!"#$%&'%(')*'$#"'!#!

!"

!"#$%&'%(')*'$#"'!#!+,(-,
.#%#"#/,0'(1*+%(! !

2"3-4+$!

"#$%&'(&)*!+,!*$-.&'!#'.*&%/($(-.!$($0$,*'.$1!'/*-.!'(!/,-.!%2.3&!
4-'.*$!'#.$%&'*$!5&!'(!/,/&!,/02.!&0#.$)&-,',*!6$!'.*&%-($!#/7(&%'*$!+,!.$8&)*$!
&,*$.,'3&-,'($!#.$)*&9&-')$1!:')'.'7!;&%-($)%/!$)*$!%/,-)%/*!0'&!'($)!#.&,!
#.-0-8'.$'!%-,%$#*/(/&!6$!*.',)6&)%&#(&,'.&*'*$1!%-,%$#*!%/!.$<-,',3$!'0#($!
5&1!*-*-6'*21!%/!.&9/.-')$!'.*&%/('3&&!5&!#.$(/,9&.&!+,!6&8$.)$!6-0$,&&!'($!
%/,-'5*$.&&=!>.',)6&)%&#(&,'.&*'*$'!$1!+,!8&<&/,$'!(/&!:')'.'7!;&%-($)%/1!-!
02.*/.&$!'!,$%$)&*23&&!+,,-&.&&!&,)*./0$,*$(-.!0$*-6-(-9&%$!5&!9,-)$-(-9&%$!'($!
?&,3$&!/0',$1!-!$@#.$)&$!'!!%-,A/,%3&$&!+,*.$!%-,5*&&,32!5&!5*&&,321!/,!'.9/0$,*!'(!
%-,%&(&$.&&!+,*.$!)#&.&*/'(&*'*$!5&!.'3&-,'(&*'*$1!+,*.$!'4$%*&8&*'*$!5&!&,*$($%*1!#$,*./!-!
0'&!7/,2!.$'5$<'.$!5&!4/,6'0$,*'.$!'!%/,-'5*$.&&!(/0&&=!B$!'(*4$(1!#$,*./!:')'.'7!
;&%-($)%/1!.$'(&*'*$'!$!#$.%$#/*2!)/7!<-6&'!/,/&!%-,%$#*!%/!)$,)!&,*$9.'*-.1!
+,!02)/.'!+,!%'.$!$'1!(/0$'1!4$,-0$,'(&*'*$'1!.$/,$5*$1!+,*.C/,!*-*!'.0-,&-)1!&,*$.&-.&*'*$'!5&!$@*$.&-.&*'*$'D!!E,!
*$.0&,-(-9&'!*.',)6&)%&#(&,'.21!%/8F,*/(!G(/0$H!)$0,&?%2!)&0/(*',!/,&8$.)/(!&,*$.&-.!'(!-0/(/&1!/,&8$.)/(!)2/!
$@*$.&-.!5&!&,*$.'%3&/,$'!+,*.$!'%$)*$!6-/2!/,&8$.)/.&"#!I$!$)*$1!+,)21!*.',)6&)%&#(&,'.&*'*$'1!+,!8&<&/,$'!(/&!:')'.'7!
;&%-($)%/J!E,*.C/,!&,*$.8&/1!6&,!%'.$!$@*.'9$0!/,!)%/.*!4.'90$,*1!.$92)&0!%K&'.!$)$,3'!/,$&!')*4$(!6$!8&<&/,&!
*.',)6&)%&#(&,'.$1!%$!6$#25$5*$!6&4$.&*$($!6&)%&#(&,$!'($!%/,-'5*$.&&1!#$,*./!'!)/9$.'!,$%$)&*'*$'!&0#$.&-')2!'!
.$92)&.&&!$)$,3&'(&*23&&!#.&0-.6&'($!'!/,&8$.)/(/&!#.&,*.C-!8&<&/,$!9,-)$-(-9&%2!/,&*'.21!'.0-,&-')2!5&!%-,8$.9$,*2D!
LM5'!%/0!&,6&%2!#.$?@/(!('*&,!6&,!,/0$1!$%&'()!+,)$'0,2!%$$'!%$!$)*$!*'$%+1!%$$'!%$!($%,-&$+!6&8$.)$($!6&)%&#(&,$!5&!
%$$'!%$!$)*$!./'01213.+!-.&%$!6&)%&#(&,2=!I$!#-'*$!?!./'0121!6$!-.&%$!6&)%&#(&,2J!I'.$!$)*$!(-%/(!%'.$!)$!'N2!./'01213
6$!'%$)*$!%-0#'.*&0$,*2.&!%$!'/!4-)*!&,8$,*'*$!O5&!4-'.*$!7&,$!%2!'/!4-)*!&,8$,*'*$P!%/!-%'<&'!4-,62.&&!#.&0$(-.!
/,&8$.)&*23&1!+,!A/./(!)$%-(/(/&!QRRJ!S($!,C'/!$@&)*'*!+,*-*6$'/,'=!B'*-.&*2!'%/0/(2.&&!42.2!#.$%$6$,*!'!%/,-5*&,3$(-.!
+,!6&)%&#(&,$!'!4-)*!#-)&7&(!)2!)$!4-.0/($<$!6&,!,-/!&6$$'!%-,)*',*2!+,!%-,5*&&,3'!/0',2!T!'%$$'!'!4'/$,5//3
04'1&6$+%//=!>.',)6&)%&#(&,'.&*'*$'!$)*$!/,!.2)#/,)!('!6-.&,3'!$*$.,2!'!-0/(/&!6$!/,&*'*$!!'!%/,-'5*$.&&U=!E,!8&<&/,$'!
(/&!:')'.'7!;&%-($)%/1!*.',)6&)%&#(&,'.&*'*$'!$)*$!-!0$*-6-(-9&$!%$!.$/,$5*$!6&8$.)&*'*$'!6-0$,&&(-.!%/,-'5*$.&&1!
?&,3'!/0',2!.$92)&,6/C)$!#$!)&,$1!6&,%-(-!6$!-.&%$!%-0#'.*&0$,*2.&!'($!6&)%&#(&,$(-.!5*&&,3&?%$1!+,!$)$,3&'(&*'*$'!
)'1!+,!.$('3&'!)'!#$.0',$,*2!5&!4')%&,',*2!%/!(/0$'=!"/7&$%*/(!5&!-7&$%*/(!+5&!')/021!')*4$(1!/,!%-,*/.!%-0#($0$,*'.1!
)&,*$*&%1!-!8-%'3&$!'!#($,&*/6&,&&1!*-%0'&!#.&,!'%$')*2!L.$C+,%F,*'.$!'!(/0&&U!6$)#.$!%'.$!8-.7$5*$!:')'.'7!
;&%-($)%/1!L.$C+,%F,*'.$U!%$!#.$)/#/,$!-!/,&*'*$!4/,%&'.2!'!%/,-'5*$.&&1!.$92)&*2!*-%0'&!#.&,!)$)&<'.$'!$@&)*$,3$&!
/,$&!0/(*&*/6&,&!6$!,&8$(/.&!6$!.$'(&*'*$!'($!)/7&$%*/(/&!5&!-7&$%*/(/&1!'N'*$!+,!.'#-.*/.&!6$!%-0#($0$,*'.&*'*$!5&!
6&'(-9!4$%/,6=!I/,-'5*$.$'!$)*$1!')*4$(1!+,!0-6!)&0/(*',1!&,*$.&-'.2!5&!$@*$.&-'.21!$'!%/0/(F,6!')&0&('.$'!.$'(&*23&&!
$@*$.&-'.$!%/!&0$.)&/,$'!+,!'.K&*$%*/.'!#'.'6-@'(2!'!)&,$(/&=!V$!6$!'(*2!#'.*$1!4$,-0$,/(!9(-7'(&<2.&&1!#$!%'.$!+(!
#'.%/.9$0!+,!'%$)*!0-0$,*1!%-,6/%$!('!-!4.'90$,*'.$!42.2!#.$%$6$,*!'!%/,-'5*$.&&!/0',$1!+,!#$)*$!-#*!0&&!6$!
6&)%&#(&,$!'%'6$0&%$1!9$,$.F,6/C)$1!')*4$(1!-!%.&<2!9,-)$-(-9&%2!0-,6&'(&<'*2=!W7&$%*&8/(!#.&-.&*'.!#$!%'.$!5&C(!
')/02!*.',)6&)%&#(&,'.&*'*$'!$)*$!*-%0'&!.$%/#$.'.$'!6&'(-9/(/&!6&,*.$!6&4$.&*$($!6&)%&#(&,$!5*&&,3&?%$1!)*'7&(&,6/C
)$!#/,3&1!%2&!6$!'%%$)1!0-6'(&*23&!6$!%-0/,&%'.$!+,*.$!5*&&,3$1!
%/(*/.&1!.$(&9&&1!+,*.C/,!)#'3&/!'(!%-,8$.9$,3$&!)#&.&*/'($!5&!'(!
.$0-6$(2.&&!&,*$9.'*-'.$!'!%/,-'5*$.&&!(/0&&=!;/02./(!%-,)'%.'*!
6$!.$8&)*'!LX'*.'U!*.',)6&)%&#(&,'.&*23&&!5&!(/&!:')'.'7!;&%-($)%/!
%/#.&,6$!/,!&,*$.8&/1!6-/2!*$@*$!)$0,'*$!6$!)'8',*1!-!6$6&%'3&$!
#-$*&%2!'!(/&!Y-.&'!:26$)%/1!#.$%/0!5&!-!)$%3&/,$!6$!%-0$,*'.&&!
5&!$8-%2.&!+,!%'.$!)/,*!&,*$.#.$*'*$!6&8$.)$!#'(&$.$!5&!6&0$,)&/,&!
'($!-#$.$&!5&!#$.)-,'(&*23&&!(/&!:')'.'7!;&%-($)%/=!Z$!0/(3/0&01!
5&!#$!'%$')*2!%'($1!%-('7-.'*-.&(-.!,-5*.&1!#$,*./!&,*$.$)/(!
'%-.6'*!#.-7($0'*&%&&!#$!%'.$!'0!'7-.6'*C-!+,!'%$)*!6-)'.!
*$0'*&%=!
7+.&05/&

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

!#

&'#*13,(-,
.#%#"#/,056789:6;,,
,
,

<=>, ?$!"+/, &+%+1"', &+, (+, '4'$+$@#,

41"@'',#%(-$&+,?$!"A#!B!#,+4'$+$@#,C'+@''DE
T!8$/9&$+3.19'42+3:&(&%&-3;/012+(04<3&63=%+&3(,3
=,3*'$%+-<3*'3.+-4$423./&21>424/3?+30&%+32)&5/3&00+?$&$3043
&9&-/2/$&$+<30&%+3(4'$3@&'$&(9+2+<31-(+(//2+<39/%&012+2+3
01?/2,%/+/<3?+'$%43.=(#A3B=+5/313!&9/'$/%+3./'301?/2,%/+"3
?%/=/2+>/&$,<30&%+3=,3&(&2$+&C,<3(,3(?4'+9<30439&/3942$,3
($,%4/'5,A
T! ;/! '0! '8/*! 5&! ,/! '0! 4',*')0$! )'/! -7)$)&&=!
[&.'%-(/(!%-#&(2.&$&!0$($!'!4-)*!+,*-'.%$.$'!*'*2(/&!0$/1!
+,! \]^_1! 6&,! #.&<-,&$.'*=! >'*2(! 0$/1!M,*-,! ;&%-($)%/1!
'! 4-)*! #.&<-,&$.! +,! ('92.$($! 6&,! Z&7&6-',)`1! "/)6K'(1!
W.',`&!5&![F,2)*F.%'1!+,*.$!\]^a!5&!\]^_=!IF,6!'!#($%'*!
#$!4.-,*1!$(!'8$'!ab!6$!',&1!&'.!$/!b!(/,&=!V.-#.&/(!0$/!
6$)*&,!'!4-)*!0'.%'*!6$!'%$')*2!%'#*&8&*'*$=!B'*!6&)#2./*!
+,!4$7./'.&$!\]^c1!4'0&(&'!0$'!'!'N'*!%2!*'*2(!0$/!$)*$!
+,!8&'32!'7&'!+,!\]^d1!%F,6!0&C'!'6.$)'*!0&$!5&!#2.&,3&(-.!
(/&! #.&0$($! (/&! %2.3&! #-5*'($! 6&,! %'#*&8&*'*$=! Z'! '%$$'5&!
8F.)*2! 6$! ab! 6$! ',&1! #$! %'.$! *'*2(! 0$/! -! '8$'! %F,6! '!
#($%'*!#$!4.-,*1!$/!'0!#($%'*!+,!$@&(!+,!e.',3'=!M0&,*&.$'!
0$'!#.&8&($9&'*2!6&,!%-#&(2.&$!$)*$!($9'*2!6$!-!/&0&*-'.$!
6$)%-#$.&.$=!M8$'0!5')$!',&!5&!+0&!#$*.$%$'0!8'%',3$($!
('! 7/,&%&&! 6&,! #'.*$'! *'*2(/&1! +,! )'*/(! %'.$! )$! ,/0$5*$!
V2%/.$3&=! S! /,! )'*! 6&,! A/6$3/(! V.'K-8'! /,6$! )$! )#/,$!
%2! )C'! 6$)%-#$.&*! #$,*./! #.&0'! 6'*2! #$*.-(/(1! 6$! '%$$'!
)$!,/0$5*$!V2%/.$3&=!:/,&%&&!'8$'/!-!4$.02!&0$,)21!%/!
0/(*$! %(26&.&1! 9.'A6/.&1! (&8'621! /,! (-%! 0&,/,'*=! S.'! -!
)&,9/.2!+,%2#$.$1!('!#.&0/(!$*'A1!+,!%'.$!7/,&%'!0$'!+0&!
)#/,$'!%2!$!&,*$.<&)!)2!0$.9=![&.-)$'!4-'.*$!4./0-)!+,!
'%$(! (-%1! '%-(-! $.'! -! %.$)%2*-.&$! 6$! 8&$.0&! 6$! 02*')$=!
I/0! 6$! 0&%! ,/! 0&C'/! #(2%/*! (/%./.&($! &,*$.<&)$1! '0!
&,*.'*!7&,$+,3$($)!+,!'%$'!%'0$.2D!)#.$!)/.#.&<'!0$'!'0!
92)&*!/,'!6&,*.$!%$($!0'&!$@*.'-.6&,'.$!7&7(&-*$%&!#$!%'.$!
($C'0!82</*!+,!8&'3'!0$'=!S.'/!'%-(-!%2.3&1!0',/)%.&)$1!
($*-#&)$3$!6&,!$8/(!0$6&/!.-0F,$)%1!0-,$<&!6$!'/.=!B&,!
4$.&%&.$!(/%./.&($!'/!4-)*!)'(8'*$1!)/,*!'%/0!('!M.K&8$($!
;'3&-,'($1! ?(&'('! 6&,! V(-&$5*&! '! f/6$3/(/&! V.'K-8'=! W!
#'.*$!($C'0!#2)*.'*!$/=!M!4-)*!5-%/(!%'.$!0&C'!6$*$.0&,'*!
#')&/,$'!#$,*./!%2.3&=!M6$82.'*'!)/.)2!'!4')%&,'3&$&!0$($!
+,! 4'3'! %2.3&(-.! 6$! ('! V2%/.$3&! )$! *.'9$=! M0! .20')! /,!
-0!'(!%2.3&&=!:&7(&-*$%'!)*.27/,&%/(/&!0$/!.$#.$<&,*2!5&!
')*2<&1!#$,*./!0&,$1!/,!(-%!0&*&%=
T!84'$+5/3DC/0/&'<3D21(1@<3(0%//$1%#3E493(+3%+4'+(0<3
0493 (+3 &%91'/C+&C,3 $1&$+3 &0+($+3 .19+'//<3 &?&%+'$3
./($/'0$+<3 ./(?&%&$+<3 (&43 0F/&%3 1?4(+<3 *'3 ?%+104?,%/2+3
.=(#A
T! M5'! 0C'0! ,2)%/*=! >-*/(! $.'! ,'*&8! '.0-,&<'*=!
Z'!&,*.'.$'!('!4'%/(*'*$!'0!*.$%/*!#.&,*.C/,!4$(!6$!6.'02!
&,*$.&-'.2=!M8$'0!#.-)*/(!-7&%$&!)2!%F5*&9!+,!'%$('5&!*&0#!
-(&0#&'6$($! ,'3&-,'($! 6$! (&*$.'*/.2! 5&! 6$! 0'*$0'*&%2=!

I$! #/*$'0! '($9$! #$,*./! /,&8$.)&*'*$J! "2! 6$8&,! %.&*&%!

(&*$.'.! 0&! )$! #2.$'! 6$! ,$9F,6&*1! #$! '*/,%&! )$! #.-0-8'!
6-'.! (&*$.'*/.'! .$'(&)*C)-%&'(&)*2=! e&(-)-?'! $.'! &'.25&! 6$!
,$9F,6&*1! %/! 0'*$.&'(&)0/(! 6&'($%*&%=! ['*$0'*&%'! 0&!
)$! #2.$'! #.$'! +,6$#2.*'*2! 6$! 8&'321! 6$! ,'*/.21! 6$%&! '0!
'($)!?<&%'1!/,!*$.0$,!6$!%-,%&(&$.$!+,*.$!'%$)*$!6-0$,&&=!
"/,*!4-'.*$!0/(3/0&*!6$!'($9$.$'!0$'!#$,*./!%2!'%$')*2!
'($9$.$! 0&C'! #$.0&)! )2! %-,%.$*&<$<! '%*&8&*'*$'! 0$'! +,!
6-0$,&/(! *.',)6&)%&#(&,'.&*23&&1! 6-0$,&/(! ($92*/.&(-.!
6&,*.$!6&8$.)$!6&)%&#(&,$!'($!%/,-'5*$.&&=
T! G,%/'$+2+3 H&2+%/43 &3 @1($3 4'&3 ./'$%+3 D>4%/2+3
$4$+2&%+3 &2+3 01?/2,%/+/3 6/3 &.12+(0+'5+/3 .=(#3 E493 =/)23
&9/'$/5/A3E+3*'=,5,$4%/3&2+3(&2+3=)&430,2,4C/$3*'3=/&5,A
T! V$,*./! 0&,$1! +,*F(,&.$'! %/! #2.&,*$($! g'($.&/!
'! 4-)*! 6$*$.0&,',*2=! S.'! #.&$*$,! %/! *'*2(! 0$/! 5&! )(/A$'!
+,*.C-!#'.-K&$!('!V(-&$5*&1!-.'5/(!0$/!,'*'(=!V$!'*/,%&1!$.'!
%/! *-*/(! ,$%/,-)%/*! 5&! '7&'! &$5&)$! 6&,! +,%K&)-'.$1! /,6$!
4/)$)$!729'*!#$!0-*&8$!#-(&*&%$=!S/!'8$'0!8.$-!]!',&!5&!
$.'0!'8&6!6$!.2)#/,)/.&!('!+,*.$72.&!4/,6'0$,*'($1!%'.$!
02! 4.20F,*'/! +,%2! 6$! ('! 8F.)*'! '%$$'D! 6$)#.$! &,?,&*1!
6$)#.$!#.-7($0'!.2/(/&=!W.&9&,$'!'%$)*-.!+,*.$72.&!'!4-)*!
)/4$.&,3'!*'*2(/&!0$/!%'!#.&<-,&$.!('!)-8&$*&%&!5&!'!0$'!%'!
/,!%-#&(!42.2!*'*2=!;/!+,3$($9$'0!%/0!#-'*$!B/0,$<$/!
)2!(')$!)2!)$!+,*F0#($!/,!')*4$(!6$!.2/=!V2.&,*$($!g'($.&/!
'! 5*&/*! )2C0&! 4'%2! -! $6/%'3&$! .$(&9&-')2! #$.)-,'(21! %/!
0'.$! 7(F,6$3$! 5&! +,3$($#%&/,$=! [C'! '#.-#&'*! 6$! %$($!
)?,*$=,[C'!0'.%'*1!6$!$@$0#(/1!'?.0'3&'!)'!%2!.2/(!,/!
8&,$!6$!('!B/0,$<$/1!%&!6$!('!-'0$,&=!h&!%2!B/0,$<$/!
#$.0&*$!)2!)$!+,*F0#($!.2/(!#$,*./!%2!.$)#$%*2!(&7$.*'*$'!
-0/(/&=! S(! ,/! *$! -7(&92! )2! '($9&! 7&,$($=! [&C'! $@#(&%'*!
%2! .2<7-&/(1! %'.$! $)*$! /,! .2/! &0$,)1! +(! 4'%! -'0$,&&1!
,/C(!4'%$!B/0,$<$/=!h&!%2!*-*!-'0$,&&!0&C(!.2#&)$.2!#$!
*'*'=!V2.&,*$($!g'($.&/!0C'!42%/*!)2!6$)%-#2.!&,)*&,%*&8!
)$0,&?%'3&'! *$.3/(/&! &,%(/)! %F,6! '0! 6&)%/*'*! %/! $(!
6-90'! >.&,&*23&&! O%/! 0/(*2! 8.$0$! +,'&,*$! 6$! '! +,*F(,&!
?(-)-?'! (/&! Z/#')%-P! 5&! 0C'! +,823'*! 9/)*/(! 9F,6&.&&!
'#-4'*&%$!O+,!)#$%&'(!B&-,&)&$!M.$-#'9&*/(1!g.&9-.&$!6$!
;i))'! 5&! g.&9-.$! V'('0'P1! 9/)*! %'.$! )C'! 6$<8-(*'*! +,!
%-,*&,/'.$!#.&,!#.'%*&%'.$'!?<&%&&!%/',*&%$1!%-0#-,$,*2!
4/,6'0$,*'(2! '! 0$*-6-(-9&$&! *.',)6&)%&#(&,'.$! #$! %'.$!
'0! $('7-.'*C-! 6/#2! )-)&.$'! 0$'! +,! e.',3'=! j,! 4'#*!
&,*$.$)',*! 6$! )$0,'('*! 5&! ,$%/,-)%/*! +,! k-0F,&'! $)*$!
%2! #2.&,*$($! g'($.&/! '! )%.&)1! +,%2! 6&,! \]^l1! -! %'.*$! +,!
%'.$! )/7(&,&'! ,$%$)&*'*$'! 6&'(-9/(/&! +,*.$! 5*&&,32! 5&!
*$-(-9&$1! %/! 0/(*! +,'&,*$! %'! '%$)*! )/7&$%*! )2! 6$8&,2! ('!

!$

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

0-62!+,!W%%&6$,*D!I/(/4'+&3'1&($%,1!j,&/,$'!V.$-3&(-.!
B$0-%.'3&1!"$%3&'!V.'K-8'1!:/%/.$5*&1!\]^l=!E,!'%$')*2!
%'.*$1! 8&<&7&(! ('! %/.$,*! %/! %$.%$*2.&($! (/&! f'0$)! f$',)1!
V&$..$!5&!['.&$!I/.&$1!Z-/&)!6$!:.-9(&$!)'/!;&$()!:-K.1!
$(! )%.&$D! Lj,&8$.)/(! +,%$#$! '! )$02,'! 0'&! 0/(*! %/! -!
0'.$!%/9$*'.$!6$%F*!%/!-!0'.$!0'5&,2=!"#&.&*/(!,/!0'&!
'#'.$!%'!/,!&,*./)!'%%&6$,*'(!+,!+0#2.23&'!0'*$.&$&!mnoU!
O#=!\cP=!V2.&,*$($!g'($.&/!.$%/,-5*$'1!6$%&1!%'!/,!0'.$!
#.$%/.)-.! 6&,! k-0F,&'1! &0#-.*',3'! 8&<&/,&&! %/',*&%$! '!
(/0&&=![&C'!6'*!'%$')*2!%'.*$!%F,6!,$C'0!.$+,*F(,&*!6/#2!
%F*$8'!6$%$,&&=!
E,! ',/(! appp1! '0! 8$,&*! +,! k-0F,&'! )2! -.9',&<$<!
#.&0/(! I-,9.$)! 6$6&%'*! 6&'(-9/(/&! 6&,*.$! h*&&,32! 5&!
k$(&9&$1! +0#.$/,2! %/! 6-'0,'! ['96'! "*'8&,)%K&! 5&! %/!
'A/*-./(!e/,6'3&$&!'0$.&%',$!>$0#($*-,=!V.&0/(!('!%'.$!
0C'0!9F,6&*!'!4-)*!#2.&,*$($!g'($.&/=!B'.!0C'0!+,*.$7'*D!
LW! ?! '%$('5&JU=! E,! '0&,*&.$'! 0$'1! #2.&,*$($! g'($.&/!
.202)$)$! #.$-*/(! /,$&! 0&%&! #'.-K&&! 6&,! V(-&$5*&1! %K&'.!
6'%2! 'N')$0! %2! +,*.$! *&0#! 6$8$,&)$! /,! .$#/*'*! *$-(-9!
5&!/,!0'.$!#.$6&%'*-.=!;/!0'&!8-.7&)$0!6$!-!A/02*'*$!
6$!8$'%!%/!$(=!ZC'0!)/,'*!5&!&C'0!)#/)!%/0!02!,/0$)%1!
,$5*&&,6! 6'%2! +5&! 0'&! '0&,*$5*$! 6$! 0&,$=! h&! '! */,'*! ('!
*$($4-,D! L:')'.'7! ;&%-($)%/1! \]^aU! C! $.'! ',/(! ,'5*$.&&!
0$($=! E5&! '0&,*$'! *-*/(=! M! '%%$#*'*! &0$6&'*! &,8&*'3&'!
)2! 8-.7$')%2! ('! I-,9.$)/(! #$! %'.$! (C'0! -.9',&<'*! ('!
M%'6$0&'!k-0F,2=!M!'8/*!-!%/8F,*'.$!6$)#.$!;&%-('$!
V'/($)%/1!&,8$,*'*-./(!&,)/(&,$&1!%'.$1!6/#2!%/0!)$!5*&$1!
'! 4-)*! /,! -0! 4-'.*$! %.$6&,%&-)! %'.$! '! 5&! )%.&)! #$! *$0'!
($92*/.&&! 6&,*.$! 5*&&,32! 5&! .$(&9&$=! V$! %$&! 6$! ('! e/,6'3&'!
>$0#($*-,!&C'0!%-,8&,)1!%/!'A/*-./(!#2.&,*$(/&!g'($.&/1!
%2!0$.&*2!)2!4'%$0!+,!k-0F,&'!-!.$3$'!6$!6&'(-9!h*&&,32!
C! k$(&9&$=! V2.&,*$($! g'($.&/! ($C'! '.2*'*! %$! +,)$'0,2!
-.*-6-@&'1! #$! %'.$! '0$.&%',&&! -! 8$6$'/! %'! .$*.-9.'621!
-7)%/.',*&)*2! 5&! -#/)2! &)*-.&$&=! V2.&,*$($! g'($.&/! 0&C'!
6$)%K&)! 6./0/(! )#.$! *$-(-9&&! .-0F,&=! S(! 0C'! +,6./0'*!
)#.$! [&*.-#-(&*/(! B',&$(1! %2./&'! &C'0! 42%/*! &0$6&'*! -!
8&<&*2! ('! .$5$6&,3'! )'! 6&,! B/.2/=! [&*.-#-(&*/(! B',&$(! '!
'%%$#*'*! )2! #'.*&%&#$! %'! -.'*-.! &,8&*'*! ('! %-,9.$)=! >-*!
('! '%$)*! %-,9.$)! '0! '8/*! #(2%$.$'! )2! +(! 6$)%-#2.! #$!
V2.&,*$($! B-./! I-)*'%K$1! #$! %'.$! +(! %-,)&6$.! %'! /,/(!
6&,*.$! %$&! 0'&! )*.2(/%&3&! *$-(-9&! -.*-6-%5&! .-0F,&! 6$!
')*2<&=!E,!)4F.5&*1!'0!'8/*!7/%/.&'!)2!#-*!-4$.&!-!*.&7/,2!
6$!-.'*-.!&,8&*'*!/,/&!T!#$!'*/,%&1!4-'.*$!*F,2.!5&!#/3&,!
%/,-)%/*! %$.%$*2*-.! T! S/9$,! I&/.*&,=! I/! -! 0-6$)*&$!
%-#($5&*-'.$1!V2.&,*$($!g'($.&/!,/!'!#'.*&%&#'*!6$%F*!%'!
-.'*-.! +,*.C-! )$)&/,$! #'.'($(21! %/! -! %-0/,&%'.$! 6$)#.$!
;&%-('$!V'/($)%/=!
T!E+3(+9'/D0&5/+3&%+30%+./'5&3?+'$%43.=(#A
T! J49'+C+43 +($+3 K'423 6/3 7+&2/$&$+&3 +($+3 K'&#!
j,&*'*$!5&!6&8$.)&*'*$!#-*!%-$@&)*'!+,!,-/'!.'3&-,'(&*'*$!
#$! %'.$! -! #.$%-,&<$<! +,! (/%.2.&($! 0$($=! S($! )$! 6&)*./9!
.$%&#.-%! +,! 8$%K$'! .'3&-,'(&*'*$! %'.$! 6-0&,2! +,%2! #$!
#(',$*'!,-')*.2=!;-/'!.'3&-,'(&*'*$1!+,!6&'(-9!%/!0&)*$./(!
&.$6/%*&7&(!'(!(/0&&1!8'!'8$'!%/!)&9/.',32!-!,'5*$.$!9.$'=!
B'.!)/,*!%-,8&,)!%2!9F,6&.$'!'#-4'*&%2!-.*-6-@2!8'!A/%'!
/,! .-(! &0#-.*',*! +,! ,'5*$.$'! ,-&&! .'3&-,'(&*23&=! >$.3/(!
M)%/,)1!6$)#.$!%'.$!8-.7$)%!+,!%2.3&($!0$($1!$)*$!*$.3/(!
0$6&'*-.! +,*.$! "/7&$%*! 5&! W7&$%*=! E,! *-'*2! 0$*'?<&%'!

0-6$.,21! ,-&! '0! +,823'*! %2! "/7&$%*/(! 5&! W7&$%*/(! )/,*!

%/! *-*/(! )$#'.'*$=! k$8-(/3&'! %/',*&%2! 5&! 4-,6'*-.&&! $&1!
q$.,$.! Y$&)$,7$.91! q-(49',9! V'/(&1! ;&$()! :-K.1! '/!
'6/)! '%$')*2! &6$$! $@*.'-.6&,'.2! %2! $@&)*2! /,! *$.31! +,*.$!
"/7&$%*!5&!W7&$%*1!%'.$!,/!)$!#-'*$!.$6/%$!,&%&!('!W7&$%*1!
,&%&!('!"/7&$%*=!S/!'0!4-.0'(&<'*!'%$)*!(/%./!+,!%2.3&($!
0$($D!$@&)*2!/,!*$.3!0$6&'*-.!%'.$!$)*$!)/.)'!.$'(&*23&&!5&!
'!.$'(/(/&1!%'.$!,/!$)*$!B/0,$<$/1!6'.!$)*$!-!#/*$.$!'!
(/&! B/0,$<$/1! 6'%2! 8.$0! )2! ,$! $@#.&020! +,! *$.0$,&!
*$-(-9&%&=! B'%2! ,/! )$! #-'*$! .$6/%$! ,&%&! ('! "/7&$%*1!
,&%&! ('! W7&$%*1! $(! $)*$! +0#2.*25&*! 6$! *-'*$! %/(*/.&($!
(/0&&1!%'.$!+5&!'?.02!/,&%&*'*$'!(-.=!M%$')*2!6-.&,32!6$!
/,&%&*'*$!'7)-(/*2!$)*$!($9'*2!6$!>$.3/(!M)%/,)=!S/!%.$6!
+,! B/0,$<$/(! I$(! X&/r! B/0,$<$/(! #$! %'.$! E(! )&0*! 5&!
%'.$!+0&!9K&6$'<2!?$%'.$!#')!5&!?$%'.$!%/8F,*=!;/!%.$6!
+,*.C/,!B/0,$<$/!0-.*1!%.$'*!6$!0&,*$'!-0$,$')%2=!S/!
)/,*!'6$#*/(!+,3$($)/(/&!8$%K&!'(!%/8F,*/(/&!B/0,$<$/1!
+,! )$,)/(! %2! $)*$! /,! %/8F,*! 6$! ,$#.-,/,3'*=! E,! 4-,61!
B/0,$<$/!$)*$!/,!%/8F,*!)%.&)!#.&,!(&*$.$1!6'.!.$'(&*'*$'!
(/&! )$! .$4/<2! -.&%2./&! 4$(! 6$! 6&)%/.)1! -.&%2./&! 4$(! 6$!
&6$-(-9&$1!-.&%2./&!4$(!6$!?(-)-?$1!-.&%2./&!4$(!6$!.$(&9&$!
%K&'.1!+,!)$,)/(!%2!B/0,$<$/!$)*$!&,*',9&7&(=!Z'!%$!'8$0!
,-&!'%%$)J!M8$0!)$,*&0$,*/(!&,*$.&-.!'(!/,/&!k$'(!%'.$!
$)*$!$@&)*$,*!+,!0-6!'7)-(/*!5&1!+,!'%$)*!)$,)1!+(!,/0$)%!
LS8&6$,3'!M7)-(/*2U!T!/,!)$,*&0$,*!&,*$.&-.=
T!LM/2423&3@1($<3?+'$%43942$+3./'$%+3?+%(1'&2/$,5/2+3
042$4%//3 %19N'+6$/<3 4'3 ?%&>3 +$/0<3 13 %4?$4%,3 .+3 '/=+2<3 13
$%&'(94$&%+3 *'$%)4'3 &2$3 (?&5/43 042$4%&2#3 E+3 &3 *'(+9'&$3
?+'$%43 .=(#3 +M/242A3 O)&5/3 04'1(04$3 ?+3 0+/3 !9&%/"3 ./'3
P%&'5&3 QE/1%&'<3 O1'+(01<3 L2/&.+<3 R4?&(01SA3 E&%+3 +3
/9&>/'+&T&9/'$/%+&3?+30&%+313&=+5/3.+(?%+3+/A
T! S@&(/(! (C'0! *.2&*! %'! #$! -! 6.'02! &,*$.&-'.2=!
h*&'0! %2! ,/! 02! 8-&! #/*$'! +,*-'.%$! ,&%&-6'*2! +,! 3'.2=!
V2.&,3&&! $.'/! '%-(-1! &C'0! %/0#2.'*1! &C'0! '6/)! ('! V'.&)!
+,!\]_b=!S.'!/,!6./0!42.2!+,*-'.%$.$!#$!'*/,%&=!S!4-'.*$!
9.$/!#$,*./!*&,$.&!)2!+,3$($'92!')*2<&!%'.$!$.'!)*./%*/.'!
#)&K-(-9&%2!'!$@&('*/(/&!42.2!+,*-'.%$.$=!M0!+,%$#/*!)2!
'0! ,-'#*$'! %-50'.1! $/! %.$6$'0! %'! ,/0'&! $/! +(! '0! 5&!
'#-&!0/(3&!#.&$*$,&!0&C'/!)#/)!%2!*.2&'/!'%$('5&!%-50'.D!
)$!&0'9&,'/!+,*-.5&!+,!3'.2!5&!,/!0'&!#/*$'/!&$5&!6$!'%-(-=!
S! /,! %-50'.! *$.&7&(=! ZC'0! *.2&*! ',&! 6$! <&($=! B'.! $@&(/(!
'! 4-)*1! #$,*./! 0&,$1! -! $@*.'-.6&,'.2! 5',)2! 6$! $8-(/3&$!
&,*$.&-'.2=!E,!%'.*$'!0$'!7,.,0/'/2+32/-+%$,5//!)#/,$'0!
%2!+,!$@&(!0C'0!)&03&*!%'!/,!'.7-.$!%/!.262%&,&($!)0/()$!
6&,!#20F,*!5&!%21!#$,*./!'!)/#.'8&$3/&1!0&C'0!+,6.$#*'*!
.262%&,&($! %2*.$! %$.=! V$,*./! 0&,$1! +,*-'.%$.$'! )#.$! %$.!
,/!$!-!0$*'4-.21!%&!$!/,!4'#*!%-,%.$*=!E,*-'.%$.$'!)#.$!
%.$6&,321! %/! )&9/.',32=! h&1! 6$! ')$0$,$'1! '%%$#*'.$'!
6$)*&,/(/&=! j,! 0'.$! ,/02.! 6$! #$.)-',$! '/! '($)! %'($'!
/,/&! $@&(! 42.2! +,*-'.%$.$! +,! *&0#/(! .$9&0/(/&! *-*'(&*'.!
6&,!k-0F,&'=!M%$)*$!#$.)-',$!)C'/!&,*$9.'*1!+,!9$,$.'(!
%/!0'.&!$4-.*/.&1!+,!,-/'!(-.!3'.2=!S($!'/!%-,*.&7/&*1!%'!
',-,&0&! )'/! %'! #$.)-,'(&*23&! %$($7.$1! ('! 6$<8-(*'.$'!
%/(*/.'(21!5*&&,3&?%2!5&!$%-,-0&%2!'!,-&(-.!(-.!32.&1!6'.1!
+,!'%$('5&!*&0#1!'/!#2)*.'*1!+,*.C-!0',&$.2!%-,5*&$,*2!)'/!
&,%-,5*&$,*21!0$0-.&'!32.&&!(-.!6$!-.&9&,$!T!k-0F,&'!5&!
0$0-.&'! #.-#.&$&! (-.! )/4$.&,3$=! I+91%/&3 (4@+%/'5+/! 8'!
9'.',*'!%'!)/N/(!)$,)/(/&!)2!)*.27'*2!S/.-#'!6$!0F&,$=!
V$,*./! '! $8-%'1! %/0! +0&! %$.$3&1! 0'.&($! #$.)-,'(&*23&!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
6&,!$@&(!#$!%'.$!($C'0!%/,-)%/*!7&,$!C!I&-.',1!R-,$)%-1!
S(&'6$1! 6'.! 5&! "*s#K',$! Z/#')%-1! Y-.&'! B'0&',1!
X&,*&(2! Y-.&'1! Y-.&'! "*'0'*/1! X&%*-.! k-0',1! Z$-,&6!
[202(&921! X&%*-.! I/#5'! 5&!M,6.$&! h$.7',! T! '.! *.$7/&!
)2! )%.&/! -! +,*.$'92! %'.*$=! R0'9&,$'! $@$0#('.2! $)*$!
%$'! '! *.',)9.$)&/,&&=! ['.&&! %.$'*-.&! .-0F,&! '/! 4-)*!
6&,*-*6$'/,'! ?&,3$! '($! *.',)9.$)&/,&&! T! *.',)9.$)&/,$'!
,-.0$(-.!%/(*/.'($!%-,8$,3&-,'($1!*.',)9.$)&/,&&!(&07&&1!
*.',)9.$)&/,$'! %.$6&,3$(-.! #.-4/,6! +,.262%&,'*$=! B'.!
'%$')*2! *.',)9.$)&/,$! ,/! '! 4-)*1! +,! $)$,3'! )'1! '9.$)&82=!
S'! '! 4-)*! %-,)*./%*&82=! E,! $@&(1! :.F,%/5&1! S(&'6$1!
Z/#')%-1!I&-.',1!><'.'1!gK$.')&0!Z/%'1!X&,*&(2!Y-.&'1!
M,6.$&! h$.7',! '/! 4-)*! %'</.&! $@$0#('.$! 6$! ?&,3$! '($!
*.',)9.$)&/,&&! 4.-,*&$.$(-.! +,*.$! 6&4$.&*$($! 6-0$,&&! '($!
%/,-'5*$.&&! 5&! +,*.$! 6&4$.&*$($! %/(*/.&1! )#.$! 6&)#$.'.$'!
8'0$5&(-.!6$!*-*!4$(/(1!8'0$5&!'&!%/,-'5*$.&&!5&!%/(*/.&&=!
M%$)*! 6'.! '(! *.',)9.$)&/,&&! '.! *.$7/&! 8'(-.&<'*1! #/)! +,!
(/0&,21!6'*!%'!0-6$(=
T!E&%+3+<3*'301'0+?5/&3.=(#<3%&?1%$423./'$%+36$//'5,3
6/32/$+%&$4%,A3J&%3./'$%+36$//'5,36/30%+./'5,A
T!B$!4'#*1!*-'*$!6-0$,&&($!%/,-'5*$.&&!)/,*!($9'*$!
+,*.$! $($! 9.'3&$! 0$*-6-(-9&$&! *.',)6&)%&#(&,'.&*23&&=!
['.$($! #-$*! 5&! 0'.$($! 0$/! #.&$*$,! I$<'.! R82,$)%/! 5&1!
6$! ')$0$,$'1! ! RV"! :'.*-(-0$/! M,',&'1! 0'.$! *$-(-9!
5&! )%.&&*-.! 4-'.*$! &0#-.*',*1! 6$! %'.$! '0! 4-)*! '#.-#&'*1!
+0#2.*25$'/!'%$')*2!%-,8&,9$.$=!E,!%$!#.&8$5*$!.'#-.*/(!
6&,*.$! 5*&&,32! 5&! %.$6&,321! #$,*./! 0&,$! %.$6&,3'! 42.2!
5*&&,32! $)*$! %'! /,! )/.61! &'.! 5*&&,3'! 42.2! %.$6&,32! $)*$!
%'! /,! -.7=! V$,*./! %'! -.7/(! )2! 8'62! 5&! )/.6/(! )2! '/621!
*.$7/&$!)2!6&'(-9K$<$=!I$!8.$'/!)2!)#/,!%/!')*'J!h*&&,3'!
$)*$! (&0&*'*2! #.&,! 0$*-6-(-9&'! )'t! $)*$1! )#.$! $@$0#(/1!
-'.72! ('! 8'(-.&=! I.$6&,3'1! 6&0#-*.&821! $)*$! )(/A&*-'.$! '!
8'(-.&(-.=!B'.!.$(&9&'!$)*$!)/.62!('!,'*/.2=!;'*/.'!$)*$!-!
#/*$.$!'!(/&!B/0,$<$/!%'.$!,&!)$!-4$.2!,-/21!-'0$,&(-.1!
#$,*./!'CZ!+,3$($9$!0'&!7&,$=!B$)%-#$.&0!($9&!'($!,'*/.&&!
5&! -! %-$.$,32! +,*.$! *-'*$! 4$,-0$,$($! ,'*/.&&1! %'.$1! 42.2!
$@&)*$,3'! /,/&! >$.3! M)%/,)1! 6$8&,$! %/! *-*/(! '7)/.6=!
>$.3/(! M)%/,)! ,/! $! "4F,*/(! B/K! )'/! B/0,$<$/1! %&! -!
#/*$.$!'!(/&!B/0,$<$/=!"*$8$,!q$&,7$.91!0'.$!?<&%&',1!
('/.$'*!'(!#.$0&/(/&!;-7$(1!%'.$!$)*$!+0#-*.&8'!%.$6&,3$&!
+,! B/0,$<$/1! '! )#/)D! LB$! %$! *-'*2! '%$')*2! %-$.$,32J!
j,&8$.)/(!$!'7)/.6U!E,*.$7'.$'!$!A/)*21!6'.!.2)#/,)/(!$!
9.$5&*=! j,&8$.)/(! ,/! $)*$! '7)/.6=! W0/(! )$%-(/(/&! QQR!
*.$7/&$!)2!')&0&($<$!+,!.$(&9&$!%/(*/.'!5&!5*&&,3'=!W!.$(&9&$!
%'.$! ,/! ')&0&($'<2! %/(*/.'! 5&! 5*&&,3'! ,/! $)*$! '6'#*'*2!
*&0#/.&(-.! ,-')*.$=! h&! +,! )$,)/(! '%$)*'! E(! ,$'92! #$!
B/0,$<$/=!
T!B5/3?4-2/0&$<3*'3UVWX<30&%$+&3Q%++./$&$,3*'3YZZ[S3
R-,!:'.7/!C!%-)0-(-9&'!Lf-%/(/&!)$%/,6U=3E+3&'49+3=)&3
&$%&(32&3?1+C/&324/3O1'3:&%-4A
T! B$0$.)/(! )2/! *.',)6&)%&#(&,'.=! R-,! :'.7/! '!
6$)%-#$.&*! /,! /&0&*-.! &<-0-.?)0! +,*.$! ! 0'*$0'*&%2! 5&!
#-$<&$=!Z&07'A/(!\10424/3(+04'.!$)*$!-!%.$'3&$!/,&%2!6$!
(&07'A!*.',)6&)%&#(&,'.1!6&,%-(-!6$!0'*$0'*&%2!5&!#-$<&$=
T! E493 01'(/.+%&5/3 0,3 (+3 .+D'+6$+3 210423 &0+($4/3
?1+$3*'3&'(&9-24232/$+%&$4%//3%19N'+A!
T! E,! %'.*$'! 0$'! 0&C'0! '?.0'*! %-,8&,9$.$'! %2!
*.&/,9K&/(! 4-,6'*-.! '(! %/(*/.&&! .-0F,$! 0-6$.,$! $)*$!

!%

S0&,$)%/C:('9'C:'.7/=! B/#2! ^^! 6$! ',&! %-,8&,9$.$'!

0$'!$)*$!&,*'%*2!5&!%K&'.!+,*2.&*2=
T! G4$+5/3 (,3 '+3 .+C=,24/5/3 4'3 =+%(3 ?%+@+%&$3 ./'3
0%+&5/&3&0+($4/3(0%//$1%3+(+'5/&23&232/$+%&$4%//3%19N'+A
T!L"4F,*!*./#!5&!K.',2!)&$5&1!Y'9&!./#$'!6&,!$(=U
T! ]9/3 =/'+3 *'3 9/'$+3 4'3 >N'.3 &23 24/3 L/'($+/'^3
!E1/'0/.+'5&3 %+?%+C/'$,3 91.423 24/3 J49'+C+43 .+3 &3
%,9N'+3 &'1'/9"#3 E&%+3 +($+3 1?/'/&3 .=(#3 .+(?%+3 .+($/'<3
.+(?%+301/'0/.+'5+2+3+M/($+'5+21%3'1&($%+<3.+(?%+3=1/'5&3
./=/',3 6/3 91.423 *'3 0&%+3 +&3 (+3 9&'/@+($,3 *'3 ?%+&_9&3
'1&($%,A
T!E,!`+1%+9+3?1+$/0+!6$?,$)%!0&.'%-(/(!%'!?&,6!
'%3&/,$'! /,/&! ,&8$(! 6$! k$'(&*'*$! ')/#.'! '(*/&! ,&8$(! 6$!
k$'(&*'*$=! e&$%'.$! ,&8$(! )$! )/#/,$! /,/&! ',)'07(/! 6$!
($9&1!6&4$.&*$!6$!('!/,!,&8$(!('!'(*/(=!S)*$!6$%&!$8&6$,*!%2!
0&.'%-($($!)/,*!.'.$=!S($!*.'6/%!%-$.$,3'!,&8$(/.&(-.!6$!
k$'(&*'*$! %-,)&6$.'*$! +,! *-*'(&*'*$'! (-.=! B'.! 0&.'%-($($!
)/,*! ,$%$)'.$! 5&! %K&'.! ,'*/.'($! +,! 02)/.'! +,! %'.$! $($!
#$.0&*! &,*$.'%3&/,$'! +,*.$! ,&8$(/.&! 6$! k$'(&*'*$! .'6&%'(!
6&4$.&*$=!I$&!%'.$!,$'92!$@&)*$,3'!0&.'%-($(-.!,$'921!+,!
4-,61!%-$.$,3'!/,&8$.)/(/&=!LI-&,%&6$,3'U!,/!$)*$!6$%F*!
$@#.$)&'! #-#/('.2! '! 0&.'%-(/(/&=! X-.7$)%1! 7&,$+,3$($)1!
6$!8$.&*'7&($($!%-&,%&6$,3$!5&!,/!6$!)&0#($($!0',&4$)*2.&!
'($! '($'*-.&/(/&=! f/,9! '! 82</*! 7&,$! '%$)*! (/%./! +,! -#$.'!
)'=! IF*! 6$)#.$! 6$)*&,1! #.-)*! )'/! 7/,1! $(! $)*$! %-,)$%&,3'!
&,*$.'%3&/,&&! +,*.$! ,&8$(/.&($! 6$! k$'(&*'*$=! B'.! '&%&!
&,*$.8&,$!/,!4'#*!,-/D!%-,5*&&,3'!5&!'4$%*&8&*'*$'1!%'(&*23&!
%'.$!#$.0&*!?&,3$&!/0',$!)2!+5&!6$#25$')%2!6$)*&,/(=!V-*!
)#/,$!%K&'.!%2!-0/(!6$8&,$!+,*.C'6$82.!-0!'*/,%&!%F,6!
+5&! 6$#25$5*$! 6$)*&,/(=! V$,*./! /,! %.$6&,%&-)1! 6$)&9/.1!
B/0,$<$/!I$(!X&/!!#$.0&*$!-0/(/&!6$#25&.$'!6$)*&,/(/&=!
E,! '%$)*! )$,)! $@&)*2! -! 6/7(2! ,'*/.2! '! -0/(/&D! -! ,'*/.2!
',&0'(2!5&!/,'!6&8&,2=!j,&?%'.$'!(-.!,/!)$!#-'*$!.$'(&<'!
6$%F*!#.&,*.C-!$8-(/3&$!&,6&8&6/'(2!#$!#(',!)#&.&*/'(=
T! ]'3 0+3 *9?%+_4%,%/3 &5/3 &_4'(3 2&3 01'0+?$423 .+3
$%&'(./(0/?2/'&%/$&$+<3 0&%+3 =)&3 @,04$3 04'1(04$3 *'3 249+&3
*'$%+&>,A
T! R6$$'! 6$! L,&8$(/.&! 6$! k$'(&*'*$U1! %'.$! $)*$!
%-,%$#*/(! %K$&$! '(! *.',)6&)%&#(&,'.&*23&&1! 0&C'! '#2./*!
+,! *&0#/(! )$A/./(/&! 0$/! #-)*C6-%*-.'(! ('! Z'u.$,%$!
:$.`$($i!Z'7-.'*-.i1!+,!\]db1!#$,*./!%2!,/!+,3$($9$'0!
6$! /,6$! 8$,$'! .$<&)*$,3'! 4'32! 6$! /,&?%'.$'! +,*.$! *$-.&'!
.$('*&8&*23&&!5&!0$%',&%'!%/',*&%2=!M%$)*'!'!4-)*!#/,%*/(!
6$!#($%'.$!'(!.$N$%3&&(-.!0$($!*.',)6&)%&#(&,'.$=!Z/%.'0!
+,! '%$'! 8.$0$! %/! g$-44.$i! IK$u1! 4-,6'*-./(! *$-.&$&!
7--*)*.'#=!B&)%/3&&($!#$!%'.$!($C'0!'8/*!%/!$(!5&!%/!'(3&!
%-($9&! 6$! ('! :$.`$($i! 0C'/! )*&0/('*! 0/(*! #F,2! %$! '0!
'A/,)!)2!4-.0/($<!'%$')*2!&6$$=!:$.`$($i!'!4-)*!(-%/(!+,!
%'.$!'0!+,%$#/*!.$6'%*'.$'!/,$&!%2.3&!#.&8&,6!$@*&,6$.&($!
$#&)*$0-(-9&%$!5&!?(-)-?%$!'($!?<&%&&!%/',*&%$=!E,!\]_\1!
0C'! &,*.&9'*! ,-3&/,$'! 6$! L.$'(! 8-'('*U! '! (/&! :$.,'.6!
6vS)#'9,'*1!%'.$!,/!0&!)$!#2.$'!'!?!-!)-(/3&$!)'*&)42%2*-'.$!
#$,*./!#.-7($0'!%'.$!02!#.$-%/#'!5&!'0!K-*2.F*!6$%&!)2!
4'%!#/7(&%2!,-3&/,$'!0$'!6$!L,&8$(/.&!6$!k$'(&*'*$U=!M0!
&,*.-6/)!')*4$(!'%$')*2!,-3&/,$!+,*.C/,!'.*&%-(!#/7(&%'*!+,!
\]_a=!e-.0/('.$'!'%$)*/&!%-,%$#*!'!4-)*!.$(/'*2!+,!#.&0'!
$6&3&$! '! %2.3&&! 0$($! ;1/<3 ?&%$/042&3 6/3 249+&1! #/7(&%'*2!
('!V'.&)!+,!\]_l=!M#-&1!6$C'!(/,9/(!',&(-.1!'0!6$<8-(*'*!
'%$')*2!&6$$!+,!%2.3&1!'.*&%-($!5&!%-,4$.&,3$=

!&

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

T!8,3?%+(4?4'+930,3(4'$+5/3*'3@&5&34'+/302&(+3.+3
+2+=/#3 E493 2+)&5/3 +M?2/0&3 &0+($1%&<3 *'3 $+%9+'//3 0+/3 9&/3
(/9?2/<301'0+?$423.+3$%&'(./(0/?2/'&%/$&$+A
T! Z$C'5! %&*&! 7')0/(! `/'+%+5+3 @,%,3 -,$%N'+5+3
6/3 =/&5,3 @,%,3 .+3 91&%$+! 5&! '5! '($9$! 4.'<'D! LB$! -! &$&! ('!
6.$'#*'!*$!8$&!%2&1!6$!-!&$&!('!)*F,9'1!*$!8$&!%2&U=!B-'0,'!
[&.$('! [/.$5',! '! $4$%*/'*! $@#$.&$,3$! 6$! $6/%'3&$!
*.',)6&)%&#(&,'.2! $@*.$0! 6$! )$0,&?%'*&8$! ('! I-($9&/(!
;'3&-,'(! L[-&)$! ;&%-'.2U! 6&,!M.'6! 5&! 6F,)'! '! /*&(&<'*!
'%$')*2! 4.'<2! +,! %-,*$@*/(! ($%*/.&&! *.',)6&)%&#(&,'.$! '!
7')0/(/&=! e.'<'! ,$! #(-,A$'<2! +,! #$.#($@&*'*$1! 6$)&9/.=!
R$5&0! 6&,! '%$')*2! #$.#($@&*'*$! +,3$($9F,6! %2! )&,9/.'!
)-(/3&$! $)*$! *.$%$.$'! +,! '(*! ,&8$(! 6$! k$'(&*'*$=! :')0$($!
)/,*!/,!$@%$($,*!0&A(-%!6$!&,&3&$.$!+,!*.',)6&)%&#(&,'.&*'*$!
+,! +,82320F,*/(! #.$C/,&8$.)&*'.=! k$%-0',6! %&*&*-.&(-.!
.$8&)*$&!B8=!)2!.2)4-&')%2!#'9&,&($!.$8&)*$&!-,(&,$!>!$6&*'*2!
6$!I$,*./(!6$!M#(&%'3&&!>.',)6&)%&#(&,'.$!+,!S6/%'3&$!6$!
\
('!I-($9&/(!;'3&-,'(!L[-&)$!;&%-'.2U!6&,!M.'6 !5&!$&!8-.!
'8$'!')*4$(!&,4-.0'3&&!4-'.*$!/*&($=
T! a$/43 0,3 *'3 UV3 '1/+9-%/+3 UVXV3 &5/3 $%,/$3 13
+M?+%/+'5,3(?/%/$4&2,3*'3G&%/(<32N'>,3;1$%+)J&9+#3B3@1($3
13+M?+%/+'5,3.4%+%1&(,<3-+&$/D0&'$,<34'/0,A3B5/39&/3$%,/$3
0+=&3 &(+9,',$1%A3 B5/3 9,%$4%/(/$3 0,3 4'&3 ./'$%+3 0,%5/2+3
.=(#<3>$-.$0$($!#-$*&%$<3&3@1($3(0%/(,3(4-3$4$+2&3&0+($+/3
?%+C+'5+3.+3$/?4234'4/39&%$1%3&'>+2/0#3G4$+5/3(,3.+(0%/+5/3
&0+&($,3+M?+%/+'5,3%+=+2&$1&%+A
T!V$,*./!'!$8-%'!'(*4$(!6$%F*!#.&,!*2%$.$!$@#$.&$,3'!
0$'!4/,6'0$,*'(2!6$!0-'.*$!5&!,'5*$.$1!)&,9/./(!0&A(-%!
6$! '7-.6'.$! '.! ?! )2! 02! ! .$4$.! ('! $@#$.&$,3'! L0-.3&&! )&$!
+,)/5&U1! #.$<$,*2! +,! 0'A-.&*'*$'! *.'6&3&&(-.=! M0! %&*&*1!
6$)&9/.1! 0/(*$! 02.*/.&&! #.&8&,6! '%$')*2! $@#$.&$,32! '!
L0-.3&&!)&$!+,)/5&U!%'.$!0&!)C'!#2./*!+,*-*6$'/,'!/,!0&)*$.!
&,)-,6'7&(=!E,)21!.$*.-)#$%*&81!#-*!'?.0'!%2!%$$'!%$!'0!
*.2&*!,/!'!)$02,'*!#.&,!,&0&%!0/(*$(-.!&6$&!5&!4',*')0$!
#$! %'.$! ($! 3$)/)$0! +,! *&0#/(! ($%*/.&(-.! 0$($=! ['&! +,*F&!
6$!*-'*$1!-!',/('.$!6$#(&,2!'!*/*/.-.!4/,%3&&(-.!%-.#/(/&1!
.$6/)$!('!)*.&%*/(!0&,&0!'(!)/#.'8&$3/&.&&!?<&%$=!>-*/5&1!+,!
'%$('5&! *&0#1! +,! 0-6! #'.'6-@'(1! ,&%&! /,! 6$<9/)*! #$,*./!
8&'32! T! 6-'.! -! &,6&4$.$,32! *-*'(21! %-0#($*2=! V$! /.021!
%F*$8'!)2#*20F,&!0'&!*F.<&/1!'!'#2./*!+,!0&,$!%$(!#$!%'.$C(!
,/0$)%! 9&%$1%421! #.$<$,32! 7&,$8-&*-'.$! 6'.! &.-,&%2=!
B'%2! *$.0$,/(! /9?&(/-/2/$&$+! '.$! 8.$/,! )$,)1! '%$)*!
0'.*-.!'!4-)*!#$,*./!0&,$!+,%'.,'.$'!&0#')&7&(&*23&&!5&!'!
%-0#')&/,&&=!E,!)4F.5&*1!6/#2!!%F*$8'!<&($1!+,!\]!,-&$07.&$!
\]_]!)#.$!-.$($!\b1!'#.-'#$!6$!;-*.$CB'0$1!('!V'.&)1!)C'!
#.-6/)! %$$'! %$! +,6.2<,$)%! )2! ,/0$)%! $@#$.&$,3'! 0$'!
4/,6'0$,*'(2=!M%-.6!'*F*'!$@'%*&*'*$!'%$)*$&!6'*$!#$,*./!
%2! -! %-,)&6$.! <&/'! '6$82.'*$&! 0$($! ,'5*$.&=! ;/! %.$6! %2!
)$!#-'*$!8-.7&!6$!-!$@#$.&$,32!6$!&(/0&,'.$1!%/!*-'*$!%2!
(/0&,'!'!A/%'*!'&%&!/,!.-(!&0#-.*',*=!>-*!%$!#-*!)#/,$!$)*$!
%2!'!4-)*!8-.7'!6$!-!#$.%$#3&$!-7&5,/&*21!6'.!&,*$,)&?%'*2!
('! /,! 9.'6! 6$! ,$&0'9&,'*=! M%$')*2! $@#$.&$,32! ,/! )C'!
0'&!.$#$*'*!6$!'*/,%&=!M0!4-)*!)*.272*/*!6$!%$.*&*/6&,$'!
%2!$1$423+3@&2(=!!M%$')*2!%$.*&*/6&,$!0C'!9&%0&$!7./)%!5&!
#$,*./! *-*6$'/,'1! %'! #$! -! 5*-42! &0#.&0'*21! (/F,6/C02!
#.&,! )/.#.&,6$.$=! E,*.C-! %(&#21! 4/(9$.2*-.1! '0! +,3$($)! %2!
0-'.*$'!$)*$!')*'D!)2!*.2&$5*&!42.2!)2!?&!%-,5*&$,*!%2!$1$423
+3@&2(=!;/!$!8-.7'!6$)#.$!'!?!%-,5*&$,*!%2!L%$8'U!$!4'()!

T! %-,8$,3&&($! ,-')*.$1! &0'9&,&($! ,-')*.$1! .$#.$<$,*2.&($!

,-')*.$1!*$-.&&($!,-')*.$1!'%*$($!,-')*.$=!;/1!'&%&!%/8F,*/(!
L*-*U! +,)$'0,2! %K&'.! $1$=! I&/6'*1! ,/! '0! .$)&03&*! ,&%&! -!
*/(7/.'.$! +,! 4'3'! '%$)*$&! '?.0'3&&! .'6&%'($1! ,/! '0! 42%/*!
,&%&!-!A/6$%'*2!.'#-.*'*2!('!)&*/'3&'!,-')*.2!&,)/#-.*'7&(2=!
B&0#-*.&821! 0C'! +,%$.%'*! -! 7/%/.&$! 42.2! ,/0$! +,! 4'3'!
$8&6$,*$&!4./0/)$3&!'!(/0&&=!>-3&!*.$%2*-.&&!5&!*.$%2*-'.$($!
$.'/!6$!-!4./0/)$3$!,$')$0/&*21!%'!5&!*-*!%$!02!+,%-,A/.'!
T!?&,3$($!6&,!4'0&(&'!0$'1!'.7-.&&1!#&$*.$($!6$!#$!;-*.$C
B'0$1!$/!+,)/0&=!h&!0'&!%/!)$'02!'%$'!(/0&,2!)*.',&$1!
(&%K&62! #.$%/0! 0&$.$'1! 0F,9F&,6! *.$%2*-.&&1! '.7-.&&1!
#&$*.$($=! E,! 0-6! #'.'6-@'(! #$,*./! 0&,$1! %-,5*&&,3'! %2!
$1$423+3@&2(!$!6/7('*2!6$!-!',9'A'.$!*-*'(2!+,!8&'321!0'&!
#.$%&)!04!8&'3'1!#.&,*.C/,!)-&!6$!#'%*!#$!%'.$!(C'0!#$%$*(/&*!
%/!,$%/,-)%/*/(=!M!/.0'*!$@#$.&$,3'!)%.&$.&&!`+1%+9+21%3
?1+$/0+<3 #$! %'.$! -! 826! %'! -! %-,)$%&,32! '! $@#$.&$,3$&!
$8-%'*$=! E,*.C'6$82.1! *-*/(! )C'! #$*.$%/*! %'! 5&! %/0! )$!
6$)%K&)$)$.2! 6&,*.C-! 6'*2! <29'</.&($! /,/&! &<8-.! ')%/,)!
+,'&,*$1! (2)F,6! 8'(/.&! 6$! &,4-.0'3&$! )2! )$! .$8$.)$! #$)*$!
0&,$1!+,!0&,$1!#.&,!0&,$=!M%$')*2!L($%*/.2!+,!&,*$.&-./(!
#.-%$)/(/&! )%.&$.&&U! '! 4-)*! -! $@#$.&$,32! 4')%&,',*21!
/&0&*-'.$!5&!K.2,&*-'.$=!V.&,*.C-!)%K&07'.$!6$!.-(!'!%2.$&!
,'*/.2!,/!-!%/,-)%1!$/!)/,*!%$(!%'.$!'!6$8$,&*!0'.*-./(!
6$! %'.$! 8-.7$'0! 0'&! )/)=! I'! 5&! %/0! )%.&$.$'! 6$8$,&)$!
+,*./#'.$'!(/0&,&&!)&03&*$1!*.2&*$1!'*&,)$1!#.$<$,*$!6&,%-(-!
6$! %/8&,*$1! 6&,! $@#$.&$,3'! 6$! ('! ;-*.$CB'0$=! ;/! '0!
0'&! .$*.2&*! ,&%&-6'*2! -! ')$0$,$'! $@#$.&$,32=! B'.! '%$'!
(/0&,21!82</*2!+,!\]!,-&$07.&$!\]_]1!-!.$92)$)%!$8-%'*2!
+,!#F,<$($!(/&!['.`!k-*K`-!5&!"&(8&/!W.'8&*<',=
T!E+30%+.+5/3.+(?%+3-/'19423=/&5,)91&%$+A
T! I.$6! %2! $)*$! -! #.-&$%3&$! '! 9F,6&.&&! 7&,'.$1! -!
+,5$(2%&/,$! '! 0&,3&&=! [2! +,*.$7! 6$)$-.&! 6$! %$! &0&,$,3'!
0-.3&&! ')%/,6$! +,*.C'*F*'! $0&,$,3'! 8&$3&&! J! W! *$-.$02!
#-$*&%2!,$!)#/,$D!L;/!$@&)*2!8&'32!6/#2!0-'.*$=!S@&)*2!8&'32!
6/#2!8&'32!5&!0-'.*$!6/#2!0-'.*$=U
T!E493?%/=/5/3%&?1%$42<3?&%&.1M&2<301'$%&./0$1%/4<3
./'$%+3 ./@+%/$+2+3 %+2/>//A3 L($+3 +049+'/(9423 0&2+&3 .+3
9N'$4/%+3&349&'/$,5//A
T!B/0,$<$/!,/!$)*$!%'#*&8/(!/,$&!.$(&9&&!)'/!'(*'=!
S@&)*2! -'.$! 0'&! 0/(3&! B/0,$<$&J! j,/(! '(! &)('0&%&(-.1!
/,/(! '(! #.-*$)*',3&(-.1! /,/(! '(! %'*-(&%&(-.1! /,/(! '(!
&/6'&%&(-.J! B&'(-9/(! &,*$..$(&9&-)! 6$! #F,2! '%/0! '! 4-)*!
4-'.*$!)2.'%=!V-3&!6&)%/*'!0/(*$!(/%./.&1!6'.!%F,6!'A/,9&!('!
+,*.$7'.$'!LI'.$!$!%.$6&,3'!%$'!0'&!'6$82.'*2JU!6&'(-9/(!
)$!7(-%K$'<2=!I/0!)$!#-'*$!6$#25&!'%$)*!7(-%'AJ!S/!%.$6!
%2!,/0'&!#.&,!&,*$.8$,3&'!*.',)6&)%&#(&,'.&*23&&=!M%$)*!4'#*!
,/!'!4-)*!+,3$($)!6$!%2*.$!0$6&&!.$(&9&-')$!4/,6'0$,*'(&)*$1!
%'.$! )C'/! )&03&*! +,! #$.&%-(! 6$! .$('*&8&<'.$=! B'.!
*.',)6&)%&#(&,'.&*'*$'!,/!#.-#/,$!6$%F*!/,!(&07'A!*$.3!5&!-!
0$*-6-(-9&$!'!6&'(-9/(/&=!;/!$)*$!8-.7'!6$!$%/0$,&)01!
%&! 6$! 6&'(-9=! B'%2! .$4/<20! 6&'(-9/(1! %-,)$%&,3'! 4'*'(2!
$)*$! *-*'(&*'.&)0/(=! R0#-.*',*/(! ?(-)-4! 9$.0',! V$*$.!
"(-*$.6&A`!)/7(&,&'<2!%/!#.$9,',32!'%$)*!')#$%*!+,!%'.*$'!
)'! b+2423 @&5,3 .+3 J49'+C+43 c3 J+(?%+3 24?$&3 0+21%3 $%+/3
91'1$+/(9+1!*.'6/)2!6$!%/.F,6!+,!(&07'!.-0F,2!OI/.*$'!
X$%K$1!%-($%3&'!Lh*&&,321!"#&.&*/'(&*'*$1!"-%&$*'*$U1!ap\aP=

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
c37+=+'/5/3.+(3*'3719N'/&A3E430+3>N'.4%/<30430+3
(+'$/9+'$+A
T! >&0#! 6$! al! 6$! ',&1! +,*.$! \]b_C\]]c1! ,/! '0!
8&<&*'*! k-0F,&'=! M%/0! 8&,! +,*.C'6$82.! 6$)1! 0'&! '($)!
#$,*./! 6-%*-.',<&&! 0$&! 6$! ('! j,&8$.)&*'*$'! L:'7$5C
:-(i'&U!6&,!I(/A=!k-0F,&'!'!.20')!+,)%.&)2!+,!%$(/($($!
0$($=!W!#')&/,$!0&)*/&*-'.$!%'.$1!%&/6'*1!$)*$!0'&!7&,$!
*.2&*2!('!6&)*',32=!['&!'($)!%F,6!#/,%*/(!6$!',%-.'.$!$)*$!
V'.&)/(1! -.'5! %-)0-#-(&*1! '(! )*.2&,&(-.=! B&)*',3'! +,*.$!
Lk-0F,&'! .$'(2U! 5&! Lk-0F,&'! &6$'(2U! $)*$! +,%2! '*F*!
6$! 0'.$n! ! I'! 0/(3&! 6&,*.$! $@&('3&! $/! '8$'0! &0'9&,$'!
k-0F,&$&!&6$'($!T!%$'!'!4./0-')$&!42.2!%-.#=!k-0F,&'!
$)*$! +,*-*6$'/,'! &0#.$8&<&7&(2=! ;/! 6$9$'7'! $)*$! 3'.'!
(/&! j.0/<! 5&! '! (/&! S/9$,! R-,$)%/=! >-'*$! /.0$($! 0$($!
4/)$)$.2! 5*$.)$! +,! k-0F,&'=! I')'! 0$'! #2.&,*$')%2! '!
6&)#2./*1! %')'! )*.27/,&%&(-.! 0$&! '! 4-)*! .')2! ('! V2%/.$3&!
+,!V.'K-8'1!'#'.*'0$,*/(!0$/!6&,!:/%/.$5*&!(C'0!6-,'*1!
,/!0'&!'0!,&0&%1!6$%F*!-!9'.)-,&$.2!+,!I(/A=!Z'!I(/A!)C'!
+,*F0#('*!-!%-,A/,%3&$!6$!%/(*/.&1!%/(*/.'!0$'!6$!-.&9&,$!
O%/(*/.'!.-0F,2P!5&!%/(*/.'!4.',%$<2!O%/(*/.'!/,&8$.)'(2P=!
M&%&! '0! #/*/*! )2C&! 6'/! %-.#1! #.&,! %/.)/.&($! 0$($1! #.&,!
+,*F(,&.$'! %/! *&,$.&&! )*/6$,3&=! ['.$'! 0$'! )'*&)4'%3&$! +,!
k-0F,&'! $)*$! 0%+&%+&3 4'+/3 6012/=! B$)&9/.1! #-3&! '8$'! -!
-#$.2!4-'.*$!&0#-.*',*2!42.2!)2!%.$$<&!-!5%-'(2=!M07&3&'!
0$'! '! 4-)*! )2! %.$$<! -! 5%-'(2! 6$! *.',)6&)%&#(&,'.&*'*$=!
M0! %.$'*C-1! +,! '(*$! (-%/.&1! +,!M4.&%'! 6$! "/61! +,! [$@&%1!
+,!:.'<&(&'1!6'.!8.-&'0!)2!?$!5&!+,!k-0F,&'!5&!)C'!-4$.&*!
'%$')*2! -%'<&$! $@%$#3&-,'(2! '! %/.)/.&(-.! 6-%*-.'($! ('!
j,&8$.)&*'*$'! L:'7$5C:-(i'&U=! M0! '8/*! ,-.-%/(! /,-.!
)*/6$,3&!$@%$#3&-,'(&=!V-*!6$%&!#($%'!(&,&5*&*=!W!'(*2!0'.$!
)'*&)4'%3&$!'!4-)*!.$'(&<'.$'!#.-9.'0/(/&!6$!6&'(-9!Lh*&&,32!
5&!k$(&9&$U1!6&,!',/(!appp!5&!#F,2!'%/0=!S)*$!/,!#.-9.'0!
,'3&-,'(1!6$./('*!%/!)#.&A&,/(!e/,6'3&$&!>$0#($*-,1!%'.$!
'! &0#(&%'*! %$,*.$! /,&8$.)&*'.$! 6&,! :/%/.$5*&1! R'5&1! I(/A1!
I.'&-8'1!V(-&$5*&!5&!I-,)*',3'=!M/!4-)*!&,8$)*&3&!#$)*$!/,!
0&(&-,!6$!$/.-!+,!%'*$6.$!/,&8$.)&*'.$1!%/.)/.&1!#/7(&%'3&&1!
%-,9.$)$1!%-(-%8&&1!9./#/.&!6$!)*/6&/1!+,!%2.3&!C!+,*.$!%'.$!
#$)*$!dp!6$!*&*(/.&!#/7(&%'*$!)'/!+,!%/.)!6$!#/7(&%'.$!+,!
I-($%3&&($! Lh*&&,32! 5&! k$(&9&$U! 5&! Lh*&&,321! "#&.&*/'(&*'*$1!
"-%&$*'*$U!6$!('!S6&*/.'!I/.*$'!X$%K$=!
T!B=+5/3$&-/+$4%/<3&=+5/3F1--d)4%/<3&=+5/3(4?+%($/5//A
T!;/=
T!E&%+3=/3(+3?&%3240%4%/2+3043&.+=,%&$3/9?1%$&'$+3
*'3=/&5,A
T! "&,9/./(! (/%./! &0#-.*',*! 0&! )$! #'.$! '! ?! )2!
+3&! 92)$5*&! #.-#.&/(! *2/! (-%! +,! '%$')*2! (/0$! 5&! +,! '%$)*!
/,&8$.)=!M0!+0#(&,&*!',/(!'%$)*'!.$)#$%*'7&('!8F.)*2!6$!
dp!6$!',&=!ap\a!$)*$!6$%&!#(')'*!(4-3(+9'423(+?$+'&%424/=!
:&,$+,3$($)1!*-3&!5*&0!%2!)&07-(/(!(/&!5'#*$!'.$!-!0/(3&0$!
6$!%-,-*'3&&1!-!0/(3&0$!6$!&,*$.#.$*2.&=!B'.!$/!%-,)&6$.!
6-'.! )$0,&?%'3&&($! 9F,6&.&&! )&07-(&%$! %$! )$! +,)%.&/! +,!
*.',)6&)%&#(&,'.&*'*$=! "$#*$,'./(! $)*$1! %/0! '0! )%.&)! 5&!
+,!%'.*$'!0$'!6$)#.$!f'`-7!:wK0$1!+,!0-6!$)$,3&'(!4'3
(/9-123 &23 .+=+'/%//3 *'3 $/9?D! #($%20! 6$! ('! /,! #/,%*1! ,$!
620!/,!)%-#!+,!8&'32!5&!8.$0!)2!'A/,9$0!/,6$8'=!M8$0!
/,! &6$'(=! R'.! 6/#2! *.$&<$%&1! #'*./<$%&1! %&,%&<$%&! 6$! ',&1!
6$)%-#$.&0!%/!)/.#.&<2!%2!'0!'A/,)!+,!%/!*-*/(!'(!#/,%*1!
6$! %$($! 0'&! 0/(*$! -.&! ,$'5*$#*'*1! %F*$-6'*2! *.'9&%! -.&!
,$%/,-)%/*=!Z&,&'!,/!'!4-)*!6.$'#*21!%$($!d!)$90$,*$!%'.$!

!'

#.$)/#/,! 6$8$,&.$'! O/,&&! 9F,6&*-.&! '/! 6'*! -! )*./%*/.2!

*$.,'.2!('!+,%$#/*1!')*4$(!%2!5'#*$!$)*$!*.$&!#(/)!#'*./P1!+,!
%'.$!&0#/()/(!$)*$!6'*!6$!,'5*$.$1!6$!%$!'8$0!+,2/,*./1!
6$! #(',/(! 7&-(-9&%=! B'.1! 6/#2! '%$$'1! *.$7/&$! /,! &0#/()!
6$! '(*! 9$,! #$,*./! %'! )%-#/(! )2! ?$! 0$,3&,/*=! "%-#/(!
8&$3&&1!#$!%'.$!?$%'.$!6&,*.$!,-&!%/!)&9/.',32!(C'0!'8/*!
+,!'6-($)%$,321!+,!%-#&(2.&$1!&'.!6/#2!'%$$'!8&'3'!'!6$%&)=!
h&!&,*$.8&,$!%$$'!%$!,/0&0!,-&!+,!*.',)6&)%&#(&,'.&*'*$!-!
./(01'$/'4/$&$+1!&'.!'%$')*2!6&)%-,*&,/&*'*$!+,!8&'3'!0$'!
0&C'!4-)*!6'*2!6$!$@&(1!%'.$!'!4-)*!-!)/.)2!6$!.$,'5*$.$1!
+,! (-%! )2! 02! 6&)*./92=!M.! ?! #/*/*! )2! 02! 6&)*./921! %/0!
'! 6&)*./)! #$! 0/(3&! '(3&&=! M#-&1! )/,*! 5&! '(*$! %'#%',$! '($!
8&$3&&1!'($!(/0&&=!E,!'%$)*!)$#*$,'.1!+,!'%$')*2!)*./%*/.2!6$!
5'#*$1!,$!*.$7/&$!/,!'(*!&0#/()1!0/(*!0'&!)/7*&(=!E,!%'</(!
0$/1!'%$)*!&0#/()!)#&.&*/'(!$)*$!($9'*!6$!I(/A!5&1!6$%&1!6$!
k-0F,&'=
c3E&%+3./'$%+30,%5/2+3?+30&%+32+)&5/3?4-2/0&$3=/3(+3
?&%+39&/3&?%1?/&$,3.+3.=(#A
T! `+1%+9+2+3 ?1+$/0+=! M%$')*2! %'.*$! '! '8/*! /,!
6$)*&,!)&,9/('.=!"C'/!.$#.$<$,*'*!)#$%*'%-($!%/!*$@*$!6&,!
`+1%+9+2+3 ?1+$/0+3 +,! e.',3'1! +,! :$(9&'1! +,! [$@&%1! %/!
'%-0#',&'0$,*!0/<&%'(!5&!%K&'.!%/!6',)/.&!&,6&$,$!O('!
j;S"IWP=!M,/(!app]!'!4-)*!',/(!0'.&&!)/.#.&<$=![&.%&'!
B/0&*.$)%/! 0&C'! )#/)! %2! #.$92*$5*$! -! $6&3&$! 7&7(&-?(2!
7&(&,982! '! %2.3&&! 0$($=! V/3&,2! 8.$0$! 6/#2! %$! '! #.&0&*!
*$@*/(! +,! 4.',%$<21! [&.%&'! '! .$0'.%'*! ,$%-,%-.6',3'!
$6&3&$&!+,!(&07'!.-0F,2!%/!-.&9&,'(/(!+,!(&07'!4.',%$<2=!!
RC'0! $@#(&%'*! %21! +,! '%-.6! %/! 0&,$1! *.'6/%2*-./(!
O.$0'.%'7&(/(! )%.&&*-.! Z$-,&6! M.%'6$1! #)$/6-,&0/(! (/&!
Z$-,&6![202(&92P!'!)/#.&0'*!8.$-!6-/2<$%&!6$!*$-.$0$!
%-,)&6$.'*$! %'! &0#-)&7&(! 6$! *.'6/)! &,! (&07'! .-0F,2=!
[&.%&'! &,)&)*21! +,*.$7F,6/C02! 6'%2! #/*$0! $@#(&%'! +,!
%-(-4-,! 6$! %$! $6&3&'! .-0F,2! ,/! '! '#2./*! %-0#($*2J! E&!
.2)#/,6! %2! '%$)*! (/%./! $)*$! &0#-)&7&(! 5&! '*/,%&! +&! )#/,!
+,*.$9!'6$82./(=!IF*$8'!*$-.$0$!$.'/!+,*.C'6$82.!4-'.*$!
9.$/! 6$! *.'6/)1! 6&,! %'/<'! ,/',3$(-.! +,! (&07'! 4.',%$<21!
42.2! $%K&8'($,*! +,! (&07'! .-0F,2=! B'.! 0'A-.&*'*$'! %$(-.!
)/#.&0'*$! '#'.3&,$'/! '(*$&! %'*$9-.&&D! Z$-,&6!M.%'6$! )$!
*$0$'! %2! $($! 8-.! A$,'! /.$%K&($! 7&9-3&(-.! 6&,! k-0F,&'=!
M0! 6$%&)! )2! 4'%! $/! +,)/0&! *.'6/%$.$'! *$-.$0$(-.! %'.$!
(&#)$'/!5&!')*4$(1!9.'3&$!(/&![&.%&'1!%&*&*-./(!.-0F,!#-'*$!
6&)#/,$! 6$! $6&3&'! &,*$9.'(2! '! `+1%+9+21%a=! W! '6$82.'*2!
7&A/*$.&$1!/,!.$9'(!'(!#.&8&.&&!5&!)/N$*/(/&=!I'#&*-($($!6&,!
$6&3&'! 4.',%$<2! '/! 6$8$,&*! %2.3&! &,6$#$,6$,*$1! ?$%'.$!
%/! /,! #-.*.$*! '(! 0$/=! S($! '/! 4-)*! ($9'*$! 6/#2! 0$*-6'!
A'#-,$<2=! I'.*$'! '! 4-)*! (',)'*2! ('! g'/6$'0/)! app]1! +,!
0'.$($! )#'3&/! '%-.6'*! (/&! [&.%&'! B/0&*.$)%/=! "#'3&/(!
#/()'! 6$! 4./0/)$3$'! 9.'8/.&(-.! 5&! 0&,/,'*$(-.! %2.3&!
&(/)*.'*$! 6$! [&.%&'! B/0&*.$)%/=! W! ,-/2! $6&3&$1! 6$! 6'*'!
'%$')*'!,/0$.-*'*2!5&!%/!9.'8/.&!6$![&.%&'!B/0&*.$)%/1!
'! 4-)*! (',)'*2! +,! '#.&(&$! ap\c! %F,6! '0! )/)3&,/*! 5&! -!
%-,4$.&,32!('!M*$,$/(!k-0F,=
T!E+3?%1/+0$+3.+3=//$1%3&=+5/A
T!"/,*!+,!%/.)!6$!'!?,'(&<'!-!%'.*$1!a$//'5,<3042$4%,3
6/3(?/%/$4&2/$&$+3c3.+32&3I1.+%'/$&$+32&3E1(91.+%'/$&$+=!
M0!)%.&)C-!6&.$%*!+,!$,9($<2!5&!'0!#.-#/)C-!)#.$!#/7(&%'.$!
('!"*'*$!!j,&8$.)&*i!-4!;$u!x-.`!O"j;xP!V.$))=
F
,,,,,,,,,,, 5$!+"C'-,"+#*'G#!,&+,5-*'#$,.1*&+#

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

!!

,
.#%#"#/,056789:6;

H1#!+,14-*,%>,!">'#%(>,I+"'('!,I>">,
%)'"'!-#*'!#!+D
3

U#3G1&$+3D36$//'5&313%+2/>/+A

R,)*&,%*/(! ,-)*./1! %/(*/.'! ,-')*.2! 5&! %K&'.! 7/,/(!

,-)*./! )&03! ,$! 8-.! )#/,$! %2! /,! .2)#/,)! #-<&*&8! ('!
+,*.$7'.$'! #/)2! $)*$! #/.! 5&! )&0#(/! '7)/.6=! V.-7($0'!
$,/,3'*2!'.!?!'5'6'.!-!4'()2!#.-7($02=!h&!*-*/5&1!%&,$!'.!
#/*$'!)2!,$9$!%2!5*&&,3'!0-6$.,2!'!<6./,%&,'*!0&*/.&($!5&!
%.$6&,3$($!%'.$!'/!9K&6'*!8&'3'!-'0$,&(-.!6$!)$%-($! J!h&!
%&,$!'.!#/*$'!)2!,$9$!%2!5*&&,3'!0-6$.,21!#.&,!%-,)$%&,3$($!
)'($! %$($! 0'&! 8&<&7&($! T! *$K,-(-9&'! T1! $)*$! #$! %'($! )2!
*/(7/.$! #.-4/,6! 8&'3'! ,-')*.2! 5&! )2! ,$! (')$! 6$<'.0'3&!
+,! 4'3'! 6&($0$&! /,$&! 7/,2)*2.&! $@*$.&-'.$1! +,)-3&*2! 6$! -!
)2.2%&.$!O#F,2!('!',&K&('.$P!'!8&$3&&!,-')*.$!&,*$.&-'.$J
"/,*$0! 0'.*-.&&1! ')*2<&1! '&! '#'.&3&$&! /,/&! '+1)
&$+/(91!42.2!,&%&!-!($92*/.2!%/!8$%K&/(!'*$&)0!0'*$.&'(&)*C
6&'($%*&%=!M%$)*!,$-C'*$&)0!#.-8&,$!6&,!)F,/(!%-0/,&*23&&!
5*&&,3$(-.! $@'%*$=! S(! #.-#/,$1! +,! 4'#*1! 5*&&,3'! %'! ,-/2!
.$(&9&$=
h*&&,3'! 4/,6'0$,*'(2! +5&! '4/,62! .262%&,&($! +,!
#20F,*/(! K.2,&*-.! '(! &,*$.-9'3&&(-.! %-0/,$! +,*.$9/(/&!
6-0$,&/! '(! %/,-'5*$.&&! /0',$D! %'.$! $)*$! )$,)/(! 8&$3&&J!
I'.$! $)*$! .-(/(! -0/(/&! +,! #.-%$)/(! %-)0&%J! I'.$! $)*$!
(-%/(!,'*/.&&!+,!%/,-'5*$.$J!h*&&,3'!4/,6'0$,*'(2!'.$!6$%&!
'%$($'5&!.262%&,&!%'!5&!.$(&9&'!)'/!'.*'!)'/!0&*-(-9&'=!B'.1!
*.$#*'*1!&,*$.-9'3&&($!'%$)*$'!'/!4-)*!%-,)&6$.'*$!*-*!0'&!
,$5*&&,3&?%$!5&!9-,&*$!+,!&,4$.,/(!&.'3&-,'(/(/&1!6-0$,&/!
.$<$.8'*! #-$*/(/&1! 0&)*&%/(/&! )'/! ?(-)-4/(/&=! I'/<'!
$)$,3&'(2!'!'%$)*$&!)%K&072.&!6$!#'.'6&902!-!.$#.$<&,*2!
*.&/04/(!&,6&)%/*'7&(!T!#$!#(',/(!0'*$.&'(&*23&&!6&.$%*$!T!
'(! 9F,6&.&&! ','(&*&%$1! .$6/%3&-,&)*$! 5&! 0$%',&%&)*$=! S.'!
6$!'A/,)!)2!#-)*/($<&!($9&!8$,&*$!,/!)$!5*&$!6$!/,6$=!E,!
8&.*/*$'! '%$(-.! ($9&1! '! '%$(-.! $%/'3&&! '($! 0&5%2.&&1! *-*/(!
#/*$'!?!#.$<&)!%/!#.$%&<&$1!-!6'*2!?@'*$!%-,6&3&&($!&,&3&'($=!
>-*/(! $.'! 6$%&! 6$*$.0&,'*1! %K&'.! #.$6$*$.0&,'*=! O?1$+C&3
J49'+C+43,/!0'&!$.'!,$%$)'.2=!B&)*',3'!6&,*.$!LB-0,/(!
B/0,$<$/U1! *-($.'*! %$(! 0/(*! %'! /,! #/,%*! 6$! #($%'.$1!
5&! *.$7/.&($! (/0&&! '%$)*$&'! 6$8$,$'! 6$! ,$)*.272*/*=! E,!
'%$)*! /,&8$.)! '(! 4'()$&! (&7$.*23&! O?&,6%2! *-*/(! $.'! *-*/5&!
#.$6$*$.0&,'*P!$.'!/&0&*-.!%2!)$!#/*$'!#$*.$%$!.$'(0$,*$!
%$8'=!['.*-.!'(!/,$&!-.6&,&!'7)-(/*$1!)*'*&%$!5&!&0/'7&($1!
-0/(! 6$! 5*&&,32! ,/! 0'&! #/*$'! ?1! %'! '(*26'*21! /,! ?(-)-4!
'(! ,'*/.&&! T! $(! $.'! -7(&9'*! )2! 6$8&,2! /,! $+F'/0/&'3 &23
0&'$/$&$/=424/=
M#'.&3&'! ?<&%&&! %/',*&%$1! +,! <-.&&! )$%-(/(/&! ap1! '!

'.2*'*! +,*.$'9'! 4.'9&(&*'*$! '! /,$&! ')$0$,$'! #'.'6&90$=!

e&<&%'! %/',*&%2! '! 6$0-,)*.'*! (&#)'! 6$! 4/,6'0$,*! '!
%.$6&,3$&! -'.7$! +,! %-,*&,/&*'*$1! +,! %'/<'(&*'*$! (-%'(21!
+,! 6$*$.0&,&)0! 0$%',&%&)*=! B&)%-,*&,/&*'*$'! +5&! 42%$'!
&,*.'.$'!#$!#-'.*'!.$9'(2!T!'%$$'!'!$@#$.&$,3$&!5*&&,3&?%$=!
I'/<'(&*'*$'! (-%'(2! 42%$'! (-%! /,/&! %-,%$#*! 0'&! ?,1!
6$! %'/<'(&*'*$! 9(-7'(21! )#.$! 9.-'<'! .$6/%3&-,&5*&(-.!
%'.$! *.2&'/! %-50'./(! .$,'5*$.&&! 8$%K&/(/&! %-,%$#*!
6$! ?,'(&*'*$=! W7&$%*/(! $.'! +,(-%/&*! 6$! %+2&5/&1!
/'$+%&05/4'+&1! /'$+%01'+M/4'+&! 4$,-0$,$(-.! ,'*/.'($=!
E,! ?,$1! %-,%$#*/(! %(')&%! 6$! 0'*$.&$! $.'! +,(-%/&*! 6$!
%-,%$#*/(! &,?,&*! 0'&! )/7*&(! 6$! )/7)*',32! T! $,$.9&$! T!
)#'3&/*&0#! T! &,4-.0'3&$=! M*-*#/*$.,&%&'! )/7)*',3$&1!
#&'*.'!6$!+,%$.%'.$!'!.$6/%3&-,&5*&(-.!6&,!*-'*$!*&0#/.&($1!
$.'!)#/(7$.'*2=!"/7)*',3'!%-,)*&*/&$1!#/.!5&!)&0#(/1!/,'!
6&,*.$!4'3$*$($!#-)&7&($!'($!0'*$.&$&=
I/! V(',%`! 5&! S&,)*$&,! +,%$#$'! -! .$8-(/3&$!
%-,%$#*/'(2! 42.2! #.$%$6$,*\! %'.$1! (-9&%1! *.$7/&'! )2!
%-,6/%2!('!/,!,-/!)&)*$0!6$!8'(-.&1!0$,&*!)2!9/8$.,$<$!
8&'3'!,-')*.2!+,!%$*'*$=!>-*/5&1!('!/,!8$'%!6/#2!'#'.&3&'!
&0'9&,&&! %/',*&%$! '! (/0&&1! ,&0&%! ,/! )'! )%K&07'*! %/!
'6$82.'*=! I-,*&,/20! )2! '%3&-,201! %-,5*&$,*! )'/! ,/1!
6/#2!8$%K&($!%-,%$#*$!'($!)$%-($(-.!#.$%$6$,*$=!
h*&&,3'! 6-.$5*$! ')*4$(! )2! &0&*$! .$(&9&'1! &'.!
.$(&9&'! 6-.$5*$! )2! &0&*$! 5*&&,3'=! I-,4./,*'.$'! 6&,*.$!
&0#$.&'(&)0/(! )%&$,*&)*! 5&! &0#$.&'(&)0/(! 0&)*&%! ,/!
4'%$! 6$%F*! )2! '%%$($.$<$! 4.'90$,*'.$'! 8&$3&&! *$.$)*.$=!
M#.-#&$.$'! '%*/'(2! +,*.$! 5*&&,32! 5&! .$(&9&$! $)*$! -'.$!
/,! )$0,! 6$! )(27&%&/,$! )'/! 6$! #/*$.$J! ;/! $! 8-.7'1!
6$)&9/.1!6$)#.$!,$9'.$'!8'(-.&&!&,*.&,)$%$!&,6&)%/*'7&($!
'! *$K,-5*&&,3$&1! %'.$! 5&C'.! #/*$'! '8$'! (-%/(! )2/! +,!
6$<8-(*'.$'!'.0-,&-')2!'!-0/(/&=!I$$'!%$!$)*$!+,!%'/<2!
'&%&! $)*$! #.-(&4$.'.$'! )'! ','.K&%21! 92)&,6/C5&! '#-9$/(!
+,! 4'#*/(! %2! 0&A(-'%$($! 6$! 6&)*./9$.$! 6$! #$! #(',$*'!
,-')*.2!)/,*!6$!'A/,)!%'!)2!,&0&%$')%2!6$!0'&!0/(*$!-.&!
V20F,*/(!%/!*-*/(=!
"$0,$($!,-&&!7'.7'.&&1!%/0!)%.&'![&%K$(!Y$,.ia1!
)/,*! #$.%$#*&7&($! #.$*/*&,6$,&! +,! (/0$=! W.&9&,$'! ,-&&!
7'.7'.&&! 0&! )$! #'.$! '! )$! 'N'! +,! '0$)*$%/(! $@#(-<&8!
6&,*.$!9F,6&.$'!7&,'.21!%$'!'!*$.3/(/&!$@%(/)1!+,!-#-<&3&$!
%/! 6'*$($! 5*&&,3$&! 4/,6'0$,*'($! %-,*$0#-.',$! 5&! -!
*$K,-(-9&$!42.2!,&%&!-!#$.)#$%*&82!/0',&)*2=
;'*/.'! '.$! )2! ,$! )#/,2! -'.$! %$8'! 6$)#.$! ,-&!
+,5&,$J! S)*$! '6$82.'*! %2! #.&,! %/,-'5*$.$'! /,&8$.)/(/&!
$/! #-*! )2! 02! %/,-)%! #$! 0&,$! +,)/0&J! "'/! %$($! 6-/2!
#(',/.&! '($! %/,-'5*$.&&1! %-.$)#/,<F,6! ,'*/.&&! ,-')*.$!
6/7($1!)/,*!&.$0$6&'7&(!)$#'.'*$1!*.',<&3&'!?&,6!%-0#($*!
6&)%-,*&,/2J! B'.! '*/,%&! 6$! /,6$! 8&,$! %$.*&*/6&,$'1!
%-,)-(&6'*2! <&! 6$! <&! 6$! '8',)'.$'! +,! )*/6&/(! ($9&(-.!
?<&%$1! '! /,/&! /C191%D(9! +,*.$! 6&4$.&*$($! #(',/.&! '($!
%/,-'5*$.&&!J
B$! '(*4$(1! %$! 8.$'! )2! <&%2! &3 $+3 04'1&6$+3 ?+3 $/'+3
*'(45/1! &0#$.'*&8! -7)$6',*1! 6'.! '7)/.61! 6&,! #/,%*/(!
6$! 8$6$.$! '(! (-9&%&&! -7&5,/&*$J! I2%&! %/0! )'.! #/*$'! %'!
/,! )&)*$0! 6$! -! ',/0&*2! %-0#($@&*'*$! )2! 6$%-6&?%$! +,!
+,*.$9&0$!/,!'(*!)&)*$0!6$!%-0#($@&*'*$!$9'(2J!
h&1!+,!)4F.5&*1!*-'*$!'%$)*$!+,*.$72.&!'/!+,*.'6$82.!
/,!)$,)!#$,*./!5*&&,321!'5'!%/0!$)*$!$'!6$?,&*2!+,!<&($($!
,-')*.$J!;/!*.$7/&$!)2!,$!0/(3/0&0!'!%-,)&6$.'!5*&&,3'!
/,!',)'07(/!6$!.$3$*$!-#$.'*&8$!#$!#(',/(!0'*$.&'(&*23&&!
6&.$%*$1! 6'.! 42.2! ,&%&! -! )$0,&?%'3&$! #$! #(',/(! e&&,3$&J!
"2C(!'%%$#*20!#$!0491!6'.!)2C(!/&*20!#$!.+30+J!"2!9-,&0!
e&&,3'! +,! '4'.'! 6-0$,&/(/&! 5*&&,3$&=! "2! %26$0! 6&,! ,-/1!
')*4$(1!+,*.C-!(/0$!9-'(21!)$#'.'*21!(&#)&*2!6$!-.&%$!)$0,=

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
M)*4$(1!,&!)$!&0#/,$!-!'8'(',52!6$!+,*.$72.&=
I$!$)*$!-7&$%*&8&*'*$'!4'32!6$!&,*$.)/7&$%*&8&*'*$J!I$!
$)*$!-7&$%*&8&*'*$'!+,*.-!(-9&%2!'!*$.3/(/&!&,%(/)J!Z/0$'!
$@*$.&-'.2!.20F,$!)&,9/./(!.$#$.!#-)&7&(!'(!-7&$%*&8&*23&&J!
B'.!%/0!)2!,/!,$!.2*2%&0!+,!('7&.&,*/(!8&$3&&!&,*$.&-'.$1!
%/0!)2!,/!%26$0!6&,!,-/!+,!#)&K-(-9&%1!+,!8/(9'.&*'*$J!
I'.$! $)*$! )$0,/(! /,/&! $8$,&0$,*! -7&$%*&8J! X&'3'!
&,*$.&-'.2!#-'*$!?!-!02)/.2!'!&,*$.'%3&/,&&!+,*.$!6&4$.&*$($!
)&)*$0$!6$!)&)*$0$J!I/0!)2!,/!%'<&!+,!,$9'3&$!'7)-(/*2J!
I/0! )2! 6&)*&,9&! -7&$%*&8&*'*$'! 5&! %$.*&*/6&,$'1! '(! %2.-.!
4/,6'0$,*! #)&K-(-9&%! ,/! 0'&! *.$7/&$! 6$0-,)*.'*J!
W7&$%*&8&*'*$'! $)*$! ($9'*2! 6$! *.',)4-.0'.$1! '%3&-,F,6!
(/942$&'3 +,! (/0$'! &,*$.&-'.2! 5&! +,! %$'! $@*$.&-'.2J! I/0!
)2! 6$#25$5*&! +,! '%$('5&! *&0#! '#.-@&0'3&'! 02)/.'7&(/(/&!
#.&,! '%3&/,$'! $@*$.&-'.2! 5&! 6$(&./(! .-0',*&%J! I/0! )2!
$8&3&! +,! '%$('5&! *&0#! .-0',*&)0/(! 0&)*&%! 5&! 8',&*'*$'!
)%&$,*&)0/(/&J
E,! -.&%$! %'<1! -! '14,3 1-/+0$/=/$&$+! #'.$! )2! )$!
&8$')%2! 6&,! 5*&&,3'! %-,*$0#-.',21! -! -7&$%*&8&*'*$! %'.$!
,/!0'&!$)*$!($9'*2!6-'.!6$!/,!-7&$%*1!%&!6$!&,*$.'%3&/,$'!
)/7&$%*!T!-7&$%*=!M.!*.$7/&!&,8$,*'*$!,-&!%-,%$#*$=!"C'.!
#/*$'!')*4$(!8-.7&!6$!1-/+0$/=/$&$+&3(4-/+0$/=,!'!5*&&,3$&!
5&!6$!(4-/+0$/=/$&$+&31-/+0$/=,!'!>.'6&3&$&=!h',)'!-0/(/&!
%-,*$0#-.',!$)*$!%2!#-'*$!4'%$!)2!%-$@&)*$!+,!$(!+,)/5&1!
%-,%-0&*$,*1!%$&!6-&!#-(&!'&!/,$&!%-,*.'6&%3&&!4$.*&($=
!

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

[-6$.,&*'*$'! $)*$! 0-.*&4$.2=! S'! '! &,8$,*'*! 4$(/.&*$!

*&#/.&! 6$! L0-'.*$U! 5&! L)4F.5&*UD! 0-'.*$'! (/&! B/0,$<$/1!
0-'.*$'! -0/(/&1! )4F.5&*/(! &6$-(-9&&(-.1! )4F.5&*/(! R)*-.&$&=!
S@&)*2! +,)2! -! 0-'.*$! 6$)#.$! %'.$! )$! 8-.7$5*$! 0/(*! 0'&!
#/3&,1! 6&,! A$,2! -.&! 6&,! &9,-.',32D! 91&%$+&3 ;&$4%//=! B/#2!
#2.$.$'! 0$'1! 6&,! '%$')*2! 0-'.*$! '! ;'*/.&&! &<8-.2)%! *-'*$!
%$($('(*$! %-,%$#*$! 0-.*&4$.$! #$! %'.$! ($C'0! '0&,*&*=! E,!
-.&%$!%'<1!#F,2!5&!%/8F,*/(!L;'*/.2U!'!'A/,)!)2!6&)#'.2!6&,!
8-%'7/('./(!5*&&,3&?%=!
B&,! ,-'#*$'! *&0#/.&(-.1! -0/(! ,C'! +,%$*'*! )2C5&!
0-6&?%$! 8&<&/,$'! 6$)#.$! ;'*/.2=! R)*-.&%&&! 5*&&,3$&! )/,*!
/,',&0! 6$! '%-.6! %21! +,! %&/6'! '#'.$,3$(-.1! +,! 6$%/.)/(!
*&0#/(/&!,C'!$@&)*'*!-!)&,9/.2!;'*/.2c=!I$!#-'*$!-'.$!'8$'!
+,! %-0/,! ;'*/.'! -0/(/&! <&)! L#.&0&*&8U1! ;'*/.'! 9.$%&(-.1!
;'*/.'! $#-%&&! (/&! g'(&($&1! '! ['.%K&</(/&! 6$! "'6$1! '! (/&!
Z'#('%$!-.&!'!(/&!;-8'(&)J!;&0&%1!+,!'4'.2!6$!-0/(!+,)/5&=!
X&<&/,$'! ')/#.'! ;'*/.&&! 6&,*.C-! $#-%2! 6'*2! 6$#&,6$! 6$!
&0'9&,'./(!#.$6-0&,',*!+,!'%$'!$#-%21!6$#$,6$,*!('!.F,6/(!
)2/!6$!-!0/(*&*/6&,$!6$!#'.'0$*.&D!9.'6/(!6$!6$<8-(*'.$!'(!
5*&&,3$(-.!5&!*$K,&%&&1!-.9',&<'.$'!)-%&'(21!'.*'1!.$(&9&'!$*%=!!
W! 6'*2! %-,)*&*/&*21! &0'9&,$'! ;'*/.&&! '%3&-,$'<2! ')/#.'!
*/*/.-.!6-0$,&&(-.!%/,-'5*$.&&=!>.$%$.$'!6$!('!-!8&<&/,$!('!
'(*'!,/!$)*$!#.-9.$)&821!%-,*&,/2!C!)$!#.-6/%$!0'&!6$9.'72!
#.&,!./#*/.&!7./5*$1!.'6&%'($1!6&)%-,*&,/$=!V-*!%K&'.!%-$@&)*'!
0'&!0/(*$!8&<&/,&!%-,*.'6&%*-.&&=!S@*.'-.6&,'.'!6&8$.)&*'*$!
'! 8&<&/,&(-.! ')/#.'! ;'*/.&&! $@#(&%2! 6$! %$! ,/! )$! #-'*$!
8-.7&!6$)#.$!;'*/.21!%&!,/0'&!6$)#.$!-!&'49/$,!,'*/.2!+,!
%-,%-.6',32!%/!&0'9&,'./(!$#-%&&!%-,)&6$.'*$=
S)*$! &0#-.*',*! 6$! )/7(&,&'*! %2! .$('3&'! #.&8&($9&'*21!
6'%2! ,/! $@%(/)&821! 6&,*.$! ;'*/.2! 5&! 5*&&,32! ,/! $)*$! 6$%F*!
-! #.$A/6$%'*2! .$%$,*21! 4-,6'*2! #$! &6$-(-9&'! )%&$,*&)*2! '!
)$%-(/(/&!\]=!k$'(&*'*$'!&)*-.&%2!$)*$!0/(*!0'&!%-0#($@2=!

!(

R0'9&,$'!;'*/.&&!'!'8/*!+,*-*6$'/,'!-!'%3&/,$!0/(*&4-.02D!
$'! '! &,N/$,3'*! ,/! ,/0'&! 5*&&,3'! 6'.! 5&! '.*'1! .$(&9&'1! 8&'3'!
)-%&'(2=!M%$)*!4'#*!'.!#/*$'!$@#(&%'!7&,$!/,$($!)&,%.-,&%&*23&!
)*.',&&=! [2! (&0&*$<! ('! /,! )&,9/.! $@$0#(/D! '#'.&3&'!
)&0/(*',2! ('! )4F.5&*/(! )$%-(/(/&! ap1! '! *$-.&$&! )4F.5&*/(/&!
R)*-.&$&! 5&! '! *$-.&&(-.! /,&?%'*-'.$! 6&,! ?<&%'! #'.*&%/($(-.=!
>$-.&&($!/,&?%'*-'.$!6&,!?<&%2!'/!'07&3&'!6$!'!$('7-.'!-!
*$-.&$! %-0#($*21! 4-,6'*2! #$! -! &,*$.'%3&/,$! /,&%2! 5&! %'.$!
'.! #/*$'! #.$8$6$'! *-*/(! O6$! /,6$! 5&! ,/0$($! 6$! L>$-.&$! '!
>-*/(/&UP=!S)*$!$8&6$,*!%2!6'%2!+,!8&&*-.!'.!&$5&!('!(/0&,'!
<&($&! -! ')$0$,$'! *$-.&$1! '%$')*'! 8'! +,)$0,'! )4F.5&*/(!
?<&%&&! 4/,6'0$,*'($1! ?&,6%2! ,/! 8'! 0'&! .20F,$! %$8'! 6$!
%$.%$*'*=! S)*$! &,*$.$)',*! 6$! )$0,'('*! %2! &6$&($! )4F.5&*/(/&!
R)*-.&$&! 5&! )4F.5&*/(/&! ?<&%&&! '/! #/*/*! '#2.$'! )&0/(*',! 6&,!
&0'9&,'./(!L)4F.5&*!'(!)$%-(/(/&U=!S)*$!-'.$!'%$')*'!-!)&0#(2!
%-&,%&6$,32J
E,! %&/6'! '7/,6$,*$&! 5&! 4')%&,',*$&! 6&8$.)&*23&! '!
&0'9&,&(-.!;'*/.&&1!)$!#-*!6&)*&,9$!*-*/5&!$%+/39&%/3+$&?+^3
;&$4%&39&>/0,<3;&$4%&)9&6/',36/391&%$+&3;&$4%//#
V$,*./!9F,6&.$'!0'9&%21!;'*/.'!$)*$!/,!-.9',&)0!8&/1!
6-*'*!%/!&,*$(&9$,32!5&!%-,5*&&,32=!V-)*/('*/(!4/,6'0$,*'(!'(!
9F,6&.&&!0'9&%$!$)*$!'%$('!'(!&,*$.6$#$,6$,3$&!/,&8$.)'($D!
;'*/.'! ,/! #-'*$! ?! %-,%$#/*2! +,! '4'.'! .$('3&&(-.! )'($! %/!
-0/(=!>-*/(!$)*$!)$0,1!/.021!)$0,2*/.21!)&07-(=!h*&&,3'1!+,!
'%%$#3&/,$'!0-6$.,2!'!'%$)*/&!*$.0$,1!$)*$!&,/*&(2=
Z'!%$(2('(*!#-(1!9F,6&.$'!0$%',&%&)*2!'!)$%-(/(/&!\_!
5&!0'&!'($)!'!)$%-(/(/&!\]!O%'.$!$)*$!5&!')*2<&!#.$6-0&,',*2P!
%-,%$#$!;'*/.'!,/!%'!#$!/,!-.9',&)01!%&!%'!#$!-!0'5&,21!
#$! %'.$1! 6'%2! -! 6$0-,*20! 7/%'*2! %/! 7/%'*21! -! #/*$0!
#-)$6'! +,! +,*.$9&0$=! V-)*/('*/(! 4/,6'0$,*'(! '(! 9F,6&.&&!
0$%',&%&)*$!$)*$!%2!;'*/.'!#-'*$!?!%/,-)%/*2!5&!%/%$.&*2!
#.&,! 0$*-6-(-9&'! 5*&&,3&?%21! 6$?,&*2! +,*.C-! 0',&$.2!
%-0#($*! &,6$#$,6$,*2! 6$! -0! 5&! )$#'.'*2! 6$! '%$)*'=!
X&<&/,$'!*.&/04'(&)*2!'!L%/%$.&.&&!;'*/.&&U!+5&!'.$!.262%&,&($!
+,!.$6/*'7&('!$?%'%&*'*$!*$K,-(-9&%2!'!'%$)*/&!#-)*/('*=
I-,)$%&,3'! (-9&%2! '! 8&<&/,&&! 0$%',&%&)*$! $)*$!
0-'.*$'! ;'*/.&&1! 6&)#'.&3&'! %-,%$#*/(/&! 6$! ;'*/.2! 6&,!
%F0#/(!5*&&,3$&=!;'*/.'C0'5&,21!%/!)'/!42.2!B/0,$<$/!#$!
#-)*!6$!%$')-.,&%'.1!6$!('!+,%$#/*/.&($!8&<&/,&&!0$%',&%&)*$!
)$! 6$)%-0#/,$! +,*.C/,! ',)'07(/! 6$! #&$)$! 6$*'5'*$=! B$!
'&%&1! &,/*&(&*'*$'! /,/&! >-*! %-$.$,*1! '! /,/&! -.9',&)0! 8&/!
)'/!%K&'.!'(!/,$&!0'5&,&!%'.$!'.!#2)*.'1!-.&%/01!-!*.2)2*/.2!
?,'(&)*2=! ;'*/.'! $)*$! 0-'.*2=! k20F,$! %-0#($@&*'*$'=! W!
%-0#($@&*'*$! &,%.$6&7&(2! %$! &,8'6$'<2! *-'*$! 6-0$,&&($!
%/,-'5*$.&&1!6$!('!&,?,&*/(!0&%!('!&,?,&*/(!0'.$=!;/0'&!%2!
'%$')*2! %-0#($@&*'*$! $)*$! #$.%$#/*2! %'! ?&,6! '%%&6$,*'(21!
-0/(!+,)/5&!?&,6!%-,)&6$.'*!%'!/,!'%%&6$,*!'(!%-0#($@&*23&&=!
X&<&/,$!)&,&)*.21!%'.$!,$!.$'6/%$!+,!#.-#.&'!,-')*.2!(/0$!
'5'!%/0!-!*.2&0!')*2<&=
[-'.*$'!;'*/.&&!$)*$!&,%-0#'*&7&(2!%/!&,*$.#.$*'.$'!
%-$.$,*2! '! .$</(*'*$(-.! 5*&&,3$&! %-,*$0#-.',$1! +,! %&/6'!
#$.)&)*$,3$&! '*&*/6&,&&! ,$-C.$6/%3&-,&)*$! %'.$! '%-.62!
-! &0#-.*',32! $@%(/)&82! %2.20&<&(-.! 4/,6'0$,*'($! '($!
0'*$.&$&!5&!%$(-.!#'*./!&,*$.'%3&/,&!?<&%$!%/,-)%/*$=
"*.&%*'! -7&$%*&8&*'*$! '! 9F,6&.&&! %(')&%$! ,/! 0'&! $)*$!
8'('7&(2!+,!(/0$'!%/',*&%21!'!&,?,&*/(/&!0&%!5&!'!&,?,&*/(/&!
)%/.*=! W! )$#'.'.$! *-*'(2! '! -7)$.8'*-./(/&! 6$! k$'(&*'*$'!
#.$)/#/)2! '! ?! %-0#($*! )$#'.'*2! 6$! '%$)*'1! '.! 6/%$! ('!

!)

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

#'.'6-@/.&!&,)/.0-,*'7&($=!W!0/(*!0'&!)/7*&(2!-7&$%*&8&*'*$!
%'.'%*$.&<$'<2! (/0$'! %/',*&%2=! LW7&$%*&8&*'*$'U! 6$#&,6$!
6$!,&8$(/(!6$!k$'(&*'*$!%-,)&6$.'*=
e/.423=/.!'(!?<&%&&!%(')&%$!$)*$!+,(-%/&*!6$!=/.423?2/'!
'(!?<&%&&!%/',*&%$=!I$'!0'&!0&%2!.$9&/,$!'!)#'3&/(/&!$)*$!
',&0'*2!6$!-!$@*.'-.6&,'.2!'%*&8&*'*$1!)$0,!'(!/,$&!0&5%2.&!
#$.#$*/$=! e(/%*/'3&&($! %/',*&%$! '($! 8&6/(/&! 6$*$.0&,2!
'#'.&3&'! 7./)%2! '! #$.$%K&(-.! #'.*&%/(2! C! ',*&#'.*&%/(2!
8&.*/'($! %'.$! )$! ',&K&($'<2! .$%&#.-%! +,! &,*$.8'($! 6$! *&0#!
$@*.$0!6$!)%/.*$=!>-*/(!)$!#$*.$%$!%'!5&!%/0!%/',*$($!6$!
0'*$.&$!'.!?!%.$'*$!#($%F,6!6$!('!,&0&%=!E,!8&6/(!%/',*&%!
*-*/(!$)*$!8&7.'3&$1!-!N/%*/'3&$!+,*.$!?&,3'.$!5&!,$C?&,3'.$=!
X&6/(! %/',*&%! $)*$! #(&,1! #(&,! 6$! *-'*$! #-*$,3&'(&*23&($=!
e/.,&<F,6! $,$.9&$! 8&6/(/&! %/',*&%1! +(! #/*$0! 'A/*'! )2C5&!
0'*$.&'(&<$<$!#-*$,3&'(&*23&($=!M%$')*'!$)*$!+,!4-,6!%$$'!%$!
4'%$0!%-,)*./&,6!'%%$($.'*-'.$($!6$!#'.*&%/($=
E,)/5&!)#'3&/(C*&0#!,/!0'&!$)*$!/,!%-,%$#*!&0/'7&(=!
"#'3&/(C*&0#!%-,*&,//!%/!#'*./!6&0$,)&/,&!'(!(/0&&!,-')*.$!
,/! $)*$! )&,9/./(! )#'3&/C*&0#! %$! #-'*$! ?! %-,%$#/*=! E,!
',/0&*$!*$-.&&!?<&%$1!$(!'#'.$!0'&!%/.F,6!%'!-!'#.-@&0'.$1!
%'!-!L)$%3&/,$U!'!/,/&!)#'3&/C*&0#!%'#'7&(!)2!9$,$.$<$!0/(*!
0'&!0/(*$!4$,-0$,$!#-)&7&($=!B&0$,)&/,&($!)/#(&0$,*'.$!
,/!)/,*!.$</(*'*/(!/,$&!)&0#($!)#$%/('3&&!&,*$($%*/'($=!V$!6$!
-!#'.*$1!'%$)*$!6&0$,)&/,&!)/,*!,$%$)'.$!#$,*./!')&9/.'.$'!
'/*-%-,)&)*$,3$&! *$-.&$&! 5&! $(&0&,'.$'! ',/0&*-.! ')#$%*$!
&,6$<&.'7&($=! V$! 6$! '(*2! #'.*$1! $($! ,/! '/! /,! %'.'%*$.! #/.!
4-.0'(!C!$($!'/!%-,)$%&,3$!?<&%$!('!,&8$(/(!#.-#.&$&!,-')*.$!
(/0&=!
g.'6/(!6$!0'*$.&'(&*'*$!%/',*&%2!$)*$1!6$)&9/.1!6&4$.&*!
6$! 9.'6/(! 6$! 0'*$.&'(&*'*$! %-,)&6$.'*! 6$! ?<&%'! %(')&%2=!
;&8$(/.&($! 6$! k$'(&*'*$! .$#.$<&,*2! %-,%$#*/(C%K$&$! +,!
+,3$($9$.$'!0'*$.&'(&*23&&!/,&8$.)/(/&=
E,)25&! ,-3&/,$'! 6$! 2+>/3 &2+3 ;&$4%//! +5&! )%K&072!
%-0#($*!%-,3&,/*/(!+,!.'#-.*!%/!8&<&/,$'!%(')&%2=!O+%&%F/&3
2+>/21%3 &3 +=124&$3 *'3 &0+2&6/3 $/9?3 043 K'/=+%(423 *'(46/#!
M(*4$(! )#/)1! ')&)*20! ('! ,'5*$.$'! ($9&(-.! #$! 02)/.2! %$!
j,&8$.)/(!$8-(/$'<2=!M%$)*$!($9&!#.$$@&)*'/!('!L+,%$#/*/(U!
j,&8$.)/(/&! )/7! 4-.02! 6$! #-*$,3&'(&*23&=! S8-(/3&'!
j,&8$.)/(/&!6$*$.0&,2!'%*/'(&<'.$'!'%$)*-.!($9&!5&!&$.'.K&'!
(-.=
[-6$(/(!*.',)6&)%&#(&,'.!'(!;'*/.&&^!&,*$9.$'<2!*-'*$!
'%$)*$!,-&!%'.'%*$.&)*&%&!'($!/,&8$.)/(/&!?<&%=!E,!'%-.6!%/!
0-6$(/(! *.',)6&)%&#(&,'.! '(! k$'(&*23&&1! #/*$0! 6&)*&,9$! *.$&!
')#$%*$!0'A-.$!'($!;'*/.&&D
\P! ;&$4%&3 1-/+0$/=,1! )/#/)2! /,$&! 1-/+0$/=/$,5/3
(4-/+0$/=+=! M%$')*2! -7&$%*&8&*'*$! $)*$! )/7&$%*&82! +,!
02)/.'!+,!%'.$!,&8$(/.&($!6$!k$'(&*'*$!)/,*!%-.$)#-,6$,*$!
,&8$(/.&(-.! 6$! #$.%$#3&$=! M%%$,*/(! $)*$! #/)! *-*/5&! #$!
-7&$%*&8&*'*$1!+,!02)/.'!+,!%'.$!0$*-6-(-9&'!$)*$!'%$$'!'!
5*&&,3$&=
aP! ;&$4%&3 (4-/+0$/=,1! )/#/)2! /,$&! (4-/+0$/=/$,5/3
1-/+0$/=+=!M%$')*2!)/7&$%*&8&*'*$!$)*$!-7&$%*&82!+,!02)/.'!
+,!%'.$!,&8$(/.&($!6$!#$.%$#3&$!%-.$)#/,6!%/!,&8$(/.&($!6$!
k$'(&*'*$=! M%%$,*/(! $)*$! *-*/5&! #/)! #$! )/7&$%*&8&*'*$1! +,!
02)/.'! +,! %'.$! 0$*-6-(-9&'! $)*$! '%$$'! '! 8$%K&&! 5*&&,3$! '!
?&,3$&1!%'.$!*.'8$.)$'<2!*-'*$!*.'6&3&&($!5&!.$(&9&&($!(/0&&=
cP!`%&'();&$4%&1!%'.$!')&9/.2!/,&*'*$'!6&,*.$!;'*/.'!
-7&$%*&82! 5&! ;'*/.'! )/7&$%*&82=! >.',)C;'*/.'! #.&8$5*$!

6-0$,&/(!)'%./(/&=!
;'*/.'! *.',)6&)%&#(&,'.2! '.$! -! )*./%*/.2! *$.,'.2!
O;'*/.2! -7&$%*&821! ;'*/.2! )/7&$%*&821! *.',)C;'*/.2P1!
%'.$!6$?,$)%!;&$4%&3=/+=!M%$')*2!;'*/.2!$)*$!8&$!?&,6%2!
8&'3'! $)*$! #.$<$,*2! +,! *-'*$! #2.3&($! )'($! 5&! )*/6&$.$'! )'!
%$.$! &,*$9.'.$'! /,$&! +M?+%/+'5+3 $%,/$+=! I$($! *.$&! ')#$%*$!
'($! ;'*/.&&! *.$7/&$! %-,)&6$.'*$! )&0/(*',1! +,! &,*$.C.$('3&'!
6&,*.$!$($!5&!+,!%-,A/9'.$'!(-.!+,!-.&%$!4$,-0$,!'(!;'*/.&&!
8&&=! "*/6&/(! ;'*/.&&! 8&&! .$%('02! -! ,-/2! 0$*-6-(-9&$! C!
0$*-6-(-9&'! *.',)6&)%&#(&,'.2! C! %'.$! $)*$! 6&4$.&*2! 5&! 6$!
0$*-6-(-9&'! 5*&&,3$&! 0-6$.,$! 5&! 6$! 0$*-6-(-9&'! 8$%K&&!
5*&&,3$!'!?&,3$&=
B$?,&3&'!;'*/.&&!#.-#/)2!6$!0&,$!,/!)$0,&?%2!,&%&!
-! .$+,*-'.%$.$! ('! 9F,6&.$'! 0'9&%21! ,&%&! -! .$+,*-'.%$.$! ('!
9F,6&.$'! 0$%',&%&)*21! #$,*./! %2! $'! )$! 7'<$'<2! #$! 6/7('!
'?.0'3&$D!\P!?&,3'!/0',2!#-'*$!)*/6&'!;'*/.'!#.&,!5*&&,32t!
aP! ;'*/.'! ,/! #-'*$! ?! %-,%$#/*2! +,! '4'.'! .$('3&$&! )'($! %/!
?&,3'!/0',2=
B$! 4'#*1! L;'*/.2! 8&$U! $)*$! /,! #($-,')01! 6$-'.$%$!
%/8F,*/(!L;'*/.2U!$)*$!&,*&0!($9'*!6$!'%$('!6$!L,'5*$.$U=!
I/8F,*/(! ('*&,! '&$4%&! '.$! %'! .262%&,2! '&(0/! O'! ,'5*$P! 5&!
6$)$0,$'<2!'%3&/,$'!6$!'!6'!,'5*$.$!#.$%/0!5&!-.9',$($!
4$0&,&,$!.$#.-6/%2*-'.$=!;'*/.'!8&$!$)*$!0'*.&%$'!,'5*$.&&!
6$!)&,$!'!-0/(/&=
g'(&($&!'!'8/*!8&<&/,$'!;'*/.&&!%'!#$!/,!*$@*!)%.&)!
+,!(&07'A/(!0'*$0'*&%&&!%'.$!$.'!)/?%&$,*!'!?!6$)%&4.'*!5&!
'#-&! %&*&*=!M%$')*2! 8&<&/,$1! %'.$! '! #'.%/.)! )$%-($($1! )C'!
'.2*'*! '! '8$'! -! %-,)&6$.'7&(2! $?%'%&*'*$=! ;/0'&! %2! ,-&!
5*&0!')*2<&!%2!)&*/'3&'!$)*$!%/!0/(*!0'&!%-0#($@2=!;&$4%&3
'+3&?&%+39&/304%N'.30&34'3?%+)$+M$^30&%$+&3;&$4%//3'43
+($+3.+0/39+'/$,3&3D30/$/$,30/3&3D3(0%/(,=
E,!0-6!#'.'6-@'(!#-'*$1!,$-C'*$&)0/(!%-,*$0#-.',!
$)*$!9$,$.'*!*-%0'&!+,!'%$)*!%-,*$@*!6$!0/*'3&$!'!8&<&/,&&!
,-')*.$!6$)#.$!(/0$=
!

.#!$/01%&/-*2'3!405&/260(%5

M4'%$.$'! "-`'(! '! +,%$#/*! %/! -! 4'.)2=! E,! \]]^1! /,!

?<&%&',! 0'*$0'*&%&',! 6$! ('! j,&8$.)&*'*$'! ;$u! x-.`1!
,$%/,-)%/*!+,'4'.'!/,/&!%$.%!.$)*.F,)!6$!?<&%&$,&1!'!*.&0&)!
/,!'.*&%-(!.$8&)*$&!810/&23`+M$1!&,*&*/('*!`%&'(>%+((/'>3$F+3
:14'.&%/+(^3`1f&%.3&3`%&'(@1%9&$/=+3g+%9+'+4$/0(31@3
h4&'$493H%&=/$dl=
>$@*/(! $.'! #.$)2.'*! %/! %&*'*$! %-.$%*$! 6&,! ?<&%&$,&!
%'!:-K.!5&!Y$&)$,7$.91!5&!6&,!?(-)-?1!)-%&-(-9&1!&)*-.&%&!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
'&! 5*&&,3$&! )'/! #)&K','(&5*&1! #.$%/0! y/K,1! e$i$.'7$,61!
Z'*-/.1! Z'%',1! B$($/<$1! g/'**'.&1! B$..&6'1! Zi-*'.61!
"$..$)!)'/!X&.&(&-1!&'.!+,!7&7(&-9.'?$!$.'/!*.$%/3&!'/*-.&!
#.$%/0!Z/#'5%/!T!*$.3/(!&,%(/)!?&,6!6'*!%'!$@$0#(/!6$!
L(-9&%2! 4$0&,&)*2U===! I-0$,*'.&&($! (/&! "-`'(! %-,3&,$'/!
*-*/5&! /,$($! '?.0'3&&! '7)/.6$1! %.$F,6! &0#.$)&'! %2! $.'!
'(&,&'*!#$.4$%*!#-)*0-6$.,&)0/(/&!5&1!+,!)#$%&'(1!9F,6&.&&!
.$('*&8&)*$!')-%&'*2!%/.$,*/(/&!6&,!A/./(!.$8&)*$&!E42$4%&23
8$4./+(=! S6&*-.&&! .$8&)*$&! '/! 4-)*! +,%F,*'3&! 6$! #.$)/#/)'!
'6$<&/,$!('!%'/<'!(-.!'!/,/&!?<&%&',!5&!'/!#/7(&%'*!*$@*/(!
(/&!"-`'(!42.2!)2!$<&*$!5&!42.2!%$'!0'&!0&%2!8$.&?%'.$=
M#.-'#$! &0$6&'*! 6/#2! %$! '.*&%-(/(! '! 4-)*! *&#2.&*1!
"-`'(!+,)/5&!'!6$<82(/&*!4'.)'!+,*.C/,!'(*!'.*&%-(1!#/7(&%'*!
6$!'%$')*2!6'*2!+,!R/'>4&3P%&'0&!5&1!6&,!'%$(!0-0$,*1!
#.-#/()'*!6$!$4$%*/(!R,*$.,$*/(/&1!"-`'(!6$8&,$!%$($7./=!
Z'!,&8$(!#-(&*&%1!"-`'(!'!8./*!)2!6$0-,)*.$<$!#.&$*$,&(-.!
)2&! 6&,! )*F,9'! '0$.&%',2! 4'#*/(! %2! -! .$8-(/3&$! )'/! -!
*.',)4-.0'.$! )-%&'(2! ,/! #-'*$! ?! 6/)2! ('! +,6$#(&,&.$!
+,! 7'<'! ,-3&/,&&! 6$! k$'(&*'*$! '5'! %/0! $)*$! '%$')*'!
#.$<$,*'*2! 6$! .$('*&8&)0/(! ?(-)-?%=! ;/0'&! ?<&%'! O6$!
4'#*1!?<&%'!+,!8&<&/,$'!(/&!"-`'(P!#/*F,6!A/%'!/,!')*4$(!
6$!.-(=
"C'!6$<(2,3/&*!')*4$(!-!4/.*/,2!6$!.$'%3&&!#$!R,*$.,$*1!
%'!5&!#/7(&%'.$'!6$!%2.3&!5&!'!,$,/02.'*$!'.*&%-($!6$!.$8&)*21!
6$<82(/&,6! ')*4$(! -! #.-7($02! .$'(2=! V$,*./! /,&&1! "-`'(!
$.'!'#-)*-(/(!R(/0&,&)0/(/&!+0#-*.&8'!-7)%/.',*&)0/(/&!
#-)*0-6$.,=!V$,*./!'(3&&1!$(!$.'!/,!#-(&3&)*!'(!9F,6&.&&1!)'/!
/,!&0#-)*-.!&9,-.',*=
M4'%$.$'! "-`'(! '! '8/*! 0$.&*/(! 6$! '! 4'%$! (/0&,2!
')/#.'!/,!4$,-0$,!%'.$!6$8&,$!*-*!0'&!#.$<$,*!+,!%/(*/.'!
%-,*$0#-.',2D! '%$('! '(! .'6&%'(&<2.&&! .$('*&8&)0/(/&=!
E,*.C'6$82.1! 6$8&,$! $8&6$,*! 4'#*/(! %2! +M$%+9/(9423
%+2&$/=/($!'.$!-!%'#'%&*'*$!,$4')*2!6$!'C5&!+,)/5&!(&07'A/(!
5*&&,3$(-.! $@'%*$=! B$%-,*$@*/'(&<'*1! $(! #-'*$! ?! '#-&!
0',&#/('*! #$,*./! '! )#/,$! '#.-'#$! -.&%$! 5&! '! )/)3&,$!
-.&%$! 6$0-,)*.'3&$=! V.&0$($! 8&%*&0$! '($! '%$)*$&! 4-.0$!
6$! 6$%-,)*./%3&$! )/,*! *-%0'&! 5*&&,3$($! $@'%*$1! %'.$! )$!
826! ')*4$(! 6$%(')&?%'*$! +,! .F,6/(! %-,)*./%*$(-.! )-%&'($1!
'(2*/.&!6$!0/(*$!'(*$($1!6&,!0-0$,*/(!+,!%'.$!$)*$!#/)2!
+,! #'.',*$<2! $@&9$,3'! 8$.&?%2.&&! $@#$.&0$,*'($=! M)*4$(1!
,/!$)*$!-!)/.#.&<2!4'#*/(!%2!+,!%F*$8'!(/,&!M(',!"-`'(!'!
6$8$,&*!$.-/(!/,$&!%-0/,&*23&!%'.$!.$)&0*$!-!%-,*.'6&%3&$!
N'9.',*2! +,*.$! %$$'! %$! #.'%*&%2! <&! 6$! <&! 5&! &0'9&,$'! )'!
%/(*/.'(2!5&!)-%&'(2=
I/!*-'*$!'%$)*$'1!#'.'6-@'(1!'4'%$.$'!"-`'(!'!)$.8&*!
('! 6$<82(/&.$'! '0#(-.&&! /,$&! '(*$! 4-.0$! 6$! $@*.$0&)01!
.$)#$%*&8! +M$%+9/(9423 (0/+'$/($1! &0'9&,$'! +,! -9(&,62! '!
+M$%+9/(9424/3%+2/>/1(=!V-<&3&'!(/&!"-`'(!'!4-)*!)#.&A&,&*2!
6$!%F*$8'!#$.)-,'(&*23&!%$($7.$1!&,%(/)&8!6$!%2*.$!('/.$'*/(!
;-7$(!"*$8$,!q$&,7$.91!%'.$!'!5&!)%.&)!/,!(/,9!'.*&%-(!+,!
;+f3i1%j37+=/+f31@3:11j(b=
V$,*./! q$&,7$.91! L6&0$,)&/,$'! /.&'52! '!
,$+,3$($9$.&&!6&,*.$!-'0$,&&!6$!5*&&,32!5&!'(3&!&,*$($%*/'(&!
#'.$! '! ?! %$(! #/3&,! ('! 4$(! 6$! 0'.$! %'! 5&! '*/,%&! %F,6!
'%$')*'!+(!#.$-%/#'!#$!I=!V=!",-u1!%/!*.$&<$%&!6$!',&!+,!
/.02U=!I'.$!$)*$!+,)2!%'/<'!'%$)*$&!L6&0$,)&/,&!/.&'5$!
'! ,$+,3$($9$.&&UJ! B/#2! q$&,7$.91! /,'! 6&,*.$! %-,6&3&&($!
$)$,3&'($!'($!,'5*$.&&!5*&&,3$&!0-6$.,$!'!4-)*!./#$.$'!(/0&&!

!*

?<&%&&!6$!%$'!'!%/(*/.&&=!E,!%-,)$%&,321!6&,!'%$(!0-0$,*!
0'&!6$#'.*$1!-.&%$!&,*$.'%3&/,$!6&,*.$!5*&&,32!5&!%/(*/.2!,/!
#-'*$!?!6$%F*!#.$A/6&%&'7&(2=!B&,*.C-!(-8&*/.21!q$&,7$.9!
+,(2*/.21!%'!(&#)&*$!6$!8'(-'.$1!%-,)&6$.'3&&($!?(-)-?%$!'($!
#2.&,3&(-.!4-,6'*-.&!'&!0$%',&%&&!%/',*&%$=
M.9/0$,*$($!(/&!q$&,7$.9!#-*!)/.#.&,6$1!#2.F,6!-!
0&')02!)%&$,*&)*2!8$,&*2!6&,!'(*!8$'%D!&,8-%'.$'!7/,/(/&!
)&03!#$,*./!'?.0'.$'!($9&(-.!?<&%&&1!6$)%-#$.&.$'!6$!%2*.$!
?<&%2!'!(/0&&!L%'!'*'.$U1!%-.$)#-,6$,3'!7&/,&8-%2!+,*.$!
($9&($!?<&%&&!5&!L.$'(&*'*$'!-7&$%*&82U1!K$9$0-,&'!+,!#(',!
&,*$($%*/'(!'!5*&&,3$&!,'*/.'($=!I/!*-'*$!'%$)*$'1!q$&,7$.9!
,/! $)*$! %/! )&9/.',32! ,&%&! #-<&*&8&)*1! ,&%&! 0$%',&%&)*=!
S(! $)*$1! 6&,%-(-! 6$! -.&%$! +,6-&'(21! /,/(! 6&,*.$! %$&! 0'&!
.$0'.%'7&(&! ?<&%&$,&! '&! )$%-(/(/&! ap1! /,! -0! %/! -! ('.92!
%/(*/.21! 5&! 6$! '%$$'! '.9/0$,*$($! )'($! *.$7/&$! (/'*$! +,!
%-,)&6$.'.$!%/!*-'*2!'*$,3&'=
R6$$'! %$,*.'(2! '! (/&! q$&,7$.91! .$#$*'*2! ,$+,%$*'*!
%'! -! 0',*.21! )$! .$4$.2! ('! 6$)%-#$.&.$'! 6$! %2*.$! ?<&%2!
'! $@&)*$,3$&! 2+>/21%3 /9?+%(1'&2+1! $*$.,$1! %'.$! ')&9/.2!
#.-9.$)/(! -7&$%*&8! '(! 5*&&,3$&! 5&! $@#(&%2! 6&0$,)&/,$'!
/.&'52! '! ,$+,3$($9$.&&! 6&,*.$! 5*&&,32! 5&! %/(*/.2=! >-,/(!
'.9/0$,*'3&$&!)'($!$)*$!+,!0-6!6$)%K&)!#.-4$*&%1!8-.7&,6!
#'.%2!+,!,/0$($!/,$&!.$(&9&&!)*.',&&1!(&#)&*2!6$!B/0,$<$/=!
M#.-'#$! %2! +3&! 8&,$! )2! %.$<&! +,! &0'%/('*'! %-,%$#3&$!
'! 5*&&,3$&r! k$&$)$! %2! #$,*./! q$&,7$.9! 0&<'! '4'%$.&&!
"-`'(!$)*$!($&$4$423&.+=,%424/36/3&23%+&2/$,5//=!M6$82./(1!
#.&,! 6$?,&3&$1! ,/! #-'*$! 6$#&,6$! 6$! '07&$,*/(! )-%&'(! '(!
-0/(/&!6$!5*&&,32=!h*&&,3'!$)*$!#2)*.2*-'.$!'!'6$82./(/&!5&1!
')*4$(1! ./#*/.'! $&! 6$! %/(*/.2! $)*$! %-0#($*2! 5&! 6$?,&*&82=!
S@&)*2! ,/0'&! -! )&,9/.2! .$'(&*'*$D! .$'(&*'*$'! -7&$%*&82! '!
?<&%&&=!q$&,7$.9!6$%('.2!42.2!$%K&8-%!%21!#$,*./!%/(*/.2!
)'/! ?(-)-?$1! 6&)*&,%3&'! 6&,*.$! 0$%',&%'! %/',*&%2! 5&! %$'!
%(')&%21!)'/!%$'!6&,*.$!*$-.&&($!9.'8&*'3&$&!'($!(/&!;$u*-,!
5&! S&,)*$&,1! $)*$! ,$)$0,&?%'*&82=! B&)#.$3/(! %/! %'.$!
q$&,7$.9! *.'*$'<2! ,-3&/,$'! 6$! K$.0$,$/*&%2! #'.$! 6$!
'%$$'!4-'.*$!,'*/.'(=
I-,%(/<&'! (/&! q$&,7$.9! %'6$! %'! -! 9K&(-*&,2D!
L%-,%(/<&&($! ?<&%&&! '.! #/*$'! 6$8$,&! .$($8',*$! #$,*./!
?(-)-?$! 5&! %/(*/.2! '*/,%&! %F,6! 8-0! 'N'! -.&9&,$'!
/,&8$.)/(/&! )'/! ($9&($! /(*&0$! '($! ,'*/.&&U! T! '6&%2!
,&%&-6'*2r
E,! \]]d1! "-`'(! )$! K-*2.25*$! )2! )%.&$! /,! %-,*.'C
'.9/0$,*! ('! 4'&0-)/(! '.*&%-(! 810/&23 `+M$1! #$,*./! '! 6'!
$@#.$)&$!'6$82.'*$&!)'($!9F,6&.&=!E,!'%$)*!)%-#1!&'!6.$#*!
%-'/*-.!#$!?<&%&',/(!7$(9&',!f$',!:.&%0-,*=!k$</(*'*/(!
%-('7-.2.&&! (-.! '! 4-)*! %'.*$'! O9?1($4%/3 /'$+2+0$4&2+k=!
R0#-)*-.&&! 6$)#.$! %'.$! $.'! 8-.7'! T! 6&,*.$! %'.$! 0/(3&!
)/,*!4.',%$<&!T!)/,*!f'%z/$)!Z'%',1!f/(&'!y.&)*$8'1!Z/%$!
R.&9'.'i1!:./,-!Z'*-/.1!f$',!:'/6.&(('.61!g&(($)!B$($/<$1!
e$(&@!g/'**'.&!5&!V'/(!X&.&(&-=
;/! '.$! .-)*! )2! *.$%$0! +,! .$8&)*21! '&%&1! ,'*/.'!
L&0#-)*/.&&U=! [$*-6'! ?<&%&$,&(-.! '0$.&%',! 5&! 7$(9&',!
'! 4-)*! )&0#(2D! 4.'<$($! )/,*! )%-')$! 6&,! %-,*$@*/(! (-.!
-.&9&,'.! 5&! '#-&! '.2*'*$! %'! ,-,)$,)/.&! )'/! ?&,6! $.-,'*$!
6&,!#$.)#$%*&82!0'*$0'*&%2!-.&!?<&%2=!
[$*-6'!+,*.$7/&,3'*2!6$!%2*.$!'/*-.&!'!6$)%'(&?%'*!
%'.*$'1! 5&! )C'! %.$</*! %2! '4'%$.$'! "-`'(! '! 4-)*! 6$?,&*&8!
+,%K&)2=

("

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

"-`'(! '! .$%&6&8'*! +,)2=! E,! appl1! '! #/7(&%'*! +,!

e.',3'!-!,-/2!%'.*$1!%/!'*.292*-./(!*&*(/3G(+4.1(0/+'0+(3
+$3 ?1($91.+%'/(9+^3 B.=+%(&/%+(3 143 019?&>'1'(3 .+3
%14$+A_=
;$+,6-&$(,&%1!%-0#'.'3&&($!+,*.$!#-)*0-6$.,&)0!5&!
#)$/6-5*&&,32!#.$<&,*2!-!',/0$!'*.'%*&8&*'*$1!%K&'.!6'%2!
"-`'(!$)*$!6$!'%-.6!%2!,/!'!92)&*!6$%F*!%F3&8'!9F,6&*-.&!
#-)*0-6$.,&! .'(&'3&! ('! %'/<'! #)$/6-5*&&,3$&=! M6$82.'*'!
,-/*'*$!'!%2.3&&!$)*$!+,)2!'(*'t!%'#&*-(/(!&,*&*/('*!Lk$(&9&'!
%'! #)$/6-5*&&,32U=! >.$7/&$! #.$%&<'*1! +,! #.&0/(! .F,61!
4'#*/(!%2!"-`'(!,/!4'%$!.$4$.&.$!('!%/(*$!)'/!,-&!0&5%2.&!
.$(&9&-')$1!%&!('!.$(&9&&($!%-,)'%.'*$D!%.$5*&,&)01!&/6'&)01!
&)('0!5&!K&,6/&)0=!
V'#'!R-',!V'/(!'(!RRC($'!$)*$!6$)%.&)!6$!"-`'(!6.$#*!
%'#!'(!/,/&!L0'.$!%/(*!#)$/6-5*&&,3&?%U!T!%'*-(&%&)0/(=!
j(*&0'! '?.0'3&$! .$#.$<&,*2! 42.2! ,&%&! -! +,6-&'(2! -!
6$42&0'.$1! $)*$! +,)2! &,*$.$)',*! 6$! 82</*! 6$! %$! .$(&9&'!
$)*$!#$,*./!"-`'(!5&!:.&%0-,*!-!#)$/6-5*&&,32!+,!'%$$'5&!
02)/.2!%/!')*.-(-9&'=
I',6&61! "-`'(! '?.02! %2! L.$(&9&'! 4'%$! .$4$.&.$!
('! 4$,-0$,$! .$'($! )'/! #.$)/#/)$1! )'/! ('! #.$)/#/)$!
($92*/.&! %'/<'($! #$! %'.$! 5*&&,3'! 0-6$.,2! ($! %-,)&6$.2!
&0#.-7'7&($U=!S(!%-,*&,/2!'#-&!')*4$(D!L'%$')*'!m.$(&9&'o!
+,%$'.%2! )2! +5&! 4/,6'0$,*$<$! '?.0'3&&($! #$! /,! *&#! 6$!
.'3&-,'(&*'*$!5&!/,!)&)*$0!6$!6-8$<&!%'.$!$)*$!6$#'.*$!6$!'!
)'*&)4'%$!%.&*$.&&($!5*&&,3$&!0-6$.,$!+,!*$.0$,&!6$!(-9&%2!
5&! 8$.&?%'.$U=! S.-'.$'! $#&)*$0-(-9&%2! '! (/&! "-`'(! )$!
-7)$.82!+,)2!%/!/5/.&,32D!$(!%-,)&6$.2!%2!5*&&,3'!0-6$.,2!
$)*$!)&,9/./(!'.7&*./!'(!'6$82./(/&!5&!k$'(&*23&&=!"-`'(!,/!
+,*.$8$6$! ,&%&! -! %(&#2! &6$$'! /,$&! #(/.'(&*23&! '! ,&8$($(-.!
k$'(&*23&&1!/,6$!5*&&,3'!$)*$!8'('7&(2!+,!',/0&*$!#(',/.&1!
&'.! .$(&9&'! +,! '(*$($=! V$,*./! "-`'(! ,/! $@&)*2! 6$%F*! /,!
)&,9/.!,&8$(!6$!.$'(&*'*$1!&#-*$<2!%'.$!,/!)$!#-'*$!)/)3&,$!
$#&)*$0-(-9&%!+,)2!+,!(/0&,'!'!%$$'!%$!,$!)#/,$!5*&&,3'!
0-6$.,2=
M*&*/6&,$'! (/&! "-`'(! '0&,*$5*$! +,! 0-6! %&/6'*!
6$! #-<&3&'! (/&! Z$,&,! '*/,%&! %F,61! +,! \]p_1! '*'%21! +,!
I&$+%/&2/(93 6/3 +9?/%/10%/$/0/(91! *$-.&&($! ?<&%&&! %/!
.$4$.&.$! ('! )#'3&/C*&0#/(! 0/(*&6&0$,)&-,'(1! '.9/0$,*/(!
)2/!%'#&*'(!?&,6!%2!.$8-(/3&'!#-'*$!?!+,6$#(&,&*2!,/0'&!
+,! #'*./! 6&0$,)&/,&=! Z$,&,1! %'! 5&! "-`'(! 0'&! *F.<&/1!
%.$6$'!+,!$@&)*$,3'!/,/&!)&,9/.!,&8$(!6$!k$'(&*'*$=!"'/1!
0'&! 6$9.'721! '! +07.23&5'*! '%$')*2! %.$6&,32! #$,*./! 'C5&!
'.9/0$,*'!.$8-(/3&'=
S)*$! %('.! %2! )$! #-*! 92)&! ,/0$.-')$! '.9/0$,*$!
#$,*./! '! )#/(7$.'! '?.0'3&&($! #$! %'.$! ($! 4'%! "-`'(! 5&!
#.&$*$,&&! (/&=! B&,! #/,%*/(! 0$/! 6$! 8$6$.$! +,)21! '%$)*!
6$0$.)! $)*$! &,/*&(! 6$8.$0$! %$! #.$)/#/,$! .&)%/(! /,-.!
&,*$.0&,'7&($!#-($0&%&!5&!'(!#'.-6&$.&&!.$%&#.-%$!#F,2!('!
#.-4$.'.$'!6$!&,)/(*$=!I$($!*.$&!$@*.$0&)0$!6$)#.$!%'.$!
$)*$!8-.7'!'&%&1!+,*.$!%'.$!6-'.!%$(!.$(&9&-)!$)*$!4'0&(&'.!
#/7(&%/(/&! ('.91! '/! 0$.&*/(! 6$! '! ?! '6/)! +,! #.&0! #(',! -!
%K$)*&/,$! 4/,6'0$,*'(21! %$'! '! )*'*/*/(/&! '6$82./(/&! 5&!
'(!k$'(&*23&&1!5&!6$!'!,$!?!'.2*'*!%-,)$%&,3$($1!&,%(/)&8!+,!
#(',!#-(&*&%1!'($!'%$)*$&!#.-7($0$=
B'.! *.$7/&$! )2! 6$#25&0! '%$)*$! *.$&! $@*.$0&)0$1!
9$.0$,&!'&!/,$&!,-&!4-.0$!6$!*-*'(&*'.&)0=!M4'%$.$'!"-`'(!
,$!-4$.2!-!7/,2!-#-.*/,&*'*$!6$!'!.$4-.0/('1!6$!#$!-!,-/2!

5&!.&9/.-')2!#-<&3&$1!,/!,/0'&!%-,6&3&&($!6&'(-9/(/&!+,*.$!
5*&&,3$($!*'.&!5&!%$($!/0',&)*$1!%&!5&!#$!%$($!'($!6&'(-9/(/&!
6&,*.$! 5*&&,32! 5&! %/(*/.21! 5*&&,32! 5&! )-%&$*'*$! 5&! 5*&&,32! 5&!
)#&.&*/'(&*'*$=
"/,*$0! -'.$! -7(&9'3&! )2! '($9$01! %'! /(*&02!
&,)*',321!+,*.$!%$($!*.$&!$@*.$0&)0$J!I/!)&9/.',32!%2!,/=!
>.',)6&)%&#(&,'.&*'*$'! .$#.$<&,*2! -! 7'.&%'62! +0#-*.&8'!
4')%&,'3&$&!#.-6/)$!6$!'%$)*$'=
B'%2! #-'*$! $@&)*'! /,! 6&'(-9! +,*.$! 6&4$.&*$($!
6&)%&#(&,$1!$(!,/!#-'*$!?!)*'7&(&*!+,!7'<'!%-,%$#*$(-.!/,$&'!
)'/!'!'(*$&'!6&,*.$!'%$)*$'!%&!#$!%$$'!%$!*-'*$!6&)%&#(&,$($!
'/! +,! %-0/,D! "/7&$%*/(! +,)/5&=! E,! ?,'(1! '4'%$.$'! "-`'(!
,$! *.&0&*$! ('! .$+,8&$.$'! "/7&$%*/(/&! T! /,! '6$82.'*! 3$(!
*.',)6&)%&#(&,'.!5&1!#$!*$.0$,!(/,91!-!('7-.&-')2!%'($!+,!
6&.$%3&'!/,$&!,-&!'.*$!6$!'!*.2&!5&!9F,6&=
M4'%$.$'!"-`'(!)$!#.$(/,9$5*$!+,!0-6!)#$%*'%/(-)!
#.&,! %'.*$'! (/&! k&%K'.6! B'u`&,)! g/9+%&3 0%+./'5+/3 *'3
J49'+C+41! %'.$! $)*$! /,! 7$)*C)$(($.! 0-,6&'(! 5&! %'.$! '!
4-)*!#/7(&%'*21!+,!*.'6/%$.$!+,!(&07'!.-0F,21!('!$6&*/.'!
I/.*$'! X$%K$]=! IF*$8'! 4.'<$! '($! (/&! B'u`&,)! )/,*!
)/?%&$,*$! #$,*./! '! +,3$($9$! ?,'(&*'*$'! ,$-C'*$&)0/(/&!
%-,*$0#-.',D! LR0'9&,'3&C82! -! (/0$! (&#)&*2! 6$! .$(&9&$=!
e2.2! '*$,*'*$! )&,/%&9'5$1! 42.2! \\! )$#*$07.&$n1! 42.2!
I./%&'6$!5&!8F,2*-.&!6$!8.2A&*-'.$1!%-0#(-*/.&1!.2<7-'&$!
5&!)$#'.'*&5*&1!42.2!.2<7-'&$!&).'$(-C#'($)*&,&$,$1!0')'%.$!
+,*.$!)F.7&1!%.-'3&!5&!0/)/(0',&n!e2.2!*'(&7',&!%'.$!)2!
'./,%$!+,!'$.!)*'*/&!',*&%$1!42.2!$@$%/3&&!#/7(&%$!'($!%$(-.!
%'.$! #.-4$.$'<2! 7(')4$0&&! 5&! 42.2! 4$0$&! 7&%&/&*$! #$,*./!
%.&0'!6$!'C5&!?!'.2*'*!4'3'n!W!(/0$!*-($.',*2!5&!.'3&-,'(21!
%'.$!)2!&'!+,!%'(%/(!5&!#-)&7&(&*'*$'!%2!B/0,$<$/!,/!$@&)*2!
T!)/7!,&%&!-!4-.02!5&!#$,*./!,&%&!-!.$(&9&$=U
W.&%'.$! '.! ?! #.$%'/3&&($! -.'*-.&%$! 5&! '%.-7'3&&($!
6&'($%*&%$! '($! ,$-C'*$&5*&(-.! %-,*$0#-.',&1! '.9/0$,*$($!
(-.!,$!%-,6/%!)#.$!%-,%(/<&'!%2!/,&8$.)/(!$)*$!'7)/.6=
[#3K'/=+%(423+($+31&%+3&-(4%.A
V$!(F,92!)$,*&0$,*/(!6$!/&0&.$!#$!%'.$!+(!+,%$.%20!
%-,*$0#(F,6!%-$.$,3'!,$+,6-&$(,&%2!'!/,&8$.)/(/&!?<&%1!
,/! ,$! #/*$0! +0#&$6&%'! )2! +,%$.%201! +,! '%$('5&! *&0#1!
-! '6F,%2! )$,<'3&$! 6$! ,$(&,&5*$=! Z'! %$! 4-(-)$5*$! *-'*2!
'%$')*2! %-$.$,32J! Z'! %$! 4-(-)$)%! *-'*$! '%$)*$! #-*.&8&.&!
$@*.$0!6$!?,$!5&!6$!$@'%*$!+,*.$!6&4$.&3&&!#'.'0$*.&!?<&%&1!
#$,*./! %'! /,&8$.)/(! )2! ?$! %$(! %'.$! $)*$J! B$! #&(621! '.! ?!
4-)*! 6$! 'A/,)! %'! #.-%$,*/(! 6$! $@#',)&/,$! '! /,&8$.)/(/&!
)2!?!4-)*!%/!4-'.*$!#/3&,!0'&!0&%!)'/!0'&!0'.$!6$%F*!%$(!
-7)$.8'*1!#$,*./!%'!/,&8$.)/(!)2!)$!#&'.62!6$!0/(*1!+,*.C-!
*-*'(2! .&)&#&.$=! I--#$.'.$'! +,*.$! )%'.'! %/',*&%2! 5&! )%'.'!
%-)0-(-9&%2!$)*$!+,!02)/.2!)2!')&9/.$!')$0$,$'!#-*.&8&.&!
4-'.*$!?,$=!B'.!*-'*$!'%$)*$'!#$,*./!'!'A/,9$!('!0-'.*$'!
)&9/.2!'!/,&8$.)/(/&!?<&%1!?$!#.&,!.2%&.$'!#.-9.$)&82!O+,!
%'</(!/,/&!/,&8$.)!6$)%K&)1!+,!%-,*&,/2!$@#',)&/,$P1!?$!
#.&,!+,%2(<&.$'!#.-9.$)&82!O+,!%'</(!/,/&!/,&8$.)!+,%K&)1!
%'.$!8'!)4F.5&!#.&,!'!)$!0&%5-.'!%-,*&,//PJ
M%$)*! )$,*&0$,*! 6$! ,$(&,&5*$! $)*$! 4-'.*$! 7&,$!
$@#.&0'*!6$!"*$8$,!q$&,7$.91!%F,6!)%.&$!D!LS)*$!'#.-'#$!
&0#-)&7&(!#$,*./!?&,3$($!/0',$!)2!,/!%.$'62!%2!$@&)*2!-!
.$('3&$!)#$%&'(2!+,*.$!$($!5&!/,&8$.)1!%2!8&'3'!,/!$)*$!,/0'&!
.$</(*'*/(! 9.-*$)%! '(! /,$&! )/%%$)&/,&! 6$! '%%&6$,*$! %'.$!
/.%2! +,! *.$%/*! #F,2! ('! #.&0$($! *.$&! 0&,/*$! 5&! %21! +,*./,!
%K&#!',/0$1!,-&!'0!?!4-)*!%-,%$#/3&!6$!('!+,%$#/*===!S)*$!
5&! 0'&! 9.$/! )2! +,3$($9$0! %2! '%$)*! /,&8$.)! '! $8-(/'*! 6$!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
('!%-,6&3&&!&,&3&'($!'*F*!6$!#/3&,!4'0&(&'.$!+,%F*!'7&'!,&!($!
#/*$0!&0'9&,'!5&!*.$7/&$!)2!)4F.5$')%2!#.&,!'!)$!)*&,9$!
+,*./,! 4.&9! &,*$.0&,'7&(! )'/! +,*.-! %2(6/.2! &,4$.,'(2=! I/!
%F*!/,&8$.)/(!,&!)$!#'.$!0'&!6$!+,3$($)1!%/!'*F*!#'.$!0'&!
'7)/.6U\p=
M7)/.61! /,&8$.)/(J! V-'*$1! 6'%2! ,$9(&A20! .-(/(!
8&$3&&! 5&! '(! -0/(/&=! >.$7/&$! )2! .$%/,-'5*$0! %('.! %2! ,/!
'8$0! +,! #.$<$,*! ,&%&! -! &6$$1! #$! *$0$&! 5*&&,3&?%1! ')/#.'!
.-(/(/&!%-)0-(-9&%!$8$,*/'(!'(!8&$3&&=!M!$0&*$!#2.$.&!7&,$!
6$?,&*$!')/#.'!.-(/(/&!%-)0-(-9&%!'(!8&$3&&!'.!+,)$0,'1!+,!
#.$<$,*1!'!4'%$!0'&!%/.F,6!?%3&/,$!5*&&,3&?%2!6$%F*!5*&&,32=!
S! 8-.7'! 6$! -! #.-7($02! #.&,! 6$?,&3&$! *.',)6&)%&#(&,'.21!
#$!%'.$!)C'.!%/8$,&!)C-!)*/6&$0!+,!8&&*-.=!S)*$!(-9&%!6$!
%-,%$#/*!%2!8&'3'!#-'*$!A/%'!/,!.-(!%-)0-(-9&%=
V$,*./! 0-0$,*1! )'.! #/*$'! '7-.6'! -! #.-7($02!
0'&!#/3&,!'07&3&-')2D!'%$$'!'!(-%/(/&!-0/(/&!%'!)&)*$0!
,'*/.'(=
W! %-$.$,32! .$0'.%'7&(2! #'.$! )2! 9/8$.,$<$! )%'.'!
%/',*&%2! 5&! )%'.'! %-)0-(-9&%2=! "%'.'! &,*$.0$6&'.21!
%$'! '! -0/(/&1! )%'#2! -'.$! /,&*23&&1! *-*! 0'&! )$)&<'7&($1! '!
(/0&&J! X&-($,3'1! ','.K&'1! (&#)'! 6$! %-$.$,32! )2! ?$! -'.$!
*-%0'&!)-'.*'!-0/(/&1!+,!%-,*.')*!%/!'/*--.9',&<'.$'!5&!
'/*-%-,)&)*$,3'! %'.$! #'.! )2! 6-0,$')%2! +,! '(*$! )&)*$0$!
,'*/.'($J
W! 6$-)$7&.$! &0#-.*',*2! +,*.$! -0! 5&! 0'A-.&*'*$'!
%$(-.('(*$! )&)*$0$! ,'*/.'($! %-,)*2! +,! %'#'%&*'*$'! )'! 6$!
'!'($9$=!j,!'/*-0-7&(!,/!'($9$!+,*.$!'!0$.9$!)'/!'!,/!
0$.9$=! j,! 02.! ,/! '($9$! )2! ?$! )'/! )2! ,/! ?$! 0F,%'*=!
j,&8$.)/(! +,*.$91! %K&'.1! ,/! '($9$! +,*.$! ,/0$.-')$($!
$8-(/3&&! #-)&7&($=! "&,9/.'! $@%$#3&$1! +,! )*'.$'! '%*/'(2! '!
%/,-5*&,3$(-.!,-')*.$1!)$!0',&4$)*2!('!)%'.'!%/',*&%21!%$!
$)*$! %'.'%*$.&<'*2! #.&,*.C-! (?1'$&'+/$&$+! 4/,6'0$,*'(21!
(-%'5!'(!/,$&!',/0&*$!(&7$.*23&=!;/0'&!('!)%'.2!%/',*&%2!
/,!$8$,&0$,*!$)*$!'+&6$+?$&$1!,$C#.$6$*$.0&,'*t!+,!'%$)*!
)$,)!)$!#-'*$!8-.7&!6$)#.$!-!',/0&*2!(&7$.*'*$=
B'.! +,*.$! (&7$.*'*$'! %/',*&%2! 5&! (&7$.*'*$'! -0/(/&!
$)*$! -! 6&4$.$,32! &0#-.*',*2=! S8$,&0$,*$($! %/',*&%$! ,/!
'($9!+,*.$!'!%--#$.'!)'/!,/!+,*.$!$($!T!,$)$#'.'7&(&*'*$'!
(-.! ($! 4-.3$'<2! )2! )$! )/#/,2! '%$)*$&! %--#$.2.&=! E,!
',)'07(/1!)%'.'!%/',*&%2!,/!'($9$!+,*.$!'!%--#$.'!)'/!'!
,/!%--#$.'!%/!)%'.'!%-)0-(-9&%2=!>-*/(!)$!#$*.$%$!%'!5&!
%/0! '/*--.9',&<'.$'! 5&! '/*-%-,)&)*$,3'! '.! #/*$'! -#$.'!
?N',3 2&3 4'3 &'49/$3 ?4'0$1! '%$('! '(! '#'.&3&$&! 8&$3&&! 5&! '!
-0/(/&=!B$!'&%&!+,%-(-!&,*$.8&,$!/,!,-/!*&#!6$!'($9$.$D!
'%$('! +,*.$! $8-(/3&$! 5&! &,8-(/3&$=! W0/(! '#'.$! %'! ?&,6!
)&,9/./(!)&)*$0!,'*/.'(!%'.$!'.$!#-)&7&(&*'*$'!6$!'!'($9$!
+,*.$!$8-(/3&'!)#$%&$&!)'($!5&!6&)*./9$.$'!$&!*-*'(2=
R,4-.0'3&&($! -73&,/*$! #($%F,6! 6$! ('! )*/6&/(!
)&)*$0$(-.! ,'*/.'($! 5&! &,*$9.'.$'! (-.! +,*.C-! 8&<&/,$!
*.',)6&)%&#(&,'.2!%-$.$,*2!'!(/0&&!'.!#/*$'!)2!6$*$.0&,$!
-!*.',)4-.0'.$1!/.9$,*2!5&!,$%$)'.21!'!'*&*/6&,&&!,-')*.$!
4'32!6$!k$'(!5&!6$!k$'(&*'*$=!M)*4$(1!8'!#/*$'!)2!+,%$'#2!
-! ,-/2! #$.&-'62! '! %/,-'5*$.&&1! #$.&-'62! +,! %'.$! )*/6&/(!
/,&8$.)/(/&! 5&! )*/6&/(! -0/(/&! )$! 8-.! )/)3&,$! /,/(! #$!
%$(2('(*\\=
7#!80543',-V.'%*&%'! 5*&&,3$&! ,$! +,8'32! 8'(-'.$'! &,*$.-9'3&$&!
#$.0',$,*$1!'!#/,$.&&!#$.0',$,*$!+,!%'/<2!'!#.-#.&&(-.!
,-')*.$! .2)#/,)/.&=! "2! #-3&! '($9$! +,*.$! %'#&*'(&<'.$'!
%/,-'5*$.&&!5&!)2.2%&'!&,*$.-9'3&$&!%-,*&,/$!'!+,3$($9$.&&=!
"2!+,'&,*$<&!+,!(/0$!%'!#$!-!)F.02!6$!'%.-7'*1!.$4/<F,6!
-.&%$! *$-.&$! 6$?,&*&821! -.&%$! %-,)*./%3&$! /*-#&%21! -.&%$!
)&)*$0! $@%(/)&81! +,%K&)! 6$! 9F,6&.$=! 8,3 .+=/'3 +43 *'(49/3

(#

!*'$%+-&%+"1!)&03&,6/C02!')*4$(!($9'*!6$!0&,$!+,)/0&!5&!
6$!%$&('(3&=!S@$.%&3&/!'*F*!6$!#$.&%/(-)1!6'.!6$)%K&<F,6!/,!
)#'3&/!6$!(&7$.*'*$!5&!6$!*-($.',32=
k'3&-,'(!5&!&.'3&-,'(1!0'*$.&$!5&!%-,5*&&,321!0'*$.&$!
5&! )#&.&*1! ?,'(&*'*$! 5&! ,$?,'(&*'*$1! -.6&,$! 5&! 6$<-.6&,$1!
K'<'.6!5&!,$%$)&*'*$!$*%=!$*%=!T!)/,*!%/8&,*$!/<'*$1!-?(&*$1!
6$8'(-.&<'*$1!#.-)*&*/'*$1!+,*$0$&'*$!#$!-!8&<&/,$!02&(/0,!
')/#.'! k$'(&*23&&1! +,! 6$<'%-.6! %/! 4'#*$($=! S($! #.-8-'%2!
#-($0&%&!,$)4F.5&*$!5&!6$<(2,3/&.$'!/,-.!#')&/,&!8&)%$.'($=!
"$!#-*!)%.&$!')*4$(!*-,$!6$!%2.3&!42.2!'!#.-8-%'!,&%&!%$(!
0'&!0&%!#.-9.$)!'(!%/,-'5*$.&&=
B'.! '! 42/.&! %-,%$#*$! ,-&! 6/%$! +,*-*6$'/,'! ('! /,!
6./0! #(&,! 6$! %'#%',$=! I$($! 0'&! .$($! 6$4-.02.&! 5&! %$($!
0'&! #$.&%/(-')$! .$%/#$.2.&! O#-(&*&%$1! 5*&&,3&?%$! 5&! %K&'.!
-%/(*&)*$P!)$!#-*!&8&!#$!/,!')$0$,$'!6./0=!
IF3&! ?(-)-?1! #.$'! &/3&! )'/! #.$'! &,*$.$)'3&1! 8-.!
#.-%('0'! %2! ,-/'! .'3&-,'(&*'*$! .$8&,$! ('! K$9$0-,&'!
&.'3&-,'(/(/&1! 8-.! %-,4/,6'! 0&.'%/(-)/(! 5&! &.'3&-,'(/(1!
8-.! 6&)%/*'! ('! ,$)4F.5&*! #.-7($0'! 6'%2! )#&.&*/(! $)*$! 6$!
6.$'#*'!)'/!6$!)*F,9'J!IF3&!9F,6&*-.&!.$(&9&-5&1!#.$'!&/3&!
)'/! #.$'! &,*$.$)'3&1! 8-.! #.-%('0'! %2! ,-/'! .'3&-,'(&*'*$!
.$8&,$! ('! )/7)*&*/&.$'! .$(&9&$&! #.&,! *.',)6&)%&#(&,'.&*'*$1!
%-,4/,6F,6! *.',)%$,6$,*/(! %/! %$$'! %$! $)*$! '%%$)&7&(!
.$#.$<$,*2.&(-.! /0',$1! &,$8&*'7&(! #'.3&'($! 5&! $(&0&,F,61!
+,!,/0$($!#2)*.2.&&!&6$,*&*23&&1!%$$'!%$!$)*$!/,&8$.)'(!+,!
?&,3'!/0',2J!M6&%2!%K&'.!#$!B/0,$<$/=!J49'+C+43+($+3
K'423 6/3 7+&2/$&$+&3 +($+3 K'&#! j,&*'*$! 5&! 6&8$.)&*'*$! #-*!
%-$@&)*'!+,!,-/'!.'3&-,'(&*'*$=!S($!)$!6&)*./9!.$%&#.-%!+,!
8$%K$'!.'3&-,'(&*'*$!%'.$!6-0&,2!+,%2!#$!#(',$*'!,-')*.2=
"&,9/./(! 0-6! 6$! '! $8&*'! '%$)*$! 6$4-.02.&! 5&!
.$%/#$.2.&!0&!)$!#'.$!'!?!'%$('!'(!/,$&!%$.%$*2.&!%/!'6$82.'*!
*.',)6&)%&#(&,'.$1! .2762*-'.$1! 6$)%K&)$1! *-($.',*$1! 6$!
('.92!.$)#&.'3&$1!6$)%K&)2!%$(-.!0'&!7/,$!%-0#$*$,3$!5&!
+,*$0$&'*2!#$!.&9-'.$!5*&&,3&?%2!5&!)#&.&*/'(2=
;-/'!.'3&-,'(&*'*$1!+,!6&'(-9!%/!0&)*$./(!&.$6/%*&7&(!
'(! (/0&&1! 8'! '8$'! %/! )&9/.',32! -! ,'5*$.$! 9.$'=! B'.! )/,*!
%-,8&,)! %2! 9F,6&.$'! '#-4'*&%2! -.*-6-@2! 8'! A/%'! /,! .-(!
&0#-.*',*!+,!,'5*$.$'!,-&&!.'3&-,'(&*23&\a=
e&&,3'!/0',2!'!8&)'*!6&,*-*6$'/,'!)2C5&!.$N$%*$!4'3'!
+,!-9(&,6'!;'*/.&&=
W9(&,6'! *.',)6&)%&#(&,'.2! )$! 92)$5*$! 5&! +,*.$! 5&!
6&,%-(-! 6$! *-'*$! 6-0$,&&($! %/,-'5*$.&&=! Z/0$'! %(')&%2!
$)*$! (/0$'! ?9/.2.&&1! #$! %F,6! (/0$'! *.',)6&)%&#(&,'.2!
$)*$!'%$$'!'!*.',)?9/.2.&&=!G1%$%+$424/3;&$4%//3*/3(400+.+3
/01&'&#
E,!E1'@+%/'5&3?,(,%/21%1!#-$*/(!#$.)',!M**'.1!%'.$!'!
*.2&*! +,! )$%-(/(! \a1! ,$! 6$)%.&$! (/,9'! %2(2*-.&$! '! #2)2.&(-.!
+,! %2/*'.$'! '6$82.'*/(/&! (-.! .$9$1! "&0-.9C/(=! V2)2.&($!
*.'8$.)$'<2!5'#*$!82&1!#(&,$!6$!#$.&%-($!5&!6$!0&,/,23&&=!M!
5')$'!8'($!$)*$!e&2+&3I/%,%//=!M%-(-!$)*$!5&!<&!5&!,-'#*$1!)$!
8$6$!5&!,/!)$!8$6$!,&0&%1!)$!8&$3/&$5*$!5&!,/!)$!8&$3/&$5*$1!
(/%./.&($! )/,*! 5&! #(&,$! 5&! 9-'($=! Z'! )4F.5&*/(! %2(2*-.&$&! (-.!
-7-)&*-'.$1!#2)2.&($!92)$)%!-!-9(&,621!+,!%'.$!#-*!+,!?,$!)2!
?$!82</*$!5&!.$%/,-)%/*$=
{{{{{{{
01!+J
\! !:')'.'7!;&%-($)%/1!;1/<3?&%$/042&3(/3249+&<!f/,C
&0$'1!R'5&1!appd!O$6&3&'!'!6-/'P1!*.'6/%$.$!6&,!(&07'!4.',%$<2!
6$!X')&($!"#-.&%&=
a! ![&%K$(!Y$,.i1!R&3:&%-&%/+1!g.'))$*1!V'.&)1!\]_d=
c! !k-7$.*!Z$,-7($1!g/($1/%+3.+32l/.m+3.+3;&$4%+1!M(7&,!
[&%K$(1!V'.&)1!%-($%3&'!|Zvs8-(/*&-,!6$!(vK/0',&*sU1!\]]p=

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

($

^! ! :')'.'7! ;&%-($)%/1! `%&'(./(0/?2/'&%/$&$+&<! 0',&C

4$)*1!f/,&0$'1!R'5&1!appd!O$6&3&'!'!6-/'P1!*.'6/%$.$!6&,!(&07'!
4.',%$<2!6$!Y-.&'![&K'&(!X')&($)%/=
l! !M(',!B=!"-`'(1!`%&'(>%+((/'>3$F+3:14'.&%/+(^3
`1f&%.3&3`%&'(@1%9&$/=+3g+%9+'+4$/0(31@3h4&'$493H%&=/$d1!
"-%&'(!>$@*!^b}^d1!"#.&,9}"/00$.!\]]b1!##=!ccbCcb\=
b! !"*$8$,!q$&,7$.91!81j&2l(3g1&M1!;$u!x-.`!k$8&$u!
-4!:--`)!^cO\cP1!M/9/)*!_1!\]]b=
d! !M(',!"-`'(!$*!f$',!:.&%0-,*1!O9?1($4%+(3/'$+22+0)
$4+22+(1!V'.&)1!W6&($!f'%-71!\]]d=
_! !M(',! "-`'(1! G(+4.1(0/+'0+(3 +$3 ?1($91.+%'/(9+3 ^3
B.=+%(&/%+(3 143 019?&>'1'(3 .+3 %14$+3 A1! V'.&)1! W6&($! f'%-71!
appl1! *.'6/%$.$! 6&,! $,9($<2! 6$! :'.7'.'! Y-%K)*$6*! 5&! %/8F,*!
+,'&,*$!6$!f$',!:.&%0-,*=
]! !k&%K'.6!B'u`&,)1!g/9+%&30%+./'5+/3*'3J49'+C+41!
I/.*$'!X$%K$1!appd1!*.'6/%$.$!6&,!(&07'!$,9($<2!6$!X&%*-.!
g-6$',/=
\p! !"*$8$,!q$&,7$.91!R+(3`%1/(3G%+9/n%+(3I/'4$+(3.+3
2lK'/=+%(1!"$/&(1!V'.&)1!\]d_1!#=!\bl\bb=
\\! !:')'.'7!;&%-($)%/1!a$//'5&3(+'(4236/3+=1245/&3)3L(+43
&(4?%&324/3\&j1-3:oF9+<!I'.*$'!k-0F,$')%'1!:/%/.$5*&1!
appd!O$6&3&'!'!*.$&'P1!*.'6/%$.$!6&,!(&07'!4.',%$<2!6$!M/.$(&'!
:'*'(&1!#.$4'32!6$!M,*-&,$!e'&8.$=
\a! !:')'.'7!;&%-($)%/1!`1f&%.(3&'3&?1?F&$/039+$F1.)
121>d31@3$F+3./&21>4+3-+$f++'3(0/+'0+3&'.3%+2/>/1'1!&,!80/+'0+3
&'.3p%$F1.1Md<3&3'+0+((&%d3./&21>4+1!I/.*$'!X$%K$1!!:/%K'C
.$)*1! appb1! $6&*$6! 7i! :')'.'7! ;&%-($)%/! ',6! ['96'! "*'8&,C
)%K&1!#=!\]Ca]=

73*'$&#,K',$-$!#,*'4/#L-*-',K',#,
'4#3'$''M
"/,*$0! +,! #.$<$,3'! /,$&! %2.3&! /&0&*-'.$1! 6$!
,$%(')&?%'*1! %'.$! ,&! )$! -4$.2! %'! /,! 6'.! )/.#.&,<2*-.! '(!
&,*$(&9$,3$&1!'(!)$,)&7&(&*23&&1!'(!/0-./(/&!5&!'(!6.'9-)*$&=
L3-/'+3(,3./(045/30N'.3(4q+$423&%+30+=&3.+3C/(<3
0,0/3?%/'33.+C=,24/%+3(+30%++&C,3(+'(<3?%/'3.+(@,64%&%+3
(+3 1@+%,3 =/&5,###3 e,C4$423 6/3 (?4(42<3 +M?%+(/&3 ($/2/($/0,3
(/'0+%,<3?4'0$423.+3=+.+%+3(4(5/'4$3043464%/'5,<3(?4(423
@%491(3 6/3 -4'3 6/<3 9&/3 &2+(<3 &3 .1%/3 (,)23 $%,/+6$/3 6/3 (,)23
1@+%/#
h&! )/N$*/(! '.$! 0/(*$! (/%./.&! )2! ,$! )#/,21! +,!
%-0#',&'! (/&! L:$'/A$/! Z$>&$.)U1! #.-0&)/(! j(i))$! 5&!
4./0-')'!"-#K&$1!+,%'.,'.$'!+,3$($#%&/,&&=!
B&'(-9/(!6&,*.$!/,!#&%*-.!5&!/,!?(-)-4!$)*$!'&%&!
%'($'!.$9'(2!#$,*./!'!,$!&,&3&'!+,!?(-)-?$=!;/!)2!+,8$3&!
5%-(2.$5*$!?(-)-?'1!%&!)C-!*.2&$5*&=
E,*.$! %-.#/.&($! %/8F,*/(/&! 5&! '($! &0'9&,&&1! )$!
6$)%K&6$!#-'.*'!+,9/)*2!%2*.$!)&,$!+,)/5&=!
B01213 _1(<3 13 02,./%+3 043 ?1&%$&3 *'>4($,3 (+3
%/./0,<3 13 02,./%+3 &3 24/3 B4>4($+#3 I,3 &?%1?//#3 B0+&($,3
?1&%$,3+($+36/39&/3($%N9$,3.+0N$39)&63D3>N'./$<3*'&2$,3
6/3.%+&?$,###3L($+31&%+3.+(0F/(,3(&43*'0F/(,A###3e+0F/423
9+43 ?%/+$+'3 B4>4($+<3 &20F/9/($42###3 *9/3 .+(0F/.+3 10F//3
(?%+3 &2$+3 ./9+'(/4'/###3 L=/.+'$<3 +23 +3 =%,_/$1%3 6/3 6&9&'<3
.&0,3 &00+?$&5/###3 G/&$%&3 D21(1@&2,3 */3 &?&%5/'+<3 (?&5/423
/'$+%/1%3+3&23'1($%4#
e&(-)-?'! 0-'.*2! $)*$! 7/,2! 6-'.! #$,*./!
%-,%/.)/.&! 5&! 6&<$.*'3&&=! e&(-)-?'! 8&$! ,$! 62! '%%$)! ('!
8&'321! %'.$! *.'8$.)$'<2! *-'*$! ,&8$(/.&($! 6$! k$'(&*'*$1!
%/,-)%/*$! 5&! ,$%/,-)%/*$=! E,! '%$')*2! *.$%$.$1! ,$!

,'5*$0! 6&,! ,-/1! '&%&1! #$! '%$)*! #20F,*=! ;/! ,$! )#/,$'!
Y$9$(D! LJ1&%3 2&3 *'0+?4$423 &?4(424/<3 64+$&3 I/'+%=+/3
*6/3/&3C-1%42"A3P/21(1D&3+($+3*'3%+2&5/+3043249+&30&34'3
(042?$1%3 043 ?/&$%&3 (&#3 e&(-)-?'! *.2&*2! &0#(&%2! +,*.$'9'!
,-')*.2! ?&,32=! B-'.! &,*$(&9$,3'! $)*$! +,*.C'*F*! 6$! '*'5'*2!
6$! $@%(/6$.$'! *$.3/(/&1! +,%F*! #/,$! <28-./(! #$! #-'.*'!
+,9/)*21!0'&!6$9.'72!6$%F*!)2!-!+,*.$6$)%K&62=!V$,*./!'!
&,*.'! +,! 0&5%'.$1! +,! '%$)*! 6',)! )/.#.&,<2*-.! '(! 8&$3&&! +,!
%'.$! 6&'(-9K$'<2! ?&,3'! 5&! ,$?&,3'1! )/,*$0! %-,)*.F,5&!
)2!*.$%$0!#.&,*.C-!*.',)4-.0'.$!'(%K&0&%2!T!&,%(/6$.$'!
*$.3/(/&=
V$! '%$)*! 6./01! *.$&! #$.)-,'A$! +5&! 4'%! '#'.&3&'D!
&6&-*/(1!7'.7'./(!5&!$.$*&%/(=
K'3/./1$3.+=/'+34'3&2$4230&%+3+($+39N'.%43c3?+3
.%+?$304=N'$3c3.+3./@+%+'5&3(&3@&5,3.+39/'+<3&6&30493+43
?1$3 D3 .+3 &3 9+&3 *'3 @&5&3 24/#3 K'3 -&%-&%3 .+=/'+3 4'3 &2$423
?+30&%+3'4)23*'5+2+>3?%/'32/9-&3(&<3.&%30&%+39/)13?1&$+3
?%+.&<3*'3&0+2&6/3$/9?3*'30&%+3+432)&63/'/5/&3*'$%)&39+&#3
a/3 4'3 +%+$/03 .+=/'+<3 043 $1$423 ./@+%/$3 .+3 13 1&/+3 '+&>%,<3
13?+%(1&',3043&$N$39&/3/'$+%+(&'$,30430N$3>N'.+6$+3+&3
*'(,6/36/39,3/'=/$,3(,3'43&.1?$31?/'/&30194',3@,%,3(,313
D2$%+C3?%/'39/'+3*'(49/#
S! 6$%&! /.9$,*! )2! 6$)%-#$.&0! +,%K&6$.$'!
#.-#.&/(/&!,-)*./!-.&<-,*!T!+,%K&6$.$!%'/<'*2!6$!,'5*$.$'!
,-')*.2!O+,*.C-!3'.2!5&!+,*.C-!4'0&(&$P1!6$!(&07'!,-')*.21!
6$!$6/%'3&'!,-')*.21!6$!%-,8&,9$.&($!,-')*.$!.$(&9&-')$1!
6$! -7&5,/&,3$($! 9F,6&.&&=!M%$')*2! +,%K&6$.$! $)*$! (&0&*'!
,-')*.2! %'.$! ,$! +0#&$6&%2! )2! 8$6$0! %$$'! %$! )$! 8$6$!
6&,%-(-! 6$! '%$')*2! (&0&*2=! S'! $)*$! 0-*&8/(! %-,N&%*$(-.!
'6$)$'!/%&92*-'.$1!%2%&!I$(2('(*!$)*$!0$.$/!#$.%$#/*!%'!
-!'0$,&,3'.$=
G/0$N'.4)6/3 $&-214%/2+<3 :+&4_+43 .+(01?+%,3
&(?+0$+3./'3+23*'(46/3?+30&%+32+3/>'1%&3(&430+23?45/'3./'3
0&%+3 '43 04'16$+&3 .+0N$3 ?45/'#3 a/3 (0%//'.4)6/3 ?1=+($+&<3
81?F/+3 *'(,6/3 ()&3 =,C4$3 043 :+&4_+43 0&3 *'$%)13 1>2/'.,3
%+=+2&$1%/+3 &3 %+2&5/+/3 21%###3 O9&>/'/3 6/3 2/9-&_+3 .+=/'<3
.4?,3 942$/?2+2+3 @121(/%/3 0%+&$1&%+3 2&3 0&%+3 (+3 ?%+$+&C,<3
$1$3 &$N5/&3 %+=+2&$1%/3 ./'&9/0/3 &/3 0,%,%/21%3 0&%+3 .403 2&3
04'1&6$+%+&3.+3(/'+#
W9(&,6'! $)*$! #/,%*/(! 4-%'(! '(! '%$)*$&! %2.3&!
0&.'%/(-')$1! a4+$&3 /%1'/0,1! #$! %'.$! -! '8$0! +,! 4'3'!
-%K&(-.=!M%$)*'!$)*$!/,!/&0&*-.!&,)*./0$,*!6$!%/,-'5*$.$=!
B$)&9/.1! %F,6! ,$! #.&8&0! +,*.C-! -9(&,621! %.$6$0! %2! ,$!
6$)%-#$.&0!%K&#/(=!B'.!6.$'#*'!5&!)*F,9'!)/,*!&,8$.)'*$=!
;-&!)/,*$0!,-&!+,5&,$!5&!,/!)/,*$0!,-&!+,5&,$=!W9(&,6'!
$)*$!(-%/(!%-$@&)*$,3$&!)&0$*.&$&!5&!')&0$*.&$&1!'!'%$(/&'5&!
5&!'!'(*/&'1!'!')$02,2*-./(/&!5&!'!6&4$.&*/(/&=!W!'(*2!#'.*$!
/0',21! +,*F(,&*2! #$! %'($'! 8&$3&&! 0$($1! +0&! +,*&,6$1! #.&,!
?&,3'! )'1! -! -9(&,62! #$! %'.$! -! #$.%$#! &0$6&'*! %'! #$! /,!
(-%! '(! #$.&%-($(-.=!>.$7/&$! )2C0&! %-,4./,*! -.&<-,*/(! %/!
-.&<-,*/(! )2/! 5&1! 6$! 0/(*$! -.&1! &<7/%,$5*$! /,! .2<7-&D!
-.&<-,*! %-,*.'! -.&<-,*=! B'.! 6'%2! ')%/(*! %/! '*$,3&$1! '/6!
-! 0/<&%2! )*.',&/! 4'0&(&'.21! %'! 5&! %/0! %$(2('(*! '.! ?1! 6$!
4'#*1!$/!+,)/0&=!M%$)*!0&.'%-(!'(!4/<&/,&&!-.&<-,*/.&(-.!
O#$,*./!'!.$(/'!-!4./0-')2!$@#.$)&$!'!(/&!g'6'0$.P!,/!
)$!#.-6/%$!+,!?$%'.$!<&=!S)*$!4./%*/(!(4%?%/'.+%//3T!'*F*!
6$! )&0#'*&%/(! %/8F,*! '($)! 6$! '/*-.&&! '%$)*$&! %2.3&=! [2!
(')!)/.#.&,)!6$!/,!$/!+,)/0&!/&*'*1!+,9.-#'*!+,!0$0-.&'!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
/0',&*23&&1!#.&,!0/(*&#($($!,&8$(/.&!6$!k$'(&*'*$!#$!%'.$!
($!&9,-.!*-*'(=!>-*/5&1!$($!)$!92)$)%!'%-(-1!+,!0&,$1!6'.!
+,!)-0,/(!0$/1!#$!%'.$C(!,/0$)%!L%-,5*&&,32U1!$($!)/,*!
%'!,-,C$@&)*$,*$=!S($!)$!.$8$($'<2!#.&,!$4-.*/(!*$.3/(/&=!
84%?%/C&###3+($+3/C-40'/%+&3!$+%5424/"#
M%$)*! 0&.'%-(! $)*$! 4./%*/(! /,/&! (/,9! 6./0!
&,&3&'*&%1! +,! %'.$! *$.3/(! &,%(/)! $)*$! 9K&6/(! ,-)*./!
7&,$8-&*-.=!B$!%$!*$.3/(!&,%(/)J
X&'3'! $)*$! &,6/7&*'7&(! (-%/&*2! 6$! %-,*.'6&%3&$D!
8&'32C0-'.*$1!*&,$.$3$C72*.F,$3$1!7&,$C.2/1!'6$82.'*C4'()=!
e2.2! )2! ,$! 4$.&0! 6$! #/3&,2! '7)*.'%*&<'.$1! )2! 6$,/0&0!
%-,*.'6&%*-.&&($! #.&,! M! 5&! ,-,CM=! >.$%$0! 8&-&! 6$! ('!
/,/(! ('! '(*/(! 5&! ,/! +,3$($9$0! %F,6! '#'.$! ,$4$.&%&.$'=!
V.&,! %$! '%%&6$,*! 4./0-)/(!M! O)2! )#/,$01! 6.'9-)*$'P! '!
6$8$,&*! /.F*/(! ,-,CM! O/.'PJ! M7)$,3'! *$.3/(/&! O&,%(/)P!
>! $)*$! %$'! %'.$! $@#(&%2! '%$')*2! )*.',&$! 0$*'0-.4-<2=!
I-,*.'6&%*-.&&($! )/,*! 0$.$/! ($9'*$! 6$! ($9&($! /,/&'! 5&!
'%$(/&'5&!,&8$(!6$!k$'(&*'*$=!>$.3/(!&,%(/)!>!)$!92)$5*$!#$!
/,!'(*!,&8$(!6$!k$'(&*'*$D!$(!$)*$!)/#/)!'(*-.!($9&=!B'.!%$!
,&8$(D!0'&!+,'(*!)'/!0'&!A-)!6$%F*!'(!0$/J!B$)%-#2.!')*4$(!
$@&)*$,3'!'!6-/2!*$.3/.&!&,%(/)$1!)&*/'*$!#$!6-/2!,&8$(/.&!
6$! k$'(&*'*$D! /,/(! 0'&! +,'(*! 5&! '(*/(! 0'&! A-)=! V.-#.&/(!
0$/!,&8$(!0&!)$!+,423&5$'<2!')*4$(!%'!-!-9(&,621!6$)&9/.!
')&0$*.&%21!%2%&!&,4-.0'3&'!%'.$!)$!.$92)$5*$!L0'&!A-)U!
$)*$!0'&!.$6/)2!6$%F*!&,4-.0'3&'!%'.$!)$!.$92)$5*$!L0'&!
)/)U=!B'%2!02!#.&8$)%!+,!'%$')*2!-9(&,621!6$)%-#2.!'(*$!
(/0&!O'(*$!,&8$(/.&!6$!k$'(&*'*$P!%'.$1!('!.F,6/(!(-.1!)/,*!
-9(&,<&!#$,*./!'(*$!(/0&1!%'.$!,$!#'.!4-'.*$!+,6$#2.*'*$1!
6'.!%'.$!)/,*!*-'*$!+,9.-#'*$!+,!?&,3'!,-')*.21!0/(*!0'&!
'#.-'#$!6$%F*!#.-#.&&($!,-')*.$!7/<$=
Z'! '%$)*! A-%! 6$! -9(&,<&! 42.2! )4F.5&*! ,$! &,8&*2!
%'.*$'!(/&!ks'(!>s*.$'/(*!5&!'!(/&!f$',Ce.',~-&)!['(K$.7$1!
#.&,!0'9&'!8$.7/(/&!5&!'!&0'9&,&&!%'.$!)$!&,*$.)$%*$'<2!
#$,*./! '! (2)'! )2! '#'.2! /,! *$.3! 0'9&%! %'.$! ,/! $)*$! ,&%&!
8$.71! ,&%&! &0'9&,$1! 6'.! %'.$! $)*$! %'.,$'! ?&,3$&! ,-')*.$!
')%/,)$=!
"D!M6$82./(/&!&!)$!)#/,$!L'($*K$&'U1!,/C&!'5'J
:D!B$)&9/.r
"D!Z$*K$!$)*$!<$&3'!L%'.$!')%/,6$U===
I/0! )2! )#/&! '*/,%&D! L-9(&,62U! )'/! L-9(&,<&UJ!
B$!4'#*1!$@&)*2!-!-9(&,62!'!*/*/.-.!-9(&,<&(-.=!>-*'(&*'*$'!
,&8$(/.&(-.!6$!k$'(&*'*$!'($!"/7&$%*/(/&!5&!W7&$%*/(/&!$)*$!
'%$'! -9(&,62! '! -9(&,<&(-.=! S(! .$N$%*$'<2! ('! &,?,&*1! )/7!
,$,/02.'*$!%K&#/.&1!')/#.'!#/,%*/(/&!6$!%-,*'%*!6&,*.$!
"/7&$%*!5&!W7&$%*1!'%$)*!>$.3!M)%/,)!+,!%'.$!)$!-?%&'<2!
,/,*'!k$'(&*23&&!5&!'!k$'(/(/&=
h&!B/0,$<$/!/,6$!$!+,!*-'*$!')*$'J!J49'+C+43
c3.&0,3+M/($,3c3'43+($+3+M$+%/1%32&3'/9/0^3'/0/39/+<3'/0/3
(+&9,'424/39+4<3'/0/30%+&5/+/#3a/3.&0,3+23(+39&'/@+($,<3
+($+3 '+0+(&%3 ?%/'3 4'423 ./'$%+3 &0+($+3 $%+/3 0&'&2+###3
I&'/@+($&%+&3 24/3 J49'+C+43 +($+3 9+%+43 13 (4%?%/C,#3
J+3 &0++&<3 %/$4%/2+3 *23 &(04'.3 ?+3 J49'+C+4#3 J49'+C+43
c3 /&%,6/<3 .&0,3 +M/($,3 c3 '43 ?1&$+3 D3 .+0N$3 &-(124$423
(4%?%/'C,$1%#3`15/39&%//39/($/0/3(?4'3&($&<3*'0+?N'.3043
L0jF&%$<3 0&%+3 (4>+%&3 (,)23 ?%/=/93 ?+3 J49'+C+43 ?%/'3
>&4%&30F+//<3&$4'0/30N'.3+23+3>123.+3$1$3*'3=+($/&%423(,4###3
E%+./'5,36/3%&5/4'+3(4'$3&($@+234'&3?+'$%430+&2&2$,3$/?4%/3
.+3(4%?%/C+3?4%/D0&$1&%+###

(%

M%$')*2!%2(2*-.&$1!6$)&9/.!7/%/.-')21!6'.!#(&,2!
6$! %'#%',$1! '.$! -'.$! /,! )4F.5&*J! B'1! 'A/,9$! +,! ?,$! ('!
)&,$=! 84'$3 1-2/>&$3 (,3 9,3 2104/+(0#3 I+%>#3 84'$3 0,%&%+&3
0&(+/39+2+#3E++&30+39,32104/+6$+39,31-2/>,3(,)9/3$%&(+C3
&0493.%4942<39+%+436/3'/0/1.&$,#3]'3/'$+%/1%4239+4<39,3
%+>,(+(0<3 9,3 ?/+%.3 6/3 9,3 0&4$3 ./'3 '14###! V$,*./! 8&'321!
#$,*./! 0-'.*$1! #$,*./! #$.0',$,321! )/,*! #.-#.&'! 0$'!
%')2=!E0&!'#'.3&,=![2!(-%/&$)%===!E,*.$!(/0&,&!5&!/07.$1!
+,!8'*.'!0$'1!02!826!5&!02!0-.=
,,,N"#&-(+"+,&'$,*'4/#,I"#$(+G>,&+,51#$#,O+)('-(
,OP#*,NP!"+#-*!!$)*$!/,!'.*&)*1#&%*-.!5&!)%/(#*-.1!6&,!
/$7$%! 5&! (-%/&$5*$! ('! [-,*.s'(=! S)*$1! 6$! ')$0$,$'1! '/*-./(!
/,/&! 6-%*-.'*! $('7-.'*! #$! 0'.9&,$'! (/%.2.&(-.! ?(-)-?%$! '($!
(/&! Z/6u&9! q&**9$,)*$&,1! #.$%/0! 5&! '(! 0'&! 0/(*-.! #-8$5*&!
O,$#/7(&%'*$P1!#$!%'.$!($C'!'6/,'*!)/7!*&*(/(!E19?2/0/$,5/2+324/3
B4>4($+36/3B2@%+.=
Q+#$AR"#$S1'%, =#*T+"/+! $)*$! /,! ?(-)-4! 5&! *$-(-9!
6$!-.&9&,$!7$(9&',2!(-%/&,6!('!I-,%&)$!OS(8$3&'P=!I-,4$.$,3&'.!
5&! ',&0'*-.! 6$! 4-.0'3&$1! $)*$! #.-4$)-.! ('! j,&8$.)&*'*$'! 6&,!
>.$,*$!OR*'(&'P=!M/*-.!'!+,!A/.!6$!ap!6$!%2.3&!6$!?(-)-?$!5&!$*&%21!
$(! #.$92*$5*$! '%*/'(0$,*$! 0'&! 0/(*$! )%.&$.&! 6$)#.$! L?(-)-?&!
$.$*&%&U!#.$4$.'3&=
LB-&! -'0$,&! +5&! )2.72*-.$)%! #.&$*$,&'=! j,/(! $)*$!
'.*&)*1! %$(2('(*! ?(-)-4=! M0F,6-&! +0#2.*25$)%! '%$$'5&! #')&/,$!
#$,*./! &,)-(&*! 5&! $(&7$.'.$'! 9F,6&.&&=! S&! +0#$.$%K$'<2! %/!
7/%/.&$!0'9&'!&0'9&,&(-.!5&!%$'!'!%/8&,*$(-.!+,!'%$')*2!&,&3&$.$!
&,)-(&*2!+,!#.'%*&%'.$'!/,$&!?(-)-?&!L$.$*&%$U=!
B$C'! (/,9/(! #'9&,&(-.1! $&! +5&! &,8&*2! 5&! )/)3&,!
&,*$.(-%/*-./(! )2C5&! %.$$<$! #.-#.&/(! &*&,$.'.&/1! 6&,%-(-! 6$!
5',3/.&($! 6./0/.&(-.! 72*2*-.&*$! '($! %/(*/.&&! 6$! 0')2! 5&! '!
6&%3&-,'.$(-.=
I&*&*-./(! )$! 6$)%-#$.2! '*/,%&! $(! +,)/5&! %'! ?&,6!
L$.$*&%U1! +,! )$,)/(! $*&0-(-9&%! '(! '%$)*/&! 8$%K&! %/8F,*1! %'.$!
#.-8&,$!6&,!M,*&%K&*'*$'!9.$'%2!5&!6$)$0,$'<2!L/,!-0!%'#'7&(!
6$!'C5&!4'%$!(&7$.!#.-#.&&($!'($9$.&U=
B$#'.*$! 6$! '! 9F,6&! +,! (-%/(! %&*&*-./(/&! )'/! '(!
%&*&*-'.$&1!'/*-.&&!+5&!#.-#/,!)2!9F,6$')%2!043$&=U!
M5'! ,$! $)*$! #.$<$,*'*2! %'.*$'! a4+$&3 /%1'/0,^3
/'$%1.40+%+3 /'(12/$,3 *'3 D21(1D+! 6$! ks'(! >s*.$'/(*! 5&! f$',C
e.',~-&)! ['(K$.7$1! '! %2.$&! #.$4'321! )$0,'*2! 6$! :')'.'7!
;&%-($)%/1!)#$.20!)2!+&!&,%&*$!#$!%&*&*-.&!('!($%*/.2=
ks'(! >s*.$'/(*! 5&! f$',Ce.',~-&)! ['(K$.7$1! R&3
EF14+$$+3 /%1'/r4+^3 /'$%1.40$/1'3 /'(12/$+3 ,3 2&3 ?F/21(1?F/+1!
I-(($%*&-,!S))'&1!6&*&-,)!ggI1!ap\\1!a\p!#

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

(&

-5&/(6(/&+(-!=-!/>04+(61$%!#$!'$,6;.89V20

9/9-4%:-/,U1"'#,.>&+%(-

2"T+1*13'#,4+41"'+'

;/*6(/!5/<5&('6%&%15&('6%(/!%!
%*4'5*'3'-!&/(:

!
V$,*./!%2!,/!5*&/!)2!&!)$!?!%-,)'%.'*!(/&!:')'.'7!
;&%-($)%/! 8.$-! 0-,-9.'?$1! 6/#2! *&#&%/(! %-,)'%.'*! '(!
9$,/(/&! O%'.*$'! &,*&*/('*2! 84-3 (+9'423 (+?$+'&%424/1!
%--.6-,'*2!6$!V$*.&5-.![&(&*'./!5&!Z/&<'![&*/1!('!S6&*/.'!
M&/)!6&,!I.'&-8'1!\]\a1!%/!-%'<&'!+0#(&,&.&&!8F.)*$&!6$!
5'#*$!6$%$,&&!6$!8&'321!$)*$!-!%/($9$.$!6$!$)$/.&!5&!$8-%2.&1!
0'&! 0/(*! )'/! 0'&! #/3&,! $,%-0&')*&%$P1! '0! 6$)%&,)! +,!
/,&8$.)/(!(/0&&!'%$)*/&!)'8',*!(&*$.'.1!6'%2!#-*!)2!)#/,!
'5'1!(/0$!#$!%'.$!,$C-!6$<82(/&$1!%/!0$*-621!+,!8-(/0/(!
&,*&*/('*! )/9$)*&8! J+3 2&3 O(&%2*j3 2&3 e&2+&3 K/9/%//\P1! %'!
/,! ?,! -7)$.8'*-.! 6$! -'0$,&! %$! $)*$1! 5&! #')&-,'*! 6$!
&6$&! ,-8'*-'.$! T! L'%$')*2! '.K$-(-9&$! '! 0$0-.&$&! #$!
%'.$! -! +,*.$#.&,6U! T! %/! -! %/.&-<&*'*$! 5&! -! 8-(/#*'*$! '!
($%*/.&&! #$! %'.$! 3&C-! #.-8-'%2! ,/0'&! 0$0-.&'(&)*&%'!
6$! 7/,2! %'(&*'*$1! 6'*-.'*2! 0'.&(-.! #$.)-,'(&*23&! '($!
&)*-.&$&! O%/(*/.'($1! &)*-.&%$1! #-(&*&%$1! 5*&&,3&?%$! 5='=P=! h&1!
('! 6.$#*! 8-.7&,61! :')'.'7! ;&%-($)%/! $)*$! -! ')$0$,$'!
#$.)-,'(&*'*$=! B-0,&'! )'! ,&%&! ,/! )$! )?$5*$! O,/! '.$! 6$!
%$P!)2!)$!#.$<&,*$!%'!/,!'/*$,*&%!6$)%K&<2*-.!5&!&,&3&'*-.!
6$!6&.$%3&&!6$!6./0/.&!+,!%$.%$*'.$'!5*&&,3&?%2!0-,6&'(2!
OL#.&,*.$! 0$07.&&! 4-,6'*-.&! '&! E+'$%+3 O'$+%'&$/1'&23
.+3 7+0F+%0F+3 +$3 ! L$4.+(3 `%&'(./(0/?2/'&/%+(1! '(2*/.&!
6$! V$*$.! :.--`1! g&(7$.*! B/.',61! S69'.! [-.&,1! k$,$!
Y/i9K$1! "*$#K',$! Z/#')%-1! k$,$! :$.9$.U1! 6$! 4'#*1!
&6$$'! +&! '#'.3&,$D! U==='0! 4-,6'*! +,! \]]a! H%4?423 .+3
%+q+05/+3 &(4?%&3 `%&'(./(0/?2/'&%/$,5//U1! '(2*/.&! 6$!
[&%K$(! I'<$,'.-1! M,6.$! IK-/.'z/&1! M,*-&,$! e-&8.$1!
k-7$.*-!f/'..-<1!S.8&,!Z')<(-1!"-(-0-,!['.%/)1!S69'.!
[-.&,1!x/A&.-!;'`'0/.'!5&!Y$,.i!"*'##t!L==='0!#.$92*&*!
E1'>%+(423I1'./&23&2!`%&'(./(0/?2/'&%/$,5//U!$*%=1!$*%=P1!
?&,6! %$(! %'.$! '! 9F,6&*! 5&! '! #/)! +,===! .$'(&*'*$! 9/60&%+&!
$%&'(./(0/?2/'&%,! OL'8$,*/.'! *.',)6&)%&#(&,'.&*23&&UP1!
%'! 4-.02! .$8-(/3&-,'.2! 6$! %$.%$*'.$! '! %-,5*&&,3$&! OL-!
.$8-(/3&$! 0$*'?<&%2! $@#$.&0$,*'(2UP=! E,! 6$?,&*&81! %$!
$)*$! 5&! %$! 8.$'! '%$')*2! *.',)6&)%&#(&,'.&*'*$1! %/! '*F*! 6$!
0/(3&! '6$#3&! 5&===! %-07'*',3&! 6&,! (/0$'! +,*.$'92! 5&! %/1!
*-*/5&1! '*F*! 6$! #/3&,&! %'.$! +,3$($9! %/! '6$82.'*! )$,)/(!
$&! +,! '7-.6'.$'! 9F,6&.&&! )&)*$0'*&%$! ')/#.'! .$'(&*23&&!
4$,-0$,-(-9&%$! '! /,&8$.)/(/&! %2./&'! +&! '#'.3&,$0J!
UR6$$'! *.',)6&)%&#(&,'.2! T! $@#(&%2! +,*.C/,! (-%! Z&0'! 6$!
e.$&*')! T! #-'*$! ?! +,*.$82</*2! %'! /,! )#'3&/! +,*.$! 6-/2!
(/%./.&1! /,! )#'3&/! +,*.$! 0'&! 0/(*$! (/%./.&=! O===P! "#'3&/(!
&,*$.)*&3&'(! %'.$! )$#'.2! (/0&($1! 6&)%&#(&,$($1! ?&,3$($1!
)$,)/.&($1!$)*$!/,!)#'3&/!6$!8&6!+,!%'.$!)$!#-'*$!6$)425/.'!
G*.',)6&)%&#(&,'./(H!%'.$!/.%2!)#.$!%-,5*&&,32!#$!'.&#&($!
e./0-)/(/&1! 6/#2! .2<7-'&$! -.&<-,*'($! '($! :&,$(/&! 5&!
B.$#*23&&U=!e./0-)!)#/)!6'.!#.$'!0$*'4-.&%=!
M5'! +,%F*! .$%/.9$0! ('! $@#(&%'3&'! (/&! :')'.'7!
;&%-($)%/! +,)/5&D! LM5'! %/0! &,6&%2! #.$?@/(! ('*&,! 6&,!
,/0$1!$%&'()!+,)$'0,2!%$$'!%$!$)*$!*'$%+1!%$$'!%$!($%,-&$+!
6&8$.)$($! 6&)%&#(&,$! 5&! %$$'! %$! $)*$! ./'01213 .+! -.&%$!

!
24/3:&(&%&-3;/012+(043

S!#.$*/*&,6$,&!5&
,&%&/,6$1
#.$%/0!82<6/K/(!+,!-')$($
8F,*/(/&=
S!+,(2/,*./!5&!+,!'4'.21
+,!'4'.'!(2/,*./(/&
5&C,!(2/,*./(!'!%$$'!%$!,&%&-6'*2!,/C&
+,'4'.'!(2/,*./(/&=
S)*$!42.2!)2!?$1!
#.$%/0!9(')/(!02.&&
+,!)%-&%&($!0-'.*$1
+,!*-'*$!5&C,!)&,$!+,)/5&
')%/,)1
+,!*-'*$!5&C,!)&,$!)*.2(/%&,6
6$!(/0&,&($!/07.$&=
I/!42.26$0F&,&($!(/&
,$!3&,$C0#.$/,21
%/!82</(!-.7$,&$&!)'($
,$!6/%$!
#.&,!#/(7$.$'!-.&<-,*/.&(-.!(/&
,&%&-6'*2C,&%&/,6$=
B&,!,$+,*./#'*'!(/&!+,*./#'.$
8$,&0=
>/!&C'&!)&03&*!'.&#'
*.$%F,6/C3&!,$?&,3'!
?&,3$&1
,$0-'.*$'!
#.&,*.$!#'(0$($!0-.3&&
5&!<&%$.$'!42.26$<&%$.&&!(/&r

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
6&)%&#(&,2=!I$!#-'*$!?!./'0121!6$!-.&%$!6&)%&#(&,2J!I'.$!
$)*$!(-%/(!%'.$!)$!'N2!./'012136$!'%$)*$!%-0#'.*&0$,*2.&!
%$!'/!4-)*!&,8$,*'*$!O5&!4-'.*$!7&,$!%2!'/!4-)*!&,8$,*'*$P!
%/! -%'<&'! 4-,62.&&! #.&0$(-.! /,&8$.)&*23&1! +,! A/./(!
)$%-(/(/&! QRRJ! S($! ,C'/! $@&)*'*! +,*-*6$'/,'=! B'*-.&*2!
'%/0/(2.&&! 42.2! #.$%$6$,*! '! %/,-5*&,3$(-.! +,! 6&)%&#(&,$!
'! 4-)*! #-)&7&(! )2! )$! 4-.0/($<$! 6&,! ,-/! &6$$'! %-,)*',*2!
+,! %-,5*&&,3'! /0',2! T! '%$$'! '! 4'/$,5//3 04'1&6$+%//=!
>.',)6&)%&#(&,'.&*'*$'!$)*$!/,!.2)#/,)!('!6-.&,3'!$*$.,2!
'! -0/(/&! 6$! /,&*'*$! ! ! ! '! %/,-'5*$.&&U! OR,*$.8&/! '%-.6'*!
(/&![&.%$'!:$.*$'P=!h&!+,%2!0'&!6$*'(&'*DU>.',)6&)%&#(&,
'.&*'*$'!$)*$!/,!%/8F,*!&,8$,*'*!6$!f$',!V&'9$*!+,!\]dp1!
('!;&%$1!%/!-%'<&'!/,/&!%-,9.$)1!5&!$(!+,)$'0,2D!%$$'!%$!
$@&)*2!+,*.$!6&)%&#(&,$1!%$$'!%$!*.'8$.)$'<2!6&)%&#(&,$($1!
6'.! 5&! %$$'! %$! $)*$! 6&,%-(-! 6$! -.&%$! 6&)%&#(&,2=! e'#*/(!
#.-7($0'*&%! '&%&! $)*$! $@#.$)&'! G6&,%-(-! 6$! -.&%$!
6&)%&#(&,2H! ! ! ! +,! )$,)/(! #-*$,3&'(&*23&&! $@*.'-.6&,'.$! +,!
.'#-.*!%/!0/(*&6&)%&#(&,'.&*'*$'!5&!&,*$.6&)%&#(&,'.&*'*$'=!
V.&,!G0/(*&CH)$!+,3$($9$!G'!#.&8&!-7&$%*/(!/,$&!6&)%&#(&,$!
#.&,! 0'&! 0/(*$! 6&)%&#(&,$! +,! '%$('5&! *&0#H1! +,! *&0#! %$!
G&,*$.6&)%&#(&,'.&*'*$'H! +,)$'0,2! G*.',)4$./.&($H!
0$*-6$(-.! /,$&! 6&)%&#(&,$! )#.$! -! '(*'U=! V.&,! /.0'.$1!
%/,-'5*$.$'!0/(*&6&)%&#(&,'.2!!$)*$!0$.$/!-!%/,-'5*$.$!
6&)%&#(&,'.21! +,! *&0#! 6$! >.',)6&)%&#(&,'.&*'*$'! *&,6$! )2!
0$'.92!6&,%-(-!6$!-.&%$!6&)%&#(&,2U!OR,*$.8&/!'%-.6'*!(/&!
f$',!V&9$-*P=!R'.!%'!)2!'#.-4/,620!%K$)*&/,$'1!)2!%&*20!
6&,! E&%$&3 $%&'(./(0/?2/'&%/$,5//! OB$%$07.&$! \]]lPD!
L?(&-403'3! @D! k$%/,-'5*$.$'! $@&)*$,3$&! /,-.! 6&4$.&*$!
,&8$(/.&!6$!#$.%$#3&$1!9/8$.,$'<2!($9&($!*.',)%$,6$,*'($!
'($! $8-(/3&$&! %-,5*&&,3$&1! 5&! '! /,-.! 6&4$.&*$! ,&8$(/.&! 6$!
k$'(&*'*$1!9/8$.,'*$!6$!($9&!,'*/.'($!5&!6$!(-9&%&!6&4$.&*$1!
$)*$!&,$.$,*2!8&<&/,&&!*.',)6&)%&#(&,'.$=!W.&%$!*$,*'*&82!6$!
'!.$6/%$!#$.%$#$.$'!.$'(&*23&&!('!/,!)&,9/.!,&8$(1!9/8$.,'*!
6$! -! )&,9/.2! (-9&%21! $)*$! &,%-0#'*&7&(2! %/! '*&*/6&,$'!
*.',)6&)%&#(&,'.2Ut! LB%$/012423 sD! >.',)6&)%&#(&,'.&*'*$'!
,/! %'/*2! )2! +,9(-7$<$! 0'&! 0/(*$! 6&)%&#(&,$1! %&! )2!
6$)%K&62!*-'*$!6&)%&#(&,$($!%2*.$!%$$'!%$!'/!+,!%-0/,!5&!
%$$'!%$!)$!'N2!6&,%-(-!6$!9.',&3$($!(-.!O===P1!$'!-4$.2!-!
,-/2!8&<&/,$!'!/,&*23&&!+,!0-6!4/,6'0$,*'(!6$)%K&)2!5&!
'!#(/.'(&*23&&!&,?,&*!%-0#($@2!'!,&8$(/.&(-.!6$!#$.%$#3&$!
5&!'!,&8$(/.&(-.!6$!k$'(&*'*$=!I/!'(*$!%/8&,*$1!$'!&0#(&%2!
-! 6&0$,)&/,$! 8$.*&%'(21! -.&$,*'*2! %2*.$! -! .$'(&*'*$!
0/(*&.$4$.$,3&'(2! 5&! 0/(*&6&0$,)&-,'(2=! S'! 6$#25$5*$!
6-0$,&/(!5*&&,3$(-.!$@'%*$!!#.&,!6&'(-9/(!5&!&,*$.'%3&/,$'!
%/! 5*&&,3$($! /0',$1! #.&,*.$! %'.$! '.*'1! 4$,-0$,-(-9&'!
*.',)%$,6$,*'(2! '! %-,5*&&,3$&1! *.',)#-$<&'! 5&! $@#$.&$,3'!
&,*$.&-'.2!!*.',)#$.)-,'(2U=!
!
M%$)*$&! %$.%$*2.&! *.',)6&)%&#(&,'.$! &! )$!
)/7-.6-,$'<2! %.$'*-.! +,*.$'9'! 8&'32! '! (/&! :')'.'7!
;&%-($)%/1! #$,*./! %2! $(! +,)/5&! &C'! #/)! 7'<$($! 5&C&!
+,*.$3&,$! 8&$! N'%2.'! '.6$.&&! #')&-,'($=! E,! A/./(! '%$)*$&!
%$.%$*2.&!*.',)6&)%&#(&,'.$!)'/1!0'&!7&,$!<&)1!+,!8&.*/*$'!
)-(&%&*2.&(-.!$&1!)$!%-,A/92!'*F*$'!'(*$!8&$3&!$@$0#('.$1!'($!
/,-.!-'0$,&!6$!6&4$.&*$!4-.0'3&&!5&!%-,8&,9$.&!)#&.&*/'($1!
%/! %'.$! :')'.'7! ;&%-($)%/! &,*.2! +,! .$('3&$1! %/(*&8F,6!
-! #.&$*$,&$! %$! )$! 6-8$6$5*$! '! ?! 0$.$/! %-,A/9'*2! #$!
%--.6-,'*$($!/,-.!&6$&!%-0/,$1!'!/,-.!*.2&.&!$0-3&-,'($!
O5&! ,/! ,/0'&P! 6$! #.-4/,62! *.2&,&%&$=! B$)#.$! '%$)*$===!

('

#.&$*$,&&! %-,(/%.'*&8$1! )'8',*/(! .-0F,! )%.&$! #'9&,&!

0$0-.&'(&)*&%$1! %/! K'./(! /,/&! 8$.&*'7&(! &%F+121>1!
#-'*$! 0'&! %/.F,6D! &%F/$+0$! '(! /,-.! $6&?%&&! )#&.&*/'($!
%-,4.'*$.,$=!
!
E,*.C-! #.&02! )$%3&/,$! '! %2.3&&! )/,*! '5$<'3&!
E$/$1%//1!%$&!%'.$1!#.&,!-#$.'!(-.1!#.&,!$@$0#(/(!(-.1!&C'/!
-.&$,*'*! 5&! &C'/! 0'.%'*! $@&)*$,3'1! #.$92*&,6/C(! #$,*./!
6$)%K&6$.$'! &6$'*&%2! 6$! 0'&! *F.<&/=! E,%$#$1! '5'6'.1! %/!
Z/%&',!:('9'1!#$!%'.$!+(!%-,)&6$.2!L/,!0'.$!#.$%/.)-.!'(!
*.',)6&)%&#(&,'.&*23&&U!%2%&1!L+,'&,*$!6$!h*$4',!Z/#'5%/1!
$! 4')%&,'*! 6$! %-0#($0$,*'.&*'*$'! %-,*.'6&%*-.&$U1!
)&*/F,6/C)$!+,!%$$'!%$!,/0$'!$(!L',*&,-0&$!*.',)?9/.'*21!
$@#.$)&$! 9$,$.'(2! #$! %'.$! '0! #/*$'C-! *.'6/%$! '<&! #.&,!
)*'.$'! `! '! *$.3/(/&! &,%(/)U=! X&<&*'! #$! %'.$! -! 4'%$! +,!
\]bl! ('! Z',%.20! +&! -4$.2! #.&($A/(! $8-%2.&&! '07&',3$&!
,'*'($! '! #-$*/(/&! 5&! *-*-6'*2! #/,*$'! )#.$! -7)$.8'3&'!
6$! $)$,32! ')/#.'! 9F,6&.&&! (/&! ?(-)-?%$1! ?.$5*$! 6&,!
/,9K&/(!#$,$*.'3&$&!*.',)6&)%&#(&,'.$=!M%$$'5&!'#.-#&$.$!
-! '.$! 4'32! 6$! -#$.'! #-$*&%2! '! (/&! R-,! :'.7/1! #$! %'.$! -!
+,3$($9$! +,! )*.F,)2! %-.$('3&$! %/! 9F,6&.$'! 0'*$0'*&%2! '!
'%$)*/&'DUV$,*./!0&,$!T!)%.&$!:')'.'7!;&%-('$)%/!T!\103
(+04'.3,/!$)*$!,&%&!/,!*.'*'*!6$!0'*$0'*&%2!O%$$'!%$!$)*$!
$8&6$,*P1!,&%&!/,!*.'*'*!6$!?(-)-?$!O%$$'!%$!$)*$!0'&!#/3&,!
$8&6$,*P1!,&%&!-!%'.*$!6$!#-$<&$!O%$$'!%$!,/!$)*$!%F*/5&!
6$!#/3&,!$8&6$,*P1!\103(+04'.3$)*$!$@#.&0'.$'!+,!)#'3&/(!
#-$*&%!5&!5*&&,3&?%!'!#.-&$%*/(/&!/,/&!,-/!/0',&)0!O===P!
$)*$!-!7&A/*$.&$!'!*.',)6&)%&#(&,'.&*23&&!O===P!$)*$!)/#.$0'!
.$'(&<'.$! #-$*&%2! '! )*2.&&! `! OG`H! 6$! ('! G*$.3! &,%(/)HP=!
k$('3&'!6&,*.$!(-9&%'!*$.3/(/&!&,%(/)!5&!*.',)6&)%&#(&,'.&*'*$!
,/! ($C'! )%2#'*! '%$(-.'! %'.$! '/! )*/6&'*! 0'&! *$0$&,&%! 5&!
*.',)6&)%&#(&,'.&*'*$'U=! [&.%$'! S(&'6$1! '*F*! +,! -#$.$($!
7$($*.&)*&%$1! %F*! 5&! +,! %$($! %-,)'%.'*$! %$.%$*2.&&! &)*-.&$&!
.$(&9&&(-.! $)*$! 6$)%-#$.&*! 6$! %2*.$! :')'.'7! ;&%-($)%/!
OL$/! 5*&/1! %'! ?<&%&',! %/',*&%1! %2! )'%./(! $)*$! -.&<-,*/(!
&,$8&*'7&(! '(! ?<&%&&! %-,*$0#-.',$UP1! 6/#2! +,6$(/,9&! 5&!
'#.-4/,6'*$! ($%*/.&! OL0&C'/! *.$7/&*! 0/(3&! ',&! 5&! 0/(*$!
($%*/.&UP!)2!%-,)*'*$!%21!6$!4'#*13/'$+%+(42!'%$)*/&'!L#$,*./!
(/0$'!%/',*&%2U!'!4-)*!L)*&0/('*!6$!+,3$($9$.$'!.$('3&$&!
6&,*.$! &)*-.&$! 5&! *.',)&)*-.&$=! S8$,&0$,*$($! %/',*&%$! ,$!
'#'.!%'!8$.&*'7&($!$#&4',&&U=!Z'!'%$('5&!,&8$(!6$!&,*$.$)!+&!
'N2!#$!f/,91!#$!V'/(&!5&!#$!Z/#')%-1!#.&,!%-,)&6$.'3&&($!
')/#.'! -#$.$&! %2.-.'! #/,%*$'<2! %K$)*&/,&! ($9'*$! 6$!
.$6/%3&-,&)0/(! 5*&&,3&?%! O%/! 6&4$.$,3$($! )#$%&?%$! +,!
.$6/%3&-,&)0/(! ?(-)-?%1! 0-,-C.$6/%3&-,&)01! 0/(*&C
.$6/%3&-,&)01! ',*&C.$6/%3&-,&)0P1! 6$*'(&&,6! %-,*.&7/3&'1!
+,!$)$,321!'!(/&!h*=!Z/#'5%/D!L$(!$)*$!0/*',*/(!0/*',3&(-.1!
%/! '! )'! (-9&%2! '! %-,*.'6&%3&$&U=! E,! #.$(/,9&.$'! '%$)*$&!
21>/0/3 &3 01'$%&./05/+/! +(! '5$'<2! #$! S/9$,$! R-,$)%-! 5&!
6&)%/3&'!'*&,9$!)#$%*'%/(-)!O#.&,!$8-%'.$'!/,-.!0-0$,*$!
7&-9.'?%$P!&6$'*&%'!-#$.$(-.!/,-.!e-,6',$!5&!I&-.',=!
!
I/! '6$82.'*! 0$0-.&'(&)*&%$! )/,*! $)$/.&($! 6&,!
)$%3&/,$'!)$%/,62!'!8-(/0/(/&!6$!/'$+%@+%+'5+3(?/%/$4&2+1!
5&! 0'&! '($)! %'#&*-(/(! &,*&*/('*! G+%9&'+'$423 9/%&0123
&23 ?%/+$+'/+/1! %-,)'%.'*$1! $8-%'*-.! 5&! $@$9$*&%! ,/! 0'&!
#/3&,1!%$.%$*2.&&!7&-9.'?&(-.!5&!-#$.$(-.!/,-.!)'8',3&!6&,!
(/0$'!('.92=!M%$')*'!$)*$1!6$)&9/.1!'.K$-(-9&'!0$0-.&$&!
6$! %'.$! 8-.7$5*$! :')'.'7! ;&%-($)%/=! e./0-)/(! 0$(',A!
'(! 6&)%/.)/(/&1! +,*.$! $8-%'.$! 5&! ','(&<21! )*F.,$5*$! %/!!

(!

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

'6$82.'*!&,*$.$)/(!%&*&*-./(/&=!I2%&1!7&-9.'?%/(!)$!%-,A/92!
'&%&!%/!'%$(!%-,)*./%*!'(!-#$.$&!5*&&,3&?%$!'!(/&!:')'.'7!
;&%-($)%/1!%'.$!)$!&0#/,$D!$%&'(./(0/?2/'&%/$&$+&=!
!
S8-%2.&($! )'($! $)$&)*&%$! )$! 6-8$6$)%! '! ?1!
+,! '%$)*$! #'9&,&1! %/! '6$82.'*! 6$<8-(*'*$! +,! )#&.&*/(!
&%F+121>/+/3 9+91%/+/1! .$%-,)*&*/&,6! 6&,! $5',*&-',$!
&,6&8&6/'($! &)*-.&'! /,$&! 6&)%&#(&,$! 5*&&,3&?%$1! +,! %'.$!
$)*$! &0#(&%'*21! #F,2! ('! '! )$! %-,4/,6'! %/! $'1! 8&'3'!
9+91%/&2/($424/1! '! )'8',*/(/&! %'.$! %-,)*./&$5*$! %/!
#.&$*$,&$! O#$,*./! #.&$*$,&$P! /,! $6&?%&/! 6$! %$.%$*'.$! %/!
*-*/(!,-8'*-.!O.$8-(/3&-,'.P1!5&!+,!%'.$!5*&$!)2C5&!'*'5$<$!
,/! %-('7-.'*-.&1! %&! %'0'.'<&! O#-'*$! #.$'! %'<-,! '%$)*!
%/8F,*P!%/!%'.$!',9'A$'<21!#.&,!6&)%/3&&!4$7.&($!O%-(-%8&'($!
'6$)$'1! 6&'($%*&%$! 0$.$/P! /,! '6$82.'*! #.-9.'0! 6$!
%$.%$*'.$! %$! %/#.&,6$! #$.)-,'(&*23&! 6&,! 8'.&&! 6-0$,&&!
#.-4$)&-,'($! O'.*&5*&1! )%.&&*-.&1! )-%&-(-9&1! ?<&%&$,&! $*%=P!
%2.-.'1!#$!(F,92!)/9$)*&8$!%.-%K&/.&!#-.*.$*&)*&%$!OLV.&0'!
0$'!&0#.$)&$!T!+5&!'0&,*$5*$!6$!Z=![=!M.%'6$!T!'!4-)*!
($9'*2! 6$! %&/623$,&'! *./#/(/&! )2/=! I-.#/(1! #&%&-'.$($1!
6$9$*$($!+&!$.'/!8&<&7&(!6$4-.0'*$=![C'0!0&.'*!%/0!)$!
#-'*$!6$#(')'1!%K&'.!%/!-!',/0&*2!9.'3&$=!S@*.$0!6$!)('71!
*-'*2!#/*$.$'!%-.#/(/&!#2.$'!%-,%$,*.'*2!+,!4'3'!-)-')21!
/,9K&/('.21! '#.-'#$! ,$'9.21! %'.$! 0C'! 42%/*! &0$6&'*! )2!
02!9F,6$)%!('!/,!%'8'($.!)#',&-(=!W!)*.',&$!4./0/)$3$!
)#&.&*/'(2!+5&!'.2*'!(/0&,'!+,!-%K&&!)2&1!42%F,6/C*$!)2!/&3&!
%/! *-*/(! /&0&*-'.$($! %-,*-.)&-,2.&! '($! %-.#/(/&! )?6F,6!
9.'8&*'*$'!*$.$)*.2U!5='=1!'(*$!5&!'(*$!#-.*.$*$!%.$&-,'*$!+,!
(&,&&!4/9'.$!6'.!$@#.$)&8$P!($!?@$'<21!*-*!'5'1!#.-?(/.&($!
&,*$($%*/'($1!)#$%&?%!#.-4$)&-,'($!'($!?$%2./&'!+,!#'.*$1!
0'.%F,6/C($! -.&9&,'(&*'*$'! '?.02.&&! Ok-7$.*-! f/'..-<1!
6$! #&(621! #-$*! '.9$,*&,&',1! '.$! L/,! '6$82.'*! #.-9.'0!
6$! %$.%$*2.&! '(! /,/&! (&07'A! '(! *.',)6&)%&#(&,'.&*23&&=!
k$)#&,9F,6!&6$$'!/,/&!,-/!(&07'A!4-.0'(1!6$!('7-.'*-.1!
k-7$.*-!f/'..-<!)/7(&,&'!,$%$)&*'*$'!/,$&!$%/?2+3%4?$4%/!
)#$%&?%$! (&07'A/(/&! *.',)6&)%&#(&,'.&*23&&D! 6$#25&.$'!
*-*'(2! '! G)%2.&&! %-,8$,3&-,'($! '! .$'(/(/&H1! ./#*/.'! 4'32!
6$! G(&07'A/(! $@*$.&-.1! .$#$*&*&8H1! 5&! ./#*/.'! 6$! G0-6/(!
%$.%$*2.&&! 8&&*-'.$H=! h='=0=6=1! #$,*./! 0/(3&! '(3&! #.&$*$,&!!
5&! #'.*$,$.&! 6$! ',8$.9/.21! #$! '(&,&'0$,*$($! /,$&! '1/3
6&'(+!6$!+,3$($9$.$!'!(/0&&D!*.',)6&)%&#(&,'.&*'*$'!OZ&0'!
6$!e.$&*')1!X&,*&(2!Y-.&'1![&%K$(!I'0/)1!M,6.$&!h$.7',1!
M,6.$!IK-/.'z/&1!S/9$,!"&0&-,1!k$,$!:$.9$.1![&.%&'!
B/0&*.$)%/!5='=P=!
!
[$0-.&'(&)*&%'! (/&! :')'.'7! ;&%-($)%/! $)*$!
-#$.'! (&*$.'.2! '! /,/&! #-$*! '(! 5*&&,3$&! O6$! '(*4$(1! #-$*! ('!
-.&9&,&P=!h&!*-%0'&!+,!'%$')*2!&,*$.4$.$,32!'!(4-($/$45//21%!
%.$'*-'.$!)$!'N2!/,!6&)%/.)!#')&-,',*1!%'#*&8',*!+,!*-*/(!
#.&,!&6$$!5&!#.&,!$@#.$)&$=!

{{{{{{{{{
\! P!:')'.'7!;&%-($)%/1!J+32&3O(&%2*j32&3e&2+&3K/9/%//1!
8-(=R=! O'$+%@+%+'5+3 (?/%/$4&2+=! V.$4'32! 6$! R.&,'! B&,%2=! S6&*/.'!
I/.*$'!X$%K$1!:/%/.$5*&1!ap\\

W'(!1",6;HV2
2(!1"'X,L-&+(>!1"',K',4#"!1"'
[/(3/0$)%!.$8&)*$&!LX'*.'U!#$,*./!&,8&*'3&'!%$!0&C'!
42%/*C-1! -4$.&,6/C0&! -%'<&'! 6$! '! #'.*&%&#'! ('! ,/02./(!
6$6&%'*! (/&! :')'.'7! ;&%-($)%/=! S)*$! -! 6$)%K&6$.$!
7&,$8$,&*2! #$,*./! '! #/,$! +,! $8&6$,*2! .$'(&<2.&($! 5&!
#$.)-','! (/&! :')'.'71! '%-.6F,6/C&C)$! '*$,3&'! 0'&! 0/(*!
6$%F*!0$.&*'*21!','(&<F,6/C&!.$'(&<2.&($!#$.)-,'($=
!! V$,*./!%$&!%'.$!'0!4-)*!0'.*-.&&!'%3&/,&&!)'($!+,!
A/./(!%2.$&'!)$!8-.!6$)425/.'!%$($!$@#/)$!6$!#'.*&%&#',3&1!
%.$6! %2! $)*$! 7&,$! '! -! .$#/,$! +,! %-,*$@*/(! +,! %'.$! )C'!
6$<8-(*'*1! #$,*./! %2! $(! O42%F,6! '7)*.'%3&$! 6$! 7'9'A/(!
9$,$*&%P!'!'%3&-,'*1!)C'!%-,)*./&*!+,!0'.$!#'.*$!+,!#$.&-'6'!
$@&(/(/&=!['&!0/(*!6$%F*!'*F*1!$(!'!42%/*!#'.*$!&,*$9.',*2!
6&,!'%$(!$@&(!'*F*!6$!#/3&,1!'*F*!6$!.2/!%/,-)%/*1!'*F*!6$!
4'()!#$.%$#/*!+,!3'.2=!I.$6!%2!$)*$!,$%$)'.!%'1!+,!02)/.'!
#-)&7&(&*23&(-.1! )2! )$! '6/%2! 02.*/.&&! 6$! %$$'! %$! '! 4-)*! $(!
%/!'6$82.'*1!%'.$!$.'/!9F,6/.&($!5&!4$(/(!6$!'!'%3&-,'!'(!
$@&('3&(-.1! +0#(&,&.&($1! ,$(&,&5*&($1! #.$%/0! 5&! ',9-')$($!!
(-.1! +,'&,*$! %'! *.$%$.$'! *&0#/(/&! )2! 6/%2! ('! )*&,9$.$'1! ('!
*2%$.$'!6$?,&*&82!'!0'.*-.&(-.=!
I$($!.$('*'*$!6$!0&,$!,/!8-.!?!#.$'!0/(*!+,!.$('3&$!
%/! %$$'! %$! :')'.'7! '! '6/)! %'! #'.*&%&#'.$! #$.)-,'(2!
0'A-.2! +,! 6-0$,&/(! #.$-%/#2.&(-.! %-,*$0#-.',&(-.! )2&1!
O,&8$($($! .$'(&*23&&1! *$.3/(! ')%/,)1! *.',)6&)%&#(&,'.&*'*$'1!
%-,*.&7/3&'!+,!%/,-'5*$.$'!!0/(*-.!#$.)-,'(&*23&!6$!)$'02!
%/! %'.$! '! 4-)*! +,! %-,*'%*! 6&.$%*P1! #$,*./! 7/,/(! 0-*&8! %2!
$/! ,/! '0! %/,-5*&,3$($! 5*&&,3&?%$! ,$%$)'.$! /,$&! 6&)%/3&&1!
)'/!'!#/,$.&&!+,!8'(-'.$!'!%'(&*23&&1!)'/!'!4/,6'0$,*/(/&!
9F,6&.&&!)'($t!%/!'*F*!0'&!0/(*!%/!%F*!'!42%/*C-!$(!+,)/5&1!5&!
'!42%/*C-!4-'.*$!7&,$=!
M0! '8/*! #.-7'! '%$)*$&! '?.0'3&&! ('! +,%$#/*/(!
#.&$*$,&$&!,-')*.$1!%F,6!0C'!(/'*!%/!$(!#$,*./!'!4'%$!-!8&<&*2!
(/&!h*$4',!Z/#'5%/!('!6-0&%&(&/(!)2/!(F,92!0-,/0$,*/(!
Z$/(/&! V&'3'! B',4$.*! k-%K$.$'/=! B/#2! %&8&(&*23&($! 6$!
.&9-'.$!('!&,*.'.$'!+,*.C-!(-%/&,32!6$!-'0$,&!$6/%'3&!/,6$!
:')'.'7! $.'! &,8&*'*! 5&! 7&,$8$,&*! O$.'! $8&6$,*2! 7/%/.&'!
5&! )'*&)4'%3&'! (/&! Z/#'5%/! 6$! '! #.&0&! *&,$.&! %'.$! )/,*!
&,*$.$)'3&!6$!#.-7($0$($!&,*/&3&&(-.1!%$.%$*2.&(-.1!(/%.2.&(-.!
5&!%2.3&(-.!)'($P1!'/!&,*.'*!+,*.C-!6&)%/3&$!+,!%'.$1!6'%2!('!
+,%$#/*! +,3$($9$'0! %F*$! %$8'! 6&,! %$($! %$! 8-.7$'/1! ,C'!
*.$%/*!0/(*!#F,2!'0!#&$.6/*!?./(!5&!,/!(C'0!0'&!.$92)&*=!
I/! *&0#/(1! %$*&,6/C&! %2.3&($1! '($! (/&! 5&! '($! '(*-.'1! 0C'0!
0'&!#/)!('!#/,%*!%/!%/,-5*&,3$($!6&,!'%$)*!6-0$,&/1!6'.!
#$,*./!0&,$!'!4-)*!5&!'!.20')!$8&6$,*!%2!,/!$)*$!5&!,/!8'!
6$8$,&!6-0$,&/(!0$/!6$!#.$6&($%3&$=!
S.'! #$.&-'6'! +,%$#/*/.&(-.! %F,61! 7/%/.-5&! 6$!
.$('3&'!6$!#.&$*$,&$!%'.$!)$!)*'7&(&)$!+,*.$!,-&1!',*&6-*!'(!
)-(&*/6&,&&! &,6&8&6/(/&! +,! $@&(! O)-(&*/6&,$! %'.$! ,/! 0'&!
$)*$! 6$! 6$0-,)*.'*1! %K&'.! 3&,F,6! %-,*! 6$! #'(&'*&8$($!
7&,$8$,&*$P1!%2/*'0!)2!,$!(2.9&0!-.&<-,*/.&($!+,!02)/.'!
#-)&7&(&*23&(-.=!S/1!?&,6!0'&!8$%K&!8$,&*!6$%F*!:')'.'7!%/!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
6-&!',&1!(C'0!6/)!('!'*$(&$./(!(/&!Y-.&'!B'0&',1!+,!8.$0$'!
'%$$'!!#$!:/($8'.6/(![-,*#'.,'))$1!%'.$!*-%0'&!'8/)$)$!
-! $@#-<&3&$! ('! g'($.&'! "*'6($.t! %'0! +,! '%$$'5&! #$.&-'62!
(C'0!&,*.-6/)!('!%$,'%(/(!(/&!Z$-,&6![202(&92!OM.%'6$P!
/,6$1!%/!6-&!',&!+,'&,*$1!4/)$)$0!&,*.-6/)!('!.F,6/(!0$/!
6$! V'/(! :'.72,$'9.2=! I/! *&0#/(! '! 6$8$,&*! #.&$*$,/(! 5&!
%-('7-.'*-./(! (/&! Z$-,&6! +,! '5'! 02)/.2! +,%F*! ,/! )$! 0'&!
#/*$'!(&#)&!6$!$(=!I.$6!%2!#-*!'?.0'1!42.2!)2!$@'9$.$<1!%2!
)#.$!)4F.5&*1!%$,'%(/(!6$8$,&)$!7&%$4'(=
E,! '%$('5&! *&0#1! $.'! 5&! #.$5$6&,*$($! )-%&$*23&&!
LYi#$.&-,U1! +,%2! 6$! ('! +,?&,3'.$'! $&1! )-%&$*'*$! %/! .-(!
&0#-.*',*! +,! 6&4/<'.$'! %2.3&&! +,! 6&')#-.2=! X-&'0! )2! -!
0$,3&-,$<1!#$,*./!'!)/7(&,&'!.-(/(!#$!%'.$!(C'!'8/*!+,!)F,/(!
%-0/,&*23&&! .-0F,$5*&! 6$! ('! V'.&)1! +,! '4'.'! '%*&8&*23&(-.!
)'($!5*&&,3&?%$1!?(-)-?%$!)'/!(&*$.'.$=
B&,!#/,%*!6$!8$6$.$!0'*$.&'(1!+,*.$3&,$.$'!?,',%&'.2!
'!%$,'%(/(/&!&!)$!6'*-.$'<2!(/&!Z$-,&61!5&!,&%&-6'*2!,/!)$!8'!
&,)&)*'!#.$'!0/(*!')/#.'!&0#-.*',3$&!#$!%'.$!'!'8/*C-!'%$)*!
%$,'%(/!6$!('!;$/&((i!')/#.'!+,*.$3&,$.&&!/,/&!',/0&*!)#&.&*!
6$!$@&9$,321!'*F*!(&*$.'.21!%F*!5&!0-.'(2!)'/!$*&%2!'!.-0F,&(-.!
6&,!$@&(1!5&!&0#(&%&*!'(!%/(*/.&&!.-0F,$5*&!+,!9$,$.'(=!I$,'%(/(!
4/,%3&-,'! 7$,$?%&&,6! 6$! /,! '(! 6-&($'! ,/%($/! 6/.D! %/#(/(!
Z-8&,$)%/!C!R$./,%'=!S.'/!'%-(-!('!?$%'.$!5$6&,32D!*$,'%&1!
(/%&<&1!&,N$@&7&(&1!&,/<'7&(&=!I'!+,!-.&%$!%-($%*&8&*'*$!5&!0'&!
'($)!+,!%$($!'@'*$!#$!#.$-%/#2.&!(&*$.'.$!/,6$!-7&$%*/(!$)*$!
)/7&$%*&81!$)*$!-0$,$)%!)2!+,*F(,&0!&,%-0#'*&7&(&*23&($!6$!
9/)*!5&!6$!%-,8&,9$.&1!,$#-*.&8&.&($!6$!%'.'%*$.!6/)$!/,$-.&!
#F,2!('!&,*-($.',*2!)'/!.$'%3&$!$#&6$.0&%2!t!)/7&$%*&8&*'*$'!
A/6$%23&(-.! '*&,9$! )$,)&7&(&*23&($1! 6$*$.0&,F,6! .$'%3&&($1!
)/)%$#*&7&(&*23&($!/,$-.&!$@'9$.'*$!'($!!$9-C/(/&=!!M,)'07(/!
6$!#.-7($0$!%$!#/,$'!+,!A-%!5&!,$%$)&*'*$'!9$.2.&&!'%$)*-.!
')#$%*$! $@*.'(&*$.'.$1! '! %2.-.! '#(','.$! &,*.'! +,! 6-0$,&/(!
'7&(&*23&&! 5&! *'%*/(/&! %-,6/%2*-.&(-.! %$,'%(/(/&=! M/! .$/5&*!
'#.-'#$!*-*6$'/,'=!B$<7&,2.&($!,/!'/!4-)*!0'&!,/0$.-')$!
6$%F*!+,!'(*$!%$,'%(/.&1!6'.!7&,$+,3$($)!'/!$@&)*'*=!I$,'%(/(!
4/,%3&-,'!,-.0'(1!$.'!0'&!0/(*!6$%F*!/*&(1!%/!*-'*$!)%26$.&($!
#$!%'.$!($!'8$'1!#$,*./!%21!-#$.2!/0',2!?&,61!,/!)$!#/*$'!
)2!,/!'&72=
E,! '%$')*2! #$.&-'62! ,$! 8$6$'0! 6$)1! '#.-'#$! +,!
?$%'.$!)2#*20F,2=!Z'!%F*8'!*&0#!6/#2!$@#-<&3&'!6&,!\]dp!
('!L[/<$/(!6$!'.*2![-6$.,2!OM=k=I=P!'(!W.'5/(/&!V'.&)U1!
#.&0&)$0! /,! '*$(&$.! +,! )*.'6'!M0&.'(! k-/))&,1! (-%! /,6$!
,/!6$.',A'0!5&!,/!$.'0!6$.',A'3&!6$!,&0$,&1!(-%!#.-#&%$!
)%K&07/.&(-.!6$!&6$&1!6&)%/3&&(-.!%F,6!0'&!(&,&5*&*$1!%F,6!
0'&!'#.&,)$=!;$!+,8F.*$'0!0'&!'($)!+,!A/./(!)/7&$%*$(-.!
#.&8&,6!$8-(/3&'!'.*$(-.!#(')*&%$!5&!'($!#&%*/.&&!O'!)$!4'%$!
6&)*&,%3&'t!%/!%F*!*&0#/(!*.$%$!$'!6$8&,$!6&,!%$!+,!%$!0'&!
,$%$)'.2P1!'!#-$<&$&1!)'/!'!(&*$.'*/.&&!+,!9$,$.'(=!M0!'N'*!
6$)#.$!$@&)*$,3'!LI-)0-(-9&$&!f-%/(/&!"$%/,6U!#$!%'.$!-!
)%.&)$)$!?&,6!+,%2!+,!k-0F,&'1!5&!6/#2!4$(/(!+,!%'.$!8-.7$'!
'*F*!6$)#.$!%'.*$'!(/&!%F*!5&!6$)#.$!%2.3&($!'(*-.'1!0&C'0!6'*!
)$'0'1!'0!#.$82</*!O'0!5&!)%.&)C-P!%2!:')'.'7!8'!.$%&6&8'!
5&!8'!<7/.'!%/!#.-#.&&($!'.&#&=!;/!0&C'0!&0'9&,'*1!+,)21!
+,! %$! 02)/.2! .$%&6&8'! 8'! ?! 8&-($,*2=! O`+1%+9+3 G1+$/0+<3
;1/<3 ?&%$/042&3 6/3 249+&<3 a$//'5&<3 (+'(423 6/3 +=1245/&3 +(+43
&(4?%&324/3\&j1-3:1+F9+1!'(*$($!%'.$!'/!/.0'*1!+,!#(/)!6$!
%$($!('!%'.$!$/!,/!'0!'%%$)P=!
e2%$'/!#'.*$!7&,$+,3$($)!5&!#(',/.&($!6$!8&&*-.1!$(!$.'!

((

6&,! %$! +,! %$! 0'&! )-(&%&*'*! +,! 6-0$,&/(! )2/! #.-4$)&-,'(1!
%2(2*-.&&! +,! (/0$'! 0'.$1! #$! ('! 6&8$.)$! j,&8$.)&*23&! 6&,!
S/.-#'!5&!"*'*$($!j,&*$t!$/1!$@#-<&3&&!+,!e.',3'1!g$.0',&'1!
W(',6'1! S(8$3&'1! 6'.! 92)$'0! *-*/5&! *&0#! )2! ,$! 8$6$0!
6$)*/(! 6$! 6$)=! ;$! #.$-%/#'! 7&,$+,3$($)! +,! #$.0',$,32!
)*'.$'!,-')*.2!6$!$@&('3&1!#.-7($0$($!$@&(/(/&!+,!9$,$.'(=!
[/(*! 0'&! #/3&,! O6'.! $@&)*'/P! $8-(/3&&($! #-(&*&%$t! 0'&!
6$9.'72!%$($!6&,!e.',3'1!#$,*./!%2!+,!k-0F,&'!#$!'%$)*!
#(',1!#2.$'!%2!,/!)$!+,*F0#(2!,&0&%=
"2! )%K&0720! )$%-(/(D! +,! ap\p1! 'A/,)! +,! )4$.'!
)$,$%*/3&&1!$/!+,!&,*$.&-.1!$(!#$!#.'91!0&C'!42%/*!-!8&<&*2!
('! 3'.21! /,6$! 0C'0! .$*.')! 6$! 0'&! 0/(3&! ',&=! B&,! 8-.72!
+,! 8-.72! 0C'! +,*.$7'*! 6'%2! 0'&! '0! ,-*$($! #$! %'.$! ($!
)%.&'0!42.2!,&%&!/,!4$(!6$!&,*$,3&$!#.'90'*&%21!42.2!#(',!
#.$%-,%$#/*1! #$! '#/%'*$1! )2! 02! 0'&! )%'#$! 6$! ,26/4=!
"%.&)/(! '.$! 6'./(! O%F,6! ,/! +(! #.'%*&%&! #$,*./! #/7(&%'.$P!
6$!'C3&!0'&!(/'!/,$-.&!#&'*.'!6$!#$!&,&02=!I'*K'.)&)=!"$!
+,*F0#(2! )2! .$/5$')%2t! ,/! *-*6$'/,'=! S.'/! ,-*$! 6$! #.&,!
',&&!dp1!_p!5&!0'&!0/(*$!6/#2!_]=
S@&)*'/1! $.'/! +,! #-6/(! %')$&1! '6/,'*$! +,! ,&5*$!
%'.*-',$!/,6$!'/!<2%/*!+,!A/.!6$!*.$&<$%&!6$!',&=!:')'.'7!
%/,-5*$'! $@&)*$,3'! %$(-.! 6$! 6&,'&,*$! 6$! \]db1! %F,6! -!
4-'.*$! 0&%2! #'.*$! 6&,! $($! '/! 4-)*! #/7(&%'*$! +,! %'*'(-9/(!
$@#-<&3&$&!0$($!('!Lg'($.&$!6$)!['+*.$)!I-,*$0#-.'&,)U!!
6$!('!M&@!$,!V.-8$,%$t!%$'!0'&!0'.$!#'.*$!'/!0'&!.20')!
/,! *&0#t! '/! 4-)*! '.)$! ',/(! /.02*-.1! +,*.C-! #$.&-'62! 6$!
%.&<2!#.-4/,62!%'.$!0&!)$!#2.$'!%2!,/!)$!0'&!*$.0&,2=
W7&%$&/.&($! #.-')*$! .$8&,! %/! 9'(-#/(! ',&(-.1! 0C'0!
.$'#/%'*!'!0/(*&#(&%'!'*F*!#F,<$!%F*!5&!,-*$!)%.&)$1!'5'!%2!
6/#2!/,!*&0#!)C'/!'%/0/('*!6&,!,-/=
[C'!+,6$0,'*!)2!($!.$&'/1!)2!($!G*.$%!#$!%/.'*H1!%'!
)2!<&%!'5'=
B$!%$!)%.&/!*-'*$!'%$)*$'J!V$,*./!%21!*.$%F,6!#$)*$!
'02,/,*$($! 5&! +0#.$A/.2.&($! %'.$! '/! 42%/*! %'! '%$')*2!
.$(/'.$!)2!)$!*$.0&,$!#.&,*.C-!.$6'%*'.$!'0$(&-.'*21!!'!4-)*!
+,! '%$('5&! *&0#! %'/<'! #/7(&%2.&&! (-.! +,! e.',3'! ('! $6&*/.'!
,/0$.&%2! LZ$**.-#-(&)U1! 6/#2! %$! %F*$8'! 4.'90$,*$!
4/)$)$.2! #/7(&%'*$! +,! k-0F,&'1! +,! .$8&)*'! LI-,8-.7&.&!
Z&*$.'.$U=!V/7(&%'.$'!+,!LI-,8-.7&.&U!*-*!(/&!&C-!6'*-.$<1!
6'.1! 7&,$+,3$($)1! 5&! 7/,28-&,3$&! (/&! I'))&',! ['.&'!
"#&.&6-,=
!! k$(/F,6! '%$)*$! *$@*$1! $($! 0C'/! 42%/*! )2! 02!
.$+,*-.%! #.&,! .$($%*/.2! ('! ',&&! +,! %'.$! '/! 4-)*! )%.&)$! O&,!
)$%-(/(!*.$%/*P1!',&!%F,6!:')'.'7!$.'!4-'.*$!#.$<$,*=![&C
'/! .$'0&,*&*! +,*.$! '*F*$'! '(*$($1! q$$`C$,6C/(! %F,6! +,!
8'%',*2!?&,6!('!X&(($.)C)/.![$.!(F,92!B$'/8&(($1!'#.-'#$!
6$! I'7-/.9! 5&! Y-,N$/.1! '0! 4-)*! &,8&*'3&! 6$! [&%K$(($! 5&!
:')'.'7!#$,*./!6-/2!<&($!t!8-.7$'0!6$)#.$!%F*$C*-'*$!42.2!
&0#$.'*&8$($! %-,)*.F,9$.&(-.! %.-,-0$*.'*$! '($! 8&$3&&! 6$!
('!V'.&)1!,$!#(&07'0!#$!('.9&($!*.-*/'.$!%$!*.$%!#.&,!4'*'!
8&($(-.!%/!4'3'6'!)#.$!0'.$1!+,*.C-!'*0-)4$.2!'.K&*$%*/.'(2!
#.$'!#/3&,!)%K&07'*2!4'32!6$!8.$0/.&($!/,6$!'%$($'5&!8&($!
'/!)$.8&*!6$!6$%-.!#$,*./!-!#'.*$!6&,!]'30,4$&%+&3$/9?424/3
?/+%.4$! =! ;/! (&#)$'/1! %/0! )#/,$'0! +,! *$@*1! L6$%F*!
%-)*/0$($! 5&! $6/%'3&'! '%$(-.! *.$%/*$! 8.$0&Un=! 6$!
B-'0,$!5&!B-0,&3$=!OR+(3_+4'+(3D22+(3+'3q+4%P
>-*! +,! '%$($! ,-*$! '0! .$82</*! *&0#/(! %F,6! '! 8$,&*!
('! '*$(&$.! )2C0&! )#/,2! %2! *$@*/(! #$! %'.$C(! %$./)$! R-,!

()

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

I/5'! 6$)#.$! #&%*/.'! 0$'! #$,*./! LS*K-)U! &'! #.-#-.3&&!

('!%'.$!&,&3&'(!,/!)$!9F,6&)$1!%2!&,*.-6/%$.$'!5&!+,%$#/*/(!
'%-#$.&)$.2!6$A'!%&,%&!#'9&,&!O6$!0F,2P1!,/!5*&$!+,%2!!/,6$!
5&!%/0!+(!8'!*$.0&,'!#$,*./!%2!-!&6$$!,'5*$!'(*2!&6$$!5&1!
')*4$(1!'.*&%-(/(!&$)$!6&,!%'6./(!/,/&!'.*&%-(!,-.0'(=!
>$.0&,'*! ?&,61! (/')$! 6&0$,)&/,&! 6$! 0-,-9.'?$1!
$.'! &,*&*/('*!e/0$1%3E4?6&3(&43$+'$&5/&3 I4'$+24/3B'&21>!
O','(&<2! 4-'.*$! #$,$*.',*2! 5&! #/,%*! 6$! 8$6$.$! -.&9&,'(P!
#/7(&%'*! &,&3&'(! +,! LS*K-)U! t! 8'! ?! *.'6/)! 5&! #/7(&%'*! 0'&!
*F.<&/!5&!+,!LW#/)!R,*$.,'*&-,'(U!,.=!bbCbd=!X$,$'!%'0!+,!
'%$$'5&!#$.&-'62!%/!%$($!'($!(/&!f$',!Z-/&)!V.'6$(!#$,*./!
%'*'(-9/(! 6$! ('! M&@1! %$(! '! (/&! f$',! I('.$,%$! Z'07$.*!
#$,*./! LW#/)! &,*$.,'3&-,'(U! ,.! l]=! M/! /.0'*! .$8&)*'!
LI&0'&)$U! O\^\P! %/! '.*&%-(/(! )/7)*',3&'(! '(! 6-'0,$&!
V'/($! g'/*K&$.1! e/0$1%3 E4?6&<3 ?/0$4%&3 4'+/3 %4?$4%/3 .+3
0/=/2/C&5/+1!I4'$+2+32&3-&C&3C/.424/<!6$!f$',!:-%-9,',-1!
+,! .$8&)*'! LV'))'9$U1! %$(! '(! (/&! g$.'(6! g'))&-*! >'('7-*1!
E4?6&3 *'3 0,4$&%+&3 +(+'5/&2424/1! +,! LM.*=! ['9'<&,$U!
5&! 0/(*$! '(*$($=! ! V$.&-'6'! \]dcC\]_d! '! 4-)*! -! #$.&-'62!
6&,'0&%21!*$,)&-,'*2!#$,*./!'0F,6-&1!#($*-.2!6$!$,$.9&$1!
8&*'(&*'*$!6$7-.6',*21!.$</(*'*$($!0/,%&&!6$#/)$!!626$'/!
.-'6$! 8&<&7&($! 5&! #'(#'7&($! '*F*! #$,*./! $(1! %F*! 5&! #$,*./!
0&,$1! %-,%.$*&<F,6/C)$! +,! #/7(&%'3&&! 5&! $@#-<&3&&=! S(!
#/7(&%2! ;1/<3 ?&%$/042&3 6/3 249+&! O\]_lP1! a$//'5&<3 (+'(423
6/3 +=1245/&1! $)$/! ')/#.'! (/&! f'`-7! :-$K0$! O\]__P! 6/#2!
%$!+,!\]_c!#'.*&%&#')$!('!a$//'5&3*'3@&$&3'+04'1(04$424/1!
6$! IK.&)*&,$! Y'.6i! +,! %-0#',&'! (/&! e.&*A-4! I'#.'1! f$',!
IK'.-,1!ks0i!IK'/8&,1!Z/#'5%/!5&!'(3&&=!V$,*./!:')'.'7!
#$.&-'6'!6$!#($,&*/6&,$!'!%-,*&,/'*=!!
V$,*./!0&,$1!',/(!\]_d!'!4-)*!',/(!%.&<$&!$@&)*$,3&'($!
O%$'!0'&!8&-($,*2P1!%'.$!0C'!-#.&*!#$,*./!0/(*!*&0#=
E,! 3'.21! (&,&5*$1! *2%$.$! '7)-(/*2! 7&,$+,3$($)1! 6$)#.$!
*-*! %$! )$! .$'(&<'! +,! $@&(=! "$! $6/%'/! 0')$($! ('.9&! #$,*./!
-73&,$.$'! ',$0&$&! &,*$($%*/'($! %'.$! 6/#2! \]_]! )$! 8'!
%-,%.$*&<'! +,! $('7-.'.$'! 5&! $,/,3/(! &6$&&! %2! %$&! %'.$! '/!
#($%'*1!'.!?!42%/*C-!#$,*./!'!?!)%/*&3&!6$!'!0F,%'!)'('0!
%/! )-&'1! 5&! '(*$! #$.($! 6$! '%$('5&! 9$,=! OL8.'A7'1! #&<0'! 5&!
0F,&'Ut!!.2<7/,'.$'!#-)*/02!'!*-8'.25&(-.=P
E,*.C/,'! 6&,! <&($($! %F,6! 6$C'7&'! *$.0&,')$! <&)/(!
'.*&%-(1! 8&,$1! 5&! 826! %2! ,/! $! +,! '#$($! (/&=! V.$-%/#'*1!
+,%-.6'*=!MN/! %2! (C'! *$.0&,'*! 5&! %21! 7&,$+,3$($)1! #$,*./!
#/7(&%'.$!*.$7/&$!)2C(!)$0,$<$=!"$!+,*.$7'!6'%2!#/7(&%F,6!
/,!'.*&%-(!6$)#.$!#&%*/.'!/,/&!L*.',)4/9U!,/!8'!#.-6/%$!
,$#(2%$.&!4'0&(&$&1!!#-'*$!%K&'.!0'&!0/(*!6$%F*!,$#(2%$.&=!
E,%2!,/C)&!%/0#2.')$!#2.&,3&&1!$.'/!+,!3'.21!<2(-9=!S.'0!
6$A'!6$!<$%$!',&!+,!-%%&6$,*!!5&!)#$%*./(!*$.-.&&!+(!'8$'0!
+,%2!+,%./)*'*!+,!,-&1!+(!#/.*'0!&,%-,5*&$,*!5&!,/!$!,$8-&$!
)2! )/7(&,&$<! %2! +,! '.*&%-(/(! %/! #.&%&,'! ,/! $@&)*'! ,&0&%!
6$! -.6&,! #-(&*&%=! ;/! %.$6! )2! ?! 4-)*! /,! #$.&%-(! .$'(1! 6'.!
'0! )-%-*&*! %2! $)*$! *-*/5&! 0'&! #./6$,*! /,! #)$/6-,&0=!M!
)$0,'*!M,6.$&!:-96',=
!M%$)*! L'02,/,*! )$0,&?%'*&8U! )$! '6.$)$'<2! %$(-.!
%$C5&!8-.!6'!-)*$,$'('!)2!+,3$($'92!/,'!6&,!%'/<$($!)*2.&&!
6$!)#&.&*!%'.$!'!-*.28&*!$@&(/(t!6'.!0'&!'($)!%$(-.!%'.$1!0/(*!
0'&!*&,$.&!?&,61!#$.&-'6'!6$)#.$!%'.$!8-.7&0!#-'*$!)2!(&!)$!
#'.2!)&*/'*2!/,6$8'!+,!#.$&)*-.&$=!S.'!'('(*2&$.&=
V$,*./!%&,$!,/!'!*.2&*C-1!$@&)*2!#.-7'7&(!-!',/0&*2!
6&?%/(*'*$1! -! .$*&%$,321! )'/! %K&'.! &0#-)&7&(&*'*$'! 6$! '!

+,3$($9$!5&!$)*$!6$!+,3$($)=
M0! 4-)*! )&,9/./(! %-0#'*.&-*! '(! )2/! #.$<$,*! ('!
4$)*&8&*'*$'!6$!('!j,&8$.)&*'*$'!V&$..$!5&!['.&$!I/.&$!%/!
-%'<&'!-73&,$.&&!B-%*-.'*/(/&!6$!"*'*!+,!?<&%2t!*$.0&,F,6/C
)$!#$!('!-.'!'0&$<&&1!#'.*&%&#',3&&!)C'/!-.&$,*'*!)#.$!7/4$*1!
$@%$($,*!7/4$*!.$%$!5&!5'0#',&$!%'.$!'!%-,*.&7/&*!('!.$/5&*21!
'0#(&?%F,6!42.2!+,6-&'(2!'*0-)4$.'!6$!$/4-.&$=!R.'6&'!6&,!
$(! -! 7/%/.&$1! '5! +,6.2<,&! )2! 4-(-)$)%! %K&'.! *$.0$,/(! 6$!!
4$.&%&.$1!-%'<&$!#$,*./!'!6$7-.6'!)#.$!&,*$.&-.!6'%2!#-*!)2!
02!$@#.&0!')*4$(1!#$,*./!%2!)#.$!$@*$.&-.!,/!)$!#/*$'=!S.'!
#.$'!0/(*2!(/0$=![$6&/!/,&8$.)&*'.=!>.$7/&'!)2C3&!#2)*.$<&!
%/0#2*/(1!)2C3&!)*2#F,$5*&!#-.,&.&($1!%-0#-.*'0$,*/(1!)2C
3&! .$3&&! $,*/<&')0/(1! )2! #'.&! 6$*'5'*=! W%'<&$! *-*/5&! %'.$!
'! (2)'*! )2! *.',)#'.2! '%$(! #.$'! #(&,! 6$! (/0&,21! 42%F,6!!
#('/<&7&(2!-!',/0&*2!?(-)-?$!-#*&0&)*2!'!8&$3&&1!#$!%'.$!
$(!-!'.$=
E,! '(*2! <&1! 8&,$! ('! '*$(&$.! 42.2! )%-#! #.$%&)=! S/!
*$.0&,')$0! 6$! %F*8'! *&0#! -! #F,<2! 6$)*/(! 6$! 0'.$! #$!
%'.$!-!&,*&*/(')$0!LV&.-',$!%/!*.',6'?.&U=!W!%/,-5*$'!
5&! 5*&'0! %2! +&! #('%$=! W! #.&8$5*$! %F*8'! *&0#! )&C0&! )#/,$!
)%/.*D! 3&C-! %/0#2.=!M0! %.$</*! %2! 9(/0$5*$=! ;/! 9(/0$'=!
S.'! #$.&-'6'! %F,6! 6$! '7&'! 4/)$)$! ',9'A'*! ('! I=;=k="=1!
(-%/&'!%/!%K&.&$!O%K&.&&($!('!V'.&)!)2!4$.$')%2!B/0,$<$/t!
5&!'*/,%&!5&!'%/0P1!5&!$(!%/0#2.2!/,!*'7(-/=!j&*$C'5'1!%2!
&C'!8$,&*!(/&!#$!%K$(&$=!!M5'!$.'!$(1!5&!0&$!+0&!#(2%$'=!B/#2!
-'.$%'.$!*&0#1!'!%/0#2.'*!5&!<&6/(!#$!%'.$!)2C(!#/,2=
M,/(! \]d^! '6/%$! -! +,*-.)2*/.2! ,$'5*$#*'*2! %'.$!
8'!6'!-!-.&$,*'.$!,-/2!!.$('3&$&!,-')*.$t!')!#/*$'C-!,/0&!
4'0&(&'.2=!
E,*.C/,'!6&,!<&($!#.&0$)%!-!0&)&82t!$.'!&,!8'.'!\]d^=!
B$)#.$!%$!$.'!8-.7'!,/C0&!0'&!'0&,*$)%1!6'.!)$!*$.0&,2!
%/!4-.0/('!/.02*-'.$!6$!%'.$!+0&!'0&,*$)%!#$.4$%*D!L"2!
5*&3&! %2! +,! (/,'! 4$7./'.&$! '5*$#*20! /,! %-#&(U=! Z'! %'.$! +&!
.2)#/,6!&0$6&'*1!/(/&*!6$!%-&,%&6$,32!5&!*$.0&,!%/!4.'<'!
(/&D! L"2! 5*&3&! %2! +,! (/,'! 4$7./'.&$! '5*$#*20! /,! %-#&(U=!
>$($4-,D! S! /,! 7',%J! C! ;/! $! 7',%r! ;/! $.'! 7',%D! 4$*$($!
)C'/!,2)%/*!('!&,*$.8'(!6$!-!<&D!\^!5&!\l!4$7./'.&$!\]dl=!
;$C'0!%$./*!5&!6'*!.$%&#.-%!')$,*&0$,*/(!6$!'!6$8$,&!,'5&!
'0F,6-&1!?$%'.$!#$,*./!4'*'!%$(/&('(*=!:-*$</(!(C'0!42%/*!
+0#.$/,2!O/,&*'*$!6$!*&0#!5&!)#'3&/P=
!!!!!!!!M!/.0'*!%'.&$.'!#$!%'.$!-!5*&01!')/#.'!%2.$&'!
,/!'.$!)$,)!)2!&,)&)*!O-!8-.!4'%$!'(3&&!0'&!7&,$!6$%F*!0&,$P1!
#'.%/.)! #$! %'.$! +,)2! (C'0! /.02.&*! 6$! '#.-'#$1! '4'.2! 6$!
-! #$.&-'62! +,! %'.$! $8$,&0$,*$($! 8&$3&&! )'($! $.'/! '*F*! 6$!
6$,)$1! &0#-.*',*$! 5&! '#.-#&'*$! /,$($! 6$! '(*$($1! +,%F*! ,/!
.20F,$'!6$)*/(!*&0#!(&7$.=
M0! )%.&)! /,6$8'! %2! #$,*./! 0&,$1! +,! 0'&! 0/(*$!
+0#.$A/.2.&1! :')'.'7! '! 4/,%3&-,'*! %'! /,! 4$(! 6$! 4$.0$,*!
+,%/.'A'*-.! #$! 0'&! 0/(*$! #(',/.&=! k$&'/! 5&! %-,?.0!
'?.0'3&'=!V$!#(',/(!#.-4$)&-,'(!'0!6'*!%F*$8'!$@$0#($=!
B'.! 0'&! $)*$! 5&! #(',/(! 8&$3&&! #$.)-,'($1! /,6$! ('! ,$8-&$!
.2)#/,6$'! %/! #.-0#*&*/6&,$! ('! '#$(1! $.'! #.$<$,*! %F,6!
*.$7/&'=!
I'(&*'*$!0'&!6$9.'72!.'.2!#$,*./!'!,/!?!0$,3&-,'*2=!
j,!'02,/,*!*-*!'*F*!6$!&0#-.*',*!#$,*./!0&,$D!'5'!'!
4-)*!%F,6!$.'!A/,$!6-%*-.',6!('!W.)'i1!'5'!'!.20')=
I$$'! %$! ,$C'! '#.-#&'*! 6$! ('! +,%$#/*! '/! 4-)*!
#.$-%/#2.&($!5&!9/)*/.&($!!%-0/,$!+,!6-0$,&/(!#-$<&$&1!'!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
(&*$.'*/.&&1!'!'.*$(-.!+,!9$,$.'(!O#$,*./!%2!$/!%/!0'*$0'*&%'!
5&! ?<&%'nP! ! e'#*/(! %2! $.'0! #&%*-.! $)*$! #-)&7&(! )2! ?!
%-,*.&7/&*!5&!%.$6!%2!'!6$)%K&)!+,!$(!/,!&,*$.$)!02.&*!#$,*./!
'.*$($! #(')*&%$1! #$! %'.$1! 6/#2! -7&%$&/(! (/&1! (C'! 6$<8-(*'*=!
M! *.$7/&*! /,! ',/0&*! *&0#! #$,*./! '! ,$! %/,-'5*$1! #$,*./!
'!)&03&!%K&'.!42.2!'!$,/,3'!$@#(&%&*!',/0&*$!(/%./.&!#.$'!
6$(&%'*$1! #.$'! &,*&0$! #$,*./! '! ?! )%-')$! ('! )/#.'4'321! %2!
)/,*$0!#$!'%$$'5&!(/,9&0$!6$!/,62=!E,!'%*/(!6$!'!)#/,$1!
6$! '! %-0/,&%'1! #-'*$! )2! $@&)*$! -! /07.2! 6$! ./9-<&*'*$=!!
I/8F,*/(!#-'*$!)2!(-8$')%21!)2!.2,$')%2=!S)*$!4-.3'1!6'.1!+,!
'%$('5&!*&0#1!5&!8'(-'.$'!5&!)(27&%&/,$'!(/&=!I'!5&!%/(-.&($=!
S)*$!0-*&8/(!#$,*./!%'.$!$@&)*2!)#'3&&($!%.-0'*&%$!,$/*.$1!
$@&)2! *2%$.&($=! M%$($! *2%$.&! %$! )#/,! 0'&! 0/(*! 6$%F*!
%/8&,*$($=!M%$($!)#'3&&!,$/*.$!%$!)%-*!+,!.$(&$4!#/,%*$($!6$!
4-.32=!I$!'(*%$8'!)/,*!!',/0&*$!*2%$.&1!6$%F*!*.$%$.$'!#.&,!
*.',)%$,6$,*!)#.$!&,6&%&7&(J
j,'! 6&,! *$0$($! %$! .$8$,$'/! .$%/.$,*! '! 4-)*! *$0'!
(&07'A/(/&=! S.'0! +,*.C-! #$.&-'62! %F,61! 0'&! '($)! +,!
#&%*/.21!)%K&072.&($!$.'/!.'6&%'($!5&!4-'.*$!6$)$1!(&07'A/(!
%(')&%!'#.-'#$!#&$.6/*!$.'!+,(-%/&*!%/!*-*!4$(/(!6$!&,8$,3&&!
5&!&,-8'3&&!0'&!0/(*!)'/!0'&!#/3&,!8'('7&($1!0'&!0/(*!)'/!
0'&!#/3&,!$4$0$.$1!#$!%F,61!+,!(&*$.'*/.21!;-/!k-0',!)'/!
,/1!)%.&&*-./(!$)*$!-7(&9'*!+,!%-,*&,/'.$!)2!)$!)$.8$')%2!6$!
$($0$,*$($! (&07'A/(/&! %(')&%D! %/8&,*$1! #.-#-<&3&&1! 4.'<$=!
S/!&$5&)$0!,/!6$!0/(*2!8.$0$!6&,!'%$($!#.'%*&%&!+,!%'.$!
,/!)$!0'&!+,*.$7/&,3'/!,&%&!#F,<$1!,&%&!%/(-.&1!,&%&!(&,&&1!
%&! %-,%$#*$=! V.-7($02! $@*.$0! 6$! %-0#($@21! ,&%&! ')*2<&!
+,%K&)21!%'.$!'8$'!6'./(!)2!,$!4'%2!)2!-!'7-.620!6$)*/(!6$!
6$)!5&!,$!+,?$.7F,*'0!/,$-.&=!
I/! *&0#/(! '0! 6$)%-#$.&*! /,/(! ('! %$('('(*! *$,6&,3'!
%2/*2.&&!,-3&/,&&!6$!)'%./1!'!)#&.&*/'(&*23&&1!?$!+,!'.*21!?$!+,!
'(*$!')#$%*$!'($!8&$3&&1!)'/!#-'*$!+,!'0F,6-/2=!!E,!#'.'($(!
%/! '%$)*! #.-%$)! 6$! %2/*'.$1! 6$! 6$)%-#$.&.$1! ('! +,%$#/*!
$@&)*'1! 42.2! +,6-&'(21! 5&! ! .$*&%$,321! #-'*$! %K&'.! -! /07.2!
6$!*$'021!6'*2!?&,6!%-,5*&&,3'!(/%&62!%$!-!'8$'0!%2!,/!
*.2&0! +,*.C-! #$.&-'62! /,6$! /,! ')$0$,$'! )$,*&0$,*! $)*$!
'#.$%&'*1! )'/! %2! ')*4$(! 6$! %2/*2.&! '.! #/*$'! ?! 7&,$82</*$!
5&!7&,$!#.&0&*$=!h&!')*'!,/!,/0'&!+,*.C/,!.$9&0!#-(&*&%!'!
%2./&!&6$-(-9&$!#.-4$)'!6$)%K&)!'*$&)0/(!5&!/.'1!%&!0'&!'($)!
O%/!&,?,&*!!0'&!0/(*2!$?%&$,32P1!+,!)-%&$*'*$'!&,*$($%*/'(2!
0'.@&<',*2C0-,6$,21!
0'*$.&'(&)*21!
#.-6/%*&8&)*21!
&,6&8&6/'(&)*21!0-,6&'(&)*2!5&!'(*$!L&)0$U!6&,!W%%&6$,*!5&!
Z/0$1!%$!#.-)#$.2!)/7!#.&8&.$'!#$,$*.',*2!'!W0/(/&!;-/!
&,4',*&(&<'*!6$!$9-%$,*.&)0=
M*F*! )$,*&0$,*/(! "'%./(/&1! %F*! 5&! %-,%$#*/(! 6$!
)#&.&*/'(&*'*$1!-.&%/0!'0!(/'C-1!?$!%2!)/7&$%*/(!#('%$!)'/!
,/1!)/,*!-!%-,)*',*2!'!9F,6&.&&!5&!)$,)&7&(&*23&&!/0',$1!+,!
%-,)$%&,32!-!#.-7($021!.$%/.$,*21!#$.$,21!%'.$1!%'!-.&%$!
#.-7($021! )$! %$.$! .$<-(8'*2! O02%'.! &,6&8&6/'(! 6'%2! ,/!
5&!'(*4$(1!02%'.!#'.3&'(!6'%2!,/!&,*$9.'(P1!%K&'.!6'%2!5*&0!
6&,'&,*$!%2!.2)#/,)/(!!8'!?!,$)'*&)42%2*-.=!I/!'*F*!0'&!0/(*!
%/!%F*!$#-%'!,/!)$!#.$*$'<2t!)*.&6$,3$($1!8/(9'.&*'*$'1!?$!
7','(21!&,%-,5*&$,*21!?$!'9.$)&821!8-(/,*'.2!5&!*$($9K&6'*2!
6$!%$&!%$!'/!&,*$.$)/(!)2!-!#.-#'9$1!8$K&%/('.$'!6$!&6$&!
#$.,&%&-')$!6$8')*'*-'.$1!,$!+,$'%21!,$!')?@&'<2!%-*&6&',1!
6$C'!(/,9/(!',&(-.1!6$C'!(/,9/(!6$%$,&&(-.=!
V$.&-'62! 6$! .'#&6&*'*$1! 6$! '%%$($.'.$! #$.0',$,*21!
)$,<'3&'!6$!.&*0!9.27&*!#$!%'.$C(!*.2&01!*-'*$!'%$)*$'!6/%!

(*

,$0&A(-%&*!('!-!0-6&?%'.$!'!#$.%$#3&$&!'.*$(-.!+,!9$,$.'(1!
6'.!0'&!'($)!'!'%$(-.!'.*$!%'.$1!#$,*./!0'*/.'3&$1!%$.!*&0#=!
Z&*$.'*/.'1!+,6$-)$7&!#-$<&'1!*-*!'*F*!%F*!#&%*/.'1!)%/(#*/.'1!
)/,*!5&!$($!*.&7/*'.$!'*0-)4$.$&!%.$'*$!6$!0/*'3&'!+,!%/.)=!
e'%&(&*'*$'! #$.#$*/2! '! -4$.*$&! 5&! &,)/?%&$,*'! #.$92*&.$!
O$6/%'3&'!6$?%&$,*2P!'!%$(-.!%$!.$%$#*$'<2!O)'/!'.!*.$7/&!
)2!.$%$#*$<$P1!6/%$!('!-!'(*$.'.$!#.-4/,62!'!)$,)&7&(&*23&&1!
%$!)$!92)$5*$!('!7'<'!%$.$.&&1!#$!%'.$!)'*&)42%F,6C-1!%.$'3&'!
+,)25&! )$! #(')$'<2! +,! %$.%/(! 8&%&-)=! V$,*./! %2! )/,*$01!
+,6-&'('!,/!$)*$!#$.0&)21!+,!4'3'!/,$&!#$.&-'6$!6$!0/*'3&$!
%/! %-,)$%&,3$! 6$! ,&0$,&! 5*&/*$1! &0#.$8&<&7&($=! ;/! )$!
.$</02!('!-!)&0#(2!)%K&07'.$!?.$')%21!)&*/'*2!+,*.$!6-/2!
$#-%&!%$!)$!)/%%$6=
V.$<$,3'! /,-.! #$.)-',$! %/! #.$-%/#2.&! ,$)/#/)$!
'%$)*/&! .&*0! 5&! '%$)*$&! )*2.&! 6$! )#&.&*! $)*$! /*&(21! $)*$!
,$%$)'.21! .$62! %/.'A1! 5*&/*! ?&,6! %2! .2)#/,)/(1! -.&%'.$! '.!
?!$(1!,/!#-'*$!8$,&!6$%F*!6&,!&,*$.&-./(!%$(/&!%'.$C(!%'/*2=!!
V.$<$,3'! (/&! :')'.'71! %-,*&,/2! )'/! &,*$.0&*$,*21!
0&C'! +,($),&*! #'.%/.)/(=! Z'! '%$)*! %'#&*-(! ,/! #-*! )2! ,/!
&,%(/6!#.$<$,3'!5&!'%*&8&*'*$'!!#.&$*$,/(/&!,-)*./!%-0/,1!
V'/(!:'.72,$'9.21!%'.$1!#-*!)2!-!02.*/.&)$)%!%K&'.!6'%2!
,/!'0!6$($9'3&$!6&,!#'.*$'!(/&1!+(!'8$'!+,!0'.$!)*&02!O0&C'!
)#/)C-P=! V'/(! $)*$! *-*! #.$<$,*1! %K&'.! 6'%2! '! *.$%/*! '%/0!
%F3&8'! ',&! L+,*./! %$($! 8$5,&%$U=! ! I'! 5&! ! g$-.9$!M#-)*/1!
X&%*-.!k-0',!5&!0/(3&!'(3&!%-0#'*.&-3&!6$!0'.$!7-923&$!
)/N$*$')%21!6$!0'.$!%/(*/.2=
B$C'%/0!)'('!$!'#.-'#$!9-'(2=!I/!%F*!*&0#/(!*.$%$1!
%/! '*F*! 0'&! 0/(*! )#'3&/! (&7$.=! ! M7)$,3$! ,/0$.-')$1! 6$!
,$+,(-%/&*1!I&-.',1!S(&'6$1!R-,$)%/1!X&,*&(2!Y-.&'1!#($%2.&!
4.$%8$,*$1!Y-.&'!"*'0'*&1!B'0&',1!Z$-,&6!M.%'6$t!$.'!6$!
'5*$#*'*! 7&,$+,3$($)1! #$,*./! %2! $($! O#($%2.&($1! '7)$,3$($P!
)/,*! +,! -.6&,$'! ?.$')%2! '! (/0&&1! '5'! %/0! ($C'! 4-)*! +,*.C
/,! *&0#! #.$<$,3'=! ;$,/02.'*$! )%'/,$! 9-'($=! "%'/,$!
(&7$.'*$=! B'%21! 6&,! +,*F0#('.$1! )$! 0'&! 92)$5*$! %F*$! /,!
*$0$.'.!%'.$!'.!8.$'!)2!)$!'5$<$1!'#.-'#$!%2!,/!)$!8$6$1!
'*F*!$)*$!6$!*.',)#'.$,*=
M/*-.&1! '%*-.&1! .$9&<-.&1! A/6$%2*-.&! 5&! 0'.*-.&! +,!
-.6&,$!6&)#$.)'*21!6'.!+,!#.-%$)&/,$!%-,*&,/21!&,$8&*'7&(1!
#2.2)$)%! .'0#'1! )%$,'1! #2.2)$)%! %/(&)$($! 5&! )'('! %'.$! '!
4-)*! -! 8.$0$! )$6&/(! *$'*./(/&C*.&7/,'(! '(! A/6$%23&&! /,/&!
B/0,$<$/!-7-)&*1!'#-4'*&%=!
:')'.'7! *.2&$5*$! 5&! $)*$! +,! %-,*&,/'.$! ('! 0')'! 6$!
(/%./=!g'/6$'0/)!&9&*/.=!O"2!,$!7/%/.20!'5'6'.P=![/(*!
'5!?!8./*!)2!#-*!'62/9'!5&!8$.)/(!'(!6-&($'1!6'.!6&,!#2%'*$!
'.!?!4-)*!/,!,$'6$82.=
!! "#$.! %2! 0&! )$! 8'! *.$%$! %/! 8$6$.$'! 4'#*/(! %21!
6$)%.&&,6! %F*$! %$8'! 6&,! %$$'! %$! '0! *.2&*! %'! 0'.*-.! 5&!
#.&$*$,1! 0C'0! +,6$#2.*'*! #/3&,! 6$! )/7&$%*t! '0! 8-.7&*! +,!
'%$('5&!*&0#!#-'*$!#.$'!0/(*!5&!6$)#.$!0&,$1!6'.!(/%./.&($!
?&,6!4-'.*$!&07.&%'*$1!#.$'!)*.F,)!($9'*$!+,*.$!$($1!,/!'0!
92)&*!'(*2!)-(/3&$=
! !
!
W%*=!ap\a=
! X=! I/#5'1! E&F/+%(3 .)&$+2/+%1! LZ$**.-#-(&)U! ap\a=! S6&*/.2!
,/0$.&%2=! B3 J&4=/22+3 &=+03 :&(&%&-1! LI-,8-.7&.&! (&*$.'.$U!
O4.'90$,*$P1!,.=!\pC\\C\a!}ap\\t!5&!,.=!b}!ap\a=
!!LS*K-)U1!.$8&)*2!(&*$.'.2!'!$@&(/(/&!$6&*'*2!6$!R-,!I/5'=
!!uuu=8&%*-.%/#)'=%-01!G+/'$4%+(1!#'9&,'!b=
!A/8$,$)!6/0!)/0/)1!O'*F*!%F*!)/,*$0!*&,$.&P=

)"

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

=#"'#$,W'(!1",.;65;
Y'#*13-*,'*'4'!#!
k$%&*$)%!%'.*$'!(/&!:')'.'7!;&%-($)%/1!a$//'5&<3
(+'(423 6/3 +=1245/&#3 L(+43 &(4?%&3 24/3 \&j1-3 :oF9+1! %/!
#.$4'3'! (/&!M,*-&,$! e'&8.$1! +,! *.'6/%$.$'! +,! .-0F,$5*$!
'! M/.$(&$&! :'*'(&1! 5*&/*2! %'! .$6'%*-.! 6$! %'.*$=! M.$! -!
#.$<$,*'.$!#$!%-#$.*2!'!)%.&&*-./(/&![=!I&-7',/=!I'.*$'!
$!'#2./*2!'%-(-!/,6$!$(!'A/,)$)$!6&.$%*-.1!6/#2!%26$.$'!
.$9&0/(/&! %-0/,&)*1! ('! S6&*/.'! S0&,$)%/1! +,! \]]a=!
;-*$<! $6&3&'1! #$,*./! %2! #'.$! ,$5*&/*21! +,! *-*! %'</(! %$&!
%'.$C(!%-0$,*$'<2!('!,-&!#$!'/*-./(!.-0F,1!#(-&$5*$',1!
$@&('*! 6&,! \]b_! +,! e.',3'1! ,/! #'.! %2! -! %/,-)%=! S6&*/.'!
#/.*F,6! ,/0$($! %$(/&! 0'&! 0'.$! #-$*! .-0F,! #'.$! 5&! $'!
+,*.$! *&0#! %'! 5&! 6&)#2./*2=! E,! (&07'! 4.',%$<21! %'.*$'! '!
'#2./*! ('! 6&*&-,! 6/! es(&,1! +,! \]_]=! ;&%&! '%-(-! ,/! '!
&,*.'*! +,*.C-! 0'.$! %')2! 6$! $6&*/.2=! >.'6/%2*-'.$'! +,!
(&07'!,-')*.2!4'%$!-!,-*2!?,'(2!+,!%'.$!0$,3&-,$'<2!%2!
8$.)&/,$'!'%$')*'!$)*$!.$82</*2!6$!'/*-./(!(/%.2.&&1!6$%&!
&C-! #/*$0! 6&)%/*'! 5&1! 6'%2! $! %'</(1! L&0#/*'U=! "2! )#/,!
%F*$8'!%/8&,*$!5&!6$)#.$!%/8&,*$($!(/&![=!I&-7',/1!6$!#$!
%-#$.*'! '%$)*$&! $6&3&&! ,$9(&A'*$1! #-'*$! %8')&C,$6&4/<'*$=!
I&-7',/! 5&! ;&%-($)%/! )$! &,*$.)$%*$'<2! #.&,! R-,! :'.7/!
5&!.$(&9&$!+,!9$,$.'(1!6'.!+,!0-6!,'*/.'(!$&1!%F*!'.!?!6$!
'?,&1!,/!)$!&6$,*&?%2=!B/#2!4-.0'3&'!5*&&,3&?%2!$8&6$,*21!
0&)*&%'!+&!'#'.$!(/&!I&-7',/!,$%/,-)%/*21!,$&,*/&*2!6$!('!
+,%$#/*1!'!0-,-9.'4/(/&!(/&!R=!:'.7/=!W!0&)*&%2!'6/)2!6&,!
+,*/,$.&%!5&!*$,$7.$1!+,.262%&,'*2!6&,%-(-!6$!%.$5*&,&)01!
+,!#.-4$*&)0/(!0&*&%-C.$(&9&-)1!#-(&*$&)*1!'(!#.&0&(-.!9.$%&!
.$8$('3&!%/(*/.'(n!B&,!7$<,'!O+,N2%2.'*2P!'!)#&.&*/(/&!'.!
)%-'*$! 5&! f'`-7! :wK0$! 6&8&,&*'*$'! %.$5*&,2! 0-,-*$&)*C
*.&,&*'.21! %.$6$! T! %-.$%*! T! I&-7',/1! %.$6&*F,6/C(! #$!
'?.0'*/(! ?<&%&',! 5&! +,! #-)*/.'! 6$! '6$%8'*! %-0$,*'*-.!
'(! /,/&! 0&)*&%! %.$5*&,! &,%-0-61! 6$%&! )$0,&?%'*&8=!
"%/.*! %-0$,*'.&/! 9$,$.'(1! 6'.! 5&! 6$! -! ',/0&*2! ,/',32!
K$.0$,$/*&%21!.$)*.F,)2!5&!#.-8-%'*-'.$=
S)$/(!'.$!5&!6-/2!$#&9.'4$=!k-)*/(!/,/&!$#&9.'4!
$)*$! )2! '*.'92! '*$,3&'! ')/#.'! /,-.! &6$&! 4-,6'*-'.$! '($!
)%.&$.&&! 5&! 6$! %-0#.$K$,)&/,$! '! ($%*/.&&=! B$%&1! )2! ,/!
*.$%! #$)*$! $($=! V.&0/(! $)*$! %K&'.! 6&,! 0&)*&%/(! %-0$,*'*!
5&!)$!.$4$.2!('!%/,-'5*$.$=!"2!<&%$0!,/!6-'.!5*&&,3&?%21!
#.&0'! 8-%'7/(2! 6&,! *&*(/(! $)$/(/&1! 6'.! $#&)*$0-(-9&%2=!
I/,-'5*$.$'! $! -! (/#*21! %'! '*'.$! )$,)/(! $&! #-($0&%!
O.2<7-&,&%P! $)*$! ,/0'&6$%F*! 6$%('.'*=! Z-9&%'! 5&!
$#&)*$0-(-9&'! (/&! :=! ;&%-($)%/! ,/! )/,*! 6$%F*! #F,2! ('!
/,! #/,%*! #-($0&%$=!M07&3&-,$'<2! 0'&! 0/(*=! j.0$'<21!
+,*.C/,! '(! 6-&($'! $#&9.'41! -! %-,8&,9$.$! '6-#*'*2! 6$! ('!
[=! S(&'6$D! %-,5*&&,3'! '.$! ! 9$,$*&%! -! )*./%*/.2! )'%.2=!
"'%.21!,/!6&8&,21!%.$5*&,2=!Z/#*2!'!%/,-'5*$.&&!+,!,/0$($!
)'%./(/&1! '! *-*! %$! $! #/.1! )4F,*n! "#.$! )4F.5&*/(! $)$/(/&!
0'&! %&*&0! %2! [=! S(&'6$! 6$)%-#$.2! /,&*'*$'! )#&.&*/'(2!
#.&,!0$*-6-(-9&'!5*&&,3&?%2=!M.!/.0'!5&!$(!%'0!'%$$'5&!
?(-<-?$!'!,'*/.&&=!S(1!0&*-(-9/(1!$(1!?(-)-4/(!.$(&9&&(-.1!

%/!)'/!42.2!.$(&9&$!+,!)$,)/(!6$!%.$6&,321!%/0!)C'!)#/)n
V.$4'3'! (/&! M,*-&,$! e'&8.$! ,C'5! )#/,$! %2!
/.0$'<2!+,!(&*$.2!)/)3&,$.&($!(/&!:=!;&%-($)%/1!8$,&,6!5&!
+,! %-,*.'6&%3&$! O#$! /,! '(*! #(',! 6$! %-,*.'6&%3&$P! %/! $($D!
0&*/(!5&!)&07-(&)*&%'!7'.-%2!&!)$!#'.!'!%-0#/,$!L%K$&'U!
9F,6&.&&! '/*-./(/&! *.2&*-.! ('! (&0&*'! 8$'%/.&(-.! \bC\d=!
M%$)*'! '.! ?! #.-6/)! -! ?(-<-?$! '! ,'*/.&&! 6$)#2.3&*2! 6$!
&6$-(-9&$!5&!*$-(-9&$1!6$)%K&)2!-,*-(-9&%!)#.$!-!L4$.*&(2!
*.',)6&)%&#(&,'.&*'*$U=! E,*.C'6$82.1! -! ,-/2! ?(-<-?$! '!
,'*/.&&!%'/*2!*.',)6&)%&#(&,'.&*'*$'!(/&!:=!;&%-($)%/t!+,*.$!
*&0#!5&!'!'(*-.'1!%'.$!&C'/!6$8$,&*1!'%$)*$&!0$*-6-(-9&&1!
'6$#3&1! $@&)*F,6! +,)2! 5&! /,&&! #.$%/.)-.&=! S! '6$82.'*! 5&!
%2! $! $@%(/)2! &6$-(-9&'1! 6$5&! 0$*-6-(-9&'! '%$')*'! )$!
.$%/,-'5*$! ,$$@%(/)&8&)*2=! X-&! %-0$,*'! 5&! $/! ')#$%*/(!
'%$)*'=! ;/0'&! %2! 5&C'.! 6-.&! )2! 6&'(-9K$<$! 5&! %K&'.! )2!
&,*$9.$<$! O'&%&! $)*$1! )$! #'.$1! #.-7($0'rP! *$-(-9&'1! 6$!
%'.$! ,/! )$! 6-.$5*$! ./#*2n! E,*.$! *&0#1! '%/01! +,! ap\a1!
,/!5*&/!%F*!6$!-?%&'(1!%F*!6$!*'%&*!-.&!6$%('.'*!O$@&)*2!-!
#.$4'32!('!-!%'.*$!%-($%*&82!)$0,'*2!#'.$C)$!,/!6-'.!+,!
,/0$! #$.)-,'(! 6$! /,! *$-(-9! -.*-6-@! .-0F,P1! :&)$.&%'!
W.*-6-@2! k-0F,2! +&! .$4/<2! *.',)6&)%&#(&,'.&*'*$'1!
+,*$0$&'*2! #$! 6&'(-91! +&! +,%K&6$! 8'! )2! <&%2! *-%0'&!
6&'(-9/(1! (2)F,6! 0$*-6-(-9&'! %/! ')#&.'3&&! /,&8$.)'(&)*$!
6-'.! )2! 0-,-(-9K$<$n! V.$4'3'*-./(! 4.',%$<1! '6$#*! '(!
*.',)6&)%&#(&,'.&*23&&1!%-,)#$%*$'<2!/,!')#$%*!'(!.$('3&$&!
.$'(&*'*$C&0'9&,'.D! L*.$#*$($! 6$! .$'(&*'*$! G%-.$)#/,6H!
*.$#*$(-.!R0'9&,'./(/&U=!I-.$)#/,6!$($!)'/!)$!)/7)*&*/&$J!
V'.$! 0'&! 0/(*! -! &,*$9.'.$! 0/*/'(2! 6$%F*! -! -7&5,/&*2!
','(-9&$=!B$!4'#*1!,/!#'.$1!%K&'.!'5'!5&!$=!M%%$#3&'!$)*$!6$!
&,*$9.'.$!#$!/,!'(*!#(',1!%-0/,1!6$!#.-4/,62!%-0/,&%'.$1!
#/*$0! )#/,$! %K&'.! %-0/,&-,'(=! M,*-&,$! e'&8.$1! #$C
'*/,%&! ('! j,&8$.)&*'*$'! 6&,! Y'/*$! ;-.0',6&$1! 4'%$!
&,*$.6&)%&#(&,'.&*'*$!$)-*$.&%2!ORlm(1$m%/(9+<!V'.&)1!Vje1!
\]]aP!5&!'!)%.&)!5&!6$)#.$!?(-)-?'!,'*/.&&!OGF/21(1?F/+3.+3
2&3 '&$4%&3 Q?F/(/r4+3 (&0%m+3 +$3 $Fm1(1?F/+<3 teOOO+)tOt+3
(/n02+(S<!V'.&)1!M(7&,![&%K$(1!\]]b=!B-/2!0'.&!8-(/0$!
'($!)'($!%/!*&*(/(!E,/3.+3&00+(32&3+(1$+%/(9423100/.+'$&21!
+,!appdCapp_1!'/!'#2./*!('!,-&!#.&,!S6&*/.'!;$0&.'=
>.',)6&)%&#(&,'./(! :=! ;&%-($)%/! #($6$'<2! ')&6//!
#$,*./! 6&'(-9! &(&0&*'*=! [=! h-.'1! #$! %'.$C(! '60&.21!
'.! #/,$! /,! $#&*$*! 6/#2! /,! 8-(/0! '(! )2/D! 6&'(-9/(!
>+'+%&2/C&$=! V-3&! ?! *.',)6&)%&#(&,'.! 5&! &,8-(/,*'.1! 6'.!
')*2<&! *.',)6&)%&#(&,'.&*'*$'! '.$! ,/0$.-5&! 8-(/,*'.&=!
B'.! $(1! :')'.'7! ;&%-($)%/1! )/)3&,2*-./(! +,4-%'*! '(!
6&'(-9/(/&1! +0#.$/,2! %/! f'`-7! :wK0$1! +,! '%$)*! $)$/!
-'.$%/0! 0-,-9.'?%1! .$%/,-'5*$! +,6$-)$7&! 4'#*/(! %2!
#/,$! L+,*.$72.&! 8$.*&9&,-')$U=! B&'(-9/(! $)*$! K.2,&*!
6$! &,*$.-9'3&'! +,*F(,&*2! +,*.C/,! &,?,&*! '(! %-,5*&&,3$&!
&,6&8&6/'($! 5&! /,&8$.)'($=! >.2&.$'! .20F,$! 6&'(-9&%2!
O(C'5! '0&,*&1! &/*$1! 6&,! 6-0$,&/(! %.&*&%&&! 5&! #-$*&%&&1!
#$! [=! :'K*&,P! 5&! &,*$.-9'*&82=! >.2&0! (/F,6/C,$! ('!
+,*.$72.&1!#$.)-,'(!5&C,!9./#=!B/5&!6$!8'(/(!%-,5*&&,3$&=!
"2! 6&)%/*201! +,! &,*$.&-.! 5&C,! '4'.21! 42.2! 0-,-#-(! 5&!
-7)*'%-($1!#(/.'(&)*!5&!*-($.',*1!'/*$,*&%!6$0-%.'*&%1!'&%&1!
+,! &,*$.6&)%&#(&,'.&*'*$! 5&! +,! ,-/'! ?(-<-?$! O'! ,'*/.&&P1!
6$0-%.'3&'! ,$?&,6! %$(! 0'&! 0&%! .2/! 6&,*.$! .$($1! %&! /,!
&6$'(!#$.4$%*!.$'(!)'/!%$(!#/3&,!.$'(&<'7&(=!B'.!%K&'.!5&!('!
*$-.$*&%&',/(! ,-/(/&! #'.'6&)! #.&8'*! 6$! %26$.$'! +,! #2%'*!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
*-($.',3'!'.$!-!(&0&*2=!['&!&'!5&!$(!%F*$!-!'%/*2!%(&5$&<'*!
#'0N$*'.2=! M&%&1! 6$! #&(621! 4'32! 6$! -1! 6$! '(*4$(! 6$(-%!
+,9/)*21!9./#'.$!6$!-'0$,&!6$!5*&&,32D!L,&5*$!6&,-<'/.&1!
'6$#3&! '&! )%&$,*&)0/(/&U=! "%&$,*&)0/(! $)*$! $@%(/)! 6$! ('!
6&'(-9=! "$! #-'*$! )#/,$! %2! )&,9/.! )$! '/*-$@%(/6$=! B'.!
,C'.!*.$7/&!%'!0$*-6-(-9&'!*.',)6&)%&#(&,'.2!)2!'*.'92!5&!
)2!,/!)$!)/)*.'92!6$!('!6&'(-9/(!,$%/.0'*!5&!9$,$.'(&<'*1!
#'.%2! %K&'.! '7)-(/*&<'*J! ;$! 8-0! (20/.&! #$! #'.%/.)1! +,!
'%$)*!6$0$.)=
:=! ;&%-($)%/! +5&! *.'9$! )&,9/.! %-,%(/<&&($! ('!
)4F.5&*/(!'%$)*/&!L)%/.*!$)$/U=!S(!)%.&$!)%/.*1!4.'90$,*'*1!
+,!*-'*$!8-(/0$($1!,/!'('.0',*!6$!0/(*$=!;/!)$!#.$*&,6$!
$@$9$*1! K$.0$,$/*1! %&! )&0#(/! 02.*/.&)&*-.1! +,)2! /,/(!
'8&<'*1! '*$)*'*! %'! 5*&&,3&?%=! Z')2! 6$%&! -! L02.*/.&$U1!
6$)#.$!L-!&,?02!#'.*$!6&,*.C/,!&0$,)!%-,*&,$,*U1!%'.$!$!
L9F,6&.$'!(/&!f'`-7!:wK0$U=!IF*!6$!/,&*'.!$!%-,*&,$,*/(1!
%F*!6$!'.0-,&<'*2!$)*$!9F,6&.$'J!IF*!5&!%/0!'!6$%/#'*C-!
','(&)*/(J!I&,$!$)*$!%$(!#$!%'.$!+(!$@#/,$!%&*&*-./(/&J!X-.!
?!?&,6!5&!'%$)*$'!,&5*$!+,*.$72.&!8$.*&9&,-')$n
f'`-7!:wK0$1!,$!)#/,$1!$)*$!/,!0'.$!%2/*2*-.!
'(!/,$&!,-&!?(-)-?&!'!,'*/.&&=!e&(-)-41!%'!'*'.$1!,/!*$-(-9=!
gF,6&*-./(!9$.0',!6$!'%/0!#'*./!8$'%/.&!+&!-4$.2!-%'<&'!
/,$&! *.&#($! &,*$.)$%*2.&! )'/! .2)%./%&! O%./%$C,! *.$&P=! R'*2!
'5'6'.! -! L+,*F(,&.$! /,&%2! +,*.$! &0'9&,'3&'! %.$'*-'.$1!
9F,6&.$'!%.$5*&,2!5&!9$,&/(!0'&$/*&%!'(!(/&!f'`-7!:wK0$U=!
S! /,! 0&@'A! ('.9! '&%&D! &0'9&,'3&$1! %.$'3&$1! *$-(-9&$!
O*-*/5&rP! 5&! 0$*-6-(-9&$! )-%.'*&%21! 0'&$/*&%21! ,'5*$.$1!
0-5&.$t!6&'(-9/(!0'&$/*&%!'.!?!.262%&,'!*.',)6&)%&#(&,'.2!
#.&021! -! 0$*-6-(-9&$! 6$! 8')*2! %/#.&,6$.$1! K-(&)*&%2!
+,*.C/,! ',/0$! )$,)=! ['&! #.$)/)! 6$! *-*1! Lf'`-7! :wK0$!
,$!+,8'32!4$(/(!+,!%'.$!0/(*&#('!)#($,6-'.$!'!e&&,3$&!)$!
.$N$%*2! +,! -9(&,6'! ;'*/.&&=U! R'*2! /,! 6$0$.)! )&0/(*',!
-,*-C9,-)$-(-9&%=!I/0!)2!)$!.$N$%*$!e&&,3'!+,!;'*/.2J1!
02!+,*.$7!$/1!42%F,6!#.-7'!+,3$($9$.&&!#F,2!('!%'#2*=!;/!
6-'.!)2!)$!8'62=!"2!)$!%-,*$0#($=!"2!/<$<$!6$!$F+1%/&1!
6$!%-,*$0#('.$=!e&&,3'!O)$P!*$-.$*&<$'<21!)$!%/,-'5*$!5&!
*-*-6'*2! $@&)*2! %2/*F,6/C)$1! 6$)%-#$.&,6/C)$! +,! 5&! #.&,!
;'*/.2=!S'!)$!5&!&0'9&,$'<21!)$!%.$$'<21!)$!9F,6$5*$!O+,!
)#&.&*!%.$5*&,P1!&,*.2C,!6&'(-9!&,*$.,!5&!$@*$.,=!B'.!%F*!6$!
$@'%*! )$! .$8$($'<2J! M&%&! %$.*2! .20F,$! &,%$.*&*/6&,$'=!
S@'%*&*'*$'! ,/! )$! %'#2*2! ,&%&! #$! '%$')*2! ,-/2! %'($! '!
%-0/,&/,&&! ?&,32C,'*/.2=! B-'.! %2! e&&,3'! 5&! ;'*/.'! ,/!
)/,*! (/'*$! )$#'.'*=! e&&,3'! ,/! )$! .$N$%*2! +,! )&,$=! I'($'!
*.',)6&)%&#(&,'.2!,/!.$,/,32!('!9/9+(/(=!X-0!8$6$'!%2!
6&0#-*.&821! -! $8&6$,3&'*2! %'! ,&%&-6'*2! ',*$.&-.=! ;-/'!
?(-<-?$! O-,*-C9,-)$-(-9&$P! '! ;'*/.&&! #.-#/,$! 5&! /,!
,-/! 9/9+(/(1! 7'<'*! #$! '(*2! (-9&%2! 6$%F*! %$'! 7&,'.21!
%-,*.'6&%*-.&$=!
M%$')*2! 9F,6&.$! /.02.$5*$! 5&! /.0$'<2! O.P
$8-(/3&'! &,*$.)$%3&$&! 6&,*.$! 5*&&,32! 5&! )$,)=! "2! 8$6$0!
+,)2!+,!%$!)$,)!$!(/'*!'%$)*!(+'(=!B&,!%&-%,&.$'!5*&&,32C
)$,)! &$)$! 6$%&! ,/! -! )&0#(2! $8-(/3&$! O'(! *.$&($'! %/8F,*!
6&,! *&*(/P1! ,&%&! 02%'.! -! .$8-(/3&$! +,*.$! '(*$($1! +,! &)*-.&'!
8$'%/(/&!ap1!6'.!/,&%'!.$8-(/3&$!'/*$,*&%21!)#/(7$.F,6/C
($!#$!*-'*$!%$($('(*$=!h*&&,3'!4'%$!&)*-.&'=!B/#2!%$1!%/0!
)C'.! 0'&! #/*$'! +,3$($9$1! -! )#/(7$.2=! B'.! %$! O.P$8-(/3&$!
'! 9$,$.'*! 5*&&,3'! +,! )$%-(/(! apJ! j,! 4$(! 6$! +,%K&6$.$C

)#

6$)%K&6$.$1!-!.$8-(/3&$!#$!6$#(&,!$%K&8-%21!-!%-(&<&/,$!
0-'.*$C8&'321!.20')2!+,*.C/,!$%K&(&7./!#.$%'.=!k$</(*'*2!
6&,! 0-,-(-91! &,*-($.',321! &9,-.'.$! 5&! ,/! 6&,! 6&'(-91!
*-($.',32! 5&! %/,-'5*$.$=! ;$4$.&%&*! (&+04249n! Z/0$'!
$)*$!#$!0'.9&,$'!#.2#')*&$&1!7&,$!#.$92*&*2!6$!6&)#'.&3&$1!
9'*'! *-*-6'*2! )2C5&! .$+,%$'#2! $@&)*$,3'=! I$! )$! &9,-.2!
0'&! %/! )$'02! )/,*! )$,)/(! ,'*/.'(1! )$,)/(! ;'*/.&&1!
+,! #'.*&%/('.! /,$($! 6&,*.$! )$0,$($! $&! 0'.&! 6$! .$4/<1!
*.'*'*$!6$!-0!%/!)&03&.$'!5&!9F,6&.$'!-.&$,*'*$!+,!%-,*.'!
6&.$%3&$&! #(',$*'.$1! %-)0&%$=! h&! ,/! $! 6$(-%! +,3$($#*1! ,/!
$1! '5'! <&)1! ?.$)%1! ,'*/.'(=! e&(-)-?'! 5&C'! *.')! /,! 82(! 6$!
&,6&4$.$,321!'!#&$.6/*!.$('3&'!$&!,$%$)'.!,'*/.'(21!,/!#'.$!
'!5&C-!0'&!#/*$'!.$%2#2*'=!;/!0'&!$!/,!#-6!%/!/,!%'#2*!
+,!,'*/.2!5&!'(*/(!+,!)$,)=!h*&&,3'!5&!)$,)/(!)C'/!6$,'*/.'*!
%/!*-*/(=!R'*2!.-)*/(!/,$&!?(-)-?&!,-&!'!,'*/.&&D!)2!.$($9$!
O)2!0$6&$<$1!)#/,$!'/*-./(P!5*&&,3'!5&!)$,)/(=!>$.0$,/(!
0$/! ,/! #'.$! '6$%8'*=!V-'*$! %2! ,/! $=! W.&%/01! +(! $8-%2!
#$! %+2/>&%+! O($9'.$! )#'*$! ('! )#'*$1! +,! ('*&,2P1! %/8F,*/(!
+,! %'.$! )C'! %/#.&,)! .$(&9&'=! W! ?(-<-?$! '! .$($92.&&!
5*&&,3$&! 6$! )$,)! ,/! $)*$! -! .$(&9&$=! S! 6-'.! -! ?(-<-?$=!
;/! *$-(-9&$1! ,/! *.'6&3&$1! ,/! &6$-(-9&$1! 6'.! ?(-<-?$1!
-,*-(-9&$!O%/!$@*$,)&$!9,-)$-(-9&%21!'0!%-,)*'*'*P1!6$!
-! '(*2! %-,%$#3&$1! %.$F,6/C)$! #.&,! .$9F,6&.$'! 5*&&,3&?%2!
'! ,'*/.&&=! I.$F,6/C5&! )&,9/.2! &,%&6$,3$($! O5&! ,/! 0'&!
0/(*! 6$%F*! '*F*1! #.&,! .$9F,6&.$'! (-.1! ?.$5*$1! 5*&&,3&?%2!
5&! ,'*/.'(2P! %/! *$-(-9&%/(1! ! *.'6&3&-,'(/(1! &6$-(-9&%/(=!
B'.!,/!%/!%$($!'5'!%/0!)C'/!42%/*!%/,-)%/*$1!#$,*./!%2!
0-6/(! 6$! -#$.'.$1! 6$! +,?&,3'.$! T! -,*-(-9&%! 8-.7&,6! T!
$)*$!.'6&%'(!'(*/(1!$%&'(./(0/?2/'&%=!I-,%$#*!6$!7'<2!%$!
)$!%$.$!+,3$($)!5&!'#(&%'*!'6$%8'*=!>-*/(!6&,%-(-!6$!*-'*$!
6&)%&#(&,$($=! W! 6$#25&.$! 5&! ,/! -! .$%/#$.'.$! '! '%$)*-.'=!
R0#-)&7&('! +,*-'.%$.$1! +,'&,*$1! 6'.! '(*4$(1! &'*2! 0$*-6'1!
%'($'!*.',)6&)%&#(&,'.&*23&&=!LE,*-'.%$.$'!('!-!*$-(-9&$1!('!
-!*.'6&3&$!)'/!('!-!&6$-(-9&$!7&,$!6$*$.0&,'*$!,/!#-'*$!?!
%-,%$#/*2=!V/,%*/(!6$!#($%'.$!'(!/,$&!e&(-)-?&!'!;'*/.&&!
,/!#-'*$!?!6$%F*!5*&&,3'!0-6$.,21!6'.!-!5*&&,32!%'.$1!'A/,)2!
('! #.-#.&&($! )'($! 4./,*'.&&1! *-($.$'<2! 5&! %K&'.! .$%('02! -!
6$)%K&6$.$! -,*-(-9&%2=! M%$')*2! 6$)%K&6$.$! -,*-(-9&%2!
,/! #-'*$! 6$8$,&! -#$.',*2! 6$%F*! #.&,*.C-! '#.-#&$.$!
5*&&,3&?%2!5&!%/(*/.'(2!6$!*&#!,-/!T!*.',)6&)%&#(&,'.&*'*$'=U!
k$('3&'!.$)*'7&(&*2!$!%/!,'*/.'!)'/!%/!.$'(&*'*$'1!,/!'*F*!
+,! ',)'07(/! O6$5&! $! 5&! ')*'P1! %F*! +,O*.$P! ($92*/.&($! /,$&!
,'*/.&!)'/!.$'(&*23&!0/(*&,&8$('*$=!B&4$.$,3&$.$'!6$!,&8$(!
$)*$! '%/0! $@#(-.'*2! ?(-)-?%=! L>.',)6&)%&#(&,'.&*'*$'!
$)*$!0&A(-%/(!#.&8&($9&'*!+,!$@#(-.'.$'!'!%$$'!%$!%&.%/(2!
+,*.$! 6&4$.&*$($! ,&8$(/.&! 6$! k$'(&*'*$=U! E,*.C/,! 4$(1! -!
?(-<-?$!6$!&,*$.8'(=!"'/!6$!&,*$.8'(/.&=!B'.!,/!0-6$)*21!
%&!'07&3&-')21!,/! (&0&*'*21!%&!,$(&0&*'*21!,/! 6$!,&521!%&!
L*-*'(&*'.2U!T!?(-)-?%1!5*&&,3&?%1!,/!&6$-(-9&%=!
>$<'! )'! .$</(*'*2! #.&,! '#($%'.$'! 5&! '#(&%'.$'!
')/#.'! 9F,6&.&&! (/&! f'`-7! :wK0$! $)*$! .$6&.$%3&-,'.$'!
0-6$.,2! '! 5*&&,3$&! T! '5'! 6$! *F.<&/1! 6/#2! /,! 0&($,&/! 5&!
A/02*'*$!T!#.&,!.$N$%3&'!.$(&9&-')21!%.$5*&,2D!L0$6&*'3&'!
%.$5*&,2!')/#.'!*.&,&*23&&!'!%-,)*&*/&*!#'*/(!,/*.&*&8!%'.$!'!
#$.0&)!+,N-.&.$'!5*&&,3$&!0-6$.,$U=!M7&'!'*/,%&!)C'!'A/,)!
('! %-,N/$,3'! 6&,*.$! 5*&&,32! 5&! %.$5*&,&)0=! I.$5*&,&)0/(!
5&C'! $@#/)! 4'3'! 5*&&,3&?%2=! "C'! #.-6/)! -! %4?$4%,3
9+$1.121>/0,=! gF,6&.$'! *.'6&3&-,'(2! '! 4-)*! './,%'*2!

)$

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

#$)*$! 7-.6=! h*&&,3'! '! .$+07.23&5'*! 5&! '! .$',&0'*! ,'*/.'=!

B$0$.)/(!*.$7/&$!'<&!%-.$%*'*!5&!%-,*&,/'*=!"%&$,*&)0/(!
$! 6$! .$)#&,)1! ,&%&6$%/0! *$'0'! O%'! '! )'8',*/(/&! R(i'!
V.&9-9&,$P! %2! 5*&&,3'1! +,! -.&<-,*! 6$! 6$#(&,2! $(&7$.'.$!
-,*-(-9&%21! +(! 8'! 'N'! #$! B/0,$<$/! +,! *-*/(1! +,! /(*&0'!
#'.*&%/(21! )4F.5&,6! +,*.C/,! ,-/! #',*$&)0=! I.$6&,3'! -.&!
+,%.$6&,3'.$'! O?(-)-?%2P! '! (/&! :=! ;&%-($)%/! $)*$! %2!
-.&<-,*/(! #',*$&)*! 8'! ?! %/! *-*/(! 6$#25&*! 6$! -.&<-,*/(!
-,*-(-9&%=!W!?(-<-?$!'!,'*/.&&!'A/,9$!0'&!%/#.&,<2*-'.$!
6$%F*!-!.$)*.F,)2!.$(&9&$!#',*$&)*2=!
j(*&0/(! 9F,6! '(! $)$&)*/(/&1! +,! 0'.9&,$'!
9F,6&.&&! (/&! f'`-7! :wK0$1! $)*$! '%$)*'D! LX.$0$'! /,$&!
,-&!'(&',3$!'/*$,*&%$!T!'!-0/(/&!%/!)&,$!+,)/5&!T!'!)-)&*=!
E,! %2/*'.$'! ,-')*.21! f'`-7! :wK0$! $)*$! #.$<$,*! #.&,*.$!
,-&1! *./#$5*$! #.$<$,*1! #.&$*$,1! 6&8&,! '.*&<',1! 02.*/.&$!
8&$! '! '%$)*$&! ,-&! '(&',3$=U! X')*/(! -.&<-,*! 5*&&,3&?%-C
?(-)-?%1!-,*-C9,-)$-(-9&%1!$)*$!'N'*!+,!-01!+,*.C/,!-0!
%$! #'.$! K&#$.7-(&<'*1! K&#$.6&0$,)&-,'*=! k$('3&'! O&,*$.P
/0',2!'.!?!)'(8'.$'1!'6$82.'*'!)'(8'.$=!B-'.!%'!#/,%*!
6$! #($%'.$1! &,*$.0$6&'*! 6$! 5*&&,32! 5&! )$,)1! )#.$! /,&%'!
O.P$8-(/3&$! '! 8.$0&&! ,-')*.$J! I/! '#.-'#$! /,! )4$.*! 6$!
8$'%!+,!/.021!%F,6!:=!;&%-($)%/!+5&!)%.&'!$)$/(1!*-%0'&!
)$! #.-6/%$'! -! 0'.$! )%K&07'.$! #-(&*&%2! #(',$*'.21!
%26$.$'! *-*'(&*'.&)0$(-.1! 6/#2! ',*$.&-'.'! #.27/5&.$!
'! %-(-,&'(&)0$(-.=! E,! %-,*&,$,*/(! ,-)*./1! +,! e.',3'!
-)#&*'(&$.2!%/!$@&('*/(!.-0F,1!)$!#$.%$#$'!'*/,%&!,/!-!O.P
$8-(/3&$!+,!&)*-.&$1!%&!L%2/*'.$'!/,$&!&6$,*&*23&!$/.-#$,$U1!
#.&,!)#&.&*/(!%'.$!($'92!,'3&/,&($=!j,!+,%$#/*!5&!/,!)%-#=!
[&A(-%/(!'/*-./(/&!6$8&,$!-!%'($1!-!0$*-6-(-9&$1!#$,*./!
-!.$92)&.$!&6$,*&*'.2!#.&,!'(*2!?(-)-?$!'!,'*/.&&=!
I/! %F3&8'! ',&! +,'&,*$! 6$! '! )%.&$! 6$)#.$! f'`-7!
:wK0$!O\ldlC\ba^P1!:=!;&%-($)%/!#/7(&%')$!-!%'.*$!6$!
5*&&,32! O?<&%2! *$-.$*&%2P! 6$! 0'.$! 8&<&7&(&*'*$1! ;14(<3 2&3
?&%$/042+3+$32+391'.+1!\]_l=!S.-/(!0&%/(/&!)2/!$)$/!6&,!
\]_]!,/!&!)$!#'.$!'*F*!/,!0&)*&%1!%F*!/,!4$(!6$!9,-)*&%=!j,!
9F,6&*-.!6$!&,*$.8'(1!*.',)6&)%&#(&,'.1!6&,%-(-!6$!.$(&9&$1!
6&,%-(-! 6$! ?(-<-?$1! 6'.! %/! #-)&7&(&*'*$'! .$)*'/.2.&&!
'%$)*-.'=! ;/! $! ($),$! 6$! 6$)%&4.'*=! "%.&$! -7)%/.1! )%.&$!
)&07-(&%=!B'.!%$!9F,6$5*$!'#'.$!6$!6&,%-(-!6$!#.$<$,*/(!
*.'6&3&-,'(&)*=!S(!)$!+,423&5$'<2!+,*.C/,!%K&#!0-6$.,=!I$(!
+,%'6.'*!+,!#.-@&0&*'*$'!9,-)*&%&(-.!$)*$!T!%-,*.'<&%$.$!
'! '/*-./(/&! %/! -! '(*2! '*&*/6&,$! 4'32! 6$! %-,*.'<&%$.&J!
T! *-*/5&! L/,! ?(-)-4! 0-6$.,U=! M(*4$(! 6$%F*! 8-.! 9F,6&!
?(-)-?&! 0-6$.,&! %'.$! '/! '6/)! %-,*$0#-.',$&*'*$'!
+,*.C/,!&0#')=!V.&0/(!4'#*!+,)$0,'*1!.$%/#$.'7&(1!6$!('!
$(1! $)*$! '%3&/,$'! 6$! .$9$,$.'.$! '! ?(-)-?$&! ,'*/.&&1! '<&!
#-)&7&(2! 5&! 6$! 6-.&*! '%/*! #.&,! 5*&&,32=! ;$! $1! %/! -! 8-.72!
6$!('.92!%'.&$.21!%-,*$0#-.',=!:/,!%-,*$0#-.',1!+,*.C-!
%-,*$0#-.',$&*'*$!0'&!6$9.'72!#.$6'*2!('!.2/=!e&(-)-?'!
,'*/.&&! ('! $(! $)*$! /,'! #.&0-.6&'(! '! #.-#.&$&! ,'*/.&=!!
S@*.')2!6&,*.C-!L$@#$.&$,32!*.2&*2U=!j,!'/*$,*&%1!)&,9/('.1!
$@&)*$,3&'(&)0=!"'/!*.2&.&)01!6'%2!)#2(20!*$.0$,/(!/,/&!
%.&*&%!.-0F,1!6$!%-,-*'3&'!0&,&0'(&<',*2=
S)$&)*/(!.-0F,!,/!$!7&-9.'41!$(!,/!'A/,9$!)2!?$!
'*.')!6$!#$.)-,'A1!.20F,$!9F,6&*-.!5&!)$!(')2!'6$0$,&*!
6$!9F,6&.$'!%&<0'./(/&!6$!('!gw.(&*<1!6$%('.'*!$.$*&%!6$!
#.&0! #')*-./(! 6&,! (-%'(&*'*$1! g.$9-.! k&%K*$.1! &'.! 6/#2!
0-'.*$! %/! ! 0-.0F,*/(! #F,92.&*! 6$! (-%/&*-.&&! ,/0&*$&!

'5$<2.&=!R(/0&,'*!0$,*'(!('!al!6$!',&1!$(!'!#.$(/%.'*!+,!
*2%$.$1!8.$0$!6$!\a!',&!O,/0$.-(-9&'!0&)*&%2!'.!0'.%'!
)$0,&?%'3&'! %&4.$&P! ,-/'! 0'*$.&$! &,4-.0'*&82=! B$!
.$3&,/*!%2!5&!:=!;&%-($)%/!+(!,/0$5*$!L$.$*&%/(!9F,6&.&&!
%.$5*&,$Ur!"$!5*&$!&,*-($.',3'!('!$.$<&&!'!.$(&9&$&!%.$5*&,$=!
:=! ;&%-($)%/! )$! 8'! ,/0&! #$! )&,$! %.$6&,%&-)1! %.$5*&,1!
-.*-6-@=! :&)$.&%'! W.*-6-@2! k-0F,2! )C'! 6&)*',3'*1! -!
%-,)*'*2!)&,9/.1!'%/01!+,!/(*&0&&!',&1!6$!$(=
f'`-7! :wK0$! )$! )&0*$! (-%/&*! 6$! /,! )#&.&*! '(!
+,3$($9$.&&! %'.$! /,$-.&! +(! #2.2)$5*$=! >.2&.$'! &(/0&,',*2!
$)*$! '5'6'.! 6&)%-,*&,/2=! >$.0$,/(! '%$)*'! ,/! 'A/,9$!
6$(-%! 42.2! )$,)! #$,*./! 8&<&/,$'! *.',)6&)%&#(&,'.2=!!
S@#$.&$,3'! 6&8&,/(/&! $)*$! )$,<-.&'(2! 5&! ,/! '7)*.'%*21!
*$-.$*&%2=! B&8&,/(! $)*$1! -! )#/,$! %K&'.! f'`-7! :wK0$1!
','(-9! /,$&! $($0$,*! #.$%&)! '(! '.7-.$(/&1! ',/0$! %$(/&!
%'.$! ')&9/.2! K.2,&.$'D! )$8'=! S(! )&0*$1! ,/! 8$6$! )'/!
%-,*$0#(21!)$8'!6&8&,2=!S!?(-)-41!6$<8-(*2!-!-,*-(-9&$!
6$)%.&#*&821! '8F,6! %'! #/,%*! %$,*.'(! #$! B/0,$<$/=! j,!
'(*/(! 6$%F*! %$(! ',*$.&-.! #.-&$%*'*=! I'! ?9/.2! %$,*.'(2! '!
$@&)*$,*/(/&1! B/0,$<$/! $)*$1! )#/,$! :wK0$1! L$)$,3'!
*/*/.-.! $)$,3$(-.U=! B$0$.)/(! $)*$! ,/0&*! 6$! $(! +,)/5&D!
L6$)%.&$!?&,3'!(/&!BC<$/U=!!
S!0-0$,*/(!)2!)%.&/!%2!f'`-7!:wK0$!*.2&$5*$!
,-,%-,*.'6&%*-.&/=! S(! *.2&$5*$! *-*-6'*2! %-,*.'6&%*-.&/(1!
+,4.F,9$! #.$A/6$%'*'! %-,*.'6&%*-.&/(/&1! %'.$! '.! ?!
+,%K&)! O&,%(/)P! +,! ,-,%-,*.'6&%*-.&/=! B&,*.$! /.0'5&1!
h*$4',! Z/#'5%/1! +,'&,*$! 6$! ;&%-($)%/! 5&! '6$#3&&!
*.',)6&)%&#(&,'.&*23&&1! 9F,6$)%! ')*4$(=! Z-9&%'! *.2&*2! '!
,-,%-,*.'6&%*-.&/(/&! )$! '#(&%2! 9F,6&.&&! 5&! $@#.$)&$&=!
I&*&.$'1! %'! 5&! )*&(/(1! '.$! 6.$#*! %-,6&3&$! '6$%8'.$'=!
"%K&07'.$'! 6$! %-0/,&%'.$! %$.$! -! +,3$($9$.$! #-*.&8&*2=!
E,!%'</(!(/&!:wK0$1!/,!$@$0#(/!6$!&,'6'#*'.$!('!(&07'A!
-4$.2! %$(1! %&*'*! '&%&1! '(! (/&! M($@',6.$! y-i.s=! M%$)*'!
+&! .$)#&,9$! (&07'1! %-,)&6$.'*2! 7'.7'.2! 5&! 7F(7F&*2=!
:F(7F&.$'! 5&C'! .$%/,-'5*$! 5&! :wK0$1! %'! 6&?%/(*'*$! 6$!
%/,-'5*$.$!'!0&)*$.$(-.=!OE0&!'0&,*$)%!'%/0!%2!-N2-N/$&!
T! %'! ,-.02! 6$! '6$%8'.$! )*&(&)*&%21! +,*.C/,! $@$0#(/!
6&4$.&*1!6'.!%/08'!','(-9!T!$)*$!5&!(&07'!)/#.'.$'(&5*&(-.1!
'!(/&!gK$.')&0!Z/%'1!)%.&$!g&(($)!B$($/<$P=!
V.&,!g=!B/.',61!:=!;&%-($)%/!%.$6$!%2!(&07'A/(!
5&! 9F,6&.$'! ,-,%-,*.'6&%*-.&&! '/! ,'*/.2! )&07-(&%2=!
Z&07'A/(! )&07-(&%! $)*$! /,/(! ./#*! 6$! %$(! ,'*/.'(1! #.&,!
.$%/.)/(! ('! /,! (&07'A! /,&?%'*-.=!M5'! 'A/,9$! ('! %$$'! %$!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
,/0$5*$! *$.3/(! &,%(/)1! L(-9&%'! *$.3/(/&! &,%(/)U=! S4$%*/(!
'#(&%2.&&! ,-&&! (-9&%&! $)*$! /,/(! 6$! %/#.&,6$.$! ! 5&! 6$!
.$('*&8&<'.$=! E19?%+'.%+1! +,! 4.',%$<2! T! (&07'! 9F,6&.&&!
5&! )%.&$.&&! $)$/(/&! T! +,)$'0,2! 6$-#-*.&82! +,3$($9$.$! 5&!
%/#.&,6$.$=! k$%'#&*/($<! %$($! 6$! 0'&! +,'&,*$D! ,/! $)*$!
8-.7'!6-'.!6$!/,!(&07'A1!$)*$!8-.7'!6$!-!(-9&%21!*-*/5&!,/!
$)*$!8-.7'!'&%&!6-'.!6$!-!(-9&%21!6'.!6$!-!*.2&.$D!$@#.$)&$!
6&.$%*2! '! ?&,3$&1! 7'<2! 5&! %'6./! #$,*./! -! -,*-(-9&$=! R'.!
*.2&.$'! $)*$! ,$.$'(21! '6&%2! ,/! #/.! .$'(21! +,)2! -! *.2&.$!
)&07-(&%2=! k20F,$! 6$! 0$,3&-,'*! 4'#*/(! %2! )&07-(&%/(!
&,*$9.$'<2! +,! .$'(! 5&! ,$.$'(/(=! j,! 4$(! 6$! %-,*&,/&*'*$!
6&)%-,*&,/2=!B4%1%&1!)%.&$.$'!$)$,3&'(2!'!(/&!:wK0$1!$)*$1!
%'! '*'.$1! -! 7-9'*2! 5&! )#($,6&62! L'7-.6'.$! )&07-(&%2U=!
M&%&!$(!,/!)$!.$92)$5*$!%/!*-*/(!+,!(-9&%'1!(&07'A/(!)'/!
9F,6&.$'! *$.3/(/&! &,%(/)! '(! (/&! Z/#'5%/1! .20F,F,6! +,%2!
*.&7/*'.!%&!-/'&%424/=!B'.!5&!'5'!$(!%-,)*./&$5*$!-!L,-/2!
0$*-62!6$!'#.-#&$.$!'!k$'(&*23&&U1!#.&,!.$6/%3&$!('!($9&!
9$,$.'($1!#.&,!L/'$+%&05/4'+&!+,*.$!-!(-9&%2!*$.,'.2!5&!-!
)*./%*/.2!O'/*-P-.9',&<'*-'.$!)$#*$,'.2U=!Z$9&($!9$,$.'($!
)/,*!,&5*$!L($9&!4-'.*$!'7)*.'%*$U=!V/*$0!)#/,$!%2!*.2&.$'!
)&07-(&%!O&,*$9.F,6C-!5&!#$!%$'!.$'(2P!%/(0&,$'<2!+,*.C-!
*.2&.$!'7)*.'%*2=!B'.!%$!#-'*$!?!-!*.2&.$!'7)*.'%*2!6$%F*!
9F,6&.$1!(&07'A1!$@#.$)&$!*/.,'*$!#$!/,!',/0$!%'('#-61!
%-,6/)$! #$! -! ',/0$! %'($1! %&.%/0)%.&)$! /,$&! 0$*-6$J!
"'/!T!3&,F,6!)$'0'!6$!%-0#($@&*'*$!T!$@#/)$!5&!)/#/)$!
/,$&!0$*-6-(-9&&=!M%$$'!'!*.',)6&)%&#(&,'.&*23&&!8'!?1!+,!
#.-&$%*/(!'/*-./(/&!,-)*./1!%$'!?,'(2=!
:=!;&%-($)%/!6$)%-#$.2!('!f=!:wK0$!/,!.'#-.*!
6$!*.$&!$($0$,*$!)'/!'%*$1!',9.$,'*$!+,!%$$'!%$!%-,)*'*2!
'! ?! -! 0&5%'.$! %-,*.'6&%*-.&$! )/#/)2! ,-,%-,*.'6&%3&$&=!
"/.#.&,6$1! %/0! -7)$.82! 5&! [=! I&-7',/! #$! %-#$.*'!
$6&3&$&! *.'6/)$! +,! \]]a1! '5'6'.1! -! *.&'62! 5&! -! 6&,'0&%2!
'! %-,*.'6&%3&$&! +,*.$! *$,$7.$! 5&! (/0&,21! 6'.! 6$#25$5*$!
.'#-.*/(!7&,'.1!5&!%-,)*'*21!+,*.C/,!#(',!*$.3&'.1!6&)#'.&3&'!
*$,$7.$(-.! +,! (/0&,2=! j,! '(! *.$&($'! #.&,%&#&/! ,/0&*! 6$!
:wK0$1! L$@*.'9$,$.'.$'U1! '.$! 4/,%3&'! 6$! /,&?%'*-.=!
>.&,&*'*$'! (/&! :wK0$! $)*$! /,'! 0/,6',21! ,/! +,! )$,)/(!
%2!$!(/0$')%21!6'.!+,!)$,)/(!%2!$(!6$)%-#$.2!-!.$'(&*'*$!
O,'*/.2P!+,!*.$#*$!O,&8$(/.&P1!+,1!&'*21!*.$&!(/0&1!#.$<$,*$!
5&!+,!-0D!'!4-%/(/&1!'!(/0&,&&1!$@*$.&-'.2=!M%$')*'!?&,6!
%-,%&(&',*21! .$#'.'*-'.$! 5&! ,/! 6$%2</*2=! R'*2! ! %$$'!
%$! 0-6$.,&*'*$'! /&*21! &9,-.21! .$4/<2! )/7! #.$*$@*/(!
'7)/.6&*23&&=!E,*.C-!'(*2!0-6$.,&*'*$!)$!+,)%.&/!f=!:wK0$!
5&!&,*$.#.$*/(!)2/!#$!%'.$C(!/.02.$)%!'&%&=!
"C'.!)#/,$!%2!)C'/!%/,-)%/*!,/0'&!6-/2!0-6$($!
6$! ,'*/.2=! :=! ;&%-($)%/! ,/! 4-(-)$5*$! %-,%$#*/(! 6$!
0-6$(1!7&,'.1!6&'($%*&%1!6&.$%*=!S(!%-,)*'*2!6-/2!?(-)-?&!
'($!5*&&,3$&!5&!,'*/.&&=!"&0#(/!)#/)1!$@&)*2!-!,'*/.2!6/7(21!
6/#2! %/0! $@&)*2! -! 5*&&,32! 6/7(21! +,! .$#.$<$,*'.$'! (/&!
g=!g'(&($&!O6-0&,'*-.!#F,2!'<&P1!5&!+,!.$#.$<$,*'.$'!(/&!
:wK0$1! '%$$'! '/*$,*&%! 5&! #.-8&6$,3&'(! %-,*$0#-.',2=!
f=! :wK0$! )$! #(')$'<2! 6-'.! ('! +,%$#/*/(! ,-&&! ,'*/.&! 5&!
5*&&,3$=!R'.!:=!;&%-($)%/!.20F,$!%-,)$%8$,*!#.&,%&#&/(/&!
&0#-)&7&($&! +,*-'.%$.&=! E(! '#(&%2! 5&C,! %'</(! 4-,6'*-./(/&!
:wK0$=! &,$! %-,*! 6$! -! +,*.$'92! $8-(/3&$! /(*$.&-'.21!
.$4'%$! -! (&,&$! '! 9F,6&.&&! +,! O6&)P%/.)/(! $&D! L'.! #/*$'! ?!
)*'7&(&*$!&<-0-.?)0$!/&0&*-'.$!+,*.$!*$.,'./(!(/&!:wK0$1!
*.&'6'! (/&! Z/#')%-! T! '%*/'(&<'.$C#-*$,3&'(&<'.$C)*'.$'!

)%

>! O'! G*$.3/(/&! &,%(/)HP! T! #.$%/0! 5&! *.&'6'! (/&! V$&.%$! T!

#.&0$&*'*$C)$%/,6'.&*'*$C*$.3$&*'*$=! :wK0$! 8-.7$5*$! 6$!
G*.$&!(/0&H1!Z/#')%-!6$!G*.$&!0'*$.&&H!5&!V&$.%$!6$!G*.$&!
/,&8$.)/.&HU=!:wK0$!+5&!$@*.'9$!9F,6&.$'!6&,!$@#$.&$,32!
)'/! *.2&.$1! Z/#'5%/! 6&,! %/',*&%21! &'.! V$&.%$! 6&,! *$-.&'!
0'*$0'*&%2!'!9.'4/.&(-.=
X$%K&/(! 5&! &0#-.*',*/(! ?(-)-4! 4-,6'*-.! '(!
,'*/.&&! +,*.$<2.$5*$! /,! B/0,$<$/! '(! -.6&,&&1! %.$'*-.! '(!
/,$&!.$'(&*23&!T!%-,)*'*2!;&%-($)%/!T!L9/8$.,'*$!6$!5'#*$!
%'(&*23&1! 5'#*$! )/.)$C)#&.&*$1! 5'#*$! $*'#$1! 5'#*$! 4-.0$U=!
I'(&*23&($! '%$)*$'! 9F,6&*$1! *$-.$*&<'*$1! %-,*$0#('*$1!
)/,*! L#-$*&%$U=! ;&%-($)%/! 8'! )%.&$! -! +,*.$'92! %'.*$! 6$!
`+1%+9+!?1+$/0+1!$@*&,<F,6/C5&!0'&!0/(*!$@#.$)&'!6$%F*!
9F,6&.$'1!6/#2!/,!L0',&4$)*U!'(!`%&'(0+'.+'$&2/(9424/=!
B$)#.$! '%$)*$! '*.&7/*$1! $)$&)*/(! ,-*$'<2! .$%/,-'5*$.$'!
%2! $($! #-*! #2.$'! '<&! L+,*./%F*8'! ,'&8$! 5&! %&/6'*$D!
'%.&0$'1!6/(%$'3'1!'02.2%&/,$'1!%2(6/.'1!&/7&.$'1!*-,/(!
)'/! )/,$*/(1! %-.#/(U=! I'(&*23&! %-,*.'6&%*-.&&1! 6'.! 8&&1!
($9'*$! +,*.C/,! ',9.$,'A! 6&,'0&%=! O;$P',*'9-,&%$1! )#/)!
6&'($%*&%1!-@&0-.-,&%$1!)#/)!.$*-.&%1!6'.!6$)&9/.1!+,*.C-!
0$*-6-(-9&$! 6$! %'.$! *.',)6&)%&#(&,'./(! )$! 6&)*',3$'<21!
8-&,6!$(!'!,$!%-,8$.*&!*-*!%/!/,!4$(!6$!0$*-62===!M!0'&!
)#/)!6$)#.$!f=!:wK0$!%2!,/!$!/,!0&)*&%1!%&!0'&!%/.F,6!
/,!9,-)*&%=!B$5&!'.$!$@#$.&$,3'!)'!%/!B/0,$<$/1!*.2&*21!
)$,<-.&'(21!,/C(!%/,-'5*$!#$!B/0,$<$/(!%$(!8&/1!%.$5*&,=!
LB/0,$<$/(! (/&! :wK0$! 0-'.$! +,'&,*$! 6$! '! )$! ,'5*$U1!
%.$6$! V&$..$! B$9K'i$1! 9$.0',&)*! '*.')! 6$! 0&)*&%2! 5&!
$)-*$.&)0! O'/*-./(! %2.3&&! R&3 ;&/((&'0+3 .+3 J/+43 143 2&3
J10$%/'+3 .+3 \&01-3 :1+F9+1! \]_lP! %&*'*! +,! '%$)*! $)$/=!
B/0,$<$/1! ')%/,)1! 6$8$,&*! .$8$('*1! +,! 9F,6&.$'! (/&!
f=! :wK0$1! $)*$! *-*/5&! &,*$9.'*-.1! 6&,! '4'.'! .$'(&*23&&1!
)#'3&/(/&1!*&0#/(/&=!
I/0!&!)$!.$8$(2!(/&!:wK0$!/,&8$.)/(1!%-)0-)/(J!
:=!;&%-($)%/!+&!'?.02!(/&!:wK0$!8&*'(&)0/(!/,&8$.)'(&)*=!
I-)0-(-9&'! (/&! '.! ?! &<-0-.42! %/! '! $)-*$.&)*/(/&! g=! R=!
g/.6A&$44! O\_daC\]^]P1! ?(-)-41! %-.$9.'41! 0/<&%&',! 6$!
-.&9&,$! '.0$',21! %/,-)%/*! #.&,! +,%.$6&,3'.$'! %2! 8&'3'!
$! )-0,! 6&)%-,*&,//1! +,*.$./#*! #.&,! $4-.*! 6$! 8-&,32=!
I-&,%&6$,32! ,/0$.&%2! '! ($9&(-.! ,'*/.'($! )*'7&(&<'*-'.$D!
L($9&($! 4/,6'0$,*'($! '($! j,&8$.)/(/&! )/,*! G-! ($9$! 6$!
>.$&H! 5&! -! G($9$! 6$! h'#*$H! &'.! &,*$.'%3&/,$'! (-.! $)*$!
*.'6/)2!#.&,*.C-!G($9$!6$!;-/2HL=!B/0,$<$/!'.!?!%.$'*!
(/0$'!5&!5&C'.!?!(/'*!.$#$6$!0F,'!6$!#$!$'=!M!(2)'*!,'*/.&&1!
.$'(&*23&&1!%-)0-)/(/&!*-'*2!L(&7$.*'*$'!'/*--.9',&<2.&&U=!
I.$'3&'! )'! 0$.9$! +,'&,*$! #.&,! '/*-%.$'3&$=! e'#*!
0&.'%/(-)1! &,%.$6&7&(=! j,&8$.)/(! $! &,*$(&9&7&(! 5&! '7)/.61!
%-,)*'*21!6$!#&(621!"*$8$,!q$&,7$.9!OV.$0&/(!;-7$(1!%/!
/,! 6$%$,&/! +,'&,*$'! '%$)*/&! $)$/1! +,! ?<&%'! #'.*&%/($(-.!
$($0$,*'.$P1! .$(/'*! '&%&=! Z-%/&0! +,*.C/,! /,&8$.)! *.'9&%!
#.&,! %-0#($@&*'*$1! 9F,6$5*$! S69'.! [-.&,1! 4-,6'*-./(!
/,$&! $#&)*$0-(-9&&! '! %-0#($@&*23&&1! '/*-./(! /,$&! 8')*$!
-#$.$! 6$! 9F,6&*-.=! [/(*! 0'&! 6$8.$0$1! ['@! V(',%`1!
6$)%-#$.&*-./(! %/',*$(-.! 6$! $,$.9&$1! #$,*./! %'.$! '!
#.&0&*!V.$0&/(!;-7$(!+,!\]\_1!)$0,'(')$!/,!$@&)*$,*!'(!
%-$@&)*$,3$&!+,*.$!*.'9$6&$!5&!(/0&,2!*-*'(2=!I/!*-3&&!)/,*!
6$)&9/.!%&*'3&!+,!'%$)*!$)$/=!
k$#$*! )/)3&,$.$'! $)$&)*/(/&! %2! f=! :wK0$!
,/! $)*$! -! 3&,*2! 6$! .$8$,&.$1! $(! 'A/,9$! ,/0'&! /,! #/,%*!

)&

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

6$! .$#$.! +,! %'($'! )#.$! -! ,-/2! ?(-<-?$! '! ,'*/.&&=! :=!
;&%-($)%/! +(! %&*$'<2! #$! M,*-&,$! e'&8.$1! #.$4'3'*-./(!
'%$)*$&! %2.3&1! %'.$! %.$6$! +,! 6/'(&)0/(! (/&! B/0,$<$/! 5&!
'(!,'*/.&&D!%.$'3&$!5&!,$%.$'3&$n!;'*/.'1!')*4$(!9F,6&*21!
,-*$'<2! ;&%-($)%/1! L+,9(-7$'<2! 6/! ,'*/.'! 6&8&,2! 6/!
,'*/.'!%.$'*/.'(2U=!k$8$('3&'!6&8&,2!$)*$!*-%0'&!$4$%*/(!
%$(-.! 6-/2! ,'*/.&=! >-*/(! ,/! $)*$! ,&0&%! '(*%$8'! 6$%F*!
L%-.#/(! (/&! B/0,$<$/U=! ;C'.! ?! #',*$&)0! '&%&1! )/,*$0!!
'*$,3&-,'3&1! %/! '%$')*2! .$4$.&.$1! &'*21! ('! /(*&0/(! '*.&7/*!
6&8&,!6&,!)$.&'!%$(-.!5'#*$=!E,!*$.0$,&&!(/&!h*=!Z/#'5%/1!
LZ'! f'`-7! :wK0$1! /,&*'*$'! $! #-*$,3&'(&<'*21! +,! *&0#!
%$! 6&8$.)&*'*$'! $! '%*/'(&<'*21! 6'.! /,'! ,/! #-'*$! $@&)*'!
42.2! %$'('(*2U=! E,*.C-! $@#.$)&$! 9$-0$*.&%21! ,-*$'<2!
0-,-9.'4/(! 6$-#-*.&82! 5&! '(! 9$-0$*./(/&C#-$*! R-,!
:'.7/1!L(&,&'!)$!0$*'0-.4-<$'<2!+,*.C/,!%$.%U=!:wK0$!
6$)%.&$1! #.&,! ','(-9&$1! 6&8&,&*'*$'D! L6&8&,&*'*$'! $)*$! %'!
-! .-'*2! '(%2*/&*2! 6&,! 5'#*$! .-3&! /,'! +,! '(*'1! +,! %'.$! ,/!
8$<&!,&%&!+,%$#/*1!,&%&!)4F.5&*U=!W!.-'*2!*-*-6'*2!+,%K&)2!5&!
6$)%K&)2=!W!.-'*2!'!(&,&5*&&=!S@&)*2!5&!-!.-'*2!'!',@&$*23&&1!
'! )*2.&(-.! 6$! .2/=! :=! ;&%-($)%/! +5&! 6$6&%2! $)$/(! )-3&$&1!
%'.$! (C'! )%-)! 0$.$/! 6&,! '%$')*2! .-'*2! '! ,$(&,&5*&&=!
S)$&)*/(!)$!.$4$.2!,/!('!%-)0-)1!%&!('!%-)0-)/.&1!'5'!%/0!
,/!%.$6$!%2!$@&)*2!5*&&,321!%&!5*&&,3$=!Le&$%'.$!%-)0-)!'.!
?! -! /,&*'*$! 6$! %-,*.'6&%*-.&&! 6$*$.0&,'*C&,6$*$.0&,'*U=!
W!6-8'62!)C'.!92)&!+,!4'#*/(!%2!LB/0,$<$/!,C'!#.$82</*!
,&%&!02%'.!%26$.$'!(/&!Z/%&4$.U=!
[&! )$! #'.$! .$0'.%'7&(! %21! '('.0'*! 6$!
'/*-6&)*./9$.$'!#-*$,3&'(2!'!(/0&&1!:=!;&%-($)%/!.$<&)*2!
+,! -#*&0&)0! 5&! 62! -! ,-*2! 4-'.*$! 0'.$! .$'(&*23&&! 6$! '<&1!
,&%&6$%/0!$(!,/!&,*.2!+,!%-./(!'#-%'(&#*&%=!LZ/0$'!,-')*.2!
,/!$)*$!-!(/0$!'!%26$.&&1!%&!-!(/0$!'!.$+,*.$02.&&=U!S!'5'!
#-'*$!6&,!%-,)$%8$,32!0$*-6-(-9&%21!*.',)6&)%&#(&,'.2=!
B'.! ,&0&%! )/)#$%*! ,/! $@&)*2! ,&%&! '&%&1! 6-'.! ,/! 5&C'.!
4/,6'0$,*'!9F,6&.$'!5&!%.$6&,3'!#$!-!&,'6$%8'.$!&,*$.,21!
#$! 6/#(&%&*'*$=!M*/,%&! ,C'.! 0'&! ?! *.',)6&)%&#(&,'.1! ,&%&!
02%'.! $@#$.*! -.&! )#$%&'(&)*=! S! /,! 4$(! 6$! *'/0'*/.91! /,!
0$6&%!6$!5&!#.&,!9F,6&.$1!/,'!.$,'*/.'(&<'*2=
e&(-)-?'! ,'*/.&&! ,/! $)*$! )#&.&*/'(&)*21! 6'.!
,'*/.'(&)*2!$)*$1!%$(!#/3&,!#.&,!*$<'!0'*$.&'(&*23&&!&,*$9.'($!
'!(/0&&1!'!%-)0-)/(/&=!S.'!)2!)#/,!'!$@&)*$,*/(/&!5&!,/!
$.'! 6$#(')'*=! S@&)*$,*/(! $)*$! &,*$9.'*-.=! V.&,! :wK0$1!
;&%-($)%/! '*$)*2! +,)2! %('.! &,$@&)*$,3'! 8&6/(/&=! E,!
#(',! $*&%1! &,$@&)*$,3'! 8',&*23&&1! +,*./%F*! 8',&*'*$'! $)*$!
%-.$('*&82! 8&6/(/&=! e&(-)-?'! ,'*/.&&! ,/! $)*$1! )#/,$'01!
)#&.&*/'(&)*21!6'.!$'!$)*$1!+,!)$,)/(!%$(!0'&!)$.&-)!5&!+,'(*1!
)/N$*&)*2=! "'/! +,)/N$3&*-'.$=! ;/! 6-'.! ','(-'921! 6'.!
%K&'.!-0-(-'92!)/N$*/(/&1!-!$)$,3&'(2!0$*-,&0&$!T!6'%2!
0&! )$! #$.0&*$! -! 6$8&$.$! .$*-.&%2! 6$! %-0#.$K$,)&/,$! T!
',*.-#&%2=!I-)0-)/(!5&!)/N$*/(!6$-#-*.&82!)$!*.',)4-.021!
+,*.C/,! 0-6! '/*--.9',&<'*-.! 5&! '/*-%.$'*-.=! S8-(/3&'!
+,*.C/,!#(',!O)'/!#$!/,!'(*!,&8$(1!%/!*$.0$,/(!'/*-./(/&!
.-0F,P!'(!.$'(&*23&&!'%%$6$!('!-!-.9',&<'.$!6$!*&#!/*-#&%!
5&!/%.-,&%=!LE,*.$'9'!%-)0-(-9&$!7wK0$&',2!,$!8-.7$5*$!
6$)#.$!#-)&7&(&*'*$'!$8-(/3&$&!)/N$*/(/&!-0$,$)%1!#$,*./!
'!'%%$6$!('!'7-(&.$'!)#'3&/(/&!5&!'!*&0#/(/&=U!"C'!+,3$($)!
6$A'!%2!$)*$!,&8$(/(!6$!&6$,*&?%'.$!T!'5!)#/,$!%K&'.!6$!
)*'7&(&.$!'!&6$,*&*23&&!T!%$(-.!5'#*$!%-0#-,$,*$!%'(&*'*&8$!
'($!/,&8$.)/(/&D!L+,*.$'9'!%-)0-(-9&$!'!(/&!f'`-7!:wK0$!

$)*$!4/,6'*2!#$!/,&*'*$'!%-,*.'6&%*-.&&(-.U=
e&(-)-?'! ,'*/.&&! ,/! $)*$! $@#$.&0$,*'(21!
#/.! -7)$.8'*&821! $'! .$%/.9$! ('! &0'9&,'3&$1! &'.! 6$! '&%&!
('! #-$*&%! #')/(! '! 4-)*! 5&! 42%/*=! ;/! +,%21! )$! #'.$1! 6$!
:wK0$=! Z'! '%$)*'1! ! &0'9&,'3&'1! +,! )$,)! *.'6&3&-,'(&)*1!
$)*$!?$!'6$82.'*21!?$!4',*$<&)*2=!B'.!#-$*&%/(!O%/',*&%1!
*.',)6&)%&#(&,'.1!6$<8-(*'*!/(*$.&-.!6$!:=!;&%-($)%/P!$)*$!
/,&?%'*-.1! %/*$<2*-.! +,! ')&0&('.$'! 5*&&,3$&! 5&! '! .$(&9&$&!
O)'%./(/&1!%K&'.!'!%.$5*&,&)0/(/&1!'!6/0,$<$&.&&!+,!'%$)*!
)$,)P=!E,!#-?6'!'7'*$.&&!6-%*.&,'.$!.$(&9&-')$1!f=!:wK0$!
)$!-#.$5*$!('!#-.3&($!$)*$*&%/(/&!5&!6&'7-(&<$'<2!4',*$<&'=!
V(',/(! )2/! 6$! .$4$.&,32! .20F,$! 9F,6&.$'1! ?(-)-?'1!
%&.%/0)%.&)$! '6$82./(/&1! #.$%&<2.&(-.1! +,*.C-! (&072!
&0#.$%&)2! 6'*-.&*2! '07&9/&*23&&! +,*.$9/(/&! $@&)*$,*=!
&,*'! )'! $)*$! O'/*-P%/,-'5*$.$'=! R'.! 4',*$<&'! L6$)#'.*$!
5&! 7(-%K$'<2! '/*-%/,-'5*$.$'U=! e'()'! &0'9&,'3&$!
'A/,9$! (-%'(&<'*2! .$'(C&0'9&,'.! +,! L.-'*'! ',@&$*23&&U=!
k$'(&*'*$'! 5&! &0'9&,'3&$! '/! .'#-.*/.&! 6$! ','(-9&$1! 6'%2!
,/!5&!6$!-0-(-9&$1!#$!/,!#(',!/,&?%'*-.=!e&$%2./&!,&8$(!
6$! .$'(&*'*$1! #.$%&<$'<2! :=! ;&%-($)%/1! +&! %-.$)#/,6$!
/,! 9.'6! 6$! &0'9&,'3&$=! R0'9&,'3&'! '&%&! $)*$! '6$%8'.$1!
%K&'.! &6$,*&?%'.$! 5&! '%%$)! ('! &6$,*&*'*$1! ,&%&6$%/0!
6$8&$.$!6$!('!.$'(&*'*$=!R0'9&,'./(!)$!&6$,*&?%2!')*4$(!%/!
/9&>/'&2421! +,! %-,%$#*/'(&<'.$'! ?(-)-4/(/&1! *$-)-4/(/&!
-.&$,*'(&)*1! &,*$.#.$*! '(! $)-*$.&)0/(/&! 5&&*1! 6$-#-*.&82!
$0/(! '(! (/&! f=! :wK0$1! Y$,.&! I-.7&,! O\]pcC\]d]P=!
R,4-.0'3&'! $)*$! '6/)2! ('! )/#.'4'32! 6&,! %'.&$.$($! (/0&&!
&0'9&,'($=3 B'.1! %/0! ,-*'01! /9&>/'&2421! +,! '%%$#3&'!
&.',-(-9/(/&! $)-*$.&)*! I-.7&,! $)*$! $9'(! %/! &0'9&,'./(1!
%/! '%$('! T! )#$%&?%2! ;&%-($)%/! T! L%.$'*-.1! 8&<&-,'.1!
$)$,3&'(1! 4-,6'*-.U=! S)$&)*/(! .-0F,! &,8-%2! 5&! *$.0$,/(!
L/'-/2.4'>1!&0'9&,'3&$!+,!9$.0',21!%-.$)#-,6$,*!%$(/&!
6$!/'@1%9&%+1!+,!('*&,21!%/!)$,)/(!6$!&3.&3@1%9,<3&391.+2&=!
R'*2!%2!$@&)*2!5&!+,3$($)/(1!'%*&81!6$!'!0-6$('1!6$5&1!%/0!
'0!%-,)*'*'*!O5&!'0!4-.0/('*!5&!-!&#-*$<2!0-*&8'3&-,'(2P1!
(&#)$5*$!*$.0$,/(!91.+21!6$!'(*4$(!%'!5&!'%3&/,$'!'0#(2!
6$! 0-6$('.$1! +,! 6&,'0&%'! ,-,%-,*.'6&%*-.&$! '! 0'*$.&$&!
%-)0-(-9&%$=
S@&)*$,*/(! $)*$! $0','3&$! 6&8&,2! '! %-,5*&&,3$&!
.$'(C%-,%$#*/'($=!S7.'&%/(!:+%+(F/$!%/!%'.$!)$!6$)%K&6$!
:/-2/&!+,)$'0,2!%2!LS(-K&0!'!%.$'*!#.-#.&'!,-')*.2!(/0$!
*'30&?42324/!O)=!:=!;=P!T!+,*.C/,!)$,)!%-,%.$*!5&!'7)*.'%*!
*-*-6'*2U=!I/,-'5*$.$'!6&.$%*2!.20F,$!&,'%%$)&7&(2=!j,!
)/7)*&*/*!'(!$&!$)*$!&,)*./0$,*/(!)&07-(&%=
"-0,/(! O$%K&8'('*! /(*$.&-.! 6$! g/.6A&$44! %/!
8&'3'1!)-0,/(!8&$3&&!?&,6!+,*.$./#*!#.&,!$@*.$02!8-&,32P!
$)*$! #$,*./! f=! :wK0$! -! 0$*-,&0&$! 6$! ')$0$,$'! '!
$@&)*$,3$&1!#$!/,!,&8$(!6$!.$'(&*'*$!6$%2</*!5&!#.&0$A6&-)=!
:wK0$!$@-.*$'<2!#.$8$,&*-.D!LI-,*$0#(2!5&!%$.%$*$'<2!
)-0,/(!5&!8$&!92)&!*-*/(=!"-0,/(!,/C&!'(*%$8'!6$%F*!/,!
%K&#!6$C'!?!8.2A&*=U!V.$8$,&.$!6$)&9/.!(/%&62=!;&%-($)%/!
$@#(&%2D! Lf'`-7! :wK0$1! '%$)*! /.&'5! '(! 0'&$/*&%&&1! ,$!
%K$'02! 42.2! +,%$*'.$! ('! 8$9K$=U! S)$&)*/(! %-,*$0#-.',!
.$#$*2! *$.0$,/(! 0'&$/*&%21! 6'.! ,/! #-0$,$5*$! ,/0$($!
(/&!"-%.'*$=!Z$'92!)$,)/(!0'&$/*&%&&!6$!0-5&.$1!,'5*$.$1!
,'*/.21! #.&,*.C-! .262%&,2! %-0/,2! +,! (&07'! ('*&,2=! B'.!
#-'*$! #'.*&%/('.&)0/(! (&,98&)*&%! )2! 6$*$.0&,$! 9F,6&.$!
('! 9$,$.'(J! &,*'! 0-5&.&&! '6$82./(/&1! '! 0'&$/*&%&&1! 0'&!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
,-*$'<2! $(1! 6/%$! ('! 8$9K$1! ('! .'3&/,$1! ('! ,$)-0,1! 6'.!
0'&! %/! )$'02! ('! L.$C,'5*$.$U=! X-.7$5*$! 6$! .$,'5*$.$1!
4-.0'(1!+,!*$.0$,&!%.$5*&,&1!&)/')&%&1!#'/(&$,&1!%'!,'5*$.$!
6&,!,-/=!B'.!/,'1!#.$6&%'*2!,$6/0$.&*/(/&!;&%-6&01!6&,!
6/K! )'/! )#&.&*J! ;&%&6$%/0=! I'($'! $)*$! %$'! '! 9F,6&.&&!
)'/! ?(-)-?$&! ,'*/.'($1! /,&,6! .$'(&*'*$'! 5&! &0'9&,'3&'1!
#.-#.&'! .'3&/,$=! W! .$,'5*$.$! #/.! #$.)-,'(2=! I2.$&'! &! )$!
-4$.2!-!%'($=!L;$!#/*$0!,'5*$!6&,!,-/1!+,!'%$')*2!8&'32!
#.&,!&0'9&,'3&'!'/*$,*&%21!#.&,!.$92)&.$'!(-%/(/&!,-)*./!
+,! 0&5%'.$'! /,&8$.)/(/&! ,-,C)$#'.'7&(! 6$! ',)'07(/(!
,&8$(/.&(-.!6$!k$'(&*'*$=!W0/(!)$!%-,)*./&$5*$!)&,9/.!#.&,!
#/*$.$'!&0'9&,'3&$&!'/*$,*&%$1!$(!+($+!+,*./#'.$'!'%$)*$&!
&0'9&,'3&&=U! h&! &0#(&%'3&'! .$(&9&-<&*23&&1! '! %.$6&,3$&!
%.$5*&,$J! LV$,*./! :wK0$! /9&>/'&%423 6/3 0%+./'5&3 (4'$3
/'(+?&%&-/2+=! O)=! :=! ;=PU! "/8$.',&*'*$'! &,6&8&6/'(2!
'! 9F,6&.&&! 5&! '! $@#.$)&$&! $&! 8$.7'($! 5&! *$@*/'($=! h&! ,/!
)/<$.',&*'*$'! 4'32! 6$! '/*-.&*'*$'! )(/A&*-'.$1! #.$6&%21!
%-.#! 6$! *$@*$! %',-,&%$=! S.$<&$! #$,*./! %.$5*&,&)01! %'.$!
)$! ($#262! 6$! 0$*-6-(-9&'! *.',)6&)%&#(&,'.2! )'/! 6-'.! -!
$8&*2=! k'#-.*/(! 6&8&,C/0',! ,/! 0'&! $)*$! 6$! ('! %.$'*-.!
('! %.$'*/.21! 6$! ('! )/8$.',! ('! )/#/)=! S(! 6$8&,$! 0/*/'(1!
$9'(=! "&,9/.'! 6&4$.$,32! $)*$! /,'! 6$! ,&8$(! '(! .$'(&*23&&1!
+,*.$!)/)!5&!A-)1!')%$,)&-,'(!5&!6$)%$,)&-,'(=!LR0'9&,'./(!
-0/(/&! 5&! %.$6&,3'! )'! K.2,$)%! ')*4$(! 6&8&,&*'*$'! #.&,*.C
/,!#.-%$)!')%$,)&-,'(1!+,!*&0#!%$!&0'9&,'./(!6&8&,&*23&&!
+(! K.2,$5*$! ('! .F,6/(! )2/! #$! -0! #.&,*.C/,! #.-%$)!
6$)%$,6$,*1! +,*.C/,! %&%(/! #$.#$*/'*! 42.2! +,%$*'.$! 6$!
%2*.$!%$&!%'.$!%.$6=U!e&(-)-?'!,'*/.&&!,/!)$!%&.%/0)%.&$!
6&8&,/(/&1!.'#-.*/(!'A/,9$!('!:wK0$!/,/(!&,8$.)'*=!;/!$!
+,*F0#(2*-.=! B-0$,&&($! #.$9,',*$! '($! $@&)*$,*/(/&! *&,6!
)2!)$!'/*-,-0&<$<$1!)/7-.6-,F,6/C($!#$!*-'*$!%$($('(*$=!
W!*$,6&,32!6$!&$.'.K&<'.$1!&'*21!&.$#.$)&7&(2=!S4$%*/(!$)*$!
6$!'!+,9.$/,'!5&!#F,2!('!/.02!6$!'!7(-%'!6&'(-9/(=!I$$'!
%$!6/%$!)'/!'.!0F,'!('!$5$%/(!*.',)6&)%&#(&,'.&*23&&=
"2! 8$6$0! 5&! .$('3&'! 6&,*.$! 5*&&,32! 5&! &0'9&,'.=!
R0'9&,'./(! 5*&&,3&?%! O%/',*&%1! ('! /(*&0/(! ,&8$(! 6$!
'8',)'.$! '*$)*'*2P! $)*$! #'.'6-@'(! +,*./%F*! $@%(/6$!
&0'9&,$'1! $)*$! ,-,&%-,&%=! "$! '60&*$! 6$%&! L$0$.9$,3'!
/,$&!4-.0$!6$!&0'9&,'.!+,!?<&%'!%/',*&%2!%'.'%*$.&<'*2!
#.&,! '7-(&.$'! *-*'(2! '! &0'9&,&&1! )'/! %$(! #/3&,! '! '%$($&'!
%'.$!)$!+,*$0$&'<2!#$!&,4-.0'3&'!4/.,&<'*2!6$!-.9',$($!
6$! )&03U=! E,! #(',! )&07-(&%1! '7)*.'%*1! #-'*$! ?! &%-,&%! 5&!
&0'9&,'./(! 5*&&,3&?%=! ;&8$(/(! *$.3&'.! 6$! .$'(&*'*$1! 6$!
(-9&%2! /,&?%'*-'.$1! 02! *.&0&*$! ('! ?(-)-?'! (/&! Y',)!
X'&K&,9$.1!&2(31-1!0&36/30491!'!8&.*/'(&*23&&=!M)*'!#$,*./!
%2!'0!'#.-#&'*C-!5&!6$!-,&.&)0/(!%.$'*-.!6$!8&)$!*$@*/'($!
5&! ,/! 6$! *$@*$! *.',)%.&)$! 6&,! 8&)$! &6$'($! )'/! .$'($1! ('!
)%.&&*-.&&! 6&,! 9./#'.$'! 1'/%/(9424/3 +($+$/0)($%40$4%&2=!
R0'9&,'.! 42.2! &0'9&,&1! +,! #-$*&%'! %/',*&%21! 6$<8-(*'*2!
6$!:=!;&%-($)%/!+,!`+1%+9+3?1+$/0+1!6$!-!#'.*$=!B$!'(*'D!
-,&.&)0!42.2!8&)'.$!5&!8&)$1!+,!#-$*&%'!-,&.&)0/(/&!$)*$*&%=!
gF,6&*-./(!*.',)6&)%&#(&,'.!5&!'(!/,$&!,-&!?(-)-?&!
'!,'*/.&&!&,8&*2!5&!'&%&!('!-!%2(2*-.&$1!.$'(C&0'9&,'.21!+,!
&0'9&,'./(!O&,8&<&7&(/(P!%/',*&%=!S)*$!/,!,&8$(!6$!.$'(&*'*$!
O6&)P%-,*&,//1! +,%K&)C6$)%K&)1! .$'(! O.'3&-,'(PC&0'9&,'.1!
#(&,! 5&! +,! <-,$($! 6$! 8&61! #.'%*&%'*! 5&! *$-.$*&%=! I&*&0! %2!
LE,! (/0$'! %/',*&%2! 6-0,$5*$! <$&3'! G6&)%-,*&,/&*23&&HU=!
k20F,$!*-*/5&!0&)*$./(!*/(7/.2*-.!'(!,-,)$#'.'7&(&*23&&=!

)'

X&6/(! ! $)*$! /,/(! L#(&,! 6$! 4-.0$! $8',$)%$,*$U=! >$-.&'!

6$8&,$! #'.*$! 6&,! .$'(&*'*$=! k'3&/,$'! 5&! &0'9&,'./(! )/,*!
&,6&)-%&'7&($=! V-#-)&.$'! )$! #.-6/%$! +,*.C-! X'($'! '!
j&0&.&&1!$8-%'*2!5&!+,!I&'/@+($423`%&'(./(0/?2/'&%/$,5//1!
5&!+,!`+1%+9+3?1+$/0+=!S@&)*2!L6-/2!*&#/.&!6$!&0'9&,'.!+,!
%.$'3&'!5*&&,3&?%2U1!('!/,!,&8$(!5&!('!0'&!0/(*$!,&8$(/.&!6$!
.$'(&*'*$=!M%$')*2!&0'9&,'3&$1!6$!('!0/(*&#($!,&8$(/.&!'($!
.$'(&*23&&1!$)*$!L#'.'6-@'(2U=
"2!8$6$0!%/0!'A/,9$!6$!#$!'%/0!'/*-./(!5&!('!
-!#-$*&%2!#$!%'.$!-!8'!,/0&!%/',*&%21!4/,6'0$,*'*2!8'!)2!
<&%2!5*&&,3&?%1!,'*/.'(1!?(-)-?%=!Z&',*/(!6&,*.$!%/',*&%2!5&!
#-$*&%2!$)*$1!%/0!$.'!6$!'5*$#*'*1!&0'9&,'3&'1!&0'9&,'./(t!
/9&>/'&2421!%/!%-,%$#*/(!&<-0-.4!'(!(/&!Y=!I-.7&,=!V'.$!
('!#.&0'!8$6$.$!-!&#-*$<2!(-9&%2=!S!-!#-$*&%2!,/!#$!7'<'!
/,-.!*$@*$!.$'(&<'*$=!;&%&!-!#-$*&%2!6$!'/*-.1!+,*$0$&'*2!
#$!-!-#$.2!#-$*&%2!O(&*$.'.21!?%3&-,'(2P!#$.)-,'(2=!S)*$!
-!#-$*&%2!#.$</0'*21!.'3&-,'(!5&!&0'9&,'.1!+,!0-6!6&.$%*!
*$-.$*&%21! 6-'.! &0#(&%&*! #.'%*&%2=! I-,6&3&'! #.&0'.2! $)*$!
'%$$'!6$!'!6$#25&!%-,%$#3&'!/,&%&*23&&!.$'(&*23&&1!'!)&*/2.&&!
$&!('!/,!)&,9/.!,&8$(!6$!.$'(&*'*$=!W!*.$%$.$!6$!#.'9!+,*.$!
,&8$(/.&($! 6$! .$'(&*'*$! 9$,$.$'<2! 6$! ('! )&,$! &0'9&,'./(!
#-$*&%=! LI-,4./,*'.$'! 6&,*.$! 6-/2! ,&8$(/.&! 6&4$.&*$! 6$!
k$'(&*'*$!#.&,!'%3&/,$'!&0'9&,'./(/&!%-,3&,$!+,!$'!+,)25&!
/,! &0$,)! #-*$,3&'(! 6$! #-$*&<'.$! '! /,&8$.)/(/&1! 6$! .$C
+,%F,*'.$!'!(/0&&=U!W!#-$*&%2!42.2!#-$<&$1!&0#(&%&*2!,/!
$@#(&%&*21!.$'(2!6-'.!?&,6!8&.*/'(2=
MA/,9! ('! *.'*'0$,*/(! '#(&%'*! *.'6&3&$&! 6$! ,-/'!
?(-<-?$!5*&&,3&?%21!%/',*&%21!'!,'*/.&&=!B&,!#$.)#$%*&8'!
%/,-'5*$.&&1! *.'6&3&'! )$! '(%2*/&$5*$! #.&,! '%/0/('.$!
6$! &,4-.0'3&$=! M%$')*'! $)*$! -! 8&<&/,$'! 9$,$.'(2=! E,!
#'.*&%/('.1!*.'6&3&'!'A/,9$!0',&#/('*2!&6$-(-9&%!5&!#-(&*&%1!
%'! ?&,6! /,! '#','A! '(! 6.$#*$&=! I-,)*'*2.&! ('! +,6$0F,2=!
V$,*./!'!)#/,$!0'&!0/(*1!$)*$!%&*'*!6&,!,-/!#.$4'3'*-./(!
$)$/(/&1!M,*-&,$!e'&8.$1!%'.$!92)$5*$!*.$&!%2&!'($!*.'6&3&$&1!
#/.&)*21!&)*-.&%2!5&!/0',&)*21!*&#/.&!'.9/0$,*'*$!%.$6&7&(=!
LOhP*&&,3'!5&!>.'6&3&'!,/!'/!)$,)!/,'!42.2!'(*'U=!j,!)&,9/.!
,-,)$,)! %.$6!%2!*-*/5&!($!)$#'.2D!5*&&,3'!,/!)$!+,*-'.%$!
('!*.'6&3&$1!%$(!#/3&,!0$*-6-(-9&%=!>.',)6&)%&#(&,'.&*'*$'1!
,-/'!0$*-6-(-9&$1!/,'!'*-*#/*$.,&%21!)/,*$0!')&9/.'3&1!
.$<-(82! 5&! .'#-.*/.&($! 6&,*.$! 5*&&,32! 5&! *.'6&3&$1! 6'.!
L-.&%$!-#&,&$!&,6&8&6/'(2!O,/P!$)*$!&<9-,&*2U=!V.$%'/3&$!
6&'(-9'(2!?.$')%2=
h*&&,3'! $)*$! '7-.6'*2! 5&! #(/.'(&)*1! 5&! ('! #(/.'(=!
S@&)*2!,/!5*&&,32!/,&%21!%&!5*&&,3$1!*-*!0'&!,-&=!W!)#/,$!
/,! ?<&%&',1! %'.$! '?.02! /,&*'*$'! ?<&%21! )&0/(*',$&*'*$'!
K-(&)*&%2!'!$@&)*$,3$&=!V$,*./!'!?!#$.)/')&81!)$!.$4$.2!('!
-11$($%&?=!f=!:wK0$!&,*/&)$!5&!$(1!'&6-0'!/,/&!?<&%&',!
0-6$.,1! -11$($%1?C/(1! %'! 5&! #.&,%&#&/(! ',*K.-#&%=!
:--*)*.'#C/(1!#$!%F*!+,3$($91!'.!?!/,!#.-%$)!6$!/,&?%'.$!
'! )$,)/(/&! /,/&! )$*! 6$)&9/.! 6&4$.$,3&'*! 6$! 0$*'4-.$=!
j,! 4$,-0$,! ,/0&*! 5&! '/*-)/)3&,$.$! -.&! '/*-9$,$.'.$!
,$/*.'(2=! V.&,%&#&/(! ',*.-#&%1! '?.0'*! 5&! %-,?.0'*! 6&,!
\]dc1!!+,!')*.-?<&%2!5&!%-)0-(-9&$1!'*$)*2!&<-0-.?)0/(!
/,&8$.)C%-,5*&&,32=! :=! ;&%-($)%/! '6'/92! *$-.&'!
%-.<&(-.1! %'.$! '60&*$! #-)&7&(&*'*$'! /,/&! 0'.$! ,/02.!
6$!/,&8$.)/.&!#-)&7&($=!j,&8$.)/(!#(/.'(n!"$!0'&!4'%$!
.$4$.&.$! ('! $Fu9&$&1! $@#(&%'*$1! #.&,! g$.'(6! Y-(*-,1! %'!
L)*./%*/.&! ')%/,)$1! 6'.! )*'7&($! +,! $8-(/3&'! )&)*$0$(-.!

)!

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

5*&&,3&?%$U=! M/! 4-.0'! L'(*$.,'*&8$(-.! 6/7($! )'/! *.&#($D!

$8-(/3&$C&,8-(/3&$1! %-,*&,//C6&)%-,*&,//1! )&0#(&*'*$C
%-0#($@&*'*$1!&,8'.&',32C8'.&',321!K-(&)0C.$6/%3&-,&)01!
/,&*'*$C)*./%*/.2C&$.'.K&%21! %-,)*',32C)%K&07'.$! $*%=U!
V.&,! $Fu9&$&! )$! '60&*$! $@&)*$,3'! /.+/21%)(/9-12=! h*=!
Z/#')%-1! #.&,! (-9&%'! %-,*.'6&%*-.&/(/&1! 6$#25$5*$1!
'%$($! $Fu9&$&1! )*./%*/.&! ')%/,)$1! )*'7&($1! 6&)#/)$! +,!
'(*$.,',32! 6/7(2! )'/! *.&#(2=! L>-'*2! -#$.'! (/&! "*$#K',$!
Z/#')%-!O-#$.2!%'.$!'.$!%'!)/.)2!?<&%'!%/',*&%2P1!5&!+,!
)#$%&'(! G)&)*$0'*-(-9&'H! )'1! 6$#/,$! 02.*/.&$! 6$)#.$!
7-923&'! ,$72,/&*2! '! /,$&! (-9&%&! '! G%-,*.'6&%*-.&/(/&H=U!
[$*-6-(-9&'!5*&&,3&?%21!,$)%K&07'*2!6$!('!g'(&($&1!)$!8'!
)%K&07'!5&!$'!%F,68'=!h*&&,3'!'.$!(&0&*$!.$%/,-)%/*$=!"C'!
)%K&07'*!0$.$/!*$-.&'!5*&&,3&?%2=!"%&$,*&)0/(!)$!%.$6$1!
+,! 0-6! #.&0$A6&-)1! ,$(&0&*'*1! %/! *-'*$! %2! )C'! &0#/)!
#$.%$#3&'! #.&8&,6! L6&)#'.&3&'! *.$#*'*2! '! )%&$,*&)0/(/&!
6&,!5*&&,3$($!$@'%*$U!)&0/(*',!%/!%.$5*$.$'!)'!+,!5*&&,3$($!
/0',&)*$=!;/0'&!)%&$,*&)0/(!L5*&$U1!6$!#&(621!('!%$!,&8$(!
6$! .$'(&*'*$! $! &/7&.$'=! ! "%&$,*&)0/(! #'.$! $%K&8'($,*/(!
5*&&,3$&! 0-6$.,$=! R'.! L5*&&,3'! 0-6$.,2! )$! )&*/$'<2! %/!
K-*2.F.$!+,!G.-'*'!',@&$*23&&HL=!I$'!%'.$!)$!%$.$!6$#25&*2=!
"%&$,*&)0/(! .20F,$! ('! #.&0/(! ,&8$(! 6$! .$'(&*'*$=! S!
&6$-(-9&$! 5&! L.$(&9&$! (&#)&*2! 6$! B/0,$<$/U=! :')*'.6'!
*$K,-(-9&$! $)*$! 5&! $'! 6$,/,3'*2=! L>$K,-(-9&'! $)*$! /,!
%-#&(!6&,!N-.&!'(!5*&&,3$&!4/,6'0$,*'($nU=!
V.&,! 5&! 6/#2! ?<&%'! %/',*&%2! ,/! )$! 0'&! #-'*$!
8-.7&!6-'.!6$!/,!)&,9/.!,&8$(!6$!.$'(&*'*$=!M%$$'!8&<&7&(2=!
I/',*&%'!'*$)*2!%$$'!%$!,/!)$!8$6$=!e'#*!('!%'.$!,/!,$!
#/*$0! #.$4'%$! -.7&=! e&<&%'! %(')&%2! ,/! $! )&,9/('.2! -.&!
'/*'.K&%2=!R!)C'/!92)&*!'(*$!4/,6'0$,*$=!LZ/0$'!,-')*.2!
8&<&7&(21! 0'%.-?<&%2! $)*$! %(26&*2! #$! (/0$'! &,8&<&7&(21!
%/',*&%2=!Z/0$'!!,-')*.2!'#'.$!')*4$(!1!+,*.C/,!)$,)1!%'!
/,!&,8&<&7&(!42%/*!8&<&7&(=U!E,!*.'6/%$.$!*$.0$,/(!'%$')*'!
$)*$!0$.$/!,-*'*!r4&'$/0,=!e&<&%&',/(C?(-)-4!,$!')&9/.2!
%2!(/0$'!%/',*&%2!$)*$!/,'!)&0#(2!5&!%-0#($@2!*-*-6'*2=
S@&)*2!5&!/,!4$(!6$!L$*&%2U!'!(/&!f=!:wK0$=!S'!$)*$!
.$%/,-)%/*2! 6-'.! &0#(&%&*! '&%&=! B/0,$<$/! $)*$! 7&,$($=!
I'!/.0'.$1!L%,423+($+3$1$30++&30+3(+31?4'+324/3J49'+C+4!
O)=!:=!;=PU=!E,!'4'.'!6&8&,&*23&&!O6'%2!.2/(!$)*$!%-,*.'.&/(!
(/&!B/0,$<$/P1!*-*/(!$!/,!0&@'A!6$!7&,$!5&!6$!.2/=!B'.!
6$5&!.2/(!$)*$!-#/)1!$(!$)*$!5&!&,%(/)1!#'.$C)$1!&'.!#$!/,!'(!
#(',! .2/(! 5&! 7&,$($! )/,*! 6$#25&*$1! /,&?%'*$1! B/0,$<$/!
)$!'N2!L6&,%-(-!6$!7&,$!5&!6$!.2/U=!W!$@#.$)&$!'!(/&!e.=!
;&$*<)%K$n!;&%&!.2/(!,/!$!.2/!+,!)&,$1!%-,4-.0!9F,6&.&&!
$@*.')2! 6&,! *$@*/(! (/&! f=! :wK0$=! Lk2/(! $)*$! '5'6'.! -!
%'(&*'*$! -,*-(-9&%2! T! ,&%&! #-<&*&821! ,&%&! ,$9'*&82=! B'.!
$'! $%K&8'($'<2! %/! -! %'*')*.-42! -,*-(-9&%2! -6'*2! %$! +5&!
)%K&072! 4/,%3&'=U! IF,6! )#/,$01! *.'6&3&-,'(1! *-*! .2/(!
)#.$! 7&,$1! 4/,%3&'! .$)#$%*&82! )$! )%K&0721! '.! *.$7/&! %'!
)2! +,3$($9=! e/,%3&'! .2/(/&! -! '*.&7/&01! 7&,$+,3$($)1! ,-&1!
-'0$,&&=!X-&,3'!$!'&%&!4-'.*$!*'.$1!%'!('!"%K-#$,K'/$.1!
6'%2! 0'&! #-*! 4'%$! 5&! '%$')*2! ','(-9&$=! :=! ;&%-($)%/!
,-*$'<2!6&.$%*!%2!L8-&,3'!-0/(/&!A-'%2!/,!.-(!%./%&'(U=!
W0/(!O)$P!'/*--.9',&<$'<2!5&!O)$P!'/*-%.$$'<21!%/0!'0!
0'&!%-,)*'*'*=
"/,*$0! +,*.C-! $#-%2! 6$! .'6&%'(2! )%K&07'.$!
'! ?(-)-?$&! 6$! 8&'321! ('! )%'.2! %-)0&%2=! ['%.-?<&%'! +5&!
'.'*2! )/?%&$,3'=! Z/0$'! #.&0/(/&! ,&8$(! 6$! .$'(&*'*$! )$!

#.27/5$5*$=! B$%(&,! ,/! 6-'.! -%%&6$,*'(=! L;$! 'N20! ('! -!

.2)%./%$1! +,*.$! '/*-6&)*./9$.$! 5&! $8-(/3&$=U! S@&)*20! +,!
&,*$.8'(1! *'$%+! )'/! ?%/'$%+1! %/! '%$5*&! 0-6$5*&! *$.0$,&!
)#'3&'(&=!"-(/3&'!$)*$!)2!,$!0/*20!9F,6/(1!)2!,$!0/*20!
9F,6&.$'1! )2! 6$8$,&01! 8'&1! 0/*',3&=! :=! ;&%-($)%/! 8'!
4-(-)&! /(*$.&-.! %/8F,*/(! 42.2! 9K&(&0$($1! #-$*/(! [&%K$(!
I'0/)! +,*.C-! #.$4'321! ('! `+1%+9+3 ?1+$/0+1! +(! 8'! ,/0&!
#$! &,*$.#.$*/(! (/&! f=! :wK0$! L0/*',*U1! %/! 9K&(&0$($1!
6'.! 8'! '*.'9$! '*$,3&'! %2! *$.0$,/(! .20F,$! %F*! )$! #-'*$!
6$! #-*.&8&*=! B$<')*./(! #-'*$! )2! 8&,2! 6$! ('! )%K&07'.$'!
%-6/(/&! 9$,$*&%=! "C'.! #.-6/%$! 0/*',3&! ,/! +,! 9F,6&.$1!
%&! ?<&%=! "2! /.020! +,)2! )$,)/(! 5*&&,3$&! %/',*&%$1! %'.$!
.20F,$! .$8-(/3&-,'.=! X-0! '60&*$! %2! L+=1245/&3 19424/3
+($+3 +=1245/&3 01'6$//'5+/3 (&2+U! O)=! :=! ;=P=! B$-%'06'*2!
$@&)*2!-!0'.$!6$./*2=!W0$,&.$'!'#'.$!&,6$%&)2=!W0/(1!+,!
9$,$.'(!8-.7&,61!)*2!L+,*.$!6-/2!/5&U=
B'%2!$@&)*2!5&!-!*$-(-9&$!'!(/&!f=!:wK0$!T!4'#*!
.$%/,-)%/*! 6$! $)$&)*! 0'&! %/.F,6! '%%&6$,*'(! T! '%$')*'!
$)*$!/,'!'!.2762.&&1!-)*$,$(&&!5&!+,6/.2.&&=!M5!)#/,$1!0'&!
%/.F,6! -! ?(-<-?$1! /,'! )*-&%2=! E,! .$)*1! .$6$0#3&/,$'!
9,-)*&%/(/&!)'/!?(-)-4/(/&!,'*/.&&!,/!$!%.$5*&,2=!:&)$.&%'!
%.$5*&,2! L0'A-.&*'.2U! ,/! .20F,$! ('! (&0&*'! ,'5*$.&&!
7&-(-9&%$=! h&! ,/! '.$! 6$C'! 4'%$! %/! ,'5*$.$'! 6$! )&,$1!
#.$*&,)'!'/*-9$,$.'.$!/0',2=
V$!%'($'!?(-)-?$&!,'*/.&&!'0!.$0'.%'*!%2!'!4-)*!
'N'*!0&*-(-9/(1!?(-)-4/(!.$(&9&&(-.1!O'P9,-)*&%1![=!S(&'6$1!
%'.$! 6$)%-#$.2! /,&*'*$'! )#&.&*/'(2! #.&,! 0$*-6-(-9&'!
5*&&,3&?%2=! M#','A/(1! 6/)! ('! (&0&*'! )/#$.&-'.21! '(!
5*&&,3$&! $)*$! /,&8$.)'(&*'*$'1! '*-*%/#.&,6$.$'! 5&!
'*-*%-0#.$K$,)&/,$'!(&07'A/(/&!$&=!Lh*&&,3'!'!'A/,)!/,!
(&07'A!#(',$*'.=U!"/9$)*&'!$)*$!%2!($C'.!+,*.$%$1!+,9(-7'1!
)/7)*&*/&! #$! *-'*$! %$($('(*$! (&07'A$=! B&,! (&07'A/(!
5&! 0$*-6-(-9&'! *.',)6&)%&#(&,'.2! '! 5*&&,3$&! '5*$'#*2!
'%$)*! -0! 6$! 5*&&,32! /0',&)*! T! *.',)/0',&)*1! 6$! 4'#*! T!
)'(8'.$'!)#$%&$&!,-')*.$1!*$-.$0'*&%$!5&!#-$*&%$=!"#$%&$!
'! %2.$&! )'(8'.$! $.'! +,*.$82</*2! 6$! /,! #-$*! )/#.'.$'(&)*!
.$#.$<$,*'*&8! #$,*./! .$)#$%*&8'! #'.'6&902! #-$*&%21!
g$((/!;'/01!6$!)/#.'.$'(&)0/(!+,3$($)!T!5&!%/#.&,)!+,1!
6'%2!*.'6/%$0!8$.7/(!4.',%$<!019?%+'.%+!T!%'!%$(!0'&!
'/*$,*&%! 5&! )&9/.! .$'(&)0=! "2! .$%/,-'5*$0! %2! $@$0#(/(!
'%$)*'! +&! 8&,$! %'! -! 02,/52! 5&! $)$&)*/(/&! #$! %'.$C(!
%-0$,*$<=! j,&?%'.$'! .$'(&<'*2! ('! /,! ,&8$(! )/#$.&-.1!
#.&,! *$.3&/(! O*'&,&%1! )$%.$*1! 6'.! 6$<82(/&*1! 6'*! #$! 4'32P!
&,%(/)1! $)*$! *-%0'&! -! &(/)*.'.$! '! *.',)6&)%&#(&,'.&*23&&=!
I/!-!,/',32D!'!&,*.'C*.',)C6&)%&#(&,'.&*23&&1!#$,*./!%2!)$!
%&.%/0)%.&$!?(-)-?$&!$)*$*&%$1!#-$*&%$1!#-$*-(-9&$&=!"'/1!
6$!%$!,/1!?1+$1)21>/0//J!!
M%*/'(&*'*$'!#.&,)2!+,!4/,6'(/(!$)$/(/&!$)*$!'*.')2!
)#.$!%'(0!5&!-#*&0&)01!%/0!'0!0'&!)#$%&?%'*1!6'.!$)*$!
'&%&!+,%.$6$.$'!%/&8'!%'.$!'($.*$'<21!'8$.*&<$'<2!')/#.'!
4'#*/(/&! %2! '<&! /0',&*'*$'! )C'! +,%K&)! 5&! )$! +,8F.*$! +,!
L9-(U! O%'! 0$*'4-.2P1! +,! %$$'! %$! )$! ,/0$5*$! '&%&! L.-'*'!
',@&$*23&&U=!"$!&0#/,$!9.'7,&%!5&!.$)#-,)'7&(!'($9$.$'1!-!
)#/,$!%$(!%'.$!+,!$+1%+9+2+3?1+$/0+!+5&!02.*/.&)$5*$!0'&!
'($)!6&?%/(*'*$'!'($9$.&&!O,C'!'8/*C-!+,!-#3&/,$'!#$,*./!
$@&(1! +,! \]b_1! +,'&,*$'! %-,9$,$.&(-.P=! I'! '*'.$1! %$C&! 6$!
42%/*J!W#3&/,$!%('.2D!$8-(/20!)'/!#&$.&0=!S8-(/3&'!$)*$!
/,/(!6&,*.$!*$.0$,&&!*&*/('.&!'&!$)$/(/&=!h&!%/!)$,)/(1!5&!
$(! 5*&&,3&?%1! 6$! .$8-(/3&$=! B'.! ?(-)-?'! ,'*/.&&! %-,4$.2!

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

,'*/.&&!/0',$!#/*$.$'!)/8$.',2!T!&,6&.$%*!6/0,$<$&')%21!
$!6.$#*!T!6$!'!)$!'/*--.9',&<'!)'/!'/*-%.$'=!S!0-0$,*/(1!
'5'6'.1! )2! +,%$'#2! L'/*-$8-(/3&'U=! [-6/(! %$(! 0'&!
($),$! 5&! *-*-6'*2! %$(! 0'&! '.*&%/('*! $)*$! %'! '/*-$8-(/3&'!
-0/(/&!)2!)$!.$'(&<$<$!#.&,!6&'(-9=!I/!,/',3'!,-/2D!#.&,!
L6&'(-9! *.',)6&)%&#(&,'.U=! V.&,! .$%/.)! ('! '%$')*2! ,-/21!
'6$%8'*2! ('! '1=&3 (0/+'C&1! 0$*-6-(-9&$=! I$'! 0'&! ,-/!
5&! %$'! 0'&! #-*.&8&*21! 6$-%'06'*2! /(*&0'D! 0$*-6-(-9&'!
*.',)6&)%&#(&,'.2=! V$,*./! %2! '/*-./(! .$%/,-'5*$!
#(/.'(&)0/(! 0$*-6-(-9&%! 5*&&,3&?%! 5&! ?(-)-?%1! 6'.!
6$)#'.*$!%/!*2.&$!'#$($!0$*-6-(-9&%$!5&!$#&)*$0-(-9&%$=!
V.&8&*-.!('!'%$)*!/(*&0!')#$%*1!$(!)$!.$%/,-'5*$!6.$#*!/,!
'(&'*!'(!(/&!S69'.![-.&,1!+,*./%F*!$6&?%2!-!$#&)*$0-(-9&$!
'! %-0#($@&*23&&1! '%%$)F,6! ,/! 6-'.! ,-&! 8'(-.&1! 6'.! 5&! -!
,-/2! $*&%21! %$'! 0'&! %-.$)#/,<2*-'.$1! +,! )$,)/(! 6$!
.$)#-,)'7&(21!&,*$(&9&7&(21!%/#.&,<2*-'.$=!
OkP$8-(/3&'! ?<&%&&1! #.-#.&/! <&)! ?<&%'! %/',*&%21!
6$*$.0&,2!O4-(-)$)%!'%$)*!%/8F,*!-6&-)!(-9&%&&!*$.3&'.$P!
-! ,-/2! ?(-<-?$! '! ,'*/.&&1! #-.,&,6! 6$! ('! 8&<&7&(&*'*$'!
&,8&<&7&(/(/&! 5&! '! 0'&! 0/(*-.! ,&8$(/.&! 6$! .$'(&*'*$1! 6$!
6$)%-#$.&*! #.-9.$)&8! 5&! #$! 0'&! 6$#'.*$=! e'#*! 5*&&,3&?%1!
'6$82.'*1! 6$-%'06'*2=! k$*'.6'.$'! )$! $@%(/6$=! M*F*!
%$'! -,*-(-9&%21! %F*! 5&! %$'! 6$! (&07'A! O$/! +&! )#/,! +,*.C-!
0$*-6-(-9&$!%.&*&%21!K$.0$,$/*&%2!T!%+$1%/0,P=!S)$&)*/(!
,-)*./!'*$)*2!-!./#*/.2!6$!(&07'A=!E,3$($9!%2!6$!%-61!6$!
(-9&%2!'!6$%-62.&&=!h&!0'&!'60&*!5&!-!./#*/.2!+,!,'*/.21!
+,! $@&)*$,*1! -! ./#*/.2! 6$)&9/.! -,*-(-9&%21! )&0/(*',2!
%/! ./#*/.'! .$*-.&%2! O6$! (&07'AP=! OW,*-C.$*-.&%'! 0$'! $!
0$*-6-(-9&%! %-0#'*&7&(2! %/! *.',)6&)%&#(&,'.&*'*$'=P!
B&)%&#(&,$($1!*.')'*$!#.&,!'.0-,&<'.$'!.$3$($&!%-,%$#*/'($1!
%-,)&6$.2!:=!;&%-($)%/1!)/,*!+,!4'#*!,&8$($!6$!&,*$9.'.$!
('! /,! ,&8$(! 6$! .$'(&*'*$=! B'.! *.',)6&)%&#(&,'.&*'*$'! ,/!
-#$.$'<2!&,*$9.'*&8J!V.$)/#/,!%2!6'1!('!*-'*$!,&8$($($!6$!
.$'(&*'*$!%'.$!,$!6$8&,!6$)%-#$.&*$=
f=! :wK0$! $@%(/6$! ',*&*$<'1! )2.&,6! 6$! ('! *$<$!
%-,)&6$.'*$! 6&'($%*&%! ',*'9-,&%$1! ('! )&,*$<2=! [/(*&#(/(!
6&'6&%! )'/! *.&'6&%! $! %-,8$.*&*! +,! /,/(=! M,*-,&0&'!
9.'0'*&%'(2! $)*$! 5&! $'! $(/6'*21! .$&,*$.#.$*'*2=! [&)*&%-C
9,-)*&%/(! %.$6$! %2! .-)*/(! %-,*.'6&%3&$&! +,! ,'*/.2! ,/! $!
?12+91(C/(1!%-,N&%*/(!$@*$.0&,'*-.1!,&%&!02%'.!)/9$)*&'!
/,/&!$(',!-#-<&*&8=!;'*/.'!,/!-4$.2!L/.'!5&!6/502,&'U1!
.$%$#*'*$! 6$,'*/.'*! 6$! -0=! :wK0$! #.$?9/.$'<2!
6&,'0&%'!%-,*.'6&%*-.&/(/&!'!(/&!h*=!Z/#'5%/=!S(!&,6&%2!
$@%(/)&8!0&5%'.$'=!B&4$.$,3'!,/!-!'(*$.$'<2!)'/!6$)#&%2=!
[&)*$./(!$)*$!.$'(&<'*!5&!.'3&-,'(&<'*=!>$($-(-9&'!'%$)*$&!
O%8')&JP*$-(-9&&1! 6$.&8'*2! 6&,! ?(-)-?'! O+,3$($#%&/,$'1!
+,3$($9$.$'P!,'*/.&&1!$)*$!'6-#*'.$'!?.$')%2!'!4$.&%&.&&!+,!

)(

%-0/,&%'.$'!6$#(&,2!%/!Lj,/(Ce2.2C6$C0-'.*$U=
"$,)/(! O,-3&/,$'! )$%/,621! 6'.! ,/! )$%/,6'.21! +,!
'%$)*! $)$/P! +,*.$82</*! 6$! :=! ;&%-($)%/! #.&,! %/',*&%21!
#-.,&,6! 6$! ('! .262%&,'! 9F,6&.&&! ,'*/.&&! ('! f=! :wK0$1!
&$)$! 6&,! %-,*.'6&%3&'! #.$<$,32C'7)$,32=! I-,8&,9$.$'!
$)*$!#.$(/'*2!6$!('!k'i0-,6!Z$6./*1!?(-)-4!5&!)-%&-(-9!
'(! /.7',/(/&! 6&)#2./*! +,! \]_d1! '/*-.! +,*.$! '(*$($! '(!
/,-.! %2.3&! %'! 7+=1245/&! &(04'(,! O\]d]P! )'/! P1%9,3
6/3 (+'(3 *'3 (10/+$&$+! O\]_^P=! k/#*/.'! -,*-(-9&%2! $)*$!
*-*-6'*2! -! 6$)%K&6$.$1! #$! /5'! %2.$&'! %/',*&%'! $)*$!
(2)'*2! )2! #2*./,62=! >-%0'&! L+,%K&6$.$'! 5*&&,3$&! +,!
4'3'! ?&,3$&U! '! %-,6/)! ('! 6$%26$.$! )-%&'(21! *$.0$,! (/'*!
+,*.C-! ('.92! '%%$#3&$! '! )$,)/(/&1! #$,*./! %2! +,! ,&%&! /,!
%'<! *.',)6&)%&#(&,'.&*'*$'! ,/C(! #-'*$! '%%$#*'! 6-'.!
6.$#*! %-,%$#*! )-%&-(-9&%=! :=! ;&%-($)%/! 0&(&*$'<2! 4$.0!
5&! '*$,*1! +,3$($92*-.! 5&! %'(01! #$,*./! L-! ,-/2! '7-.6'.$!
5*&&,3&?%2!5&!%/(*/.'(2!T!$%&'(./(0/?2/'&%/$&$+&!T1!+,!%'.$!
8-.!*.$7/&!)2!%--#$.$<$!*-'*$!.'0/.&($!%/,-'5*$.&&!T!'*F*!
5*&&,3$($!$@'%*$1!%F*!5&!5*&&,3$($!/0',$1!#.$%/0!5&!
'.*'! 5&! >.'6&3&'U=! >-*/(! #.&,! '6/%$.$! ('! #.$<$,*1! #$,*./!
'#2.'.$'!8&&*-./(/&!,'*/.&&1!+,%$#F,6!%/!'%$$'!'!-0/(/&=!
R'*2!/*-#&'!9F,6&.&&!%/%$.&*-'.$!#.&,*.C-!8-&,32!6$!4-.32!'!
0&,3&&1!+,!)/)3&,$.$'!/,/&!L6&'(-9!#(',$*'.U=!j,/(1!'<&1!%'!
5&!&$.&1!+,%2!&,%&#&$,*=
W! O*.',)P6&)%&#(&,'.$! '! 0&,3&&1! '! 9F,6&.&&1!
5*&&,3&?%21! ?(-)-?%21! '.*&)*&%21! '.! %-,6/%$! ('! -.6&,$'!
&,*.&,)$%21! '7)-(/*21! '! +,*.$9/(/&! $@&)*$,*=! R! )$! &0#/,$!
*-%0'&! &,6&)%&#(&,'! 0&,3&&1! #$! '%$($'5&! ?(&$.$! 8&%&'*$=!
B&,! ,-/1! *$K,-(-9&'! $)*$1! 6'%2! ,/! #/)2! ('! <&61! %$(!
#/3&,! 6$0')%'*21! %'! /,! )-&! 6$! '6$0$,&*-.! 0&)*$.!
.2/=! B$! ('! 5*&&,321! #$! %'($'! (-9&%&&! *$.3&'.$1! &'*2! .$'('!
6$)%K&6$.$! #$,*./! -! 7/,2! %-,*&,/&*'*$=! LV$,*./! 0&,$1!
)/.)'! 7'.7'.&$&! 0-6$.,$! ,/! $)*$! 5*&&,3'1! %&! #.-(&4$.'.$'!
','.K&%2!'!*$K,-(-9&$&!5&!#.$<$,3'!%-8F.5&*-'.$!'!9F,6&.&&!
7&,'.$1! '! (/&! G6'H! )'/! G,/H=U! S(! '($.*$'<2! #.&8&*-.! ('!
)%&$,*&)0/(!423&5!-.&!0')%'*=!B$!$@$0#(/1!L.$('*&8&)0/(!
6$!*&#!,$-.$6/%3&-,&)*!,/!$)*$!6$%F*!/,!)-&!6$!G)%&$,*&)0!
9$,$.'(&<'*H=U! :')'.'7! ;&%-($)%/! ,/! $)*$! /,! '6$#*! '(!
$@*.$0&)0/(/&! )'/! '7)-(/*&)0/(/&! -.&! *-*'(&*'.&)0/(/&1!
?$!5&!6$!*&#!,-/=!:'!6&0#-*.&82=!S(!)/)3&,$!L.$('*&8&)0/(!
*.',)6&)%&#(&,'.U1!%'.$!,/!)$!#/,$!6$!-!#'.*$!)'/!'(*'1!,/!
6$8&,$! 9(-7'(&<',*1! ,/! 'A/,9$! +,%K&)! 5&! +,! 6$?,&*&8! ,/!
$)*$!,&%&!/*-#&%1!6$8.$0$!%$!%'#2*2!/,!(-%!*-*!0'&!8&<&7&(=!
Lj,! 0$*'6&)%/.)! )'/! -! 0$*'*$-.&$! 8-.! 6$8$,&! +,! '%$)*!
%K&#! #-)&7&($1! 6'.! ,/! 8-.! ?! ,&%&-6'*2! /,&%$1! '7)-(/*$=U!
>.$&! +(! +,82(/&$! +,6$#2.*F,6/C(! #$! 6-&1! 6&'(-9/(! ')*4$(!
#/.*'*1!'5'!%/0!+(!#.-#/,!;&%-($)%/!5&1!0'&!+,'&,*$!)'1!
Z/#'5%/1!$)*$!/,/(!#.&,!&6$,*&?%'.$'!*$.0$,&(-.!+,*.C/,!
6$')/#.'!%-0/,!5&!,/!%/!')/#.'!6&)%-.6',3$&D!M!5&!,-,CM!
+,%K&5&C6$)%K&5&!+,!>=!>.',)6&)%&#(&,'.&*'*$'!0&!)$!#'.$!-!
%/(0$1!+,!)$,)/(!6$!+0#(&,&.$1!'!9/9+(/(C/(/&1!#.-&$%*'*!
'/*-)%-#&%! 5&! *.&,&*'.=! I-,6&3&'1! )*'7&(&*2! +,! a$//'5&<3
(+'(423 6/3 +=1245/&#3 L(+43 &(4?%&3 24/3 \&j1-3 :oF9+1! $)*$!
'!O.$P6$)%-#$.&.&&!#.&,%&#&/(/&!,'*/.'(!'(!'/*--.9',&<2.&&!
5&! '/*-%.$'3&$&1! %-,?.0'*! 6$! -.&%$! #'.*&%/('.&<'.$! '!
9F,6&.&&1!'6$%8'*2!('!,&8$(/.&($!$@&)*$,*/(/&=![$*-6-(-9&'!
*.',)6&)%&#(&,'.&*23&&!8'!?!6$)425/.'*2!+,*.C-!%'.*$!#$)*$!
5'#*$! ',&1! +,! \]]b=! Z'! /,! ',! #$)*$! /,! )4$.*! 6$! )$%-(!
6$!('!,'5*$.$'!*$.0$,/(/&!9.$/!6$!.-)*&*1!6'.!%/!.-)*!+,!
9F,6&.$'!5*&&,3&?%-C?(-)-?%2!'%*/'(2=!

))

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

5-*'#$,.78Y92
N"#$%&'%(')*'$#"'!#!+,K',
'$!+"(-*!-"#*'!#!+
I-,%$#*$($! 4/,6'0$,*'($! $('7-.'*$1! ,/',3'*$!
5&! 6$<8-(*'*$1! +,! %2.3&($! )'($1! 6$! :')'.'7! ;&%-($)%/!
O,&8$($($! 6$! .$'(&*'*$1! *$.3/(! &,%(/)1! %-,*.'6&%3&'! ,-,C
%-,*.'6&%*-.&$1!*.',)6&)%&#(&,'.&*'*$'P!.$($82!-!%-,5*&&,32!
(&#)&*2! 6$! -.&%$! %-0#($@$1! 6$)%K&)2! ('! ,-/*'*$1! ('!
0&.'%-($($! $@&)*$,3$&1! ('! .$8$('3&&($! %-)0-)/(/&=! E,!
%'.*$'!;1/<3?&%$/042&36/3249+&1!6$!$@$0#(/1!$!6$?,&*2!%/!
#.$9,',32!*.',)6&)%&#(&,'.&*'*$'D!L>.',)6&)%&#(&,'.&*'*$'!
#.&8$5*$1! %/0! -! &,6&%2! #.$?@/(! G*.',)CH1! %$$'! %$3 +($+!
+,! '%$('5&! *&0#! *'$%+! 6&)%&#(&,$1! *',4'$%42! 6&4$.&*$(-.!
6&)%&#(&,$! 5&! ./'0121! 6$! -.&%$! 6&)%&#(&,2=! e&,'(&*'*$'!
$&! -! .$#.$<&,*2! +,3$($9$.$'! (/0&&! #.$<$,*$1! /,/(! 6&,*.$!
&0#$.'*&8$($!$&!%-,)*&*/&,6/C(!/,&*'*$'!%/,-'5*$.&&U=!j,'!
6&,*.$!+,*.$72.&($!#$!%'.$!?<&%&',/(!5&!)%.&&*-./(!:')'.'7!
;&%-($)%/!5&!($C'!#/)1!6$!('!7/,!+,%$#/*1!)C'!.$4$.&*!('!'%$(!
)#'3&/! 6&,*.$! 6&)%&#(&,$1! )'/! 6$! 6&,%-(-! 6$! 6&)%&#(&,$($!
5*&&,3$&1! .2)#/,)/(! ?&,6! #$! %F*! 6$! *.',5',*1! #$! '*F*! 6$!
(20/.&*-.D!LE,!#.$<$,3'!0'&!0/(*-.!,&8$(/.&!6$!k$'(&*'*$1!
)#'3&/(!+,*.$!6&)%&#(&,$!5&!6&,%-(-!6$!6&)%&#(&,$!$)*$!#(&,1!('!
4$(!%/0!8&6/(!%/',*&%!$)*$!#(&,!6$!*-'*$!#-*$,3&'(&*23&($D!6$!('!
#'.*&%/('!%/',*&%2!('!9'('@&&1!6$!('!z/'.%!('!$($0$,*$($!9.$($!
%$! %-,6&3&-,$'<2! '#'.&3&'! 8&$3&&! +,! j,&8$.)U=! E,! 8&<&/,$'!
(/&!:')'.'7!;&%-($)%/1!S@#(-.'.$'!.$'(/(/&!6&,!#$.)#$%*&82!
*.',)6&)%&#(&,'.2! $)*$! L.'6&%'(! 6&4$.&*2! 6$! %$.%$*'.$'!
6&)%&#(&,'.21! ?&,6/C&1! +,! '%$('5&! *&0#1! %-0#($0$,*'.2Ut!
#$.)#$%*&8$($!)$!0-6&?%21!6&,'0&%'!#.&8&.&&!)$!,/',3$'<21!
%2#2*F,6! -! 0/(*! 0'&! )#-.&*2! N$@&7&(&*'*$D! LE+%0+$&%+&3
./(0/?2/'&%,3 /9?2/0,<3 0+23 942$<3 4'3 (/'>4%3 6/3 &0+2&6/3
'/=+23 .+3 7+&2/$&$+t! 6$! '(*4$(1! +,! 0'A-.&*'*$'! %'</.&(-.1!
$'! ,/! )$! .$4$.2! 6$%F*! ('! 4.'90$,*$($! /,/&'! 5&! '%$(/&'5&!
,&8$(! 6$! k$'(&*'*$=! E,! )%K&071! $%&'(./(0/?2/'&%/$&$+&3
(+3 /'$+%+(+&C,3 .+3 ./'&9/0&3 >+'+%&$,3 .+3 &05/4'+&3 9&/3
942$1%3'/=+24%/3.+37+&2/$&$+3*'3&0+2&6/3$/9?=!B$)%-#$.&.$'!
'%$)*$&! 6&,'0&%&! *.$%$! ,$'#2.'*! #.&,! %/,-'5*$.$'!
6&)%&#(&,'.2=! J/(0/?2/'&%/$&$+&<3 ?24%/./(0/?2/'&%/$&$+&<3
/'$+%./(0/?2/'&%/$&$+&3 6/3 $%&'(./(0/?2/'&%/$&$+&3 (4'$3 0+2+3
?&$%43(,>+5/3&2+34'4/&36/3&0+24/&6/3&%0^30+23&2304'1&6$+%//=U!
O)/7(=!'/*=P=
E,! '.*&%-(/(! #.-9.'0'*&%! `%&'(./(0/?2/'&%/$&$+&3
Q9&'/@+($S1! *$@*! 6$! '0#(2! .$<-,',32! %-,%$#*/'(21!
:')'.'7! ;&%-($)%/! )%.&$D! L`%&'(./(0/?2/'&%/$&$+&! )$!
.$4$.21!'5'!%/0!-!&,6&%2!#.$?@/(!$%&'(C1!('!%$$'!%$!(+3&q,3
+,!'%$('5&!*&0#!5&!*'$%+!6&)%&#(&,$1!5&!*',4'$%4236&8$.)$(-.!
6&)%&#(&,$1!5&!./'0121!6$!-.&%$!6&)%&#(&,2=!e&,'(&*'*$'!)'!
$)*$!+,3$($9$.$'!(/0&&!#.$<$,*$1!/,/(!6&,*.$!&0#$.'*&8$($!
$&! ?&,6! /,&*'*$'! %/,-'5*$.&&=! O===P! B'.! $@&)*2! -'.$! %$8'!
+,*.$1! +,! 5&! 6&,%-(-! 6$! 6&)%&#(&,$J! B&,! #/,%*/(! 6$! 8$6$.$!
'(! 9F,6&.&&! %(')&%$1! ,/! $@&)*2! ,&0&%1! %/! )*.&%*$3$! ,&0&%=!
"#'3&/(! +,! %'/<2! $)*$! 8&61! %-0#($*! 8&61! %'! 8&6/(! ?<&%&&!
%(')&%$=!O===!P!E,!#.$<$,3'!0'&!0/(*-.!,&8$(/.&!6$!k$'(&*'*$1!

)#'3&/(!6&,*.$!6&)%&#(&,$!5&!6&,%-(-!6$!6&)%&#(&,$!$)*$!#(&,1!
'5'!%/0!8&6/(!%/',*&%!$)*$!#(&,!6$!*-'*$!#-*$,3&'(&*23&($D!6$!
('!#'.*&%/('!%/',*&%2!('!9'('@&&1!6$!('!z/'.%!('!$($0$,*$($!
9.$($!%$!%-,6&3&-,$'<2!'#'.&3&'!8&$3&&!+,!j,&8$.)=U!B$)&9/.1!
+,*.$! *.',)6&)%&#(&,'.&*'*$! 5&! &,*$.6&)%&#(&,'.&*'*$! $@&)*2!
,/0$.-')$! .'#-.*/.&! 6$! %-0#($0$,*'.&*'*$1! 6/#2! %/0!
6&4$.$,3'!6&,*.$!%-,%$#*/(!#.-#/)!6$!:')'.'7!;&%-($)%/!5&!
%$.%$*'.$'!6&)%&#(&,'.2!$!-!6&4$.$,32!%'.$!+5&!$@*.'9$!6&,'0&%'!
5&! )$0,&?%'3&&($! 6&,! %-0#($@&*'*$'! 6&4$.&*2! '! .$4$.$,*/(/&!
OLE+%0+$&%+&3 ./(0/?2/'&%,3 (+3 %+@+%,3 2&3 0+23 942$3 4'423 6/3
&0+2&6/3'/=+23.+37+&2/$&$+t!6$!'(*4$(1!+,!0'A-.&*'*$'!%'</.&(-.1!
$'!)$!.$4$.2!6-'.!('!4.'90$,*$!'($!/,/&'!5&!'%$(/&'5&!,&8$(!
6$!k$'(&*'*$=!E,!)%K&071!$%&'(./(0/?2/'&%/$&$+&3(+3?%+104?,3
.+3 ./'&9/0&3 ?%1=10&$,3 .+3 &05/4'+&3 (/942$&',3 &3 9&/3
942$1%3'/=+24%/3.+37+&2/$&$+=!B$)%-#$.&.$'!'%$)*$&!6&,'0&%&!
*.$%$! +,! 0-6! ,$%$)'.! #.&,! %/,-'5*$.$'! 6&)%&#(&,'.2UP=!
V$.)#$%*&8'!9,-)$-(-9&%2!')/0'*2!6$!:')'.'7!;&%-($)%/!
$)*$1! '5'6'.1! /,'! %-0#($@21! ,/',3'*21! 0/(*&#-('.&<'*21!
$'! 4/,6'0$,*F,6/C)$! #$! 6&0$,)&/,&($! '@&'($! '($!
*.',)6&)%&#(&,'.&*23&&! O,&8$(/.&($! 6$! k$'(&*'*$1! (-9&%'!
*$.3/(/&!&,%(/)!5&!%-0#($@&*'*$'P1!&6$$'!6$!%/,-'5*$.$!?&,61!
+,! 4-,61! +,! %-,%$#3&'! )'8',*/(/&1! 6&,'0&<'*2! 6$! #.$<$,3'!
)&0/(*',2! 5&! %-,8$.9$,*2! '! 0'&! 0/(*-.! #$.)#$%*&8$! 6$!
'7-.6'.$!'!.$'(/(/&!O6&)%&#(&,'.&*'*$'1!#(/.&6&)%&#(&,'.&*'*$'1!
&,*$.6&)%&#(&,'.&*'*$'! 5&! *.',)6&)%&#(&,'.&*'*$'P=! I$! $)*$!
5&! %$! ,/! $)*$1! +,)21! *.',)6&)%&#(&,'.&*'*$'J! S'! #.&8$5*$!
L%$$'! %$! )$! 'N2! +,! '%$('5&! *&0#! 5&! +,*.$! 6&)%&#(&,$1! 5&!
+,2/,*./(! 6&8$.)$(-.! 6&)%&#(&,$1! 5&! 6&,%-(-! 6$! -.&%$!
6&)%&#(&,2=!e&,'(&*'*$'!$&!$)*$!+,3$($9$.$'!(/0&&!#.$<$,*$1!
/,/(! 6&,*.$! &0#$.'*&8$($! $&! ?&,6! /,&*'*$'! %/,-'5*$.&&=U!
>.',)6&)%&#(&,'.&*'*$'! ,/! +,)$'0,2! L$,%&%(-#$6&)01! -!
&,%/.)&/,$!#$!-.&<-,*'(2!+,!*-'*$!%$($!_ppp!6$!6&)%&#(&,$!
'%*/'($!5&!-!)/02!'!*/*/.-.!%/,-5*&,3$(-.!'%/0/('*$!6$!
'%$)*$'1!/,!6$0$.)!&0#-)&7&(!5&!&,/*&(U1!$'!,$#.-#/,F,6/C
5&! L-! '%/0/('.$! $@K'/)*&82! '! &,4-.0'3&&(-.! '6/)$! 6$!
*-'*$! 6&)%&#(&,$($U1! %&1! 0'&! 6$9.'721! %2/*F,6! 5&! 92)&,6!
L#/,3&($! 6$! ($92*/.2! 6&,*.$! '%$)*$'1! %'.$! 4'%! #-)&7&(2!
+,3$($9$.$'1!+,*.C/,!)'(*!#$!8$.*&%'(21!)#.$!4/,6'0$,*$($!
/,&*23&&!6$)%K&)$!'!%/,-'5*$.&&U=!>.',)6&)%&#(&,'.&*'*$'!,/!
$)*$1!6$!')$0$,$'1!L-!,-/2!6&)%&#(&,21!-!)/#$.6&)%&#(&,2!
)'/! -! '(*2! 6&)%&#(&,2U1! #$,*./! %21! 6'%2! L%$.%$*'.$'!
6&)%&#(&,'.2!%-,)*./&$5*$!&,$8&*'7&(!9.',&3$!6&)%&#(&,'.$U1!
*.',)6&)%&#(&,'.&*'*$'! ,/! '.$! L')*4$(! 6$! 9.',&3$1! $'! )$!
6$)425-'.2!+,!'4'.'!(-.1!42.2!'!&,)*'/.'!'(*$($!,-&U=
!
:')'.'7! ;&%-($)%/! #$.%$#$! *.',)6&)C
%&#(&,'.&*'*$'! %'! #$! -! $%&'(>%+(&%+! '! (&0&*$(-.1!
#$.)#$%*&8$(-.! 5&! 6&K-*-0&&(-.! %.$'*$! +,! 0-6! '.*&?%&'(!
6$! %-,5*&&,3'! /0',21! #$,*./! '! '6$.'! ('! -! 0-6'(&*'*$!
)/#$.&-'.2! 6$! ')&0&('.$! '! .$'(/(/&1! #.&,! /,&?%'.$! 5&! ,/!
#.&,! )$#'.'.$1! #.&,! %-$<&/,$! 5&! ,/! #.&,! 6$*'5'.$1! #.&,!
%-,8$.9$,32!5&!,/!#.&,!6&8$.9$,32D!L>.',)6&)%&#(&,'.&*'*$'!
$)*$! -! $%&'(>%+(&%+3 >+'+%&2/C&$,D! $'! *.',)9.$)$'<2!
4.-,*&$.$($! 6&,*.$! 6&)%&#(&,$($! '%'6$0&%$! 5&! ,-,C
'%'6$0&%$1! 6&,*.$! "/7&$%*! 5&! W7&$%*1! 6&,*.$! 5*&&,32! 5&!
)#&.&*/'(&*'*$1!6&,*.$!6-0$,&&($!%/,-'5*$.&&1!6&,*.$!%/(*/.&!
5&! 6&,*.$! .$(&9&&1! 42.2! )2! ($! %-,4/,6$1! 6'.! )/7(&,&&,6!
%$$'! %$! ($! )*.27'*$! 5&! ($! /,$5*$=! >.',)6&)%&#(&,'.&*'*$'!
)$! 7'<$'<2! #$! -! 0$*-6-(-9&$! .&9/.-')21! '6-#*'*2!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
#$)*$! *-*! +,! (/0$! 6$! ,/0$.-5&! %$.%$*2*-.&! %'.$1!
$@$.)F,6! '%$)*! *&#! 6$! K$.0$,$/*&%21! .$)*&*/&$! 6&4$.&*$($!
6-0$,&&! '($! %/,-'5*$.&&! +,*.C-! ,-/2! (/0&,2=U\! I'($'!
*.',)6&)%&#(&,'.&*23&&! %-,6/%$1! '5'6'.! )#.$! '.0-,&$1!
%-$.$,32! 5&! 6&,'0&)0! 9,-)$-(-9&%1! #.$)/#/,F,6!
6$)%K&6$.$!-,*-(-9&%21!$'!?&,6!0-6'(&*'*$'!#.&8&($9&'*2!
+,! $@#(-.'.$'! L'! %$$'! %$! %&.%/(2! +,*.$! 6&4$.&*$($!
,&8$(/.&! 6$! k$'(&*'*$U1! %-,)*&*/&,6/C)$1! +,! '%$)*! 4$(1! %'!
-! ?(-)-?$! '! &,*$.8'(/(/&! %$! '%-.62! /,! &,*$.$)! '0#(/!
&0'9&,'./(/&1!+,!%-,*$@*/(!+,!%'.$1!6$!#&(621!&0'9&,'./(!
5*&&,3&?%! $)*$1! #'.'6-@'(1! ,-,&%-,&%1! ')*4$(! +,%F*! )$!
%-,)*'*2! ! L$0$.9$,3'! /,$&! 4-.0$! 6$! &0'9&,'.! +,! ?<&%'!
%/',*&%2! %'.'%*$.&<'*2! #.&,! '7-(&.$'! *-*'(2! '! &0'9&,&&1!
)'/!%$(!#/3&,!'!'%$($&'!%'.$!)$!+,*$0$&'<2!#$!&,4-.0'3&'!
4/.,&<'*2! 6$! -.9',$($! 6$! )&03U=! E,! )%K&071! &0'9&,'./(!
#-$*&%!-#$.$'<2!-!*.',)9.$)'.$!'!(&0&*$(-.!5&!#.'9/.&(-.!
6&,*.$! 6&8$.)$($! ,&8$(/.&! 6$! .$'(&*'*$D! LI-,4./,*'.$'!
6&,*.$! 6-/2! ,&8$(/.&! 6&4$.&*$! 6$! k$'(&*'*$! #.&,! '%3&/,$'!
&0'9&,'./(/&! %-,3&,$! +,! $'! +,)25&! /,! &0$,)! #-*$,3&'(!
6$! #-$*&<'.$! '! /,&8$.)/(/&1! 6$! .$C+,%F,*'.$! '! (/0&&=U!
e2.2! +,6-&'(2! %2! .'3&-,'(&)0/(! *.',)6&)%&#(&,'.! #-)$62!
-! 6-<2! &0#-.*',*2! 6$! .$('*&8&)01! +,! 02)/.'! +,! %'.$! $(!
+5&!'(&0$,*$'<2!$,$.9&&($!9,-)$-(-9&%$!6$!('!%-,%$#*$($!
5*&&,3$&1! #$! %'.$! ($! 6$#25$5*$1! +,)21! #.&,! &,*$.0$6&/(!
/,$&! (-9&%&! *$.3&'.$1! %$! -4$.2! #-)&7&(&*'*$'! 6$! '! .$<-(8'!
%-,*.'6&%3&&($1! '#-.&&($1! #'.'6-@/.&($! *$K,-(-9&$&! 5&! '($!
%&8&(&<'3&$&!%-,*$0#-.',$D!LV$,*./!0&,$1!)/.)'!7'.7'.&$&!
0-6$.,$! ,/! $)*$! 5*&&,3'1! %&! #.-(&4$.'.$'! ','.K&%2! '!
*$K,-(-9&$&!5&!#.$<$,3'!%-8F.5&*-'.$!'!9F,6&.&&!7&,'.$1!'!
(/&!G6'H!)'/!G,/HU=
j,! .-(! 4/,6'0$,*'(! +,! 9F,6&.$'! (/&! :')'.'7!
;&%-($)%/! +(! -%/#2! %-,%$#*/(! $+%5424/3 /'024(1! #.&,!
&,*$.0$6&/(! %2./&'! 9F,6&.$'1! %'.$! -9(&,6$5*$! (/0$'1!
$)*$1! ('! .F,6/(! $&1! .$N$%*'*2! +,! #.-#.&&($! )'($! )*./%*/.&D!
LV$,*./! %'! +,! '%*/(! #.&8&.&&! %$$'! %$! #.&8$)%! )2! 02!
#.&8$')%2!$!,$8-&$!6$!/,!*$.3=!E,!(&#)'!'%$)*/&!*$.3!*-*/(!
$! )$#'.'*U\=! >$.3/(! &,%(/)! $! %$(! %'.$! /,&?%21! )*'7&($5*$!
%-,$@&/,&1!&,)*'/.$'<2!%-0/,&/,$'!+,*.$!)/7&$%*/(!%'.$!
#.&8$5*$!5&!-7&$%*/(!#$.%$#/*!8&</'(1!*.',)9.$)F,6!(-9&%'!
7&,'.21! 6$#25&,6! 6&,'0&%'! $@*$.&-.&*23&&! 5&! %-,4$.&,6! -!
4-.32!%/!*-*/(!,-/2!5&!%/!'*F*!0'&!($9&*&02!/,$&!&,)*',3$!
'! -7&$%*&82.&&! )&,$(/&1! +,! 02)/.'! +,! %'.$! *$.3/(! &,%(/)!
'.$! /,! .-(! /,&?%'*-.! 5&! &,*$9.'*-.1! 9$,$.F,6! -! 0&5%'.$!
6$! %-,8$.9$,32! '! 6&8$.)$(-.! ,&8$(/.&! 6$! .$'(&*'*$!
5&! '#.-4/,6F,61! +,! '%$('5&! *&0#1! #$.%$#3&'! ')/#.'!
4$,-0$,'(&*23&&! (/0&&=! >$.3/(! &,%(/)! '%3&-,$'<21! %/! '(*$!
%/8&,*$1!%'!-!9/(+3+'3&-*9+1!8'(-.&?%F,6!#-*$,3&'(&*23&($!
9,-)$-(-9&%$! '($! &,*$.8'(/(/&1! +,*.C/,! )#'3&/! 6$!
&,*$.0$6&$.$! 5&! %-,N/$,321! +,! %'.$! '#'.$,3'! 5&! $)$,3'1!
8&<&7&(/(!5&!&,8&<&7&(/(1!'7)$,3'!5&!#.$<$,3'1!.'3&-,'(/(!5&!
&.'3&-,'(/(! )$! &,*$.)$%*$'<2! 7$,$?%! OLR&3 ?%/9&3 =+.+%+!
O)=! ,=P1! 6'%2! "/7&$%*/(! 5&! W7&$%*/(! )/,*! %-,)&6$.'*$!
)$#'.'*1!'8$0!&0#.$)&'!%2!*$.3/(!'%3&-,$'<2!+,*.C-!C1',3
.+3 '1')%+C/($+'5,<3 .+3 $%&'(?&%+'5,3 '7)-(/*2! +,! .'#-.*!
%/! $@#$.&$,3$($1! .$#.$<$,*2.&($1! 6$)%.&$.&($1! &0'9&,&($!
'1&($%+Ua=! S@&)*21! +,! 0-6! %$.*1! -! +,)/5&.$! '! '%$($&!
L*$-.$0$! #-$*&%$U! %'.$! .$8$($'<2! &(04'(42! .$'(/(/&1!
4'8-.&<F,6! $@&)*$,3'! /,$&! #$.%$#3&&! #.&8&($9&'*$! %'.$!

)*

L0$*'0-.4-<$'<2! *.',)#'.$,3'! +,! %+C/($+'5,3 &-(124$,=!

I$(!%'.$!-#$.$'<2!'%$')*2!0/*'3&$!+,*.$!,-,C.$<&)*$,32!5&!
.$<&)*$,32!'7)-(/*2!$)*$!'%-.6/(!+,*.$!,&8$(/.&($!k$'(&*23&&!
5&! ,&8$(/.&($! #$.%$#3&$&=! `+%542)(&0%4! .$<&)*2! +,3$($9$.&&!
,-')*.$=! S(!6-7F,6$5*$! )*'*/*/(! 6$! k$'(&*'*$!%/! '%$$'5&!
+,6.$#*23&.$! %'! 5&! ,&8$(/.&($! k$'(&*23&&1! 42.2! '! %-,)*&*/&!
*-*/5&!/,!,&8$(!,-/!6$!k$'(&*'*$1!?&,6%2!)%'#2!-.&%2.$&!
5*&&,3$Uc!
X2(/(!#$!%'.$!+(!'5'<2!')/#.'!(/%./.&(-.!-!')*4$(!
6$! #$.%$#3&$! ,-,%-,*.'6&%*-.&$! L,/! 0'&! $)*$! '(! /,$&!
*.',)#'.$,3$! '7)-(/*$! %'.$! ,$! 6$)#'.*$! &,C6&4$.$,*! 6$!
k$'(&*'*$! O%K&'.! #.&,! ,-,C.$<&)*$,3'! '(%2*/&.&&! )'($PU1!
%&! $)*$1! %/0! )%.&$! :')'.'7! ;&%-($)%/1! L/,! 82(! &23
$%&'(?&%+'5+/1! '(! *.',)%$,6$,*/(/&! .$<&)*$,*! %'.$! T! %'!
)'%./! )'/! *$.3! *'&,&%! &,%(/)! T! #$.0&*$! +,*F(,&.$'! +,*.$!
,&8$(/.&($! 6$! k$'(&*'*$! 5&! ,&8$(/.&($! 6$! #$.%$#3&$! )'/1!
0'&! 6$9.'721! 4'%$! 8&<&7&(2! +,*F(,&.$'! +,*.$! k$'(&*'*$!
5&! +,3$($9$.$1! +(! +0#'%2! #$! -0! %/! /,&8$.)/(U=! V$! 6$!
'(*2! #'.*$1! *.',)6&)%&#(&,'.&*'*$'! 4'8-.&<$'<21! +,! %$'!
0'&! 0'.$! 02)/.21! 6&'(-9/(1! %-0/,&/,$'1! .$8$('3&&($! 5&!
7$,$?%&&($! %-0#($0$,*'.&*23&&1! $@%(/<F,6! #.&8&($9&$.$'!
8.$/,$&!%/(*/.&!)'/!'!8.$/,$&!5*&&,3$!+,!.'#-.*!%/!%$($('(*$!
5&! '.-9F,6/C5&! -! '*&*/6&,$! 6$)%K&)2! 4'32! 6$! 0&*1! 4'32!
6$! .$)/.)$($! &0'9&,'./(/&! #.&0-.6&'(! 5&! %/(*&8F,6! %/!
#.$0$6&*'.$!5&!#.$%26$.$!./&21>42D!L$*&%'!*.',)6&)%&#(&,'.2!
.$)#&,9$!-.&%$!'*&*/6&,$!%$!.$4/<2!6&'(-9/(!5&!6$<7'*$.$'1!
&,6&4$.$,*!6$!-.&9&,$'!'%$)*$&!'*&*/6&,&!T!?$!$'!6$!-.6&,!
&6$-(-9&%1!)%&$,*&)*1!.$(&9&-)1!$%-,-0&%1!#-(&*&%1!?(-<-?%=!
I/,-'5*$.$'!+0#2.*25&*2!'.!*.$7/&!)2!6/%2!('!-!+,3$($9$.$!
+0#2.*25&*21!4-,6'*2!#$!.$)#$%*/(!'7)-(/*!'(!6&8$.)&*23&(-.!
%-($%*&8$!5&!&,6&8&6/'($1!/,&*$!#.&,!8&'3'!%-0/,2!#$!/,'!
5&!'%$$'5&!#(',$*2U=
E,*.$! *.',)6&)%&#(&,'.&*'*$! 5&! &,*$.%/(*/.'(&*'*$!
$@&)*2! 0/(*&#($! ($92*/.&! 5&! %-,)-,',3$! %-,%$#*/'($=!
M)*4$(1!6'%2!0/(*&%/(*/.'(&)0/(!.$#.$<&,*2!-!'(*$.,'*&82!
('! #.-%$)$($! 6$! ')&0&('.$! )'/! '! 6&4$.$,3&$.&&! 4-.3'*$1!
$(! )$! &0#/,$! 5&! #.&,! %'#'%&*'*$'! 6$! '! '60&,&)*.'!
7$,$?%&&($!./@+%+'5+/1!#.&,!.$)#$%*'.$'!6&8$.)&*23&&!$*,&%$!
5&! ')&9/.'.$'! 8'(-.&(-.! %/(*/.'($! '($! &,6&8&<&(-.! /,$&!
',/0&*$! %-0/,&*23&=! I-,%$#*/(! 6$! &,*$.%/(*/.'(&*'*$!
'7',6-,$'<2! .$#.$<$,*'.$'! 0-<'&%'(2! '! %/(*/.&(-.1!
'%%$#*F,6! /,! )$0',*&)0! '(! &,N/$,3$(-.1! '(! 6&'(-9/(/&1!
'%-0-62.&&1!&,N/$,3$&!5&!+,3$($9$.&&=!R6$,*&*'*$'!,'3&-,'(2!
$! 4/,6'0$,*'*2! #$! /,! )$*! 6$! #.&,%&#&&! 5&! %.&*$.&&1! 6$!
$@#$.&$,3$! 5&! 4-.0$! 0$,*'($! %-0/,$1! +0#2.*25&*$! 6$!
0$07.&&! %-($%*&8&*23&&! ,'3&-,'($! 5&! %'.$! ($! %-,4$.2! /,!
)$,*&0$,*! 6$! '#'.*$,$,321! 6&4$.$,3&&,6/CR1! *-*-6'*21!
6$! %$($('(*$! $,*&*23&! ,'3&-,'($D! |;'3&/,$'! 5&! &6$,*&*'*$'!
$&! )/,*! $@#.&0'*$! 5&! .$8$('*$! +,! '0&,*&.&! '/*$,*&%$1! +,!
)&07-(/.&1! 0&*/.&1! +,! 0-5*$,&.$'! 5&! %/(*/.'! 8$.,'%/('.2!
'! #-#-./(/&! %'.$! 4-.0$'<2! -! %-0/,&*'*$! 6$! &)*-.&$! 5&!
6$)*&,1!&'.!&,*$($%*/'(&&!5&!)#$%&'(&5*&&!'%$)*$&!%-0/,&*23&!
*.$7/&$!)2!'/*$,*&?%$1!)2!)'(8$<$!5&!)2!+,%-.#-.$<$!'%$')*2!
%/(*/.2! 5&! 0-5*$,&.$! +,! 5&! #.&,! &,)*&*/3&&! $6/%'3&-,'($!
+,*.C-!#'*.&$!'/*-,-02U=^!E,!'%$')*2!'%%$#3&/,$1!0+2,2&2$!
,/!0'&!$!#$.%$#/*!%'!'(*$.&*'*$!-)*&(21!%&1!0'&!%/.F,61!%'!
-! #$.)-',2! %/! -! '(*2! '#'.*$,$,32! %/(*/.'(21! +,! 02)/.'!
+,! %'.$! &6$,*&*'*$'! $)*$1! +,! 8&<&/,$'! (/&! V=! "%K($)&,9$.!

*"

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

$@%(/6$.$!5&!&,%(/6$.$1!'8F,61!'5'6'.1!/,!%-,*/.!0-7&(1!
N/%*/',*1!&0#.$%&)!'6$)$'=!
B$! '(*4$(1! -! -.&$,*'.$! ,-8'*-'.$! +,! ?(-)-?'!
0$,*'(/(/&!$)*$!%-,$@&-,&)0/(1!#.&,!%'.$!.$#.$<$,*'.$'!
$)*$! #$.%$#/*2! %'! -! )*./%*/.2! %-0#($@21! 6'.! 5&! #.&,!
#.&)0'!/,/&!#.-%$)!6$?,&*-.&/!0'.%'*!6$!#$.4-.0',3$($!
%-,$@&/,&(-.! ,$/.-,&%$1! #.&,*.C-! '7-.6'.$! &,*$.! 5&!
*.',)6&)%&#(&,'.2! '! *$.&*-.&&(-.! 0$,*'(/(/&1! +,! %'.$!
%-('7-.$'<2!#.&K-(-9&'1!(&,98&)*&%'1!%&7$.,$*&%'1!','(&<'!
6&)%/.)/(/&! 5&! ?(-)-?'=! E,*.C-! ')*4$(! 6$! #$.)#$%*&82!
%-,$@&-,&)*21! /,$($! %-,%$#*$! #.$%/0! %$,*.'(&*'*$'1!
#$.&4$.&'1! &$.'.K&&($! '@&-(-9&%$1! #$.<F,6/C5&! 6&,!
%-,)&)*$,32!$#&)*$0-(-9&%2!5&!6&,!8'(&6&*'*$1!&0#/,F,6/C
)$!+,!)%K&07!'(*$!%-,%$#*$D!0/(*&(&,$'.&*'*$1!%-,$@&/,&1!
.$3$($1!,-6/.&!$*%=1!%-,%$#*/'(&<2.&!%$!#-*!?!'#(&%'*$!%/!
('.92! /*&(&*'*$! +,! 6-0$,&/(! K&#$.*$@*/(/&1! '(! #.'%*&%&(-.!
6&)%/.)&8$!5&!'(!&0'9&,&(-.!0$,*'($=!Y&#$.*$@*/(1!6$!#&(621!
$!6$?,&*!%/!#.$9,',32!6$!&,8$)*&9'3&&($!#-)*)*./%*/.'(&)*$1!
e-/%'/(*! %-,)&6$.F,6! %2! L0'.9&,&($! /,$&! %'.*&! ,/! )/,*!
,&%&-6'*'! %('.$! )&! .&9/.-)! *.')'*$D! 6&,%-(-! 6$! *&*(/1! 6$!
#.&0$($! .F,6/.&! )&! 6$! #/,%*/(! ?,'(1! 0'&! #.$)/)! 6$!
%-,?9/.'*&'! )'! &,*$.,'! )&! 6$! 4-.0'! %'.$! &&! %-,4$.'!
'/*-,-0&$1!$'!)$!'N'!#.&,)'!&,*.C/,!)&)*$0!6$!*.&0&*$.&!
('!'(*$!%'.*&1!('!'(*$!*$@*$1!('!'(*$!4.'<$t!$)*$!/,!,-6!&,*.C-!
.$*$'! O)/7(=! ,=P! m! ===! o1! ,/! )$! 6$)$0,$'<'! #$! )&,$! )&! ,/!
)$! %-,)*./&$)*$! 6$%F*! #-.,&,6! 6$! ('! /,! %F0#! %-0#($@!
6$! 6&)%/.)/.&Ul=! B'%21! +,! #$.)#$%*&8'! 4-/%'/(*&',21!
6&)%/.)/(! $! /,! ,-6! '(! )%.&&*/.&(-.! 5&! '%*$(-.! 6$! 6&)%/.)1!
+,*.C/,!)#'3&/!'(!+,*.$#2*./,6$.&&!4$%/,6$!'!6&)%/.)/.&(-.1!
+,!'%$$'5&!02)/.2!.$#.$<$,*'.$'!#-'*$!?!%-,)&6$.'*2!/,!
,/%$(/! ,-6'(! +,! ',)'07(/(! &,*$..$#.$<$,*2.&(-.! %'.$! )$!
&,*$.)$%*$'<2!5&!&,*$.4$.$'<2!,$%-,*$,&*=
!
I-0/,&%'.$'! &,*$.%/(*/.'(2! $)*$1! '5'6'.1! 6&,!
#$.)#$%*&82! )-%&-(&,98&)*&%21! ('! ',*&#-6/(! &,)/('.&*23&&1!
4'8-.&<F,61! 6&0#-*.&821! $0$.9$,3'! 9(-7'(&<2.&&1! %'.$!
&,4/<$'<21! 6$! 4'#*1! '.K&*$%*/.'! %/(*/.&&! %-,*$0#-.',$!
5&! .$(&$4/(! #.'%*&%&(-.! %/(*/.'($=! V$! 6$! '(*2! #'.*$1!
%-0/,&%'.$'!&,*$.%/(*/.'(2!5&!0-6$(/(!0/(*&%/(*/.'(!)/,*!
$($0$,*$!%'.$!$6&?%2!/,!6&'(-9!6$0-%.'*&%!+,*.$!%/(*/.&1!
6$?,&*!5&!#.&,!#.&)0'!')/02.&&!.$)/.)$(-.!'(*$.&*23&&!5&!'($!
0$0-.&$&1!%'.$!)/,*!%-,8-%'*$!('!$@$.%&3&/(!6$!($9&*&0'.$!
'!&6$,*&*23&&=!>.$7/&$1!6$!')$0$,$'1!)/7(&,&'*!%'.'%*$./(!
&,*$.6&)%&#(&,'.! 5&! %K&'.! *.',)6&)%&#(&,'.! '(! %-0/,&%2.&&!
&,*$.%/(*/.'($! 5&1! &0#(&%&*1! '(! )*/6&&(-.! &,*$.%/(*/.'($1! %$!
.$/,$)%!&#-*$<$1!%-,*.&7/3&&!5&!)-(/3&&!$#&)*$0-(-9&%$!6&,!
6-0$,&&! 6&8$.)$! O',*.-#-(-9&$1! )-%&-(-9&$1! (&,98&)*&%21!
K$.0$,$/*&%21! '.*$! 8&</'($1! $*,-(-9&$1! )-%&-(-9&$1!
#)&K-(-9&$1!5*&&,3$!#-(&*&%$!$*%=P=!E,!$9'(2!02)/.21!)*/6&&($!
&,*$.%/(*/.'($!*.$7/&$!)2!3&,2!%-,*!6$!%$.%$*2.&($!.$%$,*$!
')/#.'! &0'9-(-9&$&1! ')/#.'! .$#.$<$,*2.&(-.! )&,$(/&! 5&!
'($! '(*$.&*23&&1! %'! 5&! ')/#.'! 6&4$.$,3&$.&&! 6$! 9$,1! ')/#.'!
$*,&%&*23&&1! )'/! ')/#.'! *.',)%$,6$,3$&=! S@#',)&/,$'!
&6$-(-9&&(-.1!+,! %-,*$@*/(!9(-7'(&)0/(/&!5&! '!$8-(/3&&(-.!
*$K,-(-9&&(-.!0'))C0$6&'1!.&)%21!$!'6$82.'*1!)2!%-,6/%2!
('!/,&4-.0&<'.$!5&!)*',6'.6&<'.$1!6'.!5&!('!,-&!4-.0$!5&!
)$0,&?%'3&&! '($! 6&)%/.)/(/&! #.&8&*-.! ('! &6$$'! 6$! #/*$.$1!
K$9$0-,&$! )'/! %-,*.-(1! %K&'.! 6'%21! 6&,*.C-! #$.)#$%*&82!
'! .'3&-,'(&*23&&! 5&! '! $%K&6&)*',3$&! %-,%$#*/'($1! )$! #-'*$!
)/7(&,&'!4'#*/(!%2!9(-7'(&<'.$'!#-'*$!'8$'1!0'&!6$9.'721!
$4$%*/(! /,$&! )*./%*/.2.&! '! 6&8$.)&*23&(-.1! 6$%F*! '(! /,$&!

/,&4-.0&<2.&!6&<-(8',*$!'!&6$,*&*23&(-.=!B$0,2!6$!'*$,3&$!
$)*$!5&!&6$$'!/,$&!&0#-)&7&(&*23&!4'%*/'($!'!9(-7'(&)0/(/&1!
#$! %'.$! -! )/)3&,$! )-%&-(-9/(! 7.&*',&%! M,*K-,i! "0&*KD!
L6'%2!#.&,!%/(*/.2!)$!+,3$($9$!/,!0-6!6$!8&'32!%-($%*&8!
)'/!/,!.$#$.*-'.!6$!%.$6&,3$1!)*&(/.&1!8'(-.&1!5&!)&07-(/.&1!
'*/,%&!#/*$0!8-.7&!,/0'&!6$!%/(*/.&1!('!#(/.'(1!,&%&-6'*2!
6$!%/(*/.21!('!)&,9/('.1!6$-'.$%$!/,!0-6!6$!8&'32!%-($%*&8!
)'/!/,!.$#$.*-'.!6$!%.$6&,3$!#.$)/#/,$!6&4$.&*$!0-6/.&!5&!
.$#$.*-'.$!+,*.C/,!/,&8$.)!6$!0-6/.&!5&!.$#$.*-'.$=!B$%&1!
&6$$'!/,$&!%/(*/.&!9(-7'($!$)*$!#.'%*&%!-!&0#-)&7&(&*'*$bU=!
g(-7'(&<'.$'!)$!#-'*$1!+,)21!*.',)4-.0'!+,!L9(-%'(&<'.$U1!
4$,-0$,! %'.$! )$! %'.'%*$.&<$'<2! #.&,! &,*$.'%3&/,$'! 5&!
&,*$.4$.$,3'! +,*.$! ')#$%*$! 5&! 4-.0$! 9(-7'($! 5&! '(*$($!
(-%'($1! '8F,6! 6.$#*! %'/<2! 0/(*&#($! 5&! %'.'%*$.&)*&%$!
+0#./0/*/.&!%/(*/.'($=!B$)&9/.1!-!')*4$(!6$!%&.%/0)*',32!
#-'*$!%-,6/%$!('!-!+,*-'.%$.$!.$9$,$.'*-'.$!('!8'(-.&($!
*.'6&3&$&1!%/0!-7)$.82!f-K,!;'&)7&**!5&!V'*.&%&'!M7/6$.,$D!
LI/!%F*!)*&(/.&($!,-')*.$!6$!8&'32!6$8&,!0'&!-0-9$,$1!%/!
'*F*! ,$! )&03&0! 0'&! ($9'3&! 6$! 8'(-.&($! #.-4/,6$! .$(&9&$1!
'.*21! (&072! 5&! (&*$.'*/.2=! V$! 02)/.2! %$! (/0&($! ,-')*.$!
$@*$.&-'.$! '/! 0'&! 0/(*$! )&0&(&*/6&,&1! #2)*.20! %/! *-*!
0'&! 0/(*2! )?,3$,&$! *.'6&3&&($! &<8-.F*$! 6&,! &,*$.&-.Ud=!
B$! -! .$'(2! &0#-.*',32! $! 4'#*/(! %21! 5&! #$,*./! '7-.6'.$'!
*.',)6&)%&#(&,'.21! 5&! #$,*./! 6$0$.)/.&($! %-0/,&%2.&&!
&,*$.%/(*/.'($1! %/(*/.'1! %'! )/.)2! 6$! &6$,*&*'*$! 5&! %'!
4'%*-.!6$!/,&?%'.$!'!6&4$.$,3&$.&(-.1!.$#.$<&,*2!/,!4'%*-.!
6$! $%K&(&7./! 5&! 6$! '/*-.$9('.$! +,! )&)*$0/(! %&8&(&<'3&$&!
%-,*$0#-.',$1!('!4$(!%/0!$6/%'3&'!.$#.$<&,*2!/,!4'%*-.!
&0#-.*',*! +,! $6&?%'.$'! 5&! 0-6&?%'.$'! #$.%$#3&&(-.!
&6$,*&*'.$1! #$,*./! '! )$! 4'%&(&*'! -! %F*! 0'&! #.-0#*2! 5&!
-#*&02!+,3$($9$.$!'!0+24/2&2$=!V.&,!%2.3&($!5&!)*/6&&($!)'($1!
:')'.'7! ;&%-($)%/! .$'(&<$'<21! +,! 4-,61! /,! 6$<&6$.'*!
)*.28$%K&! '(! -0/(/&1! '%$('! 6$! '! #$.%$#$1! $@#(-.'! 5&!
&,*$.#.$*'!.$'(&*'*$'!#.&,*.C-!9.&(2!6$!%$.%$*'.$!6$<72.'*2!
6$!-.&%$!&,K&7&3&&!5&!%-0#($@$1!#.&,*.C/,!.$%/.)!#$.0',$,*!
('!6$)%K&6$.$1!6&'(-91!%-0/,&/,$!5&!&,*$.%/(*/.'(&*'*$=
.'/*'13"#Z+
!"# e-/%'/(*1! [&%K$(1! B%F+121>/&3 04'1&6$+%//1!
:/%/.$)*&1!S6&*/.'!j,&8$.)1!\]]]
$"# Y'((1! S6u'.6! >=1! :+d1'.3 E42$4%+1! M,%K-.! V.$))}
B-/7($6'i1!!g'.6$,!I&*i1!!;$u!x-.`1!\]db
%"# ;&%-($)%/1! :')'.'713 ;1/<3 ?&%$/042&3 6/3 249+&1!
>.'6/%$.$! 6$! X')&($! "#-.&%&1! S6&*/.'! V-(&.-01! R'5&1! appa1!
S6&3&'!'!RRC'!S6&*/.'!f/,&0$'1!R'5&1!appd
&"# ;&%-($)%/1! :')'.'7t! I'0/)1! [&%K$(3 <3 7,.,0/'/2+3
2/-+%$,5//1!S6&*/.'!I/.*$'!X$%K$1!:/%/.$5*&1!app^
'"# ;&%-($)%/1! :')'.'713 `+1%+9+3 ?1+$/0+1! >.'6/%$.$!
6$! Z=[=! M.%'6$1! V.$4'32! 6$! [&%K$(! I'0/)1! S6&*/.'! I'.*$'!
k-0F,$')%21! \]]b1! S6&3&'! '! RRC'! S6&*/.'! f/,&0$'1! R'5&1!
appd1!`Fm1%n9+(3?1m$/r4+(T3`+1%+9+3?1+$/0+1!$6&3&$!7&(&,982!
7&7(&-?(21! *&.'A! lp! 6$! $@$0#('.$1! :&7(&-*$%'! [$*.-#-(&*',2!
6&,!:/%/.$5*&1!app]1!8&<&/,$!9.'?%2!5&!\c!&(/)*.'3&&!6$![&.%&'!
B/0&*.$)%/
("# ;&%-($)%/1!
:')'.'71!
`%&'(./(0/?2/'&%/$&$+&#3
I&'/@+($1! *.'6/%$.$! 6$! Y-.&'! [&K'&(! X')&($)%/1! S6&*/.'!
V-(&.-01!\]]]
)"# "0&*K1! B=!M,*K-,i1! ;&$/1'(3 &'.3 ;&$/1'&2/(93 /'3 &3
H21-&23L%&1!V-(&*i!V.$))1!Z-,6-,1!\]]p

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
B0j'1f2+.>+9+'$^3 `F/(3 ?&?+%3 f&(3 (4??1%$+.3 -d3
$F+3;&$/1'&237+(+&%0F3E14'0/2)3E;E8<3G%1_+0$3G;)OO)
OJ)GEL)YZUU)v)ZX[U<3 E1'$%&0$3 ;%#3 YYZTvU#UZ#YZUU<3
$/$2+3 E%1((/'>3 :1%.+%(^3 O'(/>F$(3 /'$13 $F+3 E42$4%&23 &'.3
O'$+22+0$4&23 g/($1%d3 1@3 `%&'(d2=&'/&3 QUX[X)UV[XST
J/'01213 .+3 @%1'$/+%+^3 &(?+0$+3 &2+3 /($1%/+/3 042$4%&2+3 (/3
/'$+2+0$4&2+3 &3 `%&'(/2=&'/+/3 QUX[X)UV[XST3 E+%0+$&%+&3
?+'$%43&0+&($&3240%&%+3&3@1($3D'&'$&$&3.+30&$%+3E1'(/2/423
;&5/1'&23 &23 E+%0+$,%//3 a$//'5/D0+3 QE;E8S<3 G%1/+0$3 G;)
OO)OJ)GEL)YZUU)v)ZX[U<3 E1'$%&0$3 ;%#3 YYZTvU#UZ#YZUU<3
043 $/$2423 E%1((/'>3 :1%.+%(^3 O'(/>F$(3 /'$13 $F+3 E42$4%&23
&'.3 O'$+22+0$4&23 g/($1%d3 1@3 `%&'(d2=&'/&3 QUX[X)UV[XST
J/'01213 .+3 @%1'$/+%+^3 &(?+0$+3 &2+3 /($1%/+/3 042$4%&2+3 (/3
/'$+2+0$4&2+3&3`%&'(/2=&'/+/3QUX[X)UV[XS#
wwww
$0&/A
\! :')'.'7!;&%-($)%/1![&%K$(!I'0/)1!7,.,0/'/2+3
2/-+%$,5//1!S6&*/.'!I/.*$'!X$%K$1!:/%/.$5*&1!app^1!#=!cl
a! !R7&6$01!#=cl
c! !R7&6$01!#=!cl
^! !B=!M,*K-,i!"0&*K1!;&$/1'(3&'.3;&$/1'&2/(93/'3&3
H21-&23L%&1!V-(&*i!V.$))1!Z-,6-,1!\]]p1!#=!]]
l! ![&%K$(!e-/%'/(*1!B%F+121>/&304'1&6$+%//1!:/%/.C
$)*&1!S6&*/.'!j,&8$.)1!\]]]1!#=!cp
b! !R7&6$01!#=!\dp
d! !;'&)7&**1!f-K,!1!M7/6$.,$1!V'*.&%&'1!!B'423YZZZ3
)3I+>&$+'./'5+#3b+0+3'1/3./%+05//3?+'$%43&'//3VZ1!S6&*/.'!
Y/0',&*')1!:/%/.$5*&1!\]]c1!#=\ab

Y1"'$,VN9R[09:6;
N+"@-*,!#'$'(,'$(*-%X,1,!+1"+4>,)1+!'(>
M0! 9F,6&*! '%$)*! *$@*! /'3 F1'1%+9! :')'.'7!
;&%-($)%/!+,!6$./('.$'!'!*.$&!)$%3&/,&D!-!.$N$%3&$!')/#.'!
.-(/(/&! A/%'*! 6$! *$.3! +,! '%*/(! #.&8&.&&1! .'#-.*'*! ('! %F*$8'!
%-,)&6$.'3&&!'($!(/&![$.($'/CV-,*it!-!)%/.*2!#.$<$,*'.$!
'! *$-.&$&! (/&! :')'.'7! ;&%-($)%/! 6$)#.$! *$.3/(C)'%./! %'!
*.',)#'.$,32t! -! &,*$.#.$*'.$! *.',)6&)%&#(&,'.2! '! /,/&!
#-$0!6$!R-,!:'.7/1!#-$*!%2./&'!:')'.'7!;&%-($)%/!&C'!
6$6&%'*!)*/6&/(!6$)#.$3E1(9121>/&3!_10424/3(+04'."=

LV$,*./! %'! +,! '%*/(! #.&8&.&&! %$$'! %$! #.&8$)%! )2!

02! #.&8$')%2! $! ,$8-&$! 6$! /,! *$.3=! E,! (&#)'! '%$)*/&! *$.3!
*-*/(!$!)$#'.'*U1!'?.02!:')'.'7!;&%-($)%/!+,!7,.,0/'/2+3
2/-+%$,5//! OI/.*$'! X$%K$1! :/%/.$5*&1! app^1! #=! clP=!
"$#'.'3&'!+,*.$!)/7&$%*/(!%'.$!#.&8$5*$!5&!-7&$%*/(!#.&8&*!$!
6'*2!6$!(-9&%'!7&,'.2!'!8&</'(&*23&&=!B/'(&*'*$'!&,)*'/.$'<2!
$@*$.&-.&*'*$'1! %-,4$.&,6/C&! -! 8'(-'.$! &($9&*&02t! 6'.! $'!
$! &,)*&*/&*2! '7&'! 6$! #.&8&.$'! %'.$! -! -7&$%*&8$'<2=! e&&,3'!
82</*2!.20F,$!*.',)%$,6$,*2!8$6$.&&!O$@#$.&$,3$&!%'.$!-!
#/,$!+,!%-,6&3&'!8&</'(&*23&&P!#$,*./!%2!,/!)$!*-#$5*$!+,!
8$6$.$1!6$#&,6$!6$!'%$')*'!#$,*./!'!?1!,$%-,4/,6F,6/C)$!
+,)2!%/!$'=!E,!'%$('5&!*&0#!%$$'!%$!$)*$!#.&8&*!O%'!0+2,2&2$!
'(! #.&8&.&&P! $)*$! *&*/('./(! ,$%/,-)%/*! '(! /,$&! <-,$! %'.$!
,/! ,$! '#'.3&,$1! 5&! *-*/5&! 6-'.! &,8&<&7&(&*'*$'! )'1! #$,*./!
,-&1!+&!9'.',*$'<2!'(*$.&*'*$'1!+,!%K&'.!*.$%$.$'!O#')'A/(P!

*#

./'$%+!,-&1!%'!+,%./%&5'.$!6$!-.&<-,*/.&=!X&<&7&(/(!,/!$1!
#.&,!/.0'.$1!-!#.$<$,32!-7&$%*&821!6$-'.$%$!,/!+,*.$3&,$!
/,!.'#-.*!6$!8$6$.$!$4$%*&82!%/!(/%./(!#$!%'.$!+(!#.$<&,*2!
8$6$.&&t!,/!+(!#.$<&,*2!+,)2!%'!-7&$%*!%'(&?%'*!6$!8$6$.$!
O+,!0-6'(&*'*$'!#')&8&*23&&!+,!%'.$!(/%./(!)$!62!%'!-7&$%*1!
)$! #.$C62! 5&! )$! )/7-.6-,$'<2! #.&8&.&&! %'.$C(! '?.02P=!
L;$?&,6! /,! #-<&*&8! -7&$%*&81! &,8&<&7&(/(! ,/! #-'*$! ?! -!
,$9'3&$!+,!)$,)!(-9&%U1!%'!&,C8&<&7&(1!)#/,$![=![$.($'/C
V-,*i!OR+3e/(/-2+3+$32lO'=/(/-2+1!g'((&0'.61!V'.&)1!\]b^1!
#=! c\\Pt! $)*$! L-! ,$9'3&$C.$4$.&,32U! )'/! 6&)*',321! #$,*./!
%2!,$42%F,6!#'.*$!6&,!/,&8$.)'(/(!8&<&7&(/(/&!$!+,82(/&*!
+,! '%$)*'=! e&&,6! +,82(/&*! +,! 8&<&7&(1! &,8&<&7&(/(! #/,$! +,!
$(!82(/(!/,$&!*.',)%$,6$,3$1!'(!/,/&!6&,%-(-!?%/'30&%+!$(!
)$!4'%$!82</*!6F,6!6$!82</*=!S)*$!#/,%*/(!6$!8$6$.$!6&,!
%'.$!8$6$0!%2!(/0$'!,$!+,82(/&$1!')%/,)/(!)'/!'6F,%/(!
%'!L0&A(-%!#$!%'.$!+(!'/!(/%./.&($!6$!'!.20F,$!,$*$1!6$!'!
.20F,$!(/%./.&1!,$?&,6!*-*/5&!%$$'!%$!$/!#.&8$)%!'%/0=!
S)*$!6&0$,)&/,$'!#.&,!$@%$($,32!'!)&0/(*',$&*23&&U!%'.$!
4'%$! %'! (/%./.&($! )2! '&72! -! L%'.,$U! O/-/.+91! #=! adaP=!
M6F,%/(!&,8&<&7&(!$)*$!%'.,$'!(/0&&t!,/!#&$($'!$&!8&<&7&(21!
#$.0$'7&(21!%&!%-,)&)*$,3'!-7)*'%-(/(/&1!.$<&)*$,3'!/,/&!
,&8$(! 6$! .$'(&*'*$! #$! %'.$! #.&8&.$'! ,/! -! +,8&,9$1! %&! -!
6$#(')$'<21!-!0&5%21!'5'!%/0!-!&0'9&,$!0&5%'*2!,/!,$!
-4$.2!.$'(&*'*$'!,$*2!O5&!,$*$62P1!%&!+&!6$<82(/&$!/,!#.-?(!
,$-7&5,/&*1!-!#$.)#$%*&82!,$O#.$P82</*2=!W.!'%$)*!'6F,%!
$!*.',)%$,6$,*/(!+,!%'.$!8&<&7&(/(!+($+!&,8&<&7&(1!'#'.$,3'!
#.$<$,*2!'!/,/&!&0#.$<$,*'7&(=!LR,8&<&7&(!'(!8&<&7&(/(/&U!
%'.$! $! L/,! ')%/,)C.$8$('*U1! -! ')%/,6$.$! 6$)%K&)2=!
;$#.$<$,*F,6/C)$! 6$%F*! %'! '#'.$,321! ,$82</*/(! *.',)C
'#'.$,*! +,'&,*$'<2! +,! 8&<&7&(1! )$! 0',&4$)*2! +,! %'.,$'!
'%$)*/&'!%'!$%&'(?&%+'5,=!B-'.!$'!4'%$!+,)2!8&<&7&(/(!%/!
#/*&,32! 5&1! ')%/,<F,6/C)$1! 62! 6$! 82</*1! ('! 4$(! %/0! ,/!
8$6$0! (/0&,'! %'.$! +,82(/&$! (/%./.&($1! %&! (/%./.&($! #$!
%'.$!$'!($!6$<82(/&$=
X&<&7&(/(! 5&! &,8&<&7&(/(! )$! +,*.$#2*./,61! )$!
+,*.$826=!>.',)#'.$,3'!$)*$!-!*.',)C'#'.&3&$1!%2%&!%$$'!%$!
*.',)#'.$!,/!)$!8$6$!6$%F*!?%/'!%$$'!%$!+&!4'%$!%/!#/*&,32!
'#'.&3&'1! +,! 21042! '%$)*$&! 6&)*',3$=! Lk$8$.)&7&(&*'*$'!
6&,*.$! %$(! %$! 8$6$! O.43 =1d&'$P! 5&! %$$'! %$! )$! -4$.2!
8$6$.&&! O.43 =/(/-2+PU! O/-/.+91! #=! \]^P! $)*$! +,*-*6$'/,'!
&0&,$,*2! 6'.! ,&%&-6'*2! .$'(&<'*2D! #-)&7&(&*'*$! 6'.! ,/! 5&!
'%*=!k$8$.)&7&(&*'*$!%$!%-,3&,$!+,!)&,$!-!6&)*',32!Om0&%$P!
+,*.$! %-.#/(! %'.$! 8$6$! 5&! %$$'! %$! $(! +,)/5&! +5&! 62! 6$!
82</*=! S)*$! %K&'.! *$.3/(! 6&C)*',*! %$! )$! )*.$%-'.2! ,/! '*F*!
+,*.$!&,*$.&-.&*'*$!5&!$@*$.&-.&*'*$1!%&!+,!%K&'.!#-)&7&(&*'*$'!
8$6$.&&!(-.!(/942$&'+=!Y&'*/(!%'.$!)$!6$)%K&6$!+,!0&$</(!
8&<&7&(&*23&&! $)*$! '.*&%/('3&'! /,/&! *2.F0! '(! ,&02,/&1!
($92*/.'!')%/,)21!#.&,!/.0'.$!,$82</*21!+,6-&*/.'!%/*$&!
T! #(&/(! )'/! %(&#&.$'! T! 6&,*.$! -%K&/(! %'.$! 8$6$! 5&! -%K&/(!
82</*=!M%$')*2!.2)%./%$!'!#.&8&.&(-.!O0F/&(9P!.$#.$<&,*2!
-! ($92*/.2! O&,*$.C.$('3&-,'.$P! 6&,*.$! 8&<&7&(! 5&! &,8&<&7&(1!
+,3$($')2!%'!)-(&6'.&*'*$!'%*&821!%-.$)#-,6$,32!8$.*&%'(21!
(d9?x$F+/&1!#.$%/0!+,*.$!7-(*'!+,!)&,$!5&!)#'3&/(!7-(*&*!
#$! %'.$! +(! '62#-)*$5*$D! -! +,*.$#2*./,6$.$! '! 8&<&7&(/(/&!
%/!&,8&<&7&(/(1!-!'.*&%/('.$!$)$,3&'(21!-.&<-,*&%2!O'7&'!$'!
%/! '6$82.'*! *.',)%$,6$,*2P1! -! L&,*$9.'.$C6&4$.$,3&$.$U=!
M)*4$(1!/,&*'*$'!(/0&&!)$!-4$.2!%'!.$6$)%-#$.&.$!'!e&&,3$&!
8$.*&%'($1!+,!%'.$!'7)$,3'!5&!#.$<$,3'!#'.*&%&#2!('!'%$('5&!

*$

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

.$(&$4!O'7)$,3'!%'.$!+5&!9&%0F+&C,!(-%/(P1!+,!%'.$!6&)*',3'!
)'/! )/#.'4'3'! 6$! )$#'.'.$! $)*$! *-*-6'*2! L-! )/#.'4'32!
6$! %-,*'%*U1! (-%/(! '6F,%! '(! /,&.&&! 5&! '(! %-0/,&/,&&1!
%.$')*2!)'/!#(&/1!%-*2!6$!'(*&*/6&,$!'!+,*F(,&.&&D!-!(&<&$.2!
,$82</*2=! X$6$.$'! $! %K&'.! '%$')*2! +,%./%&5'.$! )'/!
.2)%./%$1!%K&')0/(!%'!.2)4.F,9$.$!.$%&#.-%2D!$@*$.&-.!5&!
&,*$.&-.1!)/7&$%*!5&!-7&$%*!*.$%!/,/(!+,*.C'(*/(1!)$!#$C*.$%=!
IK&'.! 6'%2! 4'3'! 5&! .$8$.)/(! )/,*! 6&)*&,%*$1! $($! '#'.3&,!
*-*/5&! '%$(/&'5&! &,*$.8'(=! ;/! )/,*! '%$($'5&! %&! B0+2&6/D!
L'%$('5&! +,! )$,)/(! 6$)%K&6$.&&! /,$&! '(*$! 6&0$,)&/,&! '!
'%$($&'5&! ?&,3$U! O/-/.+91! #=! c\lP=! B$)%K&6$.$'! #$! %'.$!
-! $4$%*/$'<2! +0#.$/,21! %'! #$! -! #$.)#$%*&82! %.$'*2!
6&,! '%$$'5&! )*-421! ($'92! L',)'07(/.&! 6&,'&,*$! /,&*$! #$!
%'($! )2! )$! 6&4$.$,3&$<$U1! 0$,3&,$! /,&*'*$'! 8$6$.&&! .+3
&'(&9-24!#.&,!%'.$!(/0$'!,/!$!,&%&!4'&1!,&%&!+0#2.3&*2!
+,! .14,1! +,*.C/,! )$,)! -7&$%*&8=! ;/! 4'&3 ./'3 .14,1! +,!
)$,)/(!$@%(/)&8!'(!#2.3&&!)/?%&$,*$1!%&!+,!%$(!'(!#2)*.2.&&!
/,$&!/,&*23&!%-$.$,*$!'!%2.$&!#$.)#$%*&82!4'%$!6&,!6-/2!
4'&=! V.&,! /.0'.$1! &,8&<&7&(/(! ,/! $! /,! -7&$%*1! ,/! #-'*$!
?! -7&$%*&8'*! 6$! -! #.&8&.$! %'.$! &C'.! '%*/'(&<'! #-*$,3't!
$(! $)*$! L*.',)%$,6$,3'! #/.21! 42.2! 0')%2! -,*&%2U1! '6&%2!
+,*-*6$'/,'! 6&,%-(-! 6$! 8&<&7&(! 5&! +,! $(! +,)/5&1! 42.2!
.$#.$<$,*'.$! 5&! $@&)*$,32! -7&$%*&82! %'.$! (C'.! L%'0/N'U!
+,! 8&<&7&(=! X&<&7&(/(! +,)/5&! O)*./%*/.'! %F0#/(/&! 8&</'(P1!
,&%&-6'*2! $@C%$,*.&%1! $! %$,*.'*O2P! #$! '%$)*! 0&$<! 6$!
'7)$,321! 6&,! %'.$! +5&! 3$)$! #.$<$,3'! 5&! #$! %'.$1! ')*4$(1! -!
0',&4$)*2! %'! *.',)#'.$,32=! >.',)%$,6$,3'! ,/! #-'*$!
)*.2(/%&! 6$%F*! +,! %'.,$'! 8&<&7&(/(/&1! +,*./#'*2! +,*.C-!
*.',)#'.$,32!&.'6&',*2=

>$.3/(! &,%(/)1! +,! *$.0$,&&! (/&! :')'.'7!

;&%-($)%/1! '.$! 4/,%3&'! %$(/&! 6$C'(! *.$&($'! /,&?%'*-.!
O5&! ,/! ,&8$('*-.P! '(! ,&8$(/.&(-.! 6$! .$'(&*'*$1! %$(! %'.$!
'6F,%$5*$! #$.)#$%*&8'! .$'(&*23&&! #/,F,6C-! *'3 &-/(=! S(!
+,6$#(&,$5*$!-!4/,%3&$!6/7(2!+,!'%$)*!&,*$.C)#'3&/!+,!%'.$!
8&<&7&(/(! 5&! &,8&<&7&(/(! )$! +,*.$*'&$=! LR&3 ?%/9&3 =+.+%+!
O)=! ,=P1! 6'%2! "/7&$%*/(! 5&! W7&$%*/(! )/,*! %-,)&6$.'*$!
)$#'.'*1!'8$0!&0#.$)&'!%2!*$.3/(!'%3&-,$'<2!+,*.C-!C1',3
.+3 '1')%+C/($+'5,<3 .+3 $%&'(?&%+'5,3 '7)-(/*2! +,! .'#-.*!
%/! $@#$.&$,3$($1! .$#.$<$,*2.&($1! 6$)%.&$.&($1! &0'9&,&($!
,-')*.$U! O7,.,0/'/2+3 2/-+%$,5//1! $6=%&*=1! #=! clP=! M(*4$(!
)#/)1!',)'07(/(!,&8$(/.&(-.!6$!k$'(&*'*$!)$!#.$(/,9$5*$!
%/! -! <-,2! &,*$.0$6&'.2! /,6$! 6$! 4'#*! ,/! $@&)*2! ,&%&/,!
,&8$(! 6$! .$'(&*'*$1! <-,2! 6$! *.',)#'.$,32! ,-,C.$<&)*$,*2!
6'*-.'*2!(&0&*$(-.!%-.#/(/&!,-)*./!5&!'($!-.9',$(-.!,-')*.$!
6$! )&031! &,$@&)*$,*2! %'! '*'.$1! 6'.! %.$'*2! 6$! %'.$,3'!
%-.#-.$&*23&&! 5&1! &0#(&%&*1! 6$! %$'! '! 8&</'(&*23&&=! L-,'!
6$! ,-,.$<&)*$,32! %-.$)#/,6$! (&0%424/1! '6&%2! 2&3 0++&3
0+3'43(+3(4?4'+3'/0/4'+/3%&5/1'&2/C,%/U!O;1/<3?&%$/042&3
6/3 249+&1! V-(&.-01! R'5&1! appa1! #=! \pcP=! -,2! 6$! ,-,C
.$<&)*$,32!%'.$!,$!'#'.$!%'!/,!=,2!+,*.$!,-&!5&!k$'(&*'*$1!
*.',)#'.$,32! '7)-(/*2! '! &,8&<&7&(/(/&! ,$5*&/*! #.&,! %'.$!
)$! 8$6$! &,C6&4$.$,3'! )'%./(/&=! M)*4$(! +,%F*! ,&8$(/(! %$(!
0'&!L6$!)/)U!5&!,&8$(/(!%$(!0'&!L6$!A-)U!'(!',)'07(/(/&!
,&8$(/.&(-.!6$!k$'(&*'*$!)$!/,$)%!L#.&,!&,*$.0$6&/(!/,$&!
<-,$! 6$! *.',)#'.$,32! '7)-(/*2=! M%$)*$! 6-/2! ,&8$(/.&!
?&,6! +,)2! 6&4$.&*$1! *.',)#'.$,3'! '7)-(/*2! '#'.$! %'! /,!
82(U1! 6&,! #/,%*/(! 6$! 8$6$.$! '(! $@#$.&$,3$&! 0/,6',$!

(&0&*'*&8$!5&!'(!(-9&%&&!7&,'.$!&<-0-.?)0/(!6&,*.$!L)/)U!
5&! LA-)U! ?&,6! .$)*'7&(&*! 6$! <-,'! 6$! ,-,C.$<&)*$,32! O%4=!
`%&'(./(0/?2/'&%/$&$+&1!V-(&.-01!R'5&1!\]]]1!#=!b^P=!S)*$1!
#.&,*.$!'(*$($1!.$#.-5/(!#$!%'.$!:=!e-,6',$!+(!4'%$!(/&!h=!
Z/#'5%/1!)/)#$%*F,6/C(!6$!L#'%*/(!%/!6&'8-(/(U!#$!%'.$!
(C'.!&0#(&%'!(-9&%'!,-,C%-,*.'6&%3&$&!%'.$!)$!.$)-'.7$!6$!
4'#*!+,!#.&,%&#&/(!6$!&6$,*&*'*$D!LB$%&!,/!'8$0!6$!'!4'%$!
%/!-!?(-)-?$!'!%-,*.'6&%3&$&1!'5'!%/0!,&!)$!)#/,$1!%&!%/!-!
?(-)-?$!&6$,*&?%'*-'.$1!%$!)$!.$4$.2!2&!%-,*.'6&%*-.&/Ut!
Lh&! &0$6&'*! %-,*.'6&%3&'! )'! )$! *.',)4-.02! +,*.C-! ,-,C
%-,*.'6&%3&$D! '! './,%'*! -! #/,*$! 6$')/#.'! #.2#')*&$&! #$!
%'.$! '! %.$'*C-t! O==P! +,)25&! %-,*.'6&%3&'! )'! '! 6$8$,&*! /,!
<&6! 6$! ,$*.$%/*! 5&! '! %2./&! #-'.*2! ,/! )$! #/*$'! 6$)%K&6$!
+,! 4'3'! ,&02,/&! T! %2%&! -! #$%$*(/&)$! %/! #.&,%&#&/(!
,-,C%-,*.'6&%3&$&U! O:$,A'0&,! e-,6',$1! Rly$%+3 +$3 2&3
01''&/((&'0+3 c3 L((&/3 (4%3 R4?&(011! 6&*&-,)! V'.&)C
[s6&*$..',s$1!V'.&)1!\]]_1!##=!l_1!]aP=!
V.&8&.$'! +,)2! ,/! *.$7/&$! )2! 6$)#'.*2! )/7&$%*/(!
6$!-7&$%*1!%&!)2!($!8'62!/,&*$!T!#.&,!*$.3/(!*'&,&%!&,%(/)!
T!1!#2)*.F,6/C($!6&4$.$,3'=!M)#$%*!+,!%'.$!/,!Y$(&'6$!'.!
#/*$'! ?! .$8$,6&%'*! 6.$#*! #.$%/.)-.1! '*/,%&! %F,6! )#/,$!
%2!L+,!*-'*$!#.&,%&#&&($!-#/)$1!%F0#/.&($!8-.!?!6&)*&,)$U!
OLr4/2/-%43 *'$%+3 &'$/$F+(/1! :/%/.$5*&1! \_l]C\_b]1! #=! cP!
)'/D!L;/!$@&)*2!,&%&/,!-7&$%*!?$!0'*$.&'(1!?$!&6$'(1!%'.$!)2!
,/C5&!'&72!#$.$%K$'!)'1!#'.'($(/(1!%-.$('*&8/(1!)&0#'*&%/(!
)2/1! 6$! ,'*/.2! 6&4$.&*21! +,)2! %-0#(&,&.$'! )'=! O===P! >-'*$!
)/,*!#.$6$)*&,'*$!%'!#.&,!/,&.$'!'%*&8/(/&!%/!#')&8/(!)2!
#.-6/%2!/,!$4$%*1!'6&%2!/,!'(!*.$&($'!-7&$%*1!5&!'%$)*'!)2!
?$!0'&!#$.4$%*!6$%F*!%$($!#.$%$6$,*$U!Og/($1%/&30%/$/0,3
4'/=+%(&2,1!8-(=!R1!:/%/.$5*&1!\_]a1!#=!cbP=!S)*$!%'(&*'*$'!
#.&8&.&&!*.',)C8&<&-,'.$!)'/!'!L*$-.$0$&!#-$*&%$U!+,!%'.$!
T!+,*.C'6$82.!T!%$$'!%$!#.&8&0!)2!,$!#.&8$')%21!$Fz1%+9&3
+,3$($')2! +,! '%$)*! 0-6! ?&,6! #/,$.$'! +,! )#$%*'%-(! '!
.$'(&*23&&1! $@CK&7&3&$! 6$<82(/&*-'.$! '! $8&6$,3$&! ')%/,)$1!
.$8$('.$!,-,C'.9/0$,*'*&82!'!/,$&!)/#.$0$!'#.-@&02.&=!
S)*$! -! #.&8&.$! %'.$! L0$*'0-.4-<$'<2! *.',)#'.$,3'! +,!
%+C/($+'5,3 &-(124$,=! I$(! %'.$! -#$.$'<2! '%$')*2! 0/*'3&$!
+,*.$! ,-,C.$<&)*$,32! 5&! .$<&)*$,32! '7)-(/*2! $)*$! '%-.6/(!
+,*.$!,&8$(/.&($!k$'(&*23&&!5&!,&8$(/.&($!#$.%$#3&$&=!`+%542)
(&0%4!.$<&)*2!+,3$($9$.&&!,-')*.$=!S(!6-7F,6$5*$!)*'*/*/(!6$!
k$'(&*'*$!%/!'%$$'5&!+,6.$#*23&.$!%'!5&!,&8$(/.&($!k$'(&*23&&1!
42.2!'!%-,)*&*/&!*-*/5&!/,!,&8$(!,-/!6$!k$'(&*'*$1!?&,6%2!
)%'#2!-.&%2.$&!5*&&,3$U!O7,.,0/'/2+32/-+%$,5//1!$6=!%&*=1!#=!
clP=!S)*$!/,!6&,%-(-!%-,$%*'*!('!,&8$(/.&($!k$'(&*23&&!5&!
'($!#$.%$#3&$&1!/,!6&,%-(-!82</*!+,!0&5%'.$1!'*F*!+,!)$,)!
')%$,6$,*! O%-.$)#/,<F,6! /,$&! L/.%2.&U! #.&,! ,&8$(/.&($!
6$!k$'(&*'*$!5&!6$!#$.%$#3&$P1!%F*!5&!+,!)$,)!6$)%$,6$,*!
O%-.$)#/,<F,6!/,$&!L%-7-.F.&U!#.&,!,&8$(/.&P=!L-,'!6$!
.$<&)*$,32!'7)-(/*2!'#'.$!%'!/C=1%42!'%$)*$&!6/7($!0&5%2.&!
)&0/(*',$!5&!,$%-,*.'6&%*-.&&1!6$!/.%'.$!5&!%-7-.F.$U!5&!
,/! 6$! /.%'.$! (&4! 6$! %-7-.F.$=! -,2! '! *.',)%$,6$,3$&!
($9'*$! 6$! &0',$,321! %'! )#'3&/! 6$! %-$@&)*$,32! '(! *.',)C
')%$,6$,3$&! 5&! '(! *.',)C6$)%$,6$,3$&=! B$! 6'*'! '%$')*'!
82(/(! ,/! 0'&! $)*$! '(! /,$&! *.',)#'.$,3$! '7)-(/*$! %'.$!
,$! 6$)#'.*$! &,C6&4$.$,*! 6$! k$'(&*'*$! O%K&'.! #.&,! ,-,C
.$<&)*$,3'!'(%2*/&.&&!)'($P1!%&!/,!82(!&23$%&'(?&%+'5+/1!'(!
*.',)%$,6$,*/(/&!.$<&)*$,*!%'.$!T!%'!)'%./!)'/!*$.3!*'&,&%!
&,%(/)!T!#$.0&*$!+,*F(,&.$'!+,*.$!,&8$(/.&($!6$!k$'(&*'*$!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
5&!,&8$(/.&($!6$!#$.%$#3&$!)'/1!0'&!6$9.'721!4'%$!8&<&7&(2!
+,*F(,&.$'!+,*.$!k$'(&*'*$!5&!+,3$($9$.$1!+(!+0#'%2!#$!-0!
%/!/,&8$.)/(!O%4=!`%&'(./(0/?2/'&%/$&$+&1!$6=!%&*=1!##=!cb1!
\^]1!\lpP=!

IF,6! R-,! :'.7/! 8-.7$5*$! 6$)#.$! L(/0&,'!

&0',$,*2U! )'/! L-7)%/.2U! #$! %'.$! #-$<&'! *.$7/&$! )2! -!
.$8$($<$! +,! '(*2! <-,2! 6$%F*! +,! %$'! '! .'3&-,'(&*23&&! )'/!
6$)#.$! )-,6'A$($! L+,! )*./%*/.'! ,$82</*2! '! $@&)*$,3$&U!
Oe=! M6$.%'D! J+3 =1%-,3 043 O1'3 :&%-41! LX&'3'! (&*$.'.2U1!
\l!-%*=!\]ad1!+,!R-,!:'.7/1!e+%(4%/36/3?%1C,1![&,$.8'1!
:/%/.$5*&1! \]_^1! #=! \c_P1! $(! )$! .$4$.2! ('! /,! 4$(! 6$! '!
+,3$($9$! '%*/(! #-$*&%! 6.$#*! L.$#.$<$,*'.$'! 4-.0$(-.!
?1(/-/2+! 6$! $@&)*$,32U! OR-,! X'($.&',D! J+3 =1%-,3 043
.19'423O1'3:&%-41!+,!LX&'3'!(&*$.'.2U1!l!4$7./'.&$!\]ad1!
+,!1?#30/$#1!#=!\ccP1!('!/,!/'@%&%+&2/(9!%'.$!L%$.%$*$'<2!
7'<$($! #$.%$#3&$&! #$,*./! 'C&! 6$6/%$! ($9$'U! O7/9-&4.1!
%-,4$.&,321! \]^d1! +,! 1?#3 0/$#1! #=! \_bP=! R,4.'.$'(/(! $!
/,! (&07! %('.C-7)%/.1! *2.F0/(! #-)&7&($(-.! )*.'*&?%'*$1!
%-,%/.$,*$1!6&8$.9$,*$=!j,!&,*$.C)#'3&/!8&/1!4.$02*2*-.1!
'(!?&,32.&(-.!8'9',*$1!)/)#$,6'*$!+,*.$!&,%.$'*/(!6&,!%'.$!
)C'/!6$)#.&,)1!6'.!%'.$!($!3&,$!+,!#(')'!K&#,-*&%$&!-.&9&,&!
%$! ($! %K$'021! 5&! +,)%.&$.$'! (-.! %.$'*-'.$! +,! -.&<-,*/(!
/,$&! ?&,3$! +,6$#2.*'*$1! '7&'! +,*.$<2.&*$=! "$! +,3$($9$! %2!
,/!'8$0!6$!'!4'%$!%/!-!#-$<&$!%'.$!+5&!62!/,!-7&$%*1!#$!
%'.$! +(! %.$$'<2! 6/#2! 0-6$(/(! %$(/&! .$'(1! %'! 4-.02! 6$A'!
+,%K$9'*2!'!)#&.&*/(/&!%.$'*-.=!;$!'N20!+,'&,*$'!-.&%2./&!
'%*!6$!%.$'3&$1!+,!%F0#/(!&,%$.*!'(!&,%.$'*/(/&!%'.$!%'/*2!
@1%9&3?1(/-/2,!6$!$@&)*$,321!%'!6'*!#/.!'(!8&$3&&!)#&.&*/(/&=!
M%$)*'! $! )&,9/./(! L-7&$%*U! '(! #-$<&$&1! #.-C#/,$.$'!
/,-.! L$@&)*$,3$! )/7)*',3&'(! &,6$?,&*$U! Oe=! M6$.%'D! J+3
=1%-,3043O1'3:&%-41!+,!1?#30/$#1!#=!\c]P1!?&,32.&($!(&7$.$!
&$5&*$!6&,!0'*%'!?&,3$&1!/,6$!$($!)/,*!6-'.!+,!02)/.'!+,!
%'.$! )/,*! +,)%.&)$! +,! $@&)*$,*/(! 6$C?,&*=! "*2.&! '7)-(/*$!
'($! &,*$($%*/(/&! 5&! 8&<&/,&&1! $@&)*$,3$($! ,$6$?,&*$1!
,$0',&4$)*'*$!+,!%-.#/(!?&,3$&!/,/&!#-$01!)/,*!T!#-*.&8&*!
(/&!:'.7/!T!)*2.&!5&!,/!'%3&/,&1!L)*'.$'!6$!9$-0$*.&$!5&1!
6$')/#.'! $&1! $@*'<'U! OE4=N'$3 0,$%+3 ?1+5/1! LV',U1! \C\l!
0'.*&$!\]^\1!+,!R-,!:'.7/1!1?#30/$#1!#=!\_aP=!M(*4$(!)#/)1!
?9/.'! %.&)*'(&,2! '! 6$)28F.5&.&&! )#&.&*/'($! T! )#&.&*/(! 6$!
9$-0$*.&$! T! 5&! 8&<&/,$'! +,'(*2! '! #-)&7&(/(/&! (/0&,'*! T!
)#&.&*/(!6$!?,$3$=!e-.0$!'($!L/'0%+&$424/301(9/0D!'6&%2!
$@&)*$,3$($! $07.&-,'.$1! 9$.0$,&&1! #$&)'A$($! ,/7&($1!
(&07/.&($U!%'.$!)2!)(/A$')%2!L('!$@*&,6$.$'!.$'(/(/&!#F,2!
('!%$8'!0'&!)$0,&?%'*&81!#.&,!'7)-.7&.$'!)*2.&(-.!)'/!'!
?&,3$(-.!&0'9&,'.$U!O7/9-&4.1!+,!1?#30/$#1!#=!\_bP=!
B$<-7&$%*&82.&&!(/0&&!+&!/.0$'<2!)/7(&0'.$'!$&1!
#/.&?%'.$'!L#F,2!'!,/!0'&!-9(&,6&!6$%F*!?9/.'!)#&.&*/(/&!
,-)*./U!OG1+$/0&3.19'424/3B%>F+C/1!LR6$$'!$/.-#$',2U1!
\!,-&$07.&$!\]ad1!+,!1?#30/$=1!#=!\b\P=!e&9/.2!&,4.'.$'(21!
'! /,$&! &0'9&,&! %'.$! ,/! '7-($5*$! .$'(/(! %&! +(! (2.9$5*$! 5&!
+(! '6F,%$5*$1! 6&,%-(-! 6$! +,*./%K&#2.&($! )'($! &0'9&,'.$1!
#F,2! +,! #/,%*/(! 6$! -.&9&,$! /,6$! $(! '7&'! 0'&! $! #-)&7&(1!
6'.! /,6$! $! .$N$@! #/.! '(! )#&.&*/(/&! (&7$.1! (&7$.! 6$! '!
(/0&,'! *'0+?4$421! (/%.'.$'! (/%./.&(-.=! W! )*'.$! 6$! (&07!
%'.$! 0&A(-%$5*$! +,*.$! &,%.$'*! 5&! %.$'*1! &,*$.4'3'! %'.$! 62!
?1(/-/2/$&$+! &,'#'.$,*/(/&! )2! )$0,&?%$=! MA/,)! +,! '%$)*!
#/,%*! 6$! 0'@&02! *.',)#'.$,321! #-$0/(! ,/! 0'&! #-'*$!

*%

?! 8$6$.$! '! (/%./.&(-.! +,! 8&<&7&(&*'*$'! .$'(/(/&! 0/,6',1!

.-)*&*/(! %'.$! ($! )#/,$! 5&! ($! 6$)%.&$! +,! #$&)'A/(! (/0&&!
#.$<$,*$t!$!,$8-&$!6$!L'(*!%F,*$%!0'&!8.$6,&%1!+,%K&,'*!
(/%./.&(-.!%'.$!,/!)$!<2.$)%1!,&%&!,2(/%$)%D!240%4%/2+30&%+3
(+3 =,.U! OE4=N'$3 0N$%+3 ?1+5/1! +,! 1?#3 0/$#1! #=! \_cP=! V.&,!
/.0'.$1!,/!&0'9&,$'!#('%'*2!#$!.$'(&*'*$'!6&)#2.F,62!'!
(/0&&1!#$.)#$%*&8'!-.&<-,*'(2!'!#.&8&.&&!)#$%*'%/('.$!)'/!'!
%$($&!#&*-.$5*&!5&!,&%&!#.&8&.$'!8&)2*-'.$!'!&0'9&,2.&&1!*-'*$!
*.&7/*'.$!.$#.$<$,*2.&&!/,/&!-7&$%*!6$!%2*.$!/,!)/7&$%*!T!
%'.$! %/! %F*! '#'.$! 0'&! #.$9,',*1! 62! %-,*/.! 0'&! '#2)'*!
'#'.$,3$&!42%/*$!)2!6&)#'.2!T!1!%&!#$.)#$%*&8'!.2)*/.,'*21!
&,*$.&-.&<'*21!'!&0'9&,&&!*.',)(/%&6$1!%$'!#.&,!%'.$!T!42.2!
)2!)$!#/,2!+,!8$6$.$!T!(/%./.&($!)$!826!6&,)#.$!#-)&7&('!
(-.! ?&,3'.$! &,'#'.$,*2=! LB'.1! #$,*./! '! $@#.&0'! '%$)*$!
0-6/.&! '($! ,'*/.&&! &,%.$'*$1! (&07'! /</'(2! '#'.$! #.$'!
-.9',&<'*2U1! $'! *.$7/&$! )2.2%&*21! )&0#(&?%'*2! L#F,2! ('!
/,!)&)*$0!.$6/)!6$!4/,%3&/,&!'($!6&)%/.)/(/&U!O7/9-&4.1!
+,!1?#30/$#1!#=!\_dP=!e/,%3&'!&,'/9/.'(2!,/!'#'.3&,$!6$A'C
.-)*&*/(/&1!%&!6&,%-(-!6$!$(!T!)/7!$(!5&!+,'&,*$'!(/&!T!/,$&!
&,4.'C.-)*&.&! *.',)%$,6$,*'($! %'.$! '7&'! &$)$! 6&,! *2%$.$!
-.&! $! #-)&7&(/(! +,)/5&! '(! *2%$.&&=! E,! 6&'(-9/(! #/.*'*! %/!
:')'.'7!;&%-($)%/1![&%K$(!I'0/)!&,8-%2!('!.F,6/(!(/&!
L-!%-,5*&&,32!%$C5&!6'*-.$'<2!6$<&6$,*&?%'.$'!6$!*-*!O5&!
0'&! '($)! 6$! (&07'AP! #$,*./! '! ,/! )$! &6$,*&?%'! 6$%F*! %/!
*2%$.$'U!O:')'.'7!;&%-($)%/1![&%K$(!I'0/)1!7,.,0/'/2+3
2/-+%$,5//1!$6=!%&*=1!#=!a\P=!M)*4$(!+,%F*!4/,6'.$'!6&)%/.)&82!
+,!-.6&,$'!)$0,&?%'3&&(-.!%$!'.*&%/($'<2!(/0$'!#-$0/(/&!
$)*$! #/)2! +,! )/)#$,)&$=! B$%.$'3&'! )/7&$%*&8&*23&&! 5&! $@C
4-,6'.$'!(&07'A/(/&!,/!0'&!O.$P6'/!%/8F,*/(!#-$*/(/&1!%&!
T!#.&,!$@4-(&$.$'!%$!#/,$!%/8F,*/(!+,!'7&)!T!6$<&6$,*&?%2!
)/7&$%*/(! +,)/5&=! k$6/%3&$! +,! /.0'! %2.$&'! )&,9/.'!
$@#$.&$,32! #-)&7&(2! $)*$! %$'! '! /,$&! &0'9&,&! ,/0$,'($1!
&,$8&6$,*$1! %'.$! T! 6/#2! Y$&6$99$.! T! ,/! )$! 62! 6$%F*!
L'%-(-!/,6$!%/8F,*/(!)$!4.F,9$U=!
V-$0/(!J%/&.&!.$&'!'%$)*$!*$0$1!%&.%/0)%.&)$!
6$! 6'*'! '%$')*'! .$9.$)&$&! )#.$! -.&9&,'.=! M%*! &,&3&'*&%1!
+,*./%F*! #.$)/#/,$! )/%%$)&8$! '7-(&.&! 6$! 82(/.&!
4$,-0$,'($1! -! 6$)*.'*&?%'.$! +,! $*'#$! %'.$! +,)$'0,2!
*-*!'*F*$'!,&8$(/.&!6$!#2*./,6$.$!'!8$6$.&&!+,!6$,)&*'*$'!
,$82</*/(/&=! B'%2! &0'9&,$'! '.7-.$(/&! '#'.$! ('! +,%$#/*!
#.-?('*2!#$!/,!4/,6'(!+,6$#2.*'*1!9.$/!'%%$)&7&(2!8$6$.&&1!
'%$')*'!#$,*./!%2!%$$'!%$!)$!%/8&,$!82</*!*.$7/&$!)2!(+32&(+!
82</*1!6&,%-(-!6$!-.&%$!#.&8&.$!)#$%*'%/('.2!-.&!,2(/%&.$!
'!'#'.$,3$&=!V.&8&.$!'#.-'#$!&,*$.<&)21!6$8&'*2!6$!$%.',/(!
'7/.&*! %'.$! )$! &,*$.#/,$! */(7/.F,6/C&! #$.)#$%*&8'D! LS/!
+(!#.&8$'0!#.&,!9$'0/(!82.9'*!6$!(/A$.&1!8'.'!}!W.&!)%.&)!
6$!%-(3&&!&$.,&&!%/!)*$.#$!N-.&!6$!9$.U=!S!,$8-&$!6$!-!'(*2!
%'($!%'.$!)2!'#.-#&$!6$!%K$0'.$'!0&)*$./(/&1!%2%&!+,*.C
'%-(-!,/!6/%$!6./0/(!6&.$%*1!.$8$('.$'!+,!&0$6&'*1!,&%&!
'%%$)/(!+,6-&$(,&%!'(!.'3&/,&&!)/?%&$,*$=!B$!'%$$'!L#F.*&'!
)*&%(-')2! 0&! )$! #2.$'! +,%$'*2t! }! R'.! %'($'! +,)-.&*21! #.$'!
(/,92!#F,v('!+2U=!B-7F,6&.$'!8$6$.&&!$!.-6/(!'5*$#*2.&&1!
L-!(F,%$62!%($#)&6.2U!02)/.F,6!*&0#/(!%/!.276'.$'!#/)2!
('! +,%$.%'.$! '! /,/&! -%K&! 6&,! %$! +,! %$! 0'&! #2*./,<2*-.1!
#F,2! %F,6! /,! '(*! )*.'*! $! +,(2*/.'*! #$! ,$'5*$#*'*$D! Lj,!
)*.'*!(2#*-)!6$!'7/.&!0'&!)*2./&!#$!<'.$===}!B'.!+,*.C-!<&!
)$!./#)$!5&!#.&,!)#2.*/.&!82</&!}!I-#'%/(!6$)#($*&,6/C5&!
+,!%-'0$!5&!4./,<'.$!}!>-*!'/./(!(/&!8$.6$!5&!*-'*2!N-'.$'!

*&

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

(/&U=! B$<8$(&.$'! $! #'.3&'(21! %2%&! )$! 8$6$! 6-'.! +,! #'.*$1!

L#.&,! )#2.*/.&U1! 6'.! $! 6$)*/(! #$,*./! %'! L-.7&*1! #($%'*!
0&,/,&&U1!-%K&/(!)2!?$!'*.')!6$!'%$)*!L'(*!8$)*0F,*U1!6$!
,-/'!+,82(/&.$!+,!%'.$!&0'9&,$'!&!)$!6$<82(/&$=
I$! '#'.$! +,! 8$6$.$1! +,! (/0&,'! )*.'*/(/&!
6$<82(/&*1!,/!$!6$%F*!-!,-/2!')%/,6$.$1!0'&!)/7*&(21!+,!
%'.$!-%K&/(!$!%K$0'*!)2!+,'&,*$<$!,/!#$!#F.*&'!)*&%(-')2!
-.&!#$!%'($'!+,)-.&*21!%&!L#$!%2.2./&'!6$!K/02!(/,$%-')2U1!
#$!#-*$%'!+,9/)*21!',$8-&-')2!OL0/(*!&)*-8&*!#$!%'($UP!'!
/,/&!'%%$)!*.$#*'*=!Z'!'%$)*!,&8$(1!(/%.'.$'!-.&9&,'./(/&!
)$! 826$5*$! 6&4/<1! L+,! 5-#*&.$'! ,2)%F,6$&! '6&$.&U! '! /,$&!
%K$02.&! ,$82</*$t! 42.2! )2! )$! -4$.$! %/! *-*/(! 8$6$.&&1! $'!
$! '7&'! /,! ?-.! %$! +,)/N$3$5*$! (/%./.&($1! 6$)%K&6$! ?&,3$&!
/,! -.&<-,*! ,$72,/&*1! *-#$5*$! -.&%$! 42#*/.2! L+,! 0'.$'!
,/,*2!'!?.&&UD!LI/.F,6!+,!0&$</(!(/,%&&1!/,!,$5*&/*!?-.!
}! "&03&&! /.%F,6! #.&,! (/%./.&! )#.$! ?&,3'! 0'&! 6$#(&,21! }!
B&,! A9K$'7/(! #&$*.&&1C,! (/A$.1! 6&,! 7.'<621! +,! */(#&,2D! }!
;$)*F,A$,&*/(! 8&$3&&! ?-.! 7&./&*-.U=!>-#&.$'! 42#*/.&(-.! +,!
?.$!8-.7$5*$!6$!('!)&,$!6$)#.$!&,*&0'!%-,*-#&.$!'!?&,3$&!
%/! #-)&7&(&*23&($! )'($! 6$! ?&,3'.$1! 6$#(&,'! $&! ')&0&('.$!
+,! )/7)*.'*/(! L#(2#F,6/(/&! 3$)/*U1! '7)-.73&$! +,! )-0,/(!
L#.$(/,9U! '(! /&*2.&&! 6$! )&,$1! +,! 8&)/(! L6$! 6$)42*'.$1! /,!
8&)! )2*/(! 5&! 9.'8! }! B$! (/%./.&! #.$)&03&*$! '7&'1! 6'.! 42.2!
,/0$U=! LR,*/&3&'! 6-,'*-'.$! -.&9&,'.2! ,$! 62./&$5*$!
#.$)$,*&0$,*/(! )2/U1! L/,! #.$)$,*&0$,*! '(! &,8&<&7&(/(/&!
')%/,)!+,!&,*$.&-./(!8&<&7&(/(/&U!O[&%K$(!I'0/)1!1?#30/$#1!
#=!c^P=!k$9.$)&'!)#.$!-.&9&,'.!%-,)$0,$'<2!6$)4'%$.$'!
+,%$'*2! '! &0'9&,&&! ?&,3$&! 6$?,&*$! +,! #-)&7&(/(! ,$6$?,&*!
'(!4'%$.&&!)'($1!'(!?%+C4'%$.&&!+,!%'.$!,&0&%!,/!+($+1!%&!)*2!
)2!?$1!#.$%/0!+,!6$)C4'%$.$'!'.7-.$(/&!82</*!6$!'#.-'#$1!
&0'9&,$! 6$)?&,3'*2! $'! +,)25&1! '! #/*.$<&.&&! '#'.$,3$&!
(/0$5*&!5&!'!6$)%-0#/,$.&&!+,!$($0$,*'.=
B'.!%$$'!%$!)$!6$)4'%$!$!'#'.$,3'!6$A'C42%/*/(/&1!
?&,3'! )/)*.')2! #-)&7&($(-.! )'($! #.$C4'%$.&1! +,9K$3'*2! +,!
)*'*&%'! 4-.0'(2! '! %.$'*/(/&=! B$)%-#$.&.$'! -.&9&,&&! #.$C
%.$'*-'.$! )$! +,)-3$5*$! %/! 6-.&,3'! 6$<&6$,*&?%2.&&! 5&! '!
%/4/,62.&&! +,! )-0,/(! ?.&&! 0'*$.,$! 6$! 6&,'&,*$'! *.$<&.&&!
('! ?&,32D! L'($9$C3&! }! V'*! ,$*$6! +,! #(-%'6/(! 6$! &$.7/.&! 5&!
#20F,*U1! L#2*/.&! 0-&! 6$! #/4U1! L02! *-(2,&&! +,! 8-&$! #$!
%'(6/(! 9(&$&! )F,U=! B$%.$'3&$! +,! 0$.)1! +,! )$,)/(! &,8$.)!
-.&%2.$&! 4'%$.&1! %'.$! T! +,! %K&'.! #.-@&0&*'*$'! 0&)*$./(/&!
-.&9&,'.!T!'./,%2!#$)*$!-%K&!/,!'(*!82(!OLB'.!#$)*$!-%K&!5&!
%/9$*!%2</!-!6$')2!)&*2UP1!,-/2!-#.$(&5*$!+,'&,*$'!8$6$.&&D!
LIF,61!#F%('!6$!9F,6/.&!5&!)&03&.&!}!"$!(20/.&!6$-6'*2!
+,! (&0#$<&! +,%K$92.&U=! "&*'! 6$')2! '.$! -! 826&*2! 4/,%3&$!
6$%.$'*-'.$!6$!'#'.$,3$t!$'!%$.,$!8&<&7&(/(1!.$3&,F,6!*-*!
%$$'!%$!+,!-%K&!5&!+,!%/9$*!$!&0#/.&*'*$!'!#.&8&.&&!%-./#*$1!
'! .'3&/,&&! 6$9$,$.'*$1! #$,*./! '! ,/! (2)'! )2! *.$'%2! 6$%F*!
%$$'! %$! *.$7/&$! 82</*1! ('0/.'! +,%K$92.&(-.! (&0#$<&=!
B'.! %$$'! %$! $! ')*4$(! 2,94%/$! )$! '.'*2! +,82(/&*D! Lj,! 82(!
#/.*'!6$')/#.'=!B&,!#(')'!(/&!)/73&.$!}!I26$'!'.-0&*-'.$!
,2#'62! 6$! 8&)2.&U=! X2(! 6$! 6'*'! '%$')*'! *.',)#'.$,*1! '(!
-.&9&,'./(/&!+,)/5&1!+,*./#'.$!8&$1!4.$02*2*-'.$!%$!&$)$!('!
(/0&,2!+,!4-.0'!+,!%'.$!'#'.$!5&!)$!62!8$6$.&&D!LIF,6!&'*2!
%2!6&,!*/4$1!0(26&3$!5&!,/&$($1!}!E,?-.F,6!*-*!*./,%K&/(1!
/,!82(025'9!6$!0&&!}}!B$!4.$'02*$!.&6&%21!)$!0#'.*$C,!
.'0/.&1! %.$5*$===}! E,%$*1! +,%$*1! #$! )%-'.32! 9K&%$'0! %/0!
)$! &8$5*$! }! R$.7-)! 5&! +,%2! /0$6! /,! )*.'&! )2.72*-.$)%t! }!

I/0! 0'&! '6F,%1! )/7! 7(','! 6$! 0/5%K&/.&! /,6/&$)%! }}!

;$(20/.&.&!6$!%2.,/.&1!%/0!)$!.2)?.2!8&,$1!}!I/0!*-'*2!
8&'3'!')#.21!)2(7'*$%2!6&,!(/,%&!}!"$C'6/,21!)$!)*.$%-'.2!
#.&,!.262%&,&!5&!8&,$!}!I'!('#*$($C,!9F*($A/(!,$)23&-)!6$!
#./,%&U=! I2%&1! '5'! %/0! )%.&$!M6-,&)! OM(&!MK0'6! "'6!
S)7$.P1! L*.',)#'.$,3'! $)*$! 5&! $'! /,! 82(U! OR&3 ?/+%%+3
0F&'$+1! +,! Em2m-%&$/1'(1! Z'! B&44s.$,%$1! V'.&)1! applP1!
#$,*./! %2! LZ/0&,'! ,/C5&! 6&8/(92! *'&,$($! }! S($! )/,*!
6&<-(8'*$!}!E,!*'&,$($!$&U!OR+3R/=%+1!"$/&(1!V'.&)1!appdP=!
W.&9&,'./(! '#'.$! +,! %K&#/(! &,%.$'*/(/&1! %'! &$5&.$! 6&,!
')%/,6$.$!5&!.&6&%'.$!('!8$6$.$=!V$,*./!'!#/*$'!?!82</*1!
&,'#'.$,*/(! +07.'%2! L)*.'&! 6$! )2.72*-'.$U1! &'! *./#/(!
/,$&! &0'9&,&! #.&,! %'.$! *.',)#'.$1! 9&/3 &.N'01! /,6/&.$'!
%2.,&&!(/%./.&(-.1!/.%F,6!6&,!.262%&,'!X&$3&&!/,&8$.)'($1!
6&,!0&$</(!(,2-&$/01!#.&0'.1!'(!#.$C42%/*/(/&=!I2%&!%$$'!
%$!)$!8$6$!T!240%4%/2+30&%+3(+3=,.!T!4-.0$'<2!&0'9&,$'!
#.$C42%/*2! '! %$$'! %$! '#'.$! L6$! )/)1! 6&,! %$! #2./)$! '! ?!
4./,<&5/(U=!
j,!/(*&0!#.'9!+,!%'($'!')%$,)&-,'(2!'!&,&3&$.&&!
82</(/&!%2%&1!#$,*./!'!8$6$'!%/!'6$82.'*1!-%K&/(!*.$7/&$!
L)2!)/&$!5&!)2!8'62U1!)2!)$!+,'(3$!#F,2!('!,&8$(/(!6$!/,6$!
)$! 6$)%K&6$! ,-/'! #$.)#$%*&82! '! '6F,%/(/&1! ')%/,)/(!
.2)4.F,*1!6'*!#$!4'32=!M*/,%&!+&!$!6'*!)2!8'62!L.F<F,6!)/7!
0'(62.! 6$! 4-&! 5&! #2.! 92(7/&! T! }! E,! (-%! 6$! '.7-.1! +,)25&!
)*.28$%K$'! (/&! B.&'62U=! ;-/'! #$.)#$%*&82! $)*$! %$'! +,!
%'.$!*-*/(!$!+,%2!#-)&7&(1!8&.*/'(&*'*$'!6$#(&,2!6$!('!%'.$!
#/*$0! '5*$#*'1! #-*.&8&*! (/&! :=! e-,6',$1! L-! %/,-'5*$.$!
'! '.7&*.'./(/&1! '! (&7$.*23&&U! OJlL9?+.102+3 {3 8$m?F&'+3
R4?&(013 143 !R&3 (12/$4.+3 .43 21>/r4+"1! LI'K&$.)! 6/!
"/6U1!\]^c1!QRQ1!##=!d\Cdbt!R&3GF/21(1?F/+3=/=&'$+1!+,!
:$,A'0&,!e-,6',$1!R+3R4'./3+M/($+'$/+23+$32+3./9&'0F+3
.+32lF/($1/%+!)/&8&!6$!R&3GF/21(1?F/+3=/=&'$+1!6&*&-,)!6/!
k-%K$.1! [-,'%-1! \]]p1! #=\dcP=! V-*$,3&'(&*'*$! 6$)%K&)2!
+,!%'.$!0',&4$)*'.$'!*$.3/(/&C)'%./1!%'!4$,-0$,1!&0#(&%2!
.$4/('.$'1! ')%/,6$.$'1! '6&%2! ,-,&6$,*&*'*$'! 5&! #.&,!
/.0'.$! .$<&)*$,3'=! LV-*$,3&'(&<'.$'! T! )#/,$! :')'.'7!
;&%-($)%/!T!,/!$)*$!-!',&K&('.$1!-!6&)#'.&3&$1!%&!6-'.!/,!
4$(! 6$! 0$0-.&<'.$! '! %$$'! %$! ,/! )C'! 0',&4$)*'*! +,%2U1!
#-)&7&('! *.',)C'#'.&3&$! '! *.',)#'.$,3$&! +,*.C-! k$'(&*'*$!
%'.$!L,/!$)*$!6$%F*!-!#$.#$*/2!-)%&('.$!+,*.$!'%*/'(&<'.$!
5&! #-*$,3&'(&<'.$U! O;1/<3 ?&%$/042&3 6/3 249+&1! $6=! %&*=1! #=!
\]^P=! ;/! 0'&! $! -#$.',*2! '&%&! 9F,6&.$'! &6$,*&*23&&! %'.$!
T!6/#2!e-,6',$!T!$!/,'!'!($92*/.&&1!%&!'%*/'(&<'.$'!L,-,C
($92*/.&&U! %$! 6$?,$5*$! 6&8$.)&*'*$'! #/.! $@&)*$,3&'(21!
%-,%.$*2=! M5'! )$! $@#(&%2! '%$')*2! L'1'$121>/+U! '!
%-,*.'6&%3&$&! 8&&1! *$0'*&<'.$'! /,$&! L6$8$,&.&! 6$!
6&)#'.&3&$U! +,! %'.$! #/()$'<2! (-9&%'! L'4$%*&82U! '! .$('3&$&!
%/! %$$'! %$! '#'.$=! I2%&! L-.&%$! '#'.&3&$1! O===P1! )$! &8$5*$!
6&,*.C-!6&)#'.&3&$!5&!&,8$.)U!O1?#30/$#1!##=!\da1!\d_P=!!
Z&07'A/(!+,)/5&!T!#-)&7&('!.-)*&.$!T!)$!4.F,9$1!
6&<-(8F,6/C)$!+,!*2%$.$1!+,!&0#-)&7&('!8-.7&.$!.+(?%+!%$!
$)*$!8-.7'1!+,!L,&8$(/(!*.',)%$,6$,*'(!'(!*2%$.&&!+,!.'#-.*!
%/! ,&8$(/(! ,'*/.'(! '(! %/8F,*/(/&U! O[&%K$(! I'0/)1! 1?#3
0/$#1!#=!c\PD!L7.'3$!(/,$%2*-'.$1!7(F,6$!}![C'/!)*.F,)!5&!
0'&!'#.-'#$!5&!0C'/!(&#&*!0'&!0/(*U=!B$C'%/01!4/,%3&'!
&,'/9/.'(2!,/!0'&!'#'.3&,$!(&07'A/(/&!%&!#.&0-.6&&(-.!%$!
9/8$.,$'<2!-!(/0$!42.2!6$!%/8&,*$1!'%-(-!/,6$!,/!0'&!
$@&)*2! 6$%F*! %-,C*-#&.$1! *2%$.$! $(-%8$,*21! .$8$('*-'.$!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
,/!'!(/%./.&(-.C4$,-0$,$1!%&!'!$)$,3$&!(-.=!M6&%2!'%-(-!
/,6$! L*.',)%$,6$,3'! $)*$! &6$,*&*'*$'! +,! 6&4$.$,32U! O[=!
[$.($'/CV-,*i1! 1?#3 0/$#1! #=! ad]P1! %/! #.&8&.$! &,%(/)&8! ('!
+,*F(,&.$'! 6&,*.$! %.$'3&'! #-$*&%2! 5&! 9F,6&.$! +,! /,/(C5&C
'%$('5&!%'.$1!#-*.&8&*!(/&!Y$&6$99$.1!$)*$!L%-'#'.*$,$,3'!
/,-.!$($0$,*$!6&4$.&*$!#-.,&,6!6$!('!)*.F,9$.$'!('-('(*2!
.$'(&<'*2! #.&,! &,*$.0$6&/(! 6&4$.$,3$&U! 5&! %'.$! T! )#.$!
6$-)$7&.$!6$!%$$'!%$!$)*$!$9'(1!6$%&!(&#)&*!6$!6&4$.$,3$1!
5&! 6$! /,&4-.0&*'*$'! 8&62! '! &6$,*&%/(/&! T! L,/! #-'*$! ?!
.-)*&*! 6$%F*! +,! 02)/.'! +,! %'.$! $)*$! 9F,6&*2! 6&4$.$,3'U!
Op%/>/'+&31?+%+/3.+3&%$,1!Y/0',&*')1!:/%/.$5*&1!\]]l1!
##=! aplCapbP=! S)$,32! 0',&4$)*'7&(2! 6-'.! +,! '0/.9/(!
(&07'A/(/&1! %2%&! L#/,$.$'! +,! '7&)! '! %/8F,*/(/&! +,! '%$(!
42.2C6$C4/,6! '(! *2%$.&&U! Og&',,&! X'**&0-1! J/'01213 .+3
(4-/+0$1! V-,*&%'1! I-,)*',3'1! \]]^1! #=! ]dP! ,/! ,/0'&!
%2! $%(&#)$'<2! )/7&$%*&8&*'*$'! O#.$*$,3&'! /,/&! )/7&$%*!
4-,6'*-.P1!6'.!T!*-%0'&!#.&,!$@C4-,6'.$'!-.&%2./&!4-,6'*!
T!6$)4/,62!#-)&7&(&*'*$'!+,*F(,&.&&!%/!&2$42!&,'/9/.'(1!%/!
,'*/.'! /,/&! &,%.$'*! &,'#'.$,*1! %/! '6$82.'*! .$4-,6'*-.D!
,&0&%/(!5&!*2%$.$'1!,'*/.'!T!'(*'!6$%F*!%/(*/.'!T!)2(7'*&%21!
8&.9&,21!%/8F,*/(!4.F,*!6$!',C'.K&'!)$,)/(/&=!k2<72*2*-.!
#.&,! #'(&0#)$)*/(! 4'(6/.&(-.! )/#.'#/)$1! #.&,! ?)/.'!
%/8F,*/(/&! .2)4.F,*1! *.'8$.)'*! +,! *2%$.$1! *$.3/(! *'&,&%!
&,%(/)!T!&,'#'.$,*/(!T!)$!.$8$($'<2!$(!+,)/5&!+,!&0'9&,$'!
&,%.$'*/(/&! ,$82</*1! $#&4',&$! '! -.&9&,'./(/&! +,! =+.+%+&!
%.$'3&$&=!M&%&1!+,!'6$82.1!%$$'!%$!#.&8&0!,$!#.&8$5*$=

H14)'*'-,6O[65;09:6;
5$Z$'!-*,!+"@
S)*$! ,$+,6-&$(,&%! %21! )/7&,*&*/('*2! 7+q+05//3 *'3
_4%423 1?+%+/3 24/3 8$m?F&'+3 R4?&(011! %'.*$'! (/&! :')'.'7!
;&%-($)%/!E+3+($+37+&2/$&$+&A\3%-,?9/.$'<2!/,!$@$0#(/13
.'.&)&01! 6$! L4/<&/,$! '! -.&<-,*/.&(-.U! O+,! (&07'A/(! (/&!
g'6'0$.1! ! g1%/C1'$=+%(0F9+2C4'>P=! >-*-6'*2! +,)21!
$'! $)*$! 0/(*! 0'&! 0/(*! 6$%F*! '*F*D! E+3 +($+3 7+&2/$&$+&A!
62! .$8$('*2! $@#.$)&$! L%-,*&,/&*23&&! +,! &,*$(&9$,32Uat!
.$(&',32C*.',)9.$)&/,$1c! '5'6'.1! '%$')*2! *.',)0&)&/,$!
%-9,&*&82!)$!6-8$6$5*$1!')*4$(1!8$.&*'7&(2!-#$.2!6$!$%&'()
9/(/4'+#! k2)#/,<F,6! &0#(&%&*! ')$.3&/,&&! K$&6$99$.&$,$!
6&,! ?,'(/(! %-,4$.&,3$&! G%/'0/?/423 /.+'$/$,5//1! 6/#2! %'.$!
LM7&'!m'*/,%&o!%F,6!,$!+,*-'.%$0!9F,6&,6!&(4?%&3.+_&3
>N'./$424/1!)/,*$0!4-(-)&*-.&!#$,*./!0++&30+3+($+3*'0,3.+3
>N'./$U^1!E+3+($+37+&2/$&$+&A!'./,%2!*.'&,&%$!#/,3&!+,*.$!
!*&&,32!5&!>.'6&3&$1!+,*.$!6&4$.&*$($!,&8$(/.&!6$!k$'(&*'*$1!
%-,)*&*/*&8$! %$(-.! 6-/2! &,?,&*/.&! O)'/! +,*.$! %$($! 6-/2!
.$'(&)0$1! %(')&%! 5&! %/',*&%P1! 6'.! 5&! +,*.$! *-'*$! '%$)*$'!
5&! /,! &23 $%+/2+&3 /'D'/$1! *.',)9.$)&8C&,*$9.'*-.D! '%$('! '(!
8+'(424/=!
B$)%K&6$.$! >o.+2/&',! /,&,6! 6-/2! *2.F0/.&!
T! /,/(! %-'9/('*! 6$! `+%5423 O'024(3 O(/#')%&',P1! '(*/(!
%.&)*'(&<'*! 6$3 `+%5423 B(04'(! O,&%-($)%&',P! T1! E+3 +($+3
7+&2/$&$+&A1! 8$.&*'7&(! L)&#$*! %/! 9&/8'$.&%'($U1! %/0!
'.! )#/,$! R-,! :'.7/1! '6/%$! ('-('(*2! $1&$+3 %&C+2+3
=/C/4'//3 .+(?%+3 249+! '! (/&! :')'.'7! ;&%-($)%/1! (/0&,&!
)*.272*2*-'.$!+,*.$!O(&%2*j!5&!e&2+&3K/9/%//l=!R'*2!6$!%$1!

*'

-#.&,6/C02! ')/#.2C&1! 02! 'N/1! )&0/(*',1! #$! -.7&*$($!

&2@&-+$424/3?%/(9&$/03'(3*.',)6&)%&#(&,'.&*23&&!+,)$5&b=!W.1!
6&,*.C-!'*'.$!#$.)#$%*&821!E+3+($+37+&2/$&$+&A!+0&!'#'.$!
%'!/,!0&.'%/(-)!9/+C!L6$!'/*-0-.42!(/0&,2Ut!4-%'(&<F,6!
$+%5423/'024(!(/#')%&',1!+,*.$7'.$'C*&*(/!+($+3=+>F+&$,!42.2!
+,%$*'.$!6$!$+%5423&(04'(1!#$!%'.$C(!5&!,/*.$5*$!#$.#$*//1!
&'.! %2(2*-.&'C)%.&$.$! '! (/&! :')'.'7! ;&%-($)%/! 6$8&,$!
r4+($,! 5&! .2)#/,)! ('! &0#$.'*&8/(1! 4-.0/('*! +,! \]^_! 6$!
%2*.$!q-(49',9!V'/(&1!#.&8&,6!13'14,3/.++3.+3%+&2/$&$+=3
B$0$.)/(! +,! )&,$! )$! %-,)*&*/&$! ')*4$(! +,*.C-! /249/'&%+3
0%+(0N'.,!%$!*'=,24/+!L0/(*&#('!)#($,6-'.$U!'!k$'(&*23&&!
5&!e&&,3$&1!%2%&!6'%2!4-.0'(&)0/(!'@&-0'*&%!'(!(/&!h*$4',!
Z/#'5%/! $)*$! L+,)25&! -)'*/.'! (-9&%&&! %/',*&%$U! O#=! alP1!
21>/0&3$%&'()0&$+>1%/&2,!$6&?%'*2!6$!:')'.'7!;&%-($)%/!
$)*$! +,)25&! (-9&%'! 4'/$,5//3 .+(0F/(+! %'.$! L+,9(-7$'<2! 5&!
j,&8$.)!5&!?&,32!/0',2U!O#=!]\P=!
R,$@*.&%'7&(! ($9'*2! 6$! #.-7($0'! %/,-'5*$.&&1!
?(-)-?'! (/&! Z/#')%-! )$! )&*/$'<2! 6&,*./! +,%$#/*!
)/7! 6/7(/(! +,)$0,! '(! $+%5424/3 /'024(! 5&! '(! 7+&2/$,5//3
019?2+M+1! ,/*.&*2! 6$! $%+/3 9&$+%//! +,*.$3$)/*$! O)'/1!
0'&! 6$9.'721! 6$! *.$&! -.&$,*2.&! 6&8$.9$,*$! '($! &0+2+/&6/!
0'*$.&&PD!9&0%1DC/0,<3-/121>/0,!5&!04&'$/0,!O0&%.-?<&%2!
5&! #)&K&%2P=! R,*.-6/%F,6! %-,*.'6&%3&'! L+,! )*./%*/.'1!
4/,%3&&($! 5&! -#$.'3&&($! +,)$5&! '($! (-9&%&&U1! 6/#2! %/0! -!
)#/,$!$(!+,)/5&!+,!*$@*/(C'#-9$/!6&,!\]l\13R+3?%/'0/?+3
.l&'$&>1'/(9+3+$32&321>/r4+3.+32lm'+%>/+#3G%12m>19n'+(3
{3 4'+3 (0/+'0+3 .+3 2&3 01'$%&./0$/1'1! "*s#K',$! Z/#')%-!
,/!+,(2*/.21!'5'!%/0!+,!#.&#2!)C'!%.$</*1!#.&,%&#&/(!,-,C
%-,*.'6&%3&$&1! %&! +&! ,$'921! +,! 0-6! A/)*1! &-(124$/(942=!
:')'.'7! ;&%-($)%/! 6$0-,)*.$'<2! .&9/.-)! %2! 9F,6&.$'!
(/#')%&',2! 'A/,9$! ('! 4'/D0&%+&3 '1')@4C/1'&2,! '!
(-9&%&&!6$6/%*&8$!%/!(-9&%'!&,*/&*&821!/#+#!('!&%$/042&%+&3
1'$121>/0,! '! %+&2/(9424/3 02&(/0! T! %/(0&,',*! +,! *$-.&'!
.$('*&8&*23&&! )#'3&-C*$0#-.'($! T! %/! %+&2/(9423 04&'$/0!
#-)*C$&,)*$&,&',=!E,!'%$)*!,$%$)'.!6$0$.)!6$!&(/0&,'.$1!
.-(/(!6$%&)&8!+&!.$8&,$!,-3&/,&&!6$!'/=+24%/3.+37+&2/$&$+1!
%-,4./,*'*2! +,! *&0#! %/! %-,*.&7/3&&($! /,-.! Y$&)$,7$.91!
;-**'($! )'/! >K&..&,91! 5&1! ')*4$(1! #-*$,3'*2=! ['&! 0/(*1!
9.'3&$! 4$.*&(&*23&&! )'($! %-9,&*&8$1! ,-3&/,$'d! 6-7F,6$5*$!
.',9/(!6$!01'0+?$C%K$&$!'(!*.',)6&)%&#(&,'.&*23&&_=!
V.-&$%*'*! +,! #$&)'A/(! 9F,6&.&&! (/#')%&$,$1!
'%$)*!%-,%$#*!(&0#$<$5*$!*-%0'&!'@&-0'!*$.3/(/&!&,%(/)!
O+M/($,3 4'3 &23 $%+/2+&3 $+%9+'3 `3 0&%+3 +($+3 $1$1.&$,3 B3 6/3
'1')BP1! 8&,-8'*2! 6$! *2%$.$'! )*&,9K$.2! %$! '! +0#.$)/.'*!
O5&! +,%2! -! 4'%$P! -! 8&<&/,$! .$8-(/3&-,'.2! 6$)#.$! Z/0$=!
E,*.C'6$82.1! *$,)&/,$'! %-,*.'6&%*-.&$! &)%'*2! ('! /,! ,&8$(!
6&)*&,%*!6$!k$'(&*'*$1!B!5&!'1')B1!4'.&!5&!01%?4(04242!)$!
#.-&$%*$'<2! +,*.C-! %+2&5/+3 ./'&9/0,3 '1'C%-,*.'6&%*-.&$1!
04&'$&! )'/! ($&%+&3 `1! 0',&4$)*2! ('! /,! &2$! ,&8$(! 6$!
k$'(&*'*$=! ;&%&! '%*/'(21! ,&%&! #-*$,3&'(21! 6/#2! %/0! -!
)#/,$!"*s#K',$!Z/#')%-!+,)/5&1!'%$')*2!)*'.$!&,6&%2!,/!
,/0'&!)/.0-,*'.$'!7&,'.&*23&&!#/)*&&*-'.$1!%'.$!-*.28$5*$!
*.',)%$,6$,3'!%K&'.1!%&!5&!#-)&7&(&*'*$'!6$!.$%-,)&6$.'.$!
'!&,?,&*$&!0/(*&#(&%&*23&!'!k$'(&*23&&1!#-.,&,6!6$!('!6-'.!
*.$&!04&'$+321>/0+D!M1!V!5&!>!O'%*/'(&<'.$1!#-*$,3&'(&<'.$1!
*$.3!&,%(/)P=
:')'.'7! ;&%-($)%/! )$0,'($'<2! $@$0#('.! %2!
&0#(&%'3&&($! $#&)*$0-(-9&%$! '($! %-,%$#3&$&! (/#')%&$,$!

*!

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

)$!+,*F(,$)%!%/!'%$($'!6&,!*$-.&'!(/&!y/.*!gw6$(!6$)#.$!
4'/$&$+&3 .+(0F/(,t! '#-4'*&)0/(! (-9&%! 5&! 0'*$0'*&%1! +,!
*'&,&%2! .$<-,',32! %/! '#-4'*&)0/(! 0&)*&%! 5&! '.*&)*&%1! .$C
&,)*&*/&$! 6&'(-9/(! 6&,*.$! 84-/+0$! 5&! p-/+0$1! 0'.%F,6!
L4/<&/,$'! +,*.$! %/,-'5*$.$! 5&! ?&,32U! O#=! \abP=! [$.&*/(!
&)*-.&%! '(! -#$.$&! (/#')%&$,$! 6$%/.9$! *-%0'&! 6&,!
#.-%('0'.$'! %-,)*',*2! '! 4'()&*23&&! %(&8'A/(/&! %+&2/$&$+3
1-/+0$/=,)%+&2/$&$+3 (4-/+0$/=,3 T! 4'&0-')'! 6&)*&,%3&$!
%'.*$<&',2!6&,*.$!%+(3+M$+'(&35&!%+(301>/$&'(3T1!6$,/,3'*2!
5&!6$!q$.,$.!Y$&)$,7$.91!+,!p%.'4'>3.+%3|/%j2/0Fj+/$]1!
%'! -! 9.-)-(',2! )&0#(&?%'.$=! >$-.$*&%&',/(! 0+21%3 $%+/3
9&$+%//! '.'*2! (&0#$6$! %21! '8F,6! )&0/(*',! -! )*./%*/.2!
0'%.-?<&%2! 5&! -! )*./%*/.2! %/',*&%21! ?&,3'! /0',2! $)*$!
+,%'.,'.$'! %$'! 0'&! #.$9,',*2! '! 4'#*/(/&! %2! 8$.&*'7&('!
I/,-'5*$.$! +,)$'0,2! $%&'(>%+(/4'+! 5&! %+2/&'5,! '! %$(-.!
6-/2! &,?,&*/.&! T! /'D'/$423 9&%+3 5&! /'D'/$423 9/0! T! +,*.C-!
0&.'7&(2! ($&%+3 `D! #)&K&%/(=! W#/,F,6/C)$! $,*.-#&$&1!
'%$')*2! 249+3 $+%5,! O+,! %'.$! %$'! 6$C'! *.$&'! 0'*$.&$! ,/!
.$#.$<&,*2!)&,*$<'!0'*$.&&(-.!0'%.-?<&%2!5&!7&-(-9&%21!%&!
0'&!6$9.'72!(/#*'1!%-,N&%*/(!(-.!&,K&7&*-.P!02.*/.&)$5*$!
6$)#.$! %-0#($@&*'*$'! 6$C'! #/./.&! 6$)%K&)2! '! +,*.$9/(/&!
/,&8$.)=! X&)/(! /,$&! *$-.&&! '! *-*'(&*23&&! O4'&0-')'!
`F+1%d3 1@3 L=+%d$F/'>P1! %-,?.0'*! %'! '*'.$! 6$! "*$#K$,!
Y'u`&,91! $)*$! %-,*.'7'(',)'*! 6$! %$.*&*/6&,$'! '%$)*$&!
%-0#($*&*/6&,&! &*$.'*&8$1! +,*$0$&'*2! #$! A-%/(! 6&,'0&%C
%-,*.'6&%*-.&/! 6&,*.$! C1'&3 .+3 %+C/($+'5,! ('! #$.%$#3&$1!
$@#$.&0$,*1!.$#.$<$,*'.$!-.&!4-.0'(&<'.$!0'*$0'*&%2!5&!
C1'&3 .+3 '1')%+C/($+'5,=! "/8$.',! +,! <-,'! 6$! .$<&)*$,321!
`+%5423 O'024(3 6-7F,6$5*$! )$,)! 6$! ('! `+%5423 B(04'(1!
)/8$.',!+,!%$'('(*2!<-,21!L%2%&1!)%.&$!:')'.'7!;&%-($)%/1!
#$,*./!'!/,&!%-,*.'6&%*-.&&($!M!5&!,-,CM1!)&*/'*$!+,!<-,'!
6$! .$<&)*$,321! $(! *.$7/&$! )2! *.'8$.)$<$! <-,'! 6$! ,-,C
.$<&)*$,32U! O#=! ]pPt! %+2/&'5&! 6&,*.$! W7&$%*! 5&! "/7&$%*1!
L%-,*.'6&%*-.&&($!)/#.$0$U!O#=!]pP1!$)*$!'5'6'.!#-)&7&(2!
9.'3&$! *-%0'&! '%$)*/&! 6$! #$! /.02! *2.F0! O<-,'! 6$! ,-,C
.$<&)*$,32P1!&,)-,6'7&(!5&!'0F,6/.-.'!%-0/,=!
7+2/&'5&3p-/+0$)84-/+0$!$)*$!/,!q4M3?+%(1'&'$!
'(! `+%5424/)P,%,);49+=! e-%'(&<F,6/C(! 5&! #.-&$%*F,6/C(!
+,*.C-! '.*&%/('3&$! 6$! '/(&%2! .&9-'.$! %/! `+%5423 O'024(1!
:')'.'7! ;&%-($)%/! &(/0&,$'<2! 5&! $@*&,6$! %-,%$#3&'!
%-,*.'6&%*-.&'(2! (/#')%&',2! +,*.C-! 8$.&*'7&(2! =/C/4'+3
$%&'(./(0/?2/'&%,3 &(4?%&3 R49//3 )'/1! '(*4$(! )#/)1! -!
*'>21-+&C,! ('! *$0$&/.&($! *.',)9.$)&/,&&! 6/'(&*23&&!
0/*&(',*$=!S%('*',*2!01'$/>4/$&$+!+,!&,*$(&9$,321!E+3+($+3
7+&2/$&$+&A3 %-,)'%.2! 5&! -! )&,9/('.2! 019?%+F+'(/4'+! '!
k$'(&*23&&!+,!+,*.$&*'!$&!0',&4$)*'.$!)&0/(*',2D!?2&($/0,1!
%&5/1'&2,1! $%&'(%&5/1'&2,=! ;-7&(! I2(2*-.! +,! '%$')*2!
&,?,&*2!0/(*&#(&%&*'*$1!:')'.'7!;&%-($)%/!.20F,$!'%$('5&!
(/%&6! %'8'($.! '(! L%/,-'5*$.&&! ,$+0#2.3&*$U1! 9w6$(&',2!
*-*/5&1! ('! 4$(! %'! )#&.&*/(! )2/! '?,! R-,! :'.7/1! '(2*/.&! 6$!
%'.$! 5&C'! +,%$#/*! I2(2*-.&'! %2*.$! X'($'! j&0&.&&=! S)*$1!
#.&,! /.0'.$1! ?.$)%! %'! 6/7(/(! 6$0$.)! T! 6$! &(/0&,'.$! '!
(-9&%&&!(/#')%&$,$!5&!6$!%.&)*'(&<'.$!'@&-0'*&%2!'!8&<&/,&&!
,&%-($)%&$,$!6$)#.$!k$'(&*'*$!T!)2!)$!#.-6/%2!+,!%-.$('3&$!
%-,)*',*2! %/! '(*$! L,'*/.&! %-9&*'($U! )*.2(/0&,F,6! O+,P!
'%$$'5&! 9'('@&$! )'/! O+,}6&,P! 9'('@&&! 6&4$.&*$=! E+3 +($+3
7+&2/$&$+&A! $)*$! 1?+%,3 .+3 .+(,=N%6/%+3 $+1%+$/0,3 &3
$%&'(./(0/?2/'&%/$,5//#

X&<&/,$'! 6$)#.$! k$'(&*'*$! '! (/&! "*s#K',$!

Z/#')%-!)$!+,*$0$&'<21!+,!/(*&02!','(&<21!#$!/C191%D(942!
6&,*.$!249+&304&'$/0,!5&!249+&3?(/F/0,1!8$.&*'7&('!4-.32!
,/%($'.2! '! 0-6$(/(/&! )2/! -,*-(-9&%=! e'#*/(! %21! #$!
%2&! 6&4$.&*$! O#)&K-(-9&$! 5&! 0&%.-?<&%2P1! f/,9! 5&! V'/(&!
8-.! 'A/,9$! ('! %-,%(/<&&! )&0&('.$! #.-7$'<2! &,6$,&'7&(!
,$%$)&*'*$'! .$%-,)&6$.2.&&! .'6&%'($! '! #.-7($0$&! #)&K-C
?<&%$t! 6$5&! ?<&%2! 5&! #)&K&%21! +,! 0',&4$)*2.&($! )'($!
%-0#($@$!k$'(&*'*$'!+5&!*.',)%$,6$!4'3$*$($1!%-,)&6$.'*$!
+,6$-75*$! +,! .$*-.*2! 6$! %2*.$! 0$*-6-(-9&&($! 5*&&,3&?%$!
%-,)*&*/&*$=!>2%$.$'!%'.$!+,82(/&$!+,%2!'7-.62.&($!'%$)*-.!
9F,6&*-.&! 8&<&-,'.&! T! ! #(')'3&! 0'&! 6$9.'72! +,! *.'6&3&'!
(/&! ;-8'(&)! 6$%F*! +,! %$'! %'.*$<&',2! T! 8&,$! 6&,! *$'0'!
%2! '%%$#*'.$'! &<-0-.?)0/(/&! '0&,*&*! L'.! #/,$! )/7!
)$0,/(!+,*.$72.&&!+,*.$'9'!$8-(/3&$!'!(/0&&!0-6$.,$1!6$!
('!g'(&($&!#F,2!+,!<&($($!,-')*.$=U!;/0'&!%21!'6'/92!#$!
7/,2!6.$#*'*$!:')'.'7!;&%-($)%/1!-!')$0$,$'!.$#/,$.$!
+,! 6&)%/3&$! L,/! $! ,$9'*-'.$U1! %&! 4$%/,621! +,*./%F*! '.!
+,)$0,'!-!L+,*-'.%$.$!('!)/.)$($!0-6$.,&*23&&1!+,*-'.%$.$!
+07-923&*2! %/! *-'*2! $@#$.&$,3'! '8$,*/.&&! *$K,-5*&&,3$&U!
O#=! \\cP=! I(&8'A/(! 6&,*.$! .+_&3 >N'./$423 5&! 0++&3 0+3 +($+3
*'0,3 .+3 >N'./$! '.! 6-7F,6&! ')*4$(1! '6'/9! ('! .F,6/C0&1!
'6F,%&0$'!*.',)#'.$,*2!'!/,/&!L<7-.!&,8$.)Ut!-.1!<7-./(!
$)*$!.$(&',3'!%K&'.1!0',&4$)*'.$'!$&!6&,'0&%2=!E,!#-?6'!
#$.)#$%*&8$&! *'$1&%0+%//3 *9-1>,5/$+3 +,)21! 9F,6&.$'!
'%*/'(2!.20F,$!+,%2!#.$'!'6F,%!%/4/,6'*2!+,!)$%-(/(!'(!
QXRRC($'1!6/#2!%/0!)#/,$'!6$A'!V'/(&1!'6&%2!+,!6/(%$'!
-*.'82! '! 7&,'.&*23&&! O)/7&$%*C-7&$%*1! ?<&%2C0$*'?<&%21!
0'*$.&$C)#&.&*!$*%=P1!'7',6-,F,6/C)$!*-*-6'*21!%/!8$)$(2!
/5/.&,321! &.'3&-,'(&)0/(/&! K$.0$*&%! -.&! ,$9(&A$,3$&!
&,*$($%*/'($1! 6-0&,',*$! +,! ;$u! M9$=! ;/! +,*F0#(2*-.1!
:')'.'7! ;&%-($)%/! )',%3&-,$'<2! *.',5',*1! 6$! #&(621!
$.-'.$'! (-9&%2! 5&! $#&)*$0-(-9&%2! '! (/&! j07$.*-! S%-!
O6&,! R/9/$+2+3 /'$+%?%+$,%//P1! '.2*F,6! %2! L*$'*./(! (/0&&!
,/! )$! .$6/%$! ('! /,! 4$,-0$,! (&,98&)*&%U1! '%$)*'! ,$?&,6!
L6$%F*! -! 4'3$*2! '! /,$&! k$'(&*23&! &,?,&*! 0'&! 7-9'*$U! O#=!
\aaP=!I-&,%&6$,3'!%-,*.'.&&(-.!,/!$(&0&,21!'5'!%/0!%.$6$!
S%-1! '@&-0'! &6$,*&*23&&! 5&! '@&-0'! ,-,C%-,*.'6&%3&$&1!
%&! +,(-%/&$5*$! *$.3/(! $@%(/)! %/! *$.3/(! &,%(/)1! %$$'! %$!
&9?2/D0,! &6$,*&*'*$'! 5&! ,-,C%-,*.'6&%3&'! *'3 ?%+C+'5&3
'/=+24%/21%3 .+3 7+&2/$&$+=! M*F*! .$6/%3&-,&)0/(1! %F*! 5&!
',*&C.$6/%3&-,&)0/(!)$!.$%-,%&(&'<21!9.'3&$!*-%0'&!'%$)*-.!
,&8$(/.&1!+,*.C/,1!#-)*/($'<2!'/*-./(1!$%&'()%+.405/1'/(91!
4/,6'0$,*'(!+,!'14&3=/C/4'+3&(4?%&37+&2/$,5//!O#=!\alP=!
Z'! ',*&#-6/(! 4')%&,'3&&(-.! 7&,'.&*23&&! )$!
92)$5*$1! 6&,! 4$.&%&.$1! (/0$'! '.*$&1! '%-(-! /,6$! $8&6$,3'!
%-0#($@&*23&&!6&,'0&%C%-,*.'6&%*-.&&1!.$8$('*2!6$!(/0$'!
%/',*&%21!'!'8/*!/,!&0#'%*!%'#&*'(\p=!Z$9'*2!6$!'4$%*&8&*'*$!
5&1! &0#(&%&*1! 6$! L%-,N&%*/(! %-)0-(-9&%! 6&,*.$! )/7&$%*!
5&! -7&$%*U1! '.*'! .$#.$<&,*2! #$,*./! "*s#K',$! Z/#')%-1!
6/#2! %/0! -! )#/,$! +,! R1>/0,3 6/3 01'$%&./05/+1! %2/*'.$'!
L%-,*.'6&%3&$&!$)$,3&'($U1!&'.!$)*$*&%'!T!L5*&&,3'!%/',*&%2!
+,!9$.0$,$U=!>-%0'&!-!'*'.$!+,3$($9$.$!'!42%/*!%'!)%.&$.&($!
)'($!)2!'&72!/,!'0#(/!$%-/!+,!(/0$'!'.*&5*&(-.1!#.$%/0!
"'(8'6-.! B'(&1! g$-.9$)! ['*K&$/! O%$(! %'.$! +(! &,*.-6/%$!
+,! /,&8$.)/(! '.*&)*&%! #'.&<&',P1! e.s6s.&%! :$,.'*K1! y'.$(!
M##$(!-.&!'!/,-.!%.&*&%&!6$!'.*2!#.$%/0!k$,s!Y/i9K$!5&!
M('&,! f-/44.-i=! R6$$'! %-,4-.0! %2.$&'! 5*&&,3'! 5&! '.*'! )$!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
%-0#($*$'<21!,$?&,6!L6-/2!(/0&!)$#'.'*$1!%/!4.-,*&$.$!5&!
8'0$5&U! OY/i9K$P1! $8&6$,3&'<2! %-,*&9/&*'*$'! %-9,&*&82!
+,!%'.$!)$!+,)%.&/!9,-)$-(-9&'!5&!'.*$($=!Z'!4$(!%'!#$,*./!
%-,4.'*$($! )2/! X&,*&(2! Y-.&'! T! '/*-./(! /,$&! *$-.&&! '!
L%-,*$0#-.',$&*23&(-.U!+,!%'.$!8'(-.&<$'<21!+,*.$!'(*$($1!
%/#(/(! %/7&)0C&0#.$)&-,&)0! %'! $@#.$)&$! .$8$('*2! '!
%/#(/(/&! #'.*&%/(2C/,62\\! T1! #$,*./! "*s#K',$! Z/#')%-!
'.*'!0-6$.,2!$)*$!/,!$,%N93>21-&2/C&'$3.+304'1&6$+%+t!
/,! *2.F0! 6$! $0$.9$,32! 5&! &,*$.4$.$,32! '! */*/.-.! %2&(-.!
%-9,&*&8$=! B$! '%$$'! $(! )$! '#($'%2! ')/#.'! 0&)*$./(/&!
'4$%*&8&*23&&! %$! *.'8$.)$'<2! #&%*/.'! (/&! ['*K&$/1! 8$6$!
+,! M##$(! /,! L#&%*-.! '(! &,4.'C8&*'(/(/&U1! +,! 8.$0$! %$!
-#$.$($!(/&!:$,.'*K!+&!'#'.!%'!L&,%/.)&/,&($!4/(9$.2*-'.$!
'($!/,/&!'(*!j,&8$.)1!'(!%2./&!4/,6'0$,*!+(!%-,)*&*/&$U=!
S)*$! 8-.7'1! 6$)&9/.1! 6$)#.$! '%$('5&! j,&8$.)1! '(*0&,*$.&!
&,)-,6'7&(1!%'.$!)$!&8$5*$!+,!%.$'3&'!(/&!B'(&1!L/,!8&<&-,'.!
%$!%'#*$'<21!)%.&$!:')'.'7!;&%-($)%/1!0&5%'.$'!%/',*&%21!
%.$'3&'! %-,*&,/2! 5&! ',&K&('.$'! 4-.0$(-.! #/,F,6! 4'32! +,!
4'32!$,*&*23&!&,)-(&*$1!42.2!,&%&!/,!%-.$)#-,6$,*!+,!#.-#.&'!
,-')*.2! (/0$1! 6'.! %'.$! )/,*! *-*/5&! .$'($! +,! #.-#.&'! (-.!
(/0$U!O#=!\^_P=!E,!-#&,&'!(/&!Z/#')%-1!,/!)/#.'.$'(&)0/(1!
%&! (4-%+&2/(942! %'.'%*$.&<$'<2! %.$'3&'! )'1! %$$'! %$1! +,!
0-6! 826&*1! +(! '#.-#&$! 6$! /'@%&%+&2/(942! 7'.7&',=! B'(&!
+,%K&#/&$! %$'! 0'&! )/.#.&,<2*-'.$! &0'9&,$! '! (4-249//3
04&'$/0+1!-!/'@%&249+!%'.$!%-0/,&%2!#.&,!`+%5423B(04'(!
T! 6/#2! %/0! '?.02! (20/.&*! :')'.'7! ;&%-($)%/! T! %/!
(4?%&249+&! 5&! $%&'(0+'.+'5&! O$(! 9F,6$'! #'.*&%/($($! %'!
?&,6!L$($0$,*$!',9$(&%$UP=!W!')*4$(!6$!-#$.2!%-,?.02!
$@&)*$,3'! -)0-*&%C%-,*.'6&%*-.&$! '! %$(-.! *.$&! /,&8$.)/.&!
(/#')%&$,$!O0'%.-?<&%1!7&-(-9&%!5&!#)&K&%P=
>.',)%$,6$,3'!$)*$!%-,$@2!/,&8$.)/(/&!#)&K&%1!
L%$(! '(! B&8&,&*23&&! +,)$5&U! O')&0&('*2! '4$%*&8&*23&&P=!
L'+%>+$/0&3 %+2/>/1&(,! 5&! L-.9')0/(! (/&! B/0,$<$/U! T!
01'6$/+'$/C&%+&1! '6&%21! '! 01'$%&./05/+/3 @4'.&9+'$&2+3
T! A'(-,$'<2! -! %-,%$#3&$! &,)-(&*2! ')/#.'! B&8&,&*23&&=!
:')'.'7! ;&%-($)%/! #/,$! %/! )/7*&(&*'*$! +,! $@$.92! '%$)*!
9F,6! (/#')%&',1! .$0'.%F,6! %2! $(! &0#(&%2! -! L*$-?<&%2!
$,$.9$*&%2Ut! 6$! 7/,2! )$'02D! 6$! 8.$0$! %$! )&,9/.'!
*.',)%$,6$,32! '! $,$.9&$&! $)*$! L'4$%*&8&*'*$'! -,*-(-9&%2!
m===o!T!6$%('.2!Z/#')%-!T!B/0,$<$/!'.!?!'4$%*&8&*'*$'U=!
E,)%.&&,6/C(! +,! *.'6&3&'! #.$)-%.'*&%21! '! '(%K&0&$&! 5&!
'! 8&<&/,&&! .$(&9&-')$! '! (/&! f'`-7! :wK0$1! :')'.'7!
;&%-($)%/!.$(&$4$'<2!4$.*&(&*'*$'!(-9&%&&!*$.3/(/&!&,%(/)!5&!
'!,&8$(/.&(-.!6$!k$'(&*'*$!+,!($%*/.'!.'3&-,'(2!'!6-90$&!
>.&,&*23&&=! E,! #.$(/,9&.$'! -7)$.8'3&$&! %'#&*'($! '! (/&!
M,*-&,$! e'&8.$1! 6/#2! %'.$! ?(-)-?'! (/#')%&',2! 6$A-'%2!
L#.&<'! K&6.$&! &6$,*&*'.$U1! :')'.'7! ;&%-($)%/! )%.&$D!
L%-.$)#-,6$,3'!6&,*.$!(-9&%'!*$.3/(/&!&,%(/)!5&!,&8$(/.&($!
6$! .$'(&*'*$! &,6&%2! .$('3&'! &,*&02! +,*.$! .'3&-,'(! 5&!
$%&'(%&5/1'&2=!>.',).'3&-,'(!42.2!.'3&-,'(1!%'!5&!.'3&-,'(/(!
42.2!*.',).'3&-,'(1!$5/$'<2!+,!&.'3&-,'(U!O#=!\_aP=!R'*2!6$!
%$!L6-'.!%-,8$.*&.$'!*$K,-5*&&,3$&!'.!#/*$'!-#.&!%26$.$'!
,-')*.2!+,!,$',*U!O#=!a\lP=!E+3+($+37+&2/$&$+&A!$)*$!/,!
0',&4$)*!#$,*./!*.$<&.$'!6&,!0'.')0/(!.$6/%3&-,&)0$(-.!
6$!*-*!4$(/(!5&!#$,*./!$8-(/3&'!%-,5*&&,3$&1!0'&!0/(*!T!/,!
0',&4$)*!#$,*./!-!01'6$//'5,3&301'6$//'5+/=!I-,8-.7&.$'!
%/! S69'.! [-.&,1! &,)$.'*2! %2*.$! ?,$($! %2.3&&1! 6/%$!
*-%0'&! +,! 6&.$%3&'! )*.&,9$,3$&! /,$&! '1/3 %&5/1'&2/$,5/1! -!

*(

.'3&-,'(&*'*$!%-,4-.02!%/!,-/'!8&<&/,$!6$)#.$!k$'(&*'*$1!
%.&)*'(&<'*2!+,!'%$')*2!%'.*$!#.-4$*&%2=
k'3&-,'(&*'*$'! k$'(&*23&&! )*./%*/.'*$! +,!
,&8$(/.&! .$C($9'*$! 6$! $+%5423 /'024(! )$! ,/*.$5*$! 6&,!
$%&'(%&5/1'&2/$&$+&! $&! )/7&'%$,*21! &,6/)2! 6$! `+%5423
B(04'(=! R.$6/%*&7&(/(! 1?+%&$1%3 .+3 %+2/&'5,! '! k$'(&*23&&!
+,!#($,&*/6&,$'!$&!6$)%K&)21!>$.3/(!M)%/,)!)$!6-8$6$5*$!
')*4$(! 0&$</(! +,)/5&! '(! 0$*-6-(-9&$&! *.',)6&)%&#(&,'.$!
#$! %'.$1! %/! .&9-'.$! 5&! 4$.8-'.$1! :')'.'7! ;&%-($)%/! -!
$6&?%2! #$! *.$&! '@&-0$C4/,6'0$,*D! (-9&%21! -,*-(-9&%2!
5&! $#&)*$0-(-9&%2=! V'.'6&)! +,%K&)! %$(-.! %$! ,$'92!
+=/.+'5&! /,&*23&&! 6$)%K&)$! '! Z/0&&1! '%$)*! ,-/! L-.&<-,*!
'(!%/,-'5*$.&&!+,!)$%-(/(!'(!QQRC($'U!O#=!\p\P1!.$#.$<&,*2!
9'.',3&'! %'.6&,'(2! '! &4$1$%&'(0+'.+'5+/! /0',$1! %'($'!
%2*.$!194230&%+3=&3=+'/1!6&,%-(-!6$!4'/,'!0&%.-7&',2!6&,3
y'(&!x/9'D! -0/(! '+./=/C&$1! '%$('! +,! %'.$1! 6/#2!X&,*&(2!
Y-.&'1!L%$(!%$!'!4-)*!+(!+,*F(,$5*$!#$!%$(!%'.$!8'!?!+,*.C
/,! )#'3&/C*&0#! ,-,C$/%(&6&',=U\a! R,*$9.F,6! L.'3&/,$'!
5&! 0&)*$./(U1! $%&'(./(0/?2/'&%/$&$+&! $)*$! 0&2+&3 %+>&2,!
6$!.$)/.9$,32!'!"/7&$%*/(/&!5&!'!k$'(&*23&&!+,!&,?,&*'!$&!
7-923&$1!6$-#-*.&82!L%-9,-)%&7&(2!5&!&,%-9,-)%&7&(2U!O#=!
ac^P=!
"/.)2! '! .$(&',3$&C*.',)9.$)&/,$1! `+%5423 B(04'(!
%-0#$,)$'<2!6&)%-,*&,/&*'*$'!T!C1'&3.+3'1')%+C/($+'5,\c!
T! 6&,*.$! 6&8$.)$($! ,&8$(/.&! 6$! k$'(&*'*$! '($! "/7&$%*/(/&!
5&! 6&4$.&*$($! ,&8$(/.&! 6$! .$'(&*'*$! '($! W7&$%*/(/&1! +,!
8.$0$! %$! `+%5423 O'024(! +,926/&$! .'3&-,'(&*23&&! )'(*/(!
6$! ('! /,! ,&8$(! ('! '(*/(=! R'*2! 6$! %$1! +,! +,3$($9$.$'! 0$'1!
`+%5423 O'024(! (/#')%&',! $)*$! +,%'.,'.$'! +,! #(',! (-9&%3 '!
`+%5424/3 B(04'(! ,&%-($)%&',13 1'$1)21>/01! $)*$! +'+%>/&!
(/&! %+=+2&$,=! `+%5424/3 B(04'(! $)*$! $%-/(! $,$.9&$&!
&,)-,6'7&($! %'.$! )$%.$*$'<2! I-,)&)*$,3'! 5&! V$.)&)*$,3'!
e&&,3$&!5&!j,&8$.)/(/&t!:')'.'7!;&%-($)%/!)%.&$D!L"/.)2!
'! k$'(&*23&&1! >$.3/(! M)%/,)! )$! '(&0$,*$'<2! 6&,! '%$')*2!
k$'(&*'*$1!+,*.C-!.$)#&.'3&$!%-)0&%2!%$!,$!&,%(/6$1!#$!,-&!
5&!/,&8$.)/(U!O#=!ac^P=!M6F,%'!)-,-.&*'*$!'!'%$)*$&!4.'<$!
6$! ?,'(! ,$! *.&0&*$! ('! /C=1&%+2+3 8+'(424/1! #.-&$%*F,6/C
,$! *-*-6'*2! +,! 0&$</(! &,%',6$)%$,*! '(! %-9,&3&$&! /'3
=/=11! '%-(-! /,6$! .'3&-,'(&*'*$'! 5&! .$8$('3&'! '#-4'*&%2!
O5&! '4$.$*&%2P! .$)#&.2! ('-('(*2=! ! LE07.2%'.$! )&0/(*',2U!
6$!)/N/.&1!`+%5423O'024(!5&!`+%5424/3B(04'(!%-,(/%.$'<2!
('! *.',)#'.$,3'! &,)-,6'7&(2! '! /,/&! /'D'/$3 $+%5D! '%$('! '(!
8+'(424/=
E,*.C/,! ('#&6'.! 5&! 6$,)! *$@*! %/! *&*(/! O6$!
')$0$,$'P!&,*$.-9'*&81!h4z$+3.+3(+'(3143r4z$+3.43(+'(A1!
#/7(&%'*!+,!&,*.-6/%$.$'!#.&0/(/&!,/02.!6&,!L[s0-&.$!
6/!QQR$!)&%($U\^!1!6/#2!%$!6&)*&,9$!6-/2!,&8$(/.&!6$!)$,)!
T!/,/(!1%/C1'$&21!Lz/&!'**.&7/$!/,!1%.%+!'/@!$@#s.&$,%$)1!
.$#.s)$,*'*&-,)1! 6$)%.&#*&-,)1! &0'9$)! $*! 4-.0'(&)'*&-,!
0'*Ks0'*&z/$)! .$('*&8$)! ! /,! )$/(! $*! 00$! ,&8$'/!
6$! ks'(&*sU1! &'.! '(*/(! =+%$/0&21! L8s.&*'7($! -#s.'*$/.! 6$!
.$(&',%$! $,*.$! 6$/@! -/! #(/)&$/.)! ,&8$'/@! 6$! ks'(&*sU1!
'07$($! -#$.'3&-,'($! +,! C1'&3 .+3 %+C/($+'5,! '! k$'(&*23&&!
T! :')'.'7! ;&%-($)%/! '?.02! .2)#&%'*! ,$%$)&*'*$'!
&,*.-6/%$.&&! /,/&! L(+'(3 $/+%(=! I$! )$,)! *&$.)! $)*! '))-%&s!
! ('! C1'+3 .+3 '1')%m(/($&'0+1! #'.! .'##-.*! ! ,-/)1! 6$! ('!
ks'(&*s=!R(!.$)*$!6',)!($!6-0'&,$!6/!%&$/1''+2!0'&)!&(!,$!
)$!)-/0$*!!'/%/,$!%&$/1'&2/(&$/1'=L!M%$)*!)$,)!*$.3!3&,$!

*)

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

,/!6$!k$'(&*'*$1!%&!6$!k$'(!OL%$$'!%$!$)*$!8-'('*!#$,*./!
*-*6$'/,'UP! 5&! 6$! 7-923&'! &,$#/&<'7&(2! '! 8&$3&&! ,-')*.$!
(2/,*.&%$=!LM(-.)!T!)$!+,%K$&$!#.-4$*&%!'%$(!*$@*!T1!Gz/*$!
6$!)$,)H!-/!Gz/*$!6/!)$,)HJ!S*!%$%&!$*!%$('D!2+3(+'(3.43
(+'(3+($3$+%'&/%+=!mno!;-*.$!z/*$!6/!)$,)!6/!)$,)!$)*!('!
.'%&,$!6$!,-*.$!$)#s.',%$!6',)!($!)&%($!z/&!)v',,-,%$U=
:.$8&'.!9$.0&,'*&8!'(!%/,-'5*$.&&!5&!-0/(/&!%$!
8-.!8$,&1!E+3+($+37+&2/$&$+&A1!%'.*$!&8&*2!+,!#(&,'!*&,$.$3$!
'!8$'%/(/&1!62!+,'(*!.$(&$4!5&!7-9'*2!%-.-',2!&0+($+/!r4+($+!
8$9K$'*$!6$!`+%54233B(04'(=!['&!0/(*!6$%F*!/,!%-,%$#*1!
%2%&!$(!$)*$!(+'(423$+%'&%3%'.$!+,82(/&$!5&!)*.2(/0&,$'<2!
#$! 6&,2/,*./! 01(91(! 5&! 1'$1(1! '&6-0'! )'%./(/&1! `+%5423
B(04'(! 62! ,/0$! 5&! 0&$<! /'D'/$424/3 $+%51! &,?,&*/(!
"$,)/(/&=!S)*$!,$+,6-&$(,&%!%21!'./,%F,6!#-6/.&!6$!.'<$!
6$! ('! -! &,*$.-9'3&$! ('! '(*'1! 6$! ('! k$'(&*'*$'! 4.'%*'(2! ('!
k$'(/(!8-'('*1!:')'.'7!;&%-($)%/1!'5&A6$.$'!%-,4.'*$(/&!
)2/!B'/0'(1!4'%$!8&<&7&(2!L#-'.*'!&,8&<&7&(/(/&U=!M)*4$(1!
;-7&(!I2(2*-.1!#-,*&4!5&!>F/.!#$!-.7&*$($!/'D'/$424/3$+%51!
:')'.'7!;&%-($)%/!)#-.$5*$!)#$.',3'!%'!#-.3&($!8&&*-./(/&!
)2!.20F,2!6$)%K&)$t!+,*.C-!(/0$!*-*!0'&!6$6'*2!.'.$?$.&&!
&,*$($%*/'($! 5&! .&)&#$&! +,! L6-0,&'! %',*&*23&&U! T! L72(3'*2!
$.-'.$Ur!T1!-#$.'!)'1!$,6-0-.421!+,'(3!*.'&,&%!<29'<!%-,*.'!
6$)*.202.&(-.! -,*-C%-9,&*&8$! 5&! '! 8-&-')$&! -4$,)&8$! '!
.$('*&8&)0/(/&!#/)*&&*-.1!%-,*.'!%26$.&&!+,!,$',*=!
S)*$! ,$+,6-&$(,&%1! '5'6'.1! %23 E+3 +($+3
7+&2/$&$+&A1! %'.*$! +,! %'.$! 0++&3 0+3 +($+3 *'0,3 .+3 >N'./$3
6&'(-9K$'<2! 8&<&-,'.3 %/3 .+_&3 >N'./$4213 &,*$,)&?%2! -!
$8&6$,32! ,/! *-%0'&! ,-/2D! :')'.'7! ;&%-($)%/! $)*$! /,!
9F,6&*-.!0'A-.!'(!*&0#/.&(-.!,-')*.$=!h&!8&&*-'.$=!

{{{{{{{
01!+J

\! !>.'6/%$.$!6&,!(&07'!4.',%$<2!6$!"&0-,'![-6.$',/1!
R'5&1!f/,&0$'1!app]}!h4l+($)0+3r4+32&37m&2/$m3A!7mq+M/1'(3&4)
$14%3.+32l}4=%+3.+38$m?F&'+3R4?&(011![-,*.$'(1!Z&7$.1!app]=
a! ! R6$$! %$,*.'(2! +,! .-0',/(! (/&!X&,*&(2! Y-.&'1! 8&2=&)
%+&3 .+3 1($%1>15/3 QG%/>1'/5/)23 ?+3 :1+5/4S1!>.'6/%$.$! 6$! R($','!
I',*/,&'.&1! I.'&-8'1! S6&*/.'! S/.-#'1! \]]ct! $6&3&$! #.&,%$#)D3
~G+%(+>4/.3&3:1+0/1!['6.&61!S6&*-.&'(!Bi.)'1!\]_c=
c! ! V$,*./! ['.%$(! :-((! 6$! :'(! .$(&',3'! O2&3 %+2/&'0+P!
+,)$'0,23 L($! #'.*'9$! 6$)! )-(&*/6$)! '%%$#*s$)! $*! (vs%K',9$!
6$)!6&44s.$,%$)!.$)#$%*s$)U!Oe1d&>+3&430}4%3.+(3(0/+'0+(3F4)
9&/'+(<3 O#3 J+3 2&3 %+2/&'0+1! V'.&)1! ZvY'.0'**',1! \]]b1! #=! l_Pt!
8'($,3'! )$0',*&%2! *.',)9.$)&8C&,*$9.'*-'.$! 3&,$! 6$! $8&6$,32=!
j*&(&<$<! *$.0$,/(! %/! '%$)*! )$,)1! '6'#*F,6/C(! +,! .-0F,2! #.&,!
','(-9&$! %/! %$(! 6$! ./@+%&'5,! 6&,! 6$%-,)*./%*&8&)0/(! (/&! B$.C
.&6'=
^! !['.*&,!Y$&6$99$.1!G%/'0/?/423/.+'$/$,5//1!>.'6/%$.$!
6$!B',CW8&6&/!>-*$)%/1!:/%/.$5*&1!S6&*/.'!I.'*$.1!\]]\1!#=!ap=!
M%$')2! %-,4$.&,32! '! 4-)*! .-)*&*2! +,\]ld%/! #.&($A/(! ',&8$.)2.&&!
/,$&! A/02*23&! 6$! 0&($,&/! 6$! ('! +,*$0$&$.$'! j,&8$.)&*23&&! 6&,!
e.$&7/.9=
l! !M0!+,!8$6$.$1!6$)&9/.1!#.&0'!)'!%'.*$1!6&,!\]b_1!O1'3
:&%-43c3E1(9121>/&3!\10424/3(+04'."!T!.$$6&*'*2!+,!app^!('!
j,&8$.)!S,%&%(-#$6&%1!%/!/,!%/8F,*!+,'&,*$!6$!S/9$,!"&0&-,!
5&!%/! -! #-)*4'32!6$! V-0#&(&/!I.2%&/,$)%/!T1! .$)#$%*&8!%'.*$'!
%$'!0'&!.$%$,*21!J+32&3O(&%2*j32&3e&2+&3K/9/%//1!RCRR1!:/%/.$5*&1!
I/.*$'! X$%K$1! ap\\=! E,*.$! '%$)*$'1! L#-6/(! 6$! .'<$UD! ! ;14(<3
2&3?&%$/042+3+$32+391'.+3O\]_l1!appp1!$6=!.-0=D!appa1!appdP1!
Rlg199+3 +$3 2+3 (+'(3 .+3 2lK'/=+%(#3 L((&/3 (4%3 \&j1-3 :1+F9+!

O\]_]1! $6=! .-0=D! \]]c1! appp1! appdP1! `Fm1%n9+(3 ?1m$/r4+(3

O\]]^1! $6=! .-0=D! \]]c1! \]]b1! appd1! app]P1! R&3 $%&'(./(0/?2/)
'&%/$m#3I&'/@n($+3O\]]b1!$6=!.-0=D!\]]]1!appdP=
b! !E,!#-)*4'3'!'0&,*&*21!#.$%/0!5&!+,!8$%&$+>//2+3@%&0)
$&2+!OR'5&1!f/,&0$'1!appcP1!'0!/.02.&*!#$!('.9!'@$($!6$?,&*-C
.&&! '($! 9F,6&.&&! *.',)6&)%&#(&,'.$! ,&%-($)%&$,$1! %-,8$.9$,*$! +,!
'%$')*23%'.*$!6$!/&0&*-'.$!5&!#.-4$*&%2!#.-4/,<&0$=!
d! !;&8$(/(!6$!k$'(&*'*$!6$)$0,$'<2!L/,!',)'07(/!6$!
)&)*$0$!&,8'.&',*!('!'%3&/,$'!/,/&!,/02.!6$!($9&!9$,$.'($U!OE+3
+($+37+&2/$&$+&A1!$6=!%&*=1!#=!d_P1!#.$%/0!$,*&*23&($!%/',*&%$!)/C
#/)$!'(9$7.$&!-#$.'*-.&(-.1!5&!,/!%$($&!'!,/0$.$(-.!9/8$.,F,6!
(/0$'!0'%.-?<&%2=
_! !V.$<$,*!6$A'!+,*.C/,!'.*&%-(!6&,!\]_a1!#/7(&%'*!+,!Lc$!
[&((s,'&.$U1!%-,%$#*/(!)$!'6F,%$5*$!+,3%2.3&($!'0&,*&*$1!#.$%/0!
5&!+,!#.$4'3'!(/&!:')'.'7!;&%-($)%/!('!'!6-/'!$6&3&$!6&,!R+3?%/')
0/?+3.l&'$&>1'/(9+3+$32&321>/r4+3.+32lm'+%>/+!Ok-%K$.1!\]_dP=
]! !>$@*!&,$6&*!#F,2!+,!\]_^1!*.'6/)!+,!4.',%$<2!6$!I'*KC
$.&,$!IK$8'(($i!)/7!*&*(/(D3GF/21(1?F/+#3R+39&'4(0%/$3.+3UV[Y!
O"$/&(1!\]]_P=
\p! !"&,9/('.&*'*$'!(/&!Z/#')%-!+,!?(-)-?'!4.',%$<2!$)*$!
%-,?.0'*2!+,!0-6/.&!0/(*&#($D!6$!('!&,N/$,3'!)'!#.$#-,6$.$,*!
)/7*$.',2!T!%/!'%%$,*$!#-($0&%$!O('!:'%K$('.6!5&!:.s*-,1!6$!
#&(62P!)'/!$,*/<&')*!6&)&0/('*$!O('!R-,$)%-1![-.&,!5&!I&-.',P!
T1!('!%-,8$.9$,3'!&6$'*&%2!T!#.&8&,6!$8-(/3&'!%-,5*&&,3$&!5&!%-,C
8$.*&.$'!5*&&,3$&!OM7$((&-1!Y/i9K$1![-.&,1!+,!9.'6$!6&4$.&*$P!T!5&!
&0#'%*/(!%'#&*'(!6&,!(/0$'!'.*$&=!:')'.'7!;&%-($)%/!','(&<$'<2!
%/!$($%*&8!.'?,'0$,*!*-'*$!'%$)*$!&#-)*'<$1!.$%/.9F,6!'6$)$'1!
6&,%-(-!6$!)/.)$($!0',&4$)*$1!('!/,!4-,6!6-%/0$,*'.!&,$6&*!6&,!
'.K&8'! M(6$! Z/#')%-C['))-*! )'/! 6&,! #.-#.&'! '.K&82=! h&! 6&,!
'%$)*!#/,%*!6$!8$6$.$1!'5'6'.1!E+3+($+37+&2/$&$+&A!$)*$!-!&(/)C
*.'.$!8&$!'!4'3$*$(-.!0/(*&#($!#$}6&,!%'.$!.$'(&*'*$'!)$!$6&?%2=
\\! !X=! O'$%1.400/'3 &3 2&3 2/$+%&$4%&3 .+23 (/>213 tt#3 QL')
(&d13 .+3 +?/($+9121>&3 2/$+%&%/&S1! ['6.&61! S6&*-.&'(! g.$6-)1!
\]db=
\a! !X&,*&('!Y-.&'1!\14%'&23.l4'3?&d(&'3.43J&'4-+1!V'.C
&)1!S6&*&-,)!6$!('!>'7($!k-,6$1!\]bb1!#=!alat!2lF199+3{3=+'/%1!
#'.!6$(!G!('!4'/,$!0&%.-7&$,,$!6/!y'(&!x/9'!H!$*!($)!*$0#)!
6s%K/)!6$!(vK&)*-&.$1!G!%$(/&!6',)!($z/$(!%$!z/&!4/*!.$,%-,*.$!
%$(/&!z/&!)$.'1!6',)!/,!$)#'%$C*$0#)!,-,C$/%(&6&$,=!H
\c! !LM%$')*2!<-,2!6$!,-,C.$<&)*$,32!%-.$)#/,6$!/,/&!'(!
*.$&($'!*$.0$,1!*$.0$,/(!6$!R,*$.'%3&/,$!+,*.$!"/7&$%*!5&!W7&C
$%*1! %'.$! ,/! #-'*$! ?! .$6/)2! ,&%&! ('! W7&$%*1! ,&%&! ('! "/7&$%*! 5&!
#$! %'.$! $/! +(! ,/0$)%! G>$.3!M)%/,)HU=! :')'.'7! ;&%-($)%/1! p3
.+(01?+%/%+3(4%?%/'C,$1&%+3c3;/=+24%/2+3.+37+&2/$&$+1!+,!J+32&3
O(&%2*j32&3e&2+&3K/9/%//1!8-(=!RR!J%49423@,%,3(@N%6/$1!$6=!%&*=1!#=!
\d=!
\^! !S6&*&-,)!6/!k-%K$.1!\]]]1!#=!\cC\l=

Y-4'!"-A='"(+#,.;Y2
N"#$%&'%(')*'$#"'!#!+#,\,ZK>,&+,
&'(@'1$#"
I$$'! %$! $! '7)-(/*! .$0'.%'7&(! +,! #.&8&,3'!
$%&'(./(0/?2/'&%/$,5//1! 0-6$(/(! 6$! 9F,6&.$! 8&<&-,'.! #$!
%'.$! :')'.'7! ;&%-($)%/! (C'! 4-.0/('*! %/! ',&! +,! /.021!
$! 4'#*/(! %2! '%$)*'! ,/! '! .20')! /,! #.-&$%*! /*-#&%1! )*.&%*!
%-,%$#*/'(! %&1! 6&0#-*.&821! '! $8-(/'*1! +,! /(*&0$($! *.$&!
6$%$,&&1! +,*.C-! )*./%*/.2! 0$*-6-(-9&%2! /,&8$.)'(21! #.&,!
%'.$! #-'*$! ?! '7-.6'*! 8&.*/'(0$,*$! -.&%$! 6-0$,&/! '(!
%/,-'5*$.&&!%-,*$0#-.',$=!e($@&7&(&*'*$'1!%-0#'*&7&(&*'*$'!3
)#$%*'%/(-')2! 5&! #.&<'! #$! %'.$! -! '.$! ('! .$'(&*'*$'! (/0&&!
%-,*$0#-.',$! #.-8&,1! 42.2! +,6-&'(21! 6&,! ',%-.'.$'!
'%$)*/&! %-,%$#*! +,! *$%*-,&%'! )-%&$*23&&! #-)*0-6$.,$1! %/!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
6$<'.*&%/(2.&($1! '(&$,2.&($1! %.&<$($! 5&! -7)$)&&($! )'($1! %/!
#$.&%-($($! 5&! #-)&7&($($! )-(/3&&! )'(8'*-'.$=! B$! '(*4$(1! %'!
6&)%&#(&,2!/,&?%'*-'.$!+,*.$!5*&&,3$($!$@'%*$!5&!/0',&)*$1!
$%&'(./(0/?2/'&%/$&$+&!'!4-)*!6$!('!7/,!+,%$#/*!#.-&$%*'*2!
%'!/,!f1%j3/'3?%1>%+((1!%/!?,'(&*23&!0$.$/!N/&6$!5&!%/!/,!
#-*$,3&'(! ,$02.9&,&*! 6$! $@*&,6$.$! '! '.&$&! 6$! %/#.&,6$.$!
*$-.$*&%2!5&!'#(&%'7&(&*'*$=
! e-.0'! L$07.&-,'.2U! O%/0! -! ,/0$5*$! R.&,'!
B&,%2P!'!%-,%$#*/(/&!$!%-,*/.'*2!+,!$)$/(!6$!6$7/*!'(!(/&!
:')'.'7! ;&%-($)%/1! O1'3 :&%-43 c3 E1(9121>/&3 !\10424/3
(+04'."3 O\]b_P1! -! )*.2(/%&*2! 6$0-,)*.'3&$! '! ,'*/.&&!
'@&-0'*&%$!'!#-$*&%&&!7'.7&(&$,$!%$!&<7/*$'!)2!.$($8$1!+,*.C
/,!0-6!.$8-(/3&-,'.1!0$*'0-.4-<'!(&*$.'.2!'!/,-.!$($0$,*$!
0'*$0'*&%$=!h*&&,3'!5&!#-$<&'!)/,*!'6/)$!+,*.C-!%-,A/,%3&$!
4$.*&(21! ?&,6! ')*4$(! 6$#25&*$! (&0&*$($! /,$&! #$.)#$%*&8$!
&,*$.6&)%&#(&,'.$1! &'.! 0-6$(/(! 6$! %/,-'5*$.$! #.-#/)! $!
0$,&*! )2! *.$'%2! 6&,%-(-! 6$! (&0&*$($! 0'*$0'*&%&&! 5&! '($!
#-$<&$&1!.$8$(F,6!0',&$.'!+,!%'.$!%-,%$#*$($!0'*$0'*&%$!
)/,*! #-$*&<'*$1! 6$8$,&,6! )&07-(/.&! *.',)(&,98&)*&%$=!
S@$9$<'! (/&! :')'.'7! ;&%-($)%/! .$6$)%-#$.2! &0'9&,$'!
/,/&!R-,!:'.7/!#$.4$%*!%-,)$%8$,*!%/!)&,$!+,!%$($!6-/2!
&#-)*'<$!'#'.$,*!&.$%-,%&(&'7&($!'($!%.$'*&8&*23&&!)'($!T!%$'!
6$! 0'*$0'*&%&',! 5&! %$'! 6$! #-$*! T! /.02.&,6! )*./%*/.'.$'!
*$.,'.2! '! L%-)0-(-9&$&U! ! A-%/(/&! )$%/,6! +,! A/./(! '! *.$&!
0&*/.&! $)$,3&'($D! -9(&,6'1! ,/,*'! 5&! )-'.$($1! %/! %&4./(! (-.!
%.-0'*&%!'6&'%$,*!O'(7')*./1!8$.6$1!9'(7$,P=!R,*$.#.$*'.$'!
(/&!:')'.'7!;&%-($)%/!)$!4-%'(&<$'<2!#$!6&,'0&%'!'%$)*-.!
0&*/.&1!#$!%'#'%&*'*$'!(-.!')-%&'*&82!)'/!6&)-%&'*&82!O\103
(+04'.3$1!6$!#&(621!%&*&*!%'!-!%-,A/9'.$!'!0&*/(/&!-9(&,<&&!
%/! %$(! '(! ,/,3&&! &'.! 0&*/(! )-'.$(/&! 5&! '(! -9(&,<&&! 4'%! 6&,!
7/>&3E%d?$13-!L.$#(&%2!7'('6$)%2U!'!7/$94%/21%3'+0+(&%+<3
/,6$! ,/! S,&9$(1! %&! )-'.$($! A-'%2! .-(/(! LZ/%$'42./(/&UP=!
M#.-'#$!#'*./!6$%$,&&!0'&!*F.<&/1!'/*-./(!8'!.$8$,&!')/#.'!
\10424/3 (+04'.1! '6/%F,6! %F*$8'! '0$,6'0$,*$! &,%&*',*$!
&,*$.#.$*2.&&! &,&3&'($=! M)*4$(1! +,! 7,.,0/'/2+3 2/-+%$,5//3
Oapp^P<3%&%(/(!$!,/0&*!L9&/8'$.!'(!*.',)6&)%&#(&,'.&*23&&U1!
+,*./%F*! '(! *.$&($'! *$.0$,! '(! ?$%2.$&! *.&'6$! '.! %-,)*&*/&1!
#$,*./!%$($('(*$!6-/21!L$+%5423$&/'/03/'024(U=!
! ;1/<3 ?&%$/042&3 6/3 249+&3 O#/7(&%'*2! +,! e.',3'!
+,! \]_l! 5&! #.$0&'*21! /,! ',! 0'&! *F.<&/1! 6$! M%'6$0&'!
e.',%$<2P!$!%'.*$'!+,!%'.$!:')'.'7!;&%-($)%/!+,%$'.%2!-!
K$.0$,$/*&%2!'!%$(-.!0'&!,-&!*$-.&&!5*&&,3&?%$1!'#$(F,6!('!-!
*$.0&,-(-9&$!*.',)(&,98&)*&%2!%$!6$)%&,6$!6&,!%-,%$#*$($!
#-$*&<'*$! 6$)%-#$.&*$! +,! L*$-.$0$($! (&.&%$U! '($! (/&! R-,!
:'.7/!O0/(*$!6&,*.$!#-$0$($!'%$)*/&'!$.'/!,/0&*$1!+,!$)$/(!
6&,! \]b_1! L*$-.$0$U1! 6'*-.&*2! 0-6/(/&! +,! %'.$! &,*$9.'/!
)&07-(/.&!'#'.$,*!%-,*.'6&%*-.&&1!'5$<F,6/C($!+,!4-.0/(2.&!
'@&-0'*&%$! 5&! +,! )*./%*/.&! 9$-0$*.&%$P=! W7&$%*&8/(!
'#'.$,*! '(! %2.3&&! $! '%$('! 6$! '! 6$)%.&$! .$8-(/3&'! %/',*&%2!
5&! &0#(&%'3&&($! '%$)*$&'! +,! %/,-'5*$.$'! %-,*$0#-.',2=!
B/#2! -! &,*.-6/%$.$! +,! #.&,%&#&&($! 0$%',&%&&! %/',*&%$!
O./(01'$/'4/$&$+<3
0&4C&2/$&$+<3
'1')(+?&%&-/2/$&$+<3
/'.+$+%9/'&%+1! r4&%0/! )'/! -11$($%&??/'>P1! )*/6&/(! )$!
%-,%$,*.$'<2! #$! %-,%$#*/(! 6$! L,&8$(! 6$! .$'(&*'*$U1! %'.$!
8'!6$8$,&!/,/(!6&,*.$!4/,6'0$,*$($!*.',)6&)%&#(&,'.&*23&&=!
X&<&/,$'!)*.'*&?%'*2!'!.$'(&*23&&!#.$)/#/,$!$@&)*$,3'!/,/&!
L$+%53 /'024(U1! %'.$! 4'%$! #-)&7&(2! *.',)9.$)'.$'! ,&8$($(-.!
.$'(&*23&&! 5&! .$#.$<&,*2! '(! 6-&($'! $($0$,*! 4/,6'0$,*'(! '(!

**

%-,%$#*/(/&! *.&'6&%! 6$! *.',)6&)%&#(&,'.&*'*$=! M(! *.$&($'!

$($0$,*! $! *-%0'&! %-0#($@&*'*$'1! $@#.&0F,6! #.-9.$)$($!
5*&&,3&?%$!/(/&*-'.$!'($!)$%-(/(/&!QQ!5&!&0#'%*/(!'%$)*-.'!
')/#.'! */*/.-.! 6-0$,&&(-.! %/,-'5*$.&&1! %'! 5&! ')/#.'!
%.$'*&8&*23&&!5&!)#&.&*/'(&*23&&!/0',$=!S@#(-.'.$'!%$(-.!0'&!
,-&!*$-.&&!5*&&,3&?%$!'.$1!+,)21!#$,*./!:')'.'7!;&%-($)%/1!
.-(/(!6$!'!$8&6$,3&'!$@*&,6$.$'!'%$)*-.'!6&,%-(-!6$!9.',&3$($!
)*.&%*$! '($! 5*&&,3$(-.! *$K,&%$! T! '5'! %/0! )$! +,*F0#(2! +,!
%'</(!)*/6&/(/&!&0'9&,'./(/&!&,&3&'*!6$!g&(7$.*!B/.',6!)'/!
'(! )$0&-*&%&&! 4-,6'*$! 6$! IK'.($)! "',6$.)! V$&.%$=!M)*4$(1!
*.',)6&)%&#(&,'.&*'*$'!*&,6$!)2!6$8&,2!/,!*&#!6$!%/,-'5*$.$!
*-*'(21! -7&$%*/(! )2/! )&*/F,6/C)$! 6$-#-*.&82! +,! )#'3&/(!
6&,*.$! 6&)%&#(&,$! 5&! 6&,%-(-! 6$! -.&%'.$! 6&,*.$! '%$)*$'1!
-4$.&,6!-!%'($!6$!/,&?%'.$!'!%/,-'5*$.&&!/0',$=!S1!42.2!
+,6-&'(21!-!)-(/3&$!6$!)*'7&(&*'*$!5&!%-$.$,32!'!%/,-'5*$.&&!
+,! %-,*$@*/(! /,$&! (/0&! #-)*0-6$.,$! 6$<'.*&%/('*$1!
4.'90$,*'.$1! 'N'*2! +,*.C-! #$.#$*/2! K&#$.)#$%&'(&<'.$! '!
6-0$,&&(-.!6$!)*/6&/!5&!'!.$9&)*.$(-.!6$!$@#.$)&$=!I'.*$'!
)&)*$0'*&<$'<21!+,!'%$('5&!*&0#1!#.&,%&#&&($!5&!-7&$%*&8$($!
$%&'(./(0/?2/'&%/$,5//! 5&! (&0#$<$5*$! 6&)*&,%3&'! 6&,*.$!
'%$')*'!5&!/'$+%)!)'/!?24%/)./(0/?2/'&%/$&$+!O'%$)*$'!6-/2!
.20F,F,61! +,! %&/6'! 6$)%K&6$.&(-.! -4$.&*$1! +,! &,*$.&-./(!
9.',&3$(-.!/,-.!6&)%&#(&,$!',/0$P=
j,!4$(!6$!'#(&%'3&$!'!)&)*$0/(/&!*$-.$*&%!6$?,&*!+,!;1/<3
?&%$/042&36/3249+&3%-,)*&*/&$!,/%($/(!%2.3&&!6&,!\]__!'!(/&!
:')'.'7!;&%-($)%/1!a$//'5&<3(+'(4236/3+=1245/&#3L(+43&(4?%&3
24/3 \&j1-3 :oF9+#3 >.',)6&%&#(&,'.&*'*$'! 4/,%3&-,$'<2! 5&!
'&%&!%'!/,!)&)*$0!6$!%-0/,&%'.$!$?%&$,*!'*F*!+,*.$!5*&&,32!
5&! ?(-<-?$! %F*! 5&! +,*.$! $#-%&! &)*-.&%$! +,6$#2.*'*$1! -#$.'!
(/&! f'`-7! :wK0$! ?&,6! 6$<82(/&*2! #.&,*.C-! #$.)#$%*&82!
6$-#-*.&82! -7&$%*&8C5*&&,3&?%2! 5&! &0#(&%'*C$0#'*&%21!
%$! '.$! ('! -.&9&,$! ,/! 6-'.! -! %/.&-<&*'*$! 5*&&,3&?%2! %&! 5&! -!
#')&/,$1!'%$$'!#$,*./!%-)0-(-9&'!(/&!:wK0$1!',*&%&#F,6!
+,! 0'.$! 02)/.2! )#&.&*/(! *.',)6&)%&#(&,'.&*23&&=! M*.'%3&'!
(/&! ;&%-($)%/! #$,*./! '%$)*! ?(-)-4! 6&,! /.02! %/! '#.-'#$!
#'*./!)$%-($!$!$@#(&%'*2!#.&,!%'#'%&*'*$'!)'!6$!'!.$%-,%&(&'!
.'3&-,'(/(!5&!&.'3&-,'(/(1!0'*$.&'!5&!)#&.&*/(1!7&,$($!5&!.2/(1!
&0'9&,'3&'! 5&! .$'(&*'*$'1! 6$#25&,6! ')*4$(! (-9&%'! 7&,'.2!
5&! ',*&%&#F,6! %/,-'5*$.$'! *$.,'.2! O:wK0$! 8-.7$5*$1!
+,! %-)0-(-9&'! )'1! 6$)#.$! *.$&! (/0&! T! %$'! +,*/,$%'*21! '!
>'*2(/&1!%$'!'!(/0&,&&1!'!"4F,*/(/&!"#&.&*!5&!%$'!$@*$.&-'.21!
'!(/&!"'*',!5&!IK.&)*!T!9/8$.,'*$!6$!5'#*$!%'(&*23&!O/0-.&!
)'/!#(',$*$P1!'5'6'.!,-/2!$($0$,*$1!+,!*-*'(1!-.9',&<'*$!+,!
*.$&! *.&'6$! )&07-(&%$P=! k$%&*&,6! (/%.'.$'! 4/,6'0$,*'(2! '!
0&)*&%/(/&!9$.0',1!B4%1%&^3J/+3I1%>+'%1$+3/93B4@>&'>33
O\b\aP! OB4%1%&3 (&43 %,(,%/$423 0&%+3 (+3 *'$%+C,%+6$+<3 +,!
$6&3&'!.-0F,$')%2!6&,!\]]cP1!:')'.'7!;&%-($)%/!8$.&?%21!
#$! 6$! -! #'.*$1! 8&'7&(&*'*$'! #.&,%&#&&(-.! &,*$.#.$*'*&8$! '($!
$%&'(./(0/?2/'&%/$,5//! 5&! 6$)%-#$.21! +,! '%$('5&! *&0#1! /,!
#.$%/.)-.!%/!*-*/(!,$'5*$#*'*!5&!4')%&,',*1!'($!%2./&!&,*/&3&&!
5&!.$8$('3&&!+5&!#2)*.$'<2!,$'(*$.'*!#-*$,3&'(/(!6$!.$8$('3&$!
5&! 6$)%K&6! #$.)#$%*&8$! &,$6&*$! ')/#.'! %-,A/,%3&$&! 6&,*.$!
.'3&-,'(&*'*$!5&!)$,)&7&(&*'*$=
`+1%+9+3 ?1+$/0+3 O\]]^P1! 8-(/0/(! %'.$! +,%K&6$1!
)#/,$!R.&,'!B&,%21!%$.%/(!+,%$#/*!+,!\]b_!%/!0-,-9.'?'!
6$6&%'*2!(/&!R-,!:'.7/!O/,6$!:')'.'7!;&%-($)%/!(',)')$!
%-,%$#*/(! 6$! L*$-.$02! (&.&%2UP1! 6$)%K&<F,61! *-*-6'*21!
#.-&$%*/(!/,$&!,-&!D21(1D/3&3'&$4%//!O',/,3'*!5&!'%$)*'!+,!

#""

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

%'.*$'!6$)#.$!f'`-7!:wK0$P1!'!4-)*!#/)1!6$!%2*.$!'/*-.1!
)/7! )$0,/(! /,-.! $#&4',&&! 5&! .$8$('3&&! )#$%*'%/(-')$1!
%-,)*F,6! +,! &,*$,)&?%2.&! '($! #$.%$#3&&(-.! 5&! $@#$.&$,3$!
4/(9/.',*$! '($! 4./0/)$3&&! *'&,&%$! '! (/%./.&(-.1! )$%-,6'*$!
6$! )$,*&0$,*/(! 4'()&*23&&! 9$,$.'(&<'*$! '! %-,8&,9$.&(-.!
/0',$=! E,)25&! #.-%$)/(! )%.&$.&&! %2.3&&! $! $8-%'*! 6$! '/*-.!
%'!-!*.',)C)%.&$.$!'!/,-.!L8'(/.&!6$!&,4-.0'3&&U1!#.&0&*$!
+,*.C/,!4$(!6$!*.',)2!5&!)*./%*/.'*$!/(*$.&-.!+,!%'#&*-($=!B$!
'(*4$(1! '%$('5&! 0-6$(! .$8$('*-.&/1! '(! &,*.2.&&! )/7! #-)$)&'!
/,$&!&,)*',3$!)/#$.&-'.$1!$!6$)$0,'*!6.$#*!.$)#-,)'7&(!5&!
#$,*./! &8&.$'1! +,! %'6./(! /,-.! 6&)%/3&&! '#.&,)$! %/! [&%K$(!
I'0/)! 5&! k-7$.*-! f/'..-<1! '! *$.0$,/(/&! 6$! L*$.3! *'&,&%!
&,%(/)U1! 6$8$,&*! $)$,3&'(! #$,*./! $%&'(./(0/?2/'&%/$&$+=!
R,*$.$)',*2!$!5&!6$?,&3&'!*$-.$0$(-.!#-$*&%$1!%-,)&6$.'*$!
'! ?! L#/,%*! 6$! %-,8$.9$,32! '(! ?<&%&&! %/',*&%$1! ?(-)-?$&!
,'*/.&&! 5&! $@#$.&$,3$&! &,*$.&-'.$U=! ;/! 6$! #/3&,$! -.&1!
*$-.$0$($! (/&! :')'.'7! ;&%-($)%/! 4-.0/($'<2! &,*/&3&&!
&,$6&*$! &'.! ')$.3&/,&($! (',)$'<2! )&,*'90$! 0$0-.'7&($=!
B$! #&(621! -#-<&3&'! O)/7(&,&'*2! 5&! 6$! R.&,'! B&,%2P! 6&,*.$!
0-6$.,&*'*$! O-! L',*&C'(%K&0&$! %$! *.',)4-.02! '/./(! +,!
9/,-&UP! 5&! #-)*0-6$.,&*'*$! O#/)2! )/7! )$0,/(! L)-'.$(/&!
,$9./! '(! )4F.5&*/(/&UP! $! .$<-(8'*2! #.&,*.C-! ,-3&/,$!
,-/21! '%$$'! 6$! L%-)0-6$.,&*'*$U1! %'.$! +5&! #.-#/,$! )2!
'.0-,&<$<$!'*.'%3&'!#$,*./!*.'6&3&$!%/!6$<8-(*'.$'!5*&&,3$&!
5&! *$K,&%&&! 5&! %/! #.-8-%2.&($! (/0&&! %-,*$0#-.',$=! E,!
%$,*./(!L%-)0-6$.,&*23&&U!O*$.0$,!.$4-.0/('*!6$!V-0#&(&/!
I.2%&/,$)%/1!+,!appc1!6.$#*!L*.',)0-6$.,&*'*$UP!$!.$'6/)!
"/7&$%*/(1!%'.$!,/!0'&!$!)$#'.'*!6$!W7&$%*!%&!/,&?%'*!%/!
'%$)*'! #.&,! &,*$.0$6&/(! $+%5424/3 $&/'/03 /'024(! O$@#.$)&$!
'! %-0/,&/,&&! )'%.'($! 6&,*.$! )/7&$%*! 5&! -7&$%*P=! :')'.'7!
;&%-($)%/!.$8$,6&%21!#.'%*&%1!#-<&3&'!#.&8&($9&'*2!'!?&,3$&!
/0',$!+,!%$,*./(!%-)0-)/(/&1!'%$')*'!*.',)9.$)F,6!*-'*$!
)*.'*/.&($! .$'(&*23&&! 5&! ?&,6! L&,?,&*! 0'&! %-0#($@2! 6$%F*!
-! 9'('@&$U=! S! /,! %-,%$#*! 6$! U,-/! ',*.-#-%$,*.&)0U1!
#$.4$%*!%-0#'*&7&(!%$(/&!(',)'*!%/!,&5*$!',&!0'&!6$8.$0$1!
+,!6-0$,&/(!#-$<&$&!-#*<$%&)*$1!6$!.$9.$*'*/(!M($@',6./!
[/5&,'=
I-,%$#/*!%'!-!)-(/3&$!('!#.-%('02.&($!'#-%'(&#*&%$!
'($!#-)*0-6$.,&*23&&!O6$!('!0-'.*$'!(/&!B/0,$<$/!)'/!'!
-0/(/&!('!%$'!'!&)*-.&$&P1!`%&'(./(0/?2/'&%/$&$+&3Q9&'/@+($S3
O\]]bP!$!-!$@#/,$.$!'!#.&,%&#&&(-.!#.-&$%*/(/&!#$!%'.$!%2.3&($!
',*$.&-'.$! '($! (/&! :')'.'7! ;&%-($)%/! +(! '#.-@&0')$.21!
',*&%&#')$.2! 5&! %-,?9/.')$.2! +,! 7/,2! 02)/.2=!M)#&.'3&'!
/(*&02! '! '/*-./(/&! $! '%$$'! 6$! '! 9$,$.'! -! .$,'5*$.$! '!
%-,5*&&,3$&!5&!%.$'*&8&*23&&1!.$6$)%-#$.&,61!6/#2!%/0!'.'*2!
R.&,'!B&,%21!'(*$.,'*&8$($!'#'.$,*!#&$.6/*$!'($!+,3$($#%&/,&&!
5&! *-($.',3$&1! +,*.C-! (/0$! #-)*0-6$.,2! #-('.&<'*2! +,*.$!
/*-#&&($!*-*'(&*'.$!5&!6&)*-#&&($!.$('*&8&)0/(/&!9$,$.'(&<'*=!
k$)#&,9F,6!0-6$(/(!(-9&%&&!7&,'.$!#$!%'.$!$!4/,6'0$,*'*2!
%/,-'5*$.$'! 5*&&,3&?%2! %(')&%21! 0',&4$)*/(! &,)*&*/&$! /,!
,-/!0-6$(!6$!%/,-'5*$.$1!%-0#'*&7&(!/,$&!,-&!#$.%$#3&&!
'! .$'(&*23&&1! 0/(*! 0'&! '#.-#&'*$! 6$! %-0#($@&*'*$'! (/0&&!
%-,*$0#-.',$=! I$&! *.$&! #&(-,&! '&! $%&'(./(0/?2/'&%/$,5/!
C! '@&-0'! $+%5424/3 $&/'/03 /'024(1! '@&-0'! '/=+2+21%3 .+3
%+&2/$&$+! 5&! '@&-0'! 019?2+M/$,5//! T! %2.-.'! ($! %-.$)#/,6!
(-9&%'1!-,*-(-9&'!5&!$#&)*$0-(-9&'!,-&&!#'.'6&90$1!)/)3&,!
8&<&/,$'!/,$&!.$'(&*23&!%/!-!)*./%*/.2!6$)%K&)21!;&%-($)%/!
6&)*&,9F,6! +,*.$! %+&2/$&$+3 O/,! %-,)*./%*! &6$'*&%! %$!

%-,?.02!$@#$.&0$,*$($!5&!.$#.$<$,*2.&($!0'*$0'*&%$P!5&!
%+&23O+,3$($)!6.$#*!%$$'!)$!')%/,6$!+,3$($9$.&&1!.20F,F,6!
&0#$,$*.'7&(! #.&,! 0&A(-'%$($! .'3&/,&&P=! E,*.$! '%$)*$'!
-#$.$'<2! -! L<-,2! %-0#($0$,*'.2! 6$! ,-,C.$<&)*$,32U1!
'%$$'5&!#$!%'.$!:('9'!-!,/0$'!L0+'C4%,3$%&'(0+'.+'$,U1!
<-,2!'!$+%5424/3&(04'(=!
[',&4$)*/(! %-,3&,$! +,)2! 5&! -! &0#-.*',*2! #'.*$!
'#(&%'*&821!6$)%.&&,6!#.&,%&#&&($!+.40&5/+/3$%&'(./(0/?2/'&%+3
'($!+01'19/+/3$%&'(./(0/?2/'&%+<3+$/0//3$%&'(./(0/?2/'&%+1!
$%&'(042$4%&2/$,5//<3 $%&'('&5/1'&2/$,5//3 5='=! "/7! &,N/$,3'!
?<&%&&1! %K&'.! 5&! %/8&,*$($! 6$8&,1! +,! $%&'()2/9-&_<3 %/',*$1!
(&07'A/(!/,&8$.)'(!*.$%F,6!6&,%-(-!6$!%/8&,*$!&'.!&)*-.&'!
6$8$,&,6!$%&'()/($1%/+<3'5'6'.!-!)$.&$!6$!$8$,&0$,*$!'($!
/,/&!#.$<$,*!#$.#$*//!%$!+5&!%-,3&,!6$-#-*.&82!*.$%/*/(!5&!
8&&*-./(=
j,! #.-&$%*! +,! #$.#$*/2! $@#',)&/,$1! -#$.F,6!
)%K&072.&! .'6&%'($! 6$! #'.'6&9021! )&0/(*',1! +,! *-'*$!
6-0$,&&($! %/,-'5*$.&&! O6$! ('! (-9&%2! ('! 0'*$0'*&%2!
)'/! ?<&%2! 5&! 6$! ('! ?(-<-?$! ('! *$-(-9&$! )'/! (&*$.'*/.2P1!
$%&'(./(0/?2/'&%/$&$+&3$!/,'!6&,*.$!%$($!0'&!)/7)*',3&'($!
'(*$.,'*&8$! -4$.&*$! +,! /(*&0'! A/02*'*$! 6$! )$%-(! %.&<$(-.!
#-)*0-6$.,&*23&&! T! #.-0&3F,6! *$-.$*&%! 5&! #.-0-8F,6!
&,%(/)&8! #$! %2&! &,)*&*/3&-,'($1! 9(-7'(1! -! .$8-(/3&$! '!
%/,-'5*$.&&! %/! $4$%*$! *2026/&*-'.$! ')/#.'! 6&)%/.)/(/&!
%/(*/.'(! -%%&6$,*'(1! )#$.F,6! )2! .$'%*&8$<$! %','($($!
%-0/,&%',*$! %/! )'%./(! '($! (/0&&! 6$! '<&! 5&! )2! #-'*2!
.$6$5*$#*'!+,!-0!8-%'3&'!0&)*$./(/&=
O+I+"'$@+,/'/*'13"#Z(+J
I-.&,!:.'9'1!+,![&.%$'!'%&/1!['.&',!V'#'K'9&!
5&! M/.$(! "')/1! J/05/1'&%423 (0%//$1%/21%3 %19N'/3 QI)hS<3
S6&*/.'!M(7'*.-)1!:/%/.$5*&1!app\
R.&,'!B&,%21!M,6.$&'!y-(($.1!"-.&,'!;$8-6$,)<`&!
5&! B&','! R-','! j.$%K$! OS6=P1! 80%//$1%//3 %19N'/3 6/T
*'3 2/$+%&$4%/2+3 ($%,/'+<3 S6&*/.'! j,&8$.)&*23&&! 6$! X$)*1!
>&0&5-'.'1!ap\p
R.&,'! B&,%21! 8$&>+(3 /'3 $F+3 E1'D>4%&$/1'3 1@3 $F+3
`%&'(./(0/?2/'&%d3 G%1_+0$3 1@3 :&(&%&-3 ;/012+(04<3 +,!
L>.',)6&)%&#(&,'.&*i! &,! "%&$,%$! ',6! k$(&9&-,U1! ,.=!
a}ap\\1!I/.*$'!X$%K$!V/7(&)K&,91!:/%/.$5*&1!ap\\
Z&8&/! B/0&*.'5%/! O$6=P1! :&(&%&-3 ;/012+(043
c3 '+1-1(/$3 0,4$,$1%3 .+3 &.+=,%<3 S6&*/.'! j,&8$.)&*23&&!
V$*.-(Cg'<$1!V(-&$5*&1!ap\a
S0',/$('! R(&$1! :&(&%&-3 ;/012+(043 c3 +(+43
91'1>%&D0<3S6&*/.'!>&0#/(1!R'5&1!app_
R-,/3! R)'%1! 7+?+%+3 6/3 01'D>4%,%/3 *'3 D21(1D&3
6$//'5+/<3S6&*/.'!M.9-,'/*1!I(/AC;'#-%'1!appd
;&%-('$! [',-($)%/1! O($1%/&3 0%/$/0,3 &3 2/$+%&$4%//3
%19N'+3 c3 s3 (+012+3 .+3 2/$+%&$4%,<3 S6&*/.'! V'.'($('! ^l1!
V&*$5*&1!app_
V$*.&5-.! [&(&*'./1! Z/&<'! [&*/! O$6=P1! :&(&%&-3
;/012+(043 c3 (4-3 (+9'423 (+?$+'&%424/<3 S6&*/.'! M&/)1!
I.'&-8'1!ap\a

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

2&"'#$#,N97Y7O9:6;
Y+%)"+,-$,)1%'/'*,!"')*-,+I+(!,#*,
!"#$%&'%(')*'$#"'!>@'',
;/! +0&! #('%$! )2! )%.&/=! [C'0! #(F,)! 6$! '%$)*!
(/%./1!+,*.C/,!4$(!)'/!'(*/(1!%'0!+,!*-*!%$$'!%$!'0!)%.&)=!
I$!02!3&,$!+,*.C-!',/0&*2!4-.02!6$!)%.&&*/.21!?$!%2!$!
(&*$.'*/.21!?$!%2!$!%$.%$*'.$1!,/!'.$!,&0&%!6$C'!4'%$!%/!
0&,$!%'!)/7&$%*!4$.&%&*=!>-*/5&1!%F,6!'0!#.&0&*!&,8&*'3&'!
6$!'!#'.*&%&#'!('!'%$)*!,/02.1!'0!'8/*!&0#.$)&'!%21!6$!
6'*'!'%$')*'1!8-&!+,*F(,&!,/!6-'.!0'.$'!$(&7$.'.$!#-)*C
.$6'%*'.$1!%&!5&!7/%/.&'!02.*/.&)&.&&=!V$,*./!%21!-.&%F*!'.!
#2.$'!6$!#.$3&-)1!+0#.$/,2!T!*$-.&'!*.',)6&)%&#(&,'.&*23&&!
5&! 6-0,/(! #.-4$)-.! :')'.'7! ;&%-($)%/! T! 0&C'/!
0-6&?%'*! 8&'3'1! 6$<82(/&,6/C0&! %K$&'! /,/&! '%%$)!
*'&,&%1!%-07&,'3&$!6$!5*&&,321!'.*21!%/(*/.2!5&!?&,321!%2*.$!
%$8'!%$!'5!#/*$'!,/0&!4$.&%&.$=!
M%$)*! $)$/1! )'/! '.*&%-(1! )'/! 02.*/.&)&.$1! )$!
6$,/,321! +,%2! 6$! #$! '%/01! %'! ?&,6! )('7=! "(27&%&/,$'!
'%$$'!6$!0$(%!+,6.29-)*&*!6$!.-7&'!#.-#.&$1!%-,6'0,'*!
)2! )$! +,*-'.%2! +,*-*6$'/,'! +,! #.-#.&'! )'! %')2=!
"(27&%&/,$'! %$(/&! %$! %&*$5*$! 6$! 0'&! 0/(*$! -.&! '%$$'5&!
%'.*$! )'/! '! %$(/&! %'.$! '.! 6-.&! %'! #'K'./(! )2! &'! 4-.0'!
'#$&1!&'.!,/!&,8$.)=!M)*4$(1!6-.&,6!)2!8-.7$')%2!6$)#.$!
*.',)6&)%&#(&,'.&*'*$! 5&! 6$)#.$! +,*$0$&$*-./(! $&1! %'!
6$)#.$! /,! )-&! 6$! 7&,-0! 0'9&%1! 7&,$! )/6'*1! $)$/(! 8'!
+,%$.%'! T! 5&! $! ('! 0&A(-%! -! #/()&/,$! '! )/#.'8&$3/&.&&1!
0'&! 0/(*! 6$%F*! /,'! '! %-,)*./&.&&! T! )2! -! 4'%2! +,*.C-!
0',&$.2! *.',)6&)%&#(&,'.2=! E,! 6/7(/! )$,)D! .$)#$%*F,6!
/,! ',/0&*! *&#! 6$! 6&)%/.)! *.',)6&)%&#(&,'.! 5&! /*&(&<F,6!
/,'! 6&,*.$! 0'.&($! (&7$.*23&! '($! *.',)6&)%&#(&,'.&*23&&D!
.$8&9-.'.$'! #(',/(/&! )/7&$%*/(/&=! "%-#/(! $)*$! )2! '.2*1!
6&,!#$.)#$%*&82!#.-#.&$1!%/0!7&,-0/(!'0&,*&*!0'&!)/)!
'! .$/5&*! .$%-,?9/.2.&! 0'A-.$! '($! $@&)*$,3$&! 0$($! #$!
*.$&! #(',/.&=! B$! '(*4$(1! #(',/.&! #$! %'.$! )-%-*$)%! %2! )$!
$@$.%&*2!+,!9$,$.'(!&,N/$,3'!*.',)6&)%&#(&,'.2=
IF,6! (C'0! %/,-)%/*! #$! 6-0,/(! :')'.'7!
;&%-($)%/! *.2&'0! +,! %$'! 0'&! ,&K&(&)*2! 6&,*.$! (/0&($! +,!
%'.$! '0! *.2&*! 8.$-6'*2=! B$5&! '0! #/.*'*! 6$0,! 0')%'!
)-%&'(2! ,$%$)'.21! %$&! 4-'.*$! '#.-#&'3&! 6&,! 4'0&(&'! 0$'!
$.'/!%/!*-3&&!+,9.&A-.'3&!6$!0&,$=!S.'0!'7./#*21!,/!0'&!
92)$'0!)&9/.2!,&%&!-!.$4$.&,32!('!.$'(&*'*$1!6&)#.$3/(!+0&!
+,%-(3$'!%'!/,!0/9/.!6$!%/3&*!+,!0-6/(!6$!'C&!%-,)&6$.'!
#$! %$&('(3&1! 8&'3'! 0$'1! .$'(&*'*$'! +,! 9$,$.$=! I'0! *-'*$!
#.-8$,$'/! 6$! ('! 4'#*/(! %2! 6$)%-#$.&)$0! %'.'%*$./(! 6$!
%-,)*./%*!'(!.$'(&*23&&=!B$!4'#*1!,/!+(!6$)%-#$.&)$0!'*/,%&1!
%&!*.2&'0!0-0$,*/(!'%/*!'(!%-,8&,9$.&&!#$!6$#(&,!6$!'%$)*!
(/%./=!W7)$.8'0!6&8$.)$!,&8$($!5&!)/7C,&8$($!'($!'%$)*$&!
%-,)*./%3&&1! 6$! ('! .$('3&&($! &,*$.#$.)-,'($1! ('! &0'9&,$'!
)&,$(/&1! ('! 0$*-6-(-9&'! 5&! 8'(-.&($! /,/&! 6-0$,&/! 6$!
)*/6&/! 5&! 0/(*$! '(*$($=! E,! *-'*$! 02! &0#.$)&-,'/! 0'&!
%/! )$'02! 6-/2! $($0$,*$1! %$$'! %$! $/! %-,)&6$.'0! '! ?!
0')&8'!)*./%*/.'.$!#$!9-(/(!)$0,&?%'3&-,'(!5&!'%3&/,$'!
%-$.%&*&821! 0',&#/('*-'.$1! .$&?%'*-'.$! '! 0'A-.&*23&&!
'%$)*-.!.$(&$4/.&!)-%&-C%/(*/.'($=!

#"#

M/<&)$0! 6$)#.$! 6-0,/(! ;&%-($)%/! 6&,! %$8'!

'.*&%-($1! %$.%$*'*$! ,/! 4-'.*$! '*$,*1! 6'.! )/?%&$,*! +,%F*!
)2! '0! )$,<'3&'! %2! 6-0,/(! #.-4$)-.! $! #/.*2*-./(! /,$&!
6&4$.$,3$!#$!%'.$1!42.2!)2!-!%/,-)%1!-!%-,-*'0!#-<&*&8=!
B$! ')$0$,$'1! %&*&)$0! %'.*$'! #$! %'.$! -! %--.6-,')$!
('! S6&*/.'! I/.*$'CX$%K$1! I1&%$+&3 &($,C/! 5&1! 6$5&! 02!
#.$-%/#'! 6$A'! *$0'! 0-.3&&! 5&! '8$'0! ('! '%*&8! .$('*&8!
,/0$.-')$! ($%*/.&1! ,&%&/,6$! ,/! 0'&! 82</)$0! -!
$*$.-9$,&*'*$! 6$! '7-.6'.$! '! *$0$&! 0-.3&&! '*F*! 6$!
6$)28F.5&*21! 6$! .$'(2! 5&! 7$,$?%2=! IF,6! '0! #.&0&*1!
+0#.$/,2!%/!*-3&!6-%*-.',<&&!6&,!',/(!R1!6$!('!6-0,/(!
I-.&,! :.'9'1! &,8&*'3&'! 6$! '! #'.*&%&#'! ('! %/.)/(! 6$!
>.',)6&)%&#(&,'.&*'*$! '(! 6-0,/(/&! :')'.'71! %-,*.'%*/(!
0$/! 6$! )*/6&&! $.'! 6$A'! %-0#($*'*=!M0! K-*2.F*! +,)2! )2!
4.$%8$,*$<!%/.)/(!+,!.$9&0!4'%/(*'*&8=!M0!-73&,/*1!#.&,!
$C0'&(1!'#.-7'.$'!6$!('!6-0,/(!:')'.'7!5&!'5'!'!+,%$#/*!
*-*/(=!I/0!%/.)/(!$.'!-.9',&<'*!0-6/('.1!'0!*.2&*!%$($!
0'&! 0&,/,'*$! )2#*20F,&! 6$! $4$.8$)%$,32! &,*$($%*/'(2!
6&,! 8&'3'! 0$'! 5&1! 6/#2! %/0! '8$'0! )2! .$'(&<$<! 0'&!
*F.<&/1!6$!.$%(26&.$!-,*-(-9&%2=!
B'.! #.&0$($! +,*F(,&.&! ,/! '/! 4-)*! /5-'.$=!
[$.9$'0!+,!?$%'.$!<&!+,*.C-!)'(2!6$!%/.)/.&!6&,!&,%&,*'!
4'%/(*23&&! 6$! "*/6&&! S/.-#$,$! 5&! $.'0! +,%-,A/.'*2! 6$!
-'0$,&!#$!'!%2.-.!4'32!)*.2(/%$'!-!'60&.'3&$!,$6$9K&<'*21!
-'0$,&!#')&-,'3&!6$!*$-.&&($!$@#/)$1!&,*$.$)'3&!6$!%/.)!
+,*.C-!0',&$.2!6$#(&,!#$.)-,'(2=!;/!+&!+,3$($9$'01!0&!
)$!#2.$'/!$@'9$.'3&!+,!)$,*&0$,*$($!(-.!5&!/5-.!,$%.&*&%&!
+,!.'#-.*!%/!%$($!8$K&%/('*$=!S!'6$82.'*1!,/!$.'!)&0#(/!
)2!+,3$($9&!%K$)*&/,&($!6$!0$%',&%2!%/',*&%2!#$!%'.$!)$!
4/,6'0$,*$'<21! +,! #'.*$1! *$-.&'! *.',)6&)%&#(&,'.2=! B'.!
,/! ')*'! $.'! #.-7($0'! 0$'1! %&! /,! )-&! 6$! .$8-(*2! %'.$!
02! +,%$.%'! +,! 4'3'! /,/&! -#*&0&)0! 5*&&,3&?%! #$! %'.$! +(!
)&03$'0!.2<72*F,6!6$!#.$*/*&,6$,&!5&!#$!%'.$!+(!&,*/&'0!
*.&/042*-.! +,%2! 6&,'&,*$! )2! )$! $@#.&0$! %'! '*'.$=! M0!
%.&*&%'*!*-*!%$!'0!#/*/*!%.&*&%'1!8-&'0!)2!+,3$($9!6$#(&,1!
42.2! .$)*/.&1! 8-&'0! )2! ?/! %-,8&,)2! 6$! '6$82./(! %$(-.!
#.$<$,*'*$1!6$!8'(&6&*'*$'!(-.!#.-4/,62=!V$,*./!'%$')*'1!
0&C'0!$@#.&0'*!)/)#&%&/,$'1!6$<'%-.6/(!5&1!/,$-.&1!02!
*$01!,C'0!#/*/*!+,4.F,'!',/0&*$!,-*$!6$!.2/*'*$=!"2!?0!
)$.&-5&1!6'1!'.!?!4./0-)1!6'.!)/7&$%*/(!,/!#-'*$!%-,*'1!
%2%&!-.&%$!)$0,&?%'3&$!'!)'!6/%$!('!'(*$.'.$'!6$0$.)/(/&!
6$! %$.%$*'.$! 5&! '! -7&$%*/(/&=! "2! ?0! 5&! 0'&! )$.&-5&1!
*.',)6&)%&#(&,'.&*'*$'!,/!#-'*$!?!$'!0'&!9.-<'82!6$%F*!
#-)*0-6$.,&)0/(1! %'.$! 5&C'! )#/)! /(*&0/(! %/8F,*1! /,!
(/,9!'6&-!4-/%'/(*&',!+,%K&,'*!-0/(/&=!h&1!)2!?0!%F*!)$!
#-'*$!6$!)$.&-5&1!*$.3/(!')%/,)!$!/,!.$<&6//!,-)*'(9&%!'(!
/,$&!$)$,3$!6$0&/.9&%$=!
R'.! 6-0,/(! #.-4$)-.1! '! 4-)*1! +,*.C'6$82.1! %F*!
)$!#-'*$!6$!)$.&-)!5&!'!42%/*!#$,*./!0&,$!%$$'!%$!,&%&!
/,! '(*! #.-4$)-.! ,C'! 42%/*=! [C'! +,8&,)! ,/! #.&,! '7)$,3'!
-7)*'%-(/(/&1! %&! #.&,*.C-! %-,*&,/2! 6$0-,)*.'3&$! '!
'7)/.6&*23&&! )'/! ,$4-,62.&&! (/&=! [$.$/! '0! +,%$.%'*1! +,!
5%-'(21!)2!?/!/,!$($8!%/0&,*$!+,!.$('3&'!%/!#.-4$)-.&&1!
'8F,6!0&,*$'!#.$92*&*2!)2!+,3$($'921!'6$)$'!42.2!?(*.$!
6$!)$($%3&$1!42.2!7'.&$.$1!6'.!#.$'!#/3&,&!'/!4-)*!%$&!%'.$!
'/!#.-?*'*!6$!6-.&,3'!0$'!6$!'!'7)-.7&!&6$&=!IF,6!'/!
42%/*C-!+,)21!,&0&%!,/!(&!)C'!+0#-*.&8&*1!*-*/(!'!6$%/.)!
)&0#(/1! 42.2! )/70&,2.&1! 42.2! .$<&)*$,3$=! "#&.&*/(! %.&*&%1!

#"$

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

6'1! (C'0! #.'%*&%'*! &#-%.&*1! ,/0'&! 6$#'.*$! 6$! 0$6&&($!

&,)*&*/3&-,'($! 5&! 6-'.! +,! 4'%/(*'*$! (C'0! $@#.&0'*1! 6'.!
,&%&-6'*2! +,! )*.&%*! 0-0$,*/(! +,8232.&&1! '(! #.&0&.&&!
/,-.! &6$&! )'/! *$-.&&=! I/! 6-0,/(! #.-4$)-.! +,)2! '0!
'8/*1! 6&,! #.&0/(! 0-0$,*1! )$,<'3&'! %2! 9.&($($! 8$%K&!
,/! )$! 0'&! '#(&%21! %2! #-*! ?! $/! +,)20&! 42.2! *$'02=! R'.!
+,! '%$(! 0-0$,*1! $/! +,)20&! $.'! -! ?&,32! %'.$! '.! ?!
6$%-,)*./&*! 5&! *.&0&)! ('! 9/,-&! ,/! ,/0'&! -! *$-.&$! )'/!
-! 0$*-6-(-9&$1! %&! 5&! 0F,%'.$'! 6&,! 4'.4/.&$! )'/! #-'*$!
#$! $'! +,)25&=! B'.! 6-0,/(! :')'.'7! ;&%-($)%/! $)*$! ,/!
6-'.!-!#$.)-,'(&*'*$!%/(*/.'(2!6$!#.&02!(&921!/,!0'.$!5&!
*'($,*'*!#.-4$)-.1!%&!5&!/,!-0!%/0!#/3&,&!'0!%/,-)%/*=!
I'.$! +5&! #2)*.$'<2! #(',/(! -,*-(-9&%! ,$%-,*'0&,'*! 6$!
.$N$@$($!,-%&8$1!6$4-.0'*$!5&!,'.%&)&)*$!'($!%$(-.('(*$!
#(',/.&1! #.-4$)&-,'($1! %-,A/,%*/.'($! $*%=! M0! '8/*!
6&)%/3&&!0&,/,'*$!%/!6-0,/(!#.-4$)-.1!%'.$!02!#/,$'/!
6$!0/(*$!-.&!#$!9F,6/.&=!
>.',)6&)%&#(&,'.&*'*$'1!+,3$($9$.$'!$&!#.-4/,62!
*$! )%K&072! #$,*./! *-*6$'/,'=! "C'! )4F.5&*1! '&! 0/.&*! )'/!
*$C'&!,2)%/*1!%$.*!$)*$!%2!,/!*$!0'&!#-3&!+,*-'.%$!+,'#-&=!
B$! '%$$'1! '0! *.2&*! <&($! 6$! 6-(&/! %F,6! )C'/! *$.0&,'*!
%/.)/.&($1!*&0#!+,!%'.$!'0!%&*&*!5&!-!#'.*$!6&,!(/%.2.&($!
6-0,/(/&!#.-4$)-.=!M0!82</*!*.',)6&)%&#(&,'.&*'*$'!+,!
-.&%$! %-*(-,! '(! .$'(&*23&&1! '0! .$9.$*'*! 8-.7$1! 9F,6/.&1!
0/(*$!(/%./.&!5&!0C'!%/#.&,)!4.&%'!6$!/,!*&0#!'(!*.2&.&&!
%$! +5&! 8'! 6-0-(&! &,*$,)&*23&($1! ')#$.&*23&($=! V$! 6$! '(*2!
#'.*$1! 5&! 0'&! 0/(*$! (/%./.&! )C'/! (/0&,'*1! ')*4$(! %2! '0!
.$'(&<'*! .'#&6! %2! ,/! '8$'! )2! ?$! /,! 6-(&/! -7&5,/&*1! %2!
,/! 8-&! .$&,8$)*&1! 4.$/6&',1! 6.'9-)*$'! 0$'! #$,*./!
/,! -7&$%*! 0-.*1! +,*.C/,! '(*/(=! M0! .20')! +,! #.$'A0'!
*.',)6&)%&#(&,'.&*23&&!%'!(F,92!/,!4$(!6$!%')2!+,!%'.$!5*&/!
%2!#-*!&,*.'!42.2!)2!+&!)/)#$%*$<!,$+,%$*'*!%-,3&,/*/(1!6'.!
5&!42.2!)2!+(!/&*1!%/0!)$!/&*2!'6$)$'!)#'3&&($!%-0-6$=!V$!
6-0,/(!#.-4$)-.!+(!.$826!%F*!#-*!6$!6$)!5&1!6$!?$%'.$!
6'*21! %$8'! %'! /,! '0$)*$%! 6$! .$%/,-5*&,32! 5&! (/0&,2!
8&,6$%2!.2,&!%$!)$!&8$)%!6&,!%-,*'%*$!0'&!#/3&,!4$.&%&*$!
%/!.$'(&*'*$'=
S@&)*2!*.$&!,&8$($!#$!%'.$!*.',)6&)%&#(&,'.&*$'!'!
#.-6/)!.$'(%2*/&.&!0')&8$!'($!$@&)*$,3$&!0$($=!['&!+,*F&1!
,&8$(/(! #$.)-,'(=! VF,2! ('! %/.)/(! 6-0,/(/&! #.-4$)-.!
;&%-($)%/1!,/!0C'0!0'&!+,*F(,&*!%/!0&,$!+,!4$(/(!'%$('=!
Y'7'.!,C'8$'0!%2!#-*!)2!?/!,/!6-'.!6$%-,)*./%*&8&)*2!
+,!5-'#*21!%&!5&!%-,*$)*'*'.2!+,*.C/,!0-6!#$!%'.$!/,$-.&!
(C'0! )&03&*! 8&-($,*=! M0! +,3$($)! %2! $.'! 8-.7'! 6$! -!
.$*.'9$.$!#.$'!0'.$!#$!#(',/(!&,*$.&-.&*23&&1!-!.$*&%$,32!
#.'%*&%'*2!)&)*$0'*&%!5&!9$,$.'*-'.$1!+,!?,'(1!6$!4./)*.2.&=!
E,! 4'#*1! '8$'0! ,$8-&$! )2! 0&! )$! %-,*$)*$! %-,*$)*2.&($=!
M#-&1! $)*$! ,&8$(/(! #.-4$)&-,'(=! >.',)6&)%&#(&,'.&*'*$'!
'! 6$8$,&*! ?(-)-?'! 5&! 0$*-6-(-9&'! 0$'! )$%.$*21!
&,)*./0$,*/(! ,/! ,$'#2.'*! 6$%('.'*1! ')/0'*! 8$.7'(1!
#.&,! %'.$! +0&! 8$.&?%! ')$.3&/,&($! )'/! +0&! )/#.'8$9K$<1!
%F*$-6'*2! %-$.%&*&81! %F*$-6'*2! %.$'*&81! $(&7$.'*-.1!
'.9/0$,*$($=! >.',)6&)%&#(&,'.&*'*$'! '! 6$)3$($,&*! #'.*$!
7/,2!6&,!K23&5/.&($!*$<$&!0$($!6$!6-%*-.'*!5&1!+,!#(/)1!0C'!
6$*$.0&,'*!)2!+0&!')/0!,&8$($($!%'.$!02!($9&*&0$'<2!%'!
?&,32!%$C5&!6-.$5*$!)2!*.2&')%2!+,!%/(*/.2=!
I$(!0'&!&0#-.*',*!#-'*$!T!5&!,&%&!,/!5*&/!6'%2!
,/! $! /,! )-&! 6$! *$.3! 6/7(/! ')%/,)1! -! 6'*2! #.&,! ,'*/.'!

#.-#.&$1! &'.! '#-&! #.&,*.C-! )/#.'#/,$.$! T! $)*$! ,&8$(/(!

.$'(&*23&&=!>.',)6&)%&#(&,'.&*'*$'!0C'!'A/*'*!)2!)#$.1!%2%&!
'.! ?! #.$'! 0/(*! 5&! #.$'! 0F,6./! )#/)! (,3 =,.1! %2! *-'*$!
)*./%*/.&($! %2.-.'! $/! ($! )$)&<')$0! T! %K&'.! +,'&,*$'!
/,-.! ($%*/.&! $6&?%'*-'.$! T! '.*&?%&'(&*'*$'1! %'.'%*$./(!
,$C,'*/.'(1! %/! -! (-9&%2! (-%'(21! 4.$%8$,*! %K&,/&*21! )/,*!
0'&! 0/(*! 6$%F*! ,&5*$! '.*&%/('3&&! &(/<-.&&! '($! 8&6/(/&=!
M0! .20')! +,! %-,*&,/'.$! 4-'.*$! %-,8&,)2! 6$! $@&)*$,3'!
)*.'*&?%'*2! '! (/0&&=! B'.! '0! +,%$*'*! )2! 0'&! )&0*! %'! $'!
$)*$!'(%2*/&*2!6&,!,&8$($!)*.&%'*$1!+,!8.$0$!%$1!'*F*!#.&,!
6$#2.*'.$'1!%F*!5&!#.&,!%-0/,&%'.$'!(-.1!,-,C)$,)/(!)$!
A-'%2!%/!-9(&,<&1!?&,6!/,&%/(!0'.$!%-'9/('*-.!'!*-*!%$!
$@&)*2=!VF,2!('!/.021!-.&%F*!6$!%-,)*./&*2!'.!?!.$'(&*'*$'1!
#.&,!'%$')*'!+,3$($9F,61!+,!*$.0$,&!*.',)6&)%&#(&,'.&1!-!
)0/(9$.$1!-!6$%',*'.$!'!.$'(&*23&&!6&,!0&A(-%/(!.$'(/(/&1!
,/! )$! #-'*$! ,$9'! -! )*./%*/.2! 6$! &,*$(&9&7&(&*'*$! %$!
6$)%K&6$! )/7&$%*/(! %2*.$! %$&('(3&! 5&! #$.0&*$1! +,! $)$,321!
*-'*$!'%$)*$!8'.&'*$!%-,)*./%3&&=
M0! +,823'*! 6&,! *.',)6&)%&#(&,'.&*'*$! %2!
,&K&(&)0/(! $)*$! ('! 4$(! 6$! '/*&)*! %'! 5&! '6$.'.$'! 42.2!
.$<$.8$! ('! -! %-,?9/.'3&$! )$0',*&%C-,*-(-9&%2! '! (/0&&!
O%'</(! *-*'(&*'.&)0$(-.1! 6$! $@$0#(/! )'/1! 0'&! '#.-'#$1!
'! .$&?%2.&(-.! ?&,3$&! +,*.C/,! )*'*/*! )-%&'(! %('.! 6$?,&*P=!
I2! 0&<'! (/0&&! ,/! )$! 'N2! ,&%&! 6$! #'.*$'! )$,)/(/&!
(/0&,-)1!,&%&!6$!#'.*$'!,-,C)$,)/(/&1!%&!*'$%+!%$($!6-/2=!
E,*.C/,! '(! *.$&($'! #(',1! %'.$! ($! %/#.&,6$! 5&! ($! $@%$6$1!
6$-#-*.&82=! E,'&,*$1! '8$'0! )$,<'3&'! 6$! (/0$C%'.*$! 6$!
A-%1!4.'9&(2!5&!&,'/*$,*&%21!#.$%/0!5&!6-.&,3'!6$!'!)/N'1!
*'.$1!')/#.'!)'=!M%/0!'0!'6$)$'!'%$$'5&!)$,<'3&$=!B-'.!
%2! 02! $0-3&-,$'<2! *$.&7&(! '%$')*2! 8/(,$.'7&(&*'*$! '!
?&,3$&! -)%&(F,6! +,*.$! )*$.$-*&#! 5&! 6$)*.20'.$1! '5'! %/0!
02! $0-3&-,$'<2! $4-.*/(! *.',)6&)%&#(&,'.&*23&&! 6$! 'C&!
-4$.&!#.-*$%3&$=!Z'!4$(!%/0!02!$0-3&-,$'<2!5&!&0'9&,$'!
6-0,/(/&! #.-4$)-.1! +,*.C-! )'(2! 6$! %/.)1! (/#*F,6/C
)$1! .2762*-.! 6'.! )&9/.1! %/! 6$0-,&&! ,-5*.&1! .&6&%F,6!
6&,! 0&,*$'! ,-')*.21! %/! )*.'*$9&&! ,/0'&! 6$! 6/0,$'(/&!
%/,-)%/*$1!',%-.$($!./9&,&*$!%$!,$!+0#-*0-($'/!+,!*-*!
)-&/(!6$!,&)&#/.&=!

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

H+!"'K1",=585N2O;
6+,+%!+,!"#$%&'%(')*'$#"'!#!+#D,]5^
N"#$%&'%(')*'$#"'!#!+#,\,1,$+(+%'!#!+,
(1$(+)!-#*>X,4+!1&1*13'(>,K',+)'%!+41*13'(>
E,*.$7'.$'!6&,!*&*(/!#.$)/#/,$!0'&!0/(*$!.2)#/,)/.&1!
?&,6%2! )$0,&?%'3&'! '%$)*/&! %/8F,*! )C'! +07-923&*! 6$C'!
(/,9/(! *&0#/(/&! %/#.&,<F,6! *.$#*'*! -! '%%$#3&$! 0'&!
%-0#($@2!5&!0'&!#.-4/,621!%'.$!$)*$!6'*2!6$!%$($!*.$&!$*'#$!
4/,6'0$,*'($!'($!+,!%'.$!)$!.$N$%*2!$8-(/3&$!)$0',*&%2!
'! *$.0$,/(/&! 6$! *.',)6&)%&#(&,'.&*'*$D! \P! %-,%$#*/(!
6$! *.',)6&)%&#(&,'.&*'*$1! aP! *.',)6&)%&#(&,'.&*'*$'! %'!
0$*-6-(-9&$!5&!cP!*.',)6&)%&#(&,'.&*'*$'!%'!8&<&/,$!')/#.'!
(/0&&=
['&! +,*F&1! 8-0! #.$%&<'! %2! *$.0$,/(! 6$!
L*.',)6&)%&#(&,'.&*'*$U! '! '#2./*! ('! +,%$#/*/(! ',&(-.! vdp!
+,! -#$.$($! /,-.! %$.%$*2*-.&! 6&4$.&3&1! #.$%/0! #)&K-(-9/(!
$(8$3&',!f$',!V&'9$*1!?(-)-4/(!5&!)-%&-(-9/(!4.',%$<!S69'.!
[-.&,!5&!')*.-?<&%&',/(!'/)*.&'%!S.&%!f',*)%K!O\P=!R,&3&'(!
+,3$($)/(!'%$)*/&!%-,%$#*!$.'!6$!L+,2/,*./(!6&)%&#(&,$(-.U1!
6'.!/(*$.&-.!('!/,!%-(-%8&/!-.9',&<'*!+,!'%$('5&!',!('!;&)'!
5&! 6$6&%'*! &,*$.6&)%&#(&,'.&*23&&1! f$',! V&'9$*! 8'! '6/%$!
+,! 6&)%/3&$! 5&! )$,)/(! 6$! L6&,%-(-! 6$! 6&)%&#(&,$U=! M#-&!
+,! \]_l! 8'! '#2.$'! +,! 4.',%$<2! #.&0'! $6&3&$! '! (/%.2.&&!
;1/<3 ?&%$/042&3 6/3 249+&3 OaP3 +,! %'.$! :')'.'7! ;&%-($)%/!
8'! /,&?%'! )$0,&?%'3&'! '%$)*/&! (1$(+)!! #-.,&,6! 6$! ('!
#.$?@/(/&! L*.',)CU! O%'.$! '.$! '%$$'5&! $*&0-(-9&$! %'! 5&!
($@$0/(! L*.$&UP1! '?.0F,6! %2! *.',)6&)%&#(&,'.&*'*$'! )$!
.$4$.2!('!%$$'!%$!)$!'N2!+,!'%$('5&!*&0#!*'$%+!6&)%&#(&,$1!
*',4'$%42!6&)%&#(&,$(-.!5&!./'0121!6$!-.&%$!6&)%&#(&,2=!
E,)21!+,'&,*$!6$!'!*.$%$!0'&!6$#'.*$1!$)*$!&0#-.*',*!
)2! (20/.&0! '(*$! *.$&! %-,%$#*$! %/! %'.$! *$.0$,/(! 6$!
*.',)6&)%&#(&,'.&*'*$! $)*$! +,./6&*! %'! )$0,&?%'3&$!
O+,! )$,)/(! %2! *-'*$! '%$)*$! #'*./! %-,%$#*$! )$! .$4$.2!
('! ./(0/?2/'+P! 5&! %/! %'.$1! 6&,! ,$4$.&%&.$1! /,$-.&! )$!
%-,4/,62D!O0-,-P6&)%&#(&,'.&*'*$1!&,*$.6&)%&#(&,'.&*'*$!5&!
#(/.&6&)%&#(&,'.&*'*$=!
E,! #.&0/(! .F,61! 8-0! .$'0&,*&! %2! *$.0$,/(! 6$!
L6&)%&#(&,'.&*'*$U! +,)$'0,2! 'P! L'(! /,$&! 6&)%&#(&,$U1!
%'! +,! )&,*'90'! L#.-7($0$! 6&)%&#(&,'.$U! )'/! 7P! L($9'*!
6$! /,! ',/0&*! 6-0$,&/! #'.*&%/('.! 6$! )*/6&/1! .$('3&-,'*!
%/! -! ',/0&*2! 6&)%&#(&,2U1! %'! +,! )&,*'90'! L)#$%&'(&<'.$!
6&)%&#(&,'.2U1! &'.! 6&,! #/,%*! 6$! 8$6$.$! 0$*-6-(-9&%!
)$! .$4$.2! ('! 9+$1.+2+3 6/3 /'($%49+'$+2+3 (?+0/D0+3 4'+/3
./(0/?2/'+1! %'.$! )/,*! .$/,&*$! )/7! %-,%$#*/(! 6$! Q91'1S
./(0/?2/'&%/$&$+=! B&,! '%$)*! 0-*&81! #$,*./! '! *.$%$!
6&,%-(-! 6$! '7-.62.&($! #'.*&%/('.$1! )C'! ,2)%/*! ,$8-&'! 6$!
#(/.&6&)%&#(&,'.&*'*$!5&!6$!&,*$.6&)%&#(&,'.&*'*$=!E,!*$.0$,&&!
)#$%&?%&!*.',)6&)%&#(&,'.&*23&&1!%$.%$*'.$'!6&)%&#(&,'.2!)$!
.$4$.2!%$(!0/(*!('!/,/(!5&!'%$('5&!,&8$(!6$!.$'(&*'*$=!B$!4'#*1!
6$! %$($! 0'&! 0/(*$! -.&1! O0-,-P6&)%&#(&,'.&*'*$! )$! .$4$.2!
6-'.!('!4.'90$,*$!'($!/,/&'!5&!'%$(/&'5&!,&8$(!6$!.$'(&*'*$=!

#"%

Z&0&*'.$'! ('! /,! )&,9/.! ,&8$(! 6$! .$'(&*'*$! -! #/*$0! #/,$!

+,!','(-9&$!%/!/,!-0!+,*.C-!%'0$.2D!%/,-'5*$.$'!(/&!8'!
?!(&0&*'*2!('!'%$'!%'0$.2!)'/!6&)%&#(&,2=!M#-&1!82<F,6C-!
6&,! $@*$.&-.1! #-'*$! %/($9$! 0'&! 0/(*$! &,4-.0'3&&! 6$)#.$!
%'0$.'! )'1! 6$)%-#$.2! 6'*$! ,-&1! 8&<&*$'<2! 5&! %'0$.$($!
8$%&,$!5&!#-'*$!+0#./0/*'!0$*-6$!)'/!&,)*./0$,*$!%'.$!
+&!4-(-)$)%!+,!%'0$.'!)'!O&,*$.6&)%&#(&,'.&*'*$P!)'/!#-'*$!
(/'!/,!-7&$%*!#$!%'.$!+(!#-'*$!*.$%$!#.&,!%'0$.$!5&!%-,6&3&&!
6&4$.&*$!#$,*./!'!'N'!0'&!0/(*$!(/%./.&!6$)#.$!'%$(!-7&$%*!
O0/(*&6&)%&#(&,'.&'*$P=
E,!'(!6-&($'!.F,61!6&,!'%$')*2!','(-9&$!+,!%'.$!%')'!
.$#.$<&,*2!%/,-'5*$.$'!/0',21!&'.!%'0$.$($!)/,*!6&4$.&*$!
6-0$,&&! '($! %/,-'5*$.&&! )'/! 6&)%&#(&,$! )$! #-'*$! 6$6/%$!
%2! /'$+%./(0/?2/'&%/$&$+&! %-,)*2! +,! $%&'(@+%423 9+$1.+21%3
./'$%)13 ./(0/?2/',3 *'$%)&2$&1! ')*4$(! +,%F*! )$! 6&)*&,9! *.$&!
9.'6$!6$!&,*$.6&)%&#(&,'.&*'*$!OcPD
*+# /,! 9.'6! '#(&%'*&81! %'! +,! %'</(! 0$*-6$($! ?<&%&&!
,/%($'.$! %'.$! -! 6'*2! *.',)4$.'*$! +,! 0$6&%&,2! 6/%! ('!
'#'.&3&'!/,-.!,-&!*.'*'0$,*$!%-,*.'!%',%$./(/&t
,+# /,! 9.'6! $#&)*$0-(-9&%1! %'! +,! %'</(! +,! %'.$!
6.$#*/(! %'! 6&)%&#(&,2! 9$,$.$'<2! ','(&<$! &,*$.$)',*$! +,!
$#&)*$0-(-9&'!6.$#*/(/&t
-+# /,! 9.'6! 9$,$.'*-.! 6$! ,-&! 6&)%&#(&,$1! +,! %'</(!
+,! %'.$! *.',)4$./(! 0$*-6$(-.! 0'*$0'*&%&&! +,! 6-0$,&/(!
?<&%&&! '! 9$,$.'*! ?<&%'! 0'*$0'*&%21! '(! 0$*-6$(-.! 6&,!
?<&%'!#'.*&%/($(-.!+,!')*.-?<&%2!'!6'*!,'5*$.$!%-)0-(-9&$&!
%/',*&%$1! '(! 0'*$0'*&%&&! +,! )*/6&$.$'! 4$,-0$,$(-.!
0$*$-.-(-9&%$!)'/!6$!7/.)2!'!9$,$.'*!*$-.&'!K'-)/(/&1!'(!
&,4-.0'*&%&&!+,!'.*2!'!6/)!('!'.*'!&,4-.0'*&%2=
E,!'(!*.$&($'!.F,61!?24%/./(0/?2/'&%/$&$+&!O^P!)$!.$4$.2!
('! ($4./+%+&3 4'4/3 1-/+0$3 ./'$%)4'&3 6/3 &0++&6/3 ./(0/?2/',3
?%/'3 /'$+%9+./423 9&/3 942$1%3 ./(0/?2/'+3 *'3 &0+2&6/3 $/9?=!
B$!$@$0#(/1!/,!*'7(-/!6$!"'(8'*-.!B'(&!#-'*$!?!)*/6&'*!
6&,! #$.)#$%*&8'! &)*-.&$&! '.*$&! &,*$.)$%*'*2! 6$! '%$$'! '!
?<&%&&1! %K&0&$&1! &)*-.&$&! .$(&9&&(-.1! &)*-.&$&! S/.-#$&! )&!
9$-0$*.&$&! )'%.$=! B$! ')$0$,$'1! ?(-)-?'! #-)*0-6$.,2!
#-'*$! ?! )*/6&'*2! 6&,! -.&<-,*/(! ?(-)-?$&! +,%./%&5'*! %/!
'%$('!'(!?<&%&&1!$%-,-0&$&1!#)&K','(&<$&!-.&!(&*$.'*/.&&!5&1!
+,!'%$)*!4$(1!-7&$%*/(!6$)*&,'*!%$.%$*2.&&!#(/.&6&)%&#(&,'.$!
8'! &$5&! ')*4$(! 0'&! +07-923&*! +,! /.0'! +,%./%&52.&&! 0'&!
0/(*-.!6&)%&#(&,$=!
>.$7/&$!)/7(&,&'*!4'#*/(!%2!'*F*!&,*$.6&)%&#(&,'.&*'*$'1!
%F*! 5&! #(/.&6&)%&#(&,'.&*'*$'1! 6$#25$)%! (&0&*$($!
6&)%&#(&,'.$! +,)2! D'&2/$&$+&3 21%3 %,9N'+1! 6$! ')$0$,$'1!
*'(0%/(,3*'30+%0+$&%+&3./(0/?2/'&%,1!6$-'.$%$!.$</(*'*$($!
)$! .$N$%*2! ('! ,&8$(/(! /,$&! )&,9/.$! 6&)%&#(&,$=! E,! '%$('5&!
*&0#1! '(! *.$&($'! 9.'6! 6$! &,*$.6&)%&#(&,'.&*'*$! 9$,$.$'<2!
$@#(-<&'!6&)%&#(&,'.2!6&,!<&($($!,-')*.$=!E,!0-6!$8&6$,*1!
%/,-'5*$.$'! -7&$%*/(/&! -73&,/*2! +,! 0-6! 6&)%&#(&,'.! $)*$!
'6F,%&*2!6$!/,!'#-.*!#(/.&6&)%&#(&,'.!4$%/,6=!I$.%$*'.$'!
#(/.&6&)%&#(&,'.2! '6/%$! /,! #(/)! 6$! &,4-.0'3&$! )'/! -!
%-0#($*'.$!'!6&)%&#(&,$&!8&<'*$1!&,6&4$.$,*!%2!$)*$!8-.7'!
6$! &)*-.&'! '.*$&! )'/! ?(-)-?$1! 6'.! '%$)*! '6'-)! )$! 'N2! +,!
)(/A7'!$@%(/)&82!'!6&)%&#(&,$&!.$)#$%*&8$1!6$%&!6$0$.)/(!
#(/.&6&)%&#(&,'.! )$! .$8'.)2! #$)*$! (&0&*$($! 6&)%&#(&,$(-.1!
+,)2! ?,'(&*'*$'! )'! .20F,$1! o,! 4-,61! +,)%.&)2! +,! %'6./(!
%$.%$*2.&&! 6$! *&#! 6&)%&#(&,'.=! V-.,&,6! 6$! ('! 6$?,&3&'!
*.',)6&)%&#(&,'.&*23&&!'5'!%/0!'#'.$!$'!+,!;1/<3?&%$/042&36/3

#"&

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

249+&!O\]_lP!5&!(/F,6!+,!%-,)&6$.'.$!','(-9&'!,-')*.2!%/!
-0/(!5&!%')'1!#/*$0!)#/,$!%2!'%$)*!-0!#-'*$!'8$'!'%%$)!
#.&,*.C-!%/,-'5*$.$!6$!*&#!$%&'(6&)%&#(&,'.!('!'P!.'#-.*/(!
6&,*.$!6&4$.&*$($!%'0$.$!%'.$!'(%2*/&$)%!%')'1!('!7P!$)$,3'!
5&!.-(/(!?$%2.$&'!6&,*.$!%'0$.$1!6'.!5&!('!%P!%$$'!%$!#-'*$!
)2! 8'62! #$! 4$.$')*.21! ('! %$$'! )$! 'N2! 6$! A/.! +0#.$A/./(!
%')$&!)'($!)'/1!0'&!7&,$!<&)1!6&,%-(-!6$!$'=!
E,! '%$('5&! *&0#1! +,3$($9$.$'! %-,%$#*/(/&! 6$!
*.',)6&)%&#(&,'.&*'*$!,$!8'!'A/*'!)2!*.$%$0!('!+,3$($9$.$'!
*.',)6&)%&#(&,'.&*23&&! %'! 0$*-6-(-9&$=! M)*4$(1! %',
9+$1.121>/+1! *.',)6&)%&#(&,'.&*'*$'! )$! 7'<$'<2! #$!
./&21>42! 6&,*.$! 6&)%&#(&,$1! #$! #/,3&($! %'.$! )$! #-*! %.$'!
+,*.$!'%$)*$'!%/!)%-#/(!6$!'!'*&,9$!4'/$&$+&304'1&6$+%//1!
-7&$%*/(! %/,-'5*$.&&! +,! ',)'07(/(! )2/! O%')'! %'! +,*.$91!
6&,! $@$0#(/(! ,-)*./P1! /,&*'*$! %'.$! -! 6'*2! %/,-)%/*2!
+,! #(',/(! 1-/+0$424/3 .+3 04'1(04$! )$! #-'*$! .$N$%*'! 5&! +,!
#(',/(! (4-/+0$424/3 04'1(0,$1%=! B$)&9/.! %2! '7-.6'.$'!
*.',)6&)%&#(&,'.2!,/!$)*$!%$'!0'&!/5-'.2!'7-.6'.$!#-)&7&(2!
6&,!#/,%*!6$!8$6$.$!!0$*-6-(-9&%1!6'.!6'*!?&,6!0-*&8$($!
$@#/)$! '&%&! $'! 6$8&,$! +,! 0-6! %('.! &,6&)#$,)'7&(2! +,!
<&($($!,-')*.$=!E,!'%$)*!#/,%*!'(!$@#/,$.&&!,-')*.$!6$8&,$!
$8&6$,*!%2!#$,*./!'!'8$'!-!#$.)#$%*&82!*.',)6&)%&#(&,'.2!
$)*$!,$8-&$!)2!6$#25&0!9F,6&.$'!6$!*&#!%(')&%!%$!$)*$!#.&,!
$@%$($,32!'.&)*-*$(&%21!6&)%&#(&,'.21!6/'(2!5&!4.'90$,*'.2=
I/! *-'*$! %2! #-'*$! #2.$'! #'.'6-@'(1! 6&,! #/,%*/(!
6$! 8$6$.$! '(! 9F,6&.&&! %(')&%$1! ,/! $@&)*2! ,&0&%! +,*.$!
6&)%&#(&,$1! +,! &,*$.&-./(! 6&)%&#(&,$(-.! 5&! ,&%&! 6&,%-(-! 6$!
6&)%&#(&,$=! "#'3&/(! +,! %'/<2! $)*$! 8&61! %-0#($*! 8&61! '5'!
%/0! +,3$($9$! ?<&%'! %(')&%2! 8&6/(=! E,! '%$)*! %'<! '8$0! -!
8&<&/,$!#&.'0&6'(2!'!%/,-'5*$.&&!/0',$1!6'*!?&,6!4'#*/(!
%2! 9F,6&.$'! %(')&%21! '.&)*-*$(&%21! 7&,'.21! %-,)&6$.2! %2!
?$%'.$! 4.'90$,*! '(! #&.'0&6$&! O?&,6! $%K&8'($,*/(! /,$&!
6&)%&#(&,$P1! %$! $)*$! 9$,$.'*! 6$! $@#(-<&'! 6&)%&#(&,'.21!
*&,6$! )2! 6$8&,2! -! #&.'0&62! +,*.$'921! 6$-'.$%$! ?$%'.$!
6&,*.$!6&)%&#(&,$!'?.02!%2!6-0$,&/(!#$.*&,$,3$&!)'($!$)*$!
,$)4F.5&*=!M)*4$(! #/*$0! +,3$($9$! 6$! %$1! #$,*./! 9F,6&.$'!
%(')&%21! *.',)6&)%&#(&,'.&*'*$'! $)*$! -! '7)/.6&*'*$1! +,!
)$,)/(!%2!,/!'.$!-7&$%*1!'6&%2!,/!'.$!,&5*$!(&0&*$!.+3$/?42!
#$!%'.$!+(!'.$!-!6&)%&#(&,21!%'!5&!%/0!-!%'0$.2!'.!#/*$'!
'8$'! %-0#($@&*'*$'! /,$&! %')$! )'/! -! 6&)%&#(&,2! '.! #/*$'!
%/#.&,6$! %-0#($@&*'*$'! %/,-'5*$.&&! /0',$! +,! 9$,$.'(=!
E,!'%$('5&!*&0#!*.$7/&$!)/7(&,&'*!%2!#.&,!#.&)0'!8&<&/,&&!
*.',)6&)%&#(&,'.$1! 9F,6&.$'! %(')&%2! ,/! $)*$! '7)/.621! 6'.!
%F0#/(!)2/!6$!'#(&%'3&&!$)*$!%-,)&6$.'*!.$)*.F,)1!+,!)$,)/(!
+,!%'.$!9F,6&.$'!%(')&%2!)$!#-'*$!'#(&%'!%/,-'5*$.&&!/0',$!
#F,2!('!/,!',/0&*!,&8$(!6$!%/,-'5*$.$!5&!+,3$($9$.$=
V.&,! /.0'.$! 6'%2! +,! \]dp! 01'0+?$423 .+3
$%&'(./(0/?2/'&%/$&$+&3&3&?,%4$30&3'+0+(/$&$+!'!6$#25&.&&!
(&0&*$(-.! #$! %'.$! ($! &0#/,$! -! 6&)%&#(&,21! 9+$1.121>/&3
$%&'(./(0/?2/'&%,3D/'.313(1245/+!('!,$8-&($!6$!%/,-'5*$.$!
'($! %$.%$*2*-.&(-.! %-,*$0#-.',&! %$! ,/! #-*! 0$.9$! 0'&!
6$#'.*$! .20F,F,6! +,%-.)$*'3&! +,*.$! #$.$3&&! '%$($&'5&!
6&)%&#(&,$=!B$!'%$$'!%'!9+$1.121>/+3-&C&$,3?+3?%/'0/?//3
6$//'5/D0+1! *.',)6&)%&#(&,'.&*'*$'3 #-'*$! )2! 6$)%K&62! ,-&!
#$.)#$%*&8$1!&,6&4$.$,*!6$!6&)%&#(&,'!6$!('!%'.$!#-.,$5*$!
%$.%$*'.$'!*.',)6&)%&#(&,'.2=!
M#'.&3&'!*.',)6&)%&#(&,'.&*23&&!$)*$!)*.F,)!($9'*2!6$!
6$%(&,/(!%&8&(&<'3&&(-.1!)/7(&,&'<2!:')'.'7!;&%-($)%/!OlP!

+,! %'.*$'! )'! `%&'(./(0/?2/'&%/$&$+&#3 I&'/@+($! O\]]bP1!

/,6$!$@#(&%2!-!#'.*$!6&,!'.9/0$,*$($!)'($!.$4$.&*-'.$!('!
$%&'(./(0/?2/'&%/$&$+3 0&3 =/C/4'+3 &0$4&2,3 &(4?%&3 249//=!
>.$%F,6!6$!6&8$.)$($!0-*&8$!)'/!)%/<$!%'.$!)$!#-*!92)&!
?1($)@&0$491!$)*$!/5-.!)2!,$!620!)$'0'!%2!6$!('!4'%*-.&&!
%$&!0'&!)$0,&?%'*&8&!#F,2!('!%$&!0'&!#/3&,!)$0,&?%'*&8&1!
6$! ('! 0'.&($! )*'*$! 5&! ,'3&/,&! #F,2! ('! &,6&8&<&1! ,&%&! /,/(!
,/!#'.$!6&)#/)!5&!%'#'7&(!)2!'%3&-,$<$!+0#-*.&8'!'%$)*/&!
6$%(&,=! J+0&2&_423 0&%+3 0&%&0$+%/C+&C,3 9+'$&2/$&$+&3
1&9+'/21%! 5&! '+0+(/$,5/2+3 /'$+%'+3 .+3 .+C=12$&%+! '! /,/&!
',/0$! *&#! 6$! )-%&$*'*$! +,)-3$5*$! +,*-*6$'/,'! 6$%26$.$'!
/,$&!%&8&(&<'3&&!5&!$)*$!(4%(&!'%$)*/&!6$%(&,!'(!%&8&(&<'3&&(-.=!
R'.! %'/<'! '%$)*/&! 6$%'('A! #'.$! )2! ?$! 4'#*/(! %2! *-*/(! )$!
#$*.$%$! %'! 5&! %/0! %/,-5*&,3$($! 5&! +,8232*/.&($! #$! %'.$!
-! %&8&(&<'3&$! ,/! +,%$*$'<2! )2! ($! '%/0/($<$! ,/! '.! #/*$'!
?! &,*$9.'*$! +,! ?&,3'! &,*$.&-'.2! '! %$(-.! %$! %-0#/,! '%$'!
%&8&(&<'3&$=! >.$7/&$! )/7(&,&'*! +,%2! 6$! ('! +,%$#/*! %2! /,'!
6&,! &6$&($! 4/,6'0$,*'($! '($! *.',)6&)%&#(&,'.&*23&&! $)*$!
%2!?&,3'!/0',2!$)*$!%$'!%'.$!)$!'N2!)'/!'.!*.$7/&!)2!)$!
'N$!+,!%$,*./(!-.&%2.$&!%&8&(&<'3&&!6$0,$!6$!'%$)*!,/0$1!
&'.! %-,5*&$,*&<'.$'! '%$)*/&! (/%./! #-'*$! ?! -! )-(/3&$! ('!
6$%'('A/(!%'.$!#.$%$62!6$%(&,/(!-.&%2.$&!%&8&(&<'3&&=
E,!'%$$'5&!-.6&,$!6$!&6$&1!'%$)*!6$%'('A!*.$7/&$!)2!
3&,2! %-,*! 6$! %.$5*$.$'! 42.2! #.$%$6$,*! '! %/,-5*&,3$(-.! +,!
$#-%'!,-')*.2!5&!6$!#.-7($0'!'6'#*2.&&!0$,*'(&*23&(-.!('!
'%$)*$! %/,-5*&,3$=!M%$')*2! #.-7($02! $)*$! 4/,6'0$,*'(2!
#$,*./! ?&,3'! /0',2! 6$-'.$%$! $@*&,6$.$'! %-,*&,/2! '!
%&8&(&<'3&$&!6$!*&#!-%%&6$,*'(!('!)%'.2!#(',$*'.2!'.!4'%$!%'!
#.27/5&.$'!)'!)2!$%K&8'($<$!%/!-!%'*')*.-42!#(',$*'.2=
B&,! #$.)#$%*&8'! 9F,6&.&&! %(')&%$! O/,'! 7'<'*2! #$!
#.&,%&#&/(! '.&)*-*$(&%! '(! ,-,C%-,*.'6&%3&$&P! ,/! $@&)*2!
6$%F*! 6-/2! 8'.&',*$! 6$! &$5&.$! 6&,*.C-! )&*/'3&$! 6$! 6$%(&,!
'(! /,$&! %&8&(&<'3&&D! +,*-'.%$.$'! ('! -! #.$)/#/)2! L8F.)*2!
6$!'/.U!)'/!.$8-(/3&'!)-%&'(2=!B'%2!,$!9F,6&0!('!#.&0'!
8'.&',*21!8-0!%-,)*'*'!%2!+,*-'.%$.$'!('!-!8F.)*2!6$!'/.!
,/!'!4-)*!+,%$.%'*2!6&,!%'/<'!4'#*/(/&!%2!'%$')*2!8F.)*2!
,/!'!4-)*!.$92)&*2=!I/!*-'*$!%2!)$!#.$)/#/,$!%2!8F.)*'!6$!
'/.!'.!?!$@&)*'*!+,!8.$0/.&!+,6$#2.*'*$1!+,!0-6!$8&6$,*!
$'!'.!*.$7/&!6/7('*2!6$!-!.$8-(/3&$!)#&.&*/'(2!&,6&8&6/'(21!
-! '6$82.'*2! .$N$%3&$! '! .$8-(/3&$&! )-%&'($! 6&,! $@*$.&-.=!
W.&%$! 0',&4$)*'.$! .$(&9&-')2! 6$! *&#! 4/,6'0$,*'(&)*! 6&,!
8.$0/.&($!'%*/'($!,/!4'%$!6$%F*!)2!)&0/($<$!'9.$)&8&*'*$'!
5&!)2!6$4-.0$<$!&6$$'!6$!.$8-(/3&$!&,*$.&-'.2=
E,!)$%-(/(!*.$%/*!)C'!$@#$.&0$,*'*!6$A'!.$8-(/3&'!6$!
*&#!)-%&'(1!&'.!.$</(*'*/(!'%$)*$&'!)$!8$6$!%/!-%K&/(!(&7$.D!
-0/(! ,-/! $)*$! -! ?&,32! 9-'(2! #$! &,*$.&-.! T! %$! '0&,*$5*$!
6$! -'0$,&&C,/0'&C%-'A2! 6&,! .-0',/(! '($9-.&%! I4'$+2+3
B'&21>! O\]laP! '(! (/&! k$,s! B'/0'(! ObP! T1! 6$#.&0'*2! 5&!
6&,!'%$')*2!%'/<2!4')%&,'*2!6$!*-*!)-&/(!6$!#)$/6-C*$.'#&&!
('!0-62=!
B&,! '%$')*2! #$.)#$%*&821! *.',)6&)%&#(&,'.&*'*$'!
.$#.$<&,*2! /,'! 6&,! )-(/3&&($! #-)&7&($! '($! %&8&(&<'3&$&!
-%%&6$,*'($! 'N'*$! +,! 6$%(&,=! V.-7($0'! '.0-,&<2.&&!
0$,*'(&*23&&! -'0$,&(-.! %/! ,&8$(/(! 6$! %/,-5*&,3$! #.$<$,*!
$)*$! /,'! 6$)*/(! 6$! 6&?%&(2! 6'*-.&*2! ,/02./(/&! 0'.$!
6$! 6&)%&#(&,$! $@&)*$,*$! 5&! '! )#$%&'(&<2.&(-.! $@%$)&8$=!
>-%0'&! 6$! '%$$'! *.',)6&)%&#(&,'.&*'*$'! '#'.$! %'! ?&,6! -!
'+0+(/$&$+3&34'/$,5//304'1&6$+%//!6'*!?&,6!,/02./(!4-'.*$!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
0'.$!6$!6&)%&#(&,$1!6'.!5&!-!)-(/3&$1!-!%'($!6$!6&'(-9!+,*.$!
'%$)*$'=!R6$'(/(!-0/(/&!.$,')%$,*&)*1!?$!$(!5&!V&%-!6$(('!
[&.',6-('1! $)*$! &0#-)&7&(! +,! <&($($! ,-')*.$! *-%0'&! 6&,!
%'/<'!,/02./(/&!$@*.'-.6&,'.!6$!0'.$!6$!6&)%&#(&,$!%'.$!
)$!#.$6'/!+,!5%-(&=!E,!#.$<$,*1!)/,*!)&*/'3&&!+,!%'.$!/,/&!
)#$%&'(&)*! +&! 8&,$! 9.$/! )2! +,3$($'92! .$</(*'*$($! -73&,/*$!
6$!'(*!)#$%&'(&)*!6&,!'%$$'5&!6&)%&#(&,2=!e'#*/(!%2!$@&)*2!
)/*$! 6$! 6&)%&#(&,$! 4'%$! &0#-)&7&(! 6&'(-9/(! 6&,*.$! /,!
?<&%&',! *$-.$*&%&',! '(! #'.*&%/($(-.! %/! /,! ,$/.-?<&-(-91!
/,!0'*$0'*&%&',!%/!/,!#-$*1!/,!7&-(-9!%/!/,!$%-,-0&)*1!
/,! #-(&*&%&',! %/! /,! &,4-.0'*&%&',1! 6&,%-(-! 6$! ,&5*$!
9$,$.'(&*23&!0'&!0/(*!)'/!0'&!#/3&,!7','($=!
E,! '%$)*! L*/.,! :'7$(! '(! 6&)%&#(&,$(-.U1! /,! ,$-?*!
,/!'.$!,&%&!-!5',)2!)2!)$!+,3$($'92!%/!/,!)'8',*!6&,!'(*2!
6&)%&#(&,2!4-(-)&,6!6.$#*!0&A(-%&*-.!2/9-&_423./(0/?2/'&%=!
:')'.'7! ;&%-($)%/! +5&! &0'9&,$'<2! /,! V&%-! 6$(('!
[&.',6-('!'(!8.$0/.&(-.!,-')*.$!)/7!4-.0'!/,/&!)/#$.C
%-0#/*$.! +,! %'.$! )C'.! #/*$'! 0$0-.'! *-'*$! %/,-5*&,3$($!
6&,!*-'*$!6&)%&#(&,$($=!B'.!'%$)*!)/#$.C%-0#/*$.!6$5&!'.!
5*&!*-*/(1!$(!,/!'.!+,3$($9$!,&0&%=!I/!'*F*!0'&!*.'9&%!$)*$!
%2! ,&%&! /*&(&<'*-./(! )2/! ,/! '.! ?! +,*.C-! )&*/'3&$! 6&4$.&*2D!
'%$)*'! '.! #/*$'! '8$'! '%%$)! &,)*',*',$/! ('! -.&%$! .$</(*'*!
6&,! -.&%'.$! 6&)%&#(&,2! 6'.! '.! ?! &,%'#'7&(! )2C&! #.&%$'#2!
)$0,&?%'3&&($!5&!%/!'*F*!0'&!#/3&,!)2!4'%2!($92*/.&($!+,*.$!
.$</(*'*$($!6&4$.&*$(-.!6&)%&#(&,$=
['.$($! .&)%! '(! '%$)*/&! #.-%$)! 6$! 7'7$(&<'.$! '.!
#/*$'! %-,6/%$! ('! 6&)*./9$.$'! #.-#.&$&! ,-')*.$! $@&)*$,3$!
6$-'.$%$!'%$)*!#.-%$)!$)*$!/,!4'%*-.!6$!6$%&<&$!%$!.&)%2!
)2!6$8&,2!6&,!%$!+,!%$!0'&!&,%-0#$*$,*=!j,'!6&,!)?62.&($!
6$! #.&0! -.6&,! $)*$1! 6$! #&(621! %$'! 6$! -.6&,! $*&%1! %'.$!
%$.$!6&,!%$!+,!%$!0'&!0/(*$!%-0#$*$,3$1!&'.!)/0'!%$(-.!
0'&! 7/,&! )#$%&'(&5*&! 6&,! ,&5*$! 6-0$,&&! ,/! #-'*$! 9$,$.'!
6$%F*! -! &,%-0#$*$,32! 5&! 0'&! 0'.$1! 6'*! ?&,6! 4'#*/(! %2!
)/0'!%-0#$*$,3$(-.!,/!$)*$!%-0#$*$,3'=!B'%2!,$!8-0!
)&*/'1!6$!$@$0#(/1!+,!#(',!*$K,&%!5&!,$!&0'9&,20!)/0'!
&,*$.)$%3&&(-.! 6&4$.&*$(-.! 6-0$,&&! *$K,&%$1! ,$! 8-0! 6'!
)$'0'! %2! '%$')*'! $)*$! 0/(3&0$'! 8&621! 6$-'.$%$! ,/0'&!
@&0$1%423.+3.+0/C/+!O?$!$(!&,6&8&6/'(!)'/!%-($%*&8P!#-'*$!
)2!&'!+,!%'(%/(!*-'*$!6'*$($!#.-7($0$&!$@'0&,'*$=!E,!'%$)*!
%-,*$@*1!#/*$0!)2!'?.020!%2!#$,*./!'!'A/,9$!('!/,!,&8$(!
6$!+,3$($9$.$!)/?%&$,*!6$!+,'(*!%'!)2!#/*$0!%.$'!/,!6&'(-9!
+,*.$! 6&4$.&*$($! 6&)%&#(&,$1! *.$7/&$! 9$,$.'*$! ?4'5/! +,*.$!
6&4$.&*$($! 6&)%&#(&,$1! &'.! '%$')*2! ,$%$)&*'*$1! 6&,! #/,%*!
6$! 8$6$.$! 0$*-6-(-9&%1! )C'! %-,%.$*&<'*! #.&,! '#'.&3&'1! ('!
0&A(-%/(!)$%-(/(/&!'(!QQC($'1!'!#(/.&6&)%&#(&,'.&*23&&!5&!'!
&,*$.6&)%&#(&,'.&*23&&=!
E,! #.$<$,*1! *.',)6&)%&#(&,'.&*'*$'! '! 6$8$,&*! /,!
%-,%$#*! .$%/,-)%/*! ('! ,&8$(! 0-,6&'(1! 4-.0F,6/C)$!
5&! -! )*./%*/.2! &,)*&*/3&-,'(2=! M)*2<&! $@&)*2! /,! g./#!
6$! k$N$%3&$! ')/#.'! *.',)6&)%&#(&,'.&*23&&1! #$! (F,92!
j;S"IW1! 5&! /,! I$,*./! R,*$.,'3&-,'(! 6$! I$.%$*'.$! 5&!
"*/6&&!>.',)6&)%&#(&,'.$=!E,!#(/)1!+,!\]]^!'!4-)*!'6-#*'*2!
5&! -! %'.*2! '! *.',)6&)%&#(&,'.&*23&&1! %/! -%'<&'! #.&0/(/&!
I-,9.$)![-,6&'(!'(!>.',)6&)%&#(&,'.&*23&&1!6$)425/.'*!+,!
V-.*/9'(&'1!+,!,-&$07.&$!\]]^=
j,'! 6&,*.$! #$.)-,'(&*23&($! %'.$! '/! '8/*!
/,! .-(! 4/,6'0$,*'(! +,! '?.0'.$'! %-,%$#*/(/&! 6$!
*.',)6&)%&#(&,'.&*'*$! $)*$! ?<&%&',/(! 5&! ?(-)-4/(! .-0F,!

#"'

:')'.'7! ;&%-($)%/=! S(! $)*$1! +0#.$/,2! %/! k$,s! :$.9$.1!

)%.&&*-.1!?(-<-4!5&!&)*-.&%!'(!'.*$&!$(8$3&',1!%-C4-,6'*-.!'(!
9./#/(/&!6$!.$N$%3&$!6$!#$!(F,92!j;S"IW=!B$!')$0$,$'1!
$)*$!#.$5$6&,*$!4-,6'*-.!'(!IRkS>!5&!4-,6'*-.!5&!6&.$%*-.!
'(!%-($%3&$&!>.',)6&)%&#(&,'.&*s!6$!('!6&*&-,)!6/!k-%K$.=!
E,!'%$('5&!*&0#13;1/<3?&%$/042&36/3249+&!O\]_lP1!`+1%+9+3
?1+$/0+!O\]]^P13`%&'(./(0/?2/'&%/$&$+&#3I&'/@+($!O\]]bP!5&!
7,.,0/'/2+32/-+%$,5//!O)%.&)2!+0#.$/,2!%/![&%K$(!I'0/)1!
app\P!)/,*!%$($!#'*./!(/%.2.&!4/,6'0$,*'($!#$,*./!-.&%$!
%$.%$*'.$! *.',)6&)%&#(&,'.2=! M%$)*$! #'*./! (/%.2.&1! #(/)!
%$($('(*$!)*/6&&!+,!%'.$!'/*-./(!'#.-4/,6$'<2!6$)%-#$.&.&($!
)'($! *$-.$*&%$! O%/0! )/,*! %$($! 6$)#.$! f'`-7! :-K0$! 5&!
"*s#K',$!Z/#')%-P!4'%!6&,!:')'.'7!;&%-($)%/!#.&,%&#'(/(!
4-,6'*-.!'(!9F,6&.&&!*.',)6&)%&#(&,'.$!6&,!)$%-(/(!'(!QQRC
($'1!,-/'!.$8-(/3&$!6$!('!,&8$(!0$*-6-(-9&%!%'.$!'!'#2./*!
('! '#.-@&0'*&8! /,! )$%-(! 6/#2! .$8-(/3&'! '8',9'.6&)*21!
'! 6$)%-#$.&.&&! *$-.&$&! .$('*&8&*23&&! 5&! '! 4-,62.&&! ?<&%&&!
%/',*&%$=! B'%2! 8-(/0/(! `%&'(./(0/?2/'&%/$&$+&#3
I&'/@+($! .$#.$<&,*2! %'6./(! *$-.$*&%! 5&! %-,*$@*/(!
#)&K-(-9&%1! ?(-)-?%1! 5*&&,3&?%! 5&! )-%&'(! +,! %'.$! '! '#2./*!
5&! )C'! 6$<8-(*'*! &6$$'! 6$! *.',)6&)%&#(&,'.&*'*$1! )*'7&(&,6!
(&,&&($! 6&.$%*-'.$! '($! %$.%$*2.&&! *.',)6&)%&#(&,'.$1! '*/,%&!
;1/<3 ?&%$/042&3 6/3 249+&! $)*$! -! $@#/,$.$! $@$0#('.2! '!
4/,6'0$,*$(-.! 5*&&,3&?%$! 0-6$.,$! #$! %'.$! )$! 7'<$'<2!
*.',)6&)%&#(&,'.&*'*$'=! `+1%+9+3 ?1+$/0+! $)*$! -! %'.*$'!
6&'4',21!)%.&)2!)/7!4-.0'!/,-.!)*.24/(9$.2.&!%'.$!'/!%$8'!
6&,! )#&.&*/(! )/*.$&! &,6&$,$! )'/! '! `-',/(/&! <$,! 5&! %'.$!
%-,%$,*.$'<2!+,*.C-!)$.&$!6$!'4-.&)0$!#-$*&%$!$@#$.&$,3$($!
4/,6'0$,*'($! '($! (/&! :')'.'7! ;&%-($)%/1! ?$! %2! $)*$!
8-.7'! 6$! *.',)6&)%&#(&,'.&*'*$! )'/! *$.3/(! *'&,&%! &,%(/)1!
6$!,&8$(/.&($!6$!.$'(&*'*$!)'/!6$!)$,)/(!(/0&&1!6$!#-$*&%'!
%/',*&%2! )'/! 6$! .'3&/,$1! 6$)#.$! B/0,$<$/! )'/! 6$)#.$!
$/(!#.-#.&/=!7,.,0/'/2+32/-+%$,5//!)/,*!02.*/.&'!#.&$*$,&$&!
#.-4/,6$! 6&,*.$! :')'.'7! ;&%-($)%/! 5&! [&%K$(! I'0/)!
O%2./&'! +&! $)*$! 6$6&%'*2! %'.*$'! ;1/<3 ?&%$/042&3 6/3 249+&P!
%'.$! +,! 6&'(-9/(! (-.! 6$)#.$! &0#-.*',3'! )#&.&*/(/&! #-$*&%!
5&!'!%$(/&!5*&&,3&?%!+,!4-.0'.$'!9F,6&.&&!*.',)6&)%&#(&,'.$!
%/#.&,6!*-'*$!')#$%*$($!$)$,3&'($!'($!?&,3$&!/0',$=
e&$%'.$!6&,*.$!%$($!#'*./!%2.3&!'#'.3&,!/,-.!9$,/.&!
(&*$.'.$! 6&4$.&*$D! +,! ;1/<3 ?&%$/042&3 6/3 249+&! O\]_lP!
6-0&,2! $)$/(! 5*&&,3&?%! 5&! ?(-)-?%1! +,! *&0#! %$! 6&)%/.)/(!
6&,! `+1%+9+3 ?1+$/0+! O\]]^P! '.$! /,! %'.'%*$.! .$8$('*-.1!
.$4$.&,6/C)$!('!')#$%*$($!)/7*&($!5&!&,&3&'*&%$!'($!8&<&/,&&!
*.',)6&)%&#(&,'.$!O$+%5423&(04'(!?&,6!%$(!0'&!7/,!$@$0#(/!
+,! '%$)*! )$,)P=! I'.*$'! &,*&*/('*2! `%&'(./(0/?2/'&%/$&$+&#3
I&'/@+($! O\]]bP! )/.#.&,6$! #.&,! '6-#*'.$'! '%$)*/&! 9$,!
(&*$.'.! '*F*! 6$! +,6.29&*! 6$! (&*$.'*/.'! 6$! '8',9'.621! &'.!
7,.,0/'/2+3 2/-+%$,5//! Oapp\P! .$#.$<&,*2! /,/(! 6&,! %$($!
0'&!7/,$!$@$0#($!%/0!/,!6&'(-9!+,*.$!6-&!&,*$($%*/'(&1!
?$%'.$! .$#.$<$,*',*! 6$! 0'.%2! '(! /,/&! 6-0$,&/! O/,/(!
?<&%&',1! %$(2('(*! #-$*P1! #-'*$! )2! )*&0/($<$! -! +,3$($9$.$!
#.-4/,62!'!'07$(-.!6-0$,&&!'($!%/,-'5*$.&&1!'6/%F,6!-!
,-/2!#$.)#$%*&82!6&,!%'.$!%&*&*-./(1!$%&'(D>4%&$3/'$+%/1%!
+,! /.0'! ($%*/.&&1! #-'*$! )2! 6$<8-(*$! ,-&! %$.%$*2.&! ')/#.'!
6-0$,&/(/&! %'.$! +(! &,*$.$)$'<21! ?$! %2! 8&,$! 6&,! )4$.'!
5*&&,3$(-.!/0',&)*$1!?$!6&,!)4$.'!5*&&,3$(-.!.$'($=
"$0,&?%'*&8! $)*$! 42.2! +,6-&'(2! 5&! 0-*&8/(! #$,*./!
%'.$!:')'.'7!'!'($)!#$,*./!%'.*$'!)'!6&,!\]]b!4-.0'!6$!

#"!

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

0',&4$)*D!)/7(&,&&,6!%2!'%$')*'!,/!$)*$!L-!%$6'.$!+,!4'3'!
*$,*'3&$&!6$.&<-.&&!6$!'!$('7-.'!-!,-/2!G*'7(2!6$!#-./,%&H!
)'/! 6$! '! ',/,3'! '#'.&3&'! /,/&! G.$0$6&/C0&.'%-(H! '(!
*/*/.-.!.$($(-.!6$!#$!(/0$U=!B&0#-*.&821!'.9/0$,*/(!)2/!
#$,*./! '($9$.$'! '%$)*$&! 4-.0$! $)*$! /.02*-./(D! L4-.0'!
'@&-0'*&%2!'!/,/&!0',&4$)*!#$.0&*$!+,3$($9$.$'!&,*/&*&82!
'!%$$'!%$!'.!#/*$'!?!6$!,$+,3$($)!)'/!&,'%%$)&7&(!+,!0&&!6$!
*.'*'*$! )'8',*$! .$4$.&*-'.$! ('! '%$('5&! )/7&$%*=! I$($! 6-/2!
)'/! *.$&! 0',&4$)*$! %'.$! '/! '8/*! /,! &0#'%*! #(',$*'.! '/!
.$/5&*!)2!.$<&)*$!)%/.9$.&&!*&0#/(/&!6'*-.&*2!*-%0'&!'%$)*/&!
%'.'%*$.! '@&-0'*&%=! V.&,! /.0'.$1! *.',)6&)%&#(&,'.&*'*$'!
T! '8F,6! #.&,! #.-#.&'! $&! ,'*/.2! /,! %'.'%*$.! #(',$*'.! T!
.$%('02!('!.F,6/(!)2/!$@&)*$,3'!/,/&!0',&4$)*U=
M%$')*2! (/%.'.$! +,%$#$! %/! /,! '8$.*&)0$,*D! L===
0F&,$! 8'! ?! #.$'! *F.<&/rU=! M8$.*&)0$,*/(! )$! .$4$.2! ('!
4'#*/(!%21!6$5&!'%/0/('.$'!'%*/'(2!6$!%/,-5*&,3$!,/!'.$!
#.$%$6$,*! +,! &)*-.&'! -0$,&.&&1! -0/(! +,3$($9$! 6&,! %$! +,!
%$! 0'&! #/3&,! 0/'+3 +($+3 043 &.+=,%&$=! V.-9.$)/(! 5*&&,3$&!
6&,! /(*&0/(! )$%-(1! %'.$! '! '6/)! 6-/2! .$8-(/3&&1! .$8-(/3&'!
%/',*&%2!5&!.$8-(/3&'!&,4-.0'*&%21!,/!'!0-6&?%'*!'#.-'#$!
%/!,&0&%!8$%K$'!8&<&/,$!')/#.'!(/0&&=!j0',&*'*$'!,/!)C'!
0-6&?%'*!)$0,&?%'*&81!6'.!6$3&,$1!#$,*./!#.&0'!6'*2!+,!
&)*-.&'!)'1!#-)&7&(&*'*$'!6$!'!)$!'/*-6&)*./9$!&,*$9.'(=
j0',&*'*$'!('!0-0$,*/(!'%*/'(!)$!%-,4./,*2!%/!/,!
#$.&%-(/(! *.&#(/D! 0'*$.&'(1! 7&-(-9&%! 5&! )#&.&*/'(=! M.0$($!
,/%($'.$!'%/0/('*$!('!)/#.'4'3'!#(',$*$&!,-')*.$!#-*!)2!-!
6&)*./92!6$!0'&!0/(*$!-.&1!%'!5&!%/0!-!)&,9/.2!6'*2!,/!'.!
?!6$!'A/,)=!V$!#(',!7&-(-9&%!#/*$0!0-6&?%'!#'*.&0-,&/(!
9$,$*&%! '(! )#$%&$&! ,-')*.$1! &,*$.8$,&,6! +,! )*.24/,6/.&($!
?&,3$&! ,-')*.$! 7&-(-9&%$! 42.2! )2! %/,-'5*$0! %/! '6$82.'*!
.2)#/,)/.&($! ('! 0'.&($! +,*.$72.&! %'.$! -! #.&8$)%=! V$! #(',!
)#&.&*/'(1!#.&,*.C-!%-,A/9'.$!'!%-.#/(/&!,-)*./!%/!0'5&,'!
&,4-.0'*&%2!,$!#/*$0!0-6&?%'!)$,<'3&&($!#F,2!('!%.$'.$'!
/,$&!.$'(&*23&!8&.*/'($1!#$!%'.$!-!#$.%$#$0!0'&!'6$82.'*2!
6$%F*! .$'(&*'*$'! -.9',$(-.! ,-')*.$! 6$! )&03=! I'! /.0'.$1!
'!'#2./*!/,!&,)*./0$,*!6$!0',&#/('.$!'!%-,5*&&,3$(-.!('!
)%'.2!#(',$*'.21!%'.$1!4-(-)&*!+,!)%-#/.&!&0-.'($1!'.!#/*$'!
6/%$! ('! '/*-6&)*./9$.$'! )#&.&*/'(2! '! )#$%&$&! ,-')*.$=!
gF,6&.$'! %(')&%2! 5&C'! 6$0-,)*.'*! (&0&*$($! $8&6$,*$! +,!
0-0$,*/(!+,!%'.$!'!'8/*!(-%!%$$'!%$!'0!,/0&*!.$8-(/3&'!
%/',*&%2=! M%$')*'! ,/! ,/0'&! %2! '! .$8-(/3&-,'*! +,*.$'9'!
?<&%21! %&! '! )%K&07'*! +,! #.-4/,<&0$! 8&<&/,$'! ')/#.'!
(/0&&=! I-,%$#*$! '*-*#/*$.,&%$! #F,2! '*/,%&1! #.$%/0! %$(!
6$! %-,*&,/&*'*$1! %'/<'(&*'*$! (-%'(21! 6$*$.0&,&)0! )'/!
-7&$%*&8&*'*$1! '/! 4-)*! <9/6/&*$! 6&,! *$0$(&&=! B$! '%$$'1!
('! 0-6/(! 9$,$.'(1! ?,'(&*'*$'! *.',)6&)%&#(&,'.&*23&&! $)*$!
*'5+2+>+%+&3 249//3 ?%+C+'$+1! &'.! /,/(! 6&,*.$! &0#$.'*&8$($!
)'($!$)*$!4'/$&$+&304'1&6$+%//=
B$! ')$0$,$'1! *.',)6&)%&#(&,'.&*'*$'! #.-#/,$! -!
,-/2!4-.02!6$!/0',&)01!$%&'(49&'/(942=!M%$)*'!-4$.2!
?$%2.$&!?&,3$!/0',$!%'#'%&*'*$'!6$!0'@&02!6$<8-(*'.$!
%/(*/.'(2!5&!)#&.&*/'(21!#.&,!%2/*'.$'!'!%$$'!%$!$@&)*2!+,1!
#.&,*.$! 5&! 6&,%-(-! 6$! ?&,3$($! /0',$=! M%%$,*/(! ,/! 0'&!
%'6$!#$!-.9',&<'.$'!&6$'(2!'!/0',&*23&&1!%&!#$!-!)*./%*/.2!
N$@&7&(21! -.&$,*'*2! %2*.$! +,*F0#&,'.$'! %-0#($@&*23&&=!
E&%$&3 `%&'(./(0/?2/'&%/$,5//1! .$6'*2! +,! ',$@'! 6$! ('!
?,'(/(! %2.3&&! `%&'(./(0/?2/'&%/$&$+&#3 I&'/@+($1! $)*$!
.$6'%*'*2! 6$! Z&0'! 6$! e.$&*')1! S69'.! [-.&,! 5&! :')'.'7!

;&%-($)%/! +,! \]]^! 5&! .$'?.02! '8',*'A$($! /,$&! '*&*/6&,&!

*.',)6&)%&#(&,'.$=! B$! $@$0#(/1! %-,5*&$,*&<'.$'! 6$! %2*.$!
?$%'.$!?&,32!/0',2!'!4'#*/(/&!%2!(-%/&$5*$!#$!>$..'!6/%$!
)#.$! -! ?&,32! *.',),'3&-,'(2! %$! $@%(/6$! &6$$'! 6$! .2<7-&=!
B$0$.)/(!*.',)6&)%&#(&,'.!,/!%.$6$!%2!8.$-!%/(*/.2!$)*$!
#.&8&($9&'*2! +,! .'#-.*! %/! %$($('(*$! 5&1! #.&,! '*&*/6&,$'!
6$)%K&)2! 4'32! 6$! 0&*/.&! 5&! 4'32! 6$! .$(&9&&1! $@%(/6$! '*F*!
%-,N&%*$($! %/(*/.'($1! %F*! 5&! .2<7-'&$($! .$(&9&-')$=!
M.*&%-(/(! \c! '(! I'.*$&! >.',)6&)%&#(&,'.&*23&&! '?.02D!
L$*&%'!*.',)6&)%&#(&,'.2!.$)#&,9$!-.&%$!'*&*/6&,$!%$!.$4/<2!
6&'(-9/(! 5&! 6$<7'*$.$'1! &,6&4$.$,*! 6$! -.&9&,$'! '%$)*$&!
'*&*/6&,&! T! ?$! $'! 6$! -.6&,! &6$-(-9&%1! )%&$,*&)*1! .$(&9&-)1!
$%-,-0&%1! #-(&*&%1! ?(-<-?%=! I/,-'5*$.$'! +0#2.*25&*2! '.!
*.$7/&! )2! 6/%2! ('! -! +,3$($9$.$! +0#2.*25&*21! 4-,6'*2! #$!
.$)#$%*/(!'7)-(/*!'(!6&8$.)&*23&(-.!%-($%*&8$!5&!&,6&8&6/'($1!
/,&*$!#.&,!8&'3'!%-0/,2!#$!/,'!5&!'%$$'5&!#(',$*2U=
k$)#-,)'7&(&*'*$'! %/! %'.$! '/*-./(! +5&! ')/02!
#.-#.&/(! 6$0$.)! *.',)6&)%&#(&,'.! $)*$! .$0'.%'7&(2! 5&!
6$,-*2!#.-4$)&-,'(&)0!5&!-!0'.$!%'#'%&*'*$!6$!+,3$($9$.$!
'!(/0&&!#.$<$,*$D!:')'.'7!;&%-($)%/!3&,$!)2!)/7(&,&$<$1!
+,!#.$'07/(/(!0',&4$)*/(/&!*.',)6&)%&#(&,'.!%21!+,!%&/6'!
4'#*/(/&! %2! '! %-,*.&7/&*! 6&,! #(&,! ('! 0'&! 0/(*$! &,&3&'*&8$!
*.',)6&)%&#(&,'.$! %-($%*&8$1! L0',&4$)*/(U! $)*$! )%.&)! +,!
,/0$($! )2/! #.-#.&/! 5&! ,/! ',9'A$'<2! 6$%F*! #.-#.&'! )'!
%-,5*&&,32=
M%*/'(&*'*$'! 0',&4$)*/(/&! )%.&)! 6$! :')'.'7!
;&%-($)%/!8&,$!6&,!4'#*/(!%2!,$!#.-#/,$!-!)-(/3&$!#$,*./!
&0#')/(! +,! %'.$! (/0$'! )$! 'N2! +,! '%$)*! 0-0$,*1! &0#')!
%'/<'*! +,! #.&0/(! .F,6! 6$! ./#*/.'! 6&,*.$! -! %/,-'5*$.$!
6&,! %$! +,! %$! 0'&! 7-9'*2! 5&! -! ?&,32! &,*$.&-'.2! 6&,! %$! +,!
%$! 0'&! )2.'%2=! V.&,! *.',)6&)%&#(&,'.&*'*$1! '%$)*! 6$%'('A!
+,*.$! %',*&*'*$'! 6$! %/,-'5*$.$! '%/0/('*2! O+,! #(',/(!
0&'$/$&$/=P! 5&! ,&8$(/(! 6$! %-,5*&&,32! '(! ?&,3$&! /0',$! O+,!
#(',/(! 0&2/$&$/=P! #-'*$! ?! $%K&(&7.'*1! ')*4$(! +,%F*! -0/(!
%-,*$0#-.',! )2! )$! #-'*2! .&6&%'! ('! ,&8$(/(! )#$.',3$(-.!
%'.$!'/!4-)*!&,8$)*&*$!+,!$(=!E,!4-,61!($%*/.'!0',&4$)*/(/&!
*.',)6&)%&#(&,'.&*23&&!#-'*$!.$#.$<$,*'!/,!#.&0!#')!42%/*!
6$!?$%'.$!6&,*.$!,-&!#$,*./!'!.$<-(8'1!#$!#(',/(!#.-#.&$&!
?&,3$1!'%$')*2!#.-7($02!%-0#($@2=
6+,+%!+,!"#$%&'%(')*'$#"'!#!+#D,]55^
333333333333712423@4'.&9+'$&23&23'/=+2+21%3.+3%+&2/$&$+3
6/3/9?1%$&'5&304'1&6$+%//3&,!8&8M0!82</*!6$A'!%2!:')'.'7!;&%-($)%/!-4$.2!/,!,-/!
*&#! 6$! 9F,6&.$1! %'.$! 4'%$! $@'%*! -7&$%*/(! 0',&4$)*/(/&!
*.',)6&)%&#(&,'.&*23&&1! &'.! '%$)*! *&#! 6$! 9F,6&.$! '.$! %'!
*.2)2*/.&!4/,6'0$,*'($!.&9-'.$'1!6$)%K&6$.$'!5&!*-($.',3'=!
B$! ')$0$,$'1! #.&,! '*&*/6&,$'! *.',).$(&9&-')2! #$! %'.$!
-! #.-#/,$1! 4'%$! &0#-)&7&(! -.&%$! .2<7-&! .$(&9&-)=! V.&,!
$6/%'3&'!#$!%'.$!-!#.-#/,$1!-!$6/%'3&$!&,*$9.'(21!'6.$)'*2!
?&,3$&!/0',$!+,!+,*.$9&0$'!)'!5&!,/!6-'.!/,$&'!6&,!#2.3&($!
)'($!T!6$!-7&%$&1!&,*$($%*/(!T!*.',)6&)%&#(&,'.&*'*$'!#$.0&*$!
,'5*$.$'!/,/&!,-/!*&#!6$!/0',&)0=!>.',)6&)%&#(&,'.&*'*$'!
)$! 6&4$.$,3&'<2! .'6&%'(! 6$! 6&)%&#(&,'.&*'*$1! 6$!
#(/.&6&)%&#(&,'.&*'*$! 5&! 6$! &,*$.6&)%&#(&,'.&*'*$1! 6$-'.$%$!
4'32!6$!%$.%$*'.$'!6&)%&#(&,'.21!%'.$!)$!.$4$.2!%$(!0/(*!('!
/,/(!5&!'%$('5&!,&8$(!6$!.$'(&*'*$!T!'*/,%&!%F,6!,/!)$!.$4$.2!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
6-'.!('!4.'90$,*$!'($!'%$)*/&'!T!*.',)6&)%&#(&,'.&*'*$'!)$!
#.$-%/#2!6$!6&,'0&%'!#.-8-%'*2!6$!'%3&/,$'!)&0/(*',2!'!
0'&!0/(*-.!,&8$(/.&!6$!.$'(&*'*$=
E,! 0-6! 4/,6'0$,*'(! *.',)6&)%&#(&,'.&*'*$'! )$!
)#.&A&,2! #$! *.$&! #&(-,&D! $@&)*$,3'! 0'&! 0/(*-.! ,&8$(/.&! 6$!
.$'(&*'*$!5&!'!0'&!0/(*-.!,&8$(/.&!6$!#$.%$#3&$!'!.$'(&*23&&1!
(-9&%'!*$.3/(/&!&,%(/)!5&!#.&,%&#&/(!%-0#($@&*23&&D!
&P!$@&)*2!0'&!0/(*$!'/=+24%/3.+3%+&2/$&$+1!&'.!'%$)*$'!
6$8&,! '%%$)&7&($! %/,-'5*$.&&! /0',$! 6'*-.&*2! $@&)*$,3$&!
0'&! 0/(*-.! ,&8$(/.&! 6$! #$.%$#3&$=! M%$)*$! ,&8$(/.&! 6$!
#$.%$#3&$! #$.0&*! -! 8&<&/,$! 6&,! %$! +,! %$! 0'&! 9$,$.'(21!
/,&?%'*-'.$1! %/#.&,<2*-'.$! '! .$'(&*23&&1! 42.2! %'! 8.$-6'*2!
)2!'A/,92!)2!-!$#/&<$<$!%-0#($*t
&&P! 21>/0&3 $+%5424/3 /'024(! %-,*.'<&%$! -! '@&-02! '!
(-9&%&&! %(')&%$D! '%$$'! %2! ,/! )$! #-'*$! '?.0'! +,! '%$('5&!
*&0#!8'(&6&*'*$'!/,/&!(/%./!5&!%-,*.'.&/(!)2/1!M!5&!,-,CM=!
M@&-0'!*$.3/(/&!&,%(/)!)#/,$!%2!)$!#-'*$!'?.0'!+,!'%$('5&!
*&0#!8'(&6&*'*$'!/,/&!(/%./!5&!%-,*.'.&/(!)2/=!I$$'!%$!#2.$'!
-#/)!#$!/,!)&,9/.!,&8$(!6$!.$'(&*'*$1!)$!6-8$6$5*$!/,&*!#$!
/,!'(*!,&8$(!6$!.$'(&*'*$=!Z-9&%'!*$.3/(/&!&,%(/)!+5&!92)$5*$!
&(/)*.'.$'!+,!$@&)*$,3'!#'.*&%/($&!%/',*&%$!6$)%-#$.&*$!6$!
?<&%'! %/',*&%2=! e&<&%'! %(')&%2! '60&*$'! 6-'.! 6-/2! 4$(/.&!
6$!-7&$%*$1!7&,$!6&4$.$,3&'*$D!%-.#/)%/(!5&!/,62=!V'.*&%/('!
%/',*&%2!&9,-.2!'%$')*2!+0#2.3&.$1!?&,61!+,!'%$('5&!*&0#1!
5&! %-.#/)%/(1! 5&! /,62! )'/1! '(*4$(! )#/)1! ,&%&! %-.#/)%/(1!
,&%&! /,62=! V'.*&%/('! %/',*&%2! .$#.$<&,*2! ')*4$(! -! /,&*'*$!
'!%-,*.'.&&(-.=
&&&P!?%/'0/?/423019?2+M/$,5//!$)*$!/,!'(!*.$&($'!#&(-,!
#$!%'.$!)$!)#.&A&,2!*.',)6&)%&#(&,'.&*'*$'=!I-0#($@&*'*$'!
)C'!&,)*'('*!#.$*/*&,6$,&!6$C'!(/,9/(!)$%-(/(/&!'(!QQC($'=!
e-,6'*-.&&! ?<&%&&! %/',*&%$! )$! '5*$#*'/! %'! ,/0'&! %F*$8'!
#'.*&%/($!4/,6'0$,*'($!)2!6$)%.&$!+,*.$'9'!%-0#($@&*'*$!
?<&%21!6'.!'%$')*2!8&<&/,$!'!4-)*!)#/(7$.'*2!'*/,%&!%F,61!
6'*-.&*2!'%%$($.'*-'.$(-.!6$!#'.*&%/($1!'/!4-)*!6$)%-#$.&*$!
)/*$!6$!#'.*&%/($=!I-0#($@&*'*$'!/,&8$.)/(/&!$)*$!#/)2!+,!
$8&6$,32! 6$! ?<&%'! 5&! %-)0-(-9&'! %/',*&%21! ,$?&,6! +,)2!
8-.7'! 6$! %-0#($@&*'*$'! /,/&! %-5! 6$! 9/,-&1! 6$-'.$%$!
.$('3&'!6&,*.$!&,?,&*/(!0&%!5&!&,?,&*/(!0'.$!$)*$!9/8$.,'*2!
6$!-!%-$.$,32!/&0&*-'.$=
M0!)#/)!',*$.&-.!%2!#$,*./!9F,6&.$'!%(')&%21!+,*.$!
6&)%&#(&,$! 5&! 6$! 6&,%-(-! 6$! 6&)%&#(&,$! $)*$! 9-(1! 6'.! +,!
#.$<$,3'!0'&!0/(*-.!,&8$(/.&!6$!.$'(&*'*$1!)#'3&/(!6&,*.$!
6&)%&#(&,$!5&!6$!6&,%-(-!6$!6&)%&#(&,$!$)*$!#(&,1!'5'!%/0!
8&6/(! %/',*&%! $)*$! #(&,! 6$! *-'*$! #-*$,3&'(&*23&($D! 6$! ('!
#'.*&%/('!%/',*&%2!('!9'('@&&1!6$!('!z/'.%&!('!$($0$,*$($!
9.$($! %$! %-,6&3&-,$'<2! '#'.&3&'! 8&$3&&! +,! j,&8$.)=!
"*./%*/.'!6&)%-,*&,/2!'!,&8$(/.&(-.!6$!.$'(&*'*$!6$*$.0&,2!
)*./%*/.'! 6&)%-,*&,/2! '! )#'3&/(/&! *.',)6&)%&#(&,'.! %'.$1!
('!.F,6/(!)2/1!$@#(&%2!6$!%$!%$.%$*'.$'!*.',)6&)%&#(&,'.2!
$)*$!.'6&%'(!6&)*&,%*2!6$!%$.%$*'.$'!6&)%&#(&,'.21!?&,6/C&!
*-*-6'*2!%-0#($0$,*'.2=!I$.%$*'.$'!6&)%&#(&,'.2!)$!.$4$.2!
%$(!0/(*!('!/,/(!5&!'%$('5&!,&8$(!6$!.$'(&*'*$1!+,!*&0#!%$!
*.',)6&)%&#(&,'.&*'*$'!)$!#.$-%/#2!6$!6&,'0&%'!#.-8-%'*2!
6$!'%3&/,$'!)&0/(*',2!'!0'&!0/(*-.!,&8$(/.&!6$!.$'(&*'*$=!
B$)%-#$.&.$'!'%$)*$&!6&,'0&%&!*.$%$!+,!0-6!,$%$)'.!#.&,!
%/,-'5*$.$'!6&)%&#(&,'.2=!>.',)6&)%&#(&,'.&*'*$'1!42.2!'!?!
-!,-/2!6&)%&#(&,2!-.&!-!,-/2!)/#$.6&)%&#(&,21!)$!K.2,$5*$!
6&,! %$.%$*'.$'! 6&)%&#(&,'.2! %'.$1! ('! .F,6/(! )2/1! $)*$!

#"(

(&0#$<&*2! +,*.C-! 0',&$.2! ,-/2! 5&! 4$.*&(2! 6$! %/,-'5*$.$'!

*.',)6&)%&#(&,'.21!+,!'%$)*!)$,)1!%$.%$*2.&($!6&)%&#(&,'.$!5&!
*.',)6&)%&#(&,'.$!,/!)/,*!',*'9-,&)*$!%&!%-0#($0$,*'.$=
E,! (/%.'.$'! )'! ;1/<3 ?&%$/042&3 6/3 249+&1! :')'.'7!
;&%-($)%/! ,$! +,6.$'#*2! '*$,3&'! ')/#.'! %-,)$%&,3$(-.!
$#&)*$0-(-9&%$! %$! 6$.&82! 6&,! .$8-(/3&'! %/',*&%2=!
V.&0$($!%'#&*-($!)$.8$)%!6.$#*!-!&,*.-6/%$.$!$)$,3&'(2!+,!
/,&8$.)/(!%/',*&%1!42.2!)&0#(&?%2.&!&,/*&($1!%$!)$!92)$)%!
+,!0'A-.&*'*$'!%2.3&(-.!6$!#-#/('.&<'.$!'!5*&&,3$&=!B$7/*/(!
?<&%&&!%/',*&%$!3&,$!6$!6$)%-#$.&.$'!%/',*$&!$($0$,*'.$!
6$!'%3&/,$1!6$!%2*.$!['@!V(',%`1!('!6'*'!6$!\^!6$%$07.&$!
\]ppD!LI/',*'!(/&!V(',%`!&,*.-6/%$!-!)*./%*/.'!6&)%.$*21!
6&)%-,*&,/2!'!$,$.9&$&=!X$%K&/(!%-,%$#*!'*-*#/*$.,&%!6$!
%-,*&,/&*'*$! 4/)$)$! <6./,%&,'*! 5&1! -! 6'*2! %/! $(1! +,)$5&!
7'<$($!'!%$$'!%$!)$!%-,)&6$.'!%'!?&,6!.$'(&*'*$U!OdP=!
I-,%$#*$($! 6$! %-,*&,/&*'*$! 5&! %'/<'(&*'*$! (-%'(21!
#.-4/,6! ($9'*$! +,*.$! $($! O_P1! %-,)*&*/&'/! 4/,6'0$,*$($!
.$'(&)0/(/&! %(')&%=! ;-3&/,$'! 6$! %-,*&,/&*'*$! $)*$!
)#.&A&,&*2! 6$! -.9',$($! ,-')*.$! )$,<-.&'($1! 'A/*F,6/C
,$! )2! .$%-0#/,$0! /,! *'7(-/! $@K'/)*&8! '(! .$'(&*23&&1! +,!
*&0#!%$!%'/<'(&*'*$'!(-%'(2!$)*$!($9'*2!6$!.'3&-,'(&*'*$!5&!
)$#'.'7&(&*'*$=!!LV$,*./!'!+,3$($9$!+,*.$'9'!)*.',&$*'*$!'!
&6$&&!6$!6&)%-,*&,/&*'*$1!)2!,$!+,%K&#/&0!-!#')2.$!%$!)'.$!
6&,!.'0/.2!+,!.'0/.21!42.2!)2!*.$'%2!#.&,!,&%&!/,!#/,%*!
&,*$.0$6&'.U!O]P=!k'3&-,'(&*'*$'!,-')*.2!0$6&',2!O%'.$!)$!
7'<$'<2!#$!-!$%K&8'('.$!6&,*.$!6'*$($!)$,<-.&'($!5&!#.-#.&'!
#$.%$#3&$P!$)*$!&,%'#'7&(2!)2!%-,%$'#2!-!)&*/'3&$!6$!'%$)*!
9$,!T!',*&%&#F,61!')*'!+,)$'0,2!%2!$@&)*2!-!%$</.2!+,*.$!
,&8$(/(! 6$! .$'(&*'*$! 0'%.-?<&%! 5&! %$(! %/',*&%=! I$(2('(*!
%-,%$#*C%K$&$! %(')&%1! %'/<'(&*'*$'! (-%'(2! '.$! ('! 7'<2! -!
'(*2!-7&5,/&,32!'!.'3&-,'(&*23&&!,-')*.$D!%$'!6$!'!6&)%$.,$1!
'!%(')'1!'!)$#'.'=!!S)*$!0'&!/5-.!)2!%/,-5*&!/,!-7&$%*!+,!
)$,)/(!F&%.!'(!%'.*$<&',&)0/(/&1!6'%2!+(!6$)#'.3&!+,!)/0'!
6$*$.0&,'*$(-.! )'($=! E,! '%$)*! )$,)1! :')'.'7! ;&%-($)%/!
-7)$.82!%2!(',3/(!6$!%'/<'(&*'*$!4/,6'0$,*$'<2!9F,6&.$'!
.'3&-,'(2=! V$,*./! '! +,3$($9$! )$,)/(! ,$)$#'.'7&(&*23&&!
%/',*&%$1! $)*$! %&*'*! :$.,'.6! 6vS)#'9,'*1! %'.$! 6$?,$5*$!
')*4$(!%-,%$#*/(D!LV.&,!'+(+?&%&-/2,!*.$7/&$!)2!+,3$($9$0!
%21! 6'%2! 8.$0! )2! %-,%$#$0! +,! '%$')*2! .$'(&*'*$! #2.3&!
(-%'(&<'7&($! +,! )#'3&/1! '*/,%&! 6'%2! /,$($! 6&,! '%$)*$!
)#'3&&! '/! &,*$.'%3&-,'*! 6/#2! ',/0&*$! 0-6/.&! 6$?,&*$!
+,*.C/,! *&0#! +,! %'.$! $($! $.'/! '#.-#&'*$1! 8-.! %-,*&,/'!
)2! &,*$.'%3&-,$<$===U! O\pP=! ;$)$#'.'7&(&*'*$'! #-'*$! ?!
.$%/,-)%/*2!5&!6&,!#/,%*!6$!8$6$.$!%-)0-(-9&%1!6$-'.$%$!
L*-'*$! #2.3&($! /,&8$.)/(/&! ,-)*./! '/! 4-)*! +,! %-,*'%*! ('!
+,%$#/*/(!7&9C7',9C/(/&U!O\\P=!
M07&3&'!0'A-.2!'!?<&%&$,&(-.!%-,)*2!+,!/,&?%'.$'!
&,*$.'%3&/,&(-.! +,*.C-! )&,9/.2! *$-.&$1! &6$$'! 6-0&,',*2! '!
/,&?%2.&&!?&,6!%2/*'.$'!)&0$*.&$&=!M76/)!"'('01!('/.$'*!
'(! #.$0&/(/&! ;-7$(! +,! \]d]1! .$0'.%'! +,! RlK'/$m3 .+(3
r4&$%+3+'+%>/+(3.+32l4'/=+%(D!L>-'*$!4-.0$($!6$!$,$.9&$!
)$! .$6/%! +,! $)$,32! ('! /,'! )&,9/.2=! e-.0$($! %'.$! )C'/!
0',&4$)*'*! T! %$($! '($! &,*$.'%3&/,&&! $($%*.-0'9,$*&%$1!
*'.&1! )('7$! 5&! 9.'8&*'3&-,'($! C! )/,*! *-'*$! 0',&4$)*'.$'!
/,$&! )&,9/.$! 4-.0$! 6$! $,$.9&$U! O\aP=! j,&?%'.$'!
&,*$.'%3&/,&(-.!)('7$!5&!$($%*.-0'9,$*&%$!'!4-)*!4-.0/('*2!
+,! \]bd! 6$! M76/)! "'('0! )&! "*$8$,! q$&,7$.91! ?&,6!
%-,?.0'*2!#.&,!6$)%-#$.&.$'!7-)-,&(-.!8$.*&%'(&!+,!\]_cC

#")

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

\]_^=! >$-.&&($! 6$! 9.',6C/,&?%'.$1! #.-#/)$! 6$! Y-u'.6!

g$-.9&! 5&! "K$(6-,! g(')K-u! +,! \]dd1! +,%$'.%2! )2! ($9$!
*.$&!&,*$.'%3&/,&D!$($%*.-0'9,$*&%21!)('72!5&!*'.$=!;/0&*'!
/,&?%'.$!'.$!(-%!L('!-!$,$.9&$!4'7/(-')2!O6$!\p\l!-.&!0'&!
0'.$!6$%F*!$,$.9&'!%-.$)#/,<F,6!0')$&!#.-*-,/(/&P=!mno!
M%$')*2! $,$.9&$! %-.$)#/,6$! /,$&! 6&)*',3$! &,?0$! O\pCa]!
%0PD!6'%2!#.-*-,/(!'.!?!('!4$(!6$!0'.$!%'!"-'.$($1!'%$')*'!
)%'.2!6$!/,&?%'.$!'.!?!%$'!'!/,/&!?.!6$!#.'4U!O\cP=!S@&)*2!
6-/2! -#3&/,&1! #$! %'.$! :')'.'7! ;&%-($)%/! ($! '0&,*$5*$D!
?$! )$! 6$)%-#$.2! -! *$-.&$! 6$! /,&?%'.$! 9$,$.'(21! %'.$! 8'!
%/#.&,6$!5&!&,*$.'%3&/,$'!9.'8&*'3&-,'(21!?$!/,&?%'.$'!'.$!
-!(&0&*21!6'*2!6$!&,%-0#($*&*/6&,$=!
IF*$8'! %-,)&6$.'3&&! 6$)#.$! .-(/(! ?<&%&&! +,!
.'#-.*! %/! %$($('(*$! 6&)%&#(&,$! )/,*1! 6$! ')$0$,$'1!
/*&($! #$,*./! +,3$($9$.$'! #.&,%&#&&(-.! %'.$! )*'/! ('! 7'<'!
*.',)6&)%&#(&,'.&*23&&D!Le&<&%'!$)*$!-!5*&&,32!*F,2.2D!$'!,/!
'#'.$!%'!6&)%&#(&,2!6&)*&,%*2!6$%F*!+,!A/./(!',/(/&!\lpp1!
-! 6'*2! %/! k$,'5*$.$'=!>-*/5&1! %F*$8'! )$%-($! 0'&! *F.<&/1!
('! +,%$#/*/(! %$(/&! 6$C'(! *.$&($'! 0&($,&/1! '.$! #.$*$,3&'!
)2! 6-7F,6$')%2! )*'*/*/(! /,$&! $+1%//3 &3 `1$424/#! mno!
M07&3&'! $)*$! %('.2D! %-,)*./&.$'! /,$&! *$-.&&! )&0#($! 5&!
@,%,3?&%&9+$%/32/-+%/!%'.$!'.!.$#.$<$,*'1!+,!')-%&$.$!%/!
0'*$0'*&%'1!4/,6'0$,*/(!%-,%$#*/'(!'(!#&.'0&6$&!*/*/.-.!
6&)%&#(&,$(-.!5*&&,3&?%$U!O\^P!"4F,*/(!g.''(!'(!?<&%&$,&(-.1!
%'!)2!4-(-)&0!%$($7.'!$@#.$)&$!'!(/&!Z$-,!Z$6$.0',!6&,!
`F+3 H1.3 G&%$/02+1! '.! ?! /,&?%'.$'! *$-.&$&! .$('*&8&*23&&!
9$,$.'($! %/! %$'! '! 0$%',&%&&! %/',*&%$=! S)*$! &,*$.$)',*2!
'%$')*2! #.$*$,3&$! '! ?<&%&&! +,! #(&,! #-)*0-6$.,&)01! +,!
%'.$! '%%$,*/(! )$! #/,$! #$! 4.'90$,*'.$1! 6&)&#'.$! )&!
)/#$.C)#$%&'(&<'.$1! 6$-'.$%$! #.$*$,3&&($! ?(-)-?$&! )/,*!
0/(*! 0'&! 0-6$)*$D! #$! 6$! -! #'.*$1! 6&)%&#(&,'! ?(-)-?$&!
)$'02,2! %/! &)*-.&-9.'?'1! %-($%3&-,F,6! +,*.C/,! 0-6!
0'&! 6$9.'72! ,$%.&*&%! 5&! 6$%('0'*&8! 6&8$.)$($! *$0'*&<2.&!
'($! L'6$82./(/&1! 7&,$(/&! )'/! 4./0-)/(/&U1! &<-(F,6/C($!
6&,! %-,*$@*/(! *$0#-.'(! 5&! 0'&! '($)1! 6$<9-(&,6/C($! 6$!
.$($8',3'!#$!%'.$!-!'/!4'32!6$!%-,*$@*/(!#.$<$,*1!&'.1!#$!6$!
'(*2! #'.*$1! ?(-)-?'! #.$<&,*2! 6&)*&,%*&8$! %'.'%*$.&)*&%&! 6$!
)/7-.6-,'.$1!#2.F,6!/,$-.&!%2!8.$'!)2!6$8&,2!-!.'0/.2!
'! .$*-.&%&&! O)'/! '! /,$&! 9F,6&.&! 7'<'*$! -7)$)&-,'(! #$!
%-0/,&%'.$1! '.9/0$,*'.$! A/.&6&%2! )'/! #-(&*&%'P=!M)*4$(1!
?(-)-?'! ?$! $)*$! %-,)&6$.'*2! 6$0-,$*&<'*21! 6$8$,&,6! -!
%-($%3&$! 6$! '6$82./.&! %-,8$,'7&($1! '#.-'#$! *.&8&'($1! ?$!
6$8&,$!%-0$.%&'(21!%2/*F,6!)2!)/#.'8&$3/&')%2!+,!0$6&/(!
'%'6$0&%1! #.&,! 6&4$.&*$! %-0#.-0&)/.&! -4$.&*$! 6$! *$-.&'!
%-0/,&%2.&&!%$!#'.$!-!6&)%&#(&,2!('!0-62=!e&<&%'!,/!8.$'!
)2!'76&%$!6$!('!*$($-(-9&'!)'!'07&3&-')2!5&!$)*$!)/)3&,/*2!
5&! 6$! .$</(*'*$($! )'($! #.'%*&%$1! %'.$! )/,*! 0'&! 9.$/! 6$!
$8'(/'*!+,!6&)%&#(&,$($!/0',&)*$1!6$!$@$0#(/=!
B'*-.&*2! %-0#($@&*23&&! ?<&%&&! %/',*&%$! 5&! '!
#-)&7&(&*23&(-.! $#&)*$0-(-9&%$! %$! 6$%/.9! 6&,! .$8-(/3&'!
%/',*&%21! :')'.'7! ;&%-($)%/! )#$%/($'<2! %2! L?<&%2!
4/,6'0$,*'(2! mno! ! #'.$! 'C5&! )%K&07'! ,'*/.'1! %'!
6&)%&#(&,2=! S'! )$! -.&$,*$'<2! *-*! 0'&! 0/(*! )#.$! /,!
6-0$,&/! 6$! &,*$.4'32! +,*.$! 0'*$0'*&%2! )&! 0$*'?<&%2|!
O\lP=! B'.! )$0,&?%'*&8! $)*$! 5&! /.02*-./(! ')#$%*D! ! LS)*$!
*-*/5&!#'.'6-@'(!)2!.$0'.%20!%2!?<&%'!%/',*&%2!-%/#2!/,!
(-%!%/!*-*/(!,$+,)$0,'*!+,!9F,6&.$'!)&)*$0&%2!'%*/'(2nU=!
B'*-.&*2! )/#$.C)#$%&'(&<2.&&1! $@&)*2! /,! '6$82.'*! 6&8-.3!

+,*.$! 6&)%&#(&,$1! 6$! '%$$'! 6&'(-9/(! 6&,*.$! -! ?(-)-?$! '!

&6$&(-.! O%-,%$#/*2! %'! -! .'6&-9.'?$.$! '! 0$,*'(/(/&P! 5&!
?<&%21! 7&-(-9&$! )'/! 0'*$0'*&%2! $)*$! 6$)$-.&! .$4/<'*=!
:&,$+,3$($)1!$)*$!0/(*!0'&!%-0-6!%'!-!)&,9/.2!6&)%&#(&,2!
)'!6$3&,2!/,!'6$82.'*!0-,-#-(!'(!.$'(&*23&&1!6$%&<F,6!%2!
*-'*$!%$($('(*$!6&)%&#(&,$!)/,*!'#.-@&02.&!6&)%/.)&8$!)'/!
*.'6/%$.&! &,-#-.*/,$! '($! .$'(&*23&&! 6'*$! T! %$$'! %$! 6/%$!
('! -! '/*-%.'3&$! 6&)%&#(&,'.21! %$! $@%(/6$! 6&,! )*'.*! -.&%$!
%-,8$.)'3&$! +,*.$! 6&8$.)$($! .'0/.&! '($! 5*&&,3$&=! M(*'1!
+,)21! $)*$! 0&<'! 8&<&/,&&! ,&%-($)%&$,$D! 6$0-,)*.F,6! %2!
,&8$(/(!6$!.$'(&*'*$!%/',*&%!6$)%K&6$!6./0/(!)#.$!-!,-/2!
?<&%21!%$$'!%$!$)*$!-!$8&6$,32!&)*-.&%21!)$!&,6/%$!&#-*$<'!
*.',)6&)%&#(&,'.&*23&&!%'!-!0$*-6-(-9&$1!%'.$!#-'*$!+,(-%/&!
'/*-C(&0&*'.$'! 0-,-C6&)%&#(&,'.21! %$$'! %$! $)*$! /,! 4'#*!
#.$6&%*&7&(=!
j,! %-,%$#*! $)$,3&'(1! &,*.-6/)! 6$! :')'.'7!
;&%-($)%/1! #$! %'.$! (C'0! /<&*'*! 6$A'! +,! (/%.'.$'! ,-')*.2!
$)*$! %$(! 6$! '/=+23 .+3 %+&2/$&$+=! V$,*./! 'C(! +,3$($9$! 0'&!
/5-.! *.$7/&$! '0&,*&*2! 6&)*&,%3&'! 6&,*.$! .$'(! 5&! .$'(&*'*$D!
L7+&2423+,)$0,2!0++&30+3+($+<3+,!*&0#!%$!.+&2/$&$+&!$)*$!
($9'*2!6$!%+C/($+'5,!+,!$@#$.&$,3'!,-')*.2!/0',2=!k$'(/(!
$)*$1!#.&,!6$?,&3&$1!')%/,)!#$,*./!*-*6$'/,'1!+,!*&0#!%$!
.$'(&*'*$'! $)*$! '%%$)&7&(2! %/,-'5*$.&&! ,-')*.$U! O\bP=! W!
6&4$.$,32!&0#-.*',*2!5&!6$)*/(!6$!,$'5*$#*'*2!8$,&,6!6$!('!
/,!-0!6$!5*&&,321!%'.$!'.!#/*$'!-#*'1!#.&,!,'*/.'!-%/#'3&$&!
)'($1! ('! -! +,%K&6$.$! )&)*$0'*&%2! 4'32! 6$! )4$.'! )'%./(/&D!
L#.-7($0'! (&0%424/1! +,3$($')2! %'! #.$<$,32! '! %$8'! 6$!
6-0$,&/(! %+&2424/3 /%+.40$/-/2! +,! (/0$1! $)*$! &,$8&*'7&(2!
#$,*./! -.&%$! '7-.6'.$! .'3&-,'(2! '! %/,-'5*$.&&U! O\dP=!!
;&8$(/.&($! 6$! .$'(&*'*$1! .'6&%'(! 6&4$.&*$! 6$! ,&8$(/.&($! 6$!
-.9',&<'.$1! )/,*! L/,! ',)'07(/! 6$! )&)*$0$! 'N'*$! 0$.$/!
)/7! '%3&/,$'! /,/&! ,/02.! 6$! ($9&! 9$,$.'($D! 6$! #&(621!
$,*&*23&($!%/',*&%$!)/,*!)/#/)$!($9&(-.!%/',*&%$1!%'.$!)/,*!
m===o! 6&4$.&*$! 6$! ($9&($! (/0&&! 0'%.-?<&%$=! E,)$'0,2! %2!
6-/2!,&8$(/.&!6$!.$'(&*'*$!)/,*!./@+%/$+!6'%21!*.$%F,6!6$!
('! /,/(! ('! '(*/(1! $@&)*'! -! ./#*/.2! '! ($9&(-.! 5&! -! ./#*/.2!
'! %-,%$#*$(-.! 4/,6'0$,*'($U! O\_P=! k$3&,$0! &6$$'! 6$!
%$</.21! 6$! 6&)%-,*&,/&*'*$! 6&,*.$! ,&8$(/.&($! 6$! .$'(&*'*$1!
%'.$!,$!8'!?!/*&(2!5&!+,!$@$0#(&?%'.$'!(-9&%&&!(/#')%&$,%$!
5&! '0&,*&0! %2! $@&)*2! O%$(! #/3&,P! *.$&! ')$0$,$'! ,&8$(/.&!
4/,6'0$,*'($D!L,&8$(/(!0'%.-?<&%1!,&8$(/(!0&%.-?<&%!5&!
%&7$.C)#'3&/(C*&0#/(U!O\]P=!
Z/F,6! +,! %-,)&6$.'.$! '%$)*$! 6'*$! '0! '($)! )2!
8-.7&0! 6$)#.$! 0-6$(/(! 6$! .$'(&*'*$! *.',)6&)%&#(&,'.!
#-.,&,6!6$!('!%-,%$#*/(!6$!7'<2!'(!*.',)6&)%&#(&,'.&*23&&!
T!'%$('!6$!'/=+24%/3.+3%+&2/$&$+=!R,%-0#'*&7&(&*'*$'!6&,*.$!
0$%',&%'! %/',*&%2! 5&! %$'! %(')&%2! '! %-,6/)! &,$8&*'7&(! ('!
,$%$)&*'*$'!6$!'!(2.9&!6-0$,&/(!6$!+,3$($9$.$!'!.$'(&*23&&1!
#.&,!'7',6-,'.$'!&6$&&!%(')&%$!6$!$@&)*$,32!'!/,/&!)&,9/.!
,&8$(! 6$! .$'(&*'*$=! B&,! #/,%*! 6$! 8$6$.$! #.'90'*&%1!
.$'(&*'*$'! .$#.$<&,*2! *-*! %$$'! %$! .$<&)*2! $@#$.&$,3$(-.1!
.$#.$<$,*2.&(-.1! 6$)%.&$.&(-.! 5&! &0'9&,&(-.! ,-')*.$1!
#.$%/0! 5&! 4-.0'(&)0/(/&! 0'*$0'*&%! %.$'*! 6$! 0&,*$'!
/0',2=! E,! ?<&%'! %/',*&%2! 4-.0'(&)0/(! 0'*$0'*&%! $)*$!
&,)$#'.'7&(! ($9'*! 6$! $@#$.&0$,*1! &'.! '%$)*'! .$<&)*2! +,!
02)/.'!+,!%'.$!$)*$!'/*-%-,)&)*$,*!5&!#-'*$!&,*$9.'!*-'*$!
6'*$($! $@#$.&0$,*'($! 42.2! )2! 6&)*./92! '/*-%-,)&)*$,3'=!
B&,!#/,%*!6$!8$6$.$!-,*-(-9&%1!,'*/.'!$)*$!-!&0$,)2!5&!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
&,$#/&<'7&(2!)/.)2!6$!,$%/,-)%/*!%'.$!A/)*&?%2!$@&)*$,3'!
5*&&,3$&=! k$'(&*'*$'! ,/! $)*$! ,/0'&! -! %-,)*./%3&$! )-%&'(2!
%$!.$#.$<&,*2!%-,)$,)/(!%-0/,&*23&&1!'6&%2!/,!'%-.6!+,*.$!
)/7&$%3&!)'/!/,!'%-.6!&,*$.C)/7&$%*&8=!B'.1!6$!')$0$,$'1!
.$'(&*'*$'! '.$! 5&! -! 6&0$,)&/,$! *.',)C)/7&$%*&821! %'.$! )$!
'N2!6&,%-(-!6$!)/7&$%3&1!5&!%'.$!'#'.$!'*/,%&!%F,6!/,!4'#*!
$@#$.&0$,*'(!)&0#(/!,2./&$5*$!-!*$-.&$!5*&&,3&?%2=!
B$)&9/.!%2!)$!#-'*$!4'%$!6&)*&,%3&$!+,*.$!.$'(!O%$$'!
%$!$)*$P!5&!.$'(&*'*$!O%$'!%'.$!$)*$!%-,$%*'*2!('!.$<&)*$,3'!
$@#$.&$,3$&! ,-')*.$! /0',$P=! k$'(/(! $)*$1! #.&,! 6$?,&3&$1!
+,*-*6$'/,'! +,82(/&*1! +,! *&0#! %$! .$'(&*'*$'! #-'*$! ?!
'%%$)&7&(2!%/,-'5*$.&&!/0',$=!E,!'%$)*!%-,*$@*1!:')'.'7!
;&%-($)%/!6$?,$5*$!/,!,&8$(!6$!.$'(&*'*$!%'!/,!',)'07(/!
6$! )&)*$0$! &,8'.&',*! 4'32! 6$! '%3&/,$'! /,/&! ,/02.! 6$!
($9&!9$,$.'($1!%/0!'.!?!$,*&*23&($!%/',*&%$!%'.$!)$!)/#/,!
($9&(-.! %/',*&%$! %$! )/,*! +,*.C-! %-,*.'6&%3&$! .'6&%'(2! %/!
($9&($!(/0&&!0'%.-)%-#&%$=!M%$')*'!+,)$'0,2!%21!+,!%'</(!
+,!%'.$!6-/'!,&8$(/.&!'($!.$'(&*23&&!)/,*!6&4$.&*$1!('!*.$%$.$'!
6$!('!/,/(!('!%$(2('(*!'#'.$!13'+01'01%.&'5,36/313%4?$4%,3*'3
01'0+?$+2+3@4'.&9+'$&2+301%+(?4'C,$1&%+3D+0,%4/3'/=+2=!
B&)%-,*&,/&*'*$'!#.$<$,*2!+,!(/0$'!%/',*&%2!$)*$!#.$<$,*2!
5&! +,! )*./%*/.'! ,&8$(/.&(-.! 6$! .$'(&*'*$! 5&! -! +,*F(,&0! +,!
%-$@&)*$,3'!6&,*.$!(/0$'!0'%.-?<&%2!5&!%$'!0&%.-?<&%2=!!
;&8$(/.&($! 6$! .$'(&*'*$! )/,*! .'6&%'(! 6&4$.&*$! 4'32! 6$!
,&8$(/.&($!6$!-.9',&<'.$!6$?,&*$!+,!'7-.6'.$'!)&)*$0&%2!
5&! ,/! #.$)/#/,! -! ./#*/.'! 6$! %-,%$#*$($! 4/,6'0$,*'($D!
/,!',/0&*!,/02.!6$!,&8$(/.&!6$!-.9',&<'.$!'#'.3&,!6-'.!
/,/&!)&,9/.!,&8$(!6$!.$'(&*'*$=!;/!$@&)*2!6&)%-,*&,/&*'*$!
+,*.$! ,&8$(/.&($! 6$! -.9',&<'.$! '#'.3&,F,6! /,/&! ,&8$(! 6$!
.$'(&*'*$=!;&8$(/.&($!6$!-.9',&<'.$!%-.$)#/,6!6&4$.&*$(-.!
'.',A'0$,*$! '($! '%$(-.'5&! ($9&! 4/,6'0$,*'($1! +,! *&0#!
%$! '/=+24%/2+3 .+3 %+&2/$&$+3 (4'$3 >+'+%&$+3 ?%/'3 &05/4'+&3
01+%+'$,3&34'1%3&'(&9-24%/3.+32+>/3%&./0&23./@+%/$+=!
;&8$(/.&($! 6$! .$'(&*'*$! 5&! ,&8$(/.&($! 6$! -.9',&<'.$!
-4$.2!#-)&7&(&*'*$'!/,$&!,-&!*'@-,-0&&!#$,*./!%$($!-#*!0&&!
6$!6&)%&#(&,$!'%'6$0&%$!$@&)*$,*$!#F,2!+,!#.$<$,*=![/(*$!
6&)%&#(&,$! #-*! %-$@&)*'! +,*.C/,! )&,9/.! ,&8$(! 6$! .$'(&*'*$!
%K&'.! 6'%2! %-.$)#/,6! /,-.! ,&8$(/.&! 6$! -.9',&<'.$!
6&4$.&*$=!B$!$@$0#(/1!$%-,-0&'!0'.@&)*2!5&!?<&%'!%(')&%2!
'#'.3&,! '%$(/&'5&! ,&8$(! 6$! .$'(&*'*$1! +,! *&0#! %$! ?<&%'!
%/',*&%2!5&!#)&K','(&<'!'#'.3&,!/,/&!'(*!,&8$(!6$!.$'(&*'*$=!
B'*-.&*'! %-,%$#*/(/&! 6$! ,&8$(! 6$! .$'(&*'*$1! .$'(&*'*$'!
%'#2*2!-!)*./%*/.2!0/(*&4/,%3&-,'(2!5&!0/(*&.$4$.$,3&'(2=!
;&8$(/.&($! 6$! .$'(&*'*$! )/,*! %$($! %'.$! #$.0&*! 6$?,&.$'!
,-3&/,&(-.!/*&($1!%/0!)/,*!,&8$(/.&($!6$!(&07'A1!,&8$(/.&!
6$!.$#.$<$,*'.$1!,&8$(/.&!6$!0'*$.&'(&*'*$!)'/!,&8$(/.&!6$!
%-0#($@&*'*$=!
k$'(&*'*$'! %-0#-.*21! +,! 8&<&/,$'! (/&! :')'.'7!
;&%-($)%/1!/,!',/0&*!,/02.!6$!,&8$(/.&=!S8&6$,*1!$@&)*2!
%-$.$,32! +,*.$! 6&4$.&*$($! ,&8$(/.&! 6$! .$'(&*'*$! #$! %'.$! -!
-7)$.820!+,!%$($!6&,!/.02!%K&'.!+,!(/0$'!,'*/.'(2=!B$!
4'#*!)$!#'.$!%'!$@&)*2!-!8')*2!'/*-%-,)&)*$,32!+,!$8-(/3&'!
/,&8$.)/(/&1!6$!('!0&%'!&,?,&*'*$!('!0'.$'!&,?,&*'*$1!6$!('!
&,?,&*'*$'!)%/.*2!('!&,?,&*'*$'!('.92D!-!8'.&'3&$!4-'.*$!0&%2!
'!%-,)*',*$&!6$!%/#('A!'!&,*$.'%3&/,&&!*'.&!6&,*.$!#'.*&%/($($!
%/',*&%$! '.! #/*$'! %-,6/%$1! ('! )%'.'! /,&8$.)/(/&1! ?$! ('!
%-,8$.)&'!+,*.$9/(/&!K&6.-9$,!+,!K$(&/1!?$!('!&,$@&)*$,3'!
+,! ,'*/.'! '! /,-.! '*-0&! 0'&! %-0#($%5&! 6$%F*! %'.7-,/(=!

#"*

"'/!'(*2!%-,)*'*'.$1!-!8'.&'3&$!4-'.*$!0&%2!'!%-,)*',*$&!6$!
%/#('A!9.'8&*'3&-,'(!'.!%-,6/%$!?$!('!#(',$*$!$4$0$.$1!?$!
('! &0#-)&7&(&*'*$'! 4-.02.&&! #(',$*$(-.=! E,! #(/)1! +,! '%-.6!
%/!*$-.&&($!'%*/'($!'($!%-)0-(-9&$&1!/,&8$.)/(!#'.$!)2!?$!
%'#'7&(!)2!)$!'/*-%.$$<$!42.2!8.$-!&,*$.8$,3&$!$@*$.,2=!j,!
N/@!&,4-.0'3&-,'(!$)*$!*.',)0&)!+,!0-6!%-$.$,*!6$!('!/,!
,&8$(!6$!.$'(&*'*$!('!'(*!,&8$(!6$!.$'(&*'*$1!+,!'%$)*!/,&8$.)!
?<&%!'(!,-)*./=!
B$! '(*4$(1! ?$%'.$! ,&8$(! 6$! .$'(&*'*$! '.$! #.-#.&'! )'!
')-%&$.$!6$!)#'3&/C*&0#=!M)*4$(!,&8$(/(!6$!.$'(&*'*$!%(')&%!
$)*$! ')-%&'*! 0'*.&%$&! )#'3&/C*&0#! %/! #'*./! 6&0$,)&/,&1!
+,! *&0#! %$! ,&8$(/(! 6$! .$'(&*'*$! %/',*&%! $)*$! ')-%&'*! %/!
0'&! 0/(*! 6$! #'*./! 6&0$,)&/,&=! I$'! 0'&! )-?)*&%'*2! 5&!
#.-0&32*-'.$!*$-.&$!+,!%$$'!%$!#.&8$5*$!/,&?%'.$'!*/*/.-.!
&,*$.'%3&/,&(-.!?<&%$!$)*$!*$-.&'![!O6$!('!L0$07.',2UP1!
/,6$! )#'3&/C*&0#/(! *.$7/&$! )2! '&72! \\! 6&0$,)&/,&D! -!
6&0$,)&/,$!'!*&0#/(/&!5&!<$%$!6&0$,)&/,&!'($!)#'3&/(/&=!
"/#$.*$,)&/,$'1! $,*&*'*$! 4/,6'0$,*'('! '! /,$&!
*$-.&&!,-&1!!0-6&?%2!+,*.C-!0',&$.2!&,*$.$)',*2!%-,%$#3&'!
,-')*.2!6$)#.$!.$'(&*'*$'!?<&%2=!"/#$.*$,)&/,$'!)$!+,*&,6$!
+,!)#'3&/!5&!+,!%-,)$%&,321!6&,!#/,%*!6$!8$6$.$!(-9&%1!$)*$!
&0#-)&7&(!)2!6$?,$5*&!/,6$!5&!%F,6!'/!&,*$.'%3&-,'*!'%$)*$!
)/#$.*$,)&/,&=! M%$')*'! %'.'%*$.&)*&%2! $)*$! +,! )#&.&*/(!
0$%',&%&&! %/',*&%$=! V$! 6$! '(*2! #'.*$1! 6&0$,)&/,$'! (-.!
?,&*2!&0#(&%2!-!(&0&*2!'!#-)&7&(&*23&&!,-')*.$!6$!'!$@#(-.'!
.$'(&*'*$'=!I-,8$,3&'!,-')*.2!',*.-#-0-.?%2!.$4$.&*-'.$!
('!6&)*',32!,/!$)*$!'#(&%'7&(2!#.$'!6$#'.*$=!;&%&!/,&8$.)/(1!
,&%&! -.&%$! '(*2! $,*&*'*$! 6&,! $(! ,/! '.$! 8.$-! +,)$0,2*'*$!
#$,*./!,-&!#$)*$!'%$')*'!(&0&*2=!E,!)4F.5&*1!6&0$,)&/,&($!
)#'3&'($! )/,*! 6$! 6-/2! 4$(/.&D! 0'.&1! 8')*$1! 8&<&7&($! O+,!
*.$&! 6&0$,)&/,&! '5'! %/0! #$.%$#$0! ,-&! )#'3&/(! #.-#.&/P!
5&! 0&%&1! '/*-+0#'%K$*'*$1! &,8&<&7&($=! ! M)*4$(1! '#'.$! /,!
,-/! #.&,%&#&/! '(! .$('*&8&*23&&! 6$)#.&,)! 6&,! 0-6$(/(! (/&!
:')'.'7!;&%-($)%/!6$!.$'(&*'*$D!,&%&!/,!,&8$(!6$!.$'(&*'*$!
,/!.$#.$<&,*2!/,!(-%!#.&8&($9&'*!6&,!%'.$!)$!#-*!+,3$($9$!
%$($('(*$!,&8$(/.&!6$!.$'(&*'*$=!j,!,&8$(!6$!.$'(&*'*$!$)*$!
%$$'!%$!$)*$1!6$-'.$%$!%$($('(*$!,&8$(/.&!$@&)*2!)&0/(*',!
%/! $(=! I/! '(*$! %/8&,*$! 0-6$(/(! 6$! .$'(&*'*$! #.-#/)! $)*$!
/,/(!'1')/+%&%F/0=!;/!$@&)*2!/,!,&8$(!4/,6'0$,*'(1!6'.!
'7)$,3'! '%$)*$&! #.&0-.6&'(&*23&! ,/! +,)$'0,2! %2! $@&)*2! -!
6&,'0&%2! ','.K&%2=! V.&0-.6&'(&*'*$'! $)*$! +,(-%/&*2! 6$!
6&,'0&%'! /,&*'.2! 5&! %-$.$,3'! '! */*/.-.! ,&8$(/.&(-.! 6$!
.$'(&*'*$!%'.$!)/,*!6$A'!6$)%-#$.&*$!5&!8-.!?!6$)%-#$.&*$!
+,!8&&*-.=!
e&$%'.$!,&8$(!6$!.$'(&*'*$!$)*$!%'.'%*$.&<'*!6$!#.-#.&'!
)'! &,%-0#($*&*/6&,$D! ($9&($! %'.$! )$! '#(&%2! +,*.C/,! ,&8$(!
)/,*!-!#'.*$!6&,!',)'07(/(!($9&(-.!%'.$!)$!'#(&%2!*/*/.-.!
,&8$(/.&(-.!6$!.$'(&*'*$=!M%$')*'!#.-#.&$*'*$!$)*$!+,!'%-.6!
%/! *$-.$0'! (/&! gw6$(! .$4$.&*-'.$! ('! '.&*0$*&%2! 8$.)/)!
*-'*$!%$($('(*$!*$-.&&!0'*$0'*&%$!%'.$!%-,3&,!'.&*0$*&%'=!
>$-.$0'!(/&!gw6$(!)#/,$!%'!/,!)&)*$0!'@&-0'*&%!$@%$)&8!
6$!7-9'*!+,!'@&-0$!%-,6/%$!('!.$</(*'*$!?$!%-,*.'6&%*-.&&1!
?$!'07&9/$=!
B&,'0&%'!,&8$(/.&(-.!6$!.$'(&*'*$!6$8&,$!%('.2!#.&,!
&,*$.0$6&/(! '! *.$&! *$<$! 4-.0/('*$! 6$! ?<&%&',/(! q'(*$.!
>K&..&,9!OapPD!
&P! ($9&($! '#(&%'7&($! /,/&! ,&8$(! &,4$.&-.! ,/! )/,*!
%-0#($*! 6$*$.0&,'*$! 6$! ($9&($! ,&8$(/(/&! )/#$.&-.1! 6&,!

##"

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

'%$)*! 0-*&8! ,-3&/,&($! #.$<$,*$! +,! 9F,6&.$'! %(')&%2! %'!

@4'.&9+'$&2+! 5&! &00/.+'$&2+! *.$7/&$! .$$@'0&,'*$D! %$$'!
%$!$)*$!%-,)&6$.'*!4/,6'0$,*'(!('!/,!',/0&*!,&8$(!#-'*$!
'#2.$'! %'! '%%&6$,*'(! ('! /,! ,&8$(! )/#$.&-.1! &'.! %$$'! $)*$!
%-,)&6$.'*!'%%&6$,*'(!)'/!6$!,$+,3$($)!('!/,!',/0&*!,&8$(!
#-'*$!)'!'#2.$'!%'!4/,6'0$,*'(!('!/,!,&8$(!)/#$.&-.t
&&P! ($9&($! /,/&! ,&8$(! &,4$.&-.! 6$#&,6! 0'&! 0/(*! 6$!
%&.%/0)*',3$($! (-.! $@*.$0$! 6$%F*! 6$! ($9&($! ,&8$(/(/&!
)/#$.&-.1! ')*4$(! +,%F*! ($9&($! /,/&! ',/0&*! ,&8$(! 6$#&,6!
$)$,3&'(!6$!%-,?9/.'3&'!(-%'(2!('!%'.$!)$!.$4$.21!%$$'!%$!
+&! 62! '/*-,-0&$! (-%'(2! ,&8$(/(/&! 6$! .$'(&*'*$! .$)#$%*&8t!
*-*/5&1! $@&)*2! ',/0&*$! '07&9/&*23&! &,*$.,$! +,! %$$'! %$!
#.&8$5*$! ($9&($! ,&8$(/(/&! &,4$.&-.! %'.$! '/! 4-)*! .$<-(8'*$!
#.&,! (/'.$'! +,! %-,)&6$.'3&$! '! ($9&(-.! 6$! -.6&,! )/#$.&-.t!
'/*-%-,)&)*$,3'!'%$)*-.!($9&!($!.$6/%$!'07&9/&*'*$'t
&&&P! &$.'.K&'! ($9&(-.! '! '8',)'*! %-,%-0&*$,*! %/!
/,&8$.)/(! +,)/5&1! 6$%&! ')&)*'0! ('! ,'5*$.$'! ($9&(-.! -!
6'*2! %/! 6$<8-(*'.$'! /,&8$.)/(/&1! ?&,6%2! '%$)*$! ($9&! '/!
#.$$@&)*'*!%'!#-)&7&(&*23&1!6$!('!+,%$#/*/(!/,&8$.)/(/&1!6'.!
#$!#'.%/.)1!$8-(/3&'!/,&8$.)/(/&!'!'%*/'(&<'*!'%$)*$!($9&1!
'%*/'(&<F,6!*-*-6'*2!5&!&$.'.K&'!(-.=!
-,'!6&,*.$!6&4$.&*$($!,&8$(/.&!6$!.$'(&*'*$!5&!<-,'!
6$! 6&,%-(-! 6$! *-'*$! '%$)*$! ,&8$(/.&! 6$! .$'(&*'*$! $)*$! 6$!
4'#*! -! C1'&3 &3 '1')%+C/($+'5+/! #$,*./! $@#$.&0$,*$($1!
.$#.$<$,*2.&($1! 6$)%.&$.&($! 5&! &0'9&,&($! ,-')*.$! %'! 5&! '!
4-.0'(&)0$(-.! 0'*$0'*&%$! %.$'*$! 6$! ,-&=!M%$')*'! <-,2!
6$!*.',)#'.$,32!)$!6'*-.$'<2!(&0&*2.&(-.!&0#/)$!6$!%-.#/(!
5&! )&03/.&($! ,-')*.$1! &,6&4$.$,*! %2! &,)*./0$,*$($! 6$!
02)/.'! '.! #/*$'! #.$(/,9&! -.9',$($! ,-')*.$! 6$! )&03=! B$!
'%$$'! ,-&! #/*$0! 6$6/%$! %2! L6&)*',3'U1! +,3$($9F,6! #.&,!
'%$')*'! 6&)*',3'! *-#-(-9&%2! 6&,*.$! ,&8$(/.&($! $@*.$0$!
'($! .$'(&*23&&1! $)*$! ?,&*2=! B'.! '%$')*'! 6&)*',32! ?,&*2!
,/! +,)$'0,2! %2! 5&! %/,-'5*$.$'! $! ?,&*2=! I'! 5&! +,! %'</(!
)$90$,*/(/&!%-,)&6$.'*!6&,*.C-!(&,&$!6.$'#*21!%'.$!%-,3&,$!
/,!,/02.!&,?,&*!6$!#/,%*$1!*-*!'5'!5&!6&)*',3'!*-#-(-9&%2!
?,&*2!#-'*$!%-.$)#/,6$!/,/&!,/02.!&,?,&*!6$!,&8$(/.&!6$!
.$'(&*'*$=!
W7&$%*/(! $)*$! 6$?,&*1! +,! 8&<&/,$'! (/&! :')'.'7!
;&%-($)%/1!#.&,!',)'07(/(!6$!,&8$(/.&!6$!.$'(&*'*$!5&!<-,'!
6$!,-,C.$<&)*$,32!%-0#($0$,*'.2!(-.=!>.$7/&$!-7)$.8'*$!
6&4$.$,3$($! %'.$! $@&)*2! +,*.$! '7-.6'.$'! ,&%-($)%&',2!
'! .$'(&*23&&! 5&! %$'! '! (/&! :$.,'.6! 6vS)#'9,'*=! V$,*./!
6vS)#'9,'*! $@&)*21! 6$! 4'#*1! ,/0'&! /,! )&,9/.! ,&8$(! 6$!
.$'(&*'*$1! .$'(&*'*$'! $0#&.&%2! +0#.$A0/&*2! 6$! -! <-,2!
6&4/<21! '! ,-,C.$<&)*$,3$&1! %'.$! %-.$)#/,6$! /,/&! .$'(!
')%/,)=!k$'(/(!')%/,)!$)*$1!#.&,!6$?,&3&$1!,-,C.$<&)*$,*1!
6$! '%$$'! ,/! $@&)*2! %'.'%*$.&)*&%&! '($! ,&8$(/(/&! )2/! 6$!
.$'(&*'*$=!
R,)#&.'*! 6&,! 4$,-0$,-(-9&'! (/&! S60/,6! Y/))$.(1!
:')'.'7! ;&%-($)%/! '?.02! %2! 6&4$.&*$($! ,&8$(/.&! 6$!
.$'(&*'*$! )/,*! '%%$)&7&($! %/,-'5*$.&&! /0',$! 6'*-.&*2!
$@&)*$,*$&! 6&4$.&*$(-.! ,&8$(/.&! 6$! #$.%$#3&$1! %'.$! )/,*!
+,*.C-!%-.$)#-,6$,32!7&/,&8-%2!%/!,&8$(/.&($!6$!.$'(&*'*$=!
M%$)*$! ,&8$(/.&! 6$! #$.%$#3&$! #$.0&*1! +,! 0-6! 9$,$.'(1!
/,&?%'.$'!8&<&/,&&!')/#.'!.$'(&*23&&1!42.2!%'!#.-%$)/(!)2!?$!
$@K'/)*&8=!I-$.$,3'!,&8$(/.&(-.!6$!#$.%$#3&$!#.$)/#/,$1!
%'! 5&! +,! %'</(! ,&8$(/.&(-.! 6$! .$'(&*'*$1! -! <-,2! 6$! ,-,C
.$<&)*$,32!'!#$.%$#3&$&=!

M,)'07(/(! ,&8$(/.&(-.! 6$! #$.%$#3&$! 5&! <-,'! (-.!

%-0#($0$,*'.2! 6$! ,-,C.$<&)*$,32! %-,)*&*/&$! )/7&$%*/(1!
&'.! %$($! 6-/2! <-,$! 6$! ,-,C.$<&)*$,321! '($! -7&$%*/(/&!
5&! )/7&$%*/(/&1! *.$7/&$! )2! ?$! &6$,*&%$! #$,*./! %'! N/@/(!
6$! &,4-.0'3&$! )2! ?$! %'#'7&(! )2! %&.%/($! +,! 0-6! %-$.$,*!
+,*.$! -7&$%*! 5&! )/7&$%*=!M%$')*'! <-,2! 6$! ,-,C.$<&)*$,32!
%-.$)#/,6$!%$(/&!6$!'(!*.$&($'!*$.0$,1!%$(!6$!/'$+%&05/4'+1!
+,*.$!)/7&$%*!5&!-7&$%*1!%'.$!,/!#-'*$!?!.$6/)!,&%&!('!-7&$%*!
5&!,&%&!('!)/7&$%*=!B$!'%$$'1!'7-.6'.$'!*.',)6&)%&#(&,'.2!
'! $%/&.+/3 (4-/+0$3 )3 1-/+0$3 )3 /'$+%&05/4'+! $)*$! 6&4$.&*2! 6$!
'7-.6'.$'!%(')&%2!7&,'.2!6&,*.$!)/7&$%*!5&!-7&$%*=!
V$! 6$! '(*2! #'.*$1! %'#&*-(/(! LX&<&/,$'! .$'(&*23&&! 5&!
.$'(&*'*$'! 8&<&/,&&U1! 6&,! ;1/<3 ?&%$/042&3 6/3 249+&1! $)*$!
6$-)$7&*!6$!4-(-)&*-.!6'*-.&*2!4'#*/(/&!%2!$(!%-,)*&*/&$!-!
7/,2! &,*.-6/%$.$! +,! #.-7($0'*&%'! &,)#&.'3&$&! 5*&&,3&?%$1!
-! *$0'*&<'.$! ('! 4$(! 6$! &<7/*&*2! %'! 5&! '%$$'! -4$.&*2! 6$!
y-$)*($.! +,! R4'&$/0//=! g$.-('0-! I'.6',-1! %$(! %'.$! '!
6$)%-#$.&*! ,/0$.$($! &0'9&,'.$! +,! )$%-(/(! '(! QRXC($'!
$.'! ')*4$(! %'.'%*$.&<'*! 6$! Z-07.-)-! +,! p9423 .+3 >+'/4D!
LS(!'8$'!4'%/(*'*$'!6$!'!#$.%$#$!%'!-7&$%*$!'6$82.'*$!5&!
.$'($!*-'*$!4',*-0$($!%$!&!)$!&8$'/!+,!&0'9&,'3&$=U!Oa\P=!
f'%z/$)!Y'6'0'.6!-7)$.8'!+,!L((&/3(4%32&3?(d0F121>/+3
.+32l/'=+'$1'3.&'(32+3.19&/'39&$F+9&$/r4+1!%2!,/0$.$($!
&0'9&,'.$! #2.$'/! 0'&! L'#.-#&'*$! 6$! ,$7/,&$! 6$%F*!
6$! (-9&%2U1! %/! *-'*$! '%$)*$'! $($! '/! L&(/0&,'*! +,*.$'9'!
0'*$0'*&%2U! OaaP=! "/,*! 0$,3&-,'*$1! 6$! ')$0$,$'1!
%'</.&($! (/&! V-&,%'.s! OLI$$'! %$! 82! 8'! 5-%'! 0'&! +,*F&!
)/,*! '%$)*$! '#'.$,3$! 6$! &(/0&,'.$! )/7&*21! )$0,$! 826&*$!
'($! /,$&! +,6$(/,9'*$! 0/,%&! &,%-,5*&$,*$nUC! acP! 5&!
Y'6'0'.6! OLI'($'! %$'! 0'&! )%/.*2! 5&! 0'&! 7/,2! +,*.$!
6-/2! '6$82./.&! 6&,! 6-0$,&/(! .$'(/(/&! *.$%$! '6$)$'!
#.&,! 6-0$,&/(! &0'9&,'./(/&U! C! a^P=! :')'.'7! ;&%-($)%/!
)&,*$*&<$'<2!6'*$($!+,*.C-!&6$$!6&.$%*-'.$D!LLM/($,34'3@+23
.+3?%/=/%+30+3=+.+3&012134'.+301'6$//'5&30&%+3=+>F+&C,3
+($+3 1&%-,#3 V'.'6-@'(1! $4-.*/(! (-9&%! %-,5*&$,*! 7'.$'<2!
%'($'!'%$($&!#.&8&.&1!&'.!%F,6!+,%$*$'<21!&,4-.0'3&'!'*F*!6$!
%2/*'*2!3F5,$5*$!&,)*',*',$/U!OalP=
B$! ')$0$,$'1! (&#)'! 6&'(-9/(/&! 6&,*.$! 5*&&,32! 5&!
.$(&9&$!-%/#2!/,!(-%!)#$%&'(!+,!;1/<3?&%$/042&36/3249+&D!
Lh*&&,3'! 4/,6'0$,*'(2! '.$! mno! '%$($'5&! .262%&,&! %'! 5&!
.$(&9&'!)'/!'.*'!)'/!0&*-(-9&'=!B'.1!*.$#*'*1!&,*$.-9'3&&($!
'%$)*$'!'/!4-)*!%-,)&6$.'*$!*-*!0'&!,$5*&&,3&?%$!5&!9-,&*$!+,!
&,4$.,/(!&.'3&-,'(/(/&=!mno!S.'!6$!'A/,)!)2!#-)*/($<&!($9&!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
8$,&*$!6$!,/!)$!5*&$!/,6$=!mno!>-*/(!$.'!6$%&!6$*$.0&,'*1!
%K&'.! #.$6$*$.0&,'*=! O?1$+C&3 J49'+C+4! ,/! 0'&! $.'!
,$%$)'.2U!OabP=!W0/(!6$!5*&&,32!6$8&,$!L/,!*$K,&%&',!'(!
%',*&*'*&8/(/&U1! 6$*$.0&,&)0/(! 5&! (-9&%'! *$.3/(/&! $@%(/)!
%-,)*&*/&,6!)$0,$($!/,$&!L,-&!7'.7'.&&U!O6/#2!$@#.$)&'!(/&!
[&%K$(!Y$,.iP1!'7)$,3'!/,$&!%-.$)#-,6$,3$!6&,*.$!5*&&,32!
5&!%/(*/.2!O6&,*.$!.'3&-,'(&)0/(!)%&$,*&)*!5&!.'3&-,'(&)0/(!
%/(*/.'(! (2.9&*P! ?&,6! $,/,3'*2! 6$! q$&,7$.9=! W! ,/',3'.$!
'! 9.'6$(-.! 6$! &.'3&-,'(&*'*$1! 4/.,&<'*2! 6$! g&(($)! g')*-,!
g.',9$.! $)*$! /*&(2! +,! '%$)*! %-,*$@*D! $@&)*2! L*.$&! *&#/.&!
6$! &.'3&-,'(D! &.'3&-,'(/(! 0&3 1-($&0123 mno1! /%&5/1'&2423
0&3 %+04%(3 0&3 9/_2103 .+3 %+*''1/%+3 6/3 .+3 ?%+24'>/%+3 &3
&0$424/3 0%+&$1%3 5&1! +,! )4F.5&*1! &.'3&-,'(/(! ?%/'3 %+'4'5&%+1!
%-.$)#/,<F,6!/,$&!&.+=,%&$+3%+(?/'>+%/3&3%&5/1'&2424/U!
OadP=
V$,*./! 4-.0/('.$'! /,$&! 8&<&/,&! %/',*&%$! '! (/0&&1!
$@&)*2! *.$&! 6&.$%3&&! #.&,%&#'($1! .$#.$<$,*'*$! 6$! :-K.!
O$#&)*$0-(-9&$!7'<'*2!#$!#.&,%&#&/(!%-0#($0$,*'.&*23&&P1!
6$!y-.<i7)`&!O4-,6'*-./(!/,$&!(-9&%&!,-,C'.&)*-*$(&%$P!5&!
6$!"*s#K',$!Z/#')%-1!?(-)-4!.-0F,!6$!$@#.$)&$!4.',%$<21!
6$5&!#/3&,!%/,-)%/*!+,!0$6&/(!'%'6$0&%!.-0F,$)%1!$(!$)*$!
%.$'*-./(! /,$&! ,-&! (-9&%&! ,-,C'.&)*-*$(&%$1! ,/0&*2! 6$! $(!
(-9&%'!',*'9-,&)0/(/&!$,$.9$*&%!Oa_P=!V.&,%&#&/(!*$.3/(/&!
&,%(/)!OL$@&)*2!/,!'(!*.$&($'!*$.0$,!>!%'.$!$)*$!+,!'%$('5&!
*&0#!M!5&!,-,CMUP!$)*$!6$<8-(*'*!6$!:')'.'7!;&%-($)%/1!
#.&,! &,)$.'.$'! %-,%$#*/(/&! 6$! ,&8$(! 6$! .$'(&*'*$! 5&! '.$!
-! *$($-(-9&$! &,)#&.'*21! %'.$! )*2! ('! 7'<'! 0$*-6-(-9&$&!
*.',)6&)%&#(&,'.$D! L`+%5423 /'024(3 21>/0! (/#')%&',! $)*$!
4-(-)&*-.!#$!#(',/(!(2.9&.&&!%(')$&!6$!4$,-0$,$!)/)%$#*&7&($!
6$!'!?!+,3$($)$!.'3&-,'(U!Oa]P=!
j(*&0/(! %'#&*-(! '(! %2.3&&! ;1/<3 ?&%$/042&3 6/3 249+&1!
&,*&*/('*!E4'1&6$+%+3/'3=/$%136/3/'3=/=11!)/7(&,&'<2!,-/*'*$'!
0$*-6-(-9&$&! *.',)6&)%&#(&,'.$! +,! .'#-.*! %/! -.&<-,*/(!
#(/.&6&)%&#(&,'.&*23&&! 5&! %$(! '(! &,*$.6&)%&#(&,'.&*23&&=!
V(/.&6&)%&#(&,'.&*'*$'!
5&!
&,*$.6&)%&#(&,'.&*'*$'!
.20F,! %&.%/0)%.&)$! *$.&*-.&/(/&! 6&)%&#(&,'.1! #$! %F,6!
*.',)6&)%&#(&,'.&*'*$'! L#.&8$5*$1! %/0! -! &,6&%2! #.$?@/(!
$%&'()<!%$$'!%$!+($+!+,!'%$('5&!*&0#1!*',4'$%4236&4$.&*$(-.!
6&)%&#(&,$! 5&! ./'0121! 6$! -.&%$! 6&)%&#(&,2U! OcpP=! B$!
*.',)6&)%&#(&,'.&*'*$! )/,*! ($9'*$1! 6$! ')$0$,$'1! '%3&/,$'!
0'&! 0/(*-.! ,&8$(/.&! 6$! .$'(&*'*$1! *$.3/(! &,%(/)! (/#')%&',!
5&!%-.$)#-,6$,3'!6&,*.$!)/7&$%*/(!5&!-7&$%*/(!%/,-'5*$.&&=!
E,!'%$$'5&!6&.$%3&$!)/,*!'0&,*&*$!5&!6&8$.)$($!$@#$.&0$,*$!
6&,! $6/%'3&$1! 7'<'*$! #$! %-,$@&/,$'! 6&,*.$! &6$,*&*'*$! 5&!
'(*$.&*'*$!)'/!#$!%$$'!%$!,/0&0!L'!)$!.$%/,-'5*$!#$!)&,$!
+,!#$.)-','!I$(/&('(*U!Oc\P=!
,
,

_______

01!+
\=X$<&!
%'#&*-(/(!
L"%/.*2!
%.-,-(-9&$!
'!
*.',)6&)%&#(&,'.&*23&&U1!+,!:')'.'7!;&%-($)%/1!;1/<3?&%$/042&36/3
249+&1!$6=%&*=1!##=!ca^Ccab=
a=V.&0'!$6&3&$!'!%2.3&&!'!4-)*!*.'6/)2!5&!#/7(&%'*2!+,!appa!
('!S6&*/.'!V-(&.-01!&'.!+,!appd!'!'#2./*!'!6-/'!$6&3&$!('!S6&*/.'!
f/,&0$'=
c=:')'.'7! ;&%-($)%/1! `%&'(./(0/?2/'&%/$&$+&#3 I&'/@+($1!
$6&3&'! '! RRC'1! ! *.'6/%$.$! 6&,! (&07'! 4.',%$<2! 6$! Y-.&'! [&K'&(!
X')&($)%/1!S6&*/.'!f/,&0$'1!R'5&1!appd1!#=la=
^=R6$01!#=!l\=

###

l=X$<&!%'#&*-(/(!LW!,-/2!8&<&/,$!')/#.'!(/0&&!T!*.',)C
6&)%&#(&,'.&*'*$'U1! +,! :')'.'7! ;&%-($)%/1! `%&'(./(0/?2/'&%/)
$&$+&#3I&'/@+($1!*.'6/%$.$!6&,!(&07'!4.',%$<2!6$!Y-.&'![&K'&(!
X')&($)%/1!$6&3&'!'!6-/'1!S6&*/.'!f/,&0$'1!R'5&1!appd1!#=!^_=
b=X$<&! LZ$9$,6'! -'0$,&(-.C,/0'&C%-'A2U1! +,! k$,s!
B'/0'(1!I4'$+2+3B'&21>#3719&'3.+3&=+'$4%/3&2?/'+3'1')+4)
02/./+'+36/3(/9-12/03&4$+'$/0+1!*.'6/%$.$!6&,!(&07'!4.',%$<2!6$!
['.&/)! I.&)*&',! S,$1! #.$4'32! 6$! :')'.'7! ;&%-($)%/1! S6&*/.'!
;&%/($)%/1!app]1!#=!b^=
d=:')'.'7!;&%-($)%/1!;1/<3?&%$/042&36/3249+&1!$6=%&*=1!#=!\c=
_=R6$01!#=!\l=
]=R7&6$01!##=!\cC\^=
\p=R7&6$01!#=!cp=
\\=R7&6$0=
\a=R7&6$01!##=!bbCbd=
\c=R7&6$01!#=!dp=
\^=R7&6$01!#=!_a=
\l=R7&6$01!#=!\pa=
\b=R7&6$01!#=!\^\=
\d=R7&6$01!#=!\^c=
\_=R7&6$01!#=!\^l=
\]=R7&6$01!#=!\^a=
ap=q'(*$.!>K&..&,91!|B-!*K$!Z'u)!-4!;'*/.$!S8-(8$JU1!
+,! |F&$3 /(3 R/@+3 A`F+3 ;+M$3 P/@$d3 i+&%(3 ^3 8?+042&$/1'(3 1'3 $F+3
P4$4%+31@3:/121>d1!$6&*'*2!6$![&%K'$(!V=![/.#Ki!5&!Z/`$!M=!f=!
Wv;$&((1! I'07.&69$! j,&8$.)&*i! V.$))1! I'07.&69$1! \]]d1! ##=!
\c\C\cb=
a\=:')'.'7!;&%-($)%/13;1/<3?&%$/042&36/3249+&1!$6=%&*=1!
#=!\bc=
aa=R6$01!#=!\ba
ac=R7&6$01!#=!\b_=
a^=R7&6$01!#=!\bd=
al=R7&6$01!#=!\b]=
ab=R7&6$01!#=!\]\=
ad=R7&6$01!#=!ap]=
a_=R7&6$01!#=!al^=
a]=R7&6$01!#=!a]^=
cp=R7&6$01!#=!cap=
c\=R7&6$01!#=!cc_=

.'/*'13"#Z+J
;&%-($)%/1! :')'.'71! 5&! I'0/)1! [&%K$(1!
7,.,0/'/2+3 2/-+%$,5//1! *.'6/%$.$! 6$! I'.0$,! Z/%'%&1!
S6&*/.'!I/.*$'!X$%K$1!:/%/.$5*&1!app^=!
;&%-($)%/1! :')'.'713 ;1/<3 ?&%$/042&3 (/3 249+&1!
*.'6/%$.$!6&,!(&07'!4.',%$<2!6$!X')&($!"#-.&%&1!$6&3&'!'!
RRC'1!!S6&*/.'!f/,&0$'1!R'5&1!appd=
;&%-($)%/1! :')'.'71! `%&'(./(0/?2/'&%/$&$+&=!
I&'/@+($1!$6&3&'!'!RRC'1!!*.'6/%$.$!6&,!(&07'!4.',%$<2!6$!
Y-.&'![&K'&(!X')&($)%/1!S6&*/.'!f/,&0$'1!R'5&1!appd=
;&%-($)%/1!:')'.'71!`+1%+9+3?1+$/0+1!*.'6/%$.$!
6&,!(&07'!4.',%$<2!6$!Z=[=!M.%'6$1!#.$4'32!6$![&%K$(!
I'0/)1!S6&*/.'!f/,&0$'1!R'5&1!appd=
;&%-($)%/1!:')'.'71!a$//'5&<3(+'(4236/3+=1245/&#3
L(+43&(4?%&324/3\&j1-3:oF9+1!$6&3&'!'!RRRC'1!#.$4'32!6$!
M,*-&,$!e'&8.$1!*.'6/%$.$!6&,!(&07'!4.',%$<2!6$!M/.$(&'!
:'*'(&1!S6&*/.'!!I'.*$'!k-0F,$')%21!:/%/.$5*&1!appd=
;&%-($)%/1! :')'.'71! E+3 +($+3 %+&2/$&$+&A3 L(+43
*'3 _4%423 >N'./%//3 24/3 3 8$m?F&'+3 R4?&(011! *.'6/%$.$! 6&,!
(&07'!4.',%$<2!6$!"&0-,'![-6.$',/1!S6&*/.'!f/,&0$'1!
R'5&1!app]=

##$

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
94#$-+*#,5859
.#%#"#/,0'(1*+%(-,%#-,&+%)"+,
41&+*#"+#,?$!"-,!"#$%&'%(')*'$#"

!O'+=/$&-/2<3*9/3=/'+3*'39/'$+3&($@+23*'$%+-&%+&^3E/'+3(4'$3
+4A#38/'>4%+2+30&%+3?1$3%,(?4'.+3&0+($+/3=+%$/>/'1&(+3
*'$%+-,%/3(4'$30,%5/2+39+2+#"3Q:&(&%&-3;/012+(04S
['&! 7&,$! 6$%F*! -.&%$! 02.*/.&$! (&0&,'.2!
)#-8$6',&$&!)'/!-.&%$!$7-52!6$!#'.%/.)!7&-9.'?%!O%'.$!'.!
*.$7/&1!-.&%/01!#/)!)/7!)$0,/(!/,&%!'(!%2/*2.&&!6$!)$,)\P1!
-.&%F*! 6$! $(-%8$,*$! '.! ?! '%$)*$! #.-7$! 6$! 8&'321! 6$)#.$!
4-.0$($1!%-,8/()&&($!4$%/,6$!5&!0&<$($!6$!#.-4/,<&0$!'($!
#.-&$%*/(/&!$@&)*$,3&'(!:')'.'7!;&%-($)%/!8-.7$)%1!+,*.C
'6$82.1!%2.3&($!)'($=!V.&,!/.0'.$1!($!8-&!(2)'!0'&!6$#'.*$!
)2!8-.7$')%2!T!6$5&1!%/0!'0!)#/)C-!/,6$8'1!.1&%30/$/$+3
*9?%+4',<3:/1>%&D&36/3p?+%&324/3:&(&%&-3;/012+(043?1$3
=&2/.&<3?%/'3/.++&3.+3(&0%/D0/43$1$&2<3%+(/95/$30&34'3F&%<3
01'0+?$423*'30&%+3'43?45/'/3=,.3(/'>4%&3(?+%&'5,36/<3*'3
1%/0+30&C<39&%+&3$4%'4%,3&3249//3&0$4&2+=
! E,%2! 6&,! #.&0'! )'! (/%.'.$1! )&,9/.'! #/7(&%'*2! +,!
(&07'!.-0F,21!O1'3:&%-4#3E1(9121>/&3!\10424/3(+04'."!
OS6&*/.'!V$,*./!Z&*$.'*/.21!:/%/.$5*&1!\]b_=!S6&3&'!'!RRC'!D!
I/8F,*!+,'&,*$!6$!S/9$,!"&0&-,1!V-)*4'32!6$!V-0#&(&/!
I.2%&/,$)%/1! S6&*/.'! j,&8$.)! S,%&%(-#$6&%1! :/%/.$5*&1!
app^P1! )$! #-*! 6$)%-#$.&1! 6$5&! +,%2! /'3 '40+<! (&,&&($! 6$!
4-.32! 5&! %-,%$#*$($! 4/,6'0$,*'($! '($! 0$*-6-(-9&$&!
*.',)6&)%&#(&,'.&*23&&=! M6&%21! )#.$! $@$0#(/D! #(')'.$'!
'%*/(/&! 6$! %/,-'5*$.$1! 6'.! 5&! '! '%*/(/&! 6$! (&07'A! +,!
#'.'0$*.&&!)&,*$<$&!6&,*.$!&,*/&3&$!5&!.'3&/,$t!'#-&!L0&.&?%'!
,/,*2!'!&,*$($%*/(/&!5&!)$,)&7&(&*23&&Ut!+,!)4F.5&*1!!9/$121>/&3
$+%'&%,3&3\10424/38+04'.3!O0&*/(!-9(&,<&&1!0&*/(!,/,3&&1!
0&*/(!)-'.$(/&P1!%'.$!#.$4'3$'<2!*$.,'.&*'*$'!4/,6'0$,*'(2!
'! 8&<&/,&&! *.',)6&)%&#(&,'.$=! B$)&9/.1! 0/(*$! 6&,*.$!
,-*'3&&($!#$!0'.9&,$'!-#$.$&!(/&!R-,!:'.7/!*.$7/&$!%&*&*$!
%'! $($0$,*$! '/*-.$4$.$,3&'($=! j,6$8'1! )#.$! $@$0#(/1!
*F,2./(!%.&*&%!6$8-'($'<2!'?,&*23&($!$($%*&8$!'($!#-$*/(/&!
R-,! :'.7/1! ?$! $($! .$%/,-)%/*$! 6$! '%$)*'! O#.$%/0! %$($!
#$,*./! S0&,$)%/1! :('9'! 5&! k&07'/61! X'(s.i! 5&! V-$P1!
?$! 6-'.! &,*/&*$! 6$! %-0$,*'*-.! O%'.$! 92)$5*$1! 6$! #&(621!
*/(7/.2*-'.$! '#.-#&$.&($! #-$0/(/&! p423 .1>9&$/03 6$!
)%/(#*/.&($! 7.F,%/5&$,$! ;1423 ',(04$3 )'/! ]'0+?4$423
249//S=!E,!%&/6'!'%$)*-.'1!(/&!:')'.'7!;&%-($)%/!+&!'#'.$!
%'!-!$8&6$,32!%('.21!+0#2.*25&*2!%/!+0#2*&0&*2!-7)*&,'3&$1!
4'#*/(! %23 L4-.0'3&'! 0'*$0'*&%21! *$0#$.'0$,*/(!
*/0/(*/-)! 5&! '0#.$,*'! '6F,%2! '! G)#'3&/(/&H! )#&.&*/'(! 5&!
9$-9.'?%!+,!%'.$!'!*.2&*!R-,!:'.7/!'/!6/)!('!%-,)*&*/&.$'!
/,$&! -#$.$! #-$*&%$! %2.$&'! ,/! &! )$! #-'*$! 92)&! 6$%F*! -!
6$*$.0&,'.$! &,*$.&-'.2! 5&! %'.$! '.$! 6.$#*/(! ('! -! '?.0'.$!
8'(-.&%2!/,&8$.)'(2!)/8$.',2U=!B$!'%$')*2!/,&8$.)'(&*'*$!
'!#-$*/(/&!,/!$!)*.2&,21!?.$5*$1!%-,%$#3&'!')/#.'!,-/(/&!
0-6! 6$! '! $@&)*'D! 49&'/(9423 9&$+9&$/0<3 '1423 49&'/(9!
%'.$! )$! %'.'%*$.&<$'<2! LG#.&,*.C-! ',/0&*2! )/#/,$.$! ('!
-7&$%*! H1! 6$%&! +,*.C-! %-$@&)*$,32! $('7-.'*2! 5&! '%*&82! '!
-0/(/&!%/!(/0$'!+,%-,A/.2*-'.$1!%/!.$'(&*'*$'!0'*$.&'(21!

#$!6$!-!#'.*$1!5&!'!-0/(/&!%/!$)$,3'!(/&!)#&.&*/'(21!#.&,!
$8-(/3&$!.&9/.-')21!#$!6$!'(*2!#'.*$U=!
E,! '%$')*2! $%/'3&$1! 4-.0'3&'! 0'*$0'*&%2! -4$.21!
6&,! #/,%*/(! 6$! 8$6$.$! '(! (/&! :')'.'7! ;&%-($)%/1! 6-'.!
0$*-6'1! 5&! ,/! (/($+942<3 6-'.! '*&*/6&,$'! $)$,3&'(21! 5&!
,/! @%,9N'$,%/2+3 )/7)$%8$,*$! %2/*2.&&1! /,$($! 6&,*.$! $($3
%K&'.! ('! (&0&*'! 6&,*.$! 9.'8&*'*$! 5&! *.'9&)0D! L"&)*$0/(!
)$! %-,)*./&$5*$! +07.23&5F,6! (/0$'! %/! +,*.$'9'! 8&9-'.$!
5&! %-0#($@'! )*./%*/.'.$! '! )$,)&7&(&*23&&! -0$,$5*&1!
6'.1! $6&?%F,6/C)$! #$! /,! 4-,6! .&9/.-)1! ,/! )$! 8'! #&$.6$!
+,! 0$',6.$($! '*F*! 6$! '*.292*-'.$! '($! &.'3&-,'(/(/&! 5&!
'7)/.6/(/&1!'($!/,$&!)-(&*/6&,&!6$8')*'*-'.$n!;/!*.$7/&$!
6$6/)! 6$! '&%&! %2! -! '.*2! %-,)$%8$,*2! ,-/(/&! /0',&)0!
$)*$! (&#)&*2! 6$! 4.20F,*2.&1! 6$! ,$(&,&5*&=! B&0#-*.&821! 5&!
%-)0-(-9&'!Gf-%/(/&!)$%/,6H!-!&(/)*.$'<2!%/!#.&)-)&,32D!
+,?-.'.$'! +,! 4'3'! 0-.3&&1! 6$0-,&'%/(1! '6F,%&($! +,6-&$(&!
%-,)*&*/&$! #$.0',$,3$! '($! )#&.&*/(/&! -0$,$)%=! B'.!
$)$,3&'(2! $)*$! %-,8&,9$.$'! +,! .'3&-,'(&*'*$'! /,&8$.)/(/&1!
%-,8&,9$.$!%$!'!4-)*!5&!$)*$!%'.'%*$.&)*&%'!4/,6'0$,*'(2!
'! )#&.&*/(/&! 5*&&,3&?%1! %'.$! %-,4$.2! $@&)*$,3$&! -0/(/&! -!
'/.2!6$!-#*&0&)01!/,!)$,)!'(!#$*.$%$.&&!(/&!#$!#20F,*U=!
E,)%.&$.$'! (/&! R-,! :'.7/! +,! /,&8$.)'(&*'*$1! #.&,! '%$')*2!
)/#$.&-'.2!4-.02!'!/0',&)0/(/&!0'*$0'*&%!6$0-,)*.'*21!
%/! 6$8-*'0$,*! ,/! 6-'.! #.&,%&#&'(1! +,! #.&0'! %'.*$! '! (/&!
:')'.'7! ;&%-($)%/! %-,)*&*/&'1! 6$! 7/,2! )$'021! 5&! -!
*$0$.'.2! #($6-'.&$! ?%13 .191<3 6&,! %'.$! )$,)&7&(&*'*$'!
9$0$('.2!%$($&!7'.7&$,$!/.0'!)2!)$!K.2,$')%2!+,!%2.3&($!
)'($!8&&*-'.$=!
M)*4$(1! +,%$#F,6! %/! ;1/<3 ?&%$/042&3 6/3 249+&3
O;14(<32&3?&%$/042+3+$32+391'.+<3Z$!['&(1!I-(=!"%&$,%$!
$*! %-,)%&$,%$1! V'.&)1! \]_lt! '! 6-/'! $6&3&$D! S6&*&-,)! 6/!
k-%K$.1! %-(=! >.',6&)%&#(&,'.&*s1! [-,'%-1! appa=! S6&3&'!
.-0F,$')%2!D!;1/<3?&%$/042&36/3249+&1!*.'6/%$.$!6&,!(&07'!
4.',%$<2!6$!X')&($!"#-.&%&1!R'5&1!S6&*/.'!V-(&.-01!appa!t!
$6&3&'! '! RRC'! D! R'5&1! S6&*/.'! f/,&0$'1! appdP1! %-,%$#*$($!
%K$&$! '($! -#$.$&! 7')'.'7,&%-($)%&$,$! 8-.! #.&,6$! ,/!
,/0'&!%-,*/.!%('.1!%&!5&!-!#.$9,',32!)/#$.&-'.2D!,&8$($($!
6$!.$'(&*'*$1!*$.3/(!&,%(/)1!%-,*.'6&%3&'!,-,C%-,*.'6&%*-.&$1!
*.',)6&)%&#(&,'.&*'*$'=! E,! 4'#*1! '%$')*'! $)*$! #.'%*&%!
(/%.'.$'!+,!%'.$!)$!6$?,$5*$!#$,*./!#.&0'!-'.21!*.',5',*1!
%$!$)*$!*.',)6&)%&#(&,'.&*'*$'1!*$.0$,!#.$(/'*!6$!:')'.'7!
;&%-($)%/! 6$! ('! f$',! V&'9$*D! L>.',)6&)%&#(&,'.&*'*$'!
#.&8$5*$1! %/0! -! &,6&%2! #.$?@/(! G! *.',)CH1! %$$'! %$3 +($+!
+,! '%$('5&! *&0#! *'$%+! 6&)%&#(&,$1! *',4'$%42! 6&4$.&*$(-.!
6&)%&#(&,$! 5&! ./'0121! 6$! -.&%$! 6&)%&#(&,2=! e&,'(&*'*$'!
$&! -! .$#.$<&,*2! +,3$($9$.$'! (/0&&! #.$<$,*$1! /,/(! 6&,*.$!
&0#$.'*&8$($! $&! %-,)*&*/&,6/C(! /,&*'*$'! %/,-'5*$.&&=U! E,!
%&/6'! L$8&6$,3$(-.U! %-,*.'.&&1! ('! +,*.$7'.$'! LS@&)*2!-'.$!
%$8'! +,*.$! 6&)%&#(&,$1! +,2/,*./(! 6&)%&#(&,$(-.! 5&! 6&,%-(-! 6$!
-.&%$! 6&)%&#(&,2JU1! .2)#/,)/(! (/&! :')'.'7! ;&%-($)%/! $)*$!
%F*!)$!#-'*$!6$!)&9/.D!LE,!#.$<$,3'!0'&!0/(*-.!,&8$(/.&!6$!
k$'(&*'*$1!)#'3&/(!+,*.$!6&)%&#(&,$!5&!6&,%-(-!6$!6&)%&#(&,$!$)*$!
#(&,1!('!4$(!%/0!8&6/(!%/',*&%!$)*$!#(&,!6$!*-'*$!#-*$,3&'(&*23&($D!
6$!('!#'.*&%/('!%/',*&%2!('!9'('@&&1!6$!('!z/'.%!('!$($0$,*$($!
9.$($! %$! %-,6&3&-,$'<2! '#'.&3&'! 8&$3&&! +,! j,&8$.)=U=! V.&,!
/.0'.$1! 6&,! #$.)#$%*&8'! %$.%$*2*-./(/&! +0#2*&0&*! 6$!
*.',)6&)%&#(&,'.&*'*$1!6$5&!L%$.%$*'.$'!*.',)6&)%&#(&,'.2!$)*$!
.'6&%'(!6&4$.&*2!6$!%$.%$*'.$'!6&)%&#(&,'.21!?&,6/C&1!+,!'%$('5&!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
*&0#1! %-0#($0$,*'.2U1! $)*$! #.$4$.'7&(! )2! -#*$<&! #$,*./! -!
#$.)#$%*&82!6$!'%$)*!9$,1!%'.$!6$#25$5*$!/,&#$.)#$%*&8&)0/(!
+,!6$?,&*&8!.&9&61!,/!6-'.!%'6/%D!LE+%0+$&%+&3./(0/?2/'&%,3
/9?2/0,<3 0+23 942$<3 4'3 (/'>4%3 6/3 &0+2&6/3 '/=+23 .+3 7+&2/$&$+t!
6$!'(*4$(1!+,!0'A-.&*'*$'!%'</.&(-.1!$'!,/!)$!.$4$.2!6$%F*!('!
4.'90$,*$($!/,/&'!5&!'%$(/&'5&!,&8$(!6$!k$'(&*'*$=!E,!)%K&071!
$%&'(./(0/?2/'&%/$&$+&3 (+3 /'$+%+(+&C,3 .+3 ./'&9/0&3
>+'+%&$,3 .+3 &05/4'+&3 9&/3 942$1%3 '/=+24%/3 .+3 7+&2/$&$+3
*'3 &0+2&6/3 $/9?=! B$)%-#$.&.$'! '%$)*$&! 6&,'0&%&! *.$%$!
,$'#2.'*! #.&,! %/,-'5*$.$'! 6&)%&#(&,'.2=! J/(0/?2/'&%/$&$+&<3
?24%/./(0/?2/'&%/$&$+&<3
/'$+%./(0/?2/'&%/$&$+&3
6/3
$%&'(./(0/?2/'&%/$&$+&3 (4'$3 0+2+3 ?&$%43 (,>+5/3 &2+3 4'4/&3 6/3
&0+24/&6/3&%0^30+23&2304'1&6$+%//=U!O)/7(=!'/*=P
k'6&%'(!6&4$.&*2!6$!%/,-'5*$.$'!6&)%&#(&,'.21!%'.$!
&0#(&%2!%$(!0/(*!/,!)&,9/.!5&!'%$('5&!,&8$(!6$!k$'(&*'*$1!
%-.$)#/,<F,6! /,$&! %/,-'5*$.&! /'3 =/$%11! %/,-'5*$.$'!
*.',)6&)%&#(&,'.2! )$! &,*$.$)$'<2! '5'6'.! 6$! 6&,'0&%'!
9$,$.'*2!6$!'%3&/,$'!0'&!0/(*-.!,&8$(/.&!6$!k$'(&*'*$!+,!
'%$('5&!*&0#!5&!%-.$)#/,6$!/,$&!%/,-'5*$.&!/'3=/=1=![&<'!
.$'(2! '! '%$)*$&! *$-.&&J!M%$$'! 6$! '! .$8$('! /,$&! '(*$.&*23&!
,/!'*F*!0$?$,*$1!%F*!)/)#&%&-')$!-.&!#-)$6F,6!/,!7'9'A!
0&,&0'(!+,!6-0$,&/(!?<&%!5&!0$*'?<&%1!'7)-(/*'!%-$.$,32!
'!/,&8$.)/(/&!8&<&7&(!5&!&,8&<&7&(=!['&!+,*F&1!#.&,!.'6&%'('!
0-6&?%'.$!'!8&<&/,&&!6$)#.$!(-9&%'!'/*$,*&%2!O)/7)*&*/&.$'!
%-,8&,9$.&&!+,*.C-!(-9&%2!7&,'.2!%/!%$.*&*/6&,$'!$@&)*$,3$&!
/,$&!(-9&%&!*$.,'.$P1!5&1!#.&,!'%$')*'1!.$'(&<'.$'!'#$(/(/&!
.$'(! ('! /,&*'*$! #$! %'.$C(! *.',)0&*$! &,*$.4'3'! -.&%2./&!
(/%./1! 4$,-0$,! )'/! $8$,&0$,*! 6&,! /,&8$.)=! M(*4$(!
)#/)1! .$)&03&.$'1! #.&,! *-3&! #-.&&1! '! '#'.*$,$,3$&! ('!
>-*1! %$! *.',)%$,6$! *-'*$! 0&%.-C! )'/! 0'%.-#'.*&%/($($!
6&,*.C-!(/0$!6-'.!+,!'#'.$,32!)4F5&'*2!6$!%-,*.'6&%3&&!5&!
'0$,&,3'*2!6$!0-,5*.&&!6&8&<2.&&=
W!'*'.$!%-,%$#3&$!')/#.'!.'3&/,&&!'/*$,*&%$!'!'%*/(/&!
6$!%/,-'5*$.$!+5&!8'!'N'!$%-/!5&!+,!%2.3&($!/.02*-'.$!'($!
(/&!:')'.'7!;&%-($)%/D!R&380/+'0+<32+3(+'(3+$32lm=124$/1'3
c3 L((&/3 (4%3 \&j1-3 :1+F9+! OS6&*&-,)! 6/! e$(&,1! V'.&)1!
\]__1!#.$4'32!6$!M,*-&,$!e'&8.$t!'!6-/'!$6&3&$D!RlF199+3
+$3 2+3 (+'(3 .+3 2l4'/=+%(3 ! L((&/3 (4%3 \&j1-3 :1+F9+<3
VK&(&##$!Z$7'/61!#.$4'32!6$!M,*-&,$!e'&8.$!5&!f-)%$(i,!
g-6u&,1!V'.&)1!\]]l=!S6&3&'!.-0F,$')%2!D!a$//'5&<3(+'(423
6/3 +=1245/&3 c3 L(+43 &(4?%&3 24/3 \&j1-3 :1+F9+1! V.$4'32!
6$! M,*-&,$! e'&8.$1! *.'6/%$.$! 6&,! (&07'! 4.',%$<2! 6$!
M/.$(&'!:'*'(&1!$6&3&'!R!D!\]]c1!$6&3&'!'!RRC'!D!:/%/.$5*&1!
S6&*/.'! X&*./8&/1! appp! t! $6&3&'! '! RRRC'! D! :/%/.$5*&1!
S6&*/.'! I'.*$'! k-0F,$')%21! appdPt! `Fm1%z9+(3
?1m$/r4+(3 OS6&*&-,)! 6/! k-%K$.1! [-,'%-1! \]]^1! #.$4'32!
6$![&%K$(!I'0/)=!S6&3&'!.-0F,$')%2!D!`+1%+9+3?1+$/0+1!
>.'6/%$.$! +,! (&07'! .-0F,2! 6$! Z=[=M.%'6$1! V.$4'32! 6$!
[&%K$(!I'0/)1!:/%/.$5*&1!S6&*/.'!I'.*$'!k-0F,$')%21!
\]]b=! S6&3&'! '! RRC'! D! R'5&1! S6&*/.'! f/,&0$'1! appdPt! R&3
`%&'(./(0/?2/'&%/$m3Q9&'/@+($+S!OS6&*&-,)!6/!k-%K$.1!I-(=!
>.',)6&)%&#(&,'.&*s1![-,'%-1!\]]b=!S6&3&'!.-0F,$')%2!D!
`%&'(./(0/?2/'&%/$&$+&#3 I&'/@+($1! >.'6/%$.$! 6$! Y-.&'!
[&K'&(!X')&($)%/1!R'5&1!S6&*/.'!V-(&.-01!\]]]t!$6&3&'!'!RRC
'D!R'5&1!S6&*/.'!f/,&0$'1!appdP=!S($!,$!'#'.1!42.2!$@%$#3&$1!
%'! ,-&! 0-6'(&*23&! #$,*./! +,%$.%'.$'! G&,)*./0$,*$(-.H!
>.',)6&)%&#(&,'.&*23&&=! E,! 9.&('! 6$! ($%*/.2! #.&,! %'.$!
:')'.'7! ;&%-($)%/! %&*$5*$! ?(-)-?'! (/&! :wK0$! O\ldlC

##%

\ba^P1!)#.$!$@$0#(/1!)$!.$92)$)%!%-,%$#*$!4/,6'0$,*'($!
'($! #.-#.&$&! 9F,6&.&1! ?&,6%21! +,! 4'#*1! '%$')*2! ($%*/.2!
$)*$! #.-&$%3&'! &.$#.-5'7&(2! '! #.-#.&$&! 8&<&/,&1! /,! 4$(! 6$!
$@$.%&3&/! 6$! '%-.6'A! $#&)*$0-(-9&%D! LM5'! %/0! ,$C-!
.$#$*2! 42.2! +,%$*'.$! :wK0$1! +,)/5&! B/0,$<$/! #.&,6$!
?&,32! +,! '%$')*2! 0&5%'.$1! 5&! )$! ,'5*$! ,/! +,! (/0$1! %&! -!
6'*2! %/! (/0$'=! M7)$,3'! /,/&! )&)*$0! 6$! 8'(-.&! '6'#*'*!
('!%-0#($@&*'*$'!(/0&&!0-6$.,$!#-'*$!)2!,$!%-,6/%2!('!
'/*-6&)*./9$.$'!#.-#.&$&!,-')*.$!)#$%&&=!e-.0/('.$'!/,$&!
e&(-)-?&!'!;'*/.&&!+0&!#'.$1!+,!'%$)*!%-,*$@*1!6$!-!/.9$,32!
&0$6&'*2=! E,! '%$')*2! %2/*'.$1! f'`-7! :wK0$! $)*$! #.&,*.$!
,-&D!$(!$)*$!%-,*$0#-.',/(!,-)*./=U
Z'! 4$(1! +,! *-'*$! %$($! \c! %'#&*-($! OO#3 ;/=+2+3 .+3
7+&2/$&$+#3OO#37&5/4'+&#3OOO#3a$//'5,36/3$%&./5/+#3Oe#38+'(42#3
e#3 `%&'(./(0/?2/'&%/$&$+&#3 eO#3 G1+$/0&3 04&'$/0,#3 eOO#3
E1(91.+%'/$&$+&#3eOOO#3G%1($/&#3Ot#3;&$4%&#3t#3`+%5/423$&/'/03
/'024(#3 tO#3 J49'+C+43 QJ49'+C+/S#3 tOO#3 e/&5&)91&%$+&#3
tOOO=!L4S!'($!`+1%+9+21%3?1+$/0+1!+,3$($)$!4/,6'0$,*'(!%'!
L(-%/(!6$!+,*F(,&.$!+,*.$!?<&%'!%/',*&%21!e&(-)-?'!;'*/.&&!
5&! $@#.$)&'! &,*$.&-'.2U<3 #/*$0! +,*.$8$6$'! '6$82.'*$($!
,-6/.&! '($! 3$)2*/.&&! -,*-)/(/&! #$.%$#/*! *.',)6&)%&#(&,'.=!
;&8$($($! 6$! k$'(&*'*$1! >.',)6&)%&#(&,'.&*'*$'1! V-$*&%'!
%/',*&%21! I-)0-6$.,&*'*$'1! ;'*/.'1! >$.3/(! *'&,&%! &,%(/)!
)/,*1! 5&! '&%&1! -#$.'*-.&&! #$! %'.$! )$! '@$'<2! +,)25&! *$-.&'!
*.',)6&)%&#(&,'.&*23&&=! I'.$! ,/! 4'%$! '(*%$8'! 6$%F*! )2!
.$C9F,6$')%21! )2! &,*$.&-.&<$<$! 5&! +,! '%$('5&! *&0#! )2!
$@*$.&-.&<$<$! O&,%(/6$.$'! '@&'(2rP! .'#-.*/(! 6&,*.$! 5*&&,32!
5&! *.'6&3&$1! 6&,*.$! 8&'32! 5&! 0-'.*$! O)'/1! 0'&! 7&,$1! 8&'3'C
%'.$C&,%(/6$C0-'.*$'1! 8&'3'C0-'.*$'P1! .'3&/,$'! 5&! #$!
E,)/5&!B/0,$<$/=!
I-,%$#*$!
-7)$)&8!
#.$(/,9&*$!
+,!
`%&'(./(0/?2/'&%/$&$+&3 Q9&'/@+($S1! *$@*! 6$! +,*$0$&$.$!
5&! 6-%/0$,*! 6$! 0'@&02! &0#-.*',321! +,! %'.$! )$!
%.&)*'(&<$'<2!-!%-,%$#3&$1!)$!62!/,!8$.6&%*!5&!)$!)*'7&($5*$!
/,! 6$<&6$.'*=! V-(&&! %-,%$#*/'(&! ,$%$)'.&! )/,*1! 6&,! ,-/1!
6$?,&3&! %/! %('.&*'*$D! L`%&'(./(0/?2/'&%/$&$+&! )$! .$4$.21!
'5'! %/0! -! &,6&%2! #.$?@/(! $%&'(C1! ('! %$$'! %$! (+3 &q,3 +,!
'%$('5&! *&0#! 5&! *'$%+! 6&)%&#(&,$1! 5&! *',4'$%423 6&8$.)$(-.!
6&)%&#(&,$1! 5&! ./'0121! 6$! -.&%$! 6&)%&#(&,2=! e&,'(&*'*$'! )'!
$)*$!+,3$($9$.$'!(/0&&!#.$<$,*$1!/,/(!6&,*.$!&0#$.'*&8$($!
$&! ?&,6! /,&*'*$'! %/,-'5*$.&&=! O===P! B'.! $@&)*2! -'.$! %$8'!
+,*.$1! +,! 5&! 6&,%-(-! 6$! 6&)%&#(&,$J! B&,! #/,%*/(! 6$! 8$6$.$!
'(! 9F,6&.&&! %(')&%$1! ,/! $@&)*2! ,&0&%1! %/! )*.&%*$3$! ,&0&%=!
"#'3&/(! +,! %'/<2! $)*$! 8&61! %-0#($*! 8&61! %'! 8&6/(! ?<&%&&!
%(')&%$=!O===!P!E,!#.$<$,3'!0'&!0/(*-.!,&8$(/.&!6$!k$'(&*'*$1!
)#'3&/(!6&,*.$!6&)%&#(&,$!5&!6&,%-(-!6$!6&)%&#(&,$!$)*$!#(&,1!
'5'!%/0!8&6/(!%/',*&%!$)*$!#(&,!6$!*-'*$!#-*$,3&'(&*23&($D!6$!
('! #'.*&%/('! %/',*&%2! ('! 9'('@&&1! 6$! ('! z/'.%! ('! $($0$,*$($!
9.$($! %$! %-,6&3&-,$'<2! '#'.&3&'! 8&$3&&! +,! j,&8$.)=U! V.&,!
/.0'.$1!6$5&!%$.%$*'.$'!*.',)6&)%&#(&,'.2!#-'*$!6'!&0#.$)&'!
%2! $! .'6&%'(! 6&4$.&*2! 6$! %$.%$*'.$'! 6&)%&#(&,'.21! %$($! 6-/2!
0-6/.&! 6$! %$.%$*'.$! )/,*1! 6$! 4'#*1! %-0#($0$,*'.$1! 5&!
,/! ',*'9-,&)*$! O*.',)6&)%&#(&,'.&*'*$'1! 42.2! '! ?! -! ,-/2!
6&)%&#(&,2! -.&! -! ,-/2! )/#$.6&)%&#(&,21! )$! ,/*.$5*$1! '?.02!
:')'.'7! ;&%-($)%/1! 6&,! %$.%$*'.$'! 6&)%&#(&,'.2! %'.$1! ('!
.F,6/(!)2/1!$)*$!(&0#$<&*2!+,*.C-!0',&$.2!,-/2!5&!4$.*&(2!6$!
%/,-'5*$.$'! *.',)6&)%&#(&,'.2P=! S)*$! #.$4$.'7&(1! '5'6'.1! )2!

##&

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

-#*$<&! #$,*./! -! #$.)#$%*&82! 6$! '%$)*! 9$,1! %'.$! 6$#25$5*$!

/,&#$.)#$%*&8&)0/(1!+,!6$?,&*&8!.&9&61!6$%&!'.&6D!LE+%0+$&%+&3
./(0/?2/'&%,3(+3%+@+%,32&30+23942$34'4236/3&0+2&6/3'/=+23.+3
7+&2/$&$+t! 6$! '(*4$(1! +,! 0'A-.&*'*$'! %'</.&(-.1! $'! )$! .$4$.2!
6-'.!('!4.'90$,*$!'($!/,/&'!5&!'%$(/&'5&!,&8$(!6$!k$'(&*'*$=!
E,!)%K&071!$%&'(./(0/?2/'&%/$&$+&3(+3?%+104?,3.+3./'&9/0&3
?%1=10&$,3 .+3 &05/4'+&3 (/942$&',3 &3 9&/3 942$1%3 '/=+24%/3
.+3 7+&2/$&$+=! B$)%-#$.&.$'! '%$)*$&! 6&,'0&%&! *.$%$! +,! 0-6!
,$%$)'.!#.&,!%/,-'5*$.$'!6&)%&#(&,'.2U=!!
W! #$.)#$%*&82! %'.$1! ,'*/.'(1! 7$,$?%&'<2! 6$! -!
0$*-6-(-9&$!#.-#.&$1!%$!)$!6$<8-(*2!#.&,!'%3&/,$'!%-,A/9'*2!
'! %$(-.! *.$&! %-,%$#*$! '@&'($! '($! *.',)6&)%&#(&,'.&*23&&D! LI$&!
*.$&!)*F(#&!'&!*.',)6&)%&#(&,'.&*23&&!T!,&8$(/.&($!6$!k$'(&*'*$1!
(-9&%'! *$.3/(/&! &,%(/)! 5&! %-0#($@&*'*$'! T! 6$*$.0&,2!
9+$1.121>/&3 0+%0+$,%//3 $%&'(./(0/?2/'&%+U=! E,! ?,$1! *-'*$!
%-,%$#*$($! '0&,*&*$! +,! %-,*$@*! *.$7/&$! .$C%-,)&6$.'*$!
%'! ?&,6! )/7)$%8$,*$1! %/0! -! &,6&%2! 6$! '(*4$(! %K&'.! 5&!
-.6&,$'! '#'.$,3$&! O*.'6/)2! 6$! .262%&,'! %-0/,2P1! &6$&&! 6$!
%/,-'5*$.$=!I2%&!LJ/(0/?2/'&%/$&$+&<3?24%/./(0/?2/'&%/$&$+&<3
/'$+%./(0/?2/'&%/$&$+&3 6/3 $%&'(./(0/?2/'&%/$&$+&3 (4'$3 0+2+3
?&$%43(,>+5/3&2+34'4/&36/3&0+24/&6/3&%0^30+23&2304'1&6$+%//U!
O)/7(=! '/*=P=! Z'! 4$(1! 6$5&! )$! .-*/,A$5*$! %'! -! %'.*$! L+,!
A/./(! (/&! Z/#'5%/U1! '%$)*! %/! '6$82.'*! $@%$#3&-,'(!
.$4-.0'*-.! '(! 9F,6&.&&! 5&! #.&,! $@*$,)&$! '(! )#&.&*/'(&*23&&!
%-,*$0#-.',$! T! 5&1! +,! *.$'%2*! ?$! )#/)1! /,/(! 6&,*.$!
0'.&&!#.&$*$,&!'&!(/&!:')'.'7!;&%-($)%/!T1!-#/(!E+3+($+3
%+&2/$&$+&!O'#2./*!'#.-'#$!)&0/(*',!('!S6&*/.'!f/,&0$'1!
R'5&! 5&! ('! S6&*/.'! Z&7s.1! [-,*.$'(1! +,! app]P! /*&(&<$'<2!
#$.)#$%*&8'! %-0#'.'*&)*2! #$,*./! '! '#.-4/,6'! ,-3&/,&($!
6$! L*$.3! &,%(/)U! L,&8$(/.&! 6$! .$'(&*'*$U! 5%(=! +,*.C/,!
6$0$.)!K$.0$,$/*&%!+,%K&)1!6$-%'06'*21!6$!-!'?.0'3&$!
8&<&-,'.2D!LB$)%-#$.&.$'!0/(*&#($(-.!4'3$*$!'($!.$'(&*23&&!
$)*$!)-.*&*2!/,/&!8&&*-.!6/.'7&(U=
I/! *-*/(! 6&4$.&*$! %'! 4-.0/(2}! -#3&/,$! '/%*-.&'(2!
)/,*! %$($('(*$! %2.3&! '($! (/&! :')'.'7! ;&%-($)%/D! R+(3
7&0/'+(3 .+3 2&3 2/-+%$m! O+,! %-('7-.'.$! %/! [&%K$(! I'0/)<3
S6&*&-,)!M%%'.&')1!I-(=!W.&9&,$(CM%%'.&')1!V'.&)1!app\!=!
S6&3&'!.-0F,$')%2!D!7,.,0/'/2+32/-+%$,5//<3*.'6/%$.$!6&,!
(&07'! 4.',%$<2! 6$! I'.0$,! Z/%'%&1! :/%/.$5*&1! S6&*/.'!
I/.*$'! X$%K$1! app^P1! ]'3 1>2/'.&3 .+($/'424/#3 L(+4%/3
&4$1-/1>%&D0+! OS6&*/.'! R6$$'! S/.-#$',21! :/%/.$5*&1!
app]P1!.$)#$%*&8!J+32&3O(&%2Nj32&3e&2+&3K/9/%//!OS6&*/.'!
I/.*$'!X$%K$1!:/%/.$5*&1!ap\\P=!j,!%&*&*-.!+0#2*&0&*!6$!
L9$,/.&($!7&-9.'?%/(/&U!($!8'!-7)$.8'!&0$6&'*!6-0&,',*'!
%-,4$)&82!5&!+,!%-,)$%&,32!8'!?!*$,*'*!)2!($!.'#-.*$<$!0'&!
6$9.'72!('!7&-9.'?'1!6$%F*!('!-#$.'!7')'.'7,&%-($)%&',2=!
E,!.$'(&*'*$1!+,)21!+,*.$!'%$')*2!)$%3&/,$!'/*-.$N$@&82!5&!
)$%3&/,$'!%&.%/0)%.&)2!6$!%2.3&($!0'&!8$%K&!'($!)'8',*/(/&!
$@&)*2! .'#-.*/.&! '*F*! 6$! )*.F,)$! 5&! 6$! $9'($1! +,%F*! /,/&!
&,*$.#.$*!)'9'%$!,/!+&!#-'*$!)%2#'!4'#*/(!%2!$($!4/,%3&-,$'<2!
%'!6-/2!4$3$!%-0#($0$,*'.$!'($!'%$(/&'5&!',)'07(/=!;/!
#/3&,$!)/,*!'.9/0$,*$($!%'.$!'*$)*2!N/@/(!*$0'*&%!6$,)1!
%&.%/('3&'!&6$-(-9&%2!#.'%*&%!%-0/,2=!IK&'.!5&!'%-(-!/,6$!
&,*$.4'3'! *$@*/'(2! $)*$! ')&9/.'*2! 6$! '0&,*&.&! 5&! .$N$%3&&!
)/%%&,*$! 6$)#.$! .-(/(! /,-.! #$.)-,'(&*23&! 6$! $@%$#3&$! '($!
%/(*/.&&!,-')*.$!O6$!('!:('9'!5&!S(&'6$!('!S/9$,!"&0&-,!
5&! [&.%&'! B/0&*.$)%/P! )'/! 6$! ,-*'3&&! %-,A/,%*/.'($!
%/! 0&<2! .$%/#$.'*-'.$1! )/7)*.'*/(! 6&)%/.)/(/&! )$!

.'#-.*$'<2! *-*! ('! ,/%($$($! *'.&! '($! *.',)6&)%&#(&,'.&*23&&D!

&,*$.'%3&/,$'! "/7&$%*! T! W7&$%*1! ,&8$(/.&($! 6$! k$'(&*'*$1!
*$.3/(! *'&,&%! &,%(/)! 5%(=! e&(&'3&'! $)*$1! +,! %F*$8'! )&*/'3&&1!
)*'7&(&*2! 6$! '/*-./(! +,)/5&1! '(*$-.&! )$! (/0&,$'<2! *.$#*'*1!
6-8$6&,6! %2! ?$%'.$! 4.'90$,*! $8-%'*&8! )'/! ','(&*&%!
$)*$! /,! )&0#(/! #.$*$@*! #$,*./! '?.0'.$'! /,$&}/,-.! &6$&!
6&.$%*-'.$! #$,*./! 0$*-6-(-9&'! *.',)6&)%&#(&,'.2=! >$@*$!
+,*.$9&! $@$0#('.$1! 6&,! '%$')*2! #$.)#$%*&821! )/,*! /5-.!
6$! 92)&*! +,! ?$%'.$! )$%3&/,$! '3 O'$+%@+%+'5+(-.3 (?/%/$4&2+1!
#.&0/(! 8-(/0! 6&,!J+3 2&3 O(&%2Nj! D! .$%-,)*&*/&.$'! /,/&!
0-0$,*! %K$&$! L6&,! 8&'3'! 0$'! )#&.&*/'(2U! #.&($A/&*! 6$!
p3=/C/$,32&3R&'0%,93*'3UVWsa3!-.&!)*/6&/(!$@*&,)1!4-'.*$!
7&,$! 6-%/0$,*'*! 5&! '07&3&-)! +,! &,*$,3&&1! &,*&*/('*! \4'><3
G&42/3 6/3 R4?&(013 *'3 @&5&3 ?%1-2+9+/3 ?(/F1DC/0+v! O+,!
E$/$1%//Pt3 74>,0/4'+3 ?+'$%43 (4q+$423 24/3 g+/(+'-+%>3 O+,!
I+'$1%//Pt! I/0F+23 E&94(3 QUVYV)YZZvS3 6/3 I&%+2+3 \103
&23 `%&'(./(0/?2/'&%/$,5//3 O+,! G+%9&'+'$423 9/%&0123 &23
?%/+$+'/+/St3 G+$+%3 :%11j3 6/3 >N'./%+&3 $%&./5/1'&2,3 O+,!
O'$+%@+%+'5+3(?/%/$4&2+P=!>.$7/&$!)2!'60&*$0!+,)2!4'#*/(!
%21! ('! 4$(! %'! 6$,)/(! )#$%*'%-(! 6&'(-9'(! 6&,! 7,.,0/'/2+3
2/-+%$,5//!-.&!%'!#2*&0'5$($!&,*$.8&/.&!&,%(/)$!+,!8-(/0/(!
'(! 6-&($'1! J%49423 @,%,3 (@N%6/$<3 0'A-.&*'*$'! %'#&*-($(-.!
6$(&0&*'*$!%'!'*'.$!+,!O'$+%@+%+'5+3(?/%/$4&2+!.$8&,1!+,*.C-!
0-6'(&*'*$!)'/!+,!'(*'1!('!%/,-'5*$.$'!%-0#($@21!0$6&'*2!
6$!*.',)6&)%&#(&,'.&*'*$=!
M(*4$(!)#/)1!%K&'.!5&!'*/,%&!%F,6!#'.$!%2!'#$($'<2!
('!)%.&&*/.'!'5'C<&)!%-,4$)&82!T!+,!7,.,0/'/2+32/-+%$,5//1!('!
6&'(-9/(!$4$%*&8!%/!0'.$($!)2/!#.&$*$,1!?(-)-4/(!5&!#-$*/(!
[&%K$(!I'0/)1!&'.!+,!L(+4%/2+3&4$1-/1>%&D0+1!.$)#$%*&8!
+,3J+32&3O(&%2Nj32&3e&2+&3K/9/%//1!?$!('!4-.0/('!&,*$.8&/(/&1!
?$! ('! %$'! )&0&(&6&'.&)*&%2! T! :')'.'7! ;&%-($)%/! #.$4$.2!
)2! -7,/7&($<$! '02,/,*$($! #-*$,3'*! &,*&0&)*$1! 6$*'(&&($!
%'.$!/,-.!%&*&*-.&!&,6&)%.$3&!)2!($!6$'!&0#.$)&'!%2!+&!#-*!
6$)%-#$.&! 8.$-! 4',*')02! &,$@&)*$,*21! 8.$/,! %-0#($@! +,!
<'6'.!-%/(*'*=!E,)$5&!$8$,&0$,*$($!7&-9.'?%$!&,8-%'*$!+,!
'%$)*$!%2.3&!)/,*!'0&,*&*$!6-'.!6&,!#$.)#$%*&8'!)/)3&,$.&&!
#/,%*$(-.!6$!8$6$.$!'($!)'8',*/(/&!5&!?(-)-4/(/&!:')'.'7!
;&%-($)%/1! #$,*./! '! %('.&?%'! 6'*$($! %-,*$@*/'($! +,! %'.$!
'%$)*$'!'/!4-)*!#.$?9/.'*$!)'/!4/,6'0$,*'*$=!['&!0/(*1!
%'!/,!S(&'6$^1!6$!#&(621!$(!-4$.2!L'%%&6$,*$(-.U!7&-9.'?%$1!
6$*'(&&(-.! %$(-.! 0'&! ',-6&,$1! +,! -.6&,$'! '#'.$,3$&1!
6$)&9/.1!-!)$0,&?%'3&$!)/7)*',3&'(21!'0!)#/,$!$#&4',&%2=!
E,3$($9F,61! #.&,! 0',&4$)*2.&($! )'%.'(&*23&&! +,! ,&8$(/.&($!
6$!k$'(&*'*$1!%$$'!%$!+,3$($9$!:')'.'7!;&%-($)%/!+,)/5&D!
L*$.3/(C)'%./! m%'.$o! )$! +,*./#$'<2! +,! ,-&1! )$! ,'5*$! +,!
,-&1! $(! $)*$! '%$(! '1/! %'.$! +0#'%2! -0/(! %/! /,&8$.)/(U=!
B$! '(*4$(1! 6'*$($! '%%$,*/'*! )/7&$%*&8$1! 6$%/#'*$! 6&,!
%'*$9-.&'!$8$,&0$,3&'(/(/&!&,*&01!)/,*!.$6/)$!%'!,/02.=!
I&,$!)C'.!'5*$#*'!)#.$!$@$0#(/!)2!92)$')%21!+,!&,*$.8&/(!
$@*&,)! %/! [&%K$(! I'0/)1! ,-*$! )#$%&?%$! 6&'.&)*&%&&!
&,*&0$1! 5&C'.! 4'%$! %'(%/($! %/! *-*/(! $.-,'*$1! -4$,)'*-'.$!
#$,*./!-!#$.)-,'(&*'*$!6&)%.$*21!4-'.*$!'*$,*2!('!&,*$.4'3'!
.'#-.*/.&(-.! )'($! %/! #.$)'1! %2%&! 5&! +,! -.&%'.$! &,*$.8&/!
'%-.6'*!#$.&-6&%$(-.!:')'.'7!;&%-($)%/!#'.$!$@*.$0!6$!
.$<$.8'*!6&,!'%$)*!#/,%*!6$!8$6$.$=!IK&'.!5&!'*/,%&!%F,6!)$!
'7',6-,$'<2!+,!8-&'!/,-.!8-(/*$!'/*-.$N$@&8$!)*&0/('*$!
+,! 9$,$.'(! 6$! )&,/)-&6$($! #.-#.&$&! 0$0-.&&1! '/*-./(!
+(+4%/21%3 &4$1-/1>%&D0+! 6&,! O'$+%@+%+'5+3 (?/%/$4&2+3 '.$!
+,)2! 9.&A2! )2! ,/! #/,%*$<$! 6$%F*! $8$,&0$,*$($! %$($! 0'&!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
)$0,&?%'*&8$! +,! -.6&,$'! 6$)*&,/(/&1! '5'6'.! %$($! %'.$!
'/! 4/,%3&-,'*! 6.$#*! %'*'(&<'*-.&! +,! #.-%$)/(! *$,)&-,'*! '(!
4-.02.&&!6$!)&,$1!'(!6$8$,&.&&!%'!')/0'.$!'!/,/&!6$)*&,!%/!
0&<2!*.',)6&)%&#(&,'.2#!
E,*.$'9'! $@&)*$,32! 7&-9.'?%2! 5&! )%.&#*/.'(2! '!
(/&! :')'.'7! ;&%-($)%/! '#'.$1! '5'6'.1! 6.$#*! &(/)*.'.$'!
/,/&! 6$)*&,! $@$0#('.D! '/*-./(! 6$! -.&9&,$! .-0F,2! $)*$!
/,! LI2/*2*-.! '(! M6$82./(/&U1! '(! L"$,)/(/&U! #($,'.! '(!
?&,3$&1! #$! %'.$C(! 6$)%-#$.2! 9.'3&$! *.',)6&)%&#(&,'.&*23&&1!
0'.$'! (/&! -7)$)&$1! /,'! 4$%/,621! %.$'*-'.$! ,/! 6-'.! +,!
#(',!#$.)-,'(=!E,)25&!#.-#.&'!8&'32!+&!'#'.$1!6/#2!0'.$'!
.$8$('3&$!'!*$.3/(/&!*'&,&%!&,%(/)!5&!'%$$'!'!%-,8$.9$,3$&!
,&8$($(-.!6$!k$'(&*'*$1!-!)/%%$)&/,$!6$!)$0,$!('!.F,6/(!
(-.!.$8$('*-.&&1!6$!K&$.-9(&4$!%'.$1!-6'*2!6$)%&4.'*$1!8-.!?!
&,*$9.'*$1! )/#/)$! /,/&! '7&(1! )$,)&7&(! 5&! #$.4$%*! A/)*&?%'*!
#.-%$)! 6$! *.',)?9/.'.$=! B$)%-#$.&,6! %-,%$#*/(1! 3&,*'!
%2/*2.&(-.! %-,5*&&,3$&! +,}5&! %/,-'5*$.&&1! %$.%$*2*-./(! '!
.$)&03&*!6$!7/,2!)$'02!,$8-&'!92)&.&&1!&,%(/)&8!+,!#.-#.&'!
$@&)*$,32!*$.$)*.21!7&-9.'?%21!'!/,/&!0&A(-%!6$!8'(&6'.$!'!
'%$)*$&'=!k&)%F,6!-!4-.0/(2!)&,*$*&%21!'5!,/0&!#.-%$)/(!
6$! *.',)?9/.'.$! '! 7&-9.'?$&! ('! %'.$! '! .$%/.)! :')'.'7!
;&%-($)%/!1!91.+2&%+3*'$%43$%&'(./(0/?2/'&%=!Z'!.F,6/(!
$&1! -#$.'! +,)25&! ,&! )$! .$($82! %'! -! %-,)*./%3&$! #.-&$%*'*2!
6$! /,! '.K&*$%*! '*$,*! %'! -.&%$! '.*&%/('3&$! '! ',)'07(/(/&1!
-.&%$!)*F(#!6$!.$<&)*$,32!5&!-.&%$!#&'*.2!)2!.$)#&.$!'%$('5&!
'$.1!*'.$1!'(!*.',)6&)%&#(&,'.&*23&&1!)2!?$!&,)%.&#3&-,'*2!%/!
'%$($'5&!)$0,$!'($!/,&?%2.&&1!6$%&!)2!?$!-!6-8'62!+,!#(/)!
'!+`'%!+$@+',?$!"-,(1$(+)!a,
________,
,

01!+J
\! !LB$!4'#*1!('!*-'*$!8F.)*$($1!('!ap!6$!',!&1!('!^p!6$!',&!
5&!'%/01!%$$'!%$!0C'!#')&-,'*!%$(!0'&!0/(*!'!4-)*!)2!6$)%-#2.!
)$,)/(!8&$3&&!0$($=!E,*.$7'.$!#$.#$*/2!'(!%2./&!0&)*$.1!'6F,%&,C
6/C)$1!+0&!62!#/*$.$'!)2!?/!8$5,&%!*F,2.1!)2!%'/*!42.2!+,%$*'.$!
'6$82./(1!!)2!(/#*!#$,*./!-!(/0$!0'&!6$%$,*2=U!!O:')'.'7!;&%-C
($)%/1!+,!\4%'&2423'&5/1'&2<3al!0'.*&$!ap\pP
a! ! E,! '%$)*! %'<1! .$6$)%-#$.&.$'! /,$&! 8$%K&! )%.&)-.&!
*.&0&)$!/,$&!#.-4$)-'.$!6$!(&07'!5&!(&*$.'*/.'!.-0F,21!6&.$%*-'.$!
'!(&%$/(/&!#(-&$5*$',!LR=!Z=!I'.'9&'($U!%-,)*&*/&$!#.&($A/(!6$!'!
)*'7&(&! #.-?(/(! 6$! $)$,32! $+%'&%,! '(! #$.)-,'(&*23&&! 7('9&$,$=!
[-*&8'3&'! $)*$! $8&6$,*2D! LE,'&,*$! 6$%&! 6$! h*$4',! Z/#'5%/1!
:('9'! $! 4')%&,'*! 6$! %-0#($0$,*'.&*'*$'! %-,*.'6&%*-.&$1! +,)2!
)#.$!6$-)$7&.$!6$!Z/#'5%/!5&!6$!0&,$1!$(!)$!)&*/$'<2!6&,*.C-!6'*2!
+,!/,&8$.)/(!'!%$$'!%$!$(!,/0$5*$!&'$/'19/+3$%&'(D>4%&$1&%+1!
$@#.$)&$!9$,&'(2!#$!%'.$!'0!#/*$'C-!*.'6/%$!'<&!#.&,!)*'.$'!>!'!
*$.3/(/&!&,%(/)=!O)/7(=!'/*=P
c! ! V.&($A! #$,*./! '! .$(/'! %-,%$#*$($C%K$&$! '($!
*.',)6&)%&#(&,'.&*23&&D! L;-3&/,$'! *.',)6&)%&#(&,'.2! 6$! ,&8$(/.&!
6$! k$'(&*'*$! %-,6/%$! 5&! ('! -! ,-/2! 8&<&/,$! ')/#.'! ?+%(1&'+/3
/0',$1! 4-,6'*2! #$! &,%(/6$.$'! >$.3/(/&! ')%/,)=! E,! '7-.6'.$'!
*.',)6&)%&#(&,'.21! )/,*$0! %-,4./,*'3&! %/! /,! 84-/+0$3 942$/?241!
%'#'7&(!)2!%/,-')%2!/,!p-/+0$3942$/?24=!j,&?%'.$'!"/7&$%*/C
(/&!$)*$!.$'(&<'*2!#.&,!'%3&/,$'!>$.3/(/&!')%/,)1!%'.$!*.',)4-.02!
%/,-'5*$.$'!+,!*'5+2+>+%+U!$*%=!O)/7(=!'/*=Pt
^! !V$,*./!+,3$($9$.$'!6$!'6F,%&0$!'!.$)-.*/.&(-.!%'.$!
+&!($'92!#$!%$&!6-&!)'8',3&1!'!)$!8$6$'!'*F*!$8-%'.$'!%'(62!6&,!
)$%3&/,$'!E$/$1%//3OI/%0+&3L2/&.+<3(4-3(+9'423.+($/'424/S<3%F*!
5&!K$.0$,$/*&%'!*.',)6&)%&#(&,'.2!6&,!)$%3&/,$'!6$!&,*$.4$.$,3$!
)#&.&*/'($! OB9-/>4/$&$+3 6/3 (+9'/D0&5/+3 *'! G+3 ($%&.&3 IN'$4)
2+&(&P=

##'

='T#+*#,bO5b7O920
.#%#"#/,0'(1*+%(-,K',4+!#ZG'(#,&#"-*-'A
!"#$%
!`%&'(^3&0+($3?%+DM3+($+3&($,C/3(+=&3.,$,$1&%+3.+3=/&5,3
&3042$4%//36/3&319424/#3B0+($3?%+DM3'43$%+0+3*'3'+D/'5,3
0++&30+3.+?,6+6$+<30/3?4'+3*'39/60&%+30++&30+3.+?,6+6$+<3
1%/+'$*'.4)23(?%+34'3'14301'$+M$#"33QB.1'/(S3
M0! #.&0&*! '%$)*! .&%)$%&'(! )'/3 $%&'().&%!
6$! ('! 6-0,&'! )'1! :')'.'7! ;&%-($)%/1! %--.6-,'*-./(!
5*&&,3&?%! '(! *$<$&! 0$($! 6$! 6-%*-.'*1! 42.2! '! %-,5*&$,*&<'!
#$!6$#(&,!.$)#-,)'7&(&*'*$'!0$*'?<&%2!6'.!5&!/0',!#.$'!
/0',2!6$!'!0$6&'!6&,'0&%'!`+%5424/3/4-/$1%!+,!?$%'.$!
0-0$,*!6$!'%3&/,$1!9F,6&.$!5&!)&03&.$!6&,!$@&)*$,3'!0$'=!
"$,)/(!+,*F(,&.&&!0$($!%/!#.-4$)-./(!:')'.'7!;&%-($)%/!
+(! 6$)%-#2.! *.$#*'*1! %'! /,! ?.! ,$82</*1! *.',)%.$'*-.!
'(! /,&*23&&! +,*.$! +M/($+'5/&2)/'$+2+0$4&2)(?/%/$4&2=! W!
.'#)-6&$! %-)0&%2! '! 6&'(-9/(/&! 6&,*.$! %-,*&,/&*'*$'! 5&!
6&)%-,*&,/&*'*$'! (-.=! [&C'5! ?! 6-.&*! )2! ?! )%.&)! 6$)#.$!
:')'.'7!;&%-($)%/1!?1+$42)$F+1%!%'.$!%-,)/(*2!W.'%-(/(!
I/8F,*/(/&!X&/!%-,C?9/.'*!('!*.'8$.)'.$'!*'$%)4'3@42>+%3
'!k$'(&*23&&!*.',)6&)%&#(&,'.$=!E,)2!,/!02!)&0*!#.$92*&*2!
&,*$.&-.! #$,*./! -! 0&)&/,$! '*F*! 6$! 9.$'=! M5*$#*! )2! 02!
'(&0$,*$<! %-.$)#/,<2*-.1! %-$.$,*! 5&! 42.2! *$'02! 6$! ('!
"/.)'!&,$#/&<'7&(2!'!S,$.9&$&!['.&&!>2%$.&=! &!*-*/5&1!,/!
%-,*$,$)%! )2! 6$)%-#2.! '%$)*! &<8-.! 6$! %F*$! -.&! ($%*/.$<!
`+1%+9+2+3 ?1+$/0+! 1! *.',)C)%.&)$! 6$! :')'.'7! ;&%-($)%/!
+,*.C/,!0-0$,*!6$!/)249/'&%+=
:')'.'7!;&%-($)%/!&6$,*&?%2!'%$)*!'14301'$+M$3
%-,?9/.'*!6$!0/*'3&'!9$,$.'*2!6$!!$%&'(!('!!*.'8$.)'.$'!
*/*/.-.! ,&8$(/.&(-.! 6$! %/,-'5*$.$! %/! L-! $*&%2! %$! )$!
6-8$6$5*$!.$8-(/3&-,'.2!+,!#(',/(!)#&.&*/(/&1!%-,*'9&-')2!
+,! #(',/(! )$,)&7&(&*23&&! 8&*'($! 5&! #.-4$*&%2! +,! #(',/(!
%-,5*&&,3$&U=
E,*.$7'.$! '! ?.$)%/(/&! 5&! '! ,$C?.$)%/(/&D! B'%2! $,$.9&'!
*.',)9.$)&82! '! (/&! $%&'(3 #/,$! +,! 0&5%'.$! *-*! %$$'! %$!
6$#25$5*$!.$6/%3&-,&)0/(!%(')&%!'(!/,/&!)&,9/.!,&8$(!6$!
k$'(&*'*$1!'*/,%&!%'.$!$)*$!8'(-'.$'!+$/0,!'!'%$)*/&!*$0$&!
%-,%$#*/'(J
I+$&M121>/&3 $%&'(+$/0//! )$! %-,)*./&$5*$! #.&,!
(&',*/(!6/.'7&(!6&,*.$!#(',/(!)#&.&*/(/&!5&!%$(!'(!)$,)&7&(&*23&&1!
.$('3&-,'.$! +,*.$! 6-/2! ,&8$(/.&! 6$! ?&,32! 6&4$.&*$1! '8F,6!
%-,)$%&,3$!.'6&%'($!+,!<-,'!%-,5*&&,3$&1!*',9$,3'!'(-9&%2!
'!"/7&$%*/(/&!5&!W7&$%*/(/&!%/,-'5*$.&&=!V$,*./!:')'.'7!
;&%-($)%/!L#.&0/(!6.$#*!'(!-0/(/&!$)*$!6.$#*/(!('!)$,)U1!
'(%K&0&'! K$.0$,$/*&%&&! *.',)6&)%&#(&,'.$! ?&,6! %'#*'*2!
,/0'&! 6$#25&,6! ',*'9-,&)0/(! 6&,*.$! )$,)! 5&! %-,*.'C
)$,)1!#.&,!%-,%&(&$.$'!)'!*$.,'.2=!;&0$,&!,/!$)*$!/,&%/(!
#.-#.&$*'.!'(!)$,)/(/&1!?$%'.$!6&,*.$!,-&!%-C#'.*&%&#F,6!
('! 6$)C%2*/5'.$'! 5&! $(',/(! )2/! *.',)-.&<-,*&%=! I'.$! $)*$!

##!

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

*.',)$*&%'! )$,)/(/&! $(&7$.'*! 6$! %-,C)*.F,9$.$'! (-%/&.&&!

)'($!#$!/,!)&,9/.!,&8$(!6$!k$'(&*'*$J!`%&'(+$/0&!+,!#(',/(!
(?/%/$424/!$)*$!L.$8-(/3&-,'.2U!#.&,!6.$#*/(!&,8&<&7&(/(/&!
6$! '! ?! .$C62./&*! 8&<&7&(/(/&1! 6.$#*/(! 0&)*$./(/&! 6$! '! ?!
.$C62./&*! ?.$)%/(/&1! 6.$#*/(! ,$.'3&-,'(&<'7&(/(/&! 6$! '!
?! %-,*$@*/'(&<'*! ('! *.'8$.)'.$'! 0/(*&#($(-.! ,&8$(/.&!
6$! k$'(&*'*$! 6$! %2*.$! &,4-.0'3&'! )#&.&*/'(2=! `%&'(+$/0&3
+,! #(',/(! ! (+'(/-/2/$,5//3 =/$&2+3 $)*$! L%-,*'9&-')2U! #.&,!
.$'7&(&*'.$'! >$.3/(/&! &/7&*-.! +,! &,&0'! 8&$3&&! ,-')*.$1! +,!
*.',)#'.$,3'! )/N$*/(/&C(/0&,2! &8&*2! +,! %.$8')'! 4.'%*'(2!
'!&,*$(&9$,3$&!%-.#-.'($1!'4$%*&8$!5&!.'3&-,'($=!`%&'(+$/0&3
+,! #(',/(! 01'6$//'5+/! $)*$! L#.-4$*&%2U! #.&,! 6$)%&4.'.$'!
)&07-(&%2! '! %-$<&/,&&! 6&)%-,*&,/$! 6&,*.$! ,&8$(/.&($! 6$!
%-,5*&&,32!%'.$!4'%!#-)&7&(!+=+'/9+'$423-%4(03&23D/'5+/!5&!
)$0,$($!%-,5*&&,3$&!%-)0&%$=
V/*$0! )2C(! .$6/%$0! )2.2%&,6/C(! #$! $%&'(! ('!
'#(&%'7&(&*23&($! K$.0$,$/*&%$! 5&! (&,98&)*&%$! '($! /,/&!
?%+DM3 )'/! $)*$! 5&! '(*%$8'! J! e&&,6! -! )/.)2! '! 0&5%2.&&1!
$)*$! )%',6'(-)1! %K&'.! 5&! ,/0'&! ('! ,&8$(! (&,98&)*&%1! )2C(!
+,%.$0$,&0! +,*.C/,! )$0,&?%'*! ')-%&'*! -#.&.&&! +,*.C/,!
?4'0$3DM1!+,!%&/6'!6&)*',3$&!K$.0$,$/*&%$!6&,)#.$!?%+!%2*.$!
DM!%'.$!$)*$!-.&$,*'*2!6$!-!*.'8$.)'.$1!6$!-!*.',)9.$)'.$!
,-,C.$<&)*$,*21! *'&,&%21! *2%/*2=! `%&'(3 $)*$! /,! ?%+)DM! ('!
/,! ,&8$(! 6$! +,3$($9$.$! 0$*'?<&%! D! -! *$,)&/,$! 4$.*&(2! '!
/,/&! +($+3 1.&$,3 0&3 '/0/1.&$,3 ?@1! +0#&$*.&*1! ,$0&5%'*=!
`%&'(3 $)*$! /,! ?%+DM! ('! /,! ,&8$(! 6$! +,3$($9$.$! ($@&%'(1!
+07-923&,6! #.&,! )2.2%&'! (/&! *.',)9.$)&82! 8-%'7/('./(!
-.&%2.$&!(&07&!#'.*&%/('.$=!['.$'!6$)%-#$.&.$!($9'*2!6$!
8&.*/'(&*23&($! '%$)*/&! 04=N'$3 =/4! )'/! $%&'(04=N'$! $)*$!
%2! #-'*$! ?! 04'4'&$3 %/! -.&%$! %/8F,*1! *')04'4'N'.! 5&!
,/! .+%/=N'.3 043 ?%+DM<3 #-*$,3F,6/C&! 0&)*$./(! -.&%2./&!
($@$01! 6'.! 5&! 6$<C82(/&,6/C&! 8&.*/'(&*23&! ,$72,/&*$=!
Z&7$.*'*$'! %-,*.'6&%*-.&$! '! (/&! $%&'(! .$<&62! +,! $(',/(!
/,&?%2.&&! %/! -.&%'.$! '(*! %/8F,*! 5&! *-*-6'*2! +,! ')/0'.$'!
/,&%&*23&&! )-(&*/6&,&&! )'($=! V.&,)! +,! K-.'! /,&*23&&! )'($! %/!
&,?,&*$!&#-)*'<&$.&!6&,!)4$.'!(/&!21>1(3(+9&'$/j1(<3$%&'(!
$)*$! +,)2! /,! 6',)'*-.! )&,9/.'*&%1! 6-&,&,6/C5&! *.2&.&($!
%K&'.!5&!#.&,)!+,!['.$($!Z',3!'(!e&&,3$&=!S(!,/!0-6&?%2!
%-,3&,/*/(!-,*-(-9&%!'(!%/8F,*/(/&!%/!%'.$!)$!*')(15+6$+1!
%&!+&!'%-.6$'<2!'%$)*/&'!)$0,&?%'3&&($!*.',)(&,98&)*&%$!('!
V/()'3&'!I-)0&%2!'!X&/(/&=
`%&'(3 #-'*$! '8$'! /,! )$,)C$@&)*$,32! 42.2! '! +,C
%/,/,'! /,! '(*! %/8F,*! J! M*&*/6&,$'! (/&! $%&'(3 $)*$! /,'!
*.',)6&)%&#(&,'.2!#.&,!$@%$($,32!D!6$)%K&6$.$1!*-($.',321!
6&'(-9!5&!.&9-'.$'!4'32!6$!%/8F,*/(!#$!%'.$!+(!#.-#/()$'<2!
#$! /,! '(*! ,&8$(! 6$! +,3$($9$.$1! %-,4$.&,6/C&! ,-&! ($9&!
%'.$! )2C(! ',%-.$<$! )&0/(*',! /,-.! 0/(*&#($! ,&8$(/.&!
6$! k$'(&*'*$=! `%&'(! $)*$! )&0/(*',! )&07-(! 5&! 0$*'4-.2!
*.',)#-$*&%21! -#$.F,6! +,! #(',/(! %-0#($@&*23&&! $#&4-.&%$!
0/(*&.$4$.$,3&'($! 5&! #(/.&6&0$,)&-,'($=! `%&'(! $)*$! 4'3
(/9-123=/4!+,!02)/.'!+,!%'.$!,/!+5&!'%*&8$'<2!,&8$(/.&($!
6$! )$,)! T! #-$*&%1! &0'9&,'*&8! 5&! *.',)9.$)&81! 6$%F*! +,!
&,*$.'%3&/,$'! )'! %/! )$0,&?%'3&&($! #$! %'.$! ($! -%.-*$5*$!
)/7!%/#-('!-.F,6/&.&&!)'($=
+'1(&! (/&! $%&'(! $)*$! $@#$.&$,3'! 9-(&.&&!
%/8F,*/(/&C+,4.23&*!6$!)$0,&?%'*&8&*'*$'!)'!4/,6'0$,*'(21!
%-9,-)%&7&(2!5&!'%%$)&7&(21!#$,*./!'!/0#($!8&6/(!(2)'*!%/!
%$$'! %$! $)*$! ,$.'3&-,'(&<'7&(! #.&,*.C/,! 6&)%/.)1! %/! %$$'!

%$!)$!+,*.$C<2.$5*$!')%/,)!+,!(/0&,'!>$.3/(/&!>'&,&%=!!
`%&'(3 %-,)*&*/&$! /,! *$0$&! '(! $%&'(2/9-&_424/! %'.$! )$!
+,*$0$&'<2!#$!#.&,%&#&/(!,-,)$#'.'7&(&*23&&!6$)%-#$.&*!+,!
?<&%'! %/',*&%21! ?&,6! %/8F,*! 5&! ,$%/8F,*! %/0! '.! )#/,$!
;&%K&*'!"*2,$)%/!5&!+,!'%$('5&!*&0#!'(*%$8'1!/,!8'6!%'.$!
4'%$!#-)&7&(2!*.$%$.$'!6$!('!/,!,&8$(!6$!$,$.9&$!('!'(*/(=!
j,!)'(*!6&)%-,*&,//!%'.$!*.')$'<2!%-,*&,/&*'*'*$'=
`%&'(3 $)*$! /,! 8$K&%/(! *.',)#-$*&%! 5&!
*.',)(&,98&)*&%! '(! &,4-.0'3&$&! )#&.&*/'($! %'.$! ,$! 'A/*2!
)2! ,$! '8$,*/.20! +,! '%$'! <-,2! &,'%%$)&7&(2! %/,-'5*$.&&!
.'3&-,'($1!+,)2!#(&,2!6$!>2%$.$'!I/8F,*/(/&!V-$*&%=!;/!
#-*! 6$%F*! )'C&! 0/(3/0$)%! 6-0,/(/&! #.-4$)-.! :')'.'7!
;&%-($)%/! #$,*./! .&%42)$%&'(! #$! %'.$! (C'0! #.&0&*! 6$!
('! 6F,)/(1! 9$)*! &,?,&*! 5&! ,&%&-6'*2! %-0#($*! 6$<C82(/&*!
0$6&'*!6$!>$.3/(!&/7&*-.=

5"'$#,Y506[
.#%#"#/,0'(1*+%(-,K',<4#"+*+,L1(,#*,
!"#$%&'%(')*'$#"'!>@''E
, E,!/(*&0$($!6$%$,&&1!-!8&<&/,$!'(*$.,'*&82!')/#.'!
k$'(&*23&&! )C'! &,)&,/'*! +,! 6$#.&,6$.&($! 6$! 9F,6&.$! 5&!
)&03&.$!*.&7/*'.$!/,$&!(-9&%&!7&0&($,'.$!5&!/,$&!0$,*'(&*23&!
#$.&0'*$1! 6$<82(/&,6/C($! 4./)*.',*$($! (&0&*$! 5&! #.-#/,F,6!
-! )/.0-,*'.$! '! (-.! #.&,*.C-! 6$)%K&6$.$! 4$.*&(2! )#.$!
%-0#($@&*'*$=!V.$)&03&*2!6$!)#&.&*$($!(/0&,'*$!'($!8$'%/(/&!
*.$%/*1! #.$?9/.'*2! #.&,*.C/,! %-$.$,*! (',3! #'.'6&90'*&%!
&,'/9/.'*! 6$! Z/%&',! :('9'! 5&! %-,*&,/'*! 6$! g')*-,!
:'%K$('.6! 5&! h*$4',! Z/#'5%/1! )*.272*F,6! N/@/(! &6$'*&%!
'(!)$%-(/(/&!QQ1!!'%$')*2!,-/2!8&<&/,$!+5&!6-7F,6$5*$!/,!
,/0$! )&,*$*&%! 5&! $@#.$)&8! T! $%&'(./(0/?2/'&%/$&$+&3 T! #.&,!
&,*/&3&'! /,/&! 8$.&*'7&(! 9F,6&*-.! '(! *.',)9.$)&/,&&D! :')'.'7!
;&%-($)%/=! Z',)'*2! 6$! 8&<&-,'./(! ?<&%&',! .-0F,! +,! \]_l1!
0$*-6-(-9&'! *.',)6&)%&#(&,'.2! /.02.$5*$! -! )*.&,9$,*2!
.$/,&?%'.$! '! %/,-'5*$.&&1! #/(8$.&<'*$! +,! 0&&! 6$! K&#$.C
)#$%&'(&<2.&! -6'*2! %/! -/>)-&'>C/(! 6&)%&#(&,'.! 6&,! /(*&0$($!
6$%$,&&=! "-(/3&'! #.-#/)2! 6$! :')'.'7! ;&%-($)%/! /.02.$5*$!
6&'(-9/(1! .$9F,6&.$'! $4-.*/.&(-.! %-9,&*&8$! #.&,! &0#$.&-')'!
(-.!-.&$,*'.$!)#.$!%$$'!%$!)$!'N21!+,!'%$('5&!*&0#1!*',4'$%423
9.',&3$(-.!6&)%&#(&,'.$1!*'$%+36&)%&#(&,$!5&!./'012136$!-.&%$!
6&)%&#(&,21! +,! )#&.&*/(! *.',)9.$)&8! '(! .$8$('*-./(/&! #.$?@!
$%&'(=
! V$,*./! '! $8&*'! #$.&%/(-')$! 6$.'#'A$! 5&! %-,4/<&&!
%-,%$#*/'($1! :')'.'7! ;&%-($)%/! 4-.0/($'<2! -!
6$4&,&3&$! .&9/.-')2! '! *.',)6&)%&#(&,'.&*23&&1! 6$<8-(C
*F,6! %-,%$#*/(! &,*.-6/)! 6$! f$',! V&'9$*! +,! \]dp1!
%-0#($*F,6/C(! #.&,! )$,)/(! 6$! L6&,%-(-! 6$! -.&%$!
6&)%&#(&,2U1! $)$,3&'(! #$,*./! +,3$($9$.$'! 6$#(&,21!
,$*./,%K&'*21!'!'%$)*/&'D!L>.',)6&)%&#(&,'.&*'*$'!#.&C
8$5*$!T!'5'!%/0!&,6&%2!#.$4&@/(!G*.',)H!T!%$$'!%$!)$!
'4(2! +,! '%$('5&! *&0#! 5&! +,*.$! 6&)%&#(&,$1! 5&! +,2/,*./(!
6&8$.)$(-.! 6&)%&#(&,$1! 5&! 6&,%-(-! 6$! -.&%$! 6&)%&#(&,2=!
e&,'(&*'*$'! $&! $)*$! +,3$($9$.$'! (/0&&! #.$<$,*$1! /,/(!
6&,*.$! &0#$.'*&8$($! $&! 4&&,6! /,&*'*$'! %/,-'5*$.&&=U \!
>.',)6&)%&#(&,'.&*'*$'! ,/! )$! %-,4/,621! '5'6'.1! %/!
&,*$.6&)%&#(&,'.&*'*$'1! %'.$! #.$)/#/,$! *.',)4$./(!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
0$*-6$(-.!6&,*.C-!6&)%&#(&,2!+,*.C'(*'1!#.&,!%'.$!)$!#-*!
%.$'! ,-&! 6&)%&#(&,$=! R,*$.6&)%&#(&,'.&*'*$'! 0/(*&#(&%2!
9.',&3$($!6&)%&#(&,'.$1!#$!%F,6!*.',)6&)%&#(&,'.&*'*$'!
($!
*.',)9.$)$'<2=!
>.',)6&)%&#(&,'.&*'*$'!
)$!
6$-)$7$5*$1! 6$! ')$0$,$'1! 6$! #(/.&6&)%&#(&,'.&*'*$!
O)'/! 0/(*&6&)%&#(&,'.&*'*$P1! '6&%2! )*/6&/(! -7&$%*/(/&!
/,$&! 6&)%&#(&,$! #.&,! 0$*-6$! '#'.3&,F,6! 0'&! 0/(*-.!
6&)%&#(&,$=! V(/.&6&)%&#(&,'.&*'*$'! .20F,$! +,*.$!
9.',&3$($!6&)%&#(&,'.$1!#$!%F,6!*.',)6&)%&#(&,'.&*'*$'!
%'/*2! 5&! %$$'! %$! )$! '4(2! +,*.$! 5&! 6&,%-(-! 6$! $($=!
>.',)6&)%&#(&,'.&*'*$'! ,/! +,)$'0,2! $,%&%(-#$6&)01!
-! &,%/.)&/,$! #$! -.&<-,*'(2! +,! *-'*$! %$($! _ppp! 6$!
6&)%&#(&,$! '%*/'($! 5&! -! )/02! '! */*/.-.! %/,-5*&,3$(-.!
'%/0/('*$! 6$! '%$)*$'1! /,! 6$0$.)! &0#-)&7&(! 5&!
&,/*&(=! >.',)6&)%&#(&,'.&*'*$'! ,/! +5&! #.-#/,$! -!
'%/0/('.$! $@K'/)*&82! '! &,4-.0'3&&(-.! '6/)$! 6$!
*-'*$! 6&)%&#(&,$($1! %&! %'/*2! #/,3&($! 6$! ($92*/.2!
6&,*.$! '%$)*$'1! %'.$! 4'%! #-)&7&(2! +,3$($9$.$'1! +,*.C
/,! )'(*! #$! 8$.*&%'(21! )#.$! 4/,6'0$,*$($! /,&*23&&!
6$)%K&)$! '! %/,-'5*$.&&=! >.',)6&)%&#(&,'.&*'*$'! ,/!
$)*$! ,&%&6$%/0! -! ,-/2! 6&)%&#(&,21! -! )/#$.6&)%&#(&,2!
)'/! -! '(*2! 6&)%&#(&,2! #$! (F,92! %$($! #$)*$! _ppp! 6$!
)#$%&'(&<2.&! $@&)*$,*$=! B'%2! %$.%$*'.$'! 6&)%&#(&,'.2!
%-,)*./&$5*$! &,$8&*'7&(! 9.',&3$! 6&)%&#(&,'.$1!
*.',)6&)%&#(&,'.&*'*$'! ,/! '.$! ')*4$(! 6$! 9.',&3$1! $'! )$!
6$)425-'.2! +,! '4'.'! (-.1! 42.2! '! &,)*'/.'! '(*$($! ,-&=!
E,! #(/)1! 4&$%'.$! 6&)%&#(&,2! )$! .$</02! ('! /,! )&,9/.!
,&8$(! 6$! k$'(&*'*$1! #$! %F,6! *.',)6&)%&#(&,'.&*'*$'!
&0#(&%2! -! 6&,'0&%2! '! %-$.$,3$&! */*/.-.! ,&8$(/.&(-.!
6$! k$'(&*'*$=! >.',)6&)%&#(&,'.&*'*$'! ,/! ')%/,6$! +,)2!
,&%&! '6&)%&#(&,'.&*'*$'! O)'/! ',*&6&)%&#(&,'.&*'*$'P1!
,$9'.$'! 6&)%&#(&,$(-.1! )*/6&/(! 6-'.! '! %$$'! %$! )$!
'4(2! +,*.$! 5&! 6&,%-(-! 6$! 6&)%&#(&,$1! &9,-.F,6! %$$'!
%$! )$! '4(2! +,2/,*./(! '%$)*-.'=! B&)%&#(&,'.&*'*$'!
5&! *.',)6&)%&#(&,'.&*'*$'! ,/! )/,*! ',*'9-,&)*$1!
%&!
%-0#($0$,*'.$1!
%$.%$*'.$'!
6&)%&#(&,'.2!
$)*$! #/)2! +,*.C-! ,-/2! (/0&,2! #.&,! 6$)%K&6$.$'!
*.',)6&)%&#(&,'.21! &'.! *.',)6&)%&#(&,'.&*'*$'! )$!
,/*.$5*$! 6&,! %$.%$*'.$'! 6&)%&#(&,'.21! %'.$! #/,$!
7'<$($! )'(*/(/&! *.',)6&)%&#(&,'.D! LB&)%&#(&,'.&*'*$'1!
#(/.&6&)%&#(&,'.&*'*$'1!
&,*$.6&)%&#(&,'.&*'*$'!
5&!
*.',)6&)%&#(&,'.&*'*$'!)/,*!%$($!#'*./!)29$3&!'($!/,/&'!
5&!'%$(/&'5&!'.%D!%$(!'(!%/,-'5*$.&&U a=
! X&<&/,$'! *.',)6&)%&#(&,'.2! )$! .$92)$5*$! ('*$,*21!
+,*.C-!4'<2!$07.&-,'.21!+,%2!6&,!#$.)#$%*&8'!K$.0$,$/*&%2!
'!)*/6&/(/&!0-,-9.'?%!6$!6$7/*!'(!(/&!:')'.'7!;&%-($)%/1!
O1'3 :&%-43 c3 E1(9121>/&3 !\10424/3 (+04'."v1! #/7(&%'*! +,!
\]b_1!#-.,&,6!6$!('!-!#.$0&)2!)/.#.&,<2*-'.$1!'!6$%.&#*2.&&!
#-$<&$&!7'.7&$,$!#.&,!9.&('!6$!($%*/.2!'!*$-.&&(-.!5*&&,3&?%$!
4.$%8$,*'*$!6$!#-$*/(C0'*$0'*&%&',1!6$)%K&<F,6!-!(?+%&$,3
?1&%$,!)#.$!04'1&6$+%+&3'+*9?,%5/$,!'!%-)0-(-9&$&!\10424/3
(+04'.=!j.02*-'.$($!8-(/0$!)$0,'*$!6$!:')'.'7!;&%-($)%/!
)$! 6$<82(/&$! '! ?! *.$#*$! +,! %-,?9/.'.$'! 0$*-6-(-9&$&!
*.',)6&)%&#(&,'.$1! 6$! ('! %$.*&?%'*/(! $&! 6$! ,'5*$.$! 6&,! ;1/<3
?&%$/042&3 6/3 249+&[! O\]_lP! ('! )*/6&/(! 6$! %'<! 6&,! a$//'5&<3
(+'(423 6/3 +=1245/&3 c3 L(+43 &(4?%&3 24/3 \Bp:3 :gILs!
O\]__P1! ('! #.-9.'0/(! #-*$,3&'(! '(! *.',)6&)%&#(&,'.&*23&&!
%-,%$,*.'*! +,! 4/(9/.'3&&($! 6&,! `+1%+9+3 ?1+$/0+W! O\]]^P! 5&!

##(

%$(!0',&4$)*!6&,!)&,-#)&)/(!'@&-0'*&%!'(!4/,6'0$,*$(-.!$&!
*$-.$*&%$!5&!'(!3$(/.&(-.!$&!#.'%*&%$!6&,!`%&'(./(0/?2/'&%/$&$+&^3
9&'/@+($k3 O\]]bP1! #.$%/0! 5&! ('! ,/',32.&($! 6&,! E+3 +($+3
%+&2/$&$+&A37+q+05//3*'3_4%4231?+%+/324/38$m?F&'+3R4?&(01X!
Oapp]P!5&!6&,!J+32&3O(&%2*j32&3e&2+&3K/9/%//V3Oap\\P=!V.&,6$!
')*4$(!%-,*/.!-!8&<&/,$!*.',)9.$)&821!%$!)$!.&6&%2!+0#-*.&8'!
)#$%&'(&<2.&(-.! $@%$)&8$1! %'.$! #'.%$($'<2! %/,-'5*$.$'1!
)$#'.F,6C-!+,!6&)%&#(&,$!6&,!%$!+,!%$!0'&!'#(&%'*$1!&9,-.F,6!
&,*$.%-,$@&/,&($!)/7*&($1!%'.$!')&9/.2!%-$.$,3'!/,$&!8&<&/,&!
6$! ',)'07(/=! >.',)6&)%&#(&,'.&*'*$'! $)*$1! #$,*./! :')'.'7!
;&%-($)%/1! -! $%&'(>%+(&%+3 >+'+%&2/C&$,1! 6&,'0&*F,6! ,/!
6-'.!9.',&3$($!&($9&*&0$!6&,*.$!6&)%&#(&,$1!%&!*-'*$!4.-,*&$.$($!
'.*&?%&'($! )$#'.'*-'.$! %'.$! &0#/,! 4'(&&! &,)/.0-,*'7&($!
5&! 6&K-*-0&&! #$.&%/(-')$D! L>.',)6&)%&#(&,'.&*'*$'! $)*$! -!
$%&'(>%+(&%+3 >+'+%&2/C&$,D! $'! *.',)9.$)$'<2! 4.-,*&$.$($!
6&,*.$! 6&)%&#(&,$($! '%'6$0&%$! 5&! ,-,C'%'6$0&%$1! 6&,*.$!
"/7&$%*! 5&! W7&$%*1! 6&,*.$! 5*&&,32! 5&! )#&.&*/'(&*'*$1! 6&,*.$!
6-0$,&&($! %/,-'5*$.&&1! 6&,*.$! %/(*/.&! 5&! 6&,*.$! .$(&9&&1! 42.2!
)2! ($! %-,4/,6$1! 6'.! )/7(&,&&,6! %$$'! %$! ($! )*.27'*$! 5&! ($!
/,$5*$=!>.',)6&)%&#(&,'.&*'*$'!)$!7'<$'<2!#$!-!0$*-6-(-9&$!
.&9/.-')21!'6-#*'*2!#$)*$!*-*!+,!(/0$!6$!,/0$.-5&!%$.%$*2*-.&!
%'.$1!$@$.)F,6!'%$)*!*&#!6$!K$.0$,$/*&%21!.$)*&*/&$!6&4$.&*$($!
6-0$,&&!'($!%/,-'5*$.&&!+,*.C-!,-/2!(/0&,2=U\p!
! W! %/,-'5*$.$! '6$%8'*2! '! 0$*-6-(-9&$&!
*.',)6&)%&#(&,'.$!*.$7/&$!)2!#-.,$')%2!6$!('!-!+,3$($9$.$!'!
#&(-,&(-.!%-,%$#*/'(&!#$!%'.$!'%$')*'!)$!4/,6$'<2=!R1>/0&3
$+%5424/3/'024(1!*$-.$*&<'*2!6$!h*$4',!Z/#'5%/1!)#.$!6$-)$7&.$!
6$!%$(!6$C'(!*.$&($'!#.&,%&#&/!'(!(-9&%&&!'.&)*-*$(&%$1!'(!*$.3/(/&!
$@%(/)1!.$%/,-'5*$!$@&)*$,3'!/,/&!'(!*.$&($'!*$.0$,1!>1!%'.$!
$)*$!+,!'%$('5&!*&0#!M!5&!,-,CM!O6$!#&(621!$,*&*'*$'!%/',*&%2!T!
+,!'%$('5&!*&0#!#'.*&%/(2!5&!/,621!42.2!'!?!,&%&!6-'.!#'.*&%/(21!
,&%&!6-'.!/,62P=!>$.3/(!&,%(/)!.$#.$<&,*2!/,/(!6&,*.$!%$&!*.$&!
#&(-,&! #$! %'.$! $)*$! 4/,6'0$,*'*2! *.',)6&)%&#(&,'.&*'*$'1!
'@&-0'! (-9&%21! '(2*/.&! 6$! '@&-0'! -,*-(-9&%2! '! $@&)*$,3$&!
0'&! 0/(*-.! ,&8$(/.&! 6$! k$'(&*'*$! T! /,! '/=+23 .+3 7+&2/$&$+!
#.$)/#/,F,6!/,!',)'07(/!6$!($9&!9$,$.'($!O+,!%'</(!
)&)*$0$(-.! ,'*/.'($P! )'/! ,-.0$! 9$,$.'($! O+,! %'</(!
)&)*$0$(-.! )-%&'($P1! &,'6$%8'*$! %$(-.('(*$! ,&8$(/.&!
6$! k$'(&*'*$! $@&)*$,*$! T! 5&! 6$! '@&-0'! $#&)*$0-(-9&%2!
'! 019?2+M/$,5//! (/0&&1! 6$<82(/&,6! -! )*./%*/.2! 6$)%K&)21!
>o.+2/&',1!'!k$'(&*23&&=!
! :')'.'7! ;&%-($)%/! +,3$($9$! #.&,! k$'(&*'*$!
L%$$'! %$! %+C/($,3 $@#$.&$,3$(-.1! .$#.$<$,*2.&(-.1!
6$)%.&$.&(-.1! &0'9&,&(-.! -.&! 4-.0'(&<2.&(-.! ,-')*.$!
0'*$0'*&%$U \\1! )#.$! 6$-)$7&.$! 6$! k$'(1! L%$$'! %$!
$)*$U1!6'.!,/!#-'*$!4&!,&%&-6'*2!+,!*-*'(&*'*$!%/,-)%/*=!
k$'(&*'*$!+,)$'0,2!')*4$(!%$$'!%$!#-'*$!4&!.$#.$<$,*'*!
)'/!6$)%.&)1!%$$'!%$!#/*$0!*.',)#/,$!+,!(&07'A1!&0'9&,&!
)'/!4-.0/($!0'*$0'*&%$1!+,*.C/,!%/8F,*1!%$$'!%$!$)*$!
%&5/1'&2/C&-/2=! I$$'! %$! ,/! +,)$'0,2! %2! k$'(&*'*$'!
6$#&,6$! 6-'.! 6$! 0-6/(! +,! %'.$! ,-&! -! %-,4&9/.201!
$'! ,/! $)*$! )/7&$%*&821! /,! )&0#(/! %-,)*./%*! *$-.$*&%1!
0-6$('*! )-%&'(1! %&! $%&'()(4-/+0$/=,1! +,*./%F*! $'!
&0#(&%2!5&!%$$'!%$!.$<&)*2!$@#$.&$,3$(-.!,-')*.$1!%$$'!
$)*$! )/)3&,/*1! 8$.&4&%'*! 5&! %-,4&.0'*! $@#$.&0$,*'(=!
V.&,! #.&)0'! &0'9&,&&! #$! %'.$! -! '8$0! 6$)#.$! k$'(&*'*$!
*.$%!*-'*$!#$.%$#3&&($1!.$#.$<$,*2.&($!5&!&6$&($!,-')*.$!5&1!+,!
'%$('5&! *&0#1! 9F,6/.&($1! )$,*&0$,*$($! 5&! '%3&/,&($! ,-')*.$!
0-6$($'<2!5&!0-6&?%2!k$'(&*'*$'1!%'.$!,/!$)*$!&0/'7&(21!%&!

##)

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

6&,'0&%21!+,!%-,*&,/2!*.',)4-.0'.$D!L7+&2/$&$+&3.+?/'.+3.+3
'1/^3+&3+($+3?2&($/0,U\a=!E,!%-,)$%&,321!:')'.'7!;&%-($)%/!
,$! '8$.*&<$'<2! %2! 5&! ,-&! #/.*20! .$)#-,)'7&(&*'*$'! #$,*./!
%$$'!%$!$)*$!k$'(&*'*$'1!+,*./%F*!#/*$0!)2!'($9$0!)2!&,*.20!
+,!'.0-,&$!%/!$'!)'/1!6&0#-*.&821!)2!-!#$.*/.7201!)2!-#*20!
#$,*./!'(*$.,'*&8'!$8-(/3&$&!)'/!%$'!'!'/*-6&)*./9$.&&=
X&<&/,$'!*.',)6&)%&#(&,'.2!&0#(&%21!'5'6'.1!$@&)*$,3'!
/,-.! )*.'*/.&! 6$! 6&)%-,*&,/&*'*$! %$! )$#'.2! .'6&%'(! ?$%'.$!
,&8$(! 6$! k$'(&*'*$! 6$! %$(! &0$6&'*! ',*$.&-.1! .$)#$%*&8!
/.02*-.1! *.',)9.$)&/,$'! ?&,6! #-)&7&(2! 6-'.! #.&,*.C
/,! )'(*! #.&,! 0&A(-%&.$'! L(-9&%&&! 8$.*&%'($U\c! '! $+%5424/3
/'024(=! B'.! 0'&! $@&)*2! /,! '(*! *$.3! %K&'.! +,! 0&$</(! 8&<&/,&&!
,&%-($)%&$,$! '! >.',).$'(&*23&&D! `+%5423 B(04'(=! >$.3/(!
M)%/,)!A-'%2!/,!.-(!8&*'(!+,!&,*$.'%3&/,$'!6&,*.$!p-/+0$423
$%&'(./(0/?2/'&%3 cU',)'07(/(! 6$! ,&8$(/.&! 6$! k$'(&*'*$! 5&!
<-,'! )'! %-0#($0$,*'.2! 6$! ,-,C.$<&)*$,32U! T! 5&! 84-/+0$423
$%&'(./(0/?2/'&%3 c3 L',)'07(/(! ,&8$(/.&(-.! 6$! #$.%$#3&$! 5&!
<-,'! )'! %-0#($0$,*'.2! 6$! ,-,C.$<&)*$,32U\^=! ! V.&,! <-,'!
6$!*.',)#'.$,32!'7)-(/*2!)'/!6$!,-,C.$<&)*$,32!O%'.$!)%'#2!
+,%$.%2.&(-.! ,-')*.$! 6$! .'3&-,'(&<'.$1! 6$! .$#.$<$,*'.$1!
6$)%.&$.$1! 4-.0'(&<'.$! 0'*$0'*&%2! -.&! %-,%$#*/'(&<'.$P1!
>$.3/(! M)%/,)! 4'%$! #-)&7&(2! %-0/,&%'.$'! 6&,*.$! N/@/(!
6$! &,4-.0'3&$! %$! )*.27'*$! (/0$'! $@*$.&-'.2! 5&! N/@/(! 6$!
%-,5*&&,32! %$! *.'8$.)$'<2! /,&8$.)/(! &,*$.&-.1! 0&A(-%&,6!
%-0/,&/,$'! &,8&<&7&(2! '! W7&$%*/(/&! %/! "/7&$%*/(=! I$($!
6-/2! *$.3/.&! )$! .$N$%*2! %-,)*',*! /,/(! +,*.C'(*/(1! K.2,&,6/C
)$! .$%&#.-%1! *$.3/(! &,%(/)! ?&,61! 6/#2! %/0! &,*/&$5*$!
V-0#&(&/! I.2%&/,$)%/1! L+,%'.,'.$'! +,! #(',! -,*-C(-9&%! '!
>$.3/(/&!M)%/,)U1!L+'+%>/&!(/&!%+=+2&$,U1!)/7*&('!5&!#($,'.'!
0',&4$)*'.$! '! 0&)*$./(/&! +,! k$'(&*'*$\l=! E,! '%$)*! 4$(1! 6/#2!
%/0!02.*/.&)$5*$!%K&'.!:')'.'7!;&%-($)%/!+,*.C/,!&,*$.8&/!
6&,! %$(! 6$C'(! 6-&($'! 8-(/0! 6&,! J+3 2&3 O(&%2*j3 2&3 e&2+&3
K/9/%//1! L8&<&7&(/(! %-,(/%.$'<2! %/! &,8&<&7&(/(U\b1! *$.3/(!
&,%(/)1!%$(!8&<&7&(1!(-9&%!5&!.'3&-,'(&<'7&(!)$!6-8$6$5*$!'!?!
-! &,*$.4'32! '! >$.3/(/&! M)%/,)1! %$(! &,8&<&7&(1! *.',)(-9&%! 5&!
*.',).'3&-,'(1! +,*./%F*1! 6/#2! %/0! &,*/&$5*$! k$,s! B'/0'(1!
LV-'.*'!&,8&<&7&(/(/&!*.$7/&$!)2!?$!8&<&7&(2U\d=!
>.',)6&)%&#(&,'.&*'*$'! )$! 6$<82(/&$! '! ?! ,/! 6-'.! /,!
?&$$+%'3&6$'*&%!)&0#*-0'*&%!#$,*./!.'3&-,'(&*'*$'!'(*$.,'*&C
82! '! )$%-(/(/&! QQR1! .$%-,%&(&&,6! %$.$7.'(&*'*$'! %/! '4$%*&C
8&*'*$'1!%&!5&!/,!9K&6!#.'%*&%!+,!')&0&('.$'!/,$&!0$,*'(&*23&!
#.-')#$*$1! '6'#*'*$! ('! #.-8-%2.&($! (/0&&! #.$<$,*$1! '! /,/&!
,-/!/0',&)01!'#*!)2C&!.$6$'!?&,3$&!/0',$!6$0,&*'*$'!#&$.C
6/*21!5&!'!/,/&!%-6!$*&%!$@$0#('.1!4/,6'*!#$!%/>1&%+1!.+()
0F/.+%+!5&!$12+%&'5,=![$*-6-(-9&$!/,&?%'*-'.$1!/,&8$.)'(21!
'#(&%'7&(2!+,!*-'*$!)4$.$($!%/,-'5*$.&&1!*.',)6&)%&#(&,'.&*'*$'!
)C'! 6$<82(/&*! 6&,! )*'.*! '! ?! /,! #.-&$%*! 6$-#-*.&82! .&9/.-)!
5&! N$@&7&(1! 6$)%K&<F,6! #$.)#$%*&8$! ,$72,/&*$! '*/,%&! %F,6!
%$.%$*2.&($! 6&)#'.'*$! $5/$'<2! +,! 4.'90$,*'.&)0! 5&! /,&('*$C
.'(&*'*$=! V('*4-.0'! *$-.$*&%2! *.',)6&)%&#(&,'.2! $)*$! 6/7('*2!
6$! -! ('.92! #'($*2! 6$! '#(&%'3&&! *',9&7&($1! %'.$! '/! %-,?.0'*!
5&!'/!'0#(&?%'*!0&<$($!*.',)6&)%&#(&,'.&*23&&1!#.$?9/.F,6!-!
%-,*&,/2!5&!,$)4F.5&*2!0/(*&#(&%'.$!'!')#&.'3&&(-.!5&!#-*$,3&C
'(&*23&(-.!'%$)*/&!#.-&$%*!%/!6$)%K&6$.&!&,?,&*$=!R'.!.-(/(!(/&!
:')'.'7!;&%-($)%/!$)*$!%./%&'(!+,!'%$)*!&,$#/&<'7&(!5&!0&.'C
7&(!I&%+3\103&23>.',)6&)%&#(&,'.&*23&&!T!+,*.C-!&,)#&.'*2!#'C
.'4.'<2!,&%-($)%&',2!'!I&%+24/3\10!'(!(/&!k$,s!B'/0'(1!,/!
%$(!'(!*.',)9.$)&/,&&!6$)*./%*&8$!6&,!#$.&-'6'!*/0/(*/-')2!

+,!%'.$!'%$)*'!'!4-,6'*!.$8&)*'!%/!'%$('5&!,/0$!OLZ$!g.',6!
f$/UP1!%&!%$(!'(!*.',)9.$)&/,&&!%-,)*./%*&8$1!'(!9+$&DC/0//3+M)
?+%/9+'$&2+!%$!6$)%K&6$!L#-)&7&(&*'*$'!*.$<&.&&!#$.0',$,*$!
'!%-,5*&&,3$&U\_1!+,!#.$(/,9&.$'!%2./&'!)$!)&*/$'<2!5&!8&<&/,$'!
*.',)6&)%&#(&,'.2=

!
!

{{{{{{{

01!+J
\! ! :')'.'7! ;&%-($)%/1! `%&'(./(0/?2/'&%/$&$+&#3 I&'/)
@+($1!>.'6/%$.$!6$!Y-.&'![&K'&(!X')&($)%/1!S6&3&'!'!RRC'!S6&*/.'!
f/,&0$'1!R'5&1!appd1!#=!lc=
a! !R6$01!/-/.+91!#=!llClb=
c! !R6$01!O1'3:&%-43c3E1(9121>/&3!\10424/3(+04'."1!
S6&*/.'!#$,*./!Z&*$.'*/.21!:/%/.$5*&1!\]b_1!S6&3&'!'!RRC'!I/8F,*!
+,'&,*$!6$!S/9$,!"&0&-,1!V-)*4'32!6$!V-0#&(&/!I.2%&/,$)%/1!
S6&*/.'!j,&8$.)!S,%&%(-#$6&%1!:/%/.$5*&1!app^=
^! !R6$01!;1/<3?&%$/042&36/3249+&1!>.'6/%$.$!6$!X')&($!
"#-.&%&1!S6&*/.'!V-(&.-01!R'5&1!appa1!S6&3&'!'!RRC'!S6&*/.'!f/,C
&0$'1!R'5&1!appd=
l! !R6$01!a$//'5&<3(+'(4236/3+=1245/&3c3L(+43&(4?%&324/3
\Bp:3 :gIL1! V.$4'32! 6$! M,*-&,$! e'&8.$1! >.'6/%$.$! 6&,!
(&07'!4.',%$<2!6$!M/.$(&'!:'*'(&1!S6&*/.'!S0&,$)%/1!:/%/.$5*&1!
\]]a1!S6&3&'!'!RRC'!S6&*/.'!X&*./8&/1!:/%/.$5*&1!appp1!S6&3&'!'!
RRRC'!S6&*/.'!I'.*$'!k-0F,$')%21!:/%/.$5*&1!appd=
b! ! R6$01! `+1%+9+3 ?1+$/0+1! >.'6/%$.$! 6$! Z=[=! M.C
%'6$1!V.$4'32!6$![&%K$(!I'0/)1!S6&*/.'!I'.*$'!k-0F,$')%21!
\]]b1! S6&3&'! '! RRC'! S6&*/.'! f/,&0$'1! R'5&1! appd1! `Fm1%n9+(3
?1m$/r4+(T3`+1%+9+3?1+$/0+1!$6&3&$!7&(&,982!7&7(&-?(21!*&.'A!lp!
6$!$@$0#('.$1!:&7(&-*$%'![$*.-#-(&*',2!6&,!:/%/.$5*&1!app]1!
8&<&/,$!9.'?%2!5&!\c!&(/)*.'3&&!6$![&.%&'!B/0&*.$)%/=
d! ! R6$01! `%&'(./(0/?2/'&%/$&$+&#3 I&'/@+($1! >.'6/%$.$!
6$!Y-.&'![&K'&(!X')&($)%/1!S6&*/.'!V-(&.-01!R'5&1!\]]]1!S6&3&'!
'!RRC'!S6&*/.'!f/,&0$'1!R'5&1!appd=
_! !R6$01!E+3+($+3%+&2/$&$+&A37+q+05//3*'3_4%4231?+%+/324/3
8$m?F&'+3 R4?&(011!>.'6/%$.$! 6$! "&0-,'! [-6.$',/1! S6&*/.'!
f/,&0$'1!R'5&1!app]=
]! ! R6$01! J+3 2&3 O(&%2*j3 2&3 e&2+&3 K/9/%//1! X-(=! R!
O'$+%@+%+'5+3(?/%/$4&2+1!8-(=!RR!J%49423@,%,3(@N%6/$1!V.$4'32!6$!
R.&,'!B&,%21!S6&*/.'!I/.*$'!X$%K$1!:/%/.$5*&1!ap\\=
\p! !R6$01!7+'m3J&49&23QUVZX)UV[[S36/3I&%+2+3\101!+,!
J+32&3O(&%2*j32&3e&2+&3K/9/%//1!8-(=!R!O'$+%@+%+'5+3(?/%/$4&2+1!$6=!
%&*=13#=!cad=
\\! !R6$01!`%&'(./(0/?2/'&%/$&$+&#3I&'/@+($1!$6=!%&*=1!#=!
ab=
\a! !R6$01!E+3+($+3%+&2/$&$+&A37+q+05//3*'3_4%4231?+%+/324/3
8$m?F&'+3R4?&(011!$6=!%&*=1!#=!\ad=
\c! ! [&K'&! h-.'1! E2/?&3 6/3 $/9?42<3 S6&*/.'! V'.'($('! ^l1!
V&*$5*&1! appl1! #=! ldD! L['&! *.$7/&$! )#/)! %21! +,! *&0#! %$! (-9&%'!
-.&<-,*'($&!$!-!(-9&%2!'!6&)A/,%3&$&!5&!'!$@%(/6$.&&!*$.3/(/&1!(-9C
&%'!8$.*&%'($&!$!/,'!'!%-,A/,%3&$&1!'!&,*$9.2.&&!5&!T!$8&6$,*!T!'!
*$.3/(/&!&,%(/)U=
\^! !:')'.'7!;&%-($)%/1!p3.+(01?+%/%+3(4%?%/'C,$1&%+3c3
;/=+24%/2+3.+37+&2/$&$+1!+,!J+32&3O(&%2*j32&3e&2+&3K/9/%//1!8-(=!
RR!J%49423@,%,3(@N%6/$13$6=!%&*=1!#=!\bC\d=
\l! !V-0#&(&/!I.2%&/,$)%/1!`+%5423B(04'(!+,!LI-,8-.C
7&.&!(&*$.'.$U1!,.=!]1!)$#*$07.&$!ap\p=!
\b! !:')'.'7!;&%-($)%/1!J+32&3O(&%2*j32&3e&2+&3K/9/%//1!
8-(=!RR!J%49423@,%,3(@N%6/$13$6=!%&*=1!#=!\b^=
\d! !k$,s!B'/0'(1!I4'$+2+3B'&21>^3%19&'3.+3&=+'$4%/3
&2?/'+<3 '1')+402/./+'+3 6/3 (/9-12/03 &4$+'$/0+1! V.$4'32! 6$! :'C
)'.'7! ;&%-($)%/1! >.'6/%$.$! 6$! ['.&/)CI.&)*&',! S,$1! S6&*/.'!
;&%/($)%/1!:/%/.$5*&1!app]1!#=!\_=
\_! ! k$,s! B'/0'(1! '#/6! :')'.'7! ;&%-($)%/1! 7+'m3
J&49&23QUVZX)UV[[S36/3I&%+2+3\101!+,3J+32&3O(&%2*j32&3e&2+&3
K/9/%//1!X-(=!R!O'$+%@+%+'5+3(?/%/$4&2+1!$6=!%&*=1!#=!cc^=

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

8-'G#,=5N;
N"#$%&'%(')*'$#"'!#!+#,%#-,+"#,
!"#&-(>!1"'*1"
LS.'!*.',)6&)%&#(&,'.2!8'!?!$.'!*.'6/%2*-.&(-.!T!'!%$(-.!
%'.$!*.'6/%!+,!(&07'!,-')*.2!0'%.-?<&%2!%$$'!%$!)$!
#$*.$%$!('!/,!'(*!,&8$(!6$!k$'(&*'*$U=
!
:')'.'7!;&%-($)%/<3`+1%+9+3?1+$/0+<3\]]^
>.$7/&$!)2!%-,5*&$,*&<20!5&!)2!'%%$#*20!%2!#$,*./!
'!*.',)0&*$!-!+,8232*/.2!$@'%*2!'8$0!,$8-&$!6$!/,!(&07'A!
$@'%*=!B$!')$0$,$'1!*.$7/&$!)2!,$!')&9/.20!%2!%$(!%'.$!
#.&0$5*$!-!',/0&*2!&,4-.0'3&$1!'!+,3$($)!)$,)/(!$@'%*!'(!
&,4-.0'3&$&!*.',)0&)$=!e&$%'.$!6&,*.$!,-&!,$!#-<&3&-,20!
4'32!6$!/,!-7&$%*1!)2!(/20!%'!$@$0#(/!/,!-7&$%*!'7)*.'%*!
'!%2./&!6$,/0&.$!,C-!%/,-'5*$01!+,!4/,%3&$!6$!$6/%'3&'1!
6$!7'9'A/(!6$!%/,-5*&,3$1!6$!#$.)-,'(&*'*$'1!6$!')-%&'3&&($!
#$!%'.$!($!#/*$0!4'%$!+,*.$!'%$(!-7&$%*!,$%/,-)%/*!5&!'(*$!
-7&$%*$!%/,-)%/*$!%'.$!#-*!?!#/)$!+,!.$('3&$!%/!-7&$%*/(!
,$%/,-)%/*! #$,*./! 'C(! '#.-#&'}! '#.-#.&'! +,3$($9$.&&!
,-')*.$=! k$'(&*'*$'! -7&$%*/(/&! '7)*.'%*! 6&,! $@$0#(/(!
,-)*./! 8'! %-.$)#/,6$! ?$%2.$&'! 6&,*.$! .$'(&*23&($!
&0'9&,'*$!6$!)/7&$%3&&!O)2!#.$)/#/,$0!%2!)/7&$%3&&!)/,*!
/,! ?<&%&',1! /,! ?(-)-41! /,! (&*$.'*1! /,! '.*&)*! #(')*&%1! /,!
'%*-.1! /,! 8F,<2*-.! '07/(',*! 5='P! %'.$! 8-.! .$%/,-'5*$!
+,*.C/,!4$(!)'/!'(*/(!,/0$($!-7&$%*/(/&!'7)*.'%*=!B'.!%/0!
#/*$0! #$.%$#$! )&0/(*',! *-'*$! ,&8$(/.&($! 6$! .$'(&*'*$!
&,8-%'*$! 6$! ?$%'.$! 6&,*.$! )/7&$%3&&! #'.*&%&#',3&! ('!
.$%/,-'5*$.$'! -7&$%*/(/&J! ;$! 8-0! +,*.$7'! '*/,%&! %2.$&!
.$'(&*23&! '#'.3&,$1! 6$! 4'#*1! -7&$%*/(! +,! %'/<2J! >-'*$!
'%$)*$! .$'(&*23&! &,8-%'*$! 6$! )/7&$%3&! 6&4$.&3&! %-.$)#/,6!
%/!'6$82.'*!.$'(&*23&&!#.$<$,*$J!;/1!,/!#/*$0!%/,-'5*$!
.$'(&*'*$'! +,! *-'*2! %-0#($@&*'*$'! $&1! 6'.! #/*$0! '8$'!
'%%$)! ('! +,3$($9$.$'! $&! 9(-7'(2! #.&,*.C/,! (&07'A! $@'%*!
%'.$!)2!$@#.&0$!@1%942&%+&34'+/3'1/3/.+/3.+3%+&2/$&$+=\

I('/6$!ks9i1!+,!%'.*$'!)'!L(?&0+(3?+%.4+(!+5&!#/,$'!
-!+,*.$7'.$!%'.$!0&!)$!#'.$!4/,6'0$,*'(2D!I$!)$!'N2!+,*.$!
/,!-7&$%*!5&!,/0$($!-7&$%*/(/&J!h&!#/*$0!%-,*&,/'D!%$!)$!
'N2!+,*.$!/,!)/7&$%*!5&!,/0$($!)/7&$%*/(/&J
M0!)$,<'3&'!%2!.$N$%*'.$'!('!+,*.$7'.$'!(/&!I('/6$!
ks9i!#-'*$!.$<-(8'!0/(*$!,$(20/.&.&!+,!%$$'!%$!#.&8$5*$!
.-(/(!*.',)6&)%&#(&,'.&*23&&!+,!)$%-(/(!QQR=!M)*'!6'%2!,$!
')/020!%/.'A/(!6$!'!,$!+,*.$7'!#F,2!('!%'#2*=

>.',)6&)%&#(&,'.&*'*$'a!,/!$)*$!/,!-7&$%*!'7)*.'%*1!
$)*$! -! 0$*-6-(-9&$c! O6$?,&*2! #.&,! &)-0-.?)0/(! 6&,*.$!
,&8$(/.&($! 6$! .$'(&*'*$! '($! -7&$%*/(/&1! ,&8$(/.&($! 6$!
.$'(&*'*$! '($! )/7&$%*/(/&1! *$.3/(! &,%(/)! 5&! %-0#($@&*'*$'P!
%'.$! &,*$9.$'<2! +,! 7'<$($! )'($! $#&)*$0-(-9&%$! O?<&%'!
%/',*&%21!5*&&,3'!0-6$.,21!(-9&%'!*$.3/(/&!&,%(/)P!)*/6&/(!
&,*$.'%3&/,&&! 6&,*.$! -7&$%*! O(/0$'! $@*$.,2P! 5&! )/7&$%*!
O(/0$'! &,*$.,2P1! 82</*$! ,/! %'! $,*&*23&! )$#'.'*$1! %&! %'!
$,*&*23&! %'.$! %-$@&)*21! +,*.$! %'.$! )$! )*'7&($5*$! /,! .'#-.*!

##*

5&!%'.$!,/!#-*!?!%/,-)%/*$!&,6$#$,6$,*!6$!.$('3&'!6&,*.$!
$($=! V.&,! &,*$9.'.$'! +,! 0$*-6-(-9&'! *.',)6&)%&#(&,'.2! '!
,&8$(/.&(-.! 6$! .$'(&*'*$! '($! -7&$%*/(/&1! ,&8$(/.&(-.! 6$!
#$.%$#3&$!'($!)/7&$%*/(/&!5&!*$.3/(/&!&,%(/)!#-*!?!'#(&%'*$!
5&!6$<8-(*'*$!+,!4/,%3&$!6$!6&)%&#(&,'!)*/6&'*2!O?$!6&,!)4$.'!
5*&&,3$(-.! $@'%*$1! ?$! 6&,! )4$.'! 5*&&,3$(-.! /0',$P! ,&8$(/.&!
6$! %-,*$@*/'(&<'.$D! -.9',&<'.$}! )*./%*/.'.$}! &,*$9.'.$t!
.$#.$<$,*'.$C&,*$.#.$*'.$}! (&07'A}! %-,4/<&$}t! &9,-.',32}!
&,*$(&9$,32}! %-,*$0#('3&$t! -7&$%*&8&*'*$}! )/7&$%*&8&*'*$}!
%-0#($@&*'*$t!%/,-'5*$.$}!+,3$($9$.$}!?&,32t!0'*$.&'(&*'*$}!
)#&.&*/'(&*'*$}!,-,C6/'(&*'*$=!Z'!.F,6/(!(-.!'%$)*$!,&8$(/.&!
6$! %-,*$@*/'(&<'.$! #-*! ?! '#(&%'*$! +,! 4/,%3&$! 6$! %$($! *.$&!
'@&-0$! '($! 0$*-6-(-9&$&! *.',)6&)%&#(&,'.$D! '@&-0'!
-,*-(-9&%2! O7'<'*2! #$! 6&4$.&*$($! ,&8$(/.&! 6$! .$'(&*'*$! 5&!
6&4$.&*$($!,&8$(/.&!6$!#$.%$#3&$P1!'@&-0'!(-9&%2!O7'<'*2!#$!
(-9&%'!*$.3/(/&!&,%(/)!%'.$!#$.0&*$!*.$%$.$'!6$!('!/,!,&8$(!6$!
.$'(&*'*$!('!/,!'(*!,&8$(!6$!.$'(&*'*$P!5&!'@&-0'!%-0#($@&*23&&!
O7'<'*2! #$! )*./%*/.'! %-0#($@2! '! ,&8$(/.&(-.! 6$! .$'(&*'*$=!
e&$%'.$!,&8$(!6$!.$'(&*'*$!$)*$!%$$'!%$!$)*$!#$,*./!%2!*-'*$!
%$($('(*$!,&8$(/.&!6$!.$'(&*'*$!$@&)*2!+,!'%$('5&!*&0#P=!V/*$0!
'%%$6$! ')*4$(! ('! -! ,-/2! %/,-'5*$.$! '! .$'(&*23&&1! 'N'*2! +,!
q40$4&5/+3 01'($&'$,[1! 6$?,&*2! 6$! :')'.'7! ;&%-($)%/! %'!
0++&3 0+3 %+C/($,3 +M?+%/+'5+21%3 '1&($%+<3 %+?%+C+'$,%/21%<3
.+(0%/?5//21%<3/9&>/'/21%<3@1%942,%/21%3'1&($%+39&$+9&$/0+=!

`+%5423/'024(s
Lh*&&,3'1!'.*'!5&!>.'6&3&'!.$#.$<&,*2!*$.,'./(!8&/!'(!
*.',)6&)%&#(&,'.&*23&&=! R'*2! 6$! %$! *.',)6&)%&#(&,'.&*'*$'!
'! $@&)*'*! +,! 9$.0$,! 6&,! ,-'#*$'! *&0#/.&(-.=!M5*$#*F,6!
)'(*/(!%/',*&%U=
!!!!:')'.'7!;&%-($)%/<3`+1%+9+3?1+$/0+<3\]]^
>.',)6&)%&#(&,'.&*'*$'! $)*$! 4-,6'*2! #$! (-9&%'!
*$.3/(/&! &,%(/)=! S@&)*$,3'! *$.3/(/&! &,%(/)b! +,! (-9&%'!
4-.0'(2! '! $#&)*$0-(-9/(/&! "*#K',$! Z/#')%-! O\]ppC
\]__P!,$!'A/*2!)2!+,3$($9$0!%2!+,*.$!(/0$'!0&%.-?<&%2!5&!
(/0$'!#)&K&%2!$@&)*2!/,!&)-0-.?)01!%2!-.&%2./&!4$,-0$,!
+&! %-.$)#/,6$! /,! ',*&C4$,-0$,! 5&! %2! ',*'9-,&)0/(1!
(/#*'! '%$)*-.! 4$,-0$,$! %-,*.'6&%*-.&&1! %'.$! ,/! &0#(&%2!
)$#'.'.$'! (-.1! %&! 6&,! %-,*.2! ',*'9-,&)0/(! (-.! $,$.9$*&%!
,'5*$!-!6&,'0&%21!-!&,*$.%-,$@&/,$1!'!$%K&(&7./(/&!.&9/.-)1!
$%K&(&7./! %'.$! #$.0&*$! '%*/'(&<'.$'! O0',&4$)*'.$'P! 5&!
#-*$,3&'(&<'.$'! O8&.*/'(&<'.$'P! ?$%2./&'! 6&,*.$! '%$)*$!

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

#$"

',*'9-,&)0$1! %2! +,! '%$')*2! .$('3&$! %-,*.'6&%*-.&$!

#.$<$,32! O'%*/'(&<'.$P! T! '7)$,32d! O#-*$,3&'(&<'.$P! )$!
#-'*$!'N'!)$,)/(1!-.9',&<'.$'!5&!)*./%*/.'.$'!$@&)*$,3$&!
,-')*.$1! %2! &,6$*$.0&,'.$'! %/',*&%21! 6&)%-,*&,/&*'*$'1!
,-,C)$#'.'7&(&*'*$'!#-*!4'%$!.'3&-,'(&<'7&($!#'.'6-@/.&($!
%/',*&%$1! %2! )#'3&/(_! 5&! *&0#/(]! )/,*! /,! .$</(*'*! '(!
'%$)*$&!)*2.&!>!O*$.3/(!&,%(/)P!%'.$!,/!)$!#-'*$!'%*/'(&<'}!
#-*$,3&'(&<'! 42.2! .$('3&'! 6$! %-,*.'6&%3&$! %'.$! ($'92!
)#'3&/(!5&!*&0#/(1!%2!.$'(&*'*$'!#-)$62!-!)*./%*/.2!*$.,'.2!
6'*-.'*2! 6&,'0&)0/(/&! &,6$#$,6$,*! +,*.$! '%*/'(&<'.$!
5&! #-*$,3&'(&<'.$1! 6&,'0&)0! %'.$! ,/! '.! ?! #-)&7&(! 42.2!
$@&)*$,3'! '%$)*/&! '(! *.$&($'! *$.0$,! $8',$)%$,*1! *$.3/(!
&,%(/)1! $%K&(&7./(! .&9/.-)! O)$0&C'%*/'(&<'.$1! )$0&C
#-*$,3&'(&<'.$P!'(!%-,*.'6&%*-.&&(-.=!
`+%5423&(04'(
! LS@&)*2! -! )&,9/.2! .$'(&*'*$! #$.0',$,*2D! *$.3/(!
*'&,&%!&,%(/)=!I'!'*'.$1!?.$5*$1!$(!,/!&,*$.$)$'<2!9F,6&.$'!
A/.,'(&)*&%2=U=
:')'.'7!;&%-($)%/<3`+1%+9+3?1+$/0+<3\]]^
;&8$(/.&($!6$!.$'(&*'*$!)/,*!6&)%-,*&,/$=!;/!$@&)*2!
,&%&/,!#/,%*!&,*$.0$6&'.!%'.$!)2!#$.0&*2!*.$%$.$'!6$!('!
/,!,&8$(!('!'(*/(=!>.$%$.$'!6$!('!/,!,&8$(!6$!.$'(&*'*$!('!
/,!'(*!,&8$(!6$!.$'(&*'*$!$)*$!#-)&7&(2!6'*-.&*2!/,$&!<-,$!
%-0#($0$,*'.$! 6$,/0&*2! +,! *.',)6&)%&#(&,'.&*'*$! <-,2!
6$!,-,C.$<&)*$,321!-!#/,*$!$,$.9$*&%21!/,!8&6!#(&,1!4-.3'!
*2%$.&&! /,&8$.)'($1! *$.3/(! *'&,&%! ')%/,)=! [&)*$./(! ?&,3$&!
,-')*.$!)$!#-'*$!'N'!+,!'%$)*!*$.3!*'&,&%!')%/,)!%'.$!,$!
'#.-#&$!6$!*.',).$(&9&-)=

y'(&![&.'!+,!E&%$+&3?/+%.4$,1!)#/,$'D!![&!)$!#'.$!
.$8-(*2*-.=!h&!02!.$4$.!('!6&)#'.&3&$=!"'/!('!%-$@&)*$,3'!+,!
'%$('5&!*&0#!'!6-/2!6&,'0&)0$!%-,*.'6&%*-.&&=!k/#$.$'!
#'.'6-@/(/&! 6$! '! ?! 8&/! )&! 0-.*! +,! '%$('5&! *&0#! 02!
*/(7/.2=!M!?!8&/!5&!0-.*!+,!'%$('5&!*&0#!+,)$'0,2!%2!,/!
$@&)*2!%$($!*.$&!*&0#/.&!#.$<$,*1!*.$%/*1!8&&*-.1!%&!/,!#')'A!
6&,*.C-! (/0$! +,*.C'(*'=! M0! 6&)#2./*! 6&,! '%$')*2! (/0$!
#$,*./!%2!'(*%$8'!6&,!(/0$'!,$'9.21!)C-!,/0&0!'5'1!)'/!
,-'#*$'! (/0&&1! 0C'! %K$0'*=! I$8'! #-*$,3&'(! %'.$! '8$'!
,$8-&$!6$!'%*/'(&<'.$'!0$'!#$,*./!'!0$,3&,$!$%K&(&7./(!
6&,'0&%=!V$,*./!%$&!6$!'&%&1!(/0$'!'(721!)C-!,/0&0!'5'1!
)/,*!6&)#2./*21!02!'N/!+,!)*'.$!6$!#-*$,3&'(&<'.$1!#$,*./!
%2! +,! (/0$'! ,$'9.2! 02! 0',&4$)*1! )/,*! #.$<$,*2=! I$8'!
0'&! #/*$.,&%! 6$%F*! $/! %$'! 6&,! (/0$'! '(72! 0C'! %K$0'*!
#$,*./!'!)$!#-*$,3&'(&<'!+,!(/0$'!,$'9.2!5&!#$,*./!'!)$!
'%*/'(&<'!+,!(/0$'!'(72=![-'.*$'!$)*$!/,6$8'!+,*.$!)#'3&/(!
6&,*.$! '%*/'(&<'.$'! 5&! #-*$,3&'(&<'.$'! /,-.! 6&,'0&)0$!
%-,*.'6&%*-.&&=![-'.*$'!$)*$!-!&,K&7'.$!'!$@&)*$,3$&"#3

X-0!6$)%-#$.&!#-'*$!%2!'%$('
V$!%'.$C(!,/0&0!B/0,$<$/!$)*$!6$!4'#*
j,!0-6!/0',!6$!'!$@&)*'=
W!)$,<'3&$!6$)#.$!,-&!+,5&,$
E,*.C-!'(*2!6&0$,)&/,$!'!?&,3$&\p

>.',)6&)%&#(&,'.&*'*$'1! +,! 02)/.'! +,! %'.$! $)*$!

')&0&('*2!%-,5*&$,*1!5&!,/!6-'.!%'!-!,-/2!*$-.&$!%'.$!8&,$!
+,! %-0#($*'.$'! '*F*-.! '(*-.'1! $)*$! -! '*&*/6&,$! '! -0/(/&!
6$! '! ?! +,! (/0$1! 6$! '! %/,-'5*$! 5&! 6$! '! +,3$($9$! ,'*/.'!
%-0#($@2!'!.$'(&*23&&t!6$!'!&,*$9.'!5&!7&,$($!5&!.2/(!5&!/.F*/(!
5&!4./0-)/(!5&!'6$82./(!5&!4'()/(t!6$!'!+,3$($9$!%2!*-*/(!
$)*$! .'#-.*! 5&! .$('3&$=! e&,'(&*'*$'! *.',)6&)%&#(&,'.&*23&&!
$)*$!+,3$($9$.$'!,-,C)$#'.'7&(&*23&&!5&!/,&*'*$'!(/0&&=
>.',)6&)%&#(&,'.&*'*$'! ,/! #-'*$! ?! +,3$($')2! +,!
*-'*2!%-0#($@&*'*$'!$&!6'%2!,/!*.',)9.$)$'<2!$@#$.&$,3'!
&,6&8&6/'(2!'!?$%2./&'!6&,*.$!,-&=!
B0+&($,3 240%&%+3 &3 @1($3 ?1(/-/2,3 ?%/'3 (?%/_/'423
D'&'0/&%3 1@+%/$3 ?%/'3 G%1>%&9423 p?+%&5/1'&23 8+0$1%/&23
J+C=12$&%+&3 7+(4%(+21%3 K9&'+3 YZZk)YZUv<3 01D'&'5&$3
?%/'3 P1'.423 810/&23 L4%1?+&'<3 *'3 0&.%423 ?%1/+0$424/3
Gp8J7KTUZkTU#sT8TkWX[U<3 043 $/$2423 !8$4.//3 .10$1%&2+3
91.+%'+^3/'$+%'&5/1'&2/C&%+36/3/'$+%./(0/?2/'&%/$&$+"#
3
wwwwwww
!

$0&/A

\! !M?.0'3&$!42%/*2!+,!\]^_!6$!q-(49',9!V'/(&1!4-,C

6'*-./(!0$%',&%&&!%/',*&%$1!5&!%&*'*2!6$!:')'.'7!;&%-($)%/!+,!
%'.*$'!E+3+($+3%+&2/$&$+&J1!f/,&0$'1!R'5&1!app]1!O8$<&!E4=N')
$423*'&/'$+1!#=!_P=
a! ! V$,*./! '! (20/.&! %-,4/<&'! %'.$! )$! 4'%$! +,*.$! *.',)C
6&)%&#(&,'.&*'*$! 5&! &,*$.6&)%&#(&,'.&*'*$}! 0/(*&6&)%&#(&,'.&*'*$!
$)*$!,$8-&$!6$!-!'*$,3&$!.&9/.-')2!('!?,'(&*'*$'!?$%2.$&'!6&,C
*.$! '%$)*$'=! R,*$.6&)%&#(&,'.&*'*$'! O*.',)4$./(! 6$! 0$*-6$! 6$! ('!
-!6&)%&#(&,2!('!'(*'P!5&!0/(*&6&)%&#(&,'.&*'*$'!O)*/6&/(!/,$&!',/C
0&*$!#.-7($0$!+,!0'&!0/(*$!6&)%&#(&,$!)&0/(*',P!'/!%'!?,'(&*'*$!
)*/6&/(!-7&$%*/(/&!6&)%&#(&,'.t!?,'(&*'*$'!*.',)6&)%&#(&,'.&*23&&1!
%'.$!&,*$9.$'<2!&,*$.6&)%&#(&,'.&*'*$'!5&!0/(*&6&)%&#(&,'.&*'*$'1!
$)*$!/,&*'*$'!%/,-'5*$.&&=!"$!#-'*$!$(/6'!')*4$(!5&!#.$A/6$%'*'}!
/,$-.&! %K&'.! 8&-('.$'! &,*$9.&*23&&1! 6'%2! *$.0$,/(! ,/! $)*$! #.$'!
6/.1!6&)%&#(&,$(-.!6&,!)4$.'!5*&&,3$(-.!/0',$1!%2!*.',)6&)%&#(&C
,'.&*'*$'!$)*$!-!','(-9&$!+,*.$!*$-.&&($!?<&%&&!%/',*&%$!5&!'#(&%'.C
$'!(-.!+,!5*&&,3$($!/0',$1!(/%./!#-)&7&(!6'*-.&*2!0$*-6-(-9&$&!
*.',)6&)%&#(&,'.$=!>.',)6&)%&#(&,'.&*$'!,/!$)*$!,&%&!/,!*.',)4$.!
6$!0$*-6$!6$!('!-!6&)%&#(&,2!('!'(*'1!,&%&!)*/6&$.$'!)&0/(*',2!'!
/,/&!-7&$%*!6&,!0'&!0/(*$!6&)%&#(&,$1!%&!/,!6&'(-9!+,*.$!6&)%&C
#(&,$!#.&,!(&07'A/(!$@'%*!'(!0$*-6-(-9&$&!*.',)6&)%&#(&,'.$=
c! !B$<8-(*'*2!6$!:')'.'7!;&%-($)%/!+,!`%&'(./(0/?2/)
'&%/$&$+&#3I&'/@+($1!V-(&.-01!R'5&1!\]]]=!
^! !:')'.'7!;&%-($)%/1!E+3+($+3%+&2/$&$+&A1!f/,&0$'1!
R'5&1!app]1!#=!]l
l! !M5'!%/0!02.*/.&)$5*$!:')'.'7!;&%-($)%/!+,!%'.*$'!
)'! E+3 +($+3 7+&2/$&$+&A1! Of/,&0$'1! R'5&1! app]P1! +,*.C-! %-,8-.C
7&.$!#'.*&%/('.2!6&,!'/9/)*!app_!%/!IK.&)*&',!B/%K$0&,1!*$.3/(!
&,%(/)! '! 4-)*! 6$,/0&*! 6$! '%$)*'! 6&,! /.02! $+%542)@,%,)'49+=!
V.$%&<'.$'! $)*$! $@*.$0! 6$! &0#-.*',*2! #$,*./! %2! (20/.$5*$!
#.-7($0'! 4-.0/('*2! 6$! (-9&%&',/(! V$*./! R-',D! .+3 0+3 (,3 '+3
2/9/$,932&3$+%5423/'024(A3J+30+3(,3'43/'$%1.40+930=&%$423/'0)
24(<30=/'$&3/'024(,3+$0A!V$,*./!?$%'.$!,&8$(!6$!.$'(&*'*$!6&4$.&*!
)$!0',&4$)*2!/,!*$.3!/,&?%'*-.!&,%(/)=!>$.3/(!&,%(/)!$)*$!/'D'/$3
$+%5=!X$<&!#$,*./!0'&!0/(*$!6$*'(&&!V$*./!R-',!8$n?F&'+3R4?&()
0136/3?%1?+'(/4'+&3(?%+301'$%&./0$1%/43*'321>/0&3%19N'+&(0,1!
+,!:')'.'7!;&%-($)%/!$*!Y-.&'!:26$)%/!O6=P1!8$n?F&'+3R4?&()
01)RlF199+3+$32l1+4=%+1![-,'%-1!k-%K$.1!`%&'(./(0/?2/'&$/$m1!
\]]]!)'/!%-,8-.7&.$'!6&,*.$!:')'.'7!;&%-($)%/!5&!S69'.![-C
.&,!+,!E+3+($+37+&2/$&$+&A<!##=!a\bCabc=!
b! !>$.0$,/(!6$!*$.3!&,%(/)!'#'.$!+,!?(-)-?'!(/&!"*#K',$!
Z/#')%-!+,!',/(!\]lp=!V$,*./!'#(&%'3&&!'($!(-9&%&&!*$.3/(/&!&,%(/)!
+,!6&4$.&*$!6-0$,&&!8$<&!R&!01'q4+'5&3&3.14,3042$4%/#3R4?&(013
&($,C/1!O5')$!'/*-.&!.-0F,&!5&!-#*!4.',%$<&!#.$<$,*'*$!+,!%'6./(!
I-(-%8&/(/&! R,*$.,'3&-,'(! j;S"IW1! 6$)425/.'*! ('! V'.&)! #$!
6'*'! 6$! a^! 0'.*&$! ap\pD! Y-.&'Ck-0',! V'*'#&$8&%&1! M6.&',!
I&-.-&',/1! R-',! IK&.&(21! V-0#&(&/! I.2%&/,$)%/1! W','! "-'.$!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
5&! :')'.'7! ;&%-($)%/1! .$)#$%*&8! f$',Ce.',~-&)! ['(K$.7$1!
>K&$..i!['9,&,1!S69'.![-.&,1![&%K$(!I'<$,'8$1!f$',CZ-/&)!
k$8'.6$(1!V'/(!gK&()1![&%K$(!B$!I')-!5&!f-)$#K!S=!:.$,,$.P1!
:')'.'7!;&%-($)%/!O%--.6=P1!!S6&*/.'!I/.*$'!8$%K$1!:/%/.$5*&1!
ap\p=!
d! !M7)$,3'!,/!*.$7/&$!+,3$($')2!%'!-!6&)#'.&3&$1!%&!%'!-!
&,K&7'.$!*$0#-.'.2!'!#.$<$,3$&=
_! ! "#'3&/(1! %-,4-.0! (-9&%&&! ',*'9-,&)0/(/&! %-,*.'C
6&%*-.&/!$)*$!)&0/(*',$&*'*$'!$8$,&0$,*$(-.!)'/!'!$($0$,*$(-.!
9$,$.'*$! 6$! (-9&%'! $,$.9&$&=! V$,*./! %'! )&0/(*',$&*'*$'! )2! ?$!
#-)&7&(2! *.$7/&$! )2! $@&)*$! $($0$,*$! %'.$! )/,*! +,! '%$('5&! *&0#!
&6$,*&%$! 5&! 6&8$.)$=! I/! %F*! %-,*.'6&%3&'! 6&,*.$! &6$,*&*'*$! 5&!
6&8$.)&*'*$! 8'! ?! 0'&! $%K&(&7.'*21! $%K&(&7.'.$! #-)&7&(2! 6'*-.&*2!
$@&)*$,3$&! *$.3/(/&! &,%(/)1! %/! '*F*! )&0/(*',$&*'*$'! $8$,&0$,*C
$(-.1!$($0$,*$(-.!$)*$!0'&!#.$<$,*2=!
]! ! >&0#/(1! %-,4-.0! (-9&%&&! ',*'9-,&)0/(/&! %-,C
*.'6&%*-.&/! $)*$! .$</(*'*/(! 6&,'0&)0/(/&! (-9&%! O'%*/'(&<'.$C
#-*$,3&'(&<'.$C*$.3!&,%(/)P=!>&0#/(!)$!,'5*$!6&,!%-,N&%*/(!6&,*.$!
&6$,*&*'*$!5&!6&8$.)&*'*$=!
\p! !e.'90$,*!6&,!e$.,',6-!V$))-'!%&*'*!6$!I('/6$!
k$9i!+,!J&'(32+3.m(1%.+1!M%*$)!"/61!ap\\1!#=!\da=!
>.'6/%$.$'!,$!'#'.3&,$=

6"'%!'$#,H7N9O[V75;
c/1",&+,(-CB$!,)+,#"')',&+,!+"@,!#'$'(,
'$(*-%
E0&! #('%! %/8&,*$($D! )2! ($! 6$)%K&61! )2! ($! #2*./,6!
+,3$($)/(1!+,3$($)/.&($=!
j,! %/8F,*! +,%'#$! -! (/0$=! W! (/0$! +,%'#$! -!
L'%/0/('.$! 6$! (/0&|\=! V$! /,! .F,6! 92)&0! /,&8$.)/.&1!
#$!-!#'9&,2!9'('@&&=!I-)0-)/.&($!)$!4-.0$'<2D!+,%$#/*!
5&! )4F.5&*1! +,%$#/*! 5&! )4F.5&*n! )4F.5&*1! '5*$#*F,6! /,! '(*!
+,%$#/*=!
j,!%/8F,*!+,%'#$!-!./92%&/,$=!W!./92%&/,$!+,%'#$!
,&8$($!6$!k$'(&*'*$=!j,!.F,6!$)*$!-!6$8$,&.$!'!%/8F,*/(/&!
#.&,! %/8F,*1! '! ,&8$(/(/&! 6$! k$'(&*'*$! #.&,! ,&8$(! 6$!
k$'(&*'*$=!k$'(&*'*$'!+5&!%'/*2!S8&6$,3'!'7)-(/*2=!!
E,5&./&*$! #$! .F,6/.&! %'! ,&5*$! 02*2,&&1! 7-923&'!
-! 92)$'0! 6-'.! +,! %/8&,*$t! '%/0! -! 'N/1! 7-923&$C
+07-923&*21!#.&,*.$!$($=!h&!6&,%-(-!6$!$($=!"#'3&&($!6&,*.$!
.F,6/.&1! 6$5&! #'.! 9-'($1! )/,*! #(&,$=! V(&,$! %/! ')%/(*'.$=!
M)%/(*'.$'! *2%$.&&=! >2%$.$'! 9F,6/(/&=! gF,6/(! 6&,! %'.$!
'! 3F5,&*! ?$%'.$! %/8F,*=! gF,6/(! &0#.&0'*! #$! KF.*&'!
9-'(21!%'!)/,$*/(!#$!-!#('%2!6$!#'*$4-,=!B'%2!*$!'#($%&!
%/! 7/,2! )0$.&.$1! '#.-'#$1! '#.-'#$! 6$! *-*1! #-3&! .$)#&.'!
*.',)#'.$,3'! 6&,*.$! .F,6/.&=! M%-(-! $)*$! #-*$,3&'(&*'*$'!
'6$82./(/&1! +,! |(?&5/423 $+%5424/U=! ;/! #$! .F,6/.&! %&!
#.&,*.$! $($1! &,4-.0'3&$! )&0/(*',! ,2)%/*2! 5&! ,$,2)%/*2=!
j,! .F,6! -! ,'5*$1! /.02*-./(! -! #.&0$5*$=! I-,*&,//! 5&!
%-,*&,//1! #$,*./! %2! 6/#2! -! #'9&,2! )$! 6$)%K&6$! 0$.$/!
-!'(*'=!kF,6/.&($!'%$)*$'!)/,*!%'!-!"%'.2!'!(/&!R'%-7!#$!
%'.$1!%'!)2!/.%&!0'&!'#-&1!*.$7/&$!)2!%-7-.&!0'&!+,'&,*$=!
:')'.'7!;&%-($)%/!)#/,$D!L&,*$.'%3&/,$'!6&,*.$!%/8&,*$!
)$!'N2!6&,%-(-!6$!%/8&,*$=|a!R'*2!%/0!`+1%+9+2+3?1+$/0+!
8'(&6$'<2!$@#.$)&'!|'!%&*&!#.&,*.$!.F,6/.&UD!'!6$)%-#$.&1!
6$%&1!%$$'!%$!,/!)$!L8$6$U=

#$#

V-3&! )2! +,8$3&! 5&! )2! +,3$($9&! %/! 0&,*$'! %/8&,*$($!

#.&,!%'.$!$)*$!6$)%.&)2!6'.1!+,!4'#*1!*.',)6&)%&#(&,'.&*'*$'!
-! &,*/&$5*&1! -! )&03&1! &'.! $'! *$! #2*./,6$=! I'! -! L&0'9&,$!
#-(&4-,&%2! '! '%$)*$&! (/0&! 6$! %/,-5*&,3$! 6&8$.)$=|c! B$!
'(*4$(1! L%/8F,*/(! 8&/D! 4/(9$.! *.'8$.)F,6! +,*.C-! )&,9/.2!
%(&#2!*-'*$!,&8$($($!6$!k$'(&*'*$=|^!
E,! R&3 0F14+$$+3 /%1'/r4+#3 O'/$/&$/1'3 /'(12/$+3 {3 2&3
?F/21(1?F/+1! f$',Ce.',~-&)! ['(K$.7$! 6$)%-#$.21! %/!
&,*$(&9$,*2! )$,)&7&(&*'*$1! +,*.$3$)$.$'! )/7*&(2! '! (/0&,&&!
6$)(/5&*-'.$!9$,$.'*2!)#.$!$@*$.&-.!6$!8&7.'3&'!%/8F,*/(/&!
C! 5&! .2)4.F,*21! '#-&1! ')/#.'! )&$5&! C! %/! (/0&,'! '7)-.7&*2!
6&,! '4'.21! '! %2.$&! 0&5%'.$! %-0#/,$! &,$6&*$! A-%/.&! 6$!
/07.$!5&!#$,/07.$D!!L5&!$($1!%/8&,*$($1!(/0&,$'<2!5&!)$!
&(/0&,$'<2! +,! 6&4.'%3&'! %/(-.&(-.=! I/8&,*$($! %'.$1! +,*.$!
,$9./!5&!'(71!+,!)/07.'!#$,/07.2!)'/!+,!4.'90$,*2.&($!
/07.$&1!m===o!1!'6-#*2!-!0&$!5&!/,'!6$!,/',3$!)/7*&($=!|l
I/8&,*$($! %/.9! #$! .F,6/.&! +,*.C/,! *&0#! (&,&'.1!
%/,-)%/*!5&!*-*-6'*2!,$%/,-)%/*1!6'.!&,*$.8'(/(!6&,*.$!$($!
,/!'#'.3&,$!*&0#/(/&!5*&/*!%&!$)*$!-!<-,2!6$!,-,C.$<&)*$,321!
6$!(&7$.*'*$1!#.&,!%'.$!M(&%$!*.$%$!+,!'.'!0&,/,&(-.=!LV.&,!
<-,'!6$!,-,C.$<&)*$,32!%&.%/(2!&,4-.0'3&'!)#&.&*/'(2=|b
E0&!#('%!%/8&,*$($1!6'.!02!5&!&,*.&92=!
LI/8&,*$($!#$!%'.$!($!4-(-)&0!,/!'/!5&!,/!#-*!'8$'!
/,!)$,)!#$.0',$,*=|d!OW'.$!6$!'%$$'!,$!$)*$!'*F*!6$!9.$/!
)2! ,$! L#2)*.20! %/8F,*/(UJP! "&9/.1! &6$$'! $0&)2! 6$! g=R=!
g/.6A&$44!$)*$!'6$82.'*2!6'%2!)$,)/(!%/8&,*$(-.!)$!'N2!6-'.!
+,! 0&,*$'! ,-')*.2=! B'.! L$@&)*2! /,! (-%! '(! )$,)/(/&D! %$(! '(!
*$.3/(/&!*'&,&%!&,%(/)=|_!5&!')*4$(1!*-'*$!,&8$($($!6$!k$'(&*'*$!
?&,6!+,!.$<-,',321!%/8F,*/(!6$8&,$!L(-%/(!6$!+,*F(,&.$!+,*.$!
%-,*&,//!5&!6&)%-,*&,//1!8&$3/&.$!5&!%/9$*'.$1!'%*/'(&<'.$!5&!
#-*$,3&'(&<'.$1!-0-9$,&*'*$!5&!K$*$.-9$,&*'*$=|]!33!!!!!
I/8F,*/(!)*.20/*2!/,!0-0$,*!'(!-7&$%*/(/&!+,*.C-!
)*'.$! '! )/7&$%*/(/&1! +,! k$'(&*'*$'! -.&<-,*'(C*.',)8$.)'(2!
%'.$!($!%-,3&,$!#$!'07$($=!>-*/5&1!)/,*!',/0&*$!%/8&,*$!
%'.$! +,8&,9! 9.'8&*'3&'! 5&! 9/)*2! 6&,! %-0#($@&*'*$'!
8$.*&%'(2D! L,/0'&! %/8&,*$($! *.2&*$! #.&,! '6$82.'*'!
8&$3/&.$!6$)%K&6!%'($'!)#.$!)$,)=|\p!!M6$82.'*'!8&$3/&.$!
C!L%2/*'.$'!'!%$$'!%$!$@&)*2!*'$%41!?%/'$%+!5&!./'0121!6$!
?&,3$($!/0',$|J\\!
h&! 02! 0'&! +,*.$7D! 6'%2! 7/%/.&'! 6$! '! *.2&! $)*$!
L#$.%$#3&'!)&0/(*',2!'!*/*/.-.!,&8$($(-.!6$!k$'(&*'*$|\a1!
'*/,%&! 7/%/.&'! 6$! '! %&*&! $)*$! #$.%$#3&'! )&0/(*',2! '!
*/*/.-.! %-0#($@&*23&(-.! %/8F,*/(/&1! 6&,! )#'3&/(! *$.3/(/&!
*'&,&%!&,%(/)J!g2)$)%!.2)#/,)/(!+,!)%.&$.&($!(/&!:')'.'7!
;&%-($)%/D!L6$!4'#*1!%$$'!%$!)$!'N2!+,!%$,*./(!&,*$.-9'3&$&!
,-')*.$! $)*$! .+9'/$&$+&3 D/'5+/3 49&'+1! &,?,&*'! )'!
,-7($3$=|\c!E,*.C'6$82.1!6'%2!L&,?,&*/(!0&%!+(!%-,)&6$.20!
'!?!#.-#.&/!(/0&&!%/',*&%$!&'.!&,?,&*/(!0'.$!%-)0-(-9&$&1!
+,*.$!%$($!6-/2!(/0&!$)*$!-0/(1!%2./&'!&!)$!#-'*$!'*.&7/&!
/,!'(*!&,?,&*D!/'D'/$42301'6$/+'$|\^

[&.'%-(/(!)$!)&*/$'<2!6&,%-(-!6$!-.&%$!$@#$.&$,32=!
B$)%&,)! 6&,! ;$%/,-)%/*1! %'/<2! 6$8$,&*2! &,)*',*',$/!
$4$%*1! $(! '.$! +,! %$,*./(! )2/! (/0&,'=! V.&,*.C/,! 0&.'%-(!
+0&! $@#(&%! 4'#*/(! %2! +0&! #(2%$'/! %/(-.&($! 6'.! '%/0! ($!
#$.%$#!(/0&,&)%$,3'=!E0&!#(2%$'/!)/,$*$($1!6'.!'%/0!($!

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

#$$

'/6! %-,%$.*/(=! E0&! #(2%$'! )2! 0&.-)! N-.&($1! 6'.! '%/0!

#'.4/0/(!(-.!$)*$!-!6/(%$!7$3&$=!E0&!#(2%$'!9/)*/(!'#$&1!
6'.!'%/0!#.&,!0&,$!)$!'(%K&0&<$'<2!V20F,*/(!5&!I$./(=!
E0&!#(2%$'/!#-$0$($!6'.!'%/0!($!#$.%$#!#.-&$%3&&($1!%'!
+,*.C-!$#/.2!*.',)6&0$,)&-,'(2=!
e&&,32! %/! +,'(*2! ?&,3'.$1! :')'.'7! ;&%-($)%/! +0&!
$)*$! #.$3&-')2! %2(2/<2! +,! %2/*'.$'! ;$%/,-)%/*/(/&! C!
)&,9/./(! %'.$! 0$.&*2! '! ?! %/,-)%/*===! [&,/,'*! B'.! '(!
(/0&,&&!"-'.$(/&!M7)-(/*r!
{{{{{
01!+J
\
g=R=! g/.6A&$441! |X&<&/,&! 6&,! (/0$'! .$'(2U1! S6&*/.'!
Y$.'(61!ap\\1!:/%/.$5*&1!#=!_p
a
:')'.'7! ;&%-($)%/1! >$-.$0$! #-$*&%$1! I'.*$'!
k-0F,$')%21!%-($%3&'!&,-.-9/(/&1!\]]b1!:/%/.$5*&1!RX!Oc^P
v
F$$?^TT?F/21=/.+1#f1%.?%+((#019TYZUYTUZTYVT=/.+1)
10+&'/r4+().+()/.++().+()F199+().+()1+4=%+()2&)?1($)
91.+%'/$+)UVXV)@%vT<3 p0m&'/r4+(<3 .+(3 /.m+(<3 .+(3 F199+(<3
.+(3}4=%+(^3R&3?1($391.+%'/$m"33QUVXV<3P%vS<39/'#3vV^vW3
^
:')'.'7! ;&%-($)%/1! >$-.$0$! #-$*&%$1! I'.*$'!
k-0F,$')%21!%-($%3&'!&,-.-9/(/&1!\]]b1!:/%/.$5*&1!R!O]P
l
ks'(! >s*.$'/(*! 5&! f$',Ce.',~-&)! ['(K$.7$1! |Z'!
%K-/$**$! &.-,&z/$=! R,&*&'*&-,! &,)-(&*$! ! ('! #K&(-)-#K&$U1!
#.$4'3'*2!6$!:')'.'7!;&%-($)%/1!g=g=I=!s6&*&-,)1!I-(($%*&-,!
S))'&1! ap\\1! /s7$%1! #=! \bb! O*.'6/%$.$'! #'.'9.'4/(/&! %&*'*D!
I.&)*&,'!V-*$.25-&/P
b
:')'.'7! ;&%-($)%/D! |>K$! R6$'! -4! Z$8$()! -4! k$'(&*i!
',6! &*)! k$($8',%$! 4-.! ;-,Ck$6/%*&-,! ',6! V$.)-,K--6U1!
[$*',$@/)1!app_1!K**#)D}}8&0$-=%-0}]ldd_^a
d
g=R=! g/.6A&$441! |X&<&/,&! 6&,! (/0$'! .$'(2U1! S6&*/.'!
Y$.'(61!ap\\1!:/%/.$5*&1!#=!dl
_
:')'.'7! ;&%-($)%/1! >$-.$0$! #-$*&%$1! I'.*$'!
k-0F,$')%21!%-($%3&'!&,-.-9/(/&1!\]]b1!:/%/.$5*&1!RX!Oa]P
]
:')'.'7!;&%-($)%/1!|;-/)1!('!#'.*&%/($!$*!($!0-,6$U1!
S=[=S=! s6&*&-,)1! I-(($%*&-,! V)iCV'))$.$(($! %--.6-,'*2! 6$!
[&%K$(!I'<$,'8$1!ap\a1!:./@$(($)1!#=!\]d!O*.'6/%$.$'!4.'<$&!
%&*'*$D!I.&)*&,'!V-*$.25-&/P
\p
:')'.'7! ;&%-($)%/1! >$-.$0$! #-$*&%$1! I'.*$'!
k-0F,$')%21!%-($%3&'!&,-.-9/(/&1!\]]b1!:/%/.$5*&1!RX!OclP
\\
:')'.'7!;&%-($)%/1!>.',)6&)%&#(&,'.&*'*$'D!0',&4$)*1!
S6&*/.'!f/,&0$'1!appd1!R'5&1!#=!\b]
\a
:')'.'7! ;&%-($)%/1! >$-.$0$! #-$*&%$1! I'.*$'!
k-0F,$')%21!%-($%3&'!&,-.-9/(/&1!\]]b1!:/%/.$5*&1!R!O^_P
\c
:')'.'7!;&%-($)%/1!>.',)6&)%&#(&,'.&*'*$'D!0',&4$)*1!
S6&*/.'!f/,&0$'1!appd1!R'5&1!#=!\dp!
\^
Z'! 8'((s$! 6$! (vs*-,,$0$,*=! Z$! 0-,6$! /',*&z/$1!
&,*$.8&/!6'*!6$!:')'.'7!;&%-($)%/!(/&![&%K$(!I'0/)1!e.',%$C
I/(*/.$!O*.'6/%$.$'!4.'<$&!%&*'*$D!I.&)*&,'!V-*$.25-&/P

='"+*#,=;O9V20

.#%#"#/,0'(1*+%(-,\,)"1I+%1"-*,K',
4+$!1"-*
A,?$%+4$>"',$+(1$C+$@'1$#*+A

B$)#.$! :')'.'7! ;&%-($)%/! )C'/! )%.&)! 0/(*$! 5&!

&0#-.*',*$!%2.3&1!,/0$($!(/&!$!'6$)$'!%&*'*!+,!,/0$.-')$!
(/%.2.&!6$!+,'(*2!3&,/*2!5*&&,3&?%2t!4'%$!#'.*$!6&,!&0#-.*',*$!
4-./.&! 5&! &,)*&*/3&&! &,*$.,'3&-,'($1! '.$! ,$,/02.'*$! *&*(/.&!
'%'6$0&%$1!)$0,!'(!.$%/,-'5*$.&&!/,',&0$!'!%-,*.&7/3&$&!
)'($! ('! #.-9.$)/(! %/,-'5*$.&&! *.',)6&)%&#(&,'.$=! I/! '(*$!
%/8&,*$1!$!-!#$.)-,'(&*'*$!5*&&,3&?%2!5&!'%'6$0&%2!6$!#.&0!
.',91!/,!,/0$!6$!.$4$.&,32!+,!(/0$'!5*&&,3&?%2!'%*/'(2=!E,!
'%$)*!6-0$,&/1!,/!'.!0'&!?!,&0&%!6$!'62/9'*=
B'.1! L6&,%-(-U! 6$! *-'*$! '%$)*$! .$'(&<2.&!
.$0'.%'7&($! 5&! &0#.$)&-,',*$1! /,',&0! .$%/,-)%/*$1!
:')'.'7! ;&%-($)%/! .20F,$! #$,*./! 0&,$1! +,'&,*$! 6$!
*-'*$1! ?%1@+(1%423 c9+'$1%#! B$)#.$! '%$')*2! 6&0$,)&/,$!
'! %-0#($@$&! )'($! #$.)-,'(&*23&! 5&! 6$)#.$! '%$')*2! .'.2!
8-%'3&$! '5! 6-.&! )2! 8-.7$)%! +,! %-,*&,/'.$1! '%/0! ('!
',&8$.)'.$'!)'=
S@&)*2! +,! 8&'3'! -.&%2./&! -0! %F*$8'! L+,*F(,&.&!
0&.'%/(-')$U1!'5'!%/0!'0!0'&!02.*/.&)&*!6$!%F*$8'!-.&=!
W!')$0$,$'!+,*F(,&.$!8&,$!#$!/,!',/0$!-.&<-,*!#$.)-,'(!
6$! '5*$#*'.$1! 6$! '5*$#*'.$! '%*&821! %'.$! *$! 6$)%K&6$1! 6$!
4'#*1! )#.$! '%$'! +,*F(,&.$1! 42%F,6C-! #-)&7&(2=! L;/! '&! ?!
%2/*'*1! 6'%2! ,/! '&! ?! 92)&*! 6$A'U1! '?.0'! "4=! M/9/)*&,1!
+,*.C-!%$($7.2!<&%$.$=!S@&)*21!'5'6'.1!/,!',/0$!0-0$,*!
#.&8&($9&'*! '(! L+,*F(,&.&&U1! %'.$! ,/! *.$7/&$! )2! 8&,2! ,&%&!
#.$'!6$8.$0$1!%F,6!+,%2!,/!$5*&!#.$92*&*!#$,*./!')*'1!6'.!
,&%&!#.$'!*F.<&/1!%F,6!,C-!0'&!#-3&!4./%*&?%'=!M0!+,3$($)!
%2! $@&)*2! -! )/7*&(2! 5&! %-0#($@2! .$('3&$! +,*.$! &6$+?$&%+!
5&! *'$N2'/%+1! -! .$('3&$! 6$! *&#! (/#')%&',! ! '%*/'(&<'.$C
#-*$,3&'(&<'.$=!B'%2!'.!?!)2!*.'6/%!.$('3&'!+,!*$.0$,&&!(/&!
Z/#'5%/1!'5!<&%$!'5'D!L+,*F(,&.$'U!.$#.$<&,*2!'%*/'(&<'.$'!
/,$&!L'5*$#*2.&U1!&'.!*'$N2'/%/2+39/%&0421&(+!)$!#$*.$%!+,!
7&,$%/8F,*'*'!L)*'.$!>U1!%'.$!9$,$.$'<2!'#-&!5&!L)'(*/(U=
S/! '0! '8/*! #'.*$! 6$! 6-/2! ')$0$,$'! L+,*F(,&.&!
0&.'%/(-')$U1! %'.$! 0&C'/! 0'.%'*! $)$,3&'(! $@&)*$,3'=!
V.&0'!'!4-)*!%$'!6&,!',&&!6$!5%-'(21!%/!#.-4$)-./(!0$/!
6$!.-0F,21![&K'&!['6'D!$!+,*F(,&.$'!%'.$!0&C'!K-*2.F*!
6$)*&,/(!#.-4$)&-,'(!5&!'!%-,?9/.'*!6$%&)&8!#.-?(/(!0$/!
&,*$($%*/'(!5&!'4$%*&8=!R'.!%$'!6$C'!6-/'1!L+,*F(,&.$'U!6&,!
',&&!6$#(&,$&!0'*/.&*23&1!'!4-)*!%$'!%/!:')'.'7!;&%-($)%/1!
#$!%'.$!(C'0!6$)%-#$.&*!0'&!+,*F&!6&,!5&!#.&,!%2.3&($!)'($1!
%'!'7&'!0'&!'#-&!)2!'0!5',)'!6$!'C(!%/,-'5*$!#$.)-,'(=!
M5'! '0! 6$)%-#$.&*1! *.$#*'*1! +,! :')'.'7! ;&%-($)%/!
L.$#(&%'! 8&$U! '! %$$'! %$! ;-&%'! 6$?,$'! '*F*! 6$! )/9$)*&8!
'!?!?%1@+(1%42)9+'$1%=!k-(/(!'%$)*/&'!)C'.!.$6/%$!('!'C&!
4'%&(&*'! +,8232%$(/(/&! L+,*F(,&.$'U%/! )&,$! +,)/5&t! 6/#2!
'%$$'1! 6/#2! %$! 'A/,9$! ('! )&,$1! +,8232%$(/(! ,/! 0'&! '.$!
,$8-&$! 6$! 0$,*-./(! )2/! )#&.&*/'(1! %2%&1! 6-7F,6&,6! -!
0$*-6-(-9&$!6$!%/,-'5*$.$1!+,3$($#%&/,$!5&!+,3$($9$.$1!$(!
+5&!#-'*$!%.-&!%.$'*-.!#.-#.&/(!6./0=

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
I'.$! '.! ?! *.2)2*/.&($! 6-0&,',*$! '($! ?%1@+(1%424/)
9+'$1%! :')'.'7! ;&%-($)%/J! g.$/! 6$! #.&,)! +,*.C/,!
#-.*.$*1!5&!'%$('!&,$8&*'7&(!)/7&$%*&8=!X-&!+,%$.%'1!*-*/5&1!
02%'.! -! )%K&32! 6$! #-.*.$*=! I$$'! %$! %-,*&,/2! )2! 02!
/&0$')%21! 6$! %F*$! -.&! +(! +,*F(,$)%! #$! ?%1@+(1%42! 0$/!
:')'.'7!;&%-($)%/1!$)*$!#')&/,$'1!62./&.$'!5&!&0#(&%'.$'!
'4$%*&82!+,!%'/<'!#$,*./!%'.$!#($6$'<2t!'.6$.$'!%-,*&,/2!
#$,*./! &6$&($! +,! %'.$! %.$6$t! 8-%'3&'! 6$! '! $@#(&%'! %/!
.276'.$! ,$-)*$,&*2! 5&! %/! -! #$.)$8$.$,32! $@*.'-.6&,'.2!
*.',)6&)%&#(&,'.&*'*$'1! */*/.-.! %$(-.! %$! )/,*! &,*$.$)'3&t!
,&%&-! /.02! 6$! -7-)$'(21! 6$! #(&%*&)! )'/! ./*&,2=! M.$!
0$.$/!'%$$'5&!7/%/.&$!%-#($5&*-'.$!5&!0-(&#)&*-'.$!6$!'!
+0#2.*25&! %/! %$&('(3&! %-,8&,9$.&($! #.-#.&&1! %K&'.! 6'%2! '!
42%/*C-! 6$A'! 6$! ,$,/02.'*$! -.&=! IF,6! 8-.7$5*$! 6$)#.$!
*.',)6&)%&#(&,'.&*'*$1!$!('!4$(!6$!L8&/U1!6$!&0#(&%'*1!%'!5&!
%F,6!'.!!?!0$.$/!#$,*./!#.&0'!-'.2=!
W!%'(&*'*$!)#$%&'(2!#$!%'.$!-!'.$!?%1@+(1%42!:')'.'7!
;&%-($)%/!$)*$!5&!'%$$'!6$!'!)$!#/*$'!#(&'!#$!,&8$(/(!6$!
+,3$($9$.$!'(!?$%2./&'t!6&)%/.)/(!)2/!$)*$!('!4$(!6$!%('.!5&!
%-,8&,92*-.!5&!'*/,%&!%F,6!)$!'6.$)$'<2!'%'6$0&%&$,&(-.1!
-'0$,&(-.! 6$! 5*&&,32! )'/! '.*&5*&(-.1! 5&! '*/,%&! %F,6! ($!
8-.7$5*$! )*/6$,3&(-.! )'/! $($8&(-.! )'/! ,$&,&3&'3&(-.! +,!
*.',)6&)%&#(&,'.&*'*$=! ;/! '.$! ,$8-&$! 6$! %'6.$! 4-.0'($!
)'/!&,)*&*/3&-,'($!#$,*./!'!$@#(&%'!*.',)6&)%&#(&,'.&*'*$'D!
-! 4'%$! %/! '%$$'5&! ,$6&)&0/('*2! 7/%/.&$! 5&! 6$<&,8-(*/.2!
5&! +,! %'6./(! 0'.&(-.! %-,9.$)$1! %-,4$.&,3$1! )&0#-<&-',$!
&,*$.,'3&-,'($! 5&! +,! %-,*$@*/(! &,4-.0'(! '(! +,*F(,&.&(-.!
'0&%'($!%/!#.&$*$,&&!5&!%/,-)%/3&&=
I/! -! 8-%'3&$! $@%$#3&-,'(2! #$,*./! 6&'(-9/(!
'/*$,*&%!5&!%.$'*-.1!'.$!.276'.$'!6$!'!')%/(*'!#$!?$%'.$t!
,/! *$! #/,$! ,&%&-6'*2! +,! &,4$.&-.&*'*$1! %&! 6&0#-*.&821! *$!
+,%/.'A$'<2!5&!*$!)*&0/($'<21!.$/5&,6!')*4$(!)2!'%*/'(&<$<$!
('! 0'@&0/0! #-*$,3&'(/(! ')%/,)! '(! -.&%2./&! #'.*$,$.! 6$!
6&'(-9=!M5!#/*$'!)#/,$!%2!'.$!-!/.&'52!4-.32!6$!L'!*.$<&U!
?$%'.$! &,*$.(-%/*-.1! 6$! 'C(! 4'%$! )2! )$! &,*$.-9K$<$! 5&! )2!
.$N$%*$<$t!'.$!5*&&,3'!O)'/!'.*'JP!6$!'C(!L#.-8-%'U1!6$!'C(!
*.$<&!('!'%3&/,$!5&!0'&!'($)!('!%.$'3&$=!h&!+,%2!/,!(/%./!.'.!
+,*F(,&*D!$@&)*2!('!:')'.'7!;&%-($)%/!-!/&0&*-'.$!/,&*'*$!
5&!%-$.$,32!+,*.$!6&)%/.)/(!)2/!*$-.$*&%1!5*&&,3&?%!5&!4$(/(!
+,!%'.$!*.2&$5*$!L-0/(Ut!-!#$.4$%*2!'.0-,&<'.$!'!?&,3$&!
)'($!&,*$.&-'.$!%/!%$'!$@*$.&-'.2=
! >-'*$!'%$)*$!%'(&*23&!'($!?%1@+(1%424/!!:')'.'7!
;&%-($)%/! ($C'0! 6$)%-#$.&*! ,/! ,/0'&! $/1! %&! 5&! %-($9&&!
0$&!6$!('!I-($9&/(!;'3&-,'(!L[-&)$!;&%-'.2U!6&,!M.'61!
6$C'! (/,9/(! %$(-.! #'*./C%&,%&! ',&1! 6$! %F,6! 6-0,/(!
#.-4$)-.!'!6$8$,&*!T!+,*.C/,!',/0$!4$(!T!0$,*-./(!,-)*./=!
LE,*F(,&.$'!0&.'%/(-')2U!%/!$%K&#'!6$!#.-4$)-.&!5&!$($8&!
6$!('!L[-&)$!;&%-'.2U!'!.-6&*!6$!'*/,%&!5&!)C'!%-,%.$*&<'*!
+,! 0/(*$! '%*&8&*23&D! #$)*$! <$%$! #.-&$%*$! 6&6'%*&%$!
*.',)6&)%&#(&,'.$!('!,&8$(/(!5%-(&&1!+,?&,3'.$'!/,/&!LI$,*./!
6$!M#(&%'3&&!>.',)6&)%&#(&,'.$! +,! S6/%'3&$U1! #/7(&%'.$'!
#.&0$&! .$8&)*$! -,C(&,$! 6$! $6/%'3&$! *.',)6&)%&#(&,'.2! +,!
+,82320F,*/(! #.$/,&8$.)&*'.! .-0F,$)%! T! k$8&)*'! L>U1!
-.9',&<'.$'!6$!%/.F,6!'!#.&0/(/&!I-(-%8&/!R,*$.,'3&-,'(!
6$)*&,'*! $6/%'3&$&! *.',)6&)%&#(&,'.$! +,! +,82320F,*/(!
#.$/,&8$.)&*'.! OM.'61! \l! ,-&$07.&$! ap\aP=! V$,*./! ,-&1!
$%K&#'! 6$! $($8&! 5&! #.-4$)-.&! 6$! ('! I-($9&/(! ;'3&-,'(!

#$%

L[-&)$!;&%-'.2U!6&,!M.'61!:')'.'7!;&%-($)%/!$)*$!5&!8'!
.20F,$!#.-4$)-./(!5&!0$,*-./(!%2./&'!+&!6'*-.20!*-*!%$$'!
%$!'0!.$'(&<'*!+,!6-0$,&/(!'#(&%2.&&!*.',)6&)%&#(&,'.&*23&&!
+,!$6/%'3&$=
! B'%2! '.! ?! )2! +,%$.%! )2! )%K&3$<1! +,! +,%K$&$.$'!
'%$)*-.!+,)$0,2.&!,$%-,8$,3&-,'($1!/,!#-.*.$*!+,!0',&$.2!
*.',)6&)%&#(&,'.2! '! ?%1@+(1%424/! :')'.'7! ;&%-($)%/1! '5!
'#$('!0'&!+,*F&!('!%$($7.$($!8$.)/.&!'($!(/&!:('9'1!#$!%'.$!
($C'5! '6'#*'1! <&%F,6! %'0! '5'D! :')'.'7! ;&%-($)%/! $)*$1!
+,!'%$('5&!*&0#!5&!6$-#-*.&821!01?/2423*'5+2+?$<30&%+36$/+3
(,3%N.,36/3(,3$&0,<3/4-/'.3$N',%423_40,46<30&%+36$/+3(,3
0N'$+36/3(,3%N.,3*'5+2+?$3-,$%N'423/4-/$1%<30&%+36$/+3(,3
$&0,36/3(,3/4-+&(0,<3_40N'.4)(+#
R'.!0'&!'#-&1!'5!<&%$!#.$%/0!"-.$)%/D!6/3?+'$%430,3
$1&$+3&0+($+&3$%+-4/&43(,3?1&%$+34'3'49+<32/3()&3(?4(^3
:&(&%&-3;/012+(04#

.13&#$,O2d5;
O>%I"B$3+"+#,?$,13*'$&#,&'$,"+#*'!>@',
&'I+"'!+
e&$%'.$!+,!#'.*$!)$!-9(&,6$5*$!+,!%$(2('(*1!?$!$(!0-6$(!
)'/! #.&$*$,1! 5*&&,32! )'/! .$(&9&$1! '.*2! )'/! ?<&%2=! I'</(! (/&!
:')'.'7! ;&%-($)%/! $)*$! /,/(! '(! 5*$.9$.&&! 4.-,*&$.$(-.1!
'0! )#/,$! ,-&1! '(! 6$)%K&6$.&&! 6&'(-9/(/&! )#.$! &,*$.8'(! 5&!
&,*$.C<&)!O%/!*.&0&*$.$!('!Y$&6$99$.!5&!M,6.$&!"%.&0'P1!+,!
&6$$'! +,3$($9$.&&! %/8F,*/(/&! 5&! ,&8$(/.&(-.! 6$! .$'(&*'*$! ('!
%'.$!#/*$0!'%%$6$!#$,*./!'!,$!6$?,&1!+,*.C/,!?,'(1!#$!,-&!
+,5&,$=
>$@*$! %/! 5&! 6$)#.$! :')'.'7! ;&%-($)%/! )/,*!
,$,/02.'*$1! 7&7(&-9.'?&! 8')*$1! %$.%$*2.&! 5&! 9F,6/.&! )$!
6$)%K&6!?$%2./&'=!W.&%$!+,%$.%'.$!6$!)&)*$0'*&<'.$!'!/,$&!
&6$&! '*F*! 6$! 8')*$1! *.$7/&$! )2! )$! #.-6/%2! )&)*$0'*&%1! 6$!
'%$$'!0-6$(/(!-9(&,<&&!(C'0!-7)$.8'*!.$%/.$,*!+,!*$@*/(!(/&!
:')'.'7!;&%-($)%/1!&'.!#.-#/,$.$'!/,$&!($%*/.&!'!0&*/(/&!
#$.)-,'(1!#-'*$!.$4'%$!*.')$/(!/,/&!9F,6!)#.$!)&,$!5&!+,*.$!
%2.3&=!
X-(/0/(! 6$6&%'*! (/&! R-,! :'.7/! OO1'3 :&%-43 c3
E1(9121>/&3 !\10424/3 (+04'."1! \]b_}app^P1! 0'&! '#-&!
%$(! 6$6&%'*! ,&8$(/.&(-.! .$'(&*23&&! O`%&'(./(0/?2/'&%/$&$+&^3
I&'/@+($<! appdP! )'/! %$(! %'.$! +,)/0$'<2! 6/'(/(! +,*./!
'*&,9$.$'! *$.3/(/&! &,%(/)! T! +,)/5&! )&,$($! O]'3 1>2/'.&3
.+($/'424/3 c3 +(+4%/3 &4$1-/1>%&D0+<3 app]P1! )/,*! 4-.0$!
)%.&#*/.'($!'($!.-)*/(/&!6$!L'!?U=
V$,*./!+,%$#/*1!0$.&*2!.$3&,/*2!&,*$.#.$*'.$'!0&*/(/&!
-9(&,<&&! 6&,! -#$.'! (/&! R-,! :'.7/1! '%$(! A-%! )$%/,6! %'.$!
.$/5$5*$! )2! /&*$! 6$! 4.-,*&$.$! 5&! )2! .$'(&<$<$! -! -9(&,6&.$!
*.',)*$0#-.'(2! 5&! *.',))#'3&'(2=! [$*'4-.'! 6-0&,',*2! '!
)#'3&/(/&!7'.7&',!$)*$!%$'!%'.$!#.-6/%$!5&!6$)%.&$!#.-%$)/(!
6$! $)$,3&'(&<'.$! '! )#&.&*/(/&1! %'.$! +&! #$.0&*$! -0/(/&!
4$.&%&.$'!#.&,!L5*&&,32U!5&!L6.'9-)*$U=!
E,)$0,/(! #/.&*23&&1! &'.! '#-&! #/()'3&'! )#$%&?%2!
/0',/(/&!$)*$!-4$.&*2!6$!)$,*&0$,*/(!%$!&,)*&*/&$!L,/,*'U1!
6/#2!%/0!'?.02!'/*-./(1!%.$F,6!/,&/,$'!5&!#($,&*/6&,$'=!
M/*-%/,-'5*$.$'1! $)$,3&'(&<'.$'1! 6$%',*'.$'1! #/.&?%'.$'1!

#$&

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

*-'*$! #.&,! '%*/(! #-$*&%1! 8-.! %-,6/%$! ('! %.$'.$'! /,/&! -0!
#/.*2*-.! 6$! (/0&,2! .F8,&*2=! B/#2! %/0! )/)3&,$! :')'.'7!
;&%-($)%/1! L$(! O#-$*/(P! )$! -9(&,6$5*$! #.&,! '%*/(! #-$*&%!
5&1! +,! '%$)*! 4$(1! )$! '/*-%-,*$0#(2! +,! )/7*&('! $8-(/3&$U=!
W9(&,6&.$'! ,'5*$! ,'.%&)&)0/(/&! 5&! &0#(&%&*! $8-(/3&'! 5&!
+,2(3'.$'!%$!#-'*$!-4$.&!L*.2&.$'!6$#(&,2U=
V$,*./!'!6$*$.0&,'!%F*!0'&!%('.!%-)0-(-9&'!A-%/(/&!
)$%/,61!:')'.'7!;&%-($)%/!'6/%$!+,!6&)%/3&$!-!#$.)#$%*&82!
6&'%.-,&%2!.$</0'*&82!#$!/.0$($!(/&!['*$&!I2(&,$)%/1!#.&,!
%'.$!.$4'%$!)$,*&0$,*/(!,'.%&)&%!6&,!#-$<&'!#.$C7'.7&',2=!
e-.0'! ,'&8C0&*-(-9&%2! '! ',*&%&(-.1! ,'.%&)&)0/(! .'?,'*!
'(! (/&! "*$#K',$! ['(('.0s! )'/! V'/(! X'(s.i1! ,'.%&)&)0/(!
9.'*/&*! 5&! *-*-6'*2! &<-('*! '(! )&07-(&5*&(-.! )$! 6&4$.$,3&'<2!
6$!#-$*&%'!7'.7&',2!+,!%'.$!-0/(!'.$!%.$6&,32!5&!)&9/.',32!
+,!4-.3'!%/,-'5*$.&&!/0',$=!E,)-3&*2!?&,61!6$!L-!,-)*'(9&$!
'! ,$+0#(&,&.&(-.U! %-0/,&/,$'! 5&! #'.*&%&#'.$'! ('! *-'*$!
'%*&8&*23&($!`-)0-)C/(/&!.$62!6$8$,&.$'!?&,3$&!%'.'%*$.&<'*2!
6$!,$(&,&5*$1!6$!+,6-&'(2!5&!6$!*$,)&/,$=!
B&,*.C-! #$.)#$%*&82! %-0#'.'*&)*21! :')'.'7!
;&%-($)%/! .$/5$5*$! )2! )/7(&,&$<$! &0#-.*',3'! &,8$)*&92.&&!
)*2.&(-.! (&0&*2! '($! $@&)*$,3$&1! +,*.C-! #-$<&$1! +,! %'.$1! %/0!
7&,$!)/)3&,$!M($@',6./!k-)$**&!$)*$!-!(&0&*2!+,*.$!(/0$'!
.$'(2! 5&! L(/0$'! +,! %'.$! 6&0$,)&/,&($! ,-')*.$! ,/! 0'&! '/!
%/.)U=!E,%(&,'3&'!)#.$!')*4$(!6$!)*2.&1!'/*-./(!-!02.*/.&)$5*$!
#.&,!-9(&,6&.$'!+,!k&07'/61!#$!%'.$C(!','(&<$'<21!&'.!'#-&1!
-!%-,%.$*&<$'<2!+,!6/'(&*'*$'!%.$'*C&,%.$'*!Op423J1>9&$/0<3
J4?,39+20/P1!0-'.*$C8&'32!OP&2.4%/<3]'@,5/6&%+P1!,$7/,&$C
.$'(&*'*$! OJ19'/61&%&3 g4(P1! 8&)C.$'(&*'*$! O;&($%&$/'3
g1>+&32&3O(&%2*jP=!B'.!*-'*$!'%$)*$'!)/,*!6$#25&*$1!%2%&!,&%&!
02%'.!0-'.*$'!,/!+,)$'0,2!(&0&*21!6$-'.$%$!L%/,-'5*$.$'!
#($,'.2! ')&9/.2! #$.0',$,3'! )#&.&*/(/&1! ,$0/.&.$'! (/&U=!
M)*4$(1! %-,)&6$.2! '/*-./(1! 0-*&8/(! -9(&,<&&! $)*$! /,! ,-6!
*/(7/.2*-.!+,!%'.$!)$!/,$5*$!0&*/(!(/&!;'.%&)!%/!%$(!'(!,/,3&&!
5&!'(!"-'.$(/&=
W6'*2! %/! )*/6&$.$'! *.',)6&)%&#(&,'.&*23&&1! '!
,&8$(/.&(-.! 6$! .$'(&*'*$! 5&! %/! .$N$%3&'! %$! &,)*&*/&$! *$.3/(!
&,%(/)1! :')'.'7! ;&%-($)%/! .$/5$5*$! )2! '.9/0$,*$<$!
<-,$($! 6$! $%K&(&7./1! 9.26&,&($! 5&! &,)/($($! 6$! )*'7&(&*'*$!
#.&,! *.',)9.$)'.$'! %/#(/.&(-.! 7&,'.$D! -7&$%*! C! )/7&$%*1!
)/7&$%*&8&*'*$!C!-7&$%*&8&*'*$1!0'*$.&$!C!%-,5*&&,321!,'*/.2!
C!6&8&,1!)&0#(&*'*$!C!%-0#($@&*'*$1!.$6/%3&-,&)0!C!K-(&)01!
6&8$.)&*'*$!C!/,&*'*$!!$*%=!M)*4$(!#(/.&*'*$'!5&!/,&*'*$'!)/,*!
6-/2!4-.0$!6$!+,3$($9$.$!'!(/0&&=!LE,*.$U!5&!L6&,%-(-U!6$!
'%$)*$'!)$!92)$5*$!-9(&,6'!*.',)6&)%&#(&,'.2!'!*.',)?9/.2.&&!
%'.$! %$.$! #.$<$,3'! %$(/&! %'.$! #.&8$5*$! 5&! '! %$$'! %$! $)*$!
#.&8&*=!
E,! +,)25&! $*&0-(-9&'! %/8F,*/(/&! L-9(&,62U! $)*$!
&,*.-6/)!*$.3/(!&,%(/)!#.-8$,&*!6&,!'%*/(!0&.2.&&1!6$-'.$%$!
L%/8F,*/(! 1>2/'.,! 8&,$! 6$! ('! ('*&,$)%/(! 9/%&%+<3 %'.$!
)$0,&?%23L'!#.&8&!%/!0&.'.$U!O===P!B$!/,6$!8&,$!0&.'.$'1!
6'%2!,/!6$!('!&,%(/6$.$'!*$.3/(/&JU!O#=!d]P=!e&$!%2!8-.7&0!
6$! -9(&,6'! 0'9&%2! +,! %'.$! /,&*'*$'! $)*$! '%*/'(&<'*21! &'.!
6&8$.)&*'*$'! )#-.&*21! )'/! 6$! %$'! 0$%',&%&)*2! '! +,%K&6$.&&1!
'07$($!)/,*!4-.0$!'($!'.0-,&$&!$/(/&!%/!%$(2('(*=!E,*.C/,!
/,&8$.)!'(!*.',)6&)%&#(&,'.&*23&&!,'*/.'1!5*&&,3'!5&!$@#$.&$,3'!
&,*$.&-'.2! '! )'%./(/&! )$! +,*.$#2*./,61! &'.! $(-%8$,*! $)*$!
/.02*-./(! 4.'90$,*! +,! %'.$! )$! #.$<&,*2! .$<-(8'.$'1! #$!
%'.$!-!-4$.2!'/*-./(!?$%2./&!*&#!6$!9F,6&.$1!+,!.$'(&<'.$'!

0&.'%-(/(/&!-9(&,6&.&&D!Le&&,3'!/0',2!'!8&)'*!6&,*-*6$'/,'!
)2C5&!.$N$%*$!%K&#/(!+,!-9(&,6'!;'*/.&&=!W9(&,6'!9F,6&.&&!
0'9&%$!$)*$1!6$)&9/.1!-!-9(&,62!0'9&%2D!*-*/(!#-'*$!?!82</*1!
#$.%$#/*1!*.2&*1!%$(!#/3&,!+,!0-6!#-*$,3&'(1!+,!'%$')*2!-9(&,62=!
j,&*'*$'! $)*$! '%*/'(&<'*21! &'.! 6&8$.)&*'*$'! #-*$,3&'(&<'*2=!
W9(&,6'! 9F,6&.&&! 0$%',&%&)*$! $)*$! 0'&! %/.F,6! -! -9(&,62!
)#'.*21!/,!)%'(#$(=!S)*$!)/?%&$,*2!#.$($8'.$'!/,$&!4.F,*/.&!
6&,!'%$')*2!-9(&,62C)%'(#$(!#$,*./!'!*.'9$!%-,%(/<&&!')/#.'!
+,*.$9&&! ;'*/.&C0'5&,2=! e.'90$,*/(! $)*$! %-,%$#/*! %'! -!
%-#&$! %-,4-.02! %/! /,&8$.)'(/(=! R,)*./0$,*/(! #.&8&($9&'*!
#$,*./!($%*/.'!&0'9&,&&!-4$.&*$!6$!'%$')*2!-9(&,62!'*F*!6$!
)#$%&'(2!$)*$!$+1%/&1!6&,!%$!+,!%$!0'&!4-.0'(&<'*2!+,!#(',!
0'*$0'*&%U! O#=! d_P=! E,*.C/,! '(*! 8-(/01! &,*&*/('*! `+1%+9+3
?1+$/0+1! :')'.'7! ;&%-($)%/! )/.#.&,6$! 0$)'A/(! ')%/,)! '(!
%-)0-)/(/&! #$! 7'<'! /,$&! *.&'6$! .$*-.&%$! +,! %'.$! #'%*/(!
#.&8&.&&!)$!+,)/0$'<2!'%*$(-.!%-*&6&$,$!5&!.$N$%3&$&!/,&%$D!
L/v$)*C%$! z/$! B&$/! J! C! )$! 6$0',6$! /,! $,4',*! $,! )$!
.$9'.6',*! 6',)! /,! 0&.-&.=! "-,! #.-#.$! .$9'.6! (/&! .s#-,6!
=! /v$)*C%$! z/$! ('! ;'*/.$! J! C! )$! 6$0',6$! /,! #Ki)&%&$,!
$,!.$9'.6',*!)$)!sz/'*&-,)=!Z$)!)i07-($)!0'*Ks0'*&z/$)!
(/&! .s#-,6$,*=! /v$)*C%$! z/$! (vK-00$! J! C! )$! 6$0',6$!
(vK-00$! $,! %-,*$0#(',*! )-,! &00$,)$! #-/8-&.! )/.! )'!
#(',*$=! Z! &(! ,vi! '! #(/)! 6$! .s#-,)$=U! O_bP=! "*./%*/.'!
9,-0&%2!'!L*$-.$0$(-.U1!0$*'4-.&%/(!5&!+,<$)*.'.$'!%/!/,!
(&07'A! )#&.&*/'(! %$! %-,-*$'<2! &,%(/)&8! +,! ?<&%'! %/',*&%21!
+,!8&6!%/',*&%!)'/1!'(*4$(!)#/)1!+,!$,0+%+1!+,)/0$'<2!4-.3'!
-0/(/&!6$!'!(-%/&!*$.&*-.&/(!6&,*.$!,&8$(/.&!6$!.$'(&*'*$!5&!
6$! #$.%$#3&$=! E,! '07$($! *$@*$1! -9(&,6'1! #.$%/0! )/)3&,$'!
5&!f/.9&)!:'(*./'&*&)1!$)*$!-!$@#.$)&$!'!9F,6&.&&!#.-4/,6$1!
%'.$! +,! 8&<&/,$'! (/&! R8',! S8)$$81! 8'! 6$*$.0&,'! +,*.$'9'!
%/(*/.2!5&!%K&#/(!'6$82.'*!'(!-0/(/&=
j,!*$.&*-.&/!8')*!6$3&,$!5&!%/(*/.'1!/,!'(*!%-0#-,$,*!
'(! *.',)6&)%&#(&,'.&*23&&! #.&,! %'.$! '/*-./(! 6$?,$5*$!
*.',)%/(*/.'(/(! +,! -9(&,6'! %$(/&('(*=! V.-7($0'! %/(*/.&(-.!
'! %-0/,&%2.&&! 5&! %-0/,&/,&&! 6&,*.$! $($! &,*$.$)$'<2!
0'A-.&*'*$'! %$.%$*2*-.&(-.! %'.$! #$.%$#$! $@&)*$,3'! %'!
)/#.'8&$3/&.$=! Z&07&($! 5&! %/(*/.&($! )/,*! /,&%'*$! 5&!
&,*.'6/%*&7&($! #.&,! +,)25&! $,0+%+&! 6&,*.$! %/8&,*$1! #$! %'.$!
-! '5$'<2! +,! %$,*./(! %-0/,&%2.&&=! Z&07&($! )$! '6.$)$'<2!
0$,*'(/(/&1! &'.! %/(*/.&($! *-*'(&*23&&! ?&,3$&1! 42%F,6! #'.*$!
6&,*.C/,! '%*! '(! +,%K&6$.&&! 5&! 6$)%K&6$.&&=! E,! 0-6$.,&*'*$!
)#$.',3'! $)*$! %$'! 6$! /,&.$! '! 4.'90$,*'./(/&1! &'.! 6/'(/(!
%/(*/.'(1!W.&$,*!T!W%%&6$,*1!$)*$!$(-%8$,*!+,!'%$)*!%'<!T!
)$#'.'.$'! 6&,*.$! $($1! -9(&,6&.$'! 5*&&,3$&1! '! $4$%*&8&*23&&! 5&!
'! +,3$($#%&/,&&! #/*F,6! '*&,9$! 5&! /,! #/,%*! '(! %/#.&,6$.&&!
)$,)/(/&1!'(!'#.-#&$.&&=!M%$')*2!'%3&/,$!8'!?!6$*$.0&,'*2!
6$! *.',)%/(*/.'(/(! L%'.$! 6$)$0,$'<2! ! 6$)%K&6$.$'!
%/(*/.&(-.!%2*.$!%$$'!%$!($!*.'8$.)$'<2!5&!*.$%$!6&,%-(-!6$!
$'U!O#=!\alP=
I/(*/.&($! 'A/,9! )2! )$! -0-9$,&<$<$1! )2! )$! /,$')%21!
&'.!*.',)%/(*/.'(/(!+,!8&<&/,$'!(/&![&%K$(!I'<$,'8$!#-'*$!
?! %-,%$#/*! )/7! 6/7(/(! ')#$%*! '(! /,&*23&&! 6&4$.$,3&'*$! '!
%/(*/.&(-.! 5&! ,$+,%$*'*! %&.%/('3&$! +,*.$! %/(*/.&1! -4$.&,6!
)$,)!#.$<$,*/(/&!%'!-.&9&,$!'!*.$%/*/(/&!5&!'!8&&*-./(/&1!5&!
6$)%K&<F,6!6&'(-9/(!%'.$!8'!%-,)*./&!j0',/(=
W9(&,6'1!6/#2!%/0!'0!)$)&<'*!#F,2!+,!'%$)*!0-0$,*1!
.$N$%*2! '6$82./(1! 5*&&,3'1! %-,3&,/*/(! &,&0&&! 5&! %-,5*&&,3'1!
/.0F,6! '! -7)$.8'! )&,%$.&*'*$'! #$! %'.$! '/*-7&-9.'?%/(! -!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
)/#/,$!+,!6&)%/.)/(!$)$&)*&%!%$!*.&0&*$!+,'#-&1!6'.1!+,!'%$('5&!
*&0#1!#.-&$%*$'<2!5&!.$(',)$'<2!?&,3'=!S)$/(!'/*-7&-9.'?%!
6$8&,$!-!-9(&,62!'!6$)*&,/(/&!+,*.C-!)/%%$)&/,$!5&!(-9&%2!
&,)*&*/&*2!6$!0-6$(/(!5&!%.$</(!-4$.&*!'/*-./(/&=!E,!.$('3&$!
%/!:')'.'7!;&%-($)%/1!0-6$(/(1!-9(&,6&.$'!+,!'*&*/6&,$!5&!
&6$$1!$)*$!.$%&#.-%21!.'#-.*'.$'!(/&!('!%$&('(3&!5&!/(*$.&-.!'!
%$(-.('(3&!('!$(1!-!8-0!6$*'(&'!+,!.F,6/.&($!/.02*-'.$=
X-(/0/(! 6$! $)$/.&! '/*-7&-9.'?%$! ]'3 1>2/'.&3
.+($/'424/1! %-,3&,$! )/7%'#&*-($! %$! &,)&)*2! +,! )/7)&6&'.!
')/#.'!&6$&&!6$!4-.0'.$!#.&,!-9(&,6&.$'!+,!%$&('(3&!#$!%'.$!
&C'! )&03&*! '#.-'#$=! X-.7&0! 6$! E$/$1%/! #.$%/0! Z/%&',!
:('9'1! R-,! :'.7/1! [&.%$'! S(&'6$1! S/9$,! R-,$)%-1! S0&(!
I&-.',!5&!,/!+,!/(*&0/(!.F,6!h*$4',!Z/#')%/=!VF,2!('!/.02!
%$(! %'.$! 6$)%K&6$! %'($'! *.',)6&)%&#(&,'.&*23&&1! &,%(/)&8!
#$,*./!:')'.'7!;&%-($)%/1!$)*$!Z/#')%/!5&!'($!)'($!*$-.&&1!
%'.$!&C'/!#$.0&)!'%$)*/&'!)2!+,3$($'92!)*'.$'!%'!'%*/'(&<'.$1!
#-*$,3&'(&<'.$! 5&! 6$! ')$0$,$'1! #.$<$,3'! *$.3/(/&! &,%(/)=!
"/,*! %-,%$#*$! %'.$! +,%$'.%2! )2! (&0#$<$')%2! 8&<&/,$'! 5&!
%'($'! %/,-'5*$.&&! #.&,! &,*$($%*1! %/(*/.21! ?<&%2! %/',*&%2! 5&!
#.&,!6&'(-9/(!%/!)&,$!5&!'(*/(!.$'(&<'*!+,!)%.&)!5&!.$0$0-.'.$=!
j(*$.&-.! )/,*! '0&,*&3&! 5&! I+'$1%//1! #.-4$)-./(!M($@',6./!
k-)$**&! )'/! R-,! g.&9-.$! %'.$! &C'/! &,6/)! +,3$($9$.$'!
6&8$.)&*23&&! 5&! 6-.&,3'! 6$! '! '%'#'.'! *-*/(=! G+%9&'+'$423
9/%&0123&23?%/+$+'/+/!)'/!O'$+%@+%+'5+3(?/%/$4&2+<!%-,*&,/2!
#.$<$,*'.$'! %$(-.! %$! 6&,! *.$%/*! )$! .$92)$)%! +,! #.$<$,*/(!
)%.&&*/.&&! 5&! '! %2.-.! &,N/$,32! )$! .$)&0*$! +,! 8&&*-.1! #.&,!
*2%$.$'! &,)*&*/&*2! +,*.$! ,/0$! 5&! &,6&8&6/'(&*23&1! %/8&,*$!
,-)*'(9&%$! 5&! '/*-%-0/,&%',*$=! "$0,/(! #.$<$,3$&! (-.!
+,! %/8F,*1! $)*$! -! #-)&7&(2! *.$%$.$! 6$! ('! '(*/(! ('! '(3&&1! 6$!
('! $&! ('! 0&,$1! 5&! &#-)*'<$($! #(/.'($! #.-#/,$! /,! %'6./! '(!
&,*$.)/7&$%*&8&*23&&!%$!%-,*&,/2!5&!'<&=!
X&.9&(! I&-0-5! O/,/(! 6&,*.$! %$&! %$! (')2! /.0$! +,!
-9(&,6&.$'!&,*$.8'(/(/&P1!#-)*$'<2!('!)2.72*-.&.$'!'/*-./(/&!
/,!0$)'A!')/#.'!0&.'%-(/(/&!*2%$.&&1!%$!)C'!&,)*&*/&*!+,*.$!
%$&!%$!)C'/!0-6$('*1!('!.F,6/(!(-.1!6$!('!-!&6$$'!)'/!)4'*!
-4$.&*!6$!:')'.'7!;&%-($)%/=!E,!-9(&,6'!8&.*/'(/(/&1!X&.9&(!
I&-0-5! +5&! '0&,*$5*$! 6$! 7/%/.&'! 6$! 'C(! ?! 6$)%-#$.&*! #$!
*$-.$*&%&',/(! *.',)6&)%&#(&,'.&*23&&! +,! %'(&*'*$! 6$! #.&$*$,!
#.&,*.C/,! M(*/(1! M,6.$&! "%.&0'1! /,! %*&*-.! '(! 6&'(-9/(!
)#&.&*/'(! 8$.&*'7&(=! R,*$.C<&)/(! 6&,*.$! $&! 4'%$! #-)&7&(!
%-,*'%*/(! 6&,*.$! $&! 5&! .$'(&*23&($! (-.=! W9(&,6&.$'! )$%/,621!
+,!)$,)/(!.$8$6$.&&!L8'!%-,*&,/'!)2!,$!/,$')%2!,/!,/0'&!
%/! #.&($A/(! '%$)*/&! &049! O===P1! %&! 0'&! '($)! 6&,%-(-! 6$! $(1!
#.-&$%*F,6/C,$!+,*.C/,!4$(!6$!K-(-9.'02!6$)*&,'(2!)&*/'*2!
4'.+=&!('!(&0&*'!*&0#/(/&1!6&,%-(-!6$!$(=U
! E,!)/%%$)&/,$'!8-(/0$(-.!5&!'!&6$&(-.1!-9(&,6'!,/!
.$#.-6/%$1!%&!#.-6/%$!.$3$'/'!6$!','(-9&&!5&!.$('3&&!#$!%'.$!
-0/(!($!'.$!%/!#.-#.&/(!)&,$1!%/!%$&('(3&1!6'.!5&!%/!$)$,3'!%$!
)$!-4$.2!6&,!#2*./,6$.$'!+,!0&$</(!,&8$(/.&(-.!k$'(&*23&&=!
R,*$.'%3&/,$'!$/!C!%$(2('(*!+,!-9(&,6'!*.',)6&)%&#(&,'.&*23&&1!
.$#.$<&,*2! -! .$N$%*'.$! )#$%/('.2! '! &6$,*&*23&&! %$! 8'!
6$)%-#$.&!)*'.$'!>1!'!*$.3/(/&!&,%(/)=
?4B50C3/9D2/5&^3 `F/(3 ?&?+%3 f&(3 ?&%$/&22d3 (4??1%$+.3
-d3 $F+3 ($%&$+>/03 >%&'$3 Gp8J7KTEGGUZkTJIO3 U#sT8TXZYkY<3
G%1_+0$3 OJXZYkY3 QYZUZS<3 01D'&'0+.3 -d3 $F+3 L4%1?+&'3 810/&23
P4'.O'=+($/'>3 /'3 G+1?2+<3 f/$F/'3 $F+3 8+0$1%/&23 p?+%&$/1'&23
G%1>%&99+3g49&'37+(14%0+(3J+=+21?9+'$3YZZkYZUv#3

#$'

=#"'#,6U9d20
Y'$%)"+,(1$(+)!+*+,*-',.#%#"#/,
0'(1*+%(-,,(>!"+,)"1G#,*-',
V!+I#$,2-3a,Y1'$#K
V$,*./! h*$4',! M/9=! B-&,'5! #.-<'! '! .$#.$<$,*'*!
-! $@#$.&$,32! +,! )$,)/(! $@#$.&0$,*2.&&! /,/&! '(*! (&07'A!
6$%F*!%$(!#-$*&%!5&!%$(!$)$&)*&%!O$@$.)'*$!#.$#-,6$.$,*P1!
#.$%/0! 5&! +,! '%%$#3&/,$'! +,! %'.$! -! #$.)-,'(&*'*$!
%.$'*-'.$!+5&!%$.%$*$'<2!(&0&*$($!6$!$@#.$)&$=!M%$)*!(/%./!
$)*$!+,8$6$.'*!%K&'.!6$!02.*/.&)&.$'!)%.&&*-./(/&!%'.$1!+,!
B=+%$/(9+'$!('!8-(/0/(!`3.+32&3`%+C1%1!')$02,F,6/C)$!
%/!/,!N/*/.$!%$!)$!8.$'!+,!&#-)*'<'!6$!-0&621!'#.$%&'<2!
%2! *$@*$($! *.$7/&$! A/6$%'*$! L6/#2! 0&.$')0'! N-.&(-.! #$!
%'.$! '! #-#-)&*U1! $8&6$,3&&,6! ')*4$(! 4'#*/(! %21! #$,*./! $(1!
&#-)*'<$($!6$!#-$*!5&!6$!#.-<'*-.!%-,?9/.$'<2!&6$$'!/,$&!
%-,)/7)*',3&'(&*23&! 4/,%&'.$=! X-(/0/(! `3 .+3 2&3 `%+C1%1!
#/7(&%'*! +,! ',/(! appp1! %/#.&,6$! #.-<$! '! %2.-.! )%.&$.$!
+,%$#/)$!+,!/.02!%/!/,!)4$.*!6$!)$%-(1!&'.!6&,*.$!'%$)*$'1!
/,$($!#.$%/0!B%4'0,$1%423.+3C&%4%/1!J/&21>3043/'>/'+%423
F1$&%'/01!B3$%+/&3./9+'(/4'+1!p3./(?1C/5/+3$+($&9+'$&%,1!
EN/'+2+3 .+! ?/&$%,! 5&! E%1'/0,3 -&=&%+C,! '#2./)$.2! 5&! +,!
',/(!\]_c1!+,!B29&'&F423R/$+%&%=!
B/#2! 8-(/0/(! 6$! ('! %/0#2,'! 0&($,&&(-.1! +,!
0'&! appa1! +,! .$8&)*'! P&9/2/&1! '#'.$! /,! *$@*! 6$! -!
4'%*/.2!'#'.*$1!%/!*&*(/(!/219+$%423C+%11!'8F,6!('!?,'(!
0$,3&/,$'!Le.'90$,*!6&,!.-0',/(!&,*&*/('*!C!#.-8&<-.&/!
C! O'$+%(+05/&U=! >$@*/(! $)*$! +,)-3&*! 6$! $@#(&%'3&&! '($!
.$6'%*-./(/&C5$4!'6A/,%*1!B/0&*./!IK&.&(21!%'.$!'.'*2!%2!
9./#'A/(!#/7(&%'*!+,!%K&'.!(/,'!0-.3&&!#-$*/(/&!%/#.&,6$'!
%.$'3&&!6&8$.)$1!6$!('!#-$<&$!('!$)$/!5&!#.-<21!&'.!'/*-./(!
+,)/5&!&,6&%')$!-.6&,$'!+,!%'.$!*$@*$($!*.$7/&'/!6&)#/)$=!
/219+$%423 C+%1 3 $)*$! -! #.-<2! '/*-.$4$.$,3&'(2! %$! )$!
6$)%K&6$!%/!.$N$%3&&($!/,/&!)%.&&*-.!%2./&'!#.-#.&/(!4.'*$!
+&!.$#.-5$'<2!%2!,/!%.$$'<2!#.-<2!6$!4'%*/.2!.$'(&)*2!5&!
O%K&'.P! '/*-7&-9.'?%2! OL)2! #-8$)*$5*&! +,*F0#(2.&! %'.$!
'/!4-)*!5&!)2!)%.&&!6$)#.$!-'0$,&!#$!%'.$!&C'&!+,*F(,&*UP=!
V.$*$@*/(! $)*$! /*&(&<'*! 6$! %2*.$! ,'.'*-./(! %$! .$('*$'<2!
('! #$.)-','! R! #$,*./! '! &,*.-6/%$! /,$($! %-,)&6$.'3&&!
#.&8&*-'.$! ('!.'#-.*/(!6&,*.$! ?%3&/,$! 5&! .$'(&*'*$1!#$,*./!
6$(&0&*'.$'!6$!#.-<'!6$!4'%*/.2!*.'6&3&-,'(&)*2!5&!#$,*./!
%.$&-,'.$'!/,$&!'/*-#-$*&%&=!
W! ?2+.1&%/+3 ?+'$%43 =+%/./0/$&$+&3 &(?+0$+21%3
?%+C+'$&$+3 *'3 ?%1?%/&3 (0%//$4%,! -! .$#.$<&,*2! +,%$#/*/(!
%'#&*-(/(/&! X1! %'.$! 8'! %-,*&,/'! %/! /,$($! %-,)&6$.'3&&!
6$)#.$! .$'(! 5&! ;&8$($! 6$! k$'(&*'*$=! "/,*! &,)$.'*$!
4.'90$,*$! +,! %'.$! $)*$! 8-.7'! 6$)#.$! L0&%'! .'3&/,$U1!
L)4F,*/(! *$.,'.U1! L0&.'%-(U1! *-'*$! '%$)*$'! 42%F,6!
#-)&7&($! '?.0'3&&($! 6$)#.$! $@&)*$,3'! #$! -.&<-,*'(2! %'.$!
,/! ,$! #-'*$! )%-'*$! 6&,! L&0#')/(! -,*-(-9&%! '(! /,/&!
)&,9/.! -.&<-,*! +,! %'.$1! 6$! -7&%$&1! 8$9$*20! 0'&! 0/(*!
6$%F*! *.2&0U1! #.$%/0! 5&! $*'A'.$'! 6$! -.&<-,*/.&1! ?$%'.$!

#$!

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

-.&<-,*! .$#.$<$,*F,6! (&,&'! 6$! /,&.$! 6&,*.$! 6-/2! ,&8$($1!

#$.)-,'A$($! 5&! +,*F0#(2.&($! 0&5%F,6/C)$! 5&! &,8'6F,6!
-.&<-,*/(!6$!6$')/#.'!)'/!6$!6$6$)/7*=!
! R,%&#&*/(/&!OLCB'.!*/!5*&&!%F*$!,&8$($!6$!k$'(&*'*$!
$@&)*2JUP!+&!.2)#/,6$1!)&0$*.&%!5&!.-*/,61!/(*&0/(!$,/,3!
'(! *$@*/(/&D! Lk$'(&*'*$'! $)*$! '.7-.$)%$,*2U1! '%$')*2!
'?.0'3&$! %/! %'.'%*$.! 6$! 9$,$.'(&*'*$! ?&,6! 6$*'(&'*2! 5&!
)/)3&,/*2! 6$! 6-/2! /9&>/'/3 ?1+$/0+! ',*$.&-'.$1! '%$$'! '!
/,/&!$4%'34-'.*$!+,'(*!6&,!%'.$!('!',/0&*$!$*'A$!)$!6$)%K&6!
7'(%-',$!5&!/5&1!('!?$%'.$!,&8$(!-4$.&,6/C)$!#-)&7&(&*'*$'!
/,$&! '(*$! $@&)*$,3$1! )#'3&/(! ,$%$)'.! #$,*./! -! ')$0$,$'!
$@&)*$,32!%.$F,6/C)$!#$!02)/.'!+,'&,*2.&&1!#$!#.&,%&#&/(!
)%2.&(-.! ./(',*$1! #.$%/0! 5&! '%$$'! '! /,/&! &%-1%+D! LZ'!
?$%'.$!,-6!'(!8$.*&%'($&!k$'(&*23&(-.1!$@'%*!%'!('!?$%'.$!
,-6! '(! /,/&! %-#'%! /.&'5! %/! %.$,9&! 0/(*$1! )$! 6$)#.&,6$!
('*$.'(! -! .'0&?%'3&$1! )$! &)%2! /,! *$.&*-.&/! 6$! 4./,<$1! &'.!
'%$)*$!,-&!6&)#-,&7&(&*23&!-.&<-,*'($!')&9/.2!,-/(!)#'3&/!
+,!%'.$!8-.!$8-(/'!%.$'3&&($!?%*&8$!'($!'/*-./(/&=U!
! I$($! 6-/2! &0'9&,&C%-,%$#*! %.$'*$! 6$! %2*.$!
B-&,'51!$4%'42!5&!01?&042!4/,%3&-,$'<2!%'!6-/2!%+?2/0/3
?1+$/0+32&34'+2+3D21(1@+9+!&,*.-6/)$!*.$#*'*=!['&!+,*F&1!
&0'9&,$'! %($#)&6.$&! 6&,! %'.$! ,&)&#/(! %/.9$! +,! .&*0!
%-,)*',*!'.$!.-(/(!6$!'!$8&6$,3&'!)*./%*/.'.$'!%-0#($@$&!
.$('3&&! .$'(C?%3&-,'(t! 6$! ('! .'#-.*/(! '%$)*'1! %-,)&6$.'*!
6-'.! +,! %'6./(! -#$.$&! (&*$.'.$1! )$! #.$?9/.$'<2! $%+0+%+&3
(?%+3 C1'&3 1'$121>/0,1! 6$-'.$%$! L+,*F0#(2.&($! #.-#.&/C
<&)$U! 5&! L6$)*&,/(! #$.)-,'A$(-.U! )/,*! #2.3&! '($! /,$&!
'8$,*/.&!$@&)*$,3&'($D!LIF*2!8.$0$!.20F,$0!+,!%$$'!%$!
)$!,/0$5*$!.$'(!T!%'.$1!+,!$)$,3'!)'1!$)*$!6-'.!/,!,&8$(!
6$!k$'(&*'*$!T!,/!#/*$0!)2!8$6$0!%$$'!%$!)$!+,*F0#(2!
6&,%-(-!6$! $(=!B'.!6$! +,6'*2!%$!+,*-'.%$0!-7&$%*/(1!,$!
620!)$'0'!%2!+,*.$!'%$)*!,&8$(!6$!k$'(&*'*$!T!#$!%'.$C(!
,/0&0! '5'! T! 5&! %$($('(*$! ,&8$($! $@&)*2! /,! .'#-.*! &,*&0!
%'.$! '7&'! '%/0! 6$8&,$! $8&6$,*1! 8&<&7&(1! +,! '5'! 4$(! %21!
(/%./.&($!%$($!G6$!6$6$)/7*H1!%'!5&!%$($!G6$!6$')/#.'H!C!
'07$($!6$!'%$$'5&!8'(-'.$!T!%'#2*2!'%$('5&!%$.*&?%'*!6$!
$@&)*$,321!6$!8&*'(&*'*$1!%'!5&!%$($!%'.$!)$!'N2!('!,&8$(/(!
,-)*./1!)&,9/./(!#$!%'.$!T!,-&1!-'0$,&&!6$!.F,6!T!)/,*$0!
+,! )*'.$! )2C(! #$.%$#$0=U! j,! '.9/0$,*! '(! 0194'/0,%//3
./'$%+3 1%/C1'$4%/! )$! .$92)$5*$! T! '.'*2! B-&,'5! T! 5&! +,!
4-(%(-./(! .-0F,$)%! %$! $8&6$,3&'<2! ./#*/.'! 6&,*.$! (/0&1!
6'.! '?.02! +,! '%$('5&! *&0#! #-)&7&(&*'*$'! 6$! .$('3&-,'.$!
'! '%$)*-.'! #.&,! *.$%$.$'! (/&! e2*Ce./0-)! +,*.$! *2.F0/.&D!
%-7-.F.$'! $.-/(/&! +,! L%$'('(*2! (/0$U! '?.02! $@&)*$,3'!
/,$&! L)/7*$.',$! '! 0&.'%-(/(/&U! 6$)#.$! %'.$! 7')0$($!
,-')*.$!8-.7$)%!+,!#$.0',$,32=!
! I-,)*./&*2! %'! '.9/0$,*'3&$1! +6&@1.&_3 $+1%+$/0!
#$,*./! 0'*$.&'! $#&%2! 6&,! #.$%$6$,*$($! %'#&*-($1! #'.*$'!
'! XC'! '6/%$! #.-7$! 4/.,&<'*$! 6$! &-1%.,%/3 D21(1D0+3
91.+%'+! '($! #.-7($0$&! +,! %'/<2=! M)*4$(1! B-&,'5!
&,*.-6/%$!'?.0'3&&!'($!/,/&!L9F,6&*-.!.-0F,!.$4/9&'*!+,!
e.',3'U\!42.2!'!#.$%&<'!,/0$($!'%$)*/&'!5&!%-,)&6$.F,61!
#.-7'7&(1!0'&!0/(*!6$%F*!)/?%&$,*$!&,6&%&&($!4/.,&<'*$!6$!
%&*'*$($!.$#.-6/)$!#$,*./!&6$,*&?%'.$'!'/*-./(/&=
! S@#.$)&&($! &,)$.'*$! OL0&%'! .'3&/,$U1! L)4F,*/(!
*$.,'.U1! L%-,*.'6&%3&'! 7&,'.2! %(')&%2U! %$! *.$7/&$! )2!
6$8&,2! *$.,'.21! L,&8$($($! 6$! k$'(&*'*$U! $*%=P! )/,*!
%-,%$#*$! 8$K&%/('*$! 6$! ?<&%&',/(! 5&! $)$&)*/(! :')'.'7!

;&%-($)%/1!&'.!/,$($!.$#.$<&,*2!*.&0&*$.&!('!*$-.$0$!'($!
'%$(/&'5&! '/*-.=! "&,*'90'! %$! 62! *&*(/(! %2.3&&! `+1%+9+3
?1+$/0+! $)*$! 6$?,&*2! 6$! '/*-./(! $&! +,! E4=N'$3 *'&/'$+3
($! $6&3&'! 4.',%$<2! 6.$#*! (-%! 6$! +,*F(,&.$! +,*.$! ?<&%'!
%/',*&%21!e&(-)-?'!;'*/.&&!5&!$@#.$)&'!&,*$.&-'.2a=!B$!('!
'@&-0$($!(-9&%&&!%(')&%$D!'!&6$,*&*23&&!OM!$)*$!MP1!'!,-,C
%-,*.'6&%3&$&!OM!,/!#-'*$!?!,-,CMP!5&!'!*$.3/(/&!$@%(/)!
O/,!'(!*.$&($'!*$.0$,!>!,/!#-'*$!?!+,!'%$('5&!*&0#!M!5&!
,-,CMP1!$#&)*$0-(-9/(!"*s#K',$!Z/#')%-!L'!*.&'($%*&<'*U!
'@&-0'! ,$'.&)*-*$(&%&',2! '! L*$.3/(/&! &,%(/)U! %-,4-.0!
%2.$&'! >! $)*$! +,! '%$('5&! *&0#! M! 5&! ,-,CM=c! B&)%/*F,6!
6$)#.$! *$.3/(! &,%(/)! 5&! 6$)#.$! .$('3&'! (/&! %/! &0'9&,'./(!
#-$*&%1! +,! %/.)/(! /,$&! %-,8-.7&.&! %/! ! k-7$.*-! f/'..-<!
5&! [&%K$(! I'0/)1! :')'.'7! ;&%-($)%/! '.$! .$8$('3&'!
/,$&! $@#.$)&&! &,8$,*'*$! '6CK-%! 6$! [&%K$(! I'0/)D!
L*$.3/(! *'&,&%! &,%(/)U! OL*&$.)! )$%.*$0$,*! &,%(/)UP1! %'.$!
)&,*$*&<'!C!+,!-#&,&'!(/&!;&%-($)%/!C!+,%2.%2*/.'!')%/,)2!
'! 0/(*-.'! 6&,! )%.&$.&($! )'($! 5&! 6$%(',5$'<2! ,$%$)&*'*$'!
4-.0/(2.&&! *$-.$0$(-.! #-$*&%$=! B$! '(*4$(1! 02.*/.&)$5*$!
'%$('5&!)%.&&*-.1!$@#.$)&'!L*$-.$0$!(&.&%$U1!#.$?9/.'.$!'!
L*$-.$0$(-.!#-$*&%$U!$.'!#.$<$,*2!6$A'!+,!%'.*$'!6$6&%'*2!
6$!$(!/,/&!0'.$!0'*$0'*&%&',!5&!#-$*!.-0F,1!R-,!:'.7/=^!
E,!#.&0/(!%'#&*-(!'(!`+1%+9+21%1!)$!+,*F(,$5*$!-!6$?,&.$!
'! ;&8$($(-.! 6$! k$'(&*'*$1! %-,4-.0! %2.$&'! '%$)*$'! )/,*!
L,&8$($! $,$.9$*&%$=! R'*2! 6$! %$! *.$%$.$'! 6$! ('! /,! ,&8$(!
('! '(*/(! ,/! #-'*$! ?! 6$%F*! 6&)%-,*&,/2=! B&)%-,*&,/&*'*$'!
$)*$!%-,6&3&'!$8-(/3&$&=!"&,9/('.&*'*$!%'.$!,$!&,4-.0$'<2!
')/#.'!,-.0$&1!,&%&6$%/0!&,8$.)Ul!5&1!+,!'%$('5&!%'#&*-(!R1!
-!'(*2!'?.0'3&$!.$4$.&*-'.$!('!')#$%*$!%-,$@$D!L[&.'%-(/(!
$)*$!'%3&/,$'1!%-,4-.02!($9&(-.1!'!/,/&!,&8$(!6$!k$'(&*'*$!
')/#.'! '(*/&! ,&8$(! 6$! k$'(&*'*$U1b! .$#.-6/)2! )/7! 4-.02!
6$!%&*'*!6$!%2*.$!B-&,'5!+,!/219+$%423C+%11!('!4$(!%'!5&!
/.02*-'.$'!')$.3&/,$D!L"4F,*/(!*$.,'.D!%$(!42.2!(-%1!42.2!
*&0#!5&!%$(!'(!9$,/,&&!42.2!)*.24/,6=Ud
M.9/0$,*$($!&,8-%'*$!6$!%2*.$!B-&,'5!+,!%'#&*-(/(!
X! 6&,! /219+$%423 C+%11! ?$! %2! 8&,! 6&,! <-,'! 0$,*'(/(/&!
%-($%*&8! O'! %2./&! $@#.$)&$! $)*$! %-,%.$*&<'*2! +,! 7')0$($!
.-0F,$5*&!('!%'.$!)C'!42%/*!.$4$.&.$P1!?$!%2!)/,*!%.$'3&'!
/,/&! 9F,6&*-.! 0-6$.,! %/0! $)*$! :')'.'7! ;&%-($)%/1!
%-,8$.9! %2*.$! '%.$6&*'.$'! /,$&! &6$&! %-0/,$1! '%$$'! %2!
%+&2/$&$+&3 +($+3 942$/+$&_&$,<3 /&%3 *'$%+3 '/=+2+2+3 +/3 +M/($,3
0194'/0&%+! 5&! *-%0'&! '%$)*! (/%./! +(! $@#$.&0$,*$'<2!
#$.)-,'A$($!'%$)*$&!#.-<$1!/,!)%.&&*-.!5&!?%3&/,&($!%.$'*$!
6$! $(=! `+1%+9+2+3 ?1+$/0+! '($! (/&! :')'.'7! ;&%-($)%/1!
#.&,!#.&)0'!%2.-.'!)$!%$.!+,3$($)$!!0/(*&#($!')#$%*$!6&,!
4.'90$,*/(! 6$! .-0',! O(/%./! 6$0-,)*.'*! 6$! '(*4$(! #.&,!
%&*'.$'!.$#$*'*2!'!/,-.!)&,*'90$!-.&!$,/,3/.&!'#'.3&,F,6!
$)$&)*/(/&! 5&! ?<&%&',/(/&! .-0F,P1! %-,4$.2! -! 6$-)$7&*2!
'0#(&*/6&,$!5&!6$)%K&6$.$!&,*$.#.$*'*&82!*$@*/(/&=!
E,! #.&0/(! %'#&*-(1! %$(! %'.$! 4'%$! L#')/(U! .+3 2&3 4'3
'/=+232&3&2$42!$)*$!/,!#$.)-,'A!6&,*.C-!'(*2!#-8$)*&.$!'!(/&!
B-&,'5!Oe/C/$&3($+2+/3?+%(1'&2+SD!k-,&!['.9/(&'=!Le&&,3'!
6$! KF.*&$U! ,/! %'(%K&'<2! ! 9$)*/(! (/&!M/9/)*-! 6&,! I$'3'!
(/&! K'&94'11! +,! )$,)/(! %2! ,/! 8&,$! )2! +5&! +,*F(,$')%2!
L%.$'*-./(U1! %&! 0'&! 6$9.'72! +(! #.-8-'%21! +,*F(,&,6/C
)$! 6-'.! %/! 4.'*$($! '%$)*/&'=! [-,-(-9/(! '/*-./(/&!
L6$%.&#*$'<2U!0$%',&)0/(!#.&,!%'.$!)$!4'%$!*.',)('3&'!6$!
('!%-,%$#*$($!(/&!:')'.'7!;&%-($)%/!)#.$!*$@*/(!(&*$.'.1!

!"#$%&'%(')*'$#"'!#!+,!"#$%&%'%$#()!*+,&!"
'62/9F,6! 5&! -! )/9$)*&$! $@#.$)&-,&)*2D! L"2! $@&)*$! -'.$!
/,!$@%$)!6$!8&*'(&*'*$!+,!',/0&*$!#$.)-,'A$1!%'.$!)2!,/!
)$!%-,)/0$!$@%(/)&8!+,!6&0$,)&/,$'!*$@*/(/&1!%&!G)2!)$!
.$8$.)$H1!$@'%*!%'!%$')/(!(/&!B'(&1!#$)*$!0'.9&,$'!/,$&!
',/0&*$! .$'(&*23&Jmno! h&! 6'%2! '.! 6$8$,&! %/! '6$82.'*!
G.$'($H1!('!%F*$!,&8$($!'.!?!$?%&$,*$JU
j,!'(*!9$,!6$!$%+0+%+3&3F1$&%424/!%-,?9/.$'<2!'(!
6-&($'!%'#&*-(1!%$(!+,!%'.$!$!#.$<$,*'*2!7'&'!#/7(&%2!"i0'&1!
/,6$1!.$8$,&*!('!6&)*',32!6$!#$)*$!lp!6$!',&13(0%//$1%42)
?+%(1'&_3 =&3 %+?+$&3 >+($423 0%+&5/+/1! $@#$.&0$,*F,6!
L%-.#-.'(&<'.$'U/,$&! ?&,3$1! %-,4$.&,6! )$0,'(0$,*$!
%-,%.$*$! )&(/$*$&! ,$(20/.&*$1! %'.$1! %'! -.&%$! #$.)-,'A!
-6'*2! %-,*/.'*1! 6$8&,$! (&7$.1! '8$.*&<F,6/C5&! %.$'*-./(!
)2! ,/! +,%$.%$! )2C&! #.-7$<$! %-,)&)*$,3'! 5&! #.$%&<F,6/C&!
%2!)$!8-.!0'&!+,*F(,&!+,!+0#.$A/.2.&!#$!%'.$!'%$)*'!,&%&!
,/!($!72,/&$5*$!O0-6'(&*'*$!6$!$8&6$,3&$.$!!'!6&)#'.&3&$&!
)%.&&*-./(/&! /7&%//! 5&! 6$! #.$%&<'.$! '! )*'*/*/(/&! '#.-'#$!
$9'(!#$!%'.$!+(!#-)$62!%$(!%.$'*!5&!%.$'*-./(!)2/P=
>-*! -! )&*/'3&$! 6$! $%&'(0+'.+%+3 &3 '/=+2+21%! #'.$!
)2! )/9$.$<$! $#&)-6/(! 8&)/(/&! #$! %'.$! #-8$)*&*-./(! 6&,!
/219+$%423 C+%1! +(! '.$! .$4$.&*-.! ('! ! #$.)-','! (/&! g.&9!
['A'./1!/,!4-)*!#.&$*$,!'(!)2/=!;&8$(/(!$@&)*$,3&'(!#$!%'.$!
)$!#(')$'<2!$)*$!%$(!'(!=/(424/1!<-,2!6&,!%'.$!#'.8&,!+,)2!
,$(&,&5*&*-'.$!)$0,'($!%2*.$!%$$'!%$!,/0&0!L.$'(&*'*$U=!
M*F*'!*&0#!+,)2!%F*!)$!'%%$#*2!!#-)*/('*$($!4-.0/('*$!6$!
:')'.'7!;&%-($)%/1!'%$($'!%-,4-.0!%2.-.'!L;&8$($($!6$!
k$'(&*'*$! )/,*! ,&8$($! $,$.9$*&%$U_! 5&! LS@&)*2! *-*! '*F*$'!
,&8$($!6$!#$.%$#3&$!%F*$!,&8$($!6$!k$'(&*'*$U]1!,$(&,&5*$'!
,'.'*-./(/&!6&,!/219+$%423C+%1!!#-'*$!%2#2*'!%-,-*'3&&!
,$72,/&*$1! %-0/,&%'.$'! ?&,6! #-)&7&(2! +,! 6/7(/! )$,)1!
O)$0,'($($! 8$,&,6! 6&,)#.$! 8&)! )#.$! (/0$'! .$'(21! 6'.!
#($%F,6! 5&! +,! )$,)! &,8$.)P! 5&! 02.*/.&)&,6! *-*! 6$)#.$!
0&)*$.&-')'! *.$%$.$! +,*.$! ,&8$($! 6&4$.&*$=! I'! +,*.C/,! 4$(!
6$!%.$)%$,6-1!+,!%'#&*-(/(!RX1!*/(7/.'.$'!#-8$)*&*-./(/&!
$)*$!9$,$.'*2!6$!)/9$.'.$'!/,$&!#-)&7&(&*23&!,$'5*$#*'*$1!
'%$$'! #.&8&*-'.$! ('! ! ?%1?%/42! ($&$4$3 1'$121>/0! %'.$! $)*$3
/'0+%$D! LC! B/0,$'8-')*.2! 5*&3&1! 0C'! +,*.$7'*! $(! %/! -!
,$6&)&0/('*2!&.-,&$1!%2!)/,*$3&!#$.)-,'A/(!#.&,%&#'(1!%'.$!
8-.7$5*$!('!#$.)-','!+,*F&'1!!'!/,$&!#-8$)*&.&!,2)%-%&*$!
6$===!'(*%&,$8'JU

#$(

B'%2! )&,*$*&<20! %-,*$@*$($! 6$! #.-6/%$.$! '!

%-0/,&%2.&&!+,*.$!,&8$($!6$!.$'(&*'*$!#.$<$,*'*$!6$!%2*.$!
B-&,'5!+,!/219+$%423C+%11!8$6$0!?+%(1'&_423%'.$!&$)$!
6&,!%'.*$!5&!'A/,9$!*'3249+&3%+&2,1!'#-&!!01%?1%&2/C&%+&3
?%/'3 =+%-&2/C&%+! '! /,$&! ?&,3$1! ! $%&'(9/$+%+&3 .+3
/'@1%9&5//!6&,)#.$!5&!+,)#.$!(/0$'!8&)/(/&!5&1!+,!?,'(1!/,!
'8$.*&)0$,*!'6.$)'*!(0%//$1%424/!%/0!%2!$(!+,)/5&!*.2&$5*$!
6-'.! +,*.C13 D05/4'+3 %'.$! $)*$3 3 1?+%&3 &2$04/=&1! +,! 4'#*!
*-*!'*F*$'!0-6'(&*23&!6$!&(/)*.'.$!'.*&)*&%2!'!%-,%$#*$(-.!
8$K&%/('*$! 6$! :')'.'7! ;&%-($)%/1! 6'.! +,! '%$('5&! *&0#!
5&! -! %-,%.$*&<'.$! '! 0-6/(/&! +,! %'.$! #-'*$! 4/,%3&-,'! +,!
#.-<'!(/&!B-&,'5!6&)%/.)/(!0&@*!*$-.$*&<'*!6$!$)$&)*/(!%/!
'%$('5&!,/0$=
B0j'1f2+.>+9+'$^3$F/(3?&?+%3/(3?&%$2d3
(4??1%$+.3-d3$F+3(+0$1%/&231?+%&$/1'&23?%1>%&99+3
F49&'3%+(14%0+(3.+=+21?9+'$3Q8pG3g7JS<3D'&'0+.3
@%193$F+3+4%1?+&'3(10/&23@4'.3&'.3-d3$F+3%19&'/&'3
>1=+%'9+'$34'.+%3$F+301'$%&0$3'49-+%3Gp8J7K3
XZW[U#
,
_______
!
01!+J
\! !h*$4',!M/9=!B-&,'51!/219+$%423C+%11!+,!.$8&)*'!
Le'0&(&'U1!)$.&'!'!XC'1!',/(!c_!O\c_P1!,.=!l!O^c]P1!##=\lCcc=
a! !M/*-./(!('!%'.$!4'%$!.$4$.&.$!B-&,'5!$)*$!:')'.'7!
;&%-($)%/1!?<&%&',!5&!$)$&)*!%'.$!6&,!\]b_!)C'!)*'7&(&*!+,!e.',3'!
/,6$!'!'A/,)!%/!-!7/.)2!'!g/8$.,/(/&!4.',%$<t!+,*.$!'(*$!%2.3&!
'($!)'($!)$!'N2!`Fm1%n9+(3?1m$/r4+(1!k-%K$.1!\]]^!O*.'6=!
.-0=!`+1%+9+3?1+$/0+1!S6=!I'.*$'!k-0F,$')%21!:/%/.$5*&1!
\]]b!5&!S6=!f/,&0$'1!R'5&1!appdP=
c! !:')'.'7!;&%-($)%/1!E4=N'$3*'&/'$+!('!$6&3&'!
4.',%$<21!+,!!`+1%+9+3?1+$/0+1!>.'6/%$.$!6&,!(&07'!4.',%$<2!
6$!Z=[=M.%'6$1!V.$4'32!6$![&%K$(!I'0/)1!S6=!f/,&0$'1!R'5&1!
appd1!#=!\b=
^! ![&%K$(!I'0/)1!`%&'(?1+C/&3&)$+1%+9+21%!+,!`+1)
%+9+3?1+$/0+1!$6=%&*=1!#=!]=
l! !:')'.'7!;&%-($)%/1!-#=!%&*=1!##=\lC\b=
b! !R6$01!`+1%+9+3?1+$/0+1!$6=%&*=1!#=a\=
d! !R6$01!&7&6$01!#=aa=
_! !R7&6$01!#=\cp=
]! !R7&6$01!#=!a\=
\p! !R7&6$01!#=!al=

#$)

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

2&+*#,O9c20,,,
7,#/1"&#"+,!"#$%&'%(')*'$#">,#,)1+G'+',
*-',51$,=-"+K#$,
!

7+&2/$&$+&3+($+3?2&($/0,#384'$+93?&%$+3./'3
&0+&($,3%+&2/$&$+30&%+3(+391./D0,3.&$1%/$,3>N'.4%/21%<3
(+'$/9+'$+21%<3&05/4'/21%33'1&($%+#33
3
B0+&($&3*'(+&9',30,3(4'$+93?+3.+?2/'3
%+(?1'(&-/2/330++&30+3+($+33%+&2/$&$+&#37+&2/$&$+&3'43+($+3
0+=&3+M$+%/1%3(&43/'$+%/1%3'14,^33+($+3*'3&0+2&6/3$/9?<3
+M$+%/1&%,36/3/'$+%/1&%,#
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Q:&(&%&-3;/012+(04S
I'!,-/2!0$*-62!'!%/,-'5*$.&&1!*.',)6&)%&#(&,'.&*'*$'!!
#'.$!'!?!+,%2!#.&8&*21!6'%2!,/!%/!)%$#*&%&)01!02%'.!%/33
-! ',/0$! .$<$.82=! >$-.&&($! '%'6$0&%&',/(/&! :')'.'7!
;&%-($)%/1! '8F,6! ('! 7'<2! ($9&($! ?<&%&&! %/',*&%$! 5&!
?(-)-?'!(/#')%&',21!)$!'@$'<2!#$!'(*$!'@&-0$!6$%F*!%$($!
'($!(-9&%&&!%(')&%$=!B'%2!!+,!(-9&%'!%(')&%21!'@&-0$($!)$!
7'<'/! #$! &6$,*&*'*$! O#.-#-<&3&'!M3 3 $)*$3 3 M1! &6$,*&%2! %/!
)&,$P1!#$!,-,C%-,*.'6&%3&$!OM!,/!$)*$!,-,CMD!-!#.-#-<&3&$!
,/!#-'*$!?!+,!'%$('5&!*&0#!%/!,$9'3&'!)'P!5&!#$!*$.3/(!$@%(/)!
O-.&%$!#.-#-<&3&$!(-9&%2!$)*$!)'/!'6$82.'*2!)'/!4'()21!'!
*.$&'! #-)&7&(&*'*$! ,/! $@&)*2P1! %$'! '! *.',)6&)%&#(&,'.&*23&&!
+,(-%/&$5*$! *$.3/(! $@%(/)! %/! %$(! &,%(/)=! W! (-9&%2! 0/(*!
0'&!)/7*&(2!-!',&K&($'<2!#$!%$'!7&,'.2=!I$(!6$C'(!*.$&($'!
*$.0$,! >! O*$.3/(! &,%(/)P! $)*$1! +,! '%$('5&! *&0#1! 5&! M! 5&!
,-,CM=! e&(-)-?'! (/&! "*$#K',$! Z/#')%-! #-.,$5*$! 6$! ('!
?<&%'!0-6$.,2!5&!6$!('!(-9&%'!'@&-0'*&%2=!X-.7&0!6$)#.$!
-! (-9&%2! '! %-,*.'6&%*-.&/(/&! %$! #-)*/($'<2! /,! '(! *.$&($'!
*&#! 6$! 6&,'0&%2! ',*'9-,&%2=! "*'.$'! *$.3/(/&! &,%(/)! $)*$!
/,'!'!$%K&(&7./(/&!O%-,4-.0!*$-.&$&!.$('*&8&*23&&!(/&!M(7$.*!
S&,)*$&,!+,!%'.$!0'*$.&'!%'!$,$.9&$!?<&%2!0'%.-)%-#&%2!
5&!%$'!8&$!7&-(-9&%2!)/,*!%-,3&,/*$!+,*.C-!'!*.$&'!'N'*2!+,!
)*'.$!6$!%-,*.'6&%3&$!'7)-(/*21!6'.!6$!$%K&(&7./!)&0$*.&%Pt!
-!)*'.$!%'.$!$)*$!'*&,)2!#.&,!')-%&$.$'!'!6-/2!4$3$!'N'*$!
+,*.C-! *$,)&/,$'! 6.'0'*&%21! %$! )$! -#/,! .$%&#.-%! 5&!
)&0/(*',=!M%$')*2!)*'.$!,/!.$#.$<&,*2!+,)2!#.-0&)&/,$'!

/,/&!$%K&(&7./!#$.0',$,*1!%&!6-'.!0-0$,*/(!$%K&(&7./(/&=
M#.-#.&&,6/C5&!
%-0#($@&*'*$'!
%/',*&%21!
$%&'(./(0/?2/'&%/$&$+&31?+%+&C,1!#-*.&8&*!*$-.$0$(-.!(/&!
:')'.'7!;&%-($)%/1!!0439&/3942$+3'/=+24%/3.+37+&2/$&$+#!\!
"/7&$%*/(!)$!'N2!+,*.C-!-)%&('3&$!#$.#$*/2!+,*.$!.$'(&*'*$'!
#$!%'.$!+,%$'.%2!)2!-!%/,-')%21!)&,$!5&!%$$'!%$!$)*$!8$5,&%!
')%/,)1! 8-'('*=! k$'(/(! $)*$! 0++&3 0+3 +($+1! &'.! k$'(&*'*$'!
.$#.$<&,*2! %+C/($+'5&3 *'3 +M?+%/+'5&3 '1&($%,3 49&',=!!
[-6&?%'*2! #.&,! 9F,6&.$1! )$,*&0$,*$! 5&! '%3&/,&! /0',$1!
k$'(&*'*$'!$)*$!.'3&-,'(21!6'.!.'3&-,'(&*'*$'!$)*$!0/(*&#(21!
)*./%*/.'*2! #$! ,&8$(/.&1! %$! %-.$)#/,6! /,-.! ,&8$(/.&!
6$! +,3$($9$.$t! $)*$! *.',)C.'3&-,'(21! (/0$'! ?&,6! '*F*!
%-9,-)%&7&(21!%F*!5&!&,%-9,-)%&7&(2=!e2.2!%/,-)%/*1!+,)2!
,$%/,-)%/*/(!'.!?!6-'.!/,!%/8F,*!6$.&<-.&/1!%K&'.!&,/*&(=!
e&&,3'! /0',21! )/)3&,$! ! '%'6$0&%&',/(1! $)*$! %'#'7&(2! )2!
.$/,$')%2!+,!)&,$'!$&!*-'*$!,&8$(/.&($!6$!k$'(&*'*$=!M5'!)$!
$@#(&%2!5&!,-3&/,$'!6$!+,6/0,$<$&.$!'!-0/(/&=
!! ;-/'!
#$.)#$%*&82!
*.',)6&)%&#(&,'.21!
01(91.+%',Y<3 6&,%-(-! 6$3 $%&'(0+'.+'5&3 ?2/',! '!
0-6$.,&*23&&! 5&! %$'3 >1&2,! '! #-)*0-6$.,&*23&&1! -4$.2!
#-)&7&(&*'*$'! *.',)%$,6$,3$&! "/7&$%*/(/&=! V$,*./! -!
%('.&?%'.$! '! %-,%$#*/(/&! 6$! 01(91.+%'/$&$+1! ;&%-($)%/!
'#$($'<2! ('! #/,$.$'! +,! .$('3&$! '! '%$)*/&'! %/! %$($! 6$!
0-6$.,&*'*$1! #-)*0-6$.,&*'*$1! *.',)0-6$.,&*'*$=! E,!
*&0#! %$! 91.+%'/$&$+&3 $)*$! %'.'%*$.&<'*2! #.&,! .$'(&*'*$1!
*$0#-.'(&*'*$1! .'3&/,$1! &$.'.K&$1! ?1($91.+%'/$&$+&! #.&,!
)&0/('%./1! )4F.5&*/(! &)*-.&$&1! 6$%-,)*./%3&$1! ','.K&$1!
$%&'(91.+%'/$&$+&!C!8&.*/'(&*'*$1!&,)*',*',$&*'*$1!9F,6&.$!
/,&%21!K'-)!&,*$9.'*1!01(91.+%'/$&$+&!)$!.$4$.2!('!,&8$(/.&!
6$! k$'(&*'*$1! ?$%'.$! ,&8$(! ?&,6! ')-%&'*! /,/&! )#'3&/C
*&0#! 6&4$.&*1! ('! 6&8$.)&*'*$! #.&,! /,&*'*$! 5&! /,&*'*$! #.&,!
6&8$.)&*'*$! ('! F+$+%&%F/+! O%$(2('(*P! 5&! )&)*$0$! F&1%./0+3
OK'-)!5&!-.6&,$P=!I-,)*',*'!)#&.&*/'(2!'!%-)0-6$.,&*23&&!
T!&>&?m3C!$)*$!$8&6$,3&'*2!#.&,!)/7(&,&$.$'!6&4$.$,3$(-.D!
(+M! O0-6$.,&*'*$P1! +%1$/(9! O#-)*0-6$.,&*'*$P1! 0d-+%(+M3
O*.',)0-6$.,&*'*$P=
! k$'(&*'*$'! .$6$?,&*2! %'! 0/(*&6&0$,)&-,'(2! 5&!
0/(*&.$4$.$,3&'(2! )$! 7'<$'<2! ')*4$(1! %-,4-.0! *$-.&$&! (/&!
:')'.'7! ;&%-($)%/1! #$! 0'&! 0/(*$! ,&8$(/.&! 6$! .$'(&*'*$!
'($!W7&$%*/(/&!5&!'($!"/7&$%*/(/&=!!B$!)/7(&,&'*!$)*$!+,)2!
4'#*/(!%2!,/!$@&)*2!,&%&!/,!,&8$(!6$!k$'(&*'*$!4/,6'0$,*'(1!
#.&8&($9&'*=! R6$$'! $)*$! +,*F(,&*2! 5&! ('! R=V=! I/(&',/1! %$(!
%'.$1!.$4$.&,6/C)$!('!/,&8$.)/.&($!0/(*&#($1!6$!*&#!4.'%*'(1!
)/)3&,$'! %2! L(/0$'! -7&$%*&82! %-,%.$*21! %$'! #$! %'.$! -!
(-%/&0! <&! 6$! <&1! ,/! $)*$! ,&%&! #$! 6$#'.*$! )&,9/.'! (/0$!
.$'(2=Uc!5&!%2!6&,*.$!*-'*$!/,&8$.)/.&($!$@&)*$,*$!L,&%&!/,/(!
,/! $)*$! 0'&! .$'(! 6$%F*! '(*/(U^=!>-'*$! '%$)*$! /,&8$.)/.&1!
)'/! ,&8$(/.&! '($! k$'(&*23&&1! %/0! ($! ,/0$5*$! ;&%-($)%/1!
$@&)*2!+,!'%$('5&!*&0#!5&!)$!'N2!+,*.C-!',/0$!%-$.$,32=!!
B-/2! ,&8$(/.&! '6&'%$,*$1! '?.02! 6-0,&'C)'1! L)/,*!
($9'*$!#.&,!(-9&%'!*$.3/(/&!&,%(/)Ult!+,!%-,6&3&&($!+,!%'.$!
,&8$(/.&($!)/,*!6&4$.&*$1!.-(/(!*$.3/(/&!&,%(/)!$)*$!'%$('!6$!
'!/,&?%'!%/#(/(!6$!%-,*.'6&%*-.&&=!E,)2!-!*$-.&$!%-0#($*!
/,&?%'*-'.$! ,/! #-'*$! $@&)*'D! $(&0&,'.$'! %-,*.'6&%3&&(-.!
('!/,!',/0&*!,&8$(!%-,6/%$!('!6$)%-#$.&.$'!'(*-.!,&8$(/.&!
6$!k$'(&*'*$!5&1!&0#(&%&*1!('!'(*$!%/#(/.&!6$!%-,*.'6&%3&&
!R,*$.$)',*2!$)*$!#$.)#$%*&8'!(/&!:')'.'7!;&%-($)%/!
+,!%$$'!%$!#.&8$5*$!%/,-'5*$.$'!#-$*&%2!5&!#-$<&'=!I/0!

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

$.'! 5&! 6$! '5*$#*'*1! ?9/.&($! 6$! )*&(! )$! 0$*'0-.4-<$'<2!

+,! ?9/.&! 5*&&,3&?%$1! +,)2! ,/! 42.2! '! .$8&9-.'1! +,*.C/,!
0-6! &,$6&*1! %-,%$#*$($! (&*$.'.$=! M)*4$(! %21! +,! )*/6&/(!
L>$-.$0$($!#-$*&%$U1!'/*-./(!*.',)4-.02!+,*.$'9'!#-$<&$!
+,!$,$.9&$!.'6&',*2t!,-3&/,&($!$)*$*&%$!)/,*!$@#.&0'*$!+,!
*$.0$,&&!?<&%&&!%/',*&%$=!V-.,&,6!6$!('!%/8&,*$($304&'$+<3
6$!('!&,)#&.'3&'!#-$*&%2!T!L#$.%$#3&'!.$)#&.'3&$&!)-(&6'.$!
'!6&4$.&*$(-.!,&8$($!'($!k$'(&*23&&U1!5&!#F,2!('!&0'9&,'./(!
#-$*&%!$%K&8'('*!%/!&0'9&,'./(!%/',*&%1!6$?,&3&'!#-$<&$!
,/! #-'*$! )2! ?$! 6$%F*! L! )/#.$0'! '#.-@&0'.$! %/',*&%2!
'! (/0&&=Ub! I/8&,*$($! 6$! -.6&,$! '($! ?<&%&&! %/',*&%$! )$!
.$92)$)%! 5&! +,! .$9&)*./(! (&*$.'.D! 6&)%-,*&,/&*'*$'d! 5&!
&0#.$8&<&7&(&*'*$'=!
>-*/5&1!#'.'6-@'(2!,&!)$!#'.$!6$?,&.$'!#-$<&$&!O+,!
'%$('5&! )*/6&/! TU>$-.$0$! #-$*&%$UPD! L5*&&,32&/7&.$!
#-$<&$=U!V-.,&,6!+,)2!6$!('!'%$'!21>/0,3&301'$%&./0$1%/424/!
6$!)-.9&,*$!(/#')%&',21!'6-#*'*2!6$!:')'.'7!;&%-($)%/!
5&! $@*.'#-(F,6! *$.0$,/(! L5*&&,32U! O5*&&,3'! 6$! '! %'#*'!
$,$.9&&($! 6&4$.&*$(-.! ,&8$(/.&! 6$! k$'(&*'*$1! +,)2! ,/!
#.&,! %'(%/($! 0'*$0'*&%$! )*.&%*$1! %&! #.&,! 6$)%&4.'.$'!
L#'.*&%/($(-.U6&)*&,%*$!'($!&,*$.&-.&*23&&P1!$%/'3&'!#-$<&$&!
6'*2!6$!?<&%&',!!,/!0'&!#'.$!'*F*!6$!!6$#'.*$!6$!'6$82.=
M#(&%'3&&($!.$'(&<'*$! #$! 7'<'! *$-.&&(-.!(/&!:')'.'7!
;&%-($)%/! $8&6$,3&'<2! /,! '(*! 0-6! 6$! '! #$.%$#$! .$('3&'!
'.*2! C! 5*&&,32! $@'%*2=! "/#.'.$'(&)0/(! #'.$! '! ?! /,! *$.$,!
#.-#&%$! #$,*./! -! '7-.6'.$! *.',)6&)%&#(&,'.2_D! )$! #-*!
)*'7&(&! %/! /5/.&,32! ','(-9&&! +,*.$! 8&<&/,$'! )/#.'.$'(&)*2!
')/#.'!(/0&&!5&!&6$&($!5*&&,3$&!0-6$.,$=!
Z&.&%'!9$,$.'3&$&!_p1!+,!%'.$!8&7.'3&&($!)/#.'.$'(&)*$!
)$!)&0*1!,/!'.'.$-.&1!'%/*1!#$.0&*$!6$!')$0$,$'!-!'7-.6'.$!
*.',)6&)%&#(&,'.2=! k/#*/.&($! 6$! ,&8$(1! 6&)%-,*&,/&*'*$'1!
.$('*&8&*'*$'!)#'3&-C*$0#-.'(2!'/!%'!)/7)*.'*!-!%-$.$,32!
)/7*&(2=!B$)%K&6$.$'!)&03/.&(-.!5&!&,8$.)'.$'!#(',/.&(-.!
$)*$! .$'(&<'*2! 6$! 6&,'0&)0/(! "/7&$%*! T! W7&$%*! C! >$.3!
M)%/,)1!6$!-)%&('3&'!"/7&$%*/(/&!+,*.$!.$'(&*'*$'!#$!%'.$!
+,%$'.%2! )2! -! %/,-')%21! "&,$! 5&! %$$'! %$! $)*$! 8$5,&%!
8-'('*=
V-.,&,6!6$!('!(/%.'.$'!(/&![&.%$'!S(&'6$!C!L"'%./(!
5&! #.-4',/(U1! 6$! ('! &6$$'! %2! )'%./(! $)*$! /,! $($0$,*!
%-,)*&*/*&8! '(! %-,5*&&,3$&! /0',$1! #-$<&'! /,/&! #-$*!
'.6$($',!-#*<$%&)*1!R-,![/.$5',1!#-'*$!?!.$C&,*$.#.$*'*2!
#.&,!#.&)0'!*.',)6&)%&#(&,'.&*23&&=!
E,!#-$0$($!(/&!R-,![/.$5',1!%-,*&,//0C/(!&,*$.&-.!
C! $@*$.&-.1! )'%./! T! #.-4',! %.$$'<2! /,&8$.)/.&! 6&)*&,%*$!
%'.$1!+,*.C/,!',/0$!#/,%*1!%$(!-4$.&*!6$!>$.3/(!M)%/,)1!

#$*

6$8&,! )&0/(*',$! 5&! %-0#($@$! 5&! +,! %'.$! ',*'9-,&)0$($!

,/!0'&!)/,*!#$.%$#/*$!%'!?&,6!%-,*.'6&%*-.&&=!;&8$(/.&($!
6$!.$'(&*'*$!%-.$)#/,6!%$(-.!6-/2!(/0&!6&4$.&*$!#$!%'.$!
?&,3'! -0/(/&! .$(&9&-)! 5&! ($! ')/02! #$! #'.%/.)/(! 8&$3&&D!
)'%./(! 5&! #.-4',/(=! k$('3&'! *.&'6&%2! "/7&$%*CW7&$%*C
>$.3!M)%/,)! )$! .$92)$5*$! +,! #-$0$($! (/&! [/.$5',! )/7!
4-.0'! "'%./CV.-4',CY&$.-4',&$=]! S6&?%'*-'.$! +,! '%$)*!
)$,)!$)*$!!LV-$0/(!'(%--(&%&(-.U!E,!#-$0/(!%&*'*1!$@&)*2!
%$($!6-/2!/,&8$.)/.&!6&)*&,%*$D!L%F.%&/0'UC!%'!)#'3&/!'(!
0'*$.&'(&*23&&1! )&07-(! '(! #.-4',/(/&1! +,! %'.$! '(%--(&%&&!
=1%-+(03 6/3 =1%-+(03 .+(?%+3 =/&5,#3 J+(?%+3 =/&5,<T3 &6&<3
*'3 >+'+%&2! 5&! Lk'&/(UC! L#$*&%! 6$! &'.72U1! %'! )#'3&/! '(!
)#&.&*/'(&*23&&=! W#-<&3&'! 6&,*.$! )'%./! 5&! #.-4',! %-,6/%$!
('! %-,*/.'.$'! %$(-.! 6-/2! .$'(&*23&! %-0#($*! 6&4$.&*$1!
&,%-0#'*&7&($!/,'!%/!%$'('(*2D!%$'!'!&,8&<&7&(/(/&1!'!*'&,$&1!
%'.$! )$! #2)*.$'<2! ')%/,)2! 8$6$.&&1! 5&! %$'! '! 8&<&7&(/(/&=!
h&!*-*/5&1!#'.'6-@'(1!%$($!6-/2!(/0&!%'.$!#'.!'!,/!'8$'!
,&%&! -! 5',)2! ('! 0&,&0'! %-,%&(&$.$! )$! .$92)$)%1! +,*.C/,!
',/0&*! 0-0$,*1! #$! '%$('5&! ,&8$(! '(! k$'(&*23&&D! J&%<3
J49'+C+4<3 *'3 9&%+&3 R4/3 -4',$&$+<3 '43 (+3 1?%+6$+3 &/0/T3
O9+./&$3@&0+3043.+>+$42313>&4%,3*'3?+%+$+2+37&/424/T36/3*/3
/'=/$,3?+3&20112/0/3(,3?%/=+&(0,#![&)*$./(!+,*F(,&.&&!%$(-.!
6-/2! )#'3&&1!'!%$(-.!6-/2!0-6/.&! 6$! $@&)*$,321!$)*$!%$(!
'(!F/+%1@&'/+/UZ1!0&)*$./(!0',&4$)*2.&&!)'%./(/&!+,!#.-4',=!
I$($! 6-/2! .$'(&*23&1! %/#(/! 6$! %-,*.'.&&1! )$! 'N2! +,*.C/,!
0-0$,*!6$!$%K&(&7./!#$!%'.$!+(!-4$.2!>$.3/(!M)%/,)!)'/1!
%/0!'!0'&!4-)*!6$,/0&*1!>$.3/(!*'&,&%!&,%(/)=!!I-,%&(&$.$'!
%-,*.'.&&(-.!MO)'%./(P!5&!,-,CM!O#.-4',/(P!)$!.$'(&<$'<2!('!
/,!'(*!,&8$(!6$!.$'(&*'*$!6'*-.&*2!>!OK&$.-4',&'P1!%'.$!$)*$!
5&!M!5&!,-,CM!5&!%'.$!.$/5$5*$1!%K&'.!6'%2!,/!#$.0',$,*1!
)2!/,&?%$!"/7&$%*/(!5&!W7&$%*/(1!#2)*.F,6/C($!6&4$.$,3'=!
I$($!6-/2!(/0&1!)'%./(!5&!#.-4',/(1!)$!6$?,$)%!L.&9/.-)!
,/0'&!/,'!#.&,!'(*'U1!+,)2!L#.-4',/(!*.$7/&$!)2!)$!4$.$')%2!
6$!4'0&(&'.&*'*$'!%/!)'%./(!%'.$!+&!#-'*$!?!4'*'(2=U\\!!M0!
'?.0'! %21! +,! '%$')*2! 6&)%-,*&,/&*'*$! ,&8$(/.&(-.! 6$!
k$'(&*'*$1! .$8$('3&'1! )'/1! 6'%2! '.! ?! )2! ,$! $@#.&020! +,!
*$.0$,&&! (/&! g$((/! ;'/01! L%$.*&*/6&,$'! $./#*&82U! ,/!
$)*$!$@*.')2!6&,*.C/,!.'3&-,'0$,*1!%&!6&,!%$$'!%$!*.'6&3&'!
-.*-6-@2! ,/0$5*$! L%/,-'5*$.$! '#-4'*&%2U1! '6&%2! 6&,!
*.2&.$'!#.$<$,3$&!*'&,&%$!'!(/&!B/0,$<$/t!-!L%/,-'5*$.$!
,$9.2&*2U\a!%'.$!.$4'%$!($92*/.&($!$)$,3&'($!'($!?&,3$&=
G&F&%42! $)*$! /,! '(*! #-$0! +,! %'.$! )$! %-,*/.$'<2!
'%$$'5&!.$('3&$!*$.,'.21!6&4$.$,3'!?&,6!#-'*$!6-'.!/,'!'!
&,*/&3&$&!/,$&!*.'&$%*-.&&!&,8$.)$!4'32!6$!%$'!')%$,)&-,'(2!
6&,! #.&0/(! #-$0! %&*'*=! B'%2! +,! G1+9423 &20112/0/21%1!
.$*&,'! +,.$9&)*.$'<2! /,! )#'3&/! %-,%.$*1! #$,*./! %'! '7&'!
0'&!'#-&!?%/=/%+&!)2C5&!&,*.$!+,!6.$#*/.&!6$#(&,$!#$,*./!
'!#$.0&*$!6$8-'('.$'!)'%./(/&1!+,!G&F&%421!10F/423*'$1%(!
$)*$!#.$<$,*!6$!('!+,%$#/*!#$,*./!'!4'%&(&*'!#(-,A'.$'!+,!
&,*$.&-.&*'*$!5&!'!)/.#.&,6$!,-,C6/'(&)0/(!?&,3$&!/0',$=!
W! ,-/2! %-,%&(&$.$! '! )'%./(/&! %/! #.-4',/(! 6'*-.'*2!
.$8$('3&$&!&0#.&02!'%$'!)*'.$!*$0#-.'.2!6$!$%K&(&7./D3G+3
@4'.423 ?&F&%424/3 +($+3 13 2+(?+.+3 9&%+3 .+3 ?/&$%,#T3 I&/3
(4'$3@%4'C+391&%$+36/3%,.,0/'/3'+>%+#T3I&/3+($+3130/C9,3
.+30&40/403(?&%$,#T3G+3@4'.423?&F&%424/39&/3+($+313(1-,3
%4>/'/$,QSRN'>,32+(?+.+&3.+3?/&$%,304%>+34'3/C=1%&63
2/9?+.+#T3 L23 (4(4%,3 0%/($&2/'3 ?+($+3 ?/+$%/0+2+#T3 ]'3 _4%423
24/3/&%-&3+3=+6'/03=+%.+#T3]'3/&%-&30%+(03q1%/3>/'>&6+#T3

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

#%"

*'3 /C=1%&63 *'1&$,3 01?//3 9/0/3 0N$3 ?,?46/2+3 OnP! 84'$3

*'>+%&6//3.+3?&F&%#
!M0!#/*$'!8-.7&!('!R-,![/.$5',!5&!6$!-!'(*2!.$('3&$!
*.&'6&%2!'(!%2.$&!%-,*/.!)$!*.')$'<2!%/!?$%'.$!#-$0!'(!)2/=!
>$'0'!6$!'!)$!(2)'!0',&#/('*!6$!-%K&/(!%$!+,.$9&)*.$'<2!
8&<&7&(/(!O;43&93.+0N$313(/'>4%,3?%+_4.+0&$,3)3%+&2/$&$+&T3
2&3@+230&3J+910%/$39&$+%/&2/($4230+230&%+36/)&3(01(310F//T3
?+'$%43&3'4)23($N'_+'/3*'30+%0+$,%/2+3(&2+3@,04$+304310F//3
9/'5//P1!6$!A-%/.&($!4'%&($!6$!%/8&,*$!#.'%*&%'*$!6$!0/(3&!
6&,*.$! %-,9$,$.&&! )2&! +,! ,/0$($! #-)*0-6$.,&)0/(/&1!
+(! 6$*$.0&,2! #$! #-$*/(! '.6$($',! )2! &'! /.0'! 8$6$,&$&1!
)2C5&! 6$)%K&62! ,&8$(/.&! 6&4$.&*$! '($! #$.%$#3&$&! OG+3
9,(4%,3 0+3 0N'$<3 /9&>/'/2+3 (+3 &.4',3 0F+&>4%/3 .+3
(N'>+QS3J+&(4?%&3&01?+%/6424/<34'.+=&3(4(<392&6$/'&3
02101$+6$+P=!I/8F,*/(!8&<&7&(/(/&O%-,8$,3&-,'(P!5&!%$(!'(!
8$6$,&$&O8&/P!)$!.$92)$)%!+,!%$$'!%$!+,)/5&!#-$*/(!,/0$'!
%/8F,*/(C(?+%/+$1&%+=! >$.3/(! M)%/,)! $)*$! 04=N'$423
%+=+2&$3 O?1+942P1! 0$)'9$.! '(! */*/.-.! ,&8$(/.&(-.! 6$!
.$'(&*'*$!&,*/&*$!+,!6&)%-,*&,/&*'*$'!(-.D!!$1&$,3=/&5&3&93
&.4'&$3 0N%?+3 (,)9/3 @&03 13 (?+%/+$1&%+QST3 /&%3 &0493
0N'.3 +3 >&$&3 '1&?$+3 .+3 '1&?$+3 ($/'>3 249/'&3 6/3 '49&/T3
-,'4/'.)13&0121T3*'0+?3(,34%243.+3(?&/9,#
;$!+,*-'.%$0!('!6$?,&3&'!#-$<&$&!-4$.&*2!6$!;&%-('$!
:')'.'7D! L5*&&,3'&/7&.$#-$<&$U! 5&! ,$! #$.0&*$0! )2! -!
.$C&,*$.#.$*20!#.&,!-#*&%'!(/&!R-,![/.$5',D!#-$<&'!$)*$!
L5*&&,3'U!6$!'!%'#*'!6&4$.&*$($!,&8$(/.&!'($!k$'(&*23&&1!6$!'!
')&0&('!8&<&7&(/(!5&!&,8&<&7&(/(1!$@*$.&-./(!5&!&,*$.&-./(1!%/!
.&)%/(!')/02.&&!)/4$.&,3$&1!6&,!#.$'!0/(*2!&/7&.$!#$,*./!
%'/<'!$&!O+43*9/3?4'3>%49&C423*'$%+3240%436/30&4C&3(&T3
&./0,3>%49&C4239+43($,3*'$%+3?1+936/30&4C&3(&S#
M%`,-u($69$0$,*D!>K&)!#'#$.!&)!#'.*(i!)/##-.*$6!
7i! *K$! "$%*-.&'(! W#$.'*&-,'(! V.-9.'00$! Y/0',!
k$)-/.%$)!B$8$(-#0$,*!O"WV!YkBP1!?,',%$6!4.-0!*K$!
S/.-#$',!"-%&'(!e/,6!',6!7i!*K$!k-0',&',!g-8$.,0$,*!
/,6$.!*K$!%-,*.'%*!,/07$.!VW"Bkj!_pb^\=

{{{{{{{{

01!+J

\! !:')'.'7!;&%-($)%/1!`%&'(./(0/?2/'&%/$&$+&3OI&'/)
@+($P1!*.'6=!6&,!(&07'!4.',%$<2!6$!Y-.&'!X')&($)%/1!S6=!V-(&C
.-01!R'5&1!\]]]1!#=a^
a! ! :')'.'7! ;&%-($)%/1! E1(91.+%'/$&$+&1! +,! .$8=!
L"*$'/'U1!I(/AC;'#-%'1!,.=!\pC\\1!-%*-07.&$C,-&$07.&$1!appb1!
##=!b^C_a
c! !R=V=I/(&',/1!E,2,$1%//3*'3249+&3.+3./'01211!*.'6=!6$!
g'7.&$('!5&!M,6.$&!W&5*$',/1!I/8F,*!+,'&,*$!6$!Z'u.$,%$!S=!
"/((&8',1!S6=!;$0&.'1!:/%1!\]]^1!#=^^
^! ![=!S(&'6$1!R=V=!I/(&',/1!J/05/1'&%3&23%+2/>//21%1!
*.'6=!I$<'.!:'(*'91!S6=!Y/0',&*')1!:/%/.$5*&1!\]]c1!#=\l
l! !:')'.'7!;&%-($)%/1!`%&'(./(0/?2/'&%/$&$+&1!+.#30/$#<!
#=b\
b! !:')'.'7!;&%-($)%/1!`Fm1%n9+(3?1m$/r4+(T3`+1%+9+3
?1+$/0+1!S6&3&$!7&(&,9821!*.'6=!6&,!4.',%$<2!Z=[=!M.%'6$1!S6=!
I/.*$'!X$%K$1!:/%/.$5*&1!ap\c1!##=!\]_C\]]
d! !;-3&/,&($!6$!%/',*2!5&!6&)%-,*&,/&*'*$!)/,*!#.$(/'*$!
6&,! )*/6&&($! ?<&%&',/(/&! 9$.0',! ['@! V(',%`! O('/.$'*! '(! V.$C
0&/(/&!;-7$(!#$,*./!e&<&%2!E;!\]\_Pt!+,!',/(!\]pp1!?<&%&',/(!
)*'7&($5*$!-!($9$!'!.'6&'3&$&!%-.#/(/&!,$9./D!$(!%-,)&6$.2!%2!/,!
%-.#!,$9./!$!4-.0'*!6&,!-)%&('*-.&!$($0$,*'.&!O'*-0&1!0-($%/($!
$*%=P!%$!$0&*!.'6&'3&'!*$.0&%2!6$!$%K&(&7./!+,!0-6!6&)%-,*&,//1!
%/!-!$,$.9&$!,/0&*2!%/',*2!6$!$,$.9&$=
_! ! E,! *$<'! 6$! 6-%*-.'*1! 84?%&%+&2/(9423 6/3 6$//'5&3
91.+%',)3 p3 &-1%.&%+3 $%&'(./(0/?2/'&%,1! '#'.3&,F,6! (/&!
V$*.&5-.![&(&*'./!5&!%--.6=!6$!:')'.'7!;&%-($)%/1!$)*$!#/)!/,!
)$0,!'(!$%K&8'($,3$&!+,*.$!.$8-(/3&'!?<&%&&!%(')&%$!5&!%$'!'!'.*$&!
6$! *&#! '8',9'.6&)*! #.&,! %'.'%*$.&)*&%&($! (-.! %-0/,$D! 6&)%-,*&C
,/&*'*$1!&,6$*$.0&,&)01!')&0$*.&$!$*%=
]! !M%$')*2!.$('3&$!*.&'6&%2!$)*$!.$'(&<'*2!+,!*$<'!6$!6-%C
*-.'*!p3&-1%.&%+3$%&'(./(0/?2/'&%,3&3'+=1//3.+3(&0%43*'3(10/)
+$&$+&301'$+9?1%&',1!'/*-.!6.6=!M,%'!I.&)*&,'![/)*$'1!%--.6=!
:')'.'7!;&%-($)%/t!
\p! ![&.%$'!S(&'6$1!8&0%4236/3?%1@&'421!$6&*&'!'!RRC'1!*.'6=!
6&,!(&07'!4.',%$<2!6$!:.F,6/5'!V.$(&#%$',/1!S6=!Y/0',&*')1!
:/%/.$5*&1!appd
\\! ! k-9$.! I'&((-&)1! ! p9423 6/3 (&0%42X, $6&3&'! '! RRC'1!
.$8&</&*21! *.'6=! 6&,! (&07'! 4.',%$<2! 6$! B',! V$*.$)%/1! S6=!
;$0&.'1!:/%1!appb1!##=\]Ca\
\a! !B/0&*./!"*2,&(-'&$1!`+121>/&3.1>9&$/0,31%$1.1M,1!
8-(=!R1!$6&3&'!'!RRRC'1!S6=!R,)*&*/*/(/&!:&7(&%!5&!6$![&)&/,$!!'(!
:&)$.&%&&!W.*-6-@$!k-0F,$1!:/%/.$5*&1!appc1!#=\\l