mwr infosecurity powerpoint presentation template - mwr labs
TRANSCRIPT
!"
!"#$%&'()#*(+,-.'/.0*1+
2#"'+34+56.7"8+2-4+
+
91*1:-&7.#'+;.'.%7-.1%8+<'/#-0#-&71(+
9#0=-.>"7+?+@ABB+
!!"
!"#$%&'(()'*+'(&
!"#$+#$-+>&-'1-%+%#&'()+)$**8+&))#-(.'>+&**+6&''1-+
#)+%7#-1C+$"#$+#$-+%"110+6&=+:-.'>+)#-7"+
,-./"#01"+&'(+71'+,-./"#01"+.'+#$-+%7-117%C++!"#$+
#$-+#D1'+%#&'()+%7-#'>+7#+*&:#-E+$"#$'$")*)'()+'#+
:-1&F.'>+.'8+'#-+>#.'>+#$7E+7"&7+$")*)'()+'#+
/#60*&.'.'>+.'+#$-+%7-117%4&
!!!"
G**+-.>"7%+-1%1-H1(4++!".%+:##F+.%+0-#71/71(+:=+7"1+/#0=-.>"7+*&I%+#)+7"1+
J'.71(+57&71%+#)+G61-./&4+ +!".%+:##F+6&=+'#7+:1+/#0.1(+#-+ -10-.'71(+
)#-+/#661-/.&*+>&.'+#-+0-#).74+
+
!"1+$%1+#)+%"#-7+K$#7&7.#'%+#-+#//&%.#'&*+0&>1+/#0=.'>+)#-+01-%#'&*+#-+
>-#$0+%7$(=+.%+01-6.771(+&'(+1'/#$-&>1(4++,1-6.%%.#'+/&'+:1+>-&'71(+
$0#'+-1K$1%74+++
+
G**+ .6&>1%+ &-1+ 7"1+ 0-#01-7=+ #)+ 9;<+ ,$:*.%"1-%+ &'(+ 6&=+ '#7+ :1+
-10-#($/1(+.'+0&-7+#-+.'+I"#*1+I.7"#$7+7"1+1D0-1%%+I-.771'+/#'%1'7+#)+
7".%+0$:*.%"1-4+
+
J'*1%%+ #7"1-I.%1+ .(1'7.).1(8+ 5/-.07$-1+ K$#7&7.#'%+ &-1+ )-#6+ 7"1+ L.'>+
2&61%+M1-%.#'+#)+ 7"1+N.:*14+ +!"1-1+&-1+'#+/#0=-.>"7+?+-1K$.-161'7%4++
!"1+&$7"#-+1*1/71(+7#+$0(&71+7"1+&-/"&./+0-#'#$'%+#)+7"1+L.'>+2&61%+
O'>*.%"+ 7#+ 6&F1+ 7"1+ H1-%1+ -1&(+ 6#-1+ /$--1'7+ )#-+ 7"1+ -1&(1-4+ + !"1+
/"&'>1%+(#+'#7+ &))1/7+ 7"1+ 71D7+ '#-+(#+ 7"1=+(17-&/7+ )-#6+ 7"1+#-.>.'&*+
61&'.'>4+++
+
J'*1%%+ #7"1-I.%1+ .'(1'7.).1(8+ &**+ P1:-1I+ &'(+ Q-11F+ (1).'.7.#'%+ &-1+
7&F1'+ )-#6+ 7"1+ 57-#'>R%+ OD"&$%7.H1+ 9#'/#-(&'/1+ #)+ 7"1+ N.:*14+ + S#+
9#0=-.>"7+ -1K$.-161'7%+ ?4+ + <'+ %#61+ /&%1%+ 7"1+ &$7"#-+ .'%1-71(+ 7"1+
'$61-./+ &%%.>'61'7+ 7#+ 7"1+ I#-(+ &'(+ .'+ #7"1-+ /&%1%+ "1+ $%1(+ 7"1+
0"#'17./+%01**.'>+#)+7"1+I#-(4+
+
5/-.07$-1+K$#7&7.#'%+6&-F1(+SL2M+&-1+7&F1'+)-#6+7"1+S1I+L.'>+2&61%+
M1-%.#'+#)+7"1+N.:*14++9#0=-.>"7+?+BTUT8+BTVA8+BTV@+:=+!"#6&%+S1*%#'+
,$:*.%"1-%4++J%1(+:=+01-6.%%.#'4+
+
5/-.07$-1+K$#7&7.#'%+6&-F1(+S<M+ &-1+ 7&F1'+ )-#6+ 7"1+P#*=+N.:*1+S1I+
<'71-'&7.#'&*+M1-%.#'W4++9#0=-.>"7+?+BTUX8+BTUV8+BTVY+:=+<'71-'&7.#'&*+
N.:*1+5#/.17=4++J%1(+:=+01-6.%%.#'+#)+Z#'(1-H&'+,$:*.%".'>+P#$%14++G**+
-.>"7%+-1%1-H1(4+
+
5/-.07$-1+K$#7&7.#'%+6&-F1(+G;,+&-1+7&F1'+)-#6+7"1+G60*.).1(+N.:*14++
9#0=-.>"7+ ?+ BT[V8+ BTVU+ :=+ 7"1+ \#/F6&'+ ]#$'(&7.#'8+ \&+ P&:-&8+
9&*.)#-'.&4++J%1(+:=+01-6.%%.#'4+
+
5/-.07$-1+ K$#7&7.#'%+ 6&-F1(+ G5M+ &-1+ 7&F1'+ )-#6+ 7"1+ G61-./&'+
57&'(&-(+M1-%.#'4+ + 9#0=-.>"7+?+BTAB+:=+ !"#6&%+S1*%#'+^+ 5#'%+ &'(+
9#0=-.>"7++?+BT@T+:=+7"1+<'71-'&7.#'&*+9#$'/.*+#)+_1*.>.#$%+O($/&7.#'4+
!#"
5/-.07$-1+ K$#7&7.#'%+ 6&-F1(+ S9M+ &-1+ 7&F1'+ )-#6+ 7"1+ S1I+ 91'7$-=+
M1-%.#'4+ + 9#0=-.>"7+ ?+ @AA[+ :=+ !"#6&%+ S1*%#'8+ <'/4+ J%1(+ :=+
01-6.%%.#'4+G**+-.>"7%+-1%1-H1(4+
+
5/-.07$-1+K$#7&7.#'%+6&-F1(+S\!+&-1+7&F1'+)-#6+7"1+P#*=+N.:*18+S1I+
\.H.'>+ !-&'%*&7.#'8+ 9#0=-.>"7+ ?+ BTT`8+ @AAY4+ J%1(+ :=+ 01-6.%%.#'+ #)+
!='(&*1+ P#$%1+ ,$:*.%"1-%8+ <'/48+ 3"1&7#'8+ <**.'#.%+ `ABVT4+ G**+ -.>"7%+
-1%1-H1(4+
+
,*1&%1+ '#71+ 7"&7+ 9;<+ ,$:*.%"1-%+ %7=*1+ /&0.7&*.a1%+ /1-7&.'+ 0-#'#$'%+ .'+
5/-.07$-1+7"&7+-1)1-+7#+7"1+]&7"1-8+5#'+&'(+7"1+P#*=+50.-.74++31+/"##%1+
7#+(#+7".%+#$7+#)+-1%01/7+&'(+-1H1-1'/1+)#-+7"1+Q#("1&(+1H1'+7"#$>"+
7".%+6&=+(.))1-+)-#6+%#61+0$:*.%"1-R%+%7=*1%4+
+
!&F1+'#71+7"&7+7"1+'&61+%&7&'+&'(+-1*&71(+'&61%+&-1+'#7+/&0.7&*.a1(4++
31+ /"##%1+ '#7+ 7#+ &/F'#I*1(>1+ ".6+ 1H1'+ 7#+ 7"1+ 0#.'7+ #)+ H.#*&7.'>+
>-&66&7./&*+-$*1%4+
+
91*1:-&7.#'+;.'.%7-.1%8+<'/#-0#-&71(+
,4b4+N#D+@`A[+
9*&-F%H.**18+<'(.&'&+YUBXB+J454G4+
+
]#-+3#-*(I.(1+c.%7-.:$7.#'8+,-.'71(+.'+7"1+J454G4+
+
!"#$%&'()#*(+,-.'/.0*1++
<5NSC++BXC+TUVdAdTUUA[`Ad@d`+
9#0=-.>"7+?+@ABB+:=+2#"'+34+56.7"8+2-4+
+
!".%+:##F+.%+&H&.*&:*1+)#-+(.%7-.:$7.#'4++]#-+6#-1+.')#-6&7.#'+/&**8+
VB@dTYTdT[T[+
+
b-+-1&/"+$%+#'+7"1+<'71-'17C+
III4e#"'I%6.7"e-4/#6+
+
!".%+:##F+6&=+&*%#+:1+(#I'*#&(1(+#'+#$-+I1:%.71+#-+7"-#$>"+H&-.#$%+
10$:+&'(+0()+:##F+ -1&(1-%+ 7"&7+$%1+ 7"1+c_;+0-#7#/#*+ .'/*$(.'>+:$7+
'#7+*.6.71(+7#C+.,&(8+5#'=+_1&(1-8+L.'(*18+S##F8+LbNb4+
#"
23456789:;9<95=>&&!"1+\#-(+0*&/1(+&'+&'#.'7.'>+#'+61+ 7#+I-.71+ 7".%+:##F+ )#-+
7"1+ >1'1-&7.#'+ &7+ "&'(+ &'(+ 7"1+ >1'1-&7.#'%+ 7#+ /#614+ + !"1+
G'#.'7.'>+ #)+ Q#(+ 16:1((1(+ 7".%+ :##F+ .'+ 6=+ %0.-.7+ %#+ 7"&7+ <+
/#$*(+ (#/$61'7+ 7"1+ 7".'>%+ P1+ "&%+ -1H1&*1(+ 7#+61+ /#'/1-'.'>+
7"1+-1*1&%1+#)+7"1+0-#H.%.#'+)#-+1'(+7.61+0$-0#%1%4+
<'+#-(1-+ 7#+(#+ 7".%+ .7+ 7##F+ %1H1-&*+6#'7"%+#)+(.*.>1'/1+&'(+
-1%1&-/"+7#+/#60*171+7"1+71D7+I.7".'+.7%+0&>1%4++Q#(+"&%+:*1%%1(+
61+ I.7"+ I#'(1-)$*+ )#*F%+ 7"&7+ '#7+ #'*=+ :1*.1H1+ .'+ 7".%+ 0-#e1/78+
:$7+"&H1+%#I'+.'7#+.7+&%+I1**4+
!".%+ %.>'.)./&'7+ >-#$0+ #)+ >.)71(+ 01#0*1+ "&%+ "1*01(+ 61+ 7#+
&//#60*.%"+6=+0$-0#%1+.'+6.'.%7-=+7"-#$>"#$7+7"1+=1&-%4++;#%7+
-1/1'7*=+ 7"1=+"&H1+ .'/-1&%1(+7"1.-+1))#-7%+ 7#+:-.'>+ 7".%+:##F+7#+
)-$.7.#'4++3.7"#$7+7"1.-+/#'7-.:$7.#'+7".%+%7$(=+I#$*(+'1H1-+"&H1+
7#$/"1(+&+0&>14+
!#+6=+I.)1+c&-*1'1+I"#+I&%+/$%7#6+6&(1+7#+ *.%71'+7#+6=+
.(1&%+ &'(+1'/#$-&>1+61+ 7#+ ).'.%"8+ <+ %&*$71+ =#$+ &'(+ <+ *#H1+ =#$4++
!".%+:##F+.%+(1(./&71(+7#+=#$+&'(+6&=+Q#(+-1I&-(+=#$+)#-+7"1+
7.-1*1%%+"#$-%+=#$+"&H1+0$7+.'7#+7"1+H.%.#'+#)+6=+"1&-74++f#$+&-1+
%01/.&*+:1=#'(+(1%/-.07.#'4++f#$+&-1+6=+)-.1'(+&'(+/#d*&:#-1-+.'+
7"1+Q#%01*4+
!#+6=+ %#'+ 228+ <+ &00*&$(+ =#$-+ %7-1'>7"+ &'(+ 7".'F+ &:#$7+ 7"1+
>.)7+ 7"&7+ .%+ =#$+ 1H1-=+ (&=4+ + f#$+ "&H1+I1&7"1-1(+ 7"-#$>"+ *.)1R%+
7#$>"1%7+:&77*1%+&'(+"&H1+%"#I'+7"1+)&.7"+#)+Q#(+.'+=#$-+*.)1+7#+
:1+&+ 7-$1+ )#-/1+ 7#+:1+ -1/F#'1(+I.7"4+ +f#$+"&H1+ *.%71'1(+ 7#+6=+
61%%&>1%+7"#$%&'(%+#)+7.61%+.'+7"1+1(.7+&'(+0-#($/7.#'+-##6%4++
!"1+.60&-7&7.#'+#)+7"1+&'#.'7.'>+.'+7"#%1+I#-(%+.%+=#$-+>-1&71%7+
.'"1-.7&'/1+)-#6+614+
+
#!"
!#+6=+(&$>"71-%8+P#**=+&'(+5710"&'.18+=#$+&-1+7"1+)&.-1%7+.'+
7"1+ *&'(4+ + f#$-+ %71&(=+ %7-1&6+ #)+ *&$>"71-+ "&%+ F107+61+ %7-#'>+
&'(+ "&%+ /"11-)$**=+ "$6:*1(+ 61+ .'+ 6=+ 7.61%+ #)+ %7-1%%+ &'(+
0-1%%$-14++f#$+&-1+Q#(R%+-1I&-(+7#+=#$-+6#7"1-+&'(+614++<+*#H1+
=#$+:#7"4+
!#+ &**+ #)+ 7"1+ I#'(1-)$*+ 0&-7'1-%+ &'(+ )-.1'(%+ 7"&7+ "&H1+
/#66$'./&71(+I.7"+61+7"-#$>"+>.H.'>+&'(+-1/1.H.'>8+6&=+Q#(+
-./"*=+:*1%%+=#$+&'(+.60&-7+7"1+&'#.'7.'>+#)+7"1+P#*=+50.-.7+$0#'+
7".%+:##F+&'(+6=+*.)1+.'7#+=#$-+"1&-7+)#-1H1-4+
;#%7+ .60#-7&'7*=8+ 7#+ Q#(+ 7"1+ ]&7"1-+ I"#+ >&H1+ 61+ 7"1+
)&/$*7.1%8+ -1H1*&7.#'+&'(+I.%(#6+7#+/#60*171+ 7".%+:##F+ )#-+ 7"1+
L.'>(#6+&'(+P.%+>*#-=4++;&=+6&'=+6.**.#'%+#)+*.H1%+:1+/"&'>1(+
7"-#$>"+7"1+0#I1-+7#+>17+I1&*7"+7"&7+1%7&:*.%"1%+=#$-+/#H1'&'7+
0-#6.%1%+7#+&**+#)+$%+I"#+I.**+:1*.1H1+7"164+++
<+*#H1+=#$4+
#!!"
:9:?32=?65&!".%+:##F+.%+(1(./&71(+7#+7"1+61'+&'(+I#61'+#)+)&.7"+7"&7+
>&H1+7"1.-+*.H1%+)#-+7"1+0$-0#%1+#)+1($/&7.'>+&'(+61'7#-.'>+7"1+
N#(=+ #)+ 9"-.%7+ I.7"+ 7"1+ _"16&+ I#-(+ #)+ Q#(4+ + ;&'=+ #)+ 7"16+
%71001(+#$7+&'(+7&$>"7+#'+0-#%01-.7=+I"1'+.7+I&%'R7+&//107&:*1+
&6#'>+7"1+-1*.>.#$%+*1&(1-%+#)+7"1.-+(&=4+++
<+7"&'F+Q#(+)#-+7"1%1+0.**&-%+#)+)&.7"+7"&7+:$.*7+)#$'(&7.#'&*+
7-$7"+ )#-+ 7"1+ 01#0*1+ 7#+ 7&F1+ "#*(+ #)+ &'(+ *.H1+ :=4+ + <+ "&H1+
01-%#'&**=+:1'1).71(+)-#6+7"1.-+/#$'7*1%%+"#$-%+#)+%7$(=+#)+7"1+
I#-(+#)+Q#(4+
<+&*%#+(1(./&71+7".%+:##F+7#+7"1+H.%.#'&-.1%+#)+9"-.%7.&'+!M4++<)+
7"1=+"&(+'#7+%71001(+#$7+&'(+:$.*7+ 7"1+%7&7.#'%8+'17I#-F%+&'(+
(.%7-.:$7.#'+ /1'71-%+#)+K$&*.7=+9"-.%7.&'+!M+0-#>-&68+ 7"1+I#-*(+
I#$*(+:1+&+6$/"+(&-F1-+0*&/14+++
"
"
"
365=95=>&+
+ + <'7-#($/7.#'+ + + + B+
9"&071-+B+ !"#$%&'()#*(+;.-&/*1%+ + + T+
9"&071-+@+ !1%7.6#'=+#)+&+Q.)7+ + + @T+
9"&071-+X++ !"#$%&'()#*(+L.'>(#6+ + + Y[+
9"&071-+Y+ !"#$%&'()#*(+N*1%%.'>+ + + `[+
9"&071-+[+ !"1+51/-17+#)+7"1+!"#$%&'()#*(+ + VX+
9"&071-+`+ !"#$%&'()#*(+511(++ + + BAB+
9"&071-+U+ !"#$%&'()#*(+3.%(#6+ + + BBT+
9"&071-+V+ !"#$%&'()#*(+]&.7"+ + + BXT+
9"&071-+T+ !"#$%&'()#*(+,-#%01-.7=+ + B[T+
9"&071-+BA+ !"#$%&'()#*(+G'#.'7.'>++ + BUU+
9"&071-+BB+ !"#$%&'()#*(+Q1'1-&7.#'+ + BTT+
9"&071-+B@+ !"#$%&'()#*(+\#H1+ + + @BU+
"
"
@6A976A:&<+&6+7"&'F)$*+&'(+>-&71)$*+)#-+6=+"$%:&'(8+2#"'4++!"1+\#-(+
:*1%%1(+6=+ *.)1+ >-1&7*=+ I.7"+ &+6&'+ #)+ Q#(+ 7"&7+ %7&'(%+ #'+ 7"1+
I#-(+#)+Q#(+&'(+'#7".'>+1*%14++2#"'+.%+&+)&.7")$*+"$%:&'(+&'(+&+
7-161'(#$%+)&7"1-+7#+#$-+/".*(-1'+&'(+>-&'(/".*(-1'4+ +P.%+ *#H1+
&'(+ $'(1-%7&'(.'>+ "1&-7+ "&%+ :-#$>"7+ 6$/"+ e#=+ &'(+ *#H1+ .'7#+
#$-+"#614+
<+:1*.1H1+7".%+:##F+.%+&+6&'(&71+:=+7"1+P#*=+50.-.7+)#-+%$/"+&+
7.61+ &%+ 7".%4+ + !"1+ -1H1*&7.#'+ F'#I*1(>1+ #)+ 7"1+ 7"#$%&'()#*(+
0-.'/.0*1+.%+)#-+1H1-=+01-%#'4++N1*.1H1-%+'11(+7#+:1+#01-&7.'>+.'+
7".%+ )*#I+ #)+ I.%(#6+ &'(+ I1&*7"+ 7#+ >17+ 7"1+ &%%.>'61'7+ #)+
0-1&/".'>+7"1+>#%01*+(#'14++!"1+'$6:1-+#'1+-1%0#'%1+I1+"1&-+
.'+#$-+.'71-'&7.#'&*+0-&=1-+/1'71-8+*1771-%+)-#6+71*1/&%7+H.1I1-%8+
&'(+ #$-+ /"$-/"+ /#'>-1>&7.#'+ .%8+ g31+ /&'+ $'(1-%7&'(+ 2#"'h%+
71&/".'>%4g+ + ,1#0*1+ *#H1+ 7"1+617"#(+:=+I"./"+"1+ 71&/"1%+ &'(+
7"1+ %7=*1+:=+I"./"+"1+0-1%1'7%4+ +Q#(+>&H1+ 2#"'+&+ >-1&7+ >.)7+ #)+
g71&/".'>g+7"1+I#-(4++
;&'=+#)+ 7"1+01#0*1+I"#+/#'7&/7+ 7".%+6.'.%7-=+ -16&-F+#H1-+
&'(+ #H1-+ &>&.'+ 7"&7+ 7"1=+ "&H1+ '1H1-+ "1&-(+ &'=7".'>+ *.F1+ .7+
:1)#-14+ +;&'=+ *.H1%+ "&H1+ :11'+ 7-&'%)#-61(+ :1/&$%1+ #)+ 2#"'h%+
I.**.'>+7#+#:1=+7"1+H#./1+#)+7"1+\#-(4++<+:1*.1H1+&%+=#$+-1&(+7".%+
:##F+=#$+7##+I.**+%&=+<+$'(1-%7&'(+6#-1+7"&'+1H1-+&:#$7+%#I.'>+
.'7#+7"1+L.'>(#6+#)+Q#(+&7+7"#$%&'()#*(+61&%$-14+
<+0-&=+ .'+ 7"1+'&61+#)+ 21%$%+ 7"&7+&%+=#$+-1&(+7".%+:##F+=#$+
I.**+ -1/1.H1+ 7"1+ -1H1*&7.#'+ F'#I*1(>1+ #)+ 7"1+ 7"#$%&'()#*(+
0-.'/.0*14+ + <+ 0-&=+ 7"&7+ 7"1+ .60&-7&7.#'+#)+ 7".%+I#-(+I.**+ )#-1H1-+
/"&'>1+=#$-+ *.)14+ +!"1+3#-(+#)+Q#(+.%+7"1+I"#*1+7-$7"+7"&7+I.**+
%17+=#$+)-114+
+
;-%4+c&-*1'1+56.7"
"
$"
?5=A6:B3=?65&
!"1+I#-(+7"#$%&'(+.%+-1/#-(1(+.'+7"1+L.'>+2&61%+N.:*1+[@B+
7.61%4++!"1+I#-(+7"#$%&'()#*(+.%+#'*=+61'7.#'1(+#'1+7.614++!"1+
I#-(+ 7"#$%&'()#*(+ .%+ ".((1'+ .'+ 7"1+ %/-.07$-1+ .'+ 7"1+ :##F+ #)+
,%&*6%+ &%+ 7"1+ I#-(+ 7"#$%&'(%+ .'+ ,%&*6+ BYYCBX+ I"1-1+ L.'>+
c&H.(+0-&=%+)#-+Q#(+7#+:-.'>+)#-7"+7"1+%"110+:=+7"1+7"#$%&'(%4++
!"#$%&'(()'*+
!"#$+#$-+>&-'1-%+%#&'()+)$**8+&))#-(.'>+&**+6&''1-+#)+%7#-1C+$"#$+
#$-+%"110+6&=+:-.'>+)#-7"+7"#$%&'(%+&'(+71'+7"#$%&'(%+.'+#$-+
%7-117%C++
+
!"1+#-.>.'&*+P1:-1I+I#-(+)#-+7"#$%&'(+$%1(+ .'+H1-%1+BX+ .%+
57-#'>R%+I#-(+ i[AX8+ G*&0"4+ + G*&0"+61&'%+ 7"#$%&'()#*(4+ + + <7+ .%+
7".%+ H1-%1+ #)+ %/-.07$-1+ 7"&7+ <+ :&%1+ 7"1+ 7"#$%&'()#*(+ 0-.'/.0*1+
$0#'4++c&H.(+0-&=1(+)#-+Q#(+7#+:-.'>+)#-7"+7"#$%&'()#*(+&'(+:=+
71'+ 7"#$%&'(%+ #-+ &+ 6=-.&(4+ + !"1+ 7"#$%&'()#*(+ 0-.'/.0*1+ .%+
-10*./&71(+7"-#$>"+7"1+.(1&+#)+6$*7.0*=.'>+:=+)#*(.'>4+++
+
3"1'+ )&-61-%+ %#I+ 7"1.-+ %11(+ .'7#+ 7"1+ >-#$'(+ 7"1=+ &-1+
1D01/7.'>+&+:#$'7.)$*+"&-H1%7+7"&7+.%+(1).'1(+.'+)#*(%4+++
+
<#CD&()EF+
G'(+ 7"1%1+ &-1+ 7"1=+ I"./"+ &-1+ %#I'+ #'+ >##(+ >-#$'(E+ %$/"+ &%+
"1&-+ 7"1+ I#-(8+ &'(+ -1/1.H1+ +$8+ &'(+ :-.'>+ )#-7"+ )-$.78+ %#61+
7".-7=)#*(8+%#61+%.D7=)#*(8+&'(+%#61+&'+"$'(-1()#*(4++
+
!"#%1+7"&7+"1&-+7"1+I#-(+&'(+-1/1.H1+.7+/&'+:-.'>+)#-7"+)-$.7+
&7+ 7".-7=8+ %.D7=+ #-+ 1H1'+ "$'(-1()#*(+ *1H1*%4+ + ]#*(.'>+ .%+ (.%7.'/7+
)-#6+ 6$*7.0*=.'>4+ + 3"1'+ =#$+ 6$*7.0*=+ &+ '$6:1-+ =#$+ &-1+
%&'()*+,-'.,"/01+213.4"
"5+
:&%./&**=+ )&/7#-.'>+ .7+ &>&.'%7+ 7"1+ #7"1-+ '$6:1-+ )#-+ &+ ).'.71+
0-#($/74+ +!".%+ .%+I"&7+I1+-1)1-+7#+ .'+6&7"16&7./%+&%+&+j\#>./&*+
GD.#64k+ + G+ *#>./&*+ &D.#6+ .%+ &+ %1*)d1H.(1'7+ 7-$7"8+ I"./"+ .%+
$'.H1-%&**=+ &//107&:*1+ 7"&7+ .%+ #)71'+ 7&F1'+ )#-+ >-&'71(4+ + ]#-+
.'%7&'/1C++B+D+B+lB+&'(+B+D+@+l+@4+++G+%7&7161'7+%$/"+&%8+j%$00*=+
1K$&*%+ (16&'(k+ .%+ &'+ 1D&60*1+ #)+ &+ *#>./&*+ &D.#64+ + S#+ )$-7"1-+
1D0*&'&7.#'+.%+'1/1%%&-=8+:1/&$%1+.7+1D0*&.'%+.7%1*)4+
+
]#*(.'>+ /&''#7+ :1+ &00*.1(+ 7#+ &+ *#>./&*+ &D.#64+ + ]#*(.'>+ .%+
I"&7+ .%+ F'#I'+ &%+ &'+ j<**#>./&*+ GD.#64k+ G'+ .**#>./&*+ &D.#6+ .%+ &+
7"1#-=d(101'(1'7+7-$7"4++<'+#7"1-+I#-(%8+.'+7"1#-=8+.)+=#$+"&H1+
7I#+ &00*1%+ I.7"+ 7"1+ %&61+ '$6:1-+ #)+ %11(%+ .'+ 7"168+ I"1'+
0*&'71(+ 7"1=+ %"#$*(+ =.1*(+ 7"1+ %&61+ '$6:1-+ #)+ 7-11%4+ + N$7+I1+
F'#I+7"&7+.%+*.F1*=+'#7+7"1+/&%14+++
+
!"1+%11(%+.'+#'1+&00*1+&'(+7"1+%11(%+.'+&'#7"1-+&00*1+6&=+
=.1*(+/#60*171+(.))1-1'7+-1%$*7%4++5#+7"1+1K$&7.#'+.%+'#7+#:H.#$%+
&'(+ /&''#7+ :1+ /#'7-#**1(+ :=+ &+ ).'.71+ )#-6$*&4+ <'+ #7"1-+ I#-(%8+
=#$+/&''#7+%.60*=+%&=8+j<)+<+0*&'7+71'+%11(%+)-#6+7"1+&00*1+.7+I.**+
=.1*(+ &+ %01/.)./+ '$6:1-4k+ + O&/"+ %11(+ "&%+ &+ (.))1-1'7+ 0#71'7.&*+
&'(+I.**+(1H1*#0+&//#-(.'>+7#+.7%+1'H.-#'61'74+++
+
]&-61-%+F'#I+7"&7+ 7"1-1+I.**+:1+&+01-/1'7&>1+#)+%11(+7"&7+
I.**+'#7+-10-#($/1+:1/&$%1+#)+7"1+/#'(.7.#'%+&-#$'(+.74+ +!".%+ .%+
I"&7+7"1+0&-&:*1+#)+7"1+%#I1-+.%+&**+&:#$74++<7+.%+7"1+%#.*8+'#7+7"1+
%11(+ 7"&7+ /"&'>1%4+ + !"1+ %11(+ '1H1-+ /"&'>1%4+ + <7+ F'#I%+ .7%+
&%%.>'61'7+&'(+.7+6$%7+-10-#($/1+&)71-+.7%+#I'+F.'(4++<7+I.**+'#7+
=.1*(+$'7.*+.7+.%+-1*1&%1(+.'7#+.7%+0-#01-+%177.'>4++5#.*+.%+7"1+/#--1/7+
0*&/1+)#-+%11(+&'(+>##(+%#.*+.%+7"1+:1%7+0*&/1+7#+0*&'7+.74+++
+
b'/1+&+%11(+"&%+:11'+%#I'+.'7#+7"1+>-#$'(8+7"1+%#.*+ 7&F1%+
#H1-+&'(+:1>.'%+7#+6&F1+7"1+%11(+:-.'>+)#-7"+&'(+:$(4++5#I.'>+
!+60',(261'+"
" 7+
&+ 01-%.%71'7+ %11(+ I.**+ -1%$*7+ .'+ &+ /#'%.%71'7+ "&-H1%74+ + ]&.7"+ .%+
I"&7+ /&$%1%+ =#$-+ %11(+ 7#+ >-#I4+ + !"1+ 7".-7=8+ %.D7=+ &'(+
"$'(-1()#*(+=.1*(+.%+(101'(1'7+$0#'+7"1+&/7.H&7.#'+#)+=#$-+)&.7"+
&'(+ 7"1+/#'(.7.#'+#)+ 7"1+ %#.*4+ + <)+ =#$+>.H1+&+6#'1=+%11(+ .'7#+&+
>##(+>-#$'(+6.'.%7-=+7"&7+.%+(#.'>+7"1+I#-F+#)+7"1+L.'>(#6+#)+
Q#(8+7"1'+.7+%"#$*(+=.1*(+.'+*&->1+61&%$-1%4+
+
]#*(.'>+&6#$'7%+7#+.'/-1&%1+:=+(#$:*.'>4++]#*(.'>+61&'%+7#+
*&=+ #'1+ 0&-7+ #H1-+ &'#7"1-+ 0&-7+ :=+ (#$:*.'>8+ #-+ 7#+ )#*(+ .7+ #H1-+
&>&.'%7+.7%1*)4++!"1+).-%7+)#*(+.%+7"1+61&%$-1+#-+%7&'(&-(+)#-+1H1-=+
)#*(+ 7"1-1&)71-+ &'(+1&/"+ 7.61+=#$+(#$:*1+#-+ )#*(+ =#$+ .'/-1&%1+
7"1+ 6&71-.&*+ #-+ %$:%7&'/1+ 1D0#'1'7.&**=8+ /-1&7.'>+ 6#-1+ -&0.(+
>-#I7"4++++
+
!#+0$7+7".%+ .'+01-%01/7.H18+ .6&>.'1+=#$+&-1+"#*(.'>+&+%"117+
:=+7"1+/#-'1-%+&'(+=#$+)#*(+7"1+%"117+%#+7"&7+7"1+/#-'1-%+7#$/"4++
5$00#%1+ 7"&7+ 7"1+ &-1&+ )#*(1(+ -16&.'%+ 7"1+ %&61+ .'+ %.a1+ 1&/"+
7.61+7"&7+.7+.%+)#*(1(4++!"1+).-%7+)#*(+:1/#61%+7"1+61&%$-14++21%$%+
%&.(+ 7"&7+ 7"1+61&%$-1+ =#$+ >.H1+ :=+I#$*(+ :1+ 7"1+61&%$-1+ =#$+
*.H1+:=4+++
+
8/DG&H)*I&&54JK+
Q.H18+&'(+.7+I.**+:1+>.H1'+7#+=#$C+>##(+61&%$-18+0-1%%1(+(#I'8+
%"&F1'+7#>17"1-8+&'(+-$''.'>+#H1-+I.**+:1+0$7+.'7#+=#$-+:#%#64+
]#-+I.7"+ 7"1+ %&61+61&%$-1+ 7"&7+ =#$+ $%18+ .7+ I.**+ :1+61&%$-1(+
:&/F+7#+=#$4+
+
!".'F+ &:#$7+ 7".%8+ .)+ =#$+ I1-1+ 7#+ )#*(+ #-+ (#$:*1+ &+ %"117+
7I1'7=+ #'1+ 7.61%8+ =#$+I#$*(+ 1D/11(+ 7"1+'$6:1-+ #'1+6.**.#'m++
O&/"+ %11(+ /#'7&.'%+ 1D0#'1'7.&*+ &:.*.7=+ 7#+ 0-#($/1+ 7"#$%&'(%+
$0#'+7"#$%&'(%+#)+%11(%+ *.F1+ .7%1*)8+ 7"-#$>"+7"1+)-$.7+7"&7+1&/"+
%11(+/-1&71%4+
%&'()*+,-'.,"/01+213.4"
"8+
]#-+ =1&-%+ <+ "&H1+ :1*.1H1(+ .'+ >.H.'>+ &'(+ -1/1.H.'>+ :=+ 7"1+
61&%$-14++<+"&H1+*1&-'1(+7"-#$>"+7-$%7+&'(+1D01-.1'/1+7"&7+Q#(+
6$*7.0*.1(+6=+>.)7+:=+)#*(.'>+7"1+61&%$-1+<+>&H1+:=4+++
+
Q#(+ (#1%+ 1H1-=7".'>+ .'+ 7"1+ L.'>(#6+ :=+ 7"1+ 61&%$-14+ + G+
61&%$-1+ .%+&+ %7&'(&-(+$'.7+$%1(+ 7#+1D0-1%%+ %.a18+(1>-11+#-+ 7"1+
&6#$'7+ #)+ %#617".'>4+ + c#.'>+ 7".'>%+ :=+ 7"1+ 61&%$-1+ 6&F1%+
7".'>%+ /#60*171*=+ )&.-+ &'(+ 1K$.7&:*14+ + 21%$%+ 7&$>"7+ $%+ 7"&7+I1+
&-1+7#+*.H18+)#->.H18+>.H18+&'(+-1/1.H1+:=+7"1+61&%$-14+++
+
Q#(+&**#7%+ 7"1+61&%$-1%+ 7"&7+ =#$+'11(+ 7#+ )$**=+ )$'/7.#'+ .'+
7"1+F.'>(#6+#)+Q#(+&%+&+:#-'d&>&.'+:1*.1H1-4+ +!"1%1+61&%$-1%+
&-1+&60*1+%$00*=+ 7#+&/".1H1+7"1+0$-0#%1+#)+1&/"+0-.'/.0*1+&'(+
>.)7+ .'+=#$4+ + <'+7"1+L.'>(#6+#)+Q#(+1H1-=#'1+.%+>.H1'+7"1+%&61+
61&%$-1+#)+)&.7"4++
+
!"#$%&'(&)*"+,-*+
A.%#0"&'E)*L&
Q#(+"&%+(1&*7+7#+1H1-=+01-%#'+7"1+61&%$-1+#)+)&.7"4&
&
]&.7"+.%+I"&7+.7+7&F1%+7#+0*1&%1+Q#(+&'(+)&.7"+.%+I"&7+.7+7&F1%+
7#+1D/"&'>1+7"1+0-#6.%1+&'(+0#I1-+#)+Q#(+)-#6+"1&H1'+7#+=#$4++
<+*.F1+7#+%&=+7"&7+)&.7"+.%+7"1+&:.*.7=+7#+:1*.1H1+I"&7+Q#(+"&%+%&.(+
.'+P.%+I#-(4+ +!"1+61&%$-1+#)+)&.7"+7"&7+Q#(+>.H1%+7#+=#$+.%+7"1+
%$))./.1'7+61&%$-1+'1/1%%&-=+7#+#01-&71+.'+7"1+0-.'/.0*1%+#)+7"1+
I#-(+7#+7"1+)$**+61&%$-1+&'(+0#71'7.&*4++&
&
!"1+61&%$-1+ #)+ )&.7"+ =#$+ "&H1+ .%+ /&0&:*1+ #)+ :1*.1H.'>+ &'(+
/#'/1.H.'>+&'=7".'>+7"1+I#-(+#)+Q#(+%&=%+.%+0#%%.:*14++G**+7".'>%+
&-1+0#%%.:*1+.)+=#$+#'*=+:1*.1H1+:=+)&.7"4++f#$-+)&.7"+.%+/&0&:*1+#)+
#01-&7.'>+ &7+ 7".-7=)#*(8+ %.D7=)#*(+ #-+ 1H1'+ "$'(-1()#*(+ *1H1*%4++
!+60',(261'+"
" 9+
!"1+ "$'(-1()#*(8+ :1.'>+ 7"1+ ".>"1%7+ #)+ 7"1+ 7"-118+ .%+ 7"1+ )$**1%7+
61&%$-1+=#$+/&'+#01-&71+I.7"+.'+7"1+1&-7"4++&
&
!"1+ 7"#$%&'()#*(+ .%+ 7"1+ $'*.6.71(+ 61&%$-1+ &'(+ &:.*.7=+ #)+
Q#(+ 7"&7+ .%+ &H&.*&:*1+ 7#+ =#$+ 7"-#$>"+Q#(R%+ )&.7"4+ + !"1+G0#%7*1+
,&$*+ I-#71+ &:#$7+ 7"1+ 61&%$-1+ #)+ )&.7"+ >.H1'+ 7#+ 1H1-=#'1+ .'+
_#6&'%+B@CX8+:$7+"1+&*%#+I-#71+&:#$7+$%.'>+Q#(R%+)&.7"+&%+I1**4&
&
;#$#,M#0"&E)EF&
<+&6+/-$/.).1(+I.7"+9"-.%7C+'1H1-7"1*1%%+<+*.H1E+=17+'#7+<8+:$7+9"-.%7+*.H1%+
.'+61C+&'(+7"1+*.)1+I"./"+<+'#I+*.H1+.'+7"1+)*1%"+<+*.H1+:=+,-G&N#M,-&.N&,-G&
>.0&.N&;.18+I"#+*#H1(+618+&'(+>&H1+".6%1*)+)#-+614++
+
3"1'+ =#$+ &-1+ &+ 9"-.%7.&'+ =#$+ &-1+ /-$/.).1(+ I.7"+ 9"-.%78+
I"./"+61&'%+=#$+&-1+(1&(+7#+7"1+I#-*(+:$7+&*.H1+.'+21%$%4++Q#(+
>.H1%+=#$+7"1+61&%$-1+#)+)&.7"+7#+:1*.1H1+P.%+I#-(+&'(+7#+7-$%7+
.'+P.64++P1-1+,&$*+%&=%+7"&7+&%+&+-1%$*7+#)+*.H.'>+7"1+/-$/.).1(+*.)18+
"1+*.H1%+.'+7"1+)*1%"8+:=+7"1+)&.7"+#)+7"1+5#'+#)+Q#(4+++
+
f#$-+ )&.7"+"&%+ 7"1+0#71'7.&*+ 7#+ )$'/7.#'+ .'+ 7"1+0-#6.%1%+#)+
Q#(R%+I#-(+&7+)$**+61&%$-1+#)+7"1+"$'(-1()#*(4++P#I1H1-+7"1-1+
&-1+ 7.61%+I"1'+=#$+&%+&+:1*.1H1-+"&H1+ 7"1+ -.>"7+&'(+&//1%%+ 7#+
#01-&71+ 7"-#$>"+ 7"1+ )&.7"+ #)+ 21%$%4+ + <'+ #7"1-+ I#-(%8+ =#$+ /&'+
I#-F+7"1+$'*.6.71(+#-+7"#$%&'()#*(+)&.7"+#)+7"1+5#'+#)+Q#(4++!"1+
F1=+ 7#+ 7&00.'>+ .'7#+ 7"1+ 7"#$%&'()#*(+ )&.7"+ -1&*6+ .%+ 7#+ *.H1+ 7"1+
/-$/.).1(+*.)14++
+
]#-+@[+=1&-%+6=+I.)1+c&-*1'1+&'(+ <+"&H1+ 7-$%71(+Q#(+I.7"+
#$-+*.)1+&'(+#$-+6#'1=4++31+F'1I+7"&7+7"1-1+I1-1+7.61%+I"1-1+
7"1+ nB8AAA+ %11(+ I&%+ I"&7+ I1+ '11(1(+ 7#+ %#I+ 7#+ %11+ #$-+
%.7$&7.#'+ 7$-'+ &-#$'(4+ + <7+ :1/&61+ &'+ &$7#6&7./+ -1)*1D+ .'+ $%+ 7#+
>.H1+ &7+ 7"#$%&'(+ (#**&-+ *1H1*%4+ + <'+ )&/78+ I1+ (1/.(1(+ 7"&7+ I1+
%&'()*+,-'.,"/01+213.4"
":+
I#$*(+ &*I&=%+ #:1=+Q#(+I"1'1H1-+I1+ )1*7+ 7"1+ $'/7.#'+ 7#+ >.H1++
nB8AAA+%11(+7#+&'+&'#.'71(+H1%%1*+#)+6.'.%7-=4+
+
<+ "&H1+ &*I&=%+ :11'+ /#'H.'/1(+ :=+ )&.7"+ 7"&7+ %#I.'>+ &7+
7"#$%&'(+(#**&-+*1H1*%+I&%+7"1+I.**+#)+Q#(+&'(+7"&7+P1+"#'#-1(+
7"1+%11(+I1+%#I1(4+ + ]&.7"+&'(+ 7-$%7+ .'+Q#(R%+I#-(+"&%+&*I&=%+
:11'+-1&%#'+1'#$>"+)#-+61+7#+(#+I"&7+<+:1*.1H1+7"1+I#-(+%&=%+
&'(+7#+)#**#I+7"1+*1&(.'>+#)+7"1+P#*=+50.-.74+++
+
!"1+ )&/7+ 7"&7+ 7"1+ 7"#$%&'()#*(+0-.'/.0*1+I#-F%+ .%+ %$))./.1'7+
.'+&'(+#)+ .7%1*)+:$7+ <+(1%.-1(+ 7#+F'#I+6#-1+&:#$7+I"&7+/&$%1(+
7"1+ 7"#$%&'()#*(+ 7#+I#-F4+ + 5#+ <+ %#$>"7+ 7"1+ \#-(+ .'+ )&%7.'>+&'(+
0-&=1-+ 7#+ (.%/#H1-+ 7"1+ 71/"'./&*+ -1&%#'%+I"=+ 7"1+ '$6:1-+ #'1+
7"#$%&'(+I&%+%#+.60#-7&'7+.'+7"1+L.'>(#6+#)+Q#(4+
+
G)71-+=1&-%+#)+%7$(=8+0-&=1-+&'(+%$00*./&7.#'%8+Q#(+-1H1&*1(+
7".%+7-$7"+7#+61+%#+7"&7+<+/#$*(+71&/"+.7+7#+7"1+N#(=+#)+9"-.%74++<+
F'#I+7"&7+7"1-1+&-1+6&'=+9"-.%7.&'%+7"&7+"&H1+&/71(+.'+)&.7"+7#+
>.H1+ &7+ 7"#$%&'()#*(+ *1H1*+ &'(+ 7"1=+ "&H1+ 1H.(1'/1+ #)+ 7"1+
6.-&/*1+0#I1-+#)+Q#(+7#+0-#H1+7"1+7"#$%&'()#*(+0-.'/.0*14++!".%+
:##F+ %"#$*(+"1*0+9"-.%7.&'%+ $'(1-%7&'(+"#I+ 7"1+ 7"#$%&'()#*(+
0-.'/.0*1+I#-F%+&'(+"#I+7"1+1'7.-1+L.'>(#6+#)+Q#(+#01-&71%+#'+
7"1+:&%.%+#)+7"1+7"#$%&'()#*(4+
+
!"1+"$'(-1()#*(+.%+7"1+)$**+61&%$-1+#)+-17$-'+#'+&+K$&*.).1(+
%11(4++!"1+7"#$%&'()#*(+.%+Q#(R%+$'*.6.71(+&:.*.7=+7#+-17$-'+#'+&+
K$&*.).1(+%11(4++!"1+7"#$%&'()#*(+.%+Q#(R%+61&%$-1+:=+I"./"+P1+
#01-&71%4+ + !"#$%&'(+ .%+ 7"1+ 61&%$-1+ 7"&7+ Q#(+ "&%+ /"#%1'+ 7#+
:$.*(8+ %$00#-7+ &'(+ :&*&'/1+ P.%+ L.'>(#6+ &'(+ 7#+ 7-&'%6.7+ P.%+
0#I1-+7"-#$>"4+++
+
!+60',(261'+"
" ;+
!"#$%&'()#*(+.%+'#7+&'+&6#$'78+.7+.%+&+61&%$-14++<7+#01-&71%+
I.7"+1D0#'1'7.&*+0#I1-+%.6.*&-+7#+7"1+I&=+&7#6./+0#I1-+I#-F%4+++
G7#6./+0#I1-+ .%+ 7"1+ -1%$*7+#)+ 7"1+ %0*.77.'>+#)+&7#6%+ 7"&7+ *.H1+&+
H1-=8+ H1-=+ *#'>+ 7.614+ + G7#6%+ )-#6+ &+ '$/*1&-+ ).%%.#'+ %0*.7+ &'(+
6$*7.0*=+ &7+ &'+ 1D0#'1'7.&*+ #-+ 1D7-161*=+ )&%7+ -&718+ /-1&7.'>+ H1=+
".>"+1))./.1'7+1'1->=4+ +!".%+/&$%1%+&+/"&.'+-1&/7.#'+7#+7"1+&7#6+
.'/-1&%.'>+ 7"1+ '$6:1-+ &'(+ &//1*1-&7.'>+ 7"1+6#H161'7+ #)+ 7"1+
&7#6%4+++
+
<+ $%1+ 7".%+ &'&*#>=+:1/&$%1+ .'+6=+1%7.6&7.#'8+ .7+6.--#-%+ 7"1+
7"#$%&'()#*(+ 0-.'/.0*14+ + !"1+ 7"#$%&'()#*(+ 0-.'/.0*1+ .%+ *.F1+ &+
'$/*1&-+-1%0#'%1+)-#6+7"1+P#*=+50.-.7+#)+Q#(+.'+&+/"&.'+-1&/7.#'4+++
+
3"1'+7"1+7"#$%&'()#*(+0-.'/.0*1+.%+&00*.1(+.7+/&$%1%+7".'>%+
7#+>-#I+&'(+1D0&'(+&7+1D7-161*=+".>"+ -&71%+/&$%.'>+ .'/-1(.:*1+
>-#I7"+&'(+6&7$-.7=4++!"1+7"#$%&'()#*(+0-.'/.0*1+/&$%1%+7".'>%+
7#+6#H1+ .'+ =#$-+ *.)1+ &7+ 7"1+ %011(+ #)+ 7"1+ 50.-.78+I"./"+ .%+ )&%71-+
7"&'+&'=+%011(+6&'+/&'+61&%$-1+#-+(1%/-.:14+++
+
!"1+ 7"#$%&'()#*(+ 0-.'/.0*1+ .%+ &+ )#-/1+ #)+ 0#I1-+ 7"&7+I#-F%+
7"-#$>"+ )&.7"+ &'(+ 0-#($/1%+ F.'>(#6+ I.%(#68+ &'#.'7.'>+ &'(+
0#I1-+)#-+7"1+:1*.1H1-4+ +!"1+)-$.7+#)+7"1+7"#$%&'()#*(+0-.'/.0*1+
I.**+ >1'1-&71+ 6.-&/*1%8+ %.>'%8+ I#'(1-%+ &'(+ H&%7+ &6#$'7%+ #)+
6#'1=+)#-+7"1+L.'>(#6+#)+Q#(4+++
+
!".%+ :##F+ .%+ 7"1+ 0-#($/7+ #)+ @[+ =1&-%+ #)+ .'%7-$/7.#'8+
.60&-7&7.#'+ &'(+ 1D01-.1'/1+ #)+ 7"1+ 7"#$%&'()#*(+ 0-.'/.0*1+ .'+
&/7.#'+ .'+6=+#I'+ *.)14+ + !"1+>##(+'1I%+ )#-+ =#$+ .%+ 7"&7+ =#$+ /&'+
7&F1+ "#*(+ #)+ 7"1+ 7"#$%&'()#*(+ 0-.'/.0*1+ .'+6$/"+ %"#-71-+ #-(1-+
7"&'+<+(.(4+
+
%&'()*+,-'.,"/01+213.4"
"<+
!".%+:##F+I&%+I-.771'+%#+7"&7+=#$+/&'+*1&-'+"#I+7#+7&0+.'7#+
7"1+ $'%7#00&:*1+ /$--1'7%+ #)+ 7"1+ 7"#$%&'()#*(+ )*#I+ #)+ 7"1+
171-'&*+L.'>(#6+#)+Q#(+'#I+&'(+)#-1H1-4++<7+I&%+I-.771'+%#+7"&7+
=#$+ /&'+ $'(1-%7&'(+ 7"1+ I&=+ 7"&7+ 7"1+ 7"#$%&'()#*(+ 0-.'/.0*1+
#01-&71%+&'(+7#+%"#I+=#$+"#I+Q#(+.%+$%.'>+7".%+0-.'/.0*1+.'+7"1+
*&%7+(&=%+)#-+7"1+1'(+7.61+"&-H1%7+#)+%#$*%+&'(+)#-+&**+171-'.7=4+
+
b'/1+=#$+"&H1+/#60*171*=+-1&(+7".%+:##F8+=#$+%"#$*(+:1>.'+
7#+ %11+ 7"1+#01-&7.#'+#)+ 7"1+ 7"#$%&'()#*(+ 0-.'/.0*1+ 7"-#$>"#$7+
&**+#)+7"1+0&>1%+#)+%/-.07$-14++3"1'+=#$+&00*=+7"1+7"#$%&'()#*(+
0-.'/.0*1+I.7"+)&.7"+&'(+$'(1-%7&'(.'>8+=#$-+ *.)1+I.**+ )#-1H1-+:1+
/"&'>1(+ &'(+ 160#I1-1(+ 7#+ %11+ 7"1+ .'H.%.:*1+ &'(+ (#+ 7"1+
.60#%%.:*14+
f#$+ I.**+ :1771-+ $'(1-%7&'(+ I"=+ 7"1+ '$6:1-+ B8AAA+ .%+ %#+
.60#-7&'7+.'+7"1+L.'>(#6+#)+Q#(4++f#$+I.**+7"1'+:1+.'+&+0#%.7.#'+
7#+:1/#61+&+0&-7+#)+7"1+1'(+7.61+&-6=+#)+N1*.1H1-%+7"&7+I.**+:1+
$%1(+7#+).'.%"+7"1+I#-F+#)+7"1+0-1&/".'>+#)+7"1+Q#%01*+7#+&**+#)+
7"1+'&7.#'%+#)+7"1+I#-*(+&'(+.'+7"1+I#-*(+7#+/#614+
"
="
9"&071-+B++=-./"#01N.$1&<MC#O$G"&
P#OD&A.Q&<MC#O$G&
<+*#H1+7"1+I#-(+#)+Q#(+&'(+"&H1+7&$>"7+7"1+N.:*1+)#-+#H1-+@[+
=1&-%4++G%+&+=#$'>+:1*.1H1-8+<+(1%.-1(+7#+*1&-'+7"1+I#-(+&'(+<+>17+
>-1&7+ %&7.%)&/7.#'+ %"&-.'>+ 7"1+ -1H1*&7.#'+ 7"&7+ 7"1+ P#*=+ 50.-.7+
>.H1%+ 61+ I.7"+ 7"#%1+ I"#+ &-1+ "$'>-=+ &'(+ 7".-%7=+ )#-+
-.>"71#$%'1%%4&
<'+6=+1&-*=+=1&-%+.'+6.'.%7-=8+<+%1-H1(+&7+&'=+/&0&/.7=+7"&7+<+
/#$*(+.'+7"1+/"$-/"+<+I&%+&+616:1-+#)4++<+I&%+#)71'+&%F1(+:=+6=+
0&%7#-%+7#+).**+.'+)#-+7"16+I"1'1H1-+7"1=+7-&H1**1(4++<+I&%+>*&(+7#+
#:*.>18+:$7+<+I.**+&(6.7+7"&7+<+(.(+'#7+-1&**=+F'#I+"#I+7#+*1&(+&+
/#'>-1>&7.#'+ 7"1+I&=+ 7"1=+(.(4+ +P#I1H1-8+ <+ %$:6.771(+ 7#+ 7"1.-+
-1K$1%7%+ &'(+I#-F1(+(.*.>1'7*=+ 7#+ :-.'>+ &+ 7.61*=+61%%&>1+ 7"&7+
I#$*(+:*1%%+7"1+01#0*14&
b'+#'1+ 0&-7./$*&-+ 5$'(&=+6#-'.'>+ 7"1+ "#$%1+I&%+ ).**1(+ 7#+
/&0&/.7=+I.7"+01#0*14++<'+7"1+:&/F+-#I+#)+7"1+/"$-/"+7"1-1+I&%+&+
H.%.7.'>+ )&6.*=+ <+ "&(+ '1H1-+ %11'+ :1)#-14+ + <7+ I&%+ &+6.((*1d&>1(+
/#$0*1+ 7"&7+ /&61+ I.7"+ &+ '1I:#-'+ :&:=4+ + !"1+ 1*(1-%+ #)+ 7"1+
/"$-/"+ /&61+ $0+ &'(+ .')#-61(+61+ 7"&7+ 7"1+ )&6.*=+ "&(+ &+ /".*(+
7"&7+I&%+ #'+ &+ "1&-7+6#'.7#-+ &'(+ 7"&7+ 7"1=+ '11(1(+ 0-&=1-+ )#-+
7"1+:&:=4++
G)71-+7"1+0-&.%1+&'(+I#-%".0+71&6+"&(+).'.%"1(8+0*&=.'>+&'(+
%.'>.'>8+ <+ %71001(+ $0+ 7#+ 7"1+ 0$*0.7+ 7#+ 0-&=+ &'(+ %01&F+ 7#+ 7"1+
/#'>-1>&7.#'4+ + 31+ I1-1+ )*#I.'>+ .'+ 7"1+ 50.-.7+ &'(+ 7"1+
&76#%0"1-1+ I&%+ /"&->1(+ I.7"+ 1D01/7&'/=4+ + <+ :1>&'+ 7#+ 1D"#-7+
7"1+01#0*1+&'(+1'/#$-&>1+7"16+&:#$7+I"&7+<+:1*.1H1(+Q#(+I&%+
%&'()*+,-'.,"/01+213.4"
"$>+
>#.'>+7#+(#+7"&7+(&=4++G%+<+I&%+7&*F.'>+<+"1&-(+&+".>"+)-1K$1'/=+
%K$1&*+ -.'>.'>+ .'+ 7"1+-##64+ +G7+ ).-%7+ <+ 7"#$>"7+ .7+I&%+7"1+%#$'(+
%=%716+ #'+ 7"1+ %7&>1+ 7"&7+I&%+ /&$%.'>+ 7"1+ )11(:&/F4+ + <+ *##F1(+
:&/F+ 7#+ 7"1+ %#$'(+ :##7"+ 7#+ %11+ I"&7+ I&%+ I-#'>+ :$7+ 7"1=+
6#7.#'1(+7#+61+7"&7+1H1-=+7".'>+I&%+).'14+&
<+7"1'+'#7./1(+7"&7+7"1+)&6.*=+I.7"+7"1+'1I:#-'+I&%+6#H.'>+
&:#$7+&%+.)+%#617".'>+I&%+I-#'>4++G00&-1'7*=+7"1+"1&-7+6#'.7#-+
#'+7"1+/".*(+"&(+>#'1+#))+7#+I&-'+7"1+)&6.*=+7"&7+7"1+/".*(+I&%+
.'+ (&'>1-4+ + + <+ .661(.&71*=+ .'%7-$/71(+ 7"1+ $%"1-%+ 7#+ :-.'>+ 7"1+
)&6.*=+ )#-I&-(+ I.7"+ 7"1+ .'71'7+ #)+ 0-&=.'>+ )#-+ 7"1+ :&:=4+ + !"1+
)&6.*=+ :-#$>"7+ 7"1+ :&:=+ 7#+ 7"1+ &*7&-+ &'(+ &%+ 7"1=+ I1-1+
&00-#&/".'>+ 7#I&-(%+618+ 7"1+ :&:=+ :1>&'+ 7#+ *&$>"+ &'(+ /&/F*1+
*#$(*=+&'(+7"1+)&6.*=+:1>&'+7#+%#:+&'(+/-=4&
G%+ 7"1+ )&6.*=+ :1>&'+ 7#+ I&*F+ (#I'+ 7"1+ 6.((*1+ #)+ 7"1+ .%*1+
/&--=.'>+ 7"1+ :&:=+ I.7"+ 7"1+ "1&-7+ 6#'.7#-+ .'+ )&$*78+ 7"1+ \#-(+
%$((1'*=+>&H1+61+&'+#01'+H.%.#'+&:#H1+7"1.-+"1&(%4+ + <+%&I+7"1+
/*#$(%+#)+>*#-=+ -#**.'>+:&/F+&'(+7"1+\#-(+ 21%$%+%.77.'>+$0#'+P.%+
7"-#'1+I.7"+&+/".*(+7"&7+*##F1(+*.F1+7"1+:&:=+7"1=+I1-1+/&--=.'>4++&
<+ (.(+ '#7+I&'7+ 7#+ %&=+ &'=7".'>+ 7#+ 7"16+:1/&$%1+ <+ 7"#$>"7+
7"&7+7".%+I#$*(+%/&-1+7"164++<+7"#$>"7+7"&7+Q#(+I&%+%&=.'>+7"&7+
7"1+:&:=+I&%+>#.'>+ 7#+(.18+:$7+"1+I#$*(+:1+I.7"+ 7"1+\#-(+&'(+
1H1-=7".'>+I#$*(+:1+&**+ -.>"74+ + <+ -1%.%71(+%&=.'>+&'=7".'>+&:#$7+
7"1+H.%.#'+:$7+7"1+\#-(+%0#F1+7#+61+&'(+%&.(8+j!1**+7"16+I"&7+<+
&6+%"#I.'>+=#$4k+&
<+&%F1(+7"16+.)+I1+"&(+1H1-+617+#-+%0#F1'+:1)#-1+&'(+7"1=+
%"##F+7"1.-+"1&(%+'#4++<+#:1=1(+Q#(+&'(+7#*(+7"1+)&6.*=+1D&/7*=+
I"&7+Q#(+ %"#I1(+61+ .'+ 7"1+ #01'+ H.%.#'4+ + !"1+ H.%.#'+ "#H1-1(+
#H1-+ 7"1+ )&6.*=+ 7"1+I"#*1+ 7.61+ <+I&%+ (1%/-.:.'>+ .7+ 7#+ 7"164+ + <+
7#*(+ 7"16+7"&7+ 7"1+:&:=+#'+ 7"1+ *&0+#)+ 7"1+\#-(+ *##F1(+ *.F1+ 7"1+
:&:=+7"1=+I1-1+"#*(.'>+&'(+7"1'+7"1=+I107+0-#)$%1*=4&
%&'()*+,-'.,"?10*2.4)"
$$"
<+(.(+'#7+F'#I+I"&7+7#+(#+&7+7".%+0#.'78+<+).>$-1(+7"&7+<+I&%+
(1*.H1-.'>+:&(+'1I%+ 7#+ 7"16+&'(+ )1*7+ 7"1+:1%7+ 7".'>+ 7#+(#+I&%+
*17+ 7"16+ 7&F1+ 7".%+ 6#61'7+ .'4+ + !"1+ I"#*1+ 7.61+ 7"1+ H1-=+ 7.'=+
:&:=+ :#=+ /#'7.'$1(+ 7#+6#H1+ &-#$'(8+ *&$>"+ &'(+ %6.*14+ + <+ 7"1'+
&%F1(+ 7"1+ /#$0*1+ &:#$7+ 7"1+ :&:=4+ + !"1=+ 7#*(+ 61+ 7"&7+ 7"1+ [d
6#'7"d#*(+:&:=+:#=+7"1=+"1*(+.'+7"1.-+&-6%+I&%+7"1.-+>-&'(%#'+
&'(+".%+'&61+I&%+O-'1%74+ +O-'1%7+I&%+I1&-.'>+&+"1&-7+6#'.7#-+
:1/&$%1+"1+"&(+&+"#*1+.'+".%+"1&-7+&'(+7"1=+I1-1+.'%7-$/71(+7#+
:-.'>+".6+%7-&.>"7+7#+7"1+161->1'/=+-##6+.)+7"1+&*&-6+I1'7+#))4+++
!"-#$>"+ 7"1.-+ 71&-%+ /&61+ )#-7"+ %6.*1%8+ *&$>"71-+ &'(+
1D0-1%%.#'%+#)+"#01+&%+7"1=+0-#/11(1(+7#+71**+61+7"&7+7".%+I&%+
7"1+ ).-%7+ 7.61+ 7"&7+ O-'1%7+ "&(+ -1%0#'(1(+ *.F1+ 7".%+ &'(+ 7"&7+ "1+
"&(+ '1H1-+ *&$>"1(+ #-+ %6.*1(+ )-#6+ 7"1+ (&=+ "1+ I&%+ :#-'4++
OH1-=#'1+.'+7"1+-##6+%"#$71(+&7+7"1+>##(+'1I%+&'(+-1e#./1(+.'+
7"1+\#-(+I.7"+7"164+++
<7+7$-'%+#$7+7"&7+7"1=+I1-1+-&.%.'>+7"1+/".*(+)#-+7"1+0&-1'7%+
I"#+I1-1+:#7"+.'+0-.%#'+&7+7"1+7.614++<+I&%+%7.**+7".'F.'>+7"&7+7"1+
/".*(+ .'+ 7"1+ H.%.#'+ I&%+ O-'1%7+ &'(+ 7"&7+ 01-"&0%+ 7"1+ \#-(+ I&%+
71**.'>+7"16+7"&7+7"1+/".*(+I#$*(+:1+.'+P1&H1'+I"1'+7"&7+7.61+
/&614+ + <+ I&'71(+ 7#+ F'#I+ .)+ 7"1=+I1-1+ #F&=+I.7"+ 7"1%1+ 7".'>%+
7"&7+<+%"&-1(+&:#$7+7"1+:&:=+#'+7"1+*&0+#)+21%$%+)-#6+7"1+H.%.#'+
7"&7+-16&.'1(+&:#H1+7"164+++
!"1+/#$0*1+:1>&'+7#+/-=+1H1'+"&-(1-+7"&'+:1)#-1+&'(+/#$*(+
'#7+1H1'+%01&F4++<+I&%+/1-7&.'+7"&7+<+"&(+6.%%1(+Q#(+&'(+%"#$*(+
'#7+ "&H1+ 7#*(+ 7"16+ 1H1-=7".'>+ <+ %&I8+ :$7+ 7"1+ \#-(+ &)).-61(+
&>&.'+ .'+ 61+ 7"&7+ <+ I&%+ (#.'>+ 7"1+ -.>"7+ 7".'>+ :=+ 71**.'>+ 7"16+
1H1-=7".'>+<+%&I4+
+
%&'()*+,-'.,"/01+213.4"
"$5+
!"1+ &$'7+ #)+ 7"1+ /".*(+I&%+ %7&'(.'>+I.7"+ 7"16+I".*1+ &**+ #)+
7".%+ I&%+ "&001'.'>+ &'(+ %"1+ %0#F1+ $0+ #'+ :1"&*)+ #)+ 7"1+
>-&'(0&-1'7%4++3"&7+7"1+I#6&'+I&%+&:#$7+7#+%&=+7#+61+%1'7+&+
%"#/F+ I&H1+ #)+ %.*1'/1+ &/-#%%+ 7"1+ -##6+ 7"&7+ 6#-'.'>4+ + 5"1+
1D0*&.'1(+7"&7+O-'1%7+I&%+&+7I.'+#)+&'#7"1-+:&:=+:#=+7"&7+(.1(+
&)71-+"1+I&%+:#-'4+++
!"1+ -1&%#'+ 7"&7+ 7"1=+ I1-1+ %#+ 1D/.71(+ I&%+ :1/&$%1+ 7"1+
H.%.#'+/#').-61(+I"&7+7"1=+"&(+"#01(+)#-+&'(+:1*.1H1(4++3"1'+
%"1+>#7+(#'1+%01&F.'>+7"1+>*#-=+/*#$(%+ )#*(1(+:&/F+ .'+ 7#I&-(%+
7"1+\#-(+#'+7"1+7"-#'1+&'(+7"1'+(.%&001&-1(4++G)71-+"1&-.'>+7".%+
>-1&7+ -10#-7+ 7"1+ /"$-/"+ 1-$071(+ .'+ %"#$7%+ #)+ 0-&.%1+ &'(+
7"&'F%>.H.'>+$'7#+7"1+\#-(4++31+/1*1:-&71(+)#-+%#61+7.61+&%+I1+
&**+I.7'1%%1(+7"1+6.-&/*14+++
<+I&%+0-#6071(+:=+7"1+P#*=+50.-.7+ 7#+-1/1.H1+&'+#))1-.'>+7#+
"#'#-+ 7"1+ \#-(+ -.>"7+ 7"1'+&'(+ 7"1-14+ + <+ .'%7-$/71(+1H1-=#'1+ 7#+
0$7+6#'1=+.'+".%+#-+"1-+"&'(%+&'(+0*&/1+.7+.'+&+:&%F17+&'(+%01&F+
&+ :*1%%.'>+ #H1-+ .74+ + <+ '1H1-+ %&I+ %#+6$/"+6#'1=+ /#61+ .'7#+ &'+
#))1-.'>+ %#+ K$./F*=4+ + ,1#0*1+I1-1+ -$''.'>+ 7#+ 7"1+ &*7&-+ 0-&.%.'>+
&'(+I#-%".00.'>+7"1+\#-(4++!"1=+1607.1(+7"1.-+0#/F17%+#$7+&'(+
>&H1+.'+-1%0#'%1+7#+7"1+6.-&/*1+7"&7+(&=4++!"1+#))1-.'>+I&%+7"1+
0-#($/7+#)+7"1+01#0*1+>.H.'>+&**+7"&7+7"1=+/#$*(4++!".%+I&%+7-$*=+&+
7"#$%&'()#*(+6.-&/*1m+
<+ )#$'(+#$7+BU+=1&-%+ *&71-+ 7"&7+O-'1%7+"&(+>-#I'+$0+ .'7#+&+
"1&*7"=+ BUd=1&-d#*(+I.7"+ &+ /#60*171*=+I"#*1+ "1&-74+ +Q#(+ >&H1+
".6+&+6.-&/*1m++]-#6+7"&7+7.61+)#-I&-(+<+$'(1-%7##(+7"&7+7"1-1+
I&%+&+/#''1/7.#'+:17I11'+7"1+H.%.#'+&'(+7"1+6&'.)1%7&7.#'+#)+
7"1+6.-&/*1+7"-#$>"+7"1+#))1-.'>+I1+-1/1.H1(+7"&7+(&=4++<+:1*.1H1+
7"&7+I"1'1H1-+Q#(+(#1%+%#617".'>+.'/-1(.:*18+#-+I"1'1H1-+P.%+
I#-(+.%+01-)#-61(8+&+>.)7+%#I'+.'7#+7"1+L.'>(#6+#)+Q#(+0*&/1%+&+
6&-F1-+ 7"&7+ /&''#7+ :1+ 1-&%1(+ #-+ -16#H1(+ 7#+616#-.&*.a1+ 7"1+
%&'()*+,-'.,"?10*2.4)"
$7"
6#61'74+ +!".%+I&%+7"1+).-%7+7.61+7"&7+Q#(+"&(+$%1(+61+7#+%11+
&'+#01'+H.%.#'+*.F1+7"&7+:$7+.7+I&%+'#7+7"1+*&%7+7.614+++
<7+ .%+ I.7"+ 7".%+ $'(1-%7&'(.'>+ 7"&7+ <+ &00*=+ 7"1+ 0-.'/.0*1+ #)+
%#I.'>+&'(+-1&0.'>+.'+6.-&/$*#$%+%.7$&7.#'%+%$/"+&%+7".%+#'14++<+
"&H1+1D01-.1'/1(+7"1+6.-&/$*#$%+0#I1-+#)+Q#(+&7+7.61%+I"1-1+
P1+ 01-)#-61(+ '#7&:*1+ &'(+ $'(1'.&:*1+ &/7%+ #)+ P.%+ ($'&6.%+
0#I1-8+ 6.>"7+ &'(+ %7-1'>7"+ )#-+ "1&*.'>8+ %&*H&7.#'8+ (1*.H1-&'/18+
&'(+0-#H.%.#'&*+0-#%01-.7=+6.-&/*1%4+++
G%+7.61+0-#>-1%%1(+<+ *1&-'1(+7"1+%1/-17+#)+7&00.'>+ .'7#+7"1+
$'*.6.71(8+ 7"#$%&'()#*(+ 0#I1-+ &'(+ &'#.'7.'>+ #)+ Q#(4+ + <+ "&H1+
1D01-.1'/1(+6&'=8+ 6&'=+6.-&/*1%+ 7"-#$>"#$7+ 7"1+ =1&-%+ &'(+ <+
(17&.*+ .'+ 7".%+ :##F+ %#61+ #)+ 7"1+ 6#-1+ 0#I1-)$*+ 6.-&/*1%+ Q#(+
>&H1+7#+614++<+"#01+7"&7+.7+I.**+%7-1'>7"1'+&'(+1'/#$-&>1+=#$+7#+
7&0+ .'7#+ 7"1+ &:$'(&'7+ )*#I+ #)+ Q#(R%+ 7"#$%&'()#*(+ L.'>(#6+ .'+
=#$-+*.)1m+
?&>-#$$&5.,&PG&<.RG1&
G%+&+:1*.1H1-+.'+21%$%+9"-.%7+<+"&H1+*1&-'1(+"#I+7#+7-$%7+Q#(+
I.7"+7"1+6#'1=+P1+160#I1-1(+61+7#+1&-'8+&'(+7#+>.H1+.'7#+7"1+
L.'>(#6+#)+Q#(+I.7"+0$-0#%1+&'(+(1%.-14++<+)$**=+$'(1-%7&'(+7"1+
0-#6.%1+ #)+ %11(7.61+ &'(+ "&-H1%7+ &%+ I1**+ &%+ 7"1+ 0-.'/.0*1+ #)+
/#66$'./&7.'>+ .'+:#7"+ >.H.'>+ &'(+ -1/1.H.'>+ .'+ 7"1+L.'>(#6+#)+
Q#(4+
bH1-+ 7"1+ =1&-%8+ 6=+ I.)1+ c&-*1'1+ &'(+ <+ "&H1+ 0-#>-1%%.H1*=+
(1H1*#01(+ #$-+ )&.7"+ .'+ 7"1+ H&-.#$%+ N.:*./&*+ ).'&'/.&*+ 71&/".'>%+
7"-#$>"+ &'#.'71(+ 61'+ &'(+ I#61'+ #)+ Q#(4+ + 3"1'+ I1+ ).-%7+
"1&-(+7"1+71&/".'>%+I1+I1-1+'#7+K$.71+%$-1+.)+7"1=+&00*.1(+7#+$%+
#-+'#7+:$7+&%+I1+#01'1(+#$-+1&-%+ 7#+"1&-+I"&7+ 7"1+50.-.7+I&%+
%&=.'>+ 7#+$%+ 7"-#$>"+ 7"1+I#-(+#)+Q#(8+I1+ *1&-'1(+"#I+ 7#+ 7&0+
.'7#+ 7"1%1+N.:*./&*+ 0-.'/.0*1%+I.7"+61&%$-&:*1+ %$//1%%4+ + N.:*./&*+
%&'()*+,-'.,"/01+213.4"
"$8+
1/#'#6./%+ :1/&61+ &+ 0&-7+ #)+ #$-+ (&.*=+ *.)1+ &'(+I1+ "&H1+ '1H1-+
*##F1(+:&/F1(+%.'/14+
<+I.**+ '1H1-+ )#->17+ 7"1+ ).-%7+ 7.61+ <+ *.%71'1(+ 7#+ :-#7"1-+ 2#"'+
GH&'a.'.+ #'+ !NS+ 7&*F+ &:#$7+ %11(+0#I1-4+ + +J0+$'7.*+ 7".%+ 0#.'7+ <+
"&(+'1H1-+-1&**=+/#'%.(1-1(+"#I+0#I1-)$*+&+%11(+I&%4++3"1'+<+
"1&-(+ 7"&7+ :-#7"1-+ 2#"'+ I&%+ /#6.'>+ 7#+ #$-+ "#617#I'8+ <+
(1/.(1(+7#+>#+7#+7"1+6117.'>%+&'(+6&F1+1H1-=+%1%%.#'4+++
<'+7"1+).-%7+6#-'.'>+%1%%.#'+<+-1/&**+".6+%&=.'>+7"1%1+I#-(%+
.'+".%+%*#I8+!1D&%+(-&I8+j;#'1=+.%+H1-=+%0.-.7$&*4k++G7+).-%7+<+I&%+
7&F1'+:&/F+:=+7".%+/#661'78+&'(+&+*.77*1+:.7+#))1'(1(4++2$%7+7"1'+
7"1+ P#*=+ 50.-.7+ 7#*(+ 61+ 7#+ %7&=+ %1&71(+ &'(+ *.%71'+ :1/&$%1+ <+
'11(1(+7#+"1&-+7".%4+G%+2#"'+GH&'a.'.+:1>&'+7#+%"&-1+&:#$7+7"1+
6.-&/*1%+ 7"&7+ Q#(+ "&(+ 01-)#-61(+ )#-+ ".%+ )&6.*=+ <+ :1771-+
$'(1-%7##(+ 7"1+ /#''1/7.#'+ :17I11'+ 7"1+6#'1=+ "1+ "&(+ >.H1'+
&'(+7"1+6.-&/*1+Q#(+>&H1+7#+".%+)&6.*=+&'(+6.'.%7-=4++
;=+ I.)1+ &'(+ <+ I1-1+ 16:&77*1(+ .'+ &+ *&I%$.7+ 7#+ (171-6.'1+
I"17"1-+ #-+ '#7+I1+ >#7+ 7#+ %7&=+ .'+ 7"1+ "#$%1+I1+ :#$>"7+ $'(1-+
/#'7-&/74+ +!"1+%1**1-+"&(+&**#I1(+7"1+ .'%$-&'/1+7#+ *&0%1+#'+7"1+
0-#01-7=8+I"./"+0$7+".6+.'+(1)&$*7+#'+7"1+6#-7>&>1+7"&7+"1+"1*(+
I.7"+ 7"1+ :&'F4+ + !".%+ .'+ 7$-'+ /-1&71(+ &+ 0-#:*16+ )#-+ $%4+ + b'1+
7"#$%&'(+(#**&-%+.%+&**+7"1+6#'1=+7"&7+I1+"&(+7#+#$-+'&61+&'(+
I1+'11(1(+7".%+7#+6#H1+.)+I1+*#%7+7"1+/#$-7+/&%14++++
G+7"#$%&'(+(#**&-%+I&%+&+*#7+#)+6#'1=+)#-+$%+7#+>.H1+&7+7"&7+
7.61+ &'(+ 7".%+I#$*(+ :1+ 7"1+ ).-%7+ 7.61+I1+ "&(+ 1H1-+ /#'%.(1-1(+
%#I.'>+&7+7".%+*1H1*4++G)71-+*.%71'.'>+7#+7"1+6&'+#)+Q#(+71&/"+#'+
%11(7.61+&'(+"&-H1%7+&'(+#7"1-+N.:*./&*+1/#'#6./+0-.'/.0*1%+I1+
(1/.(1(+7#+>.H1+7#+Q#(+6#-1+7"&'+I1+"&(+1H1-+(#'1+:1)#-14++b'+
7"1+*&%7+'.>"7+#)+7"1+/#')1-1'/18+I1+&>-11(+7#+0$7+&+nB8AAA+%11(+
.'+7"1+#))1-.'>+&%+&+71%7.6#'=+#)+7"1+6.-&/*1+I1+'11(1(4++<+(#'R7+
6.'(+ 71**.'>+ =#$+ 7"&7+ I1+ )1*7+ *.F1+ I1+ "&(+ e$%7+ >.H1'+ &I&=+ 7"1+
%&'()*+,-'.,"?10*2.4)"
$9"
(11(+ 7#+ #$-+ "#$%1+ :$7+ I"1'+ 7"1+ 6117.'>+ I&%+ (.%6.%%1(+ I1+
>&7"1-1(+#$-+%7$))+&'(+"1&(1(+7#I&-(%+7"1+(##-4+++
<+ >#7+ .'+ 7"1+ /&-+ &'(+ <+ 7#*(+ 6=+ I.)1+ c&-*1'1+ 7"&7+ 7"1+ P#*=+
50.-.7+e$%7+%0#F1+7#+61+&'(+7#*(+61+7"&7+I1+%"&**+'#7+:1+6#H1(4++
31+ %6.*1(+&7+ 1&/"+#7"1-+ &'(+(-#H1+&I&=+ 7".'F.'>+&:#$7+I"&7+
I1+"&(+ e$%7+(#'14+ +3"1'+I1+>#7+"#61+ <+I&*F1(+ 7#+ 7"1+1'(+#)+
7"1+(-.H1I&=+&'(+ <+"1*(+6=+"&'(%+ .'+ 7"1+&.-8+ &'(+%0#F1+ 7#+ 7"1+
"#$%14+ + <+ %&.(8+j31+%"&**+'#7+:1+6#H1(8k+&'(+7"1'+ <+I1'7+:&/F+
.'7#+7"1+"#$%1+&'(+7"&'F1(+Q#(+)#-+7"1+6.-&/*1+<+:1*.1H1(+P.6+
)#-4+
!"1+ '1D7+ (&=+ <+ I&%+ %"&-.'>+ &:#$7+ 7"1+ 0-#:*16+ I.7"+ 7"1+
"#$%1+ I.7"+ &+ /*#%1+ )-.1'(+ #'+ 7"1+ 71*10"#'14+ + <+ 7&*F1(+ 7#+ ".6+
&:#$7+ 7"1+ %.7$&7.#'+ &'(+ 7"1'+I1+ "$'>+ $0+ 7"1+ 0"#'14+ + ].)711'+
6.'$71%+*&71-+"1+/&**1(+61+:&/F4++P1+%&.(+7"&7+"1+"&(+7&*F1(+7#+&+
-1&*7#-+ &:#$7+ 7"1+ "#$%1+ &'(+ "1+ I&'71(+ 7#+ *##F+ &7+ .7+ 7".%+
&)71-'##'+ .)+=#$+&-1+ )-118+%#+ <+&>-11(4+ +3"1'+7"1+-1&*7#-+/&61+
"1+&%F1(+61+I"=+I1+(.('R7+%1**+ 7"1+"#$%1+&'(+6#H1+7#+&+'1I+
#'14+ + + <+ 7#*(+".6+7"&7+ <+(.(+'#7+F'#I+7"&7+I1+ *1>&**=+/#$*(4+ +P1+
1D0*&.'1(+7"&7+I1+"&(+&+-.>"7+7#+0$7+ .7+$0+)#-+%&*1+&'(+7"&7+I1+
6.>"7+ &%+ I1**+ &)71-+ &**+ I"&7+ (.(+ I1+ "&H1+ 7#+ *#%1o+ + 5#+ #'+ ".%+
&(H./1+I1+%.>'1(+&+*.%7.'>+&>-1161'7+7"1+'1D7+(&=4+
N1)#-1+ 7"1+ )#-+ %&*1+ %.>'+ I&%+ 0*&/1(+ .'+ 7"1+ )-#'7+ =&-(8+ 7"1+
-1&*7#-+/&**1(+&'(+I&'71(+7#+%"#I+7"1+"#$%1+7#+&+=#$'>+/#$0*1+
1'>&>1(+ 7#+ :1+6&--.1(4+ + \&71-+ 7"&7+ '.>"7+ I1+ >#7+ &+ 0"#'1+ /&**+
)-#6+7"1+-1&*7#-+:1/&$%1+ 7"1+/#$0*1+I&'71(+7#+6&F1+&'+#))1-4++
!"1+#))1-+'#7+#'*=+/*1&-1(+ 7"1+ *1>&*+:&77*1+#$7+#)+ 7"1+/#$-7%8+ .7+
>&H1+ $%+ 7"1+6#'1=+ )#-+ 7"1+ (#I'+0&=61'7+ #'+ #$-+ '1D7+ "#618+
&'(+ %#61+ 1D7-&+ /&%"4+ + 31+ F'1I+ 7"&7+ Q#(+ "&(+ "#'#-1(+ #$-+
nB8AAA+%11(+7"1+'.>"7+I1+>&H1+.7+.'+7"1+#))1-.'>4++Q#(+:-#$>"7+&+
:$=1-+ )#-+ 7"1+ "#$%18+ /&'/1*1(+ 7"1+ *&I%$.78+ I"./"+ 0&.(+ #))+ 7"1+
%&'()*+,-'.,"/01+213.4"
"$:+
"#$%1+I.7"+6#'1=+)#-+&+(#I'+0&=61'7+#'+#$-+'1D7+"#$%18+I.7"+
%1H1-&*+7"#$%&'(+(#**&-%+*1)7+#H1-4++Q#(+>&H1+$%+7"1+6.-&/*1+&'(+
P1+ -17$-'1(+ 7"1+ %11(+ &%+ I1**4+ + 5#617.61%+ =#$+ >17+ .'7#+
%.7$&7.#'%+&'(+=#$+)11*+0#I1-*1%%+7#+(#+&'=7".'>+&:#$7+.74++Q#(+
6#H1(+ 6.-&/$*#$%*=+ 7"-#$>"+ 7"1+ 7"#$%&'()#*(+ 0-.'/.0*1+ &'(+
>&H1+$%+&+:-&'(+'1I+%7&-74++
!".%+I#$*(+:1+7"1+).-%7+#)+6&'=+#00#-7$'.7.1%+7#+0-#H1+Q#(+
.'+#$-+>.H.'>8+&'(+7#+%11+Q#(+6#H1+6.-&/$*#$%*=+#'+#$-+:1"&*)4++
31+(.('R7+&*I&=%+>.H1+&+nB8AAA+ %11(+ .'+ 7"1+#))1-.'>8+:$7+ 7"1-1+
I1-1+ '$61-#$%+ 7.61%+ 7"&7+ I1+ )1*7+ 7"&7+ .7+ I1-1+ '1/1%%&-=4+ + <+
I#$*(+'#7+ -1/#661'(+ 7"&7+&'=#'1+1H1-+ e$%7+ 7-=+>.H.'>+ 7#+Q#(+
I.7"#$7+ $'(1-%7&'(.'>+ &'(+ 1D01/7&7.#'4+ + <7+ .%+ .601-&7.H1+ 7"&7+
=#$+ >.H1+ &'(+ -1/1.H1+I.7"+ )&.7"+ &'(+ $'(1-%7&'(.'>4+ + <)+ =#$+ (#+
'#78+ =#$+ 6&=+ *.F1*=+ :1/#61+ (.%&00#.'71(+ I.7"+ 7"1+ -1%$*7%4+ + <)+
=#$+>.H1+I.7"+)&.7"8+0&7.1'/1+&'(+$'(1-%7&'(.'>8+Q#(+.%+)&.7")$*+
&'(+P1+I.**+:-.'>+7"1+"&-H1%7+#'+7"1+%11(+=#$+%#I+I"1'+=#$+&-1+
#:1(.1'7+7#+P.%+H#./14+
PG-M01&,-G&>OG0G"&
<+"&H1+:11'+.'+:-#&(/&%7.'>+&**+#)+6=+*.)14++<+>-1I+$0+I#-F.'>+
.'+-&(.#+I.7"+6=+)&7"1-4++<+%7&-71(+#$7+I#-F.'>+&%+7"1+e&'.7#-+&'(+
0-#($/7.#'+&%%.%7&'7+&7+7"1+&>1+#)+BB4+ + <+&*I&=%+(-1&61(+&:#$7+
:1.'>+&+)&6#$%+c2+#'+7"1+-&(.#4+]#-+@[+=1&-%+Q#(+"&%+>.H1'+6=+
)&6.*=+ &'(+61+ 7"1+ #00#-7$'.7=+ 7#+ :1+ 7"1+ !-.'.7=+ N-#&(/&%7.'>+
S17I#-F+ &)).*.&71+ %7&7.#'+ .'+ \#$.%H.**18+ L1'7$/F=+ &'(+ 5#$7"1-'+
<'(.&'&+ I"1-1+ I1+ *.H14+ + N&/F+ .'+ @AA@+ 7"1+ !NS+ S17I#-F+
&''#$'/1(+ &+ '1I+ =#$7"+ '17I#-F+ /&**1(+ 29!M4+ + !"1+ '17I#-F+
-1&/"1%+=#$'>+H.1I1-%+@Yd"#$-%+&+(&=+7"-#$>"+6$%./+H.(1#%+&'(+
#7"1-+=#$7"+#-.1'71(+0-#>-&66.'>4++;=+%#'+22+I#-F%+I.7"+61+&%+
6=+ 0-#($/1-+ &'(+ 1(.7#-+ )#-+ 7"1+ %7&7.#'+ &'(+ 6=+ .'71-'&7.#'&*+
0-#>-&6+/&**1(+]&.7"+S#I4+++
%&'()*+,-'.,"?10*2.4)"
$;"
22+ I&%+ e$%7+ BUd=1&-%d#*(+ &7+ 7"1+ 7.61+ #)+ 7"1+ &''#$'/161'7+
&:#$7+29!M4++Q#(+"&(+>.H1'+$%+&+%1/#'(+!M+%7&7.#'+.'+7"1+6&-F17+
7#+ 0-#>-&6+ &'(+ <+ I&%+ 0-&=.'>+ &:#$7+ I"&7+ 7#+ (#+ I.7"+ 7"1+
/"&''1*4+ + 22+ /&61+7#+61+&'(+&%F1(+ .)+I1+/#$*(+:1/#61+&+ 29!M+
&)).*.&714+ + <+&>-11(+I.7"+".6+7"&7+ .)+!NS+I#$*(+&**#I+$%+7#+/&--=+
7"1+ '1I+'17I#-F+ 7"&7+ <+I#$*(+ (#+ .74+ + !NS+I&%+ >*&(+ 7#+ >.H1+ $%+
/#'%1'7+ 7#+ 7-&'%6.7+ 7"1+ '17I#-F+ #H1-+ 7"1+ &.-+ #'+ #$-+ %1/#'(+
/"&''1*4+++
3"1'+ ,&$*+ &'(+ 2&'+ 9-#$/"+ "1&-(+ &:#$7+ 6=+ %#'R%+
1'7"$%.&%6+&:#$7+7"1+29!M+'17I#-F8+7"1=+(1/.(1(+7#+)*=+$%+#$7+
7#+ 9&*.)#-'.&+ 7#+ :1+ .'71-H.1I1(+ #'+ 7"1+ N1".'(+ 7"1+ 5/1'1%+
0-#>-&64+ + !#+ %&=+ 7"1+ *1&%7+ I1+ I1-1+ H1-=+ 1D/.71(+ &:#$7+ 7".%+
#00#-7$'.7=4+ + G00&-1'7*=+ I1+ I1-1+ 7"1+ ).-%7+ '17I#-F+ &)).*.&71+
%7&7.#'+#'+7"1+'17I#-F4+++
b'+7"1+I&=+7#+7"1+%7$(.#%+.'+!$%7.'8+9&*.)#-'.&+I1+(.%/$%%1(+
I"&7+ I1+ I#$*(+ %&=+ ($-.'>+ 7"1+ .'71-H.1I4+ + 31+ &*%#+ (.%/$%%1(+
%#I.'>+&+nB8AAA+%11(+I.7"+!NS+)#-+7"1+29!M+'17I#-F+&%+&+%11(+
)#-+7"1+1K$.061'7+I1+'11(1(+7#+:$.*(+7"1+%7&7.#'+.'+\#$.%H.**14++<+
"&(+ 7&$>"7+ 7"1+ 7"#$%&'()#*(+ 0-.'/.0*1+ 7#+ 6=+ )&6.*=+ &'(+ 22+
:1*.1H1(+7"&7+.7+I&%+7"1+I.**+#)+Q#(+7#+(#+7".%4+
3"1'+I1+ &--.H1(+ &7+ 7"1+ !NS+ "1&(K$&-71-%+ I1+ 7#$-1(+ 7"1+
)&/.*.7.1%+&'(+617+%#61+#)+7"1+01#0*1+7"&7+I#-F1(+)#-+!NS4++,&$*+
9-#$/"8+2-4+"#%71(+7"1+0-#>-&6+7"&7+(&=+*.H1+&7+[CAA+,;+,5!4+++
31+ 617+ ,&$*+ 2-4+ e$%7+ &+ /#$0*1+ #)+ 6.'$71%+ :1)#-1+ 7"1+
0-#>-&6+I1'7+ #'+ 7"1+ &.-8+ "1+ .%+ #'1+ #)+ 7"1+6#%7+ 0*1&%&'7+ &'(+
(.0*#6&7./+61'+<+"&H1+1H1-+6174++!".%+I&%+7"1+).-%7+7.61+I1+"&(+
617+ ".6+ &'(+I1+ (.(+ '#7+ 7&*F+ 7#+ ".6+ &:#$7+ #$-+ 0-#e1/7+ #-+ 7"1+
nB8AAA+%11(4++++
%&'()*+,-'.,"/01+213.4"
"$<+
31+/&61+#'+($-.'>+7"1+%1/#'(+%1>61'7+#)+7"1+0-#>-&6+7#+
7&*F+ &:#$7+ 7"1+ %7&7.#'+ &)).*.&7.#'4+ + S1.7"1-+ ,&$*+ 9-#$/"8+ 2-4+ '#-+
&'=#'1+&7+ 7"1+'17I#-F+ F'1I+&'=7".'>+&:#$7+#$-+0*&'%+ 7#+ >.H1+
nB8AAA+7#+29!M+0-.#-+7#+7"1+.'71-H.1I4++31+(.(+'#7+1H1'+F'#I+.)+
.7+I&%+0-#01-+17.K$1771+7#+(#+7".%+#-+'#74++,&$*+2-4+&%F1(+$%+%#61+
K$1%7.#'%+&:#$7+7"1+%7&7.#'+&'(+#$-+6.'.%7-=4+ +31+0-1%1'71(+&+
\#$.%H.**1+5*$>>1-+:&%1:&**+:&7+I.7"+".%+(&(R%+%.>'&7$-1+#'+.7+&'(+
7"1'+I1+7#*(+".6+7"&7+I1+"&(+&+>.)7+ )#-+29!M4+ + 22+:-.1)*=+%"&-1(+
&:#$7+ 7"1+ 7"#$%&'()#*(+0-.'/.0*1+&'(+ 7"1'+"&'(1(+,&$*+ 2-4+ 7"1+
nB8AAA+/"1/F4++
3"&7+I1+(.(+'#7+F'#I+I&%+7"&7+,&$*+&'(+2&'+9-#$/"+I1-1+
I&7/".'>+ &7+ 7"1.-+ "#61+ &'(+ "&(+ .'%7-$/71(+ 7"1.-+ &%%.%7&'7+ &7+
!NS+7#+(1*.H1-+&+61%%&>1+)-#6+7"16+)#-+,&$*+2-4+7#+-1&(+#'+7"1+
&.-4+ + ,&$*+ 2-4+ -1/1.H1(+ 7".%+ 61%%&>1+ )-#6+ ".%+ 0&-1'7%+ &'(+ 7"1+
/"1/F+ )-#6+ 22+ #'+ 7"1+ %17+ &7+ 7"1+ %&61+ 7.614+ + !"1+ )&D+ -1&(+ 7"&7+
,&$*+2-4+I&%+7#+71**+$%+7"&7+,&$*+&'(+2&'+I1-1+01-%#'&**=+>#.'>+7#+
>.H1+$%+nBA8AAA+)#-+#$-+%7&7.#'+0-#e1/74++,&$*+2-4+%6.*1(+&'(+%&.(8+
j<+(#'R7+7".'F+7".%+"&%+1H1-+"&001'1(+.'+7"1+".%7#-=+#)+7"1+!NS+
'17I#-F8+ 7".%+ .%+ &+ %0.-.7$&*+ *1%%#'+ 7&F.'>+ 0*&/1+ -.>"7+ .'+ )-#'7+ #)+
#$-+H1-=+1=1%4k+ +N1)#-1+I1+/#$*(+71**+ 7"16+I"&7+I1+I&'71(+7#+
(#+ Q#(+ "&(+ 6$*7.0*.1(+ 7"1+ %11(+ 71'+ 7.61%4+ + Q#(+ /&$%1(+ 7"1+
"&-H1%7+7#+#H1-7&F1+7"1+%11(+%#I'4+
2%."&S)'*&
N1"#*(8+7"1+(&=%+/#618+%&=%+7"1+\b_c8+7"&7+7"1+0*#I6&'+%"&**+
#H1-7&F1+ 7"1+ -1&01-8+ &'(+ 7"1+ 7-1&(1-+ #)+ >-&01%+ ".6+ 7"&7+ %#I%+
%11(E+&'(+7"1+6#$'7&.'%+%"&**+(-#0+%I117+I.'18+&'(+&**+7"1+".**%+
%"&**+61*74&
+
!"1+ 7"#$%&'()#*(+ 0-.'/.0*1+ I&%+ )&%7+ &7+ I#-F4+ + Q#(+6#H1(+
K$./F*=+#'+7"1+%11(+&'(+0-#($/1(+7"1+"&-H1%7+I1+'11(1(4++,&$*+
2-4+ .661(.&71*=+ 7##F+ $%+ .'7#+ ,&$*+ 5-4R%+ #))./1+ &'(+ >&H1+ $%+ &+
01-%#'&*+ /"1/F+ )-#6+ ,&$*+ &'(+ 2&'+ 9-#$/"4+ + !"1+ >-1&71%7+ 7".'>+
%&'()*+,-'.,"?10*2.4)"
$="
&:#$7+7".%+7"#$%&'()#*(+6#'1=+6.-&/*1+I&%+7"1+)&/7+7"1-1+I1-1+
6.**.#'%+#)+01#0*1+I&7/".'>+7".%+7&F1+0*&/1+*.H1+#'+!M4++<7+I&%+&+
7-$1+ 71%7.6#'=+#)+Q#(R%+ &:.*.7=+ 7#+6$*7.0*=+ 7"1+ %11(+ %#I'+ 7"&7+
(&=4++!"&7+7"#$%&'()#*(+%11(+"&%+F107+7"1+29!M+'17I#-F+#'+7"1+
&.-+.'+\#$.%H.**18+L1'7$/F=+$'7.*+7".%+(&=4+
<+"&H1+0#%71(+ 7"1+H.(1#+#)+ 7"1+N1".'(+ 7"1+5/1'1%+0-#>-&6+
#'+6=+I1:%.71+III4e#"'I%6.7"e-4/#6+)#-+-1H.1I4++<7+I.**+H1-.)=+
&'(+(#/$61'7+7".%+7"#$%&'()#*(+6.-&/*14+
=-G&<>&<MC#O$G&
<'+ BTTV8+ <+ :1>&'+ 7#+ )11*+ H1-=+ (.aa=+ &'(+ (.%#-.1'71(+ &'(+ <+
:1/&61+H1-=+)#->17)$*4++;=+*.6:%+I#$*(+7I.7/"+)#-+'#+-1&%#'+&7+
&**4+ + b'1+ &)71-'##'+ I".*1+ <+ I&%+ .'+ &+ %7#-1+ I.7"+ 6=+ I.)1+ &'(+
=#$'>1%7+ (&$>"71-8+ <+ *#%7+ 6=+ :&*&'/1+ &'(+ 7"1'+ %$((1'*=+ )1**+
(#I'+F'#/F.'>+#H1-+&'+.%*1+(.%0*&=4++<+>#7+$0+)-#6+7"1+)*##-+&'(+
7#*(+6=+I.)1+c&-*1'1+7"&7+<+7"#$>"7+.7+I&%+7.61+7#+%11+&+(#/7#-4+
51H1-&*+I11F%+*&71-+<+I&%+.'+6=+/&-+#'+7"1+I&=+7#+7"1+#))./18+
($-.'>+-$%"+"#$-+7-&))./8+I"1'+%$((1'*=+6=+*1>%+&'(+&-6%+I1'7+
'$6:4+ + <+ /#$*(+ :&-1*=+ /#'7-#*+ 7"1+ %711-.'>+ I"11*+ &'(+ <+ I&%+
$'&:*1+7#+6#H1+6=+*1>%+7#+%710+#'+7"1+:-&F14++G7+).-%7+<+0&'./F1(+
7".'F.'>+7"&7+<+6&=+/-&%"4+
<+ 6&'&>1(+ 7#+ >17+ 7"1+ /1**+ 0"#'1+ .'+ 6=+ "&'(+ &'(+ ".7+ 7"1+
%011(+(.&*+)#-+6=+I.)1+c&-*1'14++3"1'+%"1+&'%I1-1(+<+7#*(+"1-+
I"&7+ I&%+ >#.'>+ #'+ &'(+ 7"&7+ <+ '11(1(+ "1-+ 7#+ 0-&=+ )#-+ 61+ 7#+
&--.H1+%&)1*=+#$7+#)+7-&))./4++<+7#*(+"1-+7"&7+<+I&'71(+"1-+7#+F'#I+
I"&7+I&%+>#.'>+#'+.'+/&%1+<+I&%+.'+&'+&//.(1'74++5"1+0-&=1(+)#-+
61+&'(+<+I&%+&:*1+7#+>17+7#+7"1+161->1'/=+-##6+)#-+7-1&761'74+
+
%&'()*+,-'.,"/01+213.4"
"5>+
<+I&%+:&-1*=+&:*1+7#+6&F1+.7+)-#6+7"1+/&-+7#+7"1+161->1'/=+
-##64++<+I&%+1D"&$%71(+&'(+7"1'+)1**+7#+7"1+)*##-+$'&:*1+7#+0./F+
6=%1*)+ $04+ + !"1+ '$-%1%+ K$./F*=+ -&'+ 7#+6=+ &.(+ &'(+ 0$7+61+ .'+ &+
I"11*/"&.-+ 7#+ 7&F1+ 61+ .'+ 7"1+ 1D&6.'&7.#'+ -##6+ 7#+ -$'+ 71%7%4++
!"1=+7##F+Dd-&=%+&'(+-&'+&+9!+%/&'+#'+614+ +OH1-=7".'>+0#.'71(+
7#+7"1+%.>'%+#)+;$*7.0*1+5/*1-#%.%+:1771-+F'#I'+&%+;54+++
!"1+ (#/7#-+ 7"1'+ /"1/F1(+ 6=+ H.7&*+ %.>'%+ &'(+ &%F1(+ %#61+
K$1%7.#'%+&:#$7+"#I+<+I&%+)11*.'>+&'(+I"&7+I&%+>#.'>+#'+I.7"+
614++<+1D0*&.'1(+I"&7+"&(+:1>$'+7#+"&001'+7#+61+#H1-+7"1+0&%7+
%1H1-&*+I11F%4++G)71-+01-)#-6.'>+%#61+71%7%+&'(+1D&6.'.'>+618+
"1+ 7"1'+ -1/#661'(1(+ 7"&7+ <+ %11+ &+ '1$-#*#>.%7+ )#-+ )$-7"1-+
71%7.'>4+++
J0#'+"1&-.'>+7"1+0-#>'#%.%+#)+7"1+(#/7#-8+<+(1/.(1(+7#+%#I+
&+nB8AAA+ %11(+&%+ &+ 71%7.6#'=+#)+6=+ )&.7"+ .'+Q#(R%+I#-(+ 7"&7+ <+
I&%+"1&*1(+:=+7"1+%7-.01%+7"&7+21%$%+7##F+$0#'+P.%+:&/F4+ + <+%7.**+
)1*7+ 7"1+ %=607#6%+ &'(+ 7".'>%+ %1161(+ 7#+ >17+ 0-#>-1%%.H1*=+
I#-%18+:$7+<+F107+6=+/#')1%%.#'+&'(+F107+#'+0-&.%.'>+7"1+\#-(4+
<+ I1'7+ 7#+ 7"1+ '1$-#*#>.%7%+ &'(+ "1+ /#'($/71(+ &+ :-&.'I&H1+
71%74+ + <+ -1616:1-+ :1.'>+ .'+ &+ (&-F+ -##6+ I.7"+ &+ %7-#:1+ *.>"7+
)*&%".'>4+ +!"1=+"&(+/#''1/71(+0-#:1%+ 7#+6=+"1&(+%#+ 7"&7+ 7"1=+
/#$*(+-1&(+7"1+:-&.'+I&H1+&/7.H.7=4+ +G)71-+ -1H.1I.'>+7"1+-1%$*7%+
#)+7"1+:-&.'I&H18+7"1+(#/7#-+)1*7+7"&7+<+'11(1(+7#+"&H1+&'+;_<+
7#+%11+.'+(17&.*+I"&7+6=+:-&.'+*##F1(+*.F14+
3"1'+ <+ I1'7+ )#-+ 7"1+ ;_<+ &7+ 7"1+ *#/&*+ "#%0.7&*8+ <+ 0$7+ #'+
"1&(0"#'1%+7#+:*#/F+#$7+7"1+/*./F.'>+'#.%1+.'+7"1+;_<+/"&6:1-4++
G%+ 7"1+6&>'17+6#H1(+&-#$'(+&'(+ 7##F+0./7$-1%+#)+6=+:-&.'8+ <+
/#')1%%1(+ %/-.07$-1+#$7+ *#$(4+ + <+ /#')1%%1(+,%&*6+BAX+#H1-+ &'(+
#H1-+&>&.'8+:1*.1H.'>+7"&7+"1&*.'>+I&%+6=+Q#(d>.H1'+:1'1).7+&'(+
7"&7+Q#(+"&(+(1*.H1-1(+61+)-#6+7".%+&))*./7.#'4+++
%&'()*+,-'.,"?10*2.4)"
5$"
G:#$7+ &+ I11F+ I1'7+ :=8+ &'(+ .7+ I&%+ 7.61+ 7#+ H.%.7+ 7"1+
'1$-#*#>.%7+)#-+&+)#**#I+$0+#'+7"1+;_<4++;=+I.)1+&'(+<+I1'7+.'7#+
7"1+I&.7.'>+-##6+&'(+7##F+&+%1&7+I.7"+#7"1-+0&7.1'7%+7"&7+/#$*(+
:&-1*=+%.>'+.'+#-+1H1'+I&*F4+ + <+:1>&'+7#+/-=+&%+<+%&I+I"&7+7"1%1+
01#0*1+"&(+7#+>#+7"-#$>"+7#+01-)#-6+:&%./+7&%F%4+
!"&'F+Q#(+)#-+6=+0-1/.#$%+I.)1+c&-*1'14++3"1'+%"1+%&I+6=+
-1&/7.#'+ 7#+ 7"1+ #7"1-+ 0&7.1'7%8+ %"1+ >-&::1(+ 6=+ "&'(+ &'(+
I".%01-1(+ .'+ 6=+ 1&-8+ jf#$+ "&H1+ &+ :1&$7.)$*+ :-&.'4k+ <+ 7"#$>"7+
7"&7+I&%+&'+#((+7".'>+7#+%&=8+:$7+<+-1/1.H1(+"1-+I#-(%+&'(+"1-+
I&-6+%6.*14+
].)711'+6.'$71%+ *&71-+7"1=+/&**1(+6=+I.)1+&'(+<+:&/F+7#+%11+
7"1+'1$-#*#>.%7+)#-+7"1+-1&(.'>+#)+7"1+;_<+-1%$*7%4++P1+7#*(+61+&+
*.77*1+ :.7+ &:#$7+ "#I+ 7"1+ ;_<+ I#-F1(+ &'(+ 7"1'+ %"#I1(+ $%+ XB+
%10&-&71+ 0./7$-1%+ #)+ 6=+ :-&.'+ 7&F1'+ &7+ (.))1-1'7+ &'>*1%4+ + !"1+
(#/7#-+7##F+1&/"+0./7$-1+&'(+1D0*&.'1(+I"&7+7"1=+-1H1&*1(+&'(+
&7+ 7.61%+ 7-&/1(+ ".%+ ).'>1-+ #H1-+ 7"1+ .6&>1+ (1%/-.:.'>+I"&7+I&%+
>#.'>+#'+.'+6=+"1&(4++<+I.**+'1H1-+)#->17+I"&7+"1+%&.(+I"1'+"1+
*.)71(+7"1+*&%7+0./7$-1+.'+)-#'7+#)+7"1+%"&(#I+:#D4+++
P1+0#.'71(+&7+7"1+.6&>1+#)+7"1+&-71-.1%+&'(+7"1+H1.'%+.'+6=+
'1/F+&'(+%&.(+7"1=+I1-1+/*1&-4+P1+7"1'+0#.'71(+7#+7"1+.6&>1+#)+
7"1+ /-#I'+#)+6=+ :-&.'+ &'(+ 7"1'+ "1+ *.)71(+ ".%+ .'(1D+ ).'>1-+ &'(+
%6.*1(+ I".*1+ %&=.'>8+ j;-4+ 56.7"8+ =#$+ "&H1+ &+ :1&$7.)$*+ :-&.'4k++
!"1%1+I#-(%+I1-1+1D&/7*=+7"1+%&61+I#-(%+6=+I.)1+"&(+%0#F1'+
.'+6=+1&-+e$%7+).)711'+6.'$71%+1&-*.1-m+
!"1-1+I&%+ '#+ K$1%7.#'+ 7"&7+Q#(+ "&(+ &'%I1-1(+6=+ 0-&=1-+
&'(+"#'#-1(+6=+nB8AAA+%11(4++!"1+N.:*1+%&=%+7"&7+.'+7"1+6#$7"+
#)+ 7I#+ #-+ 7"-11+I.7'1%%1%8+ 1H1-=7".'>+ .%+ 1%7&:*.%"1(4+ + N1/&$%1+
:#7"+6=+I.)1+&'(+7"1+(#/7#-+%&.(+7"&7+<+"&(+&+:1&$7.)$*+:-&.'8+<+
:1*.1H1+ 7"&7+ Q#(+I&%+ 71**.'>+61+ 7"&7+ <+ I#$*(+ '#7+ "&H1+ 7#+ *.H1+
%&'()*+,-'.,"/01+213.4"
"55+
I.7"+6$*7.0*1+ %/*1-#%.%+ &'(+ 7"&7+P1+ "&(+ "#'#-1(+6=+ )&.7"+ &'(+
6=+nB8AAA+%11(+%#I'4++
<+*1)7+7"1+(#/7#-%+#))./1+-1e#./.'>+#H1-+7"1+>##(+-10#-74++<+%7.**+
)1*7+ 7"1+ %=607#6%+ .'+ 6=+ :#(=+ )#-+ #H1-+ 7"-11+ 6#'7"%8+ :$7+ <+
/#'7.'$1(+ 7#+ 7"&'F+ Q#(+ )#-+ 7"1+ /#').-6&7.#'+ #)+ P.%+ 6.-&/*1+
0#I1-+ 1H1-=+ (&=4+ + G)71-+ 7"1+ 7"-11+ 6#'7"%+ "&(+ 0&%%1(8+ <+ '#+
*#'>1-+ )1*7+ 7"1+ %=607#6%+ &'(+ &+ ).'&*+ /"1/F+ $0+ I.7"+ 7"1+
'1$-#*#>.%7+>&H1+61+&+/*1&'+:.**+#)+"1&*7"4+++
OH1-=+(&=+#)+6=+*.)1+<+7"&'F+Q#(+)#-+I"&7+P1+(.(+)#-+61+&'(+
<+&6+-16.'(1(+7"&7+7"1-1+I&%+&+(.-1/7+/#''1/7.#'+:17I11'+6=+
%11(+#)+nB8AAA+%#I'+ .'+ )&.7"+&'(+ 7"1+6.-&/*1+(1*.H1-&'/1+ )-#6+
;54+++
<+:1*.1H1+7"&7+Q#(+I.**+"#'#-+1H1-=+%11(+%#I'+.'+)&.7"4++Q#(+
.%+ '#7+ &+ -1%01/71-+ #)+ 01-%#'%E+ P1+ .%+ &+ -1%01/71-+ #)+ 0-.'/.0*1%4++
Q#(+(#1%+'#7+01-)#-6+P.%+I#-(+ .'+ =#$-+ *.)1+:1/&$%1+=#$+'11(+
P.6+7#8+P1+01-)#-6%+P.%+I#-(+.'+=#$-+*.)1+:1/&$%1+=#$+I&'7+P.6+
7#4+ +!"1+%11(+=#$+%#I+.%+1H.(1'/1+7"&7+=#$+:1*.1H1+P1+/&'+&'(+
7"&7+P1+I.**+01-)#-6+P.%+I#-(+)#-+=#$4+
;=+nB8AAA+%11(+I&%+6=+1H.(1'/1+7"&7+<+7-$%71(+Q#(+)#-+P.%+
&'#.'7.'>+&'(+($'&6.%+0#I1-+7#+:-1&F7"-#$>"+&'(+(1%7-#=+7"1+
0-#:*164++<+:1*.1H1+7"&7+>.H.'>+7#+Q#(+(#/$61'7%+=#$-+)&.7"+&'(+
(1/*&-1%+7"1+71%7.6#'=+#)+=#$-+6.-&/*14++!"1+7"#$%&'()#*(+%11(+
%1-H1%+ &%+ &+616#-.&*+6&-FE+ .7+ 0*&/1%+ &+ %7&=+ #'+ =#$-+ %.7$&7.#'8+
I"./"+/&'+0-1H1'7+.7+)-#6+/#6.'>+.'7#+=#$-+*.)1+&>&.'4+++
<T&;C#01".0&<MC#O$G&
&G7+7"1+&>1+#)+Y`8+7"1+7".'>+<+I&'71(+6#-1+7"&'+&'=7".'>+.'+
6=+ *.)1+ I&%+ &+ >-&'(/".*(4+ + b'+ 2&'$&-=+ B8+ @AAT+ 6=+ %#'R%+ I.)1+
I1'7+7#+7"1+161->1'/=+-##6+I.7"+&+71--.:*1+"1&(&/"14++;=+I.)1+
%&'()*+,-'.,"?10*2.4)"
57"
/&**1(+7#+*17+61+F'#I+&'(+7#+0-&=+)#-+"1-4++<+&%F1(+"1-+7#+'#7.)=+
61+ I"1'+ 7"1=+ I1-1+ -1*1&%1(+ )-#6+ 7"1+ 161->1'/=+ -##6+ %#+ <+
/#$*(+/#61+:=+&'(+H.%.7+I.7"+7"164++&
3"1'+ <+ &--.H1(+ &7+ 7"1+6.'.%7-=+ #))./1+ 7"&7+ &)71-'##'8+ 7"1=+
7#*(+61+7"&7+6=+(&$>"71-d.'d*&I+I&%+0-1>'&'7+&'(+1D01/7.'>+.'+
510716:1-+ @AAT4+ + <+I&%+ %#+ 1D/.71(+ <+ e$601(+ &-#$'(+ 7"1+ -##6+
-1e#./.'>+ .'+ 7"1+ >##(+ '1I%4+ + ]-#6+ 7"&7+ 6#61'7+ #'8+ <+ 7#*(+
1H1-=#'1+7"&7+<+617+7"&7+<+I&%+>#.'>+7#+:1+&+Q-&'(0&4++&
3"1'+7"1+7.61+/&61+)#-+7"1+$*7-&%#$'(+71%7%+#'+7"1+:&:=8+
I1+ 1D01/71(+ &+ >##(+ -10#-7+ )-#6+ 7"1+ (#/7#-4+ + P#I1H1-8+ 7"1+
-10#-7+ )-#6+ 7"1+ (#/7#-+ I&%+ '#7+ >##(4+ + !"1+ (#/7#-%+ %&.(+ 7"&7+
7"1=+:1*.1H1(+)-#6+7"1+-1%$*7%+#)+7"1+71%7%+7"&7+7"1+:&:=+"&(+&+
".>"+0#%%.:.*.7=+#)+:1.'>+:#-'+I.7"+(#I'%+ %='(-#61+&'(+/=%7./+
).:-#%.%4++&
<+7".'F+7"&7+01#0*1+7"&7+"&H1+(#I'%+%='(-#61+&-1+%#61+#)+
7"1+6#%7+ 0-1/.#$%+ 01#0*1+ <+ "&H1+ 1H1-+ F'#I'4+ + 5#+ .)+ =#$+ F'#I+
%#61#'1+I"#+"&%+(#I'%+%='(-#618+0*1&%1+(#+'#7+7&F1+7".%+&%+&+
'1>&7.H1+/#661'7+&>&.'%7+".6+#-+"1-8+.7+.%+7"1+(.%1&%1+<+"&H1+&'+
.%%$1+I.7"8+'#7+7"1+01#0*14&
31+/#$0*1(+#$-+)&.7"+I.7"+&+nB8AAA+%11(+)#-+7"1+0$-0#%1+#)+
71%7.)=.'>+ 7"&7+ I1+ :1*.1H1(+ 7"1+ -10#-7+ #)+ 7"1+ \#-(+ #H1-+ 7"1+
-10#-7+#)+7"1+I#-*(4+ +5#+I1+>&H1+7"1+nB8AAA+%11(+&%+K$./F*=+&%+
I1+/#$*(+ .'7#+&+/#H1'&'7+6.'.%7-=4+ +!"1'+7"1+P#*=+50.-.7+ *1(+$%+
7#+ >.H1+ %1H1-&*+ nB8AAA+ %11(%+ #'+ #$-+ >-&'(%#'R%+ :1"&*)4+ + 31+
%#I1(+7"1+%11(8+0-&=1(+&'(+&>-11(+7#>17"1-+.'+21%$%+'&61+7"&7+
7"1+:&:=+I&%+>#.'>+7#+:1+01-)1/74++&
+
%&'()*+,-'.,"/01+213.4"
"58+
;1(./&*+ 71/"'#*#>=+ "&%+ /#61+ &+ *#'>+ I&=+ )-#6+ I"1'+ 6=+
I.)1+ &'(+ <+ "&(+ #$-+ 7"-11+ /".*(-1'4+ + !"1=+ '#I+ "&H1+ ;_<+ &'(+
$*7-&%#$'(+1K$.061'7+7"&7+/&'+>.H1+=#$+&+(17&.*1(8+Xc+0-1H.1I+
#)+ I"&7+ 7"1+ :&:=+ *##F%+ *.F1+ .'+ 7"1+ I#6:4+ + 31+ I1-1+ *##F.'>+
)#-I&-(+ 7#+ %11.'>+ &+ 7"-11+ (.61'%.#'&*+ $*7-&%#$'(+ #)+ 7"1+
0-1/.#$%+:&:=+.'+".%+6#7"1-R%+I#6:4+++
31+ >&7"1-1(+ I.7"+ #$-+ )&6.*=+ &'(+ 6=+ (&$>"71-d.'d*&Ih%+
)&6.*=+7#+%11+7"1+.6&>1+#)+7"1+/".*(+#'+&+0-#e1/71(+H.(1#+%/-11'4++
!"1+ :&:=+ :#=+ F107+ ".%+ "&'(%+ #H1-+ ".%+ )&/18+ 0-1H1'7.'>+ &+ /*1&-+
H.1I+ #)+ 7"1+ :-.(>1+ #)+ ".%+ '#%14+ OH1-=#'1+ I&%+ %#61I"&7+
(.%&00#.'71(8+:$7+<+6&(1+7"1+-16&-F+7"&7+<+:1*.1H1(+7"&7+.7+I&%+
7"1+>*#-=+#)+Q#(+.'+7"1+I#6:+7"&7+6&(1+".6+7#+/#H1-+".%+)&/14++
!"1+(#/7#-%+I1-1+*##F.'>+)#-+1H.(1'/1+#'+7"1+:-.(>1+#)+".%+*.77*1+
'#%1+ 7#+/#').-6+7"1+(#I'%+%='(-#61+(.&>'#%.%4+ + <+I&%+ *##F.'>+
)#-+7"1+0-1)1/7+)&/1+#)+&+:1&$7.)$*+:&:=+:#=4+
31+/&61+&+I11F+*&71-+7#+%11+7"1+7"-11+(.61'%.#'&*+.6&>18+
:$7+"1+%7.**+I#$*(+'#7+6#H1+".%+"&'(%+&I&=+)-#6+".%+)&/14+ +31+
:1*.1H1(+I1+I#$*(+ %11+ 7"1+1H.(1'/1+#)+#$-+ /#')1%%.#'+ 7"&7+"1+
I&%+I"#*1+&'(+"&(+'#+(#I'%+%='(-#61+#-+&'=+#7"1-+&))*./7.#'8+
#7"1-%+ I1-1+ *##F.'>+ )#-+ 1H.(1'/1+ #)+ (#I'%+ %='(-#614+ + ;=+
)&6.*=+F'1I+7"&7+Q#(+"&(+"#'#-1(+#$-+nB8AAA+%11(+%#I'+&%+&+
71%7.6#'=+#)+7"1+:&:=+:1.'>+I"&7+I1+%&.(8+7"&7+"1+I&%+01-)1/74++
OH1-=+ (&=+ 6=+ I.)1+ &'(+ <+ &>-11(+ .'+ 0-&=1-+ 7"&7+ 7"1+ :&:=+ I&%+
/#60*171*=+I"#*1+&'(+7"&7+"1+I&%+01-)1/74+++
b'+ 510716:1-+ T8+ @AAT8+ #-+ TdTdAT8+ <%&.&"+ 9&-71-+ 56.7"+I&%+
:#-'+I.7"#$7+&+7-&/1+#)+(#I'%+%='(-#61+#-+&'=+#7"1-+&.*61'78+
.'/*$(.'>+ /=%7./+ ).:-#%.%4+ + !"&7+ &)71-'##'+ 9&-71-+ /&61+ .'7#+ 7"1+
I#-*(+&'(+I&%+"&'(1(+7#+6=+%#'+&'(+".%+I.)14++!"1+'$-%1%+&'(+
&**+ 7"&7+ %&I+".6+ 7"&7+ (&=+ %&.(8+ jP1+ .%+ ,1-)1/74k+ !"1+ /#')1%%.#'+
I1+6&(1+I"1'+I1+%#I1(+7"1+nB8AAA+%11(+:1/&61+7"1+-10#-7+#)+
%&'()*+,-'.,"?10*2.4)"
59"
1H1-=#'1+ &:#$7+ <%&.&"+ 9&-71-+ 56.7"4+ + P1+ I&%+ &'(+ "1+ .%+ %7.**+
01-)1/78+0-&.%1+Q#(m+
>-#Q0U"&<MC#O$G&
2$%7+ :1)#-1+ <+ I-#71+ 7".%+ :##F+ <+ %01'7+ &+ /#$0*1+ #)+ I11F%+
71&/".'>+ 6=+ /#'>-1>&7.#'+ &:#$7+ 7"1+ 7"#$%&'()#*(+ 0-.'/.0*14++
3"1'+ <+ ).'.%"1(+ 7"1+ %1-.1%+ <+ /"&**1'>1(+ 7"1+ 01#0*1+ 7#+ %#I+ &+
nB8AAA+ %11(+ :&%1(+ #'+ 7"1.-+ )&.7"+ &'(+ $'(1-%7&'(.'>+ #)+ 7"1+
71&/".'>4++;&'=+#)+7"16+(.(+&'(+7"1-1+I1-1+&+'$6:1-+#)+>-1&7+
7".'>%+7"&7+"&001'1(+&%+&+-1%$*7+#)+7"1+%11(%+%#I'4+++
b'1+#)+7"1+I#61'+.'+7"1+/"$-/"+"&(+:11'+:&77*.'>+/1-H./&*+
/&'/1-+)#-+&+I".*1+&'(+I1+0-&=1(+)#-+"1-+7#+-1/1.H1+"1-+"1&*.'>4++
b'+ 7"1+ %&61+ 5$'(&=+ 7"&7+ <+ /"&**1'>1(+ 7"1+ 01#0*1+ 7#+ >.H1+ 7"1+
nB8AAA+ %11(8+ %"1+ -10#-71(+ 7"&7+ 7"1+ (#/7#-%+ "&(+ >.H1'+ "1-+ &+
/*1&'+:.**+#)+"1&*7"+&'(+7"&7+7"1+/&'/1-+I&%+>#'1m++5"1+&'(+"1-+
"$%:&'(+>&H1+7"1.-+).-%7+nB8AAA+%11(+7"&7+6#-'.'>4++31+-1e#./1(+
I.7"+7"1+)&6.*=+&'(+>&H1+Q#(+&**+7"1+0-&.%14+
!"1+ H1-=+ '1D7+ I11F+ <+ >#7+ &+ )-&'7./+ 0"#'1+ /&**+ )-#6+ 7"1+
I#6&'+I"#+I&%+"1&*1(+#)+/&'/1-4++5"1+I&%+#'+"1-+I&=+7#+6117+
"1-+6#7"1-d.'d*&I+.'+<'(.&'&0#*.%8+<'(.&'&+7#+0./F+$0+#'1+#)+"1-+
%#'%8+ '&61(+ 5"&I'4+ + 5"&I'+ "&(+ %01'7+ 7"1+ I11F+ I.7"+ ".%+
>-&'(0&-1'7%+ .'+ 9"&60&.>'8+ <**.'#.%4+ + 5"&I'+ &'(+ ".%+
>-&'(6#7"1-+I1-1+#'+P.>"I&=+YA+O&%7+I"1'+%$((1'*=+ 7"1+/&-+
".7+&+:*#I'+7-$/F+7.-1+.'+7"1+6.((*1+#)+7"1+-#&(4++!"1+/&-+)*.001(+
).H1+7.61%+&'(+*&'(1(+#'+.7%+-##)+I.7"+5"&I'+"&'>.'>+#$7+#)+7"1+
I.'(#I4+++
N=+ 7"1+ >-&/1+ #)+ Q#(+ 7"1-1+ I&%+ &+ %7&71+ 0#*./16&'+ &'(+ &'+
&6:$*&'/1+ (-.H1-+ 7"&7+I.7'1%%1(+ 7"1+ &//.(1'7+ .'+ 7-&))./4+ + !"1=+
-$%"1(+ 5"&I'+ &'(+ ".%+ >-&'(6&+ 7#+ 7"1+ "#%0.7&*+ )#-+ 161->1'/=+
7-1&761'74+ + ;=+ I.)1+ &'(+ <+ 0-&=1(+ )#-+ 5"&I'+ &'(+ ".%+
%&'()*+,-'.,"/01+213.4"
"5:+
>-&'(6#7"1-+&'(+ .661(.&71*=+7##F+&$7"#-.7=+#H1-+7"1+%0.-.7+#)+
(1&7"4+ +31+(-#H1+%7-&.>"7+ 7#+9"&60&.>'+ 7"&7+'.>"7+ 7#+6.'.%71-+
7#+7"1+1'7.-1+)&6.*=4++31+&--.H1(+&7+&-#$'(+XCAA+G;+&'(+I1'7+7#+
7"1+"#%0.7&*+-##6+7#+*&=+"&'(%+#'+5"&I'4+++
31+/&61+.'7#+7"1+-##6+&'(+)#$'(+5"&I'+&'(+".%+)&7"1-+.'+
7"1+ -##64+ + 5"&I'R%+ (&(+ )1**+ .'7#+ 6=+ &-6%+ &'(+ :1>&'+ 7#+ %#:+
0-#)$%1*=4++5"&I'+I&%+$'/#'%/.#$%+I.7"+%/-&01%+&'(+:-$.%1%+#'+
".%+ :#(=4+ + P1+ "&(+ &+ :-#F1'+ /#**&-:#'1+ &'(+ &'+ 1D7-161+ "1&(+
7-&$6&4++!"1+(#/7#-%+7#*(+7"1+0&-1'7%+7"&7+.7+(.(+'#7+*##F+>##(4++
!"1+ (#/7#-%+ %&.(+ 7"&7+ 5"&I'R%+ :-&.'+ "&(+ %10&-&71(+ )-#6+ 7"1+
.60&/7+&'(+7"&7+.7+I#$*(+7&F1+&+*#'>+7.61+7#+-1/#H1-+&'(+7"&7+"1+
I#$*(+ "&H1+ 7"1+ 61'7&*+ /&0&/.7=+ #)+ &+ F.'(1->&-71'1-4+ + <+
1'/#$-&>1(+5"&I'h%+(&(+7"&7+Q#(+I&%+>#.'>+7#+>17+7"1+>*#-=+.'+
7".%+6&771-+&'(+7"&7+5"&I'+I&%+>#.'>+7#+)$**=+-1/#H1-4+++
31+%7&=1(+.'+7"1+"#%0.7&*+-##6+&'(+0-&=1(+)#-+5"&I'+I".*1+
".%+ 0&-1'7%+ &771'(1(+ 7#+ #7"1-+ 7".'>%4+ + <'+ *1%%+ 7"&'+ B@+ "#$-%+
5"&I'+I#F1+ $0+ &'(+ %0#F14+ + <'+ *1%%+ 7"&'+ @Y+ "#$-%+ 5"&I'+I&%+
)*#I'+:&/F+"#61+:=+"1*./#071-+*.F1+".%+0&-1'7%+I&'71(4++3.7".'+
7"-11+(&=%+5"&I'+I&%+-1/#H1-.'>+)&%7+&'(+/1*1:-&71(+".%+1.>"7"+
:.-7"(&=+7"&7+I11F4++5"&I'R%+>-&'(6#7"1-+I&%+(.%/"&->1(+)-#6+
7"1+"#%0.7&*+&+/#$0*1+#)+(&=%+&)71-+7"1+&//.(1'7+&'(+%"1+"&%+)$**=+
-1/#H1-1(4+++
!"1+nB8AAA+%11(+7"&7+I&%+>.H1'+7#+6=+6.'.%7-=+:=+7".%+)&6.*=+
:1/&61+ 7"1+ 7"#$%&'()#*(+ %11(+ 7"&7+ 0-#71/71(+ &'(+ -1%7#-1(+
5"&I'+ &'(+ ".%+ >-&'(6&4+ + !"1+ 7"#$%&'()#*(+ %11(+ 0-#($/1(+ &+
6.-&/*1+ 7"&7+ (1).1(+ 7"1+ (#/7#-R%+ -10#-7%+ .'+ *1%%+ 7"&'+ @Yd"#$-%4++
!#(&=+ 5"&I'+ .%+ :&/F+ .'+ %/"##*+ )$**=+ -1/#H1-1(+ &'(+ &771'(.'>+
/"$-/"+I.7"+".%+)&6.*=4+
+
%&'()*+,-'.,"?10*2.4)"
5;"
=-./"#01N.$1&<MC#O$G&N.C&V./&
OH1-=+#'1+#)+7"1%1+6.-&/*1%+I&%+&%%#/.&71(+I.7"+7"1+nB8AAA+
%11(+ %#I'+ &%+ &+ 71%7.6#'=+ #)+ 7"1+ 0#I1-+ #)+ 7"1+ 7"#$%&'()#*(+
0-.'/.0*14+ + !"1+ %11(+ =#$+ %#I+ %"#$*(+ &*I&=%+ :1+ &//#60&'.1(+
I.7"+&+>##(+/#')1%%.#'+#)+I"&7+=#$+I&'7+&'(+I"&7+=#$+:1*.1H14++
<+ :1*.1H1+ 7"&7+ .7+ .%+ H1-=+ .60#-7&'7+ 7"&7+ =#$+ 1%7&:*.%"+I"&7+ =#$+
I&'7+ &'(+ I"&7+ =#$+ :1*.1H1+ :=+ 6&F.'>+ 7"1+ /#')1%%.#'+ &7+ 7"1+
6#61'7+=#$+>.H1+7#+Q#(4+++
!"1+%11(+(#1%+'#7+:$=+6.-&/*1%+ .7+%1-H1%+&%+&+71%7.6#'=+#)+
7"1+ 6.-&/*1+ &'(+ &%+ 1H.(1'/1+ 7#+ 7"1+ 01#0*14+ + O%%1'7.&**=+ =#$-+
%11(+ %#I'+ 0-#($/1%+ &+ H#./1+ 7"&7+ %01&F%+ 7#+ Q#(+ 7#+ /-1&71+ &+
%&/-.)./1+ 7"&7+ P1+ /&'+ &//1074+ f#$-+ %11(+ 0$7%+ 7"1+ 0-#:*16+ #'+
'#7./1+ 7"&7+ .7+ .%+ '#+ *#'>1-+ 01-6.771(+ .'+ =#$-+ *.)18+ &'(+ 6#-1+
.60#-7&'7*=8+.7+>.H1%+>*#-=+7#+Q#(m+++
!"1%1+ &-1+ %#61+ #)+ 7"1+ 6#%7+ (.%7.'/7.H1+ 7"#$%&'()#*(+
6.-&/*1%+I1+"&H1+%11'+7&F1+0*&/1+.'+#$-+*.)1+%.'/1+I1+7##F+"#*(+
#)+ 7"1+ 7"#$%&'()#*(+ 0-.'/.0*18+ :$7+ 7"1=+ &-1+ '#7+ 7"1+ #'*=+ #'1%4++
Q#(+ "&%+ "#'#-1(+ 7".%+ %11(7.61+ &'(+ "&-H1%7+ 0-.'/.0*1+ #'+ &+
-1>$*&-+ :&%.%+ )#-+614+ + !"1-1+ .%+ &+ %01/.)./+ -1&%#'+ 7"&7+ <+ %#I+ .'+
7"#$%&'(+ (#**&-+ *1H1*%4+ + !"&7+ .%+ 7"1+ %$:e1/7+ #)+ 7".%+ 71&/".'>4+ + <+
0-&=+7"&7+=#$+I.**+ *.%71'+I.7"+=#$-+"1&-7+&'(+&%F+7"1+P#*=+50.-.7+
7#+ -1H1&*+ 7".%+ 0#I1-)$*+ L.'>(#6+ 0-.'/.0*1+ 7#+ =#$+ &%+ "1+ (.(+ 7#+
614+
\17+61+ &((+ 7".%+ 1D7-161*=+ .60#-7&'7+ 0#.'78+6=+I.)1+ &'(+ <+
&-1+ 0-&/7./.'>+ 7.7"1-%4+ + 31+ /#'%.%71'7*=+ :-.'>+ 7"1+ 7.7"1%+ &'(+
#))1-.'>%+ .'7#+ 7"1+ %7#-1"#$%1+ I"1-1+ I1+ I#-%".0+ Q#(+ 1H1-=+
I11F4+ +31+ (#+ '#7+ %71&*+ )-#6+ Q#(+ &'(+ 1D01/7+ P.6+ 7#+ :*1%%+ &+
7".1)4++!"1+7"#$%&'(d)#*(+0-.'/.0*1+I.**+'#7+I#-F+.)+=#$+&-1+'#7+.'+
0-#01-+/#H1'&'7+I.7"+Q#(+.'+7"1+7.7"1%+&'(+#))1-.'>%4+++