Professional Documents
Culture Documents
Men's and Women's Health - The Big Book of Sex
Men's and Women's Health - The Big Book of Sex
A%
1./:<
-@(
F
% %41%Q% M/M 6 M1Q% 6# /%4M/T G%S 41)%! G%# 86 5PMP4 86G%6M 6# E%G:%M %MR%%6 :EM6%EG!
1G 6 15:8EM6M 85:86%6M 8) :/TG14 6# 5%6M4 R%440%16.= % 4G8 E%G:%M M/M G%S 1G :E1QM%
5MM%E 6# M/M %/ :%EG86 /G #1))%E%6M 8:16186 8) R/M G%SP4 :EM1%G 8E 4%Q%4G 8) #1G8PEG% E%
::E8:E1M%= 8#4% 1G 8551MM%# M8 8))%E16. E%G:86G14%! :EM14 #Q1% 8PM G%SP4 5MM%EG!
GP::8EM%# T E%#1M%# :E8)%GG1864G 6# 4%.1M15M% G1%6M1* E%G%E/= PE .84')8E G%S 6# 44 8M/%E
M8:1G'1G M8 :P41G/ 16)8E5M186 M/M %5:8R%EG :%8:4%CG 41Q%G=
%6M186 8) G:%1* 85:61%G! 8E.61UM186G! 8E PM/8E1M1%G 16 M/1G 883 #8%G 68M 15:4T
%6#8EG%5%6M T M/% PM/8E 8E :P41G/%E! 68E #8%G 5%6M186 8) G:%1* 85:61%G! 8E.61UM186G!
8E PM/8E1M1%G 15:4T M/M M/%T %6#8EG% M/1G 883! 1MG PM/8E! 8E M/% :P41G/%E=
6M%E6%M ##E%GG%G 6# M%4%:/86% 6P5%EG .1Q%6 16 M/1G 883 R%E% PEM% M M/% M15% 1M R%6M M8 :E%GG=
44 E1./MG E%G%EQ%#= 8 :EM 8) M/1G :P41M186 5T % E%:E8#P%# 8E ME6G51MM%# 16 6T )8E5 8E T
6T 5%6G! %4%ME861 8E 5%/614! 164P#16. :/8M88:T16.! E%8E#16.! 8E 6T 8M/%E 16)8E5M186 GM8E.%
6# E%ME1%Q4 GTGM%5! R1M/8PM M/% RE1MM%6 :%E51GG186 8) M/% :P41G/%E=
8#4% 883G 5T % :PE/G%# )8E PG16%GG 8E :E858M1864 PG% 8E )8E G:%14 G4%G=
8E 16)8E5M186! :4%G% RE1M% M8
:%14
E3%MG %:EM5%6M! 8#4%! 6=!
INN /1E# Q%6P%! %R 8E3! 9VV9I
$(* ". 6# %#$(* ". E% E%.1GM%E%# ME#%5E3G 8) 8#4% 6=
883 #%G1.6 T %8E.% E8MG8G! #%G1.6 #1E%M8E 8)
%6CG %4M/ 6# 85%6CG %4M/ 883G
6# 8PEM6%T 4ME16./5!
R1M/
E3
1/%4G86! 41U%M/ %4! 6# PE /1M%
/8M8 #1E%M8E 14 E6%MM
1Q
85I"5ID
258O3"!-4"5ID J.
5!"P J...
.:I"C 9 &&# * &#&$ # L.J
EQ E[XRXA%<A9 G(Q0EQ@A"( A% (\(A @EQ( 0[A (X]((A X:( R:((XR$
AEX:<A9 (XR 4X A% :(?X:_ E%_ A% @<A%
.:I"C K
$
)#"$ ' 6*
G(QX<A9 <ARXQ["X<EAR 0EQ _E[Q 0\EQ<X( XEE?
Q
)&$
5"!0I.
9S SSS "P:"CID
EE% ?E\<AP <R @[?X<%<R"<G?<AQ_ G?(R[Q(J
R GQ<@? A% <AX[<X<\( R R(^[? <AX(Q"E[QR( <R$ EA AEX:(Q ?(\(?
<XPR :<9:?_ "E@G?(^J @`<A9 R(^ A% X:( :(?X:<(RX E0 Q(?X<EAR:<GR
Q( GQE%["XR E0 A[@(QE[R R"<(AX<4" A% "%(@<" %<R"<G?<A(R# "Q%<E?E9_$
(^(Q"<R( G:_R<E?E9_$ GR_":E?E9_$ GR_":<XQ_$ [QE?E9_$ A[XQ<X<EA A% ](<9:X
?ERR$ (:\<EQ? X:(QG_$ R(^E?E9_$ Q(?<9<EA$ A% @EQ(J
EE%_ E]AR X:( ?RX ]EQ% EA R(^J
:XPR ]:_ 1./:< -@( A%
/:< -@( HA% E[Q Q(%(QRI Q(
RE 0EQX[AX( XE ( ?( XE XG X:( Q<AR E0 X:( @ERX >AE]?(%9(?( A%
<A6[(AX<? (^G(QXR <A (": E0 X:ER( 4(?%R (\(Q_ @EAX:J A% ](P\( %EA( <X
0EQ _(QRJ ( *' 11, 1# E <R Q(R[?X E0 :[A%Q(%R E0 <AX(Q\<(]R ]<X:
X:( @ERX AEX?( %E"XEQR A% Q(R(Q":(QR <A X:( ]EQ?%-R ](?? :R @A_
@EQ( X:E[RA%R E0 :E[QR RG(AX Q(\<(]<A9 Q(@R E0 R":E?Q?_ =E[QA?
QX<"?(R A% RX[%<(RJ
:(Q( Q( @A_ (^G(QXR XE X:A> 0EQ :(?G EA X:<R GQE=("X$ [X AEA(
@EQ( RE X:A E[Q Q(%(QR-X:( X:E[RA%R E0 @(A A% ]E@(A ]:E Q(RGEA%;
(% XE ( *' 11, 1# E EA?<A( R[Q\(_$ A% ]:ER( XX<X[%(R A% EG<A<EAR
:(?G(% <A0EQ@ X:(R( G9(RJ
( ?RE ]AX XE (^X(A% E[Q %((G GGQ("<X<EA 0EQ X:( :(?G A% 9[<%A"(
E0 E[Q (RX((@(%
/:< -@( A% 1./:< -@( %\<REQ_ EQ%
@(@(QR H_E[P?? 4A% X:(@ :<9:?<9:X(% <A X:( 0QEAX E0 E[Q @9`<A(RI$
A% (RG("<??_ X:ER( (^G(QXR ]:ER( Q(R(Q": A% ]<R%E@ 0(X[Q(R GQE@<;
A(AX?_ X:QE[9:E[X X:<R EE>$ <A"?[%<A9#
(AA<0(Q J (Q@A$
$ %<Q("XEQ E0 :( (Q@A E@(APR (??A(RR
(AX(Q <A ER A9(?(RS [Q (Q@A$ :$ GQ(R<%(AX A% %<Q("XEQ E0
:<"9EPR (Q@A (AX(QS E[AA Q<`(A%<A($
$ GQE0(RREQ E0 "?<A<"?
GR_":<XQ_ X X:( A<\(QR<X_ E0 ?<0EQA<S (\E?[X<EAQ_ GR_":E?E9<RX \<%
J [RR$ :$ "E[X:EQ ]<X: <A%_
J
(RXEA$ :$ E0 (F 1./
C E= AX:QEGE?E9<RX (?(A <R:(Q$ :$ Q(R(Q": GQE0(RREQ$ [X9(QR
A<\(QR<X_$ A% R"<(AX<4" %\<REQ XE :(@<RXQ_J"E@S (<( (Q(A<">$ :$
Q1
RRE"<X( %<Q("XEQ E0 X:( (AX(Q 0EQ (^[? (?X: QE@EX<EA X A%<A
A<\(QR<X_ A%
/:< -@( Q(?X<EAR:<G %\<REQS
E:A EXX@A$ :$
0E[A%(Q E0 :( EXX@A ARX<X[X(S R(^E?E9<RX A (QA(Q$ :S QQ_
E@<RQ[>$ :$ %=[A"X GR_":E?E9_ GQE0(RREQ X [X9(QR A<\(QR<X_S
X(\(A @@$
$ RR<RXAX GQE0(RREQ X ":EE? E0
(%<"<A(S
/:<
-@( [QE?E9_ %\<REQ QQ_ J <GR:[?X`$
$ ":<(0 E0 X:( %<\<R<EA E0 @?(
Q(GQE%["X<\( @(%<"<A( X _?EQ E??(9( E0
(%<"<A(S <A%_
J
(RXEA$
:$ %<Q("XEQ E0 X:(
(RXEA (^[? R_":EG:_R<E?E9_ EQXEQ_ X
A<\(QR<X_ E0 (^R X [RX<AS <%]A :R<9:$
$ GQ(R<%(AX E0 X:(
AX(QAX<EA? E"<(X_ E0
(APR (?X:S (\(Q?_ :<GG?($ :$ Q(AE]A(%
R(^ Q(R(Q":(Q A% GQE0(RREQ (@(Q<X[R$ [X9(QR A<\(QR<X_J
:A>R ?RE XE# <A" "(\(%E$ :S [@A ]A<$ :S
A<(? J @(A$
S QX:[Q QEA$ :S Q<9 ??AX_A(S <A% AA(Q$
:S ER(@Q_ RREA$
S
(1 (??S
QX<A <A>R$ :S
(1Q(_
?[@(Q9$ :S Q(A E_?($
S ["_ QE]A$ :S ":(? ER9QE\(S
Q"(_ E^S
E_ \<%REA$ :S QQ_ <R":$
S \EAA( J [?Q<9:X$
:S A%EQ Q%ER$ :S
Q" E?%RX(<A$
S (A Q:@S [RA
??$ :S "EXX ?X`@A$
S <R ]?(RR$ :S
QX
(A$ :S
E[ 9(XS @_ (<?(_S <? ?X`$
S (GG(Q ":]QX`$ :S Q X<?(RS
(99_ [9:AS A% <\<A _R$ :J
A% 4A??_$ ( *' 11, 1# E ]E[?% AEX (^<RX ]<X:E[X X:( 4A( ]EQ>
E0 X:( 0E??E]<A9 "EAXQ<[X<A9 ]Q<X(QR$ (%<XEQR$ A% %(R<9A(QR# <R <AS
XX (AS %@ @G(??S Q E^S
(1 RXQ<S E[QXA(_ ?XQ<A9:@S
:( %<XEQR
Q11
5!"P
4/" G9( Q(0(Q(A"(R <A%<"X( <??[RXQX<EARJ A%(QR"EQ(% Q(0(Q(A"(R <A%<"X( E^(% X(^XJ
%E@<A? 0X$ Fa$ ZZ "> (^X(AR<EA$ FFF$ 555 ?EQ<(R
%E@<A? XEEXR<( QE??$ UC$ A2 "> :(?X:$ R(^ 0EQ$ U [QA(% _ R(^[? "X<\<X_$ FY
"[G[A"X[Q($ ++ "> @RR9($ (E %<?_ Q(K[<Q(@(AXR$ UY
%Q(A?<A($ ZY$ F7U$ F7T :( ??(X A"(Q HR(^ GER<X<EAI$ QE:_%QX(R$ @E[AX <A %<?_ %<(X$ UY
(QE<" RX@<A$ (A(4XR E0$ 5F FU7$ 5A( Q%<E\R"[?Q %<R(R($ %("Q(R( Q<R>
1("X<EA$ R:E]<A9 E[XR<%( X:( X:QEE@$ R(^ <A$ F7Y ]<X: R(^[? "X<\<X_$ FZ
(%QEE@$ F5Y (":$ G<"><A9 [G ]E@(A EA$ 7T R[? R(^$ 7U.7T
?"E:E?$ (1("XR EA R(^[? G(Q0EQ@A"($ (??_$ XX(AX<EA XE$ (D :( X HR(^ GER<X<EAI$ FUF$ 5A5
+$ ZY$ +7 (A<9A GQERXX<" :_G(QG?R<$ CY.C7 :?@_%<$ C5
?X(QAX( AERXQ<? Q(X:<A9$ <>( R(X$ ]<%($ F+ :E?(RX(QE?$ T.+$ FF
FFU.FT$ FZY <??$ RG?<XX<A9 EA 4QRX %X($ 7T :QEA<" G(?\<" G<A R_A%QE@($ CZ
?XE<%$ F5+ <E6\EAE<%$ CZ <?<R$ +C
AXE@_$ @?($ FU.ZF$ 5@ E%_ <@9($ <@GEQXA"( XE ]E@(A$ <Q"[<XR
A9(Q$ "EAXQE??<A9$ F77 YT.Y+$ F7C "E[G?(PR ]EQ>E[X$ FaZ.F5
AX(Q<EQ "<A9[?X( "EQX(^$ Ya EEX_ "??$ XEG Q(REAR 0EQ :(Q (^(Q"<R(R$ U7.TY$ A&!@D
AX:E"_A<AR$ +U.+T ""(GX<A9$ 7a :E] XE %E "<Q"[<X$ 5Y
AX<%(GQ(RRAXR$ 0EQ %(?_<A9 EQ9R@$ E] H_E9 GER(I$ FZF$ 5E5 <Q"[@"<R<EA$ FC
+5$ FFU Q<A ?<XEQ<R$ RX<@[?X<A9$ F7F
GGQ("<X<EA %<1(Q(A"(R <A 0(@?( A% @?($ ?ER(% 0EQ [R<A(RR HR(^ GER<X<EAI$
(^GQ(RR<A9$ YZ Z+$ Ya 5A $ FU+
E0 :E] 9EE% _E[P\( 9EX <X$ <@G"X E0 AEA;R(^[? XE[": EA$ E@@[A<"X<EA
FYU$ FY+ YY.Y7 (@EX<EA? ?A9[9(R$ FYC$ F7F
E0 _E[Q GQXA(Q$ F5Y Q(RXR R 0EQ(G?_$ F7F.7Z
Q9[<A9$ RX_?( E0$ F7U XX(AX<EA XE$ (D :EA(RX_ <A$ FY+.YC
RR(QX<\(A(RR$ R(^[?$ Y+$ 7a "E@G?<@(AX<A9$ 7T <@GEQXA"( E0 0EQ 9Q(X R(^$ U
XX(AX<EA$ X[QA<A9 GQXA(Q EA RX<@[?X<EA %[Q<A9 R(^$ 7F EA%E@$ A[@<A9$ +7
]<X:$ Fa Q(X:<A9 X(":A<K[(R$ +7$ FFU.FT$ FZY EA4%(A"($ XXQ"X<\(A(RR E0$ Ya$ Y7
XXQ"X<\(A(RR Q<%9( H_E9 GER(I$ FZZ$ 5EE EQ(
E0 AE\(?X_$ F5a [XX$ "E@G?<@(AX<A9$ (E (A(4XR E0 RXQEA9$ 5F
E0 Q<R>$ F7T [XX(Q :[QA(Q HR(^ GER<X<EAI$ (^(Q"<R(R$ T7.TT$ @(!@@
FU5$ 5A& EQX<RE?$ F7U
E[": [Q0(Q HR(^ GER<X<EAI$ 5AE$ FUZ
E[G?(R
(^(Q"<R(R 0EQ RXQEA9(Q Q(?X<EAR:<GR$ F5Y
Q(<9A<X<A9 QE@AX<" ?E\(
Q111
A9(Q "EAXQE?$ F77$ F7U.7T R(^[?$ U.C
GGQ("<X<EA E0 :E] 9EE% _E[P\(
9EX <X$ FYU$ FY+
"E@@[A<"X<EA R 0EQ(G?_$ F7F.7Z
R(^[? :(?X:$ 5F$ UT
R?((G K[?<X_$ C
RXQ(RR Q(%["X<EA$ +.C
QR$ XX(AX<EA XE$ (D$ 77
(QEX<" 4?@R$ F7+.7C 3([Q9($ F7+ %("?<A( G[R:[G$ Fa+$ 5L
:EA(RX_$ FY+.YC ="[?X<EA %("?<A( R<X[G$ FFY$ 55D
><X":(A$ :(?G <A$ F5F \(Q9( ?<0(X<@( A[@(Q E0$ 7 %<(X 0EQ 0((%<A9 @[R"?(R$ UY
@RR9($ F7+ \(Q9( X<@( 0QE@ RX<@[?X<EA XE$ Z5 (1("X EA (Q("X<EAR$ ZZ
@EQA<A9 R(^$ F77 GQ(@X[Q($ +Z.+5 :<A9($ 5T$ &@
G(QREA? ?E\( ?A9[9(R$ ="[?XEQ_ %["XR$ XQAR[Q(X:Q? :EQ<`EAX? G[??[G$ FFF$ 555
<%(AX<0_<A9$ FYC$ F7F Q(R("X<EA E0 X:($ CY <A":]EQ@$ 5+$ &
K[<"><( R(^$ F7T @EX<EA? ?A9[9(R$ FYC$ F7F =E9 <A G?"($ UY$ AD
Q(<A\(AX<A9 _E[QR(?0$ F7C.5a G<%<%_@<R$ 5@$ F+$ ZY =[@G<A9 =">R$ 5C$ &2
Q<R>_$ R"Q_ "X<\<X<(R$ F7T G<%<%_@<X<R$ CF >(XX?((?? RK[X "X":$ U+$ A
R":(%[?<A9 R(^$ F7F G<A(G:Q<A($ +T >A((?<A9 ?(9 "QERRE\(Q$ UF$ A5
R(^ <A %<1(Q(AX QEE@R$ F7Z.7Y Q("X<?( %_R0[A"X<EA ?E](Q;"> ?<(;%E]A$ 5C$ &2
R(^ XE_R$ F5a.5F "[G[A"X[Q( 0EQ GR_":E9(A<"$ ++ ?E] R<%(;XE;R<%( ?[A9($ Ua$ AL
H\(Q_ (QEX<" AEA;<AR(QX<\( "[R(R EQ "EAXQ<[XEQR XE$ +U.++ ?_<A9 9?[X(? Q<%9($ UU$ AA
R(^I$ F7Y E%_ ](<9:X$ 7$ U$ +T.++ ?_<A9 :@RXQ<A9 "[Q?$ Fa5$ 5L&
]EQ>E[X 0EQ$ CC.FF5 "Q%<E\R"[?Q %<R(R($ +T ?_<A9 ?(9 %["X<EA$ FaT$ 5L@
(A(4XR E0$ Faa.FaF$ FaF ":E?(RX(QE?$ FF ?_<A9 ?(9 %%["X<EA$ FaU$ 5LA
[<?%<A9 _E[Q ]EQ>E[X$ FaZ.Y %<(X(R$ Fa @(%<"<A( ?? QE">_ RE?E$ TT$ @@
(^(Q"<R(R$ Fa7.F5$ 5L(!5& 0Q(( Q%<"?R$ +U @(%<"<A( ?? R<X[G$ T5$ @&
0QX?(> <AX(Q\?R$ FaY GQ(R"Q<GX<EA %Q[9R$ ++ @(%<"<A( ?? RK[X XE GQ(RR$ TU$ @A
:E] XE %E$ FaZ GR_":E?E9<"?$ CY @(%<"<A( ?? RXA%<A9 [RR<A
R@G?( R":(%[?($ FaZ RXQ(RR$ +T X]<RX$ T5$ @&
E]G(QPR 9?A%R$ 5@$ Za %("Q(R( Q<R> ]<X: (^(Q"<R($ UT @(%<"<A( ?? R[<X"R( "Q[A":$ TU$ @A
@(%<"X<EAR 0EQ$ +C @<QQEQ G[R:[G$ FaC$ 5L2
Q(A(9%( QE]$ UT$ A@
R GQ(%<"XEQ E0 :(?X: <RR[(R$ +U
GQ<G<R@$ CZ Q(R<RX(% R<%( G?A>$ FF5$ 55&
Q("X<EA RA%9 ?[A9($ UU$ AA
X($ G?AA<A9 ]((>?_$ F5Y A<9:XX<@($ C$ +T RA%9 RXA%[G$ TZ$ @E
\<% EGG(Q4(?% HR(^ GER<X<EAI$ GQEX("X<EA RX(GR$ +U.++ R(^ R @EX<\X<EA 0EQ$ 5a.5F
FUC$ 5A2 AX:E"_A<AR$ +U.+T R<A9?(;Q@ QE]$ FFa$ 55L
("?<A( G[R:[G$ Fa+$ 5L R@E><A9 "(RRX<EA$ +T R<A9?(;?(9 :<G Q<%9($ TY$ @D
("?<A( R<X[G$ FFY$ 55D RXQ(RR Q(%["X<EA$ +T R<A9?(;?(9 ?[A9($ Fa7$ 5L(
(GQ(RR<EA $ %("Q(R<A9 ]<X: (^(Q"<R($ + QEX<" 4?@$ ]X":<A9 XE9(X:(Q$ F7+.7C RE"> R?<%($ TF$ @5
<(X(R$ Fa RXQE9(A$ ?E](Q<A9 ]<X: ](<9:X ?ERR$ ++ RG<%(Q@A G[R:[G$ Ta$ @L
<(X$ Fa.FF ^("[X<\( "E9A<X<EA$ E0 ]E@(A$ YU RK[X$ UZ$ AE
<?%E$ F5a.5F ^(Q"<R(HRI RK[X X:Q[RX$ UY$ AD
<RQ(RG("X$ A9(Q RRE"<X(% ]<X:$ %E@<A? XEEXR<( QE??$ UC$ A2 RX<?<X_ ?? %("?<A( G[R:[G$ U5$ A&
F77$ F7U "> (^X(AR<EA$ FFF$ 555 RX<?<X_ ?? 4A9(Q XGR$ T7$ @(
<\EQ"($ Q(REAR 0EQ$ FYF$ FYU (A(4XR E0 RX<?<X_ ?? =">>A<0($ TU$ @A
E@<AA"( <A (%$ Y+$ 7a$ 7U (Q("X<EA K[?<X_$ U.T RX<?<X_ ?? @E[AX<A "?<@(Q$ TT$ @@
EG@<A($ C$ FaF$ F7T ":E?(RX(QE? <A"Q(R($ T.+ RX<?<X_ ?? G?A>$ T5$ @&
Q_ :[@G<A9$ F7T @EE% <@GQE\(@(AX$ + RXA%<A9 :<G X:Q[RX$ UZ$ AE
[Q(^ (Q0EQ@^ "EA%E@$ +7 GQERXX( "A"(Q Q<R> Q(%["X<EA$ +F X:QE] %E]A$ FFZ$ 55E
1S
](<9:X(% R<X[G$ FF7$ 55(
_E9 GER(R$ FF+.ZZ$ 55 !EE
(QA<$ <A9[<A?$ CF.CZ
(QG(R$ CU
<9:;<AX(AR<X_ <AX(Q\?;XQ<A<A9$ U5
<A9($ 5T$ &@
E9 <A G?"($ UY$ AD
"<? R><A$ R(AR<X<\<X_ E0$ FYC
V $ C5$ CU
EA(RX_$ Q(RGEAR<?($ FY+.YC
EQ<`EAX? G[??[G$ FFF$ 555
E>(R
G(A<R R<`($ TC$ +a
R(?0;%(GQ("<X<A9$ Y7
AXR_$ Y+ EQ@EA(R$ X<@<A9 E0 G(> R("Q(X<EA$
[@G<A9 =">R$ 5C$ &2
QX?(>$ FaY FU$ ZY
X$ @E[AX <A %<(X$ UY EX(? QEE@R$ \E<%<A9 ]E@(A <A$
((X$ @RR9( E0$ (E
<(Q$ UY
<Q( ?E9 H_E9 GER(I$ FF+$ 55
FY7.Y5
[9R$ YY$ Y7$ F7Z
[@A 9QE]X: :EQ@EA($ FY
(9(? (^(Q"<R(R$ ZF$ ++
<QRX %X($ RG?<XX<A9 <?? EA$ 7T [@A GG<??E@\<Q[R$ C5$ CT
(XX?((?? RK[X "X":$ U+$ A
<R:$ R A% %<E^<AR <A$ ZY [@EQ$ R(AR( E0$ Y7$ Y7
<A%A(RR$ YZ$ YT
<R: E<?$ 0EQ Q(%["X<EA <A GQERXX( _GE9EA%<R@$ C7
<X":(A$ :(?G<A9 E[X <A$ F5F
"A"(Q Q<R>$ +F A((?<A9 ?(9 "QERRE\(Q$ UF$ A5
:( ?X<QEA HR(^ GER<X<EAI$ FUU$ 5AA
?(^<<?<X_$ 5F$ FFT
?<QX<A9$ 7T
?E@^$ CZ$ CY
M ?E\( _E[$N R_<A9$ F7Z
?[E^(X<A($ FFU @@[A( R_RX(@R$ EERX ]<X: R(^$ FY
A9[9(R$ ?E\($ FYC$ F7F
EQ(G?_$ YZ$ 7a.7F$ F7F$ F7T @GEX(A"($ 7$ UJ -<1 Q("X<?(
[9:X(Q$ (A(4XR E0$ Y7
Q(( Q%<"?R$ +U %_R0[A"X<EA
[A%Q_ QEE@$ R(^ <A$ F7Z.7Y
@GQ(RR<EA$ 9EE% 4QRX$ Ya$ YZ
":E?(RX(QE?$ T.+
A":]EQ@$ 5+$ &
(\<XQ$ +C
A4%(?<X_
<<%E
"ERX;(A(4X A?_R<R$ FYY.Y7
%("Q(R( ]<X: RXQ(RR$ +
(A(QER<X_$ R:E]<A9 XE ]E@A$ YZ R %<\EQ"( "[R($ FYF
<@GQE\(@(AX ]<X:
EAEQQ:($ C5 <AR[QA"( 9<ARX$ FY7.Y5
%<(X$ FF
;RGEX RX<@[?XEQ$ F5F AEA;R("Q("_ E0$ FYY
(^(Q"<R($ +
:( ;:<` HR(^ GER<X<EAI$ FUT$ 5A@ A9[<A? :(QA<$ CF.CZ
X(RXERX(QEA( R[GG?(@(AXX<EA$ C7
AA(Q Q@$ XX(AX<EA XE$ (D
]E@(APR$ FY5
AA(Q X:<9:R$ "Q(RR<A9$ (E
<\<A9 QEE@$ R(^ <A$ F7Z
Z:: (: HR(^ GER<X<EAI$ 5A($ FU7
AR[?<A$ Fa
AX(Q\?R$ 0QX?(>$ FaY
AX<@"_
EA9(\<X_$ <A"Q(R( ]<X: Q(9[?Q R(^$ FY
E](Q;"> ?<(;%E]A$ 5C$ &2
E] R<%(;XE;R<%( ?[A9($ Ua$ AL
9(A%(Q %<1(Q(A"(R <A$ F7Y
A% :E?%<A9$ YY [RX
X:QE[9: X?><A9$ YY
":E?(RX(QE?$ T.+ 9EE% ?[RX C<5 % ?[RX$ FYa.YF
]<X:E[X A (Q("X<EA$ YZ.YY
(?X: (A(4XR E0 R(^$ FZ.FY <A4%(?<X_$ FYY.Y5
QEA :(0 HR(^ GER<X<EAI$ 5A($ FU7
(?X: Q(RE[Q"(R 0EQ @(A$ +C @EAE9@_ A%$ FZU.Y5
(QX %<R(R($ (Q("X<?( %_R0[A"X<EA R E[X E0 (%$ FYY
R<9A E0$ +T Q(<9A<X<A9 QE@AX<" ?E\($ FYU.5F
(<Q XE X:( :QEA( HR(^ GER<X<EAI$ _"EG(A($ 0EQ Q(%["X<EA <A GQERXX(
FUC$ 5A2 "A"(Q Q<R>$ +F
(GX<X<R $ CU _<A9 9?[X(? Q<%9($ UU$ AA
S
_<A9 :@RXQ<A9 "[Q?$ Fa5$ 5L& <"EX<A($ (1("X EA (Q("X<EA$ + :(?X: <RR[(R 1("X<A9$ ZZ.ZY
_<A9 ?(9 %["X<EA$ FaT$ 5L@ <XQ<" E^<%($ Za$ ZZ$ +U.+T R<`(
_<A9 ?(9 %%["X<EA$ FaU$ 5LA E"X[QA? G(A<?( X[@(R"(A"($ +T %("Q(R(% GG(QA"( <A E(R<X_$ Fa
EQ(G<A(G:Q<A($ C (A:A"(@(AX$ +a.+F
=E>(R$ TC$ +a
APR (RX Q<(A% HR(^ GER<X<EAI$
AEQ@?$ FC$ Z7$ +F
RXX<RX<"R "EA"(QA<A9$ Z7.Z5
R[Q9(Q_$ +F$ +C$ Ca
5AA$ FUU (R<X_ HE\(Q](<9:XI [A"<Q"[@"<R(%$ 7T
A[? RX<@[?X<EA$ 7F G(A<R R<`( GG(QA"( ]<X:$ Fa (Q0EQ@A"( A^<(X_$ GQ(@X[Q(
QQ<(% "E[G?(R R(^[? XXQ"X<\(A(RR$ (1("X EA$ C (="[?X<EA 0QE@$ FZY
GGQ("<X<EA E0 :E] 9EE% _E[P\( 9EX R(^[? "EAR(K[(A"(R E0$ 7$ U (XQ<RR9($ F7+
<X$ FYU$ FY+ X(RXERX(QEA( %("Q(R( <A$ C.Fa (_QEA<(PR %<R(R($ Ca
"EA\(QRX<EA? RX_?(R E0$ F7U.7T @(9;Y 0XX_ "<%R$ ZY$ +F :??EG?RX_$ +F
:GG<A(RR E0$ FY$ FY+ A( G HR(^ GER<X<EAI$ FU+$ 5A <9(EA H_E9 GER(I$ FFC$ 552
G:_R<"? :(?X: E0$ FaF Q? R(^$ 7a$ 7F$ 7U EQA$ ]X":<A9 XE9(X:(Q$ F7+.7C
RR9($ +$ YT$ (E$ (D$ F7+ Q9R@ ER<X<EAR$ R(^
RR9( E<?$ F7+ AXE@_ E0$ Za.ZF >A((?<A9
RX[QX<EA A^<(X_V@[R"?( RGR@ (1("X E0$ U :( ?X<QEA$ FUU$ 5AA
Q(0Q"XEQ_ G(Q<E% <A"Q(R( ]<X:$ + (^(Q"<R( 0EQ (XX(Q$ ZF :( ;:<`$ FUT$ 5A@
RXQX(9<(R XE (X GQ(@X[Q( ;RGEX$ F5F
APR (RX Q<(A%$ 5AA$ FUU
(="[?X<EA$ +7 :(?X: (A(4XR E0$ FZ.FY$ +F :( Q(X`(?$ FUT$ 5A@
]X":<A9 ]E@(A$ ?(QA<A9 _$ 7a @[?X<G?($ +$ 7a @A EA XEG
(%<"<A( ?? QE">_ RE?E$ TT$ @@ GQXA(Q 4QRX$ +7 :( X$ FUF$ 5A5
(%<"<A( ?? R<X[G$ T5$ @& GQ(@X[Q( (="[?X<EA$ +Z.+5
<RR<EAQ_$ FUa$ 5AL
(%<"<A( ?? RK[X XE GQ(RR$ TU$ @A GQ(;R(^$ +7
E[AX<A ?<@(Q$ FUF$ 5A5
(%<"<A( ?? RXA%<A9 [RR<A X]<RX$ RXQ(A9X: E0$ C7 [<">(Q <">(Q GG(Q$ 5AL$ FUa
T5$ @& [X%EEQ R(^$ F7Y EQ?
(%<"<A( ?? R[<X"R( "Q[A":$ TU$ @A ^_XE"<A$ YY$ 7F$ F7Z$ F77 ?ER(% 0EQ [R<A(RR$ 5A $ FU+
<AXR$ F5+ \<% EGG(Q4(?%$ FUC$ 5A2
(<Q XE X:( :QEA($ FUC$ 5A2
<QQEQ G[R:[G$ FaC$ 5L2
<RR<EAQ_ HR(^ GER<X<EAI$ FUa$ 5AL
EAE9@_$ FZU.Y5
! A( G$ FU+$ 5A
Q(Q (AXQ_$ 7U$ FUZ.UY$ FUU
RGEEA<A9$ F77
EE%$ <@GQE\(@(AX ]<X: (^(Q"<R($ + (?\<";6EEQ (^(Q"<R(R$ ++J -<1
EQA<A9 R(^$ F77 RXA%<A9 0QEAX (AXQ_
(9(? (^(Q"<R(R :( ??(X A"(Q$ FU7$ 5A(
E[AX<A ?<@(Q HR(^ GER<X<EAI$ (A<?( <@G?AX$ +C
FUF$ 5A5 [XX(Q :[QA(Q$ FU5$ 5A&
(A<RJ -<1 Q("X<EA Z:: (:$ 5A($ FU7
AXE@_$ 5@$ FC QEA :(0$ 5A($ FU7
A9?( E0 (Q("X$ FC XA% A% (?<\(Q$ FU5$ 5A&
"<Q"[@"<R<EA$ FC RXA%<A9 Q(Q (AXQ_
"[Q\(%$ Ca E[": [Q0(Q$ 5AE$ FUZ
X[QEGX:<" QA<"
[R"?( A% %<R"E@0EQX <A %<R"[RR<A9 ]<X: [<"><( <^$ FUZ$ 5AE
E<AX
RR9( A% E%_ <?$ F7+ %E"XEQ$ +a (RXQEE@ XX(A%AX$ 5AE$ FUZ
(? Q%PR (@(%<(R <A9(Q A% ([G:(@<R@R 0EQ$ Za XA%<A9 <9(Q$ QE[":<A9
[A<G(Q Q@<A9 <?$ F7+ 0Q"X[Q(VQE>(A$ Z7$ CF Q9EA$ FUY$ 5AD
(">$ R G?(R[Q( `EA($ YU.YT$ (D 0[A"X<EAR$ Za :((? QQE]$ FUY$ 5AD$ FUY
S1
\Q_<A9$ 7U$ F5+ [<"><( R(^$ F7T <@GQE\(@(AX ]<X: (^(Q"<R($ C
Q<R($ (^GQ(RR<A9 XE ]E@A$ YZ.YY ;QE?$ CZ @(??$ R[G(Q<EQ R(AR( <A ]E@(A$ (D
Q(0QEAX? "EQX(^$ Ya @E><A9$ ZZ$ +U
Q(@X[Q( (="[?X<EA E"<? <AX(??<9(A"($ E0 ]E@(A$ YU
"[R(R E0$ +Z.+Y$ FZY
%<9AERX<" "Q<X(Q< 0EQ$ +Z
<A"<%(A"( E0$ +Z
%
<X \<QXEQ$ F5F
E"> R?<%($ TF$ @5
E0$ R(^ EA$ F7Y
GA><A9$ Y+
RXQX(9<(R 0EQ (X<A9$ +Y.+5 (0Q"XEQ_ G(Q<E%$ +7 G((% G?_$ FaY
?"E:E? "EAR[@GX<EA$ +7 (<A\(AX<A9 _E[QR(?0$ F5a G(Q@ GQE%["X<EA
Q(X:<A9 X(":A<K[($ +7.+5 (A(9%( QE]$ UT$ A@ %<(X (1("X EA$ FF
:<X[X<A9 XE \9<A? "EAX"X$ +5 (R<RX(% R<%( G?A>$ FF5$ 55& QX( E0$ F+
@(%<"X<EAR$ +5 (RGEAR<?( :EA(RX_$ FY+.YC X(@G(QX[Q( (1("X EA$ FU
A[@<A9 "EA%E@$ +7 (RXQEE@ XX(A%AX HR(^ GER<X<EAI$ \Q<"E"(?( (1("X EA$ CF
GQ(;R(^ EQ9R@$ +7 5AE$ FUZ G<%(Q@A G[R:[G$ Ta$ @L
R(^ GER<X<EA$ +5 E@AX<" ?E\($ Q(<9A<X<A9$ FYU.5F K[X$ UZ$ AE
RK[((`( X(":A<K[($ +Y.+7 [AA<A9 0QX?(> <AX(Q\?R$ FaY K[X X:Q[RX$ UY$ AD
RXQX;RXEG X(":A<K[($ +Y
# <@\RXX<A$ ++
<A9?(;Q@ QE]$ FFa$ 55L
<A9?(;?(9 :<G Q<%9($ TY$ @D
]<X: :A% :E?%<A9$ Y7
]<X: A("> @RR9($ YT
]<X: R(^[? "X<\<X_$ FZ
[<">(Q <">(Q GG(Q HR(^ GER<X<EAI$ [GGEQX$ %(R<Q( E0 ]E@(A 0EQ$ Y7$ YU
<A9?(;?(9 ?[A9($ Fa7$ 5L( _G:<?<R$ CT
5AL$ FUa ?((G
[<"><( <^ HR(^ GER<X<EAI$ FUZ$ 5AE (1("X EA R(^[? :(?X:$ ZY
S11
_ AXE@<" Q($ (E.(D
* - GGQ("<X<EA$ YZ
Q(RX RX<@[?X<EA$ 7F
":Q"X(Q XQ<XR$ 77
?><A9 GG(Q E%_ RXQ(A9X:$ [<?%<A9$ 5F
E[X R(^$ Y+$ 7a G]Q%;0"<A9 %E9 H_E9 GER(I$ 0EQ(G?_$ YZ$ 7a.7F
[<?%<A9 RXQEA9(Q Q(?X<EAR:<G ]<X:$ FZa$ 5EL :(?G QE[A% X:( :E[R($ YZ$ FY7
F5Y Q<AX<EA GQE?(@R$ CY ><A%A(RR A% 9(A(QER<X_$ YZ
0EQ %("E@GQ(RR<A9 0X(Q ]EQ>$ F5Y QE?E9<RX$ 4A%<A9 9EE%$ +Y @A[? RX<@[?X<EA$ 7F
%<QX_ X?>$ Y+$ 77 EQ? R(^$ 7a$ 7F
9(A%(Q %<1(Q(A"(R <A GQ<R($ YZ.YY$ YT.Y+
"E@@[A<"X<EA$ YY
<@GEQXA"( XE ]E@(A$ YY
@><A9 9EE% 4QRX <@GQ(RR<EA$ Ya
. G[?<" %<RG?_ E0 1("X<EA$ Y7
R(AR( E0 :[@EQ$ Y7$ Y7
R(^[? RR(QX<\(A(RR$ Y+$ 7a$ 7U
9<A$ "E@G?<@(AXR "EA"(QA<A9$ 7T
XXEER$ 7U R?E](Q <R (XX(Q$ 7F
Q<"E"(?(R$ CF
(":A<K[($ <@GEQXA"( E0$ FYF.YZ X?><A9$ Ya$ YY
R %(0(Q(AR$ 5@$ F+
(RX<"?(R XE[":$ AEA;R(^[?$ YY.Y7
H\(Q_ (QEX<" AEA;<AR(QX<\( R(^I$ F7Y
AXE@_$ FU$ 5@ ]EQQ<(R %[Q<A9 R(^$ YU
<9Q$ +C$ CY
0[A"X<EAR E0$ F+ EQ>E[X
<QXEQ$ F5F
R(?0;(^@<AX<EA E0$ ZY$ Z7 "<Q"[<X (^(Q"<R(R$ U7.TY$ A&!@D
XQ[@ XE$ FU$ F+ "EQ( (^(Q"<R(R$ T7.TT$ @(!@@
E?[AX((Q EGGEQX[A<X<(R$ @((X<A9
(RX<"[?Q "A"(Q$ ZY "E[G?(PR$ CC.FF5
]E@(A X$ Ya$ YZ
(RX<"[?Q XEQR<EA$ Ca.CF 0E[Q;]((> G?A$ 5Z
(RXERX(QEA( :<9:;<AX(AR<X_ <AX(Q\?;XQ<A<A9
9( (1("X EA ?(\(? E0$ F+
%("Q(R(
<A :_GE9EA%<R@$ C7
/
Q@;[G (^(Q"<R(R$ 5T.UY$ &@!AD
H I$ U5
?E9<" (:<A%$ 5F
GQE9Q@ E\(Q\<(]$ 5Z.5U
<A E(R<X_$ C.Fa ]Q@;[G (^(Q"<R(R$ 5T.UY$ &@!AD
Q(G?"(@(AX X:(QG_$ C7 (<9:X(% R<X[G$ FF7$ 55( E[A% :(?<A9$ FY
X<@( E0 G(> R("Q(X<EA$ ZY$ CY (<9:X ?ERR
(A(4XR
1
(^X @(RR9($ %<QX_$ F7Z
:QE] %E]A$ FFZ$ 55E %<(X(R <@GQE\(@(AX$ Fa
:[@R$ [R<A9 <A @RR9($ F7+ (Q("X<EA GQEX("X<EA$ +T.++
E[":$ AEA;R(^[?$ YY.Y7 G(A<R R<`( GG(QA"($ Fa
E9
E_R$ R(^ R(^[? (A=E_@(AX <A"Q(R($ C
?X(QAX( AERXQ<? Q(X:<A9$ FFU.FT$ FZY
"?RR<" \<QXEQ$ F5F _ "E[G?(R$ FaF
(9<AA(QPR R(K[(A"($ F5;@<A[X($ FFT
%<?%E$ F5a.5F ]<X: (^(Q"<R($ Fa
GER(R$ FF+.ZZ$ 55 !EE
;RGEX RX<@[?XEQ$ F5F :((? QQE] HR(^ GER<X<EAI$ FUY$
R(^[? (A(4XR E0$ FFU.FT
<A"<%(A"( E0 [R($ F7U$ F5a 5AD$ FUY
E[X:0[? GG(QA"($ (1("X E0 R(^ EA$ FY
<X \<QXEQ$ F5F E@(A
QAR 0XR$ <A"Q(R(% GQERXX( "A"(Q AR](QR XE 0Q(K[(AX K[(RX<EAR
Q<R> 0QE@$ +F
Q<":E@EA<R<R$ CT
QE=ARP ^X(A%(% ?(R[Q( "EA%E@$ +7
E[X$ 7U.7T
E%_ @G$ (E.(D
Q<A %<1(Q(A"(R 0QE@ @(A$ Z+$ Ya
2
(\E?[X<EAQ_ 9E?R$ Ya <A"$ FF
Q[RX$ <@GEQXA"( E0$ FYC
GE":<A9 E0 @A _$ YY E?E0X$ +5
RE"<? <AX(??<9(A"( E0$ YU
]:X X:(_ ]AX$ ZU.7T
S111
.:I"C9
&&# *
&#&$ #
& *)') && +
& *
), ) ')' )
)'
) ).
.
9
."5 Q8LBC"
:\<A9 R(^$ ](PQ( GQ(XX_ R[Q( _E[PQ( AEX X:<A>;
<A9 E[X EX@(?J H 0 _E[ Q($ G?(R( >((G <X XE
_E[QR(?0JI E[Q ":E?(RX(QE? A[@(QR Q( X:(
0[QX:(RX X:<A9R 0QE@ _E[Q @<A%J E[PQ( GQE?_
AEX "EAR[@(% ]<X: X:E[9:XR E0 :E] X:( R<A9?(;
?(9 RX<?<X_ ?? =">>A<0( EQ RK[X X:Q[RXR
@<9:X <@GQE\( _E[Q G(Q0EQ@A"(J A% ](P%
(X _E[PQ( AEX GEA%(Q<A9 X:( ":(@<"? A%
GR_":E?E9<"? @_RX(Q<(R E0 :(Q ?<<%E X J J J X:<R J J J
\(Q_ J J J @E@(AXJ
A( E0 X:( @A_ \(Q_ A<"( X:<A9R E[X R(^
<R X:X _E[ %EAPX :\( XE %E ?EX E0 X:<A><A9J [X
]<X: R(^$ R ]<X: A_X:<A9 _E[ ]<R: XE ( R><??(% X
A% (A=E_ @EQ($ ?<XX?( %%<X<EA? >AE]?(%9(-
[X:EQ<XX<\($ <AX(AR(?_ Q(R(Q":(%$ "[XX<A9;(%9(
>AE]?(%9(-"A @>( X:( %<1(Q(A"( (X]((A
M9EE%N A% M9Q(XJN
O
&&# * &#&$ #
E[ GQE?_ G<">(% [G X:<R EE> :<?( %\<"( <R A(\(Q R[RX<X[X( 0EQ
("[R( _E[ Q( 0@<?<Q ]<X: X:(
/:< (^G(Q<(A"($ 9EE% %\<"( "A @>( X:(
-@( QA% A% ]:X <X RXA%R 0EQ# (^G(Q<(A"( 9X:(Q<A9 @[": ?(RR %A9(Q;
GQ"X<"?$ [X:EQ<XX<\( <A0EQ@X<EA X:X E[RJ ( *' 11, 1# E <R ?E%(% ]<X:
<ARG<Q(R A% (A?(R _E[ XE <@GQE\( _E[Q REG:<RX<"X(% R(^ %\<"( XE @>( A_
?<0(J A% <XPR ?<>(?_ X:X _E[ Q( EA( E0 @A (XX(Q ?E\(Q$ :[RA%$ A% 0Q<(A%J
X:ER( @(A ]:E <R "EA4%(AX (AE[9: XE EQ RXQX(QR$ _E[P?? %<R"E\(Q :E] "?ER(?_
%@<X X:X X:(Q( Q( RX<?? X:<A9R XE ?(QA 9Q(X R(^ A% RXQEA9 E%_$ A[XQ<X<E[R
E[X ]E@(A A% R(^ X:X % EQ %<(X$ A% :(?X:_ @<A% Q( ?<A>(%J
(AX:E[R( EQ[@ A(\(Q "E\(Q(%J ( *' 11, 1# E ]<?? R:E] _E[ :E]
:(A _E[Q <% G[``?(R _E[$ _E[ Q[A <@GQE\<A9 X:ER( GQXR E0 _E[Q ?<0( ]<??
XE X:( "?ER(RX (A<[R QJ :(A _E[ ?(% XE 4Q@(Q (Q("X<EAR$ ?RX<A9 ?EA9(Q
A((% X:( GQEG(Q %Q_]?? R"Q(]R$ _E[ \<R<X %[Q<A9 R(^$ 0EQ9<A9 %((G(Q$ @EQ(
Q\(_PR Q%]Q(J [X ]:(A R:( R((@R RX<R0_<A9 Q(?X<EAR:<G ]<X: _E[Q GQX;
XE :\( R[%%(A?_ ?ERX <AX(Q(RX <A R(^ EQ A(Q$ 4A%<A9 ]_R XE :\( @EQ( R(^ A%
]:(A _E[ 0((? RXQA9( X]<A9( <A _E[Q @EQ( G?(R[Q($ <A"?[%<A9 QE">(X;0[(?(%$
@ERX GQ<\X( GQXR$ ]:E Q( _E[ 9E<A9 XE XEX?;E%_ EQ9R@RJ E[A% 9EE%L (XPR
"EAR[?XL :( 9[_R EA _E[Q Q[9_ X(@L %<9 ?<XX?( %((G(Q <AXE ]:X ( *'
E[ "A R(( E[Q GE<AX# :(A <X "E@(R 11, 1# E :R XE E1(Q #
XE R(^$ X:(Q( Q( 0(] "E@0EQX?( G?"(R
XE 9E 0EQ [R(0[? <A0EQ@X<EA _E[ "A 0C4"C C"I085D 5!
XQ[RXJ :XPR ]:(Q(
/:< -@( @9; "II"C 5!LC5"
`<A( "E@(R <AJ ( X">?( X:( XE[9: (^$ X <XR (RX$ <R A X:?(X<" (\(AXJ
K[(RX<EAR A% 9<\( _E[ (^"?[R<\( ""(RR <>( 0EEX??$ X(AA<R$ A% Q("E;E@A
XE X:( ]EQ?%PR XEG R(^[? :(?X: (^G(QXR ]Q(RX?<A9$ @`<A9 R(^ <R :(%;XE;XE(
]:E R:Q( <@GEQXAX Q(\(?X<EAR A% "X<\<X_ X:X "??R EA ?? _E[Q 0"[?X<(R-
',33
P5%E 8) M15%G
]<R%E@ ?<>(#
'
4"6.J/ 6 :CJ1M4C4S D3144)M4 J86.M" 0 _E[PQ( AEX 4XL (<A9 E[X E0 R:G(
1D "JJ"C DJ144= A% E\(Q](<9:X "A "E@G?(X(?_ R">
85"6 C" JMC6" 86 S 5"6BD /6 D= _E[Q R(^ ?<0( _ RX(?<A9 X:( ?(% E[X
"": J/"5 4"6 6 .C885" = E0 _E[Q G(A"<?J
(A ]:E Q( E(R( Q(
%E%6M.% 8) 5%6
R/8 R1G/ M/%T 8P4# /" C"4 D"C"JD J8 5T16. D"R C" 4\( X<@(R @EQ( ?<>(?_ XE R[1(Q 0QE@
#%4T M/% 16%Q1M4%= /86"DJS JCMDJ 6 855M61J186= (Q("X<?( %_R0[A"X<EA HI EQ <@GEX(A"(
-
&&# * &#&$ #
X:A @(A ]:E Q( E0 AEQ@? ](<9:X Q(X:X><A9J (Q( Q( (<9:X <ARG<Q<A9
A% :(?X:J :XPR R(Q<E[RJ Q(REAR XE %[RX E1 _E[Q %[@(??R A%
:( (^G(QX %\<"($ ]EQ>E[XR$ A% X:QE] EA X:ER( R(^_ Q[AA<A9 R:EQXRJ
%<(XQ_ G?AR <A X:<R EE> ]<?? :(?G A_
@A \E<% X:X 0X( <A :<R X:<QX<(R$ 4F> >C,41? H,// *>> 1
0EQX<(R$ 40X<(R$ (\(A :<R (<9:X<(RJ (^ <R 04> >/,/9 EE% R(^ Q(K[<Q(R 9EE%
@[": XEE <@GEQXAX XE :(?X:_ @<A% "Q%<E\R"[?Q A% Q(RG<QXEQ_ :(?X:J
A% E%_ XE ??E] XE "E@G?<"X( E[Q :(QXPR =E <R XE G[@G ?EE% XE ??
X:<A9R$ (\(A <A X:<R 9( E0 ?<XX?( ?[( X:( ?<@R A% EQ9AR <A _E[Q E%_$
:(?G(Q G<??RJ <A"?[%<A9 _E[Q Q<A A% X:( EA(
(X]((A _E[Q ?(9RJ RXQEA9 :(QX A%
3L":C05I '8C L03!05- :(?X:_ ?[A9R X(@ [G XE Q<A9 E^_9(A;
IC85-"C "P0"C Q<": ?EE% XE _E[Q @[R"?(R RE _E[ "A
"3I085D.0: :\( X:( %(R<Q( A% X:( (A(Q9_ XE R[RX<A
:_R<"? 4XA(RR <R =[RX EA( GQX _E[ X:QE[9: ?EA9 A<9:X E0 ?E\(@><A9J
E0 XEX?;E%_ XQ<A<A9 0EQ R(^J :(Q(PR ^(Q"<R( RXQ(A9X:(AR EX: R_RX(@RJ
X:( @EQ( "E@G?(^ A% ":??(A9<A9
(@EX<EA? R<%( E0 X:( 9@($ ]:(Q( @ERX I>,? 44?C? /44 '4H9 ^(Q"<R(
@(A A((% (^XQ %Q<??<A9J :<R <R ]:(Q( ?RE EG(AR X:( 6EE%9X(R X:X ??E]
[A%(QRXA%<A9 :E] X:( ]:E?( 0(@?( ?EE% XE (AX(Q X:( G(A<R 0EQ RXQEA9
]EQ>R-0QE@ @<A% XE \9<A-"A 9<\( (Q("X<EARJ :_R<"? "X<\<X_ >((GR QX(Q<(R
@A A %\AX9( <A QE[R<A9 6(^<?( RE X:(_ "A (R<?_ %<?X($ (RG(;
]E@APR <AX(Q(RXJ "<??_ X:ER( X<A_ EA(R <A X:( 9(A<X?R X:X
@`<A9 R(^ Q(K[<Q(R "EAA("X<A9 A((% XE Q(RGEA% ]:(A X:( X<@( <R Q<9:XJ
]<X: _E[Q GQXA(Q EA %((G(Q ?(\(?J (R(Q": Q(GEQX(% X X:( ZaFa @((X;
A% _E[ 9(X X:(Q( ]<X: RG("<? "Q( A% <A9 E0 X:( @(Q<"A QE?E9<"?
0((%<A9J 0EEX?? X(@ "AAEX ]<A <0 RRE"<X<EA R:E]R X:( GE](Q0[? ?<A>
X:( Q("(<\(QR Q(APX "E@@[A<"X<A9 ]<X: (X]((A (^(Q"<R( A% (Q("X<EARJ
%S 1G .E%M )8E T8PE X:(<Q K[QX(Q">J <>(]<R( ?E\<A9 "<(AX<RXR R[Q\(_(% FT+ :(?X:_ @(A X
3= MCG :E84T GQXA(QR A((% XE 0ERX(Q <AX<@X( "EAA("; [Q:@
(%<"? (AX(Q <A EQX:
M/% G16.4% %GM X<EAR X:X :\( AEX:<A9 XE %E ]<X: X:(<Q QE?<A E[X X:(<Q (^(Q"<R( :<XR$
%S%E1G% )8E E%4%G16.
5PGP4E 86GME1M186! 9(A<X?R [X (\(Q_X:<A9 XE %E ]<X: X:(<Q 0Q(K[(A"_ A% K[?<X_ E0 (Q("X<EAR$ A%
M8616. 3 5PG4%G! (_(R$ (QR$ @E[X:R$ A% "(Q((??[@RJ E\(Q?? R(^[? RX<R0"X<EAJ X X[QA(% E[X
6# E%4S16. M/% 6%E0 E@@[A<"X<EA <R A <@GEQXAX 0E[A%; X:X @(A ]:E (^(Q"<R(% @E%(QX(?_ :%
Q8PG GTGM%5= M /G
%%6 G1%6M1*44T X<EA E0 9Q(X R(^J
EQ( EA X:X ?X(QJ R[RXAX<??_ :<9:(Q R"EQ(R EA X:( R(^
#%586GMEM%# M/M R[Q\(_ X:A @(A ]:E ](Q( R(%(AXQ_J
8E.G5 /G 9V M15%G
M/% 6S1%MTK5PG4%
0'I "C" '8C O"I0"C "P :( @(A ]:E Q(GEQX(% (^(Q"<R( E0 X
G:G50E%#P16. %))%M :( @(%<"? ?<X(QX[Q( <R Q<": ]<X: RX[%<(R ?(RX C
R G(Q ]((> ](Q( U5 G(Q"(AX
8) 41P5= R:E]<A9 :E] (^(Q"<R( @>(R R(^ @EQ( ?(RR ?<>(?_ XE Q(GEQX R(^[? GQE?(@R
J
"
I
&&# * &#&$ #
:XPR <@GEQXAX ("[R( ":A9<A9 XE G(EG?( <A X:( 9(A(Q? GEG[?X<EA ]:E
X:( QX<E (X]((A A% ":E?(R; ](Q( Za _(QR _E[A9(QJ
X(QE? Q(%["(R G?K[( [<?%;[G EA QX(Q<(R
X:X 1("X (Q("X<EARJ 4F=// "/ ?I,>9 (XX<A9 "> <A R:G(
"A @>( _E[ 0((? GQ(XX_ 9EE% E[X
8R M8 /Q% E8P6#
O! N! 8E 58E% 4F=// *66,> 1 *4>1,>9 ^(Q"<R( _E[QR(?0$ A% X:X R(?0;"EA4%(A"( "A
<R X(QQ<4" @EE% A% ?<<%E EERX(QJ ( \(Q_ XXQ"X<\( XE ]E@(AJ A R[Q\(_
6; 53?F 2AFI@F#
&5@ A#J#@1 "MA; /" E<A9 0EQ Q[A E[XR<%( EA ([X<0[? %_ E0 75a "E??(9( RX[%(AXR$ A<\(QR<X_ E0
58C" S8M "2M4J" J/" XQ<99(QR _E[Q Q<A XE Q(?(R( (A%EQG:<AR$ Q>ARR Q(R(Q":(QR <A\(RX<9X(%
486."C S8MC C")CJ8CS 0((?;9EE% A([QE":(@<"?R X:X (?(\X( "EQQ(?X<EAR (X]((A G:_R<"? "X<\<X_
:"C18 D Q144 "=
@EE% A% X>( _E[Q @<A% E1 E0 ]EQ>$ RE A% R(^[? %(R<Q<?<X_J EQ X:( @?(R <A
H; 0.7 F,# 75AF-@527 _E[ "A 0E"[R EA @EQ( G?(R[Q?( X:( RX[%_$ X:( Q(R(Q":(QR 0E[A% X:X
.+@#FF#; 18J16" 3144D
"C"J186D= G[QR[<XRJ [@(QE[R RX[%<(R R:E] X:X 4XA(RR @%( X:(@ 0((? ?EX :EXX(Q
(^(Q"<R( "A (\(A 49:X "?<A<"? %(GQ(R; ?EE><A9J \(Q Ca G(Q"(AX E0 X:( @(A ]:E
G; @"# 75AF-A#L
2AA+#A= "4"D16. R<EA$ ]:<": <R GQ<@( %(RXQE_(Q E0 R(^[? "?<@(% E\( \(Q9( G:_R<"? 4XA(RR
5MD4" J"6D186 "D"D %(R<Q( A% G(Q0EQ@A"(J R_":<XQ<RXR X ?RE QX(% X:(@R(?\(R R E\( \(Q9(
6R1"JS )J8C 16 DM0 X:( A<\(QR<X_ E0 (^R E[X:](RX(QAPR <A R(^[? %(R<Q<?<X_J ?? E0 X:( @(A
D">M"6J "C"J186D=
EE% <REQ%(QR (R(Q": QE9Q@ A% ]:E Q(GEQX(% (^(Q"<R<A9 U %_R ]((>
*; J# A.7 5& K.3#; ?<A<" 0E[A% X:X GX<(AXR R[1(Q<A9 0QE@ QX(% X:(@R(?\(R R (^"(??(AX @X(
48/84 16 48Q 8D"D
16C"D"D J/" C8MD4 %(GQ(RR<EA ]:E %<% @E%(QX(?_ <AX(AR( @X(Q<? A% %@A 9EE% <A (%J
D1.64D )C85 S8MC C16 (QE<"R 0EQ Y5 @<A[X(R %_ (^G(Q<(A"(%
J8 S8MC :"614" J1DDM"=
A(Q?_ 5a G(Q"(AX %("?<A( <A %(GQ(RR<EA 4F=// .14. 4FC ?C>??9 R_ XE [A%(Q;
(; F3" I7 3" R_@GXE@R$ ]:<": <R "E@GQ?( XE X:( RXA% ]:_ "\(@A ]E[?% ?ER( ??
25J# @5I3"; (1("X E0 AX<%(GQ(RRAX @(%<"X<EA ?<>( <AX(Q(RX <A GQE"Q(X<A9 ]:(A :(PR (<A9
5:C8P16. 488
1CM4J186 Q144 /"4:= QE`" EQ E?E0X$ [X ]<X:E[X X:( A(9; ":R(% _ R(QXEEX: X<9(QJ Q<EQ<X<(R$
X<\( R(^[? R<%( (1("XRJ ^(Q"<R( ?RE _E[ >AE]J (??$ XE%_PR GQ<EQ<X<(R-]EQ>
D; ,3+# F,# AF.2I1.;
8P" 16J8 68J/"C C885 GQE\<%(R EGGEQX[A<X_ 0EQ RE"<? <AX(Q"; GQ(RR[Q(R$ %(%?<A(R$ A% ]EQQ_ E[X
QJ/ 6 "C8J1 58P1" X<EA$ ]:<": (?(\X(R @EE% A% @_ :(?G <??A(RR$ =ER$ 0@<?_ @XX(QR-XQ<99(Q X:(
Q/1: 8MJ D"R J8S 8C JCS
D"RS 6"Q :8D1J186=
_E[ @((X A (K[??_ :GG_ @(@(Q E0 R@( REQX E0 <E?E9<"? 49:X;EQ;6<9:X
X:( EGGER<X( R(^ EA _E[Q A(^X Q[AJ Q(RGEAR( X:X :[A9Q_ X<9(QR %<% "> <A
X:( %_J :(A X:X :GG(AR$ ?EE% 6E]
4F> 61,? H,// C J4F1)>9 Q\Q% <R %<Q("X(% ]_ 0QE@ X:( 9(A<X?R XE X:(
A<\(QR<X_ RX[%_ E0 FUa @?( A% 0(@?( @[R"?(R ]:(Q( <XPR A((%(% XE %%Q(RR
R]<@@(QR <A X:(<Q 7aR A% UaR R:E](% %<1(Q(AX ><A% E0 "X<EAJ XQ(RR "A
GER<X<\( Q(?X<EAR:<G (X]((A Q(9[?Q RX<6( ?<<%E <A @(AJ :(A _E[PQ( A^<E[R$
G:_R<"? "X<\<X_ A% X:( 0Q(K[(A"_ <XPR %<2"[?X XE ( <A X:( @E@(AX$ "EA;
A% (A=E_@(AX E0 R(^[? <AX(Q"E[QR(J A("X ]<X: _E[Q GQXA(Q$ A% ("E@(
:( Q(R(Q": R:E](% X:X R]<@@(QR <A QE[R(%J [X (^(Q"<R( <R X:( 0RX 4^ 0EQ
X:(<Q UaR Q(GEQX(% R(^ ?<\(R "E@GQ?( RXQ(RRJ X GQE\<%(R A <ARXAX Q(?(R( 0EQ
&
"
X:X R[Q\<\?;@E%( (A(Q9_ A% <X 6EE%R R:??E]$ ?EE>R "E[AX <A GQXA(Q :[AX<A9J
X:( E%_ ]<X: "?@<A9 Q<A ":(@<"?RJ [X (<A9 E\(Q](<9:X "A (\(A %(GQ(RR
A% ]:(A _E[ (^(Q"<R( Q(9[?Q?_$ _E[ X:( R(^ ?<\(R E0 G(EG?( ?Q(%_ <A RE?<%
XQ<A _E[Q E%_ XE :A%?( RXQ(RR (XX(Q Q(?X<EAR:<GRJ R[Q\(_ E0 F$ZFa G(EG?( E0
?? X:( X<@(J (^R
A<\(QR<X_ %<1(Q(AX ](<9:XR A% R<`(R "EA%["X(% _
Q(R(Q":(QR 0E[A% X:X @(A ]:E Q( Q(R(Q":(QR X [>( A<\(QR<X_
(%<"?
4X :\( ?E](Q ?(\(?R E0 RXQ(RR :EQ@EA(R (AX(Q R:E](% X:X E(R( G(EG?( ](Q(
<A X:(<Q ?EE% X:A [A4X G(EG?( %E$ Z5 X<@(R R ?<>(?_ XE Q(GEQX %<RRX<R0"X<EA
]:<": @(AR X:X X:(<Q E%<(R Q( (XX(Q ]<X: R(^ R AEQ@? ](<9:X G(EG?(J
GQ(GQ(% 0EQ R(^ ]:(A X:( @E@(AX <R :( 0AXRX<" A(]R <R X:X 9EE% R(^ "A
Q<9:X$ EQ RXQ(RR ]:(A <X RXQ<>(RJ ( ":<(\(% ]<X: @<A<@? <@GQE\(@(AX
<A E%_ "E@GER<X<EAJ (\(Q? RX[%<(R
4F=// ?/6 ?4F1> 1 *G >4C, :\( R:E]A X:X G(EG?( Q(GEQX @[":
>0?9 ^:[RX<A9 _E[Q @[R"?(R ]<?? 9Q(X(Q (A=E_@(AX E0 R(^[? "X<\<X_
:(?G _E[ 9(X XE R?((G 0RX(Q A% R?((G 0E??E]<A9 ](<9:X ?ERR E0 =[RX Fa G(Q"(AX$
%((G(Q$ ""EQ%<A9 XE X<EA? ?((G R_R
QX<A <A>R$ :$ "?<A<"? %<Q("XEQ
E[A%X<EA R"<(AX<RXRJ A( RX[%_ 0E[A% E0 <A>R (:\<EQ? (?X: A% A
X:X R?((G;? GX<(AXR ]:E (^(Q"<R(% RR<RXAX "EAR[?X<A9 GQE0(RREQ X
X:Q(( X<@(R ]((> 0EQ + ]((>R <@GQE\(% [>( A<\(QR<X_
(%<"? (AX(QJ M XPR
X:(<Q K[?<X_ E0 R?((G _ A(Q?_ Z5 G(Q; <@GEQXAX XE Q(?<`( X:X X:(R( 0E?>R
"(AXJ ((G Q(RX0[? R?((G <R <@GEQXAX XE %<% AEX 9(X XE RE@( <%(? ](<9:X$ [X
9EE% R(^[? 0[A"X<EA$ XEEJ :(A _E[ :\( QX:(Q X:X =[RX @E%(QX( <@GQE\(@(AXR
Q(=[\(AX<A9 R?((G$ _E[ GQE%["( AEQ(G<; X:X ]( >AE] (A(4X E\(Q?? :(?X: ?RE
A(G:Q<A( A% %EG@<A($ X]E A([QEXQAR; :(?G(% <A X:( (%QEE@$N :( R_RJ
@<XX(QR X:X G?_ QE?( <A %(R<Q( A% E@( EX:(Q ]_R X><A9 E1 GE[A%R
QE[R?J A% 0[?? A<9:XPR R?((G$ T XE "A ?<0X _E[Q ?E\( ?<0(#
+ :E[QR$ (AR[Q(R X:X _E[P?? (^G(Q<(A"(
$ EQ %Q(@$ R?((GJ :XPR ]:(A _E[Q 4F=// 44?C C?C4?C>419 (RXERX(QEA(
(_(R X]<X": QG<%?_ [A%(Q _E[Q ?<%R <R X:( :EQ@EA( Q(RGEAR<?( 0EQ 0[(?<A9
+
A% _E[ (^G(Q<(A"( AE"X[QA? G(A<?( _E[Q R(^ %Q<\(J E@(A :\( <X$ XEE$ [X
X[@(R"(A"($ (Q("X<EAR X:X Q<A9 AE[Q; AEX R @[": R @(AJ :(A X(RXERX(QEA(
<R:<A9 ?EE% XE _E[Q @(@(Q <A R?[@(QJ %<GR (?E] AEQ@? ?(\(?R$ R <X X_G<"??_
%E(R ]<X: 9($ %(R<Q( A% R(^[? 0[A"X<EA
." 0- 882 8' "P 033 @_ R[1(QJ Q("(AX RX[%_ R[99(RXR
%E%6M 16E%G% 16
"3: 8L 8D" "0-.I X:X 9( @_ AEX ( X:( EA?_ X:<A9 X:X T8PE /6% 8) .%M0
[Q\(_R R:E] X:X E\(Q](<9:X G(EG?( RX<6(R ?(\(?RJ A X:X (G<%(@<E?E9<"? M16. G13 1) T8P /Q%
Q( F7 G(Q"(AX ?(RR XXQ"X<\( XE X:( RX[%_ E0 F$+ZZ @(A <A X:( ERXEA Q($ 6 P6/::T 5E0
E1.%= # 48Q16C
EGGER<X( R(^$ A% 7Y G(Q"(AX ?(RR XXQ"; R"<(AX<RXR 0QE@ X:( (] A9?A% 4G8 6 G/8EM%6
X<\( <0 X:(_ Q( E(R(J :<?( <X @_ R((@ (R(Q": ARX<X[X(R 0E[A% X:X X:( R<`( T8PE 41)% T - T%EG=
7
&&# * &#&$ #
9V
"
99
9S QD N05-
8C"
"P 5 4:C8N" 8LC "3I.
"P 4Q :C8I"I /%4M/! 8E M/% :/TG14 %S%E1G% )E85 G%S "P I." 5ILC3
Q8LC ."CI= 51./M #1E%M4T :E8M%M .16GM = E 1M D3"":05- :033=
GMP#T 16 M/% #) $
%0)$" % 51./M % M/M 5%6 R/8 /Q% E%.P4E G%S G R85%6 368R 44 M88 R%44! 8E.G5 1G
) %"%4 GP..%GMG M/M 5%6 R/8 /Q% %628T 15:E8Q%# /%4M/ M/E8P./ GME%GG EM/%E %))%M1Q% G4%%: 1# )8E 58GM 5%6=
G%S MR1% R%%3 /Q% 48R%E E1G3 8) E%#PM186 )E85 GP::8EM1Q% E%4M186G/1:=
E#18QGP4E #1G%G% ;< M/6 5%6 /M%Q%E M/% E%G86! 1M ::%EG M/M G%S "P DI0+"D DIC"DD=
R/8 /Q% 4%GG )E%>P%6M G%S= 6# M/1G 1G .88# )8E T8PE M13%E= %G%E/ M M/% 61Q%EG1MT 8) M/%
RG MEP% %Q%6 )M%E E%G%E/%EG %GM 8) 8M46# G/8RG M/M G%S! 413%
#2PGM%# )8E %E%M14% #TG)P6M186= 805- 0I LC5D 38C0"D= %S%E1G%! E%4%G%G 6S1%MT! 48R%EG GME%GG
64TU16. M/% /%4M/ E%8E#G 8) 9!9J+ P% M8 1MG E%Q1MT! /Q16. 6 8E.G5 /8E586%G! 6# 6 /%4: :%8:4% 8:%
5%6 R/8 R%E% 5861M8E%# )8E 9J T%EG )E1%G 864T MR8 8E M/E%% 48E1%G= PM M/% R1M/ 5%6M4 :E%GGPE% )8E M 4%GM
G :EM 8) M/%
GG/PG%MMG
4% :E%4P#% 6 PE6 >P1M% 1M 58E%! R%%3= 6 M/% GMP#T! -J 5%6 6# R85%6
.16. MP#T! %:1#%51848.1GMG M M/% %R #%:%6#16. 86 T8PE R%1./M 6# M/% 4%6.M/ R%E% :PM 16 GME%GG)P4 G1MPM186
6.46# %G%E/ 6GM1MPM%G )8P6# M/M 6# Q1.8E 8) M/% 48Q%5316. G%GG186= 16Q84Q16. G:%316. 6# R8E316. 5M/
5%6 R/8 /# G%SP4 M1Q1MT 86% 8E %S5:4%! EP8PG E85: PG%G 8PM :E84%5G 16 )E86M 8) M8P./ P#1%6%=
586M/ 8E 4%GG R%E% M +V :%E%6M +
G ;5%M841 %>P1Q4%6MG<! GTG0 EM11:6MG R%E% 4G8 G3%# M8 3%%:
.E%M%E E1G3 8) E#18QGP4E #1G%G% M%5 )8E .P.16. M/% 16M%6G1MT 8) :/TG14 #1ET 8) M/%1E G%SP4 M1Q1MT )8E MR8
M/6 M/% 5%6 R/8 /# G%S 58E% M/6 M1Q1MT= ;1MM16. >P1%M4T! )8E 85:E1G86! R%%3G :E18E M8 M/% M%GM= /8G% R/8 /#
86% R%%3= 1G %>P4 M8 9
=< 8! 97V0:8P6# 56 G%S R%E% M/% 4%GM GME%GG%# 8PM! 6#
@PE E%G%E/ )8P6# M/M 48R R8P4# PE6 -9N 48E1%G 16 6 /8PE 8) M/%1E 488# :E%GGPE%G E%MPE6%# M8
)E%>P%6T 8) G%SP4 M1Q1MT :E%#1M%# Q1.8E8PG G%SP4 M1Q1MT= PM G16% 68E54 )GM%E )M%E M/% :P41 G:%316.
6%R E#18QGP4E %Q%6MG!A GTG PG6 M/% Q%E.% 48Q%5316. G%GG186 1G 8PM M%GM= @%8:4% R/8 /# :%614%0Q.164
44! /= 44 GTG 6P5%E 8) :8GG14% OV 516PM%G! T8PCE% M4316. 8PM 864T 16M%E8PEG% #1# MR1% G R%44 G :%8:4%
)M8EG 8P4# /Q% 86ME1PM%# M8 M/% E8P6# 9+V 48E1%G= M144! M/MCG 58E% R/8 864T 5GMPEM%# 8E /# 68 G%S
GMP#TCG *6#16. /% :GT/14 :1MT M8 M/6 #8P4% M/% 48E1 %S:%6#1MPE% M 44!A GTG :GT/848.1GM 6# 4%#
/Q% G%S 51./M % 5E3%E )8E 8Q%E44 8) G1MM16. 486% 86 M/% 8P/= E%G%E/%E MPEM E8#T=
9O
"
C833 05 I." .Q 2"":D 8P:4%G #PE16. O-0/8PE Q1G1MG 86 MR8 :E8GMM% 6%E M/6 5%6 R/8 Q%E.%#
I." !8I8C OQ= #1))%E%6M 8G186G= 6 M/% *EGM Q1G1M! M/% G%Q%6 8E )%R%E %2P4M186G :%E 586M/=
%8:4% R/8 /Q% G%S 86% 8E MR1% 8P:4%G R%E% :E85:M%# M8 %6..% 16 /% E%G%E/%EG G:%P4M%# M/M G%Q%E4
R%%34T /Q% GME86.%E 155P6% GTGM%5G :8G1M1Q%! GP::8EM1Q% #1GPGG186= R8 :E8M%M1Q% )M8EG 5T 86ME1PM%
M/6 :%8:4% R/8 /Q% G%S 4%GG M/6 586M/G 4M%E M/%T E%MPE6%# 6# 6%R %2P4M186 5T 4%E M/% :E8GMM% 8)
86% R%%3! 8E#16. M8 GMP#T M R8P6#G R%E% #5161GM%E%#! M/% 8P:4%G E168.%61 G%E%M186G 6# M/% GME%GG0
143%G 61Q%EG1MT 16 %66GT4Q61 T R%E% :E85:M%# M8 E.P%= %GP4MG G/8R%# E%#PM186 %6%*M )E85 8E.G5 5T
:GT/848.1GMG E4
= /E6%MG31! /! M/M R8P6#G /%4%# 6%E4T MR8 M15%G 4151M :8M%6M14 /E5)P4 GPGM6%G M/M
6# E61G = E%666
E=! /= 6 M/%1E )GM%E )M%E M/% :8G1M1Q% 16M%EM186= 8P4# ME1..%E 6%E=
883! " $ %% * %% %) %0
%2 "*0) $ %%*. %0) ##0$
8C" D"P 4Q ILC5 8N" 385-"C 30N" 385-"C=
4*.# $ $.$ %0) M/%T 2 I." 382= 6 E1G/ GMP#T :P41G/%# 16 M/% ) . *
#%GE1% M/%1E GMP#T 16 R/1/ M/%T M883 6 /Q16. G%S 3%%: RE1634%G RT? "
%0)$" 16 977I ME3%# M/%
G41Q G5:4%G )E85 999 844%.% E1M1G/ 6%PE8:GT/848.1GM Q1# %%3G! 58EM41MT 8) 9!VVV 51##4%0.%# 5%6
GMP#%6MG 6# G3%# M/%5 8PM M/%1E
! 8) 8T4 #16PE./ 8G:1M4 8Q%E M/% 8PEG% 8) #%#% 6# 860
)E%>P%6T 8) G%S 8Q%E M/% 8PEG% 8) %41%Q%G G8= 6 9V0T%E0486. GMP#T! /% 4P#%# M/M G%SP4 M1Q1MT 5T /Q%
586M/= 64TG1G G/8R%# M/M M/% 16M%EQ1%R%# N!+VV #P4MG 16 6.46# 6# :E8M%M1Q% %))%M 86 /%4M/= T 85:E0
G41Q 8) M/% GMP#%6MG R/8 /# G%S 86% M/% 61M%# MM%G! 6# )8P6# M/M :%8:4% 16. 5%6 8E#16. M8 .% 6# /%4M/!
8E MR1% R%%3 /# NV :%E%6M 58E% R/8 E%:8EM%# /Q16. G%S )8PE M15%G E%G%E/%EG )8P6# M/M 5%6 R/8 /#
8) M/% 6M1.%6 155P68.48P416 ; .< R%%3 4883%# 8PM 9V T%EG T8P6.%E M/% /1./%GM )E%>P%6T 8) 8E.G5G /#
M/6 M/% G41Q 8) GMP#%6MG R/8 /# M/6 M/%T MP44T R%E%= 4%GPE% #%M/ EM% +V0:%E%6M 48R%E M/6
G%S 4%GG 8)M%6= @ . 1G M/% 8#TCG *EGM #%E1Q%# )E85 /Q16. 48Q16. G%S E%4%G%G 5%6 R/8 #1# 68M %2P4M% )E%>P%6M4T=
416% 8) #%)%6G% .16GM 84#G 6# ,P!A /8E586%G! 164P#16. /P56 .E8RM/
GTG /E6%MG31= /8E586%! M/M E% EP14 16 :E%G%EQ16.
"5 O.8 .N"
M/%E GMP#1%G G/8R M/M /::T T8PM/! /% GTG= 48C" D"P C"%
E%4M186G/1:G E% .88# )8E /%4M/= DLC:C0D"%.::0"C&
6 86% %S:%E15%6M E%:8EM%# 16 M/%
2 C">L"5I 8C-D4D 4Q 6 PGME416 GPEQ%T 8) +!VVV :%8:4%
$"$
%0)$" % $ 61Q%EG1MT :C8I"I -05DI 5"C= G/8R%# M/M 5EE1%# 5%6 E% 9N+ :%E0
8) 1MMGPE./ G1%6M1GMG G/8M 41Q% 84# %Q%E4 GMP#1%G /Q% GP..%GM%# M/M %6M 58E% 413%4T M8 E%:8EM /::16%GG
Q1EPG%G P: M/% 68G%G 8) Q84P6M%%EG= )E%>P%6M %2P4M186 8Q%E 56T T%EG M/6 G16.4% 5%6! R/14% 864T +O :%E%6M
/8G% R/8 E%:8EM%# /Q16. GME86. M1%G 5T #%E%G% E1G3 8) :E8GMM% 6%E= 8) 5EE1%# R85%6 E% /::1%E M/6
R1M/ 48Q%EG! )E1%6#G! 6# )514T R%E% 6 86% GMP#T! O7!VVV 5%6! .%G -J M8 P65EE1%# R85%6= 8P4# 1M /Q% G85%0
M/% 4%GM 413%4T M8 M/ 84#= &9! R%E% G3%# M/%1E /1GM8ET 8) G%SP4 M/16. M8 #8 R1M/ M/% )M M/M G%S 1G %G10
16M%E8PEG% 6# 5GMPEM186 %MR%%6 %E )8E 8/1M16. 8P:4%G? 8E#16.
88! 38N" 0D "II"C M/% .%G 8) OV 6# -7= %G%E/%EG M M8 6M1864 G%S GPEQ%T 86#PM%# T
I.5 5!-"= M/% M1864 6%E 6GM1MPM% 64TU%# M/% 61Q%EG1MT 8) /1.8! G%SP4 M1Q1MT
%G%E/%EG M /18 MM% 61Q%EG1MT M/% #M 6# #%M%E516%# M/M M/% .E8P: 1G O+ :%E%6M M8 NVV :%E%6M .E%M%E
%#14 %6M%E 16,1M%# 5168E 41GM%E 8) 5%6 R/8 E%:8EM%# O9 8E.G5G :%E )8E 5EE1%# 8P:4%G 85:E%# M8 6860
R8P6#G 86 M/% E5G 8) -+ 5EE1%# 586M/ RG 5P/ 4%GG 413%4T M8 /Q% 5EE1%# :%8:4%! #%:%6#16. 86 .%=
9N
.:I"CK
$
)#"$ '
&) ')&*)'
& .*& +&) )
9-
8L 4Q I.052
X:X _E[ :\( GQ(XX_ 9EE% :A%?( EA _E[Q =[A>J
0X(Q ?? <X :R ((A 0E"[R E0 _E[Q XX(AX<EA ?EA9
(0EQ( <X ("@( 0E"[R E0 <QGEQX R"Q((A(QRPJ
(">$ _E[ :% (Q("X<EAR <A [X(QE$ _E[ RX[%/
A_
GQE[% %%PR :\( R((A X:(@ GE><A9 X:QE[9: X:(
9Q<A_ <@9( E0 X:( ERX(XQ<" [?XQRE[A%J :XPR
AEX RE R[QGQ<R<A9 <R X:X 0X(Q <QX: @?( <A0AXR
%<R"E\(Q X:(<Q G(A<R(R A% X(RX<"?(R X:Q(( @EAX:R
(Q?<(Q X:A 0(@?( <(R 4A% X:(<Q \9<ARJ
<X: _E[Q 9(A<X?R 6EGG<A9 QE[A% 0EQ R[": (R_
<ARG("X<EA$ "EAX(@G?X<EA$ A% (AX(QX<A@(AX
0EQ RE @A_ _(QR$ <XPR ><A% E0 R[QGQ<R<A9 X:X
@(A Q( @[": @EQ( <9AEQAX E0 X:(<Q X A%
??R X:A ]E@(A Q( E[X X:(<Q :E@( G?X(J
M
(A Q( "E@G?(X(?_ "?[(?(RR E[X ]:XPR 9E<A9
EA %E]A X:(Q($N R_R [QE?E9<RX QQ_ <R":$
$
GQE0(RREQ E0 "?<A<"? [QE?E9_ X (<?? EQA(??
(%<"? E??(9(V(] EQ>;Q(R_X(Q<A ERG<X?J
9+
$
)#"$ '
M
(A Q( <A %(A<?J :(_ <9AEQ( GQE; GX<@? RG(Q@ GQE%["X<EA Q(K[<Q(R
?(@R ("[R( X:(_ Q( 0Q<% EQ X:(_ X(RX(R X(@G(QX[Q( XE ( 0(] %(9Q((R
4% /8E586%G ]AX XE GG(Q <A\<A"<?(J (??$ @(A "EE?(Q X:A X:( E%_$ <%(??_ C7JU %(9Q((RJ
:%3 %MR%%6 R:E[?% G_ XX(AX<EA XE X:(<Q X(RX<"?(RJ EE ]Q@ A% RG(Q@;@><A9 (9<AR
+ =5= 6# 7 =5=! :( X(RX<"?(R Q( :(%K[QX(QR 0EQ XE R[1(Q$ RE@(X:<A9 XE >((G <A @<A%
5S151U16.
8M/ :%E)8E56% @APR :(?X:JN <0 _E[PQ( XQ_<A9 XE ("E@( 0X:(QJ
6# :4%GPE%= :(A E"QX(R %\<R(% [R XE M>AE] (Q@A Q(R(Q":(QR RX[%_<A9 X(RX<"[?Q
X:_R(?0 N :( ]RAPX X?><A9 G(A<R(R A% X(@G(QX[Q(R 0E[A% X:X :(X(% "Q
X(RX<"?(R$ [X :( ]E[?%APX :\( ((A R(XR "A :<A%(Q @APR 0(QX<?<X_J
]QEA9 <0 :( :% ((AJ E@( 9(A(Q? A X:(<Q (^G(Q<@(AXR$ @(A ]:E RG(AX
9(A<X? >AE]?(%9( "A >((G _E[ E[X E0 A :E[Q G?AX(% <A :EX R(X (^G(Q<;
:(G E0 XQE[?(J (A"(% R<9A<4"AX =[@G <A X(RX<"[?Q
:<A> E0 <X X:<R ]_# E[ ]E[?%APX X(@G(QX[Q($ XE CCJF7 %(9Q((RJ [QA X:(
EG(QX( :<"9E A([@X<" +5T (\_ R(X :(X(Q E1J E[ "A ?RE \E<%
[X_ A9?( Q<A%(Q ]<X:E[X 4QRX Q(%; QERX<A9 _E[Q A[XR _ ](Q<A9 E^(Q
<A9 X:( [R(Q @A[?$ ]E[?% _E[L
(A R:EQXRJ R( X:ER( <><A< Q<(0R R Q9R
(A(4X 0QE@ ("E@<A9 (XX(Q "K[<AX(% 0EQ %(X<?<A9 _E[Q "QJ
]<X: X:(<Q E]A (K[<G@(AXJ :( @EQ( _E[ _ X:( ]_$ _E[P\( GQE?_
>AE] E[X _E[Q E%_$ X:( :(?X:<(Q <X AEX<"(% X:X EA( E0 _E[Q X(RX<"?(R :A9R
]<?? ?<>(?_ ( A% X:( @EQ( G?(R[Q( _E[ <X ?E](Q X:A <XR QEX:(QJ Q(?_ Q(
]<?? %(Q<\( 0QE@ <XJ EX: <%(AX<"?J :( ?(0X <R ?E] ?? <A
E] X[QA _E[Q :(% A% "E[9:J +5 G(Q"(AX E0 "R(RJ HE] X:(Q(PR RE@(
"E">X<? GQX_ 0E%%(Q 0EQ _E[/I R _E[P\(
." CID AE %E[X (^G(Q<(A"(%$ X(RX<"?(R Q(XQ(X
(P?? GRR E\(Q X:( G(A<R 0EQ X:( @E@(AX XE X:( ]Q@X: E0 _E[Q E%_ ]:(A _E[
A% R><G XE X:( [A%(Q"QQ<9($ X:( X]<A =[@G <A ":<??_ ?>( EQ GEE?J :XPR %[(
X(RX<"?(R HEQ X(RX(RI$ ]:(Q( _E[Q 9(A<X? XE @[R"?(R <A X:( R"QEX[@ X:X [XE;
XQ"X (9<ARJ ": X(RX<"?( "EAX<AR @X<"??_ "EAXQ"X ]:(A "E?% EQ ]:(A
@<??<EAR E0 X<A_ A9(? :<Q RG9:(XX<;?<>( _E[Q A(<9:EQPR QEXX](<?(Q R[QGQ<R(R _E[J
X[(R X:X Q( X<9:X?_ "E@GQ(RR(% XPR R[Q\<\? X"X<"J
<A RXQEA9 "R<A9J ": <R ?<XX?( <99(Q X":<A9 R(?? ]<X: _E[Q
X:A G<A9;GEA9 ??$ ?<XX?( R@??(Q "QEX": ]<?? %QEG _E[ XE X:( 9QE[A%
X:A :Q%E<?(% (99J H(X XE >AE] :E] <A 9EA_J :<R :GG(AR ("[R( X:(Q(PR
:(?X:_ X(RX(R R:E[?% 0((? _ ?(QA<A9 X:( AE GQEX("X<\( @[R"?( EQ EA( %E]A
X(RX<"[?Q "A"(Q R(?0 X(RX EA G9( ZYJI X:(Q(J ?E] XE X:( X(RX<"?(R XQ<99(QR
E[Q X(RX<"?(R :A9 (A(X: X:( <9 <@@(%<X( R](??<A9$ GQ(RR(R EA X:(
9[_ <A 9AQ?_ :">_ R"> "??(% X:( X(RX<"[?Q "R<A9$ A% <A0[Q<X(R @<??<EAR
R"QEX[@J :(_ R]<A9 X:(Q( ]_ 0QE@ E0 A(Q\( (A%<A9R$ ]:<":$ <A X[QA$ R(A%
X:( E%_ 0EQ 9EE% Q(REA# XE >((G "EE?J A9Q_ "E@G?<AXR XE A(Q\(R X:QE[9:E[X
9J
6I? #OI2 4F63P
>
9I
$
)#"$ '
X:( %E@(AJ <Q( <A X:( (??_/ E[ >AE] :(A X:(_ XQ\(? [G A% E[X E0 X:(
:E] <X 0((?RJ <QRX <%# QG A <"( G"> R"QEX[@ X:QE[9: AEX:(Q G<Q E0 X[(R$
EQ 9 E0 0QE`(A G(R <A %<R:XE](? X:( \R %(0(Q(AX<$ EQ \R %(0(Q(AR$
1S416. 1D .C"J C 18 A% "Q%?( _E[Q X(RX<"?(R 0EQ Za;@<A[X( ]:(A RG(><A9 E[X =[RX EA(J _ X:(
"R"C1D" MJ 1J /D <AX(Q\?R ]<X: Fa;@<A[X( Q(> <A ]_$ X:(R( Q( X:( X[(R X:X Q(
8Q6D1 "= /"6 C1 "C (X]((AJ :( R><APR X:<A X:(Q($ RE A(\(Q R(\(Q(%$ X<(%$ A% "[X(Q<`(% %[Q<A9
C"DJD /1D Q"1./J 86 J/"
6CC8Q :C8JCM 16. 68D" GG?_ <"( %<Q("X?_J (^X X<@( _E[ G?_ \R("XE@_ R[Q9(Q_J EX: X[(R @[RX
8) 1S4" D 4" J/" 99Q(RR<\( RGEQXR ](Q "[GJ 9(X RA<GG(% 0EQ RX(Q<?<`X<EA XE E""[QJ
6"CP"D 6 CJ"C1"D 6
" 85:C"DD" .16DJ ": \R %(0(Q(AR GRR(R X:QE[9:
J/" :"4P1 86" 85:C80 .Q ."QBC" ."C" 9?A%R "??(% X:( R(@<A? \(R<"?(R ]:(Q(
51D16. 488 ,8Q J8 J/" :( X(RX<"?(R %E X]E =ER# GQE%["( RG(Q@ <R RXEQ(% A% @<^(% ]<X: _(??E];
."61J4D 6 MD16.
6M56"DD 6 J16.416. 16 RG(Q@ A% 9(A(QX( X(RXERX(QEA($ ]:<": <R: R(@<A? 6[<% X:X AE[Q<R:(R X:(@
J/" :"61D 8C 16. J8 <R ?<A>(% XE _E[Q R(^ %Q<\(J X G[(QX_$ EA X:(<Q =E[QA(_J QE@ X:(Q($ X:( RG(Q@
CQ16 84 DJ"16
" 1J8C0160/1") 8) J/" X:( X(RX<"?(R G[@G ?Q9( @E[AXR E0 "EAX<A[( X:QE[9: X:( \R %(0(Q(AX<
"+'! "
.+ X(RXERX(QEA( <AXE X:( ?EE%RXQ(@ XE 0[(? <AXE X:( GQERXX(- ]?A[X;R<`(% 9?A%
!$ DJM S 8)
9FUU 5"6 16 J/"1C -UD J8
X:( @X[QX<EA E0 9(A<X?RS RGQE[X ":(RX$ [A%(Q X:( ?%%(Q-]:(Q( EX: X[(R
FUD J/J 164M " C"C"0 G[<" A% 0"<? :<Q$ EERX EA( A% @(Q9( ]<X: X:( [Q(X:QJ :( GQERXX(PR
J1864 S41DJD "R"C1D0 @[R"?( R<`( A% RXQ(A9X:S A% XQ<99(Q X:( @<A XR> <R XE GQE%["( X:( [?> E0 X:(
"CD 86 DJJ186CS 13"D
6 D"C18MD S41DJD %(R<Q( <A _E[A9 ?%R XE :[@G (\(Q_X:<A9 6[<% X:X "E@GQ<R(R R(@(AJ ("EA%Q<?_$
"586DJCJ" 8CC"40 ]<X: G[?R(J XPR @_X: X:X X(RXERX(Q; <X "EAXQE?R "[X;E1 \?\( X:X >((GR
J186 "JQ""6 S416. J
4"DJ K /8MCD :"C Q""3 EA( 0[(?R EAE^<E[R @?( (:\<EQ$ [Q<A( 0QE@ GRR<A9 X:QE[9: ]:(A _E[
6 486.0J"C5 5."= RX[G<%<X_$ A% Q9(J A 0"X R"<(AX<RXR Q( :\( A (Q("X<EAJ :<R <R ]:_ EA?_ R(@(A
) S8MBC" S41DJ S8M 4A%<A9 X:X X(RXERX(QEA( @>(R @(A (AX(QR X:( G(A<R (\(A <0 _E[PQ( :\<A9
6 C" M" S8MC C1D3 S
C":416. S8MC 6CC8Q 0Q<(A%?_$ (R_9E<A9$ A% (A(Q9(X<"J R(^ ]<X: 0[?? ?%%(QJ
D 4" Q1J/ Q1 "C D"J A%$ _(R$ ]E@(A :\( RE@( X(RXERX(Q; <X: 9( X:( GQERXX( X_G<"??_
J/J JC6D)"CD :C"DDMC"
86J8 S8MC @D1J 86"DA 6 EA($ =[RX R @(A :\( RE@( (RXQE9(AJ 9QE]R ?Q9(Q A% "A RK[((`( X:(
5MD4" 8) J/" MJJ83D= _ X:( X<@( @(A :<X @<%%?( 9($ X(RXER; [Q(X:Q @><A9 [Q<AX<A9 G<A0[? A%
6 LUU% DJM S 7U 1S0 X(QEA( ?(\(?R %("?<A( _ E[X X:<Q%$ RGEQ%<"$ GQE?(@ >AE]A R (A<9A
416. :841" 8)*"CD
C":4" J/"1C JC 1J1864 ]:<": X(@G(QR X:( <ARX<?( R(^ %Q<\( E0 GQERXX<" :_G(QG?R< HIJ :<R <RAPX
D 4"D Q1J/ 68D"4"DD _E[X:J HEQ <A0EQ@X<EA EA X(RXERX(QEA( GQERXX( "A"(QJ XPR (A<9A "EA%<X<EA
1S4" D 4"D= )J"C
G 586J/D J/" 6M5"C 8) %(4"<(A"_ A% <XR 1("X EA %(R<Q($ R(( <A ]:<": "E@@EA R_@GXE@R <A"?[%(
5"6 C":8CJ16. 68 :"614" :GX(Q 5# :( (^[? <9AERX<"JI 0((?<A9 A [Q9( XE [Q<AX( E0X(A$ @ERX
6M56"DD )C85 C1 16.
C8D" )C85 LF :"C"6J J8
:( X(RX<"?(R (9<A @A[0"X[Q<A9 %<RQ[GX<\(?_ X A<9:X$ A% 0((?<A9 ?<>(
%L :"C"6J= RG(Q@ %[Q<A9 G[(QX_ XE X:( X[A( E0 _E[ :\( XE 9E RE@( @EQ( XE AE \<?J
5a$aaa RG(Q@ G(Q @<A[X( (\(Q_ %_ A%$ Q @EQ( R(Q<E[R <R GQERXX( "A"(Q$
QQ<A9 "E@G?<"X<EAR$ ]<?? "EAX<A[( XE ]:<": 1("XR E[X FZ G(Q"(AX E0 @(A$
%E RE ](?? <AXE E?% 9(J G(Q@ @X[Q( <A @ERX?_ E\(Q X:( 9( E0 U5J 0 _E[ Q(
:E?%<A9 R<X( <A X:( "> E0 (": X(RX<; 7a EQ E?%(Q$ _E[Q %E"XEQ @_ Q("E@@(A%
"?($ "E<?(% X[( "??(% X:( (G<%<%_@<RJ %<9<X? Q("X? (^@ H<A ]:<": :(
9&
*
<AR(QXR 9?E\(%$ ?[(% 4A9(Q <A _E[Q @(%<[@;R<`(% G(A<RJ A 0"X$ @ERX
Q("X[@ XE 0((? X:( GQERXX( 0EQ AEQ@?; GQ(0(Q ?<XX?( @EQ( 9<QX: XE ?(A9X:$
<X<(RI A% ?EE% X(RX "??(% GQERXX(; EQ GQX<"[?Q?_ X?(AX(% XEA9[(J
RG("<4" AX<9(A HI$ ]:<": @_ :(?G
EQ( 9EE% A(]R# E[Q G(A<R <R
%(X("X GQERXX( "A"(Q (Q?_J [X (0EQ( "X[??_ <99(Q X:A <X ?EE>R ]:(A _E[
/" "C"J :"61D
:\<A9 X:(R( X(RXR$ ?(QA E[X X:( G((Q %E]A (X]((A _E[Q ?(9R ("[R( J ." = = =
GERR<<?<X_ E0 0?R( GER<X<\( X(RXR A% X:( _E[PQ( \<(]<A9 <X 0QE@ 0EQ(R:EQX(A(%
Q<R>R <A\E?\(% <A X:( \Q<E[R XQ(X@(AXR G(QRG("X<\(J :(A _E[ "X": 9?A"( E0
E0 GQERXX( "A"(QJ :(Q( :R ((A AEX:(Q 9[_PR @(@(Q R :( "E@(R H(
@[": A(] X:<A><A9 EA GQERXX( "A"(Q E[X E0 X:( 9_@ R:E](Q$ :(P?? E0X(A ?EE>
6G( F5 6HO "#+@##A;
%<9AER<R A% XQ(X@(AX$ A% _E[P?? Q(% R?<9:X?_ (XX(Q (A%E](%J XPR X:( A9?($ P"CSJ/16. 1D
@EQ( E[X <X <A :GX(Q 5J REAJ (?^J E[PQ( 4A($ R<`(;]<R(J /M63S0 8CS=
E@( @(A (A=E_ :\<A9 X:( GQERXX( E"[R EA @><A9 (XX(Q [R( E0 <X
9?A% RX<@[?X(% _ X:(<Q GQXA(QPR %[Q<A9 R(^[? <AX(Q"E[QR(J
*(
?[(% 4A9(Q <AR(QX(% <A X:( A[RJ E[Q G(A<R <R @`<A9-](??$ AEX
[?? E0 A(Q\(R$ X:<R @[R"[?Q X<RR[( :R _E[QR RG("<4"??_-[X G(A<R(R <A 6HO F5 6OO "#+@##A;
((A A<">A@(% X:( @?( ;RGEX 0EQ <XR 9(A(Q?J E[P?? GGQ("<X( _E[QR ?? X:( J/16. S8MC
:CJ6"C M6 C"DD 5S
R(AR<X<\<X_ A% %<2"[?X ""(RRJ A 0"X$ @EQ( <0 _E[ [A%(QRXA% :E] <X EG(QX(RJ 68J JC1.."C D *C5 6
X:( GQERXX( A% 0(@?( ;RGEX Q( <QRX E0 ??$ _E[Q G(A<R <R GQE?_ "C"J186 D 1J 86" 1 =
8M 5S 6"" )8C"0
X:E[9:X XE EQ<9<AX( 0QE@ X:( R@( X]<"( R ?EA9 R _E[ "A R(( ("[R( :4S 2MDJ D D/" 8"D=
(@Q_EA<" X<RR[(J :?0 E0 X:( R:0X <R :<%%(A <AR<%( _E[J ")CJ8CS :"C18
DJCJD J8 16C"D"=
:<R <R ]:X :(?GR 9<\( X:( (Q("X G(A<R
." 0- .L5 0E[A%X<EA A% RXQ["X[Q( 0EQ %E<A9 <XR
((
(P\( ?? @(R[Q(% <XJ A% Q( ]( A_ R(^[? %[X_J :( Q(@Q>?( G(A<R <R
?(RR ER(RR(% ]<X: E[Q R<`( 0X(Q X:X @%( [G E0 R@EEX: A% :<9:?_ (?RX<" 6OO F5 $O "#+@##A
?<XX?( (^G(Q<@(AXL E[P\( :(Q% X:<R @[R"?( X<RR[( R[QQE[A%<A9 X:Q(( RGEA9_ "CP"D 16 J/"
(0EQ(# :( \(Q9( 6""<% G(A<R <R ZJ7 XE X[(R$ X]E "??(% X:( "EQGEQ "\(QAER :"61D ".16 J8 48D"
D"6D1J1P1JS= J 5S
YJ5 <A":(R <A ?(A9X:$ ]:<": <R 0<Q?_ A% X:<Q% "??(% X:( "EQG[R RGEA9<E; J3" D85" 5"6
[R(?(RR RXX<RX<" R<A"( <X :R AEX:<A9 XE R[@$ ]:<": R[QQE[A%R X:( [Q(X:QJ 486."C J8 "2M4J"=
%E ]<X: X:( [?X<@X( R<`( E0 A (Q("X<EAJ X X:( (A% E0 X:( R:0X <R X:( 9?AR$
X[%<(R R:E] X:X X:( R@??(Q X:( ?<@G EQ :(%$ ]:<": Q(R(@?(R @[R:QEE@ DO<
G(A<R$ X:( ?Q9(Q <A ?(A9X: A% 9<QX: XEGJ X <QX:$ X:( :(% <R "E\(Q(% _ $O F5 4O "#+@##A;
<X 9QE]R %[Q<A9 A (Q("X<EAJ R 0EQ X:( R:(X: E0 R><A "??(% X:( 0EQ(R><A X:X 48Q"C CJ"C14
(Q("X<EA R<`($ EA( RX[%_ 0E[A% X:X Q(XQ"XR ]<X: :(?G E0 X:( 0Q(A[?[@ ,8Q 8) 488 J8 J/"
:"61D ))"JD "C"J186
TU G(Q"(AX E0 G(A<R(R @(R[Q(% 0QE@ ]:(A X:( G(A<R ("E@(R (Q("XJ
A_ DJC"6.J/= 84M5"
758+ XE UF87 <A":(R$ ]<X: A \(Q9( @?(R :\( "<Q"[@"<R<EA R:EQX?_ 0X(Q 6 P"481JS 8) J/"
"2M4J" "C"D"D=
E0 E[X 5JF <A":(R A% %<@(X(Q E0 <QX:$ <A ]:<": X:<R 0E?% E0 R><A <R 8MC C")CJ8CS :"C18
E[X FJU <A":(RJ EQA "XEQR AEX]<X:; R[Q9<"??_ Q(@E\(%J :(Q(PR AE @(%<"? 5S 4DJ K SD=
RXA%<A9$ @ERX ]E@(A Q( :GG_ ]<X: Q(REA XE %E X:<R$ (^"(GX <A "R(R ]:(A
97
$
)#"$ '
X:( 0EQ(R><A %E(RAPX Q(XQ"X GQEG(Q?_J X:Q? 9?A%RI$ X]E X<A_ G(R =[RX (?E]
XPR X_G<"??_ %EA( 0EQ Q(REAR E0 :_9<(A($ X:( GQERXX( A% "EAA("X(% XE X:(
R<A"( %<QX A% "X(Q< "A ""[@[?X( [Q(X:QJ @(% 0EQ X:( A9?<R: R[Q9(EA
[A%(Q X:( 0E?%R E0 R><AJ :( 0Q(A[?[@$ <??<@ E]G(Q$ ]:E %<R"E\(Q(% X:(@$
;R:G(% RXQ["X[Q( [A%(QA(X: E]G(QPR 9?A%R (@<X X:<R 6[<% XE
X:( :(% E0 X:( 9?AR$ <R :<9:?_ R(AR<X<\( A([XQ?<`( X:( AX[Q? "<%<X_ E0 X:(
5"C16 5"6 /P"
6"P"C ""6 85)8CJ4" XE @A[? EQ EQ? RX<@[?X<EAJ [Q(X:Q XE GQEX("X RG(Q@ ]:<?( GRR<A9
DS16. @:"61D=A
S" E[Q G(A<R :R =[RX X:Q(( X:<A9R XE X:QE[9:J :(_ @_ ?RE "EAXQ<[X(
1JBD "MD" J/" Q8C %E <A ?<0(# RE@( ?[Q<"X<EA XE X:( \9<AJ
D8M6 D J""6S Q""61"=
S" J/JBD Q/S 59 ?? F>,19 <A"( <XPR 6(^<?($ X:<R
J/"SBP" 85" M: Q1J/
DM/ C"J1P" "M:/"0
:ER( "A ( %<Q("X(% XE <@ X 6<(R EA 5I84Q 8' 8LC C-D4
51D5D= 85" 85586 [Q<A?R X RGEQX<A9 (\(AXRJ E[Q G[E; A FC5Y ?0Q(% <AR(_ %(R"Q<(% EQ9R@
58613"CD )8C :"61D "E""_9(? HI @[R"?(R Q( ]:X _E[ R MX:( (^G[?R<\( %<R":Q9( E0 A([QE;
5"N.11 RK[((`( XE >((G 0QE@ G((<A9 _E[QR(?0 EA @[R"[?Q X(AR<EAR X X:( G(> E0 R(^[?
,5@ ?EA9 "Q Q<%(R A% XE Q<% _E[QR(?0 E0 X:ER( Q(RGEAR(JN (^ Q(R(Q":(QR <??<@
I""M 3" F,# ?RX 0(] %QEGR X:X X(A% XE :(R<XX( X
RX(QR A% <Q9<A<
E:AREA "??(% <X
."#K.3"#@A
.+
.2 3" F,# X:( [Q(X:Q? EG(A<A9 HJ>J X:( @(X[RI M Q<(0 (G<RE%( E0 G:_R<"? Q(?(R( 0QE@
K.3A [AX<? _E[ `<G [GJ X:( \RE"EA9(RX<EA A% @_EXEA<"
3M 32# E9 40 >C ,1 4>> C4 61C>C <A"Q(@(AX %(\(?EG(% <A Q(RGEAR( XE
7@##"#" M
@;
A .3 5 3+1#A G),1 F>,1) ?IF/ ,1C>4F>?9 R(^[? RX<@[?<JN
.+ #" :(A R(^[??_ RX<@[?X(%$ A(Q\( "(??R <A E[A%R (QEX<" (AE[9: XE @>( _E[
.+ ""M X:( G(A<R Q(?(R( A<XQ<" E^<%($ ]:<": ?ER( A (Q("X<EAJ
.+ @#" "[R(R X:( ?EE% \(RR(?R E0 X:( "EQGEQ
RX(QR A%
E:AREA <%(AX<4(% X:(
,# .+ @"## "Q\(QAER A% "EQG[R RGEA9<ER[@ 0E[Q G:R(R E0 @?( R(^[? Q(RGEAR( <A
525
77M! 3##NM! 5@
XE Q(?^ A% 4?? [G X:( "\(QAE[R X:( (Q?_ FCUaRJ
3M 5& F,# 5F,#@ RG"(R ]<X: ?EE%J :( G(A<R (^GA%R I,C01C @[R"?(R X(AR($ :(QX
A#J#3 "K@&A <AXE A (Q("X<EA A% X:( ?EE% <R XQGG(% QX( <A"Q(R(R$ ?EE% \(RR(?R <A X:( G(A<R
I+5
X:(Q( XE @<AX<A <XJ Q(?^ A% ("E@( (A9EQ9(%J
@; ,K3FN
.FF1# 1J.A
D9 64?,C ?01 ,1C4 C* G),1 /CF QE[R? <AX(AR<4(RS @[R"?(R
#@23 F,# F>,1) -F/C,419 R QE[R? X X:( R( E0 X:( G(A<R (9<A "EAXQ"X<A9J
3#-M#" #@23 :(<9:X(AR$ X:( \R %(0(Q(AX< "EAXQ"X >)?0 <A\E?[AXQ_ @[R"?( "EAXQ";
IAA#11 F,# 5J# XE RK[((`( RG(Q@ XE]Q% X:( R( E0 X:( X<EAR A% (="[?X<EA E0 R(@(AJ
IA1#
.11M 8@## ,.2!
G(A<R ]:<?( X:( GQERXX( A% R(@<A? ?4/FC,41 :(QX QX($ ?EE% GQ(RR[Q(
71#A#%9 \(R<"?(R Q(?(R( X:(<Q ?<K[<% XE 0EQ@ A% @[R"?( "EAXQ"X<EA Q(X[QA XE AEQ@?J
R(@(AJ GEA QE[R?$ ]:(A X:( G(A<R "<(AX<RXR RX<?? Q(APX \(Q_ R[Q( :E] X:(
<R 0[??_ (Q("X$ _E[P?? E0X(A AEX<"( "?(Q (="[?X<EA Q(??_ :GG(AR-]:X (^"X?_
R("Q(X<EA 0QE@ X:( X<G E0 _E[Q 9?ARJ XQ<99(QR <X-X:E[9: <XPR GQ(XX_ "?(Q <X
:<R <RAPX R(@(A [X 6[<% "EAXQ<[X(% :R RE@(X:<A9 XE %E ]<X: @[R"?(R$ X:(
_ X:( E]G(QPR 9?A%R HJ>JJ [?E[Q(; A([QE?E9<"? R_RX(@$ A% X:( RG<A(J
OV
*
(XPR X>( ?EE> X X:( GQE"(RR 0QE@ :( ":@(Q <R 4??(%S _E[PQ( ?E">(%
@(":A<"? G(QRG("X<\($ R(% EA A% ?E%(%J :<R <R GQE?_ X:( GE<AX E0
X:( Q(<9A<A9 X:(EQ_ %(R"Q<(% <A ( (="[?XEQ_ <A(\<X<?<X_$ ]:(A (\(A X:(
*/ 1# ;'<. _ [X9(QR A<\(Q; X:E[9:X E0 _E[Q 9QAA_PR =@@<(R
R<X_ R"<(AX<RXR QQ_ E@<RQ[>$ (\(Q?_ "E[?%APX :?X ]:X <R E[X XE "E@@(A"(J
:<GG?($ A% Q?ER (_(Q;?EQ(RJ D9 40C*,1) C>,))>? ?F1
59 *1 >4F? 1 1>,1) 461,1) 4" C* ?6*,1C> G/G C*C
-F/C,41 J4F> C?C,/? 6F// ,1 >/?? C* ?0,1/ 'F,9
C4H> J4F> 6/G,?9 EAXQ"X<EAR <@[?XA(E[R?_$ _E[Q G(?\<" @[R"?(R
<A X:( R@EEX: @[R"?( <A X:( X(RX<"?(R$ <A"?[%<A9 _E[Q G(A<R (9<A Q:_X:@<"$
<AR<%( X:( %["XR E0 X:( (G<%<%_@<R <A\E?[AXQ_ "EAXQ"X<EAR X:X :(?G
A% \R %(0(Q(AR$ R(@<A? \(R<"?(R$ RG[QX R(@(A E[X E0 X:( [Q(X:Q A% X:(
A% GQERXX( (9<A XE GQEG(? R(@(A X<G E0 _E[Q G(A<RJ @@(%<X(?_$ X:(
0EQ]Q% <AXE _E[Q (="[?XEQ_ %["X RG:<A"X(Q \?\( "?ER(R R X:( %["XR 4??
R_RX(@J <9:X E[X X:(A$ X:( Q( E0 [G 9<AJ
_E[Q Q<A X:X Q(9<RX(QR G?(R[Q( 4Q(R (9 ,CC4 3D9 AEX:(Q RG[QX E0 (="[?X(J
[G$ A% R(A%R R<9A?R XQ<99(Q<A9 @EQ( A% RE EAJ :( GQE"(RR Q(G(XR QG<%?_
?EE% 6E] XE _E[Q G(A<RJ E[X 4\( XE R(\(A X<@(R E[X EA"(
E9 >??F> F,/? F6 *,1 (\(Q_ aJ+ R("EA%RJ
/4? ,1C>1/ ?6*,1C> G/G
F1,:F C4 0/? C*C >C? 9<A$ ]:X XQ<99(QR X:<R 4Q<A9 <RAPX
?4>C 4" 6>??F> *0> ,1 J4F> K[<X( "?(Q$ [X _E[ "A 0((? X:( R(AR;
F>C*>9 %<1(Q(AX \?\($ X:( GQE; X<EA 0QE@ _E[Q :(% XE _E[Q XE(R$ A% AEX
RXX<" RG:<A"X(Q$ >((GR X:( R(@<A? =[RX 0QE@ R(@(A R:EEX<A9 X:QE[9: _E[Q
6[<% 0QE@ "> 6E]<A9 <AXE X:( ?%%(QJ G(A<RJ [X X:X 0((?R @`<A9$ XEEJ
O9
$
)#"$ '
8D" I." "33Q= 6EE8R%E M/6 8E86ET EM%ET= ) 2" O32 "N"CQ !Q=
M /%4M/T #1%M 6# %S%E1G% E%.P4E4T :4>P% 6# EM%ET /E#%616. 1G GMEM16. /%6 T8P %S%E1G%! 488# ,8R
M8 /1%Q% 1#%4 8#T R%1./M 6# %41510 M8 8PE! 1MC44 8)M%6 G/8R P: *EGM T )0 16E%G%G'488# EPG/%G M/E8P./ M/%
6M% M/% )M E8P6# T8PE .PM= #85164 )%M16. T8PE %E%M186= %6#8M/%414 %44G ;M/% 41616. 8) M/% 488#
)M 483G M/% M%GM8GM%E86% M/M G/8P4# Q%GG%4G< 6# GM15P4M%G M/%5 M8 53%
% Q144% M8 T8P! R/1/ 16 MPE6 ))%MG L0I D48205-= 58E% 61ME1 8S1#%! 3%T /%514 16Q84Q%#
G%SP4 )P6M18616.= )M .PM 1G # @58316. 2PGM 4%6/%G #8R6 86 T8PE 16 :E8#P16. %E%M186G= @/% /%4M/1%E
5E3%E )8E 8Q%E44 /%4M/'164P#16. 488# Q%GG%4G 6# :E%Q%6MG M/%5 )E85 56 1G! M/% 58E% 61ME1 8S1#% /% :E8#P%G!
T8PE G%SP4 /%4M/= 8PE :%61G 1G 0 %16. E%M1Q%!A GTG 55= 18M16% 6# M/% /E#%E /1G %E%M186 1G!A GTG
E85%M%E )8E T8PE /%EM 6# EM%ET /%4M/ E%GME1MG :%614% 488# ,8R 6# R%3%6G 55= 4G8 %S%E1G% /G %%6 G/8R6 M8
8E @6ET 16 M/% 84 516%A M/M 6 %E%M186G= M 86ME1PM%G M8 :4>P% P14#P: % G %))%M1Q% G 5%#1M186 16 E%#P16.
RE6 T8P 8) 15:%6#16. ME8P4%= /MCG 16 M/% EM%E1%G! 5316. G583%EG MR1% G GT5:M85G 8) 514# #%:E%GG186! 68M/%E
%PG% :%614% EM%ET 1G >P1M% 1M 413%4T M8 %S:%E1%6% %E%M14% #TG)P6M186= #8R6%E )8E :%61G :%E)8E56%=
OO
*
ON
$
)#"$ '
C!ID
* *
1<@ ;21;@ << 1# 2/*- #;@B; (22/ D(/ @(
D1./ *< 1/ @12 1# @( ./ 1; D(/ @( D1./ *< <*@@*/' 1/ <, / @(
./ *< #*/' (; / <B/-F 2B<(< (*< 2/*< */@1 @( <, F .*<@,5
;/@'
1# ./ D(1
; (22F
D*@( @(
<*G 1# @(*;
2/*<<
" $
\(Q9( ?(A9X: E0
G(A<R ]:(A (Q("X
* * A?_ Za G(Q"(AX E0 @(A %E C;' /B.;
1# @<211/<
X(RX<"[?Q R(?0 (^@ @EAX:?_S 7Y G(Q"(AX QQ(?_ EQ 1# <./ */ (
A(\(Q ":("> X:(<Q ??R 0EQ [@GR EQ \Q<"E"(?(RJ +B-@*1/
O-
*
,"(
\(Q9( A[@(Q
E0 @<A[X(R 0QE@
RX<@[?X<EA
XE (="[?X<EA
,
\(Q9( <QRG((%
H<A
I E0
(="[?X(
,$
<`( E0 ?EA9(RX @(%<"??_
Q("EQ%(% (Q("X<EA
(Q"(AX9(
E0 @(A ]:E
RXQ(RR E[X
X<@<A9
R<@[?XA(E[R
EQ9R@
"$
,,
( -#@ @<@*-
(/'< -1D; @(/ \(Q9(
@( ;*'(@ */ "<Q"[@0(Q(A"(
% 2;/@ 1# ./ E0 A (Q("X G(A<R
-! &
7Y G(Q"(AX E0 ]E@(A
4A% @?( 9(A<X?<
(Q"(AX9( E0 @(A ]:E
%(R"Q<( X:(<Q @(@(Q \<R[??_ GG(?<A9 EA?_
R M?Q9(N ]:(A (Q("X
O+
.:I"CJ
& (#+
&$
* & ') '&) '&'
&
') +& +&
OJ
OI
84"5 C"
"E@G?(^ "Q(X[Q(R$ R (\(Q_ @A >AE]RJ A%(Q;
RXA%<A9 :E] X:(<Q Q<AR Q( ]<Q(% %<1(Q(AX?_
0QE@ _E[QR ]<?? @>( ?? X:( %<1(Q(A"( <A X:(
]EQ?% <A 49[Q<A9 X:(@ E[X A% X[QA<A9 X:(@ EAJ
A( E0 X:( @ERX <@GEQXAX X:<A9R XE [A%(Q;
RXA% E[X ]E@(A <R X:X X:( 0(@?(PR Q<A %E(R
AEX :\( Z7VT GG(X<X( 0EQ R(^ ?<>( _E[QR %E(RJ
:( Q( E0 X:( :_GEX:?@[R Q(RGEAR<?( 0EQ R(^[?
G[QR[<X <R ZJ5 X<@(R ?Q9(Q <A _E[Q :(% X:A <X <R
<A :(QR$ (^G?<AR A([QEGR_":<XQ<RX E[AA
Q<`(A%<A($
$ [X:EQ E0 X:( EE>R (
-
;*/ A% ( .- ;*/J M\E?[X<EA <E?E9<;
"??_ :Q%;]<Q(% @A XE ( Q(%_ 0EQ R(^ X (\(Q_
EGGEQX[A<X_$N R:( R_RJ M
EX:(Q AX[Q( @%( <X
RE @A <R "EAR[@(% ]<X: R(^[? 0AXR<(R E[X
O&
& (#+ &$
0(@?( E%_ GQXRJN E$ ]:<?( _E[ Q( <A EQ%(Q XE %(R<Q( R(^S _E[ A((% R(^
<9;(_(% %E9 %QEE?<A9 E\(Q (\(Q_ <A EQ%(Q XE 0((? <AX<@"_J E X:( 0(@?(
"[Q\_ 0(@?( ]:E ]?>R _ R <0 R:( ]R Q<A$ X?><A9 ]<X: _E[ EA X:( "E[":
=[<"_ GEQ> ":EG ]<X: Q(RXR$ :(Q Q<A <R R (RR(AX<? XE _E[Q Q(?X<EAR:<G
<R ]EQ><A9 K[<X( %<1(Q(AX?_$ K[<X( <X R R(^ <A X:( :@@E"> <R XE _E[Q
@EQ( <AX(??<9(AX?_J :(PR R<`<A9 _E[ [G (A%(QX:? Q<AJ [X @((X<A9 E0
<A 0Q %<1(Q(AX ]_-_ X?><A9$ 9(XX<A9 X:(R( X]E %<RGQX( @<A%R <R GERR<?($
XE >AE] _E[$ RR(RR<A9 <0 R:( 0((?R "E@; (\(A :<9:?_ ?<>(?_$ ]:(A _E[ @>( A
0EQX?( ]<X: _E[$ EQ %(X(Q@<A<A9 X:X (1EQX XE [A%(QRXA% ]E@APR RG("<?
_E[PQ( "Q((G-0EQ %<1(Q(AX G[QGER(J A((%R$ Q(?<`( X:X X:(_ Q( AEX =[RX
("[R( GQ(9AA"_ A% A[QR<A9 Q( R[": ?<>( _E[QR$ A% 0E"[R EA 0[?4??<A9 X:ER(
%A9(QE[R$ G<A0[?$ A% X<@(;"EAR[@<A9 %((G;R(X(% %(R<Q(RJ XQX :(Q(#
[A%(QX><A9R$ ]E@(A :\( (\E?\(% XE (
0Q @EQ( X:E[9:X0[? E[X ]:E@ X:(_P??
2" -88! )CDI
9Q(( XE X?> ]<X: X Q A% [?X<@X(?_ 04:C"DD085=
:\( R(^ ]<X:J HE Q<R> :\<A9 _ 0 9(XX<A9 A_]:(Q( ]<X: ]E@A
]<X: X:( [A(@G?E_(% :[A> EA X:( @EXEQ; R(^[??_ RXQXR ]<X: X?><A9$ X?><A9
"_"?( EQ X:( A<"( @A <A >:><R ]<X: X:( RXQXR ]<X: ?(XX<A9 :(Q >AE] _E[ (^<RXJ
%(9Q(( 0QE@ QX@E[X:LI :( Q( E0 :XPR XQ(":(QE[R 9QE[A% R A_EA(
:(Q Q<A X:X A?_`(R Q<R>-<R :( R0( ]:E :R (A"E[AX(Q(% QRXEE? Q(=("X<EA
EQ A ^( @[Q%(Q(QL-X:( AX(Q<EQ >AE]R ?? XEE ](??$ A% <XPR ]:_ @((X<A9
"<A9[?X( "EQX(^$ EQ $ <R @[": ?Q9(Q ]E@(A <R ?]_R (R<(Q <A X:( "EAX(^X E0
X:A <X <R <A @(AJ M(Q GQ(0QEAX? "EQX(^- RE@( "X<\<X_ EQ G[QR[<X EX:(Q X:A
(RR(AX<??_ X:( Q<APR AAA_$ ]:<": XQ<(R @((X<A9 ]E@(A$ ?<>( X R<?<A9 "?RR
XE GQ(\(AX :(Q 0QE@ @><A9 0EE? E0 EQ \E?[AX((Q<A9 <A _E[Q "E@@[A<X_$
:(QR(?0-<R <99(Q X:A @APR$ XEE$N ]:<": GQ(R(AX @G?( EGGEQX[A<X<(R 0EQ
R_R Q<`(A%<A(J :(R( %<1(Q(A"(R :(?G AEA;X:Q(X(A<A9 X?>J
:(Q XE (\?[X( 9[_R 0EQ X:( ?<>(?<:EE% [X <0 _E[ @[RX XX(@GX X:( Q<R>_
X:X X:(_ ]<?? ("E@( %(\EX(% @X(R ]:E GGQE":$ ( 0[AA_J E@(A ?E\( 0[AA_$
]<?? GQEX("X A% GQE\<%( 0EQ X:(<Q ":<?; A% X:(_ 9(A(Q??_ 0<A% RXEQ<(R @EQ(
%Q(A$ ]:<": AX[Q??_ @>(R :(Q @EQ( :[@EQE[R X:A EA(;?<A(QR EQ RQ"R@J
B "(Q(Q? ]:(A <X "E@(R XE R(^J E ( 0[AA_ ]<X: A("%EX(RJ :XPR :E]
M:<R "EAXQRX <A E[Q (\E?[X<EAQ_ ]E@(A R:Q( A% EA%J XEQ<(R Q<A9
9E?R$ (X":(% %((G <A E[Q Q<AR$ "EAX<A; X:( X(??(Q A% ?<RX(A(Q "?ER(QJ 0 _E[
@% M/% 56 16 M/% [(R XE "[R( AE (A% XE "EA6<"X (X]((A "APX ( 0[AA_$ ( AX[Q? A% R<A"(Q(J
)1ET M4%'/G% M/%
.1E4= ) T8P 6CM! #86CM X:( R(^(R$N R_R Q<`(A%<A(J EAPX XQ_ XEE :Q%$ X:E[9:$ EQ ( RGG_J
R86#%E R/T T8PCE% 0 <X :(?GR$ X:<A> E0 E[Q %<1(Q(A"(R E@(A ?<>( XE R(( "EA0<%(A"( <A @(AJ
68M MMEM16. R85%6=A
$),*%$2) .) Q(9Q%<A9 R(^ <A X:(R( @ERX R<" ]_R# A( E0 X:( (RX ]_R XE RA9 ]E@APR
%** .%$ R:( A((%R XE 0((? R0(X_ A% <AX<@"_ XX(AX<EA A% %<RQ@ :(Q <R _ R:E]<A9
NV
& (#+ &$
><A%A(RR A% 9(A(QER<X_J 0 _E[ "A M ]AX XE 9(X "?ER( XE _E[JN <XX?( X:<A9R
0<A% A EGGEQX[A<X_ XE %<RG?_ _E[Q _E[ "A %E XE A% 0EQ _E[Q GQXA(Q ]<??
]<??<A9A(RR XE :(?G RE@(EA( <A 0QEAX E0 (A"E[Q9( :(Q XE X:<A> E0 _E[ <A GER<;
X:( ]E@A E0 _E[Q <AX(Q(RX$ _E[P?? 9<A X<\($ QE@AX<" ]_ X:X "A XQ<99(Q %(R<Q(
@=EQ GE<AXR A% Q(> %E]A :(Q EA :EQ@EA? ?(\(?J A% @ERX E0 X:(@
9[Q%J H:XPR ]:_ \E?[AX((Q EGGEQX[; Q(K[<Q( \(Q_ ?<XX?( (1EQX A% :\( AEX:<A9
A<X<(R Q( R[": 9Q(X G?"(R XE @((X XE %E ]<X: R(^ A% (\(Q_X:<A9 XE %E ]<X:
]E@(A XE %X(JI E X R[G(Q@Q>(X R(^ X X:( R@( X<@(J :( <9$ <@GEQXAX
":(">E[X$ ?(X X:( G(QREA ]<X: X]E <X(@R EA(R Q( X?><A9$ XE[":<A9$ ?<RX(A<A9$
9E :(% E0 _E[J X "A ( R R<@G?( G_<A9 XX(AX<EA XE :(Q A((%R$ A%
R E00(Q<A9 _E[Q ":<Q EQ R(X EA [R @><A9 :(Q 0((? X:X _E[ GGQ("<X(
XE RE@(EA(J A"EA%<X<EA? R(?6(RRA(RR A% \?[( :(Q \(Q_ @[":J
@_ ( A (\E?[X<EAQ_ R<9A? E0 A :<R EE>$ # /-F /D (@ 1
<AX(??<9(A"( A% Q(RE[Q"(0[?A(RR$ 1./ / <*<@ [X:EQ Q_ @??(_
""EQ%<A9 XE RX[%_ <A X:(
1B;/- 1# R_R GQ<R( <R X:( EA( X:<A9 X:X AE ]E@A
<;( */ ;<1/-*@FJ :E]<A9 E00 "A Q(R<RXJ A% <X "A ( X:( (R<(RX A%
_E[Q ]<??<A9A(RR XE %E 0EQ EX:(QR R[9; @ERX <@GEQXAX X:<A9 @A "A %E 0EQ
9(RXR <AX(??<9(A"($ GQE?(@;RE?\<A9 X:( ]E@A <A :<R ?<0(J M
(A R:E[?% Q(?<`(
<?<X_$ :<9:(Q "Q(X<\<X_$ :<9:(Q RE"<? X:(<Q A((%$ ("[R( ]($ XEE$ ]AX XE >AE]
RXX[R$ A% %(@EARXQX(R X:X _E[ X:X ]( Q( \?[(% XE EX:(Q G(EG?($N R_R
:\( Q(RE[Q"(R XE RGQ( A%$ G(Q:GR @??(_J E](\(Q$ E[Q GQ(E""[GX<EA
@EQ( <A"E@( EGGEQX[A<X<(R$ R_R RX[%_ ]<X: E[Q E]A A((%R$ \E"X<EAR$ A%
[X:EQ
Q> QE>ER":$ :J "X<\<X<(R E0X(A GQ(\(AXR [R 0QE@ (^GQ(RR;
<A9 GQ<R( A% GGQ("<X<EAJ X X>(R
" 05I04I" <AX(AX<EA? (1EQX XE ":A9($ [X X:(
O0I.8LI 5 "C"I085= Q(R[?XR "A ( %Q@X<"J (^ (%["XEQ
A?<>( @(A$ ]E@(A 0((? R(^[? R A% GR_":EX:(QG<RX [Q (Q@A$ :$
Q(R[?X E0 <AX<@"_ X:X (9<AR E[XR<%( R_R X:X (\(Q_ ]E@A :R XQ(R[Q(
E0 X:( (%QEE@J :<R <R X:( 9Q(X(RX ":(RX$ R("Q(X GQX E0 :(Q X:X R:(
?(RREA _E[ "A ?(QA E[X :E] XE RX<R0_ ":(Q<R:(R$ X:X @(A A((% XE 4A% <A EQ%(Q
]E@A (@EX<EA??_$ G:_R<"??_$ A% XE XQ9(X X:(<Q GQ<R( @ERX (1("X<\(?_J
',
R(^[??_J ME @A$ 0EQ(G?_ <R =[RX X:( M_G<"??_$ <XPR AEA;E%_ XQ<X ?<>(
X:Q(( @<A[X(R (0EQ( <AR(QX<EA$N R_R :(Q <AX(??("X[? "[Q<ER<X_$ :(Q R(AR( E0
Q<`(A%<A(J M[X 0EQ ]E@A 0EQ(G?_ <R :[@EQ$ :(Q E[X?A%<R:A(RR$N (Q@A
(\(Q_X:<A9 X:X :GG(AR Z7 :E[QR (0EQ( R_RJ M[X <X "E[?% ( X:( "E?EQ E0 :(Q
%E%6M.% 8) R(^JN E$ 9(XX<A9 :(Q <AXE X:( Q<9:X 0Q@( (_(R EQ (\(A :(Q ?[9:J XPR ]:(A @A
R85%6 R/8 GT 1M E0 @<A% 0EQ 9Q(X R(^ X>(R ??;%_;?EA9 %<R"E\(QR X:<R$ ]:(A :( "E@(R XE GGQ(;
MPE6G M/%5 86 R/%6
56 /%4:G E8P6# "E@@[A<"X<EA$ R(A%<A9 0Q(K[(AX R<9A?R "<X( A% ?E\( X:X GQX E0 :(Q$ X:X :(
M/% /8PG%= X:X R_ M P@ X:<A><A9 E[X _E[$N A% Q(??_ 9(XR X:( 9<Q? EX: (@EX<EA??_ A%
NO
)
R(^[??_J :XPR ]:(A R:( 0((?R R:(PR X[%<(R _ Q(R(Q":(QR [Q<X <QA[@$
(<A9 ?E\(% R "E@G?(X( G(QREAJN 0 _E[ :$ X X:( AX(Q%<R"<G?<AQ_ (AX(Q
:\( AE "?[( ]:XPR <AR<%( _E[Q ]E@APR (Q`?<_ <A RQ(?$ A% QQ_ (<R$ :$
XQ(R[Q( ":(RX$ ?<RX(A "?ER(?_ X:( A(^X X X:( A<\(QR<X_ E0 E":(RX(Q R:E]
X<@( R:(PR ]<X: :(Q 0X:(QJ %R Q( RXQEA9 "EQQ(?X<EA (X]((A @APR
[R[??_ X:( EA(R ]:E <ARX<?? X:(R( 9(@R AEAR(^[? Q(RGEAR<\(A(RR XE :<R GQXA(Q
<A X:(<Q ?<XX?( 9<Q?RJ EX( ]:X :( "E@G?<; A% :(Q <A"Q(R(% R(^[? 0AXR<`<A9 A%
@(AXR E[X :(Q A% ]:X @>(R :(Q :(<9:X(A(% <AX(Q(RX <A :\<A9 R(^ ]<X:
RGQ>?(J EQ AE]$ A_ GQ<R( X:X <R :<@J QAR?X<EA# ?> E[X "QG(X A%
9(A[<A( A% :EA(RX ]<?? ( GGQ("<X(% R:( @_ RXQX X:<A><A9 E[X "Q(X<\(
@EQ( X:A _E[ >AE]J [R(R 0EQ <XJ M(<A9 Q(RGEAR<\( XE _E[Q
GQXA(QPR AEA;R(^[? A((%R <R RE <@GEQ;
." 302"D I." D8L5! XAX ("[R( <X R<9A?R X:X _E[ Q(
8' Q8LC N80"= Q(??_ "EA"(QA(% ]<X: :(Q ](?0Q($N R_R
?A A<9:X 0EQ =[RX X:( X]E E0 _E[J <QA[@J MA( E0 X:( (RX ]_R _E[
<9:X "A%?(R$ "[( [G RE@( <A Q??$ "A @>( _E[Q ]<0( EQ 9<Q?0Q<(A% 0((?
:E?% :A%R "QERR X:( X?( ]:<?( 9`<A9 RG("<? A% %(R<Q(% <R XE G_ XX(AX<EA
%((G?_ <AXE (": EX:(QPR (_(R$ A% A% Q(??_ ?<RX(A ]<X:E[X <AX(QQ[GX<A9 EQ
%<R"[RR X:( @(Q<XR E0 (Q(Q \(QR[R GQ(=[%9<A9J (^[? %(R<Q( X:Q<\(R EA X:<R
G?[R: "QG(XJ ?> E[X A_X:<A9J
[RX Q<R<A9 <AX<@"_S <XPR (XX(Q X:A A_
"EA\(QR($ _E[ >AE]$ X>( X[QAR X?><A9J G_QEX(":A<" R(^JN
( "Q(0[? XE \E<% @><A9 RXX(@(AXR$
?<>( _E[ Q( %(X<A9$ A% %E@<AX<A9 ."BD !!0I"! I8 8PQI805=
X:( <Q RG"(J A EX:(Q ]EQ%R$ X?> ?(RR$ XQX :(Q %_ ]<X: Za;R("EA%
?<RX(A @EQ(J A% X?> @EQ( ?<>( ]E@(A (@Q"(J ?EA9 :[9 Q(?(R(R X:(
X?>J E@(A [R( ?A9[9( XE EA%$ ]:<?( :EQ@EA( E^_XE"<A$ ]:<": GQE%["(R
@(A [R( <X ?<>( :@@(Q %Q<??J M
(A Q( 0((?<A9R E0 XQ[RX A% XX":@(AXJ
?<X(Q? "E@@[A<"XEQR$N R_R [%Q(_ E?%<A9 :A%R XQ<99(QR <X$ XEEJ
(?REA$ :$ 9(A%(Q "E@@[A<"X<EAR ([QER"<(AX<RX
@(R J EA$ :$
'
(^G(QXJ M X R(Q\(R X:(@ ](?? <A X:( A% :<R "E??(9[(R X X:( A<\(QR<X_ E0
[R<A(RR ]EQ?% [X E0X(A "[R(R X:(@ <Q9<A< 0E[A% X:X AEA;R(^[? XE[":$
XQE[?( ]<X: ]E@(AJN 0 _E[ "A ?(QA R[": R :E?%<A9 :A%R$ :R R<9A<0<"AX
XE R:Q( _E[Q 0((?<A9R$ RG(A% %E;AEX:<A9 <@G"X EA X:( Q<A A% X:X ]:E <R
X<@( XE9(X:(Q$ A% [R( X?> R RE"<? %E<A9 X:( XE[":<A9 <R "Q<X<"? XE X:(
%E%6M.% 8)
(^(Q"<R( QX:(Q X:A @(AR XE (00("XJ A RX[%_$ X:(_ G[X FU @QQ<(% R85%6 R/8 #51M
RG("<4" 9E?$ _E[ ]<?? [XE@X<"??_ ]E@(A <AR<%( A
@":<A( HAE$ M8 /Q16. @:8/%#A
"EAA("X ]<X: _E[Q GQXA(Q <A ]_R R:( AEX ?? X EA"(/I A% XE?% X:(@ XE 56 16 E%4M1860
G/1: G8 M/M M/%T
[A%(QRXA%RJ A% X:X "A (?(\X( (^G("X XE Q("(<\( @<?% (?("XQ<" R:E">RJ 8P4# /Q% G/8EM0
:(Q <AX(Q(RX <A :\<A9 R(^ ]<X: _E[J :<R E\<E[R?_ @%( X:( ]E@(A GQ(XX_ M%E5 ,16.=
NN
& (#+ &$
A^<E[R$ ]:<": R:E](% [G Q<??<AX?_ EA ?<0(PR @A_ %<2"[?X<(R ]<X: X:( Q<9:X
X:(
@":<A(J [X ]:(A :[RA%R XX<X[%(J :XPR @EQ($ ?[9:X(Q <R
:(?% X:(<Q ]<\(RP :A%R %[Q<A9 X:( :(?X:_$ EX: G:_R<"??_ A% (@EX<EA??_J
X(RX$ X:(
R"AR R:E](% R<9A<0<; E[G?(R ]:E R:Q( ?E\( E0 ?[9:X(Q A%
"AX %("Q(R( <A RXQ(RR Q(RGEAR($ X(?? ><A%$ ?<9:X;:(QX(% =E>(R XE %(0[R(
@[": ?E](Q X:A$ R_$ ]:(A RXQA9(Q X(AR<EA X(A% XE :\( RXQEA9(Q$ :GG<(Q
HEQ AE EA(I :(?% X:( ]E@(APR :A%RJ @QQ<9(R$ ""EQ%<A9 XE GR_":E?E9<RX
A( Q(REA :[@AR 0EQ@ Q(?X<EAR:<GR$
E:A EXX@A$ :$ E0 X:( EXX@A
EA (?<(\(R$ <R XE RGQ(% GQE?(@ ARX<X[X($ Q(?X<EAR:<G "E[AR(?<A9
RE?\<A9 "QERR Q<ARS ]:(A RE@(EA( "(AX(Q <A (XX?(J A% R<A"( Ca G(Q"(AX
<R :(?G<A9 [R "EG($ E[Q Q<AR %EAPX E0 ?[9:R <A\E?\( %((G (^:?X<EAR$
:\( XE ]EQ> R :Q%J A%(QRXA%?_$ ?[9:<A9 :R A <@@(%<X( (1("X EA
EAPR RX[%_ 0E[A% X:X ]E@(A <A X:( Q(%["<A9 :(QX QX( A% ?EE% GQ(RR[Q(
RXQEA9(RX @QQ<9(R :% X:( ?E](RX A% %("Q(R<A9 RXQ(RR :EQ@EA(RJ
"X<\X<EA E0 X:(R( Q<A "<Q"[<XR ]:(A
X:(<Q :[RA%R :(?% X:(<Q :A%RJ 8 ."! 20DD ."C 05 :L30=
M:( (00("X ]R "E@GQ?( XE X><A9 (XX(Q _(X$ ><RR :(Q <A 0QEAX E0 :(Q 0Q<(A%R
A A?9(R<"$N R_R EAJ E$ 0X(Q X:X EQ "E;]EQ>(QRJ :(P?? (A=E_ X:( G[?<"
@EQA<A9 :[9$ @>( GE<AX E0 XE[":<A9 XX(AX<EA$ [X RE @[": @EQ( <@GEQXAX?_$
RE@( GQX E0 :(Q (": X<@( _E[ GRR R:( ]<?? Q(\(? <A R((<A9 :(Q 0Q<(A%R AEX<"(
_ :(Q X:QE[9:E[X X:( %_-A% R(( <0 _E[Q E[X]Q% (^GQ(RR<EA E0 ?E\( 0EQ
R:( %E(RAPX AEX<"(J :(QJ :(_P?? X:<A> _E[PQ( :\<A9 R<``?<A9
R(^ (\(Q_ A<9:XJ :[9$ :A% :E?%$ Q@
." O5ID I8 ."C Q8L QE[A% X:( ]<RX$ A_ G[?<" %<RG?_
3L-. I Q8LCD"3'= E0 1("X<EA 0[?4??R EA( E0 ]E@APR
E @ERX ]E@(A$ 9[_ ]:E X>(R :<@; %((G(RX %(R<Q(R# ">AE]?(%9@(AX X:X
R(?0 XEE R(Q<E[R?_ <R E[X R <AX(Q(RX<A9 _E[ ]AX :(Q$ ?E\( :(Q$ A((% :(Q E[XR<%(
%6 R/8 6 4P./ R XE0[J E@(A Q( XXQ"X(% XE @(A E0 X:( (%QEE@$ A% Q(APX X<@<% E[X
M M/%5G%4Q%G E% G%%6
G G%ST! 8E#16. ]:E R@<?($ ?[9:$ =E>($ X(R($ A% >AE] %(@EARXQX<A9 X:<R (0EQ( EX:(QRJ
M8 61Q%EG1MT 8) %R :E] XE :\( 9EE% X<@(J A R[Q\(_
%S18 GMP#T 16 R/1/
R85%6 41GM%6%# M8 E0 @EQ( X:A F$aaa ]E@(A "EA%["X(% ." I.C0N"D 85 Q8LC
5%6 M%44 G%4)0#%:E%1M0
16. 283%G= @ M 53%G
_
/:< -@($ TT G(Q"(AX R<% 205!5"DD 5! DL::8CI=
T8P 58E% ::E8/4% R(AR( E0 :[@EQ ]R X:( @ERX <@GEQ; :(Q(PR Q(REA ]:_ <XPR RE "E@@EA 0EQ
M8 R85%6 R/%6 T8P XAX G(QREA?<X_ XQ<X X:(_ ?EE> 0EQ <A @QQ<9( "(Q(@EA<(R XE <A"EQGEQX( X:<R
PG% /P58E M8 G/8R @A$ 0E??E](% _ <AX(??<9(A"($ GRR<EA$ GRR9( 0QE@ X:( <?($ F EQ<AX:<AR
41MM4% R%36%GG!A
GTG GMP#T PM/8E 144 "EA4%(A"($ A% 9(A(QER<X_J (<A9 ?( FY#7# ME\( <R GX<(AX$ ?E\( <R ><A%$ A% <R
E%%6.E8GG! /! R/8G% XE @>( ]E@(A ?[9:-A% (<A9 ?( AEX =(?E[R J J J ?E\( <R AEX QQE9AXJ J J JN X
E%G%E/ )8PG%G 86
M/% %Q84PM186ET E88MG XE ?[9: X _E[QR(?0-X(??R X:(@ X:X _E[ <R$ G(Q:GR$ X:( G(Q0("X ?<XA_ 0EQ :E] XE
8) 4P./M%E 6# /P58E= Q( "EA4%(AX A% X:X _E[ "A :A%?( @>( ]E@A 0((? ?E\(% A% 0Q(( E0
N-
& (#+ &$
A^<(X_J ""(GXA"( "E[AXRJ A% X:( 6<G M(?X<EAR:<GR GQE\<%( ?EX E0 E[Q
B R<%($ Q(=("X<EA$ "A ]<(?% R<9A<4"AX :GG<A(RR$N R:( R_R$ M[X X:(_ ?RE :\(
?E] XE ]E@APR GR_":( \(Q_ K[<">?_J X:( GEX(AX<? XE Q(??_ :[QX [RJN A% <A
E] K[<">?_L A =[RX Z5a @<??<R("EA%RJ X:( "R( E0 R(^[? QE[R?$ (\(A RE@(;
:XPR ?? <X X>(R 0EQ X:( :<AX E0 Q(=("X<EA X:<A9 _E[ @_ 0((? <R <A"EAR(K[(AX<?-
XE XQ<99(Q "R"%( E0 Q<A GQE"(RR(R ?<>( A <AAE"(AX Q<<A9 EQ "E@@(AX
X:X @_ X[QA X:( X<%( E0 :(Q @EE%J E[X :(Q R(AR<X<\<X_-"A RGE<? :(Q
HD: #@ K#.+,F
( >AE] X:<R ("[R( E0 (^G(Q<@(AXR "EA"(AXQX<EA A% <@@(%<X(?_ Q(>
HO: ,# K53?F _ <\<A _R$ :$ ]:E :(%R X:( X:( @EE%J (@(@(Q X:X ]E@(APR
@#, 5@+A2
(QREA?<X_$ XX":@(AX$ A% EAXQE? R(AR(R-XE[":$ :(Q<A9$ R@(??$ XRX($ A%
6C: F,#@ 7@FA X EQA(?? A<\(QR<X_J :( E[X4XX(% \<R<EA-Q( @EQ( 4A(?_ X[A(% X:A _E[QRJ
5& ,#@ 5"M ]E@(A ]<X: X:<A9 "GR RX[%%(% ]<X: :<R <R EA( Q(REA ]E@(A Q( @EQ(
6*: 5I?@# 35F (?("XQE%(R XE @(R[Q( Q<A "EQX(^ RE"<??_ <AX(??<9(AX A% %(GX X <AX(QG(Q;
#3/5M.3+ .F "X<\<X_J :QE[9: :(%G:EA(R$ X:( REA? R(AR<X<\<X_ EQ ]:X A([QER"<(AX<RXR
4: 52#53# 2.+,F ]E@(A ?<RX(A(% XE \E<"( @><A9 "?? M(^("[X<\( "E9A<X<EAJN :(_ Q( 9EE%
K10 .3 RXX(@(AXR ?<>($ M 0 @ [GR(X A% X[QA X Q(%<A9 G(EG?($ A% X:(_ "A %(X("X
(: @#+33M XE @_ GQXA(Q 0EQ R[GGEQX$ :( ]<?? (,N X:( X<A<(RX R<9A?R X:X _E[ Q( R(A%<A9
A% "EA"?[%<A9 ]<X: (<X:(Q M"E@0EQX<A9N ]<X: _E[Q \E<"($ ":E<"( E0 ]EQ%R$ (\(A
4: F,#@ 8 A!
M5I?@# IA.3+ ,#@! M5I EQ M%<RXAXJN ([QEAR 4Q(% X X:( "E?% X:( R?<9:X(RX E0 0"<? (^GQ(RR<EARJ
"53?F @#A7#F ,#@! M5I R?G E0 Q(=("X<EAJ _ "EAXQRX$ A ""(GX; :<R ?RE @_ ( ]:_ ]E@(A Q( @EQ(
2.+,F 35F 5@+A29 <A9 Q(RGEAR( GQE%["(% \(Q_ ?<XX?( Q<A ?<>(?_ X:A @(A XE ("E@( %<RXQ"X(% _
"X<\<X_J :( 4A%<A9R R:E] :E] %Q@X; RE[A%R$ <@9(R$ A% X:E[9:XR %[Q<A9
<"??_ A% K[<">?_-]<X:<A K[QX(Q R(^J :(A :(Q "EA"(AXQX<EA <R QE>(A$
E0 R("EA%-]E@(A (9<A XQ_<A9 XE R:( A((%R XE Q(0E"[R A% Q([<?% :(Q
@>( R(AR( E0 G(Q"(<\(% Q(=("X<EAJ R(^[? QE[R?J 9<A$ \(Q_ %<1(Q(AX
M(0EQ( R:(PR (\(A ]Q( E0 :E] R:( 0QE@ 9[_ ]:E :R AE XQE[?( RX_<A9
<R 0((?<A9$ <A X:( ?<A> E0 A (_($ ?EX 0E"[R(% EA :<R X:Q[RX<A9J
:R ?Q(%_ :GG(A(% <A :(Q @<A%$N ((G <A @<A% X:X QE[R? A%
(^G?<AR _RJ :( %<%APX RX[%_ @(A$ EQ9R@ Q( (RR(AX<??_ "EA\(QRX<EA
[X (?<(\(R X:X ]E@(A @_ ( @EQ( (X]((A :(Q "?<XEQ<R A% :(Q A(Q\E[R
R(AR<X<\( XE A% Q(RGEA% @EQ( RXQEA9?_ R_RX(@J A% _E[ "A (9<A XE RX<@[?X(
XE X:(R( <AX(QG(QREA? "[(R X:A @(A :(Q G?(R[Q( "(AX(Q-]<X:E[X (\(A
]E[?%J 0 @(A [A%(QRXA% X:<R E[X XE[":<A9 :(Q-]<X: ><A%A(RR$ GX<(A"($
]E@(A-X:X RE@( ]E@(A "A GQE"(RR A% _E[Q "?@<A9$ XX(AX<\( GQ(R(A"(J
Q(=("X<EA K[<">?_ ]<X:E[X X:( ]Q(A(RR
X:X X:(_PQ( %E<A9 RE-X:(A @_( @(A "C 5"2 0D ."C 48DI
"A :(?G ]E@(A Q(9[?X( X:(<Q (@EX<EAR$ DLC:C0D05- "C8-"58LD R85"=
_R (?<(\(R$ _ XQ_<A9 XE GQE\<%( :( \RX @=EQ<X_ E0 ]E@(A ]:E
"?(Q "E@@[A<"X<EAJ Q(RGEA%(% XE ( *' 11, 1# E R[Q\(_
NJ
)
%(R"Q<(% X:(<Q A(">R R X:(<Q @ERX <R 9Q(X?_ <A6[(A"(% _ :E] R:( 0((?R
[A(^G("X(% G?(R[Q( `EA(J EAR<%(Q<A9 E[X :(Q E%_$ R_R <A%_
J
(RXEA$
]:X ]( ?(QA(% (Q?<(Q X:X @>(R :$ "E;[X:EQ E0 (F 1./ C
G(Q0("X R(AR(J Q<A R"AR :\( R:E]A E /;<@/*/' EB-
1@*C@*1/<
X:X ]E@(A "A ":<(\( EQ9R@ @EQ( #;1. C/@B; @1 C/' 3/
(R<?_ <0 X:(<Q Q<APR RXQ(RR "(AX(QR Q( C;F@(*/' */ @D/4J A% ":A"(R
R]<X":(% E1J M
A_ ]E@(A A((% Q( 9EE% X:X _E[Q GQXA(Q <RAPX XEX??_
XQAR<X<EA G(Q<E% (X]((A %(?<A9 ]<X: X:Q<??(% ]<X: :(Q ?EE>R A% <R <X
X:( RXQ(RR E0 (\(Q_%_ ?<0( A% 0((?<A9 ]EQQ<(% E[X :E] R:( ?EE>R XE _E[J
R(^[?$N R_R A (QA(Q$ R(^ X:(QG<RX EX ?EA9 9E$ R[Q\(_ E0 Ya$aaa @QQ<(%
A% [X:EQJ :( A("> <R X:( G(Q0("X G?"( A% R<A9?( ]E@(A <A EQX: @(Q<"A
XE (9<A X:QEXX?<A9 %E]A X:ER( RXQ(RR 0E[A% X:X 55 G(Q"(AX (^GQ(RR(% %<RRX;
:EQ@EA(RJ ("[R( X:( A(Q\(R A% <R0"X<EA ]<X: X:(<Q E%<(RJ :<?( :(Q
?EE% \(RR(?R Q( "?ER( XE X:( R[Q0"( ](<9:X$ R:G($ A% EX:(Q G:_R<"?
E0 X:( A(">$ Q[R:<A9 _E[Q ?<GR (X]((A ":Q"X(Q<RX<"R G?_ QE?( <A ]E@APR
:(Q X:QEX A% ":<A ]<?? X>( :(Q @<A% E%_ <@9($ Q(R(Q":(QR R_ X:X E0X(A
E1 X:( ><%R EQ X:( =EJ
RR9( :(Q <XPR <A6[(A"(% _ :(Q G(Q"(GX<EAR E0
A("> X:(A @E\( XE X:( R"?GJ XPR "Q["<? ]:X :(Q E%_ R:E[?% ?EE> ?<>(J H( "A
XE >((G X:<A9R AEA;R(^[? 0EQ :(QJ X:A> :EXER:EGG(% @9`<A( RGQ(%R
:<A><A9 _E[ :\( A [?X(Q<EQ @EX<\( 0EQ RE@( E0 X:XJI
]<?? %(RXQE_ X:( (1("X _E[ Q( 9E<A9 0EQJ ?? E0 X:<R "A :\( R<9A<4"AX
(Q<A9 EA ]E@APR %(R<Q( 0EQ R(^ R
C0D" C0--"CD DD085= ](?? R :(Q <?<X_ XE ":<(\( A EQ9R@J
:(A ]( R>(% ]E@(A XE ":EER( ZaFa RX[%_ E0 F57 [A%(Q9Q%[X(
X:( R(^<(RX K[?<X_ E0 @A$ R ]( ]E@(A X X:( A<\(QR<X_ E0 (^R X
@(AX<EA(%$ @ERX R<% M:<R R(AR( [RX<A (^G?EQ(% X:( RRE"<X<EA (X]((A
E0 :[@EQ$N 0E??E](% _ M:<R ><A%A(RR$N E%_ (RX((@ A% R(^[? %(R<Q($ A%
M:<R Q<AR$N A% M:<R GE](Q0[?A(RRJN ?RE RR(RR(% X:( <@G"X E0 %<RXQ"X<A9
M<R E%_N "@( <A 0E[QX: G?"(J X:E[9:XR$ <A"?[%<A9 A^<(X_ E[X X:(<Q
:(A ]( R>(% X:( R@( ]E@(A XE GG(QA"( %[Q<A9 R(^J :( Q(R(Q":(QR
3
":EER( X:( R(^<(RX K[?<X_ E0 ]E@A 0E[A% X:X ]:(A ]E@A ]EQQ<(R
X:( \RX @=EQ<X_ R<% M:(Q E%_JN E[X :E] :(Q E%_ ?EE>R XE :(Q GQXA(Q
:X %<1(Q(A"( R[99(RXR :E] %[Q<A9 R(^$ R:(PR @EQ( %<RXQ"X(%$ ?(RR
<@GEQXAX ]E@APR E%_ <@9( <R QE[R(%$ A% <A X:( (A%$ ?(RR RX<R4(%J
XE :(Q 0((?<A9 XXQ"X<\( A% ]EQX:_ E0 E <XPR [G XE @(A XE "?Q<0_ @XX(QRJ %E%6M.% 8)
?E\(J A GQX ("[R( E0 X:( (\E?[X<EAQ_ A( ]_ XE %E X:X <R X:QE[9: ]EQ%R R85%6 R/8
QEEXR E0 ]E@(APR R(^[? XXQ"X<\(A(RR- A% "X<EAR-?<>( XE[":<A9 A% G_<A9 R8P4# 48G% 16M%E%GM
16 56 R/8
]E@APR GG(QA"( E1(Q(% "[(R XX(AX<EA XE :(Q (AX<Q( E%_$ <ARX(% #E163G M88 5P/
XE :(Q 0(QX<?<X_- ]E@APR R(?0;(RX((@ E0 @><A9 R(^ ?? E[X <AX(Q"E[QR(J 86 M/% *EGM #M%=
NI
& (#+ &$
3
@]A<$ :$ GR_":E?E9<RX X A% X:X X>(R-_E[ 9[(RR(% <X-"E@;
<"><AREA E??(9( ]:E :R RX[%<(% E%_ @[A<"X<A9J ?]_R "E@(R "> XE
<@9( A% QE@AX<" ?E\(J X?><A9$ R((L EA0(RR _E[Q ?X(RX R(^[?
ME@(A Q( RE"<?<`(% XE X:<A> E0 0AXR_J _ <XPR RE@(X:<A9 _E[ %Q(@X
%E%6M.% 8) IVV X:(@R(?\(R R E%<(RS X:( 0(@?( 0EQ@ E[X %E<A9 ]<X: :(QJ M @<9:X AEX
R85%6 GPEQ%T%# ("E@(R A <A%<"XEQ E0 ]E@APR \?[($N 9Q(( XE Q((A"X <X$ [X :(Q<A9 E[X <X
16 $(* ". :844 R_R @]A<J MQ<R<A9 X:( <A%<\<%[?$ ]<?? @>( @( 0((? ?<>( _E[Q A[9:X_ ?<XX?(
R/8 G1# M/M 56CG
:E154 :6M16. MPE6G G_<A9 "E@G?<@(AXR ]<X:E[X 0E"[R<A9 EA "EA4%AX($ ]:<": <R Q(??_ :EX$N EA(
M/%5 86 #PE16. G%S= E%_ GQXR Q(%["(R X:X E=("X<4"X<EAJN ]E@A XE?% [RJ
N&
& (#+ &$
E[Q R(^[? RR(QX<\(A(RR @_ (\(A ]EQQ_<A9 E[X ]:X X:(_ X:<A> E0
9<\( :(Q X:( "E[Q9( XE ?EER(A :(Q E]A X:(@R(?\(RJN E XQ%( _E[Q 9E?;EQ<(AX(%
<A:<<X<EARJ
EQ( X:A X:<Q% E0 X:( GGQE": XE R(^ 0EQ G?(R[Q(;"(AXQ<"
]E@(A <A EA(
/:< -@( EA?<A( EA(J M:<A> E0 R(^[? "X<\<X_ R "<Q"?(
R[Q\(_ R<% X:X %[Q<A9 R(^ X:(_PQ( QX:(Q X:A RX<Q"R($N R_R [X9(QR
X:<A><A9 E0 %<QX_ X:<A9R X:(_PQ( (@Q; A<\(QR<X_ R(^ Q(R(Q":(Q (\(Q?_
QRR(% XE X?> E[XJ A( <A 0E[Q <R :<GG?($ :J
<@9<A9 GER<X<EA R:(PR 0Q<% XE R> E[ %E X:X _ ]X":<A9 A% ?(QA<A9J
_E[ XE XQ_J M0X(A :(Q :(R<XA"_ XE RG(>
RX[QX<EA <RAPX =[RX :(Q Q(?(R( \?\(S
[G <R Q(?X(% XE EX:(Q <A:<<X<EAR$ ?<>( <XPR _E[Q R(^ R":EE?-<0 R:(P?? ?(X _E[ ]X":J
]EQQ_<A9 E[X :E] R:( ?EE>R EQ XRX(R$N A"E[Q9( :(Q XE @RX[QX( 0EQ _E[ XE
6; #?@# &@.#3"A R_R \EAA( J [?Q<9:X$ :$ X:( R:Q( ]:X R:( ?<>(R ]<X: _E[J >( AEX(#
H; #?A 531M 11.3+ [X:EQ E0 B-@;F E -, @1 B :(A ]E@(A @RX[QX( X:(_ X_G<"??_
&5@ A#L /F 1C; B<@) /B*/' */'1 / Q(RX X:(<Q 0EQ(Q@ EA X:(<Q ?E](Q (??_
G; #?A 7,MA.11M *@*--@*/' @*< #1;
E*.*G*/' A% ]Q<RX EA X:(<Q @EARJ
<@<" X:<R _
FF@F.J# 1B; -<B;5 E X(?? :(Q :E] R(^_ R:( :\<A9 :(Q R<X EA _E[Q ?G RE _E[ "A
*; 55" F.2.3+ ?EE>R A% :E] X[QA(% EA _E[ Q( _ Q(": QE[A% A% G?"( X:( :((? E0 _E[Q
:(Q R"(AXJ [99(RX XQ_<A9 R(^ XE_$ :A% EA :(Q @EAR$ %%<A9 GQ(RR[Q( R
(; #?A .3F#@#AF#" A(] GER<X<EA$ EQ QE?(;G?_<A9J :( @EQ( _E[ @E\( <X "> A% 0EQX: ]:<?( RX<@[;
3" J.11#
_E[ EG(A [G A% R:E] _E[Q (^"<X(@(AX ?X<A9 :(Q "?<XJ R> :(Q XE 9[<%( _E[Q :A%
0EQ :(Q-A% X:( @EQ( _E[ X>( X:( XE X:( Q<9:X RGEX A% Q:_X:@J
?(%-X:( @EQ( "E@0EQX?( R:(P?? (J (<A9 XEE QE[9: <R X:( ]EQRX
@<RX>( @(A @>( %[Q<A9 EQ? R(^$
." 5""!D 48C" ""EQ%<A9 XE Q("(AX R[Q\(_ E0 ]E@(AJ
I.5 Q8LC :"50D= [_R X:<A> X:(_ A((% XE X:Q[RX A%
:( 0"X E0 X:( @XX(Q <R X:X <AX(Q"E[QR( 6<">J 0X(A ]:X R:( ]AXR <R 4Q@$
=[RX %E(RAPX %E <X 0EQ X:( @=EQ<X_ E0 RX<?? XEA9[(- GE<AX E0 GQ(RR[Q(-RE R:(
]E@(AJ :XPR ]:_ ]E@(A A((% 0EQ(; "A R(X X:( Q:_X:@ A% G"( ]<X: :(Q
G?_$ QE[9:?_ F5 XE Za @<A[X(R E0 R[R; E]A @E\(@(AXR$ ""EQ%<A9 XE (QA(QJ
X<A(% G?_ <A EQ%(Q XE (1("X<\(?_ ]Q@ R>$ ]X":$ A% ?(QA ]:X @>(R :(Q
[GJ A% ]:_ _E[ ]<?? A((% XE ]EQ> _E[Q 0((? (RX A% _E[P?? ( X:( @ERX XX(AX<\(
4A9(QR A% XEA9[($ A% @_( XE_ A% ?E\(Q R:(PR (\(Q :%J (@(@(Q X:<R#
?[( XE "E^ :(Q "?<@^J ]E@APR EQ9R@ X:Q(R:E?% %QEGR 0X(Q
ME@(A Q(K[<Q( :<9: ?(\(? E0 QE[R? R:( :R :% :(Q 4QRX EA($ RE <XPR E0X(A
XE Q(": EQ9R@$ A% :\( %<2"[?X_ (R<(Q XE Q<A9 :(Q XE "?<@^ X:QE[9:
0E"[R<A9 EA R(^[? R(ARX<EA$N R_R G(A(XQX<EA 0X(Q R:(PR ?Q(%_ :% EA(
(RXEA$ M:( @<A Q(REA ]E@(A "A @A[??_J A% X:XPR ]:X (QA(Q @(AR
:\( EQ9R@R ]:<?( @RX[QX<A9 _ X:( X<X?( E0 :<R (^"(??(AX @A[?
<ARX(% E0 %[Q<A9 R(^ <R X:X X:(_ RXEG E0 "[AA<?<A9[R# ( 1.< *;<@J
-V
)
-9
& (#+ &$
"C8!QG8LC :
13% M/% 166%E E5G! M/16
G316 /%E% 1G T8PE 8::8EMP0
61MT M8 G%6# G/1Q%EG #8R6
/%E G:16%= 1GG /%E G8)M4T
GMEM16. M M/% 36%% 6#
%Q%E G8 G48R4T 53% T8PE
RT 68EM/= 4M%E6M% G1#%
M8 G1#% 413% 41516. 4#0
#%E EP6.G! 31GG16. 6# 64T %MR%%6 NV 6#
M13416. R1M/ T8PE M86.P%= +V :%E%6M 8) R85%6
8PC44 )%%4 /%E 6M11:M186 6 /1%Q% 8E.G5
M/E8P./ /%E E%M/16. M/E8P./ 16M%E8PEG% @1% PMM=A 85:410
6# 3 E/16. G T8PE 486%= ##1M1864 560 5%6M16. /%E PMM G/8P4#
M86.P% 6%EG /%E QP4Q= P4 GM15P4M186 P:G M/% G8E% T8P :816MG= /%6
8##G 86G1#%E4T= %%! % 3
G3%# R85%6 M8 65%
M/% 8#T :EM 86 R/1/
M/%T 58GM 413%# %16.
85:415%6M%#! M/% PMM
R86 /6#G #8R6! .E6%E0
16. NN :%E%6M 8) M/% Q8M%=
8E% M/6 +& :%E%6M
8) R85%6 GPEQ%T%# 16
%%! % 3 :844
3%# R1M/ G8 56T 6%EQ% %6#16.G! G1# M/%T :E%)%EE%# /Q16.
1MCG 68 R86#%E G85% R85%6 415 M/M M/%1E 3G 5GG.%#
M/%T 6 E%/ 8E.G5 2PGM T /Q16. M/%1E M8 44 8M/%E 8#T :EMG=
)%%M EP%#= /% 3%T 1G 68M M8 M134% E%4 48M 8) .PTG )%%4 M/%T E%
588# PGM%E= M G/8P4# % *E5 M8P/= G8 GME86.! M/%T R144 /PEM
MEM T /84#16. M/% 634% M/%6 R8E3 #8R6 /%E 1) M/%T 5GG.% M88
M/% M8: 6# 8MM85 8) M/% )88M! .%6M4T /E#! R/%6 16 )M! M/MCG
36%#16.= P. 6# 5GG.% %/ M8% 16#10 2PGM M/% 316# 8) #%%:
Q1#P44T= 16.%E 86 M/% 51##4% M8%= P. 86 1M 36%#16. G/% 6%%#G M8
1M= 85% G%S:%EMG %41%Q% M/1G M8% /G R8E3 8PM M/% M%6G186 16
#1E%M 6%EQ% 866%M186 M8 M/% .%61M4G= /%E G/8P4#%EG 6# /%4:
/%E E%4S= 8 )8E 1M= /%C44
M%44 T8P 1) T8PCE% R8E316.
-O /%E M88 ..E%GG1Q%4T=
85%6 /Q% GP:%E18E
/% G316 1G M/16! G8 6%EQ% G%6G% 8) G5%44= 6 )M!
%6#16.G /%E% E% Q%ET R856 6 GP860
G%6G1M1Q% M8 M/% 41./M%GM 8) G18PG4T G5%44 R/%M/%E
M8P/%G= 1Q% /%E .88G% 56 1G 16M%E%GM%# 16 /%E
%E4T +& :%E%6M 8) P5:G T GME%M/16. /%E 2PGM T GM6#16. 48G% M8
R85%6 R% GPEQ%T%# E5 8PM 6# .%6M4T EP60 /15! 8E#16. M8 GMP#T
G1# M/%T )%4M 58GM G%4)0 616. T8PE *6.%EM1:G #8R6 16
%0)$" %
86G18PG 8PM M/%1E M/% 4%6.M/ 8) /%E 166%E
0)%* $= @ 56
%441%G= %44 /%E /8R G%ST E5 )E85 1%:G M8 RE1GM=
R/8CG MMEM%# M8
G/% 1G 16 M/%G% 48M186G 16.%E M M/% RE1GMG! 6 Q%E.%! R85%6 R856 R144 G%E%M%
R/14% /P..16. 6# 31GG0 /1./4T G%6G1M1Q% :P4G% R6M M8 53% 8PM MR1% /%514G M/E8P./ /1G
16.'%)8E% G%E18PG )8E%0 :816M= ME83% .%6M4T= G 486. G 5%6 #8= GR%M .46#G M/M /%E
:4T 6# 16M%E8PEG%! E16 16GM16M1Q%4T
R/%6 G/%CG 58E% 413%4T %68#%G G G%SP4 16M%E0
M8 % 8#T 86G18PG= %GM!A GTG 1848.14
6M/E8:848.1GM %4%6
1G/%E! /=
/% 5T 413% T8P M8 ,13
T8PE M86.P% 8E GP3 M/%
R/84% E%GM! 68M 2PGM M/%
61::4%= 8 *6# 8PM! G3=
P6 T8PE *6.%EG M/E8P./
/%E /1E= 1%6M1GMG GT
M/M 5GG.16. M/%
/%# E%4%G%G %6#8E:/16G
M/E8P./8PM M/% 8#T
M/M E%#P% 6S1%MT 6#
488# :E%GGPE%=
8P/16. M/% %EG ME1..%EG 8M/ E16 G6G /Q% G/8R6 M/M R85%6 6
E%,%S8.%61 ;:/TG14< 6# :GT/8.%61 /1%Q% 8E.G5 58E% %G14T 1) M/%1E E16CG
;5%6M4< E8PG4= 1./M4T .EU% M/% E15 GME%GG %6M%EG E% GR1M/%# 8))= @
6T
8) /%E %E R1M/ T8PE 41:G 8E M/% M1: 8) T8PE R85%6 6%%# ME6G1M186 :%E18# %MR%%6
68G%= 86CM 48R 16 /%E %E=
PGM 448R #%416. R1M/ M/% GME%GG 8) %Q%ET#T 41)%
M/% G8P6# 8) T8PE E%M/ 6# )%%4 8) 6# )%%416. G%SP4!A GTG 6 %E6%E! G%S
RE5M/ 86 /%E %E MPE6 /%E 86= M/%E:1GM 6# PM/8E= /% 6%3 1G .88#
:4% M8 GMEM M8 M/E8MM4% #8R6 M/8G%
GME%GG /8E586%G= /% QGM 528E1MT 8)
R85%6 16 8PE GPEQ%T #%GE1%# M/% 6%3
G M/%1E 58GM GPE:E1G16. %E8.%68PG U86%=
-N
& (#+ &$
9F .05-D ."0D."D
8L 5"O8LI "C
59 :( ?E\(R ]:(A _E[ %Q] X: 0EQ :(Q ]<X:E[X R><A9J E9 :( ?EA9R XE Q("(<\(
:A%]Q<XX(A ?E\( ?(XX(QJ D9 :( ]AXR _E[Q (AX:[R<R@ @EQ( X:A _E[Q EG<A<EAJ
(9 :( (^G("XR _E[ XE >AE] X:X R(^ <A\E?\(R @EQ( Q(R E0 :(Q E%_ X:A =[RX X:(
E\<E[R GQXRJ &9 :( ]AXR @EQ( %<QX_ X?>$ @[": @EQ(J A9 :( XEG 4\( ":Q"X(Q
XQ<XR R:(PR ?EE><A9 0EQ <A _E[$ <A EQ%(Q E0 <@GEQXA"(# FJ <9 G">9(J (?^$
<XPR =E>(J :(_ Q(# FJ <X:0[?A(RR ZJ (G(A%<?<X_ YJ <A%A(RR 7J
EQ? <AX(9Q<X_
5J X:(Q;?<A(RRJ @9 EAPX RX<"> _E[Q XEA9[( <A :(Q (QJ <RR 9(AX?_$ ?<"> X:( (%9(RJ
E\(Q Q<(6_$ X:(A ?(\( <X (J XPR A (Q$ AEX \9<AJ 9 :( %E(RAPX ]AX _E[ XE
RE?\( :(Q GQE?(@R J J J =[RX ?<RX(A XE X:(@J 29 X @(AR 9Q(X %(? XE :(Q ]:(A _E[
R> :(Q 0EQ %\<"(J 5L9 :( ]AXR _E[ XE G_ XX(AX<EA XE ]:X @>(R :(Q :GG_
("[R( R:( >AE]R ]:X @>(R _E[ :GG_J 559 :( ?E\(R <X ]:(A _E[ :[9 :(Q 0QE@
(:<A% A% ]:<RG(Q <A :(Q (QJ 5E9 (^ EA X:( (":$ X:( %Q<A># _[@@_J (^ EA X:(
(":$ X:( "X# R"QX":_J 5D9 :(P% ?<>( _E[ XE @E] X:( ?]A <A X<9:X =(AR A% AE
R:<QXJ :(A "E@( <AR<%( R@(??<A9 E0 0Q(R:?_ "[X 9QRR A% R](X$ A% @>( @EA>(_
?E\( XE :(Q EA X:( %<A<A9;QEE@ X?($ =[RX ?<>( <A <2;@ 1B<D*C<J EQQ_$ ](PQ(
><%%<A9J 5(9 :( X:<A>R _E[ ?EE> Q(??_ R(^_ ]:(A _E[ 4^ RX[1$ R:\( ]<X: Q`EQ$ EQ
:E?% _J E ><%%<A9J 5&9 (<A9 "Q<X<"? E0 :(Q <A 0QEAX E0 EX:(QR <R GEEQ 0EQ@J
(<A9 "Q<X<"? E0 :(Q <A 0QEAX E0 EX:(QR <A 0QEAX E0 _E[Q @EX:(Q ]<?? (1("X<\(?_ >((G
_E[ 0QE@ :\<A9 R(^ 0EQ X ?(RX @EAX:J 5A9 :(P% ?<>( _E[ XE "?? X EQ <A X:(
0X(QAEEA XE R> :E] R:(PR %E<A9J
--
D2 ." 0C3 "PI 88C
9 :(PR AEX X:X <AXE R(^ 0QE@ 9 Q(% <A A QX<"?( X:X 9 0X(Q ]( :% R(^ EA X:( 6EEQ
(:<A%J E] "A @>( <X 5F G(Q"(AX E0 ]E@(A R_ X:(_ ?RX A<9:X$ @_ ]<0( R<% <X ]R
(XX(Q 0EQ :(QL ?<>( XE ( %E@<AX(% <A (%J A<"( XE M%E RE@(X:<A9
; GT! 8R8T= ) T8P M/EPGM 41MM4% M88 :X %E(R X:X @(AL %<1(Q(AXJN @ EQ<A9 :(QL
/E#! R1M/ 68M >P1M% %68P./ 4PE1M186! ; 8E 5%! %16. #8516M%# 5%6G ; %44! 68M 6T58E%( %E 855%6M
M/1G :8G1M186 MPE6G 16M8 E%4 %EQ1S :P50 /%CG G8 8Q%E85% R1M/ :GG186 /% 6CM RG 6 16Q1MM186! 68M E1M11G5=
8GM
5%416.=
PGM % .%6%E8PG R1M/ M/% 4P%! 3%%: /1G /6#G ;8E 58PM/< 8))= MCG G%ST R85%6 R6M 41MM4% EU16%GGH T8PC#
#1: G/448R! 6# )8E.%M R/M T8PCQ% G%%6 6# %S1M16. M8 % R6M%# G8 16M%6G%4T= % GPE:E1G%# M /8R E%%:M1Q% R% 6 %
86 8P8E6 ;8E 6154 46%M<= 4G8! /% :E84%5 1G M/M 16 M/% 585%6M! T8PE 1) T8P M3% M/% 161M1M1Q%= 6# 16 M/1G G%!
516M16 M/% 516#0G%M M/M T8PCE% 5316. .1E4)E1%6# 6CM E%>P%GM M/M T8P .8 R14# T8P 4E%#T /Q%= 8R 3%%: 1M P:=
48Q% M8 /%E! 68M E1#16. /%E MPG/ 413% 1MCG R1M/ 4PGM= M /G M8 /::%6 6MPE44T=
5%/614 P44= 8 )PEM/%E M/% 16M15T! 9 "APX 49[Q( @_ 4A")( E[XJ
31GG /%E 6%3! .%6M4T MP. 86 /%E /1E! 9 :( ?G:(X;]<X:;_E[Q; :(A R:(PR [GR(X$ R:( ]AXR
R/1G:%E #1EMT R8E#G 16M8 /%E %E! 6# M8GG XEA9[( XQ<"># \(QQX(%L :(Q RG"(J :(A ?(\( :(Q
16 .%6M4%564T E%/0E8P6#= 44 M/%G% ; %44! T%G= MCG PM% MM1! 6# ?EA($ R:( =[RX RX(]RJ (?GL
MR%3G M8.%M/%E 8P./M M8 53% #8..T R% #51E% M/% %))8EM! PM 56 R/8 ; ) G/%CG G316. )8E G:% M/M
GMT4% 58E% 8) ME%M )8E 8M/ 8) T8P= #PM1)P44T ME1%G M8 00 5T 41M8E1G :E84T 5%6G #1GM6% )E85 T8PE
R86CM % G%%16. 5T 0)% 6TM15% 64TG1G! 2P#.5%6M! 6# G84PM186G'PM
9 :( ]E@(A P@ G[QR[<A9 G886= EP5:M18PG 8E4 G%S 6 68M )E85 T8PE = 1Q% /%E G85% M15%
E0X(A X(?? @( P@ XEE A<"(J E] %EM164T 164P#% M/% M1: 8) T8PE M86.P% M8 45 #8R6= /%6 1E4% 3 R1M/
"A %(\(?EG @EQ( E0 A (%9(L #616. E8GG MR80G>PE%016/ G85% P6E%4M%#! P6G3%#0)8E M%6#%E6%GG=
; M8: :4T16. M/% )E1%6#= 85%6 /Q% E%.186! PM 1M 4G8 44G )8E 58E% 86CM M43 8PM R/MCG P:G%MM16. /%E
%68P./ 8) M/8G% M8 4%6 86! 6# M/%T R1#%0E6.16. %S:48EM186= E%GG /%E P64%GG G/% E16.G 1M P: *EGM=
;:E84T< #86CM G4%%: R1M/ 6T 8) M/%5= R1M/ M/% G588M/ P6#%EG1#% 8) T8PE
C5 68M GT16. T8P G/8P4# % 2%E3! M86.P%! 6PUU4% R1M/ T8PE 41:G! 6# 9
_ :EE>;[G 0Q<(A%
PM 1) T8P 4151M T8PE Q14141MT'6# GME83% R1M/ M/% :#G 8) T8PE *6.%EG' <R \<R<X<A9 0EQ X:( ]((>(A%J
G/8R R856 T8P /Q% 41)%'1M G85%M15%G 44 M 86%( :X %E G?AL
%EM164T R86CM /PEM= 4M15M%4T! G%ST ; ) M/1G 1G 2PGM )8E G%S ;T8PCE% 68M
1G 56 R/8CG #1E%M! 86*#%6M! 6# 9 0 ]E@A <R "E\(Q(% <A )4416. )8E /%E! E1./M?<! M/%6 PT 8S
16#%:%6#%6M=
GM%E M/8G% >P41M1%G 6# XXXEER %E(R <X @(A R:(PR 8) 86#85G 6# #86CM :E%:E% 6T0
T8PE 316#6%GG R144 % 6 %SME :%E3! 0Q(> <A X:( (%QEE@L M/16. %4G%= 8 E856%! 68 6#4%G! 68
68M R/M #%*6%G T8P= ; 8= G%S P63%E= 6% E%G86 GP4 G%S 6
-J
)
% G8 /8M 1G M/M M/%E%CG 68 :E%GGPE% )E1%6#G M84# 5% M/M M/% /8MM%GM 850 @1! C5 8P.!A 1G .E%M 1% E%3%E!
M8 :%E)8E5= 8PCE% M/% EE% .PT G/% :415%6M G/% %Q%E E%%1Q%# RG! @8R! M88! GGP516. T8PE 65% 1G 8P.=
#8%G6CM /Q% M8 R8EET 8PM 15:E%GG0 T8P /Q% .8E.%8PG 41MM4% M1MG=A )M%E M/%
16.! G8 M/% 58E% 48R03%T T8P E%! M/% 161M14 G/83 ;#1# /% 2PGM 44 5T M1MG 9 A X:( (":$ :E] %E
58E% G/%C44 ::E%1M% T8P=
PGM % @41MM4%A?< 1M RG /P.% MPE6086 M8 368R G<"> [G ]E@(AL
GPE% M8 :E18E1M1U% /%E :4%GPE%'6# T M/M /% )8P6# /%E 0P:G G8 #%4118PG= ; 1M/ G1S0:3 8) 8E86 6#
M/M 5%6 58E% M/6 E%:%M%# 6# %T! M/%E% T8P .8= %44 /%E T8P M/163 /%E :P::T= 1M/ .5% 8) 8% 8E Q844%T0
%6M/PG1GM1 8E4 M186= %6# /%E ,1EMT M1MG E% #%4118PG= /M R856 44= P14# G%E18PG G6# GM4%=
6# 16>P1G1M1Q% %0514G 16 M/% R%%3 R8P4#6CM 48Q% M/M? /% %/ 1G %GT= %SM >P%GM186?
4%#16. P: M8 /%E EE1Q4= %44 /%E R/M
T8PCE% @G8 MPE6%# 86A 8PM #816.= 9 E] R:E[?% "E@G?<@(AX 9 :(A ]E@(A E1(Q XE
6# G3! @/M 8PM T8P?A /%6 #8 :(Q \=_=_L RG?<X X:( <?? EA X:( 4QRX %X($
M/M= 1M/ Q1.8E( ; %44 )8E GMEM%EG! #86CM 44 1M <R <X X(RX$ EQ R<A"(Q(L
Q2T2T= 8P #86CM %Q%6 6%%# M8 GG1.6 ;
PGM GGP5% 1MCG M%GM=
8#%E60
9 E ]E@(A QX<EA X:(<Q R8E# M8 1M M 44'@T8PA R144 GP)*%! G #T %M1>P%MM% /84#G M/M R85%6 E%
0Q(><A(RR X X:( RXQX E0 486. G M/% 86M%SM 1G 8Q18PG= G )8E )P44T :4% 8) :T16. M/%1E RT 6#
Q(?X<EAR:<G RE X:(_ %EAPX G:%1* GR%%M 68M/16.G! 58GM R85%6 G/8P4# 8))%E M8 #8 G8= 8R%Q%E! 58GM
GG(Q R?[XX_L R8P4# )%%4 16GM6M4T G%S1%E /%E16. 6T 8) PG GM144 PGP44T %S:%M M/% .PT M8
; 85% #8! GPE%= PM 1MCG PGP44T 58E% 8E 44 8) M/% )8448R16. R8E#G %PM1)P4! :86T P:! M 4%GM 86 M/% *EGM #M%'
85:41M%# M/6 M/M= R856CG ME60 /8M! M1./M! 16M8S1M16.! 6# :%E)%M= 6# %G:%144T 1) /% #1# M/% G316.=
G1M186 )E85 #%5PE% #5G%4 M8 G%S :60 %GM GGPE%# M/M 1) G/% MEP4T R6MG M8
M/%E /G M8 #8 R1M/ /%E 4%Q%4 8) 85)8EM 9 R X:(Q( 6<QX<A9 :T /%E )1E G/E%! G/%C44 16G1GM 86 .80
R1M/ 8M/ /%EG%4) 6# /%E :EM6%E= ) X(":A<K[( X:X [R[??_ ]EQ>RL 16. PM/ %Q%6 )M%E T8PCQ% RQ%# 8))
T8P R6M M8 G:%%# /%E 16M15T :E80 ; /%4Q% M/% GMEM%.T= /% 58GM /%E 161M14 R44%M #1Q%=
%GG! 6%Q%E #1G:E.% 8M/%E R85%6 G %S1M16. ,1EM G%GG186G E% M/% 86%G M/M
@G4PMG!A 31GG /%E 8)M%6 ;%)8E%! #PE16.! U1. 6# U. R14#4T= /% 58E% %4%ME1 9 P@ [A"<Q"[@"<R(%J
6# )M%E G%S<! 6# M%44 /%E /8R 5P/ 1M M/% 6M%E! M/% GME86.%E M/% G%SP4 R X:X X[QAE1L
MPE6G T8P 86 M8 .1Q% /%E :4%GPE%= /E.%= /% M/16. 1G M/M MT:% 8) 30 ; 8E G85% R85%6! 5T%= MCG
6#0)8EM/ R144 6%Q%E #%Q%48: 1) T8PCE% 8PM 85)8EM'16 R/M R%CE% PG%# M8
9
_ 4A")( :R "E@G?(^ M88 R8EE1%# 8PM 15:E%GG16. /%E /6#416.= ) R856 /%G1MM%G R/%6
E[X :(Q G(X<X( Q(RXRJ E] R1M/ T8PE R1M 8E 85:41G/5%6MG= G/% G%%G T8PE :%61G! G/% 51./M %
"A :(?G :(Q E\(Q"E@( <XL /% R6MG M8 )%%4 413% 8086G:1EM8E! )%%416. 413% G/% #1# 3 16 /1./ G/884
; 1Q% /%E 85:415%6MG M/M T8P 68M ME.%M= 8 /%E%CG M/% G%E%M M8 /M #8 #8 R1M/ 1M? /M 6 53%
5%6! 6# M/%6 3 M/%5 P: R1M/ G:E316. :8G1M1Q% E%M186 E%4S= /%E )%%4 R3RE#! 68M G%S0.8##%GGT=
M186= P# /%E .P5#E8: 61::4%G! RS 1#4% P: M8 /%E! G514%! 6# PG% T8PE 8 4P./ 1M 8)) 6# E%GGPE% /%E %G!
:8%M1 8PM /%E :%E3! 6# M/%6 413 /%E GPEE8P6#16.G )8E M6.%6M14 2P5:08)) M/%E% E% #1))%E%6%G ;413% T8PE G%6G10
E%GMG 413% M/%TCE% 5%4MT #8P4%0 :816MG= /%6 G3 /%E 8:16186! 6# M1Q1MT! G8 G/% 5T 6%%# M8 41./M%6 P: 86
G88: 1% E%5 86%G= E %4%EM% E%G:86# 8E#16.4T= 8P6#G 413% M/% 84C #%M/ .E1:<! 6# T8PCE% /::T M8
/%E G544 G1U%! ,M08PM= 6% 8) 5T 86Q%EGM186! %PG% 1M 1G= /! 6# %S:416 M/%5= E %MM%E T%M! .P1#% /%E=
-I
.:I"C,
&&# *
#'&
* ')&) ')
& &&
-&
-7
?><A9$ 0EQ <ARXA"(J
EA"( %("?Q(% X:( (% XE ( X:( 9Q(X(RX G<("( E0
(^(Q"<R( (K[<G@(AX (\(Q <A\(AX(%J E[ :\( XE 9<\(
[R GQEGR 0EQ E[Q (AX:[R<R@$ [X Q(??_ X:(Q(
Q( ?EX @EQ( (2"<(AX ]_R XE [QA "?EQ<(R A%
[<?% @[R"?(J
+V
!
<AXE X:( 9_@ ]:(A X:( 9@(PR EA A% -# 6,/ #-/4" F-# 6?16IF
X:(Q(PR R<^;G"> ":<??<A9 <A X:( "EE?(QL 66> 4J ?C>1)C*9 [<?%<A9 X:(
:( GEX(AX<? 0EQ R(^J @[R"?(R E0 X:( R:E[?%(QR$ XQ<"(GR$ ":(RX$
:X ]E[?% (A"E[Q9( _E[ XE G[X A% "> ]<?? @>( <X (R<(Q XE R[GGEQX
%E]A X:X @(X?? Q@(RA RA%]<": _E[Q E%_ ](<9:X 0EQ ?EA9(Q G(Q<E%R
A% G<"> [G A GG?( A% %[@(?? E0 X<@( ]:(A _E[ Q( EA XEG EQ R[GGEQX;
<ARX(%L :( >AE]?(%9( X:X ]E@(A <A9 :(Q E%_ ](<9:X %[Q<A9 @E\(R ?<>(
GQ(0(Q XE Q[A X:(<Q 4A9(QR E\(Q :Q% R RXA%<A9 R(^ GER<X<EARJ
QX:(Q X:A 6_ (??_J
(^ <R EA( E0 _E[Q @ERX GE](Q0[? /I,,/,CJ9 "Q@G <A _E[Q G<Q<0EQ@<R
AX[Q? [Q9(RJ E$ ]:X @EQ( Q<??<AX X X:( @ERX <AEGGEQX[A( X<@( "A %E
]_ XE @EX<\X( _E[QR(?0 XE ?ER( ](<9:X$ @EQ( XE "Q@G _E[Q RX_?( X:A :(Q @EX:(Q
9(X <A R:G($ [<?% @[R"?($ RX@<A$ A% ]?><A9 <A EA _E[ ]:<?( _E[ Q( %E<A9
9EE% :(?X:L
>( RE@( <@GEQXAX X:( %E]A]Q% %E9 XE :(Q %[9:X(QJ _
?<0(RX_?( ":A9(R A% _E[P?? <@GQE\( AEX RXQ(X":<A9 A% ?(A9X:(A<A9 _E[Q @[R"?(R
EA?_ :E] _E[ ?EE> <A X<9:X ;R:<QX$ [X Q(9[?Q?_$ _E[P?? ( @EQ( ?<>(?_ XE @E\(
_E[Q G(Q0EQ@A"( <A (%J <AXE @EQ( ":??(A9<A9 GER<X<EARJ
L03! "C" '8C "P 4> 64H>9 :( %E@<A?R A% ?E]
\<A9 R(^ [R(R ?EX E0 X<A_ @[R"?(R _E[ "> @[R"?(R Q( [R(% 0EQ X:( X:Q[RX<A9
%EAPX AEQ@??_ [R( %[Q<A9 X:( "E[QR( E0 @EX<EAR E0 R(^J E[ ]EAPX ( XX(@GX<A9
X:( %_ [A?(RR _E[ :GG(A XE ( 9<9E?E A_ E0 X:ER( @E\(R <0 _E[ Q( ?<% [G
EQ A ??<9XEQ ]Q(RX?(QJ ]<X: ?E](Q "> G<AJ <AA<R: Q(R(Q":(QR
ME[P?? %(4A<X(?_ :\( @EQ( (A=E_?( R(^ R_ X:X G(EG?( ]<X: ](> "EQ( @[R"?(R
<0 _E[ %EAPX :\( XE ]EQQ_ E[X 9(XX<A9 Q( @EQ( X:A X:Q(( X<@(R @EQ( ?<>(?_
0X<9[(% EQ G[??<A9 RE@(X:<A9$N R_R XQ<A(Q XE R[1(Q 0QE@ ?E](Q "> G<AJ XQEA9
(1 (??$ E]A(Q E0 (?? <XA(RR E@GA_ R ?RE 9<Q%?( _E[Q (??_ RE <X ]EAPX 6EG
<A (] EQ> <X_J (?? <R ](<9:X;?ERR A% E\(Q A% 9(X <A X:( ]_ E0 [R<A(RRJ
4XA(RR (^G(QX ]<X: RG("<?X_ <A (^(Q"<R( :( ]AXR XE ]QG :(Q ?(9R QE[A% _E[Q
0EQ R(^[? :(?X: (A(4XRJ E ]( R>(% R<^;G">$ AEX >(9J
(?? XE G[X XE9(X:(Q ]EQ>E[X X:XPR AEX
EA?_ X(QQ<4" "?EQ<(;[QA<A9 A% 4XA(RR; >4, ?C0,19 <9$ RXQEA9 @[R"?(R
EERX<A9 QE[X<A($ [X EA( X:X GQ(GR X:( @_ @>( :(Q R]EEA$ [X <0 _E[ Q(
E%_ 0EQ (XX(Q G(Q0EQ@A"( <A (%J X :[2A9 A% G[2A9 _E[ ]EAPX :\( X:(
<A"EQGEQX(R 9(A(Q? 4XA(RR$ R(^;RG("<4" RX@<A XE @<AX<A _E[Q Q:_X:@J
XQ<A<A9$ A% @E\(R X:X "A 9<\( _E[ @EQ( :G<A9 [G ]<X: (A%[QA"( ]EQ>E[XR
RX@<A 0EQ ?EA9(Q ?E\(@><A9 R(RR<EARJ ?<>( <AX(Q\? XQ<A<A9 R(RR<EAR A%
(?? %(\(?EG(% X:<R GQE9Q@ ]<X: @(A <A Q(R<RXA"(;XQ<A<A9 "<Q"[<XR "A GQ(\(AX
@<A%$ [X ]E@(A "A [R( <X$ XEEJ ](>(Q @[R"?(R 0QE@ K[<XX<A9 XEE REEAJ
+9
&&# * #'&
8I3/8!Q
C8-C4
:<R <R 0E[Q;]((> GQE9Q@ E0 "<Q"[<XR X:X ("E@( GQE9Q(RR<\(?_ ":??(A9<A9
R _E[ [<?% RXQ(A9X:$ (A%[QA"($ A% 6(^<<?<X_J :(Q( Q( R<^ %<1(Q(AX "<Q"[<XRJ
E X:(@ ""EQ%<A9 XE X:( G?A (?E]$ ]:<": R":(%[?(R ]EQ>E[XR Y %_R G(Q
]((>$ 0EQ (^@G?( EA
EA%_R$ (%A(R%_R$ A% Q<%_R$ XE ??E] 0EQ EA( %_
E0 Q(RX <A (X]((A 0EQ Q("E\(Q_J [Q<A9 E1 %_R$ %E RE@( (QE<" (^(Q"<R( R[":
R Q[AA<A9$ ]?><A9$ <><A9$ R]<@@<A9$ EQ G?_<A9 RGEQXRJ (?("X EA( AEA;"<Q"[<X
%_ G(Q ]((> XE %(\EX( XE :<9:;<AX(AR<X_ <AX(Q\?;XQ<A<A9 ]EQ>E[XJ
(9<A (": ]EQ>E[X ]<X: Q<(0 ]Q@;[G XE ?EER(A X:( @[R"?(R A% R(A% E^_9(A;
Q<": ?EE% "<Q"[?X<A9 X:QE[9:E[X X:( E%_J E X:( ]Q@;[GR 0EQ 5 XE Fa @<A[X(RJ
QE9Q(RR 0QE@ X:( (R<(Q @E\(R XE X:( @EQ( ":??(A9<A9 EA(RJ ( @<^ [G X:(
]Q@;[G (^(Q"<R(R 0EQ (": A(] "<Q"[<X XE >((G ]EQ>E[XR 0Q(R: A% XE ":??(A9(
%<1(Q(AX @[R"?( 9QE[GR <A \Q<E[R R(K[(A"(R 0EQ 9Q(X(Q 9QE]X: A% 0X [QAJ
+O
!
M5:16.
3D 9 LU U "6"*J 8) "C81D 6
J/" 5MD4" M14 16.
8Q 1 "0J801 " M6." 9 9U'LU "/ D1 " U 8) C"D1DJ6" JC1616.=
6 1CM1J S8M 8
16." 9 %'9U U 86" D"J 8) "/ "R"C1D"
C"DJ16. 864S C1",S&
8Q"C03 1"08Q6 9 9U U 9U J8 KU D"86 D 1)
J 44&"JQ""6
"R"C1D"D ")8C"
58P16. J8 J/" 6"RJ=
8C28LI 9 0CL0I 64S )J"C 85:4"J16.
J/" 41DJ 8) "R"C1D"D
J141JS 44 "416" MD/M: L 9U'9+ KU D" 8 S8M .8 3 6
C":"J J/" "R"C1D"D=
"DJ )8C 9 J8 K 516MJ"D
S16. 4MJ"4 C1 ." L 9U KU D" "JQ""6 1CM1JD=
6 . M6." L LU 4J"C6J16. 4".D KU D"
8C28LI K C4/:D
>MJ 9 9U'KU U
8. 16 4" 9 KU D"86 D U
6/Q8C5 9 G U
J6 16. 1: /CMDJ 9 KU D"86 D "/ 4". U
8C28LI K 0CL0I
"6". " 8Q L %'9L KU D"
+N
&&# * #'&
8C28LI J C4/:D
M5:16.
3D 9 LU U
>MJ 9 9U'KU U
16." 9 %'9U U
6""416. ". C8DD8P"C 9 9U Q1J/ "/ 4". U
8C28LI J 0CL0I
85164 88JD1" 844 L K'- "/ 1C"J186 KU D"
8C28LI , C4/:D
8Q 1 "0J801 " M6." 9 9U'LU Q1J/ "/ 4". U
M5:16.
3D 9 LU U
>MJ /CMDJ
9 9U U
;4D8 44" MC:""D<
8C28LI , 0CL0I
J141JS 44 "416" MD/M: K 9L'9G KU D"
4MJ"4 C1 ." K 9L'LU KU D"
6 . M6." K KU D"86 D 4J"C6J16. 4".D KU D"
+-
!
8C28LI * C4/:D
C8DD 3 M6." 9 LU U
M5:16.
3D 9 LU U
>MJ 9 LU U
6/Q8C5 9 G U
8C28LI * 0CL0I
"6". " 8Q K %'9L KU D"
")) "44 ;
<
1D P"J"C6 :"CD864
JC16"C 6 )C">M"6J
*J6"DD P1D8C J8 !&(
* 6 " !&(
* 5.T16"D=
"44 1D J/" )8M6 "C 8)
"44 1J6"DD 85:6S
;QQQ="44*J6"DD
85:6S=85< 16 "Q
8C3 1JS 6 /D
JC16" J/8MD6 D 8)
41"6JD 6 JM./J 58C"
J/6 9%UUU .C8M:
"R"C1D" 4DD"D=
++
&&# * #'&
8C28LI F C4/:D
8. 16 4" 9 9 516MJ" U
8Q 1 "0J801 " M6." 9 LU U
8C28LI F 0CL0I
:1 "C56 MD/M: K 9U'9L KU D"
+J
!
C4/: P"C0D"D
:<R K[<"> ]Q@;[G 16."
QE[X<A( ]<?? Q<A9 ?EE% XE XQ(X":(R A% RXQ(A9X:(AR "EQ($
_E[Q @[R"?(R$ ?EER(A _E[Q K[%Q<"(GR$ A% :<G 6(^EQRJ
_E[ E[X E0 X:( R">J ! A((? EA X:( 6EEQ ]<X: _E[Q ! ((G<A9 _E[Q :(% A% RG<A(
:A%R X _E[Q R<%(RJ (R<RX X:( <A ?<A( ]<X: _E[Q X:<9:R$
[Q9( XE R<X "> A% Q(RX _E[Q R?E]?_ ?(A "> 0(]
](<9:X EA _E[Q :((?RJ E[Q "> <A":(RJ E?% 0EQ Y R("EA%R
R:E[?% ( RXQ<9:X A% _E[Q X:(A Q(X[QA XE X:( RXQX<A9
>A((R (AX X Ca;%(9Q(( A9?(J GER<X<EAJ E + XE FaJ
+I
&&# * #'&
6/Q8C5
EER(AR X:<9:R$ :<GR$ E?<K[(R$ ">$ A% R:E[?%(QRJ
%6# T8PE
36%%G 1) T8P
6CM 3%%:
M/%5 GME1./M=
%%: T8PE
8E% E%#=
! XA% ]<X: _E[Q ?(9R RXQ<9:X$ ! (A% X X:( ]<RX A% G?"( _E[Q ! ((G<A9 _E[Q ?(9R RXQ<9:X$ ]?>
0((X :<G;]<%X: GQXJ :A%R EA X:( 6EEQJ _E[Q :A%R 0EQ]Q% ]:<?( >((G<A9
_E[Q R A% ?E](Q "> Q"(%J
:(A X>( X<A_ RX(GR XE ]?> _E[Q
0((X "> XE _E[Q :A%RJ :XPR EA(
Q(G(X<X<EAJ E UJ
+&
!
M5:16.
3D 8Q"C03 1"08Q6
<R(R X:( :(QX QX($ ?(A9X:(AR A% XQ(X":(R X:( ?E](Q "> @[R"?(RJ
]Q@R @[R"?(R XE \E<% <A=[Q_J
! <( 6X EA _E[Q "> ]<X: _E[Q ?(9R (AX$ 0((X 6X
EA X:( 6EEQ$ A% Q@R X _E[Q R<%(RJ
+7
&&# * #'&
PG/ T8PE
/1:G 3=
! XA% ]<X: _E[Q 0((X RGQ(% ]<%($ E[X X]<"( R:E[?%(Q; ! (^X$ Q(G(X XE X:( ?(0X R<%(J ?X(QAX( "> A% 0EQX:J
]<%X: GQX$ _E[Q 0((X 0"<A9 RXQ<9:X :(%J (A% E Fa XE Za Q(GR EA (": R<%(J
R?<9:X?_ X X:( ]<RX A% "?RG _E[Q :A%R <A 0QEAX E0
_E[Q ":(RXJ :<0X _E[Q ](<9:X E\(Q XE _E[Q Q<9:X ?(9
R _E[Q G[R: _E[Q :<GR ">]Q% A% ?E](Q _E[Q E%_
_ %QEGG<A9 _E[Q :<GR A% (A%<A9 _E[Q Q<9:X >A((J
E[Q ?E](Q Q<9:X ?(9 R:E[?% Q(@<A A(Q?_ G(QG(A%<"[?Q
XE X:( 6EEQJ E[Q ?(0X 0EEX R:E[?% Q(@<A 6X EA X:(
6EEQJ <X:E[X G[R<A9$ Q(\(QR( X:( @E\(@(AX A% Q<R(
_E[QR(?0 "> XE RXA%<A9 GER<X<EAJ
JV
!
J9
!
5A>
XQ(X":(R X:( :@RXQ<A9R$
"?\(R$ A% K[%R$ A%
]Q@R X:( (AX<Q( E%_J
,1
/% (- +
E[ >AE] :E] XE %E X:<R$ [X %E _E[ >AE]
G(Q0("X 0EQ@L E[P?? [QA @EQ( "?EQ<(R A%
]Q@ [G 0RX(Q _ %E<A9 <X Q<9:XJ ) 6"2 (2 $
$ 6"2( 2$$(
"6 )/(/% / +/9 /E > -
(-79 ,A9+ >/-
$ 6"2(
2$ ""
! Q<\( _E[Q >A((R :<9: XE 9(X (XX(Q RXQ(X": "(4( 4 $ -( /- >(-%
A% G[@GJ R _E[ %Q<\( (": >A(( [G$ R]<A9 6"2( "(% 0G +/7(9 17 1/A-
_E[Q EGGER<X( :A% [G]Q% XE 9(X R @[": / /E C(%&>
\(QX<"? ?<0X R GERR<?(J 0 _E[ ]<R:$ _E[ B7E E4 / /7
"A X[QA X:<R <AXE :<9: >A(( R><G _ %%<A9 0"'1/A- ,- >&>
:EG EA X:( %E]A]Q% RX(GJ C/A+ 0"G +/'
7(9 917 /B7 !B
/7 9(D ,+94
,0
&&# * #'&
J-
(" -% E 7A--(-%
/7 (*(-% /7 ? ,(-'
A>9 > - 9E 14
-# $( /7
?G 9/-9 >
.G 17-> / E/A7
9> /7>4
$$! $.# /7
? ,(-A>94
,
!
$ 6"2(
/"()"
! <( EA _E[Q "> ]<X: _E[Q >A((R (AX A% _E[Q 0((X 2$(/ "(
6X EA X:( 6EEQJ ?"( _E[Q Q@R X _E[Q R<%(R$ G?@R / /(
"3 /%
0"<A9 %E]AJ
()) 4/ 6"2( )
"/ /") 4 6"2 "2( (" / "4(
/" $()) 2$% )"2
(6
$($ 2( /" /
""(% " "/ "4
6"2( /" ($
"(4( " 6"2( /")%
"2(
)"2
! K[((`( _E[Q 9?[X(R A% R?E]?_ Q<R( _E[Q [XX E1 X:( (6 /"2 / ""(%
6EEQ [AX<? _E[Q E%_ 0EQ@R RXQ<9:X ?<A( 0QE@ _E[Q
>A((R XE _E[Q R:E[?%(QRJ E?% X:<R GER<X<EA 0EQ Y XE
5 R("EA%R$ X:(A R?E]?_ ?E](Q _E[QR(?0 XE X:( 6EEQ A%
Q(G(X X:( @E\( Fa X<@(RJ ! E?% Ya; XE Ua;GE[A% ! X(G 0EQ]Q% ]<X: _E[Q
RA%9 <A _E[Q Q@R Q<9:X ?(9 A% R?E]?_ ?E](Q
]<X: A [A%(Q:A% 9Q<GJ _E[Q E%_ [A%(Q _E[Q
XA% X?? ]<X: _E[Q 0((X 0QEAX >A(( <R (AX X
&27 6"2( 2/)
) 6"2 / 6"2( $)% :<G;]<%X: GQXJ Q"( ?(RX Ca %(9Q((RJ [R($
_E[Q "EQ( A% RX<"> _E[Q X:(A G[R: _E[QR(?0 XE
":(RX E[XJ X:( RXQX<A9 GER<X<EA
R K[<">?_ R _E[ "AJ
(G(X X:( @E\($
X:<R X<@( ]<X: _E[Q ?(0X
?(9 0EQ]Q%J EAX<A[(
?X(QAX<A9 X:<R ]_ 0EQ
Za XEX? Q(GRJ
,,
-% /C
EQ>R X:( @<%%?( A% [GG(Q ">
R ](?? R X:( ":(RXS <%(? 0EQ
(A%[QA"( A% "EQ( RXQ(A9X: <A X:(
@A;EA;XEG GER<X<EAJ
$ 6"2( $3)
! (X <AXE G[R:[G GER<X<EA ]<X: _E[Q )//" (6 //
:A%R 9Q<GG<A9 G<Q E0 %[@(??R$ /("2"2/ /
"3 /%
Q@R RXQ<9:X A% R:E[?%(QR %<Q("X?_
E\( _E[Q :A%RJ E[Q "> R:E[?% (
RXQ<9:X 0QE@ :(% XE :((?RJ <9:X(A
_E[Q "EQ( @[R"?(RJ
! E]$ ?A"<A9 EA _E[Q ?(0X :A%$ QE]
X:( Q<9:X %[@(?? XE _E[Q R:E[?%(Q$ 9>AE / ?0GGG ,-
G[R($ X:(A ?E](Q <X XE X:( 6EEQJ /B7 % "G E 7B7
797&79 17/B9
>&> (+E 9>7/++9
- *1 >& + (-
E/A7 1-(+4 - C&/
( 7/( >(B(>E
5A(B+-> >/ C+*(-%
! E X:( R@( ]<X: X:( ?(0X %[@(?? 7(9*+E /7 >C/ ,(+9
]:<?( ?A"<A9 EA _E[Q Q<9:XJ :X (+E A> >&(7 7(9* /
4\(;GQX @E\( <R EA( "E@G?(X( Q(G(X<; 7>(+ E9 A->(/-
X<EAJ E + XE FZJ E ?G 17->4
,+
!
! XA% ]<X: 0((X R:E[?%(Q; ! [<">?_ RXA% [G ]:<?( ! R REEA R _E[ M"X":N ! E] RXA% (^G?ER<\(?_
]<%X: GQX A% :E?% \<9EQE[R?_ G[??<A9 X:( X:( >(XX?((??$ R<X "> A%$ X X:( R@( X<@($
>(XX?((?? _ X:( >(XX?((?? [G XE R:E[?%(Q <AXE RK[X GER<X<EA$ G[R: X:( >(XX?((??
:A%?( ]<X: EX: :A%R$ :(<9:XJ X X:<R GE<AX ?(X "EAX<A[<A9 XE :E?% X:( E\(Q:(%J K[X 9<A
??E]<A9 X:( ](<9:X XE 9E E0 X:( >(XX?((?? A% >(XX?((?? ]<X: :A%R ]:<?( ?E](Q<A9 X:(
:A9 (X]((A _E[Q ?(9RJ R"EEG _E[Q :A%R [A%(QA(X: X X:( XEG E0 >(XX?((?? A% 9QRG<A9
(A% _E[Q >A((R <AXE [A%(QA(X: XE :E?% <X _E[Q ":(RXJ X:( :A%?( ]<X: EX:
RK[X GER<X<EAJ ]<X: _E[Q G?@R 0"<A9 :A%R R <A X:( EQ<9<A?
0EQ]Q%$ ]Q<RXR X[">(% <A :A9 GER<X<EAJ :X
[A%(QA(X: X:( ](<9:XJ 0E[Q;@E\( R(K[(A"(
@>(R EA( Q(G(X<X<EAJ
E + XE FZ Q(GRJ
,
! <( 6X EA _E[Q RXE@": EA X:( 6EEQ ]<X: _E[Q Q@R (^X(A%(% E[X E\( _E[Q :(%J
<0X _E[Q ":(RX$ Q@R$ A% ?(9R E1 X:( 6EEQ$ R <0 %E<A9 [G(Q@A RXQ(X":J
! ?E]?_ QE?? 0QE@ _E[Q RXE@": XE _E[Q Q<9:X R<%( ]:<?( A(\(Q ?ER<A9 %E@<A? "EAXQE?J
! E?? EAXE _E[Q ">J :(A$ R?E]?_ Q(\(QR( X:( QE?? 4QRX XE _E[Q R<%($ X:(A _E[Q RXE@":J
(?^ _E[Q Q@R A% ?(9R XE X:( 6EEQJ :XPR EA( Q(GJ (^X$ Q(\(QR( X:( QE?? XE X:( ?(0X R<%(J
E Y XE 7 Q(GR <A (": %<Q("X<EAJ
,!
!
1(7,- A9&A1
[<?%R "EQ( A% R:E[?%(QV":(RX (A%[QA"( A% RXQ(A9X:J
+8
/* +(
XQ(A9X:(AR X:( R:E[?%(QR$ ":(RX$ XQ<"(GR$ ?E](Q ">$ A% RJ
+#
!
-% >-A1
XQ(A9X:(AR K[%Q<"(GR A% "?\(R 0EQ >A((?<A9$
RXA%<A9$ A% RK[XX<A9 R(^ GER<X<EAR-A% Q@R
A% "> 0EQ :E?%<A9 _E[Q GQXA(QJ
! A((? EA X:( 6EEQ A% ! <0X _E[Q Q<9:X ?(9 A% ! [R: X:QE[9: _E[Q :((? ! E] (A% EX: >A((R
:E?% Ya; XE Ua;GE[A% G?"( X:( Q<9:X 0EEX XE RXA% A% Q<A9 _E[Q A% @E\( _E[Q Q<9:X
RA%9 <A EX: Q@RJ EA X:( 6EEQ XE RXQX ?(0X 0EEX A(^X XE _E[Q >A(( XE X:( 6EEQ$ X:(A
E[Q Q@R R:E[?% ( RXA%<A9 [GJ Q<9:X XE RXA% "E@G?(X(?_ X:( ?(0X >A(( [AX<? _E[
[A%(QA(X:$ G?@R 0"<A9 RXQ<9:X [GJ Q( >A((?<A9 9<AJ
[G A% QE[A% X:( 0QEAX ! (G(X$ RXQX<A9 ]<X:
E0 X:( 9J [?? X:( 9 _E[Q ?(0X 0EEX A% G[R:<A9
XE _E[Q ":(RXJ X:QE[9: X:( :((? XE
RXA% [GJ E U RXA%[GR
]<X: (": ?(9J
+1
+0
!
& $&
E[ %EAPX A((% (K[<G@(AX XE [<?% <@GQ(RR<\( R A% [??(XGQEE0 "EQ( X:XP??
A(\(Q 0<? _E[ <A (%J [X <0 _E[PQ( R(Q<E[R E[X ":??(A9<A9 _E[Q R$ ]( Q("E@@(A%
_E[ 9(X G<Q E0 ??R#
! ?C,/,CJ // ?RE >AE]A R ]<RR ??$ ?RE >AE]A R <9 <Q;4??(% ??J
:(A _E[ (^(Q"<R( EA <X$ X:( ?"> E0 RX<?<X_ 0EQ"(R R@??(Q @[R"?(R XE ]EQ> :Q%
XE >((G _E[Q E%_ RX(%_J E[?(R R R(^ XE_/
! 0,,1 //J [_ A +; EQ Fa;GE[A%(Q A% [R( <X 0EQ (^G?ER<\($ QEXX<EA?
(^(Q"<R(R X:X ]<?? [<?% RXQEA9$ X:?(X<" "EQ(J EX XE ( [R(% R R(^ XE_J
[<?% Faa;Q(G R ]EQ>E[X QE[A% X:(R( R (^(Q"<R(RJ :EER( 4\( (^(Q"<R(R A%
%E Za Q(GR (": H(^"(GX 0EQ X:( G?A>$ ]:<": _E[P?? :E?% 0EQ Ya R("EA%RIJ
! <( EA X:( 6EEQ$ :E?%<A9 X:( ?? (X]((A ! ^X(A% _E[Q Q@R RXQ<9:X [G R _E[
_E[Q ?E](Q ?(9RJ E[Q ?E](Q "> R:E[?% R<@[?XA(E[R?_ Q<R( _E[Q ?(9R A%
Q(@<A EA X:( 6EEQ$ A% _E[Q ?(9R R:E[?% [GG(Q E%_ <AXE "EAXQ"X(% GER<X<EAJ
( R?<9:X?_ (AXJ ((G _E[Q [GG(Q E%_ <A X:( M[GN
GER<X<EA 0EQ ?? E0 _E[Q Q(G(X<X<EAR R
_E[Q ?(9R @E\( [G A% %E]AJ X X:(
XEG E0 X:( @E\(@(AX$ XG X:( ?? XE
_E[Q 4A9(QRJ
+
! Q @(%<"<A( ?? ]<X: EX: :A%R A% ?<( EA _E[Q ! ?"( _E[Q 0EQ(Q@R EA RX<?<X_ ?? A% _E[Q 0((X EA
"> EA X:( 6EEQJ (A% _E[Q >A((R Ca %(9Q((R$ G?"( X:( 6EEQJ E[Q E%_ R:E[?% 0EQ@ RXQ<9:X ?<A( 0QE@
_E[Q 0((X 6X EA X:( 6EEQ$ A% :E?% X:( @(%<"<A( ?? _E[Q R:E[?%(QR XE _E[Q A>?(RJ Q"( _E[Q "EQ( _
9<ARX _E[Q ":(RXJ "EAXQ"X<A9 _E[Q R R <0 _E[ ](Q( E[X XE ( G[A":(%
<A X:( 9[XJ E?% X:<R G?A> 0EQ Fa XE Ya R("EA%RJ 0 _E[
"APX :E?% 0EQ Ya R("EA%R X EA( X<@( Q(G(X R @A_
X<@(R R A((%(% XE XEX? Ya R("EA%RJ
+
!
! <( EA _E[Q "> ]<X: _E[Q ?(9R RXQ<9:XJ R( EX: :A%R
XE :E?% @(%<"<A( ?? E\( _E[Q :(% A% Q(?_ E1
X:( 6EEQJ ! RR[@( G[R:[G GER<X<EA ]<X: _E[Q Q@R RXQ<9:XJ
(RX _E[Q R:<AR EA RX<?<X_ ??J E[Q E%_ R:E[?%
0EQ@ RXQ<9:X ?<A( 0QE@ _E[Q :(% XE _E[Q A>?(RJ
! <@[?XA(E[R?_ Q<R( _E[Q XEQRE A% (A% _E[Q Q<9:X
>A(( XE]Q% _E[Q ":(RX R _E[ Q<A9 X:( ?? E\(Q ! <X:E[X ":A9<A9 _E[Q ?E](Q "> GERX[Q($ QE?? X:(
_E[Q >A(( A% XE]Q% _E[Q 0EEXJ (\(QR( X:( @E\(; ?? XE]Q% _E[Q ":(RX _ G[??<A9 <X 0EQ]Q% ]<X: _E[Q
@(AX A% Q(G(X$ X:<R X<@( (A%<A9 _E[Q ?(0X >A((J 0((XJ [R($ A% X:(A Q(X[QA X:( ?? XE X:( RXQX<A9
:XPR F Q(G(X<X<EAJ GER<X<EA _ ?E](Q<A9 _E[Q :<GR A% QE??<A9 <X ">]Q%J
+,
! <X EA X:( 6EEQ ]<X: _E[Q ?(9R ! ]<RX _E[Q XEQRE XE X:( ?(0X ! :(A X]<RX ?? X:( ]_ XE _E[Q
R?<9:X?_ (AX$ A% :E?% A% G?"( X:( ?? (:<A% _E[J Q<9:X A% G<"> X:( ?? [G A%
@(%<"<A( ?? ]<X: EX: :A%R Q<A9 <X "> XE X:( RXQX<A9
=[RX E\( _E[Q ?GJ GER<X<EAJ :XPR F Q(G(X<X<EAJ
E Fa Q(G(X<X<EARJ @@(%<X(?_
%E AEX:(Q Fa Q(G(X<X<EAR$ [X
X:<R X<@( RXQX _ X]<RX<A9 ]<X:
X:( ?? XE _E[Q Q<9:XJ
! ?"( _E[Q :A%R EA RX<?<X_ ?? ! E[Q Q@R R:E[?% ( RXQ<9:XJ E[Q
R <0 _E[ ](Q( %E<A9 G[R:[GJ E%_ R:E[?% 0EQ@ RXQ<9:X ?<A( 0QE@
_E[Q :(% XE _E[Q A>?(RJ Q"( _E[Q
"EQ(J E] ?<0X _E[Q ?(0X 0EEX E1 X:(
6EEQ A% Q<R( _E[Q >A(( XE R "?ER(
XE _E[Q ":(RX R _E[ "AJ E[": X:(
6EEQ ]<X: _E[Q ?(0X 0EEXJ (G(X ]<X:
_E[Q Q<9:X ?(9J ?X(QAX( Q<R<A9 (":
>A(( "> A% 0EQX: 0EQ Za Q(G(X<X<EARJ
++
.:I"C*
*' $&
)&&+ ',&' ) ) ')
&'
*) '-*). )
I&
45
](AX XE :<R %E"XEQ A% R<%$ ME"XEQ$ P\( 9EX
GQE?(@$ [X <0 _E[PQ( 9E<A9 XE XQ(X <X$ 4QRX _E[
:\( XE GQE@<R( AEX XE ?[9:JN
M0 "E[QR( ]EAPX ?[9:$N X:( %E"XEQ R<%J M P@
GQE0(RR<EA?J A E\(Q Za _(QR$ P\( A(\(Q ?[9:(%
X GX<(AXJN
M>_ X:(A$N X:( @A R<% A% :( GQE"((%(%
XE %QEG :<R XQE[R(QR$ Q(\(?<A9 X:( X<A<(RX G(A<R X:(
%E"XEQ :% (\(Q R((AJ A?( XE "EAXQE? :<@R(?0$
X:( %E"XEQ 0(?? ?[9:<A9 XE X:( 6EEQJ
:(A :( ]R ?( XE Q(9<A "E@GER[Q($ :( R<%$
M P@ RE \(Q_ REQQ_J %EAPX >AE] ]:X "@(
E\(Q @(J A @_ :EAEQ R %E"XEQ A% 9(AX?(@A$
GQE@<R( <X ]EAPX :GG(A 9<AJ E] ]:X R((@R
XE ( X:( GQE?(@LN
M XPR R]E??(AJN
ERX R(^ =E>(R EQ<9<AX( 0QE@ RX[1 ](PQ(
[A"E@0EQX?( %<R"[RR<A9 R(Q<E[R?_$ ?<>( %<RG?_<A9
E[Q GQ<\X( GQXR 0EQ %E"XEQPR <ARG("X<EAJ
I7
*' $&
@(Q<"AR Q( R:@(% XE X?> E[X A% AEX<"(% EA( %_ X:X :(Q Q(RXR
G(A<R(R A% \9<AR$ @(A @EQ( RE X:A "X[??_ ](Q( 9(XX<A9 <99(QS R:( ]R
]E@(AJ A R[Q\(_ E0 Ya$aaa @(A$ YY G(Q; \(Q_ <@GQ(RR(%J
"(AX R<% X:X X:(_ 0E[A% <X <@GERR<?( XE A( @EQA<A9 R:( ]E>( [G$ ?X( 0EQ
X?> 0"( XE 0"( ]<X: RE@(EA( E[X X:(<Q ]EQ> A% \(Q_ Q[R:(%J _ X:( X<@( R:(
(Q("X<EARJ [X (\(A X:E[9: ]E@(A \<R<X 9EX EA X:( [R R:( Q(?<`(% X:X R:( :%
%E"XEQR @EQ( Q(9[?Q?_ X:A @(A A% 0EQ9EXX(A XE 9E X:QE[9: :(Q QE[X<A(J
X(A% XE ( @EQ( >AE]?(%9(?( E[X E$ RXA%<A9 EA X:( [R$ ]:<?( Q[<A9
X:(<Q GQ<\X( GQXR$ RX<?? EA( <A 4\( %@<XR :(Q Q(RXR$ R:( R<% M"EE<( %EE<(
XE 0((?<A9 [A"E@0EQX?( %<R"[RR<A9 X:(<Q %EE<($ 9<\( @( <99(Q EE<(RJN
\9<AR ]<X: X:(<Q %E"XEQR$ ""EQ%<A9 @A RXA%<A9 A(^X XE :(Q R<%$
XE AX<EA? R[Q\(_ _ X:( RRE"<X<EA M:$ _E[ @[RX 9E XE QJ @<X:JPP
E0 (GQE%["X<\( (?X: QE0(RR<EA?RJ M(R$PP R:( R<%$ M:E] EA (QX: %<%
A X:<R ":GX(Q$ ]( :EG( XE "Q(X( _E[ >AE]LPP
"E@0EQX?( A% GQ<\X( \(A[( 0EQ R(^[? ( Q(G?<(%# M<">EQ_ %<">EQ_ %E">/PP
:(?X: <A0EQ@X<EA XE :(?G _E[ XQE[?(; E@( EA$ %@<X <X# _E[ 0E[A% X:X
R:EEX @(%<"? A% GR_":E?E9<"? <RR[(R$ EA( ?<XX?( 0[AA_$ %<%APX _E[L :(Q(PR
A% @>( X:(@ (R<(Q XE %<R"[RR ]<X: G?(X:EQ E0 G(A<R;R<`( =E>(R ("[R(
_E[Q GQXA(Q A% _E[Q %E"XEQJ A X:( GG(A%9( ?(A9X: :E?%R R[": [A<\(QR?
0E??E]<A9 G9(R$ ](P?? "E\(Q (\(Q_X:<A9 "EA"(QA A% 0R"<AX<EA @EA9 @(AJ
0QE@ (Q("X<?( %<R0["X<EA HI A% A 0"X$ (\(Q_ @EAX: X:( R>
/:< -@(
GQ(@X[Q( (="[?X<EA HI XE R(^[??_ @<?9 "EAX<AR :A%0[? E0 ?(XX(QR
XQAR@<XX(% <A0("X<EAR H RI A% ](P?? R><A9 X:( R@( K[(RX<EA# A @>( <X
R:Q( 0Q(K[(AX?_ R>(% K[(RX<EAR 0QE@ <99(QL R G(A<R (A?Q9(@(AX GERR<?(L
X:( Q(%(QR E0
/:< -@(J (??$ :(Q(PR X:( 4A? AR](Q# M?? X:(
[X 4QRX$ EA( @EQ( =E>( X:X 0(?? EA X:( R[Q9(Q<(R$ @(%<"X<EAR$ A% X(":A<K[(R
QQEE@ 6EEQ J J J Q( <A(1("X<\($ A% RE@( @_ ( [AR0($N
:(Q( ]R ]E@A ]:E ]R <AX(Q; R_R Q(A ?<`(X: E_?($
$ X:(
(RX(% <A 9(XX<A9 Q(RX <@G?AXR$ RE R:( %<Q("XEQ E0 @?( 0(QX<?<X_ X X:( :%_
](AX XE :(Q G:_R<"<A$ QJ @<X:$ A% QE\( (GQE%["X<\( "<(A"( (AX(Q <A
K[(RX<EA(% :<@ E[X Q(RX (A:A"(; E">\<??($
Q_?A%J
@(AX R[Q9(Q_J :$ _E[ @_ ( ?( XE @>( <X ?EE>
M(0EQ( _E[ %E A_X:<A9 XEE R(Q<E[R$ <99(Q _ ?ER<A9 X:X (??_ A% XQ<@@<A9
_E[ R:E[?% 4QRX XQ_ @(X:E% X:X :R _E[Q G[(RJ [X$ AE$ %(RG<X( ]:X _E[
]EQ>(% 0EQ ?EX E0 @_ GX<(AXR$N QJ @<X: @<9:X 4A% (<A9 :]>(% EA X:( <AX(QA(X$
XE?% :(QJ M\(Q_ @EQA<A9 ]:(A _E[ ]>( @(%<"? R"<(A"( :R AEX 49[Q(% E[X
[G$ Q[ _E[Q EER A% R_ O"EE<( R0( @(X:E% 0EQ (A:A"<A9 G(A<R R<`(J
%EE<( %EE<($ 9<\( @( <99(Q EE<(RJP PP E K[EX( A E?% (^R R_<A9# E[ :\( XE
:( ]E@A %<% X:<R 0<X:0[??_ 0EQ ]((>R %A"( ]<X: X:( EA( ]:E Q[A9 _J :XPR
&V
("[R( X:( "EQGEQ "\(QAER-X:( X]E X(RX >AE]A R X:( R(Q<? J :( X(RX
":@(QR X:X 4?? ]<X: ?EE% XE "Q(X( A Q(9[?Q?_ R:E]R 0?R( GER<X<\(R$ ]:<":
(Q("X<EA-Q( E0 4^(% ?(A9X:$ ]:<": AE RE@( (^G(QXR 0(Q ?(% XE [AA("(RRQ_
<@G?AX$ \"[[@$ :(Q? XEA<"$ ](<9:XR G<A0[? <EGR<(RJ A% ("[R( X:(
EQ @(%<(\? RXQ(X":;E;@X<" %(\<"( "A %<R(R( X_G<"??_ GQE9Q(RR(R \(Q_ R?E]?_$
":A9(J R 0EQ G:??EG?RX_$ R[Q9<"? @A_ %E"XEQR (?<(\( X:X X(RX<A9
RE?[X<EA _E[ @_ :\( Q(% E[X$ ?(%R XE E\(QXQ(X@(AXJ
"[XX<A9 ?<9@(AXR XE @>( 6""<% G(A<R [Q (RX %\<"( <R XE %<R"[RR X:( Q<R>R
?EE> R?<9:X?_ ?EA9(Q ?(%R XE (Q("X<EAR A% (A(4XR E0 GQERXX( "A"(Q R"Q((A<A9
X:X GE<AX %E]A$ AEX [GJ A% X:(Q( Q( ]<X: _E[Q %E"XEQJ
(A]:<?($ :(Q( Q(
R<9A<4"AX Q<R>R$ <A"?[%<A9 %@9( XE :<XR XE %EGX X:X @_ Q(%["( _E[Q Q<R>
R[QQE[A%<A9 A(Q\(R A% X<RR[(RJ E[ @_ E0 GQERXX( "A"(QJ
9<A [G XE A <A":$ [X RX<1A(RR A% 59 G /4C? 4" ?I9 Zaa7 RX[%_ E0
RXQ(A9X: @_ ( "E@GQE@<R(%J ZC$Y7Y @(A <A X:(
1B;/- 1# @( .;*/
X:(Q GQE"(%[Q(R GQE@<R( XE (A:A"(
*- <<1*@*1/ 0E[A% X:X @(A
9<QX:J _G<"??_$ 0X 0QE@ AEX:(Q GQX E0 ]:E :% ZF EQ @EQ( EQ9R@ @EAX: ](Q(
_E[Q E%_ <R G[@G(% (?E] X:( G(A<?( Ya G(Q"(AX ?(RR ?<>(?_ XE %(\(?EG GQERXX(
R><A$ REQX E0 ?<>( Q(\(QR( ?<GER["X<EAJ [X "A"(Q X:A @(A ]:E :% EA?_ 0E[Q XE
X:( E%_$ <A X<@($ <R ?<>(?_ XE Q(REQ R(\(A EQ9R@R @EAX:J
X:( 0X$ ?(\<A9 _E[ ]<X: 99_ R><AJ E9 C 04> C40C4? 1 C40C4
E"XEQR Q( "E@<A9 [G ]<X: A(](Q$ R0(Q ?F?$ ]:<": Q( Q<": <A "A"(Q;
X(":A<K[(R$ <A"?[%<A9 R><A 9Q0XR$ [X GQ(\(AX<A9 A[XQ<(AX ?_"EG(A(J
X:(R($ XEE$ @_ Q(R[?X <A [A(\(AA(RR$ D9 46 4# J4F> %?* 4,/9 Q\Q%
RGEA9_;0((?<A9 AE%[?(R A% %(0EQ@(% Q(R(Q":(Q 0E[A% X:X @(A ]:E X(
[A<XRJ [_(Q (]Q(J 4R: Q<": <A E@(9;Y 0XX_ "<%R X:Q((
EE% X:<A9 @ERX @(A %EAPX A((% A X<@(R ]((> Q(%["(% X:(<Q Q<R> E0
(^X(AR<EA-<0 _E[Q (Q("X<EA @(R[Q(R 99Q(RR<\( GQERXX( "A"(Q _ Z5 G(Q"(AXJ
7 XE U <A":(R$ _E[PQ( K[<X( AEQ@?J (9 4G ,C9 ^(Q"<R( Q(%["(R X:( Q<R>
0X(Q G(A<R R<`($ GQ(@X[Q( (="[?X<EA E0 0X? 0EQ@R E0 GQERXX( "A"(Q _
A% (Q("X<?( %_R0[A"X<EA R((@ XE ( 9[_RP 7F G(Q"(AX$ ""EQ%<A9 XE Q(R(Q": X
<99(RX GQ<\X( GQXR "EA"(QARJ (P?? Q\Q% ":EE? E0 [?<" (?X:J
"E\(Q X:ER( EA X:( A(^X G9($ [X X:(Q(PR &9 >46 C* 4F)*1FC?9
(A ]<X: X:(
AEX:(Q XEG<" X:XPR AEX X?>(% E[X :<9:(RX ?EE% ?(\(?R E0 XQAR 0XR :\(
R @[":# GQERXX( "A"(QJ
(A Q( @EQ( X:A X]<"( X:( GQERXX( "A"(Q Q<R>
0Q<% E0 <X$ A% Q<9:X?_ RE ("[R( <X "A E0 @(A ]<X: X:( ?E](RX ?(\(?RJ
( %(%?_ A% %<9AER<R A% XQ(X@(AX X_<A9 4X$ XQ<@$ A% :(?X:_ <R _E[Q
Q( Q<R>_J :XPR @EQ($ A(] RX[%<(R (RX EGX<EA 0EQ R(^[? \<X?<X_J E]$ ?(XPR
:\( Q("(AX?_ "??(% <AXE K[(RX<EA X:( ?EE> X @EQ( RG("<4" ]_R XE <@GQE\(
(A(4XR E0 X:( QE[X<A( R"Q((A<A9 ?EE% R(^[? RX<R0"X<EAJ
&9
*' $&
<R %<2"[?X XE %(4A(J ( ?? ><A% E0 >AE] RE@( 0Q@( E0 Q(0(Q(A"($ G[?<R:(%
]:X <XPR ?<>(# R:(PR =[RX 9(XX<A9 ]Q@(% X:( 4QRX %<9AERX<" "Q<X(Q<# @A ]<X:
[G A% _E[Q G(A<R :R ?Q(%_ :<X X:( ?<0(?EA9 "AAEX ?RX ?EA9(Q X:A
R:E](QR A% <R X:<A><A9 E[X RA">J F @<A[X($ A% :<R X<@( XE (="[?X<EA <R
[X ]:X <R XEE K[<"> 0QE@ "?<A<"? :Q@<A9 :<R Q(?X<EAR:<GRJ
RXA%GE<AXL (^ (^G(QXR R_ <XPR A_ :X "[R(R QG<% (="[?X<EA <R RX<??
?(A9X: E0 X<@( X:X _E[ A% _E[Q GQXA(Q @XX(Q E0 %(X($ XEEJ E@( (^G(QXR
Q( AEX RX<R4(% ]<X:J A :<R EE> ":?> <X [G XE G(Q0EQ@A"( A^<(X_$ RXQ(RR$
EB- (C*1; */ @( B./
- R(^ EQ =[RX :\<A9 :_G(QR(AR<X<\<X_$ ?<>(
Q(R(Q":(Q ?0Q(% <AR(_ ]QEX( X:X X:( RA((`<A9 X X:( @(Q( :<AX E0 G(GG(Q EQ
\(Q9( @A "E[?% @<AX<A G(A(XQX<\( GE??(AJ X:(QR (?<(\( QG<%;4Q( (="[?;
X:Q[RX<A9 0EQ E[X Z @<A[X(RJ E](\(Q$ X<EA <R Q(RGEAR( ?(QA(% 0QE@ E_;
RE@( @(APR Q(RGEAR(R Q( RE R(AR<X<\( :EE% @RX[QX<EAJ
ERX _E[A9 @(A$
X:X X:(_ (="[?X( (0EQ( G(A(XQX<EA 0(Q<A9 (<A9 "[9:X$ @RX[QX( K[<">?_$
EQ ]<X:<A R("EA%R E0 (AXQ_J X:(Q @(A [A]<XX<A9?_ XQ<A<A9 X:(@R(?\(R XE
]:E R_ X:(_ R[1(Q 0QE@ "X[??_ ":<(\( 9QX<4"X<EA 0RXJ M(<9:X ?<0X(QR
:\( "E@G?(X(?_ AEQ@? ?(\(?R E0 R(^[? X?> E[X @[R"?( @(@EQ_S (?<(\(
RX@<A$ ?RX<A9 U @<A[X(R EQ ?EA9(QJ X:X GQ(@X[Q( (="[?XEQR (^G(Q<(A"(
A Zaa+$ X:( AX(QAX<EA? E"<(X_ 0EQ OG(A<R @(@EQ_P$N R_R R(^ X:(QG<RX A
(^[?
(%<"<A($ :EG<A9 XE 9<\( %E"XEQR (QA(Q$ :$ 0EQ@(Q R[1(Q(Q$ ]:E
&O
:R ]Q<XX(A (^X(AR<\(?_ EA X:( R[=("XJ 9[_ ]:E (="[?X(R GQ(@X[Q(?_
ERX %E"XEQR A% R(^ X:(QG<RXR 9Q(( XE ("E@( @EQ( ]Q( E0 :<R E%_ A%
X:X <R XQ(X?($ ]<X: \(Q_ (1("X<\( X:( 0((?<A9R ?(%<A9 [G XE EQ9R@ RE :(
/" 3"S J/16. J8 4883
X(":A<K[(R XE :(?G @(A XQ<A X:(@R(?\(R "A ?(QA XE "> E1 (0EQ( X:( GE<AX E0 )8C 16 S8MC D:"141DJ 1D
XE ?RX ?EA9(Q$ ]:<": ]( ]<?? E[X?<A( (?E]J AE Q(X[QAJ EAPX ( R:_ E[X R><A9 "CJ1*J186 S J/"
[X <XPR ]EQX: AEX<A9 :(Q( X:X ]E@(A _E[Q GQXA(Q XE ?(A% :A%J A
/:< 5"C16 8C 8)
C848.S ;<= "CJ10
Q( 0Q ?(RR ?<>(?_ X:A @(A XE "Q( EQ (\(A -@( R[Q\(_$ C+ G(Q"(AX E0 ]E@(A R<% *J186 1D6BJ C">M1C"
AEX<"( :E] ?EA9 <AX(Q"E[QR( ?RXRJ RX[%_ X:(_P% ( :GG_ XE :(?G X:(<Q GQXA(Q J8 :CJ1" MJ 1J 16 10
J"D J/J J/" :/SD10
G[?<R:(% <A X:( ;(*C< 1# EB- GQ"X<"( ?RX<A9 ?EA9(QJ 16 /D "586DJCJ"
(C*1; 0E[A% X:X ]:<?( Z7 G(Q"(AX E0 "R":J1864 "R:"CJ1D"
@(A "?<@(% X:(_ :% GQE?(@ EA?_ C>C+?C469 :( <%( :(Q( <R XE :\( J/C8M./ 8J/ C1.8C8MD
J"DJ16. 6 :""C
Fa G(Q"(AX E0 X:(<Q GQXA(QR 9Q((%J :( :(Q RX<@[?X( _E[ [AX<? _E[ 0((? _E[QR(?0 "P4MJ186= 8C
Q(RX ](Q( [AEX:(Q(%J M:(Q(PR RE@( A(Q<A9 EQ9R@$ A% X:(A R> :(Q XE RXEGJ JD" 8) 0
"CJ1*" 8J8CD
"[?X[Q? (^G("XX<EA X:X X:( ?EA9(Q _E[ A"( _E[Q R(^[? X(AR<EA %<@<A<R:(R D"C/4" S T1: 8 "
?RX$ X:( (XX(Q _E[ Q($N R_R ?( H<A E[X F5 R("EA%RI$ R:( "A "EAX<A[(J 8C S D:"14JS DM/
D MC848.1 6"C
E?%(A$ $ "?<A<"? RRE"<X( X RE@(X<@(R :(?GR XE G[X A[@(Q EA )"CJ141JS 8C "C"J14"
GQE0(RREQ E0 GR_":<XQ_ X X:( A<\(QR<X_ X:( 0((?<A9$ R_$ `(QE 0EQ AE QE[R? A% SD)M6J186 .8 J/"
E0 (Q@EAX A% X:( [X:EQ E0 / @( ;*2 Fa Q(GQ(R(AX<A9 (="[?X<EAJ :<R ]_$ 5"C16 C848.14
DD81J186BD " D1J"
1# <*;5 M
(A (?<(\( X:X <0 X:(_ ?RX ]<X: GQ"X<"($ _E[P?? ( ?( XE X(?? :(Q J MC848.S/"4J/=8C.=
?EA9(Q$ X:(_P?? ( (XX(Q ?( XE Q<A9 _E[PQ( X R<^ A% "A ]QA :(Q XE RXEG
]E@A XE EQ9R@JN [X @ERX ]E@(A ]:(A A(Q<A9 (<9:XJ
"APX Q(": EQ9R@ X:QE[9: <AX(Q"E[QR(
?EA( A_]_S X:(_ A((% EQ? EQ @A[? :FK9 :<R X(":A<K[( <R R<@<?Q#
RX<@[?X<EAJ A 0"X$ ]E@(A Q(GEQX @EQ( _E[ ("E@( @EQ( "E9A<`AX E0 _E[Q
EQ9R@R ]:(A \<QXEQ <R GQX E0 R(^[? :(<9:X(A<A9 QE[R?$ X:(A =[RX (0EQ(
G?_J E$ XE ( XQ[?_ @`<A9 ?E\(Q$ _E[ Q(": X:( GE<AX E0 AE Q(X[QA$ _E[ EQ
@A A((%R XE [A%(QRXA% ]E@APR A((% _E[Q GQXA(Q RK[((`(R X:( :(% E0 _E[Q
0EQ 0EQ(G?_ A% "?<XEQ? RX<@[?X<EAJ _ G(A<R ]<X: X:[@ A% <A%(^ 4A9(Q
?(QA<A9 XE RX<R0_ ]E@A <A @EQ( ]_R XE X:]QX (="[?X<EAJ K[((`( Q<9:X
X:A R<@G?_ X:Q[RX<A9 ]_$ 9[_ "A (?E] X:( :(%$ 0E"[R<A9 X:( GQ(RR[Q( EA
(R( X:( GQ(RR[Q( XE G(Q0EQ@ A% 0E"[R EA X:( [Q(X:Q-X:( X[( Q[AA<A9 ?EA9
Q(?^<A9 A% %(?_<A9 (="[?X<EAJ X:( [A%(QR<%( E0 X:( G(A<RJ :<R G[R:(R
?EE% E[X E0 X:( G(A<R A% @E@(AXQ<?_
38O/8O5 ICI"-0"D Q(GQ(RR(R X:( (="[?XEQ_ Q(RGEAR(J
ERX R(^ (^G(QXR (?<(\( X:( (RX E[ "A %E X:<R R(\(Q? X<@(R %[Q<A9
"E[QR( E0 "X<EA 0EQ (X<A9 <R XE 0EQ(G?_J X ]<?? :(?G _E[ ?RX ?EA9 (AE[9:
:<X[X( XE X:( R(^[? RX<@[?X<EA 0EQ :(Q XE ("E@( Q(??_ QE[R(%$ A%
[R<A9 X]E R<@<?Q X(":A<K[(R# RXQX;RXEG _E[ "A 4A<R: E1 <AR<%( :(QJ A X<@($
A% RK[((`(J EX: ]EQ> _ :(?G<A9 R _E[ @RX(Q X:( RK[((`( X(":A<K[($
&N
*' $&
_E[ "A (@G?E_ <X %[Q<A9 <AX(Q"E[QR( XE E0 X:( GQ(RR[Q( XE G?(R( A% X:( GR_":E;
"EAX<A[( XQ<A<A9 _E[QR(?0 XE ?RX ?EA9(QJ ?E9<"? A^<(X_ X:X 0((%R <AXE J
A_
[X %EAPX (^G("X 0RX 4^ 0QE@ (<X:(Q @(A ]:E R[1(Q 0QE@ ("E@( RE
X(":A<K[(J X "A X>( R(\(Q? @EAX:R E0 ""E@G?<R:(% <A EQ? R(^ X:X X:(_ (A%
Q(9[?Q GQ"X<"( XE ( ?( XE RX_ X [G 9<\<A9 X:(<Q ?E\(QR (XX(Q EQ9R@R
?(\(? R(\(A EQ (<9:X 0EQ @<A[X(R X X<@(J X:A X:(_ "E[?% X:QE[9: <AX(Q"E[QR(J
E[ "A 9(X @EQ( (^XQ"[QQ<"[?Q GQ"; R( _E[Q XEA9[( XE Q<A9 :(Q XE EQ9R@
X<"( _ %E<A9 X:(R( %Q<??R ?EA(J X:(Q ]:<?( _E[Q G(A<R <R <A (A%[QA"( XQ<A<A9J
RXQX(9<(R (<X:(Q [R(% ?EA( EQ <A XA%(@ :(P?? ?E\( <XJ
]<X: X:( E\( @_ :(?G$ XEEJ
>J 1F0,1) 41409 :( ?[( <A
G 6>+?I 4>)?09 E <X ?EA( 4QRX QE=APR ^X(A%(% ?(R[Q( A% [Q(^
A% _E[ @_ ?RX ?EA9(Q <A QE[A% X]E$ (Q0EQ@^ "EA%E@R "EAX<AR (A`E;
%(G(A%<A9 EA _E[Q AX[Q? Q(0Q"XEQ_ "<A($ XEG<"? A(RX:(X<" X:X Q(%["(R
G(Q<E%J [X X:(Q( <R %E]AR<%(# R("EA% R(ARX<EA <A _E[Q G(A<R RE _E[ "A
EQ9R@R Q( ?(RR <AX(AR(J E](\(Q$ <0 _E[ ?RX ?EA9(QJ :( "X":# _E[ @[RX >((G
:\( @E%(QX( Q(0Q"XEQ_ G(Q<E%$ X:( "EA%E@ EAJ :_L 0 _E[ X>( E1 X:(
_E[ @_ 4A% X:X @EQA<A9 @RX[QX<EA "EA%E@ X:( Q(R<%[? (A`E"<A( "A
R(XR [G _E[Q A<9:XX<@( R(^ 0EQ 9Q(X ?RE A[@ :(Q \9<AJ
RXQXJ :<?( @RX[QX<A9$ \<R[?<`( AEX:(Q GEG[?Q :E@( Q(@(%_ <R [R<A9
?RX<A9 ?EA9(Q %[Q<A9 <AX(Q"E[QR(J A A(RX:(X<" 9(? %(R<9A(% 0EQ X((X:<A9
RX[QX( ]<X: ]E@APR EQ9R@ <A <A0AXR EQ 9[@ <A6@@X<EAJ :( 9(?
@<A%$ AEX _E[Q E]AJ A EX:(Q ]EQ%R$ X>( <R GG?<(% XE X:( 9?A%R XE %(R(AR<X<`(
_E[Q X<@(# EQ> [G XE F5 @<A[X(RJ Q<A9 X:( G(A<RJ [X$ ?<>( X:( (A`E"<A( <A
_E[QR(?0 "?ER( XE X:( GE<AX E0 AE Q(X[QA$ A[@<A9 "EA%E@R$ X:( @(%<"X<EA X:X
[X %EAPX ?(X _E[QR(?0 (="[?X( [AX<? F5 <RAPX REQ(% @_ A[@ :(Q \9<A EQ
@<A[X(R <R [GJ XPR ?RE 9Q(X X<@( XE :(Q @E[X: %[Q<A9 EQ? R(^J
GQ"X<"( X:( RXEG;RXQX X(":A<K[( XE
G<AGE<AX (="[?XEQ_ <A(\<X<?<X_ A% G >,1.9 E@( ?"E:E? (0EQ( R(^
"EAXQE? X:( X<@<A9 E0 _E[Q (="[?X<EAJ @_ %(GQ(RR _E[Q "(AXQ? A(Q\E[R R_RX(@
:( GQE"(RR E0 R(^[? Q(RGEAR( :R A% %(?_ (="[?X<EAJ EAPX Q(?_ EA <X$
0E[Q G:R(R# (^"<X(@(AX$ G?X([$ EQ9R@$ X:E[9:# E[ "E[?% ("E@( R(^[??_
A% Q(RE?[X<EAJ :( XQ<"> <R XE Q("E9A<`( %(G(A%(AX EA ?"E:E?$ A% X:(A %(\(?EG
X:( RG("XQ[@ E0 0((?<A9R X:QE[9:E[X X:( (Q("X<?( %_R0[A"X<EA ]:<?( RE(QJ
GQE"(RRJ X( _E[Q R(^[? (^"<X(@(AX EA
R"?( E0 F XE FaJ Q_ >((G<A9 _E[QR(?0 X TJ >C* ">40 J4F> //J9 RX R:??E]
Q(X:<A9 "EQQ(?X(R ]<X: (="[?X<EA$
C *> )4 %>?C9 :(A _E[ :(?G :(Q :\( RE Q(X:( R?E]?_ A% %((G?_ A% _E[
A EQ9R@ 4QRX$ <X Q(?<(\(R _E[ E0 RE@( @_ ( ?( XE Q(%["( X:( A^<(X_ X:XPR
&-
&+
*' $&
C"I085 C8I"I085
(XPR @E\( EA XE 0Q @EQ( "Q<X<"? <RR[( Q(9Q%<A9 X:( :(?X: A% :GG<A(RR E0
_E[ A% _E[Q G(A<R# (Q("X<?( %_R0[A"X<EA$ ]:X [R(% XE ( "??(% <@GEX(A"( EQ
X:( <A<?<X_ XE @<AX<A A (Q("X<EA RXQEA9 (AE[9: 0EQ <AX(Q"E[QR(J E[Q E\(Q??
:(?X: G?_R :[9( QE?( <A _E[Q R(^[? G(Q0EQ@A"( RE$ X:(Q(PR ?EX _E[ "A %E
>((G _E[Q (Q("X<EAR RXQEA9J
E[ R(($ AE G(A<R <R A <R?A%J 0 _E[Q :\<A9 R(^ 0EQ ?EA9$ ?EA9 X<@($ _E[P??
G(A<R ](Q( A <R?A%$ <X ]E[?% ( X(@GX<A9 ]AX XE X>( RX(GR XE R0(9[Q% _E[Q R(^
XE X:<A> E0 <X R :EX RGEX <A X:( Q<; ?<0( AE] XE \E<% (\(Q A((%<A9 XE GEG
(A-"?@ A% XQAK[<? %[Q<A9 X:( %_$ ?<XX?( ?[( G<??J Q A_ EX:(Q R:%( E0
X:QE<A9 ]<X: "X<\<X_ X A<9:X$ A% X:( (Q("X<EA <%J :( G(A<AR[? GQEX("X<EA
%(RX<AX<EA E0 "EARXAX QEXX<EA E0 RX(GR Q(APX QE">(X R"<(A"(-](??$ <A
:?0;A>(% "E(%RJ R @[": R X:X RE[A%R ]_ X:(_ Q(-[X X:( GE<AX <R X:X
?<>( GQ%<R($ @EQ( GQ("<R( [QE?E9<"?V X:(_ Q(APX A_ %<1(Q(AX 0QE@ ]:X _E[
9(E9QG:<"? GQ??(? ]E[?% ( _E[Q G(A<R R:E[?% ( %E<A9 XE >((G X:( Q(RX E0 _E[Q
R G(A<AR[?- E%<?_ (^X(AR<EA X:X E%_ RXQEA9 A% :(?X:_J
R:Q(R R[GG?_ E0 ?EE%$ E^_9(A$ A%
A[XQ<(AXR ]<X: ?? _E[Q EX:(Q EQ9ARJ H//4H 1C*4J1,1?9 (?^$ _E[ 4A%
A0EQX[AX(?_$ X:X @(AR <0 AX[Q? X:<R RX[1 <A %Q> 0Q[<XR ?<>( ?">(QQ<(R$
%<RRX(Q RXQ<>(R X:( @<A?A%$ <XPR ?<>(?_ XE ?[((QQ<(R$ <?(QQ<(R$ A% (?%(Q(QQ<(RJ
1("X A_ GQEXQ[%<A9 ?A%@RR(R$ XEEJ AX:E"_A<AR Q( [?XQGE](Q0[? AX<;
M RXA%R AEX EA?_ 0EQ (Q("X<?( %_R; E^<%AXR X:X XX"> X:( 0Q(( Q%<"?R
0[A"X<EA [X ?RE 0EQ O(Q?_ %<9AER<R$P GQ(R(AX <A E[Q ?EE%RXQ(@J :(A XEE
("[R( _E[ "A [R( XE GQ(%<"X :(QX @A_ 0Q(( Q%<"?R Q( GQ(R(AX <A _E[Q
XX">$ GEX(AX<??_ _ _(QR-QX(Q<? ?EE%RXQ(@$ A<XQ<" E^<%( 9E(R %E]A-
%@9( 0QE@ "Q%<E\R"[?Q %<R(R( A% RE %E(R _E[Q G(A<RJ (@(@(Q$
1("XR X:( R@?? QX(Q<(R <A X:( G(A<R 4QRX$N A<XQ<" E^<%( <R X:X RG("<? ?EE%;
R_R :Q<RXEG:(Q X(<%?($
$ "?<A<"? \(RR(?;%<?X<A9 ":(@<"? X:XPR "Q["<?
RRE"<X( GQE0(RREQ E0 [QE?E9_ X X:( XE 9EE% ?EE% 6E] XE X:( G(A<RJ A%<A
A%<A A<\(QR<X_ @(%<"? "(AX(Q X EQX A<\(QR<X_ Q(R(Q":(QR 0E[A% X:X
_A(J :XPR EA( Q(REA <XPR @<RX>( QX(Q<(R XQ(X(% ]<X: AX:E"_A<AR
XE ?(X (\<XQ$ <9Q$ A% <?<R ?[?? _E[ Q(X<A(% :<9: ?(\(?R E0 A<XQ<" E^<%( (\(A
<AXE A P??;4^;<X;]:(A;<X;Q(>R @<A%R(XJ 0X(Q (<A9 6EE%(% ]<X: 0Q(( Q%<"?RJ
0 _E[ ?<>( R(^$ A% :EG( XE "EAX<A[( MAX<E^<%AXR :(?G >((G 0Q(( Q%<"?R
&J
[A%(Q "EAXQE? RE A<XQ<" E^<%( "A %E <XR (": E0 _E[Q 4\( R(AR(R 0EQ 0(] @<A[X(R
X:<A9$N R_R \<% (??$ :$ X:( ?(% (\(Q_ %_-X:( 0((? E0 X:( RX((Q<A9 ]:((?
RX[%_ [X:EQJ A% X:X MX:<A9N <R 9<\<A9 <A _E[Q :A%R$ X:( RE[A% E0 X:( (A9<A( 316. M: Q1J/ K0Q88
_E[Q G(A<R X:( ?EE% <X A((%R XE X[QA Q(\\<A9 XE Q(%?<A($ X:( R<9:X E0 X:( :EX 16 S8MC .84)0J/"5"
8R"CD 1D J/" D1.6 8)
(^"<X(@(AX <AXE A (Q("X<EAJ Q[A(XX( <A X:( A(^X "Q J J J MR(RR<A9 /"4J/S 56= "/6144S
EA RXQ(RR0[? X:E[9:XR ]<?? <A"Q(R( _E[Q 58C616. "C"J186 1D
*FC 4H1 C* ?04.?C.9 0 _E[ RX<?? (G<A(G:Q<A($N R_R
_ <AA(Q$
$ [X:EQ J/" 4DJ 16 D"C1"D 8)
61./JJ15" "C"J186D
?<9:X [G$ _E[P\( GQE?_ ""(GX(% _E[Q E0 @;<<
/'./@
*.2-5 44" 68JMC64 :"614"
<A"Q(R(% Q<R> E0 :(QX %<R(R($ RXQE>($ MA X:( EX:(Q :A%$ <0 _E[ 0E"[R EA "[QQ(AX JM5"D"6" ;<= /
61./J 56 /D "JQ""6
?[A9 "A"(Q$ A% ?%%(Q "A"(QJ [X R(ARX<EAR$ <X %("Q(R(R X:( (G<A(G:Q<A( J/C"" 6 D"P"6 4DJ16.
:E] E[X %_<A9 _E[A9 A% <@GEX(AXL A% [?X<@X(?_ <@GQE\(R _E[Q <?<X_ XE LU J8 KU 516MJ"D MC16.
RX[%_ G[?<R:(% <A X:(
1B;/- 1# :\( A (Q("X<EAJN J/" C"5 D4"": DJ."
368Q6 D
= ;DDJ
;1-1'F 0E[A% X:X R@E><A9 "[R(R Q85"6 "R:"C1"6"
QX(Q<? %@9( X:X %E[?(R @APR Q<R> *. J4F> *>C9 0 _E[ (?<(\( X:X D85"J/16. >M1J" D1514C
61./J4S J88=< "D"C/"CD
E0 XEX? (Q("X<?( %_R0[A"X<EAJ :( 9EE% _E[ :\( AE]$ @>( A GGE<AX@(AX "41"P" D C" 6JMC"BD
A(]R# M 0 @(A K[<X <A X:(<Q 5aR EQ (Q?<(Q$ ]<X: _E[Q %E"XEQJ E[Q <@GEX(A"( @_ ( QS 8) 5316. DMC"
J/" 5/16"CS 1D 16 .88
]( "A [R[??_ Q(\(QR( X:( %@9($N R_@GXE@X<" E0 AEX:(Q ]EQQ_# GEEQ :(QX Q8C316. 8C "C= ) S8M
R_R A%Q( [_$
$ %<Q("XEQ E0 X:( :(?X:J ""EQ%<A9 XE RX[%_ 0QE@ X:( 86BJ /P" Q88 16 J/"
:(_ ?<A<" 0EQ (^[? [A"X<EA$ <A A<\(QR<X_ E0 :<"9E$ E[X 55 G(Q"(AX E0 58C616. /8Q 6 S8M
" DMC" 1) S8MBC" /P16.
RR":[R(XXRJ :(A QJ [_ @(R[Q(% @(A ]<X: X:(QER"?(QEX<" \R"[?Q %<R(R( D Q/14" S8M D4"":?
A<9:XX<@( (Q("X<EAR <A Fa <@GEX(AX R@E>; :\( J M %E(RAPX "[R( :(QX %<R(R($ 8 J8 J/" :8DJ 8)*"=
MS DJC1: 8) D1R :"C)80
(QR H\(Q9( 9( 7CI$ :( AEX(% 7a G(Q"(AX [X <XPR A <A%<"XEQ E0 QX(Q<? %<R(R($ CJ" :8DJ." DJ5:D=
<@GQE\(@(AX 0X(Q =[RX F R@E>(;0Q(( %_J ]:<": @_ @(A _E[Q :(QX QX(Q<(R Q( "6 J/" :"C)8CJ186D
1("X(% R ](??$N R_R Q(R(Q":(Q J Q>(Q 3 6 )8CJ/ )"Q
J15"D D8 J/"S Q144 58C"
1,?* ?C>??9 \(Q_EA( >AE]R RXQ(RR <R Q%$
$ ?(% [X:EQ E0 X:( RX[%_J "D14S J"C= ")8C" .816.
GR_":E?E9<"? "E?% R:E](QJ [X [AX@(% E G_ XX(AX<EA XE ]:X @_ ( X:( (RX J8 D4"": QC: J/"
DJ5:D D6M.4S C8M6
X(AR<EA ?RE ]EQ>R <A @EQ( <AR<%<E[R :(?X: QE@(X(Q _E[ :\(J M:("> J/" D/)J 8) J/" :"61D
]_-_ Q(?(R<A9 (G<A(G:Q<A($ X_G( E0 _E[Q (Q("X<EA ]:(A _E[ ]>( [G$N R_R 581DJ"6 J/" 4DJ 8P"C0
%Q(A?<A( X:X 9E(R RXQ<9:X XE _E[Q
E:A XQ<G?<A9$
$ [QE?E9<RX A% X:( 4::16. DJ5: 6 .4M"
1J J8 D"4 J/" C16.= ) J/"
QX(Q<(R A% R?E]?_ ]Q(>R :\E" X:(Q(J "E0E[A%(Q E0 X:( (AX(Q 0EQ (^[? (?X: :"C)8CJ186D C" J8C6 16
MXQ(RR <A X:( ?EA9 X(Q@ "A "EAXQ<[X( XE A% %["X<EAJ M 0 <XPR AEX XEX??_ 0[??$ J/" 58C616. S8M 368Q
S8MBP" / 6 "C"J186=
:Q%(A<A9 E0 X:( QX(Q<(R$N R_R
J X(G:(A _E[ @_ :\( GQE?(@JN [QE?E9<RX "A 8 1J J/C"" 61./JD 16
EA(R$
$ $ [QE?E9<RX ]<X: X:( GQ(R"Q<( %(\<"( X:X 9[9(R X:( RXX( C8Q= ) S8M 86BJ ."J
J"C MC848.1DJ 6 CM6
?(\(?A% ?<A<" A% [X:EQ E0 C;1.) E0 _E[Q AE"X[QA? (Q("X<EAR E\(Q X:Q(( 58C" D8:/1DJ1J" J"DJD=
*/' .21@/ */' ;1-1'*<@ A<9:XR XE %(X(Q@<A( G:_R<"? GQE?(@J
--< 1B C;F@(*/' 1B @1 /1D5 "A ( Q(\(QR(% ]<X:E[X @(%<"X<EAJ
A 9Q(X @(%<"? <QEA_$ (<A9 :Q% <A X:(
QX(Q<(R "A ?(\( _E[ RE0X <A X:( R:EQXRJ 4? ,C ?4 J4F 1 F? ,C9 A( E0 X:( (RX
:( 4^# EQ"( _E[QR(?0 XE "EA"(AXQX( EA X:<A9R _E[ "A XE %E XE G[X X:( ?(% ">
&I
*' $&
<AXE _E[Q G(A"<? <R XE ?E](Q _E[Q (RXQE9(A H(?^-X:( GQ<"> GE<AXR Q( ?? <A _E[Q
_ ?ER<A9 ](<9:XJ ?"[?X( _E[Q E%_; ">JI M A GR_":E9(A<" (Q("X<?( %_R0[A";
@RR <A%(^J 0 _E[Q
"E@(R <A "?ER( XE X<EA$ X:( GX<(AX :R XQE[?( ]<X:
EQ E\(Q Z5$ _E[ @_ ( "QQ_<A9 =[RX X:( ?A"( E0 :<R R_@GX:(X<" A%
(AE[9: ?Q% XE %Q9 %E]A _E[Q (Q("X<EARJ GQR_@GX:(X<" A(Q\E[R R_RX(@R$N R_R
M( >AE] X:X :(\<(Q @(A "EA\(QX [? A9(?:Q%X$
$ X:( RX[%_ [X:EQJ
X(RXERX(QEA( XE (RXQE9(A$ A% X:X ?E](Q MQ%<X<EA? :<A(R( @(%<"<A( XQ<(R XE
?(\(? E0 X(RXERX(QEA( A% :<9:(Q ?(\(? E0 Q(RXEQ( X:X ?A"(JN [Q($ <X RE[A%R ?<>(
(RXQE9(A Q( AEX 9EE% 0EQ (Q("X<?( 0[A"; [R<A9 0(A9 R:[< 0EQ _E[Q [A%(Q](Q %Q](Q$
X<EA$N R_R QQ_ <GR:[?X`$
$
/:< [X <X ]EQ>R-U7 G(Q"(AX E0 X:( @(A
-@( %\<REQ A% ":<(0 E0 @?( Q(GQE; ]:E [A%(Q](AX U ]((>R E0 "[G[A"X[Q(
%["X<\( @(%<"<A( A% R[Q9(Q_ X _?EQ Q(9<A(% R(^[? 0[A"X<EA A% A((%(%
E??(9( E0
(%<"<A(J EQX[AX(?_$ (\(A AE 0[QX:(Q XQ(X@(AXJ
@E%(QX( ](<9:X ?ERR "A Q<% _E[ E0
(^"(RR (RXQE9(AJ RX[%_ G[?<R:(% <A X:( F,/ ?C>41)> '44>9 AEX:(Q ]_ XE
1B;/- 1# @( .;*/
*- <<1*) XQ(X (Q("X<?( %_R0[A"X<EA <R XE GQ(X(A%
@*1/ 0E[A% X:X EA(;X:<Q% E0 "?<A<"??_ X:X _E[ R[1(Q 0QE@ GQ(@X[Q( (="[?;
E(R( @(A-
Ya EQ :<9:(Q-]<X: X<EAJ Q<X<R: Q(R(Q":(QR %<R"E\(Q(%
(Q("X<?( %_R0[A"X<EA R:E](% <@GQE\(@(AX X:X X:( XQ%<X<EA? XQ(X@(AX 0EQ :<Q
0X(Q ?ER<A9 Fa G(Q"(AX E0 X:(<Q E%_ ](<9:XJ XQ<99(Q-RXQ(A9X:(A<A9 X:( G(?\<";6EEQ
E@( EX:(Q RXQX(9<(R XE XQ_# @[R"?(R-<R ?RE Q(@(%_ 0EQ @(A
]:E "APX GE<AX X:(<Q G<RXE?RJ A X:(
*. J4F> 0?9 A% @>( ?<RX E0 ?? RX[%_ E0 55 <@GEX(AX @(A$ 7a G(Q"(AX
X:( GQ(R"Q<GX<EA G<??R _E[PQ( GEGG<A9 A% E0 X:ER( ]:E GQ"X<"(% G(?\<";0?EEQ
%<R"[RR X:(@ ]<X: _E[Q %E"XEQJ M ?EX E0 (^(Q"<R(R$ J>JJ (9(?R$ (\(Q_ %_ 0EQ
GQ(R"Q<GX<EA %Q[9R @_ ( RRE"<X(% U @EAX:R Q(9<A(% AEQ@? R(^[?
]<X: R(^[? %_R0[A"X<EA$N R_R J _?EQ 0[A"X<EAJ GGQ(AX?_$ X:( R@( @[R"?(
(9Q\(R$
$ :$ "E[X:EQ E0 EB- "EAXQ"X<EA X:XPR [R(% XE RXEG G((<A9
(;.1-1'FJ A( GERR<?( "[?GQ<X <R @<%RXQ(@ "A ?RE GQ(\(AX ?EE%
X:( ":E?(RX(QE?;?E](Q<A9 %Q[9 R<@\RXX<A$ 0QE@ (R"G<A9 %[Q<A9 A (Q("X<EAJ MA?(RR
QA% A@( E"EQJ X:(_ :\( R(\(Q( "> G<A$ ?? @(A ]<X:
"A G(Q0EQ@ G(?\<";6EEQ (^(Q"<R(R$N
C 6>,.9 0 _E[ X:<A> X:( GQE?(@ R_R Q"( EQ(_$ :$ X:( RX[%_
<R X:X _E[$ ](??$ X:<A> XEE @[":$ R(( A [X:EQJ (Q(PR X:( ]EQ>E[X G?A#
"[G[A"X[Q<RXJ :( Q(R[?XR E0 RX[%_ EAXQ"X A% Q(?^ _E[Q G(?\<" @[R"?(R
G[?<R:(% <A X:( /@;/@*1/-
1B;/- A_X<@( _E[PQ( R<XX<A9$ ?X:E[9: _E[ "A
1# .21@/ <;( R[99(RX X:X ?RE %E X:(@ ?_<A9 %E]AJ EQ> [G XE
"[G[A"X[Q( "A :(?G XQ(X GR_":E?E9<; %E<A9 5a "EAXQ"X<EAR %<?_$ :E?%<A9 (":
"??_ <A%["(% (Q("X<?( %_R0[A"X<EAJ EA( 0EQ Fa R("EA%RJ
&&
&7
*' $&
C8L3"D.88I05-
8LC 33QO2"C
4F> 61,? F>G? C4 C* "[Q\X[Q( <A EQ%(Q XE RXQ<9:X <X E[XJ
>,)*C 4> /"C H*1 >C9 :( R("EA%$ GX": "EQGEQEG?RX_$ <R
:(?X:_ G(A<R <RAPX ?]_R RXQ<9:X R GQE"(%[Q( <A ]:<": A <A"<R<EA <R @%(
A QQE]J @<AEQ (A% EQ "[Q\( <R X:QE[9: X:( G?K[( "QERR X:( ]<%X: E0
AEQ@?J E](\(Q$ R(\(Q( (A% Q<9:X$ X:( G(A<R XE (?<@<AX( X:( G[??<A9 X:X
?(0X$ [G EQ %E]A X:X @>(R <AX(Q"E[QR( "[R(R X:( "[Q\X[Q(J :(A X:( <A"<R<EA
%<2"[?X EQ <@GERR<?( Q(K[<Q(R XQ(X@(AXJ <R GX":(% ]<X: R><A 9Q0XJ
* F? (_QEA<(PR %<R(R($ "EA%<X<EA
4QRX %(R"Q<(% _ Q(A": R[Q9(EA A@(% *>=? 1 )41,K,1) 6,1
QA"E[<R %( ? (_QEA<(J X :GG(AR ,1 J4F> ?>4CF09
]:(A G?K[( EQ :Q% ?[@G 0EQ@R <A X:( 4??,/ F? 5 RR[@<A9 _E[ ](Q(APX
(Q("X<?( X<RR[( "[R<A9 X:( R:0X XE Q" =[RX ><">(% X:(Q($ EA( E0 _E[Q X(RX<"?(R
R<9A<4"AX?_ %[Q<A9 A (Q("X<EAJ :( <R GQE?_ X]<RX(% QE[A% RE@(X:<A9
?[@G <R (A<9A$ [X X:( (A% "A ( "??(% X:( RG(Q@X<" "EQ%$ "[XX<A9
G<A0[? A% "[R( G(Q@A(AX R"QQ<A9$ E00 X:( ?EE% R[GG?_J M:<A> E0 ??
]:<": @>(R <AX(Q"E[QR( %<2"[?XJ :A9<A9 EA QEG($N R_R EA_
>:?E[0$
* F> %E"XEQ <A=("XR @(%<"<A(
$ :$ [QE?E9<" R[Q9(EA X X:(
"??(% \(QG@<? %<Q("X?_ <AXE X:( G?K[( A<\(QR<X_ E0
<AA(REX
(%<"?
XE Q(> <X %E]AJ :( @ERX "E@@EA (AX(QJ MR X:( QEG( X[QAR$ <X [A":(R$
Q(@(%_$ :E](\(Q$ <R R[Q9<"?J A( EGX<EA A% X:( ?? Q<R(RJN :<R >AEXX<A9-
<R XE G?"( X]E G(Q@A(AX R[X[Q(R <A X(RX<"[?Q XEQR<EA$ <XPR "??(%-<ARXAX?_
X:( ?<A<A9 E0 X:( G(A<R EGGER<X( X:( "[R(R R:QG G<AJ
7V
* F> (% XE A JJ M 0 <X <RAPX * F> M 0 _E[ AEX<"( _E[ :\(
XQ(X(% ]<X:<A 0E[Q :E[QR$ _E[ "A ?ER( ?E];:A9<A9 0Q[<X$ R(( [QE?E9<RX ]:E
X(RX<"?($N ]QAR [QE?E9<RX QQ_ J RG("<?<`(R <A <A0(QX<?<X_$N R_R QQ_
<GR:[?X`$
J M:_ X>( ":A"(LN <R":$
$ GQE0(RREQ E0 "?<A<"? [QE?E9_
:( %E"R X X:( JJ ]<?? %E A [?XQ; X (<?? EQA(??
(%<"? E??(9(V(]
RE[A% XE RR(RR ]:(X:(Q _E[Q X(RX<"?( EQ>;Q(R_X(Q<A ERG<X? A% [X:EQ
A% "EQ% Q( <A%((% X]<RX(%J 0 X:XPR E0 (
- *1-1'*- -1,J E[Q
X:( "R($ [QE?E9<" R[Q9(EA ]<?? ( %E"XEQ "A RXEG ?EE% 0QE@ GEE?<A9 _
"??(% XE [AXA9?( X:<A9RJ :(A :(P?? X_<A9 E1 X:( \(<AR EQ ?E"><A9 X:(@J
R[X[Q( (": X(RX<"?( XE X:( <AR<%( E0 _E[Q XPR @<AEQ E[XGX<(AX R[Q9(Q_ A% _E[
R"QEX[@ XE GQ(\(AX X:( XEQR<EA 0QE@ "A :\( R(^ 9<A <A Y ]((>R$ ?X:E[9:
:GG(A<A9 9<AJ _E[ R:E[?% R":(%[?( 0E??E];[G R(@(A
4??,/ F? E G<%<%_@<X<RJ A?_R<R <A Y XE 7 @EAX:RJ A Ua G(Q"(AX
:<R <R A <A0?@@X<EA E0 X:( (G<%<%_; E0 <A0(QX<?( @(A$ R(@(A K[?<X_ ]<??
@<R$ X:( 9?A% X X:( XEG E0 (": X(RX<"?( <@GQE\( 0X(Q R[Q9(Q_$ R_R <R":J
X:X "E??("XR RG(Q@ A% XQARGEQXR <X \(A <0 _E[PQ( AEX XQ_<A9 XE "EA"(<\($
XE X:( \R %(0(Q(AR "[R(% _ "X(Q<J :( %%R$ X:( GQE?(@ R:E[?% ( "EQ;
:( G<A <R :Q% XE %<RX<A9[<R: 0QE@ X:X Q("X(% <0 <XPR G<A0[? EQ "Q(X(R R<`(
"[R(% _ X(RX<"[?Q XEQR<EAJ %<R"Q(GA"_ (X]((A X(RX<"?(RJ
* F> (% XE A JJ 0EQ A [?XQ;
RE[A%J 0 <XPR AEX XEQR<EA$ AX<<EX<"R 4F C*,1. J4F >4. J4F> 61,?9
]<?? ( GQ(R"Q<(% XE XQ(X X:( <A0("X<EA * F? :(Q( Q( AE EA(R <A X:(
A% A AX<;<A0?@@XEQ_ ]<?? (R( G(A<R$ RE ]:X Q(??_ :GG(AR <R X(Q <A
_E[Q G<AJ X:( X<RR[( ]:(A X:( (Q("X G(A<R <R (AX
X:QE[9: RE@( XQ[@ %[Q<A9 99Q(RR<\(
C "/? /,. J4F> ?>4CF0 ,? ) R(^[? "X<\<X_ EQ @RX[QX<EAJ :(A
4" H4>0? 1 J4F> 4J? > >446,> X:( RGEA9_ X<RR[( X:X 4??R ]<X: ?EE%
C*1 14>0/9 %[Q<A9 A (Q("X<EA Q[GX[Q(R$ ?EE%
* F? E@(X<@(R X:( \?\(R <AR<%( (R"G(R X:( @(@QA( "[R<A9 Q[<R<A9
X:( \(<AR E0 X:( R"QEX[@ %EAPX "?ER( R](??<A9 A% G<AJ
GQEG(Q?_$ RE ?EE% GEE?R A% X:(_ R](??J * F> @@(%<X( @(%<"? XX(AX<EA
:( Q(R[?X<A9 [A%?( E0 (A?Q9(% \(<AR$ <R A((%(% XE R[Q9<"??_ Q(G<Q X:( ?(>
EQ \Q<"E"(?(R$ %E(RAPX ?]_R :[QX$ EQ Q<R> %(0EQ@<X_ EQ (Q("X<?( %_R0[A"X<EAJ
[X X:( (^XQ ?EE% ]Q@R X:( X(RX(RJ
:<R =(EGQ%<`(R RG(Q@ GQE%["X<EA *>=? F/) ,1 J4F> )>4,1 >
H]:<": Q(K[<Q(R X(@GR "EE?(Q X:A C+JU&I 1 ,C *F>C? H*1 J4F 1 4G> 4F)*
A% "[R(R X:( X(RX<"?(R XE :A9 ]_ 4> C>J C4 /,"C *GJ ?CF#9
0QE@ X:( E%_J E[X Za G(Q"(AX E0 @(A * F? E[ R:E[?% :\( :<Q(% @E\(QR
]<?? (^G(Q<(A"( \Q<"E"(?(R X RE@( GE<AXJ XE ?<0X X:X 0Q<%9(J A9[<A? :(QA<R E""[Q
79
*' $&
7O
7N
*' $&
G(QR<RX EQ X:( GQERXX( <R ?Q9($ [QE?E9<RXR R:E[?% ( R<9A<0<"AX?_ @EQ( <AX(AR(
"A [R( @<A<@??_ <A\R<\( X(":A<K[(R$ 0QE@ ?? X:( AX<"<GX<EAJ
R[": R @<"QE]\( A% ?R(Q X:(QG<(R$
A% XQAR[Q(X:Q? A((%?( ?X<EAJ 4F=> 6>?? 1 J4F> ?I >,G
AEX:(Q (1("X<\( X(":A<K[( <R $ 0EQ ?0? 141+I,?C1C9
XQAR[Q(X:Q? Q(R("X<EA E0 X:( GQERXX($ * F? (X:Q9_ A% AE <AX(Q(RX <A
]:<": <A\E?\(R Q(@E\? E0 X:( "EQ( E0 X:( R(^ Q( @EA9 X:( "?RR<" R_@GXE@R
GQERXX( [R<A9 A <ARXQ[@(AX GRR(% E0 "?<A<"? %(GQ(RR<EA$ [X X:(_ Q( ?RE
X:QE[9: X:( [Q(X:QJ X X_G<"??_ Q(K[<Q(R "E@@EA <A @(A ]<X: :_GE9EA%<R@J
X]E;%_ :ERG<X? RX_J E"XEQR [R( X:<R X(Q@ XE %(R"Q<( (?E]
AEQ@? ?EE% ?(\(?R E0 X(RXERX(QEA(
4F=> D& 1 J4F> 4>)?0? ?0 ]:(A X:( X(RX<"?(R :\( RXEGG(% GQE%["<A9
/?? ,1C1? C*1 C*J 41 H>9 (AE[9: E0 X:( @?( :EQ@EA(J (GQ(RR<EA$
* F? R @A 9(R$ :( 9Q%[??_ (??_ 0X$ A% (Q("X<?( <RR[(R Q( EX:(Q
(9<AR XE ?ER( R@EEX:;@[R"?( R(AR<X<\<X_ R_@GXE@R E0 :_GE9EA%<R@J (RXERX(QEA(
<A :<R G(A<R$ GQE"(RR X:X "A 1("X ?(\(?R <A @(A AEQ@??_ %("Q(R( ]<X:
(="[?X<EAJ A% ]:<?( X:<R "A "(QX<A?_ 9( RXQX<A9 QE[A% _(Q YaJ (RXERX(QEA(
:<A%(Q EQ9R@ <AX(AR<X_$ <XPR @EQ( E0 R[GG?(@(AXX<EA <RAPX Q("E@@(A%(%
GQE?(@ 0EQ @(A 5a EQ E?%(QJ M Y5;_(Q;E?% [A?(RR X:(Q( <R R<9A<4"AX %QEG E1 <A
@A R:E[?% :\( RXQEA9 EQ9R@R-RE <0 ?(\(?R$ ]:<": _E[Q %E"XEQ "A %(X("X
X:(Q(PR GQE?(@$ :(% XE _E[Q G:_R<"<A$N X:QE[9: ?EE% X(RXJ
R_R X(\(A @@$
$ GQE0(RREQ E0 * F> (RXERX(QEA( Q(G?"(@(AX
@(%<"<A( X (] EQ> A<\(QR<X_ A% X:(QG_$ ]:(Q( X:( :EQ@EA( <R %%(%
X:( [X:EQ E0 ( ;/<< @1;5 :(Q( X:QE[9: GX": G?"(% EA X:( E%_ EQ
"E[?% ( A[@(Q E0 "[R(R$ <A"?[%<A9 9(? GG?<(% XE X:( R:E[?%(QR$ ":(RX$
A(] @(%<"X<EA HR[": R X:( :<Q;?ERR Q@R A% %E@(AJ [X X(RXERX(QEA(
XQ(X@(AX QEG("<I$ XEE @[": EE`($ R[GG?(@(AXX<EA R:E[?% ( "EAR<%(Q(%
EQ XEE ?<XX?( X(RXERX(QEA(J "Q(0[??_J [@G<A9 %%(% X(RXERX(QEA(
* F> 0 _E[Q %E"XEQ Q[?(R E[X X:( <AXE _E[Q E%_ "A "[R( _E[Q R_RX(@ XE
E\( A% EX:(Q GERR<?( "[R(R$ "[X <XR E]A GQE%["X<EA$ @(A<A9 _E[Q
RXQX (@G?E_<A9 X:<R \Q<X<EA EA X:( X(RX<"?(R ]<?? R:Q<A> E\(Q X<@(J :(Q( Q(
RXEG;RXQX X(":A<K[(# (0EQ( _E[ Q(": :(?X: "EA"(QAR$ XEEJ EQ (^@G?($
X:( GE<AX E0 AE Q(X[QA$ RXEG X:Q[RX<A9$ X(RXERX(QEA( X:(QG_ @_ "EAXQ<[X( XE
G[?? E[X$ A% R> _E[Q GQXA(Q XE ?%A(RR$ R?((G GA($ ?E](Q<A9 E0
9(AX?_ RK[((`( X:( :(% E0 _E[Q G(A<RJ H9EE%I":E?(RX(QE?$ Q(RX (A?Q9(@(AX$
8E %%! % 3 <X @<A[X( EQ X]E [AX<? _E[P\( Q<R> E0 :(QX %<R(R($ A% GERR<?_
1EM/ 86ME84 P1#%! "EE?(% %E]A$ A% X:(A Q(\ _E[Q (A9<A( RX<@[?X( X:( AEA"A"(QE[R 9QE]X: E0
G%% :.% IJ! 16 /:M%E
+ /% %SP4 9<AJ \( :(Q :<X G[R( EA"( @EQ(J X:( GQERXX( EQ GERR<?_ 0[(? X:( 9QE]X:
1.68GM1K%EG= :(A _E[ 0<A??_ (="[?X($ X:( 0((?<A9 E0 (^<RX<A9 GQERXX( "A"(QJ
7-
7+
*' $&
"61J4 J/16. MC616. C4 64 6 P.164 D"RE
MJM44S 5868.58MD 8 MC" MJ DS5:J85D
(QG(R D8C"6"DD 6 D544 41DJ"CD 86JJ Q1J/ 16)"J" D316= C"4J186D/1: Q1J/ 6 M616)"J" 6 " 86JC844" J8
16 J/" ."61J4 C" 6 :CJ6"CE MD" 86 85= C" M" C"MCC"6"=
:8DD14S /" /" 6 )"P"C
MDM44S Q1J/16 L Q""3D )J"C LF@A /"C" C" JQ8 DJC16D
86JJE D544 D8C"D Q/"6 8) J/" P1CMD /"C:"D D15:4"R
41DJ"CD C"3E "64C." 8C P1CMD JS:" 9 ;09< Q/1/
:16)M4 4S5:/ 68 "D ;DQ844"6 MD"D 84 D8C"D 6
.46 D< 16 J/" .C816 C"= /"C:"D D15:4"R P1CMD JS:" L
;0L< Q/1/ 1D C"D:86D14"
)8C ."61J4 /"C:"D= J 4"DJ
+U 5144186 :"8:4" 16 J/"
8M6JCS /P" ."61J4 /"C:"D=
4M0413" DS5:J85D )J1.M" /C8M./ J/" :DD16. 8) 8 14S ":J1J1JD P16"E 5MJM44S S5:J85D MDM44S 4"C M:
(GX<X<R 85164 :16 2M6 1" ,M1 D DM/ D D"5"6 488 5868.58MD C"4J186D/1: 16 )"Q 586J/D Q1J/ C"DJ 6
2816J :16 4J/8M./ J/"C" 5S 6 P.164 ,M1 MC16. 44 Q1J/ 6 M616)"J" :CJ6"CE ,M1 D= CM.D C" :C"DC1"
" 68 "C4S DS5:J85D 16 M: JS:"D 8) 16J"C8MCD"E CM. 86 85D MJ J/"S 86BJ )M44S )8C /C861 16)"J186 MJ J/"C"
J8 86" J/1C 8) D"D= MD" Q1J/ D/C" 6"" 4"DE :C8J"J .16DJ J/" 16)"J186E 1D 68 MC"= ")J M6JC"J"
58J/"C J8 /14 = 8 68J D/C" 6"" 4"D= ":J1J1D 6 MD" 1CC/8D1D
41P"C 6"C 6 41P"C )14MC"=
4M0413" DS5:J85D 8C 68 /" M56 55M68 "*0
MJM44S 5868.58MD C"40 8 MC" 4J/8M./
V "C4S DS5:J85DE )"P"C 1"6S 1CMD 1D JC6D51J0 J186D/1: Q1J/ 6 M616)"J" 6J1C"JC8P1C4 CM.D C"
DQ844"6 .46 D Q"1./J 48DD J" :C15C14S P1 8 14S :CJ6"CE 86 85D C" M" "))"J1P" J DM::C"DD16. J/"
)J1.M" CD/ Q"3"6" ,M1 D J/C8M./ D"R 488 MJ 86BJ "41516J" C1D3E 8 P1CMD 16C"D16. - "44
155M6" DSDJ"5= JC6D)MD186D 8C 86J510 68J D/C" 6"" 4"DE Q"C 4J"R 8M6J 6 DJC"6.J/"616.
6J" DSC16."D= "5"6 .48P"D Q/"6 JC"J16. 8:"6 J/" 155M6" DSDJ"5=
J8 488 86JJ J/C8M./ Q8M6 D 8) 8J/"CD=
64 16J"C8MCD" 1D J/" LF@A ) S8M J/163 S8MBP"
.C"J"DJ C1D3= ""6 "R:8D" J8 86JJ
S8MC 8J8C 155" 1J"4S=
/" C1D3 8) ."JJ16. H
6 " "C"D" Q1J/ :8DJ0
"R:8DMC" JC"J5"6J Q1J/
/1./4S J1P" 6J1C"JC8P1C4
JC"J5"6J= 4QSD 16)8C5
S8MC :DJ :CJ6"CD 1) S8MBP"
""6 1.68D" Q1J/ =
8J" J/J 6868RS68407
D:"C511 " 1CC1JJ"D P.164
J1DDM"D 16C"D16. C1D3
8) 16)"J186 16 Q85"6=
7J
@.2@M 6 M4"C 8C D8C" J /" 51C88C.61D5 :DD"D
MJM44S 5868.58MD 6J118J1D MJ :"C56"6J
_G:<?<R J/" 16)"J186 D1J"= )C85 D8C"D J/C8M./ J16S C"4J186D/1: Q1J/ 6 M616)"J" 5." 5S /P" 8MCC"
#53"@M CD/ Q/1/ C"3D 16 J/" M616)"J" :CJ6"CE MD" 86 85D MJ :C18C J8 JC"J5"6J=
5S 4883 413" @8::"C :"66SA :CJ6"CBD D316 MC16. P.164 J/"S 86BJ )M44S :C8J"J
D:8JD 8C *6" C" 8JD 86 :45D 8C4 8C 64 16J"C8MCD"= .16DJ J/" 1D"D" D16" 1J LF@A S:/141D :"3" 16
8C D84"D 8) )""JE D316 CD/ 6 " D:C" J/C8M./ J/" 616"J""6J/ "6JMCS MJ
86 C5D 4".D 6 JCM63 D8C" M6:C8J"J" C"D 8) D316= J/"C" QD C"0"5"C."6"
J/C8J D8C"D 16 J/C8J )"P"C= 8) J/" 1D"D" 16 J/" :DJ
F#3F AF+# S:144S " "= /1D 1D"D" 1D /1./4S
DS:/141D J/"6 .8"D M6 "C8P"C 16)"J18MD 6 6 " " 4SE
)8C S"CD 6 6 "P"6JM44S 1JBD CM14 J8 C""1P"
MD" D"P"C" 6 )J4 JC"J5"6J 16 1JD "C4S DJ."D=
85:41J186D=
6? 36?# /4'6?3F/64! 64FF F-# F/642 #4F#? '6? D ! /?2 #8F/F/F@! ! 4" ?#M#4F/64
F NNN<"<,6MD4--@F8D 6? 22 F-# F/642 #@6I?# #4F#? 6F2/4# F 7.575.GC7.$+$$<
7I
7&
.:I"CF
'"$ #'&
)&) .*& + , ) .*&
.
77
8L D"" 33 IQ:"D
X X:( 9_@J :<">R <A "[X;E1
(X?<" ;R:<QXR
G[@G<A9 %[@(??RJ [_R "EAX(@G?X<A9 X:(<Q R
<A X:( @<QQEQRJ [AA(QR ]<X: ?EA9<A9 ?EE>R EA
X:(<Q 0"(R ]<X<A9 0EQ X:( A(^X \<??( XQ(%@<??J
:X _E[ QQ(?_ R(( <A :(?X: "?[R Q( :GG_
"E[G?(RJ E[G?(R$ G(Q<E%$ ]EQ><A9 E[X XE9(X:(QJ
XQA9($ <RAPX <XL ^(Q"<R( <R RE@(X:<A9 X:X
@ERX G(EG?( %E RE?E$ (\(A <A "QE]%(% :(?X: "?[J
:(A _E[ ?EE> QE[A% ]:X %E _E[ R((L E`(AR
A% %E`(AR E0 G(EG?( "E@@[A<A9 ]<X: <QEA
QR A% QEEX<";?EE><A9 @":<A(Q_J :( "?ER(RX
X:(_ 9(X XE XE[":<A9 AEX:(Q :[@A (<A9 <R
""<%(AX??_ [@G<A9 Q[@GR <A X:( ?E">(Q QEE@J
(EG?(/ E[ Q( @<RR<A9 X(QQ<4" EGGEQX[A<X_ XE
RG(A% :EA(RX;XE;9EE%A(RR K[?<X_ X<@( ]<X: _E[Q
(RX 0Q<(A%$ _E[Q RGE[R($ X:( R<9A<4"AX EX:(Q
G(QREA <A _E[Q ?<0(J E]L _ ]EQ><A9 E[X XE9(X:(QJ
:X "EA"(GX/
9VV
'
A99($ <AX(Q"XJ Q :E?% E0 :(Q R](X_ A% _E[ %EAPX :\( XE %Q<\( "QERR XE]A
9?[X(RJ :<RG(Q R]((X (A"E[Q9(@(AXR XE X:( :(?X: "?[J X "A :(?G _E[ EX:
<AXE :<R (Q# [R: J J J :Q%(Q J J J _(R/ ?ER( ](<9:X$ RXQ(A9X:(A _E[Q Q(?X<EAR:<G$ 8 DJS JCM" J8 S8MC
:XPR <X/ ((? X:( [QA/ A% @EX<\X( _E[QR(?\(R XE >((G EA *J6"DD .84D @S8MC
JC1616. :CJ6"C 6"" D
XPR "E@G?(X(?_ ;QX(%J >((G<A9 EAJ RX[%_ _ Q(R(Q":(QR <A J8 " D85"86" Q/8 Q144
:( @QQ<9( "E[AR(?EQR A% R(^ [RXQ?< R[99(RXR X:X "E[G?(R ]:E /84 S8M 8M6J4"A
DSD
3 .416 /
X:(QG<RXR 9Q(( X:X ]:XPR @<RR<A9 <A (@Q> EA ](<9:X;?ERR GQE9Q@ XE9(X:(Q :C8)"DD8C 8) 316"D1848.S
@A_ ?EA9;X(Q@ Q(?X<EAR:<GR <R Q( R<9A<4"AX?_ @EQ( R[""(RR0[? X:A J 6 16 61P"CD1JS=
AEA;R(^[? "EAA("X<EA-(A99<A9 ]<X: X:ER( ]:E XX(@GX <X EA X:(<Q E]AJ :( DJM S S .416
)8M6 J/J 7L :"C"6J
EA( AEX:(Q EA G:_R<"? A% (@EX<EA? Q(R(Q": X E_? (QX: ERG<X? 0E[A% 8) 8M:4"D Q/8 Q"6J
?(\(?R X:X %EAPX A("(RRQ<?_ ?(% XE R(^ X:X @QQ<(% "E[G?(R ]:E GQX<"<GX(% J8 J/" .S5 J8."J/"C
86J16M" J8 8 D8 )J"C
H?X:E[9: X:X ]E[?%APX ( % X:<A9IJ <A A[XQ<X<EA A% 4XA(RR GQE9Q@ X:X S"C= S 86JCDJ J/"
A% R[Q\(_R R:E] X:X "E[G?(R ]:E <A"?[%(% 5a @<A[X(R E0 Q<R> ]?><A9 8M:4"D Q/8 "R"C1D"
R:Q( "E@@EA GRR<EAR-A% :\( XE9(X:(Q ]((>?_ ?ERX @EQ( ](<9:X X:A X:( D":CJ"4S /
+U :"C"6J C8:8MJ CJ"=
@EQ( 0[A-E[XR<%( E0 X:( (%QEE@ X(A% <A%<\<%[? %<(X(QR %<% A% @<AX<A(%
XE (A=E_ :EXX(Q GRR<EA <AR<%( X:( X:(<Q ](<9:XR A% E\(Q?? 4XA(RR 0EQ
(%QEE@J A 0"X$ ?EQXEQ_ RX[%<(R E0 A (AX<Q( _(Q 0X(Q X:( FU;]((> RX[%_
Q<A R"AR E0 @QQ<(% G(EG?( R:E] X:X (A%(%J :XPR @EQ($ ]:<?( 7Y G(Q"(AX
:\<A9 A(] (^G(Q<(A"(R XE9(X:(Q R E0 X:( R<A9?(R %QEGG(% E[X E0 X:( 4XA(RR
"E[G?( XQ<99(QR X:( Q(?(R( E0 %EG@<A($ GQE9Q@$ EA?_ U G(Q"(AX E0 X:( "E[G?(R
X:( A([QE":(@<"? RRE"<X(% ]<X: %<%$ R[99(RX<A9 X:X :[RA% A%
X:( Q<APR Q(]Q% R_RX(@ A% X:ER( ]<0( @EX<\X(% (": EX:(Q X:QE[9: X:(
ER(RR<\( 0((?<A9R RE GQ(\?(AX X X:( G:_R<"? A% @(AX? ":??(A9(RJ
(9<AA<A9R E0 ?[RX_ "E[QXR:<GJ AEX:(Q RX[%_ X Q<9:@ E[A9
<RX(A<A9 XE
E:A E?XQA(PR =`` A<\(QR<X_ A?_`(% X:( ?<0(RX_?(R E0 @EQ(
XE9(X:(QL :X ]EQ>RJ E]A:<?? R><<A9L X:A 7$aaa @<%%?(;9(% @QQ<(% "E[G?(R
\(A (XX(QJ [X :E] E[X %E<A9 A% 0E[A% X:X :[RA%R A% ]<\(R
RE@(X:<A9 ":??(A9<A9 A% G:_R<"??_ X_G<"??_ @<QQEQ (": EX:(QPR G:_R<"?
<AX(Q"X<\( ?<>( RXQ(A9X: A% "Q%<E :(?X:J @A ]:EPR <A 9Q(X R:G( ]R
]EQ>E[X$ Q(?_<A9 EA (": EX:(QPR E%_; :<9:?_ [A?<>(?_ XE :\( A E[X;E0;R:G($
](<9:X 0EQ Q(R<RXA"( A% "EAA("X<A9 E\(Q](<9:X ]<0( A% \<"( \(QRJ <@<?Q
<AX<@X(?_ X:QE[9: XE[":$ R<9:X$ RE[A%$ Q(R(Q": X X:( A<\(QR<X_ E0 <XXR[Q9:
A% R@(??L :XPR :A%R;EAJ :XPR 9EE% ":EE? E0 (?X: A% (:<?<XX<EA
0EQ X:( @[R"?(R$ :(QX$ Q<A$ A%-]:E (Q\<"(R %(X(Q@<A(% X:X G:_R<"??_
>AE]R-<X =[RX @<9:X Q("Q(X( X:ER( "X<\( @(A ](Q( X:Q(( X<@(R @EQ( ?<>(?_
[Q9(R _E[ :% EA _E[Q X:<Q% %X(J XE :\( "X<\( ]<\(R X:A <A"X<\( @(A
EQ><A9 E[X <A XA%(@ X :E@( ]EQ>R ](Q(J R( X:( GE](Q E0 _E[Q GQXA(QR:<G
EA GQ"X<"? ?(\(?$ XEEJ XPR (2"<(AX A% XE 9(X <AXE X:( (RX R:G( E0 _E[Q ?<0(J
<A(^G(AR<\(# _E[ %EAPX A((% (K[<G@(AX E[ "A ?<0X ](<9:XR ]<X: _E[Q RGE[R(
'"$ #'&
."
EQ XERR @(%<"<A( ?? "> A% 0EQX:$
[X X:( AX[Q? %<1(Q(A"(R <A R<`(
.? 5 E A% RXQ(A9X: (X]((A @(A A% ]E@(A
8L:3"BD
"A @>( ]EQ><A9 E[X X:<R ]_ %<2"[?X
16.4%0%. P6.% A% R?E] X:<A9R %E]AJ ?[R$ [R<A9
T16. %. ##PM186 (K[<G@(AX R(GQX(R _E[ 0QE@ EA(
AEX:(Q$ ]:<": %(0(XR <9 GQX E0 X:(
0CL0I
%416% PG/P:
8E1U86M4 P44P: G[QGER( E0 "E[G?(R (^(Q"<R(J ME?%<A9
3 SM%6G186 _E[Q GQXA(QPR E%_](<9:X$ ?EE><A9 <AXE
%416% 1MP: :<R EQ :(Q (_(R ?<>( _E[ %E ]<X: %A"(
%G1GM%# 1#% 463 GQXA(Q "Q(X(R AX[Q? "EAA("X<EA Q(X( R(\(A;(^(Q"<R( "<Q"[<X
X:X RXQ(A9X:(AR Q(?X<EAR:<GR J J J ]:<?( _ ":EER<A9 EA( (^(Q"<R(
%GM [<?%<A9 @[R"?($N R_R (A Q:@$
_E9 A% @QX<? QXR <ARXQ["XEQ <A
0QE@ QE[GR F X:QE[9: U A%
T16. 5GME16. PE4 (] EQ> <X_J (A%<A9 ]<X: X:( Q(R<RX(% R<%(
T16. %. #PM186 A% X:(Q(PR ?]_R X:( :EX R:E](Q XE G?A>J E X:( (^(Q"<R(R <A
1EE8E PG/P: ?EE> 0EQ]Q% XE 0X(Q X:( ]EQ>E[X/
16.4%0E5 8R ><A9 <ARG<QX<EA 0QE@ ??QEE@ X:( EQ%(Q R:E]A$ R @A_ Q(GR
/E8R08R6 %A"($ _E9$ =[=<XR[$ A% [A9 0[$ Q:@ R _E[ "A$ (0EQ( @E\<A9 XE
%1./M%# 1MP: %(\(?EG(% R(Q<(R E0 E%_](<9:X (^(Q;
%G1GM%# 1#% 463 X:( A(^X 9QE[GJ E[ "A @>(
"<R(R 0EQ "E[G?(RJ :(_ [<?% @[R"[?Q
RXQ(A9X:$ ?A"($ "EQ( RX<?<X_$ A% "EG<(R E0 X:<R ":QX XE >((G
%GM "Q%<E\R"[?Q (A%[QA"( <0 _E[ %E X:(@ XQ"> E0 M:<RN A% M:(QRN Q(GRJ
<A "<Q"[<X 0R:<EA R GQ(R"Q<(% (?E]J
16.4%0%. P6.%
T16. %. #PM186 8O I8 !8 I." O8C28LI
%416% PG/P: "D1.6 S8MC 8Q6 8M:4"BD 1CM1J )C85 J/"
16.4%0E5 8R )8448Q16. 9K "R"C1D"D= /88D" D"P"6=
3 SM%6G186
%1./M%# 1MP: 8 D 56S C":"J1J186D D S8M 6 M6J14 S8MC
%G1GM%# 1#% 463 )8C5 DJCJD J8 DM))"C J/"6 DJ8:= / 86" 8)
S8M 6 85:4"J" J/" )M44 1CM1J ")8C" J/"
8J/"C DJCJD "R"C1D16. 8C S8M 6 J3" JMC6D
6 MD" J/" 6860Q8C316. D"J D J1P" C"DJ=
8C J/" *CDJ L Q""3D 8 2MDJ 86" 1CM1J J/C""
SD Q""3= MC16. Q""3D K 6 - 85:4"J"
D"86 1CM1J )J"C C"DJ16. )8C J 4"DJ %6 E/5 1G 80E%M8E ;R1M/ 8E1 15< 8)
M/% %1M8EO 8P:4%CG 8E38PM )E85 R/1/ 8PE
7U D"86 D= 6 Q""3 + 8 J/C"" 85:4"J" 1C0 8P:4%CG 8E38PM 1G #:M%#= N0#1G
M1JD Q1J/ C"DJ :"C18 D 16 "JQ""6=
8P16. )8C0 G%M 8) M/% )P44 %1M8EO 8P:4%CG 8E38PM
QC JC15 8Q6 J/" 4"6.J/ 8) J/" C"DJ :"C18 D= 1G Q144% )8E $N7=7+ M RRR=R))8EO=85=
9VO
'
L03! 8LC 8C28LI
M6616. Q1J/
D48Q"C :CJ6"C 6
""3D ""3D ""3 ""3D ""3D ""3 " )CMDJCJ16. )8C
8J/ CM66"CD= "C"BD
9L K - + 9L K - + 86" QS J8 53" 1J
Q8C3 Q1J/ 6 16J"CP4
C8L: 9 86":J 8C1.16J"
16 Q" "6 44" J/"
16.4"0". M6." )CJ4"3 8C D:"" :4S=
M6 J8."J/"C J
S16. 5DJC16. MC4 QC50M: :" )8C
8MJ 514"= /"6
D"4"J 46 5C3
C8L: K ; J"4":/86" :84"
514 8R J/" "6 8)
S16. ". MJ186 483< 6 :13 M:
S8MC :" M6J14 S8M
S16. ". MJ186 C" CM6616. J S8MC
JS:14 C" :"=
/" )DJ"C CM66"C
C8L: J Q144 C"/ J/" 46 0
5C3 *CDJ 6 DJCJ
"416" MD/M: Q4316. 16 1C4"
J8 Q1J )8C /1D 8C /"C
1CC8C MD/M: :CJ6"C= 43 8C 28.
J8."J/"C )8C 8MJ
L 516MJ"D J/"6 4883
C8L: , )8C S8MC 6"RJ 46 0
5C3 6 J3" 8))
8C1T86J4 M44M: .16= ":"J J/1D
D">M"6" ;S8M 6
16.4"0C5 8Q PCS J/" 4"6.J/
"JQ""6 46 5C3D
J8 2MDJ D:"" 0:4S
C8L: * D".5"6JD< )8C D1R J8
9U C8M6 D= /"6
3 RJ"6D186 C"DM5" "DS CM6616.
J8."J/"C )8C 9U 5160
/C8Q08Q6 MJ"D J8 884 8Q6=
C8L: F
"416" 1JM:
"1./J" 1JM:
9VN
'"$ #'&
8 Q81#
162PET! #86CM
4%M T8PE
E1./M 36%%
MEQ%4 :GM
T8PE M8%G=
! XA% 0"<A9 _E[Q GQXA(Q A% 9QRG :A%R$ _E[Q ! XQX<A9 X:( @E\(@(AX X _E[Q :<GR$ (9<A %(R"(A%<A9
Q<9:X XE :<R EQ :(Q Q<9:XJ E[Q GQXA(Q (A%R R?<9:X?_ A% (A%<A9 _E[Q Q<9:X ?(9 [AX<? _E[Q "> >A(( A(Q?_
X X:( ]<RX$ >A((R$ A% Q@R XE E1(Q R[GGEQX R XE[":(R X:( 9QE[A%J
_E[ ?[A9(J (A% _E[Q ?(0X ?(9 XE Ca %(9Q((R$ G[XX<A9 ! [R:<A9 X:QE[9: _E[Q Q<9:X :((?$ RXA% RXQ<9:X [G
?? _E[Q ](<9:X EA _E[Q Q<9:X ?(9J EA _E[Q Q<9:X ?(9J (G(XJ 0X(Q _E[P\( %EA( R @A_
R _E[ "A ]<X: 9EE% 0EQ@$ RXA% EA _E[Q ?(0X ?(9 A%
Q(G(X X:( ?[A9( ]<X: _E[Q Q<9:X ?(9 (AXJ
9V-
'
9V+
'"$ #'&
! <( EA X:( 6EEQ EA _E[Q "> ]<X: _E[Q Q@R E[X XE ! (R<RX X:( GQ(RR[Q( E0 _E[Q GQXA(Q RGQ(%<A9 _E[Q
_E[Q R<%(R A% _E[Q ?(9R :(?% XE9(X:(Q RXQ<9:X [G <A ?(9R E[X]Q% XE X:( ?<@<X E0 _E[Q "E@0EQXJ
X:( <QJ ! ?ER( _E[Q ?(9R 9<ARX (\(A @EQ( GQXA(Q Q(R<RXA"(
! E[Q GQXA(Q ]<?? >A((?$ ]<X: :A%R EA X:( <AR<%( E0 [AX<? X:(_ Q( EA"( 9<A XE9(X:(QJ :XPR EA( Q(G(X<X<EAJ
_E[Q ?E](Q ?(9RJ
9VJ
'
9VI
'"$ #'&
"416" MD/M:
<R<A9 _E[Q 0((X @>(R _E[Q ":(RX A% Q@R ]EQ> :Q%(Q %[Q<A9 G[R:[GJ
! <( EA X:( 6EEQ$ G?"<A9 _E[Q :A%R %<Q("X?_ [A%(Q _E[Q ! E](Q _E[Q E%_ R 0Q R _E[ "A ]<X:E[X ??E]<A9
R:E[?%(QR R <A "?RR<" G[R:[G GER<X<EAJ _E[Q :<GR XE R9J
! \( _E[Q GQXA(Q 9Q _E[Q A>?(R A% ?<0X _E[Q ?(9R ! Q(RR [G 0EQ"(0[??_J :XPR EA( Q(G(X<X<EAJ
[AX<? _E[Q RXQ<9:X "> "Q(X(R Ya; XE 75;%(9Q((
A9?( 0QE@ :((?R;XE;:(%J
! E AEX Q": _E[Q "> <A (<X:(Q %<Q("X<EA$ [X >((G _E[Q :J1864
XEQRE RXQ<9:X 0QE@ :(% XE 0((X A% _E[Q "EQ( X<9:XJ ! E[ "A ?RE %E ](<9:X(% RXA%Q% G[R:[GJ :<?( <A
X:( [G GER<X<EA$ :A%R A% 0((X EA X:( 6EEQ$ :\( _E[Q
GQXA(Q GQ(RR %E]A EA _E[Q "> XE %% Q(R<RXA"( 9E<A9
%E]A A% G[R:<A9 [GJ
9V&
'
1CC8C MD/M:
8PE 8#T G/8P4# )8E5
Q9(XR X:( ":(RX @[R"?(R$ [X ?RE ]EQ>R GME1./M 416% )E85 T8PE
_E[Q R:E[?%(QR$ XQ<"(GR$ ">$ A% "EQ(J 634%G M8 T8PE /%#=
:J1864
! :<?( _E[ Q( <A X:( [G GER<X<EA$ :( "A %E
":(RX GQ(RR$ G[R:<A9 _E[ [G [AX<? :<R Q@R
Q( RXQ<9:X$ A% X:(A ?E](Q<A9 _E[ X ]:<":
GE<AX _E[ "A %E 0[?? G[R:[GJ
! E[ "A >((G ?X(QAX<A9 X:<R ]_ 0EQ R ?EA9
R _E[ "A ]<X:E[X R"Q<4"<A9 0EQ@ EQ R0(X_J
9V7
'"$ #'&
16.4"0C5 8Q
EQ>R X:( [GG(Q ">$ Q(Q %(?XE<%R$ A% Q@RJ
! \( _E[Q GQXA(Q ?<( 6X EA :(Q ">J XQ%%?( :(Q ! ((G<A9 _E[Q "> 6X$ G[?? _E[Q ?(0X :A% XE X:( R<%(
E%_ <A RG?<X RXA"($ Q<9:X 0EEX 0EQ]Q%$ A% ?(0X 0EEX E0 _E[Q XEQRE$ ?<0X<A9 :(Q QQE];RXQ<9:X E%_ E1 X:(
">$ EX: >A((R (AX R?<9:X?_J 6EEQJ :(A _E[Q 0EQ(Q@ @((XR _E[Q <"(GR$ R?E]?_
! (A% X X:( ]<RX RE _E[Q XEQRE 0EQ@R 75;%(9Q(( A9?( ?E](Q :(Q [AX<? _E[Q Q@ <R RXQ<9:X$ A% Q(G(XJ 0X(Q
A% 9QRG :(Q ?(0X :A% ]<X: _E[Q ?(0XJ \( :(Q ]QG %E<A9 ?? _E[Q Q(GR$ R]<X": 0EEX A% Q@ GER<X<EAR A%
:(Q Q<9:X :A% E\(Q XEG E0 _E[QR 0EQ R("[Q( 9Q<GJ Q"( ]EQ> X:( EX:(Q R<%( E0 _E[Q "> _ QE]<A9 :(Q ]<X:
_E[QR(?0 ]<X: _E[Q Q<9:X :A% EA _E[Q Q<9:X >A((J _E[Q Q<9:X Q@J
! EAPX ?<0X _E[Q XEQRE EQ QEXX( <X R _E[ QE] _E[Q
GQXA(QPR ](<9:XJ
99V
'
8C1T86J4 M44M:
9EE% @E\( XE [<?% "> A% Q@ RXQ(A9X: <A GQ(GQX<EA 0EQ Q(9[?Q Q G[??[GRJ
8M/ :EM6%EG
G/8P4# Q81#
! <( 6X EA _E[Q "> EA X:( E8P6#16. M/%1E ! [?? _E[Q (AX<Q( E%_ [G _
6EEQJ \( _E[Q GQXA(Q 3G= (A%<A9 _E[Q Q@R$ >((G<A9
RXQ%%?( _E[Q ":(RX$ (?E]R "?ER( XE _E[Q E%_$
RXA%<A9$ A% 9QRG _E[Q A% G<\EX<A9 EA _E[Q :((?RJ
:A%R RE X:X _E[Q Q@R <R( _E[QR(?0 [AX<? _E[Q
Q( RXQ<9:X E\( _E[J ":(RX @((XR _E[Q :A%R$
! E[Q GQXA(Q R:E[?% >((G X:(A R?E]?_ ?E](Q _E[QR(?0J
:<R >A((R (AX R?<9:X?_ ! ((G _E[Q "> 6X A% R
A% :<R XEQRE (AX 0EQ]Q% X<9:X X:QE[9:E[X X:( G[??[GJ
<X 0QE@ X:( ]<RXJ ! K[((`( _E[Q R:E[?%(Q
?%(R XE9(X:(Q X X:( XEG
E0 X:( G[??[GJ
3 RJ"6D186
EQ>R X:( ?E](Q "> A% "EQ(J
86CM /T:%E%SM%6#
T8PE 3! PM E1G% M8
85)8EM4% /%1./M=
! <( 0"(%E]A EA X:( 6EEQ A% ! ?E]?_ Q<R( _E[Q XEQRE R :<9: R
:\( _E[Q GQXA(Q R<X EA X:( ">R _E[ "AJ
E0 _E[Q ?E](Q ?(9RJ ^X(A% _E[Q ! [R( 0EQ R("EA%$ X:(A R?E]?_
Q@R E[X XE _E[Q R<%(R$ G?@R ?E](Q _E[Q E%_ XE X:( 6EEQJ
%E]A RE _E[Q E%_ 0EQ@R J :XPR EA( Q(GJ
999
'"$ #'&
/C8Q 8Q6
EQ>R X:( R A% ?E](Q "> @[R"?(RJ
! <( EA _E[Q "> ]<X: _E[Q :(% (X]((A _E[Q RXA%; ! E[Q GQXA(Q ]<?? G[R: _E[Q 0((X %E]A XE]Q% X:( 6EEQJ
<A9 GQXA(QPR 0((XJ (": "> A% 9Q :<R A>?(RJ ??E] _E[Q ?(9R XE "E@( "?ER( XE X:( 6EEQ [X AEX XE[":J
! Q(RR _E[Q ?E](Q "> 4Q@?_ <AXE X:( 6EEQ H%EAPX Q": <0X X:(@ [G 9<A$ [R<A9 _E[Q RJ
_E[Q ">I A% Q<R( _E[Q ?(9R RXQ<9:X [G XE9(X:(Q
XE]Q% :<@ RE :( "A 9Q _E[Q 0((XJ
:J1864
! E[ "A ?RE ]EQ> _E[Q E?<K[(R _ %%<A9 @E\(J
! E :<X X:ER( ?E\( :A%?(R$ :\( _E[Q GQXA(Q G[R: _E[Q
0((X %E]A XE]Q% X:( ?(0XJ <R( X:(@ 9<A$ RE :( "A
G[R: X:(@ %E]A XE X:( Q<9:XJ ?X(QAX( RXQ<9:X$ ?(0X$
A% Q<9:X [AX<? _E[Q R 0X<9[(J
! ?? X:( ]:<?($ >((G _E[Q R (A99(%J
99O
'
"416" 1JM:
EQ>R X:( [GG(Q A% ?E](Q %E@<A?R %PE% T8PE )%%M
HA% X:( E?<K[(R$ <0 %EA( ]<X: X]<RXIJ %)8E% PE416. P:=
4M%E6M% MR1GM16.
:J1864 E1./M 6# 4%)M
)M%E %Q%ET GME1./M
! E ]EQ> _E[Q E?<K[(R$ ?X(QAX( X]<RX<A9 G1MP: T8P #8=
XE X:( Q<9:X EQ ?(0X 0X(Q (\(Q_ EX:(Q RXQ<9:X
R<X[GJ ((G R?E] A% (\(A X(@GEJ
99N
'"$ #'&
"1./J" 1JM:
^(Q"<R(R X:( ?E](Q "> A% 0QEAX %E@<A?RJ 8PE :EM6%E GM6#G
86 T8PE )%%M M8 /84#
M/%5 #8R6=
86CM :P44 T8PE
/%# )8RE#=
! Q(RR<A9 _E[Q ?E](Q "> <AXE X:( 6EEQ$ R<X
[G XE X ?(RX 75;%(9Q(( A9?( 9<ARX :(Q
](<9:XJ ((G _E[Q Q@R XE _E[Q R<%(R RE _E[Q
Q@R$ R:E[?%(QR$ A% XEQRE Q<R( R EA( [A<XJ
! E AEX ??E] _E[Q (?E]R XE RX_ EA X:( 6EEQJ
! R( R?E] A% "EAXQE??(% @E\(@(AX R _E[Q
Q<R( [G$ G[R($ A% ?E](Q _E[QR(?0 "> XE
X:( 6EEQJ
99-
'
99+
'"$ #'&
8- '8C
8I. 8' 8L
(Q(PR RE@(X:<A9 XE @(%<XX( EA# (R(Q": R[99(RXR X:X ]E@(A A% @(A ]:E "A
G(Q0EQ@ GQEG(Q :[=A9RA HR(QG(AX;?<>(I GERX[Q( (A=E_ @EQ( RX<R0_<A9 R(^J
:X @_ AEX "E@( R R[QGQ<R( XE GQ"X<EA(QR E0 _E9J :( A"<(AX A%<A :(?<A9
A% 6(^<<?<X_ (^(Q"<R( :R ?EA9 ((A R:E]A XE E1(Q :ERX E0 G:_R<"? A% @(AX?
:(?X: (A(4XR <A"?[%<A9 (R<A9 =E<AX G<A$ ?E](Q<A9 ?EE% GQ(RR[Q($ A% Q(?<(\<A9
A^<(X_ A% R_@GXE@R E0 %(GQ(RR<EAJ A% AE] <X GG(QR X:X _E9 GQ"X<"(
<R Q(??_ 9Q(X @<A%;E%_ XQ<A<A9 0EQ X:( R(^[? :(?X: E0 EX: ]E@(A A% @(AJ
99J
'
](Q( 9<\(A 6[E^(X<A($ A AX<%(GQ(R; 6EEQ @[R"?(R HX:( @[R"?(R _E[ [R(
RAX @(%<"X<EA E0X(A [R(% XE XQ(X J XE RXEG X:( 6E] E0 [Q<A(I "A (?(\X(
0X(Q (<9:X ]((>R$ Z5 E0 X:( Ya @(A EA G?(R[Q(J ^(Q"<R<A9 X:(R( @[R"?(R
QE`" :% "?<A<"? <@GQE\(@(AX <A M9<\(R _E[ RXQEA9(Q "EAXQ"X<EAR A%
RX_<A9 GE](Q ]:<?( ?? Y+ @(A GQ"X<"; Q(?(R(R$ ]:<": "A :(?G _E[ (^G(Q<(A"(
<A9 _E9 ](Q( ?( XE ?RX R<9A<4"AX?_ @EQ( <AX(AR( EQ9R@$N R_R (">_
?EA9(Q H""EQ%<A9 XE (\?[X<EAR _
(1(QR$ 4XA(RR %<Q("XEQ X X:( (Q@A
X:(<Q ]<\(RIJ A% X:( @(A ]:E %<% (AX(Q <A :<"9E$ ]:<": RG("<?<`(R <A
RAR A% _E9<" Q(X:<A9 Q(GEQX(% 0(@?( R(^[? :(?X: A% @(AEG[R(
AE %\(QR( R<%( (1("XR$ [A?<>( X:( @A9(@(AXJ
%Q[9;X><A9 9QE[GJ M
(A X(A% XE ( Q(??_ X<9:X <A X:(<Q
:( ]E@(APR RX[%_$ ?RE "EA; :<GR$ :@RXQ<A9R$ A% ?E](Q ">
%["X(% X X:ER( @(%<"? [A<\(QR<X<(R A% X:(_ "QQ_ ?EX E0 X(AR<EA <A X:(<Q
<A A%<$ <A\E?\(% 7a ]E@(A$ 9(R ZZ XE R:E[?%(QR$ XEE$N R_R Q X<?(R$
55$ ]:E ](Q( (AQE??(% <A FZ;]((> 0E[A%(Q E0 XQ? E9 <A (] EQ> <X_
_E9 GQE9Q@J X X:( (A% E0 X:( A% _E9 (^G(QX 0EQ 1./:< -@(J
(^G(Q<@(AX$ A(Q?_ T5 G(Q"(AX E0 X:( M?? X:X "A G[X ?<@<XR EA G(Q0EQ@A"($
]E@(A Q(GEQX(% 9Q(X(Q RX<R0"X<EA [X <X "A ( Q(@(%<(% ]<X: RE@(
]<X: X:(<Q R(^[? ?<0( 0X(Q ?(QA<A9 R<@G?( _E9 GER(RJN
_E9J (R(Q":(QR 0E[A% R<9A<4"AX X<?(R$ ?RE X:( [X:EQ E0 -*. -.
<@GQE\(@(AXR <A R(^[? 0[A"X<EA EF 1'$ R[99(RXR 4\( @[RX;%E GER(R
R"EQ(R RR(RR<A9 %(R<Q($ QE[R?$ X:XP?? (A(4X A_EA( <A X:( (%QEE@$
?[Q<"X<EA$ EQ9R@$ G<A$ A% E\(Q?? @A EQ ]E@AJ E X:<R F5;@<A[X(
RX<R0"X<EAJ EQX: AEX<A9# ]E@(A (9<AA(QPR R(K[(A"( <A EQ%(Q EA"( %_J
E\(Q 75 R:E](% X:( 9Q(X(RX <@GQE\(; 0X(Q "E@G?(X<A9 X:( R(K[(A"( EA"(
@(AXR <A QE[R?$ ?[Q<"X<EA$ A% X:QE[9:$ Q(G(X <X$ X:<R X<@( %E<A9 X:(
G<A Q(%["X<EAJ 4QRX X]E GER<X<EAR [R<A9 EGGER<X( ?(9RJ
(@(@(Q XE >((G _E[Q Q(X:<A9
3"PQ 0D "PQ (R_-<A:?<A9 A% (^:?<A9 ]<X: (":
E9 (A:A"(R ?EE% 6E]$ A% @A_ R:<0X<A9 @E\(@(AXJ
GER(R %<Q("X <X Q<9:X XE]Q% X:( G(?\<"
Q(9<EA$ :(<9:X(A<A9 R(AR<X<\<X_ A3 51" 5@
A% %(R<Q(J E9 <@GQE\(R 6(^<<?<X_
1C" 8. 9U C"J/D
_ XEA<A9 A% RXQ(A9X:(A<A9 X:( "EQ($
<A"?[%<A9 _E[Q G(?\<" 6EEQ @[R"?(RJ 1."86 9U C"J/D
Q(X(Q QA9( E0 @EX<EA <A _E[Q ?(9R$ :QC 016. 8. + C"J/D
:<GR$ A% "> :(?GR Q(%["( G<A <A
8Q + C"J/D
]E@(A ]:E 4A% RE@( R(^ GER<X<EAR
[A"E@0EQX?(J A% 4XX(Q G(?\<" C1 ." + C"J/D
99I
'"$ #'&
1C" 8.
G(AR X:( :<GR$ RXQ(X":(R X:( X:<9:R A%
9QE<A$ A% RXQ(A9X:(A X:( RJ
99&
'
1."86
XQ(X":(R X:( :<G QEXXEQR H9?[X(? Q(I$ X:( :<G
6(^EQR HX:( ?EA9 @[R"?(R X:X Q[A ?EA9 X:( 0QEAX E0
_E[Q X:<9:R A% G(?\<RI$ A% X:( G<Q<0EQ@<R @[R"?(
%((G <A X:( [XX X:X "A GQ(RR EA X:( R"<X<" A(Q\(J
% GPE% T8PE /1:G
#86CM 4%6 M8 M/% E1./M=
! XQX EA ?? 0E[QR ]<X: _E[Q :A%R (?E] _E[Q R:E[?;
%(QR A% _E[Q >A((R (?E] _E[Q :<GRJ Q<A9 _E[Q Q<9:X
>A(( 0EQ]Q% A% R?E]?_ X[QA _E[Q Q<9:X 0EEX E[X A% XE
X:( ?(0X R<%( E0 _E[Q _E9 @XJ ER<X<EA _E[Q Q<9:X 0EEX
(?E] _E[Q ?(0X :<GS 0EQ @EQ( <AX(AR( RXQ(X":$ @E\(
_E[Q Q<9:X R:<A XE]Q% X:( 0QEAX E0 _E[Q @XJ E]
RXQ<9:X(A _E[Q ?(0X ?(9 (:<A% _E[J ?> _E[Q :A%R
"> XE]Q% _E[Q :<GR A% ?E](Q _E[Q G(?\<R XE X:(
6EEQJ Q(RR _E[Q :A%R <AXE X:( 6EEQ XE ?<0X _E[Q XEQRE
]_ 0QE@ X:( X:<9: A% ?(A9X:(A _E[Q RG<A(J
997
'"$ #'&
9OV
'
8Q
G(AR X:( ":(RX A% R:E[?%(QR A%
6(^(R X:( :<GR$ K[%Q<"(GR$ A% RG<A(J
9O9
'"$ #'&
C1 ."
G(AR X:( ":(RX A% Q< "9($ <@GQE\<A9
?[A9 "G"<X_$ A% 6(^(R R:E[?%(QR$
RG<A($ A% :<GRJ
9OO
'
>J ,C J4F>?/" <X <A "E@0EQX?( GER<X<EAJ ?"( _E[Q Q<9:X :A% E\(Q _E[Q AER(
RE X:X _E[Q X:[@ Q(RXR A(Q _E[Q Q<9:X AERXQ<? A% _E[Q Q<A9 4A9(Q <R GER<X<EA(%
A(^X XE _E[Q ?(0XJ ?ER( _E[Q Q<9:X AERXQ<? ]<X: _E[Q X:[@ A% <A:?( X:QE[9:
_E[Q ?(0X AERXQ<? 0EQ "E[AX E0 0E[QJ ?ER( _E[Q ?(0X AERXQ<? ]<X: _E[Q Q<A9 4A9(Q A%
:E?% _E[Q Q(X: 0EQ "E[AX E0 0E[QJ E] Q(?(R( _E[Q X:[@ A% (^:?( X:QE[9:
_E[Q Q<9:X AERXQ<? 0EQ 0E[Q;"E[AXJ Q(X:( <A X:QE[9: X:( Q<9:X$ G[R($ "?ER( X:X
AERXQ<? A% Q(?(R( X:( ?(0X A% Q(X:( E[X X:QE[9: X:( ?(0X AERXQ<?J :XPR EA( QE[A%J
EAX<A[( X:<R GXX(QA 0EQ E[X 5 @<A[X(RJ Q"X<"( "E[G?( E0 X<@(R ]((>J
9ON
.:I"CE
'$&
$&
. ' ) ')
))
.*% +& "
) ) ,)*)
' ) -))"
9O-
9O+
Q 'C0"5!
QA> ]R ?<\<A9 ]<X: ]E@A ]:E :% X:( ]:E?( ":(">?<RX-
?EE>R$ Q<AR$ 9EE%A(RR$ RRR$ XE?(QA"( 0EQ RGEQXR$ (\(A 0@<?_
%E[9:J ?(Q?_$ @QQ<9( R:E[?% :\( ((A A(^XJ [X E[Q E_
"E[?%APX G[?? X:( A[GX<? XQ<99(QJ
M:_ AE ](%%<A9LN R>(% :<@ E\(Q ((Q EA( A<9:XJ
M7+X: A%
%<REA$N :( R<%$ R X:E[9: [R_ <AX(QR("X<EA
(^G?<A(% <X ??J M\(Q_ %_ J J J X:X "EQA(Q J J J ?? X:ER( ]E@(A J J J
R:<A<A9 <A X:( @EQA<A9JN
R<% AEX:<A9J
M P\( ((A @EAE9@E[R 0EQ Y _(QR$N :( R<%$ RXQ<A9 X @(
]<X: :[AX(% (_(RJ M[X %EAPX X:<A> "A %E <X 0EQ(\(QJN
( ]R ?ERX E_$ R>(](Q(% EA X:( :EQAR E0 X:( @EAE9@_ J J J
@EAE9@_ J J J @EAE9@_J
9OJ
'$& $&
,3
G?(%9( XE Q(R<RX X:( "?<":) X:X 0@<?<Q<X_ XEEJ E] "E@( ]( %EAPX @E[AX A_X:<A9
Q((%R ?E](Q X(@G(QX[Q(R$ %("<R<EA ]<X: ?EE% GQ(RR[Q(L
X:X _E[ ]<?? AEX ( %EE@(% XE ?(> Q]<A :R A AR](Q ]E@(A
0[X[Q( E0 :E;:[@$ X]<"( @EAX: R(^$ A% :X(# E@(A Q( @EQ( 4A<">_ ("[R(
%E%6M.% 8) 8P:4%G X:( %(X(Q@<AX<EA XE Q<A9 X:( R@( X:(_P\( EA?_ 9EX 0(] :[A%Q(% (99R <A
R/8 E% M88 M1E%# M8 GG(X<X( 0EQ (^"(??(A"( XE (^?X<A9 _E[Q ?<0(X<@(J APX 1EQ% XE ]RX( EA(
/Q% G%S! 8E#16. M8
M/% M1864 4%%: GQXA(QPR E%_ X:X _E[ Q<A9 XE (\(Q_ EA ?ER(QJ <A"( ]( :\( <??<EA RG(Q@
8P6#M186= EX:(Q Q(A E0 _E[Q ?<0(J <A AAER("EA% A% Q(@<A 0(QX<?( X<??
9O&
'$& $&
]( %<($ X:(Q(PR AE A((% XE :E?% E[Q 4Q(J ]<X: "EAK[<RX%EQ R<9A?R$ <XPR AE
(P\( 9EX XEAR E0 @@EJ 9<A# R[QGQ<R( X:X 0EQ @(A$ @EAE9@_PR
EX \<QX[(J EX \<"(J
[RX 0"XJ ?EA9 R:EXJ
[X$ :(_$ X:XPR X:( 9EE% A(]RJ
/0 ,C 41 ,4 >G49 E](\(Q :XPR ]:X @>(R @EAE9@_ ]EQX:
RXQEA9 X:( <AAX( @?( %Q<\( XE %A"( ":R<A9J 0X(Q ??$ X:(Q(PR AE 9?EQ_
]<X: @A_ GQXA(QR$ <XPR AEX:<A9 <A X:( (R_ RX[00J <A%(Q9: %<%APX
"E@GQ(% XE X:( GEX(AX "[?X[Q? @(R; ("E@( 0@E[R 0EQ ERXEA;XE;:<??_J
R9(R X:X :[Q? [R <AXE X:( Q@R E0 <G>(A %<%APX G?_ @ERX E0 X:ER(
EX:(Q ]E@(AJ [Q AX[Q( <R GE?_9; 9@(R 0EQ FY _(QRJ
@E[RS E[Q A[QX[Q( %E[?_ REJ
EAE9@_ <R XE[9:L Q<A9 <X EA$
:XPR X:X _E[ R_L [X ](PQ( _J Q% <R 9EE%J Q% <R ":A"(
[Q<XA<"? "[?X[Q($ [<?X EA X:( A["?(Q XE R:E] ]:X ](P\( 9EXJ E[ >AE] ]:X
0@<?_L :/ ( %@<Q( X:( @EAE9; (?R( <R :Q%# ]<AA<A9
(%? E0 EAEQ$
@E[R @AL :/ 9<AJ :$ R[Q($ 0EQ @RR<A9 ](?X:$ :\<A9 ]R:EQ%
X:( Q("EQ%$ E[Q E2"<? GER<X<EA <R X:X R X 75J ( :X( (R_J (_$ ](PQ( X:(
]( Q(RG("X X:( RX(%0RX 9[_J [X ( 9(A%(Q X:X QE[9:X _E[
9(??A
R(Q<E[RJ (PQ( "E]E_RJ EE%_ ]AXR A%
QX<A [X:(Q <A9$ X:( 9(A%(Q
XE ( Q% ?(\(QJ X:X R"?(% \(Q(RX$ %<R"E\(Q(% X:(
[<"> K[QX(Q"> K[<`# E[?% (] EQ?% A% <A\(AX(% X:( QEA@A
_E[ QX:(Q ( E9(Q X[": EQ Q<X:?EAJ :_ @EAE9@_L <@G?(J
E( @X:L :( AR](Q _E[ =[RX 9\( ("[R( <XPR X:(Q(J
<R Q(\(?<A9J
( "?<@ XE ?EE> [G XE X[":- 85BI 0-.I I." ""305-
X:( E%;0(Q<A9$ RX(%0RX A\? E2"(Q :(A (Q?_ :Q<RX<A X:(E?E9AR
A% 0@<?_ @AJ E9(Q (\(A :R @EQ( @%( ?[RX EA( E0 X:( R(\(A %(%?_
":@G<EAR:<GR X:A X:( % E_ 0QE@ R<AR$ X:(_ ](Q( X?><A9 E[X % ?[RXJ
(\(Q ??RJ [X ](P?? X>(
E(PR ?<XX?( E[ >AE]$ X:( ><A% X:X :EEXR X A%
?"> EE> E\(Q X:( EE> E0 `(><(? A_ E=("X<\(R ]E@(A$ X:X RX[G<%$ 9Q[AX<A9$
%_J :( EA(;]E@A @A <R R((A R :[;:[ ><A% E0 ?[RXJ P@ X?><A9
RE@(X:<A9 ?(RR X:A @AJ (PR E[X 9EE% ?[RX$ X:( ><A% X:X @<9:X
"E]E_ X[QA(% RE%[RX(Q$ ]<@G ]:E (\(A ( %(R"Q<(% R `(RX EQ \<X?<X_$
:R R[QQ(A%(Q(% :<R 0Q((%E@$ X<(% :<R @_( Q(\(Q(A"($ G(Q:GR A GGQ("<;
:EQR( XE X:( :<X":<A9 GERXJ (PR :(A; X<EA E0 ?? E%PR ":<?%Q(AJ @A ]<X:E[X
G(">(%$ (@R"[?X(%$ QEERX(Q ]<X:E[X 9EE% ?[RX <R A <AR(ARX( @RR$ ?[@GJ
:<R "E@$ RX??<EA ]<X:E[X :<R-](??$ R> _E[# R GQEG(Q @A [A@E\(%
:<R RX??<EA RX[1J _ X:( R<9:X E0 X:( (XEA A9(L :(
<X: E[Q E%<(R "Q_<A9 E[X 0EQ RE[A% E0 ((X:E\(APR (RXL :( R@(??
"E@@[A<EA A% E[Q "[?X[Q( G[?RX<A9 E0 0Q(R:?_ @E]A 9QRRL [Q(?_$ (< X
9NV
&
X:( G<`` G?"(-R:( E0 X:ER( 9Q((A (_(R GE<AX(QJ 0 _E[Q R(^ ?<0( <RAPX (\(Q_X:<A9
A% X:X R](X_ AG(-R:E[?% RX<Q E[Q _E[ %Q(@(%$ @>( R[Q( _E[P\( 9<\(A <X
?EE% R ](??J (\(Q_X:<A9 _E[P\( 9EXJ R> _E[QR(?0 :E]
(@(@(Q# :( 0((?<A9R Q( AEX @[": <A9(A[<X_$ <@GQE\<RX<EA$ (A(Q9_$
GQE?(@S "X<A9 EA X:(@ <RJ XPR G(Q0("X?_ =E_$ A% ?[RX _E[ Q<A9 XE X:( R:((XRJ
E>_ XE "E\(X X:_ A(<9:EQPR ]<0(J :XPR :( %A9(Q <R X:X ("[R( X:( "?<":) E0
AEX E>_ <R RA(><A9 <AXE X:_ A(<9:EQPR X:( AEX;XEA<9:X; P\(;9EX;;:(%":(
R:(% 0EQ K[<"><( ]<X: :<R @<RR[RJ ]<0( <R RE %((G?_ (@(%%(% <A E[Q :(%R$
:( GE<AX <R# E[ "APX RX<6( X:( ]:(A "E[G?(PR R(^ ?<0( ]<X:(QR$ @(A
0((?<A9R X:X (@(Q9( ]:<?( Q(?^<A9 EA RR[@( <XPR ("[R( ":<">R Q( [A%(Q;
(": "QE]%(% ]<X: ]E@(A ](Q<A9 R(^(%$ X:X X:(_ =[RX %EAPX %<9 <X R @[":
X<A_ RXQ<GR E0 "E?EQ0[? 0Q<"J QRR 9QE]R R ]( %EJ
_(J [X @_( AEXJ
X:QE[9: "EA"Q(X($ A% @?( \<@ ]<?? E[ @[RX Q(@(@(Q X:<R# ><RR <R
4A% ]_J :(A _E[PQ( 0((?<A9 ?[RX_$ AEX =[RX ><RRJ ]E@APR <AX(Q(RX <A
<X ]EAPX :(?G XE X:<A> E0 _E[Q E?% "E":$ R(^ "A :\( K[<X( ?EX XE %E ]<X: X:(
QJ
AX`J A 0"X$ <X @_ "X[??_ @>( GQ"X<X<EA(QJ E<A9 X:( "Q<E" ]<X:
@EAE9@_ (\(A XE[9:(QJ RX(@ >?[X` <R EA( X:<A9S 0A%A9E ]<X:
(A9<A( A((%R Q(?(R( \?\(J EXX?( Q(% RX<Q( <R RE@(X:<A9 (?R( (AX<Q(?_J
X:<A9R [G A% <XPR R[Q(?_ 9EAA ?E]J
Q[( @EAE9@_-0[??;?EE%(%$ *1,:F 0CC>?9 A% _E[ R:E[?%
@R"[?<A( @EAE9@_-Q(K[<Q(R ?[RX_ ]EQ> EA _E[QRJ Q_ X:( (Q[\<A ]<99?($
X:E[9:XRJ
[RX R XJ (EQ9( A((%(% :<R X:( <"<?<A RG<%(QJ (% ?? X:( EE>R$
%Q9EA$ EAAEQR A((%(%
"AQE( A% (RG("<??_ X:( "(AX[Q<(R;E?% R<A
_XX QG A((%(% X:( ?AXEAR$ :( ]:E "?RR<"RJ ^G(Q<@(AXJ X_ E[X E0 Q[XX<A9
]E[?% ( @EAE9@E[R A((%R X(@GX; Q[XRJ (@(@(Q# (^ <R ?<>( 9E?0 <ARE0Q
3
X<EAR E\(Q ]:<": XE XQ<[@G:J E[ %EAPX R ?<XX?( X:<A9R "A @(A ?EXJ
[RX
GQ(X(A% _E[Q Q<\? %E(RAPX (^<RXJ E[ X<G ?<XX?( <X R?E](Q @_ ( ?EX ]Q@(QJ
_E[Q :X XE :<@$ X:(A ><"> :<R RRJ E@(X<@(R "E[AX(Q"?E">]<R( RXEGR
E (A=E_ _E[Q ?[RX$ [G XE GE<AXJ X<@(J R?<9:X R<%(]_R R:<0X "A X[QA
E[PQ( "EAAE<RR([Q E0 4A( 0(@?(RJ :E;:[@ <AXE :??(?[=:J [X J J J
( AEX R:@(%J E[ :\( <"(GR A% %E%6M.% 8)
#1Q8E%# 5%6 6#
K[%R A% G("RJ E[ ?RE :\( R:QG (_(R *1,:F ,? -F?C 6>C 4" C* )0J R85%6 R/8 GT
A% A <AK[<Q<A9 @<A%J Q<R( X:( EQ%J \(A @EQ( <@GEQXAX <R XE ( <A X:( M/%1E 5EE1.%G
@E@(AX ]:<?( <A X:( "XJ ((? :(Q R><AJ E83% P: %PG%
M/%T .E#P44T
I82" : I." 84" 0C"D A:?( :(Q R"(AXJ A:<X X:( @E@(AX .E%R :EM= 64T
EXR E0 9[_R ]:E RX(G E[X G?(% R(^[? ]<X: ?? E0 _E[Q XX(AX<EAJ ( <AX<@X(J 8PM OV :%E%6M
%(GQ<\X<EA EQ EQ(%E@ X :E@(J A%$
[Q@[QJ (@(@(Q$ R:(PR 9E<A9 8) 8P:4%G GT 6
%SME5E1M4 ))1E
E0X(A (AE[9:$ 9EE% "R( "A ( @%(J 0EQ @EAE9@_$ XEEJ E[PQ( :(Q EA?_ RG %Q%6 :EM144T
[X :(Q(PR A <@GEQXAX @EAE9@_ ""(RR XE QERJ M8 45%=
9N9
&
9NN
'$& $&
Q<R"<?? GQX<(% <A GA(? \A "A ( ?<>(J [X XE X:( Q(9<EA? R?(R "EA0(Q;
X>( X:( (%9( E1 (\(A X:( QA9( E]?J (A"(# X:( GQ(R(AXX<EA _E[ 9<\( XE9(X:(Q
(G(X 0X(Q @(# P% QX:(Q 0EQ9E <R R@R: A% _E[ RXEG _ :(Q QEE@
(QEX<" G?(R[Q( X:A "[R( 0<?? <A XE "(?(QX(J Q _E[Q GQ(R(AXX<EA
A@( E0 ?E\(% EA( G<AJ
[RX %E <@G?E%(R A% R:( RXEGR _ _E[Q QEE@
R R_J (G(X 0X(Q @(# P% QX:(Q XE ]EQ> EA Q(R[@(RJ <X:(Q ]_$ ([G:EQ<"
0EQ9E (QEX<" G?(R[Q( X:A "[R( ?E\(% EQ %(GQ(RR(%$ A(^X X:<A9 _E[ >AE]$ _E[
EA( G<AJ ?(AX_ E0 G<A E[X X:(Q( A% _E[Q 9EE% [%$
QX:$ Q( %E<A9
?Q(%_$ G?J :( :[@G =[RX <APX ]EQX: X:( :EQ<`EAX? :EQJ
X:( :(QX":(J
"CJ >F/ 1F0> 41 EAPX (\(Q
5N"DI 05 0!"5I ( ?EA( <A :EX(? QEE@ ]<X: ]E@A
5DLC5" ]:E <R AEX _E[Q @E@$ _E[Q R<RX(Q$ EQ
E] @A_ % X(?(\<R<EA @E\<(R _E[Q ]<0(J E (^"(GX<EARJ EAPX RXEG _
:\( _E[ R((A ]:(Q( RE@( 0(">?(RR =[RX XE G<"> [G X:( A(] R?(R %X EQ
":(X<A9 :[RA% "?<@R X:X M<X %QEG E1 X:( E?% R?(R %XJ EQ9(X X:(
=[RX :GG(A(%LN X <R$ E0 "E[QR($ R?X %X$ ?? Q<9:XL
[RX %EAPX 9E X:(Q(J
EA ]E[A% XE :(Q R(^[? (XQ_? (Q<E%J EX(? QEE@R "Q_ E[X 0EQ R(^J
%(R"Q<(% R <0 <X ](Q( AE @EQ( R(Q<E[R XPR 9<ARX RE@( ?] E0 AX[Q( 0EQ
X:A 0(A%(Q (A%(QJ @A A% ]E@A XE ( <A EA( XE9(X:(Q
[X _E[ >AE] ]:XL A% AEX :\( R(^J 0 _E[ %EAPX ]AX XE
XPR XQ[(J EXR E0 9[_R \((Q E00 %<\($ ]:_ ]?> E[X EA X:( EQ%L
EAE9@_ E% ""<%(AX??_-EQ E[ "E[?% 0?? <AJ A 0"X$ %EAPX ?<@<X
QX:(Q$ [A<AX(AX<EA??_J
>( AE X:<R Q[?( XE :EX(? QEE@RJ (\(Q ( ?EA(
@<RX>($ <XPR AEX A (^"[R(J X RE@( ]<X: ]E@A A_]:(Q(J :<R <R X:(
GE<AX$ X:(Q( ]R %(?<(QX( "X E0 R<A9?( (RX @EAE9@_ X<G X:(Q( <RJ
"[%%?( EQ X:Q[RXJ [X <X <R A (^G?AX<EAJ 0 _E[Q REA 9E(R XE @G QEK[E<R ]<X:
:(X<A9 :GG(AR ]:(A G(EG?( Q(
E(_ 0QE@ A(^X %EEQ$ 0EQ E%PR R>($
"Q(?(RRJ [@A (<A9R :\( A GG(; %EAPX %Q<\( [G XE 9(X X:( E_R ]<X:
X<X( 0EQ (": EX:(QJ [XX<A9 X:(@
E(_PR @E@J E[ >AE] _E[P\( ]X":(%
XE9(X:(Q <A "(QX<A R<X[X<EAR <R R><A9 :(Q (A% E\(Q :(Q XE@XE(RJ :_
',
0EQ XQE[?($ ?<>( RXEQ<A9 E<?_ Q9R <A A X(@GX 0X(L E[?% _E[ Q[A A (^X(A;
E\(Q:(X(% XX<"J EQ (^@G?($ "EAR<%(Q R<EA "EQ% "QERR X:( RX(GRL :_ @>(
X:X @ERX \<Q[?(AX E0 @EAE9@_ @A; _E[QR(?0 Q(R<RX X:( [Q9( XE G[?? <AXE
9?(QR$ X:( [R<A(RR XQ<GJ (XPR R_ _E[ R"(A<" E\(Q?EE> A% E\(Q?EE> :(Q
%E%6M.% 8) A%
QX: :\( EA( E0 X:ER( 6<QX_ R"(A(Q_L :( GE<AX <R$ %(0(AR( ]<AR
R85%6 R/8 GT 1M E00<"( 0Q<(A%R:<GRJ E[PQ( EX: :GG<?_ ":@G<EAR:<GR-R(( X:( PUC A<">R$
MPE6G M/%5 86
R/%6 56 /%4:G @QQ<(% A% @EAE9@E[R$ [X _E[P\( X:( P+5 (QR$ X:( (\<?R E0 PC5J ( ]:E
8PM E8P6# M/% /8PG%= ?RE EX: X:E[9:X E[X ]:X <X ]E[?% ]E[?% ( ><A9 E0 "EARXA"_ :R XE
9N-
&
,3
"E[QR( E0 ?<0(X<@($ ``<( (?REA %E(R
A:XXA %]AJ ( RXEGG(% X
E>_ 0EQ :<@R(?0$ X:A> _E[ \(Q_ @[":J G_ G:EA($ ]E>( [G :<R R]((X:(QX$
E@(X<@(R R?E] A% RX(%_-X:Q(( A% GQEGER(%J
X<@(R @EAX: X<?? _E[ %<(-Q(??_ %E(R <^ ]((>R ?X(Q$ ]R :<R (RX
]<A X:( Q"(J @AJ ( ]R [E_AX X X:( Q("(GX<EAJ
E]$ 9QAX(%$ X:<R R_R AEX:<A9 GG<A(RR R((@(% ]<X:<A :<R 9QRGJ %E%6M.% 8)
R85%6 R/8 /Q%
E[X X:( K[?<X_ E0 R<% R(^[? (\(AXRJ ( %<%$ :E](\(Q$ R> @( <0 P% 9EXX(A /1./%E 411#8G M/6
[RX X:X ]:(A X:( 4A? R"EQ( <R X??<(%$ A (_(0[? E0 X:( 9<Q? R<A9(Q <A X:( A%J M/% Q%E.% .PT=
9N+
'$& $&
\(Q_ "E[G?( Q(":(R GE<AX ]:(A X:( ]<?% ?[RX E0 (^G?EQX<EA ("E@(R %<RXAX$
(^EX<" @(@EQ_J E@( E0 [R$ ]:(A X:( 0Q<R><A(RR 4``?(R$ X[QA (?R(]:(Q( 0EQ GRR<EAJ
X:(QR RX_ 0<X:0[? A% 49[Q( X:X "EAX(AX@(AX HEQ EQ(%E@I <R X:( GQ<"( G<%
0EQ "E@@<X@(AXJ :( R@QX EA(R >AE] X:X 9Q(X R(^ 0X(Q X:ER( 4QRX ]<?% @EAX:R
"A RX<?? ( :%-A% (\(A @%( (XX(Q-[X <X X>(R <X @EQ( (1EQXJ XPR ?(RR
E[X XE[":<A9 :(Q <A X:( Q<9:X G:_R<"? RGEX H?X:E[9: X:X ?]_R :(?GRI A%
@[": @EQ( E[X XE[":<A9 :(Q <A X:( Q<9:X @(AX? RGEX _ :EAEQ<A9 :(Q 0((?<A9R$
\?<%X<A9 _E[Q ?E\( 0EQ :(Q$ A% R:E]<A9 _E[Q [A]\(Q<A9 R[GGEQXJ
'
<A X:( %E?%Q[@R$ XE X:<A> :E] @[": @QQ<9(R 0<?/
(XX(Q R(^ A% (\(Q_X:<A9 ]E[?% ( :( X]E ?(%<A9 "[R(R E0 %<\EQ"(
]<X: RE@(EA( (?R($ RE@(EA( _E[A9(Q$ Q( ?"> E0 "E@@[A<"X<EA A% ?"> E0
0[AA<(Q$ R@QX(Q$ Q<":(Q$ @EQ( XX(AX<\($ GX<(A"( XE ]EQ> EA X:( @QQ<9(S
A% :EXX(Q ?EE><A9J G(EG?( ]AX K[<"> 4^J :_ AEX =[RX
%E%6M.% 8) 0 _E[ 4A% _E[QR(?0 %E<A9 X:X$ Q(?<`( X>( X:( 00<Q A% %<\EQ"( "Q%R
R85%6 E%G:86#16.
M8 " !&( * X:<R# 0<A%<A9 RE@(EA( A(]$ :\<A9 "E@G?(X(?_ E1 X:( X?(L :(_ Q( AEX
G%SP4 GM1G)M186 A 00<Q$ A% 9(XX<A9 %<\EQ"( <R ?EX A EGX<EAJ :(A _E[ Q( ?(0X ]<X: EA?_
GPEQ%T R/8 G1# M/%T (R<(Q XE X:<A> E[X X:A XE %E$ "X[??_J ?EE><A9 0EQ ]_R XE @>( X:<A9R (XX(QJ
Q4P% M/% %58M1864
G:%M 8) G%S 8Q%E M/% A% =[RX %](?? 0EQ @E@(AX EA X:( :( Q(RX E0 X:( R[99(RX<EAR <A X:<R
:/TG14 :4%GPE%= @<R(Q_ E0 X:( RXA%Q% QE>(A @QQ<9(# ":GX(Q R:E[?% :(?G$ [X RXQX :(Q(#
9NJ
'$& $&
> 6 4" /,1 66> A% =EX HA% CF G(Q"(AX E0 ]E@(AI ]E[?%
%E]A ?? E0 X:( X:<A9R _E[ ?E\( EQ ?E\(% @QQ_ X:(<Q "[QQ(AX RGE[R( <0 X:(_ :%
E[X _E[Q GQXA(Q$ X:( RE[A% E0 :(Q <X XE %E E\(Q 9<AL A EA?<A( R[Q\(_ ](
?[9:$ :E] 9EE% R:( <R X :(Q =E$ :(Q Q("(AX?_ GERX(% EA
(AR(?X:J"E@
<?<X_ XE G<"> E[X =[RX X:( Q<9:X 9<0XJ A% E@(AR(?X:
9J"E@ R:E](%
>( _E[Q X<@(- "E[G?( E0 %_RJ \E<% X:X TT G(Q"(AX E0 @QQ<(% ]E@(A
]Q<X<A9 %E]A A_X:<A9 A(9X<\($ EA?_ A% T+ G(Q"(AX E0 @QQ<(% @(A "?<@
X:( GER<X<\(R$ X:( X:<A9R _E[ GGQ("<X( XE ( @EQ( <A ?E\( ]<X: X:(<Q RGE[R(R
E[X :(QJ EAPX ?(\( E[X X:( ?<XX?( X:A EA X:( %_ X:(_ ](Q( @QQ<(%J
X:<A9RJ Q<X( <X ?? %E]AJ (??$ ]:X %E _E[ >AE]L
9N&
&
<A0EQ@X<EA E[X E0 0(Q E0 :[QX<A9 _E[Q A9?<R:J ME @XX(Q :E] :Q% _E[ XQ_ XE
GQXA(Q <R GE<REAE[R XE Q(?X<EAR:<GR (^GQ(RR ?E\( <A A9?<R:$ <0 _E[Q RGE[R(
("[R( <X "Q(X(R (@EX<EA? %<RXA"($ [A%(QRXA%R EA?_ :<A(R($ _E[ ]<?? A(\(Q
R_R [9:AJ EX: @(A A% ]E@(A %E [A%(QRXA% :E] XE ?E\( (": EX:(QJN
<X ?? X:( X<@(J XPR ]_ E0 QX<EA?<`<A9 :G@A ](AX X:QE[9: FZ _(QR E0
EA(PR [A]<??<A9A(RR XE %(\EX( X:( X<@( AEX(R 0QE@ :<R "E[AR(?<A9 R(RR<EAR A%
A% (A(Q9_ XE %(? ]<X: X:( "E@G?(^<X_ <%(AX<4(% 4\( X_G(R E0 (@EX<EA? ?A;
E0 :EA(RX "E@@[A<"X<EAJ 9[9(R# [?<X_ <@($ EQ%R E0 2Q@;
M:(A _E[ Q( RXQEA9 (AE[9: XE X<EA$ ("(<\<A9 <0XR$ "XR E0 (Q\<"($ A%
(^GER( _E[QR(?0 A% @>( _E[QR(?0 :_R<"? E[":J :(_ 0EQ@(% X:( R<R
\[?A(Q?($ _E[ R:E] _E[Q GQXA(Q X:( 0EQ :<R EE> ( *C 1C /'B'<
Q(? _E[JN :( (A(4XR E0 R[": :EA(RX_ ]:<": :R RE?% @EQ( X:A R<^ @<??<EA
"A ( ?<0(;?X(Q<A9$ ""EQ%<A9 XE [9:A# "EG<(RJ MA( Q(REA "E[G?(R Q9[( RE
@[": <R X:X X:(_ %EAPX 0((? ?E\(%$N R_R
J )8DJ"CD "":"C 4"P"4 8) 16J15S J/J :G@AJ MA% X:X @>(R X:(<Q %<1(Q;
4" D J8 58C" 4DJ16. JCMDJ= M./6 (A"(R R((@ RE @[": <99(QJN
44D JCMDJ J/" 58DJ 15:8CJ6J "4"5"6J 0 _E[ 0((? @ERX ?E\(% _ :\<A9 R(^
)8C 48P" 6 .88 D"R= HG:_R<"? XE[":I$ A% _E[Q GQXA(Q 0((?R
J 448QD S8MC C"4J186D/1: J8 3"": :" @ERX ?E\(% ]:(A _E[ "?(A X:( :E[R(
Q1J/ J/" /6."D 8MCC16. 16 "/ 8) S8M= H"XR E0 R(Q\<"(I$ X:(A R"Q[<A9 X:( XE<?(X
@_ ( _E[Q R"Q<4"( 0EQ (XX(Q R(^ ?<0(J
J 3"":D /66"4D 8) 855M61J186
8:"6 6 :C8P1 "D 86DJ6J /44"6."D ME\( <R <AX(AX<EA?S <X X>(R ]EQ>$N
J/J 6 " MD" )8C .C8QJ/= R_R :G@AJ XQX _ %E<A9 RE@(
<A\(RX<9X<\( Q(GEQX<A9J R> _E[Q RGE[R( /
J 448QD "/ 8) S8M J8 368Q S8MC0 EQ GQXA(Q ]:X _E[ %E X:X @>(R
D"4P"D J "P"C0 "":"C 4"P"4D 6 MD"
44 8) S8MC C"D8MC"D J8 M14 J/" "DJ :(Q 0((? @ERX ?E\(%J Q <%(AX<0_ _E[Q
C"4J186D/1: :8DD14"= G(QREA? ?E\( ?A9[9(R _ X><A9 A14 G316 1G
:G@APR K[<` XE9(X:(QJ [@(Q X:( 16E%#14T G%6G1M1Q%!
G8 G%6GP4! G%ST
E ?<(J 0E??E]<A9 E^(R <A EQ%(Q E0 <@GEQXA"( %S:48EM186 8) T8PE
]<X: MFN (<A9 ]:X @XX(QR @ERXJ :EM6%ECG )% 6
Q J= "C5 "C 5-L-" [@(QR F A% Z Q( _E[Q GQ<@Q_ A% % Q%ET %E8M1!A GTG
M%:/61% P%/4%E!
:( X:<A9R X:X @>( _E[ 0((? ?E\(% R("EA%Q_ ?E\( ?A9[9(R$ Q(RG("X<\(?_J GT! G%S M/%E:1GM
H?<>( R(^ ]<X: :A%"[1RI "A ( \(Q_ 6# M/% #1E%M8E
%<1(Q(AX 0QE@ ]:X @>(R _E[Q GQXA(Q NN )""4 "D:"144S 48P" Q/"6 D85"86" 8) M/% P%/4%E
"R:C"DD"D /8Q .CJ")M4 J/"S C" )8C 5" 6GM1MPM% 16 EQ16!
0((? ?E\(% H %<@EA% Q"(?(XIJ 41)8E61= @G% T8PE
QQ<9( "E[AR(?EQ A% (RX;R(??<A9 6 J/" D15:4" J/16.D 8= *6.%E0M1:G! 41:G! 8E
[X:EQ Q_ :G@A R_R "E[G?(R E0X(A NN )""4 "D:"144S 48P" Q/"6 :"CD86 M86.P% M8 .%M 16M15M%
R1M/ %/ 8M/%ECG
RG(> %<00(Q(AX (@EX<EA? ?E\( ?A; .1P"D 5" M6 1P1 " JJ"6J186 6 D:"6 D )%G 6# E%M%
9[9(R J J J R %<1(Q(AX R :<A(R( <R 0QE@ J15" 486" Q1J/ 5"= G%SP4 E8PG4=A
9N7
&
NN )""4 "D:"144S 48P" S D85"86" E[X X<@( 0EQ R(^ E0X(A 4A% X:X X:(_ (A%
Q/8 C16.D 5" .1)JD 6 8J/"C J6.14" [G ?EE><A9 0EQ]Q% XE <XJ A% (\(A <0
"R:C"DD186D 8) 48P"= X:(_ Q( XEE [R_ XE ?EE> 0EQ]Q% XE <X$
NN )""4 "D:"144S 48P" Q/"6 D85"86" <0 X:(_ >((G X:X RG("<? @((X<A9 EA X:(
:1J/"D 16 J8 /"4: 5" :"C/:D S "?(A%Q$ X:(_ Q( RE 9?% X:(_ %<%
CM6616. "CC6 D 8C J316. 86 5S /8MD"0 0X(Q]Q%J ( "Q(X<\(J [<?% R(^[?
/84 /8C"D= XQ%<X<EAR <AXE _E[Q _(Q (_EA%
NN )""4 "D:"144S 48P" Q/"6 :"CD86 ?(AX<A(PR _$ _E[Q ](%%<A9 AA<\(Q;
"R:C"DD"D )""416.D )8C 5" J/C8M./ RQ_$ A% X:(QPR A%
EX:(QPR _J
:/SD14 86JJ= R( AA[? RGEQX<A9 (\(AXR R E""R<EAR
XE "(?(QX( A>(%J \( _E[Q E]A GERX
EX <XL G(A% X:( Q(RX E0 X:( ]((> GQ%( EA (AX[">_ (Q_ 0X(QAEEA$
0E"[R<A9 EA @((X<A9 _E[Q GQXA(QPR XEG ]<X: @<AX =[?(GR _ X:( (%R<%( <A "R(
X]E ?E\( A((%RJ A_EA( 9(XR X:<QRX_ <A X:( ">RXQ(X":J
:( Q(R[?XR$ :G@A GQE@<R(R$ ]<?? @( F E0 X:( EQ?% (Q<(R %(R(Q\(R
( %Q@X<"J M :% 9[_ R_ XE @($ R(^[? R?[X(J E] E[X X:( <A?
O
_ ]<0(PR ?A9[9( <R "XR E0 (Q\<"(J 0 E[QL (XX(Q _(X$ @>( <X ]((X FUJ
:% >AE]A X:X X><A9 E[X X:( 9Q9( A ?("X<EA _$ 0EQ X:X @XX(Q$
(0EQ( R:( R>(% @( XE ]R R(^_ XE :(Q$ "(?(QX( %(@E"Q"_ A% @(Q<" _
P% :\( "E@@[A<"X(% X:X ?E\( XE :(Q R:(%%<A9 _E[Q 9Q"( EA (": EX:(QJ
?EA9 9E$PN R_R :G@AJ
A% X:<A> E0 :E] @[": :( @<9:X :\( Q *= ICI 8C":3Q
R\(% EA =(](?Q_J I FJS =4=
[<?%<A9 EA _(RX(Q%_PR "EA"(GX E0
/
Q ,= LI "P 85 G?AA<A9 R(^$ ( <AX(AX<EA? E[X
I." 3"5!C 0EQ(G?_$ XEEJ ME @A 0EQ(G?_ <R
[R_ "E[G?(R @[RX ( <AX(AX<EA? E[X =[RX X:( X:Q(( @<A[X(R (0EQ( <AR(QX<EA$N
R(^ EQ X:(_ ]<?? A(\(Q 9(X QE[A% XE <XJ R_R GR_":E?E9<RX E[AA( Q<`(A%<A($ G% #8P4% #1.1MG=
6G%EM MR8 )6.%EG
:X @(AR R":(%[?<A9 <XJ [Q($ AE EA(
$ [X:EQ E0 (
- ;*/ 16M8 /%E Q.16 6#
]AXR XE R":(%[?( R(^J 0X(Q ??$ <XPR ;,@(;1B'( /;<@/*/' 8:%6 M/%5 P: 16
R[GGER(% XE ( RGEAXA(E[R$ @EX<\X(% 1# 1D
/ / 1F< (*/, A% 0G/:%= @
316.
B85% /%E%C 58M186!
_ G[Q( ?[RXL <9:XJ A X:( @E\<(RJ ( .- ;*/5 M[X 0EQ ]E@A 413% T8P R8P4# )8E
A "E??(9(J A _E[Q %Q(@RJ [X AEX <A 0EQ(G?_ <R (\(Q_X:<A9 X:X :GG(AR M/% 0G:8M! R144
X:( Q(?<X_ E0 XE%_PR ]EQ?% ]<X: X]E Z7 :E[QR (0EQ( R(^JN GM15P4M% M/% E88MG
8) M/% 41M8E1G 16G1#%
]EQ><A9 GQXA(QR A% :E[R(0[? E0 ><%R A EX:(Q ]EQ%R$ 9(XX<A9 <A X:( Q<9:X M/% Q.16 6# E16.
A% <A(]EE% (Q_ "Q XE ]:<XX?( _ 0Q@( E0 @<A% 0EQ 9Q(X R(^ X>(R ?? 86 #1))%E%6M 8E.G51
Q<%_J :XPR Q(?<X_J A% <0 _E[ %EAPX %_ ?EA9 "E@@[A<"X<EA$ R(A%<A9 G%6GM186G!A GTG
1T 6P%E!
:\( 9@( G?A$ _E[P?? (A% [G R<XX<A9 0Q(K[(AX R<9A?R X:X R_$ M P@ X:<A><A9 80PM/8E 8)
EA X:( (A":J E[G?(R ]:E XQ_ "Q\<A9 E[X _E[$N M ]AX XE 9(X "?ER( XE _E[JN "* "+=
9-9
'$& $&
E`(AR E0 ?<XX?( X:<A9R _E[ "A %E XE A%
[@?<A9 X:ER( X:Q(( ?<XX?( ]EQ%R
0EQ _E[Q GQXA(Q ]<?? (A"E[Q9( :(Q XE X:QE[9: @E[X:0[?R E0 "EQA6>(R (\(Q_
X:<A> E0 _E[ <A GER<X<\($ QE@AX<" ]_ @EQA<A9 EQ XERR<A9 X:(@ X X:( (A% E0
X:X "A XQ<99(Q %(R<Q( EA :EQ@EA? (\(Q_ G:EA( "?? %<?[X(R X:(<Q <@GEQ;
?(\(?J (R<%(R$ AX<"<GX<A9 R(^ <R RE@(; XA"( A% <@G"XJ E >((G X:(@ @(A;
X<@(R (\(A :EXX(Q X:A X:( "X <XR(?0J <A90[?# _ M ?E\( _E[N EA?_ ]:(A _E[
Q_ 0(] E0 X:(R(# Q( Q(??_ 0((?<A9 <XJ (XX(Q _(X$ R_ <X <A
A(] A% <AX(Q(RX<A9 ]_RJ EQ (^@G?($
C>C C* J H,C* /41) 0>9 XQ_ "E@G?<@(AX HME[ Q( R(Q<E[R?_
Za;R("EA% :[9 Q(?(R(R X:( :EQ@EA( X:( 9Q(X(RX ]<0( EA QX:NI$ X(Q@ E0
E^_XE"<A$ ]:<": GQE%["(R 0((?<A9R E0 (A%(Q@(AX HMEA(_N EQ M(NI$ EQ
XQ[RX A% XX":@(AX$ ""EQ%<A9 XE RXX(@(AX E0 GGQ("<X<EA HM X ]R RE
Q(R(Q":(QR X X:( A<\(QR<X_ E0 <Q9<A<J X:E[9:X0[? E0 _E[ XE ?(X @( ]X": X:(
E?%<A9 :A%R XQ<99(QR <X$ XEEJ <AXR 9(X "?E(Q(% ?RX A<9:XNIJ :(_
?? R(A% X:( R@( @(RR9( E0 1("X<EA
1 ,>CJ CIC 0??)9 ?<G AEX( ]<X:E[X ("E@<A9 QEX(J
[A%(QA(X: X:( ]<A%R:<(?% ]<G(Q E0 :(Q
"Q R_<A9$ M "APX ]<X XE 9(X @_ :A%R Q F= D" I." .83" 0"3!
?? E\(Q _E[ XEA<9:XJN <(?R(A R[Q\(_ E[Q :E@( GQE?_ :R 4\( EQ
0(] _(QR "> 0E[A% X:X @EQ( X:A @EQ( QEE@R- %<A<A9 QEE@$ ><X":(A$
UT G(Q"(AX E0 [A@QQ<(% X(^X(QR [R( X(^X X:QEE@$ ?<\<A9 QEE@$ :("> RE@(
@(RR9<A9 XE 6<QX$ RE ]:_ %EAPX _E[ (\(A :\( :E@( X:(X(Q QEE@$ Q("
<A\E?\(% 0E?> 9<\( R(^X<A9 XQ_J (A% QEE@$ @[%QEE@J [X AE %(%<"X(% R(^
%Q<A9 MQ%7N EQ <A X:( R[=("X ?<A( QEE@J EX (\(A R(^ AEE>J E ]:_ %E
EQ ME[P\( 9EX @( ]AX<A9 XE J J JN R_R ]( 0((? "E@G(??(% XE :\( R(^ <A =[RX
\EAA( J [?Q<9:X$ [X:EQ E0 B-@;F EA( G?"(-X:( (%QEE@L :_ AEX
EF -, @1 B /F 1C; B<@) [X<?<`( ?? Y$aaa RK[Q( 0((X E0 X:X
/B*/' */'1 / *@*--@*/' @*< X]E;RXEQ_ R[[QA "E?EA<?$ A% X:(
#1;
E*.*G*/' 1B; -<B;5 MR( "A _ X:( GEE?L
X:( 0<QRX ?<A( E0 _E[Q X(^X XE "E@G?(X(
_E[Q R(^_ R[=("X ?<A(JN ,G,1) >440 \( R(^ EA X:( ?<\<A9
QEE@ "E00(( X?( X:( A<9:X (0EQ(
GQX_ X _E[Q :E[R( A% R(( <0 X:X
%E(RAPX Q<A9 A[9:X_ R@<?( XE _E[Q
/ F/ _ M E\( E[N ]<0(PR 0"( %[Q<A9 :EQR %PE([\Q(RJ
\(Q_ _
H F/ (Q?<`<A9 F1>J A X:(
_X9$ %[Q<A9 X:(
((?<A9R :E[?% (
EQ( RG<A "_"?(J \( :(Q R<X EA X:( (%9( E0 X:(
:A
[RX <X @":<A( ]<X: :(Q ?(9R (AX A% 0((X EA
9-O
&
9-N
'$& $&
9--
'$& $&
]:ER( (% ]( R:Q(J E[Q E%_ Q(?(R(R R:E[?% (9<A (Q?_ <A ?<0( (0EQ( ]( 9(X
X:( 49:X EQ 6<9:X :EQ@EA(R %Q(A?<A( <A\E?\(% ]<X: RE@(EA(JN
A% "EQX<RE? <AXE _E[Q ?EE%RXQ(@ A% :<?( "EAXQE??<A9 E[X[QRXR E0 A9(Q
_E[ ("E@( RE G[@G(% [G ]<X: Q<9:; <R [R(0[? Q(?X<EAR:<G R><??$ ?(QA<A9
X(E[R <A%<9AX<EA X:X _E[ @_ (^G?E%( :E] XE Q9[( Q<9:X <R (\(A @EQ( "EA;
A% R_ EQ %E 0EE?<R: X:<A9R X:X "A ( RXQ["X<\(J M XPR AEX X:( Q9[<A9 X:X ><??R
\(Q_ :[QX0[? XE Q(?X<EAR:<GR A% @_ @QQ<9(RS <XPR X:( Q9[<A9 RX_?($N R_R
X>( %_R$ ]((>R$ (\(A _(QR XE @(A%J
E:A EXX@A$ :$ X:( [X:EQ E0
M G(Q"(<\(% <A=[RX<"( <R XRX_ (F
;;*'< B 1; *- /
?EE><A9 <X EA X:( 4R: :EE> E0 A9(Q$N 1D 1B /
, 1B;< <@5
>(
R_R E(QX ??A$ :$ "?<A<"? R[Q( _E[ :\( 4\( GER<X<\( <AX(Q"X<EAR
GR_":E?E9<RX A% [X:EQ E0 @@*/' 0EQ (\(Q_ 49:XJ @QX Q9[<A9 "A (\(A
1/@;1- 1# 1B; /';J M X "A ( :(?G0[? @>( X:( :(QX 9QE] 0EA%(QJ
XE Q("E9A<`( Q(REAR 0EQ A9(Q R <X(% X[%<(R :\( R:E]A X:X GQXA(QR "A
0<R::EE>R A% Q(?<`( X:X ]:(A ]( <X($ %Q] "?ER(Q XE9(X:(Q %[Q<A9 R<9A<4"AX
]( ?ER( E[Q 0Q((%E@JN Q9[@(AXR ]:(A X:( \E??(_ <R "EARXQ[";
:X XE %E ]:(A _E[ 0((? A9(Q X<\( A% %(@EARXQX(R :E] @[": (":
](??<A9 [G <AR<%( _E[L EAPX X>( X:( GQXA(Q \?[(R X:( EX:(QPR EG<A<EAJ
<X A% ?(X ?EER(J M:( (@EX<EA??_ :X Q(R[?X "E@(R 0QE@ ":EER<A9 ]EQ%R
<AX(??<9(AX 0<R: R]<@R EA _ X:( :EE>R$N "Q(0[??_ A% [A%(QRXA%<A9 X:( QX
R_R ??AJ MR X:( R<^X((AX: "(AX[Q_ E0 A(9EX<X<EAJ EAR<%(Q ?EA9;X(Q@
G:<?EREG:(Q
EAX<9A( R<%$ OX:(Q( <R <A\(RX<9X<EA E0 F57 @QQ<(% "E[G?(R
AE GRR<EA X:X RE R:>(R X:( "?Q<X_ E0 Q(GEQX(% <A X:( =E[QA? <F(1-1'F /
E[Q =[%9@(AX R A9(QJP :<A9R XQ[?_ '*/' X:X (^@<A(% X:(<Q "EA\(QRX<EA
R((@ %<1(Q(AX EA"( ]( :\( K[<(X(% A% RX_?(R _ @EA<XEQ<A9 G:_R<E?E9<"?
"EE?(% %E]AJN Q(RGEAR(R ]<X: :(QX QX( @EA<XEQR A%
:E@R
(1(QREA %\<R(% G[R<A9 \<%(E "@(QRJ [Q<A9 Q9[@(AXR$ X:(
Fa R("EA%R (0EQ( Q(RGEA%<A9 <0 _E[ Q( Q(R(Q": 0E[A%$ "E[G?(R ]:E @EQ(
A9Q_$ Faa <0 _E[ Q( \(Q_ A9Q_J EX EA?_ E0X(A [R(% X:( GQEAE[AR M]($N ME[Q$N
"A X:X RXQX(9_ <@GQE\( _E[Q ?E\( ?<0(S A% M[RN X(A%(% XE ( "?@(Q A% @EQ(
<X @_ R\( _E[Q ?<0(J ?Q9( "?<A<"? XQ<? (@EX<EA??_ GER<X<\( X:A "E[G?(R ]:E
0EQ XQ(X<A9 X_G(; (:\<EQ "??(% X:( [R(% @EQ( <A%<\<%[? GQEAE[AR R[":
("[QQ(AX EQEAQ_ Q(\(AX<EA QE=("X$ R M $N M@($N A% M_E[JN
%6 :%E%6M 8) ]:<": Q(%["(% R("EA% :(QX XX"> QX(R M:<R <R E[Q GQE?(@$N <R EA( E0 X:(
5%E16G E8PM16%4T
168E:8EM% M8TG 16M8 _ 77 G(Q"(AX$ QX(% Q("E9A<`<A9 X:( @ERX (1("X<\( X:<A9R _E[ "A R_ XE
M/%1E 48Q%5316.= :EE> E0 A9(Q R X:( R<A9?( @ERX (1("X<\( _E[Q RGE[R( <A "EA0?<"X$ ""EQ%<A9
;1: ) T8P 5%6M186 XEE? 0EQ "EAXQE??<A9 %@9<A9 E[X[QRXRJ XE (AA(X: <?\(RXQ<$ :$ GR_":E;
M/1G M8 T8PE :EM6%E!
#86CM PG% M/% R8E# MA9(Q @A9(@(AX <R ?<>( XE<?(X X:(QG<RX <A (]
(QR(_J M X G[XR _E[
@168E:8EM%=A< XQ<A<A9$N R_R ??A$ MRE@(X:<A9 ]( EA "E@@EA 9QE[A%JN
9-J
&
<?\(RXQ< <R ?? E[X ":<(\<A9 @><A9 E[X A% GQ(RR :(Q "> [G
:Q@EA_$ :\<A9 GQ"X<"(% <><%E 9<ARX X:( ><X":(A "<A(XRJ :(A
0EQ Za _(QRJ ( (?<(\(R X:( @QX<? R:( @(?XR <AXE _E[Q Q@R$ G[R: [G :(Q
QXPR GQ<A"<G? E0 Q(%<Q("X<A9 X:( R><QX A% ?<0X :(Q EAXE X:( "E[AX(QJ
(A(Q9_ E0 A XX"> X:QE[9: 9Q"(0[? (@(@(Q$ _E[PQ( AEX (<A9 QE[9:J
?(A%<A9 @E\(@(AXR X:X Q<A9 _E[Q E[PQ( (<A9 %<Q("X <A 9(AX?(@A?_
EGGEA(AX <AXE _E[Q QA9( E0 <A6[(A"( <R ]_J :<A>
@(R EA% <A E?%4A9(QJ
X:( <%(? RXQX(9_ 0EQ @Q<X? RGQQ<A9J
M 0 _E[ G[R: :Q% 9<ARX RE@(EA($ Q 99= C" 8LC
X:(_ ]<?? G[R: "> =[RX R :Q%J <><%E 5ID (
X(":(R X:X _E[ @[RX _<(?% XE ]<AJ A >( >_><A9 "E[QR(J E QE"> "?<@;
@QQ<9($ "><A9 %E]A E1(QR R<9AR E0 <A9 XE9(X:(QJ <%( QE??(Q "ERX(Q
GGQ("<X<EA 0EQ _E[Q GQXA(QPR 0((?<A9RJ 0EQ (XX(Q R(^L (X Q<R>_ X:(A 9(X 0Q<R>_J
X "Q(X(R GER<X<\( \E??(_ X:X ?(%R XE MQ_<A9 RE@(X:<A9 A(] EQ (^"<X<A9
]<A;]<A$N R_R <?\(RXQ<J (0EQ( R(^ %(?<\(QR [QRX E0 %EG@<A($
":(@<"? X:X "X<\X(R X:( G?(R[Q(
Q 9S= 518Q L020" "(AX(QR E0 _E[Q Q<A$N R_R <? ?X`$
E@(A %EAPX ?]_R A((% Fa EQ Za
$ [X:EQ E0 ( *22- $@
@<A[X(R E0 0EQ(G?_ XE (A=E_ 9Q(X R(^J 1D @@; E / @1 @@;
X[%<(R G[?<R:(% <A X:(
1B;/- 1# *#5 :( Q<A ":(@<"? ?RE <A6[(A"(R
EB-
**/ 0E[A% X:X <0 ]E@(A XXQ"X<EA$ R EA( RX[%_ X X:( A<\(QR<X_
<9AEQ( E[XR<%( %<RXQ"X<EAR H><%R$ R E0 (^R X [RX<A %(@EARXQX(%J
?Q<A9$ ?">(QQ<(R :[@@<A9I X:(_ (R(Q":(QR 0QE@ X:(
(RXEA (^[?
"A RXQX XE ("E@( QE[R(% <A =[RX R_":EG:_R<E?E9_ EQXEQ_ X X:(
Ya R("EA%RJ :( :(QX;GE[A%<A9 %Q(A; A<\(QR<X_ E0 (^R <A [RX<A \<R<X(%
?<A( E0 RGEAXA(E[R R(^ "A ( :[9( X:(@( GQ> A% R>(% ]E@(A X:(Q(
(QEX<" Q[R: 0EQ :(Q R ](?? R _E[J [<"><( XE QX( X:( XXQ"X<\(A(RR E0 A \(Q9(
R(^ "A Q(R[QQ("X X:( 0((?<A9R E0 X:( (Q?_ ?EE><A9 9[_J :(_ R:E](% X:( ]E@(A
%_R E0 _E[Q "E[QXR:<G ]:(A _E[ %<% <X G:EXE9QG: E0 X:( @A A% R>(%
(\(Q_]:(Q( _E[ :% X:( EGGEQX[A<X_J X:(@ XE 9[9( :E] @[": X:(_ ]E[?% ?<>(
(%<R"E\(Q X:( =E_R E0 %Q_ :[@G<A9$ XE ><RR :<@ EQ %X( :<@J E@( ]E@(A
<%(? 0EQ ]:(A _E[ Q( ?_<A9 EA X:( "E[": ](Q( K[(RX<EA(% ]:<?( RXA%<A9 <A ?<A(
]X":<A9 J [Q<A9 "E@@(Q"<? 0EQ QE??(Q "ERX(Q Q<%(S EX:(QR ](Q(
Q(>$ QE?? EA XEG E0 :(Q A% XQ9(X :(Q K[(RX<EA(% Q<9:X 0X(Q X:(_ 9EX E1 X:(
A("> ]<X: _E[Q @E[X: ]:<?( R?E]?_ Q<%(J X X[QA(% E[X X:X X:ER( ]:EP% =[RX
9Q<A%<A9 _E[Q "QEX": 9<ARX :(QR [AX<? "E@( E1 X:( "ERX(Q$ =">(% EA %Q(A;
R:( <R Q(":<A9 0EQ _E[Q `<GG(QJ Q ]:<?( ?<A($ QX(% :<@ R @[": @EQ( %X(?(
_E[PQ( EX: @><A9 %<AA(Q$ ?(A <A 0EQ A% ><RR?( X:A %<% X:( ]E@(A
?EA9$ ](X$ QE@AX<" ><RRJ EAX<A[( ]:E ](Q( RX<?? ]<X<A9 <A ?<A(J
9-I
'$& $&
Q 9K= 5"! . I."C RXQE><A9 X:<9:R$ 0EQ (^@G?($ @E\( EA(
XA% [GJ EE> %E]AJ E[ ]<?? R(( G?@ ]_ 0QE@ _E[ R _E[ R?<%( <X
E%_ GQX E0 @`<A9 (QEX<" <?<X_ =[RX 0EQ]Q%$ A% @E\( X:( EX:(Q XE]Q% _E[J
(?E] ]<RX ?(\(?-_E[Q :A%RJ R( X:(@
XE @RR9( _E[Q @X(S @RR9( <R (9 4// J4F> C*F0?9 :<R <R (RX 0EQ
QE@A"( _E[ "A EX: GGQ("<X( (\(A <0 ]EQ><A9 EA X(AR<EA >AEXRJ R( _E[Q
<X %E(RAPX ?(% XE R(^J XQX ]<X: 9EE% X:[@R$ EA( 0X(Q X:( EX:(Q$ XE GQ(RR <AXE
@RR9( E<? R[": R (?PR Q% (@(%<(R X:( 6(R:$ RE@(X<@(R @E\<A9 "<Q"[?Q?_
<A9(Q A%
[A<G(Q Q@<A9 <? H'F5 0EQ A% EX:(Q X<@(R =[RX :E?%<A9 GQ(RR[Q( EA
FJT 6[<% E[A"(R$ A(?R_Q%Q(@(%<(RJ"E@I EA( GE<AXJ (A _E[Q ](<9:X <AXE <XJ
EQ X[QEGX:<" QA<"
[R"?( A%
E<AX
RR9( A% E%_ <? H'Z+ 0EQ &9 )1>4F?9 EAPX 0EQ9(X X:( E%_
7 6[<% E[A"(R$ AX[QEGX:<"J"E@IJ \E<% GQXR X:X QQ(?_ 9(X XE[":(%$ R[": R
@<A(Q? EQ _ E<?R ("[R( X:(_ Q( X:( ">R E0 X:( Q@R A% >A((R$ 0((X$
REQ(% XEE K[<">?_ <AXE X:( R><AJ EAPX 4A9(QR$ A% R"?GJ
0EQ9(X XE Q[ _E[Q :A%R XE9(X:(Q XE ]Q@
X:(@ (0EQ( GG?_<A9 X:( @RR9( E<? A% Q 9J= I. 5 C8I0
G(Q0EQ@<A9 X:( 0E??E]<A9 X(":A<K[(R# 034 8-"I."C
X":<A9 EX:(Q G(EG?( :\( R(^-(\(A
59 C>4. C4H> C* *>C9 :X @(AR \<(]<A9 :EX R"(A( <A A ;QX(%
]:(A _E[PQ( ]EQ><A9 EA :(Q ?(9R$ RXQE>( 6<">-"A XQ<99(Q ?[RX_ X:E[9:XR E[X
[G]Q%J A X:( Q@R$ RXQE>( %E]A]Q%J _E[Q GQXA(Q A% RG<"( [G _E[Q R(^ ?<0($
(RG("<??_ ]:(A _E[ \<(] <X XE9(X:(Q$ R_
E9 ? H,C* $F>)9 :( Q(A": Q( @A_ R(^ X:(QG<RXRJ A% ]:<?( @EQ(
(^G(QXR X @EQ( X:A Q(XQ(X<A9J :(_ @(A ]X": GEQA X:A ]E@(A %E$ @A_
>AE] X:(<Q @RR9(J 3([Q9( <R ]E@(A %E 4A% X:X R(^[??_ (^G?<"<X
R<@G?( ?EER(A;[G RXQE>(J <9:X$ ?EA9$ @X(Q<? <R ]_ XE RX<R0_ X:(<Q AX[Q?
A% Q:_X:@<"$ <X 9(A(Q??_ Q[AR ]<X: :[@A "[Q<ER<X_ E[X R(^$ :E] E%<(R
X:( 9Q<A E0 X:( @[R"?(J A X:( ?(9R$ 0EQ ?EE> QE[R(%$ A% ]:X EX:(QR %E <A (%J
(^@G?($ [R( _E[Q "[GG(% G?@R A% RX[%_ _ X:( A<\(QR<X_ E0 (A\(Q
9(AX?_ 9?<%( [G]Q%J A X:( ">$ 6XX(A (AX(Q 0EQ
Q<X? A% @<?_ X[%<(R
_E[Q :A%R A% QE%(A _E[Q RXQE>(RJ A?_`(% X:( RRE"<X<EA (X]((A \<(]<A9
R(^[??_ (^G?<"<X 4?@R A% Q(?X<EAR:<G
D9 /J H,C* 6C>,??)9 :<R "<Q"[?Q K[?<X_ <A QA%E@ R@G?( E0 F$ZCF
RXQE>( <R %(R<9A(% XE RK[((`( X:( @[R; [A@QQ<(% G(EG?( <A QE@AX<" Q(?X<EA;
"?(R A% ]Q<A9 E[X X(AR<EA 0QE@ X:( R:<GRJ :<?( @(A X(A% XE ]X": GEQA
R:E[?%(QR$ [GG(Q Q@R$ ?(9R$ A% [X; ?EA( HTT G(Q"(AXI$ X:( RX[%_ 0E[A% X:X
XE">RJ R( EX: :A%R XE ]EQ> X:( @EQ( ]E@(A ]X": GEQA ]<X: X:(<Q
@[R"?(R <A EGGER<X( %<Q("X<EAR# :(A GQXA(QR X:A _ X:(@R(?\(R H7U G(Q"(AX
9-&
&
\(QR[R YZ G(Q"(AXIJ :( Q(R(Q":(QR ?RE EQ :(% XE X:( %[?X \<%(E RXEQ($ :\(
?EE>(% X @(R[Q(R E0 "E@@[A<"X<EA$ X?>J (RR[Q( :(Q X:X _E[ Q( :GG_
Q(?X<EAR:<G RXQ(A9X:$ "E@@<X@(AX$ A% ]<X: _E[Q Q(?X<EAR:<G A% R(^ ?<0($ [X
R(^[? RX<R0"X<EAJ M( 0E[A% X:X ]AX XE XQ_ RE@(X:<A9 A(] 0EQ <ARG<Q;
"E[G?(R ]:E \<(] R(^_ @E\<(R XE9(X:(Q X<EA X:X _E[ EX: "A (A=E_ XE9(X:(QJ
Q( @EQ( %(%<"X(% XE (": EX:(Q A% ?> E[X ]:X ><A% E0 4?@ _E[P% EX:
@EQ( R(^[??_ RX<R4(% X:A X:ER( ]:E ?<>( XE R((J 0X(Q ??$ _E[ ]E[?%APX 9E XE
]X": X:(@ ?EA($N R_R RX[%_ [X:EQ X:( @[?X<G?(^ ]<X:E[X X?><A9 E[X <X
@A%
%%E^J :( EA?_ %<00(Q(A"( 4QRXJ E@(A X(A% XE ( @EQ( QE[R(% _
(X]((A G(EG?( ]:E Q(GEQX(% A(\(Q 4?@R X:X :\( 9EE% QE@AX<" G?EX
]X":<A9 (QEX<" A% X:ER( ]:E \<(] <X X:X X>(R <XR R]((X X<@( XE (R( <AXE X:(
EA?_ ]<X: X:(<Q GQXA(QR ]R X:X X:( GEQA R(^ R"(A(R$ A% <A"?[%(R ?EX E0 0EQ(G?_J
X((XEX?(QR :% ?E](Q QX(R E0 <A4%(?<X_J <0X_;R<^ G(Q"(AX E0 ]E@(A R_ R((<A9
QE@ G[Q(?_ G:_R<E?E9<" RXA%GE<AX$ @EQ( Q(9[?Q EQ Q(?<RX<";?EE><A9 0(@?(
]E@(A A% @(A GG(Q XE ( (K[??_ E%<(R <A 4?@R ]E[?% @>( ]X":<A9
RX<@[?X(% _ GEQAJ ZaaU RX[%_ X
"<?? GEQA @EQ( (A=E_?( 0EQ X:(@J E$ ?EE>
A<\(QR<X_ 0E[A% X:X EX: @(A A% 0EQ 4?@R X:X [R( ]<%( A9?(R QX:(Q X:A
]E@(A RXQX(% %<RG?_<A9 QE[R? ]<X:<A 9(A<X? "?ER(;[GR$ ("[R( 0[?? E%<(R HA%
Ya R("EA%R E0 X[QA<A9 EA X:( \<%(E G?_(QJ 0"(R <A GQX<"[?QI :(?G ]E@(A <%(AX<0_
[X X:X %E(RAPX @(A "[<A9 [G D; ]<X: A% 0((? ?<>( X:( X[QA(%;EA ]E@(A <A
/*<(/< ]<?? ( (\(Q_EA(PR "[G E0 X(J X:( \<%(EJ :ER( ><A%R E0 4?@R X(A% XE (
RX(R <A (QEX<" %<1(QJ A% X:(Q( Q( @%( _ ]E@(A %<Q("XEQRJ :("> E[X
GR_":E?E9<"? %E]AR<%(R XE ](<9:J
A_ EQA@E\<(R0EQ]E@(AJ"E@ 0EQ @E\<(R _
@(A A% ]E@(A 4A% GEQA X(QQ<?_ A%<% E_??($ AA GA$ A% AA<(
%(9Q%<A9 XE ]E@(A A% :[9( X[QAE1J GQ<A>?(J Q XQ_ E@RXE"> <?@R$ ]:<":
]E@A @_ 0((? X:Q(X(A(% <0 :(Q 0(X[Q(R R(^ (X]((A "X[? "E[G?(RJ ?RE
GQXA(Q X[QAR EA GEQA \<%(E H@ AEX "EAR<%(Q 4?@R ?<>( ( -'/@ 2/,*/'
GQ(XX_ (AE[9:L @ AEX %E<A9 <X Q<9:XLIJ EQ *-,/ -C< _
Q< (XX_$ ]:<":
X":<A9 GEQA "A @>( EX: ]E@(A 0(X[Q( ?(R<A R(^ A% ?EE> ?<>( FCZaR
A% @(A 0((? <A%(K[X( <0 X:(_ %EAPX AE<Q 4?@R ]<X: R?E]$ X(R<A9 R(^ R"(A(R
RX"> [G XE X:( ?(A$ @[R"[?Q E%<(R$ X:X ]E@(A @_ 4A% QE[R<A9J
A% ?Q9( Q(RXR A% G(A<R(RJ
(@(@(Q$ E%_ <@9( :R A (AEQ; Q 9,= "84" IC5-"C
@E[R <@G"X EA ]E@APR "E@0EQX E _E[ Q(?<`( :E] %<1(Q(AX _E[ ("@(
?(\(?J <?? _E[V_E[Q GQXA(Q 9(X XEE 0X(Q _E[ 9EX @QQ<(%L Q<X( %E]A ?<RX
"[9:X [G <A E%_ "E@GQ<REAR XE (A=E_ E0 Fa X:<A9R _E[ [R(% XE ?E\( XE %E (0EQ(
X:( \<R[?RL A%$ E0 "E[QR($ ?EX E0 GEQA _E[ 9EX :<X":(%J E] @A_ E0 X:ER(
<R =[RX G?<A :E>(_J "X<\<X<(R X:X @%( [G _E[Q "EQ( (<A9
E$ (0EQ( _E[ :[AX 0EQ GEQA ](R<X(R Q( _E[ RX<?? %E<A9L 0 _E[ Q( ?<>( @A_
9-7
'$& $&
G(EG?( <A ?EA9;X(Q@ Q(?X<EAR:<GR$ _E[P\( A% X><A9 E\(Q XE 9<\( :(Q 0Q((%E@
"[X <9 GQX E0 ]:X @%( _E[ 0((? XE Q(<A\(AX :(QR(?0$ X:XPR ]:X @>(R
\<X?-]:X XXQ"X(% _E[Q GQXA(Q XE ]E@(A 0((? ?E\(%JN
_E[ <A X:( 0<QRX G?"(-Q<9:X E[X E0 _E[Q MR "E[G?(R 9(X XE >AE] (": EX:(QPR
?<0(J :_ AEX 0<?? [G X:( X<Q(R EA _E[Q E%<(R$ X:(Q(PR Q(?<<?<X_ <A R(^[?
E?% QE% <>(L 0 _E[ %EAPX :\( X:( X<@( Q(RGEAR($N R_R \EAA( J [?Q<9:X$
XE 9(X "> <AXE 9E?0 EQ X:( R(AR( E0 :$ 1./:< -@( "E?[@A<RX A%
%\(AX[Q( XE RXQX Q<\(Q Q[AA<A9 9<A$ [X:EQJ @<?<Q<X_ ?RE "A Q((%
49[Q( E[X RE@(X:<A9 A(] XE Q(<A\(AX %((G(Q <AX<@"_ A% 9Q(X(Q ]<??<A9A(RR
_E[QR(?0J E[P?? <@@(%<X(?_ EERX _E[Q XE (^G?EQ( A(] X(QQ<XEQ_ XE9(X:(Q-X]E
XXQ"X<\(A(RR XE _E[Q @X( ("[R( X:( X:<A9R X:X Q( R[Q( XE >((G _E[ EX:
A(]A(RR ]<?? X<">?( X:ER( Q(R E0 :<R EQ (^XQ(@(?_ RX<R0<(% 0EQ _(QR XE "E@(J
:(Q Q<A X:X 9(X E1 EA AE\(?X_J
(A Q( X_G<"??_ (XX(Q X X:<R Q(<A\(A; Q 9*= 4:38Q 84" 8QD
X<EA 9@( X:A ]E@(A Q(J :XPR ]:_ R<A9 \<QXEQ$ %<?%E$ "E"> Q<A9$ A?
<XPR "Q["<? 0EQ :[RA%R XE %E (\(Q_X:<A9 XE_$ "?<XEQ? G[@G$ EQ EX:(Q XE_R %[Q<A9
<A X:(<Q GE](Q XE :(?G X:(<Q ]<\(R 9QE] R(^ "A (A:A"( X:( (AX<Q( (^G(Q<(A"(-
X:(<Q <AX(Q(RXR A% (^G?EQ( X:(<Q GRR<EARJ <0 _E[ 0((? "E@0EQX?( [R<A9 X:(@J
A_
@(Q<"AR %EJ X[%<(R _ Q(R(Q":(QR X
X:( (AX(Q 0EQ (^[? (?X: QE@EX<EA
X A<\(QR<X_ E0 A%<A AEX EA?_ 0E[A%
/ F/ :( (^ (XR X:X 5Y G(Q"(AX E0 ]E@(A A% 75 G(Q"(AX
(XX(Q \(Q <@( E0 @(A :\( [R(% \<QXEQR %[Q<A9 R(^$
H F/ :( (^ (XR [X X:X X:ER( ]:E [R(% X:(@ Q(GEQX(%
(XX(Q \(Q <@(- 0 E[ @EQ( GER<X<\( R(^[? 0[A"X<EAJ
(?G <X (X (XX(Q (Q( Q( RE@( E0 X:( @ERX GEG[?Q
R(^ XE_R 0EQ ]E@(A A% X<GR _E[ "A
ME@(A \E?[AXQ<?_ @>( @EQ( 9?(A _ 9(XX<A9 <A EA X:( "X<EA#
R"Q<4"(R A% ""E@@E%X<EAR <A
@QQ<9($ (RG("<??_ <0 X:(Q( Q( ":<?%Q(A$N -# 2@@/ "/2"6<
R_R [9:AJ M\(AX[??_ X:X "A 0(RX(Q A?<>( GEQA "XQ(RR(R$ @ERX ]E@(A
<AXE Q(R(AX@(AX XE]Q% :(Q :[RA%$ 4QRX 0E"[R X:(R( @?( RXA%;<AR EA X:(<Q
]:E R:( R((R R (<A9 R(?0;"(AX(Q(%JN "?<XEQ<R$ G(A(XQX<A9 EA?_ R "?<@^
A"E[Q9<A9 :(Q XE 9(X R<XX(Q RE A(QR$ R_R <R ]?(RR$ :$ "E0E[A%(Q
R:( "A 9E E[X ]<X: 0Q<(A%R %E(RAPX 6_ E0 X:( X<EA? RRE"<X<EA 0EQ (^[?
]<X: ]E@(AJ :XPR AEX RE?[X<EAJ ]Q(A(RR A% @GE](Q@(AXJ
M:X =[RX [<?%R @EQ( Q(R(AX@(AX$N R_R * /??41 :( G(A<R <RAPX =[RX 0EQ
[9:AJ ME[ Q( (K[? G(EG?($ (K[? G(A(XQX<EAJ R( <X XE RXQE>( X:( E[X(Q
GQ(AXRJ RX?<R:<A9 (K[<X?( %[X<(R ?< A% "?<XEQ<R %[Q<A9 0EQ(G?_$ R_R
9+V
&
<\<(AA( RR$ :$ [X:EQ E0 ( -B<*C _E[Q 4A9(Q EQ XEA9[(J [<?% XE]Q%
;'<.5 _QX<A9 ?EA9 X:(R( G?(R[Q( "?<@^$ <ARX(% E0 QG<%?_ ":A9<A9
GE<AXR ]:<?( RX(%<?_ <A"Q(R<A9 GQ(RR[Q( X(":A<K[(R A% <AX(AR<X_J
]<?? G[R: :(Q %(R<Q( XE X:( X<GG<A9 GE<AX$
RE EA"( _E[ G(A(XQX($ _E[P?? %(?<\(Q Q 9F= LC5 "C 85
EQ9R@;<A%["<A9 X:Q[RXRJ 05 I." 0I."5
E$ AEX X:X ]_$ [X _ @><A9 %<AA(Q
-# .@86F @F/3I2F6?; A% %E<A9 X:( %<R:(R 0X(Q]Q%J
:(R( <ARXQ[@(AXR E0 G?(R[Q( XQ9(X ("E9A<`<A9 ?? R:( %E(R A% 9<\<A9 :(Q
X:( RGEA9_$ R(AR<X<\( Q( <A :(Q [GG(Q ](??;%(R(Q\(% Q(> <R EA( E0 X:( @ERX
\9<A? ]??$ Z <A":(R 0QE@ X:( EG(A<A9J ?E\<A9 X:<A9R 9[_ "A %EJ A% <X ]<??
* /??41 ;RGEX HR EGGER(% XE ]EQ> <A _E[Q 0\EQ$ XEE$ _ (?<@<AX<A9
"?<XEQ?I EQ9R@R "E@( 0QE@ RXQX(9<" X:( RXQ(RR(R X:X RX<0?( :(Q R(^[?
GQ(RR[Q($ AEX R<`(J M:ER( :[9($ @A; X:E[9:XR A% @EX<\X<EAJ ME@(A A((%
@%( @(@(QR Q(APX ]:X R:(PR :<%<A9 "(QX<A "EAX(^X <A G?"( (0EQ( X:(_
[A%(Q X:( @XXQ(RR$N R_R ]?(RRJ "A 0E"[R EA 0((?<A9 R(^[? A% Q("E9A<`(
E G[X GQ(RR[Q( EA X:<R R(AR<X<\( Q( %(R<Q($N R_R R(^[? (:\<EQ<RX QEE>(
]<X: (": X:Q[RX$ @A R:E[?% (AX(Q (?$ :$ A RR<RXAX GQE0(RREQ E0
]E@A ]:(A R:(PR EA :(Q ">$ "?<A<"? GR_":E?E9_ X X:( A<\(QR<X_
]<X: :(Q >A((R Q(RX<A9 EA :(Q ":(RXJ E0 :( QR(Q ??(_J
(@(@(Q X:X$ [A?<>( _E[$ ]E@A
-# /F M/?F6?< <R AEX 9E<A9 XE ( <AX(Q(RX(% <A R(^ <0
<X: X]E \<QX<A9 G(X?R R:G(% ?<>( R:(PR (^:[RX(%$ RXQ(RR(%$ A% :R ?EX
R(X E0 :Q(PR (QR$ X:<R [9R;<ARG<Q(% EA :(Q @<A%J :( A((%R XE 0((? Q(?^(%$
XE_ Q[R EX: R<%(R E0 :(Q "?<XEQ<RJ %@<Q(%$ A% ?E\(%J M(<A9 Q(RGEAR<\(
* /??41 (AX?_ RX<@[?X( X:( "?<XEQ<R XE _E[Q GQXA(QPR AEA;R(^[? A((%R <R
0QE@ ?? R<%(RJ <QRX$ [R( _E[Q <A%(^ A% RE <@GEQXAX ("[R( <X R<9A?R X:X _E[
Q<A9 4A9(QR XE Q[ X:( R<%(RJ :(A R<@[?; Q( Q(??_ "EA"(QA(% ]<X: :(Q ](?0Q($N
XA(E[R?_ RXQE>( X:( XEG E0 :(Q "?<XEQ<R R_R R(^ A% Q(?X<EAR:<GR Q(R(Q":(Q
]<X: @<%%?( 4A9(Q$ "E@G?(X<A9 X:( [QX <QA[@$ :$
":EQ[R X:X ]<?? R(A% :(Q E\(Q X:( (%9(J E0 X:( AX(Q%<R"<G?<AQ_ (AX(Q (Q`?<_
<A RQ(?J R( XE[": ]<X:E[X R(^[?
-# 2@@/ M/?F6?< @EX<\( XE (A%EQR( :(Q$ "Q(RR$ ><RR$
:<R @[?X<RG((% @RR9(Q ?(XR :(Q 0E"[R X(A%(Q XGJ E[": "EAA("XR (@EX<EA;
EA :(Q @ERX A(Q\(;Q<": (QE9(AE[R RGEX$ ??_ @[": %((G(Q ]:(A <X <R R(X 0Q(( 0QE@
X:( "?<XEQ<R$ R <AX(AR<X_ <A"Q(R(RJ X:( ?<A> XE R(^J [X X:( \?<%X<EA <X
* /??41 ?<XX?( ":A9( <R 9EE%S XEE E1(QR <R =[RX X:( ><A% E0 X:<A9 X:X X[QAR
@[": "A "GR<`( A EQ9R@J ?]_R ><XX(AR <AXE X<9(QR$ EA"( X:( ><%R 9E
RXQX R?E]$ ]<X: 9(AX?($ QE% RXQE>(R E0 E[XR<%( XE G?_J
9+9
&
8N" 0'ID
E[ "A [<?% (XX(Q Q(?X<EAR:<G =[RX R _E[ "A [<?% RXQ(A9X: ]<X: "E[G?( E0
%[@(??RJ (Q(PR ]((>?_ XQ<A<A9 G?A X:XP?? G[@G [G _E[Q ?E\( ?<0(J (R<9A(%
_
E:A EXX@A$ :$ <XPR R(% EA :<R Q(R(Q": X X:( E\( X X:( EXX@A
ARX<X[X(J X X>(R ?(RR X:A 5 :E[QR ]((> A% _E[ "A (^G("X XE RXQX R((<A9
Q(R[?XR ]<X:<A Z ]((>RJ
9+N
9+-
.:I"C$
*
$&$ #
-) ),')' '*)'!
')
.'
" ."C
X:X "@(? Q<%( <R EA( E0 X:( R(^<(RX X:<A9R
"E[G?( "A %E XE9(X:(QJ
EX <AXE XQ\(?<A9 X:( %(R(QX EA X:( ">R
E0 R](X_ (RXRL :XPR 4A(J ("[R( X:(
"@(? Q<%( <R R(^ GER<X<EAJ E[ @<9:X "??
X:( @E\( RE@(X:<A9 "E@G?(X(?_ %<1(Q(AX
<A _E[Q (%QEE@$ [X <X 9\( EA( 1./:<
-@( Q(%(Q :(Q 4QRX E2"<? E%_;
K[<\(Q<A9$ AE;XX(Q<(R;Q(K[<Q(% EQ9R@J
M X J J J ]R J J J J J J @`<A9$N R:( R_RJ
M
_ E_0Q<(A% :Q?<( ]R EA XEG A% X:(A
:( R]<X":(% GER<X<EARJ ( %<% X:<R X:<A9 ]<X:
:<R _E[;>AE];]:X A% <X ]R ?<>( ]\(R
E0 ?<XX?( Q<GG?(R X:X >(GX "E@<A9 0RX(Q A%
9+J
$&$ #
0RX(QJ ]R X<A9?<A9 (\(Q_]:(Q( 0QE@ R_R (<( (Q(A<">$ :$ Q(R(Q":
?<XX?( (^G?ER<EAR A% X:(A-E: @_ R"<(AX<RX X A%<A A<\(QR<X_PR (AX(Q
E%-<X ]R ?<>( ]Q@ ]X(Q ??EEA 0EQ (^[? (?X: QE@EX<EA$ A% R(^
[QRX <AR<%( @(JN "E?[@A<RX 0EQ
/:< -@(J
:(]/ <>( ]( R<%$ :EXJ H(( :( A EX:(Q ]EQ%R$ 9E :(% A% XQ_ X:(
@(? <%($ J>JJ :( Q(X`(? <G$ <?X;;:<Q? EQ X:( (\(QR( ?_<A9 Q<(X
G9( FUTJI 0EQ 0[A A% \Q<(X_ [X Q(@(@(Q X:X
:(A _E[ :\( R(^ X:( R@( ]_$ R(^ R:E[?%APX Q(R(@?( <QK[( %[
<A X:( R@( G?"( A% GER<X<EA$ R@( E?(<? [%<X<EAJ EE @[": "EAXEQX<A9 "A
@@@@R A% 9Q[AXR$ 9E<A9 X:QE[9: ">4Q(J MA?<>( @(A$ ]E@(A "A ?ER(
X:( R@( 0EQ(G?_ R(K[(A"( X<@( 0X(Q A EQ9R@ ?@ERX <A X:( @<%RX E0 :\<A9
X<@($ R(^ "A ("E@($ ](??$ AEX RE :EXJ EA($N R_R R(^ X:(QG<RX A (QA(QJ
Q@ @<?>J E[X R (^"<X<A9 R ]X":; ARX(%$ G?_
Q"E E?E <A (%J
<A9 %@ @(QXPR :<Q @E\(J ( :Q<RXEG:(Q E?[@[R XE :(Q R"E %
MQ_<A9 RE@(X:<A9 A(]$ R[": R @J ("E@( "E@0EQX?( ]<X: XE[Q<A9
9<\<A9 EQ? R(^ 0X(Q (X<A9 (^XQ;RXQ(A9X: (": EX:(QPR R><A (_EA% X:( G(>R A%
?XE<% @<AXR- "Q`( ]( ](Q( R>(% "Q(\RR(RJ <% _E[ >AE] X:X _E[Q ?Q9(RX
E[X <A Zaa+-"Q(X(R A(] R(ARX<EAR$ R(^ EQ9A <R _E[Q R><AL ^G?EQ( X:( ?A%;
"X":(R _E[Q XX(AX<EA$ A% RG<"(R X:<A9R R"G(J
>( XEX?;E%_ @RR9( GQX E0
[G$N ]Q<X(R <A%_
J
(RXEA$ :$ A% ?EA9 GQ(?[%( XE ?E\(@><A9J R> _E[Q
\<%
J [RR$ :$ <A X:(<Q EE> (F GQXA(Q$ ME] %E(R X:<R 0((?LN M(?? @(
1./ C E5
_( %%<A9 "[Q<E[R?_ <0 X:<R <R XEE @[": EQ XEE ?<XX?( GQ(RR[Q(JN
RXQEA9 @<AXR <RAPX _E[Q <%( E0 QE@AX<" A% AR](Q :EA(RX?_J :<R <R X(@ (1EQXJ
A<9:X$ [X X:( GE<AX <R X:X 9Q(X R(^ A( E0 X:( R@QX(RX X:<A9R @A
3
RE@(X<@(R X>(R (1EQX A% "Q(X<\<X_J "A %E XE ?(QA ]:X R:( ?<>(R (RX <R R>
[RX XQ_<A9 RE@(X:<A9 ?<XX?( %<1(Q(AX :(Q XE XE[": :(QR(?0J X": R R:( Q<A9R
"A 4^ (%QEE@ EQ(%E@ A% RGQ> :(QR(?0 XE X:( Q<A> E0 EQ9R@J EX<"( X:(
9Q(X(Q <AX<@"_ <A _E[Q ]:E?( Q(?X<EA; Q:_X:@ E0 :(Q 4A9(Q RXQE>(RJ
%E%6M.% 8) R:<GJ A%$ ]:E >AE]R$ _E[Q GQXA(Q @<9:X <R<X \Q<E[R X_G(R E0 G(A(XQX<EA
R85%6 R/8 R6M ?EE> (\(A "[X(Q 0QE@ X:X A(] A9?(/ XE R(( ]:X 0((?R (RX$ A% %EAPX :(R<XX(
M8 GM15P4M% M/%50 [X :(Q(PR X:( <@GEQXAX X:<A9 XE XE 9E "> XE A E?% RXA%_J :( @ERX
G%4Q%G R/14% T8P
RM/ ;6# 4%E6<= >AE] E[X XQ_<A9 R(^ GER<X<EAR# <XPR "E@@EA GER<X<EAR-@A EA XEG$ ]E@A
@/% )M M/M G/%CG Q(??_ E[X X:( =E[QA(_$ AEX A("(RRQ<?_ EA XEG$ RGEEA<A9$ A% Q(Q (AXQ_-Q(
MPE616. T8P 86 R/14% Q(":<A9 GQX<"[?Q %(RX<AX<EAJ GEG[?Q 0EQ Q(REAJ \(Q_ "E[G?( @_
E16.16. /%EG%4) M8
8E.G5 53%G /%E M(EG?( "A X]<RX X:(@R(?\(R <AXE X:( :\( X:(<Q E]A GQ(0(Q(A"(R$ R(% EA
)%%4 16E%#14T G%ST @ERX "Q(X<\( R(^[? GER<X<EAR$ [X <0 X:( R<`($ R:G($ A% A9?( E0 @APR
6# 85:8P6#G /%E X:(_PQ( AEX 0((?<A9 Q(?^(%$ EG(A XE G(A<R A% ]E@APR \9<A$ [X "E[G?(R
:4%GPE%!A GTG G%S
M/%E:1GM 6#8E G?(R[Q( EQ GQ(R(AX <A X:( @E@(AX$ X:(_ ?]_R R((@ XE Q(X[QA XE EA( E0 X:(R(
E#8G! /= Q( [A?<>(?_ XE 4A% X:X R(^ 0((?R 9EE%$N 0E[Q ("[R( X:(_ 0((? RE 9EE%J
9+&
$&$ #
5 85 8:
1DD186CS
;0;; ,#
F@.253.1!
1# 52.33F
#F 3"#L
#3#'FA 8JD 8) "S" 6 8 S 86JJ= M13"C 13"C ::"C
#"- +!' * ( "
:( @ERX "E@@EA?_ [R(% :E?% E1 (="[?X<EA ("[R( E0 ' "' ' +**"( *" **
GER<X<EA <A X:( ]EQ?%$ X:( X:( <AX(AR( 0Q<"X<EA A% %((G ' #,( ! ! * !
@<RR<EAQ_ <R A (RG("<??_ X:Q[RX<A9J E ?(A9X:(A ?E\(; " /"+' #!*'*"! "' '!*
<AX<@X( GER<X<EA ??E]<A9 0EQ @><A9$ RXQX X:(Q( X:(A R]<X": (!(*"!($ '! /"+'(
0"(;XE;0"( "EAX"XJ E[ ?<>( <X XE GER<X<EA X:X @<AX<AR -* /"+' !( "! * ( !
("[R( _E[ "A "EAXQE? G(A(; "?<XEQ? GQ(RR[Q( ]<X:E[X RE #+(+# #"(*"! /"+ * /"+'
XQX<EA %(GX: A% RG((% E0 @[": G(?\<" "> A% 0EQX:J -* " " ' "/$
X:Q[RX<A9J :( (A=E_R 0((?<A9
4H C>J C*,? [R: [G XE "Q(X(
_E[Q ](<9:X EA :(Q E%_$ A% RG"( <A (X]((A _E[ XE RA(>
X:( @^<@[@ R><A;XE;R><A R@?? \<QXEQ %E]A 0EQ [``<A9
"EAX"XJ EX( X:X X:<R GER<X<EA X:( XEG E0 :(Q @E[A%J
"A @>( <X @EQ( %<2"[?X XE
9JV
9J9
$&$ #
2" I LI
I5!05- 8' I."
"!C884
"C 5ICQ
8M/ MC)"C
D3 /"C J8 "6 /"C 8 S
8P"C J/" C5 8) 8M/ D S8M
M131" 1R "6J"C /"C )C85 "/16 = /" 6
.C16 86 J/" *C5 MJ MD/S
;0;; ,# #3"A! @57 F,# 57 C5 )8C 5M4J1:4" DJ15M4J186
#F 3"#L Q1J/ 516154 "))8CJ=
#3#'FA C"J"C J/CMDJ16. :8Q"C 6 .88 )8C >M131"
D"R 16 S8MC 31J/"6 8C J/C885 J :CJS "D:"144S
/@
1) D/" 1D Q"C16. D31CJ=
DD." /"C D/8M4 "CD
8C DJ15M4J" /"C C"DJD
S "6 16. 8P"C /"C=
R> :(Q XE (A% X X:( ]<RX A%
Q(RX :(Q :A%R EA G<("( E0 0[QA<X[Q($
:(Q >A((R EQ X:( 6EEQ 0EQ R[GGEQXJ
E[ (AX(Q :(Q 0QE@ (:<A% A% :E?%
:(Q :<GR 0EQ R[GGEQX R _E[ X:Q[RXJ
4H C>J C*,? (": (?E] XE "Q(RR
:(Q "?<XEQ<R 0EQ (^XQ RX<@[?X<EAJ
"DJC885 JJ"6 6J
41: 16J8 J/C885 6
D3 /"C J8 4883 16J8 J/" 51CC8C
Q/14" S8M "6J"C /"C )C85 "/16 =
J 4"JD S8M /P" "S" 86JJ
MC16. J/" 0D:8J'JC."J16.
C"C0"6JCS :8D1J186=
9JO
XA% A% (AX(Q :(Q 0QE@ (:<A% R R:( E[ (AX(Q :(Q R _E[ ]E[?% <A RXA%<A9$ Q(Q (AXQ_$
GER(R EA ?? 0E[QR EA X:( (%9( E0 X:( (% A% [X ?<0X :(Q [G _ X:( G(?\<R A% :\( :(Q 9Q<G _E[Q
Q":(R :(Q "> XE ?<0X :(Q [XXE">RJ ]<RX ]<X: :(Q ?(9RJ [@@(Q "@G ]:((?QQE]
4H C>J C*,? <X: _E[Q ?(9R E[XR<%( E0 :(QR$ [R( Q"(R ](Q( A(\(Q X:<R @[": 0[A/
_E[Q X:<9:R XE RK[((`( :(Q >A((R XE9(X:(Q$ ]:<":
4H C>J C*,? R> :(Q XE Q_X:@<"??_ RK[((`( :(Q
X<9:X(AR :(Q \9<A QE[A% _E[Q G(A<RJ @[R"?(R XE :(?G :(Q "?<@^J
9JN
$&$ #
2" I LI
I5!05- ' ."
"!C884
C85I 5ICQ
L// "/
"C M8S6S 16 J/" QJ"C
53"D J/1D :8D1J186 "D1"C J8
/" 44"J 6"C /84 = 6 44 S8M 6"" J8
8 1D D/1)J D85" J/16. DM1J
;0;; #F #+ 7
5J"C14 8MJ 8) J/" QS 8) "CJ16
#F 3"#L
8 S :CJDE J/" 41)".MC D
#3#'FA C8J1 58P" )8C >M131"D 16 J1./J >MCJ"CD= 88 8:J186 )8C 8MJ 88C D"R=
Q144 " 686" J/" Q1D"C=
448QD )8C "D1"C :"6"JCJ186= /" /D 86JC84 8) J/CMDJ16. ":J/ 6 6.4"=
C86 /")
8MC 31J/"6 8M6J"C 1D J/"
:"C)"J /"1./J )8C J/1D DJ6 16.0
J80D"J" ::"J1T"C=
9J-
XA% X X:( (%9( E0 (% EQ %(R> ]:<?( R:( ?<(R \( _E[Q GQXA(Q ?<( EA :(Q "> ]<X: :(Q
"> A% Q<R(R :(Q ?(9R XE :(Q ":(RXJ (Q >A((R ?(9R Q<R(% E\(Q :(Q :(%J :<R <R /1@ G?<A
A(
Q( (AX R <0 R:(PR %E<A9 M<"_"?<A9N (^(Q"<R(J GER<X<EA/ K[X E\(Q :(Q A% %<G _E[Q G(A<R <A
Q :(Q A>?(R A% (AX(Q :(QJ :Q[RX R?E]?_ R A% E[X E0 :(QJ ( (^XQ "Q(0[? XE X:Q[RX ?<9:X?_
X:( %((G G(A(XQX<EA @_ ( G<A0[? 0EQ :(QJ XE \E<% RXQ(RR<A9 :(Q A(">J
4H C>J C*,? \( :(Q G?"( :(Q :((?R EA _E[Q
4H C>J C*,? _ Q(@E\<A9 _E[QR(?0 0[??_$ _E[P??
R:E[?%(QR$ ]:<": ]<?? EG(A :(Q :<GR RE :(Q ?< 9<\( :(Q X:( (^XQ(@(?_ G?(R[Q?( 0((?<A9 E0 _E[
GQ(RR 9<ARX _E[J 4QRX (AX(Q<A9 :(Q E\(Q A% E\(Q 9<AJ
9J+
$&$ #
5""305-
/" 4J1C86
;0;; 5K3K@" 5+! ,# #11M 157
#F 3"#L
#3#'FA 6J"6D1*"D P.164 :4"DMC"=
6BD "DJ C1"6
!*'! ' '" ! /"+&
:( ?<(R 0"( %E]A EA X:( (%$ _ GQEGG<A9 _E[QR(?0 [G ]<X: *" *'+(* # (" * *#
>A((R R?<9:X?_ (AX A% :<GR _E[Q Q@RJ :<R GER<X<EA " /"+' #!( *"+( ' ',.
R?<9:X?_ Q<R(%J EQ "E@0EQX$ "Q(X(R RA[9 4X$ @><A9 ! "*!!* #(+'
A% XE <A"Q(R( X:( A9?( E0 _E[ 0((? ?Q9(Q XE :(QJ 0"!$ +* /"+ ("+ " *(
:(Q :<GR$ R:( "A G?"(
4H C>J C*,? E[P?? ?RX ?EA9(Q ("-/ ! !*/$
" -" !
G<??E] [A%(Q :(Q ?E](Q RJ <A X:<R GER<X<EA <0 _E[ R]<X": ! * #!+$
E[ (AX(Q :(Q 0QE@ (:<A% A% XE R:??E](Q X:Q[RXR A% (9<A
>((G _E[Q ](<9:X E1 E0 :(Q %((G Q(X:<A9J
9JJ
:( ?<(R EA :(Q ">J E[ >A((? (X]((A :(Q A((? A% RXQ%%?( :(Q ?(0X ?(9 ]:<?( R:( <R ?_<A9
?(9R A% Q<R( X:(@$ Q(RX<A9 :(Q "?\(R E\(Q _E[Q EA :(Q ?(0X R<%(J :( ]<?? (A% :(Q Q<9:X ?(9 QE[A%
R:E[?%(QRJ E"> :(Q <A R<%(;XE;R<%( A% [G; X:( Q<9:X R<%( E0 _E[Q ]<RX$ ]:<": ]<?? 9<\( _E[
A%;%E]A @EX<EA XE Q<A9 X:( :(% A% R:0X ""(RR XE (AX(Q :(Q \9<AJ EQ @A_ ]E@(A$
E0 _E[Q G(A<R <A %<Q("X "EAX"X ]<X: X:( 0QEAX Q(Q (AXQ_ :[QXR X:(<Q ">RJ :<R GER<X<EA
]?? E0 :(Q \9<AJ ("[R( X:<R A9?( ??E]R 0EQ ??E]R :(Q XE ?E[A9( "E@0EQX?_ ]:<?( (A=E_<A9
%((G G(A(XQX<EA$ X:Q[RX R?E]?_ X 4QRX \E<% %((G G(A(XQX<EAJ
"[R<A9 :(Q %<R"E@0EQXJ
4H C>J C*,?
A[??_ RX<@[?X( :(Q [R<A9 _E[Q
4H C>J C*,? Q<A9 :(Q ?(9R %E]A A% :\( 4A9(QRJ Q ]<X:%Q] _E[Q G(A<R A%$ :E?%<A9 X:(
:(Q G?"( :(Q 0((X EA _E[Q ":(RX <A 0QEAX E0 R:0X ]<X: _E[Q ?(0X :A%$ Q[ X:( :(% 9<ARX :(Q
_E[Q R:E[?%(QRJ :<R ??E]R :(Q XE "EAXQE? X:( "?<XEQ<R XE Q<A9 :(Q XE X:( Q<A> E0 EQ9R@ X:(A
X(@GE A% %(GX: E0 X:Q[RXRJ _E[ "A Q(<AR(QX ]:(A R:( ]AXR _E[ <AR<%( :(QJ
9JI
$&$ #
C3
6" :
;0;; J#@ 5I@ ,5I1"#@! ,# 2AF@.3+ F@#F,
#F 3"#L
#3#'FA /1D :8D1J186 1D 1 "4 )8C Q85"6 Q/8 C" :CJ1M4C4S D"6D1J1P" 48D" )8C MD16"DD
486. 86" D1 " 8) J/" 41J8C1D=
" -" ! ! '* *"'
(* +*"! +!" "'*$
A((? EA X:( 6EEQ ]<X: :(Q RE@( @E\(@(AX XE <% <A _E[Q
,! ' "( ' ( +'!
?_<A9 EA X:( (%9( E0 X:( (%J RXQE><A9 EQ XE :(?G @E\( _E[ XE "' (. / #$ /"+'
<R( EA( E0 :(Q ?(9R A% R> :(Q X:( G(Q0("X RGEXJ ! ", ' #+ "+!
XE R[GGEQX X:( ?(9 _ ]QGG<A9
4H C>J C*,? A"E[Q9( ##/! * #'((+' *! '+
:(Q :A%R QE[A% :(Q :@RXQ<A9 :(Q XE ]Q<99?( ?<XX?( XE :(?G /"+' ' *"!+ "! * '
=[RX (?E] X:( >A((J <X: EA( _E[ 9(X X:( Q:_X:@ Q<9:XJ '"+! * *"'( *" !'*
:<G Q<R(%$ R:(P?? ( ?( XE %% (* +*"!$
9J&
9J7
5 I5!05- I5!05- 5""305- C3
85 8: "C 5ICQ C85I 5ICQ
$$ $
$+ $( $
-##2
6I4F/4 2/3#? ??6N! F4"/4, IFF#? -I?4#? -# ?#FQ#2 M/" 688#?(#2"
G$?."G
/:< -@( A%
F
C"!0ID
,5F5+@7,M M 3F5.3# #@+1A
MT416. T E%6 /:1E8
1E
3%P: T 866 P58G8 8E# EM1GMG
>
44PGMEM186G T ET6 /E1GM1%
,5F5+@7,M M 5#@F ,.F23 ,5F5+@7,M M ,52A
531"
E#E8%KE8: MT416. T 1G
8G38 EM 1E%M186 6# E8: MT416. T E 86.
1E
3%P: T /E1G %RPE.
%66%MM 88# MT416. T
%41GG %1GG
/% )8448R16. %S%E:MG R%E% E%:E16M%# R1M/ :%E51GG186 /:M%E + /% %SP4 1.68GM1 ;<K:.% JJ @%S %:1EGA T
%G41% 84#56! 8:TE1./M " T %#$(* ". ;
P4T OVVI<H /:M%E J /% %MM%E %S 1%MK:.% 9VV G85% E%1:%G #:M%# R1M/
:%E51GG186 8) 5T %14%T )E85 %1 . T
P60E48G EPU 5T %14%T ;1)% 8) %14%T OV9V<! RRR=41)%8)E%14%T=85H /:M%E I
3% PGM GM ;<K:.% 9OJ @8PE 86%T 8E 8PE 1)%A T P./ C%144! 8:TE1./M " $(* ". ;
6PET 977J<H /:M%E I
3% PGM GM ;<K:.% 9-O @Q% 5U16. %S 44
86M/ 86.A T 41G% %EG%G16! 8:TE1./M " %#$(* ". ;8Q%5%E OVV7<=
1Q
85I"5ID
5!"P J.
.:I"C 9 &&# * &#&$ # L..
?(A(Q$ RXQEA9(Q$ :(?X:<(Q E%_ A% @<A% @(A @EQ(-@[": @EQ(-G?(R[Q( 0EQ _E[
.:I"C K
)#"$ ' 6H
("E@( (XX(Q "K[<AX(% ]<X: _E[Q GQ<\X( GQXR 0EQ 9EE% :(?X: A% RX(@<(Q R(^
Q
5!"P
4/" G9( Q(0(Q(A"(R <A%<"X( <??[RXQX<EARJ A%(QR"EQ(% Q(0(Q(A"(R <A%<"X( E^(% X(^XJ
%E@<A? 0X$ ZZ "X(Q<? \9<AER<R$ T7 1(<A($ CT
RX<A(A"($ TC ?A"( ??$ R(^ EA$ F5Z ?"<[@$ RE[Q"(R E0$ CT$ C+
%Q(A?<A($ FYY AAR$ CU ?<RX:(A<"R$ 5C
1<QR$ FZa$ F75 QX:E?<A %["X$ "?E99(%$ TZ.TY GR<"<A$ FaF
?"E:E? QX:E?<APR 9?A%R$ 5&$ FU$ TY QE:_%QX(R$ R?E];[QA<A9$ Fa+$ FFa
"?EQ<(R <A$ FFZ.FY X:QEE@$ R(^ <A$ FYZ Q%<E "<Q"[<X$ 5C.UF$ &2!A5
%EG@<A( Q(?(R( A%$ F5Z (AR$ CF X(":<A$ ++
(1("X EA R(^[? G(Q0EQ@A"($ ZY$ Ca (%$ Q(>0RX <A$ F5Z (?(Q_$ CU
(X >(%
QX<A<$ FaF$ 5L5 ((0$ FFa :>Q$ UT$ UT
?XE<%$ F5F (QQ<(R$ CY.C7 :((R($ CU.CT
@(AEQQ:($ TY (X "QEX(A($ +C$ Faa :<?< G(GG(QR$ CT
@_9%?$ Za$ F5F$ FTU <><A< ]^<A9$ F57 :E"E?X(
A?<A9[R$ F5Z <QX: "EAXQE?$ TU.TC$ F5T$ FUF :E"E?X(;E\(Q(% XQ](QQ<(R$
A? G?_$ F5F.5Z ?<A%0E?%$ F5Z Fa7$ 5L(
AXE@_$ 0(@?($ FY.F+$ 5& E%_ "EA4%(A"($ F5Z %Q>$ CY
A%QERX(AE?$ <A "(?(Q_$ CU E%_ <@9($ T$ 7U.7T$ FY+$ F5Z$ F57 :E?(RX(QE?$ U$ C$ Ca
A%QERX(AEA($ <A "(?(Q_$ CU EEX_ "??$ YY$ F57 :[QA<A9$ F55
A9(Q$ "EAXQE??<A9$ FYY.YU Q<A <XQ[??<A($ +C
AX(Q<EQ "<A9[?X( "EQX(^$ Ya (A(4XR E0 R(^ 0EQ$ Fa ?<A<"R$ 0EQ X[A<A9 [G _E[Q R(^ ?<0($ TF
AX(Q<EQ EQA<^ QE9(AE[R `EA($ F5F 9(A%(Q %<1(Q(A"(R <A$ Z+$ Ya.YF ?<XEQ? "E@G?(^$ F57.55
AX<%(GQ(RRAXR$ T5 <A QE@AX<" ?E\($ FF+$ FZa ?<XEQ<R$ 5&$ FU.FT$ F+$ Za
G:QE%<R<"$ 0EE% R$ +Z$ +7$ CY Q`<?<A$ F57 ?EX:<A9$ X_G( GGQ("<X(% _ @(A$ 7Y
GGQ("<X<EA$ YZ$ FZ5.ZU Q`<? A[XR$ Ca E"> Q<A9$ F55
Q9<A<A($ +C$ CZ$ F5Z Q(>0RX$ R><GG<A9$ FaT.+ E1(($ CT
Q9[<A9$ RX_?( E0$ FY7 Q(>0RX "(Q(?$ 0EQX<4(%$ CU E<X? ?<9A@(AX (":A<K[( HR(^
Q@R$ XEA<A9$ UY$ AD Q(RX GER<X<EAI$ FT$ Za
QE[A% X:( ]EQ?%$ F5F "A"(Q$ FF$ ZZ E@@[A<"X<EA
RGQ9[R$ CU R(?0;(^@<AX<EA$ ZZ (@EX<EA? ?E\( ?A9[9(R$ FZ+.ZC
;RGEX$ F5F R<`( <A"Q(R($ Z5 R 0EQ(G?_$ FYa.YF
RR(QX<\(A(RR$ YY$ F5F Q(X:<A9 (^(Q"<R($ UT$ UT :EA(RX_ <A$ FZU$ FZ+
X:(QER"?(QER<R$ +7 [@GR A% Q<A%R HR(^ 9@(I$ FUa EA%E@R$ T+$ F5U.5T
XXQ"X<\(A(RR [Q?(RK[($ UC.Ta EA4%(A"(
E0 AE\(?X_$ FYC [XX$ :E?%<A9 %[Q<A9 R(^$ Y5$ D <A (%$ R X[QA;EA 0EQ @(A$ YU$ 7a$ 7Z
E0 Q<R>$ FYU \<X@<AR$ RE[Q"(R E0$ +C$ CZ$ CU$ C+ EERX<A9$ 7T
\E"%E$ C7$ CU EA6<"X$ FZF
EA=[9X(% ?<AE?(<" "<%R$ Ca$ C+$ FFa
Q1
EE><A9$ Faa.Fa5 <RQ(RG("X$ A9(Q RRE"<X(% ]<X:$ FYY.Y7
EQ(9R@$ FC
EQX<RE?$ +5$ FYY
E]9<Q? HR(^ GER<X<EAI$ UC$ FT+$ 5@ $
<\EQ"($ "[R(R E0$ FZ7$ F75
EG@<A($ CF$ CT$ FF+$ FZa$ FYU$ F5Z
Q[9R$ R(^[? R<%( (1("XR E0$ TY
"( 1 HR(^ GER<X<EAI$ F+F$ 5 5
F+T$ 5 @ [@(?? ":(RX GQ(RR$ 5U$ &A :( "( <XX(Q HR(^ GER<X<EAI$ 5 A$ F+U$
QERR;E%_ @E[AX<A "?<@(Q$ 5T$ &@ [@(?? ?[A9($ 5+$ & F+T$ 5 @
;X"X<?( A(Q\( 4(QR$ F55 [@(?? QE]$ 5T$ &@ "<? <AX(Q"E[QR($ FUZ
[AA<?<A9[R$ F5T [@(?? RX(G;[G$ 55$ && AXR<(R$ R(^[?$ 7Z$ 7Y$ TF$ FZ7$
F77$ F5+
(@?( RX(Q<?<`X<EA$ T+
X( A<9:XR 0EQ @QQ<(% "E[G?(R$ 7Z
QR$ R (QE9(AE[R `EA($ D2
<(Q$ CF
<9R$ CT$ Faa
<R:$ CF.CZ
X(R X<A9J -<1 <(X ?\EAE?R$ CY
EQA<A9 0X(Q X( :>($ Fa5$ 5L& @<A%0[?$ FFZ ?^ R((%R$ CT.C+
(:_%QX<EA$ FFY GEQX<EA "EAXQE?$ FFa.FZ ?(R:?<9:X$ FUa
(GQ(RR<EA$ U$ T5 R?E]?_$ FFF ?<AR(Q<A$ FUa
(R<Q($ RXQX(9<(R 0EQ RGQ><A9 ]:<?( ]X":<A9 X(?(\<R<EA$ FFZ ?<QX<A9$ FUa
A9(Q "EAXQE?$ FYY.YU 3[(Q9($ FYT E?X($ ++$ C7
GGQ("<X( :E] 9EE% _E[P\( 9EX <X$ 99R$ +C.Ca EE% R G:QE%<R<"$ +Z$ +7$ CY
FZ5.ZU ="[?X<EA$ 0(@?($ F+ EEX Q[$ F5+
"E@@[A<"X<EA R 0EQ(G?_$ FYa.YZ :( ?(\XEQ HR(^ GER<X<EAI$ F+U$ 5 A EQ(4A9(Q$ <AR(QX<A9 %[Q<A9
(QEX<" 4?@R$ FYT.Y+ @(Q9(A"_ G<??$ TU <AX(Q"E[QR($ FUa
:EA(RX_$ FZU$ FZ+ @EX<EA? <AX(??<9(A"($ F5T EQ(G?_
@RR9($ FYU.YT @EX<EA? ?E\( ?A9[9(R$ FZ+.ZC 9(A%(Q %<1(Q(A"( <A \<(] E0$ FYa
@EQA<A9 R(^$ FYY A%EQG:<AR$ U$ 7T$ ++$ CY <@GEQXA"( E0$ FC$ FTU
G(QREA? ?E\( ?A9[9(R$ <%(AX<0_<A9$ QEX<" 4?@R$ ]X":<A9 XE9(X:(Q$ FYT.Y+ @(APR %(R<Q( 0EQ$ Y7.Y5$ D2
FZ+.ZC QEX<" ?<X(QX[Q($ F5T.5+ X<@( Q(K[<Q(% 0EQ$ FYU
K[<"><( R(^$ FYU RXQE9(A$ TY$ T7$ F7Z.75 XQ[RX R$ F7F
Q(<A\(AX<A9 _E[QR(?0$ FY+.YC ^(Q"<R(HRI ]Q<X<A9 R$ FZ7
Q<R>_$ R"Q_ "X<\<X<(R$ FYU (A(4XR E0 Q(A[?[@$ YU
R":(%[?<A9 R(^$ FZC.Ya E%_ <@9( <@GQE\(@(AX$ 7T Q[<XR$ ++.+C
R(^ <A %<1(Q(AX ?E"X<EAR$ FYZ ":E?(RX(QE? A% XQ<9?_"(Q<%( :( [R<EA HR(^ GER<X<EAI$ 5 ($ F+7
R(^ XE_R$ FYC ?E](Q<A9$ U.T
H\(Q_ (QEX<" AEA;<AR(QX<\(
R(^I$ FYZ.YY
(RR(QX$ FaZ
?<<%E <A"Q(R($ 5.U
@(XE?<R@ EERX$ 5Y
@EE% A% (A(Q9_ (A:A"(@(AX$ T5
<(X(R$ +$ +C @EE% <@GQE\(@(AX$ U @(R$ R(^$ FUa
<G:Q9@$ TT R(?0;RR[QA"( EERX$ F5Z Q?<"$ +C$ C+
<(X R?((G K[?<X_$ T <0X QGG(% HR(^ GER<X<EAI$ 5 E$ F+Z$
(1("X EA R(^[? :(?X:$ ZZ X(RXERX(QEA( (?(\X<EA$ + 5 E$ F+Z
?<@ A% (^_ (<9:X;ERR ?A$ <A (XX(Q R(^ ]EQ>E[X$ 7+.UF$ (2!A5 ?[X(? Q<%9($ 5F$ &5
FaU.FY EQ9R@ %[Q<A9$ FC QG(0Q[<X$ +C
R[99(RX(% 0EE%R$ C7.Faa ^:<<X<EA<R@$ FU5 ;RGEX$ 5&$ F+$ Za$ F57.55
$ +5.C7 ^G(Q<@(AX? R(^$ FZ7 ;RGEX RX<@[?XEQ$ FYC
<?%E$ FYC _(R$ R "?[( XE ]A%(Q<A9 @<A%$ D2
Q11
A%;=E$ FUa.UF
[@GR$ 5C$ &2
9A(R<[@$ +5
GG<A(RR$ E0 @QQ<(% "E[G?(R$ FF$ FZU
<AX(AA"( R(^$ FZF$ FZY
(?X: Q(RE[Q"(R 0EQ ]E@(A$ Ta
><A9 E[X$ FZ5$ FYU
<9:;0Q["XER( "EQA R_Q[G$ ++
<9:;<AX(AR<X_ <AX(Q\?;XQ<A<A9$ UZ
<A9($ 5Z$ &E
(9(? (^(Q"<R(R$ ZF$ ZF$ UF$ U+$ TF$ FUZ
?( :(?X:$ (1("X E0 R(^ EA$ FF
A9E
(% [QQ_ :Q<@G ]<X: <G(
A9E$
<RX@<A($ CU <%R$ @QQ<9( GQE?(@R A%$ F7F FaZ$ 5LD
E@E"_RX(<A($ ++ <RR<A9$ %\A"(% X(":A<K[(R$ FUF.UZ
A[? RX<@[?X<EA$ YU
EA(RX_$ Q(RGEAR<?($ FZU$ FZ+ ; =(??_$ FUZ
QQ<(% "E[G?(R
EA(_$ C+ GGQ("<X<EA E0 :E] 9EE% _E[P\(
EQ@EA( Q(G?"(@(AX X:(QG_$ T7 9EX <X$ FZ5.ZU
:( EX (X HR(^ GER<X<EAI$ F+a$ 5 L
E[R(]EQ>$ @QQ<9( GQE?(@R A%$ F7F
E\(Q<A9 [XX(Q6_ HR(^ GER<X<EAI$
< @=EQ$ F7$ 5&
"EA\(QRX<EA? RX_?(R E0$ FY7
%X( A<9:XR$ 7Z
:GG<A(RR E0$ FF$ FZU
F+T$ 5 @ GQE?(@R$ RE?[X<EAR 0EQ$ F7a.7F
[@A 9QE]X: :EQ@EA($ FF < @<AEQ$ F7$ 5& R(^?(RR @QQ<9($ TZ
[@@(Q$ FUF A9[9(R$ G(QREA? ?E\($ FZ+.ZC
RR9($ YU$ FYU$ F5+
[@EQ$ YZ$ Y7$ 7a [A%Q_ QEE@$ R(^ <A$ FYZ
RR9( E<?$ FYU
[RA% :(?X:$ GQEX("X<EA E0 ]<X: \(A%Q$ FU7
RX[QX<EA$ T$ 7Y$ UT.UC$ FUY
Q(9[?Q R(^$ FF :( `_
A HR(^ GER<X<EAI$ F+F$ 5 5
(?R
_GE;"X<\( R(^[? %(R<Q( %<REQ%(Q$ FUa <(QXEQ$ FU7 "EE><A9 QE@AX<"$ Faa$ FaZ
<<%E Q("<G(R$ FaZ.5
E%_ <@9( (1("X EA$ 7T R<`( A% 0Q(K[(A"_ E0$ FaT
<A"Q(R(
]<X: %<(X$ +
]<X: (^(Q"<R($ 5.U
(X$ Q(%$ Ca
(A
AR](QR XE 0Q(K[(AX K[(RX<EAR
M ?E\( _E[$N R_<A9$ FYF.YZ ?E]$ 7$ T$ +$ T7
@@[A( R_RX(@R$ EERX 0QE@ R(^$ FF E[X$ 7Z.7Y
@(ARXQ[? "_"?( (1("X EA$ F7Z.75 GG(? E0 0RX Q(]Q%R XE$ Ya
@G?AX$ TT <A9(Q<($ 7Y
A":]EQ@$ 5a$ &L E%_ @G$ D .D2
<G ?@$ FUF Q<A %<1(Q(A"(R 0QE@ ]E@(A$ Z+$
A;?]R$ GQE?(@R ]<X:$ F7a <GEGQEX(<AHI$ Ca.CF
AA(Q X:<9:R$ "Q(RR<A9$ D Ya.YF
<GR$ R (QE9(AE[R `EA($ D2 ]:X X:(_ ]AX$ ZU.7Y
AR[?<A$ +$ Ca <\<A9 QEE@$ R(^ <A$ FYZ
AX(QG(QREA? R(AR<X<\<X_$ E0 ]E@(A$ Ya GGQ("<X<EA$ YZ
E[% R(^$ @(APR GGQ("<X<EA E0$ 7Y R><A9 ]:X :( ?<>(R$ YU
AX(Q\? ]EQ>E[X$ 6X;X[@@_$ UZ.UY E](Q;"> ?<(;%E]A$ 5Z$ &E
AX<@"_$ 9(A%(Q %<1(Q(A"(R <A$ FYZ RR(QX<\(A(RR <A (%$ YY$ 7a
E] R<%(;XE;R<%( ?[A9($ 7C$ (2 [XX 9Q$ Y5$ D
AXQE<X[R$ FT E_?X_ XE _E[Q GQXA(Q$ FUZ
$ TU$ FUF "?EX:<A9 0EQ ]E@(A XE ](Q$ 7Y
[Q<"AXR$ TY$ FUZ$ FUY %E99_ RX_?( R(^ GER<X<EA$ YU
[RX (AX:[R<R@ A% "EA4%(A"( <A (%$
R@QX RXQX(9<(R 0EQ RGQ><A9 _E[Q YU$ 7a$ 7Z
%(R<Q($ FZ5.YC 0((%"> A% %<Q("X<EA <A (%$ YZ$ 7a
]A<A9 E0$ FFU$ FF+ 0EQ(G?_$ Y7.Y5$ D2
_"EG(A($ +C :[@EQ$ YZ$ Y7$ 7a
<AX(Q"X<\( R(^$ YU
Q111
?<9:XR;EA R(^$ Y7 (Q<A([@$ R (QE9(AE[R `EA($ D
GEQA \<(]<A9 XE9(X:(Q$ YY
G[?<" %<RG?_ E0 1("X<EA$ YZ$ 7a
R(%["X<EA$ R[X?($ YY
(Q<G:(Q? QX(Q<? %<R(R($ ++
(XQ<RR9($ FYT
:(A_?(X:_?@<A($ CY
X@(?$ CZ
X?> ?<>( @A$ YF (R<X_ HE\(Q](<9:XI$ U$ T <??E]R$ FU7
)A9( XQE<R$ FUY @(9;Y 0XX_ "<%R$ CF.CZ :( <??$ TZ$ TU$ FUF
(ARXQ[? "_"?($ (1("X EA ?<<%E$ Q? "EAXQ"(GX<\(R$ TY <RX":<ER$ Ca
F7Z.75 Q? R(^ ?A>;R<%(;G?A>$ Ua$ AL
(ARXQ[? G(Q<E%$ R(A"( E0$ TY ?EE><A9 [G X GQXA(Q %[Q<A9$ YY$ Y5 ?<)$ 5Y$ &D
(XE?<" R_A%QE@($ +5 @EQA<A9$ FYY
$ F75
(XE?<R@ GER<X<EAR 0EQ$ F+U$ F+U.+T$ 5 A! @ E?( ER<X<EA HR(^ GER<X<EAI$ FTC$ 5@2
EERX ]<X: (^(Q"<R($ 5Y Q9R@ E?_G:(AE?R$ Ca$ Faa
EERX ]<X: GQEX(<A$ CF AXE@_ E0$ FC.ZF E@(9QAX( =[<"($ C+$ Faa
<?>$ C+ "EQ(9R@$ FC EQA$ ]X":<A9 XE9(X:(Q$ YY$ FYT.Y+
<AX ?E`(A9($ F5F 0>(%$ Z7$ FZ+ EQX<EA "EAXQE?$ FFa.FZ
<QQEQR$ FUY ;RGEX$ F+$ Za ER<X<EAR$ R(^
<RR<EAQ_ GER<X<EA$ TY.T7 @[?X<G?($ ZF E]9<Q?$ UC$ FT+$ 5@ $ F+T$ 5 @
EA(_$ GQE?(@R Q(?X(% XE$ F7a R<@[?XA(E[R$ Z5 :( ?(\XEQ$ F+U$ 5 A
EAE9@_ RXX<RX<"R EA$ Z7.Z5 "( 1$ F+F$ 5 5
QE@A"( <A$ FZa X<@( A((%(% XE ":<(\($ Z5 :( "( <XX(Q$ 5 A$ F+U$ F+T$ 5 @
X<GR [X%EEQ R(^$ Z5$ FYZ :( [R<EA$ 5 ($ F+7
0AXR<`($ FYY [X(Q"E[QR($ FU7 <0X QGG(%$ 5 E$ F+Z
@><A9 E[X$ FZ5 ^_XE"<A :( EX (X$ F+a$ 5 L
QE@AX<" @E\<(R$ FF+ EA%<A9 A% XX":@(AX RX<@[?X(% E\(Q<A9 [XX(Q6_$ F+T$ 5 @
EAR G[<R$ F7$ 5& _$ FYa :( `_
A$ F+F$ 5 5
EE%$ <@GQE\(@(AX ]<X: (^(Q"<R($ U <A"Q(R( 0QE@ QE@AX<" @E\<(R$ FF+
<RR<EAQ_$ TY.T7
EQA<A9 R(^$ FYY @(ARXQ[? "_"?( A%$ F7Z E?( ER<X<EA$ FTC$ 5@2
E[AX<A "?<@(Q$ UF$ A5 Q(?(R( (\(QR( E]9<Q?$ FTC$ 5@2
[R<"$ Q(?^X<EA (1("X E0$ F5F ]<X: :[9R$ FYa AE] A9(?$ F+5$ 5 &
]<X: @RR9($ YU G<A _"?($ 5 L$ F+a
]<X: @EQA<A9 R(^$ FYY GEEA$ F+Y$ 5 D
(">$ D2$ FUZ
%[Q<A9 EQ9R@$ ZF
_RX(QR$ CY
GEEA$ "<A9$ F+Z$ 5 E
GEQ>$ F+Y$ 5 D
X<Q]_ XE (\(A$ 5 L$ F+a
(E"EQX(^$ +7
(Q\(R$ ;X"X<?($ F55
<XQ<" E^<%($ +7$ +C$ CZ$ F5Z
! X(Q0?? H:(% Q[R:I$ 5@ $ FT+
:( ER<X<EA$ F+5$ 5 &
ER<X<\( RXX(@(AXR$ E[X
EQ%Q(A?<A$ F77 Q(?X<EAR:<G$ FU7
<A$ %("Q(R(% R(AR<X<\<X_ ]<X:
EQ(G<A(G:Q<A($ FF+ EXRR<[@$ CU
QE[R?$ C
[XR$ Ca.CF$ FFF Q(0QEAX? "EQX(^$ CZ
QR?(_$ +C
Q(9AA"_$ R(^ 0X(Q$ T5
X":$ TT
Q(;
$ F77
(":(R$ ++
QE<EX<" _E9[QX$ C+
(Q$ C7
("AR$ Ca
(A<R$ R <A%<"XEQ E0 E\(Q?? :(?X:$ +7
(Q<@(AEG[R($ T7
1S
QE9(RX(QEA($ @(ARXQ[? "_"?( A%$ F75 G(Q@ GQE%["X<EA
QE?"X<A$ Ca
QERXX(
QE[R? X(":A<K[(R$ FU7
& 0E?X( A%$ C7$ CU
\<X@<A 0EQ <@GQE\(@(AX <A$ ++.+C
:( G<%(Q HR(^ GER<X<EAI$ F+7$ 5 (
":(%[?<A9 R(^$ U+$ FZC.Ya
0(@?($ F+ (%["X<EA$ R[X?($ YY G<A":$ +5$ ++
QEX(<A$ +C$ CF$ Fa+$ FFa ((%R$ Ca.CF
QEXE%<ER"<A$ CU (?(A<[@$ Ca G<A _"?( HR(^ GER<X<EAI$ 5 L$ F+a$
[<" :<Q$ 7Z$ F57 (?0;RR[QA"($ EERX<A9$ F5Z 5 L$ F+a
[?<" %<RG?_ E0 1("X<EA$ YZ$ 7a (ARX( XE[":$ FU5.UU$ FTU GEA9($ TT
[E"E""_9([R @[R"?(R$ UF$ FUZ$ FUT (QEXEA<A$ CU GEAXA(E[R R(^$ FZY
[@G><A G<($ R"(AX E0$ FU7 (^;:EQ@EA( <A%<A9 9?E[?<A$ TY GEEA HR(^ GER<X<EAI$ F+Y$ 5 D
[R:[GR$ Ua$ AL (^ GER<X<EARJ ER<X<EAR$ R(^ GEEA$ "<A9 HR(^ GER<X<EAI$ F+Z$ 5 E
(^ X:(QG_ GEQ> HR(^ GER<X<EAI$ F+Y$ 5 D
%
<X \<QXEQ$ FYC
(^[? GQ(0(Q(A"(R$ [A"E\(Q<A9$ FZF
(^_ E\( E^$ FUU
:>(
XA%<A9 :<G X:Q[RX$ 5F$ &5
XQ](QQ<(R$ CY.C7$ F5Z$ FUZ
:E"E?X(;E\(Q(% XQ](QQ<(R$
EQA<A9 0X(Q X( :>($ Fa5$ 5L& Fa7$ 5L(
("<G(R$ FaF.5$ Fa+ XQ(RR
]X(Q@(?EA$ +C
(%$ R R(AR[? "E?EQ$ CY.C7 @(XE?<" R_A%QE@( ?<A>(% XE$ +5
:(??4R:$ CY
(%<R"E\(Q_ R(^$ FZY.Z7 Q(%["X<EA ]<X: R(^[? "X<\<X_$ Fa
:EX$ TT
(<A\(AX<A9 _E[QR(?0$ FY+.YC R(^[? Q(RGEAR( A%$ T5
:E[?%(QR$ XE[":<A9 :<R$ D2
(RGEAR<?( :EA(RX_$ FZU [9Q$ <A RE%$ ++
:E](Q R(^$ FUU
(\(QR( E]9<Q? HR(^ GER<X<EAI$ [A6E](Q R((%R$ Ca$ CF
:Q<@G
FTC$ 5@2 [G(QR(XR$ 57.5+$ &&!&
(% [QQ_ :Q<@G ]<X: <G(
A9E$
:_X:@ @(X:E%$ TC ]((X GEXXE(R$ Faa
FaZ$ 5LD
<A9$ TU ]<RR ?? ?<X` HR(^ GER<X<EAI$ 5 L$ F+a
?((G
<R>_ R(^$ FU5
%(GQ(RR<EA$ (1("X E0$ T5
E?( G?_<A9$ 7Y$ FU5
(1("X EA R(^[? :(?X:$ ZY
E@A"($ <A"Q(R<A9 <A @?( GQXA(Q$ 7Y
E@AX<" Q(R HR(^ 9@(I$ FUa
E@AX<" ?E\($ FF+$ FZa.ZF
@RX[QX<EA R <% XE$ T
A>(%$ Y5
K[?<X_ <@GQE\(@(AX ]<X: (^(Q"<R($ T
*
:<X<A
(X:E% HEQ? R(^ X(":A<K[(I$ FUU
E@AX<" @E\<(R$ E^_XE"<A Q(?(R(
]<X:E[X GAX<(R$ ZY ?><A9
]<X:$ FF+
@EEX:<( E[X R(^$ F5F
E[9: R(^$ FU5
:( QA9(@A$ Fa+$ 5L2 X X:( %<AA(Q X?($ FFF
[X<A$ CU
A">R$ C7$ FFF %<QX_$ YU$ 7a$ FUU.UT
AE] A9(? HR(^ GER<X<EAI$ F+5$ 5 & ?<>( @A$ YF
E%$ ++ %[Q<A9 R(^$ YU
E0$ R(^ EA$ FYZ @GEAR$ ZY
E0X %Q<A>R$ \E<%<A9$ FFZ AXQ<" R(^$ UT$ FUT
GA><A9$ FUU
S
($ ++$ Ca 0EE%R 0EQ
((X:$ Q[R:<A9 ]:(A :[A9Q_$ FFa
(?(\<R<EA$ (X<A9 ]:<?( ]X":<A9$ FFZ
(RX<"?(
. ((0$ Ca
(99R$ +C.Ca
R(^[? :(?X: (A(4XR E0$ T
"X<EA R(^$ FUT
:[@@(Q @E[X: @E\($ FUF 9<A ?<@ A% (^_ ?A$ FaU.FY
R(AR<X<\( Q(R$ FUT AXE@_$ F7$ 5&$ FT (;<( \<QXEQ$ FTa
(RX<"?( "[1R$ F55 "?(A<A9$ ZY :E?( 9Q<AR$ CZ.CY
(RXERX(QEA( ([G:(@<R@R 0EQ$ FT <A($ Q(%$ Ca
EERX ]<X: @_X:R "EA"(QA<A9$ FU <X:%Q]?$ TC
6<QX<A9$ FUa R"(AX$ FU EQ>E[X
RGA><A9$ FUU R(?0;(^@<AX<EA$ ZZ.ZY "Q%<E "<Q"[<X$ 5C.UF$ &2!A5
RGEQXR$ +$ FUU RX<@[?X<EA E0$ FT (X<A9 (0EQ( @EQA<A9$ Fa+
0EE%R <%<A9 GQE%["X<EA E0$ CY$ C+ 9<A? %Q_A(RR$ TY 6X;X[@@_ <AX(Q\?$ UZ.UY
@(ARXQ[? "_"?( A%$ F7Z.75 9<A? RK[((`($ FUT <ARXQ["X<EAR 0EQ$ 7+
GQ(R"Q<GX<EA 0EQ ?E] ?<<%E$ T R("XE@_$ T+ R@G?( ]((> R":(%[?($ 7+
X<@<A9 E0 G(> ?(\(?R$ FYY (9(X?(R$ 9Q((A$ +5$ ++ R(^ 0X(Q$ FUU
(^X @(RR9($ %<QX_$ FYF H\(Q_ (QEX<" AEA;<AR(QX<\( R(^I$ R[G(QR(XR$ 57.5+$ &&!&
:EA9R$ TZ$ TY FYZ.YY ]Q@;[G (^(Q"<R(R$ 7+.5Y$ (2!&D
:[@ <9Q$ CZ E[A% :(?<A9$ FF
[R( <A 0EQ(G?_$ FUT <QXEQR$ Z7$ T5$ FYC$ FU+.UC$ 5A !A2$ FTa
[R( <A @RR9($ FYT <X@<A $ ++.+C
E^<" R:E"> R_A%QE@($ ZY
E_R$ R(^
%<?%E$ FYC
<X@<A $ CF
[?\$ F7$ ZY 0
A%Q< E??("X<EA H%[?X GQE%["X
;RGEX RX<@[?XEQ$ FYC "X?E9I$ FTa
<X$ FYC
Q(?<A"( [GEA$ T5
\<QXEQR$ Z7$ T5$ FYC$ FU+.UC$ 5A !A2
/ :( ER<X<EA HR(^ GER<X<EAI$ F+5$ 5 &
1
>(;[G R(^$ 7Z
(;<( $ FTa
?A[XR$ Ca
Q[RX$ <@GEQXA"( E0$ FZ+$ F7F
Q@;[G (^(Q"<R(R$ 7+.5Y$ (2!&D
[? ?<9X<EA$ TC
X(Q0?? H:(% Q[R:I HR(^ GER<X<EAI$ ;[@ HXAXQ<" GER<X<EAI$ FTa
5@ $ FT+$ 5@ $ FT+ (RX <A0("X<EAR$ TZ$ TY
-
?"(QR$ \9<A?$ ZY
X(Q@(?EA$ +C
\EQ_ X(Q@(?EA ?%$ FaZ$ 5LD
(<9:;<AR$ %<?_$ FFF.FZ
E9$ +$ FFZ
E9[QX$ ZY$ C+
E:<@<A($ FTa
(<9:X ?ERR E[X:0[? GG(QA"($ (1("X E0 R(^ EA$ FF
Q<AX<EA$ [QA<A9 R(ARX<EA %[Q<A9$ T7 "EQ( GQ<A"<G?(R
X(Q[R$ Q(XQE\(QX(%$ TY.T7 \E<% R[9Q_ %Q<A>R$ FFZ
[QA "?EQ<(R ]<X: GQEX(<A$ FFa
(X @EQ($ (X E0X(A$ FaT
?<@<X ?"E:E?$ FFZ.FY
2
<A"$ Ca$ CY$ FTa
A(\(Q R><G Q(>0RX$ FaT.+
GEQX<EA "EAXQE?$ FFa.FZ
R?E];[QA<A9 "QE:_%QX(R$
Fa+$ FFa
0EQ %<(X(R GQ(\(AX<EA$ +
S1
.:I"C9
&&# *
&#&$ #
& ')&& )&
.
&* &'*& & .*
9
.052 8LI
X:( @ERX ]EA%(Q0[? R(^ _E[P\( (\(Q :% <A _E[Q
?<0(J
_( <X ]R ?RX A<9:X 0X(Q (AE$ ?RX @EAX:
EA QE@AX<" 9(X]_ <A E A ["R$ EQ
?RX _(Q %[Q<A9 K[<"><( ]<X: _E[Q 9[_ <A X:(
?[A%Q_ QEE@ X _E[Q 0Q<(A%PR "E">X<? GQX_J
:(A(\(Q <X ]R$ <A ?? ?<>(?<:EE%$ @EQ( ]R Q<9:X
]<X: X:( ]EQ?% X:A =[RX X:( R(^ _E[ ](Q( :\<A9J
A%[?9( [R R ]( %E ?<XX?( @<A%;Q(%<A9# E[ GQE?_
0(?X 9Q(X E[X _E[Q Q(?X<EAR:<GJ E[ ](Q( XEX??_
(@EX<EA??_ "EAA("X(% XE _E[Q GQXA(Q EQ X ?(RX
R:Q<A9 X:( R@( R(^_$ "Q(0Q(( \<(J E[ 0(?X (A(Q9<`(%J
E[ ?<>(% X:( ]_ _E[Q E%_ ?EE>(% A% 0(?X A>(%J
E[Q GQXA(Q ]R XX(AX<\( A% ?E\<A9J E[ 0(?X
"EA4%(AX$ R0($ A% :GG_J A% GQE?_ @EQ(
X:A ?<XX?( A[9:X_ <A :<9:?_ QE[R<A9 ]_J
O
&&# * &#&$ #
E(R X:X %(R"Q<( _E[Q RXX( E0 @<A% ?? E0 X:ER( X:E[9:XR Q( "E@@EA$
A% E%_L (P% (X EA <X ("[R($ 9<A AX[Q?$ A% [A%(QRXA%?( 9<\(A E[Q
A% 9<A$ ]E@(A ?<>( _E[ :\( XE?% "[?X[Q? <A6[(A"(R A% X:( @(%<PR
[R X:X X:ER( Q( X:( >(_ <A9Q(%<(AXR G(Q\R<\( GEQXQ_? E0 :E] R(^ R:E[?%
E0 9Q(X R(^J ?EE>$ RE[A%$ A% 0((?J [X ]:X X:(_
:XPR X:( ><A% E0 R(^ ]( :EG( Q(??_ GE<AX XE <R X:( A((% 0EQ _E[ XE 4A%
_E[P?? :\( 0X(Q _E[P\( Q(% ( 1./:< E[X ]:X @>(R _E[ 0((? "EA4%(AX
-@(>
/:< -@( *' 11, 1# EJ (AE[9: <A E%_ A% @<A% XE (A=E_ X:(
( ]AX XE GQE\<%( _E[ HA% _E[Q G?(R[Q(R E0 R(^J
GQXA(QI ]<X: X:( XEE?R _E[P?? A((% XE (XX<A9 "> XE X:( 9Q(X(RX R(^ _E[
":<(\( :(?X:_ <AX<@"_ ]:(Q( 9Q(X (\(Q :%# :(Q( %<% <X 9EL "> XE E
R(^ ]<X: 0[?E[R EQ9R@R <R AEX X:( A ["RL
_( _E[ %EAPX (\(A @<RR <X
EA?_ 9E?$ [X =[RX EA( <@GEQXAX$ ("[R( ](??$ ?X(?_$ _E[Q ?<<%E :R 9EA(
(^"<X<A9$ A% G?(R[Q?( "E@GEA(AX J EAPX ]EQQ_J E[PQ( AEX ?EA(J
E0 %_A@<" Q(?X<EAR:<GJ HE ]EQQ<(R# Q("(AX RX[%_ G[?<R:(% <A X:( =E[QA?
X:( @[?X<G?(;EQ9R@;":<(\<A9 X<GR ;(*C< 1# /@;/-
**/ Q(GEQXR
49[Q( :(\<?_ <A ?X(Q ":GX(QRJI X:X @EQ( X:A EA( <A X:Q(( @(Q<"A
<QRX$ ?(XPR G[X R<%( RE@( "E@@EA ]E@(A (^G(Q<(A"( ?E] R(^[? %(R<Q(J
AEX<EAR E[X R(^[?<X_$ AEX<EAR X:X [X X:(Q(PR 9EE% A(]R# ""EQ%<A9 XE
@<9:X ( >((G<A9 _E[ 0QE@ Q(":<A9 X:X R(^[? :(?X: (^G(QXR ]( RGE>( ]<X:$
:(?X:_ <AX<@"_# Q("?<@<A9 G?(R[Q( <R @XX(Q E0 X><A9
"(QX<A GQE"X<\( RX(GR-GQ"X<"($ <0 _E[
P"CS86" "4D" 5MDJ " "628S16. )C">M"6J ]<??-XE "Q(X( GER<X<\( X@ERG:(Q(
" 0>M316. 8C.D5D MJ 5"= E0 (@EX<EA? "E@0EQX A% G:_R<"?
:(?X:J :<R EE> <R %(R<9A(% XE :(?G
"6 4QSD )""4 413" /P16. D"R 6 )8C
J/"5 "P"6 D"R 1D :C"JJS .88 = _E[ ""E@G?<R: =[RX X:X ]<X: (^(Q"<R(
A% %<(X X<GR$ :(?X: %\<"($ RXQ(RR
"MD" 86BJ "D1C" 16J"C8MCD" D
Q(%["X<EA XQ<">R$ A% Q(?X<EAR:<G;
DJC86.4S D 5S .MS D85"J/16. 5MDJ "
RXQ(A9X:(A<A9 (^(Q"<R(R-A%$ E0 "E[QR($
QC86. Q1J/ 5" 8C 8MC C"4J186D/1:=
RE@( R("Q(X R["_ @E\(R X:XP?? QE">
(
)""4 3168) D4MJJS Q/"6 161J1J" D"R 8C :<R ]EQ?% A% _E[QR/
D3 )8C D85"J/16. 8MJ 8) J/" 8C 16CS= ( "A GQE@<R( _E[ (XX(Q R(^ ?<0(
/"6 /" 31DD"D 5" 8C :JD 5S MJJ ?EA9 (0EQ( _E[ Q(": X:( R<@G?( XQ<">
J/163 /" 2MDJ Q6JD D"R= X:XP?? XQ<G?( _E[Q G?(R[Q( <A :GX(Q +J
%E%6M.% 8)
R85%6 R/8 GT M/%T 6"Q :8D1J186 4M" :144 J8S 8C J"/61>M"
/Q% )%4M #1GMEM%# Q144 " @J/" 6DQ"C=A ." 0- 882 8' "P
#PE16. G%S %PG%
M/%T R%E% M/16316.
033
2" 8L 0I '8C "P
8PM /8R M/%1E
MC D"R C"D"54"D 68J/16. D"" 16 58P1"D= \( _E[ (\(Q =[@G(% _E[Q @APR
8#T 4883%# M8 /15= 8 4883 )J 8MJ 8) J/"D" 2"6D? EA(R 0X(Q ]EQ>E[X X X:( 9_@L
-
"
+
&&# * &#&$ #
/ ?<>( X><A9 RG<A "?RR$ G?_<A9 X(AA<R$ R<%( (1("XRJ ^(Q"<R( ?RE GQE\<%(R EGGEQ;
9E<A9 E]?<A9$ EQ ":??(A9<A9 _E[Q X[A<X<(R 0EQ @EQ( RE"<? <AX(Q"X<EA$ ]:<":
E_0Q<(A% <A 9@( E0 J J J :A%??J :(?GR ]<X: R(?0;(RX((@ A% R(?0;<@9(J
[Q><R: Q(R(Q":(QR [R<A9 EGG?(Q
[?XQREAE9QG:_ @(R[Q(% R<9A<4"AX?_ 4F=// H1C C4 4 ,C 04>9 Q\Q%
"D"C/"CD J
J/" 61P"CD1JS 8) 9Q(X(Q "?<XEQ? ?EE% 6E] <A Z5 0(@?( A<\(QR<X_ RX[%_ E0 FUa @?( A% 0(@?(
DD/MD"JJD :A%?? G?_(QR X:A <A R<@<?Q R]<@@(QR <A X:(<Q 7aR A% UaR R:E](%
64ST" J/" "J16.
/1JD 8) +UU :"8:4" 9QE[G E0 Z5 AEA;X:?(X<" [Q><R: ]E@(A$ GER<X<\( Q(?X<EAR:<G (X]((A Q(9[?Q
6 1 "6J1*" ""EQ%<A9 XE RX[%_ Q(GEQX(% <A X:( G:_R<"? "X<\<X_ A% X:( 0Q(K[(A"_ A%
85586 "/P18CD
1B;/- 1# EB-
**/J :( :A%; (A=E_@(AX E0 R(^[? <AX(Q"E[QR(J :(
J/J 86JC1MJ"
J8 J/"1C "8516. ?? G?_(QR ?RE R"EQ(% :<9:(Q EA Q(R(Q": R:E](% X:X R]<@@(QR <A X:(<Q
6."C8MD4S 8P"CQ"1./J= K[(RX<EAA<Q(R X:X @(R[Q(% R(^[? UaR Q(GEQX(% R(^ ?<\(R "E@GQ?( XE
"C"BD /8Q 5M/
J/"D" /1JD 16C"D" RX<R0"X<EAJ EX: Q(R[?XR$ X:( Q(R(Q":; G(EG?( <A X:( 9(A(Q? GEG[?X<EA ]:E
S8MC /6"D 8) (QR R_$ R[99(RXR X:X 9EE% 4XA(RR ](Q( Za _(QR _E[A9(QJ
"8516. 8"D"
"EQQ(?X(R ]<X: (XX(Q R(^J
*G: .F.3+ 25@# ((% @EQ( <A"(AX<\( XE 9(X @E\<A9L 4F=// *G */C*,> >C>,?9 $
F,3 G ,5I@A &F#@ (Q( Q( @EQ( Q(REAR (^(Q"<R( "A "E@@EA?_ >AE]A R X:( M%N ":E?(R;
K0.3+ I7 F5 #F
@#0&AF ]>( [G _E[Q ?<<%EJ X(QE? <R X:( ]^_ RX[1 X:X "?E9R QX(Q<(R
A%$ @EQ( "Q<X<"??_$ "[R(R X:( QX(Q<?
D4: F.3+ 5IF &5@
25@# F,3 F,.@" 5& 4F=// *66,>9 ^(Q"<R( <R X(QQ<4" <A0?@@X<EA X:X ?(%R XE @ERX :(QX
M5I@ 2#1A @EE% A% ?<<%E EERX(QJ E<A9 0EQ Q[A XX">RJ X %E(RAPX =[RX 9[A> [G X:(
6O6: 5.3+ F5 #" 53 EA ([X<0[? %_ XQ<99(QR _E[Q Q<A :(QX QX(Q<(RS ":E?(RX(QE? %(GER<XR "A
3 #27FM AF52, XE Q(?(R( (A%EQG:<AR$ 0((?;9EE% A([QE; ":E>( X:( X<A_ QX(Q<(R ?(%<A9 XE A%
":(@<"?R X:X (?(\X( @EE% A% X>( ]<X:<A X:( \9<A A% ?E"> ?EE% 6E]
6GC: F.3+ 5IF &5@
@#0&AF @#+I1@1M _E[Q @<A% E1 ]EQ> RE _E[ "A 0E"[R EA ?<>( =">;>A<0(% XQ"XEQ XQ<?(Q ?E">R
@EQ( G?(R[Q?( G[QR[<XRJ [@(QE[R XQ00<"J A0EQX[AX(?_$ (^(Q"<R( @_ AEX
*(O: 5F #F.3+
3MF,.3+ &5@ @#0&AF RX[%<(R R:E] X:X (^(Q"<R( "A (\(A 49:X Q(%["( ":E?(RX(QE? ?(\(?R %<Q("X?_$
F 11 "?<A<"? %(GQ(RR<EA$ ]:<": <R GQ<@( [X (\<%(A"( %E(R GQE\( X:X <X Q<R(R
%(RXQE_(Q E0 R(^[? %(R<Q( A% G(Q0EQ; X:( 9EE% ":E?(RX(QE?J "XR ?<>(
@A"(J R_":<XQ<RXR X X:( A<\(QR<X_ QX(Q<? %Q<A "?(A(Q$ G<"><A9 [G (^"(RR
E0 (^R E[X:](RX(QAPR
EE% <REQ%(QR ":E?(RX(QE? 0QE@ QX(Q_ ]??R A% "QX<A9
(R(Q": QE9Q@ A% ?<A<" 0E[A% X:X <X XE X:( ?<\(Q 0EQ Q(@E\? 0QE@ X:( E%_J
GX<(AXR R[1(Q<A9 0QE@ %(GQ(RR<EA ]:E
E%(QX( XE <AX(AR( (QE<" (^(Q"<R( :R
%<% @E%(QX(?_ <AX(AR( (QE<"R 0EQ ((A R:E]A XE :\( "?(Q (1("X EA
Y5 @<A[X(R %_ (^G(Q<(A"(% A(Q?_ Q<R<A9 ?(\(?RJ X[%<(R X [[QA
5a G(Q"(AX %("?<A( <A %(GQ(RR<EA R_@G; A<\(QR<X_ R:E] X:X Ya XE 75 @<A[X(R
XE@R$ ]:<": <R "E@GQ?( XE X:( (1("X E0 \<9EQE[R (^(Q"<R( 0EQ 0E[Q "EAR("[X<\(
E0 AX<%(GQ(RRAX @(%<"X<EA ?<>( QE`" %_R "A Q<R( ?(\(?R _ 0E[Q XE R<^
EQ E?E0X$ [X ]<X:E[X X:( A(9X<\( R(^[? GE<AXRJ :XPR @EQ($ (^(Q"<R( Q(%["(R
J
"
+,
%((G(Q$ ""EQ%<A9 XE X<EA? ?((G X:X ]( >AE] (A(4X E\(Q?? :(?X: ?RE
E[A%X<EA R"<(AX<RXRJ A( RX[%_ 0E[A% :(?G(% <A X:( (%QEE@$N :( R_RJ
X:X R?((G;? GX<(AXR ]:E (^(Q"<R(% E@( EX:(Q ]_R X><A9 E1 GE[A%R
X:Q(( X<@(R ]((> 0EQ + ]((>R <@GQE\(% "A ?<0X _E[Q ?E\( ?<0(#
X:(<Q K[?<X_ E0 R?((G _ A(Q?_ Z5 G(Q"(AXJ
((G$ Q(RX0[? R?((G <R <@GEQXAX XE 9EE% 4F=// 44?C C?C4?C>419 :( @?( %E%6M.% 8)
R85%6 16 86%
R(^[? 0[A"X<EAJ :(A _E[ :\( Q(=[\(; :EQ@EA( X(RXERX(QEA( H]:<": ]E@(A GPEQ%T R/8 G1#
AX<A9 R?((G$ _E[ GQE%["( AEQ(G<A(G:Q<A( GQE%["($ XEE$ (^"(GX <A @[": R@??(Q M/%T 5GMPEM%#
A% %EG@<A($ X]E A([QEXQAR@<XX(QR K[AX<X<(RI <R RRE"<X(% ]<X: R(^ %Q<\(J 16 M/% :E%Q18PG N
586M/G M8 /%4:
X:X G?_ QE?( <A %(R<Q( A% QE[R?J A 0"X$ ]E@(A ]<X: ?E] ?<<%E "A M/%5G%4Q%G
0[?? A<9:XPR R?((G$ T XE + :E[QR$ (AR[Q(R Q("(<\( GQ(R"Q<GX<EA 0EQ X(RXERX(QEA( )44 G4%%:=
I
XE =[@GRXQX X:(<Q %(R<Q(J [X X:(Q( Q(
AX[Q? ]_R XE (?(\X( _E[Q ?(\(?RJ
:_R<"?$ "E@G(X<X<\( RGEQXR A%
(A%[QA"( (^(Q"<R($ 0EQ (^@G?(J <A"(
]E@(A :\( 0Q ?(RR E0 X:( :EQ@EA(
XE RXQX ]<X:$ X:(_ "X[??_ 9(X <99(Q
?<0X 0QE@ "E@G(X<X<EA X:A @(A %EJ
(": \E??(_??$ A_EA(L
&
"
3
%E%6M #%E%G%
16 :16 G%6G1M1Q1MT
#P% M8 GM15P4M186
8) M/% 41M8E1G 6#
Q.164 R44G!
8E#16. M8 GMP#1%G
M PM.%EG 61Q%EG1MT=
1514E E%G%E/
G/8RG M/M E8PG4
6 E%#P% 51.E16%
6# 48R%E 3 :16=
4F=// 6G C* HJ C4 )>C> >4F?/9 ":E?(RX(QE? GQE4?( ]<X: @(%<"X<EA-EQ
R ]( @(AX<EA(%$ :<9: ":E?(RX(QE? AX[Q??_J EERX<A9 _E[Q %<(XQ_ 4(Q
%<RQ[GXR X:( GX:]_R X:X 0((% ?EE% <AX>( <R EA( ]_J X<A9 EX@(?$ (AR$
XE X:( 9(A<X?RJ X[%<(R :\( R:E]A A% EX:(Q 0EE%R :<9: <A RE?[?( 4(Q
%<Q("X "EQQ(?X<EA (X]((A ?EE% ":E?(R; "A EG(A X:( 6EE%9X(R XE ?EE% 6E] XE
X(QE? ?(\(?R A% ?EE% 6E] GQE?(@RJ X:( \9<AJ (XX(Q ?EE% 6E] (K[?R
[X _E[ "A R<9A<4"AX?_ <@GQE\( _E[Q (R<(Q QE[R? ?(%<A9 XE 9Q(X(Q %(R<Q(J
7
&&# * &#&$ #
8C" "P
"II"C "3I.
#
9V
"
C833 05 I." .Q 2"":D R8P6#G 86 M/% E5G 8) -+ 5EE1%# 8N" 385-"C 2"": .04
I." !8I8C OQ= 8P:4%G #PE16. O-0/8PE Q1G1MG 86 C8L5! 385-"C=
3% MR8 6# 44 PG M M/% %6# 8) M/% MR8 #1))%E%6M 8G186G= 6 M/% *EGM Q1G1M! MCG 68 G%E%M M/M R85%6 MT:144T
R%%3= %8:4% R/8 /Q% G%S 86% 8E MR1% M/% 8P:4%G R%E% :E85:M%# M8 /Q% 8PM41Q% 5%6= PM /Q16. E%.P4E G%S 5T
R%%34T /Q% GME86.%E 155P6% GTGM%5G GP::8EM1Q%! :8G1M1Q% #1GPGG186= /%4: R85%6 :E8M%M M/%1E /PG6#GC
M/6 :%8:4% R/8 /Q% G%S 4%GG M/6 R8 586M/G 4M%E! )M%E 6%R R8P6#G /%4M/= 6 E1G/ GMP#T :P41G/%# 16
86% R%%3! 8E#16. M8 GMP#T M R%E% #5161GM%E%#! M/% 8P:4%G R%E% M/% ) . * "
%0)$" ME3%# M/%
143%G 61Q%EG1MT 16 %66GT4Q61 T :E85:M%# M8 E.P%= %GP4MG G/8R%# 58EM41MT 8) 9!VVV 51##4%0.% 5%6 8Q%E
:GT/848.1GMG E4 /E6%MG31! /! M/M R8P6#G /%4%# 6%E4T MR1% G )GM M/% 8PEG% 8) #%#% 6# 864P#%#
6# E61G E%666
E=! /= 6 M/%1E )M%E M/% RE5 6# :8G1M1Q% 16M%EM186 M/M G%SP4 M1Q1MT 5T /Q% :E8M%M1Q%
883! " $ %% * %% %) %0 M/6 )M%E M/% E.P5%6M= %))%M 86 51##4%0.% /%4M/= T 850
%2 "*0) $ %%*. %0) ##0$ :E16. 5%6 8E#16. M8 .% 6# /%4M/!
4*.# $ $.$ %0) M/%
8C" D"P 4Q ILC5 E%G%E/%EG )8P6# M/M 5%6 R/8 /#
E%G%E/%EG #%GE1%# GMP#T 16 R/1/ 2 I." 382= M/% /1./%GM )E%>P%6T 8) 8E.G5G
M/%T M883 G41Q G5:4%G )E85 999 6 /Q16. G%S 3%%: RE1634%G RT? /# #%M/ EM% +V0:%E%6M 48R%E M/6
844%.% GMP#%6MG 6# GPEQ%T%# M/%5 E1M1G/ 6%PE8:GT/848.1GM Q1# %%3G 5%6 R/8 #1# 68M %2P4M% )E%>P%6M4T=
86 M/%1E )E%>P%6T 8) :EM6%E G%S 8Q%E 8) 8T4 #16PE./ 8G:1M4 %41%Q%G
M/% 8PEG% 8) 586M/= 64TG1G G/8R%# G8= 6 9V0T%E0486. GMP#T! /% 16M%E0 8L:3"D O.8 .N"
M/M M/% G41Q 8) M/% GMP#%6MG R/8 /# Q1%R%# N!+VV #P4MG 16 6.46# 6# 48C" D"P C" .::0"C&
G%S 86% 8E MR1% R%%3 /# NV :%E%6M M/% 61M%# MM%G 6# )8P6# M/M :%8:4% 6 PGME416 GPEQ%T 8) +!VVV :%8:4%
58E% 8) M/% 6M1.%6 155P68.48P416 R/8 E%:8EM%# /Q16. G%S )8PE M15%G G/8R%# M/M 5EE1%# 5%6 6# R85%6
; .< M/6 GMP#%6MG R/8 /# G%S 4%GG R%%3 4883%# 8PM 9V T%EG T8P6.%E E% G1.61*6M4T 58E% 413%4T M8 E%:8EM
8)M%6= @ . 1G M/% 8#TCG *EGM 416% 8) M/6 M/%T MP44T R%E%= 4%GPE% %16. /::T M/6 M/%1E G16.4% 8P6M%E0
#%)%6G% .16GM 84#G 6# ,P!A GTG #%E1Q%# )E85 /Q16. 48Q16. G%S E%4%G%G :EMG= 8P4# 1M /Q% G85%M/16. M8
/E6%MG31= M/%E GMP#1%G G/8R M/M /8E586%G! 164P#16. /P56 .E8RM/ #8 R1M/ M/% )M M/M G%S 1G %G1%E )8E
/::T E%4M186G/1:G E% .88# )8E /%4M/= /8E586%! M/M E% EP14 16 :E%G%EQ16. 8/1M16. 8P:4%G? 8E#16. M8
6 86% %S:%E15%6M E%:8EM%# 16 M/% T8PM/! /% GTG= 6M1864 G%S GPEQ%T 86#PM%# T M/%
2 $"$
%0)$" % $ 61Q%EG1MT 8) /1.8! G%SP4 M1Q1MT
61Q%EG1MT 8) 1MMGPE./ G1%6M1GMG G/8M C">L"5I 8C-D4D 4Q 1G O+ :%E%6M M8 NVV :%E%6M .E%M%E
41Q% E/168Q1EPG P: M/% 68G%G 8) Q84P6M%%EG= :C8I"I -05DI 5"C= )8E 5EE1%# 8P:4%G 85:E%# M8
/8G% R/8 E%:8EM%# /Q16. GME86. M1%G E%6/ GMP#T 16
%0)$" % 68605EE1%# :%8:4%! #%:%6#16. 86 .%=
R1M/ 48Q%EG! )E1%6#G! 6# )514T R%E% M/% " $ " & # %"%4 )8P6#
4%GM 413%4T M8 M/ 84#= 8EE%4M186 %MR%%6 43 8) Q.164 805- 0I LC5D 38C0"D=
16M%E8PEG% 6# 16E%G%# E1G3 8) E%GM P% M8 1MG E%Q1MT! /Q16. 6 8E.G5
88! 38N05B 0D "II"C 6%E= 85% G1%6M1GMG M/%8E1U% M/M )E1%G 864T MR8 8E M/E%% 48E1%G= PM
I.5 5!-"= G:%E5 5T 86M16 6M1.%6G= M/%EG M/% :E%4P#% 6 PE6 >P1M% 1M 58E%=
8Q% /%4:G 8#1%G /%4 )GM%E= %41%Q% /8E586%G 413% 8STM816 6# %:%6#16. 86 T8PE R%1./M 6# Q1.8E
%G%E/%EG M /18 MM% 61Q%EG1MT M/M 16E%G% #PE16. E8PG4 8) M/% 48Q%5316. G%GG186! T8PC44 413%4T
%#14 %6M%E 16,1M%# 5168E 41GM%E 5T :E8Q1#% G85% :E8M%M1Q% %))%M= /PE6 M/E8P./ +V M8 OVV 48E1%G=
99
.:I"CK
)#"$ '
))& #*) ,)
.*& &+) &)' &
) ')& '-
9O
L48C
[R 0EQ R("# 0 X:( \(Q9( ]E@A :% "(EE>
G9( 0EQ :(Q GQ<\X( GQXR H]( >AE]$ R:[X [GI$
E%%R Q( X:X :(Q Q(?X<EAR:<G RXX[R ]E[?% ( M<XPR
"E@G?<"X(%N A% R:(P% %(RG(QX(?_ A((% XE GERX
GQE4?( G<"X[Q(J 0X(Q ??$ A(] Q(R(Q": 0QE@ X:(
(AX(Q 0EQ (^[? (?X: QE@EX<EA X A%<A
A<\(QR<X_.?EE@<A9XEA R[99(RXR X:X R:( :RAPX
":(">(% :(QR(?0 E[X @[":-EA?_ ZU G(Q"(AX E0
]E@(A ?EE> "?ER(?_ X X:(<Q \9<AR EA Q(9[?Q
R<RJ :(Q(PR ?E9<"? Q(REA 0EQ X:<RJ [_R :\(
<X (R<(QJ :(<Q =[A> <R %A9?<A9 X:(Q($ =[RX ]<X<A9
XE ($ [@$ %=[RX(%J (@?( GQXR Q( <AX(QA?$ RE
<XPR @EQ( %<2"[?X XE R(( ]:X _E[ Q( ]EQ><A9 ]<X:J
[X X:(Q(PR @EQ( XE <X X:A X:XJ R ":<?%Q(A$ ](
](Q( E0X(A X[9:X AEX XE (^G?EQ( E[Q GQ<\X( GQXRJ
E@ GQE?_ :% X:( @(ARXQ[X<EA A% R(^ X?>
[X ](AX AE]:(Q( A(Q %(X<?<A9 X:( "?<XEQ<RJ
9N
)#"$ '
M
A_ ]E@(A A(\(Q "EAA("X ]<X: GQEG 0(] G<??E]R [G EA X:( (%$ 9Q
X:(<Q R(^[? AXE@_ ("[R( E0 E[Q :A% @<QQEQ$ A% =E<A [R 0EQ \(Q_
RE"<(X_PR O>((G ]_P XX<X[%( XE]Q% X:( G(QREA? XE[QJ
\9<A A% \[?\$N R_R ?<`(X: J
X(]QX$
$ [X:EQ E0 ( 11,J 5 I."
8L5!
(??$ :(Q(PR RE@( <A"(AX<\( XE ":A9( ?? R ]( @(AX<EA(% (Q?<(Q$ EA X:(
X:X# :( @EQ( _E[ @>( _E[Q \9<A E[XR<%( _E[P?? R(( _E[Q \[?\$ <A"?[%<A9
_E[Q [R<A(RR$ X:( @EQ( R(^[? G?(R[Q( X:( @EAR G[<R A% X]E 0E?%R E0 R><A
_E[P?? (^G(Q<(A"(J "??(% X:( ?< @=EQ HX:( ME[X(Q
A RX[%_ G[?<R:(% <A X:( ?<GRNIJ EX: "EAX<A ?_(QR E0 0XX_
/@;/@*1/-
1B;/- 1# EB- -@( X<RR[( X:X GQEX("X _E[Q "?<XEQ<R A%
R"<(AX<RXR 0E[A% X:X 0(@?(R ]:E :\( \9<AJ R 0EQ X:( :<Q$ R"<(AX<RXR
GER<X<\( \<(] E0 X:(<Q 9(A<X?R Q( @EQ( (?<(\( <X <R X:(Q( XE XQG G:(QE@EA(;
"E@0EQX?( <A X:(<Q R><A$ @EQ( GX XE "EAX<A<A9 R("Q(X<EAR X:X XXQ"X
EQ9R@$ A% @EQ( ?<>(?_ XE (^G(Q<@(AX <A @?(RJ :<?( G?(R[Q( Q("(GX<EA <R
(%J A 0"X$ =[RX ?EE><A9 X _E[Q \9<A X_G<"??_ ](> <A X:<R Q($ @A[?
"A ( X[QA;EAJ M(R(Q": R:E]R X:X G?_ "A :(?G <A"Q(R( X:( R<9A?J
R((<A9 R<9AR E0 R(^ :(?GR <ARG<Q( QE[R? M[<A9 X:( G[<" @E[A% A% E[X(Q
A% ?[Q<"X<EA$N R_R (_ (Q(A<">$ ?<GR Q(%<(R X:( "?<XEQ<R 0EQ RX<@[?;
:$ Q(R(Q": R"<(AX<RX X A%<A X<EA$N R_R (Q(A<">J
A<\(QR<X_ A% [X:EQ E0 B< @ -< :( E[X(Q ?<GR "E@( <A ?? R:G(R$
11 A%
/:< -@( "EAXQ<[XEQJ "E?EQR$ A% R<`(RJ :(_PQ( ]Q<A>?(%
E ??E] [R XE R"QE?? %E]A X:(Q($ <0 _E[ <A RE@( ]E@(A$ R@EEX: <A EX:(QR$
]<??$ 0EQ (XX(Q \<(]J A% EX: Q( AEQ@?J
[RX R @?(PR
E RXQX$ ?(XPR "?(Q [G EA( E0 X:( (Q("X<?( X<RR[( 4??R ]<X: ?EE% %[Q<A9
<99(RX @<R"EA"(GX<EAR E[X X:( RX<@[?X<EA$ RE ]<?? X:(R( 0(@?(
\9<AJ XPR AEX X:( (AX<Q( 9(A<X? Q(J X<RR[(R R](??J E]$ <0 _E[ 9(AX?_ G[R:
0 _E[PQ( RXA%<A9 A>(% <A 0QEAX E0 GQX X:( E[X(Q ?<GR$ _E[P?? Q(\(?
0[??;?(A9X: @<QQEQ$ _E[PQ( "X[??_ ?EE>; X:<AA(Q R(X E0 ?<GR "??(% X:( ?<
<A9 X X:( \[?\$ X:( (^X(Q<EQ GEQX<EA @<AEQJ :(R( :<Q?(RR 6GR Q( ?E%(%
E0 _E[Q GQ<\X(RJ ]<X: ?EE% \(RR(?R$ A(Q\( (A%<A9R$
0 _E[ X:<A> E0 _E[Q GQ<\X(R R A A% R("Q(X<A9 9?A%RJ ME X:( A>(%
(AR(@?($ X:(Q( Q( X:( R[GGEQX<A9 (_($ X:( 9?A%R ?EE> ?<>( X<A_ [@GR$N
"XEQR H?<>( X:( \[?\I A% X:( @QK[(( R_R <A EGG($
$ A% [X:EQ
RXQR HX:( "?<XEQ<R A% ;RGEXIJ \(Q_ E0 -@(F E ;*C -@(F 1B
GQX <R X:(Q( XE (AX(QX<A _E[Q R(^[? (@ 1B; **1 C-< 1B@ 1B;
A((%R$ [X XE @<?> X:( (RX G(Q0EQ@A"( *#J M:(_ Q(?(R( R("Q(X<EAR X:X
E[X E0 (": EA($ _E[P\( 9EX XE R:E] X:(@ "X[??_ :(?G XE R(GQX( _E[Q ?<GR 0EQ
RE@( ?E\(J E ?E"> X:( (%QEE@ %EEQ$ (R<(Q G(A(XQX<EAJN
9-
6I? #OI2 4F63P
.
9+
)#"$ '
:(_PQ( AEX X:( EA?_ X:<A9R ?[<A9 A(Q\(-+$aaa A(Q\( (A%<A9R XE ( (^"X$
[G _E[Q A(X:(Q Q(9<EARJ :(Q( Q( X:( ?Q9(RX A[@(Q 0E[A% <A A_ EA(
QX:E?<APR 9?A%R H?X:E[9: ("[R( G?"( <A X:( (AX<Q( E%_ A% %E[?( X:(
X:(_PQ( @<"QER"EG<"$ _E[ "APX "X[??_ @E[AX 0E[A% <A @APR G(A<RJ H[_R$
R(( X:(@I EA (<X:(Q R<%( E0 _E[Q <0 _E[PQ( Q(%<A9 X:<R$ Q(@(@(Q X:XJ
\9<A? EG(A<A9J R _E[ 9(X QE[R(%$ XPR XEAR @EQ( R(AR<X<\( X:A _E[Q G(A<R$
X:(R( 9?A%R ?[Q<"X( X:( \9<A? RE RX<@[?X<A9 <X X:( ]_ _E[ %E _E[QR(?0
"A?$ 0QE@ X:( EG(A<A9 Q<9:X %E]A "A ( XEE @[":-XE X:( GE<AX E0 :[QX;
XE X:( "(Q\<^$ ]:(Q( X:( "A? (A%RJ <A9J XPR ?]_R (RX XE R> :E] R:( ?<>(R
:(_ X_G<"??_ Q(?(R( EA?_ E[X XE ( XE[":(%JI
X]E %QEGR$ ]:<": <R ]:_ @A_ ]E@(A E]$ ]:X _E[ @_ AEX >AE] E[X
RX<?? A((% G?(AX_ E0 0EQ(G?_ A% ?[Q<; _E[Q "?<XEQ<R <R X:X <XPR ?Q9(Q X:A
"X<EA XE RX_ ](XJ <X R((@R$ A% <XPR 9EX ?(9RJ <X(Q??_J
M( EA?_ R(( X:( :(% E0 X:( "?<XEQ<R$N
C"DD "C" '8C 3"DLC" R_R (Q(A<">J [X <X :R E%_
:( "?<XEQ<R <R X:X GQE[% ?<XX?( G<A> X:XPR R:G(% ?<>( ]<R:EA($ ]<X: X]E
[XXEA QE[9:?_ X:( R<`( E0 G(A"<? ?(9R H?RE >AE]A R "Q[QI X:X Q(":
(QR(Q$ A% R:(PR X:(Q( 0EQ R(^[? X:Q((;<A":(R %((G <AXE X:( \9<A$ =[RX
G?(R[Q( EA?_J :( 9<Q?PR 9EX RE@( [A%(Q X:( G[<" @E[A% A% RXQ<9:X
9J
*
<AXE ;RGEX X(QQ<XEQ_ H[X @EQ( EA X:X A E\(Q?_ R(AR<X<\( "?<XEQ<R <R ><A%
?X(QIJ :X 9<\(R X:( "?<XEQ<R <A"Q(%<?( E0 _E[Q E%_PR ]_ E0 R_<A9 M?(X X:(
R(^[? Q(": A% %(GX:J M XPR X:( \9<A RE> [G RE@( E0 X:( R(^[? /J 8 S8M 44 S8MC
M6J .16? "C" C"
(9<AA<A9 A% (A% E0 X:( EQ9R@$ X:( RGEX?<9:X$ G?(R(/N :( 7; XE T;<A": D85" :8:M4C J"C5D
GE](Q:E[R( E0 X:( EQ9R@$N R_R A "A? H%(G(A%<A9 EA X:( ]E@AI :E?%R 8) "6 "C5"6J
(QA(Q$ :$ [X:EQ E0 ( 1.< \(Q_ R(AR<X<\( A(Q\( (A%<A9R$ @ERX?_ I@A#
*;<@ ( (*/,*/'
/:< B* @1 <A X:( 4QRX Z XE Y <A":(R E0 X:( \9<AJ "M I+
-<B;*/' 1./5 M X "EAA("XR ]<X: :XPR ]:_ ]:(A ]E@A <R 9<\<A9 5F 50#F
(\(Q_ R<A9?( RXQ["X[Q( <A X:( 9(A<X?RJN <QX: A% X:( _ <R "QE]A<A9 X:(_ 550.#
@
:( (RX ]_ XE @>( X:( "?<XEQ<R "?? <X X:( Q<A9 E0 4Q(J E RX<@[?X( F,#@?A
.FF
:GG_ <R X:QE[9: %<Q("X$ "EAR<RX(AX X:(R( 4QRX 0(] <A":(R E0 X:( \9<A?
#K#1@M 5L
_(X 9(AX?( EQ? A% @A[? RX<@[?X<EAJ "A?$ XQ_ R:EQX(Q$ R:??E](Q X:Q[RX<A9 5IF, #,
[X <XPR ?RE K[<X( Q(RGEAR<\( %[Q<A9 %[Q<A9 R(^J
.AA .FFFM
]E@A;EA;XEG A% X]<RX EA @<RR<EA; 55
Q_ "??(% E<X? ?<9A@(AX (":A<K[( .I 0"D "5"I. .FF1#
.AA
I&&#F
HIJ A X:<R GER<X<EA$ _E[Q 9[_ (AX(QR <9:X [A%(Q X:( "?<XEQ<R$ _E[P?? R(( X:( 5J# #AF
_E[ R :( AEQ@??_ ]E[?% %[Q<A9 [Q(X:Q? EG(A<A9$ X:( (A% E0 R:EQX
I&'3
@<RR<EAQ_ ]<X: X]E R<@G?( X](>R# :( \(RR(? X:X "QQ<(R [Q<A( 0QE@ X:( .30 5
<A":(R :<R E%_ [G$ [AX<? :<R R:E[?%(QR ?%%(Q E[X E0 X:( E%_J
[RX (?E] X:(
K.30.#
Q(RX E\( _E[QR A% X:( R( E0 :<R [Q(X:Q <R X:( EG(A<A9 E0 X:( \9<A$
,# 5F5@.5IA ;;;
G(A<R %<Q("X?_ :<XR _E[Q "?<XEQ<R$ A% "??(% X:( <AXQE<X[RJ ("[R( X:( X]E
,557.# IA,.53
X:(A :( 9Q<A%R <A "<Q"[?Q @EX<EA Q( RE "?ER( XE EA( AEX:(Q$ X:( X:Q[RX;
/M/M
<ARX(% E0 X:Q[RX<A9$ ]:<": "Q(X(R @EQ( <A9 E0 G(A<R "A "[R( _E[ XE 0((? 8FI11M! 531M
0Q<"X<EA 9<ARX X:( "?<XEQ<RJ (( :GX(Q R <0 _E[ :\( XE [Q<AX(J E@(X<@(R 7@, 11A .F F,F;9
+-M:( <9 EE> E0 (^ ER<X<EAR R](??<A9 "A "[R( G<AJ
@G?(QN-0EQ X:( =[<"_ %(X<?RJ :( \9<A <R Q(@Q>?($
Q<"X<EA "A 0((? 0[?E[R$ [X %_A@<" EQ9AJ H(AX?(@(A$ <0 _E[
RE@(X<@(R X:( ?<XX?( RXQ?(X "A ( X:<A> _E[Q (Q("X<EA <R <@GQ(RR<\($
XE[": E\(Q(^GER(%J R _E[ :(% XE]Q% "EAR<%(Q ]:X X:<R _ "A %EJI
"?<@^$ X:( "?<XEQ<R R](??R <A R<`($ ]:<": X @(R[Q(R E[X 7F8Z <A":(R <A ?(A9X:
"A @>( R(^ G<A0[?J E@( ]E@(A A% Z <A":(R ]<%(J :(A AEX QE[R(%$
Q(GEQX X:X "?<XEQ? RX<@[?X<EA X X:<R X:( ]??R "E??GR( <A EA EA( AEX:(QJ
GE<AX "A 0((? ?<>( A <QQ<XX<A9 X<">?($ :( ]??R Q( @%( [G E0 @(@QA(R
A% <A RE@( "R(R$ ?<>( Q(??_ R:QG X:X ?[Q<"X( X:( \9<A %[Q<A9 R(^$
R:E">J E GQEX("X <XR(?0$ X:( "?<XEQ<R X<RR[(R X:X Q( ?E%(% ]<X: ?EE%
Q(XQ(XR [A%(Q X:( GQEX("X<\( ]A<A9 \(RR(?R X:X ("E@( (A9EQ9(% %[Q<A9
E0 X:( "?<XEQ? :EE%J 0X(A$ ?<9:X(A<A9 QE[R?$ A% :<9:?_ (?RX<" @[R"?( X:X
[G X:( RX<@[?X<EA <X ]<?? @>( <X ??E]R <X XE (^GA% %((G(Q A% ]<%(Q
0((? 9EE% 9<AJ 0EQ <AX(Q"E[QR( A% ":<?%<QX:J
9I
)#"$ '
9&
*
97
)#"$ '
OV
*
<A X:( 9(A<X?R$ G(?\<R$ [XXE">R$ A% _E[ @_ 0((? R <0 _E[ "APX 9(X (AE[9:
X:<9:RJ :(A EQ9R@ E""[QR$ A Q( E0 _E[Q GQXA(Q-(\(A EA( _E[PQ( ?[>(;
E0 X:( Q<A "??(% X:( GQ\(AXQ<"[?Q ]Q@ E[X-%[Q<A9 G?(R[Q(J
A["?([R RG<??R ]\( E0 E^_XE"<A EEA 0X(Q A EQ9R@$ _E[Q
<AXE _E[Q ?EE%RXQ(@J R X:<R A([QE; ?EE% GQ(RR[Q( A% G[?R( R(XX?( %E]AJ
:EQ@EA( ]R:(R X:QE[9: _E[Q G(?\<" :<?( ?EE% %Q<AR 0QE@ :<R G(A<R QX:(Q
@[R"?(R$ <X "[R(R R(Q<(R E0 Q:_X:@<" K[<">?_$ <X RX_R ?EA9(Q QE[A% _E[Q
"EAXQ"X<EAR <A X:( [X(Q[R$ \9<A$ A% \9<A$ >((G<A9 _E[ QE[R(%$ A% ??E];
A[R$ X <AX(Q\?R E0 (\(Q_ Ja+ R("EA%RJ <A9 _E[ XE ":<(\( @[?X<G?( EQ9R@RJ
(A]:<?($ _E[Q :(QX RXQXR G[@G<A9 RRX# >( %\AX9( E0 X:<RJ <X
(^XQ E^_9(A XE X:( G[?RX<A9 GQXR @<A[X( [AX<? _E[Q "?<XEQ<R ("E@(R ?(RR
XE >((G X:(@ :[@@<A9 ?EA9J :(R( R(AR<X<\( X:(A :\( :<@ RX<@[?X( _E[
"EAXQ"X<EAR ]<?? ( (\(A RXQEA9(Q ]<X: :<R 4A9(QR EQ XEA9[( XE RXQX
<0 _E[ %E (9(? (^(Q"<R(R HR(( (?E]IJ [<?%<A9 XE AEX:(Q G(>J
:<?( _E[Q E%_ <R G[@G<A9 E[X A"( _E[P\( 4??(% _E[Q G?(R[Q(
]\(R E0 X<A9?_ 9EE%A(RR$ _E[Q @<A% K[EX$ _E[P?? GQE?_ 0?? <AXE "[%%?(
0??R <AXE "EAX(AX(% XQA"(J :( @E%($ ("[R( X:(Q(PR RX<?? ?(0XE\(Q
A["?([R ""[@(AR$ ]:(Q( X:( Q<A E^_XE"<A HX:( EA%<A9 :EQ@EA(I
GQE%["(R G?(R[Q?( 0((?<A9R H<A"?[%<A9 6EX<A9 QE[A% 0QE@ _E[Q EQ9R@HRI$
%%<"X<\( EA(R ?<>( X:ER( _E[ "A 9(X @><A9 _E[ 0((? (RG("<??_ XX":(%
0QE@ A<"EX<A( EQ %Q[9RI$ <R "X<\X(%$ XE X:( G(QREA ]:E QE[9:X _E[ ??
""EQ%<A9 XE E@<RQ[>J :XPR ]:_ X:X 9?EQ_J
O9
)#"$ '
OO
*
,%S14%! T8PC44 6%%# /6# 51EE8E= G:8E%G 6# M%E14 # 8TG 413% 64 P4%EG M/M #86CM PG% 6T #1G0
/%3 M/% R/84% 31M 6# 88#4% )E85 ' %" 6 .E8R! PG16. 6 1M/T 85)8EM PM #8 53% T8P 58E% QP46%E0
586G M8 6PG= :E%# T8PE 41 R1M/ 16)%M186= PM %M16. :E818M1 T8.PEM! 4% M8 G%SP44T ME6G51MM%# 16)%M186G=
T8PE *6.%EG 6# :P44 3 M/% /88# 8) 86M1616. M/% 41Q% /%4:)P4 M%E14! G16. /1./0G8E%6T M5:86 #PE0
M/% 41M8E1G= ) T8P G%% P5:G! REMG! 8E R144 GP::8EM M/% #%41M% /%514 16. 41./M ,8R #TG 8E R/%6 G:8MM16.
8M/%E .E8RM/G! 584%G M/M /Q% /6.%# 46% 16 T8PE Q.16= 6 #ER M88 5P/ ,P1# 8PM 8) M/%
G/:% 8E 848E! 8E 68E54 #1G/E.% Q.16! #5.16. %44G 6# PG16.
8E GR%4416.! G%% T8PE #8M8E= 8 8445!8 I 50-.I= M/%5 M8 %E8#%= /% .88# 6%RG 1G M/M
4%%:16. 16 8S%EG 8E 2551%G R1M/8PM M/% Q.164 41616. 1G >P13 M8 :E8#P%
8 58I.05-= R%E16. :6M1%G 448RG M/% G316 M8 6%R %44G! 448R16. P4%EG M8 /%4
8PE :E1QM% :EMG /Q% E%5E34% E%M/%! 48R%EG M/% M%5:%EMPE% 8) M/% 85:4%M%4T 16 G 41MM4% G -& /8PEG=
P14M016 G%4)04%616. GTGM%5= /% QP4Q! 6# :E%Q%6MG GR%M16.= 44 /%4: 8 :E%Q%6M Q.164 GME%GG! Q81# GP:%E0
QP4Q 6# Q.16 :E8#P% 6 Q%E.% E%#P% /6%G 8) 16)%M186= G8E%6T M5:86G 86 44 PM T8PE
8) 86%0>PEM%E M8 /4) M%G:886 8) /%Q1%GM #TG 6# #86CM PG% M/%5 M
Q.164 #1G/E.% %Q%ET & /8PEG! R/1/ 5D:"I .0D )5-"CD= 44 %MR%%6 :%E18#G=
1G R/T :6M1%G EET M/M /%4:)P4 GME1: 86CM 4%M /6#G'6T86%CG! 164P#16.
8) 8MM86 )E1=
8GM 8) M/% Q.164 T8PEG'M8P/ T8PE Q.16 P64%GG 8 I8 "! "C30"C=
G%E%M186 1G %EQ14 5P8PG! R/1/ M/%T E% 4%6 6# #86CM /Q% 486. 8E EE%.P4E G4%%: :MM%E6G 8E .%MM16.
%))%M1Q%4T 6%PME41U%G M%E1 6# 2..%# *6.%E614G= )%R%E M/6 I /8PEG 8) G4%%: 6 ))%M
/%4:G 516M16 :E8:%E 1# 46% M/% >P41MT 8) T8PE G4%%: 6# T8PE G%SP4
16 M/% Q.16 M/M 3%%:G # M%E1 C"! 30-.I3Q O0I. /%4M/= /MCG 58E%! :88E G4%%: 1G
)E85 ,8PE1G/16.= 86CM #8P/%! R/1/ I4:85D= GG81M%# R1M/ 56T /%4M/ 1GGP%G M/M
RG :8:P4E 56T T%EG .8! 8E PG% G M%6#%E G M/% Q.16 5T G%%5! 86ME1PM% M8 G%SP4 :E84%5G! /1./
8Q%E0M/%08P6M%E )%51616% :E8#PMG= 1MCG MP44T :E%MMT M8P./ 8831%= 488# :E%GGPE%! 8%G1MT! G4%%: :6%!
8M/ 6 #1GEP:M M/% :E8M%M1Q% /%6 1M GPGM16G G544 GE:%G )E85! /%EM #1G%G%! 6# #1%M%G=
M%E14 46%! 8E#16. M8 GT! %6M/PG1GM1 G%S! M/% Q.164 41616.
%E56= 6GM%#! RG/ R1M/ RM%E 6 /%4 GPE:E1G16.4T )GM= 68M/%E "": 0I I8 85"
6# :046%# G8:! 6%Q%E 848E%# RT 1M .%MG %M P: 1G 15:E8:%E PG% 8) 8C IO8 !C052D=
8E :%E)P5%# G8:G= P44 M/% /88# 8) GP:%E0G8E%6M M5:86G= /1G 1G .4GG 8) /E#866T 5T E%4S
T8PE 41M8E1G 3 6# PG% RE5 RM%E #1))%E%6M )E85 GET M8S1 G/83 GT60 T8P 6# :PM T8P 16 M/% 588#! PM G
6# .%6M4% RG/48M/ M8 R1:% RT #E85%! EE%! #6.%E8PG 86#1M186 /3%G:%E% RE6%# 16 .
814G 6# G316 :EM14%G= ;8##G 8) .%MM16. 1M E% 8PM 9 16 @#E163 :E8Q83%G #%G1E%! PM 1M M3%G
9VV!VVV< M/M E%GP4MG )E85 6 8Q%E0 RT :%E)8E56%=A 41614 GMP#1%G
I L: 8' Q8-LCI .E8RM/ 8) .&4"%%0* 0)0* 0 /Q% G/8R6 M/M 48/84 MG G
"N"CQ !Q= M%E1= /% GM:/ P. 6 % %S%E0 #%:E%GG6M 16 M/% E16CG %E%E4
.% ""0* 1G %6%*14 M%# T R%E16. M/% G5% M5:86 )8E 8EM%S! #P4416. 6S1%MT 6# 16/11M186G
M%E1P5 M/M 3%%:G 6GM1%E M%E1 486.%E M/6 & /8PEG 'PM 1G 68M MP0 8PM G%S! PM 4E.%E 58P6MG 6
16 /%3 16 M/% Q.16= /%6 M/% 44T PG%# T M5:86G M/%5G%4Q%G= /Q% M/% 8::8G1M% %))%M! 5%GG16. R1M/
6P5%E 8) .% ""0* #E8:G! T%GM /M M5:86G 6 .1Q% T8P E% Q.10 T8PE 141MT M8 %85% E8PG%#=
ON
)#"$ '
"PI0DI0D
3
333
[@(Q E0 A(Q\( (A%<A9R EA
X:( \<R<?( A[ E0 X:( "?<XEQ<R-
(Q"(AX9( E0
]E@(A ]:E R_
X:(_ "AAEX
Q(": EQ9R@
X:QE[9:
<AX(Q"E[QR(
?EA(
(Q"(AX9( E0
,+ ,
(Q"(AX9( E0 (Q"(AX9(
Q(%(QR ]:E E]A
\<QXEQ EQ
EX:(Q R(^ XE_
O-
*
%1 ,
[@(Q E0 ]E@(A ]:E
X:<A> EQ9R@ R_A":QEA<"<X_
%1 3
(Q"(AX9(
E0 ]E@(A
]:E R_ X:(_
]E[?% ?<>( XE
(,
(Q"(AX9(
E0 ]E@(A
(^G(Q<(A"(
@>(R 0EQ (XX(Q R(^ R(^ E[X%EEQR ]:E R_ X:(_
:\( 0(?X
%<RXQ"X(%
,'
,
%[Q<A9 R(^
%[( XE ]EQQ_<A9
E[X :E]
X:(<Q E%_
?EE>R
(Q"(AX9(
<A"Q(R( <A R<`(
Q(RX "A
("E@( ]:(A
><RR(% EQ RXQE>(%
3
(Q"(AX9(
E0 @(A
]:E RXQ(RR
<A[X(R <X X>(R E[X X<@<A9
R<@[?XA(E[R
(Q"(AX <A"Q(R( X:( \(Q9( ]E@A EQ9R@
<A R<`( E0 "?<XEQ?
X<RR[( ]:(A (Q("X XE Q(": EQ9R@
O+
.:I"CJ
& (#+
&$
) ) , ,)%' )&*
*.%' ' .* &, )
$
OJ
OI
8L 5 I.52
]E@A 0EQ X:( X:<A9R X:X %Q<\( _E[ A[XR E[X
@(AJ (Q A@( <R
EX:(Q X[Q(J :( "Q(X(%
@?( Q<A X:X <R \(Q_ %<1(Q(AX 0QE@ _E[QR EX:
<A RXQ["X[Q( A% (:\<EQJ <X: @=EQ %<Q("X<EA A%
<A6[(A"( 0QE@ :EQ@EA(R$ (RG("<??_ X(RXERX(QEA($
X:( @?( Q<A %(\(?EGR <AXE M ?(A$ @(A$ GQE?(@;
RE?\<A9 @":<A($N R_R E[AA Q<`(A%<A($
$
GQE0(RREQ E0 "?<A<"? GR_":<XQ_ X X:( A<\(QR<X_
E0 ?<0EQA<J
:X %<RX<A"X<EA <R X X:( "Q[^ E0 ]:X 0Q[RXQX(R
]E@(A E[X @(A-A% <X "EAX<A[(R XE 0[(? X:(
"EA6<"X (X]((A X:( R(^(RJ (Q(PR A (^@G?(# (XPR
R_ _E[Q E_0Q<(A%PR EQ :[RA%PR @EX:(Q R_R RE@(;
X:<A9 XE X<"> _E[ E1J :(A :( "E@(R :E@( 0QE@ ]EQ>$
O&
& (#+ &$
_E[ ]AX XE \(AX$ RE _E[ R<X %E]A A% 0EQ@J ?X:E[9: :(PR AEX ]Q( E0 <X$
%(R"Q<( ]:X :GG(A(%$ <A (^"Q["<X<A9 <ARX<A"X<\(?_ :<R Q<A <R %Q<\<A9 :<@
H0EQ :<@I %(X<?$ 0EQ Za @<A[X(RJ E[Q XE (="[?X( :<R <AXE X:( A(^X
0(@?( Q<A "EAR<%(QR X:<R X:(QG([X<"$ 9(A(QX<EA _ :\<A9 R(^ ]<X: R @A_
("[R( _E[Q 9Q_ @XX(Q <R @[": @EQ( 0(@?(R R :( "AJ
%(GX X <AX(QG(QREA? R(AR<X<\<X_ X:A [X >((G <A @<A% X:X
EX:(Q
:<R Q<A <RJ E[Q Q<A <R ?EE><A9 0EQ X[Q( %(R<9A(% _E[Q Q<A RG("<4"??_
R<9A?R E0 [A%(QRXA%<A9$ "E@@<R(Q; XE %(? ]<X: X:<R ><A% E0 GQ<@? @?(
X<EA$ A% R[GGEQX 0QE@ :<@J <R (@E; (:\<EQ A% [R( <X XE _E[Q %\AX9(J
X<EA? Q<A$ _ "EAXQRX$ <R :Q%;]<Q(% ("[R( GQ(9AA"_ A% A[QR<A9 Q(
XE R(Q": A% %(RXQE_ X:( GQE?(@ X R[": %A9(QE[R$ G<A0[?$ A% X<@(;"EA;
:A%J (PR ?EE><A9 XE "X A% XE 4^ X:( R[@<A9 [A%(QX><A9R$ ]E@(A :\(
%<RX[QA"( 0RX A% @E\( EA$ AEX XE (\E?\(% XE ( 0Q @EQ( X:E[9:X0[? A%
9<\( _E[ ]:X _E[ Q(??_ EG(A(% [G 0EQ$ R(?("X<\( E[X ]:E@ X:(_ :\( R(^
]:<": <R R<@G?_ R_@GX:(X<" (QJ ]<X:J :( Q( E0 _E[Q Q<A X:X
E _E[ R(( X:( %<1(Q(A"(L E[Q A?_`(R Q<R>$ X:( AX(Q<EQ "<A9[?X(
Q<A <R ]<Q(% 0EQ RE"<? "E@@[A<"X<EA$ "EQX(^$ EQ $ <R @[": ?Q9(Q X:A <X
:<R 0EQ G[QR[<X A% XQ9(X(% "X<EAJ <R <A @APR Q<AJ E[ [R( <X XE %(X(Q;
:( %<RX<A"X<EA <R (\(A "?(Q(Q ]:(A <X @<A( ]:(X:(Q GEX(AX<? @X( :R X:(
"E@(R XE "E[QXR:<G A% R(^J "<(AX<RXR Q<AR A% X:( ??R XE ( EX: GQE;
>AE] X:X @?( Q<AR "EAX<A X]E A% \<%(Q A% GQEX("XEQ 0EQ _E[ A% _E[Q
/16316. 8PM G%S :?0 X<@(R @EQ( Q(? (RXX( %(\EX(% (^G("X(% E1RGQ<A9J A% _E[ %E X:X _
6 15:1E 56CG XE R(^[? G[QR[<X X:A 0(@?( Q<AR %EJ R<`<A9 [G X:( EGGER<X( R(^ <A 0Q
2P#.5%6M= %G%E/
16
%0)$" % :<R R(^[? RX9<A9 `EA( <R 0E[A% %((G %<1(Q(AX ]_ X:A @(A %E-_ X?><A9$
%$*0#) *) <A X:( Q<APR "EQ( <A X:( @(%<? GQ(EGX<" 9(XX<A9 XE >AE] :<@$ A% RR(RR<A9 :<R
E%:8EMG M/M G%SP4
PE.%G 53% 5%6 EQ% Q( E0 X:( :_GEX:?@[RJ XQ[RX]EQX:<A(RR$ R?E]?_$ "EAR"<E[R?_$
>P13 E%RE#G R/%6 M(^[? X:E[9:XR 6<">(Q <A X:( (0EQ( X><A9 X:( A(^X RX(GJ
M/%T 53% #%1G186G ">9QE[A% E0 @APR \<R[? "EQX(^ ?? A (RR(A"($ _E[ A((% XE 0((? R0($
8PM 586%T 8E )88#=
6 M/% GMP#T! 5%6 %_ A% A<9:X$ @><A9 :<@ ?]_R X X:( "E@0EQX?($ A% <AX<@X(?_ "EAA("X(%
R/8 R%E% .1Q%6 416.%E1% Q(%_ 0EQ R(<`<A9 R(^[? EGGEQX[A<X_$N ]<X: @A <A EQ%(Q XE %(R<Q( R(^ ]<X:
M8 )86#4% 8E G/8R6
Q1#%8G 8) R85%6 EP6616. ]Q<X(R A([QEGR_":<XQ<RX Q<`(A%<A( :<@$ ]:<?( :( A((%R R(^ <A EQ%(Q XE 0((?
16 13161G M%6#%# M8 % <A :(Q EE> (
- ;*/ ;,) <AX<@"_J EQ :<@$ 0Q(K[(AX R(^ <R R
86M%6M R1M/ G544
155%#1M% 586%MET
@(;1B'( /;<@/*/' 1# 1D
/ (RR(AX<? XE RX<R0_<A9 Q(?X<EAR:<G R
E%RE#G 16GM%# 8) / 1F< (*/,5 :\<A9 0Q(K[(AX <AX<@X( X?>R <R 0EQ _E[J
1..%E 86%G M/M 16Q84Q%# E$ EA X:( @ERX (?(@(AX? ?(\(?$ :(A _E[ "A Q("E9A<`( X:(R( "(Q(Q?
R1M16.= %SP4 GM15P41
G6: 5%6CG 516#G 9[_ <R ?<>( <9;(_(% %E9 %QEE?<A9 E\(Q %<1(Q(A"(R$ _E[ @_ RXQX XE R(( @(A
16M8 M/% :E%G%6M! (\(Q_ 0(@?( ]:E ]?>R _ R <0 R:( ]R 0QE@ %<1(Q(AX G(QRG("X<\( A% 0EQ@
E%G%E/%EG G:%P4M%!
5316. )GM E%RE#G =[<"_ GEQ> ":EG ]<X: Q(RXRJ <R (_(R %((G(Q [A%(QRXA%<A9 E[X ]:X
58E% ::%416.= <@@(%<X(?_ 0E"[R EA X:( 0(@?( E%_ %Q<\(R X:(@$ 0Q<9:X(AR X:(@$ A% X[QAR
NV
)
N9
& (#+ &$
C .83! 8' .0D .5!= :<@ <R XE 0[?0<?? :<R A((% XE 0((? \?[(%
A_ ]E@(A X:<A> X:X @(A %EAPX A% A((%(% R GQE\<%(Q A% GQEX("XEQJ
?<>( "[%%?<A9$ :A%:E?%<A9$ A% EX:(Q A GE?? E0
/:< -@( Q(%(QR$
AEA;R(^[? 0EQ@R E0 "?ER(A(RRS X:(_PQ( UU G(Q"(AX R<% X:(_ ]AX ]E@(A
]QEA9J
(A (A=E_ <X R @[": R _E[ XE "E@G?<@(AX X:(@ EA A <AXA9<?(
%E$ [X X:(_ Q( "EA%<X<EA(% XE :<%( _(X RG("<0<" K[?<X_$ RE@(X:<A9 X:(_
X:(R( %((G %(R<Q(R XE \E<% X:( GG(Q; [A<K[(?_ GERR(RRJ ( R<A"(Q(# M ?E\(
A"( E0 ](>A(RR-MAEA;@?(A(RRN- :E] _E[ ?]_R "A @>( @( 0((?
<A 0QEAX E0 EX:(Q @(A A% (\(A 0QE@ (XX(QN <R @[": @EQ( (00("X<\( X:A
_E[J :(A _E[ %<RG?_ _E[Q ?E\( <A ME[PQ( ]EA%(Q0[?N ("[R( <X Q(<A;
G[?<" _ 9Q<A9 :<R :A%$ G?AX<A9 0EQ"(R :<R (00EQXR XE "Q( 0EQ _E[J
Q<(0 [X GRR<EAX( ><RR$ XE[":<A9
:<R X:<9: ]<X: _E[Q :A%$ EQ 9Q`<A9 L-. O0I. 5! I .04=
:<R Q@ ]<X: _E[Q Q(RXR EA G[QGER($ 0X(Q :(Q E%_$ :(Q R(AR( E0 :[@EQ <R
_E[ %(@EARXQX( "EA4%(A"( <A _E[Q X:( @ERX XXQ"X<\( X:<A9 E[X ]E@(A
R(^[?<X_$ ]:<": @(A 4A% <QQ(R<RX<?(J 0EQ @(A ]:E Q(RGEA%(% XE ( *'
11, 1# E R[Q\(_J [X X:X %E(RAPX
0N" .04 :C8:D= @(A _E[ :\( XE ( K[<"> ]<X: =E>(R
(@(@(Q :E] :Q% _E[ ]EQ>(% EA A% ]<XX_ EA(;?<A(QRJ <@G?_ (<A9
X:ER( R:E];A%;X(?? GQE=("XR <A ><A%(Q; ?( XE ?[9: ]<X: :<@$ X :<@$
9QX(A$ A% :E] 9EE% _E[ 0(?X ]:(A X:( A% X _E[QR(?0 <R R<9A E0 <AX(??("X[?
"?RR "?GG(% A%$ X :E@($ %% R<% "E@GX<<?<X_$ R_R <??_ E?%(Q9$
$
MXX9<Q?NL
(A Q($ <A @A_ ]_R$ "E[X:EQ E0 (F 1
/ -- <-2
><A%(Q9QX(A(QR ]:E ]AX AEX:<A9 #@; E7 M
(A ]AX ]E@A
@EQ( %(RG(QX(?_ X:A _E[Q GGQ("<; ]:E <R R "E@0EQX?( Q(?X<A9 :(Q
X<EA A% Q(RG("X 0EQ X:(<Q :Q% ]EQ>J E]A Q<%<"[?E[R A("%EX( R R:( <R
("[R( X:X Q("E9A<X<EA QQ(?_ "E@(R ?<RX(A<A9 XE E[QRJN
0QE@ X:(<Q ERR(R$ <XPR (\(A @EQ(
"Q<X<"? X:X _E[ 9<\( <X XE X:(@ EA D2 '8C O.I Q8L
E""R<EA X :E@( ]:(A X:(_ %E RE@(; O5I 05 "!=
X:<A9 GQX<"[?Q?_ X:E[9:X0[? EQ
(A Q(APX X:( (RX @<A% Q(%(QRJ
'+
R><??0[?J
(A 9QE] [G ]<X: "[?X[Q? [X X:(_ [A%(QRXA% "E":<A9$ :\<A9
(^G("XX<EAR XE ( RXQEA9 A% Q\($ RG(AX _(QR G?_<A9 EQ9A<`(% RGEQXRJ
XE R[GGQ(RR X:(<Q (@EX<EAR$ 0(QR$ E @ERX E0 X:(@ Q(RGEA% ](?? XE 0((%;
A% :[QXR$ RE <X @_ ( \(Q_ %<00<"[?X "> A% %<Q("X<EAJ A 0"X$ X:(_ ]E[?%
XE %(X("X X:<R A((% (A(X: X:(<Q RXE<" \(Q_ @[": (A=E_ :(Q<A9 ]:X _E[P% ?<>(
%E%6M.% 8) 5%6 Q@EQJ [X$ Q(RX RR[Q(%$ <XPR X:(Q(S X:(@ XE %E XE _E[ <A (%J 0 _E[PQ( AEX
R/8 E% GM1G*%#
R1M/ M/%1E :EM6%ECG @(A "A ( <AR("[Q(J A( E0 X:( @ERX Q(??_ "E@0EQX?( R><A9 0EQ RG("<4"R$
E%GM G1U%= (00("X<\( ]_R XE R:E] _E[Q ?E\( 0EQ X>( X:( GQ(RR[Q( E1 _ X?><A9 <A
NO
)
9(A(Q?<X<(R ]:(A _E[PQ( AEX <A (%J [GJ X 0A"_ %<AA(Q X Q(RX[QAX$
A"( _E[PQ( (X]((A X:( R:((XR$ MX[QA "?[( :<@ <A XE X:( 0"X X:X _E[PQ(
Q(K[(RXR <AXE (QEX<" (^GQ(RR<EAR$ AEX AEX ](Q<A9 A_ [A%(Q](Q$ A% R((
<ARXQ["X<EAR$N R_R
E_ \<%REA$ :$ :E] 0RX :( 0<A<R:(R :<R "Q*@( Q[?((J
R(^ X:(QG<RX <A (] EQ> A% [X:EQ :(A _E[ Q( R:<0X<A9 0QE@ EA( R(^
E0 ;-<< E5 M_<A9 O:$ %E X:X GER<X<EA XE AEX:(Q$ X>( :<@ <AXE _E[Q
R?E](Q$P <RAPX A EQ%(Q$ <XPR R(^_JN @E[X: A% ?EE> [G X :<@ 0EQ 0(]
R("EA%R$ X:(A X[QA QE[A% A% E00(Q
"!L" .04 O0I. DLI3"IQ= :<@ Q(Q (AXQ_J :(R( Q( =[RX RE@(
><G X:( %_ 9 <@G(QREAX<EAJ R("Q(X %(R<Q(R ](P\( :(Q% 0QE@ 9[_RJ
M<X: RE @[": (^G?<"<X <@9(Q_ <A (PQ( R[Q( _E[ "A X:<A> E0 @A_ @EQ(J
X:( @(%<$ XEE @[": (^GER[Q( <RAPX
R(%["X<\($N R_R E(QX J <Q":$ :$ I. :8C5 O0I. .04=
R(^ X:(QG<RXJ ARX(%$ G?_ ?<XX?( ""EQ%<A9 XE RX[%_ X Q<9:@
:<%(;A%;R((>J (X _E[Q R:<QX 0?? 0QE@ E[A9 A<\(QR<X_$ +T G(Q"(AX E0 @(A
_E[Q R:E[?%(Q$ [A%E EA( @EQ( [XXEA$ :\( ?EE>(% X RE@( 0EQ@ E0 GEQA
EQ ](Q 4XX(% ?E[R( E\(Q ?"_ Q <A X:( GRX _(Q$ A% EA( <A 4\( ":(">R
A% ]X": :<@ E9?( _E[ ?? A<9:X ?EA9J E[X ;QX(% 0Q( %<?_J :XPR GQE?_
M??E] X:( G((G XE GG(Q [A<AX(A; AEX R[QGQ<R<A9 XE A_EA($ [X ]:X
X<EA?$N <Q": R_RJ <R R:E"><A9 <R :E] K[<">?_ @(A "A
("E@( %(G(A%(AX EA Q(9[?Q %ER(R E0
" 48C" DD"CI0N"= (QEX<" <@9(RJ :( QE[R? :EQ@EA(R
R @[": R @A ?<>(R XE ( <A X:( \<R[?R XQ<99(Q "A ("E@( %%<";
"EAXQE?$ X:( (%QEE@ <R EA( G?"( X<\(J 0 _E[ 0((? (QEX<" @X(Q<? <R <AX(Q;
]:(Q( :( ]E[?% ?<>( XE R(( _E[ X>( 0(Q<A9 ]<X: _E[Q Q(?X<EAR:<G EQ :(PR
@EQ( "EAXQE?-A% ]( %EAPX @(A [R<A9 <X XE \E<% RE@(X:<A9$ _E[ R:E[?%
_ 9Q<A9 X:( Q(@EX(J ( X:( "EA0QEAX X:( GQE?(@$ R_R R(^ X:(Q;
EA( XE <A<X<X( R(^J :(A _E[ X>( G<RX A%EQ Q%ER$ :J A( X"X<"
":Q9($ _E[ 00<Q@ _E[Q %(R<Q( 0EQ :<@$ <R XE R[99(RX ]X":<A9 (QEX<" XE9(X:(QJ
RE@(X:<A9 :( A((%R EX: <A A% E[X M X ("E@(R "E@G[?R<\( ]:(A :( 0((?R
E0 X:( (%QEE@J >( %\AX9( E0 :<R ?<>( :( :R XE :<%( <X$N R_R Q%ERJ 6; K3F A#LI1
53FF
AEXEQ<E[R GQEG(AR<X_ 0EQ \<R[? "[(RJ [X ]<??<A9A(RR XE R:Q( :<R <AX(Q(RX
[XR<%( E0 X:( (%QEE@$ ](Q RXQG?(RR X>(R X:( "E@G[?R<EA E[X E0 X:( K[(R; H; ,#?A 7,MA.11M
FF@F.J#
%Q(RR(R X:X 0?R: <X E0 0?(R:J (Q X<EAJ <(]<A9 (QEX<" <@9(R XE9(X:(Q
:<R E^(QR QE[A% X:( :E[R(J (\<A9 @_ (\(A (A:A"( _E[Q R(^ ?<0($ R_ G; 55" F.2.3+
RE@(X:<A9 XE ( <@9<A(% ]<?? %Q<\( R(^ (^G(QXRJ E"[R EA 9(AQ(R X:X _E[ *; ,#?A .3F#@#AF#"
:<@ ]<?% R @(A 9(X X[QA(% EA (\(A GQ(0(Q$ ]:<": Q( ?<>(?_ XE ( 0<?@R 3" J.11#
@EQ( _ ]:X X:(_ "APX R((J ?<G <AXE "EAX<A<A9 @EQ( RXEQ_X(??<A9 A% (; ,#?A
X:( R:E](Q ]<X: :<@ A% REG :<@ QE@A"( \(QR[R Q] :[@G<A9J 7@52.AI5IA
NN
"": I." 30-.ID 85=
:(Q(PR AEX:<A9 R(^<(Q X:A ]E@A
]:E ?(XR :(Q 9[Q% %E]A <A (%J M(
?E\(R ]:(A :( "A R(( A% 0((? _E[Q E%_$
A% X:( <99(RX X[QAE1 0EQ :<@ <R _E[Q
"X<A9 (@QQRR(%$N R_R (GG(Q
":]QX`$ :$ Q(?X<EAR:<GR %\<REQ
0EQ (Q0("X@X":J"E@ A% [X:EQ E0
;*. C/@B;< / C* 1/ E
1C / @( /<B- ;<5 E "Q(X(
A (A\<QEA@(AX ]:(Q( _E[ "A (A=E_
_E[QR(?0-"A%?(R$ ?<A9(Q<($ ]:X(\(Q _E[
A((% XE Q(?^ A% 0((? ([X<0[?J Q[RX
[RS :( %E(RAPX R(( X:( <@G(Q0("X<EAR X:X
]E@(A X(A% XE `EA( <A EA-?? :( >AE]R
<R X:X :( ?E\(R _E[Q E%_J
N-
)
%E%6M.% 8)
5%6 R/8 GT M/%T
G4%%: 63%# 6# 68M
2PGM 16 GP55%E=
N+
& (#+ &$
NJ
& (#+ &$
0D8!QG8LC :
/% 3 8) M/% 36%% 6#
166%E M/1./G E% /1./4T
G%6G1M1Q% M8 5%6= MEM
41316. 6# 31GG16. %/16#
M/% 36%%! G48R4T #Q60
16. 68EM/= R1M/ M8 M/%
8M/%E 4%. )8E QE1%MT=
.16! G48R4T! G48R4T=
46% P: M /15 G T8P
413 6# .%M 48G%E M8 /1G
G3 R1M/8PM M8P/16. )8E
G 486. G /% 6 GM6# 1M= /% M/1E# 58GM GPE:E1G16. %E8.%68PG
MCG M/% GR%%M%GM M8EMPE% U86% #%GE1%# T 5%6 16 8PE GPEQ%T
/%C44 %Q%E %6#PE%= 1G M/% :%E16%P5! :M/ 8) G316 *44%#
R1M/ 6%EQ% %6#16.G 48M%# %MR%%6
M/% 6PG 6# M/% M%GM14%G= ET EP60
616. 86% 8) T8PE G143 GEQ%G #%410
M%4T %MR%%6 /1G 4%.G 6# 8Q%E /1G
:%E16%P5! R/1/ R144 G%6# G/1Q%EG
M/E8P./8PM /1G 8#T=
6% 4E.% GPEQ%T G/8R%#
M/M R85%6 %628T /84#16.
/1G PMM 16 M/% :45G 8)
/%E /6#G= GPEQ%T 8)
$(* ". E%#%EG
GP..%GMG M8 .8 E1./M
/%#= /%T 48Q% 1M= /%6
/Q16. G%S! RE::16. T8PE
/6#G E8P6# /1G /%%3G
6# :P4416. /15 16 )8E%0
)P44T R1M/ G>P%%U% R144
53% /15 )%%4 R6M%#=
N&
G /% :T16. MM%6M186 M8
T8P R/14% P##416. 16 %#
8E M/16316. 8PM M/%
/1.8 P44G? 8E 4P%!
4883 16M8 /1G %T%G= /%6
M/% 516# R6#%EG! 1M
G/8RG 16 M/% %T%G= 6
GMP#1%G M M/% 61Q%EG1MT
6M /15 M8 M3% E1G3 8) M%E488! 8.61M1Q%
86 T8PE E%4M186G/1:? 6%PE8G1%6M1GMG ME3%#
M8P/ 86 /1G G/8P4#%E M/% %T% 58Q%5%6MG 8)
G%6#G 5%GG.%G 8) 850 :%8:4% R/8 R%E% :T16.
)8EM 6# G%PE1MT= E%%6M MM%6M186 M8 E%#16.
GMP#T 16 M/% 28PE64 5M%E14 8E #T#E%516.=
*4%"% " $ /% :/14MEP5! M/% %6ME4 E1#.% 8) M/% P::%E
41: 1G 6 E% M/% 61%6M E%%3G 44%# M/% %GP4MG G/8R%# M/M
G/8R%# M/M R/%6 :%8:4% 4163%# 58E%
)%54% M8P/%G 68M/%E 58GM %E8.%68PG U86% 86 M/% 8#T= R8 528E
E614 6%EQ%G E% 48G% M8 M/% GPE)% /%E%! R/%6 M/%1E 516#G R60
:%EG86CG G/8P4#%E 8E #%E%# M/6 R/%6 M/%T
3! M/M :%EG86 R8P4# GTG 5%E86 4831%!
! 6 8E4 GPE.%86 M
8P6M 161 8G:1M4 16 8E86M8= 8E#16. R%E% )8PG16. 86 MG3=
E1G3 58E% 586%T M/6 1) /% 416316. E%#P%G M/%
G/% 2PGM M43%# M8 M/% M8 )84348E%! :E8516%6M :/14MEP5 1G 16#1M1Q%
8) G%SP4 #%G1E%= %4%G R/8 /Q% M/%5 58P6M 8) 16)8E5M186
:%EG86 8E 1) 56 #1# M/% 8516. 16M8 M/% E16! GT
M8P/16.= %G%E/%EG E# 1MM! 16#T ER)8E#=
M/% E%G%E/%EG! R/1/
%41%Q% M/% E%G86 M/M 5T % R/T T8PE 416316.
)%54% M8P/ 16,P%6%G 8T)E1%6# /G6CM 4P%
/8R R14416. #P4MG E% 8PM R/M T8P 2PGM G1#=
M8 M3% E1G3G 1G %PG%
58M/%ECG ME#1M18644T
PG% M8P/ M8 53% M/%1E
1%G )%%4 G%PE%=
%41%Q% 1M 8E 68M 5%6
%628T )8E%:4T G 5P/
G R85%6= 3% 1M 8PM 8)
M/% %#E885 T 5%GG16.
R1M/ /1G 516#= E%M%
G%6G% 8) 6M11:M186 T
4416. /15 M R8E3 6#
G316. /15 M8 E16. /85%
G85% G%ST 416.%E1% 8E
M%4416. /15 R/M T8PCE%
/% 6P5%E MR8 GPE:E1G16. %E8.%68PG .816. M8 #8 M8 /15= /%6
%S:%M /15 /85% %E4T=
U86% 16 8PE GPEQ%T 8) 5%6= 8P/16. M/%
%EG ME1..%EG 8M/ E%,%S8.%61 ;:/TG14< PUU416. /1G 6%3 1G G1.6 8) 48G%6%GG
6# :GT/8.%61 ;5%6M4< E8PG4! R/1/ 6# 16M15T M/M R144 53% /15 )%%4
1G R/T 8M/ 5%6 6# R85%6 *6# %E RE5 6# 48Q%#= 6# 1M 5T %6%*M T8PE
M8P/ G8 %E8M1= 1./M4T 5GG.% M/% E15 E8PG4! M88= @61)*6. 54% :/%E8586%G
8) /1G %E %MR%%6 T8PE M/P5 6# )8E%0 R144 #%*61M%4T /%1./M%6 /%E 8E.G5!A GTG
*6.%EG ;1MCG 58E% G%6G1M1Q% M/6 M/% 6 %E6%E! /! G%S M/%E:1GM 6# PM/8E
,%G/4T %E48%<= EU% M/% E1#.% 8) /1G 8) %#* )*.= /% :83%M R/%E% M/%
8PM%E %E R1M/ M/% M1: 8) T8PE 68G%= 86CM 6%3 5%%MG M/% G/8P4#%E 4#% 1G 6MP0
48R 16 /1G %E=
PGM 448R M/% G8P6# 8) E4 :/%E8586% ME:= 61)) /%E%=
T8PE E%M/ 6# )%%4 8) RE5M/ 86 /1G %E
M8 .1Q% /15 M16.4%G= /%6 ## G85% #1EMT
M43= /1G:%E R/M T8PC# 413% /15 M8 #8 M8
T8P= PTG )6MG1U% 8PM %16. 8:%64T
16Q1M%# 413% M/1G= MCG 6 %68E58PG MPE6 86=
N7
& (#+ &$
-V
D2 ." LQ "PI 88C
%
9 :X (^"X?_ @>(R # /13 ,13= PM M/% 8G1864 61./M M/% .EGG .E8R 3 M/% G5% RT 1M
]E@A 9EE% <A (%L 8PM 1G .E%M 1#%' 6%%GG1MT %Q%6= 5% 8))'GMEM R1M/ GME1:! M/%6 448R 1M
; 6M/PG1G5 MEP5:G %S:%E1%6% 6#
PGM #86CM 4%M 1M %85% :EM 8) T8PE EPM= M8 .E#P44T ,P)) P: 6# R1#%6 8PM=
ME13T 58Q%G! 6# M/% %GM G%S 6CM % 1M M/% 6%R%GM 83M14 2816MG 16 T8PE E%
5%GPE%# T 86% :%EG86CG :%E)8E56%= 6# 3%%: M/% TG1MM%E P: 4M%= E 53% 9
_ E_0Q<(A% :R R?(GX ]<X:
MCG 8PM .1Q%06#0M3%! P6#%EGM6#16. 8PM 16 M/% E )8E R/14% %)8E% T8P /%# XEAR E0 9<Q?RJ E] %E 9(X E\(Q <XL
T8PE :EM6%E! 6# P6:E%#1M141MT'G8 16M8 M/% /8PG%= 8PC44 162%M T8PE E%4M1860 ; 13% # /1EPM! T8PCE% .816. M8
:8P6% 86 /15 R/%6 /% 4%GM %S:%MG 1M= G/1: R1M/ G85% 6%R 41)% 6# .1Q% T8PE0 /Q% M8 R1M M/1G 86% 8PM= P3G! 368R!
G%4Q%G %68P./ )E%G/ 5%58E1%G M8 EET PM 86% /1G 6P5%E 1G 8PM 8) M/% .!
9
_ 9[_ R](QR :( T8P M/E8P./ P6M14 M/% 6%SM %G:%= M/1G :816M4%GG'PM :8M%6M':1%% 8)
:R AE R(^[? 0AXR<(RJ G%SP4 16M%4 R144 GM8: RE:16. T8PE E16
(PR ?_<A9$ Q<9:XL 9 E] %E R> @_ 9[_ 864T )M%E T8PCQ% %GM41G/%# ME3
; /E8P./ /1G M%%M/= 8P 6CM 45% XE XQ<@ X:( P0QE %E]A (?E]L E%8E# M8.%M/%E= 6# M/M M3%G M15%=
/15 M/8P./ E6G:E%6T 1G6CM 4RTG ;
8GM .PTG R8P4# E83 :163 :P1 /163 8PM 1M M/1G RT /T R8P4# /% %
%GT R/%6 1M 85%G M8 M/% 3163T GMP))=
8/R3 1) M/%T M/8P./M 1M R8P4# .%M G8 /86%GM 8PM /1G :GM 1) /% R6M%# M8
%CG :E84T R8EE1%# T8PC44 E%M #4T! M/%5 58E% G%S= %CE% :E%MMT %GT M/M E%:%M 1M? 6# 1) T8PCE% R8EE1%# 8PM 68M
.%M 2%48PG 8Q%E #T#E%5 8PM /1G RT= E16. 1M P: 16 GP4 6860%#E885 5%GPE16. P:! #86CM= /8G% .1E4G'44 8)
14M%G 16GMEPM8E M M/% .T5! 8E 2P#.% G%MM16. @ C5 #P% )8E ME15 #8R6 M/%E%= M/%5'E% G%SP4 /1GM8ET )8E E%G86=
/15 )8E %16. 16M8 G85%M/16. M/M T8PCE% 8R 8PM T8P #8 M/% G5% 6# R%C44
68M= 8 1) T8PCE% .816. M8 :PG/ M/1G 85:E% 4M%E?A 9 :( EA?_ X<@( @_ :[RA%
86Q%EGM186! T8P /Q% M8 3%%: 6 8:%6 ]AXR XE :\( R(^ <R X A<9:X$
516#= /% %GM RT M8 .%M /15 M8 G:144 9 [Q %E]A;X:(Q( :<Q# XEX??_ ]:(A P@ XEE X<Q(%J :_ "APX
M/% %6G? 8: M8 )6MGT 8) T8PE 8R6 Q($ 0A"_ ?A%<A9 RXQ<G$ EQ [ :( ( @EQ( 6(^<?(L
*EGM'G85%M/16. M5% M8 GMEM= ) M/M AX[Q?L ; 8P 8M/ 8P./M M8 % 58E% ,%S14%=
.8%G R%44! T8P 6 M3% MPE6G! EM/%M16. ; %GG 1G #%*61M%4T 58E%! PM EM/%E M/6 ) T8PCE% 16M8 R3%0P: G%S! G3 /15 R/M
P: M/% EP6/ )M8E 6# 5T% %Q%6 GM13 R1M/ G1.6MPE% C#8! GR1M/ 1M P:= 1M R144 M3% )8E /15 M8 E1G% M8 M/% 8G186=
MET16. M/16. 8E MR8 486. M/% RT= /6.% 3%%:G PG .P%GG16.'6# .P%GG16. % 5T % 58E% R14416. 1) T8P 85580
3%%:G PG 16M%E%GM%#= 8 5T% T8P GMEM #M% /15 86% 16 R/14% M88= PE%! 1MCG
9 X( A<9:XR 0EQ @QQ<(% R1M/ ME155%#0#8R6 ME16.4%= )M%E M8P./ M8 GP5586 M/% %6%E.T )8E
"E[G?(R# XEX??_ ":((R_ EQ Q( )%R R%%3G! R/3 1M #8R6 M8 46#16. #ER608PM G%S G%GG186 )M%E 486. #T!
X:(_ "X[??_ 9EE% <%(L GME1:= /%6 R1M )8E G:%14 8G186 PM T8P 6 M3% M/% :E%GGPE% 8)) R1M/ 6
; 4416. 1M #M% 61./M 1G /%%G1%E M/6 6# M3% 1M 44 8))= 1M R/14%! M/%6 4%M )M%E0R8E3 >P131% %)8E% %S/PGM186
-O
)
G%MM4%G 16= E G3 /15 )8E +0516PM% 864T ## M8 M/% :E%GGPE% /% :E84T 463%M! :8: 8MM4% 8) R/1M%! 6# GMEM
5GG.% M8 /%4: T8P G/%# M/% M%6G186 8) 4E%#T )%%4G= 3% M/% GME%GG 8)) T R/1G:%E16. #1EMT 1#%G 16 /1G %E 6#
M/% #T'6# T8P 8M/ .%M 16 M/% 588#= M%4416. /15 T8PCE% 83T R1M/ R/M%Q%E 31GG16. 41MM4%= /% :P41 G%MM16. R144
/% 85%G P: R1M/! R/%M/%E 1MCG RM/16. P)) /1G R6#%E16. /6#G= 1M P6M14 /%CG
9 E 9[_R ?<>( <X ]:(A M/% GP6G%M M8.%M/%E 8E 58R16. /%EM )E8M/16. M M/% 58PM/! M/%6 M%44 /15 1MCG
]E@A <R ?E[% <A (%L 16M8 M/% 4R6= /M G1#! 1MCG )1E M8 M%44 M15% M8 .8 /85%= 8PC44 E%3 9- ME)*
; PTG G48%E 8Q%E GPEE8P6# G8P6# /15 T8PE )Q8E1M% 316# 8) ,8R%E 8E M/% 4RG %6 E8PM%! E83 M/% %# 8)) M/% 8S
6# GPR88)%EG )8E E%G86 % 413% 65% 8) E%GMPE6M T8P R6M M8 MET= G:E16.G! 6# 53% T8PE :816M 88#
PE4= 8P# G%S #8%G6CM 2PGM ## M/16.G 85% M8 M/8G% R/8 R1M=
G85%M/16. M8 M/% :/TG14 6# Q1GP4 9 :X E[X4X %E 9[_R
G%6GM186G R% E%%1Q%! 1MCG 4G8 :E88) 4A% :EXX(RXL 9 :\( QE?(;G?_<A9 0AXR_$
T8PCE% %628T16. T8PEG%4)'6# R/%6 ; C5 :EM14 M8 R%440R8E6 /1.8 [X P@ AEX R[Q( :(P?? ( <AXE <XJ
T8PCE% MPE6%# 86! R%CE% MPE6%# 86= PG 0G/1EM 6# 85%0/1M/%E 4883= E] R:E[?% Q<A9 <X [GL
PM T8P 6CM .8 RE86. 1) T8P )8448R ; ) T8PCE% G/T 8PM E%Q%416. T8PE
9 "[9:X @_ :[RA% M/%G% M/E%% EP4%G= 6% %GG 1G6CM EP6/1%E #T#E%5G 8E 1) G%S %MR%%6
@RX[QX<A9J :_ %E(R 9[_ 6%%GGE14T 58E%= G6P. *M 6 862PE% T8P /G %%6 Q6144 G8 )E! GMEM G544=
]:E "A :\( R(^ ]:(A(\(Q :( P: 58E% #T#E%5G M/6 6 %T%)P4
T% T8P G41: 86 :1E 8) )8PE016/
]AXR A((% XE %E X:<RL 8) M/1./= R8 1M/ M/% G1S016/ /%%4G :P5:G 6# GP##%64T T8PCE% /1G G%ST
; P./M? %44! 1MCG 68M G 1) T8P )8P6# 6# 86M8EM1861GM EG= ) T8PCE% 68M G%E%MET! 8E :1E 8) 8R8T 88MG MPE6G
/15 GMG/16. #%# 8#T= 368R M/1G 85)8EM4% 16 T8PE 48M/%G! R% R86CM /15 16M8 E8P./ E1#%E= @16#16.A G85%0
1G /E# M8 %41%Q%! PM %Q%6 G%S R1M/ % 85)8EM4% RM/16. T8P 16 M/%5= M/16. 16 M/% E885 M8 G:E3 M/% E84%0:4T
.8E.%8PG R856 413% T8P R86CM 53% 6# *644T! R/%6 16 #8PM! .8 R1M/ 2%6G 53%G 1M G%%5 4%GG :E%5%#1MM%#! 6#
.PT )8E.%M 8PM M/% )P6 )M8ET M/M /P. T8PE GG 6# G8)M 8MM86 R144 %G% M/% ME6G1M186 )8E 8M/ 8) T8P=
%MR%%6 /1G 4%.G= ;/%E%CG 68 :E%GGPE% G/1EM'86% 2PGM M1./M %68P./ )8E PG M8
M8 :%E)8E5 86 G848 %SPEG186G! R/1/ 1G 15.16% /8R T8PC# )%%4 16 8PE /6#G= 9 E(R (^G(AR<\( ?<A9(Q<(
R/T .PTG 413% M/%5=< PM 1) 1M 8M/%EG T8P! Q(??_ X[QA 9[_R EA$ EQ <R <X =[RX
4T #8R6 G85% EP4%G= 6% % G/8P4# 9
_ 9[_ A% [R(% XE :\( <9 ]RX( E0 @EA(_L
/88G% /1G 585%6MG R1G%4T ;R/%6 T8P RX(@_ @>(;E[X R(RR<EAR$ [X ; Q%E G%% 9V0T%E084# M%E 16M8
E%6CM 413%4T M8 16M%EEP:M<= R8 13% AE] :( R><GR X:( ><RR<A9 A% /E1GM5G :E%G%6M? /MCG :E%MMT
3:3%E! /% G/8P4# 4%Q% 68 ME%'16 9E(R RXQ<9:X 0EQ X:( @<A (\(AXJ 5P/ R/M 416.%E1% #8%G M8 .PT=
M/% .E.%! M/% 85:PM%ECG /%! %M= E] "A 9(X :<@ XE R?E] %E]AL /% %MM%E M/% :3.16.! M/% G886%E
6# M/E%% %CG P.5%6M16. /1G G%S ; %CG 2P5:16. M/% .P6 %PG% /% 1MCG GME1::%# 8))! G8 M/163 MR1% %)8E%
41)%! 68M E%:416. 1M= ) M/%E%CG G85%M/16. 368RG /% 6= 48R /1G E844 M/% 6%SM #E8::16. /4) T8PE :T/%3 86 Q%4Q%M
/% R6MG 16 %#! /% 6%%#G M8 G3= M15% /% ME1%G G31::16. GM%:G! M/%6 /%5G! MP44% ME15! 8E 58M/%E08)0:%E4
E%516# /15 2PGM /8R /8M 1M RG %)8E% 4G:G= /8P./ .PTG #8 ::E%1M% M/%
9
_ 9[_ <R A(\(Q QE@AX<"J /%C# G%%6 M/% :E851G%# 46#= 8PE %GM %))8EM! 58GM E% GM1G*%# R1M/ M/%
E] "A 9(X :<@ XE RX(G <X [GL %M M316. M/16.G 8PMG1#%! 413% M8 :E3= G15:4% GMP)) G143T )Q8E1M%G 6# G315:T
; 5% /16MG 8E 2G 8PM T8PE /%E%CG 68 %MM%E M15% M/6 4M% PMG M/M /P. T8PE PEQ%G 413% E8#0
8R8E3%ECG 5GG1Q% 8E/1# #%41Q%ET R144 GP55%E M8 G:ER4 8PM 86 :161 GM%E 86 M/% 41)8E61 8GM=
-N
%*&
!
, ) & * & *
&)
>L02
R:E] E0 :A%R$ ?%<(R# :E :R 0(?X @EQ( X:A
X((AR_ ]((AR_ <X E0 A^<(X_ X:( 4QRX X<@( X:(_
R?<GG(% <AXE A(] R]<@R[<X A% RX(GG(% EAXE
X:( (":L ^"X?_J E]$ ]:E @EA9 _E[ :R
]EA%(Q(%-(\(A 0EQ A <ARXAX-]:X :( @<9:X
( X:<A><A9 E[X _E[Q E%_ R _E[ R:<@@_ E[X
E0 _E[Q X<9:X =(ARL :E[9:X REJ
:( GE<AX <R X:X ]:(A _E[PQ( X:<A><A9 E[X
"(??[?<X($ _E[Q @<A% <R :Q% GQ(RR(% XE 0E"[R
EA :<R XEA9[( "X<EAJ EQ @A_ ]E@(A$ E%_ R(?0
<@9( :R :[9( (Q<A9 EA X:(<Q R(^[? ?<\(RJ
[@(QE[R RX[%<(R :\( R:E]A X:X ]E@(A ]:E
Q( [A:GG_ ]<X: X:(<Q ](<9:X A% R:G( Q(
?(RR ?<>(?_ XE :\( R(^[? GQXA(QR$ :\( R(^ ?(RR
0Q(K[(AX?_$ A% Q( ?(RR <A"?<A(% XE (^G(Q<@(AX
R(^[??_ X:A Q( ]E@(A ]:E 0((? "E@0EQX?( ]<X:
X:(<Q GG(QA"(J X "A ( R<9A<4"AX GQE?(@$
(RG("<??_ "EAR<%(Q<A9 :E] "E@@EA <X <R 0EQ
]E@(A XE 0((? [A"E@0EQX?( <A X:(<Q E]A R><AJ
-J
!
A( AX<EA? R[Q\(_ E0 Ya$aaa @QQ<(% X:(_ Q( @EQ( ?<>(?_ XE Q(GEQX EERX <A
+
A% R<A9?( ]E@(A 0E[A% X:X RX[A; R(^[? 0[A"X<EA A% RX<R0"X<EAJ
A<A9 55 G(Q"(AX 0(?X %<RRX<R4(% ]<X: A% X:XPR ]:X X:<R ":GX(Q <R E[XJ
X:(<Q E%<(RJ (^ "A ( X:( (RX @EX<\X<EA XE
A( E0 X:( XEG R(^[? GR_":E?E9_ ?ER( ](<9:X A% RX<"> ]<X: A (^(Q"<R(
Q(R(Q": ?R <A X:( "E[AXQ_ Q("(AX?_ QE[X<A(J :<A> E[X (^(Q"<R<A9 X:<R ]_#
(^G?EQ(% X:( "EAA("X<EA (X]((A E%_ X :E?%R X:( >(_R XE 0((?<A9 9Q(X E[X
<@9( A% R(^[? 0[A"X<EA <A RX[%_ E0 _E[Q E%_ A% (A=E_<A9 X:( ?E\( ?<0(
+5 "E??(9( ]E@(AJ (R(Q":(QR 0QE@ X:( _E[P\( ?]_R %Q(@(% E0J ^(Q"<R( "A
(RXEA (^[? R_":EG:_R<E?E9_ %(?<\(Q ?? X:ER( (A(4XR A% @EQ(-
EQXEQ_ X X:( A<\(QR<X_ E0 (^R X RXQX<A9$ ](??$ <@@(%<X(?_J R REEA R
[RX<A 9\( X:( ]E@(A E%_;<@9( _E[ (?(\X( _E[Q :(QX QX( A% Q(\ [G
K[(RX<EAA<Q( %(R<9A(% XE 9[9( X:(<Q _E[Q Q(RG<QXEQ_ R_RX(@ _ @E\<A9 _E[Q
0((?<A9R E[X X:(<Q R(^[? XXQ"X<\(; @[R"?(R$ "E](;"?(Q<A9 E^_9(A 6EE%R 6; K5@05IF
A(RRJ (^X$ X:( ]E@(A ](Q( R(AX XE _E[Q Q<AJ E[Q E%_ Q(?(R(R 0((?;9EE% H; 5271.2#3FA
GQ<\X( QEE@R ]<X: RE@( (QEX<" ?<X(Q; :EQ@EA(R "??(% (A%EQG:<AR X:X ?<0X
G; ##.3+ )FF#@.3+
X[Q( A% <ARXQ["X(% XE QX( :E] R(^[??_ @EE%$ Q(G(? RXQ(RR$ A% Q(%["( A^<(X_J 7,5F5 5& ,#@A#1&
X[QA(% EA X:( RXEQ_ @%( X:(@ 0((?J :( :( R(AR( E0 ""E@G?<R:@(AX X:X
A?_R<R E0 X:( Q(RGEAR(R R:E](% X:X 0E??E]R ]EQ>E[X :(?GR _E[ R](?? ]<X:
X:ER( ]E@(A ]<X: :<9: E%_ R(?0;(RX((@ 0((?<A9R E0 R(?0;]EQX:J \(A X:( :(?X:_
Q(GEQX(% @[": 9Q(X(Q R(^[? %(R<Q( 6[R: <A _E[Q 0"( 9<\(R _E[Q R><A
0X(Q Q(%<A9 X:( RXEQ<(R X:A ]E@(A _E[X:0[? 9?E]J ?? E0 X:(R( X:<A9R GQE\<%(
]:E 0(?X [A:GG_ ]<X: X:(<Q ](<9:X EQ <ARXAX$ GER<X<\( 0((%"> A% 0[X[Q(
XXQ"X<\(A(RRJ :XPR @EQ($ X:( ]E@(A @EX<\X<EA XE RX<"> XE ?<0(RX_?( E0 Q(9[?Q
]:E ](Q( :GG_ ]<X: X:(<Q E%<(R (^(Q"<R( A% :(?X:_ (X<A9J A% ](<9:X
Q(GEQX(% 9Q(X(Q [Q9( XE 9(X <X EA ]<X: ?ERR$ <0 X:XPR _E[Q 9E?$ ]<?? ]EQ>
X:(<Q GQXA(QR 0X(Q Q(%<A9 X:( R(^_ ?<XJ ]EA%(QR <A :(?G<A9 _E[ 0((? "E@0EQX?(
M(<A9 ]EQQ<(% E[X :E] _E[Q E%_ A% :GG_ <A _E[Q R><AJ :(A _E[ ?<>(
?EE>R EQ A^<E[R E[X :E] :( @<9:X :E] _E[ 0((? A>(%$ _E[Q E%_ A% Q<A
( (\?[X<A9 _E[Q E%_ "A %<RXQ"X _E[ Q( 0[??_ R_A":QEA<`(% XE (A=E_ ?? X:(
0QE@ X:( G?(R[Q?( R(ARX<EAR X:X G?(R[Q(R E0 R(^J
"A :(?G _E[ ("E@( QE[R(%$N R_R A X:( 0E??E]<A9 G9(R$ _E[P?? 4A%
Q(R(Q":(Q <A%_
J
(RXEA$ :$ X:( 7;]((> @(XE?<R@;EERX<A9 ]EQ>E[X
?PR %<Q("XEQJ GQE9Q@ X:X ]<?? :(?G _E[ 0((? X(QQ<4"
RAPX <X X:( XQ[X:L E[X _E[Q E%_J :( G?A <R %(R<9A(% XE
A X:( 6<G R<%($ ]:(A ]E@(A (^G(Q<; :(?G _E[ K[<">?_ ?ER( ](<9:X$ (RG("<??_
(A"( EERX <A R(?0;(RX((@ X:QE[9: 0QE@ X:( X[@@_$ A% XEA( _E[Q @[R"?(R$
](<9:X;?ERR$ R(?0;<@GQE\(@(AX ":<(\(; (RG("<??_ X:( ">R E0 X:( Q@R$ X:<9:R$
@(AX$ EQ RE@( EX:(Q GER<X<\( X:(QG_$ A% [XX HRE _E[P?? ?EE> 0[?E[R <A A%
-I
!
&"%
E[X E0 _E[Q =(ARIJ :( ]EQ>E[X <R
EQ9A<`(% R R[G(QR(X H@EQ( EA X:X
?X(QIS 0EQ AE] ?? _E[ A((% XE >AE] <R
-& ''
/C ('>/'( A-%
@GQE\(R RXQ(A9X: A% 6(^<<?<X_ E0 ?E](Q E%_$ (RG("<??_ :<GR$ 9?[X(R$ A% 9QE<AJ
2) 6"2(
$)
%
! XA% ]<X: _E[Q 0((X RGQ(% ]<%($ E[X X]<"( R:E[?%(Q; ! E[Q ?E](Q Q<9:X ?(9 R:E[?% Q(@<A A(Q?_ G(QG(A%<"[?Q
]<%X: GQX$ _E[Q 0((X 0"<A9 RXQ<9:X :(%J (A% XE X:( 6EEQJ E[Q ?(0X 0EEX R:E[?% Q(@<A 6X EA X:(
R?<9:X?_ X X:( ]<RX A% "?RG _E[Q :A%R <A 0QEAX E0 6EEQJ <X:E[X G[R<A9$ Q(\(QR( X:( @E\(@(AX A% Q<R(
_E[Q ":(RXJ :<0X _E[Q ](<9:X E\(Q XE _E[Q Q<9:X ?(9 _E[QR(?0 "> XE RXA%<A9 GER<X<EAJ (^X$ Q(G(X XE
R _E[ G[R: _E[Q :<GR ">]Q% A% ?E](Q _E[Q E%_ X:( ?(0X R<%(J ?X(QAX( "> A% 0EQX:J E Fa XE Za Q(GR
_ %QEGG<A9 _E[Q :<GR A% (A%<A9 _E[Q Q<9:X >A((J EA (": R<%(J
!
!
-&C/7,
EER(AR X:<9:R$ :<GR$ E?<K[(R$ ">$ A% R:E[?%(QRJ
"2
6"2( )
)/6 6"2
'/ $
/ )/(/%
$ 6"2(
"(
(%
6"2( ) "2/ )
( ) 6"2 4/"2/
"4 6"2( $) /" )%
! XA% ]<X: _E[Q ?(9R RXQ<9:X$ 0((X ! (A% X X:( ]<RX A% G?"( _E[Q ! ((G<A9 _E[Q ?(9R RXQ<9:X$ ]?>
:<G;]<%X: GQXJ :A%R EA X:( 6EEQJ _E[Q :A%R 0EQ]Q% ]:<?( >((G<A9
_E[Q R A% ?E](Q "> Q"(%J
:(A X>( X<A_ RX(GR XE ]?> _E[Q
0((X "> XE _E[Q :A%RJ :XPR
F Q(G(X<X<EAJ E UJ
8
! XA% ]<X: _E[Q 0((X ! (AX?_ G[R: _E[Q G(?\<R ! :<R (^(Q"<R( <R ?RE >AE]A R :<G Q<R(J <( EA
XE9(X:(Q$ :A%R EA _E[Q 0EQ]Q% [AX<? _E[ 0((? X:( 6EEQ$ Q@R X _E[Q R<%(R$ >A((R (AX$ A% :((?R
:<GRJ X(G 0EQ]Q% ]<X: \(Q_ @<?% RXQ(X": <A EA X:( 6EEQJ
EA( 0EEX RE X:X _E[Q _E[Q :<GRJ ?X:E[9: X:<R
0((X Q( "E[G?( E0 0((X @E\( R((@R XEE R[X?($
GQXJ ((G _E[Q XE(R %EAPX E\(Q%E <X# :( :<G
0"<A9 0EQ]Q% A% _E[Q 6(^EQR Q( XX":(%
>A((R R?<9:X?_ (AXJ <AR<%( X:( ?(9R <A R[":
]_ X:X <X X>(R
\(Q_ ?<XX?( (1EQX XE
RXQ(X": X:(@J E?% X:(
RXQ(X": 0EQ Ya R("EA%R
X:(A Q(\(QR( ?(9
GER<X<EAR A% Q(G(XJ
! <0X _E[Q :<GR E1 X:( 6EEQ [AX<? _E[Q >A((R$ :<GR$ A%
R:E[?%(QR 0EQ@ RXQ<9:X ?<A(J :XPR F Q(G(X<X<EAJ
E ZaJ
(6 /" $
/ )
/("2"2/
/ )/(/%
&27 6"2(
2/) ) 6"2 /
6"2( $)%
#
!
! A((? EA X:( 6EEQ ]<X: ! ((G<A9 _E[Q :(% A% ! <( 6X EA _E[Q "> ]<X: _E[Q ?(9R (AX$ 0((X 6X
_E[Q :A%R X _E[Q RG<A( <A ?<A( ]<X: _E[Q EA X:( 6EEQ$ A% Q@R X _E[Q R<%(RJ
R<%(RJ (R<RX X:( [Q9( X:<9:R$ R?E]?_ ?(A ">
XE R<X "> A% Q(RX 0(] <A":(RJ E?% 0EQ
_E[Q ](<9:X EA _E[Q Y R("EA%R X:(A Q(X[QA
:((?RJ E[Q "> XE X:( RXQX<A9 GER<X<EAJ
R:E[?% ( RXQ<9:X E 5 XE FaJ
A% _E[Q >A((R (AX
X Ca;%(9Q(( A9?(J
1
+(
XQ(A9X:(AR X:( :@RXQ<A9R$ "?\(R$ A% K[%R A% <@GQE\(R 6(^<<?<X_J
A9> 0G ,(-A>9
/ ,/7> D7(9
(+9 A1 E/A7
$ 6"2( )/ ,>/+(9, /7 -
"2/
)/(/ /("2"2/ &/A7 /7 +/-%74
/ "3 /%
3" "3
6"2( /")
4 )&2// %
! XA% ]<X: _E[Q 0((X ]<%(Q X:A R:E[?%(Q ! ?E]?_ (A% _E[Q >A((R [AX<? _E[Q
]<%X: GQX$ XE(R GE<AX(% E[X A% :A%R X:<9:R Q( GQ??(? XE X:( 6EEQJ
EA _E[Q :<GRJ Q(RR [G X:QE[9: _E[Q :((?R XE RXA%J
:XPR F Q(G(X<X<EAJ E FZ XE F5J
0
&&# * #'&
." C8-C4
6
M5"44 J":0: %09U U
J141JS 44 13" %09U 9 516
H
M5"44 /"DJ C"DD %09U U
J141JS 44 ". MC4 9U09+ 9 516
G
M5"44 8Q 9L Q1J/ "/ C5 U
C8DD08 S
8M6J16 415"C L- J8J4 4". 41)JD 9 516
*
M5"44 M6." 9L Q1J/ "/ 4". U
J141JS 44 463 84 )8C KU D"86 D 9 516
+-
A,++ >1'1 >(+(>E ++ (*
Q9(XR X:( 9?[X(R A% :@RXQ<A9RJ XQ(A9X:(AR X:( :<G 6(^EQRJ
)/$ )"2
"2 //
6"2( )
/ /
)/ !8 ()%
!
A,++ &9> 799 >(+(>E ++ % A7+
XQ(A9X:(AR X:( ":(RX A% Q@RJ EA(R X:( 9?[X(R A% :@RXQ<A9RJ
/(/ )/(/
(" )"2()
/" )%
$ 6"2(
/ 2$$(
() ") /"
6"2(
"6%
! <( EA ]EQ>E[X (A": ]<X: _E[Q 0((X 6X EA X:( ! <( EA X:( 6EEQ$ "?\(R EA XEG E0 RX<?<X_ ??$
6EEQJ E?% %[@(?? <A (": :A% EA (<X:(Q R<%( Q@R 6X EA X:( 6EEQ X _E[Q R<%(RJ K[((`( _E[Q
E0 _E[Q ":(RX$ [GG(Q Q@R GQ??(? XE X:( 6EEQ$ 9?[X(R A% Q<R( _E[Q :<GR RE _E[Q E%_ 0EQ@R
A% G?@R 0"<A9 _E[Q 0((XJ RXQ<9:X ?<A( 0QE@ R:E[?%(Q XE :((?RJ
! Q(RR X:( ](<9:XR RXQ<9:X [GJ [R($ X:(A R?E]?_ ! (A% _E[Q >A((R XE QE?? X:( ?? XE]Q% _E[J
?E](Q "> XE RXQXJ :XPR F Q(GJ XQ<9:X(A _E[Q ?(9R XE QE?? X:( ?? ">$ X:(A ?E](Q
_E[Q E%_ XE X:( 6EEQJ :XPR F Q(GJ
,
A,++ /C 7/99'/E /A->(- +(,7
EQ>R X:( [GG(Q ">J ^(Q"<R(R X:( @[R"?(R X:X RX<?<`( X:( RG<A(J
2 6"2( 2$$( (
") /" 6"2(
"6* ! ((G<A9 _E[Q R Q"(%$ G<"> [G _E[Q Q<9:X 0EEX
() / 2
/" A% R?E]?_ Q<A9 _E[Q Q<9:X >A(( XE]Q% _E[Q ?(0X
/ ) " 6"2( /"()"
( / )"4 (% R:E[?%(QJ (X[QA X:X 0EEX XE X:( RXQX<A9 GER<X<EAJ
! ?E]?_ (A% _E[Q (?E] A% G[?? X:( %[@(?? ! (G(X X:( @E\( ]<X: _E[Q ?(0X ?(9J EAX<A[( XE
[G R 0Q XE]Q% _E[Q R:E[?%(Q R GERR<?(J ?X(QAX( ?(9R X:<R ]_ K[<">?_ [X [R<A9 9EE% 0EQ@J
[R( X:(A ?E](Q X:( %[@(?? "> XE RXQXJ E@G?(X( FZ Q(GR G(Q ?(9J
:XPR F Q(GJ 0X(Q "E@G?(X<A9 ?? Q(GR$ Q(G(X X:(
(^(Q"<R( [R<A9 _E[Q Q<9:X Q@J
+
!
A,++ A-% >(+(>E ++ +-*
[<?%R X:( K[%Q<"(GR A% "?\(RJ EQ>R X:( ?E](Q "> @[R"?(R A% RJ
( 6"2( "(
" / //
46 "( /
/( 5()%
!
!
A9&A19 +-*'('+-*
(Q0EQ@ X:( 0E??E]<A9 R EA( @E\(@(AX
]<X:E[X Q(RXJ
! ?"( _E[Q :A%R EA X:( 6EEQ$ R:E[?%(Q;]<%X: GQX$ ! QE@ _E[Q G[R:[G GER<X<EA$ RR[@( G?A>J (A% _E[Q
A% %<Q("X?_ [A%(Q _E[Q R:E[?%(QRJ Q@R A% R[GGEQX _E[Q E%_ ]<X: _E[Q (?E]R A%
0EQ(Q@RJ E[Q [GG(Q Q@R R:E[?% ( G(QG(A%<"[?Q
XE X:( 6EEQ$ (?E]R %<Q("X?_ [A%(Q _E[Q R:E[?%(QRJ
E?% X:<R GER<X<EA 0EQ Za R("EA%RJ
"2(
"6 )"2
"( )/(/
(" 6"2( 6"2 4( /" $
("")/
/" )% " 6"2(
/ )"2 " //
4/ 6"2( 2$$(
2//%
/ 6"2( /%
")/" 6"2(
"4 2 (
6"2( )"2(%
,8
/A->(- +(,7
( /- E/A7 * /-
>& #//7 C(>& *-9
-> .G %79 -
! XQX <A G[R:[G GER<X<EA ]<X: _E[Q > #> /- >& #//74
R:E[?%(QR %<Q("X?_ E\(Q _E[Q :A%RJ (- >& ,A9+9
>& 1A//E%A9
,A9+ >&> E/A
A9 >/ 9>/1 >& #/C
/ A7(- C&- 1(-%4
(>&/A> >(%&>-(-%
E/A7 %+A>9 95AF
E/A7 ,A9+9
- &/+ /7 0" 9'
/-94 &- 7+94
( 6"2( "(% / A1 >/ @G > >&
- / B7E C/7*/A>4
,#
&&# * #'&
." 3I/L44Q
5I"CN3 8C28LI
<Q( [G _E[Q @(XE?<R@ A% [QA X[@@_ 0X _ 4XX<A9 EA( :<9:;<AX(AR<X_ <AX(Q\?;
XQ<A<A9 H I ]EQ>E[X <AXE _E[Q ]((>?_ 4XA(RR G?AJ ("(AX RX[%<(R R:E] X:X
R:EQX E[XR E0 :<9: <AX(AR<X_ G:_R<"? (1EQX <AX(QRG(QR(% ]<X: G(Q<E%R E0 (R_;G"(
Q("E\(Q_ (1EQX [QA @EQ( 0X "?EQ<(R X:A ?EA9 (QE<" R(RR<EAR %EJ A( [RXQ?<A
RX[%_ 0E[A% X:X ]E@(A ]:E %<% XQ<A<A9 Y %_R ]((> 0EQ F5 ]((>R %QEGG(%
R<9A<4"AX?_ @EQ( ](<9:X X:A X:ER( ]:E (^(Q"<R(% 0EQ X:( R@( G(Q<E% E0 X<@( X
?E](Q <AX(AR<X_J ("[R( _E[PQ( ?Q(%_ %E<A9 Z "Q%<E ]EQ>E[XR G(Q ]((>$ ](
Q("E@@(A% EA?_ F %_ %(\EX(% XE <AX(Q\?RJ (Q(PR ]:X X_G<"? <AX(Q\? ?EE>R ?<>(J
E[ "A Q[A$ <>($ EQ [R( X:( "Q%<E @":<A( E0 _E[Q ":E<"(J
C5 M: S CM6616. 8C 1316. )8C K 516MJ"D J 6 "DS :"=
M6 8C 13" )8C KU D"86 D J 7U :"C"6J 8) S8MC "DJ "))8CJ=
48Q 8Q6 J8 41JJ4" 4"DD J/6 /4) D:"" )8C L 516MJ"D J8 C"8P"C=
":"J J/1D D:C16JHC"8P"CS D">M"6" *P" J15"D=
884 8Q6 )8C K 516MJ"D=
R<A9 X:X G?A R 9[<%($ <A"Q(R( X:( ?(A9X: E0 _E[Q RGQ<AXR A% %("Q(R(
X:( ?(A9X: E0 _E[Q (R_;G"( <AX(Q\?R (": R[R(K[(AX ]((>$ ]:<?( %%<A9 Q(GRJ
(9<A A% (A% (": <AX(Q\? R(RR<EA ]<X: ]Q@;[G A% "EE?;%E]AJ
E GO A#53"A 4O A#53"A D
D 6 2.3IF# 4O A#53"A $
( 6 2.3IF# 6 2.3IF# 6O
JO
!
JN
.:I"C*
*' $&
&
. ,' ) ,
'
)&*
')&%' * ) )& '-
J-
E0 _E[ GQE?_ ]E[?% 9Q(( X:X ]E@(A X(A%
8DI
XE ( @EQ( >AE]?(%9(?($ @X[Q($ A% ?(RR ":<?%<R:
E[X X:(<Q GQ<\X( GQXR X:A @(AJ E A
<AX(QA(X R(Q": E0 G(A<R =E>(RJ X X[QAR [G @EQ(
X:A %E[?( X:( A[@(Q E0 \9<A =E>(RJ :X X(??R
_E[ RE@(X:<A9J
X<??$ AE EA( ?E\(R XE RXQ<G A>(% <A 0QEAX E0 RE@(;
EA( ](Q<A9 "E?% RX(X:ER"EG(J EX R[QGQ<R<A9?_$
EA( <A 4\( ]E@(A %@<XR XE 0((?<A9 [A"E@0EQX?(
%<R"[RR<A9 X:(<Q \9<AR ]<X: X:(<Q %E"XEQR$
""EQ%<A9 XE AX<EA? R[Q\(_ _ X:( RRE"<X<EA
E0 (GQE%["X<\( (?X: QE0(RR<EA?RJ (??$ ](
:EG( XE ":A9( X:X ]<X: X:<R ":GX(Q _ "Q(X<A9
GQ<\X( 0EQ[@ 0EQ R(^[?;:(?X: <A0EQ@X<EA
XE :(?G _E[ XQE[?(R:EEX R(^;Q(?X(% G:_R<"? A%
GR_":E?E9<"? <RR[(R$ A% @>( X:(@ (R<(Q XE
%<R"[RR ]<X: _E[Q GQXA(Q A% _E[Q %E"XEQJ
?[R$ ](P?? R:Q( X:( @ERX 0Q(K[(AX?_ R>(% K[(RX<EAR
0QE@ X:( Q(%(QR E0 1./:< -@( A% AR](QR
0QE@ E[Q (^G(QXRJ
J+
*' $&
>,6
49 5 (?<(\( R:E[?% EQ9R@ (\(A "EAR<%(Q(% <X [AX<? X:( @9`<A(
0RX(Q X:A F7;_(Q;E?% E_ ]<X: "EG_ R>(% @( XE <A\(RX<9X( X:( :<"9E
E0 /@(1B<J :(A "APX$ 9<\( [GJ ?<A<" Q[A _ [Q (Q@A$ :$ X:(
>,6
49 E A A% :\( %<1(Q(AX QJ :<? E0 9(XX<A9 _E[Q 0Q(> EAJ
R":(%[?(R$ ]:<": @(AR P?? Q(X[QA 0QE@ GGQ(AX?_ @_ @<R9<\<A9R 9(? ]<X: GEG[;
?X( ]EQ>E[X$ (A%EQG:<AR ?`<A9$ =[RX R ?Q EG<A<EA# M P\( 0E[A% X:X 5a G(Q"(AX E0
:(PR GE?<R:<A9 E1 ":<:[:[;R<`( [QQ<XEJ G(EG?( Q( AEX RX<R4(% ]<X: X:(<Q R(^
>,6
49 D (RG<X( (<A9 GQE0(RR<EA? ?<\(R$N (Q@A R_RJ M[X EA?_ Fa G(Q"(AX
E%_ <@9( RG(>(Q A% [X:EQ$ P@ R E0 @(A A% Za G(Q"(AX E0 ]E@(A R((>
R(?0;"EAR"<E[R E[X @_ [XX R EQ :(?GJN (??$ ":A9( (9<AR ]<X: @($ RE
G:QEA <R E[X :(Q A(">J :(A A>(%$ (;@<? @_ "EA"(QAR XE (Q@A$ A% R:(
<AR<RX EA ]?><A9 ">]Q% ]_ 0QE@ Q("E@@(A%R R<9A [G 0EQ A <AX(AR<\(
X:( (% <A REQX E0 @E%<4(% 9QG(\<A($ Y;%_ Q(XQ(X X:X ]<?? %%Q(RR (\(Q_X:<A9
X(QQ<4(% X:X @_ :[RA% ]<?? "X": 0QE@ R(^[? <A:<<X<EAR XE RXQ(RR @A9(;
9?<@GR( E0 "(??[?<X(J @(AXJ :<": Q<A9R @( XE @_ ]<X:
(^ X:(QG_ @_ ( A E\<E[R 4^$ :( (^ ]@<J
[X P% ?]_R G(99(% <X R EA( E0 X:ER( @((X (Q@A <A :(Q Q<9:X?_ ?<X %E]A;
X:<A9R AEQ@? G(EG?( %EAPX %EJ P% A(\(Q XE]A E2"($ ]:<": ?EE>R @EQ( ?<>( RG
JJ
X:A @(%<"? <ARX<X[X<EAJ <XX<A9 <A :A%RE@( @A ]<X: Q<":$ ":E"E?X(;
Q(% ":<Q$ :(Q ?EA%( :<Q :(?% "> ]<X: QE]A R><AJ :(_ ?(% @( <AXE RX[%<E
?"> :(%A%$ (Q@A @>(R (_( 4??(% ]<X: "A%?(R$ R<?> G<??E]R$ A% 1J C8DD04".." 86 J/"
"EAX"X$ R:EEXR @( A (R_ R@<?($ A% 6EEQ;XE;"(<?<A9 G<AX<A9 E0 49[Q( ]<X: ,88C= 48D" S8MC "S"D
6 P1DM41T" S8MC
:A%R @( <A%(Q 4??(% ]<X: @_ G(QREA; R(\(A ":>QR ?`(J HEQ X:ER( E0 _E[ C"J/ D DJC"5 8)
?<`(% R":(%[?($ =E[QA?$ A% R?(] E0 ]:E %EAPX :\( X:( XE>(A _E9;ER(RR(% 41./J "6J"C16. S8MC 8 S=
5.16" J/1D 41./J
K[(RX<EAA<Q(R$ <A"?[%<A9 M%(GQ(RR<EA 0Q<(A%$ ":>QR Q( M(A(Q9_ "(AX(QRN ,8Q16. J/C8M./ S8MC
<A\(AXEQ_N A% M9(A<X? <@9( R"?(JN X:X Q[A QE[9:?_ 0QE@ X:( R( E0 X:( D"RM4 /3C 6"C J/"
E?_ "QG$ ]:X :\( 9EXX(A @_R(?0 <AXEL RG<A( XE =[RX E\( X:( :(%J :(_PQ( 48Q"C 85"6 6
P.16= P16. JC8M4"
R<A> <AXE X:( "E[": A% R(X @_ RRE"<X(% ]<X: ]<%( QA9( E0 G:_R<"? )""416. S8MC C"J/
]X(Q 9?RR %E]AJ (0EQ( >AE] <X$ ](PQ( A% @(AX? RXX(R-X:( X:QEX ":>Q 6SQ/"C" MJ S8MC 68D"?
8M/ S8MC /6 J8 J/"
%<R"[RR<A9 @_ R(^[? ">9QE[A% H0E[Q ]<X: "E@@[A<"X<EA$ X:( :(QX ":>Q /3C J8 )8MD 86 J/"
@?( GQXA(QR G?[R R:EQX;?<\(% RX<AX E0 ]<X: ?E\($ A% RE EAJI D"6DJ186 8) C"J/ J/"C"=
%Q[A>(A :(X(QE6(^<<?<X_ X:X "[?@<AX(% R<X "QERR;?(99(% EA X:( 6EEQS X:(
<A @_ ]><A9 [G ]<X: Q9<A9 :A9E\(Q AXQ<" %[E 0"(R @(J Q(%%_ 9[<%(R [R
A% A>(% ZF;_(Q;E?% A@(% ?(Q<(IS X:QE[9: @(%<XX<EA (^(Q"<R(J <R \E<"(
X:( "[(R Q("(<\(% E[X R(^ A% ?E\( <R RE R@EEX: "APX (?<(\( <XPR AEX [XX(QJ
0QE@ @_ 0@<?_ HXEAR E0 ?[9:X(Q A% R ]( <A:?($ ?R(X: (^G?<AR X:(
1("X<EA$ AE %<\EQ"(R$ A% M[X A RG<Q<A <@GEQXA"( E0 Q(X:# _ "<Q"[?X<A9 <X
(X]((A _E[Q >A((R A% A(\(Q ?(X <X 0??N X:QE[9: E[Q E%<(R$ ]( "Q(X( (A(Q9_$
0QE@ @_ 0X:(Q (0EQ( (\(Q_ :<9: R":EE? (A:A"<A9 R(^ A%$ 0EQ X:( XQ[?_ GQ"X<"(%
%X(IS A% :E] A A% [?X<@X(?_ "@( A% 0EQX[AX($ G\<A9 X:( ]_ XE ]:E?(;
XE ( H+ _(QR E0 (RX;0Q<(A%R:<G 0E??E](% E%_ EQ9R@RJ
_ :<R %E99(% G[QR[<XIJ XPR ?EX XE "E[9:
_ :E@(]EQ>$ Q(%%_ X(??R @($ <R XE
[G RE REEA$ A% =[RX R ]( Q(??_ RXQX MR(?0;?E\($N G(Q:GR X:( @ERX X(Q@
XE %<9 <A$ R:( X(??R @( ]( :\( XE RXEG RE (\(Q 0EQ @RX[QX<EAJ [X EQ9R@ <R AEX
X:X "A 9(X XE @_ AXQ ?(RREAJ X:( 9E?J R:E[?% (A"E[AX(Q @_R(?0 R @_
E]A ?E\(Q$ R(XX<A9 X:( R"(A( ]<X: 6E](QR$
77 <3< F6 7 8<3< @[R<"$ E<?RJ :( G[QGER( E0 X:<R (^(Q"<R($
66FP ?#F-/4, ?R(X: (^G?<AR$ <R XE (A=E_ X:( R(AR;
E :(?G @( Q(X:<A> @_ EQ9R@;"(AXQ<" X<EAR QX:(Q X:A Q[R:<A9 XE "E@G?(X<EAJ
@(AX?<X_$ (Q@A :R R(AX @( XE X:( 0X(Q "Q(RR<A9 @_ :A%R$ Q@R$ A%
AXQE\ ARX<X[X($ :<"9E "?<A<" RXE@":$ @_ ]<R: XE @E\( EA XE @_
X:X X(":(R MX:( A"<(AX QX E0 R"Q(% M_EA<N HAR>Q<X 0EQ M"EE":NIJ MXQX _
AXQ<" R(^[?<X_JN P@ 9Q((X(% _ @RR9<A9 :(Q$N Q(%%_ (A"E[Q9(R R
M(?E\(%RN A% [R<A(RR GQXA(QR ?R(X: R"Q<?( %E]A AEX(RJ MA"( EA X:(
([X:$ %$ 5+$ G(X<X( ]<X: [?XQ;R:EQX (%9( E0 EQ9R@JN ]AX XE ?[QX E[X$
?EA%( :<Q A% X:<"> (Q@A ""(AX$ M<%APX R(( X:X <A ??@Q> "Q%LN
A% Q(%%_ (AX? (\(Q$ 5F$ XE](Q<A9$ [X >((G @[@$ (A9QERR(% <A X:E[9:XR E0
JI
*' $&
J&
]EQ> EAJ [X$ :(_$ <X ]R @[": (R<(Q ?EE>$ ]:X _E[PQ( R[GGER(% XE ""E@G?<R:$
XE "?<@^ 0X(Q ?? X:X "Q(RR<A9J :E] _E[ %E X ]EQ>-_E[ R(X _E[QR(?0 [G
0EQ 0<?[Q( A% %<RGGE<AX@(AX$N R:( R_RJ ?
7R F6 77 8<3< @( 9E(R 0EQ EQ9R@R# 0 X:(_PQ( AEX 8J 4"DJ0)P8C1J"
?/4,/4, #OP 1 :GG(A<A9 Q<9:X AE]$ X:<A> P\( 0<?(%J 8 S :CJ? 8C 9 Q""3
RX((? @_R(?0 0EQ X:( [XX (^(Q"<R(J QEA<"??_$ X:( @EQ( RE@(EA( ]EQQ<(R 28J 8Q6 68J"D 8MJ
Q/"6 1J 8J/"CD S8M
GER<X<EA A EA X:( (%9( E0 X:( (%$ E[X "?<@^<A9$ X:( @EQ( RXQ(RR <X 58DJ J/"6 D"" 1) S8M
GQE[%?_ GQ(R(AX<A9 @_ 0QEAX :?0- ?E\( "Q(X(R$ (Q@A (^G?<ARJ MA EQ9R@ <R 6 *6 :JJ"C6D= D 1J
Q/"6 S8MBC" Q1J/ S8MC
@_ G(Q>_ Q(RXR A% XEA(% RXE@":J X:( (G<XE@( E0 ?(XX<A9 9EJN A((% XE ( .1C4)C1"6 D J /85"
%EAPX >AE] ]:X R"Q(R @( @EQ(# X:X (R<(Q EA @_R(?0 A% Q(?<AK[<R: "EAXQE?J Q1J/ S8MC .MS Q4316.
S S8MC 8)*" CMD/?
@_ @A$ ]:E ?E\(R @( [A"EA%<X<EA??_$ :<R <R RXQX<A9 XE Q(R(@?( "EA\(A; "6J1)S16. J/8D"
@<9:X ( X[QA(% E1$ EQ X:X @<9:X X<EA? X:(QG_$ A% R[99(RX ]( 0E"[R 1CM5DJ6"D 1D J/"
Q(?<`( :( Q(??_ %E(R ?E\( ?? E0 @(-A% @EQ( EA R(^J (Q@A R@<?(R 0<Q@?_ *CDJ DJ": J8 C":416.
6".J1P" J/8M./JD
X:(A ]:X ]<?? :\( XE ER(RR E\(QL A% R:>(R :(Q :(% AEJ M:E _E[ Q( Q1J/ :8D1J1P" 86"D=
0X(Q 0(] 0Q[RXQX<A9 @<A[X(R R_$ <R X:( R[@ E0 _E[Q ?<0( (^G(Q<(A"(R-
M/ <X$N A% QEXX(J EQ%R ?<>( M"(??[; GR_":E?E9<"?$ (@EX<EA?$ A% R(^[?JN
?<X(N A% MA[X"R(N `G X:QE[9: @_ :<?( R(^ X:(QG_$ <A <XR G[Q(RX 0EQ@$
@<A%J A ><RR(R @_ "> A% ]:<RG(QR %%Q(RR(R R(^[? ":??(A9(R <A Q(?X<EA;
@ ([X<0[?J ( ]<A% [G :\<A9 A<"( R:<G _ :(?G<A9 _E[ Q(?(QA (:\<EQR$
:(QX;XE;:(QX <A (%$ %[Q<A9 ]:<": (Q@A ?<>(R XE <AX(QX]<A( <X ]<X: 9(A(Q?
:( 9(AX?_ "EA0QEAXR @_ G(Q0("X<EA<R@$ R ](?? R "E[G?(R X:(QG_$ ]:<": (^G?EQ(R
R><A9 @( <0 ]E[?% ?E\( :<@ ?(RR <0 :<R X:( <AA(Q ]EQ><A9R E0 X:( Q(?X<EAR:<GJ
[XX ](Q($ R_$ AEX [G XE Q% <XX
_ :E[Q E0 GR_":EA?_R<R 6<(R _ <A
RXA%Q%RJ >_$ :(PR 9EX GE<AXJ ( ]:X 0((?R ?<>( Fa @<A[X(R$ A% <XPR X<@(
><A%?_ "??R R[G(Q@E%(? <R(?( MA <Q; 0EQ @( XE R:[X [G A% %A"(J AX(Q
<RR
Q[R:(% 0Q(>$N A% ("[R( ](PQ( ?Q(%_ ^EX<" EQ?% Zaa5$
<":(??( M:( RR :X
:EQ<`EAX?$ ]( R]<X": E1 X:( ?<9:X A% E(R E]/N P@E[QJ
"EAX<A[( X:( EQ? "EA\(QRX<EAJ
H F6 G 8<3<
P H 5 GR F6 7R GR <3< I?2#@=I# @ #@F
! 1# N6 ]Q@ [G <A X:( (Q@A (AX(Q _E9
Q("E[AX X:( [XX (^G(Q<@(AX XE (Q@A$ RX[%<E$ R]<\(?<A9 @_ :<GR XE %Q[@;
(^G?<A<A9 :E] "Q<A9 A ]R A% :E] X:[@G<A9 @[R<" ]<X: P@E[Q$ ZT$ X<A_$
:_GE"Q<X<"? $ R E%_ <@9( RG(>(Q$ :`(?;(_(% Q[A(XX(J E[ @<9:X X:<A>
0(?X :\<A9 XE %@<X X:<R (X<A9 %<REQ%(Q _E[P% ( XEE R:_ XE 0[^;RXQ<GX(R( ]<X:
?(0XE\(QJ :( (^G?<AR X:X ]<X: @_ G(Q; XEX? RXQA9(Q$ [X X:XPR ("[R(
0("X<EA<RX X(A%(A"<(R$ @_ X[R: <R R_@E?<" _E[P\( A(\(Q @(X P@E[QJ :(PR ?<>( X:(
E0 @_ A((% 0EQ "EAXQE?J M:(A _E[ :\( RXQ<9:X;X?><A9 ?E\( ":<?% E0 QX: <XX
Q(??_ :<9: (^G("XX<EAR-E0 :E] _E[ A% :><Q$ R(^_ A% [ARR[@<A9 <A
J7
*' $&
G<AX;R<`( G">9(J :( :A%R @( G<A> ":(">J <A> (??E <XX_ E 0QE@ @_
E A% RX<A 9?E\(R A% R:E]R @( :E] YaX: <QX:%_ GQX_$ ":(">J
XE R:<@@_$ XE MGQ(R(AXN @_ Q(RXR H_ R M(\(QN G?_R 0QE@ @_ "E@;
"[GG<A9 A% ?<0X<A9 0QE@ (A(X:I$ A% XE G[X(Q$ XEXX(Q E\(Q XE X:( "E[": <A @_
X[9 @_ 9?E\(R E1 ]<X: @_ X((X:J ( X?> GX(AX;?(X:(Q :((?R$ A(Q\E[R R@<?(
E[X :E] [Q?(RK[( GG(?R XE ]E@(A G?RX(Q(% "QERR @_ 0"(J [X ":AA(?
("[R( <X (^G?EQ(R %<1(Q(AX %(4A<X<EAR E0 @_ <AA(Q <X EA ((R( A% (9<A
MR(^_N# <AX(??<9(AX$ :[@EQE[R$ G?_0[?J :( ]<X: R?E] :<G QEXX<EA$ RXQE><A9 @_
%(R"Q<(R <X R M \(Q_ (A"E[Q9<A9 ]_ XE E A% R?<%<A9 @_ RX<A 9?E\(R %E]A
R:E]"R( "[Q\(RJN "A R(( ]:_ (Q@A @_ A("> A% QE[A% @_ Q(RXRJ (\(A
:R "?<(AXR ]<X: E%_ <@9( <RR[(R XQ_ <XJ %E X:( @E\( ]:(Q( X[QA QE[A%$ (A%
P@E[Q Q[AR @( X:QE[9: @_ QE[X<A( E\(Q$ A% R?G X:X RRJ (A% [G RXQ%;
EA"( @EQ( A% R(A%R @( :E@( XE R:E] %?<A9 APR ?GJ ( :R (A=E_(% X:(
@_ :[RA% RE@( J R:E]J A% (\(A X:E[9: X:( (?EQX(
@E\(R ](Q( R(%["X<\($ :( R_R X:( (RX
77 8<3<
##F F-# #OF GQX ]R R((<A9 @_ A(Q;A>(% E%_J
I@@PF 622 < < <
#6N
"> :E@($ A <R ]<X<A9 0EQ @( <A X:( P G 7R <3< F6 4664
?<\<A9 QEE@ ]:<?( ":("> @_R(?0 E[X <A /42 #@@/64
X:( X:QEE@ @<QQEQJ ?"> G[R:;[G Q$ "> X X:( "(AX(Q$ X:( XEG<" E0 X:( %_
":(">J
X":<A9 X:EA9$ ":(">J ?E\(R$ <R "EAXQE?J (Q@A R[99(RXR X:X X:(
2#@.3 "#2M ,#@7.AFA 87@5J."#A #3F#@A &5@ .A#A# F.531 ."3#M 3"
5& 1.3.1 #L515+.AFA @#&#@@1A &5@ #L7#@FA .3 53F@51 F.531 @515+. .A#A#A
KLUK QJ86 8 M5I@ @#9 5F1.3# 3&5@2F.53
C46 8 KL%UK == 8R 97GU %UU0K-L0L-KF 1#@.3+,5IA#
-UF0G-+09G-9 D/46 LKUU+ K 6)8C5J186 S
"D"RJ/"C:S=85 %U-0F+L0UULG F.531 "J/"D
LU%7L
D"J=8C. 5F1.3# %UU0%790+K7U
2#@.3 AA5.F.53 %UU0LLF0%7LL
&5@
@@.+# 2#@.3 AM,.F@. @#AF 3"
3" 2.1M ,#@7M AA5.F.53 8531.3# #"#@1 5J#@32#3F J@.3 3#@ I775@F
99L 8MJ/ 4)C" JC""J @#A5I@# &5@ 3M53# 5I@# &5@ 52#3?A 8AI775@F.J# 3#FK5@0 5&
4"R6 C1 LLK9- A##0.3+ 2#3F1 ,#1F, #1F, 3&5@2F.53 @#AF 3" 5J@.3 3-
FUK0%K%07%U% .3&5@2F.539 85"6D/"4J/=.8P #@ AI@J.J5@A9
5)J=8C. "4J/S
16 D=8C. C"DJ 6"C 8J416"
,# F.531 @#AF L9L0K%L0L999E
2#@.3 AA5.F.53 2#@.3 AM,515+.1 3#@ 5I3"F.53 PC16 6"C 8J416"
5& #LI1.FM "IF5@A! AA5.F.53 QQQ=6J1864C"DJ L9L0F9709LU-E
5I3A#15@A 3" F+U 1CDJ JC""J 6"C=8C. /C"6"CDM::8CJ=8C.
IV
I9
*' $&
C8L3"D.88I05-
8LC /
Q/
Q
4F ?0 C4 )CC,1) 04> J?C ]:(A _E[ (^(Q"<R(J A\(RX <A RE@(
,1"C,41? 14H C*C J4F=G 1 ]EQ>E[X EXXE@R ]<X: "EXXEA "QEX":(R
H>,1) C*41)? >)F/>/J9 A% 9E "E@@A%E X A<9:XJ
* F? :X X:<A RXQ<G E0 0Q<" @_
R\( _E[ 0QE@ X:( %Q(%(% \<R<?( GAX_ 4F *G1=C * 6>,4 ?,1
?<A(R$ [X <X ?RE R(Q\(R R R[G(Q:<9:; J4F H1C 4# C* ,// 71 J4F=>
]_ 0EQ @<"QE(RJ :(A X:( [A%(Q](Q 14C 6>)11C89
:<XR _E[Q G(Q<A([@ HX:( GX": E0 R><A * F? :( :EQ@EA(R X:X Q( [R(%
(X]((A X:( \9<A A% X:( A[RI$ <A <QX: "EAXQE? G<??R "A <AX(Q0(Q( ]<X:
"X(Q< :<X": Q<%( RXQ<9:X XE _E[Q X:ER( _E[Q E%_ AX[Q??_ GQE%["(R XE
\9<AJ M X:EA9 <R "X[??_ "EAA("; "[R( E\[?X<EA A% @(ARXQ[X<EAJ :(_
XEQ$N R_R %(?<%( Q%EA($
$ A "A %E X:<R 0EQ RE@( X<@( 0X(Q RXEGG<A9
; <A QE\<%(A"($ :E%( R?A%J X:( G<??J :( R(A"( E0 @(ARXQ[?
R _E[ @E\($ X:( 0Q<" R:<0XR A% (0EQ( G(Q<E%$ "??(% GERX;G<?? @(AEQQ:($ <R
_E[ "A R_ M
EA<RXX$N _E[P\( 9EX AEX [A"E@@EA$ (RG("<??_ <0 _E[Q "_"?(
_(RX <A0("X<EAJ E @>( @XX(QR ]EQR($ ]R <QQ(9[?Q XE (9<A ]<X:$ (^G?<AR
X:EA9R X(A% XE Q[$ "[R<A9 X<A_ X(QR <A :Q<RXER E[X<0Q<R$
$ :$ ":<(0 E0
X:( %(?<"X( R><A QE[A% _E[Q \[?\ A% Q(GQE%["X<\( (A%E"Q<AE?E9_ A% <A0(QX<?;
"?<XEQ<R$ "Q(X<A9 ""(RR 0EQ @<"QE(RJ <X_ X X:( A<\(QR<X_ E0 (AAR_?\A<
* F> E[ %EAPX :\( XE XERR _E[Q ":EE? E0
(%<"<A(J
X:EA9R R ?EA9 R X:(_PQ( "EXXEA EQ :\( * F> 0 _E[ RX<?? :\(APX 9EXX(A _E[Q
? "EXXEA "QEX":J :( Q(X:?( 0Q<" G(Q<E% ]<X:<A Y @EAX:R E0 XERR<A9 _E[Q
8MBC" 68J 486"=
85"6 J8 S /P" 4"DD >((GR _E[ %Q<(Q$ RE "X(Q< "APX 9QE] R ?RX G<?? G">$ R":(%[?( A GGE<AX@(AX
J15" )8C D"R J/6 J/"1C (R<?_J E[ @<9:X ?RE "EAR<%(Q 9QE]<A9 ]<X: _E[Q 9_A("E?E9<RXJ @(AEQQ:( "A
97+UD 8M6J"C:CJD=
6 1JBD "DJ15J" J/J
E[X X:X Q`<?<A <><A< ?<A(# <Q R(Q\(R ( R_@GXE@ E0 EX:(Q :(?X: <RR[(RJ
-U 5144186 5"C16D R QQ<(Q (X]((A _E[ A% _E[Q
/P" Q/J "R:"CJD 44 GAX<(R$ RE ?(\<A9 @EQ( "QG(X EA X:( C "/? /,. C,1J HC> //441
D"R4"DD 5CC1."
;/P16. D"R )"Q"C J/6 6EEQ GQE\<%(R "[R:<EA<A9 0EQ _E[Q \[?\$ ,? )>4H,1) ,1 J4F> G),19
9U J15"D S"C<= R_R Q%EA(J A% %EAPX ](Q X:EA9R * F? "?E99(% QX:E?<A %["XJ :(R(
IO
X]E X<A_ X[(R EA (<X:(Q R<%( E0 _E[Q X:(_ Q( R0(Q <0 [R<A9 "EA%E@RJ <?;R(%
\9<A R("Q(X( ?[Q<"X<EA <A "EA=[A"X<EA ?[(R "A %@9( X:( <AX(9Q<X_ E0
]<X: X:( QX:E?<APR 9?A%R HX]E G(;R<`(% "EA%E@RJ A% \E<% "E?EQ(%$ R"(AX(%$
EQ9AR [A%(Q X:( R><AI ]:(A _E[ ("E@( A% 6\EQ(% ?[Q<"AXR$ ]:<": "A XQ<99(Q
R(^[??_ QE[R(%J E@(X<@(R R("Q(X(% _(RX <A0("X<EAR A% @_ [?X<@X(?_
?[Q<"X<EA 9(XR XQGG(% <A X:( %["X$ (^"(QX( %Q_A(RRJ
?
/ J/" 1C86S= 8M DJCJ
"[R<A9 RE0X$ RK[<R:_ "_RX X:X R](??R J316. 8C4 86JC":0
A(Q X:( \9<A? EG(A<A9J 4F C*,1. J4F )G J4F> )FJ J?C J1P"D ;D< D8 S8M 6
/P" Q8CCS0)C"" D"R=
* F> ?E99(% QX:E?<A %["XR Q( ,1"C,419 /"6 J/" 5.1 41JJ4"
[R[??_ (A<9A A% %EAPX Q(K[<Q( XQ(X; * F? XPR [A"E@@EA$ [X <X %E(R :144D DJCJ D::16.
@(AXJ E[ @_ ( ?( XE [AG?[9 X:( :GG(A$ ""EQ%<A9 XE \<% (<A(Q$
$ S8MC D"R C1P"= /S?
D 86J16 "DJC8."6
%["X R<@G?_ _ R<XX<A9 <A ]Q@ X: 0EQ [QE?E9<RX X XJ [>(PR;EER(\(?X Q/1/ 16C"D"D J/"
Za @<A[X(R X]E EQ X:Q(( X<@(R %_J ERG<X? <A (] EQ>J @A "A %(\(?EG :C8 MJ186 8) :C8J"16
44" D"R0/8C586"
M 0 <X ?EE>R ?<>( G( A% 9E(R ]_ EA R<@<?Q R_@GXE@R-Q(%A(RR$ <X":<A9$ 16 16. .48M416
<XR E]A$ X:(A <X ]R GQE?_ X(@GEQQ<?_ EQ [A[R[? %<R":Q9(-0X(Q :\<A9 ;< DSD
1/"4
"?E99(%$ A% ]E[?%APX ]EQQ_ E[X <X$N [AGQEX("X(% R(^ ]<X: A <A0("X(% GQXA(QJ CS/56
5" 10
4 1C"J8C 8) D"RM4
R_R E??((A (AA(%_$
$ RR<RXAX (PR (RG("<??_ X Q<R> <0 :( <R X><A9 5" 116" J 8.
GQE0(RREQ E0 ERX(XQ<"R A% 9_A("E?E9_ AX<<EX<"R$ :R %<(X(R$ EQ :R A <@G<Q(% 8D:1J4 16 "Q:8CJ
"/ 41)8C61=
X X:( A<\(QR<X_ E0 E]J 0 X:( "_RX <@@[A( R_RX(@ H?? E0 ]:<": "A ??E] 6 JC: J"DJ8D0
("E@(R G<A0[? EQ <A"Q(R(R <A R<`($ R(( _(RX XE 6E[Q<R:I EQ <0 :(PR [A"<Q"[@"<R(%J J"C86" ))"J16. S8MC
%E"XEQ$ ]:E ]<?? @ERX ?<>(?_ Q("E@@(A% M:( 0EQ(R><A "Q(X(R @E<RX (A\<QEA; D"R C1P"= J/"C :8J"60
J14 D"R0 C1P"0DJ4416.
GQE"(%[Q( "??(% @QR[G<?<`X<EAJ @(AX X:X <R "EA%["<\( XE _(RX 9QE]X:$N 5" D J/8D" J/J
:<R <A;E2"( XQ(X@(AX <A\E?\(R %Q<A<A9 (<A(Q R_RJ C" M" 488 :C"DDMC"
6R1"JS 6 1 C",MR
X:( "_RX$ X:(A R(]<A9 X:( "_RX ]?? XE X:( * F> \(Q;X:(;"E[AX(Q AX<0[A9? 6 6J1 ":C"DD6JD=
E[X(Q R><A XE "Q(X( A(] %["XJ X ]<?? @(%<"<A( "A ( [R(% XE XQ(X X:( D3 S8MC 8
8MJ J/" D"RM4 D1 "
:(? <A E[X @EAX:J "EA%<X<EA$ [X <XPR (RX XE :E?% E1 EA "))"JD 8) 44 8) S8MC
:\<A9 R(^ [AX<? _E[Q R_@GXE@R-A% CM.D= 8M 5S 4D8
C/J G1 H*1 J4F=> CF>1 :<R-Q( "E@G?(X(?_ 9EA(J :X ]_$ _E[ Q6J J8 JCS 86JC0
":J1P" 5"J/8 J/J
41 J4F=> 14C G>J /F>,C9 ]EAPX Q<R> Q(;<A0("X<A9 (": EX:(QJ 8"D6BJ MD" /8C586"D
* F? 9<A? %Q_A(RR "A Q(R[?X DM/ D 86 85D
1:/C.5 8C 6 =
0QE@ ?EXR E0 %<1(Q(AX X:<A9R$ <A"?[%<A9 [X I ,1 C* 0,??,41>J
AEX ?<@<X(% XE %(:_%QX<EA$ X><A9 "(QX<A 64?,C,41 ,? 6,1"F/9
@(%<"X<EAR H(\(A E\(Q;X:(;"E[AX(Q * F? (QX<A R(^ GER<X<EAR "E[?% (
AX<:<RX@<A(RI$ A[QR<A9$ EQ X:<AA<A9 @EQ( G<A0[? X:A EX:(QR <0 _E[ :\(
E0 @["ER? X<RR[( A% ":A9<A9 :EQ@EA( X<?X(% [X(Q[RJ E@( Za G(Q"(AX E0 @(Q<"A
?(\(?R %[Q<A9 @(AEG[R(J ]E@(A :\( Q(XQE\(QX(% [X(Q[R$ ]:<":
* F> (QREA? ?[Q<"AXRJ ?]_R <R ]:(A X:( XEG E0 X:( [X(Q[R AX[Q??_
:\( X:(@ EA :A% 0EQ 9(XX<A9 ](X A% R?AXR XE]Q% X:( RG<A( EQ X<?EA(
]<?%J :EER( ]X(Q;R(% ?[Q<"AXRS <ARX(% E0 [G XE]Q% X:( (??_ [XXEAJ
IN
*' $&
* F> <R<X _E[Q 9_A("E?E9<RX 0EQ A "E[?% :\( <QQ<XX(% X:( [Q(X:Q$ ]:<": <R
(^@ XE %(X(Q@<A( <0 _E[QR <R X<?X(%J "E@@EA X:<A9J 9<A? %Q_A(RR A%
R:QG?_ Q(XQE\(QX(% [X(Q[R "A @>( GQE?EA9(% <AX(Q"E[QR( "E[?% "EAXQ<[X(J
[R<A9 X@GEAR EQ %<G:Q9@ %<2"[?X * F> E><A9 <A ]Q@ X: 0X(Q
("[R( X:(_ "A %<9 <AXE X:( E%_ E0 R(^ "A GQE\<%( RE@( Q(?<(0J R<A9
X:( [X(Q[RJ (^ "A ( G<A0[? 0EQ X:( ?[Q<"AXR %[Q<A9 R(^ @_ GQ(\(AX X:<R
R@( Q(REAJ M<1(Q(AX GER<X<EAR$ R[": 0QE@ :GG(A<A9 9<AJ
R ]E@A EA XEG$ "A ??(\<X( X:( 4??,/ F? E A <A0("X<EA <A X:(
%<R"E@0EQX$N R_R
Q_
A(
<A><A$
$ [Q<AQ_ XQ"X EQ \9<AJ 0 _E[ AEX<"( G<A
A ; X ?( A<\(QR<X_ ":EE? EA?_ 0X(Q X:( [Q<A( XE[":(R _E[Q \[?\$
E0
(%<"<A(J 0 _E[PQ( XQ_<A9 XE "EA"(<\( <XPR ?<>(?_ X:( ?XX(QJ <A X:X G(QR<RXR
A% :\( X<?X(% [X(Q[R$ ?_<A9 EA _E[Q EQ 9(XR ]EQR( R _E[ "EAX<A[( XE (@GX_
X[@@_ 0X(Q R(^ @_ :(?G RG(Q@ R]<@ _E[Q ?%%(Q <R @EQ( ?<>(?_ XE (
<AXE _E[Q "(Q\<^J ?%%(Q <A0("X<EAJ
* F> <R<X _E[Q %E"XEQJ _G<"??_$
4F> /,,4 *? *,C C* >49 AX<<EX<"R Q( GQ(R"Q<(%J E[ "A
4??,/ F? E[P\( :<X G(Q<@(AE; Q(%["( _E[Q ":A"(R E0 9(XX<A9 [Q<AQ_
G[R(J Q<EQ XE @(AEG[R($ :EQ@EA? XQ"X <A0("X<EA _ [Q<AX<A9 (0EQ( A%
R:<0XR-RG("<4"??_ %("Q(R<A9 (RXQE9(A- 0X(Q R(^J
?(% XE G:_R<E?E9<"? ":A9(R X:X
"A @>( R(^ R((@ E[X R GG(?<A9 "C1 "C> ,1C>4F>? J4F CC
R Q[AA<A9 @QX:EA ]<X: G(?( <A ?C>41) %?*J 44> 1 ?40 ,C*,1)
_E[Q RE">J (AR<X<\( \9<A? X<RR[(R FC *G 14 4C*> ?J06C40?9
("E@( ?(RR ?[Q<"X(%$ X:( (AR[<A9 * F? X "E[?% ( "X(Q<? \9<AER<R$
%Q_A(RR ?(%R XE G<A$ A% G<A0[? R(^ \(Q_ "E@@EA \9<A? <A0("X<EA <A
K[<">?_ X[QAR <AXE AE R(^J EX 6R:(R ]:<": X:( AEQ@? ?A"( E0 "X(Q< <A
%EAPX :(?G (<X:(QJ X:( \9<A <R %<RQ[GX(% _ A <A"Q(R(
* F> ?> XE _E[Q G:_R<"<A E[X <A :Q@0[? "X(Q<J "X(Q<? \9<AER<R
X:( GQER A% "EAR E0 :EQ@EA( Q(G?"(@(AX "A ( XQ<99(Q(% _ %E[":<A9 EQ _ A(]
X:(QG_ HI$ ]:<": @_ ?(RR(A EQ @[?X<G?( R(^ GQXA(QRJ X:(Q R_@GXE@R
@(AEG[R? R_@GXE@RJ (] Q(R(Q": <A"?[%( \9<A? %<R":Q9($ <X":<A9 A%
R:E]R A (RXQE9(A "Q(@ EQ R[GGER<XEQ_ [QA<A9 R(ARX<EAJ AXQ(X(%$ "A
D @_ (R( %Q_A(RR ]<X:E[X X:( Q<R>R E0 ?(% XE R<9A<4"AX :(?X: GQE?(@R$
8C /CJ "DC116. J [Q<"AXR "A ?RE :(?G$ (RG("<??_ <A"?[%<A9 GQ(@X[Q( %(?<\(Q_$ GERXGQX[@
D"RM44S JC6D51JJ" <0 G<A %[Q<A9 <AX(Q"E[QR( <R GQE?(@J <A0("X<EAR$ G(?\<" <A0?@@XEQ_
16)"J186D ; D< :C"0
P"6J186 6 JC"J0 %<R(R($ A% <A"Q(R(% \[?A(Q<?<X_ XE
5"6J D"" @"JJ"C )" *>=? F>1,1) ?1?C,41 <A0("X<EAJ XPR (RX<@X(% X:X [G
/6 A 86 :." 7+
16 /:J"C +H /" H*1 6 "C> *G,1) ?I9 XE EA(;X:<Q% E0 GQ(9AAX ]E@(A <A X:(
"RM4 1.68DJ1= 4??,/ F? 5 :( 0Q<"X<EA E0 X:Q[RX<A9 A<X(% XX(R :\( J
I-
* F> :<?( "A "?(Q [G EA <XR * F> <X: RGEAXA(E[R R(^ ?@ERX
E]A$ XQ(X@(AX ]<X: X:( AX<<EX<"R E[X E0 X:( K[(RX<EA$ _E[ A((% RE@( R(Q<E[R
@(XQEA<%`E?( EQ "?<A%@_"<A <R Q("E@; M?<0( @A9(@(AX$N (^G(QXR R_J [X 8 S8M *6 J/J S8M
@(A%(%J E@(A ]:EP\( :% GQ(@X[Q( ?E"> EA X:( @RX(Q (%QEE@ %EEQ A% C" C"/16. )8C S8MC
1J 58C" 8)J"6 J/6
<QX: EQ ?E] <QX: ](<9:X _ R:E[?% R(X X(":AE?E9_ X<@( ?<@<XJ :<0X 9(QR S8MC /86"S M66S?
( ":(">(% 0EQ "X(Q<? \9<AER<R Q(9Q%; ]<X: REEX:<A9 X:$ R[99(RXR ER JBD )1C4S 85586 )8C
D85" Q85"6 J8 :C")"C
?(RR E0 R_@GXE@RJ A9(?(R.R(% R(^ X:(QG<RX <A% ( MD16. J/"1C P1CJ8CD
<??(QR$ :J ?[A9<A9 <AXE ]Q@ ]X(Q J8 /P16. 16J"C8MCD"=
4F /. 1>)J 1 *G C>4F/ X>(R _E[ ]_ 0QE@ X:( ?GXEGR A% "(?? P1CJ8C 1D D15:4"C
6 58C" "DD14"
)CC,1) 1 ?CJ,1) ?/69 1 J4F G:EA(R X:X "?E9 [G _E[Q %_J J/6 88:"CJ16.
*G /,CC/ ,1C>?C ,1 ?I9 :"61D= /14" J/"C"BD
68J/16. QC86. Q1J/
* F? E[ "E[?% ( R[1(Q<A9 0QE@ 4F=G -F?C * J 1 J4F=> 168C:8CJ16. D"R J8SD
%(GQ(RR<EAJ :(A _E[PQ( 0((?<A9 %E]A <A 14C ,1C>?C ,1 ?I9 16J8 S8MC 48P" 41)"
X:( %[@GR$ %(R<Q( "A X>( <9 :<XJ * F? (( ME[PQ( @E@$ (@G?E_(($ "8516. C"416J 86
P1CJ8C&8C "P"6
E@(A X(A% XE <RE?X( X:(@R(?\(R A% ]<0($N E\(J <\( _E[QR(?0 Q(>S :C")"CC16. 1J 8P"C S8MC
X:X "A RXQ<A (\(A X:( RXQEA9(RX E0 _E[PQ( X<Q(%J ?RE$ _E[ @_ AEX 0((? :GG_ :CJ6"C&6 "
D"C18MD :C84"5= )
QE@AX<" Q(?X<EAR:<GRJ ]<X: X:( A(] R:G( E0 _E[Q E%_ %[( XE S8M C"44S C" 1J"
* F> AX<%(GQ(RRAXR @_ ?<0X X:( GQ(9AA"_J
A_ ]E@(A 4A% X:(@R(?\(R J8 S8MC P1CJ8C J
%Q> "?E[%$ [X RE@( 1("X _E[Q <?<X_ ]<X:%Q]<A9 EQ AEX ]<??<A9 XE (^G(Q<@(AX J/" "R:"6D" 8) S8MC
C"4J186D/1: Q1J/ S8MC
XE :\( A EQ9R@J 0 _E[ AEX<"( _E[Q R(^ R(^[??_ <0 X:(_PQ( E\(Q](<9:X EQ R:G(% :CJ6"C J43 J8
%Q<\( X>(R AER(%<\( 0X(Q _E[ RXQX %<1(Q(AX?_ GERXGQX[@J @EX<EA??_$ J/"C:1DJ J8 .16 D85"
16D1./J 8MJ S8MC
A(] @(%<"X<EA$ X(?? _E[Q %E"XEQS R:( @_ _E[ @_ :\( E[9:X <AXE X:( @(%<PR C"4J186D/1:= ) J/"
( ?( XE GQ(R"Q<( A ?X(QAX<\(J A% <%(?<`X<EA E0 ]:X <R Q(??_ R(^_# X:X P1CJ8C .1P"D S8M 58C"
DJ1D)J186 J/6 D"R
"EAR<%(Q R((<A9 GR_":E?E9<RX 0EQ X?> _E[ :\( XE ?EE> "(QX<A ]_ <A EQ%(Q XE Q1J/ S8MC :CJ6"C J43
X:(QG_J ^(Q"<R( ?RE :(?GRS <X (A:A"(R :\( Q(??_ 9EE% R(^J 8MJ JCS16. D85" 6"Q
@EE% A% (A(Q9_$ A% <X EERXR ?EE% * F> R> <A X:( 0((?;9EE% 9?E] 58P"D 8C "P"6 MD16.
J/" P1CJ8C J8."J/"C=
6E] XE X:( 9(A<X?RJ E0 "E@G?<@(AXRJ ((? 0Q(( XE R> X:( A(]
%% ]:X :( ?<>(R E[X _E[Q E%_S
4F=> 040 1 06/4J H," :<R GQ<R(R "A :(?G _E[ 0((? @EQ( GER<X<\(J
1 J4F=> C44 ?C>?? "4> ?I9 ME@(A :\( X?(AX 0EQ %<R?<><A9 X:(
* F? E[PQ( @E@$ A (@G?E_(($ \(Q_ X:<A9R E[X X:(@R(?\(R X:X EX:(Q
A% ]<0(J (R<%(R XEX??_ X[">(Q<A9 G(EG?( 4A% \(Q_ XXQ"X<\($N R_R R(^
_E[ E[X$ X:( ":QEA<" RXQ(RR(R E0 @E%(QA X:(QG<RX <A% ( <??(QR$ :J [X$
?<0( "A ?RE XQ<99(Q "R"%( E0 ?RE$ %EAPX [A%(Q(RX<@X( X:( @(AX?
:EQ@EA? ":A9(R X:X @(RR ]<X: _E[Q EERX E0 R:(%%<A9 RE@( GE[A%RJ [Q\(_R
E%_PR R(^[?;Q(RGEAR( "_"?(J A% A% RX[%<(R R:E] X:X ?ER<A9 ](<9:X :(?GR
:(Q(PR AEX:(Q @E%(QA R(^ [RX(Q X:X ]E@(A 0((? R(^_J A 0"X$ (\(A 5;GE[A%
%%R XE ?? X:( "Q`<A(RR# XE%_PR ?]_R; ](<9:X ?ERR :R ((A R:E]A XE =[@G;
"EAA("X(% X(":AE?E9_J RXQX R(^ %Q<\(J
I+
* #& &# '
57I1@ @3"8A9 CJ/8 C10S4"6E TE 8HPC4E 46 6" J":E
1C"6E CC MP16.
8"DJC16E C1"DDE "44 "RJ /81"E 44
77@5L.2F# 5AF !9U J8 !+U :"C 586J/ !KU J8 !GU !LUU J8 !GUU ; "P1" : J8 !+U :"C 586J/
6 16D"CJ186<
5K F5 A# C4 :144DE 5MDJ " J3"6 14S C4 :144E J3"6 Q1J/ 544 0D/:" "P1" 4DJ1 C16. 16D"CJ" 16J8
16 FL /8MCD )J"C )14" J/J 1D 16D"CJ" 16J8 MJ"CMD P.16 586J/4S C"516D
86JC":J186E S :C8)"DD1864E 586J/4S 16 :4" )8C K Q""3D
44 Q8C3D M: J8 *P" SD D"4)0/"3 )8C :4"5"6JE J/"6 C"58P" )8C 9 Q""3
)J"C 16J"C8MCD" 4DJD + J8 9U S"CD ; MC16. :"C18 <
#AF 5@ "5:8CCS MJ 486.0J"C5 85"6 Q/8 6"" 3M: 85"6 Q/8 Q1D/ 85"6 Q/8 1D413"
1CJ/ 86JC84 J8 )14" 86JC":J186 J8 "4S :C".66S S 14S :144D
+ 8C 58C" S"CD
5F #522#3"#" 5@ 583"CD Q85"6 Q1J/ 85"6 Q/8 J/163 J/"S 5S 85"6 Q/8 Q6J D/8CJ0J"C5 583"CD Q85"6
/1DJ8CS 8) C 18PDM4C /P" ""6 :C".66J ")8C" :C8J"J186 8C Q/8 /P" Q1J/ /1DJ8CS 8)
:C84"5D 8C C"DJ 6"C J/" )14" 86JC":J186 /1DJ8CS 8) *C81 D C 18PDM4C :C84"5D
Q85"6 488316. )8C C8MJ16" 8C C"DJ 6"C
1CJ/ 86JC84 5"J/8 E
44 1D 68J C"855"6 "
)8C 6MCD16. 58J/"CD
.A0A 6C"D" C1D3 8) 488 48JD
S 16C"D" 488 DM.C 6)"J186 "R:M4D186E 6C"D" C1D3 8) 488 48JD
6 DJC83" C1D3 8) /"CJ 4"P"4D 16 Q85"6 Q1J/ CC 16C"D" 6 DJC83" C1D3 8) /"CJ
JJ3 1) S8M /P" /1DJ8CS 1"J"D 16 5"6DJCM4 ,8QE JJ3 1) S8M /P" /1DJ8CS
1C"6 488 48JD
6 DJC83"
5F#3F.1 ."# &&#FA "1./J .16 48J16. C"DJ /6."D 16 S8MC :"C18 C5:16. )J"C 16D"CJ186 .164 16)"J186D 1CC1JJ186
J"6 "C6"DD D:8JJ16. 6MD" 48Q"C 85164 Q"1./J .16 48J16. C"DJ 6 D"C"J186D /" /"
:16 )J1.M" /" /" J"6 "C6"DD D:8JJ16. Q"1./J .16 48J16. C"DJ
1TT16"DD C"DJ J"6 "C6"DD J"6 "C6"DD D:8JJ16.
,#3 @# 5I @5F#F#" 55" 1J"4S 1) DJCJ" 86 )J"C J316. Q1J/16 448JJ" CC 155" 1J"4SE 55" 1J"4S 1) 16D"CJ" 86
J/" *CDJ S 8) S8MC :"C18 FL0/8MC Q16 8Q )8C 46
1C"6 155" 1J"4S 1) 162"J" *CDJ S 8) :"C18 8J/"CQ1D"
8J/"CQ1D" 3M: 1D 6"" " 6" J": 6 "RJ /81"E MC16. *CDJ F SD )J"C 3M: 6"" " )8C 9 Q""3
)8C 86" Q""3 )J"C J316. 6 Q1J/16 448JJ" DJCJ 8) :"C18 8J/"CQ1D"
*P"0 S Q16 8Q )8C 44 3M: 6"" " )8C 9 Q""3
IJ
85"6 Q/8 668J 85"6 Q/8 :C")"C J8:14 85"6 Q/8 668J 85"6 Q/8 1D413" 14S :144D 85"6 Q/8 1D413"
J3" "DJC8."6 8C 5" 1J186D 8C 1D413" 14S J3" "DJC8."6 8C C" 8C 6BJ J3" /8C586"D 14S :144D 8C 6BJ J3"
C" C"DJ)"" 16. :144D C"DJ0)"" 16. /8C586"D
85"6 Q/8 Q6J 583"CD Q85"6 Q1J/ 85"6 Q/8 Q6J D/8CJ0J"C5 85"6 Q/8 /P" / 85"6 44"C.1 J8
D/8CJ0J"C5 :C8J"J186 /1DJ8CS 8) C 18PDM4C :C8J"J186 C""6J /14 1CJ/ 8CJ186 8C D:"C511 "D Q85"6 86
:C84"5D 8C C"DJ 6"C 51DCC1." 8C /P" /1DJ8CS J/"1C :"C18 D
8) J8R1 D/83 DS6 C85"E
J/8D" 44"C.1 J8 D:"C511 "D
"4S 16 :C".66S )J"C 6C"D" C1D3 8) 488 48JD 6C"D" C1D3 8) 488 48JD 8R1 D/83 DS6 C85"
8C" )C">M"6J MC16CS JCJ
1D86J16M16. 41M5 48DD 6 DJC83" C1D3 8) /"CJ 6 DJC83" C1D3 8) /"CJ 16)"J186D 16C"D" C1D3
)C85 86"D 16C"D" JJ3 1) S8M /P" /1DJ8CS JJ3 1) S8M /P" /1DJ8CS )8C J8R1 D/83 DS6 C85"
C1D3 8) 488 48JD 6 D/1)J 8) 15:46J 16 C5 5S " 1D48 ." S J/"
DJC83" C1D3 8) /"CJ JJ3 54" :CJ6"C 16 "CJ16
1) S8M /P" /1DJ8CS D"RM4 :8D1J186D
"1./J .16 1CC".M4C CC1JJ186 J J/" ::41J186 CC".M4C 4"" 16. ;5S DJ8: 44"C.S J8 D:"C511 "E 44"C.S J8 1:/C.5
:"C18 D C"DJ J"6 "C6"DD D1J" Q"1./J .16 48J16. 85:4"J"4S< 1CC1JJ186 J J/" P.164 1CC1JJ186 5S MD" 5J"C14 8C D:"C511 "
48J16. 6"CP8MD6"DD C"DJ J"6 "C6"DD D:8JJ16. ::41J186 D1J" Q"1./J .16 D"R J8 " 5"DDS 8C J88 CS
":C"DD186 D48Q" /1C 48J16. C"DJ J"6 "C6"DD
.C8QJ/ D:8JJ16.
C8."DJ16 ;5" C8RS:C8."D0 DJC8."6 6 :C8."DJ16 C8."DJ16 ;"J868."DJC"4< :"C511 " 6 :C8J"J1P" :"C511 " 6 :C8J"J1P"
J"C86" "JJ"< ;68C"4."DJC8516< :4DJ1 )85 CC1"C 4J"R 8C D14186" CC1"C
II
* #& &# ' &'!
77@5L.2F# 5AF !L J8 !G )8C J/C"" /"3 Q1J/ S8MC /"4J/C" /"3 Q1J/ S8MC /"4J/C" !K+U J8 !9UUU
:C8P1 "C :C8P1 "C
5K F5 A# J"R 8C 45D316 D/"J/ C8)"DD1864 16D"CJD D14186" C8)"DD1864 J/C" D D544 6 6 8MJ0:J1"6J
::41" J8 :"61D "P"CS J15" "P1" 16J8 )448:16 JM"D 5"J4 6 *"C 814D 16J8 :C8" MC" 8J8C MJD
")8C" D"RE 86" J15" MD" 864S MD16. DC J1DDM" J8 )8C5 )448:16 JM"DE DSDJ"5 6 D"4D JM"D J/J
6 483 D:"C5 )C85 483D JM"D 6 MD"D DC CCS D:"C5 16J8 D"5"6
C"/16. ".. J1DDM" J8 )8C5 C8M6 814D
48316. D:"C5
#AF 5@
"6E Q85"6 Q/8 /P" 85"6 Q/8 Q6J :"C56"6J 85"6 Q/8 8 68J Q6J J8
"6 Q/8 86BJ Q6J J8
5M4J1:4" :CJ6"CD 8C 668J DJ"C141TJ186 MJ :C")"C "85" :C".66J 6 668J )J/"C /14
J3" /8C586"D 5161544S 16PD1P" JC"J5"6J 8C 8 68J Q1D/ J8 MD" 8J/"C
Q/"6 85:C" J8 J/" )8C5D 8) 1CJ/ 86JC84E
16PD1P" DMC."CS 8) JM4 :C8" MC" 1D :"C56"6J
41.J186E :C8" MC" 668J
" C"P"CD"
5F #522#3"#" 5@ H 8C J/8D" Q85"6 Q/8 5S 85"6 Q/8 51./J Q6J J8
"6 Q/8 5S Q6J J8
Q6J J8 "85" :C".66J "85" :C".66J /P" D85" S "85" )J/"CE
D85" S /P" 4C" S / C""6J4S .1P"6 1CJ/ 8C / 6 D/8M4 " 86D1 "C"
JM4 41.J186 C" J316. 8CJ186 :C"P18MD4S / :"C56"6J 4J/8M./ 1J 6
155M68DM::C"DD1P" CM.D JM4 41.J186 C" D"6D1J1P" J8 " C"P"CD"
/P" "CJ16 86 1J186D 613"4 8C /P" / :"4P1
16P84P16. J/" MJ"CMD 8C 16)"J186D
)448:16 JM"D /P" /
:"4P1 16)"J186D
.A0A 86" 544 C1D3 8) :C".66SE "C)8CJ186 8) MJ"CMD 8C /8D" DD81J" Q1J/
168CC"J :4"5"6J )448:16 JM"D :"4P1 :16 528C 85164 DMC."CS
16)"J186 16)"J186 DM/ D 5." J8 8Q"4
4 "C 8C 488 P"DD"4DE
Q8M6 16)"J186E C"J186 J8
6"DJ/"D1E 85164 :16
5F#3F.1 ."# &&#FA CC1JJ186 1) 44"C.1 J8 4J"R C5:16. :"4P1 8C 3 C5:16. 85164 :16 Q"4416. CM1D16. 8) J/"
;MD" 45D316 16DJ" < :16 6MD" /" /" 6MD" 1TT16"DD 4"" 16. DC8JM5 4"" 16. 8C
4"" 16. D:8JJ16. D:8JJ16. 488 48J 16 DC8JM5
488 16 D"5"6 16)"J186
8) DMC."CS D1J"
,#3 @# 5I @5F#F#" 55" 1J"4S 3M: 86JC":J186 5MDJ
MDJ MD" 3M: 86JC":0 8"D6BJ :C8P1 " 155" 1J"
" MD" )8C K 586J/D 6 J186 )8C K 586J/D )8448Q16. :C8J"J186E 3M: 86JC0
J/"6 R0CS 8C M4JCD8M6 1D :C8" MC" 6 J/"6 R0CS ":J186 5MDJ " MD" )8C
MD" J8 P"C1)S J/J )448:16 8C M4JCD8M6 1D J3"6 J8 J 4"DJ J/C"" 586J/D 6
JM"D C" 483" 86*C5 DM"DD)M4 483." M6J14 8J8C 86*C5D J/"C"
C" 68 D:"C5 16 J/" D"5"6
J/C8M./ JQ8 D5:4"D "R50
16" Q""3D :CJ
F.J# 3+@#".#3FA C8J"J1P" 4J"R 8C 14186 15:46J
"J4 6 *"C 814D J/J H
45D316 CC1"C 6 MD" DC J1DDM" 483."
D85"J15"D D:"C511 "
I&
C8)"DD1864 MJD 8C )J"C D"P"C4 586J/D 8)
6 JJ"5:JD J8
6 6 Q856 DJ16 )C85 D"RM4
483D )448:16 JM"D /CJ16. J8 "DJ41D/ C"414" Q1J/ CQ )C85 16J"C8MCD" 16J"C8MCD" MJ 5S "1 " J8 "6.."
J8 :"C56"6J4S :C"P"6J :JJ"C6D D"R 1D :"C51JJ" ")8C" "2M4J186 16 686016D"CJ1P" D"RM4 :4S ;:"JJ16.
:C".66S 864S 86 @D)"A SD Q/"6 CS0/M5:16. 5DJMCJ186 8C4 D"R<
Q856 1D 68J 8PM4J16.
85"6 Q/8 51./J Q6J /8D" 68J Q14416. J8 16P"DJ 6S86" D""316. J8 P81 H
J8 "85" :C".66J C" J/" J15" J8 4"C6 6 8 J/" :C".66S
8"D" /P" C 1 8C C">M1C" C"8C 3"":16.
:M4586CS 1D"D" 488 8C M616J"C"DJ" 16 ":J16.
48JD 16J"C64 85164 :"C18 1 DJ16"6"
DCC16. :C""R1DJ16.
.S6"848.1 86 1J186D
/8D" DD81J" Q1J/ 6 /P" /1./ )14MC" CJ" 1) 1./ C1D3 8) )14MC" 6 "RM44S0JC6D51JJ" 1D"D"D
528C 85164 DMC."CS 68J MCJ" 6 86D1DJ"6J M6Q6J" :C".66SE C" DJ144 :8DD14"
DM/ D 5." J8 8Q"4 C">M1C"D .C"J D"4)086JC84
4 "C 8C 488 P"DD"4DE 6 5S C"DM4J 16 C" M"
Q8M6 16)"J186E C"J186 :4"DMC"E :C"0"2M4J"
J8 6"DJ/"D1E :16 ,M1 5S 86J16 D:"C5
I7
%*&(
!
, ) ) ) .*&
')
&
8
&O
88! 5! D"P
:\( ((A (AX]<A(% <A ?EQ( A% ?<X(QX[Q( (\(Q
R<A"( \( X( X:( GG?(J Q ]R X:( EQ<%%(A Q[<X
GE@(9QAX($ 9QG($ EQ 49$ R RE@( (A<RRA"(
@RX(QR :\( %(G<"X(% <A X:(<Q QX]EQ>L
QE@ X:( A"<(AX Q((>R XE X:( :<A(R( A%
X:( `X("R XE$ ](??$ _E[$ X:( X]E GG(X<X(R :\(
((A "?ER(?_ "EAA("X(%J <GGE"QX(R GQ(R"Q<(%
:EA(_ XE 0[(? X:( ?<<%EJ
EAX(`[@ R[GGER(%?_
%QA> 5a "[GR E0 "":[X<$ <XX(Q ":E"E?X(
%Q<A>$ (0EQ( @><A9 ?E\( XE ]E@(AJ A FT7C
(AQ_ <(?%<A9 0(% ?ERX(Q$ E_RX(QR$ A% ((0 XE :<R
?E\(QR <A :<9:?_ R(AR[? H0EQ X:( X<@(I ":GX(Q
<A 1.
1/<J RAE\ X( E_RX(QR %<?_ XE >((G
&&# * &
X:( ?%<(R RX<R4(%J
<">(_ E[Q>( ?EE% 6E] XE X:( Q(9<EA A% XQ<99(Q<A9
0(% @QR":<AE ":(QQ<(R XE <@ 0((?;9EE% :EQ@EA(R X:X 0A X:( 6@(R E0
RR<A9(Q <A X:X 0@E[R R"(A( 0QE@ GRR<EAJ A% RE@( 0EE%R-0Q<(% ]<A><(R$
X:( 4?@ 0 ,<J A% :E] "A _E[ 0EQ (^@G?(-Q( =[RX \(Q_ % 0EQ _E[Q
0EQ9(X X:( EQ9R@<" %<AA(Q R"(A( <A 9(A<X?R$ (RG("<??_ <0 _E[ ]AX XE >((G
*, @; #1; (11-@L <X GQ(; X:(@ <A (^"(??(AX ]EQ><A9 EQ%(Q 0EQ R(^J
GQ(R QERX K[<? <A QER( G(X? R["( EE @[": E0 9EE%;XRX<A9;[X;QX(Q_;
XE R(%["( (%QE$ [X X:( ]:E?( %<AA(Q "?E99<A9 X:<A9 "A ( [@@(Q <A (%J
X?( ("E@(R X[QA(% EA _ X:( R(AR[? ?? X:( R<%( (1("XR E0 (<A9 E\(Q](<9:X
@(?$ (RG("<??_ R<RX(Q (QXQ[%<RJ EQ E(R(-:<9: ?EE% GQ(RR[Q($ (?(\X(%
:X <RAPX AG><A EA :(Q ?G R:(PR H%I ":E?(RX(QE?$ A% X:(QER"?(;
Q(":<A9 0EQ/ :( (R"G(R XE X:( GQ<\"_ QER<R$ X:( ""[@[?X<EA E0 G?K[( X:X
E0 R:E](Q RX??$ ]:<": [QRXR <AXE Q(RXQ<"XR ?EE% 6E] X:QE[9: QX(Q<(R-
6@($ A% X:(A Q[AR A>(% X:QE[9: Q( ?<A>(% XE R(^[? :(?X: GQE?(@RJ
X:( 9\( [AX<? R:(PR G<">(% [G _ X:(QER"?(QER<R$ <A GQX<"[?Q$ %@9(R
(^<"A Q(\E?[X<EAQ_ EA :EQR(">J X:( (A%EX:(?<[@ ?_(Q X:X ?<A(R X:(
A% X:(_ ?<\( :GG<?_ (\(Q 0X(QJ QX(Q<(RJ :(A X:X :GG(AR$ X:( QX(Q<(RP
0 0EE% "E[?% EA?_ %E X:X G(Q:GR <?<X_ XE GQE%["( A<XQ<" E^<%( GQE%["X<EA
X:(Q( ]E[?% ( AE @EQ( ]QR$ AE @EQ( %("?<A(R$ A% A<XQ<" E^<%( <R "Q["<? XE
?EA(?<A(RR$ A% ](P% ( :\<A9 R(^ (Q("X<EARJ M:( G(A<R <R X:( X:(Q@E@(X(Q
<ARX(% E0 ]X":<A9 (@ 1B- ;*/ 0EQ @APR E\(Q?? :(?X:$N R_R <%]A
1*@/1
,7 EA X:( EE% (X]EQ>J :R<9:$
$ %<Q("XEQ E0 X:( %<\<R<EA E0
?R$ X:( AEX<EA E0 0EE% R G:QE%<R<" [QE?E9_ X
<@EA<%(R
(%<"? (AX(QJ
<R R:EQX EA R"<(A"(J Q<99(Q<A9 A <ARXAX M:( G(A<?( QX(Q_ <R :?0 X:( R<`( E0
:[A9(Q 0EQ R(^ _ (X<A9$ R_$ AA "EQEAQ_ QX(Q<(R$ RE G?K[( [<?% [G
EQ A E_RX(Q =[RX <RAPX 9E<A9 XE :GG(AJ X:(Q( ]<?? R:E] [G R_@GXE@X<"??_
[X J J J 9E :(% A% (X X:ER( R(^_ (0EQ( <X %E(R <A EX:(Q @=EQ QX(Q<(RJ
0EE%RJ X <R ](?? %E"[@(AX(% X:X
%(?<"<E[R 0EE% A% R(^ "X<\X( X:( (^"X 06,> /44 '4H ,? 14C -F?C
R@( G?(R[Q( A% Q(]Q% Q("(GXEQR <A 01=? 6>4/09 M
A_ E0 X:( R@(
X:( Q<AJ [A"X<EA?
RX[%<(R :(?X: <RR[(R X:X "[R( (Q("X<?( %_R;
HA?_`<A9 Q<AR R"AR X>(A ]:(A 0[A"X<EA <A @(A$ R[": R %<(X(R$ :<9:
G(EG?( %E RX[1I R:E] X:X ]:(A :[@AR ?EE% GQ(RR[Q($ A% :<9: ":E?(RX(QE?$ R
(X %("%(AX @(?$ X:(<Q A(E"EQX(^ ](?? R @A_ @(%<"X<EAR [R(% XE XQ(X
?<9:XR [G ]<X: 4Q(]EQ>R =[RX R <X %E(R X:(R( "EA%<X<EAR "A "[R( R(^[?
]:(A X:(_ Q( :\<A9 A EQ9R@J %_R0[A"X<EA <A ]E@(A$N R_R R(^[?
:<?( 0EE% R G:QE%<R<" @_ ( :(?X: (^G(QX
(AA<0(Q J (Q@A$
$
RG("[?X<\($ <X <R "?(Q X:X RE@( 0EE%R Q( %<Q("XEQ E0 :( (Q@A E@(APR
\(Q_ 9EE% 0EQ _E[Q 9(A<X?R$ (A"E[Q9<A9 (??A(RR (AX(Q <A ER A9(?(RJ
&-
'
8O I8 I
'8C "II"C "P
(^E?E9<RXR$ "Q%<E?E9<RXR$ A% GR_":E?E9<RXR 9Q((#
:E] @[": _E[ "EAR[@( :R :[9( <@G"X EA _E[Q R(^[? :(?X:J
^"X?_ ]:X _E[ (X <R "Q<X<"??_ <@GEQXAX$ XEEJ
&+
&&# * &
4" 6F-#?
,?##4
4" 6F-#?
'?I/F
4"
4"
M#,#F2#@
&J
"JJ16. 58C" 8) J/"
16J8 S8MC
14S 1"J 1D J/" "D1"DJ QS
J8 " /"4J/1"C 16 " =
4" 6F-#? 4" 6F-#? 4" 6F-#?
N-62# ,?/4@ @-#22'/@- #??/#@
&I
&&# * &
RGQE[XR$ >?($ "9($ ]<RR ":Q%$ "A E0 RE% :R E[X Fa X(RGEEAR
A% E> ":E_ Q( ?RE 9EE% RE[Q"(R E0 E0 R[9Q <A <XJ @(Q<" <R %Q<A><A9 <XR(?0
E[Q 0\EQ<X( R(^ A[XQ<(AX-0E?X(J ^XQ <AXE E(R<X_/ :( :<9:;0Q["XER( "EQA
<AR[QA"( 0EQ 9EE% Q(GQE%["X<\( :(?X:$ R_Q[G <A @A_ RE0X %Q<A>R Q<R(R <AR[?<A
0E?X( @_ ?E](Q ?EE% ?(\(?R E0 ?(\(?R$ ]:<": "A E\(Q X<@( %(\(?EG
:Q@0[? R[RXA"( "??(% :E@E"_RX(; <AXE %<(X(RJ X[%<(R ?RE R:E] X:X
<A(J :<R QR<\( @<AE "<% <QQ<XX(R 9(XX<A9 XEE @[": R[9Q ?E](QR X:(
X:( ?<A<A9 E0 QX(Q<(R A% (A"E[Q9(R E%_PR <?<X_ XE GQE%["( (A%EQG:<ARJ
G?K[( XE %:(Q( XE <XJ :<9: ?(\(? E0 E] (A%EQG:<AR "A ?(% XE %(GQ(R;
:E@E"_RX(<A( <R R<9A<4"AX Q<R> R<EA$ A% >AE] X:X %(GQ(RR<EA R[">R
0"XEQ 0EQ G(Q<G:(Q? QX(Q<? %<R(R( X:( ?<0( E[X E0 E[Q R(^ %Q<\(J
HIJ [X <X GG(QR X:X %<(XQ_
0E?X( <R GQEX("X<\(J A RX[%_ E0 7U$aaa "."D
@(A$ Q\Q% A<\(QR<X_ Q(R(Q":(QR 4" F-#? ?I/F@
0E[A% X:X X:ER( ]:E "EAR[@(% X:( A( RX[%_ R:E]R X:X \<X@<A @_
@ERX 0E?X( %<?_ ](Q( Ya G(Q"(AX ?(RR <A"Q(R( ?<<%E <A ]E@(AJ AEX:(Q
?<>(?_ XE %(\(?EG X:A @(A ]:E 0<A%R X:X G(EG?( ]:E (X 0EE%R :<9:
X( X:( 0(](RX 0E?X(;Q<": 0EE%RJ <A \<X@<A Q(GEQX (XX(Q @EE%R A%
:\( @EQ( R(^J (P?? X>( X:X R
5DO""I"5"! " AEX:(Q 9EE% Q(REA XE (X @EQ(
:( AX<E^<%AX "X(":<A 0E[A% <A \<X@<A ;Q<": 0Q[<XR A% \(9(X?(RJ
X( GQE@EX(R ?EE% 6E] ?? E\(Q X:( [X X:(Q( Q( @A_ EX:(Q R(^ A%
E%_ 0EQ R(^ GE](Q A% Q<AGE](QS :(QX;:(?X:_ Q(REAR XE 9(X (AE[9:
<X (A:A"(R @(@EQ_$ @EE%$ A% 0E"[RJ E0 X:<R AX<E^<%AXJ X :(?GR EERX
A( GQX<"[?Q?_ GEX(AX "X(":<A$ ?EE% 0?E]$ @(A<A9 X:X EX: R(^(R
"E@GE[A% "??(% GQ(\?(AX "A 9(X 0Q<R><(Q$ 0RX(QJ
<A 9Q((A X($ <R X:E[9:X XE <A"Q(R( A%$ 9(AX?(@(A$ <0 _E[ Q( ?EE><A9 XE
0X [QAJ RX[%_ <A X:(
1B;/- 1# %% RE@( %(%["X<EAR XE _E[Q Fa7a 0EQ@$
B@;*@*1/ 0E[A% X:X G(EG?( ]:E (X @EQ( 9QG(0Q[<X$ EQA9(R$ A%
"EAR[@(% X:( (K[<\?(AX E0 X:Q(( XE G(":(RJ
(A ]:E "EAR[@( X ?(RX
4\( "[GR E0 9Q((A X( %_ 0EQ FZ ]((>R Zaa @<??<9Q@R E0 \<X@<A %_
(^G(Q<(A"(% A(Q?_ 5 G(Q"(AX Q(%["; <@GQE\( X:(<Q RG(Q@ "E[AXR A%
X<EA <A E%_](<9:XJ Q<A> 0Q(R:?_ @EX<?<X_$ ""EQ%<A9 XE Q(R(Q": X X:(
Q(](% 9Q((A EQ ?"> X( (\(Q_ %_- A<\(QR<X_ E0 (^R
(%<"? QA":J
%E%6M.% T8PE :EX EQ <"(%J EXX?(% X(R %EAPX E1(Q X:( A X:( RX[%_$ T5 @(A 9(R Za XE Y5 H??
E1G3 8) GME83% R@( (A(4XRJ A% >((G X:( R[9Q E[X :(\_ R@E>(QR ]<X: GEEQ RG(Q@ K[?;
16E%G%G )8E %/ E0 <XJ AR]((X(A(% X( <R A (^"(??(AX <X_I ](Q( %<\<%(% <AXE X:Q(( 9QE[GR# X]E
)GM0)88# E%GMPE6M
M/MCG 16 T8PE ?X(QAX<\( XE :<9:;"?EQ<($ R[9Q;?%(A X:X XEE> Zaa A% F$aaa @9 E0 \<X@<A
6%1./8E/88#= RE0X %Q<A>R A% =[<"(RJ A( FZ;E[A"( $ Q(RG("X<\(?_$ A% 9QE[G X:X XEE>
&&
'
%[@@_ G<??J :( %<?_ \<X@<A X>(QR A% Q[<X @GQE\(@(AX (AX(QJ X<?
R<9A<4"AX?_ <@GQE\(% X:( K[?<X_ R_R X:( "<XQ[??<A(;Q9<A<A( Q(?X<EAR:<G
E0 X:(<Q RG(Q@$ ]<X: X:( F$aaa @9 9QE[G @_ ( (RG("<??_ (A(4"<? XE G(EG?( /" 58C" .C41 S8M
R:E]<A9 X:( 9Q(X(RX EERX <A RG(Q@ ]:E R[1(Q 0QE@ E(R<X_ A% X_G( Z "J J/" 4"DD 413"4S S8M
C" J8 /P" /"CJ 1D0
"E[AXRJ A ?X(Q RX[%_$ Ya <A0(QX<?( @(A %<(X(R ("[R( <X @_ EERX X:(<Q "D" 6 85:C80
](Q( ?( XE <@GQ(9AX( X:(<Q GQXA(QR "<Q"[?XEQ_ A% <@@[A( R_RX(@RJ 51D" 488 ,8Q J8
0X(Q =[RX Ua %_R E0 \<X@<A R[GG?(; E[P\( >AE]A :E] XE (X ]X(Q@(?EA S8MC ."61J4D=
;1: "J16. :CD4"S
@(AXX<EAJ A RE@( @(A$ 0(QX<?<X_ ]R R<A"( _E[ ](Q( X:Q(($ [X X:(Q( Q( Q144 /"4: 6"MJC41T"
Q(RXEQ(% <A =[RX 7 %_RJ EX:(Q ]_R XE (A=E_ R[@@(QPR R]((X J/" .C41 8 8C=<
<X@<A ?RE >((GR RG(Q@ 0QE@ XQ(X (R<%(R R?[QG<A9 A% RG<XX<A9
"?[@G<A9$ RE X:(_ :\( (XX(Q ":A"( R((%RJ
>( ]X(Q@(?EA R:>(#
E0 Q(":<A9 X:(<Q %(RX<AX<EA$ R_R [@G F "[G E0 R((%?(RR ]X(Q@(?EA
Q" E?%RX(<A$
$ %<Q("XEQ E0 X:( ":[A>R <A ?(A%(Q$ %% U E[A"(R E0
EQA(?? (AX(Q 0EQ
?( (GQE%["X<\( G?<A Q((> _E9[QX$ F X(RGEEA E0 (<X:(Q
(%<"<A( A%
<"QER[Q9(Q_J QG(0Q[<X :EA(_ EQ 9\( R]((X(A(Q$ A% U <"(
"EAX<AR FZa G(Q"(AX E0 X:( Q("E@; "[(RJ ?(A% ](??J
>(R EA( R(Q\<A9J
@(A%(% %<?_ ??E]A"( E0 Ca @<??<9Q@R
E0 \<X@<A 0EQ @(AJ X:(Q (^"(??(AX --D
RE[Q"(R Q( ]X(Q@(?EA$ ><]<$ @A9E$ \(Q (R_$ :Q%;E<?(%$ EQ R"Q@?(%$
EQA9(R$ "AX?E[G($ RXQ](QQ<(R$ (99R Q(APX X:( @ERX R(AR[? 0EE% EA X:(
QE""E?<$ XE@XE(R$ ?(0_ 9Q((AR$ A% @(A[$ [X <XPR :Q% XE (X X:(@ 0EQ
R"EQ<" "<% R[GG?(@(AXRJ 4X A% :(?X:_ E%_ <AR<%( A% E[XJ
:(A <A X:( GQE%["( <R?($ ?RE G<"> :(<Q A[XQ<(AXR$ <A"?[%<A9 0E?X($ <QEA$
[G RE@( ]X(Q@(?EA XEEJ :(_ Q( G:ERG:EQ[R$ A% R(?(A<[@$ Q( :(QX
4??(% ]<X: :<9: "EA"(AXQX<EAR E0 X:( :(?X:_ A% ?RE >AE]A XE @<AX<A X:(
9EE%;0EQ;_E[Q;:(QX$ 9EE%;0EQ;R(^ :(?X: E0 (G<X:(?<? X<RR[(R$ ]:<": ?<A(
G:_XEA[XQ<(AXR ?_"EG(A($ (X "QEX(A($ X:( \9<A A% [X(Q[R <A ]E@(AJ 99R
A%$ X:( <9 EA($ "<XQ[??<A(J <XQ[??<A( Q( Q<": <A \<X@<AR U A% 5$ ]:<":
<R GQX<"[?Q?_ (^"<X<A9 0EQ <XR <?<X_ :(?G ?A"( :EQ@EA( ?(\(?R A% (R(
XE Q(?^ ?EE% \(RR(?R$ ""EQ%<A9 XE RXQ(RR$ A% Q( <@GEQXAX 0EQ :(?X:_
RX[%<(R X (^R
A<\(QR<X_J ?<<%EJ ?EQ<( 0EQ "?EQ<($ (99R %(?<\(Q
:(A _E[ (X ]X(Q@(?EA$ X:( "<XQ[??<A( @EQ( <E?E9<"??_ [R?( GQEX(<A H<0 _E[
<R "EA\(QX(% XE X:( :(?G0[? @<AE "<% (X X:( _E?>RI X:A A_ EX:(Q 0EE%$
Q9<A<A(J MQ9<A<A( EERXR A<XQ<" E^<%($ <A"?[%<A9 ((0J 99R Q( A (^"(??(AX
]:<": Q(?^(R ?EE% \(RR(?R$ X:( R@( GQX E0 ](<9:X;?ERR RXQX(9_ X:A>R
R<" (1("X X:X <9Q :R$ XE XQ(X XE X:(<Q GQEX(<A A% FZ$ \<X@<A X:X
(Q("X<?( %_R0[A"X<EA A% @_( (\(A RX[%<(R :\( R:E]A <R A("(RRQ_ 0EQ
GQ(\(AX <X$N (^G?<AR :<@[ X<?$ :$ Q(><A9 %E]A 0XJ A( RX[%_ <A X:(
%<Q("XEQ X:( (^R
PR (9(X?( /@;/@*1/-
1B;/- 1# <*@F 0E[A%
&7
&&# * &
X:X ]:(A E\(Q](<9:X G(EG?( X( X]E @_ RG[Q ](<9:X ?ERRJ :EER( 0<?(X
(99R EQ 9(? 0EQ Q(>0RX 5 %_R @<9AEA EQ EX:(Q %((G Q(% "[XR ]<X:
]((> 0EQ + ]((>R$ X:ER( ]:E X( X:( (99R QE[A% EQ ?E<A <A X:( A@($ ("[R(
?ERX U5 G(Q"(AX @EQ( ](<9:X HA% ?ERX X:(_ Q( X:( ?(A(RXJ
<X 0RX(QI X:A X:( 9(? (X(QRJ
""!D 5! LID
"! 05" [@G><A A% R[A6E](Q R((%R$ ?@EA%R$
4"
#F G(A[XR$ ]?A[XR$ A% EX:(Q A[XR ??
E[A%R ?<>( X:( @><A9R E0 9EE% X<@( "EAX<A X:( A("(RRQ_ @EAE[ARX[;
XE [R/ X?<A Q(R(Q":(QR Q("(AX?_ 0E[A% QX(% 0XR ]<X: ]:<": _E[Q E%_ "Q(X(R
X:X ]E@(A ]:E %Q<A> Q(% ]<A( <A ":E?(RX(QE?-A% _E[Q R(^ :EQ@EA(R
@E%(QX<EA (A=E_ :<9:(Q ?(\(?R E0 R(^[? A((% X:X ":E?(RX(QE? XE ]EQ> GQEG(Q?_J
<AX(Q(RX A% Q(RGEA% ]<X: @EQ( ?[Q<"; :XPR RE@(X:<A9 X:( A"<(AX E@AR
X<EA X:A ]E@(A ]:E %EAPX %Q<A> EQ %<%APX >AE] ]:(A X:(_ XERR(% ]?A[XR
%Q<A> ?(RRJ :( Q(R(Q":(QR (?<(\( X:X X A(]?_](%R 0EQ 9EE% Q((%<A9 ?[">J
X:( AX<E^<%AXR A% ?"E:E? <A X:( EA9 ?<A>(% XE 0(QX<?<X_-X:( R:(??$ E0
]<A( @_ XQ<99(Q X:( GQE%["X<EA E0 "E[QR($ Q(R(@?(R @APR "E=EA(RS X:(
A<XQ<" E^<%( <A X:( ?EE%$ ]:<": :(?GR <AR<%( @(X <R \[?\?<>( <A 0EQ@-A[XR
QX(Q_ ]??R XE Q(?^$ <A"Q(R<A9 ?EE% @>( G(Q0("X?_ R(^_ RA">J ">(%
6E] XE X:( 9(A<X?RJ
[RX ?<@<X _E[Q; ]<X: @[R"?(;[<?%<A9 GQEX(<A A% 4??<A9
R(?\(R XE 9?RR EQ X]EJ
EQ( ?"E:E? 4(Q$ X:(_ Q( :(QX;:(?X:_$ ?(<X
X:A X:X "A G[X %@G(Q EA R(^[? "?EQ<(;%(AR($ XQ(XJ
G(Q0EQ@A"( A% ?(% XE (% RG<AR <RX":<ER "EAX<A G?AX ":E?(RX(QE?
E0 AEX;\(Q_;R(^_ AX[Q(J EQX: AEX<A9# X:X "A GQE%["( Fa;GE<AX %QEG <A
(\(A X((XEX?(QR "A (A(4X 0QE@ X:( _E[Q XQ<9?_"(Q<%(R A% FU;GE<AX
Q(% 9QG(J Q> 9QG( =[<"( "EAX<AR %("?<A( <A _E[Q H%I ":E?(RX(QE?$
AX<E^<%AX GE?_G:(AE?R X:X GQEX("X Q(GEQXR X:(
1B;/- 1# @( .;*/
X:( "Q%<E\R"[?Q R_RX(@ A% :(?G 1--' 1# B@;*@*1/J Q`<? A[XR Q( X:(
>((G R><A 6(^<?( A% (?RX<"J Q<":(RX RE[Q"( E0 R(?(A<[@- @<A(Q?
:X Q<A9R [R XE X:( @(X E0 X:<R X:X :R ((A ?<A>(% XE GQ(\(AX<A9
(AXQ_J (% @(XJ (A "[XR Q( 9Q(X "A"(QR E0 X:( GQERXX( A% "E?EA-
43 M% E%#P%G RE[Q"(R E0 `<A"$ @<A(Q? X:X "[QR _E[ "A (XJ ("AR %(?<\(Q X:( @ERX
M/% .4T%51 16#%S
8) 5%4! 8E#16. M8
GQE%["X<EA E0 :EQ@EA( "??(% AX<E^<%AXR E0 A_ A[XJ %%<A9 X:(@
GMP#T 16 M/%
%0)$" GQE?"X<A$ ]:<": X :<9: ?(\(?R "A XE _E[Q %<(X @_ Q(%["( _E[Q Q<R> E0
% . #) $ %"" "[R( R(^[? %_R0[A"X<EA$ ""EQ%<A9 "A"(Q$ :(QX %<R(R($ A% ?`:(<@(QPR
%
0.) . %$' 8R?
6 M1Q% 85:8P6# XE (Q@AJ <A" <R ?RE >(_ @[R"?(; %<R(R(J ?A[XR$ ?@EA%R$ A% EX:(Q
16 M% ME1..%EG .E%M%E [<?%<A9 A[XQ<(AX$ A% X:( :<9: A[XR ?RE Q(%["( ?(\(?R E0
G%E%M186 8) 16GP416!
/8E586% M/M 48R%EG "EA"(AXQX<EAR E0 "EA=[9X(% ?<AE?(<" ":E?(RX(QE?$ A% "E@GE[A% "??(%
488# GP.E= "<%R HI <A ((0$ RX[%<(R R:E]$ ?<GEGQEX(<AHI X:X <A"Q(R(R "?EXX<A9
7V
'
,3
A% "A ?(% XE RXQE>($ ""EQ%<A9 XE [<?%<A9 _E[Q @(? G?A QE[A%
RX[%_ G[?<R:(% <A //-< 1# /@;/- 0E[A%X<EA E0 (AR A% ?(9[@(R
**/J HQ( _E[ 9(XX<A9 X:( GE<AX _(X ]<?? [?X<@X(?_ G_ E00 0EQ _E[ R(^[??_J
]:_ ](PQ( A[XR 0EQ A[XRLI [A6E](Q
A_ RX[%<(R R:E] X:X (A (X(QR
R((%R G"> X:( :<9:(RX AX[Q? \<X@<A Q( ?(A(Q A% :(?X:<(Q X:A G(EG?( %E%6M.% 8)
"EAX(AX E0 A_ 0EE%J ME AX<E^<%AX ]:E %EAPX (X (ARJ ""EQ%<A9 XE EA( R85%6 R/8 %M
<R @EQ( (1("X<\( X 49:X<A9 X:( 9<A9 RX[%_ <A X:(
1B;/- 1# @( .;*/ E1./M %)8E% M/%T .8
M8 %#=
(1("XR E0 0Q(( Q%<"?R$N R_R QQ_ 1--' 1# B@;*@*1/ G(EG?( ]:E
]AREA$ :$ GQE0(RREQ E0 0EE% (X Y87 "[G (AR EQ ?(9[@(R %_
R"<(A"( X R:<A9XEA XX( A<\(QR<X_J :\( ?E](Q ?EE% GQ(RR[Q( A% R@??(Q
]<RXR X:A G(EG?( ]:E 9(X X:(<Q
PIC C8I"05 GQEX(<A 0QE@ @(XJ (AR Q( ?RE 0[??
:(Q( =[RX Q(APX @A_ R(^_ 0EE%R E0 ":E?(RX(QE?;?E](Q<A9 RE?[?( 0<(QJ
X:X (9<A ]<X: X:( ?(XX(Q J [X X:( K[QX(Q "[G E0 Q(% ><%A(_ (AR
(A(0<XR E0 %%<A9 @EQ( GQEX(<A XE %(?<\(QR Y 9Q@R E0 0<(Q$ G?[R @EQ(
_E[Q %<(X E[X](<9: X:<R R@?? (%<XEQ<? X:A U$aaa %<R(R(;49:X<A9 AX<E^<;
Q(":J QEX(<A <R RE <@GEQXAX XE %AXRJ \_ (AR Q( GQX<"[?Q?_ Q<":
](<9:X @<AX(AA"( X:X _E[ R:E[?% <A GEXRR<[@$ ]:<": Q(9[?X(R ?EE%
(X <X ]<X: (\(Q_ @(? A% RA">J GQ(RR[Q( A% :(QX "EAXQ"X<EAR$
QEX(<AR EERX @(XE?<R@ ?<XX?( RE@(X:<A9 _E[P?? A((% R _E[Q :(QX
@EQ( %[Q<A9 %<9(RX<EA X:A A_ EX:(Q RXQXR Q"<A9 ]:(A :( %E(R X:X
X_G( E0 0EE%J ?[R GQEX(<A <A"Q(R(R RG("<? @E\( X:X @>(R _E[ @(?XJ
@(XE?<R@ _ :(?G<A9 XE [<?%
@[R"?( A% RX?? X:( @[R"?( ?ERR X:X IIQ 0D.
AX[Q??_ :GG(AR R ]( 9(J
[R"?( 0$ R %E"XEQR ?<>( XE R_$ ]:XPR 9EE%
<R @EQ( @(XE?<"??_ "X<\( X:A 0X 0EQ _E[Q :(QX <R 9EE% 0EQ _E[Q ?E\( ?<0($
<R$ RE X:( @EQ( ?(A @[R"?( EA _E[Q E<?_ "E?%]X(Q 4R: ?<>( R?@EA$ @">;
E%_ X:( (XX(Q X [QA<A9 "?EQ<(R <X (Q(?$ RQ%<A(R$ A% X[A R:E[?% 0<9[Q(
]<?? (J ?[R$ ](??;XEA(% R A% :(\<?_ <AXE _E[Q ]((>?_ @(? QEXX<EAJ
X:<9:R Q( A<"( XE ?EE> X ]:(A :( E@(9;Y 0XX_ "<%R A%
[A%EQA(% _ "?EX:<A9J E$ :E] %E 0E[A% <A 0<R: :(?G XE Q<R( %EG@<A(
_E[ (X @EQ( GQEX(<A ]<X:E[X 9E<A9 ?(\(?R <A X:( Q<A X:X XQ<99(Q QE[R?$
E\(QEQ% EA (99R A% @(XL (AR- ""EQ%<A9 XE \EAA( J [?Q<9:X$
X:(_PQ( 9EE% 0EQ X:( :(QX A% _E[Q :$ R(^E?E9<RX A% 1./:< -@(
9?[X(RJ <%A(_R$ 9QA`ER$ ?"> "E?[@A<RXJ X:(Q :(?X: (A(0<XR#
(AR$ A% A\_ (AR Q( 0[?? E0 AX<;<A0?@@XEQ_ GQEG(QX<(R X:X
@[R"?(;[<?%<A9 GQEX(<AJ :<?( X:(_ 0<9:X ?EE% "?EXR A% :(QX QQ:_X:;
@_ AEX ( X:( (RX ":E<"( 0EQ R<%( @<R$ (XX(Q Q<A 0[A"X<EA$ A%
%<R: <0 _E[ G?A EA R(^ 0EQ %(RR(QX$ GQEX("X<EA 9<ARX %(@(AX<J X[%<(R
79
&&# * &
R:E] X:X E@(9;YR "A ?RE Q(%["( 9Q<AR ?<>( ]:E?(;9Q<A Q(%$ QE]A
R_@GXE@R E0 %(GQ(RR<EAJ (R(Q": Q<"($ A% Q?(_ ?RE K[?<0_ R 9EE%;
0QE@ X:( A<\(QR<X_ E0 <XXR[Q9: 0EQ;X:(;:(QX$ (XX(Q;0EQ;X:(;9[X 0EE%RJ
R:E](% X:X G(EG?( ]<X: :<9: E@(9;Y :(_ Q( R?E];[QA<A9$ "E@G?(^ "QE;
?EE% ?(\(?R ](Q( :GG<(Q A% @EQ( :_%QX(R X:X ]EAPX %Q<\( _E[Q ?EE%
9Q((?(J (?? [R X:X "APX :(?G _E[ R[9Q X:QE[9: X:( QEE0J :(_ >((G
9(X @EQ( R(^/ <R: <R EA( E0 X:( @A_ _E[ 0((?<A9 0[??(Q ?EA9(Q A% GQE\<%(
:(?X:_ 0EE%R X:X "EAX<A X:( @<AE (^"(??(AX (A(Q9_J Q_ E]? E0 RX((?;"[X
"<% ;Q9<A<A($ ]:<": RX<@[?X(R X:( EX@(? ]<X: 0Q(R: (QQ<(R A% AAR
Q(?(R( E0 9QE]X: :EQ@EA( @EA9 ]<X: %Q<``?( E0 :EA(_ (0EQ( _E[Q
EX:(Q R[RXA"(R A% <R "EA\(QX(% A(^X @QX:EA R(^ R(RR<EAJ :(R( ><A%R
<AXE A<XQ<" E^<%( <A X:( E%_J XPR ]EQX: E0 "QR Q( ?RE <%(? 0EQ 0[(?<A9 _E[Q
Q(G(X<A9# A<XQ<" E^<%( <R "Q<X<"? 0EQ Q<AJ A% R ]( ?? >AE]$ R(^ (9<AR
(Q("X<EAR A% <X "A :(?G ]E@(APR <A _E[Q 9Q_ @XX(QJ 0 _E[Q GQ(0QEAX?
R(^[? 0[A"X<EA R ](?? _ "[R<A9 "EQX(^ H"(AXQ? RXX<EA 0EQ %("<R<EA
?EE% \(RR(?R XE EG(A ]<%(Q 0EQ @><A9 A% G(QREA?<X_ (^GQ(RR<EAI
<@GQE\(% ?EE% 0?E]J <R Q[AA<A9 EA (@GX_$ _E[PQ( AEX 9E<A9
XE 9(X \(Q_ 0Q <A _E[Q (^"[QR<EA XE X:(
I4"3 (%QEE@J :( Q<A A((%R "EARXAX
4" F-#? -62# ?/4@ R[GG?_ E0 9?["ER( 0EQ _E[ XE ( R:QG
X<A9 EX@(? <R EA( E0 X:( 0(] (AE[9: XE ]EE :(Q EQ :<@J :E?( 9Q<AR
AX[Q? ]_R XE EERX X(RXERX(QEA( ]<?? GQE\<%( A (\(A 6E] E0 X:X Q<A
<A X:( ?EE%RXQ(@J :( @?( :EQ@EA( (A(Q9_$ A% X:(<Q \<X@<AR ?RE
G?_R R<9A<4"AX QE?( <A R(^ %Q<\( AE[Q<R: X:( A(Q\E[R R_RX(@J A<\(QR<X_
A% EQ9R@ RXQ(A9X: <A EX: @(A A% E0 EQEAXE Q(R(Q":(QR Q("(AX?_ %(X(Q;
]E@(AJ XR HR ](?? R R((%R$ 9<AR(A9$ @<A(% X:X (X<A9 "QE:_%QX(;Q<":
A[XR$ %<Q_$ A% 9Q((A \(9(X?(RI 0EE%R ?<>( ]:E?(;9Q<A Q(% <R (K[<\;
"EAX<A ;Q9<A<A($ A @<AE "<% ?(AX XE R:EX E0 9?["ER( <A=("X(% <AXE
X:X (A:A"(R X:( (1("X A<XQ<" E^<%( _E[Q Q<AJ ""EQ%<A9 XE X:( RX[%_$
:R EA Q(%["<A9 ?EE% \(RR(? RX<1A(RRJ X:( :<9:(Q X:( "EA"(AXQX<EA E0 9?["ER(
;Q9<A<A( :R ((A [R(% XE XQ(X <A _E[Q ?EE%$ X:( (XX(Q _E[Q @(@EQ_
(Q("X<?( %_R0[A"X<EAJ <>( <9Q$ <X A% "EA"(AXQX<EA-RE _E[ "A Q(@(@;
:(?GR Q(?^ @[R"?(R QE[A% ?EE% (Q A% QE"> X:X @ [XQ GER<X<EA
\(RR(?R <A X:( G(A<RJ :(A X:(_ %<?X($ _E[ Q(% E[XJ
?EE% 6E] <A"Q(R(R RE @A "A A( E0 X:( (RX ]:E?( 9Q<AR _E[ "A
@<AX<A A (Q("X<EAJ X[%<(R R:E] (X <R K[<AE HGQEAE[A"(% ,/)D(I$
X:X ;Q9<A<A( ?RE <@GQE\(R ?EE% A% <XPR ("E@<A9 :[9(?_ GEG[?Q RE
6E] XE X:( "?<XEQ<R A% X<RR[( R[QQE[A%; _E[PQ( RXQX<A9 XE R(( <X 0QEAX A% "(AX(Q
<A9 X:( \[?\J X@(? A% EX:(Q ]:E?( <A 9QE"(Q_ RXEQ(RJ :<R A[XX_;XRX<A9
7O
'
9Q<A <R 9EE% R[RX<X[X( 0EQ Q<"( G(EG?($ ""EQ%<A9 XE Q(R(Q": G[;
EQ GRXJ X :R 0(](Q "QE:_%QX(R ?<R:(% <A X:(
1B;/- 1# @( .;*/
X:A Q(9[?Q "(Q(? 9Q<AR A%$ *@@* <<1*@*1/J A 0"X$ Q<A
(\(A (XX(Q$ <X "EAX<AR ?? X:( (RR(AX<? R"AR <A Q<X<R: RX[%_ R:E](% X:X
@<AE "<%R E0 M"E@G?(X(N GQEX(<A (X<A9 ":E"E?X( "[R(R @EQ( <AX(AR( %E%6M.% 8)
?<>( (99RJ A% ?EA9(Q Q<A[`` X:A ><RR<A9 5%E16G R/8 %M
%E(RJ A X:<R RX[%_ Q(R(Q":(QR M/% #14T E%850
5%6#%# *Q% M8
QDI"CD @EA<XEQ(% X:( Q<AR A% :(QX QX(R G%Q%6 G%EQ16.G 8)
4" F-#? -#22(@- E0 "E[G?(R ]:<?( X:(_ ><RR(% GRR<EA; )EP1MG 6#
A %%<X<EA XE X:(<Q Q(G[XX<EA R X(?_ EQ X( ":E"E?X(J :( Q<AR E0 Q%.%M4%G=
X:( [?X<@X( G:QE%<R<" HX:A>R XE EX: @(A A% ]E@(A R:E](% 9Q(X(Q
X:(<Q Q(R(@?A"( XE 0(@?( 9(A<X?<I$ RX<@[?X<EA ]:<?( X:( ":E"E?X( @(?X(%
Q] E_RX(QR "X[??_ %E :\( "EAA("; EA X:(<Q XEA9[(R X:A ]:(A X:(<Q
X<EA XE R(^[? 0[A"X<EAJ _RX(QR :E?% XEA9[(R ](Q( X<(% <A GRR<EAX( ><RRJ
@EQ( `<A" X:A @ERX A_ EX:(Q 0EE%$ :E"E?X( %E(R GG(Q XE EERX
A% <X <R (?<(\(% X:X X:<R @<A(Q? @_ :(QX :(?X:J "<(AX<RXR X X:( Q\Q%
(A:A"( ?<<%E _ :(?G<A9 ]<X: X(RXER; A<\(QR<X_ ":EE? E0 [?<" (?X:
X(QEA( GQE%["X<EA-:<9:(Q ?(\(?R E0 X:( (^@<A(% FYU RX[%<(R EA "E"E A%
:EQ@EA( Q( ?<A>(% XE A <A"Q(R( <A 0E[A% :(QX;:(?X: (A(4XR 0QE@
%(R<Q(J <A" <R ?RE "Q["<? XE :(?X:_ <A"Q(R(% ?EE% 6E]$ ?(RR G?X(?(X
RG(Q@ GQE%["X<EA A% ?EE% "<Q"[?; RX<"><A(RR$ A% Q(%["(% % ":E?(RX(QE?J
X<EAJ :<?( RAE\ Q(GEQX(%?_ X( :XPR X:( M:(?X:<(RXN ":E"E?X(L
5a Q] E_RX(QR %_$ E[X R<^ ]<?? :( %<R(R(;0<9:X<A9 0?\EAE?R
GQE\<%( %E[?( X:( Q("E@@(A%(% %<?_ X:X @>( %Q> ":E"E?X( 9EE% 0EQ
??E]A"( E0 F5 @9 E0 `<A"J E RG<"( X:( E%_ ?RE "[R( X:( <XX(QA(RRJ
X:<A9R [G <X$ XQ_ 0(] %R:(R E0 :EX E ?A"( 0?\EQ A% :(?X: (A(0<XR$
R["( EA _E[Q Q] E_RX(QRJ X:(Q 9EE% XQ_ %Q> ":E"E?X( ]<X: Ta G(Q"(AX
RE[Q"(R E0 `<A" Q( R:Q<@G$ Q(% @(X$ ""E$ Q("E@@(A%R
(00Q(_ ?[@(Q9$
G[@G><A R((%R$ GE[?XQ_ A% GEQ>$ :$ ]:E %<Q("XR X:( AX<E^<%AXR
(99R$ A% %<Q_ GQE%["XRJ (R(Q": EQXEQ_ X [0XR
A<\(QR<X_J Z;<A": RK[Q( ":[A>$
C2 .883I" X E[X Faa "?EQ<(R$ ]<?? %(?<\(Q
(\E[Q<A9 RE@(X:<A9 9EE(_ A% :(?X:_ XQ(X ]<X:E[X @(RR<A9 ]<X:
%("%(AX <R <A"Q(%<?_ R(AR[?J _E[Q ](<9:X;@A9(@(AX (00EQXRJ
Q> ":E"E?X($ <A GQX<"[?Q$ "EAX<AR
"E@GE[A% "??(% G:(A_?(X:_?@<A( ICO"CC0"D
X:X Q(?(R(R X:( R@( (A%EQG:<AR 4" F-#? #??/#@
XQ<99(Q(% _ R(^$ A% <A"Q(R(R X:( (% <R R(^_J (% QER(R$ RGEQXR "QR$
0((?<A9R E0 XXQ"X<EA (X]((A X]E R?<A>_ Q(% %Q(RR(RJ XQ](QQ<(RJ
7N
&&# * &
8C"
(R(Q":(QR X X:( A<\(QR<X_ E0
E":(RX(Q "EA%["X(% (^G(Q<@(AXR EA
[A%(Q9Q%[X( RX[%(AXR XE R(( <0 X:(Q(
;
<
]R A_ Q(? "EAA("X<EA (X]((A X:(
"E?EQ A% R(^J A EA($ @?( A% 0(@?(
RX[%(AXR \<(](% <@9(R E0 ]E@(A EA 8N05B
D544 8Q4 8) C6
"C"4 Q1J/ )J0)C"" 5143
8C *"C0*44" :1"" 8)
)CM1J 413" :"C= 8J/
Q(% EQ ]:<X( ">9QE[A%RJ :( @(A
0E[A% ]E@APR <@9( EA Q(% @EQ(
XXQ"X<\( X:A EA ]:<X($ ]:<?( X:(
0(@?( RX[%(AXR %<% AEXJ A AEX:(Q
:885'L3D
A A% ]E@A "AAEX 0EQA<"X(
D63D 86J16 "68M./
C8/S CJ"D J8 D88J/" X(RX$ @(A ](Q( R>(% XE QX( XXQ"X<\(; EA RG<A": A% RXQ](QQ<(R ?EA(J
S8M 16J8 D4M5"C MJ 68J A(RR E0 G<"X[Q(R E0 ]E@(A EA Q(%$ EQX[AX(?_$ X:(_ %EAPX :\( XEJ
"68M./ J8 53" S8M ]:<X($ 9Q_$ 9Q((A$ EQ ?[( ">; :(Q( Q( %E`(AR E0 %(?<"<E[R 0EE%R
J8DD 6 JMC6=
9QE[A%RJ R (^G("X(%$ X:( @(A R"EQ(% X:X ]<?? :(?G _E[ [QA 0X$ GQEX("X
X:( ]E@(A EA Q(% R @EQ( R(^[??_ _E[Q :(QX$ A% ":<(\( QE">;:Q%
XXQ"X<\(J :(_ ?RE R<% X:(_ ]E[?% R-A% EX:(Q :Q% X:<A9R$ XEEJ
RG(A% @EQ( @EA(_ EA X:( ]E@(A <A
Q(% X:A EA X:ER( <A X:( EX:(Q "E?EQRJ N8!8
XQ](QQ<(R "A ( "EAR<%(Q(% :( A"<(AX `X("R "??(% X:(@ X(RX<"?(RJ
R(^_ 0EQ AEX:(Q Q(REA (R<%(R X:(<Q A9<A9 <A G<QR 0QE@ XQ((R$ X:( 0Q[<X
R(AR[? "E?EQ# X:(_ Q( :<9: <A X:( <R RE R[99(RX<\( X:X X:E?<" GQ<(RXR
\<X@<A 0E?X( X:X :(?GR GQ(\(AX <A G<A EA"( 0EQ%( GQ<R:<EA(QR 0QE@
<QX: %(0("XR$ A% \<X@<A $ GEX(A; (X<A9 X:(@J [X (_EA% X:(<Q R:G($
X<? ?<<%E EERX(QJ XQ](QQ<(R %<GG(% \E"%ER :\( RXQEA9 "EAA("X<EA XE
<A @(?X(% %Q> ":E"E?X( A_EA(L X:( X(RX(R$ X:( GQE%["X<EA "(AX(Q E0
Q :E] E[X X:( "?RR<" RXQ](QQ<(R RG(Q@$ %[( XE X:(<Q :<9: 0E?X( "EAX(AXJ
A% ]:<GG(% "Q(@L ?[((QQ<(R
(A G?AA<A9 XE :\( ":<?%Q(A R:E[?%
HA% ?">(QQ<(RI Q( =[RX R R(^_J "EAR<%(Q ?E%<A9 [G EA \E"%E HR ](??
%(? 0EQ 9Q(X @EQA<A9;0X(Q Q(>; R ?(0_ 9Q((ARI ("[R( 0E?X( @_
0RX <A (%$ RE _E[ :\( (A(Q9_ 0EQ GQEX("X RG(Q@ 0QE@ @[XX<EARJ RX[%_
QE[A% Z$ EX: (QQ<(R "EAX<A "E@; X X:( ]Q(A"( (Q>(?(_ X<EA?
GE[A%R X:X Q( X:E[9:X XE Q(?^ ?EE% EQXEQ_ <A Zaa+ <RR[( E0 X:( =E[QA?
\(RR(?R A% <@GQE\( "<Q"[?X<EA 0EQ B./ 2;1B@*1/ A?_`(% X:(
AX[Q? <9Q;?<>( (1("XJ ?[R$ RG(Q@ E0 +C @(A 0EQ ":QE@ERE@( AEQ;
X:(_ Q( XQ(@(A%E[R ]EQ>:EQR(R 0EQ @?<X<(R$ A% X:(A "E@GQ(% X:( Q(R[?XR
G[R:<A9 (^"(RR ":E?(RX(QE? X:QE[9: XE 0EE% 0Q(K[(A"_ K[(RX<EAA<Q( X:(
_E[Q %<9(RX<\( R_RX(@ (0EQ( <X "A ( @(A "E@G?(X(%J :( Q(R(Q":(QR 0E[A%
QE>(A %E]A$ REQ(%$ A% %(GER<X(% X:X @(A ]<X: X:( :<9:(RX 0E?X( <AX>(
?EA9 X:( ]??R E0 _E[Q QX(Q<(RJ :% X:( ?E](RX 0Q(K[(A"_ E0 RG(Q@ ]<X:
7-
9.:
7+
&&# * &
(^XQ ":QE@ERE@(R "E@GQ(% ]<X: @(A ":(@<"? E[Q E%<(R A((% <A EQ%(Q XE
]:E :% ?E](Q "EAR[@GX<EAJ XQ<99(Q (^G?ER<\( RA((`(R-A% EQ9R@RJ
:(_ Q( :<9: <A X:<@<A A% Q<E6\<A$
D:C-LD XEE$ \<X@<AR X:X :(?G _E[ [R( (A(Q9_
:<R G:??<" \(9(X?( :R ((A (2"<(AX?_ A% X:X Q( <@GEQXAX XE
RRE"<X(% ]<X: R(^ R<A"( X:( 4QRX GQEG(Q A(Q\( 0[A"X<EA$ ]:<": XQAR?X(R
:[AX(Q;9X:(Q(Q RGEXX(% R:EEXR GEGG<A9 <AXE @EQ( RX<@[?X<EA A% G?(R[Q(
E[X E0 X:( 0EQ(RX 6EEQ A% "Q<(%$ M(_$ %[Q<A9 R(^J
_E[ >AE] ]:X X:ER( Q(@<A% @( E0LN
XPR :Q% XE Q9[(J :( RGQ<A9X<@( "3"CQ
R:EEXR Q( ?E%(% ]<X: \<X@<AR X:X \(Q_ RX?> E0 X:<R ?EE%_
Q_ R]<``?(
<A"Q(R( ?(\(?R E0 :<RX@<A($ A([; RX<"> <R G">(% ]<X: A%QERX(AEA( A%
QEXQAR@<XX(Q X:X 0"<?<XX(R EQ9R@J A%QERX(AE?$ X]E G:(QE@EA(R X:X "A
Q((A RGQ9[R RG(QR Q( Q<": <A :(?G @(A XXQ"X ]E@(AJ M:(A _E[
Q[X<A$ GEX(AX R"\(A9(Q E0 0Q(( Q%<"?RJ ":(] RX?> E0 "(?(Q_$ _E[ Q(?(R(
:( "QE]AR ?RE :\( :<9: ?(\(?R E0 X:( A%QERX(AEA( A% A%QERX(AE? E%EQ
":(@<"? GQEXE%<ER"<A X:X @_ <@GQE\( @E?("[?(R <AXE _E[Q @E[X:J :(_ X:(A
R(^[? 0[A"X<EAJ MQEXE%<ER"<A :R XQ\(? [G X:( "> E0 _E[Q X:QEX XE _E[Q
((A R:E]A XE EERX QE[R? A% (\(A AER($N R_R ?A <QR":$
$ [X:EQ E0
:(?G "E@X (Q("X<?( %_R0[A"X<EA <A /@<@*1/- E ( ;@ @1 <*/'
RE@( @(A$N R_R _AA %?(A;(`<A$ ;1. #1; ;1B<-J MA"( X:(Q($ X:(
:$ "E[X:EQ E0 ;@ 11 ;@ E5 G:(QE@EA(R EERX _E[Q QE[R?$ X[QA<A9
_E[ EA A% "[R<A9 _E[Q E%_ XE R(A% E1
55D R"(AXR A% R<9A?R X:X @>( _E[ @EQ(
0 _E[ R[1(Q 0QE@ <X E0 R(^[? %(R<Q?( XE ]E@(AJN :<R "Q[A":_
A^<(X_$ (X AA (0EQ( _E[ :EE> AX[Q? Q(X: 0Q(R:(A(Q "A (A(4X
[GJ AAR %(?<\(Q X:( 0((?;9EE% A_EA(J ">(% ]<X: X:( Q<9:X "E@<A;
A([QE":(@<"? R(QEXEA<A <AXE X:( ?EE% X<EA E0 ]X(Q$ RE%<[@$ A% GEXRR<[@$
RXQ(@$ ]:<": (?(\X(R @EE% A% "?@R "(?(Q_ :R ((A R:E]A XE Q(%["( ?EE%
X:( A(Q\E[R R_RX(@J MAAR "EAX<A GQ(RR[Q( A% "?@ A^<(X_J A% R<A"( <XPR
GEXRR<[@$ @<A(Q? X:X <A"Q(R(R Ca G(Q"(AX ]X(Q$ _E[ "A (X R @[":
@[R"?( RXQ(A9X:$ A (?(@(AX "Q["<? E0 X:<R ?E];"?EQ<($ :<9:;4(Q 0EE% R _E[
XE EQ9R@$N R_R E[ 9(X$ [X:EQ E0 ]AX ]<X:E[X Q(9Q(XJ
( ;@ 1C; -F11,5
.""D"
C"2'DI "C"3 A( E0 X:( 4QRX E%_ GQXR X:( EGGER<X(
EQX<4(% Q(>0RX "(Q(?R A% R(^ ?EE>R X ]:(A R"EG<A9 E[X GEX(A;
Q(%R "EAX<A A<"<A$ \<X@<A X:XPR X<? %X(# X:( X((X:J ((G X:(@ Q<9:X
(RR(AX<? 0EQ X:( R("Q(X<EA E0 :<RX@<A($ A% :(?X:_ _ (X<A9 ":((R(J :((R( <R
7J
'
9EE% RE[Q"( E0 "?"<[@$ XE >((G _E[Q "1(<AX(% (\(Q9($ X:( Q<A Q(?(R(R
X((X: RXQEA9$ G?[R <X "A ?E](Q X:( ?(\(?R %EG@<A($ A([QE":(@<"? X:X RX<@[;
E0 "X(Q< <A _E[Q @E[X: A% >((G X((X: ?X(R Q(R E0 X:( Q<A Q(RGEAR<?( 0EQ
"?(A A% "\<X_;0Q((J :( @(Q<"A ?(QXA(RR$ GQE?(@ RE?\<A9$ A% G?(R[Q(J
(AX? RRE"<X<EA Q("E@@(A%R (X<A9 "[G (0EQ( ]EQ>E[X :R ((A R:E]A
X ?(RX X]E R(Q\<A9R E0 ?E"> ":((R( XE :(?G X:?(X(R (^(Q"<R( ?EA9(Q A%
(\(Q_ ]((> XE @<AX<A XEEX: :(?X:J :Q%(QJ A% ?X:E[9: Q(R(Q":(QR
%EAPX >AE] (^"X?_ ]:_$ X:(_ RG("[?X(
.030 "::"CD X:X X:( ?Q9( @E[AXR E0 AX<E^<%AXR <A
[QQ_$
(^<"A R?RR$ A% ":<?< G(GG(QR "E1(( A% EX:(Q "E@GE[A%R <A "1(<A(
"EAX<A X:( ":(@<"? "GR<"<A$ ]:<": @_ ( Q(RGEAR<?( 0EQ <@GQE\(% <AR[?<A
XQ<99(QR X:( Q(?(R( E0 (A%EQG:<ARJ X ?RE Q(R<RXA"( A% Q(%["(% %<(X(R Q<R>J
RX<@[?X(R A(Q\( (A%<A9R$ <A"Q(R<A9
@(XE?<R@$ Q<R<A9 X:( :(QX QX($ 0-D
"[R<A9 6[R:(% ":((>R$ R](X<A9$ A% EAR<%(Q<A9 X:(<Q Q(R(@?A"( XE 0(@?(
EX:(Q G:_R<"? 1("XR X:X @<@<" QE[R?J 9(A<X?< H]:(A R?<"(% <A :?0I$ <XPR AE
R[QGQ<R( X:( 49 :R ((A :<RXEQ<"??_
8("" ?[%(% R R(^[? R_@E?J XPR ((A
0(] _(QR ">$ ]E@(A 6EE%(% ?E"? ]Q<XX(A X:X %@ A% \( [R(% <XR
XQ[">R A% [A><AP EA[XR R:EGR ?(\(R XE "E\(Q X:(<Q GQ<\X(R$ X:( A"<(AX
0X(Q RX[%_ X<X?(% ME1(($ ( A%
(N Q((>R Q( R<% XE :\( "(?(QX(% X:(
0QE@ Q(R(Q":(Q X E[X:](RX(QA QQ<\? E0 X:( 49 "QEG ]<X: ]<?% R(^ Q<X[?R$
A<\(QR<X_ <A (^R 0E[A% X:X "1(<A( A% X:( 9Q(X R(%["XQ(RR ?(EGXQ ?E\(%
@_ EERX 0(@?( %(R<Q( 0EQ R(^J XE (X X:(@ 0QE@ X:( 4A9(QR E0 [1 _E[A9
E](\(Q$ :(Q RX[%_ ]R "EA%["X(% @?( XX(A%AXRJ [XQ<X<EA??_$ 49R @>(
EA Fa+ 0(@?( J J J QXRJ 1(<A( R((@(% R(AR( R R(^ RA">J <>( ?[((QQ<(R$
XE R:EQX(A X:( @E[AX E0 X<@( <X XEE> 0EQ X:(_ "EAX<A @EQ( RE?[?( A% <ARE?[?(
X:( 0(@?(R XE ( @EX<\X(% XE R((> E[X 4(Q X:A @ERX 0Q[<XR A% \(9(X?(R A%
X:( @?( QXRJ :<?( <X @_ ( X(@G<A9 X:(_ Q( Q<": <A @A_ A[XQ<(AXR <@GEQXAX
XE RG("[?X( X:X <X ]E[?% :\( X:( XE 9EE% R(^[? :(?X:$ <A"?[%<A9 GEXR;
R@( (1("X EA :[@AR$ X:( Q(R(Q":(Q R<[@$ @9A(R<[@$ <QEA$ @A9A(R($
"[X<EA(% X:X$ [A?<>( @ERX ]E@(A$ X:( "?"<[@$ A% AX<E^<%AXRJ <9: <A
QXR :% A(\(Q ((A (^GER(% XE "1(<A( R<@G?( R[9QR$ K[QX(Q;"[G R(Q\<A9 ]<??
(0EQ(J :( Q(R(Q":(Q R<% X:X$ X:(Q(; EERX _E[Q R(QEXEA<A ?(\(?R A% GQE\<%(
0EQ($ X:( R(^[? (A:A"(@(AX @<9:X K[<"> (A(Q9_ ?<0XJ
]EQ> EA?_ 0EQ ]E@(A ]:E Q(APX :<X[?
[R(QRJ A% <X @_ X>( ?EX @EQ( "0; 3P ""!D
0(<A(J E](\(Q$ "1(<A( :R ((A R:E]A GQ<A>?( 0?^ R((%R EA _E[Q "(Q(?$
XE :\( :(?X: (A(4XRJ 0X(Q R<G E0 _E9[QX$ EQ <"( "Q(@ 0EQ R:EX E0
7I
&&# * &
E@(9;Y A% E@(9;U 0XX_ "<%R$ :(?GR "?"<[@ >((G _E[Q @[R"?(R$ :(QX$
]:<": Q( X:( @=EQ [<?%<A9 ?E">R A% A(Q\E[R R_RX(@ :[@@<A9J ("(AX
E0 ?? R(^ :EQ@EA(RJ A( X?(RGEEA E0 RX[%<(R R:E] X:X "?"<[@ ?RE <A6[(A"(R
X:( A[XX_;XRX<A9 R((%R :(?GR <A"Q(R( 0X @(XE?<R@J A FZ;]((> RX[%_ X X:(
X(RXERX(QEA($ X:( ":(@<"? ]<X: X:( @ERX A<\(QR<X_ E0 (AA(RR(($ X]E 9QE[GR E0
%<Q("X ?<<%E;EERX<A9 (1("X$ ""EQ%<A9 G(EG?( ](Q( G[X EA %<(X G?A X:X "[X
XE [X9(QRP R(^[?<X_ Q(R(Q":(Q (?(A 5aa "?EQ<(R 0QE@ X:(<Q %<?_ <AX>(J
<R:(Q$ :$ A %\<REQ XE 1./:< A( 9QE[G "EAR[@(% F$Faa @9 E0 "?"<[@
-@(J AEX:(Q 9EE% G?AX;R(% (\(Q_ %_ _ (X<A9 _E9[QXJ :( EX:(Q
RE[Q"( E0 X:(R( (RR(AX<? 0XX_ "<%R 9QE[G 9EX 5aa @9 E0 "?"<[@ %_$ ]:<":
<R ]?A[XRJ <R X_G<"? 0EQ X:( \(Q9( @(Q<"A %<(XJ
X X[QA(% E[X X:X X:( _E9[QX (X(QR ?ERX
C30 UF G(Q"(AX @EQ( E%_](<9:X X:A X:(
Q?<" @_ ( X:( ?RX X:<A9 _E[ ]AX ?E];"?"<[@ 9QE[G$ ]<X: +F G(Q"(AX
EA _E[Q Q(X: ]:(A _E[PQ( Q(%_ XE "E@<A9 0QE@ X:( (??_ Q(J :( Q(R(Q":
:\( R(^J [X 9Q?<" @_ ( RE@(X:<A9 X(@ %(X(Q@<A(% X:X :[@A 0X "(??R
_E[ ]AX XE 9(X @EQ( E0 EA EX:(Q E""; "QQ_ 9(A( X:X "[R(R X:( E%_ XE
R<EAR %[( XE <XR :<9: "EA"(AXQX<EA E0 GQE%["( 0X ]:(A "?"<[@ ?(\(?R Q( ?E]$
X:( "E@GE[A% ??<"<AJ [@(QE[R R@?? [X X:X :<9: "?"<[@ ?(\(?R X[QA E1 X:<R
"?<A<"? RX[%<(R R[99(RX X:X Q(9[?Q 0X;"[R<A9 9(A(J E9[QX <R AEX:(Q 9Q(X
9Q?<" "EAR[@GX<EA @_ Q(%["( ":E?(R; RE[Q"( E0 "?"<[@J [X ]:(A ":EER<A9
X(QE?$ ?EE% GQ(RR[Q( A% Q<R> E0 "(QX<A _E[Q _E9[QX$ Q(": 0EQ X:( GQE<EX<" ><A%J
"A"(QR$ A% ]EQ> 9<ARX G(Q<G:(Q? <AX# X:( ?(? ]<?? Q(% M?<\( A% "X<\(
QX(Q_ %<R(R($ <@GQE\<A9 ?EE% 6E] "[?X[Q(RJN :<R _E9[QX "EAX<AR (A(4"<?
GQX<"[?Q?_ XE X:( ?E](Q (^XQ(@<X<(RJ EQ9A<R@R X:X ]EQ> ]<X: X:( "X(Q<
<A _E[Q 9[X XE EERX _E[Q <@@[A(
85"Q R_RX(@J :XPR @EQ($ _E9[QX <R EA( E0 X:(
EA(_PR \<X@<AR <% X:( GQE%["X<EA 0(] 0EE%R ]<X: "EA=[9X(% ?<AE?(<" "<%$
E0 X(RXERX(QEA($ A% <XR EQEA "EAX(AX RG("<? X_G( E0 0X X:X RE@( RX[%<(R
:(?GR X:( E%_ [R( (RXQE9(A$ ]:<": R:E] "A Q(%["( E%_ 0XJ
<R >(_ 0"XEQ <A GQEG(Q ?EE% 6E] A%
QE[R?J A X:( ><X":(A$ %Q<``?( <X EA _E[Q 84"-C5I"
L0"
EX@(?J A X:( (%QEE@$ %Q<``?( <X EA :QE[9:E[X X:( 9(R X:( GE@(9QAX(
A_ ]Q@$ ?<">?( R[Q0"(J :R ((A Q(\(Q(% 0EQ <XR @(%<"<A?
K[?<X<(RJ
A_ ]EQ?% Q(?<9<EAR "EAR<%(Q
032 ;I/C""< 5! X:( 0Q[<X R"Q(%J A
[%<R@$ <XR @A_
C808I0 8-LCI R((%R R_@E?<`( 0(QX<?<X_ A% GQERG(Q<X_$
:( "?"<[@ <A @<?> <R (RR(AX<? 0EQ EA( Q(?X<A9 XE X:( 4QRX "E@@A%@(AX E0 X:(
[<?%<A9J :( \<X@<A <A 0EQX<4(% @<?> EQ:# M( 0Q[<X0[? A% @[?X<G?_JN A X:(
7&
77
&&# * &
"33Q
?% (RX@(AX$ :( EA9 E0 E?E@EA
"E@GQ(R X:( ":((>R E0 Q<%( (:<A%
:(Q \(<? XE X:( X]E :?\(R E0 GE@(9QA;
X(J A :<A$ G<"X[Q( E0 A EG(A
GE@(9QAX( <R GEG[?Q ](%%<A9 9<0XJ
<X: R[": 0(QX<?( "[?X[Q? :<RXEQ_$ _E[
@<9:X (^G("X X:( @A_;R((%(% 0Q[<X XE
::Q
:\( GE](Q0[? R(^[? GQEG(QX<(RJ A%((%$
RX[%_ <A X:(
1B;/- 1# ;1-1'F 0E[A%
X:X GE@(9QAX( =[<"( ]R 9EE% 0EQ ;5!05-<
"3D
:(?X:<(Q (Q("X<EAR-<A Q<XRJ E 0Q$
:[@A RX[%<(R :\(APX ((A \(Q_ GQE@<R;
<A9J X<??$ X:(Q( Q( ?EX E0 9EE% Q(REAR
XE (X A% %Q<A> E0 X:<R 0Q[<XJ :(A
R"<(AX<RXR X X:( A<\(QR<X_ E0 ?<0EQA<$
ER A9(?(R RX[%<(% X:<R Q[_;Q(% 0Q[<X$
X:(_ 0E[A% X:X GE@(9QAX(R Q( Q<": \(Q_EA( >AE]R X:( ]_ XE @APR
<A GE?_G:(AE?R$ AX<E^<%AXR X:X ??E] :(QX <R X:QE[9: :<R RXE@":$ [X
?EE% XE 6E] X:QE[9: _E[Q \(<AR- >(_ QE@AX<" @(? :E@(@%( _ :<@ 0EQ
"E@GEA(AX E0 9EE% R(^J A% RQ(?< :(Q$ ](??$ X:X @_ ( X:( [?X<@X(
Q(R(Q":(QR %<R"E\(Q(% X:X @(A ]:E RXQX(9_ 0EQ R(%["X<EAJ Q("(AX R[Q\(_
%QA> Z E[A"(R E0 GE@(9QAX( =[<"( ]( "EA%["X(% R:E](% X:X Ta G(Q"(AX
%_ 0EQ _(Q ?E](Q(% X:(<Q R_RXE?<" ?EE% E0 1./:< -@( Q(%(QR Q( @EQ(
GQ(RR[Q( _ ZF G(Q"(AX A% %Q@X<"??_ X[QA(% EA _ QE@AX<" %<AA(Q GQ(GQ(%
<@GQE\(% ?EE% 6E] XE X:(<Q :(QXRJ _ @A X:A _ @(? X 0A"_
Q(RX[QAXJ
O""I 8II8"D :X %E(RAPX R[QGQ<R( @_ (<?(_$
E[Q R><A <R _E[Q ?Q9(RX R(^ EQ9AJ @RX(Q E0 9RXQEAE@_ A% [X:EQ
((G <X RE0X$ R[GG?($ A% ]Q<A>?(;0Q(( E0 X:( EE>R ( 1C *@ A% 1;,
_ ?<@<X<A9 (^GER[Q( XE X:( R[A$ EA( E0 211/
J MEE><A9 0EQ RE@(EA( <R X:(
X:( GQ<@Q_ Q(REAR @(A A% ]E@(A [?X<@X( 9<0X E0 ?E\($N R:( R_RJ MA%
9( GQ(@X[Q(?_J A %%<X<EA XE GG?_<A9 R:Q<A9 @(? XE9(X:(Q X :E@( "A
X:( R[AR"Q((A "Q(@$ <A9(RX RE@( ( GE](Q0[??_ R(AR[? (^G(Q<(A"( X:X
/"6 D/8::16. _ (X<A9 R]((X GEXXE(RJ [QEG(A "??R [GEA ?? E0 E[Q R(AR(R X EA"(JN
)8C )C"D/ *.D 53" Q(R(Q":(QR Q("(AX?_ 0E[A% X:X G<9; :X (^G(Q<(A"( "A ( X:( G(Q0("X
DMC" J/"S /P" D41./J
1J 8) .1P" Q/"6 S8M @(AXR 0QE@ (X;"QEX(A(;Q<": 0EE%R- GQ(?[%( XE GRR<EAX( A<9:X E0
D>M""T" J/"5 6 J/"S ?<>( R]((X GEXXE(R A% "QQEXR-"A ?E\(@><A9$ R_R (\(Q?_ :<GG?($
Q144 C1:"6 61"4S= ) J/"S
C" J88 /C J/"S 5S [<?% [G <A _E[Q R><A$ :(?G<A9 XE GQ(\(AX :$ GQE0(RREQ (@(Q<X[R X [X9(QR
C"516 /C = %@9( 0QE@ [?XQ\<E?(X Q_RJ A<\(QR<X_ A% "E[X:EQ E0 ( */
9VV
'
76
8M 86BJ 6"" /
16 18/"51DJCS J8 368Q
J/J 41JJ4" 88T" 6
488D"6 J/" 13161 DJC16.D=
/" S"66" :"::"C
16 J/1D D"RS 83J14
86J16D :D116
Q/1/ C1D"D S8MC /"CJ
CJ" 6 53"D S8M
DQ"J&D15M4J16. J/"
:/SD1848.14 "))"JD
8) D"RM4 C8MD4=
7L 6I4#@ -/22#"
@62IF #88?
6"1
82@- 6' ,?#4"/4#
/44364 @I,?
8516" P8 3
6 .C"6 16"
16 D/3"C Q1J/ 1"=
M6 6 1" M"
C8M6 J/" C15
8) 5CJ161 .4DD
J/"6 :4" J/"
.4DD C150 8Q6 86
:4J" D:C1634"
Q1J/ 166586 DM.C=
"J .4DD M:C1./J
6 DJC16 16 41>M1 =
9V9
&&# * &
9VO
-# 8#?'#F
?634F/ 3#2 /@ '?,?4F!
@8/P! 4" 2/,-F! 2/1# F-/@ #"
I??P -?/38 N/F- /8#
4,6 4" M6?P F#?.
3#264 2" @/"# "/@-<
9VN
B
?
-
1#@ H @#?M/4,@
9N/F- 82#4FP #OF? F6
@41 64 /4 F-# <3<:<
7 ?F64 '?#@- @F?N.
#??/#@! N@-#" 4"
'I22P "?/#"
$ 6I4#@ -/,-.=I2/FP
"?1 -662F#
'#N @-##F@ 6'
8?-3#4F 88#?
3" 8M4" 814"C
S *4416. :8J Q1J/ 6
16/ 8C JQ8 8) QJ"C
8P"C16. 1J Q1J/ 5"J4
8C .4DD 51R16. 8Q4
6 C16.16. J/" QJ"C
J8 814= C"3 J/"
/884J" 16J8 /M63D
6 1J J8 J/" 51R16.
8Q4= D16. CM"C
D:JM4 8C Q88 "6
D:886 DJ1C J/" /880
4J" M6J14 85:4"J"4S
5"4J" 6 D588J/=
1: J/" DJCQ"CC1"D 16
J/" 5"4J" /884J"
DQ1C416. J/"5 C8M6 J8
"6DMC" J/"S C" "P"64S
8P"C" = S J/" )CM1J
86 316. D/""J ;8C
"P"6 2MDJ )"Q :4J"D<
8P"C" Q1J/ J/"
:C/5"6J ::"C 6
C")C1."CJ" )8C J 4"DJ
6 /8MC=
9V-
'
9V+
&&# * &
9VJ
'
C6 E9
E\( _E[Q E%_ @EQ(J XQX 0Q(K[(AX$ R@??(Q @(?R X:QE[9:E[X X:( 8;@ #11
XE%_ _ 9(XX<A9 E[XR<%( A% ]?><A9 %_ Q( :?0 R ?<>(?_ XE ("E@( E\(Q; *< -*, ';@
Q<R>?_ 0EQ Ya @<A[X(RJ XPR X:( (RX X:<A9 ](<9:X R G(EG?( ]:E (X X:Q(( EQ 0(](Q <E5 ( .1;
_E[ "A %E 0EQ _E[Q :(QX A% 0EQ _E[Q X<@(R %_J :_L ("[R( (X<A9 (<X:(Q F1B (C
?E\( ?<0(J :(A R":(%[?( Q(9[?Q ]((>?_ @(? EQ RA"> (\(Q_ 7 EQ RE :E[QR @( .1;
]EQ>E[X X<@(RJ :(?GR >((G _E[Q E%_ ]EQ><A9 XE %<9(RX F1B D/@59
A% REQ 0EE%R$ <A"Q(R<A9 X:X X:(Q; -EE% ]Q<X(Q
C6 D9 E??E] X:(R( R<^ "EQ( GQ<A"<G?(R @<" (1("X E0 0EE% XE EERX _E[Q @(XE; (? Q((A(
E0 A[XQ<X<EA X:X ]<?? :(?G _E[ ?ER( ](<9:X ?<R@J :XPR @EQ($ (X<A9 Q(9[?Q?_
K[<">?_ A% R0(?_# X:QE[9:E[X X:( %_-A% @><A9 R[Q(
_E[Q @(?R A% RA">R <A"?[%( RX<X<A9
J 58C" "J 8)J"6= GQEX(<A$ 0X$ A% 4(Q->((GR "Q\<A9R
"P"C D31: C"3)DJ= ]_ RE _E[P?? ( ?(RR ?<>(?_ XE Q<% X:(
\(A%<A9 @":<A( EQ E\(Q(X X ?[A":X<@(J
/88D" D48Q0MC616. C8/S CJ"D= <\( <X XQ_ 0EQ ]((> A% _E[P?? 0((?
MC6 48C1"D Q1J/ :C8J"16= X:( %<1(Q(A"( <A _E[Q E%_ X:X (X<A9
X:<R ]_ "A @>(J E[Q ":E] R":(%[?(
"C6 :8CJ186 86JC84=
@<9:X ?EE> ?<>( X:<R#
P81 DM.CS D8)J C163D 6 4151J 48/84=
FUU =5= C"3)DJ
I 48C" "I 8'I"5= 9UUU =5= 63
E[ >AE] X:<R ?Q(%_ 0QE@ (^G(Q<(A"($
9UU :=5= M6/
[X <XPR ]EQX: Q(G(X<A9# <(XR E0 R"Q<4"(
X:X R_ MAEN XE 0EE%R ?@ERX ?]_R -KU :=5= 63
">4Q( ("[R( ]( %EAPX :\( X:( FUU :=5= 166"C
]<??GE](Q XE %(A_ E[QR(?\(R X:( G?(R[Q(
E0 (X<A9 "(QX<A 0EE%R 0EQ(\(QJ :XPR 7KU :=5= 63 ;8:J1864<
]:_ 1./:< -@( A%
/:< -@(
@9`<A(R R_$ MX/ X/ <?? [G EA 0EE%R "N"C D20: C"2'DI=
X:X 4?? _E[ [G A% RX<R0_ _E[Q :[A9(Q 0 _E[ (X %<AA(Q X T$ %EAPX :\(
?EA9(QJN :(R( 0EE%R Q( ?@ERX ?]_R RA"> (0EQ( _E[ 9E XE (% A% R><G
Q<": <A A[XQ<(AXR$ 4(Q A%$ E0X(A$ ]X(QJ Q(>0RXJ E[ @_ 9E R @A_ R
(PQ( X?><A9 @ERX?_ E[X 0Q[<XR A% F5 :E[QR ]<X:E[X 0EE% H[AX<? _E[Q 9Q[@;
\(9(X?(R :(Q($ <A"?[%<A9 @A_ E0 X:( ?<A9 (??_ 0EQ"(R _E[ XE 9Q %E[9:A[X
<X(@R ?<RX(% <A J X X Fa J@JIJ :(A _E[ 0RX 0EQ (^X(A%(%
@EQ( 0EE% A% RG"( E[X X:ER( "?EQ<(R G(Q<E%R ?<>( X:X _E[Q E%_ "A XG <AXE
X:QE[9:E[X X:( %_$ <ARX(% E0 EA?_ @[R"?( 0EQ 0[(? <ARX(% E0 0XJ
[RX ]:X
%[Q<A9 X:( X:Q(( XQ%<X<EA? @(?X<@(RJ _E[ %EAPX ]AX XE :GG(AJ E[Q E%_
X[%<(R R:E] X:X G(EG?( ]:E (X @EQ( <R :[A9Q_J X A((%R XE Q(0[(?J
9VI
&&# * &
AEX:(Q X:<A9 "A :GG(A ]:(A _E[ GG?( ]<X: G(A[X [XX(QS ?E];
%EAPX Q(> _E[Q 0RX ]<X: 9EE% Q(>; "QE:_%QX( @(? Q(G?"(@(AX QS
0RX# _E[Q @(XE?<" QX( "A ( %<@<A; EQA9( =[<"( "[X ]<X: ]X(Q A% R"EEG
<R:(% _ [G XE Fa G(Q"(AX$ ""EQ%<A9 E0 ]:(_ GQEX(<A GE]%(QS :Q%E<?(%
XE A[XQ<X<EA<RX (R?<( EA"<$ $ (99 A% RE@( 9Q((A X(S EQ R@EEX:<(
E0 X:( A<\(QR<X_ E0 <XXR[Q9:
(%<"? @%( ]<X: ]:(_ GQEX(<AJ E[ A((% <X
(AX(Q A% RGEQXR A[XQ<X<EA<RX 0EQ X:( E0 "QE:_%QX( 0EQ (A(Q9_ A% X:(
<XXR[Q9: <QX(RJ :XPR ]:_ Q(>; GQEX(<A ""(?(QX(R Q("E\(Q_J @EEX:<(R
0RX R><GG(QR ?RE X(A% XE :\( XQE[?( A% R:>(R Q( X(QQ<4" ":E<"(R ("[R(
@<AX<A<A9 :(?X:_ ](<9:XJ A RX[%_ X:( ?<K[<% "QR %<9(RX K[<">?_ XE 0[(?
X X:( A<\(QR<X_ E0
RR":[R(XXR _E[Q E%_ A% X:( ]:(_ 9(XR <AXE _E[Q
(%<"? ":EE?$ Q(R(Q":(QR 0E[A% R_RX(@ R REEA R <XPR A((%(%J (Q(PR GQ(;
X:X G(EG?( ]:E %EAPX (X Q(>0RX Q( ]EQ>E[X @EQA<A9 R@EEX:<( XE XQ_ 0QE@
75a X<@(R @EQ( ?<>(?_ XE ( E(R( X:A ( D < *@ 11,11,J
X:ER( ]:E %E (X Q(>0RXJ (Q( 9<A$
_E[Q 0EE% ":E<"(R G?_ A <@GEQXAX QE?(
<A :E] [R(0[? _E[Q Q(>0RX "A ( 0EQ
1#@ H @#?M/4,@<
](<9:X ?ERR A% @<AX(AA"(J 7 I8 7; 3/21
:X XE (XL E] %E(R ":((R( L I8 '?6Q#4 6?4,# 0I/# 64#4F?F#
A% \(9(X?( E@(?(X ]<X: ]:E?(;]:(X H F2#@8664@ 26N.'F 82/4 P6,I?F
XERX RE[A%L
>( R[Q( _E[ ?E% [G 7 44
EA :<9:;K[?<X_ GQEX(<A$ R?E];[QA<A9 H F#@8664@ N-#P 8?6F#/4 86N"#?
"QE:_%QX(R H0Q[<X A% ]:E?(;9Q<A C /# I#@
"(Q(?I A% ?<XX?( :(?X:_ 0X H?<>( 5143
S8.MCJ 66 :C8J"16 :8Q "C 6
E?<\( E<?IJ (\(Q? R"<(AX<4" RX[%<(R :\( 1" M"D J8 4"6 "C 6 :MC"" M6J14 D588J/=
R:E]A X:( ](<9:X;?ERR (A(4XR E0 (X<A9
@EQ( GQEX(<A X X:( @EQA<A9 @(?J .88D" D38O/LC505-
A EA($ Q(R(Q":(QR X <Q9<A< C8.Q!CI"D=
E@@EA](?X: A<\(QR<X_ 0E[A% QR Q(APX X:( %<(XQ_ %(\<?R X:(_P\(
X:X %<(X(QR ]:E X( Uaa;"?EQ<( Q(>; ((A @%( E[X XE (J :(_PQ( (RR(AX<?
0RXR Q<": <A :<9:;K[?<X_ GQEX(<A ?ERX 0[(? 0EQ _E[Q E%_ A% (RG("<??_ _E[Q
R<9A<4"AX?_ @EQ( ](<9:X A% >(GX <X E1 Q<AJ [X <XPR X:( @(Q<"A ]_ XE 9E
?EA9(Q X:A EX:(Q %<(X(QR ]:E "EAR[@(% E\(QEQ%$ (RG("<??_ <A X:( "X(9EQ_
?E];"?EQ<( Q(>0RX HYaa "?EQ<(RI E0 0RX;[QA<A9 "QE:_%QX(R ?<>( ]:<X(
A% =[RX K[QX(Q E0 X:( GQEX(<AJ Q(%$ GRX$ Q<"($ GEXXE(R$ A%-:(Q(PR
K[<"> AEX( 0EQ G(EG?( ]:E (^(Q"<R( X:( ><??(Q-RA"> 0EE%R ?<>( ":<GR$ "A%_$
<A X:( @EQA<A9 (0EQ( Q(>0RX# X A% >(% 9EE%R ?<>( "EE><(R$ 9(?R$
?<XX?( RE@(X:<A9 (0EQ( _E[Q ]EQ>E[XJ A% ">(RJ :(R( M]:<X( 0EE%RN "A Q<R(
X %E(RAPX :\( XE ( @[":J Q_ :?0 A ?EE% R[9Q K[<">?_$ XQ<99(Q<A9 "Q\<A9R
9V&
'
3
%E%6M.% 8)
8P:4%G R/8 E%:8EM
G%S 1G %MM%E 86
R%%3%6#G=
9V7
&&# * &
X:X (A"E[Q9( E\(Q(X<A9J :XPR @EQ($ Ua G(Q"(AX @EQ( E@(9;Y 0XX_ "<%R
A <A6[^ E0 0RX;REQ<A9 "QR X:A Q(9[?Q ((0$ G?[R @EQ( \<X@<A
R]<X":(R _E[Q E%_ E\(Q 0QE@ [QA<A9 A% 0X;[QA<A9 "EA=[9X(% ?<AE?(<" "<%
0X @E%( XE (^"(RR;R[9Q;[QA<A9 @E%( HIJ Q9A<" @<?>$ ":<">(A$ A% (99R
A% _E[ (A% [G RXEQ<A9 @EQ( 0XJ [X <0 ?RE "EAX<A @EQ( E0 X:(R( (RR(AX<?
_E[ (X R?E];%<9(RX<A9 "QE:_%QX(R$ 0XX_ "<%RJ
?<>( ]:E?( 9Q<A Q(%R$ EX@(?$ A%
0Q[<XR A% \(9(X?(R$ ?EE%;R[9Q ?(\(?R
DI"C :8CI085 85IC83=
Q(@<A AEQ@?$ ]:<": ??E]R _E[Q E%_ :(Q(PR <9 %<1(Q(A"( (X]((A M%<(X;
XE "EAX<A[( [QA<A9 0XJ :XPR ]:_ (\(A <A9N A% G[XX<A9 %E]A _E[Q 0EQ> (0EQ(
X:E[9: <9 :[A> E0 ":E"E?X( ">( ]<X: _E[ 0((? 0[??J <(X<A9 <R ?E">%(J
R[9Q_ 0QERX<A9 A% E]? E0 EX@(? EQX<EA "EAXQE? <R 0Q(( XQ%($ ]<X: ":(">R
]<X: RXQ](QQ<(R @_ :\( X:( R@( A% ?A"(RJ EQX<EA "EAXQE? <R _E[Q
A[@(Q E0 "?EQ<(R$ X:(_ :\( \(Q_ %<1(Q; <99(RX ](GEA <A X:( ]Q EA ](<9:X
(AX (1("XR EA _E[Q E%_PR 0X;[QA<A9 ("[R( <X ??E]R _E[ XE (X ]:X(\(Q
@(":A<R@J _E[ ]AX$ Q(??_$ RE ?EA9 R _E[ Q(
%<?<9(AX E[X X:( K[AX<X_ _E[ G[X <A
LC5 38C0"D O0I. :C8I"05= _E[Q @E[X:J E$ 0EQ (^@G?($ ERXEA
QEX(<A <R RE <@GEQXAX XE ](<9:X "Q(@ G<( <R AEX E1 ?<@<XRJ E :(%$
@<AX(AA"( X:X _E[ R:E[?% (X <X ]<X: :\( "E[G?( E0 <X(R XE RX<R0_ _E[Q
(\(Q_ @(? A% RA">J QEX(<AR EERX "Q\<A9 0EQ (AXE]APR (RXJ E[P?? (
@(XE?<R@ ?<XX?( @EQ( %[Q<A9 %<9(R; @EQ( ?<>(?_ XE RXEG X 0(] <X(R <0 _E[P\(
X<EA X:A A_ EX:(Q X_G( E0 0EE%J ?[R 4??(% [G EA :(?X:_ 4R: %<AA(Q A%
GQEX(<A <A"Q(R(R @(XE?<R@ _ :(?G; 0Q(R: 9Q%(A R?% 4QRXJ
<A9 XE [<?% @[R"?( A% RX?? X:( @[R"?( \<R<X XE A_ ??;_E[;"A;(X [1(X
?ERR X:X AX[Q??_ :GG(AR R ]( 9(J Q(RX[QAX ]<?? :(?G _E[ XE [A%(QRXA%
[R"?( <R @EQ( @(XE?<"??_ "X<\( X:( GE](Q E0 GEQX<EA "EAXQE?J X %E(RAPX
X:A 0X <R$ RE X:( @EQ( ?(A @[R"?( EA (^<RX X X:(R( ><A%R E0 G?"(R$ A% _E[
_E[Q E%_ X:( (XX(Q X [QA<A9 "?EQ<(R "A R(( X:X <A X:( "?<(AX(?($ @ERX?_
<X ]<?? (J E[P?? 0<A% X(QQ<0<" RE[Q"(R 0EQ E\(Q](<9:X A% E0X(A E(R(J (EG?(
:<9:;K[?<X_$ @[R"?(;[<?%<A9$ :[A9(Q; :(Q( Q( (X<A9 X:E[RA%R E0 "?EQ<(RP
RX<R0_<A9 GQEX(<A @EA9 X:( ]EQX: E0 0EE% X R<XX<A9 ("[R( E0 X:(
B R[": R 0<R:$ ?(A @(XR$ R:((Q \E?[@( A% \Q<(X_ E0 0EE%J E`(AR
":<">(A A% X[Q>(_$ (99R$ %<Q_ GQE%; E0 RX[%<(R :\( R:E]A X:X X:( @EQ(
["XR$ (AR A% ?(9[@(R$ A% A[XRJ \Q<(X_ A% X:( ?Q9(Q X:( K[AX<X_ E0
/" 516JS J88J/:DJ"
,P8C 6 J3" J/" " ." :(A _E[ "A$ XQ_ XE ":EER( EQ9A<" \<??( 0EE%$ X:( @EQ( ]( ]<?? (XJ
8)) DM.C CP16.= @(XR$ GE[?XQ_$ A% %<Q_ 0EE%R XE \E<% EQX<EA "EAXQE? RXQXR _ \E<%<A9
8CDJ D" S8MB44 /P"
TT416. D514" 6 :EQ@EA(R A% 9<A A[XQ<X<EAJ QRR;0(% X(@GXX<EAJ X_ E[X E0 X:( ??;_E[;"A;
)C"D/ C"J/= ((0$ 0EQ (^@G?($ "EAX<AR [G]Q%R E0 (X [1(XRJ X @EQ( @(?R X :E@(
99V
'
]:(Q( _E[ :\( 9Q(X(Q "EAXQE? E\(Q XE R?E] %E]A _E[Q (X<A9J RX[%_
0EE% GQ(GQX<EAJ R"<(AX<RXR R_ X X:( A<\(QR<X_ E0 :E%( R?A%
X:X EA \(Q9($ G(EG?( (X 5aa @EQ( @(R[Q(% Fa G(Q"(AX %("Q(R( <A
"?EQ<(R %_ EA %_R ]:(A X:(_ (X X "?EQ<( <AX>( <A G(EG?( ]:E "EAR"<E[R?_
0RX 0EE% Q(RX[QAXR "E@GQ(% ]<X: R?E](% %E]A (X]((A <X(RJ 0 _E[PQ(
%_R ]:(A X:(_ %EAPXJ :(A _E[ %E (X (X<A9 ?EA($ "EAR"<E[R?_ X>( R@??(Q
E[X$ R> _E[Q ]<X(Q XE %E99_ 9 :?0 E0 <X(R A% ":(] _E[Q 0EE% X:EQE[9:?_J
_E[Q <9 Q(RX[QAX @(? (0EQ( <X (\(A X @_ :(?G XE G[X _E[Q 0EQ> %E]A
QQ<\(RJ XQX ]<X: RE[G EQ R?% XE 4?? (X]((A <X(RJ Q(X:<A9$ Q(R(Q":(QR
_E[QR(?0 [G RE _E[ ]EAPX (X ?? E0 _E[Q R_$ :(?GR _E[ 9[9( _E[Q ?(\(? E0 RX<(X_
(AXQ)(J A( E0 X:( @ERX (1("X<\( ]_R ("[R( <X ??E]R _E[ XE 0E"[R EA :E]
XE ?ER( ](<9:X <R XE 9Q%[??_ "EA%<X<EA _E[Q E%_ 0((?RJ
_E[QR(?0 XE (X Fa XE Za G(Q"(AX ?(RR X
(\(Q_ @(?J 0X(Q 0(] %_R _E[P?? RXQX 1. 41 1FC?9 (A[XR$ ?@EA%R$
XE AEX<"( X:( %<1(Q(A"( EA X:( R"?(J A% ]?A[XR :\( ?EXR E0 "?EQ<(R$
A% "EAR"<E[R?_ "[XX<A9 "> ]<?? :(?G RE GEQX<EA "EAXQE? <R "Q["<?J [X <0 _E[
Q(<A0EQ"( _E[Q [A%(QRXA%<A9 X:X _E[ Q( %<R"<G?<A(%$ A[XR A% R((%R "A
:\( "EAXQE? E\(Q 0EE%J E[P?? 4A% <X ( X(QQ<4" RA"> ":E<"( 0EQ G(EG?(
(@GE](Q<A9J (Q( Q( @EQ( ]_R XE R:EEX<A9 0EQ
QJ (A[XPR R:G(?_ 49[Q(J
:(?G _E[ "EAXQE? GEQX<EAR# GA<R: Q(R(Q":(QR @EA<XEQ(% +$+U5
G(EG?( E[X X:(<Q %<(XR 0EQ Z+ @EAX:R
C -F,J "44?9 (9(X?(R "EAX<A<A9 A% 0E[A% X:X X:ER( ]:E X( A[XR
:<9: \E?[@(R E0 ]X(Q A% 9EE% @E[AXR X ?(RX X]<"( ]((> ](Q( Ya G(Q"(AX
E0 4(Q [?> [G 0EE%$ <A"Q(R<A9 X:(<Q ?(RR ?<>(?_ XE :\( 9<A(% FF GE[A%R EQ
RX<X<A9 1("XJ Q_ Q(G?"<A9 RE@( E0 @EQ( X:A G(EG?( ]:E QQ(?_ X( A[XRJ
X:( @(X <A _E[Q %<AA(QR ]<X: \(9(X?(R X[%_ [X:EQ
Q< (R;RXQE??E$ :$
?<>( "9($ `["":<A<$ "["[@(QR$ (?<(\(R <XPR ("[R( A[XR Q( :<9: <A
QE""E?<$ A% G(GG(QRS <X "A ( A (R_ GQEX(<A$ [ARX[QX(% 0X$ A% 4(Q$ ??
]_ XE XQ<"> _E[QR(?0 <AXE ?ER<A9 ](<9:XJ E0 ]:<": EERX @(XE?<R@$ [QA 0X$
A RX[%_ X (AA XX( A<\(QR<X_$ A% >((G _E[ 0((?<A9 0[?? ?EA9(QJ
Q(R(Q":(QR 0E[A% X:X ]:(A G(EG?( "[X
X:( @E[AX E0 QERX ((0 A% Q<"( EA ,)* J4F>?/" G>J J9 :(A
X:(<Q %<AA(Q G?X(R <A :?0 A% %%(% Q(R(Q":(QR X X:( A<\(QR<X_ E0
?<9:X?_;[XX(Q(% QE""E?<$ X:(_ "EAR[@(%
<AA(REX A?_`(% X:( :<XR E0
+U 0(](Q "?EQ<(R A% 0(?X =[RX R 0[??J F$+aa G(EG?( ]:E ?ERX ](<9:X <A %<(X
GQE9Q@R$ X:(_ 0E[A% X:X E[X
41=C C/. H,C* J4F> 04FC* "F//9 7a G(Q"(AX ](<9:(% X:(@R(?\(R %<?_
?><A9 X X:( %<AA(Q X?( "A :(?G EQ ]((>?_J :ER( ]:E %<% <X %<?_ ?ERX
_E[ "EAXQE? GEQX<EAR$ <0 <X :(?GR _E[ A \(Q9( E0 FZ GE[A%R "E@GQ(%
999
&&# * &
]<X: U GE[A%R 0EQ X:ER( ]:E ](<9:(% >C, J4) "4> ?C>41)> 64>C,41
]((>?_J (9[?Q ](<9:;<AR ]EQ> <0 _E[ 41C>4/ 0F?/?9 (EG?( ]:E %E _E9
:\( X:( Q<9:X XX<X[%( E[X X:(@J X(A% XE (X @<A%0[??_$ X:X <R$ X:(_
:(_ "A X<G _E[ E00 ]:(A _E[Q ](<9:X (X ]:(A :[A9Q_ A% Q( ?( XE Q("E9;
<R RXQX<A9 XE "Q((G [G RE _E[ "A X>( A<`( ]:(A X:(_ Q( 9(XX<A9 0[?? RE X:(_
"X<EA A% X:(_ "A @EX<\X( _E[ XE "A \E<% E\(Q(X<A9$ ""EQ%<A9 XE
>((G 9E<A9 R _E[ R(( X:( A[@(QR RX[%_ <A X:(
1B;/- 1# @( .;*/
%("?<A<A9J (<9:<A9 _E[QR(?0 ?RE @>(R *@@* <<1*@*1/ "EA%["X(% X X:(
_E[ @EQ( "EAR"<E[R E0 _E[Q E%_ A% Q(% [X":<AREA A"(Q (R(Q":
]:X _E[ G[X <A <X$ :(?G<A9 _E[ XE (AX(Q <A (XX?(J
@RX(Q GEQX<EA "EAXQE?J Q_ XE ](<9:
_E[QR(?0 X X:( R@( X<@( R@( X<@( N80! DL-CQ D8'I !C052D
(\(Q_ %_ 0EQ 9Q(X(Q ""[Q"_ ("[R( 5! 3040I 38.83=
](<9:X X_G<"??_ 0?["X[X(R X:QE[9: Q<A>R 9E %E]A <A X:( ?<A> E0 A (_(J
Z7;:E[Q G(Q<E%J A% ("[R( _E[PQ( AEX ":(]<A9 ]:(A
_E[PQ( R]??E]<A9$ <XPR %<2"[?X XE Q(?<`(
G4, ,11>?9 X":<A9 ( :E] @[": _E[PQ( "EAR[@<A9 ]<X: (\(Q_
*''<@ 1<; ]:<?( (X<A9 @_ @>( <9 9[?GJ XPR ?EXS XQ[RX [RJ :( =E[QA?
_E[ 9<A ](<9:XJ (EG?( ]:E (X <A 0QEAX <*@F (RX<@X(R X:X @(Q<"AR
E0 X:( X[( X(A% XE (X @EQ( 0EE%$ Z++ "?; "EAR[@( ZZZ @EQ( "?EQ<(R 0QE@ ?<K[<%R
EQ<(R ]EQX:$ ""EQ%<A9 XE EA( RX[%_ G(Q %_ X:A ]( %<% <A FCU5J RX _(Q$
X X:( A<\(QR<X_ E0
RR":[R(XXRJ X:( \(Q9( @(Q<"A R]??E](% @EQ(
:_L (EG?( ("E@( RE (A9QERR(% X:A 5Z 9??EAR E0 RE%$ =[<"($ A% EX:(Q
<A ]:X X:(_ Q( ]X":<A9 EA X:X R[9Q_ %Q<A>RJ (Q?_ EA( <A (\(Q_
X:(_ @<RR Q<A R<9A?R X(??<A9 X:X X:(_ Fa "?EQ<(R ]( "EAR[@( "E@(R 0QE@
Q( 0[??J [X AEX EA?_ %E(R %<RXQ"X RE0X %Q<A>RJ A% <X <R <@G"X<A9 EX: E[Q
_E[ ]:<?( _E[PQ( (X<A9$ <X @_ @>( ](<9:X A% E[Q :(?X:J A( RX[%_ 0E[A%
_E[ 0EQ9(X ]:X _E[P\( (X(AJ RX[%_ X:X G(EG?( ]:E %QA> =[RX X]E RE%R
<A X:( =E[QA? 22@*@ Q(GEQXR X:X %_ <A"Q(R(% X:(<Q %<(X(R Q<R>
]E@(A ]:E X( ?[A": ]:<?( ]X":<A9 Z7 G(Q"(AX "E@GQ(% XE X:ER( ]:E
A% ](Q( E00(Q(% "EE><(R R(\(Q? ?<@<X(% RE% XE EA"( @EAX:J
:E[QR ?X(Q (A%(% [G (X<A9 Za G(Q"(AX E[ "A E\(Q%E <X ]<X: RE@(X:<A9
@EQ( "EE><(R X:A X:(_ %<% 0X(Q R((@<A9?_ R :(?X:_ R =[<"($ XEE$
AE; ?[A":J ]X":<A9 @_ "[R( ]:<": <R ?E%(% ]<X: "?EQ<(R A% R[9QJ
_E[ XE RG"( E[X E[X ]:X _E[P\( [X _E[Q
]<X: ]X(QJ Q [R( GQEG(Q;
?Q(%_ (X(A$ ?(%<A9 _E[ XE "EAR[@( R<`(% 9?RR# U E[A"(R$ AEX +$ <R R(Q\<A9
@EQ($ R_R RX[%_ [X:EQ [`AA( E0 =[<"(J
<99R$ :$ E0 X:( A<\(QR<X_ E0 :<?( %E`(AR E0 RX[%<(R :\( R:E]A
<Q@<A9:@ <A A9?A%J :(?X: (A(4XR E0 @E%(QX( ?"E:E?
99O
'
"EAR[@GX<EA-0EQ X:( :(QX$ 0EQ X:( :(R( R<^ GQ<A"<G?(R 0EQ@ X:( QE">;
@<A%$ 0EQ X:( RE[?-Q(@(@(Q X:X RE?<% ">EA( E0 A_ R@QX ](<9:X;
((Q$ ]<A($ A% ?<K[EQ "EAX<AR "?EQ<(RJ ?ERR RXQX(9_$ A% X:(_ Q( R<@G?_ 9EE%
A% (\(A X:E[9: 9<A$ \E%>$ A% ]:<R>_ (X<A9 :<XR XE %EGX 0EQ X:( Q(RX
%EAPX "QQ_ "QR$ X:( R[9Q_ @<^(QR E0 _E[Q ?<0(J _ 0E??E]<A9 X:(@$ A%
]( 6\EQ X:(@ ]<X: %EJ [9Q_ @Q9Q; (X<A9 X:( $ _E[P??
<X$ %"K[<Q<$ A% ?(@EA%( @<^(QR EA?_ [XE@X<"??_ (X :(?X:<(Q A% "EA;
(A"E[Q9( @EQ( %Q<A><A9 A%$ E0 "E[QR($ R[@( 0(](Q "?EQ<(R (\(Q_ %_J A%
0Q<(% ":((R(;RX[1(% =?G(DE GEGG(QR X:XPR X:( >(_ XE R[RX<A(% ](<9:X
A% EX:(Q Q 0EE%J :XPR @EQ($ ?"E; ?ERR# (A%<A9 X:( %_ ]<X: 0(](Q "?EQ<(R
:E?$ A_ ?"E:E?$ <@G<QR _E[Q E%_ 0 X:A _E[Q E%_ A((%R XE 0[A"X<EAJ
QE@ [QA<A9 0XJ E$ <0 _E[ ]AX XE ?ER( X X>(R %(0<"<X E0 5aa "?EQ<(R %_
](<9:X$ ?<@<X ?"E:E? XE EA( EQ X]E %Q<A>R XE ?ER( F GE[A% E0 0? <A ]((>$
G(Q ]((>J A% <0 _E[ Q(??_ ]AX XE %QEG ]:<": <R R0( A% Q(REA?( 9E?J
GE[A%R 0RX$ RX<A<A9 ?XE9(X:(Q <R :XPR ("[R( GE[A% E0 ](<9:X
X:( ]_ XE 9EJ (K[?R QE[9:?_ Y$5aa "?EQ<(RJ [X
:XPR X:( (RX (\(Q9( E0 ??L "EAR[@<A9 0(](Q "?EQ<(R <R AEX X:(
E[ 9[(RR(% <XJ X(QJ (^ <R X:?(X<"$ EA?_ ]_ XE 9(X XE X:X 5aa;"?EQ<(
]:<": <R ]:_ %Q<A><A9 ?EXR E0 ]X(Q %(4"<XJ E[ "A ?RE [QA E00 "?EQ<(R
<ARX(% E0 "?EQ<(;4??(% (\(Q9(R <R ]<X: (^(Q"<R(J _ X(@<A9 _E[Q (XX(Q
R@QXJ
[R"?( <R GGQE^<@X(?_ +a G(Q; (^ <(X G?A ]<X: X:( (XX(Q (^
"(AX ]X(Q$ RE ]:(A _E[ Q( %(:_%QX(%$ EQ>E[XR <A X:<R EE>$ _E[P?? 0<A% X:X
(\(A _ F G(Q"(AX$ _E[Q (^(Q"<R( G(Q; _E[ "A %QEG GE[A%R ]<X:E[X A_
0EQ@A"( "A ( <@G<Q(%J A %%<X<EA$ (^XQ(@( (00EQX EA (<X:(Q GX: RE
](??;:_%QX(% @[R"?( "(??R Q( <@GEQXAX R:G<A9 [G A% R?<@@<A9 %E]A ]<??
XE GQEG(Q GQEX(<A R_AX:(R<R 0EQ @[R"?( 0((? AX[Q? A% (R_ XE @<AX<A
Q("E\(Q_ A% 9QE]X:J X:QE[9:E[X _E[Q ?<0(J
99N
.:I"CE
'$&
$&
. ' ) ')
))
.*% +& "
) ) ,)*)
' ) -))"
99-
8LBC" D0II05-
"QERR X:( ><X":(A X?( 0QE@ :<@ ]X":<A9
X:( [XX(Q @(?X EA _E[Q ]:E?(;]:(X XERX A%
]<X<A9 0EQ :<@ XE AR](Q _E[Q K[(RX<EAJ
( R"QX":(R$ X[QAR X:( RGEQXR G9(J <?(A"(J
E[ ?EE> [G X :<R 99_ (_(R A% (% :(%
A% ]EA%(Q# R X:<R X:( 9EQ9(E[R @A ]:E
"E[?%APX ]<X XE 9(X A>(%L :(Q( %<% :( 9EL
:(Q( %<% @_ ?<<%E 9EL :E <R X:<R 9[_$ A_]_L
<% Q<A9 :<@ :E@( _ @<RX>( 0QE@ ?@QXL
XPR ?? RE <AX(AR( <A X:( (9<AA<A9 E0
Q(?X<EAR:<GJ (^ <R GQ<EQ<X_ A[@(Q EA(-]:E
"Q(R E[X R?((GL Q ]EQ>L [X RE@(X:<A9
:GG(AR 0X(Q X:( (^":A9( E0 GQX@(AX >(_R
X:X ]E@(A A% @(A A% R(^E?E9<RXR 9Q(( EA#
X:( ER(RR<EA RXQXR XE ]A( A% X:( [QA<A9 ?[RX
E0 A(] ?E\( K[<">?_ R<@@(QR <AXE Q(? ?<0(J
99J
&
99I
'$& $&
<9:X @EAX:R <AXE Q(?X<EAR:<G @@@?R A% <Q%R 0EQ @EQ( X:A
EQ @_( X]E _(QR <AXE @QQ<9($ Ya _(QR A% :R ]Q<XX(A 0<\( EE>R EA
X:( X<@(R \Q_$ ?E\(PR ??;"EAR[@<A9 R(^$ ?E\($ @QQ<9($ A% 9(A%(Q %<00(Q;
R<``?( RG[XX(QRJ MR _E[Q Q(?X<EAR:<G (A"(R <A X:( Q<AJ <R:(Q (?<(\(R X:X
9(XR (XX(Q A% @EQ( R("[Q($ X:( R(^[? :[@AR :\( (\E?\(% X:Q(( %<RX<A"X
(^"<X(@(AX @_ 0%($N R_R R(^ X:(QG<RX Q<A R_RX(@R 0EQ "E[QXR:<G$ @X<A9$
A( Q((Q$ :$ [X:EQ E0 (@ 1B@ A% GQ(AX<A9#
7 M<A"( _E[ >AE] :(PR AEX 9E<A9
A_]:(Q($ X:(Q(PR ?<XX?( @EX<\X<EA XE MDJ J/" D"R C1P"
G[?? E[X ?? X:( RXEGR <A (% XE <@GQ(RR 856J1 48P" J/" 8D"DD1P"
:<@ ?<>( _E[ %<% ]:(A _E[ 4QRX RXQX(% JJCJ186 J8 D:"1* :CJ6"C
%X<A9$ A% \<"( \(QRJ E R(^ RXQXR XE
JJ/5"6J "": )""416.D 8)
("E@( QE[X<A(JN M6186 ;J8 /66"4 J/" "6"C.S J8QC
A% _E[ (9<A "Q<A9 @EQ( E[X C1D16. 8))D:C16.<
]:EPR %E<A9 ]:E@ EA ;B -11 X:A
]:XPR 9E<A9 EA <A F1B; (%QEE@J XPR X:X @<%%?( RXX(-GRR<EAX(
E @>( @XX(QR ]EQR($ X:( :EQ@EA(R QE@AX<" ?E\(-X:X "A ( RE 0?((X<A9
X:X Q( Q(RGEAR<?( 0EQ EERX<A9 _E[Q A% X:X ]( @<RR RE @[": ]( ]AX XE
(%QEE@ ?<RR G[?? %<RGG(Q<A9 "X 9(X <X ">J :( <A0X[X<EA E0 (Q?_
Q<9:X ]:(A _E[ A((% X:(@ @ERXJ M A RX9( QE@AX<" ?E\( RX(@R 0QE@ GEX(AX
X:( (9<AA<A9 E0 Q(?X<EAR:<G$ X:( R(^ "E">X<? E0 Q<A ":(@<"?R ]:ER(
:EQ@EA(R (RXQE9(A A% X(RXERX(QEA($ GQ<@Q<?_ <A9Q(%<(AX <R %EG@<A($
%EG@<A( HX:( G?(R[Q( A([QEXQAR@<X; A([QEXQAR@<XX(Q RRE"<X(% ]<X:
X(QI$ A% E^_XE"<A HX:( EA%<A9 :EQ; G?(R[Q($ @EX<\X<EA$ A% Q(]Q%$ R_R
@EA(I RG<>($N R_R QQ QX?<>$
$ <R:(QJ HEG@<A( ?RE G?_R @=EQ
R(^ X:(QG<RX <A (] EQ>J M[X X:(_ QE?( <A %%<"X<EARS <XPR ]:X >((GR [R
"A %("?<A( "> XE R( ?(\(?R X E[X :[A9(Q<A9 0EQ @EQ( A% @EQ( G?(R[Q(;
Z7 @EAX:RJN <A%["<A9 RX[00 ?<>( %Q[9R$ EE`($ A%
/ :(Q( %<% X:X 9EE% RX[1 9E A% :E] Q(E "EE><(RJI %% R:EX E0 AEQ(G<;
"A _E[ 9(X <X ">L (0EQ( _E[ "A A(G:Q<A($ AEX:(Q Q<A ":(@<"? X:X
0<9[Q( X:X E[X$ _E[ A((% XE [A%(QRXA% ]EQ>R ?<>( %Q(A?<A($ A% _E[ 9(X X:(
%6M /13 ,13= ]:X :GG(A(% XE _E[Q Q<A ]:(A _E[ "?RR<" R_@GXE@R E0 (<A9 X(QQ<?_$
856M1 58Q1%G 4QRX 0(?? <A ?E\(J @%?_$ <ARX<?_ <A ?E\(# X:( GE[A%<A9
E1G% 4%Q%4G 8) "<(AX<RXR Q(APX (^"X?_ R[Q( ]:_ :(QX$ R](X_ G?@R$ <A"Q(R(% (A(Q9_$
8STM816 ;M/% G6P..4%
/8E586%< 16 8M/ X:<A9R 0<``?($ [X X:(_ R[RG("X <X R?((G?(RRA(RR$ R(^[? GERR(RR<\(A(RR$
5%6 6# R85%6! :R RE@(X:<A9 XE %E ]<X: (\E?[X<EAJ A% Q[R: E0 A^<E[R @EX<\X<EA XE
6# E%G%E/ )E85 [X9(QR A<\(QR<X_ AX:QEGE?E9<RX ( ]<X: :<@ ?? X:( X<@(J [X X:( @ERX
6GG 61Q%EG1MT
)8P6# M/M .PTG 413% (?(A J <R:(Q$ :$ :R (^X(AR<\(?_ <@GEQXAX R_@GXE@ E0 QE@AX<" ?E\(
E85085G! M88= ;//(< RX[%<(% X:( R"<(A"( E0 XXQ"X<EA <A <R ER(RR<\(?_ X:<A><A9 E[X _E[Q 9[_J
99&
&
997
'$& $&
M XPR ?<>( RE@(EA( <R "@G<A9 <A _E[Q EX:(Q "A XQAR<X<EA <AXE @EQ( ""(GX;
:(%$N R_R <R:(QJ <A9 ?E\( X:X "A "X[??_ (A(Q9<`( X:(@
A RX[%<(R$ <R:(Q A% "E??(9[(R R(^[??_$N R:( R_RJ
QX:[Q QEA$ :$ A% ["_ QE]A$ Q("(AX Q(\<(] E0 Z5 RX[%<(R E0 R:EQX;
:$ E0 X XEA_ QEE> A% ?(QX X(Q@ A% ?EA9;X(Q@ Q(?X<EAR:<GR 0E[A%
<ARX(<A E??(9( E0
(%<"<A( Q(RG("X<\(?_$ X:X$ "EAXQQ_ XE GEG[?Q (?<(0$ QE@A"(
G[X G(EG?( ]:E ](Q( ]<?%?_ <A0X[X(% "E[?% X:Q<\( A% (\(A 9QE] <A @EAE9@E[R
<AXE 0[A"X<EA?
R"AA(QR XE (^@<A( Q(?X<EAR:<GRJ :( 4A%<A9R G[?<R:(% <A
X:( Q<A <A X:( X:QE(R E0 (Q?_ RX9( ZaaC <A X:( C*D 1# /;- <F(1-1'F
QE@AX<" ?E\(J :(A X:(_ R:E](% X:( R:E](% X:X "E[G?(R ]:E Q(GEQX(% 9Q(X(Q
G(EG?( <A X:(
[A<XR G:EXE9QG: E0 XX":@(AX;RX_?( QE@AX<" ?E\( \(QR[R
X:(<Q ?E\(Q \(QR[R G<"X[Q( E0 "R[? ER(RR<\( ?E\( ](Q( @EQ( RX<R4(% <A EX:
"K[<AXA"($ X:( %EG@<A(;Q<": Q( E0 R:EQX;X(Q@ A% ?EA9;X(Q@ HFa _(QR EQ
X:( Q<APR Q(]Q% R_RX(@ ?<X [G ?<>( @EQ(I Q(?X<EAR:<GRJ
4Q(]EQ>RJ :X %E(R X:<R R[99(RXL :X ME@AX<" ?E\( :R X:( <AX(AR<X_$
%EG@<A( <R "Q["<? <A9Q(%<(AX <A X:( (A99(@(AX$ A% R(^[? ":(@<RXQ_ X:X
(Q?_ GQX E0 ?E\(J A 0"X$ <R:(Q (?<(\(R GRR<EAX( ?E\( :R$ @<A[R X:( ER(RR<\(
<XPR RXQEA9(Q (\(A X:A R(^[? %(R<Q(J "E@GEA(AX$N (^G?<AR RX[%_ [X:EQ
M:<R ER(RR<\($ ;"APX;9(X;(AE[9:;E0; <A" "(\(%E$ :$ E0 X:( A<\(QR<X_
_E[ ?E\( :R ?? X:( ":Q"X(Q<RX<"R E0 E0 ?<0EQA<$ AX QQJ MR(RR<\(
"E"<A( %%<"X<EA$N R_R <R:(QJ ?E\( <A"?[%(R 0((?<A9R E0 [A"(QX<AX_
R @`<A9 R X:<R ><A% E0 ?E\( 0((?R$ A% A^<(X_S X:<R ?E\( %Q<\(R R:EQX(Q
<X %E(RAPX ?RX 0EQ(\(Q- 0(] _(QR$ XEGR$ Q(?X<EAR:<GR [X AEX ?EA9(Q EA(RJN
@_(J :XPR ]:(A EX:(Q Q<A ":(@<; E[ :\( ":E<"( XE @>(J E[ "A
"?R$ E^_XE"<A H<A ]E@(AI A% \REGQ(R; 9E "> XE "EAX(@G?X<A9 X:( "?EQ<"
R<A H<A @(AI X_G<"??_ @E\( [R 0QE@ ?E% E0 X:( Q(% A% [XX(Q "E@E
GRR<EA <AXE X:( @[": ?(RR @%%(A<A9 %[Q<A9 Q(>0RXJ E[ "A 9E :[AX<A9 0EQ
XX":@(AX G:R( E0 ?E\($ @EQ( X:X %<``_<A9?_ ER(RR<\( ?E\( :<9: ]<X:
@X[Q($ G("(0[? "EAA("X<EAJ RE@(EA( ]:E <RAPX _E[Q GQXA(QJ Q$ _E[
M XPR [AQ(?<RX<" XE X:<A> X:X _E[ "A "A RXQ<\( XE Q(><A%?( X:( (^"<X(@(AX E0
R[RX<A X:X ><A% E0 <%(?<`(% GRR<EAX( QE@AX<" ?E\( ]<X:E[X (^G("X<A9 <X XE 0((?
R(^ _E[ (^G(Q<(A"(% <A X:( \(Q_ (9<A; (^"X?_ X:( R@( R <X %<% <A X:( (9<A;
A<A9$N R_R (99_ [9:A$ [X:EQ E0 X:( A<A9-]:(A <X ]R 0[(?(% _ %EG@<A(
1/1'.F
F@( A% A (^G(QX <A 1<QR :<9: A% "[R(% _E[ XE %E Q(??_ "Q`_$
A% GQ(\(AX<A9 X:(@J :XPR :E] 1<QR 9EE0_;<A;?E\( X:<A9RJ
"A (9<AS G(EG?( _(QA 0EQ X:X MA(] <0( "A ( 9EE%-A% @EAE9@_ Q(%
?E\(N 0((?<A9 9<A$ R:( R_R$ AEX Q(?<`; :EX-]:(A _E[ <A=("X RE@( %EG@<A(
<A9 X:X A(] ?E\( ]<?? ":A9($ XEEJ A% AEQ(G<A(G:Q<A( A% 0(] EX:(Q R(^_
ME[G?(R ]:E "E@( XE Q(??_ >AE] (": ?E\( %Q[9R "> <AXE _E[Q Q(?X<EAR:<G <A
9OV
&
RXQX(9<" %ER(RJ E EA( :R X:( X<@( Q(<A\<9EQX<A9 _E[Q Q(?X<EAR:<GJ M
<^<A9
A% (A(Q9_ 0EQ X:( ER(RR<\( G[QR[<X [G (QEX<" RX_?(R >((GR _E[Q R(^ ?<0( <A
A_@EQ($ A_]_$ AEX ]:(A X:(Q( Q( R:G($ =[RX ?<>( @<^<A9 [G _E[Q ]EQ>E[XR
"Q((QR XE A[QX[Q($ ><%R XE Q(Q$ ?[A%Q_ >((GR _E[Q E%_ 4X A% ":??(A9(%$N
XE 0E?%$ A% X]((XR XE 0E??E]J EQX[AX(?_$ R_R
<QE [%(?R>_$ $ R(^ X:(QG<RX
_E[ %EAPX :\( XEJ XPR A(\(Q XEE ?X( <A (] EQ> <X_J
XE "[?X<\X( X:<R @EQ( <AX(AX<EA? ?E\(J EX EA?_ X:X$ [X M"EAX<A[<A9 XE G?_
M A E[Q ?X(RX 0[A"X<EA?
(^G(Q<; QE[A% ]<X: AE\(? X_G(R E0 R(^ ??E]R
@(AX :X":(% _ QX:[Q QEA ]( G[X _E[ XE [A"E\(Q _E[Q R(^[? GQ(0(Q(A"(R-
0<\( G(EG?( <A ?EA9;X(Q@ Q(?X<EAR:<GR <A EA(R _E[ @_ AEX :\( (\(A >AE]A _E[
X:(
@":<A($N (^G?<AR <R:(QJ M( :%$N R_R Q((QJ MA% R "E[G?(
0E[A% X:X Q(R E0 X:( Q<A RRE"<X(% (\E?\(R$ %%<A9 %<1(Q(AX %<@(AR<EAR XE
]<X: <AX(AR( QE@AX<" ?E\( RX<?? ("E@( X:(<Q R(^ ?<0( ]<?? RXQ(A9X:(A X:( Q(?;
"X<\( Z5 _(QR ?X(QJN X<EAR:<G E\(Q??JN
E] XE X](> X:ER( R(^_ GQXR E0 _E[Q E$ XQ_ %%<A9 X:(R( 0E[Q X_G(R
GQ<@? Q<A EA"( 9<AL R"<(AX<0<" E0 R(^ XE _E[Q Q(G(QXE<Q(# @<AX(AA"(
GG(Q G[?<R:(% <A X:( /*/ R(^$ RGEAXA(E[R R(^$ Q(%<R"E\(Q_
1B;/- 1# B./ EB-*@F <A ZaaC R(^$ A% (^G(Q<@(AX? R(^J A% X X:(
E00(QR RE@( "?[(RJ R(% EA <AX(Q\<(]R R@( X<@($ ]EQ> _E[Q ]_ X:QE[9:
]<X: Za R(^ X:(QG<RXR A% 77 G(EG?( X:( F5 R@QX RXQX(9<(R RX(@_ @EAE9;
]:E Q(GEQX(% :\<A9 9Q(X R(^$ X(@ @_ _E[P?? 4A% ?X(Q <A X:<R ":GX(QJ
E0 Q(R(Q":(QR <%(AX<4(% (<9:X >(_ E[P?? AEX<"( X:( <@GQE\(@(AXR <A _E[Q
0"XEQR E0 EGX<@? R(^[?<X_J :(_ Q(# ?E\( ?<0( ?@ERX <@@(%<X(?_J
(<A9 GQ(R(AX$ GR_":E?E9<"? "EAA("X<EA$
%((G R(^[? A% (QEX<" <AX<@"_$ (^XQEQ;
05I"55" "P
%<AQ_ "E@@[A<"X<EA$ <AX(QG(QREA? M:<A> E0 X:<R R @(X;A%;GEXXE(R
Q<R> X><A9 A% (^G?EQX<EA$ [X:(AX<"<X_$ R(^-<X :GG(AR X X:( (A% E0 X:( %_$
\[?A(Q<?<X_$ A% XQAR"(A%(A"(J %[Q<A9 X:( ]((>$ ]:(A Q[A;E0;X:(;@<??
GX<@? R(^ <R 0[A%@(AX??_ %<RX<A"X QE@G <R ?? _E[ :\( (A(Q9_ 0EQ$N R_R
0QE@ X:( @(":A<"R E0 R(^ R[": R (GG(Q ":]QX`$ :$ GQE0(RREQ
G:_R<"? R(ARX<EA A% EQ9R@$ ""EQ%; E0 RE"<E?E9_ X X:( A<\(QR<X_ E0
86,1M 6 %
<A9 XE RX[%_ [X:EQ (99_
J ?(<AG?X`$ R:<A9XEA A% [X:EQ E0 ;*. .88# )8E E%4M1860
:J M X X>(R ?EX E0 (1EQX J J J :( G_E1 C/@B;< / C* 1/ E 1C G/1:= GMP#T M
0EQ X><A9 X:( X<@( XE "E@@[A<"X( A% / @( /<B- ;<5 T48E 61Q%EG1MT
GP..%GMG M/M /E#
( <AX<@X( ]<X: _E[Q GQXA(Q <R$ R E[Q \<A9 R(^ ]:<?(
_ (AE ?Q(R <A X:( 6%.M1Q% %58M186G!
RX[%<(R :\( R:E]A$ ](?? ]EQX: <XJN ">9QE[A% %E(RAPX RE[A% GQX<"[?Q?_ GP/ G 6.%E 6#
R 0EQ X:( G:_R<"? GQX$ (^G(QXR (QEX<" HAEX:<A9 9<ARX _E[$
_I$ [X <XPR 86M%5:M! /%4:
8P:4%G 16GM1.M%
R_ X:X R<@G?_ R]<X":<A9 [G X:( X_G(R A("(RRQ_ GQX E0 (\(Q_ "E[G?(PR R(^ ?<0(J 86,1MG M/M 4%#
E0 R(^ _E[ :\( "A 9E ?EA9 ]_ XE M:<R <R X:( ><A% E0 R(^ X:X "EAA("XR _E[ M8 G84PM186G=
9O9
'$& $&
9OO
&
A% Q(2Q@R _E[Q EA% R "E[G?($N R_R ?? X:( X<@(J A EX:(Q ]EQ%R$ >((G [G ]<X:
<A 9%(A$ :$ Q(R(Q":(Q A% R(^ X:( <><A< ]^(R$ ](Q _E[Q GQ(XX_ [A%(Q;
X:(QG<RX <A @Q<%9($
RR":[R(XXR$ ](Q HEQ AE [A%(Q](Q X ??-_E[Q "??I$
A% [X:EQ E0 ( @B;/ 1# <*;5 9(X RGQ_ XA$ :<X X:( 9_@J R<"??_$
A X:( A<9:XR _E[PQ( XEE %Q<A(% 0EQ %E ]:X(\(Q <X <R X:X @>(R _E[ 0((?
?EA9$ %Q]A;E[X 0EQ(G?_$ E<? <X %E]A "EA0<%(AX A% R(^_J M((?<A9 XXQ"X<\(
XE "E[G?( E0 ](??;G?"(% "Q(RR(R X:X A% %(R<Q(% _ _E[Q GQXA(Q GQE@EX(R
_E[ "A "E[AX EA XE (^G(%<X( QE[R?J QE[R?$N R_R R(^ X:(QG<RX A%EQ
:(A _E[PQ( EX: Q<?(% [G (AE[9: 0EQ Q%ER$ :$ 0E[A%(Q E0
_?(R[Q(J"E@J
<AX(Q"E[QR($ X:( 9E? <R XE EQ9R@-0RXJ M X :(?GR GQ<@( _E[ 0EQ R(^JN
E X:X (A%$ ":EER( ;0Q<(A%?_ GER<X<EAR (<`( EGGEQX[A<X<(R ]:(A X:(_ GQ(R(AX
X:X ?(A% X:(@R(?\(R XE "?<XEQ? "EAX"XJ X:(@R(?\(R A% ]:(A(\(Q _E[ 0((?
E@A EA XEG <R _E[Q (RX (X ("[R( <X <ARG<Q(%J
E<A :<@ <A X:( R:E](Q (0EQ(
?(XR _E[ "EAXQE? X:( G"($ [X %EAPX "E[AX ]EQ>J [?? E\(Q EA X:( R<%( E0 X:( QE%
E[X GER<X<EAR X:X ??E] 0EQ @A[? EA X:( ]_ :E@( 0QE@ GQX_J [X _E[Q
RX<@[?X<EA HR<%( _ R<%($ 0QE@ (:<A%IJ :A% <A :<R ?G ]:<?( _E[PQ( R<XX<A9 EA X:(
E[ GQE?_ ]EAPX Q(> X:( (% "E[": ]X":<A9 XE9(X:(QJ :( ([X_
EQ ]>( X:( A(<9:EQR ]<X: X:<R ><A% E0 E0 R(^ <R X:X EA"( _E[ G[X <A ?<XX?(
R(^$ [X _E[P?? 0?? R?((G RX<R4(%$ ]:<": (00EQX$ <X K[<">?_ RXQXR XE G_ E00# A
<R ?? X:X @XX(QRJ ME[ %EAPX ]AX X:<R @EQ_ A<\(QR<X_ RX[%_ 0E[A% X:X _E[Q
XE ( X:( EA?_ ]_ _E[ :\( R(^$ [X _E[ E%_ "A ("E@( QE[R(% G:_R<"??_
R:E[?% :\( <X ?EX$N R_R ":]QX`J (0EQ( _E[ RXQX @(AX??_ %(R<Q<A9 R(^J
ME <0 _E[PQ( :\<A9 R(^ 0E[Q X<@(R A?<>( @<AX(AA"( R(^$ RGEAXA(E[R
]((>$ @<AX(AA"( R(^ R:E[?% ""E[AX R(^ %E(RAPX A((% XE :GG(A ?? X:( X<@(J
0EQ X]E EQ X:Q(( E0 X:ER( X<@(RJN ME[Q R(^ ?<0( <RAPX @E\<($N R_R
":]QX`J M<@ 0EQ EA"( ]((> EQ REJN
:85I5"8LD "P
:(A _E[PQ( <A A(] Q(?X<EAR:<G$ (\(Q_ "!0D8N"CQ "P
R[Q0"( ("E@(R GEX(AX<? G?"( XE 9(X \<A9 <9 Q9[@(AX H:( ?(] _E[Q
:EQ<`EAX?J :( Q(R[?XL Q<@?$ Q(X:; \"X<EA 0[A% %[Q<A9 0Q<(A%?_ 9@(
?(RR$ GRR<EAX( R(^J EE % <XPR X:( 4QRX E0 GE>(QI$ :<XX<A9 @=EQ ?<0( @<?(RXEA(
X_G( XE 9E ]:(A :EQ@EA( ?(\(?R RXQX XE9(X:(Q H XPR 9<Q?/I$ EQ ](X:(Q<A9
XE %<GJ <X:E[X X:ER( 0Q<R>_ ":(@<"?R QE">_ G(Q<E% <A _E[Q Q(?X<EAR:<G HRE@(;
[``<A9 QE[A%-[Q9<A9 _E[ XE =[@G :<@ EA( ":(X(%I Q(APX X:( ><A% E0 (\(AXR
A_X<@($ A_]:(Q(-R(^ @E\(R XE _E[Q X:X _E[P% (^G("X XE G[X _E[ <A X:(
Q<APR "> [QA(QJ E Q("GX[Q( X:( @EE%$ [X X:(_ "A <ARG<Q( R(^ X:XPR
A<@? XXQ"X<EA X:X ?(%R XE RGEAXA(; <AX(AR($ [Q9(AX$ RE[?0[?$ A% X(A%(QJ
E[R R(^$ _E[ A((% XE "X ?<>( _E[ %<% ]:(A M(^ X:XPR EQA 0QE@ A (@EX<EA?
_E[ 4QRX 9EX XE9(X:(Q A% ](Q( :\<A9 R(^ G?"( :R A (%9( E\(Q EX:(Q X_G(R E0
9ON
'$& $&
<AX<@"_$N R_R Q%ERJ M("[R( <X 9(A<X?R$ X:( (XX(Q _E[Q EQ9R@R ]<??
<A\E?\(R %(9Q(( E0 ?EE><A9 X _E[Q (JN ?RE$ ??E]<A9 _E[Q GQXA(Q XE R((
GQXA(Q <A A(] ?<9:X$ X:<R R(^ 0((?R ?<>( R("Q(X R<%( E0 _E[ X:X AE EA( (?R(
A (^GQ(RR<EA E0 Q(A(](% ?E\(JN [X :R ""(RR XE [<?%R <AX<@"_J
_E[ %EAPX A((% XE (^G(Q<(A"( @=EQ E :E] %E _E[ R[%%(A?_ RXQX [RX<A9
(\(AX XE XG <AXE %((G(Q (@EX<EARJ E[X R(^[? 0AXR<(RL E[ 0<QRX :\( XE
X =[RX Q(K[<Q(R A(] ]_ E0 ?EE><A9 X :\( X:(@J :<?( _E[PQ( ?_<A9 <A (%$
R(^-EA( <A ]:<": X:( EQ9R@ <RAPX X:( RXA%<A9 <A ?<A( X X:( 9QE"(Q_ RXEQ($ EQ
@ERX <@GEQXAX X:<A9J ]?><A9 XE ]EQ>$ ?(X _E[Q @<A% ]A%(Q
M XPR E[X Q(%<R"E\(Q<A9 A% G?(R<A9 XE ]:X(\(Q X[QAR _E[ EAJ X %E(RAPX
(": EX:(QJ :<A> R(AR[?$ AEX R(^[?$N A("(RRQ<?_ :\( XE ( RX[00 _E[ ]AX XE
R_R Q((QJ (Q( 0EQ(G?_ X>(R "(AX(Q "X E[XS RX[%<(R R:E] X:X G(EG?( ]:E
RX9(J <\( (": EX:(Q :(%;XE;XE( R<@G?_ <@9<A( R(^_ R"(AQ<ER Q( @EQ(
@RR9(RS ><RR (": EX:(QPR ":((>R$ ?<>(?_ XE (^G(Q<@(AX <A (%J
(QR$ A% A(">RS A% G?(R[Q( (": EX:(Q :(A _E[ ]AX XE @>( _E[Q 0AXR_
EQ??_J M:( <%( <R XE @>( _E[Q GQXA(Q Q(?<X_$ QE": <X _ R_<A9 RE@(X:<A9
0((? <@GEQXAX$ ":(Q<R:(%$ A% \?[(%$N ?<>($ M :% %Q(@ _E[ ](Q( %E<A9 $ $
R_R Q((QJ :EER( GER<X<EAR X:X ??E] A% XE @($N EQ M Q(% E[X X:<R "Q`_
0EQ (_( "EAX"X A% R?E] [<?%[G XE @E\( <A @9`<A(J AX XE :(Q <XLN
EQ9R@$ R[": R R<XX<A9 A% 0"<A9 (": E[ "A ?RE R:EEX :<@ A (;@<? E[X?<A;
EX:(Q EQ @<RR<EAQ_J <A9 ]:X _E[ ]AX XE %E XE :<@ ?X(QJ
M ARG<Q( Q(%<R"E\(Q_ R(^ (\(Q_ 0(] MQ<X<A9 "XR R 0EQ(G?_ 0EQ EX: E0 _E[J
@EAX:R _ @><A9 <X GE<AX XE X:<A> X 0EQ"(R _E[ XE X:<A> E[X ]:X _E[PQ(
E[X ]:X @%( _E[ 0?? <A ?E\( A% R_<A9$ ]:<": "A <A"Q(R( QE[R?J
(<A9 EG(A XE ?(QA<A9 RE@(X:<A9 A(] A% :(P?? ( ?( XE Q(% A% Q(Q(% _E[Q
E[X :<@$N R_R 9%(AJ ME[Q GQXA(Q @(RR9($ ]:<": >((GR R(^ EA :<R @<A%$N
"A ?]_R R[QGQ<R( _E[-RE@(X<@(R R_R Q((QJ [X X:(Q(PR AE (XX(Q X<@( XE
_E[ =[RX :\( XE ?EE> 0EQ <XJN <AXQE%["( RE@(X:<A9 "Q(X<\( X:A <A X:(
:(X E0 X:( @E@(AXS Q(R(Q": "EA%["X(%
P:"C04"5I3 "P _
J JJ A% QA(9<(
(??EA A<\(QR<X_
Q<A9 A% E[A%Q_ G[R:<A9$ <XPR 0E[A% X:X @(A Q( @EQ( ?<>(?_ XE (:\(
X:( ><A% E0 R(^ X:X (A(0<XR 0QE@ E?%?_ ]:(A RGEQX<A9 A (Q("X<EAJ
0@<?<Q<X_ A% XQ[RXJ E[ "A Q(> M:<R X_G( E0 R(^ <R (RX R\(% 0EQ X:(
E[X X:( R(^ XE_R A% <A%[?9( _E[Q ]((>(A%R$ GQX<"[?Q?_ X[Q%_ A<9:X$N
0AXR<(R ]<X:E[X X:( 0(Q E0 (<A9 R_R Q%ERJ ME[P\( ?(0X X:( RXQ(RR E0
=[%9(%J MX X:( "EQ( E0 (^G(Q<@(AX? X:( ]((> (:<A% A% _E[ :\( X:( ]:E?(
R(^ <R AE\(?X_$ A% X:XPR :[9( A<9:X :(% E0 _E[JN Q(> E[X RG<"_
QE[R? EERX(Q$N R_R Q%ERJ M:( @E\( EA"( @EAX: XE >((G X:<A9R 0QE@
@EQ( ?EE% X:X Q[R:(R XE _E[Q 9(XX<A9 RX?(J
9O-
&
9O+
'$& $&
9OJ
&
9OI
'$& $&
?? _E[Q X:E[9:XR A% 0((?<A9R X:X Q( J 448QD "/ 8) S8M J8 368Q S8MC0
Q(?(\AX XE X:( Q(?X<EAR:<GJ D"4P"D J "P"C0 "":"C 4"P"4D 6 MD" 44
M ?EX E0 G(EG?( X:<A> (<A9 :EA(RX <R 8) S8MC C"D8MC"D J8 M14 J/" "DJ
AEX X(??<A9 ?<(RS X:XPR AEX :EA(RX_$N R_R C"4J186D/1: :8DD14"=
[9:AJ M(? :EA(RX_ <R AEX ]<X::E?%; E ?<(J
<A9 <A0EQ@X<EA Q(?(\AX XE X:( Q(?;
X<EAR:<GJ (RGEAR<?( :EA(RX_ <R R:Q<A9 "C5 0D 5-L-"
_E[Q %((G(RX :EG(R$ 0(QR$ A% %Q(@R :( X:<A9R X:X @>( _E[ 0((? ?E\(%
EA A EA9E<A9 R<R$A% <X "A ( R(^<(Q H?EA9 ]?>R A% X?>RLI "A ( \(Q_
X:A ?? E0 X:( R(^ @A[?R "E@<A(%JN %<1(Q(AX 0QE@ ]:X @>(R _E[Q
\(A ?<XX?( ]:<X( ?<(R EQ ]<X::E?%<A9 GQXA(Q 0((? ?E\(% H@EQ( EE:R A%
<A0EQ@X<EA E[X E0 0(Q E0 :[QX<A9 _E[Q ::RLIJ
QQ<9( "E[AR(?EQ A% (RX;
GQXA(Q <R GE<REAE[R XE Q(?X<EAR:<GR R(??<A9 [X:EQ Q_ :G@A R_R
("[R( <X "Q(X(R (@EX<EA? %<RXA"($ "E[G?(R E0X(A RG(> %<1(Q(AX (@EX<EA?
R_R [9:AJ EX: @(A A% ]E@(A ?E\( ?A9[9(R J J J R %<1(Q(AX R
%E <X ?? X:( X<@(J XPR ]_ E0 QX<EA?; :<A(R( <R 0QE@ A9?<R:J ME @XX(Q
<`<A9 EA(PR [A]<??<A9A(RR XE %(\EX( :E] :Q% _E[ XQ_ XE (^GQ(RR ?E\(
X:( X<@( A% (A(Q9_ XE %(? ]<X: X:( <A A9?<R:$ <0 _E[Q RGE[R( [A%(QRXA%R
"E@G?(^<X_ E0 :EA(RX "E@@[A<"X<EAJ EA?_ :<A(R($ _E[ ]<?? A(\(Q [A%(Q;
><A9 EQ9R@ <R EA( (^@G?(J RXA% :E] XE ?E\( (": EX:(QJN
ME@(A %E X:<R ?<>( "Q`_ E[X E0 :G@A ](AX X:QE[9: FZ _(QR
"EAR<%(QX<EA 0EQ X:(<Q GQXA(QR A% E0 AEX(R 0QE@ :<R "E[AR(?<A9 R(RR<EAR
<XPR EA( E0 X:( :[9( QQ<(QR XE Q(??_ A% <%(AX<4(% 4\( X_G(R E0 (@EX<EA?
9EE% R(^$N [9:A R_RJ M:(A _E[ ?A9[9(R# [?<X_ <@($ EQ%R E0
Q( RXQEA9 (AE[9: XE (^GER( _E[QR(?0 00<Q@X<EA$ ("(<\<A9 <0XR$ "XR E0
A% @>( _E[QR(?0 \[?A(Q?($ _E[ (Q\<"($ A% :_R<"? E[":J :(_
R:E] _E[Q GQXA(Q X:( Q(? _E[JN :( 0EQ@(% X:( R<R 0EQ :<R EE> ( *C
(A(4XR E0 R[": :EA(RX_ "A ( ?<0(; 1C /'B'< ]:<": :R RE?% @EQ(
?X(Q<A9$ ""EQ%<A9 XE [9:A# X:A U @<??<EA "EG<(RJ MA( Q(REA
"E[G?(R Q9[( RE @[": <R X:X X:(_
J )8DJ"CD "":"C 4"P"4 8) 16J15S J/J %EAPX 0((? ?E\(%$N R_R :G@AJ MA%
4" D J8 58C" 4DJ16. JCMDJ= M./6 44D X:X @>(R X:(<Q %<1(Q(A"(R R((@
JCMDJ J/" 58DJ 15:8CJ6J "4"5"6J )8C 48P"
RE @[": <99(QJN
6 .88 D"R=
0 _E[ 0((? @ERX ?E\(% ]:(A :( :(?GR
J 448QD S8MC C"4J186D/1: J8 3"": :" _E[ QE[A% X:( :E[R( H"XR E0 R(Q\<"(I$
Q1J/ J/" /6."D 8MCC16. 16 "/ 8) S8M= A% :( 0((?R @ERX ?E\(% <A (% HG:_R<"?
86"DJS 4D8 3"":D /66"4D 8) XE[":I$ X:(A _E[ EX: A((% XE Q("E9A<`(
855M61J186 8:"6 6 :C8P1 "D 86DJ6J X:ER( [A<K[( A((%R <A EQ%(Q XE ":<(\(
/44"6."D J/J 6 " MD" )8C .C8QJ/= (XX(Q R(^ ?<0(J
9O&
&
ME\( <R <AX(AX<EA?S <X X>(R ]EQ>$N LI "P 85 I." 3"5!C
R_R :G@AJ XQX _ %E<A9 RE@( [R_ "E[G?(R @[RX ( <AX(AX<EA? E[X
<A\(RX<9X<\( Q(GEQX<A9J R> _E[Q RGE[R( R(^ EQ X:(_ ]<?? A(\(Q 9(X QE[A% XE <XJ
EQ GQXA(Q ]:X _E[ %E X:X @>(R :X @(AR R":(%[?<A9 <XJ [Q($ AE EA(
:<@ 0((? @ERX ?E\(%J Q <%(AX<0_ _E[Q ]AXR XE R":(%[?( R(^J 0X(Q ??$ <XPR
G(QREA? ?E\( ?A9[9(R _ X><A9 R[GGER(% XE ( RGEAXA(E[R$ @EX<\X(%
:G@APR K[<` XE9(X:(QJ [@(Q X:( _ X:( :(X E0 X:( @E@(AX$ Q<9:XL <9:XJ
0E??E]<A9 <A EQ%(Q E0 <@GEQXA"( ]<X: MFN A X:( @E\<(RJ A "E??(9(J A _E[Q %Q(@RJ
(<A9 ]:X @XX(QR @ERXJ [X AEX <A X:( Q(?<X_ E0 XE%_PR ]EQ?%
]<X: X]E ]EQ><A9 GQXA(QR A% :E[R(;
& )""4 "D:"144S 48P"
Q/"6 :"CD86 0[? E0 ><%R A% "E":<A9 _E[Q %[9:X(QPR
.1P"D 5" M6 1P1 " JJ"6J186 6 D:"6 D ?"QERR( X(@J :XPR Q(?<X_J A% <0 _E[
J15" 486" Q1J/ 5"=
%EAPX :\( 9@( G?A$ _E[P?? (A% [G
& )""4 "D:"144S 48P"
Q/"6 D85"86" R<XX<A9 EA X:( (A":J E[G?(R ]:E XQ_
"R:C"DD"D /8Q .CJ")M4 J/"S C" )8C 5" "Q\<A9 E[X X<@( 0EQ R(^ E0X(A 4A% X:X
6 J/" D15:4" J/16.D 8= X:(_ (A% [G ?EE><A9 0EQ]Q% XE <XJ A%
& )""4 "D:"144S 48P"S D85"86" Q/8 (\(A <0 X:(_ Q( XEE [R_ XE ?EE> 0EQ]Q%
C16.D 5" .1)JD 6 8J/"C J6.14" XE <X$ <0 X:(_ >((G X:X RG("<? @((X<A9
"R:C"DD186D 8) 48P"= EA X:( "?(A%Q$ X:(_ Q( RE 9?% X:(_
%<% 0X(Q]Q%J (^ X:(QG<RXR R_ X:X <0
& )""4 "D:"144S 48P" Q/"6 D85"86"
:1J/"D 16 J8 /"4: 5" :"C/:D S _E[PQ( <A ?E\<A9 Q(?X<EAR:<G$ <0 _E[
CM6616. "CC6 D 8C J316. 86 5S RE@(X<@(R 9E :(% ]<X: R(^ (\(A ]:(A
/8MD"/84 /8C"D= _E[ %EAPX X:<A> _E[PQ( Q(??_ <A X:( @EE%$
_E[P?? (A% [G ]AX<A9 XE :\( R(^-A%
& )""4 "D:"144S 48P" Q/"6 :"CD86
]AX<A9 <X @EQ( E0X(AJ
"R:C"DD"D )""416.D )8C 5" J/C8M./
:/SD14 86JJ= :X ?RX GE<AX %E\(X<?R ]<X: A(]
@E%(? E0 0(@?( R(^[? Q(RGEAR( X:X
:( RXX(@(AXR "GX[Q( X:( 4\( X_G(R R[99(RXR 0EQ @A_ ]E@(A X:( %(R<Q( XE
E0 (@EX<EA? ?A9[9(S <A EQ%(Q# [?<X_ :\( R(^ ><">R <A EA?_ 0X(Q X:(_ Q( <A
<@($ EQ%R E0 00<Q@X<EA$ ("(<\<A9 "E@0EQX?( G?"( GR_":E?E9<"??_ A%
<0XR$ "XR E0 (Q\<"($ :_R<"? E[":J Q( ?Q(%_ G:_R<"??_ QE[R(%J
[@(QR F A% Z Q( _E[Q G(QREA? EA\(AX<EA? ]<R%E@$ R(% EA
GQ<@Q_ A% R("EA%Q_ ?E\( ?A9[9(R$ @E%(? %(\(?EG(% _
RX(QR A%
Q(RG("X<\(?_J
E:AREA <A X:( ?X( PUaR$ <R X:X %(R<Q(
G(A% X:( Q(RX E0 X:( ]((> X?><A9 A% GQ("(%(R R(^[? QE[R?J :X 0<XR @(A
G?AA<A9 ]<X: _E[Q GQXA(Q E[X ]_R GQ(XX_ ](??$ [X <X =[RX %E(RAPX %E <X 0EQ
XE ]EQ> XE]Q% @((X<A9 :<R A% _E[Q E]A ]E@(A$ ""EQ%<A9 XE RE@( R(^ (^G(QXR
XEG X]E ?E\( A((%RJ :( Q(R[?XR$ ]:E R_ X:X ]E@(A %EAPX 9(X <E?E9<;
:G@A GQE@<R(R$ ]<?? ( %Q@X<"J "??_ X[QA(% EA [AX<? @[": ?X(Q <A X:(
9O7
'$& $&
9NV
&
/ F/ _ M E\( E[N
\(Q_ _
H F/ (Q?<`<A9
((?<A9R :E[?% (
EQ( :A
[RX <X
9N9
'$& $&
X:( 9Q(X(RX :[RA% EA (QX:NI$ 1 C* ?4" XQ%%?( X:( Q@ E0 X:(
X(Q@ E0 (A%(Q@(AX HMEA(_N EQ "E[": 0"(%E]A A% 9Q<A% _E[Q \9<A
M(NI$ EQ RXX(@(AX E0 GGQ("<X<EA EA X:( Q@ R :( (AX(QR _E[ 0QE@ (:<A%J
HM X ]R RE X:E[9:X0[? E0 _E[ XE ]R: FC44>? <9:X_ G(Q"(AX E0 R[Q\(_(%
X:( ><X":(A 0?EEQ ?RX A<9:XJNI :(_
/:< -@( A% 1./:< -@(
?? R(A% X:( R@( @(RR9( E0 00("X<EA Q(%(QR R<% X:(_ ]E[?% ?E\( XE XQ_
]<X:E[X ("E@<A9 QEX(J E[X%EEQ R(^J M:(Q(PR RE@(X:<A9 <A"Q(%<;
?_ Q] A% GQ<@? E[X :\<A9 R(^
."!L3" E[XR<%(J X ]>(AR X:( R(AR(R$N R_R
.5-" 8' "5L" Q%ERJ E[P?? 0((? X:( "EE? Q((`( EA
E[Q :E@( GQE?_ :R 0<\( EQ _E[Q A>(% R><A$ R@(?? X:( R]((X G(EA<(R
@EQ( QEE@R- %<A<A9 QEE@$ ><X":(A$ A% G:QE%<X( :ERXR$ :(Q X:( "Q<">(XR$
X:QEE@$ ?<\<A9 QEE@$ :("> RE@( (\(A X:( R"Q((": E]?R$ A% X:( A(<9:EQR
:\( :E@( X:(X(Q QEE@$ Q(" QEE@$ RXEGG<A9 _ 0EQ \<R<XJ M:( 0(Q E0
@[%QEE@J [X AE %(%<"X(% R(^ 9(XX<A9 "[9:X "A %% XE X:( X:Q<??$N
QEE@J EX (\(A R(^ AEE>J E ]:_ %E ]( R_R Q%ERJ
0((? "E@G(??(% XE :\( R(^ <A =[RX EA(
G?"(-X:( (%QEE@L :_ AEX [X<?<`( ?? " DD"CI0N" 8I 5D"CI0N"
Y$aaa RK[Q( 0((X E0 X:X X]E;RXEQ_
(A 0((? <AX<@X( R Q(R[?X E0 (<A9
R[[QA "E?EA<?$ A% X:( "A _ R(^[?S ]E@(A 0((? R(^[? R Q(R[?X E0
X:( GEE?L (<A9 <AX<@X(J
A EQ ]E@A$ <0 _E[
,G,1) >440 \( R(^ EA X:( ?<\<A9 "A [A%(QRXA% X:( GQE0E[A% XQ[X: <A
QEE@ "E00(( X?( X:( A<9:X (0EQ( X:X RXX(@(AX$ _E[ ]<?? ( ](?? EA _E[Q
GQX_ X _E[Q :E[R( A% R(( <0 X:X ]_ XE [<?%<A9 @EQ( QE@AX<" A%
%E(RAPX Q<A9 A[9:X_ R@<?( XE :<R (A99<A9 <AX<@"_J
0"( %[Q<A9 :EQR %PE([\Q(RJ M ?EX E0 ]E@(A "E@( <AXE X:( "?<A<"
F1>J [99(RX RE@( EQ? R(^ ]:<?( "E@G?<A<A9 E0 ?E] ?<<%E$N R_R R(^[?
_E[PQ( R<XX<A9 EA X:( (%9( E0 X:(
_X9J :(?X: (^G(QX [Q (Q@A$ :$
C*>440
>( [R( E0 X:( @<QQEQ A% 0E[A%(Q E0 X:( (Q@A (AX(Q <A :<"9E
RX(@ X:<A9R [GJ ??E] :<@ XE (AX(Q _E[ A% 1./:< -@( %\<REQJ M:(_ R_
0QE@ (:<A% ]:<?( :E?%<A9 EAXE X:( R<A> X:(_P\( ?ERX X:( <AX<@"_ <A X:(<Q Q(?X<EA;
<A 0QEAX E0 X:( @<QQEQJ :( [A[R[? R:<GJ :(_ ]AX XE "[%%?( ]<X: X:(<Q 9[_
(_(;"EAX"X %[Q<A9 X:( ;RGEX;XQ9(X<A9 [X X:( R("EA% X:(_ %E$ :( X:<A>R <XPR A
%E99_;RX_?( "Q(X(R <ARXAX <AX<@"_J <A\<XX<EA 0EQ R(^J :(A X:( ]E@A :R XE
* ?C,>? ( R<XR EA X:( RX<QR 0"<A9 Q(=("X :<@ ("[R( R:(PR AEX <A X:( @EE%
X:( Q<?<A9 ]<X: EA( ?(9 Q"(% X]E RX(GR A% X:( ]:E?( GQE"(RR (9<AR 9<AJ E
%E]A A% X:( EX:(Q ?(9 R?<9:X?_ (AXJ Q(> X:<R "_"?($ (^G?EQ( # M\(Q_
E[ ?E](Q _E[QR(?0 EAXE :<@ 0"<A9 X:( (QEX<" AEA;<AR(QX<\( R(^JN :<R <R R(^[?
Q<? A% :E?%<A9 <X 0EQ R[GGEQXJ "EAX"X ]<X:E[X G(A(XQX<EA$ ]:(Q( _E[
9NO
&
0E"[R EA QE@AX<"$ G?_0[? (QEX<"<R@ K[<(X?_ R?<G E[X E0 _E[Q G=PRJ :(A XQ_
X:QE[9: \(Q? A% G:_R<"? "E@@[A<"; X:<R XQ<"># 0 :(PR ?_<A9 EA :<R ">$
X<EAJ M X Q(@E\(R X:( GQ(RR[Q( E0 9E?; G?"( _E[Q :A%R EA :<R X:<9:R ]<X: _E[Q
EQ<(AX(% R(^$ A% R Q(R[?X R(^ ("E@(R X:[@R GE<AX<A9 XE]Q% :<R 9(A<X?R$
?(RR GQ(%<"X?( A% @EQ( G?(R[Q?($N R[99(RXR "[G[A"X[Q<RX ?(^<R Q\<%REAJ
R_R (Q@AJ
E\( _E[Q X:[@R <A R?E]$ 4Q@
:X ><A% E0 "X<\<X_ K[?<0<(R R "<Q"[?Q @EX<EA$ Z <A":(R <A %<@(X(QJ
L X "E[?% ( R X@( R Q[R:<A9 ""EQ%<A9 XE X:( A"<(AX X(":<A9R E0
(": EX:(QPR :<Q EQ R (QEX<" R "E\(Q<A9 "[G[A"X[Q($ Q[<A9 X:<R X:<A;R><AA(%
_E[QR(?\(R <A E<? A% ]Q(RX?<A9 G?_0[??_J Q( ]<?? 9(X X:( ?EE% 6E]<A9 RXQ<9:X
Q_ X:<A9 XE9(X:(Q _ "A%?(?<9:X$ XE :<R A(X:(Q Q(9<EARJ
@RR9($ ?<"><A9 ]:<GG(% "Q(@ C ">?*9 A(><A9 E1 XE X:( X:QEE@
E00 E0 (": EX:(Q$ "[%%?<A9 <A (%$ EQ XE Q[R: _E[Q X((X: ]<?? %E @EQ( X:A
@RX[QX<A9 XE9(X:(QJ M:( GE<AX <R XE ]Q% E00 %Q9EA Q(X:J :( @(AX:E? <A
:\( EA( A<9:X ]:(A <AX(Q"E[QR( <RAPX _E[Q XEEX:GRX( "A 9<\( :<@ X<A9?_
X:( 0E"[R$N R_R (Q@AJ X:Q<?? %[Q<A9 EQ? R(^J
9NN
'$& $&
M G(Q"(<\(% <A=[RX<"( <R XRX_ M XPR AEX X:( Q9[<A9 X:X ><??R @QQ<9(RS
?EE><A9 <X EA X:( 4R: :EE> E0 A9(Q$N <XPR X:( Q9[<A9 RX_?($N R_R
E:A EXX@A$
R_R E(QX ??A$ :$ "?<A<"? :$ X:( [X:EQ E0 (F
;;*'<
GR_":E?E9<RX A% [X:EQ E0 @@*/' B 1; *- / 1D 1B /
,
1/@;1- 1# 1B; /';5 M X "A ( 1B;< <@J
>( R[Q( _E[ :\( 0<\(
:(?G0[? XE Q("E9A<`( Q(REAR 0EQ A9(Q GER<X<\( <AX(Q"X<EAR 0EQ (\(Q_ 49:XJ
R <X(% 4R::EE>R A% Q(?<`( X:X @QX Q9[<A9 "A (\(A @>( X:( :(QX
]:(A ]( <X($ ]( ?ER( E[Q 0Q((%E@JN 9QE] 0EA%(QJ
:X XE %E ]:(A _E[ 0((? A9(Q ](??<A9 X[%<(R :\( R:E]A X:X GQXA(QR "A
[G <AR<%( _E[L EAPX X>( X:( <X A% %Q] "?ER(Q XE9(X:(Q %[Q<A9 R<9A<4"AX
?(X ?EER(J M:( (@EX<EA??_ <AX(??<9(AX 4R: Q9[@(AXR ]:(A X:( \E??(_ <R "EARXQ[";
R]<@R EA _ X:( :EE>R$N R_R ??A$ A X<\( A% %(@EARXQX(R :E] @[": (":
(^G(QX <A "Q%<" GR_":E?E9_ A% RXQ(RR GQXA(Q \?[(R X:( EX:(QPR EG<A<EAJ
@A9(@(AX X (<?? EQA(?? (] EQ> :X Q(R[?X "E@(R 0QE@ ":EER<A9 ]EQ%R
Q(R_X(Q<A ERG<X?J MR X:( R<^X((AX: "Q(0[??_ A% [A%(QRXA%<A9 X:( QX
"(AX[Q_ G:<?EREG:(Q
EAX<9A( R<%$ E0 A(9EX<X<EAJ EAR<%(Q ?EA9;X(Q@
OX:(Q( <R AE GRR<EA X:X RE R:>(R X:( <A\(RX<9X<EA E0 F57 @QQ<(% "E[G?(R
"?Q<X_ E0 E[Q =[%9@(AX R A9(QJP :<A9R Q(GEQX(% <A X:( =E[QA? <F(1-1'F /
XQ[?_ R((@ %<1(Q(AX EA"( ]( :\( K[<; '*/' X:X (^@<A(% X:(<Q "EA\(QRX<EA
(X(% A% "EE?(% %E]AJN RX_?(R _ @EA<XEQ<A9 G:_R<E?E9<"?
:E@R
(1(QREA %\<R(% G[R<A9 Q(RGEAR(R ]<X: :(QX QX( @EA<XEQR A%
Fa R("EA%R (0EQ( Q(RGEA%<A9 <0 _E[ \<%(E "@(QRJ [Q<A9 Q9[@(AXR$ X:(
Q( A9Q_$ Faa <0 _E[ Q( \(Q_ A9Q_J Q(R(Q": 0E[A%$ "E[G?(R ]:E @EQ( E0X(A
EX EA?_ "A X:X RXQX(9_ <@GQE\( [R(% X:( GQEAE[AR M]($N ME[Q$N A% M[RN
_E[Q ?E\( ?<0(S <X @_ R\( _E[Q ?<0(J X(A%(% XE ( "?@(Q A% @EQ( (@EX<EA;
?Q9( "?<A<"? XQ<? 0EQ XQ(X<A9 X_G(; ??_ GER<X<\( X:A "E[G?(R ]:E [R(% @EQ(
(:\<EQ "??(% X:( ("[QQ(AX EQEAQ_ <A%<\<%[? GQEAE[AR R[": R M $N M@($N
Q(\(AX<EA QE=("X$ ]:<": Q(%["(% A% M_E[JN
R("EA% :(QX XX"> QX(R _ 77 G(Q; M:<R <R E[Q GQE?(@$N <R EA( E0
"(AX$ QX(% Q("E9A<`<A9 X:( :EE> E0 X:( @ERX (1("X<\( X:<A9R _E[ "A R_ XE
A9(Q R X:( R<A9?( @ERX (00("X<\( XEE? _E[Q RGE[R( <A "EA0?<"X$ ""EQ%<A9
0EQ "EAXQE??<A9 %@9<A9 E[X[QRXRJ XE (AA(X: <?\(RXQ<$ :$ GR_":EX:(Q;
MA9(Q @A9(@(AX <R ?<>( XE<?(X G<RX <A (]
(QR(_J M X G[XR _E[ EA
XQ<A<A9$N R_R ??A$ MRE@(X:<A9 "E@@EA 9QE[A%JN
]( R:E[?% (9<A (Q?_ <A ?<0( (0EQ( ]( <?\(RXQ< <R ?? E[X ":<(\<A9
9(X <A\E?\(% ]<X: RE@(EA(JN :Q@EA_$ :\<A9 GQ"X<"(% <><%E 0EQ
:<?( "EAXQE??<A9 E[X[QRXR E0 A9(Q <R Za _(QRJ ( (?<(\(R X:( @QX<? QXPR
[R(0[? Q(?X<EAR:<G R><??$ ?(QA<A9 :E] GQ<A"<G? E0 Q(%<Q("X<A9 X:( (A(Q9_ E0
XE Q9[( Q<9:X <R (\(A @EQ( "EARXQ["X<\(J A XX"> X:QE[9: 9Q"(0[? ?(A%<A9
9N-
&
9N+
'$& $&
9NJ
&
9NI
'$& $&
]:E ]X": X:(@ ?EA($N R_R RX[%_ 4QRXJ <A% \<%(ER X:X _E[ EX: 0((?
[X:EQ @A%
%%E^J :( EA?_ "E@0EQX?( ]<X:J E@(A X(A% XE
%<00(Q(A"( (X]((A G(EG?( ]:E Q(GEQX(% ( @EQ( QE[R(% _ 4?@R X:X :\(
A(\(Q ]X":<A9 (QEX<" A% X:ER( 9EE% QE@AX<" G?EX X:X X>(R <XR R]((X
]:E \<(] <X EA?_ ]<X: X:(<Q GQXA(QR X<@( XE (R( <AXE X:( R(^ R"(A(R$ A%
]R X:X X:( GEQA X((XEX?(QR :% ?E](Q <A"?[%(R ?EX E0 0EQ(G?_J <0X_;R<^
QX(R E0 <A4%(?<X_J G(Q"(AX E0 ]E@(A R_ R((<A9 @EQ(
QE@ G[Q(?_ G:_R<E?E9<" RXA%GE<AX$ Q(9[?Q EQ Q(?<RX<";?EE><A9 0(@?( E%<(R
]E@(A A% @(A GG(Q XE ( (K[??_ <A 4?@R ]E[?% @>( ]X":<A9 GEQA @EQ(
RX<@[?X(% _ GEQAJ ZaaU RX[%_ X (A=E_?( 0EQ X:(@J E$ ?EE> 0EQ 4?@R X:X
"<?? A<\(QR<X_ 0E[A% X:X EX: @(A [R( ]<%( A9?(R QX:(Q X:A 9(A<X?
A% ]E@(A RXQX(% %<RG?_<A9 QE[R? "?ER(;[GR$ ("[R( 0[?? E%<(R HA% 0"(R
]<X:<A Ya R("EA%R E0 X[QA<A9 EA X:( \<%(E <A GQX<"[?QI :(?G ]E@(A <%(AX<0_ ]<X:
G?_(QJ [X X:X %E(RAPX @(A "[<A9 [G A% 0((? ?<>( X:( X[QA(%;EA ]E@(A <A X:(
D; /*<(/< ]<?? ( (\(Q_EA(PR \<%(EJ :ER( ><A%R E0 4?@R X(A% XE (
"[G E0 X(J RX(R <A (QEX<" %<00(QJ A% @%( _ ]E@(A %<Q("XEQRJ :("> E[X
X:(Q( Q( GR_":E?E9<"? %E]AR<%(R XE EQA@E\<(R0EQ]E@(AJ"E@ 0EQ @E\<(R _
](<9:J
A_ @(A A% ]E@(A 0<A% GEQA A%<% E_??($ AA GA$ A% AA<(
X(QQ<?_ %(9Q%<A9 XE ]E@(A A% :[9( GQ<A>?(J Q XQ_ E@RXE"> <?@R$ ]:<":
X[QAE1J E@( E0 _E[ @_ 0((? X:Q(X(A(% 0(X[Q(R R(^ (X]((A "X[? "E[G?(RJ ?RE
<0 _E[Q GQXA(Q X[QAR EA GEQA \<%(E "EAR<%(Q 4?@R ?<>( ( -'/@ 2/,*/'
H@ AEX GQ(XX_ (AE[9:L @ AEX %E<A9 EQ *-,/ -C< _
Q< (XX_$ ]:<":
<X Q<9:XLIJ X":<A9 GEQA "A @>( 0(X[Q( ?(R<A R(^ A% ?EE> ?<>( FCZaR
EX: ]E@(A A% @(A 0((? <A%(K[X(J AE<Q 0<?@R ]<X: R?E]$ X(R<A9 R(^ R"(A(R
(@(@(Q$ E%_ <@9( / :\( A X:X ]E@(A @_ 4A% QE[R<A9J
<@G"X EA _E[Q R(^[? "E@0EQX ?(\(?-RE
_E[ :\( XE @>( R[Q( X:X _E[ A% _E[Q "84" IC5-"C
GQXA(Q ]EAPX 9(X XEE "[9:X [G <A X:( 0 _E[PQ( @QQ<(%$ %E _E[ Q(?<`( :E]
E%_ "E@GQ<REA A% =[RX R<X "> A% %<00(Q(AX _E[ ("@( 0X(Q _E[ 9EX
(A=E_ X:( R:E]J @QQ<(%L Q<X( %E]A ?<RX E0 Fa X:<A9R
E$ (0EQ( _E[ :[AX 0EQ GEQA ](R<X(R _E[ [R(% XE ?E\( XE %E (0EQ( _E[ 9EX
EQ :(% XE X:( %[?X \<%(E RXEQ($ :\( :<X":(%J E] @A_ E0 X:ER( "X<\<X<(R
X?>J (RR[Q( :<@ X:X _E[ Q( :GG_ X:X @%( [G _E[Q "EQ( (<A9 Q( _E[
]<X: _E[Q Q(?X<EAR:<G A% R(^ ?<0($ [X RX<?? %E<A9L 0 _E[ Q( ?<>( @A_ G(EG?( <A
]AX XE XQ_ RE@(X:<A9 A(] 0EQ <ARG<Q; ?EA9;X(Q@ Q(?X<EAR:<GR$ _E[P\( "[X <9
X<EA X:X _E[ EX: "A (A=E_ XE9(X:(QJ GQX E0 ]:X @%( _E[ 0((? \<X?-]:X
?> E[X ]:X ><A% E0 4?@ _E[P% EX: XXQ"X(% _E[Q GQXA(Q XE _E[ <A X:(
?<>( XE R((J 0X(Q ??$ _E[ ]E[?%APX 9E XE 0<QRX G?"(-Q<9:X E[X E0 _E[Q ?<0(J :_
X:( @[?X<G?(^ ]<X:E[X X?><A9 E[X <X AEX 4?? [G X:( X<Q(R EA _E[Q E?% QE%
9N&
&
<>(L 0 _E[ %EAPX :\( X:( X<@( XE 9(X ]<??<A9A(RR XE (^G?EQ( A(] X(QQ<XEQ_
"> <AXE X(AA<R EQ X:( R(AR( E0 %\(A; XE9(X:(Q-X]E X:<A9R X:X Q( R[Q( XE
X[Q( XE RXQX Q<\(Q Q[AA<A9 9<A$ 0<9[Q( >((G _E[ EX: (^XQ(@(?_ RX<R0<(% 0EQ
E[X RE@(X:<A9 A(] XE Q(<A\(AX _E[QR(?0J _(QR XE "E@(J
E[P?? <@@(%<X(?_ EERX _E[Q XXQ"X<\(;
A(RR XE _E[Q @X( ("[R( X:( A(]A(RR 4:38Q 84" 8QD
]<?? X<">?( X:ER( Q(R E0 :<R Q<A X:X Q<A9<A9 R(^ XE_ XE (% ]<X: _E[
9(X E1 EA AE\(?X_J "A E0X(A "QA> [G X:( :(X E0 R(^J
(A Q( X_G<"??_ (XX(Q X X:<R EAPX ]EQQ_# @ERX 9[_R ]EAPX (
Q(<A\(AX<EA 9@( X:A ]E@(A Q(J :XPR <AX<@<%X(% A% ]<?? 0<A% <X A <A"Q(%<;
]:_ <XPR "Q["<? 0EQ _E[ XE @>( A (1EQX ?( X[QA EAJ X[%<(R _ Q(R(Q":(QR
XE (^G?EQ( _E[Q GRR<EAR A% (?<"<X :<R X X:( (AX(Q 0EQ (^[? (?X:
:(?G <A ""E@@E%X<A9 _E[Q R":(%[?(J QE@EX<EA X A<\(QR<X_ E0 A%<A
ME@(A \E?[AXQ<?_ @>( @EQ( 0E[A% X:X 5Y G(Q"(AX E0 @(Q<"A
R"Q<0<"(R A% ""E@@E%X<EAR <A ]E@(A A% 75 G(Q"(AX E0 @(A :\( [R(%
@QQ<9($ (RG("<??_ <0 X:(Q( Q( ":<?%Q(A$N \<QXEQR %[Q<A9 R(^$ A% X:X X:ER(
R_R [9:AJ M\(AX[??_ X:X "A 0(RX(Q ]:E [R(% X:(@ Q(GEQX(% @EQ( GER<X<\(
<AXE Q(R(AX@(AX XE]Q% :(Q :[RA%$ R(^[? 0[A"X<EA A% RX<R0"X<EAJ
]:E R:( R((R R (<A9 R(?0;"(AX(Q(%JN (Q( Q( RE@( E0 X:( @ERX GEG[?Q
:( >(_ <R XE @>( :<@ ]Q( E0 X:X R(^ XE_R 0EQ ]E@(A#
%A9(Q$ (RX?<R: (K[<X?( %[X<(R <A * /??, ,/49
ERX ]E@(A
:E[R( A% 0@<?_$ A% (^G?<A X:X :\<A9 0<QRX 0E"[R X:(R( @?( RXA%;<AR EA
X:( 0Q((%E@ XE Q(<A\(AX _E[QR(?0 <R \(Q_ X:(<Q "?<XEQ<R$ G(A(XQX<A9 EA?_ R
<@GEQXAX XE _E[ A% _E[Q @QQ<9(J "?<@^ A(QR$ R_R <R ]?(RR$ :$
"E0E[A%(Q E0 X:( X<EA? RRE"<X<EA
0EQ (^[? ]Q(A(RR A%
@GE](Q@(AXJ
/ F/ :( (^ (XR * +?64C ?C,0F/C4>9 :(R( <ARXQ[;
(XX(Q \(Q <@( @(AXR E0 G?(R[Q( XQ9(X X:( RGEA9_$
H F/ :( (^ (XR R(AR<X<\( Q( <A X:( [GG(Q \9<A? ]??$
(XX(Q \(Q <@(- 0 E[ Z <A":(R 0QE@ X:( EG(A<A9J
(?G <X (X (XX(Q * ,C G,>C4>9 <X: X]E \<QX;
<A9 G(X?R R:G(% ?<>( R(X E0 :Q(PR
MR "E[G?(R 9(X XE >AE] (": (QR$ X:<R [9R;<ARG<Q(% XE_ Q[R EX:
EX:(QPR E%<(R$ X:(Q(PR Q(?<<?<X_ <A R<%(R E0 X:( "?<XEQ<RJ
R(^[? Q(RGEAR($N R_R \EAA( J * /??, G,>C4>9 :<R @[?X<RG((%
[?Q<9:X$ :$ 1./:< -@( "E?[@; @RR9(Q ?(XR _E[ 0E"[R EA _E[Q @ERX
A<RX A% [X:EQJ @<?<Q<X_ ?RE "A A(Q\(;Q<": (QE9(AE[R RGEX$ X:( "?<XEQ<R$
Q((% %((G(Q <AX<@"_ A% 9Q(X(Q ]:<?( R?E]?_ <A"Q(R<A9 X:( <AX(AR<X_J
9N7
'$& $&
* 84485
CC0-"
C83"4D 83N"!
R(% EA %<R"[RR<EAR ]<X: @EQ( X:A X:E[RA% "E[G?(R E\(Q X:( _(QR$
Q(AE]A(% @QQ<9( Q(R(Q":(Q
E:A EXX@A$ :$ :R G<AGE<AX(% X:( @ERX
"E@@EA @QQ<9( GQE?(@RJ 0 _E[PQ( @QQ<(%$ _E[P?? AE %E[X Q("E9A<`( @A_
E0 X:(R( RA9RJ [X ]:X @_ R[QGQ<R( _E[ <R :E] (R<?_ X:(_ "A ( [AXA9?(%J
,# I@# 841#E1MT 1G %GG%6M14 M8 M/% ,# I@# 46 G *6614 M%5=
GP%GG 8) 5EE1.%! G8 T8P 8M/ 5PGM %1#% T8PE .84G G 8P:4% ;/85%!
:E%G%6M P61M%# )E86M= PG6# 5PGM 844%.% )8E M/% 31#G! EG! QM186
G1#% R1M/ /1G R1)% 16 6T #1G.E%%5%6M' /85%! E%M1E%5%6M< 6# E%Q1%R M/%5
%Q%6 1) G/%CG RE86.=
85 5PGM E%.P4E4T= :%6 2816M 63 8P6M
P6#%EGM6# M/M /%E G86 1G /PG6# M8 56.% M/%G% E%G 6# #%:8G1M
*EGM! G86 G%86#= 7V :%E%6M 8) T8PE :T/%3 M/%E%=
/%6 8:%6 16#1Q1#P4 /%316. 8P6MG
)8E M/% E%51616. 9V :%E%6M 8) :T=
/1G 1G :%EG864 586%T M/M T8P 6
G:%6# /8R%Q%E M/% 8P6M 8R6%E
R6MG= 8 >P%GM186G G3%#=
9-V
&
9-9
'$& $&
85I.
8' 4R05- "P
:_ _E[ :\( R(^$ :E] E0X(A _E[ EQ9R@$ A% :E] ]<?% _E[ Q( ]:(A _E[PQ(
X(@GX(% XE 9(X <A (% ?? %(G(A% <A GQX EA ]:(Q( _E[ Q( <A _E[Q @(ARXQ[? "_"?(J
M:(A ]E@(A :(Q X:( ]EQ% @(ARXQ[?$ X:(_ X(A% XE X:<A> E0 "Q@GR A%
%<R"E@0EQX$N R_R <A 9%(A$ :$ [X:EQ E0 ( @B;/ 1# <*;J M[X X:(
:EQ@EA(R X:X <A6[(A"( _E[Q "_"?(-(RXQE9(A$ X(RXERX(QEA($ A% GQE9(RX(QEA(-
6["X[X( (": %_ A% 1("X _E[Q R(^[? (:\<EQ <A %Q@X<" ]_RJN A% ?X:E[9:
(\(Q_ ]E@A <R %<1(Q(AX$ >AE]<A9 ]:X ":A9(R _E[Q E%_ <R 9E<A9 X:QE[9: "A
:(?G _E[ G?A 0EQ @EAX: E0 [A(?<(\?( R(^J
7 M8R%4 86 M/% %# 8E M3% %0) %1 %%* $
0# 53F@51 "I@.3+ A#L= G/8R%E %)8E% T8P .%M PGT= %.$. "' 1./M G85% 6#4%G!
6 M/% *EGM #T 8) T8PE :%E18# :4T G48R MP6%G! 6# GM1G)T
T8PD44 )%%4 %SME8Q%EM%# 6# H %/ 8M/%E )E85 /%# M8 M8%=
84#! M/63G M8 E1G% 16 M/% 3"I1+# .3 A15K! A#3AI1 A#L;
)%%40.88# /8E586%G 8STM816! 8PDE% )%%416. .88#! %PG% G
M%GM8GM%E86%! 6# %GME8.%6= %GME8.%6 6# M%GM8GM%E86% 27#@ ,.2; @ GPE.% 16
8PE 411#8 G/8P4# % 5:%#! 86M16P% M8 E1G% M8#T= @GME8.%6 M%GM8GM%E86% 88GMG T8PE
M88! G8 15 )8E 44 M/% :4%GPE% 5.61*%G M/% *Q% G%6G%G! G8 86*#%6% 16 T8PE P6186 6#
T8P 6= 8560860M8: 1G 1#%4 31GG%G )%%4 58E% 16M%6G% 6# 53%G 6T 668T16. /1MG
%PG% T8PE 41M8E1G 1G %SME T8PE 56 4883G 58E% MMEM1Q% T8PE :EM6%E 5T /Q% G%%5
G%6G1M1Q% 6# T8P 6 86ME84 M8 T8P! 5316. G%S M8M4 516#0 4%GG .EM16.!A 1/M%E56 GTG=
M/% #%:M/ 6# 6.4% R/14% /% 8#T %S:%E1%6%!A GTG E1%44% 8 ME%M /15 M8 G:16%0M16.416.
41%G 3 6# %628TG M/% Q1%R= 1/M%E56! PM/8E 8) / 4* 5GG.%= /%E%DG 68 #8PM
) M/16.G .%M 5%GGT! M/E8R . %0) 4" 1"* %0. /%D44 E%MPE6 M/% )Q8E=
9-O
&
9-N
'$& $&
+ M%44 T8PE .PT %SM4T R/T T8P 56 #PE16. M/% *64 :PG/= 6%
,.30 5IFA."# F,# 5L; 8PE E1./M 48Q% /15= %C44 %M 1M P:= :8M%6M14 :E84%5 8P 5T
E16 1G )58PG )8E .1Q16. T8P 4G8 /Q% R6#%E16. %T%=
E%M1Q% 1#%G! 6# M8#T M16T B 1%6M1GMG GT R85%6 )6MG1U%
4%Q%4G 8) E1G16. %GME8.%6 6# M3 I7 M5I@ A#L "@.J#A; 8PDE% 8PM 8M/%E 5%6 9JV :%E%6M
M%GM8GM%E86% 88GM M/% 8##G GM144 /MMT #P% M8 %4%QM%# %G0 58E% 51#T4%'T%M M/% GMP#T
T8PC44 PG% M/1G G1#% 8) T8PE 516#= ME8.%6 4%Q%4G! 6# G 6 ##%# PM/8EG )8P6# M/M R85%6 161M10
@8PCE% :M M8 )%%4 58E% 15.10 :%E3! @T8PE %6%E.T R144 G3T0 M% G%S R1M/ M/%1E :EM6%EG 48M
6M1Q% R/%6 1M 85%G M8 E160 E83%M!A 1/M%E56 GTG= 16% 58E% #PE16. M/1G M15%! M88=
GM8E516. 8E 5316. #%1G186G!A .PTG E% 8)M%6 EE16. M8 .8 16
1/M%E56 GTG= 8PE E%M1Q1MT M/% 58E616. ;M/%1E M%GM8GM%E86% 7)&7C
R144 G:144 16M8 M/% %#E885! M88= 4%Q%4G :%3 16 M/% =5=<! M3% FM 533#F#"; %485% M8
#Q6M.% 8) T8PE %SME #E%60 E%0
;M/163
PM
) 416% 6# /8: 16 M/% G/8R%E= G/8EM%E 6# 4%GG 16M%6G%<=
#F 527#F.F.J#; 8#T %GME80 1G16. 4%Q%4G 8) 68E#E%6416
.%6 6# M%GM8GM%E86% R144 P $ 6# #%41616. 4%Q%4G 8) M%GM8G0
16E%G% %Q%6 58E%= %GM8GM%E0 J# =I.0.#;
6T R85%6 M%E86% 6# %GME8.%6 5T 53%
86% 53%G T8P 85:%M1M1Q%= E%)E16 ;P66%%GGE14T< )E85 T8P 1EE1MM%# 6# 2%48PG R/%6
G% M/M 84# GME%3 M8 /Q16. G%S P6M14 M/%1E :%E18#G T8PE .PT #E884G 8Q%E E4%MM
/44%6.% /15 M8 6P./MT E% *61G/%#=
3% P: )8E 48GM
8/6GG86= MCG 1848.14
.5%! GP/ G GME1: :83%E= M15% T .%MM16. PGT 16 M/% PE16. #TG 9O M/E8P./ O9!
) T8P R16! G8 #8%G T8PE 411#8 51##4% 8) M/% )M%E6886! 8E :P44 R85%6 E% GP:%E MMT R/%6 1M
8E#16. M8 GMP#T :P41G/%# /15 16M8 6 %5:MT E885 #PE16. 85%G M8 2P#.16. M/% ::%E0
16 M/% 28PE64 1%"0. %$ $ :EMT )8E G85% 16GM6M M186= 6%G 8) 8M/%E R85%6= @Q84P0
0#$ 1 %) 86>P%E16. M186E14T G:%316.! R/%6 )%EM14%
.PT %4%QM%G T8PE M%GM8GM%E86% 5&7+ R85%6 R%E% 85:%M16. )8E
4%Q%4G T -7 :%E%6M! 5316. .LF# 53 ,.2; 8PD44 GMEM .%M0 5M%! E1M11U16. 8M/%E )%54%G
T8P %Q%6 58E% 58E8PG= M16. 1. 88GM 8) %GME8.%6 5T /Q% /%4:%# M/ /15!A
6# M%GM8GM%E86% #PE16. M/%G% GTG 4%# GMP#T PM/8E
ET0
C J #TG! 5316. T8P %G:%144T 66% 1G/%E! /! :E8)%GG8E 8)
53" K.F, M5I@ +IM; T 68R! T8P ,1EMT= 8PE Q81% %Q%6 %85%G :GT/848.T M 16M
ETDG
G/8P4# % )%%416. 45! EM1864! /1./%E :1M/%# #PE16. M/1G M15%! 61Q%EG1MT 16 41)S! 8Q
6# E%5E34T 4%E0/%#%#= 8E#16. M8 E%G%E/ 860 8M1= P6% 8PM 8M/%E R85%6
@GME8.%6 .%MG 68M/%E 88GM! #PM%# T M/% 61Q%EG1MT 8) 40 T /8416. P: M8.%M/%E R1M/
5316. T8P G814 6# EM1P0 1)8E61! 8G 6.%4%G= %PG% M3%8PM 6# 8MM4% 8) R16%=
4M%!A GTG
%# 1586#! /! 3 16 Q%56 #TG! /81%G
PM/8E 8) )) ." " 16 5%6 R%E% 4151M%#! 6# 86% 7B
4$)%#' 8 M3% #Q6M.% 8QP4M186 8PEE%#! R85%6 J# A515 A#L; 6 8E#%E M8
8) T8PE RT R1M/ R8E#G 6# 6%%#%# 8T RT M8 G6. 85M M/% #1: 16 %GME8.%6 6#
9--
&
3
75&HR M8: 8) /15=A /%6 %628T M/% E1#%= HC&H$
0# @#0; @8E M/%G% MR8 53=I#@ 3#K F#@@.F5@M; 8PE
#TG! T8PE PE.% M8 6%GM 6# HG&H+ 88G 5T /% ;M%44 T8PE .PT
P6R16# 5T % GME86.%E #F F,# 255"; /M 16%Q1M4% /6#G 8)) M8#T<! PM @T8PE
%PG% :E8.%GM%E86% 4%Q%4G M15% 8) 58#%EM% 51G%ET /G %6#85%ME1P5 86M16P%G M8
2P5:! #5:16. T8PE #%G1E% 85%
= %41616. 4%Q%4G 8) M/13%6! GM15P4M16. T8PE 6%EQ% %E%6M.% 8)
#1Q8E%# 5%6 6#
M8 G8141U%!A 1/M%E56 :E8.%GM%E86% 6# %GME8.%6 %6#16.G #8R6 %48R! R/1/ 160 R85%6 GT M/%1E
GTG= /T 1G :E8.%GM%E86% )E85 #TG ON M/E8P./ O& 6 E%G%G T8PE 411#8 G1.61*6M4T!A 5EE1.%G E83%
GP/ #8R6%E? 8E#16. M8 53% T8P R%%:T'8E 1M/T= 1/M%E56 GTG= 16% E%M1Q0 P: %PG% M/%T
.E#P44T .E%R
1/M%E56! 1M #E16G T8PE ) T8PCE% 68M )%%416. :GT/%# 1MT 1G M 6 440M15% /1./! 1MCG M/% :EM= 64T 8PM
%6%E.T! 48R%E16. M/% E1G3 M/M 8PM T8PE 8#T E1./M 68R :%E)%M M15% M8 #1G8Q%E 6%R OV :%E%6M 8)
T8PC44 .8 8PM 6# #5.% ;48M 6 #8 M/M M8 .1E4<! R%E %E8.%68PG U86%G= S:%E15%6M 8P:4%G GT 6
%SME5E1M4 ))1E
T8PE PM%EPG 16 G% )%EM141U0 T8PE /8MM%GM 416.%E1%! #15 M/% R1M/ QE18PG MT:%G 8) M8P/ 86 RG %Q%6 :EM144T
M186 /G 8PEE%#= 41./MG! 8E #8 R/M%Q%E 1M M3%G M8 T8PE )Q8E1M% 8#T :EMG= M8 45%=
9-+
#,
$#+' %*&
!
& .*& ,. )&*
*&
) +
#+
I D84"
GE<AX <A _E[Q :<9: R":EE? "Q((Q$ RE@( A9?<R: X(":(Q
GQE?_ 0EQ"(% _E[ XE Q(% ( ;-@ @@;J
E _E[PQ( ?Q(%_ 0@<?<Q ]<X: X:( "EA"(GX E0 X:<R
":GX(Q# X:X ?EA9 X:( ZU;GE<AX R(K[(A"( E0 X:(
?G:(X X:(Q( Q( @A_$ @A_ R(^[? XE[":RXEA(R$
A% AEX ?? E0 X:(@ Q( MJN A 0"X$ EA"( _E[P\(
"E\(Q(% X:( R E0 R(^-0QE@ X:( GQX E0 X:( Q<A
X:X "A <AX(Q0(Q( ]<X: EQ9R@ H<X RXQXR ]<X: I
XE X:( (RR(AX<? @<A(Q? @A %(G?(X(R ]<X: (\(Q_
"?<@^ H_(G$ X:X EA( RXQXR ]<X: I-_E[ @_
:\( 9Q(X(Q [A%(QRXA%<A9 E0 X:( ]EA%(QR E0 X:(
:[@A E%_$ R ](?? R X:( :[@A @<A%J A% ](
9[QAX(( X:( A(^X 0(] G9(R ]<?? ( K[<X( <X (R<(Q
XE Q(% X:A X:A<(? ]X:EQA( (\(Q ]R/
9-7
9+V
/:8I
(^X$ R:( X[QAR QE[A% RE :(Q
"> <R XE :<@ A% R:(PR 0"<A9 :EQX 0EQ AX(Q<EQ EQA<^
:<R 0((X$ A% R:( Q(G(XR X:( QE9(AE[R HI `EA($ X:<R <R
RK[((`<A9 A% X:Q[RX<A9 R(AR<X<\( Q( ?E"X(% @<%]_
R(K[(A"(J <A??_$ R:( Q(X[QAR (X]((A ]E@APR "(Q\<^ A%
XE 0"<A9 :<@ A% RK[((`(R ]:<?( ;RGEX EA X:( 0QEAX ]?? E0 X:(
4Q-!3 Q<%<A9 Q:_X:@<"??_ [G A% \9<AJ XQE><A9 X:<R :<9:?_
?@EA%;R:G(% RXQ["X[Q(R %E]A EA :<R G(A<RJ R(AR<X<\( RGEA9_ Q( "[R(R
%((G <A X:( Q<A X:X "EAXQE? ?@ERX <@@(%<X( ?[Q<"X<EAJ
X:( (@EX<EA? GQE"(RR<A9 DD"CI0N"5"DD E Q(": <X$ <AR(QX ?[(% 4A9(Q
R_RX(@ E0 0(Q A% A^<(X_J (<A9 @EQ( R(^[??_ RR(QX<\( <AXE X:( \9<A R 0Q R <X ]<??
A EQ%(Q XE ("E@( QE[R(%$ <A ?E\<A9 ]_ "A @>( _E[Q "E@0EQX?_ 9EJ [ 9(AX?_ [R<A9
_E[ H]E@(A (RG("<??_I A((% GQXA(Q 0((? %(R<Q(% A% A((%(%- X:( ?(A9X: E0 X:( 4A9(QJ E[P??
XE GE](Q %E]A X:( @_9%? <9 X[QA EA 0EQ :(Q$ A% (RG(; >AE] _E[PQ( X:(Q( ]:(A R:(
A% Q(?^$ R:(?\<A9 X:( ]EQQ<(R "<??_ 0EQ :<@-<0 _E[ Q( AEQ@??_ RXQXR XE 9(X ](XJ E] XQ<G?( X:(
A% ER(RR<\( X:E[9:XR E0 GRR<\( E[X R(^J ME@(A Q( R(ARX<EA# <AR(QX EX: <A%(^ A%
X:( %_J A( E0 X:( (RX ]_R XQ%<X<EA??_ @EQ( R[@<RR<\($ @<%%?( 4A9(Q A% RX<"> E[X _E[Q
XE %E X:X <R XE %Q] RX(@_ RE R]<X":<A9 XE @EQ( %E@<AAX X:[@J XP?? G[?? _E[Q 4A9(QR @EQ(
X: E[X A :E[Q (0EQ( QE?( "A Q(> _E[ E[X E0 R(^ RA[9?_ 9<ARX X:( \9<A?
:\<A9 <AX(Q"E[QR( XE "?@ Q[X$N R_R "?<A<"? R(^E?E9<RX A ]??R$ RX<@[?X<A9 EX: ;RGEX
_E[Q A(Q\(RJ <RX(A<A9 XE (QA(Q$ :J ME[ %EAPX :\( XE A% ;RGEX R<@[?XA(E[R?_J
_E[Q 0\EQ<X( REEX:<A9 @[R<" %EA ?(X:(Q A% ]<(?% ]:<GS =[RX
]:<?( <A X:( X: :(?GR$ XEEJ %E<A9 RE@(X:<A9 _E[Q GQXA(Q 3I80!
X[%<(R :\( R:E]A X:X %E(RAPX (^G("X-?<>( <A<X<X<A9 R(^ G<"( [G EQ? R(^ _ R["><A9 EA
:(Q<A9 @[R<" _E[ >AE] _ R REEA R :( ]?>R <A X:( %EEQ- A (^XQ;RXQ(A9X: @<AX ?E`(A9(
:(QX XQ<99(QR %((G Q(?^<A9 ]<?? @>( X:<A9R :EXX(QJN ((% (0EQ( _E[ RXQE?? %E]A (?E]J
G:_R<E?E9<"? Q(RGEAR(J RE@(X:<A9 <X X@(Q XE RXQX E1
]<X:L :(A XQ_ X?><A9 E[X R(^J 53 3Q
C8L5! I." 8C3! ("(AX RX[%<(R :\( 0E[A% X:X :( GQ"X<"( E0 A? R(^ :R ((A
R(^ R(K[(A"( <A X:( ]E@A; ]E@(A ]:E X?> E[X R(^ ]<X: QE[A% 0EQ "(AX[Q<(R$ A% XE%_
EA;XEG GER<X<EA X:X RX<@[?X(R X:(<Q GQXA(QR :\( A (R<(Q <X <R @EQ( "E@@EA @EA9 :(X(QE;
@[?X<G?( Q(R E0 :<R A% :(Q X<@( ":<(\<A9 EQ9R@ A% Q( R(^[?R X:A EA( @<9:X X:<A>J
9(A<X?<J :( RXQ%%?(R :<@$ @EQ( RX<R4(% ]<X: X:(<Q Q(?X<EA;
A_ "E[G?(R 4A% <X XE ( :<9:?_
0"<A9 :<@$ A% RK[((`(R :(Q R:<GR X:A X:ER( ]:E >((G K[<(XJ (A=E_?($ GQX?_ ("[R( X:( Q(
@[R"?(R QE[A% :<R R:0X ]<X:; A(Q X:( Q("X[@ <R R(AREQ_;Q<":
E[X A_ [G A% %E]A @E\(@(AXJ \(A[( ]<X: ?E%R E0 A(Q\( (A%<A9R
:(A R:( (9<AR @E\<A9 [G A% "?ER( XE X:( R[Q0"(J (^[?
%E]A X:( R:0X 0EQ A<A( R:??E] "EAX"X "A ( ?<@<X(% XE X:(
X:Q[RXR A% EA( %((G X:Q[RXJ E[X(Q Q( EQ <A\E?\( G(A(XQX<EA
9+9
& ' & &&# *
G(ARX(J ?[R$ ]:(A _E[ "APX .,1) > 4" C,/?9 _
R(( ]:X ]<?? :GG(A A(^X$ XX(A%<A9 XE X:( 4A(Q GE<AXR-
X:( AX<"<GX<EA "A ( GQ(XX_ 0Q(R: A<? GE?<R:$ R@EEX: ?(9R$
(^"<X<A9J Q_ X:( G%%(% ?(X:(Q ](??;4XX<A9 Q-_E[ R(A%
?<A%0E?% 0QE@
_?(R[Q(J"E@J X:( @(RR9( XE _E[QR(?0 A%
APX ]<X 0EQ (%^L :(A "E\(Q EX:(QR X:X _E[Q E%_ <R ]EQX:
35" 33 :<R EQ :(Q (_(R ]<X: X:( R:<QX X:( (1EQXJ
:X <9 E[A"_ RX<?<X_ ?? _E[ ](Q( =[RX ](Q<A9J ME[Q
H?RE "??(% ]<RR ??I EA ]:<": AX[Q? R"(AX <R :[9( G:QE%<; 8!Q 4-"
_E[ %E _E[Q R (^(Q"<R(R "A ( R<"$N R_R :QEA
E?(@$ :$ E%_ <@9( "EQQ(?X(R ]<X:
G[X XE R(^<(Q [R(RJ <X EA <X 0EQ EQ? [X:EQ E0 1D E 1;,<5 :E] <A:<<X(% G(EG?( 0((? <A (%$
R(^J <( EA <X XE R@G?( %<1(Q(AX A% X:XPR (RG("<??_ XQ[( 0EQ
GER<X<EARJ ( "Q(X<\(J ]E@(AJ E[G?(R "A <@GQE\(
9+O
9+N
& ' & &&# *
XE9(X:(Q %E]A X:( RXQ((X EA <A AX<"<GX<EA E0 <X$N R:( R_RJ
X:( ]_ XE X:( 9_@J M XPR 9<0X M
A_ 0((? @EQ( "E@0EQX?(
XE "E@G?<@(AX :(Q E[XR<%( X:( Q("(<\<A9 EQ? R(^ ]:(A X:(Q( <R
(%QEE@$N R_R <R:(QJ ?<XX?( EQ AE :<Q XE 9(X <A X:( ]_JN
[X G[<" :<Q "A "X[??_ @>(
88IQ 33 X:( Q( @EQ( R(AR<X<\( XE X:(
EQ( X:A EA(;A<9:X RXA% XE[":J ME@( G(EG?( 4A% X:X 30I8C3 84:3"P
[X AEX (^"X?_ Q(?X<EAR:<G$ :\<A9 <X E0 :<Q XE 9(AX?_ X[9 EX X:X A(] E2"( GQ> <A
X:<R ?E];"E@@<X@(AX R(^[? EA 0((?R \(Q_ R(AR[? A% (X:(R%$ <XPR A(] RGEX E0
Q(?X<EAR:<G 4??R RE"<E?E9<"? (A:A"(R R(ARX<EAJN \9<A? G?(R[Q( Q("(AX?_ <%(AX<;
A<":( R "E@GQE@<R( (X]((A 4(% _ X:( R"<(AX<RXR ]:E ?EE>
@(APR A% ]E@(APR <%(? <AXE X:(R( X:<A9RJ E[ >AE] E[X
@X<A9 RXQX(9<(R$ ""EQ%<A9 X:( ;RGEX$ "E[G?( E0 <A":(R
9+-
.LC505-
(0(QR XE A[@(Q E0 \Q<X<EAR
EA X:Q[RX<A9 X(":A<K[( <A
]:<": :( :E?%R X:( R( E0 :<R
G(A<R A% X[QAR <X <A "<Q"?(R
<AR<%( :(Q \9<A R <0 ":[QA<A9
[XX(QJ AEX:(Q \(QR<EA <A\E?\(R
:E?%<A9 X:( R:0X E0 :<R G(A<R
A% Q[<A9 :<R 9?A%R E\(Q :(Q
"?<XEQ<R [AX<? R:( <R EA X:( \(Q9(
E0 EQ9R@J
[RX (0EQ( :(Q GE<AX
E0 AE Q(X[QA$ :( G(A(XQX(R :(QJ
82 05-
?RE >AE]A R "EARXQ<"X<EA
%(\<"($ <XPR [R[??_ @%( E0
A (?RX<" @X(Q<? X:X "XR
R @<?% XE[QA<K[(X XE R?E]
?EE% 6E] E[X E0 X:( G(A<R A%
:(?G @(A ":<(\( ]<%(Q$ RXQEA;
9(Q$ A% ?EA9(Q (Q("X<EA-]:<":
X:(A <AX(AR<4(R EQ9R@J X "A
<AR<%( X:( 0QEAX E0 X:( \9<AL X:( R<%(R E0 X:( \[?\$ ]:<": ( ]EQA QE[A% X:( R( E0
(??$ Q(A": Q(R(Q":(QR @_ (^G?<AR ]:_ (^X(Q<EQ RX<@[?X<EA X:( G(A<R EQ RXQ(X":(% E\(Q X:(
:\( 0E[A% E[X ]:_ XE[":<A9 X:X "A ( RE QE[R<A9J X(RX<"?(R XE Q(RX (X]((A X:(
RGEX 0((?R RE %QA 9EE%# _E[ @_ R"QEX[@ A% X:( E%_J ]EQ%
"X[??_ ( RX<@[?X<A9 X:( QEEX /I03" "CN" 0"CD E0 "[X<EA# X(RX<"?( "[1R A% "E">
E0 X:( "?<XEQ<R X:QE[9: X:( \9<A? :( E%_ <R Q<@@<A9 ]<X: X:(R( Q<A9R R:E[?% ( Q(@E\(% ]<X:<A
]??J (GEQX<A9 <A X:(
1B;/- G?(R[Q?( A(Q\(R$ (RG("<??_ Za @<A[X(R EQ REJ ??<A9 R?((G
1# EB-
**/ X:( R"<(AX<RXR EA X:( 0EQ(Q@RJ Q<X<R: Q(R(Q":; ]:<?( ](Q<A9 EA( "A "[R(
R_ [?XQRE[A% X(RXR Q(\(?(% X:X (QR R_ X:X ]:(A X:(R( A(Q\(R A[@A(RR$ GQ<GQ<R@$ EQ (\(A
X:( "?<XEQ<R <R Q(??_ M"?<XEQ? Q( RXQE>(% =[RX Q<9:X-]<X: X:( G(A<?( 9A9Q(A(J
"E@G?(^$N AEX =[RX X:( R@?? [% ?<9:X GQ(RR[Q( E0 G<AX(QPR
_E[ "A R((J X ?RE (^X(A%R ?EA9 Q[R:RXQE>($ X F XE Fa "(AX<@(X(QR
9++
85!84D I." "DI
(^ Q(R(Q":(QR X X:( <AR(_
ARX<X[X( R>(% Ya "E[G?(R XE
X(RX R?(] E0 %<1(Q(AX "EA;
%E@RJ :(<Q Q(R[?XR "A :(?G
_E[ 4A% X:( Q<9:X EA( 0EQ _E[
A% _E[Q GQXA(QJ
?C //+>4F1
EQ( X:A X:<Q% E0 GQX<"<;
GAXR QX(% <X R X:(<Q 0\EQ<X(J
XPR R:G(% ?<>( R(??
X HXE ??E] @EQ( @E\(@(AX
<AR<%(I$ ?[Q<"X(% <AR<%( A%
E[X$ A% :R X]E R(XR E0 Q<RJ
(RX(QR R<% <X 6(^(% ](??$
X:( ?[( ]R ?EA9;?RX<A9$
A% X:( ]E@(A ?E\(% X:( Q<RJ
F#" ,.+, &5@ "E@0EQX$ 0[A
F#" 15K &5@ AX[Q? 0((?
9+J
0EQ EX: 0((?<A9 AX[Q? A%
:(?G<A9 XE @<AX<A A (Q("X<EAJ
F#" ,.+, &5@ "E@0EQX
F#" 15K &5@ :(Q G?(R[Q(
4?C ?F>6>,?,1)
8L3" C8I"I085
XR ?Q9($ RG<Q?;R:G(% :(% R<A9 X]E 0EQ@R E0 <QX:
X]<RXR A% X[QAR %[Q<A9 R(^$ "EAXQE? @_ @>( R(^ X]<"(
"Q(X<A9 0Q<"X<EAJ (RX(QR R<% R 9EE%J :( <AR(_ ARX<X[X(
<XPR M"EQ>R"Q(]?<>( "X<EAN X:X 0E[A% X:X ]E@(A ]:E [R(
M0(?X ?<>( "E@G?(X(?_ %<1(Q(AX :EQ@EA? "EAXQ"(GX<\(
(^G(Q<(A"(JN G?[R "EA%E@R Q(GEQX :<9:(Q
F#" ,.+, &5@ 0[A E\(Q?? R(^[? RX<R0"X<EAJ
F#" 15K &5@ <?<X_ XE @<AX<A (R(Q":(QR (?<(\( X:X
A (Q("X<EA$ AX[Q? 0((? ]:(A ]E@(A Q( ?(RR ]EQQ<(%
E[X GQ(9AA"_ A% R$
L550305-LD X:(_ "A Q(?^ A% (A=E_
X @ERX$ EA?_ 7Y G(Q"(AX E0 X:(@R(?\(R @EQ(J
]E@(A "A "?<@^ X:QE[9:
<AX(Q"E[QR( ?EA(S @ERX ?RE
A((% %<Q("X "?<XEQ? RX<@[?X<EA$
R (\<%(A"(% _ X:( 0"X X:X
<X X>(R ]E@(A A \(Q9( E0
EA?_ 0E[Q XE R<^ @<A[X(R XE
"?<@^ ]:(A X:(_ @RX[QX(
A% Fa XE Za %[Q<A9 <AX(Q"E[QR(J 48I0853
RR[Q( _E[Q GQXA(Q X:X 9E<A9 5I"330-"5"
%E]A EA :(Q X[QAR _E[ EA$ A% E@(A ]:E Q( <A XE[":
4?C 1CF>/ "/ "EAR<%(Q X:( \<QX[( E0 X:( 6X$ ]<X: X:(<Q 0((?<A9R R ](?? R
RX<?? XEA9[($ ]:<": R:( "A @E\( R(AR<X<\( XE EX:(QR Q( X]E
:( "E@GA_ %(R"Q<(R <X 9<ARX XE "?<@^J A% :?0 X<@(R R ?<>(?_ XE
R MR[G(Q X:<AN A% R_R <XPR EQ9R@ R ]E@(A ]:E Q(APX
R:G(% XE ( R?((> A% 0((? ?(RR R (@EX<EA??_ <AX(??<9(AXJ
?<>( "EA%E@J (RX(QR "EA;
4Q@(% <X# M X 0(?X \(Q_ "?ER( XE C8I0 0I"CILC"
R(^ ]<X:E[X "EA%E@$N EA( A(> E\(Q XE X:( (QEX<"
]QEX(J X ]R ?RE X:( EA?_ R("X<EA E0 X:( EE>RXEQ(J
"EA%E@ X(RX(QR R<% ]R (RX [Q":R( 0(] "EG<(R A%
9+I
& ' & &&# *
Q((A"X RE@( GQX<"[?Q?_ ]_ XE "?<@^J R X:( R[=("XR 6N 6 /M# 66" 66F
?<X(QQ_ R"(A(RJ :("> E[X @ 0AXR<`(% <A ?$ R(\(A
6; 4" :1448Q 86 S8MC 4: 6
C *GG-*/' E @1;*R _ (^:<<X(% X:( (^"X G:_R<"?
8P"C 1J Q1J/ /6 J8Q"4= "DJ
?<REA _?(Q$ ( -, Q(RGEAR(R "[R(% _ :A%R;EA /1D 8C /"C C1./J )88J 86 J/" :1448Q=
;*R _ (QQ< :QG$ B*/' RX<@[?X<EAJ A"E[Q9<A9 41 " S8MC :45 M6 "C 6 DM::8CJ
@( *'(-/; _ @@ _E[Q GQXA(Q XE 0AXR<`( J/" /""4 Q1J/ 86" /6 = D" S8MC
<?%(R$ A% 1 1@ *<@B; @_ ( %<2"[?XS RX[%_ _ 8J/"C /6 J8 ."6J4S C8JJ" /"C )88J
1@- E @1;*< (%<X(% _ X:( A<\(QR<X_ E0 (Q@EAX J/C"" J15"D 483Q1D" 6 J/C""
":(? Q@(Q [RR(?J R:E]R X:X A(Q?_ Z5 G(Q"(AX J15"D 8M6J"C483Q1D"= /1D
E0 G(EG?( 0((? 9[<?X_ E[X X:(<Q 16C"D"D ,"R1141JS 6 488 ,8Q
DSD "CJ1*" 5DD." J/"C:1DJ
0AXR<(RJ A( ]_ XE G?AX
X:( <%( E0 0AXR<`<A9 <A :<R EQ
1/"44" 16=
:(Q @<A% <R XE X(?? _E[Q GQXA(Q H; "JMC6 J/" )88J J8 S8MC 4:=
_E[ :% ]<?% %Q(@ E[X 8Q :MJ 8448: 8) 581DJMC1T"C
:<@ EQ :(Q$ X:(A G?_ "E_J ;M6D"6J" MC1 "C5 Q8C3D .C"J<
>( _E[Q GQXA(Q GQ_ <X E[X 86 "/ 8) S8MC J/M5D ")8C"
5ID0R05- E0 _E[J E[ @_ RGQ> RE@( :416. J/"5 J J/" "6J"C 8) J/"
[Q\(_R R[99(RX X:X @(A <AX(Q(RX A% ?(QA X:X :( EQ C/= ::4S 41./J :C"DDMC" 6
CM D14P"C0 844C0D1T" 1C4"D Q1J/
0AXR<`( E[X R(^[? (A"E[A; R:( :R :% 0AXR<(R$ XEEJ
S8MC C1./J J/M5 58P16. 483Q1D"
X(QR E[X X]<"( R E0X(A R Q(R(AX<A9 _E[Q 0AXR<(R R
6 S8MC 4")J 8M6J"C483Q1D"=
]E@(A %EJ [X <X "A ( EA( E0 %Q(@ \E<%R @><A9 _E[Q 8 J/1D )8C KU D"86 D=
X:( @ERX (1("X<\( ]_R 0EQ GQXA(Q 0((? R <0 :( EQ R:( <RAPX
]E@(A XE X[A( <A XE R(^[? RX<R0_<A9 _E[J G;
8P" 86 J8 J/" J8"D= D" S8MC
(^G(Q<(A"($ R_R (QA(Q$ J/M5 6 16 "R *6."C J8 41./J4S
("[R( <X :(?GR MX[QA E1 X:( 88I L D>M""T" "/ J8" ".16616. Q1J/ J/"
1. 86" 6 "6 16. Q1J/ J/" :1631" J8"=
GQXR E0 X:( Q<A RRE"<X(% :(A _E[ @RR9( X:( Q":(R
/"6 MD" 2MDJ S8MC J/M5 J8 53"
]<X: RXQ(RR A% A^<(X_JN H(( E0 :<R EQ :(Q 0((X$ _E[ RX<@[?X(
D544 483Q1D" 1C4"D "6"J/ "/
@_9%?JI A 0"X$ 0AXR<`<A9 E[X Ya <A":(R %[( AEQX:J J8" )8C 9U D"86 D 58P16. )C85
<R GE](Q0[? (AE[9: XE XQ<99(Q M:( 0EEX;R(ARX<EA Q( E0 X:( :163S M: J8 1. J8"=
EQ9R@R <A RE@( ]E@(AJ Q<A <R Q<9:X A(^X %EEQ XE X:(
A RX[%_$ (\(Q?_ :<GG?($ "?<XEQ? A% G(A<?( Q(9<EA$N R_R *; JCJ16. J J/" 44 8) J/" )88J
:$ "E;[X:EQ E0 ( */ A<(? J @(A$
$ [X:EQ
53" 1C4"D Q1J/ S8MC J/M5D ;C1./J
483Q1D" 4")J 8M6J"C483Q1D"< 6
1# ;'<. ?EA9 ]<X: "E?; E0 ( ;*/ */ 1C5
58P" 8Q6 16. :C"DDMC" D S8M
?(9[(R (A 9%(A$ : A% 6"C J/" /""4= 161D/ M: S MD16. S8MC
QQ_ E@<RQ[>$ :$ @EA<; J/M5 6 51 4" *6."C J8 ."6J4S
XEQ(% X:( ?EE% GQ(RR[Q($ :(QX D>M""T" J/" /8448Q C" "48Q J/"
QX($ G[G<? %<@(X(QR$ A% G<A 634" )8C 8MJ 9U D"86 D= /1D 1D J/"
XE?(QA"( E0 Fa ]E@(A ]:E M4J15J" "C8."68MD T86" DSD 16=
"?<@(% X:(_ "E[?% X:<A> X:(<Q ":"J 44 J/" DJ":D Q1J/ J/" 4")J )88J=
9+&
9+7
& ' & &&# *
X:( (A(4XR E0 X:( G<??$ 0QE@ RX<A XE MXEQX[Q(N _E[ ]<X: ?<9:X
(Q@A G:Q@"([X<"? "E@; EA%9( [AX<? _E[ 9<\( <AJ
GA_ E(:Q<A9(Q A9(?:(<@$ %<%
AEX E[X](<9: X:( R<%( (1("XR$
]:<": <A"?[%(% 0X<9[($ %(GQ(R;
R<EA$ A% 0<AX<A9 RG(??RJ
4"D
8C")5-"C
ERX R(^ 9@(R Q( ":((R<(Q
:<?( :(PR <AR<%( _E[$ <AR(QX X:A Q0X EE%R "EA\(AX<EAJ
EA( E0 _E[Q 0EQ(4A9(QR ?EA9R<%( [X$ ]<X: X:( Q<9:X XX<X[%($ 5!/
8
:<R G(A<RJ :<R ]<?? :(?G _E[ _E[ @<9:X 4A% X:X @>(R X:(@ X<@[?X<A9 @A XE EQ9R@
":<(\( X:X 0[??(Q 0((?<A9 _E[PQ( ?? X:( @EQ( 0[AJ [R<A9 EA?_ _E[Q :A% <R G?(R[Q(
0X(QJ A% :( ]<?? (A=E_ X:( (^XQ X:X EA?_ R((@R XE :GG(A X X:(
X(^X[Q( XE Q[ 9<ARXJ /??, [@GR A% Q<A%RJ (9<AA<A9 E0 Q(?X<EAR:<G (0EQ(
Q<A><A9 A% RXQ<GG<A9 EQ% "E[G?(R 9(X XE X:( G(A(XQX<EA
3"D.30-.I 9@( 0EQ X]E XE R<^ G?_(QR$ RX9(J :_ AEX Q<A9 X:( :A%;=E
@RX[QX<EA R?((\( 0EQ @(A "<Q" FCUTJ "> R GQX E0 0EQ(G?_ EQ R X:(
R:G(% ?<>( EA( E0 X:ER(
9?<X(R @<A (\(AXL E@( <%(R EA :E]
@?? R("[Q<X_ 9[Q%R "QQ_ QE[A%J > :("> E[X %[?XR(^_9@(RJ XE 9<\( 9[_ :A% 0QE@ Q"(_
ARX(% E0 [?$ <XPR 4XX(% ]<X: "E@ 0EQ 0Q(( %E]A?E%?( 9@(R E^$ [X:EQ E0 ;@< 1# B2;)
Q[(Q_ G<A> MR><AN X:X Q(R(@; X:X _E[ "A G?_ ]<X: _E[Q <E2;@ HQ(@(@(Q XE ?[( 4QRX/I#
?(R X:( ?<GR E0 \9<AJ GQXA(QJ Q_ E@AX<" Q(R$
]:(Q( _E[ X>( X[QAR 6<GG<A9 E\(Q * /4H+6 4// AX(Q?E">
30CI \<QX[? "Q%R EA R"Q((A ]<X: R(^ _E[Q 4A9(QR ?<>( R>(X ?(\<A9
[RX ?<>( _E[ %<% ]:(A _E[ 4QRX XR>R 0EQ _E[ XE "E@G?(X(J :E?( (X]((A _E[Q X:[@R A%
@(XJ MQ(X(A%<A9 _E[ %EAPX >AE] 4A9(QR ?<>( X<9:X \9<AJ ((G<A9
(": EX:(Q ](?? X "QE]%(% 4Q@ 9Q<G EA :<R G(A<R <AR<%($
GQX_ [GR X:( (^"<X(@(AX 0"XEQ$N @E\( _E[Q :A% [G A% %E]AJ
9JV
* ,) :FK ?RG EA( CC G(Q"(AX Q(GEQX (<A9 RX<R4(%J [XQ$ ?EER(?_ XQAR?X(%$ @(AR
:A% 4Q@?_ QE[A% :<R :Q% Q("(AX GE?? E0 ;R R[9; X(":<A9RJ ?% X:E[9: <X @_
(Q("X<EA X X:( XEG E0 X:( 9(RXR X:X <XPR X:(<Q <QX: "EAXQE? ($ X:( . B@; <R 0Q 0QE@
R:0XJ E[Q 4A9(QR R:E[?% ( @(X:E% E0 ":E<"(J @EA9 X:( %X(%-]<X: 0(] AEX?( (^"(G;
A[%9(% [G 9<ARX X:( "EQEA Q(REAR# <XPR @EQ( 0EE?GQEE0 X:A X<EARJ A( <R X:( %\<"( 0EQ @(A
E0 X:( :(%J K[((`( 4Q@?_ 0EQ X:( G<??$ ]<X: 0<?[Q( QX( E0 EA :E] XE >((G ]E@(A 0QE@ 9E<A9
R("EA%$ X:(A Q(?(R( A% ?(RR X:A F G(Q"(AXJ :( G<?? RXQ_# GQ<A>?( GEX<EA @%(
Q(G(XJ XP?? 9<\( :<@ "E@G?(X(?_ <R EA?_ CZ XE C5 G(Q"(AX (1("X<\( E0 @EA>(_ %[A9 EA :(Q :(%J
%<1(Q(AX R(ARX<EA X:A X:( ]<X: X_G<"?$ AEX G(Q0("X$ [R(J :( @ERX 0@E[R GQX E0 X:( EE>$
X_G<"? R?<%<A9;:A% X(":A<K[(J :E](\(Q$ X:( (^X(AR<\( "E??("X<EA
E0 R(^[? GER<X<EAR$ <R RX<?? Q<9:X
* 4J 4FC [<?% 4Q( _ EA GE<AXJ (Q(PR EA( (^@G?(# :(
0Q<"X<EA/
[RX R "E[X QE??R <9:X ER<X<EA# :( ]E@A ?<0XR
RX<"> (X]((A :<R :A%R XE RXQX :(Q ?(9R [G A% "QERR(R X:(@ ]:<?(
4Q( ]<X:E[X @X": <A X:( :( <R <AR<%( :(Q$ "[R<A9 :(Q \9<A
]EE%R$ G?"( _E[Q G?@R EA (<X:(Q XE RK[((`( QE[A% :<R G(A<RJ E[
R<%( E0 _E[Q GQXA(QPR G(A<R A%
8Q 8' "P ." A% _E[Q GQXA(Q @<9:X ]AX
[R( QE??<A9 @EX<EAJ XQX X X:( <QRX G[?<R:(% <A FCTZ _ Q<X<R: XE G<"> [G "EG_ XE R@G?( RE@(
EXXE@ A% R?<%( [G X:( R:0X$ 9(QEAXE?E9<RX ?(^ E@0EQX$
$ A"<(AX A%<A ?E\<AP X(":A<K[(RJ
X:(A %E]A 9<A R _E[ QE??$ :$ (
1F 1# E 1B;.@
>((G<A9 "EAR<RX(AX Q:_X:@J B* @1 1C.,*/' <R ?A%; 0DD05- !N5"!
XQX R?E]?_$ X:(A <A"Q(R( RG((% @Q> R(^ EE> >AE]A 0EQ <XR (QEX<" %% AE\(?X_J <9:X?_ R["> A%
A% GQ(RR[Q( R :( A(QR "?<@^J R>(X":(R E0 R(^[? GER<X<EARJ A<?( :(Q ?E](Q ?<G ]:<?( R:(
RE0X?_ ><RR(R _E[Q [GG(Q ?<G$ X:(A
L44"C
R]<X":J XPR @E\( <??<@ A(
@E[X: @E\( <A ]:<": R:( G[XR "??R M?<G;E;R["X<EAN <A :<R EE>
:<R X(RX<"?(R <A :(Q @E[X: A% ( ;@ 1# *<<*/'5
:[@R ?<>( :[@A \<QXEQJ
/0=? HJ9 ]<G( @<AX ?<G
?@ EA _E[Q ><RR(Q (0EQ( G?AX;
4 LIC <A9 EA( EA :<@J M
(AX:E? XQ<99(QR
QE?_ X:( E?%(RX A% @ERX X:( E%_PR "E?% Q("(GXEQR$ A%
]<%(?_ Q(% R(^ EE>$ X:( . ]:(A X:XPR "E@<A(% ]<X: _E[Q
B@; ]R ]Q<XX(A RE@(X<@( ]Q@ Q(X:$ _E[P?? 0((? X<A9?_
QE[A% X:( 40X: "(AX[Q_ _ X:( R(ARX<EA 0QE@ _E[Q ?<GR RXQ<9:X
A%<A R?\( XR__AJ @ %E]A XE _E[Q 9(A<X?R$N R_R
A?_ Z G(Q"(AX E0 @(Q<"A Q(0(QR XE X:( A"<(AX Q(RGEAR<<?<; R(^E?E9<RX \ %(??J
]E@(A [R( A <AXQ[X(Q<A( %(\<"( X<(R E0 @(A <A X:(<Q QE?(R R :(%R
0EQ <QX: "EAXQE?$ [X E0 X:ER( E0 :E[R(:E?%R# G?(R[Q( A% ?E\(J
9J9
& ' & &&# *
R@EE": @<@<"R R(^ 0QE@ 0EQ(G?_ E<?;R(% ?[(RJ ?_"(Q<A;0Q(( XE
XE G(A(XQX<EA$ (9<AA<A9 ]<X: \E<% <QQ<XX<EAJ
XEA9[( (^G?EQX<EA <AR<%(
X:( @E[X:J M[ _E[Q XEA9[(R ?C "4> 0>C*41 ???,41?
XE9(X:(Q <A R@?? A% ?Q9( "<Q"?(R$
X:(A %QX X:(@ <A A% E[X E0 _E[Q <?<"EA( 0EQ@[? ?RXR R ?EA9
@E[X:R R <0 _E[ ](Q( :\<A9 8Q3IQ R _E[ %E A% A(\(Q 9(XR RX<">_$
<AX(Q"E[QR($N R_R %(??J E_?X_ XE _E[Q GQXA(Q <R [A?<>( ]X(Q;R(% ?[(RJ
"Q["<? XE RE?<% Q(?X<EAR:<GJ :( :A%;?E]A$ X?<A 9?RR
"-"3 P"C0D"D 0 X:(Q( Q( "EA6<"X<A9 ?E_?X<(R EXX?( :<%(R <XR A[9:X_ R<%(J
@(% 0X(Q %E"XEQ QAE?% XE GQ(AXR$ R<?<A9R$ EQ ":<?%Q(A
(9(?$ X:(R( (^(Q"<R(R XQ9(X _E[Q _E[P?? (9<A XE ](>(A _E[Q ?C "4> ?6J >4F?/
G[E"E""_9([R EQ @[R"?(J EA% R "E[G?( A% XQ(% X:( -
:(R( Q( X:( R@( @[R"?(R @(A R?<GG(Q_ R?EG( E0 R<%(;X><A9J :(R( ?[(R (A"E[Q9( ?EE% 6E]
A% ]E@(A X<9:X(A XE RXEG X:( ^G(QXR <A @QQ<9( A% RX(G; XE X:( "?<XEQ<R$ ]:<": Q(R[?XR <A
6E] E0 [Q<A(J ^(Q"<R<A9 X:(@ "A 0@<?_ "E[AR(?<A9 9Q(( X:X ]Q@<A9 A% X<A9?<A9 R(ARX<EARJ
<@GQE\( R(^[? 0[A"X<EA A% "Q(X<A9 X:( @ERX RX?( @Q;
(A:A"( EQ9R@J E ?(QA :E]$ Q<9( Q(K[<Q(R G[XX<A9 X:( A((%R
R(( G9(R ZF A% UFJ E0 _E[Q GQXA(Q A% Q(?X<EAR:<G
E\( X:ER( E0 _E[Q ><%R A%
RX(G;><%RJ
9JO
?C "4> 4>/ ?I X:(Q (^G(QXR (?<(\( X:X EA"(J 0 _E[PQ( X:<A><A9 E0
G(EG?( ]:E @RX[QX( Q(9[; GQEGER<A9 @)A9( XQ<ER XE
XR @<AX_ 0Q(R:A(RR RX<@[?X(R ?Q?_ Q( ?<>(?_ XE ( (XX(Q _E[Q GQXA(Q$ "EAR<%(Q :<R EQ
A(Q\( (A%<A9R A% :<%(R ?X(^ ?E\(QR ("[R( X:(_ >AE] ]:X :(Q GEX(AX<? Q(RGEAR(J X "E[?%
XRX(J E@(R <A FZ ]X(Q;R(% G?(R(R X:(@ @ERXJ [Q\(_R @>( _E[Q GQXA(Q X:<A>$
6\EQRJ RR<EA 0Q[<X$ @@@@J R[99(RX X:X Za G(Q"(AX E0 M:XPR ]QEA9 ]<X: @(L @
]E@(A A% 7a G(Q"(AX E0 @(A AEX 9EE% (AE[9: EA @_ E]ALN
?C "4> HC>J 6/J @RX[QX( EA"( ]((>J Q$ ME[ R(?4R: "Q((GJN Q(%
( *' 11, 1# E R[Q\(_ "Q(0[??_ <A X:<R (@EX<EA? RG"(
<?<"EA(;R(% ?[( ]EAPX ]R: 0E[A% X:X UC G(Q"(AX E0 0(@?( A% :\( R(Q<E[R %<R"[RR<EAR
]_ <A X:( X:X[ EQ R:E](QJ Q(RGEA%(AXR Q(GEQX(% @RX[Q; (0EQ( "X<A9 XE \E<% A_
A% X:( 6\EQ?(RR 0EQ@[? X<A9 EA( EQ @EQ( X<@(R ]((> @EQA<A9;0X(Q Q(9Q(XRJ
]EAPX R:E"> A_EA(PR XRX([%RJ HZU G(Q"(AX R<% MR(\(Q? X<@(R
R( ?<(Q??_ ]<X: <XR (R_;""(RR ]((>NI$ ]:<?( +C G(Q"(AX E0
0CC8CD
G[@G %<RG(AR(QJ @(A R<% X:(_ @RX[QX( EA( E[?( _E[Q \<(]<A9 G?(R[Q(
EQ @EQ( X<@(R ]((> H7U G(Q"(AX %[Q<A9 R(^ _ RXQX(9<"??_
?C "4> 0?CF>C,41 R<% MR(\(Q? X<@(R ]((>NIJ G?"<A9 ?Q9( @<QQEQ A(Q
X:( (% XE "X": X:( 6<">(QR
#5-" C80D E0 "A%?(?<9:X A% _E[Q E%<(R
XR X:<">$ "Q(@_ X(^X[Q( Q(A": G:QR( X:X XQAR?X(R <A @EX<EAJ ((<A9 _E[QR(?\(R
>((GR X:<A9R R?<">J <AXE M:E[R(:E?% E0 X:Q(($N A% (A99(% <A X:( "X ]<?? :(<9:X(A
%(R"Q<(R ?<\<A9 QQA9(@(AX _E[Q QE[R?J AEX:(Q @E\( XE
(X]((A @QQ<(% "E[G?( A% Q(6("X [GEA# ?"( 0[??;?(A9X:
A (^XQ @A EQ ]E@A ]:E :R @<QQEQ <A 0QEAX E0 X:( (% A%
R(^[? Q(?X<EAR:<G ]<X: EA( E0 :\( :<@ R<X EA X:( (%9( E0 X:(
X:( RGE[R(RJ [X <X @EQ( "E@; (% 0"<A9 <XJ XQ%%?( :<@ 0QE@
@EA?_ Q(0(QR XE X:Q((RE@($ (:<A%$ ]QGG<A9 _E[Q ?(9R E\(Q
]:<": :R ("E@( 0\EQ<X( :<R A% GQ(RR<A9 _E[Q @E[A%
DILCI085 0AXR_ E0 @A_ @(A A% <AXE :<R [XX A% _E[Q Q(RXR
:( @EQ( E0X(A G(EG?( ]E@(A A% :R ?RE ("E@( 9<ARX :<R ">J E] Q(":
@RX[QX($ X:( @EQ( E0X(A GEG;"[?X[Q( "?<":)J [X <XPR @EQ( QE[A% ]<X: ?[(% :A% A%
X:(_ :\( R(^J M XPR R[QGQ<R<A9 E0X(A X?>(% E[X X:A "X(% RXQE>( :<R (Q("X<EAJ E[P?? (A=E_
"EQQ(?X<EA$N R_R [X9(QR E[XJ :( <AR(_ ARX<X[X( R_R X:( [A(^G("X(% \<(] E0 :<R
A<\(QR<X_ AX:QEGE?E9<RX (?(A EA?_ E[X Y G(Q"(AX E0 @QQ<(% <AX(AR( EQ9R@J
<R:(Q$ :$ [X:EQ E0 (F @(A A% F G(Q"(AX E0 @QQ<(%
1CJ M XPR GQE?_ ("[R( ]E@(A :\( :% R(^ ]<X:
R(^[? QE[R? (?(\X(R X(RXER; AEX:(Q GQXA(Q ]:<?( ]<X: X:(
X(QEA( A% %EG@<A($ A% RGE[R(J A% @ERX E0 X:ER(
X:X "A ?(% XE @EQ( R(^JN G(EG?( R<% X:(_ EA?_ %<% <X
9JN
& ' & &&# *
9J-
8L-. "P
%
(^"<X<A9 G?"(J A A EA?<A( GE??$
/:< -@( R>(% 7$aaa ]E@(A (<A9 %E@<AX(% <R "E@@EA
A% @(A ]:X QE?(;G?_<A9 0(@?( 0AXR_J M:X %E(RAPX
R"(AQ<ER X:(_P% "EAR<%(Q XQ_<A9J @(A QG($ [X <X %E(R <A\E?\(
EG G?_;"X<A9 G<QR <A"?[%(%# X:( @A [R<A9 "(QX<A @E[AX
(@G?E_(( A% 0(@?( ERRS E0 0EQ"($N R_R Q<A @EA<$
0D2Q "P X:?(X( A% ":((Q?(%(QS RXQA9; :$ "?<A<"? GR_":E?E9<RX
\<A9 R(^ X X:( Q<R> E0 (<A9 (QR <A QS A% Q<": @A A% A% R(^ X:(QG<RX X X:(
ER(Q\(% EQ 9(XX<A9 "[9:X <R \(Q_ Q(A": @<%J 0 %Q(RR<A9 [G ?<>( A<\(QR<X_ E0
<AA(REX
(%<"?
(^"<X<A9 0EQ "E[G?(R X:X :\( Q(A": @<% A% QEA <R XEE ":EE?J A "Q<A9 Q(?X<EAR:<G
XE[": E0 (^:<<X<EA<R@ <A X:(@J :<?Q<E[R 0EQ _E[Q XRX($ RXQX E1 0E[A%(% EA "E@@[A<"X<EA
0 <X %E(RAPX :Q@ A_EA( G:_R<; R?E]?_$ A% 9<\( _E[QR(?0 G(Q@<R; A% XQ[RX$ "E[G?(R "A ( 0Q((
"??_ EQ (@EX<EA??_$ ]( %EAPX R(( R<EA XE ?[9:J
A_ "E[G?(R 4A% XE (^G?EQ( R[": 0AXR<(R R0(?_J
A_X:<A9 ]QEA9 ]<X: ]:X _E[PQ( X:( @((X<A9;X;;Q R"(AQ<E @EA< R[99(RXR "E@<A<A9
%E<A9J H
[RX ( %<R"Q((X ]:(A (R_ (AE[9: A% RX<?? (^"<X<A9J RR(QX<\(A(RR ]<X: X(A%(QA(RR
X:(Q( Q( ><%R QE[A%JI :( <QRX$ 9Q(( X:X A(<X:(Q E0 _E[ A% :\<A9 @[X[? [A%(Q;
GQE?(@ <R X:X @A_ EX:(Q Q<R>_ ]<?? ( E1(A%(% _ A_X:<A9 _E[ RXA%<A9 E0 (^G("XX<EARJ
R(^[? (:\<EQR "A A% %E :[QX %E EQ R_ ]:<?( <A ":Q"X(QJ [Q<A9 @EQ( 99Q(RR<\( R(^$
G(EG?(J X X:( Q<R> E0 RXX<A9 X:( :(A$ 9E XE Q EQ A<9:X"?[$ :\( "E%( ]EQ% X:X @(AR$
E\<E[R$ ]:(A <X "E@(R XE R(^$ (AX(Q<A9 F5 @<A[X(R GQXJ
<A9?( MXEGJ EE @[":JN
]( :EG( _E[ ]<?? (A=E_ _E[QR(?0$ A% 4A% (": EX:(Q$ "X<A9 E[X
&
Q(RG("X EA( AEX:(QPR ]<R:(R$ X:( G<">[G R"(A( R "E@G?(X(
A% %E AE :Q@J RXQA9(QR (": <A A(] G(QREAJ
E[ @<9:X 9Q(( EA "E%( ]EQ%
83" 3Q05- XE R<9A? ]:(A <XPR X<@( XE (A% X:(
MQX E0 (A=E_<A9 XAX?<`<A9 R(^ 9@(J Q =[RX R_$ M>_$ X:XPR
<R (^G(Q<(A"<A9 ?(\(? E0 (R"G($N (AE[9:JN 0 QE?( G?_<A9 "E@(R
R_R "EXX ?X`@A$
$ A 0QE@ G?"( E0 ?E\( A% XQ[RX$ "5DI" 8L.
RR<RXAX GQE0(RREQ E0 GR_":<XQ_ X:(Q( Q( 0(] %E]AR<%(R$ R_ R(^ R(Q<(R E0 (^(Q"<R(R %(R<9A(%
X QE]A A<\(QR<X_ A% X:( X:(QG<RXRJ %EGX<A9 A ?X(Q (9E XE <A"Q(R( XQ[RX A% QE[R?
[X:EQ E0 ( ;@< 1# 22*-F 0EQ A<9:X "A ( "E@0EQX?( ]<X:E[X XE[":<A9 (": EX:(QPR
;;*
/5 ME?( G?_<A9 ]_ 0EQ "E[G?(R XE (^G?EQ( X:(<Q 9(A<X?RJ 4H+C4 9(X A>(%$
<AX(Q](\(R ](?? ]<X: X:( AX[Q? R(^[?<X_ 0QE@ (:<A% @R>RJ X:(A X>( Fa;@<A[X( X[QAR
X(A%(A"_ XE %<RRE"<X( 0QE@ X:( 0X(A X:( QE?(R G(EG?( (A=E_ @ERX G?_<A9 9<\(Q A% Q("(<\(QJ :(
%<?_ %(@A%R E0 ?<0(JN X "A :(?G Q( X:( EA(R X:X Q( @ERX 9<\(Q GG?<(R RX<@[?X<EA-Q[R$
EX: GQXA(QR (^G(Q<(A"( @EQ( %<1(Q(AX 0QE@ X:(<Q AEQ@? ?<\(RJ ?<9:X XE[":(R$ ><RR(R-(\(Q_;
?<(QX<EA (X]((A X:( R:((XR ]:(Q( [X X:( 9(A<X?RJ Q_ XE
("[R( _E[ "A G[X _E[QR(?\(R 0E"[R EA :E] _E[ 0((? XE[":<A9
@(AX??_ <A %<1(Q(AX$ @EQ( :<@ EQ :(QJ :(A R]<X":
9J+
& ' & &&# *
:5205-
*
GER<X<EAR A% :\( _E[Q GQXA(Q
XE[": _E[J (ARX( XE[": "A ?E\( XG EA X:( [XX "A
:(?G _E[ XE R?E] %E]A R(^ A% <A"Q(R( X:( EA% (X]((A "E[;
X(": XEX?;E%_ 0EQ(G?_J G?(R$ ""EQ%<A9 XE Q(R(Q":(QR
X EQX:(QA ??<AE<R A<\(QR<X_J
.8O"C "P ?[R$ ]E@(A 9(X =E?X E0 X(RXERX(Q;
:<A> R0( R(^ 4QRX# @>( R[Q( EA( ]:(A X:(_ Q( EA X:( Q("(<\<A9 .0I05
"I.8!
XE [R( X: @X 0EQ 9Q<G RE _E[ (A%$ [X @(A %EAPX$ ""EQ%<A9 A EQ? R(^ X(":A<K[( <A ]:<":
]EAPX R?<GJ \( :<@ RX(G <AXE XE Q(R(Q":(QR X X:( A<\(QR<X_ :( ?<(R G(QG(A%<"[?Q XE :(Q E%_$
X:( R:E](Q 4QRX XE @>( R[Q( X:( E0 <R <A X?_J A ( *' 11, A% @E\(R :<R XEA9[( "> A%
]X(Q X(@G(QX[Q( <R =[RX Q<9:XJ 1# E R[Q\(_$ TT G(Q"(AX E0 ]E@(A 0EQX: E\(Q X:( :EE% E0 :(Q "?<XEQ<R$
EG _E[QR(?0 [G$ X:(A Q(": Q(RGEA%(AXR A% 7a G(Q"(AX RX<@[?X<A9 EX: R<%(R E0 X:(
QE[A% A% 9<\( :<@ 9(A<X? E0 @(A R<% X:(_P% (A=E_ "E[G?( "?<XJ _ Q(RX<A9 4A9(Q EA :(Q
@RR9(J Q(RR _E[Q E%_ 9<ARX E0 [XX R?GR EA E""R<EAJ G(Q<A([@$ =[RX (?E] :(Q \9<A$
:<R A% @RR9( _E[Q @E[A% EA :( "A 0((? <A\E?[AXQ_ "EAXQ";
:<R [ARJ :(A X[QA :<@ QE[A% :8CID X<EAR X:XP?? E1(Q "?[(R ]:(A :(PR
A% Q<A9 :<R :A%R XE _E[Q R[%R_ :_R<"?$ "E@G(X<X<\( RGEQXR %E<A9 X:( XEA9[( ]EQ> GQEG(Q?_J
Q(RXR <0 :( :RAPX (X(A _E[ "A EERX X(RXERX(QEA( ?(\(?R
XE <XJ :(A X[QA QE[A% A% Q"( <A ]E@(A R ](?? R @(AJ 3205- 0CIQ
_E[QR(?0 9<ARX X:( X<?(R R _E[ :( @?( :EQ@EA( <R RRE"<X(% [Q\(_R R:E] X:X @EQ( X:A
(A% 0EQ]Q% XE E1(Q :<@ Q(Q ]<X: R(^ %Q<\( <A EX: 9(A%(QR$ :?0 E0 @(Q<"AR (?<(\( X:X
(AXQ_J ( "A :E?% EAXE _E[Q [X ("[R( ]E@(A :\( ?(RR <X E0 Q[A":_ R(^ X?> %[Q<A9
]<RX 0EQ ?A"( H(A% _E[Q E0 <X$ X:(_ "X[??_ 9(X <99(Q ?<0X <AX(Q"E[QR( EQ ?(%<A9 [G XE
>A((R RE _E[ %EAPX RXQ<A _E[Q X:A @(A %E 0QE@ "E@G(X<X<EA$ <X <R RX<@[?X<A9 GQ"X<"( 0EQ
?(9RIJ G?<R:$ RG?R:J Q@ ]X(Q ""EQ%<A9 XE Q(R(Q":(QR 0QE@ :(?X:_ R(^[? Q(?X<EAR:<GJ
@_ ]R: ]_ _E[Q AX[Q? (AA XX( A<\(QR<X_J
ERX G(EG?( ]:E :\(APX XQ<(%
?[Q<"X<EA RE _E[ @_ ]AX XE <X (0EQ( R_ X:(_ Q( R:_ E[X
Q<A9 R<?<"EA(;R(% ?[Q<"AX O"I <X A% X:<A> X:(_P?? RE[A% R<??_J
<AXE X:( R:E](Q ]<X: _E[J 0X(Q _E[Q ]EQ>E[X$ R><G X:( 0 _E[PQ( :(R<XAX$ _E[ @_ ]AX
R:E](Q A% XX"> _E[Q @AJ XE (^G(Q<@(AX ]<X: R[99(RX<\(
8P "PQ 8N" EAPX ]EQQ_ E[X _E[Q R](X_ (@<? XE _E[Q GQXA(Q EQ RE@(
:(R( RE">R Q( ":(X R:((X R><A A% R"(AXJ
ERX @(A ]<?? 4A% %<QX_ X?> E\(Q X:( G:EA(J
0EQ A (QEX<" 0EEX @RR9(J <X ?? :<9:?_ QE[R<A9J \( _E[Q (@E\<A9 X:( 0"(;XE;0"( RG("X
?<G X:(@ EA _E[Q GQXA(QPR 0((X ]_ ]<X: :<@J ( ]EAPX "E@G?<AJ @>(R <X (R<(Q 0EQ RE@( G(EG?(
A% 0E??E] X:( X<GR GQ<AX(% EA X:( XE EG(A [GJ (^ (^G(QXR ?RE
[A%(QR<%(R$ ]:<": R:E] GQ(RR[Q( R[99(RX X:X GQXA(QR ]Q<X( X]E
GE<AXR A% G<"X[Q(R E0 X:( R<%(;_;R<%( ?<RXR A@<A9 R(^[?
(QE9(AE[R `EA(R X:(_ RX<@[?X(J GQXR A% R(^ "XR$ EA( "?<A<"??_
<A% X:(@ R(^_?E\(RE^J"E@J GQEG(Q$ X:( EX:(Q [R<A9 %<QX_
9JJ
.
<AX(Q\<(] XE :\( [R(% X:( XAXQ<" -053 >L""R"
R(^ X(":A<K[(R XE :\( R(^ 0EQ U :<R <R =[RX \Q<X<EA E0 X:(
:E[QRJ Q"X<X<EA(QR E0 XAXQ<" R(^ (9(? [R<A9 4A9(Q EQ %<?%E
%EAPX ??E] X:(@R(?\(R XE "?<@^$ 0EQ Q(R<RXA"(J <( EA _E[ ">
(?<(\<A9 X:X X:( R(@(A X:(_ EQ R<X EA X:( (%9( E0 ":<Q A%
Q(R(Q\( 9<\(R X:(@ 9Q(X(Q (A(Q9_ ".50>L" <AR(QX X]E ?[Q<"X(% 4A9(QR
A% <A"Q(R(% R(^[? \<X?<X_J A( :<R <R 9EE% @E\( 0EQ %%<A9 EQ %<?%E <AXE _E[Q \9<AJ
R(^[? GQ"X<"( E0 XAXQ X:X _E[ "?<XEQ? RX<@[?X<EA %[Q<A9 K[((`( _E[Q @[R"?(J E[P??
A% _E[ GQXA(Q "A R@G?( <R @RX[QX<EA EQ <AX(Q"E[QR(J 0((? "EAXQ"X<EA E0 X:( ]??R E0
R<@G?_ [R<A9 QX<E E0 A<A( <X:(Q EA( E0 _E[ "A G(Q0EQ@ _E[Q \9<A E[X A <A":
R:??E] X:Q[RXR 0EQ EA( %((G <XJ EQ@ ]<X: _E[Q <A%(^ A% 0QE@ X:( EG(A<A9J E R @A_
G(A(XQX<EA %[Q<A9 R(^J @<%%?( 4A9(QR A% R?<%( X:(@$ R _E[ "AJ E]$ <0 [R<A9 4A9(QR$
4A9(QX<GR GE<AX<A9 %E]A$ E\(Q RGQ(% X:(@ <AXE G("( R<9A
"DI03"D X:( E[X(Q ?<J R _E[ %Q] _E[Q A% R(( <0 _E[ "A 0EQ"( _E[Q
:(<Q GQ<@Q_ %[X_ <R XE G[@G 4A9(QR [G A% %E]A XE RX<@[?X( 4A9(QR XE9(X:(Q _ "EAXQ"X<A9
E[X RG(Q@ "(??R$ [X X:(_ ?RE X:( <AA(Q "?<XEQ<R _E[P?? ( %Q]; _E[Q @[R"?(J
GQE%["( X:( @?( :EQ@EA( <A9 X:( "?<XEQ? :EE% ?<9:X?_ [G
X(RXERX(QEA(J
A_ @(A (A=E_ A% %E]A R ](??$ ]:<": ]<?? ?RE
:\<A9 X:(@ "Q(RR(% 9(AX?_J RX<@[?X( X:( E[XR<%( "?<XEQ<R$
:( R(@ HX:X %Q> ?<A( %E]A R_R Q"(_ E^J
X:( "(AX(Q E0 X:( R"QEX[@I <R Q<":
<A R(AR<X<\( A(Q\(RJ I085 "P
ME[G?(R X(A% XE :\( @EQ(
(^G?ER<\( R(^ EA \"X<EA$
9JI
& ' & &&# *
. E@(A ]:E [R( \<QXEQR Q( @EQ( ?<>(?_ XE Q(GEQX :<9:(Q ?(\(?R E0 %(R<Q($ QE[R?$ ?[Q<"X<EA$
A% EQ9R@ X:A X:ER( ]:E %EAPX$ ""EQ%<A9 XE Q("(AX RX[%_J
(A ]:E [R( \<QXEQR %[Q<A9
R(^ ?RE Q(GEQX(% (XX(Q R(^[? 0[A"X<EA<A9J 0 X:ER( ]E@(A ]:E [R( \<QXEQR$ 7U G(Q"(AX [R(
X:(@ %[Q<A9 @RX[QX<EA$ 7F 0EQ 0EQ(G?_$ A% YT G(Q"(AX %[Q<A9 <AX(Q"E[QR(J :(R( Q( RE@(
XEG;G(Q0EQ@<A9 @E%(?R ]EQX: X><A9 0EQ RG<A#
9J&
9J7
& ' & &&# *
2
;RGEX R<@[?XA(E[R?_-A% <R :( GER<X<EA 1EQ%R "EARXAX
AQQE] (AE[9: XE ??E] :(Q G(A<R;"?<XEQ<R "EAX"X$ [X R:(
GQXA(Q <A H'CC$ (?A%J"E@IJ "EAXQE?R X:( GQ(RR[Q(J
E\(
R?E]?_J :( (@EX<EA? "EAA("X<EA
0
"Q(X(% @>(R ;[@ <AX(AR($
R_R E[ 9(X$ R(^ (%["XEQ
A% [X:EQ <A ER A9(?(RJ 05
H(( AXQ<" (^JI (?X:_ ?(\(?R E0 X:<R @<A(Q?
EERX R(^ %Q<\( A% R[GGEQX 9EE%
8.0405" R(^[? 0[A"X<EAJ
>( R[Q( _E[Q
5!C0 833"I085 G:Q@"([X<"? X:X RE@( @[?X<\<X@<A <R 0EQX<4(% ]<X: `<A"J
A( E0 X:( E?%(RX %[?X GQE%["X "?<A<"? RX[%<(R :\( R:E]A :(?GR ?RE$ (X `<A";Q<": 0EE%R R[": R
"X?E9R E1(Q<A9 \<QXEQR$ (^EX<" <@GQE\( (Q("X<EAR <A [G XE X:<Q% E_RX(QR$ "Q$ ]:(X 9(Q@$ ":<">;
?EX<EAR A% ?[Q<"AXR$ @RR9( E0 @(A R[1(Q<A9 0QE@ J X <R G(R$ A% RX(>J
GQE%["XR$ EE>R$ A% \<%(ER %(Q<\(% 0QE@ X:( 0Q<"A _E:<@(
HA%Q<J"E@IJ X:(Q XEG EA?<A( XQ(( ]:ER( Q> :R ((A [R(%
"X?E9R 0EQ R(^ XE_R <A"?[%( 0EQ "(AX[Q<(R <A X( 0EQ@ R ?E\(
(?A% H(?A%J"E@I$ GEX<EA 0EQ <XR (Q("X<EA;(A:A"<A9
EE% <QX<EAR H9EE%\<(RJ (A(4XRJ E:<@<A( R[GG?(@(AXR
"E@I$
<@@_=A( H=<@@_=A(J Q( \<??( <A A[XQ<X<EA A%
"E@I$ \(PR Q%(A H(\(R9Q%(AJ :(?X: 0EE% RXEQ<(R <A @A_
"E@I$ A%
_?(R[Q(J"E@J %<1(Q(AX GEX(A"<(RJ ]EQ% E0
"[X<EA# :(R( R[GG?(@(AXR Q(
AEX Q(9[?X(% _ X:( JJ EE%
A% Q[9 %@<A<RXQX<EA A% <X
<R RX<?? [A"?(Q <0 X:( RX[1 ]EQ>R EQ
:E] <X %E(R RE ]:(A <X <R (1("X<\(J
("[R( _E:<@<A( GQE%["(R
9IV
%*&
!
-) ),')' '*)'! ')
.'
#+1
#+0
."5 Q8L
0((? RXQEA9 R(^[? "EAA("X<EA ]<X: RE@(EA($
<XPR X(@GX<A9 XE X(Q E1 X:(<Q "?EX:(R A% 9E X <XJ
[X X><A9 X<@( XE R\EQ X:( (^G(Q<(A"( :R <9
G?(R[Q( G_E1J M:(A _E[ (A99( _E[Q E%_ A%
@<A% <A (%$ _E[P?? 0((? @EQ( Q(?^(%$ "EAA("X(%
XE _E[Q GQXA(Q$ A% QE[R(%-?? E0 ]:<": Q(R[?X
<A (XX(Q R(^$N R_R E9A (\>E1$ :$ "(QX<4(%
R(^[?<X_ (%["XEQJ _ X><A9 _E[Q X<@( A% (<A9
"Q(X<\($ _E[P?? ?RE \E<% X:( %A9(Q E0 @><A9 R(^
QE[X<A(-]<X: X:( R@( 0EQ(G?_ R(K[(A"($ R@(
GER<X<EA$ R@( Q(R[?XJ :<R ":GX(Q <R %(R<9A(%
XE 9<\( _E[ RE@( <%(R XE G?_ QE[A% ]<X: <A X:(
(%QEE@$ A(] GER<X<EAR _E[ @_ AEX :\( XQ<(%$
A% R?<9:X X](>R A% XE[":(R X:XP?? Q(R[?X <A
9I-
$&$ #
9Q(X(Q G?(R[Q(RJ [X A(] GER<X<EAR X:<A9R E1 ]<X: R(ARX( XE[":- R(Q<(R
]EAPX 9[QAX(( 9Q(X R(^J E @>( E0 (^(Q"<R(R %(R<9A(% XE <A"Q(R( XQ[RX
XEA<9:X @`<A9$ RXQX [R<A9 X:(R( X<GR XE A% QE[R? ]<X:E[X XE[":<A9 (":
Q<A9 @EQ( @<A%0[?A(RR XE ?E\(@><A9J EX:(QPR 9(A<X?RJ M:( 9E? E0 <X <R XE
Q(?^ A% [<?% <AX<@"_$N R_R ?<"(AR(%
"'8C" "P GR_":E?E9<RX A% R(^ X:(QG<RX Q?(A(
A X:( @EQA<A9$ R:EEX :<@ R(^_ X(^X# E?%@A$ :$ "E[X:EQ E0 ;@< 1#
M:X Q( _E[ 9E<A9 XE %E XE @( ?X(QLN EB- <@<F5
EQ M "APX ]<X XE 9(X _E[ E[X E0 _E[Q (%_ 0EQ <AX(Q"E[QR(L :EER(
]EQ> "?EX:(RJN H
[RX @>( R[Q( _E[ GER<X<EA X:X (A"E[Q9(R _E[ XE RXQ(
%EAPX ]Q<X( A_X:<A9 XEE 9QG:<"-_E[ <AXE (": EX:(QPR (_(R$ R[": R @<RR<EA;
A(\(Q >AE] ]:E @<9:X (A% [G Q(%<A9 Q_ EQ ]E@(A;EA;XEG$ ]<X: :<@ R<XX<A9
<XJI ""EQ%<A9 XE A (QA(Q$ :$ [G A% 0"<A9 _E[J @G?( X:( F5 :EX
M:( "X E0 ]Q<X<A9 RX<@[?X(R X:( @E\(R EA X:( 0E??E]<A9 G9(RS _E[P?? 4A%
<@9<AX<EA <A ]_R X:X EX:(Q R(AREQ_ AEX:(Q F5 _ X[QA<A9 X:( EE> E\(QJ
@(%< %E(R AEXJ Q<X<A9 "E@G(?R _E[ MER<X<EAR X:X 9<\( _E[ 0[?? \<(]
XE 4?? <A X:( ?A>R A% "Q(X( _E[Q E0 (": EX:(QPR A>(% E%<(R "A [<?%
E]A \<R[?RJ :( "E@<AX<EA E0 X:( QE[R? XEE K[<">?_$ ]:<?( EA(R X:X ?(A%
]Q<X(QPR ]EQ%R A% X:( Q("(<\(QPR <AX(Q; X:(@R(?\(R XE (_( "EAX"X <A"Q(R(
GQ(XX<EA <R "X[??_ 0EQ@ E0 R(^ <A A% <AX<@"_ A% X(A% XE [<?% QE[R? @EQ(
E0 <XR(?0JN ?[R$ X(??<A9 :<@ ]:X _E[PQ( 9Q%[??_$N R_R (\>E1J XQX @E\<A9
G?AA<A9 XE %E XE :<@ X:X (\(A<A9 ]<?? R?E]?_ <A QA%E@$ "<Q"[?Q GXX(QAR
>((G _E[ EA :<R @<A% ?? %_J QX:(Q X:A 0RX X:Q[RX<A9-<X ]<?? 0((?
E ("E@( QE[R(%$ _E[ A((% XE 9EE% 0EQ EX: E0 _E[ ]<X:E[X [<?%<A9
R]<X": E1 _E[Q @_9%?$ X:( GEQX<EA X:X RX(%_ @E@(AX[@ X:X ?(%R XE
E0 _E[Q Q<A X:X "EAXQE?R 0(Q A% <@@(%<X( EQ9R@J A% XQ_ R]<X":<A9
A^<(X_J E$ E[X A :E[Q (0EQ( _E[ GER<X<EAR 0EQ \Q<(X_-X:( R:EQX Q(>
+,
%E%6M.% 8)
R85%6 E%G:86#16.
M8 %%! %
G?A XE 9(X [R_$ %Q] _E[QR(?0 RX(@_
X: XE "?@ _E[Q @<A% A% ]>(A _E[Q
A(Q\( (A%<A9RS X:( :EX X(@G(QX[Q( E0
X:( ]X(Q ]<?? Q<A9 ?EE% XE _E[Q R><APR
R[Q0"($ @><A9 _E[Q ]:E?( E%_
@EQ( R(AR<X<\( XE XE[":J
]<?? GQE?EA9 ?E\(@><A9J [X :(Q(PR X:(
<@GEQXAX X:<A9 XE >AE] E[X XQ_<A9
A(] R(^ GER<X<EAR# M(EG?( "A X]<RX
X:(@R(?\(R <AXE X:( @ERX "Q(X<\( R(^[?
GER<X<EAR$ [X <0 X:(_PQ( AEX 0((?<A9
Q(?^(%$ EG(A XE G?(R[Q( EQ GQ(R(AX
3 GPEQ%T R/8 G1# <A X:( @E@(AX$ X:(_ Q( [A?<>(?_ XE
M/%T R1G/ M/%T /#
G%S M 4%GM 86% LC05- "P 4A% X:X R(^ 0((?R 9EE%$N R_R (<(
#T= %E4T N9 :%E0 EQ(G?_ <R A <@GEQXAX GQX E0 (Q(A<">$ :J A 0"X$ <0 AEX %EA(
%6M G1# M/%TC# 413% R?E] R(^J QE?EA9 <X _ RXEGG<A9 <A R@EEX:?_$ R]<X":<A9 GER<X<EAR "A Q(>
1M %Q%ET 8M/%E #T 6#
O7 :%E%6M 8P:4% X:( @<%%?( XE @>( E[X$ R:Q( R(^[? _E[Q @E@(AX[@ XE]Q% EQ9R@ (\(A
8) M15%G R%%3= 0AXR_$ EQ (^":A9( @RR9(RJ XQX <A X:( @<%RX E0 :\<A9 EA(J
9IJ
$&$ #
845 858:
/" 8Q.1C4
;0;;
M I@3! 523 3 57
#F 3"#L
#3#'FA MJD S8M 16 86JC84= C"J )8C 0D:8J DJ15M4J186= J"C)44 ;=3== " MD/<
", *" * " *
:( ]E@A;EA;XEG GER<X<EA
4H C>J C*,? <( ":(RX XE ! , -* (
??E]R 0EQ \Q<(X_ E0 <AX(Q(RX<A9 ":(RX EA :<@$ RXQ(X":<A9 _E[Q ! ("+'( "! * ""'$
R<9:XR A% R(ARX<EAR$ A% E1(QR ?(9R E[X EA XEG E0 :<RJ Q"( _E[Q "" - '+( *" (
_E[ X:( GR_":E?E9<"? %\AX9( 0((X EA X:( XEGR E0 :<R A% G[R: '*! !"-!
E0 X><A9 ":Q9( E0 G"( A% E1 XE "Q(X( QE"><A9 @EX<EA (!(*"!( ( .($
%(GX: E0 G(A(XQX<EAJ ?X(QAX( X:X ]<?? Q[ _E[Q \[?\ A%
(X]((A R:??E] A% %((G "?<XEQ<? Q( 9<ARX :<R G[<"
X:Q[RXRJ M:??E] ]<?? RX<@[?X( EA( 0EQ 9Q(X(Q G?(R[Q(J
X:( 0QEAX X:<Q% E0 X:( \9<A$
]:<": <R X:( @ERX R(AR<X<\($N R_R
R(^ X:(QG<RX (("" ER(A?X$
[X:EQ E0 B*/' 1B;
/5
9I&
9I7
$&$ #
2" I LI
"I"! 8' I."
"!C884
/" 8J "J
;0;; ,# 5J# #F! ,#
3 ,.@ Q1DD 44 41JT
#F 3"#L P" 44 16 S8MC Q8C38MJ
#3#'FA 88 0D:8J DJ15M4J186= C885 D" DJ141JS 44 J8
D85" 8M6" J8 /" 8J "J=
R> :<@ XE R<X EA X:( (%9( E0 X:( <AXE :<R 9QE<AJ :<?( %E99_;RX_?( <R
(% EQ EA ":<Q ]<X: :<R 0((X EA E[X :<R %E@<AA"($ :( EX (X
X:( 6EEQJ [QA ]_ 0QE@ :<@ A% G[XR _E[ <A X:( %Q<\(QPR R(XJ
"> [G EAXE :<@$ R<XX<A9 (X]((A
4H C>J C*,? (": [A%(Q ]<X:
:<R ?(9RJ E[ "A Q<%( "> A% 0EQX: _E[Q :A% A% RX<@[?X( X:( R(
_ G[R:<A9 E1 X:( ":<Q Q@R EQ E0 :<R G(A<R$ R"QEX[@$ A% G(Q<A([@J
GQ(RR<A9 [G ]<X: _E[Q 0((XJ EAXQE?
(A]:<?($ R> :<@ XE Q(": QE[A%
X:( A9?( E0 (AXQ_ _ Q":<A9 _E[Q A% RX<@[?X( _E[Q A<GG?(RJ
"> A% GQ(RR<A9 _E[Q [XXE">R
:16 S4"
46J S8MCD"4P"D 86 J8:
8) QD/16. 5/16" D"J J J/"
#?@ /1./"DJ .1JJ8C S4"=
"DJ QS J8 /"4: /15 ."J
16J"C"DJ" 16 D"R Q/"6
S8M 6 J"44 1JBD J/" )C0
J/"DJ J/16. )C85 /1D 516
M6 C"DD 16 )C86J 8) /15=
J1CQS J8 "P"6
J1CD 8))"C .88 D"J16. :8DD10
141J1"D 6 /6 C14 )8C "RJC
/@ DM::8CJ 6 41)J16. 4"P"C."=
/" "DJ QSD J8 /"4:
/"C ."J 16J"C"DJ" 16 D"R
Q/"6 S8M 6 J"44 1JBD J/"
)CJ/"DJ J/16. )C85 /"C
516 CQ /"C M4"
J/ .1P" /"C 5D0
D." QC"DJ4"=
9&V
R> :<@ XE R<X EA ":<Q EQ X:( (%9( E0 X:( (%J ?"( G<??E]R (:<A% :<R "> A% :\( :<@ R<X
"<A9 :<@$ ]QG _E[Q Q@R QE[A% :<R ">$ EA X:( (% ]<X: ?(9R E[XRXQ(X":(%J E] RXQ%%?(
"?<@ EA XEG E0 :<@$ A% R<X EA :<R ?GJ A"( <A X:( :<R ]<RX$ 0((X EA X:( (%J (A% _E[Q >A((R XE
R%%?($ _E[ "A "A Q<%( [G A% %E]A EA :<R G(A<R ?E](Q _E[QR(?0 EAXE :<@$ [R<A9 EA( :A% XE %<Q("X
_ GQ(RR<A9 ]<X: _E[Q ?(9R EQ >A((RJ AX XE 9E :<R G(A<R <AJ
[RX _ GQ(RR<A9 EA X:( ??R E0 _E[Q
0RX(QL R> :<@ XE RR<RX _ 9Q<A9 _E[Q [X; 0((X A% Q(?(R<A9$ _E[ "A Q<R( A% ?E](Q _E[QR(?0
XE">R A% ?<0X<A9 A% E[A"<A9J EA :<R R:0X R R?E]?_ EQ K[<">?_ R _E[ G?(R(J
4H C>J C*,? <X RXQ<%( 0"<A9 :<@ EA QE"><A9
4H C>J C*,? QE@ X:<R GER<X<EA$ _E[ EX: "A ?<(
":<QJ ?% ]EE%(A QE">(QR EA :Q%]EE% EQ RXEA( "> <AXE X:( G<%(Q GER<X<EA HG9( F+7I EQ <XR
6EEQR GQE\<%( X:( 9Q(X(RX \Q<(X_ E0 9EE% \<(RJ @EQ( ":??(A9<A9 \Q<X<EA :( HG9( F+5IJ
9&9
$&$ #
0!" Q 0!"
:886 16.
;0;; ."#K.3"#@
#F 3"#L
#3#'FA P"CS 16J15J" )"0J80)" :8D1J186 J/J "68MC."D /M..16. 6 31DD16.= 1)J C::"
"* " /"+ "! /"+' ((
:<R <R A <%(? GER<X<EA <0 _E[ X:XPR E[XR<%( E0 _E[ "A ! "! !"*'$ ! !
Q( GQ(9AAX EQ (<X:(Q EA( E0 GQ(RR 9<ARX _E[Q "?<XEQ<RJ (#' /"+' ( ! !
_E[ :% >A(( <A=[Q_ ("[R( XPR (R_ XE ><RR 0QE@ X:<R /"+' ,! *"-' $
<X >((GR ](<9:X E1 X:( E%_J <AX<@X( 0"(;XE;0"( GER<X<EAJ - * ( ( *-!
E 9(X <AXE X:( GER<X<EA$ (9<A
4H C>J C*,? ("[R( /"+'( *" !*' /"+$ '# /"+'
_ ?_<A9 EA _E[Q R<%(R A% X:Q[RX<A9 <R @EQ( %<2"[?X ( '"+! ( $
0"<A9 EA( AEX:(QJ GQ(% <A X:<R GER<X<EA$ [R( %<1(Q(AX
( /"+' (
_E[Q ?(9R R?<9:X?_ XE ??E] :<@ X(":A<K[(R R[": R 9Q<A%<A9$ ! * *" #+ "( +'!
XE (AX(Q _E[$ X:(A "?ER( _E[Q "<Q"[?Q$ A% [G;A%;%E]A
*'+(*( "' #' #!*'*"!$
?(9R RE X:( GQX E0 :<R R:0X @EX<EAR 0EQ %%(% RX<@[?X<EAJ
9&O
9&N
$&$ #
"! I8 8"
/" :1 "C
;0;; ,# @ 10
#F 3"#L
#3#'FA 8M 6 DJ144 516J16 "S" 86JJ Q/14" P1"Q16. J/" J186 J "6J"C DJ."= /" MD186
'"
#' /"+ ! *
EX: E0 _E[ Q( R(X(% EA X:(
4H C>J C*,? Q :<R :A%R /"+' ( "!*" ( ("+'(
(% ]<X: ?(9R XE]Q% EA( A% G[?? _E[QR(?0 [G <AXE - !'(( * +(+'
AEX:(Q$ Q@R "> XE R[GGEQX RK[XX<A9 GER<X<EA ]:<?( :( *!("! ** ,!( *
_E[QR(?\(RJ E] @E\( XE9(X:(Q ?<(R ">J Q :( "A Q(@<A "'( (%+!$ / ,*!
A% EAXE :<R G(A<RJ E[Q :<GR R(X(% [GQ<9:X A% G[?? _E[ /"+' +** " * *&
]<?? ( (X]((A :<R RGQ(% ?(9R$ 9<ARX :<R ":(RX <AXE X:( (' *" *'+(* ! '!
_E[Q >A((R (AX A% 0((X E[XR<%( `_
A GER<X<EA HG9( F+FIJ ! '($
E0 :<R :<GR A% 6X EA X:( (%J
E] QE"> "> A% 0EQX:J
9&-
9&+
$&$ #
C3
/" 4"PJ8C
;0;; ,# ##A 3##A
#F 3"#L
#3#'FA C"J )8C 8MJ08)0" C885 )"44J18= /" " 1JJ"C
" "'* #"(*"! "' /"+$
A((? <A 0QEAX E0 :<@J E\(Q _E[Q ! '"* "! "' $ (*
X((X: ]<X: _E[Q ?<GR A% (A"<Q"?( #"- ! /"+' *!
:<R 9?AR ]<X: _E[Q @E[X:J , (*' /"+' ("+
?E]?_ G<RXEA _E[Q ?<GR [G A% '($ ! (+##"'* ( /
%E]A EA :<R R:0X$ ?X(QAX<A9 "! * &( "' "'
RG((%RJ ""R<EA??_ 9?A"( [G * -$
X :<@J :E]<A9 _E[Q (AX:[R<R@
A% (A=E_@(AX Q( (AEQ@E[R
0"XEQR <A :<R G?(R[Q(J XEG XE
@E\( _E[Q XEA9[( E\(Q A%
QE[A% :<R :(%J ( "Q(0[? E0
_E[Q X((X:$ ?X:E[9: E""R<EA?
?<9:X A<?<A9 EA X:( ?(RR R(AR<X<\(
R:0X <R (A=E_?( 0EQ @A_ @(AJ
4H C>J C*,? (A %Q(RR<A9
@<QQEQ 9<ARX ]?? XE X:(
R<%( E0 :<R E%_ RE :( "A (A=E_
X:( \<(] E0 _E[ 9E<A9 %E]A EA :<@
0QE@ X:( R<%( \(QR[R XEG %E]AJ #?@
) S8MC 58MJ/ "85"D
CS )J"C Q/14"
D85" 516J0 8C )CM1J0
,P8C" 4M" J8 /1D D/)J=
6S Q85"6 86BJ 413"
J/" JDJ" 6 J"RJMC" 8)
D"5"6= 8 3"": )C85
...16. Q/"6 /" "CM:JD
#?@ S8M 5S Q6J J8 :4"
86BJ 1.68C" /1D :4D= /1D :"61D "JQ""6 S8MC
8C PC1J186 /"B44 *6 C"DJD D /" 6"CD 410
"RJC"5"4S "C8J1 J3" 86" 5R 6 58P" 1J 16 6
8) /1D J"DJ14"D 16J8 S8MC 8MJ 8) S8MC 4"P."
58MJ/ D S8M DJC83" /1D 448Q16. /15 J8 "2M4J"
D/)J Q1J/ S8MC /6 = 8P"C S8MC /"DJ=
9&J
8P"C16. MJJ"C,S
;0;; ,# # .FF#@
#F 3"#L
#3#'FA 8M 6 1C"J J/" :8D1J186 8) /1D J86.M" 6 J/" :C"D0
DMC" .16DJ S8M S C1D16. M: 8C :C"DD16. 8Q6=
9&I
845 "I"! 0!" "! C3
85 8: Q 0!" I8 8"
+ $
# (
-# 6N,/?2 -# 6F #F 8664! /4, -# 8/"#? -# 2#MF6?
#M#?@# 6N,/?2 # '' 86?1 46N 4,#2 6N,/?2 C5
62# 6@/F/64 -# QP
4 8664 -# 6@/F/64 6M#?/4, IFF#?*P
"C N8C0I"8D0I085D
." :8D0I085 8' Q8LC 3"-D%8:"5 38D"! "5I DIC0-.I OC::"! C8L5! .0D O0DI%0D I." 3C-"DI
NC03" 05 .8C"8-C:.Q 8' 05I"C8LCD"= 8N" C" 9* OQD I8 LD" Q8LCD I8 2"": 38N"4205- 'C"D.=