You are on page 1of 69

!

"#$%&'#()(*(%*+,#-%**************************
.)+!-/)(*(%*)&0!#/%+/!&)*1*!&2)"#'34*
%'+!%-)*(%*)&0!#/%+/!&)

+%"/&4*+#$#+4 3%-#5#--)

!"!#$%&'($#)"*+#',"'+%+-.#'/001
($#2"3#$'4-%&5'(",$#'4-66%73'2#8.")
&.-!7#5'!%4-".'2$&7*%3*#'!&.."&''2%4-"$#&
!
!"#$%&'#()(*(%*+,#-%*
.)/0-1)(*(%*2&30#1%/10&)*4*!&5)"#'67*
8'/0%-)*(%*2&30#1%/10&)*
*
*
"#$%&'(!)#!*&%+#,-%!*(&(!%*-(&!(.!-/-0.%!)#!(&10'-#,-%!
!

+89:;<*+=>=+<*?8@=A=@@2*
*
*
*
2.0$3%!
"'40#.!5&(3,'6,%!"(..#(!5'40#&%(!
!
!
7&%8#6%&!90/(!
7#)&%!90::'36!5%;.#+!
!
!
<%='#$:&#>!?@@A!
!
*
*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
!"#$%&'"(()*$&"%+)&,"-+)-)&)&.)&').."&).&+/"#0$&12"&)3(/#$%&$+()&).&0)+/$&/-+"(/$(4&
2&)"()*C*A#D%6*C*>#-)--)E*;+;*)&30#1%/17'E*
*
*
*
*

B*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

=9G=+8
* * * * * * * * * * * *********** **********E4F!
!
GF@!2HIBJ2DB! ! ! ! ! ! ! ! ! ! ! ! K!
!
?F@!L<BJMNODDLP<! ! ! ! ! ! ! ! ! ! ! Q! !
! ! ! ! ! ! ! ! ! ! ! ! !
RF@!NS5L<LDLM<SI!T!UOIBL5LD2DLP<!NSV!BS"2! ! ! ! ! ! ! W!
RFG!<%,'X3!)#!#6*(,'%!*0:.',%! ! ! ! ! ! ! ! ! W! !
RF?!U06-'8',(,'X3!)#.!-#$(! ! ! ! ! ! ! ! ! ! Y! ! ! ! !
RFR!S.#,,'X3!)#.!-#&&'-%&'%!(!(:%&)(&! ! ! ! ! ! ! ! ! A! ! ! !
! ! ! ! ! !
ZF@!7JSIS<B2DLP<!NSV!!BSJJLBMJLM! ! ! ! ! ! ! ! ! G@!
ZFG!J#6#[(!\'6-X&',(! ! ! ! ! ! ! ! ! ! ! G@!
ZF?!S=%.0,'X3!O&:(3(! ! ! ! ! ! ! ! ! ! ! GG!
ZFR!S6-&0,-0&(!0&:(3(!! ! ! ! ! ! ! ! ! ! G?!
ZFZ!26*#,-%6!I%,'(.#6!! ! ! ! ! ! ! ! ! ! GZ!
Z>K!7&%+#,-%6!*]:.',%6!*(&(!.(!,'0)()! ! ! ! ! ! ! ! GK!
!
KF@!SV!7JMHVS"2! ! ! ! ! ! ! ! ! ! ! GQ!!
KFG!S;*(36'X3!0&:(3(!+!)#-#&'%&%!)#.!,#3-&%!! ! ! ! ! ! ! GQ!
KF?!D#3-&%!^'6-X&',%!,%$%!#6*(,'%!*0:.',%! ! ! ! ! ! ! ! GW!
KFR!7&'=(-'_(,'X3!)#.!#6*(,'%!*]:.',%!! ! ! ! ! ! ! ! GY!
!
QF@!V2!M7MJBO<LN2NC!L<BSJLMJSI!NS!V2!"2<`2<2!! ! ! ! ! ! ?@!
QFG!D%3,#*-%!)#!$(3_(3(! ! ! ! ! ! ! ! ! ! ?@!
QF?!S=%.0,'X3!)#!.(!$(3_(3(!#3!,'0)()#6!803)(,'%3(.#6! ! ! ! ! ! ?@!
QFR!V(!$(3_(3(!#3!"#.'*'..(! ! ! ! ! ! ! ! ! ! ??! !
QFZ!M*%&-03')()! ! ! ! ! ! ! ! ! ! ! ?Z! ! ! !
QFK!J#8#&#3-#6!)#!'3-#&=#3,'%3#6!#3!$(3_(3(6!0&:(3(6! ! ! ! ! ! ?Q!
!
WF@!DM<BSaBM!NSV!7JMTSDBM! ! ! ! ! ! ! ! ! ?Y!
WFG!V(!,0()&',0.(!803)(,'%3(.! ! ! ! ! ! ! ! ! ?Y!
WF?!V(!,(..#! ! ! ! ! ! ! ! ! ! ! ! ?A!

F*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

WFR!V(!*.(_(!)#!(&$(6! ! ! ! ! ! ! ! ! ! R@!
WFZ!D%$*%6','X3!(&10'-#,-X3',(!)#.!,#3-&%!! ! ! ! ! ! ! RG!
!
YF@!DS<BJM!DbcLDM! ! ! ! ! ! ! ! ! ! ! RR!
YFG!de0f!#6!03!,#3-&%!,/=',%g! ! ! ! ! ! ! ! ! RR!
YF?!J#8#&#3-#6!! ! ! ! ! ! ! ! ! ! ! RK!
YF?FG!J#8#&#3-#6!)#!*(&-')%!4#3#&(.! ! ! ! ! ! ! ! ! RK!
YF?F?!J#8#&#3-#6!803,'%3(.#6! ! ! ! ! ! ! ! ! ! RQ!
!
AF@!7JM7OSIB2!OJH2<2! ! ! ! ! ! ! ! ! ! RW!
AFG!h&#(!)#!L3-#&=#3,'X3! ! ! ! ! ! ! ! ! ! RW!
AF?!7&%*0#6-(! ! ! ! ! ! ! ! ! ! ! ! RW!
AFR!M*#&(,'%3#6!#3!"(3_(3(6! ! ! ! ! ! ! ! ! RA!
AFZ!"%)'8',(,'%3#6!(.!!7.(3!J#40.()%&! ! ! ! ! ! ! ! RA!!
AFK!J#%&)#3(,'X3!)#!*&%4&($(6!$03','*(.#6!#!'36-'-0,'%3#6!)#!9%:'#&3%! ! ! Z@!
AFQ!S6-&(-#4'(!)#!4#6-'X3! ! ! ! ! ! ! ! ! ! Z@!
!
G@F@!7JMTSDBM! ! ! ! ! ! ! ! ! ! ! ZG!
G@FG!7&%4&($(!I04#&')%! ! ! ! ! ! ! ! ! ! ZG!
G@F?!"(3_(3(!! ! ! ! ! ! ! ! ! ! ! Z?!
G@FR!B#&&#3%! ! ! ! ! ! ! ! ! ! ! ! ZR!
G@FRFG!O:',(,'X3!+!)'$#36'%3#6! ! ! ! ! ! ! ! ! ZR!
G@FRF?!O6%!(,-0(.! ! ! ! ! ! ! ! ! ! ! ZR! ! ! !
G@FRFR!<%&$(-'=(!(6%,'()(!6#4]3!7.(3!J#40.()%&!D%$03(.! ! ! ! ! ZK!
G@FZ!7(&-')%!9#3#&(.! ! ! ! ! ! ! ! ! ! ! ZQ!
G@FZFG!c%.0$#-&/(! ! ! ! ! ! ! ! ! ! ! ZY!
G@FZF?!M&4(3'_(,'X3!=#&-',(.!i!-&(36=#&6(.! ! ! ! ! ! ! ! ZA!
G@FK!D&'-#&'%!#6-&0,-0&(.! ! ! ! ! ! ! ! ! ! KG!
G@FQ!7&%4&($(!N#-(..()%! ! ! ! ! ! ! ! ! ! K?!
G@FW!9#6-'X3!)#.!*&%+#,-%! ! ! ! ! ! ! ! ! ! KK!
!
GGF@!HLHVLM9J25L2!DM<IOVB2N2! ! ! ! ! ! ! ! ! KQ!
!
G?F@!2<SaMI! ! ! ! ! ! ! ! ! ! ! ! KY

H*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

* JEK*2LM:;2+:*
* *
S.! *&#6#3-#! 7&%+#,-%! )#! B'-0.%! $0#6-&(! #3! .(! ,'0)()! )#!
*
"#.'*'..(!03(!(.#&-(!#3!&#.(,'X3!(!.(!3#,#6')()!)#!=(.%&'_(&!+!
*
#10'.':&(&!.%6!#6*(,'%6!)#!&#6*%36(:'.')()!*]:.',(!=#&606!.%6!
* 4&(3)#6!#10'*($'#3-%6!,%$#&,'(.#6!*&'=()%6F!!
* !
* S.! -&(:(j%! 6#! )#6(&&%..X! ,%36')#&(3)%! #.! ,%3%,'$'#3-%!
* *&%*'%!+!.(!#;*#&'#3,'(!)#!6#&!^(:'-(3-#!*#&$(3#3-#!)#!.(!
,'0)()>!%:6#&=(,'%3#6!#3!-#&&#3%>!#3-&#='6-(6!(!(0-%&')()#6!
*
+! =#,'3%6>! (6/! ,%$%! .(! &#='6'X3! )#! ! (.403(6! *0:.',(,'%3#6!
* (,()f$',(6F!
* !
* S3! .%6! *&'$#&%6! ,(*/-0.%6! 6#! *&#6#3-(&E! .(! ,'0)()! )#!
* "#.'*'..(>!60!(,-0(.')()!+!60!803,'%3($'#3-%!0&:(3%F!
!
*
7%6-#&'%&$#3-#! 6#! *.(3-#(! #.! *&%:.#$(>! 10#! -&(-(! )#! .(!
* #;-#36'X3!)#!.(!,'0)()!+!60!'$*.',(3,'(!#3!#.!)#-#&'%&%!)#.!
* ,#3-&%!803)(,'%3(.>!!()#$E6!)#!.(!'$*.(3-(,'X3!)#!30#=(6!
* 8%&$(6!)#!,%$#&,'%F!
!
*
I#! 604'#&#! 03(! (.-#&3(-'=(! )#! %*%&-03')()! (.! *&%:.#$(! )#!
*
.(! :(j(! )#36')()! )#.! ,#3-&%! +! .(! #6,(6#_! )#! #6*(,'%!
* *]:.',%>!10#!=#!#3!#.!-#$(!)#!.(!$(3_(3(!803)(,'%3(.!03(!
* 6%.0,'X3!='(:.#F!
* !
* 2! ,%3-'30(,'X3! 6#! *&#6#3-(! 03! :&#=#! (3E.'6'6! $%&8%.X4',%!
)#.! ,#3-&%! ^'6-X&',%>! 10#! (*%&-(&E! .%6! &#,0&6%6! +!
*
(3-#,#)#3-#6!!*(&(!#.!)#6(&&%..%!)#.!*&%+#,-%F!
* !
* 5'3(.$#3-#! 6#! ,%36')#&(! .(! #3-&#4(! )#! 03(! *&%*0#6-(!
* 0&:(3(>! #3! .(! ,0(.! )#! )#6(&&%..(! 03! *&%+#,-%! )#! ,#3-&%!
,/=',%!
*

I*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

BEK*=9:;<G!++=O9! !
* !
D%$%!$0,^(6!,'0)()#6!'3-#&$#)'(6!)#.!*(/6>!.(!,'0)()!)#! 2!3'=#.!)#.!*&%+#,-%!#3!*(&-',0.(&>!6#!)#6(&&%..(&E!03!,#3-&%!
"#.'*'..(! ,&#,#! (,#.#&()($#3-#! #3! #;-#36'X3>! %,0*(3)%! ,/=',%!#3!.%6!(,-0(.#6!-#&&#3%6!)#!.(!L.06-&#!"03','*(.')()!)#!
60#.%6! (3-#&'%&$#3-#! )#6-'3()%6! (! 06%6! (4&/,%.(6F! S6-%! ^(! "#.'*'..(! 10#! &##$*.(_(&E! .(6! '3()#,0()(6! #)'8',(,'%3#6!
*&%=%,()%!03!80#&-#!(0$#3-%!)#$%4&E8',%!*&'3,'*(.$#3-#! .#=(3-()(6!-&(6!)#.!-#&&#$%-%!)#.!([%!YKF!
#3! .(! *#&'8#&'(>! 10#! )#$(3)(! ! :'#3#6! +! 6#&=','%6! 10#! !
-&()','%3(.$#3-#!6#!^(3!!0:',()%!#3!#.!,#3-&%!^'6-X&',%!)#! S6-#!*&%+#,-%!$E6!10#!&#6%.=#&!03!*&%4&($(!(&10'-#,-X3',%!
.(!,'0)()F!! '36#&-()%! #3! 03! )#-#&$'3()%! -#&&#3%>! *&#-#3)#! =#&! (.!
! #)'8','%! ,%$%! *(&-#! )#! 03! 6'6-#$(! $(+%&>! 10#! *&%=%10#!
S3! &#.(,'X3! (.! ,#3-&%! ^'6-X&',%>! #6-#! *&#6#3-(! 03! 80#&-#! (,,'%3#6>! #6,#3(6! %! $%='$'#3-%6! 10#! 4#3#&#3! 03(! 30#=(!
)#-#&'%&%! -(3-%! #3! 606! #6*(,'%6! ,%$%! #3! '38&(#6-&0,-0&(! ,%3)','X3!0&:(3(F!
,%$%! ,%36#,0#3,'(! )#.! -#&&#$%-%! )#.! ([%! YK>! 10#! 6#! !
-&()0,#!#3!03(!#6,(6(!)#36')()!+!#6*(,'%6!'30-'.'_()%6F!I'3! !
*#&j0','%!)#!#..%>!.(!7.(_(!)#! 2&$(6!+!606!(.&#)#)%&#6!6%3!+! !
6#&E3!.%6!#6*(,'%6!*]:.',%6!*%&!#;,#.#3,'(F! !
! *
2! &(/_! )#! .%6! (=(3,#6! #3! $(-#&'(! #,%3X$',(>! ^(3! *
(*(&#,')%! )'8#&#3-#6! -'*%6! )#! #10'*($'#3-%6! *&'=()%6! *
,%$%! ,#3-&%6! ,%$#&,'(.#6! +! 03'=#&6')()#6>! 6'3! #$:(&4%! #.! *
#10'*($'#3-%! *]:.',%! ^(! 10#)()%! %:6%.#-%! (! *#6(&! )#.! *
)#6*03-#! #,%3X$',%F! O3! ,.(&%! #j#$*.%! )#! #6-%! #6! #.! *
*&#,(&'%! #6-()%! )#! .(6! )#*#3)#3,'(6! )#! .(! L.06-&#! *
"03','*(.')()! )#! "#.'*'..(! +! #.! $(.! ! 803,'%3($'#3-%! )#.! *
#)'8','%!10#!(.:#&4(!.%6!6#&=','%6!*]:.',%6F!! *
! *
S.! *&%+#,-%! (! 3'=#.! 0&:(3%! :06,(&E! #6-(:.#,#&! =/3,0.%6!! *
#3-&#! .%6! #10'*($'#3-%6! *]:.',%6! $E6! '$*%&-(3-#6! )#! .(!
*
,'0)()! *%3'#3)%! f38(6'6! #3! .(! 4#3#&(,'X3! )#! 30#=%6!
#6*(,'%6! *]:.',%6>! (! %:j#-%! )#! #10'*(&(&>! #3! (.403(! *
$#)')(>! #.! *&#)%$'3'%! )#.! ! "(..>! &#6*#,-%! )#.! #6*(,'%! *
0&:(3%F! *
!!
*

N*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

FEK*G8.=9=+=<98M*Q*R!M:=.=+2+=<9*G8@*:8?2* !
* !
FEJ*97/#S"**(%*%'T)/#7*TU5-#/7* !
! !
V(! M&)#3(3_(! 9#3#&(.! )#! O&:(3'6$%! +! D%36-&0,,'X3>! %:6#&=(&3%6!(!3%6%-&%6!$'6$%6!,%$%!6%,'#)()!+!,0.-0&(F!26/!
)#8'3#! #6*(,'%! *]:.',%! ,%$%C! k!"#$% $&'"($&)% *#% +,(% #.!#6*(,'%!*]:.',%!&#8.#j(&/(!.(!')#3-')()*)#!03!*0#:.%F!
-./)"'(0% *#,1"$&*(% &% )&% '"2'+)&'"3$% 4% #,5&2'"6"#$1(% #$12#% !
(12(,7F!S6-(!)#8'3','X3>!&#.(,'%3(!#.!,%3,#*-%!)#!*&%*'#)()! B($:'f3>! *(&(! #.! 4#X4&(8%! ,(-(.E3! U%&)'! H%&j(>! #6*(,'%!
l:'#3! 3(,'%3(.m! +! #.! 06%! )#! #6-%6! #6*(,'%6>! *%&! -(3-%! .(! *]:.',%!-'#3#!03(!)'$#36'X3!6%,'%!n!,0.-0&(.>!#6!03!.04(&!)#!
#6#3,'(! )#.! #6*(,'%! *]:.',%! 6#! 606-#3-(! #3! #.! )%$'3'%! &#.(,'X3!+!)#!')#3-'8',(,'X3>!)#!,%3-(,-%!#3-&#!.(!4#3-#>!)#!
*]:.',%!+!60!06%!6%,'(.!+!,%.#,-'=%F! (3'$(,'X3!0&:(3(>!(!=#,#6!)#!#;*&#6'X3!,%$03'-(&'(F!G!
! !
7%&! 60! *(&-#! #.! DX)'4%! D'='.! )#8'3#! #6*(,'%! *]:.',%! ,%$%C! S3! ,%3,.06'X3>! ! #6*(,'%! *]:.',%! *0#)#! )#8'3'&6#! ,%$%! 03!
k8$% '($9+$1(% *#% "$6+#/)#,% 5./)"'(,0% #)#6#$1(,% .04(&! )#! ')#3-')()! l,'#&-%! 3]$#&%! )#! '3)'=')0%6! *0#)#3!
&2:+"1#'13$"'(,% 4% $&1+2&)#,% 5#21#$#'"#$1#,% &% 1(*(,% )(,% &#,%3%,#&6#! #3! #.m>! )#! &#.(,'X3! l,'#&-%! 3]$#&%! )#!
;&/"1&$1#,% *#% +$% 1#22"1(2"(0% *#,1"$&*(,% &% ,&1",<&'#2% )&,% '3)'=')0%6!*0#)#3!#3-#3)#&!#3!#.>!.(!&#.(,'X3!10#!.%6!03#!(!
$#'#,"*&*#,% +2/&$&,% '()#'1"=&,7>% I#! *0#)#! )#6*&#3)#&! .%6! %-&%6m! +! *%)&/(! -($:'f3! )#8'3'&6#! ,%$%! 03! .04(&! )#!
10#! % #6-(! )#8'3','X3! ^(,#! &#8#&#3,'(! )'&#,-(! (! #.#$#3-%6! ^'6-%&'(!l#3!#.!6#3-')%!10#!.%6!%,0*(3-#6!*0#)#3!#3,%3-&(&!
)#! -'*%! ,%36-&0,-'=%6>! +(! 6#(! #)'8','%6! *]:.',%6>! *.(_(6>! #3! #.! -&(_%6! )#! ,%36-&0,,'%3#6! ^'6-X&',(6! ,%$%! 6'43%! )#!
,(..#6>! *(&10#6>! *(&(! 6#&! 06()%6! *%&! .%6! ^(:'-(3-#6! )#! .(! 8'.'(,'X3m!
,'0)()F!! *
! S3!03!6#3-')%!8%&$(.!#.!#6*(,'%!*]:.',%!#6!#.!-#j')%!,%3#,-%&!
O3%!)#!.%6!*&'$#&%6!*#36()%&#6!10#!&#,%3%,'X!#.!,%3,#*-%! )#!.(!,'0)()>!#3!#.!,0(.!!6#!*&%)0,#3!.%6!#3,0#3-&%6!)#!.%6!
)#! #6*(,'%! *]:.',%! 80#! 2&'6-X-#.#6>! )#8'3'f3)%.%! ,%$%! #.! ^(:'-(3-#6! +! )#! #..%6! ,%3! .(! ,'0)()F! D%36-'-0+#! .%6! =(,/%6!
#6*(,'%!='-(.!+!^0$(3'_(3-#!)%3)#!.(!6%,'#)()!6#!&#03/(!(! #6-&0,-0&(3-#6!)#!.(!'3-#&(,,'X3!6%,'(.!+!#6!#.!,%$*.#$#3-%!
,%$*(&-'&!606!%*'3'%3#6>!#=(.0(&!*&%*0#6-(6!+!#.#4'&!.(!$#j%&! )#!.(!$(6(!0&:(3(F!N#!#6-(!$(3#&(>!#6!*#&,':')%!,%$%!03!
)#,'6'X3F! 26/! #.! ,%3,#*-%! )#! 2&'6-X-#.#6! -'#3#! 10#! =#&! ,%3! =(,/%! k,%3! 8%&$(o! ,%$*0#6-%! *%&! .(! #)'8',(,'X3! +!
03!#6*(,'%!*]:.',%!)#!,(&E,-#&!T7-V1#/7F! #.#$#3-%6!10#!.%!:%&)#(3>!+(!6#(3!#6*(,'%6!)#!,'&,0.(,'X3!
! +! -&(36'-%>! &#,&#(,'X3! +! )#*%&-#>! &#03'X3! ! #! '3-#&(,,'X3!
D%3,#*-%6! $%)#&3%6! .%! )#8'3#3! ,%$%! (10#..%6! #6*(,'%6! 6%,'(.>!,%3-#$*.(,'X3!)#.!!*('6(j#!0&:(3%>!#-,F!
)%3)#!6#!)#6(&&%..(!03(!8(,#-(!6%,'(.!10#!^(,#!*%6':.#!! !
!
!
1
BORJA, J. 1998

P*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

"',^#.! )#! D#-(0! )#6,&':#! #.! ,%3,#*-%! )#! .04(&! ,%$%C! kS.! #6-(:.#,#3! =/3,0.%6! #3-&#! #..%6oZF! B%)(6! #6-(6!
#6*(,'%! )%3)#! ^(+! *&E,-',(6>! *&(,-',(6! )#! .%! ,%-')'(3%>! %! -&(368%&$(,'%3#6! 10#! 6#! *&%)0,#3! ! #3! #.! '3-#&'%&! )#! .%6!
6#(>!)%3)#!03%!,%$#>!,%$*&(>!)%3)#!03%!6#!j03-(F! ^(:'-(3-#6! +! #3! .(! 6%,'#)()! 6#! -&()0,#3! #3! ! $0-(,'%3#6!
O3! #6*(,'%! #6! #.! .04(&! *&(,-',()%>! (*(&#,#! #.! #6*(,'%! 8/6',(6! )#.! -#&&'-%&'%! ,(06()(6! *%&C! .(! '3)'=')0(.'_(,'X3!
,0(3)%!.%6!.04(&#6!6#!(3'$(3>!,0(3)%!.%6!)#6*.(_($'#3-%6>! ^0$(3(>!.(!8&(4$#3-(,'X3!)#!.(!=')(!6%,'(.>!#.!*&#)%$'3'%!
.(6!)'&#,,'%3#6>!+!.(6!)0&(,'%3#6!-'#3#3!(.4%!10#!)#,'&oF!?! )#.! ,%360$%>! .(! ,#3-&(.')()! )#.! $#&,()%>! .(! ! $(6'8',(,'X3!
! +! $#&,(3-'.'_(,'X3! )#! .%6! ! :'#3#6! ,0.-0&(.#6>! 8(.-(! )#!
kV%! 10#! )#8'3#! .(! 3(-0&(.#_(! )#! 03! #6*(,'%! *]:.',%! #6! 60! ')#3-'8',(,'X3>! *&'=(-'_(,'X3! )#.! #6*(,'%! 0&:(3%>! *(6'=')()!
06%>!(6/!#6*(,'%!*]:.',%!60*%3#!)%$'3'%!*]:.',%>!06%!6%,'(.! )#.! ^(:'-(3-#>! #3-&#! $0,^(6! %-&(6! ,(06(6F! 26/>! .(! ,'0)()!
,%.#,-'=%! +! )'=#&6')()! )#! (,-'=')()#6F! I#! ,(&(,-#&'_(! (,-0(.! 6#! #38&#3-(! (! 03! *#&'%)%! )#! -&(36','%3#6>! #3! 10#! #.!
8/6',($#3-#!*%&!60!(,,#6':'.')()X*.%!10#!.#!%-%&4(!03!8(,-%&! #6*(,'%!*]:.',%!#6-(!,($:'(3)%!+!()%*-(3)%!6'43'8',()%6!
)#!,#3-&(.')()oF*F* )'8#&#3-#6!(!.%6!10#!6#!,%3%,#3!^(6-(!(^%&(F!
V(!,(.')()*)#.!#6*(,'%!*]:.',%!6#!*%)&E!#=(.0(&*6%:&#!-%)%! !!!
*%&!.(!'3-#36')()!+!.(!,(.')()!)#!.(6!&#.(,'%3#6!6%,'(.#6!10#! V(! *&'%&')()! (6'43()(! ,(6'! 6'#$*&#! (.! -#$(! ='(.! l(0-%$X='.!
8(,'.'-(>! *%&! 60! 80#&_(! $';-(! )#! 4&0*%6! +! *%&! 60! ,(*(,')()! #6! .%! $(6! '$*%&-(3-#m! ,%$%! %&)#3($'#3-%! +! ,%$%!
)#! #6-'$0.(&! .(! ')#3-'8',(,'X3! 6'$:X.',(>! .(! #;*&#6'X3! +! .(! '3=#&6'X3>!#3!,%3j03,'X3!,%3!.(6!*%./-',(6!)#!_%%3'34!0&:(3%!
'3-#4&(,'X3!,0.-0&(.F! ^(3!)#6*.(_()%!(.!#6*(,'%!*]:.',%!(!03!6#403)%!*.(3%F!!S.!
! &#60.-()%C! ,(..#6! +! *.(_(6! ^(3! *(6()%! (! 6#&! 6%.%! =/(6! )#!
FEB**R0'1#Y#/)/#S"*(%-*1%6)* ,'&,0.(,'X3>! *#&)'f3)%6#! *(0.(-'3($#3-#! 60! (3'$(,'X3F!
@)**"0%$)*/7"(#/#S"*(%*-)*/#0()(* S6-%!)(!%&'4#3!(!.(!..($()(!(4(&%8%:'(!0&:(3(!%!$'#)%!(.!
! #6*(,'%! (:'#&-%! '$*.',(3)%! 10#! .%6! ^(:'-(3-#6! 6#! &#804'#3!
V(6! ,'0)()#6! $#)'(3(6! ,^'.#3(6! ^(3! 608&')%! 80#&-#6! #3!.04(&#6!,#&&()%6>!,(+#3)%!#.!#6*(,'%!*]:.',%!#3!$(3%6!
,($:'%6! #3! #.! ! ].-'$%! -'#$*%! ,%$%! ,%36#,0#3,'(! )#! .(6! *&'=()(6F!
-&(368%&$(,'%3#6! #,%3X$',(6>! 6%,'(.#6! +! ,0.-0&(.#6! 10#! ^(! !
='=')%!#.!*(/6>!)(3)%!*(6%!(!03(!30#=(!,%3)','X3!0&:(3(F! D%36')#&(3)%!10#!#3!.(!$(+%&/(!)#!.(6!,'0)()#6!$#)'(3(6!
kN',^%6! ,($:'%6! 6#! &#.(,'%3(3! )'&#,-($#3-#! ,%3! #.! )#.!*(/6!#;'6-#!03!,.(&%! )#-#&'%&%! +!,(&#3,'(!)#! #6*(,'%6! #!
*&%,#6%! )#! 4.%:(.'_(,'X3! -(3-%! #,%3X$',(! ,%$%! ,0.-0&(.! '38&(#6-&0,-0&(6! ! *]:.',(6! *&%)0,-%! )#! .%6! *&%,#6%6! )#!
10#! 6#! ='=#! (! 3'=#.! ! $03)'(.! +! 10#! (8#,-(! (! .(! ,'0)()! *&'=(-'_(,'X3! ! (,-0(.#6>! ! #.! *&%+#,-%! )#! -/-0.%! *&#-#3)#!
,(06(3)%! '$*(,-%! #3! .%6! $%)%6! )#! =')(>! #3! #.! ..#3(&! )#! ,'#&-(! $(3#&(! #6-#! =(,/%! +! (*%&-(&! #3! .(!
,%$*%&-($'#3-%! )#! 606! ^(:'-(3-#6! +! #3! .(! 8%&$(! 10#! 6#! &%$)-7&#Z)/#S"* (%-* %'T)/#7* T05-#/7* T7&* 6%(#7* (%* -)*
#"1%&$%"/#S"*)&30#1%/1S"#/)F!
!
?!S.!V04(&!)#!.(!2&10'-#,-0&(F!*!G?A!
4
R!HMJU2>!UF!GAAY! BMVSNM>!aF!

W*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

FEF*8-%//#S"*(%-*1%&&#17&#7*)*)57&()&* !
! !
S.!-#&&'-%&'%!#.#4')%!*(&(!#.!)#6(&&%..%!)#.!*&%+#,-%!)#!-'-0.%! B%)%! #6-#! )#6*#40#! #,%3X$',%! +! #.! ,&#,'$'#3-%!
#6! .(! ,'0)()! )#! "#.'*'..(>! )#:')%! *&'3,'*(.$#3-#! (.! =/3,0.%! *%:.(,'%3(.! ! ^(! 4#3#&()%! 03(! #;*.%6'X3! #3! .(! )#$(3)(!
#$%,'%3(.!#;'6-#3-#!#3-&#!#.!(0-%&!)#.!*&%+#,-%!+!.(!,'0)()! *%&! #.! ,%360$%! )#! :'#3#6! +! 6#&=','%6>! 4#3#&(3)%! (6/! 03!
#3!.(!!10#!^(!^(:'-()%!-%)(!60!=')(F! 3',^%!10#!^(!6')%!,0:'#&-%!*%&!30#=%6!%8#&#3-#6!*&%*'%6!)#!
! 03(! ,'0)()! 4.%:(.'_()(! #3! .(! 10#! #6! *%6':.#! #3,%3-&(&!
S6! '3-#&#6(3-#! ,%$%! #6-0)'%! *(&(! #.! *&%+#,-%! )#! 8'3! )#! 6^%*'34! ,#3-#&>! $#4(! 60*#&$#&,()%6>! 4&(3)#6! -'#3)(6!
,(&&#&(! -%$(&! #.! ,(6%! )#! "#.'*'..(>! +(! 10#! -(.! ,%$%! .(! &#-('.>!!03'=#&6')()#6!*&'=()(6!#!'36-'-0-%6!*&%8#6'%3(.#6F!!
$(+%&/(! )#! .(6! ,'0)()#6! '3-#&$#)'(6>! ^(! ,%$#3_()%! (! !
#8#,-0(&!$].-'*.#6!-&(368%&$(,'%3#6!#3!#.!].-'$%!-'#$*%F!! N#! #6-(! 8%&$(>! "#.'*'..(! ='=#! (,-0(.$#3-#! #3! 03! $%$#3-%!
! ,%$*.#j%C!.(!,'0)()!6#!#3,0#3-&(!(3-#!.(!)'6+03-'=(!#3-&#!#.!
I0! *&'='.#4'()(! 0:',(,'X3! 4#%4&E8',(>! %-%&4()(! *%&! ! .(! *(6()%! +! #.! 80-0&%p! #3-&#! .%6! =#6-'4'%6! )#! 03(! ,'0)()!
,#&,(3/(!,%3!.(!,'0)()!)#!I(3-'(4%!+!,%3!#.!70#&-%!)#!I(3! 803)(,'%3(.! +! .%6! 30#=%6! &#10#&'$'#3-%6! *&%*'%6! )#! 03(!
23-%3'%>! #;*.',(! #.! )#6*#40#! #,%3X$',%! $(&,()%! *%&! .(6! ,'0)()!)#.!6'4.%!(,-0(.F!S6-#!,%38.',-%!10#)(!#;*./,'-%!#3!#.!
'3=#&6'%3#6! %&'#3-()(6! ^(,'(! #.! $#&,()%! '3-#&3(,'%3(.>!! (,-0(.! )#6(&&%..%! 0&:(3%! )#! .(! ,'0)()>! #3! #.! 10#! ,(6'! .(!
*&'3,'*(.$#3-#!*%&!*(&-#!)#.!E&#(!)#!.(!(4&',0.-0&(!+!)#!.(! -%-(.')()!)#!.%6!6#&=','%6>!%8','3(6!+!(,-'=')()#6!,%$#&,'(.#6!
(4&%'3)06-&'(F! S6-%! ! '$*.',(! 10#! .(! ,'0)()! 6#! ,%36-'-0+(! 6#!,%3,#3-&(3!#3!60!,#3-&%!^'6-X&',%F!S6-%!6#!-&()0,#!#3!03(!
,%$%! 03! =#&)()#&%! 3%)%! )#3-&%! )#.! E&#(! $#-&%*%.'-(3(>! $(+%&! ,%3,#3-&(,'X3! )#! #)'8','%6>! 4#3-#! +! -&(36*%&-#! 10#!
-&(368%&$E3)%6#! ! #3! 03! ,#3-&%! &#4'%3(.! )#! ! )'6-&':0,'X3! +! *&%=%,(3! 03! ,%.(*6%! *#(-%3(.! +! =#^',0.(&! #3! ^%&(6! *',q! +!
,%360$%! )#! ,%$*.#j(6! &#)#6! 8'3(3,'#&(6>! ,%$#&,'(.#6>! 8'3#6!)#!6#$(3(F!
#)0,(,'%3(.#6!+!6(3'-(&'(6F! !
! M-&(! )#! .(6! *&%:.#$E-',(6! -($:'f3! *&#6#3-#6! #3! $0,^(6!
7(&(.#.($#3-#! (.! )#6(&&%..%! #,%3X$',%>! .(! ! ,'0)()! ^(! ,'0)()#6!$#)'(3(6>!#6!.(!*043(!#3-&#!.%6!'3-#&#6#6!*]:.',%6!
#;*#&'$#3-()%! 03! (:&0*-%! ,&#,'$'#3-%! #6*(,'(.! +!*&'=()%6>!+!,X$%!#6-(!6'-0(,'X3!(8#,-(!#.!)#6(&&%..%!)#!.%6!
*&%=%,()%!*%&!.(!%,0*(,'X3!)#!.(!*#&'8#&'(!(3-#6!(4&/,%.(! ,#3-&%6!^'6-X&',%6F!V(!,'0)()!)#!"#.'*'..(!6#!#3,0#3-&(!(3-#!
+!*%&!#.!6%6-#3')%!,&#,'$'#3-%!)#$%4&E8',%F!! .(! )#,'6'X3! )#! &#640(&)(&! 60! #6,(6%! #6*(,'%! *]:.',%!
V(! #;*(36'X3! 0&:(3(! 6#! ^(! -&()0,')%! #3! .(! (*(&','X3! )#! -&()','%3(.! %! &#3)'&6#! (3-#! #.! 30#=%! #6*(,'%! *&'=()%! )#.!
,%3)%$'3'%6!,#&&()%6!+!!*(&,#.(6!)#!(4&()%!10#!(.:#&4(3! $(..F!!
(! .(! *%:.(,'X3! )#! $(+%&#6! '34&#6%6>! +! ! ,%3j03-%6! *
&#6')#3,'(.#6!6%,'(.#6!%!#,%3X$',%6!6'-0()%6!#3!.(!*#&'8#&'(F!! *
7%&! #3)#! .(! #;-#36'X3! 4#%4&E8',(! )#! .(! ,'0)()! ! ^(! *
'3,&#$#3-()%! .%6! 3'=#.#6! )#! 6#4&#4(,'X3! 6%,'%! #6*(,'(.! *
10#!(3-#6!,(6'!3%!#;'6-/(F!

[*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

HEK*A;8M89:2+=<9*G8@*:8;;=:<;=<* !
* !
HEJ**;%'%\)*,#'1S&#/)! !
! !
V%6! *&'$#&%6! (6#3-($'#3-%6! ^0$(3%6! #3! .(! ,%$03(! 6#! 4%:#&3()%&>! *#&%! #.! 3%$:&#! (:%&'4#3! )#! "#.'*'..(! 6#!
'3','(3!,%3!.(!803)(,'X3!)#!7%$('&#!#3!GZQK!*%&!#.!,(,'10#! '$*06%!+!6#!$(3-'#3#!^(6-(!^%+F!
)#.! $'6$%! 3%$:&#>! )#6,#3)'#3-#! )#! .%6! &#+#6! )#.! D0_,%! !
)#.! 2.-%! 7#&]F! 7%6-#&'%&$#3-#! 6#! 0:',(3! =(&'(6! -&':06! D(:#! $#3,'%3(&! 10#! 6X.%! #.! ?@! )#! #3#&%! )#! GYW@! .(! c'..(!
'3)/4#3(6! #3! .(! &':#&(! )#.! &/%! "('*%F! S&(3! -&':06! *(,/8',(6! &#,':'X!#.!-/-0.%!)#!,'0)()>!*%&!)#,&#-%!)#.!7&#6')#3-#!U%6f!
#3-&#! .(6! 10#! )#6-(,(3! .%6! 7',%3#6! *&%,#)#3-#6! )#.! c(..#! U%(10/3!7f&#_F!
)#.! 2,%3,(40(>! 10#! ..#4(&%3! ,%3! 606! ,%3%,'$'#3-%6! )#! !
(4&',0.-0&(>! (.8(&#&/(! +! -f,3',(6! )#! &'#4%>! 10#! 80#&%3!
(*.',()(6! #3! .(! ,%36-&0,,'X3! )#! 03! ,(3(.! )#!
(*&%;'$()($#3-#! GW! q'.X$#-&%6F! S6-(! %:&(! )#! '34#3'#&/(!
*#&)0&(! ^(6-(! 30#6-&%6! )/(6! ,%3! #.! 3%$:&#! )#! +)")-*
A0)"D0%! (-&(=#6(3)%! ,%$*.#-($#3-#! .(! ,'0)()! +!
,%3)','%3(3)%!60!*.(3'8',(,'X3!0&:(3(F!
!
7%6-#&'%&$#3-#! #3-&#! .%6! *&'$#&%6! ,(,'10#6! 10#!
,%3,0&&'#&%3! (! .(! j03-(! ,%3=%,()(! *%&! )%3! 7#)&%! )#! !
c(.)'='(!8'40&(!#.!,(,'10#!k?%-#T#--)"]X*10'#3!j03-%!(!60!-&':0! !
^(:'-(:(!(!%&'..(6!)#.!&/%!"('*%F!9&(3!'3-#&f6!)#6*#&-X!#3!.(6! *
^0#6-#6! ,%310'6-()%&(6! .(! 8#&-'.')()! )#! #6-%6! ,($*%6>! *
60$()%! (! 60! ,#&,(3/(! ,%3! #.! 3],.#%! ,#3-&(.! )#! .(! *
,(*'-(3/(F!26/!=(&'(6!$#&,#)#6!)#!-'#&&(6!80#&%3!#3-&#4()(6! *
*%&!7#)&%!)#!c(.)'='(!(!606!$E6!,#&,(3%6F* *
! * *
.0"()/#S"** *
S.!4%:#&3()%&!U%6f!23-%3'%!"(36%!)#!c#.(6,%!)#,&#-X!,%3! *
8#,^(! GG! )#! M,-0:&#! )#! GWZ?>! #.! #6-(:.#,'$'#3-%! )#! 03(! *
='..(! #3! #.! =(..#! )#! "#.'*'..(F! S6-(! ='..(! *(6(&/(! (! ..($(&6#! *
V%4&%[%!)#!I(3!U%6f>!#3!&#,0#&)%!)#!.(!-'#&&(!3(-(.!)#.!! *
! *

JK*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

HEB*8$7-0/#S"*0&5)")* !
! !
"#.'*'..(! 6#! 803)(! #3! GWZ?! 0-'.'_(3)%! #.! 6'6-#$(! 6#! )($#&%! S3! $(&_%! )#! GAYK! .(! ,'0)()! 80#! 6(,0)')(! ! *%&! 03! 80#&-#!
#6*([%.!10#!(:(&,(:(!03!,0()&'.E-#&%!)#!!ZA!$(3_(3(6F! -#&&#$%-%! 10#! *&%=%,X! .(! )#6-&0,,'X3! )#! $E6! )#.! R@s! )#!
S3! GYR@! 6#! ^(..(:(! %,0*()%! #.! 6#,-%&! )#! .(! ,'0)()! 10#! .(6!='='#3)(6F!S6-(!,(-E6-&%8#!-0=%!4&(3)#6!&#*#&,06'%3#6!#3!
(,-0(.$#3-#! 6#! ,%3%,#! ,%$%! ,#3-&%p! )#6)#! #3-%3,#6>! .(! #.! ,&#,'$'#3-%! #6*(,'(.>! 10#! (0$#3-X! ,%36')#&(:.#$#3-#>!
#;*(36'X3! -#&&'-%&'(.! ,%3-'30X! #3! ?! )'&#,,'%3#6! *&'3,'*(.#6>! *0#6-%! 10#! *&%)0,-%! )#! .(! )#6-&0,,'X3! +! )#-#&'%&%! )#.!
^(,'(!#.!3%&-#!+!^(,'(!#.!60&F!! ,#3-&%! )#! .(! ,'0)()>! .(! *%:.(,'X3! 6#! -&(6.()X! (! 30#=(6!
S3! GYAQ! 6#! ^(:'.'-X! #.! 8#&&%,(&&'.! I(3-'(4%r"#.'*'..(>! .(! ,%36-&0,,'%3#6!#3!E&#(6!*#&'$#-&(.#6F!
*&%.%34(,'X3! ^(6-(! I(3! 23-%3'%! +! D(&-(4#3(! 6#! ,%36-&0+X! *
#3! GAGRF! S.! -&(_()%! )#! .(! ./3#(! 8f&&#(! $(&,X! #.! )#6(&&%..%! V0#4%!)#.!)#=(6-()%&!!-#&&#$%-%>!.(6!(0-%&')()#6!#6-'$(&%3!
0&:(3%!#3!)'&#,,'X3!<%&-#>!+(!10#!(,-0X!)0&(3-#!)f,()(6! .(!0&4#3,'(!)#!#38&#3-(&!.(!&#,%36-&0,,'X3!)#!!.(!,'0)()!(!
,%$%! 0$:&(.! )#! ,&#,'$'#3-%F! 2)#$E6! ,%3-&':0+X! (! .(! -&(=f6! )#! 03! 30#=%! *.(3! &#40.()%&F! S.! 30#=%! *.(3! l\%3%.)>!
8%&$(,'X3!)#.!#j#!10#!^%+!6#!,%3%,#!,%3!#.!3%$:&#!)#!2=F! D%&&#(>!! +! !7&'#-%m!8%$#3-(!#.!!,&#,'$'#3-%!*%3'#3-#!!)#!.(!
c',0[(! "(,q#33(>! 10#! 6#! -&(368%&$X! #3! 03! ./$'-#! #3-&#! .(! ,'0)()!+(!10#!#;'6-#3!8(,'.')()#6!*(&(!)%-(&.(!)#!6#&=','%6!
,'0)()!,%36%.')()(!+!#.!E&#(!'3)06-&'(.>!+!.0#4%!03(!:(&&#&(! )#! 0&:(3'_(,'X3! 6'3! :(&&#&(6! 3(-0&(.#6! +! ,%3! 03(! 8E,'.!
)#! 6#4&#4(,'X3! 6%,'%r#6*(,'(.! #3-&#! .(! ,'0)()! +! (&-',0.(,'X3!,%3!.(!-&($(!^'6-X&',(F!S6-#!*.(3>!='4#3-#!^(6-(!
,($*($#3-%6!*#&'8f&',%6F!! #.! )/(! )#! ^%+! (,#3-0X! .(! -#3)#3,'(! ^%&'_%3-(.! +! ()#$E6!
S.!([%!GAK?!6#!(*&0#:(! 03!7.(3!J#40.()%&!&#(.'_()%! *%&!.(! '$*0.6%!.(!,%36-&0,,'X3!)#!30#=%6!,%3j03-%6!^(:'-(,'%3(.#6!
6#,,'X3!)#!0&:(3'6$%!)#.!"M7>!S6-#!80#!#.!*&'$#&!'3-#3-%!)#! #3!.(!*#&'8#&'(F!
*.(3'8',(,'X3! (! -&(=f6! )#! 03! '36-&0$#3-%! *%./-',%r-f,3',%! #!
'3)',X! #.! ,%$'#3_%! )#! 03(! *%./-',(! )#! '3-#&=#3,'X3! #3! #.!
*&%,#6%! )#! ,&#,'$'#3-%! 0&:(3%! )#! "#.'*'..(>! ^(6-(! #6#!
$%$#3-%! #6*%3-E3#%F! S6! '$*%&-(3-#! 6#[(.(&! 10#! #.! *.(3%!
)#.! ([%! K?! #6-(:.#,/(! .(! ,&#(,'X3! +i%! ,%36%.')(,'X3! )#!
30$#&%6(6! E&#(6! =#&)#6! +! #6*(,'%! *]:.',%>! 6'3! #$:(&4%!
#3-&#! .%6! ([%6! GAQW! +! GAWY! 80#&%3! (*&%:()(6! W!
$%)'8',(,'%3#6! ,%3! #.! %:j#-%! )#! 60*&'$'&! %! $%)'8',(&! #6-%6!
)#6-'3%6!(!8(=%&!)#!06%6!^(:'-(,'%3(.#6!+!(&-#6(3(.#6F!
!
\(,'(! GAW@! .(! ,'0)()! ,&#,#! *&'3,'*(.$#3-#! #3! )'&#,,'X3!
3%&%&'#3-#! 6'40'#3)%! #.! -&(_()%! )#! .(! (3-'40(! &0-(! WY! +! ! #3!
)'&#,,'X3!60&!l,($*($#3-%6!$(&4'3(.#6!10#!6#!(4&0*(3!#3!
!
.(6!8(.)(6!)#.!,#&&%mF*

JJ*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

HEF*8'1&0/10&)*0&5)")! !
* * *
V(!,'0)()!-%$(!8%&$(!)#!-&'(340.%!*&%)0,-%!)#!)%6!,.(&%6! >#)-#()(*-7/)-^*
./$'-#6!3(-0&(.#6!+!03(!:(&&#&(!)#!,(&E,-#&!='(.F! JE_*$V)'*"7&1%_'0&^*
2.!60&!*%3'#3-#>!#.!+%&&7*M765&%&7!#6!03(!:(&&#&(!8/6',(!10#! D(..#! M&-]_(&! +! ,(..#! I#&&(3%>! 6%3! .(6! ?! (&-#&'(6! 10#!
'$*')#! #.! ,&#,'$'#3-%! 6(.=%! #3! 606! 8(.)#%6F! \(,'(! #.! 60&! (-&(='#6(3! .(! 7.(_(! )#! 2&$(6! #3! ($:%6! 6#3-')%6! +!
%&'#3-#! #.! +)")-* A0)"D0%! +! _%3(6! :(j(6! '$*')'#&%3! .(! ,%36-'-0+#3!.%6!#j#6!$E6!'$*%&-(3-#6!)#6-'3()%6!(.!,%$#&,'%!
0&:(3'_(,'X3! *&%)0,-%! )#! .(! )'8',0.-()! )#! *&%.%34(&! .(6! +!6#&=','%6F!
&#)#6!6(3'-(&'(6F!2)#$E6>!#6-(:(!*&#6#3-#!#.!*#.'4&%!.(-#3-#! D(..#! I'.=(! D^E=#_! +! D(..#! H(&&%6C! (&-#&'(6! )#6-'3()(6!
)#!.(6!,&#,')(6!)#.!&'X!"('*%! *&'3,'*(.$#3-#! (! 6(.')(! +! #3-&()(! )#! -&(36*%&-#! l:06#6! +!
\(,'(! #.! 3%&-#! .(! ,'0)()! 6#! #3,0#3-&(! .'$'-()(! *%&! .(! ,($'%3#6m!!
2017T#'1)* (%-* M7->! *#&%! (3-#&'%&$#3-#! 6#! #3,%3-&(:(! BE_*$V)'*7&#%"1%_T7"#%"1%^**
.'$'-()(! *%&! .(! ./3#(! 8f&&#(F! S3-&#! #6-(6! ?! :(&&#&(6! 6#! ^(! D(..#! c(&4(6! l.0#4%! ..($()(! "#&,#)m! +! ,(..#! I(3! 2406-/3>!
8%&$()%!03!6#,-%&!#6-(3,()%!#3!#.!)#6(&&%..%!#3!,0(3-%!(! #6-E3!)#6-'3()(6!(!,%$#&,'%!$'3%&'6-(>!(-&(='#6(3!*.(_(!)#!
,(3-')()! #! '3-#36')()! )#! (,-'=')()#6! +! ,(.')()! )#! 2&$(6!#3!#6-#!6#3-')%F!
'38&(#6-&0,-0&(F!!!
!
>#)-#()(*/760")-^*
V(!,'0)()! 6#!#3,0#3-&(!(-&(=#6()(!*%&!?!#j#6! %&-%4%3(.#6!
10#!8%&$(3!03(!,&0_!+!10#!.(!,%3#,-(3!(!3'=#.!&#4'%3(.C*
JE_* 8`%* M)"1#)D7* _* M)"* 2"17"#7C! ;01)* PW! l2017T#'1)* (%-* M7-aF!
D%3#,-(! I(3-'(4%! ,%3! #.! *0#&-%! )#! I(3! 23-%3'%F!
\'6-X&',($#3-#!.(!&0-(!WY!,&0_(:(!.(!,0')()!*%&!2=F!c',0[(!
"(,q#33(>! 6'3! #$:(&4%! (.! ,%36-&0'&6#! #6-(! 30#=(! =(&'(3-#!
)#!#6-(!&0-(>!"#.'*'..(!)#j%!)#!6#&!03!.04(&!)#!*(6%!#3-&#!.(!
D(*'-(.!+!#.!V'-%&(.!D#3-&(.F*
B_* 8`%* >)-T)&)V'7* _* ;)T%-^* ,%$03',(,'X3! ='(.! 10#! ,%3#,-(!
D(6(:.(3,(>! "#.'*'..(>! J(*#.F! S6-#! &#,%&&')%! ^(! ,%3-&':0')%!
(! #6-'$0.(&! .(! '36-(.(,'X3! )#.! ,%$#&,'%! #3! #.! -&($%! 10#!
(-&(='#6(!.(!,'0)()!l,(..#!M&-]_(&mF!
!
!
! S610#$(!)#!#6-&0,-0&(,'X3!0&:(3(!)#!.(!,'0)()!

! *

JB*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

b&%)'*$%&(%'* *
!
S;'6-#! 03! ,.(&%! )f8','-! )#! E&#(6! =#&)#6! #3! .(! ,'0)()F! I06!
*&'3,'*(.#6!+!$E6!#;-#36%6!#6*(,'%6!=#&)#6!,%&&#6*%3)#3!(!
6#,-%&#6! $0+! )#8'3')%6! ,%$%! 7.(_(! )#! 2&$(6>! 7.(_(! V%6!
\f&%#6! +! #.! *#10#[%! *(&10#! k\f,-%&! 7'3%o>! #6-#! ].-'$%!
0:',()%!#3!.(!*#&'8#&'(!60&F!S3!%-&%!6#3-')%!#6!^(:'-0(.!.(!3%!
*&%+#,-(,'X3! )#! E&#(6! =#&)#6! #3! ,%3j03-%6! &#6')#3,'(.#6!
,%38%&$#! (! .%! #6-(:.#,')%! #3! .(! M9OD! lM&)#3(3_(!
9#3#&(.! )#! O&:(3'6$%! ! +! D%36-&0,,'%3#6m>! ,%38%&$E3)%6#!
-#&&#3%6! :(.)/%6! %! *6#0)%! :(60&(.#6F! S3! ,'0)()#6!
803)(,'%3(.#6! ,%$%! "#.'*'..(>! .(6! *.(_(6! 6%3! .%6! #6*(,'%6!
*]:.',%6! $E6! '$*%&-(3-#6>! +! ,%$%! .(! %&)#3(3_(! ,%36')#&(!
.(6!*.(_(6!,%$%!E&#(6!=#&)#6>!6#!^(,#!#=')#3-#!.(!,(&#3,'(!
)#!#6-#!-'*%!)#!&#,'3-%6!#3!.(!,'0)()F! !
7.(3%!)#!h&#(6!=#&)#6!
!
!
!

J2<D29O2! I2<!5SVL7S! DOJLDM! D\LVV2<! ?8@=A=@@2*


K>?! @>R! R>Q! G>R! BXB*
D0()&%F! D%$*(&(-'=(! )#! s! E&#(6! =#&)#6! i! ^(:'-(3-#! )#! (.403(6! ,'0)()#6!
803)(,'%3(.#6!
!
N#.! ,0()&%! (3-#&'%&>! 6#! )#6*&#3)#! 10#! (.! '40(.! $0,^(6!
*
7.(_(!V%6!\f&%#6F!I'-0()(!#3!.(!_%3(!60&!)#!.(!,'0)()! ,'0)()#6! )#! 6'$'.(&#6! ,(&(,-#&/6-',(6>! "#.'*'..(! *&#6#3-(! 03!
,.(&%!)f8','-!#3!,%$*(&(,'X3!(!.%6!A!$?!)#!E&#(!=#&)#!10#!
&#,%$'#3)(!.(!M"IF!!
*
*
!
!
!
!
* !
! !
7(&10#!"03','*(.!k\f,-%&!7'3%oF!I'-0()%!#3!03!#;-&#$%!)#!.(!,'0)()>!.(!$(+%&!*(&-#!
)#.!-'#$*%!6#!*&#6#3-(!6'3!(,-'=')()#6F!
*

JF*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

HEH*2'T%/17'*'7/#)-%'! !
! !
"#.'*'..(! #6! 03(! )#! .(6! Q! *&%='3,'(6! 10#! ,%38%&$(3! .(! $E6! '$*%&-(3-#6! 6#! )#:(3! (! .(! #;'6-#3,'(! )#! .%6! $E6!
J#4'X3! "#-&%*%.'-(3(! )#! I(3-'(4%>! 10#! (! 60! =#_! 6#! )'=')#! *#10#[%6F! N#! ^#,^%! #;'6-#! 03! 8.0j%! ,%36-(3-#! +! )#! 4&(3!
()$'3'6-&(-'=($#3-#! #3! K! ,%$03(6C! "#.'*'..(>! "(&'(! 7'3-%>! '3-#36')()!^(,'(!+!)#6)#!*%:.()%6!,%$%!I(3!7#)&%>!"(&'(!
D0&(,(='>!I(3!*#)&%!+!2.^0fF! 7'3-%!%!D0&(,(='F!!
! N#! (,0#&)%! ,%3! #6-()/6-',(6! ,#36(.#6K! ^(,'(! #.! ([%! ?@@W>!
! "#.'*'..(! ,%3-(:(! ,%3! 03(! *%:.(,'X3! )#! G@ZF@QY!
! ^(:'-(3-#6>! )#! .%6! ,0(.#6! Q?FZZ@! ='=#3! #3! #.! E&#(! 0&:(3(!
! lQ@smF! D%$*(&()(6! ! #6-(6! ,'8&(6! ,%3! #.! ,#36%! )#! GAA?>! ! .(!
! ,%$03(! $0#6-&(! 03! (.-%! ,&#,'$'#3-%! )#$%4&E8',%!
! '3,&#$#3-(3)%!03!GY>GsF!
! !
! V(! ,%$03(! )#! "#.'*'..(! 3%! 6#! $(3-'#3#! (j#3(! (.!
! $%='$'#3-%! $'4&(-%&'%! ^(,'(! .(! *#&'8#&'(! $#-&%*%.'-(3(>!
! *&%)0,'f3)%6#! #3! .%6! ].-'$%6! ([%6! 03! *&%,#6%! )#!
! %,0*(,'X3! )#.! E&#(! &0&(.! (! -&(=f6! )#.! 06%! )#! *(&,#.(6>! .%!
! ! ! N'='6'X3!*%./-',%r()$'3'6-&(-'=(!)#!.(!*&%='3,'(!
10#! ^(! '3,&#$#3-()%! #.! )#6(&&%..%! )#! .(! (,-'=')()! )#!
!
,%&&#-(j#F! S6-(! 6'-0(,'X3! #6-(! )()(>! *&'3,'*(.$#3-#>! *%&! .(6!
"#.'*'..(>! ,%$03(! ,(:#,#&(>! #6! #.! ,#3-&%! *%./-',%! )#! .(!
$#j%&#6! ,%3)','%3#6! )#! (,,#6':'.')()! 10#! ^(! ')%!
7&%='3,'(>!#3,%3-&E3)%6#!#3!#..(!.(!9%:#&3(,'X3!7&%='3,'(.>!
*&#6#3-(3)%! .(! ,%$03(F! S6*#,/8',($#3-#>! .(! 20-%*'6-(! )#.!
+!(6/!-($:'f3!.(6!*&'3,'*(.#6!#3-')()#6!6%,'(.#6!#,%3X$',(6!
I%.! l,%3,#6'%3()(m! ^(! 6'43'8',()%! 03(! )'6$'30,'X3! )#! .(!
)#.!*(/6>!,%$%!6%3!H(3,%6>!M:'6*()%>!\%6*'-(.#6>!L3)06-&'(6!
)'6-(3,'(>!#3-&#!.(!,'0)()!)#!"#.'*'..(!+!#.!4&(3!I(3-'(4%F!2!
+! I#&=','%6! 7]:.',%6F! I#! 0:',(! (.! 60&! %#6-#! )#! .(! &#4'X3>! (!
#6-%>! )#:#$%6! (4&#4(&! #.! *&%+#,-%! 8#&&%='(&'%! I(3-'(4%r!
03%6!W@!t$F!)#!I(3-'(4%!+!(!03%6!Z@!t$F!)#.!*0#&-%!)#!I(3!
"#.'*'..(! l"#.'-&#3m>! 10#! )#:#&/(! ,%3,&#-(&6#! )#3-&%! )#! .%6!
23-%3'%>!(.,(3_(3)%!03(!60*#&8','#!,%$03(.!)#!GFRZ@!q$?>!
*&X;'$%6!([%6F!
)#!.%6!,0(.#6!G@>GY!q$?!,%&&#6*%3)#3!(.!E&#(!0&:(3(F!
!
!
S.! ,&#,'$'#3-%! )#! .(! ,'0)()! 3%! 6X.%! ^(! 6')%! (! 3'=#.!
V(!,%$03(!,0#3-(!,%3!03!6'6-#$(!)#!,#3-&%6!+!60:,#3-&%6!
)#$%4&E8',%>! 6'3%! -($:'f3! #3! .%! &#8#&')%! (.! E$:'-%!
*%:.()%6! )#! 4&(3! '3-#&f6! *(&(! 03! )#6(&&%..%!
#,%3X$',%>! 10#! *&%)0,-%! )#! 03(! 80#&-#! '3=#&6'X3! )#!
)#6,#3-&(.'_()%! +! -($:'f3! ,%3! 03(! #6-&0,-0&(! '3-#&3(!
,(*'-(.#6! *&'=()%6! ^(3! *%6':'.'-()%! .(! (*(&','X3! )#! 30#=(6!
:(6-(3-#! ,.(&(! )#! &#.(,'%3#6! +! )#*#3)#3,'(6! #3-&#! #..%6F!
'38&(#6-&0,-0&(6! )#! #10'*($'#3-%F! Sj#$*.%6! )#! #6-%6!
S6-#!6'6-#$(!)#!)#*#3)#3,'(6!*&%=%,(!10#!.%6!*%:.()%6!!
! 5
I'6-#$(!<(,'%3(.!)#!L38%&$(,'X3!D%$03(.F!luuuF6'3'$F,.m!

JH*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

,($:'%6! 6%3! .(! ,%36-&0,,'X3! )#! 03! I^%*'34! D#3-#&! l"(..! *


V#+(3! 7.(_(>! &#,'#3-#$#3-#! ()10'&')%! *%&! #.! 9&0*%! *
#,%3X$',%! I('#^m! #3! *.#3%! ,#3-&%! )#! .(! ,'0)()! +! .(!! *
..#4()(! )#! ! )'=#&6(6! '36-'-0,'%3#6! *&'=()(6! )#! #)0,(,'X3! *
60*#&'%&! #3-&#! .(6! 10#! )#6-(,(3C! O3'=#&6')()! )#.! ! 7(,'8',%>! *
O3'=#&6')()! )#! D'#3,'(6! )#! .(! L38%&$E-',(>! 5(,0.-()! *
"#)','3(! )#! .(! O3'=#&6')()! 5'3'6! Bf&&(#! l06(! ,%$%! ,($*%! *
,./3',%! #.! \%6*'-(.! I(3! U%6f! )#! "#.'*'..(m! +! #.! '36-'-0-%! )#! *
8%&$(,'X3! *&%8#6'%3(.! NOMD>! #6-#! ].-'$%! 0:',()%! #3! #.! *
'3-#&'%&!)#.!"(..F! *
* *
HEI*A&74%/17'*(%*%30#T)6#%"17*TU5-#/7*T)&)*-)*/#0()(! *
! *
S.! )#6*03-#! #,%3X$',%! -($:'f3! :#3#8','(&(! '3','(-'=(6! *
*]:.',(6!)#!#10'*($'#3-%!,%$03(.F!\(+!)%6!*&%+#,-%6!)#! * "(10#-(!)#.!80-0&%!D#3-&%!D0.-0&(.!)#!"#.'*'..(F!!
! 2&10'-#,-0&(C!S$*&#6(!DJS2SI72DLM!
'$*%&-(3-#!#3=#&4()0&(F!
*
*
*
+%"1&7* +0-10&)-C! (,-0(.$#3-#! #3! *&%,#6%! )#! )#6(&&%..%>! #.!
*
*&%+#,-%! D#3-&%! D0.-0&(.!)#!"#.'*'..(!10#!6#!#$*.(_(&E!#3!
*
.(!8(,^()(!%&'#3-#!)#!.(!7.(_(!)#!2&$(6>!#3!.%6!-#&&#3%6!)#.!
*
(3-'40%!-#(-&%!)#!.(!,'0)()!10#! 6#!#3,%3-&(:(!#3!#6-()%!
*
)#! ,%$*.#-%! (:(3)%3%! )#6)#! #.! -#&&#$%-%! )#! GAYKF! S.!
*
*&%+#,-%! 6#! #3$(&,(! #3! 03! 7.(3! H',#3-#3(&'%! 10#! :06,(!
*
)%-(&!)#!#10'*($'#3-%6!,0.-0&(.#6!(!-%)(6!.(6!,%$03(6!,%3!
*
*%:.(,'X3!6%:&#!K@F@@@!^(:'-(3-#6F!
*
!
*
90%$7* 8'1)(#7* ?0"#/#T)-* c;75%&17* L&)$7]C! S6-#! *&%+#,-%!
*
8%&$(! *(&-#! )#.! *.(3! 40:#&3($#3-(.! )#! &#3%=(,'X3! )#!
*
#6-()'%6! (! ,(&4%! )#.! "M7F! I#! -&(-(! )#! 03! &#,'3-%! -#,^()%! * "(10#-(!)#.!*&%+#,-%!S6-()'%!"03','*(.F!
*(&(! G@! $'.! *#&6%3(6! ,X$%)($#3-#! 6#3-()(6! 10#! ! 2&10'-#,-%C!9%3_(.%!"(&)%3#6!

&##$*.(_(&(!(.!)#-#&'%&()%!(,-0(.!#6-()'%F!! *
* *
* *
* *

JI*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

IEK*8@*A;<L@8?2* !
* !
IEJ*8dT)"'#S"*0&5)")*4*(%1%&#7&7*(%-*/%"1&7*,#'1S&#/7* !
! !
S.! )#-#&'%&%>! (:(3)%3%! +! )#6*%:.($'#3-%! )#! .%6! ,#3-&%6! ,%$*%&-($'#3-%! )'6-'3-%C! 60! #6-&0,-0&(! )#$%4&E8',(!
^'6-X&',%6>! #3! ,%3-&(6-#! ,%3! #.! ,&#,'$'#3-%! (,#.#&()%! 10#! )#,&#,#! +! 60! '38&(#6-&0,-0&(! 8/6',(! 6#! )#-#&'%&(! )#:')%! (! 60!
#;*#&'$#3-(3! .(6! _%3(6! *#&'8f&',(6! +! .(! ,%36'40'#3-#! (3-'4v#)()! +! 8(.-(! )#! $(3-#3'$'#3-%>! ,($:'%! )#! 06%! )#!
#;*(36'X3!-#&&'-%&'(.>!#6!!03!-#$(!)#!)'6,06'X3!&#,0&&#3-#!#3! .(6! '36-(.(,'%3#6! +! ,(06(6! )#.! -#&&#$%-%>! *0)'#3)%!
-%&3%! (! .(! ,'0)()! .(-'3%($#&',(3(! (,-0(.F! k2.! )'6$'30'&! .(! #3,%3-&(6#! 6'-'%6! #&'(_%6! +! ,%36-&0,,'%3#6! )([()(6! (! 03(!
*%:.(,'X3! )#! #6-(6! E&#(6! .%6! #10'*($'#3-%6! #;'6-#3-#6! =(3! ,0()&(!)#!*.(_(!)#!(&$(6F!!
10#)(3)%! %:6%.#-%6! *%&! (06#3,'(! )#! '3=#&6'%3#6! *(&(! !
$(3-#3#&.%6F! I'3! #$:(&4%! (! *#6(&! )#! #6-%6! (6*#,-%6!
3#4(-'=%6! #.! ,#3-&%! ,%36#&=(! 60! ,%3)','X3! )#! ! ,#3-&%!
8'3(3,'#&%>!,%$#&,'(.!!+!*%./-',%oFQ!
"#.'*'..(!3%!#6!.(!#;,#*,'X3>!(!*(&-'&!)#!.(!)f,()(!)#.!Q@!.(!
,'0)()! 6#! -&(368%&$X! #3! 03! ,#3-&%! )#! (-&(,,'X3! *(&(! .(!
*%:.(,'X3! )#! %&'4#3! &0&(.! +! *(&(! #38&#3-(&! .%6! 30#=%6!
&#10#&'$'#3-%6! )#! ='='#3)(! +! #10'*($'#3-%! 6#! #;*(3)'X!
%,0*(3)%!_%3(6!(3-#6!&0&(.#6F!!
*
S3! .(! )f,()(! )#! .%6! Y@! #.! #6-()%! 60:6')'X! .(! $(6'=(!
,%36-&0,,'X3! )#! ='='#3)(6! #3! -#&&#3%6! *#&'0&:(3%6! )#.!
6#,-%&! 3%&-#! +! *%3'#3-#F! S3! -(3-%! 10#! (.! %&'#3-#! )#.! ,(6,%!
(3-'40%>! 6#! ,%3,#3-&X! .(! '3=#&6'X3! *&'=()(! ,%3! 8'3#6!
&#6')#3,'(.#6F!S6-(!!-#3)#3,'(!)#!,&#,'$'#3-%!6#!-%&3%!$E6!
#=')#3-#!.0#4%!)#.!-#&&#$%-%!)#.!([%!YK>!#3!#.!,0(.!#.!!Y@!s!
)#! .(6! ,%36-&0,,'%3#6! )#.! ,#3-&%! &#60.-%! )#6-&0')%!
-&(6.()E3)%6#! 4&(3! *(&-#! )#! .(! *%:.(,'X3! (! _%3(6!
!
*#&'8f&',(6F!! !
7#6#! (.! ,%36-(3-#! ,&#,'$'#3-%! )#$%4&E8',%! +! #6*(,'(.! )#! 7.(3%!)#!c'..(6!+!7%:.(,'%3#6!

#6-(6!_%3(6>!#.!E&#(!,#3-&(.!)#!.(!,'0)()!*&#6#3-(!03!! !
!
6 2)#$E6>!.%6!,($:'%6!)#!06%!)#!60#.%!)#.!,#3-&%!'3,#3-'=(3!
JSHSDD2>!VF!!?@@ZF!D'0)()!)#!"#.'*'..(C!O3!,(6%!)#!#6-0)'%!)#!
,&#,'$'#3-%!)#$%4&E8',%!+!#;*(36'X3!0&:(3(F!7#&'%)%!GAY?r?@@?F! .(6!(,-'=')()#6!,%$#&,'(.#6!+!)#!6#&=','%6!#3!)#6$#)&%!)#.!

JN*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

06%! &#6')#3,'(.F! 26/! ,%3='=#3! 06%6! $';-%6! )#! ,%$#&,'%! +! I#! #3-'#3)#! *%&! ,#3-&%! ^'6-X&',%! ! #.! 3],.#%! 0&:(3%! %&'4'3(.!
6#&=','%6!,%3!#6*(,'%6!#!'38&(#6-&0,-0&(6!)#-#&'%&()(6F! )#!03(!,'0)()>!4#3#&(.$#3-#!#.!)#!$(+%&!(-&(,,'X3!6%,'(.>!
D%$%! ,%36#,0#3,'(! )#! .%! (3-#&'%&$#3-#! $#3,'%3()%! 6#! #,%3X$',(>! *%./-',(! +! ,0.-0&(.! ,(&(,-#&'_()(! *%&! -#3#&! .%6!
%:6#&=(! 10#! #.! E&#(! ,#3-&(.! 6#! ,(&(,-#&'_(! *%&! 60! :(j(! :'#3#6!='3,0.()%6!,%3!.(!^'6-%&'(!)#!03!*0#:.%F!
)#36')()! #3! ,%$*(&(,'X3! ,%3! .(6! _%3(6! *#&'8f&',(6F! S6-%! S.!,#3-&%!^'6-X&',%!#6!#.!.04(&!)#!$(+%&!-&(368%&$(,'X3!#3!.(!
*0#)#! 6#&! #;*.',()%! (.! %:6#&=(&! .%6! =(,/%6! )#)',()%6! (! ,'0)()!6'!6#!-%$(!#3!,0#3-(!#.!8(,-%&!-'#$*%F!V%!10#!#3!60!
^0#&-%6! )%$f6-',%6! 10#! *%6##3! .(6! $(3_(3(6! )#.! ,(6,%! $%$#3-%!80#!.(!,'0)()!#3-#&(>!^%+!#6!#.!,#3-&%!^'6-X&',%F!
(3-'40%!.%!,0(.!'$*.',(!03(!)'6$'30,'X3!)#!.(!)#36')()F! I#!-&(-(!)#.!#6*(,'%!*]:.',%!*%&!#;,#.#3,'(>!10#!3%!*0#)#!
! 6#&! &#,%3%,':.#! (! *(&-'&! )#! 606! *(&-#6! ('6.()(6! l,(..#6>!
S3!,%3,.06'X3!.(!,'0)()!)#!"#.'*'..(!,&#,#!#3!#;-#36'X3!*%&! *.(_(6>! #)'8','%6m>! 6'3%! *%&! 60! -%-(.')()F! S6-(! #6! 60! *&'3,'*(.!
(4&#4(,'X3! )#! 30#=%6! 60#.%6! 0&:(3'_(:.#6>! (3-#&'%&$#3-#! ,(&(,-#&/6-',(! ,%$%! #6*(,'%! *0:.',%>! 3%! 6#! -&(-(! )#! 03!
&0&(.#6F! 2)#$E6! (! *(&-'&! )#! .(! )f,()(! )#.! A@! ^(3! #6*(,'%! &#6')0(.>! 6'3%! )#! 03(! &%(! )#! #6*(,'%6! 10#! *%&! 60!
(*(&#,')%! 30#=%6! -'*%6! )#! ,&#,'$'#3-%! ,%$%! #.! *(-&X3! 6'43'8',()%! *]:.',%>! 6#! #3-'#3)#3! ,%$%! 03! -%)%! *(&(! .(!
k6(.-%! )#! &(3(o>! ,%38'40&E3)%6#! '6.(6! )#! ,%3)%$'3'%6! ,'0)()(3/(FY!
,#&&()%6! ! 10#! (4&0*(3! .%-#6! )#! *(&,#.(6! )#! (4&()%!
lKF@@@$?Fm! S6-%6! ,%3j03-%6! 6#! #3,0#3-&(3! 6#*(&()%6! )#.!
*#&/$#-&%! 0&:(3%>! 0:',()(6! *&'3,'*(.$#3-#! (.! 3%&-#! )#! .(!
,'0)()! +! %&'#3-()%6! (! 4&0*%6! 6%,'%#,%3X$',%6! )#! $(+%&!
3'=#.F! S6-#! -'*%! )#! #;*(36'X3! ,%3-&':0+#! (! (0$#3-(&! (]3!
$E6!#.!3'=#.!)#!6#4&#4(,'X3!#;'6-#3-#F!!
!
IEB*+%"1&7*,#'1S&#/7*/767*%'T)/#7*TU5-#/7*
*
?8$(% *#% )(,% 2#52(';#,% :+#% ,#% )#% ;&'#$% &% )&,% '"+*&*#,%
$+#=&,0% ,+2@"*&,% *#% 52(4#'1(,% *#% +2/&$"A&'"3$% &% )&,% =#A% D(..#!I#&&(3%F!c'6-(!^(,'(!7.(_(!)#!2&$(6!
1#'$"'",1&,%4%=()+$1&2",1&,0%#,%#)%*#%$(%(<2#'#2%#)%#:+"=&)#$1#% S.! ,#3-&%! ^'6-X&',%! ,%$%! #6*(,'%! *]:.',%! #6!
*#% #,(,% )+@&2#,% &$"6&*(,% 52(*+'"*(,% 5(2% +$&% ;",1(2"&% 6&,% 6'$:X.',%!*%&10#! -'#3#! 03! *(-&'$%3'%! )#! 6/$:%.%6! 10#!
&$1"@+&% 4% 6&,% )#$1&0% *($*#% )(,% "1"$#2&2"(,% "$*"="*+&)#,% ,#% 4#3#&(! ')#3-')()#6! $].-'*.#6>! ,%.#,-'=(6! +! 6'$0.-E3#(6F! V(!
'2+A&$%4%,#%6#A')&$0%*($*#%,#%"$1#2'&6/"&$%5&)&/2&,%4%,#% ,(&4(! 6'$:X.',(! *&%='#3#! )#! .(! )%:.#! ,%3)','X3! 10#! -'#3#!
()="*&% 5(2% +$% "$,1&$1#% )&% ,()#*&*B% #)% &12"(% *#% )&% "@)#,"&0% )&%
5+#21&%*#)%%&4+$1&6"#$1(0%#)%%6(,12&*(2%*#)%'&<C0%)&%%5+#21&% 8
V(! ,%36-'-0,'X3! *%./-',(! #3! 60! (&-/,0.%! GR! '3)',(! 10#! 6%3! ,'0)()(3%6! .%6!
*#%)&%%5&$&*#2D&7>!W* ,^'.#3%6! 10#! ^(+(3! ,0$*.')%! )'#,'%,^%! ([%6! +! 10#! 3%! ^(+(3! 6')%!
,%3)#3()%6! (! *#3(! (8.',-'=(F! <%! %:6-(3-#! ! *(&(! #8#,-%6! )#.! *&#6#3-#!
)%,0$#3-%! 6#! -%$(&(! #.! ,%3,#*-%! )#! .(! JF2FS! 10#! )#8'3#! ,'0)()(3%!
7
2O9S>!!"(&,F!GAAYF!V%6!3%!.04(&#6>!#6*(,'%6!)#.!(3%3'$(-%F!! ,%$%!#.!=#,'3%!)#!03(!,'0)()F!!!!

JP*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

,%$%! ,#3-&(.')()! +! ,%$%! (,0$0.(,'X3! ^'6-X&',(F! 26/>! 60!


,%3)','X3! *]:.',(! -&(6,'#3)#! #3! #.! -'#$*%! ^(,'f3)%6#!
*&#6#3-#!4#3#&(,'X3!-&(6!4#3#&(,'X3F!D%3!#.!#3%&$#!*%)#&!
6'$:X.',%!.(!6%,'#)()! 6#!='6':'.'_(!+! 6#!&#*&#6#3-(F! 26/!3%!#6!
#;-&([%!%:6#&=(&!10#!,0(3)%!4(3(!.(!I#.#,,'X3!<(,'%3(.>!
.(!,#.#:&(,'X3!6#(!#3!.(!7.(_(!)#!2&$(6!+!3%!#3!.%6!:%&)#6!
*#&'8f&',%6F!D%$%!#6*(,'%!*]:.',%!#.!,#3-&%!-($:'f3!8(,'.'-(!
.(! &#.(,'X3! +! #.! #3,0#3-&%>! .(! *%:.(,'X3! 6#! 6%,'(.'_(! +! 6#!
#;*&#6(!,/=',(!+!,%.#,-'=($#3-#!4&(,'(6!(!60!,%3)','X3!)#!
,#3-&(.')()! +! *%&! .(! )'=#&6')()! )#! 4#3-#>! 803,'%3#6! +! !
! L$(4#3!(f&#(!)#.!,#3-&%!,%$#&,'(.!!
#6*(,'%6! 10#! ,%3-'#3#F! ! ! 7%&! 0.-'$%! ! ,#3-&%! ^'6-X&',%! !
-($:'f3!#6!#6*(,'%!*]:.',%!,%$%!#6*(,'%!*%./-',%p!#.!.04(&! S.! 8#3X$#3%! k$(..o! (-#&&'_X! #3! .(! ,'0)()! )#! "#.'*'..(!^(,#!
)%3)#! 6#! #$*.(_(3! .%6! $E6! '$*%&-(3-#6! %&4(3'6$%6! (.4]3! -'#$*%F! ! S.! ([%! ?@@?! 6#! '36-(.(! #3! 03(! #610'3(! )#! .(!
*]:.',%6! 10#! #j#&,#3! #.! *%)#&! +! #.! .04(&! )%3)#! .(!! 7.(_(! )#! 2&$(6! )#! .(! ,'0)()! #.! "(..! V#+E3! "#.'*'..(F! V(6!
,'0)()(3/(! 6#! $(3'8'#6-(! *%./-',($#3-#>! *&%)0,'f3)%6#! #.! ,'8&(6! )',#3! 10#! (,-0(.$#3-#! &#,':#! ,#&,(! )#! G>?! $'..%3#6!
,%38.',-%!+!#.!,%3-(,-%F! )#! ='6'-(6! (30(.#6F! "E6! )#! Z@! $'.! $#-&%6! ,0()&()%6!
! ,%36-&0')%6>! )'6-&':0')%6! #3! 6#'6! 3'=#.#6! r-&#6! 60*#&'%&#6>!
IEF*A&#$)1#Z)/#S"*(%-*8'T)/#7*AU5-#/7* *.(3-(! :(j(>! )%6! 60:-#&&E3#%6>! ()#$E6! )#! .%6! Z! *'6%6!
! 60*#&'%&#6! 10#! 6#! ,%36-&0+#&%3! &#,'#3-#$#3-#! *(&(!
2,-0(.$#3-#! 6#! ='=#! 03(! f*%,(! )#! *&'=(-'_(,'%3#6! #3! (.:#&4(&! .(6! )#*#3)#3,'(6! )#! L36-'-0-%! 7&%8#6'%3(.! NOMD!
-%)%6! .%6! E$:'-%6>! +! #6-%! -($:'f3! ..#4(! (! .%6! ,#3-&%6! OD>! $(6! )#! G@@! .%,(.#6! ,%$#&,'(.#6>! R! 6(.(6! )#! ,'3#>! G!
^'6-X&',%6! (! -%$(&! *(&-#! )#.! #6*(,'%! *]:.',%F! 9&(3)#6! ($*.'%! +! =(&'()%! *(-'%! )#! ,%$')(6>! G! *.(_(! )#! j0#4%6>! G!
,#3-&%6! ,%$#&,'(.#6! 6#! '$*%3#3! +! ! -'#3)#3! (! (,0$0.(&! 60*#&$#&,()%>!R@@!#6-(,'%3($'#3-%6!,0:'#&-%6>!B'#3)(6!*%&!
)'8#&#3-#6!803,'%3#6!0&:(3(6!606-'-0+#3)%!(!,(..#6!+!*.(_(6F! N#*(&-($#3-%>!8(&$(,'(6!+!6#&=','%6!$f)',%6F!!
kS6-(6! 4&(3)#6! #6-&0,-0&(6! 4#3#&(3! 03! 6'6-#$(! (0-X3%$%! !
)#3-&%! )#.! 6'6-#$(! )#! ,'0)()! .%,(.F! M*#&(3! 6%:&#! #.!-#j')%! 2^%&(! :'#3>! -%)%! #6-#! ()#.(3-%! ,%$#&,'(.! ^(! -#3')%!
0&:(3%! #3! 03! k.(+#&o! )'6-'3-%! (.! &#6-%! )#! .(! ,'0)()>! -(3! &#*#&,06'%3#6! #3! .(! ,'0)()! )#:')%! *&'3,'*(.$#3-#! (! .(!
)'6-'3-%! 10#! 6#&'(3! $0,^%! $E6! #8','#3-#6! 6'! 3%! #6-0='#6#3! #6,(.(! )#.! *&%+#,-%F! S3! *&'$#&! .04(&! 6#! ^(3! (:(3)%3()%!
(3,.()%6!(.!-#&&'-%&'%oFA! %-&%6! ,%$#&,'%6>! +(! 10#! #6! 6(:')%! 10#! .%6! $(..6! +! 4&(3)#6!
! 60*#&$#&,()%6! %8&#,#3! *&#,'%6! $E6! :(j%6! +! 0-'.'_(3!
'36-&0$#3-%6! )#! ,&f)'-%F! S6-#! 8(,-%&! ^(,#! $#3%6!
,%$*#-'-'=%!(!.%6!*#10#[%6!,%$#&,'(3-#6>!!)#!#6-(!$(3#&(!
,(..#6!,%$#&,'(.#6!#$:.#$E-',(6!)#!.(!,'0)()!,%$%!#.!#j#!
A!H2JMI>!"F!N#!.(!D(6(!(.!"(..C!7&'=()%!=i6!7&'=()%F!2Je>!$(&_%>!<w!KR!!

JW*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

M&-]_(&!6#!^(!='6-%!)#6*.(_()(!*%&!#.!$(..>!)#68(=%&#,'#3)%! *
.(!k=')(o!)#!.(!,(..#F!S3! 6#403)%!.04(&>!#3!(.403(!$#)')(! *
6#! ^(! (:(3)%3()%! #.! #6*(,'%! *]:.',%F! N#! #6-(! 8%&$(! .(6! *
)%6!*.(_(6!'$*%&-(3-#6!)#!.(!,'0)()!^(3!6')%!-%$()(6!*%&! *
)'8#&#3-#6! 4&0*%6! 0&:(3%6! #6*#,'(.$#3-#! #3! 60! #6*(,'%! *
,#3-&(.F! 26/! .(! 8($'.'(! *&#8'#&#! &#804'(&6#! #3! #.! $(..! 10#! !
!
(60$#!.(!803,'X3!)#!.(!*.(_(F!!7#&%!3%!6#!)#:#!%.=')(&!*%&! !
3'34]3! $%$#3-%! 10#! #.! $(..! 3%! #6! 03! #6*(,'%! *]:.',%p! +! !
!
*%&! #3)#! .(6! &#4.(6! 10#! .%! &'4#3! 3%! 3(,#3! )#.! ,%36#36%! !
,0.-0&(.! +! *%./-',%! )#! 03(! ,'0)()(3/(! (,-'=(>! 6'3%! )#! .(! !
!
:]610#)(!)#!0-'.')()#6!)#!606!(,,'%3'6-(6F!!
5&%3-'6!D#3-&%!D%$#&,'(.!
! *
S.! "(..! -($:'f3! (60$'X! .(! 803,'X3! ,0.-0&(.! )#! .(! ,'0)()>! *
(3-#!.(!(06#3,'(!)#!#6*(,'%6!*(&(!#.!)#6(&&%..%!)#!#=#3-%6! *
(&-/6-',%6>! .%6! ,'3#6! )#.! $(..! 6#! -&(368%&$(:(3! #3! -#(-&%6! +! *
(0)'-%&'%6F! I#! #6*#&(! 10#! #6-(! 6'-0(,'X3! ,($:'#! ,%3! .(! *
,%36-&0,,'X3!)#.!30#=%!,#3-&%!,0.-0&(.!)#!.(!,'0)()!*(&(!#.! *
([%!?@G@F! *
! *
D%3! #6-(6! -#3)#3,'(6>! #.! ,#3-&%! ^'6-X&',%! )#! "#.'*'..(! *
,%$'#3_(! (! 6#&! =',-'$(! )#.! (:(3)%3%! )#! .%! ,/=',%! +! .(! *
*f&)')(!)#!60!,%3)','X3!)#!#6*(,'%!*]:.',%F! *
S6-(! )#! $(3'8'#6-%! 10#! .(! ,'0)()! ^(! ,($:'()%! +! 6#! ^(! *
)#:'.'-()%!#.!#6*(,'%!*]:.',%F!7#&%!d,%$%!)(&!&#6*0#6-(!(! *
#6-#!8#3X$#3%!(!-&(=f6!)#!.(!(&10'-#,-0&(g!S6-(!#6!03(!)#! *
.(6! *&#403-(6! 10#! *&#-#3)#! &#6*%3)#&! ! #6-#! *&%+#,-%! )#! *
-'-0.%>!'&!#3!:06,(!)#!30#=%6!#6*(,'%6!%!'38&(#6-&0,-0&(6!10#! *
&#='#&-(3!.(!,(&#3,'(!)#!#6*(,'%!+!#10'*($'#3-%!*]:.',%F! !
! !
L3-#&'%&!,#3-&%!,%$#&,'(.!
!
*
! ! !
* *
!
* !
* *
J[*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

NEK*<A<;:!9=G2G^*=9:8;=<;8M*G8*?29e292* !
* !
NEJ*+7"/%T17*(%*6)"Z)")* !
* !
! !"(3_(3(!*0#)#!)#8'3'&6#!,%$%!(10#..(!*%&,'X3!)#! )#! &#..#3%F! S.! ,&0,#! &#*&#6#3-(! #.! *03-%! )#! %&'#3-(,'X3! +!
60#.%!0&:(3%!&%)#()%!*%&!#6*(,'%6!*]:.',%6!l*%&!.%!4#3#&(.! -%$(! )#! )#,'6'%3#6! )#3-&%! )#.! 6'6-#$(! )#! $%='$'#3-%! +! #.!
,(..#6mF! V(! (*(&','X3! )#! #6-(! *%&,'X3! )#! 60#.%! #6! .(! .04(&! )#! $(+%&! *&#)%$'3(3,'(! )#! .%6! :%&)#6! )#! .(6!
,%36#,0#3,'(!)#.!-&(_()%!='(&'%!)#:')%!(!60!)%:.#!803,'X3p! $(3_(3(6FG@!
*&'$#&%! ,(3(.'_(! #.! -&(8',%! l)#8'3')%! #.! *#&/$#-&%! )#! .(!
$(3_(3(! +! )%-(3)%! )#! (,,#6%6! (! .(! $'6$(m! +! *%&! %-&(!
60:)'=')#! #.! 60#.%! )#.'$'-(3)%! .(6! *%&,'%3#6! )#! 60#.%!
#)'8',(:.#>!=(.#!)#,'&!.(6!$(3_(3(6F!
S6*(,'%!*]:.',%!+!#6*(,'%!*&'=()%!10#)(3!(6/!6#*(&()%6F!S.!
60#.%!*]:.',%!#6!#.!)#!.(6!,(..#6!+!#.!60#.%!*&'=()%!#6!#.!)#.!
'3-#&'%&!)#!.(6!$(3_(3(6!6%:&#!#.!10#!6#!#&'4'&E3!.%6!#)'8','%6F!
V(! $(3_(3(! #6! #3-%3,#6! .(! 03')()! $%)0.(&! )#! .(!
,%36-&0,,'X3!)#!.(!,'0)()F!
*
NEB*8$7-0/#S"*(%*-)*6)"Z)")*%"*/#0()(%'*Y0"()/#7")-%'*
! !
V%6!-&(_()%6!)#!,'0)()#6!^'6*(3%($#&',(3(6!lSjF!"#.'*'..(m>! 7.(3%!$(3_(3(6!)#!I(3-'(4%!#3!.(!,%.%3'(!

4#6-()(6! (! ,%&)#.! +! &#4.(! 6#! )#8'3#3! #3! :(6#! (.! 06%! 2!$#)')(!10#!.(6!$(3_(3(6!6#!#)'8',(:(3!(60$'#&%3!#.!&%.!
03'8%&$#! )#! )%6! 6'$*.#6! #.#$#3-%6C! 03(! 4&'..(! )#! ,(..#6! )#! %&4(3'_(,'X3! )#.! 60#.%! *&'=()%>! *%&! #.! ,%3-&(&'%>! .(6!
*&'3,'*(.#6! +! -&(36=#&6(.#6>! +! .(! 6)"Z)")* ,%$%! #6*(,'%! ,(..#6! +! .(! *.(_(! l]3',(! $(3_(3(! =(,/(m>! 6#! -&(368%&$(&%3!
4#3#&(.$#3-#! ! ,#&&()%! %! (:'#&-%! #;,#*,'%3(.$#3-#F! S.! #3!#.!*&'$#&!#.#$#3-%!)#!%&)#3!*]:.',%F!
,&0,#! %! #610'3(! 6#&E! #.! &#60.-()%! )#.! #3,0#3-&%! .(6! ,(..#6! S.!,#3-&%!^'6-X&',%!#=%.0,'%3(!)#!03(!,'0)()!-&(_()(!(!03(!
10#!6#!,%&-(3!+!)#!.%6!=f&-',#6!)#!.(6!$(3_(3(6!&#40.(&#6F! ,'0)()! -/$')($#3-#! #)'8',()(! ,%3! *(&,#.(,'X3! )#! .(!
26/! #3! #6-#! $#,(3'6$%! %&-%4%3(.! ,()(! #.#$#3-%! j04(&(! $(3_(3(!#3!,&0_>!=(.#!)#,'&C!,0(-&%!6%.(&#6F!
03(!803,'X3!#6*#,/8',(F!V(!$(3_(3(*6#&E!.(!03')()!:(6#!)#! S3! .%6! '3','%6! .(6! ,%36-&0,,'%3#6! 80#&%3! $/3'$(6! +!
.(! -&($(>! #3! )%3)#! 6#! &#4'6-&(! .(! 8%&$(! #)'8',()(F! S6-(! #.#$#3-(.#6>!*&E,-',($#3-#!&#804'%6F!V%6!-#&&#3%6!#;,#)/(3!
)#8'3')(! *%&! ,0(-&%! 8&#3-#6! ./$'-#6! #3! ,0+%6! *#&/$#-&%6! 6#! #3! $0,^%! .(6! *%6':'.')()#6! )#! %,0*(,'X3! -%-(.>! 6#!
(,%4#3! .(6! (,-'=')()#6! $(6! *0:.',(6F! V(! /)--%! -#3)&E! #.! *&'='.#4'(:(! 03(! %,0*(,'X3! )#! :%&)#>! $#)'(3-#! 6'$*.#6!
*(*#.!)#!,%3-#3#&!.(6!,'&,0.(,'%3#6!+!6#&='&!(!.(6!03')()#6!!
G@!JMI2I>!U%6#F!"(3_(3(!+!-'*%!#)'8',(-%&'%!#3!-&(368%&$(,'X3F!

BK*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

=%.]$#3#6! )'6*0#6-%6! *(&(.#.%6! (! .(6! ,(..#6>! 0-'.'_(3)%! .(! D%3-'30')()! +! (.'3#($'#3-%! )#! .(! 8%&$(! #)'8',()(>!!
,%3)','X3! )#! #610'3(! )#! $(3_(3(! *(&(! #.! #6*(,'%! 8&%3-(.')()! )#! .%6! *.(3%6! +! *&'=(-'_(,'X3! )#.! '3-#&'%&! )#.!
^(:'-(:.#F! S.! -#&&#3%! '3-#&'%&! 10#! 6#! )#6-'3(:(! ,(6'! #3! 60! *&#)'%! ,(&(,-#&'_(&(3! #.! ,&#,'$'#3-%! )#.! ,#3-&%! )#! .(!
-%-(.')()! (.! ,0.-'=%! 8($'.'(&>! 6#! #3,%3-&(:(! )#$(&,()%! ,'0)()F! 26/>! 6#! ,%38%&$(! 03(! $(3_(3(! ,#&&()(! ,(6'! #3! 60!
$#)'(3-#! ,#&,%6! 10#! )':0j(:(3! #.! ! ,%3-%&3%! )#! .%6! -%-(.')()>!6(.=%!#3!.(6!$(3_(3(6!10#!(.%j(3!,%36-&0,,'%3#6!
-#&&#3%6FGG! 7#6#! (! .(! ,%3)','X3! *&'=()(! )#.! '3-#&'%&! )#! )#!.(6!%&)#3#6!&#.'4'%6(6F!
$(3_(3(>! #3! .(! *&E,-',(! 80#! 03! #6*(,'%! )#! #3,0#3-&%! !
#3-&#!.%6!^(:'-(3-#6!10#!,%$*(&-/(3!#.!&'#4%!)#!.%6!^0#&-%6! 7%6-#&'%&$#3-#! .(! $(3_(3(! ,#&&()(! )#.! *#&'%)%! ,%.%3'(.!
'3-#&'%&#6! +! #.! ,0')()%! )#! (3'$(.#6F! 2)#$E6! 6#! *0#)#! 10#! ,%36'6-#! #3! .(! &#*#-','X3! )#! 03')()#6! )#! $#)')(6!
(8'&$(&! 10#! *%&! #6-(! f*%,(! .(! $(3_(3(! #&(! *#3#-&(:.#! +! '40(.#6!+!,%38'40&(3!03(!(&10'-#,-0&(!)#!8(,^()(!,%3-'30(!
*#&$#(:.#!+(!10#!.%6!8&#3-#6!#;-#&'%&#6!3%!6#!,%38%&$(:(3! 6#! ,%$*.#j'_(! ,%3! .(! (*(&','X3! )#! #)'8','%6! )#! $(+%&!
+!3%!#;'6-/(3!$#)'(3#&%6!10#!'$*')'#6#3!#.!*(6%F! #6,(.(F! 2*(&#,#! #.! #)'8','%r$%30$#3-%! %! #.! #)'8','%r
! $(3_(3(>!*&%.%34E3)%6#!#.!E$:'-%!*]:.',%!(.!'3-#&'%&!)#!.%6!
#)'8','%6! +! $(3_(3(6! $#)'(3-#! #6*(,'%6! '3-#&3%6! -#,^()%6!
%!(:'#&-%6F!!
N#! #6-(! 8%&$(! #.! #)'8','%! 6#! '3-#4&(! (! .(! ,'0)()! ! $#)'(3-#!
^(..#6!*]:.',%6!%!4(.#&/(6F!!
! !
5'3(.$#3-#! )0&(3-#! #.! *&#6#3-#! 6'4.%! (*(&#,#3! 30#=%6!
#.#$#3-%6! ,%$%! *(6(j#6! %! ,(..#6! )#3-&%! )#! .(6! $(3_(3(6!!
10#! ,%38%&$(3! %-&%! 6'6-#$(! %! -&($(! )#3-&%! )#! .(! $(..(!
&#40.(&! )#.! )($#&%F! I#! )#6(&&%..(! .(! $(3_(3(! ,%3!
*#3#-&(,'%3#6! '$*.#$#3-E3)%6#! )'8#&#3-#6! -'*%6! )#!
-&(_()%6!(.!'3-#&'%&!)#!#6-(6!*(&(!&#,%4#&!.(!-#$E-',(!)#!.(!
! $%='.')()F! V%6! 30#=%6! ()#.(3-%6! -#,3%.X4',%6! +! 6'6-#$(6!
! ! "(3_(3(!,%3!-'*%.%4'(!,(6(!*(-'%! ,%36-&0,-'=%6! *#&$'-#3! #.! (*(&#,'$'#3-%! )#.! ! #.! ! #)'8','%!
! :(&&(>! #.! #)'8','%! ,%$*(,-%! #3! (.-0&(>! 6%.'-(&'%! %! ('6.()%>!
V0#4%>! )#6)#! #.! 6'4.%! aLcLLL! *&%)0,-%! )#.! 8&(,,'%3($'#3-%! $%)'8',E3)%6#!#.!*('6(j#!0&:(3%!+!.(!%&4(3'_(,'X3!#6*(,'(.!
)#! .%6! 6%.(&#6! (*(&#,#! 03(! -'*%.%4/(! #)'8',(-%&'(! &#60#.-(! )#.!)($#&%F!
#3-&#! $#)'(3#&%6>! *%6##! *(-'%6! '3-#&'%&#6! +! 6#! #;*&#6(! ,(6'! !
#;,.06'=($#3-#!#3!60!8(,^()(!(!.(!,(..#F!! S3! ! I(3-'(4%! *%&! #j#$*.%>! #.! ,#3-&%! #=%.0,'%3X! )#! 6#&! 03(!
-&($(! )#! ,(..#6! +! $(3_(3(6! &#.(-'=($#3-#! ^%$%4f3#(6! (!
03(!$(..(!)#!*(6(j#6!+!#)'8',(,'%3#6!)#!4&(3!,%$*.#j')()!
GG!JMI2I>!U%6#F!"(3_(3(!+!-'*%!#)'8',(-%&'%!#3!-&(368%&$(,'X3F +!^#-#&%4#3#')()F!26/!6#!.%4&X!(0$#3-(&!6'43'8',(-'=($#3-#!

BJ*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

*.(_(6>!*.(_%.#-(6!%!#6*(,'%6!*]:.',%6!)#!)%$'3'%!*#(-%3(.! NEF*@)**6)"Z)")*%"*?%-#T#--)*
#;,.06'=%>! -(3-%! *%&! .(! -&(368%&$(,'X3! )#! ,(..#6! #3! *(6#%6>! *
,%$%!*%&!.(!%,0*(,'X3!'3-#&'%&!)#!.(!$(3_(3(F!G?! V(! #=%.0,'X3! )#! .(! $(3_(3(! #3! "#.'*'..(! *&#6#3-(! 03!
! *&%,#6%!)'8#&#3-#F!
S.! (6*#,-%! '3-#&#6(3-#! #6! 10#! ! .(! -&($(! ,(&-#6'(3(! 303,(! I#! *0#)#! (8'&$(&! 10#! #.! ,#3-&%! ^'6-X&',%! 6#! #6-(3,X! #3! .(!
)#6(*(&#,#F!I'!:'#3!#6!0-'.'_()(!)#!$(3#&(!)'6-'3-(!#3!,()(! 8(6#! )#! .(! -'*%.%4'(! )#! 8(,^()(! ,%3-'30(! ,%$*0#6-(! )#!
f*%,(F! S6-(! 803,'%3(! ,%$%! 03! 6'6-#$(! )#! &#8#&#3,'(! %! 03! 03')()#6! &#*#-'-'=(6! )#! ,(6(6! *(-'%! +! #6-(! #6! .(! 6'-0(,'X3!
%&)#3!'3','(.!*%6':.#!)#!6#&!&#,%36-'-0')%F! *&#)%$'3(3-#!#3!#.!,#3-&%!803)(,'%3(.!^%+!#3!)/(F!!
! !

!
S=%.0,'X3! )#! .(! $(3_(3(! #3! I(3-'(4%F! GAGK>! GAQ@>! GAYZ! 50#3-#C! "(3_(3(! +! -'*%!
#)'8',(-%&'%!#3!-&(368%&$(,'X3F!
*
*
*
*
*
*
*
*
*
* N($#&%! 803)(,'%3(.! )#! "#.'*'..(F! V(! $(+%&/(! )#! .(6! *#3#-&(,'%3#6! ,%&&#6*%3)#! (!
*(6(j#6! &#6')#3,'(.#6F! N#6-(,()%! #3! ,%.%&! 3(&(3j%! 6#! $0#6-&(3! .(6! 4(.#&/(6!
* ,%$#&,'(.#6!10#!*#3#-&(3!.(!$(3_(3(F!
* !
* !
* !
!
G?!JMI2I>!U%6#F!"(3_(3(!+!-'*%!#)'8',(-%&'%!#3!-&(368%&$(,'X3

BB*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

S6! *%6':.#! #3,%3-&(&! -/$')%6! '3-#3-%6! #3! .(! 6#403)(! $'-()! 03')()! ,%3! *%&%6')()#6! (*(&#,#! (^%&(! ..#3(! #3! 60!
)#.! 6'4.%! aa! )#! &%$*#&! ,%3! .(! 8&%3-(.')()! )#! .(! 8(,^()(! +! -%-(.')()>! 8(,-%&! 10#! '3)',(! .(! (06#3,'(! )#! =(,/%6!
)#!..#=(&!#.!#6*(,'%!*]:.',%!(.!'3-#&'%&!)#.!#)'8','%F!S6!#.!,(6%! ,%3#,-%&#6F! S.! &#60.-()%! #6! 03! :.%10#! =%.0$f-&',%!
)#.! #)'8','%! )#! 6#&=','%6! *]:.',%6! 10#! '3,%&*%&(! 03(! ,%$*(,-%!'3)#*#3)'#3-#!)#.!-#j')%!0&:(3%F!
*#10#[(! *.(_%.#-(! '3-#&'%&! 10#! )'(.%4(! ,%3! .(! *.(_(! )#! !
(&$(6!)#!.(!,'0)()F!!!!! !
!
!
!
!
!
!
!
!
!
S)'8','%!6#&=','%6!*]:.',%6! !
! !
S3! #.! *&#6#3-#! 6'4.%! ^(3! (*(&#,')%! ,($:'%6! &()',(.#6! #3! !
$(3_(3(6!,#3-&(.#6F!S6-%6!,($:'%6!^(3!6')%!'$*0.6()%6!*%&! !
,($:'%6! (.! *.(3! &#40.()%&! 10#! #.! ([%! ?@@?! '3,&#$#3-(&%3! !
.(! (.-0&(! )#! .(! #)'8',(,'X3! )#! G@>K! $#-&%6! (! RQ! $#-&%6! lG?! !
*'6%6m!#3!#.!6#,-%&!,#3-&(.F! c'6-(!*%6-#&'%&!)#.!,#3-&%!,%$#&,'(.!
!
!
\(+!#j#$*.%6!#3!10#!!.(!$(3_(3(!^(!6')%!%,0*()(!,(6'!#3!
60! -%-(.')()! *%&! 30#=%6! *&%+#,-%6! 10#! 6#! (.#j(3!
,%36')#&(:.#$#3-#! )#! .(! #6,(.(! )#! 03(! ,'0)()! ,%$%!
"#.'*'..(F!!S6!#.!,(6%!)#.!!30#=%!$(..!l?@@?m!+!03(!-'#3)(!)#!
&#-('.!l?@@Qm!10#!-&(368%&$(&%3!#.!*('6(j#!0&:(3%!)#.!!,#3-&%!
)#! .(! ! ,'0)()F! N#6)#! .(! *#&6*#,-'=(! (&10'-#,-X3',(! #.!
(6*#,-%! $E6! ,&'-',(:.#!#6! 10#! ($:%6! *&%+#,-%6! 3%! -%$(3!
#3! ,0#3-(! (! .(! ,'0)()! +! 6#! #;*&#6(3! ,%$%! 4&(3)#6!
4(.*%3#6! ^#&$f-',%6! 6%:&#! #.! -#&&'-%&'%F! 2*(&#,#3! ! .(&4%6!
8&#3-#6! )#! 8(,^()(! ,%3-'30(! )#6(*&%=#,^()%6>! $#&%6!
$0&%6! ,'#4%6>! .%6! ,0(.#6! 3%! ='3,0.(3! .(! ,(..#! ,%3! #.! '3-#&'%&! 2!.(!'_10'#&)(!#)'8','%!5(.(:#..(>!(!.(!)#&#,^(!$(..!V#+(3!"#.'*'..(F!
)#.!#)'8','%F!7%&!60!*(&-#!#3!*.(3-(>!.(!$(3_(3(>!(3-#6!03(!

BF*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

S3! 6/3-#6'6>! #6-%6! *&%+#,-%6! )#6(*&%=#,^(&%3! .(! 4&(3! ='='#3)(!-#$*%&(.#6!l#.!:%&)#!#6-(:(!)#6-&0')%m!10#!303,(!


%*%&-03')()! )#! -&(368%&$(&6#! #3! 4#3#&()%&#6! )#! #6*(,'%! .%4&(&%3! ,%36%.')(&6#! 10#)(3)%! ,%3! #.! -'#$*%! $0,^%6!
)#!06%!*]:.',%!(.!'3-#&'%&!)#!.(!$(3_(3(>!(!)'8#&#3,'(!)#!.%! =(,/%6! ,%3! '38&(#6-&0,-0&(! )#-#&'%&()(! #! '30-'.'_()(>! ^0#..(6!
10#! %,0&&'X! #3! #.! ,#3-&%! )#! I(3-'(4%! *%&! $#)'%! )#! .(! '$:%&&(:.#6!)#.!-#&&#$%-%F!!
(*#&-0&(!)#!*(6(j#6!%!4(.#&/(6!'3-#&'%&#6F! 2.403%6!.%4&(&%3!.'$*'(&6#! +!6#!-&(368%&$(&%3!#3!*.(+(6!)#!
! #6-(,'%3($'#3-%!10#!,0:&#3!.(!80#&-#!)#$(3)(F!
D%3-&(&'($#3-#!(.!8#3X$#3%!10#!%,0&&#!(,-0(.$#3-#!#3!.(! !
,'0)()>! ! #.! *&%+#,-%! 10#! 6#! *.(3-#(! (! -&(=f6! )#! #6-(! V(! &#,0*#&(,'X3! )#! #6*(,'%6! )'6*%3':.#6! (.! '3-#&'%&! )#! .(!
$#$%&'(! :06,(! &#6,(-(&! #.! *%-#3,'(.! ,%3-#3')%! #3! .(! $(3_(3(! *0#)#! 6#&! 03(! (.-#&3(-'=(! ='(:.#! *(&(! 03(!
$(3_(3(! ,%$%! 4#3#&()%&! )#! ,'0)()! +! )#! #6*(,'%! ,'0)()! 10#! 6#! #;*(3)#! (,#.#&()($#3-#F! N#36'8',(&! ! +!
*0:.',%p! #3-#3)#&! .(! $(3_(3(! ,%$%! *&%+#,-%! 10#! ,%310'6-(&! #6-%6! #6*(,'%6! 6%3! 604#&#3,'(6! )#.! *&#6#3-#!
#34.%:(! #)'8','%6>! *.(_(>! 8.0j%6! +! *&%4&($(6! )'8#&#3-#6F! *&%+#,-%F!!S3!03(!f*%,(!#3!10#!.(!,(..#!,()(!=#_!$E6!6#!
c'3,0.(&! $(3_(3(6! ,%3! $(3_(3(6! +! &#r#6-(:.#,#&! .(! ^(! -&(368%&$()%! #3! 03! #.#$#3-%! ,%3)0,-%&! )#! 8.0j%6>! #.!
&#.(,'X3! )#.! ,%&(_X3! )#! #6-(6! ,%3! .(! ,(..#! 4#3#&(3)%! =(,/%! '3-#&'%&! )#! $(3_(3(! *0#)#! ,%3=#&-'&6#! #3! 03(!
,%3-'30')()!6%3!.%6!)#6(8/%6!*(&(!#.!*&%+#,-%F!! %*%&-03')()!*(&(!(10#..%!10#!^(!6')%!)#6*.(_()%F!
I'! .(! ,'0)()! 6#! #;*(3)#>! (! .(! =#_! 10#! #.! ,#3-&%! )#! .(! !
!
,'0)()!6#!,%34#6-'%3(!+!6#!(-%&(>!#.!'3-#&'%&!)#!.(!$(3_(3(! !
(*(&#,#! ,%$%! 03(! %*%&-03')()! 10#! &#6*%3)#! (! .(! !
!
3#,#6')()! )#! (:&'&! .(! ,'0)()! #! '3,%&*%&(&! .%! 10#! (3-#6!
#6-(:(!&#6-&'34')(F!
!
NEH*<T7&10"#()(*
*
B(3-%! '$E4#3#6! (f&#(6! ,%$%! *.(3%6! k$()47! )#! .(! ,'0)()!
#3-&#4(3! '38%&$(,'X3! (,#&,(! )#! .(! ,(3-')()! )#! =(,/%6!
)'6*%3':.#6! (.! '3-#&'%&! )#! .(6! $(3_(3(6! )#.! ,#3-&%! !
803)(,'%3(.! )#! "#.'*'..(F! D%$%! +(! 6#! $#3,'%3X>! #6-%6! !
L_F!L$(4#3!(f&#(>!,#3-&%!)#!.(!,'0)()F!I#!%:6#&=(3!.%6!=(,/%6!,%3!=#4#-(,'X3!
=(,/%6! 803,'%3(&%3! *%&! 6'4.%6! ,%$%! ^0#&-%6! (4&/,%.(6! N#&F!c(,/%6!%,0*()%6!,%$%!(*(&,($'#3-%6!
'3-#&'%&#6! l&#4()%6! *%&! .(6! )'8#&#3-#6! (,#10'(6! 10#! !
!
(-&(=#6(:(3! .(! ,'0)()m! &%)#()%6! *%&! .(! #)'8',(,'X3! !
,%3-'30(F! !
!
!
!
V0#4%! )#.! -#&&#$%-%! l([%! YKm! #6-%6! =(,/%6! 80#&%3! !
.#3-($#3-#! ,%.%3'_E3)%6#! *%&! $#)'%! )#! 6%.0,'%3#6! )#!

BH*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

!
!
!
!
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
!
!
!
!
!
!
!
!
!
7.(3%!3%.+!)#!.(!,'0)()F!!"0#6-&(!.%6!..#3%6!+!=(,/%6!)#!.(!$(6(!0&:(3(F!N#6-(,()%!$(6!%6,0&%!#.!E&#(!)#!'3-#&=#3,'X3!)#.!*&%+#,-%!
!

BI*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

NEI*;%Y%&%"1%'*(%*#"1%&$%"/#7"%'*%"*6)"Z)")'*0&5)")'* *
! *
A&74%/17^*A)1#7*L%--)$#'1)* A&74%/17^* L#5-#71%/)X* /%"1&7* (%* (V)* 4* %'T)/#7* #"1%&#7&* (%*
O:',(,'X3C!7&%=')#3,'(rJ#,%.#-(>!I(3-'(4%! 6)"Z)")**
2&10'-#,-%6C! "F! D#,'.'(! c#&4(&(>! 7(%.(! N0&&0-+>! 7(:.%! 2&10'-#,-%6C! J($X3! c'.(.-(>! D(&$#! 7'4#$>! ! J(8(#.! 2&(3)(F!
N#,(&%.'6>!U%&4#!I,^.'#:#3#&F! lJDJmF!
2[%!)#!7&%+#,-%C!?@@KF! O:',(,'X3C!I(3-!23-%3+>!H(&,#.%3(>!S6*([(F!
! !
S.!*&%+#,-%!!*&%*%3#!&#,0*#&(&!#.!'3-#&'%&!)#!$(3_(3(!#3!#.! V(! )#,'6'X3! 803)($#3-(.! #6! .(! )#! (:&'&! .(! $(3_(3(>!
:(&&'%! H#..(='6-(>! #3-&#! .(6! ,(..#6! D%36-'-0,'X3! +! 7/%! <%3%>! (! 6#,,'%3(3)%! -%)%! #.! 8%3)%! ,%36-&0')%! *(&(! ,&#(&! 03(!
-&(=f6!)#.!)'6#[%!+!)#6(&&%..%!)#!03!*&%4&($(!4(6-&%3X$',%! :(3)(! =(,/(! 10#! (-&(='#6(! .(! #)'8',(,'X3! #;'6-#3-#! )#6)#!
+! ,0.-0&(.>! 10#! *&#-#3)#! (*%&-(&! 03! #6*(,'%! 30#=%>! .(!,(..#!^(6-(!#.!*(-'%!(:'#&-%!#3!60!,#3-&%F!N#!#6-#!$%)%!(.!
)'3E$',%!+!='-(.!(.!6#,-%&F! #6*(,'%! *]:.',%! )#! .(! ,(..#! 6#! ! .#! )(! ,%3-'30')()! ^(6-(! #.!
I#! &#,0*#&(&%3! (.403(6! ,%36-&0,,'%3#6! )#-#&'%&()(6! +! #3! '3-#&'%&! )#! .(! $(3_(3(>! ,%3='&-'#3)%! (6/! 60! *(-'%! #3! 03!
)#606%>!$'#3-&(6!10#!%-&(6!6#!)#$%.'#&%3!*(&(!4#3#&(&!03(! #6*(,'%!-($:'f3!*]:.',%F!!
*.(_(!*0:.',(!!'3-#&'%&F!S3!&#60$#3!#6-#!#6*(,'%!0&:(3%!03#! !
(!$%)%!)#!,%6-0&(!)'8#&#3-#6!&#,'3-%6!4#3#&(3)%!03!*(6#%! !
'3-#&'%&!10#!03#!.(6!)%6!,(..#6!(3-#6!$#3,'%3()(6F! !
! !
!
!
!
!
!
! !
! *
! *
! *
! *
! *
! *
! *
* *
* *

BN*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

A&74%/17^* A&7T0%'1)* 2&30#1%/1S"#/)* %"* -)* 6)"Z)")* (%-* *


L)"/7*(%*+S&(75)*
*
O:',(,'X3C!DX&)%:(>!2&4#3-'3(F!
*
2&10'-#,-%6C!S6-0)'%!H2HM!lH0#3%6!2'&#6m!!
* *
S.! *&%+#,-%! *.(3-#(! .(! *&#6#&=(,'X3! )#.! #6*(,'%! =(,/%! )#.! *
,%&(_X3! )#! .(! $(3_(3(! ,%$%! j0#4%! 0&:(3%! *]:.',%! *
(&-',0.()%&F!! *
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
* *

BP*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

PEK*+<9:8f:<*G8@*A;<Q8+:<* !
* !
!
!
!
!
!
!
!
!
!
L4.#6'(!)#!.(!!"#&,#)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!L4.#6'(!I(3!2406-/3F!"%30$#3-%!<(,F!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!
!
* "%&8%.X4',($#3-#>! #.! ,#3-&%! 803)(,'%3(.! )#! .(! ,'0)()! )#!
D#3-&%!)#!.(!,'0)()!
"#.'*'..(!#6!03!,0()&'.E-#&%!&#40.(&!,%$*0#6-%!*%&!6#-#3-(!+!
*
)%6! $(3_(3(6! lY! ;! A! ,0()&(6! 3%! -%)(6! &#40.(&#6! )#:')%! (!
PEJ*@)*/0)(&#/0-)*Y0"()/#7")-*
.(! *&#6#3,'(! )#.! ,(3(.m>! 6'40'#3)%! 03! $%)#.%! -/*',%! )#!
*
803)(,'X3!)0&(3-#!#.!*#&'%)%!)#!.(!,%.%3'(!10#!,%3j04(!.(!
S3! #.! *&%,#6%! )#! 803)(,'X3! *(&(! ,0()&',0.(&! .(! ='..(! 6#!
&#,-'-0)! )#! .(6! ,(..#6! ,%3! .(! 8(,^()(! ,%3-'30(! )#! .(6!
0-'.'_%! #.! 6'6-#$(! )#! )($#&%! ,%3! $(3_(3(6! )#!
,%36-&0,,'%3#6! )#! :(j(! (.-0&(F! 9&(,'(6! (! #6-%! #.! ,#3-&%! )#!
(*&%;'$()($#3-#! GRQ! =(&(6! lGGZ! $#-&%6! (*&%;FmC! (.! ,#3-&%!
.(! ,'0)()! 6#! *#&,':#! ,%$%! 03(! 03')()! (,%4#)%&(>! 10#!
.(! *.(_(! $(+%&p! (.! *%3'#3-#! )#! #..(! .(! '4.#6'(>! ,(6(!
*%&! 60! #6,(.(! +! ^%&'_%3-(.')()>! 6#! &#.(,'%3(! )'&#,-($#3-#!
*(&&%10'(.>!j0_4()%>!,E&,#.!+!$03','*(.')()p!(.!3%&-#!+!(.!60&!
,%3! #.! *#(-X3F! N#3-&%! )#! #6-#! %&)#3>! 6#! )#6-(,(3! .(6!
)#!.(!='..(!!?!4&(3)#6!(=#3')(6!l,([()(6mF!!!
#)'8',(,'%3#6! =#&-',(.#6! 10#! 6%:&#6(.#3! -(.#6! ,%$%! .%6!
V%6! $(-#&'(.#6! 06()%6! #3! .(! ,%36-&0,,'X3! 6%3! '3','(.$#3-#!
,($*(3(&'%6!)#!.(6!'4.#6'(6!+!.%6!#)'8','%6!*]:.',%6F!
()%:#>!j03,(.>!*'#)&(6!+!-#,^%!)#!&($(6F!
S3! GWZ?! .%6! (406-'3%6! 6#! '36-(.(3! #3! 03(! $(3_(3(! 0:',()(!
(! )%6! ,0()&(6! (.! %&'#3-#! )#! .(! *.(_(! $(+%&F! V0#4%! 6#!
#6-(:.#,'#&%3!.%6!$#&,#3(&'%6!+!#3!GWZR>!.%6!j#60'-(6F!!D(:#!
$#3,'%3(&! .(! &#(.! '$*%&-(3,'(! 10#! -0='#&%3! .(6! X&)#3#6!
I#,,'X3! #610#$E-',(! *%&! 7.(_(! )#! 2&$(6F! I#! $0#6-&(3! ! )'8#&#3-#6! (.-0&(6p! $(..>!
&#.'4'%6(6! #3! .(! ,%38%&$(,'X3! 8/6',(! )#! .(6! ,'0)()#6!
D(-#)&(.!#!'4.#6'(!"#&,#)!
,%.%3'(.#6>! +(! 10#! 6'#$*&#! =(3! (! #6-(&! 0:',()(6! #3! .%6! *
6#,-%&#6! ,#3-&(.#6! )#! #..(6>! 0:',(,'X3! 10#! #3! #.! ,(6%! )#! *
"#.'*'..(!*#&6'6-#!^(6-(!.(!(,-0(.')()F! *

BW*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

PEB*@)*/)--%** !
! !
S.! -&(_()%! )#! .(6! ,(..#6! #6! .(! '$(4#3! $E6! 6'3-f-',(! )#.! S.!)#6(&&%..%!+!,&#,'$'#3-%!*(0.(-'3%!10#!^(!#;*#&'$#3-()%!
,#3-&%!803)(,'%3(.F!S3-&#4(!'38%&$(,'X3!6%:&#!60!)'$#36'X3! "#.'*'..(>! 60$()%! (! .(6! ,%3-'30(6! $%)'8',(,'%3#6! )#! .%6!
8%&$(!+!#6,(.(F!! L36-&0$#3-%6! )#! *.(3'8',(,'X3>! ^(3! (-#3-()%! #3! ,%3-&(! )#!
! #6-(!'$(4#3!)#!,'0)()F!V(!(,0$0.(,'X3!)#!)'6-'3-%6!06%6!+!
! 30#=(6! (,-'=')()#6! 10#! :06,(3! 03(! 0:',(,'X3! *&#8#&#3-#!
! #3! #.! ,#3-&%>! $%)'8',(3! +! $0,^(6! =#,#6! 6#! (*%)#&(3! )#.!
! #6*(,'%! *]:.',%! )#! .(! ,(..#>! '$*')'#3)%! 03(! .#,-0&(!
! (&$X3',(! +! 03'8',()(! 10#! .#! #6! *&%*'(F! V(! (*(&','X3! )#!
! 30#=(6!-'*%.%4'(6!)#!#)'8',(,'X3!+!#.!(0$#3-%!)#!.(!(.-0&(>!
! .(! 60:)'='6'X3! +! #.! &76T#6#%"17* (%* -)* /7"1#"0#()(*
! %(#Y#/)17&#)* 6%3! 03(! $0#6-&(! )#! .(! '3)'8#&#3,'(! ,%3!
I#,,'X3!,(..#!-/*',(!)#.!,#3-&%!)#!"#.'*'..(! &#6*#,-%!(!6(.=(40(&)(&!.(!')#3-')()!)#.!.04(&F!
! *
V(! %&-%4%3(.')()>! (6/! ,%$%! 03(! ,'#&-(! &#40.(&')()! )#.! *
=%.0$#3!)#!.%!,%36-&0')%!#6!.%!10#!)#8'3#!*&'3,'*(.$#3-#!(! *
#6-%6! =(,/%6! ,%3#,-%&#6! l,(..#6m! ,(&(,-#&'_()%6! *%&! 03(! *
03'8%&$')()! 10#! ()10'#&#! =(.%&! #3! 60! ,%3j03-%F! D(..#6! *
(34%6-(6>!=#&#)(6!#6-&#,^(6!+!:(j(!(.-0&(!#6!.(!*#&,#*,'X3! *
10#! 6#! -'#3#! )#! .(! ,'0)()! +! 6#! -&(368%&$(! #3! 03(! '$(4#3! *
&#,%3%,':.#! +! #3! *(&-#! '$*%&-(3-#! )#! .(! ')#3-')()! )#! *
"#.'*'..(! *
! *
! *
!
23-#j(&)/3!+!8(,^()(!,%3-'30(!
!
! *
! *
!
!
*
! *
!
*
!
N#!'_10'#&)(!(!)#&#,^(!,(..#!I#&&(3%!+!,(..#!M&-]_(&>!!(&-#&'(6!$(6!#$:.#$E-',(6!)#! *
.(!,'0)()! *
! *

B[*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

PEF*@)*T-)Z)*(%*)&6)'* !
! !
%:6#&=(&!(!.%6!j0:'.()%6!10#!,%$*(&-#3!-(&)#6!,%$*.#-(6!+!!
(!#6,%.(&#6!&#03')%6!#3!-%&3%!(!.(!4.%&'#-(F!!
!
<%! %:6-(3-#>! .(! *.(_(! 6#! ^(! -&(368%&$()%! #3! 03! 8%,%! )#!
(-&(,,'X3! *(&(! 4&0*%6! )#! jX=#3#6! 10#! *&(,-',(3! )#*%&-#6!
0&:(3%6! ,%$%! *(-'3#-(! %! :',',.#-(! 10#! (3-#! .(! 8(.-(! )#!
#6*(,'%6!(*-%6!*(&(!)',^(6!(,-'=')()#6>!'3-#&8'#&#3!606!06%6F!
!
S3! %-&%! (6*#,-%>! .(! *.(_(! -($:'f3! #6! 8%,%! )#! (,-'=')()#6!
,0.-0&(.#6! ,%$%! .(! ,#.#:&(,'X3! )#! .(! 6#$(3(! )#! "#.'*'..(>!
#.!8#6-'=(.!)#!:(3)(6!+!8(38(&&#(6!10#!&#]3#!(30(.$#3-#!(!
jX=#3#6! #;*%3#3-#6! )#! .(! $06',()! )#! -%)(! V(-'3%($f&',(!
%! )'8#&#3-#6! 8#&'(6! +! #;*%6','%3#6! -/*',(6! ,%$%! .(! 8#&'(! )#.!
!
7.(_(!)#!2&$(6!"#.'*'..(! 10#6%F!S6-(6!)'8#&#3-#6!8#&'(6!%,0*(3!.04(&#6!)#!.(!*.(_(!)#!
V(6! *.(_(6! 6%3! #.! ,%&(_X3! )#! .(! ,'0)()! )%3)#! 6#! (&$(6>! &#6-E3)%.#! 60! 6'$:%.'6$%! +! 60! .'$*'#_(>! ..#4(3)%! #3!
,%3,#3-&(3! .(6! )#,'6'%3#6! +! .%6! ,%$*&%$'6%6F! ! I%3! #.! .04(&! (.403(6!8#,^(6!)#.!([%!(.!,%.(*6%>!+(!10#!3%!#6!,(*(_!)#!
)#! #6-(&>! )#! '3-#&,($:'%>! )#! &#=%.0,'%3#6! +! )#! &#6*%3)#&!#6*(,'(.$#3-#!(!.(!)#$(3)(!*%&!#6*(,'%6F!
&#*&#6#3-(,'%3#6FGR! !
!
x3',(! $(3_(3(! =(,/(! )#3-&%! )#.! )($#&%! ,#3-&(.>! 6#!
,%36-'-0+#!,%$%!#.!,#3-&%!4#%$f-&',%!)#!.(!,'0)()F!D%$%!
-%)(! *.(_(! ,#3-&(.! )#! ,'0)()! $#)'(3(! ,%3,#3-&(! (! 60!
(.&#)#)%&! .(6! (,-'=')()#6! $(6! '$*%&-(3-#6! )#! .(! =')(!
0&:(3(p!#)'8','%6!()$'3'6-&(-'=%6>!&#.'4'%6%6!+!#.!,%$#&,'%F!S3!
606! :%&)#6! ,%3='=#3! 4&(3)#6! -'#3)(6! ..#4()(6! )#6)#!
I(3-'(4%! ,%3! 3#4%,'%6! )#! ,%$#&,'(3-#6! .%,(.#6! 6'-0()%6!
#3!(3-'40(6!,%36-&0,,'%3#6!)#!()%:#F!!
V(! *.(_(! )#! (&$(6! )#! "#.'*'..(! (03! ,%36#&=(! 60! &%.! 0&:(3%!
,%$%! #6*(,'%! *&#)%$'3(3-#>! )#6-(,(3)%! ,%$%! #.! $(+%&!
&#8#&#3-#!+!#3,.(=#!*(&(!.(!'3-#&(,,'X3!6%,'(.F!S6!^(:'-0(.!! !
!
D(-#)&(.!='6-(!)#6)#!7.(_(!)#!2&$(6F!!!!!5#&'(6!)#!*&%)0,-%6!-/*',%6!#3!7.(_(!)#!2&$(6!
13
7(&,#&'6(>!J0:#&-F!V(!,'0)()!3%!#6!03(!^%j(!#3!:.(3,%F!7E4F!AR!

FK*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

e0#)(!)#!$(3'8'#6-%!#3-%3,#6!.(!3#,#6')()!)#!03!#6*(,'%! (! *#6(&! )#.! *(6%! )#.! -'#$*%! +! )#.! )#6(&&%..%! .X4',%! )#! .(!
*]:.',%! (.-#&3(-'=%! (! .(! *.(_(! *(&(! (6/! )#6(^%4(&.(F! O3! ,'0)()F!!
.04(&! *(&(! .(! #;*&#6'X3! )#! .(! ,'0)()(3/(! ,(*(_! )#! V(! *&'3,'*(.! ,(&(,-#&/6-',(! )#! .(! ='='#3)(! 0&:(3(! #6! 60!
(.:#&4(&! (,-%6>! &#*&#6#3-(,'%3#6>! &#03'%3#6>! &#,'-(.#6! +! 03! ,%36-&0,,'X3!#3!Y)/,)()*/7"1#"0)>!!#3!03!*'6%>!*&%=%,(3)%!
6'3! 8'3! )#! #=#3-%6! 10#! ^%+! 6#! &#(.'_(3! #3! #6-&#,^%6! .04(&#6! #.! ,'#&&#! )#! .(! $(3_(3(! +! )'8#&#3,'E3)%.(! ,.(&($#3-#! )#.!
3%!()#,0()%6!*(&(!#6-%6!*&%*X6'-%6!4#3#&(3)%!*&%:.#$(6F! #6*(,'%!*0:.',%!,(..#F!
lSjF!B&E36'-%!'3-#&&0$*')%m! !
!
I'! :'#3! .(! 3%&$(-'=(! ,.(6'8',(! (! .(6! *.(_(6! ,%$%! E&#(6!
=#&)#6>! )#6)#! #.! #38%10#! #3! 10#! 6#! )#6(&&%..(! #.! *&%+#,-%!
6%3! *(&-#! )#! .%6! #6*(,'%6! ,%.#,-'=%6! )#! .(! ,'0)()F! S3! .(6!
*.(_(6!-&()','%3(.#6!,%$%!.(!)#!"#.'*'..(!*&#)%$'3(!#.!*'6%!
=#4#-(.!,%3!-&(-($'#3-%6!)#!j(&)'3#&/(F!S6!03(!*.(_(!*(&(!#.!!
*(6#%! +! *(&(! #.! #6-(&F! V%6! #6*(,'%6! ,%3,#:')%6! *(&(! !
c'='#3)(6!0&:(3(6!
(,-'=')()#6! ,%.#,-'=(6! &#10'#&#3! 03! *'6%!
!
*&#)%$'3(3-#$#3-#! )0&%>! %&4(3'_()%! +! #10'*()%F! S6-#!
(6*#,-%!6#&E!'$*%&-(3-#!*(&(!)#6(&&%..%!)#.!*&%+#,-%!*(&(!
3%!4#3#&(&!%-&%!#6*(,'%!)#!6/$'.#6!,(&(,-#&/6-',(6>!6'3%! 03%!
)'6-'3-(!*#&%!,%$*.#$#3-(&'%F!
!
PEH*+76T7'#/#S"*2&30#1%/1S"#/)*(%-*+%"1&7! !
5(,^()(!,%3-'30(!
*
!
\(:'-0(.$#3-#! 6#! &#.(,'%3(! .(! (&10'-#,-0&(! -/*',(! ,^'.#3(!
I'!!:'#3!.(!,(6(!6#!,%36-&0+#!,%$*.#-($#3-#!^(,'(!.(!,(..#!
,%3! 60! )#6(&&%..%! #6#3,'(.$#3-#! &0&(.>! 6'3! #$:(&4%! #;'6-#!
60!#6-&0,-0&(!'3-#&3(!6#!%&4(3'_(!#3!:(6#!(!*(-'%6!'3-#&'%&#6!
-($:'f3! 03(! -'*%.%4/(! )#! (&10'-#,-0&(! -&()','%3(.! ! 0&:(3(!
+!,%&&#)%&#6!!#3!.%6!,0(.#6!6#!)#6(&&%..(!.(!=')(!'3-#&3(F!
10#! #6! *%6':.#! #3,%3-&(&! #3! ,'0)()#6! +! *0#:.%6! )#.! =(..#!
!
,#3-&(.F!!!"#.'*'..(!*0#)#!6#&!03(!$0#6-&(!)#.!)#6(&&%..%!)#!
S.! #610#$(! )#! *(-'%6! )#! .(! ,(6(! ,^'.#3(! *&%='#3#! )#! .(!
.(! (&10'-#,-0&(! 0&:(3(! -&()','%3(.! *0#6-%! 10#! ,%36#&=(! 60!
(&10'-#,-0&(! (3)(.0_(>! 80#&-#$#3-#! '38.0#3,'()(! *%&!
-&($(! 803)(,'%3(.! +! *%&10#! #3! .(! f*%,(! #3! 10#! 80#!
-#3)#3,'(6! E&(:#6F! V%! =#&)()#&($#3-#! '$*%&-(3-#! #6! #.!
803)()(! lGWZ?m! .%6! ,E3%3#6! 0&:(3%! (&10'-#,-X3',%6!
'3-#&'%&F! 26/! .(! ,(6(! 6#! ,'#&&(! ^(,'(! #.! #;-#&'%&! +! 6#! =0#.,(!
#6-(:(3!$(6!#6-(:.#,')%6F!
^(,'(!#.!'3-#&'%&F!
!
!
V(!='='#3)(!0&:(3(!#6!#.!#.#$#3-%!10#!%-%&4(!03')()!(!.(!
!
,'0)()>!10#!*0#)#!6#&!(*&#,'()(!#3!#.!,#3-&%!803)(,'%3(.>!

FJ*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

! rc#&-',(.')()! )#! .%6! =(3%6F! N#:')%! (! .(! (.-0&(! )#! .(6!


! ,%36-&0,,'%3#6! .%6! =(3%6! ()10'#&#3! 03(! 80#&-#! *&#6#3,'(!
! =#&-',(.!
! r7&#6#3,'(!)#!_X,(.%F!!
! r7&#6#3,'(!)#.!*'.(&!#610'3(F!S.!-#&&#$%-%!)#!GAYK!)#6-&0+%!
! 4&(3!*(&-#!)#!.%6!#j#$*.%6!)#!#6-#!#.#$#3-%!#3!"#.'*'..(F!
! *
c'6-(!(!*(-'%!'3-#&'%&!)#6)#!4(.#&/(! 7(-'%!'3-#&'%&!,%3=#3-%!6(3!2406-/3!
!
7%&! %-&(! *(&-#>! #3! .(! _%3(! ,f3-&',(! )#! "#.'*'..(! 6#! *0#)#!
)'6-'340'&! -($:'f3! #.! )#6(&&%..%! )#! 03! -'*%! )#! (&10'-#,-0&(!
$0+!6'$'.(&!(!.(!(3-#&'%&$#3-#!)#6,&'-(!#3!-f&$'3%6!8%&$(.#6!
+! #6-f-',%6>! ,%$%! #6! .(! ='='#3)(! 0&:(3(! )#! *&'3,'*'%6! )#!
6'4.%!aaF!V(!)'6-'3,'X3!#3-&#!f6-(!+!.(!10#!6#!^(!)#3%$'3()%!
,%$%!k-/*',(o>!*(6(!*%&!.(!0-'.'_(,'X3!)#!$(-#&'(.#6!,%$%!#.! *
D%.%&!+!-#;-0&(!)#.!!()%:#!
^%&$'4X3>! #3! &##$*.(_%! )#.! ()%:#F! I'3! #$:(&4%>! #6-(6! *
,%36-&0,,'%3#6! $(3-'#3#3! #.! ,(&E,-#&! +! .(! 03')()! )#! .(!
,'0)()! *%&! ,0(3-%! &#6*%3)#3! #3! 60! ,%38%&$(,'X3! #3! .%6!
$'6$%6! -f&$'3%6! )#! 8(,^()(! ,%3-'30(>! (.-0&(>! &'-$%! )#!
=#3-(3(6!+!*0#&-(6>!*&#6#3,'(!)#!_X,(.%6>!#-,F!
* *
`X,(.%6!
N#3-&%! )#! .%6! #.#$#3-%6! 10#! ,(&(,-#&'_(3! (! .(! ='='#3)(! *
-&()','%3(.!)#.!=(..#6!,#3-&(.!10#!#6!*%6':.#!#3,%3-&(&!#3!#.!
,(6,%!^'6-X&',%!)#!!"#.'*'..(>!6#!*0#)#!$#3,'%3(&F!
!
rO6%! )#! ()%:#! ,%$%! $(-#&'(.! ,%36-&0,-'=%! *&'3,'*(.! #3!
$0&%6F!V(!0-'.'_(,'X3!)#!#6-#!$(-#&'(.!&#60.-(!$0+!()#,0()%! *
*(&(!.(6!,%3)','%3#6!-f&$',(6>!*&%-#4'f3)%6#!)#.!,(.%&!)#.! J#40.(&')()!+!=#&-',(.')()!#3!=(3%6!

=#&(3%!+!#.!8&'X!)#.!'3='#&3%F!
rJ#40.(&')()! )#! =(3%6! ,%$%! ,%36#,0#3,'(! )#.! 06%! )#!
.()&'..%6! )#! ()%:#! +! )#! .(! *&#6#3,'(! #3! 60! '3-#&'%&! )#!
&#,'3-%6!&#.(-'=($#3-#!^%$%4f3#%6F! *
7'.(&!#610'3(!'3,&06-()%!#3!$0&%!
*

FB*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

WEK*+89:;<*+=>=+<! !
* !
WEJ*gh0i*%'*0"*/%"1&7*/V$#/7j*
!
!
S.! ,%3,#*-%! )#! ,#3-&%! ,/=',%! *%6##! ($*.'%6! 6'43'8',()%6! 6%,'%,0.-0&(.#6>! &#6*%3)'#3)%! (.! (0$#3-%! )#! .(! )#$(3)(!
*#&%!*&#)%$'3(3!)%6!)#8'3','%3#6F! ,'0)()(3(! +! *(&(! )%-(&! (! .%6! )'6-&'-%6! )#! #10'*($'#3-%6!
* 10#!8%$#3-#3!#.!-#j')%!(6%,'(-'=%!+!*(&-','*(-'=%F!
S3! 03! ,%3,#*-%! $(,&%! 6#! #3-'#3)#! ,#3-&%! ,/=',%! ,%$%! #.!
I%3! #10'*($'#3-%6! )#! *&%;'$')()! +! #3! #..%6! )#:#3! )#!
,%3j03-%! )#! #10'*($'#3-%6! ! *]:.',%6! 10#! 6(-'68(,#3! (! 03!
,0$*.'&6#!03(!6#&'#!)#!&#10'6'-%6C!
6#,-%&!)#!03(!,'0)()!,%38%&$(3)%!03(!&#)F!S6-%!-%$(!#3!
,0#3-(!3%!6%.%!.%6!#)'8','%6!6'3%!-($:'f3!(!.(6!,(..#6!10#!.%6! r!I#&!#6*(,'%6!*%.'=(.#3-#6>!()(*-()%6!*(&(!)'6-'3-%6!06%6F!
,%3#,-(3F!! r!M8&#,#&!6#&=','%6!*]:.',%6X*3%!6#!()$'-#!.(!*&'=(-'_(,'X3!)#!
.%6! #6*(,'%6F! B'#3#3! ,(:')(! -%)%6! .%6! 4&0*%6>! #3-')()#6! +!
,'0)()(3%6!)#.!#3-%&3%F!

r! 5(,'.'-(&! .(!,%$*(,-(,'X3! )#! 6#&=','%6>! *0)'f3)%6#! 6'-0(&!


#3! 03! $'6$%! #6*(,'%! 8/6',%! =(&'%6! #10'*($'#3-%6! l6%,'(.#6>!
!
#)0,(-'=%6mF!
D#3-&%!,/=',%!)#!I(3-'(4%F!
V%6!,#3-&%6!,/=',%6!3%!&#6*%3)#3!(! 03!$%)#.%!,%$]3>!6%3!
M-&(!)#8'3','X3!)#!,(&E,-#&!$E6!(,%-()%!.%6!*.(3-#(!,%$%!
#.! 8&0-%! )#.! #3-%&3%! #3! #.! 10#! 6#! #3,0#3-&(3F! I%3!
03(!,f.0.(!0&:(3(!10#!(4&0*(!)'8#&#3-#6!#)'8','%6!*]:.',%6F!!!
,%3,#:')%6! ,%$%! #)'8','%6! 803,'%3(.#6>! ,%3! )'6#[%6!
7(&(! #.! *&%+#,-%! 10#! 6#! *.(3-#(! 6#! -%$(3! #3! ,0#3-(! )'3E$',%6! +! (:'#&-%6! *#3)'#3-#6! )#! .(! )'=#&6')()! )#! 06%!
($:(6! )#8'3','%3#6>! #6! )#,'&! #.! ,#3-&%! ,/=',%! $(,&%! )#! 10#!(!#..%6!6#!)(&E3F!S3!,0(3-%!(!.%6!*&%4&($(6!+!6#&=','%6>!
"#.'*'..(! l6#&=','%6! *]:.',%6>! &#.'4'%6%6>! ,0.-0&(.#6>! 6%3! -%-(.$#3-#! )#*#3)'#3-#6! )#! .(6! 3#,#6')()#6>!
$03','*(.')()m>! (6/! ,%$%! #.! ,#3-&%! ,/=',%! (,%-()%! (! 03! ,(&(,-#&/6-',(6! +! *#,0.'(&')()#6! )#! .(! ,%$03')()!
,%3j03-%! $#3%&>! 10#! #3! #6-#! ,(6%! 6#&E! #.! -#$(! )#! ,'0)()(3(F*
)#6(&&%..%! )#.! *&%+#,-%! l"03','*(.')()! $(6! 6#&=','%6! !
,%$*.#$#3-(&'%6mF! 7%&! #6-(! &(_X3! 6#! *&%803)'_(&(! #3! .(! V(! "03','*(.')()! #6! #.! X&4(3%! #3,(&4()%! )#! 606-#3-(&!
,(&(,-#&'_(,'X3!)#!#6-#!].-'$%F!! #6-%6! #10'*($'#3-%6F! V(! 4#6-'X3! #6-E! :(6()(! #3! .(!
V%6! ,#3-&%6! ,/=',%6! 6%3! #10'*($'#3-%6! 6%,'%,0.-0&(.#6! )#! *(&-','*(,'X3! ,'0)()(3(>! 6'#3)%! f6-(! #.! #j#! =#&-#:&(.! )#!
,(&E,-#&!*]:.',%>!0:',()%6!#3!.%6!)'6-'3-%6!:(&&'%6!%!)'6-&'-%6! #6-%6! #10'*($'#3-%6F! I#! #3-'#3)#! .(! *(&-','*(,'X3!
)#! .(! ,'0)()F! <(,#3! #3! S6*([(! #3! .%6! ([%6! Y@! *%&! .(! ,'0)()(3(! ,%$%! #.! )#&#,^%! +! #.! ,%$*&%$'6%! )#.!
3#,#6')()!)#!)#6,#3-&(.'_(,'X3!)#!.%6!6#&=','%6!! ,'0)()(3%>! '3)'=')0(.! +! ,%.#,-'=($#3-#>! (! *(&-','*(&! #3! .(!

FF*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

-%$(! )#! )#,'6'%3#6! 10#! (8#,-(3! (.! )#6(&&%..%! =#,'3(.! +! *


,0.-0&(.!)#!.(!*%:.(,'X3F!* *
* *
2,-0(.$#3-#! #3! D^'.#! .%6! ,#3-&%6! ,/=',%6! &#*&#6#3-(3! 03(! *
8%&$(! 6#,03)(&'(! &#6*#,-%! (! #6*(,'%6! )#! ,%34&#4(,'X3! *
,%$%! .%! 6%3! .%6! ..($()%6! k3%! .04(&#6o>! 10#! ,()(! )/(! *
()10'#&#3! 03! $(+%&! 6#3-')%! *(&(! .%6! ^(:'-(3-#6! )#! .(! *
,'0)()! #3! -f&$'3%6! )#! ^(:'-(&>! ,%$%! #6! #.! ,(6%! )#! $(..>! *
,%3=#&-')%!#3!#.!,#3-&%!0&:(3%!)#!.(!,'0)()!(,-0(.F!! *
O3! ,#3-&%! ,/=',%! (6%$(! ,%$%! 03(! ()#,0()(! (.-#&3(-'=(>! *
*(&(! 03(! ,'0)()! 10#! (,-0(.$#3-#! ! 6#! -&(368%&$(! *
&()',(.$#3-#>!*(&(!)(&!*(6%!(!03(!30#=(F! *
* *
I#!*.(3-#(!.(!')#(!)#!03!,#3-&%!,/=',%!,%$%!*&%+#,-%!8'3(.! *
)#! .(! ,(&&#&(>! *%&! 10#! 6'43'8',(! :06,(&! ^#&&($'#3-(6! )#! *
,%$*&#36'X3! *(&(! 03! -'*%! )#! 8%&$(! 0&:(3(! 3%! :(6()%! *
#;,.06'=($#3-#!#3!#.!'3-#&,($:'%!,%$#&,'(.!%!#3!#.!(60$'&! *
(! .%6! *#(-%3#6! ,%$%! ,%360$')%&#6! 60j#-%6! (! &#6-&',,'%3#6! *
^%&(&'(6F!I#!-&(-(!#3!*%,(6!*(.(:&(6>!)#!4#3#&(&!03!#6*(,'%! *
*]:.',%! 10#! )#:'#&(! (60$'&! *&%-(4%3'6$%! ,%$%! *.(_(! *
*]:.',(F! S3! #6-#! 6#3-')%>! '$*.',(! *&%+#,-(&! #6*(,'%6! 10#! *
*%-#3,'(.$#3-#! )#:#&/(3! 8%$#3-(&! +i%! *#&$'-'&! .(! *
4#3#&(,'X3! )#! 03(! #68#&(! *]:.',(! #3! "#.'*'..(>! 10#! -#34(! *
#3! 60! ,#3-&%! ,%$03(.! 03! #6*(,'%! )#! #;*&#6'X3F! 2)#$E6>! *
10#!6#(!.04(&!)#!03!4%:'#&3%!.%,(.%*(&(!10#!.(!,%$03')()! *
*0#)(! #3-&#4(&! .'3#($'#3-%6! *(&(! 60! )#6(&&%..%! *%./-',%! +! *
#;*&#6'X3!,0.-0&(.F! *
* *
* *
* *
* *
* *
* *
* *

FH*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

WEB*;8.8;89:8M** !
* !
WEBEJ*;%Y%&%"1%'*A)&1#(7*k%"%&)-* !
! *
A&74%/17^*+%"1&7*+V$#/7*?%)1Z)&#* A&74%/17^*240"1)6#%"17*(%*M)4")1')-7*
O:',(,'X3C!"06q'_>!c'_,(+(>!S6*([(F! O:',(,'X3C!I(+3(-6(.%>!5'3.(3)'(F!
2&10'-#,-%6C!c'&('!2&10'-#,-%6F! 2&10'-#,-%C!2.=(&!2(.-%F!
2[%!)#!D%36-&0,,'X3C!?@@K! 2[%!)#!D%36-&0,,'X3C!GAK?!
* *

*
!
A&74%/17^*240"1)6#%"17*(%*2&/,%")* *
O:',(,'X3C!2&,^#3(>!"0&,'(>!S6*([(! *
2&10'-#,-%6C!UO9M!(&10'-#,-%6>!"()&')! *
2[%!*&%+#,-%C!?@@YF!D%3,0&6%>!7&'$#&!7&#$'%F! *
* *
!
!
!
!
kO6f! #.! *(-'%! ,#&&()%! ,%$%! $%-'=%! *&'3,'*(.! )#.! *&%+#,-%!
!
*%&10#! )#! (.403(! $(3#&(! $'6-#&'%6(! *%3#! )#! &#.'#=#! #.!
!
'36-'3-%!6%,'(.F!S3!#)'8','%6!)#!4%:'#&3%!+!#3!(+03-($'#3-%6>!
!
#.! *(-'%! ^(! 6')%! 6'#$*&#! 03! #6*(,'%! *&'$%&)'(.! )#6)#! .%6!
!
)/(6! )#! .(! D&#-(! (3-'40(>! )#! 9&#,'(! +! )#! J%$(! ^(6-(! #.!
!
$#)'%#=%!+!#.!J#3(,'$'#3-%Fo!
!
2.=(&!2(.-%F!
!
*
!

FI*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

WEBEB*;8.8;89:8M*.!9+=<92@8M* *
* *
A&74%/17^*+%"1&7*+V$#/7*4*240"1)6#%"17*M)"*.%&")"(7* A&74%/17^*+%"1&7*+V$#/7*>#1)/0&)*
l%")&%'* O:',(,'X3C!c'-(,0&(>!I(3-'(4%F!
O:',(,'X3C!I(3!5#&3(3)%!)#!\#3(&#6>!!"()&')>!S6*([(F! 2&10'-#,-%6C!L4.#6'6r7&(-!2&10'-#,-%6F!
2&10'-#,-%6C!U0(3!D(&.%6!I(3,^%>!I%.!"()&')#j%6F! 2[%!)#!7&%+#,-%C!,%3,0&6%!3(,'%3(.!GAAY!
2[%!)#!D%36-&0,,'X3C!GAAAF!
!
!

*
*
*
*
*
*
* *
* *
*
*
*
*
*
*
*
* *
* *
* *
* *

FN*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

[EK**A;<A!8M:2*!;L292*
*
[EJ*b&%)*(%*="1%&$%"/#S"*
*
S.! E&#(! )#! '3-#&=#3,'X3! ,%$*&#3)#! .(! &#3%=(,'X3GZ! )#!
$(3_(3(6! 10#! &%)#(3! .(! *.(_(! )#! (&$(6! (6/! ,%$%! .(6!
$(3_(3(6! 10#! &%)#(3! #.! -#&&#3%! )#! .(! kL.06-&#!
"03','*(.')()! )#! "#.'*'..(o! +! 10#! 6%3! *%-#3,'(.$#3-#!
60j#-(6!(!'3-#&=#3,'X3F!
!
[EB*A&7T0%'1)*
*
V(! *&%*0#6-(! 0&:(3(! :06,(! #6-(:.#,#&! 03(! &#)! #3-&#! .%6!
#10'*($'#3-%6! *]:.',%6! +! )#! 06%! *]:.',%! 4#3#&(3)%!
&#,%&&')%6!,%$*.#$#3-(&'%6!(!.(!-&($(!%&-%4%3(.F!
@)* #"1%&$%"/#S"* D%"%&)-* T&7T7"%* &%'/)1)&* T&%(#7'*
(%')T&7$%/,)(7'* (#'T7"#5-%'* )-* #"1%&#7&* (%* -)'* 6)"Z)")'* 7.(3%!)#!#)'8','%6!)#!06%!*0:.',%!

)5&#&-7'* 4* /7"%/1)&-7'* )* /)--%'* %d1%&#7&%'E* 8'1)5-%/%&* *


$#"/0-)/#7"%'* /7"* -)* T-)Z)* (%* )&6)'X* )6T-#)&* %'T)/#7'* *
%'1&%/,7'X*T&74%/1)&*&%/7&&#(7'*4*T)')`%'*#"1%&#7&%'E*<17&D)&* *
*
Y)/,)()'* )* 6%(#)"%&7'* /#%D7'* 4* T&7T7"%&* T&7D&)6)'*
*
)&30#1%/1S"#/7'*30%*)/1#$%"*(#/,7'*%'T)/#7'E* *
*
*
*
S3! .(! *&%*0#6-(! 6#! -%$(3! #3! ,0#3-(! 3%! 6X.%! .%6! *
#10'*($'#3-%6! *]:.',%6>! 6'3%! -($:'f3! (10#..%6! *
*
#10'*($'#3-%6! *&'=()%6! 10#! *%&! 60! #6,(.(! )#3-&%! )#! .(! *
,'0)()! '3,')#3! #3! #.! 803,'%3($'#3-%! 0&:(3%! ,%$%! #.! $(..! *
*
%! 4(.#&/(6! ,%$#&,'(.#6F! V(! '$*%&-(3,'(! )#! #6-#! 30#=%!
*
#6*(,'%! *0:.',%! #6-(! #3! &#8#&'&! #3-&#! 6'! #6-%6! #6*(,'%6!! *
*
*&'=()%6! ^(,'#3)%! )#! #..%6! -($:'f3! 03! .04(&! ,%.#,-'=%F!
*
O&:(3'_(&! .%! *&'=()%! #6! #.! )#6(8/%>! %! 6#(! '$*&#43(&.%! #3! .(! *
#68#&(!)#!.%!*0:.',%F! *
b&%)*(%*#"1%&$%"/#S"E*A7'#1#$7*4*9%D)1#$7*(%*$)/V7'*(#'T7"#5-%'*%"*6)"Z)")*
*
GZ!J#3%=(&C!\(,#&!10#!(.4%!&#,0*#&#!.(!80#&_(!%!.(!#3#&4/(F!

FP*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

* *
*
*
*

* *
* *
7.(3%!*&%*0#6-(!0&:(3(! *
* *
* *
* *
* *
* *

FW*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

[EF*<T%&)/#7"%'*%"*6)"Z)")'* *
* *
JE*6)"Z)")*T7"#%"1%*T-)Z)*(%*)&6)'* FE!?)"Z)")*'0&*A-)Z)*(%*2&6)'!
I#! *&%*%3#! ='3,0.(&! .(! *.(_(! )#! (&$(6>! #.! #)'8','%! )#! .(! #;! I#! *&%*%3#! *&%+#,-(&! .(! 4(.#&/(! ,%$#&,'(.! M&-]_(&! +(!
,E&,#.! +! ! #.! #)'8','%! ,%36'6-%&'(.! (!-&(=f6! ! )#! .(! (:#&-0&(! )#! #;'6-#3-#!^(,'(!.(!*.(_(!)#!(&$(6!+!^(,'(!#.!#)'8',%!)#.!L<7!
03! *(6(j#! '3-#&'%&! )#! $(3_(3(F! I#! *&%*%3#! #6-#! *(6(j#! ,%$%!#6-(:.#,/(!#.!*&%+#,-%!%&'4'3(.!303,(!#8#,-0()%F!!
,%$%! 03! 570-%$)&(* (%* 0'7'* /0-#")&#7'! l*0:6>! &#6-(0&(3-#6m! HE*?)"Z)")*?0"#/#T)-#()(*
#3! #.! ,0(.! #.! #.#$#3-%! j#&E&10',%>! #;r,E&,#.! 6#! &#,',.(! S3! #6-(! $(3_(3(! 6#! )#6(&&%..(! #.! *&%+#,-%! ,#3-&(.! 10#!
,%$%! 03! ,#3-&%! 4(6-&%3X$',%! -/*',%F! N#! #6-(! 8%&$(! .(! ,%36'6-#! #3! 03! ,#3-&%! ,/=',%! #3! #.! -#&&#3%! )#! .(!
"03','*(.')()!10#)(!03')(!(!7.(_(!)#!2&$(6F! $03','*(.')()!10#!%,0*(!.(!$'-()!)#!.(!$(3_(3(F!!
B($:'f3! 6#! *.(3-#(! ,%$%! *(&-#! )#! .(! *&%*0#6-(! 0&:(3(!
(3#;(&! (.! *&#)'%! $03','*(.>! (.403%6! *&#)'%6! =#,'3%6!
l8%&$(3)%! y! )#! .(! $(3_(3(! ,%$*.#-(m! +! 4#3#&(&! 03!
,#3-&%! )#! ()0.-%! $(+%&F! S6-(6! %*#&(,'%3#6! 6#&E3!
#;*.(+()(6!$(6!()#.(3-#F!
!
KF!7.(_(!)#!2&$(6F!
L3,#3-'=(&!.(!*#(-%3(.'_(,'%3!)#!*.(_(!)#!(&$(6!#3!(.403%6!
6#,-%&#6!,%3!:'-(6!)#!*&%-#,,'X3!
L$(4#3!%:j#-'=%C!$(3_(3(!*%3'#3-#!*.(_(F*
S.#=(&!606!,(..#6!*#&'$#-&(.#6!(.!3'=#.!)#!!.(!,%-(!)#!.(!*.(_(>!
BE*?)"Z)")*"7&1%*A-)Z)*(%*2&6)'E** *(&(!,&#(&!03!*(='$#3-%!,%3-'30%F!
!!!
I#! *&%*%3#! '3-#&=#3'&! #.! #)'8','%! )#! 6#&=','%6! *]:.',%6! (!
[EH*?7(#Y#/)/#S"*)-*T-)"*&%D0-)(7&E*
-&(=f6! )#! 03(! &#$%)#.(,'X3! +! *#&$#(:'.'_E3)%.%!
I#! *&%*%3#! )'6$'30'&! .(! (.-0&(! $E;'$(! )#! #)'8',(,'X3! 10#!
l^(,'f3)%.%! -&(6*(6(:.#m! *(&(! ,%3#,-(&.%! ,%3! 03(! 30#=(!
)#6)#! #.! ! ([%! ?@@?! l6#,,'%3(.! *.(_(! )#! (&$(6m! *#&$'-#!
03(! *.(_%.#-(! '3-#&'%&! )#! $(3_(3(>! 10#! 6#! ='3,0.(&(! ,%3!
*(&(!#6-(!E&#(!RQ!$#-&%6!lG?!*'6%6m!(!03(!(.-0&(!$E;'$(!)#!
7.(_(!)#!2&$(6!+!,%3!#.!:%0.#=(&)!I#&&(3%!l+(!,%36-&0')%mF!
GZ!$#-&%6!lZ!*'6%6m!!
7(&(!#6-%!6#!%,0*(&(!03!-#&&#3%!)#6(*&%=#,^()%!10#!6%.%!
S6-%! (! 8'3! )#! %:-#3#&! ! (! 80-0&%! ! 03(! 03')()! #3! #.! k6q+.'3#o!
6#! 06(! ,%$%! #6-(,'%3($'#3-%! )#! )'6,%-#,(! .%6! 8'3#6! )#!
)#.! 30#=%! ,#3-&%! )#! .(! ,'0)()>! ,%38%&$(3)%! 03(! 03')()!
6#$(3(F! 2)#$E6! )#.! +(! *&#6#3-#! #)'8','%! )#! 6#&=','%6!
#3! .(! ! $(6(! 0&:(3(! (,%&)#! (! .(! #6,(.(! ^'6-X&',(! )#!
*]:.',%6>!6#!*&%*%3#!4#3#&(&!03!%(#Y#/#7*')1i-#1%!(!#6-#>!10#!
"#.'*'..(F! N#! #6-(! 8%&$(! 6#! ,%3)','%3(! 10#! 3%! 60&j(3!
,%3,#3-&(&(! .%6! )#$E6! *&%4&($(6! )#! 4%:'#&3%! &#*(&-')%6!
30#=($#3-#! ,%36-&0,,'%3#6! 10#! &%$*#3! :&0-(.$#3-#! ,%3!
*%&! .(! ,0')()F! lI29>! DM<25>! DMJJSMI>! 5M<2I2>! #3-&#!
#.!*('6(j#!0&:(3%F!
%-&%6m!
*

F[*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

[EI*;%7&(%")/#S"*(%*T&7D&)6)'*?0"#/#T)-%'*%*="'1#10/#7"%'* !
(%*k75#%&"7E! !
! !
2,-0(.$#3-#! #.! ! #)'8','%! "03','*(.! 3%! .%4&(! &#6*%3)#&! (.! ,#3-&%>! 6#! *&#60$#! 10#! ^(:&E! 03! ,'#&-%! )f8','-! 10#! 6#&E!
*&%4&($(! 10#! &#10'#&#F! 7%&! #6-(! &(_X3! $0,^%6! )#! 606! (60$')%! *%&! #.! #6-()%! %! #.! $03','*'%! #3! *&%! )#! .%6!
)#*(&-($#3-%6!6#!#3,0#3-&#3!)'6*#&6%6!*%&!#.!,#3-&%!)#!.(! :#3#8','%6!)#!.(!,%$03')()F*
,'0)()! %! )#:(3! '36-(.(&6#! #3! #.! #)'8','%! )#! .%6! 6#&=','%6!
*]:.',%6F!!
7(&(.#.($#3-#! =(&'(6! )#*#3)#3,'(6! 40:#&3($#3-(.#6!
803,'%3(3! -($:'f3! )'6*#&6(6! *%&! .(! ,'0)()! #3! #6*(,'%6!
'3()#,0()%6!,%$%!,(6(6!03'8($'.'(&#6F!
!
I#!*&%*%3#C!
!
rB&(6.()(&! (10#..%6! )#*(&-($#3-%6! $03','*(.#6! )'6*#&6%6!
4#%4&E8',($#3-#! (! .%6! -#&&#3%6! )#! .(! $03','*(.')()>!
#$*.(_($'#3-%! )%3)#! 6#! )#6(&&%..(&(! #.! *&%+#,-%! )#!
,#3-&%!,/=',%F!lB#$(!,#3-&(.m! J#%&)#3(,'X3!)#!*&%4&($(6!"03','*(.#6!+!)#!9%:'#&3%F!
L_>!(,-0(.p!N#&>!*&%*0#6-%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!
r! 7%&! 60! *(&-#! (10#..%6! )#*(&-($#3-%6! )#! 9%:'#&3%!
-($:'f3!)'6*#&6%6!6#&E3!0:',()%6!#3!#.!#)'8','%!)#!6#&=','%6!
*]:.',%6>! #3! #6*(,'%6! (3-#6! 06()%6! *%&! %&4(3'6$%6!
$03','*(.#6>!+!#3!#)'8','%!6(-f.'-#!*&%*0#6-%F!
*
[EN*8'1&)1%D#)*(%*k%'1#S"E*
*
V(! ! ,%$*&(! )#! .%6! -#&&#3%6! '3-#&'%&#6! )#! $(3_(3(! 10#! 6#!
10'#&#3!(*&%=#,^(&!,%$%!#6*(,'%!+!#10'*($'#3-%!*]:.',%!
6#! 8'3(3,'(&/(! $#)'(3-#! .(! =#3-(! )#! .%6! '3$0#:.#6! 10#!
(.:#&4(3! *&%4&($(6! ! "03','*(.#6! +! 90:#&3($#3-(.#6!
)'6*#&6%6! *%&! .(! ,'0)()! ! 10#! 6#&E3! (4&0*()%6! #3! #.! 30#=%!
#)'8','%! ,%36'6-%&'(.! +! #3! #.! ! #)'8','%! )#! 6#&=','%6! *]:.',%6!
&#6*#,-'=($#3-#F! D%$%! #.! *&#,'%! )#! .%6! -#&&#3%6! ,#3-&(.#6! S610#$(!)#!,%$*&(!)#!-#&&#3%6!3#,#6(&'%6!*(&(!.(!*&%*0#6-(!

6'#$*&#!-#3)&E!03!,%6-%!$(+%&!(!.%6!10#!6#!(.#j(3!)#.!! !

HK*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

JKEK*8@*A;<Q8+:<* !
! S3-&#4(&! 03! 30#=%! #6*(,'%! *]:.',%! (! .(! ,'0)()! (*-%! *(&(!
23-#&'%&$#3-#! 6#! $#3,'%3%! 10#! .(! ,'0)()! )#! "#.'*'..(! (.:#&4(&!(,-%6!%!&#03'%3#6!(&-/6-',%!n!,0.-0&(.#6F!
,&#,/(! &E*')($#3-#! #3! $(-#&'(! #,%3X$',(>! *#&%! 10#! 60! !
#10'*($'#3-%! *0:.',%! 6#! #3,%3-&(:(! #6-(3,()%F! S6-%! JKEJ*A&7D&)6)*'0D%&#(7*
*&#,'6($#3-#! #6! .%! 10#! %,0&&#! (! .(6! (,-0(.#6! '36-(.(,'%3#6! !
)#! ! .(! L.06-&#! "03','*(.')()F! B&(6! 60! 8(,^()(! ,%.%3'(.>! 6#! D%$%! 6#! $#3,'%3X! (3-#&'%&$#3-#! 3%! #;'6-#! 03! *&%4&($(!
()='#&-#3!)#*#3)#3,'(6!%:6%.#-(6!#3!.(6!,0(.#6!803,'%3(!#.! k-/*',%o! )#! ,#3-&%6! ,/=',%6! +(! 10#! #6-%6! &#6*%3)#3! (! .(6!
$03','*'%>! 10#! 3%! .%4&(3! &#6*%3)#&! .(! )#$(3)(! )#! 3#,#6')()#6!)#!.(!,%$03')()F!
#6*(,'%6! &#10#&')%6F! S6-%! 4#3#&(! *&%:.#$(6! )#! V(! ,%$03')()! 3#,#6'-(! #6*(,'%6! *(&(! #.! )#6(&&%..%! )#!
803,'%3(.')()! +! ^(,'3($'#3-%! *#&j0)',(3)%! )'&#,-($#3-#! (,-'=')()#6!)#!)'8#&#3-#!/3)%.#>!(,-'=')()#6!10#!^(6-(!^%+!
#.!-&(:(j%!)#!.%6!803,'%3(&'%6!+!.(!(-#3,'X3!(.!*]:.',%F!2!#6-%! #3! )/(! 803,'%3(3! #3! #6*(,'%6! ()(*-()%6F! O3(! T-)Z)! *(&(!
6#! .#! )#:#! 60$(&! .(! )'6*#&6'X3! 4#%4&E8',(! )#! (.403%6! #.! )#6(&&%..%! )#! (,-'=')()#6! ,/=',(6! (6%$(! ,%$%! 03!
)#*(&-($#3-%6! ,%$%! .(! NLNSDM>! BJ2<ILBM! +! #.! ! U0_4()%! #.#$#3-%! 80#&-#! )#.! *&%4&($(F! V0#4%>! #.! +(! $#3,'%3()%!
)#!7%.',/(!V%,(.>!.%!10#!'3,&#$#3-(!(03!$(6!.%6!*&%:.#$(6F!! "0%$7*8(#Y#/#7*+7"'#'17&#)-!10#!(.:#&4(&(!.(6!)#*#3)#3,'(6!
! )#! .(! L.06-&#! "03','*(.')()F! \(6-(! #6-#! *03-%! 6#! ^(3!
M:j#-'=%!9#3#&(.F! $#3,'%3()%! 6%.%! #10'*($'#3-%6! )#! -'*%! *%./-',%! l#)'8','%!
! )#.!*%)#&!z!*.(_(!,/=',(mF!!
N%-(&! (! .(! ,'0)()! )#! "#.'*'..(! )#! 03! ,#3-&%! ,/=',%! 10#! !
8%&-(.#_,(!.(!'$(4#3!)#!,'0)()!+!10#!60*.(!.(!,(&#3,'(!)#! D%36-&0'&! 03! #6*(,'%! #6-&',-($#3-#! *%./-',%! ! 6'43'8',(! -#36(&!
#6*(,'%6!*(&(!#.!)#6(&&%..%!)#!.(!,%$03')()F! .(6! &#.(,'%3#6! #3-&#! #.! *0#:.%! +! #.! *%)#&F! V(! ,0.-0&(!
! #3-%3,#6>! (*(&#,#! ,%$%! 03(! *%6':'.')()! $#)'()%&(! )#!
M:j#-'=%6!S6*#,/8',%6F! #6-#!30#=%!#6*(,'%!*]:.',%F!O3!*#10#[%!60'%7>!5#5-#71%/)!
! +! )0(#17&#7GK* 6%3! *&%*0#6-(6! )#! %&)#3! ,0.-0&(.! 10#!
J##$*.(_(&! ! =(,/%6! )#6(*&%=#,^()%6! ,%3! '38&(#6-&0,-0&(6! *&#6#3-(3!03(!,(&#3,'(!&#(.!*(&(!.(!,'0)()F!
)#-#&'%&()(6! +! %:6%.#-(6! )'6*%3':.#6! #3! #.! '3-#&'%&! )#! .(! !
$(3_(3(! *%&! 30#=%6! #6*(,'%6! ,%3! ! #10'*($'#3-%! (,%&)#! *
(!03(!,'0)()!,%$%!"#.'*'..(F! *
! *
I%.0,'%3(&! )#! $(3#&(! #8','#3-#! #.! 803,'%3($'#3-%! )#! .(! *
L.06-&#!"03','*(.')()!*%&!$#)'%!)#!.(!,&#(,'X3!)#!03!30#=%!
#)'8','%!,%36'6-%&'(.F!
GK!I#!B&(-(!)#!03!*#10#[%!(0)'-%&'%!*(&(!06%6!)#!.(!"03','*(.')()!+!.(!
! ,%$03')()F!7(&(!06%6!$(6'=%6!#6-(&E!)'6*%3':.#!#.!(0)'-%&'%!*(&(!K@@!
*#&6%3(6!)#.!30#=%!D#3-&%!D0.-0&(.F!

HJ*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

JKEB*?)"Z)")** !
* !
V(!$(3_(3(!*&%*0#6-(!*(&(!#.!!)#6(&&%..%!)#.!,#3-&%!,/=',%! ()10'&'&.%! +! 806'%3(&! 606! *&#)'%6! *(&(! '36-(.(&! (^/! 03! ,#3-&%!
*%6##! 03(! *&'='.#4'()(! .%,(.'_(,'X3! ,#&,(3(! (! 7.(_(! )#! )#! ()0.-%! $(+%&F! D%3! #6-(! %*#&(,'X3! 6#! .%4&(! ,&#(&! 03(!
2&$(6! (6/! ,%$%! 8E,'.! (,,#6':'.')()! (! ,(..#6! '$*%&-(3-#6! ,%3-'30')()! )#.! #6*(,'%! *0:.',%! 10#! ='3,0.(&/(! *%&!
,%$%! 2&-0&%! 7&(-! +! "#&,#)>! #3! 6#3-')%! %&'#3-#r*%3'#3-#! +!! #j#$*.%>! *.(_(! )#! (&$(6! ,%3! L4.#6'(! $#&,#)! *%&! #6*(,'%6!
7(&)%!+!I'.=(!D^E=#_!#3!6#3-')%!<%&-#!60&F!V(6!*&'$#&(6!)%6! '3-#&'%&#6!)#!$(3_(3(F!!lc#&!*&%*0#6-(!0&:(3(m!
6#!&#.(,'%3(3!,%3!.(!#6,(.(!*#(-%3(.>!$'#3-&(6!.(!,(..#!7&(-!
#6! 03! ,%3#,-%&! #3-&#! .(!*.(_(! +! .%6! U0_4()%6! )#! 5($'.'(>! .(!
,(..#! "#&,#)! #6! 03(! )#! .(6! ,(..#6! $(6! -&(36'-()(6!
*#(-%3(.$#3-#!+!,%3!$(+%&!*%-#3,'(.!)#!.(!,'0)()!+(!10#!
..#=(! 8.0j%6! )#6)#! 6#,-%&#6! ^(:'-(,'%3(.#6! )#.! *%3'#3-#! )#!
.(!,'0)()!^(6-(!.(!7.(_(!)#!2&$(6F!S.!6#403)%!*(&!)#!,(..#6!
*%6##! #6,(.(! ,%$03(.>! 6'&='#3)%! )#! #3-&()(! +! 6(.')(! )#.!
-&(36*%&-#!,%.#,-'=%!l:06#6mF!
!
S3!.(!$(3_(3(!!6#!#3,0#3-&(!#.!-#&&#3%!)%3)#!803,'%3(!.(!!
"03','*(.')()! 10#! (:(&,(! .(! $'-()! )#! #6-(>! .(! %-&(! $'-()!
6#!)'6-'340#3!)%6!6%.(&#6!,.(&($#3-#!')#3-'8',()%6F!
!
S.!*&'$#&!6%.(&!$E6!,#&,(3%!(!*.(_(!)#!(&$(6!6#!#3,0#3-&(!
,%36%.')()%! #3-&#! 606! )'6-'3-%6! *&#)'%6! 6#! #3,0#3-&(! 03(!
*%:.(,'X3! 10#! ,%.'3)(! ,%3! .(! "03','*(.')()>! 03! H(3,%! +!
='='#3)(6!$(6!(3-'40(6!#3!8(,^()(!,%3-'30(F!!
! ! N'(4&($(F!"%&8%.%4/(!)#!.(!$(3_(3(!

S3! #.! ].-'$%! 6%.(&! 6#! #3,0#3-&(3! *&#)'%6! )#! $(+%&#6! *


)'$#36'%3#6! ,%3! ,%36-&0,,'%3#6! :.(3)(6! )#! $()#&(! +! *
-#&&#3%6! =(,/%6! 10#! 803,'%3(3! ,%$%! *.(+(! )#! *
#6-(,'%3($'#3-%6!(&&#3)()%6!(!!.(!"03','*(.')()F!N#6-(,(! *
8&#3-#! (! #6-#! 6%.(&! #3! 6#3-')%! ! *%3'#3-#! .(! *&#6#3,'(! )#! .(! *
(3-'40(!L4.#6'(!+!$%3(6-#&'%!)#!.(!%&)#3!"#&,#)(&'(F! *
! *
N#:')%! (! .(! 3(-0&(.#_(! )#! #6-#! ].-'$%! 6%.(&! 6#! *.(3-#(! #3! *
0")*'%D0"()*%1)T)*4*/767*T)&1%*(%*-)*T&7T0%'1)*0&5)")!! *

HB*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

JKEF*:%&&%"7* !

*
JKEFEJ!5#/)/#S"*4*(#6%"'#7"%'E*
S.! -#&&#3%! (,-0(.$#3-#! %,0*()%! *%&! )#*#3)#3,'(6! )#! .(!
$03','*(.')()! %,0*(! .(! $'-()! )#! .(! $(3_(3(! .'$'-(3)%! (.!
60&! ,%3! ,(..#! 7&(->! (.! %&'#3-#! ,%3! ,(..#! I'.=(! D^E=#_>! (.!
*%3'#3-#!,%3!,(..#!7(&)%!+!(.!3%&-#!,%3!)'8#&#3-#6!*&#)'%6!(!
.%!.(&4%!)#!-%)(!.(!$(3_(3(F!
S.!-#&&#3%!-'#3#!03(!60*#&8','#!(*&%;'$()(!)#!QFGG@!$?F!
*
JKEFEB*!'7*)/10)-E*
S.!*&#)'%!)#!.(!$03','*(.')()!#6-(!,%38%&$()%!#3!60!6#,-%&!
7.(3'$#-&/(!)'6-&':0,'X3!(,-0(.!)#.!*&%4&($(!
%&'#3-#!*%&!.(!,(6%3(!,%.%3'(.!)#!()%:#!10#!)(-(!)#.!6'4.%!
aLa!+!10#!.($#3-(:.#$#3-#!#6!06()(!,%$%!:%)#4(F!S3!#.!!
./$'-#! 3%&-#! 6#! 6'-](3! 03! 4(.*X3! 10#! #6! 06()%! *(&(! (,-%6!
*]:.',%6!+!)'8#&#3-#6!,%36-&0,,'%3#6!(3#;()(6!(.!#)'8','%!)#!
()%:#F! S.! 6#,-%&! *%3'#3-#! 6#! ,%$*%3#! )#! .(! :':.'%-#,(!
$03','*(.! 10#! #3! .(! (,-0(.')()! *&#6#3-(! *&%:.#$(6! )#!
803,'X3F! 5'3(.$#3-#! #3! #.! '3-#&'%&! )#.! *&#)'%! #6! *%6':.#!
#3,%3-&(&! )'8#&#3-#6! 6%.0,'%3#6! k*(&,^#o! )'6*0#6-(6! .0#4%!
)#.!-#&&#$%-%!)#!GAYK!+!10#!(,%4#3!)'8#&#3-#6!*&%4&($(6!
,%$%! #.! ,%36#j%! $03','*(.>! #.! ,(6'3%! +! .(6! %8','3(6! )#.!
()0.-%!$(+%&F!!
!
!
*
!
!
!
!
!
!
!
!
! !
* L$E4#3#6!)#!(.403%6!&#,'3-%6!
!
L$(4#3!(f&#(!)#.!-#&&#3%F!c'6-(!)#6)#!#.!3%&-#!

HF*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

! !
! !
! !
! !
! !
! !
! !
! *
!
! *
! *
!
!
*
! *
!
*
!
! *
! *
.)/,)()*)*/)--%*M#-$)*+,m$%Z
! *
! *
* *
* *
.)/,)()*)*/)--%*A&)1* *
* *
* *
* *
* *
*
* *
* *
* *
* *
* *
.)/,)()*)*/)--%*A)&(7* *
* *
* *
* *

HH*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

JKEFEF* 97&6)1#$)* )'7/#)()* )-* 1%&&%"7* '%DU"* T-)"* &%D0-)(7&* #)'8',(,'%3#6!('6.()(6!6%:&#!.(!(.-0&(!)#!.(!*.(,(!6#!)#:#&E!


/760")-* &#6*#-(&!K!$!)#!)'6-(3,'($'#3-%!(!.%6!)#6.'3)#6!+!(!.(!./3#(!
* )#!,'#&&%!^(6-(!.(!(.-0&(!$E;'$(!*#&$'-')(F*
*
r2.-0&(!$E;'$(!)#!#)'8',(,'X3F*
D%3-'30(C!G@>K$*
2'6.()(C!?Q*
*
r(3-#j(&)/3C!3%!6#!,%360.-(F*
*
r,%#8','#3-#!)#!,%36-&0,-':'.')()C!ZF@!#10'*($'#3-%*
!
e*F^*
830#T)6#%"17*
*
I0*#&8','#!*&#)'(.!$/3'$(C!?K@$!
* !
* 5&#3-#!*&#)'(.!$/3'$%C!G@$!
I#!,%36')#&(!.(!3%&$(-'=(!)#.!*.(3!&#40.()%&!(,-0(.! !
='4#3-#F!S.!-#&&#3%!)#.!*&%+#,-%!6#!#3,0#3-&(!)#3-&%!)#!?! 7%&,#3-(j#!$E;'$%!)#!%,0*(,'X3!)#!60#.%C!K@s!
_%3(6C!`D"?!+!`R>!,()(!03(!)#!.(6!,0(.#6!(.,(3_(!(!-%$(&! #10'*($'#3-%!
.(!$'-()!)#.!-#&&#3%F! !
* I'6-#$(!)#!(4&0*($'#3-%C!('6.()%>!*(&#()%>!,%3-'30%!
e+?B*ne<92*+89:;<*?8@=A=@@2*Ba^* !
* 2.-0&(!$E;'$(!)#!#)'8',(,'X3C!Y$!
r60*#&8','#!*&#)'(.!$/3'$(C!Z@@$?! *
* *
r8&#3-#!*&#)'(.!!$/3'$%C!G?$* *
* *
r*%&,#3-(j#!$E;'$%!)#!%,0*(,'X3!)#!60#.%C!G@@s! *
#10'*($'#3-%F* *
* *
rI'6-#$(6!)#!(4&0*($'#3-%C!,%3-'30%!#3!*&'$#&!*.(3%!)#! *
8(,^()(!+!('6.()%!#3!6#403)%!*.(3%!)#!8(,^()(F!7(&(!.(6! *

HI*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

JKEH*A)&1#(7*D%"%&)-* !
* !
V(! *&'$#&(! )#,'6'X3! 80#! )#6*#j(&! #.! -#&&#3%! )#! -%)(! !

,%36-&0,,'X3! 10#! 3%! -0='#6#! 03! =(.%&! (&10'-#,-X3',%!


&#.#=(3-#F! N#! #6-(! $(3#&(! 6%.%! 6#! ,%36#&=X! .(! ,(6%3(!
,%.%3'(.! )#! ()%:#>! .'4()(! (! .(! $#$%&'(! ,/=',(! )#.!
^(:'-(3-#! "#.'*'..(3%! ,%$%! 6/$:%.%! )#.! *%)#&! .%,(.F! I#!
*&%*%3#! 60! &#6-(0&(,'X3! ,%3! #.! 8'3! )#! -&(368%&$(&.(! #3! 03!
*#10#[%!$06#%!'3#;'6-#!^(6-(!#.!$%$#3-%!#3!.(!,'0)()F!!
D&%10'6!7(&-')%!4#3#&(.!
!
!
T(! 6'3! 3'34]3! %:6-E,0.%>! 10#)(! (! *.#3(! )'6*%6','X3! )#.!
!
*&%+#,-%! .(! $'-()! )#! .(! $(3_(3(F! V(! #6-&(-#4'(!
!
803)($#3-(.! *(&(! *%6(&! #.! #610#$(! 4#3#&(.! #3! #.! -#&&#3%!
!
*(6(! *%&! -%$(&! #3! ,0#3-(! #.! ,%3-#;-%! )#.! ,#3-&%! )#!
"#.'*'..(! (6/! ,%$%! .(! ')#(! )#! -&(:(j(&! .%6! '3-#&'%&#6! )#!
$(3_(3(F!
!
S3! #610#$(! )#! *.(3-(>! .(! *&'$#&(! ,%3)','X3! '$*0#6-(!!
:06,(! &#*%3#&! .(! ')#(! )#! 8(,^()(! ,%3-'30(! #3! -%)%! #.!
:%&)#! )#.! -#&&#3%>! ^(,'#3)%! ! &#8#&#3,'(! (! .(! ='='#3)(!
0&:(3(! -&()','%3(.! #3! kVo! ,%3! *(-'%! '3-#&'%&>! 10#! (.! '40(.!
10#! .(! ,(6%3(! (3-'40(! #;'6-#3-#! %,0*(&(! .(! ,%3)','X3! )#!
#610'3(F! D%3! #6-(6! %*#&(,'%3#6! 6#! #6-(:.#,#! .(! ')#(! )#!
'3-&%=#&6'X3!)#.!*(&-')%F!
!
D%..(4#!D%3,#*-0(.!9#3#&()%&!)#.!*&%+#,-%F!
S.!)'(4&($(!,%3,#*-0(.!*&%*%3#!.(!=%.03-()!)#!&#,0*#&(&!
!
.(!)0(.')()!#3-&#!#)'8','%!,.(06-&(.!+!#.!=#&)#!'3-#&'%&F!
!
I#!'36'6-#!#3!.(!')#(!)#.!^0#&-%!'3-#&'%&!)#!!$(3_(3(F!V%!10#!
!
(.403(! =#_! 80#&%3! #6*(,'%6! )#! ,0.-'=%6! )%3)#! 6#!
!
#6-(:.#,/(3! #3,0#3-&%6>! 10#! .0#4%! 6#! *(&,#.(&%3! +! 6#!
!
,#&,(&%3! *(&(! -&(368%&$(&6#! #3! (:6%.0-($#3-#! *&'=()%6>!
!
(^%&(!=0#.=#!(!6#&!(6#10':.#!#3!8%&$(!)#!#6*(,'%!*]:.',%F!!!
!
I#! 4#3#&(! (6/! 03! '3-#&'%&! *&%-#4')%! )#.! &0')%! +! )#! .(!
!
,%34#6-'X3>!03!%(6'6!,/=',%!#3!$#)'%!)#!.(!,'0)()F!

HN*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

S3! ='6-(! +! #3! ,%&-#! #.! *&%+#,-%! -($:'f3! *&%*%3#! -%$(&!


&#,0&6%6!)#!)'6#[%!*&%=#3'#3-#6!)#.!,%3-#;-%F!
!
S3!#.!(3E.'6'6!*&#='%!6#!$#3,'%3%!.(!*&#6#3,'(!)#.!ZS/)-7*#3! *
.(! ='='#3)(! 0&:(3(! -&()','%3(.! )#! "#.'*'..(F! I#! -%$(! 8'30%6)*/7"1#"0#()(*%"*ZS/)-7*

*&#6-()%! #6-#! &#,0&6%! *#&%! 3%! 6#! 06(! )#! 03(! 8%&$(! .'-#&(.F! *
"(6!10#!03!#.#$#3-%!#6-f-',%!%!#6-&0,-0&(.>!#3!#6-#!,(6%!#.! *
_X,(.%! #6! 06()%! ,%$%! 03(! *.(-(8%&$(! *(&(! #.#=(&! #.!
#)'8','%!*%&!6%:&#!.(!,%-(!)#!.(!,(..#>!()10'&'#3)%!#6-#!03(!
$(+%&!*&#6#3,'(!'36-'-0,'%3(.F!!
S6-#! 30#=%! 60#.%! 0&:(3%! #.#=()%! 6#! ,%36-'-0'&E! ,%$%! 03(!
#;*.(3()(!,/=',(!+!!.(!)'8#&#3,'(!)#.!3'=#.!*#&$'-'&E!k-(..(&o!
(.403%6!*&%4&($(6F! *
S610#$(!I#,,'X3!!
!
*
S3!#.!#610#$(!)#!,%&-#!()10'#&#!'$*%&-(3,'(!.(!*&#6#3,'(!
*
)#.! 60&7* T%&#6%1&)-! $(,'_%! (! .%! .(&4%! )#! -%)%! #.! :%&)#!!
*
#;-#&'%&! #.! #)'8','%F! S.! :%&)#! ,%3-&(&'%! #3! -(3-%! ^(,#!
&#8#&#3,'(! (! .(! D)-%&V)* #"1%&#7&! *&%*'(! )#! .(! (&10'-#,-0&(!
0&:(3(! -&()','%3(.>! 10#! #6-(:.#,#! 03! )'(.%4%! *#&$(3#3-#!
,%3!#.!*(-'%!'3-#&'%&F!
S.! ,%3,#*-%! )#! -&(36*(&#3,'(! #6-(! *&#6#3-#! #3! )',^(!
%*#&(,'X3>! ! (6/! #.! #)'8','%! #6! *#&$#(:.#! ! '3-#&'%&$#3-#! +!
6X.')%!#;-#&'%&$#3-#F!
!
!
!
! *
! D&%10'6!#6*(,'%!'3-#&'%&F!L)#(!)#!7#&$#(:'.')()!

! *
! *
! *
! *
*
* *

HP*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

JKEHEJ*>7-06%1&V)*
! LE_* >7-06%"* 21%"/#S"* AU5-#/7E! S6-#! =%.0$#3! 6#! ($(&&(! (.!
! ,0#&*%! (3-#&'%&! 6%:&#! ,(..#! 7&(->! (&-#&'(! $0+! -&(36'-()(!!
! ,/=',($#3-#!+(!10#!03#!.%6!U0_4()%6!)#!5($'.'(!+!.(!7.(_(!
! )#!2&$(6F! 2*&%=#,^(3)%!.%6!8.0j%6!6#!*&%*%3#!#6-(!*(6-'..(!
*(&(! (-#3,'X3! )#! *]:.',%F! I#! ,%3,#3-&(3! .%6! *&%4&($(6!
$(6! #;*0#6-%6! ,%$%! NLNSDM! lN'&#,,'X3! )#! N#6(&&%..%!
D%$03'-(&'%m>!N'&#,,'X3!)#!B&(36'-%!+!N'&#,,'X3!)#!%:&(6F!!!
!
+E_* A&7D&)6)* eS/)-7E! D%36#,0#3,'(! )#! .(! ')#(! )#.! _X,(.%!
)#!.(6!='='#3)(6!-&()','%3(.#6!)#!()%:#!#6!10#!#.!*&%+#,-%!
6#!#.#=(!.#=#$#3-#!6%:&#!#.!3'=#.!,(..#!#6-(:.#,'f3)%6#!03!
_X,(.%F! S6-#! -'#3#! ?! 803,'%3#6C! ,%36-'-0'&6#! #3! 03(!
#;*.(3()(! ,/=',(! +! (.:#&4(&! 03(! :':.'%-#,(! *]:.',(! 6#$'!
! #3-#&&()(F! S6-(! 6#! )'6*%3#! ,%$%! 03! #3-#! (&-',0.()%&! #3-&#!
"%)#.%!#6*(,'(.!
.(!,(6%3(!(3-'40(!+!.(!*.(_(!,/=',(!)'=')'#3)%!+!4#3#&(3)%!
!
60-'.$#3-#!?!.04(&#6>!03!()#.(3-#!+!03!(-&E6F!
!
*
!
GE_*>7-06%"*M)1i-#1%E*S6-#!*(:#..X3!)#!)'6*%3#!(!.%!.(&4%!)#!
S.!,%3j03-%!6#!,%$*%3#!*%&!R!=%.]$#3#6!#$#&4')%6!+!03!
-%)%! #.! #j#! ,%.'3)(3-#! *(&(! &#6%.=#&! #.! *&%:.#$(! )#.!
*&%4&($(!6#$'r#3-#&&()%F!!
$#)'(3#&%F! S.! ,0#&*%! ,%3,#3-&(! #3! 60! _%3(! *%6-#&'%&!
!
*&%4&($(6! )#! 6#&=','%6! )#.! ,%3j03-%! ,%$%! #.! ,(6'3%!
2E_* >7-06%"* 2(6#"#'1&)1#$7* ="'1#10/#7")-C! I#! 4#3#&(! 03!
$03','*(.! +! 03(! :(-#&/(! )#! :([%6! *]:.',%6F! S3! #.! (.(!
=%.0$#3! *(&(.#.%! (! .(! ,(6%3(! (3-'40(! )'6*0#6-%! #3! #.!
)#.(3-#&(! (! 03! ,%6-()%! )#! .(! ,(6%3(! 6#! 0:',(! #.! j0_4()%!
:%&)#! ,%3-&(&'%>! #6-(:.#,'#3)%! 03! ,%3-&(6-#F! I'! .(! ,(6%3(!
)#! *%.',/(! .%,(.F! S6-#! *&%4&($(! 6#! 0:',(! 80#&(! )#.! #)'8','%!
&#*&#6#3-(!.(!$#$%&'(!,/=',(>!#.!30#=%!=%.0$#3!&#*&#6#3-(!
$03','*(.! +(! 10#! #6! 03! %&4(3'6$%! 10#! 3%! )#*#3)#!
#.!80-0&%F!N#6)#!.(!,(6%3(!(3-'40(!*0#)#!6#&!='6-%!,%$%!#.!
)'&#,-($#3-#! )#! .(! "03','*(.')()>! 6'3%! )#! .(! D%&-#!
-#.X3!)#!8%3)%!)#.!*&%+#,-%F!!S6!#.!,0#&*%!)#!$(+%&!(.-0&(!
I0*&#$(F*
)#.!,%$*.#j%!+!,%$%!-(.!03!6/$:%.%!)#.!*%)#&F!26/!(.:#&4(!
7(&(! &#6%.=#&! #.! (6*#,-%! )#! .(! '.0$'3(,'X3! 6#! *.(3-#(! 03!
.%6! *&%4&($(6! )#! ,(&E,-#&! ()$'3'6-&(-'=%6! )#! .(! L.06-&#!
6'6-#$(!)#!*(-'%6!&#*#-'-'=%6F*
$03','*(.')()>!,%3!#6,(6(!(-#3,'X3!)#!*]:.',%!-(.#6!,%$%!
*
.(!(.,(.)/(>!#.!,%36#j%!+!)'8#&#3-#6!)'&#,,'%3#6!(6#6%&(6!)#.!
*
(.,(.)#F!
*
!

HW*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

JKEHEB*<&D)"#Z)/#S"*$%&1#/)-*o*1&)"'$%&')-*
!
S.!*&%+#,-%!-($:'f3!()10'#&#!6#3-')%!#3!,%$%!6#!*.(3'8',(!
.(!)'6-&':0,'X3!)#!.(6!(,-'=')()#6!#3!606!)'6-'3-%6!3'=#.#6F!
!
S.!3'=#.!rG!l_X,(.%m!,%3,#3-&(!.(6!E&#(6!)#!#6-(,'%3($'#3-%6! *
S610#$(!)#!!*]:.',%!*%&!3'=#.#6!
+!#.!*&%4&($(!)#!.(!:':.'%-#,(!*]:.',(>!!4#3#&(3)%!#3!#6-(>!
#6*(,'%6!$E6!/3-'$%6!*(&(!#.!(,-%!)#!.(!.#,-0&(F!
!
S.! 3'=#.! G! (.:#&4(! .(6! )#*#3)#3,'(6! 10#! -'#3#3! 03(! $(+%&!
(8.0#3,'(! )#! *]:.',%>! )#:')%! (.! ,%3-(,-%! )'&#,-%! ,%3! .(!
#;*.(3()(! ,/=',(F! N#3-&%! )#.! *&%4&($(! $03','*(.! 6#!
*0#)#!$#3,'%3(&!.(!NLNSDM!+!#.!U0_4()%!)#!7%.',/(!V%,(.F!
S610#$(!%&4(3'_(,'X3!=#&-',(.*
!
S3!#.!3'=#.!?!^(+!03(!$#_,.(!#3-&#!*&%4&($(6!10#!(-'#3)#3!
*]:.',%! +! *&%4&($(6! ()$'3'6-&(-'=%6>! *(&(! )(&! *(6%! #3! #.!
3'=#.!R!6%.%!(.!*&%4&($(!)#!-'*%!$(6!*&'=()%F!
!
!
S.!803,'%3($'#3-%!)#.!#! #)'8','%!#3!6#,,'X3!-($:'f3!%*#&(!
6#4]3! #.! ! ,&'-#&'%! *0:.',%r*&'=()%F! \(,'(! .(! *.(_(! ,/=',(! 6#!
)'6*%3#3! .(6! ,'&,0.(,'%3#6! )#.! *]:.',%>! *%6-#&'%&$#3-#! 6#!
0:',(3!.(6!E&#(6!)#!(-#3,'X3!(.!*]:.',%!+!%!:%;!)#!-&(:(j%>!
6#*(&()(6! *%&! $#)'%! )#! 03(! ,'&,0.(,'X3! '3-#&3(! )#! .(6!
8'30%6)*7&D)"#Z)/#S"*1&)"'$%&')-*
%8','3(6!)#!$(+%&!&(34%F!!
!
D%3! #6-(! )'6-&':0,'X3! .(6! _%3(6! $E6! *]:.',(6! 6%3!
8(=%&#,')(6!,%3!.(!'.0$'3(,'X3!6%.(&>!$'#3-&(6!10#!.(!$(+%&!
*(&-#!)#!.(6!%8','3(6!10#)(!*&%-#4')(F!
!
*
*
8'30%6)*%"*T-)"1)*(%**1&)4%/17&#)*'7-)&*
*

H[*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

*
*
*
!
*
*
*
*
*
*

*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
N'6-&':0,'X3!)#.!*&%4&($(!
*
* *
* *

IK*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

JKEI*+&#1%&#7*%'1&0/10&)-* *
* *
7(&(! 6%.0,'%3(&! .(! ! #6-&0,-0&(! )#.! *&%+#,-%! 6#! *&%*%3#! 03!
6'6-#$(!)0(.!10#!,%$:'3(!$(&,%6!+!$0&%6!)#!!^%&$'4X3F!S3!
#6-#!6'6-#$(!.(6!,(&4(6!=#&-',(.#6!+!^%&'_%3-(.#6!6%3!&#6'6-')(6!
-(3-%!*%&!.%6!$0&%6!,%$%!*%&!.(6!,%.0$3(6>!
!
V%6!$(&,%6!&/4')%6!6%3!)'6*0#6-%6!#3!.(6!_%3(6!)#!-&(:(j%!)#!
$(3#&(!)#!.':#&(&!.(!*.(3-(!*(&(!03!$#j%&!803,'%3($'#3-%F!!
V%6! $0&%6! #3! ,($:'%! 6#! )'6*%3#3! #3! .%6! -&#6! #;-&#$%6! )#.!
#)'8','%! +! ,%3,#3-&(3! *&'3,'*(.$#3-#! .(6! ,'&,0.(,'%3#6! *
"%)#.%!#6-&0,-0&(!
=#&-',(.#6!+!.(6!_%3(6!^]$#)(6F!
*
*
*
*
*
*
*
*
*

*
*
*
D&%10'6! ,&'-#&'%! #6-&0,-0&(.F! S3! ,%.%&! &%j%! 6#! )#6-(,(3! .(6! _%3(6! )%3)#! 6#! )'6*%3#3!
*
3],.#%6!)#!$0&%6! "%)#.%!#6-&0,-0&(!

* *
* *
*
* *
* *

IJ*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

JKEN*A&7D&)6)*(%1)--)(7* %8!(:%4()%6!! Z! !!
*
$?! !! FP*
A;<k;2?2* !M!2;=<* 6B*
JE_*2@+2@G=2* !! !!
PE*G=;8++=<9*+<9:;<@*=9:8;9<* !! !!
%8','3(!(.,(.)#! G! !!
)'&#,,'X3! G! !!
&#,#*,'X3!! ?! !!
6#,&#-(&'(! G! !!
I(.X3!!)#!*.#3%6! !! !!
%8!*&%8#6'%3(.#6! ?! !!
$?! !! JJB*
!! !! !!
! ! !
$?! !! FP*
BE_*2G?=9=M:;2+=<9*?!9=+=A2@** !! !!
2)$'3'6-&()%&!"03','*(.! G! !!
WE_*M8+A@2+* !! !!
&#,#*,'X3! G! !!
)'&#,,'X3! G! !!
*&%8#6'%3(.#6! R! !!
6#,&#-(&'(6! ?! !!
6(.(!&#03'X3! !! !!
6#,,'X3!#6-0)'%6!z!*.()#,%! R! !!
$?! !! IN*
7.(3'8',(,'X3!-#&&'-%&'(.!+!*&%+F! G! !!
(6#6%&'(!0&:(3(! G! !!
FE_*M8+;8:2;=2*?!9=+=A2@* !! !!
6#,,'X3!#,!8'3(3,'#&(! G! !!
I#,&#-(&'%!!"03','*(.!! G! !!
$?! !! IN*
J#,#*,'X3! ?! !!
%8','3(!*(&-#6!+!&#,.($%6! K! !!
[EG8A:<*=9.<;?2:=+2* !! !!
$?! !! IN*
%8!)'&#,-%&!z!:([%! G! !!
6#,&#-(&'(! G! !!
HE+<9M8R<*?!9=+=A2@* !! !!
%8!803,'%3(&'%6! R! !!
!6#,&#-(&'(6!)#.!,%36#j%! ?! !!
%8!-f,3',%6! ?! !!
%8!,%3,#j(.!G! G! !!
6(.(!6#&=')%&#6! !! !!
%8!,%3,#j(.!?! G! !!
$?! !! FW*
%8!,%3,#j(.!R! G! !!
! !
%8!,%3,#j(.!Z! G! !!
JKEG<?* !! !!
%8!,%3,#j(.!K! G! !!
(#&%//#S"* ?! ?Y!
$?! ** [F*
)a*G8A:<*8G=.=+2+=<9*Q*A8;?=M<M* !! ?Y!
U#8#!#)!+!*#&$'6%6! G! !!
IE*;E;EAEAE* !! !!
803,'%3(&'%6!()$'3'6-&(-'=%6! ?! !!
j#8#!JJ77!! G! !!
5a*G8A:<*G8*+<9M:*?!9=+=A2@8M* !! ?Y!
7#&'%)'6-(! G! !!
U#8#!,%36-F!$03','*(.#6! G! !!
803,'%3(&'%! G! !!
803,'%3(&'%6!()$'3'6-&(-'=%6! R! !!
6(.(!*&#36(! !! !!
/a*M8++=<9*M8+;8:2;=2*Q*2;+l=><* !! ?Y!
&#,#*,'X3! G! !!
U#8#!,(-(6-&%! G! !!
$?! !! PH*
803,'%3(&'%6!()$'3'6-&(-'=%6! G! !!
$?! JJB*
NE*G=;8++=<9*2M8M<;=2*R!;=G=+2* !! !!
!
(6#6%&!j0&/)',%!! G! !!
JJEG=;8++=<9*2G?*Q*.=929e2M* !! !!
6#,&#-(&'(! G! !!

IB*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

G=;8++=<9* ?! ?Y! %8!='='#3)(! G! !!


)a*G8A:<*.=929e2M* !! ?Y! %8!8($'.'(! G! !!
7Y*/7"1)5#-#()(*4*T&%'0T0%'17* ?! !! 5a*(%T17*7&D*/760"#1)&#)* !! ?Y!
7Y*&%"1)'*4*T)1%"1%'* Z! !! %&4!,%$03'-(&'(! G! !!
5a*G8A:<*:8M<;8;=2* !! KQ! )#*%&-#!+!&#,&#(,'X3! G! !!
%8!-#6%&#&%!$03','*(.! G! !! /a*(%T17*%6%&D%"/#)* !! GR!
6#,&#-(&'(! G! !! %8!#$#&4#3,'(! G! !!
803,'%3(&'%6! K! !! (a*(%T17*'%&$#/#7'*/760"#1)&#7'* !! GR!
%8!(&,^'=%6! !! !! %8!,0.-0&(!+!-0&'6$%! G! !!
/a*G8A:<*2G?=9=M:;2+=<9* !! ?Y! %a*(%T17*/)T)/#1)/#S"* !! ?Y!
%8!6#,,'X3!)#!*#&6%3(.! ?! !! %8!()$'3'6-&(-'=%! G! !!
%8!6#,,'X3!&#$03#&(,'%3#6!+!*&#='6'X3! ?! !! %8!8%$#3-%!*&%)0,-'=%! G! !!
(a*G8A:<*;8+!;M<M*.=M=+<M* !! ?Y! Ya*(%T17*')-0(*4*?2* !! KQ!
%8!6#,,'X3!'3=#3-(&'%! G! !! %8!(6'6-#3,'(!(4&/,%.(! ?! !!
%8!6#,,'X3!(:(6-#,'$'#3-%! Z! !! %8!_%%3%6'6! G! !!
%a*G8A:<*L=898M:2;* !! ?Y! :%)#4(! !! !!
7Y*5#%"%'1)&* ?! !! $?! BBB*
I(.(!&#03'%3#6!z!(&,^'=%! ?Y!
$?! !! BBH* JHE*G=;8++=<9*=9MA8++=<9* !! !!
%8!)'&#,,'X3! G! !!
JBE*G=;8++=<9*G8*:;29M=:<** !! !! 6(.(!&#03'%3#6! !! !!
(#&%//#S"* G! ?Y! 6#,&#-(&'(!! G! !!
)a*G8A:<*@=+89+=2M*+<9G!+=;* !! RY! '36*#,-%&#6!l#3!-#&&#3%m! Q! !!
%8!j#8#!6#,,'X3! G! !! %8!803,'%3(&'%6!! ?! !!
6(.(!#;E$#3#6! G! !! $?! !! FP*
%8','3(!8%-%4&E8',(!! !! !!
6(.(!#;($#3!*6',%-f,3',%! G! !! JIE*R!ek2G<*A<@=+=2*@<+2@* !! **
803,'%3(&'%6!&#,#*,'X3! Z! !! M8!j0#_!z!:([%! G! !!
5a*G8A:<*A8;?=M<M*+=;+!@2+=<9* !! ?Y! 6#,&#-(&'%!%8','(.! G! !!
%8!j#8#!6#,,'X3! G! !! 6#,&#-(&'%!j0_4()%! G! !!
803,'%3(&'%6!! Z! !! 6#,&#-(&'(! G! !!
/a*G8A:<*8M:!G=<M*Q*M8p2@=e2+=<9* !! ?Y! %8!(,-0(&'%6!z!I2V2!! Q! !!
%8!j#8#!6#,,'X3! G! !! &#,#*,'X3!! ?! !!
%8!(&,^'=%6! !! !! $?! ** B[N*
:%)#4(! !! !!
$?! !! JBB* M8;>=+=<M* ** **
:([%6!803,'%3(&'%6! QK!
JFE*G=G8+<* !! !! :([%6!*]:.',%6! !! G@Z!
)'&#,,'X3! ?! ?Y! $?! !! JN[*
)a*(%T17*)'#'1%"/#)*'7/#)-* !! KQ!
%8!(6'6-#3-#6!6%,'(.#6! K! !! +2M=9<* !! **
%8!,%$*0-(,'X3! G! !! ,%$#)%&! !! GQK!

IF*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

,%,'3(! !! RW! *
$?! !! BKB* *
! ! !
2!G=:<;=<* !! **
*
8%+#&! !! ?R! *
6(.(! !! ??@! *
6#&=','%6! !! ?Q!
*
$?! !! BN[*
! ! ! *
L=L@=<:8+2* !! *
$?! !! FHK* *
! ! !
*
;8+=+@2R8*+2M<92*29:=k!2* ** **
6(.(6!!$0.-'*&%*X6'-%!l?m! !! Y@! *
6(.X3!#;*%6','%3#6! !! WK! *
6(.(!$06#%! !! Q@! *
%8','3(6!()$'3'6-&(,'X3!)#.!,%$*.#j%! !! Q@!
*
$?! !! BPI*
*
7JM9J2"2!l$?m! !! BWBP* *
*
+=;+!@2+=<98M*C*8MA2+=<M*8MA8;2* **
*
$?! !! JJBI*
! ! ! *
IOH!BMB2V!l$?m! F[IB* *
*
M!L:8;;298<* ** **
*
SIB2DLM<2"LS<BMI!z!I2V2!"2eOL<2I!l$?m! !! FKKK*
*
:<:2@*A;<Q8+:<*n?Ba* !! N[IB* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *

IH*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

JKEP*k%'1#S"*(%-*T&74%/17* *
* *
V(! 8(,-':'.')()! )#.! *&%+#,-%! #3! ,0(3-%! (! 60! 4#6-'X3! *
$%3#-(&'(! 6#! )#6(&&%..(&(! #3! :(6#! (! .(! ,(*-(,'X3! )#! *
,(*'-(.!!*%&!R!=/(6F! *
* *
J_*.7"(7'*?0"#/#T)-%'E* *
I#! ,(*-(&(3! (! -&(=f6! )#! .(! =#3-(! )#! .%6! '3$0#:.#6! *
$03','*(.#6! )%3)#! #6-E3! )'6*#&6%6! 4#%4&E8',($#3-#! *
(.403%6!)#*(&-($#3-%6!)#!.(!L.06-&#!"03','*(.')()F! *
* *
B_*.7"(7*9)/#7")-*(%*G%')&&7--7*;%D#7")-*n.9G;a* *
S.!$03','*'%!*%6-0.(&E!(.!5<NJ!*(&(!8'3(3,'(&!.(!$(+%&!*(&-#! *
)#.! *&%+#,-%F! 50#3-#6! )#! ISD7V2D! $#3,'%3(3! 03(! ,'8&(! *
,#&,(3(!(!.%6!RF@@@!$'..%3#6!)#!*#6%6!*(&(!.(!%*#&(,'X3F!!! *
* *
FE_*A)&1#/#T)/#S"*A&#$)()* *
I#! ,%36')#&(! .(! *(&-','*(,'X3! )#! *&'=()%6! #3! (.403(6! *
,%3,#6'%3#6! ,%$%! #.! ,(6'3%! $03','*(.! %! (.403%6! *
*&%4&($(6!,0.-0&(.#6!,%$%!6(.(6!)#!#;*%6','%3#6>! *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *

II*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

JJEK*L=L@=<k;2.=2*+<9M!@:2G2* !
* !
2J2cS<2>! 2.#j(3)&%F! ?@@?F! S.! V04(&! )#! .(! 2&10'-#,-0&(F! 0&:(3/6-',%6! +! )#.! *('6(j#F! 5(,0.-()! )#! (&10'-#,-0&(>!
I(3-'(4%>!2Je!S)','%3#6F!**F!G?ZrGRK! 0&:(3'6$%!+!*('6(j#F!O3'=#&6')()!D#3-&(.!
! !
2O9S>!"(&,F!GAAYF!V%6!3%!.04(&#6>!#6*(,'%6!)#.!!(3%3'$(-%F! \2JJLIM<>! 5&(3,'6,%F! ?@@RF! 90/(! )#! )'6#[%! )#.! S6*(,'%!
H(&,#.%3(>!S)'-%&'(.!9#'6(F! 70:.',%F!I(3-'(4%>!9%:'#&3%!)#!D^'.#!r"'3'6-#&'%!)#!c'='#3)(!
! +!O&:(3'6$%!n!N'='6'X3!)#!N#6(&&%..%!0&:(3%F!**F!?KrKW!
HL2<D\L>! I#:(6-'E3F! S6*(,'%6! (3X3'$%6! #3! .(! ,'0)()F! !
L3-#&'%&#6!)#!$(3_(3(!#3!#.!,#3-&%!)#!I(3-'(4%F!2Je!<w!ZY>! \M<MVN>! Up! DMJJS2>! 7p! 7JLSBM>! "F! GAYYF! 7.(3! J#40.()%&!
U0.'%>!?@@GF!**F!ZZrZW! D%$03(.!)#!.(!D'0)()!)#!"#.'*'..(F!"#$%&'(!S;*.',(-'=(F*
! !
HMJU2>! U%&)'F! GAAYF! D'0)()(3/(! +! S6*(,'%! 7]:.',%F! {S3! 72JDSJLI2>! U%6#*^p! JOHSJB>! "(&'(F! ?@@@F! V(! ,'0)()! 3%! #6!
V/3#(|! J#='6-(! 2$:'#3-#! +! N#6(&&%..%F! I#*-'#$:&#! GAAYF!c%.F! 03(!^%j(!#3!:.(3,%F!\#,^%6!)#.!0&:(3'6$%F!S)','%3#6!2JeF!
aLc!<}!RF!! S6,0#.(!)#!2&10'-#,-0&(F!7ODF!
~^--*CiiuuuF,'*$(F,.iJ2NiGAAYiRH%&j(F*)8Ä! {,%360.-(C! GG! !
2:&'.!?@@A|! 7SJS`!L9O2V2N2>!U(='#&F!"(3_(3(6>!:.%10#6!+!,(6(6C!8%&$(6!
! ,%36-&0')(6! +! 8%&$(6! )#.! 60#.%! #3! .(! ,'0)()!
HMJU2>! U%&)'F! 23-#*&%+#,-%! )#! .(! DN\SC! I%:&#! N#&#,^%6! ,%3-#$*%&E3#(F!S6,0#.(!Bf,3',(!I0*#&'%&!)#!2&10'-#,-0&(F!
S$#&4#3-#6! +! N#&#,^%6! D'0)()(3%6F! {S3! ./3#(|F! L36-'-0-! )#! S)'-%&'(.!O3'=#&6')()!7%.'-f,3',(!)#!c(.#3,'(F!
N&#-6!\0$(36!)#!D(-(.03+(F! *
~^--*CiiuuuF')^,F%&4i#6*i)%,0$#3-6iDN\SiDN\SH%&j(F* JMI2I>! U%6#F! GAYQF! "(3_(3(! +! -'*%! #)'8',(-%&'%! #3!
)8Ä!{,%360.-(C!@W!2:&'.!?@@A|! -&(368%&$(,'X3C!#.!,#3-&%!)#!I(3-'(4%!+!.(6!,%36-(3-#6!)#!.(!
! ,'0)()! ^'6*(3%($#&',(3(F! B#6'6! N%,-%&(.F! S6,0#.(! Bf,3',(!
D2JJLM<>! 5#&3(3)%F! D#3-&%! \'6-X&',%C! .(! *%.'6#$'(! )#.! I0*#&'%&!)#!2&10'-#,-0&(!)#!H(&,#.%3(F!H(&,#.%3(F!
#6*(,'%! *0:.',%F! ! {S3! ./3#(|! D#3-&%r^>! J#='6-(! )#! .(! !
M&4(3'_(,'X3! V(-'3%($#&',(3(! +! )#.! D(&':#! )#! D#3-&%6! ID\V2Dt>! S.q#F! ?@@WF! V#,-0&(6F! S6*(,'%! 7]:.',%F! 2Je>! 3F! QK!
\'6-X&',%6F!<%F!?>!)','#$:&#!?@@Y>!**F!YArAQF!! E$%1#22"1(2"(%F%G$%1#22"1(24>!I(3-'(4%>!(:&'.>!?@@W>!*F!?Kr?WF!
~^--*CiiuuuF&#='6-(,#3-&%r^F%&4i*)8i?WF*)8Ä! {,%360.-(C! ?Z! !
"(+%!?@@A|! BMVSNM>! a'$#3(F! V(6! D'0)()#6! L3-#&$#)'(6! D^'.#3(6F! S3C!
! S,%.%4/(! O&:(3(! )#! .(6! ,'0)()#6! L3-#&$#)'(6! D^'.#3(6F!
D2IBLVVM>! I'$X3F! ?@@QF! \(,'(! 03(! ,(&-%4&(8/(! )#.! ,#3-&%! 7&%+#,-%!5%3)#,+-!G@@Y?YF!**F!YrAF!
,/=',%!60:,#3-&(.F!D#3-&%!)#!#6-0)'%6!(&10'-#,-X3',%6>!! *
*

IN*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

M%6#")&#7'*4*6%67&#)'E* 8"1&%$#'1)'E*
* *
! "(&'%!9#:(0#&F!2.,(.)#!
DMJN2JM>! "(&4(&'-(>! GAWAF! 23E.'6'6! O&:(3%! )#! "#.'*'..(F! !
I#$'3(&'%F! NFMF">! L! "03','*(.')()! "#.'*'..(! n! I""! "L<cO! n! V0'6!"(+%&4(F!N'&#,-%&!I#,*.(F!
O3'=#&6')()!)#!D^'.#>!5(,0.-()!)#!2&10'-#,-0&(!+!O&:(3'6$%F! !
!! 7(0.%!H(^($%3)#6F!N'&#,-%&!I0:&%4(3-#!)#!M:&(6F!
DMJN2JM>! "(&4(&'-(>! GAWAF! 23E.'6'6! +! S=(.0(,'X3! )#! .%6! !
D($:'%6! #3! #6-&0,-0&(! 0&:(3(! )#! "#.'*'..(! GAWGrGAY@F! D(&$#3!2.'(4(F!U#8(!N#*-%!)#!7#&6%3(.F!N'&#,,'%3!)#!
L38%&$#! )#! 7&(,-',(! 7&%8#6'%3(.F! N#*-%! )#! 7.(3'8',(,'X3! 2)$'3'6-&(,'X3!+!5'3(3_(6F!
0&:(3%rJ#4'%3(.>! 52O! n! O3'=#&6')()! )#! D^'.#>! N'&#,,'X3! )#! *
N#6(&&%..%! O&:(3%! #! L38&(#6-&0,-0&(>! I#,&#-(&'(! *
"#-&%*%.'-(3(!n!"L<cOF! *
* *
UMJeOSJ2>! U0(3F! ! ?@@KF! S)'8','%! D%36'6-%&'(.! L.06-&#! *
"03','*(.')()! )#! "#.'*'..(F! "#$%&'(! 2&10'-#,-%F! 7&%8#6%&! *
90/(C! V#%*%.)%! 7&(-F! I(3-'(4%F! 5(,0.-()! )#! 2&10'-#,-0&(! +! *
O&:(3'6$%F!!O3'=#&6')()!)#!D^'.#F! *
! *
t2J2"2<M55>! D&'6-%*^#&F! ?@@ZF! D#3-&%! D/=',%! +! *
"03','*(.')()! )#! J#,%.#-(F! "#$%&'(! 2&10'-#,-%F! 7&%8#6%&! *
90/(C! 2.:#&-%! I(&-%&'! I(3-'(4%F! 5(,0.-()! )#! 2&10'-#,-0&(! +! *
O&:(3'6$%F!!O3'=#&6')()!)#!D^'.#F! *
! *
"2JBL<>! "(&'(! 5#&3(3)(F! ?@@W! ! J#3%=(,'X3! )#! .(! 7.(_(! *
D/=',(! )#! I(3! 5#.'*#F! "#$%&'(! 2&10'-#,-%F! 7&%8#6%&! 90/(C! *
T=#6! H#6(3,%3F! I(3-'(4%F! 5(,0.-()! )#! 2&10'-#,-0&(! +! *
O&:(3'6$%F!!O3'=#&6')()!)#!D^'.#F! *
! *
JSHSDD2>! V%&#3(F! ?@@ZF! D'0)()! )#! "#.'*'..(C! O3! D(6%! )#! *
S6-0)'%! )#! D&#,'$'#3-%! N#$%4&E8',%! +! S;*(36'X3! O&:(3(F! *
7#&'%)%! GAY?r?@@?F! "#$%&'(! )#! 9#X4&(8%F! I(3-'(4%>! *
O3'=#&6')()!)#!D^'.#>!5(,0.-()!)#!2&10'-#,-0&(!+!O&:(3'6$%F! *
*

IP*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

JBEK*298f<M*
<&D)"#D&)6)*
*

CESCO ALCALDE CONSEJO

Juzgado Policia Local COTEA PLADECO

Adm. Municipal RRPP S. Estudio


Secretaría Consejo
S. Plan Terr
Of. Partes. Secretaría Municipal SECPLA
Asesoria Urbana
Secretaria
Administrativa Control Asesoria
Jurídica Plan economica financiera

Informática

DIDECO D. Inspección DOM Información Aseo y Ornato Direccion Transito y


Administracion Transportes
y Finanzas
Depto. Depto. Sección de
Edificación y Construcciones Secretaria y Depto. Depto. Depto. Depto. Depto.
permisos Municipales Archivo Aseo Ornato Licencias Permisos Est. y
de Circulacion Señalizac
Conducir ión

Depto. Depto. Org Depto. Depto. Depto. Depto.


Asistencia comunitarias emergencia servicios capacitación Salud y Depto. Tesorería Depto. Depto. Depto. Depto.
Social comunitarios M.A Finanzas Administración Recursos Servicios Bienestar
Físicos grales

Of. Cultura y OMIL


Of. asistencia Org Turismo Of.
social comunitarias Asistencia Sección Sección de Sección de Of.
Agrícola Contabilidad personal Inventario Movilización
Adm. y
Of. Computación Deporte y presupuesto
recreacion Cementerio
Of. Higiene
Sección de
del Seccion
remuneraciones y Abastecimiento Mayordomia
Of. Vivienda Ambiente y Sección
Prev social
Zoonosis Rentas y
Of. Emergencia Patentes
Of. Familia

*
*

IW*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

?)30%1)'*(%*A&7/%'7*
*
*

* *
* *
* *
* *
* *
* *

I[*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *

NK*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *

NJ*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *

NB*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *

NF*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

* *
* *
* *
*
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *
* *

NH*
"#$%&'(!7&%+#,-%!)#!B/-0.%C!D#3-&%!D/=',%!"#.'*'..(!

*
*
*
*
*

NI*

You might also like