C
'/51%$"%13"#)*(%#"73(-/$($%#/1%4*";3/'/2#<%]1%'(./12%$"%#38/$(
@(#)(%?3"%#"%4*2$3'"%"-%$"#4"*)(*<%=%"#"%$"#4"*)(*%2%$"#(**2--2
$"-% 42$"*% #"*4"1)/12,% (-0312#% -"% --(.(1% $"#4"*)(*% "#4/*/)3(-,
'(#(./"1)2%.:#)/'2,%h31$(-/1/,%/-3./1('/51,%-/8/$2%")'<,%
%2
P"*2%(%-2#%42'2#%."#"#,%'2."1'&%(%#"1)/*%?3"%"#)(8(%*(*(<%D"1):
?3"%@(8:(%'(.8/2#%"1%./%?3"%12%'2.4*"1$:(%'2.2%"-%A(':2%"1
./%'(8"9(<%D"%."%@(8:(1%82**($2%-2#%*"'3"*$2#,%>(%12%"7/#):(%"-
4(*-2)"2% $"% -(% ."1)",% ."% #"1):(% "1% 31% 4*"#"1)"% (8#2-3)2,% ."
(#2.8*(8(%-(%-"1)/)3$%>%-(%$/#)(1'/(%'21%-(#%?3"%*"#421$:(%6*"1)"
(%$/6"*"1)"#%#/)3('/21"#,%>%(-0312#%6"15."12#%4(*(12*.(-"#%."
"#)(8(1%2'3**/"1$2,%"1)*"%"--2#%-(%)"-"4():(<%E%(%-(%"#'&4)/'(%#"%-"
"#)(8(%$"**3.8(1$2%#3%.31$2%$"%'*""1'/(#%$21$"%#5-2%"7/#):(
-2%?3"%)2'(8(,%A":(,%2:(,%2-:(,%>%#"1):(%*('/21(-."1)"%>%42*%#3#%#"1C
)/$2#%'212'/$2#<%U%('(#2%"#)(8(%$"#(**2--(1$2%2)*2#%#"1)/$2#%42*
-2#%?3"%#/%42$/(%A"*,%)2'(*,%2-"*%>%#"1)/*,%>%)"1"*%31(%13"A(%4"*C
'"4'/51% "1% 2)*2% 4-(12% $"% "#)(#% "74"*/"1'/(#<% P"*2% 12% 42$:(
$".2#)*(*-2%42*%-2#%#"1)/$2#%'212'/$2#<
N<<<V"%"7)*(T(8(%#"1)/*%6*:2%.3'@2%6*:2<%O-%6*:2%?3"%#5-2%#"%#/"1C
)"%'3(1$2%-(%#(10*"%#"%*"#/#)"%(%(')3(*%"1%-(#%(*)"*/(#<%F2%)"1:(
.3'@2%(4")/)2%42*?3"% -(%0*(1%)*/#)"9(% '"**(8(%./%"#)5.(02,%>
"1% (?3"-% .2."1)2% '3(-?3/"*% $:(% "*(% 83"12% 4(*(% .2*/*<
!"#4"*)(8(%.3>% )".4*(12,% "-% #3"T2%"*(% *"4(*($2*% >% )(.8/"1
./%.2$2%$"%#242*)(*%-(#%(')/A/$($"#%$"-%$:(%"1%31%"#)($2%.3>
"#4"'/(-<%D"1):(%?3"%"-%"1)2*12%?3"%."%*2$"(8(%"#)(8(%"1%#/-"1C
'/2<%V/#%.2A/./"1)2#% "*(1%'($(%A"9%.(#% -"1)2#,% >%."%4(*"':(
@(8"*%"1)*($2%"1%2)*(%$/."1#/51<N
P*(')/'(8(% *"#4/*('/51%'2.4-")(%$3*(1)"% "-%$:(% >%26/'/2W[Y,% 4"*2
)2$2% "-% '212'/./"1)2% ('3.3-($2% 12% ."% #"*A:(% 4(*(% 1($(<% O1
"#2#%.2."1)2#%"1%?3"%-(%(103#)/(%>%-(%)*/#)"9(%*"'2**:(1%./%'3"*C
42%'2.2%`3(1(%42*%#3%'(#(,%"1%?3"%)2$2%(%./%(-*"$"$2*%"*(%$"#C
(-/"1)2%"%/1'2.31/'('/51,%>%-2%$"%"#)"%.31$2%?3"%'*":(%."%4"*C
%9
)"1"':(%#"%$"#4*"1$:(%>%."%/.43-#(8(%(%2)*2%4-(12,%>2%83#'(8(
"#"%(.2*%43*2% >%A"*$($"*2,% "#"%(.2*%*"':4*2'2%"1%"-% '3(-% 631C
$/*."%4*2631$(."1)"<<<%=?3"--(%"74"*/"1'/(%63"%31%4*2'"#2%$"
)*(1#62*.('/51,%('2.4(T($(%"1%4*/1'/4/2%$"%31%"12*."%#36*/C
./"1)2%."1)(-%?3"%'3-./15%'21%"-%$"#'38*/./"1)2%>%'*"'/./"1C
)2%$"%"#)"%0*(1%(.2*<%
B(#)(%"1)21'"#%@(8:(%-3'@($2%>%--2*($2%.3'@2,%"#)(8(%"7@(3#)(,
>% )2$2% -2% ?3"% A(-2*(8(% $"% "#)(% *"(-/$($% "#)(8(% 4"*$/$2% "1% "#"
.2."1)2<%c3/9+%42*%"#2% 63"%1"'"#(*/2% 631$/*."%"1%31% #3"T2
"*5)/'2%>%#38-/."%'21%"#)"%(.2*,%>%"1)21'"#%."%$";&%/*%'21%)2$2
./%#"*%>%2'3**/5%./%#3"T2<<<%V/%#3"T2%?3"%@/92%*"(-/$($%"#)"%'(#(C
./"1)2%.:#)/'2,%"#)(%"74"*/"1'/(%#38-/.",%#(0*($(<
f3"% '2.2% 31(% .3"*)",% 31% '(#(./"1)2% >% 31% 1('/./"1)2<% \(
/.43-#5%"-%4-('"*%2%"-%2*0(#.2%.(1/6/"#)2%$"%31(%31/51%(.2*2C
#(,%>%$"#"1'($"15%31(%31/51%'21%"-%'51>30"%$/A/12<%E2%12%)"1:(
1($(%?3"%4"*$"*,%(#:%"#%?3"%@/'"%'(#2%2./#2%$"%-2#%)(8G"#%>%."
"1)*"03&,% ."% 631$:,% ."% #3."*0:% "1% "#"% "7)*(T2% >% .(01:6/'2
-30(*<%E%#"1):%'2.2%31%63"02,%31(%--(.(*($(%?3"%."%*"'2**/5%"1
9/0C9(0%#38/"1$2%42*%./%'2-3.1(,%>%?3"$&%42*%31%/1#)(1)"%"7)(C
#/($(,%"1%#/-"1'/2,%/1.5A/-%$3*(1)"%31%)/".42,%$/#6*3)&%$"%-(%6"-/C
'/$($%>%"-%(-/A/2%$"%-(%."1)"%/131$($(%$"%".2'/51,%#"1):%?3"%."
31:(%(%./%'51>30"%$/A/12%>%?3"$&%"1%31%"#)($2%$"%&7)(#/#%$21$"
)2$2%#"%/-3./15<%M(.8/&1%."%$/%'3"1)(%$"%?3"%@(8:(%#"1)/$2%$2#
'2**/"1)"#%31(%.3>%'+-/$(%>%2)*(%.3>%6*:(%?3"%#"%631$:(1,%>%-3"02
?3"$&%$2*./$(<
!"#43&#%$"%"#(%"74"*/"1'/(%."%#"1):%'3*($(%$"-%"#'"4)/'/#.2,%>
'2."1'&%(%'*""*% 6/*."."1)"%"1%"-%(.2*<%O1%A"1'"*%"-% )".2*%(
%:
*"'2**"*%"-%'(./12%$"%-2%?3"%#/01/6/'(%31(%#"73(-/$($%#(0*($(%>
(4(#/21($(<%E%43#"%"1%4*+')/'(%./#%#3"T2#%>%"16*"1)&%-(#%$/6/'3-C
)($"#%?3"%#"%4*"#"1)(*21%"1%-(%8G#?3"$(,%(A(1'&%>%$"#$"%"1)21C
'"#%'21)/1G2%@('/&1$2-2<%P2*%'/"*)2,%."%@"%#"*A/$2%$"%31%(*.(
/1'2.4(*(8-"H% -(% A"*$($J% '2*2-(*/2% $/*"')2% $"% -(% '2.4(#/51% >
#2-/$(*/$($<
D"1)/*%(.2*%63"%'2."19(*%(%'21)(*%'21%31%42$"*%/1)"*/2*%?3"%"#
.+#%0*(1$"%?3"%"-%.31$2%?3"%'2."195%(%#3*0/*%>%?3"%#"%42)"1C
'/(%'21%"#)"%(.2*<%O#)"% (.2*%?3"%#"%@('"% '(*02%$"%./%A/$(,% -2
13)*",% -2% A/#)",% -2% 03:(,% -2%4*2)"0",% -2%$/*/0"% >% #2#)/"1"% )2$(%./
"7/#)"1'/(,%42*?3"%>2%#"%-2%4"*./)2<%I2.4*"1$:%)(.8/&1%42*%?3&
@(>%)(1%42'(#%.3;"*"#%/-3./1($(#,%>%42*%?3&%12#%@(1%4"*#"03/$2
"1%-(%(1)/0i"$($<%I2.4*"1$:%"-%42*%?3&%$"%"#)(#%4"*#"'3'/21"#,
>% '-(*(."1)"% "1)"1$:% ?3"% "#(% 31/51% .:#)/'(% 12#% $(% 31% 42$"*
/1."1#2,% 12#% (8*"% -(% 43"*)(% (% -(% '2.4(#/51% >% -(% #2-/$(*/$($<
I2.4*"1$:%?3"%13"#)*(%"$3'('/51%'2./"19(%'21%-(%"74-2*('/51
>% "-% $"#'38*/./"1)2% $"% 13"#)*(% #"73(-/$($<% O#% 31% '(./12% $"
(#'"1#2H%$"#'38*/*%"-%'(./12,%$"#C'38*/*-2%>%$/#6*3)(*-2<%I*"2%?3"
#/% 31(% .3;"*% A/A"% 4-"1(."1)"% #3% #"73(-/$($% #/1% 4*";3/'/2#% >
?3"$(%#()/#6"'@(,%#/% *"'2**"%>%#"%$(% -(% -/8"*)($%$"%"74"*/."1)(*
#3#%#3"T2#%"*5)/'2#%N)2$2#N,%"1)21'"#%>%*"'/&1%"1)21'"#,%'2./"1C
9(%#3%'(./12%$"%#38/$(<%E%-(%-/8"*)($%12%$"4"1$"%$"%-2#%2)*2#,
"#(% -/8"*)($% $"4"1$"% $"% '($(% 31(% $"% 12#2)*(#,% $"% '*"(*12#% "-
$"*"'@2%(%31(%#()/#6(''/51%#"73(-%4-"1(<%P(*(%'($(%31(%"#%#"03C
*(."1)"% $/6"*"1)",% 42-/0+./'(,% .2120+./'(%")'<,%42*?3"% A/"1"
$"%$/6"*"1)"#%"74"*/"1'/(#<%P"*2%"#)2%"#)+%$".(#/($2%A"$($2%'21
)(1)(% '3-)3*(% 2''/$"1)(-% >% 2*/"1)(-% $"% #3./#/51% "% /**"A"*"1'/(
%;
@('/(%13"#)*(%#"73(-/$($<%\(%F()3*(-"9(%12#%$(%4"*./#2#%>%31(
)/"1"%?3"%$+*#"-2#%)(.8/&1%>%"74-2*(*,%$/#6*3)(*%$"%#3%#"73(-/$($
4-"1(."1)",%"%/*%@('/(%#3%!/2#%2%'2.2%?3/"*(#%--(.(*-"<%!"%(--:
-(%'2.4*"1#/51%$"%-(#%-">"1$(#%$"%-(%(1)/0i"$($,%"1%-(#%?3"%-(#
#('"*$2)/#(#%8(/-(8(1%#"1#3(-%>%"*5)/'(."1)"%4(*(%#3#%$/2#"#,%'2#(
$"#A/*)3($(%-3"02%42*%"-%-"103(;"%'3-)3*(-%.(#'3-/12%?3"%-2%'21C
A/*)/5%"1%31(%.3"#)*(%"7@/8/)2*/(%>%$"#A/5%"-%A"*$($"*2%#"1)/$2
$"%-(%$(19(,%N31(%'2.31/'('/51%:1)/.(%'21%-2#%$/2#"#N<
\-"1(%$"%0*()/)3$%/-/./)($(%(%-2%/1A/#/8-"%42*%"#(%-/8"*('/51%?3"
)(1% 242*)31(."1)"% ."% --"05% 6*"1)"% (% 31% $"#)/12% "#4(1)2#2
"1)21'"#%."%#"1):%(%#(-A2<%P(*(%?3"%'21)/13(*(%-(%(')/A/$($%$"-
'3"*42%>%$"%-(%."1)"%-(%"1"*0:(%"*(%#3./1/#)*($(%42*%-2#%5*0(12#
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jY<%M*()(8(%$"%*('/2C1(-/9(*%(?3"-%4*2'"#2%#/1%'21#"03/*-2<
V/%"#)($2%"*(%.3>%"#4"'/(-,%42*%-(%.(T(1(,%.3>%)".4*(12,%2%$"
12'@",%)"1$/$(%>%$"#4/"*)(%"1%-(%'(.(%"#4"*(1$2%?3"%--"0(#"%"-
#3"T2,%#"1):(%'5.2%"#(%13"A(%>%42$"*2#(%"1"*0:(%A/)(-%#"%"7)"1C
$:(%/.43-#($(%42*%31%.2A/./"1)2%6"8*/-%"1%-(%921(%#"73(-%@(#)(
"1)21'"#% /1(')/A(,% >% '2.2% 31% "#)($2% $"% (0/)('/51% /1)"1#(% #"
,=
/.43-#(8(% @('/(% (**/8(% '2.2% 31(% )".4"#)($% 42*% )2$(% -(% 921(
)2*+7/'(,% --"A+1$2-(% @(#)(% "-% '"*"8*2% '21% 31(% --3A/(% /*/$/#'"1)"
"1"*0&)/'(<
f3"% '3(1$2% --"03&% (% -(% '21'-3#/51% $"% ?3"% 13"#)*2% 2*0(1/#.2
#/".4*"% "#)3A2% "1% '21$/'/21"#% $"% "A2-3'/21(*% "1% -(% $/*"''/51
/1$/'($(%42*%.:#)/'2#,%4*26")(#%>%0"1/2#,%(%)*(A&#%$"%-(%(''/51%$"
"#)"%."'(1/#.2%.(*(A/--2#2%$"-%?3"%$"4"1$",%4(*(%$"#4"*)(*%#3
(')/A/$($,%$"%-(%"1"*0:(%#3./1/#)*($(%42*%-2#%5*0(12#%*"4*2$3'C
)2*"#<%O#)"%."'(1/#.2%?3"%#"%'212'"%>%#"%.(1/43-(%$"#$"%)/".C
42#%.3>%*".2)2#,%*"4*/./$2%42*%-(%'3-)3*(%/.4"*(1)"%4(*(%12#2C
)*(#,%"#%-(%62*.(%$"%$"#(**2--(*%13"#)*(%"#4/*/)3(-/$($,%-(#%6('3-)(C
$"#% #34*(12*.(-"#% >% -2#% 42$"*"#% 4#:?3/'2#,% '21$3'/&1$212#
@('/(%31(%"7/#)"1'/(%$"%)(1)(% /1."1#/$($%>%42$"*,%?3"%)2$2% -2
?3"%42$".2#% /.(0/1(*% "1% -(% )/"**(%4(*"'"% /1#:4/$2%>% )*/A/(-% "1
31(%"7/#)"1'/(%$21$"%1/%#/?3/"*(%.2-"#)(%-(%/$"(%$"%-(%"#'-(A/)3$
2%-/./)('/51%"1%?3"%12#%42$(.2#%"1'21)*(*<
O#)(% "74"*/"1'/(% @(%$"#4"*)($2%.(>2*/)(*/(."1)"%"1% "-% 0&1"*2
.(#'3-/12<%D"%)*()5%$"%31(%@(8/-/)('/51%?3"%42*%31%-($2%-(%'3-C
)3*(%$2./1(1)"% -"%2)2*05%42*% *(921"#%42-:)/'(#,% #2'/(-"#%")'<,% >,
42*%2)*2,%-(%?3"%.(1)3A2%2'3-)(,%'"1#3*($(,%1"0($(,%>%*"4*/./$(
4(*(%"-% 0&1"*2% 6"."1/12%>% 63"*(%$"%13"#)*2%(-'(1'",%$"8/$2%(-
42$"*%?3"%12#%'216/"*"%>%$"-%?3"%"#)(.2#%$2)($(#<%
O#)"%(#'"1#2%$"#$"%-2%#"73(-,%$2)(%(%-(%.3;"*%$"%31(%'21'/"1'/(
.+#%(--+%$"%-(%4"*'"4'/51%2*$/1(*/(,%>%$"%42$"*"#%.+#%(--+%$"%-(#
@(8/-/$($"#% 12*.(-"#<% O#% *(921(8-"% #3421"*% ?3"% "1% (-0312#
'(#2#% "1% ?3"% #"% 4*2$3'"% 31% $"#(**2--2% "#4/*/)3(-% *"4"1)/12,% #"
4*2$3'"1%'(.8/2#%0*($3(-"#%$"#$"%"-%".8*/51%2%$"#$"%-(%4*/."C
,<
*(%/16(1'/(,%#/1%?3"%-(#%.3;"*"#%--"03".2#%(%#(8"*%?3"%"#)(%2'3C
**/"1$2%"1%13"#)*2%/1)"*/2*<%
\2%#38-/."%"#%?3"%13"#)*(%1()3*(-"9(%12#%'21$3'"%(%?3"%-(%".2C
'/51%03(*$($(%"1%-(%"74"*/"1'/(%#"%A3"-A(%8"--"9(,%>%#"%'21A/"*)(
"1% -(% .()"*/(% 631$(."1)(-% $"% -(% ".2'/51% ?3"% 6-3>"% @(#)(% "-
.2."1)2%"1%?3"%"A2'(%#"*"1(."1)"%(?3"--2%?3"%$3"*."%"1%#:,
4(*(%*"(6/*.(*%13"#)*2%/$"(-%"1%31(%"74"*/"1'/(%.(*(A/--2#(<
O1%"-%.+#%4*57/.2%"1'3"1)*2%#"%"A/$"1'/5%"-%"#)($2%*(*:#/.2%"1
"-%?3"%."%"1'21)*(8(,%"#)(8(%(8#2*)(%>%(8#)*(:$(%"1%#3%./*($(<%O1
"#)(%2'(#/51%."%.(1)3A"%(8#2*8/$(%42*%#3%4*"#"1'/(%>%$/#43"#)(
(%$";(*%(%?3"%#3#%2;2#%#"%"1'21)*(*(1%'21%-2#%.:2#<%D"%4*2$3;"*21
(-0312#%'@/#42**2)"2#%(-%#('(*12#%31(#%62)2#%>%>2%."%4*"031)(8(H
K."%@(%"1A/($2%31(%#"T(-L%\3"02,%>(%#"1)($(,%*"'2*$(1$2%-(%"74"C
*/"1'/(%03/($(%$"%-(%4(*";(%/$"(-W_Y,%#"1):%-(%'(-/$"9%$"%31(%.(12
(42>(*#"%#28*"%./%@2.8*2%/1A/)+1$2."%(%4(*(*."%./"1)*(#%."
()*(:(%@('/(%#:<%O1%"#"%.2."1)2%12%#(8:(%?3/&1%"*(%>%0/*&%./%'(8"C
9(%4(*(%./*(*%28#"*A&%"1)21'"#%?3"%&-%."%()*(:(%(%#3%-($2,%./"1C
)*(#%>2%*":(%%6"-/9%42*%"#(%'2.31/51%$"%(6"')2%?3"%#"1):%*"':4*2'2<
O1%(-0G1%.2."1)2%$"%"#"%$:(,%(-03/"1%/1#/135%?3"%"#)(8(%"1%"-
"1)*"4/#2,%>%#38:%'2**/"1$2%(%4*2$3'/*%"-%"1'3"1)*2%>%-2%"#4"*&<
R":(%(-"0*"%>%*($/(1)",%-"%@('/(%8*2.(#,%@(#)(%?3"%&-%03(*$5%#/-"1C
'/2%>%4*"031)5%'21)31$"1)"H%CKD38/*:(#%42*%.:L<%I21)31$"1)"%63"
-(%4*"031)(%>%'21)31$"1)"%63"%-(%*"#43"#)(H%'3(1$2%*"#421$:%?3"
#:,%>%42*%-(%/16-"7/51%"1%"-%)212%$"%#3%A29%>%$"%-(%.:(,%"#2%"*(%31
'2.4*2./#2% >%31(%4*2."#(<%V"%$/;"%'*"2%?3"%"#)2%"#% #"*/2<%\(
"#'&4)/'(%43"$"%$3$(*%$"%-(#%"74"*/"1'/(#%"1"*0&)/'(#,%4"*2%12%$"
-(%/16-"7/51%$"%-(%A29%1/%)(.42'2%$"%-(%4(-(8*(%$($(<
,%
P2*%31%#"031$2,% -(%4*"031)(%."%@(8:(%$"#'2-2'($2,%(#2.8*(C
$2,% >%@('/(%8*2.(#J%4"*2%"-%@(8-(8(%"1%#"*/2% >,%42*% #343"#)2,
#"1):(%31% /1$3$(8-"%'2.4*2./#2%'21%&-%>%'21% -(%@3.(1/$($,
@(8:(.2#%43"#%#"--($2%31%4(')2,%@(8:(.2#%-20*($2%31%('3"*$2
2%(-02%(#:<%P"*2%-3"02%4(#5<
=-%@('"*%31%*"'2**/$2%'21%./%."1)"%."%$:%'3"1)(%$"%?3"%@382
#"T(-"#%(%-2%-(*02%$"-%)/".42,%(%-2%-(*02%$"%./%A/$(<%\3"02%(-%4/"
$"%-(%.21)(T(%)3A"%4"*'"4'/21"#%"7)*(#"1#2*/(-"#<%=1)"#%$"%31(
(*"10(,%#"%A2-A/5%@('/(%"-% -30(*%4(*(% /1$/'(*%"1%31% -"103(;"%12
A"*8(-,%"%/1$3'/*%(%-(%0"1)"%(%(8*/*%31%4(#2,%N<<<I3(1$2%"#)(8(.2#
@('/"1$2%31(%'"*".21/(,%"1%."$/2%$"-%#/-"1'/2%$"%-(%.21)(T(,
"#'3'@"% ?3"% (-03/"1% 8(;(8(% '2**/"1$2% 42*% -(% -($"*(% '"*'(1(% (
12#2)*(#,%-2%?3"%."%*"#3-)5%(12*.(-%>%*3/$2#2<%O1)21'"#%(8*:%-2#
2;2#%4"*2%4(*(%./%(#2.8*2,%12%@(8:(%1($/",%#2-2%12#2)*2#%"-%4(/C
#(;"%>%"-%#/-"1'/2N<%-3"02%*"'2*$&%?3"%(1)"#%$"%'2."19(*%-(%'"*"C
.21/(%"-%4/$/5%?3"%(8*/&*(.2#%31%'(./12,%31%'(./12%?3"%)"*C
./1(8(%"1%"-%-30(*%"1%?3"%."%"1'21)*(8(%'21%31(%(./0(,%(31C
?3"%42*%#343"#)2,%4(*(%./%"#)(%#/)3('/51%"*(%/1)*(#'"1$"1)"%>%#"
)*()(8(%$"%2)*(%'2/1'/$"1'/(<
S"1)"%'"*'(1(%(%#3%"1)2*12,%."%4*"031)5%-3"02%#/%@(8:(%4"*'/8/$2
(-02%"7)*(T2%$3*(1)"%-(%'"*".21/(,%>%-2%'2."1)&%'2.2%(-02%*(*2
(31?3"%#/1%$(*-"%/.42*)(1'/(,%>%-2%*(*2%4(*(%./,%63",%?3"%12%4(*"C
':(% /1)*(#'"1$"1)"% ?3"% $/"*(% "#(% /162*.('/51<% O1)21'"#% ."% $:
'3"1)(%$"%?3"%"#)(#%'(#3(-/$($"#%."%/.43-#(8(1%(%#"1)/*-2%"1%2)*2
4-(12%>%'21%"-%'2*(951,%(%-""*%>%(%$"'/*%#/1%4(-(8*(#,%(%#"1)/*%>%4"*C
'/8/*-2<%D"1):%?3"%'2."19(.2#%(%'2.4(*)/*%31%13"A2%-"103(;",%>
"#)2%#"%'21A/*)/5%"1%31%42$"*%"1"*0&)/'2%A(-/2#:#/.2<%I2."195%31
,,
(4*"1$/9(;",%"1%#/-"1'/2%#/1%4(-(8*(#<%\3"02%*"'/8:%A(*/2#%4(#(42*C
)"#%(-%'/"-2,%?3"%(%./%;3/'/2%$";(8(1%31%@(-2%$"%.(*'(#%>%#"T(-"#
?3"%@(8-(8(1%#/1%@(8-(*%$"%&-,%'2.2%31%-/8*2%"#'*/)2%"1%-2#%(T2#
kab%*"-()(1$2%31(%@/#)2*/(%$"%(.2*%$21$"%"-%4*2)(021/#)(%"*(%N"-
6-('2%$"%-(%.21)(T(N<%P(*(%.:%@(8:(%31%G1/'2%6-('2%$"%-(%.21)(C
T(H%N`"#G#N,%2%#"(%"#"%#"*%#/.85-/'2%"1%?3/&1%@(8:(%$"42#/)($2%./#
"#4"*(19(#%$"%31%(.2*%")"*12,%./%!/2#<%E%1($/"%#(8:(%(8#2-3)(C
."1)"%1($(%$"%./%#3"T2<%F31'(%-2%@(8:(%'2."1)($2%42*?3"%'21C
#/$"*(8(%"#(%4(*)"%$"%./%A/$(%'2.2%31(%@/#)2*/(%:1)/.(<%\":%"1)21C
'"#%"1%(-0G1%-($2H%KI*""#%"1%-2#%$"#/01/2#L<%\(%#"4(*('/51%6:#/'(%$"
-2#%#"*"#%?3"%#"%(.(1%"#%)*(1#/)2*/(,%-(%'2.31/'('/51%#/".4*"%'21C
)/1G(%"1%2)*2#%1/A"-"#<%KO*(%"1)21'"#%31%$"#/01/2L
\(%#/)3('/51%."%#28*"4(#(8(,%>%'3(1$2%@(':(%(-0G1%'2."1)(*/2
#"1):(%?3"%1($/"%."%"1)"1$:(<%=#/%63"%?3"%24)&%42*%"-%#/-"1'/2%>
42*%./#%8*2.(#<%E%#/%#"1):(%(.2*,%'*":(%?3"%"*(%31%0*(1%(6"')2,%>
12%?3"%"#)(8(%"1(.2*($(<%P"*2%"#"%#"1)/./"1)2%#"%/8(%4*2631$/C
9(1$2%'($(%.+#<%I2."1'&%(%$(*."%'3"1)(%$"%?3"%12%"*(%'@/#)",
?3"%(-02%."%4(#(8(%(%.:,%?3"%12%'*":(%"1%"-%(.2*<%\3"02%'2."1C
9(*21%(%#3'"$"*%"1'3"1)*2#%>%(1/.($(%42*%(?3"-%#"1)/./"1)2,%."
"7('"*8(8(%$"%(-"0*:(%'($(%A"9%?3"%."%"1)"*(8(%?3"%#"%4*2$3'/C
*:(,%42*?3"%"#2%#/01/6/'(8(%?3"%/8(%(%A"*-2<%V"%#"1):(%6"-/9,%>%42*
"#2#% )/".42#% &-% @(8:(% 4*2'-(.($2% #3% .(>2*% '2.4*2./#2% '21
13"A(#%(')/A/$($"#%>%12#%A/#/)(8(%'21%.(>2*%6*"'3"1'/(,%6*"'3"1C
'/(%?3"%()*/83:%(%-(#%(')/A/$($"#,%>(%?3"%A"1:(%(%31%"1'3"1)*2,%>
2)*2<%!/#6*3)(8(%.3'@2%$"%#3%4*"#"1'/(,%-2%./*(8(%>%"*(%6"-/9%]1
(.2*%"#4/*/)3(-,%4"*2%(%./%."%4(#(8(%2)*(%'2#(%?3"%#"%'21631$:(
'21%-2%.:#)/'2<%E%#"%."%@(8:(%"1*(/9($2%@(#)(%-(%.&$3-(<
,-
V3'@(#%A"'"#%."%@"%4*"031)($2%K42*?3"%(%.:L%K42*%?3&%."%"-/0/"C
*21%4(*(%#".";(1)"%*"#421#(8/-/$($L%D&%?3"%@(>%.3'@(%0"1)"%?3"
@/92%.3'@2,%.3'@2%.&*/)2%4(*(%28)"1"*-2%>%#"%?3"%-2%."*"'"%K42*
?3&%"1)21'"#%(%.:L,%($".+#%(%31(%"#'&4)/'(%?3"%)3A2%?3"%83#'(*
4*3"8(#,%631$(."1)2#%'21'*")2#%4(*(%A(-/$(*-(<%
I2."1'&% "1)21'"#% (% /1A"#)/0(*,% 42*?3"% 12% )"1:(% /1#36/'/"1)"
/162*.('/51,%4(*(%"74-/'(*%?3&%."%4(#(8(%>%12%."%'2162*.(8(1
-(%*"#43"#)(#%$"%./#%(./02#,%1/%)(.42'2%."%"*(%#36/'/"1)"%-(%-/)"C
*()3*(%'212'/$(%?3"%#()/#6('/"*(%"#)(%8G#?3"$(<%D"1):(%?3"%@(8:(
2)*(%'2#(,%2)*(%4"*'"4'/51,%>%"1%"#(%8G#?3"$(%"1'21)*&%*"-()2#%$"
2)*(#%4"*#21(#%?3"%"1%#/./-(*"#%"74"*/"1'/(#%.:#)/'(#%"74*"#(8(1
$"%31%.2$2%#".";(1)"%-(%./(<
f3"%(%)*(A&#%$"%"#)(%"74"*/"1'/(%?3"%43$"%'2.4*"1$"*%31%)"7)2
$"%UDBUH%
b2"'C*$($#'$71&7-,.,'*7.'C$,#&7.'.'5.'Z*$'.=$#'C,&X*7(.=$7-$[':Z*$'$#-`'("#C*$#-.'.'$7-,.,'1&7-"6&'Q.1".'-*'1$7-,&'"7-$,7&['Z*$'$#-`5"#-&'.'",'1&7-"6&'.'5.'1"=.'=Y#'.5-.'($'5.',$5.1">7['$7-&71$#'$#-.,$5.1">7'#$'A&5A$,Y'=$("-.-"A.E'a7-&71$#'.' -,.A`#'($'$#-.',$5.1">7.51.7D.,Y#' 5.',$5.1">7'#*C,$=.E'a#'($1",' #"'.=.#'.'*7.'C$,#&7.[C&1&'.'C&1&'C,"=$,&'($#.C.,$1$'5.'C$,"X$,".'($'5.'C$,#&7.['($#.C.],$1$'5.'X&,=.'($'5.'C$,#&7.E'a7-,.#'=Y#':'=Y#'$7'1&7-.1-&'1&7'5&Z*$'7&'-"$7$'X&,=.['5&'"7-$,7&E'<&1&'.'C&1&['5.'X&,=.'#$'A*$5A$'A.6.[:'($#.C.,$1$E'f'#"'C,&X*7("D.#'=Y#['$#-$'#$,'#"7'X&,=.'$=C"$D.'.'($#].C.,$1$,':'.'X*7(",#$E'a7-&71$#'#$'.+,$'$5'=Y#'.55YE'a7-&71$#'$#$"7("A"(*&'C.,-"1*5.,'$,.'#>5&'*7.'C*$,-.['*7.'.+$,-*,.E'f'.'-,.A`#($'-*'.=.7-$['$71*$7-,.#'5&'("A"7&Eb
,1
E2% @(8:(% "1'21)*($2% (% "#"% #"*% @3.(12% .(*(A/--2#2<
I21'2./)(1)"."1)",%&-%'2."195%(%@(8-(*%>%(%@('"*%(#2'/('/21"#
$"-% -"103(;"% #/-"1'/2#2% $"% "#)(% 13"A(% '2.4*"1#/51% $"-% (-.(<
D/".4*"%$"$3;"%?3"%"-%)".(%$"-%(.2*%131'(%@(8:(%#/$2%#3%)".(
4*"$/-"')2,%-2%'3(-%."%63"%(6/1%'21%-(%$2')*/1(,%>(%?3"%12%-"%$"$/C
'(8(%.3'@2#%4+**(62#%"1%#3% -/)"*()3*(,%>%'3(1$2% -"%@(':(1%4*"C
031)(#%131'(%4*2631$/9(8(%$".(#/($2<%F31'(% -2%@(8:(%@"'@2,
12% (-% ."12#% '21% -(% (4"*)3*(% >% 8"1"4-+'/)2% '21% ?3"% -2% @(':(
"1)21'"#<%
O-%131'(%."%4*2@/8/5%"1(.2*(*."<%I3(1$2%'21#/$"*"%242*)3C
12%>%4*3$"1'/(-%-"%@/'"%31%'2."1)(*/2%$"%-2%?3"%."%"#)(8(%#3'"C
$/"1$2%>%#30/*/5%"#4"*(*%@(#)(%?3"% -(%4*"#/51%(6"')/A(%8(;(*(<%E
'21%.3'@2%$2-2*%63"%8(;(1$2%-(%4*"#/51%(6"')/A(<<<%>%"-%(.2*%63"
'*"'/"1$2%>%#"%63"%)*(1#62*.(1$2%"1%31%4*2631$2%>%./#)"*/2#2
*"#4")2,%."%"1'21)*(8(%'21%'(./12#%*"$21$2#<<<%?3"%."%'21$3C
':(1% (% #3% -($2,% >% #/% "-%31/A"*#2% #"% $"#"1A3"-A"% '2.2% $"8",%."
$"':(,%$"8/"*(%@(8"*%2)*2%.2$2,%$"%"74*"#(*%"#)"%(.2*<%V"%4*"C
031)(8(%K#"*+%'2/1'/$"1'/(L%>%KP(*(%?3"%"#)"%(.2*L%P2*%?3&%#/"1C
)2%)(1)2%$2-2*L<%%O#(%#/)3('/51%."%$";(8(%"1%'21$/'/51H%$"%$"6/C
1/*."%>%"1%"-%.31$2%#(-A(;"%2%#"%$"A2*(%2%#"%"#%$"A2*($2J%4"*2
"1%"-%.31$2%#2'/(-%#"%$"6/1"%2%#"%"#%$"6/1/$2,%>%)"1:(%?3"%$"6/C
1/*."H%N?3"*:(%$"6/1/*."NJ%42*%"-%(.2*,%"-%*"#4")2,%-(%$/01/$($%>
-(% -/8"*)($,% >% #(8:(% ?3"% /8(% (% )"1"*% ?3"% "16*"1)(*."% (-% 42$"*
.(01/6/'($2*% $"% -(#% /.+0"1"#,% #"72,% 42$"*,% 4*"#)/0/2% >% $/1"*2,
?3"%28A/(."1)"%"#)(8(%$/#43"#)(%(%$/#6*3)(*%#/1%/1@/8/'/51%#/%-(
242*)31/$($%#"%4*"#"1)(8(,%K4"*2%"1%"#)"%'(#2%'3+-%"*(%"-%'2#)2L,
Kc3&%)/42%$"%"#'-(A/)3$%#"%."%4"$:(%(%'(.8/2L<%O#(%#/)3('/51%#"
,2
4*"#"1)(8(%*/'(%(831$(1)"%."%"1'21)*(8(%'21%(?3"--2%?3"%'3(-C
?3/"*%.3;"*%$"#"(*:(%4(*(%#:,%>%*"'2*$&%"1)21'"#%-2%?3"%F"-#21
V(1$"-(%$/;2H
!EEE7*$#-,&'="$(&'=Y#'Q&7(&'7&'$#'#$,'"7$C-.#7*$#-,&'="$(&'=Y#'Q&7(&'$#'#$,'C&($,&#.#'#"7'=$("(.7&'$#'5.'*,"(.('#"7&'5.'5*D'5.'Z*$'7&#'.#*#-.g^*"`7'#&:':&'C.,.'#$,'+,"55.7-$['$71.7-.(&,.['-.5$7-&#.['X.7-Y#-"1.c.5'X"76",7&#'C&1.'1&#.'7&'#$,A"=&#'.5'=*7(&1*.7(&'C$,="-"=&#'Z*$'7*$#-,.'5*D'+,"55$['"71&7#1"$7-$=$7-$'.*-&,"D.=&#'.'&-,.#'.'Q.1$,'5&'="#=&1*.7(&'7&#'5"+$,.=&#'($'7*$#-,&'C,&C"&'="$(&['7*$#-,.'C,$#$71".'5"+$,.'.*-&=Y-"1.=$7-$'.'&-,.#"
M"7)2%"7)*(/$2%>%($(4)($2%(%31(%A"*#/51%
6"."1/1(%$"%#3%$/#'3*#2%$"%=#31'/51%(-%.(1$2,%Xllj<
=-031(#%A"'"#%."%@(%)2'($2%*"C/1)"*4*")(*%#/)3('/21"#%$"-/'($(#
>%$/6:'/-"#% '21% 0"1)"% ?3"%@"% ?3"*/$2%.3'@2%>%12% #/".4*"%@(1
)"1/$2% 31% 6/1(-% 6"-/9<% V/% '3"*42% (1#/(8(% 31% "1'3"1)*2% '21% &-,
4"*2%12%?3"*:(%#5-2%31%*2'"%#"73(-%#34"*6/'/(-%#/12%31%(4*"1$/C
9(;"%4*2631$2,%:1)/.2,%"1%'3(1)2%(-%42$"*%#/".4*"%'21#/$"*&%?3"
)2$2#%)"1".2#%42$"*,%"-%42$"*%$"%@('"*%'2#(#,%>%>2%@(8:(%42$/$2
8(#)(1)",%)(.42'2%1"'"#/)(8(%'21)*2-(*%A2-31)($"#,%>(%)"1:(%8(#C
)(1)"% (')/A/$($% '21%$2."#)/'(*% -(% .:(% 4*24/(H% D/,% $/#6*3)(8(%(-
'2.4(*)/*%"74"*/"1'/(#,%"1%'3(1)2%(-%4*"#)/0/2%?3"%8*/1$(%"-%4*2C
)(021/#.2,%(.(8(%"-%?3"%'21#)*3:(%$:(%(%$:(%"1%31%"1)2*12%"1*/C
,9
?3"'/$2%$"%(6"')2#,%#"1):(%?3"%"*(%4*2)(021/#)(%$"%./%4*24/(%A/$(
>%12%1"'"#/)(8(%(8(-(19(*."%(%1/10G1%2)*2%"#4('/2%>%"1%'3(1)2
(-%$/1"*2%2%(%-(%(831$(1'/(J%."%#"1):(%13)*/$(%#()/#6(')2*/(."1C
)"%42*%-(%A/$(<%V"%$/%'3"1)(%$"%?3"%12%)"1/(%.2$"-2#%4(*(%)2.(*
*"6"*"1'/(#% 4(*(% $(*% *"#43"#)(% (% "#)(% #/)3('/51,% ."% 4*"031)(8(
'5.2%'21)/13(*,%>(%?3"%$"-%(.2*%0"1"*(-."1)"%12%#"%@(8-(8(,
12%@(8:(%1($(%13"A2%8(;2%"-%@2*/921)"%$"#$"%$21$"%(#/*.",%(#:
?3"%"#)2%/8(%(%#"*%.3>%$/6:'/-<%
O#)(8(%"1(.2*($(%4"*2%./#%'"1#2*"#% /1$/'(8(1%?3"%@(8:(%(-02
?3"%12%631'/21(8(%>%"1)21'"#%('3$:%(-%8"1"6/'/2%$"%-(%$3$(,%4*/C
."*2%)2.&%$/#)(1'/(%>%28#"*A&%?3"%12%"*(1%./#%'(4*/'@2#%#34"*C
6/'/(-"#%-2#%?3"%/8(1%(%$")"*./1(*%"#(%$"'/#/51%#/12%2)*(%"-"''/51
/1)"*1(%#"*:(%-(%?3"%$")"*./1(*:(%"-%'3*#2%$"%./%A/$(<%
O1)21'"#%@/'"%#/-"1'/2%4(*(%"#'3'@(*%?3"%*"'-(.(8(%"#)"%(.2*,%>%"#)"
(.2*%*"'-(.(8(%-/8"*)($,%43-'*/)3$,%$/01/$($,%*"#4")2,%>%'2@"*"1'/(,
4(*(%-2%'3(-%#"1):(%?3"%)"1:(%?3"%'21#)*3/*#"%"1%(*.21:(,%'21%#/1'"C
*/$($,%'21'/-/(1$2%>%'21'2./)(1)"."1)"%('2.4(T(1$2%31%4*2'"#2
?3"%'21)"1:(%(%2)*(#%>%2)*2#,%-(#%"74*"#/21"#%6"."1/1(#%?3"%."%26*"C
':(1%"1%"#)(#%#/)3('/21"#%*"#421$:(1%(%4()*21"#%'3-)3*(-"#%>(%'212'/C
$2#,%"1%(-0312#%'(#2#%'*3"-"#%2%03(*$(8(1%-(#%(4(*/"1'/(#%"1'38*/"1C
$2%-(%@/#)2*/(%'3-)3*(-%$"%31%.2$"-2%'*/#)/(12%8(#($2%"1%-(%'2.2$/C
$($,%)*(/'/51,%"#'-(A/)3$%2%'3-4(%>%12%)"1:(%1($(%?3"%A"*%'21%./#%(#4/C
*('/21"#,%./%(1@"-2%4*2631$2%$"%31%(.2*%?3"%)*(1#./)/"*(%-/8"*)($<%
=#:% "#%?3"% '2.2% -(#% '21$/'/21"#%$"% -/8"*)($% >% 43-'*/)3$% 12% #"
4"*'/8:(1%>%)"1:(%-(%'"*)"9(%$"%?3"%$"8:(%$"%@(8"*%2)*2%.2$2%$"
.(1/6"#)(*-2,%4*"6"*:%)2.(*%$/#)(1'/(,%)"1/(%-(%24'/51%$"%$";(*."
'("*%>%$"0*($(*% -(%"74"*/"1'/(%2%('"4)(*-(%>%"1)21'"#%42$:(%*"#C
,:
421$"*% '21% -2#%4()*21"#% '3-)3*(-"#% /.43"#)2#% >(% '212'/$2#,% -2
?3"% $"#()(*:(% 31(% '($"1(% $"% A/2-"1'/(% 4#/'2-50/'(% "1% .:% >% "-
"1)2*12,%2%'216/(*%"1%./%4*2'"#2,%'216/(*%"1%?3"%2)*2%'(./12%"#
42#/8-"%>%(4*"1$"*%(%A2-(*H%"-"0:%-(%G-)/.(<%D"03*(%$"-%)/42%$"%'*/C
#/#%"1%-(%?3"%."%/1)"*1(8(,%4"*2%)(.8/&1%#"03*(%$"%@(8"*%($?3/C
*/$2%-(#%62*)(-"9(#%4(*(%#34"*(*-(#<%\(#%)*"#%/8(1%(%#"*%$2-2*2#(#,
(#:%"#%?3"%."%$/;"H%N31(%A"9%.+#J%.+#%A(-"%.2*/*%$"%4/"%31(%A"9,
?3"% A/A/*% $"% *2$/--(#% #/".4*"N<% E% "*(% /.4*"#'/1$/8-"% *"'3**/*% (-
$"#(4"02,%(-%6(.2#2%$"#(4"02%?3"%."%"1#"T2%4*/."*2%(%$"#'(*C
)(*%-2#%)/42#%6(-#2#%2%#34"*6/'/(-"#%$"%(.2*,%KE%?3&%?3"$5%"1)21C
'"#L%]1(%"12*."%63"*9(%/1)"*/2*,%42*?3"%"-%(.2*%#"%4"*'/8"%4*/C
."*2%$"1)*2,%>%"#)+%$/*/0/$2%@('/(%12#2)*(#%./#.(#<%
D&%?3"%@(>%31%.2)/A2%4(*(%)2$2<%M(-%A"9%"1%"-%.2."1)2%"1%?3"
#"%4*2$3'"%31%@"'@2%#2*4*"1$"1)",%12%'21)".2#%'21%"-%"1)*"C
1(./"1)2%4#/'2-50/'2%1/%-(%4*"A/#/51%1"'"#(*/(#%4(*(%'2.4*"1$"*
#3#%*(921"#<%P"*2%'21%)/".42%>%4('/"1'/(,%#(-"1%(%-(%-39<%m1/'(C
."1)"% /.43-#($(% 42*% 31% #3"T2J% 42*% 31% (1@"-2% 4*2631$2% $"-
(-.(,%42*%"#"%--(.($2%#(0*($2,%"1%./%(4*"1$/9(;"%12%@(8:(%1($(
?3"% ."% @38/"*(% 4*"4(*($2% 4(*(% (-02% (#:<% I3(1$2% "#2#% @"'@2#
#3'"$/"*21,%."%#"1):%(8#2-3)(."1)"%(#2.8*($(<%F2%)"102%"74-/C
'('/21"#%*('/21(-"#%1/%'/"1):6/'(#%$"%-2%?3"%2'3**/5<%O1%-(%."1)"
@3.(1(% @(>% $".(#/($(#% '2#(#% ?3"% "#)+1% .+#% (--+% $"% 13"#)*(
'2.4*"1#/51<%\(%/1A"#)/0('/51%'/"1):6/'(."1)"%*/03*2#(%$"%"#)2#
)".(#%"#)+%)2$(A:(%"1%.(1)/--(#<%D/%8/"1%#"%"#)+1%$(1$2%0*(1$"#
4(#2#% 4(*(% $"#'38*/*% "#)(% /162*.('/51,% "-% 4*2'"#2% "#% -"1)2% >
"1'3"1)*(%.3'@(%*"#/#)"1'/(,%)(1)2%42*%4(*)"%$"%'/"1):6/'2#%'2.2
$"%(3)2*/$($"#%*"-/0/2#(#%>%$"%-2#%/1)"*"#"#%42-:)/'2#<N
,;
P"*2%"#%31(%0-2*/(%?3"%"#)+%(%13"#)*2%(-'(1'"<%F2%'(8"%-(%."12*
$3$(% $"% ?3"% #2.2#% 42#""$2*(#% #3.(."1)"% (62*)31($(#% $"% -(
42#/8/-/$($% $"% 31% $"#4"*)(*% .:#)/'2<% O#% '2.4*"1#/8-"% -(% *(951
42*%-(%?3"%"-%&7/)2%"1%"#)(%"74"*/"1'/(%#"%'21#/$"*(%"-%-20*2%.+#
/.42*)(1)"% 42#/8-"% "1% 31(% 4"*#21(,% >% 42*% ?3&% ?3/"1"#% #/03"1
"#)"%'(./12,%'*""1%?3"%1/10G1%"#63"*92%"#%$".(#/($2%4(*(%'21C
#"03/*%"-%4*"./2%#34*".2%(-'(19(8-"%(-%6/1(-<%E%$"#$"%-3"02,%12
"7/#)"%@212*%.+#%12)(8-"%2%62*)31(%.+#%4*"'/2#(%?3"%"#)(%"74"C
*/"1'/(%12#%#"(%'21'"$/$(<
!"#$"%-(%1/T"9%>%-(%438"*)($,%@(#)(%-(%"$($%($3-)(,%@".2#%)"1/$2
"1%13"#)*(#%#2'/"$($"#%$"#"#)*3')3*($(#,%"74"*/"1'/(#%>%31%$"#C
(**2--2%4#/'2#"73(-%>%".2'/21(-%4"12#2<%
O1%"#)"%.31$2%(8#3*$2%?3"%*"#3-)(%(4"1(#%)2-"*(8-",%-2%/.42*C
)(1)"% 4(*(% 12#2)*(#% "#% '216/(*% "1% 13"#)*(% 4"*'"4'/51% >% #"1)/*,
631$(."1)(-."1)"% N#"1)/*N,% 3)/-/9(*% -2#% #"1)/$2#,% $/#6*3)(*% #/1
4*";3/'/2#%>%#/1%'3-4(#,%#/1%$(T(*%(%2)*2#,%'2.2%#/%12#%-2%#3#3**(C
*(1% -(#% "#)*"--(#<%P"*2% 4*"4(*(*% (% (-03/"1% 4(*(% "#)2,%4"1#(*% ?3"
43"$"%"74-/'(*#",%)*(1#./)/*#"%(%)*(A&#%$"-%-"103(;"%-(%.(01/)3$
$"%"#)(%"74"*/"1'/(,%"#%$/6:'/-<%O#%4*"'/#2%A/A/*-(<%
I3(1$2%-2#%"#'*/)2*"#,%(1)"#%$"%"#'*/8/*%'21#)*3>"1%."1)(-."1)"%#3
28*(,%2%-2#%'2.42#/)2*"#%"#'3'@(1%#3%.G#/'(%(1)"#%$"%)2'(*,%2%-2#
4/1)2*"#%4/1)(1%31%4(/#(;"%?3"%12%#/".4*"%*"'3"*$(1%$"%$51$"%4*2C
A/"1",%1/10312%$"%"--2#%43"$"%"74-/'(*%"1%4(-(8*(#%-(%.G#/'(%2%-(
"#'"1(%?3"%4*"#/1)/"*21<%O#%31(%"74"*/"1'/(%."1)(-%4"1#($(%'21
/.+0"1"#,%>%4(-(8*(#<%P(-(8*(#%?3"%@"*"$(.2#%$"%"#)(%'3-)3*(<
I3(1$2%)3A"%(?3"--(%"74"*/"1'/(,%'2.4*"1$:%?3"%>(%12%"*(%31(
A/A"1'/(%#2-(."1)"%@3.(1(,%>%?3"%(%4"#(*%$"%-2%$/6/'3-)2#2%?3"
-=
#/01/6/?3"%)*(1#./)/*-(,%"#)(%@/#)2*/(%?3"%>(':(%"1%.:,%(03(*$(8(
>%)"1:(%?3"%#"*%*"'20/$(%42*%(-03/"1,%42*?3"%>(%12%"*(%#5-2%.:(J
"*(%31%-"0($2%?3"%."%@(8:(%--"0($2%'21A"1/"1)"."1)"%"1%(?3"-
.2."1)2%4(*(%#"*%)*(1#6"*/$2<%=-02%#/./-(*%(%-2%?3"%2'3**"%'21
31%$"#'38*/./"1)2%'/"1):6/'2H%#/%(-0G1%'212'/./"1)2%43"$"%#(-C
A(*%(%-(%@3.(1/$($,%$"8/"*(%"#)(*%(-%(-'(1'"%$"%)2$(%-(%"#4"'/"<
F2#%@(1%A"1$/$2%?3"%)2$(#%-(#%/$"(#%)/"1"1%?3"%#3*0/*%$"-%#"1)/C
$2%'2.G1,%$"%-(%/1)"-/0"1'/(%/1$/A/$3(-,%>%;3#)/6/'(*#"%(1)"%"--(<
P*/."*2,% "#)(% /1)"-/0"1'/(% /1$/A/$3(-% $/#)(% .3'@2% $"% #"*% 31(
4*24/"$($%/1$/A/$3(-,%(#:%'2.2%"-%(.2*%2%-(%/1)"-/0"1'/(%12%#21
4*24/"$($"#%$"%1($/"<%D"%.(1/6/"#)(1%"1%"-%31/A"*#2%>%12#2)*(#
4"*./)/.2#%?3"%12#%()*(A/"#"1,%?3"%12#%/131$",%?3"%12#%$&%4-"C
1/)3$<%B2>,%"-%*"#4")2%'21#)(1)"%@('/(%-(#%/$"(#%0"1"*(-"#%>%'21C
'"4)2#%8+#/'2#%?3"%*/0"1%"1%"-%#"12%$"%'2-"')/A/$($"#%2*0(1/9($(#,
#"% @(1% '21A"*)/$2% "1% *"0-(#% ?3"% 12% #"% $/#'3)"1<% M(1)2% 4(*(% #:
'2.2%4(*(%-2#%$".+#,%-(#%.3;"*"#%-(#%421".2#%"1%4-(12%$"%4*/2C
*/$($"#,% 42*?3"% '*"".2#% "1% "--(#% '21% -(% 6"% .+#% /**"$3')/8-"<
M2$(#%(?3"--(#% /$"(#%3%24/1/21"#%?3"%'21#/$"*(.2#%4*24/(#%$"
13"#)*(%1('/21(-/$($,%$"%13"#)*(%'216"#/51%*"-/0/2#(,%$"%13"#)*2
4(*)/$2%42-:)/'2,%$"%13"#)*(%'-(#"%#2'/(-%>%$".+#%0*342#%(%-2#%?3"
$"%(-0G1%.2$2%4"*)"1"'".2#<%
\(%$/01/$($%$"%-(%.3;"*%#"%"1'3"1)*(%.2."1)+1"(."1)"%(."1(C
9($(,%*"'-(.(%31%($/)(."1)2%$"%'21#/$"*('/51,%>%12%*"#4")(.2#
31(% *"(-/$($% #/% 4*"A/(."1)"%12%'212'".2#% >% *"C'212'".2#%?3"
42#""%31%A(-2*%"1%#:%./#.2,%31(%"#4"'/"%$"%'2@"*"1'/(%/1)"*1(%?3"
@('"%?3"%#"(%83"1(%>%A(-/2#(,%>%#/*A"%$"%)"-51%$"%621$2%"1%-2%*"6"C
*"1)"%(%-(%&)/'(<%F/1031(%$"%12#2)*(#%42$*+%*"'212'"*%"-%A(-2*%$"
-<
#3%'3"*42%./"1)*(#%12%"#)&%$/#43"#)(%(%*"#4")(*-2<%P3"#%"-%*"#4")2
"#%#/012%$"%31(%(')/)3$%($"'3($(%(%-(%$/01/$($%$"%-(%4"*#21(<
<<<E%13"#)*2%'3"*42%"7/0"%31(%(')/)3$%$"%*"#4")2WnY >,%.+#%)2$(A:(,
$"%(3)&1)/'2%(.2*,%$"%4*2.2'/51%$"%"#"%0*(1%8/"1<%O7/#)"%"1%'($(
31(%$"%12#2)*(#%-(%28-/0('/51%$"%#(-A(03(*$(*%>%@('"*%'*"'"*%-(%4*2C
4/(%$/01/$($% :1)/.(<%!"%12%#"*%(#:,%12#%$"6*(3$(.2#%(%12#2)*(#
./#.(#<%\(%#2-/$(*/$($%?3"%-/0(%(%)2$(#%-(#%.3;"*"#%(%-(%@3.(1/C
$($%>%"-% *"#4")2%>%A"1"*('/51%(-% #"*%4*24/2%>% (;"12%"1%)2$(#%#3#
$/."1#/21"#,%#21%*"#43"#)(#%(%13"#)*(%0*(1$"9(,%>%(%13"#)*2%'3"*C
42,%>(%?3"%"-%'3"*42%"#%:1)/.2%>%&#)"%"#%31%4*/1'/4/2%:1)/.2J%*"#C
4")2%>%*"A"*"1'/(%"1%"-%28*(*%'21%31(%./#.(%>%'21%-(#%$".+#<
D"%)*()(%$"%$3$(*%>%$"%2-A/$(*%-(%6(-#(%.2*(-%*"-/0/2#(%'21%-(%?3"
12#% "1#"T(*21% >% .(-% #"T(-(*21% "-% '3"*42% '2.2% (-02% /.43*2<
B(1%@"'@2%)(1)2%@/1'(4/&%"1%#3%-/.4/"9(%?3"%@2>%"1%$:(%12%"#
"7(0"*($2%$"'/*%?3"%-2#%*/)3(-"#%'2)/$/(12#%(#2'/($2#%(%"--(%#21
-2#%?3"%63/.2#%@"*"$(1$2%'21%-(%./#.(%'-(#"%$"%/.(0/1(*/2<%N\(
(#4/*('/51%(%-(%43*"9(N%>%-(%*"4*28('/51%$"-%'3"*42%*"(-,%12%"-%/$"C
(-/9($2%>%42#/)/A/9($2%?3"%#"%12#%"7@/8"%'21#)(1)"."1)",%>%?3"
(1)/03(."1)"%'(*0(*(%"1%-(%*"-/0/51<%P2*?3"%"1%(.82#%'(#2#,%-(
.3;"*%"#%"#"%#"*%'210&1/)(."1)"%/.43*2%4(*(%(.8(#%4*24(0(1C
$(#<%D/".4*"%"#%"-%8-(1'2%4*"6"*/$2<%!"%"1)*(*%"1%(''/51,%"7/0/*
.(>2*%A"1"*('/51%>%./*(./"1)2%"1%#3%)*()2,%42*%#3%"7)*".(%A3-C
1"*(8/-/$($%>,%42*?3"%#/%12%131'(%"1)*(*".2#%"1%13"#)*2% /1)"C
*/2*%1/%(A(19(*".2#%.+#%(--+<%E%4(*(%"#2%$"8".2#%'2."19(*%42*
"-%4*/1'/4/2,%>%"-%'3"*42%"#%13"#)*2%4*/1'/4/2<%\2%?3"%12%"1'21C
)*".2#% "1% &-% 12% -2% "1'21)*(*".2#% "1% 1/10G1% -($2,% 42*?3"% "-
'3"*42%"#%13"#)*(%8(#",%13"#)*2%4/#2,%13"#)*2% '21)(')2,%>%4(#(C
-%
42*)"<% O#% 13"#)*(% A"*$($% 8+#/'(<% NP*/."*2% #2.2#% '3"*42N,% >% -2
)"1".2#%?3"%43*/6/'(*% 42*?3"% @".2#% #36*/$2% .3'@(#% *"4*"#/2C
1"#,%-2%@".2#%"1A"1"1($2%'21%4"1#(./"1)2#%2#'3*2#%>%"#)2%12#
@('"% /16"-/'"#<%D"*% 6"-/9% #5-2%"#%42#/8-"%'3(1$2%A/A/.2#% /1)"1#(C
."1)"<%D/%"#)(.2#%"1"./#)($(#%'21%13"#)*2%'3"*42%12%-2%-20*(C
*".2#,%>%#/%'*"".2#%?3"%"#%.(-2%"A('3(*,%)(.42'2%-2%-20*(*".2#,
1/%#/%'21)"1".2#%2%#"1)/.2#%'3-4(%42*%"-%4-('"*%?3"%12#%'(3#(<
=-02%)2$(A:(%.3'@2%.+#% *"-"A(1)"%4(*(%"-%.2."1)2%(')3(-,% "#
?3"%N4(*(%'212'"*%>%*"C'212'"*,%*"#3-)(%/.4*"#'/1$/8-"%-(%(')/)3$
8+#/'(%>%4*"A/(%$"%"#)(*%$/#43"#)(#%(%@('"*-2%'21%)2$(#%-(#%'21#"C
'3"1'/(#%4*+')/'(#%?3"%"--2%/.4-/?3"N<
U,%"74*"#($2%'21%2)*(#%4(-(8*(#H%?3/"1,%42*%-(#%*(921"#%?3"%63"*",%12
$"#"&%'212'"*-2%#"%/1'(4('/)(*+%>%#"%A"*+%*"$3'/$(%(%-(%'21$/'/51%$"
N28;")2%2%'2#(N,%(31%'3(1$2%"#)&%'(*0($(%42*%-(#%.";2*"#%/1)"1'/21"#<%
E%)2$2%"#)2%.+#%(--+%$"%-(%4*"#31)(%$/#)/1'/51%"1)*"%.2*(-%>%&)/'(,
'(*"1)"%$"%)2$2%631$(."1)2%@/#)5*/'2%>%$"%'3(-?3/"*%(42>()3*(
)"5*/'(,%42*?3"%63"*21%/1A"1)($(#%4(*(%"1.(*(T(*%"#)"%(#31)2%>
$"#'(-/6/'(*%(%4*/2*/%$")"*./1($(#%42#)3*(#<
P2*%.+#%6*+0/-%?3"%4(*"9'(%13"#)*2%'3"*42,%"#%"-%'3#)2$/2%$"%13"#C
)*2%(3)2**"#4")2%>%13"#)*(%-/8"*)($,%>%"#)(%$"6"1#(%4*"A(-"'"%(31C
?3"%"-%.31$2%"#)&%"1%'21)*(%$"%"#)(%*"#/#)"1'/(% /1$/A/$3(-<%\(
8G#?3"$(%'21#/#)"%"1%-(%(-/(19(%?3"%'21#)*3/.2#%"1)*"%-(%(''/51
$"%83#'(*%>%"-%@"'@2%$"%4"$/*<%]1(%12%43"$"%/*%#/1%-(%2)*(,%>%"-
'3"*42%1"'"#/)(%$"-%"#4:*/)3%4(*(%#"*%/-3./1($2%>%"-%"#4:*/)3%1"'"C
#/)(%$"-%'3"*42%4(*(%.()"*/(-/9(*#"<%\(%/1#4/*('/51%#/1%-(%(''/51
"#%/.42)"1)",%>%-(%(''/51%#/1%-(%/1#4/*('/51%"#%'/"0(<%D5-2%*"31/C
$(#,%(.8(#%'21#)/)3>"1%-(%4"*6"''/51%$"%13"#)*(%)(*"(<
-,
\(%.3;"*%?3"%$/#6*3)(%$"% -(%A/$(%#"%A3"-A"%#(8/(,%>%#/03"%$/#6*3C
)(1$2%$"%"--(,%42*?3"%#"%@('"%.+#%>%.+#%'21#'/"1)"%$"-%./#)"*/2
?3"% -(% *2$"(<% =4*"1$"*% 31(% 13"A(% .2*(-% 4(*(% 12#2)*(#,% 31(
.2*(-%?3"%#"%(#".";(%(%-(%-/8"*)($%.2*(-%.(#'3-/1(<%D:,%"#%'/"*)2H
"--2#% 12#% ?3/"*"1% 43*(#,% A:*0"1"#WoY,% 6/"-"#,% $"A2)(#,% "1)*"0($(#,
4"*2%"#(%.2*(-%#5-2%#()/#6('"%#3%2*03--2%.(#'3-/12%>%12#%$"#)*3C
>"%>%-2#%$"#)*3>"<%c3"*".2#%31(%#2-(%.2*(-%4(*(%(.82#,%12%31(
$28-"%.2*(-%?3"%#5-2%8"1"6/'/"%(-%0&1"*2%.(#'3-/12<%]1(%.2*(-
?3"%'21%-/8"*)($%('2*$".2#%'21%13"#)*(%4(*";(,%'21A/*)/&1$2-(
"1%31%'2.4*2./#2%"?3/)()/A2%4(*(%(.82#<
b^*"$,&'Q.+"-.,'*7'=*7(&'.'="'=$("(.':'7&'$5'6.5C>7'*,&'($'5&#'&-,&#').7#.(.'$#-&:'($'#$,'C.,.'5&#'&-,&#'.'1&#-.'($'7&'#$,'C.,.'="'="#=.EEEb
I(*."1%S219(-"9%B303")
F3"#)*2% '3"*42% 1"'"#/)(% '3*(*#"H% NV"$/'/1(N% >% N."$/)('/51WaYN
4*2A/"1"1%$"%-(%./#.(%*(:9<%\(%."$/)('/51%43*/6/'(%>%'3(1)2%.+#
43*/6/'($(#% "#)(.2#,% .+#% .(*(A/--2#(#% 12#% )2*1(.2#<% F3"#)*2
'3"*42%>%(-.(%1"'"#/)(1%."$/)('/51,%1"'"#/)(1%#/-"1'/2<%
P(*(%4*(')/'(*%."$/)('/51%12%"#%1"'"#(*/2%"#'(4(*)"%$"% -(%A/$(<
I21#/#)"%"1%4*(')/'(*%>%@(8/)3(*)"%(%31(%13"A(%.(1"*(%$"%A/A/*<
O#%$"#'38*/*%)3%'"1)*2%$"%0*(A"$($%>%'3(1$2%"#)+#%"1%&-,%'2.4-"C
)(."1)"%*"-(;($(,%"#)+#%."$/)(1$2,%'21A"*):#%)3%#"1#/8/-/$($,%#"1C
):#%>%#2-)+#%"-%4(#($2,%"#(%'(*0(%$"%-2%.3"*)2,%#()3*($2,%/1#"1#/C
8/-/9($2%>%"1)3."'/$2<
--
I*"2%"1%"-%'(./1(*%(%#2-(#,%42*?3"%1('".2#%#2-(#,%#2-(#%'(./1(C
.2#%42*% -(%A/$(,%A/A/.2#%#2-(#,%>%'3(1$2% --"03"% -(%@2*(%4(*)/*"C
.2#%#2-(#<%\(%#2-"$($%"#%13"#)*(%1()3*(-"9(,%4"*2%12#%#"1)/.2#
"7)*(T(#%4(*(%12#2)*(#%./#.(#%>,%"1%A"9%$"%A"*%"1%13"#)*(%#2-"C
$($%#/-"1'/2,%4(9,%>%(*.21:(%'21%-(%"7/#)"1'/(,%'*"".2#%?3"%"#)(*
#2-(#%"#%"#)(*%(/#-($(#<
P"*.(1"'".2#% /1'21#'/"1)"#%$"% -(% "1"*0:(%4*/.(-,% (%4"#(*%?3"
(-031(#%A"'"#%12#%('"*'(.2#%(%"--(%42*%/1)3/'/51<%O#)(.2#%()*(C
4($(#%"1%-(%85A"$(%$"%13"#)*2#%(3)2.()/#.2#,%/1'(4('"#%$"%()*(C
A"#(*%-2#%.3*2#%?3"%'21#)*3>"1%-(#%'2.4-/'($(#%*"-('/21"#%"1)*"
-2#% .2A/./"1)2#% @(8/)3(-"#% $"% 13"#)*(% ."1)"% >% -2#% 631'/21(C
./"1)2#%(3)2.()/9($2#%$"%13"#)*(%4"*#21(-/$($<%
\(%0"1"*(-/$($%$"% -(#%*"-/0/21"#%1"0(*21%(% -(%.3;"*% -2#%."$/2#
4(*(%"-%$"#(**2--2%$"%#3%'*"'/./"1)2%"#4/*/)3(-,%(.4(*+1$2#"%"1
-(%6(-('/(%$"%?3"%13"#)*2%'3"*42%"#%$/6"*"1)"<%P"*2%12#2)*(#%)"1"C
.2#%?3"%)*(1#62*.(*%13"#)*(#%"1"*0:(#%'21%."$/)('/51,%42*?3"
12#%4*242*'/21(%"-%)*(8(;2%4*"4(*()2*/2%4(*(%-(%)*(1#62*.('/51
$"%)2$(%-(%#2'/"$($<
\(%/$"(%$"%?3"%"-%#"72%"#%4"'($2,%$".2*5%13"#)*(%"A2-3'/51<%F2#
@(1%"1#"T($2%?3"%"-% #"72%"#%4"'(./12#2%>%12% )2-"*(.2#%1($(
?3"%$"#4/"*)"%#3%'212'/./"1)2,%1/%"-%4-('"*%$"%-2%#"73(-<%O#)(%'*"C
"1'/(%#"%@(%"1*(/9($2%'3-)3*(-."1)",%>%12#%@".2#%'21A"*)/$2%"1
.3;"*"#%#"73(-."1)"%*"4*/./$(#<
I($(% A/$(% "#% 31(%8G#?3"$(% '21#'/"1)"% 2% /1'21#'/"1)"<% E% 4(*(
?3"%"#)(%*"(-/9('/51%#"%'21'*")",%)"1".2#%?3"%@('"*%13"#)*(%'21C
)*/83'/51%4(*(%-(%"#4/*/)3(-/9('/51%$"%-(%"7/#)"1'/(%'3>(%8G#?3"$(
"#)+% 8(#($(% "1% 31(% ('"*)($(% $/#42#/'/51% >% 31% 83"1% $/#'"*1/C
-1
./"1)2<% I3"*42,% =-.(% >% O#4:*/)3% #/01/6/'(1H% f31'/51,% D"*% >
Q2-31)($J%>%'($(%31(%12#%'2-2'(%(1)"%31(%%)(*"(%$/6"*"1)"%>%(1)"
62*.(#%$/6"*"1)"#%$"%@('"*<%\(%/1'-/1('/51%1()3*(-%N#(0*($(N%$"%-(
.3;"*% "#)+% '-(*(,% >% '21#)/)3>"% "-% "'2% $"% #3% 128-"9(% 4"*#21(-<
I3(1$2% #"% @(8-(% $"% /1#()/#6(''/51% "1% 0"1"*(-,% 4(*"'"% #"*% "7/#C
)"1'/(-%"#)"%#"1)/./"1)2%$"%'(*"'"*%$"%(-02%?3"%43"$"%#"*%"1'21C
)*($2%63"*(%$"%12#2)*(#%./#.(#<%P"*2%"1%*"(-/$($%)/"1"%#3%*(:9%"1
-(% /1#()/#6(''/51% "#"1'/(-,% "1% -(% .()"*/(% $"-% (-.(% ?3"% $"#"(
(*$/"1)"."1)"%31/*#"%'21%-(%p1$/A/$3(-/$($<%O#)(%/1#()/#6(''/51
"#%"-%431)2%$"%(**(1?3"%4(*(%(-'(19(*%-(%'21'/"1'/(<
M"1".2#% ?3"% )*(1#62*.(*% 13"#)*(#% *(:'"#J% #/% 12,% 12% '(.8/(*"C
.2#<%D/".4*"%#"%(8*"1%(-031(#%A"1)(1(#%42*%#:%./#.(#,%4"*2%"#)(C
.2#%)(1%2'34($(#%?3"%131'(%A".2#%?3"%#"%@(1%(8/"*)2%(-031(#,
>%?3"%#24-(%-(%8*/#(%>%-2#%*(>2#%$"-%#2-%"1A3"-A"1%'21%'(-/$"9%13"#C
)*2% '3"*42% 2% 13"#)*(% @(8/)('/51J% "#)(.2#% .3>% 2'34($(#% '21
13"#)*2%)*(8(;2%>%13"#)*(%4*26"#/51<
P(*(%--"0(*%'"*'(%$"%"#)(%63"1)"%$"%A/$(,%"#%1"'"#(*/2%A/(;(*%(%)*(C
A&#% $"% 31% -(*02% 4*2'"#2<% F3"#)*(% (4"*)3*(% "#% '21#)(1)"."1)"
43"#)(%(%4*3"8(%%>%12%8(#)(%'21%#"*%#"1#/)/A(,%31(%)/"1"%?3"%#"*
'(4(9%$"%$";(*%/*%"-%"#)($2%$"%)"1#/51%?3"%(4(*"'"%"1%31(%62*.(
3%2)*(%(%'($(%/1#)(1)",%>%#34"*(*%"#(%#"1#('/51%$"%3*0"1'/(%@(#)(
(-'(19(*% 31(% )*(1?3/-/$($% /1)"*1(% ?3"% -/8"*"% "-% "#)($2% $"% )"1C
#/51,% .2)/A($2% >(% #"(% 42*% (3)2"7/0"1'/(,% (0/)('/51% ."1)(-,% 2
/1'"1)/A($2%42*%31(%#"$%$"%*"#3-)($2#<%M"1".2#%?3"%#"*%'(4('"#
$"%28#"*A(*%"#"%"#)($2%$"%N$"4"1$"1'/(%."1)(-N%?3"%12#%-/./)(%>
@('"%$3$(*%$"% -(%@(8/-/$($%$"%13"#)*2%42$"*%$"%()"1'/51%4(*(
'21$3'/*12#%(%-(%-/8"*)($<%P"*2%-(%.2*(-%$")/"1"%)2$(%/1)"1'/51
-2
$"% *"A"*"1'/(*% >% *"#4")(*%"-%'3"*42,%42*% -2%?3"%31(%('"4)('/51
4*2631$(%>%4"*$3*(8-"%)/"1"%?3"%@('"*#"%4*"#"1)"<
R"-"0(*%"-%)".2*%(-%(/#-(./"1)2,%(%12%?3"$(*#"%(%#2-(#,%(%?3"%13"#C
)*(#%"1"*0:(#%#"%2*/"1)"1%"1%31%"#63"*92%(%@3/*%$"%"#"%(/#-(./"1)2,
(% 4"*.(1"'"*% 2'34($(#,% (% @('"*12#% 4(*)"% $"% 31(% #2'/"$($,% (
)"1"*% (./02#,% (% '*"(*%31(% 6(./-/(,% )"1"*% .(*/$2#,%@/;2#,% "#% #5-2
"#'(4(*%$"%-(%'*""1'/(%$"%#"1)/*12#%(/#-($(#<%P2*?3"%12#%$/#)*("<%
O-%#/-"1'/2%"#%31(%1"'"#/$($%6:#/'(%>%"#4/*/)3(-,%>%$"%$"#'38*/*%"-
#"1)/$2%>%"-%#/01/6/'($2%$"%-(%A/$(%'212'/"1$2%13"#)*(%#2-"$($,
(4*"1$/"1$2%(%"#)(*%"1%(*.21:(%'21%"--(,%>%#/".4*"%"1%4(9,%#3*0"
$"-%#/-"1'/2<%O1)21'"#%-(%"7/#)"1'/(%'(.8/(,%>%>(%12%#"%8(#(%"1%"-
)".2*%(%-(%#2-"$($%42*?3"%"-%./"$2%#"%"#63.(<%P"*2%@".2#%'24/(C
$2%.2$"-2#%>%'2.2%)2$2%"-%.31$2%"#)+%@3>"1$2,%12#2)*(#%)(.C
8/&1%-2%@('".2#<%I2."1'".2#%(%6(./-/(*/9(*12#%.+#%>%.+#%'21
13"#)*(%#2-"$($,%4"*2%"1%31(%.3-)/)3$%"#%$/6:'/-<%O-%"#63"*92%8+#/C
'2%"#)+%'21'"1)*($2%"1%'21#"03/*%2-A/$(*%"-%(/#-(./"1)2<
\(#%.3;"*"#%12%A/A/.2#%'2.2%#"*"#%"#4/*/)3(-"#<%F2#%@".2#%$";(C
$2% (8#2*8"*% 42*% -(#% 4*"2'34('/21"#% .()"*/(-"#,% -2% ?3"% )*(;2
'2.2%'21#"'3"1'/(% 31% ".428*"'/./"1)2%$"-% "#4:*/)3<% E%(% "#)(
4&*$/$(% $"% -/8"*)($% #"% #3.(% "-% "7'"#2% $"% )"1#/51<% !"$/'(*% -(#
42'(#%@2*(#%-/8*"#%?3"%12#%*"#)(1%(%-(%*"6-"7/51%:1)/.(,%(%-(%'21C
A"*#('/51%"1*/?3"'"$2*(%2%(%-(%-"')3*(%$"%-/8*2#,%*"?3"*/*:(%31(
'(4('/$($% $"% *"'20/./"1)2% $"-% ?3"% 12% #/".4*"% $/#421".2#<
=$".+#% ?3"*".2#% 4"*.(1"'"*% 2'34($(#,% '2.4*2.")/$(#% $"
(-0G1% .2$2<% P2*?3"% #/% 12% @('".2#% 1($(,% 12#% ?3"$(.2#% '21
12#2)*(#%./#.(#,%>%&#(%"#%-(%"74"*/"1'/(%.+#%$2-2*2#(<%O1%'(.C
8/2,% #/% "#)(.2#% 2'34($(#% 12#% "A/)(.2#% (% 12#2)*(#% ./#.(#<% O-
-9
)".(%"#%12%?3"$(*#"%(%#2-(#J%42*?3"%($".+#%$"%$(*12#%.3'@2
./"$2%12#%"16*"1)(.2#%'21%-(%4*/."*(%>%.(>2*%*"#421#(8/-/$($H
N31(%>%#3%'*"'/./"1)2%"#4/*/)3(-N,%N31(%>%#3%#34"*('/51%$"%*"#/#C
)"1'/(#N,%N31(%>%#3%$"$/'('/51%(%#"*%6"-/9N%N31(%>%#3%*"#421#(8/-/C
$($%$"%()"1$"*%#3%4*2'"#2%"A2-3)/A2N<%E%"#)(%/$"(%"74(1$/$(%12#
28-/0(%"1%31(%@3/$(%-2'(%(%)"1"*%.(*/$2,%@/;2#,%@"*.(12#,%4(*(
12% 2'34(*12#% $"% 12#2)*(#% ./#.(#<% P"*2,% #/1% ".8(*02,% 12% @(>
1($(%.+#%.(*(A/--2#2,%.+#%6"-/9%?3"%"#)(*%#2-(,%>%$/#6*3)(*%$"%"#"
"#)($2%?3"%--"1(%$"%4(9<
F($/"%43"$"%1"0(*%"-%4-('"*%$"-%'3"*42<%O#)2,%?3"%'21#)/)3>"%31(
*"(-/$($% /**"63)(8-",% )(.8/&1% *"4*"#"1)(% 31% 1/A"-% 1()3*(-% ?3"
'21--"A(% (% -(% "74*"#/51% $"% -2% #(0*($2,% $"1)*2% $"% -(% $/."1#/51
@3.(1(%#/%421".2#%"1%#3./#/51%-(%)2)(-/$($%$"%13"#)*2%#"*<%=
)*(A&#%$"%-(%4(*)/'/4('/51%4-"1(%$"%#3%#"73(-/$($,%31(%.3;"*%"#
*"12A($(%>%13)*/$(%42*%"#(%63"1)"%$"%A/$(<%
D/%-20*(.2#%?3"%13"#)*(%'211/A"1'/(%#"%'21A/"*)(%"1%31%4*2'"#2
$"%(4*"1$/9(;"%4(*(%#"1)/*12#%>%#"1)/*%(%-(%2)*(%4"*#21(,%$21$"
$"#'38*/.2#%-2#%./#)"*/2#%13"#)*2#%>%$"-%2)*2%"1%31(%'"*".21/(
#(0*($(% :1)/.(,%"1)21'"#% )2$(% *"-('/51% #"% A3"-A"%31%6"15."12
"#4/*/)3(-<% KI3+1)(#% A"'"#% )2'(.2#% "-% '3"*42% A"1"*+1$2-2L
KI3+1)(#%A"'"#%-2%#"1)/.2#L% KI3+1)(#%A"'"#%12#%(-/."1)(.2#%>
$/#6*3)(.2#%(%)*(A&#%$"%13"#)*2#%#"1)/$2#L<%O#(%"#%-(%43"*)(%4(*(
"1*/?3"'"*12#%(%12#2)*(#%>%13"#)*(%"#4"'/"<%
D/%42$".2#%*"'212'"*%?3"%13"#)*2%'3"*42%"#%"-%*"'"4)2*%>%)*(1#C
62*.($2*%$"%)2$(#%-(#%"1"*0:(#%?3"%4(#(1%(%)*(A&#%$"%&-,%"1)21'"#
"-%#"1)/$2%$"%13"#)*(%#"73(-/$($%)2.(%31%#/01/6/'($2%'2.4-")(C
."1)"%$/6"*"1)",%--"0(1$2%(%#"*%/1#)*3."1)2%$"%31(%"1"*0:(%31/C
-:
A"*#(-%?3"%*")"1/$(%42*%31%/1#)(1)"%"1%"-%'3"*42,%"#%G)/-%4(*(%2)*(
0-2*/(%'2.4-")(."1)"%$/6"*"1)"<
E%"#)2%2'3**"%"1%)3%)".4-2,%"1%"-%/1)"*/2*%$"%)3%'3"*42,%$21$"
A/A"% )3% "#4:*/)3,% >% 12% 43"$"#% "1'21)*(*% "#"% )".4-2% "1% 1/10G1
2)*2%#/)/2%.+#%?3"%"1%"-%/1)"*/2*%$"%)3%'3"*42<%\2%?3"%12%"1'3"1C
)*"#%"1%&-,%12%-2%"1'21)*(*+#%"1%1/10G1%2)*2%-($2<%
O1'21)*(*% )3% #"*,% "1'21)*(*% )3% "#4:*/)3,% "1'21)*(*% -2% .+#% 4*2C
631$2%>%#38-/."%$"%)3%1()3*(-"9(<%M"1".2#%?3"%*"'34"*(*%"-%*"#C
4")2%(-%'3"*42,%"-%(.2*%(-%'3"*42,%(4*"1$"*%(%'21#/$"*(*-2%'2.2
-(%'*"('/51%.+#%0*(1$"%$"-%31/A"*#2<%O#%"1%"-%'3"*42%$21$"%#"
(#/"1)(% 13"#)*(% "#4/*/)3(-/$($,% $21$"% )/"1"% *(:'"#% >% #"% "-"A(<
I216/(*% "1% 13"#)*2% '3"*42<% I216/(*% "1% 13"#)*2#% #"1)/$2#<
I216/(*%"1%13"#)*(%"1"*0:(<%I216/(*%"1%12#2)*(#,%"1%13"#)*(%)2)(C
-/$($,%12%1"0(*%1($(,%>%)*(1#62*.(*%13"#)*(#%"1"*0:(#%(%)*(A&#%$"
13"#)*2%'3"*42<
\(%A/2-"1'/(% "#)3A2% #/".4*"%"1'38/"*)(%42*% 6/1"#% (-)*3/#)(#%42*
-(#%*"-/0/21"#%(%)*(A&#%$"%./)2#%?3"%4*2.3"A"1%-(%(8#)/1"1'/(%>%-(
'(*"1'/(%$"%4-('"*%#"73(-<%\(%"74(1#/51%$"-%'*/#)/(1/#.2%>%#3%'21C
'"4'/51%$"-%4"'($2%>%-(%'3-4(,%(#:%'2.2%31%*"'2-2?3"%$"-%4(4"-
$"%-(%.3;"*%#382*$/1($(%(-%@2.8*",%>%31(%*"$3''/51%#"73(-%$"6/C
1/$(% 42*% #"72C4*2'*"('/51,% @/'/"*21% ?3"% 13"#)*(#% '21$3')(#
#"73(-"#,%63"*(%$"%"#)"%8/12./2,%63"*(1%'21#/$"*($(#%/.43*(#<%
D(1%P(8-2,%"1%"-%4(#(;"%.+#%6(.2#2%$"%#3#%"#'*/)2#,%"-%A"*#:'3-2%o
$"-%'(4:)3-2%o%$"%-(%O4:#)2-(%(%-2#%*2.(12#,%#2#)/"1"%?3"%12%@(>
4"'($2%(1)"*/2*%2%/1$"4"1$/"1)"%$"%-(%\"><%\(%\">,%43"#,%'*"(%"-
4"'($2,%2%.";2*,%-(%\">%'*"(%"-%4"'($2%(-%4*2@/8/*%"-%$"#"2H%NP"*2
"-%4"'($2,%(4*2A"'@(1$2%-(%242*)31/$($%$"-%.(1$(./"1)2,%4*2C
-;
$3'"%"1%.:%)2$2%)/42%$"%'2$/'/(#<%D/1%-(%-">,%"-%4"'($2%"#)+%.3"*C
)2<% =-031(% A"9% >2% A/A:% #/1% -(% -">J% 4"*2% '3(1$2% --"05% "-% .(1$(C
./"1)2,%"-%4"'($2%*"A/A/5%>%>2%.2*:,%>%"-%./#.2%.(1$(./"1)2
?3"%4*2."):(%A/$(%$".2#)*5%#"*%.3"*)"%4(*(%.:N<
O#)(%6*(#"%/-3#)*(%"-%'/*'3/)2%$"%-(%.2*82#/$($%.2*)/6/'(1)"%$"%-(
4*2@/8/'/51%>%"-%$"#"2<%\(%$"#(3)2*/9('/51%>%-(%4*2@/8/'/51%'*"(1
"-%4"'($2,%'21#)/)3>"1$2%"-%0292%'2.2%/1$"8/$2,%/1.2*(-%>%'3-C
4(8-"<%P"*2%)*(1#0*"$/*%-(%-">%12%?3/"*"%$"'/*%2)*(%'2#(%?3"%#"*%28"C
$/"1)"%(%#3#%$"#/01/2#,%A"*#"%'2.4"-/$(%/**"."$/(8-"."1)"%(%$"#"C
(*%-2%4*2@/8/$2,%(%(-/"1(*#"%/1"72*(8-"."1)"%"1%"-%$"#"2%$"-%2)*2<%
=.4(*($2#% 42*% 31(% '3-)3*(% 42-/)":#)(,% -2#% 43"8-2#% $"% 2*/0"1
/1$2"3*24"2% $2*/2#,% (?3"2#,% '"-)(#% @/#4(12#,% 0(-2#,% 8*/)(12#,
-()/12#,%0"*.(12#,%*2.(12#,%")'<,%.2#)*(8(1%12*.(-/$($%"1%-(
4*+')/'(%#"73(-<%M(.8/&1%4"*#(#%>%"0/4'/2#%/1'-3:(1%)2$2%)/42%$"
4*+')/'(#%#"73(-"#%$"1)*2%$"%#3%12*.(-/$($%#"73(-,%>%@(':(1%$"
-(%4*+')/'(%$"-%#"72%)(1)2%@")"*2%'2.2%@2.2#"73(-%2%'2-"')/A2,
(-02%@(8/)3(-<
\(%4*2@/8/'/51%4*2$3'"%"1%-(%.(>2*:(%$"%-(#%.3;"*"#%31%$"#$2C
8-(./"1)2%$"%-(%A/$(%(.2*2#(,%"74*"#($(%42*%-(%$/#'2*$/(%"1)*"
(.2*% $/A/12% >% (.2*% )"**"1(-H% #/% (.(.2#% (% 31% @2.8*",% 12% -2
$"#"(.2#,%>%#/%-2%$"#"(.2#%12%42$".2#%(.(*-2,%$"0*($(1$2%(#:
(-%28;")2%#"73(-%>%#34"*A(-2*(1$2%(-%(.($2<%O-%@2.8*"%(.($2
"#,%$"8/$2%(%"#)(%4*27/./$($,%31%28;")2%4*2@/8/$2%'21%?3/"1%12
43"$"%$"#4-"0(*#"%"-%02'"%#"73(-,%$"#)/1($2%#/1%"#'*G43-2#%(%#"*
31%@2.8*"%$"0*($($2<
O-%@2**2*%>%-(%4*2@/8/'/51%?3"%4*2$3'"%-(%/0-"#/(%'()5-/'(%6*"1)"
(-%/1'"#)2,%(-%4-('"*%#"73(-,%'2.31/'(1$2%#3%4*2@/8/'/51,%-(%4*2C
1=
'-(.(1%'2.2%%31(%4*2@/8/'/51%31/A"*#(-%"1%-(%"74"*/"1'/(%@3.(C
1(,%>%#5-2%"#%31(%#(1'/51,%31%;3/'/2%*")*50*($2%>%)"."*2#2%$"%-(
/0-"#/(% >% (-031(#% 2)*(#% *"-/0/21"#<% O#)(% 4*2@/8/'/51% 31/A"*#(-% "#
*/$:'3-(% >% '21)*($/')2*/(<% =% )*(A&#% $"-% ./"$2,% #"% '21)*2-(% (% -(
428-('/51%(."1(9+1$2-(%'21%#"*%"7'-3/$(%>%N12%?3"*/$(N%42*%"#)(
#2'/"$($%'(#)*($2*(,%$"A(#)($2*(%>%'*3"-<%
=-0312#%/1A"#)/0($2*"#%@(1%(1(-/9($2%-(%#"73(-/$($%(%-2%-(*02%$"
-(%@/#)2*/(<%U)*2#%@(1%"#)3$/($2%-(#%'21$3')(#%#"73(-"#%"1%'2.3C
1/$($"#% /1$:0"1(#% $"% F2*)"(.&*/'(,% =.(921/(,% q6*/'(% >
U'"(1:(<%\2#%*"#3-)($2#%#21%.3>%A(*/($2#,%>%12%@(>%4()*21"#%$"
'21$3')(%#"73(-%"#)(8-"'/$2#%(%4*/2*/<%O1%(-0312#%'(#2#,%-(#%'21C
$3')(#%@2.2#"73(-"#%2%-"#8/(1(#%"#)+1%/1)"*/2*/9($(#%>%"1%2)*2#
12J%>%-2%./#.2%2'3**"%'21%"-%*"#)2%$"%-(#%'21$3')(#,%/1'-3/$2%"-
8"#)/(-/#.2%2%-(#%*"-('/21"#%/1'"#)32#(#<%
O*/'(%`210%12#%$/'"%?3"H%bL.#-.'Z*$'5.#'=*9$,$#'$=C$D.,&7'.'$#1,"+",5"+,&#'$,>-"1&#['Q.+4.'*7.'#&5.'1.,.'($'5.'Q"#-&,".E'T'-,.A`#'($'5.'Q"#-&],".[' 5&#' 5"+,&#' #$' $#1,"+"$,&7' 1&7' $#C$,=.[' 7&' 1&7' #.76,$' ($' =$7#-,*.]1">7b<%\(#%.3;"*"#%'2."19(*21%(%$"'/*%-(#%A"*$($"#%$"%#3#%#"1)/C
./"1)2#,% "1#"T(*21% (% -2#% @2.8*"#% #3#% 431)2#% "*50"12#% >% -2#
($/"#)*(*21%"1%"-% (*)"%$"% -(% #"$3''/51,% "-% "*2)/#.2%>% "-% #"72,% >
)(.8/&1%/1'-3>"*21%-(%42"#:(%"1%-(%62*.(%$"%$"'/*-2<
O1% -(#% -"0/#-('/21"#% (1)/03(#,% -(%4*/1'/4(-% '(3#(%$"%4*2@/8/'/51
#"73(-% 63"% "-% /1'"#)2,% 4"*2% $"#$"% ?3"% "-% @2.8*"% "7/#)"% #"% @(1
$($2%-(#%*"-('/21"#%/1'"#)32#(#<%O-%4*/1'/4(-%4"'($2%'*/#)/(12%12
"#%"-%#"72%#/12%"-%4-('"*,%>%-2%?3"%#"%4*2@:8"%"1%"-%/1'"#)2%#21%-2#
#"1)/./"1)2#,% "#%$"'/*%?3"%12% #"% ('"4)(%?3"%@(>(% #"1)/./"1)2#
4-('"1)"*2#%"1)*"%?3/"1"#%$"#"(1%"#)"%)/42%$"%*"-('/21"#<%
1<
\2#% A(*21"#,% #/% $"#"(1% )"1"*% 31(% 31/51% "*5)/'2C.:#)/'(% '21% #3
!/2#(,%"#)+1%6*/)2#,%42*?3"%$"#$"%#3%1('/./"1)2%-(%*"-/0/51%'()5C
-/'(%@(%'21)*/83/$2%'21%-(%*/$:'3-(%'*""1'/(%$"%?3"%-(%A/*0"1%12
'243-(<%KE%"1)21'"#%'5.2%"74*"#(1%#3%(.2*%#3%31/'/$($%'21%-2
#(0*($2L
f*"3$%"#)/.(%42#/8-"%C'21%\('(1C%31%(.2*%.+#%(--+%$"%-(%-">%'3(1C
$2%$/'"H%N=31?3"%4(*"9'(%$"#(0*($(8-"%>,%($".+#,%4(*($5;/'2,%@(
$"%(6/*.(*#"%?3"%4(*(%42$"*%#"*%%A"*$($"*(."1)"%-/8*",%>%'21%"--2
A"*$($"*(."1)"%6"-/9%"1%-(%A/$(%"*5)/'(,%"#%4*"'/#2%@(8"*%A"1'/$2
"-%*"#4")2%(%-(%.3;"*%>%"-%@2**2*%(%-(%/$"(%$"-%/1'"#)2%'21%-(%.($*"
2%'21%-(%@"*.(1(N<
=%A"'"#%#"%@(8-(%$"-%#"1)/./"1)2%$"%*"43-#/51%?3"%4*2A2'(1%-(#
*"-('/21"#% "1)*"% 4(*/"1)"#<% D/1% ".8(*02,% @(>% .3'@(#% 4"*#21(#
?3"% -(#%4*(')/'(1%>% "#)+1%$/#43"#)(#% (%$";(*% (% #3#% 6(./-/(#%4(*(
31/*#"% (% 31% ./".8*2% $"% &#)(% >,% 42#)"*/2*."1)",% 62*.(*% 31(
13"A(<% KE% #/% (.(1L% =1)/03(."1)"% #"% 4*2$3':(% "1)*"% -(#% '-(#"#
$/*/0"1)"#% $"% )*/83#% (-)(."1)"% "#)*()/6/'($(#,% '2.2% -(% $"% -2#
p1'(#,% I@/1(% >% "-% (1)/032% O0/4)2<% O1% -2#% 43"8-2#% (1)/032#,% "1
'($(% 0*342,% )2$2#% #21% '21#(103:1"2#% "1% (-0G1% 0*($2,% 42*?3"
#21%0*342#%$"%"#'(#2%1G."*2%$"%/1$/A/$32#<%O#)2#%-(92#%#"%@(1
.(1)"1/$2%>%"#%/1G)/-%)*()(*%$"%"10(T(*12#,%43"#%"1%)/".42%-";(C
12%#2.2#%@"*.(12#%$"%31(%./#.(%'2C#(103/1/$($<
O-%@2**2*%(%"#)(%/$"(%'216-3>"%'21%-(%()*(''/51%?3"%0"1"*(,%4*2C
$3')2% $"% -(% ./#.(% 4*2@/8/'/51<% Q"1'"*% "#"% @2**2*% /.4-/'(*:(
1"'"#(*/(."1)"% )*(#4(#(*% "-% '2.4-";2% $"% E2'(#)(% >% O$/42% (6/*C
.(1$2%31%02'"%12%8(#($2%"1%-(%)*(#0*"#/51<%M(.8/&1%"#%f*"3$
?3/"1%$/'",%"1%"-%)"7)2%>(%'/)($2,%?3"%-(%'2**/"1)"%(#'&)/'(%$"-%'*/#C
1%
)/(1/#.2% '*"5% 4(*(% "-% (.2*% A(-2*('/21"#% 4#:?3/'(#% ?3"% -(% (1)/C
0i"$($%4(0(1(%12%@(8:(%42$/$2%26*"1$(*-"%;(.+#,%(-'(19(1$2%#3
.+7/.(%"74*"#/51%"1%-2#%.21;"#%(#'&)/'2#,%'3>(%A/$(%12%"*(%#/12
31(%'21)/13(%-3'@(%'21)*(%-(#%)"1)('/21"#%-/8/$/1(-"#<%
O-%#"72%12%"#%(-02%'21#'/"1)",%"#%/1'21#'/"1)"J%."'+1/'2J%"#%31(
*"#43"#)(%8/2-50/'(,% >%"-% #"*%@3.(12%"#%31%."$/2<%F2%)"1".2#
'21)*2-%#28*"%"-%#"72%42*?3"%"#%31(%42$"*2#(%63"*9(%8/2-50/'(<%F2
#2.2#%12#2)*(#,%*"(-."1)",%?3/"1"#%$"#"(.2#%(%31%@2.8*",%#21
13"#)*(#%@2*.21(#<%E%'3(1$2%"1)"1$".2#%?3"%12%42$".2#%'21C
)*2-(*-(#% 12#% #"1)/.2#% '3-4(8-"#,% /1'(4('"#% $"% -/8*(*12#% $"% "#(
"#'-(A/)3$<% D3*0"% 31(% '3-4(8/-/$($% '3-)3*(-,% 42*?3"% 12% #2.2#
43*(#,%12%#2.2#%*"'()($(#,%12%12#%42$".2#%'21)*2-(*%42*?3"%"#
4"'(./12#2,%>%42*?3"%#2.2#%"#'-(A(#<%O#%31(%63"*9(%1()3*(-,%>%)*(C
)(*%$"%/.4"$/*%?3"%#"%.(1/6/"#)"%"#%'2.2%/.4"$/*%?3"%631'/21"1
12*.(-."1)"%13"#)*2#%/1)"#)/12#,%2%'2.2%'21#)*3/*%31%$/?3"<
I2.4*"1$"*% ?3"% "-% #"72% "#% .(*(A/--2#2% '3(1$2% 12#% 4"*./)/C
.2#%"#)(*%"1%'2.31/51%'21%31%@2.8*"%42*%"-%N43*2%4-('"*%$"
'2.4(*)/*N% 13"#)*(% "1"*0:(% '21%&-,% "#%31%.2$2%$"% '2.31/51
"1"*0:(%(%"1"*0:(,%'2*(951%(% '2*(951<%O#%$/#2-A"*#"%>% 631$/*#"
312%"1%"-%2)*2,%#/1%1/10G1%2)*2%.2)/A2,%"#%$/A"*)/*#"%>%$/#6*3)(*
"#421)+1"(."1)"%>%#/1%0"1"*(*%()($3*(#<%I2.4*"1$"*%13"#)*(
8/2-20:(%>%4#/'2-20:(%6"."1/1(%"#%'2.4*"1$"*%13"#)*(%8/2-20:(
>%4#/'2-20:(%"#4/*/)3(-<%\(%12C*"#/#)"1'/(%"#%-(%"#"1'/(%$"%13"#)*2
"1'(1)2% 6"."1/12<% \(% '/"1'/(% "#% .(#'3-/1(,% -(% "#4/*/)3(-/$($
6"."1/1(<%\(%'/"1'/(%"#%"#62*9(*#"%42*%'21?3/#)(*%-(%1()3*(-"9(J
-(%"#4/*/)3(-/$($%"#% #2-)(*#",%$/#2-A"*#"<%E%)2$(#%12#2)*(#% )"1"C
.2#% ?3"% #(8"*% '5.2% $/#2-A"*12#,% '5.2% @('"*12#% 31(% '21% "-
1,
4-('"*%#"73(-,%'5.2%6-3/*%'21%&-%#/1%*"#/#)/*12#,%#/1%-3'@(*,%>%31(
A"9%?3"%-(%A/2-"1'/(%$"#(4(*"'",%#3*0"%"-%(.2*<%O-%(*)"%$"%"1)*"C
0(*#"<%r#(%"#%13"#)*(%"#"1'/(<
I3(1$2%-(#%.3;"*"#%42*%"-"''/51%12#%-/8"*(.2#%$"%-(%4*"#'/1$/C
8-"% 631'/51% *"4*2$3')/A(,% '*"(.2#,% 0"#)(.2#,% >%0"1"*(.2#%'21
.+#%63"*9(%13"#)*(%'*"()/A/$($,%$(.2#%(%-39%#/1%*('/21(-/9(*<%\(
'*"()/A/$($,% "-%$"#'38*/./"1)2,%"#%(-02%'21#'/"1)",% -(% *"4*2$3'C
'/51%"#%/1'21#'/"1)"<%\(%'*"()/A/$($%>%"-%$"#'38*/./"1)2%"#%/1)"1C
'/21($(,%-(%*"4*2$3''/51%"#%8/2-50/'(<%F2%1"'"#/)(.2#%'21)/13(*
*"4*2$3'/&1$212#<%D/%12#%#3.(.2#%(% -(#% 6/-(#%$"-%P(4(%>%"A/)(C
.2#%-2#%(1)/'21'"4)/A2#,%"A/)(.2#%"-%'21)*2-%$"%-(%1()(-/$($,%-(
"#)"*/-/9('/51<%P2*?3"%#21%(')2#%/**"-/0/2#2#%>%#('*:-"02#%"A/)(.2#
"-%(82*)2%42*?3"%"#%/1.2*(-,%>%%"1)21'"#%'21)/13(.2#%'21#)*3C
>"1$2%31%/16/"*12%4(*(%13"#)*(%"#4"'/"<%\(%*"4*2$3''/51%12%"#
'*"('/51,%"-%#"72%"1'(./1($2%(%-(%*"4*2$3''/51%"#%/1.2*(-%N42*C
?3"%"#%/1'21#'/"1)",%12%/1)"1'/21($2N<%
\(%'/"1'/(%12#%$(%31(%242*)31/$($%4(*(%#(-/*%$"%"#)(%"#'-(A/)3$
$"%*"4*2$3''/51,%"1%#"*/"<%]1(%0*(1%-/8"*)($%4(*(%?3"%$"#'38*(C
.2#%?3"%"-% #"72%12%"#% #5-2%31%.&)2$2%8/2-50/'2%$"% *"4*2$3'C
'/51J%#/%12%4(*(%?3"%";"*'/)".2#%"-%;3"02,%-2%-G$/'2,%13"#)*(%'*"(C
)/A/$($,%13"#)*(%'(4('/$($%$"%(#2.8*2%>%$"#'38*/./"1)2,%>%4(*(
?3"%'28*"%31%.(01:6/'2%#"1)/$2<%P2*?3"%#/%./*(.2#%(%-2#%1/T2#
(% 13"#)*2% (-*"$"$2*,% A".2#% ?3"% 13"#)*(#% "1"*0:(#% '21)/1G(1
"$3'(1$2%0"1)"%."$/2'*",%/1#()/#6"'@(,%#2-/)(*/(,%)*/#)"%>%A/2-"1C
)(<%V3-)/)3$"#%4(*(%#"*A/*%";&*'/)2#%4(*(%.()(*%2%#"*%.()($2#<
B(>%./--21"#%$"%.(1"*(#%$"%@('"*%#(0*($2%"#)"%.31$2<%O-%'2*(C
951%#/.82-/95%"1%2)*2#%)/".42#%"-%42$"*%6"."1/12,%"*(%"-%#:.82C
1-
-2%4*2%'*"()/A2,%0"1/)(-<%\(%A"*#/51%6"."1/1(%$"-%#:.82-2%6+-/'2
'2.4*"1$:(%31%6"15."12%"*5)/'2,%4"*2%"-%6"15."12%"*5)/'2%@(
4"*$/$2%#3%'"1)*2,%(@2*(%#"%4*2.3"A"%$"%-2%"*5)/'2%31%1"02'/2
4(*(%-(%'2."*'/(-/9('/51%"1%-(#%"#)(8-"'/$(#%#2'/"$($"#%$"%'21#3C
.2<%\3"02,%-2#%."$/2#%$"%'2.31/'('/51%('(4(*(1%-(#%/.+0"1"#
'($(%A"9%.+#%"*5)/'(#,%(8(**2)(1%-(%/162*.('/51%>%-(%438-/'/$($
$"%62*.(%$/*"')(%2%#38-/./1(-,%>%#"%'21A/"*)"1%"1%31%;3"02%$3-'"
>%4"*A"*#2%?3"%A(1%#26/#)/'+1$2-2,%)*(1#62*.+1$2-2%"1%31%(*.(
$"%'21)*2-% /1'(-'3-(8-"%4(*(%"-%$"#(**2--2%#2'/(-<%E%"#)2% #"% '21C
A/"*)"%"1%-(%'21?3/#)(%$"-%.31$2%$"%31%6"15."12%()('($2%>%'21C
$"1($2%42*% -(% /0-"#/(%'()5-/'(%>%2)*(#%*"-/0/21"#<%]1(%'21?3/#)(
4*2A2'($(%42*%"#)(#%./#.(#%#2'/"$($"#%$"'-(*($(#%N)2-"*(1)"#N%2
N1"2-/8"*(-"#N,% #"0G1% #3#% )"1$"1'/(#% (% -(% @/45'*/)(% .2;/0()"*:(,
42*%-2%?3"%-(%#"73(-/$($%$";(%$"%#"*%31%$"#'38*/./"1)2%$"%4*+'C
)/'(%#(0*($(%4(*(%'21A"*)/*#"%"1%31%822.%$"% -(%'/A/-/9('/51,%"1
$21$"%"-%#"72%*"'*"()/A2,%'21%0*(1$"#%$2#/#%$"%"*2)/#.2%(8#2*8"
(-%#"72%4*2%'*"()/A2<
D/.85-/'(."1)",% -(%0*(1%63"*9(%$"-%(.2*%0"1/)(-% #38",%#"%#38-/C
.(,%#"%"#4/*/)3(-/9(%"1%"-%'2*(951,%#"%)*(1#62*.(%"1%$3-93*(,%'(*/C
T2,% 31/51,% 821$($,% 6/$"-/$($,% #"1)/$2% $"% A/$(,% 6"-/'/$($<% \2#
;30-(*"#%."$/"A(-"#%>%-2#%)*2A($2*"#%--(.(8(1%(%"#)(%A/A"1'/(H%N"-
'2*(951%0"1)/-N,%'3>(%.+7/.(%"74*"#/51%"#%"-%N.()*/.21/2%.:#)/C
'2N%2%"#4/*/)3(-<%
F3"#)*(%#"73(-/$($%"#%63"1)"%$"%31/51%43*(,%,%/1#4/*('/51%'*"()/C
A(%>%'2.31/51%'21%-2%$/A/12,%/1$"4"1$/"1)"."1)"%#/%31(%"#)+%"1
4(*";(,%'21%#3%12A/2%2%"1%"-%;(*$:1%$"%#3%'(#(<%I21#(0*(*%"-%'3"*C
42,%(.(*-2%>%*"#4")(*-2,%#"1)/*%0*()/)3$%42*%&-,%#"1)/*#"%*"A"*"1)"
11
>% % .(*(A/--($(% $"-(1)"% $"% -(% 8"--"9(% 1()3*(-% $"-% '3"*42% ?3"% #"
.(1/6/"#)(%(%)*(A&#%$"-%2*0(#.2,%"#%31(%"74*"#/51%#(0*($(,%>%31(
'3(-/$($%$"%)2$2#%-2#%#"*"#%6"."1/12#<
O1%"-%#/0-2%sQppp,%31(%;2A"1%(8($"#(%$"-%'21A"1)2%$"%$2./1/'(#
$"%D(1)(%I()(-/1(%$"%P*()2%*"'212'/5%$3*(1)"%31%4*2'"#2%?3"
bC*$#-&' Z*$' 7*$#-,&' $#C4,"-*' $#' 5"+,$[' #>5&' 5.' "7-$71">7' 1&7A"$,-$' *7..11">7' $7' =.5A.(.E' T#4' Z*$' +.#-.' 1&7' $5$A.,#$' $#C","-*.5=$7-$'Q.#-.!"&#'C.,.'Z*$'7.(.'#$.'C$1.(&bE'F.'9&A$7'$Z*"C.,.+.'$5'`M-.#"#'=4#-"1&.'5.'1>C*5.'($'5&#'.=.7-$#[':'($#1*+,4.'5.'A"(.'$-$,7.':'$5'C.,.4#&'$7$#-$' =*7(&[' $7' 5.' b-,.7#*+#-.71".1">7' ($' 5.' *7">7' ($5' Q&=+,$' :' 5.=*9$,bE'\&D.=&#'.'!"&#'.'-,.A`#'($5'.1-&'bC&,'=$("&'($'5.'1&&C$,.1">7($'Q&=+,$':'=*9$,b['bC&,'=$("&'($5'Q&=+,$'$7'$5'Z*$',$1&7&D1&'.'!"&#bEF.'.1-"A"(.('.' 5.' Z*$' $,,.(.=$7-$' 55.=.=&#' "=C*,.' $#' 5.'.*-`7-"1.C*,$D.d'$#'5.'C*,$D.'Z*$'!"&#'7&#'&,($7.':'Z*$'7&#&-,&#['C&,'#*'A&5*7]-.(['($+$=&#'C,.1-"1.,d'#"7'$55.'7&'Q.:'1.="7&'C.,.'$71&7-,.,'.'!"&#[Z*$'$#'5.'@$,(.(b<P"*2% -(%'3-)3*(%(')3(-%12#%@(%.(1)"1/$2% /012*(1)"#<%O#)(% /012C
*(1'/(%#28*"%"-%#"1)/$2%)*(#'"1$"1)(-%$"%13"#)*(%#"73(-/$($%*"4*/C
./$(%'21A/*)/5%(%-(%.3;"*%"1%/1#()/#6"'@(%"%/012*(1)"%$"%#3%42$"*
A/)(-,%>%"-%@2.8*"%#"%.(1)3A2%'2-(82*(1$2%(%$"#(**2--(*%-(%'2.C
4")"1'/(% 6"."1/1(%4(*(% #()/#6('"*% #3%$&8/-%2*03--2%>% #3% /162*)3C
1($(%"%/1#36/'/"1)"%*"#43"#)(%"1%-2%'21'"*1/"1)"%(%#3%#"73(-/$($<
O1%'3(1)2%(%-(%#"72-20:(,%.(1)3A2%#3%4(-(8*(%(-*"$"$2*%$"%$2#
)".(#H% 42)"1'/(% >% 2*0(#.2<% ]1(% '21'"4'/51% $"#A(-2*/9($2*(% >
$"#@3.(1/9($(%$"%-(%#"73(-/$($%>(%?3"%@(8-(*%$"-%A"*$($"*2%#"1C
)/$2%$"%-(%#"73(-/$($%"1%."$/2%$"-%N'21)*2-N%$"%)(1)2#%2*0(#.2#,
"#%)(*"(%$/6:'/-<
12
!%KI5.2%63"%42#/8-"%"#)(%)*(1#62*.('/51,%"#)(%$"0"1"*('/51,%$"
13"#)*(#% 631'/21"#%1()3*(-"#%$"% -(%A/$(L%KI5.2%43$/.2#%12#2C
)*(#,% -(#% .3;"*"#% )(1% $"#"2#(#% $"% (-"0*:(,% >% $"% 4-('"*,% *"4*/./*
(?3"--2%?3"%4*"6"*:(.2#%#28*"%)2$(#%-(#%'2#(#L%KI5.2%43$/.2#
"1)*"0(*12#%(%31(%.2*(-%?3"%4*")"1$"%"743-#(*%-2#%/1#)/1)2#,%-(
4(#/51% (% -(% (3)2C$/-('"*('/51% >% $(T/1(% '(#)/$($% .2*)/6/'(1)"L,
KI5.2%43$/.2#%($;3$/'(*%"-%3-)*(;"%$"-%4"'($2%(%)2$2,%>%*"131C
'/(*%(%-2%?3"%12#%@(':(%6"-/'"#L
I21%.3'@(%*(951,%P-()51%"74*"#(%"1%N\(%R"4G8-/'(N%?3"%-2%?3"
'*"(%(-%'3"*42%"#%"-%$"#"2%$"%029(*,%N4(*(%421"*-2%(%$/#42#/'/51
$"-%(-.(N<%I3(1$2%"-%$"#"2%#"%(4(0(,%"-%'3"*42%>(%12%)/"1"%*(951
$"%#"*%>%-(%.3;"*%#"%A"%"1)21'"#% -/8*"%$"-%':*'3-2%A/'/2#2%$"% -2#
1('/./"1)2#%>%-(#%.3"*)"#<%O-%(-.(%"#%2.1/4*"#"1)"%>%>(%12%?3/"C
*"%A"*#"%"1'"**($(%"1%31(%;(3-(%'2.2%"-%'3"*42<%O1%'21#"'3"1C
'/(,%@(>%?3"%(-'(19(*%31(%*"131'/(%)2)(-%>%(4*"1$"*%(%#"*A/*#"%$"-
'3"*42%./"1)*(#%"7/#)"%4(*(%"1)*"0(*#"<
`('28%f*(1h,%?3"%*"'3**:(%(%31%431)2%$"%A/#)(%#/.85-/'2%>%2*0/+#C
)/'2C#"73(-,%(%)*(A&#%$"-%$"#4"*)(*%/1)"*/2*%$"%'($(%#"*%@3.(12,
$"%-(%'2.31/'('/51%:1)/.(%'21%31(%.3;"*%A":(%"1%-(%.3;"*%N31(
43"*)(% (%!/2#<%g(*-@"/19%!"#'@1"*% #2#)/"1"%"1%B/#)2*/(% #"73(-
$"-%'*/#)/(1/#.2H
bg<&,'Z*`'.+#-"7$71".'$7' 5*6.,'($'C5.1$,[' $7-&71$#c'2"$=C,$'+.9&' 5.`6"(.',$5"6"&#.['#*,6"$,&7'X*$,D.#'Z*$'1&=+.-"$,&7'7&'#>5&'.'5.'#$M*.]5"(.('1&=&'1$7-,&'($'=*1Q.#',$5"6"&7$#'.7-"6*.#['#"7&'5.'.(&,.1">7'($5.#'("&#.#'=.(,$#':'($'5.'=*9$,['5.'*7.'&'5.'&-,.'&'.=+.#[':'.'5.'A$D1&=$7D>'5.'6*$,,.'$7-,$'5&#'#$M&#':'1&7-,.'5.'#$M*.5"(.('$7'6$7$,.5Ea5' Q&=+,$' C,"="-"A&' 7&' ,$7*71">' C&,' .5-,*"#=&[' C&,' 7&+5$D.' ($5
19
.5=.['#"7&'C.,.'&+-$7$,'.56&'.'1.=+"&['C.,.'.,,$+.-.,5$'.56&'.'5.7.-*,.5$D.'&'.'5&#'("&#$#E'a#-&'$#['C.,.'7$6&1".,'.56&'=$(".7-$'*7#.1,"X"1"&E'f'1*.7-&'=.:&,['1*.7-&'=Y#'C$7&#&'X*$,.'`#-$['-.7-&'=Y#$X$1-"A&' $7' .C.,"$71".E' T#4' ,$7*71">' C,&6,$#"A.=$7-$' Q.#-.' .' #*A"(.'#$M*.5['#$'=&,-"X"1>'C&,'5.'1&#$1Q.['C&,'5.'C$#1.['C&,'*7.'1.D..+*7(.7-$[' 6*.,(>' 1&7-"7$71".' .7-$#' ($' 5.' 5*1Q.' &' ($' *7' 5.,6&A".9$['#"$=C,$'C&,'.A.,"1".['C&,'#"=C5$'$6&4#=&['C.,.'1&7-,&5.,'*7.1&#.['C.,.'$A"-.,'&-,.['C.,.',$6.-$.,'#$,A"1"&#'.'1.=+"&'($'&-,&#'#$,]A"1"&#d'-,"*7X>'$5'="$(&['-,"*7X>'$5'.7#".['-,"*7X>'5.'$7A"(".[':'1*.7](&'.:*7.'&'#$'.-&,=$7-.['&'Q.1$'C$7"-$71".['$#'C.,.'&+-$7$,'.56&/`M"-&['#.5*(['A"(.'$-$,7.Ea7'-&(&'1.#&['X*$'$7'$#$'1&7-$M-&'$7'$5'Z*$'#*,6">'$5'-"C&'b15$,"1.5bZ*$'"7-$7-.+.'*-"5"D.,'$7'#*'C,&C"&'+$7$X"1"&'5&#'"7#-"7-&#'($'C,&-$1]1">7':'="$(&'($'.Z*$55&#'Q&=+,$#':'=*9$,$#['"7-$7#"X"1.7(&'#*'-$=&,$'"7#$6*,"(.(['Q.1"$7(&'-.=+.5$.,'._7'=Y#'#*'1&7X".7D.'$7'5.'$M"#]-$71".['9*#-.=$7-$'C.,.'C&($,'($#C*`#'&X,$1$,'#*#'#$,A"1"&#['#*#'.7$#]-$#".#':'7.,1>-"1&#['#*#'$#C$,.7D.#':'#*'#.5A.1">7E'T#4'C*("$,&7'#*,]6",':'1,$1$,'1&71$C-&#'1&=&'bC$1.(&b'b1&,,*C1">7b'&'b1&7($7.1">7bd.#4'C*(&'55$6.,#$'X"7.5=$7-$'.'.Z*$55.'b$#C$1"$'($'.6,*C.1">7':'&,6.]7"D.1">7' ($' $7X$,=&#b' 1*:&' b7&=+,$' =Y#' C&C*5.,b' $#[' 1&=&' ("1$V"$-D#1Q$['bJ65$#".bEEE'ba7'$55.'#$'Q.'"7-$7-.(&'*#.,'5.'X*$,D.'C.,.&+#-,*",'5.#'X*$7-$#'($'5.'X*$,D.d'$7'$55.[' 5.'=",.(.['A"(,"&#.':'-."]=.(.['#$'(","6$'1&7-,.'5.'="#=.'C,&#C$,"(.('X"#"&5>6"1.['$7'$#C$1".51&7-,.' #*' $MC,$#">7/' 5.' +$55$D.[' 5.'.5$6,4.d'="$7-,.#[' #$' #"$7-$' :' #$+*#1.'*7.'#.-"#X.11">7'$7'$5'X,.1.#&['$7'5.'.-,&X".['$7'$5'(&5&,['$7'$5.11"($7-$['$7'5&'X$&['$7'$5'#*X,"="$7-&'6,.-*"-&['$7'5.'.5"$7.1">7['$75.'.*-&X5.6$5.1">7['$7'5.'.*-&"7=&5.1">7E'a55&#'=$,&($.7'$7-,$'7&#]
1:
&-,&#' 1&=&' ,$C,&1Q$#' A"A"$7-$#[' 1&=&' .(A$,-$71".#EEE' 1&=&' #"' 5.#.5*(['$5'`M"-&['5.'X*$,D.['$5'&,6*55&['$5'#$7-"="$7-&'($'C&($,'X*$,.7$7' #4'="#=&#' 1&#.#' A"1"&#.#' Z*$'.56_7'(4.'Q*+"$,.'Z*$' $MC".,EEE' :$MC".,' .=.,6.=$7-$/' $7' $5' X&7(&[' hZ*`' ("#C*$#-&#' $#-Y7' .' Q.1$,C.6.,i'hZ*`'.7#"&#&#'($'#$,['($'$#$'=&(&['A$,(*6&#iEb
F2% "#% 4(*(% 1($(% '"1#3*(8-"% ?3"% 31(% .3;"*% 4"*#/0(% -(% A"*$($
#"0G1% #3#% 4*24/(#% -3'"#,% )2$2% -2% '21)*(*/2H% @('"*-2% "#% 13"#)*(
28-/0('/51<%O1%'21#"'3"1'/(,%#/%(-03/"1%?3"%4"*#/03"%$"%)(-%.2$2
-(%A"*$($%#"%"?3/A2'(,%43"$"%*"')/6/'(*-2,%42*?3"%"1%"#)(%8G#?3"C
$(%$"#/1)"*"#($(%$"%-(%A"*$($%1($/"%'(./1(%$"#2*/"1)($(%$3*(1C
)"%.3'@2% )/".42<%D"03*(."1)",%(-% )2.(*%"-% *3.82%"**($2%)*2C
4"9(*+%>%*")2.(*+%"-%#"1$"*2%'2**"')2<%!"%(@:%?3"%4*2'3*(*%-(%A"*C
$($%#"(%13"#)*(%A"*$($"*(%$"A2'/51<
\2%4*/."*2%?3"%)"1".2#%?3"%#(8"*%-(#%.3;"*"#%"#%?3"%"-%#"72%"#
1()3*(-%>%12%1"'"#/)(.2#%-2#%'21#(8/$2#%'-/'@&#%)(8G"#%$"%N$"8"C
.2#N%#"*%.2120+./'(#,%42*?3"%@(>%31(%4(*)"%$"%13"#)*(%1()3*(C
-"9(%?3"%-2%"#<%U%"1'(#/--(*12#%"1%N)"1".2#N%?3"%#"*%42-/0+./'(#,
42*?3"%2)*(%4(*)"%$"%13"#)*(%1()3*(-"9(%-2%"#<%NF"'"#/)(.2#%-/8"*C
)($N,%1"'"#/)(.2#%*"'2**"*%"-%'(./12%$"%13"#)*(%#"73(-/$($%-/8*"C
."1)",% #/1%A(-2*"#% "#)(1'2#%?3"%.2$/6/?3"1%13"#)*(%1()3*(-"9(<
c3/"1"#%#21%.2120+./'(#,%(A(1)/,%?3/"1"#%#21%42-/0+./'(#%?3"
(A(1'"1%"1%"#(%$/*"''/51<%E%#/%"7/#)"%4(*(%12#2)*(#%-(%1"'"#/$($%$"
"1'3"1)*2#% @2.2C@")"*2#"73(-"#,% )"1".2#% ?3"% $(*12#% -/8"*)($
4(*(%*"'2**"*-2#,%42*?3"%12%A(.2#%(%-/8"*(*12#%$"%"--2#%."$/(1)"
"#63"*92#,%*"4*"#/51%>%#('*/6/'/2#<N\2%"74"*/."1)(.2#N%42*?3"%12
)"1".2#%1($(%?3"%4"*$"*,%12%4"*;3$/'(.2#%(%1($/"<%\(#%G1/'(#
?3"%12#%./*(.2#%#2.2#%12#2)*(#<%E%?3/"1"#%$"#""1%'2.4(*)/*-2,
1;
"74"*/."1)(*+1%?3"%--"0(%31%.2."1)2%"1%?3"%"#)2%"#%)*(#'"1$/C
$2%#"%4(#(%(%2)*(%")(4(,%>% -2%G1/'2%?3"%12#%2'34(%"1% -(%A/$(%"#
'212'"*,% "74"*/."1)(*,% $/#6*3)(*<%\-"0(% 31% .2."1)2%"1% ?3"% -2
)*(#'"1$".2#,% (4*"1$".2#,% '2.4*"1$".2#% >% 4(#(.2#% (% 2)*(
")(4(%.3>%$/6"*"1)",%?3"%#/%/1)"1)+*(.2#%-/8*(*12#%$"%"--2#J%42*C
?3"% -/8*(*12#% 12#% '21A/"*)"% "1%A:')/.(#% $"% (')/A/$($"#% #"73(-"#
$"#2*$"1($(#% >% -/'"1'/2#(#,% $"8/$2% (% -(% 4*"#/51% ."1)(-% ?3"% )(-
'2#(%2'(#/21(<%O#)(%4*"#/51%."1)(-%"#%-2%?3"%0"1"*5%$"#"16*"12#
#"73(-"#%$"%$/6"*"1)"#%)/42#,%42*?3"%$3*(1)"%#/0-2#%@".2#%"#)($2
)*()(1$2%$"%-/8*(*12#%$"-%#"72<
\(%#"73(-/$($%@3.(1(%#"%'(*(')"*/9(%42*%)*"#%"-"."1)2#H%(.2*,%4-(C
'"*%>%4*2'*"('/51<%=%12#2)*(#,%42*%./-"1/2#%12#%@(1%62*9($2%(%#"1C
)/*12#%#()/#6"'@(#%'21%"-%*2-%$"%#"*%.($*"#,%*"4*2$3')2*(#,%42*?3"%$"
12%#"1)/*12#%(#:%-(%#2'/"$($%12#%'3"#)/21(*:(<%F2%"#%$"%.3;"*"#%'/A/C
-/9($(#%>%'3-)(#,%>%#"*:(%".8(*(92#2%?3";(*12#%>%-(%*"-/0/51%12%12#%-2
4"*./)/*:(<% E% "1% -2% .+#% 4*2631$2% $"% 13"#)*(% (-.(% 12#% #"1)/.2#
@3./--($(#%>%.(-)*()($(#,%>%12*.(-."1)"%4"*'/8/.2#%?3"%13"#)*2#
@2.8*"#%)(.8(-"(1%>%@3>"1,%(#:%?3"%A2-A".2#%(%@/8"*1(*,%12%)2.(C
.2#%*/"#02#%>%'21)/13(.2#%#/1)/&1$212#%)2)(-."1)"%6*3#)*($(#<
P2$".2#%".8(*(9(*12#%#/1%)"1"*%1/10G1%2*0(#.2,%$3*(1)"%13"#C
)*(%A/$(%#"73(-,% 63/.2#%'(4('"#%$"%".8(*(9(*12#%31(%>%2)*(%A"9
4(*(%"74/(*%'3-4(#<%O-%".8(*(92%'*"(%#36*/./"1)2,%4"*2%'-(*2,%"#
13"#)*2%'3"*42%"-%?3"%#36*"%>%)2-"*(%-(#%)*(1#62*.('/21"#%'2*42C
*(-"#<% \(#% .3;"*"#% 2''/$"1)(-"#% '*"".2#% ?3"% )"1".2#% -/8"*)($
#"73(-%'3(1$2%"-%028/"*12%$"%-2#%OO]]%4*")"1$"%/1#)(3*(*%"#)(C
)(-."1)"%31(%-">%?3"%12%4"*./)(%(%-(#%.3;"*"#%$"'/$/*%#28*"%#3
.()"*1/$($<%E%12#2)*(#%'*"".2#%?3"%"#)(.2#%-/8"*($(#d<
2=
=-0312#%4#/'5-202#%#"%$/"*21%'3"1)(%$"%-2#%4*28-".(#%(%-2#%?3"
12#%"16*"1)(.2#%-(#%.3;"*"#<%=%)*(A&#%$"-%4#/'2(1+-/#/#%>%$"%2)*(#
"#'3"-(#%4#/'2-50/'(#%#"%--"05%(%-(%./#.(%'21'-3#/51,%12#%@(1%4*/C
A($2%$"-%'*"'/./"1)2%"#4/*/)3(-%1"0+1$212#%$/#6*3)(*%>%"-"A(*%"-
4-('"*%#(0*($2%$"%13"#)*(%#"73(-/$($<%F2%@(>%4*28-".(%8/2-50/C
'2,%4"*2%#:%4#/'2-50/'2<%F2#%@".2#%'21A"*)/$2%"1%/**/)(8-"#,%'*/)/C
'21(#,%$"#'21)"1)(#,% /1#()/#6"'@(#,%>% -(% *(951% %"#%?3"%#"%12#%@(
4*/A($2%$"%13"#)*2%$"*"'@2% 1()3*(-<%E% 12%"#%31(% '2/1'/$"1'/(
?3"%-(%0"1"*('/51%;2A"1%@(>(%/1/'/($2%-(%8G#?3"$(%$"%-(%A"*$($,
$"-%&7)(#/#,%42*?3"%"-%2*0(#.2%"#%.2."1)+1"2%4"*2%12#%4"*./)"
A/#-3.8*(*%"-%.+#%(--+<
O1%"-%2*0(#.2%#3'"$"1%$2#%'2#(#H%31(,%"#%?3"%-(%."1)"%$")/"1"
#3%A"*82**(0/(%'21#)(1)",%>%-(%2)*(,%?3"%"-%)/".42%#"%$")/"1"%"1
31%#/-"1'/2%(8#2-3)2<%O#"%.2."1)2%G1/'2%$"-%&7)(#/#%2*0+#./'2,
"#%)(1%/1."1#2%>%4-"12%?3"%"#%/03(-%(%-(%")"*1/$($<
KP"*2%42*%?3&%@(>%)(1%42'(#%.3;"*"#%/-3./1($(#L%\2%.+#%/.42*C
)(1)"%"#%?3"%(G1%12%@".2#%"74"*/."1)($2%13"#)*2%.";2*%2*0(#C
.2<%O1%-2%?3"%*"#4"')(%(%-(%*"4*2$3''/51%8/2-50/'(,%"-%2*0(#.2
NFUN%"#%1"'"#(*/2<%O1%-2%?3"%*"#4"')(%(-%'*"'/./"1)2%"#4/*/)3(-,
NDpN% -2% "#<% O-% 2*0(#.2% "#% 31% /1$/'($2*% $"% 13"#)*(% .(*(A/--2#(
1()3*(-"9(<
F3"#)*(%'3-)3*(%12#%"#)3A2%./1)/"1$2%$3*(1)"%#/0-2#%#28*"%31(
*"-('/51%6:#/'(%$/A2*'/($(%$"%-2%"#4/*/)3(-,%"#%$"'/*H%31%'3"*42%#/1
(-.(<%I21#)*3>(.2#%13"#)*(%-/8"*)($%#"73(-%#/1%4*"C2'34('/21"#,
$")"1/"1$2%"-%*3/$2%$"%13"#)*(%."1)"%>%A2-A/&1$212#%#/-"1'/2#(#
@(#)(%-20*(*%?3"%"-%)/".42%#"%$")"10(,%#/1%1"0(*%13"#)*2%4-('"*
#(0*($2<%O1)21'"#%@(8*".2#%'*"($2%-(%'(4('/$($%$"%(-'(19(*%"#"
2<
"#)($2%$"%."$/)('/51%(%#2-(#<%E% #/%8/"1%"-%2*0(#.2%?3"%"74"*/C
."1)".2#% #"*+% % .2."1)+1"2,% "-% "#)($2%$"%&7)(#/#% "1%?3"%12#
$";(*+%-(%."$/)('/51%#"%"7)"1$"*+%$3*(1)"%.3'@2,%.3'@2%)/".C
42,%>%"#"%"#)($2%1($(%)/"1"%?3"%A"*%'21%"-%#"72<
F3"#)*2% '3"*42% )/"1"% 31(% /1."1#(% #"1#/8/-/$($<% M"1".2#% ?3"
$"#4"*)(*-(%>%"#2%#/01/6/'(%#"1)/*<%D"1)/*%13"#)*(%#"73(-/$($,%$"#C
)"**(*%"-%)(8G,%#"1)/*%>%$"#'38*/*%13"#)*2%'3"*42%>%)2$2%-2%?3"%'*"C
(.2#%'21A"1/"1)"%'212'"*,%>%)"1".2#%?3"%@('"*-2%#/.4-"."1)"
42*%0*()/)3$%(%"#)(%A/$(<%I21#/$"*".2#%13"#)*(%#"73(-/$($%'2.2
31%;3"02<%!/#6*3)".2#%$"%"--(%42*?3"%"#%#38-/."<%E%$"#$"%-(%'/"1C
'/(%'21)*2-".2#%-(%1()(-/$($<%
!3*(1)"%#/0-2#,%@".2#%#/$2%62*9($(#%(%--"A(*%"-%'21)*2-%$"%12#2C
)*(#%./#.(#%>%12#%@".2#%.(1)"1/$2%(%$/#)(1'/(,%#/1%4"*./)/*12#
131'(%4"*$"*%"-%'21)*2-%'3(1$2%@('".2#%"-%(.2*<%P"*2%(%12%#"*
?3"%12#%$";".2#%/*,%12%A(.2#%(%)"1"*%31(%"74"*/"1'/(%2*0+#./'(
)*(#'"1$"1)(-<%\20*(*%31(%4(*)/'/4('/51%)2)(-%$"%13"#)*2%'3"*42
#/1)/"1$2% 4-('"*,% @('"% ?3"% 13"#)*(% #"1#3(-/$($% #"% "7)/"1$(% >
"74"*/."1)".2#%&7)(#/#%>%6"-/'/$($%@(#)(%"-%$"#.(>2<%
E%"#2%#"%-20*(%'21%."$/)('/51<%D/%'21A"*)/.2#%13"#)*(%#"73(-/$($
"1%(1#/"$($,%12%42$*".2#%4*2631$/9(*%"1%-(%*"-('/51<%D/%-2%?3"
12#%4*"2'34(%"#%13"#)*2%$"#".4"T2%#"73(-%2%"-%"1'3"1)*2%'21%"-
2)*2,%-(%()"1'/51%#"%'21'"1)*(%"1%-(%*"-('/51%#"73(-%>%"1%-(#%*"('C
'/21"#%2*0+1/'(#%?3"%42$(.2#%"74"*/."1)(*,% -2% '3(-%12#%421"
"1%#/)3('/51%$"%"#4"')($2*(#%"1%-30(*%$"%4*2)(021/#)(#<%F3"#)*(
#"73(-/$($%)/"1"%?3"%#"*%"#421)+1"(,%42*?3"%"-%#"72%'"*"8*(-%12
"#%(3)&1)/'2<%P*2631$/'".2#,%>%12#%A(.2#%(%$(*%'3"1)(%$"%?3"
'3(1)2%.+#%12#%"#62*9(.2#%42*%28)"1"*%4-('"*,%."12#%-2%'21#"C
2%
03/.2#<%O-%)".(%"#%(8#)*("*12#%"1% -2%?3"%#"1)/.2#,%2-"*,%)2'(*,
(8#)*("*12#%"1%-(#%#"1#('/21"#%/1)"*1(#<%
=8(1$21(*%-(#%)"1#/21"#%"1%31%#"03*2%$";(*#"%/*,%(8*/*12#%(%2)*(
63"*9(% $"% ()*(''/51% >% --"0(*% (% #"*% -/8*"#% 42*% $";(*12#% (''/21(*<
I*"(*% -(% #/)3('/51,%$/#6*3)(*%$"-% ;3"02%"1%#3% )2)(-/$($,%$/A"*)/*C
12#,% "74"*/."1)(*,% #2-)(*12#% >% ?3"% "-% (.2*% #3'"$(<% I21A"*)/*
"#)(% #/)3('/51% "1% #(0*($(% 12#% #2*4*"1$"*+% /1."1#(."1)",% (#:
'2.2% A"*% ?3"% 0*('/(#% (% 13"#)*(% 8/2-20:(,% &#)(% 12#% 4"*./)"% A/#C
-3.8*(*% -(%."$/)('/51,% (0*($"'"*% (% 13"#)*(%8/2-20:(,% (% 13"#)*(
1()3*(-"9(% 42*% 4"*./)/*12#% "74"*/."1)(*% 4-('"*<% M2$2% 13"#)*2
'3"*42%"#)+%"1%31%"#4('/2%)2)(-."1)"%$/6"*"1)",%>%"1%"#"%.2."1C
)2%12%)"1".2#%?3"%'21)*2-(*%1($(<%F3"#)*(%#"73(-/$($%#"%A3"-A"
31(% "74"*/"1'/(% /1."1#(."1)"% #(0*($(,% (3)&1)/'(% >% 6/"-% (% 31(
./#.(<%\(%"74"*/"1'/(%2*0+#./'(%"#%-(%"74"*/"1'/(%$"%631$/*#"%>
$/#2-A"*#"% 31(% '21% #3% !/2#,% 31% "#)($2% #/1% "02,% #/1% ."1)",% #/1
)/".42<
D/1% ")/?3")(*12#% $"% .2120+./'(#% 2% 42-/0+./'(#,% )"1".2#
$"*"'@2%(%"74"*/."1)(*%"-%'(./12%?3"%12#%--"A"%(%31(%#"73(-/C
$($%4-"1(<%M"1".2#%?3"%#"*%-/8*"#%4(*(%$"#'38*/*%13"#)*(%#"73(C
-/$($% >% "1)21'"#% $"#'38*/*% #3% #"1)/$2,% 43"#% "1% 31% "#)($2% $"
-/8"*)($%42$".2#% $"#'38*/*%13"#)*2% #"*% )*(#'"1$"1)"% >%$"#'3C
8*/*%"-%(.2*<
\-"0(.2#% (% 31% .31$2% '21$/'/21($2% #/1% 31(% "#4/*/)3(-/$($
42-/)":#)(<%B".2#%#/$2%"$3'($(#%42*%'*/#)/(12#,%83$/#)(#%"%@/1C
$G"#,%>%(-0312#%$"%"#2#%'*"$2#%12#%.3"#)*(1%$/2#"#%?3"%#"T(-(1
'21%(0*"#/51%#3%$"#"2%$"%@3./--(*%>%'(#)/0(*%(-%0&1"*2%6"."1/C
12,%.2#)*(1$2%'21%"7('"*8($(%@2#)/-/$($%31%.2$"-2%$"%.3-)/C
2,
'21?3/#)(%4(*(%.(1)"1"*%*"'-3/$(#%(%-(#%.3;"*"#<%M"1".2#%?3"
)*(1#62*.(*%-(%#2'/"$($<%P"*2%-(%G1/'(%62*.(%$"%)*(1#62*.(*-(
"#%)*(1#62*.(*12#%(%12#2)*(#%./#.(#J%12%@(>%2)*(%.(1"*(,%12
@(>%6(-#2#%()(;2#<%
R"'"4)2*(#% $"% "#)(#% /16-3"1'/(#% "1&*0")/'(#,% --"0(.2#% (% #"*% "-
431)2% $"% *"31/51%>% ."$/($2*(#% "1)*"% $2#% .31$2#H% "-% .31$2
@3.(12%>%2)*2,%$"#$"%"-%?3"%6-3>"%-(%"1"*0:(%#34"*/2*%?3"%42$"C
.2#%'212'"*<%D5-2%"#(%"1"*0:(%"#%'(4(9%$"%)*(1#62*.(*12#,%-/8"C
*+1$212#%(%'(.8/(*%13"#)*2%N"#)($2N<%\(% 63"*9(%(4*/#/21($(%"1
"#"%-(8"*/1)2%#"--($2%12%43"$"%;30(*%"-%*2-%$"%-:$"*%"1%31%'3"*42
?3"%"#%/1'(4(9%$"%*"'/8/*-(%>%$"%#2-)(*#",%>%$"%"1)*"0(*#"%(%"--(<
O1%"#)(%#2'/"$($%'21'*")(,%-2#%*/'2#%12%43"$"1%@('"*%62*)31(%#/1
-(%'2-(82*('/51%$"%-2#%428*"#<%c3/"*2%$"'/*%?3"%#/%12#2)*(#%"#)(C
.2#%'21A"1'/$(#%$"%"#)(%A"*$($%>%12#%@".2#%/.4*"01($2%$"%"--(,
)"1".2#% ?3"% )2.(*% ."$/$(#% >% (4*"1$"*% (% -/8"*(*12#% 12#2)*(#
./#.(#%$"%-(#%$"#/03(-$($"#%?3"%12#%@(1%--"A($2%(-%82*$"%$"%-(
(3#"1'/(%$"%-(%#('*(-/$($%?3"%#/01/6/'(%13"#)*(%#"73(-/$($<
B".2#%*"'2**/$2%31%-(*02%'(./12<%\(%A"*$($"*(%'(./1(1)"%./*(
@('/(%($"-(1)",%@('/(%31%'(./12%'2.4-")2%$"%A/$(%?3"%)*(1#62*C
."% >% '2.4-")"% #3% 4*24/(% 1()3*(-"9(<% O#)2% #/01/6/'(% .(1)"1"*
13"#)*2%'3"*42,%$"#(**2--(*%13"#)*2#%42$"*"#,%($?3/*/*%31%(-.(,
-20*(*%-(%4-"1/)3$,%>%'3.4-/*%'21%13"#)*2%4(*(%?3&<%I($(%.3;"*
*"'/8",%"1%"-%.2."1)2%$"%#3%'21'"4'/51,%31%N4(*(%?3&N%(%#"*%*"(C
-/9($2%?3"%*"#421$"%(%-(%4*"031)(%K@('/(%$51$"%A2>L<%O-%#"1)/$2
$"%"#)"%N4(*(%?3&N%"#%8(#)(1)"%'2.G1,%>%*"#421$"%(%31%#3"T2%4*2C
631$2,%4"*2%42'(#%.3;"*"#%12#%4*"031)(.2#%#28*"%'3+-%"#%"-%4*"C
'/2%?3"%)(-%$"#)/12%12#%$".(1$(<%
2-
\/8"*&.2#12#%$"%-(%4*/#/51%$"%"#)2#%'21A"1/2#%/16(1)/-"#,%>%'2.C
4*"1$(.2#%?3"%N@(#)(%(@2*(%@".2#%A/A/$2%$"%.(1"*(%"?3/A2'(C
$(<%B".2#%@"'@2%'21'"#/21"#,%12%@".2#%A/A/$2,%12%@".2#%$/#C
6*3)($2% *"(-."1)"<%E% K42*% ?3&% 12#%"#)(.2#% 4"*$/"1$2% -(% A/$(L
KP2*%?3&%12% #2.2#%($3-)(#% >%.($3*(.2#L%=-02%@(% /$2%.(-% "1
(-031(%4(*)"<%O1%(-031(%4(*)"%12#%@(1%43"#)2%"1%"-%.(-%'(./12J
"1%(-031(%4(*)"%@".2#% '21A"1/$2%"1%?3"%12#%$/"*(1%A3"-)(% -(
'(--"%>%A(.2#%"1%#"1)/$2%'21)*(*/2<
!";".2#%$"%4*"2'34(*12#%42*%-2%?3"%$/0(%-(%0"1)",%12%"#)(.2#
(?3:%4(*(%'3.4-/*% -2%?3"%2)*(#%4"*#21(#%"#4"*(1%$"%12#2)*(#,%>
'2.4*"1$(.2#%#/1%'3-4(%?3"%12%#2.2#%31(%63"1)"%$"%'2.4-(C
'"*%$"#"2#<%I2.4*"1$"*-2%12#% A(% (% 62*)(-"'"*% >% )"1$*+% #"1)/$2
#"*%A(-/"1)",%43"#%"#)(.2#%(?3:%4(*(%#"*%12#2)*(#%./#.(#%>%4*"C
031)(*12#%#/1'"*(."1)"%K?3&%"#%-2%?3"%?3/"*2%4(*(%./%A/$(,%4*2C
631$(."1)"L%D"(% '3(-% #"(% "-%4*"'/2<% M2.".2#%13"#)*(% A/$(%"1
13"#)*(#%.(12#,%42*?3"%12#2)*(#%)(.8/&1%)"1".2#%?3"%'3.4-/*
13"#)*2%$"#)/12%"#4/*/)3(-%>%1/1031(%$"%"#)(#%)(*"(#%"#%#/.4-"<%D"
)*()(%$"%$"#(**2--(*%-(%."1)"%>%#3#%42$"*"#,%4(*(%?3"%$"%"#"%.2$2
"-%.()"*/(-%$"-%(-.(%--"03"%(%*"31/*#"%'21%13"#)*(%/1$/A/$3(-/$($
4"*#21(-%>%4*2$39'(%31(%.3;"*%:1)"0*(<
I21A"*)/*%13"#)*(%#"73(-/$($%>%'21A"*)/*%"-%(.2*%"1%31(%'"*".21/(,
#"*%/1$/A/$3(-,%(3)&1)/'(."1)"%/1$/A/$3(-,%'21#"*A(%13"#)*(%'2*$3*(<
D"*%13"#)*2%4*24/2%#"*,%13"#)*2%'3"*42%G1/'2%>%.(*(A/--2#2%42*?3"
12%@(>%$2#%/03(-"#,%4"*./)/*-"%?3"%#"%"74*"#"<%!/#6*3)(*-2,%'3/$(*-2,
"#'3'@(*-2,%)2'(*-2,%#"1)/*-2<<<%."$/)(*,%"1'21)*(*%13"#)*2%4*24/2%'"1C
)*2,%"74-2*(*12#%(%12#2)*(#%./#.(#,%*"-('/21(*12#%'21%12#2)*(#%./#C
.(#,%>%(.(*12#%'2.2%*"?3/#/)2%8+#/'2<%D/1%&#)2,%1($(%"#%42#/8-"<
21
\(%"10(T2#(%$/A/#/51%"1)*"%"-%'3"*42%$"%-(%.3;"*%>%#3%#"73(-/$($,
"#% 4*24/2% $"% 13"#)*(#% #2'/"$($"#% (')3(-"#<% !"% -(% ?3"% "-% A(*51,
4(*(%029(*%$"%-2%6"."1/12,%1"'"#/)(%)(1)2%$"%-(%"#42#(%'2.2%$"
-(%4*2#)/)3)(,%?3"%"#%#3%#2.8*(,% -2%?3"%"#%@(8-(*%$"% -(%"#?3/92C
6*"1/(%.(#'3-/1(%.+#%4*/./)/A(<
\2% #(0*($2% 6"."1/12%12#%"7/0"% (#3./*% -(% N#"73(-/$($N,% A/A/*-(% >
$/#6*3)(*-(,%42*?3"%-(%#"73(-/$($%12%"#%"-%N)@(1()2#N%$"%f*"3$,%1/
-2%N.(-$/)2N%?3"%'21$"1(%-(%-50/'(%8/1(*/(<%\(%#"73(-/$($%"#%13"#C
)*(% 63"*9(% .+#% A/A(,% "#% -(% "1"*0:(% 4*24/(% $"% -(% .3;"*% #(0*($(<
I2.2%A".2#%"1%"-%./)2%$"%P#/'@&%>%O*2#,%"-%(-.(%"#%31(%;2A"1
8"--:#/.(,% (31?3"% (% A"'"#% (8(1$21($(,% #3'/(,% "16"*.(,% 4"*2
31/$(%4(*(%#/".4*"%(%O*2#,%"-"0/$(%42*%"-%=.2*%(%4"#(*%$"%)2$2#
-2#%28#)+'3-2#%>%4*3"8(#%42*%-2#%?3"%$"8"%4(#(*<%O-%)@(1()2#%12%"#
.+#%?3"%31%/1A"1)2%$"%-(%-50/'(%8/1(*/(,%/1'(4(9%$"%"1'21)*(*%"-
#"1)/$2%#/%12%"#%"#'/1$/"1$2%-(%*"(-/$($%"1%#343"#)2#%'21)*(*/2#<
O1%"-%.31$2%@(>%.3'@(#% /$"2-20:(#,%.3'@(#%'*""1'/(#,%>%'($(
'3(-%"#%-/8*"%$"%'*""*%"1%-2%?3"%?3/"*(<%
P"*2%-(%G1/'(%63"*9(%?3"%)/"1"%(3)2*/$($%4(*(%)*(1#62*.(*12#,%"#%-(
?3"%12#%'*"5,%>%12#%43#2%#28*"%"-%)(4")"%$"%-(%"7/#)"1'/(J%."%*"6/"C
*2%"1%62*.(%"16+)/'(%(%-(%f3"*9(%D"73(-,%42*?3"%-(%*(:9%$"%13"#)*(
4*24/(%A/$(%"#%-(%'543-(%$"%31%@2.8*"%>%$"%31(%.3;"*<%D/%-(%63"*9(
#"73(-,% #/% -(% "1"*0:(% $"-% #"72% )3A2% 42$"*% 4(*(% 421"*12#% #28*"% "-
)(4")"% $"% -(% "7/#)"1'/(,% '21A"1/"1)"."1)"% "#% -(% G1/'(% ?3"% )/"1"
(3)2*/$($%A"*$($"*(%>%(3)&1)/'(%4(*(%)*(1#62*.(.2#%*($/'(-."1)"<%
=4*"1$"*%(%.(1";(*%"#)(%"1"*0:(%.(*(A/--2#(%$"-% #"72,%#/01/6/'(
@('"*#"%!/2#(%$"%-(%'*"('/51<%E%-(#%@2*.21(#,%-2#%"#)*50"12#,%-(#
"1$2*6/1(#%?3"%#"%-/8"*(1,%"1)*(1%"1%"-%)2**"1)"%#(103:1"2<%
22
\(% 4(-(8*(% B2*.21(% A/"1"% $"% 31(% *(:9% 0*/"0(% ?3"% #/01/6/'(
N=1#/(%$"%#"*,%%63"*9(%$"%#"*N<%D"0G1%13"#)*2#%'/"1):6/'2#,%"1)*(1C
$2%"1%"-%)2**"1)"%#(103:1"2%*"(-/9(1%4*2$/0/2#<%I3(1$2%)2'(1%-(#
0-+1$3-(#% "1$2'*/1(#,% >(% #"(1% -(% M/*2/$"#,% -(% P(*()/*2/$"#,% -(
M/.2,% -(%P/)3/)(*/(,% -(% P/1"(-,% -(#%D34*(**"1(-"#% >% -(#% S51($(#,
#"0*"0(1%@2*.21(#%$/*"')(."1)"%"1%"-%6-3;2%#(103:1"2,%-(#%"#)/C
.3-(1%>%@('"1%?3"%"#2#%4"?3"T2#%./'*2C-(82*()2*/2#%4*2$39'(1
.+#%>%.+#<%O#(#%@2*.21(#,%4*2$3'/$(#%42*% )2$(#% -(#%0-+1$3-(#
"1%0"1"*(-,%"1*/?3"'"1%"-%)2**"1)"%#(103:1"2%"1%62*.(%"7)*(2*C
$/1(*/(<%O1)21'"#%$"#(4(*"'"1%-(#%$2-"1'/(#,%-(#%"16"*."$($"#,%>
-(#% )*(1#.3)(.2#% "1% O1"*0:(% "-"A(1$2% -(% "1)/$($% :01"(% $"-
63"02<
P"*2%(@2*(%@(1%'(.8/($2%(-031(#%'2#(#<%=@2*(%12#%/1#)*3/.2#,
)"1".2#% 31(% 4*26"#/51<% !/#6*3)(.2#% $"% .(>2*"#% -/8"*)($"#<
I212'".2#%0"1)",%42$".2#%"1(.2*(*12#,%$/#6*3)(*%$"%-(%A/$(,%>
-(%4:-$2*(%@(%4*242*'/21($2%31(%$"%-(#%.(>2*"#%-/8"*)($"#%'21%"-
'21)*2-%$"%-(%1()(-/$($<%V+#%-2#%A/";2#%./)2#%4"*#/#)"1,%"-%A/";2%>
"10(T2#2%-"103(;"%4"*#/#)",%>%&#)2%12%"#%(-02%)*/A/(-H%./-"#%>%./-"#
$"%(T2#%$"%'21$/'/21(./"1)2<%M3%.($*"%>%-(%.($*"%$"%)3%.($*",
>%)2$(#%-(#%.3;"*"#%?3"%12#%@(1%4*"'"$/$2,%)2$(#%"#)3A/"*21%'21C
$/'/21($(#,%>%"#"%'21$/'/21(./"1)2%'(-5%4*2631$2%"1%12#2)*(#%>
(%12%#"*%?3"%12#%A2-A(.2#%'21#'/"1)"#%>%'28*".2#%*"#4")2%42*
12#2)*(#%./#.(#,%12%'(.8/(*+<
O1*/?3"'"*%-(%#(10*"%'21%@2*.21(#,%"1$2*6/1(#,%"#)*50"12#%12%"#
31%$"-/)2,%>%)(.42'2%)*(1#.3)(*-(#%"1%"1"*0:(<%D/0.31$%f*"3$%>
2)*2#%)(1)2#%@(8-(1%$"-%)".(<%\2%/.42*)(1)"%"#%(4*2A"'@(*%)2$(
-(%42)"1'/(-/$($%#"73(-%4(*(%?3"%--"03"%(-%'"*"8*2%"#)(%"1"*0:(%>%(#:
29
$"#(**2--(*%-(%0-+1$3-(%4/1"(-,%>%@(#)(%-(%@/456/#/#%>%2)*(#<%=#:%'21C
#"03/*:(.2#%31(%)*(1#62*.('/51%2*0+1/'(%.(*(A/--2#(
N]1"%"-%'3"*42%'21%-(%."1)",%-2%"#4/*/)3(-%'21%-(%1()3*(-"9(N<%\(
1()3*(-"9(%12#%*"'3"*$(%?3"%1"'"#/)(.2#%$"%)2$2#%13"#)*2#%(#4"'C
)2#% 4(*(% #()/#6('"*% 13"#)*(#% A/$(#% '2.2% #"*"#% @3.(12#<% F2#
*"'3"*$(%)(.8/&1%?3"%)2$2%"#%31%'/'-2,%?3"%12%"74"*/."1)(*".2#
(-"0*:(%#/1%$2-2*,%4"*2%"-%$2-2*%12#%--"A(*+%2)*(%A"9%(%-(%(-"0*:(<
\(#%"#)*"--(#%12#%4"*)"1"'"1%)(1)2%'2.2%(%'3(-?3/"*%#"*%@3.(12<
O-%(.(1"'"*%>%-(%43"#)(%$"%#2-%)(.8/&1%12#%4"*)"1"'"<%=8*(.2#
13"#)*(#% (-(#,% 13"#)*(% '21'/"1'/(<% =.4-/".2#% 13"#)*(% A/#/51,
13"#)*(%/.(0/1('/51,%13"#)*2#%#3"T2#,%.+#%(--+%$"%-2#%.3*2#%?3"
12#% *2$"(1% '2)/$/(1(."1)"<% t3#?3".2#% 4*2>"')(*12#,% #"(.2#
12#2)*(#%./#.(#<%KP2*%?3&%12%"16*"1)(*12#%$/*"')(."1)"%(%-(%*"(C
-/$($%>%#"*%12#2)*(#%./#.(#L%
E% "1)21'"#,% (-% )*(#'"1$"*% -(% 1()3*(-"9(,% A(.2#% (% )*(#'"1$"*% -(
8/2-20:(% >% )"1".2#% ?3"% @('"*-2,% 42*?3"% #/% 12% '21)/13(*".2#
#/"1$2%"#'-(A(#%$"%-(#%@2*.21(#<
f'1*.7(&'.56_7',$1.-.(&'(&1-&,.7(&'-$'=$71"&7$'$5'.(.6"&'5.-"7&['b<&#-1&"-*='&=7$'.7"=.5'-,"#-$b'b3&(&'#$,'Z*$(.'=$5.71>5"1&'5*$6&'($5'#$M&b:.'#.+,Y#'Z*`',$#C&7($,E
2:
2&5.['=.9$#-*&#.['C5$7.'$7'24'N"#=.[' 5.'!"&#.['a55.'1*:&'7&=+,$'7&C*$($' #$,' C,&7*71".(&[' X5&-.+.' $7' $5' .+"#=&'($' 5.' *,"(.(' $M-$,"&,[.7-$#'($5'1&="$7D&'($'-&(.#'5.#'1&#.#E'f'1*.7(&'=",>'$7'$5'$#C$9&'1*,]A.(&'($5'$#C.1"&'7$6,&['a55.'A"&'#*'C,&C"&',$X5$9&',.(".7-$':'#$'$7.=&,>($'`5E'F&'Q"D&'.C.,$1$,'=$(".7-$'$5'C&($,'Z*$'$#-.+.'$7'a55.'$'Q"D&'$5.=&,'1&7#"6&'="#=.[':'F.'55.=>'bN",".['5.'N.,.A"55&#.bE2*'`M-.#"#'",,*=C">'$7'5.'_7"1.'1.71">7'($'-&(&'5&'Z*$'$#['X*`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`#$7'$5'!"&#'@$,($['1*+"$,-&'($'C.,,.['.,,."6.(&'$7'5.'-"$,,.['$5'$#C4,"-*'($-&(.#'5.#'1&#.#'Z*$'1,$1$7E'O"7.5=$7-$['#$'1&7A",-">'$7'$5'!"&#'($'5.'X*$,]D.'$5'a7.#-.(&['$7'$5').D.(&,'1*:&',&#-,&'$#'$5'2&5',*+"1*7(&['=Y#'7&-.7'*,&'1&=&'5.'N*$,-$E<$,&'$5'($#$&'#"$=C,$'5&'A*$5A$'.'.-,.$,'Q.1".'5.'!"&#.['C.,.'Z*$'j5'5.,&($$'$-$,7.=$7-$['"7-$7-.7(&'A&5A$,'.5'.=&,E3&(&'$=C$D>'1&7'$5'.=&,d'-&(&'+*#1.'A&5A$,'.5'.=&,E'a5'.=&,'$#'5.'5$:[=.$#-,&'($'5.'#.+"(*,4.':'6,.7',$A$5.(&,'($'="#-$,"&#bE
\">"1$(%I"-)(
2;
).C4-*5&'JJ
C*5+#$D&47*84$6@/$/@40&(E@$@4$/($F&/5&)(
!EEEF&'Z*$'C$,-$7$1$'.'5.'-"$,,.',$6,$#.'.'5.'-"$,,.[:' 1.(.' =&5`1*5.' Z*$' 1.$' ($5' 1"$5&[' #$' $5$A.' ($7*$A&[',$15.=.(.'C&,'5&#'$5$A.(&#'1"$5&#'1$5$#-".5$#[C&,Z*$'5.'-"$,,.'7&'7&#'C$,-$7$1$['7&#&-,&#'C$,-$7$]1$=&#'.'$55.E'F.'=*$,-$'7&'($#"7-$6,.'5&#'$5$=$7]-&#'($'5.'=.-$,".['#>5&'Z*"$+,.'5.#'1&=+"7.1"&7$#':7*$#-,&#'-$,,&,$#[''7*$#-,.#'#&=+,.#'=$7-.5$#'#$'A.7.'($#A.7$1$,'7&'C&,' 5&#' ,.:&#'($5' #&5[' 7&'C&,'$#.#($#5*=+,.7-$#' X5$1Q.#' ($' 5*D[' #"7&' C&,' 5.' .-$7-.&+#$,A.1">7'($'5.'7.-*,.5$D.':'*7'C5.7'($'1&7-$=]C5.1">7'#"#-$=Y-"1&"E
D/%'*""#%?3"%@(>%31%!/2#,%-2%8/"1%?3"%@('"#H%-2#%$".21/2#%)(.C
8/&1%-2%'*""1%>%#"%"#4(1)(1<%\2%?3"%$"8".2#%28#"*A(*%'21%'(3C
)"-(,%"#%-2%./#.2%?3"%)"."1%-2#%/1$/A/$32#H%-(%"7/#)"1'/(%$"%2)*2#
#"*"#%$"%13"#)*(%"#4"'/"%4*2)"0/$2#%"1%"-%3#2%$"%$/A"*#2#%42$"*"#
>%'*""1'/(#<%!"%-2%?3"%131'(%42$".2#%"#)(*%#"03*(#%"#%$"%?3/&C
1"#%#21%1/%?3&%@('"1<%E%'2."19(*%(%$3$(*%$"%-2%?3"%4*2'-(.(1,
42*%";".4-2%$"%-(%6/-2#26:(%(*/#)2)&-/'(%?3"%#"4(*(%(-%(-.(%$"% -(
."1)"%>%$"-%'3"*42%>%$"%'2.2%@(1%/16-3/$2%"1%-(%/1A2-31)(*/(,
/1'21#'/"1)"%"%/1'21)*2-(8-"%'*"('/51%$"-%./)2<
9=
P(*(%"-%"#)3$/2%$"%31(%'3-)3*(%"#%/.42*)(1)"%('"*'(*#"%>%'212'"*
*(#02#%'(4('"#%$"%(0*34(*#"%"1%'2.4-";2#%4()*21"#%'3-)3*(-"#<%\(
($;3$/'('/51%$"%"#)2#%*(#02#%#28*"%31%"#4('/2%0"20*+6/'2%$(%-30(*
(%-(%$"-/./)('/51%$"%+*"(#%'3-)3*(-"#%>%(-%"#)3$/2%$"%-(#%*"-('/21"#
$"%-2#%0&1"*2#%$"1)*2%$"%31%+*"(<
\(% "74-2*('/51% $"-% ./)2% 4(*(% 31(% '/A/-/9('/51% *('/21(-/#)(% "#)+
A/1'3-($(% (-% "#)3$/2% $"% -(#% *"-/0/21"#<% \2#% $/6"*"1)"#% '3-)2#% #"
"#)3$/(1%$"#$"%$/6"*"1)"#%$/#'/4-/1(#H%6/-2#26:(,%4#/'2-20:(,%#2'/2C
-20:(,%(1)*242-20:(,%@/#)2*/(%$"%-(#%*"-/0/21"#,%-/10i:#)/'(,%%6/-2-2C
0:(,% ")'<,%?3"%(**2;(1%'-(*/$($% #28*"% -(#% #2.8*(#%$"% )*($/'/21"#
"#4"'3-()/A(#%*"-/0/2#(#%"%/$"2-50/'(#<%=831$(1%)(.8/&1%28#"*A(C
'/21"#%>%#21$"2#%)(T/$(."1)"%#38;")/A/#)(#%?3"%()"#)/03(1%>%(6/*C
.(1% #3% 4*245#/)2% $"% ($(4)(*% -2#% @"'@2#% (% #343"#)(#% @/45)"#/#
)"2-50/'(#%'2.2%431)2%$"%4(*)/$(<
P(*(%(-031(#%"#'3"-(#%31%./)2%"#%31(%@3"--(,%"1%"-%#"1)/$2%(-"05C
*/'2%?3"%$(%-(%42#/8/-/$($%$"%/$"1)/6/'('/51%>%*"6-";2,%"#%31(%@/#C
)2*/(,%31%'3"1)2%?3"%131'(%#(8".2#%'3+1$2%#3*0/5<%D/".4*"%@(
#/$2%(#:,%12#%($A/"*)"%31(%62*.(%$"%A/$(,%31(%62*.(%$"%(''/51,%$"
./*(*%"-%.31$2%>%-2%?3"%12#%#3'"$"%'2.2%31%'21)/132%$"%-2%?3"
#/".4*"% @".2#% @"*"$($2<% ]1% ./)2% "#% 31% "1'(39(./"1)2% $"
13"#)*(#%(''/21"#,%31(%/1$/'('/51%(1)"%13"#)*(#%'2163#/21"#%4"*C
#21(-"#%2%'2-"')/A(#,%12#%.(*'(%31%/)/1"*(*/2,%12#%/1$/'(%31%'(./C
12,%31%#"1)/$2,%31(%"7&0"#/#%0"1"*(-%$"%-2%?3"%12#%#3'"$"%>%31(
N($.21/'/51WXY 0"1"*(-N%$"%?3&%@('"*<%\2#%(1(-"#%$"%31%./)2%12#
)2'(1%(%)2$(#%-(#%?3"%A/A/.2#%"1%31%"1)2*12%'3-)3*(-,%2%"1%31(
'3-)3*(%#2'/(-,%43"$"%#3'"$"*12#%"1%62*.(%'21#'/"1)"%2%/1A2-31C
)(*/(<%\(%63"*9(%2%"1"*0:(%$"%31%./)2%1('"%$"#$"%-2%.+#%4*2631C
9<
$2%>%./#)"*/2#2%$"%13"#)*2%#"*%>%43"$"%--"A(*12#%(% -(#%(''/21"#
.+#% #(0*($(#% >% #38-/."#,% "#4/*/)3(-"#% >% '2-.($(#% $"% (.2*% 2
@('"*12#% (')3(*% $"#$"% -2% .+#% 4&*6/$2,% $"#)*3')/A2,% #2.8*:2% >
.(-A($2<%
]1%./)2%$"#$"%"-%431)2%$"%A/#)(% (1:./'2,% "#4/*/)3(-,%4#:?3/'2,
12#%)2'(%"1%-2%/1'21#'/"1)",%"1%-2%?3"%'21'/"*1"%(%31(%N/.(0"1
(*?3"):4/'(N,% "1% "-% -"103(;"% $"% `310<% O#% 31% ".4-(9(./"1)2% $"
13"#)*(%."1)"% 12% "A/$"1)",%12%'21#'/"1)",%12%(''"#/8-"%42*% "-
4"1#(./"1)2%*('/21(-,%"#%31%.31$2%'21"')($2%(%-2%(*):#)/'2,%-2
"#4/*/)3(-,%%(1(-50/'2,%'2.4(*()/A2%>%'*"()/A2<%
]1%./)2%"#%31(%28#"*A('/51%42'2%/1/1)"-/0/8-"%$"#$"%-2%*('/21(-%>
.3>%63"*)"%"1%-2%".2'/21(-<%E%"#"%"#%"-%2*/0"1%$"%#3%63"*9(%>%#"1C
)/$2,% )(.8/&1%0"1"*(% )".2*% >% *"'@(92%42*% #"*% (-02%?3"%12%'2.C
4*"1$".2#%1/%.(1";(.2#%8/"1,%>%12#%".43;(%>%.2A/-/9(,%(%A"'"#
"1%'21)*(%$"%13"#)*(%A2-31)($<%\2%/.42*)(1)"%12%"#%-2%?3"%4"1#(C
.2#%('"*'(%$"%(-02,%2%-2%?3"%'21'"8/.2#<%\(%(6/*.('/51%$"-%6"15C
."12%"#%-2%/.42*)(1)"<%]1%./)2%12%"#%31(%*"A"-('/51<%O#%31(%$"C
A"-('/51,%"#%?3/)(*%"-%A"-2%)*(#%"-%?3"%#"%2'3-)(%-2%?3"%*"(-."1)"%"#<
B(>%"-"."1)2#%8+#/'2#%"1%-(%'21#)/)3'/51%$"-%#"*%@3.(12%>%"1%#3
$"#"2%1()3*(-%$"%)*(#'"1$"1'/(<%]12%$"%"--2#%"#%31(%A/$(%")"*1(,
31%(-.(%4"*"11"%?3"%4(*"'"*:(%4"*)"1"'"*-",%4"*2%?3"%$"#'3/$5
>%(8(1$215%42*%'3-4(%$"%31(%'(:$(,%>%?3"%(%4"#(*%$"%#3#%"#63"*C
92#,%-2%@2#)/0(%'21%#3#%$/A"*#(#%.(1/6"#)('/21"#%$"-%.(-,%K?3&%@(>
2%43"$"%@(8"*%"1)*"%"-%&7)(#/#%?3"%4*2$3'"%"-%6(#'/1(*#"%(1)"%"-
6"15."12%$"%-(%'*"('/51,%'2.2%-(%'212'".2#,%$"%-(%'21)".4-(C
'/51%$"-%2*/0"1%$"-%'2#.2#,%$"%-2#%$/2#"#,%>%"-%"#4(1)2#2%'(#)/02
2%'3-4(%/1)*(1#6"*/8-",%4"*#21(-%2%@"*"$($(L%
9%
\(%@3.(1/$($%"#%.3>%42'2%'*"()/A(%>% -(%.(>2*%2%."12*%$/#C
)*/83'/51%$"%-(#%'(*(')"*:#)/'(#%>%@+8/)2#%'3-)3*(-"#%#"%$"8"1%(
-(% /**($/('/51% $"#$"% (-0312#% '"1)*2#% '21'-3>"1)"#<% S*(.#'/
$"':(%?3"%-(%*"-/0/51%62*.(%4(*)"%$"%-(#%"#)*3')3*(#%$"-%42$"*,
42*% "--2% 1"'"#/)(% ./1/#)*2#% >% )/"1"% 1"'"#/$($% $"% #3#% 4*24/2#
/1)"-"')3(-"#<%\2%./#.2%2'3**:(%'21%-2#%"#'*/8(#%"1%-(%'3-)3*(
0*/"0(<
D/%8/"1%-(%4(-(8*(%@(%.3"*)2<%O-%.31$2%#"%'*"(%"1%"-%-"103(;"<
P2*?3"%"-%-"103(;"%"#%31%*"6-";2%"7(')2%$"-%'(*+')"*%>%$"-%0*($2
$"%'*"'/./"1)2%$"%?3/"1%@(8-(<%D3'"$"%"1%&-%>%12#%$(%-(%42#/C
8/-/$($%$"%*"6-"7/21(*%#28*"%-(%62*.(%$"%(')3(*%?3"%@".2#%"-"C
0/$2<%E%#/%'212'".2#%-(%")/.2-20/(W[Y $"%-(#%4(-(8*(#,%"#)"%'212C
'/./"1)2% #"% )2*1(% 1"'"#(*/2% ".4-"(*-2% '($(% A"9% .+#% 4(*(% -(
/1)"*4*")('/51%$"% -(%4(-(8*(<%P3"#% )(1%4*21)2%'2.2%'2.4*"1C
$".2#%$"%$51$"%4*2'"$"%"-%12.8*",%'2.4*"1$".2#%'3+-%"#%#3
63"*9(<% E% 42*% #343"#)2% "#% .+#% 6+'/-% $"% $"#"1)*(T(*% '3(-?3/"*
'2#(%12.8*($(%#/%'212'".2#%-(%")/.2-20:(%$"%-(%4(-(8*(%?3"%-(
12.8*(<%
R"'21#)*3/.2#%"-%4*2'"#2%@/#)5*/'2%"1%"-%?3"%"-%./)2%*"-/0/2#2%$"
-(%'*"('/51%@(% #/$2%('"4)($2<%B(% #/$2% /1)"*4*")($2%#/".4*"%$"
.(1"*(%$/6"*"1)"%42*%12#2)*(#%-(#%*"'"4)2*(#%$"%&42'(#%$/A"*#(#,
>%"-%'*/#)/(1/#.2%12#%@(%$";($2%#"1)/*%#3%/16-3;2<
O1%-(%"74"*/"1'/(%"#)&)/'(%"#%$"'/*%"-%./)2,%"-%4(#($2%#"%(')3(-/9(,
$"%.2$2%($./#/8-"%(-%(4(*"'"*%$"%31(%.(1"*(%13"A(<%E%"#)2%12#
)*(#42*)(%(-%.31$2%$"%-(%6(1)(#:(,%(-%(8*/*%31(%#"*/"%$"%42#/8/-/C
$($"#%$"%(')3('/51%"1%$21$"%12#%"#%42#/8-"%*"'212'"*12#%"1%"-
4(#($2%2%)/".42%4"*$/$2<
9,
ba7'5.'1*5-*,.'1,"#-".7.['5.'-$7-.1">7'1&=&'.1$C-.1">7'.'5.'*,"](.(['"7.*6*,.'$5'#*X,"="$7-&'C.,.'7*$#-,.'#&1"$(.(['($#.-.'5.'($#]1&7X".7D.':'5.'-,."1">7['5.',$C,$#$7-.1">7'($5'=.5['-,.7#"6",'.'5.'"7A"]-.1">7'($'aA.' b.5'C$1.(&b'($#.X".,'.' k$Q&AY':'.-,$A$,#$'.' ",'.' 5.X*$7-$'($5'1&7&1"="$7-&['X*$'+Y#"1.=$7-$'$5',$1Q.D&'.'($#"#-",'($'-.5.(&,.1">7E'f'(.(&'Z*$'$55.['5.'C,"=$,.':'#"=+>5"1.'=*9$,['#$'.X$,,>.'5.'.7-"6*.'X$'=Y#'-$7.D=$7-$'Z*$'T(Y7['Z*"$7'#>5&'5.'#"6*">'$7#*'.11">7['#*'1.#-"6&'($+4.'#$,'._7'=Y#'-$,,"+5$E'!$'.Q4'$7'.($5.7]-$'-$7(,4.'Z*$'#&=$-$,#$'$7'-&(&E'V&'#>5&'.'#*'"7X&,-*7"&['#"7&'.'#*1&71$C1">7['.5'7_=$,&'($'Q"9&#'Z*$'($+4.'1&71$+",['Z*$' #$,4.7'$76,.7'=$("(.'=*5-"C5"1.(&#E'f'C&,'-&(.'5.'$-$,7"(.('$#-.,4.'.Q&,.6&+$,7.(.' C&,' $#-$' !"&#' A$76.(&,' :' #*' ,$C,$#$7-.7-$' -$,,$7.5[' $5Q&=+,$bE'
R/(1%O/#-"*
!"%(@:% "1%.+#%12#% --"A5%(% *"'2**"*%31%'(./12%$"%(8#)/1"1'/(,
/1#()/#6(''/51,% $"#$/'@(% >% '21$"1(% ")"*1(% >% (% -(% #"1)"1'/(% $"
#28*"A/A/*%'21%$2-2*%>%#36*/./"1)2<%S&1"#/#%^HXn%N=%-(%.3;"*%-"
$/;2H% =3."1)(*&% )3#% $2-2*"#% '3(1$2% )"10(#% @/;2#,% >% '21% $2-2*
$(*+#%(%-39<%P"*2%)3%$"#"2%)"%--"A(*+%(%)3%.(*/$2,%>%&-%)"1$*+%(3)2C
*/$($%#28*"%)/N%
=%)*(A&#%$"%"#)(%.2*(-/$($%242*)31/#)(,% -2#%4($*"#%$"%-(%/0-"#/(
*"$"6/1/"*21% -(% '3-)3*(<% V(*'(*21% "-% 6/1% $"% 13"#)*(% -/8"*)($
#"73(-%>%13"#)*2%4-('"*%*"4*2$3')/A2,%$21$"%-(%.3;"*%"1%#3%$/A/C
1/$($%4-"1(%63"%>%"#%$/#)2*#/21($(,%$"#('*"$/)($(%>%$"#'(-/6/'($(,
>%.2$/6/'(*21%13"#)*(%42#/'/51%1()3*(-%4(*(%4(*/*%42*%-2%?3"%42*
#343"#)2%(3."1)(*21%13"#)*2#%$2-2*"#%$"%4(*)2<
9-
=%)*(A&#%$"%-(#%$/#)/1)(#%")(4(#,%A".2#%"1%)2$(%#3%"7)"1#/51%?3"
@".2#%#/$2%"#'-(A(#%$"%13"#)*(#%*"#43"#)(#%."'+1/'(#,%>%?3"%"-
4"1#(./"1)2%(#2'/()/A2%#/".4*"%)2.(%-(%/1/'/()/A(%(%"74"1#(#%$"
13"#)*2%#"*,%$"%13"#)*(%4*24/(%"#"1'/(<%F3"A(#%(')/)3$"#%'2./"1C
9(1%(%"74*"#(*#"%>%(%0(1(*%)"**"12%$"#$"%31%2*$"1%/1)"*12%.3>
$/6"*"1)",% >% '2./"19(1%(% *")(*% "-% *"4"*)2*/2% "1)"*2%$"%13"#)*(#
*"(''/21"#%(3)2.+)/'(#%4*2631$(."1)"%"1*(/9($(#<
R"'34"*(% .3;"*% )3% -"103(;"% 4"*$/$2<<<% '*"(% ./)2#% ?3"% -"% $"1
A(-2*%(%)3%A/$(,%(%)3%'3"*42<%D/03"%)3%A/$(%(%)*(A&#%$"%)3#%#3"T2#,
>%12%)"%2-A/$"#%$"%"--2#<%Q/A"%(%)*(A&#%$"%-(%"#"1'/(%#2T($2*(%$"
-(%."1)",%?3"%A/A"%(%)*(A&#%$"%-2%#"1#/8-"%>%$"%-2%&4/'2,%?3"%A"%(
)*(A&#% $"% A/#/21"#<% Q/A"% ."$/(1)"% -(% /.(0/1('/51<<<% % >% )*()(% $"
*"'2*$(*,%.3;"*,%"-%-"103(;"%2-A/$($2%$"-%03#)2,%$"-% )(')2,%$"%-(
A/#)(,%$"-%2:$2,%$"-%2-6()2<%%P*"#)(%()"1'/51%(%)3#%#"1)/$2#,%)2'(,
@3"-",%#(82*"(,%A"%>%2>"%/1)"1#(."1)"<
O-%#:.82-2%12%)/"1"%#"1)/$2%"1%#:%./#.2,%*"?3/"*"%4(*(%#3%'212C
'/./"1)2%$"-%-"103(;",%$"-%*"-()2%.:)/'2%$"-%$/#'3*#2%?3"%$"#'*/C
8(%"-%$()2,%>%?3"%"-%@"'@2,%)(-%'2.2%#"%#3421"%?3"%#3'"$/5,%#"(
A"*:$/'2%2%#/.4-"."1)"%(-"05*/'2,%";"'3)(1$2%'21%"--2%31(%631C
'/51%*"'"4)/A(%>%$"#'38*/$2*(%?3"%4*2'3*(%4-('"*%42*%"-%28;")2%"1
#:,%%4-('"*%?3"%$(%"1%"-%4*"#"1)"%4"*2%?3"%#3*0"%#28*"%-2%4(#($2<
NF2%"#%-(%*(951%-(%?3"%/.4"*(%"1%"--(%#/12%"1%-(%('"4)('/51,%"#%"-
(')2%$"%6"%43"#)2%"1%"--2,%>%)(.8/&1%$"%#3#%'21#"'3"1'/(#N<
ND"0G1%M/."2,%"1%31(%$"%#3#%"74-/'('/21"#%#28*"%-(%'*"('/51H%NC
'3(1$2%$/2#%'*"(%"-%*"#)2%$"%-2#%(1/.(-"#,C%"74-/'(%"-%."'(1/#.2
$"% -(#% -">"#% $"-% $"#)/12,% ?3"% @('"% ?3"% "-% .31$2% #"% 43"8-"% $"
"--2#<% P2*% -2% ?3"% -2#% @2.8*"#% ?3"% 12% @(1% #(8/$2% *"#4")(*% "-
91
2*$"1%1()3*(-,%#21%'21$"1($2#%(%*""1'(*1(*#"%"1%31(%A/$(%#38C
#"'3"1)"% "1% 31% (1/.(-% /16"*/2*H% .3;"*,% 4+;(*2#,% '3($*G4"$2#,
*"4)/-"#%>%03#(12#,%4"'"#%>%.2-3#'2#N<%
O-%4*245#/)2%"#% "74-/'(*% >%(-"''/21(*% -(% '*"('/51%$"-%@2.8*"%4(*(
$";(*% '-(*2% 31% 028/"*12% 42-:)/'2% $"% ('3"*$2% '21% #3% 1()3*(-"9(<
O#)(8-"'"*%31%4*2>"')2%42-:)/'2%?3"%)*()(%$"%$(*%31(%631$(."1)(C
'/51%(%-(%&)/'(%>%(%-(%42-:)/'(,%>%"#)(8-"'"*%31(%#5-/$(%'3-)3*(%631$(C
."1)($(%"1%)2$2#%#3#%"#'*/)2#%$"-%42$"*%$"-%@2.8*"%#28*"%-(%.3;"*N<%
O#)2%62*.(%4(*)"%$"%13"#)*(%'3-)3*(%.:)/'(,%#28*"%)2$2%$3*(1)"%-2#
)*"#%4*/."*2#%'3(*)2#%$"%#/0-2,%"1%?3"%#"%.(1/6/"#)(%31%('"1)3($2
*"'@(92%(%)2$2%-2%?3"%#/01/6/'(*(%.")(6:#/'(%>%31(%)"1$"1'/(%(%(6/*C
.(*%63"*)"."1)"%-(%631$(."1)('/51%'/"1):6/'(%>%.()"*/(-/#)(<
O-%./)2,%4(*(%-2#%0*/"02#%>%P-()51,%"#%31(%.(1"*(%$"%(4*27/.(C
'/51% /1)"-"')3(-% (% (?3"--2% ?3"% #"% @(% '21A"*)/$2% "1% 28;")2% $"
"#)3$/2,%"1%28;")2%$"%."$/)('/51<%O#%31%$/#'3*#2%$"%>%#28*"%-2
42#/8-"%(G1%12%*"A"-($2%'/"1):6/'(%>%6/-2#56/'(."1)"<%]1%./)2%"#
#3#'"4)/8-"%$"%"**2*,%4"*2%)(.8/&1%$"%A"*('/$($<%O#%31%'212'/C
./"1)2%?3"%($2-"'"%(G1%$"%-2#%"-"."1)2#%?3"%-2%'21$39'(1%(%-(
(6/*.('/51%A"*$($"*(%4"*2%'3>(%"A(-3('/51%>%(4*"'/('/51,%@(#)(
(@2*(,%-2%@('"1%4*28(8-"<
V(*7%$"':(%?3"%-(%*"-/0/51%)/"1"%#3%62*.(%4"'3-/(*%$"%(4*"@"1$"*
-(%*"(-/$($%>%.(1/6"#)(*-(%(%)*(A&#%$"%31%$/#'3*#2%4*24/2,%$"%31
-"103(;"% .:)/'2,% $"% 31% N./)2#N?3"% #()/#6('"% -2#% (1@"-2#,% -2#
$"#"2#,%-2#%)".2*"#,%4"*2%'3>(%'21#)()('/51%#"%.3"#)*(%42'2%4*2C
8(8-",%>%'3>(%1"0('/51%*"#3-)(,%)(.8/&1,%)"."*(*/(<%
O-%-"103(;"%.:)/'2%"#%1"'"#(*/(."1)"%#/.85-/'2<%O#%31%$/#'3*#2
?3"% *"?3/"*"% $"-% (37/-/2% $"% -(% /.(0/1('/51,% >% 4(*(% "74*"#(*#"
92
"-/0"% -(%4(-(8*(% >% -2% #/.85-/'2%4(*(% '21'*")(*#"%"1% -2%*/)3(-<%O-
*/)2%"#%-(%*"/)"*('/51%'21#)(1)"%$"%(')2#%#/.85-/'2#%?3"%/1'"#(1C
)"."1)"%*"6/"*"1%(-%./)2%?3"%-2#%;3#)/6/'(,%-2#%)"#)/.21/(%>%"74-/C
'(<%O1%-2%*"-/0/2#2,%./)2,%#:.82-2%>%*/)2%#"%*"?3/"*"1%>%1"'"#/)(1<
O-%./)2%"#%31(%1(**('/51,%31%'3"1)2,%31%*"-()2,%?3"%#"%(')3(-/9(
'21#)(1)"."1)"%>%#"%@('"%4*"#"1)"%(%)*(A&#%$"-%*/)2<%F2%@(>%'*"$2
#/1% -202#% 2% ./)2,% 1/% */)2% #/1% $20.(<% I3(1$2% 31% ./)2%$";(% $"
)"1"*% "7/#)"1'/(% 4(#(%(% 62*.(*%4(*)"%$"% -(%@/#)2*/(%$"% -(#% )*($/C
'/21"#,%$"%-(%@/#)2*/(%$"%-(#%*"-/0/21"#<%O-%./)2%>%"-%*/)2%#21%"-"C
."1)2#%"#"1'/(-"#%$"% -(%*"-/0/51<%U8)/"1"1%#3%#"1)/$2%>% #/01/6/C
'($2%(% )*(A&#%$"%(-"02*:(#<%E%"#% -2%#/.85-/'2<%\(%(-"02*:(%"#%31
#/012%?3"%(%)*(A&#%$"%31%#/01/6/'($2%?3"%12%"#%#2-2%31(%62*.(%$"
$/#'3*#2%"#%)(.8/&1%31%4*2'"#2%/1)"*4*")()/A2%?3"%12#%'21$3'"
(-%'212'/./"1)2%$"%-2%*"-/0/2#2%'2.2%6"15."12%@3.(12%>%(%A/#C
-3.8*(*%#3%*('/21(-/$($<
\(%*"A"*"1'/(%?3"%12#%/1#4/*(% -(#%*"-/0/21"#%12%)/"1"%?3"%'"0(*C
12#<%I21% "-% $20.()/#.2,% -(#% *"-/0/21"#% @(1% $"62*.($2%>% *"$/C
*"''/21($2%"-%."1#(;"%"#4/*/)3(-%?3"%)"1$*:(%?3"%@(8"*%--"0($2%(
12#2)*(#<%M2$(#%-(#%'*""1'/(#%"#)(8-"'"1%%31(%$".2#)*('/51%$"%-(
A"*$($,%4"*2%)2$(#%#21%/1"7(')(#%>%"#)+1%#2.")/$(#%(%"**2*"#<%=-
"7(./1(*%'21%31(%./*($(%$"#(4(#/21($(%"%/.4(*'/(-%%2)*2#%$20C
.(#%2%*"-/0/21"#,%12#%A".2#%"1%"-%'2.4*2./#2%$"%/1'2*42*(*%(
13"#)*(%6"%-2#%()*/83)2#%A(-/2#2#%$"%-(#%2)*(#%'*""1'/(#,%>%($".+#
'21#/$"*(*%'2.2%.3;"*"#%?3"%&#"%"#%13"#)*2%$"8"*%>%'2.4*"1$"*
-(%1"'"#/$($%$"%'21#)*3/*%31(%'3-)3*(%8(#($(%"1%-(%*"'/4*2'/$($<
D/%8/"1%#"%@(1%'21A"*)/$2%"1%1"'"#(*/2%'(./12,%"#%'21A"1/"1)"
#"*% (03$(."1)"% #"1#/8-"#% (% #3#% $"6"')2#,% 12% 4(*(% $";(*-2#% )(-
99
'2.2%"#)+1%#/12%4(*(%)*()(*%$"%#34"*(*-2#<%\2#%4($*"#%$"%-(%/0-"C
#/(%3)/-/9(*21%"-%"A"."*/#.2W^Y >%-(%)"2*:(%#/.85-/'(WjY "1%#3%'21C
6-/')2%'21)*(%"-%4(0(1/#.2,%4(*(%$"#'(-/6/'(*%-2#%./)2#%12%(4*2A"C
'@(8-"#%42*%#3%$2')*/1(<%p1A"#)/0('/21"#%?3"%12%(4-/'(1%(%#3#%4*2C
4/2#%./)2#<%M2$(#%-(#%*"-/0/21"#%#"%"?3/A(-"1,%>%8(;2%$/A"*#(#%62*C
.(#%>(%#"(1%(%A"'"#%43"*/-"#%2%.21#)*32#(#,%#"%"#'21$"%31(%A"*C
$($%'2.G1%?3"%'21%"-%-"103(;"%@(%#/$2%$"#'216/03*($2%(%)*(A&#
$"%-(%$/63#/51%$"-%./)2%*"-/0/2#2%'2.2%31%42#)3-($2%31/A"*#(-<
O-%./)2%"#% "-% -30(*%$21$"% #"% *"(-9(1% -(#% *"-('/21"#% '3-)3*(-"#% >
-20*(1%31%42#/'/21(./"1)2%6/*."%$"8/$2%(-%0*(1%42$"*%#/.85-/C
'2<%\(#%6/03*(#%$"-%./)2,%-(%6+83-(%>%-(%-">"1$(%#21%31%."$/2,%31
*"'3*#2%$"%-2%.:)/'2%'2.2%$2./1/2%$"-%#"*%"1%-2%#/.85-/'2,%"1
#3%*"4*"#"1)('/51<%]1(%$"%-(#%'21#)(1)"#%?3"%$"#'38*/.2#,%"#%-(
/1A"#)/0('/51%$"%31%4(#($2%?3"%(A(-"%"-%4*"#"1)"<%
O-%#"'*")2%#/.85-/'2%$"%)2$(%'3-)3*(%"#)+%8(#($2%"1%31%#/#)".(%$"
'*""1'/(#%#38>('"1)"#%?3"%(*)/'3-($(%'2.2%/$"2-20:(,% #"%#3421"
12#%8"1"6/'/(% (% )2$2#% >% "1% '3>(% *"$% #"% )";"1% /$"(#,% '21'"4)2#% >
*"6-"7/21"#%'*:)/'(#<%O1%"#)"%'21)"7)2%-(%.3;"*%"7/#)"%"1%"-%"1)2*12
$"%31(%'*"('/51%./)2-50/'(,%31%'21;31)2%$"%@+8/)2#%>%'*""1'/(#
".(1($(#% $"% A/A"1'/(#% (% )*(A&#% $"% 31(% )*(1#./#/51% 4#/'2-50/'(
'2.G1<% O1% "#)"% .31$2% 6/1/)2% >% '21$/'/21($2% "1% "-% ?3"% 12#
"1'21)*(.2#%/1."*#(#,%-(%A"*$($%(8#2-3)(%12%"7/#)"%8(;2%1/10G1
'21'"4)2J%#5-2%"7/#)"1%"A/$"1'/(#%*"-()/A(#,%"1%-(#%?3"%83#'(.2#%"-
"#):.3-2%?3"%.";2*%#"%12#%8*/1$"<%E%#"%12#%8*/1$(%42'2<%
O-%.2$2%$"%'*"('/51%"1%-(%"#'*/)3*(%"#)+%8(#($2%"1%"-%*"'3"*$2%2
-(%"A2'('/51%>%-(%#30"*"1'/(,%31%4"*6"')2%(*)/'3-($2%"1)*"%-(%"-/4C
#/#%>%-(%/1#/13('/51<%D/1%"131'/(*-2%)2$2,%G1/'(."1)"%/1#/13(1C
9:
$2,% "1'/"**(% 31% '21'"4)2% #('*2% $"% -(% 4(-(8*(% >% $"-% ./#)"*/2<
F($/"%"1%13"#)*(%*(9(%'2.31/'(%(%2)*(%-(%A"*$($%)2)(-%>%$"6/1/)/C
A(<%P2*%"#2%'($(%.3;"*%@(%$"%"1'21)*(*-(%42*%#:%./#.(%>%"1%#3
/1)"*/2*<% I($(% (-.(% 6"."1/1(% $"8"% *"'/8/*% -(% -39% $/A/1(% 42*% #:
./#.(,% '21% ('2.2$2%$"% #3% '(4('/$($%>% 12% 42*%."$/('/51% $"
1/1031(%2)*(<%N!/2#(%>%!/2#%"#)+%"1%"-%/1)"*/2*%$"%'($(%31(N<%
P(*(%(4*27/.(*#"%(%-(%A"*$($,%2%'2.2%#"%$"':(%"1%-(%(1)/0i"$($
N(-%+*82-%$"%.(>2N,%-2%4*/."*2%?3"%1"'"#/)(.2#%"#%(.2*%(%-(%A"*C
$($%42*%-(%A"*$($%./#.(<%D/1%"#)"%*"?3/#/)2%12%"#%42#/8-"%--"0(*
(%'212'/./"1)2%(-0312<%f3"*(%$"%"#)(%'3(-/$($%"7'"-#(%>%"#4/*/C
)3(-%$"-%(-.(,%>%'2.2%A:(%42*%-(%?3"%-(%.3;"*%'21'/-/(%>%#"%31/6/C
'(% '21% "-% (-.(% 31/A"*#(-,% #5-2% #"% 28)/"1"1% A"*$($"#% *"-()/A(#<
I3(-?3/"*(% ?3"% #"(% -(% *"-/0/51% 2% 6/-2#26:(% ?3"% (8*('".2#% 4(*(
12#2)*(#,%)2$(#%./*(1%>%#"%"74*"#(1%.2#)*+1$212#%31%4"*6/-%.(#C
'3-/12<%O-%13"#)*2%)"1".2#%?3"%83#'(*-2,%>%-2%A(.2#%(%"1'21)*(*
"1%13"#)*2%/1)"*/2*%4"*'/8/"1$2%13"#)*(%1()3*(-"9(<%\(%($@"#/51
/1'21$/'/21(-%(%-(%A"*$($%"#%"-%'*"$2%$"%31(%.3;"*%#(8/(,%>%*"1C
$/*%'3-)2%(%)2$(%A"*$($%"#%13"#)*2%*/)3(-J%>%"#)2%@(>%?3"%--"A(*-2
@(#)(%"-%"7)*".2%$"%*"-"0(*#"%(%#:%./#.(%>%#3#%4*24/2#%/1)"*"#"#
42*%"#)(%'(3#(<%O#)3$/(*,%/1?3/*/*,%)*(8(;(*%'21%(@:1'2%4(*(%--"0(*
(%-(%12"#/#W_Y%A"*$($"*(J%"#)2%"#,%(%-(%4"*'"4'/51%'-(*(%>%$/*"')(%$"
-(%A"*$($<%O#)"%"#%"-%'21#)(1)"%(6+1%$"%13"#)*(%"#4/*/)3(-/$($<
O1%)2$2#%-2#%)/".42#%@(1%"7/#)/$2%#(8/(#%>%#(8/2#%?3"%--"0(*21
(% -(% 42#"#/51% $"% -(% A"*$($% (8#2-3)(<% D/1% ".8(*02,% 12% -"#% "*(
$($2% "1#"T(*% #/12% A"*$($"#% *"-()/A(#<% M2$(% 13"#)*(% -/)"*()3*(
@(%#/$2%82**($(,%?3".($(,%"1)"**($(<%P(*(%--"0(*%(%)2.(*%'21C
)(')2% '21% 31(% "74"*/"1'/(% )*(#'"1$"1)(-,% "#% /.42*)(1)"% '2.C
9;
4*"1$"*%N"-%'5.2N%)"1/"1$2%"1%'3"1)(%?3"%"1%0"1"*(-%42$".2#
*"'3**/*%(%-/)"*()3*(%"#'*/)(%42*%"-%#"72%243"#)2,%>%"A/)(*%'21$"C
1(*%"1%8-2?3"%(%(-0312#%4"1#($2*"#%?3"%4($"'"1%(-0G1%)/42%$"
(1/.($A"*#/51%4(*(%'21%-(%.3;"*<
O-%./)2%"#%31%#/#)".(%$"%#:.82-2#%'21%"-%?3"%#"%*"4*"#"1)(1%'*"C
"1'/(#,%'21'"4)2#%>%#3'"#2#<%E%"#%31%2*$"1(./"1)2%'*"()/A2%'3>(
63"*9(%21)2-50/'(WnY%*"#3-)(%)(1%/1'2.4*"1#/8-"%'2.2%-(%(''/51%$"
-(%.".2*/(%"1%-(#%'(4(#%.+#%4*2631$(#%$"%-(%"#4"'/"%@3.(1(<%=
4(*)/*%$"-%2*/0"1%$"%631$('/51%$"-%.31$2,%@(#)(%-(%'21'*"'/51
.()"*/(-% $"% 31%13"A2% (')2% $"%.(1/6"#)('/51% $"% -2% #(0*($2<%O#
'2.4-";2%@(8-(*%$"#$"%13"#)*(%A/#/51%%2''/$"1)(-%$"%"#)(%*/?3"9(
"#4/*/)3(-,%&)/'(%>%(*):#)/'(<
M2$2#% -2#%./)2#% #21% 31(% "1#"T(19(,% 31% '212'/./"1)2% #"'*")2,
(-02% 2'3-)2% >% ./#)"*/2#2% ?3"% 3)/-/9(.2#% "1% 13"#)*2% $"#(**2--2
'2.2%4"*#21(#<%M(.8/&1%)/"1"1%31(%#5-/$(%N'(*0(%&4/'(N,%"#4/*/C
)3(-%"%/1"74-/'(8-"%"1%"-%.2$2%"1%?3"%12#%*"-('/21(.2#<
O1%A2'(83-(*/2%'/"1):6/'2,%"#)(%63"*9(%#"% --(.(%"1"*0:(,%4(*(%-2#
'@/12#%I@/%>%4(*(%-2#%'()5-/'2#%42$"*%$"%!/2#,%4(*(%-2#%@/1$G"#
#@()h/,% 4(*(% -2#%."-(1"#/2#WoY%.(1+,% #:1)2.(%"#% "1% -(%4#/?3",% >
4(*(%"-%4#/'2(1+-/#/#%-/8/$2<%
R"#4"')2%$"-%./)2%$"-%'2*(951%B"*1+1%t("9(%"74-/'(%?3"%"-%'2*(C
951,% 31/$2% (% "#)(% "1"*0:(,% "#% 31(% "74"*/"1'/(,% ?3"% 1"'"#/)(% $"
13"#)*(%(4)/)3$%4(*(%4"*./)/*12#%A"*-(,%$(*12#%'3"1)(,%$"%13"#C
)*(% '21'/"1'/(,% >% $"% '5.2% -(% A/A(.2#% 2% A(-/$".2#% "1% 13"#)*(
A/$(<%O-%'2*(951,%"1%"#)"%(#4"')2,%(')G(%(%)*(A&#%$"%-(#%".2'/21"#,
$"% -(#% /1)3/'/21"#WaY,%42*%"#):.3-2#,%42*%(.2*,%42*% /.4*"#/21"#
6:#/'(#% $"% 13"#)*2% 4"'@2%>% 13"#)*2% '3"*42<% O-% ".4-"2% $"% "#)2#
:=
#:.82-2#%"#%$"#4"*)(*%13"#)*(%'21'/"1'/(,%4*"4(*(*12#,%/1#)*3/*C
12#,%*"'2*$(*12#%>%*"A"-(*12#%"-%#/01/6/'($2%$"%-2%?3"%#"1)/.2#%>
03/(*12#%"1%13"#)*2%(')3(*<
bV&'$M"#-$'X&,=.',$5"6"&#.'.56*7.['C&,'($6,.(.(.'Z*$'#$'Q.55$['($'5.Z*$'7&'C*$(.'7.1$,'*7.'=4#-"1.'=*:'C*,.':'=*:'1&Q$,$7-$E'F.'C&$]#4.'1&=&'#.5A.1">7'C.,.'$5'C&$-.'7&#'=*$#-,.'*7'C,&1$#&'($'#.1,.5"]D.1">7'(&7($' b#&5&'("X"$,$' 5.' X&,=.'-&=.(.'C&,' $#-$' C,&1$#&'$7' 5.1&71"$71".'($5'Q&=+,$b'
I@(.(1/#.2%>%)&'1/'(#%(*'(/'(#%$"%&7)(#/#%V/*'"(%O-/($"
\2#%'(.8/2#%?3"%'21--"A(%-(%13"A(%#/)3('/51%$"%-(%.3;"*%(%4(*C
)/*%$"%-(%R"A2-3'/51%p1$3#)*/(-,%#21%$"%)(-%)*(#'"1$"1'/(%?3"%63"
1"'"#(*/2%(*03."1)(*-2#%'21%-(%62*.('/51%$"%31%./)2%?3"%4*2C
42*'/21(*(%31%.2$"-2%(-%13"A2%4(4"-%?3"%"--(%$"#".4"T(<%O#)"
./)2,%(%."$/$(%?3"%63"%$"#(**2--+1$2#"%$"8/5%*"A"#)/*#"%$"%31
4"1#(./"1)2%'/"1):6/'2,%43"#)2%?3"%"1%13"#)*2#%$:(#%-(%'/"1'/(
@(%4(#($2%(%2'34(*% -(% '*"$/8/-/$($%"1%"-% )"**/)2*/2%(1)"#% (#/0C
1($2%(%-(%*"-/0/51<%=%4"#(*%$"%-2%"1$"8-"%?3"%#"%@(%/1)"1)($2
.2#)*(*% >% '21% -(#% 4*"./#(#% ?3"% #"% #3#)"1)(1% (-3$/"1$2% (% -2#
4"-/0*2#%?3"%42$*:(%#3421"*%4(*(%"-%$"#(**2--2%$"%-2%6"."1/12
"1%-(%.3;"*,%"-%./)2%$"%-(%V(01(%!"(WlY #"%"#)+%/.421/"1$2%"1
"-%/.(0/1(*/2%'2-"')/A2%$"%-(%#2'/"$($%2''/$"1)(-,%>(%?3"%#342C
1"% 31(% A3"-)(% (-% 2*$"1% 2*/0/1(-% 2% $"% *"'212'/./"1)2% $"% -2#
#"*"#%@3.(12#WXbY<
\202#%>%.>)@2#%)/"1"1%?3"%4*2>"')(*%31(%./)2C-20:(%"1%-(%?3"%#"
(6/*."% -(% (4"*)3*(%0-28(-/9($2*(%2%31/A"*#(-% >% "-% '21)*(#)"% #/.C
:<
85-/'2C*2.+1)/'2%$"%-2%$/6"*"1'/(-<%I*""*%"1%"-%(.2*%"#%($./)/*
31(%!/2#(%>%31%!/2#%/.4-/'($2#%"1%-(%$/A/1/$($%('5-/)(%$"%-(%42#C
.2$"*1/$($,% $"6/1/8-"% '2.2% '5.4-/'"% $"% -2#% 243"#)2#<% O#)2#
243"#)2#%#21,%42*%31(%4(*)",%"-%*('/21(-/#.2%/-3#)*($2%>%"-%'21C
)*(431)2%*2.+1)/'2,% '2.2%$/*:(%I(#)2*/($/#H% N(#:%43"#% "-%=-.(
'2.2% +.8/)2% -/8*",% (8/"*)2% >% 0"1"*2#2% 4(*(% -(% *"31/51% $"% -2#
243"#)2#%>%$"%-(%-50/'(%$"%-(%/.4-/'('/51N<%
\(% $/(-&')/'(% $"% -2#% '21)*(*/2#,% *"4*"#"1)($(% 42*% "-% (.2*% >% -(
-/8"*)($<%\(%'21)*(42#/'/51%"1)*"%"#)(#%$2#%"1"*0:(#%"1%-/)/0/2%"#
31(%'2.8/1('/51,%>(%?3"%12%@(>%(.2*%(3)&1)/'2%#/1%-/8"*('/51
1/%-/8"*('/51%(3)&1)/'(%#/1%(.2*H%"#)(%$/(-&')/'(%$"-%(.2*C-/8"*)($
#"%'21)/1G(%"1%-(#%#/'/0/(#WXXY,%2%4(*";(#%(1)(051/'(#%'2.2%./)2%>
*(951,%.()"*/(%>%62*.(,%O*2#%>%-202#,%%$/2#(%>%$/2#<%
M*/--($(% "#% -(% *"#43"#)(% 26/'/(-% ?3"% 4*"#"1)(% "-% 8/"1% "1% -3'@(
@"*2/'(%'21)*(%"-%.(-,%(%."13$2%8(;2%-(%6/03*(%$"-%@&*2"%.()(C
$2*%$"%$*(021"#<%V(#%"-%4*28-".(%#/01/6/'()/A2%?3"%#38#/#)"%"1
"#)"% $3(-/#.2% $"-% 4()*/.21/2% $/A/12% >% $"-% .(-% $".21:('2,% "#
'21#)*3/$(%.:)/'(."1)"%42*%-(%'3-)3*(%4()*/(*'(-<%
Q(.2#%@('/(%31(%@"*."1&3)/'(WX[Y $"-%'2*(951<%P(#'(-%$/'"%?3"H
NO-%'2*(951%)/"1"%*(921"#%?3"%-(%*(951%/012*(N<%O#)(%'(4('/$($%$"
'2.4*"1#/51%$"-%'2*(951,%#3#)"1)($(%"1%#"1#('/21"#,%/1)3/'/21"#,
/.+0"1"#,%A/#/21"#%4"*'"4'/21"#,%".2'/21"#,%A(-2*"#,%'2**"%*/"#02#
42*?3"%12%"#%)(1%#"03*(%'2.2%-(%*(951,%4"*2%#:%)/"1"%63"*9(,%#"1C
)/$2%>%31%4"#2%>%A(-2*%/1)"*12%?3"%-(%*(951%12%-20*(%'21#2-/$(*%1/
631$(."1)(*<%O1% -(% '3-)3*(% (9)"'(%(-% '2*(951% #"% -2% '21#/$"*(8(
'2.2% -(% "#"1'/(% $"% -(% A/$(,% $"% 63"*9(% /1)*:1#"'(% ?3"% 42$:(% (-/C
."1)(*%(%-2#%$/2#"#<%O1%&-%"#)(8(%"-%"#4:*/)3,%-(%#"./--(%$"%-(%A/$(<
:%
O1%#3%/.42*)(1)"%28*(%NV/)2%-/)"*(*/(N,%"-%@3.(1/#)(%F2*)@*24
f*>"%@(%$/#)/103/$2%$2#%0*(1$"#%"#)*3')3*(#%'"1)*($(#%"1%)2*12
(-%N./)2%$"%-(%-/8"*)($N%>%(-%N./)2%$"%-(%/1'3.8"1'/(N,%*"#4"')/A(C
."1)"<%O-%./)2%$"%-(%-/8"*)($%*"A"-(%-(%/16-3"1'/(%4(0(1(%2%#"'3C
-(*%$"%-(%*(951%8(;2%"-%12.8*"%$"%$".2'*('/(%-/8"*(-,%@2*/921)"
(')3(-."1)"%1"'"#(*/2%$"%-(%&)/'(%'/A/-<%O1%"-%./)2%$"%-(%/1'3.C
8"1'/(,% "74*"#(% -(% '21'2./)(1'/(% (% )*(A&#% $"-% "?3/-/8*/2% $"-
")@2#WX^Y *"-/0/2#2,% -(% /$"1)/$($%'3-)3*(-%2%"-%'(*+')"*% #2'/(-<%!"
"#)"%.2$2,%-(%-50/'(%2%4*243"#)(%(8#)*(')(%#"%'21)/1G(%"1%"-%./)2
#/.85-/'2%$"-%#"1)/$2%>%-(%#2-/$(*/$($%'21'*")(%>%-(%*(951%#/.85C
-/'(%2%*(951%(6"')/A(,%'2.2%'*""1'/(%'21'/-/($2*(%$"-%-202#%0*/"C
02WXjY >%$"-%./)2%*"-/0/2#2,%$"%-(%*(951%>%"-%'2*(951%'21#)/)3/$(%42*
-(%$/(-&')/'(%#/.85-/'(%$"%"#)2#%4*/1'/4/2#%"1%'2.4-/'/$($,%?3"C
$(1$2%"#)(8-"'/$(%(#:%%-(%'216*()"*1/$($%2%@"*.(1(./"1)2%$"%-(
-/8"*)($%'2-"')/A(%>%-(%/03(-$($%4"*#21(-<
\3/#%V(*):1%*"'20"%$"%N\(%.3"*)"%$"%M($9/2N,%$"%M@2.(#%V(11,
-(%$"'($"1)"%/$"(%$"-%*"-()2%.(11/(12%#28*"%?3"%-(%8"--"9(%*"#3-C
)(%31(%/1;3#)/'/(%";".4-(*,%"#)(8-"'/"1$2%#3#%*(:'"#%@(#)(%'21A"*C
)/*-(%"1%#:.82-2%$"%-2%)"**/8-",%/**('/21(-%>%$".21:('2<
F/%312%1/%2)*2%-20*(1%*"."$/(*%#3%)*(3.(%@2.2%"*5)/'2%(%)*(A&#
$"-%$/+-202%#2'*+)/'2%>%$"%-(%#38-/.('/51%4-()51/'(%)(-%>%'2.2%#"
26*"'"1%"1%"-%D/.42#/2%4-()51/'2C#2'*+)/'2<%O1%-(%'*3"-%1(**('/51
"#4(T2-(,%"-%(.2*%*"A/"*)"%"1%2$/2%'2.2%-(%A/$(%"1%.3"*)"%42*C
?3"%-(%8"--"9(,%'(*"1)"%$"%821$($%($?3/"*"%31%'(*+')"*%$/#2-3)2*H
42*%"-%?3"%"-%.(-%$"%A/A/*%$"*/A(%$"-%A/A/*%.(-%2%.:#"*(."1)",%"#
$"'/*,%."$/(1)"%31%)/42%$"%A/$(%?3"%83#'(%-(%A"*$($%#/1%#"1#/8/C
-/$($,%-(%-50/'(%.()".+)/'(%#/1%-(%'2*$/(-/$($,%"-%#"72%#/1%(.2*<
:,
D"%)*()(%$"%-(%8"--"9(%$"#(-.($(%?3",%$"#42;($(%$"%)2$2%"#4:*/)3
#/.85-/'2,%#"%'"-"8*(%-/)"*(-."1)"%"1%#3%(8#2-3)"9%13$(%2%$"#13C
$(<%P"*2%-(%8"--"9(%12%"#%(8#2-3)(%#/12%*"-('/21(-%2%4"*#21(-,%>%12
"#%)"7)3(-,%#/12%#/.85-/'(%2%(1:./'(<%
O#)2%;3#)/6/'(%-(%/.42#/'/51%$3(-%$"%-(%*"-/0/51<%R"-/0(*"%#/01/6/'(
NA2-A"*%(%()(*N,%>%#"0G1%"#)(%/1)"*4*")('/51%$"%-(%4(-(8*(,%-(%*"(-/C
$($% ?3"% #"% "#'21$"% )*(#% -(% 4(-(8*(% *"-/0/51% "#% "-% '21;31)2% $"
(''/21"#%"1'(./1($(#%(%NA2-A"*%(%()(*N%(%-(%@3.(1/$($%$"#43&#
$"%@(8"*#"%#2-)($2%$"%-(%F()3*(-"9(<
V/"1)*(#% -(% "#4"'/"% "#)(8(% #34"$/)($(% (% -(#% *"0-(#% $"-% /1#)/1)2,
(1'-($(#% >% % "1*(/9($(#% '2.2% "1% -(#% $".+#% "#4"'/"#,% 1/% "-% #"*
@3.(12%1/%-(#%'2.31/$($"#%)"1:(1%4*28-".(%(-0312%$"%&)/'(%$"
A/$(<%\(%F()3*(-"9(%4*"$2./1(8(%>%(*8/)*(8(%#/1%.+#<%P"*2%'3(1C
$2%2#(*21%(4*24/(*#"%$"%"--(,%>%?3/)(*-"%(%-(#%"#4"'/"#%'2.4")/$2C
*(#%"-%)*/83)2%$"%A/$,%"-%$/"9.2%?3"%-"#%63"%$($2%42*%-(%1()3*(-"C
9(,%"-%#/#)".(%$"%'21$3')(%>%$"%A/$(%"1-2?3"'/5%)2)(-."1)"<%=#:
-2%?3"%(1)"#%@(8:(%#/$2%/1'-/1('/51%$"%*"#4")2%(%-(%F()3*(-"9(,%#"
)*(1#62*.5%"1%*"-/0/51%$"%'(*+')"*%(1/./#)(WX_Y,%?3"%42*%A:(%$"-
*/)2,%"-% #('*(."1)2%>%$"-% )".2*%*"A"*"1'/(-,%/1631$/5%"-% #2.")/C
./"1)2%(%-(#%63"*9(#%1()3*(-"#,%>%#3%)"."*/$($%#"%/.43#2%>%63"*21
'-(3$/'(1$2%#3'"#/A(."1)"%(-%#2.")/./"1)2%*"-/0/2#2%-(#%63"*9(#
?3"%#28*"%"--(%/8(1%?3"$(1$2<
\(%")/.2-20:(%$"%-(%4(-(8*(%*"C-/0/51%2*/"1)(%$2#%8(1$2#,%*"C-/0(*H
31/*%(-02%?3"%"#)+%$"#31/$2,%>%'2.2%-2%@".2#%(4*"@"1$/$2%"#)3C
A2%/.43"#)2<%F2%#"%)*()(%$"%@3.(1/9(*#"%1/%$"%(8(;(*#"%(%1/10G1
2)*2%.31$2<%\2%)(8G,%-2%?3"%'2.4*"1$".2#%'2.2%/16*(.31$2,
"#%#(0*($2,%#28*"%)2$2%-2%?3"%'21#/$"*(.2#%#38-/."%"%/1.('3-(C
:-
$2%42*?3"%"#%"-% #24-2,% -(% 63"*9(%?3"%12#%(1/.(%@('/(% -(% "#4/*/C
)3(-/$($<%O-% )".(%"#%"1'21)*(*%*"."$/2%(% "#)(% /1'2.31/'('/51
(8#2-3)(% $"% -2#% 243"#)2#% ?3"% '2.421"1% "-% .31$2% "1% ?3"% #"
"1'3"1)*(1% -2#% '21)*(*/2#,% >(% /.43"#)2#% .:)/'(."1)"<% P2*?3"N
!/2#%A/"1"%(%#/01/6/'(*,%#/.85-/'(."1)",%?3"%$"8"%1"02'/(*%>%$/(C
-20(*%'21%"-%$/(8-2,%'2.2%#"%/1#/1G(%"1%"-%\/8*2%$"%`28N,%>%"#)"
$/+-202% 12% "#% $".2'*+)/'2,% 42*?3"% 12% "#)+% 4"*./)/$2% "1% "#)(
'2.31/'('/51%31(%*"-('/51%*"':4*2'(%*"."$/($2*(%"1)*"%(.82#
8(1$2#,%1/%)(.42'2%28)"1"*%4(')2#%4(*'/(-"#,%1/%'21#"1#2#%.:1/C
.2#,% 1/% $/+-202#% '21#)*3')/A2#,% 1/% /1)"*(''/21"#% 4*+')/'(#,% 1/
"1'3"1)*2#%6*3'):6"*2#%1/%"1)"1)"#%.3)3(#<%
E%#/%8/"1%"#%42#/8-"%*"#)(8-"'"*%-(%'21'2*$/(%>%-(%(./#)($,%-(%'2.3C
1/'('/51%"1%2*$"1%(%"#)2%"#%-2%.+#%4"1$/"1)"%"#4/*/)3(-."1)"%"1
"-%.31$2,%-(%'21'/-/('/51%$"%-(%-39%'21%-(%#2.8*(,%$"%-(%/-3#)*(C
'/51% '21% "-% *2.(1)/'/#.2,% $"% -(% -/8"*)($% '21% -(% /03(-$($,% $"-
/1$/A/$3(-/#.2%'21%-(%'2.31/$($,%>%$"-%-/8"*(-/#.2%'21%-(%#2-/C
$(*/$($,% $21$"% -2#% ):4/'2#% 4-(1)"(./"1)2#% (1)(051/'2#% $"8"1
'"$"*%(%13"A2#%4-(1)"2#%#/1)&)/'2#,%#2%4"1(%$"%A/A/*%8"-/'2#(."1C
)"%>%'21A/A/*%(0*"#/A(."1)",%$"%.2$2%?3"%-(%'2.4")"1'/(%?3/"*(
(*.21/9(*#"%'21%-(%'21'3**"1'/(,%'21'2./)(1)"."1)"<
t*21/#-(A%V(-/12u#h/%$/'"%?3"%NO-%./)2,% )(-%'2.2%"7/#)"%"1%31(
'2.31/$($%#(-A(;",%2%#"(,%"1%#3%A/A/$(%62*.(%4*/./)/A(,%12%"#%G1/C
'(."1)"%31(%1(**('/51%?3"%#"% '3"1)",% #/12%31(%*"(-/$($%?3"%#"
A/A"<%F2%"#%$"%-(%1()3*(-"9(%$"%-(%6/''/51,%$"-%.2$2%'2.2%42$".2#
-""*%@2>%31(%12A"-(,%#/12%?3"%"#%31(%*"(-/$($%A/A(%?3"%('21)"'/5
31(%A"9%"1%-2#%)/".42#%.+#%*".2)2#%>%?3"%$"#$"%"1)21'"#%@(%A"1/C
$2%/16-3>"1$2%"1%"-%.31$2%>%-2#%$"#)/12#%@3.(12#<%=#:,%"-%./)2
:1
"#%4(*(%"-%#(-A(;"%-2%?3"%4(*(%31%'*/#)/(12%$"%6"%'/"0(%"#%"-%*"-()2
8:8-/'2%$"% -(%I*"('/51,% -(%I(:$(%2% -(%R"$"1'/51%$"%I*/#)2%"1%-(
I*39<%!"-%./#.2%.2$2%?3"%13"#)*(%@/#)2*/(%#(0*($(%"#)+%A/A(%"1
"-%*/)3(-%>%"1%13"#)*(%.2*(-%028/"*1(%13"#)*(%6"%>%'21)*2-(%13"#)*(
'21$3')(,%$"-%./#.2%.2$2%631'/21(,%#3%./)2%4(*(%"-%#(-A(;"N<
V/*'"(%O-/($"%$/'"%?3"%NO-%./)2%*"-()(%31(%@/#)2*/(% #(0*($(,%"#
$"'/*,% 31% ('21)"'/./"1)2% 4*/.2*$/(-% ?3"% )3A2% -30(*% "1% "-
'2./"192%$"-%)/".42,%(8%/1/)/2WXnY<%V(#%*"-()(*%31(%@/#)2*/(%#(0*(C
$(%"?3/A(-"%(%*"A"-(*%31%./#)"*/2,%43"#%-2#%4"*#21(;"#%$"-%./)2%12
#21%#"*"#%@3.(12#H%#21%$/2#"#%2%@&*2"#%'/A/-/9($2*"#<%E%42*%"#)(
*(951,%#3#%0"#)(#%'21#)/)3>"1%./#)"*/2#%>%"-%@2.8*"%12%-2#%42$*:(
'212'"*%#/%12%-"%@38/"*(1%#/$2%*"A"-($2#<%O-%./)2%"#,%43"#,%-(%@/#C
)2*/(%$"%-2%('21)"'/$2%/1%/--2%)".42*",%"-%*"-()2%$"%-2%?3"%-2#%$/2C
#"#%2%-2#%#"*"#%$/A/12#%@/'/"*21%(-%4*/1'/4/2%$"-%M/".42<%N!"'/*N
31%./)2%'21#/#)"%"1%4*2'-(.(*%-2%?3"%('("'/5%(8%2*/0/1"<%]1(%A"9
N$/'@2N,%"#%$"'/*,%N*"A"-($2N,%"-%./)2%4(#(%(%#"*%A"*$($%(42$:')/'(H
631$(."1)(%-(%A"*$($%(8#2-3)(N%E%%)(.8/&1%?3"%NO-%./)2%4*2'-(C
.(%-(%(4(*/'/51%$"%31(%13"A(%N#/)3('/51N%'5#./'(%2%$"%31%('21C
)"'/./"1)2%4*/.2*$/(-<%I21#/#)"%#/".4*"%"1%"-%*"-()2%$"%31(%N'*"C
('/51NH%#"%'3"1)(%'5.2%#"%"6"')35%(-02,%'5.2%'2."195%(%#"*<%B"
(?3:%-(%*(951%?3"%@('"%(-%./)2%#2-/$(*/2%$"%-(%21)2-20:(J%12%@(8-(
#/12%$"%*"(-/$($"#,%$"%-2%?3"%#3'"$/5%*"(-."1)",%$"%-2%?3"%#"%@(
.(1/6"#)($2%4-"1(."1)"N%P2*%-2%'3(-%"-%./)2%"#%31%(')2%$"%6"%>
42*%"#2%#"%'3.4-"<
P(*(%-2#%"#)*3')3*(-/#)(#%'2.2%I-(3$"%\"A/CD)*(3##,%-(#%$"/$($"#
12% #"% A"1%'2.2%*"4*"#"1)('/21"#% #"4(*($(#% >%1"3)*(-"#J% "1%#3#
*"-('/21"#%.3)3(#%#"%"1'3($*(1%"1%31%#/#)".(% -50/'2<%\(%./)2C
:2
-20:(%'210*"0(%>%#/1)")/9(%-(%/$"2-20:(%#2'/(-%?3"%#"%"74*"#(%"1%31
#/#)".(%2*0(1/9($2<%B(>%31(%@3"--(%$"%-(%@/#)2*/(%#28*"%"-%./)2
?3"%#"%43"$"%/1A"#)/0(*<%
O1%"-%t(1?3")",%P-()51%@(8-(%$"%$2#%Q"13#,%42*%31%-($2%-(%%@/;(
$"-%I/"-2%%(1)/03(%Q"13#,%'3>(%.($*"%#"%$"#'212'"%>%"A2'(.2#
'2.2%Q"13#%-(%'"-"#)"J%>%-(%Q"13#%$"%`G4/)"*,%"#)(%Q"13#%*"'/"1C
)",%@/;(%$"%`G4/)"*%>%$"%!/21",%?3"%"A2'(.2#%'2.2%Q"13#%-(%A3-C
0(*<%!"%"--(,%"1%2'(#/21"#%#"%@(8-(%'2.2%$"%31(%.3;"*%$"%.(-(
A/$(,%>%(%A"'"#%'2.2%$"%31(%$/2#(<%I21%*"#4"')2%(%"#)"%./)2%-(
M/"**(,% M"--3#,% "#42#(% 6"'31$(% $"-% I/"-2,% '21)/"1"% 31(% Q"13#,
4"*2%"#)+%"1'"**($(,%#2;390($(,%@(>%?3"%-/8"*(*-(%$"%#3%"1A2-)3*(
.()"*/(-%4(*(%?3"% #(-0(% (% -(% -39% >%12#%4*242*'/21"% -(% Q/')2*/(<
Q"13#%"#%#/.85-/'(."1)"%31%'3"*42%>%31%(-.(H%M/"1"%?3"%$"#C
4*"1$"*#"%$"%#3%'3"*42%.()"*/(-%>%0*2#"*2<<<%N%P(*(%-2#%"0/4'/2#%>
-2#%0*/"02#,%12%"*(%)2.($(%42*%-(%$/2#(%$"-%-/8"*)/1(;"%>%)"1:(%42*
@"*.(1(% (% -(% Q"*$($,% "#'21$/$(% "1% "-% 621$2% $"% 31% (1)*2<% \(
Q"*$($% "#% 13"#)*(% Q"13#% -/8"*($(,% -(% "#)*"--(% .()3)/1(% ?3"% #"
-"A(1)(%"1%"-%@2*/921)",%4*"'"$/"1$2%(-%#2-<%O#%-(%Q/')2*/(%"#%-(
P*/.(A"*(<%D"0G1% &#)(#% '*""1'/(#,%$"'/*% ?3"% -(% Q"13#% A3-0(*% "#
31(%.3;"*%$"% '2#)3.8*"#% -/'"1'/2#(#,% -/8"*)/1(#% "% /1.2*(-"#,%2
$"'/*%?3"%=6*2$/)(WXoY "#%-(%$/2#(%$"-%4-('"*%>%$"-%(.2*,%/1)"*4*"C
)($2%$"#$"%31%431)2%$"%A/#)(%'(*1(-%>%@3.(12,%"#%-2%./#.2%?3"
3)/-/9(*%$"%31(%62*.(%$"#A/($(%"#)(%"1"*0:(%2%63"*9(,%>%$"#"1'(C
./1(*-(% >% "1"./#)(*-(% $"% -(% $/A/1/$($<% \2#% -/8"*)/12#,% ?3"% 12
"1)"1$/"*21%-(%A"*$($"*(%/$"(%$"%-2#%'*"($2*"#%$"%"#)(#%6/''/21"#,
"1'21)*(*21%"-%4*")"7)2%>%-(%;3#)/6/'('/51%$"%$(*%*/"1$(%#3"-)(%(
#3#%'3-)2#%-/'"1'/2#2#,%'21#/$"*+1$2-(#%242*)31(#%4(*(%"7'/)(*%"-
:9
63"02%A/'/($2%$"-%-/8"*)/1(;",%>%#"%.(1)3A/"*21%/012*(1)"#%$"%-(
Q"*$($<%O#)2#% '21'"4)2#,% )/"1"1%31(%(4-/'('/51%.+#%4*2631$(,
?3"%#"%($(4)(%(%"#)"%$"#)/12%(')3(-%$"%@2.8*"#%'21A"*)/$2#%"1
#"./$/2#"#% '(:$2#<% Q"13#,% -(% $/2#(% $"% -(% A"*$($,% 4"*./)/*+% A2-C
A"*-2#%8*/--(1)"#%>%(4(*"'"*%$"%13"A2%(%-(%-39<%N\(%1()3*(-"9(%-/8"C
*(*+% (% -(% 1()3*(-"9(,% >% "-% 1/T2% ./#)"*/2#2% 1('"*+% $"% -(% G1/'(
V($*"N,%2,% #"0G1% -(%A(*/(1)"H% N\(%@"*.(1(% -/8"*(*+%(% -(%@"*.(C
1(<<<N%\3/#%I())/(37<
\&A/%D)*(3##,%)2.5%"-%./)2%$"%O$/42%@"%@/92%31%(1+-/#/#%"1%"-%?3"
$"#)('5%-2#%./)".(#%>%#"T(-5%?3",%8(;2%31(%#/.3-($(%1(**('/51,
"-% ./)2% *"A"-(% 2)*(% #/01/6/'('/51% "1% #3%"#)*3')3*(% /1'21#'/"1)"<
!/'"%?3"%"-%./)2%"#%31%/$/2.(%?3"%4*"#"1)(%42*%$"1)*2%31%.2$"C
-2%-50/'2,%?3"%4-(1)"(%-2#%4*28-".(#%>%-2#%4*28-".(#%631$(."1C
)(-"#%$"%31(%#2'/"$($%>%2)*2%#"'31$(*/2,%31%)(1)2%'2163#2<%\2#
./)2#,%4(*(%&-,%"74*"#(1%31%.2$2%-50/'2%$"%"1)"1$"*%"-%.31$2,
>%"#)+1%(**(/0($2#%#28*"%-(%2*0(1/9('/51%$"%-2%'21'*")2%$/6"*"1)"
(%13"#)*2%*(921(./"1)2%'/"1):6/'2% 631$($2%"1% -2#%#/#)".(#%(8#C
)*(')2#%>%"1%-(%'-(#/6/'('/51%$"%-2%0"1"*(-J%42*%"#2%-2%$"12./15
NO-%4"1#(./"1)2%#(-A(;"N%\3"02,%"1%#3%-/8*2%NO-%)2)"./#.2%"1%-(
(')3(-/$($N,% 421"% "1% $3$(% -(% 31/A"*#(-/$($% $"-% '3-)2% )2)&./'2
*"(6/*.(1$2%-(%31/A"*#(-/$($%$"%-(%4*2@/8/'/51%$"-%/1'"#)2%>,%42*
)(1)2,%$"%-2#%./)".(#,%@('/"1$2%*"6"*"1'/(%(%-(%"#)*3')3*(%631$(C
."1)(-%$"%'2C#(103/1/$($<%
D/% "-% *(#02% $"-% ./)2% .()*/(*'(-% "#% -(% /03(-$($% .:)/'(% (1)"% "-
'2.G1%$"#)/12%1()3*(-,% -2%4*24/2%$"-% -202#% 6/-/(-%'21#/#)"%"1% -(
"?3/$($%%42-:)/'(%(1)"%31(%./#.(%-"><%O-%'*/#)/(1/#.2%'21#)*3>5
'21%"-%./)2%$"%-(%/#26/-/(%2%(.2*%6*()"*12%/03(-/)(*/2%31(%13"A(
::
./)2-20:(%6/-/(-C6*()*/(*'(-,%"1%-(%?3"%"-%@/;2%"#%631$(."1)(-."1C
)"%"-%@/;2C@"*.(12,%4*2>"')(1$2%-(%'2#.2A/#/51%$"%-(%@"*.(1$($
31/A"*#(-<%O-%'*/#)/(1/#.2%'(-/6/'($2%42*%D/0.31$%f*"3$%'2.2%-(
*"-/0/51%$"-%@/;2,% $"%!/2#% WI*/#)2Y%?3"% *"".4-(9(%(%!/2#% "1% #3
(3)2*/$($% 4()*/(*'(-% $21$"% "-% I*/#)2% `"#G#% "#% '2.2% "-% @/;2% $"-
P($*"%"1%-(%D(1)(%M*/1/$($,%12%#3'3.8"%(%-(%V($*"%F()3*(%G1/C
'(."1)"%4(*(%*"#3'/)(*,%1/%)(.42'2%#"%#38-"A(%42-:)/'(."1)"%'21C
)*(% "-% P($*",% 1/% )(.42'2% #"% #2.")"% '2163'/(1(."1)"<
O1'21)*(.2#%"1)21'"#%?3"%V($*",%P($*"%"%B/;2%(8$/'(1%(1)"%-(
6*()"*1/$($%31/A"*#(-,%'2162*."%(% -(%'3(-%>(%12%@(>%'*/#)/(12%2
0*/"02,%"#'-(A2%2%-/8*",%@2.8*"%2%.3;"*,%'2.2%(6/*.(%D(1%P(8-2
"1%#3%O4:#)2-(% (% -2#%S+-()(#%^,[nC[a<%O#)"%@"*.(1(./"1)2%31/C
A"*#(-% ?3/"*"% /1#)(3*(*% 31(% '2.4*"1#/51% (''"#/8-"% $"-% $"#)/12
W4(0(12Y%>%(%-(%*(951%W-202#Y,%'2@"*.(1(1$2%(%-(%"#4"'/"%@3.(C
1(<%f*(1'/#'2%$"%=#:#%"#% -(% 6/03*(%*"-/0/2#(%?3"%$(%31(%('(8($(
/1)"*4*")('/51%$"-%I*/#)2% '2.2%B"*.(12,% "1%$21$"% `"#3'*/#)2
'2.4(*"'"% '2.2% "-% V"$/($2*% "1)*"% -2% 4()*/(*'(-C'"-"#)"% >% -2
.()*/(*'(-C)"**"#)*"<%P"*2%"-%I*/#)2%'()5-/'2%#/.85-/'(."1)"%"#%"-
@/;2%#('*/6/'/(-%$"%-(%!/2#(%V($*",%)(.8/&1%"."*0"%"1%2'(#/21"#
"-% 0*(1% @"*.(12% /1?3/#/$2*,% "#% $"'/*,% -(% D(1)(% B"*.(1$($% 2
p1?3/#/'/51% '2.2% "-% *"A"*#2% $".21:('2% $"-% @"*.(12% ."12*
6*(1'/#'(12<%E%28)/"1"%#3%631$(."1)2%@3.(1/#)(%$"-%-"0/51%$"
`"#G#%(%#3#%$/#':43-2#H
O-% 4#/'2(1(-/#)(% M@"2$2*% R"/h,% "1% #3% -/8*2% N\(% '*"('/51% $"% -(
.3;"*N%@('"%31%(1+-/#/#%$"-%./)2%?3"%"#% /.42*)(1)"%'212'"*% #/
12#%?3"*".2#%('"*'(*%(-%4"*#21(;"%$"%OA(<%O1%4*/."*%-30(*,%'(-/C
6/'(%R"/h%(-%./)2%$"%/.42#)3*(,%N31(%@/#)2*/(% /1)"1'/21(-."1)"
:;
$/#4(*()($(N<%N]1%"10(T2%4*"6(8*/'($2%"%/.43"#)2%(%-2#%12%/1/C
'/($2#N,%"%/1A/"*)"%-2#%)&*./12#H%F2%"#%OA(%?3/"1%1('"%$"%=$+1
#/12% (-% '21)*(*/2<% O-%.+#% "-"."1)(-% #"1)/$2% '2.G1%12#% /1$/'(
?3"%12%42$*:(%#"*%$"%2)*(%.(1"*(<%\(%/1A"*#/51%)/"1"%42*%28;")2
1"0(*%?3"%=$+1%"#%@/;2%$"%31(%S*(1%!/2#(,%'2.2%-2%63"*21%2)*2#
A(*21"#% .:)/'2#% )(-"#% '2.2% M(..39,% U#/*/#,% =)/#,% ")'<
p1A/*)/"1$2%"-%./)2,%#"%'21#/03"%#3."*0/*%"-%/1'"#)2%.($*"C@/;2%>
4"*./)/*% ?3"% "."*;(% "-% /1'"#)2% 4($*"C@/;(<% N<<<P2*% )(1)2,% 12% #"
)*()(%#2-(."1)"%$"%-(%@/#)2*/(%$"-%1('/./"1)2%$"%31(%@/;(,% #/12
)(.8/&1%$"-%/1'"#)2%'2.")/$2%'21%"--(%42*%"-%(1)"4(#($2%)*/8(-<N
E%)/"1"%)(.8/&1%*"4"*'3#/21"#%.(#'3-/1(#%#28*"%-(%N"1A/$/(%$"-
4(*)2N%NO-%./)2%$"%OA(%$/'"H%12#2)*2#,%-2#%A(*21"#,%)(.8/&1%42$"C
.2#%$(*%(%-39,%42$".2#%)(.8/&1%4*2'*"(*%@/;(#N<%NE%(-%4*"'"4)3(*
"#)"%)"#)/.21/2%*/$:'3-2,%"-%./)2%*"1/"0(%$"%-(#%.($*"#%?3"%?3/"C
*"1%'21#"*A(*%(%#3#%@/;2#%4(*(%#:%#28*"%-(%8(#"%$"-%@"'@2%/11"0(C
8-"%$"%@(8"*-2#%"10"1$*($2<N
O-%'/"1):6/'2% >%4#/'2(1(-/#)(%(-".+1%O*1#)%t2*1".(1,% '21% *"-(C
'/51%(-%./)2%$"%-(%'(:$(,%$/'"%"1%#3%28*(%N!(#%4()*/(*h()NH%N\2%?3"
-(%t/8-/(%$"#'*/8"%'2.2%"-%4"'($2%2*/0/1(-,%"#%"-%$"#'38*/./"1)2
$"-%E2%"1%)(1)2%?3"%"1)/$($%$/#)/1)(%$"%-(%'2.31/$($<%I21%-(
)2.(%$"%'21'/"1'/(%$"-%E2%(4(*"'"%-(%4*2@/8/'/51%$"-%/1'"#)2,%>
'21%"#)(%4*2@/8/'/51%1('"%"-%4"1#(./"1)2%8(;2%62*.(%$"%'()"02C
*:(#%@3.(1(#<%O1%"6"')2,%-(%/$"(%$"%?3"%@(>%(-03/"1%'21%?3/"1%12
#"%)/"1"%"-%$"*"'@2%$"%('24-(*#",%4*"#3421"%31(%'21'/"1'/(%$"-
E2%'21#/$"*(8-"."1)"%$"#(**2--($(H%-2#%(1/.(-"#%12%'212'"1%"-
)(8G% $"-% /1'"#)2<% =% 4(*)/*% $"-% .2."1)2% "1%?3"% #"%$"'/$"% ('2C
4-(*#"%'21%=%>%12%'21%t%#"%4(*)"%(%-(%@3.(1/$($%"1%$2#%'-(#"#,
;=
31(% #34"*/2*,% ?3"% "#% #"$3')2*(,% >% 2)*(% /16"*/2*,% )2'($(% 42*% "-
)(8G<%=#:% #21%43"#)2#%12% #5-2% -2#% 631$(."1)2#%$"% -(% ;"*(*?3:(
@3.(1(,%#/12%)(.8/&1%-2#%$"%-(%"74-2)('/51%$"-%@2.8*"%42*%"-
@2.8*"<N%WM<%!"%-(%=<,%$"%-(%A"*#/51%6*(1'"#(Y
Q/')2*/(%D(3%12#%$/'"%?3"%!aA.'$#['$7'5.'="-&5&64.'Q$+,$.['$5'C,"]=$,'#$,'Q*=.7&'=*9$,':'C&,'-.7-&'=.(,$'($'-&(.'5.'$#C$1"$'Q*=.]7.E'a5'5"+,&'($5'\`7$#"#'1&7-"$7$'(&#',$5.-&#'("#-"7-&#'($'5.'1,$.1">7($' 5.' =*9$,E' a7' $5' C,"=$,&['T(Y7' :' aA.' #&7' 1,$.(&#' #"=*5-Y7$.]=$7-$'C&,'!"&#E'a7'$5' #$6*7(&['T(Y7'$#'(&,="(&':'!"&#' 5$' $M-,.$*7.'1&#-"55.'($'5.'Z*$'7.1$'aA.EF.'("X*#">7'($5'="-&'($'T(Y7':'aA.['5&'1&7A"$,-$'$7'*7'C*7-&'15.A$($'5.#',$5.1"&7$#'Q&=+,$]=*9$,'$7'5.'1*5-*,.'&11"($7-.5E'L.'9*#-"X"]1.(&'(*,.7-$'#"65&#'$5'Q$1Q&'($'Z*$'5.'=*9$,'-"$7$'Z*$'&+$($1$,'.5A.,>7':'#$7-",#$'"7X$,"&,'.'`5['C*$#'X*$'Q$1Q.'.'"=.6$7'#*:.':'`5'$71.=+"&'1,$.(&'.'"=.6$7'($'!"&#E'L.'#"(&'*7'.,6*=$7-&'-.7'*-"5"]D.(&'.'-,.A`#'($'$#-&#'(&#'="5'.%&#['Z*$'-&(.A4.'$7'5.'.1-*.5"(.('5&#C.(,$#'($'5.'"65$#".'#$',$#"#-$7'.'.+.7(&7.,5&E'aA.'$#'1,$.(.'C&,'!"&#/'*7.'$7-"(.('#*C$,"&,'($'#"67&'=.#1*5"7&Ea7'$5'1.C4-*5&'J'($5'\`7$#"#['!"&#'$#'55.=.(&'a5&Q"='Z*$'#"67"X"1.bC5*,.5"(.('($'("&#$#b['5&'Z*$'$MC5"1.,4.'Z*$'.5'1,$.,'.5'Q&=+,$':'.5.'=*9$,'("9$,.'Z*$'X*$,&7'Q$1Q&#'.'7*$#-,.'#$=$9.7D.E'aA.'X*$'5.#$6*7(.'$#C&#.'($'T(Y7['5.'Z*$'!"&#'5$'&-&,6.'1*.7(&'F"5"-Q'5&'Q..+.7(&7.(&E'aA.'$#'$5'C,&-&-"C&'($'=*9$,'(&="7.(.['($#$.+5$'C.,.$5'&,($7'C.-,".,1.5/'$#C&#.'X"$5':'&+$("$7-$['=.(,$'=_5-"C5$':'#*X,"(.d$7'(&#'C.5.+,.#/'=*9$,'#&=$-"(.E'aA.['1&=&'#4=+&5&'($'($#-,*11">7[1&7-,"+*:$'.'5.'1.4(.'(`+"5['#$'($9.'-$7-.,'C&,'5.'#$,C"$7-$':'$7'#*
;<
($+"5"(.('.,,.#-,.'.'T(Y7':'5&'"7-,&(*1$'$7'$5'=*7(&'C&,'#*'1*5C./5.'=*$,-$':'$5'C$1.(&E'2$6*7(&7.['"7X$,"&,['(`+"5':'1*5C.+5$['1&7'$5="-&'($'aA.'5&#'C.(,$#'($'5.'"65$#".'1"$,,.7'5.#'$#C&#.#'Z*$'=.7-$7](,Y7'.-.(&#'($'C"$#':'=.7&#'.'5.'=*9$,':'.5'Q&=+,$'$7'.($5.7-$E2$6_7'$#-.'"7-$,C,$-.1">7['5.'1&71"$71".'($5'f&'&'=.(*,$D'C#4Z*"1.$#'.(Z*","(.'.7-$#'C&,'5.'=*9$,[':'#"'#$6*"=&#'$5'="-&'($'5.'1.4(.'Q.:(&#'=&=$7-&#/' $5' ($' 5.'.(Z*"#"1">7'($5' 1&7&1"="$7-&'C&,'C.,-$' ($aA.[' :' 1>=&' T(Y7' ,$1"+$' $#-$' 1&7&1"="$7-&' ($' $55.E' a#' ($1",[' 5.#=*9$,$#'("=&#'.'5*D'.'5&#'Q&=+,$#':'.($=Y#'5$#'-,.7#="-"=&#'$5'1&7&]1"="$7-&['5$#'("=&#'*7'1&7&1"="$7-&'Z*$'.(Z*","=&#'.7-$#E'<$,&'aA.#$'1&7A"$,-$'$7'#4=+&5&'($'5.'#$M*.5"(.('X$=$7"7.',$C,"="(.':'($'5.=.-$,7"(.('C*$#-.'.5'#$,A"1"&'($5'Q&=+,$E'F.'#$,C"$7-$'$#'*7.',$C,$]#$7-.1">7'($'5.'=*9$,'C,$C.-,".,1.5/'ba7'5.'X"6*,.'($'5.'#$,C"$7-$'.5#$M&'X$=$7"7&'#$'5$'1,$.'5.'1*5C.'($5'1&=$,1"&'#$M*.5'C,&Q"+"(&E'f'.#4#$'5$A.7-.'*7.'+.,,$,.'$7-,$'$5'#$M&'X$=$7"7&['#"=+&5"D.(&'C&,'5.'#$,]C"$7-$[' :' *7' #$M&' X$=$7"7&' ,$C,$#$7-.(&' C&,' aA.[' :.' #&=$-"(&' .5(&="7"&'($5'A.,>7E'a7'5.'"7-$,C,$-.1">7'C.-,".,1.5'aA.'7.1$'($'*7.1&#-"55.'($'T(Y7d'#*,6$'($'`5'1&=&'T-$7$.'($'5.'1.+$D.'($'l$*#E'<$,&5.'#$,C"$7-$'$#'=.5($1"(.':'.C.,$1$'1&7'5.'+&1.'.+"$,-.'.'=.7$,.'($A.6"7.'($7-.(.'1.#-,.7-$'Z*$'C&7$'$7'C$5"6,&'5.'$M"#-$71".'($'5.'1"A"]5"D.1">7[':'C&,'$55&'$#'9*#-&'Z*$'($+.'#$,'.7"Z*"5.(.b'
!/''/21(*/2%/$"2-50/'2%6"./1/#)(<
=-)"*(*21% -(%*"(-/$($%"1%"-%./)2%$"%=$+1%>%OA(,%>% )(.8/&1% -2#
A(-2*"#%()*/83/$2#%(% -2% 6"."1/12%$"0*($+1$2-2#% (% -(%'21$/'/51
$".21:('(%>%4*/A+1$212#%$"%-2#%A(-2*"#%?3"%12#%2)2*0(%-(%"1"*C
0:(%#(0*($(%6"."1/1(<%O#)2%#"%A"%"1%-(#%A2'"#%%$"%=.(921(,%!/2#(,
;%
\/-/)@% >%2)*(#H% -2% 6"."1/12%"#% *"4*"#"1)($2%42*%(1/.(-"#,% 4"*2
'21%'2112)('/21"#%$"#'(-/6/'(1)"#%?3"%"1%2)*2#%)/".42#%%43$/"C
*21%*"4*"#"1)(*%A(-2*"#%'3-)3*(-"#%/.42*)(1)"#<%P"*2%-2%?3"%12#
@(1%26*"'/$2%$3*(1)"%./-"1/2#%'2.2%)(8G"#,%12#%4"*./)"%A"*-2#
@2>%'(*0($2#%$"%.2$2%1"0()/A2<%
O-%)".(%?3"%(*03."1)(%-2%4*2@/8/$2%"1%-2#%)(8G"#%*"-/0/2#2#%#"
;390(%#3'/2%2%#(0*($2,%>%"-%)(8G%"#%/1)2'(8-"%@('/&1$2#"%4*"#"1)"
'21%-2#%4($*"#%$"%-(%/0-"#/(%?3"%-2%/.421"1%4(*(%4*2)"0"*#"%'21C
)*(%#3%42$"*<%=-0312#%$"%"--2#%"#)+1%4*2631$(."1)"%(**(/0($2#,
>%4"*;3$/'(1%#38'21#'/"1)"."1)"%-(#%*"-('/21"#%12%#"73(-"#%"1)*"
-(#%4"*#21(#<%M(8G%"#%-(%4*2@/8/'/51%$"%31%)".(,%4"*#21(%2%)/42
$"%'21$3')(<%O-%4+1/'2%(-%/1'"#)2%"#%31%'21$/'/21(./"1)2%?3"%-(
/1#)/)3'/51%'()5-/'(%@(% /1631$/$2,%>%(31?3"%-(#%$"6/1/'/21"#%$"
/1'"#)2%@(1%A(*/($2%.3'@2%(%-2%-(*02%$"%-(%@/#)2*/(,%"-%/1'"#)2%"#
"-% )(8G% 631$(."1)(-% 4(*(% /.4"$/*% 31/21"#% '21>30(-"#% "1)*"
4(*/"1)"#%?3"%"1%-(%(1)/0i"$($%$"%-2#%43"8-2#%.()*:#)/'2#%"*(%-(
8(#"% $"% )2$(% 2*0(1/9('/51% #2'/(-% 631$($(% '21% -(% *"'/4*2'/$($
"1)*"%0*342#%$/A"*#2#<%
!")"*./1($2#% )(8G"#% /1@/8"1% >% @(#)(% 4*"A/"1"1% 31(% *"-('/51
'(*/T2#(%>%#()/#6(')2*/(<%\2#%)".2*"#%>%-2#%)(8G"#%#38'21#'/"1)"#
)(.8/&1%28#)*3>"1%2% -/./)(1% -(%'2.31/'('/51%#28*"%"$3'('/51
#"73(-%>%(G1%-(%6*(1'(%$/#'3#/51%$"%(#31)2#%#"73(-"#%"1)*"%4($*"#
"% @/;2#<% !"% /03(-% .(1"*(,% -2#% )(8G"#% /1@/8"1% -(#% (./#)($"#% 12
#"73(-"#,% >% 4*"A/"1"1% ?3"% -2#% (6"')2#% 6(./-/(*"#% (-'(1'"1% #3
42)"1'/(-% )2)(-<% \(#% (4*"'/('/21"#% % .+#% 1"0()/A(#% $"% -2#% )(8G"#
#21,%42*%"7'"-"1'/(,%(8#3*$(#,%$"#'(8"--($(#%>%3#3(-."1)"%)/"1"1
"#'(#(%2%1/10G1%631$(."1)2%"1%-(%*"(-/$($<%
;,
O1%NB/#)2*/(%D"73(-%$"-%I*/#)/(1/#.2N,%#"%$"#)('(%?3"%O-%p.4"*/2
*2.(12% (4(*"1)(8(% #"*% A/8*(1)",% 4"*2% "#)(8(% '"$/"1$2% (% 31(
13"A(%*"-/0/51H%N"-%'*/#)/(1/#.2N<%R2.(%#"%4*"'/4/)5%(-%(-)*3/#.2
>%(-%(#'")/#.2<%
\2#% '*/#)/(12#% #"%4*"2'34(*21%.+#%?3"% 131'(%42*%"-% /1'"#)2% (
."$/$(% ?3"% '2.8():(1% '21)*(% -(% -3;3*/(,% ?3".(1$2% -2#% $"$2#
4(*(% *"#/#)/*% -(% )"1)('/51<%\"A"."1)"% #2#-(>($2,%"-% "*2)/#.2%$"-
/1'"#)2%'21#/#)"1)"."1)"%'*"'/5%$"1)*2%$"%-(%/0-"#/(<%O-%'-"*2%>%-2#
4(4(#%4*2'3*(8(1%-(#%4*2#)/)3)(#%>%"-%#"72%1"3*5)/'2<%=-*"$"$2*
$"-%#/0-2%ps,%"-%'*/#)/(1/#.2%$2./1(8(<%\(#%.3;"*"#%"*(1%4*24/"C
$($%$"-%#"72%.(#'3-/12<%\(%(*/#)2'*('/(%)"1:(%"-%$"*"'@2%1()3*(-
$"%#"'3"#)*(*%%(%'3(-?3/"*%.3;"*,%#/"1$2%6(./-/(*%2%12,%>%$"%A/2C
-(*%(%)2$(#%-(#%$"#42#($(#%$"%#3#%"#'-(A2#<%
P(*(%-(%/0-"#/(%'()5-/'(%"-%#"72%#/1%A(-2*"#,%@(#)(%"-%(83#2%#"73(-,%"-
#"72%#(-A(;"%>%A/2-"1)2%12%"*(%31(%(0*(A/2%1/%31(%26"1#(%#"*/(,%4"*2
"-%#"72%'21%A(-2*"#,%'21%02'",%"*(%31%0*(A"%4"'($2%?3"%#"%4"1(8(
'21%"7(0"*($2#%'(#)/02#<%=%)*(A&#%$"%-(%@/#)2*/(,%-2#%.()*/.21/2#
$"%/1'"#)2%"#4"'/(-."1)"%"1)*"%-(#%'-(#"#%028"*1(1)"#,%"*(1%('"4C
)($2#%>%"7)"1#(."1)"%4*(')/'($2#%"1%.3'@(#%'3-)3*(#<%=-031(#%$"
-(#%-">"#%.+#%/**('/21(-"#%$"%-2#%028/"*12#%?3"%A/2-(1%-2#%$"*"'@2#
/1$/A/$3(-"#,%'2.2%#21%-(#%-">"#%?3"%)*()(1%#28*"%"-%#"72<
B".2#%#/-"1'/($2%13"#)*(%A29%42*?3"%@".2#%#/$2%'21$"1($(#%(-
#/-"1'/2,%#2.2#%.3;"*"#%#/-"1'/($(#%>%12%#/-"1'/2#(#,%31(%'21$"1(
(% .3"*)"% 42*?3"% -(% 4(-(8*(WXaY "#% A/$(% >% 12% 12#% @(1% 4"*./)/$2
)"1"*%#/?3/"*(%1/%A29%1/%A2)2<<<%1/%(-031(#%'3(-/$($"#%?3"%12%)/"1"
"-% #"72% 243"#)2,% ?3"% 12% 43"$"% )"1"*-2#% >% 12#2)*(#% $"#4"*$/'/(C
.2#<%M2$2%-2%/1)3/)/A2%?3"%"#%.+#%(#"?3/8-"%(%-(#%.3;"*"#%?3"%(
;-
-2#%@2.8*"#,%63"%'21$"1($2J%?3"$5%2'3-)2%>%"1)"**($2<%B".2#
4"*$/$2% )2$(% 13"#)*(% @"*"1'/(H% -"103(,% "#4/*/)3(-/$($,% '2#)3.C
8*"#,%'*""1'/(#<%D5-2%12#%?3"$(1%31%'3"*42%>%31%(-.(%(%-(%/1)".C
4"*/",%/1"*."%(1)"%)2$(#%-(#%./*($(#<%!"#/#)/.2#%$"%83#'(*%(%13"#C
)*(#% (./0(#,% (% 13"#)*(#% @"*.(1(#J% )(-% A"9% 42*% )".2*% (% '21)".C
4-(*12#%"1%"--(#,%12#%"1'"**(.2#%"1%12#2)*(#%./#.(#,%@('/"1$2
.+#% 4*2631$(% >% "7('"*8($(% -(% '21'/"1'/(% '21% )2$2% -2% ?3"% 12#
#"4(*(%12#%(:#-(%2%12#%$/#)/103"%42*%31%4"12#2%#"1)/./"1)2%$"6"1C
#/A2%$"%13"#)*(%/1)/./$($%>%A/A/.2#%"1#/./#.($(#,%$3"T(#%$"%12
#"%#(8"%?3&%#"'*")2,%03(*$($2%42*%31(%(4(*/"1'/(<%E%13"#)*(%#2-"C
$($%(3."1)(%42*?3"%13"#)*2%$/#6*(9%12#%4*2)"0"%>,%(-%./#.2%)/".C
42,%12#%$"#)('(%>%(:#-(H%12#%2'3-)(%>%12#%"7@/8"<
\(% '-(A"% "#)+% "1% -(% $"#('*(-/9('/51% $"-% ./)2<% O1% #3% 4-"12% (30"
'2.4*28(.2#%"-%4*2'"#2%$"%(1/?3/-('/51%$"%13"#)*(%'3-)3*(%>%#3
$"'($"1'/(,%42*?3"%12#%@".2#%(-";($2%$"%13"#)*(%'3-)3*(%1()3C
*(-<%\(%'(4('/$($%?3"%42#""%31(%.3;"*%$"%#"*%42*)($2*(%$"%'3-)3C
*(,%$"%'2.4*"1$"*%-(%'3-)3*(%>%28*(*%4(*(%"--(,%$"4"1$"%$"%13"#C
)*(%'(4('/$($%$"%#"*%(-%./#.2%)/".42%4"1#($2*(%>%31%#"*%-/8*"<%\(
-/8"*)($%.()"*/(-%>%"#4/*/)3(-%#"%"1'3"1)*(1%:1)/.(."1)"%31/$(#<
\(%'3-)3*(%4*"#3421"%?3"%-(%-/8"*)($%#2-(."1)"%43"$"%#"*%'21'"C
8/$(%>%*"(-/9($(%42*%31(%."1)"%-/8*"<%P"*2%@".2#%$"#(4*2A"'@($2
)(1)2% -(% -/8"*)($% '2.2% -(% (4)/)3$% $"% 4"1#(./"1)2<% !"#43&#% $"
.3'@2#%#/0-2#%"#(%($?3/#/'/51%@(%/$2%/.4*"01(1$2%-(%'(#/%)2)(-/C
$($%$"%-2#%4(:#"#%"1%-2#%?3",%$"%31(%62*.(%.+#%2%."12#%$/*"')(
"%/1."$/()(,%"-%'*/#)/(1/#.2%@(%$";($2%#"1)/*%#3%/16-3;2<
P"*2%K?3&%$")"*./1(%13"#)*(%'3-)3*(L%N-(#%4(-(8*(#N,%-(#%4(-(8*(#
$")"*./1(1%13"#)*(%'3-)3*(%>%-(%"#'*/)3*(%-(%(6/(19(%'2162*.(1C
;1
$2%"-%4(4"-%(%.2$2%$"%.".2*/(%(1)/03(<%B(>%'3-)3*(#%'/A/-/9($(#
?3"%12%'21#/$"*(8(1%2%12%'21#/$"*(1%(-%@2.8*"%$"%62*.(%*2)31C
$(% >% 31/A"*#(-% >% "#)2% -2% $")"*./1(% -(% "#'(#"9% $"% $")"*./1($2#
A2'(8-2#%42*%";".4-2H%"-%"?3/A(-"1)"%(-%$"%N4"*#21(N<%\2#%0*"'2C
**2.(12#%$"%-(%"*(%'-+#/'(,%".4-"(8(1%"-%)&*./12%4*5#2421,%31(
$"%-(#%63"1)"#%$"-%#/01/6/'($2%$"%4"*#21(,%4(*(%*"6"*/*#"%(-%*2#)*2
@3.(12,%4"*2%)(.8/&1%(-%(#4"')2%?3"%26*"':(1%-(%6(9%$"%(-0312#
(1/.(-"#%2%-(%./#.(%\31(<
P(*(%'2."19(*%(%/1)3/*%"#)(%*"A2-3'/51,%@(>%?3"%)*("*%(%-(%."1)"%"-
)&*./12%N4"*#21(N%?3"%#"0G1%*"'212'"%B"0"-%2%g/"*h"0((*$%>%2)*2#
(3)2*"#,%-(%A29%N4"*#21(N%@('"%#3%"1)*($(%#2-".1"%"1%-(%@/#)2*/(%'21
-(%--"0($(%$"-%'*/#)/(1/#.2<%D2-2%$"#$"%"#"%.2."1)2%'2./"19(%(%3)/C
-/9(*#"%'24/2#(."1)"%>%'21%31(%#/01/6/'('/51%$"'/$/$(."1)"%42#/)/C
A(% >% "1#(-9($2*(H% ;3#)2,% 42*?3"% "1)21'"#% #"% )2.(% '21'/"1'/(% $"-
A(-2*%"7'"-#2%$"%)2$2#%>%'($(%312%$"%-2#%#"*"#%@3.(12#%42*%"-%."*2
@"'@2% $"% #"*-2,% '21% /1$"4"1$"1'/(% $"% '3(-?3/"*% 2)*(% '21#/$"*(C
'/51<%\(%".4-"(.2#%.3>%(%."13$2%$"%62*.(%"1&*0/'(%>%(42-20:#C
)/'2H%4(*(%$"#)('(*%-(%0*(1$"9(%2%$"6"1$"*%-2#%$"*"'@2#%$"%(?3"-%(
?3/"1%12#%*"6"*/.2#<%E,%(#:,%(1)"%#/)3('/21"#%-"#/A(#%4(*(%(-0G1%#"*
@3.(12%2%4(*(%31%'21;31)2%$"%"--2#,%12%"#%/1#5-/)2%3)/-/9(*%'21#/C
$"*('/21"#%$"-%)/42H%NF2%#21%(1/.(-"#%2%'2#(#,%eD21%4"*#21(#WXlYdN<
!"#'"1$/"1$2%(%31%$")(--"%'21'*")2,%"-%@"'@2%$"%?3"%31%$")"*./C
1($2%0*342%'3-)3*(-%12%$/#4210(%$"%31%)&*./12%"?3/A(-"1)"%(-%'(#C
)"--(12%N4"*#21(N,%'21%"-%?3"%"74*"#(*%-(%A(-:(%$"%-2#%#"*"#%@3.(C
12#,%*"#3-)(%#3.(."1)"%#/01/6/'()/A2H%/1$/'(%?3"%6(-)(%-(%'21'/"1C
'/(%"1%0"1"*(-%$"%-(%$/#)(1'/(%/1#34"*(8-"%?3"%"7/#)"%"1)*"%-2#%@2.C
8*"#%>%-2#%(1/.(-"#,%-(#%4-(1)(#,%-(#%*"(-/$($"#%/1"*)"#%2%(*)/6/'/(-"#<%
;2
\(%.(>2*:(%.+#%#/01/6/'()/A(%$"%-(#%'/A/-/9('/21"#%4*"#"1)"#%*"'2C
12'"%>%(6/*.(%"1%)"2*:(%-(%$/01/$($%$"%-(%4"*#21(%>,%42*%"1$",%#3
'(*+')"*%/1)(10/8-"%"%/1A/2-(8-"<%I3(1$2%#"%4*")"1$"%N-"0/)/.(*N
'3(-?3/"*%)/42%$"%()"1)($2%'21)*(%"-%#"*%@3.(12%12%?3"$(%.+#
*"."$/2%?3"%1"0(*-2%)"5*/'(%2%/1'-3#2%;3*:$/'(."1)"%"1%#3%'21C
$/'/51%4"*#21(-<%
M(-%"#%"-%42$"*%"A2'($2*,%)*(1#62*.($2*%>%#2'/(-/9($2*%$"%-(#%4(-(C
8*(#%>%$"%-(#%"7/0"1'/(#%2%'2112)('/21"#%31/$(#%(-%)&*./12,%4*2C
$3'/*%-50/'(#%$"%'2.42*)(./"1)2%'21%31%63"*)"%42$"*%"A2'($2*
>%*"4*2$3')2*%?3"%-3"02%#"%'21A/"*)"%"1%31%)*(1#62*.($2*%#2'/(-<
I21% *"-('/51% (% 12#2)*(#% ./#.(#% "7/#)"% -(% 28-/0('/51% $"% #(-A(C
03(*$(*%>%@('"*%'*"'"*%-(%4*24/(%$/01/$($%4"*#21(-,%D/%12%"#%(#:,
12#%$"6*(3$(.2#%(%12#2)*(#%./#.(#%>,%"1%631'/51%$"%-(%#2-/$(*/C
$($%?3"%12#%-/0(,%(%)2$(%13"#)*(%"#4"'/"<%O#)"%$2./1/2%"1)*(T(
-(%'(4('/$($%>%"-%$"8"*%$"%(82*$(*%0*(1$"#%)(*"(#,%$"%'21'"8/*%%>
28)"1"*%/$"(-"#%128-"#,%$"%4*2$3'/*%31%0/*2%(%-(%4*24/(%"7/#)"1'/(
"1%)2*12%(%N(-02N%?3"%(3)&1)/'(."1)"%(#4/*".2#%128-"."1)"J%$"
-2%'21)*(*/2,%12#%4*"'/4/)(.2#%(%*/"#02%$"%6*3#)*(*12#%>%#"*%/16"C
-/'"#<%E%12%@".2#%A"1/$2%(%421"*%$"%.2$(%-(%6*3#)*('/51,%1/%"-
6*('(#2,%@".2#%A"1/$2%(%(4*"@"1$"*<
M"1".2#%-(%28-/0('/51%$"%$"#(**2--(*%13"#)*(#%'(4('/$($"#%@(#)(
$(*%$"%12#2)*(#% '3(1)2%"#)&% "1%13"#)*(#%.(12#J%1/%12#2)*(#%1/
1/10G1%2)*2%42$*:(%;(.+#%/.4"$/*%2%421"*%)*(8(#%4(*(%?3"%*"(-/C
'".2#%)2$2%(?3"--2%?3"%12#%4"*./)(%'3.4-/*%'21%"#"%$"8"*%"1
A/*)3$% $"-% #"*% 4"*#21(-% ?3"% $")"1)(.2#% >% (-% ?3"% 12% $"8".2#
#/-"1'/(*H%P2*?3"%"#)"%*"#4")2%12#%42#/'/21(%(1)"%'3(-?3/"*%()"1C
)($2%'21)*(%-(%A/$(,%*"#4")2%>%A"1"*('/51%(-%#"*%4*24/2%>%(;"12%"1
;9
)2$(#%#3#%$/."1#/21"#,%/1'-3/$(#%-(#%'2*45*"(#,%42*?3"%"-%'3"*42
@3.(12%"#%4"*#21(-%(31?3"%12%#"%$/0(<
c3&%4(#(%"1)21'"#%'21%-(%A"1"*('/51%>%-(%*"A"*"1'/(H%#"%$/*/0"1
$"%.2$2%.+#%4*/A()/A2%(%-(#%4"*#21(#<%O1%"#)(%-:1"(,%-2#%$/''/2C
1(*/2#%.+#% '2**/"1)"#% (6/*.(1%?3"%A"1"*(*% "?3/A(-"% (% N*"#4")(*
"1%#3.2%0*($2%(%31(%4"*#21(%42*%#3%#(1)/$($,%$/01/$($%2%0*(1C
$"#% A/*)3$"#,% 2% (% 31(% '2#(% 42*% -2% ?3"% *"4*"#"1)(% 2% *"'3"*$(N<
I21#/$"*(1% #/151/.2#% NA"1"*(*N% >% N*"A"*"1'/(*N,% >% -2#% $"6/1"1
'2.2% N#"1)/*% >%.2#)*(*% *"#4")2% >%$"A2'/51%42*%31(%4"*#21(,%2
42*%(-02%?3"%"#%#3>2%>%-(%*"'3"*$(N<%
=$A"*)/.2#%"1)21'"#%'5.2%$"#$"%31(%$28-"%4"*#4"')/A(,%-(%$"-
#/.4-"%(-'(1'"%$"%-(%A29%>%-(%$"%-(%*"4*"#"1)('/51%)"()*(-%2%$"-
*/)2,% -2#% )&*./12#% #"% 43"$"1% ".4(*"1)(*% "1% #3% 2*/0"1% '21% -(
12'/51%$"%-2%4*2./1"1)"%2%*"-"A(1)",%?3"%"#%#/1%$3$(%"-%#/01/C
6/'($2%2%-(%"A2'('/51%?3"%4*"A(-"'"*+%(%-2%-(*02%$"%)2$(%-(%@/#C
)2*/(<
D/%"#)3$/(.2#%-(#%'3-)3*(#%/1$/A/$3(-"#,%#/%4*2631$/9(.2#%"1%-(#
/1)"1'/21"#%.2*(-"#%2%/1.2*(-"#%?3"%@(1%'*"($2% -2#%$/6"*"1)"#
'3-)2#,%A"*".2#%?3&%@(%#/01/6/'($2%"-%(3)&1)/'2%0"*."1%A/)(-%$"-
?3"%@(%8*2)($2%"#)(%"1*"$($"*(<%E%4(*(%('-(*(*%$"%?3&%.2$2%-2#
4($*"#%$"% -(% /0-"#/(%*"(-/9(*21%"#)(#%(6/*.('/21"#,% "#% /1)"-/0"1)"
'2."19(*%(%4*"031)(*#"H%K(%?3&%.2*(-%*"#421$"1%>%($51$"%?3/"C
*"1%--"0(*L<%B(1%$"8/-/)($2%4*20*"#/A(."1)"%(% )*(A&#%$"%-(%4*2#C
'*/4'/51%2%-(%4*2@/8/'/51%'21%4(-(8*(#,%@(1%'21#)*3/$2%31(%'3-C
)3*(%'*3"-%>%-(%@(1%'/."1)($2%(%)*(A&#%$"-%-"103(;"J%1"0(1$2%-(
$/A"*#/$($%$"%-(#%'3-)3*(#,%13"#)*(%"#4/*/)3(-/$($,%-(%/.42*)(1'/(
$"%"74*"#/21"#%$"%-(%1()3*(-"9(%>%"-%(.2*<
;:
]1%42#)3-($2%631$(."1)(-%"#%"-%'212'/./"1)2%$"%-(%-"103(%$"-
0*342%@3.(12<%O#%31%@"'@2%'21#)()($2%?3"%-(#%'3-)3*(#%$"%$/6"C
*"1)"#% #2'/"$($"#% 2% '2.31/$($"#% @3.(1(#% $"% (-031(% .(1"*(
A3"-A"1%(%421"*#"%"1%'21)(')2,%>%-2#%631$(."1)2#%$"%31(%'21#/C
03"1%$/631$/*#"%>%#"*%('"4)($2#%42*%-(%2)*(<%
F3"#)*(% '3-)3*(,% 2#)"1)2#(."1)"% $".2'*+)/'(,% 4*2421"% % 31(
./)2-20:(%8(#($(%"1%-(%$/A/1/9('/51%$"-%$/1"*2%'2.2%A"*$($%(8#C
)*(')(<%O1%"-%'(4/)(-/#.2,%?3"%@(%#/$2%2*($($2%42*%"-%#"1)/$2%$"
-/8"*)($J%/.4-/'(%"-%-/8"*(-/#.2%"'215./'2%>%%31(%*"4*"#"1)('/51
'-(*(%$"%#3%*/)3(-%"#%"-%6G)82-,%(*03."1)2%$"-%-/8*"%;3"02%/1$/A/C
$3(-%>%(%)*(A&#%$"-%42$"*%/1$/A/$3(-%$"-%$/1"*2<
\(%)*(1#62*.('/51%#"% *"(-/9(%"1%"-% -"103(;",%>% #"%4(*)"%$"#$"%"-
./)2%"74*"#(1$2%4*/1'/4/2#%>%A(-2*"#,%"-%03#)2%42*%-2%#38-/.",%-(
"#)&)/'(%$"-%#3"T2%>%-(%-/8"*('/51%42*%."$/2%$"%-(%4(-(8*(<%
E% "1% "#)"% '21)"7)2% -(% ")/.2-20:(% '21#)/)3>"% 31(% (>3$(% A(-/2#(
4(*(%12#2)*(#J%#/%(8*/.2#%4*3$"1)"."1)"%-(%'38/"*)(%4*2)"')2*(
$"%-(#%4(-(8*(#,%42$".2#%A"*%?3&%12#%*"A"-(1,%>%?3&%$"#"1)*(T(1
>%$"#A"-(1%(-02%.+#<%F2#%$(.2#%'3"1)(%$"%?3"%-"103(#%'2.2%"-
-():1%2%"-%0*/"02%4*242*'/21(1%31(%"7)*(2*$/1(*/(%'2@"#/51,%>%12
"#%42*%'(#3(-/$($%?3"%4(-(8*(#%$"%31(%./#.(%*(:9%"#)&1%'21'()"C
1($(#% "1)*"% #:J% 1/% )(.42'2% ?3"% -2#% $/6"*"1)"#% #"1)/$2#% $"% 31(
./#.(% 4(-(8*(,% ?3"% (4(*"'"% $/#/.3-($(."1)"% $/#)/1)(% "% /1$"C
4"1$/"1)"%"#)&1%A/1'3-($2#,%"#%$"'/*,%'21A"*;"1%@('/(%31(%./#.(
/1)"*4*")('/51<%\(#%4(-(8*(#,%"A/$"1)"."1)",%)/"1"1%31(%#/01/6/C
'('/51%4*2631$(%>%#21,%(%.2$2%$"%-(#%6/03*(#%?3"%12#%.3"#)*(,
31%'(-/$2#'24/2J%$/#)/1)2#%*(#02#%?3"%12#%.3"#)*(1%(4(*/"1'/(#%>
(#4"')2#%%$"%31(%./#.(%*"(-/$($<
;;
\(%(4*"'/('/51%?3"%-(%./)2-20:(%@('"%"#%31(%4(*)/'/4('/51%.")(C
65*/'(%"%/.(0/1(*/(%$"%-(%*"(-/$($%4#/'2#2'/(-,%)*(8(;(%(%.2$2%$"
31/51%$"%#3#%*34)3*(#%2%'21)*($/''/21"#%"1%31%-"103(;"%#2'*+)/C
'2<%\(#%./)2-20:(#%?3"%'21#)*3>"1%-(#%#2'/"$($"#%)*()(1%$"%'3*(*
2%*"#'()(*%-(%*"(-/$($%$"%#3%#/1#"1)/$2,%4*242*'/21+1$2-"%31%#"1C
)/$2%(%)*(A&#%$"%31(%2*0(1/9('/51%#/.85-/'(<%P2*%"#2%-(%./)2-20:(
'3-)3*(-%)/"1"%31%'(*/9%#(-A($2*,%28-('/21/#)(,%*"$"1)2*%2%*"-/0/2C
#2%42*% '3(1)2% -(%.")+62*(% 631'/21(%'2.2% )*(1#62*.($2*%$"% -(
*"(-/$($%"1%/$"(-/$($<
O12*."%"#%"-%42$"*%$"%-2#%12.8*"#,%>%"#%12)(8-"%?3"%-2#%4*/."C
*2#%@2.8*"#%@(>(1%#/$2%"$3'($2#%42*%-2#%V("#)*2#%$/A/12#%"1%#3
3#2<%\(#%-")*(#%63"*21%(#/./-($(#%#/.85-/'(."1)"%$"%-2#%"-"."1C
)2#% $"-% '2#.2#J% @"*"$(1$2% -(#% /16-3"1'/(#% "1'38/"*)(#% ?3"% -(
$/A/1(%D(8/$3*:(% (#/015%(%#3#% '2.421"1)"#,%"#)2%"#%(-% -"103(;"
?3"%@2>%3)/-/9(.2#%#28*"%)2$2%"1%-(%"#4"'3-('/51%?3"%#"%-"%()*/C
83>"%(%$")"*./1($2#%(-6(8")2#%%?3"%42#""1%31%2*/0"1%.+0/'2%(-
(#/01(*%12.8*"#<%O#)2%#"%--(.(%N0".()*:(N% W[bY 2 N/#24#"6/(NW[XY,%>
"#)2>%'21A"1'/$(%$"%?3"%?3/"*"%$"'/*12#%(-02<%\(#%4(-(8*(#,%-2#
12.8*"#%>%"-%".4-"2%'2**/"1)"%?3"%#"%@('"%$"%"--2#%2%$"%#3#%$"#C
A/('/21"#,% #21% 83#'($2#% >% #"-"''/21($(#% 42*% #3% #3#)(1'/(% >,% (-
)/".42% $"% ."1'/21(*-(#,% #21% '(-/6/'($(#% '2.2% (62*)31($(#% 2
12'/A(#,%.(-/01(#%2%#(-3$(8-"#,%>%-(#%%$"6/1"%"-%3#2%?3"%#"%@('"%$"
"--(#<%!"%@"'@2%"-%4#/'2(1+-/#/#%A"%"1%"--(#%0*(1$"#%."$/($2*(#%$"
-(%'21'/"1'/(,%.+#%(--+%$"%#3%631'/51%*('/21(-<%
P*2131'/(*%31%12.8*"%12%#5-2%"#%$"6/1/*%31%#"*,%31(%"1)/$($,
#/12%)(.8/&1%#/)3(*%>%42#/'/21(*%"1%A/*)3$%$"%-(%/**($/('/51%%$"
-(%4(-(8*(,%2%-(%"-/4#/#%$"%-(%4(-(8*(,%8(;2%-(%/16-3"1'/(%$"%31(%2
<==
.+#%42)"1'/(#%2'3-)(#<%\(%(3#"1'/(%$"% -(%!/2#(%"1% -(#% #(0*($(#
"#'*/)3*(#,% "-% $/#'3*#2% "-:4)/'2% ?3"% @".2#% @"*"$($2,% #/01/6/'5
$";(*12#%@3&*6(1(#%$"%.($*",% ('&6(-(#%>%$"#(.4(*($(#%$"%'3(-C
?3/"*%42$"*%$/A/12<%E%"#2%-2%'21#)*3>"*21%31%./)2%>%31%-"103(C
;"%?3"%82**(*21%'3(1)2%)3A/"*(%?3"%A"*%'21%"--2<%\(%$/'2)2.:(
24*"#2*(%$"-%83"12%6*"1)"%(-%.(-2%"#%28#2-")(,%#2%4"1(%$"%#"03/*
"#?3/92/$"."1)"%$/A/$/$(#%>%"16*"1)($(#%($".+#%$"%'2-(82*(*%>
('(8(*%'21%-(%"#4"'/"%"1%13"#)*2%4-(1")(<%
F"'"#/)(.2#%31(%*"CA/#/51%$"-%.31$2%"#4/*/)3(-,%*"-/0/2#2,%&)/'2
>%42-:)/'2%?3"%@(%#/$2%"-(82*($(%"1%8(#"%(%-(%$3(-/$($%$"%"#"1C
'/(#%'21)*(*/(#,%(#:%'2.2%'*"(*%13"A(#%62*.(#%$"%'2C/.4-(1)(*%-(
$3(-/$($%$"%"#)(#%"#"1'/(#<%D2.2#%31(%31/$($%#(0*($(%>%1"'"#/C
)(.2#% $"% "#)(#% "1"*0:(#,% 1"'"#/)(.2#% ('"4)(*-(#% >% 2*/"1)(*-(#
'2.2%-/8"*($2*(#,%#(-A($2*(#,%'2.4-"."1)(*/(#%"1%#3%62*)(-"9(%>
#(8/$3*:(,% >% 12% '2.2% '21$"1($2*(#% $"-% .(-,% -(% /1)"*4*")('/51
$"-%.(-%'2.2%28#)+'3-2,%%*34)3*(,%"16"*."$($,%6(--(%2%'21$"1(
?3"%'(8"%'3*(*%2%#(1(*<%I21%"#)(%13"A(%'21'"4'/51%*"'28*(.2#
"-%4-(1)"(./"1)2%"#4/*/)3(-%$"%31/$($%#(0*($(,%>%12%$"%.3;"*"#
$/A/$/$(#%'21%31%'(*/9%)"*(4&3)/'2%4"*$/$2%?3"%".4(-.(%'21%)*(C
$/'/21"#% >20@/#,% '@(.+1/'(#,% 015#)/'(#,% 6/-2#56/'2C#(4/"1'/(-"#,
4#/'2)&'1/'(#,%."$/'/1(-"#%2%#/.4-"."1)"%"#4/*/)3(-"#<%E%"#)2%-2
@('".2#%."$/(1)"%"-%$/+-202%(8/"*)2%4(*(%-(%-/8"*('/51%.:)/'(%>
#/.85-/'(%/1)"*"#+1$212#%"1%-(%/1)"*4*")('/51%$"%)"7)2#%4(*(%-(
6/;('/51%$"-%#"1)/$2,%"1%"#4"'/(-%$"-%#"1)/$2%#(0*($2%6/-2#56/'2%>
'3-)3*(-<%O-%/$/2.(%12%"#%$"%)2$2#%.2$2#%"-%G1/'2%#242*)",%2%"-
2*/0"1%31:A2'2%>%4*"'/#2%4(*(%"#)(8-"'"*%#/01/6/'($2#<%D/%)"1".2#
"1%'3"1)(%-(%$/A"*#/$($%$"%-(#%-"103(#,%42$".2#%/16"*/*%?3"%42$"C
<=<
.2#%#(-/*%63"*(%$"%"--(#,%"%/*%N(%-(#%'2#(#%./#.(#N%4(*(%42$"*%'2)"C
;(*-(#<%
\(%/1.(1"1'/(%'21%-(%1()3*(-"9(%12%#/01/6/'(%-(%1"0('/51%$"%-(
)*(#'"1$"1'/(,%#"%)*()(%$"%31(%)*(#'"1$"1'/(%"A2-3)/A(,%12%@('/(
(**/8(% "1% 31(% #38-/.('/51% "1(;"1(1)"% "% /1(-'(19(8-"% @('/(% -2
(-)2<%\(%)*(#'"1$"1'/(%?3"%".(1(%$"%-(%/1.(1"1'/(%"#%31(%)*(#C
'"1$"1'/(%@('/(%($"-(1)"%>%@('/(%(**/8(,%'"*'(1(%>%*"(-/9(8-"<
\(%6/03*(%$"-%@&*2",%?3"%"1'(*1(%"-%.2$"-2%.(#'3-/12%42*%"7'"C
-"1'/(%"1%13"#)*(%'/A/-/9('/51%4()*/(*'(-,%@(%"**($2%"-%'(./12<%\(
-50/'(%$3(-/#)(%$"-%P()*/(*'($2%"#%-(%?3"%#"4(*5%"1%$2#%-2#%(*?3"C
)/42#%$"%-(%!/2#(<%\(%?3"%63"%'21$"1($(%(%-(%2#'3*/$($,%>%%$/6(C
.($(% $"% .(-$/)(,% )(.8/&1% 63"% )*(1#62*.($(% "1% 6/03*(#% .21#C
)*32#(#%?3"%-2#%@&*2"#%#"%$"$/'(*21%(%'2.8()/*<%\(#%'"1/9(#%$"-
.2$"-2%2*/0/1(-%$"%-(%!/2#(,%63"*21%%*"'21#)*3/$(#%'21%/.+0"1"#
?3"%#"%($"'3(*21%(-%$"#)/12%/.43"#)2%4(*(%-(#%.3;"*"#%?3"%A/A"1
"1%31(%'3-)3*(%$"%$2./1/2%.(#'3-/12H%.($*",%"#42#(,%4*2#)/)3)(
>%A/*0"1<
B(%@(8/$2%(831$(1)"%./#20/1/(W[[Y (%-2%-(*02%$"%-(%@/#)2*/(,%>%0*(1
4(*)"%$"%-(%#2'/"$($%(G1%"#)(%/.4*"01($(%"1%-(#%*"-/0/21"#,%"1%-(#
#2'/"$($"#,% "1% -(#% '/"1'/(#% >% "1% -(% 6/-2#26:(<% \2#% ./#50/12#% @(1
)2.($2%$/#)(1'/(%$"%-(%.3;"*%>%@(1%?3"*/$2%$3-'/6/'(*%"#(%(')/)3$
."1$/(1)"% (-3#/21"#% #(*'+#)/'(#% >% '2."1)(*/2#% .2*$('"#,% .+#% 2
."12#% /10"1/2#2#% 2% #2'(**21"#,% D(1% =03#):1,% D(1)2% M2.+#,
P-()51,% F/")9#'@",% D(1% P(8-2,% D'@24"1@(3"*,% =*/#)5)"-"#,
P/)+02*(#,% f*"3$,% O*(#.2,% c3"A"$2,% V2-/"*",% Q2-)(/*",% S2")@",
D)"1$@(-,% 2% t(-9('<% \2% ?3"% 6/"-."1)"% *"6-";(% "#)(% /03(-$($,% "#)(
#".";(19(J%"#%"-%#"'*")2%?3"%#"%*"#"*A(1%"1%)2*12%(%-(%/1@/8/'/51
<=%
#"73(-%?3"%@(1%4*2.2A/$2%4(*(%12#2)*(#<%P"*2%"-%./#)"*/2%#"%$"#C
A(1"'"% #/% *"'212'".2#% -(% 4(*)/'/4('/51% $"% 6(')2*"#% '2@/8/)/A2#
13."*2#2#,%028"*1($2#%42*%"-%$"#4*"'/2%(%-(%.3;"*,%N-(%./#20/1/(
/**"$"1)(W[^YN<
\(%6/03*(%'21#)*3/$(%$"-%t3$(,%'2.2%4*2)2)/42%31/A"*#(-,%-2%?3"
.3"#)*(J% "#% "-% (*?3")/42% $"% 31(% N'2."$/(% 2% .(#'(*($(N% $"% -(
A(1/$($%.(#'3-/1(,%'(*/'()3*(%$"-%'21?3/#)($2*%'21%31(% /16/1/C
$($%$"%"#42#(#%"1%-(%?3"%#3%#"$3''/51%12%N(103#)/(N%(%-(#%.3;"C
*"#% >% )2$(% #3% 4"$(1)"*:(% #"% '/6*(% "1% 28)"1"*-(#,% $")"1)(*-(#% "
/1'2*42*(*-(#%"1% -(% N-/#)(N%>%'21)/13(*% -(%4"#?3/#(<%D3%4*"#"1)(C
'/51% "#)+% #34"$/)($(% (% $2#% *"?3/#/)2#% /1$/#4"1#(8-"#H% 42*% 31
-($2,% 31(% #2'/"$($% $"'(1)($(."1)"% .('@/#)(,% "1% '3>2% .(*'2
#"73(-%"-%@2.8*"%"#%"-%4-(>%82>,%#"$3')2*,%0(-+1%>%-(%.3;"*%-(%'21C
?3/#)($(<%E%42*%2)*2%-($2,%)/"1"%?3"%@(8"*%31(%.3;"*%$"%)/42%'+1C
$/$(%>%43*/)(1(%(-%"7)"*/2*,%>%(**"8()($(%$"%'+-/$2#%$"#"2#%"1%#3
/1)"*/2*<%O#)(%/.(0"1%"#)+%.3>%(-";($(%$"%-(%63#/51%31/A"*#(-%$"-
]12<%P"*2%'2.2%2'3**"%"1%-2#%./)2#%)*($/'/21(-"#%'28*(%'(*+')"*
$"%./)2%31/A"*#(-,%>%"1%"-%/1)"1)2%$"%"74-/'(*%-2%/1"74-/'(8-"%$"
-2% /1(-'(19(8-"%$"-%(.2*%>%$"-%$"#"2,%('(8(%6*('(#(1$2%>% )*24"C
9(1$2% '21% -(% '3-./1('/51% $"% #3% $"#/01/2<% O1% % 31(% '3-)3*(
4()*/(*'2"#4/*/)3(-,%)2$(%.3;"*%"#%31%$"#(6:2%>%&#)(%"#%31(%.(1"C
*(%"1%-(%?3"%"-%A(*51%$".3"#)*(%#3%4*"#)/0/2%>%42$"*%>%3#(%)2$2
#3%42$"*%"#4/*/)3(-%4(*(%28)"1"*%(%-(#%.3;"*"#%?3"%$"#"(%6*"1)"%(
-2#%@2.8*"#<%O#)"% '2.42*)(./"1)2%4*2A2'(%($./*('/51%>% "1A/C
$/(,% >% )(.8/&1% #3#'/)(% #"1)/./"1)2#% $"1/0*(1)"#% >% @3./--(1)"#
#28*"% -(% '21'/"1'/(% $"% '3(-?3/"*% @2.8*"% >% "1'(*1(% (-% N!21
`3(1N,%./)2%"./1"1)"."1)"%4*24/2%$"-%N0&1"*2%.(#'3-/12%#/103C
<=,
-(*N,% ?3"% 12#2)*(#% 42)"1'/(.2#% '21A/*)/&1$2-2% "1% 31% N./)2
6"."1/12N,%A('/-(1)"#%>%@"'@/9($(#,%#/".4*"%-/#)(#%(%)*(1#/0/*%(%-(
/16-3"1'/(%$"-%'21?3/#)($2*<
S2")@"%)/"1"%-(%A/#/51%$"%?3"%"-%@2.8*"%#"%43"$"%#(-A(*,N#(-/"1C
$2%$"%0*(A"#%'2163#/21"#N<%O-%"#'*/8/5%"1%31(%'(*)(%(%#3%(./02
O'h"*.(11,%'3(1$2%#3%8G#?3"$(%#"%A3"-A"%@('/(%(?3"--(#%!/2#(#
4"*$/$(#H%Nc3/"1%#"%(A"1)3*5%(%--"0(*%@(#)(%-(#%V($*"#%12%)/"1"
1($(% >(% ?3"% A"1'"*<% E% "1% "-% Nf(3#)2N,% (-% /03(-% ?3"% "1% P(*#/6(-,
?3"$(%'(3)/A($2%42*%-(%*"/1(%?3"%--"A(%"-%S*/(-,%42*?3"%"-%S*/(-
#/".4*"%"#%42*)($2%42*%-(#%.3;"*"#<%
\(%4(-(8*(%'-(A"%$"% -(%"#'*/)3*(%"#%N*"'2*$(*N<%P-()51,%"1%f"$*2,
#2#)/"1"%?3"%N42*%-(%"#'*/)3*(%"-%@2.8*"%4/"*$"%-(%.".2*/(N%>%%-"
(#/01(%"-%*2-%$"%.".2*/(%"1%$21$"%-(%"#'*/)3*(%"#%31%3)"1#/--/2,
31(%4*5)"#/#%$"-%'"*"8*2,%31%(>3$(%.".2*/(,%>%"#%0*('/(#%(%"--(
?3"%12#%-/8*(%$"%)2$(%)(*"(%$"%(-.('"1(./"1)2<%P"*2%(%12#2)*(#
-2%?3"%12#%/1)"*"#(%"#%?3"%-(#%'2#)3.8*"#%$"%(?3"--(%A/$(%*".2)(
12%63"*21%(12)($(#%42*?3"%4(*"'"%?3"%4(*(%-2#%#3."*/2#%12%"*(
/.42*)(1)"%"#'*/8/*%-2%?3"%'21#)/)3>5%N-(%"#"1'/(%$"%#3%A/$(%'2)/C
$/(1(N%>(%?3"%-(%'212':(1%$"%.".2*/(%>%-(%"#'*/8:(1%4(*(%*"'2*C
$(*,%4"*2%(@2*(%12#2)*(#%1"'"#/)(.2#%$"%-(%"#'*/)3*(%$"%-2%/1)".C
42*(-,%$"-%A/(;"%"1%-(%.".2*/(%.:)/'(%$"-%.31$2,%$"-%*")2*12%(
-2#% (*?3")/42#% 631$(."1)(-"#<% M(-% "#% -(% /1)"1'/21(-/$($% -G'/$(
?3"%#2#)/"1"%13"#)*2%$"#"2%$"%31(%"$($%$2*($(%?3"%#5-2%4"*A/A"
"1%-(%42"#:(%>%"1%#3#%(-3#/21"#<%
R28"*)%S*(A"#% "74*"#(%?3"%(-% *"#/.82-/9(*% "-%./)2% '*"(.2#%31
13"A2%(.8/"1)"%:1)/.2,%>%A".2#%?3"%-(%3)/-/$($%2%631'/51%$"%-(
"#'*/)3*(%"#%-(%/1A2'('/51%*"-/0/2#(%$"%-(%/1#4/*('/51,%'3>2%%/1)"C
<=-
*&#%"#%-(%"74"*/"1'/(%$"%"-"A('/51%>%'21#)"*1('/51%?3",%(31($2#
>%"1%4*"#"1'/(,%"7'/)(1<%
F2#%$/'"H% % NKI3+-%"#% -(%3)/-/$($%2% -(% 631'/51%$"% -(%42"#:(%"1% -(
(')3(-/$($L<%O#%31(%4*"031)(%12%."12#%$/6:'/-% >(% -(%@(0(1%$"#C
(6/(1)"#% )(1)(#%4"*#21(#% "#)G4/$(#,%2% -(% *"#421$(1% (42-20&)/'(C
."1)"%)(1)(#%4"*#21(#%)21)(#<%\(%631'/51%$"%-(%42"#:(%"#%-(%/1A2C
'('/51%*"-/0/2#(%$"%-(%V3#(,%>%#3%3)/-/$($%"#%-(%"74"*/"1'/(%$"%"7(-C
)('/51%>%@2**2*%."9'-($2#%?3"%#3%4*"#"1'/(%"7'/)(<%KP"*2%N"1%-(
(')3(-/$($NL%\(% 631'/51%>% -(%3)/-/$($%#/03"1%#/"1$2% -(#%./#.(#J
#5-2%-(%(4-/'('/51%@(%'(.8/($2<%r#)(%"*(%"1%31%)/".42%31(%($A"*C
)"1'/(% (-%@2.8*"%$"%?3"%$"8:(%.(1)"1"*#"% "1%(*.21:(% '21% -(
6(./-/(% $"% '*/()3*(#% A/A/"1)"#% "1)*"% -(#% '3(-"#% @(8:(% 1('/$2,
."$/(1)"%-(%28"$/"1'/(%(%-2#%$"#"2#%$"-%(.(%$"%'(#(<%=@2*(%"#%31
*"'2*$()2*/2%$"%?3"%12%@(% )"1/$2%"1%'3"1)(% -(%($A"*)"1'/(,%@(
)*(#)2*1($2%-(%'(#(%'21%#3#%'(4*/'@2#2#%"74"*/."1)2#%"1%-(%6/-2C
#26:(,%-(%'/"1'/(%>%-(%/1$3#)*/(,%>%@(%)*(:$2%-(%*3/1(%(%#:%./#.2%>%(
#3%6(./-/(<%\(%N(')3(-N%"#%31(%'/A/-/9('/51%"1%-(%?3"%#21%$"#@21C
*($2#%-2#%4*/1'/4(-"#%".8-".(#%$"%-(%42"#:(<%O1%-(%?3"%-(%\31(
"#% ."12#4*"'/($(% '2.2% 31% (4(0($2% #()&-/)"% $"% -(% M/"**(,% >% -(
.3;"*%'21#/$"*($(%'2.2%N4"*#21(-%(37/-/(*%$"-%O#)($2N<%O1%?3"
"-% $/1"*2% 43"$"% '2.4*(*% '(#/% )2$2% ."12#% -(% A"*$($,% >% (% '(#/
)2$2#%."12#%(-%42")(%42#":$2%42*%-(%A"*$($<%
\(%"#'*/)3*(%)/"1"%$2#%'(*(#,%"#%31%(*.(%$"%$28-"%6/-2%>%%43"$"%#"*
>%#/01/6/'(*%-(%#(-A('/51%$"-%"#4:*/)3<%O1%-(#%(1):42$(#%#"%$"':(%?3"
?3/"1%.(1";(% '21%@(8/-/$($% -(%4-3.(,% -2%@('"% )(.8/&1%'21% -(
"#4($(<%P2*%-(%"#'*/)3*(,%>%(%)*(A&#%$"-%./)2,%%@".2#%4*2A2'($2%"-
2-A/$2%$"-%#"1)/$2%)*+0/'2%$"%-2%*"(-<%P2*%"#2%"-%"?3/-/8*/2%1"'"C
<=1
#(*/2%"1)*"%-2%3)54/'2%>% -2%*"(-%12%$"#A:(%(-%42")(,%-2%.(1)/"1"
'21%-(%'21'/"1'/(%(-"*)(<%O#)2%'*"(%31(%/1#21$(8-"%(103#)/(%42*
-(%/1A/(8/-/$($%$"-%/$"(-<%P"*2%"-%2-A/$2%'2.2%#(-A('/51%4(*"'/"*(
#"*%31(%'21)*($/''/51%'21%-2%(6/*.($2%(1)"*/2*."1)",%"1%*"(-/C
$($% "#)"% $28-"% .2A/./"1)2% "#%31(%4(*($2;(%$"% 13"#)*2%4"1#(C
./"1)2<%O-%2-A/$2%'2.2%4*"031)(%1"0()/A(,%1"0(*%"-%#"*,%1"0(*%-(
'21'/"1'/(% $"% -2% ?3"% #"% "#,% >% "-% 2-A/$2% '2.2% 43*/6/'('/51<% \(
"#'*/)3*(,% '2.2% 4*"#'*/4'/51,% 4&*$/$(% >% $"#3#2% $"% -(% *"(-/$($
"#4(1)2#(<%\(%"#'*/)3*(%'2.2%"-%.+#%43*2%"1'(1)(./"1)2%"1%"-
4*20*"#2%$"-%4"1#(./"1)2,%'21)/1G(%*()/6/'(1$2%?3"%"#%"-%2-A/$2
(3)&1)/'2%$"%-(%*"(-/$($<%t3#'(.2#%31(%"#4"*(19(%4(*(%A/A/*,%31(
/1)"*4*")('/51,% -(%(4*"@"1#/51%>%'2.4*"1#/51%('"*'(%$"% -(%"7/#C
)"1'/(%@3.(1(<%P2*%"--2,%-(%"#'*/)3*(%(%)*(A&#%$"%-(%4(-(8*(%'*"(%>
'21#)*3>"%31(%A:(%$"%#(8/$3*:(%$"-%#"*,%4"*2%)(.8/&1%31(%.(1"C
*(%$"%A/A/*%'21%"-%/.43-#2%$"%(?3&--(<%
\2#%6/1"#%$"%/1A"1)(*%-(%"#'*/)3*(%#"%$/"*21,%"1%#3%'21)"7)2%@/#C
)5*/'2%8(;2%$")"*./1($(#%"7/0"1'/(#,%>%'21)(.2#%'21%42'2#%"-"C
."1)2#%4(*(%$"$3'/*%>%"A(-3(*%-(#%631'/21"#,%'(3#(#,%1"'"#/$($"#
>%.2)/A('/21"#%?3"%'21'/"*1"1%(% -(%."1)(-/$($%$"% -2#%43"8-2#
$"#(4(*"'/$2#% 4(*(% 38/'(*% "-% #/#)".(% $"% A/$(% ?3"% (')3(-."1)"
)"1".2#<% P"*2% -2% /.42*)(1)"% "#%?3"% -(% '3-)3*(,% (% 4(*)/*% $"% "#"
.2."1)2% #"% )2*1(% /$"2-50/'(% >% 4*2>"')/A(<% O-% #(8"*% ('"4)(% >
(#3."%31(%1()3*(-"9(%")12'&1)*/'(,%42*%-2%?3"%$"6/"1$"%(%-(%'3-C
)3*(%>%(%-(%*(9(%4*24/(%'2.2%#34"*/2*"#%(%-2#%$".+#,%>%-202'&1C
)*/'(,% 2% #"(% 28-/0($(,% ('(**"(1$2% /1'21#'/"1)"."1)"% "#)(#% 4*2C
>"''/21"#% >% '21#)*3''/21"#%$21$"% @(>%31%.2."1)2%"1%"-% '3(-
"#)"%#(8"*%#"%)2*1(%./)2-50/'2<
<=2
P3"#%8/"1,%*"C'2*$(*%#/01/6/'(%A2-A"*%(%-(%'2*$/(-/$($,%A2-A"*%(%-(%'2*C
$3*(,%(%?3"%13"#)*2%'2*(951%#"%)*(1?3/-/'",%>%#"*"1"%4(*(%-20*(*%31
('3"*$2<% O-% -"103(;"% *"'-(.(,% (% -(% .(1"*(% $"% #G4-/'(,% /.+0"1"#
4(*(%"-%*/)2%?3"%;3"0(1%'2.2%"#"1'/(#%@3.(1(#,%>%(%A"'"#%'2.2%'*"C
('/21"#%$"-%"1#3"T2%N@"'@(#%$"%-(%.()"*/(%$"%-2#%#3"T2#N<
\(%4(-(8*(% #"% (3)2$"6/1"% '2.2%'2.4*"1#/51%$"% -2% *"(-,%42*% "-
'(*+')"*%/**('/21(-%$"-%"#4:*/)3%@3.(12%?3"%(-/."1)(%"-%/$"(-<%D"
$/'"% >% "#'*/8"% $"% 6"% (8#2-3)(% >% $"% *"-/0/51<% P2*% "#2,% -(% 4(-(8*(
$21(%(%-(%.3;"*%-(%./#/51%$"%/1#)(3*(*%-(%3)24:(%'2.2%#2-3'/51
*"(-,%'2@"#/21(1$2%"-%.31$2%.(1/6"#)($2%'21%"-%@"*.&)/'2<
=@2*(% 8/"1,% -(% 4(-(8*(% '2.2% /1#)*3."1)2% '*"($2*% 4"*./)"% -(
#('*(-/9('/51% $"% -2% .(*'"#'/8-"<% O1% -(% 4(-(8*(% #"% ($A/"*)"1% -2#
"7)*(2*$/1(*/2#%'(.8/2#%$"-%"#4:*/)3%@3.(12,%-(#%.")(.2*62#/#
"1% -(#% '21'"4'/21"#%$"-%.31$2%?3"%#"% *"4*"#"1)(1%(1)/'/4($(C
."1)"%"1%31(%4(-(8*(<%\(#%'21A"*#/21"#%$"-%(-.(%@3.(1(% #21
A/A/6/'(1)"#%(%-2#%'/'-2#%$"%-(%1()3*(-"9(,%&#)"%"#%"-%431)2%$"%$21$"
#3*0"%-(%4(-(8*(,%"#%$"'/*%"-%*"#'()",%-(%-/8"*('/51,%-(%.(13./#/51
2%-(%*"$"1'/51%$"-%.31$2<%\(%4(-(8*(%?3"%42#"".2#%"#,%42*%31
-($2,%#(0*($(%,>%42*%"-%2)*2,H%@3.(1(<%O#)(%)"2*:(,%31%42'2%$"#C
4*242*'/21($(%"1%"-%#"1)/$2%$"%?3"%-20*(%4*2$3'/*%-(%'21;31'/51
"1)*"%"-%.31$2%(')3(-%>%"-%2#'3*2%2%#"'*")2,%'2.4*"1$"%-(%'*"(C
'/51%>% -(%8G#?3"$(%$"% -2% /012*($2%"1%"-%$"#'38*/./"1)2%$"% -2
13"A2,%$"%31%31/A"*#2%.+#%(--+%$"%-(%.3;"*,%-(%8G#?3"$(%$"%31
('3"*$2%>%)"#)/.21/2%('"*'(%$"%-(%/.4"*)3*8(8/-/$($%$"%-2%#(0*(C
$2%($?3/*/$2%42*%31%A/(;"%"#4/*/)3(-%'2.2%(')2%$"%'212'/./"1)2
>%43*/6/'('/51%"1%"-%?3"%-(%-50/'(%"#%#3#)/)3/$(%42*%-(%4"*'"4'/51,
-(%/.(0/1('/51%>%"-%#3"T2%'2.2%A:(#%$"%'212'/./"1)2<
<=9
R/.8(3$%(6/*.(%?3"%-(%4(-(8*(%"#%-(%0*(1%"16"*.(%>%A/$"1)"<%D/
4"1#(.2#%42*?3"%@(8-(.2#,%"1)21'"#%?3/"1%A('/-(%"1)*"%"-%4(#(C
$2%'3(1$2%*"G1",%(.(%>%4*2>"')(%13"A(."1)"%#3%)*($/'/51% -/1C
0i:#)/'(,%#/%A/A",%#36*"%-(%*"(-/$($,%#"%('*/#2-(%"1%-(%4(-(8*(,%"1)21C
'"#%>%#5-2%"1)21'"#%-(%$"A3"-A"%(%-2%*"(-%'2.2%631$(."1)2<
bN"$7-,.#'5.#'C.5.+,.#'A.7'=*,"$7(&'$7'1.5=.'7*$#-,.#'=",.(.#'5.#,$$=C5.D.7E' V*$#-,.#'=",.(.#' #$' $71*$7-,.7' :' #$' 1&=C,$7($7' $7C,&X*7("(.(bE'
D/-2<%!/#'3*#2%jZb_Zbj<%P31)(%$"%Q('(#<
P(*(% -2#% (.(1)"#,% "-% #/-"1'/2% "#% 31% -"103(;"W[jY #36/'/"1)"<% D/1
$"'/*%1($(,%#/03"1%@(8-(1$2J%4"*2%)(.8/&1%42*%-(%4(-(8*(%42$"C
.2#%A2-A"*%(%".8"--"'"*%-(%A/$(,%/-3./1(*%"1%"-%#"1)/$2%(.2*2#2
$"-%)&*./12,%A2-A"*%(%#2T(*<%F"0(.2#%-(%'2162*./$($%'21%"#)2#
)/".42#<%U-A/$(.2#% -(% *"(-/$($%4(*(%@('"*-(%.(1(1)/(-<%I2.2
$/#'/4-/1(%"#)&)/'(%/16/1/)(%"1%42#/8/-/$($"#,%12#%'21'"$"%-(%#34"C
*('/51% $"-% $2-2*% /1)"*/2*% >% "-% (*03."1)2% $"% 31% .+#% (--+<
B('".2#%"1)21'"#%$"%-2%.:)/'2%"-%.31$2%*"(-<%I21A/*)/&1$2#"
"#)"%)*+1#/)2%/1)"*/2*%"1%31%(')2%$"%43*/6/'('/51<%
P/"**"%I@*/#)/(1%12#%$/'"%?3"%4*2131'/(*%31(%4(-(8*(%"#%"A2'(*
31% 4"1#(./"1)2% >% @('"*-2% 4*"#"1)"J% -(% 42)"1'/(% .(01&)/'(% $"-
-"103(;"% @3.(12% "#% "-% 4*/1'/4/2% $"% )2$(% .(1/6"#)('/51% "1% "-
.31$2%2'3-)2<%\(#%'2#(#,%4(*(%'($(%31(%$"%12#2)*(#,%#21%-2%?3"
-(%4(-(8*(%@('"%$"%"--(#%(-%12.8*(*-(#,%>%-(%4(-(8*(%#"%'21A/"*)"
(#:% "1% "-% 42$"*% 0"1"*($2*% $"% -(% '*"('/51<% P(-(8*(% 4"*$/$(<C
!"8/"*(%$"'/*#"%N4(-(8*(#%4"*$/$(#N%>%#"'*")2#%4"*$/$2#,%"1%0"1"C
<=:
*(-,%42*?3"%(?3"--2%?3"%#"%@(% --(.($2%NP(-(8*(N%4"*$/$(,%12%"#
4(-(8*(%"1%.(1"*(%(-031(,%'2.2%"1%"-%'(#2%$"-%F2.8*"%/1"6(8-"<
O-%S*($2%$"-%=*'2%R"(-%$"%-(%.(#21"*:(%@(%"#)($2%"1%N83#'(%$"
"--(N%$"#$"%?3"%#"% 631$5<%P"*2% -2#%N.3"*)2#N,%"#4"'/(-."1)"% -2#
.()($2#,%12%@(8-(1J%>%(31%'3(1$2%N"-%B/;2%$"%-(%Q/3$(N%A2-A/"#"
(%-(%A/$(%N.()"*/(-/9($2N,%$/6:'/-."1)"%42$*:(%*"A"-(*%-2%?3"%;(.+#
"7/#)/5%"1%-(%62*.(%"1%?3"%(@2*(%#"%"1#"T(N<
P(*(%12#2)*(#,%-(#%.3"*)(#%)(.42'2%@(8-(1,%>% ;(.+#%#3#)/)3/*+1
-2%?3"%43$/"*21%)*(1#./)/*12#%"#(#%4(-(8*(#%4"*$/$(#%>%"-%'212C
'/./"1)2%$"%-(%.(0/(%$/A/1(%$"%-(%V(01(%!"(<
g!>7($'+*#1.,$=&#'$7-&71$#'7&#&-,.#['5.#'=*9$,$#['5.'C.5.+,.'C$,("(.c'b8*#1.'5.'<.5.+,.'C$,("(.'$7'5.'C,&X*7("(.('($'-*'1&,.D>7b
<=;
bEEEV&'A"$7$#'.'$#-$'=*7(&['#*,6$#'($'`5E'a,$#'*7'#47-&=.'($5'$#-.(&'($5e7"A$,#&d'*7.'C.,-$'"7-$6,.5'($5'1&#=&#E'3&(&'5&'Z*$'A"$7$'.'-"'$#'$5',$6,$#&'($'-&(&'5&'Z*$'Q.'#.5"(&'($'-"E')*.7(&($9.#'($'C$7#.,['($#1*+,$#'Z*$'$#-Y#'$7'*7'$-$,7&'bTZ*4':'TQ&,.bE'L.:Z*$' #$,' =*:' #$7#"+5$' C.,.' ($#1*+,",' 5.' 547$.' ($' =$7&,' ,$#"#-$71".[' $51.="7&'&' 5.'1&,,"$7-$E'^*"$7' 5&' 5&6,.'1&7#"6*$' X5*",E')*.5Z*"$,'A"#">7Z*$'#$'-$76.'($5'=*7(&'7&'$#'=Y#'Z*$'*7.'=.7$,.'($'A$,'5.#'1&#.#E'f$M"#-$7'"7X"7"-.#'=.7$,.#'($'A$,EJ=.6"7.'!"&#'N.(,$'$7'5*6.,'($'!"&#'<.(,$E'f'$7'A$D'($'*7.'5*D',$#]C5.7($1"$7-$['*7.'*,"(.('"=C$7$-,.+5$'($'5.'1*.5'#*,6$'-&(&bE'
=-(1%v())#%
<<=
).C4-*5&'JJJ
G@7&H@)(46+$4&@?5)($I*?5+)*(
ba5'C,$#$7-$'$#'$A.7$#1$7-$':'.*7Z*$'.'1.(.'"7#]-.7-$'5&'A"A$71".=&#'1&=&'*7'.Z*4':'.Q&,.'#>5&C&($=&#',$X$,",7&#'.'*7'.1-&'($'=$=&,".'Z*$'#"7&'#$'("1$'7&'$#-YbE'
B3.8"*)2%V()3*(1(%
EEEC$,&'#*'.*#$71".'7&'#"67"X"1.'"7$M"#-$71".EEE
=%-2%-(*02%$"%-2#%#/0-2#%-(%'3-)3*(%4()*/(*'(-%@(%"#)($2%$"#)*3>"1C
$2%-(%0"1/(-/$($,%"-%)(-"1)2%>%-(#%'(4('/$($"#%$"%-2%6"."1/12%>%$"
"#)(% 62*.(%4*28(*%?3"% -2%.(#'3-/12%"#%#34"*/2*,%(1)"%#:%./#.(
(1)"%12#2)*(#%>%(1)"%"-%.31$2<
!"0*($(*21% 13"#)*2% 42$"*% 6"."1/12,% 4*/."*2% '21% -(% )"2*:(,% >
-3"02%/.421/"1$2%31(%'3-)3*(%*('/21(-/#)(%>%'/"1)/6/'/#)(<%!"%"#)"
.2$2% #"% *"31/"*21% 4*3"8(#% ?3"% -(% *"#4(-$(*21% 12% 1"'"#(*/(C
."1)"%$"%31%.2$2%$"#@21"#)2,%4"*2%#:%'2.2%*"#3-)($2%$"%31(
A/#/51% #"-"')/A(."1)"% .(#'3-/1(% >% '3(1$2% .+#% #"% 4*"#"1)(1
-/8*"#% $"% 4*";3/'/2#,% .(>2*% "#% -(% 1"'"#/$($% $"% 4-(1)"(*12#% 4*"C
031)(#<
D"0G1%O*/'@%f*2..J%\3)"*2%(8#3"-A"%(-%'*/#)/(1/#.2%$"%-(%(3)2C
*/$($%"#4/*/)3(-,%(-%'21#"1)/*-"%-(%-/8*"%/1)"*4*")('/51%$"%-2#%)"7C
)2#%#(0*($2#,% #/1%".8(*02%"#)(% -/8"*)($%#"*+%#2-2%(4(*"1)"%43"#
<<<
\3)"*2%)(.8/&1%*"/A/1$/'(*+%(%"#"%)2$242$"*2#2%>%$"#45)/'2%$/2#
?3"%)/"1"%)2$2%$"'/$/$2%$"%(1)".(12%>%?3"%/1$3'/*+%31(%6"%#/15C
1/.2%$"%#3./#/51%>%'21)*(*/(%(%13"#)*(%1()3*(-"9(<%I21%-(%*"'3C
4"*('/51% $"% "#)"% )"**2*:6/'2% $/2#% -(% "#)(8/-/$($% $"-% 2*$"1% ;"*+*C
?3/'2%#"*+%(431)(-($(%$"#$"%-2%.+#%4*2631$2%$"-%(-.(%$"%-2#%6/"C
-"#<%V+#%)(*$"%I(-A/12%('*"'"1)(*+%"-%#"1)/./"1)2%$"%/.42)"1'/(
"% /1#/01/6/'(1'/(#% /1$/A/$3(-"#% /.43-#(1$2%31(%8G#?3"$(% '2.C
43-#/A(%>%#/".4*"%A(1(%$"%'"*)/$3.8*"%?3"%/1#)/)3/*+%"1%-(#%(-.(#
$"%-(%.3;"*%.2$"*1(%31(%$3$(% /1#2-38-"%>%?3"%#"%*"#2-A"*+%"1
31(%28"$/"1'/(%#/1%-:./)"#N
=-031(#%$"% -(#% #/03/"1)"#% '(3#(#%$")"*./1(*21%"-% '(.8/2%$"% -(
.3;"*,% 42*% ";".4-2% 12#% "1#"T(*21% (% *"A"*"1'/(*% (% =*/#)5)"-"#,
?3"%$"':(%?3"%-(#%.3;"*"#%"*(1%@2.8*"#%.3)/-($2#%>%".4(T(8(1
-2#% "#4";2#<% \3"02% g(*-% V(*7% 4*243#2% >% '21A"1'/5% (% -(% /1)"--/C
0"1)#/(WXY%$"-%.31$2%"1)"*2,%?3"% -(%428*"9(%12%)/"1"%1($(%?3"
A"*%'21%1/1031(%A/$(%4(#($(,%1/%'21%"-%$"#)/12J%?3"%12%"#)+%$"'/C
$/$2%42*%!/2#%?3/&1%$"8"%#"*%428*"%>%?3/&1%$"8"%#"*%*/'2<%c3"
"#%-(%"#)*3')3*(%#2'/(-,%-(%"#)*3')3*(%"'215./'(%"#%-2%?3"%$"'/$"
?3/&1%A(%(%#"*%428*"<
\3"02%D/0.31$%f*"3$%$"'-(*5%?3"%@2.8*"#%>%.3;"*"#%#21%/03(C
-"#,%4"*)"1"'/"1$2%(-%0"1"*2%@3.(12,%>%'3(-?3/"*% )"2*:(%2% 6/-2C
#26:(%?3"%'(#)/03"%(%-(#%.3;"*"#%"#%#/.4-"."1)"%8*3)(-%>%.('@/#C
)(<%E% -3"02% -(#% /1A"#)/0('/21"#%$"%V(#)"*#% >% `2@1#21,%*"A"-(*21
?3"% -(% .3;"*% @(% #/$2% 4*/A($(% $"-% 2*0(#.2% $3*(1)"% #/0-2#<
P*28(*21%?3"%"-%'2.42*)(./"1)2%$"-%@2.8*"%@(%#/$2%*"(-."1)"
/1@3.(12<%B(%3)/-/9($2%(%-(%.3;"*%4(*(%28)"1"*%4-('"*,%4"*2%12
4"*./)/5%?3"%-(%.3;"*%$/#6*3)(*(%$"-%#"72<
<<%
]1(%8*"A"%#:1)"#/#%$"#$"%31%431)2%$"%A/#)(%.(#'3-/12%#28*"%"-
.()*/(*'($2H%O1%Xajl%"-%"#)3$/2#2%(-".+1%$"%-"103(#%>%-/)"*()3C
*(#% '-+#/'(#,% f*/"$*/'@% v/-@"-.% O$3(*$% S"*@(*$% WXol_CXanoY,
(6/*.5%42*%4*/."*(%A"9%?3"%-(#%(1)/03(#%$/2#(#%$"*/A(8(1%$"%31
'3-)2%G1/'2%(% -(%$/2#(%.($*"<%P2*% "#)(% &42'(% #"%43#2%$"%.2$(
@(8-(*%$"%-(%V($*"%M/"**(<%=%4(*)/*%$"%"1)21'"#,%A(*/2#%"#)3$/2C
#2#%@(1%(82*$($2%"-% )".(<%]1(%$&'($(%.+#% )(*$",% "1%Xa_l,% "-
(1)/'3(*/2% "% /1A"#)/0($2*% /10-&#% S"2*0"% v"88% !(#"1)% WXaXoC
XalnY%)*($3;2%-2#%F2*#h"%f2-h""A"1)>*%'21%"-%):)3-2%$"%P243-(*
)(-"#%26%)@"%F2*#"J%"1%"#)"%)*(8(;2%#"%4*"031)(8(%#28*"%-2#%2*:0"C
1"#%$"% -(#%'2#)3.8*"#%4243-(*"#%>% -(%*"-('/51%$"% -(%$/2#(%f*">(
'21%-(#%8*3;(#%"3*24"(#<
O1%XanX%"-%;3*/#)(%>%(1)*245-202%(-".+1%`2@(11%`(h28%t('@26"1
WXaX_CXaaoY% @(8:(% 438-/'($2% 31(% )"#/#% "1% D)300(*)% !(#
V3))"**"'@)H% O/1"% ]1)"*#3'@310% i8"*% $/"% S>1(/h2h*()/"% $"*
(-)"1%v"-)%1('@%/@*"*%*"-/0/w#"1%31$%*"'@)-/'@"1%F()3*,%312%$"
-2#%4*/."*2#%"#)3$/2#%#28*"%-(%@/#)2*/(%$"%-(%6(./-/(,%$21$"%42*
4*/."*(%A"9%#"%#2#)/"1"%?3"%"1%-(%"A2-3'/51%$"%-(#%'3-)3*(#%(1)"#
$"-%4()*/(*'($2%-(%#2'/"$($%#"%*"0:(%42*%31%.()*/(*'($2<%P(*(%&-,
"*(% 31(% '21#)(1)"% "1% )2$(#% -(#% #2'/"$($"#% "-% @"'@2% $"% ?3"% "-
.()*/(*'($2% '2.2% /1#)/)3'/51% @38/"*(% "7/#)/$2% (1)"#% ?3"% "-
4()*/(*'($2,%?3"%-2%*"".4-(9(8(<%!/#)/103/5%)*"#%")(4(#%"1%-(%"A2C
-3'/51%#2'/(-%@3.(1(H%@")(/*/#.2,%.()*/(*'($2%>%4()*/(*'($2<%O1
"-%@")(/*/#.2,%#5-2%#"%42$:(%(#"03*(*%-(%'21#(103/1/$($%.()"*1(
$"%-2#%/1$/A/$32#<%!/'"%?3"%42'2%(%42'2%-(#%.3;"*"#,%(42>+1$2C
#"%"1%-(%*"-/0/51,%--"0(*21%(%28)"1"*%"-%42$"*<%O-%.()*/(*'($2%#"
$"#(**2--5%'3(1$2%-(#%@/;(#%'2."19(*21%(%@"*"$(*%$"% -(%.($*"<
<<,
I3(1$2%-2#%A(*21"#%#"%(42$"*(*21%$"-%'21)*2-%$"%-(%*"-/0/51%#3*C
0/5%"-%4()*/(*'($2<%V'%\"11(1%WXa[oCXaaXY%438-/'5%"1%Xann%31
"1#(>2%)/)3-($2%P*/./)/A"%V(**/(0",%--"05%(%$"#'38*/*%"-%)2)"./#C
.2,%'*""1'/(%$"%?3"%"7/#)"%31(%*"-('/51%"1)*"%6(./-/(#%>%(1/.(-"#
2%4-(1)(#%"#4"':6/'2#J%"#)(%*"-('/51%"#)+%)(.8/&1%(#2'/($(%(-%'3-)2
$"%-2#%(1'"#)*2#<%D/1%'212'"*%-(%28*(%$"%t('@26"1,%--"05%(%'21C
'-3#/21"#%.3>%#/./-(*"#%#28*"%-(%/.42*)(1'/(%$"%-(%$"#'"1$"1'/(
.()*/-/1"(-%>%$"-%.()*/(*'($2<%
\(#%)"2*:(#%$"%t('@26"1%>%V'%\"11(1%)3A/"*21%31(%0*(1%/16-3"1C
'/(%"1%"-%4"1#(./"1)2%"3*24"2,%#28*"%)2$2%8*/)+1/'2,%>%"1%"-%#/0-2
ss%>(%#"%('"4)(8(%?3"%-(%'3-)3*(%(1)/03(%'"1)*($(%"1%-(%V($*"
M/"**(%>%"1%-(%V(01(%!"(%"7)"1$/$(%42*%"-%.31$2%."$/)"**+1"2,
@(8:(%#/$2%*"".4-(9($(%42*%-(%$"%-2#%$/2#"#%4($*"#%--"A($(%42*%-2#
/1A(#2*"#%/1$2"3*24"2#<
O-% (1)*245-202%"#'2'&#% `(."#%S"2*0"%f*(9"*% WXa_jCXljXY% "#'*/8/5
"1)*"%Xalb%>%XlX_%M@"%S2-$"1%t230@H%N\(%*(.(%$2*($(N%=%D)3$>
/1%I2.4(*()/A"%R"-/0/21%O1%"#)"%-/8*2%"#)3$/(,%"1)*"%2)*(#%.3'@(#
'2#(#,%-2#%*/)2#%*"-()/A2#%(%-(%!/2#(%V($*"H%NP2$*".2#%$"$3'/*%?3"
31(%0*(1%!/2#(%V($*",%4"*#21/6/'('/51%$"%)2$(#%-(#%"1"*0:(#%*"4*2C
$3')/A(#%$"%-(%1()3*(-"9(,%63"%($2*($(%8(;2%$/6"*"1)"#%($A2'('/21"#,
4"*2%'21%#38#)(1'/(-%#".";(19(%$"%./)2%>%*/)3(-,%42*%.3'@2#%43"C
8-2#%$"-%=#/(%V"12*N<%f*(9"*,%(-%/03(-%?3"%M(>-2*,%'*":(%?3"%-(%*"-/C
0/51%"*(%4*2$3')2%$"%31(%."1)(-/$($%4*/./)/A(,%>%?3"%"-%./)2%('(C
8(8(%)2.(1$2%62*.(%"1%'"*".21/(#%*/)3(-:#)/'(#%?3"%.3'@(#%A"'"#
(6"')(8(1%-(%"#)*3')3*(%$"-%42$"*%$"%-(#%#2'/"$($"#<
\(%@/#)2*/($2*(%'-+#/'(%/10-"#(%`(1"%O--"1%B(**/#21%WXa_bCXl[aY,
4"*)"1"'/"1)"%(%-2#%I(.8*/$0"%R/)3(-/#)#,%>%4*/."*(%"*3$/)(%8*/C
<<-
)+1/'(%$"-%'-(#/'/#.2%?3"%'*":(%"1%-(%"7/#)"1'/(%$"%31(%#2'/"$($
'"1)*($(% "1% -2% 6"."1/12% ?3"% 4*"'"$/5% (% -(% *"-/0/51% 4()*/(*'(-
"1)*"%-2#%(1)/032#%0*/"02#J%#"%8(#(8(%"1%-(#%/.+0"1"#%$"%-(#%$/2C
#(#%.($*"#%>%"1%-2#%(1)/032#%*"-()2#<%\(%*"-/0/51%4()*/(*'(-,%#"0G1
"#)(% (3)2*(,% /1A($/5% '2.4-")(."1)"% -2#% $2./1/2#% (1)"#% (#/01(C
$2#%(%-(#%.3;"*"#,%/1'-3>"1$2%"-%$"*"'@2%(%-2#%@/;2#<%I2.2%";".C
4-2%243"#)2%'/)(8(%"-%1('/./"1)2%$"%=)"1"(%$"-%.3#-2%$"%x"3#<
M(.8/&1%%"1'3"1)*(%?3"%"1%-2#%6"#)/A(-"#%0*/"02#%4*"@2.&*/'2#%>
"1%-2#%'3-)2#%./#)&*/'2#%"-%-30(*%$"%@212*%"#)(8(%*"#"*A($2%(%-(
$/2#(%?3"%(4(*"':(%'2.2%-(%.($*"%$"%-2#%A/A2#%>%-2#%.3"*)2#<%
=*)@3*% OA(1#% 438-/'5% #3#% $"#'38*/./"1)2#% "1% '3()*2% )2.2#
'21%"-%()*(')/A2%):)3-2%$"%M@"%P(-('"%26%V/12#%()%g12##2#<%O1
-(#%4(*"$"#%$"-%4(-('/2,%$"#'38*/5%6/03*(#%-2%?3"%--"A5%(%4"1#(*
?3"% -2#%'*")"1#"#,%(1)"#%$"%-(% --"0($(%$"-%'3-)2%(%x"3#,%@(8:(1
($2*($2%(%31(%$/2#(%8(;2%#3%(#4"')2%$3(-%$"%A/*0"1%>%.($*"%>
(%31%$/2#%?3"%"*(%(%-(%A"9%#3%@/;2%>%#3%(.(1)"<%v/''(%"#%31(%*"-/C
0/51%?3"%#2#)/"1"%"#)"%./)2%42*%"#)2#%$:(#<%O#)"%4"1#(./"1)2%#"
43#2%$"%.2$(%>%42*% -2#% (T2#%A"/1)"%>% )*"/1)(% -2#%(*?3"5-202#
)2.(*21%"#)(#%/$"(#%4(*(%'21#/$"*(*%?3"%-(#%6/03*(#%6"."1/1(#
$"-% P(-"2-:)/'2% >% $"-% F"2-:)/'2% "*(1% *"4*"#"1)('/21"#% $"% -(
V(01(%!"(<%
V(*0(*")% V3**(>% "0/4)5-20(% >% "#4"'/(-/#)(% "1% ;"*20-:6/'2#,% "*(
6"./1/#)(J%"1%Xl[X%438-/'5%M@"%v/)'@CI3-)%/1%v"#)"*1%O3*24",
28*(%"1%-(%?3"%(6/*.(8(%?3"%-(%4"*#"'3'/51%$"%8*3;(#%"1%O3*24(
@(8:(% #/$2% 31% ()(?3"% $"% -(% #2'/"$($% 4()*/(*'(-% '21)*(% (1)/03(#
*"-/0/21"#%.()*/(*'(-"#%?3"%#3421:(1%31(%(."1(9(%4(*(%-(%'3-)3C
*(%$2./1(1)"<
<<1
S"*(-$%t<%S(*$1"*% WXaajCXlnjY%$"#'"1$:(%$"%31(%6(./-/(%"#'2C
'"#(<%O1%Xl_j%S(*$1"*%438-/'(%v/)'@'*(6)%M2$(>,%>%"1%&-%#"03:(
-(#%)"#/#%$"%-(%(1)*245-20(%/10-"#(%V(*0(*")%=<%V3**(>,%(3)2*(%$"-
4*5-202%$"%-(%28*(,%$"%?3"%-(%8*3;"*:(%.2$"*1(%"*(%31(%#34"*A/C
A"1'/(%$"%-2#%(1)/032#%'3-)2#%4(0(12#%"3*24"2#<
V(*/;(%S/.83)(#% "7(./1(%4(*(-"-2#% '3-)3*(-"#% "1% -(% #/.82-20:(
4(*(%--"0(*%(%-(%'21'-3#/51%$"%?3"%"1%-(%O3*24(%4*"@/#)5*/'(%"7/#C
)/5%31(%'3-)3*(%'"1)*($(%"1%-(%.3;"*J%"#)(%'3-)3*(%)"*./15%"1)*"
"-%j^bb%>%"-%[abb%(<%I<,%>%#"%4(#5%$"%31(%#2'/"$($%.()*/-/1"(-%>
4(':6/'(%(%31(%#2'/"$($%4()*/-/1"(-%>%A/2-"1)(,%--"05%(%-(%'21'-3#/51
$"%?3"%-(%#3'"#/51%.()*/-/1"(-%*"4*"#"1)(%31(%")(4(%(1)"*/2*%(%-(
--"0($(%$"%-2#%/1$2"3*24"2#%(%O3*24(,%$21$"%#"%@(8:(%$"#(**2--(C
$2%31(%'3-)3*(,%(.4-/(."1)"%$/631$/$(,%/03(-/)(*/(%>%'"1)*($(%"1
"-%'3-)2%$"%-(%V(01(%!"(%"1%#3%)*/4-"%$/."1#/51%$"%.($*",%13)*/C
$2*(%>%.()($2*(<%P(*(%-(%(*?3"5-20(%-(%$/2#(%"*(%-(%*"4*"#"1)('/51
$"%31/$($%$"%)2$(%-(%A/$(%A"0")(-,%(1/.(-%>%@3.(1(%"1%-(%1()3*(C
-"9(,%31/$($%?3"%(8(*'(%)2$2#%-2#%42$"*"#%>%"#)*3')3*(#%2%4()*21"#
1()3*(-"#% >% #"% *"4*"#"1)(% 8(;2% -(% 62*.(% 6"."1/1(% $"% -(% V($*"
M/"**(<%
B3.8"*)2%V()3*(1(%#2#)/"1"%$"%('3"*$2%(%#3#%*"#)2#%(*?3"2-5C
0/'2#%?3"%-2#%43"8-2#%.()*:#)/'2#,%'2**"#421$:(1%(%43"8-2#%(0*/C
'3-)2*"#% >% *"'2-"')2*"#,% ?3"% A/A:(1% "1% 31(% $/1+./'(% $"% ('24-(C
./"1)2%>%(*.21:(%'21%-(%1()3*(-"9(%($2*($(%"1%-(%62*.(%$"%31(
$/2#(%"1%31(%'2.4*"1#/51%':'-/'(%$"%-2#%4*2'"#2#%$"%A/$(%>%.3"*C
)"<%\(%1()3*(-"9(%>%#3#%$"/$($"#,%(%A"'"#%.G-)/4-"#%>%'21%$/A"*#(#
62*.(#,%#/.82-/9(8(1%-(%0"1"*('/51%>%'21#"*A('/51%$"%-(%(*.21:(
$"%)2$(%-(%"7/#)"1'/(<
<<2
\2#% ./)5-202#% *"(-/9(*21% /1A"#)/0('/21"#% (% ./)($% $"-% #/0-2% ss
#28*"% -(%V(01(%!"(% >% '"1)*($(%"1%"-% (1+-/#/#%4#/'2-50/'2%$"% -(
6/03*(%$"%-(%V(01(%V()"*%"1%"-%/1'21#'/"1)"%'2-"')/A2%$"%)2$2#
-2#% 43"8-2#% >% '3-)3*(#H% O*/'@%F"3.(11% WXlb_CXlnbY,% 4#/'5-202
(-".+1%$"%-(%"#'3"-(%;310/(1(,%"1%#3%28*(<%#2#)/"1"%?3"%-(%S*(1
!/2#(% "#% -(% "1'(*1('/51% $"% -(% /$"1)/$($% 6"."1/1(% ?3"% #"% $"#C
(**2--(%)(1)2%"1%-(%@/#)2*/(%$"%-(%@3.(1/$($%'2.2%"1%-(%@/#)2*/(
$"%'($(%.3;"*J%#3%*"(-/$($%$")"*./1(%-(%A/$(%/1$/A/$3(-%(#:%'2.2
-(%'2-"')/A(<
O#)"% .31$2% 6:#/'2% (*?3"):4/'2% ?3"% -(#% .G-)/4-"#% 62*.(#% $"% -(
S*(1% !/2#(% (8(*'(1% "#% "-% 42$"*% #38>('"1)"% ?3"% /1'-3#2% @2>
$")"*./1(% -(% @/#)2*/(% 4#:?3/'(% $"-% @2.8*"% .2$"*12% >% $"% -(
.3;"*%.2$"*1(<%R28"*)%S*(A"#%#2#)/"1"%-(%)"#/#%$"%?3"%(-%4*/1'/C
4/2%$"%-(%'3-)3*(%2''/$"1)(-%"7/#):(%31%-"103(;"%42&)/'2%A/1'3-(C
$2%'21%"-%'3-)2%(%-(%$/2#(,%-"103(;"%?3"%63"%'2**2.4/$2%(-%6/1(-
$"-% 4"*/2$2% ./12/'2% '3(1$2% /1A(#2*"#% 4*2'"$"1)"#% $"-% =#/(
I"1)*(-% '2."19(*21% (% #3#)/)3/*% -(#% /1#)/)3'/21"#% .()*/-/1"(-"#
42*%-(#%4()*/-/1"(-"#%>%*".2$"-(*21%2%6(-#/6/'(*21%-2#%./)2#%4(*(
;3#)/6/'(*% -2#%'(.8/2#% #2'/(-"#N<%O#)"% (3)2*%@('"% #3>(% -(% /$"(%$"
31(%$/2#(%(1'"#)*(-%2%31(%)*/1/$($%$"%$/2#(#%>%$"%31(%'3-)3*(%$"#C
)*3/$(% 42*% -(% #3'"#/A(% --"0($(% $"% /1A(#2*"#% /1$2"3*24"2#,% ?3"
A/"1"%(%$"#)*3/*%31%4"*/2$2%.3>%4(*"'/$2%(-%@")(/*/#.2<
bF.' ,$A&5*1"&7.,".' "7#-"-*1">7' ($' 5.' C.-$,7"(.([' "=C&,-.(.' $7a*,&C.'($#($'$5'0,"$7-$['-,.9&'1&7#"6&'5.'"7#-"-*1">7'($5'1.#.="$7]-&' "7("A"(*.5E' L.#-.' $7-&71$#' #>5&' Q.+4.' 1.#.="$7-&#' ($' 6,*C&X.="5".,$#d'5.'=.-$,7"(.('($'1.(.'7"%&'$,.'#$6*,.['C$,&'#*'C.-$,7"]
<<9
(.(' ("#1*-"+5$E' e7.' A$D' C,&(*1"(.' $#-.' ,$A&5*1">7[' 5.' #"-*.1">7#&1".5'($'5.'=*9$,'1.=+">/'$5'Q&=+,$'#$'Q"D&'1.,6&'($'=*1Q.#'($'5.#C,Y1-"1.#'#.6,.(.#[':'X"7.5=$7-$'#$'($15.,>'9$X$'($'5.'X.="5".['.*7]Z*$'=*1Q&#'+"$7$#'#$6*4.7'C.#.7(&'($'=.(,$'.'Q"9.bE'
R28"*)%S*(A"#<%\(%!/2#(%t-(1'(
V/*/(.% D/.2#% ?3"% "#)3$/(% >% 4*(')/'(% "-% .2A/./"1)2% v/''(<
'21#/$"*(%?3"%-(%8*3;"*:(%"#%31(%$"%-(#%*"-/0/21"#%.+#%(1)/03(#
$"-%.31$2%2''/$"1)(-,%?3"%#"%$"#(**2--5%$3*(1)"%-(%&42'(%0-(C
'/(-%@('"%.+#%$"%)*"/1)(%>%'/1'2%./-%(T2#<%D"0G1%"--(,%#"%*"1$:(
'3-)2% (% 31(% 0*(1% $/2#(,% ?3"% #"% 4*"#"1)(% '2.2% 31(% )*/1/$($H
$21'"--(,% .($*"% >% (1'/(1(<% D"% @(1% "1'21)*($2% "#'3-)3*(#% $"
6/03*(#% 6"."1/1(#% 42*% )2$(% O3*24(J% (-031(#% $"% "#)(#% 6/03*(#
*"4*"#"1)(1%(%-(%$/2#(%$(1$2%-39%(%31(%'*/()3*(,%?3"%"#%(%-(%A"9
#3%@/;2%>%#3%(.(1)"<
O#)(%(1)/03(%*"-/0/51,%'"1)*($(%"1%"-%'3-)2%$"%-(%V(01(%!"(,%4*2C
$3':(%31(%#2'/"$($%4(':6/'(,% /03(-/)(*/(%?3"%A/A:(%"1%'2.31/51
'21% -(% 1()3*(-"9(<% I21% -(% --"0($(% $"% -2#% /1$2"3*24"2#% O3*24(
#36*/5%"-%'(.8/2%@('/(%31(%"#)*3')3*(%4()*/(*'(-%?3"%/1)*2$3;2%-(#
(*.(#%>%-(%03"**(,%>%.+#%)(*$"%"-%'*/#)/(1/#.2,%)*(;2%"-%'21)*2-%$"
-(#%&-/)"#%(%)*(A&#%$"%-(%'21#)*3''/51%$"%31%./)2<
P(*(%I>1)@/(%O--"*%-(%'*""1'/(%"1%31(%#2'/"$($%.()*/(*'(-%/03(-/)(C
*/(,%4('/6/#)(,%"1%-(%?3"%-2#%42$"*"#%$"%-(%1()3*(-"9(%"*(1%A"1"*($2#
8(;2%62*.(#%6"."1/1(#%--"A(%'21#/02%-(%/$"(%$"%?3"%-(%$2./1('/51
.(#'3-/1(%12%"#%31(%'21$/'/51%@3.(1(%31/A"*#(-%"%/1"A/)(8-"<%D"
43"$"%--"0(*%(%2)*2%)/42%$"%#2'/"$($%"1%-(%?3"%"#)(#%$2#%63"*9(#,%-2
.()*/(*'(-%>%-2%4()*/(*'(-,%#"(1%'2**"#421$/"1)"#%"1)*"%#:<%
<<:
O-%4*20*"#2%@('/(%-(%@/#)2*/(%(')3(-%12#%--"05%#5-2%$"%"#)*3')3*(#
4()*/(*'(-"#,% >% "#)(% '*""1'/(% )/"1"% 31% -($2% 42#/)/A2,% 42*?3"% (-
@(8"*%#28*"A/A/$2%"1%'21$/'/21"#%(1)/1()3*(-"#%(6/*.(%-(%A/#/51
$"% -(% .3;"*% '2.2% #"*% (3)512.2% >% '*"()/A2% '(4(9% $"% -/$"*(902<
!"6/1"%"-%.()*/(*'($2%'2.2%31(%#2'/"$($%"1%-(%?3"%-(%42#/'/51
$"%-(%.3;"*%"#%/03(-%2%#34"*/2*%(%-(%$"-%@2.8*"%>%'3>(%"#)*3')3*(
."1)(-%#"%'"1)*(%"1%-2%6"."1/12<%
R21(-$%B3))21,%"1%M@"%M*/3.4@%26%)@"%V221J%A"*#(%#28*"%-2#
(1)"'"$"1)"#%(% -(%'*"('/51%$"-%.2A/./"1)2%u/''(%$"%S"*(*$%t<
S(*$1"*,% >% 12#% --"A(% 42*% -(% &42'(% A/')2*/(1(% >% "-% *"/1($2% $"
O$3(*$2%$"%p10-()"**(J%"7(./1(%-(%/16-3"1'/(%?3"%"1%-(%'3-)3*(
/10-"#(%)3A/"*21%-2#%"#'*/)2*"#%$"%6/''/51,%42"#:(,%"1#(>2#%>%)*()(C
$2#%?3",%8(;2%31(%A/#/51%*2.+1)/'(,%(A/A(*21%"-% /1)"*&#%42*%31
4(#($2%4*"'*/#)/(12,%42*%-2#%'3-)2#%(%-(#%$/2#(#%>%"-%$/2#%P(1<%%
\(%28*(%$"%v/--/(.%t3)-"*%E"()#,%!<%B<%\(u*"1'"%>%.+#%)(*$",%-(
$"%R28"*)%S*(A"#,%@(1%#"*A/$2%4(*(%?3"% -(% /.(0"1%)*($/'/21(-,
@"*"$($(%$"%-2#%A/";2#%)*()($2#%/1?3/#/)2*/(-"#%2%-2#%"#'*/)2#%42*
-2#%*"62*.($2*"#%$"%'2#)3.8*"#,%@(>(%'(.8/($2%"1%-(%."1)"%$"-
4G8-/'2%0*('/(#%(%?3"%"#)2#%"#'*/)2*"#%@(1%4*"#"1)($2%31(%A/#/51
8"1&6/'(%$"%"#)(#%'*""1'/(#%>%*/)2#<
\(%(1)*245-20(,%P"00>%R""A"#%D(1$(>,%"#)3$/5%-(%'3-)3*(%$"%-2#
./1(10h(8(3%$"%D3.()*(,%(6/*.(%?3"%-(%"#)*3')3*(%#2'/(-%$"%31
43"8-2%12%#"%8(#(%"1%31(%$/A/#/51%$"%-2#%#"72#%"1%"-%42$"*%42-:C
)/'2,%#/12%"1%-(#%"#)*3')3*(#%#2'/2'3-)3*(-"#%>%'2#.2-50/'(#%>%"1
'5.2%#"%'2.4-"."1)(1%-2#%#"72#%"1%"--(#<%O1%-(#%#2'/"$($"#%$"
-2#%./1(10h(8(3,%'21#/$"*($(#%.()*/(*'(-"#,%#/1%?3"%"--2%/.4-/C
?3"%?3"%$2./1"1%-(#%.3;"*"#,%-(%$"#'"1$"1'/(%"#%42*%A:(%.()"*C
<<;
1(%>%'($(%./".8*2%$"%-(%#2'/"$($%"1'3"1)*(%#3%/$"1)/$($%4"*C
#21(-% >% '3-)3*(-%$"% "#)(% .(1"*(<% O1% "#)(#% #2'/"$($"#% -(#% '"*"C
.21/(#% *"-()/A(#% (-% '/'-2% $"% A/$(% $"% -(#% .3;"*"#% ('"*'(1% (% -2#
$/6"*"1)"#%'-(1"#,%>%"1%"--(#%#"%A"1"*(1% -2#%#:.82-2#%.()"*12#
?3"%*"4*"#"1)(1%"-%(.2*,%"-%#"1)/$2%$"-%$"8"*%>%"-%*"#4")2%(%-(
)*($/'/51<
\(%(1)*245-20(%D(1$(>%*"'@(95% -(% /$"(%$"%31(%(#/.")*:(%#"73(-
31/A"*#(-%>%-(%$"%?3"%#"*%-2%./#.2%"?3/A(-"%(%#"*%/03(-<%I3"#)/21(
"-%.2$"-2%2*0+1/'2%R($'-/66"Ct*2u1%>%-(%12'/51%$"%#2-/$(*/$($
#2'/(-%$"%!3*h@"/.%"1%#3#%"#)3$/2#%#28*"%#2'/"$($"#%)*($/'/21(C
-"#<%!"%@"'@2,%"-%42$"*%?3"%31%#"72%";"*'"%"1%31%+*"(,%$/6/"*"%$"-
?3"%";"*'"%"1%2)*(,%'21%-2%?3"%-(%/03(-$($%>%-(%(#/.")*:(%#21%'21C
'"4)2#%?3"%12%(>3$(1<%=8(1$21(% -(%'3"#)/51%$"% /$"1)/6/'('/51
#"73(-%4"*#21(-%4(*(%"#)3$/(*%-2#%#/012#%?3"%.(*'(1%-(%/$"1)/$($
#"73(-%"1%"-%@(8-(,%-(#%/.+0"1"#,%-2#%./)2#%>%-2#%*/)2#<
E% #"% (42>(% "1% -(% 28*(% $"% S*"0% ]*8(1,% =% !/#'23*#"CI"1)"*"$
=44*2('@%)2%I3-)3*"H%F()/A"%D23)@%=."*/'(1%V>)@#%(1$%R/)3(-#
W-llXY%4(*(%(6/*.(*%?3"%-(%/$"1)/$($%#"73(-%12%"#%31(%'(*(')"*:#)/'(
/1.3)(8-"%$"%-2#%/1$/A/$32#,% #/12%31%'21;31)2%$"%#/012#%?3"% -(#
4"*#21(#%3#(1%2%?3"%#"%-"#%(#/01(<%D"0G1%]*8(1,%31%$/#'3*#2%"6/'(9
4(*(%31(%'2.31/$($%#"%'2.31/'(%(%."13$2,%"#%$"'/*,%'/*'3-(,%4"*2
(-%@('"*-2%)/"1$"%(%6/;(*#"%>%(%4(#(*%$"%31(%(%2)*(%0"1"*('/51<%\2#
#/012#%?3"%.+#% '/*'3-(1%"1%"-% /1)"*'(.8/2%'2.31/'()/A2% #21% -2#
.+#%"6/'('"#J%42*%)(1)2%'28*(1%31(%0*(1%/.42*)(1'/(,%>%(#:%31%./)2
?3"%#"%'3"1)(%(%."13$2%"#%.+#%/.42*)(1)"%?3"%312%42'2%'21)(C
$2,%-2%'3(-%"#%/.42*)(1)"%(%-(%@2*(%$"%"A(-3(*%-(%631'/51%?3"%#"%(#/0C
1(%(%4"*#21(;"#%#/01/6/'()/A2#%$"%$/6"*"1)"%#"72<
<%=
\2%?3"%/.42*)(%12%"#%#/%31%4"*#21(;"%)/"1"%31%4(4"-%*"-"A(1)"
"1%31%*"-()2%.:)/'2,%#/12%#/%"#)"%./)2%'/*'3-(%(')/A(."1)"%"1%-(
#2'/"$($<
D(1$(>%"7(./15%$3*(1)"%$2#%$&'($(#%'/"1)2%'/1'3"1)(%#2'/"C
$($"#% 4*/./)/A(#,% >% "1% f".(-"% P2u"*% (1$% V(-"% !2./1(1'"
WXlaXY% *"6-";(% -(% '21'-3#/51%(% -(%?3"% --"05%$"%?3"% -(%$2./1(C
'/51%.(#'3-/1(%12%@(%#/$2%31/A"*#(-,%>(%?3"%#"%@(1%"1'21)*(C
$2%#2'/"$($"#%.()*/-/1"(-"#,%>%#2'/"$($"#%"1%?3"%-(#%*"-('/21"#
"1)*"%-2#%#"72#%#"%$"#(**2--(1%"1%31%4-(12%$"%/03(-$($<%='"4)(,
43"#,%"-%'21'"4)2%$"%.()*/(*'($2,%4"*2%#"T(-(%?3"%"-%4*28-".(
$"% "#)"% '21'"4)2% *"#/$"% "1% -(#% 12'/21"#% '3-)3*(-"#% $"
U''/$"1)",%?3"%-2%'21#/$"*(1%'2.2%31%4()*/(*'($2%"1%"-%?3"
.(1$(1% .3;"*"#<% P2*% "--2,% 4*2421"% 31(% 13"A(% $"6/1/'/51
$"#$"%2)*(%4"*#4"')/A(%'3-)3*(-<%O-%4*28-".(%$"-%$"8()"%"1)*"
1()3*(%>%'3-)3*(,%%"#)+%"1%?3"%#"%/03(-"1%-(#%$/6"*"1'/(#%#"73(C
-"#%8/2-50/'(#%(%-(#%$/6"*"1'/(#%$"%/$"1)/$($%#"73(-%>%(%-(#%?3"
/.421"1%-(%A/$(%$2.&#)/'(%>%4G8-/'(<
\(%")12(*?3"5-20(%D3#(1%g"1)%(6/*.(8(%?3"%"-%/03(-/)(*/#.2%12
"#%31(%'()"02*:(%"#)+)/'(,%>%'21#/$"*(8(%?3"%-(%'3-)3*(%"#%31%)2$2
"1%"-%?3"%#"%/1)"0*(%-(%/$"1)/$($%#"73(-%>%-(%631'/51%?3"%#"%(#/0C
1(%(%-2#%#"72#J%#/%31(%4(*)"%$"%-(%'3-)3*(%'(.8/(,%"#)2%/16-3>"%"1
-(#%$".+#,%>%-(%631'/51%#2'/(-%$"%-2#%#"72#%#"%A"%(6"')($(<
B3.8"*)2% V()3*(% #2#)/"1"% ?3"% -(% '21)*(4(*)"% 4()*/(*'(-% $"-
.()*/(*'($2%#3*0/*:(%$"%-2#%43"8-2#%4(#)2*"#%"1%-2#%?3",%-3"02%$"
31(%@/#)2*/(%$"%4(#)2*"2,%'2."19(*:(%(%(4*24/(*#"%$"%$")"*./1(C
$2%1G."*2%$"%(1/.(-"#%/.4/$/"1$2%"-%-/8*"%(''"#2%$"%2)*2#%#"*"#
A/A2#% (% "--2#<% I3(1$2% "-%2)*2% '2./"19(%(% #"*% A/A/$2%'2.2%31(
<%<
(."1(9(% (% -(% 4*24/"$($% #3*0"% -(% 12'/51% $"-% "1"./02,% $"% 31
.31$2%--"12%$"%(."1(9(#%%>%$"%2)*2#%$/6"*"1)"#%$"#'212'/$2#%>
42*%-2%)(1)2%4"-/0*2#2#<
\(%.3;"*%'3.4-/5%#/".4*"%-(%631'/51%$"%4*2.2)2*(%$"%-(%"A2-3C
'/51%@3.(1(<%O--(%63"%?3/"1%$"#'38*/5%-(%(0*/'3-)3*(,%-(%(*)"#(C
1:(,%-(%'"*+./'(,%-(#%@/"*8(#%."$/'/1(-"#<
D3%4*2)(021/#.2%#"%"7)"1$/5%$"#$"%-(%12'@"%$"%-2#%)/".42#,%@('"
^b<bbb%(T2#,%'3(1$2%#"%"-(82*(*21%-(#%Q"13#%4*"@/#)5*/'(#%?3"
'21#)/)3>"1%-(%4*/."*(%/'2120*(6:(%$"%-(%!/2#(%V($*",%@(#)(%@('"
312#%o<bbb%(T2#<%O-%*"/1($2%$"-%4*/1'/4/2%6"."1/12%?3"%&#)(%4"*C
#21/6/'5%4*"#/$/5%-(%*"-/0/2#/$($%@3.(1(%@(#)(%"-%Q%>%pQ%./-"1/2
(<%I<%E%#3%4*"#"1'/(%"1%-2#%(-)(*"#%$"%U''/$"1)"%4"*$3*(*:(%@(#)(
@('"%."12#%$"%[<bbb%(T2#<
O1% "#)"% +.8/)2%$"% -(% (4*24/('/51% $21$"% #3*0"% -(% "7'-3#/51,% -(
"1"./#)($%>%-(%03"**(,%-(%#382*$/1('/51%>%;"*(*?3:(,%"-%42$"*%>%-(
28"$/"1'/(,% #3*0"% )(.8/&1% -(% $"#'216/(19(% >(% ?3"% #"% 4/"*$"% -(
#"1#('/51%$"%(*.21:(%'21%-(%"7/#)"1'/(<%O."*0"%"1)21'"#%-(%1"'"C
#/$($%$"%$2./1/2%>%'21)*2-%$"%(?3"--2%?3"%*"#3-)(%/1'2.4*"1#/C
8-"% "% /.4*"$"'/8-"<% D3*0"% "1)21'"#% -(% 8G#?3"$(% (1#/2#(% $"% -(
#"03*/$($%4*24/(%$"%-(#%*"-('/21"#%31/-()"*(-"#%"1%?3"%12%"7/#)"
-(%('"4)('/51%>%'21A/A"1'/(%'21%-2%$/6"*"1)",%1/%-(%"74"*/"1'/(%$"
*"'/4*2'/$($,% (#:% '($(% 62*.(% $"% A/$(% A(% '21$/'/21(1$2,% #"0G1
V()3*(1(,% 31(% .(1"*(% $"% A/1'3-(*#"% '21% -(% "7/#)"1'/(% >% 31(
".2'/51%4(*)/'3-(*%?3"%'21#)*3>"%31(%./*($(%$"%-(%"7/#)"1'/(%>
31%#"1)/$2%A/)(-<
O1%13"#)*2%4(:#%@".2#%@"*"$($2%-(%)*($/'/51%"3*24"(%$"%43"8-2#
4()*/(*'(-"#,%?3"%$2./1(1%>%'21?3/#)(1%-(%1()3*(-"9(<%\2#%"#4(C
<%%
T2-"#%--"0(*21%(%13"#)*2%)"**/)2*/2%(#2-(1$2%)2$2%A"#)/0/2%$"%'3-C
)3*(%/1$:0"1(%(1'"#)*(-,%?3"%$/'@2%#"(%$"%4(#2%.(1";(8(%31(%'2#C
.2021:(%.()*:#)/'(%"1%-2#%)/".42#%$"%4(9<%
D/%8/"1%-(%-3'@(%42*%-(%/1$"4"1$"1'/(%@(%*"A"#)/$2%$/A"*#(#%62*C
.(#,%$"%('3"*$2%(-%#/)/2,%/$"2-20:(,%'3-)3*(%")'<,%-(%/$"(%$"%*"A2C
-3'/51%"1%-(%."1)"%2*/"1)(-%'21)/13(8(%'21$/'/21($(%42*%)(1)2#
#/0-2#%$"%(1)/0i"$($%'21%-(%'*""1'/(%$"%?3"%-2%?3"%"*"#%"#%-(%'21C
#"'3"1'/(% $"% )3#% 4*24/(#% (''/21"#% "1% A/$(#% 4(#($(#<% \(% .3;"*
2''/$"1)(-,% #"% "#)+% *"8"-(1$2% '21)*(% )2$(#% "#)(#% /$"(#% 6/')/'/(#
#28*"%"-%$"#)/12%>%-(#%A/$(#%4(#($(#<%\(%.3;"*%2''/$"1)(-%"74"*/C
."1)5%31%4"*:2$2%*"A2-3'/21(*/2%?3"%$"#)*3>5%#3%'21)"1)2%>%"-
"1'(1)2% ?3"% #/".4*"% @(8:(% )"1/$2<% \2% ?3"% 63"% '(.8/($2% -(
().5#6"*(%"1%U''/$"1)"<%
F2%"#%"7(0"*($2%#2#)"1"*%31(%42#/8-"%"74-/'('/51%(%-(%'*/#/#%$"%-(
.2$"*1/$($% /-3#)*($(% ?3"% @(% #/$2% "-% 31/-()"*(-% &16(#/#% ?3"% -2
.(#'3-/12%@(%/.43"#)2%"1%-(%'3-)3*(%>%"1%-(#%/1#)/)3'/21"#%>%?3"
)/"1"% ?3"% #"*% '2**"0/$2% 4*"'/#(."1)"% '21% "-% (42*)"% "#4"':6/'(C
."1)"%$"%-2%6"."1/12<
\(%@"*"1'/(%'3-)3*(-%?3"%#"%)*(1#./)/5%$"%0"1"*('/51%"1%0"1"*(C
'/51,%(**(#(1$2%'21%82#?3"#,%-";2#%$"%-(%(*.21:(%'21%-(%1()3*(C
-"9(<%]1(%)*($/'/51%?3"%#/03"%1"0(1$2% -(%$/A"*#/$($%*('/(-%4*2C
4/(,%$/#'*/./1(1$2%>%#"0*"0(1$2%(%(?3"--2#%?3"%12%#"%*"-('/21(1<%
D(8".2#%?3"%"1%-(#%'2.31/$($"#%4*/./)/A(#%"-%4(4"-%(#/01($2
#2'/(-."1)"%(%-(#%.3;"*"#%2'34(8(%"-%.31$2%$"%-(%"#4/*/)3(-/C
$($,%$"% -(#%*"-('/21"#,%>%-(#%(''/21"#%1"'"#(*/(#%4(*(%-(%#38#/#C
)"1'/(%>%-(%*"'2-"''/51<%D3%4(4"-%"*(%"-%$"%31%./)2%A/A2%#(0*($2<
\(%#34"*A/A"1'/(%/8(%-/0($(%(%-(%'(4('/$($%$"%*"#2-A"*%-(#%1"'"C
<%,
#/$($"#%A/)(-"#%$"-%0*342%>%";"*'"*%-(%."$/('/51%"1)*"%#3#%./".C
8*2#%>%2)*2#%0*342#<%
\(%"#4/*/)3(-/$($%"*(%31%+.8/)2%6"."1/12,%-2#%*/)3(-"#%>%'"*".2C
1/(#%$"%-2#%0*342#%"#)(8(1%4*"#/$/$(#%"1%.3'@(#%2'(#/21"#%42*
6/03*(#%6"."1/1(#,%-(#%.3;"*"#%63"*21%$"42#/)(*/(#%$"%-2#%'5$/02#
(1'"#)*(-"#%>%"*(1%-(#%*"#421#(8-"#%$"%.(1)"1"*%-(%)*($/'/51%2*(-<
\(% /1)*3#/51%$"-%.2$"-2%4()*/(*'(-%4"*A/"*)"%13"#)*(% "A2-3'/51
"#4/*/)3(-,%/.421/"1$2%#3#%$20.(#%4(*(%2'3-)(*%-(%63"*9(%@/#)5*/C
'(%$"-%#/.85-/'2%6"."1/12<%\(#%*"4*"#"1)('/21"#%$"%-(#%Q"13#%$"
-(%6"*)/-/$($,%-(#%$/2#(#%$"-%'212'/./"1)2,%-(#%@&*2(#%/1.2*)(-"#,
-(#% (-?3/./#)(#% )*(#'"1$"1)"#,% -(#% 8*3;(#% #(8/(#,% >% -(#% .3;"*"#
'2)/$/(1(#%42#""$2*(#%$"%-(%)*($/'/51%$"-%#(8"*%$"%-(#%.3;"*"#<
\(%/.42#/'/51%$"%-(#%p0-"#/(#%$"%$/6"*"1)"#%'3-)2#,%62*.($2*(#%$"
31%4()*/(*'($2%"#4/*/)3(-%'3-)3*(-,%#28*"%-(#%)*($/'/21"#%4(0(1(#,
4"*A/*)/5% -2#% (*?3")/42#% 6"."1/12#% >% -2#% *"12.8*(% '2.2
Q:*0"1"#,%1"0+1$2#"-"%"-%$"#"2%>%"-%4-('"*%#"73(-%(% -(#%.3;"*"#,
-2#%#"1)/./"1)2#%?3"$(1%*"$3'/$2#%(-%31/A"*#2%$"-%$2-2*<%O-%'3"*C
42%$"%-(#%.3;"*"#%#"%(-2;(%"1%"-%(*?3")/42%$"%OA(,%4"*A/*)/"1$2
(#:%"-%#/.85-/'2%6"."1/12,%(-%'(.8/(*%"-%4(*($/0.(%$"-%02'"%>%"-
$/#6*3)"%")"*12%$"-%P(*(:#2%>%$"%!/2#%42*%-(%"743-#/51%(-%(8/#.2
>%-(%.(-$/'/51%0"1"*('/21(-%$"%(**(#)*(*%-(%'3-4(%$"-%4"'($2%2*/C
0/1(-,%4(*/"1$2%'21%$2-2*<
!(1%t*2u1%A3"-A"%(%@('"*%3#2%$"%-(%'*""1'/(%"1%31(%"1)/$($%$/A/C
1(% 6"."1/1(,%"#)(%A"9%"1'(*1($(%"1%V(*:(%V(0$(-"1(,%(%?3/"1
/$"1)/6/'(%'21%"-%D(1)2%S*/(-%>%(6/*.(%?3"%63"%-(%"#42#(%$"%`"#G#,
'3>2#%$"#'"1$/"1)"#%#"%/1)"0*(1%"1%"-%P*/2*()2%$"%D/51J%(%"#)2%#"
31"%31(%'21#4/*('/51%42*%4(*)"%$"%-(%;"*(*?3:(%$"%-(%/0-"#/(%'()5C
<%-
-/'(%4(*(%#34*/./*%"#)(#%'*""1'/(#,%'21#"*A($(#%0*('/(#%(-% -"0($2
$"%-2#%)".4-(*/2#,%>%.(1)"1"*%-(%*"-/0/51%"1%#3%(1$*2'"1)*/#.2<
\(%I/A/-/9('/51%$"% -(%!/2#(%"A2-3'/215% "1)*"% "-% n<_bb%(<I%>% "-
^<_bb%(<I<,%$"%.(1"*(%/1$"4"1$/"1)"%$"%-(%V"#242)(./(,%'2.2
31(%#2'/"$($%4(':6/'(%?3"%12%'21#)*3:(%(*.(#%$"%03"**(%>%#"%$"$/C
'(8(%(%-(%(0*/'3-)3*(,%"-%(*)",%"-%'2."*'/2%>%-(%*"-/0/51,%>%"1%-(%?3"
#"0G1%"A/$"1'/(#% 631"*(*/(#%12%@(8:(%31(% ;"*(*?3/9('/51%$"% -2#
0&1"*2#<% V3;"*"#% >% A(*21"#% #"% 4"*'/8:(1% '2.2% @/;2#% $"% 31(
V($*"%U*/0"1%'2.G1,%-(%S*(1%!/2#(,%A/A"1'/(1$2%(-0G1%)/42%$"
/03(-$($%$"%0&1"*2#<
O#)(%'2#.2A/#/51%#(0*($(%(#2'/($(%(%-2#%'/'-2#%$"%-(%-31(,%$"%-(%.3;"*,%$"
-(%1()3*(-"9(,%$"%-(%'21'/"1'/(%@3.(1(%>%$"%)2$2#%-2#%#"*"#%A/A2#%'21%"-
(*?3")/42%$"%-(%!/2#(%P+;(*2CD"*4/"1)"%'*"($2*(,%-(%!/2#(%D3#)"1)($2*(
W$"-% '"*"(-,% -(% (0*/'3-)3*(% >% -(% '3-)3*(Y% >% -(% !/2#(% $"% -(% V3"*)"% >% "-
R"1('/./"1)2<%]1(%)*/1/$($%6"."1/1(%.+#%(1)/03(%?3"%-(%'*/#)/(1(%2%-(
@/1$G,%'"-"8*($(%;31)2%(%#3#%@/;(#Z2#%>%'21#2*)"#<
\(#%#/.82-20:(#%#(0*($(#%>%(*?3"):4/'(#%$"%-(#%$/2#(#%$"%'3-)3*(#
42#)"*/2*"#%>(%"#)(8(1%4*"#"1)"#%"1%-2#%(#"1)(./"1)2#%1"2-:)/'2#
4*2'"$"1)"#%$"%-(%Q"13#,%$/2#(#%42#)"*/2*"#%(-%F"2-:)/'2%'212'/C
$(#%'21%"-%12.8*"%$"%O3*:12.",%S"(,%q*)"./#,%B&'()",%=)"1"(,
p#/#,% F3),% V((),% p1(11(,% p#@)(*,% =-(),% =#"*+,% R@"(,% !".&)"*,
P"*#&621",%!/(1(,%`312,%V/1"*A(,%O/*",%t*/0/$,%f*">(,%t(8(%E(0+,
-(#%V3#(#,%-(#%P(*'(#,%-(#%S*('/(#,%"1)*"%.3'@(#%2)*(#<
\(#%$/2#(#%0*/"0(#%4*2'"$:(1%$"%31(%&42'(%@/#)5*/'(%4*"2-:.4/'(
(1)"*/2*%>%"-%'(#(./"1)2%$"%B"*(%'21%x"3#%12%"7/#)/5%"1%#3#%2*:C
0"1"#<%O#)"%'(#(./"1)2%62*9($2%*"6-";5%"-%)*+1#/)2,%(%A"'"#%$*(.+C
)/'2%>%A/2-"1)2%$"%-(#%'3-)3*(#%.()*/-/1"(-"#%(%-(%4()*/(*'(-%-3"02
<%1
$"%31(%'21?3/#)(%(*.($(%>%31(%/1A"*#/51%$"%-2#%./)2#%$"%2*/0"1<
p1'-3#2% $/6"*"1'/(% (% -2#% $/2#"#% 03"**"*2#% $"% -2#% (0*:'2-(#% $"% -(
"$($%.()*/-/1"(-H% B"*."#,%P(1,% !/21/#/2,% /1$/'+1$212#% ?3"% "-
'3-)2%(%-(#%$/2#(#%12%"7'-3:(%-2%D(0*($2%V(#'3-/12%4"*2%)(.42'2
($2*(8(% (% 31% $/2#% 4($*"% 03"**"*2% >% $2./1(1)",% 1/% (% $"/$($"#
.(#'3-/1(#%?3"%A/2-(8(1%>%.()(8(1%(%$/2#(#%>%(%.3;"*"#%'2.2
#3'"$"%"1% -2#%./)2#%*"-/0/2#2#%?3"%@".2#%@"*"$($2%$"%13"#)*(
(')3(-%'3-)3*(,%#3*0/$2#%$"%(?3"--(%'21?3/#)(%>%*"62*.(<
\2#%./)2#%0*/"02#% 63"*21% /1)"1)2#,% (% A"'"#% 0*2#"*2#% >%$"#"#4"*(C
$2#,%4(*(%'(.8/(*%-(%)*($/'/51%$"%-(%S*(1%V($*"%42*%4*24(0(1$(
42-:)/'(C*"-/0/2#(%'2.2%"#%"-%./)2%$"%=)"1"(%1('/"1$2%$"%-(%'(8"C
9(%$"%x"3#,%(*.($(%'2.2%31(%03"**"*(,%*"".4-(9(1$2%(%-(%(1'"#C
)*(-%=)"1"(,%31(%$"/$($%#/1%.($*",%4()*21(%$"% -(%#(8/$3*:(%>% -(
/1)"-/0"1'/(% >% (#:%4*"#"1)(*% (% -2#%$/2#"#% N(*'@/4()*/(*'(-"#N%'2.2
4*/./0"1/2#,%.";2*"#%>%#34*".2#<%E%%P(1%@(%."1)/$2,%42*?3"%-2#
@2.8*"#% #/".4*"% @(1% ."1)/$2% 42-:)/'(."1)"% #28*"% -(% .3;"*% >
#28*"%-(%A"*$($%42*?3"%"-%#3"T2%$"-%#"72%"#%4"2*%?3"%-(%@203"*(
$"%-(%p1?3/#/'/51<%P(1%#(8",%?3"%"#)(%"#%-(%#(8/$3*:(%$"-%'"1)(3*2,
?3"%-(%42-:)/'(%"#%"-%'216-/')2%'21%-(%A"*$($%2%#"(%'21%-(%.3;"*
\2#%./)2#%)(*$:2#%'2.2%"-%$"%=)"1"(%1('/"1$2%$"% -(%'(8"9(%$"
x"3#% #"% @(1% @"'@2% '(*1"% "1% -(#% .3;"*"#% ?3"% 63/.2#% "$3'($(#
#"0G1%"-%/$"(*/2%6"."1/12%$"%-(%."1)(-/$($%4()*/(*'(-,%($24)(1C
$2%"1%-2#%G-)/.2#%)/".42#%.2$2#%4()*/(*'(-"#%2%.(#'3-/12#%(%6/1
$"%#"*%*"'212'/$(#%'2.2%NB/;(#%$"-%P($*"N%>%'2.4")/*%42*%"-%&7/)2
4*26"#/21(-%2%/1)"-"')3(-<
O1%-(%6/-2#26:(%2*/"1)(-%S(3)(.(,%"-%t3$(%"#%31%@2.8*"J%#3#%0*(1C
$"#%$/#':43-2#J%V(C@(h(#@>(4,%D(*/43))(,%V200(-(>(1J%)2$2#%@2.C
<%2
8*"#<%F/1031(%.3;"*%@(%(-'(19($2%"-%./#.2%1/A"-%$"%'21'/"1'/(<%O-
./#.2%S(3)(.(%t3$(%1"0(8(%-(%/1/'/('/51%(%-(#%.3;"*"#,%'2.2%#/
63"*(%31(%"#4"'/"%#38@3.(1(<%P*/."*2,%@(8:(%?3"%-20*(*%--"0(*%(
#"*%@2.8*"#%>%-3"02%'216/1(*%(%-(%.3;"*%'2.2%%"#42#(%(8#)/1"1)"<
O1%I@/1(,%$3*(1)"%'/"1)2#%$"%(T2#,%#"%'21#/$"*(8(%?3"%-(%.3;"*
12%)"1:(%(-.(,%$"%62*.(%?3"%"-%.(*/$2%42$:(%.()(*-(%>%-(%-">%12
/1)"*6"*:(<%\(%.3;"*%"*(%42#"#/51%$"-%.(*/$2<%D/%&-%?3"*:(%.()(*
(%#3%.3;"*%>%$"#)*3/*%#3#%.3"8-"#,%"*(%-"0(-<%O1%q6*/'(%#"%-(#%@(
.3)/-($2%4(*(%?3"%12%#/"1)(1%4-('"*<%\(%'3-)3*(%4()*/(*'(-%@(%4*/C
A($2%(%-(%.3;"*%$"%"$3'('/51,%$"%/1$"4"1$"1'/(%"'215./'(<%\(
@(%4*/A($2%$"%.2A/-/$($%#2'/(-<%!3*(1)"%#/0-2#%12%@".2#%)"1/$2
/1$"4"1$"1'/(<% \(% .3;"*% .3#3-.(1(% $"8"% 2'3-)(*% #3% *2#)*2,
4(*(%?3"%1($/",%"7'"4)2%#3%.(*/$2,%43"$(%A"*-2<%%O1%"-%@/1$3/#C
.2,%-(%.3;"*%)"1:(%?3"%.2*/*%'3(1$2%.2*:(%#3%.(*/$2<%O-%#/#)"C
.(%$"-%#()/W[Y @(%4"*.(1"'/$2%$3*(1)"%./-"#%$"%(T2#<
M2$(#%13"#)*(#%(')/A/$($"#%$"8"*:(1%"#)(*%'"1)*($(#%"1%-(%A"*$($,
$"#"1)"**(*%"-%(*?3")/42%$"%-(%S*(1%!/2#(%$"%-(#%4*2631$/$($"#%$"-
/1'21#'/"1)"%4"*#21(-%>%'2-"')/A2%$"%-(#%.3;"*"#%"1%$21$"%-(%'3-C
)3*(%>%"-%"02%-(%@(1%*"'-3/$2,%*"4*/./&1$2-(,%4(*(%?3"%-(#%$/2#(#%12
12#%2)2*03".2#%42$"*%"#4/*/)3(-,%".2'/21(-%>%'3-)3*(-%(-%'3"*42,
-(%#"73(-/$($,%-(%-/8"*)($%>%-(%'21'/"1'/(<%\(%$"A2'/51%(%"#(%A"*$($
"#% -(%G1/'(% ;3#)/6/'('/51%$"%13"#)*(%"7/#)"1'/(<%\(%A"*$($%$"8"*:(
#"*%13"#)*2%(-/"1)2%$"%A/$(<%\(%.3;"*%31/)/A(,%'2@"*"1)"%>%A"*$(C
$"*(%;(.+#%$"8"%@('"*%1($(%42*%('()(./"1)2%(%-(#%'21A"1'/21"#
*"/1(1)"#<%\(%4*/."*%*"0-(%"#%?3"%12%"7/#)"1%*"0-(#,%42*?3"%31(%A"*C
$($"*(%.3;"*%12%#"%"10(T(%'21%'(./12#%'"**($2#<%M"1".2#%?3"
"#)(*%$/#43"#)(#%(%-(%'21A"*#/51,%>%'3(1$2%$"#'38*/.2#%?3"%"#)(C
<%9
.2#%"?3/A2'($(#,%)"1".2#%?3"%#"*%#/1'"*(#%'21%12#2)*(#%./#.(#%>
'2**"0/*%-(%$/*"''/51<%]1(%A"9%?3"%@".2#%--"0($2%(%"#)(%")(4(%$"
"A2-3'/51,%-(#%$".+#%*"0-(#%$"-%'2**"')2%A/A/*%#3*0/*+1%#/1%"#63"*92,
#/"1$2%/1#)/1)/A(%(%-(%28"$/"1'/(%$"%"#)(#%*"0-(#<%D/1%".8(*02,%#/1
-(%A"*$($%"#%/.42#/8-"%28#"*A(*%1/1031(%*"0-(%2%4*/1'/4/2%$"%A/$(<
Q"*$($%/.4-/'(%(.2*%>%6/*."9(%?3"%'216-3>"1%>%42*%-2%)(1)2%#/*A"1
'2.2%#/151/.2%$"%62*)(-"9(%?3"%1('"%$"%-(%A"*$($%>%"-%(.2*<
I3(1$2%"#%*"-"A(1)",% -(%A"*$($%$"8"%#"*%4*2131'/($(,%42*%.+#
$"#(0*($(8-"%?3"%*"#3-)"<%\(%/**"-"A(1'/(%"#%#/".4*"%(-02%6(-#(%>
131'(%$"8"%#"*%"131'/($(,%-(%A"*$($%)(-%'2.2%-(%'21'/82,%"#%31
#"1)/./"1)2% ?3"% 42$*:(% 12% #"*% 31% #"1)/./"1)2% "1% (8#2-3)2,% >
8/"1%42$*:(1%#"*%-(#%#"1#('/21"#%$"%31(%/**"#421#(8-"%2%$"%31(
)21)(<%P"*2%'3(1)2%.(>2*%#"(%13"#)*(%/12'"1'/(,%.+#%0*(1$"%#"*+
13"#)*(%62*)(-"9(,%>%.+#%#3)/-%#"*+%13"#)*(%A/')2*/(<%
\(%A"*$($%"#%?3"%"-%$2-2*%>%"-%#36*/./"1)2%?3"%@".2#%4($"'/$2
-(#%.3;"*"#%$"-%.31$2%#21%.(>2*"#%?3"%"-%?3"%@(%'212'/$2%"-
@2.8*"<% \2#% #('"*$2)"#% >% -2#% 42-:)/'2#% $"#$"% #/".4*"% 12#% @(1
26*"'/$2% 6*(#"#% $"% '21#3"-2% "% /0-"#/(#<% E% -2#% '21#3"-2#% >% -(#% *"C
-/0/21"#%12%*"".4-(9(1%(%-(%A"*$($%N-(%A"*$($%"#%/**".4-(9(8-"N<
P(*(% -(% )"(-20:(,%M"(,% -(%!/2#(%"#%A/A"1'/($(%42*% -(#%.3;"*"#%$"
.3'@(#%.(1"*(#% (% )*(A&#% $"% '2#.2A/#/21"#%8+#/'(#% >% '2.4(*)"
.3'@(#%A/#/21"#%'21%)*($/'/21"#%$"%43"8-2#%2*/0/1(*/2#%"%/1$:0"C
1(#%?3"%'"-"8*(1%-2%D(0*($2%f"."1/12%"1%-(#%$/2#(#%=1$*(%V(*/,
I"**/$u"1,% p-(.()"'3)-/,% p7'@"-,% P('@(.(.(,% V3;"*% =*(T(,
V3;"*% t/#21)",%D"$1(,%c2.2-(01(,%F3% gu(,% =.()"*(93,%P"-",
p".(1;+,%].(/,%g(-/,%")'<,<%O--(%"#%-(%A/$(,%-(%1()3*(-"9(,%-(%'*"(C
'/51,%"-%"#4:*/)3,%"1%-(#%4-(1)(#,%-(#%.21)(T(#,%-2#%-(02#,%-2#%(1/C
<%:
.(-"#%>%-(#%4"*#21(#<%O#%-(%*"/1(%$"-%'/"-2,%$"%-(%)/"**(%>%$"-%2)*2
.31$2,%(8(*'(1$2% -2#%)*"#%.31$2#%'2.2%#3'"$"%'21% -(%M*/4-"
P('@(.(.(H%`(1(;%P('@(,%g(>%P('@(%>%]h3%P('@(<
\(%I*"($2*(%#"%4*"#"1)(%':'-/'(."1)"%'2.2%)*/4-"H%-(%Q/*0"1%$"
-(%-31(%'*"'/"1)"%>%$"%-(%4*/.(A"*(%WA/*0"1%42*?3"%#"%4"*)"1"'"%(
#:%./#.(Y,%-(%V($*"%2%=$3-)(%P-"1(%$"%-(%-31(%--"1(%>%$"-%A"*(12,
>%=1'/(1(%D(8/(%$"% -(% -31(%."103(1)"% >%$"-%2)2T2%4(*(% -3"02
)*(1#62*.(*#"%"1%-(%!/2#(%U#'3*(%$"%-(%-31(%13"A(%>%$"-%/1A/"*C
12,%"-%(#4"')2%?3"%"#)+%42*%$")*+#%$"%-(%)*/1/$($%.(1/6/"#)(<
O#)(%M*/1/$($%f"."1/1(%)(.8/&1%"#%31%(*?3")/42%"1%-(%'21'/"1'/(
4*2631$(%$"%-(%.3;"*%"1%'3(-?3/"*%"$($%8/2-50/'(%42*?3"%"74*"#(
$/6"*"1)"#%4*2'"#2#%/1)"*12#%>%'(4('/$($"#%4(*(%#"*%>%(')3(*,%"#)(
)*/1/$($% "74*"#(% -(% "1"*0:(% A/)(-,% -(% (3)2"#)/.(% >% -(% -/8"*)($% W-(
Q/*0"1Y,%-(%'(4('/$($%$"%A/1'3-('/51%'21%2)*2#Z(#%#/1%#382*$/1(C
'/51% W-(% =$3-)(Y% >% -(% '(4('/$($% $"% '(.8/2% >% )*(1#62*.('/51% W-(
=1'/(1(Y,%./"1)*(#%?3"%31%42$"*% )*(1#4"*#21(-%.+#%@21$2%#2#C
)/"1"%(%)2$(#%"#(#%'3(-/$($"#%W-(%U#'3*(,%-(%!/2#(%U*/0"1Y<%
]12%$"%-2#%A"#)/0/2#%.+#%'21'*")2#%$"%-(%'3-)3*(%.()*:#)/'(%>%?3/9+#
.+#%(1)/03(,%"#%-(%Q"13#%$"%v/--"1$2*6,%"1'21)*($(%"1%-(%O3*24(
(1)/03(,% "1% =3#)*/(,% #3#% 62*.(#% A2-3./12#(#,% A/"1)*",% '($"*(#% >
4"'@2#%(.4-/2#%>%0"1"*2#2#,%"-%$"#)('(*%#3%A3-A(,%-(%'21"')(1%'21%"-
(#4"')2%$"%6"*)/-/$($%$"%-(%.($*"%)/"**(,%$($2*(%>%?3/)($2*(%$"%-(
A/$(<%p1'-3#2,%#3%(3#"1'/(%$"%*2#)*2%(-3$"%(%"#)"%42$"*%$"%4(*)20&C
1"#/#,%'*"($2*,%13)*/$2*%>%*"0"1"*($2*%$"%-(%.3;"*,%'2.2%#3%'(*('C
)"*:#)/'(%4*/1'/4(-,%*"4")/$(%$"#$"%#/".4*"%>%?3"%"#%#3%63"*9(%4*/./C
0"1/(,%63"1)"%$"%-(%'*"('/51%>%$"%-(%A/$(,%#3*0/$(%$"#$"%-(#%(03(#%4*/C
.2*$/(-"#,%"1)*"%"-%'(2#%>%-(%2#'3*/$($%$"%-2#%4*/."*2#%)/".42#<
<%;
O--(%"#%-(%*"4*"#"1)(1)"%$"%-(%1()3*(-"9(%>%#3%'3"*42%"#%-(%M/"**(
./#.(,%$"%-(%'3(-%".(1(1%)2$2#%#3#%"#4-"1$2*"#%'*"()/A2#%"1%#3#
$/A"*#2#%(#4"')2#%>%62*.(#%'21"')($(%'21%-(#%$/#)/1)(#%6(#"#%>%-2#
'/'-2#%2%"#)('/21"#%$"%4*2$3''/51%$"% -(% )/"**(<%O*(%"-%4*/1'/4/2
6"."1/12%'2.2%#:.82-2%4*/.2*$/(-%$"-%./-(0*2%$"%-(%A/$(<%O*(
"-%'3-)2%(%-(%6"*)/-/$($%C%(-%1('/./"1)2,%(%-(%A/$(%>%(%-(%.3"*)"%-(
4*/1'/4(-%*"-/0/51%$"%($2*('/51%(%-(%$/2#(<
O#)(%$/2#(%"*(%.212)":#)(%>%42-/)":#)(%(%-(%A"9,%43"#)2%?3"%"*(%"-
4*/1'/4/2%4*/.2*$/(-,%4"*2%(%-(%A"9%*"4*"#"1)(1)"%$"%-(#%.G-)/4-"#
'(*(')"*:#)/'(#%>%631'/21"#%$"%-(%$/2#(<%\(#%*"-/0/21"#%(*'(/'(#%0/*(C
8(1%"1% )2*12%(-% '3-)2%(% -(%S*(1%V($*"%?3"%"*(% A"1"*($(%>% -(#
.3;"*"#%(')3(8(1%'2.2%#3#%#('"*$2)/#(#<%\(%!/2#(%"#%31(%#2-(%>
(-%./#.2%)/".42,%.3'@(#<%O#)2%#"%43"$"%*"'212'"*%"1%-(#%6/03C
*(#%?3"%$()(1%$"#$"%-(%O$($%$"%4/"$*(,%"-%4(-"2-:)/'2%>%$"#$"%"-
1"2-:)/'2J% $/2#(#% 4*/.2*$/(-"#% "1'21)*($(#% "1% O3*24(% >% =#/(,
4*/1'/4(-."1)"<%O#)"%'3-)2%@(%#/$2%*"4*"#"1)($2%(%)*(A&#%$"%$/6"C
*"1)"#% 6/03*(#% ?3"% '21"')(1% '21% -2#% .G-)/4-"#% ()*/83)2#% $"% -(
$/2#(<%p.+0"1"#%$(1$2%(%-39,%6/03*(#%$"#'(8"9($(#%2%'21%'(8"9(
$"%4+;(*2#%(-3$"1%(%31%#/.82-/#.2%'@(.+1/'2%$"%-(%$/2#(%>%$"-
#"*% @3.(12% "1% 0"1"*(-<% =#/./#.2,% #"% @(1% "1'21)*($2% 6/03*(#
'21%#"*4/"1)"#%?3"%(-3$"1%(-%(#4"')2%*"0"1"*()/A2%>%$"%)*(1#62*C
.('/51%$"%-(%$/2#(%>%)(.8/&1%(-3$"1%(%-(%.3"*)"<%U)*2#%#:.82C
-2#%(8#)*(')2#%$"%13"#)*2#%(1)"4(#($2#%"74*"#(1%(%-(%$/2#(,%(%)*(C
A&#% $"% /.+0"1"#% -(8"*:1)/'(#,% -(#% "#4/*(-"#,% -2#% )*/+103-2#% >% -2#
)*/+103-2#% $28-"#,% -2#% 431)2#% >% -2#% $/#'2#,% '21% 31(% "#4"'/"% $"
#"./--(%"1%"-%'"1)*2,%-:1"(#%4(*(-"-(#%>%"1%9/09(0,%-(#%(-(#%>%-(#%.(*/C
42#(#%)(.8/&1%#21%#:.82-2#%$"%-2#%42$"*"#%$"%-(%$/2#(<
<,=
V+#%$"%^b%./-%./1/()3*(#%$"%-(%$/2#(%*"(-/9($(#%"1%0*"$(,%.+*C
.2-,% @3"#2,% '28*"% >% 2*2,% ($".+#% $"% "12*."#% '(1)/$($"#% $"
$/83;2#%>%*"4*"#"1)('/21"#%$"%"--(%"1%'3"A(#,%4(*"$"#%$"%'(A"*C
1(#,%A(#2#%*/)3(-"#,%(-)(*"#,%4/1)3*(#%"1%-2#%.3*2#%$"%)".4-2#%>
#(1)3(*/2#,%"1'21)*($2#%"1%.+#%$"%^%./-%#/)/2#%$"%"7'(A('/21"#,
"A/$"1'/(*21% -(% /.42*)(1'/(% $"% -(% $/2#(% "1% -(#% '3-)3*(#% $"% -(
=1)/0i"$($,%$"%-(%O3*24(%(1)/03(%>%42*%#343"#)2,%4*"4()*/(*'(-<
=1()2-/(,% M3*?3:(,% B310*:(,% f*(1'/(,% =-".(1/(,
I@"'2#-2A(?3/(,% P2-21/(,% R3.(1/(,% t3-0(*/(,% ]'*(1/(,% R3#/(
#21% -30(*"#%?3"%4*2A""1%$"% /162*.('/21"#%@/#)5*/'(#%13"A(#%>
"1% -2#% '3(-"#,% #"% @(1% "#)($2% *"(-/9(1$2% /1A"#)/0('/21"#<
=$".+#,%#"%@(1%"1'21)*($2%"#)()3(#%4*"'2-2.8/1(#%"1%V&7/'2
>% 2)*2#% -30(*"#% $"% (.&*/'(,% /.+0"1"#% >% *"4*"#"1)('/21"#% ?3"
)(.8/&1%.3"#)*(1%-(%($2*('/51%(%-(%$/2#(%'2.2%V($*"%>%@('"C
$2*(%$"%-(%-39%A/)(-<
O-%'*/#)/(1/#.2%'21$"15%-(%4(-(8*(%N8*3;(NJ%42*?3"%"*(%31(%$"%-(#
4(-(8*(#%.+#%*"#4")($(#,%)(1%*"#4")($(#%'2.2%N.:#)/'2N,%@2.8*"
#(8/2<%D/01/6/'(8(%.3;"*%#(8/(,%"-%4(*(-"-2%$"%@2.8*"%#(8/2<%O1
-(%O$($%V"$/(%"-%'*/#)/(1/#.2%'21#/$"*2%>%#"%A/2%"16*"1)($2%(%31
4"-/0*2<% B(8:(% ./-"#% $"% .3;"*"#% ?3"% "*(1% .3>% #(8/(#% 42*?3"
"*(1%4"*'"4)/A(#<%I212':(1%"-%(*)"%$"%)*(1#62*.(*%-(%A/$(%$"%-(#
4"*#21(#<%D3%6/-2#26:(%#"%8(#(8(%"1%"-%(.2*%>%-(%)*(1#62*.('/51
$"%-(%"1"*0:(%#"73(-<%P"*2%"-%'*/#)/(1/#.2,%'21#/$"*5%?3"%-(%"1"*C
0")/'(%6"."1/1(%"*(%*/A(-%'(-/6/'($2,%31%4"-/0*2%*"(-,%-(%'2*)"%.(#C
'3-/1(%12% -2% )2-"*2,% -(% p0-"#/(% "1)"*(% /1)*(1#/0"1)",%4"*.(1"'/5
2*/"1)($(%*"62*9(1$2%31(%'3-)3*(%.(#'3-/1(%>%*('/21(-/#)(,%)2$(
-(% '2.31/$($% '*/#)/(1(% "#% .(#'3-/1(<% F2% @(>% .3;"*"#% "1% -(
<,<
M*/1/$($J%)2$(%-(%;"*(*?3:(%"#%.(#'3-/1(%>%"-%'*/#)/(1/#.2%12%8*/1C
$(%1($(%?3"%#"% '2.4(*"%'21% -(% "1"*0&)/'(% 6"."1/1(%>%>(%"1%"-
42$"*,%'*"5%31%#/#)".(%$"%4"*#"'3'/51,%)2*)3*(%>%.3"*)"%/1/.(C
0/1(8-"% 4(*(% "**($/'(*% "#)(% "#4/*/)3(-/$($,% "#)(% '3-)3*(% #(0*($(
.3>%(**(/0($(%"1%-(%A/$(%$"%-(%0"1)"%'2.G1%>%?3"%42#/'/21(8(%(
-(#%.3;"*"#%"1%31% -30(*%$"%*"#4")2%>%$/01/$($,%"#4"'/(-."1)"%(
-(#%8*3;(#%'2.2%#('"*$2)/#(#%$"%*/)2#%-31(*"#%>%(0*:'2-(#,%4(*)"*(#,
'212'"$2*(#%$"%@/"*8(#%#(1($2*(#%>%(1)/'21'"4)/A(#%>%$"%)&'1/'(#
'@(.+1/'(#%$"%A/#/51%#(0*($(,%'2.2%4"*#21(#%'21%42$"*%4"*#2C
1(-,%#2'/(-%>%"#4/*/)3(-%$"1)*2%$"%-(#%'2.31/$($"#<
=-0G1%$:(%'3(1$2%"#'*/8(.2#%'2**"')(."1)"%-(%@/#)2*/(,%.2#)*(C
*".2#%?3"%12%63"%31%.2A/./"1)2%'21)*(%-(%8*3;"*:(<%\2#%4($*"#
$"%-(%/0-"#/(%12%"#)(8(1%*"(-."1)"%"1%'21)*(%$"%-(%8*3;"*:(,%63"C
*21%@2.8*"#%$"%"#"%#/0-2%'21)*(%-(%'3-)3*(%6"."1/1(<%f3"%"-%/1)"C
-"')2%'21)*(%-(%/1)3/'/51J%63"%-(%*(951%'21)*(%(-02%?3"%"#%/**('/2C
1(-,%4"*2%.3>%42$"*2#2%63"%-(%)2*)3*(%$"%#3%0"1/2<
=?3"--(#%.3;"*"#%63"*21%?3".($(#,%(#"#/1($(#,%)2*)3*($(#,%('3C
#($(#%$"%A2-(*%42*%-2#%(/*"#,%'243-(*%'21%"-%$".21/2,%'21A"*)/*%(
-2#%@2.8*"#%"1%'"*$2#%>,%42*%)".2*,%(?3"--(#%8*3;(#%.:#)/'(#,%#"
2'3-)(*21%$"-%.31$2%>%'($(%31(%#"%*"'20/5%"1%#:%./#.(<%E%'2.2
"1%"-%./)2%$"%-(%$/2#(%$"-%=.()"*(#3%#"%(8#)3A/"*21%$"%A2-A"*%(
.2#)*(*#",%#(8:(%?3"%#/%.2#)*+8(%'3(-?3/"*%)/42%$"%)(-"1)2%#"%-(#
('3#(*:(%$"%8*3;(% >% -3"02% #"1'/--(."1)"%$"#(4(*"'"*:(#<% \2%?3"
12%2'3**:(%'21%"-%#"72%243"#)2%?3"%#/%.2#)*(8(%31%)(-"1)2%#/./C
-(*,% 4(*"'/$2,% 12% "*(1% 8*3;2#J% "1% "#"% '(#2% -2% #(1)/6/'(8(1<
=$2*(8(1%(-%@3.(12%'2.2%@2.8*"%./-(0*2#2,%4"*2%#/%31(%$"
12#2)*(#% .2#)*(8(% "#"% )(-"1)2% N"*(% 8*3;(N<% O#)+8(.2#% "1% $"#C
<,%
/03(-$($%$"% '21$/'/21"#,% >% "-%@2.8*"% "*(% 31(% 4"*#21(%"-"0/$(
42*%!/2#%./#.2<<<%>%12#2)*(#%8*3;(#%(G1%)*()+1$2#"%$"%-(%./#.(
'3(-/$($<%E%'3*/2#(."1)"%)2$(#%-(#%*"-/0/21"#%$"%-(#%?3"%?3/"*"1
?3"%(4*"1$(.2#%#21%4()*/(*'(-"#%N)2$(#N<%
O#(%'3-)3*(%'"1)*($(%"1%-2%6"."1/12%>('"%"1)"**($(%$"8(;2%%$"%-(
#34"*"#)*3')3*(%$"%-(%'3-)3*(%4()*/(*'(-%8(;2%-(%'3(-%(')3(-."1)"
A/A/.2#,% >% )(.8/&1% (*?3/)"')51/'(."1)"% >('"1% "1)"**($(#% 8(;2
(-0312#%$"%-2#%.213."1)2#%%.+#%/.42*)(1)"#%$"-%)(*$:2%'-+#/'2
>%$"%-(#%'3-)3*(#%'*/#)/(1(#,%(*?3/)"')3*(%#(0*($(%6"."1/1(,%?3"%#"
"74*"#(%'2.2%.")+62*(%$"%-2%?3"%2'3**"%"1%13"#)*(%."1)",%13"#C
)*2%4(#($2%"#)+%"1)"**($2<%P2*%"#2%-(%8*3;"*:(%"#%(')3(-."1)"%"-
-30(*%$"%-(#%.3;"*"#%$/#'2162*."#%?3"%12%#"%*"#/01(1%(%#3%$"#)/C
12%$"%#/-"1'/2%$"%-(#%?3"%@(8-(1%#/1%4"*./#2%>%*:"1%"1%"7'"#2,%$"
-(#%?3"%12#%(1/.(.2#%(%)2.(*%-(%4(-(8*(<
]1%.31$2%'21%42$"*%.(#'3-/12%$"'/$/5%?3".(*,%(4"$*"(*,%)2*C
)3*(*% (% )2$(#% -(#%8*3;(#<% P"*2% #"% )*()(8(% $"% @('"*% $"#(4(*"'"*% (
./-"#%$"%.3;"*"#,%13"A"%./--21"#d<%\2#%4($*"#%$"%-(%/0-"#/(%'*"(*21
31(%'2*)"%"#4"'/(-%4(*(%/1A"#)/0(*,%CN-(%/1?3/#/'/51NC%4(*(%$"#'38*/*
?3/&1%"*(%8*3;(<%I3(-?3/"*%.3;"*%$"%-(%?3"%-2#%'*/#)/(12#%$"':(1
?3"%@(8:(%)"1/$2%/16-3"1'/(%"1%-(%0"1)"%>%(%-(%?3"%-(%0"1)"%*"#4"C
)(8(,%"*(%'(4)3*($(%>%)2*)3*($(,%)(1)2%?3"%)"1:(%?3"%'216"#(*<%F2
$";(8(1%$"%)2*)3*(*-(%@(#)(%?3"%'216"#(8(%?3"%"*(%31(%8*3;(<%E
@(8:(1%'(.8/($2%"-%#/01/6/'($2%$"%N8*3;(N%#"0G1%-(%."1)"%'*/#)/(C
1(,% #"0G1% -(% )"2-20:(% '*/#)/(1(H%31(% 8*3;(% "*(% (-03/"1% ?3"% )"1:(
31(%*"-('/51%#"73(-%'21%"-%$/(8-2%>%#2#)"1:(%?3"%-(%:1$2-"%/.4"*C
6"')(%$"%-(%.3;"*%#"%8(#(8(%"1%-(%(6/*.('/51%$"%?3"%4*2A"1:(%$"
#3%"#)*3')3*(%6:#/'(%$"6"')32#(,%42*?3"%@(8:(%#/$2%'*"($(%(%4(*)/*
<,,
$"%-(%'2#)/--(%$"%=$+1%>%(#:%'*"(*21%"#(%$3(-/$($%$"-%$/2#%>%"-%$/(C
8-2,% (1)"#% !/2#(% >% !/2#<% P"*2% "#% 31(% (#2'/('/51% $"% -(% ?3"% 12#
42$".2#%-/8*(*<%O-%'*/#)/(1/#.2%12#%4*/A5%$"-%$"#"2%>%$"-%4-('"*
?3"%/.43-#(%13"#)*(%"#4/*/)3(-/$($%#(0*($(%#"73(-<
I2.2%U#@2%$/'"%NE(%12%#"%2>"%.+#%$"%1/10G1%$/(8-2%?3"%)"10(
31(%*"-('/51%'21%(-031(%.3;"*<%U%"-%$/(8-2%#"%@(%@"'@2%.21;"
'*/#)/(12,%'&-/8",%2<<<%K?3&%@(%4(#($2%'21%"-%$/(8-2L%Kc3/&1%"*(
"-%?3"%"#)(8(%)"1/"1$2%*"-('/21"#%#"73(-"#%'21%./-"#%$"%.3;"C
*"#L%E%"#)(#%.3;"*"#% "*(1%"1%#3%.(>2*:(%.3;"*"#%.(>2*"#<%F2
4(*"'"%(-02% *('/21(-<%B(8/"1$2%$/#421/8-"#%.3;"*"#% ;5A"1"#%>
8"--(#,%K42*%?3&%/8(%"-%$/(8-2%(%('3$/*%(%-(#%.3;"*"#%.(>2*"#,%A/"C
;(#L%f2*9(*21%(%.3'@(#%.3;"*"#%(%$"'/*%?3"% )"1:(1% *"-('/21"#
#"73(-"#% '21% "-% $/(8-2<% O--(#% )(-% A"9% @(>(1% 42$/$2% *"#/#)/*
.3'@2<<<% 4"*2% -(% )2*)3*(% 63"% $".(#/($(<% \(#% )2*)3*(*21% #5-2
4(*(% -20*(*% ?3"% '216"#(*(1% >% #/% @38/"*(1% )"1/$2% *"-('/21"#
#"73(-"#% '21% "-% $/(8-2,% ./"1)*(#% 12% 4"*;3$/'(*(1% (% 1($/"
42$/(1%*"-('/21(*1(*#"%'21%?3/"1%?3/#/"*(1%4"*2%-(% /0-"#/(%12
*"#4")5%#3%/1)/./$($%#"73(-<%D/1%(3)2*/$($%"-%'*/#)/(1/#.2%/1A(C
$:(%#3% /1)/./$($%#"73(-,% #3#%#+8(1(#,% /1A($:(% -(% /1)/./$($%$"-
#"72%6"."1/12<
=-% /03(-% ?3"% @2>% #"% 12#% .3"#)*(% "-% '*/#)2% '*3'/6/'($2<% O1% "#"
"1)21'"#% "-% )".(%"*(%.2#)*(*% -(% )2*)3*(%4(*(%?3"%1/1031(%2)*(
.3;"*%#"%()*"A/"#"%(%#"*%8*3;(%>%"1%"#2#%)/".42#%#"*%8*3;(%*"?3"C
*:(%31(%$/#'/4-/1(%/1)"1#(,%31%(4*"1$/9(;"%?3"%--"A(8(%-(*02%)/".C
42<%!"%.2$2%?3"%4(*(%'3(1$2%31(%.3;"*%"*(%31(%8*3;(,%"*(%31(
.3;"*% #(8/(<%E(%"*(% ($3-)(J%@(8:(%@"'@2%31%0*(1%"#63"*92%4(*(
-20*(*%"#(%#(8/$3*:(,%4(*(%-20*(*%"#(%(-?3/./(<
<,-
B/'/"*21%$"#(4(*"'"*%'(#/%"1%#3%)2)(-/$($%31(%4(*)"%#/01/6/'()/A(
4(*(%-(%@3.(1/$($<%E%-(%#(8/$3*:(%?3"%"#)(#%.3;"*"#%'21)"1:(1,
#3#%-/8*2#,%#3#%.&)2$2#,%#3#%)&'1/'(#%$"%)*(1#62*.(*%(-%@2.8*",
$"%)*(1#62*.(*%-(%"1"*0:(%$"-%@2.8*"<<<N
!3*(1)"%$2#%./-%(T2#%-(%'*/#)/(1$($%@(%.()($2%(%0"1)"%"1%12.C
8*"%$"%-(%*"-/0/51,%"1%12.8*"%$"%I*/#)2,%"1%12.8*"%$"%-(%1('/51<
E%$"%12%@(8"*%#/$2%?3"%63"*(1%31%4"-/0*2%4(*(%"-%'*/#)/(1/#.2,%"-
'*/#)/(1/#.2%12%-(#%@(8*:(%.()($2,%K'3+-"#%"*(1%-(#%)&'1/'(#%$"%-(#
8*3;(#%$"%"#)(#%.3;"*"#%#(8/(#LK,%I5.2%(')3(8(1L,%KI5.2%#"%-(#
(**"0-(8(1%4(*(%'(.8/(*%(%-(%0"1)"L,%)2$(%-(%N6/-2#26:(%4(0(1(N,%"#
$"'/*,%-(%0*"'2**2.(1(,%63"%(1/?3/-($(%>%#3#)/)3/$(%42*%31(%13"A(
A/#/51%$"-%.31$2,%8(#($(%:1)"0*(."1)"%"1%-(%*"-/0/51%'*/#)/(1(,
"1%"-%./)2%'*/#)/(12<%E%(%4(*)/*%$"%"1)21'"#%"-%.31$2%>%#3#%2*:C
0"1"#%#"%"#)3$/5%G1/'(."1)"%(%)*(A&#%$"%-(%t/8-/(,%>%12#%28-/0(*21
(%'*""*-(%-/)"*(-."1)"<%
O-%4"'($2%2*/0/1(-,%-(%'3-4(%$"%OA(,%"-%!/2#%4($*",%"-%!/(8-2%>%-(
1"'"#/$($%$"%*"$"1'/51%$"%-(%1()3*(-"9(%'(:$(%12%62*.(8(1%4(*)"
$"%"#)(%'2#.2A/#/51%(1'"#)*(-%.()*/(*'(-<
B(#)(%(@2*(%%-(#%*"-/0/21"#%?3"%-(#%.3;"*"#%'212'".2#%>%@".2#
4*(')/'($2%#21%%"#4/*/)3(-/$($"#%>%)"2-20:(#%'*"($(#%>%$/*/0/$(#
42*% A(*21"#,% '"1)*($(#% "1% 6/03*(#% .(#'3-/1(#% '2.2% E(@A"@,
`"#G#,%=-+,%g*/#1(,%t3$(J%$21$"%4*/.(%-(%$/#'*/./1('/51%>%$"#C
A(-2*/9('/51%$"%-(#%.3;"*"#%>%$"%-2%$/A/12%6"."1/12%>%62."1)(
A(-2*"#% .(#'3-/12#% '2.2% -(% '2.4")"1'/(,% #"% .(1)/"1"% #/1
.2$/6/'('/21"#%$"#$"%@('"%#/0-2#<%I21%)2$2,%$2#%./-"1/2#%$"
'*/#)/(1/#.2,%"#%31%)/".42%*"-()/A(."1)"%'2*)2%#/%#"%-2%'2.4(C
*(%'21%"-%'3-)2%(%-(%S*(1%!/2#(,%($2*($(%(%4(*)/*%$"-%P(-"2-:)/'2
<,1
D34"*/2*,%[b%./-% (T2#% (<% I<% >% "1%"-%F"2-:)/'2% (0*:'2-(,%o%./-
(T2#%(<%I<,%@(#)(%-(#%'3-)3*(#%'-+#/'(#%$"%-(%(1)/0i"$($%>%-2#%4*/C
."*2#% #/0-2#% $"-% '*/#)/(1/#.2<% E% (G1% '3(1$2% I21#)(1)/12
@(8:(%'"**($2%-2#%)".4-2#%$"%-(#%!/2#(#%>%$"'-(*($2%(-%'*/#)/(C
1/#.2% -(% *"-/0/51% 26/'/(-,% "1% -2#% 43"8-2#% $"% O3*24(% #"03:(1
4*(')/'(1$2% "-% '3-)2% $"% -2% !/A/12% f"."1/12% '21% $/#)/1)2#
12.8*"#%>%*/)2#%-31(*"#,%"#)('/21(-"#%>%'@(.+1/'2#<
\2#%+*(8"#%$"%"#(%&42'(%(4*"'/(8(1%-(%'3-)3*(%0*/"0(H%'21#"*A(*21
>%)*($3;"*21%-2#%"#'*/)2#%$"%-2#%6/-5#262#%0*/"02#%./"1)*(#%-2#%'*/#C
)/(12#%-2#%?3".(8(1<%!"%"#)(%.(1"*(,%-(%'3-)3*(%0*/"0(%43$2%A2-C
A"*%(%4"1")*(*%"1%O3*24(,%(%)*(A&#%$"%-2#%+*(8"#,%'3(1$2%-(%63*/(
(1)/4(0(1(%@(8:(%(.(/1($2<%O1%"-%#/0-2%sppp,%M2.+#%$"%=?3/12
*"$"#'38*/5%(%=*/#)5)"-"#%>%-2%*"/A/1$/'5,%('"4)(1$2%:1)"0*(."1C
)"%#3%#/#)".(%$"-%.31$2<%E%(#:,%>(%N8(3)/9($(N%42*%D(1)2%M2.+#
$"%=?3/12%-(%$2')*/1(%(*/#)2)&-/'(%#"%A2-A/5%$20.(%$"%6"%>%42#/C
'/51%26/'/(-%$"%-(%/0-"#/(H%>(%12%#"%"#)3$/(8(%(-%.31$2%(%)*(A&#%$"
-(% t/8-/(,% G1/'(."1)",% #/12% )(.8/&1% 42*% ."$/2% $"% =*/#)5)"-"#<
O1%=#)*212.:(,% -(%G-)/.(%4(-(8*(% A2-A/5%(% #"*%"-%=-.(0"#)2%$"
M2-2."2,%4*"#"*A($2%42*%-(%)*($3''/51%+*(8"<
f/03*(#% 6"."1/1(#% '2.2% -(% --(.($(% NQ"13#N% $"% \(3##"-% "1% #3#
*"630/2#%$"%4/"$*(<%=131'/(%312%$"%-2#%.(>2*"#%.2)/A2#%#/.85C
-/'2#%?3"%'21)/13(*21%(%)*(A&#%$"%^b<bbb%(T2#,%(4*27/.($(."1C
)",%-2%?3"%@('"%(% -(% /.(0/1"*:(% 6"."1/1(%.3'@2%.+#%(1)/03(%>
4"*$3*(8-"%$3*(1)"%.3'@:#/.2%.+#%)/".42%?3"%-(%.(#'3-/1(<%\(
Q"13#%$"%\(3##"-%"#)(8(%2*/0/1(-."1)"%'38/"*)(%42*%*2;2%2'*",%"-
'3(-%"#%31%'2-2*%(#2'/($2%(%-(%#(10*"%>%(-%'/'-2%."1#)*3(-,%?3"%63"
3)/-/9($2% 6*"'3"1)"."1)"% "1% -(% 4*"@/#)2*/(% 4(*(% /1$/'(*% -2#
<,2
D(0*($2#% V/#)"*/2#% $"% -(% Q/$(% >% $"% -(% V3"*)"<% ]1(% (.43-2#(
.3;"*%".8(*(9($(,%-(%Q"13#,%--"A(%"1%#3%.(12%$"*"'@(%31%'3"*C
12%'21%62*.(%$"%-31(%'*"'/"1)",%-(%.+#%)".4*(1(%*"4*"#"1)('/51
$"%-(%I2*13'24/(%>%$"%-2#%I3"*12#%$"%I21#(0*('/51<%O-%'3"*12
)/"1"% X^% .(*'(#% $"-% ./#.2% )/42% $"% -(#% '3(-"#% =-"7(1$"*
V(*#@('h% @(8:(% '2**"-('/21($2% '21% (12)('/21"#% -31(*"#% $"-
P(-"2-:)/'2<%D3%.(12%/9?3/"*$(%$"#'(1#(%#28*"%#3%G)"*2,%'2.2%#/
63"*(%"-%431)2%$"%'21"7/51%"1)*"%-2#%'/'-2#%$"%-(%-31(%>%#3%'/'-2
."1#)*3(-,%$"1)*2%$"%-(%0-28(-%.()*/9%$"%6"*)/-/$($%#30"*/$(%42*
"-%I3"*12%$"%-(%=831$(1'/(<
V+#%)(*$"%-2#%I3"*12#%$"%I21#(0*('/51%*"(4(*"'/"*21%"1%(#2'/(C
'/51%'21% -(#%$"/$($"#%6"."1/1(#%"1%)2$2#%-2#% -30(*"#%$"-%.31$2
$21$"%#"%$2."#)/'5%"-%0(1($2H%"1%-2#%#(1)3(*/2#%$"%y()(-%Bi%>i%h
"1%"-%__bb%(<%I<,%"1%-2#%'2**(-"#%#3."*/2#%'21#(0*($2#%(%-(%!/2#(
p1(11(%"1%̂ _bb%(<%I<,%"1%"-%P(-('/2%$"%g12##2#%"1%I*")(%"1%"-%X_bb
(<%I<%"1%-(#%/.+0"1"#%"0/4'/(#%$"-%M".4-2%$"%B()@2*%"1%!"1$"*(@
?3"%$()(1%$"%-(#%4*/."*(#%'"1)3*/(#%(<%I<,%42*%12.8*(*%(-031(#<
\(% /.(0"1%31/6/'($2*(%"#% -(% N'(A"*1(CG)"*2N,% -(%'3(-%@(%()*(:$2%(
/1'21)(8-"#%83#'($2*"#,%@&*2"#,%(#'")(#,%.:#)/'2#,%4*26")(#%>%#(8/2#
"1%#3%8G#?3"$(%$"%(-'(19(*%-(%*"31/51%'21%#3#%2*:0"1"#%"1%-(%2#'3C
*/$($%4*/.2*$/(-,%(%-2#%"6"')2#%$"%28)"1"*%-(%.+#%"-"A($(%/-3./1(C
'/51<%\(#%./)2-20:(#%>%*"-/0/21"#%$"%)2$2%"-%.31$2%"#)+1%--"1(#%$"
@/#)2*/(#%('"*'(%$"% -2#%?3"%@(1%6*('(#($2%"1%"-% /1)"1)2%>%#"%@(1
A3"-)2%-2'2#,%)(1)2%'2.2%$"%(?3"--2#%?3"%63"*21%"7/)2#2#%>%"."*C
0/"*21%'21%-2#%-/8*2#%#(0*($2#,%2*+'3-2#,%)"#2*2#%>%A/#/21"#%?3"%@(1
/1#4/*($2%(-%"#4:*/)3%@3.(12<%P2*%'(3#(%$"%?3"%"-%A/(;"%$"1)*2%$"
-(%'(A"*1(%$"-%#38.31$2%"#%-(%8G#?3"$(%@3.(1(%'"1)*(-,%-(%N'(A"*C
<,9
1(CG)"*2N%"#%"-%(*?3")/42%.+#%#(0*($2%"1)*"%-2%#(0*($2<%O#%(#:%'2.2
@(%*"0/#)*($2%4(*(%-(%")"*1/$($%-(%.")(%$"%-(%*"-/0/51H%31(%A(1(%4*2C
."#(%$"%*"31/*#"%'21%"-%4*/1'/4/2%6"."1/12%"1%2*$"1%$"%)*(#'"1C
$"*%-(%$3(-/$($%>%28)"1"*%-(%)2)(-/$($,%-(%31/$($%>%-(%/-3./1('/51<
B&'()"% "#% -(% $/2#(% $"% -(% \31(,% -2% ./#.2% ?3"% p1(11(<% B&'()",
$/2#(%$"-% /16*(.31$2%4"*2% )(.8/&1% -(% -39,% "#%31(%4*"2-:.4/'(
$/2#(%$"%M*('/(%?3"%#"%'21'/8"%'2.2%$21'"--(,%.($*",%>%(1'/(1(,
>% )(.8/&1%'2.2%'3"*42,%."1)"%>%"#4:*/)3<%D"T2*(%$"%-(%12'@",
*"4*"#"1)(% )2$(#% -(#% 6(#"#% $"-% '/'-2% -31(*,% (31?3"% #"% -(% (#2'/(
"#4"':6/'(."1)"%'21% -(%'(*(%2'3-)(%$"% -(%\31(,%?3"%#"*:(% -(%A"*C
$($"*(%42*?3"%&#)(%12%)/"1"%-39%4*24/(<%\(%2#'3*/$($%"#%#3%*(#02
$/#)/1)/A2<%P"*2%B&'()"%"#%)(.8/&1%-(%#('"*$2)/#(%.(>2*,%-(%03(*C
$/(1(%$"%-2#%./#)"*/2#,%-(%?3"%@(%"1'21)*($2%"-%'212'/./"1)2%>
-2%.3"#)*(%(%-2#%$".+#,%-(%?3"%"1#"T(%?3"%-2%6"."1/12%"#%A(-/2C
#2%42*%#:%./#.2%42*?3"%"1'/"**(%2%'21)/"1"%31(%")"*1(%#(8/$3C
*:(% >% *"63"*9(% -(% /$"(% $"%31(%.3;"*% -/8*"%$"% -(#% '($"1(#%$"% -2#
@2.8*"#,%/1$"4"1$/"1)"%$"%-(%/16-3"1'/(%$"%&#)2#<
B>4()/(%($".+#%$"%-(%6/-2#26:(%>%-(#%.()".+)/'(#,%#"%/1)"*"#(8(%"1
-(%."'+1/'(%>%-(%)"'12-20:(%4*+')/'(,%(#)*212.:(,%6/-2#26:(%>%."'+C
1/'(<%D3%'(#(%#"%'21A/*)/5%"1%31%'"1)*2%/1)"-"')3(-,%$21$"%#"%*"3C
1:(1%-2#%"#)3$/2#2#%4(*(%$/#'3)/*%'3"#)/21"#%'/"1):6/'(#%>%6/-2#56/C
'(#<%O1%-(#%'(*)(#%$"%D/-"#/2%W$/#':43-2%#3>2Y%"#)+1%/1'-3/$2#%#3#
$/#"T2#% 4(*(% A(*/2#% /1#)*3."1)2#% '/"1):6/'2#,% /1'-3>"1$2% 31
(#)*2-(8/2%4-(12<
f3"%-(%G-)/.(%$"%-2#%'/"1):6/'2#%?3"%)*(8(;(*21%"1%-(%t/8-/2)"'(%$"
=-";(1$*:(<%P2*%(?3"--(%&42'(%"1%=-";(1$*:(,%8(;2%$2./1/2%*2.(C
12%$"#$"%@('/(%)/".42,%#"%A/A:(1%0*(1$"#%)"1#/21"#<%\(%"#'-(A/)3$
<,:
@(8:(%(02)($2%-(%A/)(-/$($%$"%-(%'/A/-/9('/51%'-+#/'(<%\(%'*"'/"1)"
/0-"#/(%'*/#)/(1(%"#)(8(%'21#2-/$(1$2%#3%42$"*%"%/1)"1)(1$2%"7)/*C
4(*%-(%/16-3"1'/(%>%-(%'3-)3*(%4(0(1(<%B>4()/(%#"%"1'21)*(8(%"1
."$/2%$"% "#)(#% )"1#/21"#<% I/*/-2,% "-% (*928/#42% $"% =-";(1$*:(% -(
$"#4*"'/(8(%42*%-(%"#)*"'@(%(./#)($%?3"%.(1)"1:(%'21%"-%028"*C
1($2*%*2.(12%>%42*?3"%"*(%31%#:.82-2%$"%'3-)3*(%>%$"%'/"1'/(,
?3"% -(%4*/./)/A(% /0-"#/(% /$"1)/6/'(8(% "1% 0*(1% 4(*)"% '21%"-% 4(0(C
1/#.2<%]1%$:(%$"-%(T2%jX_%63"%(#(-)($(%42*%31(%)3*8(%6(1+)/'(
$"% 6"-/0*"#"#% $"% I/*/-2<% D3#% *"#)2#% 63"*21% ?3".($2#,% #3#% 28*(#
$"#)*3/$(#%>%#3%12.8*"%2-A/$($2<%I/*/-2%63"%4*2'-(.($2%#(1)2<
\(%0-2*/(%$"% -(%t/8-/2)"'(%$"%=-";(1$*:(% "#%31% *"'3"*$2% -";(12<
D3#%G-)/.2#%*"#)2#%63"*21%$"#)*3/$2#%42'2%$"#43&#%$"%-(%.3"*)"
$"%B>4()/(<
P2*% '(3#(% $"% ?3"% "#)(#% '3-)3*(#% #3#'*/8/"*21% 31(% A/#/51% $"-
.31$2%)(1%$/6"*"1)"%(%-(%$2./1($(%42*% -2%.(#'3-/12,%"--(#%12
63"*21% 8/"1%"1)"1$/$(#% 42*% -2#% +.8/)2#%$"% -(% (*?3"2-20:(% >% -(
(1)*242-20:(% >% 63"*21% ."12#% '212'/$(#% >Z2% 2'3-)($(#% 4(*(% "-
4G8-/'2<%M2$(A:(%)/"1"1%.3'@2%4(*(%"1#"T(*12#%42*?3"%12%#21
#/.4-"."1)"%'21)*(4(*)/$(#%$"%-(#%'3-)3*(#%4()*/(*'(-"#<%\2#%A(-2C
*"#%"%/1#)/)3'/21"#%$"%-(#%'3-)3*(#%'"1)*($(#%"1%-2%6"."1/12,%".(C
1(1%>%)*(1#62*.(1%"-%4*/1'/4/2%6"."1/12,%>%"#%42*%"#2%?3"%#21
A(#)(."1)"%$/6"*"1)"#%$"%-2#%A(-2*"#%"%/1#)/)3'/21"#%$"%-(#%'3-)3C
*(#%4()*/(*'(-"#,%-(#%'3(-"#%".(1(1%$"-%4*/1'/4/2%.(#'3-/12<%]1
*"0(-2%$"%"#)(#%'3-)3*(#%"#% -(%*"A"-('/51%('"*'(%$"%?3"%-(%03"**(
12%"#%/1@"*"1)"%(%-(%1()3*(-"9(%@3.(1(%>%?3"%-(%0"1)"%42$:(%A/A/*
./-"#% $"%(T2#% #/1% 1"'"#/$($% $"%"--(<%I/"*)(."1)",% "-%@"'@2%$"
?3"%"#)(#% '3-)3*(#% 6-2*"'/"*(1%"1% )/".42#%.+#% #/.4-"#% >% "1%31
<,;
.31$2% ."12#% '2.4-";2% '21)*/83>5% (% #3% "7/#)"1'/(% 4(':6/'(,
/1A"1)/A(%>%4*2#4"*/$($%0"1"*(-,%4"*2%-(%A"1"*('/51%$"%.3;"*"#%>
$"%-2#%A(-2*"#%6"."1/12#%63"*21%4/-(*"#%"1%"#)2<
\(%(#2'/('/51%$"-%(03(%'21%$/2#(#%"#%31(%$"%-(#%.+#%4*/./)/A(#
62*.(#%$"%#/.82-/#.2%"#4/*/)3(-,%31(%#26/#)/'($(%'/3$($%$"%-(%O*(
$"-%t*21'"%'21%31%8(T2%*/)3(-%?3"%43"$"%@(8"*% #/$2%3)/-/9($2
4(*(%43*/6/'('/51%."1#)*3(-,%.3>%(%-(%.(1"*(%$"-%./hA(@%;3$:2<
I21)*(*/(."1)"%(%-(%'*""1'/(%'2.G1,%12%)2$2#%-2#%.2)/A2#% )/"C
1"1% ?3"%A"*% '21% -(% 6"*)/-/$($<% O-% '2.4-";2%4*/1'/4/2% 6"."1/12
(8(*'(%-(%(#)*212.:(%>%-2#%*/).2#%$"%-(#%"#)*"--(#%)(1)2%'2.2%$"
-(%)/"**(%>%#3#%"#)('/21"#%(0*:'2-(#<%V3'@(#%"#)*3')3*(#%."0(-:)/C
'(#,%42*% ";".4-2,% "#)(8(1%(-/1"($(#% '21% -2#% #2-#)/'/2#,% "?3/12'C
'/2#%>%"7)*".2#%#/01/6/'()/A2#%"1%-(%5*8/)(%$"%-(%-31(<
O-%4*/1'/4/2%6"."1/12%/1'-3>"%12%#2-(."1)"%-2#%42$"*"#%6:#/'2#
$"%-(%6"*)/-/$($,%"-%1('/./"1)2,%-(%13)*/'/51%>%-(%#"73(-/$($,%#/12
)(.8/&1%-2#%42$"*"#%"#4/*/)3(-"#%"%/1)"-"')3(-"#%$"%-(%4*26"':(,%-(
($/A/1('/51,% -(%.3"*)",% -(% )*(1#62*.('/51%>% -(% *"#3**"''/51<%\(
S*(1% !/2#(% .2#)*($(% "1% "-% (*)"% 4*"@/#)5*/'2% 63"% "-% #2-% )(1)2
'2.2%-(%-31(,%"-%'/"-2%)(1)2%'2.2%-(%)/"**(,%"-%"#4:*/)3%)(1)2%'2.2
"-%'3"*42<%f3"%#2-2%8(;2% -(%$3(-/$($% %.")(6:#/'(%$"%-(#%'3-)3*(#
)(*$:(#%$"%$2./1('/51%$"%-2%.(#'3-/12%?3"%-(#%.3;"*"#%>%"-%4*/1C
'/4/2%6"."1/12%63"*21%#2-(."1)"%(#2'/($(#%'21%-(%)/"**(,%-(%6"*)/C
-/$($,%-(%#"73(-/$($,%-(%1()3*(-"9(,%-(%.()"*/(%>%"-%/1'21#'/"1)"<%O-
2#)"1#/8-"."1)"% "#?3".(% 8(-(1'"($2% "1% -(% I@/1(% "-% #:.82-2
>/1C>(10%>,%"1%-(%p1$/(,%-2#%4*/1'/4/2#%$"%D@/A(%>%D@(h)/%>%A(*/2#
'21'"4)2#%$"-%4()*/(*'($2%63"*21%4*2$3')2#%8(#($2#%"1%"#)"%4"1C
#(./"1)2%)(*$:2<
<-=
!"#'"1$"1'/(%>%@"*"1'/(%.()*/-/1"(-,%$21$"%-(%"A/$"1'/(%"#%(#"C
?3/8-",%-(#%'3-)3*(#%'"1)*($(#%"1%-2%6"."1/12%12%)"1:(1%#"43-)3C
*(#%4*/1'/4"#'(#,%(*)"%@"*2/'2%'21.".2*()/A(%2%42$"*2#2#%*">"#
2%'('/?3"#<
F&#'=&-"A&#',$1*,,$7-$#'&X,$1$7'*7',"1&':'#.-"#X.1-&,"&'($#1*+,"="$7-&'($7*$A.#':'A"$9.#'X&,=.#'Z*$'7&'#&7'=Y#'Z*$'*7'=$,&',$C&#"-&,"&'$#-"54#-"1&Z*$'&,"6"7.,&7'7*$#-,&'C,&X*7(&'C.#.(&['(.-.7(&'($'="5$#'($'.%&#'.-,Y#[$#-.#'X&,=.#'.1-"A.7'*7'$#-,.-&'.,Z*$-4C"1&'C,&X*7(.=$7-$'$7-$,,.(&'$77*$#-,.#'C#"Z*$#['*7'C&($,&#&':'C&-$71".(&,'($#1*+,"="$7-&'"7-$,"&,['$#C$],.7(&'.' #$,' ,$A$5.(&'C.,.' $7,"Z*$1$,'7*$#-,&' $7-$7("="$7-&' :' C,Y1-"1.#.6,.(.E
<-<
a5'.=&,'$#'5"+$,-.(E'be7.'A$D'*7',$1&7&1"(&'6*$,,$,&'"7(46$7.':'5.'Q"9.'($'*7.=*9$,' Z*$' Q.+4.' #"(&'=.-,&7.' ($' 5.' -,"+*[' #$' $7.=&,.,&7' C,&X*7(.=$7-$[Q.+4.7'C$7#.(&'$7'1.#.,#$['C.,.'5&'1*.5'-$74.7'$5'C$,="#&'($'5.'1.1"Z*$'($'5.-,"+*E'<$,&'.7-$#'($'X&,=.5"D.,'$5'1.#.="$7-&'X*$,&7'.'A$,'.'5.'.71".7.'($'5.-,"+*['=*:'#.+".':',$#C$-.(.['Z*$'-$74.'C.5.+,.#'($'+$7("1">7'C&,'$#.'1&=*]7"(.(EF.'#.+".['5$#'("9&'Z*$'$,.7'+*$7&#'9>A$7$#[':'Z*$'7&'Q.+4.'7"76*7.',.D>7'C.,.Z*$'7.("$'#$'&C*#"$,.E'a7-&71$#['$55&#' 5$'("9$,&7'Z*$'Z*$,4.7'Q.1$,'.56&'Z*$5$#'("$,.'5.'X&,=*5.'C.,.'#$,'X$5"1$#'#"$=C,$E'F.'#.+".'5$#'("9&/']'8*$7&['Q.:'.56&'Z*$'C&($=&#'Q.1$,['C$,&'7&'#`'#"'$#-Y7'("#]C*$#-&#'C&,Z*$'$#'+.#-.7-$'-,.+.9&#&E]'24['15.,&['5$'1&7-$#-.,&7E'a7-&71$#['5.'#.+".'5$'C"(">'.5'6*$,,$,&'Z*$'$#1.5.,.'5.'=&7-.%.'=Y#'.5-.['+*#]1.,.'.554'.5'Q.51>7'=Y#'A"6&,&#&['$5'Z*$'A&5.,.'=Y#'.5-&[''$5'Z*$'5$'C.,$1"$,.=Y#'X*$,-$['$5'Z*$'-*A"$,.'$5'C"1&'=Y#'.X"5.(&[':'Z*$'#$'5&'-,.9$,.'A"A&E'f'5.#.+".'5$'("9&'.'$55./'.'-"'7&'-$'A.'.'#$,'-.7'XY1"5['A.#'.'-$7$,'Z*$'"7-$,7.,-$'$7$5'=&7-$['+*#1.,'$5'Y6*"5.'Z*$'-$'C.,$D1.'5.'=$9&,'1.D.(&,.['5.'Z*$'A*$5$'=Y#.5-&['5.'Z*$'#$.'=Y#'X*$,-$['5.'($'=$9&,'=",.(.[':'A.#'.'-$7$,'Z*$'1.D.,5.'#&5.[#"7'Z*$'7.("$'-$'.:*($':'-$7(,Y#'Z*$'-,.$,5.'A"A.'.Z*4E').(.'*7&'#.5">'.'1*=]C5",'#*'-.,$.E')*.-,&'(4.#'($#C*`#['A&5A"$,&7'1&7'$5'.A$'Z*$'#$'5$#'Q.+4.'$71&]=$7(.(&':' 5$'C,$6*7-.,&7'.'5.'.71".7./']gf'.Q&,.'Z*`'Q.1$=&#c[gZ*`'($+$]=&#'Q.1$,'1&7'$55.#cb'F.'#.+".'5$#'("9&/'g*#-$($#'Z*"$,$7'#$,'X$5"1$#cE'24['5$'1&7]-$#-.,&7E']'g@&5.+.7'.5-&c['C,$6*7->['ga,.7'X*$,-$#'#*#'.5.#['$,.7'#.7.#['"7($]C$7("$7-$#c'24['1&7-$#-.,&7E'N*:'+"$7['.C,&+>E'TQ&,.'($+$7'.-.,5.#'$7-,$'#4C&,' 5.#' C.-.#' :' #&5-.,5.#' C.,.' Z*$' A*$5$7bE' a7-&71$#' $5' Y6*"5.' :' $5' Q.51>71&=$7D.,&7' .' -,&C$D.,#$[' "7-$7-.,&7' A&5.,[' C$,&' 5&' _7"1&' Z*$' 5&6,.,&7[' X*$,$A&51.,#$'$7'$5'C"#&[':'#$'Q.14.7'(.%&'=*-*.=$7-$'Q.#-.'Z*$'$=C$D.,&7'.C"1&-$.,#$'$7-,$'#4''a7-&71$#'F.'#.+".'($'5.'-,"+*'("9&/'b2"'*#-$($#'Z*"$,$7'#$,X$5"1$#'C.,.'#"$=C,$['9.=Y#'#$'.-$7'$5'*7&'.5'&-,&bE'
I3"1)2%4243-(*
<-%
).C4-*5&'J@
C(5)*'+4*+
bg^*$'$#'C.,.'7&#&-,.#'$5'=.-,"=&7"&c'F&#'($#$&#=Y#'C,&X*7(&#' g-"$7$7'+.#$'$7'1*.5Z*"$,' 1&7("]1">7c[' 7.(.' 9*#-"X"1.' 5.' -,."1">7' .' #4' ="#=.E)&=&'("1$'\.7(Q"[' bF.' 1&Q$,$71".' -&7-.'$#' $51.+.55&'($'+.-.55.'($'5&#'=$("&1,$#bEEEf'=Y#'Z*$'5.'1&Q$,$71".'7&#'"7-$,$#.'+*#1.,'5.A$,(.(E' a7' $#-.' +_#Z*$(.' ($' 5.' A$,(.([' 7.("$C*$($' C$,($,#$E' !$#1*+,",' 5.' A$,(.(' #"67"X"1..51.7D.,'5.'C$,X$11">7':'1*=C5",'7*$#-,&'($#-"7&E
]1(%.3;"*%)/"1"%$"*"'@2%(%-(%A/$(,%(%-(%-/8"*)($%>%-(%4"*#"'3'/51<
D/%?3"*".2#%'(#(*12#,%"1)21'"#%)"1".2#%?3"%#"*%'21#'/"1)"#H%"-
.(>2*%$(T2%?3"%12#%@(1%@"'@2%(%-(#%.3;"*"#%"#%$28-"0(*12#%(-
.()*/.21/2,%42*?3"%13"#)*(%4#/'2-20:(%63"%62*9($(%'21)*(%13"#C
)*(% 1()3*(-% -/8"*)($<% I2."1'".2#% (% A/*(*% "#)(%42#/'/51,% $"% )(-
.2$2%?3"%13"#)*(%N#"03*/$($%>%13"#)*2%"#)()3#N%$";"1%$"%$"4"1C
$"*%)(1%63"*)"."1)"%$"%31%.()*/.21/2%>%-(%'*/(19(%$"%-2#%@/;2#,
>%"-%(.2*%$";"%$"%#"*%4(*(%12#2)*(#%31%1"02'/2%#/1%"-%'3(-%#"1)/C
.2#%-(%4&*$/$(%$"%/$"1)/$($%>%"#)(8/-/$($<
D"%12#%"$3'5%4(*(%$"4"1$"*%$"-%#"72%.(#'3-/12%>%$"%-(%'3-)3*(,
?3"%#3.($2#%(%)2$2#%-2#%."$/2#%$"%'2.31/'('/51%12#%$/;"*21%>
<-,
12#%$/'"1%'5.2<%P*/."*2%"#'-(A/9+1$212#%(% 62*;(*%31(%62*.(%"
/.(0"1%?3"%12%12#%'(8",%42*?3"%4*"6/"*"1%31%'3"*42%('2*$"%(%-(
.2$(% /.4"*(1)",% 2% ?3"% #"4(.2#% 8(/-(*% >% @(0(.2#% $"% 12% 4"1C
#(1)"#,%42*?3"%12#%(4*"'/(1%#/%12#%.2#)*(.2#%'2.2%*")*(#($(#
."1)(-"#%2%(4*"'/(1%.+#%#/%12%4"1#(.2#,%'2.2%31(%.(#'2)(,%#/1
/1)"-/0"1'/(,%#/1%'21'/"1'/(%4"1")*(1)"<%r#2%"#4"*(1%$"%12#2)*(#J
$"% -2% '21)*(*/2,% @"*/.2#% #3% 2*03--2<% B".2#% $".2*($2% "-% $"#C
(**2--2%$"%13"#)*2%)(-"1)2%0*('/(#%(%"#)2#%4*"'21'"4)2#<%F2#%$/#C
)*(".2#% "1% 31(% $3*(% '2.4")"1'/(% "1)*"% 12#2)*(#% ./#.(#,
62."1)(.2#%-(%"1A/$/(%"1%13"#)*2%0&1"*2%42)"1'/(1$2%)2$2% -2
?3"%(431)(-"%"#)"%2*03--2%.(#'3-/12,%'21A"*)/$(#%"1%)*26"2#,%.+#
'2.2%28;")2#%$"%"7@/8/'/51%?3"%'2.2%'2.4(T"*(#%$"%'(./12,%>
-2#%"1"./#)(.2#%>%12#%"1"./#)(.2#%'21A/*)/&1$212#%"1%(A"#%$"
*(4/T(%"1)*"%12#2)*(#,%.3;"*"#,%@"*.(1(#%"#4/*/)3(-"#<
O#)(#%#21%(-031(#%$"%-(#%*"0-(#%$"-%;3"02%?3"%-(#%.3;"*"#%@".2#
(4*"1$/$2H% #"% )*()(% $"% 2'3-)(*%13"#)*(#% A/*)3$"#% 6:#/'(#,% /1)"-"'C
)3(-"#,%"#4/*/)3(-"#<%D/%A/1/.2#%'21%31%'3"*42%4"*6"')2J%2'3-)(*C
-2<%D/%#2.2#%/1)"-/0"1)"#,%#/.3-".2#%"#)34/$"9<%D/%#2.2#%'*"()/C
A(#,%12%@(0(.2#%1($(%?3"%-2%@(0(%.(1/6/"#)2<%D"%12#%"1#"T5%(
'216/1(*%13"#)*(%'*"()/A/$($%(% -(#%4"?3"T(#%'2#(#%$"% -(%'(#(,%"-
-/A/10%%>%-(%'2'/1(,%8*/1$(1$2%-2%.";2*%$"%12#2)*(#%"1%31%)*(8(C
;2%12%*".31"*($2<%D/%12%12#%2'3-)(.2#,%@"*/.2#%#3#'"4)/8/-/$(C
$"#%>%'2**".2#%"-%*/"#02%$"%@('"*%#"1)/*%/16"*/2*%(%(-0G1%./".8*2
$"-%@20(*,%>%%12%"#%.3>%#2-/$(*/2%#"0G1%13"#)*(%'3-)3*(%'3-C
42#(<%O-%./#.2%4()*51%#"%*"4/)"%"1%-(%".4*"#(%2%"1%-(%4*26"#/51<
KD"*+%?3"%@".2#%2'3-)($2%13"#)*2#%$21"#%4(*(%4*2)"0"*%.+#%(G1
-(%#28"*8/(%>%-(%0-2*/(%.(#'3-/1(L
<--
F2#%@(1%@"'@2%'*""*% "1% -(%$"4"1$"1'/(% >%@(1%"74-2)($2%"#)(#
'*""1'/(#%"1%62*.(%.3>%/1#3#)(1'/(-,%(42>+1$2#"%"1%$/6"*"1'/(#
6/#/2-50/'(#%"1%(-0312#%'(#2#<%!/#6*(9($2#%$"%/1#4/*('/51%*"-/0/2C
#(,%-2#%$/6"*"1)"#%'3-)2#%@(1%4*2'-(.($2%4(*(%12#2)*(#%"#)(#%)*(C
$/'/21"#%$"%$2./1('/51%*/0/"1$2%13"#)*(#%*"-('/21"#%:1)/.(#<%O#
$"'/*,%*"-('/21"#%"1)*"%#"73(-/$($,%42-:)/'(%>%"'212.:(%2%$"%'21#C
)*3''/51% #2'/(-% $"% $2-2*% >% 4-('"*% $/6"*"1)"#% (% -(% '21#)*3''/51
#2'/(-%$"%13"#)*(#%(1)/03(#%'3-)3*(#<
!3*(1)"% ./--21"#% $"% (T2#% 12#% @/'/"*21% '*""*% ?3"% -(% 631'/51
#"73(-%"1"*0&)/'(%6"."1/1(%%#"%2*/"1)(8(%(%'21'"8/*%>%'*/(*%1/T2#,
>%"1)21'"#%"#%/.42#/8-"%/.(0/1(*12#%'21%31(%$2'"1(%$"%@/;2#%>
'2.421/"1$2%.G#/'(,% )"1/"1$2%"1%'3"1)(%?3"% ($".+#% "7/#)"1
/113."*(8-"#%.(1"*(#%$"%'21)*/83/*%$"#$",%'3.4-/*%'21%-(#%28-/C
0('/21"#% 6(./-/(*"#,% @(#)(% "-% .+#% (-)2% *(102% $"% -(% '*"()/A/$($
(*):#)/'(%>%$"-%*2-%$"%-2#%.:#)/'2#%>%4*26")(#<%
\(%4*24/"$($%"#)+%*"4*"#"1)($(%42*%-(%.3;"*%'2.2%'2*2-(*/2%$"%-(
4*2#'*/4'/51%$"-%(.2*%6/-/(-,%$"-%.()*/.21/2%"1)*"%0*342#%$"%6(./C
-/(#,% >% $"-% /1'"#)2<% =#:% #"% 63"% *"".4-(9(1$2% "-% #"1)/$2% -/8/$/1(-
"#"1'/(-<%M2$(#%-(#%62*.(#%$"%4*24/"$($%#3#)/)3>"*21%31%28;")2%$"
(.2*%4*/.(*/2%>%4*2@/8/$2%'21%%"-%.()*/.21/2%'2.2%/1#)/)3'/51
'2.4*(1$2%(% -(%.3;"*% "%@/;2#% #"% A3"-A"%42#"#/51%>%28;")2%"1% -(
.(>2*:(%$"%-(#%#2'/"$($"#,%>%*"#3-)(%-(%8(#"%$"%31(%#2'/"$($%.212C
42-/'(%>%2*0(1/9($(%$"%('3"*$2%'21%"-%4*/1'/4/2%$"%6"*)/-/$($%'2.2
"#)*3')3*(%#/#)".()/9($(%$"%*"4*2$3''/51<%\(%/1.2-('/51%%$"-%#"72
6"."1/12,% $"% -(% #"73(-/$($% .()"*/(-/9($(% "1% "-% #"72% 6"."1/12,
$")"*./1(% -(%'2.4*(%$"% -(%.3;"*%'2.2%28;")2%>% -(%*"-('/21%?3"
*"4*"#"1)(%-(%4*2."#(%$"%-2#%$"#"2#%/1#)/1)/A2#%2)*2*(%*"4*/./$2#<%
<-1
]1(%12%$"8"*:(%'(#(*#"%'21%31%@2.8*"%42*%N'*""*N%"#)(*%"1(.2C
*($(,%)"1$*:(.2#%?3"%"#4"*(*%(%?3"%"#"%"1(.2*(./"1)2%#"%'(-.",
#"%#"*"1"%>%*"'/&1%"1)21'"#%)2.(*%$"'/#/21"#<%ND(8"*,%$/6"*"1'/(*,
$/#'"*1/*N,%>%#/%'*":.2#%"#)(*%"1(.2*($(#%(#"03*(*12#%?3"%12%"#
#2-2% 31(% *"#43"#)(% 8/2-50/'(<% M"1".2#% % ?3"% #"*% -2% #36/'/"1)"C
."1)"%.($3*(#<%M"1".2#% ?3"%83#'(*% "1%13"#)*(% (-.(%13"#)*2
42)"1'/(-%>%$"#(**2--(*-2%4(*(%?3"%"-%(.2*%12#%$&%-/8"*)($<
\(%*"-/0/51%"#%31%6*"12%>%"-%.()*/.21/2%31%28#)+'3-2%4(*(%13"#C
)*(% "A2-3'/51% "#4/*/)3(-<% F3"#)*(#% A/";(#% /$"(#% #21% 31% /.4"$/C
."1)2,%>%#2#)"1"*%"#)(%'3-)3*(%*")*50*($(%"#%31%-(#)*"%?3"%/.4/$"
(%."$/(%@3.(1/$($%#"*%6"-/9,%>%)2$(%#3%"1"*0:(%12#%A3"-A"%(.(*C
0(#,%"1A/$/2#(#,%A"1"12#(#,%'2.4")/)/A(#%>%0"1"*2#(#%"1%?3";(#%>
"1%'*:)/'(#<%P2*% "#2,% "1%"-%.()*/.21/2% #/".4*"%"#)+%4*"#"1)"% "-
./"$2% 42*?3"% $"#$"% "-% .2."1)2% "1% ?3"% 31% #"*% @3.(12% "#)+
8(;2%"-%$2./1/2%>%-(%(3)2*/$($%$"%2)*2,%"#%/.42#/8-"%4"$/*-"%#/1C
'"*/$($%>%6*(1?3"9(%(8#2-3)(<%O-% )".2*%$"%4"*$"*% -(%83"1(%24/C
1/51%$"-%2)*2%*"#4"')2%$"%31(%2%"-%(6"')2%$"%?3/"1%'*"".2#%#34"C
*/2*%(%12#2)*(#%(%1/A"-%"'215./'2%2%/1)"-"')3(-%"#%)(1%63"*)",%?3"
(G1,%)"1/"1$2%31%'(*+')"*%:1)"0*2,%31(%#"%$";(%--"A(*,%4(*(%.2#C
)*(*%G1/'(."1)"%"-%4"*6/-%?3"%.(#%12#%'21A/"1",%2%"-%#".8-(1)"
.+#%(0*($(8-"%(%#3#%2;2#<%O1)21'"#%$"#$"%"#)"%-30(*,%$2#%4"*#2C
1(#%12%#"% '212'"1% :1)/.(%>% *"(-."1)"%G1/'(."1)"% #/% -2%@('"1
$"#$"%-(%'21$/'/51%$"%#"*,%4*5;/.2#%"%/03(-"#<%
V/'@"-%B23"--"8"'?,%"1%#3%-/8*2%O7)"1#/51%$"-%'(.42%$"%8()(--(
2%P(*):'3-(#%"-"."1)(-"#,%"7421"%?3"%"-%-/8"*(-/#.2%@(%(-'(19($2
"-%)"**"12%$"%-(%#"73(-/$($%"1%"-%?3"%)(.8/&1%@(>%*/'2#%>%428*"#
$"1)*2%$"%31%.31$2%$"%1"2-/8"*(-/#.2%'21#3.($2%?3"%(8(*'(
<-2
)2$2#%-2#%5*$"1"#<%O#)"%(3)2*%#"T(-(%'5.2%-(%.3;"*%2''/$"1)(-%#"
@(%.(#'3-/1/9($2<%=@2*(%)*(8(;(,%@(%#/$2%/1'2*42*($(%(%-(%03"C
**(,%(%-(%#"-A(,%(-%42$"*%4(*(%A"*#"%-/8*"%$"%-(#%"#'-(A/)3$"#%"1%?3"
'21#/#)/5%#3%"7/#)"1'/(%$3*(1)"%./-"1/2#%."$/(1)"%-(%-/.4/"9(%$"-
@20(*%>%"-%'3/$($2%$"%-2#%@/;2#,%)(*"(%."12*%42*%-2%2#'3*(%>%$"#C
'(-/6/'($(%4"*2%)(.8/&1%$"%(42#)2-($2,%(%'(.8/2%$"%(.2*%>%4*2C
)"''/51<%%O1%-(%'3-)3*(%1"2-/8"*(-,%-(%.3;"*%@(%4"*$/$2%"-%/1)"*&#
$"%(0*($(*%(-%#"72%243"#)2%"1)*"%?3/"1"#%4*(')/'(1%-(%'21A/A"1C
'/(<%=%."12#%?3"%)"10(1%$/1"*2%4(*(%#"*A/'/2%$2.&#)/'2%2%;(*$/C
1"#%.()"*1(-"#,%-2%?3"%62*.(%4(*)"%$"-%'3/$($2%$"-%2)*2%0"1"*(-C
."1)"%"#%.2)/A2%$"%$/#'3#/51%>%*34)3*(<%NF($/"%'3/$(%$"%1($/"N
42*?3"%12%#"%)/"1"%)/".42,%")'<,%>%-2%?3"%#"%'21#/$"*(%"-%.";2*(C
./"1)2%4"*#21(-%12%4(#(%42*%-(%.";2*(%$"%-2#%2)*2#%1/%$"%-2%'/*C
'31$(1)"<%E(%?3"%'($(%312%"#%3-)*('"-2#2%2%3-)*('"-2#(%$"-%"#'(C
#2%)/".42%?3"%-"%$";(%"-%)*(8(;2%(#(-(*/($2,%2%-(#%(')/A/$($"#%$"-
'3/$($2%$"%-2#%2)*2#%?3"%@(1%('(8($2%42*%'21#/$"*(*#"%-(%-(82*
.+#% $"#4*"'/(8-",% (8>"')(% "% /1$"#"(8-"% $"% )2$(#J% -(% $"% ."12*
4*"#)/0/2,% -(%.+#%A3-0(*,% -(%4*24/(%$"%(1(-6(8")(#%#2.")/$(#,% -(#
.3;"*"#%4*"6/"*"1%/*%(-%'/1"%?3"%'3/$(*%@/;2#,%#28*/12#%2%1/")2#%>
#"%1/"0(1%(%4*2'*"(*,%#(8/"1$2,%?3"%12%"7/#)"%'28"*)3*(%'2.31/C
)(*/(%(-031(%?3"%'38*(%%"-%'3/$($2<
O-%/.(0/1(*/2% 6"."1/12%$"%N.3;"*%$"N% --"A(%(%'21#/$"*(*%?3"% -(
.3;"*%(-%'(#(*#"%"7)/"1$"%31%'21)*()2%$"%(-?3/-"*%"7'-3#/A2%#28*"
#3%#"73(-/$($,%'3>2%3#2%"#4"':6/'2%-2%*"#"*A(%(%31%A(*51%(%'(.8/2
$"%.(13)"1'/51%%>%4*2)"''/51%"1%'21$/'/21"#%$"%42$"*%($?3/#/C
)/A2% ."$/2C(-)2<% O#)2% #/01/6/'(% $/#6*3)(*% "1)21'"#% $"% #"*A/'/2
$2.&#)/'2,% ;(*$:1% .()"*1(-,% *"0(-/)2#% >% '(4('/$($% $"% '21#3.2<
<-9
M2$2%31%1"02'/2,%>%42*%"#2%(-031(#%.3;"*"#%$"'"1)"#%.3"#)*(1
'/"*)(%/1?3/1(%2%(4*"@"1#/51%'21)*(%.3;"*"#%?3"%4*(')/'(1%4*26"C
#/21(-."1)"% "-% 26/'/2% .+#% A/";2% $"-% .31$2<% ]1(% .(13)"1'/51
A/)(-/'/(%*"#4(-$($(%42*%-2#%)*/831(-"#%"1%'(#2%$"%$/A2*'/2<%P2*%-2
?3"%"-%'(#(./"1)2%@(%)2.($2%"-%'(*/9%$"%4*2#)/)3'/51%"1'38/"*)(<
E%#/%12,%@(>%31(%/1A"*#/z1%$"%*2-"#%(-"0(1$2%/03(-$($<%=-031(#
";"'3)/A(#%?3/"*"1%"#2#%$"*"'@2#,%-2#%./#.2#%$"*"'@2#,%"7/0"%31
@2.8*"% "1% '(#(% 4(*(% )"1"*% 6(./-/(% >% @20(*,% >% 31% (.(1)"% 4(*(
029(*%$"%-(%4(#/51%63"*(%$"%-(#%*3)/1(#%>%.212)21:(#%'2)/$/(1(#,
"7/0"% ?3"% #3% (*8/)*/2% >% A2-31)($% 131'(% )"10(1% ?3"% '"$"*% "1
1($(<%\(%03"**(%$"%-2#%#"72#%#"%/.421"%"%/1A/"*)"%-(%#/)3('/21<%\(
.3;"*,%#343"#)(."1)"%#3./#(%>%"74-2)($(,%($24)(%"-%*2-%.(#'3-/C
12,%"1)21'"#%)*(8(;(%>%"#%-(%?3"%--"A(%"-%$/1"*2%(-%@20(*,%>%"-%@2.C
8*"%?3"$(%"1%'(#(%'21%-2#%1/T2#,%-(%-/.4/"9(%>%'3/$($2%$"-%@20(*<
c3"*"*%4(*(%"-%2)*2%-2%?3"%12%?3/"*2%4(*(%./%>%;3#)/6/'(*-2%'21
/$&1)/'2%($(0/2J%N)2$2%42*%(.2*%>%4*2)"''/51N,%'21A/*)/&1$2#"%"1
31(%*"#43"#)(%(1)/C#2-/$(*/(%>%31(%(')/)3$%A/2-"1)(%$"%*"A(1'@(%>
@3./--('/51<
O1% .3;"*"#% ?3"% #"% /$"1)/6/'(1% '21% /$"2-20:(#% 1"2-/8"*(-"#,% -2#
."$/2#%?3"%3)/-/9(1%4(*(%@('"*%$"#0*('/($(%-(%A/$(%$"-%@2.8*",
"#%"-%".8(*(92,%"1%"-%?3"%@(1%)"1/$2%31%"1)*"1(./"1)2%$"%./-"C
1/2#,%"#%"-%(*.(%$"%.3;"*"#%/*(#'/8-"#%>%A2-31)(*/2#(#,%?3"%@(*:(1
4"2*%3#2%$"-%42$"*% #/% -2%42#">"#"1,% >%?3"%(83#(1% $"-%?3"%@(1
'21#"03/$2%>%029(1$2%$"-%#"72%'21%"-%0&1"*2%243"#)2%#"%#/*A"1
$"%&-%4(*(%?3"%4*"A(-"9'(%#3%A2-31)($%$"#(**2--(1$2%31%/.(0/1(C
*/2%$"%#"$3''/51%"1%8(#"%(%-(%*"#"*A(<%E%"1)21'"#%#21%-2#%@2.C
8*"#%?3/"1"#%)"*./1(1%$(1$2%*"#43"#)(%(%31(%4()"*1/$($%"1%'21C
<-:
)*(%$"%#3%A2-31)($,%>%42*%"-%42$"*%?3"%)/"1"%31(%.3;"*%$"%"#)(C
8-"'"*%31(%'21)*(C)/*(1:(%>%'21A"*)/*-2%"1%A:')/.(,%#28*"%)2$2%"1
.(*/$2#%."12#%/1'-/1($2#%(%"*/0/*#"%"1%)/*(12#<%=#:%-(%/1;3#)/'/(
4*2$3'"%>%"10"1$*(%/1;3#)/'/(%'/*'31#'*/8/&1$2#"%"1%"#)"%'(#2%(
@2.8*"#%."12#%'21)"1/$2#<%O1%"#)(%"#6"*(%'2.2%"1%)(1)(#%2)*(#
$21$"% #"% *"6-";(% -(% #2'/"$($% $"% -(#% ."*'(1':(#,% #"% '216/03*(
"1)21'"#% 31(% -3'@(% $"% A2-31)($"#% $"% 42$"*,% '216-/')2#% >% "02#
"7('"*8($2#,%'@2?3"%$"%1(*'/#/#.2#%$21$"%#5-2%/.42*)(%?3/&1
0(1(,% ?3/&1% A"1'",% -2% '3(-% #/01/6/'(% ?3"% N4(#"% -2% ?3"% 4(#"N% >(
)2$2#%@(1%4"*$/$2%$"%(1)".(12,%>%?3"%>(%-2%@(1%4"*$/$2%)2$2
(1)"#%$"%)"*./1(*%-(%8()(--(<
\(%/1#()/#6(''/51,%-2#%*"#"1)/./"1)2#%>%-(#%$"4*"#/21"#%'*"'"1,%>
-2#%A:1'3-2#%"1)*"%-2#%#"72#%#"%)2*1(1%/.42#/8-"#<%D21%$2#%0*342#
"16*"1)($2#%42*%"#"%42$"*%$"%--"A(*%-2#%4(1)(-21"#%>%$/#421"*%$"
31(%)(*;")(%$"%'*&$/)2<%!"1)*2%$"%"#)2#%4*2'"#2#%A/)(-"#%@(>%)(.C
8/&1%#"72%($/')2#,%'2.2%-2#%4"*#21(;"#%$"%B23"--"8"'?,%4(*(%-2#
'3(-"#%#3%G1/'2%28;")/A2%"1%-(%A/$(%"#%"-%'21#3.2%$"%#"72%'2.2
?3/"1%'21#3."%."*'(1':(#,%".4"T(1$2%"1%"--2%)2$(#%#3#%"1"*C
0:(#,%#3%)/".42%>%#3#%*"'3*#2#<
b)&7-"7*.=$7-$'7&#'Q.7'.#$6*,.(&'*7.'#$M*.5"(.(',$C,"="(.':$55.' #$'=.7"X"$#-.'$7' 5.'.=+"A.5$71".'($'5.#' ,$5.1"&7$#'($' ,$C,&](*11">7' +.#.(.#' $7' 5.' ,$C,$#">7E' O,$*(' Q.+5.' #&+,$' $#-.' "($."7.(="#"+5$'($' ,$C,"=",'-&(.#'5.#'.#C",.1"&7$#'C*5#"&7.5$#':'-,.#]=*-.,5.#'$7'.1-"A"(.($#'($'5.'1*5-*,.E')&-$9.+.''5.'#"="5"-*('($5.#'7$1$#"(.($#'#$M*.5$#'1&7'$5'Q.=+,$[':'$7'#*#'1&7X$,$71".#'C&74.1&=&' $9$=C5&'.' 5&#' +*,6*$#$#' ($' 21Q"5(.['(&7($' -$,="7.' 5.'C,&]
<-;
(*1-"A"(.(' #&1".5' 1*.7(&' $5' "7#-"7-&' #$M*.5'7&'Q.55.' ,$.5"D.1">7#"Z*"$,.'C.,1".5'C&,Z*$' #$' ,$C,"=$' -&-.5=$7-$'$7' X.A&,'($' 5.'$X"]1"$71".'&',$7("="$7-&E'a#'1&=C,$7#"+5$'Z*$'$#-.'#&1"$(.('#$.'1&7]#*="#-.'$7'$M1$#&[':'Z*$'#$',$-,&.5"=$7-$'C&,Z*$'7.(.'A.'.'#.-"#]X.1$,'#*#'($#$&#',$C,"="(&#Ea5'Q.=+,$':'$5'.=&,'#&7[':'7&'#>5&'#$6_7'O,$*(['5.#'C*5#"&7$#'Z*$($-$,="7.7'5.',$5.1">7'#&1".5'7.-*,.5E'f'($'Q$1Q&['5.',$C,$#">7'($5.',$.5"D.1">7'($'5&#'($#$&#'#$M*.5$#'"7#-"7-"A&#['$7'1*.5Z*"$,'X&,=.Z*$'#$.['=*$A$'.'7*$A.#'X&,=.1"&7$#'#*#-"-*-"A.#'Z*$',$C,$#$7-.75.'=$-.'C*5#"&7.5'&,"6"7.5EbWXY
B2*#)%g3*1/)9h><%\(%"#)*3')3*(%-/8/$/1(-%$"-%$/1"*2
\/./)+1$212#% (% 31% 28;")2,% (% 31(% 42#"#/51,% 13"#)*2#% @2.8*"#
12#% *"$3;"*21% >% ?3"$(*21% *"$3'/$2#% "--2#% ./#.2#% )(.8/"1<
I*"(*21% 31% -"103(;"% ($"'3($2% "% /012*(1)",% /1'21#'/"1)",% 31(
$28-"%.2*(-,%31%$28-"%$/#'3*#2,%>%(4*"1$/"*21%"-%/$/2.(,%(-%?3"
12#%'/T"*21,%42*?3"%"-%-"103(;"%@('"%(%31(%'3-)3*(%?3"%#"%)*(1#C
./)"<%O1%"-%($(0/2%4243-(*%N<<<$")*+#%$"%31%0*(1%@2.8*"%#/".4*"
@(>% 31(% 0*(1% .3;"*N,% ('"4)(.2#% -(% 6/''/51% '21#/#)"1)"% "1% 31
;3"02%$"%#"$3''/51,%31%$/#'3*#2%$"%-(%./#20/1/(%*2.+1)/'(%?3"
12#%"7'-3>"%$"-%"#4('/2%$"%-2#%/03(-"#%#34"*/2*"#%$"'-(*+1$212#
/$&1)/'(#%/16"*/2*"#%>%$"62*.(1$2%"-%#"1)/$2%$"-%."1#(;",%42*?3"
"1%*"(-/$($%-2%?3"%@('"%"#%$2."T(*%2'3-)(1$2%#3%/16-3"1'/(%$"#C
)*3')/A(<%O#%31%'21'"4)2%?3"%12%@('"%.&*/)2%42*?3"%12%12#%$/0C
1/6/'(<%D/".4*"%?3"%@"%A/#)2%31(%0*(1%.3;"*%@(%#/$2%(-%-($2%$"
31%0*(1%@2.8*",%'(./1(1$2%(%#3%-($2%>%131'(%$")*+#,%1/%2'3-)(,
1/%'21A"*)/$(%"1%#2.8*(<%I21%"#)(#%'*""1'/(#%'2./"19(%"-%*/"#02
<1=
$"%-(%)21)"*:(,%43"#%12#%'21A"*)/.2#%"1%31%.2$"-2%A/A/"1)"%$"
.3;"*"#% #2.")/$(#% 4(*(% 2)*(#% .3;"*"#,% @"*.(1(#% >% (./0(#<
I2.4*"1$"*%?3"%-2%#"%83#'(%"#%$/01/$($%2%4*"'/2<%O-%"#4:*/)3%12
#"%/1A"1)(,%31(%0*(1%.3;"*%'(./1(%(-%-($2%$"-%@2.8*",%'(./1(%(
#3%-($2,%%8*/--(1$2%"%/-3./1(1$2%12%28#)*3>"%-(%-39%$"-%#2-<
\(#%.3;"*"#%>% -2#%@2.8*"#%$"8"*:(.2#%'21#"*A(*%13"#)*(% -/8"*C
)($%>%"#)(*%31/$2#%42*%"-%(.2*,%12%42*%31%'21)*()2%$"%.()*/.2C
1/2<%D/1%$"8"*12#%1($(%"-%312%(-%2)*2,%#/1%4*/A(*12#%$"%13"#)*(
-/8"*)($%>%13"#)*(%/1."1#(%'(4('/$($%$"%$(*<%D/%31(%4(*";(,%'2.2
62*.(-/$($,% 1"'"#/)(% @/;2#% 2% 31% '21)*()2% $"% .()*/.21/2% 4(*(
(6/(19(*%(-02%?3"%12%(6/(1'"%"-%(.2*,%"#%$3$2#2,%*(*2<
]1(%A"9%?3"%(.(.2#%42*%()*(''/51%#"73(-,%&#)(%$"#(4(*"'",%42*?3"
-(%()*(''/51%#"73(-%#3'"$"%'21%-2%?3"%"#%$"#'212'/$2<%]1(%A"9%?3"
@".2#%$/#6*3)($2%"-%'3"*42%$"-%2)*2,%-(%()*(''/51%#"73(-%$"#(4(*"C
'"<%D/%13"#)*2%(.2*%"*(%#2-(."1)"%()*(''/51%#"73(-,%>%'21)*(;/.2#
.()*/.21/2% >% @(8:(% ()*(''/51% #"73(-,% "1)21'"#% "#)(% A/1'3-('/51
"#)(% $"#)/1($(% (% $"#(4(*"'"*,% (% $"#)*3/*#"<% M2$2% "#% ./#)"*/2#2% >
./-(0*2#2,%>%12%#"%43"$"%'2.4*"1$"*%1($(<%O#%.";2*%$/#6*3)(*%"1
A"9% $"% )*()(*% $"% '2.4*"1$"*<% ]1(% *"-('/51% .()*/.21/(-% "#% (-02
"#)+)/'2%"%/1"*)",%>%"1%#3%4/'2%'3-./1(1)"%>(%1($(%'*"'"<%I*"($(%"1
-(%'21$/'/51%$"%2*/0"1%-(%A/1'3-('/51%)"*./1(,%42*?3"%(1)"#%$"%#"*
--"05%(%#3%431)2%6/1(-<
\(%./#"*/(%?3"%13"#)*(%'3-)3*(%#"%"#63"*9(%"1%#2#)"1"*,%"#%?3"%-(#
.3;"*"#%$"4"1$(.2#%$"-%@2.8*"H%$"-%$/1"*2%?3"%0(1(,%$"-%4*"#C
)/0/2%?3"%'*"".2#%12#%$(%>%$"%31(%4#"3$2#"03*/$($<%E%)"1".2#
@/;2#% 4(*(% ?3"% "-% 1"02'/2% '21)/1G"% #/"1$2% 4*5#4"*2<% r#(% "#% -(
./#"*/(%$"%13"#)*2#%@+8/)2#%'3-)3*(-"#<%
<1<
!3*(1)"% #/0-2#% '21)*2-(*21% ?3"% 12% )3A/&*(.2#% 31(% "$3'('/51
?3"% 12#% /1$"4"1$/9(*(,% /.4/$/"*21% ?3"% 63&*(.2#% /1#)*3/$(#% "
/10*"#+*(.2#%(-%.31$2%$"%-2#%1"02'/2#,%?3"%)3A/&*(.2#%)*(8(;2
$/012,%42*%-(%#"1'/--(%*(951%$"%?3"%)"1"*%13"#)*(%4*24/(%42#/'/51
6/1(1'/"*(,%13"#)*(%4*24/(%'3"1)(%8(1'(*/(,%'2#)(*:(%*"$3'/*12#%(
31(%'2#(%>%$"#'(-/6/'(*12#<%=#:%?3"%12#%'21./1(*21%(%$"4"1$"*
$"-%0&1"*2%.(#'3-/12%>%(%)*(8(;(*<%P2*%";<,%'2.2%(.(%$"%'(#(,%)*(C
8(;2%$"%(-)2%A(-2*%4"*2%12%*".31"*($2<%\(%.3;"*%)*(8(;(%"1%#3
'(#(% >% $/#6*(9($2% $"% (.2*<<<% '21'*")(.2#% 31% '(1;"% N]1% '(1;"
/1$/012,%./#"*(8-",%."1$/'(1)"N<%
D/% )"1".2#%$"4"1$"1'/(%28-/0($(,%12%42$".2#%(.(*%"1% -/8"*C
)($<%\(%-">%$")"*./1(%31%;"6"%$"%6(./-/(%.(#'3-/12,%4"*2%'3(1C
$2%31%.()*/.21/2%#"%$/A2*'/(%)(.8/&1%#"%4*"4(*(%-(%$"#A/1'3C
-('/51% $"% "#)"% '2.4*2./#2,% 42*?3"% -2% ?3"% 12% #"% @(--(% "1% -2#
0"1"#% .(#'3-/12#% 12% #"% 43"$"% /1A"1)(*<% =% -(% .(>2*:(% $"% -2#
A(*21"#,%>%"1%-(#%'21$/'/21"#%"1%-(#%?3"%'3-)3*(-."1)"%12#%@(--(C
.2#,%-"#%*"#3-)(%$/6:'/-%@('"*#"%'(*02%$"%-(%6(./-/(,%$"%-2#%@/;2#<
N\2%?3"%1()3*(%121%$(%D(-(.(1'(%121%4*"#)(N<%O1%'(.8/2,% "-
0&1"*2% 6"."1/12,% 42*% $"*"'@2% 1()3*(-% #"% @('"% '(*02<% O#% 31
$"*"'@2%A"*$($"*2<%O-%0&1"*2%.(#'3-/12%1"'"#/)(%?3"%31%(.4(C
*2%-"0(-%-"#%2)2*03"%"-%)/)3-2%$"%;"6"#%$"%6(./-/(<%P"*2%12%43"$"1
#2#)"1"*-2%42*?3"%"#"%(.4(*2%-"0(-%"#%6(-#2<%=-03/"1%?3"%(.(%$"
A"*$($%12%1"'"#/)(%?3"%1($/"%-"%2)2*03"%$"*"'@2#<%E%-(%-">%$"#C
(.4(*(% (% -(#% A"*$($"*(#% ;"6"% $"% 6(./-/(,% #3% $/#6*(9% $"% ;3#)2% >
83"12%"#%"1$"8-"%>%#3)/-<%O1%"#)(%#2'/"$($,%(8#2-3)(."1)"%@"'@(
42*%"-%@2.8*"%>%4(*(%"-%@2.8*",%31(%.3;"*%?3"%A/A"%#2-(%"#)+
'21)/13(."1)"% "1% 4"-/0*2,% >% &#)(% @(% #/$2% )(.8/&1% 31(% $"% -(#
<1%
.(>2*"#%'(3#(#%42*%-(#%?3"%-(%.3;"*%$";(%$"%#"*%'*"()/A(%>%$"%$/#C
6*3)(*<
\2#%)*/831(-"#,%-(%-">%>%"-%O#)($2%)2.(1%$"'/#/21"#%42*%12#2)*(#,
6(A2*"'/"1$2%#/".4*"%-(%'21#)*3''/51%$"%31(%'3-)3*(%?3"%42)"1C
'/(%-(%#3./#/51%6"."1/1(<%P"$/.2#%4"*./#2%4(*(%)2$2,%@(#)(%4(*(
03/(*12#%42*%"-%83"1%'(./12%"1%13"#)*(%A/$(%:1)/.(%>%4*/A($(<%E
"-% -"103(;"%?3"% '*"(%"#)(% '3-)3*(%42)"1'/(%#3./#/51H%3)/-/9(.2#
4*212.8*"#%42#"#/A2#%4(*(%$"12./1(*12#%'2.2%4*24/"$($%$"-
2)*2<%D"3$2%42#"#/51%$"%-(%?3"%12#%.31/.2#%4(*(%(3)2(6/*.(*C
12#%"1%"-%2*03--2%$"%"#)"%#"--2,%"1%"-%2*03--2%$"%"#)(%.(*'(,%(3)2
"10(T+1$212#% 4(*(% 4*"#"*A(*% 31% 62*.(-/#.2% ?3"% "1% "-% 621$2
12#%@('"%/16"-/'"#%42*?3"%#(8".2#%?3"%"#%31(%6(-('/(,%4"*2%?3"
#2#)"1".2#%'2.2%#/%$"%"--2%$"4"1$/"*(% )2$(%13"#)*(%4"*#21(-/C
$($,%)2$2%13"#)*2%#"*,%#/1%/.42*)(*%"-%"12*."%"#63"*92%?3"%#/0C
1/6/'(%#2#)"1"*%-(%'2.4-";/$($%$"%"#)(%."1)/*(<
M2$2% "#% 1()3*(-"9(,% -2% ?3"%12% "#% 1()3*(-% "#% ()(*% (% -(% 0"1)"% "1
12.8*"%$"%-(%*"-/0/51,%$"%!/2#,%>%$"-%(.2*%4(*(%)2$(%-(%A/$(<
M2$(#% -(#%*"-/0/21"#% 6(A2*"'"1%"-%.()*/.21/2<%I-(*2,%*"'212'"*
?3"%-(%4*2#)/)3'/51%(4(*"'/5%'21%"-%.()*/.21/2%4(*(%-2#%4($*"#
$"%-(%/0-"#/(%#"*/(%%*"'212'"*%?3"%12%@(>%$/6"*"1'/(%"1)*"%-(#%"#42C
#(#%>%-(#%4*2#)/)3)(#<%=%31(%4*2#)/)3)(%31%@2.8*"%-(%'2.4*(%42*
31(#%@2*(#J%(%-(#%"#42#(#%(%-(*02%4-(92<
\(#%*"-/0/21"#%4*2'-(.(1%?3"%"#)+1%"1%'21)*(%$"%-(%4*2#)/)3'/51,
>%#/1%".8(*02%#21%#3%'(3#(<%\(%4*2#)/)3'/51%"#%31(%'21#"'3"1'/(
?3"%'*"5%"#)(%'3-)3*(%.(#'3-/1(%(%*(:9%$"-%"1'/"**2%?3"%#/01/6/'(
"-%.()*/.21/2,%>%4(*(%#()/#6('"*%-(%1()3*(-%-/8"*)($%$"-%#"72%.(#C
'3-/12<%\(%4*2#)/)3'/51%A(%(%$"#(4(*"'"*%$"-%.31$2%'3(1$2%$"#C
<1,
(4(*"9'(%"-%.()*/.21/2<%\(#%*"-/0/21"#%4*2'-(.(1%?3"%"#)+1%"1
'21)*(%$"-%/1'"#)2%'2.2%31(%-">%31/A"*#(-<%\(#%*"-/0/21"#%4*2'-(C
.(1%?3"%"#)+1%"1%'21)*(%$"%*"-('/21"#%42-/0+./'(#<%
I3(-?3/"*%*"-/0/51%"#%31%@"'@2%'3-)3*(-,%>%-(%'*/#/#%$"%-(%*"-/0/51
'()5-/'(%#"%-(%)/"1"%.3>%."*"'/$(%42*?3"%$/631$"%/$"(#%*")*50*(C
$(#% >% '*3"-"#% '2.2% A"*$($"#% 31/A"*#(-"#<% D21% )"./8-"#<% P"*2% -(
/1)"*'2.31/'('/51%$"%-2#%43"8-2#%12#%"#)+%#/*A/"1$2%4(*(%421"*C
12#%$"%('3"*$2,%>%-2#%4($*"#%$"%-(%/0-"#/(%(G1%12%43"$"1%'-(*/6/'(*
42*%?3"%#"03/.2#%#/1%#(8"*%(%$51$"%A(.2#%1/%$"%$51$"%A"1/.2#<%
P(*(%13"#)*(%6(-)(%$"%'3-)3*(%"#4/*/)3(-,%-(%(4(*/'/51%$"%$/6"*"1)"#
'3-)2#%>%#"')(#%?3"%'2.4/)"1%'21%-(#%0*(1$"#%*"-/0/21"#%#"')(*/(#
12#%(>3$(1%(%'2.4*"1$"*%?3"%12#%@(1%"#)($2%)2.(1$2%"-%4"-2,
>% 4*2-/6"*(1% 42*?3"% '(1(-/9(1% #"1)/./"1)2#% *"-/0/2#2#% ."$/(1)"
'5$/02#% .+#% 6-"7/8-"#<% \(% 43-#/51% "#4/*/)3(-% "#% /1@"*"1)"% (-% #"*
@3.(12,%>%'3(1$2%12%#"%#()/#6('"%#"%$"#4"T(%"1%#34"*#)/'/21"#%>
6(1()/#.2#<%\(%@"*.(1$($%"1)*"%-2#%43"8-2#%--"0(*+%42*%."$/2%$"
-(%;3#)/'/(%#"73(-%>%#2'/(-,%>%42*%#343"#)2%'(8"%A()/'/1(*%31(%*"'3C
4"*('/51%$"%-(%"#4/*/)3(-/$($%42*?3"%-(%*(951%12%-2%"74-/'(%)2$2<%
I3(-?3/"*%)/42%$"%-3'@(%4*2$3'"%$3*"9(,%>%13"#)*(%'3-)3*(%12#%@(
/.43-#($2%(%$"#(**2--(*%(-%0*($2%.+7/.2%-(%'2.4")"1'/(%"7)"*C
1(<% B".2#% $"#)*3/$2% 13"#)*(% (./#)($,% 13"#)*(% @"*.(1$($% >
1()3*(-"#%A/*)3$"#%6"."1/1(#,%'2.4")/.2#%"1)*"%12#2)*(#%>%'21
"-% #"72%243"#)2,% >% (% ."$/$(%?3"%(A(19(.2#%12#% "1$3*"'".2#,
$"#)*3/.2#%13"#)*(% #2-/$(*/$($,%13"#)*(% 6"./1/$($% >% -(% '2.4(C
#/51%.(*(A/--2#(%?3"%"-%31/A"*#2%12#%@(%2)2*0($2<%!"#)*3/.2#%-2
6"."1/12%"1%12#2)*(#<%O-%42$"*%>%"-%&7/)2%12#%28-/0(1%(% -20*(*
&7/)2% "1% "-% .31$2,% >% "#2% 12#% )2*1(% .+#% .(#'3-/1(#<% \(% G1/'(
<1-
"#4"*(19(% 4(*(% -(% @3.(1/$($% "#% 13"#)*(% 6"./1/$($,% 13"#)*(
#"*"1/$($,%13"#)*2%(.2*%>,%13"#)*(%$3-93*(<%O#%13"#)*(%/1."1#(
'(-/$"9%"1%"#)"%"12*."%31/A"*#2%6*:2<%O#%13"#)*(%'(-/$"9%(8#2-3C
)(."1)"%1"'"#(*/(%$"#$"%31%4*/1'/4/2,%'2.2%-2%"#%4(*(%31%8"8"
"-%'3"*42%$"%#3%.($*",%(8#2-3)(."1)"%1"'"#(*/2%4(*(%?3"%13)*(
-(%A/$(%"1%&-,%$"%-2%'21)*(*/2%.2*/*+<
I*"(.2#%'21'/"1'/(%'3(1$2%'21#)*3/.2#%$"#$"% -2%.+#%4*2631C
$2%$"%13"#)*(%6"./1/$($,%13"#)*(%#"1#3(-/$($,%13"#)*(%'(-/$"9,%>
$"#(**2--(.2#% 31(% 6"./1/$($% '($(% .+#% 63"*)",% '($(% A"9% .+#
/1)"1#(<
<&,Z*$'#&=&#'*7'5.,'#.6,.(&':'1Y5"(&'$7'$#-$'X,4&'*7"A$,#&[<&,Z*$'#&=&#'5.'C*$,-.'=.:&,'($'.11$#&'.'5&#'#$7-"(&#EEE:'7*$#-,.'C,$#$71".'X$=$7"7.':'$5'.1"$,-&'($'7*$#-,.#'=.7&#'-&(&5&'C*$+5.<&,Z*$'1*.7(&'(&,="=&#'-&(&',$C&#.'.'7*$#-,&'.5,$($(&,[EEE':'1*.7(&'($#C$,-.=&#'-.=+"`7'($#C"$,-.7'5.#'1&#.#EEEEEE'A*$5A$7'.'.+,",#$'5.#'C*$,-.#[EEE'A*$5A$'.'1&,,$,'$5'.6*.['EEE'#$'.A"A.7'5&#'C.#&#['5.#'C5.7-.#',$1"+$7'5*D[EEE',$-&,7.7'5.#'C.5.+,.#':'7*$#-,.'A&D'1&=&'*7'Q.5&'=Y6"1&[EEE',$7.1$'5.'.5$6,4.EEE',$-&,7.'$5'.+,"6&EEE'1*.7(&'$5'.=&,['5.'5*1"($D':'$5'($#$&'A*$5A$7'.',$*7",7&#EEE'$5'C5.7$-.'7*$A.=$7-$'#$'"5*="7.EEE'-"$7$'#$7-"(&'7*$#-,.'$M"#-$71".EEE'1.(.'5*6.,'#$'A*$5A$'$A"($71".'($'*7'C,&:$1-&'($'A"(.EEE
<11
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
\(%6"./1/$($%$"%31(%.3;"*%(%'(3#(%$"%#3%#"*"1/$($,%#3%$"-/'(C
$"9(,%)*("%4-"1/)3$%/1."1#(%(%-(%A/$(,%*2$"(%-(%A/$(%$"%31(%().5#C
6"*(%*"-(;(1)"%>%'+-/$(<%
D2.2#%*"#421#(8-"#%$"-%$2-2*%?3"%#"1)/.2#%42*?3"%"#%13"#)*(
"-"''/51<% ]1(% 4(*)"% /.42*)(1)"% 12% "#)+% $")"*./1($(% 42*% -2#
$".+#,% -2% "-"0/.2#<% E% #/%$"'/$/.2#% '2.4*"1$"*% "#)2,% *"'212C
'"*-2%"#%#36/'/"1)"<%]1(%'3-)3*(%$"#(**2--($(%"1% -2%$2./1(1)"
$";(% (% -(% .3;"*% /1#()/#6"'@(,% >% "$3'(% @2.8*"#% /1#()/#6"'@2#,
#2-2#%"%/16"-/'"#<%
D/%12%@(>%1"'"#/$($%$"%.()*/.21/2,%12%@(>%1"'"#/$($%$"%$/A2*C
'/2,%>%-(%/16/$"-/$($%#"%*"-()/A/9(*:(<%\(%(./#)($%"1)*"%-(%.3;"*%>
<12
"-%@2.8*"%"#%42#/8-"%#/%12#%4"*./)/.2#%31(%-/8"*)($%(8#2-3)(%>
12#% '2.4*"1$".2#% .3)3(."1)"<% E% #/% '2.4*"1$/&*(.2#% "-
6-3;2% '(.8/(1)"% $"% -(% A/$(% >% 63&*(.2#% #/1'"*(#% >% A"*$($"*(#,
42*?3"%-(%(./#)($%#5-2%"#%42#/8-"%"1)*"%#"*"#%@3.(12#%/03(-"#,
)2)(-."1)"% -/8*"#%$"% -(#%()($3*(#%$"% -(%#2'/"$($,% -(%'3-)3*(,% -(
'/A/-/9('/51<%D"%)*()(*:(%(#:%$"%31(%-/8"*)($%?3"%A/A/*:(%$"%('3"*C
$2%'21%#3%(3)&1)/'(%1()3*(-"9(,%?3"%12%#3*0/*:(%$"%-(%'21#)*3'C
'/51%$"%"#'-(A/)3$<%
D/%@(>%-/8"*)($,%#"*".2#%(./02#<%D/%@(>%(./#)($,%-(%4(#/51%131'(
#"% '21A"*)/*+% "1% 2$/2,% '3(1$2% 12#% $".2#% '3"1)(% $"% ?3"% -(
4(#/51%$"#(4(*"'",%$/*".2#%($/5#%'21%0*()/)3$%42*%-2%A/A/$2%#/1
2421"*12#% (% -(% -/8"*)($% $"-% 2)*2,% >% '2.4*"1$"*".2#,% (31?3"
$3"-(,%2%'2.2%$/'"%=-621#/1(%D)2*1/N
bEEE="'.=&,'7&'-$'($-"$7$[h)>=&'-$'$7-"$7(&['8"$7['1>=&'-$'$7-"$7(&iF5&,$'="'A"(.EEE'$5'1&,.D>7'#$'.C$7$EEE!.-$'.'A&5.,['T=&,[':&'-$'1&=C,$7(&E).55.(.'$5'.5=.EEE'$5'1&,.D>7'C.,-"(&[
D/%$2#%4"*#21(#%?3/"*"1%"#)(*%;31)(#%@2>,%"#%.+#%?3"%#36/'/"1)",
>%)(.8/&1%"#%#36/'/"1)"%#/%.(T(1(%?3/"*"1%"#)(*%;31)(#%$"%13"A2<
D/%12%?3/"*"1,%"#%31(%$"'/#/51%?3"%)2.(.2#%"1%4*/A($2%>%1/1C
031(%-">%?3"%12%#"(%-(%$"-%(.2*%)/"1"%?3"%/1)"*6"*/*<%\(%-/8"*)($
"#%"-%A(-2*%.+#%"-"A($2%"1%-(%A/$(%@3.(1(%>%"-%.()*/.21/2%#/0C
1/6/'(%?3/)(*12#%-/8"*)($<%D/%-(#%4(*";(#%63"*(1%-/8*"#%"#)"%.31$2
#"%'21A"*)/*:(%"1%31(%#2'/"$($%6"-/9<
<19
D/%12#%$(.2#% -/8"*)($%'2.4-")(%"-%312%(-%2)*2,%?3/9+%42$(.2#
4"*.(1"'"*%;31)2#%)2$(%-(%A/$(,%2%)2$(%-(%")"*1/$($,%42*?3"%12
)"1$*".2#%-(%1"'"#/$($%$"%-/8*(*12#%"-%312%$"-%2)*2<%
B('"% #5-2% '/"1% (T2#,% -(% .3;"*% ?3"$(8(% ".8(*(9($(% "1% 62*.(
'21)/13(<%S"#)(.2#% "1%13"#)*2% A/"1)*"%31%@/;2%$3*(1)"%13"A"
."#"#,%13"A"%."#"#%$"%13"#)*(%A/$(%>%$"%13"#)*2%'3"*42<%\3"02
$"%(.(.(1)(*-2%)"1".2#%?3"%'*/(*-2%>%"$3'(*-2,%>%(%A"'"#%"-%1/T2
12%@(%'3.4-/$2%(G1%#"/#%."#"#%'3(1$2%(4(*"'"%31%13"A2%".8(C
*(92<%O#%(028/(1)"<%]1(%.3;"*%)/"1"%?3"%)2.(*%-(%$"'/#/51%$"%#"*
.($*"%#(8/"1$2%-2%?3"%%#/01/6/'(<%O#)(.2#%)2.(1$2%-(%.(>2*
*"#421#(8/-/$($%?3"%)2.(%31%#"*%@3.(12<%D"*%.($*"%"#%-(%.(>2*
*"#421#(8/-/$($%?3"%@(>%"1%"-%.31$2,%>%12#2)*(#%42$".2#%$"'/C
$/*-2%G1/'(."1)"%#/"1$2%#/1'"*(#%'21%12#2)*(#%./#.(#<%
O1%-(%(1)/0i"$($,%)"1"*%.3'@2#%@/;2#%"*(%31%8"1"6/'/2%"'215./C
'2<%O1%-2#%4(:#"#%428*"#%(G1%4"*$3*(%-(%/$"(%$"%?3"%'3(1)2#%.+#
@/;2#% )"10(#,%.";2*% )"% /*+% "'215./'(."1)"% W$"% (--:% "-%$/'@2%$"
?3"%A/"1"1%'21%31%4(1%$"8(;2%$"-%8*(92Y<%%D/01/6/'(%?3"%>(%"#)+1
(#"03*($2#,%?3"%)/"1"1%31%42*A"1/*%"'215./'2%4*5#4"*2<%O1%"-
4(#($2%#"%'21#/$"*5%1"'"#(*/2,%4"*2%@2>%%"#%6(-#2<%O'215./'(%>
42-:)/'(."1)",%-2#%@2.8*"#%#"%'(#(8(1%'21%.+#%.3;"*"#%42*%31(
'3"#)/51%$"%42$"*,%$"%42-:)/'(%$"%1G."*2#,%>%$"#42;(8(1%(%2)*(#
)*/83#%$"%#3#%.3;"*"#%4(*(%-(%4*2'*"('/51<%D/1%42$"*%$"%$"'/#/51
>%'2.2%31%8/"1%4*24/"$($%$"-%@2.8*",%'3.4-/.2#%"#)(%"7/0"1C
'/(%12#2)*(#,% -(#%.3;"*"#%'21%N13"#)*2%'3"*42N,% #3./#(."1)"% -(
'3.4-/.2#<%B(#)(%(@2*(,%13"#)*2%G1/'2%(')2%'*"()/A2%63"%'21'"C
8/*,%4"*2%(@2*(%@(>%#34"*428-('/51%>%)"1".2#%$"*"'@2%(%"-"A(*C
12#%(%2)*(#%$/."1#/21"#%>%029(*%$"%31(%.2*(-%*"':4*2'(<
<1:
D/".4*"%#"%12#%@(%(-(8($2%42*%'21'"8/*<%V/"1)*(#%13"#)*(%'*"()/C
A/$($%4"*.(1"'/5%'216/1($(%(%*"#421$"*%8/2-50/'(."1)"%(%?3/"C
1"#%12#%)2'(*(%'2.2%%.(*/$2<%V(*/$2%#/01/6/'(%N"-%0*(1;"*2N,%.(*/C
$(;"%#/01/6/'(%(0*/'3-)3*(,%$"-%/10-&#%4*2A/"1"%31(%$"%-(#%('"4'/2C
1"#%$"%@3#8(1$%W.(*/$2Y%?3"%"#%'/"*)(."1)"%6(*."*%W0*(1;"*2Y,%>
(0*/'3-)3*"%"#%#/151/.2%$"%@3#C8(1$*><%=-"05*/'(."1)",%-(%"#42#(
"#%"-%'(.42%>%"-%.(*/$2%"-%0*(1;"*2,%>%"1%"#"%'21)"7)2%-(%G1/'(%631C
'/51%$"%-(%.3;"*%63"%$(*%31(%83"1(%'2#"'@(%'($(%(T2<
\(%*(951%.+#%/.42*)(1)"%42*%-(%?3"%?3"*".2#%'*"(*%31(%*"-('/51
'21%31%@2.8*",%12%#"%#()/#6('"%"1%"-%.()*/.21/2<%I($(%4"*#21(
"#% )(1%G1/'(%?3"%12%@(>%42#/8/-/$($%$"%'2.4(*('/51<%M"1".2#
?3"%$(*12#%-/8"*)($%4(*(%'212'"*12#,%4(*(%'212'"*%(%)(1)(#%4"*C
#21(#%'2.2%#"(%42#/8-"<%
2"'.=.=&#'.'.56*"$7[' $7-&71$#'Z*$'$5'.=&,':' 5.' 5"+$,-.(' #$.7'$5' 5.D&C.,.' 1&7$1-.,7&#E'F.' A"(.' $#' -.7' #$71"55.' :' -.7'=.,.A"55&#.[' Z*$' #>5&X.5-.'*7.'1&#.'b5"+$,-.(bE'
<1;
F.'"7(".(.'5$'C*#&'bT1&71.6*.b'.5'1$,,&E'a#&'Z*"$,$'($1",/'b1$7-"7$5.'($C"$(,.bE'<$7#.+.7'Z*$'Q.+4.'*7'6"6.7-$'($7-,&'Z*$'A"6"5.+.'.5'=*7(&[C$,&'#$'(*,=">'C&,'$5'X,4&':'Z*$(>'1&76$5.&E'EEEE1.(.'A$D'Z*$'-"$=+5.'&Q.:'*7' -$,,$=&-&[' $#'C&,Z*$' $5' 1$7-"7$5.'Z*"$,$' ($#C$,-.,E'<$,&'$#&'7&#$,Y'C&#"+5$['Q.#-.'Z*$'$5'.=&,'($'*7.'"7(".'5$'1.5"$7-$'#*'$7&,=$'1&,.]D>7'($'Q"$5&E'a7-&71$#'#$'C&7(,Y'$7'C"$':'.5DY7(&#$'Q.#-.'$5'1"$5&['1&7*7'.,1&'($'$#-,$55.#['5.7D.,Y'#*#'X5$1Q.#'($'5*D'C&,'$5'=*7(&'($'5.'7&1Q$EEEEF.'5.6*7.'$#'*7.'5Y6,"=.'($'5.'"7(".'Z*$'55&,>'1*.7(&'A"&'Z*$'$5'1$7]-"7$5.'$#-.+.'1&76$5.&E'F.'"7(".'X*$'.'+*#1.,'.:*(.['C$,&'.56_7'(4.'A&5]A$,Y'$7'*7'1.,,&'($'X*$6&':'5$'(",Y'*7.'C&$#4.'1&7A$,-"(.'$7'A"$7-&E'e7.C&$#4.' Z*$' ($+$' $7#$%.,5$' *7' Q&=+,$1"-&' 1&=&' *#-`[' &' 1&=&' :&EEEN"$7-,.#'-.7-&['7.("$'C*$($'$7-,.,'$7'$5'T1&71.6*.['C&,Z*$'*7'6*.,]("Y7'($X"$7($'#*'$7&,=$'1&,.D>7'($'Q"$5&E'
"7)*(/$2%$"-%-/8*2%NO-%/162*."%$"%M2h(*"AN%
$"%D(-A()2*"%P3-"$$(
<2=
).C4-*5&'@
J'+)
bEEE)*.7(&' *7.' =*9$,' .*-`7-"1.[' $7-,.' $7' 1&7]-.1-&'1&7'*7'Q&=+,$'.*-`7-"1&'#$'.-,.$7'=*-*.]=$7-$EEE'#&7'C&5&#'&C*$#-&#['$M-,$=&#E'f'#>5&'5&#$M-,$=&#'#$'$7.=&,.7[':'#>5&'5&#'$M-,$=&#'("#X,*]-.7' ($' "7-"="(.(E' 2>5&' 5&#' $M-,$=&#' #$' .-,.$7=*-*.=$7-$EEEb'5.'C.5.+,.'$#'C.,.'5&#'Z*$'7&'#&7.=.7-$#['C.,.'5&#'Z*$'7&'.=.7E'
U#@2
D"%?3"%@(>%.2$2#%$"%#"*%6"-/9%.+#%(-)2#%?3"%-(%#/.4-"%@3/$(%$"-
$2-2*,%"-% *"'212'/./"1)2,% -(%.2*(-% /1$/A/$3(-/#)(%2%"-% )*/3162%(
'2*)2%4-(92%>%#/".4*"%63/%8(#)(1)"%"#'&4)/'(%'21%*"#4"')2%(-%)".(
$"-%(.2*,%$3*(1)"%(T2#%"-%(.2*%@(%#/$2%4(*(%./%31(%3)24:(,%@2>
*"A"*"1'/2%"#)"% )".(%>% '"$2%42#/'/21"#% 6*"1)"%(% )(1)2#% )"#)/.2C
1/2#%>%"74"*/"1'/(#%?3"%4(#"(1%$"-(1)"%./#%2;2#%>%."%$";(1%(-"C
-($(%>%.(*(A/--($(,%#/"1)2%?3"%"-%*"-()2%$"%13"#)*(#%A/$(#%#"%'21C
A/"*)"%"1%-(%.+7/.(%"74*"#/51%$"%13"#)*2%#"*,%"74*"#(*%"#)(%"74"C
*/"1'/(%"#%31(%"#)(%)(*"(%?3"%"7/0/5%$"%./%31(%6/$"-/$($,%(6"')2%>
#2-/$(*/$($% /1."1#(#% 42*?3"% (-% )*(1#./)/*% "#)(% "#4"*(19(% $"
(.2*%*"?3/"*"%$";(*%$"%-($2%4*"'21'"4)2#%>%#34"*(*%13"#)*(%'3-C
)3*(% $"% )(4(*#"% >% 2'3-)(*#"% 8(;2% 312#% )*(42#,% >% @('"*#"% $"% 31
<2<
'2*(951%.3>%0*(1$"%"%/1)*&4/$2%?3"%12#%"7'"$"<% <<<4"*2%N./"1C
)*(#%@(>(%)".2*,%12%A(.2#%(%42$"*%(.(*%$"%A"*$($%>%"#%'/"*)2%?3"
(%A"'"#%4(*"'/"*(%?3"%)2$2%'21#4/*(#"%4(*(%0"1"*(*%'21$/'/21"#
$21$"%"-%?3"%N12%@(>(%1($(N%>%"-%?3"%N12%@(>(%1($/"N%(."1(9(1
'21%$"#)*3/*%13"#)*2%31/A"*#2N<
P2*?3"%"1%13"#)*(%'3-)3*(%$2./1($(%42*%-(%*(951%12%@(>%-30(*
4(*(%"-% '2*(951<%O-% '(./12%$"-%'2*(951%"#% 6(1)+#)/'2%4"*2%4"-/C
0*2#2,%"#%31%#"1$"*2%(**/"#0($2,%)3*83-"1)2%"%/1"#)(8-"%4(*(%-(#
".2'/21"#,% -2#% #"1)/./"1)2#% >% -2#% @3.2*"#<% \(% *(951% #/".4*"
?3/"*"%.+#,% 131'(%"#)+% #()/#6"'@(,% '21$3'"%(-% ('24/2% >% @(%$"#C
)*3/$2%-(%(*.21:(%$"%-(%1()3*(-"9(,%$"#)*3>"%-(%"'2-20:(%>%".8(*C
'(%(%)2$(%-(%@3.(1/$($%@('/(%31%#3/'/$/2%0-28(-,%)"1".2#%'($(
A"9%.(>2*%)"'12-20:(%%?3"%$"#)*3>"%13"#)*(%@3.(1/$($<%E%13"#C
)*(% '3-)3*(% @(% '21A"*)/$2% "-% (.2*% $"% 31(% .3;"*% "1% 31(% "74"C
*/"1'/(%/1(-'(19(8-"H%42*%-2%)(1)2%/1#()/#6"'@(,%>%-(%@(%'21A"*)/$2
"1%31(%/1#()/#6(''/51%/16/1/)(<%
O-%(.2*,%"1%'(.8/2,%"#%31(%'(4/)3-('/51,%31%('3"*$2%$"%4(9%?3"
$/'"%N-(%$/#'3#/51%('(85,%-(%4"-"(,%)"*./15N%>%$"%-(%.(12%$"%13"#C
)*(%#"73(-/$($%'21A"*)/.2#%"-%(.2*%4(*(%'21'/-/(*,%A/8*(*,%"1)*"C
0(*12#,% >% "1)21'"#% "#)"% (')2% "#% #(0*($2<% \2% #(0*($2% "1% -(% A/$(
'2**/"1)"%"#%?3"%'21A/*)(.2#%"1%(.2*%13"#)*(%42$"*2#(%"1"*0:(
#"73(-,%"#%"-%4(#(42*)"%?3"%/1A/)(%(-%/10*"#2%"1%"-%6"15."12%$"%-(
)*(#'"1$"1'/(<
O-% (.2*% "#%31%'(./12%$"% (#'"1#2,% "#%31%(')2% /1)"1'/21(-% ?3"
(431)(%(%-(%4"*#21(%"#4/*/)3(-%>%#"%'*"(%"1%-(%"74*"#/51%.+#%#38-/C
."%$"%-2%"*5)/'2,%#"%(8*"%4(#2%"1%"-%4"-$(T2%.+#%8(;2%>%--"0(%(-
.+#%"-"A($2,%$"-%#"72%(-%$"#4"*)(*%$"%-(%'21'/"1'/(<%\2#%'21'"4C
<2%
)2#%$"-%(.2*%#21%)(1%$/6"*"1)"#%'2.2%4"*#21(#%>%$/2#"#%"7/#)"1
4(*(% '($(% 31(% >% 4(*(% $"#'38*/*% "#)2,% 4(*(% $"A"-(*% "#)"% '(./12
1"'"#/)(.2#% -/8"*)($% >% "74"*/."1)(*% 13"#)*2% *"'2**/$2<% E% "-
(.2*% "#% 31% 43"1)",% "#% "-% 4*2'"#2% $"% '(.8/2% (-?3:./'2% 4(*(
-20*(*%"-%(#'"1#2<
P(*(%12#2)*(#,%'3(1$2%(.(.2#%(%(-03/"1%"#%42*%(-03/"1<%O-%(.2*
#/".4*"%"#)+%$/*/0/$2%(%(-03/"1,%"1%A"9%$"%#"*%#/.4-"."1)"%31(
'3(-/$($% '"1)*($(% "1% 12#2)*(#,% "#)".2#% $21$"% "#)".2#% >% '21
?3/"1% "#)".2#<% F2% #"% )*()(% $"% "#)(*% "1(.2*($(% $"% (-03/"1,% #"
)*()(% $"% #"1)/*% (.2*,% #"% )*()(% $"% '21A"*)/*)"% "1% "-% ./#.:#/.2
(.2*,%#"%)*()(%$"%31%(.2*%/1.(1"1)"%2%)*(#'"1$"1)"<
M*(/0(.2#%31(%13"A(%4"*#4"')/A(%4(*(%-(%A/$(<%D"(.2#%-(#%"$3'(C
$2*(#,%$"#$"%"-%'2*(951<%D2.2#%-(%./)($%$"-%.31$2,%12#%4"*)"1"C
'"%-(%./)($%$"-%.31$2<%I*"".2#%?3"%#(8".2#%(.(*,%4"*2%12%"#
)(1%#"1'/--2%42*?3"%12#%@(1%"$3'($2%$"%31(%.(1"*(%"?3/A2'($(<%
O-%#/012%$"%-2#%13"A2#%)/".42#%4*")"1$"%6+'/-."1)"%(-'(19(*%-2#
G-)/.2#%4"-$(T2#% #/1%@(8"*% ()*(A"#($2%42*% '2.4*"1#/51,% "74"C
*/"1'/(,%'-(*(%A/#/51%>%'21%(.2*,%-2#%4*/."*2#%4"-$(T2#<%\2#%@2.C
8*"#%@(1%$"#(**2--($2%#3%"1"*0&)/'(%.(#'3-/1(,%4"*2%#5-2%--"0(*+1
(%#3%4-"1/)3$,%(%-(%'/.(%$"%#3%.($3*"9%'3(1$2%'2@"#/21"1%'21
-(% "1"*0&)/'(% 6"."1/1(<% =#:% ?3"% )/"1"1% $2#% 24'/21"#H% 43"$"1
"#4"*(*%./"1)*(#%12#2)*(#%12#%$"#(**2--(.2#%(0*($"'/$2#%(%?3"
31%@/-2%$"%-39%/-3./1"%13"#)*2%'(./12,%2%('2.4(T(*12#%>%'2.C
4(*)/*%"#)"%4*2'"#2<
]1(%$"%-(#%'(*(')"*:#)/'(#%$"%13"#)*(%'3-)3*(%"#%?3"%$"#4*"'/(%-(#
".2'/21"#,%-(#%"1)/"1$"%'2.2%31(%(."1(9(%(%-(%*('/21(-/$($%>
4*2$3'"% 31(% $"#A(-2*/9('/51% $"% -(% 1()3*(-"9(% ?3"% 12% 4"*./)"
<2,
-/8"*(*#"%$"%"#)"%"10*(1(;"%$21$"%)2$2%-2%?3"%12#%*2$"(,%-"')3C
*(#,%4"1#(./"1)2#%>%'2#)3.8*"#%'21#4/*(1%"#)/.3-(1$2%13"#)*2
/1#)/1)2%#"73(-%4(*(%#()/#6('"*-2<
\2#% '/"1):6/'2#% 12#% $/'"1% ?3"% #/1% -(% 4*"#"1'/(% '2@"#/A(% $"% -2#
+)2.2#%?3"%'216/03*(1%13"#)*2%.31$2,%&#)"%#"%$/-3/*:(%"1%6*(0C
."1)2#%>%'"#(*:(.2#%$"%"7/#)/*<%=#:%'2.2%@(>%63"*9(%'2@"#/A(%"1
-(%.()"*/(%'/"0(,%(#:%"7/#)"%"1%)2$2#%-2#%#"*"#%(1/.($2#,%>%"-%12.C
8*"%$"%"#(%63"*9(%'2@"#/A(%"1%-2#%#"*"#%(1/.($2#%"#%"-%(.2*<%O-
(.2*%"#%31%(1@"-2%$"-%(-.(%>%"7/#)"%4(*(%"-"A(*12#<%O-%@"'@2%$"
?3"%-(%@3.(1/$($%4"*#/#)(%"1%"--2,%$".3"#)*(%?3"%#3%42)"1'/(-/C
$($%'2@"#/A(%"#%.(>2*%?3"%-(%63"*9(%$/#2-A"1)",%>%-(%#3.(%)2)(-%$"
-(%"1"*0:(%$"%-(%@3.(1/$($%"7/#)"%4(*(%"#)2<%\2%4"*'/8/.2#%"1)*"
-(%.($*"%>%"-%@/;2,%"1)*"%@"*.(12#%>%"1)*"%(./0(#<%P"*2%)"1".2#
?3"%(4*"1$"*%(%3#(*%"#)(%42)"1'/(%'21%)2$2%-2%?3"%A/A",%>%"1%#3
3#2% #"% 8(#(% 13"#)*2% '212'/./"1)2% $"% -2% "#4/*/)3(-<% !21$"%@(>
(.2*,%#"%/.421"1%"-%(.2*%>%-(%A/$(<%!21$"%@(>%2$/2,%#"%/.42C
1"1%-(%A/2-"1'/(%>%-(%$"#)*3''/51<
O-%(.2*%"#%-(%($./#/51%'2)/$/(1(%$"%-(%4*24/(%$"8/-/$($<%O1%13"#C
)*(%#(0*($(%4-"0(*/(,%"1%13"#)*(%2*('/51,%"#%.";2*%)"1"*%31%'2*(C
951% #/1% 4(-(8*(#% ?3"% 4(-(8*(#% #/1% '2*(951,% >% -(% 2*('/51% "#% 31
(1#/(,%31(%(#4/*('/51,%31%(6+1,%31% #3"T2%>%31%$"#"2%.3>%4*2C
631$2<%I2.2%$"':(%D@(h"#4"(*",%"-%(.2*%"#%"-%)*/3162%$"%-(%/-3C
#/51%#28*"%-(%*(951<%O#%$"'/*,%'3(1$2%)3#%#3"T2#%-"%@(1%0(1($2%(-
42$"*%$"%-(%*(951%"1)*+#%"1%"#"%"#)($2<%
O-%(.2*%31/$2%(-%4-('"*%(')3(1$2%#/.3-)+1"(."1)",%12%"7'-3>"
"-%4-('"*%1/%&#)"%(13-(%(-%4*/."*2,%>%"#%"-%(.2*%"-%?3"%$")"*./1(
(%-(%#"73(-/$($%#3%'21$/'/51%@3.(1(<%O#%31%6"15."12%@3.(12
<2-
4*/.2*$/(-%42*?3"%"#%/1)"1'/21(-,%>%'3.4-"%"1%-(%31/51%#"73(-%-(
6/1(-/$($%$"%/.8*/'('/51%'21%"-%2)*2<%O-%(.2*%#3421"%31%42'2
.+#%*"#4"')2%(-%"1'3"1)*2,%>(%?3"%12%#"%-/./)(%(%('20"*%(-%#"."C
;(1)"%"1%#3%'21$/'/51%@3.(1(%#/12%($".+#%"1%#3%31/'/$($%%>%#/1C
03-(*/$($,%2,%-2%?3"%"#%-2%./#.2,%'2.2%#"*%@3.(12<%
I21% "-% $"#"2,% .3'@(#% 4(*";(#% )"*./1(1% 31/$(#% #5-2% 42*% #3#
'(*"1'/(#,%#/1%-(#% /-3#/21"#,% #/1%"-% N(.2*N<%I2.2%#"%42$*:(%A/A/*
"1% 31% .31$2% "1% ?3"% 312% 1/% #/?3/"*(% #(8"% 42*% ?3"% "7/#)"L
M"1".2#%?3"%$";(*12#%'21$3'/*%42*%-(%A"*$($%$"-%.2$2%"1%?3"
-(%'21'/8(.2#,%>%12%)"1".2#%$"*"'@2%(%/.421"*-(<%\(%A"*$($%#"
"1'3"1)*(%"1%'($(%'2*(951%@3.(12%>%)"1".2#%?3"%83#'(*-(%(--:<
O-%(.2*%-"%$(%#"1)/$2%(%13"#)*(%#"73(-/$($,%12%(#:%"-%4-('"*<%O-
4-('"*%"#%#5-2%-(%#()/#6(''/51%$"-%"#):.3-2%#"73(-<%>%#"%(02)(%31(
A"9% '21#3.($2% "-% (')2% #"73(-<% O-% (.2*% #"% .(1/6/"#)(% (1)"#,
$3*(1)"%>%$"#43&#%$"%$/'@2%(')2,%42*?3"%12%"#%-(%$"#'(*0(%$"%31(
"1"*0:(%'()+*)/'(%#/12%-(%A/A"1'/(%$"%2)*2%#"*%@3.(12,%"1%)2$2%-2
?3"%#3%A/$(%)/"1"%$"%31:A2'2%>%#/103-(*<
D/%"#)(.2#%$/#43"#)(#%(%$(*%(.2*,%12%12#%A(%(%4*"2'34(*%#/%12#
-2%$"A3"-A"1%2%12%42*?3"%)"1".2#%-(%'"*)"9(%$"%?3"%#/".4*"%"#
$"A3"-)2,%42*?3"%'2.4*"1$".2#%?3"%&#(%"#%-(%1()3*(-"9(%$"%-(#
'2#(#<%D/".4*"%)"%*"#421$"<%O#%31%"'2H%*"#421$"<%I($(%'2*(951
"#%31%"'2,%#/%$(#%(.2*%*"#421$"*+%>%'2.2%31%"'2%#"%*"4*2$3'/*+<
F3"#)*(%4*/."*(%-"''/51%$"%(.2*%"#%$(*%(.2*,%$&.2#-2<%I2.2
$/'"%31%(./02%N!(%-2%?3"%4/$"#N,%$(-2%#/".4*",%42*?3"%#2.2#%-2
?3"%$(.2#,%'2.4(*)/"1$2%-/8*"."1)"<%I2.4(*)/*%"#%31(%'21$/C
'/51,% #/% 12% 12% "74"*/."1)(.2#% "-% 631'/21(./"1)2% 1()3*(-% $"-
(.2*<%D/%$(#,%#/.4-"."1)"%A2-A"*+,%#/%(.(.2#%#(8".2#%?3"%(.(*
<21
#/01/6/'(%4"*./)/*#"%#"1)/*%"#"%(.2*,%#"*%6"-/9<%D/%A/"1",%8/"1A"1/C
$(%-(%6"-/'/$($%?3"%#"%.3-)/4-/'(<%O-%@"'@2%"1%#:%$"%(.(*%12#%@('"
6"-/'"#,%12#%(8#)*(",%12#%(**28(,%12#%(#2.8*(,%12#%.(*(A/--(,%>%12
1"'"#/)(.2#% "#4"*(*% 31% *"#3-)($2<% D/.4-"."1)",% (.(.2#% 42*C
?3"%"-%(.2*%A3"-A"%(%12#2)*(#<%D5-2%(.(1$2%#"%(.(%>%#"%--"0(%(
#(8"*%?3"%"#%"-%(.2*<%p03(-%?3"%(4*"1$".2#%(%'(./1(*%'(./1(1C
$2,%(.(1$2,%#"%(.(<%O-%(.2*%)/"1"%#3%4*24/(%6"-/'/$($%/1)*:1#"C
'(%>%#3'"$"%'3(1$2%(.(.2#<
F($(%43"$"%$"#)*3/*%"-%(.2*%42*?3"%'21%#5-2%"#)(*%"1%4*"#"1'/(
$"-%2)*2%12#%#"1)/.2#%6"-/'"#%$"%*"4"1)",%'21%#5-2%"#)(*%;31)2#%12#
#"1)/.2#%"1%&7)(#/#<%\(%#2-(%4*"#"1'/(%$"-%2)*2%--"1(%(-02%4*2631C
$2%"1%13"#)*2%'2*(951,%(-02%".4/"9(%(%@('"*%A/8*(*%13"#)*2%'2*(C
951%>%"1)*(.2#%"1%(*.21:(<%\(%#2-(%4*"#"1'/(%$"-%2)*2%12#%(>3$(
(%#"*"1(*12#%>%12#%A2-A".2#%.+#%'"1)*($(#%"1%12#2)*(#%./#.(#,
'21%-2#%4/"#%"1%-(%)/"**(<%O#2%"#%"-%(.2*,%12%31(%4(#/51,%12%31(
".2'/51,% #/12% 31(% 4*2631$(% '2.4*"1#/51% $"% ?3"% (-03/"1,% $"
(-031(%.(1"*(,%12#%'2.4-")(,%(-03/"1%@('"%$"%12#2)*(#%31%':*'3C
-2%'2.4-")2<%\(%4*"#"1'/(%$"-%2)*2%*"(-9(%13"#)*(%4*"#"1'/(,%>%"-
(.2*%12#%$(%-/8"*)($%4(*(%#"*%12#2)*(#%./#.(#<
I3(1$2%#"1)/.2#%?3"%-(%4*"#"1'/(%$"%(-03/"1,%#3%#2-(%4*"#"1'/(,
1($(%.+#,%?3"%#3%4*"#"1'/(,%#5-2%-2%?3"%"-%2)*2%"#,%"#%#36/'/"1)"
4(*(% @('"*12#% 6"-/'"#,% (-02% ".4/"9(% (% 6-2*"'"*% "1% 12#2)*(#<
O1)21'"#%"#)(.2#%"1(.2*($(#,%>%"1)21'"#%4(#(*".2#%42*% )2$(#
-(#% $/6/'3-)($"#% ?3"% '*"(% 13"#)*(% *"(-/$($<% P(#(.2#% (103#)/(#,
(1#/"$($"#,%>%#2.2#%'(4('"#%$"%"16*"1)(*-(#%>%#34"*(*-(#,%>%13"#C
)*2%(.2*% 6-2*"'"*+%.+#% >%.+#,%42*?3"% )2$(#% "#(#% #/)3('/21"#% #"
A2-A"*+1%$"#(6:2#<%E%13"#)*2%(.2*,%(-%#34"*(*-2#,%#"%@(*+%.+#%63"*C
<22
)"%42*?3"%"-%(.2*%"#%")"*1/$($<%D/%"#)+%(@:,%#/03"%'*"'/"1$2,%42*C
?3"%'212'"%"-%4*/1'/4/2%4"*2%12%"-%6/1<
O-%(.2*%@(>%?3"%(4*"@"1$"*-2,%1"'"#/)(.2#%.3'@2%"#63"*92%4(*(
(4*"1$"*%(%(.(*<%O-%(.2*%"#%$/6:'/-<%=4*"@"1$(.2#%(%(.(*<%B(>
$2#%.(1"*(#%$"%A/A/*% /.43-#($(#%42*% -(%.3"*)"%2%"-% (.2*,%>% N(C
.2*#N%#/01/6/'(%N#/1%.3"*)"N<%=1)"#%$"%?3"%)2$2%)"%#"(%(**"8()($2
42*% -(% .3"*)",% "1(.5*()"<% F2% @(>% 1($(% ?3"% 42$(.2#% *")"1"*
4(*(%#/".4*"<%P(*(%(-03/"1%?3"%(.(%12%@(>%.3"*)"<%\(%#2'/"$($,
-(%'3-)3*(%12#%@(1%*"0(-($2%'21'"4'/21"#%6(-#(#H%2'3-)(*#",%4*2)"C
0"*#",%-3'@(*,%$"#'216/(*%")'<%%P"*2%'3(1$2%12%)"1".2#%./"$2,%12
)"1".2#%1($(%?3"%2'3-)(*,%)"1".2#%'216/(19(,%>%'3(1$2%12%)"1"C
.2#%./"$2,%"-%2)*2%)(.8/&1%-2%4/"*$"%>%"-%(.2*%#3'"$"<%D/%12%43"C
$"#%#34"*(*%31%)".2*%42*%$:(,%12%@(#%(4*"1$/$2%1($(<
\(%#()/#6(''/51%4*2631$(%"#%"-%#/012%A/#/8-"%$"-%(.2*%42*?3"%"-
(.2*% "#% /1A/#/8-",% >% '3(1$2% (.(.2#% -(% 4*2631$(% #()/#6(''/51
*2$"(% '($(% 312%$"% 13"#)*2#% .2."1)2#,% -(% "7/#)"1'/(% "1)"*(% #"
A3"-A"%.(*(A/--2#(<%O-%(.2*%@('"%?3"%12%)"10(.2#%$"#"2#,%?3"
"#)".2#% #()/#6"'@(#<% O-% $"#"2% A/"1"% '21% -(% /1#()/#6(''/51<
=8(1$21".2#%-2#%./"$2#,%(**/"#03".2#,%#"(.2#%(8#2-3)(."1)"
A3-1"*(8-"#,% 4"*./)(.2#% ?3"% (-0G1% '2*(951% "1'3"1)*"% "-% '2*(C
951%?3"%@(>%$"1)*2%$"-%13"#)*2<%c3/"1"#%(#4/*(.2#%(-%(.2*%12
)"1".2#% ./"$2% (-% 63)3*2,% (-% *"#3-)($2,% 1/% (% -(#% '21#"'3"1'/(#,
42*?3"%A/A/.2#%(?3:%>%(@2*(<
O#%$/6:'/-%"1)*(*%"1%'21)(')2%'21%-2%31/A"*#(-<%\(%4*/."*(%#2#4"C
'@(%A/"1"%#/".4*"%$"%-(%.(12%$"%)3%"1(.2*($2,%$"%)3%'2.4(T"C
*2<%O-%(.2*%?3"%'2."19(.2#%(%#"1)/*%"#%-(%"1)*($(,%>%"#%"-%'2*(C
951%"-%?3"%*"(-/9(%"1%#3%#"1)/$2%.+#%43*2<%O#%"-%'2*(951%%?3"%"1
<29
#3% 3#2% .+#% 6*"'3"1)",% '2.2% #/151/.2% $"% 4*"C#"1)/./"1)2% ?3"
)(.8/&1% #/01/6/'(% /.43-#2,% .3"A"% (% ";"'3)(*% (-02% (**/"#0($2% >
$/6:'/-,% (% N421"*%$"%('3"*$2N% % >% (% N$"'/$/*N<% %R"#2-A"*% A/"1"%$"-
A"*82%('2*$(*",%$"%N*"'34"*(*%"-%;3/'/2N,%A/"1"%$"%'2*$()3#,%'21C
'2*$/(% ?3"% "#% N'2162*./$($,% ('3"*$2% 2% 31/51N<% I3(1$2% @(>
"1)*"%$2#%4"*#21(#%83"1%('3"*$2%4(*"'"%?3"%#3#%'2*(921"#%-()"1
(-%31:#212,%./"1)*(#%?3"% #/%12% -2%@(>,%4(*"'"% '2.2% #/% -()/"*(1
$"#('2.4(#($2#<%I2*$/(-/$($%"#%-(%N'(-/$($%$"%'2*$/(-%2%(6"')32C
#2N,%4"*2%)(.8/&1%#/01/6/'(% N6*(1?3"9(%2%#/1'"*/$($N<%O#% -(% *"-(C
'/51% "1)*"% -(% #"1#()"9% >% "-% '2*(951,% >% "-% ./#.2% 2*/0"1% )/"1"1
N('2*$($2N%"1%#3%#"1)/$2%$"%N'3"*$2N%>%N4*3$"1)"N,%>%N('2*$(*N%"1
#3%#"1)/$2%$"%NA2-A"*%312%"1%#3%;3/'/2N<%=1)/03(."1)"%)(.8/&1
#/01/6/'(8(%N$"#4"*)(*N%2%N'("*%"1%-(%'3"1)(N,%>%*"'2*$(*%"1%#3%#"1C
)/$2%$"%N$"#4"*)(*N%2%NA2-A"*%"1%#:N<%O#)"%#"1)/$2%$"%)2.(*%'21C
'/"1'/(%"#%"-%?3"%)/"1"1%*"'2*$(*%>%('2*$(*<%!"#4"*)(*,%Q2-A"*%"1
#:%*"'34"*(*%-(%'2*$3*(<
=$".+#,%"-%'2*(951%31/$2%(-%'21'"4)2%$"%N@(8/)(*N%#/01/6/'(%N"7/#C
)/*% 4(*(% ($"1)*2% >%$"#$"% $"1)*2N<% P2*%31% -($2,% "-% '2*(951% "#% "-
-30(*%$21$"%%-()/.2#%>%6-3/.2#,%$"#$"%$21$"%A/A/.2#%>%4"*./)/C
.2#%#"*%.2*($(%"-%312%4(*(%"-%2)*2,%/1@(8/)(*%*"':4*2'(."1)"<%D3
")/.2-20:(%-()/1(%$"%{@(8"2{,%@(8"*,%421"%"1%*"-('/51%-(#%#/03/"1C
)"#%4(-(8*(#H% {@(8/)('/51{%'2.2%'*"('/51%$"-%"#4('/2,% -(%.2*($(<
B(8"*% '2.2% #/151/.2%$"% {)"1"*{%2% {B+8/)2{% '2.2% #/151/.2% $"
A"#)/$2,%>%{@+8/)2{%'2.2%A/*)3$,%(3)2$2./1/2,%63"*9(%.2*(-<%O#)2#
@(8"*"#%4*2'"$"1%$"%-(%@(8/)('/51%G-)/.(%>%*($/'(-%?3"%"#%"-%'2*(C
951<%E% -(%"74"*/"1'/(%(.2*2#(%$"-%#"*%@3.(12,%$"% /1A2-3'*(*%"-
'2*(951,%.(#%?3"%(6"')/A/$($%"#%/1)/./$($,%"%/1)/./$($%#/01/6/'(
<2:
(./#)($,% @"*.(1$($<% O#(% /1)/./$($% ?3"% @2>% 12% "7/#)"% 42*?3"
#"1)/.2#%?3"%31%0*(1%2;2%#"%@(%.")/$2%"1%13"#)*(#%#+8(1(#,%12#
./*(% >% 12#% 4*2@:8"% '21)/13(."1)",% ('"4)(*% "-% 4-('"*% $"% 31(
"1)*"0(%)2)(-<%p1)/./$($%"#%"-%#"1)/$2%$"%-(%(6"')/A/$($%?3"%12#%@(
$"#2*/"1)($2%0*('/(#% (-%./)2,%$"% *"C'212'"*% "1% -2#% #"1)/./"1)2#
"#)(% N)*(1#4(*"1'/(N% 631$($(%"1%-(%31/51%#38#)(1'/(-,%$21$"% -(#
*"(-/$($"#%"#4/*/)3(-"#%#"%4*"#"1)(1%#"1#/8-"."1)"H%-(%A2'('/51,%-(
6",% "-% '2.4*2./#2,% -(% "1)*"0(% >% -(% (#'")/'(,% "1% $21$"% "-% N./)2N
".4(T(%'21%"-%4"'($2%"#)(%)*(1#4(*"1'/(%>%#3%(."1(9(%"#%'21#C
)(1)"%"%/1#/$/2#(<%
O#)(%./#)"*/2#(%'2.4"1")*('/51%"1)*"%'3"*42%>%"#4:*/)3%"#)+1%(-
#"*A/'/2%$"-%(.2*J%4"*2%#/1%4-('"*%#"73(-%12%12#%$";(%"1%#/)3('/51
$"%A/A/*%'2.4-")(."1)"% -/8*"#%4(*(%"-%$21%)2)(-%$"%13"#)*(%4"*C
#21(<%O#)(% 6(-)(%$"% /1)/./$($%12#%@(%(-/"1($2,%42*?3"%@(% #/$2
/1A($/$(%13"#)*(%4*/A('/$($<%F2#%@(1%@"'@2%'*""*%?3"%13"#)*2
'3"*42%12%"#%13"#)*2%'3"*42%#/12%"-%'3"*42%$"%31%#2-2%!/2#%?3"
12%?3/"*"%?3"%#/1)(.2#%4-('"*<%E%"#)"%'*3"-%./)2%$"%-(%'3-4(%12#
/.4/$"%#"1)/*%>%#"1)/$2%"#%N-2%?3"%-(#%'2#(#%?3/"*"1%$"'/*NH%(%?3&
--(.(1,% ?3&% 4*"031)(1,% ($51$"% --"A(1,% >% 13"#)*2% $"#'212'/C
./"1)2%@('"%?3"%'(./1".2#%$"%"#4(-$(#%(%13"#)*2%63)3*2<
O1%2)*(#%4(-(8*(#,%"-%'2*(951%"#%(3)&1)/'2%'3(1$2%:1)/.(."1)"
"#)+%2*/"1)($2%(%-(%'2.31/51%(.2*2#(%)2)(-,%43"#%"-%(.2*%-2%('*/C
#2-(,%(6/1(%>%"-"A(,%>%-(%63"*9(%"7)*(2*$/1(*/(%?3"%-2%/.43-#(%"#%N"-
4-('"*% #"73(-N<% I3(1$2% @(>% A"*$($% (8#2-3)(% #/1% ;3/'/2#<
U8A/(."1)",%12#2)*(#%"A2'(.2#%"1%'($(%(')2%#"73(-%"-%'21)*2-,%>
(?3"--(%$/#)(1'/(%?3"%@(>%"1)*"%"-%#"*%>%"-%4(*"'"*<%I2."1'".2#
(% #"1)/*% ?3"% #2.2#% .+#% $"% -2% ?3"% 4(*"'".2#,% 42*?3"% (G1% 12
<2;
#2.2#%?3/"1"#%$"8".2#,%>%13"#)*2%"#4:*/)3%*"$31$(%.+#%(--+%$"
13"#)*2%'3"*42<
\(% 4(-(8*(% /1)/./$($% (-3$"% (% -(% #/121/./(% $"% N4*2631$/$($N,
N(@21$(./"1)2N,% >% A/"1"% $"% {/1)/.3#{,% $"-% #34"*-()/A2% $"-% -():1
{/1)"*/2*{<%=#:%@(8-(.2#%$"%31%N$"1)*2N%2%N'"1)*2%"#'21$/$2N%4(*(
*"6"*/*12#%(%13"#)*(% A"*$($,% >% "#"% /1)"*/2*% "#% "-% '2*(951% >% "#% "-
(.2*%"-%?3"%*"A"-(%-(%/1)/./$($,%-(%(@21$(%>%-(%2*/"1)(%(-%$21%$"
#:<%D"%)*()(%$"%31(%/1)"*/2*/$($%A/A/6/'(1)",%12%#"%A"%4"*2%$(%A/$(
(%-2%?3"%#"%A"<%KD"%43"$"%(.(*%#/1%#"1)/*%4-('"*%#(0*($2%#"73(-L
P(*(%'(4)(*%"-%#"1)/$2%)"1".2#%?3"%28#"*A(*%-(%*"(-/$($,%-(%1()3C
*(-"9(<%\2%'3(-%12%"#% )(1%6+'/-%'2.2%4(*"'"H% )"1".2#%?3"%('"4C
)(*-(% '2.2% A/"1",% (#3./*-(% #/1% $"62*.(*-(,% (**/"#0(*12#% (% "--(,
*"#421$"*-"%'21%@21*($"9,%42*?3"%12%@/"*",%12%('(*/'/(,%12%(4*"C
./(,%1/%"#%$*(.+)/'(<%O#%#5-2%31%$()2%@/"*+)/'2,%31(%'/6*(%.+#H
#5-2%31%'2*(951% )".4-($2%"#% '(4(9%$"% #"1)/*% -(% A"*$($,% >% '2.C
4*"1$"*-(<%
O-%(.2*%12%"#%31%*"'3*#2%$"%6*+0/-"#<%=.(*%"#%$/6:'/-%42*?3"%@/"*"
13"#)*2%2*03--2,%)"1".2#%?3"%#"*%A(-/"1)"#,%42*?3"%12%"#%$2./C
1(*%1/%/.421"*,%1/%)(.42'2%42#""*<%O-%2)*2%'28*(%31(%4*"#"1'/(
'21%-(%'3(-%#"%"#)(8-"'"%31(%*"-('/51%$"%.+7/.2%*"#4")2<%c3&%#/0C
1/6/'(%31(%./*($(L%Kc3&%()*(4(%-(%./*($(%()"1)(L%NO-%#"'*")2,%-2
?3"%12%#(8".2#,%1/%42$".2#%#(8"*<%I3(1$2%./*(#)"%8/"1%(%31(
4"*#21(,%)"%$(#%'3"1)(%?3"%"--(%)(.8/&1%"#%31%#"'*")2<%B(>%(-03C
1(%'2#(%?3"%12%('(8(.2#%$"%"1)"1$"*N<%O-%#"'*")2%"#)+%"1%-(%*"(C
-/$($<%O-%#"'*")2%12#%*2$"(<%E%31(%./*($(%()"1)(%()*(4(%"#"%#"'*"C
)2<%]1(%./*($(%()"1)(%()*(4(%"#(%6*(0/-/$($,%%>%"-%*"#4")2%)(.8/&1
*"?3/"*"%$"%31%.2A/./"1)2%>%$"%31(%./*($(<%NO-%.2A/./"1)2%$"-
<9=
*"#4")2%"#%"-%('"*'(./"1)2%?3"%03(*$(%31(%'/"*)(%$/#)(1'/(,%"#%31
.2A/./"1)2%"7)*(T2%>% 4(*($5;/'2N<%O-% *"#4")2% '21#/#)"% "1%('"*C
'(*12#%@(#)(%'/"*)2%431)2<%O#%31(%(4*27/.('/51%?3"%.(1)/"1"%-(
$/#)(1'/(<%O1)21'"#%#"%)*()(%$"%(4*27/.(*#"%4(*(%(4*"'/(*%-(%1()3C
*(-"9(%$"%-(#%'2#(#%'21'*")(#,%4"*2%12%"7'"#/A(."1)"%42*?3"%#/%12
4"*$".2#%-(%A/#/51<
O-%*"#4")2%"#%"-%(4*"1$/9(;"%$"%-(%$/#)(1'/(<%\2#%'21)*(*/2#%$"-%*"#C
4")2%#21%-(%/1$/6"*"1'/(%>%-(%A/2-"1'/(<%\(%/1$/6"*"1'/(%"#%-(%$/#C
)(1'/(%)2)(-<%\(%A/2-"1'/(%"#%-(%(13-('/51%$"%-(%$/#)(1'/(<%\(%A/2C
-"1'/(%#(-)(%-(%$/#)(1'/(<%I212'"*%&#)2%@('"%42#/8-"%31(%'21$3'C
)(%&)/'(,%>%2'34(*12#%$"%-(#%'21#"'3"1'/(#%>%$"%-2#%4*24/2#%(')2#,
>%-(%&)/'(%(4(*"'"%"1%"-%.2."1)2%"1%?3"%)2.(.2#%'21'/"1'/(%$"
12#2)*(#%./#.(#,% (#/% ($A"*)/.2#%?3"% #/% 4(*(% (-03/"1% (.($2% "#
/.42*)(1)",%)(.8/&1%-2%"#%4(*(%12#2)*(#<
O-%(.2*%#"%(4*"1$",%--"0(%-"1)(."1)",%>%'3(1$2%--"0(%'2.4*"1C
$".2#% ?3"% )2$(% 4"*#21(% 1"'"#/)(% #3% 4*24/2% "#4('/2,% ?3"% 12
$"8".2#% /1)"*6"*/*% "1%"#"% "#4('/2<%E%"#)2%0"1"*(%.3'@2%$2-2*,
0"1"*(%31%"#4('/2%$"%*"6-"7/51%$21$"%-(%'224"*('/51%>%-(%'2**"#C
421$"1'/(%#21%42#/8-"#,%$21$"%13"#)*(%#2-"$($%)*(#'/"1$",%>%($"C
.+#%$"%#"*%31(%63"*9(%"1"*0/9(1)"%"#%63"*9(%/1$/A/$3(-/9(1)"<%O-
(.2*%$/#3"-A"%-(%#"4(*('/51,%>%'*"(%/1$/A/$3(-/$($%>%(%)*(A&#%$"-
(.2*%#(8".2#%'3+-%"#%"-%(.2*%)*(#'"1$"1)"<
D/%8/"1%"-%(.2*%"#%31(%/1)"1'/51%"#4/*/)3(-%?3"%12%1"'"#/)(%$"-
'3"*42%$"-%2)*2%4(*(%1('"*%1/%4(*(%$".2#)*(*#",%12%'(8"%$3$(%$"
?3"% #/% (.(.2#% 12#% #"1)/*".2#% ('3'/($(#% 42*% -(% 1"'"#/$($% $"
31/*12#% 6:#/'(."1)"% (-% #"*% (.($2<% \(% #"73(-/$($% )/"1"% ?3"
@3.(1/9(*#"<% \(% #"73(-/$($,% "1% 4*/1'/4/2,% "#% 31% /.43-#2% >% 12
<9<
31(% .")(<% O-% (.2*% 42#/8/-/)(% "-% -20*2% $"-% 4-('"*,% >% -(% 4"*#21(
(.($(%"#%/**"".4-(9(8-"%"%/1#3#)/)3/8-"%4(*(%"-%(.2*,%%4"*2%12%-2
"#%4(*(%"-%4-('"*%#"73(-<
I3(1$2%12#%A2-A".2#%#/-"1'/2#(#,%6"-/'"#,%'3(1$2%".4"9(.2#%(
$"#82*$(*%"1"*0:(,%6-2*"'".2#,%(.(.2#<%O#%(-02%?3"%".4/"9(%(
#3'"$"*,%12#%A2-A".2#%*"#4")32#(#%>%12%/1)"*6"*/.2#%$"%1/1031(
62*.(%"1% "-% "#4('/2%$"-%2)*2<%D/% -2% /1A($/.2#,% #(8".2#%?3"% -2
@"*/.2#,%>%?3"%$"#)*3/.2#%#3%/1$/A/$3(-/$($<%E%'2.4*"1$".2#
?3"%)"1".2#%)2$2%"-%$"*"'@2%(%#"1)/*12#%6"-/'"#%#/1%"-%2)*2<<<%(G1
'3(1$2%$3"-(<%O-%*"?3/#/)2%8+#/'2%"#%$(*-"%(-%2)*2%-/8"*)($%(8#2C
-3)(%4(*(%?3"%#"(%&-%./#.2<%I3(1$2%(.(.2#,%>%*"#4")(.2#,%12
?3"*".2#%42#""*<%I3(1$2%(.(.2#%12#%('"*'(.2#%.3'@:#/.2,
12#% #"1)/.2#% "1%4*2631$(% /1)/./$($,% % >%12% /1)"*6"*/.2#%"1% -(
-/8"*)($%$"-%2)*2,%43"#%?3"*".2#%?3"%#/0(%#/"1$2%31%/1$/A/$32
/1$"4"1$/"1)"<%
D/% (.(.2#% (% 31(% 4"*#21(% "#)(% .2*(-% "#% 31% ('3"*$2% .3)32<
F31'(%-(%/1A($/*".2#,%131'(%"1)*(*".2#%"1%#3%.31$2%4*/A($2,
131'(%/1)"1)(*".2#%42#""*-(,%*")"1"*-(,%'*"(*%()($3*(#%-"0(-"#,%1/
/1)"1)(*".2#%'21A"*)/*12#%"1%%$")"')/A"#%."*2$"(1$2%#3%/1)/./C
$($<%R"#4")(*".2#%#3%4*/A('/$($,%*"#4")(*".2#%"-%G1/'2%"#4('/2
#(0*($2,%N-(%/1)/./$($%$"%"#(%4"*#21(,%#3%/1$"4"1$"1'/(,%#3%#"*N,
>%*"#4")(*".2#%#3%31/'/$($<%E%*"#4")(*%(-%2)*2%#/01/6/'(%)(.8/&1
31(%#2-(%.2*(-%4(*(%(.82#<%
O-%(3)&1)/'2%(.2*%"#%(%-(%A"9%#(0*($2%>%4*26(12,%$/A/12%>%)"**/8-",
A"1"*(8-"%>%43$"1$2<%P2*%"#2%83#'(.2#%-2%?3"%1"'"#/)(.2#,%31
(.2*% "#4/*/)3(-C4(0(12% ?3"% '21'/-/"% "#4:*/)3% >% .()"*/(% "1% -(
."$/('/51% $"-% (-.(% '2.2% *(951% (6"')/A(<% O-% )&*./12% 0*/"02
<9%
N(/$2/21N% #/01/6/'(% -2% A"1"*(8-"% 2% 6(#'/1(1)",% >% -2% )*"."1$2% 2
43$"1$2<%=#:%43"#,%-2%.+#%#(0*($2%2%$/A/12%W)5)".Y%>%-2%.+#%4*2C
6(12% >% #3'/2% W)(8GYJ% -2% #(1)2% >% "-% #"72%"1%31/$($,% #21%'2.4-"C
."1)2%2%'2**"#421$"1'/(%#/.85-/'(%$"%-2#%'21)*(*/2#<
O-%'2*(951%43"$"%(8(*'(*,%'21'/-/(*%'2#(#%$/6"*"1)"#%>%$/#)(1)"#<
R"4*"#"1)(% 31(% '21$/'/51% $"% -2% @3.(12<% =1)"% ".2'/21"#% $"
(.2*,%$"%31/51,%42$".2#%#"1)/*%"1%"-%4"'@2%31(%"74(1#/51,%31(
'(4('/$($%$"%31/*,%$"%'21)"1"*%(%2)*2%3%2)*2#%$"1)*2%$"%12#2)*(#<
!"%42$"*%)2.(*,%"1%62*.(%#/.3-)+1"(,%*(8/(%>%(-"0*:(%@('/(%(-03C
1(% #/)3('/51<% P2$".2#% A"*% (-% '2*(951% '2.2% 31(% A/A"1'/(% $"
'(-2*,%>%$"%(-/."1)('/51,%'2.2%4*2)"''/51<%O7/#)"%-(%#"1#('/51%$"
?3"%#"%N$"#@('"%"-%'2*(951N,%#"%N(8*"%"-%'2*(951N,%'2.2%31(%A/A"1C
'/(%$"%(4"*)3*(,%$"%"#)(*%31/$2#,%$"%4"*)"1"'"*%(%)2$2,%'2.2%#/
)2$2#%63&*(.2#%-2%./#.2<%D3'"$"%31(%31/51%"1)*"%-(%"74"*/"1C
'/(,%-(%#"1#('/51%>%-(%'21'/"1'/(%$"%#"*%)2$2#%-2%./#.2<%]1(%4*2C
631$(%A/A"1'/(%$"%A"*$($%'2.G1%(%)2$2#,%31(%()".42*(-/$($%'21
31(%#"1#('/51%$"%#/01/6/'($2%.+#%(--+%$"%12#2)*(#%./#.(#<%O#)(
"74"*/"1'/(%$3*(%.3>%42'2#% /1#)(1)"#,%4"*2%$";(%31(%4*2631$(
@3"--(%$"%A(-2*%>%#"1)/$2<%\(% /.(0"1%$"%I34/$2%2%O*2#%0*/"02,
?3"% -(19(% 6-"'@(#% (-% '2*(951% 4(*(% "1(.2*(*% (% 31(% 4"*#21(,% #"
*"-('/21(%'21%"#)(%#"1#('/51<
Kc3"%/.4/$"%"1)21'"#%13"#)*2%#"1)/*%$"%N-2%@3.(12NL<%\(%N$3*"C
9(% $"% '2*(951N<% D/% 12#% *"'212'".2#% '21% '(4('/$($% $"% #"1)/*,
".2'/21(*12#%>%*"(''/21(*%4"*2%12%-2%@('".2#,%N"1$3*"'".2#N<
E%12#%#3'"$"%0"1"*(-."1)"%(1)"%#/)3('/21"#%$"%*(8/(,%A"10(19(,
$2-2*,% ./"$2,% '2.2% )(.8/&1% 42*% 31(% (4*"'/('/51% *('/21(-% $"
N$"8"*%@('"*-2%(#:N<%F2%*"'/8/.2#%(%-(%2)*(%4"*#21(,%12%A/8*(.2#
<9,
'21%-2%?3"%-"%#3'"$",%12%".4()/9(.2#%'21%"--(,%12%@(>%*"#21(1C
'/(,% 12% @(>% "1"*0:(,% 12% @(>% '2*(951<% O#)(.2#% 4*2)"0/$(#% 42*
13"#)*(#%8(**"*(#,%'2*(9(#,%$3*"9(#%.3'@(#%A"'"#%*('/21(-"#,%4(*(
12%'2.4*2.")"*12#,%N$3*(#%$"%'2*(951N<%D5-2%"-%(.2*%@('"%'*":C
8-"%-(%'*""1'/(%"#4/*/)3(-%2%-(%6",%42*?3"%"#(%@(8*:(%#/$2%-(%*(951
42*% -(% '3(-% "-%.31$2%@(8*:(% #/$2%'*"($2% N42*%(.2*N<%D5-2%42*
(.2*% 43"$"% (-03/"1% "1(.2*(*#"% '/"*)(."1)"% $"% "#)"% .31$2,
#5-2%42*%(.2*%43"$"%(-03/"1%#(-/*%$"%#:%(-%2)*2%4(#(1$2%$"-%"1#/C
./#.(./"1)2%(%-(%(-)"*('/51%>%$"%-(%83"1(%A/$(%(%-(%A/$(%83"1(<%
F2%#"%)*()(%$"%#"03/*%@('/"1$2%"-%(.2*%'2.2%31(%03"**(%6*:(,%>%(
#3%A"9%-(%03"**(%'2.2%31%(.2*%6()(-,%#/12%$"%"1'21)*(*%*"."$/2
@3.(12%>%12%/1@3.(12<
O-%G1/'2%4*28-".(,%"#%?3"%-(%2)*(%@/#)2*/(%"#%-(%$"%-(%'*"('/51<%O#
$"'/*%12#2)*(#%./#.(#%12%#5-2%12%@".2#%#/$2%'21#3-)($(#,%#/12%?3"
12%12#%'2**"#421$".2#%(% -(%/.(0"1%$"-%'*"($2*<%E%#/1%".8(*02,
'2.2%1/1031(%=.($(%2%=.($2%"#%'21#3-)($2%1/%#"%'2**"#421$"%(
-(% /.(0"1%$"-% =.(1)",% 12% )"1".2#%.+#% *"."$/2% ?3"% *"'212'"*
13"#)*2% 4(4"-% $"% A:')/.(#% /12'"1)"#% $"-% '*"()/A2% (.2*% $/A/12<% E
*"A"*)/*%"-%(.2*%$/A/12%"1%@3.(12,%>%*"'21A"*)/*%(-%=.(1)"%$/A/12
"1%=.($2%@3.(12%>%(-%=.($2%@3.(12%"1%=.(1)"%'3(#/%$/A/12<
N*9$,'A.5"$7-$/' 5.'=YM"=.'.#C",.1">7'$#C","-*.5'7&'$#-Y'=*:' 5$9&#E'F.5"+$,.1">7'Z*$'5.#'=*9$,$#'7$1$#"-.=&#'$#'5.'5"+$,.1">7'($5'Q&=+,$['C&,Z*$$55&#'$#-Y7'C,"A.(&#':'._7'7&'Q.7'.C,$7("(&'5&#'+$7$X"1"&#'($5'.,-$'($'$5$]A.,#$E'a#'5.'C.,-$'=Y#'C,&X*7(.'($5'.=&,E'e7'.=&,'Z*$'$#'.+#&5*-.=$7-$C*,&['"71&7("1"&7.5['.+#&5*-.=$7-$'1&7#1"$7-$['.5$,-.[':'C.,.'$55&'7$1$#"]-.=&#'.+,",'5.#'C*$,-.#'.5'#.7-*.,"&'=Y#'C,&X*7(&'($'7*$#-,&'#$,EEE
<9-
b)&=&'#&1"$(.('Q$=&#'$5$6"(&'"67&,.,'5&'Z*$'5.#'6,.7($#'-,.("1"&7$#'$#C"],"-*.5$#' *7.' A$D' $7-$7("$,&7' #&+,$' 5.' $7$,64.' #$M*.5' :' #*' C.C$5' $7' 5.-,.7#X&,=.1">7' $#C","-*.5E' a#$' 1&7&1"="$7-&' Z*$' *7.' A$D' -*A"=&#' Q.#"(&'X,.6=$7-.(&'&'($X&,=.(&E'V*$#-,.'-,.("1">7',$5"6"&#.'"7#-"-*1"&7.5($'011"($7-$'$#$71".5=$7-$'Q.',$C,"="(&':'($#X"6*,.(&'$5'"7#-"7-&'#$M*.5:'1&7'$55&'Q.'1,$.(&'*7.'A.,"$(.('($'C.-&5&64.#'C$,#&7.5$#':'#&1".5$#E'T5Q.1$,5&'.#4['-.=+"`7'Q.'$5"="7.(&'1&7'$X"1.1".'5.'#$M*.5"(.('($'#*#'X*7](.=$7-&#'$#C","-*.5$#b
S31)@"*%v"/-
!N"$7-,.#' Q.:.' *7' ,$"7&' ($' 5.' 7$1$#"(.(' Q.+,Y' #*X"1"$7-$' C$7*,".E3.=+"`7'*7.'1*5-*,.'7&'.X",=.-"A.'-$7(,Y'$5'5.#-,$'($'5.'-,.7#"-&,"$(.(:'($'5.'7$1$#"(.(/'#$,Y'*7'+."5$'#&+,$'*7'A&51Y7['e7.',"#.'$7'5.'-,"#-$D.[*7'9*$6&'1&7'5.'=*$,-$E'a7'$#-$'1.#&'-.=+"`7'5.',$C,&(*11">7'($'5.'A"(.#$,Y'*7.',$C,&(*11">7'($'5.'1*5-*,./'&,6.7"D.1">7'($'.7Q$5&#'7&',$.5"]D.(&#['C*,"X"1.1">7'($'"7#-"7-&#'7&'#.-"#X$1Q&#"E
B"*8"*)%V(*'3#"
ba5'L&,"D&7-$'$7'$5'Z*$'5.'("67"(.('X$=$7"7.'-"$7$'Z*$'#$,',$A"7("1.(.$#'$5'Z*$'#$'.+,$'1*.7(&'-*':':&'.1&6$=&#'$7'1&=*7">7'5.'C&#"+"5"(.('($*7'N"#-$,"&'Z*$'#.5A$bE
R2$*/02%S3"**(%\54"9
<91
).C4-*5&'@J
F)@(46+$&4($7&/5&)($?+/*6()*(
a7' $#-&#' -"$=C&#'("X41"5$#' 5.' 6$7-$'7$1$#"-.'*7.6,.7'X$'C.,.'#&+,$A"A",['7&'#&5.=$7-$'X$'$7'#4'="#]=&#':'$7'!"&#['#"7&'-.=+"`7'X$'$7'5&#'&-,&#['$7'5&#Z*$'.Z*4'$#-.=&#['.#"'Z*$'7&'=$'7"$6*$#'-*'=.7&:'7&'-$'7$6.,`'5.'=4.E
B".2#% 4"*$/$2% -(% '(4('/$($% $"% (4*"'/(*% 13"#)*(#% (6/1/$($"#
'21% -(#%$".+#%.3;"*"#,%13"#)*(#%'210&1"*"#,%13"#)*(#%@"*.(C
1(#<% !"% "#)"% .2$2% 12#% @".2#% "1'(./1($2% 42*% -(% A:(% $"% -(
/1@3.(1/$($<%I3(1$2%$"#(4(*"'"%-(%'21A/''/51%>%-(%'21'/"1C
'/(%%$"%?3"%)2$(%.3;"*%12#%/.42*)(%42*%"-%@"'@2%./#.2%$"%#"*
.3;"*,% -(% '3-)3*(% >% -(% &)/'(% ".4/"9(1% (% A('/-(*<% O-% (A(1'",
"1)21'"#,% )/"1"%31(%$/*"''/51% '-(*(H%12#%$/*/0/.2#%@('/(%31(
'2.4-")(%>%4"*6"')(%/1@3.(1/$($%?3"%#"%A3"-A"%31(%'3"#)/51
$"%)/".42<%
O#)(% (')/)3$,%?3"% #3"-"% --(.(*#"% "36".:#)/'(."1)"%*"#4")2%(% -(#
4*24/(#% '21A/''/21"#,% (% '21A/''/21"#% "*/0/$(#% $"#$"% $21$"% 12
"7/#)"%"-%4"1#(./"1)2,%"-%#"1)/./"1)2%>%-(%(''/51%31/A2'(,%A(-"1
'2.2%#/% 63"*(%31%)(8G,%>%#"%"1'3"1)*(1%12%#2-(."1)"%63"*(%$"
)2$(%42#/8-"%'*:)/'(,%#/12%)(.8/&1%"7'-3/$(#%'2.2%)".(%$"%'21C
A"*#('/51<%
<92
B2>%#"%)*()(%$"%-20*(*%$"%?3"%12#2)*(#,%-(#%.3;"*"#,%12#%(8*(.2#
4(#2%4(*(%"#'(4(*%$"% -(%4*/#/51%"#4/*/)3(-%?3"%12#2)*(#%./#.(#
@".2#%'*"($2<%M2$(A:(%12%"7/#)"%31(%/$"(%'-(*(%$"%"#)(%./#"*/(
"#4/*/)3(-%"1%-(%?3"%A/A/.2#<%=-%*"131'/(*%(%-(%4*24/(%24/1/51,%(
13"#)*(%'21$/'/51%$"%#"*"#%4"1#(1)"#%>%#"1#/8-"#,%@".2#%*"131C
'/($2%)(.8/&1%(-%4*24/2%;3/'/2%.2*(-
!"#$"%-(%54)/'(%$"%?3/"1"#%)*(8(;(1%"1%"-%)".(,%"-%#36*/./"1)2
@3.(12%"1%-(%'21A/A"1'/(%)/"1"%2*/0"1%"1%"-%4(#2%(8*34)2%$"
31%.2$"-2%.()*:#)/'2%(%312%4()*/(*'(-,%>%"#%?3"%"#)(.2#%'21#C
)(1)"."1)"%028"*1($(#%42*%.(1$()2#%>%"#)/-2#%4()*/(*'(-"#%$"
@('"*%>%'21'"8/*%-(#%*"-('/21"#%'21%-2#%2)*2#<%O1%"-%.31$2%83#C
'(.2#%"-%&7/)2,%>%(%-(%A"9%1"'"#/)(.2#%$"-%(.2*%>%('"4)('/51%$"
-2#%$".+#,%>%'2.2%"-%42$"*%4(*"'/"*(%'2**"#421$"*%(-%#"72%.(#C
'3-/12% '2.4")/.2#% '21%2)*(#%.3;"*"#%4(*(% #"1)/*12#% '(4('"#,
#"03*(#% $"% 12#2)*(#% ./#.(#% >% #()/#6('"*% "-% 2*03--2% .(#'3-/12,
'21%-(%'*""1'/(%$"%?3"%$"%"#)"%.2$2%12#%('"*'(.2#%(-%42$"*,%>
12%#2.2#%'(4('"#%$"%N'21)"1"*N%$"%$(*%('20/$(%(%-(#%".2'/21"#
$"% -2#% ?3"% (.(.2#,% 42*?3"% "#(% ./#.(% '2.4")"1'/(% 0"1"*(
"1A/$/(%>%(%#3%A"9% 6(-)(%$"% #2-/$(*/$($%42*%31%42$"*%?3"%)(.C
42'2%"#%13"#)*2<
\2%4*24/2%$"%-(%.3;"*%"#%"$3'(*%(-%A(*51%"1%-(%)2)(-/$($%$"%-2#
6(')2*"#%$"%-2%*"(-,%>%-(#%.3;"*"#%)"1".2#%?3"%*"'34"*(*%-2#%4"*C
$/$2#%+.8/)2#% 6"."1/12#<%\(%4*"#"1'/(%$"% -(%.3;"*% "#% "#"1'/(-
4(*(%'216/03*(*%31%.2$2%#2-/$(*/2%$"%4"1#(*,%(.(*%>%(')3(*%"1
-(%A/$(%#2'/(-<
b)*.7(&'#$'"7#-,*:$'.'*7'7"%&['#$'C,$C.,.'*7'Q&=+,$'"7#-,*"](&d'C$,&'1*.7(&'#$'"7#-,*:$'.'*7.'7"%.['#$'$5.+&,.'5.'"7#-,*1]
<99
1">7'($'*7.'X.="5".d':'7.(.'Q.:'=Y#'5>6"1&'Z*$'$#-&['C*$#-&Z*$'$#'5.'=*9$,'5.'Z*$'1*5-"A.'5.'$(*1.1">7'($'#*#'C$Z*$%*$]5&#'1*.7(&'#$'Q.1$'=.(,$bE'
I21$"*'")
B('"%6(-)(%31%(-6(8")2%'2**"#421$/"1)"%(%31%13"A2%-"103(;"%1"3C
)*2,%31%.2$"-2%$/*"')2%$"%'212'/./"1)2%?3"%'(4('/)"%(-%'3"*42
(%#"1)/*%#3%."'(1/'/$($%>,%(-%./#.2%)/".42%-2%4*"4(*"%4(*(%*"'/C
8/*%2)*(#%'2**/"1)"#%$"%"1"*0:(%?3"%(1)"#%-"%63"*21%/1(''"#/8-"#<%
O1%S*"'/(%#"%/1A"1)5%-(%$".2'*('/(,%4"*2%"7'-3>"1$2%(%-(#%.3;"C
*"#%>%#5-2%"1%-(#%$".2'*('/(#%.2$"*1(#%C>%12%@('"%.3'@2%)/".C
42C%#"%@(%".4"9($2%"-%4*2'"#2%$"%-(%/03(-$($%$"%$"*"'@2#%"1%-2#
4(:#"#%$"#(**2--($2#,%?3"%12%"1%2)*2#<%O#)2%"#%31%4*20*"#2%$"%-(
'/A/-/9('/51%#28*"%-(%8(*8(*/",%42*?3"%.(1)"1"*%(%31(%.3;"*%'21
31%A"-2%"1%-(%'(--"%>%"1'"**($(%"1%-(%"#6"*(%4*/A($(%$"%-2%$2.&#C
)/'2,%'2.2%(1)/03(."1)"%2%"1%-2#%4(:#"#%/#-+./'2#%$"%@2>,%12%."
4(*"'"%?3"%#"%43"$(%--(.(*%'21%2)*2%12.8*"%?3"%#382*$/1('/51,
"7'-3#/51,%#2.")/./"1)2%>%6(-)(%$"%*('/21(-/$($<%
O-%"#4:*/)3%$"%-(%$".2'*('/(,%>%$"%-(%#2-/$(*/$($,%"#%(-02%?3"%"7/0"
31%'(.8/2%"1%"-%'2*(951<%D3%/1)*"4/$"9%12#%#"03/*+%#/"1$2%/1'21C
?3/#)(8-"% ./"1)*(#% 12#% ".4"T".2#% "1% '21#"*A(*% -(% A/2-"1'/(<
R"#3-)(% /1'21'"8/8-"% ?3"% 31% #"*% @3.(12% *28"% >% #/.3-)+1"(C
."1)"%4*")"1$(%'212'"*%-(%A"*$($%2%(-/."1)(*%"-%(.2*<%E%'($(
31(%$"%12#2)*(#,%'21#'/"1)"%2%/1'21#'/"1)"."1)",%"#%*"#421#(8-"
2%'5.4-/'"%$"%*282<%
\(%"74"*/"1'/(%$"%-2%6"."1/12%"#%(''"#/8-"%(%?3/"1%-(%A/A"%$"#$"
$"1)*2<%B(8-(*%#28*"%"-%N"/$2#N%$"%-(%6"./1/$($%>%#28*"%"-%4(4"-
<9:
?3"% ;3"0(% "1% "-% 4*2'"#2% $"% "#4/*/)3(-/9(*% "-% .31$2,% (4*"'/(*% >
(4*"1$"*%)2)(-/$($"#%'2.2%-(%4*24/(%$"-%6"15."12%$"%-(%6"./1/C
$($,% "#% 31(% "74"*/"1'/(% 6"."1/1(% >% '2.2% )(-% "#% 31(% A/A"1'/(
/1@"*"1)"%"%/1.(1"1)"%(%-(%.3;"*<%Q/A/*%"#)(%6"./1/$($,%4(*(%"-
A(*51%"#%31(%"74"*/"1'/(%/1$/*"')(%42*?3"%#5-2%43"$"%'21#)()(*C
-(%"7)"*/2*."1)"%(%)*(A&#%$"%-(%*"-('/51%/1)"*4"*#21(-,%42*%."$/2
$"%-(%-/)"*()3*(%>%"1%0"1"*(-%(%)*(A&#%$"%#:.82-2#,%0"#)2#,%>%$()2#
?3"% 26*"'"1% /1$/'($2*"#,% .3'@(#% A"'"#% '2163#(#,% $"% "#)"% 6"15C
."12<<<%O-%@2.8*"%(%-(%.3;"*%43"$"%A/A/*-(,%*"02'/;(*#"%"1%"--(,
@('"*#"%312%'21%"-%./#)"*/2%?3"%".(1(%4"*2%G1/'(."1)"%'2.2
28#"*A($2*,%42*?3"%-(%/$"(%$"%'2.4*"1$"*%-2%?3"%"#%"1%#:%./#.(
31(%.3;"*%12%-"%"#%42#/8-"%"1%(8#2-3)2<
\(%.3;"*%?3"%"1'21)*(.2#%"1%"-%.31$2%12%"#%31(%.3;"*%A"*$(C
$"*(,% "#% 31(% .3;"*% $"0*($($(,% "1A/-"'/$(,% >% .(#'3-/1/9($(<% =-
'2**2.4"*12#,%"-%@2.8*"%12%4"*.(1"'/5%1()3*(-,%42*?3"%"$3C
'(.2#%(-%A(*21<%D/%12%#2.2#%1()3*(-"#,%A(.2#%(%"$3'(*%(%31%@/;2
2%@/;(%?3"%1()3*(-."1)"%#"%A"*+1%(6"')($2#%42*%#3%.($*"<%
\2%#(0*($2%$"%-(%'3-)3*(%(%)*(A&#%$"%-(%*"'34"*('/51%$"%-2%6"."C
1/12%12%43"$"%$(*#"%#/%12%.2#)*(.2#%31%.2$2%?3"%#2'/2-50/'(C
."1)"% 12#% /$"1)/6/?3"% '21% ?3"% "#% 42#/8-"% A/A/*% $"% 31% 13"A2
.2$2%-(%/1)"*(''/51%>%'2**"#421$"1'/(%"1)*"%A(*21"#%>%.3;"*"#<
R"'34"*(*% '3-)3*(-% >% 42-:)/'(."1)"% "-% *2#)*2% 6"."1/12% $"% -2
@3.(12,% "#% 31% ?3"@('"*% ?3"% /.4-/'(% )(1)2% (% A(*21"#% '2.2
.3;"*"#<% ]1% '21;31)2% $"% A(-2*"#% *"(-."1)"% A/A/$2#% "1% -(% A/$(
'2)/$/(1(%12%"#%(''/51%$"%31(%.3;"*%"1%#2-/)(*/2,%42*?3"%"#%4*"C
'/#(."1)"%"1%"-%#"*%>%(')3(*%;31)2#%'21%2)*2#%$21$"%-(%"74"*/"1C
'/(%$"%-2%"#4/*/)3(-%#"%(6/*.(%2%#"%1/"0(%(%)*(A&#%$"%-(%(''/51<%
<9;
\(%'*"('/51%$"%31(%13"A(%'3-)3*(<%I3(1$2%@(8-2%$"%*"'34"*(*
31(%'3-)3*(%#(0*($(%12%@(8-2%$"%'21#)*3/*%2)*(%*"-/0/51,%42*?3"
)2$2%-2%*"-/0/2#2%43"$"%#"*%#(0*($2,%4"*2%12%)2$2%-2%#(0*($2%"#
*"-/0/2#2<%D"%)*()(%$"%$/#6*3)(*%4-"1(."1)"%31(%A/$(%#(0*($(,%"1
'2.31/51%'21%"-%31/A"*#2,%D/%*"-/0/51%#/01/6/'(%N*"C-/0(*,N%#"%*"-/C
0(%(-02%?3"%"#)+%#"4(*($2<%P"*2%12#2)*(#%12%"#)(.2#%$/A/$/$(#,
#2.2#%31(%31/$($%#(0*($(<%O#(%$/A/#/51%63"%/1#)/)3/$(%42*%-(%*"-/C
0/51% 4(*(% 8"1"6/'/(*#"% "1% #3% $2./1/2<% F3"#)*(% @3.(1/$($% "#
31(% 31/$($,% >% 42*% -2% )(1)2% A/A/*% "#(% 31/$($% "#% *"'212'"*% ?3"
(?3"--2% ?3"% '21#/$"*(.2#% )".(% )(8G% "#% 31(% "1"*0:(% "#4/*/)3(-
42$"*2#(,%?3"%/.43-#(%-2%#(0*($2<%\(%!/2#(%63"%#3#)/)3/$(%42*%"-
$/(8-2,% ?3"$(1$2% "-% !/2#% $/A2*'/($2% $"% -(% !/2#(% ?3",% 42*% 31
-($2,%$"#(.4(*5%(%-(#%.3;"*"#%$"%42$"*%"#4/*/)3(-%>%*"".4-(95%"-
/1'"#)2% .($*"C@/;2C$/2#% 42*% 31% 4($*"C@/;(A/*0"1% #"73(-."1)"
*"4*/./$(,%4"*;3$/'(1$2%'21%"--2%(%-2#%A(*21"#%'2@(*)(1$2%)(.C
8/&1%#3%-/8"*)($%>%02'"%#"73(-%"#4/*/)3(-<
O#% 1"'"#(*/2% ?3"% "7/#)(% 31(% "74"*/"1'/(% '2.31/21(-% "#4/*/)3(-
"1% -(%?3"% #"(%42#/8-"%./*(*%$"%31%.2$2% #2-/$(*/2% >%$/A"*#2% -2
*"(-,%>%$"#$"%"#(%*"'/4*2'/$($%"1%-(#%./*($(#%(4*"1$"*%(%26*"'"*
'*"()/A(."1)"%4*243"#)(#%$"%)*(1#62*.('/51%"#)*3')3*(-<
O#)(%13"A(%'3-)3*(%$"%'2**"#421$"1'/(%.3)3(%$"%-2%6"."1/12%>
-2% .(#'3-/12% #"% '21#)*3>"% (% #:% ./#.(% >% (-*"$"$2*% $"% .3;"*"#
A(-/"1)"#,%(%)*(A&#%$"%4*+')/'(#%*"'3**"1)"#%>%31(%$2')*/1(%A"*$(C
$"*(<%F3"#)*(%"$3'('/51%"%/1#)*3''/51%@(%#/$2%#/".4*"%$/#)2*#/2C
1($(%.+#%?3"%$"#'3/$($(,%'(3#(#%?3"%;3#)/6/'(*21%"#(#%'*""1'/(#
$"% /16"*/2*/$($% /1)"-"')3(-%@(#)(% "1% -2#% .2."1)2#%4*"#"1)"#,% "
/1)"1)(1%.2#)*(*%"1%12#2)*(#%'2.2%31(%$"8/-/$($<%
<:=
O#%-50/'2%'2.2%*"#3-)($2%?3"%-(%/1)"-"')3(-/$($%$"%-(%.3;"*%*"#3-C
)"%."12#%/1#)*3/$(%>%"A/$"1)"%#/%-(%'/"1'/(,%-(%-/)"*()3*(%>%-(#%(*)"#
"1%#3#% 6/-(#%#5-2%'3"1)(1%'21%31%4"?3"T2%1G."*2%$"%"--(#<%O#
42*?3"%(-%@2.8*"%#"%-2%@(%'2-2'($2%"1%31%."$/2%(4)2%$"%"$3C
'('/51%?3"%12%'2.4(*)"%'21%-(%.3;"*,%>%"#(%$/6"*"1'/(%$"%."$/2
-2%$")"*./1(<%!"%)2$2#%.2$2#,%#/"1$2%#28*($(."1)"%/1)"-/0"1C
)"#,% #28*"A/A/.2#% >% 12#% ($(4)(.2#% (% "#)(% '3-)3*(% $"A(#)($2*(C
."1)"%(3)2*/)(*/(<%P*/A($(#%$"%-/8"*)($,%*/1$/"1$2%#3./#(."1)"
'3-)2%(%-(%*"4*"#/51%#"73(-,%13"#)*(%'21#)/)3'/51%6:#/'(%>%"#4/*/)3(-
"#)(%.+#%?3"%(4)(%4(*(%'2.4*"1$"*%-2#%$2./1/2#%$"%-(%'/"1'/(,
43"#% #/% @('".2#% -(% (1):)"#/#% $"% -2% ?3"% @(#)(% @2>% #"% @(% @"'@2,
421/"1$2%"1%/$&1)/'(#%'21$/'/21"#%$"%."$/2%(%(.82#%#"72#,%"#(
/16"*/2*/$($%?3"%#"%12#%()*/83>"%$"#(4(*"'"*+,%>%;31)2%'21%"#)2,
#"%@31$/*+%-(%@"0".21:(%>%"-%>302%'3-)3*(-%?3"%12#%@('"%"#'-(A(#<
I21#)/)3/.2#%.+#%$"%-(%./)($%$"%-(%@3.(1/$($,%A/A/.2#%$3*(1C
)"%#/0-2#%"1%31%"#)($2%$"%4*2631$(%6*3#)*('/51,%12#%26*"'/"*21%-(#
43"*)(#%(8/"*)(#%$"%-(#%/0-"#/(#,%-2#%)".4-2#,%-(#%#/1(020(#,%*"9(1C
$2%(%!/2#<%%P"*2%"1%-(%M*/1/$($%'*/#)/(1(%12%@(>%-30(*%4(*(%12#2C
)*(#<%D21%)2$2#%@2.8*"#H%"-%P($*",%"-%B/;2,%"-%O#4:*/)3%D(1)2,%>
V(*/(%12%)/"1"%*"-('/21"#%#"73(-"#<%V3'@2%4"*63."%.(#'3-/12%>
"7'"#/A(% (8#)/1"1'/(% >Z2% *"4*"#/51% #"73(-% 42*% "-% 2)*2% #"72<
F3"#)*(%'3-)3*(%12#%@(%"$3'($2%4(*(%#"*%"#4"')($2*(#,%)2-"*(.2#
>%4(*)/'/4(.2#%'21$/'/21($(#%(%4"1#(*%$"%?3"%"#%31(%28-/0('/51H
"-% .(*/$2% "#% 13"#)*2% $/2#,% >% 12#2)*(#% )"1".2#% ?3"% 4*2'3*(*
@('"*-"%-(%A/$(%-2%.+#%4-('"1)"*(%42#/8-"<
P*/A/-"0/(*%-(%*('/21(-/$($%.(#'3-/1(%"1%"-%(.4(*2%$"%$/#6*(9(*%-(
#3./#/51,%12%*"'212'"*%"-%(42*)"%$"-%#"*%>%$"-%@('"*%4*24/(."1C
<:<
)"%6"."1/12,%62*.(1%4(*)"%$"%13"#)*2%$2-2*%?3"%"#%(-%6/1%13"#)*(
"-"''/51<%M2$(%13"#)*(%)*/#)"9(,%13"#)*2%$2-2*,%12%"#)+1%/.43"#C
)2#% 42*% -2#% $".+#<% I21)*(% -2% ?3"% 12#% /.421"1,% )"1".2#% ?3"
*"8"-(*12#,%>%%-2%?3"%@".2#%"-"0/$2,%)"1".2#%?3"%$";(*-2<%M(-%A"9
(-%A"*12#%(8(1$21(1$2%"#)(#%62*.(#%$"#)*3')/A(#%4(*(%'21%12#2C
)*(#,%2)*(#%.3;"*"#%'2.4*"1$(1%?3&%"#%#36*/*%/11"'"#(*/(."1)"<
F2% ?3/"*2% /1$/'(*% '21% "#)2% ?3"% -(% *('/21(-/$($% .(#'3-/1(% #"(
.(-(%4"*%#"<%\2%?3"%?3/"*2%)*(1#./)/*%"#%?3"%'3(1$2%&#)(%#"%'21#C
)*3>"%>%#"%"$3'(%#/1%"-%'21'3*#2%$"%-(%4*"#"1'/(%$"%-2%6"."1/12
-(% $/."1#/51% "#4/*/)3(-% $"% -(% "7/#)"1'/(% ?3"% 12#% 63"% $($(,
"1'3"1)*(% $/6/'3-)($% 4(*(% #"*<% P2*?3"% "7/#)"% 31(% *"-('/51% 4*2C
631$(%"1)*"%-(%'(4)('/51%$"%-2%*"(-%'2.2%*"(-%>%"-%(4*"'/2%(-%./#C
)"*/2%$"%-(%4"*#21(%6"."1/1(<%
O-% 4*245#/)2% "#% #"*% '2@"*"1)"% '21% -(% A"*$($,% #"(% '3(-% 63"*"% "-
.2$2% "1% ?3"% #"% 4*"#"1)"<% I*"'".2#% $"% A"*$($% "1% A"*$($<% E
'3(1$2%-(%A"*$($%@(8-(%(%)*(A&#%13"#)*2,%12#%)2*1(.2#%/1A"1'/C
8-"#<% \(% .3;"*% "#% 31% #"*% 6(-/8-",% 42$".2#% 12% "#)(*% )2)(-."1)"
#"03*(#%$"%13"#)*2#%4(#2#,%4"*2%"#%/1$3$(8-"%?3"%#/%42#"".2#%-(
62*)(-"9(%?3"%".(1(%$"%-(%/1#/#)"1'/(%"1%-(%A"*$($,%>%"-%"1)*"1(C
./"1)2%>%"74"*/"1'/(%$"%31%'2*(951%/12'"1)",%/1'(4(9%$"%@('"*
"-%.(-%-20*(*".2#%31(%.3;"*%"1%(*.21:(%'21%-(%1()3*(-"9(,%31(
'2#.2021:(%?3"%"1(-)"9'(%-(%A/$(,%?3"%*"A"*"1'/"%"-%(.2*,%/1'-3C
>"1$2%"-%#"73(-%"1)*"%@2.8*"#%>%.3;"*"#,%"1%-30(*%$"%"#)(*%4*2C
6/)(1$2%$"%"--(%(%)*(A&#%$"%-(%"74-2)('/51<
\(% 4*+')/'(% $"% 26/'/2#% >% '"*".21/(#% $"% ."$/)('/51,% ."% @(1
$"A3"-)2%31(%"#4/*/)3(-/$($%>%"-%$"*"'@2%(%-(%-/8"*)($%$"%'3-)2%$"
-2%!/A/12%f"."1/12%#/1%(3)2*/$($%*"-/0/2#(%?3"%$"6/1(%?3&%$"82
<:%
'*""*%>%'5.2%@('"*-2<%B"%(4*"1$/$2%(%*"'*"(*% -(%(1)/03(%"#4/*/C
)3(-/$($%$"%-(%!/2#(%?3"%%"#)3A2%4*"#"1)"%"1%-(#%)*($/'/21"#%$"
-(#%#(8/(#C8*3;(#,%#('"*$2)/#(#%>%'@(.(1(#%"1%-2#%#/)/2#%$21$"%-(
S*(1% !/2#(%"74*"#5% -(#% 42)"1'/(-/$($"#%$"% -2#% '3"*42#,% (-.(#,
."1)"#%>%'*"('/21"#%$"%-(#%.3;"*"#%$"%.(1"*(%42#/)/A(,%2)2*0(1C
$2%-/8"*)($,%$/01/$($%>%42$"*%$"%A/1'3-('/51%'21%2)*2#%#/1%#38C
2*$/1('/51%#"73(-<%
P(*(% -(#% .3;"*"#% >% @2.8*"#% 42*% /03(-,% #/01/6/'(% *"/10*"#(*% "1
(?3"--(%4*2631$(,%2#'3*(%>%3)"*/1(%'(A"*1(%$"%-(%4#/?3",%$"#$"
-(% '3(-% @".2#% #/$2% '*"($2#,% >% $"#$"% -(% ?3"% *"1('".2#% "#4/*/C
)3(-."1)"<%E%"1%-(%?3"%"1'21)*(*".2#%"-%'"1)*2%")"*12%>%4(':C
6/'2% ?3"% 12#% 4"*./)/*+% $(*% '*&$/)2% (% 13"#)*2% )*(8(;2,% (4*27/C
.(*12#% (% &-% '2.2% 2*+'3-2#% >% 28#"*A($2*(#% .+#% ?3"% '2.2
N@"*2:1(#%#2-/)(*/(#N<%c3/"*2%"-% *"'212'/./"1)2%$"%31%.2$"-2
$"%'3-)3*(%'2.4-")(."1)"%$/6"*"1)",%'21#'/"1)"<%c3/"*2%6('/-/C
)(*12#% -(% /.(0/1"*:(% ?3"% 1"'"#/)(.2#% 4(*(% 0(1(*% '216/(19(% "
/1$"4"1$"1'/(%(% )*(A&#%$"%13"#)*(% 6"./1/$($,%>%12%"1%$"#."C
$*2%$"%"--(<%
I(#/%)2$(#%-(#%*"-/0/21"#%?3"%@".2#%'212'/$2%@(1%#/$2%24*"#/A(#,
>% 12% 12#% @".2#% /.(0/1($2% (-02% $/6"*"1)"<% \2% .+#% $"#(6/(1)"
4(*(%12#2)*(#%"#%/1A2'(*%)(.8/&1%(%31(%$"/$($%6"."1/1(%"1%"#)(
4(*)"% $"-% '21)/1"1)",% $21$"% -(% *"-/0/51% .(#'3-/1(% #/03"% /16-3C
>"1$2%"1% -(% (3)2"#)/.(%$"% -(#% .3;"*"#% 1"0+1$212#%$"*"'@2#% >
4*"#"1)(1$2%(%V(*:(%'2.2%31(%.3;"*%#382*$/1($(%(-%!/2#%.(#C
'3-/12,%1"0($(%$"-%4-('"*%#"73(-%#(0*($2<%O#4/*/)3(-/$($%#/1%4-(C
'"*% #"73(-% >% #"73(-/$($% #34"$/)($(% #5-2% (-% 4-('"*% #"73(-% '2.2
."*(#%"#4"')($2*(#%12%)/"1"%#"1)/$2<
<:,
F3"#)*(% -/8"*('/51% "#% 4*/."*2% #"73(-% >% -3"02% "#4/*/)3(-% 42*?3"
"#)+% $/*/0/$(% (% -(% -/8"*('/51% $"-% "#4:*/)3,% (% #(1(*% 13"#)*(% 6*(0C
."1)('/51,%(%--"0(*%(%"#)(*%'2.4-")(#%>%"1%'2.31/51%'21%13"#C
)*(% (#4/*('/51% "#4/*/)3(-<% O#% $/#6*3)(*% )(.8/&1% $"-% #"1)/./"1)2
?3"% #/"1)"% '3(-?3/"*% $"A2)(% #/1% 1"0(*% "-% 4-('"*% #(0*($2% #"73(-
?3"% /.43-#(%>%43*/6/'(%"#)(%'2.31/51<%P2*?3"%"#)(%"74"*/"1'/(
'(.8/(%-(%'21'/"1'/(,%"74(1$"%13"#)*(%4"*'"4'/51%>%12#%$(%31(
13"A(%A/#/51,%?3"%2)2*0(%13"A2#%'21'"4)2#%(%-(#%4(-(8*(#<%O#)2%"#
"-%(*)"%$"%'(.8/(*%"-%-"103(;"%>%-(%'21'/"1'/(%(%A2-31)($<%
]1(% 13"A(% '3-)3*(% ?3"% 4"*./)(% '2.4*"1$"*% ?3"% -(% .3;"*% "#
(3)&1)/'(."1)"% 6"."1/1(,% 12% 31(% /./)('/51% $"-% @2.8*"<% E
'3(1$2% 2)*(% 4"*#21(% 12#% /.421"% 31(% "#'-(A/)3$,% '2.4*"1$"*
?3"%#2.2#%$3"T(#%$"%-(%/1)/./$($%$"%13"#)*2%'3"*42,%$"%13"#C
)*(%(-.(%,%>%?3"%42$".2#%*"8"-(*12#%'21)*(%"#(%"#'-(A/)3$<%P"*2
#/%12#% #2.")".2#%"1%12.8*"%$"%31(% #"3$2C-/8"*('/51,%12%@(>
42#/8/-/$($%$"%*"8"-/51<%
D/%12%12#%#"1)/.2#%-/8*"#%4(*(%#"*%*"(-."1)"%31(%.3;"*%"#4/*/)3(-
4-"1(,% 131'(% -20*(*".2#% ?3"% 13"#)*2#% @2.8*"#% #"(1% -/8*"#<
F3"#)*(%-/8"*)($%"#%31(%'21$/'/51%/1$/#4"1#(8-"%4(*(%-(%-/8"*)($
$"%13"#)*2% '2.4(T"*2<% O#% 631$(."1)(-,% >% #/% '21)/13(.2#% #/1C
)/&1$212#% "#'-(A(#% >% $"#(.4(*($(#% $"% 31(% $"/$($% 6"."1/1(
'2.2% -2% @".2#% #/$2% $3*(1)"% #/0-2#,% @(*".2#% ?3"% )(.8/&1% "-
@2.8*"%#"(%"#'-(A2%$"%.(1"*(#%.3>%#3)/-"#<%\2%631$(."1)(-%"#
*"'212'"*% ?3"% #/% "#'-(A/9(.2#% (% (-03/"1,% (-% 6/1(-% 12#% A"*".2#
*"$3'/$(#%(%-(%"#'-(A/)3$J%12%A(.2#%(%4"*.(1"'"*%-/8*"#<%D/%?3"C
*".2#% 4"*.(1"'"*% -/8*"#,% -"#% )"1".2#% ?3"% $(*% -/8"*)($% (% -2#
$".+#J%&#(%"#%-(%G1/'(%.(1"*(%$"%#"*%-/8*"<%
<:-
M"1".2#%?3"% #(-/*%$"-% ':*'3-2%A/'/2#2%$"%)2.(*%A"10(19(,%2%$"
'2.4")/*%4(*(%#(-A(03(*$(*%13"#)*2%1"02'/2%$"%(.4(*2%.(#'3-/C
12,%2%$"%'21A"*)/*12#%"1%4"*#"03/$2*(#%>%"1A/$/2#(#%$"%13"#)*(#
(./0(#%>%@"*.(1(#,%>%12%'2-(82*(*%(%62*)(-"'"*%"#)(%#28"*8/(%'3-C
)3*(-%'*3"-%>%(0*"#/A(,%4(*(%?3"%'21)/1G"%)2.(1$2%62*.(%>%'3"*C
42%.('@/#)(,%'@2A/1/#)(<%
I3(1$2%-(%'21)"1'/51%>% -(%'2*)"#:(%#"%31"1%(% -(% 62*)(-"9(,% "#)(
G-)/.(%#"%A3"-A"%/**"#/#)/8-",%>%'3(1)2%.+#%N'/A/-/9($(N%#"%A3"-A"%-(
.3;"*,%.+#%#"%(-";(%$"-%'21)(')2%'21%#3%'2*(951%>%"-%'2*(951%(G1
"#% 4"*'"4)/A2<%E%"#% /1)"*"#(1)"%?3"% -(#% 31/A"*#/$($"#% 12% @(>(1
"1'21)*($2%-(%62*.(%$"%"1#"T(*%(%'/A/-/9(*%31%'2*(951,%#/"1$2%-(
"#4"*(19(%$"%?3"%#28*"A/A(%13"#)*(%"#4/*/)3(-/$($<
D/%-(%.3;"*%*"'34"*(%#3%6"./1/$($,%#"%/-3./1(<%E%"-%@2.8*"%)(.C
8/&1%1"'"#/)(%4*2631$/9(*% "1% #3%.(#'3-/1/$($%4(*(% /-3./1(*#"<
I3(1$2%#21%42-2#%243"#)2#,%#3*0"%31(%0*(1%()*(''/51,%31%0*(1
.(01")/#.2%>%#"%(42*)(1%31/A"*#2#%$/6"*"1)"#,%$/."1#/21"#%$/6"C
*"1)"#,%A(-2*"#%$/6"*"1)"#,%>%"#)"%"1'3"1)*2%#"%'21A/"*)"%"1%31(
$"/6/'('/51,% "1% 31% @2."1(;"% (% 13"#)*(% "#4/*/)3(-/$($,% "1% 31(
'"*".21/(%#(0*($(<
E%"#)2%"#%42#/8-"%$"#$"% -(%4(*)/'/4('/51%>%'2C$"6/1/'/51%$"%*"-(C
'/21"#%$"%'2-(82*('/51%>%*"#4")2%42*%-(%$/A"*#/$($<%O#)2%"#%42#/C
8-"%*"#'()(1$2-2%'2.2%-2%@/'/"*21%-(#%(1)/03(#%'3-)3*(#%.()*:#)/C
'(#% "1)"1$/"1$2% -(% '/*'3-(*/$($%$"% -2#%4*2'"#2#,% >% -(% N#38;")/A/C
$($N%4*24/(%$"%*"-('/21"#%8(#($(#%"1% -(%('"4)('/51%$"% -(#%".2C
'/21"#%>%-(%/1)3/'/51<%
I3(1$2% ('"4)(.2#% ?3"% "-% 2)*2% 43"$"% A/A/*% 31(% ".2'/51% $/6"C
*"1)"%$"%-(%13"#)*(,%>%?3"%%2*0(1/9(%#3%4(*)/'3-(*%.(1"*(%$"
<:1
A"*%-2#%"A"1)2#%"1%"#"%.2."1)2%>%$"#$"%"#"%431)2%$"%#3%@/#)2*/(
4"*#21(-,%>%4"*./)/.2#%#3%"74*"#/51,%"#)(.2#%62*.(1$2%4(*)"%$"
31(%*"$%$"%'21A"*#('/21"#%>%.2$2#%$"%*"-('/21(*12#%"1%?3"%-2#
4*2'"#2#%$"-%2)*2%#21%('"4)($2#%>%('20/$2#<
\(%4(*";(,%31/$(%"1%'2.31/51%"#4/*/)3(-%'21%4-('"*%#(0*($2,%A/A"
"1%(*.21:(%>%$/'@(%>%0"1"*(%6*3)2#%A(-/2#2#,%>%12%#"%43"$"%)*(/C
'/21(*%1/%#"4(*(*%42*%28-/0('/51%1/%42*%)".2*<%
M2$(%31/51%12%631$(."1)($(%"1%A"*$($"*2%(.2*%"#%/-"0:)/.(%42*C
?3"%)*(/'/21(%(-%A"*$($"*2%(.2*%>%42*?3"%3)/-/9(%-(%#(0*($(%63"*9(
#/1%(.2*<%P(*(%"1'21)*(*%)3%'2.4-"."1)2,%83#'(%4*/."*2%)3%-39<%
F2%4/"*$(#%)3%#"./--(%"1%)/"**(%(;"1(,%1/%.(1'@"#%)3%)/"**(%'21
#"./--(%/.4*24/(<%\(%@3.(1(%'2.4-")(,%-(%!/2#(%12%"#%31(J%#21
$2#%?3"%#"%@('"1%31(<%
O1%"-%13"A2%)/".42%'"#(*+%"-%4*"$2./1/2%$"%&-%#28*"%"--(J%)(.C
42'2%"--(%-2%$2./1(*+%(%&-<%I(./1(*+1%31/$2#,%'2.4-"."1)(*/2#
4"*2%/03(-"#<
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
<:2
K+5(?$J'H/*(5+)*(?
p1)*2$3''/21%
WXY O#'*/)3*(H%\(%"#'*/)3*(%4"*)"1"'"%(%31(%./)2-20:(%$"%-(%/1A"1'/51%'2.2%#/#)".(%43*2
>%$"4"1$"%$"% 31% *(921(./"1)2%$"% 6(8*/'('/51,% $"%31(%"#)*3')3*('/51% /10"1/2#(%"#
./)2-50/'(."1)"% 31% "#)*()(0".(<% O#)(% 62*.($2% 42*% 31% (-6(8")2,% (-0312#% (-6(8")2#
42#""1% 31% 2*/0"1% .+0/'2,% >% -(% .(0/(% (% #3% A"9% /1)"*A/"1"% 4(*(% /1)"*4*")(*% (-031(#
-")*(#<%I($(%(-6(8")2%$"12)(%"1%#3%'21;31)2%31(%/1$/A/$3(-/$($%62*.(-,%31(%31/$($
"#)&)/'(%(%)*(A&#%$"-%'3(-%#"%-2%*"'212'"<%I($(%(-6(8")2%*"4*"#"1)(%31%"?3/-/8*/2%42*C
?3"%1/10G1%#/012%#"%*"4/)"%2%42*?3"%"-%'21;31)2%$"-%(-6(8")2%631'/21(%'2.2%31%#/012
G1/'2%$/6"*"1)"%$"%)2$2#%-2#%2)*2#%(-6(8")2#<%WI(8/1")%$"#%4/1'21#21%$"%-:.4*/."*/"
F()/21(-"N%P(*:#<Y%E%12#%@(8-(%(%)*(A&#%$"%-(%)*(1#42#/'/51%$"%-2#%)&*./12#%"1%12.C
8*"#%>%-(%"#4"'3-('/51%#28*"%"#2#%12.8*"#%$"12./1($(%0".()*:(%2%/#24#"6/(%?3"%$"#C
'*/8"%'21%2#)"1)('/51%31%#/#)".(%$"%'212'/./"1)2#%?3"%4(*)"%$"%"-"."1)2#%$($2#,
N-(#% -")*(#N%#"0G1%31%#"1)/$2%.+0/'2<%O-%4#/'2(1+-/#/#%A"%"1%-(%-")*(%31(%0*(1%."$/(C
$2*(%$"-%/1'21#'/"1)"<%D<%\"'-(/*"%P#>'@(1(->#"*<%\(%-")*(%12%#"%#"4(*5%$"-%4/')20*(.(
#"%-"%243#2%42*?3"%-(%-")*(%"#%(-02%?3"%12%#"%4(*"'"%(%1($(%)2$2%"#63"*92%$"%-(%-")*(
"#%"1%$/*"''/51%'21)*(*/(%(%#3%(1(-20:(%>%"#%4*24/2%$"%#3%1()3*(-"9(%@3/*%/16-"7/8-"C
."1)"%$"%)2$(%#".";(19(<%D"%)*()(%$"%31(%(6/*.('/51%4(*($2;(-%"1%$21$"%'($(%'2#(
#"% (#".";(% (% 2)*(<% O1% '(.8/2% "-% 4/')20*(.(% )*()(% $"% '2.31/'(*% 1()3*(-."1)"% $"-
.2$2%.+#%'-(*2%>%*|4/$2%42#/8-"12#%4*"031)(.2#K%42*?3"%-2#%#3."*/2#%-2#%('($/"1C
#"#%/1A"1)(*21%"#'*/)3*(#%(8#)*(')(#%$/6/'/-"#L%42*%";".4-2%-(%'31"/62*.",%42*?3&%#/"1C
$2%"-%4/')20*(.(%31%(1)"'"$"1)"%)(1%'-(*2L%\(%83"1(%'2.31/'('/51,%-(%'-(*/$($,%-(
"6/'('/(,%-(%(8#)*(''/51,%#21%A(-2*"#%.2$"*12#%$"%"#)2#%$:(#%>%#/1%".8(*02%"-%"#'*/8(
."#242)+./'2%$"-% )"*'"*%./-"1/2%)"1/(%-(#%./#.(#%1"'"#/$($"#%?3"%"-% #"'*")(*/2%$"
$/*"''/51%$"%31(%".4*"#(%'(4/)(-/#)(<
W[Y I212'/./"1)2H%"1%#3%#"1)/$2%")/.2-50/'2%$"%N1('"*%42*%."$/2%$"N%W'3.%1(#'2*Y%12
#"%)*()(%"1%"#)"%"1#(>2%$"%4(-(8*(#%1/%$"%"#4"'3-('/21"#%/1)"-/0"1)"#,%#/12%.+#%8/"1%$"
/1)"-/0"1'/(%$"-%'2*(951<
W^Y !2')*/1(H%!"-%V"1#(;"%$"%D/-2%$"%/$"2-20/(%#/-2/#)(<
I(4/)3-2%p%D"73(-/$($
WXY V(01")/#.2H%f3"*9(%?3"%"7/#)"%"1%-(%F()3*(-"9(%>%"1%-(#%4"*#21(#<%O1%"-%4*/."*%'(#2,
"#%31%(0"1)"%?3"%$(%2*/0"1%(%-2#%$/A"*#2#%6"15."12#%$"%()*(''/51,%$"%42-(*/$($,%$"
")'<%O1%"-%#"031$2%'(#2,%#"%'21A/"*)"%"1%.(01")/#.2%N(1/.(-N,%"1%'21)*(42#/'/51%(-
.(01")/#.2%'5#./'2%>%)"**"#)*"<%O-%.(01")/#.2,%-2%./#.2%?3"% -(%"-"')*/'/$($,% #21
.(1/6"#)('/21"#%$"-%g31$(-/1}%9(h)/,%"-%'3(-%/1'-3>"%-(#%$2#%0*(1$"#%63"*9(#%$"%()*('C
<:9
'/51%>%*"43-#/51<
W[Y U6/'/2H%F2.8*"%?3"%#"%-"%$(%(%31(%'"*".21/(%4*+')/'(<%O-%V"1#(;"%$"%D/-2<
W^Y =)(*(7/(H%P"*$/$(%$"-%)".2*%>%(3#"1'/(%$"%4*"2'34('/21"#<
WjY V(*'"#'/8-"H%.(*'@/)(8-",%4"*"'"$"*2,%#"'2<%\2%'21)*(*/2%"#%*29(0(1)",%-29(12,%;3A"1/-
43*2,%/1.(*'@/)(8-"<
W_Y O74"*/"1'/(%03/($(%$"%-(%4(*";(%/$"(-H%NV/*(%"1%-(%4*2631$/$($%$"%./#%2;2#,%42*?3"%>(
@"%$";($2%$"%#"*%31(%4*2>"''/51%4(*(%'21A"*)/*."%"1%(-02%*"(-<<<%./*(%"1%-(%4*2631C
$/$($%$"%./#%2;2#%>%$/."%$3-'"."1)"%?3&%A"#%"1%"--2#<<<%."%-"A(1)2%4(*(%)2'(*%-(%6/03C
*(%4"*2%"--(%."%"-3$",%$"#(4(*"'/"1$2%)*(#%31(%'2-3.1(<%I3(1$2%--"02%(-%-30(*%'2.C
4*3"82%?3"%#"%@(%"#63.($2<%D/1%".8(*02,%#/"1)2%"1%./%@2.8*2%31(%.(12%?3"%#"
(42>(%#3(A"."1)",%(-%)/".42%?3"%(-03/"1%$/'"H%NF2%./*"#%@('/(%()*+#<%!"8"%8(#)(*)"
'21%#(8"*%?3"%"#)(.2#%.3>%'"*'(%"-%312%$"-%2)*2%>%?3",%0*('/(#%(%"#2,%43"$"1%('-(C
*(*#"%)3#%8G#?3"$(#N<%O1%"-%.2."1)2%"1%?3"%)"*./1(%-(%6*(#",%."%A3"-A2%4(*(%A"*%(
?3/&1%"#)+%(%./%-($2,%4"*2%#5-2%4"*'/82%(%31(%#2.8*(%?3"%@3>"<%D/.3-)+1"(."1)",%"-
63"02%'"1)*(-%*30"%>%(3."1)(%#3%8*/--2%$"#-3.8*+1$2."<%V"%$2>%'3"1)(%?3"%-(%"#'"C
120*(6:(%>% -(%4*2>"''/51%@(1%'*"($2%"-%(.8/"1)"%4*24/'/2%4(*(%?3"%8*2)"%-(%/.(0"1
/$"(-<%O#(%/.(0"1%?3"%"#)+%"1%.:%>%?3"%--"05%(%*29(*.",%4"*2%?3"%42*%31(%/.4('/"1C
'/(%/1'2.4*"1#/8-"%$"#(4(*"'/5%"1)*"%./#%$"$2#<%D&%?3"%@(%"#)($2%'"*'(%$"%.:%>%"#2
."%8(#)(<%D/1%".8(*02,%'2.4*3"82%?3"%"-%2*$"1($2*%'"1)*(-%12%43$2%4*2>"')(*%31(
/.(0"1% )+')/-% '2.2% -(% ?3"% #"1):% #28*"% ./% @2.8*2<<<N% "7)*(')($2% $"% O74"*/"1'/(#
S3/($(#<%D/-2
WnY R"#4")2H%\2%4*/."*2%?3"%)"1".2#%?3"%(4*"1$"*%"#%(%*"#4")(*%13"#)*2%'3"*42<%N*"#4"C
)2N%#/01/6/'(%A2-A"*#"%4(*(%./*(*<%D"0G1%#3%")/.2-20:(,%"-%#3#)(1)/A2%N*"#4")2N%*"./)"%(-
A"*82%N*"#4"')(*N,%"-%*"#4")2%@('"%31(%/1#/13('/51%(-%'212'/./"1)2,%42*?3"%N*"#4"'C
)(*"N% %#/01/6/'(%N./*(*%'21%()"1'/51%2%'21#/$"*(*N%>%"#)+%*"-('/21($2%'21%-(%'21)".C
4-('/51<%O#%$/*/0/*#"%(%-(%*"(-/$($%4(*(%'212'"*-(%)(-%'2.2%"#,%#/1%4"*./)/*%?3"%1/10G1
)/42%$"%4*";3/'/2%2%/1)"*&#%4"*#21(-%$"#6/03*"%2%A/2-"1)"%"#(%'21)".4-('/51<%F3"#)*(
$/01/$($%*"'-(.(%"#"%1/A"-%#34*".2,%2%-(%.(01/6/'('/51%$"-%*"#4")2%?3"%'(-/6/'(.2#
'2.2%A"1"*('/51%2%*"A"*"1'/(<%\(%*"A"*"1'/(%2%"-%*"#4")2%(%-2#%.+#%$&8/-"#%'21#)/)3>"
"-%)"#)%4(*(%."$/*%@(#)(%?3&%431)2%31(%'3-)3*(%'21'*")(%@(%4*2631$/9($2%>%)2.(%"1
#"*/2%-(#%"7/0"1'/(#%$"% -(%$/01/$($%4"*#21(-,%>% "#2% -2%42$".2#%'2.4*28(*%42*%'21C
)*(#)"%"1%"-%.31$2%(')3(-<%R")2*1(1$2%(%-(%")/.2-20:(H%*"#4")2%4*2A/"1"%$"%./*(*,%$"
31%./*(*%()*+#<%I21)*(%-(#%(4(*/"1'/(#,%'3"#)(%.3'@2%A"*<%F2%"#%6+'/-%./*(*%8/"1,%-(
./*($(%()"1)(%12%"#%6+'/-."1)"%$/#421/8-",%(#:%?3"%"#%4*28(8-"%?3"%43"$(%@(8"*%31
"#63"*92%"1%"--(%?3"%$&%-30(*%(%31(%.(1"*(%$")"*./1($(%$"%.2#)*(*%-(#%'2#(#%>%?3"
'21--"A"%31%"#63"*92%"#4"':6/'2<%O#%31(%./*($(%?3"%*"?3/"*"%4*"#)(*-"%()"1'/51,%>%-(
()"1'/51%"7/0"%-(%(8#)*(''/51%$"%312%./#.2<%O1%)2$(#%-(#%'3-)3*(#%>%"1%)2$2#%-2#%)/".C
42#,%#/".4*"%12A"$2#2#%>%.3-)/6('&)/'2#,% -2% 6"."1/12%42#""%31%1G'-"2% /**"$3')/8-"
<::
?3"%#"%)*(#-3'"%"1%"-%'3"*42%$"%-(%.3;"*<%P2*%#3%#"1#/8/-/$($,%#3%.2$2%$"%A/A/*%-(%A/$(
(6"')/A(%>%#3%$"$/'('/51%(%'3(1)2%"#%4*24/(."1)"%@3.(12<%\2#%4(4"-"#%#2'/2C'3-)3*(C
-"#%(#/01($2#%(%-(%.3;"*,%.3'@(#%A"'"#%12%"74*"#(1%"#)(%/$"1)/$($%4*2631$(,%>%(T2
)*(#%(T2% #"%@('"%.+#% /1)"1#(% -(%$/63#/51%$"%24/1/21"#% 1('/$(#%$"% -(% #2'/"$($,% '21
"7'-3#/51%$"-%4"1#(./"1)2%>%#"1)/./"1)2%/1$/A/$3(-"#<
WoY Q:*0"1"#H%\(%A/*0/1/$($%#"%/1A"1)(%(%4(*)/*%$"%-(%'*"('/51%$"%-(%4*24/"$($%4*/A($(%'3>2
/1)"*&#%$"-%#"72%.(#'3-/12%"*(%$";(*%#3#%8/"1"#%(%@"*"$"*2#%'2C#(103:1"2#,%4(*(%(#"C
03*(*#"%#3%4()"*1/$($%#2.")/5%(%-(%.3;"*%(%?3"%--"0(*(%(-%.()*/.21/2%'2.2%@2>%-2
$"12./1(.2#%NA/*0"1N%4(-(8*(%"**51"(."1)"%(#2'/($(%(%-(%43*"9(%>%(-%(.2*<
WaY V"$/)('/51H%\(%."$/)('/51%"#%A2-A"*#"%N?3/&1%28#"*A(N,%>%"#%(4*"1$"*%(%28#"*A(*%'21
$"#(4"02H% -(%."1)"% #/".4*"%(**(#)*(%'2163#/51,% *3/$2,% 4"1#(./"1)2#,%$"#"2#,%./-% >
31(%'2#(#<%I3(1$2%-(%"1"*0:(%A(%@('/(%$"1)*2,%'3(1$2%A3"-A"%(%-(%63"1)"H%N28)"1".2#
'-(*/$($N<%\2#%4"1#(./"1)2#%'*"(1%138"#,%8*3.(,%'2163#/51,%$"#'21'/"*)2<%I3(1$2
-2#%4"1#(./"1)2#%$"#(4(*"'"1,%'3(1$2%>(%12%@(>%138"#%*2$"+1$212#,%'3(1$2%"7/#)/C
.2#%"1%13"#)*2%'"1)*2,%-(%'-(*/$($%#"%"74*"#(<%V"$/)('/51%"#%31(%'2.4*"1#/51%?3"
$")/"1"% "-% 631'/21(./"1)2% $"% -(% ."1)",% 31(% 1"'"#/$($% $"% (8#2-3)(% ?3/")3$,% 31
#3."*0/*#"%"1%31%#/-"1'/2%"#421)+1"2%#/1%%62*9(*-2,%42*?3"%"#"%#/-"1'/2%#"%"#'(4(%'21
6('/-/$($%>%--"0(%$"#43&#%$"%31(%"#4"*(%4('/"1)"<%O1%"-%.2."1)2%($"'3($2%A/"1",%>
31(%@/#)2*/(%$"%(.2*%1('"%"1)*"%(.82#%>%'2."19(.2#%(%(.(*%"#"%#/-"1'/2%#(0*($2,
"#(%(*.21:(,%"#"%"#4('/2%$"%4(9%4*2631$(%"%/1."1#(%?3/")3$,%(8#)*(>&1$212#%#3./C
$(#%"1%&-,%4"*./)/"1$2%?3"%12#%42#"(,%>%"1)21'"#%)"1".2#%-(%#"1#('/51%$"%#"*%)*(1#C
42*)($(#%"% /1."*#(#%"1% 31% "#4('/2% $"% 4*2$/0/2#2% #/-"1'/2<% P(#(% 42*% -(%."$/)('/51
28#"*A(*%-(%#3)/-%.(1"*(%$"%(')3(*%$"%)3%."1)",%$"%28#"*A(*%"-%.2$2%"1%?3"%#"%"74*"C
#(1%13"#)*(#%)"1#/21"#J%.(1/43-('/51,%'"-2#,%(8(1$212,%")'<<%=C)"1#/51%C%#/1C)"1#/51<
D5-2% -(% 28#"*A('/51% >% -(% ()"1'/51% '21)/13(,% 12#% (>3$(1<% \2% /**"(-% 2'3-)(% -2% *"(-<
M"1".2#%?3"%#"*%'21#'/"1)"#%$"%-2#%.2)/A2#,%>%)*("*-2#%(%-(%'21'/"1'/(,%42*?3"%&#)(%"#
31(%$"%-(#%'-(A"#%4(*(%)*(1#62*.(*%13"#)*(%A/$(<
I(4/)3-2%pp%V/)2#
WXY =$.21/'/51H%"#%31(%(.21"#)('/51%2%31%*"4*2'@"<%O1%"#)"%'(#2%"#%31%($A"*)"1'/(%2
#"*.51%?3"%#"%@('"%(%(-03/"1%4(*(%?3"%'2**/;(%#3%'21$3')(<
W[Y O)/.2-20:(% W")>.2-20/(Y,% 4(-(8*(% -()/1(% ?3"% A/"1"% $"-% 0*/"02% &)>.2#H% A"*$($"*2% >
-202#H%4(-(8*(<%I21%"--(%#"%83#'(%"1%#3#%")/.2-20:(#%"-%A"*$($"*2%2*/0"1,%"-%A"*$($"*2
#/01/6/'($2% >% -(% A"*$($"*(% 62*.(% $"% -(#% 4(-(8*(#<% O#% "-% 2*/0"1% $"% -2#% A2'(8-2#% ?3"
/1)*:1#"'(."1)"%$"A"-(1%-(%63"*9(%$"-%A"*82%2%$"-%12.8*"%>%#"%$"$3'"%42*%#3%/1)"*C
4*")('/51<%O#)"%'212'/./"1)2%"#%1"'"#(*/2%".4-"(*-2%4(*(%-(%/1)"*4*")('/51%$"%-(%4(-(C
8*(<
<:;
W^Y "A"*/#.2H%OA&."*2%$"%V"#"1"%"#'*/)2*%$"%6/1"#%#<pQ%(<I%#3%28*(%#"%@(%4"*$/$2%>%#"%-"
'212'"%42*%#3#%'2."1)(*/#)(#<
WjY )"2*:(% #/.85-/'(H% 3)/-/9($(% 42*% "-% '*/#)/(1/#.2% 2% '()2-/'/#.2% \(#% )"2*:(#% #/.85-/'(#
W=1$"*#21,%Xla^Y%.(1)/"1"1%?3",%"1%"-%#/#)".(%$"%4*2$3''/51%>%$"%'2.4*"1#/51,%@(>
31(%.".2*/(%?3"%)*(8(;(,%>%31%0*(1%(-.('&1%$"%'21'"4)2#,%4*242#/'/21"#,%"#?3".(#,
>%*"0-(#%$"%4*2$3''/51<%O#)"%#/#)".(%"#%(')/A($2,%>%$/1+./'(."1)"%'(.8/($2%(%-2%-(*02
$"-%)/".42,%42*%31(#%*"0-(#%$"%4*2$3''/51,%?3"%/.4-/'(1%.+#%8/"1%(''/21"#%'201/)/C
A(#%?3"%(''/21"#%6:#/'(#,%>%28"$"'"1%(%31%%62*.()2%-50/'2C(*03."1)()/A2,%$21$"%@(>
31%4*2'"#2%$"%/16"*"1'/(%?3"%'21$3'"%(%31(%'21'-3#/51<
W_Y F2"#/#H%Q/#/51%/1)"-"')3(-,%4"1#(./"1)2<%=')2%/1)"1'/21(-%$"%/1)"-"''/51%2%/1)3/'/51<
WnY U1)2-20:(H%-(%21)2-20:(%W"-%4*2>"')2%$"-%#"*Y%(%$/6"*"1'/(%$"%-(%&)/'(%W"-%4*2>"')2%$"%#"*Y<
21)2-20:(%]1/$($%$"%"7/#)"1'/(%2%'2#(%/1$/A/#/8-",%"#)3$/(%-(%1()3*(-"9(%$"%-(%"7/#)"1C
'/(<%\(%U1)2-20:(%#"%2'34(%$"%-(%$"6/1/'/51%$"-%#"*%>%$"%"#)(8-"'"*%-(#%'()"02*:(#%631C
$(."1)(-"#%2%.2$2#%0"1"*(-"#%$"%#"*%$"%-(#%'2#(#%(%4(*)/*%$"-%"#)3$/2%$"%#3#%4*24/"C
$($"#<%\(%21)2-20:(%)*()(%$"%$"#'*/8/*%2%4*2421"*%-(#%'()"02*:(#%>%*"-('/21"#%8+#/'(#
$"-%#"*%2%-(%"7/#)"1'/(%4(*(%$"6/1/*%-(#%"1)/$($"#%>%$"%?3&%)/42%#21<
WoY V"-(1"#/2H%!"%V"-(1"#/(%2%*"-()/A2%(%"#)"%0*342%$"%(*'@/4/&-(02#%$"-%P(':6/'2<
WaY p1)3/'/51H%\(% N/1)3/'/51% 6"."1/1(N%12%A"*#(% #5-2% #28*"%?3&% #21% -(#% '2#(#% W"#"1'/(Y,
#/12%?3"%)*()(%#28*"%#3%'21)"1/$2%N'3(-/$($"#%#"1#/8-"#N%>%#28*"%-(%/.42*)(1'/(%?3"
$"% #3>2% )/"1"1% WA(-2*Y<%\(% /1)3/'/51% 6"."1/1(,%"#% /1)"-/0/8-",% #"1#/)/A(% >%A(-2*(-H%12
$";(%$"%-($2%-(%"#"1'/(%?3"%4"*./)"%-(%31/A"*#(-/9('/51,%1/%/012*(%"-%A(-2*%>%-2#%(#4"'C
)2#%'21'*")2#%?3"%42#/8/-/)(1%"-%(4*"'/(*%>%;3#)/6/'(*%-(%821$($%/1)*:1#"'(%$"%-(#%'2#(#
>%$"%-(#%4"*#21(#<%M"1".2#%-(%4(*)/'3-(*%@(8/-/$($%4(*(%-(%'2.4*"1#/51%/1)"-"')2C#"1C
#/)/A(%'21'*")(,%"#%$"'/*,%4(*(%'(4)(*%*"'"4)/A(."1)"%$"%.2$2%'3(#/C/1."$/()2%'21)"C
1/$2#%/1)"-/0/8-"#%"1%#/)3('/21"#%'21'*")(#%$"%-(%A/$(%'2)/$/(1(<%O#)"%6"15."12%$"12C
./1($2%N/1)3/'/51N%#"T(-(%31(%#3"*)"%$"%$/1(./#.2%/**('/21(-%?3"%$"%.(1"*(%.+#%2
."12#%(*8/)*(*/(%(431)(%@('/(%'/"*)2#%'21)"1/$2#%4"*./)/"1$2%"1%"#)2%31(%(4*"@"1C
#/51%$"%-2%*"(-%.+#%@2-:#)/'(%"%/1."$/()(<
WlY V(01(%!"(H%!/2#(%"7'"-#(<%V(01:6/'(%!/2#(<
WXbY D"*"#%B3.(12#H%\2#%0*/"02#%12%'21#/$"*(8(1%#"*"#%@3.(12#,%"1%#3%#"1)/$2%.+#%63"*C
)"%>%'(8(-,%(%-2#%"#'-(A2#%1/%(%-(#%.3;"*"#%>%(%-2#%1/T2#<%\2#%*2.(12#%($24)(8(1%31(
(')/)3$%#/./-(*,%"1)*"%2)*2#,%'21%?3/"1"#%12%"*(1%'/3$($(12#%$"-%p.4"*/2H%-2#%--(.(C
$2#%N8+*8(*2#N<
WXXY D/'/0/(H% 4(-(8*(% 0*/"0(% ?3"% .2*62-50/'(."1)"% '2**"#421$"% (% -(% -()/1(% '21/31')/2
(''/51%$"-%A"*82%'21/310"*",%{;31)(*{,%{31/*{,%{()(*{,%{31'/*{<%M(1)2%"-%"-"."1)2%'2.42C
#/)/A2%/30C,%"1%-():1,%'2.2%#>0C,%"1%0*/"02,%(.82#%#21%62*.(#%$"%-(%*(:9%/1$"3*24"(%>"30C
,%{31/*{,%{;31)(*{J%$"%(@:H%;31)2,%'21;31)2,%>302,%;3."1)2,%#/'/0/(%4(-(8*(%?3"%"10-28(
<;=
-(#%'21;31'/21"#%>%242#/'/21"#%$"-%D2-%>%-(%\31(%>%2)*(#,%.3'@:#/.(#%.+#<
WX[Y B"*."1&3)/'(H%=*)"%>%)&'1/'(%$"%/1)"*4*")(*%)"7)2#%4(*(%-(%6/;('/51%$"%#3%#"1)/$2,%"1
"#4"'/(-%-2#%#(0*($2#<
WX^Y ")@2#%#/01/6/'(%)".4"*(."1)2,%'(*+')"*,%@+8/)2,%.2$2%$"%#"*<%I(*+')"*,%4"*2%12%"1%"-
#"1)/$2%$"%)(-(1)",%#/12%"1%"-%#"1)/$2%N$"-%.2$2%($?3/*/$2%42*%@+8/)2N<%~)@2#%$"*/A(
$"-%0*/"02%�)@2#%-2%?3"%#/01/6/'(%?3"%"-%'(*+')"*%#"%-20*(%."$/(1)"%"-%@+8/)2%>%12%42*
1()3*(-"9(<%!/'@2#%@+8/)2#%1('"1%N42*%*"4")/'/51%$"%(')2#%/03(-"#N,%"1%2)*(#%4(-(8*(#,
-2#% @+8/)2#% #21%"-%4*/1'/4/2% /1)*:1#"'2% $"% -2#%(')2#<%O-% #/01/6/'($2%$"%")@2#,%2/h2#,
"1)2*12%>%"'2)2.2<%O1%2)*(#%4(-(8*(#%12%#"%)*()(%$"%31%-30(*%"7)"*/2*,%#/12%$"-%-30(*
?3"%-(%.3;"*%42*)(%"1%#:%./#.(<%NO-%")@2#%"#%"-%#3"-2%6/*.",%"-%631$(."1)2%$"%-(%4*(C
7/#,%-(%*(:9%$"%-(%?3"%8*2)(1%)2$2#%-2#%(')2#%@3.(12#<%D/%")@2#%"#%"#'*/)(%'21%&4#/-21
#/01/6/'(%'2#)3.8*",%@+8/)2,%3#2,%>%)/"1"%-(%./#.(%*(:9%?3"%")12#%W43"8-2,%0*342,%*(9(Y
>%?3"%13"#)*(%4(-(8*(%&)/'(<%V/"1)*(#%?3"%#/%")@2#%"#'*/)(%'21%")(%#/01/6/'(%4()*/(,%@(8/C
)('/51,%.2*($(%@(8/)3(-%WP(851,XlolY<
WXjY \202#%0*/"02H% O1% -(% 6/-2#26:(% 0*/"0(,% *(951,% 4*/1'/4/2,% /1)"-/0"1'/(%2% (-031(#% $"% #3#
.(1/6"#)('/21"#<
WX_Y =1/./#)(H%(1/./#.2<%M&*./12%?3"%$"12)(%-(%'*""1'/(%0"1"*(-%$"%?3"%)2$2#%-2#%#"*"#
>%28;")2#%$"%-(%1()3*(-"9(%"#)+1%(1/.($2#%2%)/"1"1%"#4:*/)3H%"-%(1/./#.2%"#%):4/'2%$"
-(#%#2'/"$($"#%4*/./)/A(#<%%!2')*/1(%?3"%'21#/$"*(%(-%(-.(%4*/1'/4/2%$"%(''/51%$"%-2#
6"15."12#%A/)(-"#H%"-%(1/./#.2%#"%'212'"%'2.2%-(%$2')*/1(%.&$/'(%$"%D)(@-<
WXnY =8%/1/)/2H%%2%N(%4(*)/*%$"%4*/."*2#%4*/1'/4/2#N
WXoY =6*2$/)(H%12.8*"%$($2%(%Q"13#%"1%-(%./)2-20:(%0*/"0(<%=6*2#%#/01/6/'(%{"#43.({<%=6*21
"#%31%($;")/A2%?3"%?3/"*"%$"'/*% {63*/2#2{,%?3"%@(%4"*$/$2%-(% *(951,%42*%242#/'/51%(
#26*21,%{#"1#()2{<%P-()51%$/'"%?3"%%"-%#"1)/$2%>%2*/0"1%$"%-(%4(-(8*(%6*21"#/#,%"#%{4"1C
#(./"1)2,%/1)"-/0"1'/(,%#(8/$3*:(%$/A/1({<%D/"1$2%"-%4"1#(./"1)2%-(%(''/51%$"%'(4)(*
(-02%'21%"-%"#4:*/)3%$"-%.2A/./"1)2%62*(#%12"#/#,%>%$"-%6-3;2,%#"%43"$"%"1)"1$"*%)(.C
8/&1%'2.2%(37/-/(*%$"-%.2A/./"1)2,%62*(#%21"#/#<%=-6(%"#%%4*/A()/A(%$"%-(%4(-(8*(%(6*2#
-"%$(%"-%#/01/6/'($2%$"%4*/A($2%$"%#"1#()"9,%$"%#(8/$3*:(%?3"%12%'(4)(%"-%.2A/./"1)2,
"#)"%.2A/./"1)2%#"%*"6/"*"%(-%&)"*<%%O*2#,%@/;2%$"%=6*2$/)(%4(*(%-2#%0*/"02#,%A/"1"%$"%-(
4(-(8*(%"*2#C23,%{4(#/51,%$"#"2<{%M(.8/&1%I34/$2,%@/;2%$"%Q"13#,%"1'3"1)*(%#3%2*/0"1
"1%"#)(%*(:9%'34C,%'34"*"%?3"%?3/"*"%$"'/*%{$"#"(*<{%=$".+#,%-(%4(-(8*(%"(*2#,%2%)(.8/&1
"*"*2#%#/01/6/'(%{-(%.(T(1(,%-(%4*/.(A"*(%>%-(%#(A/({%
WXaY P(-(8*(H%-(%4(-(8*(%"#%A/$(H%-2%"74*"#(.2#%'3(1$2%$"'/.2#%#/12%@(8-2%."%.3"*2,%#/
12%$/02%"#)2%*"A/"1)2,%@(8-(*%"#%(3)2(6/*.(*#"<%!"'/*%"#)(%82'(%"#%.:(%(31?3"%"#)2
/.4-/?3"%*/"#02#<%B(>%31(%6*(')3*(%#2'/(-%"1)*"%-(%4(-(8*(%>%-(%"#'*/)3*(<%\(%"#'*/)3*(
42*%"#)(*%-/0($(%(%-(%.(12%?3"$(%63"*(%$"-%(4(*()2%6('/(-%$"%-(%621&)/'(%42*?3"%"-%'3"*C
42%12%43"$"%/1'/$/*%#28*"%"--(%$"-%./#.2%.2$2%?3"%-(%4(-(8*(<
<;<
WXlY%P"*#21(H%\(%"74*"#/51%N4"*#21(N,%"1%R2.(,%#"%3)/-/95%"1%"-%"1)2*12%;3*:$/'2%>%42-:)/'2C
#2'/(-%4(*(%$(*-"%%31(%'2112)('/51%"#4"'/(-,%$/#)/103/$(<%P"*#21(%#"%*"-('/21(%'21%%4"*
#"%#21(1#,%4(*(%#"T(-(*%(%?3/"1"#%@(8-(1%42*%#:%./#.2#,%'21%A29%4*24/(,%4(*(%#"T(-(*
(%-2#%$3"T2#%$"%$")"*./1($2#%$"*"'@2#,%'2.2%-(%"./#/51%$"-%A2)2H%@"'@2%42$"*2#(C
."1)"%#/01/6/'()/A2%42*?3"%(."*/)(8(%-(%4(*)/'/4('/51%(')/A(%"1%-(%A/$(%4G8-/'(%2%"1
-(%0"#)/51%$"-%8/"1%'2.G1%>,%'21%"--2,%-(%()*/83'/51%;"*+*?3/'(%$"%%@2.8*"%-/8*"<
P2*%"#2,%31(%A"9%?3"%-(%N'21$/'/51%4"*#21(-N%$"%"#)2#%*(#02#%$"%-(%@3.(1/$($%#"%(6/*C
.(*21%)"5*/'(."1)"%>%63"*21%'2-"')/A/9($2#%#/1%$/#'3#/51,%-(#%26"1#(#%'21)*(%-(%4"*C
#21(,%(31?3"%#"%'21)/1G"1%'2.")/"1$2%'2>31)3*(-."1)"%'21%31%%#/#)".(%.+#%'*3"-,
/1'-"."1)"%>%A/2-"1)2%2%.+#%)31(1)",%4&*6/$2,%#3)/-%>%#26/#)/'($2,%4*2A2'(1%31%*"'@(C
92%)(-%?3"%?3/"1"#%-2%"#0*/."1,%"16*"1)(1%"#)(#%#/)3('/21"#%'21%(*03."1)2#%.3>%42'2
'21A/1'"1)"#,%2%'21%"-%"1'38*/./"1)2%$"%?3"%"#(#%%A/2-('/21"#%"#)+1%)"1/"1$2%-30(*<
\(% ;3*/#4*3$"1'/(% *2.(1(% '21% "#)(% "131'/('/51% "7421"% 31(% '-(*(% '21)*(42#/'/51
"1)*"%'2#(#,%>%4"*#21(#,%>,%$"#$"%"#)"%431)2%$"%A/#)(,%)2$2%@2.8*"%"#%4"*#21(<%P"*2%$"
62*.(%.3>%*"A"-($2*(,%"#)"%A2'(8-2%#"%*"#"*A(%4(*(%$"#/01(*%(%-2#%'/3$($(12#%?3"%"1
#"1)/$2%*/03*2#2%#21%N4"*#21(#%#3/%;3*/#N,%2%#"(%4"*#21(#%42*%$"*"'@2%4*24/2J%./"1)*(#
?3"%@2.8*"%[email protected]%#"%3)/-/9(%4(*(%A/1'3-(*%(%-2#%"#'-(A2#H%@2.8*"#%>%.3;"*"#%"1%#"1C
)/$2%.+#%8/"1%8/2-50/'2,%4"*2%12%4"*#21(#%42*%#:%./#.(#,%#/12%42*%"-%*2-%?3"%('"1)G(
-(#%$/6"*"1'/(#%'21%-2#%(3)&1)/'2#%'/3$($(12#%3%@2.8*"#%-/8*"#<
E%(31?3"%12%#"(.2#%'21#'/"1)"#%$"-%(-'(1'"%>%$"%-2#%631$(."1)2#% *"(-"#%$"%#"."C
;(1)"%A2'(8-2,%-(%/$"(%13'-"(*%>%8+#/'(%(%-(%?3"%(431)(%-(%$"12./1('/51%$"%N4"*#21(N
#"%*"6/"*"%(%-(%0*(1$"9(%2%.(;"#)($%$"%$")"*./1($2#%#"*"#J%(% -2%?3"%$"#$"%"1)21'"#
$"12./1(.2#%$/01/$($,%>%"#)(%$"12./1('/51%)/"1"%?3"%A"*%'21%-(%'21$/'/51%4"*#2C
1(-%?3"%"1)*(T(%31(%"7'"-"1'/(%"1%"-%28*(*H%N-(%-/8"*)($N,%>(%?3",%#"0G1%-(%"74*"#/51
/1.".2*/(-%N"-%28*(*%#/03"%(-%#"*,%>%"-%.2$2%$"%28*(*%(-%.2$2%$"%#"*N<%O#(%#38-/./$($
"1%"-%28*(*%#/01/6/'(%?3"%)2$(#%-(#%4"*#21(#%#21%-/8*"#%>%$3"T(#%$"%#3%4*24/2%'2.42*C
)(./"1)2,%>%?3"%"#(%'(4('/$($%4(*(%28*(*%-/8*"."1)",%"1)*(T(%-(%42#/8/-/$($%$"%"-"'C
'/51%>% -(% '21#"'3"1)"%28-/0('/51%$"%(3)2C4"*6"''/21(*#"%@(#)(%31%1/A"-% /.4"1#(8-"
4(*(%?3/"1"#%N12%#21%4"*#21(#N<%
W[bY S".()*:(%"#%31%.&)2$2,%"#%31(%.")()"#/#J%(-)"*1('/51%$"-%2*$"1%$"%-(#%-")*(#%"1%31(
4(-(8*(<%O#)(%8(#($(%"1%-2#%*"-()/A2#%A(-2*"#%13.&*/'2#%$"%-(#%4(-(8*(#<%\(#%4(-(8*(#
$"%31%A(-2*% #/./-(*% #21%(4-/'($(#%4(*(%"74-/'(*%2)*(#J% "#%"7)"1#/8-"%(% -(#% 6*(#"#<%P2*
";".4-2,%"-%A(-2*%13."*/'2%$"%-(%-")*(%D@/1,%D@,%"#%^bb%>%"#%"-%"?3/A(-"1)"%$"%-(%#3.(
$"%-2#%A(-2*"#%13."*/'2#%$"%-(#%-")*(#%$"%-(#%4(-(8*(#%RQI@%=\BpV,%R3('@%O-2@/.,
"-%O#4/*/)3%$"%O-2@/.,%#/"1$2%42*%-2%)(1)2%31%#/.82-2%$"-%O#4/*/)3%$"%O-2@/.<!"%-(
./#.(%.(1"*(%"-%12.8*"%$"-%(10"-%VMMRQF,%V")()*21%>%"-%12.8*"%$"%-(%!"/$($
D@!p,%D@($$(/,%(.82#%#3.(1%^Xj<%P2*%-2%)(1)2,%312%#"%)2.(%'2.2%#/.82-2%$"-%2)*2<
<;%
O-%(10"-%V")()*21%@(8/(%$"%#"*%"-%'21$3')2*%$"%-2#%@/;2#%$"%p#*("-%(%)*(A"#%$"-%$"#/"*C
)2,%>%$"%"-%!/2#%$/;2H%NV/%12.8*"%"#)(%"1%"-N<%B(--(.2#%2)*2%";".4-2%"1%-(%6*(#"%$"-
S"1"#/#% sQppp,[,% QBFB% D@\D@,% Q"@"11(% D@(-/#@(,% NE% "*(1% )*"#% @2.8*"#N,% )/"1"
/03(-% A(-2*% 13."*/'2% ?3"% =\Q% Vpg=\% StRp=\% QRP=\,% O-2% V/h("-% S(8*/"-% Q"C
R(4@("-,%NO#)2#%"*(1%V/03"-,%S(8*/"-%>%R(6("-NJ%'($(%6*(#"%#3.(%obX<
W[XY p#24"6#/(H%4"*)"1"'/"1)"%(%-(%13."*2-20:(<%O#%-(%'21A"*#/51%$"%-")*(#%"1%1G."*2,%O-
0*(1%12.8*"%$"%!/2#%"1%#3%$"#4-/"03"%'*"($2*%"#%=$+1,%(#/%-2%"74-/'(1%-2#%'(8(-/#)(#,
8(#+1$2#"%"1%31(%03".()*/(%2%/#24#"6/(<
W[[Y ./#20/1/(H%=A"*#/51%2%*"'@(92%@('/(%-(#%.3;"*"#H
W[^Y /**"$"1)(H%4"'($2*(%12%*"$/./$(<%]1%)"**/)2*/2%*"'-(.($2%'2.2%4*24/2%8(#($2%"1%-(
(*03."1)('/51%$"%?3"%"--2#%@(1%'*"($2%"#)(%%'3-)3*(<
W[jY \"103(;"H%B(%@(8/$2%$2#%-"103(;"#%$/6"*"1)"#%312%"#%"-%$"%-(%(3$/'/51%-/0($2%(%-(%"A2C
-3'/51%$"%-2#%)"**/)2*/2#%'22*$/1($2*"#%$"%-2#%#21/$2#%>%"-%2)*2%"-%$"%-(%A/#/51%-/0($2
(-%'22*$/1(./"1)2%$"%-2#%0"#)2#,%)*($3'/$2#%"1%#:.82-2#%.()"*/(-/9($2#%0*+6/'(."1)"
<\(% *"-('/51%2*/0/1(*/(% '21% "-% -"103(;"% 2*(-% $"% -(% "#'*/)3*(%"#% "1% .3'@2#% *"#4"')2#
2#'3*(,%"-%/$"20*(.(%)*(1#'*/8"%31%0"#)2%?3"%"#%"1%#:%./#.2%"-%#/012%$"%31(%(''/51
4"*2%)(.8/&1%42*?3"%"#%"A/$"1)"%?3"%-(%"#'*/)3*(%@(%)"1/$2%2%)/"1"%2)*(#%631'/21"#
'2.31/'()/A(#<%O-%4*/."*%-"103(;"%$"%-(%@3.(1/$($%63"%31%-"103(;"%$"%0"#)2#<%B('"
.(#%$"%^_<bbb%(T2#%4"*:2$2%.3#)"*/"1#"%#/"1$2%>(%'21A"1'/21(-%-2%"1'21)*(*:(.2#
"1%-2#%/$"20*(.(#,%"1%-(%)*(1#'*/4'/51%0*+6/'(%$"%-2%?3"%(G1%#/1%4(-(8*(#%"*(%31%'5$/C
02%N"-%0"#)2%#2'/(-N-(%(1)*242-20:(%12#%@(%*"A"-($2%"-%4*"0*(6/#.2%$"%-(#%'(A"*1(#%2*0(C
1/9($(%"1%6/03*(#%$"%.(1"*(%*($/(1)"%#".";(1)"%(%-(#%6(;(#%$/83;($(#%?3"%*"#421$:(1
(%31%'21)"7)2%2*(-% >% "1% )/".42#%.3>% *".2)2#%"7/#):(% 31% -"103(;"%(*)/'3-($2%2% #"(
6('/(-%4*/."*2%"1%62*.(%$"%'-/'#<%M*(1#62*.+1$2#"%%-3"02%"1%31(%$/A/#/51%$"%"#2#%'-/'#
'21%-(%62*.(%$"%0*342%$"%'21#21(1)"#,%>(%?3"%"1%31(%4*/."*(%&42'(%-(#%A2'(-"#%"*(1
)(421"#%1"3)*2#%#/1%#"--2<%\(%4*2.2'/51%$"%-(%A2'(-%(-%-"103(;"%>%-(%(4(*/'/51%$"%-(
"#'*/)3*(%#"%$"#(**2--5%"1)*"%-(%"*(%$"%-2#%0"#)2#%>%-(%$"%-2#%'-/'#%"-%-"103(;"%2*(-%"#%42#C
)"*/2*<%O-%0*(6/#.2%'2./"19(%"1)21'"#%'21%-(%(8#)*(''/51%(-%#"*%.(1/6"#)('/21"#% *:)C
./'(#%)(-%A"9%$"%)/42%.+0/'2,%-2#%0*(6/#.2#%#21%-:1"(#,%)*(92#%0*(8($2#%#28*"%@3"#2%2
4/"$*(%4"?3"T(#%/1'/#/21"#%"?3/$/#)(1)"#<%O1%"#)2#%./)2#%$"-%2*/0"1%)2$2%2*/0"1%"#
.:)/'2%"-%2*/0"1%"#%"-%./)2%./#.2%>%"#)+1%4*"#"1)"#%$2#%)"1$"1'/(#%"-%0"#)2%>%"-%/$"2C
0*(.(%'2.2%#/%"7/#)/"*(1%$2#%'3"*42#%312%6")/'@/#)(%?3"%*"'2*)(%"-%0"#)2%>%-(%6/03*(%>
"-%2)*2%.(#%42#"#/A2%?3"%/.4*/."%(%-(%4/"$*(%"-%*/).2%43*2%$"-%)*(92%*"4")/$2%WA/1'3C
-2%2*/0/1(*/2%$"%-2%6/03*()/A2%2%(8#)*(')2<W`('?3"#%A(1%S/11"h"1Y%O1%-2#%*/)2#%*"-/0/2C
#2#%$"%-(%I@/1(%(1)/03(%-(%4(-(8*(%#"*A:(%4(*(%$/*/0/*#"%(%-(#%$/A/1/$($"#%$"-%.31$2
A/#/8-"%(%-2#%(1)"4(#($2#%$/2#"#%(%-2#%$".21/2#%8"1&6/'2#%>%"-%-"103(;"%"#'*/)2%#"*A/(
4(*(%$/*/0/*#"%%(-(#%42)"1'/(#%431/)/A(#%>%A"10($2*(#%$"-%#38.31$2<%O1%-(%p1$/(%"1
<;,
'(.8/2%"#%-(%-"103(%2*(-%-(%?3"%(#3."%)2$(%-(%"74*"#/51%*"-/0/2#(%>%'3-)3*(-%"1%-(#%65*C
.3-(#%A&$/'(#%'3(1$2%#"%-(#%$"#"(8(%"#'*/8/*%)"1:(1%?3"%4*2131'/(*#"%#"0G1%#3%4*2C
131'/('/51%*"(-%>%"7(')(%42*?3"%-(%4*2131'/('/51%)"1:(%"#4"'/(-%/.42*)(1'/(%"1%-2#
4*2'"#2#%$"%8*3;"*:(<%E%42*%2)*2%-($2%"-%#(8"*%4(*($2;(-."1)"%'21%13"#)*2#%$:(#%12
"#)(%-/0($2%(%-(%"#'*/)3*(%#"%-2%6/;(8(%'21%0*(1$"#%"#63"*92#%$"%.".2*/(%>%#"%-2%)*(1#C
./):(%A"*8(-."1)"<%O#%$"'/*%?3"%-2#%(1(-6(8")2#%12%'(*"':(1%$"%/1#)*3''/51<
I(4/)3-2%ppp%R"'34"*(1$2%13"#)*(%@/#)2*/(
WXY p1)"--/0"1)#/(H%\(%/1)"--/0"1)#/(%W$"-%\():1H%/1)"--/0"1)/(Y%"#%31(%'-(#"%#2'/(-%'2.43"#)(
42*%4"*#21(#%/1A2-3'*($(#%"1%'2.4-";(#%(')/A/$($"#%."1)(-"#%>%'*"()/A(#%2*/"1)($(#%(-
$"#(**2--2%>%-(%$/#"./1('/51%$"%-(%'3-)3*(,%/1'-3>"1$2%/1)"-"')3(-"#%>%0*342#%#2'/(-"#
'"*'(12#%(%"--2#<%O-%)&*./12%@(%#/$2%)2.($2%2%8/"1%$"-%*3#2,%31(%)*(1#-/)"*('/51%$"
<<<<%WN/1)"--/03"1)#/>(NY%2%8/"1%$"-%42-('2<%\2#%$2#%$"*/A(*21%"1%4*/1'/4/2%$"%-(%4(-(8*(
6*(1'"#(%N/1)"--/0"1'"N<%=-%'2./"192,%"-%)&*./12%#"%(4-/'5%"1%"-%'21)"7)2%$"%P2-21/(,
R3#/(%>%.+#%)(*$",%-(%]1/51%D2A/&)/'(,%>%)3A2%31%#/01/6/'($2%.+#%"#)*"'@2%8(#($2%"1
-(%(3)2$"6/1/'/51%$"%31(%'/"*)(%'()"02*:(%$"%/1)"-"')3(-"#<%\(%12'/51%$"%31(%"-/)"%/1)"C
-"')3(-%'2.2%31%"#)*()2%#2'/(-%$/#)/103/$2%)/"1"%2*:0"1"#% -";(12#%"1%-(%@/#)2*/(<%P2*
";".4-2,%-2#%*">"#%6/-5#262#%>%-2#%03(*$/(1"#%$"%-(%R"4G8-/'(%$"%P-()51%>%-2#%.21;"#%$"
-(%O3*24(%V"$/"A(-,%?3/"1"#%(@2*(%#21%A/#)2#%'2.2%'3#)2$/2#%$"%-(%@/#)2*/(%>%-(%'3-C
)3*(<%v/h/4"$/(<2*0<%
W[Y D()/H%O1%-(%./)2-20:(%@/1$G,%D()/%"#%"-%12.8*"%$($2%(%-(%.3;"*%$"%D/A(%2%D@/A(,%@/;(
$"%!(h'@(,%-(%'3(-%#"%(**2;5%(-%63"02%'3(1$2%D/A(%63"%/1#3-)($2%42*%#3%#3"0*2<%P*+')/'(
A2-31)(*/(<%O-%(')2%$"%#()/%)"1:(%-30(*%A2-31)(*/(."1)"%>%42*%-2#%)"#)/02#%#(8".2#%?3"
-(%.(>2*:(%$"%-2#%'(#2#%"*(1%*"(-."1)"%A2-31)(*/2#<%V2$"*1(."1)"%#"%$"8()"%#/%-(%4*"C
#/51%#2'/(-%42$*:(%@('"*%-(%/1.2-('/51%'2.2%28-/0()2*/(<%E(%?3"%4(*(%31(%A/3$(%#/1
@/;2#,%#3%A/$(%'(*"':(%$"%/1'"1)/A2<%O1%(-0G1%'(#2%42*%"-%'21)*(*/2,%"-%$"#"2%$"%31(
A/3$(%$"%/1.2-(*#"%"*(%"A/)($2%42*%#3#%4(*/"1)"#<%I2.2%-(%/1'/1"*('/51%$"-%$/631)2
2'3**:(%(-%$:(%#/03/"1)"%$"%-(%.3"*)",%-(%$"'/#/51%$"%-(%A/3$(%$"8:(%#"*%)2.($(%*+4/C
$(."1)"<%\2#%)"#)/.21/2#%*"-()(1%$/A"*#2#%.2$2#%$"%('2.")"*%#()/<%S"1"*(-."1)"%-(
A/3$(% #"% #"1)(8(%2% #"%42#)*(8(%(-% -($2%$"-%$/631)2<% B(>%2'(#/21"#%"1% ?3"% -(% A/3$(
'(./1(8(%2%#(-)(8(%'3(1$2%-(%4/*(%"#)(8(%>(%/1/'/($(%2% /1'-3#2%@(>%'(#2#%"1%?3"%-(
A/3$(%4*"1$:(%"--(%./#.(%"-%63"02%P*+')/'(%28-/0()2*/(%B(>%)"#)/.21/2#%$"%'(#2#%"1
?3"% -(%A/3$(%"*(%62*9($(%(% #3%.3"*)"<%=#:%@(>%*"4*"#"1)('/21"#%0*+6/'(#%$"%.3;"*"#
()($(#%"1%-(%4/*(%(4(0($(<%B(>%A"*#/21"#%"1%-(#%?3"%#"%'3"1)(%?3"%-(%A/3$(%"#)(8(%$*2C
0($(<%B(>%'(#2#%$"%@2.8*"#%?3"%'21%4(-2#%/.4"$:(1%?3"%-(%A/3$(%/1)"1)(*(%@3/*%$"
-(#%--(.(#<%=')3(-/$($%%=31?3"%.3>%"#'(#2#,%(G1%2'3**"1%'(#2#%'2.2%"-%$"%"#(%A/3$(
?3"%#"%(**2;5%(%-(%4/*(%"1%?3"%#"%'*".(8(%#3%$/631)2%.(*/$2%"-%[X%$"%(02#)2%$"%[bbn
<;-
"1%"-%$/#)*/)2%$"%D(0(*,%V($@>(%P*($"#@,%"1%p1$/(<%O#)"%12.8*",%?3"%#/01/6/'(%N4/($2C
#(N,% #"% (4-/'(8(% (% )2$(#% -(#% A/3$(#% ?3"% .2*:(1% (8*(#($(#% "1% -(% 4/*(% $"% #3% .(*/$2<
v/h/4"$/(<2*0
I(4/)3-2%pQ
WXY% V")(%43-#/21(-%2*/0/1(-H%O-%4*2)2)/42%$"-%(03(%"#%"-%*"#3-)($2%$"%31(%*('/21(-/9('/51
?3"%#"%8(#(%"1%-(%*"4*"#/51,%>%'21%"--(%#"%'*"5%-(%4*/."*%'21$/'/51%$"%*/?3"9(%#2'/(-<
O1%-(%62*.(%$"-%.(*,%"-%(03(%"*(%#/.4-"."1)"%"-%"-"."1)2%6"'31$($2*%>%0"1"*($2*J%>
-(%#(-%63"%'21#/$"*($(%42*%-2#%43"8-2#,%$"#$"%)/".42#%.3>%(1)/032#,%"1'(*1('/51%$"-
.(*<%O1%0*/"02,%-(%4(-(8*(%@(-#%#/01/6/'(%(-%./#.2%)/".42%#(-%>%.(*<%I21#/$"*(1$2%?3"
"1)*"%-2#%#"*"#%?3"%43"8-(1%"-%.(*%-(%$"#'"1$"1'/(%#"%'3"1)(%42*%./-"#%>%'/"1)2#%$"
./-"#%"#)(%(831$(1'/(%#"%()*/83>5%(%-(%#(-<%D"%'21)(8(%?3"%"1%-(%'*:(%$"%4"**2#%-(%(831C
$(1'/(%$"%#(-%(3."1)(8(%-(%$"#'"1$"1'/(,%>%?3"%"-%1G."*2%$"%-2#%*()21"#%#"%@(':(%>(
)(1%/1'(-'3-(8-"%"1%-2#%8(*'2#%?3"%--"A(8(1%#(-%42*?3"%#"%@(8:(%--"0($2%(%'*""*%"1%-(
/$"(%$"%?3"%-(#%*()21(#%42$:(1%4(*/*%*()21'/)2#%#/1%/1)"*A"1'/51%$"%31%"-"."1)2%.(#C
'3-/12<%=#:%#"%--"05%(-%'21A"1'/./"1)2%$"%?3"%-(%#(-%>%"-%(.2*%6:#/'2%$"8:(1%)"1"*%31(
*"-('/51%"#)*"'@(,%>%-(%#(-%#"%'21A/*)/5%"1%#:.82-2%$"%-(%4*2'*"('/51<%O--(%'2**282*(8(
-2#%4(')2#%"1)*"%4"*#21(#,%-(#%.(1)"1:(%31/$(#%>%*"62*9(8(%31%42$"*%?3"%-(#%4*2)"0:(
$"%-2#%4"-/0*2#%?3"%-(#%(."1(9(8(1%42*%4(*)"%$"%-(%1()3*(-"9(<%%O1%-(#%82$(#,%-(%#(-%$"#C
".4"T(8(%"-%4(4"-%$"-%4*"'/2%$"%-(%12A/(,%4*2)"0:(%"-%.()*/.21/2%>%-(%42)"1'/(%A/*/-<
E%($".+#%'*"(8(%-(%(-/(19(%>%"*(%4(*)"%$"%-(%'2./$(%'2.G1%#('*/6/'/(-<%P"*2%)(.8/&1
"*(%/1$/#4"1#(8-"%"1%-2#%*/)2#%$"%"1)/"**2%>%"1%"-%".8(-#(.(./"1)2%$"%-2#%'($+A"*"#J
4*2)"0:(%$"% )2$2%.(-,% /1'-3#2%$"% -(#%1"'"#/$($"#% #"73(-"#%$/*"')(#%*"4*/./$(#%"1% -(
'2-"')/A/$($,%(#:% '2.2%$"% -(%1()3*(-"9(% )/*(1(% ?3"%(."1(9(8(% -(% '21)/13/$($%$"% -(
'2-"')/A/$($%>%-(#%1"'"#/$($"#%#"73(-"#%/1."$/()(#%>%*"4*/./$(#<%U'(#/21(-."1)",%"*(
"1'(*1('/51%$"%-2#%$"#"2#%/1#)/1)/A2#%/1."$/()2#%#('*/6/'($2#%"1%31/51%$"%-(%./#.(
43-#/51%*"4*/./$(,%>%'3(1$2%-2#%#('"*$2)"#%A/A:(1%"1%'"-/8()2%)"1:(1%?3"%(8#)"1"*#"
$"%-(%#(-<%
O1'(*1(1$2%"#)(%"'212.:(,%"--(%('2.4(T(8(%"-%$"#(**2--2%$"%-(%#2'/"$($%>%12%#5-2
"*(%*"?3/#/)2%$"-%#('*/6/'/2%#/12%#/.3-)+1"(."1)"%28;")2%$"%-(%62*.(%*"-/0/2#(,%"#4/*/C
)3(-%#"'3-(*/9($(%$"-%./#.2,%"1%'(-/$($%$"%."$/2%$"%/1)"*'(.8/2<%E%(#:%)3A2%-30(*%-(
631'/51%$/1"*(*/(%?3"%V(*7%>%D./)@%#"T(-(1%'21%-(%3)/-/$($%$"%?3"%-(%#(-%12%#5-2%'21C
$/."1)(% "-% (-/."1)2,% )(.8/&1% '21)*/83>"% (% "#)(8/-/9(*% 31(% 2*0(1/9('/51% "$/6/'($(
#28*"%-(%*"4*"#/51%>%-(%$"#)*3''/51<%=%-2#%#2-$($2#%*2.(12#%#"%-"#%4(0(8(%'21%#(-<%E
#(-(*/3.%"#%-(%*(:9%-(%4(-(8*(%/)(-/(1(%#2-$/%)2$(A:(%".4-"($(,%D(-(*<%\(#%.21"$(#%$"
#(-%(831$(8(1%"1%.3'@2#%43"8-2#%>%4(:#"#,%>% -(#%.+#%'212'/$(#%#21%-(#%$"%=102-(,
t"1/1,%t2*13,%"-%I2102,%F/0"*/(,%R2$"#/(,%D/"**(%\"21(%>%2)*2#%4(:#"#%(6*/'(12#<%P"*2
<;1
#28*"% )2$2% "1% O)/24:(% #"% ".4-"(8(1% '2.2% ."$/2% '2."*'/(-% $"% 4(02,% 4*"'/2% $"% -(
12A/(<%\(%-31(%*"4*"#"1)(%"1%.3'@(#%'3-)3*(#%"-%#"72%6"."1/12%*"4*/./$2,%>%#/.82-/C
9(%"-%#"72%6"."1/12%#2'/(-/9($2%'3(1$2%"1%-2#%'3-)2#%#"%421"%"1%*"-('/51%'21%-(#%4*/C
."*(#%62*.(#%$"%-(%"A2-3'/51%$"-%$/1"*2<%E%#3%#/01/6/'($2%#/.85-/'2%"#%)(.8/&1%(.8/C
A(-"1)"%>%"74*"#(%31(%*"-('/51%42*%31%-($2%"1%*"".4-(92%$"%-2%*"4*/./$2,%>%42*%2)*2
*"'3"*$(%-(#%43-#/21"#%*"4*/./$(#%(%-(#%?3"%$"8"%13"#)*(%(')3(-%'3-)3*(%)2$(%4*2$3'C
)/A/$($<%\(%4*2$3')/A/$($% #"73(-%"1'(*1($(%42*%-(%-31(%"#% -(%N."$/$(N%$"%-(#% '2#(#<
V"#,%."1#/#,%."#3*(,%."$/$(%>% -31(%#21%31(%./#.(%'2#(<%D"%)*()(%$"%31(%4(-(8*(
(1)/?3:#/.(% ?3"% *"4*"#"1)(% ."1#3*(8/-/$($<%P2*%"#2% -(% #(10*"% -2?3/(-%$"-%(-3.8*(C
./"1)2%"#)/-/9($(%"1%4*/1'/4/2%#2'/(-,%$/2%-(%8(#"%4(*(%"-%"#?3".(%$"%-(%*"4*2$3''/51
#2'/(-%31/A"*#(-<%M2.($(%$"%-(%1()3*(-"9(,%"#)+%"1%"-%4*/."*%4-(12%$"%-(%#/01/6/'('/51
#/.85-/'(%$"-%42-A2%$"%2'*"%*2;2%>%"1%(-".+1,%V21()%N."#N%#"%$"*/A(%$"%V21$%N-31(N<
=--:%$21$"% #"%@(--(%2%@(--(8(%"-%".4-"2%$"% -(% #(-%'2.2%."$/2%$"%4(02,%#"T(-(%31(
"#)*3')3*(%-/8/$/1(-%8(#($(%"1%-(%*"4*"#/51%'2.2%631$(."1)2%$"%-(#%*"-('/21"#%#2'/(C
-"#%$"% *"4*2$3''/51<%I21'@(#%>% '(*('2-(#% #21% -(%.+#%(1)/03(%62*.(%4*"'3*#2*(%$"-
$/1"*2%"1%)2$2%"-%.31$2,%>%'2.2%)(-"#%"1'(*1(1%-(#%62*.(#%"-"."1)(-"#%$"%2*0(1/9(C
'/51%$"%-(%*"-('/51%#2'/(-%'21%-(%1()3*(-"9(<%D21,%'2.2%$/'"%D"-/0.(11,%#:.82-2#%$"
-(#%4(*)"#%43$"1$(#%6"."1/1(#%>%*"'3"*$(1%'21%"--2%31(%62*.(%$"%(#2'/('/51%@3.(C
1(%'21%*"-('/21"#%$"%4*2$3''/51%?3"%)2.(1%42*%8(#"%-(%'(4('/$($%$"%)"1"*%@/;2#%$"
-(%.3;"*,%>%#28*"%"--(%@(%#/$2%'*"($2%31%#/#)".(%$"%*"4*2$3''/51%#2'/(-%8(#($2%"1%-(
*"4*"#/51%>%"-%#2;390(./"1)2%$"-%#"72%6"."1/12<%O-%4-('"*%"#%*"4*/./$2%42*%-(%*('/2C
1(-/9('/51%$"%-(%6"'31$/$($<%O-%#"72%6"."1/12%"#%*"4*/./$2%(-%431)2%?3"%NP-(3)2%>
D26*21/2%--(.(1%$/*"')(."1)"%(-%#"72%6"."1/12%'21'@(%2%h20'@"<%t(#($(%"1%-(%*"4*"C
#/51%$"-%#"72%6"."1/12,%#"%631$(%31%'2.4-";2%8+#/'2%$"%62*.(#%$"%2*0(1/9('/51%#2'/(-
?3"%()(T"%(%13"#)*(%'3-)3*(<
<;2
L*!/*+0)(M*($)@7+'@46(6(#
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̀47*R$S6*7*+4@?$a)(4+RL&@4+T$URO$S/$'*5+$6@$/($7&/5&)(R$.)@4?($3!b)*7(RF('H!@//$X+?@HIO$Q(?$'[?7()(?$6@$6*+?R$C*5+/+0Y($H)*'*5*B(R$J/*(4Z(RF(?5+)*(6*?$F+)4@/*&?O$D*0&)(?$6@$/+$H@4?(!/@R$F[5@6)(RF(55*(&A$$Q&*?O$S/$C@4?(E@$G@@47+45)(6+T$S6*5+)*(/$"*)*+RF+55@)@//$J)5I&)O$]*77*+4()*+$6@$'*5+/+0Y($&4*B@)?(/R$J)*@/RF)&Z$Q&*?$URO$S/$)@0)@?+$6@$/($]*+?(R$JW+$F@)+RF&/*(4+T$3R$.RO$C[?$(//[$6@$@?5@$'&46+R$.()(Y?+?T$H&)0(5+)*+?$@$*4M*@)4+?#$&4$B*(E@$($5)(Bb?$6@$/(?7&/5&)(?$)@/*0*+?(?R$S6*5+)*(/$.(*68?RF&?(T$K*7+/[?O$Q($6+75($*04+)(47*(T$P)!*?R]@))*6(T$X(7c&@?O$.+/Y5*7(?$6@$/($('*?5(6T$V$S?H@75)+?$6@$C()A$d)+55(R]+6?O$Q+?$0)*@0+?$V$/+$*))(7*+4(/T$S6*5+)*(/$J/*(4Z(RS77+$>&'!@)5+R$Q($@?5)&75&)($J&?@45@R$S6*5+)*(/$Q&'@4RS/*(6@$C*)7@(O$Q+$?(0)(6+$V$/+$H)+M(4+R$S6*5+)*(/$Q(!+)RS/*(6@$C*)7@(O$]*77*+4()*+$6@$/(?$)@/*0*+4@?T$.(*68?RS?7&6@)+T$3RO$Q+?$0b)'@4@?$6@$/($H&)@Z(T$J)7I*H*b/(0+T$4e$,,T$SB(4?$J)5I&)O$dI@$.(/(7@$+M$C*4+?$(5$f4+??+?R$D)(Z@)$X('@?$U@+)0@O$Q($)('($6+)(6(T$D+46+$6@$F&/5&)($S7+48'*7(T$Cb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
<;9
>*))?7I'(4T$JR$PRO$345@)b?$H)*B(6+$V$(77*84$Hg!/*7(R$D+46+$6@$F&/5&)($S7+48'*7(R>+)?5$f&)4*5Z\VO$Q($@?5)&75&)($/*!*6*4(/$6@/$6*4@)+TR$%h$@6RT$"*0/+$ii3R>+&@//@!@7c$ C*7I@/O$ SA5@4?*84$ 6@/$ 7('H+$ 6@$ !(5(//($ +$ .()5Y7&/(?$ @/@'@45(/@?R$ S6*5+)*(/J4(0)('(R>&0&@5$F()'@4$U+4Z(/@ZO$.(/(!)($6@$6*+?(R$.(/(!)($B*)5&(/RX+?b$P)5@0($V$U(??@5O$a4($*45@)H)@5(7*84$6@$/($I*?5+)*($&4*B@)?(/T$i3Rf()/I@*4Z$]@?7I4@)O$>*?5+)*($"@A&(/$6@/$F)*?5*(4*?'+R$S6*5+)*(/$j(/6@RQ(7(4T$XRO$S/$?@'*4()*+T$<9R$S/$)@B@)?+$6@/$H?*7+(4[/*?*?T$S6*5+)*(/$.(*68?RQbB*_"5)(&?O$S/$5+5@'*?'+$@4$/($(75&(/*6(6R$D+46+$]@$F&/5&)($S7+4+'*7($QbB*_"5)(&??O$S/$H@4?('*@45+$?(/B(E@R$$J)5Y7&/+$G@7+H*/(6+$6@$/($)@B*?5($@/@75)84*7($Q(!@/kD)(47@RK+R$%,R$Q&H5+4$>R$V$J!!+55$C*//@)T$XRO$Q($I*0*@4@T$/($7+7*4($V$@/$'&46+$6@$/+?$H)+6&75+?$7+'@)7*(/@?$@4/+?$S?5(6+?$a4*6+?$6@$H)*47*H*+?$6@$?*0/+R$F[5@6)(RC()5*4$Q&*?$URO$Q($'&@)5@$6@$d(6Z*+T$J/M(0&()(T$C(6)*6$%===RC(5&)(4($>&'!@)5+O$S/$?@45*6+$6@$/+$I&'(4+T$S6*5+)*(/$>(7I@55@RC(5&)(4($>&'!@)5+O$D&46('@45+?$P/B*6(6+?$6@$/+$>&'(4+T$S*5+)*(/$34?5*5&5+RC(5&)(4(T$>&'!@)5+O$d)(4?M+)'(7*84$@4$/($7+4B*B@47*(T$]+/'@4$S6*7*+4@?RC(V)$D)(4Z$f()/O$Q($'*5+/+0Y($+77*6@45(/T$J45I)+H+?RC7$Q@44(4O$S4?(V+$5*5&/(6+$.)*'*5*B@$C())*(0@C@)/*4$"5+4@O$F&(46+$]*+?$@)($C&E@)R$dI@$]*(/$.)@??RC*'*$Q+!@//O$$S4?(V+?$.)@?@45(6+?$(45@$@/$F+40)@?+$J)c&@+/80*+$C&46*(/T$?@77*84$?+!)@$l>*?5+)*(6@$/($.)@$V$.)+5+_>*?5+)*($J)c&@+/80*7(RP)5*Z_P?b?$J46)b?RO$Q($]*+?($C(6)@R$345@)H)@5(7*84$6@?6@$/($'*5+/+0Y($B(?7(R$S6*5+)*(/$d)+55(RP?I+R$S/$/*!)+$6@$/($'&E@)R$S6*5+)*(/$6@$L+/?*//+.b)@Z_>*5(T$DR$O$Q($*4'(7&/(6($'@)7(47Y($6@$/(?$'&E@)@?T$J)7I*H*b/(0+T$4e$,,.@??+(T$DRO$Q($I+)($6@/$6*(!/+R$S6*5+)*(/$J7(45*/(6+R./(584O$Q($G@Hg!/*7(R$F+/@77*84$lK&@?5)+?$F/[?*7+?lR$.&//@6($"(/B(5+)@R$S/$*4M+)'@$6@$d+\()@BR$S6*5+)*(/$F@45(&)&?RG@7*+T$DRO$C&E@)$V$@?H(7*+#$@4$5+)4+$(/$('($6@$7(?(T$@4$JJ` T̀$S/$&?+$6@/$@?H(7*+$@4$/($B*6($7+5*_6*(4(R$"@'*4()*+$6@$S?5&6*+?$6@/$34?5*5&5+$6@$/($'&E@)$V$a4*B@)?*6(6$J&584+'($6@$C(6)*6RG*(4@$S*?/@)O$S/$F(/*Z$V$/($S?H(6($V$S/$./(7@)$"(0)(6+T$B+/$<$V$%$S6*5+)*(/$F&(5)+$ *̀@45+?R"(&$`*75+)*(O$]*77*+4()*+$*6@+/80*7+$M@'*4*?5(R$S6*5+)*(/$37()*(R"*/+O$]*?7&)?+$-$6@$C(V+$%==-R$.&45($6@$`(7(?R"*/+O$S/$C@4?(E@R$S6*5+)*(/$S/$>&'(4*?5(R"*/+O$SAH@)*@47*(?$U&*(6(?R$S6*5+)*(/$./(4@5("*''@/$U@+)0O$D*/+?+MY($6@/$6*4@)+T$34?5*5&5+$S?5&6*+?$.+/Y5*7+?R"*'+?T$C*)*('O$Q($](4Z($6@/$S?H*)(/$$>()H@)$(46$G+̂ R
(̀/6@))('(T$KR$V$S?7(/(45@T$FRO$]@/$d(5($C(//\&$($/($C('($.(7I(R$G*@0+T$?+7*@6(6$V$)*5+?$6@
<;:
/+?$J46@?$H@)&(4+?R$]S"FPR@̀)4(45T$XR$.RO$Q+?$+)Y0@4@?$6@/$H@4?('*@45+$0)*@0+R$S6*5+)*(/$$.(*68?R@̀)4(45T$XR$.RO$C*5+$V$)@/*0*84$@4$/($U)@7*($(45*0&(R$J)*@/R
`*0()@//+T$URO$Q+$/*'H*+$V$/+$?&7*+R$S6*5+)*(/$J/*(4Z(RN@!@)T$C(AO$Q($b5*7($H)+5@?5(45@$V$@/$@?HY)*5&$6@/$7(H*5(/*?'+R$P)!*?RN*/!@)T$fRO$J/$S?5@$6@/$S6b4R$S6*5+)*(/$f(*)8?Rj+&)7@4()T$C()0()*5(O$D&@0+?R$J/M(0&()(R
<;;