!"#!$%%#&'(#)'#*+$"(%,-#.

'/"#01'+21(3#'4#(1"#5674(8)79:";#01"4#74:#&'<
5+(1'9=3>-#!?@@?A#B5CA@5
.'+9D"-#E'+947%#'F#G$%/#74:#B$:"';#B'%H#IJ;#&'H#KLM#=.NC?&)L.OPPAC#MQQI>;#RRH#S8T
N+U%$31":#U,-#University of Illinois Press#'4#U"17%F#'F#(1"#University Film & Video Association
.(7U%"#OC@-#http://www.jstor.org/stable/20688479 .
5DD"33":-#MMLQSLMQKK#KV-KT

Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at .
http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless
you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you
may use content in the JSTOR archive only for your personal, non-commercial use.

Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at .
http://www.jstor.org/action/showPublisher?publisherCode=illinois. .

Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed
page of such transmission.

JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of
content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms
of scholarship. For more information about JSTOR, please contact support@jstor.org.

University of Illinois Press and University Film & Video Association are collaborating with JSTOR to digitize,
preserve and extend access to Journal of Film and Video.

http://www.jstor.org
!"#!$%%#&'(#)'#*+$"(%,-#.'/"#01'+21(3#'4#(1"#5674(8)79:";#
01"4#74:#&'<#

!=>>=?#@5A?>5#

B$4"/7# $3#7# 1+2"# ("99$('9,;#

74:# C'9#/74,#<'9D3;# E1'#
$42#C'9/7%%,# F17%%"42$42;# '4#:"C,$42# (1"#3(7(+3#
('E%7,3;#:'F+/"4(79$"3;# (1"# %"6"%#$3#1$21G# 01",#79"# R+';#'4#2$6$42#(1"$9# 3/7%%#H+(#%',7%#
7+:$"4F"#
7:/$97H%";# H+(# (1",#3(7,#F%'3"IC9'/# /,#E"93E"F($6"I#
7FF"33# ('#4"<#<'9%:3I<1,#:'#(1",# D""E#H"$42#
('#(1"#F'//'4# %742+72"G# J+(# (1"4#,'+# 176"# (1$423#
/7:"I#!17(#<'+%:#:9$6"#7#29"7(#79($3(#%$D"# .(74#
(17(#+E1'%:# (1"#$:"7# 'C#(1"#7674(8279:";# <1$F1# $3#('#
J97D172";# <1'#'4#1$3#:"7(1H":#<73# 3F97(F1$42#
C'972"# 74:# 2"(# '+(# (1"9"#$4('#4"<# ("99$('9,;#
('#(1$4D#

F'/E%"("%,# C9"31%,;#F'/"# +E#<$(1#<1'%"# '(1"9#<7,3# 'C# <$(1#1$3#C$42"947$%3# 679$'+3#317E"3#'4#7#3(9$E# 'C#

E+(($42# (1$423#('2"(1"9;#+4"KE"F(":# (1$423# ('#2'# C'9G# C$%/I# 01$3#C$%/#<'+%:#H"#D4'<4#73#01"#B1$4"3"#
&"<# (1$423#176"# H""4#/7:"# 7%%# (19'+21# (1"3"#,"793G# <73# 1$3#%73(#C$%/;#
."9$"3# UVWWXYZ# $(# 6$3$'4#
1$3#%73(#
&"<# (1$423#79"# H"$42#/7:"# 4'<G#
H"C'9"#1"#:9"<#1$3#%73(#H9"7(1G#
IL"4# M7F'H3;# NA'+4:# 07H%"-# OH3'%"3F"4F"#
3""/3#(17(#3'/"#'C#+3;# $4F%+:$42#
=(# /";#
74:#5/"9$F74# 5674(8)79:"# P$%/N#
176"#7# %'(#'C#R+"3($'43#7H'+(#(1$3#"4:"76'9;#
(1$3#7F($6$(,;#D4'<4#73#7674(8279:"#C$%//7D#
<1,# <'+%:# 74,H':,# <74(# ('#/7D"# 7674(#
5C("9#
$42G# <1"9"#F74#'4"#3""# (1"3"#<'9D3I#
7%%;#
279:"Q"KE"9$/"4(7%# 7#($/"#'C#6$9+%"4(#
C$%/3#$4#
B"9(7$4%,#4'(#7(#(1"#%'F7%#F$4"E%"KG#&'(# <1"4#
74($8$4("%%"F(+7%$3/;#
<$:"3E9"7:#E'%$($F7%# (1"#%7("3(#0'/#B9+$3"#6"1$F%"#/+3(#'FF+E,#
9"E9"33$'4#74:#E"93"F+($'4;#/$32+$:":#3'F$7%# 3"6"97%#3F9""43#E"9#F$4"E%"K#$4# '9:"9#('#"6"4#
74:#F+%(+97%# 74# $4F9"73$42%,#
E9$'9$($"3;# +2%,#
7EE9'7F1#H9"7D$42# "6"4G#!17(#7H'+(#F'%%"2"#
74:# 6+%279# E'E+%79# F+%(+9";# 74:;# E"917E3# /'3(#
74:#+4$6"93$(,# C$%/#3'F$"($"3I#5(#(1"#[4$6"93$(,#
R+"3($'47H%"#'C#7%%;#74# $4("43"#
7E7(1,#('#7%%# 'C#0"K73#7(#?%#\73';#<1"9"#=#("7F1#C$%/# 3(+:$"3;#
H"7+($C+%#
(1$423# 74:#3+H%$/"I# !1,#$4:"":I# (1"#+4$6"93$(,# C$%/#3"9$"3#$3#:"6'(":#('#(1"#%7(#
<17(#E+9E'3"#:'"3#(1"#C$%/$F#
?6"4#C+9(1"9;#
"3(#C'9"$24# N79(N#C$%/3#C9'/# ?+9'E"#74:#(1"#P79#
7674(8279:"# 3"96"# <$(1$4# (1"# "K(9"/"%,# F'/#
?73(;# <$(1#(1"#'FF73$'47%#S'%%,<'':8%$("Q$4:"#
/"9F$7%#C$%/# F+%(+9"# :'/$47("3#'+9#3'F$"(,#
(17(#
E"4:"4(#C$%/# (19'<4# $4#C'9#
(1'3"#<1'#79"#($9":#
(':7,I#=3#(1"9"#7#E%7F"#C'9#(1"#7674(8279:"Q"K#
'C#9"7:$42# 3+H($(%"3G#!17(#7H'+(#(1"#(<'# /7$4#
E"9$/"4(7%# C$%/#74:# $(3#
/7D"93I#=C# 3';#<1"9"# F7H%"#F1744"%3#(17(#F%7$/#('#31'<#(1"#%7("3(#$4#
H"I#S'<#F74#<"#27+2"# $(3#$/E7F(#
<'+%:# $(# '4#
7%("947($6"#
F+(($428":2";# F$4"/7I#=]/#9"C"99$42#
(1"#1"79(3#74:#/$4:3#'C#'+9#C"%%'<# F$($T"43I#
('#(1"#.+4:74F"#B1744"%#U'(1"9<$3"#D4'<4#73#
!17(#9'%"#:'"3#(1"#7674(8279:"#C$%/# E%7,#$4# A'H"9(# A":C'9:]3#(7K# 74:#(1"#=4:"#
<9$("8'CCY;#
(1"#3'F$7%;#F+%(+97%;#74:#"F'4'/$F#%$C"# 'C#'+9#
E"4:"4(#P$%/#B1744"%;#'9#=PBG#O4"#<'+%:#(1$4D#
5C("9#
3'F$"(,I# 7%%;# 79"#4'#
(1"9"# 29'33#H'K# 'CC$F"#
(17(#(1"3"#'+(%"(3# (19'<#
<'+%:;#H,#:"C$4$($'4;# 7#
9"F"$E(3#('#7 44'+4F"#'4# ?4("9(7$4/"4(# 0'4$21(# <$:"#4"(#74:#E9"3"4(;#7%'42#<$(1#(1"#+3+7%#/"#
54:#<1,#:'#(1"3"#C$%/3;# (1"3"#<'9D3#(17(#$43$3(#
:$'F9"#$4:"E"4:"4(# C$%/3#
H,#C$93(8($/"#
:$9"F('93#
'4#H"$42#:$CC"9"4(;# '4#H"$42#E"93'47%;#'4#H"#
74:#E''9%,#/7:"# U74:#%792"%,#+4$4("9"3($42Y#
<$# %%$# "#679"%7# $3#74# 733$3(74(# E9'C"33'9# 'C# C$%/# :'F+/"4(79$"3;# <'9D#H,#(1"#/74,;#/74,#C$%/#
3(+:$"3#$4#
(1"# 59(3#
'C#01"7(9"# 74:#A$/# 79$:#6$:"'/7D"93#<1'#:"3"96"#7# %792"9#E+H%$FG#
^"E79(/"4(#
7(# (1"#[4$6"93$(,# 'C#0"K73# 7(# ?%#\73'G# =/72$4"#E9'297/3#C"7(+9$42#(1"#<'9D#'C#.(74#

MO[A&5># OP# P=>_# 5&^# @=^?O# `a8b8V# Q# .\A=&)Q.[__?A# VWW`# X#

IVWW`#Jc#0S?#JO5A^#OP#0A[.0??.#OP#0S?#[&=@?A.=0c#OP# =>>=&O=.#
J97D172";# J9+F"# B'44"9;# L"44"(1# 542"9;# J9+F"# C$%/#173#:973($F7%%,#
:"F9"73":#3$4F"#(1"#"$21(#
J7$%%$";#
_7,7#^"9"4;#)"'92"#L+F179;#M7/"3# $"3#74:#(1"#"79%,#4$4"($"3#U/'3(%,#:+"#('#:""E#
J"44$42;# J$%%#@$'%7;# L"4# M7F'H3;# _$F17"%# .4'<;# F+(3#$4#
&?5#C+4:$42# 74:#(1"#H$(("9# <79#
(+2#'C#
?94$"# )"19;# 54:9"<# &'9"4;# 74:# )+46'9# &"%3'4;# H"(<""4#9$21(8<$42# C747($F3#7 4:#(1"#4 7($'47%#
('#47/"#d+3(#7#C"<G# F'+%:#2'#'4#74:#'4#
01"#%$3(# 79(3# F'//+4$(,Y;# (1"# 31'<F73"3# (17(# 9"/7$4#
74:#3($%%#4'(#"4F'/E733#(1"#7/H$($'4#74:#679$# 79"# 3(9'42"9# 74:# /'9"# 7:6"4(+9'+3# (174# "6"9G#

"(,# (17(# F'43($(+("3# (1"# 7674(8279:"Q"KE"9$/"4# =43($(+($'43#

3+F1#73#(1"#_+3"+/#'C# _':"94#
(7%#C$%/#/'6"/"4(G#U&'("-#=#+3"#N"KE"9$/"4(7%N# 59(;#(1"#
!1$(4",# _+3"+/#'C# 5 /"9$F74# 74:#
59(;#
$4#(1"#37/"#3"43"#(17(#'4"#<'+%:#+3"#(1"#("9/# (1"#.74#P974F$3F'#_+3"+/#'C# _':"94#59(#176"#
N9"3"79F1;N#73# =#(1$4D#(17(#7%%#3"9$'+3#79(#$3;# /7:"#7/H$($'+3#74:#'42'$42#E9'297/3# 'C#
H,#:"C$4$($'4;# 7#D$4:#'C#9"3"79F1#$4('#(1"#E'3# 7674(8279:"# C$%/#
74:#6$:"'#E79(#'C#
(1"$9#9"2+%79#
/":$+/;#73#'EE'3":# ('#
3$H$%$($"3#'C#$(3# <'9D# E9'297//$42# F,F%"3G#54:#<1$%"#(':7,#(1"9"#79"#
$42#<$(1$4#74#7%9"7:,#"3(7H%$31":;#74:# %792"%,# C"<# +47%$24":# 31'<F73"3# U$G"G;# 1'+3"3# +47CC$%$#

+4R+"3($'4":;# 3"(# 'C# F':"3GY# MG#S'H"9/74;# 7(":#<$(1#/7d'9#$43($(+($'43Y;# 3+F1#

(1'3"#C"<;#
%'428($/"#C$%/# 'C#(1"#@$%%72"#@'$F";#'4F"#
F9$($F# 73# .74# P974F$3F']3# B$4"/7(1"R+";# P$%/C'9+/#
733"9(":#(17(#(1"#C$%//7D"93#<1'#3(79(":# <'9D# $4#>'3#542"%"3;#_$%%"44$+/#74:#54(1'%'2,# P$%/#
7C("9#
$42# !'9%:# !79# ==#
F'43($(+(":#7#/'6"/"4(# 59F1$6"3#$4# &"<#c'9D;#J"9D"%",]3#\7F$C$F#P$%/#
73#E'<"9C+%# 73#(1"#7H3(97F(#"K#
74:#3$24$C$F74(# 59F1$6"3;# 74:#7#174:C+%#'C#'(1"93;#F'4($4+"#('#
E9"33$'4$3(3#$4# 54:#(1"#7H3(97F(#"K#
E7$4($42G# 3F9""4#F'4("/E'979,# 74:#1$3('9$F7%#
E9'297/3#
E9"33$'4$3(3#F1742":#E7$4($42# 74:#31$C(":#(1"# %792"%,#:"6'(":#('#7674(8279:"Q"KE"9$/"4(7%#
F"4("9#'C#(1"#79(#
<'9%:#C9'/#?+9'E"#('#5/"9$F7e# C$%/;#74:;# $4F9"73$42%,;# 6$:"'G#
01"# &"<# 5/"9$F74# B$4"/7;# 1'<"6"9;# 74:# $(3# ?K1$H$(# B-#5%(1'+21#7(#($/"3#E9'H%"/7($F;#(1"#
E9$/"# /'6"93I$4F%+:$42# _7,7# ^"9"4;# .(74# J97# 9$3"#'C#(1"#/+%($/":$7#C$%/# 74:Q'96$:"'# $43(7%#
D172";#L"44"(1# _79$"#_"4D"4;#.$:4",#
542"9;# %7($'4#$3#4"6"9(1"%"33#7#3$24#'C#(1"#6$7H$%$(,#
74:#
\"("93'4;# J9+F"# B'44"9;# A'H"9(# J9""9;# )9"2'9,# 7:7E(7H$%$(,# 'C#(1"#
"KE"9$/"4(7%# C$%/G#."6"97%#
_79D'E'+%'3;# !$%%79:# _773;# 74:# 54:,#!791'%# C$%/#7674(8279:$3(3;# 3+F1# 73# _$F17"%# .4'<;#
<'+%:# 4'(# 9"F"$6";# <$(1# 7# F'+E%"# 'C# "KF"E($'43;# .F'((#.(79D;#(1"#%7("#\7+%#.179$(3;# B'497:;#
0'4,#
(1"#37/"# %"6"%#
'C#9"F'24$($'4#
74:#3+EE'9(#(17(# /,3"%C;# 74:# '(1"93;# 176"# H"2+4# ('# F'4F"E(+7%#
(1"# 7H3(97F(8"KE9"33$'4$3(# E7$4("93# 9"F"$6":G# $T"#74:#"K"F+("#$43(7%%7($'43#
+3$42#C$%/#
74:#
01$3#$3#4'(#3+9E9$3$42#3$4F"#(1"#C$%//7D"93#<"9"# 6$:"'#74:#('#E%7F"#(1"3"#E$"F"3# $4#
/+3"+/3;#
4'(#F9"7($42# 3$42%";#E9"F$'+3#'Hd"F(3;#'Hd"F(3# 27%%"9$"3;# 74:# F'4("/E'979,# 79(# F"4("93G# 01$3#
<$(1# 74# 7+97# 'C# +4$R+"4"33;# $4("43$(,;# 74:# 1$3# $3#7#2'':#(1$42G#
01"3"#/'6$428$/72"#
E97F($F"3#
('9$F7%#
67%+"#(17(#F'+%:#"6"4(+7%%,#
H"#F'46"9(":# 176"# "6'%6":# $4('#3'/"(1$42# 4"<;# $4('#3'/"#
('#74#73('+4:$42#/'4"(79,# 7#
67%+"G#S'<#F'+%:# /'9"# $4F%+3$6";#
(1$42# /'9"#"KE743$6";#(174#(1"#
C$%//7D"9# F'/E"("# <$(1#(17(I# 54:#3'# $(#$3#(17(#7# 3$42%"# '9#
C$%/# 6$:"'Z# (1+3#
(1",# 74:#
H9$42#C$%/#
/7d'9# F$4"/7($F# 9 "6'%+($'4# F7/"#74:# <"4(#<$(1# 4"<#74:#"KF$($42#9"%7($'431$E3#
6$:"'# $4('# 74:#
3""/$42%,# %$((%"#
$/E7F(# '4#(1"# ^ 9"7/# P7F('9,;# ^-#01"#4+/H"9#
E'33$H$%$($"3G#?K1$H$(# 'C#E+H%$#
/+F1#%"33#(1"#F+%(+9"# 7(# %792"G#J+(#$3#(1$3#9"7%%,# F7($'43# F'4(7$4$42# 79($F%"3# :"6'(":# ('#7674(#
(9+"I#=3#(1"#7674(8279:"#9"7%%,# 'H3'%"(";# $46$3# 279:"Q"KE"9$/"4(7%# C$%/3#9"/7$43#3("7:,;#74:#
7#/'6$428$/72"#
$H%";# E97F($F"# <1'3"# ($/"#173# (1"3"#E+H%$F7($'43#79"#9"7:$%,#767$%7H%"G#P$%/#
F'/"#74:#2'4"I# _$%%"44$+/#P$%/#M'+947%;#
*+79("9%,;# B$4"/7#
/$21(#3""/#(17(#
=(# <7,# $C#$(#<"9"4](#C'9#7%%#(1"# .F'E"# U'+(#'C#0'9'4('Y;#
74:#"6"4#P$%/#B'//"4(#
"6$:"4F"#('#(1"#F'4(979,G# ?K1$H$(# 5-#B9$("9$'4]3# F'4($4+"#('#E9$4(# E$"F"3#'4# $4:$6$:#
3$24$C$F74(#
(<'8:$3F# 3"(#J,#J97D172"-#54#54(1'%'2,#UVWWXY# +7%#7674(8279:$3(3#74:#'4#:"6"%'E/"4(3# <$(1$4#
173#3'%:#"K(9"/"%,# <"%%# U(1$9(""4# (1'+374:#F'E# (1"# 7674(8279:"Q"KE"9$/"4(7%# C$%/#F'//+4$(,G#
$"3#('#:7(";#/'9"#'9#%"33Y;#74:#(1"9"#$3#(7%D#'C# ?K1$H$(# ?-#01"#E9'E'3":#J97D172"#.(+:,#B"4#
7#3"F'4:#6'%+/"G#?K1$H$(# J-#!1$%"#(1"#4+/H"9# ('#
("9;# H "# %'F7(":# 7(#(1"#[4$6"93$(,#
'C#B'%'97:'#
'C#31'<F73"3#C'9# 7674(8279:"Q$4:"E"4:"4(# $4#
J'+%:"9;# $3#
7 4'(1"9# (17(#
3$24# ( 1"#
7674(8279:"#

f# MO[A&5># OP# P=>_# 5&^# @=^?O# `a8b8V# Q# .\A=&)Q.[__?A# VWW`#

IVWW`# Jc#0S?#JO5A^#OP#0A[.0??.#OP#0S?#[&=@?A.=0c#OP# =>>=&O=.#
 $3#3+9C7F$42#"6"4#/'9"#6$2'9'+3%,G# !1$%"#3($%%#$4# E"9$/"4(7%N# &7(+97%#J'94#L$%%"93;#7#C$%/#
C$%/# 3'#
(1"#E%744$42#3(72"3;#(1$3#F"4("9# <'+%:#1'+3"# 3'# 74:#
/"33,;# +4<$"%:,;# ,"(# '4"#3'# $4:"H(":# ('#
J97D172"]3#"4($9"# H':,#'C# <'9D#U4"<#E9$4(3# 'C# <'9D#'C#J9+F"#B'44"9;#
(1"# L"44"(1#542"9;# 74:#
7%%#'C#1$3#C$%/3#176"#7%9"7:,#H""4#3(9+FDY# 74:# )"'92"#L+F179;#7/'42#'(1"93;#73#('#H"#7#6$9(+7%#
<'+%:#3"96"#73#7# %'F+3#C'9# J97D172"#3(+:$"3G# 1'/72"#('#(1"#7674(8279:"G#UJ,#F'/E79$3'4;#
O4"#'C#(1"#E9$/"# /'6"93#'C#(1$3#E9'd"F(;#C$%/# ^"44$3#S'EE"9]3#7(("/E(# 7(#74#N"KE"9$/"4(7%N#
/7D"9#74:#C$%/# E9'C"33'9# \1$%#.'%'/'4;#173# 01"#
C$%/;# >73(#
_'6$"# UbgaWY;#3""/3#R+7$4(%,#
3E'D"4# <$(1#/ "#7H'+(# 1'%:$42#744+7%#F'4C"9# /':"3(# 74:# 3$4F"9"GY#
"4F"3#:"6'(":#('#J97D172"]3#<'9D#74:# $46$($42# =4#
(1"#"4:;#<17(#D$4:#'C#E"93'4#E"93$3(3#$4#
J97D172"#:"6'(""3#C9'/# 79'+4:#(1"#F'+4(9,# /7D$42#7674(8279:"Q"KE"9$/"4(7%# C$%/3#U'9#
74:#(1"# <'9%:#('#:"6"%'E#74:#"KE%'9"#4"<#:$# 7#/":$7#F+%(+9"#
6$:"'3Y# $4# 7::$F(":#
F%"79%,#
9"F($'43# C'9#(1"#3(+:,# <'9DG#
'C#(1$3#29"7(#79($3(]3# ('#(1"#F'//"9F$7%#C$F($6"#
47997($6"#74:#7%%#$(3#
=4#7::$($'4;#(1"#_+3"+/#'C# _':"94#59(#173# %7/";#'6"9<'9D":;#74:#+(("9%,#E9":$F(7H%"#C'9#
E+9F173":#J97D172"]3#'"+69"#C'9#$(3# F'%%"F($'4G# /+%73I#01"9"#79"#E9'H7H%,# 73#/74,#9"73'43#73#
J'(1#'C#(1"3"#:"6"%'E/"4(3#79"#/7d'9#74:# (1"9"# 79"# /7D"93G# P'9# 3'/";# $(]3#3$/E%,# <17(#

3$247%#7#F'//$(/"4(# ('#(1"#7674(8279:"Q"KE"9$# :'G#.(74#J97D172"#37,3#"K7F(%,#(1$3#$4#M$/#

(1",#
/"4(7%#C$%/# 73#'4"#'C#(1"# /'3(#"4:+9$42# 74:# .1"::"4]3# :'F+/"4(79,#J97D172"#UbggiY-#N=#
E'<"9C+%# "K7/E%"3#'C#C$%/# 73#79(G# /"74;# $(]3#<17(# =#:'GN# OC# F'+93";# $(]3#4'(# 7%<7,3#

P9'/#<1"9"# =#3$(;#(1"#7674(8279:"#$3# /'9"# 73#3$/E%"#74:#3(97$21(C'9<79:# 73#1"#/7D"3# $(#

173#"4:+9":#74:#/7(+9":#74:#
(174#7%$6"Z# $(# 3'+4:G# =#9"F7%%# <"%%#
6"9,# J97D172"#1$/3"%C# 73#
$3#4 '<#9"7:,#('#$43$3(#'4# $(3#
E9$/7F,G# 01"# 3"9($42#(17(#( 1"#7 F9"7("3#
9($3(# H "F7+3"# 1"#/+3(;#
7674(8279:"# 9":"C$4":# (1"# 4 7(+9"#'C#
6$3$'4;# H"F7+3"# 1"#U'9#31"Y#4"":3#('G#01$3#3'+4:3#
74:#(19'+21# (1$3#9"<'9D$42# 'C#(1"#NF9$3$3#'C# 3'/"<17(# /'9"#+92"4(;# 74:#(1$3#$3#73# $(#
31'+%:#
9"E9"3"4(7($'4;N#$(#
H9'+21(#7H'+(#4"<#<7,3# H"G#.($%%#'(1"93#
/7D"#(1"3"#C$%/3# H"F7+3"# (1",#
(1"#
'C#E"9F"$6$42# <'9%:#74:# $(3#<'9D$423;# 'C# 79"#/'($67(":#('#"KE%'9"#(1"# /":$+/#74:#+3"#
H9$42$42#$4('#
"F3(7($F#
C'F+3# ( 1"#
"6"9,:7,;# (1"# ('#
$(# /7D"#E"93'47%#3(7("/"4(3G# 54:#(1"4#(1"9"#
R+'($:$74Z#74:#H"F7+3"# 'C#
(1$3;# $(#
(''D# ( 1'3"# 79"#(1'3"#<1'#7(("/E(#('# <'9D#H'(1#3$:"3#'C#
<1'#<"9"#3(9+FD#H,#(1"#%$21(#('#7# %$C"]3#
F7%%$42G# (1"#3(9""(;#('#H9$:2"#(17(# 27E#H"(<""4#C$%/# 73#
53#C'9#
(1'3"#<1'#<"9"#4'(#3'#3+3F"E($H%"#'9# "KE"9$/"4(# 74:#C$%/# 73# "4("9(7$4/"4(# UC$%//7D#
6+%4"97H%"# U"6"9,'4"# C9'/#(1"# 76"972"# C%%/2'"9# "93#%$D"#
^76$:#>,4F1;# _$D"#P$22$3;# ^76$:#P$4F1"9;#
('#(1"#76"972"#C$%/# <1'#:$3/$33"3#(1"#
3(+:"4(;# .("6"4#.':"9H"921;#74:#.7%%,#\'(("9;# 7/'42#
7674(8279:"# 73# (1"#E%7,29'+4:#'C#3"%C8$4:+%2"4(# '(1"93YG#
7/7("+93Y;#=#F74#'4%,#37,#(17(#9"279:%"33#'C#1'<# =4#(1"#(1$9(,8C'+9#,"793#'9#3'#(17(#=]6"#H""4#
N$46$3$H%"N#(1",#/7,#(1$4D#(1"#7674(8279:"# 173# <'9D$42#<$(1#(1"# /'6$42#$/72"#UC$93(# $4#C$%/;#
H"F'/";# (1",# 79"# 3""$42# (1"# 3(97("2$"3;# ("F1# 4'<#$4#6$:"'Y;# =#
1 /
76"# "(#/74,# C$%/8#
74:#6$:#
4$R+"3;#74:# $4:"":#(1"#"4($9"#%"27F$"3#'C#(1"3"# "'/7D"93;# 74:# (1"9"# 79"# F"9(7$4# (97$(3# (1",#

7674(8279:"# 6$3$'43# $4#3+F1# <"$9:# F'//"9F$7%# F'//'4G#

176"#$4# _'3(#'C#(1"3"#79($3(3#U74:#=#
E9':+F(3#73#(1"#
/+3$F#6$:"'#UL"44"(1# 542"9]3# /,3"%CY#79"#:9$6"4;#
$4F%+:"# :"("9/$4":;# ("47#
3E7<4;#$4F%+:$42#?73,#A$:"9#
UbghgY;# H$D"9#
"6"9,# "4:%"33%,#F+9$'+3;#C$"9F"%,#
F$'+3;#9"3'+9F"C+%;#
C%$FD#
E9':+F":#H,# 74:#
5/"9$F74#=4("947($'47%;# 792+/"4(7($6";# 7423(89$::"4;# :$CC$F+%(;# 74:# "K#
_0@#6$:"'#"6"9#7$9":YZ#(1"#
d+3(#7H'+(#"6"9,# (97'9:$479$%,#3"43$($6"G#J+(#/'3(#'C#7%%;#7#3(9'42#
."6"4;#F%"79#
'C#^76$:#P$4F1"9]3#
'E"4$42#F9":$(3# 'C#'94"9$4"33#9+43#(19'+21#
3(9"7D# 7%/'3(#7%%#
74#1'/72"#('#.(74#J97D172"Z#(1"#\O@#31'(3#
%,# 'C#(1"/G#U)"'92"#L+F179;# '4"#'C#(1"#3<""("3(#
H%$4:#3+E"91"9'#F1797F("9#$4#
'C#J"4#5CC%"FD]3# E"'E%"# =]6"#"6"9#
/"(;#3""/3#:"6'$:#'C#3'/"#'C#
^79":"6$%#UVWWXY;#H"7+($C+%;#
(1"#C+4D,# H%+$31;# (1"3"#F1797F("9$3($F3;#H+(#1"#/'9"#(174# /7D"3#
H%+99,;#
%$21(83E%7,":# 31'(3#9"/$4$3F"4(# 'C#01"# +E#C'9#
(1"/# <$(1#1$3#$4:"C7($27H$%$(,GY#
'C#>$21(#UbgafYZ#74:# %73(#H+(#4'(#%"73(;#
0"K(# 01$3#2"4"97%#C9+3(97($'4# 74:# $/E7($"4F"# <$(1#
O%$6"9# .('4"]3# bggf# /+%($/$%%$'48:'%%79# N"K# (1"#<'9%:#74:# $(3#$43($(+($'43;#
F'+E%":# <$(1#

MO[A&5># OP# P=>_# 5&^# @=^?O# `a8b8V# Q# .\A=&)Q.[__?A# VWW`# `#

IVWW`#Jc#0S?#JO5A^#OP#0A[.0??.#OP#0S?#[&=@?A.=0c#OP# =>>=&O=.#
(1"#:"/74:3#'C#/7D$42#7# %$6$42#74:#3+96$6$42# bG#01"#%7FD#
'C#7#F'/E%"("#1$3('9,G#
!1$%"#\G#
'+9#F+((19'7(#
$4# 7#
F7E$(7%$3(#3'F$"(,;#176";#$4# 5:7/3#.$(4",#173#<9$(("4# (1"#:"C$4$($6"#
6"9,# 9"7%# 3"43";# F9"7(":# (1$3# 3E"F$7%;# 6$3$'479,# 7FF'+4(#'C#(1"#E'3(8!!==# 2"4"97($'4#$4#
3F1''%#'C#
/'6$428$/72"# "KE9"33$'4;#74:#(1",# 1$3#3"/$47%#6'%+/"#@$3$'479,# P$%/;#1"#173#
176"#D"E(#$(# 73# %'42#
2'$42#C'9# 73# F$4"/7#173# F1'3"4#('#:$3/$33#(1"#C$%//7D"93#
%792"%,#
H""4# 79'+4:G# 01"3"# +4$R+"# E"'E%"# 176"# F9"# <1'#F7/"#7C("9#(1$3#$4$($7%#
<76";# ('#(1"#
7(":#/74,#"K7/E%"3#'C#29"7(#H"7+(,#74:#176"# 29"7(#:"(9$/"4(# 'C#(1'3"#79($3(3#
74:#'C#(1"#
4'(#73D":#/+F1#$4#9"(+94#"KF"E(#3'/"# 9"3E"F(# C$"%:#$(3"%CG#
!17(# $3#4"":":# $3#7#F9$($F#
<1'#
74:#7FF"E(74F"G#54:#$(#$3#H"F7+3"# 'C#(1"3"# <$%%#F17/E$'4#(1'3"#79($3(3# <1'#3(79(":#
E"'E%";# (1"3"# 7674(8279:"Q"KE"9$/"4(7%# C$%/# <'9D$42#$4#(1"#"79%,#bgaW3#74:#79"#3($%%#
/7D"93;#(17(#<"#176"#7#3"9$'+3#C$%/#
F+%(+9"G# <'9D$42#(':7,G#.F'((#_7F^'47%:;# \7+%#59#
!1$%"#/74,#'C#(1"/#79"#:"7:I.(74# J97D172";# (1+9;# _"%%"4F7/E;#74:#7#C"<#
\7(9$F$7# '(1#
.$:4",#\"("93'4;#S'%%$3#P97/E('4;#\7+%#.179$(3;# "93#176"#(+94":# (1"$9#
C'F+3#('#(1$3#3"F'4:#
_7,7#^"9"4;#54:,# !791'%;#_79$"#_"4D"4;#74:# 2"4"97($'4;# H+(#/+F1#9"/7$43#('#H"#:'4"G#
!$%%79:#_773;# ('#47/"#d+3(#7#C"<I(1"$9#
<'9D# VG# 01"# '42'$42;# 74:# E9"((,#/+F1# +44"F"3#

%$6"3# '4G# .+FF"33$6"# 2"4"97($'43# 'C#/'6$428$/# H"(<""4#C$%//7D"93#

379,;#3(9+22%"# U<1'#
72"#79($3(3#176"#17:#7#9$F1#%"27F,#'4#<1$F1#('# 'C("4#("4:#('#H"#E+9$3(3Y#74:#6$:"'/7D#
:97<;#74:#H"F7+3"# 'C#(1$3#%"27F,# F"9(7$4#(97:$# "93;#/74,#'C#<1'/#176"#F1'3"4#('# <'9D#
($'43#176"#H""4#"3(7H%$31":#74:#/74,#4"<# $4#
6$:"'#73#74#7%("947($6"#('#(1"#3"9$'+3#
:$9"F($'43#176"#H""4#H%7T":G#J+(#'4"#(1$42# E9'H%"/3#'C# <'9D$42#<$(1#C$%/;#3+F1#73#
173#9"/7$4":# 7(#(1"#F'9"#'C#(1$3#7F($6$(,#
<"# (1"#1$21#F'3(#'C#C$%/;#
:"6"%'E$42;#E9$4($42;#
F7%%#7674(8279:"Q"KE"9$/"4(7%# C$%//7D$42-# (1"# 74:# F7/"973G# 01$3# $3#7# 4'4$33+"# H"F7+3"#

4"":;#(1"#:"3$9";#('#7EE9"1"4:#(1"# <'9%:#$4#7# 6$:"'# $3#3($%%#7#/'6$428$/72"#/":$+/-# $(#

E"93'47%#<7,;#(19'+21# (1"#%"43#' C#7 #/'6$"#F7/# F74#H"#H"7+($C+%# 74:#"KE9"33$6";#:"E"4:#
"97;#74:#(1"4#('#3179"#(1$3#
6"9,#E"93'47%#6$3$'4# '4#(1"#7EE9'7F1#(7D"4#('#(1"#+4$R+"#
$42#
<$(1#'(1"93G#01$3#E79($F+%79#9"6'%+($'4#173#7%# E9'H%"/3# (17(#6$:"'# E9"3"4(3Z# (1"# 9"3'%+#

9"7:,# 17EE"4":;# 74:# < 1$%"# <73#

$(# 4'(#
("%"6$3":;# ($'4#74:#3'+4:#F7E7H$%$($"3#'C#6$:"'#176"#
$(#
:$:#176"#E%"4(,#'C#
<$(4"33"3;#74:#/74,#'C# 74:#"6"4#6$:"'#E9'd"F($'4#
673(%,#$/E9'6":;#
(1"3"#<$(4"33"3#H"F7/"#/7D"93G#54:#(1"# <'9D# 173# $/E9'6":# /79D":%,Z#74:#<1$%"#@S.# $3#
F'4($4+"3G# 7%/'3(#'H3'%"(";#(1"#^@^#C'9/7(# F74#'C("4#
=(#
<'+%:#H"#("/E($42#('#%"76"#$(#
1"9";#('#37,# H"#7#/'9"#(174#37($3C7F('9,# 3'%+($'4#('#
(17(# 'D7,#H"F7+3"# 3'/"#"%:"9#
"6"9,(1$42]3# (1"#E9'H%"/#'C#E9"3"4($42# C$%/#74:#6$:"'#
3(7("3/"4# 'C# (1"# 7674(8279:"# 79"# 3($%%#<'9D$42;# <'9D3#$4#(1"#1'/"#74:#/7D$42#(1"/#767$%#
'9# (17(# (1"# 7FF"E(74F"# 'C# (1"# 7674(8279:"Q"K# 7H%"#C'9#9"E"7(":#6$"<$42# 74:#3(+:,G#!$(#
E"9$/"4(7%# C$%/#$4('#
(1"#/+3"+/#<'9%:#C$47%%,# 4"33#(1"#29"7(#3+FF"33#'C#(1"#J97D172"#3"(;#
67%$:7("3#(1$3# /'6"/"4(;#'9#(17(#(1"#'FF73$'47%# 73# 4'(":#"79%$"9G#P'9#(1"#C$93(#
($/";#3"9$'+3#
^@^#":$($'4#:"/'43(97("3#(17(#(1"#7674(8279:"# 6$"<"93#176"#7FF"33# ('#1$3#<'9D#$4# 7#C'9#
$3#F'//"9F$7%%,#6$7H%"G#01"3"# $33+"3;#74:#'(1# /7(#(17(#9"E9':+F"3;#('#7# 9"73'47H%,#1$21#
"93;#79"# $4:"":#3$243#(17(#(1$423#79"#H"(("9# :"29"";#(1"#+4$R+"#"KE"9$"4F"#'C#6$"<$42#
(174#(1",# +3":#('#H"#C'9#
79($3(3#
<'9D$42# <$(1# 7#J97D172"#C$%/IE9'6$:":# (17(#1'/"#6$"<#
(1"# /'6$42#$/72"#E9$/79$%,# 73#74#79(#C '9/G#
J+(# "93#F74#E9'E"9%,#
(+4"#(1"$9#
0@#3"(#UF'%'9#
(1"9"# 79"#'(1"9#3"(3#'C#$33+"3#(17(#176"#H""4# H7%74F";# 3179E4"33;# 74:# F'4(973(YG#
'+(#(1"9"#C'9# 3'/"#($/"#74:#176"#,"(#('#H"# XG# 01"# F9'33'6"9# H"(<""4# (1"#<'9%:3# 'C#"K#
:"7%(#<$(1G#.'/"#'C#(1"3"# $33+"3;#$4#4'#E79($F+# E"9$/"4(7%#C$%/#
74:#6$:"'G#59($3(3#
3+F1#
%79#'9:"9# 'C# +92"4F,;# 79"-# 73#_$F17"%#.4'<;#M'473#
_"D73;#54:9"<#
&'9"4;# ?94$"# )"19;# 74:# L"4# M7F'H3# 79"# 4'<#

h# MO[A&5># OP# P=>_# 5&^# @=^?O# `ab8V# Q# .\A=&)Q.[__?A# VWW`#

IVWW`# Jc#0S?#JO5A^#OP#0A[.0??.#OP#0S?#[&=@?A.=0c#OP# =>>=&O=.#
 <'9D$42# <$(1#6$:"';#<1$%"#9"/7$4$42# (9+"#('# (1$3#$3#73# $(#
31'+%:#H"G#5C("9#7%%;#3'/"H':,#173#
(1"$9# C$%/# 01$3#:"6"%'E/"4(#F74#'4%,#
9''(3G# ('#E9'6$:"#7%("947($6"3# ('#)"'92"#>+F73;#.("6"4#
H"#2'':#C'9# H'(1#6$:"'#74:#C$%/;# H"F7+3"# .E$"%H"92;#M'"%# .F1+/7F1"9;#M"99,# J9+FD1"$/"9;#
(1"3"#7FF'/E%$31":#79($3(3# 67%$:7("#6$:"'# \$K79#
54$/7($'4;# @$4#^$"3"%;#J"4#5CC%"FD;# M"44$#
73#7#6"1$F%"#C'9# E"93'47%#"KE"9$/"4(7($'4# C"9#>'E"TI=# (1$4D# ,'+#D4'<# <1"9"#\/#2'$42G#
74:#H9$42# 7#+4$R+"#","#('#(1$3#4"<#"%"F# !"#'<"#7#:"H(#('#(1'3"#E$'4""93# <1'#C$93(#
(9'4$F# E7%"(("G#S"9"#=#/+3(#/"4($'4#(1"#C$93(# 37<#(1"#E'("4($7%#'C#C$%/# ('#"KE74:#6$3$'4#
3$24$C$F74(# :"C"F('9# C 9'/#(1"#7674(8279:"Q# )"'92"3#_"%$"3;#_74#A7,;#>+$3#J+4+"%;#P"9474:#
"KE"9$/"4(7%# C$%/#
F7/E;# (1"#73('+4:$42%,# >"2"9;#A'H"9(#P%'9",;# ^T$27#@"9('6;# B79%#^9","9;#
E9'%$C$F#)"'92"#L+F179;# <1'#"/H97F":# ?$3"43("$4;# P$3F1$42"9I74:#
@$2';# $(#$3#(1"$9#
6$:"'#<7,#H7FD#$4#(1"#"79%,#bgiW3#74:#<1'# %"27F,#(17(#(1"#7674(8279:"# 3""D3#('#D""E#7%$6"G#
173#E9':+F":#7# %792"# 74:#<$%:%,#:$6"93"#
H':,#'C# <'9DG#L+F179;# "6"9#(1"#E972/7($3(;#
\'3(3F9$E(#
('%:#/"#'4F"# $4# 7#F73+7%#F'46"937($'4#(17(#
1"#3<$(F1":#('#6$:"'#H"F7+3"# C$%/# 17:# =#
<'+%:# %$D"# 1"9"#('#
/79D#(1"#E733$42#'C# /,#
d+3(#2'(("4#(''#"KE"43$6"#('# <'9D#$4;#H+(# 2'':#C9$"4:# 74:#/"4('9#.(74#J97D172";# <1'#
3$4F"#1"#%'6":#(1"#/'6$42#$/72"#3'#/+F1;# :$":#'4#g#_79F1#VWWXG#[4C'9(+47("%,;# <73# 4'(#
=#
1"#:"F$:":#('#2$6"#6$:"'#7#(9,G# S"#1734](# 7EE9'7F1":#7H'+(#E9'6$:$42# 7# 9"/"/H974F"# 'C#
%''D":#H7FDG# /,#"KE"9$"4F"3# <$(1# . (74#C'9#
(1"#C7%%#
VWWX# $33+"#
fG# 01"#7CC'9:7H$%$(,# 'C#6$:"'#C'9# 3(+:"4(3G# 'C#_$%%"44$+/#P$%/# M'+947%G#01$3#H9$"C#
3"9$"3#'C#
5CC'9:7H$%$(,#<73#'4F"# +4$R+"#('#.+E"9# 9"/$4$3F"4F"3# 'C#(1"#($/"3#=#3E"4(# <$(1#.(74#
i;# H+(#(17(#/":$+/#173# 4'<#H""4# %792"%,# <$%%#H"#/,#1+/H%"#F'4(9$H+($'4# ('#(1"#(1'+#
:$3E%7F":G# P'9#'6"9#(<"4(,# ,"793;#=#
<'9D":# 374:3#'C# <'9:3#(17(#176"#H""4#<9$(("4# 1'4'9$42#
$4#
"KF%+3$6"%,# .+E"9#i;# 74:# =#
%'6":#$(I(1"# (1$3#29"7(# /74#74:#29"7(#79($3(G#
H"7+(,#'C#(1"#F'%'93;#(1"#3179E4"33;#(1"# =#C$93(#
/"(#.(74#J97D172"#74:#1$3#<'9D#$4#(1"#
(7F($%$(,#'C#(1"#C$%/#$(3"%CIH+(# 79'+4:#bggb;# 3+//"9# 5%H+R+"9R+";#&"<#_"K$F'G#
'C#bgaX#$4#
6$:"'#<73# 1"9"#('#3(7,G#
=#9"7%$T":#(17(# 54:# <73# +E# $4#(1"#^+D"#B$(,#%''D$42#
=# 79'+4:#UN67#
3$4F"#=#17:#:"6"%'E":#7#:""E# $4("9"3(# $4# F7($'4$42N# <'+%:#H"#7#/$3%"7:$42#("9/# C'9#
(1"#E'("4($7%#'C#3'+4:;# =#:"F$:":# =#17:#('# 1742$42# '+(#$4#7#C+4D,# /'("%#9''/# '4#B"4(97%#
"4272"# (1$3# 4"<# /'6$428$/72"# E'33$H$%# 56"4+"Y# <$(1# /,# (1"4#<$C";# J"FD,G# !"# <"9"#
=#176"#%"794":#('#
$(,G# <$(1#6$:"';#74:#
<'9D# 3(7,$42#+E# %7("#(1"#C$93(#
4$21(;#d+3(#%$3("4$42#('#
<1$%"# =#F1''3"#4'(#('#F'/E79"#$(# ('#C$%/;# <1"4#<"#1"79:#(1"#^M#
(1"#97:$';# '4#(1"#%'F7%#
=#176"#F'/"#('#3""#(17(#$(# '<4#
173# $(3# +4$6"93$(,#3(7($'4#744'+4F"#(17(# J97D172"#
H"7+(,;# '<4#
$(3# 7
7"3(1"($F;# 4:# '<4#%$/$#
$(3# <'+%:#H"#3F9""4$42# 1$3#C$%/3#74:#(7%D$42# 7(#(1"#
(7($'43G# 01"#"6"4(#
+4$6"93$(,G# <73# C9""#74:# ('#
'E"4# (1"#
E+H%$FG#=//":$7("%,# <73#
=# "KF$(":#7 4:# $43$3(":#
0'#7FD4'<%":2"#(17(#(1"#7674(8279:"#173# <"# 17:#('#2'#3""#(1$3#79($3(#<1'/# =#17:#'4%,#
"6'%6":#74:#F1742":;#173#7:7E(":# ('#(1"#9"# 9"7:#7H'+(#$4# H''D3#74:#C$%/# d'+947%3G#>$((%"#
7%$($"3#'C#'+9#($/";#$3#('#7FD4'<%":2"#73#<"%%# :$:#=#
D4'<#(17(#1$3#C$%/3;# 74:#1$3#E'<"9C+%#
(17(#(1"#<'9%:#173#/'6":#'4;#(17(#("F14'%'2,# E"93'47%$(,;#<'+%:#F1742"#/,#%$C"#$4# 74# $//"#
173#"6'%6":;#(17(#7+:$"4F"3#4'<#176"#:$CC"9# :$7("#74:#C+4:7/"4(7%# <7,G#!"# 31'<":#+E#7(#
"4(#","3;#:$CC"9"4(# "KE"F(7($'43;#74:#(17(#(1"# (1"#+4$6"93$(,#9$21(#79'+4:#("4#$4#(1"# /'94$42#
7674(8279:"#$3#4'(1$42#$C# 4'(#9"3$%$"4(#
74:#:"("9# U$/72$4"#176$42#('#H"# $4("9"3($42# 74:#"4272$42#
/$4":G#01"#/7D"93;#(1"#F9$($F3;# (1"#7+:$"4F"3;# 7(#(17(#+42':%,# 1'+9Y;#74:#<$(1$4#7#C"<# /$4+("3#
(1"#$43($(+($'43#(17(#C'F+3#"4"92$"3#'4#(1$3#E97F# <"#<"9"#3""$42#C$%/3# U(1"#."K+7%#_":$(7($'43#
($F"#3""#67%+"# $4#$(3#
F'4($4+":#"K$3("4F";#74:# <'+%:#E9'6"#('#H"#7# 9"6"%7($'4#
jbgaW8aVkY#(17(#

MO[A&5># OP# P=>_# 5&^# @=^?O# `a8b8V# Q# .\A=&)Q.[__?A# VWW`# a#

Jc#0S?#JO5A^#OP#0A[.0??.#OP#0S?#[&=@?A.=0c#OP# =>>=&O=.#
IVWW`#
C'9#/"G# 01"3"# C$%/3#<"9"# +47H731":%,# H"7+($# <1$%"#1"#7FD4'<%":2":#7%%#'C#+3#N$/$(7('93;N#
C+%;#E"93'47%;# 4'447997($6";# :":$F7(":# ('#"K# 1"#7%3'#"4F'+972":#+3;#E+31":#+3;#('#H"F'/"#
E74:$42#E"9F"E($'4G#J97D172"#31'<":#3"6"97%# '+93"%6"3# 74:# ('# C$4:#'+9# '<4# 6'$F"3G# =#C'+4:#

"7F1#'4"#/'9"#73('+4:$42#74:#
'(1"9#C$%/3;# /,#'<4#6'$F";#74:#<"4(#'4#('# /7D"#/74,#C$%/3#
01"4#1"#2'(#+E#74:#
F17%%"42$42#(174#(1"#%73(G# 74:#('#
<'9D#$4# 7<79"#
6$:"';#7%<7,3# .(74#
(17(#
3E'D";#3E'4(74"'+3%,# 74:# "4(1+3$73($F7%%,;# 17:#3"(#/"#'4#(17(# E7(1G#
74:# 727$4;# /74;# <17(# 7# 9"6"%7($'4e# .(74# <73# $4# ^+9$42#(1"#bgiW3#74:#gW3;# =#37<#.(74#'4%,#7#
1$3#"79%,#C'9($"3;#
C+%%#
'C#"4"92,;#
C+44,;#"4272$42;# 174:C+%# <73# $4#
'C#($/"3G#01"#%73(#($/"# 5+2+3(#
74:#,"(#E9'C'+4:# 74:#+(("9%,# !$(1#
F'4C$:"4(G# 'C#VWWW# $4#1$3#1'/"('<4;# J'+%:"9;#B'%'97:'G# =#
1$3#H''/$42#6'$F";#1"#/7472":# ('#D""E#74# 17:#H""4#7(("4:$42#(1"#[4$6"93$(,#P$%/#74:#@$:#
7+:$('9$+/# 'C#79(8":+F7($'4#
C+%%# /7d'93#"4272":# "'# 533'F$7($'4]3# 744+7%# F'4C"9"4F"# $4#B'%'97:'#

74:#<$(1#(1"#E'33$H$%$($"3#'C#C$%/#
<$(1#1$3#C$%/3# .E9$423G# 5C("9# (1"# F'4C"9"4F";# =#9"4(":# 7# F79#
<73#
73# 79(G#53# C'9#/";# =# 9""%$42G# &"6"9# H"C'9"# <73# (1"#C$93(#
74:#:9'6"#+E#('#J'+%:"9G#=(# ($/"#
17:# =#3""4#3+F1#(9743F"4:"4(#
H"7+(,;#H"7+(,# '6"9#7#:"F7:"G#S"#<73# $4#
\:#3""4#.(74#$4# 2'':#
<73#:"9$6":#C9'/#
(17(# 7#:""E#'H3"967($'4#'C# 3E$9$(3;# 'E"4;#74:#C'9#
C9$"4:%,;# (1"#C$93(#
($/"#
(1"#"/E$9$F7%#<'9%:G#01",# 1'/"#/'6#
<"9"# %$D"# 3$4F"#=#17:#D4'<4#1$/;#1"#3""/":#17EE,G# !"#
$"3;#H+(#4'(#9"7%%,G#
A7(1"9;#(1",#<"9"#/":$(7# (7%D":#7# %'(# <"# 7%3'#
'C#F'+93";#H+(#
7H'+(#C$%/;#
($'43#'4#"K$3("4F";#7#3"9$"3#'C#31'9(#
<'9D3#(17(# (7%D":#7H'+(#:"7(1;#/799$72"#U=#<73#:$6'9F":#
F'4(7$4":#<'9%:3#<$(1$4#(1"/;#$(# <73# F%"79#('# $4#bgg`;#7C("9#(<"4(,8(19""#
,"793#'C#
/799$72"Y;#
/"# (17(# J97D172"# <73# 7# +4$R+"# (7%"4(;# 3'/"# _"K$F74#C'':;#1$3#174:8E7$4(":#C$%/3;#
F1$%:9"4;#
'4"#<1'#<73# "KE%'9$42#
F'4F"943#('(7%%,#
:$C# 1$3#C7$%$42# 9"($9"#
1$3#:"3$9"#('#C$47%%,#
","3$21(;#
C"9"4(# (1'3"#'C#(1"#S'%%,<'':#C$%/3#=1
C9'/# # 7:# 74:# E"917E3# /'6"# ('#B747:7G# _'3(# 'C# 7%%;# 1"#

29'<4# +E# '4G# 01"9"# <"9"# 4'# 3(793;# 4'# E+%3$42# 3""/":#F'4("4(# <$(1#1$3#%$C";#<17(#1"#17:#
3,4(1"3$T"9# 3'+4:(97FD3;# 4'# 37EE,# %'6"# 3('9$"3;# :'4";# 74:#< 1"9"#1"#17:#"4:":# +EG#S"#3E'D"#
4'#F79#F9731"3#'9#6$'%"4(#"KE%'3$'43G#S$3#C$%/3# 7H'+(#1$3#C7/";# 74:#1'<#4'<#1"#<73# '4%,#1'E#
<"9"#3$%"4(;#
/'3(#'C#(1"/#31'9(;#H+93($42# <$(1# <'+%:# %73(#7#H$(#%'42"9#
$42#$(# 3'#(17(#1"#F'+%:#
:""E;# 37(+97(":# F'%'93;# +4+3+7%# 91,(1/3;# <"$9:# +3"# $(#('#H"4"C$(#1$3#H',3G#
F'/E'3$($'43;# /'9"#%$D"#/'6$42#E7$4($423#(174# <73# +47H%"#('#3(7,#C'9#
$# (1"#C7/'+3#.+4:7,#
(1"#C'9/+%7$F# 3(9"(F1"3#'C#F'4($4+$(,#":$($42# "6"4$42#37%'43#1"#1"%:#7(#(1"#+4$6"93$(,G# =#17:#
(17(# S'%%,<'':#17:#3"(#$4#3('4"G#J97D172"]3# ('#2"(#H7FD#('#?%#\73'#H"F7+3"#/,#C7(1"9;# <1'#
3(9+F(+9"3# <"9"#F'/E%"("%,# 7(#(1"#3"96$F"#'C# 17:#H""4# $%%# /'3(#'C#(1"#3+//"9#
C'9# 74:#<73#
6$3$'4;#6"9,# 'C("4#7#6$3$'4#(17(#3""/":#('#E+(# :"F%$4$42#97E$:%,;# <73# '4F"# $4#
727$4# (1"#1'3E$#
1$/#$4# 7# (974F"#
<1"4#1"#<73#<'9D$42# 74:#(1"4# _,#:7:#:$":#'4#V#."E("/H"9#VWWWG#S"#<73#
(7%G#
<'+%:#3'/"1'<#"/"92"#:$9"F(%,# '4('#C$%/G# 3"6"4(,84$4"G# .(74# <73# 3"6"4(,# <1"4# 1"# :$":G#
=]6"#7%<7,3#(1'+21(# 'C#J97D172"#73#H"$42#7# J'(1#/"4#17:#H""4#6"9,#$/E'9(74(# ('#/";#74:#
%$D"#(1"#
%$((%"# @"%6"(#[4:"929'+4:;# $4#(17(#"6"4# 4'<#(1",#
<"9"#2'4"G#J+(#(1"#%$C"#%"33'43#(1",#
H'(1#17:#'4%,#3/7%%#7+:$"4F"3;# (1'3"#
(1'+21# (7+21(#/";# %"33'43#7H'+(#H"7+(,;#74:#:"("9/$#
7+:$"4F"3# <"9"# :"6'(":;# %',7%;# 74:# /74,# 6$"<# <$(1#/"#
47($'4;#74:#+4F'4:$($'47%#%'6";#3(7,#
<"9"# $43E$9":#
"93#74:#%$3("4"93# "$(1"9#('#
/7D"# 74:#2+$:"#/"G#.(74]3#<'9D#<$%%#H"#<$(1#+3# %'42#
7674(8279:"# '9#('#C'9/#
C$%/3# '<4#H74:3G#
(1"$9# 7C("9#
?4("9(7$4/"4(# 0'4$21(#173#3$24":#'CCG#
J97D172"#:$:# $4:"":#3E7<4#/74,#7F'%,("3Z#
!$%%$"#@79"%7;#OF('H"9#VWWf#

i# MO[A&5># OP# P=>_# 5&^# @=^?O# `a8b8V# Q# .\A=&)Q.[__?A# VWW`#

IVWW`# Jc#0S?#JO5A^#OP#0A[.0??.#OP#0S?#[&=@?A.=0c#OP# =>>=&O=.#