Professional Documents
Culture Documents
Neurociencia Deporte y Educacion - Alarcon F
Neurociencia Deporte y Educacion - Alarcon F
q:?JA1/0C]A^
A$8(1B(:6$A(;8;?+K[A^$G1*%A*+8$B-6+K[A^1(+8C+$G1+A6+7+8C+D%A+K[
A^D$88/+6:66$*:$AC28+Ki::A*18$*:Aj[^+BEB^D166-8D16[A^$8D+617-8+K;?+K[^D$8
%K$A: $C+:[ A^ $81+6 $G$AA: A*:J[ ^ A1:6 +A($*- $8$6B[ A^
G%8 1G166$ A1$B[ J A^ $DA:
%8(0+K%8(0+K
q:?JA1/0C]+6$?A+B+8C+*1(1;8[9:ywx
-;<15]
["
<;59':]^
#[^
#[^
#[^#i
j[^^
[^
##[^#[^
"[^
[
^
J^##
&,;59,"1L
'115&,;59,"1L
Q"7'1RL~e{eze{~e
Q$550RL~e{eze{e}
L}~}eywx
7?A+B:+8B?$9$^ywx
^^
dA1BC:*+6+B$7?$A:J'$8*:8:[|}e{xww}+G166$
1A+((1;8H+']HHH^H$8(+D6+8+*1C:A1$6^(:7JHHH^H$8(+D6+8^(:7
7$16]18.:pH$8(+D6+8+*1C:A1$6^(:7
+B+AG$*:BC:*:B6:B*+A+(0:B^D+*$?A:01'1*:A+?A:*D(1A[$67$(+8$A+8B1BC+7$B*+A+(D?+A$(1;8*+
6$ 18.:A7$(1;8 J CA$8B71C1A ?$AC+ $6/D8$ *+ +BC$ ?D'61($(1;8[ (D$6@D1+A$ @D+ B+$ +6 7+*1: +7?6+$*:
i+6+(CA;81(:[ 7+(%81(:[ .:C:(:?1$[ 17?A+B1;8[ /A$'$(1;8[ +C(j[ B18 +6 ?+A71B: *+ 6:B C1CD6$A+B *+ 6:B
*+A+(0:B*+?A:?1+*$*18C+6+(CD$6^D$6@D1+A.:A7$*+A+?A:*D((1;8[*1BCA1'D(1;8[(:7D81($(1;8?E'61($
: CA$8B.:A7$(1;8 *+ +BC$ :'A$ B:6: ?D+*+ B+A A+$61K$*$ (:8 6$ $DC:A1K$(1;8 *+ BDB C1CD6$A+B[ B$6G:
+I(+?(1;8 ?A+G1BC$ ?:A 6$ 6+J^ 1A24$B+ $ i+8CA: B?$9:6 *+ +A+(0:B +?A:/A%.1(:B[
HHH^(+*A:^:A/jB18+(+B1C$.:C:(:?1$A:+B($8+$A$6/E8.A$/7+8C:*++BC$:'A$^
0490;1249I2;&9:849)82%&91&9:849J
0491+)49I2;&9:84&?7;+9+:4:&9484J
0(1+0+I2;&9:88A52%&9&8L
N8&9#499*#&206&8942%+9#8&:K
0&:89I#1+24@&?6&8+&2#+O
,*<'1&''9>"3;':
:A-B+8?A:J+(C:BA+6$(1:8$*:B(:8 ?B1(:B:(1$6^:BC/A$*:*++I?+AC:+8
6$ +DA:+*D($(1;8[ (:7: +8 +6 $*1((1;8$64D+/:J:CA$B$*1((1:8+B
?:B/A$*: *+6
*+ 6$ 81G+AB1*$* *+6(:7?:AC$71+8C:^
*+ $A(+6:8$[ +8 +6 %BC+A *+ A+B1*+8C+ *+ 6$ B:(1$(1;8 *+
+DA:*1*%(C1($ +8 6$ 81G+AB1*$* I?+AC:B +8 :7D81($(1;8 :
+JD$8$A6:B:+86$1?6:7$CDA$ +A'$6^ B1(;6:/: +8+A$6 $81C$A1:
+DA:(1+8(1$B J 7:(1:8+B +8 +6 +8 (6281($ ?A1G$*$^ ::A*18$*:A
$(D6C$**+1+8(1$B*+6+?:AC+*+ 1+8(1$B*+6+?:AC+J+(A+C$A1:*+6
6$ 81G+AB1*$* *+ $BC166$e$ +?$AC$7+8C:*+(C1G1*$*
2B1($J
$8(0$^:(C:A+8*D($(1;8
2B1($ 1+8(1$B *+6 +?:AC+ *+ 6$ ^
?:A 6$ 81G+AB1*$* *+ A$8$*$[ :7: ?A:.+B:A G1B1C$8C+ 0$ 0+(0:
$BC+A +8 B1(:6:/2$ *+6 +?:AC+ +BC$8(1$B+86$(0::6:.18+B1:6:/J
?:A 6$ J 8CA+8$*:A D?+A1:A $8*+$6C0CD*1+B*+6$81G+AB1*$*
*+ $6:8(+BC:^ D 628+$ *+ *+D++8OBi$8$*%jJ+8+6
18G+BC1/$(1;8 B+ (+8CA$ +8 6$ *+ 6$ 81G+AB1*$* *+ $8C+B
+*D($(1;8 18C+/A$6 $ CA$G-B *+6 i
A$8(1$j^
*+?:AC+^ $ *+B+7?+9$*:
.D8(1:8+B *:(+8C+B (:7: ?A:.+B:A
*+
J (:7: +8CA+8$*:A *+
3&,%'
L
MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMWY
A^$DA:%8(0+K%8(0+KJA^D$88/+6:66$*:$AC28+K
L
!KMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMZ_
^+BEB^D166-8D16
MMMMMMMMMM\]
A^$81+6$G$AA:A*:JJA^D$88/+6:66$*:$AC28+K
MMMMMMMMMMMMMMMMMMMMMMMMWVY
^A1:6+A($*-$8$6B
M
!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMWX]
A^
G%81G166$A1$B
MMMMMMMMMMMMMMMMMMWZ[
A^
A$8(1B(:6$A(;8;?+KJA^$G1*%A*+8$B-6+K
L
MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMW]]
^D$8%K$A:$C+:
MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMXVY
A^1(+8C+$G1+A6+7+8C+D%A+K
MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMXX]
A^$8D+617-8+K;?+K
L
MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMX[_
A^$81+6$G$AA:A*:J
]
8 *2$ (D$6@D1+A$ +BC1G$6 *+ G+A$8: B+ ?:*A2$ ?6$81.1($A *+ 6$ B1/D1+8C+
7$8+A$] 6+G$8C$AB+ C+7?A$8: ?$A$ C:7$A D8 ($.- iB1+7?A+ @D+ B+$7:B
$6:8*A$BJ8:B/DBC+7$*AD/$A(:8D8$*:B1B*+$(C1G$(1;88+DA:7DB(D6$Aj\
B$61A$CA:C$A*DA$8C+D8$0:A$?$A$C+8+AD8$+I?+A1+8(1$$DC:C-61($\*D(0$
61'+A$8*: D8 C:AA+8C+ *+ :?1%(+:B +8 .:A7$ *+ +8*:A.18$B\ *+B$JD8:
(:7?6+C: J B$6D*$'6+ (:8 7E6C1?6+B G1C$718$B J ($A':01*A$C:B\ 6+(CDA$
B:B+/$*$J$?$B1:8$8C+\7++C18/(:8$71/:B?$A$C:7$A+6G+A7DC\(:71*$
61/+A$ (:8 :7+/$ z[ G+A*DA$B J .ADC$B_\ J *+B?D-B 66+/$A% +6 7:7+8C:
BD'617+ +8 A+.+A+8(1$ $6 18G+8C: 7%B D81G+AB$6 *+6 @D+ $6C1G$7+8C+
?A+BD717:B] 6$ B1+BC$^ + ?A:8C: $?$A+(1+A:8 D8:B 819:B[ *+ +8CA+ exw
$9:B[ J +7?+K$A:8 $ 4D/$A (:8 D8$ ?+6:C$ ($DB$8*: D8 AD1*: +BCA1*+8C+
($*$G+K@D+-BC$/:6?+$'$D8$B?:AC$*$B*+(0$?$^$A+$((1;8187+*1$C$
+ 18BC18C1G$ +B 6+G$8C$AB+[ $'A1A 6$ G+8C$8$ J G:(1.+A$A C:*: C1?: *+
17?A:?+A1:B $ 6:B 819:B[ 6: @D+ 6+B ?A:G:($A2$ D8 *:'6+ A+.D+AK: ?$A$ BD
B1BC+7$ *:?$718-A/1(:] +6 4D+/: (:7: $(C1G1*$* $DC:C-61($ J ?6$(+8C+A$[
7%B +6 0+(0: *+ 0$(+A7+ BD.A1A J A$'1$A ?:A 6$ 18+I1BC+8C+ (:8+I1;8 *+
8D+BCA$B 8+DA:8$B +B?+4:^ 8$ G+K ?D+BC$ $ .D8(1:8$A 6$ 18C+61/+8(1$
+4+(DC1G$ +8 (:8+I1;8 (:8 6$ /+8+A$*:A$[ 6$ *+(1B1;8 7%B $*+(D$*$ .D+
$6$'$A+64D+/:*+6:B819:B[?:AD86$*:[(:8D8A+.D+AK:B:(1$6?:B1C1G:x
X@D- '1+8 4D/%1BW X7+ +8($8C$ G+A:B /:6?+$A 6$ ?+6:C$[ C+8-1B 7D(0:
C$6+8C:WJ[?:A:CA:[(:8D8$A+(:7?+8B$+(:8;71($XC:7$*xs?$A$($*$
D8:J?A:7+C+*7+@D+G:6G+A-1B7$9$8$[+8+B+($B::B*$A-+6*:'6+W$
b'+8*1C$c ADC18$ B+ A+?1C1;[ 6:B 819:B G:6G1+A:8 $ 4D/$A[ B+ *1G1AC1+A:8[
A+(1'1+A:86$($8C1*$*?$(C$*$[J@D+*$A:8+7?6$K$*:B?$A$A+/A+B$A$6*2$
B1/D1+8C+JA+(1'1AzsN648"8"O^:*:7$A(0;1/D$6@D+6:B*2$B$8C+A1:A+B
B$6G:@D+8:A+(1'1+A:86$($8C1*$*$(:A*$*$[B18:xs$A+?$AC1A+8CA+6:B
CA+B[?A:7+C1-8*:6+B@D++6?A;I17:*2$6+B*$A2$|s$($*$D8:^D8@D+D8
?:(:*+B(:8.1$*:B?:A7:C1G:B+G1*+8C+B[G:6G1+A:8$4D/$AJ8:A+(1'1+A:8
exze
A^##JA^#
81D8(-8C17:[?:A6:@D++66+(C:A?:*A2$?A+/D8C$AB+Z@D-BD(+*1;$6*2$
B1/D1+8C+YZJ6$B1+BC$Y
ex{e
]
$C+:A2$*+1B(0+6B+.D8*$7+8C$+8+6N#4409@9:&1Oi:B1BC+7$.A2:jJ6:
@D+*+8:718$N*4:9@9:&1Oi:B1BC+7$(%61*:j@D+C1+8+?A+*:718$8(1$+8
6:B?A17+A:B$9:B*+G1*$J8:BD+6+B+AEC16(D$8*:+6-I1C:+86$A+B:6D(1;8
*+ D8 ?A:'6+7$ : D8$ B1CD$(1;8 *+?+8*+ *+ 6$ ?6$81.1($(1;8 J 6$
A$(1:8$61K$(1;8^ :A +66:[ 6:B B+1B ?A17+A:B $9:B *+ G1*$[ +8 6:B @D+ +6
+8C:A8: +B 7%B 18.6D+8(1$'6+[ B:8 .D8*$7+8C$6+B ?$A$ .:7+8C$A 6$
0$'161*$* *+ A+/D6$A 17?D6B:B[ (:8CA:6$A 6$ +I?A+B1;8 *+ +7:(1:8+B[
*+B$AA:66$A6$+7?$C2$J6$(:8(1+8(1$0$(1$D8:71B7:J0$(1$6:B*+7%Bz^
6 $DC:(:8CA:6 f4D8C: (:8 +6 $DC:(:8:(171+8C:[ 6$ $DC:7:C1G$(1;8[ 6$
+7?$C2$J6$BA+6$(1:8+B18C+A?+AB:8$6+Be+B?$AC+*+6:B(:7?:8+8C+B*+
6$18C+61/+8(1$+7:(1:8$6@D+?:?D6$A1K;+8BD'+BCB+66+A:6+7$8{$D8@D+
+6C-A718:6:$(D9$A:8$6:G+JJ$J+A|^
(:8C18D$(1;8B+G+A1.1($@D-BD(+*+(D$8*:+6(+A+'A:4D+/$(:86$B1*+$B
?$A$18C+8C$A.:A7D6$A6$N)8268&);2:O^1+60:CBJBC+7+B?A+*:718$8C+
+86:B?A17+A:B$9:B*+G1*$[$(C1G$8*:7%B+6(D+A?:+BCA1$*:G+8CA$6?$A$
.$G:A+(+A 6$ 61'+A$(1;8 187+*1$C$ J ?6$(+8C+A$ *+ 6$ *:?$718$[ 71+8CA$B
@D+ +6 (::6 BJBC+7 B+ (:8.1/DA$ (:7: (+8CA: ?A18(1?$6 *+ 6$B .D8(1:8+B
+4+(DC1G$BJ[?:A+8*+[+6$DC:(:8CA:6@D+B+$6'+A/$+8+6%A+$*+6(;AC+I
?A+.A:8C$6 (DJ: *+B$AA:66: 8: $6($8K$ BD ?6+8$ 7$*DA+K 0$BC$ 6:B y|ezw
$9:Bi?:A+66:B+*1(+@D++86$$*:6+B(+8(1$J4DG+8CD*B+(:7+C+8C$8C$B
6:(DA$B17?D6B1G$BjfB+/DA$7+8C++66+(C:AJ$0$J$$8C1(1?$*:6$(D+BC1;8
17?A+B(18*1'6+e[ Z(;7: J ?:A @D- +6 C+BC *+ 6$ /:6:B18$ $?61($*: $ 819:B
+8CA+ {e} $9:B *+ +*$*[ @D+ 71*+ +6 $DC:(:8CA:6 J 6$ *+7:A$ *+ 6$
/A$C1.1($(1;8[ ?D+*+ C+8+A C$8C$ A+6+G$8(1$ ?$A$ +BC:B 819:B (D$8*: B+$8
$*D6C:B B1[ $ ?A1:A1[ 6:B 819:B 8: C1+8+8 *+B$AA:66$*$B +BC$B .D8(1:8+BY
Z+BC$7:B187+AB:B+8D8$(:8CA$*1((1;8Y
8?A17+A6D/$A[(:8B1*+A$A%A+$BJ+BCAD(CDA$B(+A+'A$6+B+B?$A(1$67+8C+
(:AA+(C: i?D+BC: @D+ C$7'1-8 0$'A2$ @D+ 18(6D1A 6$B (:8+I1:8+B +8CA+ 6$B
71B7$Bj[ *+'1*: $ @D+ +6 $?A+8*1K$4+ +B D8 ($7'1: +8 6$ +BCAD(CDA$
.D8(1:8$6*+6(+A+'A:^:B(1A(D1C:B@D+(:8CA:6$86$B.D8(1:8+B+4+(DC1G$B
+8 +6 (;AC+I ?A+.A:8C$6 +BC%8 18C+A(:8+(C$*:B (:8 6$B +BCAD(CDA$B *+6
(+A+'A: 7%B ?A171C1G$B @D+ A+/D6$8 +6 *+B$AA:66: *+ 6:B 819:B $ 6$B
A+$((1:8+B *+6 +BCA-B J 6$ $7+8$K$ *+6 0:C BJBC+7^ B2 71B7:[ +8
B1CD$(1:8+B*++BCA-BIII, +6(::6BJBC+78:+BC%:?+A$C1G:J+B(D$8*:7%B
B+ 8+(+B1C$[ J$ @D+ +6 (;AC+I ?A+.A:8C$6 iB:6D(1;8 *+ ?A:'6+7$Bj J +6
D+/:*+?$6$'A$BB:'A++6E6C17:61'A:*+
A$8(1B(::A$C1CD6$*:b;2%4&0#&8&"84.;&)#4209
}
+%&9O L
8$01?;C+B1B@D+?6$8C+$7:B6:B$DC:A+B+B@D++64D+/:/+8+A$B18+A/1$BJ?D+8C+B*+(:8+I1;8+8CA+
+6B1BC+7$*:?$718-A/1(:7+B:627'1(:J7+B:(:AC1$6[*+$02@D++64D+/:B+$D818BCAD7+8C:$DC:C-61C(:]
18BCAD7+8C:?:A@D+7+4:A$6$B.D8(1:8+B+4+(DC1G$BJ$DC:C-61(:?:A@D++B?6$(+8C+A:+8B271B7:^
ex|e
A^##JA^#
:A:CA:6$*:[J$D8@D+?D+*+?$A+(+A6:(:8CA$A1:[6$B.D8(1:8+B+4+(DC1G$B
B:8D818/A+*1+8C++B+8(1$6?$A$6$17$/18$(1;8[6$(A+$C1G1*$*J+64D+/:
B17';61(: *DA$8C+ 6:B ?A17+A:B $9:B^ 8 +BC+ B+8C1*:[ .:7+8C$8*: 6$
17$/18$(1;8 B+ *+B$AA:66$ D8 $DC:(:8CA:6 7%B .6+I1'6+ J $*$?C$C1G:z^ 8
*+.181C1G$[ +6 7:G171+8C: J +6 4D+/: +B D8$ 8+(+B1*$* .16:/+8-C1($ ?$A$
.$(161C$A 6$ +I?A+B1;8 +?1/+8-C1($ *+8CA: *+6 $*+(D$*: *+B$AA:66:
:8C:/+8-C1(:^ *+7%B *+ 6:B *$C:B $6+8C$*:A+B J ?A+:(D?$8C+B @D+
7$8+4$6$A/$81K$(1;8D8*1$6*+6$$6D*
+8A+.+A+8(1$$6$?A+G$6+8(1$
6$AC2(D6:+BC%*1B?:81'6++8]
0CC?]dd+(:8:71$^+6?$1B^(:7d+(:8:71$dywx~dwydx~d$(CD$61*$*dx{~zzxyy|hy{|{}^0C76
:B*$C:B+BC%8*1B?:81'6+B+8]0CC?]ddHHH^H0:^18Cd+8*e(016*0::*e:'+B1CJd.$(CBd+Bd
ex}e
]
*+ 6$ :'+B1*$* 18.$8C16 +8 6:B ?$2B+B *+B$AA:66$*:B[ B1 B+/D17:B 0$(1+8*:
7$A$G166:B$B .1(0$B[ ?:C+8(1$8*: 6:B (:7?:AC$71+8C:B B+*+8C$A1:B J
+BC$'6+(1+8*:D8(A:8:/A$7$*+$(C1G1*$*+B18.181C:?$A$6:B819:B+8BDB
?A17+A:B $9:B *+ G1*$[ +G1*+8C+7+8C+ +6 A+BD6C$*: 187+*1$C: ?:*A2$ B+A
+ICA$:A*18$A1:?+A:C$7'1-8C+8*A%(:8B+(D+8(1$B?:(:*+B+$'6+B?$A$BD
.DCDA:^
ZD-BD(+*++8C:8(+B+8+6(+A+'A:*+6$B?+AB:8$B@D+C1+8+8$DC:(:8CA:6
J+8+6*+6$B@D+8:Y$A+B?D+BC$?:*A2$B+A@D+6:B819:B@D+B+(:7+8
6$ /:6:B18$ B18 ?:B?:8+A 6$ /A$C1.1($(1;8 *:'6+[ $(C1G$8 +6 B1BC+7$
*:?$718-A/1(: *+6 (D+A?: +BCA1$*: G+8CA$6 i+8 (:8(A+C: +6 8E(6+:
$((D7'+8Bj+8A+.+A+8(1$$6$A+(:7?+8B$187+*1$C$[D8%A+$*+6(+A+'A:
7%B ?A:.D8*$ J ?A171C1G$ A+6$(1:8$*$ (:8 +6 *+B+:[ +6 ?6$(+A J 6$B
$*1((1:8+B[71+8CA$B@D+6:B819:B@D+?D*1+A:8*+7:A$A6$A+(:7?+8B$
$(C1G$A:86$(:AC+K$?A+.A:8C$617?61($*$+8+6$DC:(:8CA:6J[$BDG+K[+BD8
%A+$*+18.6D+8(1$*+6$B+A:C:818$^:A6:@D+6$*:?$718$?D+*+4D/$AD8
?$?+6*+N640+";&244104O[J$@D+18.6DJ++86$BB+8B$(1:8+B?6$(+8C+A$B
@D+C1+8+8D8:A1/+8*1G+AB:$CA$G-B*+6$(:71*$[+6$6(:0:6[+6B+I:[+6
4D+/:[ 6$ G1(C:A1$ +8 (:7?+C1(1;8[ +C(^[ +BC17D6$8*:[ ?:A D8 6$*:[ 6$B
A+B?D+BC$B (:7?D6B1G$B J[ ?:A :CA:[ J $D8@D+ ?$A+K($ D8$ ?$A$*:4$[
.$G:A+(1+8*: 6$ ?+AB+G+A$8(1$^ B171B7:[ 6$ B+A:C:818$ +B D8
8+DA:CA$8B71B:A 7+*1$*:A +8CA+ 6$ $((1;8 *+ 6$ (:AC+K$ ?A+.A:8C$6 J +6
(:8CA:6 *+ 6$B +7:(1:8+B[ 6:B +BC$*:B *+ %817: J 6$ G:6D8C$*\ *1(0$
BDBC$8(1$+B8+(+B$A1$?$A$+6$DC:(:8CA:6?+A:8:+BBD.1(1+8C+~^8+BC+
B+8C1*:[+60+(0:*+(:7+AB+D8$/:6:B18$$0:A$:*:B*+B?D-B[?+AB+8:
C1+8+ 7$J:A 17?:AC$8(1$[ $D8@D+ $ 6$A/: ?6$K: 6$B (:8B+(D+8(1$B *+ 8:
(:8CA:6$A6:B17?D6B:B$CA$G-B*+6$B.D8(1:8+B+4+(DC1G$BB2@D+6$C1+8+8^
8+.+(C:[Z+B?:B1'6+@D+6$B(:7?$92$B7;G16+BJ6$B$??BC+8/$8(:7:
.18$61*$* $(C1G$A (:8C18D$7+8C+ +6 8E(6+: $((D7'+8B $ CA$G-B *+ D8
B1BC+7$*+A+.:AK$71+8C:*+A$K;8G$A1$'6+@D+18(6DJ++6$K$A[6$B:A?A+B$
J6$8:G+*$*4D8C:(:8D8$$C+8(1;8*1G1*1*$JBD?+A.1(1$6YZ6G1(1:$67;G16
8: B+A2$ B1716$A $6 G1(1: $ 6$B CA$/$?+AA$BY ZD- B1/81.1($*: C1+8+ N1&
);9:O +8
$(+'::5[ H1CC+A[ *7:*: +
8BC$/A$7[ : N8)&2%8O +8
185+*18Y Z$'+B @D- B1/81.1($ +6 $8/61(1B7: N2;%)&OY :8C18D$7+8C+
+BC$7:BB1+8*:18.6D1*:B[+7?D4$*:BJA+(:8*D(1*:B[$81G+6(:8B(1+8C++
18(:8B(1+8C+[ ?:A 8D+BCA: +8C:A8:^ 6 $AC2(D6: *+6 ?+A1:*1BC$ $G1+A $6$B
B ?:B1'6+ @D+ +BC+7:B B$CDA$8*: J *$9$8*: 6$ +.1($(1$ J .D8(1;8 *+6 B1BC+7$ *:?$718-A/1(:
7+B:627'1(: e$6 1/D$6 @D+ +6 *1BCA-B (A;81(: (:8 +6 B1BC+7$ 187D8:6;/1(:e[ 6: @D+ ?:B1'6+7+8C+
*+B+8($*+8+JB+$D8.$(C:A18.6DJ+8C++8+6*+B$AA:66:*++8.+A7+*$*+B8+DA:*+/+8+A$C1G$B^
+B A+(:7+8*$7:B +6 61'A: *+ 0$6+A J D8BC+18 C1CD6$*: b;%)&L 1684=+2) %&#+9+429 "4;: *&0:*I
>&0:*2%*66+2&99O L
ex~e
A^##JA^#
C1CD6$*:N*42496+&29O
+B?:B1'6+@D+*-A+B?D+BC$$+BC$(1A(D8BC$8(1$
$.1A7$8*:@D+]
Naa+ 9& +2:84%;#& &0 A8 @ 24 9"&149 &?#:1&2:& 7;'
94868&9 =149 8&#+"+8I &0 8&(;&8A4 &9 1;#*4 1@48L 94
&2)2#*:4%=,1 9L9047;&9;#&%ၱ:8)6&889bbL
&9&?#:1&2:&&068+2#+6+4&2&07;&9&"9&0=+#+4%&015=+0K
#% =&A 7;& 04 1+8149 *@ 0)4L ;&%& 9&8 ";&24 S;2 1&
);9:T 4 1&.48 S7;& :& *@ 6&%+%4 1+9:% 0);+&2 7;& :&
+2:&8&9TI +2#0;94 #42 &0 942+%4 %& 09 24:+(+##+42&9I #414
2:34 09 1 7;+29 %& .;&)4I 7;& 942 ;2 #42%+#+421+&2:4
%+)24 %&0 6&884 %& =04=L 84@&#:149 :0 :&2#+52 94"8& &0
68:4 7;& 00&)149 9&2:+8 7;& =+"8 &2 2;&9:84 "409+004L
8+49&9:;%+49*220+A%4#5148&9642%&149068+=#+52
%&015=+0K#;2%49&249&2#41+&2%;2:8&@&015=+0&9:
8&#+"+&2%424:+(+##+42&99+27;&64%149#429;0:809I94149
+2#6#&9 %& #42#&2:88249 &2 #42%+#+42&9 648 #;06 %& 0
29+&%%7;&249684=4#I&+2#0;949&*2%&9#8+:49,2:419%&
*+6&8#:+=+%%bbL
ZD-BD(+*+A2$(:86$B*A:/$B(:7:+6$6(:0:6[+6C$'$(::6$(:($28$YZD-
%A+$B .D8(1:8$6+B B+ $(C1G$8 ?$A$ @D+ B+$8 C$8 $*1(C1G$BY 6 ?A:.+B:A *+
C$8.:A*81G+AB1CJ:'+AC$?:6B5Jxx18*1($@D+6$(:($28$$(CE$B:'A++6
B1BC+7$ *+ *:?$718$[ J$ B+$ +8 .:A7$ *+ A+(:7?+8B$ : +I?+(C$C1G$ *+
A+(:7?+8B$[ (:7: 6: 0$(+8 C:*:B 6:B +D.:A1K$8C+B^ :*: +66: (:866+G$[
B+/E8+6*1GD6/$*:A(1+8C2.1(:*D$A*D8B+Cxy[@D+B+?A:*DK($8+88D+BCA:
(+A+'A:D8$B+A1+*+8+DA:$*$?C$(1:8+B[*+'1*:$6$B*A:/$B[@D+$6C+A$8
6:B7+($81B7:B*+A+(:7?+8B$8+(+B$A1:B?$A$B:'A+G1G1Ai$617+8C$(1;8[
$/D$JB+I:jJ[?:A+8*+[6:B(1A(D1C:B8+DA:8$6+B$B:(1$*:B$6$B+8B$(1;8
*+?6$(+A[6$7:C1G$(1;8J+6$?A+8*1K$4+^:AE6C17:[Z?:*A2$C+8+A+671B7:
+.+(C:J(:8B+(D+8(1$B+67;G16(:8+6B1BC+7$*:?$718-A/1(:iA+(:7?+8B$
187+*1$C$[(:8C18D$JBD?+A.6D$[B18$C+8(1;8+4+(DC1G$j(:7:+6A1C7:*+
G1*$$4+CA+$*:+8+6+BCA-B(A;81(:Y
8+I:A$'6+7+8C+[+67;G160$CA1D8.$*:
+8 (:8B+/D1A +6 *:8 *+ 6$ D'1(D1*$* $ CA$G-B *+ 6$ i+I?+(C$C1G$ *+j
A+(:7?+8B$187+*1$C$*+A$K;8G$A1$'6+
^
1*+?$B:+6B+/D8*:$DC:A[$81+60$8+7$8xz[@D1+80$(+A+.+A+8(1$+8
BD 61'A: N&298 8 6+%4I 6&298 0&2:4O $ *:B /A$8*+B B1BC+7$B (:8 6$B
B1/D1+8C+B($A$(C+A2BC1($B]
-$B++6$AC2(D6:+8]0CC?]dd+6?$1BB+7$8$6^+6?$1B^(:7d*:(D7+8C:Bd+8/$8(0$*:Be7:G16d'$B$*:+8+6
xw
61'A:@D+A+(:7+8*$7:B*+0+AAJDA56+iywx~jC1CD6$*:N2%&(&29%&0#42=&89#+52O L
ZD%8C$BG+(+B0$B71A$*:+67;G16*+B*+@D+(:7+8K$BC+$6++A+6($?2CD6:YZ1+8+B8:C1.1($(1:8+BY
exe
]
• 6N+9:&1XO:N6&291+&2:48 6+%4O+B$@D-6@D+:?+A$*+7$8+A$
A%?1*$ J $DC:7%C1($[ ?A%(C1($7+8C+ B18 6$ B+8B$(1;8 *+ (:8CA:6
G:6D8C$A1:[ J$ @D+ A+@D1+A+ ?:(: : 818/E8 +B.D+AK:^ 6 ?A:?1:
0$8+7$8 $.1A7$ @D+ N46&8 #414 ;2 1 7;+2 %& 90:8 09
#42#0;9+42&9O iB:'A+ C:*: (D$8*: 6$ 18.:A7$(1;8 +B +B($B$j^ BC+
B1BC+7$+BC$A2$A+6$(1:8$*:(:8+6?+8B$71+8C:18CD1C1G:*+6+I?+AC:[
6$B*+(1B1:8+B0+DA2BC1($BJ6:B?A:(+B:B7+8C$6+B$DC:7%C1(:B(:7:
6$?+A(+?(1;8^
• 6N+9:&1YO:N6&291+&2:40&2:4O+B+6+8($A/$*:*+(+8CA$A6$
$C+8(1;8+86$B$(C1G1*$*+B7+8C$6+B@D+A+@D1+A+8+B.D+AK:[(:7:
?:*A2$8 B+A 6:B (%6(D6:B (:7?6+4:B i$B:(1$*:B $ 6$ +I?+A1+8(1$
BD'4+C1G$*+?A+BC$A$C+8(1;8[+6+((1;8J$((1;8jJ[?:ABD?D+BC:[*+
A+/D6$A+6$DC:(:8CA:6^
+/E80$8+7$8[+6B1BC+7$x+BC%0$(1+8*:(:8C18D$7+8C+?A:?D+BC$BJ
BD/+A+8(1$B$6B1BC+7$yB:'A+17?A+B1:8+B[B+8B$(1:8+B+18CD1(1:8+B@D+[
(:86$$?A:'$(1;8*+6B1BC+7$y[B+(:8G+AC1A2$8+817?D6B:B[(A++8(1$BJ
$((1:8+BG:6D8C$A1$B^8+BC+B+8C1*:[6'+AC18BC+18J$$B+G+A;0$(+$9:B
@D+N01&2:&+2:;+:+=&9;28&)049)8%4@01&2:&8#+420&9;2(+&0
9+8=+&2:&L&149#8&%4;294#+&%%7;&8+2%&*4248&909+8=+&2:&@*
40=+%%4 0 8&)04O^ (:7: (1C$ +6 ?A:?1: $08+7$8[ N&2 &0 #94
+1684""0&%&7;&9&*+#+&8;26&0,#;094"8&&9:&0+"84I&0+9:&1Y9&8,
;26&8942.&9&#;2%8+47;&9&&684:)42+9:O^$'A2$@D+7$C1K$A@D+
+6.1+6B1AG1+8C+C1+8+@D++*D($A$6/A$8A+/$6:B$/A$*:J@D+$7':B*+'+8
$(CD$A(:7:$71/:B.1+6+B+18B+?$A$'6+B^
8 C+A(+A 6D/$A J 8: ?:A +66: 7+8:B 17?:AC$8C+[ :B- 8C:81: $A18$x{
$.1A7$@D++6C$6+8C:+B18C+61/+8(1$+8$((1;8J@D+*1(0$18C+61/+8(1$B+
?:*A2$+BCAD(CDA$A+8*:B81G+6+B*1.+A+8C+Bi.1/DA$xj]
• b2:&0+)&2#+)&2&8%484#416;:#+420c[+B*:8*+B+/+8+A$86$B
1*+$B[6:BB+8C171+8C:B[6:B*+B+:B[6:B17?D6B:BJ6$B17$/18$(1:8+B^
$18C+61/+8(1$/+8+A$*:A$CA$'$4$18(+B$8C+7+8C+J8:(:8:(+7:B
BDB?A:(+B:BB18:$6/D8:B*+BDB?A:*D(C:B^
D8(1:8$+86$B$6$*+
7%@D18$B[+8+6?1B:*+$'$4:[.D+A$*+681G+6(:8B(1+8C+[?:A6:@D+
D8:'4+C1G:*+6$+*D($(1;8B+A2$+*D($A+.1($K7+8C++618(:8B(1+8C+
+8BDB*1.+A+8C+B7$81.+BC$(1:8+B:%7'1C:B
!]
o :/81C1G:]B+CA$C$*+(:8BCAD1A6$18C+61/+8(1$+4+(DC1G$(:86$
!
:B$DC:A+B*++BC+($?2CD6:0+7:B*1B(DC1*:6$$DB+8(1$*+6B1BC+7$B:(1$6*+8CA:*+6$18C+61/+8(1$
/+8+A$*:A$^D1K%?:*A2$+BC$AD'1($*:*+8CA:*+6B1BC+7$(:/81C1G:+8A+.+A+8(1$$6$B8+DA:8$B+B?+4:
J[+8+IC+8B1;8[6$+7?$C2$^
exe
A^##JA^#
eywe
]
+);8XL:B*:B81G+6+B*+6$18C+61/+8(1$@D+?A:?:8+:B-8C:81:$A18$^
*+7%B*+6:B:CA:BCA+B$DC:A+B7+8(1:8$*:BB+D8+D8(D$AC:$DC:A@D+
18C+8C$A%/+8+A$AB18+A/1$B+8CA+6:B$8C+A1:A+B18(6DJ+8*:6$17?:AC$8(1$
*+ 6$ 7:C1G$(1;8 J +6 B1BC+7$ *:?$718-A/1(: *+8CA: *+ 6$B C+:A2$B
?A:?D+BC$B^B+6?A:.+B:AD8/e1617x|*+618BC1CDC:*+18G+BC1/$(1;8*+8CA:
*+6*+?$AC$7+8C:*++*D($(1;8[(+A+'A:J7:C1G$(1;8*+6$81G+AB1*$**+
:A+$ *+6 DA @D+ 4DBC1.1($ @D+ +I1BC+8 *:B C1?:B *+ B1BC+7$B
*:?$718-A/1(:B*1.+A+8(1$*:B]
• 6 N9+9:&1 %461+2'8)+#4 1&940,1"+#4O i$8C1(1?$(1;8 *+ 6$
A+(:7?+8B$J$?A+8*1K$4+j[G$0$(1$+6%A+$C+/7+8C$6G+8CA$6@D+
(:8+(C$ (:8 +6 8E(6+: $((D7'+8B[ 6$ ?D6?$[ 6$ $72/*$6$ J +6
01?:($7?:^8+BC+B+8C1*:[+6(;AC+I:A'1C:.A:8C$6[6$$72/*$6$J+6
8E(6+:$((D7'+8B$(C1G$8+6?A:(+B:*+A+(:7?+8B$+8'$B+$6$B
8+(+B1*$*+B ?A17$A1$B i(:71*$ : +I(1C$(1;8 B+ID$6j[ +6 *18+A: J 6$
A+(:7?+8B$B:(1$6iA+(:8:(171+8C:J(::?+A$(1;8j^1+8*:+68E(6+:
$((D7'+8B +6 (+8CA: *+6 ?6$(+A :A1+8C$*: $ 7D(0:B +BC27D6:B[ J$
B+$8$8C1(1?$*:B:A+(1'1*:B[JC$8G$A1$*:B(:7:+B(D(0$A(01BC+B[
+8$7:A$AB+:.D7$A[71+8CA$B@D++6(;AC+I:A'1C:.A:8C$6B+(+8CA$
+86:B4D1(1:B*+G$6:A^
• 6N9+9:&1%461+2'8)+#41&94#48:+#0OiG$6:A*+6$A+(:7?+8B$J
(:7?:AC$71+8C:*1A1/1*:$D8:'4+C1G:j*+BC$($?:A6$D81;8+8CA++6
(;AC+I ?A+.A:8C$6 7+*1:[ +6 (;AC+I (18/D6$*: $8C+A1:A[ J (:8 +6
?+A1A18$6^B2[+6(;AC+I?A+.A:8C$6*:AB:6$C+A$6J7+*1$64D8C:(:8+6
(;AC+I(18/D6$*:$8C+A1:AB:86:B@D+A+/D6$86$B.D8(1:8+B+4+(DC1G$B
:A1+8C$*$B$(:8B+/D1A+6:'4+C1G:^
A:'$'6+7+8C+[+86$7+8C+*+66+(C:A+BC-?A+B+8C++6*1(0:($BC1K:[Z8:
+BC$7:B?:81+8*:*1.+A+8C+B(:66$A+B$671B7:?+AA:YZB:8+@D1G$6+8C+B+6
eyxe
A^##JA^#
0:CBJBC+7[+6B1BC+7$xJ6$18C+61/+8(1$/+8+A$*:A$$B2(:7:6:+B+6(::6
BJBC+7[$6B1BC+7$yJ$6$18C+61/+8(1$+4+(DC1G$YZ6+?$A+(+'1+8$66+(C:AB1
+6 ?A17+A /AD?: 6: B18C+C1K$7:B (:7:
x J +6 B+/D8*: /AD?: (:7:
yY:ABD?$AC+[ZB+?:*A2$DC161K$A+6$(A;817:J?$A$+6
B1BC+7$*:?$718-A/1(:7+B:627'1(:J7+B:(:AC1($6A+B?+(C1G$7+8C+YZJB1
B:'A++6
x+BCDG1+B+$(CD$8*:+6B1BC+7$*:?$718-A/1(:7+B:627'1(:
JB:'A++6
y+6B1BC+7$*:?$718-A/1(:7+B:(:AC1($6YZ(D%6+B6$(6$G+Y
8*D*$'6+7+8C+[6$18C+A(:8+I1;8+18C+A(:8+(C1G1*$*+8CA+$7':B/AD?:B
*+B1BC+7$BJ$@D++6A+BD6C$*:8:B+A2$BD7$C:A1:B18:+I?:8+8(1$6^
^1B(0+6d^$08+7$8d^^$A18$d^17:C1G$(1;8
:CBJBC+7d1BC+7$xd
8C+61/+8(1$/+8+A$*:A$d1BC^*:?^7+B:627'1(:
x
::6BJBC+7d1BC+7$yd
8C+61/+8(1$+4+(DC1G$d1BC^*:?^7+B:(:AC1($6
y
"25;,>"%,63'31"599'&'"$'1
BC+ $?$AC$*: 6: 181(1$A+7:B (:8 D8 8E7+A:[ ?:A +4+7?6: NXWLWWWO[ @D+
B+AG1A% $ 7:*: *+ 8:7'A+ J *+B?D-B 6+ ?:8*A+7:B 6:B $?+661*:B^ 1
$9$*17:B$6$*+A+(0$N1&:849O[8:BA+.+A17:B$6$?AD+'$*+$C6+C1B7:@D+
B+A+$61K$+8D8$?1BC$*+{ww7+CA:BJ(:8B1BC++8*$Ay|GD+6C$B$6$71B7$
+8+67+8:AC1+7?:?:B1'6+\B1$9$*17:BN*489OB+A%6$($8C1*$**+C1+7?:
@D+D8$?+AB:8$C1+8+@D+?A$(C1($A?$A$[$?A1:A1[(:8G+AC1AB++8+I?+AC$
+8BD%7'1C:\C$7'1-8?:*A2$8B+AN(8#949O@D+B:8+68E7+A:*+G+(+B
@D++AA;J$?A+8*1;0:7$B*1B:8*+(;7:8:B+0$(+D8$':7'166$$8C+B
*+18G+8C$A6$\C$7'1-8?:*A2$8B+AN6949O*1$A1:B@D++B6$A+(:7+8*$(1;8
*+$(C1G1*$*.2B1($@D+A+$61K$6$A/$81K$(1;8D8*1$6*+6$$6D*?$A$D8$
?+AB:8$ $*D6C$\ ?:A E6C17:[ ?:*A2$8 B+A +6 8E7+A: *+ N#42&?+42&9
9+2 6:+#9O@D+?D+*+8+BC$'6+(+A($*$D8$*+6$B7%B*+xww^www7166:8+B
*+8+DA:8$B*+8D+BCA:(+A+'A:^Z:B:8C:*:B+66:B+4+7?6:B+86:B(D$6+B
6$ 7:C1G$(1;8 C1+8+ D8 ?$?+6 ?A18(1?$6Y Z*1G18$B[ +8C:8(+B[ (D%8C$B
?$6$'A$BC1+8++BC+($?2CD6:Y
6 +B(A1C:A J (:8.+A+8(1$8C+ $81+6 185x} $':A*$ +6 C+7$ *+ 6: @D+
A+$67+8C+ 8:B 7:C1G$ G+A1.1($8*: @D+ 0+7:B +G:6D(1:8$*: *+ D8$
7:C1G$(1;8 x^w .D8*$7+8C$*$ +8 6$ BD?+AG1G+8(1$[ ?$B$8*: ?:A D8$
7:C1G$(1;8y^w'$B$*$+8+6A+.D+AK:J+6($BC1/:[+6?$6:J6$K$8$0:A1$[$
D8$ 7:C1G$(1;8 z^w (+8CA$*$ +8 6:B CA+B $B?+(C:B .D8*$7+8C$6+B *+ 6$
7:C1G$(1;8]$DC:8:72$[7$+BCA2$J?A:?;B1C:^$$DC:8:72$B+'$B$+86$
(DA1:B1*$*[ 6$ $DC:*+C+A718$(1;8 J 6$ C:7$ *+ *+(1B1:8+B @D+ *+'+A2$8
C+8+A 6$B ?+AB:8$B ?$A$ +6+/1A @D-[ (D%8*:[ (;7: J (:8 @D1-8 0$(+A6:[
A+B?+(C:$6$C$A+$[+6C1+7?:[6$C-(81($J+6+@D1?:[A+B?+(C1G$7+8C+^$
eyye
]
7$+BCA2$+BC$A2$A+6$(1:8$*$(:86$7:C1G$(1;8*+6:/A:$CA$G-B*+6*+B+:
*+ 7+4:A$A +8 $6/: @D+ C+ /DBC$ J C+ 17?:AC$[ 6: @D+ /+8+A$ D8 /A$8
(:7?A:71B:[D8+7?:*+A$71+8C:?$A$(:8B+/D1A6$B7+C$B(:8+B.D+AK:J
*+*1($(1;8^6?A:?;B1C:?A:?:A(1:8$+6(:8C+IC:J+6+@D161'A1:?$A$@D+B+
*+B$AA:66+86$B:CA$B*:B[B+CA$C$*+0$(+A6$B(:B$B@D+C1+8+8D8B+8C1*:[
@D+G$87%B$66%*+D8:71B7:^8*+.181C1G$[6$7:C1G$(1;88:*+?+8*+*+
C+8+AB:6$7+8C+:'4+C1G:BB18:*+@D+-BC:BB+$8$*+(D$*:B^
8:*+6:BCA+BC+8:A+B[+6.16;B:.::B-8C:81:$A18$x~C$7'1-8?A:?:8+
D87:*+6:7:C1G$(1:8$6+8BD61'A:N499&:49%&014:+=#+52O'$B$*:
+8*+B+:B[G$6:A+Bi18(+8C1G:BJ7+C$Bj[J.$(161C$*:A+Bi.1/DA$yj^:B*+B+:B
B+.D8*$7+8C$8+86:B18C+A+B+B[8+(+B1*$*+B+18@D1+CD*+B*+6$?+AB:8$
i0$7'A+[ B+*[ 62'1*:[ B+A @D+A1*: : A+(:8:(1*:[ B+8C1AB+ ($?$K[ +C(^j\ +6
G$6:Ad18(+8C1G: *+6 :'4+C1G: B+ $(C1G$ (D$8*: B+ ?A+B+8C$ $CA$(C1G$7+8C+
i(:71*$['+'1*$[B+I:[*18+A:[.$7$[+C(^j\6:B.$(161C$*:A+B*+6$C$A+$B1AG+8
?$A$@D+6$?+AB:8$B+$($?$K*+$6($8K$A6$(:8+BCA$C+/1$B$*+(D$*$BJ
*+8CA:*+6$K:8$*+*+B$AA:66:?A;I17:i0$'161*$*+B[(:8:(171+8C:[$JD*$[
+C(^j^$7:C1G$(1;8B+(:AA+B?:8*+A2$(:86$18C+61/+8(1$/+8+A$*:A$J6$
C:7$*+*+(1B1;8(:86$18C+61/+8(1$+4+(DC1G$^6$DC:A(:8(6DJ+$.1A7$8*:
@D+N&%;#8&9(41&2:8014:+=#+52%&#;%O[+B*+(1A[?$B$A*+6$B
7:C1G$(1:8+B +B?:8C%8+$B $ :CA$B *1A1/1*$B *+8CA: *+6 ?A:J+(C: *+ ($*$
?+AB:8$ J[ ?$A$ +66:[ (:8B1*+A$ :(0: A+(DAB:B +*D($C1G:B] ?A+71:B[
B$8(1:8+B[ 7:*+6:B[ B+6+((1;8 *+ 18.:A7$(1;8 J ($7'1: *+ (A++8(1$B[
($7'1: *+ B+8C171+8C:[ A$K:8$71+8C:[ +8CA+8$71+8C: J +61718$(1;8 *+
:'BC%(D6:B^8*+.181C1G$[(1C$$A18$61C+A$67+8C+]
N&"&149 :8".8 68 %7;+8+8 ;2 ";&2 +2:&0+)&2#+
)&2&8%48I7;&249684648#+42&";&249I160+49@64%&84949
%&9&49I"8+002:&94#;88&2#+9I@7;&2496&81+:%+9(8;:8%&04
";&24 @ 94648:8 04 104I &2(8&2: 2%4249 0 =+% #42
#42(+2AL:1"+'2*@7;&:8".868%7;+8+8;2&(+#A
+2:&0+)&2#+ &.&#;:+=I #6A %& 9&0&##+428 2;&9:89 1&.48&9
4#;88&2#+9 @ 1&:9I %& #;&8%4 ;2 %&#;%4 #8+:&8+4 %&
&=0;#+52I @ 7;& 9&6 12:&2&8 &0 &9(;&8A4 1+&2:89 9&
8A42"0&L
eyze
A^##JA^#
TIENDE/BUSCA META=OBJETIVO
DESEO
Valor=
Incentivo=
Premio esperado
PROVOCA/MANTIENE
+);8YL:*+6:7:C1G$(1:8$6*+:B-8C:81:$A18$^
SATISFACCIÓN PASIVIDAD
MOTIVACIÓN
Tareas: FRUSTRACIÓN
Tiempo para la reflexión
Talento por descubrir
Transmitir optimismo
Tutoría
Acciones:
Actitud positiva
Aceptación
Autenticidad
+);8ZL:*+6:*+7:C1G$(1;8/+8-A1(:*+
DBC+AJ
Al i
+G+AC+A^
ey{e
]
6 ?A:?1: D8/e16 17x|[ $*+7%B *+ ?A:?:8+A 6:B 81G+6+B *+ $8%61B1B J
+I?61($(1;8*+6$7:C1G$(1;8i.1/DA${j[0$(A+$*:D87:*+6:8+DA:(1+8C2.1(:
*+6$7:C1G$(1;8'$B$*:+86$*1.+A+8(1$(1;8*+CA+BBD'?A:(+B:B(:8C18D:B]
/+8+A$A 7:C1G$(1;8 17?D6B$*$ ?:A 6$ A+(:7?+8B$ i?6$(+Aj[ 7$8C+8+A 6$
7:C1G$(1;8 +8 '$B+ $ 6$ C:7$ *+ *+(1B1:8+B +8 .D8(1;8 *+ 6$ G$6:A$(1;8
iG$6:AjJ6$A+/D6$(1;8*+6$7:C1G$(1;8+8.D8(1;8*+6(:8CA:6*1A1/1*:$D8$
7+C$i:'4+C1G:j^
Frecuencia Regulación
Nivel
comportamental
Duración
Elección Esfuerzo
Placer
+);8[L1G+6+B*++I?61($(1;8JD81*$*+B*+$8%61B1B*+6$7:C1G$(1;8B+/E817^
6?A:.+B:A:AJ1//18Bx*+:6D7'1$81G+AB1CJ4DBC1.1($(;7:.D8(1:8$6$
7:C1G$(1;8 +8 BD 61'A: N&@42% 60&9;8& 2% 6+2O 7%B $66% *+ 6:B
B+8C171+8C:B*+(:8B+/D1A?6$(+AJ+G1C$AB+8B$(1:8+B18*+B+$'6+B(:7:+6
*:6:A^ " ?$A$ +66: +I?:8+ 6$ B1/D1+8C+ $A/D7+8C$(1;8 '$B$*$ +8 (18(:
?D8C:B?A18(1?$6+B]
ey|e
A^##JA^#
• $8C:+6?6$(+A(:7:+6*:6:AB+A+.1+A+8E81($7+8C+$6$+I?+A1+8(1$
0+*;81($^8+.+(C:[6$/+8C+@D1+A+6:/A$ABDB:'4+C1G:BJC+8+A-I1C:
+86:@D+0$(+8[18(6DB:B1C1+8+8@D+BD.A1A?$A$(:8B+/D1A6:^
• $+I?+A1+8(1$0+*;81($(:8CA1'DJ++86$18C+8B1*$*(:8@D+6$/+8C+
G$6:A$ 6$B (:B$B +8 +6 7D8*: ?+A: 8: +B +6 E81(: 7+($81B7:^ $
17?61($(1;8*+6$/+8C++86$'EB@D+*$*+:'4+C1G:B$.+(C$$6G$6:A
@D+ (:8.1+A+8 $ *1(0:B :'4+C1G:B J $ 6$B $(C1G1*$*+B $B:(1$*$B (:8
*1(0$'EB@D+*$?$A$(:8B+/D1A6:B^
•
8(6DB:(D$8*:6$7:C1G$(1;8*+?+8*+*+?6$(+AJ*:6:A[0$J7%B*+
D8+8.:@D+:A1+8C$*:$(:8B+/D1A?6$(+AJ+G1C$A+6*:6:A^
• $ 7:C1G$(1;8 8: B:6: (:8B1BC+ +8 C+8+A A+BD6C$*:B *+B+$*:B^ $
/+8C+@D1+A+/+BC1:8$A6:@D+BD(+*++8BDBG1*$Bi(:8CA:6jJ@D1+A+8
*1.+A+8(1$A6:@D++BG+A*$*+A:J.$6B:+8+67D8*:iG+A*$*j^
• $B*1.+A+8C+B.:A7$B*+B+A+.+(C1G:8:.D8(1:8$8$1B6$*$BD8$B*+
:CA$B[B18:@D+B+A+@D1+A++6CA$'$4:+.+(C1G:J(:84D8C:[?:A6:@D+
+B+6$4DBC+:6$BB18+A/1$B6:17?:AC$8C+^
$A$ 1//18B[ 6$ 7:C1G$(1;8 B+ '$B$ +8 @D+ 6$ /+8C+ @D1+A+ B+A +.+(C1G$
C+81+8*:A+BD6C$*:B*+B+$*:BiG$6:Aj[+BC$'6+(1+8*:6:@D++BA+$6iG+A*$*j
J /+BC1:8$8*: 6: @D+ BD(+*+ i(:8CA:6j J C:*: +66: *+ .:A7$ 18C+/A$*$ J
D81*$^
$?A:.+B:A$*+?B1(:6:/2$*+6$81G+AB1*$**++88BJ6G$81$J(A+$*:A$*+6
0$A$(C+A$'!?$A$6$(1+8(1$J?A%(C1($*+6*+B$AA:66:*+6($A%(C+A[8/+6$
D(5H:AC0yw[+8BD61'A:N
8+:K:*&64>&84(699+422%6&89&=&82#&O[
*+BC$($ BDB (:8(+?C:B (6$G+ *+ 6$ 7:C1G$(1;8] +6 18C+A-B[ 6$ ?A%(C1($ J +6
?A:?;B1C:^8?A18(1?1:[+618C+A-BB+'$B$+8'DB($AJ?+AB+/D1ACD?$B1;8$
CA$G-B*+6:@D+CE7%B*1B.ADC$B0$(1+8*:+8CDG1*$J*1(0:18C+A-B*+'+
B+A$(C1G$*:(:8C18D$7+8C+J$@D+[?$A$.A$B+$8*:$DA2?1*+B[N2%+&&9:
+2:&8&9%4&2:4%46&84:4%4&01;2%4&9: +2:&8&9%4&20)4O^6B+/D8*:
$B?+(C: B+A2$ 6$ ?A%(C1($ 7+*1$8C+ 6$ 7:C1G$(1;8 *+ 6:/A: (:8 D8 *+B+:
(:8BC$8C+ *+ ?A:/A+B$A[ + 17?:AC$ C$8C: 6$ ($8C1*$* (:7: 6$ ($61*$*^ 8
C+A(+A6D/$A[+6?A:?;B1C:(:8B1BC1A2$+8(:8CA1'D1A$6'1+8+BC$A*+6:B:CA:B[
B+'$B$?:AD86$*:+8@D++6B+A0D7$8:'DB($?6$(+A$81G+618*1G1*D$6
?:A@D+ 18(A+7+8C$ 6$ :?:ACD81*$* *+ BD?+AG1G+8(1$\ ?:A :CA:[ +6 B+A
0D7$8:0$+G:6D(1:8$*:J'DB($A+6$(1:8+BB1/81.1($C1G$BJ(:8?A:?;B1C:[
?D+BC:@D+(::?+A$8*:C+8+7:B7%B?:B1'161*$*+B*+B:'A+G1G1A@D+B:6:B[
+8 +.+(C:[ +6 ?A:?;B1C: '$B$*: +8 +6 '1+8 $4+8: +B D8$ /A$8 .D+8C+ *+
*:?$718$J:I1C:(18$^$B+(D+8(1$*+BDC+:A2$(:71+8K$(:8D818C+A-B
!
0CC?B]dd(0$A$(C+A6$'^:A/
!
A1CB+?:*A2$CA$*D(1A$6($BC+66$8:(:7:.1A7+K$*+6($A%(C+A^G1*+8C+7+8C+[(:8+BC$CA$*D((1;86$
G+8C$*+61'A:B8:CA$B(+8*+A2$7%B$66%*+6+8C:A8:.$7161$A^
ey}e
]
"$B+$6$G:6D8C$**+$A18$[+6/A1C*+D(5H:AC0[+6*A1G+*+185[J:CA:B
(:8(+?C:B*+:CA:B$DC:A+B[(:8$6/D8:B7$C1(+B[C:*:BB++BC%8A+.1A1+8*:
$6:71B7:[6$7:C1G$(1;8iC$'6$xj^:*$B+BC$BC+:A2$BB:'A+6$7:C1G$(1;8[
@D++8?A18(1?1:?:*A2$8(:8CA1'D1A$D8($:B'$'16;81(:[B:86$+B+8(1$J6$
'$B+*+6$B| OB@D++I?:8*A+7:B+8D8($?2CD6:?:BC+A1:A^
$'6$x^,2:&9+9%&;:48&9@9;9:&48,9%&014:+=#+52L
<;59N': '59-"::5$9'1"25;,>"%,63
,30 DC:8:72$ $+BCA2$ A:?;B1C:
"9,3" +B+:B $6:A+B
$(161C$*:A+B
<:;'9A'>'9;'9 $B1G1*$*
ADBCA$(1;8 $C1B.$((1;8
,2 6$(+A $6:A '4+C1G:
<**,3: +A*$* $6:A :8CA:6
<%0?59;+
8C+A-B A%(C1($ A:?;B1C:
"<95 A <"3 6$J $18 $18
3*'1
'%;59
!
$A$(:8CA1'D1A$6($:BC+A718:6;/1(:[6:B$DC:A+B*+6($?2CD6:0$818(6D1*:BDB?A:?1$B?$6$'A$B^66+(C:A
C1+8+BD0D+(:?$A$?:8+A+68:7'A+J+B(A1'1ABDC+:A2$^
ey~e
A^##JA^#
XM
$A$*;41($7+8C+[ 6$ 7:C1G$(1;8 +B D8 (:8(+?C: 66+8: *+ B1/81.1($*:B +
18C+A?A+C$(1:8+B@D+$BDG+KC1+8+D8/A$8G$(2:B+7%8C1(:B18:.D+B+?:A
:CA:BC-A718:B@D+$JD*$8$BD(:7?A+8B1;8^(:8C18D$(1;8B++I?:8+8
@D-(:8(+?C:B+BC%818.6DJ+8*:+86$7:C1G$(1;8?A+e[?+AeJ?:BCe$((1;8^
<(':7'95&'2-K&';,A&'>5:5;95:L1":'@7'%;";,>":
8 ?A18(1?1:[ 6$B +I?+(C$C1G$B @D+ ?A:J+(C$7:B 0$(1$ 8:B:CA:B 71B7:B
i+.+(C: /$6$C+$j Jd: 0$(1$ 6:B *+7%B i+.+(C: ?1/7$61;8 : +.+(C: 0$6:j
C+8*A%8/A$818.6D+8(1$+8+6?A:(+B:*++4+(D(1;8J+8+6A+BD6C$*:*+6$B
$((1:8+B^6+.+(C:/$6$C+$+BC%*1A+(C$7+8C+A+6$(1:8$*:(:86$(:8.1$8K$
J6$?+A(+?(1;8*+(:8CA:6@D+($*$?+AB:8$C1+8++8BDB?:B1'161*$*+B:+6
(:8(+?C: *+ $DC:+.1($(1$ @D+ ?A:?DB: +6 ?A:.+B:A +7-A1C: *+ 6$
81G+AB1*$* *+ C$8*.:A*[ 6'+AC $8*DA$yx^ :A BD ?$AC+[ 0$(+
?A%(C1($7+8C+D86DBCA:[:B+8C0$6J$(:'B:8yyA+$61K$A:8D8+I?+A17+8C:
B:'A++6+.+(C:?1/7$61:8@D+(:8B1BC1;+8*1BCA1'D1A*:B/AD?:B*+$6D78:B
$6+$C:A1$7+8C+\ $ 6:B ?A:.+B:A+B B:6: 6+B (:7D81($A:8 @D+ D8 /AD?: +A$
7DJ18C+61/+8C+J(:8B+/D1A2$7DJ'D+8:BA+BD6C$*:B71+8CA$B@D++6:CA:
/AD?: +A$ 7%B 6171C$*: J (:8B+/D1A2$ ?+:A+B A+BD6C$*:B^ 8 +BC+ ($B:[ 6$
+I?+(C$C1G$ B+ (D7?61; +8 .:A7$ *+ ?A:.+(2$ $DC:(D7?61*$!
[ ?:A@D+ 6:B
?A:.+B:A+B$*+(D$A:8BD*:(+8(1$+8'$B+$6$B+I?+(C$C1G$B181(1$6+B^+
0+(0:[+B+86$+I?+(C$C1G$(D$8*:B+$(C1G$+8+601?:C%6$7:+6(1A(D1C:*+
'EB@D+*$ J *+ ?6$(+Axy[ *+ $02 @D+ 6:B A+C:B *+B$.1$8C+B J[ $ BD G+K[
$6($8K$'6+B B+$8 D8$ /A$8 +BCA$C+/1$ +*D($C1G$ J *+?:AC1G$[ $6 1/D$6 @D+
?6$8C+$A?A+/D8C$B+86D/$A*+0$(+A$.1A7$(1:8+B^
6 +.+(C: 0$6: : *:718;[ @D1K% 7+8:B ?:?D6$A ?+A: @D+ C1+8+ /A$8
17?:AC$8(1$ +8 +6 C-A718: (:8:(1*: (:7: N&:+7;&:8O[ B+ +8C+8*+A%
?+A.+(C$7+8C+(:86$B1/D1+8C+(:8G+AB$(1;8]
Q40IH7;':0&9: 9GH#514:&0019G
Q40I94@0%4#:48
8#,IH@:<G
Q494@&0%4#:48'8&AI&2#2:%4L
Q;'18=+00IH@&27;'602::8".9GH#; 0&9:;&96&#+0+%%G
Q29=&#&9=4@06"&0052I4:890#164%&(<:"40I4:89&9:4@&2
&0;0L
Q* 9,I 7;' +2:&8&92:&I H1& 64%8,9 &?60+#8 &2 7;' #429+9:& :;
:8".4G
!
-$B+0CC?B]ddHHH^J:DCD'+^(:7dH$C(0YGD{61
5
eye
]
Q489;6;&9:4
+7$8+A$@D++6+.+(C:0$6:B+'$B$+8/+8+A$61K$AD8$+I?+(C$C1G$$?$AC1A
*+D8$($A$(C+A2BC1($(:8(A+C$181(1$6^$7'1-8$*71C+:CA:B1/81.1($*:J+B
?:A+4+7?6:(D$8*:D8?A:.+B:A:D8+8CA+8$*:A+8D8$A+D81;8(:8BDB
(:7?$9+A:B 0$'6$ '1+8 : 7$6 *+ D8 $6D78: : D8 *+?:AC1BC$[
?A:'$'6+7+8C++B?:B1'6+@D+B+/+8+A$61(+*1(0$:?181;8+8+6A+BC:*+
(:7?$9+A:B^
:A7$67+8C+ +I1BC+ D8 (:8B+8B: $7?61: B:'A+ 6$ 8+(+B1*$* *+ @D+ 6$B
+I?+(C$C1G$B B+$8 A+$61BC$B[ $6($8K$'6+B J +8 ?:B1C1G:^ : :'BC$8C+[ +8
+8C:A8:B*+$?A+8*1K$4++188:G$(1;8B+*+'+A2$818CA:*D(1AJ.:7+8C$A6$B
+I?+(C$C1G$B *+ .A$($B: @D+ ?A:?:8+ +8 $18yz[ ?A+B1*+8C+ *+6 +BC
+$(0+AB
8BC1CDC+[ +8 BD 61'A: N4 7;& *#&2 049 1&.48&9 &9:;%+2:&9
;2+=&89+:8+49O!
^ Z:A @D-Y $A$ B$61A *+ 6$ K:8$ *+ (:8.:AC[ (A+$8*:
B1CD$(1:8+B*+*1B:8$8(1$(:/81C1G$@D+B1AG$8?$A$A:7?+A6$B$B:(1$(1:8+B
*+ 6:B +B@D+7$B 7+8C$6+B CA$*1(1:8$6+B J 7:*+6:B ?A+e+BC$'6+(1*:B
CA$*1(1:8$67+8C+ $(+?C$*:B\ B+ CA$C$A2$ *+ *$A :?:ACD81*$*+B *+
+@D1G:($AB+[ (:8(+'1A +6 +AA:A (:7: .D+8C+ *+ $?A+8*1K$4+ J +6 .A$($B:
(:7:D8/A$87$+BCA:[J$@D++6$6D78:+B?+A$D8A+BD6C$*:(:8(A+C:J+6
?A:.+B:A/+8+A$?A+/D8C$B:?6$8C+$B1CD$(1:8+B8:G+*:B$B+18+B?+A$*$B
@D+ (:8CA1'DJ+8 $ @D+ +6 $6D78: C+8/$ @D+ A+(:8BCAD1A BD (:7?A+8B1;8
7+*1$8C+D8?+8B$71+8C:(A2C1(:JA+.6+I1G:[6:@D+(:8*D(+$6$188:G$(1;8
J 6$ (A+$C1G1*$*y{^ :*: +66: B+ *+'+ $ @D+ +6 (:8:(171+8C: +8B+9$*: J
$?A+8*1*: +8 ($B$[ +8 6$ +B(D+6$ J +8 6$ D81G+AB1*$* +B[ +8 /A$8 ?$AC+[
18.D8*$*:[ ?:A 6: @D+ $?A+8*+A $ *+B$?A+8*+A +BC$B G+AB1:8+B J
$B:(1$(1:8+B B18 B+8C1*: +B D8 ?A:(+B: +8(:71$'6+ + 17?A+B(18*1'6+[
(:8:(1*:(:7:+6$?A+8*1K$4+18G+AC1*:[D8$6$':A@D++6(+A+'A:A+$61K$
/A$CD1C$7+8C+J?:A(D+8C$?A:?1$[*+$026$A+6+G$8(1$*+6BD+9:C$8C:+8
($8C1*$*(:7:+8($61*$*xy^BC$1*+$C$7'1-86$*+.1+8*++6?A:.+B:A:A$
+AD+6 @D+ $A/D7+8C$ 6$ (1C$ @D14:C+B($ *+ N%&9(#&8 &2:;&8:49O ?$A$
A+.+A1AB+$@D++6$?A+8*1K$4+C$7'1-8B+'$B$+8(D+BC1:8$AJ*+BCAD1A6:
G1+4:[6:B+AA:A+BJ6:B8+DA:71C:B}^
J53:'*<,95'>,;"9I)953;"2,'3;5A5$/';,>5:
6 71-A(:6+B *+ 7$AK: *+ ywx~ ?$B$A% $ .:A7$A ?$AC+ *+ 6$B G1CA18$B
+7:(1:8$6+B*+C:*:B6:B'$A(+6:81BC$B(:7:D8*2$7+7:A$'6++8+6@D+
B+(:8B1/D1;D801C:*+?:AC1G:01BC;A1(:^6
$A(+6:8$?+A*1;(:8CA$+6
+8 +6 $A@D+ *+ 6:B A28(1?+B +8 6$ 1*$ *+ 6:B :(C$G:B *+ .18$6 *+ 6$
!
A+(1B$7+8C+6$B*:B($A$(C+A2BC1($B?A18(1?$6+B*+6:B7+4:A+B+BCD*1$8C+BD81G+AB1C$A1:BB:86$?$B1;8
@D+?:82$8+8C:*:6:@D+0$(2$8JBD18C+A-B?:A6$6+(CDA$^
eye
A^##JA^#
0$7?1:8+$/D+?:AD8$'D6C$*:A+BD6C$*:*+{ew^8+6$7?:D.D+
($?$K*+A+7:8C$AJ(:8B+/D1AD8}ex?$A$/$8$AB++6*+A+(0:*+?$B$A$6$
B1/D1+8C+A:8*$^1+6:'4+C1G:*+$7':B+@D1?:B+A$?$B$A6$+61718$C:A1$J
+6 A+BD6C$*: *+ 1*$ +A$ CA+7+8*$7+8C+ .$G:A$'6+ ?$A$ +6 J 7DJ
*+B.$G:A$'6+?$A$+6$A)$[Z@D-BD(+*1;Y%B1($7+8C++6$.A:8C$71+8C:
*+ 6$ (:7?+C1(1;8 .D+ B1/81.1($C1G$7+8C+ *1.+A+8C+ +8CA+ 6$B ?6$8C166$B *+
$7':B +@D1?:B^ 1+8CA$B 6:B 4D/$*:A+B *+6 ?+8B$'$8 @D+ ?:*2$8
?+A*+A $6/: @D+ (A+2$8 @D+ 0$'2$8 /$8$*: i$.A:8C$71+8C: :A1+8C$*: $
+G1C$A+6.A$($B:j[6:B4D/$*:A+B*+6$A)$?+8B$'$8+8@D+8:C+82$88$*$
@D+ ?+A*+A J ?:*2$8 /$8$A +6 ?$B+ i:A1+8C$*: $ (:8B+/D1A +6 -I1C:j^ BC+
$.A:8C$71+8C: :A1+8C$*: $ +G1C$A +6 .A$($B: *+ 6:B 4D/$*:A+B *+6 B+
CA$*D4: +8 D8$ +7:(1;8 ?A18(1?$6[ +6 71+*:[ $(C1G%8*:B+ 6$ $72/*$6$ J
.$G:A+(1+8*:6$B(:8*D(C$B*++B($?+:+G1C$(1;8^1D8*+?:AC1BC$*+-61C+
@D+ C1+8+ $DC:7$C1K$*$ 6$ +4+(D(1;8 C-(81($ f18(6DB: (:8 18C+61/+8(1$
18CD1C1G$ ?$A$ 6$B *+(1B1:8+Be B+ G+ :'61/$*: $ 0$(+A (:8B(1+8C+B +BC:B
?A:(+B:B[+6A+BD6C$*:?D+*+B+A*+B$BCA:B:[(:7:B+01K:?$C+8C++8+B+
?$AC1*:^ A%(C1($7+8C+[ D8 $9: *+B?D-B[ B+ A+?1C1; 6$ 01BC:A1$ (:8 6:B
?$?+6+B18G+AC1*:B+8CA++6$A)$J6$:7$^
J598<(:<%'&,6158<':<%'&,6I;9,$<%,53':%"<:"1':
:A:CA:6$*:[6$B?+AB:8$BB:6+7:BA+$61K$A$CA1'D(1:8+BB:'A+6$dB($DB$dB
*+ 6:B A+BD6C$*:B *+ 8D+BCA$B $((1:8+B[ $6/D8$B *+ +66$B B1AG+8 ?$A$
(:8B+AG$A18C$(C:+6+/:(:7:B:8b1&*9;96&2%+%4c:b*&684"%4c\
b6&8%+149 648 &0 8"+:84c : b)2149 6487;& .;)149 1;@ "+&2c\ :CA:B
+4+7?6:B*+$CA1'D(1:8+BB+A2$8b7;'9;&8:&*9:&2+%4#42:;9*+.49c[b04
*9*&#*4"+&26487;&&8&91;@+2:&0+)&2:&c[b&8&91;@+2:&0+)&2:&6&8424
:& &9(;&8A9c^ B2[ 6:B A+BD6C$*:B *+ 6$ +G$6D$(1;8[ (D$8*: -BC:B B:8
?:B1C1G:B[ *+'+A2$8 $CA1'D1AB+ $ .$(C:A+B 18C+A8:B[ +BC$'6+Be18+BC$'6+B J
(:8CA:6$'6+B[A+6$(1:8$*:B(:8+6+B.D+AK:[6$?A:?1$($?$(1*$*e0$'161*$*J
6$?+AB+G+A$8(1$?$A$(:8B+/D1A6:B:'4+C1G:B?A:?D+BC:B^1+6+BCD*1$8C+e
*+?:AC1BC$B+(+8CA$+86$A+$61K$(1;8(:AA+(C$*+BDB(:8*D(C$Bi:'4+C1G:B
*+A+$61K$(1;8jJ8:+8+6A+BD6C$*:i:'4+C1G:B*+A+BD6C$*:j[$D7+8C$A%BD
?+A(+?(1;8 *+ (:8CA:6 *+ 6$ B1CD$(1;8[ +B *+(1A[ BD ?+A(+?(1;8 *+
$DC:+.1($(1$JBD$DC:(:8.1$8K$[J/A$(1$B$+66:7+4:A$A%8BDB?:B1'161*$*+B
*+-I1C:$6(:8+(C$ABDB+I?+(C$C1G$Bi+.+(C:/$6$C+$j(:8BDB6:/A:B^+'1*:
$ 6$ 1*1:B18(A$B1$ *+ ($*$ +BCD*1$8C+e*+?:AC1BC$[ +B 7DJ 17?:AC$8C+ @D+
($*$D8:(+8CA+BD+B.D+AK:J$C+8(1;8+8BD?A:?1:?A:/A+B:i?+A(+?(1;8
*+(:8CA:6:$DC:+.1($(1$j6:@D+18(A+7+8C$6$?A:'$'161*$**+-I1C:J*1(0:
.++*'$(5A+?+A(DC+(:7:D8(2A(D6:G1ACD:B:'+8+.1(1:B:?$A$BD(:8.1$8K$\
ezwe
]
J$@D+(:7?$A$AB+(:86:B:CA:BJ(+8CA$AB+B;6:+8+6A+BD6C$*:(:866+G$
*1BCA-BJ*-.1(1CB7:C1G$(1:8$6+BJ*+(:8.1$8K$y{^
8*+.181C1G$[+I1BC+87D(0:B+4+7?6:B*+6:B/D$A*1$8+B*+6$7:C1G$(1;8[
*+B*+6$B+I?+(C$C1G$B*+$AC18DC0+A18/b*=&%8&1c[?$B$8*:?:A
6$ $DC:+.1($(1$ J 6:B :'4+C1G:B *+ $A$(5 '$7$ b&9I >& #2c[ 0$BC$ 6$
?D+BC$+8$((1;8@D+?A:?:8+6$7$A($*+?:AC1G$15+b;9:%4+:c^:7:
BD+6+?$A$.A$B+$A+6?A:G+A'1:BD$4161+6?+A1:*1BC$G1$4+A:$G1+A+G+AC+y|
b62642+I622.+c[+B*+(1A[b%42%&*@;2%&9&4I*@;2#1+24c^
ezxe
A^##JA^#
0$(+A6:Y:A7$67+8C+N0499;.&:490&9);9:*#&8#499&2097;&&0049
942";&249@&004900&)29&8";&249&2#4997;&0&9);9:*#&8Oy~L"[Z6$
?$B1;8 +B 188$C$ : $*@D1A1*$Y B 7:7+8C: *+ (:/+A D8$ 7$8K$8$ J D8$
8$A$84$ ?$A$ K$84$A +BC$ (D+BC1;8^ 8 6$ 7$8K$8$ +6 6+(C:A ?D+*+ 0$(+A
*1A+(C$7+8C+D8(:AC+CA$8BG+AB$6JB+B:A?A+8*+A%$6G+AD8$+BCA+66$(:8
(18(: ?D8C$B : D8$ .6:A (:8 (18(: ?-C$6:B\ +8 6$ 8$A$84$ +6 6+(C:A ?D+*+
@D1C$A 6$ ?+@D+9$ ?A:C+((1;8 G+A*+\ B1 (D+8C$ 6:B ?D8C1C:B '6$8(:B
(:8BC$C$A%[ B1 $'A+ *+B?D-B 6$ 8$A$84$[ @D+ (:AA+B?:8*+8 $6 8E7+A: *+
/$4:B^8+6?A17+A($B:[6$.D8(1;8*+6?A:.+B:Ae+8CA+8$*:AB+A2$/+8+A$A
18C+A+B+B+86:B$6D78:B@D+C:*$G2$*+B(:8:(+8\+8+6B+/D8*:[B+CA$C$
*+ *+BC$?$A J ?:C+8(1$A 6:B @D+ J$ C1+8+8^ 6 ?A17+A ($B: +B 18BCAD1A
ib&%;#8&cj\+6B+/D8*:[+8B+9$Aib&%;#&8&cj^:AC$8C:B+CA$C$*+18*D(1A
J +*D(1A 6$ ?$B1;8[ +6 C$6$8C+ J C$6+8C: *+ 6:B $6D78:B J *+?:AC1BC$B[
A+B?+C$8*: J $C+8*1+8*: BD 0+C+A:/+8+1*$*[ $B2 (:7: BDB 18C+A+B+B J
8+(+B1*$*+B?+AB:8$6+BJ/AD?$6+B[Z7:C1G$8*:BD+?1/-8+B1BY^
1+5?L1"79#%;,%"
66+/+8*$A1:4D/$*:A*+/:6.$AJ6$J+A6+(:8C+BC;$D8B+9:A@D+$A/F2$
@D+C+82$7D(0$BD+AC+]N,I9,I:+&2&;9:&%8A52@#;2:41 9&2:8&241 9
9;&8:&:&2)4Ny?:B1'6+7+8C+0$(1+8*:A+.+A+8(1$$6(:8(+?C:*+N68 #:+#
%&0+"&8%O*+A1(BB:8[A$7?+J6+7+8B@D1+8+B+8xz?D'61($A:8D8
$AC2(D6:C1CD6$*:b*&840&4(%&0+"&8:&68#:+#&+2:*+9+:+424(&?6&8:
6&8(4812#&cyJB1/81.1($[*+.:A7$A+BD71*$[@D+?$A$66+/$A$B+A+I?+AC:
+8(D$6@D1+A%7'1C:i6:B$DC:A+B+BCD*1$A:86$7EB1($[6$B7$C+7%C1($B[+6
$4+*A+K[6$8$C$(1;8:+6C+81BjB+8+(+B1C$D8$?A%(C1($*+$67+8:Bxw$9:B
i$?A:I17$*$7+8C+ D8$B xw^www 0:A$Bj +8 *1(0: *:7181: (:8(A+C: $8C+B
@D+?D+*$(:8B1*+A$AB+$D8$?+AB:8$(:7:+I?+AC$i+6?A:?1:A1(BB:80$
C+81*: @D+ +I?61($A +8 7D6C1CD* *+ :($B1:8+B +6 A+*D((1:81B7: J 6$ 7$6$
18C+A?A+C$(1;8 *+ BD C+:A2$j^ :8(6DB1;8 .%(16 J B+8(166$ ?$A$ 7D(0:B
+8CA+8$*:A+B J ?$*A+B] +7?+K$A (:8 D8$ +B?+(1$61K$(1;8 ?A+(:K J D8$
?A%(C1($*+61'+A$*$(:871014::71?A+'+84$728*+|:}$9:BJ(:8D8
?:(:*+BD+AC+$6:Bx|:x}$9:BC+8*A-+8($B$$$.$$*$6[+A/1:6D66
:8*A-B
81+BC$iZ8:+BC%BD(+*1+8*:6:71B7:(:8+6$?A+8*1K$4+*+6$
6+(CDA$[6$+B(A1CDA$J6$+6$':A$(1;8*+.1(0$B+86$+C$?$*+
8.$8C16Yj^8
+BC+B+8C1*:[*$*$6$17?:AC$8(1$*+6$*1G+AB1;8J/A$C1.1($(1;818CA28B+($
*+4D/$A[+6?A:.+B:A*+6$D++8OB81G+AB1CJ+8$8$*%[+$8<C-[$(D9;
+6 C-A718: *+ b%&0+"&8:& 60@czw i4D+/: *+61'+A$*:j +8 A+.+A+8(1$ $ D8$
.:A7$ *+ $(C1G1*$* *+?:AC1G$ @D+ 18C+AG1+8+ B:'A+ +6 *+B$AA:66: *+ 6$
$(C1G1*$* .2B1($ C+7?A$8$[ @D+ +B 18CA28B+($7+8C+ 7:C1G$8C+[ @D+
?A:?:A(1:8$ D8$ /A$C1.1($(1;8 187+*1$C$ J @D+ +BC% *1B+9$*$
ezye
]
ezze
A^##JA^#
ez{e
]
1?+AL1"7'9:'>'9"3%,"
Z:A @D- 7D(0:B *+?:AC1BC$B B+ ?A+?$A$8 *DA$8C+ (D$CA: $9:B ?$A$
(:7?+C1A+8D8$B617?1$*$BYZ?:A@D-D8:?:B1C:A+BC%*DA$8C+G$A1:B
$9:B?A+?$A$8*:D8+I$7+8*+*:B0:A$B@D+(:8*1(1:8$A%BD.DCDA:YZ6
B$(A1.1(1:+B?6$(+8C+A:Y!
$?B1(;6:/$8/+6$D(5H:AC0yw$.1A7$@D+6$B
?+AB:8$B (:8 b)8+:c 0$(+8 7%B ?A%(C1($ *+61'+A$*$ J +I?+A17+8C$8 7%B
.6D4:[ +8C+8*1+8*: @D+ 6$ ?A%(C1($ *+61'+A$*$ B+ A+6$(1:8$ (:8 6: @D+ 6:B
*+?:AC1BC$B 0$(+8 J +6 .6D4: (:8 6: @D+ 6:B *+?:AC1BC$B B1+8C+8^ $ ?A:?1$
$DC:A$$.1A7$@D+6$7:C1G$(1;8181(1$6*+6$?A%(C1($*+61'+A$*$+B7+4:A$A
CD81G+6*+0$'161*$*71+8CA$B@D++6.6:H+B18CA28B+($7+8C+?6$(+8C+A:[
?:A6:@D+(:8(6DJ+@D+6$?A%(C1($*+61'+A$*$+B?$A$?A+?$A$AB+J+6.6:H
?$A$A+8*1A^8+6*+?:AC+[$*1.+A+8(1$*+6$C+:A2$*+A1(BB:8+86$@D+6$
?A%(C1($ *+61'+A$*$ 8: +B 18CA28B+($7+8C+ 7:C1G$8C+[ B2 +I1BC+ D8$
(:AA+6$(1;8?:B1C1G$+8CA++6+B.D+AK:J6$*1G+AB1;8^86$C+B1B*:(C:A$6*+
D$88/+6:66$*:*1A1/1*$?:A+6A^$DA:%8(0+Kz|[$8$61K$8*:.D+8C+B
*:(D7+8C$6+B '1:/A%.1($B *+ $*$6[ $B:6[ BC1$AC+ J $66+BC+A:B!
[ B+
+8(:8CA;@D+6:B*+?:AC1BC$B$8$61K$*:B*1B.ADC$'$8$?+B$A*+6$*DA+K$*+
6:B+8CA+8$71+8C:B^+0+(0:[+6?B1(;6:/:*+6$.+61(1*$*J*+6.6D4:[10$6J1
B15BK+8C710$6J1$.1A7$@D+]
N42:88+1&2:&047;&&149248101&2:&I049141&2:49
#414 &9:49I 049 1&.48&9 141&2:49 %& 2;&9:8 =+%I 24 942
141&2:49 69+=49I 8&#&6:+=49 4 8&0.%49 S;27;& :0&9
&?6&8+&2#+9 :1"+'2 6;&%&2 9&8 60#&2:&89 9+ *&149
:8".%4 %;81&2:& 68 #429&);+809TL 49 1&.48&9
141&2:499;&0&29;#&%&8#;2%4&0#;&864401&2:&%&;2
6&8942 *2 00&)%4 *9: 9; 0,1+:& &2 ;2 &9(;&8A4 =40;2:8+4
68#429&);+80)4%+(,#+0@7;&=0+&806&2L2&?6&8+&2#+
56:+1&90)47;&*#&1497;&9;#&%LOz}
$6 (:7: BD/1+A+ $81+6 :6+7$8 +8 BD 61'A: b 4#;9c[ 6:B (1A(D1C:B
(+A+'A$6+B*+A+(:7?+8B$[A1(:B+8*:?$718$[7:G161K$86:BB+8C171+8C:B
?:B1C1G:B?$A$+B.:AK$A8:B+8+66:/A:*+8D+BCA:B:'4+C1G:BJ*+B+:B^BC:
B+(:7'18$(:86:B:?1%(+:B+8*;/+8:B(+A+'A$6+B+8CA+6:B@D+*+BC$($8
6$B +8*:A.18$B^ 1 6$ *:?$718$ $D7+8C$ 6$ 7:C1G$(1;8 J $61+8C$ 6$
?+AB+G+A$8(1$[ 6:B :?1%(+:B 6+ $/A+/$8 D8$ B+8B$(1;8 ?6$(+8C+A$z~^ 8$
!
-$B++86$.1/DA$x(;7:+BC%818C+A$(CD$8*:6$+6+((1;8J+6+B.D+AK:(:8+6G$6:A[+6?6$(+AJ6:B
:'4+C1G:B+86$B*1BC18C$B%A+$B(+A+'A$6+B^
!
$*$6(:8B1*+A$@D++6+8CA+8$71+8C:+A$*DA:?+A:B1+7?A+6+0$/DBC$*:+8CA+8$A^$B:68:(:8(1'+
+6'$6:8(+BC:(:7:D8CA$'$4:^BC1$AC+$.1A7$@D+B+6:?$B$7DJ'1+8$?+B$A*+6$BC+8B1:8+BJ6:B
7:7+8C:B*1.2(16+B^$66+BC+A:B*1(+@D+8:6+(:BC$'$818/E8+B.D+AK:[@D+B+*1G+AC2$?:A@D+0$(2$6:
@D+6+/DBC$'$J@D+A2$B+A($7?+;8^
ez|e
A^##JA^#
?:B1'6++I?61($(1;8+B@D+181(1$67+8C+B+$(C1G++68E(6+:$((D7'+8B$8C+
D8$?A%(C1($18CA28B+($7+8C+?6$(+8C+A$J*+B?D-B(:8+(C+(:8%A+$B*+6
(;AC+I ?A+.A:8C$6 +8 A+.+A+8(1$ $6 G$6:A J :'4+C1G: *+ 6$ 7+C$^
8(6DB:
(D$8*: 6:B +8CA+8$71+8C:B B:8 C$8 +I1/+8C+B J B$(A1.1($*:B @D+ +6
*+?:AC1BC$ C1+8+ @D+ $/D$8C$A +6 *:6:A[ +6 G$6:A *+ 6$ 7+C$ (:7: +B
7$8C+8+AD881G+6+I(+6+8C+?A:G:($@D++6*+?:AC1BC$$?A+8*$$$/D$8C$A
J $ G1G1A (:8 *:6:A^ 6 *1GD6/$*:A (1+8C2.1(: *D$A* D8B+C!
! J
A+*
+A/8:DI!![ +8CA+8$*:A *+ 6$ 8$*$*:A$ 1A+1$ +67:8C+[ $?:J$8 +BC$
$.1A7$(1;8+8A+.+A+8(1$$6$17?:AC$8(1$*++8CA+8$AJ(:7?+C1A(:8J$
?+B$A*+6*:6:A^+0+(0:[+I1BC+87D(0:B7%B(1A(D1C:B(+6D6$A+B@D+G$8
*+B*+6$$72/*$6$[/+BC:A$*+6$B+7:(1:8+B[0$(1$+6(;AC+I?A+.A:8C$6f
A+B?:8B$'6+*+6$B.D8(1:8+B+4+(DC1G$Be@D+$6(:8CA$A1:[?:A6:@D+D8$
G+K@D+B+$(C1G$6$+7:(1;8+B7DJ*1.2(16(:8CA:6$A6$(:8D8?+8B$71+8C:
6;/1(:JA$(1:8$6\6$B?A17+A$BG$8?:AD8$$DC:?1BC$(:AC$[*1A+(C$J'1+8
B+9$61K$*$\+6B+/D8*:*+'+A+(:AA+AD8($718:6$A/:[C:ACD:B:J(DAG:xy^
8+BC+B+8C1*:[+6(:7+C1*:?A18(1?$6*+6$B.D8(1:8+B+4+(DC1G$BB+A%*:C$A
*+G$6:AJB1/81.1($*:+BC+($718:e@D+B+$(C1G$+86$$DC:?1BC$J*+B?D-B
*+'+B+/D1AD8CA$J+(C:*DA:JC:ACD:B:e$CA$G-B*+66+/$*:J*+6?A:?;B1C:[
D8+8.:@D+CA$8B.:A7$(1:8$6JCA$8B/+8+A$(1:8$6^
1?+A)59L'179576:,;5
A$8*+B?+AB:8$61*$*+B(:7:+6B:8$8*+6$J6$7$*A++A+B$[?1:8+A:B
C+(8:6;/1(:B(:7:C+G+:'BJ6:8DB5[+@D1?:B*+?:AC1G:B(:7:6:B66
6$(5B J D8 6$A/: +C(-C+A$[ C1+8+8[ $*+7%B *+ 7D(0$B :CA$B (:B$B[ D8$
?1+*A$$8/D6$A(:7E8]BD?A:?;B1C:^6?+A1:*1BC$:08$A618*+B(A1'++8
N0(#:48*;124Oz(;7:+6?A18(1?$6?A:?;B1C:*++6B:8$8*+6$.D+
A:7?+A6$B'$AA+A$BA$(1$6+B*+D*%.A1($JD81A+6?$2B$CA$G-B*+6+@D1?:
*+ AD/'J 8$(1:8$6[ 6:B ?A18/'::5B^ 18 ($7'1$A *+ *+?:AC+ ?+A: B2 *+
(:8C18+8C+[$7+B+AAz8:B18CA:*D(++8+6b&)#@c*+6+@D1?:*+AD/'J
7%B6$DA+$*:*+6$01BC:A1$[6:B666$(5B^6b>*/66c+B+6?A18(1?1:
'%B1(: @D+ 17?A+/8$ J +8/6:'$ $ C:*$ 6$ (D6CDA$ 7$:A2[ B1/81.1($ 6$
18C+A*+?+8*+8(1$*+C:*:]$8C+(+B:A+B[+B?1A1CD$61*$*[01BC:A1$[71C:6:/2$J
7$8$iC:*:6:@D++B[C:*:6:@D+0$B1*:JC:*:6:@D+B+A%j^:AC$8C:[6:B
4D/$*:A+BB$'+8@D+BD0D+66$B:(1$6+B+617?$(C:@D+BDBG1*$BC1+8+8:
!
!
-$B++6$AC2(D6:+8]0CC?]ddHHH^+*D$A*?D8B+C^+BdH?e
(:8C+8CdD?6:$*Bdywxxdxxdywxxxxy~h7$A($^?*.
!!
-$B++6$AC2(D6:+8]
0CC?]dd*+?:AC+B^+6?$1B^(:7d*+?:AC+Bdywxzdwdw|d$(CD$61*$*dxz~|~y|yzh|x~}{^0C76
!!
6 6+(C:A B+ 0$'A% (+A(1:A$*: @D+ +BC+ 7:*+6: /+8+A$ B18+A/1$B +8CA+ +6 B1BC+7$ *:7?$718-A/1(:
7+B:627'1(: i?$B1;8j J 7+B:(:AC1($6 i?A%(C1($ J ?+AB+G+A$8(1$j[ 4D8C: (:8 6$ B+A:C:818$ J +8*:A.18$B
i?+AB:8$61*$*j$B2(:7:(:86$:I1C:(18$i?A:?;B1C:j^:17?:AC$8C++B6$(:8+I1;8*+6C:*:^
ez}e
]
?D+*+8 C+8+A +8 :CA$B G1*$B[ *+ $02 6$ 17?:AC$8(1$ C$8 B1/81.1($C1G$ *+ 6$
(:8+I1;8*+6:BG$6:A+B0D7$8:B[6$18C+A$((1;8B:(1$6J6$$DC+8C1(1*$*^6
G$6:AB17';61(:*+6$($71B+C$*+6:B666$(5BfA+71:A18(+B$*+BCDA1$B
ywx~ *+ 6:B +?:AC+Be C1+8+ D8 ?A:?;B1C: 18($6(D6$'6+ ?:A@D+ B:8 6:B
/D$A*1$8+B *+6 .DCDA: J +B: B1/81.1($ G1G1A (:8 A+B?+(C:[ 0D716*$* J
+I(+6+8(1$ B1AG1+8*: $ 6:B :CA:B[ BD 6+/$*: B+A2$ b2/+ *&2;I
2/+ 2):I &8& >*/1;c!!
^ :A BD ?$AC+[ B06++ $8(+{w
*+BC$($+8+661'A:'1:/A%.1(:*+6:8DB5[@D++6(A+$*:A*++B6$:C:AB[
?$(+! J :6$A1CJ C1+8+ D8 ?D8C: *+ G1BC$ /6:'$6 7DJ B1/81.1($C1G: J
:A1+8C$*:$6?A:?;B1C:(:8$.1A7$(1:8+B(:7:N04<2+#47;&:+&2&9&2:+%4
&9 %&9884008 ;2 +2:&0+)&2#+ #40&#:+=O : N1& );9:8, 148+8 6&292%4
7;&0*;12+%%:+&2&;2(;:;84"8+002:&O^8+.+(C:[DB5+BC%B1+8*:
(:7?$A$*:(:8C+G+:'B[+6.D8*$*:A*+??6+J1I$A[@D++86$'1:/A$.2$
?:BC 7:AC+7 +B(A1C$ ?:A $6C+A
B$$(B:8{x B+ A+(:/+8 6$B B1/D1+8C+B
?$6$'A$B A+B?+(C: $ BD 6+/$*:] N:4%4 04 7;& *)4 %&6&2%& %& 4:849
1+&1"849 %& 2;&9:8 &96&#+& @ %& 049 *41"849 049 7;& 249 9;"+149L
1;#*49%&2494:8497;&8&149#42:8+";+8#420)468%&=40=&80&&0(=48
2;&9:8&96&#+&@683%+80)42;&=40(0;.4%&0*;12+%%O^
8$G+K(:8:(1*$B6$B|OB4D8C:(:86$B| OB[6:@D+B+A2$8| aB[B+
CA$C$*+*16D(1*$A(;7:6$B0$8$?61($*:6$B+B(D+6$B7%B7:C1G$8C+B*+6
7D8*:^
ZM
7$/18$@D+7$9$8$C+8:7'A$8*1A+(C:A:*1A+(C:A$?$A$@D+(:8BCADJ$B
D8(:6+/1:JB+$+67%B7:C1G$8C+*+67D8*:?$A$6:B$6D78:B[6$B.$7161$B[
6:B?A:.+B:A+B[+6?+AB:8$6*+$*7181BCA$(1;8JB+AG1(1:B[+6+@D1?:*1A+(C1G:[
6$ (:7D81*$* +*D($C1G$_ Z(D%6+B B+A2$8 6:B 18/A+*1+8C+B '%B1(:B @D+
(:7'18$*:B $*+(D$*$7+8C+ :'C+8*A2$8 +6 7$84$A 7%B 7:C1G$8C+ *+6
?6$8+C$YZ(;7:B+?:*A2$(A+$AD8$+B(D+6$+7:(1:8$67+8C+*1G+AC1*$J
+*D($C1G$7+8C+ B1/81.1($C1G$Y (:8C18D$(1;8 B+ ?A+B+8C$8 CA+B
+I?+A1+8(1$B@D+C+?:*A2$8$JD*$A$(:8.1/DA$ACD?A:?1$+B(D+6$^
:B$6D78:B[+86$?A17+A$+B(D+6$[+BC%8(:8C18D$7+8C++8D8$7'1+8C+
6E*1(:[ 61'A+ J (A+$C1G:[ '$B$*: +8 D8 $?A+8*1K$4+ (:8 :?:ACD81*$*+B *+
+I?+A17+8C$AJ+@D1G:($AB+e8:C$8C:+8A+.D+AK:B:($BC1/:Be[(:8.1$8*:
+8 +6 CA$'$4: +8 +@D1?: J (:6$':A$C1G: @D+ .$(161C$A% C$8C: 6:B ?A:(+B:B
(:7:6:BA+BD6C$*:B[J+8*+.181C1G$B1+8*:$6D78:B7%B.+61(+B^8+.+(C:[
!!
DCA$*D((1;8+Bb;+%80:+&88I#;+%80)&2:&I9&);+8%&02:&c^
ez~e
A^##JA^#
+6?A:.+B:A:A1+8C$6$18B?1A$(1;8J+6C$6+8C:*+C:*:B6:B$6D78:B?$A$@D+
+614$8J*+B$AA:66+8?A:J+(C:B@D+6+B18C+A+B+8JC+8/$8CA$8B.+A+8(1$$6
7D8*: A+$6[ ?:A 6: @D+ ($*$ $6D78: ?D+*+ *+B$AA:66$A (:8 61'+AC$* BD
?$B1;8 J (A+$C1G1*$*^ 8 +BC+ B+8C1*:[ C:*:B 6:B $6D78:B B:8 62*+A+B J +6
:'4+C1G:*++BC$+B(D+6$+B@D+C:*:B6:B$6D78:B?D+*+8?+8B$A[B+8C1AJ
$(CD$A+8.D8(1;8*+BDB18C+A+B+BJ8+(+B1*$*+B^:*:B6:B$6D78:BB:8
$DC;8:7:B J B+ B1+8C+8 ($?$(+B *+ *+B$AA:66$A ?A:J+(C:B[ (:8 /A$8
7:C1G$(1;818CA28B+($J*+6:/A:[6:@D+(:866+G$D8$/A$8$DC:AA+$61K$(1;8^
B2[ 6:B $6D78:B 8: B:8 B17?6+B 8E7+A:B +8 +6 +I$7+8 B18: @D+ +6
(A+(171+8C:J*+B$AA:66:?+AB:8$6B++8.:($$6?A:(+B:[7%B$66%*+6:B*$C:B
J6$BA+(:7?+8B$B^$(6$G+*++BC$+B(D+6$+B@D++6?A:.+B:A0$.:7+8C$*:
D8 $7'1+8C+ J (D6CDA$ *+ $?A+8*1K$4+ '$B$*: +8 6$B (DA1:B1*$*+B *+ BDB
$6D78:B^8BD7$[+B(:7?6+C$7+8C+*1.+A+8C++BC$A+8D8$+B(D+6$*:8*+
B;6:B+'DB($8A+BD6C$*:B+8?AD+'$B+BC$8*$A1K$*$B@D++8:CA$B*:8*+B+
0$(+-8.$B1B+8+6$?A+8*1K$4+[6$+7:(1;8J+6?A:?;B1C:*+C:*:BJ($*$
D8:*+BDB71+7'A:B?$A$($7'1$A$6$B?+AB:8$B@D+($7'1$A%8+67D8*:^
$B+/D8*$+B(D+6$B+0$($A$(C+A1K$*:$6:6$A/:*+BD01BC:A1$?:AB+A6$
@D+ C+82$ +6 7$J:A ?:A(+8C$4+ *+ 18/+81+A:B J (1+8C2.1(:B[ 6$ @D+ 7%B
18G+AC2$+8
J6$@D+C+82$6$C$B$?:A0$'1C$8C+7%B$6C$*+67D8*:+8
(A+$(1;8*+BC$ACeD?B?:A?$AC+*+BDB$6D78:B+/A+B$*:B^$(D6CDA$*+6$
+B(D+6$ C+82$ D8$ B+A1+ *+ (:8(+?C:B[ $ 7:*: *+ ?$DC$B C%(1C$B[ 7DJ
*1.2(16+B*+?A:8D8(1$A[J(:8/-8+B1B?A$/7%C1($^:B?A:.+B:A+B6$B(1C$8
0$BC$6$B$(1+*$*[6$B$?61($8(:8/A$818C+A-BJB+A+B?1A$8+8($*$A18(;8^
:86$BB1/D1+8C+B]
• 0DCK?$0] 6:B ?A:.+B:A+B .:7+8C$8 +6 $CA+G171+8C: J +6 *+B($A:[
?:81+8*:-8.$B1B+86$17?:AC$8(1$*+6$B+/DA1*$*+8D8:71B7:J
+86:B(:7?$9+A:B^6.A$($B:B+A2$+67$+BCA:*+6$?A+8*1K$4+[?:A6:
@D+ *1(0:B .A$($B:B B+ *+'+8 (:8B1*+A$A (:7: .A$($B:B
(:8BCAD(C1G:B[.A$($B:B18C+61/+8C+B^6.A$($B:+B+6($718:[6$.:A7$
*+(D+BC1:8$AJ?:8+A+8*D*$6:+I1BC+8C+[.:A7D6%8*:B+?A+/D8C$B[
(:8 ?+8B$71+8C: (A2C1(: + 18C+61/+8C+^ :*: +66: ?A:G:($A% +8
?A18(1?1: 7$6+BC$A[ ?:A 6: @D+ 6$ ?+AB+G+A$8(1$ J 6$ C:6+A$8(1$ $6
.A$($B: B+A%8 7DJ 17?:AC$8C+B^ :A E6C17:[ ?$A$ 6:B ?A:.+B:A+B +B
7%B 17?:AC$8C+ +8B+9$A $ BDB $6D78:B $ B+A 'D+8:B 0$(1+8*:
7D(0$B(:B$B$8C+B@D+B+A+I(+6+8C+B0$(1+8*:B:6:D8$^
• :B0 $*:6] *+BC$($ @D+ +8 6$ +B(D+6$ C:*:B *+'+8 B+A B18(+A:B[
.6+I1'6+B J $DC:(A2C1(:B ?$A$ $?A+8*+A *+ 6:B +AA:A+B^ D+ C:*: +B
?:B1'6+[B1+8*:6$$DC:(A2C1($J6$B18(+A1*$*7DJA+6+G$8C+B?$A$@D+
C:*:B ?D+*$8 $?A+8*+A *+ 6:B +AA:A+B^ : B+ B1/D+8 6$B ;A*+8+B J
eze
]
?$DC$B *+6 ?A:.+B:A $6 ?1+ *+ 6$ 6+CA$[ B18: @D+ +I1BC+ D8$ $(C1CD*
(:7?$AC1*$*+$?A+8*1K$4+J(::?+A$(1;8^
• :.+C]6:B$6D78:B+BC%8:A1+8C$*:B$6-I1C:J8:$+G1C$A+6.A$($B:\
($*$D8:*+'+B+ABD7+4:AG+AB1;8?$A$(:8B+/D1A6$+I(+6+8(1$^:B
$6D78:BB:8(:8B(1+8C+B8:*+6:@D+?D+*+8?+A*+AB18:*+6:@D+
B+?D+*+(:8B+/D1A+8B1CD$(1:8+B*+(:8C18D:($7'1:J$*$?C$(1;8
?$A$B+A6:B7+4:A+B+8BD.DCDA$?A:.+B1;8^
• $G5$] +8 C:*: ?A:(+B: *+ +I?+A17+8C$(1;8 J +I?6:A$(1;8 +I1BC+8
*1.1(D6C$*+B J $7+8$K$B @D+[ 6+4:B *+ *+'161C$A6+B[ 6+B 0$(+8 7%B
.D+AC+B?$A$?:*+ACA1D8.$AJ(:8B+/D1ABD?A:?;B1C:^
• ":K7$]B+A+.1+A+$6$(01B?$[6$181(1$C1G$[6$(DA1:B1*$*[6$?$B1;8[+6
18C+A-B[6$+7:(1;8[+6*+B+8($*+8$8C+@D+6:+8(1+8*+C:*:^
• 6EBC+A] C:*:B 6:B $6D78:B CA$'$4$8 4D8C:B +8 (6$B+ J +8 ($B$
i?A+B+8(1$6 : G1ACD$67+8C+j (:7?$AC1+8*: 6$ 18.:A7$(1;8 B:'A+ BDB
?A:J+(C:BJG1+8*:6$B+G:6D(1:8+B(:84D8C$B[+I1BC+D8$6C:/A$*:*+
CA$8B?$A+8(1$JC:*:BB+(:8:(+8[J$@D++I1BC+D8$/A$8(:7D81*$*
+*D($C1G$*+$?A+8*1K$4+^B6$.:A7$*+(A+$A[(::?+A$A[(:7?$AC1A
J(:7D81($AC:*:B4D8C:B^B6$.:A7$*+B+A[B$'+AJ0$(+A^
8+BCD*1$8C+*1(+@D+A+(D+A*$+BC$+B(D+6$?:ABD+B?2A1CD$8C14+A%A@D1(:[
+8 6$ @D+ C:*:B B:8 62*+A+B J 8: C+ G$6:A$8 ?:A @D1-8 +B CD .$7161$ : *+
*;8*+G1+8+BB18:?:A6:@D+B$'+B0$(+A^8*+.181C1G$[+6$?A+8*1K$4++BC%
:A1+8C$*:$6$(:8B+(D(1;8*+6:/A:B$($*-71(:BJ?+AB:8$6+B7%B$66%*+
6$:'+*1+8(1$$6$$DC:A1*$**+6?A:.+B:A^:*:+66:*+B*+D8+8.:@D+18C+A
J 7D6C1*1B(1?618$A (:8 D8$ /A$8 *1B?:B1(1;8 $ ?A:'$A (:B$B 8D+G$B
*+B$.1$8*:6$B8:A7$B+BC$'6+(1*$B[(:8181(1$C1G$[18@D1+CD*J(DA1:B1*$*
(:8BC$8C+?$A$$.A:8C$A6$$*G+AB1*$*^ZD+BCA:?A:?;B1C:Y$A$8C1K$AD8
7D8*:7+4:AJ7%BB+/DA:^
$ C+A(+A$ +B(D+6$ 6$ A+(D+A*: (:8 +*1.1(1:B 8: 7DJ 6D4:B:B ?+A: @D+
.$(161C$'$86$($?$(1*$**+(:6$':A$AJ(:7D81($AB+[D86D/$A+8+6@D+B+
17?:82$ 6$ (D6CDA$ J +6 $7'1+8C+ *+ (A+$C1G1*$*[ 6: @D+ B+ CA$*D(2$ +8
*1G+AB1;8J($61*$*+86:BCA$'$4:B^@D28:+I1BC2$6$?$6$'A$17?:B1'6+[B18:
@D+[?:AD86$*:[B+(A+$'$8(:B$B8D+G$BiwexjJ[?:A:CA:[B+18C+8C$'$8
+8A1@D+(+A + 18(A+7+8C$A 6$ (:7?6+41*$* *+ 6$B J$ +I1BC+8C+B ixe8j!!
^ 6
?A:.+B:A8:8:B*$'$(6$B+B7$/1BCA$6+B(:8A+B?D+BC$BB18:@D+8:B0$(2$
(:8BC$8C+7+8C+ ?A+/D8C$B[ (D+BC1:8$8*: C:*:[ $(+?C$8*: A1+B/:B[ (:8
18(+AC+K$+18+BC$'161*$*[(:87D(0$0D716*$*?$A$(:8B+/D1A6:B?A:J+(C:B
@D+ 8:B ?6$8C+%'$7:B^ BC%'$7:B 7DJ 7:C1G$*:B ?:A@D+ C+82$7:B
!!
+BA+(:7+8*$7:B+661'A:*+01+6J$BC+ABC1CD6$*:b&84:442&L4:&9429:8:;69I48*4>:4";+0%
{y
:*&(;:;8&O ^:A+4+7?6:[+6?A17+A
?0:8++BD8$(A+$(1;8[+6A+BC:*+7:*+6:B+BD8$7+4:A$*+6$
G+AB1;8181(1$6^
eze
A^##JA^#
(:8C18D$7+8C+A+C:B$?$B1:8$8C+BJ*+B$.1$8C+B[8:+I+8C:B*+.A$($B:BJ
*1.1(D6C$*+B@D+[18*D*$'6+7+8C+[+8A1@D+(2$8+6?A:(+B:[J8:B0$(2$87%B
.D+AC+B[ 7%B B$'1:B J 7%B $7$'6+B^ 6 ?A:.+B:A *+(2$ @D+ +A$ +B+8(1$6
/+8+A$A +@D1?:B 'D+8:B /+8+A$8*: 'D+8$B B18+A/1$B (:8 6$ @D271($
$*+(D$*$[6$.:A7$+8@D+18C+A$(CD%'$7:BD8:B(:8:CA:B[6$*1G+AB1*$*
(:7:.D+8C+*++8A1@D+(171+8C:J(:7?6+7+8C$A1+*$*^1G2$7:B+8D8$
(D6CDA$(A+$C1G$@D+(:8BCAD2$7:B$*1$A1:^D$8*:BDA/2$86:B+AA:A+BJ6:B
.A$($B:B[ C+82$7:B 6$ C:C$6 61'+AC$*[ A+B?:8B$'161*$* J (:8.1$8K$
18C+A?+AB:8$6?$A$A+(:8:(+A6:B?A:?1:BJ6:B$4+8:B[(+8CA%8*:8:B+8+6
?A:'6+7$ J 8: +8 6$ ?+AB:8$[ J$ @D+ +A$ 6$ E81($ .:A7$ *+ ?A:7:G+A J
/$A$8C1K$A6$+I(+6+8(1$^1(0:B+AA:A+B6:B(:8(+'2$7:B(:7:6$18+G1C$'6+
(:8B+(D+8(1$ *+ +I?+A17+8C$A J 0$(+A (:B$B 8D+G$B\ A+(:8:(+A +B$
.ADBCA$(1;8 .$G:A+(2$ +6 '+8+.1(1: *+6 (A+(171+8C: (:8C18D:^ 6 ?A:.+B:A
B1+7?A+ 18C+8C$'$ (A+$A D8 $7'1+8C+ ?:B1C1G: J $71/$'6+[ B1+7?A+ 8:B
*+(2$ N&7;+=4#849 1;#*4O $6+8C%8*:8:B $ +I?6:A$A (:B$B 8D+G$B ?:A
($718:B*1G+A/+8C+B+8G+K*++G1C$A6$B?:B1'6+B(:8B+(D+8(1$B*+6+AA:A
B1/D1+8*:6$ADC18$^8*+.181C1G$[+6+AA:A+A$D8$?$AC+B$6D*$'6+J*+B+$'6+
*+ C:*: +6 ?A:(+B: *+ +7:(1;8e$?A+8*1K$4+[ D8 ($718: G$61:B: @D+ B+
A+(:AA2$(:8?$(1+8(1$[$DC+8C1(1*$*J(:8B1BC+8(1$^:*$B+BC$B6+((1:8+B[
'$B$*$B 8: +8 BD (:8C+81*: C+;A1(: B18: +8 BD $?61($(1;8 ?A%(C1($[
?:C+8(1$A:8 +8 8:B:CA:B D8$ /A$8 $DC:7:C1G$(1;8 J $DC:(:8:(171+8C:[
(:8B1*+A%'$7:B+BC$+B(D+6$(:7:D8CA$J+(C:0$(1$D87D8*:7+4:A+8
6$@D+*+BC$($'$8D+BCA$?$B1;8?:A6$+I(+6+8(1$^
$B+B(D+6$BB:8::/6+{z[C$ACeD?$C1:8{{i
BA$+6jJA+$C1G1CJ{|i1I$Ao
1B8+JjA+B?+(C1G$7+8C+^+/DA$7+8C+0$8B1*:G1B1:8$A1:B+86$$?61($(1;8
*+6$7:C1G$(1;8(:86$B?+AB:8$BJ+8+8C:A8:B*+$?A+8*1K$4+(A+$C1G:B^
8*D*$'6+7+8C+[6$(D6CDA$(:6+(C1G$+7:(1:8$67+8C+(:7?+C+8C+BD?+A$
(D$6@D1+A$C1B':*+/+81$61*$*18*1G1*D$6[?D+BC:@D++6$?A+8*1K$4+[($7'1:
+86$+BCAD(CDA$.D8(1:8$6*+6(+A+'A:[B+?A:*D(+/A$(1$B$6$BB18+A/1$Be
B18$?B1B+8CA+8+DA:8$B^ZD-BD(+*+(:86$*:?$718$+8+BC$B+B(D+6$BY
+/E8 6$ 7-*1($ B+G166$8$ $AC$ 1/1:1K{}[ 6$ *:?$718$ +B +6
8+DA:CA$8B71B:A*+6B1BC+7$*:?$718-A1/:@D+A+/D6$6$7:C1G$(1;8+8*:B
G+AB1:8+B] D8$ A%?1*$ '$B$*$ +8 .:($61K$A 6$ $C+8(1;8 J *+C+(C$8*: 6$
18.:A7$(1;817?:AC$8C++8D8$B1CD$(1;8\:CA$@D++B7%B6+8C$J*DA$*+A$[
@D+ A+/D6$ +6 (:7?:AC$71+8C:[ ?$A$ $6($8K$A :'4+C1G:B J BD?+A$A
:'BC%(D6:B^
e{we
]
[M
L
Z+8+C1BC$B:$7'1+8C$61BC$BYZ$CDA+:A8DACDA+YZyz^www/+8+B:xw^www
0:A$B *+ ?A%(C1($Y
8+I:A$'6+7+8C+ +B +6 +C+A8: *+'$C+ +8 6$ (1+8(1$[ 6$
+*D($(1;8 J +6 *+?:AC+[ 18(6DB: 0$J $DC:A+B @D+ B+ $CA+G+8 $ (D$8C1.1($A
?:A(+8CD$67+8C+ 6$ 18.6D+8(1$ *+ 6:B /+8+B J *+6 +8C:A8:^ $ G1ACD* B+
.D8*$7+8C$+8+6+@D161'A1:J[?:AC$8C:[+86$+?1/-8+B1B^1(0:B($7'1:B
CA$B(1+8*+8+66+8C:?A:(+B:*+6$.16:/-8+B1B$CA$G-B*+*:B?A:?D+BC$B^$
?A17+A$ B+ .D8*$7+8C$ +8 +6 (:8(+?C: *+ +?1/+8-C1($ CA$8B/+8+A$(1:8$6
*+6 ?A:.+B:A :A$ +AD+6 A+.+A1*: $ 6$ N649+"+0+%% %& *&8&2#+ S=,
)&81+2:+=T%&18#9&6+)&2':+#9S)&2&91&:+0%49T@9;9#429&#;&2:&9
&(&#:49 94"8& 0 &?68&9+52 (;2#+420 %& 2&;8429 %& 8&%&9 7;& #4%+(+#2
68 (;2#+42&9 &96&#,(+#9I 648 &.&1604I 1+&%49LO ] BC$ 1*+$ C$7'1-8 6$
(:7?$AC+ $G1* 0+85{~ $6 18*1($A @D+ 6:B ($7'1:B +?1/+8-C1(:B ?D+*+8
0+A+*$AB+J?:AC$8C:C+8+7:BA+B?:8B$'161*$*B:'A+8D+BCA:/+8:7$[?:A
6:@D++6+BC16:*+G1*$*+D8$?+AB:8$$8C+B*+C+8+A014:B?:*A2$$.+(C$A$
6$0+A+8(1$'1:6;/1($*+6:B71B7:B[*+7:*:@D+?+@D+9$B(:B$B+86$G1*$
?D+*+8C+8+AD8+.+(C:*+/A$87$/81CD*^+B?+(C:$6$B+/D8*$1*+$[:B-
8C:81: $A18$!!
(:8B1*+A$ @D+ +BC$ $(C1G$(1;8 J CA$8B.:A7$(1;8 *+6
C$7'1-8B+?D+*+A+$61K$A*DA$8C++6(1(6:G1C$6*+6$?+AB:8$ J?$A$+66:
?:8+ +6 +4+7?6: *+ D8$ ?$AC1*$ *+ ($AC$B^
7$/18+ +6 6+(C:A @D+ +BC%
4D/$8*:$6?;5+A[$6$'A1B($[$6CDC+:$67DB^16$B($AC$Bi/+8-C1($j@D+
A+(1'+ 8: B:8 *+6 C:*: 'D+8$B ?+A: +B ($?$K *+ 4D/$A6$B i+8C:A8: J
+I?+A1+8(1$j7DJ'1+8J/$8$A?$AC1*$B[(:8C1+7?:J+B.D+AK:[(:8B+/D1A%
7+4:A+B($AC$B^+$02@D++6?A:.+B:A:A$+AD+6B+A+.1+A$$6(:8(+?C:
*+ $7'1:7$ *+.181*: (:7: +6 b#42.;2:4 %& &0&1&2:49 24 )&2':+#49I
#1"+2:&9I7;&84%&20+2%+=+%;4@7;&I.;2:4#42&0)&241I#42(4812
&0 %&9884004 @ #429:8;##+52 %&0 9&8 *;124 4 6;&%&2 %&:&81+28 0
68+#+52 %& ;2 &2(&81&%%LO} :A +66:[ 6$ 7$81.+BC$(1;8 /+8-C1($
*+?+8*+A% *+ 6$ +BC17D6$(1;8 $7'1+8C$6[ 6$ +I?+A1+8(1$[ 6$ +*D($(1;8[ +6
+8CA+8$71+8C:_?:A6:@D+B++AA$*1($6$1*+$*+6*+C+A7181B7:'1:6;/1(:
@D++8818/E8($B:B+*+'+$D8/+8[B18:$D8$$(C1G1*$**+7D(0:B/+8+B
18C+A$(CD$8*: +8 D8$B (1A(D8BC$8(1$B $7'1+8C$6+B^ + 7$8+A$ @D+ 6:B
/+8+BC1+8+8D8$/A$818.6D+8(1$B:'A+6$.:A7$(1;8*+6:BA$B/:B?+A:8:
6:B *+C+A718$8 *+ .:A7$ ?A+(1B$^ $ ?A:?D+BC$ *+ 0+85 +B ?$B$A *+ D8
7:*+6: +BC%C1(: '$B$*: +8 6$ $*1((1;8 i/+8+B 7%B +8C:A8:j $ D8
7:*+6:7%B*18%71(:(+8CA$*:+86$18C+A$((1;8I+8+6@D++6?A:(+B:
J+6?A:*D(C:.18$68:?D+*+A+*D(1AB+$6$BD7$*+BDB18/A+*1+8C+B^:*:
!!
BC++4+7?6:6:+B(D(0$7:B6:B$DC:A+B*++BC+($?2CD6:+8+6
:8/A+B:$(1:8$6*++DA:(1+8(1$
$?61($*$$6$*D($(1;8:A/$81K$*:?:A+6181BC+A1:*+*D($(1;8[D6CDA$J+?:AC+4D8C:(:8+6+8CA:
$(1:8$6*+
8G+BC1/$(1;8+
88:G$(1;8*D($C1G$+8ywx~^
e{xe
A^##JA^#
+66:B+*+'+$@D+6:B/+8+BB:8.6+I1'6+BJ?$AC1(1?$8*+7$8+A$$(C1G$[?:A
6:@D++6C$6+8C:8:B:6:B+(:8(1'+(:7:6$($DB$B18:@D+C$7'1-8+B+6
A+BD6C$*:*+6$B$((1:8+B{~^
:AE6C17:[Z(;7:B+?:*A2$+BC17D6$A6$+?1/-8+B1BYZ@D-A:64D+/$86:B
b&6+)&2&:+9:9cYZ(;7:?D+*+8$JD*$A6:B?$*A+B$6*+B$AA:66:*+?:AC1G:[
+*D($C1G:J?+AB:8$6*+BDB014:BYz|+*1$8C+$?:J:$.+(C1G:[$(:8B+4$8*:
J :.A+(1+8*: ?:B1'161*$*+B +*D($C1G$B J *+?:AC1G$B\ (:8 D8$ 17?61($(1;8
7:*+A$*$[ B18 ?A+B1:8$A J A+B?+C$8*: BDB :?181:8+B\ +I1/1+8*: J
CA$8B71C1+8*: +6 G$6:A *+6 +B.D+AK: J +6 B$(A1.1(1:\ $?:J: +(:8;71(: J
6:/2BC1(:[B$(A1.1($8*:BD?A:?1:C1+7?:+8?A:*+6:B014:B\(:7:7:*+6:B
(:8 D8$ 18.6D+8(1$ ?:B1C1G$[ +C(^ +B?+(C: $ 6:B +8CA+8$*:A+Bz|[ +8 6$B
+C$?$B*+.:A7$(1;8+6?+A.16G$7%B:A1+8C$*:$.$(161C$AD8$?A%(C1($7%B
G$A1$*$J*1G+AC1*$[CA$8B71C1+8*:+8CDB1$B7:J+8B+9$8*:6:B?A18(1?1:B
'%B1(:B*+6*+?:AC+\+86$-61C+B+($A$(C+A1K$8?:AB+A7%B*1B(1?618$*:BJ
+I1/+8C+B^ 8 (D$6@D1+A ($B:[ *+'+8 (A+$A D8 $7'1+8C+ $/A$*$'6+ *+
(:8.1$8K$JA+B?+C:[?6$8C+$8*:$(C1G1*$*+B@D+BD?:8/$8D8A+C:[8:A7$B
B+8(166$B J (:8B+8BD$*$B (:8 6:B 4D/$*:A+B[ +C(^ Z" 6:B ?A:.+B:A+BY $
?A17+A$1*+$+B+G1*+8C+]D8B1BC+7$+*D($C1G:*+?+8*+*+6$($61*$**+
BDB*:(+8C+B^+0+(0:[+8$18{6:(:8(A+C$+8BD61'A:[+ICA$?:6$'6+$
C:*$B 6$B +C$?$B +*D($C1G$B[ B:'A+ N4 7;& *#&2 049 1&.48&9 684(&948&9
;2+=&89+:8+49O $ CA$G-B *+ 6$B B1/D1+8C+B 1*+$B!!] (:8:(+8 7DJ '1+8 BD
7$C+A1$ J C1+8+8 D8$ ($?$(1*$* 7+C$(:/81C1G$ *+ ?+8B$A\ /A$8 +I1/+8(1$
(:/81C1G$ ?$A$ ?A+?$A$A BDB (6$B+B\ (:8 +I?+(C$C1G$B $6C$B '$B$*$B +8 +6
?A:(+B: *+ +8B+9$8K$e$?A+8*1K$4+\ .:7+8C$8 D8 +8C:A8: ?$A$ +6
$?A+8*1K$4+ (A2C1(: 8$CDA$6 $ CA$G-B *+ *+B$.2:B $CA$(C1G:B J (:8 C$A+$B
$DC-8C1($B @D+ .$G:A+(+8 6$ (DA1:B1*$*\ CA$C$8 (:8 ($A19:[ A+B?+(C:[
(:8.1$8K$J$7$'161*$*$BDB+BCD*1$8C+B\+G$6E$86:B:'4+C1G:B+B+8(1$6+B
*+$?A+8*1K$4+JDC161K$8D8?A:/A$7$B1BC+7%C1(:?$A$18CA:*D(1A($7'1:B
B1 .D+A$8 8+(+B$A1:B^ :A E6C17:[ B+ *+BC$($8 CA+B $B?+(C:B $ (:8B1*+A$A]
+BC:B ?A:.+B:A+B *+'+8 BD?+A$A B1CD$(1:8+B *+ .ADBCA$(1;8[ *+'161*$*+B J
+AA:A+B\ CA$'$4$8 (:8 +BCD*1$8C+B (:8 D8 '$/$4+ *1G+AB:\ J C1+8+8 D8
(:7?A:71B: (:8 6$ (:7D81*$* +*D($C1G$ @D+ CA$B(1+8*+ 6$B ?$A+*+B *+6
$D6$^ :8(6DJ+ +6 ?A:?1: $DC:A +8 A+.+A+8(1$ $ 6:B ?A:.+B:A+B
N(;2%1&2:01&2:&&82&9:;%+4949I+2:&2:"21&.488%*:+2;49;9
8&9;0:%49 68 68414=&8 &0 %&9884004 %& 049 &9:;%+2:&9I @ 2;2#
7;&%"260&21&2:&9:+9(&#*49%&047;&@*",2#429&);+%4LO
!! {
6?A:.+B:A:A$+AD+6+8BD61'A:N&;84&%;##+52O A+$61K$C$7'1-8D8$B28C+B1B7DJ18C+A+B$8C+
*+6$B1*+$B@D+?A:?:8++8$18^
e{ye
]
e{ze
A^##JA^#
*1(0:?A:(+B:+BC17D6$A%D8$?A:*D((1;8*+*:?$718$7%B$66%*+6$?A:?1$
(:8B+(D(1;8[?:A@D+6$$((1;8*+BD?+A$(1;8?A:G:($6$61'+A$(1;8*+7%B
*:?$718$^Z;7:(:8B+/D1A81G+6+B$6C:B*+*:?$718$@D+18.6DJ+8+86$
$C+8(1;8[ +6 $?A+8*1K$4+ J 6$ 7+7:A1$Y :8 $(C1G1*$*+B 8:G+*:B$B @D+
.$G:A+K($8 6$ (::?+A$(1;8[ +6 B+8C1*: *+ ?+AC+8+8(1$ J 6$ BD?+A$(1;8 *+
:'BC%(D6:B[7:BCA$8*:$?:J:[$.+(C:[A+B?+C:J(:8.1$8K${}^
*+7%B[+6%A+$?A+.A:8C$6(:AC1($6+BC$A%7$*DA$8*:0$(1$BD$DC:/+BC1;8[
7:*D6$A%+6B1BC+7$*+7:C1G$(1;8J?:C+8(1$A%6$$DC:8:72$J6$?$B1;8[
71+8CA$B@D++601?:($7?:$BDG+K7DJ$(C1G:+8G1$A%18.:A7$(1;80$(1$
6$B %A+$B ?A:*D(C:A$B *+ *:?$718$ @D+ A+CA:$617+8C$8 6$ $(C1G1*$* J
7+4:A$A%8 $ BD G+K 6$ ?+A(+?(1;8[ 6$ 7+7:A1$ J +6 $?A+8*1K$4+{}^
+/DA$7+8C+[+6$6D78:[+6*+?:AC1BC$:+6CA$'$4$*:A+BC-8+8+BC$*:*+
.6:H6:@D+.$(161C+6:B?A:(+B:B(A+$C1G:B+188:G$*:A+B[6$(:8(+8CA$(1;8J
6$?+AB+G+A$8(1$[6$?$B1;8J6$(:8.1$8K$[+8BD7$[+6B+8C1*:G1C$6[+6b68
7;'c*+BD71B1;8[G1B1;8JG1ACD*+B^:8(6DJ++6?A:.+B:AD+8:1:AA+8B
@D+6$($?$(1*$**+$DC:7:C1G$A8:BJ*+7:C1G$A$6:B*+7%B*+?+8*+*+
6$(+A+'A:.6+I1$*+($*$?+AB:8$y^
BC17$*: 6+(C:A[ B+/DA$7+8C+ J$ 0$B +8C+8*1*: + 18C+A?A+C$*: (:8 /A$8
+7:(1;8 6$ 01BC:A1$ 181(1$6^ 80:A$'D+8$[ CD B1BC+7$ *:?$718-A/1(:
.D8(1:8$$6$?+A.+((1;8J+BC$A%+8.6:H?$A$6:BB1/D1+8C+B($?2CD6:B^8
(:8(6DB1;8[ (:7: *1A2$ +6 /+81$6 *1GD6/$*:A (1+8C2.1(: *D$A* D8B+C[ b0
(&0+#+%%&9: &9#42%+%&2090%&&96&8%&0(&0+#+%%cxy^Z:8:(+B6$
.;A7D6$*+6$7:C1G$(1;8Y0:A$B:6:@D+*$$?61($A6$_
?1/-8+B1Bi
x
yj| OB
e{{e
]
}^:A$[
^iywx}j^;2%4&0#&8&"84.;&)#4209+%&9L$*A1*]61$8K$*1C:A1$6^
~^:6$8:[
^iywx|j^$@D271($@D+8:B+8$7:A$[8:B+8CA1BC+(+[8:B7:C1G$^8^^
$AA-[^;7+KJ^$6G$*:Ae$AD66$i+*Bj[=&2:;8%&0#&8&"84L+.2%4648
01&2:&i??^}|e{j^$A(+6:8$]18/6$8C$8$^
^0+A7$8[^^[$JC:8[^^[+A8%8*+K[^^[A++8.1+6*[^^J$?A+CC:[^iywx}j^
0+?:H+A:.C0+15+18$*:6+B(+8(+]..+(CB:.?++A18.6D+8(+:88+DA$6$8*
'+0$G1:A$6A+B?:8B+BC:B:(1$67+*1$^BJ(0404)+#0#+&2#&IY^i~j[xwyzez|^
^0$6+A[^^JD8BC+18[^^iywwj^;%)&L1684=+2)%&#+9+429"4;:*&0:*I>&0:*I
2%*66+2&99L:8*:8]+8/D18::5B^
xw^DA56+[^iywx~j^2%&(&29%&0#42=&89#+52L064%&8%&0#42=&89#+52&20&8
%+)+:0L$A(+6:8$]C1(:*+6:B1'A:B^
xx^$?:6B5J[^iywxyj^:I:?6$B7:B1B]+6?$A%B1C:@D++BC%7$81?D6$8*:6$(:8*D(C$
0D7$8$^8^A:(57$8i*^j[&2:&i??^ywxeyxxj^$A(+6:8$]A2C1($^
xy^ D8B+C[ ^ iyww|j^ 0 =+.& 0 (&0+#+%%L 9 2;&=9 #0=&9 #+&2:,(+#9L $A(+6:8$]
+BC18:^
xz^$08+7$8[^iywxzj^&2988 6+%4I6&2980&2:4^$A(+6:8$]+':6B166:^
x{^$A18$[^^iywxyj^+2:&0+)&2#+&.&#;:+=L$A(+6:8$]A1+6^
x|^ 17[ ^ iywxzj^ +DA:B(1+8C1.1( 7:*+6 :. 7:C1G$C1:8$6 ?A:(+BB^ 842:+&89 +2
9@#*404)@I[I`_[xexy^
x}^ 185[ ^ iywxxj^ 8+=&L *& 9;868+9+2) :8;:* "4;: >*: 14:+=:&9 ;9L *18'DA/0]
$8:8/$C+^
x~^$A18$[^^iywxxj^499&:49%&014:+=#+52L$A(+6:8$]A1+6^
x^
DBC+A[^J+G+AC+A[^iywxzj^0#,8#;04%&014:+=#+52L$A(+6:8$]6$8+C$^
x^1//18B[^^iywx{j^&@42%60&9;8&2%6+2L4>14:+=:+42>48/9L+H":A5[
"]I.:A*81G+AB1CJA+BB^
yw^D(5H:AC0[^iywx}j^
8+:K:*&64>&84(699+422%6&89&=&82#&L:8*:8]+8/D18
$8*:7:DB+^
yx^ $8*DA$[ ^ ix~~j^ +6.e+..1($(J] :H$A* $ D81.J18/ C0+:AJ :. '+0$G1:A$6
(0$8/+^9@#*404)+#0&=+&>I_[iyj[xxeyx|^
yy^:B+8C0$6[^J$(:'B:8[^ix}j^J/7$61:818C0+(6$BBA::7^*&8"2&=+&>I
Zixj[x}eyw^
e{|e
A^##JA^#
yz^ $18[ ^ iywx{j^ 4 7;& *#&2 049 1&.48&9 &9:;%+2:&9 %& ;2+=&89+%%L $6+8(1$]
81G+AB1C$C*+$6,8(1$^
y{^ :66$*:[ ^^ iywx|j^
88:G$(1;8 +*D($C1G$ +8 628+$] $?A+8*+A $ +7:(1:8$A ?$A$
+7:(1:8$AB+$?A+8*1+8*:^8=8%&;9:4I&82+2)V&%)4)+#9[{e|{^
y|^+G+AC+[^iywwzj^09;&34%&(8+#L$A(+6:8$]6$K$o$8+B^
y}^:'18B:8[^JA:81($[^iywwj^0&0&1&2:4L&9#;"8+8:;69+5204#1"+:4%4L
-I1(:]A14$6':^
y~^+8B[ ^J$8*[^iywwwj^:C1G$C1:8$8*(:/81C1:8]0+1AA:6+18C0+*+G+6:?7+8C
:. /1.C+*8+BB^ 8 ^^ +66+A[
^^ :85B[ ^^ C+A8'+A/ J ^
^ D':C815 i*B^j[
2:&82:+420 *2%"44/ 4( )+(:&%2&99 2% :0&2: iyL *^[ ??^ xzeywyj^
7BC+A*$7]6B+G1+A^
y^$66+BC+A:B[^iywwj^&=&8+2400&9:&849L;:4"+4)8(,L$*A1*]DC:A^
y^A1(BB:8[^^[A$7?+[^^J+B(0e=7+A[^ixzj^0+A:6+:.*+61'+A$C+?A$(C1(+
18 C0+ $(@D1B1C1:8 :. +I?+AC ?+A.:A7$8(+^ 9@#*404)+#0 &=+&>I XWWWizj[ z}ze
{w}^
zw^<C-[^ixj^0+18.6D+8(+:.C0+.$716J18C0+*+G+6:?7+8C:.C$6+8C18B?:ACB^
648:99@#*404)+9:IXZIz|e{x~^
zx^+41*+[^iywx{j^8"82%9L429:8;@&:;18#6&89420#4147;+&2#429:8;@&;2
#+;%%L$A(+6:8$]B?$B$^
zy^G1$[^^J%K@D+K[^iywxxj^6:+1+914+2:&0+)&2:&^$*A1*]61$8K$*1C:A1$6^
zz^+61/7$8[^^^[+1G1(0[^[$J(:I[^J1660$7[^iywx|j^+34946:+1+9:9i{L*^j^
$A(+6:8$]+':6B166:^
z{^H+(5[^iyww~j^#:+:;%%&0'?+:4^$A(+6:8$]+A/$A$^
z|^:66$*:[^^iywx{j^2 0+9+9%&0684#&94%&00&)89&8;2%&648:+9:&?#&0&2:&%&9%&
;26&896&#:+="+4)8 (+#K049#949%&%0I
940I9:+8:&@00&9:&849L+B1B
*:(C:A$6 *1A1/1*$ ?:A +6 A^ $DA: %8(0+K^ :6+*:] 81G+AB1*$* *+ $BC166$e$
$8(0$^
z}^B15BK+8C710$6J1[^iywx{j^ 0;+8K;269+#404),%&0(&0+#+%%i{M*^jL$A(+6:8$]
+':6B166:^
z~^ :6+7$8[ ^ iywxzj^ 4#;9K %&9884008 0 :&2#+52 68 0#2A8 0 &?#&0&2#+L
$A(+6:8$]$1A;B^
z^ $A618[ ^ iywwj^ 0 (#:48 *;124L &0942 2%&0 @ &0 68:+%4 7;& 90=5 ;2
2#+52L$A(+6:8$]+1I$AA$6^
e{}e
]
z^ +AA[ ^ iywxzj^ &)#@K X\ 0&99429 +2 0&%&89*+6I >*: :*& 00 0#/9 #2 :&#* ;9
"4;::*&";9+2&994(0+(&L:8*:8]:8BC$'6+^
{w^$8(+[^iywx|j^042;9/L4>:*&"+00+42+8&4(6#&?2%&90+99*6+2)
4;8(;:;8&L:8*:8]1A/18'::5B^
{x^
B$$(B:8[ ^iywxzj^:&=&4"9L$A(+6:8$]+':6B166:^
{y^01+6[^J$BC+AB[^iywx{j^&84:442&L4:&9429:8:;69I48*4>:4";+0%:*&
(;:;8&L:8*:8]+8/D18$8*:7:DB+^
{z^:(5[^iywx|TL48/8;0&9F29+)*:9(841+29+%&)44)0&:*:>+00:829(481*4>@4;
0+=&2%0&%L:8*:8]:08DAA$J^
{{^+8:A[^J18/+A[^iywxzj^:8:Q;62:+42L*+9:48+%&01+0)84ႛ+#4%&
98&0L$*A1*]$/A+6$^
{|^$C7D66[^J $66$(+[^iywx{j^8&:+=+:@IL=&8#41+2):*&;29&&2(48#&9:*:
9:2%+2:*&>@4(:8;&+296+8:+42L:8*:8]$8C$7A+BB^
{}^ 1/1:1K[ ^ iywx|j^ $ +*D($(1;8[ D8$ (D+BC1;8 7DJ B+A1$^ 8$ 71A$*$ 0$(1$ 6$
*:?$718$^8^
:A-B[^^$7:[^^D166-8[^+A8%8*+K[^1/1:1K[
^$A*:
J ^ A181*$* i+*Bj[ &;841+:49 &2 &%;##+52L 0 68&2%+A.& %&9%& 0
2&;84#+&2#+i??^xwexyj^$A(+6:8$]6$C$.:A7$$(CD$6^
{~^0+85[^iywxxj^0)&2+47;&:4%4900&=149%&2:84L487;':4%4047;&249*2
#42:%494"8&)&2':+#I:0&2:4@24&9#+&8:4L$A(+6:8$]A1+6^
{^$18[^iyww~j^47;&*#&20491&.48&9684(&948&9;2+=&89+:8+49iyL*^j^$6+8(1$]
81G+AB1C$C*+$6,8(1$^
{^ :A$[
^ iywxzj^ &;84&%;##+52L 504 9& 6;&%& 68&2%&8 7;&004 7;& 9& 1L
$*A1*]61$8K$*1C:A1$6^
|w^?BC+18[^iywx{j^0)&2%&648:+=4L2:0&:&?#&0&2:&H2#&49&*#&G$A(+6:8$]
8*1(1:B^
|x^+61/7$8[^iywxyj^D*+7:82$]6$'D+8$G1*$^8^A:(57$8i+*j[&2:&i??^x}|e
xwj^$A(+6:8$]A2C1($^
e{~e
A^##JA^#
e{e
]#[
L
!K
M':=:M
<,11(3?A:.+B:A*+6$81G+AB1*$**+$A(+6:8$J*+6$81G+AB1*$*+J
D$8$A6:B*+$*A1*^
+*#&%&648:&I9;#&8&"848&2%+8 1 9@1&.48
8:*;881&8
6 (+A+'A: +B D8 ;A/$8: (:7?6+4: (:8 D8$ +8:A7+ ($?$(1*$* *+
A+:A/$81K$(1;8 @D+ A+BD6C$ 17?A+B(18*1'6+ ?$A$ 6:B B+A+B 0D7$8:B^ BC$
8+(+B1*$*[ 7:6*+$*$ $ CA$G-B *+ 6$ +G:6D(1;8[ ?+A71C+ 7:G+A8:B +8 D8
+8C:A8: G$A1$'6+ J :'C+8+A $B2 6$ 18.:A7$(1;8 8+(+B$A1$ *+6 71B7: @D+
/$A$8C1(+J7+4:A+8D+BCA$BD?+AG1G+8(1$^8$61K$8*:+6(:7?:AC$71+8C:
*+ *+C+A718$*:B $817$6+B 18G+AC+'A$*:B (DJ: B1BC+7$ 8+AG1:B:
*+B$?$A+(+(D$8*:J$8:C1+8+88+(+B1*$**+7:G+AB+x[?$A+(+(6$A:@D+
8D+BCA:(+A+'A:[+8?$AC1(D6$A[J+6B1BC+7$8+AG1:B:[+8/+8+A$6[BDA/1+A:8
*+'1*:$67:G171+8C:^D8C:$+BC:[0$(+7D(0:C1+7?:@D+B$'+7:B@D+
+I1BC+ D8$ A+6$(1;8 +8CA+ 6$ B$6D* .2B1($ J 6$ 7+8C$6^ D+BCA: B1BC+7$
($A*1:G$B(D6$A:+6B1BC+7$187D8:6;/1(:7+4:A$8(:7:(:8B+(D+8(1$*+
6$ $(C1G1*$* .2B1($ J +66: A+?+A(DC+ *1A+(C$7+8C+ +8 8D+BCA: +BC$*: *+
%817:^"+I1BC+8+G1*+8(1$B+7?2A1($BB;61*$B@D+BD/1+A+8@D++66:B+*+'+
$ @D+ +6 +4+A(1(1: A+/D6$A +B ($?$K *+ 7:*1.1($A +6 +8C:A8: @D271(: J
8+DA:8$6 7+4:A$8*: +6 .D8(1:8$71+8C: (+A+'A$6 J .$G:A+(1+8*: +6
$?A+8*1K$4+^ BC:B '+8+.1(1:B @D+ ?A+C+8*+7:B $8$61K$A +8 +6 ?A+B+8C+
($?2CD6: ?D+*+8 *$AB+ $ (D$6@D1+A +*$* J C1+8+8 +8:A7+B 17?61($(1:8+B
+*D($C1G$B^
e{e
^^
+);8XL1G+6+B*+$(CD$(1;8*+6+4+A(1(1:B:'A++6(+A+'A:
e|we
]#[
1":;,%,&"&:,3#7;,%"
$7+4:A$*+6$?6$BC1(1*$*B18%?C1($.:AC$6+(+6$B(:8+I1:8+B8+DA:8$6+B[
@D++B6:@D+:(DAA+(D$8*:$?A+8*+7:B^C161K$8*:+66$'+A18C:$(D%C1(:
*+:AA1B+8+I?+A17+8C:B(:8A$C:8+B[B+0$*+7:BCA$*:@D+D8$(:AC$
B+B1;8*++4+A(1(1:+8D8$AD+*$/1A$C:A1$+BBD.1(1+8C+?$A$18(A+7+8C$A6:B
81G+6+B*+
*+6:BA:+*:A+B+4+A(1C$*:BJ7+4:A$A$B2+6$?A+8*1K$4+*+
6$C$A+$J6$?:C+8(1$(1;8$6$A/:?6$K:@D+6+B?+A71C+A+(:A*$A6$D'1($(1;8
*+ 6$ ?6$C$.:A7$[ $ *1.+A+8(1$ *+ 6:B A$C:8+B B+*+8C$A1:B^ : :'BC$8C+[
(D$8*:B+'6:@D+$+BC$7:6-(D6$+86:BA$C:8+Be$6/:@D++G1*+8C+7+8C+
8:?:*+7:B0$(+A(:80D7$8:BeB++61718$86:B'+8+.1(1:B(:/81C1G:B*+
6$$(C1G1*$*.2B1($17?1*1-8*:6+B+6$?A+8*1K$4+*+6$C$A+$+B?$(1$6{^
'<95*(3':,:
"$0$(+D8:B$9:B@D+B+*+7:BCA;@D+B+?:*2$8/+8+A$A8D+G$B8+DA:8$B
+8*+C+A718$*$BA+/1:8+B(+A+'A$6+B*+7$72.+A:B$*D6C:B[(:7:+6/1A:
*+8C$*:*+601?:($7?:^8+6($B:*+6:B0D7$8:B[+6$D7+8C:*+.6D4:
B$8/D28+::'B+AG$*:+8+BC$BA+/1:8+B*DA$8C+6$A+$61K$(1;8*++4+A(1(1:
.2B1(: B1AG1; ?$A$ @D+ B+ +ICA$?:6$A$8 6:B $8C+A1:A+B A+BD6C$*:B^ 18
+7'$A/:[7+*1$8C+D8$C-(81($*+7+*1*$*+6$(:8(+8CA$(1;8*+61B;C:?:
*+($A':8:x{+8+6[B+0$?:*1*:+G$6D$A*+.:A7$(D$8C1C$C1G$@D+
6$8+DA:/-8+B1B+8+601?:($7?:B+*$+8(D$6@D1+A+C$?$*+6$G1*$|J@D+[
$*+7%B[ C$7'1-8 $?$A+(+ +8 6$ K:8$ BD'G+8CA1(D6$A *+6 (+A+'A:}^ 6
$D7+8C: *+6 8E7+A: *+ 8+DA:8$B +8 +6 01?:($7?: ?D+*+ 7+4:A$A 6$B
.D8(1:8+B (+A+'A$6+B *+ .:A7$ ?$A+(1*$ $ (:7: 6: 0$A2$ D8 $D7+8C: *+
7+7:A1$+8+6.D8(1:8$71+8C:*+D8:A*+8$*:A^
":%<1"9,&"&%'9'$9"1
60$(+A+4+A(1(1:.2B1(:B+(A+$88D+G:BG$B:BB$8/D28+:Bi$8/1:/-8+B1Bj^
8 +BC+ 17?:AC$8C+ ?A:(+B: @D+ +BC% *1A+(C$7+8C+ A+6$(1:8$*: (:8 6$
8+DA:/-8+B1B~18C+AG1+8+8.$(C:A+B*+(A+(171+8C:(:7:+6
ex:+6
i.$(C:A*+(A+(171+8C:G$B(D6$A+8*:C+61$6j^6$D7+8C:*+B$8/A+/+8+A$*:
+8 6$B 8+DA:8$B .$(161C$ 6$ 66+/$*$ *+ C:*$ D8$ B+A1+ *+ 8DCA1+8C+B @D+
7+4:A$8BD.D8(1:8$71+8C:^
D8C: $ +BC$B 7:6-(D6$B C$8 17?:AC$8C+B ?$A$ 7$8C+8+A D8$ 'D+8$
18.A$+BCAD(CDA$ 8+DA:8$6[ C$7'1-8 B$'+7:B @D+ D8$ ?+@D+9$ *:B1B *+
+4+A(1(1: .2B1(: +B BD.1(1+8C+ ?$A$ 18(A+7+8C$A 6:B 81G+6+B *+
8+DA:CA$8B71B:A+B'%B1(:B?$A$D8$'D+8$B$6D*7+8C$6J@D+18(1*+8[?:A
+4+7?6:[+86$$C+8(1;8i8:A$*A+8$618$j[+6+BC$*:*+%817:iB+A:C:818$j:
+86$7:C1G$(1;8i*:?$718$j[C:*:B+66:B.$(C:A+B17?A+B(18*1'6+B?$A$@D+
e|xe
^^
?D+*$ *$AB+ D8 $?A+8*1K$4+ +.1(1+8C+^ :7: (:7+8C$ :08 $C+J[ +8 6$
?A%(C1($[B$61A$(:AA+AD8:B718DC:B?D+*+?A:*D(1A6:B71B7:B+.+(C:B@D+
D8$?+@D+9$*:B1B*+6:B.%A7$(:B:8(+AC$:A:K$([?+A:?A:G:($8*:D8
7$J:A+@D161'A1:+8CA+8+DA:CA$8B71B:A+BJ[?:ABD?D+BC:[*+.:A7$7%B
8$CDA$6JB$6D*$'6+^I1BC+8J$7D(0$B+G1*+8(1$B+7?2A1($B@D+(:8.1A7$8
+BC:B'+8+.1(1:B^(:8C18D$(1;8[$8$61K$7:B$6/D8$B*++66$B^
e|ye
]#[
*+6/AD?:*+(:8CA:6iG+A.1/DA$yj^BC+18(A+7+8C:.D+$(:7?$9$*:*+D8
$D7+8C:*+
+8+601?:($7?:JD8$7+4:A$+86$7+7:A1$+B?$(1$6*+
6:B?$AC1(1?$8C+Bxy^
+);8YL.+(C:B*+6+4+A(1(1:$+A;'1(:B:'A++601?:($7?:
$7$J:A18G+BC1/$(1;8A+$61K$*$@D+0$*+7:BCA$*:6:B+.+(C:B?:B1C1G:B
*+6$$(C1G1*$*.2B1($$6$A/:?6$K:J6$17?:AC$8(1$*+6+BC16:*+G1*$e?:A
+8(17$*+6$/+8-C1($e?$A$7$8C+8+AD8$'D+8$.:A7$[C$8C:.2B1($(:7:
7+8C$6[+BD8+BCD*1:6:8/1CD*18$6+8+6@D+18C+AG181+A:87%B*+D87166;8
*+BD+(:Bix^yyx^~y~j8$(1*:B+8CA+6:B$9:Bx|wJx~}xz^8$7D+BCA$
C$8/A$8*+?:B1'161C;6$+I1BC+8(1$*+/A$8($8C1*$**+0+A7$8:BJ/+7+6:B
i+8(:8(A+C:x{zy?$A+B*+/+7+6:B7:8:(1/;C1(:BjJ+66:?+A71C1;[$D8@D+
+6 +BCD*1: +A$ B:'A+ 6:B +.+(C:B *+ 6$ $(C1G1*$* .2B1($ +8 6$B 0$'161*$*+B
(:/81C1G$B[$8$61K$A6$18.6D+8(1$*+.$(C:A+B$7'1+8C$6+BJ/+8-C1(:BB:'A+
6$18C+61/+8(1$^
6+BCD*1:(:8B1BC2$+8(:7?$A$A*$C:B(:AA+B?:8*1+8C+B$6:Bx|[xJ+8CA+
6:B y J |{ $9:B *+ +*$*^ 8 (:8(A+C:[ B+ A+(:/1; 18.:A7$(1;8 B:'A+ +6
+BC$*: .2B1(: J 6$ 18C+61/+8(1$ *+ 6:B ?$AC1(1?$8C+B $ 6:B x $9:B *+ +*$*
*DA$8C+ 6$B ?AD+'$B *+ A+(6DC$71+8C: *+6 B+AG1(1: 7161C$A^ $B ?AD+'$B
.2B1($B $+A;'1($B : ($A*1:G$B(D6$A+B B+ 66+G$A:8 $ ($': +8 D8
(1(6:+A/;7+CA:[D8$'1(1(6+C$+BC%C1($+86$@D+B+A+$61K$86$B?AD+'$B*+
+B.D+AK:[71+8CA$B@D+6$B$8$+A;'1($B:*+.D+AK$7DB(D6$A(:8B1BC2$8+8
7+*1(1:8+B$6A+$61K$A+IC+8B1:8+B*+(D%*A1(+?B:.6+I1:8+B*+'2(+?B^:B
C+BCB *+ 18C+61/+8(1$ 7+*2$8 6$B ($?$(1*$*+B 6;/1($B[ G+A'$6+B :
G1BD:+B?$(1$6+B^ :*:B +BC:B *$C:B B+ (:7?$A$A:8 (:8 6:B 6:/A:B
$($*-71(:B[ 6$ B1CD$(1;8 B:(1:+(:8;71($ : 6$ :(D?$(1;8 6$':A$6 $9:B
*+B?D-B^
:B $8%61B1B *+ 6:B A+BD6C$*:B $ 6:B x $9:B *+ +*$* A+G+6$A:8 D8$
(:AA+6$(1;8?:B1C1G$+8CA+6$A+B1BC+8(1$($A*1:G$B(D6$A*+6:B?$AC1(1?$8C+B
e|ze
^^
(:8 6$ ($?$(1*$* 18C+6+(CD$6[ C$8C: +8 ?AD+'$B G+A'$6+B[ *+ 6;/1($ : *+
18C+61/+8(1$/+8+A$6^8($7'1:[+BC$(:AA+6$(1;88:B++8(:8CA;?$A$6:B
G$6:A+B*+.D+AK$iG+A.1/DA$zj^
+);8ZL:AA+6$(1;8+8CA+6$A+B1BC+8(1$($A*1:G$B(D6$AJ6$18C+61/+8(1$/+8+A$6
e|{e
]#[
YML
$B7$J:A+B+G1*+8(1$B+7?2A1($B@D+(:8.1A7$86:B'+8+.1(1:B*+6+4+A(1(1:
.2B1(:[ C$8C: $ 81G+6 (:/81C1G: (:7: +7:(1:8$6[ ?A:G1+8+8 *+6 +4+A(1(1:
$+A;'1(::($A*1:G$B(D6$A[(:7:?:A+4+7?6:($718$A[(:AA+A[8$*$A:1A+8
'1(1(6+C$J[+87+8:A7+*1*$[*+6+4+A(1(1:*+.D+AK$:A+B1BC+8(1$7DB(D6$A[
(:7:+6@D+B+A+$61K$+86$BK:8$B*+?+B$B*+6:B/178$B1:B^8/+8+A$6[
+6+4+A(1(1:.2B1(:*+18C+8B1*$*7:*+A$*$C1+8+D8$18(1*+8(1$7$J:A+86$B
.D8(1:8+B +4+(DC1G$B *+6 (+A+'A:[ C$6 (:7: 0+7:B $8$61K$*: (:8
$8C+A1:A1*$*^ 1+8CA$B @D+ +6 +4+A(1(1: .2B1(: *+ $6C$ 18C+8B1*$*[ +6 (D$6
?A:*D(+D8$+6+G$(1;8*+6A1C7:($A*2$(:7D(0:7$J:A[C$7'1-8?:*A2$B+A
17?:AC$8C+ $6 7+4:A$A 6$ G+6:(1*$* *+ ?A:(+B$71+8C: *+ 6$ 18.:A7$(1;8[
$D8@D+ +BC:B A+BD6C$*:B ?D+*+8 *+?+8*+A *+6 C1?: *+ $(C1G1*$* 7+8C$6
+G$6D$*$CA$B+6+4+A(1(1:x}^8D8+BCD*1:+8+6@D+?$AC1(1?$A:8+BCD*1$8C+B
*+?:AC1BC$B7$J:A+B*+yw$9:BB+(:7?A:';@D+6:B@D+A+$61K$'$8D8$B
?AD+'$B *+ G:($'D6$A1: CA$B z 718DC:B *+ B?A18CB $?A+8*2$8 ?$6$'A$B D8
yw7%BA%?1*:@D+$@D+66:B@D+A+$61K$'$8D8$?AD+'$$+A;'1($*+'$4$
18C+8B1*$*:@D+$@D+66:B@D+8:B++4+A(1C$'$8iG+A.1/DA${j^"8:B:6:+B:[
B18: @D+ BDB $8%61B1B *+ B$8/A+ A+G+6$A:8 7$J:A+B (:8(+8CA$(1:8+B *+
[ *:?$718$[ J 8:A$*A+8$618$ CA$B 6$ $(C1G1*$* .2B1($ J (DJ:B 81G+6+B
+BC%8 $B:(1$*:B $ D8 $?A+8*1K$4+ $ (:AC:[ 7+*1: J 6$A/: ?6$K:[
A+B?+(C1G$7+8C+[*+68D+G:G:($'D6$A1:x~^
e||e
^^
+);8[L4+A(1(1:.2B1(:*+$6C$18C+8B1*$*JG+6:(1*$**+?A:(+B$71+8C:*+6$
18.:A7$(1;8
$ $8C+A1:A +B D8$ *+ 6$B 7D(0$B *+7:BCA$(1:8+B +I1BC+8C+B B:'A+ 6:B
'+8+.1(1:B187+*1$C:B*+6$?A%(C1($*+?:AC1G$B:'A++6$?A+8*1K$4+^+A:[
+8/+8+A$6[6:B$*D6C:B@D+C1+8+8D8$$(C1G1*$*.2B1($B+7$8$67%B18C+8B$
BD+6+8:'C+8+A7+4:A+BA+BD6C$*:B+8C$A+$B7+8C$6+B^:A+4+7?6:[+8D8
+BCD*1:+8+6@D+?$AC1(1?$A:8xy~$*D6C:B(:8+*$*+B+8CA+{|J~w$9:B
A+G+6; @D+ $@D+66:B @D+ 66+G$'$8 D8$ G1*$ 7%B $(C1G$ ?A$(C1($8*: $6/E8
*+?:AC+[ ($718$8*:[ 7:8C$8*: +8 '1(1(6+C$ : A+$61K$8*: CA$'$4:B
*:7-BC1(:B (:C1*1$8:B :'CDG1+A:8 7+4:A+B A+BD6C$*:B +8 6$B ?AD+'$B *+
G+6:(1*$* *+ ?A:(+B$71+8C: *+ 6$ 18.:A7$(1;8[ 7+7:A1$ J .6+I1'161*$*
7+8C$6x^"(D$8*:?+AB:8$B$*D6C$B(:8D8$7+*1$*++*$*?:A+8(17$*+
6:B zw $9:B 0$8 ?$AC1(1?$*: +8 ?A:/A$7$B *+ +8CA+8$71+8C: $+A;'1(:
*DA$8C+ xy B+7$8$B[ B+ :'B+AG$8 6:B 71B7:B ?A:/A+B:B @D+ +8 6:B
+I?+A17+8C:B A+$61K$*:B (:8 A$C:8+B $9:B $CA%B] 7$J:A ($?$(1*$*
($A*1:AA+B?1A$C:A1$J7+4:AA+8*171+8C:+8?AD+'$B*+$?A+8*1K$4+^"+BC$B
7+4:A$BG1+8+8$(:7?$9$*$B*+D818(A+7+8C:*+6.6D4:B$8/D28+:+8+6
/1A: *+8C$*: *+6 01?:($7?: @D+ +BC% $B:(1$*: $ 6$ 8+DA:/-8+B1B +8 +6
71B7:~^
D8@D+ ?D+*+ @D+ +6 6+(C:A J$ B+ 0$J$ (:8G+8(1*: *+ 6$B 8D7+A:B$B
G1ACD*+B*+6+4+A(1(1:.2B1(:B:'A+6$+BCAD(CDA$J.D8(1:8$71+8C:(+A+'A$6[
6$?A+/D8C$@D+B+/DA$7+8C+B+?6$8C+$A%+B6$*+(D%8C:C1+7?:B+7$8$6
0$J@D+*+*1($A$6+4+A(1(1:[J*+@D-C1?:[?$A$7$8C+8+AD8$'D+8$B$6D*
.2B1($ J 7+8C$6^ D8@D+ 8: +I1BC+ D8$ A+B?D+BC$ E81($ *+'1*: $ 6$B
?$AC1(D6$A1*$*+B18*1G1*D$6+B[D8$'D+8$A+(:7+8*$(1;8?$A$$*D6C:B+8CA+
e|}e
]#[
x J }| $9:B *+ +*$* B+A2$ 6$ *+6 7+A1($8 :66+/+ :. ?:ACB +*1(18+]
*+*1($AD872817:*+x|w718DC:B?:AB+7$8$i?:A+4+7?6:[B+B1:8+B*+
zw 718DC:B +8 | *2$Bj $ D8$ $(C1G1*$* .2B1($ $+A;'1($ *+ 18C+8B1*$*
7:*+A$*$[4D8C:$67+8:BD8?$A*+*2$B*+$(C1G1*$*+B7%B$8$+A;'1($B
*+ .D+AK$ @D+ CA$'$4+8 6$ 7$J:A ?$AC+ *+ /AD?:B 7DB(D6$A+Bx^ D8@D+
+I1BC+8 7+8:B +BCD*1:B @D+ *+7D+BCA$8 6:B '+8+.1(1:B (+A+'A$6+B *+6
+4+A(1(1:$8$+A;'1(:[C:*:18*1($$@D+C$7'1-8+B17?:AC$8C+^
2B1($e +8 +6 A+8*171+8C: $($*-71(: *+ 6:B $6D78:B +8 +*$* +B(:6$A[ B+
(:7?A:';@D++6|w[|*+6$B$B:(1$(1:8+B+8(:8CA$*$B.D+A:8?:B1C1G$B[
+6{8:?A:*D4+A:8+.+(C:BB1/81.1($8C+BJB:6:+6x[|.D+A:88+/$C1G$Byx^
:B$DC:A+B?:82$8+8*D*$6$B7+*1*$BC:7$*$B+8D8$+8:A7+($8C1*$*
*++B(D+6$B$7+A1($8$B*++61718$A:A+*D(1A*A%BC1($7+8C+6$B(6$B+B*+
e|~e
^^
+*D($(1;8.2B1($[:6:B71B7:BA+(A+:B[?$A$?:*+A*+*1($A7%BC1+7?:$
:CA$B 7$C+A1$B[ BD?D+BC$7+8C+ 7%B 17?:AC$8C+B[ ?$A$ 7+4:A$A 6:B
A+BD6C$*:B*+6:B$6D78:B+86$B?AD+'$B*++G$6D$(1;8+IC+A8$B^
8 D8 +BCD*1: +8 +6 @D+ ?$AC1(1?$A:8 yw 819:B *+ $9:B *+ +*$* B+ 6+B
A+$61K;D8$B+A1+*+C+BCB?$A$+G$6D$A6$(:7?A+8B1;86+(C:A$[6$:AC:/A$.2$
J 6$B :?+A$(1:8+B $A1C7-C1($B +8 *:B (:8*1(1:8+B +I?+A17+8C$6+B
*1.+A+8C+B]*+B?D-B*+yw718DC:B($718$8*:+8D8$(18C$*+(:AA+A$D8
A1C7:7:*+A$*$7+8C+$6C::CA$BD8?+A1:*:*+*+B($8B:C$7'1-8*+yw
718DC:B^ :B A+BD6C$*:B 8: :.A+(1+A:8 818/D8$ *D*$^ 6 1/D$6 @D+ +8 6:B
+I?+A17+8C:B(:8$*D6C:B[6:B819:B7+4:A$A:8BD(:8(+8CA$(1;8*DA$8C+6$
C$A+$CA$B6$B+B1;8*++4+A(1(1:.2B1(:J:'CDG1+A:87+4:A+BA+BD6C$*:B+8
C:*:B6:BC+BCB[+B?+(1$67+8C++8+6*+6+(CDA$iG+A.1/DA$|jyy^
+);8\L4+A(1(1:.2B1(:JA+BD6C$*:B+8*1.+A+8C+BC+BCB
J<(5%<99''3'1%'9'$95&'15:3,45:I
$+I?61($(1;8$+BC:BA+BD6C$*:B0$J@D++8(:8CA$A6$+86:B+BCD*1:B@D+
DC161K$8C-(81($B*+G1BD$61K$(1;8(+A+'A$6J@D+J$B++BC%8$?61($8*:(:8
6:B 7%B 4;G+8+B^ $ 71B7$ A+6$(1;8 *1A+(C$ +8CA+ +6 +4+A(1(1: .2B1(:[ +6
G:6D7+8 *+6 01?:($7?: iG+A .1/DA$ }j J 6$ 7+7:A1$ @D+ B+ 0$'2$
1*+8C1.1($*:+8$817$6+BJ+8?+AB:8$B$*D6C$BC$7'1-8B+0$+8(:8CA$*:
+8819:B*+Jxw$9:B^:B@D+$+B$+*$*C1+8+8D8$7$J:A($?$(1*$*
($A*1:G$B(D6$A C$7'1-8 ?A+B+8C$8 D8 G:6D7+8 *+6 01?:($7?: 7$J:A J[
(:7:(:8B+(D+8(1$*++66:[B+*+B+8GD+6G+87+4:A+8C$A+$B@D+A+@D1+A+8
6$7+7:A1$+I?62(1C$yz[+6C1?:*+7+7:A1$@D+?A+*:718$+8+6$D6$^"+BC:B
819:B C$7'1-8 C1+8+8 7$J:A+B /$8/61:B '$B$6+B[ @D+ B:8 (:84D8C:B
BD'(:AC1($6+B17?61($*:B+8+6$?A+8*1K$4+7:C:AJ+86$7+7:A1$17?62(1C$[
e|e
]#[
6$(D$66$DC161K$7:B?$A$6:B0%'1C:B*+(:7?:AC$71+8C:[J$B+$87+8C$6+B
:$B:(1$*:B$7:G171+8C:B^
+);8]L4+A(1(1:.2B1(:JG:6D7+8*+601?:($7?:
D8C:$+BC:[+671B7:/AD?:*+18G+BC1/$(1;80$+8(:8CA$*:A+(1+8C+7+8C+
(1+AC$B ?$AC1(D6$A1*$*+B @D+ *1.+A+8(1$8 6:B (+A+'A:B *+ +BC:B 819:B 7%B
$(C1G:B^ 8 (:8(A+C:[ D8$ 7$J:A ($8C1*$* *+ 7$C+A1$ '6$8($ +8 A+/1:8+B
(+A+'A$6+B (:7: +6 (D+A?: ($66:B:[ @D+ (:8+(C$ $7':B 0+71B.+A1:B
(+A+'A$6+B[ : +6 .$B(2(D6: 6:8/1CD*18$6 BD?+A1:A[ (:8BC1CD1*: ?:A .1'A$B
8+AG1:B$B@D+(:8+(C$8+617?:AC$8C+6;'D6:.A:8C$6(:8+6A+BC:*+6;'D6:B
(+A+'A$6+B^ BC: .$(161C$A2$ D8$ CA$8B71B1;8 *+ 18.:A7$(1;8 7%B +.1(1+8C+
+8CA+ 6$B *1BC18C$B A+/1:8+B J A+*+B (+A+'A$6+B 17?A+B(18*1'6+B ?$A$ 6$
7+4:A$*+6$B.D8(1:8+B(:/81C1G$By{^
<3%,53':'/'%<;,>":
6 $8%61B1B *+ ?A:/A$7$B *+ +*D($(1;8 .2B1($ $?61($*:B *DA$8C+ +6 (DAB:
+B(:6$AC$7'1-80$BD7181BCA$*:18.:A7$(1;8A+6+G$8C+B:'A+6:B'+8+.1(1:B
*+6+4+A(1(1:.2B1(:+8+6A+8*171+8C:$($*-71(:*+6:B$6D78:B$618(1*1A
?:B1C1G$7+8C+B:'A+.$(C:A+B(A2C1(:B*+6$?A+8*1K$4+(:7:+6$DC:(:8CA:6[
6$7+7:A1$*+CA$'$4::6$$C+8(1;8^
8 D8$ 18G+BC1/$(1;8 @D+ DC161K; 6$ C-(81($ *+ 6$ A+B:8$8(1$ 7$/8-C1($
.D8(1:8$6[ B+ +BCD*1$A:8 6:B +.+(C:B ?A:*D(1*:B ?:A D8 ?A:/A$7$ *+
$(C1G1*$*.2B1($+ICA$+B(:6$A@D+*DA;7+B+BB:'A++6(+A+'A:+8819:B*+
J$9:B[+8+6@D+B++4+A(1C$'$8}w718DC:B+8($*$D8$*+6$B(18(:
B+B1:8+B B+7$8$6+B^ $B 8+DA:17%/+8+B A+G+6$A:8 @D+ $@D+66:B @D+
?$AC1(1?$A:8+8+6?A:/A$7$7:BCA$A:8?$CA:8+B+B?+(2.1(:B*+$(C1G$(1;8
*+ 6$ (:AC+K$ ?A+.A:8C$6 J *+ 6$ (:AC+K$ (18/D6$*$ $8C+A1:A @D+ 1'$8
$(:7?$9$*:B*+D8$7+4:A$+8C$A+$B+B?+(2.1($B@D+A+@D+A2$8D8/A$8
$DC:(:8CA:6[ 4D8C: $ :CA$B .D8(1:8+B +4+(DC1G$B $B:(1$*$By|^ " +BC: +B
e|e
^^
e}we
]#[
$(C1G1*$*7+8C$6(:7:B+*$[?:A+4+7?6:[+8+6($B:*+6$B$AC+B7$A(1$6+B^
8D8$18G+BC1/$(1;8(:8yw~819:B*++*$*+B+8CA+|Jxx$9:BB+?A:';
D8 ?A:/A$7$ *+ C$+5H:8*: *+ z 7+B+B *+ *DA$(1;8^ :B 819:B @D+
18C+AG181+A:8+8+6?A:/A$7$[$*1.+A+8(1$*+6:B@D+?$AC1(1?$A:8+86$(6$B+
CA$*1(1:8$6 *+ +*D($(1;8 .2B1($[ :'CDG1+A:8 ?A:/A+B:B $B:(1$*:B $ 6:B
?A:(+B:B*+$DC:AA+/D6$(1;8@D+?:B1'161C$A:87+4:A$BC$8C:(:8*D(CD$6+B
(:7:$($*-71($By^"6:BB28C:7$B@D+($A$(C+A1K$8$+BC:B819:B(:8
?$A+(+8A+*D(1AB+(D$8*:?D+*+87:G+AB+J4D/$A+8+8C:A8:B8$CDA$6+B^
8B17?6+?$B+:+8?6+8$8$CDA$6+K$+BBD.1(1+8C+?$A$A+($A/$A*++8+A/2$
*+C+A718$*:B(1A(D1C:B(+A+'A$6+B@D+?+A71C+8A+(D?+A$A6$$C+8(1;8J6$
7+7:A1$J@D+7+4:A$86:B?A:(+B:B(:/81C1G:Bzw^BC$(D+BC1;8+B*+G1C$6
17?:AC$8(1$ ?:A@D+ 6:B $6D78:B BD+6+8 ?$B$A D8$ +8:A7+ ($8C1*$* *+
0:A$BB+8C$*:B+8BDBB166$B+8D8$$(C1CD*?$B1G$@D+?+A4D*1($(6$A$7+8C+
BD $?A+8*1K$4+^ " +8 6$ ?A%(C1($[ 8: +B 17?A+B(18*1'6+ i$D8@D+ B2
A+(:7+8*$'6+j+8(:8CA$AB++86$(+A($82$*+D8+8C:A8:8$CDA$6^17?6+B
?$A:8+B*+{718DC:B+86$$(C1G1*$*$($*-71($*1$A1$*+819:B(:8+*$*+B
+8CA+Jxx$9:B?$A$A+$61K$A:(0:(1(6:B*+7:G171+8C:BA%?1*:BiB$6C:B[
B+8C$*166$B:B1716$A+Bj*DA$8C+ywB+/D8*:B[B+/D1*:B*+*+B($8B:B*+xw
B+/D8*:B[B:8BD.1(1+8C+B?$A$:?C171K$A6$$C+8(1;88+(+B$A1$@D+A+@D1+A+
6$ C$A+$ ?:BC+A1:A J 7+4:A$A +6 *+B+7?+9: +8 6$ 71B7$zx^
8C+/A$A +6
(:7?:8+8C+6E*1(:+86$+*D($(1;84D8C:$D8$7$J:A$(C1G1*$*.2B1($+BD8
($718:*1A+(C:0$(1$D87$J:A'1+8+BC$AJD87+4:A$?A+8*1K$4+^
e}xe
^^
8+6($B:(:8(A+C:*+B?$9$[+I1BC+6$C+8*+8(1$$A+6+/$A6$$B1/8$CDA$*+
+*D($(1;8.2B1($$6.18$6*+6$4:A8$*$+B(:6$A^::'BC$8C+[B1+6+4+A(1(1:
.2B1(:7+4:A$6$(:8(+8CA$(1;8*DA$8C+6$C$A+$.$(161C$8*:6$7+7:A1$J+6
$?A+8*1K$4+*DA$8C+6$71B7$[6:1*+$6B+A2$(:6:($A6$+8+6181(1:*+60:A$A1:
+B(:6$A^ + 0+(0:[ +I1BC+ J$ D8$ 18G+BC1/$(1;8 @D+ BD/1+A+ 6:B '+8+.1(1:B
(:/81C1G:B *+ 6$ +*D($(1;8 .2B1($ +8 6$B ?A17+A$B 0:A$B *+6 *2$^ A$B D8$
B+B1;818C+8B$*++4+A(1(1:$+A;'1(:[6:B$6D78:B$*:6+B(+8C+B:'C+82$86:B
7+4:A+BA+BD6C$*:B+8D8$?AD+'$7$C+7%C1($+86$B(6$B+B*+6$?A17+A$:
C+A(+A$0:A$*+6*2$J6:B?+:A+B+86$E6C17$zy^BC+?6$8C+$71+8C:/6:'$6
J$0$(+D8C1+7?:@D+B+G1+8+$?61($8*:+8$6/E8(+8CA:188:G$*:A[(:7:
+6($B:*+6?A:/A$7$#+A::DA*+6$B+B(D+6$B$?+AG166+ywz+8
6618:1B
*:8*+[$*+7%B*+(:7+8K$A6$4:A8$*$(:8D8$B+B1;8$+A;'1($+86$(18C$
*+(:AA+A:+8D8$'1(1(6+C$[B+:.A+(+D87-C:*:?+AB:8$61K$*:@D+$JD*$
$ 6:B $6D78:B $ 7$8C+8+AB+ $(C1G:B .2B1($7+8C+ $ CA$G-B *+6 4D+/: J *+
*1G+AB$B$(C1G1*$*+B*+?:AC1G$B@D+?D+*+8+6+/1AB+/E8BDB?A+.+A+8(1$B^
+*1($A7%BC1+7?:$6$$(C1G1*$*.2B1($0$?+A71C1*:@D+0$J$7+4:A$*:+6
'1+8+BC$A *+ 6:B $6D78:B J @D+[ (:7: (:8B+(D+8(1$ *+ 6$ 7+4:A$ *+ BDB
.D8(1:8+B(+A+'A$6+B[0$J$$D7+8C$*:+6A+8*171+8C:$($*-71(:/+8+A$6^
" +B$ 7$J:A ($8C1*$* *+ C1+7?: *+*1($*$ $ 6$ +*D($(1;8 .2B1($ +BC% +8
(:8B:8$8(1$ (:8 6$B E6C17$B A+(:7+8*$(1:8+B B:'A+ +6 C1+7?: $*+(D$*:
?$A$ :?C171K$A 6$ B$6D* J +6 A+8*171+8C: $($*-71(: *+ 6:B $6D78:B] x|w
718DC:B+8?A17$A1$Jyy|[(:7:72817:[+8B+(D8*$A1$zz^
CA$ C+8*+8(1$ @D+ +BC% 7DJ /+8+A$61K$*$[ 6$7+8C$'6+7+8C+[ +B 6$
A+*D((1;8*+6C1+7?:*+*1($*:$6:B?$C1:B+B(:6$A+B^"8:B:6:+B:B18:@D+
BD DB:[ 6:B +B?$(1:B +8 6:B @D+ B+ *$8 J 6$B $(C1G1*$*+B @D+ ?D+*$8
A+$61K$AB+*DA$8C+6:B71B7:BC1+8+8D8$/A$817?:AC$8(1$+*D($C1G$^$B
18G+BC1/$(1:8+B $6 A+B?+(C: BD/1+A+8 @D+ (D$8*: 6:B 819:B *1B?:8+8 *+
G$A1$B:?:ACD81*$*+B*+A+(A+:7+4:A$8BD(:7?:AC$71+8C:JA+8*171+8C:
$($*-71(: +8 +6 $D6$z{^ " (D$8*: ?D+*+8 7$8C+8+AB+ $(C1G:B[ 18(6DB:
4D/$8*:$(1+AC:BG1*+:4D+/:B(:7:2#&I2#&I&=40;:+42*DA$8C++6
?$C1:[7+4:A$BD+BC$*:.2B1(:J(:/81C1G:z|?:A@D++6'$16+(:8BC1CDJ+D8$
$(C1G1*$* .2B1($ @D+ $(C1G$ 7D(0$B .D8(1:8+B (+A+'A$6+B[ (:7: +6 (:8CA:6
7:CA1K[6$?+A(+?(1;8:6$+7:(1;8^
DA$8C++6?$C1:6:B7%B?+@D+9:BC1+8+86$:?:ACD81*$**++BC17D6$A6$
17$/18$(1;8[+6*+B(D'A171+8C::6$(A+$C1G1*$*$CA$G-B*+64D+/:61'A+J6:B
7%B7$J:A+B*+A+$61K$A7E6C1?6+B$(C1G1*$*+B*+?:AC1G$B[?:A+4+7?6:^"
+8 $7':B ($B:B B+ .:7+8C$ 6$ ?$AC1(1?$(1;8 (:6+(C1G$[ D8$ 8+(+B1*$*
(+A+'A$6'%B1($*+'1*:$6$8$CDA$6+K$B:(1$6*+6B+A0D7$8:@D+$?A+8*+J
B+*+B$AA:66$[*+B*++68$(171+8C:[(:8:CA:BB1716$A+B^D8C:$+BC:[B+A2$
A+(:7+8*$'6+ .:7+8C$A K:8$B *+ A+(A+: $6 $1A+ 61'A+ @D+ .$(161C+8 6$
e}ye
]#[
$(C1G1*$*.2B1($G:6D8C$A1$JA+$61K$A*+B($8B:BA+/D6$A+B*DA$8C+6$B(6$B+B
@D+ ?+A71C$8 $ 6:B $6D78:B 7:G+AB+^ + +BC$ .:A7$ B+ 61'+A$A%8
8+DA:CA$8B71B:A+B '%B1(:B ?$A$ +6 +BC$*: *+ %817: J +6 'D+8
.D8(1:8$71+8C: (+A+'A$6 (:7: 6$ B+A:C:818$[ 6$ *:?$718$ : 6$
8:A$*A+8$618$^"8::6G1*+7:BC$7?:(:6$A+B?:8B$'161*$*.$7161$A$6$0:A$
*+ .:7+8C$A 0%'1C:B B$6D*$'6+B J (:8*D(C$B $(C1G$B +8CA+ 6:B 819:B J 6:B
$*:6+B(+8C+B[ .D+A$ *+ 6$ +B(D+6$[ @D+ 6+B $6+4+ *+ 6$ ?+A81(1:B$ G1*$
B+*+8C$A1$^
:G+A8:BB1/81.1($B+8C1A8:BG1G:BJ8$*$7+4:A?$A$6$G1*$@D+B+8C1A6$
B18+A/1$ +8CA+ +6 (:A$K;8 J +6 (+A+'A:^ +AB:8$B 7%B $(C1G$B[ 7+4:A+B
?+AB:8$BJ7%B.+61(+B^
e}ze
^^
:.+I+A(1B+e18*D(+*8+DA:/+8+B1B18C0+$*D6C*+8C$C+/JADB^IXW[I|}ze
|}{z^
^$8A$$/[^[
6+B08+A[^[(0H$ACK[^ ^J$CCB:8[^^iywx{j^I+A(1B+[+8+A/J
18C$5+[/6D(:B+0:7+:BC$B1B[$8*C0+'A$18^*&4;8204(&;849#+&2#&IZ[i{}j[
x|xzfx|x{^
^$C+J[^^J$/+A7$8[^iywxwj^68/F4>&?&8#+9&>+00+1684=&:*&6&8(4812#&
4(@4;8"8+2^:8*:8]D+A(DB^
xw^A$7+A[^
^[$08[^[:0+8[^^[$81(0[^^[(D6+J[^[$AA1B:8[^^[0$B:8[
^[$516[^[$A*+66[^[:16+$D[^^J:6(:7'+[^ixj^/+18/[.1C8+BB$8*
8+DA:(:/81C1G+.D8(C1:8^:;8&I[WWI{xe{x^
xx^ A1(5B:8[ ^
^[ 1667$8[ ^^ J A$7+A[ ^
^ iywx|j^ 0JB1($6 $(C1G1CJ[ 'A$18[ $8*
(:/81C1:8c^;88&2:6+2+42+2&*=+480#+&2#&9I[Iy~fzy^
xy^A1(5B:8[^[:BB[^ ^[A$5$B0[^^[$B$5[^[K$':[^[0$**:(5[^[17[^^[
+:[^[6G+B[^[ 01C+[^^[ :4(1(51[^^[$16+J[^[1+1A$[^^[$AC18[^^[
+8(+[ ^^[ ::*B[ ^^[ (D6+J[ ^ J A$7+A[ ^
^ iywxxj^ I+A(1B+ CA$1818/
18(A+$B+BB1K+:.01??:($7?DB$8*17?A:G+B7+7:AJ^IXW_Izwx~ezwyy^
xz^'+A/^[+*+AB+8[^[:A-8[^[G$AC+8/A+8[^[&(5BCA$8*[^[:08BB:8[^[
::?+AeD08[ ^[ '+A/[ [ 16BB:8[ ^ J D08[ ^^ iywwj^ $A*1:G$B(D6$A
.1C8+BB1B$BB:(1$C+*H1C0(:/81C1:818J:D8/$*D6C0::*^IXW]i{j[yww}e
ywxx^
x{^:8+$[^^[0:7$B[^^[8*+AB:8[^^[:88+66J[^^[A::5B[ ^[DA8B[^^
iywwj^$A*1:A+B?1A$C:AJ.1C8+BB$8*?A+B+AG+*7+*1$6C+7?:A$66:'+G:6D7+18
6K0+17+AmB1B+$B+^0A*&+1&8+9&9&2%994#+:&%+948%&89IYZ[xex~^
x|^71C0[^^[1+6B:8[^^[ ::*$A*[^[+1*+8'+A/[^[DA/+A1$8[^[$K6+CC[^^[
1/D+AA:$[ ^^[ $8*$0[ ^^[ $J[ ^^[ $CC0+HB[ ^^ J $:[ ^^ iywx{j^
0JB1($6 $(C1G1CJ A+*D(+B 01??:($7?$6 $CA:?0J 18 +6*+AB $C /+8+C1( A1B5 .:A
6K0+17+AaB*1B+$B+^ 842:+&89+2)+2)&;849#+&2#&[]i}xj^
x}^0$8/["^^[01[^[C81+A[^^[ $8/[^^[0D[^^J#0:D[^iywx{j^..+(C:.$(DC+
$+A:'1( +I+A(1B+ :8 (:/81C1G+ ?+A.:A7$8(+] A:6+ :. ($A*1:G$B(D6$A .1C8+BB^
9@#*404)@4(648:2%?&8#+9&IX\i|j[{}{e{~w^
x~^ 18C+A ^ +C $6^ iyww~j^ 1/0 17?$(C AD8818/ 17?A:G+B 6+$A818/^ &;84"+404)@ 4(
&82+2)2%&148@~[|~e}w^
e}{e
]#[
x^ 8/+G$A+8[ ^[ $80++B[ ^[ +8*+6e:B[ ^[ +A0$$A[ ^^[ D.*+75$7?+[ ^[
6+7$8[^J+AB(0DA+8[ ^^iyww~j^
8C+8B1CJ['DC8:C*DA$C1:8[:.?0JB1($6
$(C1G1C1+B 1B A+6$C+* C: (:/81C1G+ .D8(C1:8^ ;846&2 4;820 4( 8%+4=9#;08
8&=&2:+422%&*"+0+::+42IX[i}j[y|ezw^
x^$A'+A[^^[61BB7+A[^[+B(0+8+B[^^[
A$85618[^^[$7:8C+[^^[++[
^^[
1+7$8[^^JH$18[^^iywxxj^7+A1($8:66+/+:.?:ACB+*1(18+?:B1C1:8
BC$8*^ D$8C1CJ $8* @D$61CJ :. +I+A(1B+ .:A *+G+6:?18/ $8* 7$18C$1818/
($A*1:A+B?1A$C:AJ[ 7DB(D6:B5+6+C$6[ $8* 8+DA:7:C:A .1C8+BB 18 $??$A+8C6J
0+$6C0J$*D6CB]/D1*$8(+.:A?A+B(A1'18/+I+A(1B+^&%+#+2&V#+&2#&+2648:9V
?&8#+9&[[Zi~j[xzz{e|^
yw^1'6+J[^JC81+A[^iywwzj^0+A+6$C1:8B01?'+CH++8?0JB1($6$(C1G1CJ$8*(:/81C1:8
18(016*A+8]$7+C$e$8$6JB1B^&%+:8+#?&8#+9&#+&2#&IX\[y{zey|}^
yx^$B'+AAJ[^^[++[^^[:'18[^[$A1B[^^[DBB+66[^^[:J6+[^^J101B+A[^^
iywxxj^ 0+ $BB:(1$C1:8 '+CH++8 B(0::6e'$B+* ?0JB1($6 $(C1G1CJ[ 18(6D*18/
?0JB1($6 +*D($C1:8[ $8* $($*+71( ?+A.:A7$8(+] $ BJBC+7$C1( A+G1+H :. C0+
61C+A$CDA+^8&=&2:+=&&%+#+2&I|y[xweyw^
yy^ 1667$8[ ^^[ :8C1.+I[ ^^[ $18+[ ^^[ $BC+661[ ^^[ $66[ ^^ J A$7+A[ ^
^
iywwj^0++..+(C:.$(DC+CA+$*7166H$6518/:8(:/81C1G+(:8CA:6$8*$($*+71(
$(01+G+7+8C18?A+$*:6+B(+8C(016*A+8^&;849#+&2#&IX\`Ixw{{exw|{^
yz^0$**:(5e+J7$8[^[A1(5B:8[^
^[A$5$B0[^^[17[^^[:BB[^ ^[$8$CC+A[
^[:8C1.+I[^^[$18+[^^[:85+6[^[1667$8[^^[:0+8[^^JA$7+A[
^
^ iywxwj^ 8+DA:17$/18/ 18G+BC1/$C1:8 :. C0+ $BB:(1$C1:8 '+CH++8 $+A:'1(
.1C8+BB[ 01??:($7?$6 G:6D7+[ $8* 7+7:AJ ?+A.:A7$8(+ 18 ?A+$*:6+B(+8C
(016*A+8^8+2&9&8#*IXZ\_[x~yexz^
y{^0$**:(5e+J7$8[^[A1(5B:8[^
^[:6CA:?[^^[:BB[^[:8C1.+I[^^[$18+[
^^[1667$8[^^JA$7+A[^
^iywx{j^+A:'1(.1C8+BB1B$BB:(1$C+*H1C0/A+$C+A
H01C+7$CC+A18C+/A1CJ18(016*A+8^ 842:+&89+2;12&;849#+&2#&I_i|{j^
y|^ 0$**:(5e+J7$8[ ^[ A1(5B:8[ ^
^[ :BB[ ^ ^[ 8+(0C[ ^^[ :8C1.+I[ ^^[
$BC+661[^^[1667$8[^^JA$7+A[^
^iywxzj^0++..+(CB:.?0JB1($6$(C1G1CJ
:8 .D8(C1:8$6
$(C1G$C1:8 $BB:(1$C+* H1C0 (:/81C1G+ (:8CA:6 18 (016*A+8] $
A$8*:71K+*(:8CA:66+*18C+AG+8C1:8^ 842:+&89+2;12&;849#+&2#&I^i~yj^
y}^ $714: ^[ :8C1.+I[ ^^[ a+$AJ[ ^^[ (D**+A[ ^^[ D[ ^^[ $BC+661[ ^^ J
1667$8[^^iywxxj^0++..+(CB:.$8$.C+AB(0::6?0JB1($6$(C1G1CJ?A:/A$7:8
e}|e
^^
e}}e
"
6?$AC1*:*+'$6:8(+BC:$($'$'$*+.18$61K$AJ0D':D8(:8B+8B:D8%817+
+8CA+ 4D/$*:A+B i($C+/:A2$ $6+G28j[ +8CA+8$*:A+B J .$7161$A+B ?$A$ 1A $
(:7+A $ D8: *+ +B:B A+BC$DA$8C+B *+ (:71*$ A%?1*$^ 1 $DC:AA+.6+I1;8
(:7:?$*A+.D+[Z(;7:+B+C1?:*+(:71*$B@D+7$(+A$8(:8/A$8($8C1*$*
*+B$6B$B($7D.6$8*:+6?-B17:B$':A[4D8C:(:8?$C$C$B.A1C$B (:88:B-
@D-$(+1C+J'+'1*$*+61CA:(:8$'D8*$8C+($8C1*$**+$KE($A!!
[?D+*+
/DBC$A C$8C: $ C:*$ 6$ /+8C+ +8 /+8+A$6 J +B?+(1$67+8C+ $ 6:B 819:BY
+B?D-B*+6$(:71*$[@D+J:C$7'1-8+8/D662[18C+8C-$8$61K$A(D%6+B+A$8
6:Bb+2)8&%+&2:&9c*+6-I1C:J+8D8$B+AG166+C$$?D8C-@D-+81/7$B*+'2$
A+B:6G+A?$A$(:8B+/D1A[$67+8:B[71?$K18C+A1:A^6*2$B1/D1+8C+C+6+.:8+-
$ D8 /A$8 $71/: 8+DA:(1+8C2.1(:[ $8C1$/:[ ?$A$ *+'$C1A +BC$B J :CA$B
(D+BC1:8+BC:7$8*:D8A+6$4$*:($.-(:8G1BC$B$67$A^187%B?A+%7'D6:
6+?6$8C+-C:*$B71B*D*$B_
i*D$A*:jZ:A@D-+66:/:*++BC:BA+BC$DA$8C+BJBD7$A($(:A?:A$C1G$
BD+6+C+8+A(:6:A+BC$866$7$C1G:BY
i$8C1$/:j :A +4+7?6:[ +6 $7$A166: +B D8 (:6:A 7DJ 6D718:B: @D+
A%?1*$7+8C+66$7$6$$C+8(1;8JB+$B:(1$(:86$.+61(1*$*\+6A:4:B1+7?A+
B+0$A+6$(1:8$*:(:86$?$B1;8[+6*+B+:^D:'4+C1G:(:8B1BC++8$(C1G$A
187+*1$C$7+8C+ +6 %A+$ C+/7+8C$6 G+8CA$6 *+6 (:8BD71*:A J @D+ BD
*+(1B1;8 B+$ 18BC$8C%8+$] N04 7;+&84 7;, @ *48O^ $7'1-8 B+ DC161K$8
8$A$84$B[ A:B$B Jd: $KD6+B^ (CD$67+8C+ 0$'A%B ?:*1*: :'B+AG$A @D+
$6/D8:BA+BC$DA$8C+BDC161K$8D8.:8*:G+A*+(DJ:7+8B$4+B1/81.1($@D+BDB
?A:*D(C:BB:8+(:6;/1(:BJ8$CDA$6+B^
!!
0CC?]ddHHH^H0:^18Cd7+*1$(+8CA+d8+HBdA+6+$B+Bdywx}d(DAC$16eBD/$AJe*A185Bd+Bd
e}~e
A^
"JA^#
ij Z:A @D- ?1+8B$B @D+ BDB 6+7$B[ 904)29 ?D'61(1C$A1:B J $8D8(1:B *+
C+6+G1B1;8C1+8+8@D+G+A(:86$B+7:(1:8+BY
ij8+.+(C:[+BC:C1+8+B+8C1*:J+BC%7%B@D++BCD*1$*:?$A$G+8*+A7%B^
D(0:B*+6:B6+7$B7%B(:8:(1*:B*++BC:BA+BC$DA$8C+B?:*A2$8C+8+AD8
*:'6+B1/81.1($*:]?:AD86$*:[6$7D+BCA$*+$.+(C:J($A19:@D+6:B?$*A+B
C1+8+8B:'A+BDB014:B$666+G$A6:B$+BC:BA+BC$DA$8C+B[+B*+(1A[B+/+8+A$
+68+DA:CA$8B71B:A*+6$:I1C:(18$A+6$(1:8$*:(:8+6$7:AJ6$.161$(1;8\?:A
:CA:[?:*A2$B+A+6?A:?1:*+B+:@D++6(:8BD71*:A/+8+A$0$(1$+6?A:*D(C:
$(C1G%8*:B+*+.:A7$187+*1$C$+6B1BC+7$*:?$718-A/1(:7+B:627'1(:^+
18C+8C$$B:(1$A6$(:71*$(:8D8+BC$*:?6$(+8C+A:J*+.+61(1*$*[+B*+(1A[
B+ $8C1(1?$ 6$ +I?+(C$C1G$ *+ A+(:7?+8B$ J B$C1B.$((1;8 $6 (:7+A +BC:B
7+8EB $ CA$G-B[ +8 +BC+ ($B:[ *+ 6$ B+A:C:818$^ $ 7$J:A2$ *+ 6:B 964:9
?D'61(1C$A1:B*++BC+C1?:*+A+BC$DA$8C+B[$617+8C:B?A:(+B$*:B:'+'1*$B
$KD($A$*$BiC:*:B+66:B8:B$6D*$'6+Bj[C1+8+8@D+G+A(:86$B+7:(1:8+B^
8BD7$[BD:'4+C1G:?A18(1?$6+B/+8+A$A*:?$718$[:I1C:(18$JB+A:C:818$
*+ 7$8+A$ 7DJ 18C+8B$ J +8 ?:(: C1+7?:[ ?$A$ @D+ 8: 8:B ?:*$7:B
A+B1BC1A^Z+(D+A*$B+6C+BC*+6$/:6:B18$*+ $6C+A1B(0+6Y
ij"@D-?1+8B$BB:'A+6$G$A1+*$**+BDB7+8EB_
ij $ G$A1+*$* +B D8$ 16DB1;8[ J$ @D+ *+'$4: *+ 6$ -C1($[ 6:B $A:7$B J
(:6:A1*:B@D271(:B[+BC%6$7+K(6$18*DBCA1$67:AC$6x^
ij
7$/18:@D+6$+6+((1;8*+BD17$/+8(:7+A(1$6C$7?:(:+B($BD$61*$*[
C:*$B A+6$(1:8$*$B (:8 +6 0D7:A[ 6$ A1B$[ 6$ *1G+AB1;8 J $*+7%B B:8 7DJ
?:?D6$A+BZG+A*$*Y
ij .+(C1G$7+8C+ $71/:[ J$ G$7:B 18C+A(:8+(C$8*: 8D+BCA$B 8+DA:8$B
+B?+4:^8+BC+($B:[+66:/:[6$7$A($[+66+7$J6$B7$B(:C$B:?+AB:8$4+B
*+*1'D4:B$817$*:B*++BC:BA+BC$DA$8C+B[.$(161C$88D+BCA:B0+DA2BC1(:B*+
?+8B$71+8C: *+ A+?A+B+8C$C1G1*$*[ *1B?:81'161*$* J $((+B1'161*$*y^ +
7:*: @D+ 6:B A+BC$DA$8C+B *+ +BC+ C1?: *+ (:71*$B : 6$ 7$J:A2$ *+
?A:*D(C:B (:7+BC1'6+B 8: B$6D*$'6+B[ BD+6+8 C+8+A (:8G+81:B
7D6C17166:8$A1:B (:8 *+?:AC1BC$B[ 7:*+6:B : ?+AB:8$4+B .$7:B:B J (:8
?A:*D(C:A$B*+(18+?$A$819:B[*:8*+BDB?A:C$/:81BC$Bi2*:6:B[$(C:A+BJ
0-A:+Bj(:7+80$'1CD$67+8C++BC:B?A:*D(C:BJ+8+B:BA+BC$DA$8C+B^b+
1+6&8942.&%&%+";.492+1%49I*'84&4%&648:+9:(=48+:4#41&&9:
#41+%@4:1"+'2%&9&4#41&80c^
ij CA$ (:B$ @D+ 7+ 66$7$ 7D(0: 6$ $C+8(1;8 +B @D+ 6$ *+(:A$(1;8 J +6
7:'161$A1:+B181(1$67+8C+7DJ66$7$C1G:J$CA$(C1G:[?+A:D8$G+K*+8CA:[J
?A+G1:?$B:?:A($4$[?$A+(+@D+6$18(:7:*1*$**+6$BB166$BJ6:B(:6:A+B
(0166:8+B*+6$B?$A+*+BC+18G1C$8$$'$8*:8$A+66D/$AA%?1*$7+8C+^
e}e
"
ij 9:(44%_66+7$?:*A2$B+A]+8CA$[+8/D66+J*+4$CD6D/$A$:CA:^+
$02@D++6B+AG1(1:B+$?A%(C1($7+8C+18BC$8C%8+:(:8D8CA$'$4:+8($*+8$
JC1+7?:7DJ'1+8*+.181*:^*+7%BBDD'1($(1;8:(D?$C:*:B6:B?D8C:B
($A*18$6+B*+8D+BCA:?6$8+C$[*+8:AC+$BDAJ*++BC+$:+BC+[18(6DB:+8
7D(0:B6D/$A+B+7'6+7%C1(:B[6:@D+?+A71C+BDA%?1*$G1B1'161*$*J$((+B:^
$7:*+A81*$*B+b&9: #41+&2%4c$6$CA$*1(1;8[G$6/$+6B2716^
ij"Z@D-:?18$BB:'A++6?A+(1:Y+?$A+(+86D/$A+B($A2B17:B$D8@D+6$
/+8C+*1(+@D+(:7+A$02+B7DJ'$A$C:^
ij@D2C1+8+BA$K;8_+A+.1+A+B$71/:$6:@D+B+(:8:(+(:7:b)44%
=0;&c[6:@D++8($BC+66$8:B+A2$'D+8$($61*$*e?A+(1:^+B*+71?D8C:*+
G1BC$[(:8B1*+A$8*:6$($61*$*e?A+(1:*+6$(:71*$@D+BD+6+8B+AG1A+8+BC+
C1?:*+A+BC$DA$8C+B[+B($A:[?:A@D+0$J7D(0$*1.+A+8(1$+8CA++6G$6:AJ
+6 (:BC+^ : :'BC$8C+[ ($*$ G+K 0$J 7%B ($*+8$B *+ (:71*$ A%?1*$[ :
BD?+A7+A($*:B (:8 (:71*$ D6CA$?A:(+B$*$[ ?:A 6: @D+ 6$ /+8C+ *+'+
?+8B$A6:(:8CA$A1:^
ijD(0$B/A$(1$B$71/:[(:7:*1A2$+6?:+C$J+B(A1C:A(018:1D!1$:6:8/[
N;2#*80#42;9:&%=0&1 97;&XW349%&&9:;%+49O
ij 8 ?6$(+A_ :7: +BC%B 7DJ 18C+A+B$*: +8 6$ 8+DA:(1+8(1$ *+ 6$
$617+8C$(1;8[C+18G1C:$6++A+6B1/D1+8C+($?2CD6:?$A$@D+(:8:K($B(;7:
$.+(C$ 6$ (:71*$ $ CD (+A+'A: iJ $6 *+ CDB $6D78:B[ CDB 014:B[ CDB
*+?:AC1BC$B_j^
WM
$$617+8C$(1;80$C+81*:JB1/D+C+81+8*:/A$8A+6+G$8(1$+8+6*+B$AA:66:
*+ 6$ (1G161K$(1;8 0D7$8$[ 18(6DB: 0$ .$G:A+(1*: /A$8*+B ($7'1:B
$*$?C$C1G:B[$*+7%B*+18.6D1A+86$(D6CDA$[6$A+61/1;8J6$B:(1+*$*z^B2[
(:(18$A +B D8$ *+ 6$B ?:($B $(C1G1*$*+B @D+ B:8 +I(6DB1G$B *+ 6$B
($?$(1*$*+B 0D7$8$B^ :A +66:[ ?A+*1/+A1A 6$ (:71*$ ($6+8C%8*:6$ 8:B
?+A71C+/$BC$A7+8:B+8+A/2$+86$*1/+BC1;8[J$@D+(:(18$A6:B$617+8C:B
.$(161C$6$18/+BC$*+671B7:8E7+A:*+($6:A2$B?+A:(:87+8:B+B.D+AK:^
8$ +I?61($(1;8 (6%B1($ ?$A$ +BC+ .+8;7+8: +B @D+ 6:B B+A+B 0D7$8:B
$0:AA$A:8+8+A/2$A+*D(1+8*:BDB;A/$8:B/$BCA:18C+BC18$6+B[J?:AC$8C:+6
(+A+'A: C+82$ 7%B +8+A/2$ *1B?:81'6+{^ $ 8+(+B1*$* *+ 7$BC1($A 7+8:B
*+A1G;+8*1+8C+B7%B?+@D+9:B[$B2(:7:+8D8$A+*D((1;8*+6C$7$9:*+
6$ ($4$ C:A%(1($ J *+ 6$B (:BC166$B^ 8 *+.181C1G$[ +BC+ $0:AA: *+ +8+A/2$
!!
A:G+A'1:(018:@D+$?$A+(++8BD61'A:b;&8:&%&;2*&84,284.c^
e}e
A^
"JA^#
'$B$*: +8 D8$ *1+C$ (:8 7%B ($A8+ *+ 7$J:A ($61*$*[ 6$ (:((1;8 *+ 6:B
$617+8C:B7%BBD$G+BJA1(:B+8+8+A/2$[J6$'1?+*+BC$(1;8[*+A1G$A:8+8
D8$7$J:A*1B?:81'161*$**++8+A/2$?$A$+6.D8(1:8$71+8C:(+A+'A$6|^
81(1$67+8C+0$J@D+(:8B1*+A$A$6/D8:B*$C:B17?:AC$8C+BB:'A+8D+BCA:
(+A+'A:]
D?+B:?A:7+*1:+B*+x[{516:/A$7:B^DC$7$9:+BB:6$7+8C++6x[|e
y*+6C$7$9:*+8D+BCA:(D+A?:{[}exw^
?+B$A*+*1(0:C$7$9:[+6(:8BD7:+8+A/-C1(:*+6(+A+'A:A+?A+B+8C$
$?A:I17$*$7+8C+ +6 yw *+6 C:C$6 *+ :I2/+8: J y| *+ /6D(:B${[}exw^
A$'$4$6$By{0:A$B*+6*2$[18(6DB:71+8CA$B*:A717:B^
$(:7?:B1(1;8*+6(+A+'A:B+(:8BC1CDJ+?:AD8}w*+/A$B$^++B+
?:A(+8C$4+[+6~w+B71+618$[@D++BD8$G$18$?A:C+(C:A$61?:?A:C+1($
i.:A7$*$?:ABDBC$8(1$B/A$B$BJ?A:C+28$Bj@D+(D'A+6$(:7D81($(1;8
8+AG1:B$J6$B(-6D6$B(+A+'A$6+Bxw^
?A:I17$*$7+8C+ +I1BC+8 w^www e xww^www 7166:8+B *+ 8+DA:8$B :
(-6D6$B(+A+'A$6+B[@D+B+(:7D81($8+8CA++66$B$CA$G-B*+D8$I;8@D+
CA$8B71C+ 6$ 18.:A7$(1;8 +8 .:A7$ *+ 17?D6B:B 8+AG1:B:B[ 6$ (D$6 +B
A+(1'1*$?:A6$B*+8*A1C$Bxx^
$*$D8$*+8D+BCA$B8+DA:8$B?D+*++BC$'6+(+A*+7+*1$D8$Bx^www
(:8+I1:8+B (:8 :CA$B 8+DA:8$B i9+269+9j + 18(6DB: $6/D8$B 8+DA:8$B
?D+*+8 66+/$A $ C+8+A xw^www (:8+I1:8+Bxx^ 6 8E7+A: *+ (:8+I1:8+B
8+DA:8$6+B@D+?D+*+8*$AB++B*+B(:7D8$6[ixwx|j[JB:8C:*$B+BC$B
B18$?B1B6$B@D+(:8BC1CDJ+8D8$B+A1+*+*+8B$BA+*+B8+DA:8$6+B@D+
?A:(+B$86$18.:A7$(1;8*+.:A7$A%?1*$J@D+(:8.:A7$86$B*1.+A+8C+B
+BCAD(CDA$B(+A+'A$6+B@D+[$D8CA$'$4$8*:*+.:A7$(:84D8C$[C1+8+8
.D8(1:8+B+B?+(2.1($Bxy^
BC$B(:7?6+4$B(:7D81($(1:8+B+8CA+8+DA:8$BB+?A:*D(+8/A$(1$B$
6:B 64:&2#+0&9 %& ##+52 iB+9$6+B +6-(CA1($B *+8CA: *+ 6$ 8+DA:8$j J
2&;84:8291+948&9 iBDBC$8(1$B @D271($B 61'+A$*$B +8CA+ 6$B 8+DA:8$Bj^
6/D8:B *+ +66:B 7DJ (:8:(1*:B J (:8 +8:A7+B A+?+A(DB1:8+B ?$A$
.$G:A+(+A+6$?A+8*1K$4+J0$'161*$*+BA+6$(1:8$*$B(:7:6$7+7:A1$[6$
$C+8(1;8:6$7:C1G$(1;8xy^
8+6(+A+'A:B+/+8+A$8D8$7+*1$*+xy^www$|w^www?+8B$71+8C:B
$6*2$[$D8@D+*+6$7$J:A2$8:B:7:B(:8B(1+8C+B^
:AC$8C:[+6(+A+'A:+BD8/A$8?A:(+B$*:AJ$BDG+K18+.1(1+8C+[J$@D+
7D(0$B 8+DA:8$B B+ +BC%8 (:8+(C$8*: J *+B(:8+(C$8*: +8 +6 71B7:
18BC$8C+[ (:8BD7+8 7D(0: :I2/+8: J /6D(:B$[ ?:A +66: 8+(+B1C$ D8$
($8C1*$**++8+A/2$7DJ$6C$+8(:7?$A$(1;8(:8BD?+B:JC$7$9:^
e~we
"
XMJI
1+6(+A+'A:8+(+B1C$D8$/A$8($8C1*$**+/6D(:B$?$A$BD.D8(1:8$71+8C:[
ZB:86$B'+'1*$BJ6:B$617+8C:B?A:(+B$*:B$KD($A$*:BD8$B:6D(1;81*+$6Y
:[?:A@D++8+BC+($B:+6+G$8A%?1*$7+8C++681G+6*+$KE($A+8B$8/A+J
+8G2$8D8G+6:K+BC27D6:$6(+A+'A:?+A:18+.1(1+8C+J*+(:AC$*DA$(1;8[
@D+B+$/:C$A%?1*$7+8C+[?D+BC:@D+6$B8+DA:8$B8:?D+*+8$67$(+8$A
/6D(:B$[$*1.+A+8(1$*+6$@D+?A:G1+8+*+$617+8C:B8$CDA$6+B(:7:6$B
.ADC$B[@D+7$8C1+8+8D8$.D+8C+(:8BC$8C+J+BC$'6+*+(:7'DBC1'6+*+
/6D(:B$^ *+7%B[ (D$8C: 7%B (:7?6+4$ J *+B$.1$8C+ +B 6$ C$A+$[ 7%B
(:8BD7: *+ /6D(:B$ B+ A+$61K$^ 8 +.+(C:[ 6:B '$4:B 81G+6+B *+ /6D(:B$ J
:I2/+8: +8 6$ B$8/A+ ?A:G:($8 6+C$A/:[ B+8B$(1;8 *+ *+B7$J: J BD+9:
*1B718DJ+8*:[ ?:A C$8C:[ +6 A+8*171+8C: 7+8C$6^ : :'BC$8C+[
18*+?+8*1+8C+7+8C+*+6$.D+8C+[6$/6D(:B$?D+*+7+4:A$A6$$C+8(1;8J
6$ 7+7:A1$ $ (:AC: ?6$K:~[ ?:A +66: B+ A+(:71+8*$ 66+G$A ($A$7+6:B $ 6:B
+I%7+8+B[$D8@D+7D(0:7+4:AJ7%BB$8:B+A2$C:7$AD8$?1+K$*+.ADC$
i.AD(C:B$j$8C+B*+6+I$7+8^8:CA:B($?2CD6:BB+0$*+BC$($*:(;7:+6
+4+A(1(1:.2B1(:$.+(C$*+7$8+A$B1/81.1($C1G$$6.$(C:A8+DA:CA;.1(:*+A1G$*:
*+6(+A+'A:i(:8:(1*:(:7:
?:ABDBB1/6$B+818/6-Bj17?61($*:+86$
8+DA:/-8+B1B[6$8+DA:CA:.18$J6$?6$BC1(1*$*(+A+'A$6^B2[6$$617+8C$(1;8
C$7'1-8 18.6DJ+ +8 +6
[ *+ .:A7$ @D+ D8$ *1+C$ +6+G$*$ +8 $KE($A
iB:'A+C:*:+8$617+8C:B?A:(+B$*:BjG$$*1B718D1A+6
71+8CA$B@D+
6$B(:71*$B(:8%(1*:.;61(:[G1C$718$BxyJ/A$B$B:7+/$ez18(A+7+8C$8
+6
C$6(:7:6:0$(++6+4+A(1(1:.2B1(:x[xz^
:ABD?$AC+[6:B%(1*:B/A$B:B+B+8(1$6+BiA+(1'+8+BC+8:7'A+?:A@D++6
B+A0D7$8:8:?D+*+.$'A1($A6:BB18:@D+*+'+8B+A18/+A1*:B+86$*1+C$j
B:8 7DJ 17?:AC$8C+B C$8C: +8 6$ (:7?:B1(1;8 (+A+'A$6 (:7: +8 6$
(:7D81($(1;8 +8CA+ 8+DA:8$B^ 8CA+ 6:B %(1*:B /A$B:B ?:6118B$CDA$*:B J
+B+8(1$6+B +8(:8CA$7:B +6 %(1*: 618:6+1(: ij (:7: ?A+(DAB:A *+6 %(1*:
/A$B::7+/$e}[J+6%(1*:$6.$e618:6+1(:ij(:7:+6?A+(DAB:A*+6%(1*:
/A$B::7+/$ez^:BB+A+B0D7$8:B(:8G1+AC+8+6+8%(1*:$A$@D1*;81(:
ijJ+6+8%(1*:+1(:B$?+8C$+8:1(:ijJ%(1*:*:(:B$0+I$+8:1(:
ij^$(:8G+AB1;8*++8+BC2?1($7+8C++.1(1+8C+[71+8CA$B@D+
6$ (:8G+AB1;8 *+ +8 J +B 7D(0: 7+8:Ax{^ :A 6: C$8C:[ +B
17?:AC$8C+ (:8BD71A .D+8C+B $617+8C1(1$B :7+/$e}!!
J[ B:'A+ C:*:[ *+
:7+/$ez^ :6+7:B (:8BD71A *+7$B1$*:B %(1*:B /A$B:B 7+/$e} *+ 6$
($A8+[ 6:B ?A:*D(C:B 6%(C+:B J 6:B $(+1C+B G+/+C$6+B[ (:7: +6 $(+1C+ *+
/1A$B:6[ 7$2K[ B-B$7: J ($($0D+C+\ J ?:(:B $617+8C:B (:8 7+/$ez
!!
BC: +B 6$ C+:A2$ ?+A: +8 ?$2B+B *+B$AA:66$*:B[ J$ B+$ ?:A 6$ .:A7$ *+ ?A+?$A$(1;8 J 6$ ($8C1*$*
18/+A1*$[+6(:8BD7:*+:7+/$e}BD+6+B+A*+7$B1$*:$6C:^
e~xe
A^
"JA^#
i?A18(1?$67+8C++8+6?+B($*:$KD6j^6(:8BD7:*+7+8:B7+/$e}J7%B
7+/$ez8:B?+A71C1A%$6($8K$A+6+@D161'A1:;?C17:*+|]x$y]x^D+BCA:B
$8(+BCA:B(:8BD72$8$?A:I17$*$7+8C+D8$:*:B/A$B$B:7+/$e}?:A($*$
D8$/A$B$:7+/$ez[+B*+(1A[?A:?:A(1:8+B*+x]x:y]xA+B?+(C1G$7+8C+^$
*1+C$ +BC%8*$A $(CD$6[ +8 ?A:7+*1:[ C1+8*+ $ D8$ ?A:?:A(1;8 :7+/$e
}d:7+/$ez*+x|]x:18(6DB:?+:A]zw]x['$BC$8C+(:7E8+8BC$*:B81*:B
J($*$G+K7%B+86:B?$2B+B:((1*+8C$6+B^$BA+(:7+8*$(1:8+B:.1(1$6+B
$?D8C$8$@D+6$A+6$(1;8(:AA+(C$+8CA+:7+/$e}d:7+/$ez*+'+A2$B+A*+
|]x : 18.+A1:A^ +'1*: $ @D+ 8D+BCA$B *1+C$B J$ +BC%8 18(618$*$B 0$(1$ D8
7$J:A(:8BD7:*+:7+/$e}[*+'+7:B8:B:6$7+8C+$D7+8C$A+6:7+/$e
z B18: *1B718D1A ?A:/A+B1G$7+8C+ 6$ 18/+BC$ *+ :7+/$e}[ +61718$8*: ?:A
(:7?6+C: 6:B $617+8C:B ?A:(+B$*:B *+ 8D+BCA$ *1+C$ J A+*D(1+8*: +6
(:8BD7:*+$(+1C+BG+/+C$6+B(:7:+6*+B:4$[7$2KJ/1A$B:6^B2?:*A+7:B
A+BC$DA$A +6 +@D161'A1: :7+/$e}d:7+/$ez[ +B+8(1$6 +8 6$ ?A+G+8(1;8 J +6
CA$C$71+8C:*++8.+A7+*$*+B(A;81($Bx|^
$*1+C$7+*1C+AA%8+$A1($+8G+A*DA$B[.ADC$B[(+A+$6+Bi8:$KD($A$*:BjJ
/A$B$B 8: B$CDA$*$B i$(+1C+ *+ :61G$j[ (:8 '$4: (:8BD7: *+ ?A:*D(C:B
6%(C+:B[ ($A8+B J /A$B$B B$CDA$*$B[ 18(6DJ+8*: ?+B($*: J D8 (:8BD7:
7:*+A$*: *+ (+AG+K$[ G18: : B1*A$ iB18 $6(:0:6 : (:8 ?:($ /A$*D$(1;8j
?D+*+7+4:A$A+6?+A.1661?2*1(:[+6$KE($A+8B$8/A+J6$B$6D**+6:BG$B:B
B$8/D28+:B $B2 (:7: A+*D(1A 6$ 18.6$7$(1;8 i/A$(1$B $6 (:8BD7: *+
$8C1:I1*$8C+Bj[ 6: @D+ 18.6DJ+ B:'A+ +6 7+8:A A1+B/: *+ *+7+8(1$ J
*+C+A1:A:(:/81C1G:^8+.+(C:[6$*1$'+C+B+BD8.$(C:A*+$6C:A1+B/:?$A$
6$+8.+A7+*$**+6K0+17+A[@D+B+(:8:(+C$7'1-8(:7:*1$'+C+BC1?:z~^
YMK
$$617+8C$(1;8B$6D*$'6+.$G:A+(++6A+8*171+8C:(:/81C1G:^+B$'+@D+
6:B 819:B @D+ B:8 7%B $(C1G:B[ *+B($8B$8 7+4:A J ?:B++8 D8$ $*+(D$*$
$617+8C$(1;8[ B1 6$B (:8*1(1:8+B B:(1:+(:8;71($B .$7161$A+B 6: ?+A71C+8[
C$7'1-8C1+8+8'+8+.1(1:B$81G+6(+A+'A$6[*+'1*:$@D+b#41&81&249%&
;2 14%4 0:&82:+=4I &=+: 0 4?+%#+52 #&0;08 @ &0 &2=&.&#+1+&2:4 %&0
48)2+914I648:2:4I%&0#&8&"84cx}^
+?D+*+$.1A7$A@D+6:@D++B'D+8:?$A$+618C+BC18:+B'D+8:?$A$+6
(+A+'A:/A$(1$B$+BCD*1:BA+$61K$*:B?:A8+DA:(1+8C2.1(:B(:7:+6*:(C:A
;7+Ke18166$^6+G$AD8+BC16:*+G1*$B$8:(:8D8$$617+8C$(1;8B$6D*$'6+
+B?:B1C1G:?$A$8D+BCA:(+A+'A:J[?:AC$8C:[?$A$+6A+8*171+8C:(:/81C1G:[
*+'1*: $ @D+ 6:B ?A:(+B:B 7:6+(D6$A+B J (+6D6$A+B $B:(1$*:B $6
e~ye
"
7+C$':61B7:+8+A/-C1(:J$6$?6$BC1(1*$*B18%?C1($B:8.D8*$7+8C$6+B?$A$
6$CA$8B71B1;8J+6?A:(+B$71+8C:*+6$18.:A7$(1;8+8+6(+A+'A:x~^
$'+7:B@D++6(+A+'A:+BD8;A/$8:/A$B:J@D+$6/D8:B$617+8C:BB:8
G1C$6+B ?$A$ @D+ .D8(1:8+ (:AA+(C$7+8C+^ :A +4+7?6:[ 6:B %(1*:B /A$B:B
:7+/$ez @D+ (:8C1+8+8 +6 ?+B($*: J *+C+A718$*:B $617+8C:B (:7: 6:B
G+/+C$6+B[ B:8 .D8*$7+8C$6+B ?$A$ BD ;?C17: .D8(1:8$71+8C:^ + 0$
(:7?A:'$*: @D+ +6 :7+/$ez +B +6 7$J:A (:7?:8+8C+ +BCAD(CDA$6 *+6
(+A+'A:^+B$'+@D+6:B%(1*:B/A$B:B:7+/$ez[+8+B?+(1$6+6i%(1*:
*:(:B$0+I$+8:1(:j[ ?A+B+8C+ +8 +6 ?+B($*: $KD6 (:7: +6 B$67;8[ B:8
+B+8(1$6+B +8 +6 (+A+'A: ?:A@D+ .:A7$8 ?$AC+ *+ BDB 7+7'A$8$B[
.$G:A+(+8 6$ (:8+(C1G1*$* B18%?C1($ J 6$ 8+DA:?6$BC1(1*$* (+A+'A$6~^ 1 8:
C+8+7:B :7+/$ez : +6 $?:AC+ *+6 71B7: $ 8D+BCA: :A/$81B7: +B
18BD.1(1+8C+[8D+BCA:(+A+'A:?:*A2$8:.D8(1:8$A*+.:A7$+.1(1+8C+^+0$
(:7?A:'$*:(;7:+BC:B:7+/$ez?D+*+818(A+7+8C$A6:B81G+6+B*+
i$6 1/D$6 @D+ :(DAA+ (:8 +6 +4+A(1(1: .2B1(:j $6 .$G:A+(+A 6$ CA$8B71B1;8 *+
18.:A7$(1;8+8CA+8+DA:8$B^
16:B%(1*:B/A$B:B:7+/$ezB:817?:AC$8C+B?$A$+6(+A+'A:[C$7'1-86:
B:8 6:B ?:61.+8:6+B iBDBC$8(1$B @D271($B +8(:8CA$*$B +8 ?6$8C$B
($A$(C+A1K$*$B ?:A 6$ ?A+B+8(1$ *+ 7%B *+ D8 /AD?: .+8:6 ?:A 7:6-(D6$j^
BC$BBDBC$8(1$B7+4:A$86$(:8+(C1G1*$**+6$B.D8(1:8+BB18%?C1($B*+'1*:
$BD+.+(C:$8C1:I1*$8C+x[?A+B+8C+B+86+/D7'A+B(:7:6$B6+8C+4$B[6$B
4D*2$B[6:B/D1B$8C+BJ6:B/$A'$8K:B\'+'1*$B(:7:+6C-J+6G18:C18C:[+8
.ADC$BJG+A*DA$B*+(:6:AA:4:J7:A$*:(:7:6$A+7:6$(0$[6$B'+A+84+8$B[
6$BDG$B[6$B.A+B$B[6$B.A$7'D+B$B[6$/A$8$*$J6:B$A%8*$8:B[+8CA+:CA:B^
86$$(CD$61*$*[6$:'+B1*$*(:8BC1CDJ+D8?A:'6+7$(A+(1+8C++86$B$6D*
?E'61($*+?$2B+B:((1*+8C$6+BJ+BC%$.+(C$8*:($*$G+K7%B$6:B4;G+8+B^
$C:B?A:(+*+8C+B*+6$
+*+A$(1;8D8*1$6*+6$'+B1*$*B1CE$8$B?$9$
+8D8$8:7DJ0:8A:B$?A17+A$?:B1(1;8+8B:'A+?+B:[(:87%B*+6~w
*+6$?:'6$(1;8$*D6C$i.1/DA$xJyj^
+);8XL:A(+8C$4+*+B:'A+?+B:J:'+B1*$*+8$*D6C:B+B?$9:6+B*1.+A+8(1$*:?:A
B+I:Bi*$C:B+ICA$2*:B*+6$
+*+A$(1;8D8*1$6*+6$'+B1*$*[
0CC?B]ddHHH^H:A6*:'+B1CJ^:A/j^
e~ze
A^
"JA^#
+);8YL:A(+8C$4+*+B:'A+?+B:J:'+B1*$*+80:7'A+B+DA:?+$B?:A?$2B+Bi*$C:B
+ICA$2*:B*+6$
+*+A$(1;8D8*1$6*+6$'+B1*$*[0CC?B]ddHHH^H:A6*:'+B1CJ^:A/j^
B?$9$ C1+8+ D8:B 81G+6+B *+ :'+B1*$* 7DJ +6+G$*:B ?+A: $ 6$ G+K C1+8+
C$7'1-8 81G+6+B 7DJ $6C:B +8 +B?+A$8K$ *+ G1*$^ 8$ 7$6$ J D8$ 'D+8$
8:C1(1$[@D+8:B0$(+(:8(6D1A@D+6$?:'6$(1;8+B?$9:6$?$B$+8.+A7$*+
7$8+A$ (A;81($ 7D(0:B $9:B *+ BD G1*$[ (:8 +6 (:BC+ B$81C$A1: @D+ +66:
(:866+G$^ ZD%8C: *18+A: B+ ?:*A2$ $0:AA$A + 18G+AC1A +8 :CA$B $((1:8+B
(:7: ?:A +4+7?6: +*D($C1G$B : +8 18G+BC1/$(1;8 B1 B+ A+*D4+A$8 +BC:B
81G+6+B*+B:'A+?+B:e:'+B1*$*YBC$?A+/D8C$C1+8+0:J*2$A+B?D+BC$^8
B?$9$[+6(:BC+B$81C$A1:+8CA$C$A+8.+A7:B(A;81(:B(:8*1$'+C+BC1?:y
iA+6$(1:8$*$(:86$18$(C1G1*$*.2B1($J7$6:B0%'1C:B*+$617+8C$(1;8j+B*+
xy^ww[7166:8+B*++DA:B?:A$9:x^
D8C: $6 A1+B/: ($A*1:G$B(D6$A @D+ ?:B++ +BC$ ?$C:6:/2$[ (:8B1*+A$*$ ?:A
7D(0:B +I?+AC:B (:7: 6$ ?$8*+71$ *+6 B1/6: !!
[ +I1BC+8 +G1*+8(1$B
A+(1+8C+B@D+G18(D6$86$:'+B1*$*$($7'1:B?+A4D*1(1$6+B+86$+BCAD(CDA$
J .D8(1;8 (+A+'A$6[ $B2 (:7: $ *-.1(1CB +8 +6 A+8*171+8C: (:/81C1G:yw^ +
0+(0:[ +6 (:8BD7: +I(+B1G: *+ /A$B$B ?D+*+ *1B718D1A 6$ ?6$BC1(1*$*
8+DA:8$6[18.6DJ+8*:8+/$C1G$7+8C++8+6$?A+8*1K$4+J6$7+7:A1$^
$B 18G+BC1/$(1:8+B BD/1+A+8 @D+ 6$B (:7'18$(1:8+B *+ (:7?D+BC:B
?:61.+8;61(:B$8C1:I1*$8C+BJ$8C1e18.6$7$C:A1:B[@D+B++8(D+8CA$8+86$B
.ADC$BJG+A*DA$B[?D+*+8A+*D(1AB1/81.1($C1G$7+8C++6A1+B/:*+*+B$AA:66$A
*1B.D8(1;88+DA:8$6J*+C+A1:A:(:/81C1G:xw^18+7'$A/:[6$B*1+C$B$6C$B+8
/A$B$B B$CDA$*$B A+*D(+8 6:B BDBCA$C:B 7:6+(D6$A+B @D+ $?:J$8 +6
?A:(+B$71+8C: (:/81C1G: + 18(A+7+8C$8 +6 A1+B/: *+ *1B.D8(1;8
e~{e
"
8+DA:6;/1($z^$7'1-8B+0$(:7?A:'$*:(;7:+6+I(+B:($6;A1(:*+A1G$*:
*+ D8 ?A+*:7181: *+ /A$B$B +8 6$ *1+C$[ A+*D(+ 6$ B+8B1'161*$* *+ 6:B
A+(+?C:A+Bie7+C16ee$B?$AC$C:j^BC:BA+(+?C:A+B+BC%8?A+B+8C+B
+8 6$B B18$?B1B 8+DA:8$6+B[ (:8 D8 A:6 7DJ 17?:AC$8C+ +8 6$ ?6$BC1(1*$*
(+A+'A$6[+6$?A+8*1K$4+J6$7+7:A1$^1(0:+I(+B:($6;A1(:C$7'1-8+BC%
18G:6D(A$*: +8 6$ ?$C:/+81$ *+ +8.+A7+*$*+B 8+DA:8$6+B (:7: 6$
+?16+?B1$[+6$((1*+8C+(+A+'A:G$B(D6$A[+8.+A7+*$*+B8+DA:*+/+8+A$C1G$B
(:7:+6$A518B:8:6K0+17+AJ?B1@D1%CA1($B(:7:6$+B@D1K:.A+81$^
8 +BCD*1: +?1*+71:6;/1(: (:8 BD4+C:B *+ z|e~w $9:B *+ x ?$2B+B
i8xz|^zz|j$8$61K;6$A+6$(1;8+8CA++6(:8BD7:*+($A':01*A$C:B[/A$B$
C:C$6 J ($*$ C1?: *+ /A$B$[ (:8 +6 A1+B/: *+ +8.+A7+*$* ($A*1:G$B(D6$A J
7:AC$61*$*C:C$6yx^:BA+BD6C$*:B*++BC++BCD*1:(:8(6DJ+A:8@D+D8$$6C$
18/+BC$*+($A':01*A$C:B!!
!B+$B:(1;(:8D87$J:AA1+B/:*+7:AC$61*$*
C:C$6[ 71+8CA$B @D+ 6$ /A$B$ C:C$6 J 6:B C1?:B *+ /A$B$ 18*1G1*D$6+B B+
A+6$(1:8$A:8(:8D8$7+8:A7:AC$61*$*C:C$6^$/A$B$C:C$6J6:BC1?:B*+
/A$B$8:B+$B:(1$A:8(:8+8.+A7+*$*($A*1:G$B(D6$A[18.$AC:*+71:($A*1:
: 7:AC$61*$* ?:A +8.+A7+*$* ($A*1:G$B(D6$A[ 71+8CA$B @D+ 6$ /A$B$
B$CDA$*$CDG:D8$$B:(1$(1;818G+AB$(:8+6$((1*+8C+(+A+'A:G$B(D6$A^
8 ?$(1+8C+B ?B1@D1%CA1(:B B+ 0$8 +8(:8CA$*: *+.1(1+8(1$B +8 G1C$718$B
(:7:6$x[y[}Jxy[81$(18$izj[%(1*:.;61(:ijJG1C$718$[4D8C:
(:8718+A$6+B(:7:+6K18([+67$/8+B1:J+601+AA:^:*$B+BC$B($A+8(1$B
(:8CA1'DJ+8$6(1(6:*+6$*+?A+B1;8[(:8D8$.$6C$*+18C+A-B?:A6$(:71*$
JD8$?A:/A+B1G$7$68DCA1(1;8[18(A+7+8C$8*:6:B*+B;A*+8+B7+8C$6+BJ
+7:(1:8$6+B^ B171B7:[ 6$B *+.1(1+8(1$B G1C$7281($B A$A$ G+K :(DAA+8 *+
.:A7$$1B6$*$B18:@D+BD+6+81A$(:7?$9$*$B?:A6$18$*+(D$*$18/+BC$*+
:CA$B G1C$718$B[ ?A:C+28$B[ 01+AA: J 718+A$6+B^ 8$ *1+C$ +@D161'A$*$ J
B$6D*$'6++B6$7+4:A7+*1(18$(+A+'A$6[B1+8*:+601+AA:7DJ17?:AC$8C+
+8+6$?A+8*1K$4+J6$7+7:A1$^D$8*:+B($B+$86$G1C$718$J+I1BC+
D8 A1+B/: 7$J:A *+ *+B$AA:66$A +8.+A7+*$*+B (:7: 6$ +B@D1K:.A+81$ J 6$
*+?A+B1;8?:A6$7$6$(:8+(C1G1*$*+8CA+6$B%A+$B*+6(+A+'A:^:ABD?$AC+[
+6 K18( (:8CA1'DJ+ $ 6$ /+8+A$(1;8 *+ 8D+G$B 8+DA:8$B[ B:'A+ C:*: +8 +6
01?:($7?:JBD.$6C$?D+*+*+B+8($*+8$A+BC$*:B*+?A+B1G:B}^
!!
!
:B($A':01*A$C:B(:7?6+4:B8$CDA$6+BB:8?:A+4+7?6:6:B?6%C$8:B[(+'$*$[.A14:6+B[$AA:K18C+/A$6[
/$A'$8K:B[ 6+8C+4$B[ 8D+(+B[ $G+8$[ ?$C$C$B[ CD'-A(D6:B[ 7$2K[ (+A+$6+B J 0$A18$B 18C+/A$6+B^ :B
($A':01*A$C:B(:7?6+4:BA+.18$*:BB:86$B/$66+C$BJ?$BC+6+A2$[?1KK$B[(+A+$6+B$KD($A$*:B[?$8'6$8(:[
0$A18$ '6$8($[ ?$BC$ J $AA:K^ $B '+'1*$B A+.A+B($8C+B $KD($A$*$B i($A':01*A$C$*$Bj C$7'1-8 +BC$A2$8
*+8CA:*++BC+/AD?:^
e~|e
A^
"JA^#
e~}e
"
e~~e
A^
"JA^#
.D8(1;8*+BD$(C1G1*$*iJ$B+$.2B1($:(:/81C1G$j^$+B($B+K*+CA1?C;.$8:
?D+*+ ?A:G:($A +8 ?+AB:8$B 8:A7$6+B ($7'1:B *+ 0D7:A J *+
?+AB:8$61*$*[18B:781:[$/A+B1G1*$*J*$9:+8+6A$K:8$71+8C:^
$8C:+601+AA:(:7:6$G1C$718$}B:817?:AC$8C+B?$A$6$B+(A+(1;8*+
B+A:C:818$xz @D+ 18.6D1A% +8 +6 +BC$*: *+ %817:[ 6$ *1/+BC1;8 J +6 BD+9:^
1G+6+B'$4:B*+01+AA:A+?+A(DC+8+8+60D7:A*+6$B?+AB:8$B[*+$02@D+
(:86$66+/$*$*+6$7+8:?$DB1$6$B7D4+A+B?D+*+8+I?+A17+8C$A(1+AC:B
($7'1:B*+0D7:Ai6$7+8:?$DB1$BD+6+1A$B:(1$*$$D8$*1B718D(1;8+8
6:B81+6+B*+01+AA:j^
J6257<'&525;,>"92'I
$*:?$718$[4D8C:(:86$$*A+8$618$J8:A$*A+8$618$!!![B:8?:A+I(+6+8(1$
6:B8+DA:CA$8B71B:A+B+8($A/$*:B*+6$7:C1G$(1;8@D+$.+(C$8$60D7:A[
$6$$C+8(1;8J$681G+6*+$(C1G$(1;8[B18C+C1K$*:B$?$AC1A*+6$718:%(1*:
C1A:B18$[ $JD*$*: ?:A +6 %(1*: .;61(:[ +6 7$/8+B1: J 6$ G1C$718$ xy^ :A
(:8B1/D1+8C+[ B1 @D+A+7:B (:8CA1'D1A $ 7+4:A$A 8D+BCA$ 7:C1G$(1;8[
*+'+7:B(:7+A$617+8C:BA1(:B+8C1A:B18$^BC+$718:%(1*:+B$'D8*$8C+
+86$(:71*$A1($+8?A:C+28$BJBDB81G+6+BB+18(A+7+8C$8*+B?D-B*++BC+
C1?:*+(:71*$B^6/D8:B$617+8C:BA1(:B+8C1A:B18$@D+8:B?D+*+8$JD*$A
$B+/A+/$A7%B*:?$718$B:8?:A+4+7?6:6$B$67+8*A$B[+6$/D$($C+[+6
?6%C$8:[6:B6%(C+:B'$4:B+8/A$B$[6$B($A8+BJ$G+B*+(:AA$6[6$B0$'$B[6$B
B+7166$B *+ B-B$7: J *+ ($6$'$K$^ $7'1-8 B+ ?D+*+ +8(:8CA$A +8
?A:*D(C:B *+ B:4$[ (:7: +6 C:.D[ J +8 +6 ?+B($*:[ +G1C$8*: B1+7?A+ 6:B
+I(+B:B ($6;A1(:B +8 /A$B$^ $ C1A:B18$ 18(A+7+8C$ +6 81G+6 *+ $6+AC$ J 6$
+8+A/2$7+8C$6^
:ABD?$AC+[+67$/8+B1:@D+C$7'1-8$JD*$$6$.$'A1($(1;8*+C1A:B18$[B+
+8(D+8CA$+8$617+8C:B*+0:4$G+A*+[+88D+(+B[B+7166$BJ6+/D7'A+B^$
B28C+B1B *+ 6$ eC1A:B18$[ @D+ B+ ?A:*D(+ $ ?$AC1A *+6 $718:%(1*: e
.+816$6$818$[+BC%17?61($*$+86$.:A7$(1;8*+*:?$718$J8:A+?18+.A18$^
*+7%B[ 6$ 18/+BC$ *+ $8C1:I1*$8C+B ?:*A2$ $JD*$A $ B+/A+/$A 7%B
*:?$718$[6$(D$6B+:I1*$(:8.$(161*$*^D(0$B.ADC$BJG+A*DA$BB:8A1($B
+8 $8C1:I1*$8C+B[ 18(6DJ+8*: 6:B '+C$e($A:C+8:B J 6:B ($A:C+8:1*+B[
?A+B+8C+B ?:A +4+7?6: +8 6$B 0:AC$61K$B[ 6$B G+A*DA$B J 6$B .ADC$B^ CA:B
$617+8C:B$8C1:I1*$8C+BJ$*+7%BA1(:B+8G1C$718$B:86:B?171+8C:B[6$B
8$A$84$B[6$B.A+B$B[6$(:61.6:AJ(:6+B*+ADB+6$B^:7:$8C1:I1*$8C+BA1(:B
+8 G1C$718$ *+BC$($7:B ?:A +4+7?6: 6:B .ADC:B B+(:B[ 6$B B+7166$B *+
!!!
$ 8:A$*A+8$618$ i: 8:A+?18+.A18$j J 6$ $*A+8$618$ i: +?18+.A18$j $(CE$8 (:7: 0:A7:8$B J
(:7:8+DA:CA$8B71B:A+B[$7'$BB:8@D271($7+8C+7DJB1716$A+B[B:8($C+(:6$718$BJB+?A:*D(+8+8
6$B/6%8*D6$BBD?A$AA+8$6+B^
e~e
"
/1A$B:6[ 6$B 0:AC$61K$B[ +6 'A;(:61 J 6$B K$8$0:A1$B^ $ G1C$718$ xy @D+
C$7'1-8$JD*$$B18C+C1K$AC1A:B18$[6$?:*+7:B+8(:8CA$A+86$BG2B(+A$B
(:7: 6:B A19:8+B[ +6 02/$*: J ($A8+B +8 /+8+A$6[ $*+7%B *+ 0D+G:B J
?A:*D(C:B6%(C+:B^8CA+6:B?+B($*:B@D+(:8C1+8+8D8$7$J:A($8C1*$*
*++BC$G1C$718$*+BC$($86$BB$A*18$B[+6$CE8J6$B$67+4$B^
J6257<'&5)"%,1,;"91":%53'@,53':%'9'$9"1':I
$ $(+C16(:618$ +B 'D+8$ ?$A$ 6$ 7+7:A1$[ 6$ $C+8(1;8 J ?$A$ 6$ .D8(1;8
(+A+'A$6$81G+6/+8+A$6xw^18C+C1K$*$$?$AC1A*+6$BDBC$8(1$/A$B$(:618$J[
$ *1.+A+8(1$ *+ 6:B $718:%(1*:B[ 8: C1+8+ b#416&:+%48&9c ?$A$ +8CA$A $6
(+A+'A:^:*+7:BC:7$A$(+C16(:618$$CA$G-B*+6$J+7$*+0D+G:[6$($A8+[
+602/$*:J6$B/A$B$B6%(C+$B^:ABD?$AC+[6$.:B.$C1*16B+A18$+B+6?A18(1?$6
%(1*:.:B.:62?1*:*+6(+A+'A:[7DJ17?:AC$8C++86$(:7D81($(1;8+8CA+6$B
(-6D6$B (+A+'A$6+B J $JD*$ $ 7+4:A$A 6$ 7+7:A1$xz^ $ .:B.$C1*16B+A18$ 6$
?:*+7:B+8(:8CA$A+8?A:*D(C:B':G18:Bi?A:(+*+8C+B*+6$BG$($B[C:A:B
:'D+J+BjJ+86$B:4$^
e~e
A^
"JA^#
1,2'3;5:8<')">59'%'31"2,%95$,5;",3;':;,3"1
6/D8:B $617+8C:B (:8C1+8+8 ?A+'1;C1(:B : ?A:'1;C1(:B[ *:B $61$*:B *+6
+@D161'A1:*+6$.6:A$18C+BC18$6^:B?A+'1;C1(:BB:8BDBC$8(1$B?A+B+8C+B+8
6:B $617+8C:B ($?$(+B *+ +BC17D6$A +6 (A+(171+8C: Jd: $(C1G1*$* *+ 6$B
'$(C+A1$B18C+BC18$6+B'+8+.1(1:B$B?$A$+618C+BC18:i(:7:6:B6$(C:'$(16:BJ
6$B'1.1*:'$(C+A1$Bj^8/+8+A$6[BD+6+CA$C$AB+*+01*A$C:B*+($A':8:8:
*1/+A1'6+B(:7:6$6$(CD6:B$i(:7?D+BC:?:A.AD(C:B$J/$6$(C:B$j[6$.1'A$
$617+8C1(1$[ 6:B .AD(C::61/:B$(%A1*:B J 6$ 18D618$!!!
i?A+B+8C+ +8 +6 $4:[ 6$
(+':66$[ 6$ $6($(0:.$ J 6$ +B?18$($j^ CA:B $617+8C:B @D+ (:8C1+8+8
?A+'1;C1(:BB:8+6?6%C$8:[6$B:4$:+67$2K^:ABD?$AC+[6:B?A:'1;C1(:B[
B+/E8 6:B *+.18+ 6$ A/$81K$(1;8 D8*1$6 *+ 6$ B$6D* ij[ B:8
b1+#8448)2+9149 =+=49 7;&I #;2%4 9& 9;1+2+9:82 &2 #2:+%%&9
%&#;%9I6841;&=&2"&2&(+#+49&2090;%%&048)2+9147;&0498&#+"&c^
8/+A1*:B +8 *:B1B BD.1(1+8C+B[ ?:A C$8C:[ ?:*A2$8 C+8+A +.+(C:B
'+8+.1(1:B:B[(:7:(:8CA1'D1A$6+@D161'A1:*+6$.6:A$'$(C+A1$8$18C+BC18$6
J?:C+8(1$A+6B1BC+7$187D81C$A1:^D+6+8(:8C+8+A?A:'1;C1(:B6:BJ:/DA+B
.A+B(:BJ:CA$B6+(0+B.+A7+8C$*$B(:7:+65-.1A^$J@D+C+8+A+8(D+8C$[
$*+7%B[@D+6:B6%(C+:B?A:'1;C1(:BB:87+4:AC:6+A$*:B?:A6$B?+AB:8$B
(:818C:6+A$8(1$$6$6$(C:B$^
6/D8:BC1?:B*+'$(C+A1$B?A:'1;C1($BB:8]
1.1*:'$(C+A1$B] /AD?: *+ '$(C+A1$B @D+ 8:A7$67+8C+ G1G+8 +8 6:B
18C+BC18:B^D+*+8B+A(D6C1G$*$B.D+A$*+6(D+A?:J?:BC+A1:A7+8C+B+A
18/+A1*$B^+AC+8+(+8$D8/AD?:*+'$(C+A1$B66$7$*$B'$(C+A1$B%(1*:
6%(C1($BJB++8(D+8CA$8+8$617+8C:B.+A7+8C$*:B(:7:+6J:/DAJ+6
@D+B:^
$(C:'$(16:B]C$7'1-8B++8(D+8CA$8+8$617+8C:B(:7:+6J:/DAJ+8
BD?6+7+8C:B *1+C-C1(:B^ I1BC+8 *D*$B $(+A($ *+ 6$ ($61*$* *+
*+C+A718$*:B ?A:*D(C:B (:8 6$(C:'$(16:B^ 6/D8:B *+ 6:B @D+ B+
+C1@D+C$8 (:7: 6$(C:'$(16: $(1*;.16: +8 A+$61*$* 8: 6: (:8C1+8+8 :
?:B++8 D8$ (+?$ *1.+A+8C+ *+ 6$(C:'$(16: C$6 (:7: +6 6$(C:'$(16:
'D6/$A1(DB^
!!!
8D618$ +B +6 8:7'A+ (:8 +6 @D+ B+ *+B1/8$ $ D8$ .$7161$ *+ /6E(1*:B (:7?6+4:B i?:61B$(%A1*:Bj[
(:7?D+BC:B *+ ($*+8$B 7:6+(D6$A+B *+ .AD(C:B$^ B[ ?:A 6: C$8C:[ D8 .AD(C:B$8: : .AD(C$8:[ @D+ B+
+8(D+8CA$8/+8+A$67+8C++86$BA$2(+B[CD'-A(D6:BJA1K:7$B*+(1+AC$B?6$8C$B.$8+A;/$7$Bi'$A*$8$[
$(01(:A1$[*1+8C+*+6+;8[J$(;8[+C(^j(:7:BDBC$8(1$*+A+B+AG$^
ewe
"
1,2'3;5: 7'9/<&,%,"1': 7"9" 1" 2,%95$,5;" ,3;':;,3"1K 759 ;"3;5K 7"9" '1
%'9'$95
:A +6 (:8CA$A1:[ (:7: +A$ *+ BD?:8+A[ +I1BC+8 (1+AC:B $617+8C:B @D+ 8:
.$G:A+(+8+6+@D161'A1:71(A:'1;C1(:18C+BC18$6J?:AC$8C:B:8$617+8C:B@D+
8:b9+&2:2c'1+8$6(+A+'A:^$B/A$B$BB$CDA$*$B[?:A+4+7?6:[.$G:A+(+8
+6 $D7+8C: *+ ?:'6$(1:8+B 71(A:'1$8$B i.1A71(DC+Bj $B:(1$*$B $ 6$
:'+B1*$*^ 8 ($7'1:[ 6:B $617+8C:B A1(:B +8 .1'A$ 18B:6D'6+ i(:7: 6$B
G+A*DA$B[+6?$818C+/A$6J6$BB+7166$Bj.$(161C$8+6(A+(171+8C:*+'$(C+A1$B
'+8+.1(1:B$B i'$(C+A:1*+C+Bj @D+ A+*D(+8 +6 B:'A+?+B:[ B+/E8 D8$
18G+BC1/$(1;8?D'61($*$+86$A+G1BC$
;:2%+=&8yz^
$ *1$'+C+B C1?: y[ 6$B +8.+A7+*$*+B 18.6$7$C:A1$B 18C+BC18$6+B[ $6/D8:B
C1?:B *+ (%8(+A J CA$BC:A8:B 187D8:6;/1(:B C$7'1-8 7$8C1+8+8 D8$
+BCA+(0$ A+6$(1;8 (:8 6$ 71(A:'1:C$^ 6C17$7+8C+ 0$8 $D7+8C$*: 6$B
+G1*+8(1$BB:'A+BDA+6$(1;8(:8+6+((+7$J6$*+A7$C1C1B$C;?1($[B+/E8
A+(:/++6?:AC$67-*1(:
8CA$7+*!!!
^
CA: .$(C:A 7DJ A+6+G$8C+ +8 6$ 71(A:'1:C$ 18C+BC18$6[ +B 6$ (:8+I1;8
18C+BC18:e(+A+'A:[ +4+ (+8CA$6 *+ +BC+ ($?2CD6:^ +/E8 $?D8C$ D8$
18G+BC1/$(1;8 *+ 6$ 81G+AB1*$* *+ #$A$/:K$y{[ +BC:B 71(A::A/$81B7:B
7:*D6$86:B81G+6+B*+B+A:C:818$[+68+DA:CA$8B71B:AA+6$(1:8$*:(:86:B
+BC$*:B *+ %817:^ :A +B: B+ 0$'6$ *+ 6$ 71(A:'1:C$ (:7: +6 9&);2%4
#&8&"84^
+ 1/D$6 .:A7$ @D+ +I1BC+8 $617+8C:B @D+ .$G:A+(+8 6$ 71(A:'1:C$
18C+BC18$6[ +I1BC+8 :CA:B C$8C:B @D+ 6$ ?+A4D*1($8^ :A +4+7?6:[ 6$B *1+C$B
A1($B +8 /A$B$B B$CDA$*$B @D+ BD+6+8 +BC$A ?A+B+8C+B +8 6$ ':66+A2$
18*DBCA1$6[(:71*$B?A+(:(18$*$BJ+86$7$J:A2$*+$617+8C:B+8G$B$*:B^
$7'1-80$J@D+0D1A*+6:B$(+1C+B*+?$67$J(:(:[B1B+(:8BD7+8+8
+I(+B:[?D+*+8C$7'1-8$6C+A$A6$71(A:'1:C$^+(:A*+7:B@D+8:C:*$B
6$B/A$B$B$(CE$8*+1/D$6.:A7$B:'A+8D+BCA$B$6D*^$B/A$B$B18B$CDA$*$B
?A:G+81+8C+B[?:A+4+7?6:[*+6?+B($*:$KD6[8D+(+B:*+6$(+1C+*+:61G$
G1A/+8[ B1+8C$8 7D(0: 7+4:A $ 8D+BCA: :A/$81B7: J (+A+'A: @D+ 6$B
B$CDA$*$B^6y|ezw*+6$B($6:A2$B*1$A1$B?A:G1+8+8*+6$B/A$B$B[?+A:
B1+7?A+ *+'+A2$7:B C+8+A +8 (D+8C$ @D+ 6$ 18/+BC$ *+ /A$B$B B$CDA$*$B
*+'+A2$B+A18.+A1:A$6}e~*+6$B($6:A2$B^
:8BD71A ?D8CD$67+8C+ +BC+ C1?: *+ (:71*$B 8: :($B1:8$ *$9:[ ?+A: B1
+BC: B+ (:8G1+AC+ +8 D8 0%'1C:[ +BC$A+7:B $8C+ 8D7+A:B:B .$(C:A+B *+
A1+B/: *+ +8.+A7+*$*+B A+6$(1:8$*:B (:8 6$ 71(A:'1:C$^ :A +6 (:8CA$A1:
!!!
0CC?]ddHHH^18CA$7+*^8+Cd(:8C+81*:G+A^$B?Y(:8C+81*:
wxxz
exe
A^
"JA^#
(:8BD71A:($B1:8$67+8C+$617+8C:B@D+.$G:A+(+86$71(A:'1:C$18C+BC18$6
C$7?:(:6$7:*1.1($[0$J@D+C:7$A6:BA+/D6$A7+8C+^
CA$(:71*$@D+8:$JD*$$6$71(A:'1:C$B:86:B0+6$*:B18*DBCA1$6+BJ6$B
7$J:8+B$B^ :8(A+C$7+8C+ ?:A 6:B +7D6B1:8$8C+B @D+ (:8C1+8+8 +BC:B
?A:*D(C:B[@D+B:86:B$*1C1G:B@D+B++7?6+$8+86$.$'A1($(1;818*DBCA1$6[
?$A$*$AD8$C+ICDA$(A+7:B$$D8$617+8C:@D+(:8C1+8+/A$B$^
6+*D6(:A$8C+$AC1.1(1$6+B:CA:*+6:B$617+8C:B@D+*+'+7:B+G1C$A?$A$
(:8B+AG$A8D+BCA$.6:A$18C+BC18$6^:7$A*:B1B(:8C18D$B*+$B?$AC$7:i+6
+*D6(:A$8C+@D+7%BB+DC161K$+86$18*DBCA1$$617+8C$A1$j[$D8@D+B+$+8
?:($ ($8C1*$*[ 7:*1.1($ 6$ (:7?:B1(1;8 *+ 6$ .6:A$ J ?:*A2$ $6C+A$A 6$
A+B1BC+8(1$$6$18BD618$i.$G:A+(1+8*:6$$?$A1(1;8*+*1$'+C+Bj[B+/E8D8$
18G+BC1/$(1;8(::A*18$*$?:A6$81G+AB1*$**+$6/$AJy|^
D8B+Cy} $B+/DA$@D+6$B($A8+B*+$817$6+B@D+0$8A+(1'1*:$8C1'1;C1(:B
?D+*+8$D7+8C$A+6A1+B/:*+*+B$AA:66$A+8.+A7+*$*+BA+6$(1:8$*$B(:8
+618C+BC18:^$G$A1+*$**+$617+8C:BiB$6D*$'6+Bj+B6$?1+*A$$8/D6$A?$A$
7$8C+8+A8D+BCA:9&);2%4#&8&"84B$6D*$'6+y~^
:J *2$[ +I1BC+ D8 (:8B+8B: B:'A+ (;7: *+'+ B+A D8$ $617+8C$(1;8
B$6D*$'6+^ ?+B$A *+ +66:[ ?$A+(+ @D+ $E8 0$J B+(C:A+B *+ 6$ B:(1+*$*[
18(6D1*:B 6:B +*D($C1G:B[ @D+ B1/D+8 DB$8*: 6$B ?1A%71*+B *+ 6$
$617+8C$(1;8(:7:0+AA$71+8C$B?$A$+8B+9$A$(:7+A*+.:A7$B$6D*$'6+^
BC$B0+AA$71+8C$B*+'+A2$8B+A*+B($AC$*$B[*$*:@D++8+66$B$?$A+(+8
$617+8C:B(:7:6$B/$66+C$B:6:B(+A+$6+B(:8($8C1*$*+B7DJ+6+G$*$B*+
$KE($A[188+(+B$A1$BJ?:(:B$6D*$'6+B^$7'1-8$?$A+(+[18(6DB:+8D8:*+
6:B+B($6:8+B7%B'$4:Bi@D+7%Bb*+'+7:Bc(:8BD71Aj+6?$8'6$8(::*+
7:6*+[ ?D*1+8*: 66+G$A $ +AA:A $6 819: : $*D6C: @D+ B1/$ +BC:B (:8B+4:B[
18/1A1+8*: +BC:B $617+8C:B $ *1$A1:^ $B ($A8+B ?A:(+B$*$B i+7'DC1*:Bj
$?$A+(+8($B1+8+671B7:+B($6;8@D++6?+B($*:i$G+(+B18(6DB:+8+6
71B7:j[ 4D8C: $6 (:8BD7: *+ 6$B ($A8+B .A+B($B[ (D$8*: B$'+7:B @D+ 6$
($A8+?A:(+B$*$*+'+A2$B+A+61718$*$*+8D+BCA$*1+C$^$7'1-8$?$A+(+8[
$D8@D+ +8 6$ ?$AC+ 7%B $6C$ *+ 6$ ?1A%71*+[ 6:B *D6(+B[ 6$B /:6:B18$B[ 6$
':66+A2$ J 6:B ?$BC+6+B[ ?$A$ (:8BD71A6:B b:($B1:8$67+8C+c[ $6/: @D+ 8:
*+'+$?$A+(+A8D8($+8D8$*1+C$B$6D*$'6+^6/D8$B?+AB:8$B[18(6DB:+8
+6%7'1C:+*D($C1G:[(:8.D8*+8+BC$BA+(:7+8*$(1:8+BJ+8C1+8*+8@D++6
(:8BD7::($B1:8$6*++BC:B$617+8C:B8:+B?+A4D*1(1$6?$A$6$B$6D**$*:
@D++BC%8?A+B+8C+B+86$b?1A%71*+*+6$$617+8C$(1;8c^$?A+/D8C$$@D2
+BZ@D-+B:($B1:8$6Y:J*2$6:B819:BC1+8+8$6/:@D+(+6+'A$AC:*$B6$B
B+7$8$B^ " +8 6D/$A *+ 4D/$A[ B$6C$A J 0$(+A )+1/29 *1G+AC1*$B (:8
7+A1+8*$BB$6D*$'6+B[?$A+(++BC$A'1+8(:8B1*+A$*:?:A6$B:(1+*$*@D+
eye
"
6$B/:6:B18$B+B6:@D+7%B6+B/DBC$$6:B819:B^6/:@D+[(D$8C:7+8:B[
0$'A2$@D+?:8+A6:+8*D*$^Z:86:B819:B6:B@D+?A+.1+A+8+BC+C1?:*+
(+6+'A$(1:8+B : ?A+.1+A+8 +BC$A C:*$ 6$ C$A*+ 4D/$8*:Y +/DA$7+8C+[
(D$8*: C+A718+8 *+ 4D/$A[ B+ (:7$8 (D$6@D1+A (:B$ @D+ 6+ ?:8/$8_ J B1
+BC$ b(:B$c +B B$6D*$'6+[ B+/DA: @D+ B+ 6: (:7+A%8 /DBC:B$7+8C+ J
A+(:A*$A%8+6(D7?6+$9:B?:A0$'+A+BC$*:C:*$6$C$A*+4D/$8*:[8:?:A
6:@D+(:71+A:8^
D$8*:8:+BD8(D7?6+$9:B*+6:B$71/:B*+6(:6+:*+6:B$71/:B*+6
'$AA1:[+BD8$.1+BC$@D+0$J@D+(+6+'A$A:6$B17?6+G1B1C$*+D8.$7161$A
@D+A+/$6$(:8b($A19:J$7:Ac/A$8*+B':6B$B*+/:6:B18$B[?$BC+6+B:D8$
($4$*+':7':8+B^:b:($B1:8$6cB+(:8G1+AC++8*1$A1:JB1$+BC:BD7$7:B
6:B(+A+$6+B$KD($A$*:B@D+C:7$8C:*$B6$B7$9$8$B(:8G$B:B*+6+(0+
:B(DA+(1*:B (:8 G$A1$B (D(0$A$*$B *+ ($($:[ /$66+C$B $KD($A$*$B : (:8
$(+1C+*+?$67$[KD7:B$KD($A$*:BJ':66+A2$18*DBCA1$6[6$B*:B1B*+$KE($A
@D+ C:7$8 0:J *2$ 8D+BCA: 819:B J $*:6+B(+8C+B B:8 $6$A7$8C+B J
?A+:(D?$8C+B[ 8: B:6: ?:A BD A+6$(1;8 (:8 6$ :'+B1*$* J *+A1G$*:B[ B18:
C$7'1-8?:ABDA+6$(1;8(:8+6*+B$AA:66:(+A+'A$6^
18 *D*$[ 6$ 18G+BC1/$(1;8 $(CD$6 J$ 0$ *+7:BCA$*:[ @D+ +BC:B ?A:*D(C:B
(:7+BC1'6+B 8: B:6: 8: B:8 B$6D*$'6+B[ B18: @D+ ?D+*+8 ?A:G:($A (1+AC$
$*1((1;8[$6C+A$A6$71(A:'1:C$18C+BC18$6J6:@D++B7D(0:?+:A[+6+G$ABD
(:8BD7:$*1$A1:+88D+BCA:B819:B[6:B$*D6C:B*+67$9$8$^AD+'$*++66:
B:86:BA+BC:B*+'$BDA$@D++8(:8CA$7:B0:J*2$+86$B?$?+6+A$B*+6:B
(+8CA:B +*D($C1G:B^ 6 (:8BD7: b:($B1:8$6c B+ (:8G1+AC+ +8 .A+(D+8C+ J
0$'1CD$6^D7?6+$9:B*+$71/:BJ.$7161$A+B[:8:7%BC1($B[(+6+'A$(1:8+B
A+61/1:B$BJ8$G1*+9$B[+G+8C:B*+?:AC1G:B[1A$6(18+:+6B17?6+0+(0:*+
G+AD8$?+62(D6$+8.$7161$[BD+6+8B+A+I(DB$B?+A.+(C$B?$A$BD(:8BD7:
b:($B1:8$6c^ 6/: 8: +BC$7:B 0$(1+8*: '1+8^ :A C:*: +66:[ *+'+A2$8 B+A
+61718$*:B*++BC+C1?:*+0+AA$71+8C$B+*D($C1G$B[$G+(+B18(6DB:DB$*$B
+86:B(:6+/1:B(:7:$(C1G1*$**++8B+9$8K$e$?A+8*1K$4+[(:8?A+B+8(1$+8
6:B61'A:B*+C+IC:^66+(C:A:DBD$A1:*++BC+C1?:*+0+AA$71+8C$Bi819::
$*D6C:j+8C1+8*+@D+B16$B/:6:B18$B[6:B*D6(+B[6$':66+A2$[6:B+7'DC1*:B
i($A8+B ?A:(+B$*$Bj[ +6 ?$8 '6$8(: : *+ 7:6*+ J 6:B (+A+$6+B $KD($A$*:B
+BC%8+8+BC$?1A%71*+*+6$$617+8C$(1;8Z?:A@D-8:(:8BD71A6:B*+G+K
+8 (D$8*:Y 6 7+8B$4+ @D+ 8:B 66+/$ +B +AA;8+: J +BC: BD+6+ B+A
(:8B+(D+8(1$*+6/A$87$A5+C18/@D+0$J*+CA%B*++BC+C1?:*+?A:*D(C:B
(:7+BC1'6+B[(D+BC1:8+B?DA$7+8C++(:8;71($B^$B/A$8*+B+7?A+B$B@D+
+BC%8$6.A+8C+*++BC+C1?:*+$617+8C:B[J$B++8($A/$8*+0$(+A@D++BC:B
?A:*D(C:BB+$8D8$8+(+B1*$*+88D+BCA:B0:/$A+B^8D8(1:B?D'61(1C$A1:B[
(D9$B*+A$*1:[?$CA:(181:*++G+8C:B*+?:AC1G:BJ(D6CDA$6+BiG-$B++6($B:
*+ 6$B .$7:B$B $'$6/$C$B *+ +J+B $/:Bj^ :B 819:B 8: B:8 .+61(+B
eze
A^
"JA^#
(:71+8*: +BC:B $617+8C:B[ B:7:B 6:B $*D6C:B @D1+8+B 0$(+7:B @D+ 6:B
819:B B+$8 .+61(+B (:71-8*:6:B 4D8C: $ +66:B[ +8B$6K$8*: BDB B$':A+B[
A+/$6%8*:6:B:(:71-8*:6:B+8B1CD$(1:8+B+B?+(1$6+BJ(:7:(:8B+(D+8(1$
*++66:[?A:G:($8*:/A$8*+B*:B1B*+*:?$718$J+7:(1;8+8C:A8:$+66:B[
6:@D+B18*D*$.$G:A+(+A%BD(:8BD7:^
8$ $6C+A8$C1G$ $ 6$ ?1A%71*+ *+ 6$ $617+8C$(1;8 +B 0 0:4 68 41&8
0;%"0& *+ $AG$A*[ (A+$*: ?:A +I?+AC:B +8 8DCA1(1;8 *+ 6$ B(D+6$ *+
$6D*E'61($J6:B+*1C:A+B+8D'61($(1:8+B*+$6D**++BC$D81G+AB1*$*
i.1/DA${j^BD8$/D2$?$A$(A+$A(:71*$BB$6D*$'6+BJ+@D161'A$*$B[J$B+$8
B+AG1*$B+8D8?6$C::?$A$7+A+8*$A:$67:AK$A^66$C:B+($A$(C+A1K$?:A
6$ 18(:A?:A$(1;8 *+ $617+8C:B 8$CDA$6+B J .A+B(:B[ +61718$8*: C:*:
?A:*D(C: ?A:(+B$*:[ $D8@D+ 66+G+ +8 BD +C1@D+C$*: 6$ ?$6$'A$ b'$4: +8
/A$B$c[ bB18 $KE($Ac : b0+):*c^ 6/D8$B *+ 6$B A+(:7+8*$(1:8+B @D+ B+
18*1($8+8+BC$0+AA$71+8C$B:8!!!
]
• $/$@D+6$7$J:A2$*+BDB(:71*$BB+$8G+/+C$6+BJ.ADC$Bf*+
BD ?6$C:^
8C+8C+ 18(:A?:A$A (:6:A J G$A1+*$* J A+(D+A*+ @D+ 6$B
?$C$C$B 8: (D+8C$8 (:7: D8 G+/+C$6 +8 0 0:4 68 41&8
0;%"0&?:ABD+.+(C:8+/$C1G:+8+6$KE($A+8B$8/A+^
• B(:4$/A$8:B18C+/A$6+Bf*+BD?6$C:^A$8:B18C+/A$6+B+18C$(C:B
iCA1/:18C+/A$6[(+'$*$[/A$8:B*+CA1/:[@D28:$[$G+8$[$AA:K18C+/A$6
J6$B(:71*$B?A+?$A$*$B(:8+BC:B18/A+*1+8C+B(:7:?$BC$*+CA1/:
18C+/A$6jC1+8+8D8+.+(C:7%B7:*+A$*:+8+6$KE($A+8B$8/A+J6$
18BD618$@D++6?$8'6$8(:[$AA:K'6$8(:J:CA:B/A$8:BA+.18$*:B^
• 6 G$6:A *+ 6$ ?A:C+28$ f *+ BD ?6$C:^ +B($*:[ ?:66:[ 6+/D7'A+B
i0$'1(0D+6$Bd6+/D718:B$Bd.A14:6+BjJ8D+(+BB:8.D+8C+B*+?A:C+28$B
B$6D*$'6+B J G+AB%C16+B[ ?D+*+8 B+A 7+K(6$*$B +8 +8B$6$*$B J
(:7'18$8'1+8(:8G+/+C$6+B+8D8?6$C:^171C+6$B($A8+BA:4$BJ
+G1C+ ($A8+B ?A:(+B$*$B (:7: +6 C:(18: ib'$(:8cj J +7'DC1*:B
iB$6(01(0$Bj^
• (+1C+B *+ ?6$8C$B B$6D*$'6+B f +8 7:*+A$(1;8^ B(:4$ $(+1C+B
G+/+C$6+B B$6D*$'6+B (:7: :61G$[ ($8:6$[ B:4$[ 7$2K[ /1A$B:6[ 7$82
i($($0D$C+jD:CA:B^G1C+6:B$(+1C+B?$A(1$67+8C+01*A:/+8$*:B[6:B
(D$6+B(:8C1+8+86$B/A$B$BCA$8B8:B$6D*$'6+B^+(D+A*+@D+b'$4:
+8/A$B$c8:B1/81.1($bB$6D*$'6+c^
• :7+$/D$[($.-:C-^71C$6$B'+'1*$B$KD($A$*$B[6171C+6$6+(0+J
?A:*D(C:B6%(C+:B$D8$:*:B?:A(1:8+B$6*2$J6171C++6KD7:$D8
!!!
0CC?B]ddHHH^0B?0^0$AG$A*^+*Dd8DCA1C1:8B:DA(+d0+$6C0Je+$C18/e?6$C+dCA$8B6$C1:8BdB?$81B0d
e{e
"
G$B:?+@D+9:$6*2$iB1+7?A+7+4:A(:7+A6$.ADC$+8BD+BC$*:A+$6
J8$CDA$6j^
• $8C-8/$8B+$(C1G:]$.1/DA$A:4$(:AA1+8*:B:'A++67$8C+6*+0
0:46841&80;%"0&+BD8A+(:A*$C:A1:*+@D+7$8C+8+AB+
$(C1G:C$7'1-8+B17?:AC$8C++8+6(:8CA:6*+6?+B:J?A+G+8(1;8*+
+8.+A7+*$*+B($A*1:G$B(D6$A+B^
67+8B$4+?A18(1?$6*+00:46841&80;%"0&+B+8.:($AB++86$
($61*$* *+ 6$ *1+C$^ B2[ ?:A +4+7?6:[ :CA$ *+ 6$B A+(:7+8*$(1:8+B +B 6$
17?:AC$8(1$ *+6 C1?: *+ ($A':01*A$C:B +8 6$ *1+C$[ 7%B @D+ 6$ ($8C1*$*[
?:A@D+$6/D8$B.D+8C+B*+($A':01*A$C:B(:7:6:BG+/+C$6+BiB1818(6D1A6$B
?$C$C$Bj[ .ADC$B[ /A$8:B 18C+/A$6+B J 6+/D7'A+B
i0$'1(0D+6$Bd6+/D718:B$Bd.A14:6+Bj[B:87%BB$6D*$'6+B@D+:CA:B^
00:46841&80;%"0&C$7'1-8$(:8B+4$$6:B(:8BD71*:A+B+G1C$A
6$B '+'1*$B $KD($A$*$B[ D8$ .D+8C+ +I(+B1G$ *+ ($6:A2$B[ DBD$67+8C+ (:8
?:(:G$6:A8DCA1(1:8$6^$7'1-8$817$$6:B(:8BD71*:A+B$DB$A$(+1C+B
B$6D*$'6+BJ8:+BC$'6+(+D87%I17:+8+6?:A(1+8C:*+($6:A2$B*+.D+8C+B
B$6D*$'6+B*+/A$B$@D+6$B?+AB:8$B*+'+8:'C+8+A($*$*2$^
+);8ZL6$C:?$A$:7+A$6D*$'6+*+6$81G+AB1*$**+$AG$A*^+A+(0:B*+
$DC:Aqywxx81G+AB1*$**+$AG$A*^%B18.:A7$(1;8+8
0CC?]ddHHH^C0+8DCA1C1:8B:DA(+^:A/JD'61($(1:8+B*+$6D**+$AG$A*[
0+$6C0^0$AG$A*^+*Dc^
6 $DC:A *+6 61'A: b0 148 24 &9 9;(+#+&2:&cy[ D8 61'A: *+ .%(16 6+(CDA$ +
16DBCA$C1G:[$8$61K$JA+$61K$D8$(:7?$A$(1;87DJ18C+A+B$8C+*++BC$B*:B
e|e
A^
"JA^#
1A%71*+GB6$C: :71*$A+$6GB DCA1(1:81B7:^8 Z;7:0$(+A@D+
?$A$:7+A (:71*$ +8.:@D++@D1G:($*: 8D+BCA:B014:B
$6D*$'6+ ?A:(+B$*$ *+6$$617+8C$(1;8 (:7$87+4:AY
+);8[L;*1/:B$G2*+:BD'1($*:B+8+6($8$6*+":DD'+*+1/D+6
A$8(:
DA(1$[$DC:A*+661'A:b6$7:A8:+BBD.1(1+8C+c^
\MMMM
$BD$6:($DB$67+8C+[B1G$7:B$6BD?+A7+A($*:B18D861BC$*:?A+G1:*+6:
@D+ @D+A+7:B (:7?A$A J D8$ B$(1+*$* (:AA1+8C+ ?A+G1$ $6 $67D+AK: : 6$
(+8$[ 6:B :4:B J C:*: +6 B1BC+7$ *+ A+(:7?+8B$ A+6$(1:8$*: (:8 6$
$617+8C$(1;81A%*1A1/1*:0$(1$6$(:71*$?A:'$'6+7+8C+7+8:BB$6D*$'6+
iBDBC$8(1$B (:7+BC1'6+B : '+'1'6+B[ B+/E8 D61: $BD6C:[ +I?+AC:
8DCA1(1:81BC$J*1GD6/$*:Ajzw^+$02@D+D8:*+6:B(:8B+4:B7%B$(+AC$*:B
*+ +I?+AC:B +8 8DCA1(1;8 J (+A+'A: B+$ 8: 1A *+ (:7?A$B $ 6:B
BD?+A7+A($*:B(:88D+BCA:B014:BJB21A(:8+66:B$6:B7+A($*:B^++BC$
.:A7$[ +6 17?D6B: 1AA+.A+8$'6+ *+ 8D+BCA:B 014:B ?:A 6$ (:7?A$ *+ 6:B
?A:*D(C:B (:8 (:6:A+B 66$7$C1G:B[ 1A%8 0$(1$ 6:B $617+8C:B A+$6+B i.ADC$B[
0:AC$61K$B[ G+A*DA$B[ ?+B($*:B[ ($A8+B[ +C(^j J 8: 0$(1$ 6$B BDBC$8(1$B
(:7+BC1'6+B:'+'1'6+B[+BCA$C-/1($7+8C+(:6:($*$B$6$6($8(+*+8D+BCA:B
7+8:A+B?$A$@D+6$B?D+*$8(:/+A(:8.$(161*$*^8$G+K+8BDB7$8:B[+6
7+4:A(:8B+4:'$B$*:+86$8+DA:(1+8(1$+B+6*+b8:8+/$Ac^D$8*:D8
$*D6C:81+/$+6(:8BD7:*+D8$617+8C:$D8819:[+BC++I?+A17+8C$7$J:A
*+B+: ?:A (:8BD71A6:[ ?:A C$8C: BD (+A+'A: B+/A+/$ *:?$718$[ @D+
CA$*D(1*:$+BC$B1CD$(1;8B+(:8G1+AC++8D8$A$'1+C$JD87$J:A*+B+:?:A
(:8B+/D1A6: B+$ (D$8*: B+$ J $6 ?A+(1: @D+ B+$ i(D7?6+$9:B[ $'D+6:B[
e}e
"
$71/:B *+6 ?$A@D+[ +C(^j^ :A C$8C:[ D8: *+ 6:B ?16$A+B *+ D8$ 'D+8$
+*D($(1;8$617+8C$A1$?$A$8D+BCA:B014:B+B6$*+b242&)8I244(8&#&8czw^
$A$8:/+8+A$A*1B?DC$B+8CA++6$DC:(:8CA:6J+6%A+$C+/7+8C$6G+8CA$6[
$ (:8C18D$(1;8 :.A+(+7:B D8$B B+8(166$B ?$DC$B B:'A+ $617+8C:B @D+
*+'+A2$8:(D?$AD86D/$A?A1G16+/1$*:+88D+BCA:($AA:*+6$(:7?A$[*+B*+
D8$ ?+AB?+(C1G$ 8+DA:(:/81C1G$^ %B1($7+8C+ B+ CA$C$ *+ 18(:A?:A$A
$@D+66:B $617+8C:B A+$6+B J B$6D*$'6+B[ A+(0$K$8*: C:*: 6: ?A:(+B$*: :
+8G$B$*:^D61:$BD6C:+8BD61'A:b+7+0$(+':6$czw[0$(+D861BC$*:*+
:(0+8C$ J (18(: BDBC$8(1$B (:7+BC1'6+B @D+ 8D8($ *+'+A2$8 +BC$A +8
8D+BCA:B ($AA:B *+ 6$ (:7?A$^ D +BCD*1: J $8%61B1B B+ (+8CA$ +8 6$ B$6D*
.2B1($[?+A:B18*D*$[C:*:6:@D++B'D+8:?$A$+66$+B'D+8:?$A$8D+BCA:
(+A+'A:[C$6J(:7:J$*+(2$7:B^:AC$8C:[6:@D+8:+B'D+8:?$A$8D+BCA$
B$6D*.2B1($[C$7?:(:6:+B?$A$8D+BCA:(+A+'A:^
:7:$617+8C:BA+$6+B'D+8:B?$A$8D+BCA:(+A+'A:[B18*D*$?:8+7:B+8
?A17+A 6D/$A +6 ?+B($*: J 6$B G+A*DA$B[ @D+ (:8C1+8+8 %(1*:B /A$B:B
?:6118B$CDA$*:B (:7: :7+/$ez J :7+/$e} i$6/: @D+ 8: C1+8+8 :CA:B
$617+8C:B J @D+ 8D+BCA: (D+A?: 8: ?D+*+ .$'A1($Aj^ :A C$8C:[ B:8
+B+8(1$6+B?$A$7$8C+8+A6$$(C1G1*$*.A+8-C1($*+6(+A+'A:[(:8CA1'DJ+8*:
$6$?6$BC1(1*$*(+A+'A$6J$6?A:(+B:18(6DB:*+A+(:8BCAD((1;8JA+?$A$(1;8
*DA$8C++6BD+9:^1(0:52'*"OY+BC%?A+B+8C++8+6?+B($*:*+$/D$.A2$
iB$67;8J$CE8j[+8+651H1J+8$6/D8:B.ADC:BB+(:Bi8D+(+Bj^652'*"O\
B++8(D+8CA$+8B+7166$BJ.ADC:BB+(:B$B2(:7:+8$(+1C+B+ICA$2*:B*+
+66:B i$(+1C+ *+ /1A$B:6[ 7$2K[ B:4$ J B-B$7:j^ B171B7:[ 0$J @D+ 18/+A1A
$8C1:I1*$8C+B ?$A$ +G1C$A +6 *$9: :I1*$C1G: *+6 (+A+'A:[ ?D+BC: @D+ 6:B
A$*1($6+B 61'A+B *$9$8 +6 (+6D6$A^ :A +4+7?6:[ 0$J @D+ (:8BD71A
+B?18$($B[ 'A;(:61 J ?$C$C$B[ G1C$718$ ?A+B+8C+ +8 $(+1C+B G+/+C$6+B[
.ADC:BB+(:BJG+A*DA$B*+0:4$G+A*+\G1C$718$+8(2CA1(:B[G+/+C$6+B[+C(^
+ 7$8+A$ @D+ 6$B *1+C$B A1($B +8 .ADC$B J G+A*DA$B B+ (:8B1*+A$8 D8$
+ICA$:A*18$A1$ .D+8C+ *+ $8C1:I1*$8C+B^ *+7%B[ $6/D8:B 718+A$6+B J
G1C$718$BC$7'1-8C1+8+8D8$)<3%,63"3;,5@,&"3;'(:7:6$>,;"2,3"K1"
>,;"2,3"A:<:,:62'95:iC:(:.+A:6+BJC:(:CA1+8:6+BjJ+6B+6+81:^:A+66:[
0$J@D+(:8B1*+A$A6$($?$(1*$*$8C1:I1*$8C+*+D8$617+8C:+8'$B+$6$
?D8CD$(1;8iCA$*D(1*:$6($BC+66$8:B+A2$6$($?$(1*$**+$'B:A(1;8
*+A$*1($6+B*+:I2/+8:j^:B$617+8C:B(:87%B?D8CD$(1;8+8*1(0$+B($6$
B:8 6$ ($8+6$[ 6:B $A%8*$8:B[ 6$B (1AD+6$B[ +6 'A;(:61[ 6:B +B?%AA$/:B[ 6$B
8D+(+BJ6:B$4:B[+8CA+:CA:B^B?+(1$67+8(1;8$6$+B?+(1$*+6$(EA(D7$[
@D+(:8CA$AA+BC$6:B+.+(C:B*+6+B1;8(+A+'A$6CA$D7%C1($*+'1*:$6+BCA-B
:I1*$C1G:[ @D+ .$G:A+(+ 6$ ?6$BC1(1*$* B18%?C1($ J 6:B ?A:(+B:B (:/81C1G:B^
:7: ?A:C+((1;8 $6 +BCA-B :I1*$C1G:[ $ 6:B A$*1($6+B 61'A+B + 18(6DB: ?$A$
e~e
A^
"JA^#
?A+G+81A6$18.6$7$(1;8[B+?D+*+18/+A1A6$6DC+:618$@D++BD8(:7?D+BC:
?A+B+8C++8$617+8C:BC$8(:7D8+B(:7:6$BK$8$0:A1$B[+6$(+1C+*+:61G$
J 6$ 7$8K$8166$\ $B2[ A+(1+8C+7+8C+ B+ 0$ *+7:BCA$*: @D+ A+*D(+ J
$7:AC1/D$6:B?:B1'6+B*-.1(1CB*+6$7+7:A1$@D+B+?A:*D(+8(:86$+*$*[
1801'1+8*:6$61'+A$(1;8*+7:6-(D6$B18.6$7$C:A1$B+8+6(+A+'A:zx^
8+6.D8(1:8$71+8C:(+A+'A$6+8/+8+A$64D+/$D8?$?+67DJB1/81.1($C1G:
6$>,;"2,3"[*+0+(0:[D8$18/+BC$'$4$B+$B:(1$(:8*1B.D8(1:8+B+86$
7+7:A1$J+6$?A+8*1K$4+^B2[6$18/+BC$*+$617+8C:B(:8G1C$718$i%(1*:
.;61(:[ } J xyj ?D+*+ A+*D(1A $ 6$ 71C$* 6$ C$B$ *+ $CA:.1$ (+A+'A$6 +8
$*D6C:B(:8D8*+C+A1:A:(:/81C1G:6+G+^Z8@D-?A:*D(C:B+8(:8CA$7:B
+BC$G1C$718$Y6%(1*:.;61(:+8G+A*DA$B*+0:4$G+A*+[.ADC$B[.A14:6+BJ
/D1B$8C+B\ 6$ G1C$718$ } +8 +B?18$($B[ ?171+8C:B[ 8$':B J ?6%C$8:B\ J 6$
xy+8($A8+B[?A:*D(C:B6%(C+:BJ0D+G:Bxw^
:A BD ?$AC+[ 6$ >,;"2,3" [ @D+ B+ B18C+C1K$ +8 +6 (D+A?: *DA$8C+ 6$
+I?:B1(1;8$6B:6J$JD*$+86$$'B:A(1;8*+($6(1:[C$7'1-8+B17?:AC$8C+
?$A$ ?A+B+AG$A 6$B .D8(1:8+B (:/81C1G$B^ BC% ?A+B+8C+ +8 +6 B$67;8[ +6
'$($6$:[6:B($7$A:8+B[6$BB$A*18$BJ6$($'$66$^$B1/D1+8C+>,;"2,3"':1"
(:7?D+BC$?:A:(0:(:7?:8+8C+B8$CDA$6+B](D$CA:C:(:.+A:6+BJ(D$CA:
C:(:CA1+8:6+B^ B2[ C1+8+ D8 +.+(C: 8+DA:?A:C+(C:A 17?:AC$8C+ J C$7'1-8
$JD*$$7+4:A$A6$$(C1G1*$*(+A+'A$6+8+8.+A7+*$*+B8+DA:*+/+8+A$C1G$B
(:7:+66K0+17+AJ+6$A518B:8^$B.D+8C+B*+G1C$718$B:86$B$(+6/$B[
6$B+B?18$($B[6$B$67+8*A$BJ+6C-G+A*+xw^:*:+66:B+B18C+C1K$+86$C$'6$
x^
$'6$x^"0&207;&9&1;&9:820);2490+1&2:498&68&9&2::+=49%&
2;:8+&2:&9 7;& :+&2&2 &(&#:49 #4)2+:+=49 @ &14#+420&9 S%6:% %&
ee
"
+BD71+8*:JB1/D1+8*:6$BA+(:7+8*$(1:8+B*+D1B17-8+K!!![8D+BCA:B
($AA:B*+6$(:7?A$[?:AC$8C:8D+BCA$B*+B?+8B$B[*+'+8+BC$AA+?6+C$B*+
$617+8C:BA+$6+BC$6+B(:7:6$B.ADC$BJG+A*DA$B[6:B.ADC:BB+(:B[($A8+BJ
?+B($*:B i.A+B(:B : (:8/+6$*:Bj[ 0D+G:B[ 6%(C+:B i8: $KD($A$*:Bj[
CD'-A(D6:B[ (+A+$6+B xww 18C+/A$6+B i8: $@D+66:B@D+ ?:8+8 18C+/A$6+Bj^
:A +6 (:8CA$A1:[ 8: *+'+A2$7:B (:7?A$A J ?:A C$8C: C+8+A $ 8D+BCA:
$6($8(+:6:@D++B?+:A[$6$6($8(+*+8D+BCA:B014:B]'+'1*$B$KD($A$*$B[
KD7:B +8G$B$*:B[ ':66+A2$ J /$66+C$B[ (+A+$6+B *+ *+B$JD8:[ ($A8+B
?A:(+B$*$B[6%(C+:B$KD($A$*:BJ?$8'6$8(::?$8*+7:6*+^:A*+B/A$(1$[
+BC:B E6C17:B B:8 6:B @D+ 7%B +I1BC+8 +8 8D+BCA:B 0:/$A+B[ 6:B 7%B
(:8BD71*:B?:A6$?:'6$(1;8+B?$9:6$[C$6J(:7:B+A+(:/++8+6BCD*1:
!!!
[D8CA$'$4:A+$61K$*:?:A6$
D8*$(1;8B?$9:6$*+6$DCA1(1;8
i
j(:86$?$AC1(1?$(1;8*+D8(:71C-(1+8C2.1(:*++I?+AC:B^
!!!
DC:A*+G$A1:B61'A:BB:'A+8DCA1(1;8JB$6D*[+8CA++66:Bb:@D+*1(+6$(1+8(1$?$A$$*+6/$K$A*+
zy zz
.:A7$.%(16JB$6D*$'6+c Jn:@D+*1(+6$(1+8(1$B:'A+*1+C$B[$617+8C$(1;8JB$6D*n ^
!!!
0CC?]ddHHH^.+8^:A/^+Bd$81'+Bd+Bd181(1:
ee
A^
"JA^#
'9'$95 3'<95:"1<&"$1'^ $ B$6D* *+6 (+A+'A: B+ '$B$ +8 D8$ B+A1+ *+
.$(C:A+B[18(6DJ+8*:6$$617+8C$(1;8[?:A6:@D+(:7+A?A:*D(C:BA1(:B+8
8DCA1+8C+B?D+*+$JD*$A$C+8+AD8(+A+'A:B$8:J66+8:*++8+A/2$[(:8D8
+BC$*: *+ %817: :?C171BC$^ 6 +BC$'6+(171+8C: *+ 0%'1C:B $617+8C1(1:B
B$6D*$'6+B*DA$8C++*$*+BC+7?A$8$BJ@D+(:8C18E$8*DA$8C+C:*$6$G1*$
?A:?:A(1:8$6$7$J:A?A:C+((1;8(:8CA$+6*+C+A1:A:(:/81C1G:A+6$(1:8$*:
(:86$+*$*J:CA$B+8.+A7+*$*+B^
D8*$7+8C$6+B+6(:8BD7:*+.ADC$BJ
G+A*DA$B 4D8C: (:8 6$ ?A%(C1($ *+ 6$ $(C1G1*$* .2B1($ A+(:7+8*$*$ i+8
($8C1*$* J ($61*$*j[ 6$ (D$6 18(A+7+8C$ 6:B 81G+6+B *+ :I2/+8: J ?D+*+
?:C+8(1$A 6$ 7+7:A1$ *+ CA$'$4:[ 6$ $C+8(1;8 J 6$ .D8(1;8 7:C:A$[ +8CA+
:CA$B^BC:(:'A$+B?+(1$617?:AC$8(1$$7+*1*$@D+B++8G+4+(+?:A@D++6
A+?$AC: *+ /6D(:B$ 4D8C: (:8 +6 7+C$':61B7:[ *1B718DJ+8 BD +.1($(1$^
D8@D+ B+ 0$ (:7?A:'$*: @D+ G$A1:B 8DCA1+8C+B *+ 7$8+A$ 18*1G1*D$6
+4+A(+8 +.+(C:B ?:B1C1G:B B:'A+ +6 $?A+8*1K$4+ J 6$ 7+7:A1$[ +6 ?D8C: *+
?$AC1*$ *+'+ B+A B1+7?A+ D8$ *1+C$ B$6D*$'6+ i(:71*$ A+$6[ $617+8C:B
.A+B(:BJ8$CDA$6+B[$/D$(:7:E81($'+'1*$A+.A+B($8C+[A+*D(1A(:8BD7:
*+($A8+BJ+G1C$AC:*:6:?A:(+B$*:j^
J625 5@,*'3"9 '1 %'9'$95I D$6@D1+A $(C1G1*$* .2B1($ +B EC16 iBD'1A
+B($6+A$B+8G+K*+(:/+A+6$B(+8B:A\$8*$A:1A+8'1(1(6+C$+86D/$A*+
(:/+A+6(:(0+_j[A+B?1A$(1:8+B?A:.D8*$B[718*.D68+BB[6+G$8C$AB+($*$zw
718DC:B:*$AD8?$B+:?$A$$(C1G$A+67+C$':61B7:[+C(^[C:*$B+66$BB:8
$(C1G1*$*+BG%61*$B@D+18(A+7+8C$86$($8C1*$**+:I2/+8:+8B$8/A+[?:A
C$8C:[C$7'1-8+8+6(+A+'A:^$B8+DA:8$B8:?D+*+8$67$(+8$A/6D(:B$[
?:A6:@D+0$J@D+(:8.1$A+8+6A+?$AC:(:8BC$8C+*+6C:AA+8C+B$8/D28+:
?$A$BD?61A+BC$+8+A/2$^
'3*5+"2$9'"8<-A"+59"J8<(;52"9I$A$?:C+8(1$AA%?1*:6$/6D(:B$[
B+?D+*+C:7$AD8$?1+K$*+.ADC$JD8G$B:*+$/D$[6:@D+.$(161C$6$A%?1*$
$'B:A(1;8 +8 +6 +BC;7$/: J 6$ *1B?:81'161*$* ?$A$ +6 (+A+'A:^ $ ':66+A2$
18*DBCA1$6(:8C1+8+*+ICA:B$JB$($A:B$[7:6-(D6$B6$A/$B*+$KE($A@D+8:
B+(:8G1+AC+8187+*1$C$7+8C++8+8+A/2$B18:@D+B+$67$(+8$8[6:@D+
(:866+G$ +6 18(A+7+8C: *+6 C+41*: $*1?:B: J 6$ :'+B1*$*^ :*+7:B (:7+A
?6%C$8: J ?$B$B ?$A$ ?:C+8(1$A +6 .D8(1:8$71+8C: *+6 (+A+'A:[
18(A+7+8C$8*:6$$C+8(1;8J6$7+7:A1$\C$7'1-87$8K$8$Bib2660&
%@ /&&69 :*& %4#:48 >@c[ D8$ 7$8K$8$ $6 *2$ 7$8C1+8+ $6+4$*: $6
7-*1(:jJ8D+(+B@D+B:8A1($B+8':A:J(:8C1+8+8G1C$718$[%(1*:.;61(:[
7+6$C:818$[/A$B$B:7+/$ezJ$8C1:I1*$8C+B^B2[D8$C$K$*+($.-+BC17D6$
+6(+A+'A:J7+4:A$+6.:(:*+$C+8(1;8[6$(:8(+8CA$(1;8J6$7+7:A1$*+
CA$'$4:^
ewe
"
*<"^ 6 $/D$ +B +B+8(1$6 ?$A$ 6$ $(C1G1*$* (:A?:A$6 J 6$ B$6D* (+A+'A$6[
?D+BC: @D+ B+ A+@D1+A+ ?$A$ 7:G+A 6$B B+9$6+B $ CA$G-B *+ 6$B (-6D6$B
(+A+'A$6+B i?:($ $/D$[ ?:($ +.1(1+8(1$j^ 6 $/D$ 7$8C1+8+ 6:B ?D67:8+B
BD.1(1+8C+7+8C+0E7+*:B[6:@D+?+A71C+D8$$*+(D$*$CA$8B.+A+8(1$*+
:I2/+8: $6 C:AA+8C+ B$8/D28+:^ :A +66:[ B+ A+(:71+8*$ '+'+A D8:B :(0:
G$B:B*+$/D$$6*2$i+6+@D1G$6+8C+$*:B61CA:Bj^B171B7:[0$J@D+18*1($A
@D+*+7$B1$*$$/D$?D+*+$/:C$A+6(D+A?:*+718+A$6+BG1C$6+B(:7:+6
B:*1:[?:C$B1:J($6(1:i+B+8(1$6+B?$A$7$8C+8+A+6(:A$K;8[+6(+A+'A:J6$
.D8(1;87DB(D6$Aj^$7'1-8B+B$'+[/A$(1$B$6:B+BCD*1:B*+$B+8C:z{[
@D+6$*+B01*A$C$(1;8[18(6DB:(D$8*:+BC$+B7DJ61G1$8$[?D+*+?A:G:($A
@D+ (1+AC$B ($?$(1*$*+B (:/81C1G$B A+6$(1:8$*$B (:8 6$ 7+7:A1$ J 6$
?+A(+?(1;8 G1BD$6 B+ G+$8 *$9$*$B[ $*+7%B *+6 +BC$*: *+ %817:[
+B?+(1$67+8C++8819:BJ?+AB:8$B*++*$*$G$8K$*$^
2'*"OY^6(D+A?:DC161K$+6:7+/$ez?$A$(A+$A6$7+7'A$8$+IC+A1:A*+
6$B(-6D6$B(+A+'A$6+B$CA$G-B*+6$B@D+?$B$86$BB+9$6+B8+AG1:B$B^D+BC:
@D+7+*1$8C++6$?A+8*1K$4+J6$7+7:A1$B+(A+$88D+G$B(-6D6$B8+AG1:B$B
J (:8+I1:8+B B18%?C1($B +8CA+ 6$B 71B7$B[ (:8C18D$7+8C+ B+ 8+(+B1C$8
*1(0:B%(1*:B/A$B:B?$A$/+8+A$A7+7'A$8$B@D+?A:C+/+8$6$B8+DA:8$B^
B171B7:[ *1B718DJ+ +6 A1+B/: *+ *+7+8(1$ J +B 7DJ 17?:AC$8C+ +8 +6
.D8(1:8$71+8C:*+6$7+7:A1$[B:'A+C:*:$7+*1*$@D++8G+4+(+7:B^6
:7+/$ez +BC% ?A+B+8C+ +8 +6 B$67;8[ $CE8[ B$A*18$B[ ($'$66$ J $A+8@D+B[
+8CA+:CA:B^
,;"2,3"A#%,&5)61,%5^B+8(1$6+B?$A$?:C+8(1$A+60D7:A[6$$6+AC$J6$
7+7:A1$[7+4:A$A6$A+B1BC+8(1$$6+BCA-B[7$8C+8+AB$6D*$'6+6$?1+6J+6
C:8:7DB(D6$A[J(:7:BD7181BCA:*+6:B8+DA:CA$8B71B:A+B^A:7D+G+86$
*1G1B1;8 J +6 (A+(171+8C: (+6D6$A^ + +8(D+8CA$ +8 $617+8C:B (:7: ?$8
18C+/A$6 *+ (+A+$6+B[ $AA:K[ ?+B($*:[ ($A8+[ $G+[ G+/+C$6+B *+ 0:4$ G+A*+
:B(DA:[0D+G:BJ6+(0+[+8CA+:CA:B^
,3'9"1':^6%"1%,5[?A+B+8C++86$6+(0+[+6J:/DACJ+6@D+B:[.:AC$6+(+6:B
0D+B:B[6:B7EB(D6:BJ6:B*1+8C+B^6%9525[?A+B+8C++86$J+7$*+0D+G:
J(+':66$(AD*$[B1AG+?$A$7$8C+8+AJA+/D6$A6:B81G+6+B*+$KE($A^6A5&5
@D+?:*+7:B+8(:8CA$A?:A+4+7?6:+86:B$617+8C:B?A:(+*+8C+B*+67$A[
.$G:A+(+ +6 .D8(1:8$71+8C: $*+(D$*: *+ 6$ /6%8*D6$ C1A:1*+B J $JD*$ $
7+C$':61K$A+6+I(+B:*+/A$B$B^6+,'995[?A+B+8C++8+602/$*:*+(+A*:J
G$($[C+A8+A$[?:66:[J+7$B[4D*2$BJG+A*DA$B*+0:4$G+A*+:B(DA:[C1+8+
D8 17?:AC$8C+ ?$?+6 +8 6$ ?A:*D((1;8 *+ 0+7:/6:'18$ J (1+AC:B
8+DA:CA$8B71B:A+B^ 6 2"*3':,5 @D+ ?:*+7:B +8(:8CA$A +8 /A$8:B[
8D+(+B[4D*2$BJG+/+C$6+BG+A*+B[(:8CA1'DJ+$6$.:A7$(1;8*+0D+B:BJ
*1+8C+B ?:A D8 6$*:[ J C$7'1-8 +BC% ?A+B+8C+ +8 7D(0$B A+$((1:8+B
exe
A^
"JA^#
+8K17%C1($B[ ?:A :CA:^ 6 75;":,5[ ?A+B+8C+ +8 6:B ?6%C$8:B[ K$8$0:A1$B[
7+6;8[?:7+6:[71+6[?$C$C$B[($A8+J?+B($*:[A+/D6$6$BB+9$6+B@D+B+
7D+G+8$CA$G-BJ+8CA+6$B(-6D6$B(+A+'A$6+BJA+/D6$6$.D8(1;8J+6A1C7:
($A*2$(:^
18$67+8C+[+6:5&,5@D++8(:8CA$A8:B?:A+4+7?6:+86$B$6J+8
:CA:B $*1C1G:B $617+8C1(1:B[ A+/D6$ 6$ (:8CA$((1;8 7DB(D6$A J 7$8C1+8+ +6
$*+(D$*:+@D161'A1:+8CA++6$/D$J6:B.6D1*:B(:A?:A$6+B^
3;,5@,&"3;':^ $A$ 7$8C+8+A 6:B A$*1($6+B 61'A+B iC$'$(:[
(:8C$718$(1;8_j '$4: (:8CA:6 J +G1C$A +6 *$9: (+A+'A$6[ 8+(+B1C$7:B
G1C$718$B [ J [ '+C$($A:C+8:[ 61(:?+8: J B+6+81:[ $*+7%B *+ .ADC$B J
G+/+C$6+B[8D+(+B[$G+B[($A8+J?+B($*:^
8A+BD7+8[D8:*+6:B/A$8*+B*+B(D'A171+8C:B*+6$8+DA:(1+8(1$B+0$
'$B$*:+8G$61*$A6$B.:A7$B*+$617+8C$(1;8*+8D+BCA:B$'D+6:B[C:*:+66:
.D8*$7+8C$*:+8D8$*1+C$B$6D*$'6+[81?:A+I(+B:81?:A*+.+(C:^$*1+C$
7+*1C+AA%8+$ '$B$*$ +8 .ADC$[ G+A*DA$ J ?+B($*:[ (+A+$6+B
i?A+.+A1'6+7+8C+18C+/A$6+Bj[A$(1:8+B7:*+A$*$B*+($A8+.A+B($J.ADC:B
B+(:B[ ?A:*D(C:B 6%(C+:B[ 6+/D7'A+B[ +B D8 (6$A: +4+7?6: *+ *1+C$
B$6D*$'6+^ 18 +7'$A/:[ +6 7$A5+C18/ J 6$ 18*DBCA1$ $617+8C$A1$ B+ +BC%
+8($A/$8*: *+ ($7'1$A 8D+BCA:B 0%'1C:B $617+8C1(1:B^ + 0+(0:[ B1
:'B+AG%B+7:B6$($8C1*$**+$617+8C:BA+$6+BJ8$CDA$6+B@D+0$J+86:B
BD?+A7+A($*:B[.A+8C+$6:B?A:(+B$*:BJ+8G$B$*:B[6$'$6$8K$(6$A$7+8C+
B+*+($8C$$.$G:A*+6:BB+/D8*:B^:AC$8C:[0$J@D+(:8CA:6$A6$18/+BC$
*+ ($6:A2$B[ A+*D(1+8*: : ?A+.+A1'6+7+8C+ +61718$8*: $617+8C:B
?A:(+B$*:B (:8 /A$B$B ?:(: B$6D*$'6+B[ $KE($A+B 7:*1.1($*:B J $*1C1G:B
@D271(:B[ @D+ (DA1:B$7+8C+ B:8 6:B @D+ 7%B +I(1C$8 +6 %A+$ C+/7+8C$6
G+8CA$6J+6*+B+:*+(:7+A6:B^
Z;7: $.+(C$ +6 (:8BD7: +I(+B1G: *+ /A$B$B *+ :A1/+8 $817$6 +8 +6
(+A+'A:Y $J @D+ 18*1($A @D+ +6 /6DC$7$C: +B +6 8+DA:CA$8B71B:A 7%B
$'D8*$8C+ *+6 (+A+'A: J BDB A+(+?C:A+B +BC%8 +8 6$B K:8$B 8+DA:8$6+B
*:8*+B+?A:*D(+6$B18$?B1BJ[+8+IC+8B1;8[+6$?A+8*1K$4+J6$7+7:A1$^
6(:8BD7:+8+I(+B:*++BC+C1?:*+/A$B$B18C+A.1+A+(:8+6A+(+?C:A*+6
/6DC$7$C:?A:G:($8*:@D+?1+A*$B+8B1'161*$*[6:@D+$.+(C$A%$6*+B$AA:66:
*+6(+A+'A:*1B718DJ+8*:6$?6$BC1(1*$*(+A+'A$6}^
8 6$ ?A%(C1($[ $6/D8$B $(C1G1*$*+B J $((1:8+B @D+ ?:*+7:B 0$(+A (:8
8D+BCA:B 014:B[ +8 8D+BCA: 0:/$A[ : 8D+BCA:B +BCD*1$8C+B[ +8 +6 (:6+/1: :
18BC1CDC:[6:B?:*+7:BA+BD71A$(:8C18D$(1;8['$B%8*:8:B+86$B6+(CDA$B
*+8DCA1(1:81BC$BJ8D+BCA$?A:?1$+I?+A1+8(1$(:7:+*D($*:A+B^
eye
"
3'1+5*"9
• +8+AB1+7?A+G1B1'6+J$6$6($8(+*+8D+BCA:B014:Bi8:+87+B$B$6C$B
*:8*+8:6$B?D+*$8G+Aj.ADC$G$A1$*$J*+6C1+7?:[(:8G$A1+*$*[@D+
6$G+$8J6$?D+*$8(:/+A(D$8*:@D1+A$8J@D+8:BG+$8$8:B:CA:Bi6:B
?$*A+Bj(:/+A6$J(:7+A6$^
• :AC$A .D+8C+B *+ .ADC$ D 0:AC$61K$B i?$61C:B *+ K$8$0:A1$ : ?+?18:j J
*+4$A6$*+8CA:*+6.A1/:A2.1(:^++BC$7$8+A$[(D$8*:6:$'A17:B?:A@D+
C+8+7:B0$7'A+[6$G+A+7:B(:AC$*$J8:8:B*$A%b?+A+K$c(:7+A6$^
• : +8*D6K$A : +*D6(:A$A 6$B '+'1*$B^ :B 819:B (:8BD7+8 6: @D+ 6+
*+7:B J BD ?$6$*$A B+ +*D($ $ 6: @D+ (:8BD7$8^ 6 '+'- ?$B$A% *+
C:7$A6+(0+7$C+A8$$C:7$A6$6+(0+@D+6+*+7:BJ(:7:B+6$*+7:B
i*+G$($jD:CA$B'+'1*$B0+(0$B(:8$G+8$:$AA:KB18?A+/D8C$A81?+*1A
$KE($A[:($($:^:+B8+(+B$A1:+8*D6K$A6$81+(0$A6+:CA$BBDBC$8(1$B
(:8+I(+B:B*+$KE($A+B188+(+B$A1:B^6819:C:7$A%BDG$B:*+6+(0+:
'+'1*$ *+ $G+8$ B18 ?A+/D8C$A J 8D8($ +(0$A% *+ 7+8:B +BC:B
+*D6(:A$8C+B^
• $'6$8*:*+6+(0+[B+0$B:'A++BC17$*:7D(0:+BC$'+'1*$[?+8B$8*:
@D++A$D8$.D+8C+*+($6(1:17?A+B(18*1'6+?$A$+6819:[(D$8*:+I1BC+8
:CA:B$617+8C:B@D+C$7'1-866+G$8($6(1:(:7:B:8C:*:B6:B?A:*D(C:B
6%(C+:B *+A1G$*:B iJ:/DA[ @D+B:[ 7$8C+@D166$j[ .ADC:B B+(:B[ G+/+C$6+B
(:7:+6'A;(:61['+AK$[+B?%AA$/:B[+B?18$($B[$(+6/$:A+?:66:[?+B($*:B
(:7:6$BB$A*18$B[+6B$67;8:+67$A1B(:^$7'1-8B+0$B:'A++BC17$*:
6$6+(0+*+B8$C$*$[18(6DB:BD+6+B+AG$6:A$*$?:A6$B:(1+*$*(:7:7%B
B$6D*$'6+ @D+ 6$ +8C+A$[ (D$8*: B$'+7:B @D+ D8 'D+8 G$B: *+ 6+(0+
+8C+A$+B7%B8DCA1C1G:@D+D8:*+6+(0+*+B8$C$*$^
• $ E81($ '+'1*$ B$6D*$'6+ ?$A$ 01*A$C$A8:B *+'+ B+A +6 $/D$[ 6$ (D$6
*+'+7:BC:7$A6$+8?+@D+9$B*:B1B[(:8C18D$7+8C+J*DA$8C+C:*:+6
*2$^6/D8:B+I?+AC:B0$'6$8*+:(0:G$B:B*+$/D$$6*2$[?+A:7%B@D+
(:8C$A G$B:B[ *+'+7:B (:8B1*+A$A @D+ +BC$ *+'+ B+A 18/+A1*$
(:8C18D$7+8C+*DA$8C+C:*:+6*2$^$A$+66:[8D+BCA$7+4:A(:7?$9+A$
*+'+A2$ B+A D8$ ':C+66$ *+ $/D$[ @D+ 8:B ?+A71C$ '+'+A ?+@D+9:B
B:A':B $ C:*$B 0:A$B^ :8 +BC+ 0%'1C:[ B+/DA$7+8C+ 66+/$A+7:B $ 6:B
:(0:G$B:B*1$A1:BB18?A:'6+7$B^
• :18B1BC1A+86$18/+BC$*+.ADC$B[G+A*DA$BJ?+B($*:i$617+8C:B@D+8:
BD+6+8 $CA$+A $ 6:B 7+8:A+Bj^ $ 7+4:A +*D($(1;8 J $?A+8*1K$4+ +B +6
+4+7?6:^ 1 8D+BCA:B 014:B 8:B G+8 (:7+A +BC:B $617+8C:B (:8 6$
.A+(D+8(1$A+(:7+8*$*$[+66:BC$7'1-8C+A718$A%8?:A(:7+A6:B^
• A+.+A1'6+ :.A+(+A J C:7$A 6$ .ADC$ 8$CDA$6 @D+ +8 KD7:B : '$C1*:B^
D$8*: 0$(+7:B D8 KD7: *+ .ADC$[ +61718$7:B 6$ ?D6?$ J 6$ ?1+6^ 8
7D(0$B .ADC$B (DJ$ ?D6?$ J ?1+6 B:8 (:7+BC1'6+B[ B1 6$ +61718$7:B[
eze
A^
"JA^#
+I(6D17:B6:B8DCA1+8C+B@D+B+0$66$8+8+66$B^:A:CA:6$*:[(D$8*:
0$(+7:B KD7:B *+ .ADC$B[ 18/+A17:B C:*$ 6$ .AD(C:B$ i8: *+4$ *+ B+A
$KE($Aj*+C:*$B6$B?1+K$B*+.ADC$@D+0+7:BDC161K$*:?$A$+6G$B:*+
KD7: i?:A +4+7?6:[ ?$A$ D8 KD7: *+ 8$A$84$[ z : { ?1+K$Bj^ *+7%B[
(D$8*:7$BC1($7:B6$.ADC$[7$8*$7:B+67+8B$4+$8D+BCA:(+A+'A:
*+ +BC$A (:71+8*: i8:B +BC$7:B B$(1$8*:j[ 71+8CA$B @D+ $6 '+'+A +6
KD7:[ (:7: 8: 8+(+B1C$7:B 7$BC1($A[ +BC+ 7+8B$4+ 66+/$ *1.DB: $6
(+A+'A:J6$B+8B$(1;8*+0$7'A+B1/D++BC$8*:?A+B+8C+i$?+B$A*+
0$'+A 18/+A1*: 7D(0$ 7%B ($8C1*$* *+ $KE($Aj^ B 0$'1CD$6 *$A $
8D+BCA:B014:BKD7:B*+.ADC$?+8B$8*:@D+$B26+B.$(161C$7:B @D+6$
C:7+8 i*$*:B BDB (:8CA$BC$*:B '+8+.1(1:Bj[ ?+A: 6+4:B *+ 0$(+A6+B D8
.$G:A iB1+7?A+ +B 7+4:A C:7$A6$ @D+ 8: C:7$A6$j 6+B +BC$7:B
7$6$(:BCD7'A$8*:^ +/DA$7+8C+[ (D$8*: +BC:B 819:B B+$8 $*D6C:B[
B+/D1A%8(:86$71B7$(:BCD7'A+J8:6+B$CA$+A%C:7$A6$.ADC$8$CDA$6[
B1 8: +B +8 KD7: b0+(0: ?:A BD 7$*A+ (:8 C:*: +6 $7:Ac @D+ +8 BD
+6$':A$(1;8B:62$?:8+A^
• :8+/$A8:?A:01'1A^D$8*:D8819:C1+8+$6$6($8(+:6+:.A+(+8D8
$617+8C: *+ 6:B @D+ 0+7:B 66$7$*: ?A:(+B$*:B : D6CA$?A:(+B$*:B
i/:6:B18$B[ ?$C$C$B .A1C$B[ .ADC:B B+(:B .A1C:B[ A+.A+B(:B : (+A+$6+B
$KD($A$*:B[+C(^j[+B7+4:A8:?A:01'1A6+BBD(:8BD7:^$7?:(:0$J@D+
0$(+A6+B ($B:[ 81 7D(0: 7+8:B +8.$C1K$A B1 +BC%8 'D+8:B : 7$6:B^
+'+7:B (:7?:AC$A8:B (:7: B1 8$*$[ (:7: $6/: 8:A7$6[ @D+ 0$
BD(+*1*:J?D8C:^60+(0:*+?A:01'1A$6/:$8D+BCA:B014:B0$(+@D++6
*+B+:?:A(:8BD71A6:BB+$7$J:A^1$*+7%B[+B+?A:*D(C:+B18/+A1*:
?:A BDB ?A:?1:B ?$*A+B[ 8: B+AG1A% *+ 8$*$ C:*: (D$8C: +BC$7:B
0$(1+8*:^1+6819:8:+BC%$(:BCD7'A$*:$(:8BD71A+B:B?A:*D(C:B[
6:B?A:'$A%J-671B7:6:B1A%A+(0$K$8*:$68:B+AB$':A+BA+$6+B[@D+
8: +BC% $(:BCD7'A$*: $ C:7$A J C$7?:(: G+ $ BDB ?$*A+B (:7+A6:B
iG:6G+7:B$6:71B7:]+67+4:A$?A+8*1K$4++B+6+4+7?6:j^
• + 1/D$6 7:*:[ B1 8:B:CA:B i?$*A+Bj (:8BD717:B $617+8C:B A+$6+B J
C+8+7:B 'D+8:B 0%'1C:B[ 8D+BCA:B 014:B C$7'1-8 6:B C+8*A%8^ $A$
+*D($A$8D+BCA:B014:B$(:7+A*+.:A7$B$6D*$'6+[?A17+A:8:B:CA:B
*+'+7:B(:7+A*+.:A7$B$6D*$'6+^"8:B:6:8:BA+.+A17:B$b+6@D-
(:7+Ac[B18:$6b(D%8*:J$6(;7:(:7+Ac^+B$JD8$A(:8+66:B+BD8$
'D+8$ ?A%(C1($ ?:A 6$ @D+ +7?+K$A^ D(0:B ?$*A+B B+ $(:/+8 $ 6$
+I?A+B1;8 b648 0 132 :&2)4 &0 &9:51)4 #&88%4c ?$A$ 8:
*+B$JD8$A 8$*$[ 71+8CA$B 18B1BC+8C+7+8C+[ ($B1 *+ .:A7$ :'BC18$*$[
:'61/$8 $ BDB 014:B $ 0$(+A6:[ *%8*:6+B 18(6DB: $617+8C:B ?A:(+B$*:B
(:7:/$66+C$B[(+A+$6+B$KD($A$*:B[KD7:B$KD($A$*:B[6+(0+(:8$KE($A
: ':66+A2$ 18*DBCA1$6[ ?+8B$8*: @D+ $B2 6+B +BC%8 0$(1+8*: D8 .$G:A[
(D$8*: B+/E8 0+7:B G1BC:[ +BC+ 0%'1C: ?:*A2$ :($B1:8$A6+B /A$G+B
e{e
"
(:8B+(D+8(1$B.DCDA$B[$6C+A$8*:BD71(A:'1:C$18C+BC18$6[+6+G$8*:BDB
81G+6+B *+ (:6+BC+A:6 J $D7+8C$8*: +6 A1+B/: *+ BD.A1A +8.+A7+*$*+B
($A*1:G$B(D6$A+B^BC++BD8(6$A:+4+7?6:+8+6@D++6C2CD6:*+661'A:b6
$7:A 8: +B BD.1(1+8C+cy ?:*A2$ B+AG1A8:B ?$A$ +4+7?61.1($A 6: (:8.DB:
@D++B+67+8B$4+@D+A+(1'17:B*+6$B:(1+*$*[18(6DB:+6@D+6+*$7:B
$ 8D+BCA:B ?A:?1:B 014:B] b(:7+ $6/: @D+ 8: +B B$6D*$'6+ $D8@D+ 8:
C+8/$B0$7'A+c^
• :1A$6BD?+A7+A($*:(:88D+BCA:B014:B[B1$67+A($*:*:8*+6$(:71*$
A+$6 +B 7%B $'D8*$8C+ @D+ 6$ ?A:(+B$*$ J D6CA$?A:(+B$*$^ + 1/D$6
.:A7$[8:+BD8'D+80%'1C:[1A$(:7?A$A(:71*$$D8BD?+A7+A($*:
(:8 6$ B+8B$(1;8 *+ 0$7'A+^ :*:B 6:B ?A:*D(C:B ?A:(+B$*:B J
D6CA$?A:(+B$*:B0$8B1*:7+C1(D6:B$7+8C++BCD*1$*:B?:A+I?+AC:B+8
7$A5+C18/+18(6DB:+88+DA:(1+8(1$[?$A$0$(+A*+BDBB$':A+BJ(:6:A+B
D8?A:*D(C:($B1$*1(C1G:+1AA+.A+8$'6+^?+B$A*+C+8+A(6$A:BC:*:B
+BC:B(:8(+?C:BJ(:8B+4:BZ@D1-88:0$($2*:$6/D8$G+K+86$Bb/$AA$Bc
*+D8:*++BC:B?A:*D(C:BY
• DA$8C+6:B?A17+A:B$9:B*+G1*$[$6/D8:B+I?+AC:B0$'6$8*+b0$BC$
6:B } $9:Bc[ +6 819: *+'+ $DC:AA+/D6$A BD $?+C1C: iB+8B$(1:8+B *+
0$7'A+eB$(1+*$*j^ 6 B1BC+7$ @D+ A+/D6$ 6$ +8CA$*$ J 6$ B$61*$
*+8DCA1+8C+BJ+8+A/2$+BC%:A@D+BC$*:?:A*1.+A+8C+B;A/$8:B@D+B+
(:7D81($8+8CA+B2G2$8+DA:+8*:(A18$[+B*+(1A7+*1$8C+7+8B$4+A:B
0:A7:8$6+B^+$02@D+8:+B'D+8(:8B+4:0$(+A(:88D+BCA:B014:B6:
@D+8D+BCA$B$'D+6$B01(1+A:8(:88:B:CA:B]b*+4$A+6?6$C:617?1:$8C+B
*+6+G$8C$AB+*+6$7+B$c[bB18:A+?1C+B[+BB+9$6@D+8:C+0$/DBC$*:c[
b0$J @D+ (:7+A (:8 ?$8c^ I?A+B1:8+B (:7: +BC$B[ B:8 0:J *2$
+B(D(0$*$B +8 7D(0:B 0:/$A+B^ 6 819: *+'+ (:7+A (D%8*: J (D%8C:
*+B++^BD8$8+(+B1*$*?A17$A1$@D+*+'+$?A+8*+AJ8:*+'+A2$B+A
17?D+BC$^B:B2[:.A+(1-8*:6+B:6:$617+8C:BA+$6+BJ8$CDA$6+B[B1+7?A+
$6C+A8$C1G$BB$6D*$'6+B^
• D$8*: +6 819: 8: @D1+A+ (:7+A 6$ (:71*$ B$6D*$'6+ @D+ 0$J Z@D-
?:*+7:B0$(+AY8$:?(1;8+B:.A+(+A6+:CA:?6$C:$6C+A8$C1G:i(:7:
7D(0:[*:B:?(1:8+Bj?$A$@D+-671B7:+614$^18C1CD'+$A[(:8($A19:J
B1+7?A+(:71*$A+$6^1+6819:8:(:7+$7+*1:*2$:?:A6$8:(0+D8
*2$(:8(A+C:[8:?$B$8$*$^6819:B+/DA:@D+C1+8+A+B+AG$BBD.1(1+8C+B
?$A$?$B$A+B$B0:A$BB18(:7+A^+/DA:@D++8?:($B0:A$B8:B?+*1A%
$617+8C:iJ$02+B*:8*+*+'++BC$A+6$617+8C:A+$6J8$CDA$6+B?+A$8*:
B+A18/+A1*:?:A8D+BCA:014:j^8C++BC$BB1CD$(1:8+B[0$J?$*A+B@D+
?A+.1+A+8 @D+ BD 014: (:7$ /$66+C$B[ ?$C$C$B .A1C$B D :CA:B $617+8C:B
?A:(+B$*:B?:A71+*:$@D+BD014:?$B+D8$B0:A$BB18(:7+A^1+7?A+
+B 7+4:A @D+ 8: (:7$ 8$*$ $ @D+ (:7$ (:71*$ ?A:(+B$*$ :
e|e
A^
"JA^#
D6CA$?A:(+B$*$^+0$(+A6:+B?:A@D+6:0+7:B(:7?A$*:J6:C+8+7:B
+88D+BCA$*+B?+8B$i?A17+A+AA:Aj^
• :@D+8:G$$8D+BCA:($AA:*+6$(:7?A$[8:G$$8D+BCA$*+B?+8B$J
?:AC$8C:$8D+BCA:?6$C:i:?+:A[$6*+8D+BCA:B014:Bj^:B$617+8C:B
?A:(+B$*:B J D6CA$?A:(+B$*:B 0$8 ?$B$*: +I0$DBC1G:B (:8CA:6+B *+
7$A5+C18/?$A$@D+BDB(:6:A+B[:6:A+BJB$':A+B$CA$1/$8$6(:8BD71*:A^
1$'A17:B8D+BCA:$A7$A1:*+6$*+B?+8B$(:80$7'A+J:'B+AG$7:B
D8$B/$66+C$B?A:(+B$*$B[(+A+$6+B(:8$KE($A:':66+A2$18*DBCA1$6JD8$
7$8K$8$+8+6.ADC+A:[B+/DA$7+8C+8D+BCA:B014:BJ8:B:CA:B71B7:B
@D+ +BC$7:B (:8(1+8(1$*:B[ 1A+7:B 0$(1$ 6:B ?A17+A:B^ 1 8: 6:B
(:7?A$7:B[ 8D8($ 6:B C+8*A+7:B +8 8D+BCA$B *+B?+8B$B[ ?:A C$8C:
8D8($C+8*A+7:B6$C+8C$(1;8*+(:7+A6:B^
3'1%51'*,55,3:;,;<;5
• B$A66$C:?$A$:7+A$6D*$'6+*+6$81G+AB1*$**+$AG$A*(:7:
0+AA$71+8C$A+.+A+8C+*+*1+C$B$6D*$'6+^
• :0$'6$A*+*1+C$+@D161'A$*$i(:7+A*+C:*:D8?:(:j[B18:*+*1+C$
B$6D*$'6+i$617+8C:BA+$6+Bj^:+I1BC+8($B:B*+?+AB:8$B@D+(:7$8
(:71*$A+$6@D+C+8/$8B:'A+?+B:D:'+B1*$*^
• A:01'1A 6$ G+8C$ *+ /:6:B18$B D :CA:B ?A:*D(C:B D6CA$?A:(+B$*:B
i$6C$7+8C+ 8:(1G:B ?$A$ 6$ B$6D*j +8 6$B ($8C18$B : ($.+C+A2$B *+ 6:B
(+8CA:B^
• $'6$AJ?A:?:8+A$6C+A8$C1G$B*+$617+8C:BB$6D*$'6+B$6:B($8C18+A:B
*+ 6$B ($.+C+A2$B +B(:6$A+B^ 6$C:B *+ ?$61C:B *+ K$8$0:A1$B J ?+?18:B
(:AC$*:B(:8dB180D77DB:/D$($7:6+8$CDA$6[G+8C$*+.ADC$:':6B$B
*+.ADC:BB+(:BB18B$6[?1BC$(0:B[8D+(+B[?$B$B[+C(^
• A:7:G+A+6(:8BD7:*1$A1:J*DA$8C+6:BA+(A+:Bi$67D+AK:j*+.ADC$B[
G+A*DA$B : .ADC:B B+(:B B18 B$6 (:7: $617+8C:B B$6D*$'6+B J 7DJ
+8+A/-C1(:B^
:7+8C$A CA$+A *+ ($B$ ?$A$ $67:AK$A +BC:B $617+8C:B
B$6D*$'6+BD:CA:B(:7:C:AC166$*+$CE8[0D+G:*DA:[?$818C+/A$6(:8
@D+B:[C:7$C+B[+C(^BC:B$617+8C:B[$*+7%B[*+'+A2$8+BC$A$6$G+8C$
J G1B1'6+B +8 6$B ($8C18$B *+ 6:B (+8CA:B +*D($C1G:B[ +8 6D/$A *+ 6:B
?A:*D(C:B(:7+BC1'6+B@D++8$6/D8:B(:6+/1:B+18BC1CDC:B*+8D+BCA:
?$2B $E8 +8(:8CA$7:B +8 BDB +BC$8C+B[ $6 $6($8(+ *+ 8D+BCA:B
b18*+.+8B:Bc 819:B J $*:6+B(+8C+B[ @D+ 18(:8B(1+8C+B *+6 *$9: @D+
?D+*+8:($B1:8$A6+B$81G+6.1B1:6;/1(:J(+A+'A$6[6:B(:8BD7+8$*1$A1:
$CA$2*:Bi($B101?8:C1K$*:Bj?:ABDB:6:A+B[(:6:A+BJB$':A+B^
• 8 6$ 7$C+A1$ *+ *D($(1;8
2B1($ 6:B 7$+BCA:B J ?A:.+B:A+B (:7:
7$C+A1$6 +B?+(2.1(: *+ +BC$ $B1/8$CDA$[ :'61/$8 $ BDB $6D78:B $ 66+G$A
A:?$*+?:AC1G$*DA$8C+6$B(6$B+B^$A$?A:7:G+A+6(:8BD7:*+$/D$
e}e
"
A+(:7+8*$*:i'+'+A$/D$+8?+@D+9$B*:B1BJ*DA$8C+C:*:+6*2$jB+
?:*A2$ (:8B1*+A$A (:7: 7$C+A1$6 *+ (6$B+ :'61/$C:A1: +8 *D($(1;8
2B1($[CA$+AD8$':C+66$*+$/D$^:B$6D78:B?:*A2$8CA$+ABD':C+661C$
*+$/D$66+8$*+($B$:G$(2$?$A$66+8$A6$$8C+B*++7?+K$A6$(6$B+^8
(D$6@D1+A ($B:[ +BC$ 8:A7$ 8: B:A?A+8*+A2$ $ 8$*1+[ (:8 +66$ B+
(:8CA1'D1A2$ $ $D7+8C$A 6:B 81G+6+B *+ (:8BD7: *+ $/D$ +8 8D+BCA:B
+B(:6$A+B i*+B*+ D8$ ?+AB?+(C1G$ 8+DA:B$6D*$'6+j J $*+7%B[ B+
$D7+8C$A2$+6C1+7?:*+(:7?A:71B:7:C:A+86$B(6$B+Bi$68:C+8+A
@D+ 1A $ 6$ .D+8C+ $ '+'+A $/D$[ B+ ?:*A2$ '+'+A (D$8*: ($*$ D8:
*+B+$A$jJ+BC$A2$7:B(:8CA1'DJ+8*:$BD$0:AA:iB:BC+81'161*$*[*$*:
@D+ B+ *+B?16.$AA$ 7D(0$ ($8C1*$* *+ $/D$ (D$8*: B+ '+'+ *+ D8$
.D+8C+ : *+ D8 /A1.: B18 G$B: : A+(1?1+8C+j^ 6 0%'1C: *+ CA$+A $/D$ J
'+'+A6$*DA$8C+:CA$B(6$B+B@D+8:.D+A$8*D($(1;8
2B1($*+'+A2$B+A
C$7'1-8 D8$ ?A%(C1($ 0$'1CD$6 *+ 6:B (+8CA:B @D+ $?D+BC+8 ?:A 6$
8+DA:+*D($(1;8[?D+BC:@D++6$/D$[(:7:B+0$G1BC:[B+A+6$(1:8$(:8
6$$C+8(1;8J6$7+4:A$*+6$?A+8*1K$4+^BC+$B?+(C:@D+?D+*+A+BD6C$A
C$8 +G1*+8C+[ B+ (:8CA$*1(+ 7D(0$B G+(+B (:8 6$ A+$61*$* *+ $6/D8:B
(+8CA:B+*D($C1G:B[+86:B@D+B+?A:02'+'+'+A$/D$+8(6$B+y^
• A+71$A iB1 0+7:B +B(A1C: '1+8j[ ?A+71$A (:8 18B1/81$B[ '$*/+B :
?:B1C1G:B $ $@D+66:B $6D78:B @D+ CA$1/$8 $67D+AK:B B$6D*$'6+B $6
(:6+/1:^8:*+6:B:'4+C1G:B*1*%(C1(:B*+6$7$C+A1$*+*D($(1;8
2B1($
J (:7: +6+7+8C: CA$8BG+AB$6 *+ C:*$B 6$B $B1/8$CDA$B[ +B .:7+8C$A
0%'1C:B*+G1*$B$6D*$'6+B^Z:A@D-8:A+(:8:(+A(:88:C$$$@D+66:B
$6D78:B@D+CA$+8*+($B$D8$67D+AK:B$6D*$'6+Y
• +$61K$A$(C1G1*$*+B18C+A*1B(1?618$A+B+8.:A7$*+?A:J+(C:B+*D($C1G:B
*:8*+6$$617+8C$(1;8B$6D*$'6+B+$+6(+8CA:*+18C+A-B:D8:B*+6:B
?16$A+B '%B1(:B *+6 ?A:J+(C:^ $ (:7D81*$* +*D($C1G$ *+'+ +BC$A
B+8B1'161K$*$ ?:A +6 ($7'1: J +6 (+8CA: *+'+ B+A $/+8C+ ?A:7:C:A *+
B$6D*^:8(DAB:B[18G+BC1/$(1:8+B[:'A$B*+C+$CA:[7DB1($6+B[C:*:?$A$
@D++6$6D78$*:$?A+8*$$(:7+A*+.:A7$B$6D*$'6+[B18@D++66:6+
BD?:8/$bD8($BC1/:c[D8$17?:B1(1;8iC1+8+B@D+_8:(:7$B*++BC:
?:A@D+8:+BB$8:_*+'+B(:7+A+BC::CA:_[+C(^j^:@D+B+*+B(D'A+
?:A B2 71B7: 7+*1$8C+ 18G+BC1/$(1;8[ G1G+8(1$[ +7:(1;8[ +C(^ B1+7?A+
B+A% D8 $?A+8*1K$4+ 7%B B1/81.1($C1G: J *DA$*+A: @D+ +BCD*1$A6: +8
61'A:B[G+A6:+8?$8.6+C:B:($AC+6+B?D'61(1C$A1:B^B0$'1CD$6+8(:8CA$A
6:B *2?C1(:B B:'A+ $617+8C$(1;8 B$6D*$'6+ +8CA+/$*:B $ C:*:B 6:B
$6D78:B*+6(+8CA:[+86$B?$?+6+A$B*+(+8CA:B+*D($C1G:Bi:18(6DB:
C1A$*:B?:A+6BD+6:j+671B7:*2$*+BD+8CA+/$^
• (C1G1*$*+B *+ +8B+9$8K$e$?A+8*1K$4+ *:8*+ +6 ?A:*D(C: .18$6 B+$
C$8/1'6+JG1B1'6+?:AC:*$6$(:7D81*$*+*D($C1G$^A:?D+BC$B(:7:6$B
@D+B+7D+BCA$8+86$.1/DA$|[?D+*+8B+AA+$61K$*$B?:A6:B$6D78:B^
e~e
A^
"JA^#
+);8\L$AC+6+B(:8($8C1*$**+$KE($A@D+66+G$($*$$617+8C:?A:(+B$*:[
A+$61K$*:B?:A6:B$6D78:B*+6
6@D+A2$BiDA(1$j*DA$8C++6?A:J+(C:&0:*@
8+%@^'$4:$6$*+A+(0$[(;*1/:$+BC+?A:J+(C:]
0CC?]dd+.$D6$G1ACD$6$6@D+A1$B^'6:/B?:C^(:7^+Bd?d0+$6C0Je.A1*$J^0C76^
ee
"
8D+BCA:014:*+y$9:B(D$8*:?A+C+8*+(ADK$A6$($AA+C+A$71+8CA$B?$B$8
(:(0+BJ8:6+?+A71C+B?$B$A?:A+6?+61/A:@D++66:(:866+G$[8:*+'+7:B
?+A71C1A@D+(:8BD7$8(1+AC:B?A:*D(C:B(:7+BC1'6+B@D+8:B:6:?D+*+8
*+B+8($*+8$A D8$ .DCDA$ +8.+A7+*$* ($A*1:G$B(D6$A[ B18: @D+ C$7'1-8
?D+*+8$6C+A8$ABD71(A:'1:C$18C+BC18$6J*$9$ABD*+B$AA:66:(+A+'A$6^
8(:8(6DB1;8[Z(D%6+B6$(6$G+*+6$8+DA:(1+8(1$*+6$$617+8C$(1;8?$A$
:?C171K$A+6.D8(1:8$71+8C:(+A+'A$6Y:@D+J$B$'2$7:B18CD1C1G$7+8C+]
*+B$JD8$ (:7: D8 A+J[ $67D+AK$ (:7: D8 ?A28(1?+ J (+8$ (:7: D8
7+8*1/:[B1+7?A+B$6D*$'6+(:8$617+8C:B8$CDA$6+B^
ee
A^
"JA^#
xz^$8B:8[^J+8*1DB[^iywxyj^0#&8&"84%&;%L2&;84#+&2#+%&0(&0+#+%%I
&0148@09"+%;8,L$8C$8*+A]16A$K:8+B^
x{^$G1B[^^JA1BeC0+AC:8[^^iywwzj^G01+G18/:?C17$6+BB+8C1$6.$CCJ$(1*BC$CDB
18G+/+C$A1$8B](DAA+8C58:H6+*/+$8*?A$(C1($617?61($C1:8B^1&8+#24;820
4(0+2+#0;:8+:+42I^_izj[}{we}{}^
x|^$A(+A/-B[^iywx~j^
899";&29L;+%:;90;%#4202;:8+#+52&=40;:+=L
7$C*1C:A1$6^
x}^ :A$[
^ iywxzj^ &;84&%;##+52L 504 9& 6;&%& 68&2%&8 7;&004 7;& 9& 1L
$*A1*]61$8K$*1C:A1$6^
x~^ ;7+Ke18166$
^ J J$/1 ^ iywxzj^ 1+C $8* (:/81C1:8] 18C+A?6$J '+CH++8 (+66
7+C$':61B7 $8* 8+DA:8$6 ?6$BC1(1C^ ;88&2: 6+2+42 +2 0+2+#0 ;:8+:+42 2%
&:"40+#8&IX]i}j[~y}e~zz^
x^++DB+8[^iywx{j^I(+A(1B+[8DCA1C1:8$8*C0+'A$18^648:9&%+#+2&I[[ixj[{~e
|}^
x^18166$[^[$A'+A[^J:8K%6+K;?+Ke$6(%A(+6[^iywx~j^0#49:&%&0&2(&81&%%
64:&2#+01&2:&68&=&2+"0&&2963L$*A1*]
D8*$(1;8
^
yw^C1667$8[^^[:0+8[^[+07$8[^^JA1(5B:8[^
^iywx}j^0JB1($6$(C1G1CJ$8*
(:/81C1G+ ?+A.:A7$8(+] A+G1+H :. 7+*1$C18/ 7+(0$81B7B $C 7D6C1?6+ 6+G+6B^
842:+&89+2;12&;849#+&2#&IXW[}y}^
yx^ +0/0$8[ ^ +C $6^ $8* A:B?+(C1G+ A'$8 DA$6 ?1*+71:6:/J ij BCD*J
18G+BC1/$C:AB^ iywx~j^ BB:(1$C1:8B :. .$CB $8* ($A':0J*A$C+ 18C$5+ H1C0
($A*1:G$B(D6$A*1B+$B+$8*7:AC$61CJ18x(:D8CA1+B.A:7.1G+(:8C18+8CBij]
$?A:B?+(C1G+(:0:ACBCD*J^$8(+C[{\zwixwxw~j[yw|weyw}y^
yy^:7+A[^ix|j^ 44%2%144%K*၀&:&);+%&:4&:+2)>&002%(&&0+2)@4;8
"&9:^+H":A5]+8AJ:6C^
yz^:B(0+8^^[ 1+B+A[^J+A'+AC[^^iywxyj^1+C$AJ
$(C:AB]$4:A+/D6$C:AB
:.C0+DCmB1(A:'1:C$^
;:+=&8I]i{j[{xxf{x}^
y{^ $C:AA+ ^[ $JD8C$[ ^[ A$B$ ^[ $BCA: ^[ $A*: ^[ :7:66;8
^[ 6($6*+ ^
^ J
+B:8+A:[ ^^ iywx}j^
8C+BC18$6 B+A:C:818 CA$8B?:AC+A C801'1C1:8 'J C:66e615+
A+(+?C:Ay$(C1G$C1:8^.++*'$(57:*D6$C1:8^4IXXixyj^
y|^$678&B[^^^[:H$8[^^:70:.[^^[D[^+17+A[^^$8B^:/+6[^^[
1CC+6[^^J0+$A+A[^iywx{j^:He:B+B?$AC$7+:8BD7?C1:81..+A+8C1$66J
..+(CBDC1(A:'1:C$e:BC+C$':61(
8C+A$(C1:8B18C0+1+Ce
8*D(+*'+B+
$C^42&I`ixwj^
exwwe
"
y}^D8B+C[^iywx~j^8:91+92+&:9L4%4047;&*&68&2%+%4@1&*#4214=+%4
iyL*^j^$A(+6:8$]::5+C^
y~^ +17$8[ ^^ J A++8H$J[
^^ iywx}j^ 0+$6C0J /$BCA:18C+BC18$6 71(A:'1:7+ 1B
*+?+8*+8C:8*1+C$AJ*1G+AB1CJ^40&:"I\i|j[zx~fzyw^
y^
A$8(:eDA(1$[^iywx}j^014824&99;(+#+&2:&LA$8A+C$9$^7$K:8^
y^+661(+A:J:[
^[;?+K:8K%6+K[^[$C+D+AA$[^[+BCA+B$BC:A[^[+A1CI+66\[
^^JD1K7+9$($[^^iywx|j^+DA:
^$A+G:6D(1;8*+6$*D($(1;8
2B1($
*+B*+6$+DA:(1+8(1$^$A(+6:8$^*1C:A1$6
^
zw^$BD6C:[^iywxzj^&1&*#&"40L;2%424#41&2#4147;&8&1497;ƜL
$A(+6:8$]+':6B166:6$G+^
zx^$8/[^[16/+A[^^J:08B:8[^ ^iywxwj^DC+:6181801'1CB71(A:/61$$8*$6C+AB
01??:($7?$6e*+?+8*+8C B?$C1$6 H:A518/ 7+7:AJ 18 $/+* 71(+^ 4;820 4(
;:8+:+42IX[WSxwj[xyex^
zy^17-8+K[^iywx|j^47;&%+#&0#+&2#+68%&0)A8%&(481( #+0@90;%"0&^
$A(+6:8$]6$C$.:A7$^
zz^ 17-8+K[ ^ iywx{j^ 4 7;& %+#& 0 #+&2#+ 94"8& %+&:9I 0+1&2:#+52 @ 90;%^
$A(+6:8$]6$C$.:A7$^
z{^ $B+8C:[ ^^ iywx{j^ ..+(CB :. 0J*A$C1:8 BC$CDB :8 (:/81C1G+ ?+A.:A7$8(+ $8*
7::*^8+:+9*4;8204(;:8+:+42IXXXixwj[x{xex|y^
exwxe
A^
"JA^#
exwye
"
M9,51'9%"&("3"1:?A:.+B:A+86$81G+AB1*$*$7;86D66^
N424#&:;8+=0@=&2#&8 9I#425#&:&:+1+914@9&8 9+2=&2#+"0&OL
;2A;I&08:&%&0);&88LS\WWT
8 6$ $(CD$61*$*[ $ 7D(0:B *+?:AC1BC$B B+ 6+B $CA1'DJ+ 6$ +C1@D+C$ *+ B+A
?:(:(:7?+C1C1G:B^8+.+(C:[7D+BCA$8/A$8*+B(:7?+C+8(1$B*DA$8C+6:B
+8CA+8$71+8C:B@D+*+B?D-BB:818($?$(+B*+CA$8B.+A1A$6$(:7?+C1(1;8[
6:@D++B*+'1*:?A18(1?$67+8C+$6:B$B?+(C:B(:/81C1G:BJ7+8C$6+B^8
+BC+B+8C1*:[6$61C+A$CDA$(1+8C2.1($*+BC$($@D+6$.A:8C+A$+8CA+$@D+66:B
@D+*$A%8+6B$6C:$6$+61C+J6:B@D+8:6:(:8B+/D1A%8[8:*+?+8*+A%C$8C:
*+6C$6+8C:188$C:[816:B(:8:(171+8C:BC%(C1(:B[81+6+BC$*:.2B1(:[81C$8
B1@D1+A$ *+ BD ($?$(1*$* *+ CA$'$4:\ B+A% 6$ *17+8B1;8 (:/81C1G$ J
+7:(1:8$6 6$ @D+ ?+A71C1A% $6 *+?:AC1BC$ C+8+A D8 A+8*171+8C: ;?C17: J
$6($8K$ABDb#:8$*++B$AA:66::C+8(1$6c^
+.:A7$@D+C+8+A+6(:8CA:6*+6$B1CD$(1;8$G+(+BA+BD6C$17?:B1'6+[?+A:
(:8CA:6$A6$BA+$((1:8+B+7:(1:8$6+B+8*+C+A718$*$B(1A(D8BC$8(1$BB2@D+
B+ ?D+*+ +8CA+8$A^ 8 +BC+ ($?2CD6: +I?61($A+7:B @D- +B 6$ 18C+61/+8(1$
+7:(1:8$6 i
j[ @D- C-(81($B ?+A71C+8 $ 6:B *+?:AC1BC$B /+BC1:8$A BDB
+7:(1:8+B J @D- A+6+G$8(1$ C1+8+ +6 BD+9: ?$A$ +6 A+8*171+8C: J +6
+@D161'A1:+7:(1:8$6^
8*+.181C1G$[6$?B1(:6:/2$*+6A+8*171+8C:?D+*+B+A$?61($*$C$8C:$81G+6
6$':A$6 (:7: *+?:AC1G: : $($*-71(:^ $B C-(81($B *+ $DC:(:8CA:6[ +6
?A:(+B:*+(:$(018/[+6*:7181:*+6$B(A++8(1$B[6$?6$81.1($(1;87+C;*1($[
6$
J +6 +BC16: *+ G1*$ B+A%8 6$B G$A1$'6+B ?A18(1?$6+B $ *+B$AA:66$A ?$A$
$6($8K$A6:B:'4+C1G:B?A:?D+BC:B^
WM
+(1+8C+7+8C+[ 6$B 8+DA:(1+8(1$B J 6$ ?B1(:6:/2$ 0$8 +I?+A17+8C$*: D8
($7'1: A$*1($6 +8 BD (:8(+?(1;8 J +B $0:A$ (D$8*: B+ +8.$C1K$ 6$ /A$8
A+6+G$8(1$ *+6 (+A+'A: +7:(1:8$6[ 7%B $66% @D+ D8 A+*D(C: *+6 ?$B$*:[
+B+8(1$6?$A$+8C+8*+A8D+BCA:(D+A?:J8D+BCA:B?+8B$71+8C:B[.D+8C+*+
1*+8C1*$*JG$6:A+B[+8/+8+A$6B+A+.1+A+$C:*:6:@D+*$B+8C1*:$6$G1*$^
6?A17+A$AC2(D6:(1+8C2.1(:B:'A+
+B+6*+6:B?B1(;6:/:B$6:G+JJ$J+A
+8xwx@D+6$*+.181+A:8(:7:N;29;"#42.;2:4%&0+2:&0+)&2#+94#+0
exwze
^
exw{e
"
18C+A(:8+I1;8+8CA+$7':B^(:8C18D$(1;8[?:8+7:B$6/D8:B+4+7?6:B*+
.A$B+B@D+B+A+?1C+8($*$*:718/:*+B?D-B*+6:B?$AC1*:B]
N+&9&.;)%48*;"+&81;&"0%49;#"&ALLL%52%&*"8,00&)%4LLL7;'
6&2O
N97;&08"+1&6;&%&I1&#+&)@1&&?6;09201,2+1LLL&99;6&8+48
1,LLLO
N4:&2)40#"&A&2&068:+%4I#42049684"0&197;&:&2)4&21+=+%
24810LLLO
1/<*"&59
B *+7$B1$*: 0$'1CD$6 +B(D(0$A +I?A+B1:8+B (:7: 6$B $8C+A1:A+B^ $J
7D(0:B 4D/$*:A+B C$6+8C:B:B C-(81($7+8C+[ ?+A: $ 6$ G+K $8$6.$'+C:B
+7:(1:8$67+8C+[ @D+ 8: B$'+8 /+BC1:8$A BDB +7:(1:8+B[ B+ .ADBCA$8 (:8
.$(161*$*[B:8+I?D6B$*:B$6$?A17+A$?A:G:($(1;8:8:B$'+818C+/A$AB++8
D8+@D1?:[$*+7%BB+N&2%+492O(:8.$(161*$*_iG-$B+(:7:(6$A:+4+7?6:
$6/D8:B4;G+8+B4D/$*:A+B@D+C1+8+8D8$/A$8?A:J+((1;8[B+CA$B?$B$8?:A
($8C1*$*+B7166:8$A1$B[?+A:8:+8(D+8CA$8D8+@D1?:@D+6:B@D1+A$8[8:
?:ABD81G+6J?:C+8(1$6[B18:?:ABD$(C1CD*j^
D(0:B?$*A+BG+8$68D+G:+BB1:$.$$*$6?A:J+(C$*:B+8BDB014:B[
(D$8*: +7?1+K$ $ *+BC$($A +8 +*$*+B C+7?A$8$B ?:A +8(17$ *+ BDB
(:7?$9+A:B_[B18+7'$A/:[6:B+8CA+8$*:A+BB+7D+BCA$87DJ($DC:B?:A
BD+I?+A1+8(1$+8$?:BC$A?:AD84D/$*:A*+BC$($*:?+A:@D+*1.2(167+8C+
66+/$A%$6$-61C+^+0+(0:[B;6:6$71C$**+6:BC:?xw4E81:A7D8*1$666+/$A%
$6/E8*2$$+BC$A+8CA+6:BC:?Bxww$'B:6DC:z^B?:A+B:@D+6:B(:8:(1*:B
(:7: N9#4;:9O *+6 *+?:AC+ *+'+A2$8 (:8C+7?6$A 6$
+8 +6 7:7+8C: *+
+6+/1A$D84D/$*:A^8+BC+B+8C1*:[$6/D8$B.+*+A$(1:8+BJA+?A+B+8C$8C+B
*+4D/$*:A+BJ$+BC%8B:61(1C$8*:$6:B?A:.+B1:8$6+BA+$61K$A18.:A7+BB:'A+
$6/E84D/$*:AC$6+8C:B:?$A$18C+8C$A?A+*+(1ABD?:B1'6++G:6D(1;8(:8+6
C1+7?:^ 8 *1(0: 18.:A7+ 8: B:6$7+8C+ B+ 0$ 18(6D1*: 6$ ($?$(1*$* *+
BD?+A$(1;8*+6$?A+B1;8[6$.ADBCA$(1;8JBD$DC:7:C1G$(1;8B18:B:'A+C:*:
BD+8C:A8:.$7161$A187+*1$C:^
A$8*+B*+?:AC1BC$B0$8BD(D7'1*:$6+AA:A?D8CD$6*+8:?:*+A(:8C+8+A
6$B+7:(1:8+B\?:A+4+7?6:[$6/D8:B(:8B1*+A$8@D++6$A'1CA$4++B184DBC:J
?$/$8BD.ADBCA$(1;8(:86:B$*G+AB$A1:B^+?:AC1BC$B@D+*+'+8$?A+8*+A$
*+C+(C$A+617?D6B:*+6$1A$JB$'+A(:8CA:6$A6:+8+67:7+8C:$*+(D$*:^
Z"+6?:6-71(:C+81BC$[+I8E7+A:x7D8*1$6[:08(8A:+Y$A+(+@D+-6
+B($B:$?$AC+[B+/E8(D+8C$+8BD1:/A$.2$]b&8+4;9O{+A$($?$K*+7:8C$A
exw|e
^
+6B0:HJ6D+/:A+(D?+A$AB+*+187+*1$C:?$A$B+/D1A4D/$8*:[71+8CA$BBD
A1G$6C:*$G2$+BC$'$+8D8+BC$*:+7:(1:8$6(:8BC+A8$*:_+?:AC1BC$B$6:B
@D+ +6 (:7+8C$A1: :.+8B1G: J *+B?+(C1G: *+ BDB A1G$6+B $6C+A$8 BDB
+7:(1:8+B @D+ *+B+8($*+8$8 +8 $/A+B1:8+B J +I?D6B1:8+B\ /+81:B *+6
*+?:AC+ +8 6$B ($8(0$B[ 6$B ?1BC$B J 6:B +BC$*1:B 8:B A+(D+A*$8
(:8C18D$7+8C+6$17?:AC$8(1$@D+6$
C1+8++86$G1*$?A:.+B1:8$6JG1C$6^
$B +7:(1:8+B 4D+/$8 D8$ ?$AC+ 18C+/A$6 *+6 *+B$AA:66: J A+8*171+8C:
*+?:AC1G: $ $*@D1B1(1;8 ?:A ?$AC+ *+6 *+?:AC1BC$ *+ 6$ *+8:718$*$
?+A71C1A% 718171K$A 6:B +.+(C:B 8+/$C1G:B *+ 6:B +BC$*:B *+ +BCA-B J
$8B1+*$* @D+ 6$ (:7?+C1(1;8 /+8+A+[ $6 71B7: C1+7?: @D+ ?+A71C1A%
?:C+8(1$A +BC$*:B ;?C17:B *+ 7:C1G$(1;8 J (:8(+8CA$(1;8|e~^ :B
?:*A2$7:B.:A7D6$A6$?A+/D8C$Z@D-0$JG1G:*+8CA:*+72Y?$A$?:*+A
C:7$A (:8(1+8(1$ *+6 +BC$*: +7:(1:8$6 @D+ B+ C1+8+ +8 +B+ ?A+(1B:
7:7+8C:i?+A(+?(1;8+7:(1:8$6j[+8C+8*+A+6?:A@D-*++B+B+8C171+8C:
i(:7?A+8B1;8 +7:(1:8$6j[ *+(1*1A B1 +B +6 $*+(D$*: ?$A$ *+B$AA:66$A BD
*+?:AC+ i.$(161C$(1;8 +7:(1:8$6j J 7$8C+8+A : ($7'1$A +B+ +BC$*: B1 +B
?A+(1B:i/+BC1;8+7:(1:8$6j^
+ 7:*: @D+ +8 (D$6@D1+A B1CD$(1;8 *+?:AC1G$[ 6$B +7:(1:8+B
18+G1C$'6+7+8C+C+8*A%8D8?$?+6*+BC$($*:[6:B*+?:AC1BC$B?:A7DJ.A2:B
@D+ B+ 7D+BCA+8 8: B:8 A:':CB J B1+7?A+ *+'+7:B +8C+8*+A (:7: +B$
$((1;8 *+ 4D+/: $.:ACD8$*$ : *+B$.:ACD8$*$ 17?$(C$ +8 BD +BC$*:
+7:(1:8$6 J 6: *+B$4DBC$^ 6/D8:B +4+7?6:B B+A2$8 (D$8*: D8 *+?:AC1BC$
+BC%$8B1:B:6$8:(0+$8C+B*+D8?$AC1*:[:.ADBCA$*:*+B?D-B(:7+C+AD8
.$66:J+B(D(0$6$G:K*+BD?$*A+@D+6:A+(A1718$_[71+8CA$B@D+$BDG+K
D8(:7?$9+A:BDJ:6:71A$(:8?+8$?:A8:?:*+A4D/$A$6+BC$A6+B1:8$*:\
+6 +8CA+8$*:A @D+ A+$((1:8$ +8.$*$*: ?:A D8$ *+(1B1;8 *+6 %A'1CA: J
$*+7%BB+$6C+A$?:A6:B18BD6C:B@D+A+(1'+*+B*+6$B/A$*$B*+6?$AC1*:_[
C:*:B+66:BB:8+BC$*:B+7:(1:8$6+B@D+?D+*+8$.+(C$AB1/81.1($C1G$7+8C+
+6A+BD6C$*:*+64D+/:^
D(0:B *+ 8D+BCA:B 0%'1C:B +8 +6 *+?:AC+ B:8 *+'1*:B $ A+?+C1*$B
+I?+A1+8(1$B+7:(1:8$6+B@D+0$8@D+*$*:17?A+B$B+88D+BCA:B(1A(D1C:B
8+DA:8$6+B[ ?:A@D+ 6$ +8+A/2$ +7:(1:8$6 8+/$C1G$ A+.D+AK$ +6 +AA:A +8
8D+BCA$7+8C+[71+8CA$B@D+6$B0D+66$B+7:(1:8$6+B?:B1C1G$B$JD*$A%8$
8D+BCA:A+8*171+8C:;?C17:^:A+66:[$6:B*+?:AC1BC$BB+6+B*$7+4:A4D/$A
+8D8($7?:*:8*+0$8/$8$*:?A+G1$7+8C+[:G+7:B4D/$*:A+B@D+$8C+B
*+*1B?DC$AD8?$AC1*:G1BD$61K$8BDB7+4:A+B7:7+8C:B*+?:AC1G:B?$A$
7+4:A$A 6$ (:8.1$8K$_[ 8: :'BC$8C+[ C$7'1-8 G+7:B 7D(02B17:B
+8CA+8$*:A+B@D++86D/$A*+A+.:AK$A+B$(:8.1$8K$6$+61718$8$?+6$8*:
exw}e
"
$6$BD?+A1:A1*$**+6A1G$6:$*G1AC1+8*:*+6:B?D8C:B*-'16+B*+6+@D1?:J
4D/$*:A+B^
8*+.181C1G$[+618C+A-B+8+6*+?:AC+?:A6$
($*$G+KG$B1+8*:7$J:A[^
$
.D+$8$61K$*$+8*+?:AC1BC$B*+(18(:*+?:AC+B(:6+(C1G:B[(6$B1.1($*:B
+8CA+B81G+6+B*+?+A1(1$[+7?6+$8*:6$G+AB1;8+B?$9:6$*+6
8G+8C$A1:*+
*+ (0DCC+^ :B A+BD6C$*:B 7:BCA$A:8 @D+ 6$
4D+/$ D8 ?$?+6
(:AA+6$(1:8$6J*+7$J:A17?:AC$8(1$$7+*1*$@D+B+18(A+7+8C$+681G+6
*+ ?+A1(1$[ J @D+ 6:B *+?:AC+B *1.1+A+8 +8 6$B *+7$8*$B *+ +I1/+8(1$B
+7:(1:8$6+BJA+(6$7$8D8DB:G$A1$'6+*+6:BA+(DAB:B+7:(1:8$6+B?:A
?$AC+*+6:B*+?:AC1BC$Bxw^
",2759;"3%,"&'1""<;599'*<1"%,63
6?B1(;6:/:*+C$8.:A* $6C+A1B(0+6.D++6(A+$*:A*+6+I?+A17+8C:*+
6$ 8D'+xx^ 8: *+ 6:B +I?+A17+8C:B 7%B 17?:AC$8C+B *+ 6$ 01BC:A1$ *+ 6$
?B1(:6:/2$J@D+8:B*1A+((1:8$80$(1$6$17?:AC$8(1$@D++6$DC:(:8CA:6J
6:B+.+(C:B@D+*+7:A$A6$/A$C1.1($(1;8187+*1$C$C1+8++88D+BCA$BG1*$B[
$ 81G+6 +*D($C1G: J *+?:AC1G:[ ?:A 6: @D+ 6$ *17+8B1;8 @D+ C:7$ 6$
$DC:AA+/D6$(1;8 +B (6$G+ ?$A$ :'C+8+A D8 'D+8 A+8*171+8C:^ 8 x}w[
$6C+A.D+$6$/D$A*+A2$*+BD014$*+}$9:BJ+6+I?+A17+8C:(:8B1BC2$+8
?:8+AB:'A+D8$7+B$D8$/:6:B18$:D8$/$66+C$$6:B819:BJ819$B@D+
C+82$8*:B:?(1:8+B]C+6$?D+*+BC:7$A$0:A$[:C++B?+A$BD8:B718DC:B
JC+*$A-D8$B+/D8*$D81*$*_
A$B yw $9:B[ 1B(0+6 +8CA+G1BC; $ 6:B 819:B @D+ ?$AC1(1?$A:8 +8 +6
+I?+A17+8C:JB+0$'2$8(:8G+AC1*:+8$*D6C:B[J6:BA+BD6C$*:B7:BCA$'$8
D8$$6C$(:AA+6$(1;8+8CA+@D1+8+B.D+A:8($?$(+B*++B?+A$A$6$B+/D8*$
/:6:B18$JD8*+B$AA:66:7%B+.1($K*+6$B.D8(1:8+B+4+(DC1G$BD81*:$D8
-I1C: .DCDA: C$8C: $ 81G+6 *+ 7+4:A+B A+BD6C$*:B $($*-71(:B[ 7$J:A+B
18/A+B:B +(:8;71(:B[ 7+8:B ?A:'6+7$B (:8 6$ 4DBC1(1$[ 7+8:A :'+B1*$*[
7+8:A(:8BD7:*+*A:/$BJ*+$617+8C:B'$BDA$[+8/+8+A$6[+I1BC2$D8$
7$J:A ?+A(+?(1;8 *+ B$6D* J .+61(1*$* +8CA+ @D1+8+B ?:B?DB1+A:8 6$
/A$C1.1($(1;8187+*1$C$^
0:A$'1+8[B10$/:+BC$?AD+'$+8($B$J71014:B+(:7+6$8D'+[Z*+':
?A+:(D?$A7+Y 2[ ?+A: +8 +6 'D+8 B+8C1*: *+ 6$ ?$6$'A$[ 0$J 819:B @D+
C1+8+8 7%B : 7+8:B *+B$AA:66$*$ +B$ K:8$ (+A+'A$6[ B18 +7'$A/:[ $
*1.+A+8(1$*+6(:8(+?C:(6%B1(:*+18C+61/+8(1$@D+?$A+(+'$BC$8C++BC$'6+[
6$
J6$B.D8(1:8+B+4+(DC1G$B?D+*+*+B$AA:66$AB+(:8D8'D+8+8C:A8:J
D8$B?$DC$B*+$DC:(:8CA:6^ $6C+A+A$D8.D7$*:A*+z?$@D+C+B$6*2$+
exw~e
^
18($?$K*+*+4$A*+.D7$A[0$BC$@D+D8*2$:'B+AG;(D%6+B+A$86:B+.+(C:B
*+6(%8(+A*+?D67;8+8+6(D+A?:[+B$17$/+8($7'1;BD?+A(+?(1;8*+6
+BC27D6:C$'$(:[@D+$8C+A1:A7+8C+6+?A:?:A(1:8$'$A+6$4$(1;8J?6$(+A[
?:A 6: @D+ *+ +BC$ .:A7$ ?D*: (:8CA:6$A +6 17?D6B: *+ .D7$A_ $6C+A
+8C+8*1; @D+ B1 6:B 819:B +A$8 ($?$(+B *+ ($7'1$A BD ?A:?1$ ?+A(+?(1;8
C+8*A2$87%B($?$(1*$**+$DC:(:8CA:6[$B2@D+17$/18$AB+?:A+4+7?6:@D+
6$8D'++A$D8$.:C:/A$.2$J@D+8:B+?:*2$(:7+A[6+B$JD*$'$$(:8CA:6$A
+617?D6B:^
BC+ +BCD*1: C$7'1-8 8:B ?D+*+ :A1+8C$A +8 6$ 17?:AC$8(1$ *+ 6$
J +6
$DC:(:8CA:6?$A$.$G:A+(+A6$*1B(1?618$[C$8G+8+A$*$?:A6:B+8CA+8$*:A+B[
?$*A+BJ?A:.+B:A+B+8BDB014:B[$C6+C$B:+BCD*1$8C+B_:A+4+7?6:[+BC$
*+7:A$ *+ 6$ /A$C1.1($(1;8 ?:*A2$ $?$A+(+A +8 +B+ +BCD*1$8C+ @D+ *+'+
*+(1*1A +8CA+ 0$(+A 6: @D+ 6+ $?+C+(+ +8 $@D+6 ?A+(1B: 18BC$8C+] 71A$A 6$
C+6+G1B1;8 J +BC$A A+6$4$*: +8 +6 B:.% G1+8*: D8$ B+A1+ @D+ 6+ /DBC$
i/A$C1.1($(1;8 187+*1$C$j : 0$(+A $@D+66: @D+ +8 +B+ 18BC$8C+ 8: 6+
?A:*D(1A% ?6$(+A 187+*1$C: B18: @D+ BDB '+8+.1(1:B 66+/$A%8 +8 B+7$8$B[
7+B+B : $9:B[ ?$A$ (:8B+/D1A 6$ ?A:.+B1;8 @D+ 6+ /DBC$[ $?$/$8*: 6$
C+6+G1B1;8 J ?:81-8*:B+ $ +BCD*1$A_ : D8 *+?:AC1BC$ C$7'1-8 *+(1*1A%
*1$A1$7+8C+ 1A $ *:A71A ?A:8C: ?$A$ *+B($8B$A J +BC$A $6 xww $6 *2$
B1/D1+8C+:B$61A(:86:B$71/:B$C:7$AD8$(+AG+K$_
'1"%,63'3;9'"<;5%53;951'25%,53"1A9'3&,2,'3;5
$A+6$(1;8+8CA+$(C1G$(1;8JA+8*171+8C:G+A1.1($6$17?:AC$8(1$*+A+/D6$A
+6+BC$*:+7:(1:8$6*+$(C1G$(1;8?$A$$(CD$A(:8D881G+6*+A+8*171+8C:
;?C17:+8D8$C$A+$(:7?6+4$+B?+(2.1($^16:B81G+6+B+BC%8?:A*+'$4:*+6
81G+6;?C17:*+$(C1G$(1;8[B+8C1A+7:B6$B?1+A8$B?+B$*$B[+BC$A+7:B?:(:
$C+8C:B[ (:8 B+8B$(1;8 *+ ?+A+K$ J 6+8C1CD* *+ A+.6+4:B J +8 6$ C:7$ *+
*+(1B1:8+B^ 1 +BC$7:B ?:A +8(17$ *+6 D7'A$6[ 8D+BCA: A+8*171+8C:
C$7'1-8 B+ G+A% ?+A4D*1($*:[ 8:B B+8C1A+7:B $0:/$*:B[ C:7$A+7:B
*+(1B1:8+B ?A+(1?1C$*$B[ ?+A*+A+7:B +6 A1C7:[ $D7+8C$A% 8D+BCA$
0:BC161*$*JC+8*A+7:B?+8B$71+8C:B*1BC:AB1:8$*:Bxy^:*+7:B+8C+8*+A
@D++6/A$*:*+$(C1G$(1;8?$A$A+$61K$AD8'D+8BH18/*+/:6.i628+$$KD6+8
+6/A%.1(:jB+A%7+8:A$6*+6':I+$*:A:+6(:AA+*:A*+xww7i628+$A:4$+8
+6/A%.1(:jJ0$BC$+8+671B7:*+?:AC++8(:8CA$7:B*1.+A+8(1$B[.14-7:8:B
+8 6$ B$61*$ $ ?1BC$ *+ *:B 4D/$*:A+B $8C$/;81(:B[ $.$ $*$6 0$(1+8*:
968+2:9J?+@D+9:BB$6C:B*+B*++6?A18(1?1:[71+8CA$B:/+A
+*+A+A'DB($
D8+BC$*:*+$(C1G$(1;87%BB+A+8:^$B1;8GB$6+8C:i.1/DA$xj^
exwe
"
MAX.
NIVEL DE RENDIMIENTO ZDP
MIN.
MIN. NIVEL DE ACTIVACIÓN MÁX.
xz
+);8XL+:A2$*+6$18G+AC1*$[$*$?C$*:*+"+A5+BJ:*B:8 ^86$/A%.1($B+
:'B+AG$+8+6+4+*+:A*+8$*$B+681G+6*+A+8*171+8C:[@D+B+A%;?C17:*+?+8*1+8*:
*+681G+6*+$(C1G$(1;8i+4+*+$'B(1B$Bj^
J<('::'9<3&'759;,:;"'25%,53"12'3;',3;'1,*'3;'I
6 7$J:A A1G$6 *+ 6:B 4D/$*:A+B BD+6+ +BC$A +8 BDB ($'+K$B[ ?:A 6: @D+ $
(:8C18D$(1;8B++I?:8+8D8$B+A1+*+?$DC$B@D+*+.18+8$D8*+?:AC1BC$
+7:(1:8$67+8C+18C+61/+8C+]
• ?A+8*+A $ (:8G1G1A (:8 +6 ':;9(:K @D+ +B D8 +BC$*: .1B1:6;/1(: @D+
A+BD6C$(D$8*:B+A+@D1+A+D8A+8*171+8C:BD?+A1:A$68:A7$6[C$8C:$
81G+6*+6$$(C1G$(1;8B17?%C1($[(:7:$81G+6(:/81C1G:J7DB(D6$A[@D+
(D$8*:+B(A;81(:(:866+G$D8$B+A1+*+CA$BC:A8:B+86$B$6D*.2B1($J
7+8C$6^
• :BCA$AB+G$61+8C+$8C+6:B2,'&5:^671+*:$D8$6+B1;8[$+7?+K$A
7$6D8?$AC1*:[$6$BDBC1CD(1;8[$6$A+$((1;8*+6$?A+8B$[$8:/DBC$A$6
+8CA+8$*:A[$.$66$A$8C+CDB?$*A+B^^^B:8A+$((1:8+B8:A7$6+B@D+B+
A+.6+4$8 +8 (D$6@D1+A ($C+/:A2$ *+6 *+?:AC+[ J$ B+$ (:7?+C1C1G: (:7:
A+(A+$C1G:^ 6 4D/$*:A *+'+A% $?A+8*+A $ (:8CA:6$A 6$B +7:(1:8+B @D+
*+A1G$8*+671+*:J@D+?D+*+866+/$A$(A+$A'6:@D+:.2B1(:J7+8C$6^
• +8+A +#$,;5: &' >,&" :"1<&"$1'[ C$7'1-8 (:8:(1*: (:7:
+8CA+8$71+8C: 18G1B1'6+\ +BC1A$A ?$A$ ?A+G+81A 6+B1:8+B[ B+A 01/1-81(:B[
66+G$A6:B+BCD*1:B$6*2$?$A$A+'$4$A+6+BCA-B[/+BC1:8$A'1+8+6C1+7?:[
(D1*$A6$$617+8C$(1;8[01*A$C$AB+(:8BC$8C+7+8C+[B+A*1B(1?618$*:+8
6:B+4+A(1(1:B?$A$.:AC$6+(+AJA+*D(1A+6A1+B/:*+6+B1;8JB:'A+C:*:
exwe
^
A+B?+(C$A+6*+B($8B:@D+A+$67+8C+8+(+B1C$7:B[8:B:6:*+($8C1*$*
*DA71+8*: 6$B 0:A$B @D+ 8+(+B1C$7:B[ B18: B:'A+ C:*: *+ ($61*$*[
0$(1-8*:6:(D$8*:C:($J+8'D+8$B(:8*1(1:8+B[(:7:?A+B+8C$A+7:B
$6.18$6*+6($?2CD6:^
• ':,1,'3%," $8C+ /A$8*+B *+(+?(1:8+B ?$A$ B+/D1A 7$8C+81+8*: 6$
$DC:7:C1G$(1;8[?$A$6D(0$A?:A6:B:'4+C1G:B7$A($*:B[B18@D+D8/:6
: D8$ +61718$C:A1$ $.+(C+ 8D+BCA: ?6$8 *+ C+7?:A$*$ : 8D+BCA$
+G:6D(1;8(:7:*+?:AC1BC$B^
• +8+A "<;5%53;951 J +8C+8*+A @D+ D8$ $DC:+I?D6B1;8 +B D8 $(C: *+
+/:2B7:'$B$*:+86$B?A:?1$B8+(+B1*$*+B+17?D6B:B[/:6?+$A$6A1G$6
B18 ?+8B$A +8 6$ A+?+A(DB1;8 @D+ +B: C+8*A% +8 +6 +@D1?:[ 4D/$A +8
18.+A1:A1*$*[:+8D8+8CA+8:(A+$AD8(617$*+C+8B1;8(:8D8$7$6$
A+B?D+BC$^
• 8.$*$AB+ ?:A 8: 4D/$A C:*: 6: @D+ *+'+A2$ B18 C+8+A 6$ '27";-" *+
?+8B$A+8@D-B1+8C+86:B*+7%B(:7?$9+A:B@D+?$B$87%BC1+7?:+8
+6'$8@D166:^
J<('::'9<3'3;9'3"&59'25%,53"12'3;',3;'1,*'3;'I
N0&2:8&2%48%&"&*#&8;24"81&9:8:4%49049%,9O4*244%&2
8+661'A:2:8&2%48,%&8L9+#404),%&648:+=680)&9:+52%&&7;+649
%&648:+=49x{ B+ +I?61($ 6$ CA$8B.:A7$(1;8 @D+ 0$ C+81*: +6 A:6 *+6
+8CA+8$*:A[J$@D+7%B$66%*+*:718$A6$B($?$(1*$*+BC-(81(:eC%(C1($B[
C$7'1-8*+'++*D($AJB+A+7:(1:8$67+8C+18C+61/+8C+^6+8CA+8$*:A+B+6
A+.6+4: *+6 +BC$*: *+ %817: *+6 +@D1?: J 8: *+'+ *+B?A+(1$A +6 (617$
+7:(1:8$6 *+6 /AD?:x|[ +8 +66: 6+ G$ +6 A+8*171+8C: J ?:A +8*+ BD
(:8C18D1*$* G2$ A+BD6C$*:B^ $ +7:(1;8 +B +6 G+A*$*+A: 7:C:A *+6
(:7?:AC$71+8C:[6$B?+AB:8$BB+7D+G+8?:A6$B+7:(1:8+B7%B@D+?:A
6$A$K;8[?:A6:C$8C:[+6+8CA+8$*:A*+'++8C+8*+A@D+?$A$@D+6+B1/$8
8:?D+*++I1/1AN6487;&04%+)4@4I46487;&1&90&%&049MO^:J+8*2$
+6 +8CA+8$*:A 7:*+A8: *+'+ (:8G+8(+A $ BDB ?D?16:B J B+A D8 7:*+6: $
B+/D1A[ @D+ $*+7%B *+ B+A (:7?+C1C1G: J @D+A+A /$8$A[ ?$A$ +66:[ B+
+BC$'6+(+86$BB1/D1+8C+B?A+71B$B]
• $'+A ;9"3:2,;,9 A %53;"*,"9 +D.:A1$[ 16DB1;8[ :?C171B7:[ (:8.1$8K$ :
CA$8@D161*$* $ 6:B 4D/$*:A+B^ G+(+B 0$J +8CA+8$*:A+B .D+A$ *+ B2[
/+BC1(D6$8*:+8-A/1($7+8C+[(:86$($A$A:4$$?D8C:*++8CA$A$6($7?:
?1*1+8*:_ b($67$c[ ?:A BD?D+BC:[ +6 4D/$*:A +B(D(0$ b($67$c ?+A:
?+A(1'+b?%81(:cJ+B:+B6:@D+6+CA$8B71C1A%BD?A:?1:+8CA+8$*:A^
• :7$A%53%,'3%,"'25%,53"1?$A$B$'+A@D-J?:A@D-B+B1+8C++8($*$
7:7+8C:[B:'A+C:*:B1CA$'$4$7:B(:8819:BJ819$B+8+*$*.:A7$C1G$
exxwe
"
J@D+B:87%BGD68+A$'6+B$6$BA+$((1:8+B+7:(1:8$6+B.D+A$*+6D/$A
@D+ ?D+*$ C+8+A[ 7D(0$B G+(+B ?A:G:($*$B ?:A ($DB$B +IC+A8$B $ 6$
?A:?1$?A%(C1($*+?:AC1G$(:7:?D+*+B+AD8$*1B(DB1;8(:86$?$A+4$[:
81G+6+B$6C:B*++BCA-B^
• 8+6*+B($8B:*+6:B?$AC1*:B[6:B+8CA+8$*:A+BC1+8+8@D++I?61($A+8
D8 +B?$(1: 'A+G+ *+ C1+7?: +6 :'4+C1G: @D+ @D1+A+8 ?$A$ +6 B+/D8*:
C1+7?: J ?$A$ +B: 8: 17?:AC$ C$8C: +6 *1(+8 B18: +6 6:
+I?A+B$8[ ?:A +B: *+'+8 ?A:J+(C$A $8C+A1:A7+8C+ $ 6$ (0$A6$ D8$
+7:(1;8 .D8(1:8$6 ?$A$ (:8B+/D1A CA$8B71C1A +B+ :'4+C1G:] (:8.1$8K$[
71+*:[ (:8(+8CA$(1;8[ B+A+81*$*_ B 0$'1CD$6 @D+ +6 +8CA+8$*:A +BC-
.D+A$*+(:8CA:6B1+6+@D1?:8:0$B+/D1*:BDB18BCAD((1:8+BJ$6+8CA$A
$6G+BCD$A1:+7?1+K$$G:(1.+A$ABD.ADBCA$(1;8?:A6$':($_?:A6:@D+
D8:B 718DC:B 7%B C$A*+ 6:B 4D/$*:A+B B$6C$8 $6 ($7?: (:8 D8 +BC$*:
+7:(1:8$6*+G+A/F+8K$+17?:C+8(1$@D+8:$JD*$A%$6$A+7:8C$*$^
• +AD8+B?+(1$61BC$*+6$%52<3,%"%,63[B$'+A18C+A?A+C$A6:B7+8B$4+B
+8(D'1+AC:B *+ 6:B 4D/$*:A+B[ (:8 BDB B16+8(1:B[ 6+8/D$4+ 8: G+A'$6 J
$(C1CD*+B[ ?$A$ ?:*+A $8C1(1?$AB+ $ ?A:'6+7$B @D+ 1A%8 (A+(1+8*: J
(:8G1AC1-8*:B+ +8 18B$6G$'6+B B1 B+ *+4$8 ?$B$A J 8: B+ $':A*$8 (:8
+.1($(1$^
• $'+A+4+A(+AD81,&'9"B*5&'25%9#;,%5[+B*+(1A[B$'+A+B(D(0$A$6:B
4D/$*:A+B ?$A$ @D+ B+ B1+8C$8 ?$AC2(1?+B *+ 6$ +G:6D(1;8 *+6 +@D1?:[
$D8@D+ (:7: 62*+A 6$ E6C17$ *+(1B1;8 *+'+ B+A A+B?:8B$'161*$* *+6
71B7:+8CA+8$*:A^$J@D++G1C$A$(C1CD*+B$DC:(A%C1($B[+86$B@D++6
+8CA+8$*:A *+(1*+ B18 (:8BD6C$A[ $B2 (:7: D8 61*+A$K/: *+6+/$C1G: +8
@D+B+(+*++6/A$8?+B:*+6$B*+(1B1:8+B$6:B4D/$*:A+B^
• '925&'15:[+*D($A$6:B4D/$*:A+B+8(:8(+?C:B*+?:AC1G:BJB:'A+
C:*:+8G$6:A+B?$A$6$G1*$^D8($:6G1*$A@D+CA$'$4$7:B(:8?+AB:8$B
E81($BJ+B?+(1$6+B[J@D+8D+BCA$:'61/$(1;8(:7:+8CA+8$*:A+BB+A%
(D1*$A BD '1+8+BC$A $*+7%B *+6 :'4+C1G: ?A18(1?$6[ ?:A D8 6$*: +8 +6
*+?:AC+(:7?+C1C1G:(:8B+/D1A+67%I17:A+8*171+8C:J[?:A:CA:[+8+6
*+?:AC+.:A7$C1G:/+8+A$A0%'1C:BB$6D*$'6+B^
• 1B?:8+A*++BCA$C+/1$B(:7D81($C1G$B?$A$(:8G+8(+AJ8+/:(1$A(:8+6
+@D1?:^ + 66$7$ ":'9;,>,&"& J +B +6 $AC+ *+ ?:*+A *+.+8*+A 8D+BCA:B
18C+A+B+BB186$8+(+B1*$**+:.+8*+A$6:CA:[?:*+A(:8B+/D1A7+*1$8C+
+6*:8*+6$?$6$'A$(:8G+8(+A$CDB4D/$*:A+B?$A$@D+0$/$8C$6(:B$
J@D+8:B1+8C$8@D+B+6:+BC%B17?:81+8*:^
• 9'"9%5+':,63/AD?$6[(:8B+/D1A@D+($*$4D/$*:A$(+?C++6A:6@D+B+
6+ 0$ $*4D*1($*: J $*+7%B B+ (:8B1*+A+ E81(: + 18CA$8B.+A1'6+ +8 6$
?6$8C166$[ (:8B1*+A$8*: @D+ BD .D8(1;8 +B (6$G+ ?$A$ +6 ?:AG+81A *+6
+@D1?:^ 6 +8CA+8$*:A C$7?:(: ?+A71C1A% @D+ B+ (A++8 BD'/AD?:B[
exxxe
^
D+A$ +8 6$B /A$*$B C$7'1-8 +BC% +8 4D+/: 6$
^ $ 18($?$(1*$* *+6
?:AC+8+A+7?$C2$0$(1$+B$?+AB:8$J+8C+8*+A@D+[$61/D$6
@D+D84D/$*:A[+6C$7'1-8B+?D+*++@D1G:($AJ@D+?$A$$A'1CA$A
C$7'1-8 B+ +BC% 61'A$8*: D8$ '$C$66$ +7:(1:8$6 18C+8B$[ ?$A$ ?:*+A
(:8C+8+A6$B+7:(1:8+B_[:6$($?$(1*$**+6_?$A$B+AB;6:?$*A+[
@D++B6:@D+8+(+B1C$BD014:[C+8+AD8?$*A+@D+6+$?:J+[8:@D+6+7+C$
7%B?A+B1;8816+*-18BCAD((1:8+B_J.18$67+8C+6$
C$7'1-8$?$A+(+A%
+86:B*+B?$(0:B[(:8D8:B*1A+(C1G:B@D+C+8*A%8@D+B$'+A7:G+AB++8CA+
(:6+/1$*:B[(:86$?A+8B$JBDB?D'61($(1:8+B18(+8*1$A1$B[(:8:CA:B(6D'+B[
A+?A+B+8C$8C+B[+C(^
3;9'3"2,'3;5'3"<;5%53;951'25%,53"1
N;07;+&86;&%&&2(%89&I&94&90)41;@9&2#+004L&84&2(%89*
06&8942%&#;%I&2&0)8%4&?#:4I&2&0141&2:44648:;24I#42&0
684659+:4 .;9:4 @ %&0 14%4 #488&#:4J &94I #+&8:1&2:&I 24 8&9;0: :2
9&2#+004OA1BC;C+6+B
8$ G+K $8$61K$*$ 6$ ?$AC+ 7%B C+;A1($ *+ 6$
J +6 *+B$AA:66: *+6
$DC:(:8CA:6[8:B(+8CA$A+7:B$0:A$+8+I?61($A$6/D8$B*+6$BC-(81($B7%B
?A%(C1($B @D+ ?:*+7:B DB$A ?$A$ +8CA+8$A +BC$B G$A1$'6+B (6$G+B +8 +6
A+8*171+8C:]
x^8CA+8$71+8C:+8b+4(&&%"#/ci1:](D+A?:J.++*'$(518.:A7$(1;8j]
+B D8$ C-(81($ @D+ B+ $(+A($ $ 6$ .16:B:.2$ :A1+8C$6[ CA$'$4$8*: 6$ D81;8
7+8C+e(D+A?:[ $?A:G+(0$8*: 6$B 8D+G$B C+(8:6:/2$B *+ ((1*+8C+[
$(CD$8*: *+ $7?61.1($*:A *+ ($7'1:B +8 8D+BCA: B1BC+7$ .1B1:6;/1(:
i(:8*D(C$8(1$/$6G%81($*+6$?1+6JG$A1$'161*$**+6A1C7:($A*1$(:j[@D+8:B
A+BD6C$A2$8 17?+A(+?C1'6+B[ ?A:?:A(1:8%8*:8:B 18.:A7$(1;8 :'4+C1G$ $
C1+7?: A+$6 7+*1$8C+ B+9$6+B G1BD$6+B : $D*1C1G$B[ ?$A$ @D+ 6$ ?+AB:8$
$*@D1+A$+6(:8CA:6G:6D8C$A1:*+D8$A+B?D+BC$.1B1:6;/1($x}^I1BC+8(D$CA:
:'4+C1G:B $ 6:/A$A (D$8*: B+ DC161K$ "+4(&&%"#/ +8 +6 +8CA+8$71+8C: *+6
A+8*171+8C: ;?C17: *+ 6:B $C6+C$Bx~] *+7:BCA$A +6 +.+(C: *+ 6:B
exxye
"
exxze
^
exx{e
"
7D(0:B?+A1:*:B?:(:?A:*D(C1G:B[(:7:71A$A6$CG:6$BA+*+BB:(1$6+B*+
6:B@D+(:8B+/D1A+6C1+7?:8+(+B$A1:+86D/$A*+B$(A1.1($A6$$(C1G1*$*7%B
17?:AC$8C+ *+6 *2$_ *:A71A[ J$ @D+ %481+149 68 64%&8 &9:8 "+&2
%&96+&8:49L
6N8=&8@O+BC%+8$6K$[+86$BC1+8*$B*+?:AC1G$B[($*$G+KB+G+87%B
+B?$(1:B *+*1($*:B $ 6$ A+(D?+A$(1;8 8DCA1(1:8$6[ '$C1*:B *+ ?A:C+28$[
(:7?6+7+8C:B?$A$$617+8C$(1;8[G1C$718$B_6:B*+?:AC1BC$B$7$C+DABB+
G$8+B?+(1$61K$8*:J($*$G+K7%B$(CE$8(:7:?A:.+B1:8$6+B[?:A6:@D+
?A:'$'6+7+8C+ +6 (:8CA:6 *+6 BD+9: B+A% 6$ 8D+G$ C+8*+8(1$ +8CA+
?A:.+B1:8$6+BJ+8$7$C+DAB^6*+6BD+9:+BD8C+7$7DJ(:7?6+4:i+I1BC+8
0$BC$~{CA$BC:A8:B*+6BD+9:*1.+A+8C+Bj@D+[B18+7'$A/:[+BD8($7?:
*$*: $6 61'A+ $6'+*A2: (:8 :?181:8+B J ?D'61($(1:8+B ?:(: (:8CA$BC$*$B
(1+8C2.1($7+8C+^
8D8$*+6$B+*1(1:8+B*+6$$A$C;8*+$A(+6:8$[6$:A/$81K$(1;8+8G1;
D8+7$16(:8D8$B+A1+*+(:8B+4:B?$A$$.A:8C$A6$($AA+A$[+8(:8(A+C:[6:B
A+.+A1*:B $6 A+.+A+8C+B $6 BD+9: 18*1($'$8 @D+ N68 %481+8:& 0 24#*&
2:&9I:51:&;2684:8&9%&#&8=&A9"+&2(8,9MOIN%;&81&64#4%;82:&
09&1268&=+I9,:&9&);89%481+8"+&2&0%,%&068;&"OI&:#L@D+
B+A2$C$8$'BDA*:(:7:$(:8B+4$A8:(+8$A81*+B$JD8$A[?$A$$B+/DA$AB+
@D+8:6+B+8CA$A$8/$8$B*+:A18$A:1A$6 ^^*DA$8C+6$($AA+A$^
:BA+(1-88$(1*:B+BC%8*+B(D'A1+8*:+67D8*:(:8BC$8C+7+8C+[?:A+B:
+BC%8/A$8?$AC+*+6*2$*DA71+8*:[?$A$?:*+A18C+/A$AC:*:B6:B8D+G:B
(:8:(171+8C:B J /+8+A$A (:8+I1:8+B B18%?C1($B\ 6:B $*:6+B(+8C+B $*+7%B
B+*+B$AA:66$80:A7:8$67+8C+JC1+8+8D8$/A$8$(C1G1*$*(:/81C1G$_?:A
6: @D+ $ /A$8*+B +B.D+AK:B[ /A$8*+B BD+9:B_ J +66:B 8+(+B1C$8
17?+A1:B$7+8C+*:A71Aexw0:A$Bd*2$\JB1/D1+8*:+BC$628+$+B*+B+8C1*:
(:7E8J+B.%(16*++8C+8*+A@D+D8*+?:AC1BC$@D+C1+8+D8/A$8*+B/$BC+
.2B1(:[8+(+B1C$A%7%B0:A$B*+.%'A1($?$A$A+(:7?:8+AC:*:+BC+*+B/$BC+
7DB(D6$A^8*+.181C1G$[6:B*+?:AC1BC$B8+(+B1C$8*:A71A*+$xw0*$*:BD
*+B/$BC+7+C$';61(:[8+(+B1C$8A+?$A$A(D+A?:J7+8C+?:A6$8:(0+^:B
*+?:AC1BC$B*+'+8B:9$A_+8(ADK$A6$7+C$*+66+/$*$J[B:'A+C:*:[B:9$A
61C+A$67+8C+?$A$?:*+A+BC$A+8(:8*1(1:8+B*++8CA+8$A$6xwwJ0$(+A
+B:BBD+9:BA+$61*$*^
>"1<"%,63&'1:<'45
$*$G+K7%BC+8+7:B?A+B+8C+6$18.6D+8(1$*+6:BA1C7:B(A:8:'1:6;/1(:B[
(:7: 6:B A1C7:B (1A($*1$8:B i$6A+*+*:A *+ 6$B y{0 (:7: +6 (1(6: BD+9:e
exx|e
^
G1/161$[ +6 (1(6: *+ 6$ C+7?+A$CDA$j[ +BC$7:B *1B+9$*:B ?$A$ B+/D1A D8:B
?$CA:8+B18*1G1*D$6+BJ+G$6D$A6:BJ$*$?C$A8:B$+66:B:?C171K$A%8D+BCA:
A+8*171+8C: J *+B($8B:^ 8 D8 .DCDA: 0$(+AB+ D8 +BCD*1: *+ 6:B A1C7:B
(1A($*1$8:B7+*1$8C+(A:8:eB+8B:A+Bi+8.:A7$*+A+6:4j+BC$A%$6$:A*+8
*+6 *2$ C$6 (D$6 8:B 0$(+7:B +BCD*1:B *+ 6$B K:8$B ;?C17$B *+
+8CA+8$71+8C:7+*1$8C++6D7'A$6$+A;'1(:J$8$+A;'1(:^
(CD$67+8C+ +I1BC+8 *1.+A+8C+B 18BCAD7+8C:B J C-(81($B ?$A$ 7+*1A +6
BD+9:\ ?:*+7:B G+A 6$ B:78:6+8(1$ *1DA8$ 7+*1$8C+ B1+BC$B
i?:61B:78:/A$.1$ *1DA8$ : j[ (:8 B+8B:A+B @D+ 8:B *$A%8 G$A1$'6+B
.1B1:6;/1($B J A+B?1A$C:A1$B i] +6+(CA:+8(+.$6:/A$7$\ ]
+6+(CA:($A*1:/A$7$\]+6+(CA:71:/A$7$j[J.18$67+8C++G$6D$A(:8D8$
?:61B:78:/A$.1$8:(CDA8$?$A$(:8:(+A6$$A@D1C+(CDA$J($61*$**+6BD+9:[
$*+7%B *+ *+B($AC$A CA$BC:A8:B (:7D8+B (:7: +6 B28*A:7+ *+ $?8+$
:'BCAD(C1G$[:6:B71:(6:8DB8:(CDA8:B^
$A$D8$+G$6D$(1;87%B?A:.D8*$*+6BD+9:*+6*+?:AC1BC$[6$81G+AB1CJ:.
$6/$AJ?:AC+*1(18+6++?$8*D7$8+A.:A7$8(++B+$A(0
81C1$C1G+
0$ +6$':A$*: A+(1+8C+7+8C+ +6 :*0&:& 0&&6 #8&&2+2) ;&9:+422+8&
ijyw(:8+6:'4+C1G:*+1*+8C1.1($A6$B(:8*D(C$B*+6:B*+?:AC1BC$B$8C+
+6BD+9:[*+C+(C$A*+B;A*+8+B?A17$A1:B*+6BD+9:J6$.A+(D+8(1$+8@D+
6:B*+?:AC1BC$B+8(D+8CA$8*1.1(D6C$**+6BD+9:+86:BG1$4+BJ[$?$AC1A*+
6:B A+BD6C$*:B[ B$'+A B1 B17?6+7+8C+ 0$J @D+ +*D($A $6 *+?:AC1BC$ +8 +6
0%'1C:*+*:A71A:B10$J@D+(:8BD6C$A(:8D8+B?+(1$61BC$^+(1+8C+7+8C+[
6$ D81*$* *+ A:8:'1:6:/2$ *+ 6$ 81G+AB1*$* *+ DA(1$!!!
0$ *1B+9$*:
D8:B B+8B:A+B @D+ 8:B ?+A71C+8 0$(+A D8$ $?A:I17$(1;8 $6 (1(6: BD+9:e
G1/161$6$By{0*+6*2$[$?$AC1A*+G$A1$'6+B(:7:6$C+7?+A$CDA$+IC+A1:A[6$
C+7?+A$CDA$ (:A?:A$6 *+6 +G$6D$*:[ 6$ 6DK +IC+A8$ J +6 7:G171+8C:^ %B
$*+6$8C+ ?A+B+8C$A+7:B $6/D8$B ?AD+'$B ?16:C: A+$61K$*$B (:8 6:B
B+8B:A+B^
J<(:<%'&'%<"3&5%599'25:'3+59":&':<'45I
8D8$?AD+'$*+D6CA$A+B1BC+8(1$(:AA1+8*:?:A6:B1A18+:B[($*$yw57
7+$DC:+G$6D$'$0$(1+8*:D8C+BCB17?6+*+A$?1*+K7+8C$6i+6j^16$
7+*1$*+C1+7?:?$A$A+$61K$A+6C+BC+8(:8*1(1:8+B8:A7$6+B+A$*+y{c[
$6$Bx|0iB180$'+AA+$61K$*:6$B1+BC$jJ(:86$.$C1/$*+66+G$AJ${w57+8
6$B ?1+A8$B_ +6 C1+7?: .D+ *+ zzc $ 6$B yy0 J (:8 ~w57 +6 C1+7?: B+
18(A+7+8C;z~c^6$By$^7^(:8|57$(D7D6$*:BJJ$yw0B18*:A71A[+6
!!!
0CC?]ddHHH^D7^+Bd(A:8:'1:6:/1$
exx}e
"
A+BD6C$*:.D+*+{c[?:A6:@D+6$*+(1B1;8.D+?$A$A$*:A71Ayw718DC:B^
6*+B?+AC$A[+6C+BCB+01K:+8zxc[(:8D8$B+8B$(1;8*+7+8C+*+B?+4$*$
J(:86$B.D+AK$BA+(:'A$*$+86$B?1+A8$B^BC$$8-(*:C$[(:8/A$8B+B/:
(1+8C2.1(:?+A:(:8/A$8DC161*$*?A%(C1($[*+7D+BCA$6$17?:AC$8(1$*+D8
?+@D+9:*+B($8B:A+$6i.1/DA$yj^!!!
+);8YL+BCdA1$6$518/+BCj]+7?+K$8*:?:A+6x4D8C:(:8D8$628+$$6$[
*+6$B+D8+6$628+$$6y[*+6y$6$_J$B2?A:/A+B1G$7+8C+0$BC$+6.18$64D8C$8*:
C:*$B6$B6+CA$BJ8E7+A:B+8D8$B:6$628+$^
8:CA:+BCD*1:*+6$
D8*$(1;8BC1G166*+6D+9:!!!
(:88$G+/$8C+B*+
A+/$C$BCA$8B:(+%81($BB+(:7?A:';@D+BDB?$DC$B+B0$(+ACDA8:B+8CA+
?$A+4$B*+y0*+BD+9:*DA$8C+y:z7+B+B\J?+:A+B+6*+6:B8$G+/$8C+B
B:61C$A1:B@D+(D7?6+8(1(6:B*+B:6$7+8C+yw718DC:B*+BD+9:^60$(+A
D8 +BCD*1: ?+AB:8$61K$*: (:8 D8$ *+ 6$B ?$A+4$B @D+ ?$AC1(1?$A:8 +8 6$
8#&042480%#&[B+?D*:(:7?A:'$A@D+B+(:7?6+7+8C$'$8+86:B
A1C7:B(1A($*1$8:B\+B*+(1A[D8$?$AC1(1?$8C++A$7%B7$CDC18$J$6$B~$7
J$B+/A+/$'$(:AC1B:6J+BC$'$'1+8*+B?1+AC$N68&68%680);&88O[
71+8CA$B @D+ BD (:7?$9+A: C+82$ D8 ?+A.16 7%B G+B?+AC18:[ ?D*1+8*:
?+A7$8+(+A *+B?1+AC: 0$BC$ '1+8 +8CA$*$ 6$ 7$*AD/$*$ +B?+A$8*: 6$
/+8+A$(1;8*+7+6$C:818$+8BD(+A+'A:?$A$*:A71AB+_?$AC1A*++BC:B
*$C:B?+AB:8$61K$*:B[(A+$7:BD8$+BCA$C+/1$*+6*+B($8B:^
8 +BC+ B+8C1*:[ 0$J $C6+C$B @D+ ($7'1$8 BDB 0%'1C:B *+ +8CA+8$71+8C:
?$A$$*$?C$A6:B$6:B0:A$A1:B@D+B+G$8$+8(:8CA$A+86$(:7?+C1(1;8[?:A
+4+7?6:[(:AA+*:A+B*+CA$16*+7:8C$9$@D+*DA$8C+B+7$8$B+8CA+8$8$
7+*1$ 8:(0+ : 0$(+8 ?A1G$(1;8 *+ BD+9:[ ?A+C+8*1+8*: $(:BCD7'A$A BD
(D+A?: J 7+8C+ $ 6$ $(C1G1*$* 8:(CDA8$[ B18 +7'$A/:[ +BC$7:B 7%B '1+8
!!!
0CC?]dd.D8*$(1:8+BC1G166BD+8:^:A/d18G+BC1/$(1:8+Bd+6eBD+8:e*+e6:Be8$G+/$8C+Be$e*:Be+8eA+/$C$BeCA$8B:(+$81($Bdt^ CKeJh
@"
exx~e
^
*1B+9$*:B/+8-C1($7+8C+?$A$B+A$6:8*A$B:6+(0DK$B^:*:BC+8+7:BD8
A+6:4(1A($*1$8:18C+A8:[+6A+6:47$+BCA:(:7?D+BC:?:A716+B *+(-6D6$B
8+AG1:B$B +8 +6 8E(6+: BD?A$@D1$B7%C1(: +8 +6 01?:C%6$7:[ @D+ (:8CA:6$
C:*:C1?:*+.D8(1:8+B(:A?:A$6+B[*+B*+61'+A$A0:A7:8$B0$BC$A+/D6$A6$
C+7?+A$CDA$J6$18/+BC$*+$/D$^BC+A+6:418C+A8:B+A+181(1$$*1$A1:(:8
6$6DKJ*$*:@D++6*2$+86$C1+AA$*DA$y{0:A$B[B+?:*A2$+B?+A$A@D++6
A+6:4 *+ C:*: +6 7D8*: B+$ 1/D$6[ ?+A: 8: +B $B2[ +8 /+8+A$6 +6 A1C7:
(1A($*1$8:*DA$y{[}0:A$B[?:A+B:C+8+7:BC+8*+8(1$$A+CA$B$A+6BD+9:
B18:?:8+7:B?$DC$BA+/D6$*:A$B[$*+7%B@D++BC+A1C7:G$A2$$81G+618CA$
+ 18C+A?+AB:8$6 $ 6: 6$A/: *+ 6$ G1*$^ ?A:I17$*$7+8C+ D8 zw *+ 6$
?:'6$(1;8C1+8++6A+6:4.D8(1:8$8*:7%BA%?1*::6+8C:*+6:0$'1CD$6^:B
@D+C1+8+8D8A+6:4A%?1*:[@D1+A+80$(+A6$B(:B$BC+7?A$8:[J6:B@D+6:
C1+8+8 7%B 6+8C: ?A+.1+A+8 0$(+A 6$B (:B$B C$A*+^ :A +B: *+'+A2$7:B
$4DBC$A6$.A$84$0:A$A1$?$A$+8CA+8$A[CA$'$4$A:+BCD*1$A*+?+8*1+8*:*+6
A1C7:(1A($*1$8:BD+9:eG1/161$J*++BC+7:*:7+4:A$A%+6A+8*171+8C:J+6
+BC$*:*+%817:^
,3&':%"3:535+"A2'/59"
:A717:Bxdz?$AC+*+8D+BCA$BG1*$B?$A$?:*+AG1G1AB$C1B.$(C:A1$7+8C+\
+6 BD+9: B1AG+ ?$A$ A+(D?+A$A +6 *+B/$BC+ *+6 *2$ J B1 8: *:A717:B 6:
BD.1(1+8C+ $.+(C$A% $ 6$ 7+7:A1$[ 6$ $C+8(1;8[ +6 A$K:8$71+8C: 6;/1(:[ 6$B
0$'161*$*+B7:C:A$B:+60D7:A[C:*:B+66:B.$(C:A+B(A2C1(:B+86:B?A:(+B:B
*+ $?A+8*1K$4+ +*D($C1G:B J *+?:AC1G:B^ D(0:B +BCD*1:B 0$8 A+G+6$*:
C$7'1-8@D+6$?A1G$(1;8*+BD+9:$.+(C$8+/$C1G$7+8C+$6$?A+8*1K$4+^6
?A:(+B:/A$*D$6*+$?A+8*1K$4+*+D8$*+C+A718$*$C$A+$?D+*+G+AB+7DJ
7+A7$*:B1$6$?A+8*1KB+6+17?1*+*:A71A6$8:(0+?:BC+A1:A$6$E6C17$
B+B1;8 *+ +8CA+8$71+8C:[ +6 A+8*171+8C: 7:BCA$*: $6 *2$ B1/D1+8C+ '$4$
*A%BC1($7+8C+i.1/DA$zj^
+);8ZL6+4+G+AC1($67D+BCA$6$7+4:A$/A$*D$6$6A+$61K$AD8$C$A+$[+8.D8(1;8*+
6:B*2$B(:8+6BD+9:8:A7$6^$B+/D8*$8:(0+6:B?$AC1(1?$8C+B8:*DA71+A:8J+6*2$
B1/D1+8C+i'$AA$+8'6$8(:j[+681G+6*++4+(D(1;8'$4;7D(0:yw^
exxe
"
27"%;5&'1:<'45'3'19'3&,2,'3;5&'759;,>5
"$ *+B*+ 6:B $9:B w B+ 0$ 18C+8C$*: +BCD*1$A 6$ A+?+A(DB1;8 *+ 6$
*+?A1G$(1;8*+6BD+9:+8+6*+?:AC+^$A$6:B+4+A(1(1:B+I?6:B1G:B[8:+I1BC+
D8 +7?+:A$71+8C: *+6 A+8*171+8C: 0$BC$ ?$B$*$B 6$B }{ 0:A$B *+
*+?A1G$(1;8*+BD+9:^+B?+(C:$6:B*+?:AC+B$+A;'1(:B[$6'$4$A+6+BC$*:
*+ $6+AC$ J J$ (:8 z} 0:A$B B18 *:A71A B+ *+C+(C$ D8$ A+*D((1;8 *+6
A+8*171+8C: *+6 xx +8 (:AA+*:A+B *+ .:8*:yx^ 81G+6 *+ ($?$(1*$*+B
(:/81C1G$B[$7%B(:7?6+41*$**+C$A+$7%BB+G+A%$.+(C$*$?:A6$.$6C$*+
BD+9:[ ?+A: B+A% +6 17?$(C: ?B1(:6;/1(: (:7: 6$ *+B7:C1G$(1;8[ +6 7$6
0D7:A[6$C+8B1;8J6$.$C1/$7+8C$6[6:B@D+$.+(C$A%8$6:B*+?:AC1BC$B+8
BD +8CA+8$71+8C: *1$A1:^ :*: +66: D81*: $ 6$ .$6C$ *+ A+(D?+A$(1;8
7DB(D6$A@D+*1.1(D6C$A%6$A+(D?+A$(1;8*+D8$($A/$*++8CA+8$71+8C:J
.$(161C$A%6$BC+71*$B6+B1:8+BJ6$*+'161C$(1;8*+6B1BC+7$187D8+yy^
1:<'45&,<935L1":,':;"
8 7D(0$B (D6CDA$B[ +6 181(1: *+ 6$ C$A*+ +B $B:(1$*: (:8 D8 ?+A1:*: *+
A+6$4$(1;8 J A+$67+8C+ +BC% *+7:BCA$*: @D+ *DA$8C+ +BC+ 7:7+8C:
$?$A+(+ D8 +BC$*: *+ B:78:6+8(1$[ ?+B$*+K .2B1($ J A+*D((1;8 *+ 6$B
($?$(1*$*+B*+$C+8(1;8J(:/81C1G$B^BC+N".52O8:+B?A:*D(1*:?:A6:B
/$B+B*+6$(:71*$(:7:$8C$9:B+(:8B1*+A$'$[B18:?:A+6?A:?1:A1C7:
(A:8:'1:6;/1(:BD+9:eG1/161$^+0+(0:[?$A+(+@D++68:7'A+*+N09+&9:O
G1+8+ *+ N0 9&?:O 0:A$ *+B*+ @D+ 8:B *+B?+AC$7:B ?:A 6$ 7$9$8$[
?+A2:*:+8+6(D$68:C$7:B+6*+($171+8C:yz^+7:*:@D+6:B*+?:AC1BC$B
*+'+A%8?$B$A?:AN"4?&9OI0$(+AD8$B1+BC$*+8:7%B*+zw718DC:B?$A$
+G1C$A +8CA$A +8 .$B+ ?A:.D8*$ *+6 BD+9: J ?:*+A +BC$A $6 xww *+ BDB
($?$(1*$*+B?:A6$C$A*+^+8+6($B:@D+G$J$8(:8.$6C$*+BD+9:[6$B1+BC$
B+ ?D+*+ $6$A/$A +8CA+ wexw| 718DC:B ?$A$ 0$(+A D8 (1(6: *+6 BD+9:
(:7?6+C:i.1/DA${j^
+);8[LA@D1C+(CDA$*+6BD+9:]G1/161$e
$B+x\BD+9:BD?+A.1(1$6e
$B+ye
$B+z\BD+9:
?A:.D8*:e
$B+yeb$?1*J+:G+7+8Cc_B:9$Ai+6$':A$(1;8?A:?1$j^
exxe
^
$ B1+BC$ C1+8+ +.+(C:B ?:B1C1G:B 18(6DB: +8 6:B BD4+C:B (:8 D8 BD+9:
8:(CDA8:BD.1(1+8C+^8D8+BCD*1:B++G$6D;6$7+7:A1$$(:AC:?6$K:[6$
A$?1*+K7+8C$6J6$($?$(1*$*?$A$0$(+AN968+2:9O*+B?D-B*+D8$8:(0+
*+D8$B{0:A$B*+BD+9:[B18B1+BC$JB+A+?1C1;+6?A:(+B:(:8+671B7:
/AD?:[?+A:+8+BC+($B:*DA71+8*:6$B1+BC$*+zw718DC:B^:BA+BD6C$*:B
7:BCA$A:8 6:B +.+(C:B ?:B1C1G:B *+ 6$ B1+BC$ +8 6$ $6+AC$ ?+A(1'1*$[ 6$
7+7:A1$ J 6$ A%?1*$ C:7$ *+ *+(1B1:8+B $B2 (:7: +8 6:B 968+2:9 *+ 6:B
?$AC1(1?$8C+B[?+A:8:+8+6C1+7?:*+A+$((1;8y{^
YM
8+6CA$C$71+8C:?B1(:6;/1(:*+618B:781:+I1BC+8(18(:?+AB?+(C1G$B@D+
*+'+7:BC+8+A+8(D+8C$JG$7:B$*+C$66$A+8+BC+$?$AC$*:(:7:B:8]+6
(:8CA:6*++BC27D6:B\6$01/1+8+*+6BD+9:\+6$DC:(:8CA:6*+6$$(C1G$(1;8\J
6:B?+8B$71+8C:BJ(A++8(1$BA+6$(1:8$*:B(:8+6BD+9:\J(;7:A+*D(1A+6
4+C6$/^
53;951&'':;-2<15:
8 +8.:@D+ B+8(166: (:8B1BC1A2$ +8 0$(+A D8$ $8$6:/2$ (:8 D8 &9&:\
0$(1+8*:6$B?$(+B(:86$($7$[@D+GD+6G$$B+A+B+B$8CD$A1:*+*+B($8B:
*+D8*2$$4+CA+$*:[+B+6D/$A*:8*+B:6:B+*D+A7+J8$*$7%BiJ(6$A:
+BC%B+0$(++6$7:Aj^BC27D6:]g+B?D+BC$]
i81CA$'$4$A[81
?A+:(D?$AB+[81*$AGD+6C$B$6$($7$[8171A$A+67;G16_j^:A+B:*+'+7:B
+B?+A$A $ 8:C$A B:78:6+8(1$ +8 +6 B:.%[ 6+G$8C$A8:B[ 1A8:B $ 6$ ($7$
$(:BC$A8:B+18C+8C$A*:A71A[+8+6($B:@D++8D8?+A1:*:$?A:I17$*:*+
xw 718DC:B 8: B+ (:8B1/$[ G:6G+7:B $6 B:.% $ +B?+A$A *+ 8D+G: 6$
B:78:6+8(1$[0$(1+8*:$6/D8$$(C1G1*$*CA$8@D16$^D/$7:B+8(:8CA$*+6$
6;/1($*+618B:78+@D+?:8+*+7$B1$*:+B.D+AK:+8*:A71AB++8BD($7$
i@D+8:A7$67+8C++BBD:.1(18$JK:8$*+B:(1$'161K$(1;8:BD'DC$($*+6
(18+ ?+AB:8$6j J @D+ $6 1AB+ $6 B:.%[ B+ A+6$4$ $6 8: A+6$(1:8$A6: (:8 +6
b*+'+A2$c*:A71A_J(6$A:B+*D+A7+[?+A:(D$8*:GD+6G+$6$($7$GD+6G+
$ +I1/1A *:A71AB+ A%?1*: J B+ *+B?1+AC$ ?:A (:7?6+C:_ J $B2 +7?1+K$ +6
(2A(D6:G1(1:B:^8*:A71C:A1:*+'+A2$B+AB17?6+7+8C++B:[D86D/$A?$A$
*:A71A[ B18 (:7?6+7+8C:B +6+(CA;81(:B[ 61'A:B[ 7$C+A1$6 *+ CA$'$4:[
A+(D+A*:B @D+ 8:B +G:($8 +7:(1:8+B_ C:*:B +B:B +BC27D6:B @D+ 8:B
+8CA$8?:A6$A+C18$[?:A6:@D+*+'+A2$8B$61A*++B+7$8$8C1$6*+6*+B($8B:
@D+*+'+0$'+A+8C:*$B6$B($B$B[6$0$'1C$(1;87%B:B(DA$JB16+8(1:B$*+
C:*$B(:8D8$'D+8$G+8C16$(1;8^
exywe
"
$BADC18$B?D+*+8$JD*$A$(A+$A+60%'1C:*+6*:A71A[?$A$+B:B+A+7:B
7DJA+?+C1C1G:BD8$8:(0+CA$B6$:CA$^+6+((1:8$A+7:BD8$B $((1:8+B
@D+ A+?1C$7:B ($*$ 8:(0+ i$?$/$A 6$ CG[ ?A+?$A$A 6$ A:?$ ?$A$ +6 *2$
B1/D1+8C+[*D(0$(:8$/D$C1'1$[(+AA$A(:8*:'6+66$G+['$4$A6$B?+AB1$8$B[
$?$/$A6$B6D(+B[6$G$AB+6:B*1+8C+B[+(0$AB+(A+7$[?:8+AB++6?14$7$[6++A
xw718DC:B[?A+?$A$A6:B(:418+B(:7:7+/DBC$_jJ?:(:$?:(:+6(+A+'A:[
(:7:B1B+CA$C$A$*+6?A+G1:$D8B$@D+*+$.$+6$*$6i':C$A{G+(+B[
C:($A7+ +6 ?+6:[ 6$ 8$A1K[ 617?1$A 6$ 628+$[ 6:B /6EC+:B_j[ B+AG1A% *+ ADC18$
?$A$+6BD+9:^
,*,'3'&'1:<'45A7"<;":7"9"%53:'*<,915
8A+.+A+8(1$$(D%6+BB+A2$86$B?$DC$B?$A$(:8B+/D1AD8'D+80%'1C:*+
01/1+8+*+BD+9:?:*+7:B18*1($A6$BB1/D1+8C+B]
• A:(DA$A1A$*:A71A$6$71B7$0:A$C:*:B6:B*2$B^
• 61718$A:'BC%(D6:B$7'1+8C$6+B?$A$*:A71AiAD1*:B[6DK[.A2::($6:Aj^
• G1C$A (:71*$B (:?1:B$B @D+ *1.1(D6C$A$8 6$ *1/+BC1;8[ $B2 (:7: 1A $ 6$
($7$(:80$7'A+^
• G1C$AC:7$A$6(:0:64DBC:$8C+B*+6BD+9:^:?D6$A7+8C+B+*1(+@D++6
$6(:0:6$JD*$$*:A71AJ$@D++BD8*+?A+B:A*+6B1BC+7$8+AG1:B:[?+A:
6$+BCAD(CDA$*+6BD+9:B+A%7DJ1AA+/D6$A^
• +*D(1A +6 (:8BD7: *+ 62@D1*:^ B2[ 6:B *+?:AC1BC$B B+ ?D+*+8 B+8C1A
B+*1+8C:B ?:A +6 BD*:A *+6 +8CA+8$71+8C:[ ?+A: B1 C:7$8 /A$8*+B
($8C1*$*+B*+62@D1*:C+8*A%8*+B?+AC$A+B8:(CDA8:B?$A$1A$:A18$A^
• 8($B:B*+/A$8*1.1(D6C$*J[?D8CD$67+8C+[B+?:*A%C:7$AD818*D(C:A
*+6BD+9:*+G1*$(:AC$?$A$@D+8:C+8/$A+?+A(DB1:8+B$6*2$B1/D1+8C+
i8:$DC:7+*1($AB++8818/E8($B:?:A+6A1+B/:*+($+A+86:B+.+(C:B
*+6$*+?+8*+8(1$J6$C:6+A$8(1$[:+6+.+(C:A+':C+j^
• 8'D+8(:7?6+7+8C:$617+8C1(1:+B6$7+6$C:818$[J$@D+A+/D6$6:B
A1C7:B(1A($*1$8:B@D+B+?D+*+8G+A$6C+A$*:B?:A+6+I(+B:*++4+A(1(1:
.2B1(:[$*+7%B*+B+AD8'D+818*D(C:A*+6BD+9:B18+.+(C:BB+(D8*$A1:B
818+(+B1C$A*+?A+B(A1?(1;87-*1($i+6(:8B+4:*+6$B$'D+6$B*+C:7$A
D8G$B:*+6+(0+(:871+6B2@D+$JD*$$*:A71A?D+B(:8C1+8+CA1?C;.$8:
@D+$JD*$A%$(A+$A6$7+6$C:818$j^
• G1C$A +6 (:8BD7: *+ ($.+28$ $ ?$AC1A *+ 6$B x^ww 0:A$B[ ?D+BC: @D+
*1.1(D6C$+6BD+9:^
exyxe
^
(%3,%":&'"<;5%53;951&'1""%;,>"%,63
8CA+6$BC-(81($B*+$DC:(:8CA:6*+6$$(C1G$(1;8[J$B+0$8(1C$*:$6/D8$B
(:7:6$A+B?1A$(1;8?A:.D8*$[6$A+6$4$(1;8BD/+BC1G$*+(0D6CK+86$@D+
A+(:AA+7:B7+8C$67+8C++6(D+A?:*1(1-8*:8:B.A$B+BBD/+BC1G$B@D+8:B
18*D(+8$6$B:78:6+8(1$(:7:+6($6:A[+6?+B:[6$?$K[:6$.6$(1*+K[:6$
A+6$4$(1;8 7DB(D6$A *+ $(:'B:8[ *:8*+ C+8B$A+7:B J A+6$4$A+7:B
*1.+A+8C+B ?$AC+B *+6 (D+A?:^ :*+7:B $JD*$A8:B (:8 C+(8:6:/2$ +4Q
(&&%"#/I@D+8:B+8CA+8$A%$A+'$4$A6$C+8B1;8+8C1+7?:A+$6^
(%3,%":&'%53;951&'7'3:"2,'3;5:A%9''3%,"::5$9''1:<'45
8 A+6$(1;8 $ $6/D8$B C-(81($B ?$A$ (:8CA:6$A 6:B ?+8B$71+8C:B J ?:*+A
(:8(161$A+6BD+9:*+BC$($7:B]
• :*$A6+GD+6C$B$6b(:(:c[*+4$A?$B$A6$B?A+:(D?$(1:8+B*+6$7+8C+[
?A$(C1($8*:1+2%(;02&99S:&2#+5260&2T^
• $(1$A+8D8?$?+6C:*:B$@D+66:B?+8B$71+8C:B@D+8:B?$B$8?:A6$
($'+K$$8C+B*+1A$6$($7$_JB$($A6:B*+6$($'+K$^
• :?A+B1:8$AB+*+7$B1$*:$8C+B*+1A$*:A71A[$(+?C$A@D++6BD+9:
?D+*+C$A*$A+866+/$A[8118C+8C$A*:A71AB+(:8*+7$B1$*:-8.$B1B^6
BD+9:8:BG1+8+$'DB($A-6$8:B:CA:BB16+.$(161C$7:B+6($718:[0$J
@D+A+6$4$A8:B+86$($7$JJ$G+8*A%^
• :?A+:(D?$B+*+7$B1$*:?:A6$8+(+B1*$**+*:A71A'1+8?$A$A+8*1A
$6 *2$ B1/D1+8C+[ 8: 8:B $.+(C$A% C$8C: (:7: (A++7:B[ 6: @D+ B2 +B
A+6+G$8C+ +B 0$'+A *:A71*: 6: BD.1(1+8C+ *DA$8C+ C:*$ 6$ .$B+ *+
?A+?$A$(1;8^
• :(D6?$A*+C:*:B8D+BCA:B.$66:B$6BD+9:J$6+/$A@D+C:*:6:7$6:
@D+ 8:B ?$B$ +B ?:A +6 7$6 *+B($8B:[ 8: 6+ ?:8/$7:B b7%B 6+9$ $6
.D+/:c^
• 61718$A(A++8(1$B(:7:6$:'61/$(1;8*+*:A71A0:A$B*+6C1A;8[?D+B
(:8 6:B $9:B 6$ ($?$(1*$* *+6 BD+9: B+ G$ 7+A7$8*: $6 1/D$6 @D+ 6$B
8+(+B1*$*+B^
• +8B$A@D+8:*:A71A8:B?D+*+0$(+AG:6G+A6:(:B[:0$BC$7:A1A[:@D+
8:A+8*1A+7:B8$*$$6*2$B1/D1+8C+^:8?+8B$71+8C:B18.D8*$*:B^
exyye
"
,"/"3&5%53'1'8<,75&'759;,>5L%6259'&<%,915:')'%;5:&'1/';O1"*
8?A17+A6D/$A[B++I?:8+8D8$B+A1+*+?$DC$B?$A$$.A:8C$A6:B?:B1'6+B
+.+(C:B*+64+Ce6$/(:7:]
• 6$81.1($A'1+866+/$*$BJB$61*$BA+B?+C$8*:0:A$B*+BD+9:^8C+B*+
BD'1A $6 $G1;8 ?$A$ 0$(+A G1$4+B CA$8B:(+%81(:B[ *+'+A2$7:B G1G1A
A+B?+(C:+60:A$A1:*+6$(1D*$**+*+BC18:[1A(:8C1+7?:*+$8C+6$(1;8
?$A$ $*$?C$AB+ ?A:/A+B1G$7+8C+ J DB$A 7+6$C:818$ ?$A$ A+/D6$A +6
8D+G:A1C7:(A:8:'1:6;/1(:^
• B$A +BCA$C+/1$B ?$A$ *:718$A +6 4+Ce6$/[ ?:A +4+7?6:[ 'DB($8*:
$(C1G$A8:B '$4: +6 B:6[ : 7$8C+8+A8:B CA$8@D16:B $ 6$ B:7'A$
*+?+8*1+8*: *+ B1 @D+A+7:B $G$8K$A +6 BD+9: : A+CA$B$A6:^ I1BC+8
+BCA$C-/1($B+B?+(2.1($B7%B(:7?6+4$B?$A$$(+6+A$A6$$*$?C$(1;8(:7:
6$D718:C+A$?1$i+I?:B1(1;8$xw^www6DI*DA$8C+zwe{w718DC:Bj[:6$
(A:8:C+A$?1$iA+CA$B:?A:/A+B1G:*+yez0:A$B*1$A1$B*+6:B0:A$A1:B*+
$(:BC$AB+J6+G$8C$AB+j^
• 1A+((1;8 *+6 G1$4+] 1A 0$(1$ +6 +BC+ +B 7+8:B CA$D7%C1(: ?$A$ +6 A+6:4
18C+A8:[8:B?:*+7:BA+/1A?:A6$.;A7D6$]x0DB:0:A$A1:(ADK$*:x*2$
*+$*$?C$(1;8^16:0$(+7:B0$(1$+6:+BC+*+'+A+7:B$D7+8C$A $z
*2$B*+$*$?C$(1;8($*$0DB:0:A$A1:(ADK$*:^
"[+8B+/D8*:6D/$A[*+'+7:BC+8+A+8(D+8C$+BC$B?A+71B$B+86:BG1$4+B
*+6+@D1?:@D+8:B$JD*$A%8$(:8B+/D1AD8$ADC18$?$A$*:A71A'1+8+8
($8C1*$*J($61*$*]
• +B?+C$A+6*+B($8B:*+6(:7?$9+A:*+0$'1C$(1;8^
• +?+C1A0:C+6+BJB1+B?:B1'6+0$'1C$(1:8+B^
• +6+((1:8$A(:7?$9+A:B*+G1$4+(:8ADC18$BB1716$A+B^
• B+/DA$A6$(:8*1(1;8*+6$($7$$6$+BC$CDA$*+6*+?:AC1BC$^
• 6+G$A6$?A:?1$$67:0$*$*+G1$4+J6$B?A:?1$BB%'$8$BiB:'A+C:*:6:B
$6-A/1(:Bj^
• :8B1*+A$A6:B$?:AC+B8DCA1C1G:BJ+60:A$A1:*+*+B($8B:^
• +8+A +8 (D+8C$ 6$ 18C+8B1*$* *+6 +8CA+8$71+8C: J +6 0:A$A1: *+
*+B($8B:^
• $ B+7$8$ ?A+G1$ 0$J @D+ CA$C$A *+ B17D6$A 6:B 0:A$A1:B *+6 *2$ *+ 6$
(:7?+C1(1;8 J 0$(+A6: *+ .:A7$ 7+C;*1($] *D(0$[ ?14$7$[ (+8$[ 6++A[
*:A71A_
exyze
^
exy{e
"
exy|e
^
x^A1G+A[^^J$J6:A[^^iywwwj^I+A(1B+$8*B6++?^0&&6&%+#+2&&=+&>9I[i{j[
z~e{wy^
yw^ $7D+6B[ ^[ $7+B[ ^[ $HB:8[ ^ J ++DH1BB+[ ^ iywx}j^ 0+ C06+C+ 6++?
(A++818/D+BC1:88$1A+]$8+HC::6.:A$BB+BB18/$8*7$8$/18/B6++?18+61C+
$C06+C+B^8L648:9&%I\Wi~j[{xe{yy^
yx^C1(5/:6*[^[$7+B[^^J:'B:8[^iywwwj^1BD$6*1B(A1718$C1:86+$A818/A+@D1A+B
B6++?$.C+ACA$1818/^:;8&&;849#+&2#&IZixyj[xyz~exyz^
yy^
5+/$71[[/JD[^[A$5:7:["^[DKD51[^[$.D8+[^[1A:[^J$/$C$[^iywwj
+(:G+AJ :. (:/81C1G+ ?+A.:A7$8(+ $8* .$C1/D+ $.C+A :8+ 81/0C :. B6++?
*+?A1G$C1:8^4;8204(##;6:+420&0:*I\Xi|j[{xye{yy^
yz^18/+B[^
^ixyj^*D6C8$??18/$8*1CB+..+(CB:8$'161CJC:.D8(C1:8^8^C$7?1
i+*^j[*@&6K=40;:+42I*8424"+404)@I2% ;2#:+4294(40@6*9+#2%
0:89*48:0&&6i??^xxexz{j^:BC:8]1A50&DB+A^
y{^ $C+A0:DB+[^[C518B:8[^[*H$A*B[^J+166J[^iyww~j^0+A:6+:.$B0:AC?:BCe
6D8(08$?1817?A:G18/(:/81C1G+[7:C:A[$8*B?A18C?+A.:A7$8(+18?$AC1(1?$8CB
H1C0?$AC1$6B6++?*+?A1G$C1:8^4;8204(648:9#+&2#&9IY\ix{j[x||~ex|}}^
exy}e
exy~e
A^
exye
$C1+8*+ $ D8 ?A:(+B: *+ $?A+8*1K$4+ 618+$6[ 8: C1+8+ +8 (D+8C$ 6$B
*+7$8*$B $'1+AC$B *+6 *+?:AC+ +8 (D+BC1;8[ +8 6$B @D+ 6$B B1CD$(1:8+B $
G+(+B 8: B:8 (:8CA:6$'6+B J +6 ?A:(+B: *+ 18C+A?A+C$(1;8 18C+61/+8C+ ?:A
?$AC+*+64D/$*:A*+'+B+A(:8C18D$*:^
*+7%B[ +6 ?$A$*1/7$ (6%B1(: B+ ($A$(C+A1K$ ?:A +7?6+$A D8 $?A+8*1K$4+
181(1$6J$1B6$*:iB18C+8+A+8(D+8C$+6(:8C+IC:*+4D+/:j*+6:B+6+7+8C:B
C-(81(:B]*:7181:[7$8+4:J(:8CA:6*+6'$6;8[+6?$B+[6$(:8*D((1;8:+6
6$8K$71+8C:^:B+6+7+8C:BC-(81(:BB++8CA+8$8181(1$67+8C+*+7$8+A$
$1B6$*$ J $8$62C1($[ (:8B1/D1+8*: @D+ 6:B 4D/$*:A+B A+?A:*DK($8 +6 /+BC:
C-(81(: (:8B1*+A$*: (:7: b;?C17: D 1*+$6c *+ 7$8+A$ +.1($K^ 8$ G+K
*:718$*:B(:AA+(C$7+8C+[B+18CA:*D(+$6:B4D/$*:A+B+8D8(:8C+IC:*+
4D+/:$1B6$*:+8+6@D+8:B+?A+(1B$+67+($81B7:*+(1B1:8$6[C$8B:6:(:8
+6:'4+C1G:*+?A$(C1($A6$0$'161*$*$*@D1A1*$[+B*+(1A[6$+4+(D(1;8^
:A E6C17:[ B+ 6+ 18CA:*D(+ $6 4D/$*:A +8 D8$ B1CD$(1;8 A+$6 :
(:8C+ICD$61K$*$[ +8 6$ @D+ ?D+*+ ?:8+A +8 ?A%(C1($ 6: $8C+A1:A7+8C+
$?A+8*1*:^ + +BC$ .:A7$[ A+7+7:A$8*: 6$ B1CD$(1;8 181(1$6 (:8 6$ @D+
?$AC2$+6($?2CD6:[6$B1CD$(1;81*261($*+6$B+(D+8(1$*+?$B+B+B(:AC$*$?:A
D8 $/+8C+ 8: +8CA+8$*:[ 6$ ?A+B+8(1$ *+ D8 :?:8+8C+ 18C+61/+8C+ @D+
18C+A(+?C$ +6 '$6;8^ Z8 @D- 7+*1*$ +BC$ +I?61($(1;8 $.+(C$ $6
+8C+8*171+8C:*+64D/$*:AB:'A+6:@D+BD(+*++8+64D+/:Y
1(0:*+:CA:7:*:[+*A:[D$8+
5+A7$8+4$'$8+8BD+8CA+8$71+8C:
D8$B+A1+*+(+AC+K$B@D+B:817?:B1'6+B*+(:8CA:6$A+8D8(:8C+IC:*+
4D+/: G$A1$'6+^ 66:B .D+A:8 +8CA+8$*:B $ CA$G-B *+ D8:B 7+($81B7:B
*1A+(C:BJ618+$6+B@D+8:B+(:AA+B?:8*+8(:86$A+$61*$*[+8 6$7+*1*$
@D+8:B+?D+*+(:8CA:6$A6$:?:B1(1;8$(C1G$+18C+61/+8C+*+6:?:8+8C+[
@D++8+BC+($B:*+B'$A$C$6$$((1;8C$8'1+8$?A+8*1*$JA+?+C1*$@D+B+
*$'$ +8 6:B +8CA+8$71+8C:B^ Z;7: ?D+*+ 4DBC1.1($A $8C+ 6: :(DAA1*: +6
+8CA+8$*:A6$+.1($(1$*+BD?A:?D+BC$YI1BC+D8$*1BAD?(1;8?:A?$AC+*+6
4D/$*:A+8+67:7+8C:@D+?+A(1'+@D+$D80$(1+8*:(:AA+(C$7+8C+BD
$((1;8[ 8: B+ ?A:*D(+ -I1C: +8 6$ 71B7$^ B2[ '$4: D8$ ?+AB?+(C1G$
(:8*D(C1BC$@D+?:8++6.:(:*+.:A7$17?:AC$8C++86$$((1;8eA+BD6C$*:\
G+7:B(:7:*1(0$$((1;88:B+CA$*D(++8A+BD6C$*:[B18:C:*:6:(:8CA$A1:[
+8D8A+BD6C$*:$*G+AB:^
exye
A^
exzwe
B2[ *+B*+ +BC$ ?+AB?+(C1G$ B+ (A+$A% D8 +8C:A8:! .$G:A$'6+ ?$A$ +6
$?A+8*1K$4+[ (:8 D8 (617$ 7:C1G$(1:8$6 J *+ (::?+A$(1;8[ *:8*+ ($*$
4D/$*:AG$J$(:8BCADJ+8*:BD$?A+8*1K$4+C$6J(:7:(:7+8C%'$7:B$8C+B^
*+7%B[ 18(6D1A+7:B *+8CA: *+6 (:8C+IC: B1CD$(1:8+B .$(161C$*:A$B *+ 6$B
@D+?:BC+A1:A7+8C+[8:B+8(:8CA$A+7:B(:8?:BC+A1:A1*$*+8+64D+/:A+$6^
+C$67$8+A$@D+D8:B$?A+8*1K$4+B8:BB1AG$8(:7:'$B+JB:?:AC+?$A$
?:*+A $?A+8*+A 6:B B1/D1+8C+B^ 8$ 0+AA$71+8C$ 7DJ EC16 ?$A$ ?:8+A +8
?A%(C1($ +BC:B ?:BCD6$*:B *+ +8B+9$8K$ B+A2$ +6 +7?6+: *+ 6:B 4D+/:B
7:*1.1($*:B[@D+?:A+4+7?6:+8+6.EC':6BDA/+8(:7:4D+/:BA+*D(1*:B:
1000+%&%
1&9iaBj^
:B 4D+/:B A+*D(1*:B 8:B G$8 $ ?+A71C1A ?A$(C1($A $((1:8+B *+ 4D+/:
?$AC1+8*:*+B1CD$(1:8+B/6:'$6+B(:818C+A$((1:8+BB1716$A+B$64D+/:A+$6
i(:7?$9+A:B[$*G+AB$A1:B[+B?$(1:B[7$C+A1$6+B_j?+A:$*$?C%8*:6:$6$B
?:B1'161*$*+B*+(1B1:8$6+B[*++4+(D(1;8J(:7?A+8B1G$B*+6:B4D/$*:A+B[
J$ B+$8 8:G$C:B : +I?+AC:B^ 6 ?A+BC1/1:B: ?A:.+B:A *+ 6$ D81G+AB1*$* *+
:D/0':A:D/0:*0:A?+JBDB(:6$':A$*:A+By ?A:?:8+8(:7:7-C:*:B
*+*1(0$7:*1.1($(1;86$A+?A+B+8C$(1;8J6$+I$/+A$(1;8^D$8*:0$'6$7:B
*+A+?A+B+8C$(1;8:'C+8+7:B6:B*+8:718$*:BN1+2+Q%&648:&9OI+B*+(1A[
+I1BC+ D8$ 7:*1.1($(1;8 *+6 8E7+A: *+ 4D/$*:A+B[ +B?$(1:B *+ 4D+/: J
7$C+A1$6+B^ + .:A7$ @D+ B+ A+6$(1:8$ +6 (:8C+IC: *+ 4D+/: (:8 6$B
($A$(C+A2BC1($B*+6:B4D/$*:A+B^:*+7:B0$'6$A*+6.EC':6~:7181e'$B5+C
?$A$6$B($C+/:A2$B.:A7$C1G$B[+86$B@D++6C$7$9:*+6'$6;8J*+6C+AA+8:
4D/$*:A +8 6$ (:7?+C1(1;8^ D1K%B +8 $6/D8:B ($B:B[ +6 4D/$*:A +8CA+8$ +I(+?(1:8$67+8C+[ ?+A: +8 +6
?$AC1*:8:A18*+$(:A*+$BDB?:B1'161*$*+B:?:A+6(:8CA$A1:[B17?6+7+8C+G+7:B(:7:8:+B($?$K*+
6++A6$BB1CD$(1:8+B*+?$AC1*:J(:7+C++AA:A+B*+7$8+A$(:8C18D$*$+86$71B7$*1A+((1;8^
AA+7+*1$'6+7+8C+ +8 +BC+ C1?: *+ ($B:B[ +6 +8CA+8$*:A *+'+ ?A+/D8C$AB+ (D+BC1:8+B A+6$C1G$B $ BD
A+B?:8B$'161*$* *+ *1A+(C:A *+ +@D1?:^ ZA:?:8/: C$A+$B $*+(D$*$B $ 6$B 8+(+B1*$*+B *+6 4D/$*:AY
*$?C$*$B$BDB?:B1'161*$*+B\$*$?C$*$B$6:@D+BD(+*++86$(:7?+C1(1;8^Z64D/$*:A+BC%?A+?$A$*:
?$A$B:6D(1:8$A6:B?A:'6+7$B@D+B+?6$8C+$8+86$(:7?+C1(1;8Y:B;6:$81G+6C-(81(:B18:$81G+6
?+A(+?C1G: J *+(1B1:8$6\ ?D+*+8 18C+A?A+C$A $@D+66: @D+ +BC% :(DAA1+8*: +8 +6 C+AA+8: *+ 4D+/:
Z+$67+8C++8CA+8$7:BC$6(:7:B+*+B$AA:66$6$(:7?+C1(1;8Y^CA:+8CA+8$*:A*+-61C+[1A%6*+K+8
+BC$628+$*+(2$]N;82:&1;#*4:+&164*&149&2:8&2%468&2:8&28I&20;)8%&*#&80468.;)8OI
?:A+B:[$':/$7:B?:A@D+*+'+7:B?$AC1A*+64D+/:(:7:?A+71B$181(1$6$6$0:A$*++6$':A$A8D+BCA:
CA$'$4:B+7$8$6^
!
6+8C:A8::(:8C+IC:+B6$'$B+*+6$BC+:A2$B+(:6;/1($B+86$B@D+$?:J$7:B+BC+($?2CD6:^6(:8C+IC:
+B (:8BC$8C+7+8C+ 7:*1.1($*: ?:A 6$B (1A(D8BC$8(1$B $7'1+8C$6+B J +B: 0$(+ @D+ +6 ?A:(+B: *+
$?A+8*1K$4+B+$C$8($7'1$8C+(:7:+6?A:?1:+8C:A8:^86$7+*1*$@D++64D/$*:A?+A(1'+D8$B1CD$(1;8[
+BC%C:7$8*:D8$*+(1B1;8B:'A+(:7:A+6$(1:8$AB+(:86:B$/+8C+B@D+6+A:*+$8^B?:A+B:[@D+B+
(:8.1/DA$ +8 $6/: G1C$6 ?$A$ +6 ?A:(+B: *+ $?A+8*1K$4+ @D+ +6 +8CA+8$*:A B+$ ($?$K *+ 1*+8C1.1($A 6:B
+6+7+8C:B (:8C+ICD$6+B 8+(+B$A1:B ?$A$ @D+ +6 ?A$(C1($8C+ ?D+*$ $?A+8*+A^ 8 +BC$ 628+$[ 6:B 4D+/:B
A+*D(1*:BB:8D8$EC16+6+((1;8J$@D+A+?A+B+8C$8i'1+8DC161K$*:Bj.1+67+8C+D8(:8C+IC:@D+?D+*+
+G:($AB1CD$(1:8+B(:7?+C1C1G$BA+$6+B^
exzxe
A^
*+ 4D+/: B+ $*$?C$ $ 6$B ($A$(C+A2BC1($B .2B1($B J C-(81(:eC%(C1($B *+ 6:B
4D/$*:A+B^
:A :CA: 6$*:[ 6$ +I$/+A$(1;8 B+ (+8CA$ +8 +6 $?A+8*1K$4+ *+ (:8(+?C:B
C%(C1(:B+B?+(2.1(:B^D1K%BBD?:8+8+6C1?:*+0+AA$71+8C$7%B+7?6+$*$
?:A6:BC-(81(:B0:J+8*2$J$@D+8:B$JD*$8$?6$8C+$A$((1:8+B:C$A+$B
+B?+(2.1($B'$B$*$B+8B1CD$(1:8+BC%(C1($B'%B1($B:(:7?6+4$B+8.D8(1;8
*+681G+6*+64D/$*:Az@D+?+A71C+8D8$7+4:A(:7?A+8B1;8J$?A+8*1K$4+
*+*+C+A718$*:B$B?+(C:B@D+:?C171K$A%8+6A+8*171+8C:J+8C+8*171+8C:
*+6$*18%71($*+6$B*1.+A+8C+B.$B+B*+64D+/:^
86$B+C$?$B*+.:A7$(1;8[+6+8CA+8$*:AB+A%+6+8($A/$*:*+B+6+((1:8$A
6$B 7:*1.1($(1:8+B :?:ACD8$B J 7%B $?A:?1$*$B *+6 4D+/: A+$6[ (:8 +6
:'4+C1G:*+A+'$4$A6$(:7?6+41*$*C-(81($*+6$B*1.+A+8C+B$((1:8+B\+86$
-61C++86$@D++6*:7181:C-(81(:eC%(C1(:+BC%$B+8C$*:[6$B7:*1.1($(1:8+B
*+6$C$A+$+BC%8A+6$(1:8$*$B(:86$*+7$8*$.2B1($J+6$4DBC+*+6$B($A/$B
A+B?+(C:$6G:6D7+8[18C+8B1*$*J*+8B1*$**+6+8CA+8$71+8C:^
YM
!
N4 9504 6&8#+"+149 4".&:49 @ 12:&2&149 6&291+&2:49 &2 2;&9:89
1&2:&9K:4%92;&9:896&8#&6#+42&9@684#&949%&6&291+&2:49&*#&2
9&2:+8L 4%49 :+&2&2 ;2 #41642&2:& %+9:+2:+=4 7;& 2;2#+ ;2 =,2#;04
+2&7;,=4#4&2:8&09+1 )&2&9@0&?+9:&2#+%&=+%&22;&9:8448)2+914O
19+4L
6+/$*:B $ +BC+ ?D8C: J $8C+B *+ (:7+8K$A $ $8$61K$A +6 E6C17: *+ 6:B
?$A$*1/7$B[ '$B$*: +8 6$B C+:A2$B +(:6;/1($B iB1BC+7$B *18%71(:Bj
@D+A+7:B?D8CD$61K$A6$*1.+A+8(1$(1;8*+*:B(:8(+?C:B@D++87D(0:B
($B:B B+ 0$8 DC161K$*:B *+ 7$8+A$ 18*1BC18C$ J @D+[ (:7: CA$C$A+7:B *+
+I?61($A[B+A+6$(1:8$8($*$D8:(:8D8:*+6:B?$A$*1/7$B$8C+A1:A7+8C+
+I?61($*:B^:BA+.+A17:B$6:B(:8(+?C:B*+8&6&:+#+52J;:41:+A#+52L
+?+C1A B+A2$ 0$(+A B1+7?A+ 6: 71B7: *+ 6$ 71B7$ .:A7$ i'$B$*: +8 +6
?$A$*1/7$ CA$*1(1:8$6\ (D+A?:e7%@D18$ 7D(0$ A+?+C1(1;8
(:8B:61*$(1;8j[ 71+8CA$B @D+ $DC:7$C1K$A B+ $(+A($ $ 6$ A+*D((1;8 *+
18(+AC1*D7'A+ *+6 4D+/: /A$(1$B $ 6$ C$A+$[ +B *+(1A[ ?+A71C+ $6
4D/$*:A bB$'+Ac 6: @D+ ?:*A2$ : 6: @D+ G$ $ ?$B$A J[ ?:A +B:[ $8C1(1?$A J
B:6D(1:8$A 7+4:A +6 ?A:'6+7$ i'$B$*: +8 6$B C+:A2$B +(:6;/1($Bj^ $
A+?+C1(1;8B+A2$8:B1/81.1($C1G$[71+8CA$B@D++86$$DC:7$C1K$(1;8B2^+
$02@D++6+7?6+:*+4D/$*$B:$((1:8+B$DC:7$C1K$*$Bi?:A+4+7?6:[CA$B
exzye
B$@D+ *+ .:8*:j G$8 $ B+AG1A ?:B1C1G$7+8C+ $6 4D/$*:A ?$A$ (:8:(+A *+
$8C+7$8: 6$ D'1($(1;8 *+ 6:B (:7?$9+A:B[ (:8:(+A 6$ B+(D+8(1$ *+
7:G171+8C:B[+C(^
Z$4: @D- ?$A%7+CA:B B+ (:8.1/DA$ 6$ C+:A2$ B1BC-71($Y^ $ ?A:.+B:A$ J
71+7'A: *+6 (D+A?: C-(81(: *+6 ?A+BC1/1:B: +@D1?: *+ '$6:8(+BC: $8
8C:81: ?DAB @D+ 7161C$ +8 6$ [ $A6:C$ :AA+8CB J BD (:7?$9+A$
$C$61$ $6$/D-[ A+.+A+8(1$ 18C+A8$(1:8$6 +8 6$ 18G+BC1/$(1;8 (1+8C2.1($
(+8CA$*$+86$+I?61($(1;8*+6:BB1BC+7$B*18%71(:B[A+B?:8*+8]N9;2
:&48, %&0 #1"+4I 7;& 68&:&2%& #6:;88I &9:;%+8 @ &2:&2%&8 09
:829+#+42&9 &9:8;#:;80&9 @ %& #41648:1+&2:4 7;& 4#;88&2 &2 %+#*49
9+9:&19 #42 9; &2:4824O{^ B *+(1A[ 6:B B1BC+7$B (:7?6+4:B ?A+C+8*+8
$8$61K$A +6 (:7?:AC$71+8C: *+6 4D/$*:A +8 BD /6:'$61*$*[ $6+4$*:B *+6
7:*+6:(1'+A8-C1(:($A$(C+A2BC1(:*+6:B?$A$*1/7$B7%BCA$*1(1:8$6+B^:A
6: @D+ +6 BD4+C: +BC% 18C+A$(CD$8*: (:8 +6 +8C:A8: J +8C+8*1+8*: 6$B
8+(+B1*$*+B@D+6+:'61/$8$$(CD$A+8D8(:8C+IC:8:618+$6[@D+8:G$$
*+?+8*+AE81($7+8C+*+BDB0$'161*$*+BB18:@D+*+'+C+8+A+8(D+8C$+6
?A:(+B:*+$(CD$(1;8+8BD/6:'$61*$*i18(+AC1*D7'A+*+6+8C:A8:j^
+);8XL:*+6:(1'+A8-C1(:*+(:8CA:67:C:AG:6D8C$A1:|^
*+7%B[BDA/++6(:8(+?C:*+;:448)2+A#+52@D+B1AG+?$A$+I?61($A+6
?A:(+B:*+($7'1:@D+B+*$+8+6*+?:AC1BC$$6$0:A$*+$?A+8*+AD8$
8D+G$0$'161*$*+8+6+8C:A8:J@D+G$$+BC$A18.6D1*$?:A6$G$A1$(1;8*+6
(:8C+IC:J6$?A:/A+B1;8*++8B+9$8K$]N2&0&9:;%+4%&09:8&9#,#0+#9
S#414&9&0#94%&049%&648:&9%ƾ&8#+52Q4649+#+52T9&149:857;&
049 68+2#+6+49 9;8)+%49 %& 09 :&48,9 %& 049 9+9:&19 %+2 1+#49 6;&%&2
60+#89&;2)82"2+#4%&:8&9L2:8&&9:4968+2#+6+499&%&9:#0
;:448)2+A#+52 %&0 9+9:&1 #42 9; &2:4824I &9 %&#+8I 0 48)2+A#+52
9+2'8)+#%&:4%4&048)2+914#42%+#+42%4648:4%49049&0&1&2:49%&0
&2:4824 #42 &0 7;& +2:&8#:<L 68:+8 %& &9:9 #42#0;9+42&9I 9& *
6846;&9:4 =8+8 09 #42%+#+42&9 %&0 &2:4824 %;82:& &0 68&2%+A.& 68
exzze
A^
(=48&#&80;:448)2+A#+52%&09+9:&1&20%+8&##+52%&068&2%+A.&O|^
++BC+7:*:[+6?$?+6*+6:BB1BC+7$B+(:6;/1(:B:*18%71(:B?D+*+B+A
D8$628+$7+C:*:6;/1($$*+(D$*$J$*$?C$'6+$8D+BCA:B+8CA+8$71+8C:B^
:7:G+2$7:B$8C+A1:A7+8C+[6$($A$(C+A2BC1($?A18(1?$6*++BC:BB1BC+7$B
(:7:18*1($6$.$7:B$?A:.+B:A$*+6$81G+AB1*$*:61C-(81($*+18/$?DA[
6$A$$8JBDB(:6$':A$*:A+B}B+'$B$+8@D+N2+12049.;)%48&9
%&9884008 *"+0+%%&9 68 8&940=&8 049 684"0&19 14:8+#&9I )8#+9 0
6&291+&2:4#8,:+#4@0;:4241,%&06846+4.;)%48O^6+8CA+8$*:A*+'+
(:8:(+A+8+BC$628+$[6$B?:B1'161*$*+B*+$((1;8*+BDB4D/$*:A+B[*+7:*:
@D+B+$($?$K*+?A+*+(1A6$B?:B1'6+BA+B?D+BC$B7:C:A$B*+6:B71B7:BJ
+8 (:8B+(D+8(1$ 6$B ?A:/A+B1:8+B *+ +8B+9$8K$ $ CA$'$4$A^ B171B7:[ +6
+8CA+8$*:A $6 B+6+((1:8$A 6$B C$A+$B *+ +8CA+8$71+8C: J :A/$81K$A6$B +8
C:A8: $ D8$ ?A:/A+B1;8 *+ CA$'$4:[ *+'+A2$ C+8+A +8 (D+8C$ 6:B .$(C:A+B
6171C$8C+BJ?:B1'161*$*+B+8C:A8:$CA+B?$A%7+CA:B]6?A:?1:4D/$*:A[+6
(:8C+IC:+8+6@D+B+*+B$AA:66$J6$C$A+$i
1/DA$yj^
$B 6171C$(1:8+B i#429:8+2:9j *+6 *+?:AC1BC$ B+ A+.1+A+8 $ BDB ?A:?1$B
($A$(C+A2BC1($B@D+*+C+A718$86$B?:B1'161*$*+B*+$((1;8+8+64D/$*:A[+B
*+(1A[ .$(C:A+B @D+ 1A%8 *+ 6: (D$8C1C$C1G: i?+B:[ (:7?:B1(1;8 (:A?:A$6 :
$6CDA$j 0$BC$ :CA:B *+ ($A%(C+A (D$61C$C1G: J $6C+A$'6+B (:8 +6
+8CA+8$71+8C:[?:A+4+7?6:[6$B7:C1G$(1:8+B:18C+A+B+B@D+6+66+G$8$6$
?A%(C1($[6:B81G+6+B*++BCA-BJ$8B1+*$*~[6$B(:8+I1:8+BB18%?C1($B+8+6
(+A+'A:[?$CA:8+B*+(::A*18$(1;87:CA1K[($A$(C+A2BC1($B?B1(:6;/1($B[:+6
81G+6*+$(C1G$(1;8^:8/$7:BD8+4+7?6:[ZB+A2$1/D$6+681G+6+I1/+8(1$
(::A*18$C1G$J*+7:C1G$(1;8+8D8$C$A+$+BC%C1($*+?$B+B?:A?$A+4$B[
@D+D8$C$A+$+86$@D+C+8/$7:B@D+1A?$B$8*:+6'$6;8+8.D8(1;8*+
D8$BA+/6$B@D+6171C+8+6+B?$(1:Jd:C1+7?:Y$$*+(D$(1;8C+7?:A$6J
+B?$(1$6:'61/$A%8$64D/$*:A$D8+6+G$*:81G+6*+(::A*18$(1;8+86$C$A+$[
(:86:(D$6BD81G+6*+(:8+I1:8+B(+A+'A$6+B$D7+8C$A%J*++B+7:*:BD
7:C1G$(1;80$(1$+6:'4+C1G:C$7'1-8^D1K%BD8:*+6:B$DC:A+B@D+7%B
0$ +BCD*1$*: +6 +8CA+8$71+8C: *+?:AC1G: *+B*+ D8$ G1B1;8
8+DA:?B1(:6;/1($[+B:A'4=A8+BC'+A/JBD/AD?:*+(:6$':A$*:A+B*+6$
81G+AB1*$* *+ BC:(:67: +8 D+(1$^ 6 A+B?+(C:[ 6:B 18G+BC1/$*:A+B
18*1($'$8 @D+ +I1BC+8 *1.+A+8(1$B B1/81.1($C1G$B +8 6$B ($?$(1*$*+B
(:/81C1G$B*+6*+?:AC1BC$$7+*1*$@D+$D7+8C$BD*+BCA+K$+8($C+/:A2$B
?A:.+B1:8$6+B^ 8 +BC+ B+8C1*: 6:B 4D/$*:A+B B:'A+B$62$8 +8 6$B .D8(1:8+B
!
:8(+?C:b(:8BCA$18CcBDA/+*+6$61C+A$CDA$$8/6:B$4:8$J0$(+A+.+A+8(1$$6:B.$(C:A+B18.6DJ+8C+B+8
+6?A:(+B:*++8B+9$8K$e$?A+8*1K$4+\+BC:B.$(C:A+B?D+*+818(A+7+8C$A+6$?A+8*1K$4++8+64D/$*:A
i?:A+4+7?6:[D8'1:C1?:$*+(D$*:[?:C+8(1$*+6CA+818.+A1:A^^^j:'1+8[?D+*+8*1B718D1A6$B?:B1'161*$*+B
*+$(CD$A?:A?$AC+*+6.DC':61BC$i+6+G$*:B81G+6+B*++BCA-B@D+8:?+A71C+8A+8*1Aj^
exz{e
+4+(DC1G$BC$6+B(:7:A+B?:8*+AA%?1*$7+8C+$B1CD$(1:8+B8D+G$B*+D8$
.:A7$(A+$C1G$:1*+8C1.1($AB:6D(1:8+B7%B+.1($(+B@D+6:B4D/$*:A+B7%B
8:G+6+B^ :*+7:B +8C+8*+A +8 +BC$ 628+$[ @D+ :.A+(+A D8$ A+B?D+BC$
(A+$C1G$B1/81.1($:.A+(+A$6/:EC16JG%61*:@D+B+$.D+A$*+6:(:7E8^6$
7+8C+B+/DA:8:BG1+8+87D(0:B+4+7?6:B*+*+?:AC1BC$B@D+B:8($?$(+B
*+ /+8+A$A A+B?D+BC$B *1G+A/+8C+B *+ +BC+ C1?: @D+ ?A:'$'6+7+8C+ $
4D/$*:A+B7+8:B0%'16+B8D8($B+6+B:(DAA1A2$8^
$B($A$(C+A2BC1($B*+6(:8C+IC:*+$(CD$(1;8*+64D/$*:AC1+8+8@D+G+A(:8
6$ A+6$(1;8 *+6 4D/$*:Ae+8C:A8:^ + 7$8+A$ @D+ 0$'6$7:B *+ 6$B
(:8*1(1:8+B .2B1($B *+ BDB B+8C1*:B i($7?: G1BD$6[ ?+A(+?(1;8 *+ 6:B
7:G171+8C:B*+6:B(:7?$9+A:B_j[+B*+(1A[A+B$6C$7:B6$17?:AC$8(1$*+
6$ ($?$(1*$* ?+A(+?C1G$ *+6 .DC':61BC$[ BD 81G+6 *+ $C+8(1;8 B:'A+ 6:B
+BC27D6:BA+6+G$8C+BJ6$(:8(+8CA$(1;8+86$C$A+$^:A:CA:6$*:[+8+BC+
?A:(+B: C$7'1-8 18.6D1A2$8 6$B (:8*1(1:8+B *+6 +8C:A8: i6$ 6DK[ 81G+6 *+
$6C1CD*[ : ?A+B+8(1$ *+ ?E'61(:j J ?:A E6C17:[ 6$B ($A$(C+A2BC1($B ?B1(:e
B:(1$6+B @D+ B+ *+B?A+8*+8 *+6 ?A:(+B: +8CA+8$71+8C:e(:7?+C1(1;8
i7$A($*:A$*G+AB:[(6$A$G+8C$4$+8+6A+BD6C$*:_j[+BC+E6C17:.$(C:A8:+B
'$6$*2[J$@D+?D+*+8+4+A(+A/A$8?A+B1;8B:'A++6.DC':61BC$J+8$6/D8:B
($B:BBD?:8+AD8*+B(+8B:*+6A+8*171+8C::D8*+B(+8B:+8+681G+6*+
(:8(+8CA$(1;8 +8 .D8(1;8 *+6 ?A:?1: A+BD6C$*: iA+(D?+A$A D8 7$A($*:A
$*G+AB::7$8C+8+AD8$G+8C$4$(:8B:61*$*$j^
+);8YL
$(C:A+B6171C$8C+B@D+18(1*+8+8+6?A:(+B:*++8B+9$8K$e$?A+8*1K$4++8
+64D/$*:A^
8 C+A(+A 6D/$A[ C+8+7:B 6$B 6171C$(1:8+B B:'A+ 6$ ?A:?1$ C$A+$ *+
+8B+9$8K$^:8(:7:8:B18*1($8+6/AD?:*+18G+BC1/$*:A+B+8($'+K$*:
?:A +6 *:(C:A
$8 +8B0$Hxw *+ 6$ 81G+AB1*$* *+ D++8B6$8* iDBCA$61$j
exz|e
A^
N:0 =&A 049 4"9: #;049 1 9 +1648:2:&9 #42 049 7;& 9& &2#;&2:8 &0
&2:8&2%48O^ BC:B +6+7+8C:B +BC%8 (:8*1(1:8$*:B ?:A 7D(0:B
(:7?:8+8C+B $D8@D+ ?:*A2$7:B $/AD?$A6:B +8 *:B] ?:A D8 6$*:[ 6:B
:'4+C1G:B @D+ ?+AB1/D+ 6$ $(C1G1*$* J[ ?:A :CA:[ 6$B A+/6$B +B?+(2.1($B @D+
A1/+86:B*+?:AC+B(:6+(C1G:B:(D$6@D1+AC$A+$*++8CA+8$71+8C:+86$@D+
18(6D1A2$7:B+6DB:*+7$C+A1$6[6$A+6$(1;8+B?$(1:eC+7?:A$6(:8+6A+BC:*+
4D/$*:A+B[ +C(^ $ 17?:AC$8(1$ *+6 +8CA+8$*:A A$*1($ +8 (:8:(+A *+
$8C+7$8:6$B?:B1'6+BA+B?D+BC$B@D+BDB4D/$*:A+B?D+*+8*$A.A+8C+$
6$B C$A+$B ?A:?D+BC$B[ *+ +BC+ 7:*:[ ?:*A+7:B A+$61K$A ?A:/A+B1:8+B *+
+8B+9$8K$$CA$G-B*+6$7$81?D6$(1;8(:8C+ICD$6*+6$C$A+$[+86$71B7$
7+*1*$@D++6(:8:(171+8C:*+64D/$*:AB:'A++64D+/:$D7+8C$^
:8/$7:B D8 +4+7?6: ?A%(C1(: $?61($*: $6 .EC':6[ ?$A$ $B2 (:8C+ICD$61K$A
+BC+ E6C17: .$(C:A 6171C$8C+^ 8 .$B+ *+ CA$8B1(1;8 *+.+8B$e$C$@D+
?A+C+8*+7:BCA$'$4$A(:7::'4+C1G:]+8G1$A'$6;8$D8$*+6$B*:B'$8*$B
187+*1$C$7+8C+CA$BA:':^A:?:8+7:BD8$B1CD$(1;8A+*D(1*$*+zIz+8
+6 (2A(D6: (+8CA$6 y '$8*$B^ 8 +BC$ B1CD$(1;8 *+'+7:B ?:8+A *+
7$81.1+BC: 6$ 17?:AC$8(1$ *+6 :'4+C1G: 'DB($*: J 8: ?:A +4+7?6: +6
7$8C+8171+8C:*+6'$6;8:6$G+6:(1*$**+(1A(D6$(1;8*+6+@D1?:@D+?:B++
+6 '$6;8[ +B *+(1A[ (:8 +BC$ 71B7$ C$A+$ ?:*+7:B 'DB($A *1.+A+8C+B
:'4+C1G:B?+A:*+'+7:BC+8+A(6$A:@D++64D/$*:A*+'+(+8CA$ABD$C+8(1;8
+8 +6 +6+7+8C: 'DB($*: J[ $ ?$AC1A *+ $02[ B+A% +6 +8CA+8$*:A +6 @D+ 1A%
7:*1.1($8*:6$B1CD$(1;8+8+B$628+$?$A$*1.1(D6C$A+6?A:(+B:*+:'C+8(1;8
*+671B7:i6171C$8*:+6+B?$(1:[+68E7+A:*+(:8C$(C:B(:8+6'$6;8:'1+8
?A:?:81+8*:7$J:A:?:B1(1;8j^
$ $?61($(1;8 *+ 6:B B1BC+7$B *18%71(:B B+ ($A$(C+A1K$ ?:A (:8(+'1A +6
$?A+8*1K$4+ (:7: D8 ?A:(+B: 8: 618+$6[ +B *+(1A[ +8 +6 ?A:(+B: $(CE$8
7D6C1CD* *+ .$(C:A+B i$6/D8:B (:8CA:6$'6+B J :CA:B 8:j @D+ ?A:7D+G+8
18C+A$((1:8+B+8CA+6:B4D/$*:A+B0$(1-8*:6+B?+A(1'1A18.:A7$(1;8$(CD$6
@D+(:7?$A$*$(:8+6$67$(+8$71+8C:*+6$7+7:A1$[8:B$(+A($$C:7$A
*+(1B1:8+B !
B:'A+8D+BCA$$(CD$(1;8^@D24D+/$D8?$?+6CA$B(+8*+8C$6
!
:B *+?:AC+B (:6+(C1G:B J 6$ 7$J:A2$ *+ *+?:AC+B *+ $*G+AB$A1: B:8 *+?:AC+B *18%71(:B[ $'1+AC:B[
($7'1$8C+B(:8D8$A+/D6$(1;8+IC+A8$$6*+?:AC1BC$J*+18(+AC1*D7'A+7%I17$^:B1'6+7+8C+8D8($B+
*+8 *:B 4D/$*$B 1/D$6+B +8 D8 ?$AC1*:[ +8 D8$ C+7?:A$*$ : +8 D8$ ($AA+A$ *+?:AC1G$^ +B*+ 8D+BCA:
?D8C:*+G1BC$[+6+8CA+8$*:A*+'+B+A+8+BC$628+$[D8A+*D(C:A*+18(+AC1*D7'A+@D+$JD*+$/+8+A$A
(:8*D(C$B*+.:A7$$DC;8:7$?$A$B:6G+8C$A6$B$((1:8+B@D+B+6+?A+B+8C+8$64D/$*:A[J$B+$+8.:A7$
*+ ?A:'6+7$ 18*1G1*D$6 : (:6+(C1G:^ BC$ /+8+A$(1;8 *+ 0%'1C:B *+'+ CA$'$4$AB+ $ CA$G-B *+6
+8CA+8$71+8C:^
:A+B:[G:6G+7:B$0$(+AD8$*1BC18(1;8(:8(+?CD$6$6$0:A$*++8CA+8$A+8CA+6:B(:8(+?C:B]A+?+C1AJ
$DC:7$C1K$A^+?+C1AB+A2$0$(+AB1+7?A+6:71B7:*+6$71B7$.:A7$[+64D/$*:A8:$8$61K$6$B1CD$(1;8J
8: (:8:(+ +6 ?:A @D- *+ $@D+66: @D+ B+ +BC% CA$'$4$8*:^ +?+C1A D8 *+C+A718$*: /+BC: C-(81(:[ D8
7:G171+8C: C%(C1(: *+B(:8C+ICD$61K$*: $ 6$ A+$61*$* 8: (A+$ D8 G28(D6: (:/81C1G: (:7: ?$A$ ?:*+A
exz}e
+6(:7?:8+8C++7:(1:8$6^+.:A7$@D+B1+64D/$*:A@D+18C+A$((1:8$+8
+6(:8C+IC:A+(A+$6D+/:+86$(:7?+C1(1;8+7:(1:8+B?:B1C1G$BJ?A;I17$B
$-6[BD($?$(1*$*?$A$B:6D(1:8$A?A:'6+7$BB+A%7D(0:7%B$6C$@D+B16$
A+(A+$(1;8+7:(1:8$6+B8+DCA$[:C:C$67+8C+8D+G$xx^B*+(1A[BD(+A+'A:
18CDJ+ @D- A+B?D+BC$ +B ?A+(1B: C:7$Axy^ 8 6$ 628+$ *+ G$A1$B
18G+BC1/$(1:8+B 8+DA:(1+8C2.1($B 61*+A$*$B ?:A +6 $C+*A%C1(: *+ 6$
81G+AB1*$**+$A:618$*+6DA8C:81:$7$B1:xz ?:*+7:B*+(1A@D+6$B
18CD1(1:8+B18C+/A$8BDBA+$((1:8+B+7:(1:8$6+B18(:A?:A$8*:6:@D+0$8
$?A+8*1*: $ ?$AC1A *+ 6$ +I?+A1+8(1$^ B2[ 8: +B @D+ 6$B 18CD1(1:8+B B+
/+8+A+8 *+ D8$ .:A7$ 18(:8B(1+8C+[ B18: @D+ B+ :A/$81K$8 ?:A 6$
+I?+A1+8(1$$666+G$A$($':D8$*+C+A718$*$$(C1G1*$*[J$B+$A+(A+$(1;8
+8 +6 +8CA+8$71+8C: : D8$ B1CD$(1;8 (:7?+C1C1G$^ B2[ B+A%8 +B?+(2.1($B[
(:8(A+C$BJA+6+G$8C+B?$A$6:B(:8C+IC:B?$AC1(D6$A+B+86:B@D+0$8B1*:
$?A+8*1*$B^ + $02[ 6$ 17?:AC$8(1$ *+ /+8+A$6 (:8C+IC:B +B?+(2.1(:B *+
4D+/:+8+6+8CA+8$71+8C:*+?:AC1G:*+(D$6@D1+A7:*$61*$*[7%B$E8+8
+6($B:*+*+?:AC+BN"+&8:49O(:7:B:86$B+B?+(1$61*$*+B(:6+(C1G$B^
:A 6: (D$6[ (D$8*: $8$61K$7:B +6 ?A:(+B: *+ $(CD$(1;8 *+ (D$6@D1+A
*+?:AC1BC$+8/+8+A$6[+B?A+(1B::'B+AG$A+6+8C:A8:@D+G$$*+6171C$ABD
?A%(C1($?$A$($61'A$A+6-I1C:+86$71B7$^:BA+.+A17:B$6$18(+AC1*D7'A+
:($B1:8$*$?:A+67+*1:Jd:?A+B+8(1$*+D87;G16[6$?A+B+8(1$:8:*+
(:7?$9+A:BJ$*G+AB$A1:B\+681G+6*++BCA-B+8+6@D+B++.+(CE$6$?A%(C1($
JD86$A/:+C(-C+A$*+(:7?:8+8C+B@D+G$8$(:8.1/DA$AD8+8C:A8:7D6C1e
*17+8B1:8$6 ?$A$ @D+ B+ +.+(CE+ 6$ ?A%(C1($ 7:CA1K^ B2[ B1 C:*$B +B$B
($A$(C+A2BC1($B G$8 $ (:8*1(1:8$A +6 ?A:(+B: *+ $?A+8*1K$4+ *+6 4D/$*:A
Z(;7: 8: G$7:B $ DC161K$A6$B +8 6$B C$A+$B *+ +8CA+8$71+8C:Y + +BC+
7:*:[ 6$B B1CD$(1:8+B $1B6$*$B '$4: +BC$ ?+AB?+(C1G$ *+ 6$ +8B+9$8K$ 8:
C+8*A2$8 D8$ 4DBC1.1($(1;8 (6$A$^ : 8:B 18C+A+B$ C$8C: (:8CA:6$A D8$
+4+(D(1;8C-(81($+B?+(2.1($[B18:@D++64D/$*:A:.A+K($D8$B:6D(1;87:CA1K
i$?+B$A*+@D+8:B+$(+A($8$$D8?$CA;87:C:A+BC%8*$AJ(:AA:':A$*:
?:A6$'1:7+(%81($j$6?A:'6+7$*+4D+/:@D+B+0$*$*:^8'$B+$+BC:[
+6 +7?6+: *+ B1CD$(1:8+B 4D/$*$B i6:B 4D+/:B 7:*1.1($*:B (:7:
0+AA$71+8C$*+$?A+8*1K$4++B1*+$6j+86$B@D+B+*+7$8*+(:8C18D$7+8C+
18C+A$((1;8*+64D/$*:A(:8+6+IC+A1:A[+8C:A8:e(:7?$9+A:Be$*G+AB$A1:B[
?:*A%8$D7+8C$A6$A1($+I?+A1+8(1$?+A(+?C1G:e*+(1B1:8$6(:86$.18$61*$*
/+BC1:8$A6:?:BC+A1:A7+8C++8+64D+/:^1+8CA$BC$8C:[+6(:8(+?C:$DC:7$C1K$AB+$(+A($$6$A+*D((1;8
*+ 18(+AC1*D7'A+ *+6 4D+/: @D+ $8C+B (:7+8C%'$7:B^ + +7?6+$ $ CA$G-B *+ 6$ C$A+$ +I?D+BC$ +8 +6
+8CA+8$71+8C:[ +B *+(1A[ ?+A71C+ $6 4D/$*:A bB$'+Ac 6: @D+ ?D+*+ : G$ $ ?$B$A J +B: $*+7%B *+ *$A
0+AA$71+8C$B?$A$B:6D(1:8$A7+4:A+6?A:'6+7$[$?A:I17$$6$A+$61*$**+64D+/:/+8+A$8*:(:8*D(C$B
CA$8B.+A1'6+B+8CA+B1CD$(1:8+B(:8($A$(C+A2BC1($BB+7+4$8C+B^++BC$.:A7$6$$DC:7$C1K$(1;8*+D8$
(:8*D(C$*+'++BC$A(:8C+ICD$61K$*$(:88D+BCA:7:*+6:*+4D+/:[(:8$@D+66:@D+?A:'$'6+7+8C++6
4D/$*:AG1G1A%+6*2$*+?$AC1*:^
exz~e
A^
*+7+4:A$ABD$(CD$(1;8+8+6C+AA+8:*+4D+/:^:+B817%B817+8:B[@D+
+7?6+$A+6(:8(+?C:*+CA$8B.+A+8(1$+8CA+6:@D+B+(:8:(+i7+7:A1$jJ
6$B1CD$(1;88D+G$[A+BD6C$8*:*++66:D8($7'1:+86:B7$?$B8+AG1:B:B*+
8D+BCA:(+A+'A:@D+.:7+8C$A%8+6?A:(+B:*+($7'1:J$?A+8*1K$4++8+6
4D/$*:A^
:+I?A+B$8*+6$B1/D1+8C+.:A7$]N20;)8%&0#0 9+#4684#&94(8##+42%4
7;& 602:&2 0);29 1&:4%404),9 %& &2:8&21+&2:4K &2:8&28 :'#2+#9
" 9+#9 S"4:&I 69&I :+84I &:#LTI #6#+%%&9 #42%+#+420&9 " 9+#9
S8&9+9:&2#+I (;&8AI =&04#+%%I &:#LT 4 : #:+# " 9+# SX?XI Y?YI &:#LTI 9&
+2:&2:8 249&68809##+42&94#41642&2:&9%&0%&648:&8&96&:2%4
9;99+2&8)+968+148%+0&9@#+#049%&6&8#&6#+52Q##+52L2049684#&949%&
68&2%+A.& 9& 684642& 68:+8 %& 09 9+2&8)+9 +2:&)80&9 " 9+#9 68 +8
#8&#+&2%4 &2 0 &9#0 %& #4160&.+%% #448%+2:+= :8='9 %& 0
12+6;0#+52S%+#+5249;9:8##+52T%ƭ:8&3+1+&2:49L9:&&9;28&:4
68049&2:8&2%48&9@684(&9+420&9%&0#:+=+%%(,9+#@&0%&648:&@
7;&9;642&;28&&9:8;#:;8#+52%&049#42:&2+%49&2:8&28&2"9&0
%+2 1+##448%+2:+=%&#%%&648:&O\^"(:8C18E$8B:'A++6*+B$AA:66:
*+ 6$ C:7$ *+ *+(1B1:8+B *+6 4D/$*:A] N&9%& 0 6&896&#:+= +2:&)8%48
%+2 1+# @ 24 0+2&0 9& 684642& 7;& &0 684#&94 %& &2:8&21+&2:4 9&
68&%41+22:&1&2:& +160,#+:4 &2 0;)8 %& &?60,#+:4I &9 %&#+8I 7;& &9:'
"9%4 &2 049 #429:8&3+1+&2:49 %& 0 :8& &2 0;)8 %& 09 58%&2&9 %&0
&2:8&2%48 4 0 12+6;0#+52 %& 0 +2:&2#+52 4 =40+#+52 %&0 %&648:+9:O\^
$A$+B:[*+'+7:B$?A:I17$A8:B$6(:8:(171+8C:@D+8D+BCA:B4D/$*:A+B
?:B++8 J +8 '$B+ $ +B: $?61($A 6$B 7:*1.1($(1:8+B *+ 6$B C$A+$B (:8 +6
:'4+C1G: *+ @D+ G$J$8 B1+8*: (:8B(1+8C+B *+ BDB ?A:?1:B ?A:/A+B:B J *+
(;7:B:8($?$(+B*+$?A:I17$AB+$6$BB:6D(1:8+B?:AB271B7:B[J$@D+
+B$ 0D+66$ *+4$A% D8 ($6$*: BD?+A1:A @D+ B1 B+ :'C1+8+ $ CA$G-B *+6
.++*'$(5!
*+6?A:?1:+8CA+8$*:A^$(:7?+C+8(1$(:8B(1+8C+!
+B+6?$B:
!
:AA+/1A$64D/$*:A+BD8:*+6:B+6+7+8C:B(+8CA$6+B*+6$?A+8*1K$4+^'1+8+64D/$*:A$?A+8*+?:A
B271B7:[:'1+8[*+B*+.D+A$8+(+B1C$18.:A7$(1;8$*1(1:8$6?$A$7+4:A$ABDB1/D1+8C+$((1;8^:AC$8C:[
+BC$7:B$8C+D8$BD8C:*+($?1C$617?:AC$8(1$^
+8+A$67+8C+[+BC$7:B$(:BCD7'A$*:B$:'B+AG$AJA+(C1.1($A8$*$7%BBD(+*++6+AA:A^BC:*+4$?:(:
+B?$(1: ?$A$ 6$ ($?$(1*$* *+6 4D/$*:A *+ A+$((1:8$A B:'A+ BD +AA:A J ?:*+A A+(C1.1($A6: +8 6$ ?A;I17$
:($B1;8^B*+(1A[*+4$7:B?:(:7$A/+8?$A$@D++64D/$*:A$?A+8*$?:AB271B7:[0+(0:-BC+$6C$7+8C+
B1/81.1($C1G:?$A$BD$?A+8*1K$4+J+I?+A1+8(1$?:BC+A1:A^
+ +BC$ .:A7$[ $?$A+(+ 6: @D+ ?:*A2$7:B 66$7$A (:7: b+AA:A A+(DAA+8C+c^ BC+ +AA:A +B $@D+6 @D+ B+
A+?1C+G$A1$BG+(+B+8D8?+A1:*:(:AC:*+C1+7?:J@D+C1+8+B17161CD*+B(:8+6$8C+A1:A^:A+4+7?6:[D8
4D/$*:A*+'+4D/$AA%?1*:$6(:7?$9+A:*+$?:J:JA+C1+8++6'$6;818C+8C$8*:A+/$C+$A0$BC$?+A*+A6:^
8 +BC+ 7:7+8C:[ +8 +6 @D+ +6 +AA:A $?$A+(+ +8 G$A1$B :($B1:8+B ib+AA:A A+(DAA+8C+cj +8 +6 @D+ +6
+8CA+8$*:A*+'+C:7$A7+*1*$BJ(:AA+/1A^
!
D(0:B$DC:A+B0$(+8018($?1-+86$1*+$*+6CA$'$4:*+618(:8B(1+8C+*+64D/$*:A$6$0:A$*+C:7$A
D8$*+(1B1;8[Z;7:+B?:B1'6+Y%B1($7+8C+[+618(:8B(1+8C+B+*+B$AA:66$/A$(1$B$6$+I?+A1+8(1$^8$
$7?61$ '$B+ *+ ?$CA:8+B 7:C:A+B 0$(+8 @D+ +6 4D/$*:A C+8/$ 0+AA$71+8C$B ?$A$ ?:*+A 18C+A?A+C$A +6
exze
?A+G1:@D++64D/$*:AA+@D1+A+?$A$0$(+A18(:8B(1+8C+BD?A:(+*+A+8+6
4D+/:^ 6 ?A17+A +B6$';8 +8 6:B *+?:AC1BC$B 4;G+8+B ?$A$ $D7+8C$A BD
(:7?+C+8(1$ 7:CA1K ?$AC+ *+ 6$ (:AA+(C$ (:AA+((1;8 i.++*'$(5j *+6
+8CA+8$*:A^ BC+ *+'+ /D1$A +6 ?A:(+B: *+ $?A+8*1K$4+ :.A+(1+8*: $6
*+?:AC1BC$ D8$ 18.:A7$(1;8 ?A+(1B$ @D+ 6+ ?+A71C+ A+.6+I1:8$A B:'A+ BD
$((1;8 ?A+G1$^ $ ($8C1*$*[ ($61*$* J *1A+((1;8 *+ 18.:A7$(1;8 @D+ +6
+8CA+8$*:AG$$:.A+(+A$64D/$*:AC+8*A%D8$+6+G$*$17?:AC$8(1$+8+B+
?A:(+B: *+ $?A+8*1K$4+ (:8B(1+8C+^ 8 -6[ +6 4D/$*:A 1A% $(D7D6$8*:
+I?+A1+8(1$B B1/81.1($C1G$B @D+ 6+ G$8 $ 1A ?+A71C1+8*: $.A:8C$A 6:B
?A:'6+7$B*+64D+/:*+D8$.:A7$18C+61/+8C+^
+(2$7:B@D++6?$B:*+.181C1G:+8(D$8C:$6$(:7?+C+8(1$*+64D/$*:AB+
*$A%(D$8*:0$B1*:($?$K*+(:8G+AC1ABD81G+6*+A+B:6D(1;8*+?A:'6+7$B
+8 18(:8B(1+8C+ iA+(:A*+7:B @D+ +8 ($?2CD6:B BD(+B1G:B B+ $':A*$A% *+
7$8+A$ ?$AC1(D6$A *1(0: ?A:(+B:j^ BC+ E6C17: 81G+6 *+ ?+A1(1$ +B
($A$(C+A2BC1(:*+4D/$*:A+B(A+$C1G:B@D+0$8G1G+8(1$*:C$8C$BG+(+BD8$B
*+C+A718$*$B B1CD$(1:8+B @D+ BD (+A+'A: ?+A71C+ C:7$A *+(1B1:8+B *+
.:A7$18CD1C1G$^8A+$61*$*[8:+B@D++618(:8B(1+8C+J6$(:8(1+8(1$G$J$8
?:A6$*:BB+?$A$*:B[B18:@D+*+.:A7$(:84D8C$+6(+A+'A:+7?6+$8*:6$
+I?+A1+8(1$J6$7+7:A1$$81G+67:CA1K?+A71C+818C+AG+81A(:7?$A$8*:6:
@D+J$B+B$'+J6$8D+G$B1CD$(1;8?A+B+8C$*$[$(CD$8*:(:8$(1+AC:^
ZM
N&99+24&9&01+914.;)%48#42&0 L8#&042@#428)&2:+26487;&
&9 %&:&81+22:& #414 9& #429:8;@& &0 &9#&28+4 %& ##+52 68 7;&
%&988400&9;1)+O&24::+L
+8B+7:B C:*:B +8 +J7$A^ B+ 4D/$*:A @D+ +B ($?$K *+ *A1'6$A *:B
$*G+AB$A1:B+8D8?$67:*+C+AA+8:J6D+/:?1($A+6'$6;8?$A$+8G1$A6:$6$
A+*?:A+8(17$*+6?:AC+A:^:*$6$$((1;8$?+8$B66+/;$D8$*DA$(1;8*+
D8 B+/D8*: ZA++8 $ (1+8(1$ (1+AC$ @D+ +6 4D/$*:A 0$ B1*: ($?$K *+
7$@D18$A+8BD(+A+'A:C:*$6$$((1;8YZ1+8B$8@D+0$B1*:($?$K*+1A
?+A(1'1+8*: +BC27D6: $ +BC27D6: C:*:B 6:B +6+7+8C:B @D+ A:*+$8 +6
(:8C+IC:B:'A++6@D+0$$(CD$*:Y8D8$A+(1+8C+18G+BC1/$(1;8B:'A++6
4D/$*:A +8 (D+BC1;8 i+J7$Aj 11(01 $1C: J $C:B01 1A:B+ ?A+BC1/1:B:B
4D+/:^ B *+(1A[ 6: @D+ +BC% BD(+*1+8*: $0:A$ +8 6$ (:7?+C1(1;8[ 8:B +G:($ $ 6: @D+ J$ ?$B; +8 +6
+8CA+8$71+8C:^:8:BA+.+A17:B$6$$((1;8+I$(C$[?+A:B2$$6/D8$B($A$(C+A2BC1($B*+6$71B7$@D+
0$(+8 @D+ +6 4D/$*:A B+?$ A+B?:8*+A *+ D8$ .:A7$ B1716$A $ 6$ @D+ 6: 01K: $8C+A1:A7+8C+^ + $02 6$
17?:AC$8(1$ *+ @D+ +6 +8CA+8$*:A A+?A+B+8C+ D8 (:8C+IC: *+ 4D+/: A+$6 +8 +6 *1B+9: *+ 6$B C$A+$B *+
+8CA+8$71+8C:^
exze
A^
ex{we
(:8C+ICD$6 C+8*A% 6$ C$A+$j : +6 8E7+A: *+ (:8C$(C:B (:8 +6 '$6;8\ +6
B+/D8*:[ 0$A% A+.+A+8(1$ $ 6$B *17+8B1:8+B *+6 C+AA+8: *+ 4D+/: : 6$
(:7?6+41*$**+6$$((1;87:CA1K$*+B$AA:66$A^:A+4+7?6:[8:E81($7+8C+
(:8C$A+7:B (:8 6$ ?A+B+8(1$ *+ :?:8+8C+B J +6 A+B?+C: *+ D8$ B+A1+ *+
A+/6$B[B18:@D+C$7'1-8+67:7+8C:J+66D/$A+8+6@D+B+66+G$$($':6$
$((1;8C$7'1-8+BA+6+G$8C+^BC$7:B0$'6$8*:*+B+A($?$K*+$?61($AD8$
B:6D(1;8 C-(81($ +8 D8$B (1A(D8BC$8(1$B +B?+(2.1($B @D+ B:6D(1:8$8 D8
?A:'6+7$C%(C1(:i?+A(+?(1;8e*+(1B1;8j^
+7$8+A$@D+[18+6D*1'6+7+8C+6$1*+$*+?A:?:8+AC$A+$B/6:'$6+B+86$B
@D+ +I1BC+8 *+7$8*$B C-(81(:e C%(C1($B *+ +B+ C1?:[ G$ $ .$G:A+(+A 6$
(A+$(1;8 *+ D8$ 7+7:A1$ 7:CA1K $ 81G+6 ?+A(+?C1G:[ *+(1B1:8$6 iC$7'1-8
*+8:718$*:N+2:;+#+52OC-A718:@D+DC161K$:'18:/$AC+8BD?A+BC1/1:B:
+BC+66+AN%;#80+2:;+#+52K0%&9884004%&09&?:49&2:+%4OX\j@D+0$A%
$DC:7%C1($6$($?$(1*$**+A+B:6G+A?A:'6+7$B+8+64D+/:^8+BC$628+$[
0$J @D+ A+B$6C$A @D+ 8: *+'+7:B +8C+8*+A +6 ?A:(+B: *+ $(CD$(1;8 *+6
*+?:AC1BC$(:7:D8$BD(+B1;8*+0+(0:B[+B*+(1A[?+A(+?(1;8*+(1B1;8
+4+(D(1;8-I1C:\B18:@D++BC+?A:(+B:*+*+(1B1;8+B18(:8B(1+8C+[(:7:
J$ B+9$6%'$7:B $8C+B[ +8 6$ 7$J:A2$ *+ 6:B ($B:B B+ *$ *+ 7$8+A$
18(:8B(1+8C+J$DC:7%C1($J$@D+6$B1CD$(1;8$(CD$6+B(:7?$A$*$(:86$
$8C+A1:A7+8C+N)8"%O+88D+BCA:(+A+'A:J*+$02@D+B+?A:*DK($D8$
A+B?D+BC$$DC:7%C1($^
02[?:AC$8C:C+8+7:B@D+$(CD$A[+8?A+*1B?:8+A$8D+BCA:B4D/$*:A+B
B1CD$(1:8+B@D+$D7+8C+8BDBA+B?D+BC$B7:CA1(+B@D+*+4+8(:8BC$8(1$+8
BD(+A+'A:?$A$A+(D?+A$A6$B(D$8*:6+BB+$8+(+B$A1:+8+64D+/:A+$6^:
C+8*A+7:B*:BB1CD$(1:8+B1/D$6+B+8D8?$AC1*:[D8$C+7?:A$*$:D8$G1*$
*+?:AC1G$[ B18 +7'$A/:[ B2 0$'A% .$(C:A+B A+6+G$8C+B @D+ C+8/$8 D8$
B+7+4$8K$J?A:7D+G$8D8$A+B?D+BC$$*$?C$C1G$$6?A:'6+7$/+8+A$*:^
[M
5+A[D$8[+*A:J+6A+BC:*+819:B@D+(:8.:A7$8+6+@D1?:*+819:B*+~
$9:B[ B1/D+8 *1B.ADC$8*: *+ BD *+?:AC+ ?A+.+A1*:^ B: B2[ *+B*+ $@D+66$
$((1;8*+6*+'DC+861/$6$B1CD$(1;80$($7'1$*:^:ABD+AC+[+6+8CA+8$*:A
0$B1*:(:8B(1+8C+*+@D++6?A:(+B:*++8CA+8$71+8C:i@D1K%BC+8*A2$7:B
@D+66$7$A6:*+.$7161$A1K$(1;8(:8+6.EC':6j*+'2$($7'1$AJ$B26:G1+8+
0$(1+8*:^ 0:A$[ +8 +6 *2$ $ *2$ 6$B C$A+$B *+ +8CA+8$71+8C: 8: +BC%8
*1A1/1*$B$6$A+?+C1(1;8JB+(D+8(1$(1;8618+$6*+D8$B$((1:8+BC-(81($B@D+
8:C1+8+8+8(D+8C$+6(:8C+IC:*:8*+6D+/:B+*+B$AA:66$8^6+8CA+8$*:A
?:AB271B7:[.D+(:8B(1+8C+*+@D+D8$?A+8*1K$4+618+$6J$8$62C1(:+8+BC+
ex{xe
A^
*+?:AC+ +B 17?A:'$'6+ @D+ .AD(C1.1@D+^ $ +I1BC+8(1$ *+ D8$ :?:B1(1;8
18C+61/+8C+*+C+A718$(:8BC$8C+7+8C++6*+G+81A+8+64D+/:J?:AC$8C:[6$
?A:?1$$((1;8*+($*$4D/$*:A^
6+8.:@D+0$($7'1$*:?:AC$8C:[J?:*A2$7:B*+(1A@D+?$A$'1+8^$A$
'1+8 +8 +6 B+8C1*: @D+ 6:B 4D/$*:A+B 8:G+6+B ($*$ G+K B:8 7%B
18*+?+8*1+8C+B +8 BDB $((1:8+B[ C$8C: +8 6$ (:7?+C1(1;8 (:7: +8 +6
+8CA+8$71+8C:^ *+7%B[ +6 +8CA+8$*:A J$ 8: C1+8+ @D+ b8$AA$Ac 6$
B+(D+8(1$*+$((1:8+B$A+?A:*D(1A+8($*$4D/$*$*+6?$AC1*:^ 671B7:+B
(:8B(1+8C+*+@D+BDB4D/$*:A+BG$8B1+8*:$DC;8:7:BJ/+8+A$8$((1:8+B
@D+$8C+B8:+A$8($?$(+B*+0$(+A^$$DC:8:72$+B($*$G+K7$J:AJ+6
/A$*:*+18C+61/+8(1$+8+64D+/:+B8:C$'6++8$6/D8:B*+6:B4D/$*:A+B^
B:B2[*+6:BA+BD6C$*:B7+4:A8:0$'6$A^E8J(:8C:*$+BC$+G:6D(1;8[+6
+@D1?:*+'DC$8C+8:0$B1*:($?$K*+/$8$AD8?$AC1*:+8C:*$6$61/$^"+B
@D+?:A$6/:B++7?1+K$[$?A+8*+A?$A$6D+/:/$8$A^:*:?A:(+B:(:866+G$
D8C1+7?:^
\M
x^6%K@D+K[^ix}j^+2+#+#+52%&648:+=@&0%&648:&&9#408^$A(+6:8$]
^
y^0:A?+[^[D85+A[^J67:8*[^ix}j^&:*+2/+2)
1&9&#*+2)^]:D/0
':A:D/0^
z^:6C[^[CA+$8[ ^J$A(2$e+8/:+(0+$[^iywwyj^I?$8*18/C0+C+$(018//$7+B
.:AD8*+ABC$8*18/7:*+6]8+H$G+8D+B.:A.DCDA+A+B+$A(0$8*?A$(C1(+^4;820
4(&#*+2)+2*@9+#0%;#:+42IYX[x}yex~}^
{^:AA+8CB[^"$6$/D-[^iyww~j^+?+A(DB1:8+B*+6$C+:A2$*+6:BB1BC+7$B*18%71(:B
+8+6+BCD*1:*+6$7:CA1(1*$*0D7$8$^6;2:9%&%;##+52 ,9+#@%&648:&I_^[
~exz^0CC?]ddHHH^A+G1BC$e$?D8CB^(:7d+Bd0+7+A:C+($Y$AC1(6+{
|^ $6$/D-[ ^[ :AA+8CB[ ^[ :6[ ^ J +1AD6e6:[
^ iywx{j^ 8CA+8$71+8C: 18C+/A$*:^
A18(1?1:B*18%71(:BJ$?61($(1:8+B^6;2:9%;##+52 ,9+#@&648:&IXX][}we
}^0CC?]ddHHH^A+G1BC$e$?D8CB^(:7d+Bd0+7+A:C+($Y$AC1(6+x}z}
}^ $8[ ^[ 0:H[ ^ J $G1*B[ ^ iywxyj^ b:H *:+B . H:A5Yc] +I$71818/ C0+
A+6$C1:8B01?'+CH++86+$A818/*+B1/818.$8*$8:8618+$A?+*$/:/J^*@9+#0
%;#:+42V648:&%)4)@IX^[zzxez{^
~^A$E4:[^[$G1*B[^[+88+CC[^[DCC:8[^[J0$?7$8[^iyww{j^7+A/+8(+:.
B?:AC B5166B D8*+A (:8BCA$18C^
8 ^^ 1661$7B o ^^ :*/+B i*B^j[ /+00
ex{ye
#7;+9+:+42+29648:K&9&8#*I:*&48@2%68#:+#&i??^{wf{zzj^:8*:8]$J6:A
J
A$8(1B^
^ +BC'+A/[ ^[ DBC$.B:8[ ^[ $DA+I[ ^[
8/G$A[ ^[ J +CA:G1([ ^ iywxyj^ I+(DC1G+
.D8(1:8CB?A+*1(CC0+BD((+BB:.C:?eB:((+A^04942&I^i{j[xe|^
^ 1G166$eA1$B[
^ iywx{j^ :8BCAD((1;8 *+ 6$ C:7$ *+ *+(1B1:8+B +8 +6 .EC':6^
0CC?]dd.DC':6+8?:B1C1G:^(:7d18*+I^?0?d(:8BCAD((1:8e*+e6$eC:7$e*+e*+(1B1:8+Be
+8e+6e.DC':6d
xw^+8B0$H[
^["1[^[$G1*B[^[J$77:8*[^iywxwj^(:8BCA$18CBe6+*?+AB?+(C1G+C:
D8*+ABC$8*18/B5166$(@D1B1C1:8$8*/$7+?6$J]$'$B1B.:A18C+/A$C1:8:.7:C:A
6+$A818/ C0+:AJ $8* ?0JB1($6 +*D($C1:8 ?A$I1BY *@9+#0 %;#:+42 V 648:
&%)4)@IX\[xx~exz~^
xx^
77:A*18:e"$8/[^^J
$+C0[^iywxwj^0+:6+:.7:C1:8$8*5166+*
8CD1C1:8
18 +$A818/^ 8 ^^ :DB$ i+*^j[ +2%I 8+2 2% %;#:+42 i??^ }e{j^
6::718/C:8[
]:6DC1:8A++A+BB^
xy^:5D0$7$[^iywxxj^+2%I8+2I2%%;#:+42#+&2#&L4168&*&29+=&
;+%&:4
:*&&>8+2Q9&%&#*+2)^+H":A5]:AC:8o:7?$8J[
8(^
xz^$7$B1:[^^iyww~j^ +.++6[C0+A+.:A+H+6+$A8]0+A+6+G$8(+:.$..+(C1G+$8*
B:(1$68+DA:B(1+8(+C:+*D($C1:8^+2%I8+2I2%%;#:+42[X[zexw^
x{^$1C:[^[J1A:B+[^iywx{j^..1(1+8C.::C7:C:A(:8CA:6'J+J7$AaB'A$18^ 842:+&89
+2;12&;849#+&2#&I_[|{^
x|^ :/$AC[ ^ iywxzj^ %;#8 0 +2:;+#+52L 0 %&9884004 %&0 9&?:4 9&2:+%4^ $A(+6:8$]
$1*;B^
ex{ze
A^
ex{{e
"
9M 9"3%,:%51"9%6367'BK?A:.+B:A*+6$
$(D6C$**+*D($(1;8*+6$81G+AB1*$**+
61($8C+^
9M">,	&'3":(1'BK?A:.+B:A1CD6$A*+6$
$(D6C$*1+8(1$B*+6$(C1G1*$*
2B1($
J+6+?:AC+*+6$81G+AB1*$**+A$8$*$^
#42%;#:8#+420*;12&9: %&:&81+2%648;29:+.&89#;@9*4.99420
&9:8;#:;8%&049&2:48249%&:8".4@09#6#+%%&9%&# 0#;04%&0#:48L
+'+AC^17:8
:*: *+?:AC1BC$ B+ +8.A+8C$ *DA$8C+ 6$ (:7?+C1(1;8 $ B1CD$(1:8+B @D+
+I1/+8 $(CD$A *+ 7$8+A$ A%?1*$ J ?A+(1B$^ 8 6:B *+?:AC+B +8 6:B @D+ +6
+8C:A8:B+($A$(C+A1K$?:AD8+6+G$*:81G+6*++8CA:?2$[?A:(+*+8C+*+6$
18+BC$'161*$**+67+*1:*:8*+B+*+B$AA:66$6$$(C1G1*$*iG+6$[?1A$/F1B7:[
BDA.j[ *+ 6$ 18(+AC1*D7'A+ /+8+A$*$ ?:A 6$ $(C1G1*$* *+ 6:B $*G+AB$A1:B
iJD*:[C+81B[+C(^j:dJ?:A6$?A+B+8(1$*+(:7?$9+A:Bi*+?:AC+B*++@D1?:j[
6:B ?$AC1(1?$8C+B *+'+8 *+(1*1A (:8BC$8C+7+8C+ +8CA+ *1.+A+8C+B
$6C+A8$C1G$B *+ $((1;8 ?$A$ (:8B+/D1A D8 (:7?:AC$71+8C: +.1($K^ :A 6:
C$8C:[?A$(C1($A+BC:B*+?:AC+B BD?:8+ 18C+A?A+C$A ?+A7$8+8C+7+8C+ 6$B
(1A(D8BC$8(1$B @D+ *+.18+8 6$ B1CD$(1;8 J *+(1*1A 6$B $((1:8+B ?+AC18+8C+B
@D+?+A71C1A2$8(D7?61A6:B:'4+C1G:B*++B+7:7+8C:x^
8 C$6+B (1A(D8BC$8(1$B 6:B *+?:AC1BC$B *+'+8 $*$?C$AB+ J $?A+8*+A @D-
$((1:8+BA+BD6C$87%BEC16+B+8($*$7:7+8C:^:@D+6+B*1.+A+8(1$*+6
A+BC:*+?+AB:8$B@D+*+'+8*+(1*1A+8+8C:A8:B*+18(+AC1*D7'A++B@D+
+8+6*+?:AC++6C1+7?:*1B?:81'6+?$A$A+$61K$A6:+B+ICA$:A*18$A1$7+8C+
A+*D(1*:^ 8 /A$8 G:6D7+8 *+ ?A%(C1($ A+1C+A$*$ +8 +BC:B (:8C+IC:B
?+A71C1A%$6*+?:AC1BC$?$B$A*+D8+BC$*:181(1$6*+'$4:A+8*171+8C:[+8+6
@D+ *+(1*+ 7$6 + 18G1+AC+ 7D(0: C1+7?: +8 0$(+A6:[ $ :CA: +8 +6 @D+
A+BD+6G+6:B?A:'6+7$B*+.:A7$A%?1*$J?A+(1B$^:@D+BD'J$(+$+BC+
($7'1: 0$(1$ D8$ ($?$(1*$* *+ *+(1B1;8 7%B +.1(1+8C+[ +B +6 ?$B: *+
(:8CA:6$AG:6D8C$A1$7+8C+i(:8B(1+8C+7+8C+j+BC:B?A:(+B:B$0$(+A6:*+
7$8+A$ $DC:7%C1($^ 8 +B+ 7:7+8C: BDB A+B?D+BC$B BDA/+8 /A$(1$B $ 6$
18C+A$((1;8 *+ BD (D+A?: (:8 +6 +8C:A8: B18 6$ 8+(+B1*$* *+ @D+ 6$
(:8B(1+8(1$?$AC1(1?+^
$$*@D1B1(1;8*++BC$0$'161*$*B+?A:*D(+(:7:(:8B+(D+8(1$*+@D+6$
?A%(C1($ A+?+C1*$ +8 B1CD$(1:8+B B1716$A+B ?+A71C+ $6 *+?:AC1BC$ $B:(1$A
(1+AC$B (6$G+B *+6 +8C:A8: i?:B1(1;8d:A1+8C$(1;8 *+ (:7?$9+A:B[
ex{|e
A^
#JA^
#
ex{}e
"
$7$J:A?$AC+*+8D+BCA:(:7?:AC$71+8C:(:C1*1$8:C1+8+(:7::'4+C1G:
7$8C+8+A+6+@D161'A1:0:7+:BC%C1(:18C+A8:^:8+BC+.18[+6:A/$81B7:+8
?+A7$8+8C+ 18C+A$((1;8 (:8 +6 +8C:A8: ?A:(+B$ D8$ /A$8 ?$AC+ *+ 6$
18.:A7$(1;8*+7$8+A$$DC:7%C1($[6:@D+17?61($6$$(C1G1*$**+*1G+AB:B
B1BC+7$B .D8(1:8$6+B[ *+ 8$CDA$6+K$ .1B1:6;/1($[ (:7: 6:B @D+ A+/D6$8 6:B
7+($81B7:B +8K17%C1(:B : '1:@D271(:B[ : 6:B @D+ B+ +8($A/$8 *+ 6$B
A+$((1:8+B+7:(1:8$6+B$*+C+A718$*:B+BC27D6:B^::'BC$8C+[C$7'1-8
?A:(+B$7:B 18.:A7$(1;8 *+ 7$8+A$ A$(1:8$6 : *+61'+A$*$ (:8 +6 71B7:
:'4+C1G:^
+/E8$7$B1:z6$G+8C$4$*+6$(:8B(1+8(1$+8*1(0:B.+8;7+8:B?A:G1+8+
*+6$7+4:A$+86$A+/D6$(1;8*+6$G1*$+8+8C:A8:B@D+B:8($*$G+K7%B
(:7?6+4:B^ 6 ?A:'6+7$ BDA/+ (D$8*: C+8+7:B @D+ A+(:A*$A J ?A:(+B$A
18.:A7$(1;8?:A?$AC+*+8D+BCA$6171C$*$7+7:A1$*+CA$'$4:[*+6$(D$6
*+?+8*+*1A+(C$7+8C+8D+BCA$(:8B(1+8(1$^BC+?A:(+B:A+@D1+A++B.D+AK:
J +BC% 6171C$*: ?:A 6$ ($8C1*$* *+ 2C+7B *+ 18.:A7$(1;8 @D+ B+ ?D+*+8
/+BC1:8$A^B?D+B+6(:8C+81*:*+6$7+7:A1$*+CA$'$4:6:@D+*+.18+6$
+I?+A1+8(1$(:8B(1+8C+^BC+7:*:*+?A:(+B$71+8C:*+6$18.:A7$(1;88:B
?+A71C+0$(+A+I?62(1C$B6$B'$B+B*+6A$K:8$71+8C:[0$(1+8*:?:B1'6+D8
$?A+8*1K$4+$CA$G-B*+6DB:*+6A$K:8$71+8C:*+*D(C1G:J?A:'$'162BC1(:{^
:A+6(:8CA$A1:[(D$8*:B+?A:*D(+8?A:(+B:B$DC:7%C1(:B8:/$BC$7:B
A+(DAB:B $C+8(1:8$6+B : *+ 6$ 7+7:A1$ *+ CA$'$4:^ BC+ 7:*: *+
?A:(+B$71+8C: 8:B ?+A71C+ (:8+(C$A (:8 6$B +I?+A1+8(1$B ?$B$*$B[ J
?A+*+(1A$(:8C+(171+8C:B.DCDA:B^
$08+7$8|*1BC18/D++8CA+6:B*+8:718$*:B7:*:*+?A:(+B$71+8C:6+8C:
JA%?1*:^6?A17+A:+B+6+8($A/$*:*+?+A(1'1A+6+8C:A8:J*+(1*1A6$7+4:A
:?(1;8*+.:A7$A$(1:8$6[G$6:A$8*:6$B(:8B+(D+8(1$B*+($*$D8$*+6$B
?:B1'6+B$6C+A8$C1G$B^66:+I1/+18+G1C$'6+7+8C+@D++6*+?:AC1BC$*1B?:8/$
*+6 C1+7?: BD.1(1+8C+ ?$A$ ?:*+A 0$(+A D8$ +G$6D$(1;8 (:8B(1+8C+ *+ 6$
B1CD$(1;8^6B+/D8*:+BC%*+BC18$*:$*$AA+B?D+BC$187+*1$C$$?A:'6+7$B
@D+ A+@D1+A+8 D8$ B:6D(1;8 A%?1*$[ +8 (:8C+IC:B +8 6:B @D+ 8: +I1BC+
C1+7?: BD.1(1+8C+ ?$A$ +G$6D$A 6$ B1CD$(1;8 *+ .:A7$ (:8B(1+8C+^ :B
7+($81B7:B @D+ BD'J$(+8 $ +BC$ C:7$ *+ *+(1B1:8+B 7%B 18CD1C1G$
A+@D1+A+8 6$ ?$AC1(1?$(1;8 *+ +BCAD(CDA$B (+A+'A$6+B *1BC18C$B $ 6$B @D+
?A:(+B$8*+.:A7$*+61'+A$*$iG+AB0+[D8/D[$B.:A*[JD}j^
+A: 18(6DB: +8 +8C:A8:B *:8*+ 8: +I1BC+ C$6 6171C$(1;8 C+7?:A$6[ 6$
7$J:A2$ *+ 6$B *+(1B1:8+B @D+ C:7$7:B[ J B:'A+ C:*: 6$B @D+ C:7$8 6:B
*+?:AC1BC$B+8(:7?+C1(1;8[8:B:8(:8B(1+8C+B^A$B6$?A%(C1($A+?+C1*$[
*1(0$B *+(1B1:8+B B+ 0$8 (:8G+AC1*: +8 0%'1C:B ?+A(+?C1G:e7:CA1(+B[ +B
*+(1A[ A+B?D+BC$B $DC:7%C1($B $ +BC27D6:B *+6 $7'1+8C+^ +A: C$7'1-8
ex{~e
A^
#JA^
#
+I1BC+8 :CA: C1?: *+ 0$'161*$*+B @D+ B+ ?D+*+8 $DC:7$C1K$A[ (:7: 6$B
?DA$7+8C+ (:/81C1G$B~^ $A$ (:AA+A B+ A+@D1+A+8 6$B ?A17+A$B
.D8*$7+8C$67+8C+^$A$4D/$A$6$4+*A+K?A%(C1($7+8C+B;6:B+A+@D1+A+8
0$'161*$*+B (:/81C1G$B^ 18 +7'$A/:[ +8 6$ 7$J:A2$ *+ 6:B *+?:AC+B
8+(+B1C$7:B$7'$B^8+BC+$?$AC$*:G$7:B$18C+8C$A+I?6:A$A(;7:B+
$*@D1+A+8$@D+66$B0$'161*$*+B8+(+B$A1$B?$A$A+8*1A+86:B*+?:AC+B^1
8:B(+8CA$7:B+8-BC$BE6C17$B[+I1BC+D8(:8B+8B:+8B1(:6:/2$$(+A($*+
6$ +B?+(1$61K$(1;8 *+ 6$B 0$'161*$*+B (:/81C1G$B @D+ $*@D1A17:B[ +B *+(1A[
@D+ B:8 *+?+8*1+8C+B *+6 (:8C+IC: J[ ?:A 6: C$8C:[ *1.2(167+8C+
CA$8B.+A1'6+B $ :CA:B (:8C+IC:B *1.+A+8C+B^ +(1+8C+7+8C+ B+ ?D+*+
(:7?A:'$A +6 18C+A-B ?:A 6$ CA$8B.+A+8(1$ *+ 6$ 18G+BC1/$(1;8 $6 ($7?:
?A%(C1(:[ .ADC: *+6 (D$6 0$8 BDA/1*: 181(1$C1G$B @D+ :.A+(+8 7-C:*:B :
?A:(+*171+8C:B ?$A$ 6$ 7+4:A$ *+ *1(0$B 0$'161*$*+B (:/81C1G$B^
$7+8C$'6+7+8C+ 6:B A+BD6C$*:B *+ 6:B +BCD*1:B +8 6$':A$C:A1: 8:
*+7D+BCA$8 @D+ +I1BC$ D8$ CA$8B.+A+8(1$ .D+A$ *+ -6[ +8 8D+BCA$ G1*$
(:C1*1$8$^6A+8*171+8C:C1+8*+$B+A+B?+(2.1(:*+6$C$A+$(:86$@D+D8:
B++8CA+8$^
BC: ?$A+(+ C$7'1-8 :(DAA1A +8 6:B *+?:AC+B^ D$8*: B+ (:7?$A$8 6$B
($?$(1*$*+B(:/81C1G$B+8*+?:AC1BC$B(:8*1.+A+8C+B81G+6+B*+?+A1(1$+8
C$A+$B *+ D8 *:7181: +B?+(2.1(:[ 6:B +I?+AC:B 0$8 *+7:BCA$*: B+A
BD?+A1:A+B +8 C$A+$B @D+ 17?61($8 +6 A+(:8:(171+8C: J A+(D+A*: *+
?$CA:8+B *+ (:7?:AC$71+8C:[ +BCA$C+/1$B *+ 'EB@D+*$ G1BD$6 J +6
(:8:(171+8C:*+6$B?A:'$'161*$*+BB1CD$(1:8$6+B[+B*+(1A[+6B$'+A(D%6+B
6$?A:'$'161*$**+@D+$6/:BD(+*$+8+6(:8C+IC:A+$6*+?:AC1G:?$A$$(CD$A
+8(:8B+(D+8(1$^
D+A$*+BD*:7181:+B?+(2.1(:+BC:8::(DAA+$B2^:B+
0$8+8(:8CA$*:@D++BC$B($?$(1*$*+B(:/81C1G$B'%B1($BB+$8*1.+A+8C+B
+86:B*+?:AC1BC$B7%B+8CA+8$*:B:(:87$J:A?+A1(1$^
XM
M
$A$ +BC$ +G1*+8(1$ +I1BC+8 +I(+?(1:8+B @D+ 0$'A2$ @D+ C+8+A 7DJ +8
(D+8C$?$A$+67D8*:*+6*+?:AC+^:?0+Axw?DB:+8*D*$+BC$1*+$(D$8*:
B+CA$C$'$*+6(:8CA:6$C+8(1:8$6^
8C+8C;(:7?A:'$A+8@D-7+*1*$*1(0:
(:8CA:6+BD8$*+BCA+K$+8B271B7$[J?:A6:C$8C:+8CA+8$'6+^86$BC$A+$B
(:7?6+4$B[(:7:6$B@D+B+?A:*D(+8+86:B*+?:AC+B*+18C+A$((1;8[6:B
BD4+C:B *+'+8 *1G1*1A[ *1A1/1A J A+*1A1/1A (:8BC$8C+7+8C+ BD $C+8(1;8 +8
.D8(1;8*+6$B*+7$8*$B*+6$C$A+$^6*+?:AC1BC$*+'+A+?$AC1ABD$C+8(1;8
+8CA+ 7D6C1CD* *+ +BC27D6:B[ (:7: +6 $*G+AB$A1: *1A+(C:[ (:7?$9+A:B
ex{e
"
ex{e
A^
#JA^
#
6 (:8CA:6 *+ 6$ $C+8(1;8 B+ '$B$ +8 D8 B1BC+7$ (:7?6+4: *+ A+*+B
8+DA:8$6+B[ +8CA+ 6$B @D+ B+ +8(D+8CA$ 6$ A+* +4+(DC1G$x{^ :B *$C:B *+
8+DA:17$/+80$8.$(161C$*:18.:A7$(1;8A+6+G$8C+*+6$B%A+$B17?61($*$B
+8+6(:8CA:6*+*1(0$$C+8(1;8+4+(DC1G$^$B$(C1G$(1:8+B:'B+AG$*$BB+
*1BCA1'DJ+8 +8CA+ +6 %A+$ *:AB$6 *+6 (;AC+I (18/D6$*: $8C+A1:A[ +6 (;AC+I
?A+.A:8C$6 *:AB:6$C+A$6[ J +6 (;AC+I ?A+.A:8C$6 (+8CA:6$C+A$6^ BCD*1:B
A+(1+8C+B 0$8 (:8B+/D1*: *+7:BCA$A (1+AC$ +B?+(1$61K$(1;8 *+ C$A+$B
$B:(1$*$B(:8($*$D8$x|^B2[+6(;AC+I(18/D6$*:$8C+A1:AB+0$$B:(1$*:$
C$A+$B@D+/+8+A$8(:8.61(C:[71+8CA$B@D+B:88D7+A:B:B+BCD*1:B6:B@D+
0$8A+6$(1:8$*:6$B%A+$B*:AB:6$C+A$6JG+8CA:6$C+A$6*+6(;AC+I?A+.A:8C$6
(:8C$A+$B*+7+7:A1$*+CA$'$4:^
1 8:B (+8CA$7:B +8 6$B C$A+$B *+ (:8.61(C:[ B+ 0$ (:7?A:'$*: @D+ 6:B
.DC':61BC$B?A:.+B1:8$6+B7D+BCA$8D8A+8*171+8C:(6$A$7+8C+BD?+A1:A$6
*+:CA:B.DC':61BC$B$7$C+DAB:8:G$C:B+8+BC+C1?:*+C$A+$B[J@D+*1(0:
A+8*171+8C: B+ 7$81.1+BC$ (:7: D8 ?A+*1(C:A *+6 A+8*171+8C: *+?:AC1G:
+B?+(2.1(: .DCDA:^ :B 4D/$*:A+B (:8 7+4:A *+B+7?+9: +8 6$B C$A+$B *+
(:8.61(C:.D+A:86:B@D+(:8B1/D1+A:87%B/:6+BJ$B1BC+8(1$B*:B$9:B7%B
C$A*+x}^BC$BC$A+$B*+(:8.61(C:A+@D1+A+86$($?$(1*$**+1801'1A?A:(+B:B
:A+B?D+BC$B7:C:A$B@D+A+BD6C$8?A+?:8*+A$8C+B+8D8(:8C+IC::D8$
C$A+$*+C+A718$*$[?+A:8:B:8$*+(D$*:B?$A$BD(:AA+(C$A+$61K$(1;8^"
+86:B*+?:AC+B*+18C+A$((1;8+BC$BB1CD$(1:8+BB:87DJ(:7D8+B^BC:B
*+?:AC1BC$B C1+8+8 6$ 8+(+B1*$* *+ $*$?C$A BD (:7?:AC$71+8C: $ D8
+8C:A8:($7'1$8C+[6:@D+B1/81.1($@D+[+8:($B1:8+B[*+'+8B+A($?$(+B
*+.A+8$AD8$A+B?D+BC$$DC:7%C1($$8C+6$7:*1.1($(1;8*+6+8C:A8:@D+
6$ (:8G1+AC+ +8 18EC16^ :A +4+7?6:[ D8 4D/$*:A *+ '$6:8(+BC: @D+ 0$
BD?+A$*: $ BD (:8CA$A1: J B+ *1A1/+ 0$(1$ ($8$BC$ DC161K$ BDB 0%'1C:B
?+A(+?C1G:7:CA1(+B?$A$0$(+A6:^+A:+86$7$J:A2$*+6$B:($B1:8+B[6$
G+8C$4$?:B1(1:8$6(:8B+/D1*$.D+AK$$$6/D8:*+6:B*+.+8B:A+B$$(CD$A
?$A$.A+8$ABD$G$8(+0$(1$6$($8$BC$[6:@D+*+B+8($*+8$D8$A+$((1;8
(::A*18$*$ *+6 A+BC: *+ *+.+8B:A+B ?$A$ A+$61K$A 6$':A+B *+ (:'+ACDA$ J
A++@D161'A$A 6:B +B?$(1:B *1B?:81'6+B^ 6 4D/$*:A C1+8+ @D+ $4DBC$A BD
(:7?:AC$71+8C:$8C++BC+8D+G:+BC27D6:?$A$*+(1*1A@D-0$'161*$**+BD
'$/$4+ C%(C1(:eC-(81(: +B 6$ @D+ ?D+*+ A+B:6G+A *+ .:A7$ 7%B +.1($K +6
?A:'6+7$^BC+?A:(+B:BD+6++BC$A$DC:7$C1K$*:^6?A:'6+7$+B@D++B+
8D+G:*+.+8B:A0$?+A71C1*:@D+D8(:7?$9+A:BDJ:+BC-*+B7$A($*:^$
?:B1'161*$**+?A+*+(1A@D-(:7?$9+A:+B+6@D+G$$@D+*$A*+B7$A($*:
+B *1.2(16[ ?D+B 6$B $JD*$B 8: B1+7?A+ G1+8+8 *+6 71B7: 6D/$A[ 81 B+
+8(D+8CA$8 +8 +6 71B7: B1C1:[ J $*+7%B +I1BC+8 :CA:B *+.+8B:A+B @D+
C$7'1-8 0$(+8 $JD*$B[ J ?:A 6: C$8C: +6 4D/$*:A *+B7$A($*: ?D+*+ B+A
(D$6@D1+A$ *+ 6:B { (:7?$9+A:B B18 '$6;8^ 8C+ +BC$B (1A(D8BC$8(1$B +6
ex|we
"
ex|xe
A^
#JA^
#
ex|ye
"
+6$(1;8+8CA+6:B?A:(+B:B(:/81C1G:BJ6$B%A+$B8+DA:8$6+B17?61($*$B+8+6
(:7?:AC$71+8C:/D1$*:?:AD8$7+C$yy^
BCD*1:B(:7:6:B*++16:(5[+AC+8C0$6[((:JJ$Ay{$B26:*+7D+BCA$8^
D$8*:B+6+B?1*1;$/:6.1BC$B+I?+AC:B@D+?+8B$A$8+8+6/+BC:71+8CA$B
6: +4+(DC$'$8[ BD A+8*171+8C: B+ *+C+A1:A;^ 6 ?A18(1?1$8C+ C1+8+ +8 6$
7+7:A1$:?+A$C1G$6$BA+/6$B*+$((1;8[?+A:+6+I?+AC:0$$DC:7$C1K$*:
*1(0$BA+/6$BJ?:AC$8C:8:*+7$8*$*+*1(0$7+7:A1$:?+A$C1G$^++BC$
.:A7$ 6:B +I?+AC:B B+ ?D+*+8 '+8+.1(1$A *+ *1A1/1A 6$ $C+8(1;8 0$(1$ :CA:
.:(:@D+8:B+$+618C+A8:[+B*+(1A[8:(+8CA$A6:BA+(DAB:B$C+8(1:8$6+B+8
6$+4+(D(1;8[?:A@D+$6*+BG1$A6$$C+8(1;88:18C+AAD7?+86$B ADC18$B*+
?A:(+B$71+8C: $DC:7%C1(:y{^ BC: 71B7: :(DAA1; (D$8*: 6: @D+ B+ 6+B
?+*2$ $ +I?+AC:B J 8:G$C:B +A$ +4+(DC$A 6: 7%B A%?1*: ?:B1'6+^ :B
?A18(1?1$8C+B[(:7:+A$*++B?+A$A[A18*1+A:8?+:A(D$8*:B+6+B?1*1;@D+
A+$61K$A$86$C$A+$*+?A1B$J[+8($7'1:[6:B+I?+AC:B.D+A:87%B?A+(1B:B^
:B $DC:A+B (:8(6DJ+A:8 @D+ 6:B ?A18(1?1$8C+B B+ '+8+.1(1$'$8 *+
+BCA$C+/1$B@D+6+B?+A71C2$8(+8CA$AB++86$C$A+$[71+8CA$B6:B+I?+AC:B6:
0$(2$8*+$@D+66$B@D+6+B17?+*2$8(+8CA$AB++8+6*+B+7?+9:*+6$C$A+$^
BC+ .+8;7+8: 8: B:6: :(DAA+ +8 C$A+$B *+ ?A+(1B1;8 B18: +8 C$A+$B @D+
A+@D1+A+8C:7$*+*+(1B1:8+B^:08B:8J$$'y|*+B(D'A1+A:8@D+6$($61*$*
*+ 6$B *+(1B1:8+B *+ 4D/$*:A+B *+ '$6:87$8: +I?+A17+8C$*:B +BC$'$
*1A+(C$7+8C+A+6$(1:8$*$(:86$.6D1*+K(:86$@D+G1+8+8$6$7+8C+^8D8
+I?+A17+8C:B+?1*1;$D8/AD?:*+4D/$*:A+B*+'$6:87$8:*+-61C+@D+
:'B+AG$A$8D8$$((1;8*+4D+/:+8D8$?$8C$66$^$17$/+8B+?$A$'$4DBC:
$8C+B*+@D++64D/$*:A(:8'$6;8CDG1+A$@D+*+(1*1A^8+B+7:7+8C:B+
?+*2$$6:B4D/$*:A+B@D+*+(1*1+A$86$7+4:A:?(1;86:7%BA%?1*:?:B1'6+^
BC$ *+(1B1;8 (:18(1*2$ (:8 6$ @D+ D8 /AD?: *+ +8CA+8$*:A+B +I?+AC:B
(:8B1*+A$'$86$(:AA+(C$^8($7'1:[(D$8*:$6:B71B7:B4D/$*:A+BB+6+B
ex|ze
A^
#JA^
#
?+*2$@D+/+8+A$B+8C:*$B6$B:?(1:8+B?:B1'6+BJ6D+/:+61/1+B+86$@D+
(A+2$87+4:A[6$($61*$**+BDB*+(1B1:8+BB+G+2$*+C+A1:A$*$^
$A$+6$?A+8*1K$4+*+6:B0%'1C:B?+A(+?C1G:e7:C:A+B+B8+(+B$A1:?$B$A
?:ACA+B+C$?$By}^86$?A17+A$[*+8:718$*$(:/81C1G$[+6*+?:AC1BC$*+'+
(:7?A+8*+A6:B?A18(1?1:B@D+?+A71C+8181(1$A6$B:6D(1;8*+D8?A:'6+7$[
$6/: @D+ :(DAA+ $ CA$G-B *+ 18BCAD((1:8+B[ : ?:A 6$ :'B+AG$(1;8 *+ D8
7:*+6:yz^ BC$ .$B+ A+@D1+A+ D8$ A+?A+B+8C$(1;8 *+(6$A$C1G$ *+ 6$
18.:A7$(1;88+(+B$A1$?$A$A+B:6G+A?A:'6+7$B*+6$C$A+$J[?:A6:C$8C:[
+I1/+D8/A$8+B.D+AK:*+A1G$*:*+6:B?A:(+B:B*+$C+8(1;8^BC:*1.1(D6C$
6$ +6$':A$(1;8 B17D6C%8+$ *+ :CA$B 18.:A7$(1:8+B ?$A$ *+B$AA:66$A C$A+$B
A+6$(1:8$*$B^ B2[ +6 $?A+8*1K$4+ +BC$A% *+C+A718$*: ?:A 6$ 8$CDA$6+K$
+B?+(2.1($ *+ 6$ C$A+$ $ A+$61K$Ayz^ BC$ E6C17$ $.1A7$(1;8 (:8BC$C$ 6$
17?:AC$8(1$*++8CA+8$A+86$B71B7$B(:8*1(1:8+B*+?A%(C1($?A+B+8C+B
+8 6$ (:7?+C1(1;8^ 1 +6 +8C:A8: :.A+(+ +BC27D6:B *1.+A+8C+B[ 6$B A+*+B
8+DA:8$6+B @D+ B+ .:A7$8 +8 +6 $?A+8*1K$4+ *+ +BC$B 0$'161*$*+B[ J ?:A
(:8B1/D1+8C+ +8 +6 ?A:(+B: *+ $DC:7$C1K$(1;8[ 8: B+ $(C1G$A%8 ?$A$
A+(D?+A$A*1(0:B$?A+8*1K$4+B*+6$7+7:A1$$6$A/:?6$K:[(:7:G+A+7:B
7%B$*+6$8C+^
8D8$B+/D8*$+C$?$[*+8:718$*$$B:(1$C1G$[($*$18*1G1*D:(:71+8K$$
A+B:6G+A ?A:'6+7$B ?:A B2 71B7:[ D8$ G+K $*@D1A1*: +6 (:8:(171+8C:
72817:8+(+B$A1:?$A$+66:^+/E88*+AB:8y}B+?A:*D(+D8$CA$8B1(1;8*+
D8$ A+?A+B+8C$(1;8 7+A$7+8C+ *+(6$A$C1G$ $ D8$ A+?A+B+8C$(1;8
?A:(+*17+8C$6/A$(1$B$6$?A%(C1($^@D2+618*1G1*D:(:7+C++AA:A+B@D+
A+.6+4$8D8$(:7?A+8B1;818$*+(D$*$J@D+*+'+8B+A(:AA+/1*:B^:A+66:
+BC$ +C$?$ B+ ($A$(C+A1K$ ?:A 6$ 'EB@D+*$ *+ +BCA$C+/1$B +.1($(+B @D+
?+A71C$8 D8$ A%?1*$ ?+A(+?(1;8 J A+(D?+A$(1;8 *+ 6$ 18.:A7$(1;8^ $
?A%(C1($ J 6$ G$A1$'161*$* *+ B1CD$(1:8+B ?A:'6+7$ ?6$8C+$*$B A+*D(+8 +6
8E7+A: *+ +AA:A+Byz^ + 8D+G: +B (6$G+ 6$ ($8C1*$* J 6$ ($61*$* *+ +BC$
?A%(C1($^
$C+A(+A$+C$?$[:+C$?$$DC;8:7$[17?61($D8$6C:/A$*:*+*+B+7?+9:[
JD8$A+*D((1;8*+6(:8CA:6(:/81C1G:$60$(+AB+$DC:7%C1(:+6$((+B:$6$B
A+B?D+BC$B(:AA+(C$Byz^BC+C1?:*+(:8:(171+8C:?A:(+*17+8C$6+B+6@D+
*+.18+$6:B+I?+AC:B+8BD*+?:AC+^+/E86$C+:A2$*+8*+AB:8[6:@D+B+
(:8B1/D++B/+8+A$AD8(:84D8C:*+?$A+B(:8*1(1;8e$((1;8*+8:718$*:B
?A:*D((1:8+B^ BC$B A+/6$B : ?A:*D((1:8+B B+ +8($A/$A%8 *+ B+6+((1:8$A
$((1:8+B $?A:?1$*$B $ 6$ B1CD$(1;8 *+ 4D+/: (:8(A+C$[ $ ?$AC1A *+ (1+AC$B
(:8*1(1:8+B +B?+(2.1($B *+6 +8C:A8:[ B18 6$ 8+(+B1*$* *+ @D+ 18C+AG+8/$8
?A:(+B:B *+ A+(D?+A$(1;8 *+ (:8(+?C:B @D+ A+@D1+A+8 7%B C1+7?:y[ +B
*+(1A*+.:A7$$DC:7%C1($^:6:$((+*+A2$8$6$(:8B(1+8(1$[6:B?A:*D(C:B
ex|{e
"
*+BD+4+(D(1;8xx^:AC$8C:[6$$*+(D$(1;8*+6*+?:AC1BC$G$$*+?+8*+A*+
6$ ?A+B+8(1$ *+ *+C+A718$*$B (6$G+B +8 +6 $7'1+8C+^ 6 *+?:AC1BC$ *+'+
$C+8*+A$*1(0$18.:A7$(1;8.:($61K$8*:BD$C+8(1;8B:'A+$@D+66$B(6$G+B
@D+ 6+ ?+A71C+8 ?A1:A1K$A J +6+/1A 6$ (:8*D(C$ +.1($K[ $C+8*1+8*: $ 6:B
:'4+C1G:B*+64D+/:y~^BC$B?A:*D((1:8+BB++I?A+B$8(:7:A+/6$B*+6C1?:
_[ *+ 7$8+A$ @D+
D8$ (:8*1(1;8 : (:84D8C: *+ +66$B +BC%
$(C1G$ +8 6$ 7+7:A1$ :?+A$C1G$ J +I1BC+ D8$ A+/6$ +8 6$ 7+7:A1$ $ 6$A/:
?6$K:@D+(:AA+B?:8*$$6$B(:8*1(1:8+B
[B++4+(DC$A%6$?$AC+
*+6$A+/6$^18+7'$A/:[+8+8C:A8:BC$8(:7?6+4:B(:7:6:B*+?:AC+B*+
+@D1?:[+64D/$*:A8:?:*A%A+*D(1A+681G+6*+18(+AC1*D7'A+7+*1$8C++6
DB: *+ D8$B ?:($B A+/6$B *+ *+(1B1;8 bB1e+8C:8(+Bc[ B18: *+ D8 (:84D8C:
(:7?6+4:*++66$By~^
6/D8$B B:8 6$B ?A+/D8C$B @D+ 8:B BDA/+8 $ ?$AC1A *+ 6: +I?D+BC: 0$BC$
$0:A$] Z?$A$ DC161K$A +B+ (:84D8C: (:7?6+4: *+ A+/6$B +B 8+(+B$A1: DB$A
A+(DAB:B$C+8(1:8$6+BYZ+B(:8B(1+8C++64D/$*:A*++B:B?A:(+*171+8C:BY
Z;7:DB$+64D/$*:AA+B?D+BC$B$DC:7$C1K$*$BJ*+7$8+A$B17D6C%8+$
$(C1G$7+C$B@D+6+/D2+8+8+6+8C:A8:.6+I1'6+J(:7?6+4:Y[Z8:B:86:B
*:B ?A:(+B:B +I(6DJ+8C+BY[ Z+8 @D- 7+*1*$ +B (:8B(1+8C+ +6 4D/$*:A *+
C:*:+BC:YJ?:A:CA:6$*:[Z+BA+$67+8C+8+(+B$A1:@D+C:*$B6$BA+/6$BB+
$?A+8*$8 ?$B$8*: ?:A +BC$B CA+B .$B+B[ : +8 ($7'1: 6:B *+?:AC1BC$B B:8
($?$(+B *+ $*@D1A1A $6/D8$B *+ +BC$B A+/6$B *+ 7$8+A$ 18(:8B(1+8C+^ " B1
.D+A$$B2Z*+@D-*+?+8*+A2$@D++BC:.D+A$?:B1'6+Y
A$*1(1:8$67+8C+ B+ 0$8 DB$*: *:B 7:*+6:B *D$6+B ?$A$ +I?61($A 6:B
*1.+A+8C+B7-C:*:B@D+DB$7:B?$A$*+(1*1A^8+6?A17+A:+I1BC1A2$8*:B
B1BC+7$B[ D8: $DC:7%C1(: G+ABDB :CA: (:8CA:6$*:^ 8 +6 B+/D8*: 7:*+6:
+I1BC1A2$ D8 B1BC+7$ +7:(1:8$6 G+ABDB D8: *+61'+A$*:^ 7':B 7:*+6:B
(6$B1.1($A2$86$B*+(1B1:8+BB+/E8+6B1BC+7$@D+B+DC161(+y^:@D+?$A+(+
+B@D++BC$*1BC18(1;88:+B*1(:C;71($J6$18C+A?A+C$(1;8@D+B+:.A+(+
?$A$ +I?61($A +6 (:7?:AC$71+8C: $DC:7%C1(: + 18CD1C1G: +B $6 7+8:B
18(:7?6+C$^ $8C: +8 D8: (:7: +8 +6 :CA: 7:*+6: +I?61($C1G:[ +B ?:(:
?A:'$'6+ @D+ +I1BC$8 *:B B1BC+7$B *1BC18C:B A+B?:8B$'6+B *+ +BC:B *:B
?A:(+B:B*D$6+B^(:8C18D$(1;8[B+G$$?$AC1A*+6$+I?:B1(1;8*++BC:B*:B
/A$8*+B7:*+6:B+I?61($C1G:BJB+A+.6+I1:8$A%$(+A($*+6?:B1'6+G28(D6:
+8CA+$7':BB1BC+7$B+8($*$7:*+6:?$A$66+/$A$6$(:8(6DB1;8@D+6$B
*1.+A+8(1$B8:B:8C$8*A%BC1($BJ@D+6:B*:BB1BC+7$B.D8(1:8$8*+7$8+A$
(:84D8C$?$A$:.A+(+AD8$(:8*D(C$$*$?C$C1G$*+6:A/$81B7:$*1.+A+8C+B
+8C:A8:B^
ex||e
A^
#JA^
#
ex|}e
"
B1BC+7$B^ $A$ +G1C$A +BC:B (:8.61(C:B B+ +BC$'6+(+ D8$ 4+A$A@D2$ @D+
:A/$81K$+6.D8(1:8$71+8C:18C+A8:*+6$7+8C+[*+7$8+A$@D+B+?A1:A1K$8
6:B:'4+C1G:B*+($*$B1BC+7$*+?A:(+B$71+8C:B+/E86$B(1A(D8BC$8(1$B^
:A+BC$A$K;8[*+618(:8B(1+8C+B:6:$((+*+A2$8$6$(:8B(1+8(1$$@D+66:B
(:8C+81*:B A+6$(1:8$*:B (:8 6:B :'4+C1G:B @D+ J$ +BC%8 $(C1G:B +8 6$
(:8B(1+8(1$zx[zy^
ex|~e
A^
#JA^
#
$7$B1:.D++6/A$8?A+(DAB:A*+D87:*+6:18C+/A$*:A*+$7':BB1BC+7$B^
DB0$66$K/:B?A:G1+8+8*+6+BCD*1:*+?$(1+8C+B(:86+B1:8+B+86$(:AC+K$
?A+.A:8C$6[ +8 6:B @D+ :'B+AG; D8$ 18($?$(1*$* ?$A$ C:7$A 'D+8$B
*+(1B1:8+B[$?+B$A*+C+8+A18C$(C$BC:*$BBDB($?$(1*$*+B18C+6+(CD$6+B^
8($7'1:[+BC:B*$9:B[$D80$'1-8*:B+?A:*D(1*:+8K:8$B(:AC1($6+B:
bA$(1:8$6+Bc +BC$'$8 $.+(C$8*: $ BD ($?$(1*$* ?$A$ $8C1(1?$AB+ $ 6$B
(:8B+(D+8(1$B *+ BDB $(C:B[ ?$A$ 0$(+A D8$ G$6:A$(1;8 $*+(D$*$ *+ 6$B
+7:(1:8+B$B:(1$*$B^D(:8(6DB1;8.D+@D+6$B?$AC+B*+6(+A+'A:*$9$*$B
?A:'$'6+7+8C+B+A2$86$B+8($A/$*$B*+D81A6$B%A+$B7%BA$(1:8$6+B(:8
$@D+66$BA+/1:8+B+8($A/$*$B*+6$/+BC1;8+7:(1:8$6^A$6$18($?$(1*$*
*++BC:B?$(1+8C+B*+$((+*+A$BDB+7:(1:8+B6$A+B?:8B$'6+*+BDB7$6$B
*+(1B1:8+B{^ 8 *+.181C1G$[ 6$ (:7D81*$* (1+8C2.1($ 8:B +BC% *1(1+8*: @D+
8D+BCA$B *+(1B1:8+B (:8B(1+8C+B B+ '$B$8 +8 D8$ (:7'18$(1;8 *+ A+/6$B
A$(1:8$6+BJG$6:A$(1:8+B+7:(1:8$6+B^66:17?61($@D+6$B+BCAD(CDA$B7%B
:7+8:B?A171C1G$B@D+(:8CA:6$86$+I?A+B1;8+7:(1:8$6+8$817$6+B8:
0D7$8:B *+'+8 .D8(1:8$A +8 +BCA+(0$ (:6$':A$(1;8 (:8 6$B +BCAD(CDA$B
?A+.A:8C$6+B7%B*+B$AA:66$*$B+86:B0D7$8:B^
6+/$*:B $ +BC+ ?D8C: 8:B .$6C$A2$ (:8C+BC$A $ 6$B E6C17$B ?A+/D8C$B^ Z8
@D-7+*1*$6:B*+?:AC1BC$BC1+8+8@D+?$B$A?:A6$B.$B+B(:8B(1+8C+B@D+
*+B(A1'A+8*+AB:8Y:B1Z+B?:B1'6+$?A+8*+AB:6:*+6$+I?+A1+8(1$Y^"B1
$?A+8*+7:B ?:A ?A:(+B:B 18B(:8B(1+8C+B[ Z0$BC$ @D- ?D8C: ?:*A2$ +6
*+?:AC1BC$ .1$AB+ *+ +BC$B 18CD1(1:8+BY :/$AC0{ +BC$'6+(+ @D+[ +8 BD
7$J:A2$[*1(0$B18CD1(1:8+BB+$*@D1+A+8*+7$8+A$$DC:7%C1($[J@D+BD
($61*$*G$$*+?+8*+A*+6$18C+A$((1;8+8CA++67:*:+8@D+B+$?A+8*+8
J*+(1+AC:B.$(C:A+B*+6+8C:A8:@D+66$7$b+BCAD(CDA$B*+$?A+8*1K$4+c^
:?A17+A:@D+*+'+7:B0$(+A+B(:8:(+A(;7:B+?A:*D(+6$$B:(1$(1;8
+8CA+6$B(6$G+B*+6+8C:A8:J6$A+B?D+BC$*+6*+?:AC1BC$?$A$/+8+A$AD8$
A+/6$*+$((1;8^8$*+6$B(6$G+B[B+/E8:/$AC0{[B++8(D+8CA$+8@D++6
(+A+'A:+BC$'6+(+(:8+I1:8+B7+8C$6+B+8CA+6$B(:B$B@D+:(DAA+84D8C$B^
BC:B1/81.1($A2$@D+?$A$*+(1*1A'1+8D8*+?:AC1BC$C1+8+@D++8CA+8$A+8
D8 +8C:A8: B1716$A $6 @D+ B+ G$ $ +8(:8CA$A +8 6$ (:7?+C1(1;8^ *+7%B
8+(+B1C$A2$8:B:6:@D++BC-8?A+B+8C+B*1(0$B(6$G+B[B18:@D+6:0$/$8+8
6$B71B7$B(:8*1(1:8+B^8:*+6:B.$(C:A+B@D+6171C$86$?:B1'161*$**+
$C+8*+A$6:B+BC27D6:B*+6+8C:A8:+B+6C1+7?:*1B?:81'6+?$A$*+C+(C$A
6:B@D+B:8A+6+G$8C+BJ*+(1*1A^:+B6:71B7:+8CA+8$AB1CD$(1:8+B*+
BD?+A1:A1*$*8D7-A1($+8.EC':6[+86$B(D$6+B6:B$C$($8C+B*1B?:8+8*+
7D(0:C1+7?:?$A$$(CD$A[@D+0$(+A6:(:8D8$6171C$(1;8C+7?:A$6^BC:
$D7+8C$6$($A/$7+8C$6*+*1(0$B1CD$(1;8^:7:G+A+7:B*+C+81*$7+8C+
7%B $*+6$8C+[ :CA: .$(C:A @D+ $.+(C$ $ 6$B *+7$8*$B *+ 6$ C$A+$ +B 6$
A+?+A(DB1;8@D+C1+8+86:B+AA:A+B^8D8+8C:A8:*:8*+6$B(:8B+(D+8(1$B
ex|e
"
*+6+AA:AB:8?+A(1'1*$B(:7:D8$$7+8$K$?$A$+6:A/$81B7:[+6*+?:AC1BC$
G$$/+8+A$A+BC$*:B+7:(1:8$6+B@D+?D+*+818.6D1A8+/$C1G$7+8C++8BDB
*+(1B1:8+B^ :7: (:8B+(D+8(1$[ +6 *+?:AC1BC$ *+'+ 18C+8C$A 1801'1A +BC$B
+7:(1:8+B[ J *1(0: +B.D+AK: A+@D1+A+ *+ A+(DAB:B 7+8C$6+B @D+
18(A+7+8C$8 6$ *17+8B1;8 /6:'$6 *+ 6$ ($A/$ @D+ A+?A+B+8C$ 6$ C$A+$^
*+7%B8:B:6:B+$B:(1$8*:B$((1:8+B@D+:(DAA+8?A;I17$B\B+?D+*+8
$B:(1$AC$7'1-8D8$$((1;8JD8B+8C171+8C:[6:(D$6A+BD6C$*+C+A718$8C+[
(:7:G+A+7:B$(:8C18D$(1;8^$7'1-8?D+*+G$A1$A6$(:7?6+41*$**+6$B
(:8+I1:8+B[?D*1+8*:*$A:A1/+8$A+/6$B?:A6$B@D+6$B?+AB:8$B?D+*+8
*+*D(1AA+6$(1:8+B+8CA+G$A1$'6+B^:A+4+7?6:B1D84D/$*:A*+'$6:8(+BC:
A+(1'++6'$6;8JBD*+.+8B:AB+$(+A($$-6$D8$G+6:(1*$*7:*+A$*$[B1
*+(1*+ BD?+A$A6: +8 ($AA+A$ +B ?:B1'6+ @D+ 6+ A+BD6C+ *1.2(16 (:8B+/D1A +6
:'4+C1G:^8($7'1:[+8D8$B1CD$(1;8B1716$A[B1$0:A$+6*+.+8B:AB+$(+A($
$D8$G+6:(1*$*7$J:A[+6$C$8($8C+?:*A%BD?+A$A6:B18?A:'6+7$B^:@D+
+64D/$*:A$?A+8*++BD8$$B:(1$(1;8+8CA+6$G+6:(1*$**+*+B?6$K$71+8C:
*+BD$*G+AB$A1:J+6+.+(C:+86$G+8C$4$*+BD?+A$A6:^7$J:AG+6:(1*$*
*+ $?A:I17$(1;8 *+6 :?:?8+8C+[ 7$J:A 6$ ?A:'$'161*$* *+ (:8B+/D1A
G+8C$4$+8+6xIx^*+7%B[+BC$BA+/6$BC1+8+86$($?$(1*$**+?:*+AB+A
DC161K$*$B +8 B1CD$(1:8+B ?$A+(1*$B $D8@D+ 8: B+$8 1*-8C1($B^ +/E8
:/$AC{[ b04 7;& 9& 68&2%& &9 ;2 68+2#+6+4I &2 4649+#+52 ;2 #94
68:+#;08O^BC:B1.81.1($6$?:B1'161*$**+/+8+A$AB+(D+8(1$BB1716$A+B^:A
+4+7?6:[ D8 4D/$*:A *+ '$6:8(+BC: @D+ +BC$'6+(+ D8$ A+6$(1;8 +8CA+ 6$
?1+A8$@D+C1+8+$*+6$8C$*$BD:?:8+8C+7%B?A;I17:J+66$*:?:A+6@D+
*+'+B$61A?$A$:'C+8+A7%BG+8C$4$[?+A71C+/+8+A$AD8$A+/6$*+$((1;8
@D+ G$ 7%B $66% *+ +BC+ B17?6+ 0+(0:^ 6 4D/$*:A +B ($?$K *+ +ICA$+A +6
?A18(1?1: @D+ BD'J$(+ $ +BC$ B1CD$(1;8 ?$AC1(D6$A^ 8 +BC+ ($B: +B @D+
*+B?6$K$AB+?:AK:8$B@D++BC-8.D+A$*+6($7?:*+G1B1;8*+6:?:8+8C+
*1.1(D6C$7%BBD$((1;8@D+0$(+A6:?:A+B?$(1:B*:8*+6$:A1+8C$(1;8*+
$C$($8C+ J *+.+8B:A (:18(1*$8^ BC: +B $B2 ?:A@D+ +8 +6 ?A17+A ($B: +6
*+.+8B:A*+'+($7'1$ABD:A1+8C$(1;8[$6/:@D+A+@D1+A+C1+7?:J+B?$(1:[
(:B$ @D+ 8: :(DAA+ +8 +6 B+/D8*: ($B:^ :A C$8C:[ 6:B 4D/$*:A+B *+
'$6:8(+BC: ?:*A%8 $@D1A1A +BC$B A+/6$B *+ 7$8+A$ 17?62(1C$ B1+7?A+ J
(D$8*: C+8/$8 (6$A: 6:B :'4+C1G:B @D+ *+'+8 (D7?61A^ 8 +BC+ ($B:[ 6:B
:'4+C1G:B/+8+A$6+B@D+*+'+A2$8C+8+A+8(D+8C$B:8@D+0$J@D+18C+8C$A
6$8K$A (:8 +6 7+8:A /A$*: *+ :?:B1(1;8[ J +8 6$B K:8$B 7%B +.1($(+B
?:B1'6+B^ :7: B+ G+A% 7%B $*+6$8C+[ 8: B1+7?A+ +B .%(16 @D+ +BC:B
:'4+C1G:BB+$8$?A+8*1*:B*+7$8+A$17?62(1C$^8+B:BBD?D+BC:B($B:B[+6
+8CA+8$*:A *+'+A% 7+*1$A +8 +6 $?A+8*1K$4+ ?$A$ $JD*$A $6 4D/$*:A $
(:8B+/D1A6:B^+A:18(6DB:+8+BC:B($B:B[+6$?A+8*1K$4+*+6$BA+/6$B7%B
(:7?6+4$B?D+*+66+/$A$B+A17?62(1C:\B:6:B+$(C1G$A2$8+86$7+7:A1$*+
CA$'$4:6$BA+*+B8+DA:8$6+B@D+A+?A+B+8C$86$B7+C$B7%B/+8+A$6+B^
ex|e
A^
#JA^
#
: B+/D8*: @D+ C+8+7:B @D+ C+8+A +8 (D+8C$ ?$A$ B$'+A (;7: B+
*+B$AA:66$ 6$ 18CD1(1;8 ?:A ?$AC+ *+6 *+?:AC1BC$ +B @D+ 6$ .:AC$6+K$ *+ 6$
(:8+I1;8+86$7+7:A1$G$$*+?+8*+A*+BD17?:AC$8(1$[J-BC$[$BDG+K[
*+(1+AC:B.$(C:A+B(:7:6$/+8-C1($[6$7:C1G$(1;8J6$.A+(D+8(1${M
"'25%,63%525%1">'&'1"79'3&,B"/',3;<,;,>5M
:8A+B?+(C:$6$18.6D+8(1$*+6$/+8-C1($+86$.:AC$6+K$*+6$B(:8+I1:8+B[
B$'+7:B @D+ +BC$7:B 7%B ?A+*1B?D+BC:B /+8-C1($7+8C+ $ $B:(1$A (:B$B
@D+:(DAA+84D8C:$6$B+7:(1:8+B7%B'%B1($B[(:7:?D+*+B+A+671+*:{^
+ $@D2 B+ *+B?A+8*+ 6$ 17?:AC$8(1$ *+ @D+ +8 6:B +B(+8$A1:B *+
$?A+8*1K$4+ 6$B +7:(1:8+B +BC-8 ?A+B+8C+B^ $7$B1:[ +8 BD +7?+9: *+
+BCD*1$A+BC$D81;8+8CA+(:/81(1;8J+7:(1;8[8&0+A5D8+I?+A17+8C:+8
+6@D+6:BBD4+C:BC+82$8@D++6+/1A+8CA+*1G+AB:B7:8C:8+B*+($AC$B(:8
+6 :'4+C1G: *+ $D7+8C$A 6$B /$8$8(1$B @D+ B+ :'C+82$8z}^ $*$ ($AC$
6+G$8C$*$ *+ D8: *+ 6:B 7$K:B BD?:82$ A+(1'1A D8$ A+(:7?+8B$ ?:B1C1G$
i':81.1($(1;8 +(:8;71($j : D8$ ?-A*1*$^ :B A1+B/:B $B:(1$*:B ?:A
7:8C:8+BG$A1$'$8[?+A:6:BBD4+C:B8:A+(1'2$818.:A7$(1;8$6/D8$$(+A($
*+ 6$ (:8.1/DA$(1;8 *+ 6:B 7$K:B 81 *+ 6$B /$8$8(1$B : ?-A*1*$B @D+
$(D7D6$A2$8B16+G$8C$'$86$B($AC$B*+D8:D:CA:^:A(:8B1/D1+8C+[B18
@D++BC:B+01(1+A$+I?62(1C:[6:BBD4+C:B[+8BD18C+8C:?:A$(D7D6$A7%B
/$8$8(1$B @D+ ?-A*1*$B[ *+'2$8 $G+A1/D$A @D- 7:8C:8+B ?A:*D(2$8 7%B
'+8+.1(1:B$CA$G-B*+6+8B$J:d+AA:A^:@D+*+B(D'A1;+6/AD?:*+$7$B1:
.D+@D+6$B?+AB:8$B(:86+B1:8+B?A+(:AC1($6+B$*:?C$'$8+BCA$C+/1$B7%B
$AA1+B/$*$B @D+ 6+B 66+G$'$ $ C+8+A /$8$8(1$B $ (:AC: ?6$K:[ ?+A: 7%B
?-A*1*$B $ 6$A/:[ +B *+(1A[ ?+A*2$8 6$ ($?$(1*$* ?$A$ $8C1(1?$A 6$B
(:8B+(D+8(1$B *+ BDB $(C:B[ B+ G:6G2$8 7%B 17?D6B1G:B[ J 'DB($'$8
'%B1($7+8C+6$A+(:7?+8B$$(:AC:?6$K:^8($7'1:[6:BBD4+C:BB18*$9:
(+A+'A$6[?A17+A:$?A+8*2$8$+G1C$A6:B7:8C:8+B*+($AC$B*:8*+C+82$8
?-A*1*$B 7$J:A+B[ J 6: 0$(2$8 $8C+B 18(6DB: *+ B+A (:8B(1+8C+B *+ 0$'+A
$*:?C$*: +BC$ +BCA$C+/1$^ " B+/D8*:[ 7:BCA$'$8 D8$B A+B?D+BC$B .2B1($B
$(+8CD$*$B (D$8*: 0$(2$8 6$B +6+((1:8+B 7%B $AA1+B/$*$B^ B *+(1A[ 6$B
?+AB:8$B B$8$B $?A+8*2$8 *+ 7$8+A$ 18(:8B(1+8C+ $ +G1C$A (1+AC$B
*+(1B1:8+B/A$(1$B$$B:(1$A6$B(:8(1+AC:B7$A($*:A+BB:7%C1(:BiB+9$6+B
*+6(D+A?:j@D+$?$A+(2$8$8C+B*+C:7$A*1(0$*+(1B1;8^$7$B1:B:BC1+8+
@D+ +BC$B ?+AB:8$B *+B$AA:66$A:8 D8$ ($?$(1*$* ?$A$ A+(:8:(+A *1(0$B
B+9$6+B@D+6+B$*G+AC2$8*+@D+.D+A$8($DC$B^BC:6+B?+A71C1A2$+B(:/+A
+8CA+D88E7+A:7+8:A*+$6C+A8$C1G$Bz|^+BC+*+B(D'A171+8C:$7$B1:
6: *+8:718; b0 *+65:&9+9 %&0 18#%48 941 :+#4c^ +/E8 +BC$ C+:A2$[
(D$8*: D8 *+?:AC1BC$ @D+ B+ +8.A+8C$ $ ?A:'6+7$B *+ 4D+/: (:7+C+ D8
+AA:AJ8::'C1+8+-I1C:[6$18.:A7$(1;8@D+$((+*+$6(+A+'A:?:A6$BG2$B
ex}we
"
B+8B:A1$6+B/+8+A$D8$+7:(1;88+/$C1G$@D+B+7$81.1+BC$+8D8$A+$((1;8
(:A?:A$6^ D$8*: GD+6G$ $ +8.A+8C$AB+ $ D8$ B1CD$(1;8 B1716$A[ BD (D+A?:
/+8+A$A%D8+BC$*:+7:(1:8$6?A+G1:$6$*+(1B1;8[@D++64D/$*:ADC161K$A%
?$A$ +G1C$A A+?+C1A 6$ $((1;8 @D+ 6+ (:8*D4: $6 +AA:A^ BC+ ?A:(+B:
.D8(1:8$A2$(:7:D87+($81B7:*+.16CA:@D+DC161K$A2$6:B+BC$*:B$.+(C1G:B
$B:(1$*:B$($*$D8$*+6$B?:B1'6+B$6C+A8$C1G$B[*+C$67:*:@D+$@D+66:B
@D+ $8C1(1?$8 (:8B+(D+8(1$B 8+/$C1G$B B:8 $DC:7%C1($7+8C+ A+(0$K$*:B
A+*D(1+8*:*A%BC1($7+8C++68E7+A:*+$6C+A8$C1G$B?:B1'6+B*+64D/$*:Az~^
+A:Z@D-:(DAA+(D$8*:+8+BC++8C:A8:(:7?6+4:+8+6@D++64D/$*:A
(:7+C++AA:A+B(:8C18D$7+8C+[-BC+C:7$D8$*+(1B1;8+.1($K@D+?+A71C+
B:6G+8C$A +6 ?A:'6+7$Y : 0$J +G1*+8(1$B (6$A$B *+ @D+[ +8 +BC$B
(1A(D8BC$8(1$B[ +8 6$B @D+ B+ /+8+A$8 +BC$*:B +7:(1:8$6+B ?:B1C1G:B[ 6:B
7+($81B7:B @D+ *+.18+ 6$ 01?;C+B1B *+6 7$A($*:A B:7%C1(: .D8(1:8+8
1/D$67+8C+[?+A:6:@D+B2B$'+7:B(:8(+AC+K$+B@D+B+$(C1G$+6B1BC+7$
*+b7+4:A*+6:+B?+A$*:c^D+BCA:(+A+'A:[/A$(1$B$6$*:?$718$[(A+$
D8$ B+9$6 @D+ 8:B 18.:A7$ *+ @D+ 6$ *+(1B1;8 0$ ?+A71C1*: :'C+8+A D8
A+BD6C$*:7+4:A*+6:+B?+A$*:[?:A6:@D++B8+(+B$A1:$67$(+8$A*1(0$
18.:A7$(1;8^ ?A+8*+7:B ?:A C$8C: $@D+66: @D+ C1+8+ (:8B+(D+8(1$B
?:B1C1G$Bz^ $ *:?$718$ +4+A(+ *1.+A+8C+B .D8(1:8+B *+?+8*1+8*: *+6
B1BC+7$ +8 +6 @D+ ?$AC1(1?$^ 8: *+ +BC:B B1BC+7$B '%B1(:B ?$A$ 6$
A+/D6$(1;8*+6(:7?:AC$71+8C:0D7$8:+B+6*+A+(:7?+8B$^BC++.+(C:
/A$C1.1($8C+ *+B+8($*+8$*: ?:A 6$ *:?$718$ *+B$AA:66$ D8$ .D8(1;8 *+
b?:AC$6c@D+?+A71C+$6*+?:AC1BC$$?A+8*+A@D+[$8C++BC$B(1A(D8BC$8(1$B
*+4D+/:[+BC$:CA$*+(1B1;86+/+8+A$/A$C1.1($(1;8[J6+18(1C$$(:8B+/D1A6$^
$B(:8B+(D+8(1$BB:8CA$B(+8*+8C+B?$A$+6*+?:AC1BC$?:A@D+6+$JD*$8$
/+8+A$AD8$A+/6$*+$((1;8J[(:7:(:8B+(D+8(1$[$$8C1(1?$AB+JA+*D(1A
6$ 18(+AC1*D7'A+ *+6 +8C:A8:^ D$8*: +BC: BD(+*+ +6 :A/$81B7: *+4$ *+
B+/A+/$A*:?$718$^
\MM
:B:6:6$+7:(1;8+B(6$G++8+6$?A+8*1K$4+*+6$18CD1(1;8^I1BC+8:CA:B
.$(C:A+B@D+(:8*1(1:8$86$$*@D1B1(1;8*+6(:8:(171+8C:18CD1C1G:^+B*+
6$ B1(:6:/2$ +I?+A17+8C$6 B+ 0$ (:7?A:'$*: (;7: 6$ (:7?6+41*$* *+ 6$
A+/6$ 18.6DJ+ +8 6$ ?:B1'16*1$* *+ $?A+8*+A *+ 7$8+A$ 18(:8B(1+8C+ :
(:8B(1+8C+^$A+(+B+A@D+$7+*1*$@D+$D7+8C+6$(:7?6+*1*$**+*1(0$
A+/6$ *1B718DJ+ 6$ ?A:'$'161*$* *+ @D+ 6$ ?+AB:8$ $?A+8*$ *+ .:A7$
(:8B(1+8C+^ $ 18C+8(1;8 *+ $?A+8*+A ?:*A2$ .$(161C$A +6 $?A+8*1K$4+ +8 6$
7+*1*$ @D+ 6$B A+6$(1:8+B +8CA+ +BC27D6:B J ?:B1'6+B A+B?D+BC$B .D+A$8
'%B1($B?+A:[?:A+6(:8CA$A1:[?:*A2$66+/$A$B+A?+A4D*1(1$6B16$BA+6$(1:8+B
ex}xe
A^
#JA^
#
.D+A$8 7DJ (:7?6+4$B^ +'+A .D+ D8: *+ 6:B ?A17+A:B 18G+BC1/$*:A+B +8
*+B(D'A1A6:^ + *1: (D+8C$ *+ @D+ 6$B ?+AB:8$B ?:*2$8 $*@D1A1A
(:8:(171+8C:$'BCA$(C:*+.+8;7+8:B(:7?6+4:BB18B+A(:8B(1+8C+*++66:^
$7'1-8 *+B(D'A1; @D+ 6:B 18C+8C:B +I?62(1C:B ?:A (:7?A+8*+A 6:B
?A18(1?1:B BD'J$(+8C+B *+6 +8C:A8: ?:*2$8 *1.1(D6C$A BD (:7?A+8B1;8[ +8
(:7?$A$(1;8(:8D8(:8:(171+8C:17?62(1C:^BC:1'$$*+?+8*+A*+B1[+8
+6 18C+8C: *+ (:7?A+8*+A *+ 7$8+A$ +I?62(1C$[ B+ $6($8K$'$ D8$
(:7?A+8B1;8(:AA+(C$+86$B?A17+A$B.$B+B*+6$?A+8*1K$4+{^+A:8:B:6:
+618C+8C:*+$?A+8*+A6$BA+/6$B?D+*+?+A4D*1($A+6$?A+8*1K$4+^
$7'1-8?D+*+B+AD8?A:'6+7$@D+6$?+AB:8$C+8/$18.:A7$(1;8B:'A+
$*;8*+ *+'+ $C+8*+A ?$A$ *+(1*1A^ +A$6+B J (:6y~[ +8 BD +BCD*1:
*+C+A718$A:8 @D+ :.A+(+A 18.:A7$(1;8 G+A'$6 *+ 6$B (6$G+B $C+8(1:8$6+B
A+6+G$8C+B?$A$6$C:7$*+*+(1B1;8?D+*+*1.1(D6C$A6$/+8+A$61K$(1;8*+6
$?A+8*1K$4+ *+ (6$G+B B1716$A+B[ ?+A: 8: 1*-8C1($B[ $ 6$B DC161K$*$B
18C+8(1:8$*$7+8C+^ 1 (:7: +8CA+8$*:A+B :.A+(+7:B 18.:A7$(1;8 $
8D+BCA:*+?:AC1BC$?$A$@D++BC$'6+K($A+6$(1;8+8CA+D8$(6$G+*+6+8C:A8:
JBD*+(1B1;8[$D8@D+?D+*$/+8+A$AD8$(:8+I1;8+8CA+*1(0:B+BC27D6:B[
+BC+0+(0:?D+*++BC$A17?1*1+8*:6$.:A7$(1;8*+D8$A+/6$7%B/+8+A$6^
:7:G17:B+8+6($B:$8C+A1:A[D84D/$*:A*+'$6:8(+BC:$C$($8C++B($?$K
*+ $?A+8*+A 6$ A+6$(1;8 @D+ +I1BC+ +8CA+ 6$ G+6:(1*$* *+6 (:8CA$A1: J 6$
?:B1'161*$**+BD?+A$A6:+86$$((1;8*+':C+^8+BC+B+8C1*:[+6:.A+(+A6+
18.:A7$(1;8B:'A+D8$$((1;8*+4D+/:(:8(A+C$+86$@D++6*+.+8B:A66+/$
$ D8$ G+6:(1*$* +6+G$*$ i?:A +4+7?6: (D$8*: BD (:8CA$A1: C1+8+ @D+
A+(D?+A$A BD ?:B1(1;8 ?$A$ +G1C$A +6 6$8K$71+8C: CA$B A+$61K$A D8$ $JD*$j
?:*A2$ .$(161C$A 6$ *+(1B1;8 (:AA+(C$ *+6 4D/$*:A (D$8*: B+ A+?1C1+A$8 6$B
71B7$B(:8*1(1:8+B*+4D+/:?+A:[B+/E86:@D+0+7:B+I?D+BC:[+BC+C1?:
*+ $?A+8*1K$4+[ '$B$*: +8 :.A+(+A 18.:A7$(1;8 G+A'$6 B:'A+ $*;8*+
$C+8*+A[ ?:*A2$ 17?+*1A 6$ ?:B1'161*$* *+ CA$8B.+A1A 6: $?A+8*1*: $
B1CD$(1:8+B +8 6$B @D+ 6$B (6$G+B $C+8(1:8$6+B .D+A$8 ?$A+(1*$B ?+A: 8:
1*-8C1($B^DA$8C+6$(:7?+C1(1;8*1.2(167+8C+B+G$8$A+?+C1A6$B71B7$B
(1A(D8BC$8(1$B[JC$8C:6$?:B1(1;8*+64D/$*:A$C$($8C+(:7:6$*1BC$8(1$
@D+ C1+8+ @D+ A+(:AA+A +6 *+.+8B:A G$A2$8 (:8BC$8C+7+8C+^ 8 +BC:B
+8C:A8:B[ ?:A C$8C:[ B+A2$8 ?:(: EC16+B +BC$B +BCA$C+/1$B *+ +8B+9$8K$^
:*A2$7:B *+(1A @D+ +6 B+A 0D7$8: C1+8+ D8$ +B?+(1$6 ?A+*1B?:B1(1;8
18CD1C1G$?$A$'DB($A$B:(1$(1:8+B+8+8C:A8:B(:7?6+4:B@D+6+?+A71C$8
*1718D1A+681G+6*+18(+AC1*D7'A+J[?:A6:C$8C:[?:*+A?A+*+(1A6:@D+G$
$BD(+*+A^
81G+6 8+DA:8$6 6$B C-(81($B *+ 8+DA:17$/+8 0$8 A+G+6$*: *$C:B
(:8CA$*1(C:A1:B^1B+(:7?$A$8C$A+$BB17?6+B(:8:CA$B7%B(:7?6+4$B[+8
6$B@D+B+A+@D1+A+*$AB:6D(1;8$*:B+BC27D6:B*+7$8+A$B17D6C%8+$[B+
ex}ye
"
ex}ze
A^
#JA^
#
ex}{e
"
($7'1:[ B1 +6 .++*'$(5 B+ *+7:A$ : B+ ($A$(C+A1K$ ?:A BD 18(+AC1*D7'A+[
A+BD6C$A%7%B*1.2(16$?A+8*+A$+6+/1A*+.:A7$(:AA+(C$B;6:(:86$?A%(C1($^
BC:B+8C:A8:BB:8?A:?1(1:B?$A$6$$*@D1B1(1;8*+(A++8(1$BJ?A+4D1(1:B^
:7: 0+7:B (:7+8C$*:[ +BC: C$7'1-8 *1.1(D6C$A2$ D8 $?A+8*1K$4+
17?62(1C:^
$A$?1*+K(:86$@D++6+8C:A8::.A+(+D8.++*'$(5B:'A+6$$((1;8[4D8C:
(:86$.A+(D+8(1$(:86$@D+$?$A+(+84D8C:B+B:B+BC27D6:B@D+@D+A+7:B
$B:(1$A[+B(6$G+?$A$.:AC$6+(+A6$B(:8+I1:8+B@D+.:A7$7:B+88D+BCA$
7+7:A1$ J @D+ *$8 6D/$A $ A+/6$B *+ $((1;8^ :8C18D$7+8C+ +BC$7:B
?A:(+B$8*: 18.:A7$(1;8 @D+ B+ (:*1.1($ $DC:7%C1($7+8C+ B18 $?$A+8C+
+B.D+AK:[6:@D+B1/81.1($@D++BC$7:B*1B+9$*:B?$A$$?A+8*+A*+7$8+A$
17?62(1C$$@D+66:BBD(+B:B@D+$?$A+(+8.A+(D+8C+7+8C+^$.A+(D+8(1$*+
$?$A1(1;8*+6$B(1A(D8BC$8(1$B+86$B@D+6$?A:I171*$*+8CA++BC27D6:BJ
A+B?D+BC$B+B+6+G$*$[*+C+A718$6$B:61*+K*+6$B(:8+I1:8+B8+DA:8$6+B
@D+ BDBC+8C$8 +6 $?A+8*1K$4+ J @D+[ +8 +BC+ ($B:[ B+ $67$(+8$8 +8 6$
7+7:A1$B18@D+6$?+AB:8$B+$(:8B(1+8C+*++66:[JB18D8*+CA17+8C:*+
6$ ($61*$* *+ *1(0$ 18.:A7$(1;8 A+B?+(C: $ 6$ $67$(+8$*$ *+ 7$8+A$
18C+8(1:8$6^ *+7%B[ D8$ G+K $@D1A1*: +BC+ (:8(:71+8C:[ 6$B ?+AB:8$B
C1+8+8?A:'6+7$B?$A$$((+*+A$-6*+7$8+A$(:8B(1+8C+{^8($7'1:[6$
*1.1(D6C$* ?$A$ $B:(1$A *:B +BC27D6:B $D7+8C$ (D$8*: +6 C1+7?: @D+
CA$B(DAA+ +8CA+ $7':B +B +6+G$*:^ 1 @D+A+7:B $B:(1$A (1+AC:
(:7?:AC$71+8C:*+6*+?:AC1BC$$6$/A$C1.1($(1;8?:A0$'+AC+81*:-I1C:[:
*+B+(0$A *1(0$ *+(1B1;8 ?:A 6$ +7:(1;8 8+/$C1G$ @D+ 0$ BDB(1C$*:[ B1 +6
.++*'$(5 *+6 +8C:A8:[ @D+ /+8+A$ *1(0$ +7:(1;8[ C$A*$ +8 $?$A+(+A[
*1.2(167+8C+ B+ ?:*A% .:A7$A 6$ (:8+I1;8 +8CA+ +BC27D6: J A+B?D+BC$^ 8
+4+7?6:B+A2$6$+6+((1;8*+6$8K$A$($8$BC$+8'$6:8(+BC:$C+8*1+8*:$
D8$(6$G+(:7:+Bb0$(+A6:(D$8*:B+?D+*$$B+/DA$A+6'$6$8(+*+.+8B1G:[
+B *+(1A[ @D+ +6 4D/$*:A[ (D$8*: *+(1*$ C1A$A[ C+8/$ +8 (D+8C$ @D+ $6/E8
(:7?$9+A:BDJ:+BC-6:BD.1(1+8C+7+8C+(+A($*+BD?A:?1$($8$BC$?$A$[
+8 ($B: *+ +AA$A +6 C1A:[ 17?+*1A D8 (:8CA$$C$@D+ *+6 +@D1?: A1G$6^ 8 +6
+BCD*1: *+ +A$6+B J (:6$':A$*:A+By~[ 66+/$A:8 $ 6$ (:8(6DB1;8 *+ @D+ +6
C1+7?: +6+G$*: @D+ ?$B$'$ +8CA+ 6$ +6+((1;8 *+ 6$8K$A J +6 A+BD6C$*: *+
A+(1'1AD8(:8CA$$C$@D+B18:0$'2$'$6$8(+*+.+8B1G:i.++*'$(5*+7:A$*:j
?:*2$ +BC$A 17?:B1'161C$8*: @D+ 6:B ?$AC1(1?$8C+B $?A+8*1+A$8 +BC$
(:8+I1;8*+7$8+A$18CD1C1G$^
:A:CA:6$*:[D8.++*'$(517?A+(1B:*1.1(D6C$A2$D8$?A+8*1K$4+17?62(1C:^
BC$ 17?A+(1B1;8 ?D+*+ G+81A ?:A 6$ 18(+AC1*D7'A+ *+6 A+BD6C$*:^ $J
B1CD$(1:8+B+86$B@D+6:BA+BD6C$*:B:'B+AG$*:BB:8?:(:?A+*+(1'6+B^8
6:B*+?:AC+B*+18C+A$((1;86:B*+?:AC1BC$B$?A+8*+8$+B(:8*+ABD*+(1B1;8
0$BC$ +6 E6C17: 7:7+8C:[ $*+7%B *+ DC161K$A $((1:8+B *+ +8/$9:
ex}|e
A^
#JA^
#
18*1G1*D$6+BJ(:6+(C1G$B[@D+17?:B1'161C$8$6$*G+AB$A1:?:*+A$8C1(1?$AB+^
8?:AC+A:@D+*+'+?$A$AD8?+8$6C1?:*A2$B+AD8+4+7?6:A+?A+B+8C$C1G:
*+ +BC$B B1CD$(1:8+B^ 1 +6 ?:AC+A: B+ '$B$A$ B:6: +8 6$ +I?+A1+8(1$
*1.2(167+8C+ ?:*A2$ $8C1(1?$AB+ $6 6$8K$71+8C: *+6 (:8CA$A1:[ ?D+B 6:B
4D/$*:A+B0$8$?A+8*1*:$7:BCA$A?A+28*1(+B.$6B:BJ:(D6C$ABDG+A*$*+A$
18C+8(1;80$BC$+6E6C17:7:7+8C:^8+BC:B($B:BA+BD6C$7DJEC16(:8C$A
(:818.:A7$(1;8+I?62(1C$*+6:B0%'1C:B*+6:B4D/$*:A+B@D+G$8$6$8K$A^
6/:B1716$A:(DAA++8'$6:8(+BC:(D$8*:B+$8$61K$+6(:7?:AC$71+8C:+8
(:7?+C1(1;8*+6:BA1G$6+B($*$B+7$8$^64D/$*:AB+6+:.A+(+18.:A7$(1;8
?$A$ @D+ $?A+8*$ 6$B $((1:8+B @D+ 7%B A+?1C+ +6 (:8C$A1:[ 18(6D1*$B 6$B
$((1:8+B*++8/$9:@D+DC161K$*+.:A7$7%B.A+(D+8C+^8($7'1:[+8:CA$B
:($B1:8+B6$18(+AC1*D7'A+*+6.++*'$(58:B+?A:*D(+?:A6$18C+A$((1;8
(:8+6(:8CA$A1:B18:?:A6$A+6$(1;88:?A:'$'162BC1($+8CA+6$B(6$G+BJ6$
$((1;8 *+6 *+?:AC1BC$^ 1 ?+8B$7:B +8 D8 4D/$*:A *+ .EC':6 @D+ +BC%
$C$($8*: B18 '$6;8 J @D+ :(D?$ D8$ ?:B1(1;8 @D+ 8: ?+A71C+ $ BD
(:7?$9+A:?$B$A6+[-BC+8:A+(1'+18.:A7$(1;8*+6+8C:A8:@D+6+?D+*$
66+G$A $ +BC$'6+(+A D8$ A+6$(1;8 +8CA+ BD $((1;8[ :(D?$A +B+ +B?$(1:[ J +6
0+(0: *+ @D+ BD (:7?$9+A: 8: 6+ ?$B+^ BC$ 18(+AC1*D7'A+ C$7'1-8 B+
?A:*D(++8B+8C1*:(:8CA$A1:^1+64D/$*:AB18'$6;8$(CD$A$'1+8J.$(161C$B+
+6 ?$B+ $ BD (:7?$9+A:[ :.A+(1+8*: D8$ 628+$ *+ ?$B+ B+/DA$[ +BC: 8:
66+G$A2$(:8B1/:@D+BD(:7?$9+A:6+?$B$B++6'$6;8^:*:+66:8:B66+G$$
?+8B$A@D+$?A+8*+A$4D/$AB18'$6;8+86:B*+?:AC+B*++@D1?:A+@D1+A+
D8$?A+8*1K$4++I?62(1C:^BC$01?;C+B1B(:'A;D8$7$J:A(:8B1BC+8(1$(:7:
A+BD6C$*: *+ D8 +BCD*1: A+$61K$*: ?:A 8D+BCA: ?A:?1: +@D1?: *+
18G+BC1/$(1;8{z[ $6 $8$61K$A +6 +.+(C: @D+ ?A:*D(2$ D8 +8CA+8$71+8C:
+I?62(1C: +8 6$B (:8*D(C$B *+ 6:B 4D/$*:A+B *+ '$6:8(+BC: @D+ A+$61K$8
'6:@D+:B$BDB(:7?$9+A:B^BC:B4D/$*:A+B*+'+87:G+AB+A%?1*$7+8C+
?$A$:.A+(+AD8?$B+$BDB(:7?$9+A:B?D+BC:@D+[+86$7$J:A2$*+6$B
:($B1:8+B[ B:8 +66:B 6:B @D+[ *+ 7$8+A$ C+7?:A$6[ C1+8+8 D8$ G+8C$4$
+B?$(1$6^8+BC$B(:8*1(1:8+BB+(:8(6DJ;@D+6:B4D/$*:A+B7+4:A$A:8+8
/A$87+*1*$BD(:7?:AC$71+8C:(D$8*:B+6+B:.A+(1;18.:A7$(1;8C$8C:
*+6$B(6$G+B$$C+8*+A(:7:*+6$A+/6$/+8+A$6^
",2759;"3%,"&'1":%53:'%<'3%,":&'1'9959
$ B+/D8*$ ($A$(C+A2BC1($ +B 6$ (:8B+(D+8(1$ *+6 +AA:A^ I1BC+8 +8C:A8:B
'+8-G:6:B+86:B@D++6+AA:A8:C1+8+/A$8*+B(:8B+(D+8(1$B^8($7'1:[
:CA:B B:8 7DJ +I1/+8C+B J B+ A+@D1+A+ 7D(0$ ?A+(1B1;8[ ?:A@D+ +6 7%B
72817: +AA:A :($B1:8$ /A$G+B (:8B+(D+8(1$B^ :B *+?:AC+B +8 /+8+A$6
C1+8+8+8C:A8:B7DJ+I1/+8C+B[?+A:+I1BC+8(1A(D8BC$8(1$B+86$B@D+B+
?D+*+ $BD71A (1+AC$ ($8C1*$* *+ +AA:A[ B:'A+ C:*: ?:A@D+ D8$ 71B7$
ex}}e
"
$((1;8?D+*+(D7?61A(:8*1.+A+8C+B?A:?;B1C:B^+8D+G:8:B?:8+7:B+8
6$?1+6*+6:B*+?:AC1BC$B*++@D1?:^+8+A-I1C:G$$*+?+8*+A*++8@D-
7+*1*$B:8($?$(+B*+(D7?61A(:86:B:'4+C1G:B*+64D+/:^8:($B1:8+B[
D8$71B7$*+(1B1;8*+64D/$*:A6+?+A71C1A%$B+/DA$AD8$7$J:A?A:C+((1;8
*+6'$6;8[?+A:[+8($7'1:[8:6+$JD*$A%$(:8B+/D1A+6$6+4$71+8C:*+6
(:8CA$A1:^1?+8B$7:B+8D8819:@D+B+181(1$+8+BC:B*+?:AC+B[(D$8*:
C1+8+ 6$ ?:B+B1;8 *+6 '$6;8 BD+6+ C:7$A *+(1B1:8+B +8($718$*$B $ +G1C$A
@D+6:B(:8CA$A1:B6+A:'+8+6'$6;8^BC$B*+(1B1:8+B8:?+A71C+8BD?+A$A
$6 (:8C$A1: : 6$8K$A +8 D8$B (:8*1(1:8+B ;?C17$B[ ?+A: +BC: C1+8+ ?:($B
(:8B+(D+8(1$B^6819:+B($?$K*+7$8C+8+A6$?:B+B1;8*+6'$6;8[$6/:@D+
6+?A:*D(+B$C1B.$((1;8[/+8+A$8*:D8$A+/6$*+$((1;8^$G$6:A$(1;8*+6
A+BD6C$*:6+G$$66+G$A$A+?+C1A+BC$B*+(1B1:8+B+8+6.DCDA:[6:@D+6+G$$
17?+*1A*+B(D'A1A:CA$B.:A7$B$6C+A8$C1G$B7%B+.1($(+B*+$(CD$A@D+6+
?+A71C1A2$8$*@D1A1A6$A+/6$7%B(:7?6+4$^
CA: +4+7?6: (:7E8 +8 6$ 181(1$(1;8 *+?:AC1G$ +B +6 DB: *+ A+.D+AK:B
+7:(1:8$6+B?:A?$AC+*+6:B+8CA+8$*:A+B$8C+*+(1B1:8+B?:(:G%61*$B*+
6:B819:B[?+A:7DJ+.+(C1G$B^B0$'1CD$6@D+(1+AC:B819:B(:7+C$8+AA:A+B
C%(C1(:B[@D+?:*A2$8C+8+A(:8B+(D+8(1$B7$J:A+B[(:7:(:8B+(D+8(1$*+
BD BD?+A1:A1*$* .2B1($^ :A +4+7?6:[ +8 D8$ B1CD$(1;8 *+ x I x[ (:8 +6
:?:8+8C+*1A+(C:$(1+AC$*1BC$8(1$[+6$C$($8C+(:8'$6;8*+(1*+18C+8C$A
BD?+A$A6:7+*1$8C+6$?A:/A+B1;8':C$8*:[+8G+K*+6$8K$A$($8$BC$?:A
(:8C$A(:8+B?$(1:61'A+BD.1(1+8C+?$A$+66:^8(:8*1(1:8+B8:A7$6+B[*+
1/D$6*$* .2B1($[ +BC$ *1BC$8(1$ @D+ 6+B B+?$A$ ?+A71C1A2$ $6 *+.+8B:A
7:*1.1($ABD?:B1(1;8J8:B+AA+'$B$*:[?+A:6$BD?+A1:A1*$*+8G+6:(1*$*
J.D+AK$*+6$C$($8C+6+?+A71C+8:'C+8+A-I1C:[$D8@D+BD*+(1B1;88:0$J$
B1*: 6$ 7%B $*+(D$*$ *+B*+ +6 ?D8C: *+ G1BC$ C%(C1(:^ *+7%B[ +6
+8CA+8$*:ABD+6+?A+71$AJA+.:AK$A*1(0$(:8*D(C$[J$B+$?:A:71B1;8*+
D8 .++*'$(5 8+/$C1G: @D+ (:AA14$ +B+ (:7?:AC$71+8C:[ : ?:A :.A+(+A D8
.++*'$(5$.+(C1G:[@D+A+.D+AK$+BC$(:8*D(C$^6?A:'6+7$$?$A+(+(D$8*:
+6+8C:A8:($7'1$J+BC:B+AA:A+BC1+8+8(:8B+(D+8(1$B7$J:A+B^7+*1*$
@D+ 6:B 819:B B+ *+B$AA:66$8 .2B1($7+8C+ +BC$ G+8C$4$ *+B$?$A+(+[ ?+A:[
?$A$ +8C:8(+B[ +6 4D/$*:A 0$ $?A+8*1*: D8$ A+/6$ *+ $((1;8 @D+ 8: +B
G%61*$[ J +7?1+K$ $ (:7+C+A +AA:A+B @D+ $0:A$ B2 C1+8+8 (:8B+(D+8(1$B
/A$G+B^18:B++G1C$[6:B819:B*+B(D'A+8D8$+BCA$C+/1$@D+181(1$67+8C+
.D8(1:8$J?:A6$(D$6:'C1+8+8D8$A+(:7?+8B$^*+7%B[B1B+A+(1'+D8$
A+(:7?+8B$ +IC+A8$[ 6$B ?+AB:8$B B:8 A+$(1$B $ ($7'1$A BD (:8*D(C$[ J
'DB($A :CA$B $6C+A8$C1G$B ?A:'$'6+7+8C+ 7%B +.+(C1G$B{^ :7: *1(+
:/$AC0{$?A+8*+A*+6$+I?+A1+8(1$+8+BC:B+8C:A8:B8:BD?:8+818/D8$
/$A$8C2$ *+ @D+ 6: @D+ B+ $?A+8*+ B+$ 6: $*+(D$*:^ 1 +B:B +8C:A8:B 8:
ex}~e
A^
#JA^
#
?+A71C+8*+B(D'A1A:CA$B.:A7$B7%B+.+(C1G$B[+64D/$*:A8D8($$?A+8*+A%
6$A+/6$/+8+A$6^
1;,75&',3:;9<%%,63:'*=31"%5271'/,&"&&'1'3;5935
8+8CA+8$*:A[?:AC$8C:[*+'+A2$C+8+A+8(D+8C$C:*:6:$8C+A1:A?$A$
*+(1*1A@D-+BCA$C+/1$B*++8B+9$8K$G$$DC161K$AJ?:*+A*+B$AA:66$A*+6$
7$8+A$7%B+.+(C1G$6$18C+61/+8(1$18CD1C1G$*+BDB*+?:AC1BC$B^:?A17+A:
@D+*+'+A2$0$(+A+B$8$61K$A+6C1?:*++8C:A8:+8+6@D++6*+?:AC1BC$G$
$C+8+A@D+$?A+8*+A($*$D8$*+6$B0$'161*$*+B8+(+B$A1$B?$A$A+8*1A+8
BD *+?:AC+^ 6 B+/D8*: ?$B: B+A2$ +BC$'6+(+A @D- 0$'161*$*+B B+ ?D+*+8
$?A+8*+A ?:A 6$ 7+A$ ?A%(C1($ J +6 A+.D+AK: *+6 +8CA+8$*:A[ J (D%6+B
8+(+B1C$8 D8$ 7$J:A /D2$^ *+7%B[ *+'+A2$ *1.+A+8(1$A +8CA+ 6$B @D+
?:*A2$8B+A$?A+8*1*$BB18@D+B+?A:*DK($18C+8(1:8$61*$*^
D(0:B*+6:B+8C:A8:B*+.181*:B+8+BC+$?$AC$*:8:?+A71C1A2$8$?A+8*+A
*+6$+I?+A1+8(1$[?+A:6:B+8CA+8$*:A+B?D+*+87:*1.1($A6:B*DA$8C+6:B
+8CA+8$71+8C:B ?$A$ .$(161C$A 6$ C:7$ *+ *+(1B1:8+B *+6 4D/$*:A[ J$ B+$
$D7+8C$8*:6$?A:'$'161*$**+-I1C:*+6$$6C+A8$C1G$7%B$*+(D$*${z[:
0$(1+8*:7%BG1B1'6+6$(6$G+$C+8(1:8$6[/A$(1$B$7$81?D6$(1;8+6+8C:A8:[
.D8*$7+8C$67+8C+ *+6 /A$*: *+ 61'+AC$* *+ 6:B $*G+AB$A1:B^ $7'1-8
?D+*+:.A+(+AD8.++*'$(5$.+(C1G:?:B1C1G:CA$B6$$((1;8@D+(A+$7:B@D+
0$B1*:(:AA+(C$^:B+BC$*:B+7:(1:8$6+B*+6:B*+?:AC1BC$B?D+*+8+BC$A
?A:G:($*:B ?:A 6$ ?+A(+?(1;8 @D+ C1+8+8 *+6 A+BD6C$*: *+ 6$ C$A+$[ ?+A:
C$7'1-8 ?:A +6 .++*'$(5 B:'A+ +6 A+BD6C$*: : 6$ +4+(D(1;8 @D+ 6+ ?D+*+
$?:AC$A+6+8CA+8$*:A[?D*1+8*:18.6D1A*+(1B1G$7+8C++86$.:A7$+8@D+
+6BD4+C:?+A(1'$6$A+$61*$*z~^:7:G17:B$8C+A1:A7+8C+[+8:($B1:8+B[
*DA$8C++6?A:(+B:*+$*@D1B1(1;8*+6$($?$(1*$**+*+(1B1;818CD1C1G$[+6
4D/$*:A *+ D8 *+?:AC+ *+ +@D1?: 8+(+B1C$ +8B$J$A $((1:8+B @D+[ B1+8*:
$*+(D$*$B +8 +6 (:8C+IC:[ 8: B1+7?A+ C+A718$8 (:8 -I1C:^ BC$
18(+AC1*D7'A+ +8 +6 A+BD6C$*: ?D+*+ B+A (:8CA$AA+BC$*: ?:A +6 .++*'$(5
$.+(C1G: *+6 +8CA+8$*:A^ 8 A+.D+AK: +8 +BC$B (1A(D8BC$8(1$B A+BD6C$ G1C$6
?$A$(:8B:61*$A6$(:8*D(C$[$67:*1.1($A+6G$6:A0+*;81(:*+6A+BD6C$*:[
*$8*: 7%B 17?:AC$8(1$ $6 ?A:(+B:^ BC$ A+:A1+8C$(1;8 *+ 6$ G$6+8(1$
+7:(1:8$6*+6$+I?+A1+8(1$$JD*$$6*+?:AC1BC$$(:8B:61*$A+60%'1C:*+
C:7$A 181(1$C1G$B J 7+4:A$ BD $DC:+.1($(1$^ 18 +7'$A/:[ +BC$ 18.6D+8(1$
?D+*+B+A(:8CA$A1$B1+6.++*'$(50$'1CD$6*+6+8CA+8$*:AB+(+8CA$B:'A+
+6A+BD6C$*:8+/$C1G:*+6$$((1;8J8:B:'A+6$$*+(D$(1;8*+6$A+B?D+BC$
+8+6(:8C+IC:*+4D+/:^+B/A$(1$*$7+8C+[+BC+(:7?:AC$71+8C:?D+*+
(:8*D(1A $ 1801'1A +6 (:7?:AC$71+8C: *+B+$'6+ *+6 4D/$*:Az~^ BC$B
+BCA$C+/1$BB+A2$818(1*+8C$6+B[(:86:@D+B++G1C$A2$@D++64D/$*:ACDG1+A$
ex}e
"
@D+ $C+8*+A $ 6$B (6$G+B *+ 7$8+A$ *+61'+A$*$[ $6/: @D+ ?D+*+ B+A
(:8CA$?A:*D(+8C+(:7:G17:B$8C+A1:A7+8C+^
6B1/D1+8C+?$B:*+6+8CA+8$*:AB+A2$DB$A+BCA$C+/1$B18C+8(1:8$6+B[?+A:
B18 66+/$A $ *$A 18.:A7$(1;8 81 *+ 6$ (6$G+ 81 *+ 6$ A+/6$^ 6 ?A:?;B1C:
.D8*$7+8C$6 B+A2$ (:8G+AC1A D8 +8C:A8:[ +8 +6 @D+ 6$B (:8B+(D+8(1$B *+6
+AA:AB:8'+8-G:6$B[+8:CA:+8@D+B+$8+I1/+8C+B:[+8+6@D++6.++*'$(5
+BA+CA$B$*:J(:818(+AC1*D7'A+[+8:CA:+8+6@D+B+$A%?1*:J?A+(1B:[
/A$(1$B .D8*$7+8C$67+8C+ $ *:B $B?+(C:B] +BC$'6+(+A 6:B :'4+C1G:B @D+
/D2+8 6$ (:8*D(C$ *+6 4D/$*:A J :.A+(+A D8 .++*'$(5 B:'A+ +6 /A$*: *+
(D7?6171+8C:*+*1(0:B:'4+C1G:B^8+8CA+8$*:A[$8C+B1CD$(1:8+B(:7:
6$B*+B(A1C$B+8+6+4+7?6:$8C+A1:A[+86$B@D+D84D/$*:A*+.EC':6C+82$
*1.1(D6C$*+B ?$A$ $?A+8*+A $ 4D/$A B18 '$6;8 *+ 7$8+A$ 17?62(1C$ ?:A 6$
18(+AC1*D7'A+ *+6 A+BD6C$*:[ C+8*A2$ @D+ +B?+(1.1($A @D- :'4+C1G:B *+'+
(D7?61A+64D/$*:AB18'$6;8?$A$C+8+A-I1C:^:A+4+7?6:[*+'+$?A+8*+A
$$?:J$A$64D/$*:A(:8'$6;8+8?:B1(1:8+B*:8*+.$(161C++6?$B+^D$8*:
+6 4D/$*:A ?A$(C1@D+[ +6 +8CA+8$*:A *+'+ :.A+(+A 18.:A7$(1;8 *+ +8 @D-
/A$*:+64D/$*:A0$.$(161C$*:+6?$B+$BD(:7?$9+A:^
D$8*:+BC$B+BCA$C+/1$B8:.D+A$8BD.1(1+8C+B[+6+8CA+8$*:AC+8*A2$@D+
:.A+(+A18.:A7$(1;8B:'A+6$A+/6$JB:'A+6$B(6$G+B?A+B+8C+B^1/D1+8*:
(:8+6+4+7?6:$8C+A1:A[B1+64D/$*:A8:$?A+8*1+A$$.$(161C$A+6?$B+*+
7$8+A$ $*+(D$*$[ +6 +8CA+8$*:A 18CA:*D(1A2$ 18.:A7$(1;8 B:'A+ (;7:
?:*+A6:/A$A6:^:A+4+7?6:[+BC$'6+(+A2$D8$A+6$(1;8+8CA+6$*1BC$8(1$*+
BD:?:8+8C+(:86$628+$*+?$B+J6$?A:'$'161*$**+A+(1'1A*+7$8+A$7%B
B+/DA$^ : @D+ 8: B+ 6+ :.A+(+A2$ $6 4D/$*:A +B 18.:A7$(1;8 B:'A+ 6$
(:8*D(C$7%B+.1($K[18C+8C$8*:?$61$A6:B18(:8G+81+8C+B*++BC+C1?:*+
+BCA$C+/1$+86$CA$8B.+A+8(1$*+6(:8:(171+8C:^
]M
M
1?$AC17:B*+6:*+B(A1C:$8C+A1:A7+8C+[D8*+?:AC1BC$DC161K$*:BB1BC+7$B
*1.+A+8C+B ?$A$ *$A B:6D(1;8 $ 6:B ?A:'6+7$B *+6 +8C:A8:[ ?+A: 6:B *:B
.:A7$A2$8 ?$AC+ *+ BD 18CD1(1;8^ 6 ?A17+A B1BC+7$ *+ $?A+8*1K$4+ 6+
$JD*$A2$$*$AB:6D(1;8$B1CD$(1:8+B7%B?A+*+(1'6+B+86:B@D+6$?A%(C1($
A+?+C1*$ *$A2$ 6D/$A $ A+/6$B *+ C1?: 1.eC0+8^ 6 B+/D8*: B1BC+7$ B+A2$
8+(+B$A1:?$A$B:6D(1:8$AB1CD$(1:8+B7%B(:7?6+4$B+8+6@D++681G+6*+
18(+AC1*D7'A++B7%B+6+G$*:^8+BC+?D8C:+B17?:AC$8C+*1BC18/D1A+8CA+
6:B (:8(+?C:B *+ (A+$C1G1*$* C%(C1($ + 18C+61/+8(1$ C%(C1($^ $ 18C+61/+8(1$
C%(C1($ (:AA+B?:8*+A2$ $6 ?A17+A C1?: *+ 18CD1(1;8[ 71+8CA$B @D+ 6$
ex}e
A^
#JA^
#
(A+$C1G1*$* +B 6$ +I?A+B1;8 *+ D8 ?+8B$71+8C: *1G+A/+8C+ J @D+ +8 6:B
*+?:AC+B B+ ?D+*+ *+.181A (:7: 6$ ($?$(1*$* ?$A$ /+8+A$A A+B?D+BC$B
*1BC18C$B$6$B0$'1CD$6+B+86$A+B:6D(1;8*+6:B?A:'6+7$B@D+?6$8C+$86$B
B1CD$(1:8+B*+4D+/:[@D+?D+*+8B+A*+B(A1C$B(:7:B:A?A+B1G$B[A$A$BJ
:A1/18$6+B^ D+BCA$ :?181;8 +B @D+ +BC$ 18CD1(1;8 (A+$C1G$ +BC% 7DJ
A+6$(1:8$*$ (:8 6$B 0$'161*$*+B (:/81C1G$B *+ :A*+8 BD?+A1:A (:7: +B 6$
$C+8(1;8+4+(DC1G$^:7:*1(+8+A+/A18$J(:6{{+BC$($?$(1*$*?+AC+8+(+
$D8*:7181:/+8+A$6J*+B+7?+9$D8?$?+6A+6+G$8C++8C$A+$B(:7?6+4$B[
+86$B@D++I1BC+8(:8.61(C:B+8CA+6$BA+B?D+BC$B$+71C1A[:+8$@D+66$B+8
6$B @D+ +I1BC+ 6$ ?A+B+8(1$ *+ +BC27D6:B *1BCA$(C:A+B^ :7: G17:B
$8C+A1:A7+8C+ +I1BC+ D8$ A+6$(1;8 +8CA+ A+8*171+8C: *+?:AC1G: J *1(0$B
.D8(1:8+B +4+(DC1G$B^ BC$B ?+A71C1A2$8 $6 4D/$*:A *$A A+B?D+BC$B 7%B
.6+I1'6+BJ:A1/18$6+B^
?$AC1A *+ +BC:B $G$8(+B +8 +6 (:8:(171+8C: *+ 6$ 17?:AC$8(1$ *+ 6$
$C+8(1;8+4+(DC1G$[0$+I1BC1*:D8(A+(1+8C+18C+A-B+8(:7?A:'$A+8@D-
7+*1*$+BC$B0$'161*$*+BB:8+8CA+8$'6+B^4+7?6:B*++BC:B:86$'$C+A2$
:/7+* : +6
{{^ $ (6$G+ *+ +BC:B ?A:/A$7$B B+ +8(D+8CA$ +8 6$
G$A1+*$**++4+A(1(1:B@D+18(6DJ+8J+8+6(:8CA:6*+6$*1.1(D6C$**+6$C$A+$
?$A$ $*$?C$A6$ (:8C18D$7+8C+ $ 6$ 8+(+B1*$* *+ ($*$ ?+AB:8$^ DC:A+B
(:7: D+*$ J (:6{| 0$8 CA$C$*: *+ $G+A1/D$A 6$ 18.6D+8(1$ @D+ +4+A(+ +6
+8CA+8$71+8C:B:'A+6$+.1(1+8(1$*+6$A+**+$C+8(1;8+4+(DC1G$^$A$+66:
CA$'$4$A:8 (:8 D8$ 7D+BCA$ *+ 819:B *+ { $ } $9:B +8 D8 ?A:/A$7$ *+
+8CA+8$71+8C:18.:A7$C1K$*:*DA$8C+|B+B1:8+B^:B*$C:B*+$(C1G$(1;8
(+A+'A$6 7D+BCA$8 D8 +.+(C: '+8+.1(1:B: *+6 +8CA+8$71+8C: +8 6$ A+*
+4+(DC1G$^*+7%B[+6+.+(C:'+8+.1(1:B:*+6+8CA+8$71+8C:*+6$$C+8(1;8
C$7'1-8B+CA$8B.1+A+$7+*1*$B8:+8CA+8$*$B[(:7:6$18C+61/+8(1$.6D1*$^
+B*+ +6 %7'1C: *+ 6$B (1+8(1$B *+6 *+?:AC+ C$7'1-8 B+ 0$ 18C+8C$*:
$G+A1/D$A@D-?A:/A$7$BB:87%B+.+(C1G:B?$A$D8*+B$AA:66:7%B;?C17:
*+ 6$ $C+8(1;8 +4+(DC1G$^ BCD*1:B (:7: 6:B *+ D//+ J (:6{} : $AC18B J
:CDK:{~ 0$8 (:8B+/D1*: 7+4:A$A 6$B .D8(1:8+B +4+(DC1G$B $ CA$G-B *+ 6$
?A%(C1($*++4+A(1(1:.2B1(:@D+(:866+G+D8(:7?A:71B:(:/81C1G:[/A$(1$B
B:'A+C:*:$6$7$81?D6$(1;8*+6$18(+AC1*D7'A+^BC:B$DC:A+BBD/1+A+8
@D+6:B4D+/:BA+*D(1*:B*+?:AC1G:BB:8D8'D+87+*1:?$A$6$7+4:A$*+
$6/D8:B*+6:B(:7?:8+8C+B*+6$A+*+4+(DC1G$^+/E8+BC{[C$6G+K6$B
0$'161*$*+B (:/81C1G$B $*@D1A1*$B *DA$8C+ +BC:B 4D+/:B *+?:AC1G:B[ @D+
A+@D1+A+86$(:/81(1;8(:7?6+4$(:8+6.18*+(::?+A$A(:86:B(:7?$9+A:B
*+ +@D1?:[ $8C1(1?$A BD (:7?:AC$71+8C: J +6 *+ 6:B :?:8+8C+B[ +7?6+$A
+BCA$C+/1$B[J$*$?C$AB+$6$B*+7$8*$BB1+7?A+($7'1$8C+B*+6$$(C1G1*$*[
B+CA$8B.1+A$8$6$BC$A+$B@D+A+@D1+A+8*+6$$C+8(1;8+4+(DC1G$^
ex~we
"
:+B($BD$6@D++67$J:A*+B$AA:66:*++BC$B($?$(1*$*+BB+?A:*DK($+8
+8C:A8:B(:8D8+6+G$*:81G+6*+18(+AC1*D7'A+[*+/A$8G$A1$'161*$*J*+
18C+A$((1;8+8CA+71+7'A:B*++@D1?:BA1G$6+B^$A$+BC{[(D$8*:+8+6
+8C:A8:+I1BC+D8$18C+A.+A+8(1$(:8C+ICD$6[+B*+(1A[6:B(:7?:8+8C+B*+
6$ C$A+$ B+ ?A+B+8C$8 *+ D8$ 7$8+A$ (:7?6+4$ J (D$B1e$6+$C:A1$[ 6$B
0$'161*$*+B @D+ B+ $?A+8*+8[ B+ A+C1+8+8 J B+ CA$8B.1+A+8 7+4:A^ BC$
18C+A.+A+8(1$ (:8C+ICD$6[ C2?1($ *+ 6:B *+?:AC+B *+ 18C+A$((1;8[ *+7$8*$
?A:(+B:B +4+(DC1G:B (:7: (A+$A D8 ?6$8 *+ $((1;8 7:CA1K[ BD?+AG1B$*: J
7:*1.1($*: +8 ?A+B+8(1$ (:8C18D$ *+ *+7$8*$B ($7'1$8C+B *+ 6$ C$A+$^
:*:+66:$?:J$8D+BCA$01?;C+B1B*+@D+[$7+*1*$@D++86:B*+?:AC+B*+
18C+A$((1;8B+DC161(+87+C:*:6:/2$B*++8CA+8$71+8C:@D+$*$?C+8+681G+6
*+ +8CA:?2$ *+ 6$ C$A+$ $6 4D/$*:A[ *+ .:A7$ @D+ B+ +8.A+8C+
(:8BC$8C+7+8C+$8D+G:BA+C:BJB1CD$(1:8+B18+B?+A$*$B[J+86$B@D++6
C1?: *+ 18BCAD((1;8 18(1*+8C$6 DC161K$*: ?A:7D+G$ $?A+8*1K$4+ 17?62(1C:B[
+G1C$8*::.A+(+A18.:A7$(1;8B:'A+6$B(6$G+B*+*+(1B1;8[7$J:AB+A%BD
($?$(1*$* $*$?C$C1G$[ /A$(1$B $ 6$ 7+4:A$ *+ BDB ($?$(1*$*+B (:/81C1G$B
(:7:6$B.D8(1:8+B+4+(DC1G$B[/+8+A$8*:$B2D8$18C+61/+8(1$18CD1C1G$7%B
(A+$C1G$^
^M
x^%A*+8$B[^[+A$6+B[^^[J6$A(;8[
^iywx{j^$?6$81.1($(1;8*+6+8CA+8$71+8C:
?$A$6$C:7$*+*+(1B1:8+B+86:B*+?:AC+B*++@D1?:^8
^*+6166$AJ^
$A(2$e:8K%6+Ki+*B^j[0&2:8&21+&2:4: #:+#4@%&#+9+420&2&0%&648:&i??^
y}{eyj^$*A1*]28C+B1B^
y^$A(2$[^J:A+8:[^iywx{j^$C:7$*+*+(1B1:8+B*+B*+6$?+AB?+(C1G$*+6$
?B1(:6:/2$(:/81C1G$^8
^*+6166$AJ^$A(2$e:8K%6+Ki+*B^j[0
&2:8&21+&2:4: #:+#4@%&#+9+420&2&0%&648:&i??^yxe{yj^$*A1*]28C+B1B^
z^$7$B1:[^iywxyj^&0#&8&"84#8&50*41"8&KH5146;%4&0#&8&"84)&2&88
&14#+42&9I9&2:+1+&2:49I+%&9@&0@4G$*A1*]+BC18:^
{^:/$AC0[^^iywwyj^%;#80+2:;+#+52L$A(+6:8$]$1*;B^
|^$08+7$8[^iywxxj^*+2/+2)(9:2%904>L+H":A5]
$AA$A[CADBB$8*1A:DI^
}^B0+[^[D8/D[^^[$B.:A*[^^[JD[!^iyww}j^:AC1($6(:8CA:6:.7:C:A
B+@D+8(+B^;88&2:46+2+42+22&;84"+404)@IX]iyj[yxzeyyx^
~^1ABC[ ^ix}j^0+?BJ(0:6:/J:.$CC+8C1:8^8^^+:DIJ ^1ABCi+*B^j[+2%
2%"8+2K+04);&9+2#4)2+:+=&2&;849#+&2#&i??^xw|ex{xj^$7'A1*/+]
$7'A1*/+81G+AB1CJA+BB^
ex~xe
A^
#JA^
#
^0$'A1B[^[J17:8B[^iywxxj^0)48+0+2=+9+"0&L514249&2)32;&9:84
#&8&"84^$A(+6:8$]61'A:B^
^6$A(;8[
^[$BC166:[^[:AA+B[^[J%A*+8$B[^iywx~j^$A+$C1G1*$*%(C1($J6$B
.D8(1:8+B+4+(DC1G$B+86:B*+?:AC+B*+18C+A$((1;8^Q&=+9:
;841&8+#2%&+&2#+9%&0&648:&^
xw^:?0+A[^ixzj^0+B5166:.$CC+8C1:8(:8CA:6](@D1B1C1:8$8*+I+(DC1:8:.
$CC+8C1:8BCA$C+/1+B^::&2:+422%6&8(4812#&K@2&8)+&9+2&?6&8+1&2:0
69@#*404)@I8:+(+#+0+2:&00+)&2#&I2%#4)2+:+=&2&;849#+&2#&[yezyy^
xx^A$7+A[
^ixj^A$1818/.:A+I+(DC1G+(:8CA:6]$B5(::A*18$C1:8BCA$C+/1+B$8*
$/18/^8^:?0+AJ^:A1+Ci+*B^j[::&2:+422%&8(4812#&i??^}x~e}|yj^
$7'A1*/+[]
A+BB^
xy^+ACK:/[^[A$7+A[^
^[ 16B:8[^^[J18*+8'+A/+A[^iywwj^8A1(07+8C
+..+(CB:8$*D6C(:/81C1G+*+G+6:?7+8C]($8C0+.D8(C1:8$6($?$(1CJ:.:6*+A
$*D6CB'+?A+B+AG+*$8*+80$8(+*Y9@#*404)+#09#+&2#&+2:*&6;"0+#+2:&8&9:I
`ixj[xe}|^
xz^:B8+A[^
^ix{j^CC+8C1:8]C0+7+(0$81B7:.(:8B(1:DB8+BB^84#:#%#+I
LLLI`Xix}j[~ze~{wy^
x{^:B8+A[^
^[J+C+AB+8[^^ixwj^0+$CC+8C1:8BJBC+7:.C0+0D7$8
'A$18^22;08&=+&>4(2&;849#+&2#&IXZixj[y|e{y^
x|^
D+8C+B[^J$A(2$e+G166$^iywwj^2;0%&9+#404),%&0:&2#+52K;2
6&896&#:+=2&;84#+&2:,(+#L$*A1*]28C+B1B^
x}^+BC'+A/[^[DBC$.B:8[^[$DA+I[^[
8/G$A[^[J+CA:G1([^iywxyj^I+(DC1G+
.D8(C1:8B?A+*1(CC0+BD((+BB:.C:?eB:((+A?6$J+AB^0442&I^i{j[z{~zx^
x~^+77+AC[^[J
DA6+J[^iyww~j^
B?JH1C07J61CC6++J+Wc]A+$*C0:.$CC+8C1:8[
18$CC+8C1:8$6'618*8+BB[$8*C$(C1($6*+(1B1:87$518/18C+$7B?:ACB^4;8204(
648:2%?&8#+9&9@#*404)@IY`izj[z}|ezx^
x^6$A(;8[
^J+A*E[^iywxyj^$C:7$*+*+(1B1:8+B+84D/$*:A+B*+'$6:8(+BC:
$7$C+DA+8(:8*1(1:8+B*+$6C$(:7?6+41*$*?+A(+?C1G$^861'A:*+#:9%&0
42)8&942:&82#+420%&094#+#+5296340%&+&2#+9%&0&648:&I
A$8$*$^
x^0$**:(5[[+1*+A[^^[:BB[^ ^[$B?$A[^^[JA$7+A[^
^iywxxj^:
C06+C+BI(+6$CG+AJ*$J$B5BY&%+#+2&2%9#+&2#&+29648:92%&?&8#+9&I
[Zixwj[xywexy}^
yw^
$D'+AC[^iywxzj^A:.+BB1:8$6$C06+C+B0$G++ICA$:A*18$AJB5166B.:AA$?1*6J
6+$A818/(:7?6+I$8*8+DCA$6*J8$71(G1BD$6B(+8+B^#+&2:+(+#8&648:9IZ[xx|{^
ex~ye
"
ex~ze
A^
#JA^
#
ex~{e
"
+I+(DC1G+$CC+8C1:8^84#&&%+2)94(:*&:+420#%&1@4(#+&2#&94(:*&
IXWYIx{zxex{z}^
{}^D//+[^[$A?[^[BC+A/$$A*[^[:7$K+C[^^[8*+AB+8[^^[J
A:'+A/[^
iywx{j^::C1:8f+$A818/[:/81C1:8$8*:C1:8\$7D6C1(:7?:8+8C(6DBC+A
A$8*:71K+*B(0::6e'$B+*18C+AG+8C1:8$17+*$C18(A+$B18/6+$A818/$8*
(:/81C1:8eA$C1:8$6+[*+B1/8$8*7+C0:*B^;"0+#&0:*IX[[}~^
{~^$AC18B[^[J:CDK:[^iywx|j^
B1C?:BB1'6+C:?A:7:C++I+(DC1G+.D8(C1:8B18
?A+B(0::6+ABY($B+BCD*J18A$K16^2:&82:+4204;8204(*+0%8&2%
%;#:+4240+#@I`i}j^
{^+BC[^^iywxwj^..+(CB:.?0JB1($6$(C1G1CJ:8(016*A+8aB+I+(DC1G+.D8(C1:8]
:8CA1'DC1:8B:.+I?+A17+8C$6A+B+$A(0:8$+A:'1(+I+A(1B+^&=&0461&2:0
&=+&>IZWi{j[zzxez|x^
ex~|e
A^
#JA^
#
ex~}e
]
L
M<"3#B"95O";'5?A:.+B:A+86$81G+AB1*$**+$6+8(1$^
N#8&9&0&96&.4%&001I0494.499;9+2:'868&:&9OL+#&852
66+8/D$4+:(:7D81($(1;88:G+A'$6ij+BD8$(D$61*$*180+A+8C+$6B+A
0D7$8:[18+G1C$'6+(:7:$(+AC$*$7+8C+A+K$6$.A$B+*+$D6 $CK6$H1(5
b+B17?:B1'6+8:(:7D81($AB+[J$@D+C:*:(:7?:AC$71+8C:+BD8$.:A7$
*+(:7D81($(1;8cx^66+8/D$4+8:G+A'$6+BC:*:6+8/D$4+@D+8:DC161K$D8
(;*1/:A+/6$*:[(:8B+8BD$*:JCA$8B71C1*:[?+A:@D+(D7?6+A+/6$B'%B1($B
*+6$(:7D81($(1;8[(:7:6$+I1BC+8(1$*+D8+71B:A[D87+8B$4+[D8($8$6
J D8 A+(+?C:A^ B 7D(0: 7%B $8C1/D: @D+ +6 6+8/D$4+ G+A'$6[ 18BC18C1G: J
:'B+AG$'6++8C:*:+6A+18:$817$6^:8:(+A6:+8?A:.D8*1*$*$?:AC$D8$
0+AA$71+8C$7DJEC16[C$8C:?$A$$8$61K$A6:+8:CA$B?+AB:8$B[(:7:?$A$
*:718$A6:+8D8:71B7:y^
BC+ ($?2CD6: +BC% +B?+(1$67+8C+ :A1+8C$*: $ ?A:.+B:A+B[ +8CA+8$*:A+B[
.:A7$*:A+B J C:*: C1?: *+ C-(81(:B *+?:AC1G:B^ D +BCD*1: 7:BCA$A% $6
6+(C:AD8$0+AA$71+8C$EC16?$A$(:7?A+8*+A7+4:A$8D+BCA:B*+?:AC1BC$B
J$6D78:B7+*1$8C++6$8%61B1B*+BDB/+BC:B.$(1$6+B[BD.:A7$*+*+(1A6:
@D+*1(+8[BDB7:G171+8C:B(:A?:A$6+B[+C(^D$8%61B1BJ(:7?A+8B1;8+B
$6C$7+8C+EC16+8%A+$B(:7:+6*+?:AC+:6$+*D($(1;8[?:A@D+?A:7D+G+
6$ 7$*DA+K +7:(1:8$6 *+ 6$B ?+AB:8$B @D+ 6: *:718$8[ $B2 (:7: BDB
0$'161*$*+B 18C+A?+AB:8$6+B^ 8 +6 .DCDA: 6:B (+8CA:B *+ +8B+9$8K$[ $B2
(:7:6:B(+8CA:B*+$6C:A+8*171+8C:*+?:AC1G:[18(6D1A%86$+*D($(1;8+8
18C+61/+8(1$+7:(1:8$6[*+8CA:*+6$(D$6B++87$A($+6(:8:(171+8C:*+6
(:7?:AC$71+8C:8:G+A'$6^
ex~~e
^#
B1CD$(1:8+B *+ $6C$ +I1/+8(1$ *+ A+B?D+BC$[ (:7: :(DAA+ +8 D8$
(:7?+C1(1;8*+?:AC1G$^8*1(0$(:7?+C1(1;8[6$+I1/+8(1$*+6$7'1+8C++B
C$8 $6C$[ @D+ A+@D1+A+ C:*$ 6$ *+*1($(1;8 *+6 (;AC+I ?A+.A:8C$6 ?$A$ +6
(%6(D6: *+ 6$B $((1:8+B[ *+ .:A7$ @D+ 8: ?D+*+ +BC$A (:8C18D$7+8C+
(:8CA:6$8*:6$BA+B?D+BC$B+7:(1:8$6+BJ-BC$BBDA/+8*+D8$.:A7$7%B
18C+8B$ @D+ +8 6$ G1*$ (:C1*1$8$[ ?:A +66:[ $?$A+(+8 +I?A+B1:8+B
+7:(1:8$6+B 8$CDA$6+B^
8(6DB: +8 $6/D8:B *+?:AC+B[ 6$ (:7D81($(1;8 8:
G+A'$6+BD8.$(C:A17?:AC$8C2B17:?$A$/$8$A[(:7::(DAA++86$8$C$(1;8
B18(A:81K$*$z^
*+7%B*+6$+I?A+B1;8*+6$B+7:(1:8+B[7+*1$8C++66+8/D$4+8:G+A'$6
C$7'1-8 7$81.+BC$7:B :CA:B ?A:(+B:B (:/81C1G:B (:7: 6$ $C+8(1;8{[ +6
$?A+8*1K$4+*+8D+G$18.:A7$(1;8[6$18C+8(1;8*++8/$9$A|[6$+I(1C$(1;8
B+ID$6}[ +6 $'DAA171+8C:[ +6 *+B+: *+ 1A8:B *+ D8 6D/$A~[ +C(^ 18 +6
$?A+8*1K$4+J6$?A%(C1($[C:*:+66:+B($?$$8D+BCA$?+A(+?(1;8[?:AG$A1$B
($DB$B^ :A D8 6$*:[ +6 *+B$AA:66: *+6 6+8/D$4+ G+A'$6 0$ ?A:G:($*:[ CA$B
(1+8C:B*+716+B*+$9:B[@D+8:B(+8CA+7:B*+B*+?+@D+9:B+86:@D+6:B
*+7%B *1(+8[ $CA:.1$8*: $B2 D8$ 0$'161*$* @D+ $8C$9: C+82$7:B 7%B
*+B$AA:66$*$ @D+ 0:J J +8 6$ (D$6 6:B $817$6+B 8:B BD?+A$8 (:8 (A+(+B^
AD+'$*++66:+B+6($B:*+6($'$66:$6+7%86+G+A$8B[(DJ:*D+9:(A+J;
0$'+A6++8B+9$*:$0$(+A(%6(D6:B$A1C7-C1(:B+86:B@D++6$817$6*$'$6$
B:6D(1;8 $ ($*$ :?+A$(1;8 7$C+7%C1($ *$8*: ?$C$*$B $6 BD+6:[ +6 71B7:
8E7+A: *+ ?$C$*$B @D+ +6 (:AA+B?:8*1+8C+ $ 6$ (1.A$^ 6 ?A:.+B:A *+
7$C+7%C1($B 160+67 :8 BC+8[ BD *D+9:[ 6: 66+G; ?:A C:*$ 6+7$81$
+I01'1+8*: BDB 18(A+2'6+B 0$'161*$*+B^ 18 +7'$A/:[ D8$ (:71B1;8 *+
?B1(;6:/:B+8($A/$*$*+$8$61K$A+6($B:*+618C+61/+8C+$8B[*+BG+6;@D+
+6 B+9:A :8 BC+8 0$(2$ +I?A+B1:8+B .$(1$6+B 7DJ BDC16+B *+ .:A7$
18(:8B(1+8C+(D$8*:+6($'$66:66+/$'$$6$(1.A$A+@D+A1*$J+8C:8(+B+BC+
*+4$'$ *+ ?$C+$A +6 BD+6:^ BC: BD?DB: D8$ /A$8 *+(+?(1;8 ?$A$ 7D(0$
/+8C+ +8 +B+ 7:7+8C:[ ?+A: /A$(1$B $ +66:[ +8 6$B (1+8(1$B B:(1$6+B 0:J
C+8+7:B +8 (D+8C$ +6 +.+(C: b6+G+A $8Bc[ : +.+(C: *+ 6$ 18.6D+8(1$ *+6
+I?+A17+8C$*:A[?:A6:@D+DC161K$7:B6$C-(81($*+6*:'6+(1+/:^+A:8:
B;6:0+7:B?+A*1*:8D+BCA$0$'161*$*?A171C1G$?$A$6$6+(CDA$*+66+8/D$4+
(:A?:A$6[?:A:CA:6$*:[C$7'1-8(:7:(:8B+(D+8(1$*+8D+BCA:B0%'1C:B
*+G1*$[0+7:B*+C+A1:A$*:8D+BCA$($?$(1*$**+$C+8(1;8^(CD$67+8C+
BD.A17:B D8$ /A$G+ b18.:I1($(1;8c (:7: ?A:?:8+ $81+6 :6+7$8^ BC+
(:8(+?C:B+A+.1+A+$@D++BC$7:B(:8C18D$7+8C+18G$*1*:B*+7+8B$4+B
?D'61(1C$A1:B[ C+6+(:7D81($(1:8+B 7;G16+B[ 7166:8+B *+ *1B+9:B *1.+A+8C+B
*+ ($*$ C1?: *+ ?A:*D(C:[ 8:C1(1$B J (:7: 7%I17: +I?:8+8C+[ 18C+A8+C[
C:*: D8 D81G+AB: G1ACD$6 *+ 18.:A7$(1;8 (:8C18D$ + 18(+B$8C+[ 6: (D$6
*1.1(D6C$ @D+ (+8CA+7:B 6$ $C+8(1;8 +8 6: A+$67+8C+ 17?:AC$8C+^ "$ 8:
ex~e
]
G1G17:B+86$8$CDA$6+K$[+8+6B16+8(1:*+6($7?:[+8+6@D+C+8+7:B@D+
*1BC18/D1A$6:6+4:B+6(:8C:8+:*+D86:':$(+(0$8C+^1G17:BB+/DA:BJ
b?A:C+/1*:Bc+86$(1G161K$(1;8J8:C+8+7:B@D+1A?A%(C1($7+8C+$'DB($A
8$*$[ C:*: 6: @D+ 8+(+B1C$7:B 8:B 6: ?:8+8 (:8C18D$7+8C+ $ 8D+BCA:
$6($8(+(:8(:8C18D:B7+8B$4+B^67+8B$4+7%B$/A+B1G::7%B66$7$C1G:
+B+6@D+/$8$$6:B*+7%B@D+(:7?1C+8?:AD871B7:+B?$(1:[?:A6:@D+
+BC:B 8: ?$A$8 *+ BD(+*+AB+ J 8D+BCA$ $C+8(1;8 .D8(1:8$ ?$B1G$7+8C+[
C:*:6+G1+8+[8:8+(+B1C$+B.:AK$AB+^8(:8B+(D+8(1$B+G$*+C+A1:A$8*:
?A18(1?$67+8C+ 6$ $C+8(1;8 +4+(DC1G$ +8 .$G:A *+ D8$ $C+8(1;8 7%B
BD?+A.1(1$6J($7'1$8C+^
J"9"8<(:,9>'%5279'3&'91"I
:A (D6?$ *+ 6$ G+A'$61K$(1;8 J 6$ 18.:I1($(1;8 0D7$8$[ J$ 8: B:7:B
$8$61BC$B188$C:B*+66+8/D$4+8:G+A'$6^+A:[Z@D-*+'+7:B:'B+AG$AYJ
Z@D- 17?61($ 6: @D+ G+7:B +8 6$ (:8*D(C$ $4+8$Y 6 +BCD*1: *+ 6$
(:7D81($(1;8 8: G+A'$6 8:B :.A+(+ (:8C18D$7+8C+ A+B?D+BC$B $ +BC$B
?A+/D8C$B*+B*+6$-?:($*+$AH18+18(6DB:$8C+BJB+0$1*:$?61($8*:$
7DJ*1G+AB$B%A+$B[(:7:?:A+4+7?6:+8+6*+?:AC+^8+6D81G+AB:*+6$
(:7?+C1(1;8 *+?:AC1G$[ $?A+8*+A $ 18C+A?A+C$A $*+(D$*$7+8C+ +6
(:7?:AC$71+8C: J 6$ /+BC1(D6$(1;8 ?D+*+ $JD*$A $ 6:B 4D/$*:A+B J $ 6:B
(D+A?:B C-(81(:B $ 7+4:A$A BD A+8*171+8C:[ $B2 (:7: 6$ ($61*$* *+ BDB
18C+A$((1:8+Bxw^1D8+8CA+8$*:A*+C+(C$+I?A+B1:8+BBDC16+B*+CA1BC+K$+8
D84D/$*:A$8C+B*+D8+8CA+8$71+8C:[?:*A%C+8+A6$:?(1;8*+$?$AC$AB+
$ 0$'6$A (:8 -6 +8 ?A1G$*: ?$A$ 18C+A+B$AB+ ?:A BD +BC$*:[ +8 G+K *+
+7?+:A$A6$B1CD$(1;8?A+B1:8%8*:6+$6:'B+AG$A@D+BDA+8*171+8C:8:+B
+6*+B1+7?A+^$7'1-8?:*A%?A+G+81AD8(:8.61(C:+8CA+*:B4D/$*:A+BB1
*+C+(C$ 71(A:+I?A+B1:8+B *+ 0:BC161*$* +8CA+ +66:B[ $8C+B *+ @D+ B+$
*+7$B1$*:C$A*+^:B4D/$*:A+B?:*A%8B+A7%B+7?%C1(:BC$7'1-8(:8+6
+8CA+8$*:A[+8CA+B2[+18(6DB:(:86:B4D/$*:A+BA1G$6+B[.$G:A+(1+8*:(:8
+66:+64D+/:617?1:J6$B'D+8$BA+6$(1:8+B?+AB:8$6+B^:A+66:[0$A+7:BD8
A+?$B: $ 6$B /A$8*+B %A+$B *+ 6$ (:7D81($(1;8 8: G+A'$6 $?61($*$B $6
*+?:AC+[ $B2 (:7: $6/D8:B +BCD*1:B (+8CA$*:B +8 *1B(1?618$B *+?:AC1G$B
(:8(A+C$B^
8 7D(0:B *+?:AC+B[ $8$61K$A (:AA+(C$7+8C+ +6 6+8/D$4+ (:A?:A$6 *+6
$*G+AB$A1:+B18(6DB:D8$G+8C$4$(:7?+C1C1G$^8C:*:B$@D+66:B*+?:AC+B
+8 @D+ B+ DC161K$ (D$6@D1+A C1?: *+ +8/$9:[ B$'+A 6++A 6$ (:8*D(C$ *+6
:?:8+8C+ ?D+*+ $JD*$A $6 4D/$*:A $ $*+6$8C$AB+ $ BDB 18C+8(1:8+B^ :A
+4+7?6:[ 6$B .18C$B *+6 '$6:8(+BC: B:8 ?DA:B +8/$9:B /+BCD$6+B J B:8
?A%(C1($7+8C+6$'$B+*+6$G$8(++86$($8(0$^86$BC%(C1($B7:*+A8$B*+
'$6:8(+BC:[ 18(6DB: +6 *+.+8B:A +8/$9$ B:'A+ BDB 18C+8(1:8+Bxx^ :7:
ex~e
^#
B+9$6$ $8C$Bxy[ 0$BC$ 0$(+ ?:(:[ +8 6:B 6$':A$C:A1:B *+ .1B1:6:/2$ *+6
+B.D+AK: J '1:7+(%81($[ +6 *+?:AC1BC$ 0$ B1*: $8$61K$*: (:7: D8
7+($81B7: *+ 7EB(D6:B[ 0D+B:B J 8+AG1:B^ $*$ G+K 7%B B+ G$
(:8B1*+A$8*:+6.$(C:A?B1(:B:(1$6(:7:D8:*+6:B7%B18.6DJ+8C+B+8+6
A+8*171+8C: *+6 $C6+C$^ + +BC+ 7:*:[ 6$ ?A+?$A$(1;8 ?B1(:6;/1($ +B D8$
?$AC+7DJ17?:AC$8C++8+6+8CA+8$71+8C:*+?:AC1G:*+$6C:81G+6[+8+6
(D$6[ 6$ ($?$(1*$* *+ 6:B +8CA+8$*:A+B *+ B$'+A 18C+A?A+C$A 6:B 7+8B$4+B
CA$8B71C1*:B $ CA$G-B *+6 6+8/D$4+ 8:eG+A'$6[ ?D+*+ A+?A+B+8C$A 6$
*1.+A+8(1$ +8CA+ +6 -I1C: J +6 .A$($B: *+ 6$ (:7D81($(1;8 (:8 6:B
*+?:AC1BC$Bxz^
8(6DB:[B1B++8B+9$+BC+C1?:*+(:8:(171+8C:B?B1(:6;/1(:B
$6:B4D/$*:A+B[+6+@D1?:?:*A%$D7+8C$ABD+.1($(1$x{^
XM
$ 72C1($ .A$B+ *+ 1(+A;8 b$ ($A$ +B +6 +B?+4: *+6 $67$c ?D+*+ B+A J$
A+.:A7D6$*$ ($7'1$8*: $67$ ?:A ?+8B$71+8C: J @D+*$A2$ +8C:8(+B
7:*1.1($*$ (:8 '$BC$8C+ $(1+AC:^ $ (:8+I1;8 +8CA+ 8D+BCA: (+8CA:
8+DA:6;/1(:J6:B7EB(D6:B.$(1$6+B[+B*1A+(C$7+*1$8C+6:B8+AG1:B.$(1$6J
CA1/-718:^ 6 2&8=+4 (#+0 8$(+ +8 +6 C$66: (+A+'A$6[ +8CA+ +6 ?D+8C+
CA:8(:+8(+.%61(:J+6'D6':A$@D2*+:[66+/$8*:BDBA$71.1($(1:8+B$C:*:B
6:B7EB(D6:B*+6$($A$^:A+66:[6$C+8B1;8*+6:B7EB(D6:B.$(1$6+B+BD8$
:A*+8(+A+'A$6*1A+(C$J6$+I?A+B1;8.$(1$6+BD8A+.6+4:G1B1'6+*+8D+BCA$B
(:/81(1:8+Bx{^6:8+)'1+24+B+68+AG1:+8($A/$*:*+7:G+A6:B7EB(D6:B
*+ 6$ 7$BC1($(1;8 J *+ 6$ B+8B1'161*$* *+ 6$ ($A$^ A$(1$B $ -6 ?:*+7:B
?+A(1'1A6$18.:A7$(1;8C%(C16[+6*:6:A:B$'+A@D-($A$+BC$7:B?:81+8*:^
$+I?A+B1;8.$(1$6+B6$.:A7$@D+$*:?C$+6A:BCA:(:7:(:8B+(D+8(1$*+
6$B$((1:8+B(:7'18$*$B*+6:B7EB(D6:B.$(1$6+B^:B7EB(D6:BA+(1'+8J
*+4$8*+A+(1'1AC+8B1;8+6+(CA1($@D+6:B(:8CA$+*+.:A7$18*+?+8*1+8C+
+8CA+ B2^ $B (:7'18$(1:8+B ?:B1'6+B B:8 7%B *+ xw^www^ BC$B
(:7'18$(1:8+B8:B:8$6+$C:A1$B[B18:@D++BC%8*1A+(C$7+8C+A+6$(1:8$*$B
(:8 8D+BCA:B ?A:(+B:B (:/81C1G:B[ ?+A: Z(:8 (D$6+BY 6 ?A:(+B: 7%B
+BCD*1$*: +8 BD A+6$(1;8 (:8 6$ +I?A+B1;8 .$(1$6 +B 6$ +7:(1;8^ 8 6$
+I?A+B1;8.$(1$6B+A+.6+4$8C$8C:6$B+7:(1:8+B'%B1($B:?A17$A1$B[(:7:
6$B B+(D8*$A1$B^ $7'1-8 B+ 0$8 +8(:8CA$*: (:AA+6$(1:8+B +8CA+ 6$
+I?A+B1;8 .$(1$6 J ?A:(+B:B (:7: 6$ $C+8(1;8[ +6 $?A+8*1K$4+ : +6 *+B+:
B+ID$6^
$A$6$7+*1(1;8*+6$B+I?A+B1:8+B.$(1$6+B[$D657$8J $66$(+
A1+B+8
*1B+9$A:8 +8 x~x| D8$ (:*1.1($(1;8 ?:A D81*$*+B *+ $((1;8 .$(1$6[
$(+?C$*$JDB$*$0:J?:AC:*$6$(:7D81*$*(1+8C2.1($^BC+(;*1/:[+6
exwe
]
i
$(1$6 (C1:8 :*18/ JBC+7j[ 8: $*4D*1($ D8 G$6:A $ ($*$ 7:G171+8C:
7DB(D6$A (:7: 01(1+A:8 $8C+B :CA:B B1BC+7$B[ B18: @D+ $/AD?$ 6$B
(:7'18$(1:8+B *+ 7:G171+8C:B 7DB(D6$A+B ?:A /AD?:B @D+ .:A7$8 D8$
$((1;8 (:8(A+C$ +8 +6 A:BCA: G1B1'6+^ :A +4+7?6:[ 6$ D81*$* *+ $((1;8 {
i{j+B+6.AD8(171+8C:*+6(+9:x|^BC$(:*1.1($(1;8+B6$@D+DB$8C$8C:
6:B i$8$61BC$B *+ (:7D81($(1;8 8: G+A'$6j[ (:7: 6:B B:.CH$A+B *+
1*+8C1.1($(1;8*++7:(1:8+B^
@79':,63)"%,"1&'1":'25%,53':$#:,%":579,2"9,":
8 ?A17+A 6D/$A +B 17?:AC$8C+ @D+ +6 6+(C:A C+8/$ (6$A: +6 (:8(+?C: *+
+7:(1;8[J$@D+b($B1C:*:+67D8*:(A++B$'+A6:@D++BD8$+7:(1;8[
0$BC$@D+18C+8C$*+.181A6$^8+B+7:7+8C:?A%(C1($7+8C+8$*1+$.1A7$
?:*+A +8C+8*+A6$cx}^ " +B @D+ 8: +B .%(16 *+ *+B(A1'1A *+B*+ +6
*+B(:8:(171+8C:^ I1BC+8 7%B *+ (1+8 *+.181(1:8+B *+6 (:8(+?C: *+
+7:(1;8[ ?+A: 6$ /A$8 7$J:A2$ *+ 18G+BC1/$*:A+B (:18(1*+ +8 @D+ 6$
+7:(1;8 +B D8 (:84D8C: (:7?6+4: *+ 18C+A$((1:8+B +8CA+ .$(C:A+B
BD'4+C1G:B J :'4+C1G:B[ 7+*1$*:B ?:A B1BC+7$B 8+DA:8$6+B J 0:A7:8$6+B[
@D+?D+*+8]xjDB(1C$A+I?+A1+8(1$B$.+(C1G$B[yjA:G:($A:CA:B?A:(+B:B
(:/81C1G:B (:7: +.+(C:B ?+A(+?C1G:B A+6+G$8C+B : ?A:(+B:B *+
+C1@D+C$71+8C:[ zj $(C1G$A A+B?D+BC$B .1B1:6;/1($B J {j D1$A +6
(:7?:AC$71+8C:(:8.18+B+I?A+B1G:BJd:$*$?C$C1G:Bx{^
")'1,%,&"&
$ .+61(1*$* +B 6$ +7:(1;8 ?:B1C1G$ ?:A +I(+6+8(1$^ 8: *+ 6:B ?A:(+B:B
8+DA:8$6+B@D+B+*$871+8CA$BB++6$':A$+BC$+7:(1;8+B6$61'+A$(1;8*+
*:?$718$[ +6 8+DA:CA$8B71B:A *+6 ?6$(+A^ B 6: @D+ 0$(+ @D+
+I?+A17+8C+7:B D8$ $(C1G$(1;8 ?:B1C1G$ J $/A$*$'6+^ :*: +BC27D6: @D+
8:B?A:G:@D++BC$B*+B($A/$B*+*:?$718$+88D+BCA:(+A+'A:[J$B+$D8$
17$/+8/A$(1:B$[D8G1$4++86$7:8C$9$ADB$[6$BA+6$(1:8+BB+ID$6+B[6$B
'A:7$B : D8 B17?6+ $'A$K:[ B+A% +G$6D$*: (:7: '+8+.1(1:B: J 8D+BCA$
C+8*+8(1$B+A%6$*+(:8B+/D1A@D+B+A+?1C$+B$+I?+A1+8(1$^+?A:*D(+D8
$D7+8C: *+ 6$ $(C1G1*$* +8 +6 01?:C%6$7:[ +6 B+?CD7 J +6 8E(6+:
$71/*$618:x}^$.D8(1;8B:(1$6*+6$+I?A+B1;8*+.+61(1*$*+B6$*+A+.:AK$A
+6 G28(D6: +8CA+ 18*1G1*D:B^ 8 +4+7?6: *+ BD .D8(1;8 *+ B:(1$61K$(1;8 +B
@D+ (D$8*: 6:B $C6+C$B +8CA+8$8 +8 B:61C$A1:[ B:8A2+8 ?:(: : 8$*$[ $6
(:8CA$A1: @D+ (D$8*: +8CA+8$8 +8 /AD?:^ 6 71B7: +.+(C: 8:B :(DAA+ $
C:*:B $ *1$A1: G1+8*: (:B$B /A$(1:B$B +8 6$ C+6+G1B1;8[ B1 +BC$7:B
$(:7?$9$*:B8:BA+27:B7%B@D+B1+BC$7:BB:6:B^
exxe
^#
$'6$x^2%+#%48&9(#+0&9%&0(&0+#+%%S%6:%4%&/12IYWW^TX^
!
]
• :71BDA$B*+6:B6$'1:B0$(1$$CA%BJ0$(1$$AA1'$^xy
• +4166$B6+G$8C$*$B^xz
• AAD/$B:A'1(D6$A+B
• AAD/$B*+'$4:*+6?%A?$*:18.+A1:A
1":%5
6$B(::A+?D/8$8(1$+B6$+7:(1;8@D+8:B7D+G+$+G1C$A+BC27D6:B(DJ$
18/+BC$ : 180$6$(1;8 ?D+*+ B+A ?+A4D*1(1$6 ?$A$ 8D+BCA$ B$6D*^ 8 +.+(C:[
(D$8*:+I?+A17+8C$7:B$B(:$D7+8C$6$$(C1G1*$*+8+66$*:*+A+(0:*+
6$B A+/1:8+B .A:8C$6 J C+7?:A$6 $8C+A1:A *+6 (+A+'A: J +8 6:B /$8/61:B
'$B$6+Bx|LD.D8(1;8$*$?C$C1G$+B6$*++G1C$A18C:I1($(1:8+B?:A18/+BC$
*+$617+8C:B+87$6+BC$*:^+.:A7$188$C$[6:@D+8:B?A:*D(+$B(:+B6$
($A8+?:*A1*$J6:BB$':A+B(2CA1(:B^:8+6C1+7?:6$G$A1+*$**+(:B$B@D+
8:BA+?D/8$8B+G$$7?61$8*:0$BC$@D++6$'$81(:B+$'A+$+BC27D6:B@D+
8:0D+6+881B$'+87$6[+18(6DB:8:+BC%818(6D1*:B+88D+BCA$*1+C$^:A
+4+7?6:[ (1+AC:B $(C:B 0D7$8:B *+81/A$8C+B : 18*1/8:B 8:B ?D+*+8
?A:G:($A+BC$+7:(1;8J*+671B7:7:*:[6$B?+AB:8$B@D+6:BA+$61K$8[
(:7: ?:A +4+7?6:[ +6 $'DB: *+ 7+8:A+B^ 1 B+ :'B+AG$ +B$ ($A$ +8 D8
*+?:AC1BC$ *DA$8C+ D8 +8.A+8C$71+8C: +8 +6 C+AA+8: *+ 4D+/: : +8 6:B
+8CA+8$71+8C:B[ +BC$A+7:B $8C+ D8 (:8.61(C: 18C+A?+AB:8$6 @D+ B1 8: B+
B:6D(1:8$[ *+A1G$A% ?:B1'6+7+8C+ +8 D8$ .DCDA$ 0:BC161*$* : A+(0$K: ?:A
?$AC+*++B+4D/$*:A0$(1$6$?+AB:8$?:A@D1+87:BCA;+B$($A$^
$'6$y^2%+#%48&9(#+0&9%&09#4S%6:%4%&/12IYWW^TX^
!
]
• $A1K$AAD/$*$^
• $'1:BD?+A1:A6+G$8C$*:^xw
• $'1:18.+A1:AC$7'1-86+G$8C$*:J+7?D4$8*:0$(1$$AA1'$+66$'1:BD?+A1:A
• $'1:18.+A1:A0$(1$$'$4:61/+A$7+8C+0$(1$$*+6$8C+
• +4166$B6+G$8C$B^xz
• +4$B'$4$B+7?D4$8*:0$(1$$'$4:$6?%A?$*:BD?+A1:A^{
exye
]
",9"
$1A$[*+.:A7$?A171C1G$[+BD8$+7:(1;8@D+8:B?A+*1B?:8+?$A$+8CA$A
+8 (:7'$C+^ (C1G$ 8D+BCA: :A/$81B7: $D7+8C$8*: 6$ C+7?+A$CDA$ J
C+8B$8*: 6:B 7EB(D6:B ?$A$ 6$ ?+6+$^ 6 *+B(+8B: *+ 6$B (+4$B iJ +8
:($B1:8+B18(6DB:6$18(618$(1;8*+6$($'+K$jA+*D(++6%A+$G1B1'6+*+6:B
:4:B[ (:8 +6 :'4+C1G: *+ ?A:C+/+A6:B *+ ?:B1'6+B *$9:B[ J$ @D+ B:8 7DJ
17?:AC$8C+B?$A$8D+BCA$BD?+AG1G+8(1$iB:'A+C:*:+8+C$?$B0D7$8$B*+
G1*$7%BB$6G$4+j^$1A$$D7+8C$6$$(C1G1*$*8+DA:8$6J+6C:8:7DB(D6$A[
$B2 (:7: 6$ $(C1G1*$* *+6 01?:C%6$7:[ 6$ $72/*$6$[ +6 B+?CD7 J +6 (;AC+I
?A+.A:8C$6^ + ?A:*D(+ /+8+A$67+8C+ (D$8*: +G$6D$7:B D8$ B1CD$(1;8
(:7:184DBC$[J$B+$?$A$8:B:CA:B:?$A$:CA$B?+AB:8$Bx{^
:A+4+7?6:[B1$6/D1+8(:8@D1+88:B(ADK$7:B?:A6$($66+8:BC1A$D8G$B:
*+$/D$?:A+8(17$[(:818C+8(1;8*+?A:*D(1A8:BD8*$9:[71+8CA$B@D+
8:B:CA:B8:6+0$'2$7:B0+(0:8$*$7$6:[B+8C1A+7:B@D++BD8*$9:@D+
8: 7+A+(+7:B J 8:B ?A:G:($A% 6$ +7:(1;8 *+ +8.$*: : 1A$[ 6$ (D$6 8:B
?A:G:($ 17?D6B:B $/A+B1G:B 0$(1$ +6 ($DB$8C+ *+6 *$9: 184DBC:^ 8 6:B
*+?:AC+B .2B1(:B 6$ +I?A+B1;8 *+ 1A$ +B 7DJ .A+(D+8C+[ *$*: @D+ B:8
+8.A+8C$71+8C:B +8CA+ ?+AB:8$B @D+ 'DB($8 6$ G1(C:A1$ 7+*1$8C+ 6$
BD?+A1:A1*$*.2B1($JC%(C1($i+B6:71B7:@D++86$B?+6+$B?+A:(:8A+/6$Bj^
:A+66:[6:B%A'1CA:B*+'+8+BC$A$C+8C:B$6$$?$A1(1;8*++BC$BB+9$6+B[J$
@D+B:8+6?A+(+*+8C+*+D8$?:B1'6+$/A+B1;8^86:B*+?:AC+B*+6D(0$
($'A2$ +B?+A$A @D+ 6$ +I?A+B1;8 *+ 1A$ $?$A+(1+B+ (:8C18D$7+8C+[ B18
+7'$A/:$?$A+(+(:86$71B7$.A+(D+8(1$@D++8:CA:B*+?:AC+B+18(6DB:
7+8:A[?:A@D+6:B6D(0$*:A+B8:A7$61K$86$?+6+$J6$$.A:8C$8*+B*+D8
?D8C:*+G1BC$C%(C1(:[7$8C+81+8*:6$B+7:(1:8+B'$4:(:8CA:6^
$'6$z^2%+#%48&9(#+0&9%&0+8S%6:%4%&/12IYWW^TX^
!
]
• +9:.AD8(1*:^{
• $AC+18C+A1:A*+6$B(+4$B'$4$*$B^{
• %A?$*:BBD?+A1:A+BC+8B:B^|
• %A?$*:B18.+A1:A+BC+8B:B^~
• 1A$*$.14$^}
• $'1:B$?A+C$*:Bi:8C+8(1;8jy{
• $'1:B7:BCA$8*:6:B*1+8C+B
exze
^#
12,'&5
6 71+*: +B 6$ +7:(1;8 @D+ ?A:*D(+ 8D+BCA$ A+$((1;8 .1B1:6;/1($ 7%B
?:C+8C+ J 6$ +I?+A1+8(1$ +7:(1:8$6 7%B *+B$/A$*$'6+^ + ?A:*D(+ D8
$D7+8C:+86$$(C1G$(1;8*+6$G2$?A18(1?$6C%6$7:e(;AC+Ie$72/*$6$:*+6$
G2$ B+(D8*$A1$ C%6$7:e$72/*$6$x|^ D .D8(1;8 +B 6$ *+ $(C1G$A 8D+BCA$
(:8*D(C$ ?$A$ A+$((1:8$A (:8 A$?1*+K $8C+ 6$ $?$A1(1;8 *+ +BC27D6:B
?:C+8(1$67+8C+?+61/A:B:B?$A$8D+BCA$18C+/A1*$*.2B1($+181(1$A(:8*D(C$B
*+ +G1C$(1;8^ + .:A7$ $*$?C$C1G$[ $8C+ D8 +BC27D6: ?:C+8(1$67+8C+
?+61/A:B:[8D+BCA:B?%A?$*:BBD?+A1:A+BB+$'A+87%B@D++8818/D8$*+
6$B:CA$B+7:(1:8+B^:AD86$*:[(:8+66:?A+BC$7:BD8$7%I17$$C+8(1;8
$$6/:@D+?D+*+0$(+A?+61/A$A8D+BCA$B$6D*+18(6DB:8D+BCA$G1*$J?:A
:CA: 6$*:[ 7+*1$8C+ 6$ +I?A+B1;8 *+ 71+*: *+ D8 18*1G1*D:[ +6 A+BC: *+
(:7?:8+8C+B*+D8/AD?:B+?+A($C$*+@D++I1BC+D8?+61/A:@D+C:*$G2$
8:0$G1BC:[?D*1+8*:$B2A+$((1:8$A$C1+7?:x{^
$'6${^2%+#%48&9(#+0&9%&01+&%4S%6:%4%&/12IYWW^TX^
!
]
• $8*2'D6$B$?A+C$*$B
• $B?D?16$B?D+*+8+BC$A*16$C$*$B
• +4$B6+G$8C$*$BJ(:8CA$2*$B^ixj
• %A?$*:BBD?+A1:A+B7DJ+6+G$*:B^i|j
• 'A1A6$':($^iy~j
• $'1:BC+8B:B+BC1A$*:B+80:A1K:8C$6^iywj
":5979':"
$ B:A?A+B$ BDA/+ $8C+ 6$ $?$A1(1;8 *+ D8 +BC27D6: : B1CD$(1;8
(:/81C1G$7+8C+$7'1/D$J$(C1G$6:BB1BC+7$BB+8B:A1$6+B?$A$:'C+8+A6$
7%I17$ ($8C1*$* ?:B1'6+ *+ 18.:A7$(1;8[ :.A+(1+8*: $6 (+A+'A: $B2 D8$
7$J:A ($8C1*$* *+ *$C:B ?$A$ @D+ A+BD+6G$ 6$ $7'1/F+*$*[ ?D*1+8*:
+G$6D$A +6 +BC27D6:[ (:7: ?:B1C1G: : 8+/$C1G:[ ?$A$ +71C1A 6$ A+?D+BC$
(:AA+B?:8*1+8C+[*+$(+A($71+8C::+G1C$(1;8^$A$+G$6D$A6$B1CD$(1;8(:8
6$7$J:AA$?1*+K?:B1'6+[B+?A:*D(+D8$D7+8C:A%?1*:+818C+8B:*+6$
$(C1G1*$* 8+DA:8$6^ $7'1-8 B+ ?A:*D(+ D8 ?$CA;8 *+ A1C7: ($A*2$(:
($A$(C+A2BC1(: *+6 A+.6+4: *+ :A1+8C$(1;8[ +8 +6 @D+ *1B718DJ+ 6$ C$B$ *+
6$C1*:B x{^ A$B 6$ A+B:6D(1;8 *+ 6$ 18(;/81C$[ C+A718$ 6$ B:A?A+B$ J BD+6+
(:7+8K$A:CA$+7:(1;8[$(:A*+(:86$8$CDA$6+K$*+6+BC27D6:^
ex{e
]
$'6$|^2%+#%48&9(#+0&9%&094868&9S%6:%4%&/12IYWW^TX^
!
]
• +4$B6+G$8C$*$B^xJy
• 1+6+BC1A$*$'$4:6$B(+4$B
• AAD/$B0:A1K:8C$6+B+86$.A+8C+
• %A?$*:BBD?+A1:A+B+6+G$*:B^|
• %A?$*:B18.+A1:A+B'$4$*:B
• $8*2'D6$($2*$[6$'1:BB+?$A$*:B^y~
";9,:;'B"
$ CA1BC+K$ +B D8$ +7:(1;8 (DJ$ ?A18(1?$6 .D8(1;8 +B 6$ *+ *+B$AA:66$A +6
$?+/: J 6$ (:6$':A$(1;8 18C+A?+AB:8$6^ DA$8C+ 6$ CA1BC+K$ B+ ?A:*D(+ D8
$7+8C:+86$$(C1G1*$**+6(;AC+I?A+.A:8C$67+*1$6J+6(;AC+I(18/D6$*:
BD'($66:B:^ 8 +BC$B %A+$B $D7+8C$ 6$ CA$8B71B1;8 *+ B+A:C:818$ J
8:A$*A+8$618$@D+18C+AG1+8+8+86$A+/D6$(1;8*+6+4+01?:C%6$7:e01?:.1B:e
$*A+8$6 ij^ +/E8 +7+A:..[ D8$ ?A:6:8/$*$ $(C1G$(1;8 *+ +BC+ +4+
?A:*D(++BC$*:BJCA$BC:A8:B*+?A+B1G:Bx|^
$ +I?A+B1;8 .$(1$6 *+ 6$ CA1BC+K$ ?A:*D(+ +8 6:B *+7%B (:7?$B1;8[ D8$
+7:(1;8 B+(D8*$A1$ @D+ 8:B 7D+G+ $ ?A+BC$A $JD*$ *+B18C+A+B$*$^ $
CA1BC+K$B+?A:*D(+?A18(1?$67+8C+(D$8*:+G$6D$7:BD8$B1CD$(1;8(:7:
D8$ ?-A*1*$ J BD 18C+8B1*$* B+A% ?A:?:A(1:8$6 $6 G$6:A ?+AB:8$6 @D+
$*4D*1@D+7:B$*1(0$?-A*1*$J$6$.$6C$*+?:B1'161*$*+B*+A+(D?+A$A6:
@D+ B+ 0$ ?+A*1*:^ B D8$ +7:(1;8 8+/$C1G$ @D+ ?A:*D(+ $80+*:81$
i*1.1(D6C$* ?$A$ *1B.ADC$A *+ 6$B (:B$Bj J *+B(:8BD+6:^ $B 7D+BCA$B *+
+7?$C2$ J $?:J: *+ :CA$B ?+AB:8$B ($67$8 *1(0: *+B(:8BD+6: J 6:B
+BC27D6:B@D+?A:G:($8$6+/A2$[$D8@D++8?A18(1?1:?D+*$?$A+(+A@D+8:[
(:8CA$AA+BC$86$CA1BC+K$^+*1$8C+BD+I?A+B1;8(:8B+/D17:B7:BCA$A$6:B
*+7%B@D++BC$7:BBD.A1+8*:[6:(D$60$(+@D+8:B?A+BC+8BD$?:J:x{^$
+I?A+B1;8*+CA1BC+K$+8+6*+?:AC+$?$A+(+$7+8D*:(D$8*:D8+@D1?:+B
+61718$*: *+ D8$ (:7?+C1(1;8 +8 6$B E6C17$B .$B+B : (D$8*: D8 $C6+C$
$8D8(1$+8AD+*$*+?A+8B$@D+B+A+C1A$^8(D$6@D1+A($B:[+B17?:AC$8C+
*$A $?:J:[ $'A$K$A J 0$'6$A (:8 6:B *+?:AC1BC$B (D$8*: 7D+BCA+8 +BC:B
18*1(1:B*+BD.A171+8C:+7:(1:8$6^
ex|e
^#
$'6$}L2%+#%48&9(#+0&9%&0:8+9:&AS%6:%4%&/12IYWW^TX^
!
#]
• 6+G$(1;8*+6$?$AC+18C+A1:A*+6$B(+4$B^x
• AAD/$B+86$.A+8C+
• +B(+8B:*+6$B(:71BDA$B*+6:B6$'1:B^x|
• +(A+(1;86$(A17$6i8:.1*+*1/8:j
• B?$B7:B*+6$'$A'166$+8+666$8C:^x~
1&':79'%,5KJ'25%,63$#:,%"535I
+(1+8C+7+8C+$6/D8:B$DC:A+B+BC%8(:8B1*+A$8*:+6*+B?A+(1:(:7:D8$
*+ 6$B +7:(1:8+B '%B1($Bx|[ B18 +7'$A/: 8: +BC% $(+?C$*$ ?:A C:*:B 6:B
+I?+AC:B(:7:C$6[?:A@D++I1BC+87D(0$B*D*$BB:'A+BDD81G+AB$61*$*[+6
@D+B+$8188$C$B+18C+A+B?+(2.1($Bx}^$7'1-8+60+(0:*+@D+BD+I?A+B1;8
.$(1$6 B+$ $B17-CA1($[ +G:($ *D*$B B:'A+ BD +B?:8C$8+1*$*^ + C:*:B
7:*:B[+I?61($7:BBD+I?A+B1;8.$(1$6[J$@D+?$A$$6/D8:B$DC:A+B[B2+B
(:8B1*+A$*$(:7:D8$*+6$B+7:(1:8+B'%B1($B^$+I?A+B1;8*+*+B?A+(1:
$?$A+(+[ ?:A *+B/A$(1$[ (:8 7D(0$ .A+(D+8(1$ +8 C+AA+8:B *+ 4D+/: J
+8CA+G1BC$B $ 4D/$*:A+B[ +8CA+8$*:A+B J *1A+(C1G:B^ B 17?:AC$8C+
1*+8C1.1($A6$[?D+B+BD818*1(1:*+@D+B+18.A$G$6:A$$$@D+66$?+AB:8$$
@D1+8 B+ 7D+BCA$ +BC$ +I?A+B1;8[ $D8@D+ $?$A+K($ .D/$K7+8C+^ 6
*+B?A+(1:18*1($A%D8$?A+B+8C+:.DCDA$7$6$A+6$(1;8?+AB:8$6@D+B1+B
+8CA+ 4D/$*:A+B[ +8CA+8$*:A+B J C-(81(:B[ *+'+ BD'B$8$AB+ (D$8C: $8C+B
?:A+6'1+8*+6+@D1?:^
$'6$ ~^ 2%+#%48&9 (#+0&9 %&0 %&968&#+4 S%6:%4 %& /12 @
48%84TYX
!
]
• $'1:BD?+A1:A6+G$8C$*:*+D8B:6:6$*:[J$B+$+61K@D1+A*::+6*+A+(0:^
xw:xw^+B?A+(1:?:AA+?D/8$8(1$^
• :71BDA$6+G$8C$*$*+D8B:6:6$*:[J$B+$+61K@D1+A*::+6*+A+(0:^xy:
xy^BC$+I?A+B1;87D+BCA$D8*+B?A+(1:?:ABD?+A1:A1*$*:$AA:/$8(1$^
ex}e
]
@79':,63)"%,"1&'1":'25%,53'::'%<3&"9,":5:5%,"1':
B7DJ17?:AC$8C+@D+D8($?1C%8:D8+8CA+8$*:AB+?$8C$7'1-8(D$8*:
D84D/$*:AB1+8C+:CA$B+7:(1:8+B7%B$66%*+6$B'%B1($B^$B+7:(1:8+B
B+(D8*$A1$B BDA/+8 *+ 6$ (:7'18$(1;8 *+ +7:(1:8+B '%B1($B : C$7'1-8
?D+*+8 B+A *1BC18C:B 81G+6+B *+ 18C+8B1*$* *+ +BC$B^ :A +4+7?6:[ 6$
7+6$8(:62$ +B D8$ +7:(1;8 B1716$A $ 6$ CA1BC+K$ +8 (D$8C: $ 6$ A+B?D+BC$
?B1(:'1:6;/1($[?+A:*+7+8:A18C+8B1*$*[?:A6:@D+?:*A2$(:8B1*+A$AB+
D8$CA1BC+K$6+G+[?+A:+B+8B271B7$D8$+7:(1;8*1.+A+8C+^*1.+A+8(1$
*+6$B+7:(1:8+B'%B1($B[6$BB+(D8*$A1$B8:B:8188$C$B[BDA/+8$?$AC1A*+
6:B*:B$9:B*++*$*[$A$2K*+6$B:(1$61K$(1;8*+6819:[?:A+B:B:8C$7'1-8
66$7$*$B+7:(1:8+BB:(1$6+BJB:8?:A+4+7?6:6$(D6?$[6$.ADBCA$(1;8[+6
8+AG1:B1B7:[ 6$ ?A+:(D?$(1;8[ 6$ G+A/F+8K$^^^ B:8 C:*$B $@D+66$B @D+ 8:
+BC%8 *1A+(C$7+8C+ A+6$(1:8$*$B (:8 6$ BD?+AG1G+8(1$ ?DA$[ B18: (:8
*+B+8G:6G+A8:BJB:'A+G1G1A+86$B:(1+*$*^
6 2&8=+49+914 ?:A +4+7?6: +B D8 +BC$*: *+ $6C$ $(C1G$(1;8[ @D+ B1 '1+8
?:*A2$(:8B1*+A$AB+D8$A+B?D+BC$$*$?C$C1G$?$A$$(C1G$A6$(:8*D(C$$8C+
D8$B1CD$(1;8$7+8$K$8C+[+B(:8B1*+A$*:C$7'1-8D8+BC$*:+7:(1:8$6^
DBB1/8:BB:8(6$A$7+8C+$?A+(1$'6+BJ+8CA++66:B?:*+7:B+8(:8CA$A?:A
+4+7?6: C+8B1;8 7DB(D6$A[ '$6$8(+:B[ (ADK$A J *+B(ADK$A 6:B 'A$K:B
.A+(D+8C+7+8C+[ C$7':A16+$A (:8 6:B *+*:B[ 7$8:B : ?1+B[ $?A+C$AB+ 6$B
7$8:B[C:B+AA+?+C1*$7+8C+B18C+8+A818/D8$$.+((1;8[B:8A+2AA+?+C1*$J
A%?1*$7+8C+[ BD*$A $D8@D+ 8: 0$/$ ($6:A[ 7:A*+AB+ 6$B D9$B : 6$B
(DC2(D6$B[ /1A$A +6 C:AB: *+ D8 6$*: ?$A$ :CA:[ C:@D+C+$A :'4+C:B[ 7:G+A
7D(0: 6:B :4:B[ C+7'6:A+B[ +C(^x~ :B C+7'6:A+B *+ 6$B 7$8:B BD+6+8 B+A
.%(167+8C+ $?A+(1$'6+B J C:*$G2$ 7%B (D$8*: 6$ ?+AB:8$ BD4+C$ +8CA+ 6:B
*+*:BD8:'4+C:.18:[(:7:?:A+4+7?6:D8(1/$AA166:^
CA$ +7:(1;8 @D+ A+@D1+A+ *+ 6$ $C+8(1;8 *+6 +8CA+8$*:A Jd: *+ 6:B
(:7?$9+A:B[+B6$(8;9:8#+52^$A$@D+6:B*+?:AC1BC$B7$8C+8/$86$7:A$6
J+6A+8*171+8C:*+$6C:81G+6[+B17?:AC$8C+@D+8:($1/$8+86$.ADBCA$(1;8
J@D+B+6+B$JD*+$(:8.1$A+8@D+G$8$/$8$A^$J*:BC1?:B*+.ADBCA$(1;8]
(:8.A:8C$(1:8$6 J *+ A+8*1(1;8x^ $ .ADBCA$(1;8 (:8.A:8C$(1:8$6 BD+6+
$?$A+(+A?:AD8$?A:G:($(1;8$6$@D++6$C6+C$8:?D+*+A+B?:8*+A(:8D8
$C$@D+ ?:A 7$8C+8+A 6$ *+?:AC1G1*$*^ $ .ADBCA$(1;8 $@D2 G1+8+ ?:A 6$
A+?A+B1;8*+6$1A$^18+7'$A/:6$.ADBCA$(1;8*+A+8*1(1;8G1+8+(D$8*:+6
$C6+C$?1+8B$@D+6:0$0+(0:7$6J@D+0$+BCA:?+$*:6$(:7?+C1(1;8^:B
?A18(1?$6+B18*1(1:B*+6$.ADBCA$(1;8(:8.A:8C$(1:8$6B:8+6(:8C$(C::(D6$A
*1A+(C:J.A+(D+8C+[6$A+?+C1(1;8*+.A$B+B[6$18G$B1;8*+6+B?$(1:?+AB:8$6[
D8$ $6C$ /+BC1(D6$(1;8 (:8 6$ 7$8:[ B+9$6$A (:8 +6 *+*: : +8(:/+AB+ *+
0:7'A:B^ $ .ADBCA$(1;8 *+ A+8*1(1;8 B+ 7$81.1+BC$ 7+*1$8C+ BDB?1A:B[
ex~e
^#
+I?1A$(1;8A%?1*$[7$8:B+86$($*+A$[7$8:B+86$($'+K$(:86$+I?A+B1;8
.$(1$6 .AD8(1*$[ /+BC:B 7+6:*A$7%C1(:B : +I$/+A$*:B[ (+AA$A 6:B :4:B[
'$6$8(+$A 6$ ($'+K$ +8 8+/$(1;8[ +C(^x~ $ .ADBCA$(1;8 *+ A+8*1(1;8 +B
.A+(D+8C+ (D$8*: D8 +@D1?: : D8 *+?:AC1BC$ 18*1G1*D$6 0$ ?+A*1*: D8
?$AC1*:^
6 8&9&2:+1+&2:4 +B :CA$ +7:(1;8 @D+ ?D+*+ +BCA:?+$A 6$ 'D+8$ A+6$(1;8
*+8CA: *+ D8 +@D1?:^ $A$ D8 +8CA+8$*:A +B 17?:AC$8C+ 1*+8C1.1($A +6
A+B+8C171+8C: +8 BDB 4D/$*:A+B[ ?$A$ B:6D(1:8$A (:8.61(C:B +8 BDB 181(1:B[
$8C+B*+@D++BC$66+8J(:866+G+8(:8B+(D+8(1$B?+:A+B^1+7?A+6$(6$G+
+B ?A+/D8C$A J *+4$A +I?A+B$A^ D$8*: +6 4D/$*:A G+A'$61K$ 6: @D+ B1+8C+
i@D++6+8CA+8$*:AJ$6:0$'2$?+A(1'1*:j[J$B+?D+*+CA$'$4$A+6(:8.61(C:^
+A: B1 +6 $C6+C$ 8: B+ 0$(+ ?A17+A: (:8B(1+8C+ *+ BDB +7:(1:8+B[ 8: B+
?D+*+18C+AG+81A[?:A@D+G$$8+/$A6:@D+B+6+18C+8C+$.1A7$AB:'A++6
?:A@D-*+BD(:8*D(C$^6/D8:B18*1($*:A+B*+6A+B+8C171+8C:B:8](ADK$A
6:B'A$K:B(:8+6A:BCA:B+A1:[8:0$'6$A[+G1C$A$6$?+AB:8$0$(1$6$@D+B+
B1+8C++6A+B+8C171+8C:[71A$A0$(1$:CA:6$*::*$AB+9$6+B*+1A$(D$8*:
B+ 18C+A$(CE$ (:8 +B$ ?+AB:8$x~^ BC: B+ ?D+*+ :'B+AG$A $ G+(+B +8 6:B
+8CA+8$71+8C:B(D$8*:D84D/$*:A+BC%+8.$*$*:?:A@D++6+8CA+8$*:A8:
6+0$(:8G:($*:?$A$+6B1/D1+8C+?$AC1*::?:A@D+6:BDBC1CDJ;+8+6?$AC1*:
$8C+A1:A^8::G$A1:B*++BC:B18*1(1:B18*1($8$6+8CA+8$*:A@D++64D/$*:A
+BC%A+B+8C1*:(:8-6J+BC$+7:(1;8B+(D8*$A1$8+/$C1G$*+6$.$7161$*+6$
1A$[ +B $6C$7+8C+ (:8CA$?A:*D(+8C+[ ?:A 6: @D+ B+ A+(:71+8*$
+8($A+(1*$7+8C+ $8C+ +BC:B 18*1($*:A+B[ @D+ +6 +8CA+8$*:A : 6$ ?+AB:8$
0$(1$ 6$ @D+ +6 4D/$*:A 7D+BCA+ +BC+ (:7?:AC$71+8C:[ 7$8C+8/$ D8$
(:8G+AB$(1;8?A1G$*$+86$@D++6$C6+C$?D+*$+I?A+B$A$'1+AC$7+8C+BD
+8.$*:^++BC$.:A7$[6:BC-(81(:BC+8*A%86$:?:ACD81*$**+CA$'$4$A6:B
B+B/:B(:/81C1G:B:*+$C+8*+A6$B8+(+B1*$*+B+7:(1:8$6+B@D+7D+BCA++6
4D/$*:A^ D1K% B1 +BC+ +BC% A+B+8C1*: (:8 +6 +8CA+8$*:A ?:A@D+ 8: 6+ 0$
(:8G:($*:(:7:C1CD6$A?$A$+6B1/D1+8C+?$AC1*:[+BC$A%7%BB+A1:J7+8:B
0$'6$*:A@D+*+(:BCD7'A+(D$8*:B+*1A14$$-6^+7:BCA$A%*1BC$8C+^:
*$AB+(D+8C$:8:0$(+A($B:*++BC:?D+*+B+AD8$C:A?+K$?:A?$AC+*+6
C-(81(::*+6:BC-(81(:B?A+B+8C+B^6A+B+8C171+8C:B+6+?$B$A%$8C+B:
*+B?D-B[ ?+A: B+ 6+ @D+*$A% D8 A+7$8+8C+ @D+ 0$A% 6$ A+6$(1;8 +8CA+
$7':B D8 ?:(: ?+:A *+ 6: @D+ ?:*A2$ B+A^ $7?:(: +B $(:8B+4$'6+
?A+/D8C$A +6 ?:A@D- *+ +B$ $(C1CD* $8C+ :CA:B 4D/$*:A+B[ ?:A@D+ 6$
:'B+AG$(1;8 ?:A ?$AC+ *+ 6:B *+7%B 1801'1A% 6$ B18(+A1*$* *+6 4D/$*:A :
?+:A[ 6+ 0$A% @D+A+A 7:BCA$A BD A+B+8C171+8C: $8C+ 6:B +B?+(C$*:A+B
?A:G:($8*:D8+8.A+8C$71+8C:*1A+(C:18*+B+$'6+^$+BCA$C+/1$7%B0%'16
+B+B?+A$A$?:*+A0$'6$A$B:6$BJCA$B*+4$A6+@D+B++I?A+B+[+I?61($A6++6
exe
]
7:C1G:*++B$*+(1B1;8[$(6$A%8*:6+@D++B:8:17?61($@D+8:B+6+G$6:A+
BD.1(1+8C+7+8C+(:7:4D/$*:A^
CA$ +7:(1;8 $ 7+8D*: :'B+AG$'6+ +B 6$ *+6 9;(8+1+&2:4^ ?$A+(+ 6$
+I?A+B1;8 .$(1$6 *+6 BD.A171+8C: (D$8*: +6 $C6+C$ BD.A+ D8$ 6+B1;8[ ?+A:
C$7'1-8(D$8*:0$(+D8/A$8+B.D+AK:[$D8@D++8+BC+($B:6$+I?A+B1;8
+B7+8:B18C+8B$^BD8$+I?A+B1;8B1716$A$6$*+6*:6:A[(:8/+BC:B(:7:
$?A+C$A 6:B *1+8C+B[ C+8B1;8 *+ 6:B 7EB(D6:B *+6 (D+66: J 6:B :4:B[ (+9:
.AD8(1*:+18(6DB:+8:($B1:8+BD8/A1C:^G+(+BB+?D+*+:'B+AG$A(;7:
$6/D8:B4D/$*:A+B+I?A+B$8BD.A171+8C:J$D8$B2B++B.D+AK$8$67%I17:^
YM
L
61BC+7$27'1(:ij+B6$+BCAD(CDA$7%B17?:AC$8C++86$?A:*D((1;8*+
6$ +I?+A1+8(1$ +7:(1:8$6 J C$7'1-8 +8 6$ ?A:*D((1;8 *+ /A$8 ?$AC+ *+
8D+BCA: 6+8/D$4+ (:A?:A$6^ 6 +B D8$ +BCAD(CDA$ (6$G+ ?D+BC: @D+ /D2$
8D+BCA$B(:8*D(C$B0$(1$6$BD?+AG1G+8(1$[?A:*D(1+8*:7:G171+8C:B?$A$
6$$DC:*+.+8B$[6$1A$*+.+8B1G$[+C(^~+8CA:*+6[+601?:C%6$7:+BD8$
*+6$B?$AC+B7%B18.6DJ+8C+B+8+66+8/D$4+(:A?:A$6^::A*18$6$$(C1G1*$*
*+:CA$B+BCAD(CDA$B?$A$A+/D6$A6$.A+(D+8(1$($A*1$($[6$?A+B1;8$AC+A1$6[
6$ A+B?1A$(1;8[ 6$ $(C1G1*$* *1/+BC1G$[ 6$ $(C1G1*$* +8*:(A18$ J 6$ $(C1G1*$*
8+AG1:B$^
$G:A+(+(:8*D(C$B*+BD?+AG1G+8(1$(:7:+617?D6B:*+'+'+A
$/D$ (D$8*: +BC$7:B B+*1+8C:B : +6 *+ (:7+A (D$8*: +BC$7:B
0$7'A1+8C:Bx^
86$BB1CD$(1:8+B+G$6D$*$B(:7:$7+8$K$8C+B[+60$(+@D++6B1BC+7$
7:C:AA+$((1:8+?$A$?A:C+/+A8:B[?A:G:($8*:A+$((1:8+B(:7:6$0D1*$[
(D'A1A6$?$AC+G+8CA$6?$A$?A:C+/+A6:B;A/$8:BG1C$6+B:$/A+*1A$6.:(:*+
6$$7+8$K$[6:@D+BD?:8+D818BC18C:*+BD?+AG1G+8(1$~^:A+4+7?6:[B1
D8$ ?+AB:8$ @D+ +BC% B1+8*: 18C+AA:/$*$ B+ (D'A+ +6 G1+8CA+ (:8 D8$
7:(016$[D8'$6;8[BDB'A$K:B+C(^[B+A%D818*1($*:A*+@D+?:B1'6+7+8C+
?+A(1'+ 6$ B1CD$(1;8 (:7: $7+8$K$8C+^ B (:7: ?:8+A D8$ '$AA+A$ *+
.:A7$BD'(:8B(1+8C+[D8$*1BC$8(1$+8CA+B271B7:J6$:CA$?+AB:8$^+6$
.:A7$:?D+BC$[A+$61K$7:B7:G171+8C:B*+$(+A($71+8C:J(:8.1$8K$$8C+
+BC27D6:B$/A$*$'6+B^:B7:G171+8C:B(:A?:A$6+B*+B(A1C:B$(:8C18D$(1;8
B:8D8$B28C+B1B*+7E6C1?6+B+BCD*1:BB:'A++66+8/D$4+(:A?:A$60D7$8:[
@D+8:B$JD*$8$+8C+8*+A7+4:A6$B$(C1CD*+BJ+BC$*:B$.+(C1G:B*+6:B
*+?:AC1BC$BJ*+6$B?+AB:8$B+8/+8+A$6~^
exe
^#
•6$6+4$71+8C:A+?+8C18:*+6C:AB:0$(1$$CA%B]+$((1;8$8C+$6/:@D+
8:B*+B$/A$*$:$BDBC$^
•
8(618$AB+0$(1$$6/D1+8:$6/:]/A$*:[(:8.1$8K$[+BC$A*+$(D+A*:^
•8(AD(+*+'A$K:BA+?+8C18:+86$(:8G+AB$(1;8?D+*+18*1($A7$6+BC$A
:*+B$(D+A*:^
•6(AD(+*+'A$K:B(:86$B7$8:B+B(:8*1*$B]
A2:^
•6(AD(+*+'A$K:B(:8C+8B1;8+86$B7$8:Bi:B*+*:B$/$AA$8.D+AC+
+6'A$K:j]
A$^
•ADK$AB+*+'A$K:B(:86$B7$8:BA+6$4$*$B]:B*1B?:8+7:B$(0$A6$A:
+B(D(0$AD8A$C:^
•I(+?CD$8*: (:8*1(1:8+B *+ $6C$ C+7?+A$CDA$[ DA/+8(1$B 7-*1($B_
*+B8D*$A+6C:AB:$8C+:CA$B?+AB:8$B+BB+9$6*+(:8.1$8K$JG1(+G+AB$^
:B?:62C1(:B$7+8D*:B+@D1C$86$(0$@D+C$JB+A+7$8/$8+86:B72C18+B
?$A$CA$8B71C1A(+A($82$^
•D'A1AB+ +6 C:AB:[ ?:A +4+7?6: (:8 D8 '$6;8 : D8$ 7:(016$[ $8C+ 6$B
?A+/D8C$B*+6+8CA+8$*:A:6$?A+8B$[+B18*1(1:*+18(:7:*1*$*^CA$B
.:A7$B7%BBDC16+B*+(D'A1A+6C:AB:B:8?:A+4+7?6:C:@D+C+$A+6A+6:4[
$4DBC$AB+6$B7$8/$B[$4DBC$AB+6$(0$@D+C$_
•:B 6+G$8C$71+8C:B *+ 'A$K:B G$8 $B:(1$*:B $ B+8C171+8C:B ?:B1C1G:B^
D$8*: D8$ ?+AB:8$ B+ B1+8C+ CA1BC+ : 18B+/DA$[ A+BCA18/+
18(:8B(1+8C+7+8C++67:G171+8C:*+BDB'A$K:B^
:8+6$?A+8*1K$4+*+66+8/D$4+8:G+A'$60D7$8:(:8B+/D17:B+8C+8*+A
7+4:A$6:B*+7%B[?+A:C$7'1-8+B17?:AC$8C++60+(0:*+@D+8:B'A18*$
D8$ :?:ACD81*$* ?$A$ ?:*+A A+$((1:8$A *+ 6$ .:A7$ ;?C17$ $8C+ ($*$
B1CD$(1;8^
*+8C1.1($A@D-B1+8C+86:B$C6+C$BA+B?+(C:$D8$(:8C+(171+8C:[
8:B B1AG+ ?$A$ B$'+A (D%8*: A+.:AK$A D8$ (:8*D(C$ : ?A+G+81A :CA$^ :A
+4+7?6:[B1D8*+?:AC1BC$7D+BCA$$6/D8:B*+6:BB1/8:B*+6$1A$($*$G+K
@D+B+6+?1*+0$(+AD8+4+A(1(1:(:8(A+C:[+6+8CA+8$*:A?:(::'B+AG$*:A
*+4$A%?$B$A+BC$BB+9$6+B18$*G+AC1*$BJ8D8($(:7?A+8*+A%+6:A1/+8*+6
7$6A+8*171+8C:+8+B++4+A(1(1:^$7'1-8?D+*+*$AB++6($B:*+@D+D8
+8CA+8$*:AB2*+C+(C+6$BB+9$6+B[?+A:8:0$/$8$*$$6A+B?+(C:[?+A*1+8*:
$B2 6$ :?:ACD81*$* *+ $AA+/6$A 6$ B1CD$(1;8 J C$7'1-8 ?D+*+ :(DAA1A @D+
*+C+(C+ +BC:B 18*1(1:B[ + 18C+8C+ ?:8+A A+7+*1:[ ?+A: 6: @D+ 0$/$ $6
A+B?+(C:B+$?A+B1:8$A$6*+?:AC1BC$B18*+4$A6++I?A+B$AB+[6:(D$6C$7'1-8
?D+*+?A:G:($AA+BD6C$*:B(:8CA$?A:*D(+8C+B^:B;6:B+CA$C$*+*+C+(C$A
6:B +BC$*:B +7:(1:8$6+B 7+*1$8C+ 6$ (:8*D(C$[ B18: *+ A+$((1:8$A $8C+
+66:BJ0$(+A6:$*+(D$*$7+8C+[(:8?$(1+8(1$J$B+AC1G1*$*^
exwe
]
11'3*<"/'35>'9$"1&'15:/<*"&59':
D$8*: B+ :'B+AG$ D8$ +7:(1;8 8+/$C1G$ +8 D8 $C6+C$[ (:7: 1A$[
.ADBCA$(1;8[A+B+8C171+8C:[+C(^[6:@D+A+$67+8C+B++BC%?A+B+8(1$8*:[+B
@D++BC+C1+8+?+8B$71+8C:B8+/$C1G:B0$(1$6$C$A+$[0$(1$$6/D1+8:0$(1$
6$B1CD$(1;8[?:A7:C1G:B@D+B+/DA$7+8C+*+B(:8:K($7:B^$.:A7$7%B
$*+(D$*$ *+ ?A:(+*+A +8 C$6 ($B:[ +B 0$'6$A (:8 -6 b$ B:6$Bc (D$8*: B+
?D+*$ J ?A+/D8C$A6+ +6 ?:A@D- *+ BD *+B$/A$*:^ ++A 6$ 8:B *1(+ +6
b@D-c i+8.$*:[ *+B?A+(1:[ CA1BC+K$_j[ ?+A: +B 8D+BCA$ A+B?:8B$'161*$*
*+B(D'A1A +6 b?:A@D-c^ 8$ G+K (:8B+/D1*: @D+ +6 $C6+C$ B+ B1+8C$
(:7?A+8*1*: : +8 (:8.1$8K$ ?$A$ 0$'6$A J (D+8C+ +6 ?:A@D- *+ BD
*+B$/A$*:[ ?:*A+7:B CA$'$4$A6:[ 8: $8C+B^ ;6: +8C:8(+B C+8*A+7:B 6$
?:B1'161*$**+$JD*$A6+$BD?+A$ABDBB+B/:B(:/81C1G:B:6$B(A++8(1$B@D+
6+ +BC%8 0$(1+8*: +G$6D$A 6$ B1CD$(1;8 8+/$C1G$7+8C+[ $JD*%8*:6+ $
(:7?A+8*+ABDB7$6$B+I?+A1+8(1$BJBDB+7:(1:8+B8+/$C1G$B^8($B:*+
@D+BDB+7:(1:8+B+BC-8:'4+C1G$7+8C+4DBC1.1($*$B[C+8*A2$7:BC$7'1-8
@D+?+*1A6+?+A*;8?:A+6+AA:A@D+?:*$7:B0$'+A(:7+C1*:(:8-6[*+6
@D+ 8: C+82$7:B (:8:(171+8C:^ 18 C:*$ 6$ 18.:A7$(1;8[ B+/D1A+7:B
?+A*1*:BB:'A+@D-6+?$B$$8D+BCA:B4D/$*:A+B^:A+4+7?6:[(D$8*:$D8
4D/$*:A$6@D+B+?1*+@D+B$6/$*+6C+AA+8:*+4D+/:?$A$B+ABDBC1CD1*:[
B$6+($'1K'$4:B187$8C+8+A(:8C$(C::(D6$A(:8+6+8CA+8$*:A[18*1($@D+
8:$(+?C$*+'D+8/A$*:+6B+ABDBC1CD1*:^CA:B4D/$*:A+B*$87D+BCA$B
7%B+G1*+8C+B*+BD+8.$*:(:7:/:6?+B$6$B166$*+6'$8@D166:[$(C1CD*+B
(0D6+B($B[ 8: 0$(+A ($B: *+6 A+BC: *+6 ?$AC1*:_ +8 (D$6@D1+A ($B: B:8
$(C1CD*+B@D+7D+BCA$8*+B$(D+A*:(:86$B*+(1B1:8+B*+6+8CA+8$*:AJ@D+
(:8G1+8+8B+ACA$'$4$*$B18*1G1*D$67+8C+(:8+64D/$*:A^
+*+'+C+8+A(D1*$*:(:88:(:8.D8*1A+66+8/D$4+8:G+A'$6(:8(D$6@D1+A
/+BC1(D6$(1;8^ $J 7+8B$4+B +71C1*:B *+ .:A7$ /+BCD$6 @D+ BD?:8+8 D8
6+8/D$4+ bG+A'$6c^ :7D81($(1;8 G+A'$6 8: +B B18;817: *+ (:7D81($(1;8
:A$6[81+BB18;817:*+/+BC:B^:A+4+7?6:[+6?$A$6+8/D$4++BJ
B+?A:*D(+*+.:A7$:A$6^66+8/D$4+*+6:BB:A*:7D*:B+B6+8/D$4+G+A'$6[
$D8@D+ B+ A+$61K$ (:8 /+BC:B^ :B 7+8B$4+B ?A+*1B+9$*:B +8 $6/D8:B
*+?:AC+B[(:7:6:B/+BC:B@D+0$(+8+8+6'-1B':6:+6'D(+:[B:86+8/D$4+
G+A'$6^8+6'-1B':6?:A+4+7?6:[6$.1/DA$*+6/D2$J+6(%C(0+A[C1+8+8@D+
0$(+AB+9$B(:7:?$AC+*+BD.D8(1;8J+BC:B+*+'+$@D++6(6$7:A*+6
?E'61(:*1.1(D6C$6$(:7D81($(1;8:A$6^:A+4+7?6:[(D$8*:+6/D2$+IC1+8*+
$7'$B 7$8:B (:8 6$B ?$67$B 0$(1$ $'$4:[ B1/81.1($ @D+ +6 4D/$*:A *+'+
+(0$AB+$C1+AA$^8+6'D(+:[6$*1.1(D6C$**+6$(:7D81($(1;8:A$6+B7%B
+G1*+8C+J?:A6:C$8C:B+*+'+8(:8:(+A6$BB+9$6+B@D+18*1($8+G+8C:B
(:7:@D+B:6:@D+*$6$71C$**+6:I2/+8:[+B*+(1A@D+0$J@D+G:6G+A$6$
BD?+A.1(1+[6:(D$6B+B+9$61K$*+6$71B7$.:A7$@D++6bC1+7?:7D+AC:c+8
exxe
^#
:CA:B*+?:AC+B[.:A7$8*:D8$bc(:86$B7$8:B^+A:[ZD%6+B 6$(6$G+
?$A$*1.+A+8(1$A@D-+BG+A'$6J@D-+B8:G+A'$6YBB+8(166:[+66+8/D$4++B
G+A'$6 (D$8*: D8 .:8+7$[ B27':6:[ /+BC:_ +@D1G$6+ $ D8$ ?$6$'A$
iG+A'$61K$(1;8j[$D8(:8(+?C:(:8(A+C:^:A(:8B1/D1+8C+[+B(:8B+8BD$*:[
$?A+8*1*:J(:7?$AC1*:?:A6:B71+7'A:B*+D8$(:7D81*$*^G+(+BB+
(:8.D8*+[*+0+(0:+8CA+6:B+BCD*1:B*+6$+8+6*+?:AC+[B+?D+*+
+8(:8CA$A$6/D8:@D+0$'6$*+7+8B$4+Bb8:eG+A'$6+Bc?A+*1B+9$*:B?$A$
+6'D(+:[*1(1+8*:@D+B:8?:A@D+B:8/+BCD$6+B^1B:8?A+*1B+9$*:B
17?61($@D+6:BA+(+?C:A+BB:818BCAD1*:BB:'A++6(:8(+?C:@D+A+?A+B+8C$
($*$ /+BC: J 6D+/: DB$8 *1(0: (;*1/: ?$A$ (:7D81($AB+[ +B: +B
(:7D81($(1;8 G+A'$6^ $ (:7D81($(1;8 +B 8:eG+A'$6[ (D$8*: 6:B /+BC:B[
B27':6:B:.:8+7$B[8:C1+8+8D8B1/81.1($*:(:8B+8BD$*:[JB18+7'$A/:
+8G2$8D87+8B$4+B:'A++BC$*:B+7:(1:8$6+B:(:/81C1G:B@D++6A+(+?C:A
?D+*+?+A(1'1AJ(:7?A+8*+A^
:B*+?:AC1BC$BA+$61K$8.A+(D+8C+B/+BC1(D6$(1:8+BCA$B6$(:8B+(D(1;8*+
D8$ G1(C:A1$ : *+ 7$A($A D8 C$8C:[ @D+ BD+6+8 B+A D8 A+.6+4: *+ BDB
+7:(1:8+B[ $(C1CD*+B + 18(6DB: *+ BD .:A7$ *+ B+Ayw[yy^ 6/D8:B B:8
*+*1($C:A1$B$B+A+B@D+A1*:B[@D+BD+6+80$(+AB+7+*1$8C+B+9$6$A(:8D8
*+*::6$8K$8*:D8'+B:0$(1$+66D/$A*:8*+B++8(D+8CA$8+BC:B^1B:8
B+A+B @D+A1*:B *1.D8C:B $ 7+8D*: B+ 0$(+8 71A$8*: 0$(1$ $AA1'$[ ?:A 6$
$8C1/D$(A++8(1$A+61/1:B$*+@D++6?$A$2B:+C+A8:+BC%$AA1'$*+8:B:CA:B[
+8 +6 (1+6: : C$7'1-8 (:7: $/A$*+(171+8C: $ 1:B^ BC+ /+BC: 6: 0$8
7:BCA$*: $ 7+8D*: *+?:AC1BC$B (:7: 1:8+6 +BB1 *+6
EC':6 6D'
$A(+6:8$ : +6 4D/$*:A *+ 6$ C+?0+8 DAAJ *+ 6:B :6*+8 C$C+
$AA1:AB^ CA:B /+BC:B B:8 (+6+'A$(1:8+B *1G+AC1*$B[ (:7: '$16+B :
+B(+81.1($(1:8+B^ CA:B B:8 A+1G18*1($C1G:B ?:A ($DB$B B:(1$67+8C+
(:8:(1*$B : ($DB$B ?+AB:8$6+B *+6 *+?:AC1BC$[ (:7: +6 /+BC: (:8CA$ +6
A$(1B7:@D+01(1+A:8:771+71C0J:08$A6:B+86:B4D+/:B:627?1(:B
*+ -I1(: +8 x}^ $7'1-8 G+7:B $ G+(+B ?A:G:($(1:8+B $ 6:B
+B?+(C$*:A+B : $ 6:B +@D1?:B A1G$6+B[ @D+ 66+/$8 $ B+A 18(6DB: :'B(+8:B[
(:7:(:AC+B*+7$8/$B['+B:B'DA6:8+B[7:BCA$A+6*+*:(:A$K;8J:CA:B
/+BC:B0:BC16+B(:7:7$8*$A($66$A$6?E'61(:[6:(D$601K:+6.DC':61BC$$E6
:8K%6+K+I4D/$*:A*+6+$6$*A1*+8+6+BC$*1:$7?:D+8D8?$AC1*:
(:8 +6
EC':6 6D' $A(+6:8$^ CA:B /+BC:B ?A+C+8*+8 A+B$6C$A 6$ ?A:?1$
.1/DA$*+6*+?:AC1BC$[(:7:(D$8*:B+B+9$6$8$B271B7:BCA$B7$A($AD8
C$8C:[A+B$6C$8*:@D+0$B1*:-6J8::CA:@D1+80$7$A($*:+6C$8C:[@D+
-6+B+67+4:A[+BC++BD8/+BC:C$7'1-8C2?1(:*+$E6:8K%6+KJ*+:CA:B
4D/$*:A+B (:7: A1BC1$8: :8$6*:^ $J D8$ $7?61$ G$A1+*$* *+
/+BC1(D6$(1:8+B +8 6$B (:7?+C1(1:8+B @D+ 7D+BCA$8 (;7: B:8 J (;7: B+
exye
]
B1+8C+86:B*+?:AC1BC$B[6:(D$6C$7'1-8?D+*+B+A$8$61K$*:J$?A:G+(0$*:
?:A6:BC-(81(:B[?$A$CA$'$4$A$B?+(C:B*+6$C6+C$$7+4:A$A^
$(:7D81($(1;88:G+A'$6+B17?:AC$8C+18(6DB:?$A$6:B%A'1CA:B[@D1+8+B
*+'+8 +8CA+8$AB+ +8 +I?A+B$A (:8.1$8K$ J B+/DA1*$* +8 C:*: 7:7+8C:[
18(6DB:CA$B6$B*+(1B1:8+B*1.2(16+B[*$*:@D++B+8+B$BB1CD$(1:8+B(D$8*:
BD+6+8?+A*+A7%B+6(:8CA:6B:'A+BD6+8/D$4+(:A?:A$6yz^$+I?A+B1;8*+
71+*: : *+ *D*$ +8 6:B %A'1CA:B ?D+*+ B+A ?+A(1'1*$ ?:A 6:B 4D/$*:A+B[
@D1+8+B $DC:7%C1($7+8C+ 6+B (D+BC1:8$A%8 7%B J ?A:C+BC$A%8 ?:A BDB
*+(1B1:8+B^
ZM
$?A:I-71($+BCD*1$+6DB:@D++6B+A0D7$8:0$(+*+BD+B?$(1:.2B1(:[*+
(;7:6:?+A(1'+[(;7:6:DC161K$J(;7:B+B1+8C+^B+6+BCD*1:*+(;7:6$B
?+AB:8$B+BCAD(CDA$7:B18(:8B(1+8C+7+8C+8D+BCA:71(A:e+B?$(1:yx^BC+
+B?$(1:?+AB:8$6*+(:8.:AC[G$A2$8:C$'6+7+8C++8.D8(1;8*+7E6C1?6+B
G$A1$'6+B (:7: 6$ (D6CDA$[ 6$ +*$*[ +6 B+I:[ 6$ ?+AB:8$61*$*[ +C(^
8CA:?;6:/:B[ +C;6:/:B[ B:(1;6:/:B J ?B1(;6:/:B (:18(1*+8 +8 @D+ 6:B
0D7$8:B B:7:B $817$6+B C+AA1C:A1$6+B^ :*:B ?:*+7:B B+8C1A +8 D8
7:7+8C: D :CA: @D+ B+ +BC% 18G$*1+8*: D8 +B?$(1: @D+ +B *+ 8D+BCA:
*:7181:^:A+4+7?6:[*+B*+@D+G$7:B$6(:6+/1:[B1$6/D1+8B+B1+8C$+8
b8D+BCA$ B166$c[ 8:B ?A:G:($A% D8$ ?+@D+9$ 7:6+BC1$ @D+ 8: 66+/$ $ B+A
+8.$*:[0$BC$@D+6+A+(:A*$7:B@D++B++B8D+BCA:B1C1:J+B+$6/D1+88:
B+@D1+A+@D1C$A^8C:8(+B6$7:6+BC1$?$B$$+8.$*:J+8CA+819:B?D+*+
66+/$A$0$'+AD8$?+6+$?:AD8$(D+BC1;87+A$7+8C+C+AA1C:A1$6^:71B7:
:(DAA+ +8 +6 ?$C1: ?$A$ *+.+8*+A D8$ ?:AC+A2$ : D8$ ($8$BC$[ +8 8D+BCA$
($B$(:88D+BCA:*:A71C:A1:JB+/E8G$7:B(A+(1+8*:[G$7:B(:8B1*+A$8*:
8D+G:B+B?$(1:B(:7:8D+BCA:B^
8(6DB:0$JD8$K:8$@D+8:8:B/DBC$@D+
B+$18G$*1*$?:AD8+ICA$9:[+BC+7:B*:8*++BC+7:B[@D++BD8?+A27+CA:
*+D8:B{|(+8C27+CA:B*+B*+8D+BCA:(D+A?:i'DA'D4$:+B?$(1:G1C$6j^
D$6@D1+A18G$B1;8*++B+?+A27+CA:?:A?$AC+*+D8$?+AB:8$8:$66+/$*$[
8:B?D+*+?A:*D(1A18(:7:*1*$*^:A+6A+.6+4:*+.+8B1G:*+6[(D$8*:
$6/D1+8 18G$*+ A+?+8C18$7+8C+ +B+ +B?$(1:[ $8*$8*: *1A+(C: 0$(1$
8:B:CA:B[ : B+ @D+*$ 71A%8*:8:B $ 7+8:B *+ +B$ *1BC$8(1$[ C+8+7:B +6
17?D6B:[@D+$6/D8:B8:(:8CA:6$8[*++7?D4$A6+[?$A$@D+C:7+*+8D+G:
*1BC$8(1$ + 18(6DB: B1 B+/D1*$7+8C+ 6: GD+6G+ $ 18G$*1A[ 6: ?+A(1'17:B
*1A+(C$7+8C+ (:7: D8$ $7+8$K$ J $6/D8$B ?+AB:8$B[ +8 +B+ 7:7+8C:[
?$B$8 $ 6$ $/A+B1;8^ BC: B+ ?D+*+ :'B+AG$A +8 6:B *+?:AC1BC$B[ +8
7:7+8C:B*+7$6$?A$I1B[(D$8*:D8?+@D+9:+8.$*:66+G$$D84D/$*:A$
exze
^#
$?A:I17$AB+*+7$B1$*:$:CA:JB+*1B?$A$6$CA$/+*1$^:A+4+7?6:[+8+6
?$AC1*: *+ .EC':6 +8CA+ A$B16 J AD/D$J +8 6$ :?$ :8.+*+A$(1:8+B *+
ywxz[ +6 4D/$*:A DAD/D$J: :8K%6+K +B BDBC1CD1*: J 71+8CA$B B$6+ *+6
C+AA+8:*+4D+/:?$B$(+A($*+64D/$*:A'A$B16+9:+J7$A^ BC+6+*1(+$6/:
+8 G:K '$4$ +8 A+.+A+8(1$ $ D8 (:8.61(C: @D+ 0$'2$8 C+81*: $7':B
?A+G1$7+8C+^:8K%6+KB++8.$*$JA:K$(:8BD0:7'A:$+J7$A$6?$B$A
4D8C: $ -6[ ?+A: 8: 66+/$ $ $/A+*1A6+^ 18 +7'$A/: B+/D8*:B *+B?D-B B+
?D+*+ :'B+AG$A 6$ ($A$ *+ 1A$ *+ :8K%6+K^ 1 +6 4D/$*:A DAD/D$J: 8:
0D'1+B+ B$'1*: (:8CA:6$AB+ 0$'A2$ 0$'1*: D8$ $/A+B1;8 (:7: C$8C$B @D+
:(DAA+8+8B1CD$(1:8+BB1716$A+B^
BC$ *1BC$8(1$ C$8 *+61($*$[ .D+ 66$7$*$ ?:A $66 %+9:2#+ ,2:+1y{^ B 6$
K:8$ *+ 6$B ?$A+4$B[ .$7161$A+B J $71/:B 28C17:B^ 6 B1/D1+8C+ 81G+6 +B 6$
%+9:2#+6&89420[@D+(:7?A+8*+B+/E86:B+BCD*1:B*+$66[+8CA+6:B{}
J 6:B xyw (+8C27+CA:B^ B 6$ @D+ B+ *$ +8 6$ :.1(18$[ A+D81:8+B[
(:8G+AB$(1:8+B *+ CA$'$4:^ ?A:I17$*$7+8C+ +B 6$ +@D1G$6+8C+ $ 6$
6:8/1CD* *+ D8 'A$K: +BC1A$*:^ D$8*: $6/D1+8 b8: $DC:A1K$*:c 18G$*+ 6$
*1BC$8(1$28C17$[$6+7?D4$A6+B+6+66+G$0$BC$6$*1BC$8(1$?+AB:8$6[(:7:
D8$ 7$C+A1$61K$(1;8 *+ *1(0: 6271C+ 18G1B1'6+^ +B?D-B G1+8+ 6$ %+9:2#+
94#+0[ +8CA+ 6:B xyw J 6:B z}w (+8C27+CA:B^ B 6$ *1BC$8(1$ $ 6$ @D+ 8:B
(ADK$7:B ?:A 6$ ($66+ (:8 /+8C+ $ 6$ @D+ 8: (:8:(+7:B *+ 8$*$ J @D+
(D$8*: 8: ?D+*+ B+A 7$8C+81*$ (:8 $6/E8 +ICA$9:[ (:7: :(DAA+ +8 6:B
$B(+8B:A+B[8:BB+8C17:B18(;7:*:B^:AE6C17:+BC%6$%+9:2#+6<"0+#[
BD?+A1:A$z}w(+8C27+CA:B^B6$*1BC$8(1$$?$AC1A*+6$(D$68:B*1A1/17:B
$D8$$D*1+8(1$?$A$72C18+B[+B?+(C%(D6:B[(0$A6$B[+C(^
$18G$B1;8?A:I-71($[B:'A+C:*:B1G$$(:7?$9$*$*+D8$71A$*$.14$$
6:B:4:B*+6:CA:[0$B1*:B1+7?A++8+67D8*:$817$6D8$.:A7$*+A+C$A^
:B $817$6+B 6: 0$(+8 J 6:B 0D7$8:B[ (:7: $817$6+B C+AA1C:A1$6+B[ 6:
B+/D17:B0$(1+8*:^:A+66:[(D$8*:+8D8$($8(0$:(DAA++BC:[6$(D6?$8:
+BB;6:*+@D1+8$/A+*++8A+B?D+BC$$6$18G$B1;8[B18:C$7'1-8*+618G$B:A
@D+ ?A:G:($ *+61'+A$*$7+8C+^ : (D$6 8: BD+6+ B+A ($BC1/$*: ?:A 6:B
%A'1CA:BJB18+7'$A/:+B6$($DB$*+6$7$J:A2$*+6$B?+6+$B^
[M
L
6?$A$6+8/D$4++B6$.:A7$+8@D+*+(17:B6:@D+*+(17:BJ+B *+G1C$6
17?:AC$8(1$ +8 6$ (:7D81($(1;8 *+6 +@D1?:[ ?:A@D+ ?D+*+ 7+4:A$A :
+7?+:A$A 6$B A+6$(1:8+B ?+AB:8$6+B^ B $B2 *+ 17?:AC$8C+^ +/E8 6'+AC
+0A$'1$8y|[+6z*+6B1/81.1($*:*+D87+8B$4+[6:$?:AC$86:B.$(C:A+B
ex{e
]
?$A$618/F2BC1(:B^D8@D++BC$$.1A7$(1;8[$6C$7+8C+?:?D6$A1K$*$[B;6:+B
G%61*$?$A$+6+BCD*1:(:8(A+C:+8+6@D++6$DC:A:'CDG:*1(0:BA+BD6C$*:B^
: B+ ?D+*+8 /+8+A$61K$A 6:B ?:A(+8C$4+B *+ 6$ (:7D81($(1;8[ (:7:
7D(0:B(A++8[?+A:6:@D+B2+B(1+AC:+B@D+*+(1A6$B(:B$B*+D8$.:A7$
D:CA$0$(+G$A1$A+6B1/81.1($*:^6?$A$6+8/D$4+?D+*+B+A:A$6:/A%.1(:^
6?$A$6+8/D$4+/A%.1(:+BC%(:7?D+BC:?:A+6+7+8C:B(:7:6:BB1/8:B*+
?D8CD$(1;8:6:B+7:C1(:8:B@D+DC161K$7:B+86:B7+8B$4+BJ($B1C:*:B
BDB +6+7+8C:B C1+8+8 D8$ +@D1G$6+8(1$ (:8 +6 ?$A$6+8/D$4+ :A$6^ :A
+4+7?6:[ 6$B (:7$B[ B:8 6$ A+?A+B+8C$(1;8 *+ 6$B ?$DB$B *+6 0$'6$^ @D2
C1+8+BD8$7D+BCA$*+BD17?:AC$8(1$^:8CE6$(:7$+86$B1/D1+8C+.A$B+
?+A:$8C+B17$/18$@D-6+0$*1(0:D84D/$*:AJ*:8*+CE?:8/$B6$(:7$
+B*:8*++64D/$*:A0$0+(0:6$?$DB$]
N+ &0 &2:8&2%48 9;6+&8 8&01&2:& &0 =048 7;& :+&2& &0 68&9+%&2:& 0&
"&98,0496+&9OL
:A:CA:6$*:[(D$8*:0$'6$7:B[B+*$+6?$A$6+8/D$4+:A$6^@D2+8CA$8+8
4D+/:7D(0:B.$(C:A+B@D+8:B:86+8/D$4+[(:7:+6C:8:[6$G+6:(1*$**+
6:(D(1;8[ 6$ 18C+8B1*$* iG:6D7+8j[ +6 A$8/: C:8$6[ +6 C17'A+[ +6 6:(DB *+6
-8.$B1B[6$B71(A:eG1'A$(1:8+B*+6$B(D+A*$BG:($6+B[6$B?$DB$B[6$.6D1*+K[
6$ (6$A1*$*[ 6$ A+B?1A$(1;8 : 6$ ?A:B:*1$^ :B .$(C:A+B ?$A$618/F2BC1(:B
$?:AC$8$67+8B$4+BDG+A*$*+A:B1/81.1($*:J+BC:+B7DJ17?:AC$8C+?$A$
$@D+66:B (DJ: CA$'$4: +8 +6 %7'1C: *+?:AC1G: +B (:7D81($A^ 1 +A+B D8
C-(81(: *+ D8 +@D1?: *+?:AC1G: C1+8+B @D+ C+8+A 7D(0: (D1*$*: (:8 CD
?$A$6+8/D$4+[ ?:A@D+ B1 A+BC$B 17?:AC$8(1$ $ (;7: *1(+B 6$B (:B$B[ 6:B
4D/$*:A+B +8C+8*+A%8 6: @D+ @D1+A$8 : ?D+*$8^ $7:B $ G+A +8 @D-
(:8B1BC+($*$.$(C:A^
$8/:C:8$6LB6$*1.+A+8(1$+8CA++6C:8:7%B/A$G+@D+?A:*D(+D8$?+AB:8$J+6
7%B$/D*:^8$?+AB:8$?D+*+0$'6$A(:8D8A$8/:7%B$7?61::7%B+BCA+(0:^8
A$8/:$7?61:17?61($@D+6$?+AB:8$0$'6$(:8C:8:BC$8C:$/D*:B(:7:/A$G+B[6:
(D$6.$G:A+(+@D++6:J+8C+7$8C+8/$6$$C+8(1;8^6/D1+8@D+0$'6$(:8D8A$8/:
+BCA+(0: +B @D1+8 7$8C1+8+ D8 0$'6$ 7:8;C:8$[ (:8 ?:($ G$A1$(1;8 J ?A:G:($
$'DAA171+8C:+86$$D*1+8(1$^7+8D*:+BB28C:7$*+'$4$18C+8B1*$*+7:(1:8$6J
+B.A+(D+8C+(D$8*:6$?+AB:8$+BC%*+?A171*$:*+($2*$^
+B?1A$(1;8^ $ A+B?1A$(1;8 ?D+*+ B+A] $(:7?$B$*$ : *+B$(:7?$B$*$ iA+/D6$A :
1AA+/D6$A[A+B?+(C1G$7+8C+j\A+B:8$8C+i?A:.D8*$j:BD?+A.1(1$6\A%?1*$:6+8C$^BC:B
?$A%7+CA:B?D+*+8C$7'1-8*1.+A+8(1$AB+*+.:A7$18*1BC18C$+86$B18B?1A$(1:8+BJ
+I?1A$(1:8+Bi4^]
8B?1A$(1;8?A:.D8*$J+I?1A$(1;88:A7$6j^+7D+BCA$CA$8@D161*$*
(D$8*:+BA+/D6$A[?A:.D8*$J6+8C$[6:(D$6B+CA$8B71C+$6:J+8C+J$D8:71B7:^
D$8*:+BBD?+A.1(1$6JA%?1*$?A:*D(+$(C1G$(1;8+18(6DB:8+AG1:B1B7:+8+6:J+8C+^
ex|e
^#
$61*$**+6$G:K^I1BC+88D7+A:B$BG$A1$'6+B.:8-C1($BA+6$(1:8$*$B(:86$($61*$*
*+ 6$ G:K[ +8 '$B+ $ 6$ K:8$ *+6 (D+A?: +8 6$ @D+ B+ ?A:*D(+ 6$ .A1((1;8 *+6 $1A+]
(:(1+8C+ *+ $'+ACDA$ *+ 6$B (D+A*$B G:($6+B[ 1AA+/D6$A1*$*+B *+ 6$ G:K[ AD1*:[
6$A18/+A1K$(1;8[+C(^7+8D*:A+G+6$+BC$*:B?B1(:6;/1(:BJ.2B1(:B^8$G:K82C1*$+B
B28C:7$*+B$6D*[71+8CA$B@D+D8$G:KA:8($[?:A+4+7?6:+BB28C:7$*+*+C+A1:A:
*+6$B(D+A*$BG:($6+B[$7+8D*:?A:G:($*:?:A+6C$'$(:[+6$(:0:6:+8.+A7+*$*+B
*+6$A18/+^8$G:KG1'A$8C+?D+*+B+AB28C:7$*+71+*:^
6C:8::1C(0^$*+7DJ/A$G+$7DJ$/D*:^$+8C:8$(1;8+7?6+$*$(:7D81($
$(C1CD*+B[B+8C171+8C:BJ+7:(1:8+B$8D+BCA:B18C+A6:(DC:A+B^6C:8:+BD8A+.6+4:
+7:(1:8$6[*+.:A7$@D+6$+I(+B1G$+7:(1:8$61*$*$0:/$6$G:KJ+6C:8:B+0$(+
7%B $/D*:^ :A 6: C$8C:[ +6 *+B61K$71+8C: 0$(1$ 6:B C:8:B $/D*:B +B B28C:7$ *+
$.+(C1G1*$*^6C:8:C$7'1-8B1AG+?$A$(:7D81($A$(C1CD*+B:+7:(1:8+BiB$A($B7:[
1A$[ +C(^j^ 4+7?6:] *F i$B(+8*+8C+[ B:A?A+B$ (:8 7$C1K *+ (:8CA$A1+*$*j[ *F
i*+B(+8*+8C+[*+B16DB1;8j[*Fi*+B(+8*+8C+e$B(+8*+8C+[($J+8*:+86$(D+8C$j^:B
C:8:B/A$G+B+BC%8A+6$(1:8$*:B(:86$*:718$8(1$J6$$/A+B1G1*$*^
$?A:B:*1$^B6$7+6:*2$*+6*1B(DAB:^B6$(:7'18$(1;8*+C:8:B@D+.:A7$86:B
?$CA:8+B*++8C:8$(1;8+BC$8*$A1K$*:B?$A$D8$(D6CDA$(:8(A+C$^$?A:B:*1$+BC%
C:C$67+8C+61/$*$$6.$(C:A(D6CDA$6^:A+4+7?6:[6$7+6:*2$@D+:27:B(D$8*:0$'6$
$6/D1+8*+
C$61$8:+B6$71B7$@D+6$*+D818/6-B[$61/D$6@D+BD+8$*1.+A+8C+$6/D1+8
*+8*$6D(2$@D+$6/D1+8*+$61(1$^18:2A+66+8/D$4+[B;6:+B(D(0$8*:6$?A:B:*1$[
?:*+7:B B$'+A $?A:I17$*$7+8C+ *+ *;8*+ +B D8$ ?+AB:8$ + 18(6DB: B1 6$
(:8G+AB$(1;8 +B $71BC:B$ D 0:BC16^ $ ?A:B:*1$ 0:BC16 B+ ($A$(C+A1K$ ?:A .A$B+B @D+
7$8C1+8+8D8C:8:$/D*:J@D+C+A718$8*+.:A7$*+B(+8*+8C+^1D8+8CA+8$*:A
+BC%*+7$B1$*:6+4:B*+*:B*+?:AC1BC$B(:7:?$A$:2A6:@D+*1(+8[?+A:BD?A:B:*1$
7$8C1+8+*1(0:?$CA;8[+B(:8G+81+8C+@D+B+$(+A@D+$(:7?A:'$A@D-:(DAA+^
6C17'A+^B+6+B?+(CA:*+$A7;81(:B?A:*D(1*:?:A6$B(D+A*$BG:($6+B^D+BC:@D+
6$ .1B1:6:/2$ *+ 6$B (D+A*$B G:($6+B *+ ($*$ ?+AB:8$ +B E81($[ +6 B:81*: @D+ +BC$B
+71C+8+8$A7:82$+BC$7'1-8E81(:^1AG+?$A$*1BC18/D1A$D8:B*+:CA:B^D$8*:
:27:B$D8$?+AB:8$@D+(:8:(+7:B[6$?:*+7:B*1BC18/D1A$D8@D+8:6$G+$7:B[
(:7:?:*+7:B*1BC18/D1AD8$CA:7?+C$*+D8G1:628B188+(+B1*$**+G+A6:B[?:A@D+
C1+8+8D8B:81*:($A$(C+A2BC1(:^
6A1C7::G+6:(1*$*^+A+.1+A+$6$.6D1*+KG+A'$6(:8@D+B++I?A+B$6$?+AB:8$^6
A1C7: @D+ *+'+7:B DC161K$A $6 0$'6$A ?$A$ @D+ 8D+BCA: 7+8B$4+ B+$ $D*1'6+ J
+8C+8*1'6+[*+'+B+A*++8CA+xwwJx|w?$6$'A$B?:A718DC:^:A+8(17$*++B+A$8/:
+7?1+K$$(:8B1*+A$AB+0$'6$:7;+0 0+#[6$(D$6?:8+8+AG1:B:$6:J+8C+JC$7'1-8
6+?D+*+0$(+A?+A*+A+6016:$A/D7+8C$6J?:A*+'$4:B+*+8:718$0$'6$"8%+0 0+#[
6$(D$6$'DAA+$6:J+8C+[0$(1-8*:6+?+A*+A6$$C+8(1;8^
6 G:6D7+8 : 18C+8B1*$*^ D$8*: 6$ G:K BDA/+ +8 D8 G:6D7+8 +6+G$*: BD+6+ B+A
B28C:7$*++7:(1:8+B$(C1G$*:A$B(:7:6$$6+/A2$:6$1A$^6G:6D7+8'$4:A+G+6$D8$
'$4$ $(C1G$(1;8 +7:(1:8$6^ $'6$7:B 7%B '$4: *+ 6: @D+ B:6+7:B 0$'6$A (D$8*:
+BC$7:B CA1BC+B[ $'DAA1*:B[ B:78:61+8C:B^^^ + *$ .A+(D+8C+7+8C+ C$7'1-8 +8 6$B
?+AB:8$B 18CA:G+AC1*$B^ D$8*: +BC$7:B B+/DA:B *+ 6: @D+ *+(17:B +8 D8$
ex}e
]
+I?:B1(1;8[ 0$'6$7:B 7%B $6C: @D+ (D$8*: *D*$7:B^ :A +66:[ +6 G:6D7+8 '$4:
CA$8B71C+.$6C$*+B+/DA1*$*+8D8:71B7:J+6G:6D7+8$6C:6:(:8CA$A1:^
$.6D1*+K^B+6+8($*+8$71+8C:*+6$B?$6$'A$BB186$$?$A1(1;8*+?+ACDA'$(1:8+B*+6
0$'6$^$B?+ACDA'$(1:8+B*+60$'6$B:8?:A+4+7?6:[+6DB:*+?$6$'A$B*+A+66+8:[
66$7$*$B (:7E87+8C+ b7D6+C166$Bc[ C$7'1-8 +6 $6$A/$71+8C: *+ 6+CA$B i+4^]
BC:::::_j[ +6 $'DB: *+ 6$B 18C+A4+((1:8+B i+4^] 07[ ++0[ 777[ +C(^j[ 6$B
A+?+C1(1:8+B[ 6:B C$AC$7D*+:B[ 6$B ?A:8D8(1$(1:8+B +AA;8+$B[ 6$B :71B1:8+B : 6$B
?$6$'A$BB18B+8C1*:^80$'6$.6D1*$B18?+ACDA'$(1:8+B[+BD8A+(DAB:8:G+A'$6@D+
?+A71C+6:/A$AD8$'D+8$(:7D81($(1;8*+67+8B$4+G+A'$6^86$7+*1*$+8@D+B+
(:8CA:6+86$B?+ACDA'$(1:8+B*+60$'6$[+60$'6$8C+B+A%7%B+6:(D+8C+^*+7%B+6
:J+8C+ +8C+8*+A% 7+4:A +6 7+8B$4+ @D+ B1 6: A+(1'1+B+ (:8 ?+ACDA'$(1:8+B^ :
:'BC$8C+[ +8 +6 CA$8B(DAB: *+ 6$B 18C+AG+8(1:8+B :A$6+B C1+8+8 6D/$A $6/D8$B
G$(16$(1:8+B:.$6B:B(:71+8K:B@D+B+(:8B1*+A$8?A:?1:B*+6$18C+A$((1;8[?+A:D8
+I(+B:*+*1(0$B?+ACDA'$(1:8+BB:818*1(1:*+.$6C$*+(:8.1$8K$+8D8:71B7::+8
6:@D+B++BC%*1(1+8*:^
6C1+7?:^+A+.1+A+$6$*DA$(1;8*+6$B18C+AG+8(1:8+B*+6:B18C+A6:(DC:A+B+8D8$
(:8G+AB$(1;8^$8C:+60$'6$A*DA$8C++I(+B1G:C1+7?::$?+8$B0$'6$A($B18$*$B+
(:8B1*+A$8(:7:B:(1$67+8C+18$*+(D$*:B^86$BB1CD$(1:8+B*+*1%6:/:B++BC17$
(:7:$*+(D$*:(:7?$AC1A?:A1/D$6+6C1+7?:*+0$'6$+8CA+6:B18C+A6:(DC:A+B@D+
18C+AG1+8+8^ 8 (D$8C: $ 6$ .:A7$ *+ ($7'1$A *+ +71B:A[ 6$ .:A7$ G$A2$ B+/E8 6:B
?$2B+B^8$6/D8$BK:8$B8$*1+0$'6$0$BC$@D++6+71B:AC+A718$[(:7::(DAA++8
7D(0:B?$2B+BB$4:8+B^8:CA$B[D8:B18C+AAD7?+8$:CA:B?$A$+7?+K$A$0$'6$A[
$6/:.A+(D+8C++8?$2B+B6$C18:B(:7:B?$9$^
$DB$BJB16+8(1:B^:86:BC1+7?:B@D+C$A*$7:B+8+7?+K$A$0$'6$AD8$G+K@D+0$
C+A718$*: 8D+BCA: 18C+A6:(DC:A[ C$7'1-8 66$7$*: 6$C+8(1$ *+ A+B?D+BC$[ (:7: 6:B
B16+8(1:B @D+ A+$61K$7:B (:8 +6 :'4+C1G: *+ A+7$A($A 6:B B1/8:B *+ ?D8CD$(1;8^
+8+7:B@D+*1BC18/D1A+8CA+?$DB$B[@D+*DA$8*+w$xB+/D8*:B$?A:I17$*$7+8C+[
JB16+8(1:B[@D+*DA$87%B*+D8B+/D8*:^DDB:$*+(D$*:C$7'1-8+BB28C:7$*+
C+8+A'D+8$B0$'161*$*+BB:(1$6+B^
:BB16+8(1:B?D+*+818*1($A?A:'6+7$B+86$18C+A$((1;8B:(1$6^::'BC$8C+[C$7'1-8
?D+*+8 B+A DC161K$*:B (:7: ?A+B+8C$*:A+B *+ $(C:B (:7D81($C1G:B : (:7:
+8.$C1K$*:A+B^:BB16+8(1:B8:B+*+'+8+8C+8*+A(:7:$DB+8(1$*+(:7D81($(1;8^
:8+6B16+8(1:D8$BG+(+BB+18G1C$$0$'6$A[:CA$B$($66$A[:CA$BB+$B1+8C+JC$7'1-8
B+?D+*+7:BCA$A+6*+B$(D+A*:^60$(+A?A+/D8C$B$6:B:J+8C+B0$J@D+A+B?+C$A+6
B16+8(1:181(1$6[J$@D+$G+(+B[B++BC%?A+?$A$8*:6$A+B?D+BC$^
8.$B1B^BD8?+@D+9:A+C$A*:+86$G+6:(1*$**+6:(D(1;8*+D8$?$6$'A$(:8(A+C$
*+ 6$ .A$B+[ ?$A$ *$A 7$J:A 17?:AC$8(1$ $ +B$ ?$6$'A$^ 6 -8.$B1B +8 :($B1:8+B +B
18(:8B(1+8C+[?+A:$D8@D+$B2B+$[8:BA+G+6$18.:A7$(1;817?:AC$8C+B:'A+6:@D+
A+$67+8C+@D1+A+*+(1A+6+71B:A^+$7:B?:A+4+7?6:[6:B*1.+A+8C+BB1/81.1($*:B@D+
$*@D1+A+D8$71B7$.A$B+[+8.D8(1;8*+*:8*++60$'6$8C+0$/$+6-8.$B1B^$?$6$'A$
@D+$?$A+(++87$JEB(D6$B+BB:'A+6$@D+A+($++6-8.$B1B+8($*$($B:^
$.A$B+B187:BCA$A818/E8-8.$B1B+B]09+&168ƭ&.0&2:8&2%48^
ex~e
^#
+$7:B6:B*1.+A+8C+B7+8B$4+B@D+?D+*++8G1$A]
x^ B1+7?A+ $(:8B+4$ $6 +8CA+8$*:A i-6 +B +6 E81(: @D+ B1+7?A+ $(:8B+4$ $6
+8CA+8$*:Aj^
y^ 6 $(:8B+4$ $6 +8CA+8$*:A i-6 $(:8B+4$ $6 +8CA+8$*:A ?$B+ 6: @D+
?$B+j^
z^ 6B1+7?A+$6+8CA+8$*:Ai-68:6+:A*+8$[6+$(:8B+4$j^
{^ 6 B1+7?A+ $(:8B+4$ i-6 B1+7?A+ $(:8B+4$ E81($7+8C+ $6
+8CA+8$*:A[$8$*1+7%Bj^
D$CA:7+8B$4+B*1.+A+8C+B?$A$D8$.A$B+*+(18(:?$6$'A$B^6-8.$B1B+BD8.$(C:A
7DJ17?:AC$8C+[@D+$G+(+BB18:B+(:8CA:6$'1+8[?D+*+(:8.D8*1A$6:J+8C+^"B1
B+$?A+8*+$+B(D(0$A(:8$C+8(1;8[B+?D+*+G+AD8$:?181;817?62(1C$*+6+71B:A
B:'A+6$B1CD$(1;8^
:7: B+ ?D+*+ $?A+(1$A[ 7+*1$8C+ 6$ (:7D81($(1;8 0$'6$*$ C+8+7:B
7D(0$B(:B$B$6$B@D+?A+BC$A$C+8(1;8[18(6DB:(:87%B*+C+8171+8C:@D+
(:8+6?A:?1:(:8C+81*:G+A'$6^*+7%B[D8?$A$6+8/D$4+'1+8*:718$*:
?:A?$AC+*+6:BC-(81(:B[?D+*++G1C$AC$7'1-87$6:B+8C+8*1*:BJ+BC$*:B
+7:(1:8$6+B8+/$C1G:B+86:B$C6+C$B^
\M
:7: +6 A+BC: *+ %A+$B *+ 6$B 8+DA:(1+8(1$B[ +6 (:8:(171+8C: *+ 6$
(:7D81($(1;88:G+A'$6ijJBDB17?61($(1:8+B69+#4Q"+4Q94#+0&9[$?:AC$
D8$0+AA$71+8C$$*1(1:8$6?$A$+6CA$'$4:.:A7$C1G:J*+$6C:A+8*171+8C:^
$8C:6$+I?A+B1;8.$(1$6[(:7:+6?$A$6+8/D$4+[6:B7:G171+8C:B*+6(D+A?:
:6:B7:G171+8C:B*+6$B7$8:B[A+G+6$8D8$/A$8($8C1*$**+18.:A7$(1;8
B:'A+6:B+BC$*:B+7:(1:8$6+BJ+8/+8+A$6(:/81C1G:B[*+6:B*+?:AC1BC$B[
6: (D$6 ?D+*+ B+A $?A:G+(0$*: +8 BD ?A:?1: '+8+.1(1: ?:A ?$AC+ *+ 6:B
+@D1?:B C-(81(:B^ :B +8CA+8$*:A+B @D+ 7D+BCA$8 D8 ?$A$6+8/D$4+
7+6;*1(:JD86+8/D$4+(:A?:A$6?:B1C1G:[?A:?1(1$8D8$7$J:AB$C1B.$((1;8
J?A:$(C1G1*$*+86:B4D/$*:A+By}^
"8:+BB;6:EC16$81G+6*+6$(:7?+C1(1;8?A:.+B1:8$6[B18:C$7'1-8+86:B
(+8CA:B +*D($C1G:B *+ $6C: A+8*171+8C: *+?:AC1G:[ (:7: +8 +6 A+BC: *+
(+8CA:B +*D($C1G:B[ +6 (:8:(171+8C: *+ 6$ ?D+*+ A+BD6C$A D8$
0+AA$71+8C$*+/A$8DC161*$*?$A$6:B+*D($*:A+BJ?B1(;6:/:B^
8(6DB:+8
6$ *:(+8(1$ D81G+AB1C$A1$[ +6 *:7181: *+ 6$ (:7D81($(1;8 8: G+A'$6 (:7:
18BCAD7+8C: (:7D81($C1G: A+BD6C$ D8 17?:AC$8C+ A+(DAB: *:(+8C+y~^
*+7%B[B1B++8B+9$C$7'1-8$6:B$6D78:BJ*+?:AC1BC$B[(:8B+/D1A+7:B
@D+ *+B$AA:66+8 7+4:A+B 0$'161*$*+B B:(1$6+B J ($?$(1*$* *+ +7?$C2$[ 6:
exe
]
y^ 8$??[ ^^[ $66[ ^^[ J :A/$8[ ^^ iywxzj^ 42=&8"0 #411;2+#:+42 +2 *;12
+2:&8#:+42^:BC:8[]+8/$/++$A818/^
{^ 0$?1A:[ ^^[ $J7:8*[ ^^[ J A8+66[ ^^[ ix~j^ 0+ $CC+8C1:8$6 '6185^ 8&2%9
4)2+:+=&#+&2#&[Xij[yxf}^
|^57$8[[JaD661G$8[^ixxj^ 0:($8($C(0$61$AY1&8+#29@#*404)+9:[[]ij[
xzfyw^
}^:AA1B[^J6+D[^
^ixzj^01424%&92;%4^$A(+6:8$]*1C:A+B^
~^$G$AA:[^J$A618B[^iywxzj^0#;&864*"0^%6$/$]*1C:A1$61A1:^
^+'+:5[^J:B+8C0$6[^ixxj^0+6+G+A$8B?0+8:7+8:8]:77D81($C1:8H1C0
0:AB+B[H0$6+B[$?+B[$8*?+:?6+^22094(:*&&>48/#%&1@4(#+&2#&9^
xw^$66+4:[^"6+BC+*[^iywwj^1?:B*+(:7D81($(1;8+818C+A$((1:8+B*+?:AC1G$B^
/0L&=+9:%&&2);.&@;0:;8IX`[xz^
exe
^#
x{^ 2$K^ ^ iywx~j^ 8CA+8$71+8C: ?B1(:6;/1(: *+ 6:B +B?+(1$61BC$B +8 6:B *+?:AC+B *+
+@D1?:^8$+I?+A1+8(1$+8G:6+1':6^2(481#+529+#405)+#[XXY[xxwexy{^
x~^ 57$8[ ^ iyww~j^ 14:+429 8&=&0&%K )2+A+2) (#&9 2% (&&0+2)9 :4 +1684=&
#411;2+#:+422%&14:+4200+(&^+H":A5]:6C$?+A'$(5B^
x^6+18/188$[^^J6+18/188$[^^ixxj^($C+/:A1K+*61BC:.+7:C1:8*+.181C1:8B[
H1C0BD//+BC1:8B.:A$(:8B+8BD$6*+.181C1:8^4:+=:+422%&14:+42[\i{j[z{|e
z~^
yw^
+A8%8*+Ke'$B($6[ ^^ J 0;61K[ ^ iywwxj^ ?68&9+52 (#+0 %& 0 &14#+52^
81G+AB1*$*$(1:8$6*+*D($(1;8$1BC$8(1$[^
yx^57$8[^J:A*$A:[^iywxxj^ 0$C1B7+$8C'J($6618/+7:C1:8B'$B1(Y14:+42
&=+&>[Zi{j[z}{ez~w^
yy^ +AA$*:A[ ^^[ iywwj^ :7D81($(1;8 8: G+A'$6 *+ 6:B .DC':61BC$B *DA$8C+ 6$
(+6+'A$(1;8*+6:B/:6+B^k
:8/A+B:
8C+A8$(1:8$6J!!$(1:8$6*+*D($(1;8
2B1($[;A*:'$ye|*+$'A16l^
yz^
DA6+J[^J(0H+1K+A[^iywx}j^:8G+A'$6:77D81($C1:8:.:8.1*+8(+18:((+A
+.+A++B]8I?+A17+8C$6+BC:.$AH18aB+$5$/+J?:C0+B1BL4;8204(648:
2%?&8#+9&9@#*404)@[xey{^
y{^$66[^^ix|j^*&9+0&2:02);)&^+H":A5]:D'6+*$J^
y}^ D7[ ^ J ++[ ^ iywx}j^ 0+ A+6$C1:8B01?B $7:8/ 8:8eG+A'$6 (:77D81($C1:8[
+7:C1:8$6A+B?:8B+[B$C1B.$(C1:8[$8*?$AC1(1?$C1:8$*0+A+8(+'+0$G1:A18B?:ACB
?$AC1(1?$8CB^4;8204(*@9+#0%;#:+422%648:[X]iD??6^yj[xw|yexw|~^
y^ $A+*+B[ ^^ iywx~j^ A:?D+BC$ *+ 18C+AG+8(1;8 ?$A$ +6 *+B$AA:66: *+ 6$
eywwe
]
(:7D81($(1;8$B+AC1G$[+86:B$*:6+B(+8C+B*+6B+/D8*:(1(6:[*+xz$x|$9:B*+
6$ 81*$* *D($C1G$
1B(:71B1:8$6 $8 $CA1(1:^ &649+:48+4 +)+:0 %& 0
2+=&89+%%'#2+#0&9+2L#;%48^
y^ +16+A[ ^[ (0H+1K+A[ ^ " +16+A[ ^ iywx~j^ :*J 6$8/D$/+ C$5+B 1C $66Y ..+(CB :.
:8G+A'$6+0$G1:A$8*?6$J+AB`$'161CJ6+G+6:8:DC(:7++I?+(C$C1:8B18C+$7
B?:ACB^ S4 6;"0+#%4TL
8] M :8/A+B: $8D$6 *+ 6$ B:(1+*$* (1+8C2.1($ *+
*+?:AC+BBD1K$ij^#FA1(0^
eywxe
^#
eywye
9M,%'3;'">,'91'2'3;'<#9'B?A:.+B:A+86$81G+AB1*$*DA:?+$*+$*A1*
N1&.4881#42:8&0&9:8'9&90*"+0+%%68&0&)+8;26&291+&2:494"8&4:84OL
1661$7$7+B
$ (:7?A+8B1;8 *+ 6$B A+B?D+BC$B 8+DA:.1B1:6;/1($B *+ 8D+BCA: B1BC+7$
8+AG1:B: +8 B1CD$(1:8+B +BCA+B$8C+B @D+ G$8 $ +BC$A A+/1*$B ?:A (1A(D1C:B
7:*D6$*:B .16:/+8-C1($7+8C+ *DA$8C+ $9:B[ 8:B ?:*A%8 ?+A71C1A A+$61K$A
D8$(+A($71+8C:$6$(:7?A+8B1;8*+6$A+B?D+BC$*++BCA-B7%B+.1(1+8C+
J$6C$7+8C+$?61($'6+^6+BCD*1:*+6$A+B?D+BC$:A/%81($+86$BB1CD$(1:8+B
7%B +BCA+B$8C+B $ 6$B @D+ ?D+*+ 0$(+A .A+8C+ +6 B+A 0D7$8: $(CD$6[ $B2
(:7:+6+BCD*1:*+6$A+B?D+BC$*++BCA-B+8(:8C+IC:BC$8C:18*1G1*D$6+B
(:7: B:(1$6+B ?:8*A%8 *+ 7$81.1+BC: 6$B ?$DC$B ?$A$ A+$61K$A D8$
18C+AG+8(1;8+.1($KJ+.1(1+8C+?$A$7+4:A$A6:B?A:(+B:B*+18C+AG+8(1;8+8
B1CD$(1:8+B +BCA+B$8C+B^ $ +I?:B1(1;8 $ +BC27D6:B +BCA+B$8C+B J$ B+$ *+
.:A7$ $/D*$ : (A;81($ G$ $ C+8+A D8$ B+A1+ *+ +.+(C:B $ 81G+6
8+DA:.1B1:6;/1(:(:8D8+.+(C:8+/$C1G:+8?A:(+B:BC$817?:AC$8C+B(:7:
+6 $?A+8*1K$4+[ ?:A 6: C$8C:[ B+ ?A17$ .D8*$7+8C$6 +6 (:8:(171+8C: J
(:8CA:6 *+ +BC$B A+B?D+BC$B ?$A$ ?:*+A *+B$AA:66$A D8$ +BCA$C+/1$ *+
18C+AG+8(1;8+8(:8C+IC:BC$8C:+*D($C1G:B(:7:*+?:AC1G:B^
eywze
A^
#
J ?$A$ +66: B+ 7:G161K$8 *1.+A+8C+B B1BC+7$B :A/%81(:B ?$A$ (:8B+/D1A C$6
:'4+C1G:^
+8CA: *+ 8D+BCA:B B1BC+7$B *+ *+.+8B$ @D+ B+ 0$8 1*:
?+A.+((1:8$8*:$6:6$A/:*+6$.16:/-8+B1B*+6$+B?+(1+8:B+8(:8CA$7:B
(:8+6B1BC+7$*+6D(0$e0D1*$^BC++BD8:*+6:B7%B17?:AC$8C+B*+6:B
@D+*1B?:8++6:A/$81B7:*+6BD4+C:[J8:B:6:+6B+A0D7$8:*1B?:8+*+-6[
*+8CA: *+6 A+18: $817$6 ?:*A+7:B G+A (:7: +8 7$J:A : 7+8:A 7+*1*$
C:*:B 6:B $817$6+B G$8 $ +I01'1A A+B?D+BC$B @D+ B+ ?D+*+8 +8(D$*A$A
*+8CA:*++BC+B1BC+7$*+*+.+8B$^6:'4+C1G:?A18(1?$6*++BC++B(6$A:[6$
BD?+AG1G+8(1$ *+6 18*1G1*D:[ +B *+(1A ?:*+A B$61A $1A:B: *+ B1CD$(1:8+B *+
?+61/A:+86$B(D$6+B6$18C+/A1*$**+618*1G1*D:B+?:8++8?+61/A:^$A$+66:
+6:A/$81B7:G$$7:G161K$AC:*:BBDBA+(DAB:B*+D8$7$8+A$18BC18C1G$:
($B1A+.6+4$?$A$?:*+A(D7?61A(:8+BC$71B1;8^BC+B1BC+7$*+6D(0$e0D1*$
C1+8+*:BA+B?D+BC$B:?+A$C1G$B'%B1($B@D+(:7:BD8:7'A+18*1($B:86$B
*+ +8.A+8C$AB+ $ 6$ B1CD$(1;8 ?+61/A:B$ : 0D1A *+ +66$^ BC: 8:B ?+A71C1A2$
7:G161K$A 6:B A+(DAB:B :A/%81(:B ?$A$ 6$ 6D(0$ J +6 +8.A+8C$71+8C:[ :
7:G161K$A8D+BCA:BB1BC+7$B6:(:7:C:A+B?$A$A+$61K$AD8$$((1;8*+0D1*$
A%?1*$ @D+ 8:B $6+4+ *+ 6$ $7+8$K$^ +8CA: *+ +BC$B A+B?D+BC$B *+
BD?+AG1G+8(1$C$7'1-8?:*A2$7:B18(6D1A:CA$@D++8?A18(1?1:8:+B7DJ
$*$?C$C1G$ @D+ +B 6$ *+ @D+*$AB+ ?$A$61K$*:^ 1 G+7:B 6$B A+B?D+BC$B *+
7D(0:B $817$6+B +8 6$ 8$CDA$6+K$ $8C+ +BC27D6:B $G+AB1G:B[ +BC:B B+
@D+*$8(:7?6+C$7+8C+187;G16+B?$A$(:8.D8*1A$6$/A+B:A($7D.6%8*:B+
(:8 +6 +8C:A8:^ :A 6: C$8C:[ +BC$ A+B?D+BC$ @D+ +8 BD :A1/+8 B2 ?:*A2$
(:8B1*+A$AB+$*$?C$C1G$+8D87+*1:(:7?6+C$7+8C+$AC1.1(1$6(:7:+8+6
@D+G1G17:B[$?A1:A1B+7D+BCA$(:7:D8$A+B?D+BC$?:(:$*$?C$C1G$^
BC$A+B?D+BC$*+6D(0$e0D1*$+B.D8*$7+8C$6?$A$(:7?A+8*+A6:B
?A:(+B:B*++BCA-BJ(;7:G$8$18.6D1A+BC:B+8+6B+A0D7$8:[J$B+$+8
D8$ (:7?+C1(1;8 *+?:AC1G$[ +8 +6 CA$'$4:[ $6 A+$61K$A D8 +I$7+8 : $6
+8.A+8C$AB+ $ (D$6@D1+A B1CD$(1;8^ D$8*: 8D+BCA: (+A+'A: ?+A(1'+ D8$
$7+8$K$+BC$18.:A7$(1;866+/$A%?1*$7+8C+$6$$72/*$6$!
[x^BC+8E(6+:
*+ 8+DA:8$B @D+ C1+8+8 (:7: D8: *+ BDB :'4+C1G:B +6 ?A:(+B$71+8C:
+7:(1:8$6J@D+.:A7$?$AC+*+8D+BCA:B1BC+7$627'1(:G$$7:*D6$A6$
A+B?D+BC$ *+6 :A/$81B7:[ ?A:(+B$8*: A%?1*$7+8C+ 6$ 18.:A7$(1;8 *+6
7+*1:?$A$*$AD8$A+B?D+BC$*+6D(0$:0D1*$^:A6:C$8C:[$6?+A(1'1AD8$
$7+8$K$ ?:A ?$AC+ *+ 8D+BCA: (+A+'A: 6$ $72/*$6$ B+ $(C1G$ J 7$8*$
+.+A+8(1$B*1A+(C$7+8C+$6B1BC+7$8+AG1:B:$DC;8:7:^8+BC+B+?A:*D(+
!
[x
$ $72/*$6$ +B D8 (:84D8C: *+ 8E(6+:B *+ 8+DA:8$B 6:($61K$*$B +8 6$ ?A:.D8*1*$* *+ 6:B 6;'D6:B
C+7?:A$6+B*+6:BG+AC+'A$*:B(:7?6+4:B[+8+6(D$6+BC$7:B18(6D1*:B6:B0D7$8:B^$$72/*$6$.:A7$
?$AC+ *+6 B1BC+7$ 627'1(:[ J BD ?$?+6 ?A18(1?$6 +B +6 ?A:(+B$71+8C: J $67$(+8$71+8C: *+ A+$((1:8+B
+7:(1:8$6+B
eyw{e
D8$$(C1G$(1;8*+6$A$7$B17?%C1($!
@D+G$$?A:G:($AD8+.+(C:*1A+(C:
+86$A+B?D+BC$.1B1:6;/1($J?B1(:6;/1($*+618*1G1*D:[C+8*1+8*:+BC$B$BD
G+K18.6D+8(1$6$BD8$BB:'A+:CA$Bi
1/DA$xj^
+);8XL.+(C:*+6$?+A(+?(1;8*+D8$$7+8$K$+8+6B1BC+7$8+AG1:B:$DC;8:7:^
BC$$(C1G$(1;8B17?%C1($B+(:8:(+(:7:A+B?D+BC$*++BCA-BJC1+8+
(:7: .18 ?A+?$A$A +6 :A/$81B7: ?$A$ 6$ $(C1G1*$*^ 81G+6 .1B1:6;/1(: B+
?A:*D(+D8$$(C1G$(1;8*+6+4+1?:C%6$7:e1?:.1B1(:eD?A$AA+8$6@D+0$(+
@D+ B+ B+/A+/D+8 (:AC1(:1*+B^ $ B+(A+(1;8 *+ /6D(:(:AC1(:1*+B +BC%
A+/D6$*$ ?:A D8 7+($81B7: *+ 18C+A$((1;8 +8CA+ +6 B1BC+7$ 8+AG1:B:
(+8CA$6[ +6 01?:C%6$7:[ 6$ 01?;.1B1B J 6$B BD?A$AA+8$6+B^ BC27D6:B
?A:(+*+8C+B*+6?A:G:($86$B+(A+(1;8+8+601?:C%6$7:*+6$0:A7:8$
61'+A$*:A$*+(:AC1(:CA:?18$ijJ*+$A/1818$eG$B:?A+B18$ij[@D+$
CA$G-B*+6B1BC+7$?:AC$$6($8K$86$01?;.1B1B[+BC17D6$8*:6$61'+A$(1;8*+
(:AC1(:CA:?18$ij[@D+$(CE$B:'A+6$(:AC+K$$*A+8$6[?A:G:($8*:6$
B+(A+(1;8*+/6D(:(:AC1(:1*+BJ:CA:B+BC+A:1*+By^
BC:B (:AC1(:1*+B[ *+8CA: *+ 6:B (D$6+B *+BC$($A+7:B (:7: +6 7%B
17?:AC$8C+ +6 (:AC1B:6[ +6 (D$6 .$(161C$ 6$ B+(A+(1;8 *+ $/D$ J +6
7$8C+8171+8C: *+ 6$ ?A+B1;8 $AC+A1$6[ $.+(C$ $ 6:B ?A:(+B:B 18.+((1:B:B[
?A:*D(+D8$*+/A$*$(1;8*+6$B?A:C+28$B18CA$(+6D6$A+B[C1+8+D8$$((1;8
01?+A/6D(+71$8C+ i$D7+8C$ 6$ (:8(+8CA$(1;8 *+ /6D(:B$ +8 B$8/A+j J B+
?A:*D(+D8$D7+8C:*+($6(1:J*+.:B.$C:B61'+A$*:B?:A6:BA19:8+B[$B2
(:7:*+62?1*:Bz^
!
6B1BC+7$8+AG1:B:$DC;8:7:B+(:7?:8+*+*:BA$7$B[D8$66$7$*$B17?%C1($[+BCA+B$8C+J@D+8:B
?A+?$A$ ?$A$ 6$ $(C1G1*$*[ J :CA$ 66$7$*$ ?$A$B17?%C1($[ @D+ GD+6G+ $6 :A/$81B7: $ BD +BC$*: *+
0:7+:BC$B1B^
eyw|e
A^
#
XMMJ
I
8:*+6:B?A17+A:B$DC:A+B@D++BCD*1$A:86$A+B?D+BC$*++BCA-B
.D++6J+{^BC+$DC:AJ$7$A(;6$*1.+A+8(1$+8CA+*:BA+B?D+BC$B*++BCA-B
+86:BBD4+C:B@D+G$8$*+?+8*+A*+(;7:B+18C+A?A+C+BD'4+C1G$7+8C++6
(:8C+IC:+8+6(D$6B+*+B+8GD+6G++6BD4+C:^B2[?:*+7:B+8(:8CA$AD8$
A+B?D+BC$ *+ +BCA-B b'D+8:c i+DBCA-Bj @D+ B+A2$ +6 7:C:A *+ 8D+BCA$
:8C:/-8+B1B J .16:/-8+B1B[ 8:B +BC17D6$ $ +8.A+8C$A8:B $ 6:B ?A:'6+7$B[
?+A71C+ @D+ B+$7:B (A+$C1G:B[ C:7+7:B 181(1$C1G$ J A+B?:8*$7:B
+.1(1+8C+7+8C+$$@D+66$BB1CD$(1:8+B@D+6:A+@D1+A$8\71+8CA$B@D++I1BC+
D8+BCA-Bb7$6:ci*1BCA-BjJ?+A4D*1(1$6?$A$8D+BCA$B$6D*.2B1($[?B1(:6;/1($
JB:(1:e$.+(C1G$:($B1:8$D8+I(+B:*++B.D+AK:+8A+6$(1;8$6$($A/$[G$
$(:7?$9$*: B1+7?A+ *+ D8 *+B:A*+8 .1B1:6;/1(:[ 6$B ($C+(:6$718$B
?A:*D(+8D8$$(+6+A$(1;8*+6$B.D8(1:8+BJ-BC$B$(CE$8$6+4$*$B*+6?D8C:
*++@D161'A1:[01?+A$(C1G1*$*[$(:AC$71+8C:7DB(D6$A[B:7$C1K$(1:8+B_
6 +BCD*1: *+ 6$ A+B?D+BC$ *+ +BCA-B B+ 0$ A+$61K$*: +8 7D(0:B
($7?:B ?A:.+B1:8$6+B (:7: +6 7-*1(:[ CA$8B?:AC1BC$B[ (:8CA:6$*:A+B
$-A+:B[ ?16:C:B_|e^ BC+ C1?: *+ ?A:.+B1:8+B[ *+'1*: $ BDB ($A$(C+A2BC1($B
?A:*D(+8+86:BBD4+C:BD8$BA+B?D+BC$B*++BCA-B7DJ$6C$B^*+7%B*+
+BC$B ?A:.+B1:8+B +6 B$6C: ?$A$($1*1BC$ 0$ B1*: DC161K$*: (:7: 7:*+6: *+
+BCD*1: *+ 6$ A+B?D+BC$ ?B1(:.1B1:6;/1($ *+ +BCA-B J 6:B 7+($81B7:B *+
$.A:8C$71+8C: *+ +BC$[ B1+8*: D8$ 7+C:*:6:/2$ @D+ 8:B ?+A71C+ D8
$(+A($71+8C: $ 6:B 7+($81B7:B ?B1(:.1B1:6;/1(:B *+ *1G+AB$B ?$C:6:/2$B
(:7:6:B*+B;A*+8+B*+$8B1+*$*^6B$6C:?$A$($1*1BC$+B(:8B1*+A$*:D8
+BC27D6:.1$'6+@D+?A:G:($D8$A+B?D+BC$?B1(:.1B1:6;/1($*++BCA-B[J$@D+
+B D8 .$(C:A *+ +BCA-B 7%B 18C+8B: @D+ 6:B .$(C:A+B +BCA+B$8C+B
CA$*1(1:8$67+8C+DC161K$*:B+86$':A$C:A1:J$*+7%B+BD8G+A*$*+A:A1+B/:
*+6+B1:8+BJ*+7D+AC+xw^B?+(2.1($7+8C++8?$A$($1*1BC$B6$+I?+A1+8(1$
+BD817?:AC$8C+.$(C:A?$A$+I?61($A6$18.6D+8(1$*+6+BCA-B?B1(:6;/1(:J
6$ A+B?D+BC$ *+ 6$ 0:A7:8$ $*A+8:(:AC1(:CA;?1($ ij J +6 (:AC1B:6[
?A+B+8C$8*:6:B?$A$($1*1BC$B8:G+6+BD8$7$J:A.A+(D+8(1$($A*1$($JD8$
*1B718D(1;8 *+6 $A:DB$6 BD'4+C1G:xx[ B1+8*: +BC:B A+BD6C$*:B (:7?$C1'6+B
(:86$C+:A2$*+6$+IC18(1;8*+6$$8B1+*$*xy^
8 +BC$ 628+$[ 6$ A+6$(1;8 +8CA+ 6$ A+B?D+BC$ $6 +BCA-B $/D*: J 6$
*+BA+/D6$(1;8 *+6 +4+ 01?:C$6%71(:e01?:.1B$A1:e$*A+8$6 0$8 B1*:
$7?61$7+8C++BCD*1$*:B+8B1CD$(1:8+B*+($7?:J*+6$':A$C:A1:[?+A:6$
?+A(+?(1;8*+6$$8B1+*$*BD'4+C1G$+B0$BC$$0:A$?:(:(:8:(1*$+86:B
$(CD$6+B 7:*+6:B *+ 18G+BC1/$(1;8xwexz^ $A$ A+$61K$A D8$ $?A:I17$(1;8 $
+BC$C+7%C1($*+'+A2$7:B*+(:8B1*+A$A6$*1.+A+8(1$(1;8(6%B1($*+18/+C
eyw}e
$6x{ +8CA+ +6 +BCA-B J 6$ $8B1+*$*] +6 +BCA-B B+ A+.+A1A2$ $ 6$B ?A:?1+*$*+B
:'4+C1G$B*+6:B+BC27D6:B*+6$B1CD$(1;8[71+8CA$B@D++671+*:B+A+.1+A+
6$ ?+A(+?(1;8 *+ D8$ B1CD$(1;8 (:7: $7+8$K$8C+ : ?+61/A:B$[ B1+8*: 6$
$8B1+*$*+6?A:*D(C:*+$7':BJ6$?+A(+?(1;8BD'4+C1G$*+6BD4+C:x|^+B*+
D8$?+AB?+(C1G$18C+/A$6+86$(:8B1*+A$(1;8*+6$BG$A1$'6+B@D+$.+(C$8+6
A+8*171+8C:*+6BD4+C:[6$G1B1;8*+6$?B1(:6:/2$$?:AC$D8$8%61B1B*+C$66$*:
B:'A+ 6$ 17?:AC$8(1$ *+ 6$ ?+A(+?(1;8 BD'4+C1G$ *+ $8B1+*$* B:'A+ 6$
(:8*D(C$ A+BD6C$8C+^ BD71+8*: +6 7:*+6: 18C+A$(C1G: *+ 1B(0+6x}[ 6$
$8B1+*$* 7$81.+BC$*$ +8 D8$ B1CD$(1;8 +BCA+B$8C+ *+'+ B+A +I?61($*$ +8
.D8(1;8 *+ 6$B A+6$(1:8+B @D+ B+ +BC$'6+(+8 +8CA+ 6$B ($A$(C+A2BC1($B
1*1:B18(A%C1($B *+6 BD4+C: J *+ 6$ ?A:?1$ B1CD$(1;8[ +8C+8*1+8*: @D+ 6:B
$B?+(C:B(:/81C1G:B[+7:(1:8$6+BJ7:C1G$(1:8$6+BB:8*+C+A718$8C+B+86$
A+B?D+BC$ $8B1;/+8$ @D+ B+ 7$81.1+BC$^ $ B1CD$(1;8 +8 B2 71B7$ 8:
*+C+A718$A2$6$A+B?D+BC$*+$8B1+*$*[B18:@D+B+A2$6$?+A(+?(1;8@D++6
BD4+C:CDG1+A$B:'A++66$^
8628+$(:86$(6%B1($01?;C+B1B*+6$(:8/AD+8(1$x~ex[?$A$18*D(1A
+BC$*:B *+ $8B1+*$* +8 D8 BD4+C:[ 0$'A2$ @D+ ?:8+A +8 A+6$(1;8 6$
(:8/AD+8(1$ +8CA+ 6:B A$B/:B *+ ?+AB:8$61*$* $8B1;/+8:B *+6 71B7:
i$8B1+*$* 18C+A?+AB:8$6[ $8C+ ?+61/A: .2B1(:[ $8C+ B1CD$(1:8+B *+
$7'1/F+*$*Jd:$8C+B1CD$(1:8+B*++G$6D$(1;8B:(1$6j[J6$B($A$(C+A2BC1($B
B1CD$(1:8$6+B] B1 +I1BC1+A$ (:8/AD+8(1$[ B+ ?:8*A2$ *+ 7$81.1+BC: 6$
A+B?D+BC$*+$8B1+*$**+6BD4+C:JG1(+G+AB$^BC+7:*+6:0$A+(1'1*:D8
(:8B1*+A$'6+ A+B?$6*: ?:A 6:B ?A18(1?$6+B $DC:A+B *+ 6$ 7$C+A1$xeyw^ B
(:8:(1*:(:7:C$8C:6$+I?+A1+8(1$G1BD$6J7:C:A$18.6DJ+?:B1C1G$7+8C+
+8 ?+A(+?(1;8 *+ 6$ $((1;8yx^ 1+8*: 6$ +I?+A1+8(1$ D8 .$(C:A (A2C1(: ?$A$
*+B$AA:66$AD8A+8*171+8C:;?C17:+8*1.+A+8C+BC$A+$B:+7?6+:B[(:7:
7-*1(:Byy[(:8CA:6$*:A+B*+CA%.1(:$-A+:yz:C$7'1-8*+8CA:*+6%7'1C:
*+?:AC1G:y{[(:7:J$B++I?:82$+8+6B28*A:7+*+$*$?C$(1;8/+8+A$6J6$
C+:A2$*+6?A:(+B:*+0$'1CD$(1;8{^
eyw~e
A^
#
?D+BC: *+ 7$81.1+BC: 6$ $(C1G$(1;8 *+ 6:B 7+($81B7:B .16:/+8-C1(: *+
*+.+8B$*+6:A/$81B7:0D7$8:+8B17D6$(1:8+B*+(:7'$C+B17-CA1(:BJ
$B17-CA1(:By|ey^BC$7:B0$'6$8*:*+6$A+B?D+BC$*+6D(0$e0D1*$[D8:*+
6:B 7+($81B7:B *+ BD?+AG1G+8(1$ 7%B ?:C+8C+B[ 8: B:6: *+6 B+A 0D7$8:
B18:?A%(C1($7+8C+*+($B1C:*:B6:BB+A+B*+6A+18:$817$6zw^
$ $(C1G$(1;8 *+ +BC+ B1BC+7$ *+ *+.+8B$ *+ 6D(0$ 0D1*$[ C1+8+ D8
+.+(C: *1A+(C: B:'A+ 6$ A+B?D+BC$ ?B1(:.1B1:6;/1($ *+6 (:7'$C1+8C+[
7:*1.1($8*:6:BB1BC+7$B:A/%81(:B?$A$0$(+A.A+8C+$6$?:B1'6+$7+8$K$
$ 6$ @D+ B+ +8.A+8C$^ 81G+6 .1B1:6;/1(: B+ 0$8 +G$6D$*: $D7+8C:B *+ 6$
A+B?D+BC$ 7+C$';61($ *+6 (:7'$C1+8C+[ +G$6D$*$ $ CA$G-B *+ 6$
(:8(+8CA$(1;8 B$8/D28+$ *+ 6$(C$C:!
^ BC:B G$6:A+B[ C$8C: +8
+G$6D$(1:8+B *+ (:7'$C+ B17-CA1(:!
! (:7: +8 (:7'$C+ $B17-CA1(:[ B+
B1CD$'$87DJ?:A+8(17$*+6:B@D+?D+*$C+8+AD87$A$C:81$8:$6$($'$A
+BC$ ?AD+'$ $C6-C1($[ $ ?+B$A *+ @D+ 6$ G+6:(1*$* *+ 7:G171+8C: +8 6$B
7$81:'A$B$8$61K$*$B.D+7DJ'$4$ix^}57d0
j y~[y[zx^:A6:C$8C:[B+G+
(:7:6$A+B?D+BC$7+C$';61($*+6(:7'$C1+8C+B+G+$.+(C$*$*1A+(C$7+8C+
?:A+6+BCA-B?A+B+8C$8*:D8$A+B?D+BC$*+B?A:?:A(1:8$*$$8C+6$($A/$
:A/%81($[:*+B?6$K$71+8C:B@D++BC+0$(+^+671B7:7:*:6$.A+(D+8(1$
($A*1$($ C$7'1-8 ?A+B+8C$ D8$ A+B?D+BC$ *+B?A:?:A(1:8$*$ C+81+8*: +8
(D+8C$ 6$ G+6:(1*$* *+ *+B?6$K$71+8C: *+6 (:7'$C1+8C+^ B *+(1A[ 6$
?+A(+?(1;8 *+ +BCA-B *+6 BD4+C: G$ $ ?A:*D(1A D8$ 01?+A$(C1G1*$* $ 81G+6
($A*1:G$B(D6$A[ ?A+B+8C$8*: D8$ $6C$ .A+(D+8(1$ ($A*1$($[ D81*$ $ D8$
$(C1G$(1;8 *+ 6:B 7+C$':61B7:B +8+A/-C1(:B $8$+A;'1(:B
[ @D+ ?A:*D(+8
D8$D7+8C:*+6$$(1*:B1B7DB(D6$A[C:*:+66:$?+B$A*+@D+6$G+6:(1*$*
*+7:G171+8C:.D+7DJA+*D(1*$[x^}57d0^86$.1/DA$yJzB+?D+*+G+A
6$A+B?D+BC$($A*1$($BD?+A?D+BC$(:86$G+6:(1*$**+7:G171+8C:*DA$8C+
7$81:'A$B*+(:7'$C+B17-CA1(:J$B17-CA1(:[+8$7'$B B+?D+*+G+A6$
!
66$(C$C:+BD87+C$':61C:?A:G+81+8C+*+6:B7+C$':61B7:B$8$+A;'1(:BiB18?A+B+8(1$*+:I2/+8:j
*+6$B7:6-(D6$B*+/6D(:B$+8+618C+A1:A*+6$(-6D6$^8$(C1G1*$*.2B1($*+$6C$18C+8B1*$*+BC+7+C$':61C:
$D7+8C$ +I?:8+8(1$67+8C+ +8 6$ B$8/A+ J +B D8 18*1($*:A 18*1A+(C: *+6 81G+6 *+ $(1*:B1B *+ 6$
7DB(D6$CDA$^
!
!
:7'$C+B17-CA1(:[+B6$(:8(+?(1;8CA$*1(1:8$6*+(:7'$C+[(:8*:B.D+AK$BB17-CA1($B+8.A+8C$*$B
J(:8:(1*$B+8D8($7?:*+'$C$66$*+6171C$*:
:7'$C+$B17-CA1(:[+BD8$7:*$61*$**+(:7'$C+A+6$C1G$7+8C+A+(1+8C+^B+6@D++8(:8CA$7:B+8
7D(0:B*+6:B$(CD$6+BC+$CA:B*+:?+A$(1:8+B[+8-6B++8.A+8C$8D8$.D+AK$7DJ?:*+A:B$$81G+6*+
A+(DAB:B[ 7+*1:B[ $A7$7+8C:_ (:8CA$ D8 +8+71/: 7DJ 18.+A1:A @D+ B+ G$6+ *+ (:7'$C+B +8 +8C:A8:
DA'$8:[(:8?:'6$(1;8(1G16[$((1:8+B*+/D+AA166$[+7':B($*$B[CA$7?$B+I?6:B1G$B17?A:G1B$*$B_?$A$
($DB$A+67$J:A*$9:?:B1'6+$6$.D+AK$*:718$8C+^
$G+6:(1*$**+7$A(0$*+D8BD4+C:$8*$8*:+BC$B:'A+|e}57d0
6B1BC+7$7+C$';61(:$8$+A;'1(:?A:*D(+D8$$6C$($8C1*$**++8+A/2$+8D8C1+7?:A+6$C1G$7+8C+
(:AC: @D+ 66+G$ (:8B1/: 6$ ?A:*D((1;8 *+ BDBC$8(1$B %(1*$B @D+ ?:*+7:B +G$6D$A +8 6$ B$8/A+ (:8 +6
7+C$':61C:*+6$(C$C:^
eywe
+);8Y^
A+(D+8(1$($A*1$($ijJG+6:(1*$*i?++*j*DA$8C+D8$7$81:'A$*+
(:7'$C+B17-CA1(:
+);8ZL
A+(D+8(1$($A*1$($ijJG+6:(1*$*i?++*j*DA$8C+D8$7$81:'A$*+
(:7'$C+$B17-CA1(:^
eywe
A^
#
C$8C:+8B1CD$(1:8+B*+(:7'$C+(:7:+8:CA$BB1CD$(1:8+B@D+?A+(+*+8
$6 (:7'$C+ *+ $6/D8$B D81*$*+B *+ -61C+ (:7: B:8 6$B D81*$*+B
?$A$($1*1BC$B^
B?+(2.1($7+8C+B+0$8+G$6D$*:$(C1G$(1:8+B*+6$A$7$B17?%C1($
i+BCA+B$8C+j *+ 8D+BCA: B1BC+7$ 8+AG1:B: $DC;8:7: B1716$A+B +8
B1CD$(1:8+B*+(:7'$C+C$8C:B17-CA1(:(:7:$B17-CA1(:y~[z{^CA:*+6:B
($B:B +8 6:B (D$6+B B+ G+ +B$ $6C$ 7:*D6$(1;8 $DC:8;71($ B:8[ (:7:
7$A(%'$7:B[ 6:B B$6C:B ?$A$($1*1BC$B^ +8CA: *+ 6:B *+B?61+/D+B
?$A$($1*1BC$B[ 6:B B$6C:B
J
B+ +8(D+8CA$8 +8CA+ 6:B 7%B
?+61/A:B:B^8$7':BB$6C:B+6B$6C$*:AC1+8+@D++@D1?$AB+(:8B1BC+7$B*+
A+B?1A$(1;8+IC+A8:JA:?$+B?+(2.1($?$A$?:*+A$/D$8C$A6$B(:8*1(1:8+B
(617%C1($B C$8 +ICA+7$B $ 6$B @D+ C1+8+8 @D+ +8.A+8C$AB+ +8 +BC:B B$6C:B
?$A$($1*1BC$B[J$*+7%B*++BC++@D1?:+ICA$[$+BC:BB$6C:BC%(C1(:B0$J@D+
$9$*1A6+ +6 ?+B: *+6 +@D1?$71+8C: *+ (:7'$C+[ ?A:C+((1:8+B[ $A7$[
7D81(1;8[7:(016$*+(:7'$C+_+6+@D1?:C:C$6@D+C1+8+@D+CA$8B?:AC$A
+6B$6C$*:A?$A$($1*1BC$8:A7$67+8C+BD?+A$6:B|w5/*+?+B:^
86$B1/D1+8C+C$'6$iC$'6$
j[B+7D+BCA$86:BG$6:A+B*+7:*D6$(1;8
$DC:8;71($7+*1$8C+6:B?$A%7+CA:B*+
J
*+6*:7181:.A+(D+8(1$*+6
$8%61B1B*+G$A1$'161*$**+6$.A+(D+8(1$($A*1$($*+D8B$6C$*:A^:*+7:B
G+A 6$ '$4$ 7:*D6$(1;8 ?$A$B17?%C1($ *+ D8 B$6C$*:A +8 D8 B$6C:
?$A$($1*1BC$B^
8(6DB:+86$.$B+*++@D1?$71+8C:[71+8CA$BB++BC%
(:6:($8*:C:*:B6:B?+ACA+(0:B?$A$+6B$6C:(:7:+6+@D1?:A+B?1A$(1;8[
?$A$($2*$B[ B1BC+7$B *+ 8$G+/$(1;8_ 6$ 7:*D6$(1;8 ?$A$B17?%C1($ J$ +B
'$4$^6B17?6+0+(0:*+6B$6C:$$6C$(:C$J+6?+61/A:@D++BC+(:866+G$J$
?A+*1B?:8+$6(:7'$C1+8C+$@D+BD:A/$81B7:B+$(C1G+JB+?A+?$A+?$A$
6$$((1;8^:BC+A1:A7+8C++86$.$B+*+GD+6:0$BC$6$K:8$*+B$6C:J+8+6
B$6C: 71B7: 6$ 7:*D6$(1;8 ?$A$B17?%C1($ B1/D+ ($J+8*:[ $6($8K$8*: 6:B
G$6:A+B 7%B '$4:B *DA$8C+ 6$ .$B+ *+6 B$6C: zy^ BC$ $(C1G$(1;8
B17?%C1($?A:G:($6$*1B718D(1;8+8+6.6D4:B$8/D28+:$?$AC+B*+6(D+A?:
@D+8:+BC%8*1A+(C$7+8C+18G:6D(A$*:B+86$$((1;8*+A+B?D+BC$$8C+6$
B1CD$(1;8+BCA+B$8C+[C$6+B(:7:6:B;A/$8:B17?61($*:B+86$*1/+BC1;8:+8
+6?A:(+B:*+:A18$A:*+.+($A^B(:8:(1*:(:7:D8$6C:?:A(+8C$4+*+6:B
(:7'$C1+8C+B@D+?$AC1(1?$A:8+86$B'$C$66$B*DA$8C+6$+/D8*$D+AA$
D8*1$6[A+?:AC$'$0$'+AB+:A18$*::*+.+($*:*DA$8C++6(:7'$C+^%B
f1/06C1CD*:H?+818/^$6C:B$/A$8$6CDA$izwwww?1+BjJ$?+ACDA$$'$4$$6C1CD*^
f1/06C1CD*1/0?+818/^$6C:B$/A$8$6CDA$izwwww?1+BjJ$?+ACDA$$$6C$$6C1CD*^
$ G$A1$'161*$* *+ 6$ .A+(D+8(1$ ($A*1$($ +B 6$ G$A1$(1;8[ +8 C1+7?:[ +8CA+ 6:B 6$C1*:B BD(+B1G:B *+6
(:A$K;8[+B*+(1A6:B18C+AG$6:Be*+6$:8*$@D++8(:8CA$A2$7:B+8D8+6+(CA:($A*1:/A$7$^8:
*+6:BB1BC+7$B*+$8%61B1B+B+6B1BC+7$*+*:7181:.A+(D+8(1$*:8*+BDB*:B?A18(1?$6+B?$A%7+CA:BB:8
+6G$6:A*+
i1/0
A+@D+8(Jj:*:7181:*+$6C$.A+(D+8(1$[$B:(1$*:$7:*D6$(1;8?$A$B17?%C1($\J+6
G$6:A
i:H
A+@D+8(Jj:*:7181:*+'$4$.A+(D+8(1$[$B:(1$*:$7:*D6$(1;8B17?%C1($
eyxwe
C$A*+[+BC+0+(0:B+$CA1'DJ;$6$$(C1G$(1;8*+6B1BC+7$8+AG1:B:B17?%C1(:[
*+'1*: $ 6$ $(C1G$(1;8 *+6 7+($81B7: *+ 6D(0$ : 0D1*$ $(C1G$*: ?:A 6$B
(:8*1(1:8+B*++BCA-B*+(:7'$C+z|[$D8@D+8:B+*+7:BCA;(:8*$C:B^:B
G$6:A+B *+ G$A1$'161*$* *+ .A+(D+8(1$ ($A*1$($ :'C+81*:B +8 +BC:B
+BCD*1:By~[z{ (:8.1A7$8 +BC$ C+:A2$ (:8 *$C:B +7?2A1(:B[ $6 7:BCA$A 6$
+6+G$*$ $(C1G$(1;8 *+6 B1BC+7$ 8+AG1:B: B17?%C1(: 18(6DB: +8 D8$
B17D6$(1;8 *+ (:7'$C+[ ?D*1+8*: +B?+A$A D8$ 7$J:A A+B?D+BC$ +8 D8$
B1CD$(1;8A+$6*+(:7'$C+^
$'6$
^&96;&9:;:4251+#&2068&68#+52@&090:4ZYL
R 2% %& 0: (8&#;&2#+ %&0 %41+2+4 (8&#;&2#+0 %& 2 0+9+9 %& 0
=8+"+0+%% %& 0 (8&#;&2#+ #8%+# S94#+% #42 14%;0#+52
689+16 :+#TJ Q2% %& ". (8&#;&2#+%&0%41+2+4(8&#;&2#+0 %&
2 0+9+9 %& 0 =8+"+0+%% %& 0 (8&#;&2#+ #8%+# S94#+% #42
14%;0#+529+16 :+#TJ2L;LR;2+%%&924810+A%9L
Q<M3R Q<M3R
":'
5&<1"%,63"9":,27#;,%" 5&<1"%,63,27#;,%"
:B G$6:A+B *+ .A+(D+8(1$ ($A*1$($ $8$61K$*:B +8 +BC+ +BCD*1:
7:BCA$A:8(:7:*+B*+6$.$B+*++@D1?$71+8C:+6(:7'$C1+8C+C1+8+D8$
$6C$A+B?D+BC$($A*1:G$B(D6$A(:8A+B?+(C:$6$G+6:(1*$**+7:G171+8C:*+
+BC+[0+(0:*+'1*:$6/A$8?+B:@D+C1+8+@D+7:G161K$A?$A$6$(:6:($(1;8
JCA$8B?:AC+*+6+@D1?:C$8C:*+(:7'$C+(:7:*+6$8K$71+8C:^86$.$B+
*+GD+6:0$BC$6$K:8$*+6$8K$71+8C:B+$6($8K$A:8.A+(D+8(1$B($A*1$($B
7%I17$B 7:7+8C:B ?A+G1:B $6 B$6C:[ (:AA+B?:8*1+8C+ $ D8 w *+ 6$
.A+(D+8(1$ ($A*1$($ 7%I17$ C+;A1($ ?$A$ 6$ +*$* *+6 (:7'$C1+8C+z}^ BC+
A+BD6C$*:+BB1716$A$6*+?A+G1:B+BCD*1:BA+$61K$*:B(:8B$6C:B(1G16+BJ$
7+8:A (:C$ @D+ +6 [ +8 6:B (D$6+B B+ 7:BCA; D8$ $6C$ $(C1G$(1;8
B17?%C1($ ?A+G1$ $6 B$6C:[ 18*+?+8*1+8C+7+8C+ *+ 6$ +I?+A1+8(1$ *+6
B$6C$*:AJD8$D7+8C:'ADB(:*+6$.A+(D+8(1$($A*1$($*+6B$6C$*:Az~^86$
.$B+*+GD+6:*+6B$6C:B+7:81C:A1K;6$.A+(D+8(1$($A*1$($7%I17$*+C:*$
6$7$81:'A$[(:AA+B?:8*1+8*:$6w*+6$.A+(D+8(1$($A*1$($7%I17$*+6
(:7'$C1+8C+z^ $ 7:*D6$(1;8 $DC:8;71($ C$7'1-8 B+ G1: 7:*1.1($*$
*+?+8*1+8*: *+ 6$ .$B+ $8$61K$*$[ +8(:8CA$8*: D8$ 7$J:A 7:*D6$(1;8
eyxxe
A^
#
B17?%C1($ +8 +6 B$6C: [ *+B?D-B +8 6$ .$B+ *+ GD+6: *+6 $G1;8 J ?:A
E6C17:+8+6+@D1?$71+8C:(:7:7D+BCA$86:B'$4:BG$6:A+B*+6$G$A1$'6+
z^ + ?D+*+ G+A @D+ 71+8CA$B 7%B B+ $(+A($ +6 7:7+8C: *+ B$6C: 6$
7:*D6$(1;8 B17?%C1($ +B 7$J:A[ $(C1G%8*:B+ +6 :A/$81B7: ?$A$ +6
7:7+8C:*+6B$6C:^
:*:B6:BA+BD6C$*:B7:BCA$*:B0$8?D+BC:*+7$81.1+BC:D8$$6C$
$(C1G$(1;8 *+ 6$ A+B?D+BC$ :A/%81($ *+6 (:7'$C1+8C+ *+'1*: $6 +BCA-B *+6
(:7'$C+ : $6 +BCA-B *+ B$6C:B ?$A$($1*1BC$B +ICA+7:B^ 8$ (:8BC$8C+ +8
C:*$B +BC$B +G$6D$(1:8+B +B 6$ '$4$ ?+A(+?(1;8 BD'4+C1G$ *+ +B.D+AK:
+G$6D$*$+8C:*$BJ($*$D8$*++BC$BB1CD$(1:8+B+BCA+B$8C+B[$?+B$A*+
6$ +6+G$*$ A+B?D+BC$ :A/%81($ 7:81C:A1K$*$^ C161K$8*: 6$ +B($6$ *+
?+A(+?(1;8 BD'4+C1G$ *+ +B.D+AK: ij *+ :A/{w[ +B($6$ +8 6$ (D$6 B+
1*+8C1.1($ (:8 D8 G$6:A *+ +8CA+ } i+B.D+AK: 7DJ '$4:j J yw i+B.D+AK:
7%I17:j ?D8C:B +6 +B.D+AK: ?+A(1'1*:[ 6:B G$6:A+B C$8C: +8 (:7'$C+B
B17-CA1(:BJ$B17-CA1(:B$B2(:7:+86:BB$6C:B?$A$($1*1BC$BJ
?A+B+8C$'$8G$6:A+B*++8CA+xxJx{?D8C:B^BC:BG$6:A+B[@D++8?A18(1?1:
8:C+8*A2$8?:A@D-?$A+(+A+ICA$9:B[(:'A$88:C:A1+*$*$6(:7?$A$A6:B
(:8 6$ A+B?D+BC$ .1B1:6;/1($ *+6 (:7'$C1+8C+^ :A +4+7?6:[ $6 G+A 6$
(:8(+8CA$(1;8B$8/D28+$*+6$(C$C:@D+7+8(1:8%'$7:B$8C+B[+8C:*$B
+BC$B7$81:'A$B$8$61K$*$B+BC:BG$6:A+BB+B1CD$'$8?:A+8(17$*+6:B{
77:6d6*+6$(C$C:^BC+G$6:A+B17?:AC$8C+J$@D++B(:8B1*+A$*:+6G$6:A
*+D7'A$6$8$+A;'1(:[K:8$$?$AC1A*+6$(D$66$(:8(+8CA$(1;8B$8/D28+$
*+6$(C$C:B++7?1+K$$$(D7D6$A*+.:A7$+I?:8+8(1$6$618(A+7+8C$A6$
($A/$*+CA$'$4:{x^BC+A+BD6C$*:?:8+*+7$81.1+BC:@D++6(:7'$C1+8C+
8:+B(:8B(1+8C+A+$67+8C+*+6$($A/$?B1(:6;/1($@D+?A:G:($+6(:7'$C+
: +6 B$6C: ?$A$($1*1BC$[ 7:BCA$8*: D8$ ?+A(+?(1;8 BD'4+C1G$ *+ +B.D+AK:
18.+A1:A$6$A+B?D+BC$:A/%81($+G$6D$*${y^
6+BCA-B$*+7%B*+C+8+AD8$18.6D+8(1$*1A+(C$B:'A+6$A+B?D+BC$
.1B1:6;/1($ J +6 B1BC+7$ $DC:8;71(: *+6 BD4+C: C1+8+ $ BD G+K D8 +.+(C:
*1A+(C:+86$A+B?D+BC$(:AC1($6*++BC+^:B81G+6+B*+$(C1G$(1;8(:AC1($6
C$7'1-8 B+ 0$8 +G$6D$*: +8 B1CD$(1:8+B +BCA+B$8C+B *+ (:7'$C+ G1+8*:
(:7:6$C+8B1;8*+6(:7'$C+?A:*D(+D8$*1B718D(1;8+8+6?A:(+B$71+8C:
*+6$18.:A7$(1;8J6$.$C1/$*+6B1BC+7$8+AG1:B:[?:B1'6+7+8C+*+'1*:$6
+6+G$*:8E7+A:*+18(+AC1*D7'A+B@D++6(:7'$C1+8C+C1+8+@D+(:8CA:6$A
i(:7: G+8C$8$B[ ?D+AC$B[ $/D4+A:B[ 6:B ($7'1:B *+ 6DK^^^jy|[y~[y[zyez{^ B
(:8:(1*:(:7:+6(:7'$C++BD8$B1CD$(1;8$6C$7+8C++BCA+B$8C+{z[J+8
B1CD$(1:8+B*+$6C:+BCA-BC$8C:6$$/D*+K$7+8C$6(:7:6$$C+8(1;8*+6:B
BD4+C:B*1B718DJ+8{{^8+BC$B1CD$(1;8[+6/D+AA+A:?:*2$18C+A?A+C$A+BC$B
18(+AC1*D7'A+B (:7: ?:B1'6+B +6+7+8C:B *+ 6:B @D+ ?D*1+A$8 $?$A+(+A
D8$B $((1:8+B 0:BC16+B J ?:*A2$8 (:7?A:7+C+A BD 18C+/A1*$*[ B1+8*: D8$
eyxye
$7+8$K$?$A$+66:B^BC$B1CD$(1;8?:*A2$($DB$AD8+BC$*:*+$8B1+*$*[+8
6$@D++6(+A+'A:+BB:'A++BC17D6$*:(:8+BC:B+BC27D6:B(:8G+AC1-8*:B+
+8D8$B1CD$(1;87DJ+BCA+B$8C+{|^6$D7+8C:+86$A+B?D+BC$*+$8B1+*$*
?A:*D(1*$+8B:6*$*:B+8(:7'$C++BD8:*+6:B?A:'6+7$B?A18(1?$6+B@D+
+6 ?B1(;6:/: 7161C$A C1+8+ @D+ 0$(+A .A+8C+ *+B*+ 6$ /A$8 /D+AA$ +8 +6
(:8.61(C: $A7$*: A+$6{}^ BC$ A+B?D+BC$ $8B1:/-81($ 8: B;6: $.+(C$ $ 6$
A+B?D+BC$?B1(:.1B1:6;/1($[B18:@D+C$7'1-8?A:*D(+D8$*1B718D(1;8+8+6
A+8*171+8C:*+6$7+7:A1$*+6:B(:7'$C1+8C+B{~^
1/D1+8*: (:8 6$ C+7%C1($ $8C+A1:A7+8C+ +I?D+BC$ *+6 +.+(C: *+6
+BCA-B$81G+6?B1(:6;/1(:[G+7:B(:7:6$$(C1G$(1;8(:AC1($6*1B718DJ++8
B1CD$(1:8+B +BCA+B$8C+B J +BC:[ +B?+(2.1($7+8C+ +8 (:7'$C+[ B+ (:7'18$
(:8D8$18.A$18C+A?A+C$(1;8*+6$?+A(+?(1;8BD'4+C1G$*+6+B.D+AK:.2B1(:
@D+ B+ +BC% A+$61K$8*:^ *+7%B[ +6 +BCA-B G$ $ $.+(C$A $ .D8(1:8+B
BD?+A1:A+B C$8 17?:AC$8C+B (:7: 6$ 7+7:A1$^ 8 +6 ($B: *+ +BCD*1:
?A+B+8C$*:?:A$66+/:+C$6{+8+6(D$6B+$8$61K$'$6$7+7:A1$:?+A$C1G$
*+6(:7'$C1+8C+*+B?D-B*+D8$B17D6$(1;8*+(:7'$C++8?:'6$(1;8B+
?D*:(:7?A:'$A(:7:6$7+7:A1$*++BC+B+G1:/A$G+7+8C+$.+(C$*$^8
+BC+ +BCD*1: *+B?D-B *+ 6$ B17D6$(1;8 *+ (:7'$C+ B+ 6+ ?+*2$ $6
(:7'$C1+8C+ A+66+8$A D8 (D+BC1:8$A1: +8 +6 @D+ B+ 6+ ?A+/D8C$'$ ?:A +6
8E7+A: *+ $((1:8+B *+ .D+/: A+$61K$*$B J +6 8E7+A: *+ 17?$(C:B
(:8B+/D1*:B^:BC+A1:A7+8C+B+(:C+4$'$+BC$18.:A7$(1;8(:8D8$(%7$A$
?+AB:8$6@D+66+G$'$+6(:7'$C1+8C+$(:?6$*$+8BD($B(:^6(:7'$C1+8C+
A+?:AC$'$ 8: 0$'+A A+$61K$*: 818/E8 *1B?$A: *DA$8C+ 6$ 7$81:'A$[ B18
+7'$A/:[$6(:C+4$A+B$18.:A7$(1;8(:86$B17%/+8+B*+6$(%7$A$B+?D*:
(:7?A:'$A (:7: +BC+ 0$'2$ A+$61K$*: yy $((1:8+B *+ .D+/: (:8 x}
17?$(C:B(:8B+/D1*:B^6(:7'$C1+8C+?A+B+8C$'$D8$$78+B1$A+CA;/A$*$
C:C$6*+6$7$81:'A$A+$61K$*$+8D8?$A%7+CA:C$817?:AC$8C+(:7:?D+*+
B+AA+(:A*$A6$B$((1:8+B*+.D+/:A+$61K$*$B^
BC+ 0+(0: $8C+A1:A7+8C+ 7$A($*:[ +BC% 28C17$7+8C+ A+6$(1:8$*:
(:8 6$ ($2*$ *+ 6:B G$6:A+B *+ $(C1G$(1;8 (:AC1($6 J 6$ /A$8 $(C1G$(1;8 *+6
B1BC+7$$DC:8;71(:B17?%C1(:^BC+0+(0:7D+BCA$(:7:6$A+B?D+BC$*+6
(:7'$C1+8C+ G$ $ B+A $6C$7+8C+ 18.6D+8(1$*$ ?:A 6:B ?A:(+*171+8C:B :
$((1:8+B$?A+8*1*$BJ@D+0$J$8@D+*$*:/A$'$*:B+8BD1*+$A1: 7:C:A
$(C1G%8*:B+$DC:8;71($7+8C+J(:8D8?:'A+(:8CA:6B:'A+BD$((1;8?:A
?$AC+ *+ 6:B B1BC+7$B (:AC1($6+B BD?+A1:A+B^ BC$ $6C$ +BC17D6$(1;8 ?:*A2$
C+8+A A+6$(1;8 (:8 6:B ($B:B *+ +.+(C: CE8+6 A+?:AC$*:B ?:A ?:61(2$B J
(:7'$C1+8C+B +8 B1CD$(1:8+B $6C$7+8C+ +BCA+B$8C+B +B?+(1$67+8C+ +8
$((1:8+B (:8 ?A+B+8(1$ C$8C: *+ $A7$B *+ .D+/: (:7: *+ $A7$B
'6$8($B{[|w^6$D7+8C:*+6$7:*D6$(1;8B17?%C1($$D7+8C$6$(:8CA$((1;8
?D?16$A .$(161C$8*: $B2 6$ .:($61K$(1;8 +8 D8 B:6: +6+7+8C: @D+ +6 BD4+C:
eyxze
A^
#
(:8B1*+A+(:7:.:(:*+6$B1CD$(1;8?+61/A:B$[6:@D++I?61($A2$+B$?-A*1*$
*+G1B1;8?+A1.-A1($($A$(C+A2BC1($*+666$7$*:+.+(C:CE8+6|x^:A:CA$?$AC+[
6$*1B718D(1;8*+6?A:(+B$71+8C:*+6$18.:A7$(1;8J6$$(C1G$(1;8(:AC1($6
J+6$D7+8C:*+6$7:*D6$(1;8B17?%C1($*+'1*:$6+BCA-B*+(:7'$C+[8:B
0$(+?+8B$A@D+6$A+B?D+BC$*+6(:7'$C1+8C+$6$B*1.+A+8C+BB1CD$(1:8+B
$6$B@D+B++8.A+8C$[B:8?A:(+B$*$B+8+6B1BC+7$627'1(:[@D+$(C1G$8+6
7+($81B7: *+ 6D(0$e0D1*$ *+'1*: $ @D+ +6 ?A:(+B$71+8C: *+ 6$
18.:A7$(1;8 *+ 6$ (:AC+K$ (+A+'A$6 *1B718DJ+^ BC: ?:*A2$ C+8+A D8$
+I?61($(1;8$*$?C$C1G$J$@D++6?A:(+B$71+8C:A$(1:8$6*+6$18.:A7$(1;8
*+6$B1CD$(1;8?:*A2$B+A7DJ6+8C:J6$A+B?D+BC$A$(1:8$6+71C1*$?:*A2$
*$AB++8D8+B?$(1:C+7?:A$6*+7$B1$*:6$A/:(:7:?$A$?:*+A+G1C$A:
+8.A+8C$A 6$ $7+8$K$^ 18 +7'$A/:[ 6$ A+B?D+BC$ $ 81G+6 627'1($ +B 7%B
A%?1*$ J ?D+*+ B+A 7D(0: 7%B $*$?C$C1G$ $6 8+(+B1C$A 7+8:A C1+7?: *+
A+B?D+BC$z{^
:B/6D(:(:AC1(:1*+BB:80:A7:8$B($C$';61($B@D+B+61'+A$8+86$(:AC+K$BD?A$AA+8$6$8C+B1CD$(1:8+B
+BCA+B$8C+B ?$A$ +6 BD4+C:^ BC17D6$8 6$ /6D(:8+:/-8+B1B[ $D7+8C$8*: 6$ /6D(+71$[ .$G:A+(+8 6$
*+/A$*$(1;8*+?A:C+28$B[.$(161C$8+.+(C:BC+A7:/-81(:BJ($C$';61(:B*+6$B($C+(:6$718$BJ0:A7:8$B
C1A:1*+B[ $*+7%B *+ C+8+A $(C1G1*$* 187D8:BD?A+B:A$ J $8C118.6$7$C:A1$ J $ 81G+6 *+6 B1BC+7$ 8+AG1:B:
(+8CA$6?D+*+8?A:*D(1A+BC$*:B*++D.:A1$iB10$JD8$01?+AB+(A+(1;8j^:B/6D(:(:AC1(:1*+B?A:*D(1*:B
?A18(1?$67+8C++8+6B+A0D7$8:B:8+6(:AC1B:6[6$(:AC1B:8$J6$(:AC1(:BC+A:8$^
eyx{e
(D$6+B 6$ +I?:B1(1;8 *+ +BCA-B G$ $ $.+(C$A $ 6:B ?A:(+B:B *+ 7+7:A1$ J
$?A+8*1K$4+(:7:G+7:B$7:*:*+A+BD7+8+86$.1/DA${^
+);8[^.+(C:B*+6+BCA-B+8+6J+86:B?A:(+B:B*+7+7:A1$J$?A+8*1K$4+^
$ 17?:AC$8(1$ *+ 6$ $(C1G$(1;8 *+ 6$ A+B?D+BC$ *+ +BCA-B J 6$
BD'B+(D+8C+61'+A$(1;8*+0:A7:8$B+BCA+B$8C+B(:7:+6(:AC1B:6C1+8+D8
+.+(C:8+/$C1G:+86$7+7:A1$*+(6$A$C1G$
*+BD4+C:BB$8:B[(:7:?D*:
(:7?A:'$A D?1+8 +C $6|z $6 +G$6D$A C$8C: 7+7:A1$ *+(6$A$C1G$ (:7: 8:
*+(6$A$C1G$$61/D$6@D+6$(:8(+8CA$(1;8*+(:AC1B:6i0:A7:8$+BCA+B$8C+j
$8C+BJ*+B?D-B*+D8$C$A+$+BCA+B$8C+[@D++8+BC$18G+BC1/$(1;8+A$D8$
+I?:B1(1;8 +8 ?E'61(:^ :B A+BD6C$*:B 7:BCA$A:8 (:7: 6$ B1CD$(1;8
+BCA+B$8C+ *1B718DJ; +6 A+8*171+8C: *+ 6$ 7+7:A1$ *+(6$A$C1G$[ 8:
$.+(C$8*: $ 6$ 7+7:A1$ 8: *+(6$A$C1G$^ 8 +BC$ 628+$ C$7'1-8 B+ ?D*:
(:7?A:'$A (:7: 6:B 81G+6+B *+ (:AC1B:6 $6C:B (A;81($7+8C+ ?A:G:($8 6$
7D+AC+*+6$B(-6D6$B(+A+'A$6+B*+601?:($7?:[@D++B.D8*$7+8C$6?$A$
6$.:A7$(1;8*+A+(D+A*:B|{^
B (:8:(1*: (:7: 6$ +I?:B1(1;8 (A;81($ $ B1CD$(1:8+B +BCA+B$8C+B[
*DA$8C+ B+7$8$B : 7+B+B[ ?D+*+ ?+A4D*1($A 6$ (:7D81($(1;8 +8CA+ 6$B
8+DA:8$B *+ 6$ A+/1;8 *+6 (+A+'A: (:AA+B?:8*1+8C+ $6 $?A+8*1K$4+ J 6$
7+7:A1$^+A:8:B:6:6$+I?:B1(1;8(A;81($G$$C+8+A+.+(C:B8+/$C1G:B+8
+BC:B ?A:(+B:B[ 'A+G+B ?+A2:*:B *+ +BCA-B i0:A$Bj ?D+*+8 $.+(C$A $ 6$
(:7D81($(1;8 +8CA+ (-6D6$B (+A+'A$6+B +8 %A+$B $B:(1$*$B (:8 +BC$B *:B
$7+7:A1$*+(6$A$C1G$:7+7:A1$+I?62(1C$+BD8:*+6:B*:BC1?:B*+7+7:A1$$6$A/:?6$K:@D+C1+8+
+6B+A0D7$8:^8+66$+BC%818(6D1*:B6:BA+(D+A*:B@D+?D+*+8B+AA+(D?+A$*:B*+.:A7$(:8B(1+8C+?:A
+6BD4+C:[(:7:?D+*+8B+A+G+8C:B:0+(0:B$($+(1*:B^
eyx|e
A^
#
eyx}e
18.:A7$(1;8^*+7%B[6$+I?:B1(1;8(A;81($$(:8C+IC:B+BCA+B$8C+B$.+(C$
C$7'1-8$6B1BC+7$187D8+*+6:B$6D78:B[0$(1-8*:6:B7%BBDB(+?C1'6+B$
+8.+A7+*$*+BJ$@D+BDB1BC+7$187D81C$A1:B+*+?A17+[6:@D+?D+*+B+A
:A1/+8*+D8(2A(D6:G1(1:B:$($*-71(:]7%B+BCA-B+8+I%7+8+B?A:G:($
7%B +8.+A7+*$*[ 7+8:B B$6D* J ?-A*1*$ *+ (6$B+B[ 6: @D+ 18.6DJ+
8+/$C1G$7+8C+ +8 6$B ($61.1($(1:8+B|^ 6 ?A:.+B:A *+'+A% 'DB($A J (A+$A
+BCA$C+/1$B?$A$@D+6:B$6D78:B?+A(1'$86$(6$B+(:7:D8B1C1:B+/DA:J
(;7:*: J 6$B C$A+$B *+ $?A+8*1K$4+ (:7: $6/: *+B$.1$8C+[ G$61:B: J
(:7?A+8B1'6+^8A+.+A+8(1$$6(617$*+$?A+8*1K$4+B+*+'+A2$8*+B$AA:66$A
B+8C171+8C:B *+ $(+?C$(1;8[ (:7:*1*$* J :A*+8 $ CA$G-B *+ +BCA$C+/1$B
(:7:]+BC$'6+(+AA+6$(1;8(:8($*$$6D78:[B+A4DBC:J?:B1C1G:[A+B?:8*+A
*+ .:A7$ ?:B1C1G$ $ ?A+/D8C$B .$66$*$B : $ *1.1(D6C$*+B +8 6$B C$A+$B[
?:C+8(1$A +6 CA$'$4: (:6$':A$C1G:[ +8B+9$8*: +BCA$C+/1$B $6 $6D78: ?$A$
/$8$A6$$?A:'$(1;8*+6:B(:7?$9+A:B[?+A71C1A@D+6:B$6D78:B.14+8BDB
+BC%8*$A+B*+(:7:*1*$*J:A*+8[(:7D81($A6$B8:A7$AJ?A:(+*171+8C:B[
+BC$'6+(+A (:6$':A$C1G$7+8C+ 6$B A+/6$B[ 7$8C+81-8*:B+ $C+8C: $
$7+8$K$BJ7$6:BCA$C:B*+6:B$6D78:BC:7$8*:7+*1*$B187+*1$C$B?$A$
*+C+8+A6:B+8(D$8C:$?$A+K($8^*+7%B[.A+8C+$6$C$A+$*+$?A+8*1K$4+
*+8D+BCA:$6D78:*+B$AA:66$A2$7:B6$?+A(+?(1;8*+6G$6:A*+6$C$A+$[6$
(:8.1$8K$ +8 BDB 0$'161*$*+B ?$A$ (D7?61A (:8 6$ C$A+$ J 6$ (6$A1*$* J 6$
(:7?A+8B1;8$CA$G-B*++BCA$C+/1$B(:7:]*1G1*1A6$BC$A+$B(:7?6+4$B+8
?+@D+9:B ?$B:B[ 1*+8C1.1($A J (:7D81($A 6$B (:8*D(C$B @D+ B+ +B?+A$
*DA$8C+ J *+B?D-B *+ (:7?6+C$A 6$ C$A+$[ ?A:?:A(1:8$8*:
A+CA:$617+8C$(1:8+B?:B1C1G$B[+8B+9$8*:$6$6D78:(:8*D(C$B*+*1%6:/:
?:B1C1G:(:8+671B7:[$B2(:7:?1*1+8*:$6:B$6D78:B@D+(A++8C$A+$B
A+6$(1:8$*$B(:8BDB18C+A+B+BJ7+C$B|^
CA: .$(C:A 17?:AC$8C+[ J 7%B 0:J +8 *2$ (:8 6$ *+B/A$(1$*$
?A:61.+A$(1;8*+($B:B*+";@+2)[+B6$18.6D+8(1$@D+C1+8+6$?:B1(1;8B:(1$6
*+6 $6D78: +8 +6 (:8C+IC: B:(1$6 *:8*+ B+ *+B$AA:66$^ $B A+6$(1:8+B *+
*:718$(1;8:BD71B1;8:BD':A*18$(1;8G$8$C+8+AD8+.+(C:*1A+(C:+86$
$A@D1C+(CDA$ 8+DA:8$6 *+6 BD4+C:[ J$ @D+ B+ 0$ ?:*1*: (:7?A:'$A +8
6$':A$C:A1:(:7:6:B$817$6+BBD':A*18$*:B?A+B+8C$8D87+8:A8E7+A:
*+ *+8*A1C$B J 7%B (:AC$B[ J 6:B $817$6+B *:718$8C+B 7$J:A 8E7+A: *+
*+8*A1C$B J 7%B 6$A/$B^ BC$ 71B7$ *1.+A+8(1$ B+ ?D+*+ :'B+AG$A (:8
8+DA:8$BB:7+C1*$B$(:8C+IC:B+BCA+B$8C+BJ$(:8C+IC:B8:+BCA+B$8C+B
A+B?+(C1G$7+8C+^ BC$ +G1*+8(1$ ?:8+ *+ 7$81.1+BC: 6$ 17?:AC$8(1$ *+
G$A1$A+661*+A$K/:+86:B/AD?:B*+6$(6$B+|J6$17?:AC$8(1$*+6:BB1BC+7$B
*+$?A+8*1K$4+(:6$':A$C1G:BJ(::?+A$C1G:B^8+6$?A+8*1K$4+(::?+A$C1G:
B+A+$6K$+6$?A+8*1K$4+@D+B+*$+8CA+$6D78:B[B+*$:?:ACD81*$*$6:B
$6D78:B*++8B+9$AJ$?A+8*+A+8(::?+A$(1;8[6$18BCAD((1;88:B;6:G1+8+
eyx~e
A^
#
*+?$AC+*+6?A:.+B:A[B18:@D+A+($++8+66:B(:7:?$AC1(1?$8C+B$(C1G:B+8
+6 ?A:(+B:^ 6 $6D78: $6 B+A ?$AC+ *+ D8 /AD?: *+6 (D$6 *+?+8*+ BD
*+B+7?+9:[$B+/DA$A%@D+6:B:CA:B18C+/A$8C+B*+6/AD?:C$7'1-8C+8/$8
D8 'D+8 *+B+7?+9:^ BC+ C1?: *+ $?A+8*1K$4+ A+($+ +8 D8$ 18BCAD((1;8
(:7?$AC1*$[B:86:B?A:?1:B$6D78:B6:B@D+4D/$A%8A:6+B(:7:$JD*$8C+B
: CDC:A+B^ BC+ +8.:@D+ ($7'1$ +6 $8C1/D: A:6 *+6 ?A:.+B:A *+ +8CA+/$
*1A+(C$ *+ 18BCAD((1;8 $ D8 ?A:.+B:A $B+B:A *+ /AD?:B *+ CA$'$4:
(::?+A$C1G: J -6 +B A+B?:8B$'6+ *+ (A+$A 6$B +BCAD(CDA$B @D+ 66+G$A%8 $6
$?A+8*1K$4+(::?+A$C1G:^8+6$?A+8*1K$4+(:6$':A$C1G:8:B(+8CA$7:B+8
6$18C+A$((1;8J$?:AC+*+6:B18C+/A$8C+B*+D8/AD?:+86$(:8BCAD((1;8*+6
(:8:(171+8C:[+BD8$?A+8*1K$4+@D+B+6:/A$(:86$?$AC1(1?$(1;8*+?$AC+B
@D+ .:A7$8 D8 C:*:^ 6 $?A+8*1K$4+ (:6$':A$C1G: +B D8 B1BC+7$ *+
18C+A$((1:8+B(D1*$*:B$7+8C+*1B+9$*:@D+:A/$81K$+18*D(+6$18.6D+8(1$
A+(2?A:($+8CA+6:B18C+/A$8C+B*+D8+@D1?:^+*+B$AA:66$$CA$G-B*+D8
?A:(+B:/A$*D$6+8+6@D+($*$71+7'A:JC:*:BB+B1+8C+87DCD$7+8C+
(:7?A:7+C1*:B (:8 +6 $?A+8*1K$4+ *+ 6:B *+7%B /+8+A$8*: D8$
18C+A*+?+8*+8(1$ ?:B1C1G$ @D+ 8: 17?61@D+ (:7?+C1C1G1*$*^ BC:B 8D+G:B
7:*+6:B *:(+8C+B ?A+B+8C$8 G+8C$4$B *+8CA: *+6 $D6$ J$ @D+ +BC17D6$8
0$'161*$*+B ?+AB:8$6+B[ *1B718DJ+8 6:B B+8C171+8C:B *+ $1B6$71+8C:[
.$G:A+(+8 B+8C171+8C:B *+ $DC:+.1(1+8(1$[ +*D($8 +8 G$6:A+B *+
(::?+A$(1;8[ B:61*$A1*$* J /+8+A:B1*$*[ ?A:7D+G+8 6$B A+6$(1:8+B +8CA+
+BCD*1$8C+B[ *+B$AA:66$8 0$'161*$*+B 18C+A?+AB:8$6+B J +BCA$C+/1$B ?$A$
A+B:6G+A(:8.61(C:B$61/D$6@D+6$C:6+A$8(1$[A+B?+C:[.6+I1'161*$*J$?+ACDA$
0$(1$6:B*+7%B}w^
6 +.+(C: *+6 +BCA-B ?$A+(+A2$ $.+(C$A +6 A$8/: .1B1:6;/1(: *+ 6$
?6$BC1(1*$* B18%?C1($ *+ 7$8+A$ @D+ .$G:A+(+A2$ +6 *+B$AA:66: *+ 6$
*+?A+B1;8B:'A+6$+BC17D6$(1;8B18%?C1($+8+601?:($7?:^BC:B+.+(C:B
8: B:8 ?+A7$8+8C+B[ B18: @D+ 6$ 7:*D6$(1;8 *+6 .D8(1:8$71+8C: *+6
01?:($7?:?:A+6+BCA-B17?61($A2$D8?A:(+B:*18%71(:(:8C18D:'$4:6$
18.6D+8(1$?+A7$8+8C+*+6$?+A(+?(1;8@D+B+C1+8+*+6+8C:A8:^8+BC+
?A:(+B: 6$ $72/*$6$ *+B+7?+9$ D8 ?$?+6 17?:AC$8C+[ B1+8*: D8 8E(6+:
.D8*$7+8C$6?$A$+6$?A+8*1K$4++7:(1:8$6J?$A$6$7$81.+BC$(1;8*+6:B
+.+(C:B A+6$(1:8$*:B (:8 +6 +BCA-B C$8C: $ 81G+6 (:8*D(CD$6 (:7: +8 +6
.D8(1:8$71+8C: *+6 01?:($7?:^ $ 1801'1(1;8 *+ 6$ $72/*$6$ '6:@D+$ +6
+.+(C:7:*D6$*:A*+*A:/$BB:'A+6$7+7:A1$*+?+8*1+8C+*+601?:($7?:
J *+C+A1:A$ 6$ ?:C+8(1$(1;8 *+ B18$?B1B $ 6$A/: ?6$K:^ $ $72/*$6$ +BC%
(:8+(C$*$C$8C:*1A+(C$7+8C+(:7:18*1A+(C$7+8C+(:8*1G+AB$BA+/1:8+B
*+601?:($7?:[J($*$G+K+B7%B$(+?C$*:@D+?$A$6$+I?A+B1;8(:7?6+C$
*+6:B+.+(C:B*+6+BCA-B+8+601?:($7?:B+?A+(1B$*+6$(:$(C1G$(1;8*+6$
$72/*$6$ J +6 01?:($7?:^ :B +.+(C:B 6:($6+B *+ 6:B 8+DA:7:*D6$*:A+B
eyxe
eyxe
A^
#
$A1$'6+BA+6$(1:8$*$B(:8+6(:8C+IC:*+6BD4+C:@D+G$8$C+8+AD8$18.6D+8(1$+86$($A$(C+A1K$(1;8
J7$81.+BC$(1;8*+BD7$C+A1$6'1:6;/1(:*+:A1/+8.16:/+8-C1(:^
eyywe
|^ 17718B[
^ J $61BK+A[ ^ iywwyj^ B?+(CB :. 8DAB+ +*D($C1:8 ?A:/A$77+B C0$C
.A+@D+8C6J ($DB+ BCA+BB C: 8DAB18/ BCD*+8CBf.$(Ce.18*18/ B$7?6+ BDAG+J^ ;89&
%;#4%@IYYizj[ywzeyxx^
}^$CC0+HB[^[:A8[^J6+8*:8[^
^ixxj^+AB:8$61CJ(:AA+6$C+B:.*A1G+ABCA+BB^
&89420+:@2%2%+=+%;0+((&8&2#&9IXYi}j[|z|e|{^
~^ #+1+A[ ^ ix{j^ :A56:$* $8* ?BJ(0:?0JB1:6:/1($6 BCA+BB A+$(C1:8B 18 $1A CA$..1(
(:8CA:66+AB^8)4241+#9IZ^izj[|y|e|z^
^ :B(:+[ ^^ ixyj BB+BB18/ ?16:C H:A56:$*^ 0J 7+$BDA+ 0+$AC A$C+[ $8*
A+B?1A$C1:8Y+409@#*40IZ[iyj[y|ey~^
^$A+[^^[ +C0+A+66[^^J71C0[^^iywxzj^C$C+$8I1+CJ$8*(:AC1B:6A+$(C1G1CJ
C:B5J*1G18/188:G1(+G+ABDB+I?+A1+8(+*B5J*1G+AB^*@9+40&*=IXX_I{we{{^
xw^":8+618$B[^^[$A5B[^^[:+8[^^[:A/+8B:8[^J+8*:K$[^^iywxxj^0+
+..+(CB:.?:BCe+8(:*18/BCA+BB:8A+(:/81C1:87+7:AJ]+I$71818/C0+17?$(C:.
B5J*1G18/18J:D8/7+8$8*H:7+8^:8&99IX[iyj[xz}ex{{^
xx^ :H$6(KJ5[ ^[ DA$[ ^ J 1+(H1+AK[ ^ iywxyj^ 8I1+CJ $BB:(1$C+* H1C0 ?$A$(0DC+
4D7?18/^40&8/;8&/89/+IZZix{j[~exww^
xy^:C0[ ^^[A+1G15[^[>A/+8B+8[^^J:.7$88[^ix}j^(C1G$C1:8188:G1(+$8*
+I?+AC?$A$(0DC1BCBH016+4D7?18/^9@#*46*@9+404)@IZZixj[}ze~y^
xz^+J+A[^^[++["^[=CC/+A[^[+:8'$(0+A[^[661B:8[^^J01AC(61..[^^iywx|j^
I?+A1+8(+[(:AC1B:6A+$(C1G1CJ[$8*C0+(::A*18$C1:8:.+7:C1:8$6A+B?:8B+BC:
B5J*1G18/^ 842:;1&;849#+I`[xz^
x{^18/[
^[+18A1(0[^^[C+?0+8B:8[^^J?1+6'+A/+A[^^ix~}j^818G+BC1/$C1:8
:. C0+ ($DB$6 18.6D+8(+ :. CA$1C $8* BC$C+ $8I1+CJ :8 $($*+71( $(01+G+7+8C^
%;#9@#*40I]_izj[zzw^
x|^$K$ADB[^^J
:657$8[^ix{j^:8&99I668+90I2%#46+2)L+H":A5]?A18/+A
A+BB^
x}^ 1B(0+6[ ^ ix~~j^ 0+ 18C+A$(C1:8 :. ?+AB:8 $8* B1CD$C1:8^ ^ $/8DBB:8 J ^^
8*6+A i*B^j[ &89420+:@ : :*& #849984%9K #;88&2: +99;&9 +2 +2:&8#:+420
69@#*404)@i??^zzzez|yjL166B*$6+[]$HA+8(+A6'$D7BB:(1$C+B^
x~^8*6+A[^^ix~~j^*&840&4(6&8942Q"@Q9+:;:+42+2:&8#:+429+26&89420+:@:*&48@L
+H":A5]?A18/+A^
x^$0$8$[^^ixyj^(:8/AD+8(+7:*+6:.?+AB:8e+8G1A:87+8C18C+A$(C1:8^8^
$HC:8[^^ 18*6+JJ^^J+ACBi*B^j[)+2)2%:*&&2=+8421&2:K:*&48&:+#0
6684#*&9i??^~exyxj^+H":A5]?A18/+A^
eyyxe
A^
#
x^ +$(:(5[ ^^[ :8/[ ^^ J +5+A ^ ixzj^ +6$C1:8B '+CH++8 $??A$1B$6B $8*
(:?18/ B(0+7$B] D??:AC .:A C0+ (:8/AD+8(+ 7:*+6^ 2%+2 4;820 4(
&*=+4;80#+&2#&P&=;%+&22&%&99#+&2#&9%;#41648:&1&2:IY\ixj[}{^
yw^1/D+6:'$6[^^J$8:e18*+6[^ix}j^2;0%&02=&2:8+4%&+:;#+42&9@
&96;&9:9%&29+&%%Q^$*A1*]^
yx^/61:C1[^^[+B$A1[^[:7$81[^JA/+B1^iywwj^(C1:8$8C1(1?$C1:8$8*7:C:A
A+B:8$8(+18+61C+'$B5+C'$66?6$J+AB^:&;849#+IXXij[xxwexxx}^
yy^(:CC[^^[+A/+8[^^[+/+[^^[$J(:(5[^[+B.$J[^^[$6+8C18+[^^[+C$6^
iywwwj^$?$A:B(:?1(CA$1818/:8'+8(07:*+6B]'+CC+A$8*7:A+(:BC+..+(C1G+
C0$8:?+A$C18/A::7+I?+A1+8(+Y1400;8)IX`Xizj[y~yeyz^
yz^+(+8$["^[+J+[^[:8K+67$88[^[A$BB0:..[^[$B(05+[^[+18CK[^[+C$6^
iywxzj^ A+*1(C1G+ G$61*1CJ :. $ B+6+(C1:8 ?A:(+*DA+ .:A $1A CA$..1( (:8CA:66+A
CA$18++B^=+:*@9+40660;1 #:489IZ[xey~^
y{^ H$88[ ^[ ++/$8[ [[[ 1//:CC[ ^ J ADBC[ ^ iywxyj^ BJBC+7$C1( A+G1+H :. C0+
+I?+A1+8(+[:((DAA+8(+[$8*(:8CA:66$'161CJ:..6:HBC$C+B18+61C+B?:AC^9@#*40
648:?&8#IXZi}j[w~ex^
y|^ 6+7+8C+eD$A+K[ ^^ J :'6+Be-A+K[ ^^ iywx|j^ (DC+ +..+(CB :. ($..+18+
BD??6+7+8C$C1:8 :8 (:AC1($6 $A:DB$6[ $8I1+CJ[ ?0JB1:6:/1($6 A+B?:8B+ $8*
7$A5B7$8B01?18(6:B+@D$AC+A(:7'$C^8)4241+#9I\_ixxj[x{yex|w^
y}^ 6+7+8C+eD$A+K[ ^^ J :'6+Be+A+K[ ^^ iywxzj^ +(0$81($6[ ?0JB1($6[ $8*
?0JB1:6:/1($6$8$6JB1B:.BJ77+CA1($6$8*$BJ77+CA1($6(:7'$C^:8&2):*42%
&9IY^ij[y{ywey{y}^
y~^ 6+7+8C+eD%A+K[ ^^ J :'6+Be-A+K[ ^^ iywxyj^ +B?D+BC$ :A/%81($ +8 D8$
B17D6$(1;8*+(:7'$C+^2+%%1+0+:8I]_iyj[~exww^
y^6+7+8C+eD%A+K[^^J:'6+Be-A+K[^^iywxyj^9@#*4Q6*@9+404)+#08&96429&+2
%+(&8&2: #41": 9+:;:+429L $$A'AF(5+8^ +DCB(06$8*^ *1C:A1$6 ($*-71($
B?$9:6$^
y^ 6+7+8C+eD%A+K[ ^^ J -A+Ke:'6+B[ ^^ iywxyj^ 8%61B1B *+ 6:B 7$A($*:A+B
.1B1:6;/1(:B[$(C1G$(1;8(:AC1($6J7$81.+BC$(1:8+B*+6$.D+AK$+8D8$B1CD$(1;8
B17D6$*$*+(:7'$C+^8#*&%&648:&IZ`ix{j[}we}}^
zw^++(+$[^[$AC+A[^^J*$7$8C1*1B[^iywxyj^01818/61/0C:8H$5+.D68+BB$8*
$A:DB$6^+409@#*+:8@I^Xixyj[xw{}exw|y^
zx^6+7+8C+eD%A+K[^^[$7:B$7?:[^J:8K$6+Ke$G-[^^iywxxj^:*1.1($C1:8B
C:':*J(:7?:B1C1:8$.C+AAD8818/$8$6?18+7$A$C0:8^2:&82:+420648:&%
4;820IXYizj[xzzex{w^
eyyye
eyyze
A^
#
{}^+6(0[^^[:B+8.1+6*[^[++[^J$1[^iywxyj^7:C1:8$6A+$(C1G1CJC:$B18/6+
180$6$C1:8 :. z| ($A':8 *1:I1*+ $8* 1CB $BB:(1$C1:8 H1C0 6$C+A BJ7?C:7B :.
?:BCCA$D7$C1(BCA+BB*1B:A*+A$8*$8I1+CJ18B:6*1+AB*+?6:J+*C:
A$@^8#*
&2
9@#*+:8@I]`ixxj[xx}xexx}^
{~^ $G+A81+AB[ ^[ $8 DJBB+G+6*C[ ^[ 7++CB[ ^ J G:8 AD7'5:H[ ^ iywxwj^ 1/0e
18C+8B1CJBCA+BB+61(1CBA:'DBC(:AC1B:618(A+$B+B[$8*17?$1ABH:A518/7+7:AJ$8*
G1BD:eB?$C1$6 *+(6$A$C1G+ 7+7:AJ 18 ?+(1$6
:A(+B ($8*1*$C+B] .1+6*
+I?+A17+8C^:8&99K*&2:&82:+4204;82042:*&+404)@4(:8&99IXZi{j[zy{e
zz{^
{^ $66+/: +C $6 iywx{j^ (&#:49 %&0 &9:8'9 %& #41":& &2 0 1&148+ 46&8:+= %&0
#41":+&2:&L 94 %& &9:;%+4^ M :8/A+B: $(1:8$6 *+ 8.+A7+A1$ *+ 6$
+.+8B$^
{^ A+78+A[ ^^ iyww|j^ ..+(CB :. CA$D7$C1( BCA+BB :8 'A$18 BCAD(CDA+ $8* .D8(C1:8]
A+6+G$8(+C:+$A6JA+B?:8B+BC:CA$D7$^4;8204(:8;1V%+994#+:+42I]iyj[
|xe}^
|w^ J8(0[ ^^[ +88+*J[ ^^ J #1667+A[ ^^ iywxyj^ +0+:8@ 69@#*404)@K 0+2+#0 2%
46&8:+420660+#:+429L+H":A5]D16.:A*A+BB^
|x^6+1C7$8[^[
A1*6D8*[^J+1B'+A/[^iyww{j^9@#*404)@S]B&%TL+H":A5] ^ ^
:AC:8o:7?$8J^
|y^1(5+AB:8[^^J+7+8J[^^iyww{j^(D+C+BCA+BB:AB$8*(:AC1B:6A+B?:8B+B]
C0+:A+C1($6 18C+/A$C1:8 $8* BJ8C0+B1B :. 6$':A$C:AJ A+B+$A(0^ 9@#*404)+#0
;00&:+2IXZWizj[z||ezx^
|z^D?1+8[^[$D*A+$D[^[(01C+J$[^[$0+D[
^[0$A7$[^[$1A[+C$6^ix~j^
CA+BBe18*D(+* *+(6$A$C1G+ 7+7:AJ 17?$1A7+8C 18 0+$6C0J +6*+A6J BD'4+(CB]
+6$C1:8B01? C: (:AC1B:6 A+$(C1G1CJ x^ *& 4;820 4( 0+2+#0 2%4#8+2404)@ V
&:"40+91I_Yi~j[yw~weyw~|^
|{^18(+8C[^ixj^+404),%&0969+42&9^$A(+6:8$]8$/A$7$^
||^$A$7[^iywwj^*48:Q:&819:8&99#2((&#:0&82+2)2%1&148@L+(D?+A$*:*+
+CA1+G+* .A:7 0CC?]dd
HHH^B(1+8(+*$16J^(:7dA+6+$B+BdYWW_dwzdwwzxxxy{z{^0C7
|}^ +*18$[ ^ iywxxj^ 8+2 ;0&9K XY 8+2#+60&9 (48 ;8=+=+2) 2% *8+=+2) : 48/I
41&I2%#*440L7$K:8^
|~^$KK$81/$[^^ixj^+2%1::&89K4>1+2%2%"8+2+2:&8#::4#8&:&4;8
#429#+4;90+=&9L:BC:8]:D/0C:81..618^
|^+8B+8[^J166$6'$[^iywwzj^&8&"84@68&2%+A.&K#416&:&2#+9&+160+##+42&9
&%;#:+=9L$*A1*]$A(+$^
eyy{e
|^ $AA+A$[ ^ J $6+8(1$[ ^ iywwj^ 9:8:&)+9 %& 12&.4 #42%;#:;0 &2 ;0L
+(D?+A$*: *+ 0CC?B]ddHHH^:A1+8C$(1:8$8*D4$A^+BdH?e
(:8C+8CdD?6:$*Bdywx|dwd
ee
ee
zzeeeee^?*.
}w^$A(2$[^^^[$6*1G1$[^^J:8K;8[^^iywx{j^87:*+6::8C:6;/1(:?$A$+6
$?A+8*1K$4+(:6$':A$C1G:+86$+*D($(1;818C+A$(C1G$$*1BC$8(1$^%;#&8&IX_i}xj[
{{e{}w^
}x^(H+8[^^iywwwj^..+(CB:.$*G+AB++I?+A1+8(+B.:A'A$18BCAD(CDA+$8*.D8(C1:8^
+409@#*+:8@I[_ij[~yxe~zx^
}y^17[^^J"::8[^^ixj^CA+BB]7+C$?6$BC1(+..+(CB18C0+01??:($7?DB^8&2%9
&;849#+IYXixyj[|w|e|w^
}z^+''[^^iyww|j^*&48)2+A:+424("&*=+48K2&;8469@#*404)+#0:*&48@^+H
":A5]:08 16+J^
}{^ :DCCB[ ^^[ $66$(+[ ^^ J 6$CC+AJ[ ^^ iyww~j^ :81C:A18/ (0$8/+B 18
?+A.:A7$8(+[?0JB1:6:/J['1:(0+71BCAJ[$8*?BJ(0:6:/J*DA18/:G+AA+$(018/$8*
A+(:G+AJ18CA1$C06+C+B^2:648:9&%IY_iyj[xy|exz{^
}|^:I[^^[$AC+8B[^^JDBB+66[ ^^iywwzj^+$BDA18/$8I1+CJ18$C06+C1(B]0+
A+G1B+* (:7?+C1C1G+ BC$C+ $8I1+CJ 18G+8C:AJey^ 4;820 4( 648: 2% ?&8#+9&
9@#*404)@IY\i{j[|xe|zz^
}}^ +H(:7+A[ ^ ^[ A$.C[ ^[ +AB0+J[ ^[ B518B[ ^ J $A*/+CC[ ^^ ix{j^
6D(:(:AC1(:1*e18*D(+*17?$1A7+8C18*+(6$A$C1G+7+7:AJ?+A.:A7$8(+18$*D6C
0D7$8B^&;849#+IX[i{j[yw{~eyw|z^
eyy|e
A^
#
eyy}e
"
b6-I1C:?+A7$8+8C++B$'B:6DC$7+8C+17?+A*:8$'6+c
A:D(0:$AI
6 A+BD6C$*: *+ 6:B *D+6:B +8CA+ A1G$6+B 17?:AC$ J ?A+(1B$7+8C+ ?:A@D+
17?:AC$ 8: B:7:B 6:B 71B7:B $6 .18$61K$A +6 +8(D+8CA: i?$A$ '1+8 : ?$A$
7$6j^$B?+A(+?(1:8+B@D+@D+*$8+88:B:CA:BB:8$@D+66$B@D+b1AA1C$8c
8D+BCA$B(:8+I1:8+B8+DA:8$6+BJ6:B0D7$8:BB:7:B$6C$7+8C+B+8B1'6+B
$ 6$ G1(C:A1$ : 6$ *+AA:C$[ $6 ?A+71: : $6 ($BC1/:[ $ 6$ *:718$8(1$ : $ 6$
BD':A*18$(1;8XQY^D$6@D1+AC1?:*+.6D(CD$(1;8+8+67+*1:+IC+A8:C+8*A%
(:7: (:8B+(D+8(1$ 187+*1$C$ D8$ $/1C$(1;8 *+6 7+*1: 18C+A8: iJ
G1(+G+AB$j^ :A BD+AC+[ +8 6$ 7$J:A2$ *+ 6$B :($B1:8+B +BC:B +BC$*:B
+7:(1:8$6+B B:8 7:7+8C%8+:B J 6$ (:8*D(C$ b+61(1C$*$c A+G1+AC+
/A$*D$67+8C++86$B0:A$B?:BC+A1:A+B^+.181A(:8+I$(C1CD*@D-.$(C:A+B
/+8-C1(:B[ $7'1+8C$6+B[ '1:6;/1(:B : 8+DA:?B1(:6;/1(:B B:8 7%B
*+C+A718$8C+B +8 6$B A+B?D+BC$B (:7'$C1G$B B+ $C1B'$ (:7?6+4:^
A:'$'6+7+8C+B+$D8$A+B?D+BC$7D6C1.$(C:A1$6(::A*18$*$?:A(:7?6+4:B
(1A(D1C:B8+DA:8$6+B*+B?6+/$*:B+G:6DC1G$7+8C+?$A$6D(0$AJG+8(+A^+6
71B7: 7:*:[ +I1BC+8 :CA:B (1A(D1C:B 8+DA:8$6+B (DJ: .18 E6C17: B+A%
B:AC+$A6$(:8.A:8C$(1;8J+G1C$A6:B17?$(C:B.2B1(:BJ+7:(1:8$6+B*+D8$
?:B1'6+ *+AA:C$^ 8 (D$6@D1+A ($B:[ 6$ 18.6D+8(1$ @D+ 6$B +BCA$C+/1$B
(:/81C1G$B *+ $.A:8C$71+8C: 18*1G1*D$6 C1+8+8 +8 6$ 7:*D6$(1;8 *+ 6$B
(:8*D(C$B(:7?+C1C1G$B[18(A+7+8C$8:*1B718DJ+86:B(:BC+B*+A1G$*:B*+6
A+BD6C$*:*+6$(:8C1+8*$zQ[^
8(D$6@D1+A($B:[+B17?:AC$8C+B+9$6$A6$+8:A7+18.6D+8(1$@D++6-I1C:
:+6.A$($B:C1+8+B:'A+8D+BCA$(:8*D(C$^:B7+($81B7:B(+A+'A$6+B@D+
G1/:A1K$8+17?D6B$8$6B+A0D7$8:$(:7?+C1AD8:B(:8CA$:CA:B[$A+BD6C$A
$G+AB1G:B?$A$8D+BCA:BA1G$6+B[7:C1G$8$6*+?:AC1BC$$B+A*1B(1?618$*:J
8: +B($C17$A +B.D+AK:B ?$A$ b*:718$Ac $ 6:B *+7%B^ BC:B B1BC+7$B
(+A+'A$6+B*+6$(:7'$C1G1*$*[*+'$B+'1:6;/1($[.D+A:8*1B+9$*:B?:A6$
+G:6D(1;8 ?$A$ /$A$8C1K$A 6$ 6D(0$ ?:A 6$ BD?+AG1G+8(1$ J +6 (:8CA:6 *+6
A+(DAB:^6(+A+'A:e7+8C+B++A1/+(:7:+6/A$87+*1$*:A*+6$B(:8*D(C$B
(:7?+C1C1G$B[J+6*1.+A+8(1$6/$8$8(1$Be?-A*1*$BB+A%6$G$A1$'6+?A18(1?$6$
18CA:*D(1A+86$+(D$(1;8^$B(:7?+C1(1:8+B*+?:AC1G$BC1+8+8A+6+G$8(1$[
eyy~e
A^
##
eyye
"
*+B$4DBC+B *+ ($A%(C+A ?B1(:6;/1(: $ 6$ 0:A$ *+ 18C+A?A+C$A 6:B +BC27D6:B
?A:?1:B+18C+A:(+?C1G:B_QXX^
86$$6C$(:7?+C1(1;8*+?:AC1G$[6$A+B?D+BC$*++BCA-B[+6$.A:8C$71+8C:
$(C1G:*+6*+B$.2:[+6(:BC+?B1(:.1B1:6;/1(:*+6$6D(0$J6$1AA+G+AB1'161*$*
*+6 A+BD6C$*:[ /+8+A$8 D8$ 17?:AC$8C+ ($A/$ +7:(1:8$6^ $ +D.:A1$ *+6
CA1D8.::6$.ADBCA$(1;8?:AD8$B:8$*$*+AA:C$4D/$A$8D817?:AC$8C+?$?+6
+8 6$ ($?$(1*$* *+ $*$?C$(1;8 *+6 *+?:AC1BC$^ :B +BC$*:B +7:(1:8$6+B
+BC%87:*D6$*:B?:AA+(:7?+8B$B:($BC1/:B[J8:*+'+7:B:6G1*$A@D++6
-I1C::+6.A$($B:6:B:8^D$8*:D8*+?:AC1BC$+8CA+8$(:8*DA+K$+8+6
.:8*:+BC%'DB($8*:D8$A+(:7?+8B$+B?+A$*$i'1+8$(:AC:'1+8$7+*1:
?6$K:j[BD:'4+C1G:+B$6($8K$A+6CA1D8.:.18$6^$*$G+K@D++6$C6+C$G+8(+[
18(A+7+8C$ 6$ ?A:'$'161*$* *+ @D+ 6$ (:8*D(C$ 18BCAD7+8C$6 @D+ 6+ 66+G;
0$BC$+66$B+A+?1C$i1^+^+8CA+8$A(:8*DA+K$j^:8+6C1+7?:[+6+BC27D6:
$B:(1$*: $6 A+.:AK$*:A i1^+^ +D.:A1$ ?:A +6 CA1D8.:j 18(A+7+8C$A% ?:A B2
71B7: +6 *+B+: *+ A+?+C1A 6$ (:8*D(C$ 18BCAD7+8C$6 $(CD$8*: (:7: D8
A+.:AK$*:A ?:B1C1G: i1^+^ +8CA+8$A ?A:*D(+ *1A+(C$7+8C+ +6 +BC$*: *+
?6$(+Aj^:A+6(:8CA$A1:[B1+6$C6+C$+8CA+8$*DA:[?+A:6:BA+BD6C$*:B6+B:8
+B@D1G:B[ +6 +BC27D6: $(CD$A% (:7: D8 ($BC1/: *1B718DJ+8*: 6$
?A:'$'161*$* *+ @D+ 6$ (:8*D(C$ 18BCAD7+8C$6 B+ A+?1C$ i1^+^ +8CA+8$A
?A:*D(+ $8/DBC1$[ +BC$*:B *+ %817: 8+/$C1G:B J .ADBCA$(1;8j^ $B
+7:(1:8+B@D+/+8+A$+6+8CA+8$71+8C::6$(:7?+C1(1;8B+(:8G1+AC+8[*+
$6/E87:*:[+8D8$+I(+6+8C+bG$6:A$(1;8'1:7-*1($c*+6A+8*171+8C:*+6
*+?:AC1BC$^18+7'$A/:[6:B+8CA+8$*:A+B?A+/D8C$7:B.A+(D+8C+7+8C+$
8D+BCA:B $C6+C$B] bZ(D%8C$B ?D6B$(1:8+B C1+8+BYc^ +A: 7DJ ?:($B G+(+B
?A+/D8C$7:B]bZ(D%6+BB:8CDBB+8B$(1:8+B$6.18$61K$A+6+8CA+8$71+8C:*+
0:JYc
+B*+ D8 ?D8C: *+ G1BC$ ?B1(:'1:6;/1(:[ G$A1:B +BCD*1:B (:8 $817$6+B J
0D7$8:BBD/1+A+86$+I1BC+8(1$*+D8bB1BC+7$(+A+'A$6*+6$A+(:7?+8B$c
@D+A+/D6$6:BA+.D+AK:BB+8B:A1$6+B[+7:(1:8$6+BJ0:7+:BC%C1(:B[J@D+
+BC%A+?A+B+8C$*:?:A+6B1BC+7$7+B:627'1(:*:?$718-A/1(:XYQXZ^+8CA:
*++BC$b(1A(D1C+A2$c8+DA:8$6*+BC$($+68E(6+:$((D7'+8Bi1^+^b@D+J$(+
B:'A+ +6 B+?CD7cj (:7: D8$ *+ 6$B +BCAD(CDA$B ?A18(1?$6+B *+6 B1BC+7$
627'1(:17?61($*$B+8+6$?A+8*1K$4+[6$7+7:A1$[6$B+7:(1:8+B*+71+*:
J+6+BCA-B^$B(:8+I1:8+B+.+A+8C+B*+68E(6+:$((D7'+8BB:86$$72/*$6$[
6$B8+DA:8$B*:?$718-A/1($BJ(;AC+I?A+.A:8C$6[C:*$B+66$B17?61($*$B(:8
7$J:A:7+8:A18C+8B1*$*+86$C:7$*+*+(1B1:8+B^681G+6*+$(C1G1*$*
*+ 6$ (:AC+K$ ?A+.A:8C$6 +B 7DJ G$A1$'6+ *+ D8: $ :CA: 18*1G1*D: J +BC%
G18(D6$*$ $ 6$B .D8(1:8+B +4+(DC1G$B i1^+^ 0$'161*$*+B *+ $8C1(1?$(1;8 J
+BC$'6+(171+8C:*+7+C$BjJB+D'1($.A+8C+$6$B%A+$B7:C:A$J?A+7:C:A$
eyye
A^
##
*+6(+A+'A:^$B8+DA:8$B*:?$718-A/1($Bi(:7:BD?A:?1:8:7'A+18*1($j
/+BC1:8$86$?A:*D((1;8*+*:?$718$4D/$8*:D8?$?+6BD'BC$8(1$6+86$
7:C1G$(1;8 i+C17:6;/1($7+8C+ ?A:(+*+ *+6 6$C28 14:+=;9[ @D+ B1/81.1($
b7:G+AB+0$(1$c[J*+6BD.14:b(1;8c@D+18*1($$((1;8^:*A2$B+A*+.181*:
(:7:] b$((1;8 *+ 7:G+AB+ 0$(1$cj^ 8 $C6+C$ 7:C1G$*: /D1$A% BD ?A:?1$
$(C1G1*$*7:C:A$J*+B$AA:66$A%+6+B.D+AK:.2B1(:8+(+B$A1:?$A$$6($8K$A
BDB7+C$Bi+^1^$?A+8*1K$4+18BCAD7+8C$6j^:AE6C17:[6$$72/*$6$18C+AG1+8+
8:C$'6+7+8C++86$C:7$*+*+(1B1:8+B$AA1+B/$*$B[(:*1.1($8*:6$BB+9$6+B
+7:(1:8$6+B J $B:(1%8*:6$B $ 6:B +BC27D6:B *+6 (:8C+IC: +8 @D+ B+
b+61(1C$8c^
8 BD (:84D8C:[ 6$B 8+DA:8$B *:?$718-A/1($B[ 6$ $72/*$6$ J +6 (;AC+I
?A+.A:8C$6?$AC1(1?$8$(C1G$7+8C++8?A:(+B:B$*$?C$C1G:B@D+A+@D1+A+8
$(C1G1*$*[ 7:C1G$(1;8 J .D8(1:8+B (:/81C1G$B : A+B?D+BC$B +7:(1:8$6+B
(:7?6+4$B^D(0:B$C6+C$B0$8?+A(1'1*:+BC$*:B*++D.:A1$CA$B.18$61K$A
($AA+A$B *+ 6$A/$ *1BC$8(1$ iBD?+A1:A+B $ y| 57j^ :B +BC$*:B $.+(C1G:B
?:B1C1G:B +BC%8 7:*D6$*:B ?:A +6 +.+(C: @D+ $6/D8:B 7+($81B7:B *+
8+DA:CA$8B71B1;8:?1:*-A/1($C1+8+8B:'A+*1.+A+8C+B%A+$B(+A+'A$6+B^8
+BC+B+8C1*:[?:*A2$7:BBD/+A1A6$+I1BC+8(1$*+D8$A+6$(1;8*1A+(C$+8CA+
6$+D.:A1$?+A(1'1*$?:A+6(:AA+*:AJ6$+BC17D6$(1;8*+6B1BC+7$627'1(:[6:
@D+A+*D8*$A2$+86$+I1BC+8(1$*+D8$+BCA+(0$A+6$(1;8+8CA+6$$(C1G1*$*
*+$6/D8$B+BCAD(CDA$B(+A+'A$6+BJ6$7:C1G$(1;8*+?:*+AC$7'1-8+8+6
%7'1C:*+6*+?:AC+X[^
$8C+6+17:855+5$51BX\[A:.+B:A*+6+?$AC$7+8C:*+18+B1:6:/2$*+6$
81G+AB1*$* *+
6618:1B[ 0$ *+BC18$*: /A$8 ?$AC+ *+ BDB 18G+BC1/$(1:8+B $
+I$718$A 6$B A+B?D+BC$B $.+(C1G$B @D+ $(:7?$9$8 $ 6$ 18C+8B1*$* *+6
+4+A(1(1:^ I1BC+8 G$6+8(1$B $.+(C1G$B i+^/^ $/A$*:e*+B$/A$*:j 7DJ
7:*D6$*$B?:A+681G+6*+$(C1G$(1;87+C$';61(:^861/+A:18(A+7+8C:*+
6$$(C1G1*$*7+C$';61($?A:*D(+[+86$7$J:A2$*+8:B:CA:B[($7'1:B+86$
G$6+8(1$ $.+(C1G$ ($A$(C+A1K$*:B ?:A B+8B$(1;8 *+ .+61(1*$*[ $/A$*: J
'1+8+BC$A /+8+A$6^ 18 +7'$A/:[ B+/E8 +6+G$7:B 6$ 18C+8B1*$* J 8:B
$(+A($7:B $ 6$ CA$8B1(1;8 +8CA+ 7+C$':61B7: $+A;'1(: J $8$+A;'1(: 6$B
B+8B$(1:8+B +7?1+K$8 $ B+A 7+8:B ?6$(+8C+A$B[ ?A+BD71'6+7+8C+ ?:A 6$
C+8B1;8 7DB(D6$A J 6$ ?+A(+?(1;8 .1B1:6;/1($ *+ +B.D+AK:^ 18C+8B1*$*+B
?A:/A+B1G$B J $B(+8*+8C+B *+ +4+A(1(1: .2B1(: 6$ G$6+8(1$ $.+(C1G$ B+A%
0+C+A:/-8+$ J (:8 D8 17?:AC$8C+ (:7?:8+8C+ (:/81C1G: i1^+^
?A:?:A(1:8$A%?6$(+A$D8:BJ*1B?6$(+A$:CA:Bj^8$G+KB:'A+?$B$*:+6
D7'A$6 $8$+A;'1(:[ 6$ B+8B$(1;8 *+ *1B?6$(+A +B 0:7:/-8+$ J +6
(:7?:8+8C+ (:/81C1G: 4D+/$ D8 ?$?+6 B+(D8*$A1: $ .$G:A *+ 6:B .$(C:A+B
18C+A:(+?C1G:B[ 6171C$8*: 6$ 18C+8B1*$* *+6 +B.D+AK: : 7:C1G$8*: BD
eyzwe
"
.18$61K$(1;8iC$'6$xj^86:B718DC:B*+A+(D?+A$(1;8CA$BD8+4+A(1(1:*+
18C+8B1*$* 7%I17$[ 6$ G$6+8(1$ $.+(C1G$ A+C:7$ J BD?+A$ 6:B G$6:A+B
$8C+A1:A+B$6181(1:*+6$$(C1G1*$*^$A$+6A^55+5$51B[/A$8?$AC+*+6$
G$A1$8K$ *+ 6$ G$A1$'6+ *+?+8*1+8C+ b$'$8*:8: *+ 6$ $(C1G1*$* .2B1($c +8
?+AB:8$B:'+B$B?:*A2$7DJ'1+8+I?61($AB+?:A+617?$(C:@D++6+B.D+AK:
.2B1(:C1+8+B:'A++BC$*:B$.+(C1G:BJ+7:(1:8$6+B+8+BC$?:'6$(1;8X]^
$'6$ xL 0&2#+ (&#:+= %;82:& 0 #:+=+%% (,9+# S%6:%4 %&
//&//+9&:0LX\TL
!
$
!
"
!
$ $
"
%
&
! !
!
!
!
!
BC:B7+($81B7:B+7:(1:8$6+BB:8[+8+6.:8*:[?A:C+(C:A+B*+6$G1*$JBD
.D8(1;8?:*A2$B+A*1BD$*1A$6*+?:AC1BC$*+?:8+A+8A1+B/:.A+(D+8C+7+8C+
+6+@D161'A1:18C+A8:^B6;/1(:?+8B$A@D++G1C$A A1+B/:B188+(+B$A1:B8:B
$?A:I17$$6$BD?+AG1G+8(1$(:87$J:A?A:'$'161*$*@D+6$$7+8$K$^18
+7'$A/:[ +6 *+?:AC1BC$ ?A:.+B1:8$6 *+B+$ $B+/DA$A +6 17?$(C:
B:(1:+(:8;71(: *+ BDB 6:/A:B[ D8$ ?+AB?+(C1G$ *:8*+ B+ $BD7+8 (1+AC:B
A1+B/:B ?:*A2$ B+A A+8C$'6+ +8 $6/D8$B :($B1:8+B i+6 *:?$4+ +B D8 (6$A:
+4+7?6: *+ +66:[ $6 1/D$6 @D+ 6: +B +6 B:'A++8CA+8$71+8C:j^ D+BCA$
8$CDA$6+K$ J +B?+(1$6 ?+A.16 ?B1(:.1B1:6;/1(: ?:B++ (1+AC$ ($?$(1*$* ?$A$
$*$?C$AB+ $ ?$CA:8+B *+ +I1/+8(1$ 7%I17:B[ ?+A: $6 71B7: C1+7?: 0$(+
DB:*+($8$6+B+7:(1:8$6+B+.1(1+8C+B?$A$?A+B+AG$A8:B*+BDB(:BC+B^6
$C6+C$ ?D+*+ ?A+B+8C1A @D+ C:7$8*: D8 7$J:A /A$*: *+ A1+B/: :
$(+A(%8*:B+$6$B+9$6*+$6$A7$?+AB:8$6[18(A+7+8C$A%6$?A:'$'161*$**+
17?:8+AB+$BDBA1G$6+B[J$B2+B+86$7$J:A2$*+6:B($B:B^18+7'$A/:[
.A+(D+8C+7+8C+ $6/D8:B *+?:AC1BC$B BD+6+8 0$(+A ($B: :71B: $ +BC$
b7:*D6$(1;8 $.+(C1G$c *+6 A+8*171+8C:[ /+8+A$8*: bC:6+A$8(1$c $
+I?:8+AB+ A1+B/:B 188+(+B$A1:B i+^/^ 6:B $C6+C$B @D+ B+ B:7+C+8 $
18C+8B1*$*+B 7%I17$B 7DJ .A+(D+8C+7+8C+[ B:8 +8CA+ z J ~ G+(+B 7%B
?A:?+8B:B$(1+AC$B($A*1:?$C2$B@D+6$?:'6$(1;8/+8+A$6j^
:B;6:6:B.$(C:A+B.1B1:6;/1(:BB:8*+C+A718$8C+B+8+6A+8*171+8C:*+D8
4D/$*:A *+ +@D1?: : D8 $C6+C$ 18*1G1*D$6^ $ C:7$ *+ *+(1B1:8+B +8 +6
*+?:AC+ +B D8 (:7?6+4: (:8/6:7+A$*: *+ .$(C:A+B C-(81(:B[ C%(C1(:B[
eyzxe
A^
##
eyzye
"
*+8+DA:8$B+B?+(1$61K$*$BCA$B6$*$86$18.:A7$(1;8$68E(6+:$((D7'+8B[
@D+ A+/1BCA$A% 6$ 7$8+A$ *+ A+18(1*1A +8 6$ +I?+A1+8(1$ /A$C1.1($8C+^ :B
+BC27D6:B $G+AB1G:B : *+B$/A$*$'6+B $(C1G$8 /AD?:B *+ 8+DA:8$B @D+
?A:J+(C$8*1(0$18.:A7$(1;80$(1$+68E(6+:(+8CA$6*+6$$72/*$6$^
XMK!
bH514=4@#424#&81+92+=&0&9%&:&9:49:&8429+2+9+7;+&8#+&8:4
%&0&:8&8"+&2&960"8GO
Q44%@00&2Q
86$($?$(1*$**+61*+A$K/:[+618C+A-B?:ABD'1A?+6*$9:B0$(1$?D+BC:B*+
A+B?:8B$'161*$* *+8CA: *+ D8$ +7?A+B$[ 6$ 7:C1G$(1;8 ?+AB:8$6 ?:A
?A+B+8C$AB+ (:7: ($8*1*$C: *+ CD ?$AC1*: ?:62C1(: $ D8$B +6+((1:8+B
/+8+A$6+B:6$B(:8*D(C$B$/A+B1G$B18CA$+B?+(2.1($B[+6G+(C:A7:C1G$*:A*+
:A1/+8'1:6;/1(:7%B?A+B+8C++B6$C+BC:BC+A:8$X_^DB+.+(C:B$8$';61(:B
i+^/^ ($A$(C+A+B B+ID$6+B B+(D8*$A1:B[ *+B$AA:66: *+ 6$ 7$B$ 7DB(D6$A J
*+8B1*$* ;B+$[ G1/:A1K$*:A *+6 :A/$81B7:j B:8 17?:AC$8C+B ?$A$
18(A+7+8C$A6$B+I?+(C$C1G$B*+G1(C:A1$+86$6D(0$?:A6$BD?+AG1G+8(1$+8
/A$8?$AC+*+6$B+B?+(1+B$817$6+B^8+6B+A0D7$8:[6$18.6D+8(1$*++BC$
0:A7:8$B:'A+6$.1B1:6:/2$J6$$(C1G1*$*(+A+'A$6?D+*+:'B+AG$AB+*+B*+
6$ +C$?$ ?A+8$C$6^ :B $8*A;/+8:B B+ .16CA$8 $ CA$G-B *+ 6$ ?6$(+8C$
+BC17D6$8*: 6$ 7$B(D6181K$(1;8 *+6 .+C: i1^+^ +8CA+ 6$B { J } ?A17+A$B
B+7$8$B *+ /+BC$(1;8j^ $7'1-8 *DA$8C+ +6 ?+A1:*: *+ *+B$AA:66:
18CA$DC+A18:[ +6 (+A+'A: .+C$6 B+ G+ 17?A+/8$*: ?:A +BC:B b'$9:B *+
C+BC:BC+A:8$c[ 7:*D6$8*: BDB (-6D6$B 8+AG1:B$B^ + +BC+ 7:*:[ 4D+/$ D8
.$(C:A *+BC$($*: +8 6$ :A1+8C$(1;8 + 1*+8C1*$* B+ID$6 +8 6:B $9:B
?:BC+A1:A+B $6 $6D7'A$71+8C:X`[ +8 6$ ($?$(1*$* *+ $?A+8*1K$4+ *+ 6$B
0$'161*$*+B 7:CA1(+B : +8 6$ :A1+8C$(1;8 +B?$(1$6^ $ +I?:B1(1;8 $ 6$
C+BC:BC+A:8$ ?A+8$C$6 ?D+*+ B+A C$7'1-8 :'B+AG$'6+ +8 6$ +*$* $*D6C$[
DB$8*:(:7:7+*1*$*+(:8CA:6+6(:(1+8C+A+BD6C$8C+*+*1G1*1A6$6:8/1CD*
*+6*+*:28*1(++8CA+6$6:8/1CD**+6*+*:$8D6$A^BC$7+*1*$+B(:8:(1*$
(:7:b$C1:y]{cJ(D$8C:7+8:AB+$+BC+*1.+A+8(1$67$J:A0$'A%B1*:
6$ +I?:B1(1;8 ?A+8$C$6 $ 6$ C+BC:BC+A:8$YWQYX^ BC$B *1.+A+8(1$B B:8
:'B+AG$'6+B$B17?6+G1BC$@D++8+6/-8+A:7$B(D618:*+BC$($6$6:8/1CD*
*+6 *+*: $8D6$A (:8 A+B?+(C: $6 *+*: 28*1(+[ J G1(+G+AB$ +8 +6 /-8+A:
.+7+818:^
:B 7+($81B7:B 8+DA:+8*:(A18:B *+ ?A:*D((1;8 *+ C+BC:BC+A:8$ +BC%8
A+/D6$*:B?A18(1?$67+8C+?:A+6+4+1?:C%6$7:e1CD1C$A1:e:8$*$6ij^
eyzze
A^
##
$ $(C1G$(1;8 *+ +BC+ +4+ *+B+8($*+8$ D8$ b($C$A$C$c 0:A7:8$6 @D+ B+
181(1$(:8+6G+AC1*:*+/:8$*:CA:?18$$6C:AA+8C+B$8/D28+:i8j*+B*+
+6 01?:C%6$7:^ BC$ 0:A7:8$ $6($8K$A% 6$ ?1CD1C$A1$ J :CA:B C+41*:B *1$8$
$(C1G$8*: 6$ ?A:*D((1;8 *+ 6$ 0:A7:8$ 6DC+181K$8C+ ij J 6$
.:61(D6:+BC17D6$8C+i
j*+B*+6$?1CD1C$A1$^7'$B0:A7:8$BB+*1A1/1A%8
$C+BC2(D6:B[:G$A1:BJ/6%8*D6$BD?A$AA+8$6?A:G:($8*:+618(A+7+8C:*+6$
C+BC:BC+A:8$(1A(D6$8C+^B18C+A+B$8C+*+BC$($A+BC$A+6$(1;8*+6$J6$
eyz{e
"
?$A$6$6D(0$[8:B17?D6B$$17?:8+A8:B$8D+BCA:BA1G$6+BJB+A+6$(1:8$
(:8+BC$*:B*+%817:+D.;A1(:B[C$8C:+8+6/-8+A:7$B(D618:(:7:[7DJ
?A:'$'6+7+8C+[+8+6/-8+A:.+7+818:YIYZIY]QY^^
$B 18C+A$((1:8+B B:(1$6+B J 6$ A+B:6D(1;8 *+ (:8.61(C:B 0$8 B1*: '1+8
+BCD*1$*:B+86$BE6C17$B*-($*$B^$A+(++G1*+8C+6$17?:AC$8(1$@D++8
+67+*1:8$CDA$6C1+8+*1B.ADC$A*+D87$J:A*+A+(0:*+$((+B:$6A+(DAB:[
+B 6$ '$B+ B:'A+ 6$ @D+ B+ BDBC+8C$ 6$ C+:A2$ *+ 6$ B+6+((1;8 8$CDA$6
*$AH181$8$^ $ 4+A$A@D2$[ +6 61*+A$K/:[ +6 ?:*+A[ $B+/DA$8 17?:AC$8C+B
G+8C$4$B @D+ (:7?+8B$8 (:8 (A+(+B 6:B (:BC+B *+A1G$*:B *+ 6$ 6D(0$ ?:A
$6($8K$A6$BJ7$8C+8+A6$Bi/$BC:7+C$';61(:[0+A1*$B[18.+((1:8+B[17?$(C:
+7:(1:8$6j^ 8 +6 .:8*:[ 4+A$A@D2$[ 61*+A$K/: : (:8CA:6 *+6 ?:*+A[ 8: B:8
7%B@D++BCA$C+/1$B+G:6DC1G$7+8C++BC$'6+B[?+A71C+8@D+6:B(:8.61(C:B
+8CA+?$A+BB+718171(+8[@D+B+A+*DK($8$*+B$.2:B+B?:A%*1(:BB:'A++6
A$8/:187+*1$C$7+8C+BD?+A1:A+18C+8B1.1@D+86$*:718$8(1$B:'A+C:*:B
6:B *+7%B^ $ C+BC:BC+A:8$ +B ?A:C$/:81BC$ +8 6$ 18BC$DA$(1;8 *+ 6$B
+BCAD(CDA$B 4+A%A@D1($B 17?D6B$8*: 6$ 7:C1G$(1;8 *+ ?:*+A iA+6$(1;8 *+
?A1718/j[ $6 71B7: C1+7?:[ $6($8K$A +BC$CDB B:(1$6 18(A+7+8C$ 6$
?A:*D((1;8*+C+BC:BC+A:8$iA+6$(1;8A+(2?A:($jJ?A:7D+G++618C+A-B?:A
+8.A+8C$AB+ $ *+B$.2:B 7%B *1.2(16+B +8 +6 .DCDA:^ +8(+*:A+B J G+8(1*:B
+I?+A17+8C$8 ($7'1:B 8+DA:+8*:(A18:B +8 .D8(1;8 *+6 A+BD6C$*:
i18(A+7+8C:B J *+B(+8B:B +8 6$B (:8(+8CA$(1:8+B *+ $8*A;/+8:B[
A+B?+(C1G$7+8C+j ?A:J+(C$8*: $6 CA1D8.$*:A J B:7+C1+8*: $6 *+AA:C$*:^
:B 7:*+6:B C+;A1(:B B:8 6:B 7%B 18.6DJ+8C+B ?$A$ +I?61($A +6 ?$?+6 @D+
4D+/$ 6$ C+BC:BC+A:8$ +8 6$B (:8*D(C$B (:7?+C1C1G$B J *+ 'EB@D+*$e
7$8C+8171+8C:*++BC$CDBB:(1$6]6$b1?;C+B1B*++B$.2:cY_J+6b:*+6:
1:B:(1$6cY`^
$1?;C+B1B*++B$.2:B+?A:?DB:?$A$+I?61($A6$.6+I1'161*$*:'B+AG$*$
+8 6:B +4+B 8+DA:+8*:(A18:B (D$8*: D8 18*1G1*D: G+ ?+61/A$A BD +BC$CDB
B:(1$6[18(A+7+8C$8*:6$B(:8(+8CA$(1:8+B*+$8*A;/+8:B(:7:A+B?D+BC$
$8C1(1?$C:A1$ $ 6$B ?A:'$'6+B $7+8$K$B *+ BDB A1G$6+B *1A+(C:BY_^ BC$
.6+I1'161*$*:.A+(+A%D8$17?:AC$8C+G+8C$4$+8+8C:A8:B*+BD?+AG1G+8(1$[
6171C$8*:6:B+8.A+8C$71+8C:B$/A+B1G:B(D$8*:B+?A+B+8C$8B1CD$(1:8+B
*+ *+B$.2: G1C$6 J A+*D(1+8*: 6:B (:7'$C+B (DJ:B 18(+8C1G:B B+$8
18(:8B1BC+8C+B^$($A/$?B1(:.1B1:6;/1($/+8+A$*$+86$6D(0$+B7DJ$6C$J
@D1K%?:A+66:6$+G:6D(1;80$J$*:C$*:*+7+($81B7:B8+DA:+8*:(A18:B
7%B.6+I1'6+BJ+.+(C1G:B?$A$:?C171K$A6:B?$CA:8+B*+A+B?D+BC$J$4DBC$A
+BCA$C-/1($7+8C++6/$BC:+8+A/-C1(:ZW^8+BC+B+8C1*:[?$A$6:B0D7$8:B
6$$7+8$K$?+A(1'1*$?D+*+B+AC$7'1-86$BB1CD$(1:8+B*:8*++6+BC$CDB
*+?:AC1G:+BC-$7+8$K$*:^$:.+8B1G$?:A+6(:8CA:6*+6A$8518/+8D8$
eyz|e
A^
##
7:*$61*$* *+?:AC1G$ BD?:8+ +8 7D(0:B ($B:B D8 $C+8C$*: (:8CA$ +6
+@D161'A1: 18C+A8: *+ A+C$*:A J A+C$*: i+^/^ .ADBCA$(1;8 ?:A 6:B 7$6:B
A+BD6C$*:B[($A/$*++8CA+8$71+8C:[(:BC+B.1B1:6;/1(:B[+BC$*:B*+%817:
8+/$C1G:Bj^ :*: *+B$.2: 17?61($ D8 A1+B/:[ 6$ 7:C1G$(1;8 ?$A$ BD
$.A:8C$71+8C:+B/D1$*$?:A6$*1B?:81'161*$**+D8A+.:AK$*:A+I;/+8::
+8*;/+8:$*B(A1C:$6$A+B:6D(1;8+.+(C1G$*+6A+C:^$+G$6D$(1;8(:/81C1G$[
+8+BC:B($B:B[4D+/$D8?$?+6(AD(1$6[8:C:*$B6$B?+AB:8$B+G$6E$8(:8+6
71B7: /A$*: 6:B A1+B/:B @D+ $BD7+8 : 6$B *+7$8*$B +8+A/-C1($B J
*+BCA+K$B?B1(:C%(C1($B@D+*+'+A%818G+AC1A+8+66:^$7?:(:+6?D8C:*+
?$AC1*$B+A%+671B7:[6$B+I?+A1+8(1$B?A+G1$B+8B1CD$(1:8+BB1716$A+BJ6:B
A+BD6C$*:B:'C+81*:B(:8*1(1:8$A%86$?+A1(1$*+($*$*+?:AC1BC$^
$ *+BG+8C$4$ *+ +BC$B A+B?D+BC$B ?$A$ +6 +@D161'A1: *+ D8 G+BCD$A1:
?A:.+B1:8$6+8*+?:AC+B*++@D1?:J+6/$BC:7+C$';61(:$6@D+D84D/$*:A
*+'+A2$0$(+A.A+8C+B+A2$87DJ8:C$'6+B^1@D+*+(1AC1+8+[@D+C$7'1-8
+I1BC1A2$8*+B+@D161'A1:B+86$A+6$(1;8(:86:B$.1(1:8$*:BJ(D+A?:C-(81(:[
$D7+8C$8*:6:B(:8.61(C:B18C+A8:BJ*$9$8*:+6A+8*171+8C:/+8+A$6^1[
(:7:B:B?+(0$7:B[6$1?;C+B1B*++B$.2:+B*+.181C1G$7+8C+(:8.1A7$*$
+8+6%7'1C:*+6$(:7?+C1(1;8*+?:AC1G$[B+A2$.$(C1'6+*+C+A718$A+681G+6
*+$*$?C$'161*$**+D8*+?:AC1BC$$6$B*1.+A+8C+B(:7?+C1(1:8+B$CA$G-B
*+(:8CA:6+B0:A7:8$6+B?+A1;*1(:B^6/D8:B+BCD*1:B?16:C:0$8BD/+A1*:
@D+ 6$ :?C171K$(1;8 8+DA:+8*:(A18$ ?A+(:7?+C1C1G$ i1^+^ $6C$B
(:8(+8CA$(1:8+B*+C+BC:BC+A:8$J'$4$B*+(:AC1B:6jB+A+6$(1:8$8(:8D8$
7$J:A?A:'$'161*$**+G1(C:A1$J[+8(:8B+(D+8(1$[6$A1/1*+K+86:B?$CA:8+B
*+A+B?D+BC$i1^+^$6C$B81G+6+B*+C+BC:BC+A:8$J(:AC1B:67$8C+81*:B$6:
6$A/: *+ C:*$ 6$ 4:A8$*$ (:7?+C1C1G$j ?:*A2$8 *1.1(D6C$A B+A1$7+8C+ +6
A+8*171+8C:*+6$C6+C$$(:AC:J7+*1:?6$K:XWIYZ^
DA$8C+ 6$ 6D(0$ ?:A 6$ 'EB@D+*$ : 7$8C+8171+8C: *+ +BC$CDB B:(1$6[
@D+*$A%8(6$A$7+8C+*+.181*:B/$8$*:A+BJ?+A*+*:A+B^6A+BD6C$*:*+6$B
(:8C1+8*$B 18.6D1A% +8 6$B (:8(+8CA$(1:8+B +8*:(A18$B 7:7+8C%8+$B i1^+^
0:A7:8$B +BC+A:1*+B (1A(D6$8C+Bj B+9$6$8*: A+6$(1:8+B *1A+(C$B +8CA+
$8*A;/+8:BJA$8/:B:(1$6iA+6$(1;8A+(2?A:($j^BC:B($7'1:B0:A7:8$6+B
?D+*+8 ?A:*D(1A *:B +.+(C:B '1+8 *1.+A+8(1$*:B] 7:C1G$8 6$B (:8*D(C$B
(:7?+C1C1G$B J G1/:A1K$8 $6 *+?:AC1BC$ ?$A$ $.A:8C$A 6:B A+C:B @D+ B+
?A+B+8C$8\:?:A+6(:8CA$A1:[*+B(+8B:BA+6$C1G:B+86$B(:8(+8CA$(1:8+B
0:A7:8$6+B+1801'1(1;8*+6$'EB@D+*$*++BC$CDBB:(1$6JA+*D((1;8*+6
'A2: (:7?+C1C1G:^ $ +I?61($(1;8 7%B $(+?C$*$ ?$A$ 18C+A?A+C$A +BC:B
?$CA:8+B*+A+B?D+BC$8+DA:+8*:(A18$+B+6:*+6:1:B:(1$6Y`^+/E8+BC$
01?;C+B1B[(D$8*:$.A:8C$7:B*+B$.2:B*+*:718$8(1$B:(1$6[6:B81G+6+B*+
C+BC:BC+A:8$ 18(A+7+8C$8 CA$B 6$ G1(C:A1$ $(CD$8*: (:7: D8 A+.:AK$*:A
eyz}e
"
18BCAD7+8C$6+18C+8B1.1($86$A+CA:$617+8C$(1;8$.+(C1G$J6$?A+*1B?:B1(1;8
$ (:7?+C1A *+ 8D+G:^ :A +6 (:8CA$A1:[ 6$ *+AA:C$ $(CD$A% +8 +6 B+8C1*:
(:8CA$A1:[ *1B718DJ+8*: 6$B (:8(+8CA$(1:8+B (1A(D6$8C+B *+ C+BC:BC+A:8$[
1801'1+8*: 6$B (:8*D(C$B (:7?+C1C1G$B J *1.1(D6C$8*: +6 $?A+8*1K$4+ *+
(:8*D(C$B 18BCAD7+8C$6+B^ 8 +6 %7'1C: *+?:AC1G:[ 6:B 18(+8C1G:B
+(:8;71(:B J +6 17?$(C: B:(1$6 B:8 7DJ 17?:AC$8C+B[ 6$B (:8*D(C$B
(:7'$C1G$B*+C+A718$8(6$A:B/$8$*:A+BJ?+A*+*:A+B[(:8BC1CDJ+8*:D8
+I(+6+8C+($7?:*++BCD*1:?$A$6$+8*:(A18:6:/2$B:(1$6^:A+BC+7:C1G:[
+8 6:B E6C17:B $9:B B+ +BC% $(+6+A$8*: +6 +BCD*1: *+ 6:B ?$CA:8+B
8+DA:+8*:(A18:B *+ A+B?D+BC$ +8 +6 %7'1C: *+6 *+?:AC+ *+ $6C$
(:7?+C1(1;8^
$KDAJ$7'ZX[181(1$A:86:B+BCD*1:B+8(:7?+C1(1;8*+?:AC1G$B:'A+D8$
7D+BCA$ *+ 4D/$*:A+B *+ C+81B $7$C+DAB[ 18(+8C1G$8*: BD 18C+A-B ?:A
G+8(+A $ BDB $*G+AB$A1:B (:8 xww *;6$A+B *+ ?A+71:^ 'B+AG$A:8 @D+
?$A+4$BG+8(+*:A$B18(A+7+8C$A:8BDB(:8(+8CA$(1:8+B*+C+BC:BC+A:8$$6
B+A(:7?$A$*:B(:86:BG+8(1*:B^$A$*+C+A718$AB1*1(0:B($7'1:B+A$8
*+'1*:B $ 17?:8+AB+ $ BDB A1G$6+B J 8: $ 6$ (:8B+(D(1;8 *+6 ?A+71: +8
7+C%61(:[ :.A+(1+A:8 G$A1:B ?A+71:B *+ xww *;6$A+B +8 D8 B:AC+: $6 $K$A
+8CA+C:*:B6:B?$AC1(1?$8C+B[8::'B+AG$8*:6:B18(A+7+8C:B0:A7:8$6+B
+B?+A$*:B +8 6:B $/A$(1$*:B $6 B+A (:7?$A$*:B (:8 6:B *+7%B^ $A$
(:8.1A7$AB1+6+BC$CDBB:(1$6+A$6$G$A1$'6+7%BA+6+G$8C+[+BCD*1$A:8$D8
/AD?: *+ *:(C:A$8*:B $8C+B *+ 6$ 6+(CDA$ *+ BD C+B1B J (:7?$A$A:8 6:B
7$A($*:A+B '1:6;/1(:B *+ $@D+6 7:7+8C: (:8 6:B :'C+81*:B *:B $9:B
*+B?D-B *+ 0$'+A $6($8K$*: +6 /A$*: *+ *:(C:A^ D+G$7+8C+[ 6$B
(:8(+8CA$(1:8+B*+C+BC:BC+A:8$(1A(D6$8C++A$88:C$'6+7+8C+BD?+A1:A+B
$6B+A(:7?$A$*:B(:86:BG$6:A+B?A+*:(C:A$6+B^
:7: 6:B 18(A+7+8C:B *+ C+BC:BC+A:8$ ?D+*+8 +BC$A A+6$(1:8$*:B (:8 6$
18C+8B1*$* J .A+(D+8(1$ *+6 +4+A(1(1: .2B1(:[ $6/D8:B +BCD*1:B 0$8 B1*:
(:8B1BC+8C+B(:8+67:*+6:'1:B:(1$6+8$DB+8(1$*++4+A(1(1:.2B1(:18C+8B:^
8 (:7?+C1(1:8+B *+ $4+*A+KZY :'B+AG$A:8 18(A+7+8C:B +8 6$B
(:8(+8CA$(1:8+B*++BC$0:A7:8$+8G+8(+*:A+B$6:6$A/:*+6:B*2$B*+
(:7?+C1(1;8^+?61($8*:+BC+71B7:*1B+9:+I?+A17+8C$6[*1A1/2D8+BCD*1:
*+6 *:(C:A$8*: D166+A7: +8*:K$ *:8*+ +BCD*1$7:B D8$ *+ 6$B
6171C$(1:8+B*+6+BCD*1:181(1$6*+$KDA\8D+BCA:B0$66$K/:B7%BA+6+G$8C+B
BD/1A1+A:8 18(A+7+8C:B *+ ?A+(:7?+C1C1G$ *+ 6:B ?$AC1(1?$8C+B B;6:
(D$8*: $.A:8C$A:8 $6 4D/$*:A 7+4:A (6$B1.1($*: +8 +6 A$8518/ZZ^
D+G$7+8C+ 6$ B+ +A1/2$ (:7: 6$ /A$8 ?A:C$/:81BC$ +8 6$B (:8*D(C$B
(:7?+C1C1G$B 18(6DB: +8 $DB+8(1$ *+ +B.D+AK: .2B1(:^ BC:B ?$CA:8+B
8+DA:+8*:(A18:B0$8B1*:A+?61($*:B+8$9:B?:BC+A1:A+BC$7'1-8+8:CA:B
eyz~e
A^
##
eyze
"
eyze
A^
##
+7'$A/:[ 8: C:*$B 6$B +I?+A1+8(1$B @D+ +6 $C6+C$ *+'+A% $.A:8C$A B+A%8
$/A$*$'6+B[ 7D(0$B *+ +66$B B+A%8 $6C$7+8C+ $G+AB1G$B J 7$8C+81*$B
A+/D6$A7+8C+$6:6$A/:*+6:B$9:BJ*+BDB+I?+A1+8(1$B(:7?+C1C1G$B^
6+4+1?:C%6$7:e1CD1C$A1:e*A+8$6ijB+A%+6+8($A/$*:*+/+BC1:8$A
6$BA+B?D+BC$B$+BC27D6:B$G+AB1G:B^D$8*:+6(;AC+IB+8B:A1$6*+C+(C$D8$
$7+8$K$[6$8K$+B$18.:A7$(1;8$6C%6$7:J*+B*+$662CA+BADC$B*1.+A+8C+B
B+$'A1A%8($718:*+?+8*1+8*:*+6$18C+A?A+C$(1;8J+G$6D$(1;8@D+($*$
:A/$81B7:0$(+*+*1(0:*+B$.2:\?:AC$8C:[6$(:8*D(C$:'B+AG$'6++BC$A%
:A/$81K$*$ *+B*+ *1.+A+8C+B (1A(D1C:B 8+DA:8$6+B^ $ ADC$ 0$(1$ +6 (;AC+I
?A+.A:8C$6 $(C1G$A% +6 (;AC+I 7:C:A J *+B+8($*+8$A% D8$ A+B?D+BC$
*+.+8B1G$^ $ ADC$ $71/*$6$A1$ $(C1G$A% +6 (:7?6+4: *:AB:G$/$6 J
?$A$'A$@D1$6$D7+8C$8*:6$.A+(D+8(1$($A*2$($JA+B?1A$C:A1$^:AE6C17:[
6$ ADC$ 01?:($7?$6 +I(1C$A% +6 %A+$ 01?:C$6%71($ $8C+A1:A $(C1G$8*: 6$
A+B?D+BC$*+6+4+[X^$$(C1G1*$*?B1(:8+DA:+8*:(A18$*+6+4+@D+
B+181(1$*+B*++68E(6+:?$A$G+8CA1(D6$A*+601?:C%6$7:(:86$B+(A+(1;8$6
C:AA+8C+B$8/D28+:*+(:AC1(:CA:?18$ij^D$8*:+BC$0:A7:8$$6($8K$
6$ /6%8*D6$ ?1CD1C$A1$ B+ *+B+8($*+8$ D8 18(A+7+8C: ?A:/A+B1G: *+
$*+8:(:AC1(:CA:?$ ij @D+ B+A% 6$ +8($A/$*$ *+ +BC17D6$A 6$
B+/A+/$(1;8 *+ /6D(:(:AC1(:1*+B *+B*+ 6$ (:AC+K$ $*A+8$6^ 8: *+ 6:B
/6D(:(:C1(:1*+B 7%B *+BC$($*:B ?:A BD +B?+(1$6 A+6$(1;8 (:8 6$ $(C1G1*$*
.2B1($*+$6C$18C+8B1*$*J(:86$BA+B?D+BC$B$.+(C1G$B+B+6(:AC1B:6^
:B /A$8*+B $G$8(+B C+(8:6;/1(:B +8 6:B 7-C:*:B *+ 187D8:+8B$J:
+8K17%C1(: 0$8 ?+A71C1*: DB$A ?A:(+*171+8C:B ?:(: 18G$B1G:B ?$A$
A+/1BCA$A6:B($7'1:B7:7+8C%8+:B+86$B(:8(+8CA$(1:8+B*+0:A7:8$B
+BC+A:1*+B$CA$G-B*+D8$B17?6+7D+BCA$*+B$61G$i17$/+8xj^BC+.6D1*:
+B D8 'D+8 CA$8B?:AC$*:A *+ 0:A7:8$B @D+ B:8 .16CA$*$B (:8 A$?1*+K $
CA$G-B *+ 6$B ($?$B 61?:.261($B *+ 6:B ($?16$A+B B$8/D28+:B J 6$B (-6D6$B
+?1C+61$6+B^ B 17?:AC$8C+ B+9$6$A @D+ 6:B +BC+A:1*+B 8: B+ D8+8 $ 6$B
?A:C+28$B +8 +BC+ 7+*1:[ ?+A71C1+8*: D8 (:8CA:6 7DJ .1$'6+ *+ 6$
C+BC:BC+A:8$[+6(:AC1B:6:6$:I1C:(18$(1A(D6$8C+^8+BC+B+8C1*:[6:B?1(:B
0:A7:8$6+B7%I17:BB:8:'B+AG$*:B+8CA+zwJ{w718DC:B*+B?D-B*+6$
+I?:B1(1;8 $6 +BC27D6: +BCA+B$8C+ : $6 +4+A(1(1: .2B1(: *+ $6C$ 18C+8B1*$*^
I1BC+8 7DJ ?:(:B +AA:A+B *+ 7+*1*$[ +B?+(1$67+8C+ B1 B+ A+$61K$ ?:A
*D?61($*: i1^+^ B+ 187D8:+8B$J$ 6$ 7D+BCA$ *:B G+(+B B+/D1*$Bj J 6$B
7D+BCA$B 0$8 B+/D1*: D8 ?A:C:(:6: '%B1(: *+ .%(16 $?A+8*1K$4+[
+B?+(1$67+8C+$$B?+(C:B?A:?1:B*+6$A+(:6+((1;8i(:8C$718$(1;8*+6$
7D+BCA$(:8A+BC:B*+(:71*$:*+B$8/A+?A:(+*+8C+*+6$B+8(2$BjJ$6:B
?A:(+B:B *+ (:8B+AG$(1;8 J $67$(+8$71+8C: i1^+^ C+7?+A$CDA$ *+
(:8B+AG$(1;8:C1+7?:*++B?+A$0$BC$BD187D8:+8B$J:j^
ey{we
"
7$/+8x^$AADB+6*+6187D8:$8$61K$*:AA1CDADBr*+A1.:6B(:87D+BCA$B*+B$61G$*+
*+?:AC1BC$B?A:.+B1:8$6+B?$A$181(1$AD8C+BC
i17$/+8*+6$DC:Aj^
D$8*: ?+A(1'17:B D8 +BC27D6: +BCA+B$8C+ @D+ A+@D1+A+ D8$ A+B?D+BC$
+8-A/1($?$A$BD$.A:8C$71+8C:[+6(:AC1B:64D+/$ D8?$?+6*+C+A718$8C+[
+8CA+:CA:B[?$A$6$7:G161K$(1;8*+6$/6D(:B$0$(1$+67EB(D6:+B@D+6-C1(:^
D.D8*$7+8C:+G:6DC1G:+B7DJ+.1($K(D$8*:B+CA$C$*+6$.A:8C$71+8C:
*++G+8C:B*+(:AC$*DA$(1;8i+^/^0D1A*+D8?+AA:$/A+B1G:[D8A1+B/:G1C$6
$1B6$*:j[ ?+A: $6C$7+8C+ *$918: (D$8*: B:8 (A;81(:B : A+(DAA+8C+B i+^/^
G1:6+8(1$ *+ /-8+A:[ A1+B/: *+ +I(6DB1;8 B:(1$6[ B0:(5 ?:BCA$D7%C1(:j^ 6
C-A718:b+BCA-Bc$?$A+(+?:A?A17+A$G+K+8C+IC:B$($*-71(:B$7+*1$*:B
*+61/6:!!?$A$*+.181AD8.+8;7+8:8:+B?+(2.1(:*+$6$A7$(D$8*:B+
+I?:82$$6BD4+C:+I?+A17+8C$6$*1.+A+8C+B+BC27D6:B$7+8$K$8C+B[YQ[Z^8
+628*A:7++8+A$6*+*$?C$(1;8B+A+/1BCA$A:8CA+B.$B+B'1+8*+.181*$B]
D8$ A+$((1;8 *+ $6$A7$ 181(1$6 ($A$(C+A1K$*$ ?:A $6C+A$(1:8+B +8 6$B
G$A1$'6+B .1B1:6;/1($B i1^+^ 18(A+7+8C: *+ 6$ ?A+B1;8 $AC+A1$6[ .A+(D+8(1$
($A*2$($[ C+8B1;8 7DB(D6$Aj[ D8$ .$B+ 18C+A7+*1$ *+ A+B1BC+8(1$ *:8*+ +6
:A/$81B7: B+ :?:8+ J 6D(0$ ?:A 7$8C+8+A +6 +@D161'A1: 18C+A8:
$*$?C%8*:B+$6:B($7'1:BJ[.18$67+8C+[D8$.$B+*+$/:C$71+8C:*+6$B
A+B+AG$B+8+A/-C1($BJD8*+'161C$71+8C:*+6+@D161'A1:0:7+:BC%C1(:[[^$
?$A$*:4$*+6+BCA-B+B@D+?D+*+B+A$B:(1$*:$B1CD$(1:8+B*+B$*$?C$C1G$B
(:8 (:8B+(D+8(1$B ?+ACDA'$*:A$B 7DJ ?+A4D*1(1$6+B[ ?+A:
B17D6C%8+$7+8C+ ?D+*+ B+A +8C+8*1*: (:7: D8 7+($81B7: $*$?C$C1G:
ey{xe
A^
##
8$CDA$6@D+?+A71C+$(:7:*$A6$+8:A7+G$A1$'161*$**++G+8C:BG1C$6+B$
6:B@D+D8:A/$81B7:?D+*+G+AB++I?D+BC:$6:6$A/:*+6(1(6:G1C$6[\^
$A1DB$DB5i(1C$*:?:A:AC++C$6^{}j?A:?DB:6$b7+C%.:A$*+6':7'+A:c
?$A$+I?61($A+6.D8(1:8$71+8C:*D$6*+6$A+B?D+BC$*++BCA-B^D$8*:D8
':7'+A: B+ +8.A+8C$ $ D8 18(+8*1:[ +6 ($D*$6 *+ $/D$ DB$*: ?D+*+ B+A
A+/D6$*:?$A$$4DBC$A6:$6$B($A$(C+A2BC1($B?A:?1$B*+6B181+BCA:^1+6($D*$6
DB$*: +BC% ?:A +8(17$ *+ 6$B 8+(+B1*$*+B A+$6+B[ 6:B *$9:B @D+ +6 $/D$
?D+*+$(DB$AB:'A+6:B(171+8C:BJ+8(:.A$*:B*+6$(:8BCAD((1;8?D+*+8
B+A7%B*$918:B@D++6?A:?1:18(+8*1:^:A+6(:8CA$A1:[B1+6($D*$6A+BD6C$
18BD.1(1+8C+ +6 .D+/: (:8BD71A% *+.181C1G$7+8C+ +6 +*1.1(1: 0$(1+8*:
18.AD(CD:B$6$6D(0$?$A$BD(:8CA:6^;6:(D$8*:+6($D*$6+BA+/D6$*:(:8
+I$(C1CD*JBD.6D4::B(16$+8?A:?:A(1;8$6$B8+(+B1*$*+BA+$6+B[6$B66$7$B
B+A%8 +IC18/D1*$B (:8 +.1(1+8(1$^ +6 71B7: 7:*:[ (D$8*: 8:B G+7:B
+8GD+6C:B +8 ADC18$B *+ BD?+AG1G+8(1$ 6:B ($7'1:B .1B1:6;/1(:B ?$A$ BD
$.A:8C$71+8C: i1^+^ 81G+6+B *+ ?0[ C+7?+A$CDA$ (:A?:A$6[ B$CDA$(1;8 *+
:I2/+8:[ C$B$ ($A*2$($j ?D+*+8 ($DB$A *+B;A*+8+B +8 6:B B1BC+7$B *+
?A:*D((1;8+8+A/-C1($?:A01?::01?+A$(C1G$(1;8^:B?A:(+B:B(:/81C1G:B[
6$B +BCA$C+/1$B *+ $.A:8C$71+8C: J 6$ .6+I1'161*$* +8 6:B ?$CA:8+B *+
A+B?D+BC$B?B1(:8+DA:+8*:(A18$B*+C+A718$A%8B1+BC:B7+($81B7:BB+A%8
D8$G+8C$4$:D8$*+BG+8C$4$$*$?C$C1G$^
8: *+ 6:B .$(C:A+B 7%B 18C+A+B$8C+B A+6$(1:8$*:B (:8 6$ ?A:*D((1;8 *+
(:AC1B:6+B+6+BC$CDBB:(1$6^$*:718$8(1$0$B1*:+B?+(1$67+8C++BCD*1$*$
+86$B18C+A$((1:8+BB:(1$6+B+8?A17$C+B[^:'B+AG%8*:B+81G+6+B7%B$6C:B
*+/6D(:(:AC1(:1*+B+86:B71+7'A:BBD':A*18$*:B*+D8$7$8$*$$6B+A
(:7?$A$*:B(:86:BA$8/:BBD?+A1:A+B^BC$B(:8(+8CA$(1:8+B+6+G$*$BB+
A+6$(1:8$'$8 (:8 D8$ 7$J:A ?A:'$'161*$* *+ 1801'1(1;8 *+ 6$B (:8*D(C$B
+I?6:A$C:A1$B[ +I?:81+8*: (:8 7$J:A .A+(D+8(1$ $ 6:B ?A17$C+B
BD':A*18$*:B $ +8.+A7+*$*+B J B1CD$(1:8+B *+ +I(6DB1;8 B:(1$6 i+^/^
A+6$(1:8+B$'DB1G$B[?$A$B1C$(1;8?:A.$6C$*+$(1($6$71+8C:[18.+((1:8+BJ
0+A1*$B?A:*D(C:*+6$B$/A+B1:8+B(:8C18D$*$Bj^$4:+BC$B(:8*1(1:8+B*+
G1*$6:B(:BC+B+8+A/-C1(:BJ+7:(1:8$6+B*+A1G$*:B*+6$BD?+AG1G+8(1$B:8
7DJ$6C:BJ(:8B+(D+8C+7+8C+B+A*:718$*:A+BD6C$(6$A$7+8C+$G+AB1G:
iJ7+$CA+G+A2$$*+(1A@D+C$7'1-8*+6+C-A+:j?$A$6:B+BCA$C:BB:(1$6+B
7%B *+B.$G:A+(1*:B *+6 /AD?:^ A$B6$*$8*: +BC:B 18*1(1:B $ 6$ B:(1+*$*
(:8C+7?:A%8+$[C$7'1-8B+0$BD/+A1*:D817?$(C:17?:AC$8C+B:'A+6$B
G$A1$'6+B.1B1:6;/1($B[6$($61*$**+G1*$J6$B$6D**+6$B?+AB:8$B(:8'$4:B
18/A+B:B : +8 A1+B/: *+ +I(6DB1;8 B:(1$6 $6 B+A (:7?$A$*$B (:8 6$B (6$B+B
B:(1:+(:8;71($B 7%B $(:7:*$*$B[_^ :B .$(C:A+B ?B1(:B:(1$6+B J
B:(1:+(:8;71(:B 18.6DJ+8 +8 6$ $(C1G$(1;8 *+6 +4+ [ @D1K% (:8 7$J:A
ey{ye
"
18C+8B1*$*J*+7$8+A$7%B(:8C18D$*$@D+6:B+B.D+AK:B.2B1(:B^:B+4+B
8+DA:+8*:(A18:B '$C$66$8 ?:A 7$8C+8+A +6 +@D161'A1: 0:7+:BC%C1(:
$.+(C1G:e+7:(1:8$6 (:8 6$ 71B7$ .1A7+K$ @D+ 6: 0$(+8 ?$A$ 7$8C+8+A +6
.1B1:6;/1(:^B6;/1(:?+8B$A@D+[*+671B7:7:*:@D+?:B++AD8$0$'161*$*
@D++BG$6:A$*$?:B1C1G$7+8C+?:A6:B*+7%B18(A+7+8C$6$$DC:+BC17$J
G1/:A1K$ $6 18*1G1*D: ?$A$ $.A:8C$A A+C:B *+ 7$J:A +8G+A/$*DA$[ G+AB+
+I?D+BC:$B1CD$(1:8+B*+A+(0$K:B:(1$6$.+(C$A%+7:(1:8$6J.2B1($7+8C+
i1^+^+:A2$*+DC:?A+B+AG$(1;8:(1$6[`j^
$+I?:B1(1;8(:8C18D$*$$6+BCA-BC1+8+D8?A:.D8*:17?$(C:B:'A+6$C:7$
*+*+(1B1:8+BJB:'A+6$7:C1G$(1;8^I1BC+7D(0$+G1*+8(1$*+6$+I1BC+8(1$
*+ (A1B1B .2B1($B (:8B+(D+8(1$ *+ D8$ $(C1G$(1;8 *+6 +BCA-B 7+A$7+8C+
?B1(:6;/1($i1^+^17?A+G1B1'161*$**+6:B$(:8C+(171+8C:B[18($?$(1*$*?$A$
+6 (:8CA:6 *+ D8$ B1CD$(1;8[ $1B6$71+8C: B:(1$6j^ :B +.+(C:B @D+ +6 +BCA-B
?A:*D(+ +8 +6 (+A+'A: J +8 6$ (:8*D(C$ *+6 *+?:AC1BC$ *+?+8*+A%8 *+ 6$
8$CDA$6+K$ *+6 +BC27D6:[ BD 18C+8B1*$* J +6 C1+7?: *+ +I?:B1(1;8[ BDB
(:8B+(D+8(1$B ?D+*+8 *+B+8($*+8$A B28*A:7+B @D+ $.+(C$A%8 $ BD
A+8*171+8C: i1^+^ 'DA8:DC[ B:'A++8CA+8$71+8C:j^ 8 $C6+C$ @D+
(:7?A:7+C+B1BC+7%C1($7+8C+BD+@D161'A1:18C+A8:[$B+*1$8*:BD?A:?1$
($?$(1*$* *+ $*$?C$(1;8[ +I?:8*A% 6$ ?6$BC1(1*$* B18%?C1($ *+ BD
01?:($7?: $ D8$ *DA$ ?AD+'$ *1.2(167+8C+ BD?+A$'6+\W^ BC$ +BCAD(CDA$
BD'(:AC1($6*1B?:8+*+/A$8($8C1*$**+A+(+?C:A+B*+/6D(:(:AC1(:1*+BJ[
?:AC$8C:[?D+*+@D+*$A*$9$*$B16$B(:8(+8CA$(1:8+B*++BC$B0:A7:8$B
B:87DJ$6C$BJ7$8C+81*$B$6:6$A/:*+6C1+7?:^
601?:($7?:+BD8$*+6$B+BCAD(CDA$B(+A+'A$6+B@D+7$8C1+8+$(C1G$6$
8+DA:/-8+B1B $ 6: 6$A/: *+ 6:B (1(6:B G1C$6+B[ +B?+(1$67+8C+ +8 +6 /1A:
*+8C$*:[ +6 +BCA-B (A;81(: A$6+8C1K$ : ?$A$61K$ 6$ /+8+A$(1;8 *+ 8D+G$B
8+DA:8$B J 8D+G$B (:8+I1:8+B 8+DA:8$6+B i6$B 8+DA:8$B /+8+A$*$B
?A+B+8C$87+8:B$I:8+Bj^6/D8:B+BCD*1:B0$8:'B+AG$*:A+*D((1:8+B*+6
G:6D7+801?:($7?$6+8G+C+A$8:B*+/D+AA$[?+AB:8$B'$4:6:B+.+(C:B*+
D8B0:(5?:BCA$D7%C1(:[*+?A+B1;8[+18(6DB:$*B(A1C:B$+BCA-B.1B1:6;/1(:
+8?+AB:8$B18BD618:A+B1BC+8C+B^6$?A+8*1K$4+J6$7+7:A1$B:8?A:(+B:B
(:/81C1G:B +B?+(1$67+8C+ A+6+G$8C+B ?$A$ 6$ ?A%(C1($ *+?:AC1G$ *+ $6C$
(:7?+C1(1;8J+601?:($7?:+BD8$*+6$BA+/1:8+B(+A+'A$6+B7%B$(C1G$B
*DA$8C++BC:B?A:(+B:B^617?$(C:@D++6+BCA-B(:7?+C1C1G:(A;81(:?D+*+
C+8+A B:'A+ +6 (+A+'A: *+6 *+?:AC1BC$ +BC% $E8 ?:A *+C+A718$A[ ?+A:
?:*+7:B +B?+(D6$A @D+ 7+7:A1$ J $?A+8*1K$4+ +B?$(1$6[ $*@D1B1(1;8 *+
8D+G$B C$A+$B : 7+7:A1$ ?A:B?+(C1G$ ?:*A2$8 G+AB+ 8:C$'6+7+8C+
$.+(C$*$B?:A6$+I?:B1(1;8$+BC27D6:B+BCA+B$8C+B*+$6C$18C+8B1*$*(:8
+6?$B:*+6:B$9:Bi.1/DA$xj^
ey{ze
A^
##
!
!
!
!
1/DA$x^:8(+8CA$(1:8+B0:A7:8$6+B+8B$61G$*+*:B4D/$*:A+B*+.EC':6?A:.+B1:8$6
*+6$1/$*DA$8C+8D+G+7+B+B*+6$C+7?:A$*$ywx|eywx}i+6$':A$(1;8
?A:?1$j^
':7<':;"&'1%59;,:51"1&':7'9;"9
N4%90968&#;#+42&994264#9#;2%49&:8:%)":+8&2&1+)49O
Q9#8+0%&Q
$ A+B?D+BC$ *+ 8D+BCA: (+A+'A: $ 6:B +BC27D6:B +BCA+B$8C+B +B 7DJ
(:7?6+4$[18(6DJ+7E6C1?6+B7+*1$*:A+B@D+6:+I?:8+8$D8$17?:AC$8C+
($A/$ $6:BC%C1($ i1^+^ (:BC+B *+A1G$*:B *+ 7$8C+8+A +6 +@D161'A1:
?B1(:.1B1:6;/1(: $ CA$G-B *+ 6:B ($7'1:B +8 +6 7+*1: 18C+A8:j^ $A1$B
A+/1:8+B(+A+'A$6+B4D+/$8D8?$?+6(AD(1$6+86$A+/D6$(1;8*+6$A+B?D+BC$
*+6+4+(:7:7:*D6$*:A$*+6$(:8*D(C$J*+6$.A:8C$71+8C:$(C1G:+8
(:8C+IC:B*++BCA-B.2B1(:J?B1(:B:(1$6]$72/*$6$[(;AC+I?A+.A:8C$6J[(:7:
J$ B+ 0$ (:7+8C$*:[ +6 01?:($7?:^ 6 01?:($7?: +B .D8*$7+8C$6 ?$A$
A+(:A*$A @D1-8+B B:7:B +8 '$B+ $ ($*$ D8: *+ 6:B $(:8C+(171+8C:B
?$B$*:B[$JD*%8*:8:B$0$(+A(:8C18D$B?A+*1((1:8+BB:'A+(:8C18/+8(1$B
.DCDA$B[(:7?$A$8*:6:@D+:(DAA++8+B+7:7+8C:(:86:@D++BC17$7:B
@D+ G$ $ :(DAA1A $ (:8C18D$(1;8\X^ 6 01?:($7?: ?:*A2$[ $B2 71B7:[ B+A
7:*D6$*:A*+68E7+A:*++?1B:*1:B*+BD+9:i1^+^.$B+*+6BD+9:7%B
(:8B(1+8C+j$6:6$A/:*+6$8:(0+^$B:B(16$(1:8+B*+BD+9:e:
ey{{e
"
18.6DJ+8+86$$(C1G1*$**+6+4+JB+A%8D87:*D6$*:A7DJ17?:AC$8C+
*+6:B(1(6:B(1A($*1$8:B[18(A+7+8C$8*:6$B(:8(+8CA$(1:8+B*+(:AC1B:6$
6:6$A/:*+6$8:(0+0$BC$$6($8K$ABD?1(:7%I17:$6*+B?+AC$A^?$AC1A*+
+BC+?D8C:[6$B(:8(+8CA$(1:8+BG$8*+B(+8*1+8*:?A:/A+B1G$7+8C+0$BC$
$6($8K$A6:B81G+6+B7%B'$4:B$6($+A6$8:(0+^BC+?1(:7%I17:*+(:AC1B:6
zw 718DC:B *+B?D-B *+ 6+G$8C$AB+ *+ 6$ ($7$ +B D8 .+8;7+8: (:8:(1*:
(:7: +B?D+BC$ *+6 :AC1B:6 $6 +B?+AC$A i[ #48:+940 >/&2+2)
8&96429&j J +B D8 +I(+6+8C+ '1:7$A($*:A *+ 6$ ?:C+8(1$6 A+$(C1G1*$* $6
+BCA-B:'B+AG$'6++87%B*+6~|*+6$?:'6$(1;8\YQ\Z^
Oscilaciones entre fases REM y no-REM Periodo de inercia del sueño
ey{|e
A^
##
ey{}e
"
$A$ $AC+8B +C $6^\_[ 6$ $8B1+*$* +8 (:8C+IC:B *+?:AC1G:B *+ $6C$
(:7?+C1(1;8 A+@D1+A+ +6 +BC$'6+(171+8C: *+ D8 6+8/D$4+ (:7E8 @D+
?+A71C$$6:B$(C:A+Bi1^+^+8CA+8$*:A+B[$C6+C$B[?B1(;6:/:B*+?:AC1G:BjD8$
(:7D81($(1;8.6D1*$J+.1(1+8C+?$A$6$;?C17$+G$6D$(1;8*+6:B.$(C:A+B
(:/81C1G:B[ .1B1:6;/1(:B J 7:C:A+B @D+ 6$ (:7?:8+8^ $B +I?+(C$C1G$B
8+/$C1G$B *+ A+BD6C$*:B J 6$ ?+A(+?(1;8 (:8CA$*1(C:A1$ *+ 6$B ?A:?1$B
($?$(1*$*+B.D+A:8*+.181*$B+8BD(D+BC1:8$A1:$DC:$*7181BCA$'6+(:7:
b$8B1+*$*(:/81C1G$c\?:A:CA:6$*:[6$?+A(+?(1;8.1B1:6;/1($*+$D7+8C:
*+ 6$ .A+(D+8(1$ ($A*2$($[ A+B?1A$(1;8 +8CA+(:AC$*$[ 7$8:B BD*:A:B$B J
C+8B1;8 7DB(D6$A[ (:7: b$8B1+*$* B:7%C1($c^ BC$ 0+AA$71+8C$[ 0$ B1*:
7DJDC161K$*$+86$BE6C17$B*-($*$B+8+BCD*1:B*+($7?:^18+7'$A/:[
0$J @D+ B+A ?AD*+8C+B $ 6$ 0:A$ *+ 18C+A?A+C$A BDB A+BD6C$*:B *+'1*: $
$6/D8$B 6171C$(1:8+B^ BC+ $DC:18.:A7+ +B 7%B .1$'6+ (D$8*: +B
(D7?617+8C$*: ?:(:B 718DC:B $8C+B *+6 7:7+8C: (:7?+C1C1G: J 7+8:B
.1$'6+B1B+$*7181BCA$(:87D(0:C1+7?:*+$8C+6$(1;8^:A:CA:6$*:[6$
?+A(+?(1;8 @D+ ($*$ *+?:AC1BC$ C1+8+ *+ D8 71B7: *+B$.2: +B G$A1$'6+ J
*+?+8*+*+6$?A:'$'161*$*:'4+C1G$*+$6($8K$AD8A+BD6C$*:.$G:A$'6+J
*+ BD ?A:?1$ G$6:A$(1;8 BD'4+C1G$ *+6 (:8C+IC: (:7?+C1C1G:^ BC$B
6171C$(1:8+B ?D+*+8 :.A+(+A A+BD6C$*:B 18(:8B1BC+8C+B +8CA+ 6$B
?D8CD$(1:8+B*+$8B1+*$*?+A(1'1*$i+B?+(1$67+8C+[6$$8B1+*$*B:7%C1($j
J6$B(:8(+8CA$(1:8+BA+$6+B*+(:AC1B:6(1A(D6$8C+^
$+:A2$*+6$(C1G$(1;8:/81C1G$*+6BCA-Bi[#4)2+:+=&#:+=:+424(
9:8&99:*&48@TBD/1+A+@D+6$A+B?D+BC$*++BCA-B8:+BC$A%+I(6DB1G$7+8C+
G18(D6$*$ $ 6$ ?A+B+8(1$ A+$6 *+ +BCA+B:A+B $7'1+8C$6+B i1^+^ .$(C:A+B
*+B+8($*+8$8C+B *+ +BCA-Bj[ C$7'1-8 *+?+8*+A% *+ 6$B +I?+(C$C1G$B
$*@D1A1*$B(:7:A+BD6C$*:*+6$+I?:B1(1;8?A+G1$$*1(0:B+BCA+B:A+B\`^$
$6$A7$B$6C$A%(D$8*:+I1BC$8*1B(A+?$8(1$B+8CA+6:@D+*+'+A2$B+AD8$
B1CD$(1;8(:7?+C1C1G$?$A$+6*+?:AC1BC$J6:@D+A+$67+8C++B+8+B+71B7:
18BC$8C+^ $ A+B?D+BC$ *+ +BCA-B ?:B++[ +8 +BC+ ($B:[ D8$ *+?+8*+8(1$
8+(+B$A1$ *+ .$(C:A+B ?B1(:6;/1(:B ?+AB:8$6+B^ $ $(C1G$A%
(:7?:AC$71+8C:B+B?+(2.1(:B@D+?+A71C$8$.A:8C$A$(C1G$:?$B1G$7+8C+
+6 *+B$.2:[ @D+ ?D+*+ +BC$A ($DB$*: ?:A +BC27D6:B[ +I?+A1+8(1$B :
A+CA:$617+8C$(1;8^ 6 +BCA-B ($DB$*: ?:A +BC27D6:B i+^/^ $/A$*$'6+B :
*+B$/A$*$'6+Bj *+?+8*+A% B1+7?A+ *+ 6$ +G$6D$(1;8 18*1G1*D$6 *+ 6$
B1CD$(1;8 (:7?+C1C1G$^ BC$ +G$6D$(1;8 B+ G+A% 7DJ (:8*1(1:8$*$ ?:A 6$B
+I?+A1+8(1$B ?A+G1$B J 6$B +I?+(C$C1G$B *+ A+BD6C$*:[ ?D*1+8*: B+A
?+A(1'1*:B(:7:$G+AB1G:B[7:*+A$*:B:6+G+B^$C$7'1-8?D+*+B+A
$(C1G$*$?:A6$B+I?+A1+8(1$B*++BCA-B[+6(+A+'A:.16CA$6:B+BC27D6:B[6:B
+G$6E$ J /+8+A$ D8$ ($A/$ +7:(1:8$6 A+BD6C$8C+ @D+ $(C1G$ 6$ B+9$6 *+
$6$A7$^86$+C$?$.18$6*+6?A:(+B:[6$A+CA:$617+8C$(1;8*+($*$D8:*+
ey{~e
A^
##
6:B($7'1:B?+A1.-A1(:BB+*1A1/+$6:BC+41*:B*1$8$J+B18C+A?A+C$*$?:A+6
(+A+'A:e7+8C+BD7%8*:B+$6$B+8B$(1;8*++BC$A+BCA+B$*:^
D$8*:+6A+8*171+8C:*+D8*+?:AC1BC$B+$(+A($$681G+6*++I?+AC:[6:B
+8CA+8$71+8C:B B+ GD+6G+8 7%B *+8B:B[ +BC+A+:C1?$*:B J ADC18$A1:B[ (:8
($A/$B+18C+8B1*$*+B7DJ$6C$B^$*1A+((1;8@D+C:7+8BDB+7:(1:8+BJ6$
+G$6D$(1;8(:/81C1G$*+6*+B$.2:B+A%87DJ17?:AC$8C+B?$A$*+B$AA:66$AJ
$.A:8C$A (:8 +.1($(1$ 6$B C$A+$B +8(:7+8*$*$B^ :B *+?:AC1BC$B BD+6+8
A+B?:8*+A 7%B ?:B1C1G$7+8C+ (D$8*: B+ /+8+A$ D8 (617$ (+8CA$*: +8 +6
*+B$AA:66: J 6$ 7+4:A$ ?+AB:8$6 @D+ (D$8*: BD A+8*171+8C: +B G$6:A$*:
+I(6DB1G$7+8C+ ?:A 6:B A+BD6C$*:B (:7?+C1C1G:B^ :B B+8C171+8C:B
BD'4+C1G:B B:'A+ B+A ($?$K *+ +4+(DC$A 6$ C$A+$ $B1/8$*$ A+*D(1A%8 BD
A+B?D+BC$*++BCA-B+18(A+7+8C$A%6$?A:'$'161*$**+BD?+A$A+6*+B$.2:
@D+ B+ 6+ ?A+B+8C$^ :A +4+7?6:[ D8 *+?:AC1BC$ (:8 (:8.1$8K$ +8 BDB
($?$(1*$*+B ?$A$ A+$61K$A (:8 B:6G+8(1$ D8 CA$'$4: *+ +@D1?:[ $6($8K$A%
$8C+B +6 81G+6 ;?C17: ?$A$ +8CA$A +8 6$ (:8G:($C:A1$ J *+.+8*+A (:8
B:6G+8(1$$BD(6D'+8D8?$AC1*:*+(:7?+C1(1;8^:A+6(:8CA$A1:[6$?A+B1;8
*+ 6$ /A$*$ $8C+ BDB +AA:A+B[ 6$B +I1/+8(1$B *+6 +8CA+8$*:A : 6:B
B+8C171+8C:B*+18+.1($(1$6$BCA$A%8BDA+8*171+8C:$(CD$6JBDA+8*171+8C:
?A;I17:^8C:*$B$@D+66$BB1CD$(1:8+B*:8*+B+?+A(1'+8*1B(A+?$8(1$B[B+
?A:*D(1A% 6$ $(C1G$(1;8 J 7$8C+8171+8C: *+ 6$ $6$A7$ 0$BC$ @D+
*+B$?$A+K($8:($7'1+86:B+BC27D6:B@D++I(1C$A:8+6(:8.61(C:18C+A8:^
I1BC+87:7+8C:B+86:B@D++6(+A+'A:+8(D+8CA$*1.1(D6C$*+B?$A$$B:(1$A
(:AA+(C$7+8C+ D8$ A+B?D+BC$ +7:(1:8$6 $ D8 $(:8C+(171+8C:[
+B?+(1$67+8C+(D$8*:+6*+?:AC1BC$B++8(D+8CA$+8A$(0$B8+/$C1G$B*+
A+BD6C$*:B^ 8 +BC:B ($B:B[ +B ?:B1'6+ @D+ $8C+ D8$ G1(C:A1$ 8: B+ B1+8C$
+B?+(1$67+8C+ B$C1B.+(0: 18(6DB: +I?+A17+8C$8*: D8 A+BD6C$*: @D+
0$'1CD$67+8C+ B+ A+6$(1:8$ (:8 G$6+8(1$B $.+(C1G$B ?:B1C1G$B^ $A+(+
+G1*+8C+ ?+8B$A +8 6$ 18C+A$((1;8 7D6C1.$(C:A1$6 *+ +BCA-B[ $8B1+*$* J
+7:(1;8 +8 +6 A+8*171+8C: *+ 6:B $C6+C$B^ D(0$B *+ 6$B G$A1$'6+B @D+
($A$(C+A1K$8 6$B A+B?D+BC$B ?B1(:.1B1:6;/1($B +BC%8 +G:6DC1G$7+8C+
A+6$(1:8$*$B J 6: 7%B ?A:'$'6+ +B @D+ ?:*$7:B :'B+AG$A J (D$8C1.1($A
$6C+A8$C1G$7+8C+ D8$B D :CA$B *+?+8*1+8*: *+ 6$ G$A1$'161*$* 18C+A +
18CA$BD4+C:B^+6:@D+($*$G+K0$J7+8:B*D*$B+B*+6$18.6D+8(1$@D+
6:B +BC$*:B $.+(C1G:B C1+8+8 B:'A+ +6 -I1C: : +6 .A$($B: (:7?+C1C1G:^
:B1'6+7+8C++BC+B+$D8:*+6:B?D8C:B*+7$J:A18C+A-B?:A?$AC+*+6:B
?A:.+B1:8$6+B*+6*+?:AC++86$$(CD$61*$*J@D1K%B+$D8$*+6$B7$C+A1$B
*+ +BCD*1: 7%B ?A:*D(C1G$ +8 6$B ?A;I17$B *-($*$B^ $B +7:(1:8+B
18C+AG1+8+8 +8 6$ C:7$ *+ *+(1B1:8+B J /D2$8 8D+BCA$ (:8*D(C$ (:7: D8
7:*+6:/+8+A$6*+$*$?C$(1;8'1:6;/1($(:8'$B++G:6DC1G$^$($?$(1*$*
ey{e
"
*+6*+?:AC1BC$?$A$17?:8+AB+$BDBA1G$6+B+BC$A%+8C:*:B6:B($B:B7DJ
18.6D+8(1$*$?:A6$B+7:(1:8+B[:.A+(1+8*:D8$G+8C$4$:D8$*+BG+8C$4$
*+?+8*1+8*: *+ BD (:8C18/+8(1$[ *+ BD ($?$(1*$* *+ A+B?D+BC$ J *+ 6$
18C+8B1*$* *+6 +BC27D6:^ :*: +66: +B '1+8 (:8:(1*: ?:A $C6+C$B J
+8CA+8$*:A+B[ @D1+8+B A+B?:8*+A%8 $.1A7$C1G$7+8C+ $ 6$ ?A+/D8C$]
bZ(:8B1*+A$ @D+ BDB +BC$*:B +7:(1:8$6+B $.+(C$8 $6 A+BD6C$*: *+ BDB
+8(D+8CA:BYc^8+BC+B+8C1*:[$6*$8:(:7+8C;]b+6.EC':6+B[B18*D*$[D8
+BC$*:*+%817:c^
3;'9"%%,53':7:,%53'<95'3&5%9,3":'3%527';,%,63&'759;,>"
N2%2 &0 6&98 @ &0 60#&8 :2 68&%49I 7;& &9 9+160& &0 :8+9:& 7;& 9&
%&9&96&8@&00&)8&7;&9*(,OQ+);&0%&&8=2:&9Q
6A$C1:+8CA+(:AC1B:6JC+BC:BC+A:8$B+A%D8$*+6$B(D+BC1:8+B?A18(1?$6+B
@D+*+'+7:BC+8+A+8(D+8C$$6$0:A$*++G$6D$A+6A+8*171+8C:*+D8
$C6+C$:*+D8+@D1?:$CA$G-B*+6(:8CA:6*+G$A1$'6+B?B1(:.1B1:6;/1($B^$
1?;C+B1B*++B$.2:B+9$6$@D+$7'$B0:A7:8$B+BC+A:1*+B18(A+7+8C$8
BDB (:8(+8CA$(1:8+B (1A(D6$8C+B 7:7+8C:B $8C+B *+ +8.A+8C$A +6 A+C:] 6$
C+BC:BC+A:8$G1/:A1K$A%J+6(:AC1B:67:G161K$A%6$/6D(:B$?$A$$.A:8C$A(:8
+.+(C1G1*$* 6$ $7+8$K$^ :A :CA: 6$*:[ 6$ 1?;C+B1B *+6 :*+6: 1:B:(1$6
BD/1+A+@D+G+8(+A:.A$($B$A+86$6D(0$C1+8+D8+.+(C:A+(2?A:(:B:'A+
6$B(:8(+8CA$(1:8+B*+$8*A;/+8:B?A:*D(1+8*:($7'1:B*+?+8*1+8C+B*+6
?A:?1: A+BD6C$*:^ B 17?:AC$8C+ B+9$6$A @D+ +6 (:AC1B:6 ?:*A2$ C+8+A D8$
A+6$(1;8 $8C$/:81BC$ (:8 6$ 7:C1G$(1;8 *+ ?:*+A[ :'BC$(D61K$8*: $6/D8:B
8+DA:A+(+?C:A+B+1801'1+8*:6$$((1;8*+6$C+BC:BC+A:8$B:'A+6:BC+41*:B
*1$8$^ $ $(C1G1*$* *+ 6:B +4+B J (:8.:A7$8 D8$ D81*$*
7:C1G$(1:8$6e+7:(1:8$6 (:84D8C$ $ 7E6C1?6+B 81G+6+B[ *1.1(D6C$8*: 6$B
(:8*D(C$B*+'EB@D+*$*++BC$CDBB:(1$6]WJ4D/$8*:D8?$?+6.D8*$7+8C$6
+8 +6 7$8C+8171+8C: *+6 +@D161'A1: 0:7+:BC%C1(: *+6 :A/$81B7:]X^ 8
+8C:A8:B ($A(+6$A1:B B+ 0$ :'B+AG$*: @D+ 6$B (:8*D(C$B $/A+B1G$B B+
A+6$(1:8$8 (:8 $6C:B (:8(+8CA$(1:8+B *+ ?+A: B;6: (D$8*: 6:B A+:B
?A+B+8C$'$8'$4$B(:8(+8CA$(1:8+B*+(:AC1B:6^D$8*:6$B(:8(+8CA$(1:8+B
*+ (:AC1B:6 +A$8 $6C$B[ 6:B ?A+B:B 8: A+$((1:8$'$8 *+ 7$8+A$ G1:6+8C$
18*+?+8*1+8C+7+8C+*+BDB(:8(+8CA$(1:8+B*+C+BC:BC+A:8$]Y^
I1BC+8 (6$A$B +G1*+8(1$B *+ D8$ A+6$(1;8 *D$6 C+BC:BC+A:8$e(:AC1B:6 +8 6$
(:7?+C1(1;8 B:(1$6 J *+?:AC1G$^ 8 6$ 81G+AB1*$* *+ DBC18[ 6:B *:(C:A+B
+0C$J:B+?0B]W(:7?A:'$A:86$G1$'161*$**++BC$1?;C+B1B:A7:8$6e
D$6+8xww$6D78:B*+A$*:[+8D8:*+6:B+BCD*1:B7%B18C+A+B$8C+B
@D+ 0$8 $8$61K$*: +BC$B 18C+A$((1:8+B 0:A7:8$6+B +8 B1CD$(1:8+B *+
ey{e
A^
##
*+B$.2:B:(1$6^:B?$AC1(1?$8C+B(D7?617+8C$A:8D8$C$A+$*+6$':A$C:A1:
$BD71+8*:A:6+B*+61*+A$K/:J:'+*1+8(1$BD(+B1G$7+8C+^:B62*+A+B*+
($*$/AD?:B+*1A1/2$87+*1$8C+18BCAD((1:8+BG+A'$6+B$BDB(:7?$9+A:B
18*1($8*: +6 *1B+9: *+ A+B:6D(1;8 *+6 *+B$.2: @D+ ?A+G1$7+8C+ 0$'2$
A+(1'1*:*+6:B?A:?1:B18G+BC1/$*:A+B^6C+A718$A6$C$A+$[6:B?$AC1(1?$8C+B
G$6:A$'$8 +6 81G+6 *+ *:718$8(1$ @D+ 0$'2$8 ?+A(1'1*: +8 ($*$ 62*+A[ $6
C1+7?:@D+($*$62*+AG$6:A$'$BD?A:?1:18C+A-B?:AG:6G+A$(:7?6+C$A+6
*+B$.2: B1 6$ A+B:6D(1;8 ?:A ?$AC+ *+6 /AD?: 0$'2$ B1*: 18.AD(CD:B$^ :B
A+BD6C$*:BBD/1A1+A:8@D+6:B62*+A+B(:8'$4:(:AC1B:6J$6C$C+BC:BC+A:8$
18(A+7+8C$'$8BD*:718$8(1$B:'A++6/AD?:J+6+/2$87$J:A1C$A1$7+8C+
(:7?+C1A*+8D+G:B1.A$($B$'$8+86$C$A+$+8(:7+8*$*$^:A+6(:8CA$A1:[
+8 6:B 62*+A+B (:8 $6C: (:AC1B:6 B+ :'B+AG; D8$ A+6$(1;8 18G+AB$ *+ 6$
C+BC:BC+A:8$(:86$*:718$8(1$B:(1$6[$*+7%B*++6+/1A8:A+?+C1A6$C$A+$
+8 ($B: *+ .A$($B$A^ D$8*: 6:B 18G+BC1/$*:A+B $8$61K$A:8 6:B ($7'1:B
?:A(+8CD$6+B +8 6$B (:8(+8CA$(1:8+B 0:A7:8$6+B $8C+B J *+B?D-B *+
+8.A+8C$AB+$A+B:6G+AD8$C$A+$(:7:62*+A+B*+/AD?:[:'B+AG$A:8@D+6:B
?$AC1(1?$8C+B (:8 $6C: (:AC1B:6 ?A+(:7?+C1C1G: *+B(+8*2$8 8:C$'6+7+8C+
BDB(:8(+8CA$(1:8+B*+C+BC:BC+A:8$?:B(:7?+C1C1G$B$6B+ABD?+A$*:B?:A
+6 A+C:^ CA:B +BCD*1:B 0$8 BD/+A1*: 7+8:A ?+A(+?(1;8 BD'4+C1G$ *+
+7?$C2$+8+BCD*1$8C+B*+:D8$7$J:AC+8*+8(1$$$BD71AA1+B/:B
B:6: (D$8*: 6:B ?$AC1(1?$8C+B ?A+B+8C$'$8 $6C$B (:8(+8CA$(1:8+B *+
C+BC:BC+A:8$J'$4$B(:8(+8CA$(1:8+B*+(:AC1B:6'$B$6]Z^
$1?;C+B1B:A7:8$6eD$6BD/1+A+@D++6?$?+6@D+4D+/$6$C+BC:BC+A:8$
+8 6$ 7:*D6$(1;8 *+ 6$ (:8*D(C$ (:7?+C1C1G$ B+ G+A% $.+(C$*$ ?:A 6$B
(:8(+8CA$(1:8+B*+(:AC1B:6[@D+(:7:0+7:BG1BC:+BD8$0:A7:8$@D+B+
61'+A$+8B1CD$(1:8+B*++BCA-B.2B1(:J?B1(:6;/1(:^:B*+?:AC1BC$B(:8$6C$B
(:8(+8CA$(1:8+B *+ (:AC1B:6 (1A(D6$8C+ ?:*A2$8 BD.A1A[ +8 /A$8 ?$AC+[ D8
+.+(C: *+ *+B$4DBC+ ?B1(:.1B1:6;/1(: *DA$8C+ 6$ (:7?+C1(1;8
18*+?+8*1+8C+7+8C+ *+ BDB (:8(+8CA$(1:8+B *+ C+BC:BC+A:8$^ 8 G$A1:B
+BCD*1:B?16:C:@D+0+7:BA+$61K$*:B:'A+7D+BCA$B?+@D+9$B?+A:7DJ
B+6+((1:8$*$B *+8CA: *+6 A$8518/ 8$(1:8$6 i1^+^ (:AA+*:A+B *+ .:8*:
18C+A8$(1:8$6+B *+ 6$ B+6+((1;8 8$(1:8$6 *+ $C6+C1B7: J 4D/$*:A+B
?A:.+B1:8$6+B *+ '%*718C:8j 0+7:B :'B+AG$*: A+6$(1:8+B 18G+AB$B +8CA+
6$B(:8(+8CA$(1:8+B*+(:AC1B:6?A+(:7?+C1C1G:J($7'1:B+86$C+BC:BC+A:8$
$6.18$61K$ABDB(:8(DAB:BB$C1B.$(C:A1$7+8C+^BC:B+BCD*1:B?A+G1:B8:B:8
BD.1(1+8C+7+8C+ .1A7+B (:7: ?$A$ ?:*+A /$A$8C1K$A 6$ (:8B1BC+8(1$ *+ 6$
1?;C+B1B :A7:8$6eD$6 +8 (:7?+C1(1:8+B ($A$ $ ($A$^ 18 +7'$A/:[ B2
?$A+(+8 +I1BC1A 18*1(1:B BD.1(1+8C+B ?$A$ BD/+A1A + 17?D6B$A CA$'$4:B 7%B
?A:.D8*:BJ(:87D+BCA$B7$J:A+B+86$$6C$(:7?+C1(1;8*+?:AC1G$^
ey|we
"
ey|xe
A^
##
.1$'6+B*+6:B?A:(+B:B$*$?C$C1G:B*+64D/$*:A$6+8CA+8$71+8C:J6$$6C$
(:7?+C1(1;8 *+?:AC1G$^ BCD*1:B ?A+G1:B BD/1+A+8 @D+ +I1BC+8 A+B?D+BC$B
$8C1(1?$C:A1$B@D+?:*A2$8C+8+A18.6D+8(1$B:'A+6$BA+B?D+BC$B:A/%81($B]\^
ZM
8 (:8(6DB1;8[ ?:*A2$7:B +8(:8CA$A8:B $8C+ 6$ 8+(+B1*$* *+ 'DB($A
?A:/A$7$B *+ +8CA+8$71+8C: *+?:AC1G: @D+ $D7+8C+8 6$ C+BC:BC+A:8$ J
A+*DK($8 6$B (:8(+8CA$(1:8+B *+ (:AC1B:6 +8 8D+BCA:B *+?:AC1BC$B ?$A$
7+4:A$ABDA+8*171+8C:*+?:AC1G:[17?D6B$ABD7:C1G$(1;8?:AG+8(+A$BDB
A1G$6+B+18(A+7+8C$ABD+BC$CDBB:(1$6J*+?:AC1G:^8+BC+B+8C1*:[B+A2$
8+(+B$A1: +6 (:8CA:6 *+ 6$B ($A/$B[ 18C+8B1*$*+B J *+8B1*$*+B *+
+8CA+8$71+8C:[ 6$ *1+C$[ +6 $?:J: ?B1(:6;/1(: +B?+(1$61K$*: J +6 (:8CA:6
?+A1;*1(:*+6$B(:8(+8CA$(1:8+B0:A7:8$6+B$6:6$A/:*+($*$C+7?:A$*$^
?C171K$A 6$B A+B?D+BC$B 0:A7:8$6+B J 6$ 18C+A$((1;8 +8CA+ 0:A7:8$B
+BC+A:1*+B['$4:D8+BCA1(C:(:8CA:6'1:7-*1(:*+6$$(C1G1*$* *+6:B+4+B
J ?+A71C1A2$ C+8+A 18.:A7$(1;8 A1/DA:B$ J ?A1G16+/1$*$ ?$A$
18C+AG+81A+86$*1A+((1;8(:AA+(C$?$A$A+*D(1A6:B(:8.61(C:B18C+A8:B*+D8
G+BCD$A1:[ 18(A+7+8C$A 6$ ?A:'$'161*$* *+ :'C+8+A 'D+8:B A+BD6C$*:B
*+?:AC1G:B J G1/16$A +6 '1+8+BC$A J +6 +@D161'A1: +7:(1:8$6 *+6 *+?:AC1BC$
?A:.+B1:8$6^
:B +.+(C:B @D+ +6 +BCA-B C1+8+ B:'A+ +6 BDBCA$C: ?B1(:'1:6;/1(: *+ 6$
7:C1G$(1;8 J 6$ C:7$ *+ *+(1B1:8+B +8 +6 *+?:AC+ B:8 7DJ 8:C$'6+B J
(:7?6+4:B[B18+7'$A/:[?$A+(++I1BC1AD8$$(+?C$(1;8/+8+A$61K$*$*+@D+
C:*: *+?:AC1BC$ C1+8+ @D+ /+8+A$A +BCA-B +8 (:7?+C1(1;8^ D$8*: 6:B
A+BD6C$*:B8:B:86:B+B?+A$*:B[+87DJ(:8C$*$B:($B1:8+BB+(:8B1*+A$
A+B?:8B$'6+B*+6A+8*171+8C:$6$18C+8B1*$*J*DA$(1;8*+6$+I?:B1(1;8$6
+BCA-B.2B1(:J+7:(1:8$6:6$'$4$(:7?+C+8(1$*+6$C6+C$?$A$B:7+C+A6:$
(:8CA:6^87:*:$6/D8:8:*+'+7:B:6G1*$A@D+6$7:C1G$(1;8[+6(:8CA:6
+B?$(1$6J6$7+7:A1$18BCAD7+8C$6B+G+87DJ$.+(C$*$B?:A+6+BCA-B[*+6
71B7:7:*:@D+6$?A:'$'161*$**+6+B1;8+B7$J:A(D$8*:*:718$86$B
(:8*D(C$B A+$(C1G$B : +BC$7:B 01?+A$(C1G$*:B^ $ 7+7:A1$ ?A:B?+(C1G$
4D+/$D8?$?+67DJ7$A($*:+86$?+A(+?(1;8BD'4+C1G$*+64D/$*:A?$A$
BD?+A$A+6A+C:[JD84D/$*:A@D+*D*$*+BDB?:B1'161*$*+B*1B718D1A%6$
?A:'$'161*$**+B$61AG1(C:A1:B:+8+B+J:CA:B*+B$.2:B?:BC+A1:A+B^bD+*:[
?:A@D+(A+:@D+?D+*:c*+(2$6$($7?+:8$*+67D8*:$A:618$$A28CA$B
*+AA:C$A+86$.18$6$6$($7?+:8$:627?1($J8E7+A:D8:*+6A$8518/[6$
(018$ 1 !D+AD1^ BC$ /A$8 ($7?+:8$ ?$AC1(1?; +8 D8 +BCD*1: @D+
*+B$AA:66$7:B+8+6:A8+:
8C+A8$(1:8$6*+B?$9$+8+6$9:ywxw4D8C:
(:8 :CA:B *+?:AC1BC$B *+ -61C+ 18C+A8$(1:8$6^ 8 $@D+6 +BCD*1: @D+*; *+
ey|ye
"
7$81.1+BC: @D+ 6:B 4D/$*:A+B (:8 $6C$ C+BC:BC+A:8$ J '$4: (:AC1B:6 '$B$6
G+8(2$8+8*:B*+($*$CA+B+8.A+8C$71+8C:B[BD/1A1+8*:@D+6$.6+I1'161*$*
*+6:B+4+B8+DA:+8*:(A18:BB+A+6$(1:8$'$(:8D8$7$J:A0$'161*$*?$A$
17?:8+AB+$BDB$*G+AB$A1:B^
ey|ze
A^
##
xy^+AA1*/+[^^iyww{j^:C1G$C1:8(:8(+?CB18'+0$G1:A$68+DA:B(1+8(+^*@9+404)@
2%&*=+48I_XIx~eyw^
xz^ ::*[^
^iyww{j^+18.:A(18/$B?+(CB:.$8*A:/+8B^*@9+404)@2%&*=+48I_ZI
y~ey^
x{^:+(5+A[^[?A+8/+A[^[?165+A[^[+8A15B+8[^[:??+80:+.+A[^[ $/8+A[^^
+C$6^iywwj^D88+AOB01/0]:?1:1*+A/1(7+($81B7B18C0+0D7$8'A$18^48:&?IX_I
y|yzey|zx^
x|^ 55+5$51B[ ^[ $66[ ^^[ J +CADKK+66:[ ^^ iyww|j^ $A1$C1:8 $8* 0:7:/+8+1CJ 18
$..+(C1G+ A+B?:8B+ C: ?0JB1($6 $(C1G1CJ :. G$AJ18/ 18C+8B1C1+B] $8* $6C+A8$C1G+
?+AB?+(C1G+ :8 *:B+eA+B?:8B+ '$B+* :8 +G:6DC1:8$AJ (:8B1*+A$C1:8B^ 4;820 4(
648:9#+&2#&9IYZi|j[{~~e|ww^
x}^55+5$51B[^[$K:D[^[DI'J[ ^^[J+:A/1$*1B[^iywx}j^0+7JBC+A1:DB($B+:.
C0+ ?D'61( 0+$6C0 /D1*+ 618+ C0$C 1B i$67:BCj +BC1A+6J 1/8:A+*] $66 .:A $ A+B+$A(0
$/+8*$ :8 C0+ ($DB+B :. C0+ +ICA+7+ $G:1*$8(+ :. ?0JB1($6 $(C1G1CJ 18 :'+B1CJ^
"&9+:@&=+&>9IX^Izxzezy^
x~^1[!^[#0D[^[18[^[ $8/[^["+[#^[#0:D[+C$6^iywxxj^6C+A+*A+BC18/'A$18
.D8(C1:8$8*BCAD(CDA+18?A:.+BB1:8$6'$*718C:8?6$J+AB^8+2422&#:+=+:@IYi{j[
yy|eyzz^
x^C$8C:8[^^[J(0D6C0+1BB[^^iywxxj^:H+A$8*C+BC:BC+A:8+^8^:H*18/i*^j[
2#@#046&%+4(64>&8i??^}}ye}}{jL0:DB$8*$5B[]$/+^
x^ H$$'[ ^
^[ J $A(2$e
$6/D+A$B[ ^^ iywxwj^ +ID$6 *1..+A+8C1$C1:8 :. C0+ 0D7$8
'A$18 18 A+6$C1:8 C: /+8*+A 1*+8C1CJ $8* B+ID$6 :A1+8C$C1:8^ 84)8&99 +2 8+2
&9&8#*IX_]I{xe}y^
yw^$8818/[^^iywwyj^0+A$C1::.y8*C:{C0*1/1C6+8/C0$8*?+A.:A7$8(+18B5118/^
L648:9&%L*@9L +:2&99I[YI{{}e{|w^
yx^$8818/[^^[J$J6:A[^^iywwxj^+(:8*C:.:DAC0*1/1CA$C1:$8*7$6+$'161CJ18
B?:AC]17?61($C1:8B.:AB+ID$6B+6+(C1:8180D7$8B^=40;:+422%;12&*=+48I
YYI]XQ]`L
yy^(0D6C0+1BB[^^[ 1AC0[^^[JC$8C:8[^iyww{j^..+(CB:.$..161$C1:8$8*?:H+A
7:C1G$C1:8 $A:DB$6 :8 B$61G$J ?A:/+BC+A:8+ $8* C+BC:BC+A:8+^ 48142&9 2%
&*=+48I[]i|j[|ye|^
yz^17-8+K[^[/D16$A[^[J6G+A:eADK[^^iywxyj^..+(CB:.G1(C:AJ$8**+.+$C:8
C+BC:BC+A:8+ $8* (:AC1B:6 A+B?:8B+ C: (:7?+C1C1:8] +G1*+8(+ :. B$7+ A+B?:8B+
?$CC+A8B187+8$8*H:7+8^9@#*42&;84&2%4#8+2404)@IZ^Ix|~~ex|x^
y{^A$7'166$[^^[$CBD7:C:[^^[A$D4:[^^[J(186$J[^^iywwj^0++..+(C:.
*1DA8$6 G$A1$C1:8 :8 (6181($6 7+$BDA+7+8C :. B+AD7 C+BC:BC+A:8+ $8* :C0+A B+I
ey|{e
"
0:A7:8+ 6+G+6B 18 7+8^ *& 4;820 4( 0+2+#0 2%4#8+2404)@ 2% &:"40+91I
`[izj[w~exz^
y|^ +6618/[^^[:A+$D[^^[A1*[^^[$8B+8[^[J$AA-[^^iywx}j^I:/+8:DB
C+BC:BC+A:8+ 18(A+$B+B 7+8OB ?+A(+?C1:8B :. C0+1A :H8 ?0JB1($6 *:718$8(+^
9@#*42&;84&2%4#8+2404)@I][IXZ]QX[YL
y}^$8:85[^[(0DCC+A[^^[+A7$8B[^^[DC7$8[^[D1C+8[^[J:??+B(0$$A[^
iyww{j^ +BC:BC+A:8+ B01.CB C0+ '$6$8(+ '+CH++8 B+8B1C1G1CJ .:A ?D81B07+8C $8*
A+H$A*180+$6C0JJ:D8/H:7+8^9@#*42&;84&2%4#8+2404)@IY`Iz~e{z^
y~^+81:6+[^^[1A*[^^[D**1(5[^^[J$AA-[^^iywx}j^..+(CB:.(:7?+C1C1:8
:DC(:7+ :8 C+BC:BC+A:8+ (:8(+8CA$C1:8B 18 0D7$8B] $8 D?*$C+* 7+C$e
$8$6JB1B^48142&92%&*=+48I`YIz~e|w^
y^ 18/.1+6*[ ^^[ +/8+A[ ^^[ D.CJ A[ ^^[ J $66[ ^
^ ixwj^ 0+ n(0$66+8/+
0J?:C0+B1Bn]C0+:A+C1($617?61($C1:8B.:A?$CC+A8B:.C+BC:BC+A:8+B+(A+C1:8[7$C18/
BJBC+7B[$8*'A++*18/BCA$C+/1+B^*&1&8+#:;80+9:IXZ][ye{}^
y^$KDA[^ix|j^'1:B:(1$67:*+6:.BC$CDB18.$(+eC:e.$(+?A17$C+/A:D?B^4#+0
48#&9I][Iz~~e{wy^
zw^ A(0+A[ ^ iyww}j^ +BC:BC+A:8+ $8* 0D7$8 $//A+BB1:8] $8 +G$6D$C1:8 :. C0+
(0$66+8/+0J?:C0+B1B^&;849#+&2#&2%+4"&*=+480&=+&>9IZWIzxez{|^
zx^ $KDA[ ^[ J $7'[ ^^ ixwj^ +BC:BC+A:8+[ BC$CDB[ $8* 7::* 18 0D7$8
7$6+B^48142&92%&*=+48[X[izj[yz}ey{}^
zy^ $KDA[ ^[ ::C0[ ^[ J $''B[ ^^ ixyj^ +BC:BC+A:8+ $8* (0+BB (:7?+C1C1:8^
4#+09@#*404)@;8:&0@I\\ixj[~we~~^
zz^+8*:K$[^[6G+A:eADK[^^[$A(2$e:7+A:[^[$A(2$e:66[^[1G166$[
^[J17-8+K[
^iywxj^0$66+8/18/C:C0+C:??6$J+A]+BC:BC+A:8+$8*(:AC1B:6A+B?:8B+C:$8
:..1(1$6(0+BBC:DA8$7+8C^0492&I268&99L
z{^/D16$A[^[17-8+K[^[J6G+A:eADK[^^iywxzj+BC:BC+A:8+[(:AC1B:6$8*$8I1+CJ
18+61C+.1+6*0:(5+J?6$J+AB^*@9+404)@2%&*=+48IXX`Ixezy^
z|^ :8K%6+Ke:8:[ ^[ $6G$*:A[ ^[ 1($AC+[ ^[ +AA$8:[ ^^[ J A8+*:[ ^ iywwwj^
+BC:BC+A:8+$8*$CCA1'DC1:8:.BD((+BB.D6(:7?+C1C1:8^))8&99+=&&*=+48IY]I
yz|ey{w^
z}^ $6G$*:A[ ^[ D$J[
^[ :8K%6+Ke:8:[ ^[ J +AA$8:[ ^^ iywwzj^ 8C1(1?$C:AJ
(:AC1B:6[ C+BC:BC+A:8+ $8* ?BJ(0:6:/1($6 A+B?:8B+B C: 4D*: (:7?+C1C1:8 18 J:D8/
7+8^9@#*42&;84&2%4#8+2404)@IY_Iz}{[z~|^
ey||e
A^
##
ey|}e
"
ey|~e
A^
##
ey|e
]
L
9M"3,'1">"9959&5A?A:.+B:A*+*D($(1;8
2B1($J*:(+8C+*+6%BC+A*+
+DA:+*D($(1;8J*D($(1;8
2B1($[81G+AB1*$*$A*+8$6+AA+A$^AD?:*+
18G+BC1/$(1;8
i14:+2) 2&992%&0:*:*84;)**@9+#0#:+=+:@j[
81G+AB1*$**+A$8$*$^
b%;##+52&91;#*41 97;&%;##+52 ,9+#I6&84&91;@64#49+2&00c
!
'B+AG$8*:$D8/AD?:*+$*:6+B(+8C+B+8D8?$A@D+(:8BDBC+6-.:8:B
7;G16+B+86$7$8:[$D8819:*+:(0:$9:B*+B?6$K%8*:B+(:8BD?$C18+C+
+6-(CA1(: : D8 ($AC+6 *+ ?A:01'1*: 4D/$A $6 '$6;8 +8 6$ +B@D18$ *+ D8$
?6$K:6+C$[ +B .%(16 +8C+8*+A @D+ 6$ B:(1+*$* J 6$B .:A7$B *+ 4D/$A[ *+
*1G+AC1AB+J*+:(D?$(1;8*+6C1+7?:61'A+*+6:B819:BJ$*:6+B(+8C+B[+BC%
($7'1$8*:^$*D($(1;8
2B1($$(CD$68:B:6:C1+8+D8G$6:A?+*$/;/1(:[
B18: C$7'1-8 B$81C$A1:[ $(CD$8*: (:7: .$(C:A *+ ?A+G+8(1;8 *+ ?A17+A
:A*+8$81G+6.2B1(:[B:(1$6[7+8C$6J+7:(1:8$6^$BE6C17$B18G+BC1/$(1:8+B
+8 8+DA:(1+8(1$[ 0$8 *+7:BCA$*: 7E6C1?6+B '+8+.1(1:B *+6 +4+A(1(1: .2B1(:
B:'A++6(+A+'A:$81G+67:6+(D6$A[+BCAD(CDA$6J.D8(1:8$6^8:*+6:B7%B
*+BC$($*:B +B +6 18(A+7+8C: *+
[ D8$ 7:6-(D6$ @D+ .$G:A+(+ 6$
8+DA:/-8+B1BJ6$(A+$(1;8*+8D+G$BB18$?B1B[+8CA+:CA$B.D8(1:8+B^81G+6
+BCAD(CDA$6 C$7'1-8 (:8CA1'DJ+ $6 $D7+8C: *+6 G:6D7+8 *+ (1+AC$B
+BCAD(CDA$BA+6$(1:8$*$B(:8+6$?A+8*1K$4+J6$7+7:A1$[(:7:6$(:AC+K$
(+A+'A$6[ 6$ $72/*$6$ : +6 01?:($7?:^ $ $(C1G1*$* .2B1($ 7+4:A$ +6 .6D4:
B$8/D28+: *+6 (+A+'A:[ B+/A+/$ 7:6-(D6$B J 8+DA:CA$8B71B:A+B
A+6$(1:8$*:B (:8 +6 $?A+8*1K$4+ J +8 *+.181C1G$[ ?A:G:($ D8$ 7$J:A
$(C1G1*$*(+A+'A$6[?:AC$8C:[D8$7+4:A$*+C:*$B6$B.D8(1:8+B(:/81C1G$B
*+6(+A+'A:[18(6D1*$B6$B@D+7%BB+DC161K$8+8+6$D6$^
8+BC+($?2CD6:B+$8$61K$A%*+B*+D8?D8C:*+G1BC$(1+8C2.1(:J?+*$/;/1(:
(;7:18.6DJ+6$*D($(1;8
2B1($+8+B(:6$A+B$81G+68+DA:(:/81C1G:^$A$
+66:[ +B (:8G+81+8C+ $(6$A$A +8 ?A17+A 6D/$A J *+B*+ D8 ?A1B7$
+BCA1(C$7+8C+(1+8C2.1(:[+6B1/81.1($*:*+(1+AC:BC-A718:B$B:(1$*:B$+BC$
$B1/8$CDA$^$7'1-8*$A+7:BA+B?D+BC$$?A+/D8C$B(:7:B16$*D($(1;8
2B1($?D+*+7+4:A$A+6A+8*171+8C:$($*-71(:*+6:B+B(:6$A+B[*;8*++B
7+4:AB1CD$A6$B(6$B+B*+*D($(1;8
2B1($+86:B0:A$A1:B+B(:6$A+B:@D-
C1?: *+ $(C1G1*$* .2B1($ +B 6$ A+(:7+8*$'6+ ?$A$ D8 *+B$AA:66: 7:CA1K J
(:/81C1G:$*+(D$*:^($B:+B1/D$6?$A$+6(+A+'A:*+D8819:0$(+A968+2:9
!
$77+6+(5[77:AD??+ix~}j]n+:A2$?+*$/;/1($*+6$*D($(1;8
2B1($n^
ey|e
A^
"
+8B:61C$A1:+8D8$?1BC$*+$C6+C1B7:@D+4D/$A$6?$9D+6:+8/AD?:[B$6C$A
$ 6$ (:7'$ ?$A$ (A+$A D8$ (:A+:/A$.2$ /AD?$6 : ?A$(C1($A '$6:8(+BC: +8
B1CD$(1:8+B A+*D(1*$B *+ 4D+/:^ +B*+ D8 ?D8C: *+ G1BC$ 8+DA:+*D($C1G:
Z+B1/D$6A+(1'1A$D8/AD?:*+$6D78:BB+8C$*:B+86$B166$*+6?A:.+B:A:
+8+6(+8CA:*+6$?1BC$(:86:B'A$K:B+8CA+(ADK$*:B[@D++86$?D+AC$*+6
$D6$:*+6?$'+66;8[*%8*:6+B6$7$8:D8:$D8:[*%8*:6+B6$'1+8G+81*$[
(:8 7EB1($ $(CD$6 : C:($8*: D8 18BCAD7+8C:Y :*$B +BC$B (D+BC1:8+B
C1+8+80:J*2$A+B?D+BC$(1+8C2.1($J$?61($(1;8?A%(C1($^
WM
$&<%"%,63 -:,%"+BD8$?$AC+:'61/$C:A1$*+6:B?A:/A$7$B+B(:6$A+B+8
6$ 7$J:A2$ *+ ?$2B+B[ +8CA+ +66:B B?$9$^ *+7%B *+ ?A:?:A(1:8$A
:?:ACD81*$*+B?$A$6$?A%(C1($*+$(C1G1*$*.2B1($[+BC$$B1/8$CDA$B1+7?A+
0$?+AB+/D1*::'4+C1G:B@D+8:8+(+B$A1$7+8C+0$8+BC$*:A+6$(1:8$*:B
*+.:A7$*1A+(C$(:8+6(:8(+?C:*+B$6D*.2B1($^8CA++66:B+8(:8CA$7:B
(1+AC:B$B?+(C:B(:/81C1G:B[$B2(:7:+6.:7+8C:J6$?A:7:(1;8*+6$B$6D*
B:(1$6J+7:(1:8$6[$617+8C$(1;8[01/1+8+?:BCDA$6[0$'161*$*+BJ*+BCA+K$B
*+?:AC1G$B[ CA$'$4: +8 +@D1?:[ A+B?+C:[ $.%8 *+ BD?+A$(1;8[ ?A%(C1($ *+
$(C1G1*$*.2B1($+8+67+*1:8$CDA$6[(D1*$*:*+67+*1:$7'1+8C+[+I?A+B1;8
(:A?:A$6 J (A+$C1G1*$*[ +8CA+ :CA:B[ B1+8*: +6 4D+/: +8 BD 7%B $7?61:
B1/81.1($*:[D8$*+6$B?A18(1?$6+B0+AA$71+8C$BJ+BCA$C+/1$B7+C:*:6;/1($B
?$A$+6*+B$AA:66:*++BC:B(:8C+81*:B^
+/E8 +6 +$6 +(A+C: xxw|dywx{[ *+ y} *+ *1(1+7'A+[ ?:A +6 @D+ B+
+BC$'6+(++6(DAA2(D6:'%B1(:*+6$*D($(1;8+(D8*$A1$'61/$C:A1$J*+6
$(0166+A$C:+8B?$9$i^^^*+z*++8+A:*+ywx|jx[6$*D($(1;8
2B1($
C1+8+ (:7: .18$61*$* ?A18(1?$6 +6 *+B$AA:66: *+ 6$ %527';'3%," 25;9,B[
+8C+8*1*$(:7:6$18C+/A$(1;8*+6:B(:8:(171+8C:B[6:B?A:(+*171+8C:B[
6$B$(C1CD*+BJ6:BB+8C171+8C:BG18(D6$*:BB:'A+C:*:$6$(:8*D(C$7:C:A$^
18+7'$A/:[B:87D(0:B6:B+BCD*1:B+18G+BC1/$(1:8+B+86:B@D+B+?:8+
*+7$81.1+BC:@D++BC$$B1/8$CDA$8:B:6:(:8CA1'DJ+$6(:AA+(C:*+B$AA:66:
*+6$(:7?+C+8(1$7:CA1K:B$6D*.2B1($*+6:B+BCD*1$8C+B[C$7'1-818.6DJ+
+8$B?+(C:B?B1(:B:(1$6+B[+7:(1:8$6+BJ8+DA:(:/81C1G:B^
b49%+(&8&2:&996&#:497;&4(8&#&02&;84#+&2#+689&86&89429929
S :4%49 049 2+=&0&9TI 942 +2*&8&2:&9 0 1:&8+ %& %;##+52 ,9+#L
2&;84#+&2#+ #" %& "08 04 7;& 9+&168& *",149 +2:;+%4K 7;& 0
%;##+52 ,9+#&9;21:&8+7;&8&648:+22;1&8"0&9"&2&(+#+4909&8
ey}we
]
*;124I 648 &.&1604I 7;& &9 #8;#+0 68 &0 %&9884004 8152+#4 %&0
#&8&"84cy^
:J +8 *2$[ 6:B 819:B C1+8+8 7+8:B :?:ACD81*$*+B *+ B+A $(C1G:B +
18*+?+8*1+8C+B[ +B?+(1$67+8C+ +8 6$B /A$8*+B (1D*$*+B *+ 6:B ?$2B+B
*+B$AA:66$*:B^ $ ?:($ $(C1G1*$* *+B?6+/$*$ +8 +6 $(CD$6 B1BC+7$ *+ G1*$
+BC% ?A:G:($8*: @D+ 6$ $(C1G1*$* .2B1($ J (:8 +66$ 6$ *D($(1;8
2B1($[
$*@D1+A$($*$G+K7$J:A17?:AC$8(1$[(:8CA1'DJ+8*:$6$(:8B+AG$(1;8J
7+4:A$ *+ 6$ B$6D*[ ?A+G+8(1;8 *+ *+C+A718$*$B +8.+A7+*$*+B[
7$8C+8171+8C:*+6+@D161'A1:?B1(:.2B1(:[7+8C$6[+7:(1:8$6J$(:7'$C1A+6
0$'1CD$6 B+*+8C$A1B7: *+ 6$ B:(1+*$* $(CD$6^ $*: @D+ 6:B +BCD*1$8C+B
?$B$8D8$/A$8($8C1*$**+BDC1+7?:+86$+B(D+6$[0$JD8/A$8?:C+8(1$6
?$A$$D7+8C$ABDB81G+6+B*+$(C1G1*$*.2B1($*+8CA:*+60:A$A1:+B(:6$A^18
+7'$A/:[+6C1+7?:*+$(C1G1*$*.2B1($+B(:6$A+8B?$9$+B7DJ+B($B:^8
6$7$J:A2$*+(+8CA:B*++8B+9$8K$:'61/$C:A1$+B?$9:6+B[*+6:B}$6:Bx}
$9:B[+*$*(6$G+?$A$$B+8C$A0%'1C:BJ+BC16:B*+G1*$.DCDA:B[C$8B:6:B+
*+*1($8*:BB+B1:8+B*+*D($(1;8
2B1($$6$B+7$8$*+7+8:B*+D8$0:A$
i|| 718DC:Bj[ $ 6: BD7: z B+B1:8+B *+ {| 718DC:B[ *+ 6:B (D$6+B[ ($B1 6$
71C$*B+*+*1($$6CA$B6$*:*+6$D6$$6$18BC$6$(1:8+B[$B+:?+AB:8$6J:CA$B
$(C1G1*$*+B*+($A%(C+A:A/$81K$C1G:[(:7:?$B$A61BC$:A+(:/+A+67$C+A1$6
*+ (6$B+[ 6+4:B *+ 6:B }wew 718DC:B *+ $(C1G1*$* .2B1($ *1$A1$
A+(:7+8*$*$!^ :A (:8B1/D1+8C+ J (:8B1*+A$8*: 6:B *$C:B ?D'61($*:B
A+(1+8C+7+8C+ +8 +6 18.:A7+ DAJ*1(+ *+ ywxz!
+8 +6 @D+ B+ 18*1($ @D+
7%B *+6 w *+ 819:B J 819$B +B?$9:6+B +8 +*$* +B(:6$A E81($7+8C+
?A$(C1($8$(C1G1*$*.2B1($+86$+B(D+6$[*1(0$$(C1G1*$*.2B1($+B18BD.1(1+8C+
?$A$(:8B+/D1AD8;?C17:*+B$AA:66:8+DA:7:CA1K^
$*D($(1;8
2B1($*1$A1$0$B1*:A+(:7+8*$*$?:A8D7+A:B$B+8C1*$*+B
(:7: +BCA$C+/1$ *+ ?A+G+8(1;8 *+ +8.+A7+*$*+B ($A*1:G$B(D6$A+B[
?A:7:(1;8 *+ B$6D* ?E'61($ +8 /+8+A$6ze} J ?$A$ $B+/DA$A 6$ B$6D* *+6
(+A+'A:[ A+CA$B$8*: $B2 BD +8G+4+(171+8C: iA+B+AG$ (:/81C1G$j~^ 1(0$
$B1/8$CDA$ ?:*A2$ *+B+7?+9$A D8 ?$?+6 17?:AC$8C+ +8 6$ ?A+G+8(1;8 *+
B:'A+?+B: +8 819:B J 7+4:A$ *+6 A+8*171+8C: (:/81C1G: J $($*-71(:^
$A+(+@D+0$66+/$*:+67:7+8C:*+A+(:8B1*+A$A+6?$?+67%B$7?61:@D+
?:*A2$C+8+A6$*D($(1;8
2B1($*+8CA:*+67$A(:+B(:6$A[8:B;6:*+B*+D8
?D8C: *+ G1BC$ ?+*$/;/1(:[ B18: C$7'1-8 B$81C$A1:[ .$G:A+(1+8*: +6
$?A+8*1K$4+J?:C+8(1$8*:6$B0$'161*$*+B7+8C$6+BC$6+B(:7:6$7+7:A1$[
6$A+B:6D(1;8*+?A:'6+7$B[C:7$*+*+(1B1:8+B[6$7:C1G$(1;8J6$$C+8(1;8^
!
HHH^00B^/:Gd8+HB^+?$AC$7+8C:*+$6D*E'61($*+6:BBC$*:B81*:B^
!
8.:A7+DAJ*1(+^$*D($(1;8.2B1($J+6*+?:AC++86:B(+8CA:B+B(:6$A+B+DA:?+:B^
0CC?]dd+$(+$^+(^+DA:?$^+Dd+*D($C1:8d+DAJ*1(+d*:(D7+8CBdC0+7$C1(hA+?:ACBdx|w^?*.
ey}xe
A^
"
$*D($(1;8
2B1($C$8C:+86:B(+8CA:B*++8B+9$8K$?A17$A1$i*+}$xy
$9:Bj(:7:+86:B*+B+(D8*$A1$i*+xy$x~$9:Bj[?:*A2$(:8G+AC1AB++8+6
+6+7+8C:(+8CA$6*+D8B1BC+7$(:7D81C$A1:@D+/$A$8C1(+$6:B+BCD*1$8C+B
ixww *+ 819:B J $*:6+B(+8C+Bj 6$ ?$AC1(1?$(1;8 +8 6$ $(C1G1*$* .2B1($
A+(:7+8*$*$?$A$*+B$AA:66$A+BC16:B*+G1*$B$6D*$'6+B^8+BC+B+8C1*:[6$
*D($(1;8
2B1($$(CD$6i.1/DA$xj8:B:6:C+8*A2$D8G$6:A?+*$/;/1(:[B18:
C$7'1-8 B:(1:eB$81C$A1:[ 7+8C$6 J +7:(1:8$6[ $(CD$8*: (:7: .$(C:A *+
?A+G+8(1;8*+?A17+A:A*+8^
BC:(:8G1+AC+$6$*D($(1;8
2B1($$(CD$6+86$$B1/8$CDA$7%B17?:AC$8C+
*+6(DAA2(D6:$(CD$6[*$*:@D+$(CE$(:7:7+*1(18$8$CDA$6?$A$+6'D+8
.D8(1:8$71+8C: *+ 8D+BCA: :A/$81B7: J ?A+G+8C1G$ ?$A$ +8.+A7+*$*+B
($A*1:G$B(D6$A+BJ7+8C$6+B[?D*1+8*:$*+7%B(:8CA1'D1A$6$7+4:A$*+6
A+8*171+8C:(:/81C1G:J$($*-71(:*+8D+BCA:B+B(:6$A+B[6:B$*D6C:B*+6
7$9$8$^ "$ 6: *+(2$ +6 ?:+C$ 6$C18: DG+8$6 iB1/6:
*^^j +8 D8$ *+ BDB
B%C1A$B]b&2992+2#48648&924OJ+I?A+B1;8@D+$(:/1;(:8$/A$*:+6
$A;8 1+AA+ *+ :D'+AC18[ .D8*$*:A *+6 :71C- 627?1(:
8C+A8$(1:8$6
ixwj(:7:6+7$*+6617?1B7:7:*+A8:^
"1<&A"%;,>,&"&)-:,%"
6(:8(+?C:*+:"1<&,3;'*9"1+B*+.181*:?:A6$A/$81K$(1;8D8*1$6*+6$
$6D* +8 BD $AC$ $/8$ : $AC$ :8BC1CD(1:8$6 ix{}j (:7: U&0 &9:%4
#4160&:4%&"+&2&9:8(,9+#4I1&2:0@94#+0I@249401&2:&0;9&2#+%&
&2(&81&%%U^$?A:.+B:A$
A+8++661(+A:J:0$'6$*+6(:8(+?C:*+B$6D*
18C+/A$6(:7:+6(:84D8C:*+6$B(18(:*17+8B1:8+B@D+6$18C+/A$8]B$6D*
.2B1($[7+8C$6[+7:(1:8$6[18C+A1:AJB:(1$6[C:*$B+66$BCA$'$4$*$B*1A+(C$:
18*1A+(C$7+8C++86$*D($(1;8
2B1($$(CD$6[(:7:$B2A+.6+4$+8BD61'A:
b&;84 L8&=40;#+52%&0%;##+52 ,9+#%&9%&02&;84#+&2#+cy^
+);8X^$6D*18C+/A$6i7:*1.1($*:*++661(+A+C$6^ywx|jy^
ey}ye
]
$'6$7:B*+"%;,>,&"&)-:,%"(D$8*:8:BA+.+A17:B$(D$6@D1+A7:G171+8C:
(:A?:A$6 ?A:*D(1*: ?:A 6:B 7EB(D6:B +B@D+6-C1(:B @D+ A+@D1+A+ D8 /$BC:
+8+A/-C1(:$*1(1:8$6$6'$B$6^$$(C1G1*$*.2B1($18(6DJ+($B1C:*:6:@D+D8$
?+AB:8$?D+*+0$(+A[+BD8$(:8*D(C$[71+8CA$B@D+6$(:8*1(1;8.2B1($+B
D8+BC$*:^$,3"%;,>,&"&+B[?:A+6(:8CA$A1:[+6C1+7?:+7?6+$*:+86:B
(:7?:AC$71+8C:B@D+$D7+8C$87DJ?:(:+6/$BC:*++8+A/2$7%B$66%*+6
?A:?1:'$B$6^:B81G+6+B*+18$(C1G1*$*.2B1($+8B?$9$B:87DJ+6+G$*:B[
*$C:B ?A:(+*+8C+B *+6 +BCD*1: i617+8C$(1;8 J $6:A$(1;8 *+6
BC$*: DCA1(1:8$6 *+ 6:B *:6+B(+8C+B B?$9:6+Bj!
J i+$6C0J
1.+BCJ6+18DA:?+'JDCA1C1:818*:6+B(+8(+j!
?:8+8*+7$81.1+BC:+6
'$4: : ?$C:6;/1(: 81G+6 *+ .:A7$ .2B1($ *+ 8D+BCA:B $*:6+B(+8C+B ?:A 6:B
'$4:B81G+6+B*+$(C1G1*$*.2B1($xw[xx^
'&'3;"9,:25A5$':,&"&
$*D($(1;8
2B1($*+'+C+8+AD8$?A+B+8(1$17?:AC$8C++86:B(DAA2(D6:B
+*D($C1G:B$(CD$6+BB1B+@D1+A+$JD*$A$?$61$A+6:'&'3;"9,:25!
[@D++B
D8:*+6:B.$(C:A+B*+A1+B/:1*+8C1.1($*:B@D+18.6DJ+8+8$6/D8$B*+6$B
+8.+A7+*$*+B 7%B +IC+8*1*$B +8 6$ B:(1+*$* $(CD$6^ $ +J A/%81($
dywxz[*+*+*1(1+7'A+[?$A$6$7+4:A$*+6$($61*$*+*D($C1G$ij
B+0$(++(:*++BC$BA+(:7+8*$(1:8+B[?A:7:G1+8*:6$?A%(C1($*1$A1$*+
*+?:AC+ J +4+A(1(1: .2B1(: ?:A ?$AC+ *+ 6:B $6D78:B *DA$8C+ 6$ 4:A8$*$
+B(:6$Axy^ 18 +7'$A/:[ +8 6$ 7$J:A2$ *+ 6$B (:8(A+(1:8+B (DAA1(D6$A+B $
81G+6 $DC:8;71(: J *+ (+8CA:B[ 8: B+ A+(:/+8 +BC$B A+(:7+8*$(1:8+B +
18(6DB: B+ 0$ 66+/$*: $ 18(A+7+8C$A 6$ ($A/$ 6+(C1G$ *+ :CA$B $B1/8$CDA$B
(:7:$C+7%C1($B[+8/D$$BC+66$8$J1C+A$CDA$[
8/6-B:1+8(1$B*+6$
$CDA$6+K$[ +8 *+CA17+8C: *+ 6$ *D($(1;8
2B1($[ +8 D8 +B.D+AK: ?:A
7+4:A$A 6:B A+BD6C$*:B *+ 6$B ?AD+'$B +IC+A8$B 8$(1:8$6+B +
18C+A8$(1:8$6+B^6/:@D+8:?$A+(+7DJA$K:8$'6+B1C+8+7:B+8(D+8C$
6:BE6C17:B0$66$K/:B+88+DA:(1+8(1$+86:B@D+B+?:8+*+7$81.1+BC:6$
A+6$(1;8+8CA+$(C1G1*$*.2B1($J7+4:A.D8(1:8$71+8C:8+DA:(:/81C1G:xz^
:A:CA:6$*:[+BD80+(0:(:8BC$C$*:[@D++6B+*+8C$A1B7:4D8C:(:86$
5$':,&"&![BD?:8+8D8+6+G$*:(:BC++(:8;71(:JA+*D(+6$+B?+A$8K$
!
HHH^+BCD*1:$G+8$^+B
!
HHH^0+6+8$BCD*J^(:7
!
6 :'&'3;"9,:25 +B +6 +BC16: *+ G1*$ @D+ 18(6DJ+ ?:($ $(C1G1*$* : +4+A(1(1: .2B1(:^ D+6+ $D7+8C$A
+6 A1+B/: *+ +8.+A7+*$* J ?A:'6+7$B *+ B$6D*[ +B?+(1$67+8C+ 6$ :'+B1*$* J +8.+A7+*$*+B
($A*1:G$B(D6$A+B
!
$5$':,&"&+BD8$+8.+A7+*$*(A;81($*+:A1/+87D6C1.$(C:A1$6?A+G+81'6+[6$(D$6B+($A$(C+A1K$?:A
6$ $(D7D6$(1;8 +I(+B1G$ *+ /A$B$ : C+41*: $*1?:B: +8 +6 (D+A?:^ D$8*: 6$ A+B+AG$ 8$CDA$6 *+ +8+A/2$
i$67$(+8$*$+8.:A7$*+/A$B$(:A?:A$6jB+18(A+7+8C$0$BC$D8?D8C:+8@D+?:8++8A1+B/:6$B$6D*:
6$G1*$*+6$?+AB:8$^$:'+B1*$*.:A7$?$AC+*+6B28*A:7+7+C$';61(:J+BD8.$(C:A*+A1+B/:(:8:(1*:
ey}ze
A^
"
*+G1*$*+6$B?+AB:8$B0$BC$xw$9:B^81G+67D8*1$6[/A$(1$B$D8+BCD*1:
?D'61($*:+8ywxy+86$?A+BC1/1:B$A+G1BC$2#&:[B+*+7:BCA;(:7:B16$
18$(C1G1*$*.2B1($*1B718DJ+A$+8CA+D8xw:y|[7%B*+|zz^wwwJ+8CA+
xez7166:8+B*+7D+AC+B[A+B?+(C1G$7+8C+[B+?:*A2$8+G1C$A($*$$9:x{^"
*+B*+D8$?+AB?+(C1G$+(:8;71($Z(D%8C:(:BC+$($AA+$$6$B$81*$*+BC$B
+8.+A7+*$*+BY CA: /AD?: *+ 18G+BC1/$*:A+B B+ 0$8 0+(0: +BC$ 71B7$
?A+/D8C$[?D'61($8*:BDBA+BD6C$*:B+86$71B7$?A+BC1/1:B$A+G1BC$^+B*+
D8$?+AB?+(C1G$(:8B+AG$*:A$6$18$(C1G1*$*.2B1($6+(:BC;$6:BB1BC+7$B*+
B$6D* |z[ '166:8+B *+ *;6$A+B +8 C:*: +6 7D8*: +8 ywxzx|[ *$C:B
B:A?A+8*+8C+B J $6$A7$8C+B B1 C+8+7:B +8 (D+8C$ @D+ +BC+ C1?: *+
+8.+A7+*$*+BB+A2$8?$61$*$B(:8D8$?A%(C1($A+/D6$A*+$(C1G1*$*.2B1($^
8DA:?$[6:B*$C:BB:81/D$6*+B:A?A+8*+8C+B^8+BCD*1:A+$61K$*:?:A
18G+BC1/$*:A+B *+ 6$ 81G+AB1*$* *+ $7'A1*/+ 18.:A7$ @D+ +6
B+*+8C$A1B7:?A:G:($+6*:'6+*+7D+AC+B@D+6$:'+B1*$*J@D++8DA:?$
7%B *+ zww^www 7D+AC+B $6 $9: B:8 $CA1'D1*$B $ +66$^ :A (:8B1/D1+8C+[
+BC$A2$7:B 0$'6$8*: @D+ 7%B *+ 7+*1: 7166;8 *+ 7D+AC+B $6 $9: B+
?A:*D(+8 +8 DA:?$ ?:A 18$(C1G1*$* .2B1($ iB+*+8C$A1B7:jx}^ +/E8 +BC+
71B7: +BCD*1:[ 6$ $(C1G1*$* .2B1($ ?:*A2$ A+*D(1A 0$BC$ D8 zw 6$B
?:B1'161*$*+B*+7:A1A*+.:A7$?A+7$CDA$^8B?$9$B+($6(D6$@D+6$B
+8.+A7+*$*+B *+A1G$*$B *+6 B+*+8C$A1B7: A+?A+B+8C$8 +6 ~ *+6 /$BC:
B$81C$A1:C:C$6[B+/E8*$C:BA+(:/1*:B+86$?$B$*$*-($*$x~J+ICA$2*:B*+
18G+BC1/$(1:8+BA+.+A1*$B$6$BCA$C+/1$iDCA1(1;8[(C1G1*$*
2B1($J
A+G+8(1;8*+6$'+B1*$*j!
^
$'+7:BC$7'1-8/A$(1$B$6$BE6C17$B18G+BC1/$(1:8+B8+DA:(1+8C2.1($B[@D+
6$$(C1G1*$*.2B1($B+A+6$(1:8$(:8(1+AC$B.D8(1:8+B(:/81C1G$BJ$BDG+K(:8
+6 G:6D7+8 *+ (1+AC$B +BCAD(CDA$B (+A+'A$6+B A+6$(1:8$*$B (:8 +6
$?A+8*1K$4+ J 7+7:A1$ (:7: B:8 6:B /$8/61:B '$B$6+B[ 6$ $72/*$6$ : +6
01?:($7?:y[xz^:A6:@D+D8'$4:81G+6*+$(C1G1*$*.2B1($:B+*+8C$A1B7:
B+A+6$(1:8$18G+AB$7+8C+(:8+6A+8*171+8C:(:/81C1G:[?:A(:8B1/D1+8C+[
C$7'1-8(:8+6$($*-71(:^
6:(C:A+A8$A*DC18[?A:.+B:A*++*1(18$*+6$81G+AB1*$**+D+G$
":A5 J D8: *+ 6:B 18G+BC1/$*:A+B 7%B ?A+BC1/1:B:B $ 81G+6 18C+A8$(1:8$6
?$A$ +8.+A7+*$*+B ($A*1:G$B(D6$A+B[ *1$'+C+B 7+661CDB C1?: y[ $?8+$ *+6 BD+9:[ 1(CDB J :BC+:$ACA1C1B[
$AC+A1:B(6+A:B1B[$6/D8:BC1?:B*+(%8(+A[?$*+(171+8C:B*+A7$C:6;/1(:BJ/$BCA:18C+BC18$6+B[+8CA+:CA:B^
B(:8B1*+A$A$+86:B?$2B+B*+B$AA:66$*:B[6$?$8*+71$*+6B1/6:!!
J($*$G+K+BC%$(:8C+(1+8*:$+*$*+B
7%BC+7?A$8$B[?:A6$18$(C1G1*$**+6$B:(1+*$*$(CD$6:A1+8C$*$0$(1$+6(:8.:ACJ:(1:B+*+8C$A1:^6
A1+B/: *+ ?A+B+8C$A :'+B1*$* $ 6:B z| $9:B +B BD?+A1:A $6 w +8 819:B J 819$B @D+ +8 6$ 18.$8(1$ J
$*:6+B(+8(1$?A+B+8C$A:8+I(+B:*+?+B:^
!
0CC?]ddHHH^$+(:B$8^7BBB1^/:'^+BddH+'d8DCA1(1:8dB+((1:8d+BCA$C+/1$h8$:B^0C7
ey}{e
]
B:'A+ :'+B1*$* 18.$8C16[ $.1A7$ @D+ -BC$ B+ ?:*A2$ A+*D(1A (:8 $(C1G1*$*
.2B1($G1/:A:B$+86D/$A*+A+BCA1((1:8+B*+6$18/+BC$($6;A1($+86$B*1+C$Bx^
/'9%,%,5)-:,%5K&'759;'A%53&,%,63)-:,%"
CA:C-A718:A+6$C1G:$6$*D($(1;8
2B1($+B+6*+'/'9%,%,5)-:,%5[*+.181*:
(:7:D8BD'(:84D8C:*+6$$(C1G1*$*.2B1($?+A:@D+*+'+B+A?6$81.1($*$[
+BCAD(CDA$*$ J B1BC+7%C1($[ (:8 D8 ?A:?;B1C: + 18C+8(1:8$61*$* (6$A$^ 6
'/'9%,%,5 ,3>,:,$1'I ?$AC+ 18C+/A$8C+ *+6 +4+A(1(1: .2B1(:[ +B D8 8D+G:
(:8(+?C:@D+18(6DJ+C:*$B6$B$(C1G1*$*+B*+6$G1*$*1$A1$@D+B+?D+*+8
A+$61K$A (:8 6$B ($A$(C+A2BC1($B ?A:?1$B *+6 +4+A(1(1: ?+A: B18 @D+ B+$8
?+A(1'1*$B (:7: C$6 ?:A D8 :'B+AG$*:A +IC+A8:^ :A +4+7?6:[
B1BC+7%C1($7+8C+ DB$A 6$B +B($6+A$B +8 6D/$A *+6 $B(+8B:A : BD'1A +B$B
+B($6+A$B*+*:B+8*:B[DC161K$A6$'1(1(6+C$D:CA$.:A7$*+*+B?6$K$71+8C:
$(C1G: ?$A$ 1A $6 CA$'$4:[ (:6+/1: : 18BC1CDC:[ $8*$A $ 7$A(0$ A%?1*$[
?+A7$8+(+A*+?1++8+67+CA::$DC:'EBDA'$8:+86D/$A*+1AB+8C$*::
'$4$AB+ G$A1$B ?$A$*$B $8C+B *+ 66+/$A $6 6D/$A *+ *+BC18:^ BC$ $(C1G1*$*
(:7:.:A7$*+G1*$$(C1G$B+BD7$$6$$(C1G1*$*.2B1($*+6$G1*$*1$A1$J$
6$ $(C1G1*$* .2B1($ *+ ($A%(C+A 6$':A$6[ $($*-71($ : (DAA1(D6$A i*D($(1;8
2B1($j^
6&'759;'+B[?:ABD?$AC+[$@D+6+4+A(1(1:.2B1(:@D+B+A+$61K$*+$(D+A*:
$D8$8:A7$C1G$JA+/6$7+8C$(1;8+BC1?D6$*$i.EC':6['$6:8(+BC:[G:6+1':6[
C+81B[+C(^j^8+6%7'1C:+B(:6$A[B+*+'++8C+8*+A(:7:B1CD$(1;87:CA1K
*+ (:7?+C1(1;8 i: 8:j A+/6$*$[ $*$?C$*$ $ 6$B 8+(+B1*$*+B +*D($C1G$B[
?B1(:B:(1$6+BJ.1B1:6;/1($B*+6819:Jd:$*:6+B(+8C+[(:8D8(6$A::'4+C1G:
?+*$/;/1(:^ 8 *D($(1;8
2B1($[ +6 *:(+8C+ $*$?C$ +6 A+/6$7+8C: ?$A$
$C+8*+A $ 6$ *1G+AB1*$* *+ BD $6D78$*:[ (:8G1AC1+8*: 6$ +8B+9$8K$ *+6
*+?:AC+ +8 4D+/:B $*$?C$*:B[ ?A+*+?:AC1G:B J $6C+A8$C1G:B[ ?$A$ @D+ 6:B
+BCD*1$8C+B $?A+8*$8 6:B .D8*$7+8C:B C-(81(:B J C%(C1(:B[ $B?+(C:B
A+6$(1:8$*:B(:8+6$C$@D+J6$*+.+8B$[C:7$*+*+(1B1:8+B+8B1CD$(1:8+B
*+ (:6$':A$(1;8[ :?:B1(1;8 J (:6$':A$(1;8e:?:B1(1;8[ $B2 (:7: :CA:B
(:8C+81*:B $B:(1$*:B $ $?A+8*1K$4+B $(C1CD*18$6+B (:7: A+B?+C:[
*+?:AC1G1*$*[ (::?+A$(1;8 : CA$'$4: +8 +@D1?:[ +8CA+ :CA:B^ BC:B
(:8C+81*:BB:8+G$6D$'6+BJ7DJC+81*:B+8(D+8C$?:A+6?A:.+B:A$*:*+
*D($(1;8
2B1($J8:C$8C:?:A6:B+8CA+8$*:A+BJ7:81C:A+B*+6:B(6D'+B
J+B(D+6$B*+?:AC1G$B[*:8*+BD+6+B+A?A1:A1C$A1:+6A+BD6C$*:[6:B$B?+(C:B
C-(81(:BJ6$(:7?+C1(1;8^
ey}|e
A^
"
18$67+8C+[6$%53&,%,63)-:,%"+BD8(:84D8C:*+(D$61*$*+BA+6$(1:8$*$B
(:86$($?$(1*$**+D8$?+AB:8$?$A$A+$61K$A$(C1G1*$*.2B1($JB+*+C+A718$
?:A D8$ (:7'18$(1;8 *+ $(C1G1*$* .2B1($ A+/D6$A J 6$ 0$'161*$* 0+A+*$*$
/+8-C1($7+8C+^BD8:*+6:B(:8C+81*:B@D+7$J:A?A+B+8(1$(DAA1(D6$A
C1+8++8*D($(1;8
2B1($[4D8C:(:86:BD+/:BJ*+?:AC+B^D+G$6D$(1;8
(:8BC1CDJ+D8$7+*1*$18C+/A$*$*+C:*$B6$B.D8(1:8+BJ+BCAD(CDA$B@D+
18C+AG1+8+8+86$A+$61K$(1;8*+$(C1G1*$*.2B1($:+4+A(1(1:^BC$B.D8(1:8+B
B:8 6$ 7EB(D6:e+B@D+6-C1($[ ($A*1:eA+B?1A$C:A1$[ 0+7$C:e(1A(D6$C:A1$[
+8*:(A18:e7+C$';61($J7:,%5O3'<9516*,%"^8$6C:81G+6*+(:8*1(1;8.2B1($
17?61($ D8$ 'D+8$ A+B?D+BC$ .1B1:6;/1($ *+ C:*$B +66$B^ :A +6 (:8CA$A1:[
C+8+A D8 '$4: 81G+6 *+ (:8*1(1;8 .2B1($ *+ $6/D8: *+ BDB (:7?:8+8C+B[
?:*A2$18*1($AD87$6.D8(1:8$71+8C:*+D8$:G$A1$B*++B$B.D8(1:8+B^
BC$ +B +8 +B+8(1$ 6$ +I?61($(1;8 .1B1:6;/1($ @D+ B:BC1+8+ 6$ .D+AC+ J
(:8B1BC+8C+$B:(1$(1;8:'B+AG$*$+8$*D6C:B+8CA+81G+6*+(:8*1(1;8.2B1($[
7:A'1e7:AC$61*$*xeyxJ+8G+4+(171+8C:(+A+'A$6~^
$ (:8*1(1;8 .2B1($ A+6$(1:8$*$ (:8 6$ B$6D*[ : *&0:*Q8&0:&% 6*@9+#0
(+:2&99I 18(6DJ+ 6$ ($?$(1*$* ($A*1:AA+B?1A$C:A1$ : $+A;'1($[ 6$ .D+AK$ J 6$
A+B1BC+8(1$ 7DB(D6$A[ 6$ .6+I1'161*$* J 6$ (:7?:B1(1;8 (:A?:A$6
i+B?+(1$67+8C+6$$*1?:B1*$*j[J+8819:B[C$7'1-86$G+6:(1*$*J6$$/161*$*[
(:8:(1*$B +8 6$ 61C+A$CDA$ (1+8C2.1($ (:7: ($?$(1*$*+B ?A:?1$B *+6
BD'(:84D8C: 7:C:A *+ 6$ (:8*1(1;8 .2B1($ i*+6 18/6-B 14:48 (+:2&99j^
+G1B1:8+BB1BC+7%C1($BA+(1+8C+B18*1($8@D++I1BC+A+6$(1;8+G1*+8C++8CA+
6$ B$6D* ($A*1:G$B(D6$A +8 6:B $*D6C:B @D+ (D$8*: +A$8 4;G+8+B ?:B+2$8
7+4:A ($?$(1*$* $+A;'1($yy^ $ G+6:(1*$* J 6$ $/161*$* C$7'1-8 0$8 B1*:
$B:(1$*$B $ .$(C:A+B *+ A1+B/: ($A*1:G$B(D6$A[ .D8*$7+8C$67+8C+ (:7:
?A+*1(C:A+B*+A1+B/:+86$18.$8(1$J$*:6+B(+8(1$^:8(A+C$7+8C+[H1B5J
(:6$':A$*:A+Byz+8(:8CA$A:8D8$$B:(1$(1;8+8CA+?A+B1;8$AC+A1$6B1BC;61($
J D8 28*1(+ *+ ($?$(1*$*+B .2B1($B 8+DA:7:C:A$B (:7?D+BC: ?:A .D+AK$
7DB(D6$A[ .6+I1'161*$*[ G+6:(1*$* *+ 7:G171+8C: J (::A*18$(1;8\ J (:8 6$
BD7$ *+ (D$CA: ?61+/D+B BD'(DC%8+:B^ $C:B ?A:(+*+8C+B *+ D8 +BCD*1:
6:8/1CD*18$6A+$61K$*:*DA$8C+@D18(+$9:B7:BCA;[$*+7%B[(;7:+681G+6
*+6$B($?$(1*$*+B8+DA:7:C:A$Bi14:48(+:2&999/+009j+86$$*:6+B(+8(1$[
B+ A+6$(1:8$'$ ?:B1C1G$7+8C+ (:8 6$ *+8B1*$* 718+A$6 ;B+$ +8 6$ +*$*
$*D6C$y{^ : @D+ BD/1+A+ @D+ +6 '$4: 81G+6 *+ G+6:(1*$* J $/161*$* +8 6$
$*:6+B(+8(1$[$*+7%B*++BC$AA+6$(1:8$*$B(:8(1+AC:B.$(C:A+B*+A1+B/:
($A*1:G$B(D6$A[C$7'1-8B+$B:(1$8$?A:'6+7$B;B+:e$AC1(D6$A+B+8+*$*
$*D6C$[0$(1+8*:?:AC$8C:8+(+B$A1:6$18(6DB1;8*++BC$B($?$(1*$*+B+8
6:B?A:/A$7$B*+BC18$*:B$6$?A:7:(1;8*+6$B$6D*^
ey}}e
]
$.6+I1'161*$*+B6$E81($($?$(1*$*@D+18G:6D(1:8$(:8+6(A+(171+8C:*+
6$?+AB:8$J+B+G1*+8C+@D++B7DJ17?:AC$8C+?$A$+6'1+8+BC$AJ($61*$*
*+G1*$+86$+*$*$*D6C$^:+BD8$($?$(1*$*@D+B+$B:(1+*1A+(C$7+8C+
(:8 7$A($*:A+B *+ B$6D* ($A*1:G$B(D6$A\ B18 +7'$A/:[ +I1BC+ +G1*+8(1$
(1+8C2.1($@D+7D+BCA$A+6$(1;8+8CA+6$.$6C$*+.6+I1'161*$*+86$18.$8(1$J
6$$*:6+B(+8(1$(:8D87$J:AA1+B/:*+BD.A1A*:6:A*++B?$6*$+86$+*$*
$*D6C$y|[ B1+8*: D8$ *+ 6$B ?A18(1?$6+B ($DB$B *+ '$4$ 6$':A$6 +8 $*D6C:B^
A$/D8*+J$K:B18.:A7$8@D+7%B*+6~w*+6:B819:B(:8*1+(1B-1B$9:B
$B+/DA$8 0$'+A BD.A1*: *:6:A+B *+ +B?$6*$ J *+ +BC:B[ +6 w G:6G+A%8 $
BD.A1A6:B+8+*$*$*D6C$y}^
BCD*1:B6:8/1CD*18$6+B0$8(:8BC$C$*:@D++681G+6*+(:8*1(1;8.2B1($J6$
?A+B+8(1$ *+ .$(C:A+B *+ A1+B/: ($A*1:G$B(D6$A +8 6$ +*$* $*D6C$ +BC%8
*1A+(C$7+8C+A+6$(1:8$*:B(:8+6/A$*:*+(:8*1(1;8.2B1($@D+B+CDG:+8
6$ $*:6+B(+8(1$^ D8@D+ 6$B 7$81.+BC$(1:8+B (6281($B *+ 6$ +8.+A7+*$*
($A*1:G$B(D6$A$?$A+(+80$'1CD$67+8C+*DA$8C+6$+*$*$*D6C$[BD:A1/+8
?$C:/-81(:0$J@D+'DB($A6:+8+C$?$B(:7:6$$*:6+B(+8(1$+18(6DB:6$
18.$8(1$y~[y^$+I1BC+8(1$*+D8$A+6$(1;8*1A+(C$+8CA+'$4:81G+6*+.:A7$
.2B1($J*1.+A+8C+B.$(C:A+B*+A1+B/:($A*1:G$B(D6$AC$6+B(:7::'+B1*$*[
*1$'+C+B:B28*A:7+7+C$';61(:C$8C:+8+*$*$*D6C$(:7:+86$18.$8(1$
J $*:6+B(+8(1$[ 0:J *2$ +B D8$ +G1*+8(1$ (1+8C2.1($xw[xx[yy[y^ 6 A:6 @D+
$*@D1+A+D8$'$4$.:A7$.2B1($(:7:.$(C:A*+A1+B/:($A*1:G$B(D6$A[BD?+A$
18(6DB: $6 *+ :CA:B .$(C:A+B '1+8 +BC$'6+(1*:B C$6+B (:7: *1B61?1*+71$[
01?+AC+8B1;8 D :'+B1*$*x^ :A C$8C:[ 6:B '$4:B : ?$C:6;/1(:B 81G+6+B *+
(:8*1(1;8 .2B1($ +8 6$ 18.$8(1$ J $*:6+B(+8(1$ *+'+8 B+A (:8B1*+A$*:B D8
17?:AC$8C+?A:'6+7$*+B$6D*?E'61($^
88D+BCA:?$2B[*$C:B*+6+BCD*1:18*1($8@D+D8:*+($*$(18(:
$*:6+B(+8C+B +B?$9:6+B C1+8+8 A1+B/: *+ BD.A1A D8$ +8.+A7+*$*
($A*1:G$B(D6$A?:ABD'$4::?$C:6;/1(:81G+6*+.:A7$.2B1($[B1+8*:+BC+
+I(+B1G$7+8C+'$4:+8(:7?$A$(1;8(:8$*:6+B(+8C+B*+:CA:B?$2B+Bxw[xx^
1$+BC:B*$C:B$9$*17:B6:BA+(1+8C+7+8C++8(:8CA$*:BB:'A+6$A+6$(1;8
+8CA+ $(C1G1*$* .2B1($[ (:8*1(1;8 .2B1($ J A+8*171+8C: (:/81C1G: +8 819:B J
$*:6+B(+8C+Bxz[ ?$A+(+ @D+ 6$ *D($(1;8
2B1($[ (:7: E81($ +I?+A1+8(1$
A+6$(1:8$*$ (:8 6$ $(C1G1*$* .2B1($ *+ D8 $6C: ?:A(+8C$4+ *+ 6$ ?:'6$(1;8
+B?$9:6$+8+*$*+B(:6$Ai(:8(A+C$7+8C++6wB+/E8*$C:B?A:(+*+8C+B
*+6 18.:A7+ DAJ*1(+ *+ ywxzj[ +7?1+K$ $ $*@D1A1A *17+8B1:8+B
B:(1:+(:8;71($BJB$81C$A1$B7DJ17?:AC$8C+BJ?A+:(D?$8C+B^
ey}~e
A^
"
:*:+66:8:B*+4$(6$A:@D+6$(:8*1(1;8.2B1($+BD8.$(C:A*+A1+B/:C$8C:
*+ +8.+A7+*$*+B ($A*1:G$B(D6$A+B (:7: ;B+:e$AC1(D6$A+B[ $B2 (:7: D8
.$(C:A '+8+.1(1:B: ?$A$ +6 ;?C17: .D8(1:8$71+8C: *+6 (+A+'A:[ ?+A:
$*+7%B[A+(1+8C+7+8C+B+0$(:8BC$C$*:(:7:C$7'1-8?:B++A+6$(1;8(:8
+8.+A7+*$*+B7+8C$6+B(:7:6$*+?A+B1;8[+6CA$BC:A8:$.+(C1G:'1?:6$A[
6$B *1B($?$(1*$*+B 18C+6+(CD$6+B[ +C(^[ (:8 +8.+A7+*$*+B
8+DA:*+/+8+A$C1G$B(:7:+6$A518B:8[6$+8.+A7+*$**+6K0+17+A:6$
+8.+A7+*$**+D8C18/C:8[+8CA+:CA$B^8:*+6:B*$C:B7%B17?$(C$8C+B
+8(:8CA$*:B +8 6$ E6C17$ *-($*$[ (:7: (:8B+(D+8(1$ *+ D8 +BCD*1:
6:8/1CD*18$6A+$61K$*:(:87%B*+D87166;8*+BD+(:Bix^xz}[|y~j[+B6$
$B:(1$(1;8*+6'$4:81G+6*+($?$(1*$*($A*1:AA+B?1A$C:A1$*++BC:BBD4+C:B
$6:Bx$9:B*++*$*(:8D87$J:AA1+B/:*+18C+8C::7D+AC+?:ABD1(1*1:
+86$+*$*$*D6C$zw^
+);8YL1B+9:*+6+BCD*1:i$*$?C$*:JCA$*D(1*:*+'+A/+C$6^[ywx{jzw^
" +B @D+ B$'+7:B @D+ +6 BD1(1*1: +B 6$ ?A17+A$ ($DB$ *+ 7D+AC+ +8 +6
7D8*:^$^^^$B+/DA$@D+D8$Bz^www?+AB:8$BB+BD1(1*$8$*1$A1:+8
+6 7D8*: J x[x 7166:8+B $6 $9:[ 6: @D+ B1/81.1($ @D+ ($*$ CA+B B+/D8*:B
$6/D1+8B+@D1C$6$G1*$^+A:+BC:B*$C:B?:*A2$8B+A$E87%B+B($6:.A1$8C+B
J$ @D+ ?:A ($*$ ?+AB:8$ @D+ B+ @D1C$ 6$ G1*$[ yw : 7%B 0$8 18C+8C$*:
0$(+A6:^+/E86$^^^[+6?A:7+*1:*+BD1(1*1:BB+0$18(A+7+8C$*:+8
D8}w+86:BE6C17:B|w$9:B[+8?$AC1(D6$A+86:B?$2B+B+8*+B$AA:66:^
B171B7:[6$^^^?:8+-8.$B1B+8@D+($*$BD1(1*1::C+8C$C1G$?A:G:($
D8$ *+G$BC$(1;8 +7:(1:8$6 +8CA+ .$7161$A+B J $71/:B[ D8 17?$(C: @D+
?D+*+?+A*DA$A7D(0:B$9:B^$6+(CDA$(1+8C2.1($*++BC:BA+BD6C$*:B8:
+B@D+C+8+A'$4:81G+6*+(:8*1(1;8.2B1($B+$+@D1G$6+8C+$D818C+8C:*+
BD1(1*1: i+.+(C:e($DB$j[ B18: @D+ +BC+ ?D+*+ +BC$A $B:(1$*: $ (1+AC:B
?A:'6+7$B:CA$BC:A8:B.DCDA:BA+6$(1:8$*:B(:86$B$6D*B:(1$6[?B1(:6;/1($[
7+8C$6 : .2B1($[ @D+ ?D+*+8 66+G$A $ 6$ ?+AB:8$ $ C:7$A +BC$ *+B*1(0$*$
B:6D(1;8^
ey}e
]
:8+BC$71B7$7D+BCA$J*1B+9:+I?+A17+8C$6i.1/DA$yj[+8:CA:+BCD*1:
B+:'B+AG;D8$A+6$(1;8?:B1C1G$+86:BBD4+C:B@D+$6:Bx$9:BC+82$8D8
7+4:A81G+6*+(:8*1(1;8.2B1($(:87+4:A+B6:/A:B$($*-71(:B[B1CD$(1:8+B
B:(1:+(:8;71($B J :(D?$(1;8 6$':A$6 +8 +*$* $*D6C$^ BC+ +BCD*1: 0$
*+7:BCA$*:6$18(1*+8(1$*1A+(C$*+6$(:8*1(1;8.2B1($B:'A+6:@D+B+0$
66$7$*: A+B+AG$ (:/81C1G$^ :B *$C:B :'C+81*:B 8: B:6: BD/1+A+8 @D+ 6$B
7+4:A$B .2B1($B +8CA+ 6:B x| J 6:B x $9:B *+ +*$* ?A+*1(+8 6$ ($?$(1*$*
18C+6+(CD$6$9:B*+B?D-Bi.1/DA$zj[B18:C$7'1-8@D++681G+6*+($?$(1*$*
$+A;'1($:($A*1:AA+B?1A$C:A1$*DA$8C+6$$*:6+B(+8(1$/D$A*$D8$A+6$(1;8
*1A+(C$J?:B1C1G$(:8+681G+6B:(1:+(:8;71(:J6:B6:/A:B$($*-71(:B+86$
+*$* $*D6C$ i7+4:A+B +7?6+:B J 7$J:A ?A:'$'161*$* *+ :'C+8+A C2CD6:B
D81G+AB1C$A1:Bj^
8*+?+8*1+8C+7+8C+*+@D+B1/D1+A$8A+$61K$8*:+4+A(1(1:
:8:[$@D+66:B@D++8BD4DG+8CD*C+82$8D8'D+881G+6*+(:8*1(1;8.2B1($[
7:BCA$A:8$9:B*+B?D-B7+4:A+B($?$(1*$*+B(:/81C1G$Bzx^
+);8ZL:AA+6$(1;8+8CA+6$($?$(1*$*($A*1:AA+B?1A$C:A1$iA+B1BC+8(1$
($A*1:G$B(D6$Aj[.D+AK$7DB(D6$AJ($?$(1*$*18C+6+(CD$6i$*$?C$*$JCA$*D(1*$*+
'+A/+C$6^[ywwjzx^
XM
$ $(C1G1*$* .2B1($ A+/D6$A +8 819:B J $*:6+B(+8C+B $*+7%B *+ C+8+A D8
(:8B1*+A$'6+ 17?$(C: +8 6$ B$6D* ?E'61($[ C$7'1-8 6: C1+8+ $ 81G+6
$($*-71(:^+BD6C$*:B*+A+(1+8C+BA+G1B1:8+BJ7+C$e$8%61B1B18*1($8D8$
$B:(1$(1;8?:B1C1G$+8CA+6$$(C1G1*$*.2B1($[(:8*1(1;8.2B1($JA+8*171+8C:
(:/81C1G: J $($*-71(: +8 819:B J $*:6+B(+8C+Bxz[zyez^ $ $(C1G1*$* .2B1($
*1$A1$ $ CA$G-B *+ 6$ *D($(1;8
2B1($ ?:*A2$ B+A D8$ 'D+8$ J B+8(166$
B:6D(1;8?$A$18(A+7+8C$A6:B81G+6+B*+.:A7$.2B1($*+8D+BCA:B+B(:6$A+B[
ey}e
A^
"
7+4:A$8*:$B2BDA+8*171+8C:(:/81C1G:J?D*1+8*:18.6D1A?:B1C1G$7+8C+
+8BDA+8*171+8C:$($*-71(:^
:;<&,5:&',3;'9>'3%,63
BCD*1:B *+ 18C+AG+8(1;8 +8 6$ +B(D+6$ i+8 18/6-B b9#*440Q"9&%
+2:&8=&2:+42Oj0$866+G$*:$($':?A:/A$7$B*+?A:7:(1;8*+6$$(C1G1*$*
.2B1($+8(:8C+IC:B+B(:6$A+B?$A$A+*D(1A+6.$(C:A*+A1+B/:($A*1:G$B(D6$A
+18C+8C$A7+4:A$A+6A+8*171+8C:(:/81C1G:J$($*-71(:*+6:B+BCD*1$8C+B^
$A1$B A+G1B1:8+B[ A+BD7+8 7D(0:B *+ +BC:B +BCD*1:B}[z}[{we{y^ :*:B 6:B
?A:/A$7$B .D+A:8 *+ ($A%(C+A 7D6C1*1B(1?618$A[ (+8CA$*:B ?A18(1?$67+8C+
+8 6$ $(C1G1*$* .2B1($ +ICA$+B(:6$A J +8 6$ *D($(1;8
2B1($^ 8CA+ +66:B
*+BC$($8?:ABDC$7$9:7D+BCA$6J($61*$*(1+8C2.1($6:BB1/D1+8C+BiC$'6$
xj^
$'6$x^9:;%+49%&+2:&8=&2#+528&0+A%49&2 1"+:4&9#40848+&2:%49
*#+ 0 1&.48 %&0 8&2%+1+&2:4 #4)2+:+=4 @P4 #%'1+#4 #42 684)819
%42%&9&+2#8&1&2:50#:+=+%%(,9+#&2*488+4&9#4084&?:8&9#408L
52$9'&'1':;<&,5 ')'9'3%,":
BCD*JS*+0%2% -(+8K1+[^^+C$6^[ywwx^..+(CB:.C0+?0JB1($6
%40&9#&2:8+0(48 +*D($C1:818C+AG+8C1:8]C+$(0+ACJ?+$8*6+BB:86:($C1:8^
8%+4=9#;08 7^^A+G^+*^yx[xwxexw^
&0:*T
-$AA+66[ ^^ +C $6^[ x}^ ..+(CB :. $ B(0::6e'$B+*
BCD*J
18C+AG+8C1:8C:A+*D(+($A*1:G$B(D6$A*1B+$B+A1B5.$(C:AB
S8%+4=9#;08&0:*+2
18+6+7+8C$AJeB(0::6(016*A+8]C0+$A*1:G$B(D6$A+$6C0
*+0%8&2T
18016*A+8i
jBCD*J^^+*1$CA^xy[~~ew|^
-17:8Be:AC:8[ ^^ +C $6^[ x{^ 'B+AG+* 6+G+6B :.
4(48&0:* +6+7+8C$AJ$8*71**6+B(0::6(016*A+8mB?0JB1($6$(C1G1CJ
*DA18/?0JB1($6+*D($C1:8(6$BB+B^A+G^+*^yz[{z~e{{x^
BCD*JS+(&9:@0& -$C+[ ^^ +C $6^[ yww|^ A:7:C1:8 :. ?0JB1($6 $(C1G1CJ
%;#:+42(48#:+=+:@ $7:8/ 01/0eB(0::6 /1A6B] $ A$8*:71K+* (:8CA:66+* CA1$6^
84)81T 7^^D'61(+$6C0^|[x|yex|~^
!
$'6$ +ICA$2*$ J 7:*1.1($*$ *+ 6$ +B1B :(C:A$6 *+ A*:J[ ^^ iywxyj^ 81G+AB1*$* *+ A$8$*$^
0CC?B]dd0+A$^D/A^+BdC+B1BD/Adyw~|~~{^?*.^
!
HHH^($C(0CA1$6^:A/^D5
ey~we
]
ey~xe
A^
"
$'6$y^9:;%+49%&+2:&8=&2#+528&0+A%49&2 1"+:4&9#40848+&2:%49
*#+ 0 1&.48 %&0 8&2%+1+&2:4 #4)2+:+=4 @P4 #%'1+#4 #42 684)819
&96&#,(+#49 %& +2#8&1&2:4 %& %;##+52 ,9+#I 6;"0+#%49 &2 8&=+9:9
#+&2:,(+#9%&0:4+16#:4@648#429+);+&2:&I0:48+)48#+&2:,(+#4^
52$9'&'1
<':;9" 3;'9>'3%,63 "9,"$1':&'':;<&,5
':;<&,5A"<;59
~|718d*2$*+D8
$16J?0JB1($6 |ww :8*1(1;8.2B1($[/A$B$J
?A:/A$7$*+
$(C1G1CJ:8C0+ +B(:6$A+B A+8*171+8C:$($*-71(:
+8CA+8$71+8C:*+6$
0+$6C0^iHJ+A+C ixw$9:Bj i8:C$Bj+8+8/D$J
A+B1BC+8(1$[*DA$8C+x{
$6^xzj $C+7%C1($B^
B+7$8$B^
W(C1:8 y~ {~718dB+7$8$7%B*+ +8*171+8C:$($*-71(:+8
(0::6W^ +B(:6$A+B 6:0$'1CD$6*+ +6C+BC+BC$8*$A1K$*:
i0$7+*+C$6^ ixw^yw[} $(C1G1*$*+BG$A1$*$B 2%+2#*+&=&1&2:
yww~j $9:Bj *DA$8C+x}7+B+B &9:iezj^
$8*(C1G1CJ ||718d*2$*+
G$6D$(1:8+B+8+6$D6$J
yx{
6+G+6B:8 *DA$8C+}7+B+Bi+8+6 6$B?AD+'$B*+
+B(:6$A+B
($*+71( (DAA2(D6::A*18$A1:+8 A+8*171+8C:
ixx^|w[{
(01+G+7+8C^ +BC++BC$*:+B*+x +BC$8*$A1K$*$B$81G+6
$9:Bj
i:++C$6^yww}j 718d*2$j 8$(1:8$6^
18(:B+B1:8+B*+
J
[
dB+7$8$[JD8$
AD+'$B*+*+B$AA:66:*+
0$'161*$*+B B+B1;8
6+(CDA$[?AD+'$B+IC+A8$B
7:C:A$B(:7: y|x $*1(1:8$6dB+7$8$*+
8$(1:8$6+B*+6+8/D$4+i+6
'$B+?$A$+6 +B(:6$A+B {|718DC:B*+
BD+(:jJ$C+7%C1($B^
$?A+8*1K$4+^ i~$9:Bj +8CA+8$71+8C:7:C:A
C+8(1;8J0$'161*$*+B
iA1(BB:8[ (:8+67:*+6:
*+
7:C:A$B^
ywwj!!
A1(BB:8ix|j*DA$8C+
z$9:B^
+8*171+8C:$($*-71(:
7+*1*:(:8C+BC
i#&4%2%2%&8942I
18H::*A:4+(C^ yyy
*1$A1$i{|e}w
X`^Zj[D8C+BC*+
i:66$CB(0+5$8* +B(:6$A+B 718DC:B?:AB+B1;8[*+
(:7?A+8B1;86+(C:A$J
m$/$8[xj ixw$9:Bj 6D8+B$G1+A8+Bj^
7$C+7%C1($J0$'161*$*+B
$.+(C1G$Bi$(C1CD*+B+86$
+B(D+6$j^
!!
HHH^7D/1^B+
ey~ye
]
A:/A$7$*1B+9$*:
?$A$?A:7:G+A6$
AD+'$B+8+8/D$4+[
*+8CA:J.D+A$*+6$
+(CDA$[$C+7%C1($BJ
+B(D+6$(:8G$A1:B
[?:ACBe (D+BC1:8$A1:+BC$8*$A1K$*:
(:7?:8+8C+B]
?$A$
6$Je$8*e(C1G+e ~|{ B:'A+(:8:(171+8C:B
?A:7:G+A$6C:B81G+6+B
+(A+$C1:8e.:Ae +B(:6$A+B (DAA1(D6$A+Bi+BC*+
*+
?$A$7+4:A$A6$
1*B^i$661B+C$6^ i^|w[{z A+8*171+8C::6:/A:
(:8*1(1;8.2B1($iz
xj!!
$9:Bj b&:84640+:2
*2$BdB+7$8$j[
#*+&=&1&2::&9:9c}J
(:8(+?C:BJ
~[9@#*404)+#0
0$'161*$*+B?$A$+6
&9:+2)48648:+42[xwj^
(D1*$*:*+6$B$6D*izw
718dB+7$8$j^
A:/A$7$@D+(:8B1BC1;
:8*1(1;8.2B1($[?+A.16
?:AD86$*:+8*D?61($A
62?1*1(:e7+C$';61(:[
6$($A/$6+(C1G$*+
A+8*171+8C:(:/81C1G:i
BCD*1:
[ }~ ?:AB+7$8$i{B+B1:8+B
+BCjJ$($*-71(:
($C1:8.:A +B(:6$A+B +86D/$A*+yjJ?:A
i($61.1($(1:8+B*+C:*$B6$B
8+BB^iA*:J ixzx :CA:[$*+7%B6$
7$C+A1$B(DAA1(D6$A+B?:A
+C$6^ywx{j!!
$9:Bj 18C+8B1*$*i{B+B1:8+B
B+?$A$*:J?A:7+*1:*+
*+
dB+7$8$7%B
6$B71B7$B[+I(6DJ+8*:6$
18C+8B1*$*j[*DA$8C+x}
j^
B+7$8$B^
]$(C1G1*$*.2B1($\
]*D($(1;8
2B1($^
(CD$67+8C+[ 6$ 81G+AB1*$* *+ A$8$*$ +BC% *+B$AA:66$8*: D8 ?A:J+(C:
1@D+66+G$?:A8:7'A+(C1G+A$18B!!^8?A:J+(C:(::A*18$*:?:A+6
:(C:A
A$8(1B(:^AC+/$+8+6@D+B+?A+C+8*+$8$61K$A+6+.+(C:*+6$
$(C1G1*$*.2B1($B:'A++6(+A+'A:+8D8$7D+BCA$*+D8(+8C+8$A*+819:B
(:8 B:'A+?+B: +8CA+ J xx $9:B[ 7+*1$8C+ ?AD+'$B :'4+C1G$B (:7:
A+B:8$8(1$7$/8-C1($:+6+(CA:+8(+.$6:/A$.2$ij[@D+71*+6$$(C1G1*$*
*+ *1.+A+8C+B A+/1:8+B *+6 (+A+'A:^ :*: +66: 4D8C: $ 6:B 7-C:*:B 7%B
$G$8K$*:B*+7+*1(1;8*+6$$(C1G1*$*.2B1($J(:8*1(1;8.2B1($^8A+BD6C$*:B
?A+61718$A+B B+ 0$ :'B+AG$*: @D+ 6:B 819:B (:8 7+4:A (:8*1(1;8 .2B1($[
+B?+(1$67+8C+ (:8 7+4:A ($?$(1*$* $+A;'1($[ C1+8+8 7%B *+B$AA:66$*$B
A+/1:8+B*+6(+A+'A:A+6$(1:8$*$B(:8+6$?A+8*1K$4+[$*+7%B*+D87+4:A
A+8*171+8C: (:/81C1G: J $($*-71(:{z^ :B ?A17+A:B A+BD6C$*:B *+ +BC+
+BCD*1:+BC%8$0:A$G1+8*:6$6DKJB+AG1A%8[+8CA+:CA:B[?$A$*+7:BCA$A*+
!!
HHH^B?$A5?+^:A/
!!
0CC?B]ddB1C+B^/::/6+^(:7dB1C+d+.+*D.1Cd
!!
0CC?]dd?A:.1C0^D/A^+Bd$(C1G+'A$18B
ey~ze
A^
"
.:A7$(:8(6DJ+8C+[6$$B:(1$(1;8?:B1C1G$+8CA+$(C1G1*$*.2B1($J*+B$AA:66:
(+A+'A$6^
8+6?A17+A+BCD*1:@D+B+7D+BCA$+86$C$'6$y[66+G$*:$($':?:AHJ+A
J (:6$':A$*:A+B{{[ 6$B /$8$8(1$B +8 A+8*171+8C: C$8C: +8
8/6-B i6+8/D$
8$C1G$j (:7: +8 $C+7%C1($B 8: .D+A:8 B1/81.1($C1G$B^ 18 +7'$A/:[ CA$B
*:B $9:B *+ 18C+AG+8(1;8 8: 0D': +G1*+8(1$ *+ 818/D8$ ?-A*1*$ *+
A+8*171+8C:$($*-71(:B+/E86$B?AD+'$B+BC$8*$A1K$*$B+IC+A8$B[$?+B$A
*+0$'+AC+81*:*+{|$}w718DC:B7+8:B*+C1+7?:*++8B+9$8K$.:A7$6
($*$ *2$^ :A BD ?$AC+[ +8 +6 +BCD*1: W i(C1:8 (0::6W j{| 6:B
+BCD*1$8C+B@D+A+(1'1+A:8+6?A:/A$7$CDG1+A:8D8$61/+A$C+8*+8(1$0$(1$
6$ 7+4:A ?D8CD$(1;8[ B18 B+A +BC$ *1.+A+8(1$ B1/81.1($C1G$^ 8 +6 +BCD*1:
A+$61K$*:?:A:+J(:6$':A$*:A+B{}[B+18(A+7+8C;+6C1+7?:*+*D($(1;8
2B1($ *+ x $ || 718DC:B $6 *2$ *DA$8C+ B+1B 7+B+B^ : 0D': ($7'1:B
B1/81.1($C1G:B[C$7?:(:6:B0D':8+/$C1G:B^:@D+B2@D+*;*+7:BCA$*:+8
6:B $8C+A1:A+B +BCD*1:B +B @D+ 6:B 81G+6+B *+ $(C1G1*$* .2B1($ B+
18(A+7+8C$A:8 8:C$'6+7+8C+[ $(+A(%8*:B+ $ 6:B 81G+6+B A+(:7+8*$*:B
?$A$ $*:6+B(+8C+B ?:A 6$B 18BC1CD(1:8+B /D'+A8$7+8C$6+B 7-*1($B ?$A$
?A+G+81A+8.+A7+*$*+B($A*1:G$B(D6$A+B[*+B+B+8C$$8:G+8C$718DC:B*+
$(C1G1*$*.2B1($*1$A1$(:8+4+A(1(1:B*+18C+8B1*$*7:*+A$*$JG1/:A:B$z^
6?A:/A+B:J6:/A:B$($*-71(:B*+6:B+BCD*1$8C+B@D+?$AC1(1?$A:8+8+6
?A:/A$7$ *+ *D($(1;8
2B1($ *1$A1$ *+6 b+2>44% 84.&#:c{~ .D+A:8
BD?+A1:A+B @D+ 6:B +B(:6$A+B @D+ A+(1'1+A:8 +6 C1+7?: (DAA1(D6$A *+
*D($(1;8
2B1($i/AD?:(:8CA:6j^+BD6C$*:BB1716$A+BB+0$66$A:8+8:CA:
+BCD*1: A+$61K$*: +8 D+(1${[ +8(:8CA$8*: D8 +.+(C: ?:B1C1G: B:'A+ 6$B
0$'161*$*+B7:C:A$B[6$$C+8(1;8J6:B6:/A:B$($*-71(:B+8+8/D$8$C1G$
iD+(:jJ$C+7%C1($B^
$661B J (:6$':A$*:A+B{ +BCD*1$A:8 6:B +.+(C:B *+ D8 ?A:/A$7$ *+
*D($(1;8
2B1($*+*:B$9:B*+*DA$(1;8:A1+8C$*:$6$7+4:A$*+6$B$6D*
B:'A+ +6 A+8*171+8C: $($*-71(: +8 ?AD+'$B +BC$8*$A1K$*$B^ 6 /AD?:
+I?+A17+8C$6 *+ $6D78:B A+(1'1; ($B1 {| 718DC:B *+ *D($(1;8
2B1($
$*1(1:8$6?:AB+7$8$+8*+CA17+8C:*+:CA$B7$C+A1$B^60$66$K/:?A18(1?$6
+B@D+$?+B$A*+*1B718D1A+6C1+7?:6+(C1G:+8:CA$B7$C+A1$B[8:0D':
818/E8+.+(C:8+/$C1G:B:'A+6:BA+BD6C$*:B$($*-71(:B+8/+8+A$6+86$B
?AD+'$B+BC$8*$A1K$*$B$81G+6+BC$C$6^*+7%B[+8$6/D8$B?AD+'$B18(6DB:
B+ +8(:8CA$A:8 +.+(C:B B1/81.1($C1G:B +8 6:B A+BD6C$*:B $($*-71(:B
.$G:A$'6+B$6/AD?:+I?+A17+8C$6^
ey~{e
]
+);8[L1B+9:*+6+BCD*1:
i*D($(1;8?$A$+6
1C8+BBj|w^
:*$B 6$B G$A1$'6+B A+6$(1:8$*$B (:8 +6 A+8*171+8C: (:/81C1G:
iA$K:8$71+8C: G+A'$6[ A$K:8$71+8C: $'BCA$(C:[ ($?$(1*$* +B?$(1$6 J
($?$(1*$* 8D7-A1($j[ +I(+?C: +6 A$K:8$71+8C: G+A'$6[ $D7+8C$A:8
B1/81.1($C1G$7+8C++8+6/AD?:@D+18(A+7+8C;6$($A/$6+(C1G$+18C+8B1*$*
*+ 6$B B+B1:8+B *+ *D($(1;8
2B1($^ 6 A+8*171+8C: $($*-71(: ($6(D6$*:
7+*1$8C+ +6 ?A:7+*1: *+ 6$B 8:C$B +8 6$B $B1/8$CDA$B (DAB$*$B[
+I(+?CD$8*:6$7$C+A1$*+*D($(1;8
2B1($?$A$8:B+B/$A6:BA+BD6C$*:B[
C$7'1-87+4:A;8:C$'6+7+8C+|w^$B7+4:A$B+86$B($61.1($(1:8+B.D+A:8
7%B17?:AC$8C+B+8$B1/8$CDA$B(:7:$C+7%C1($B[*D($(1;86%BC1($:
1+8(1$B$CDA$6+B[?+A:8:+8+8/D$[6:@D+?:*A2$+I?61($A6$?A:'$'6+
$B:(1$(1;8 *+ 6$ 7$C+A1$ *+ *D($(1;8
2B1($ (:8 +6 7$J:A *+B$AA:66:
(+A+'A$6*+6$BK:8$B*+BC18$*$B$6A$K:8$71+8C:7$C+7%C1(:[A+B:6D(1;8
*+?A:'6+7$BJ?+A(+?(1;8+B?$(1$6[+8CA+:CA$B^BC:BA+BD6C$*:B$?:J$8
6$17?:AC$8(1$*+$D7+8C$A6$U%49+9U*+*D($(1;8
2B1($+8C-A718:B*+
G:6D7+8+18C+8B1*$*^
$7$J:A2$*+6$B18G+BC1/$(1:8+B7:BCA$*$B+86$C$'6$y+BC$'$8BD4+C$B$
?A:/A$7$B *+ 18C+AG+8(1;8 ?D8CD$6+B[ *+ G$A1:B 7+B+B : $9:B[ *$*$B 6$B
6171C$(1:8+BJ*1.1(D6C$*+B?A+BD?D+BC$A1$BJ:A/$81K$C1G$B$81G+6*+(+8CA:^
ey~|e
A^
"
$?A+/D8C$@D+0$'A2$@D+0$(+AB++BZ@D-?$B$A2$B1+BC:B?A:/A$7$BB+
$?61($A$8 *DA$8C+ C:*$ 6$ +C$?$ *+ +B(:6$A1K$(1;8 :'61/$C:A1$ i*+ } $ x}
$9:BjY $66$K/:B *+ +BC+ C1?:[ BD/1+A+8 6:B +.+(C:B '+8+.1(1:B:B *+ 6$
*D($(1;8
2B1($ B:'A+ 6$ B$6D* J A+8*171+8C: $($*-71(: *+8CA: *+ 6:B
?6$8+B*++BCD*1:*+6$B+B(D+6$B^:B(+8CA:B+*D($C1G:B?A:?:A(1:8$8D8$
:?:ACD81*$* E81($ ?$A$ 18.6D1A +8 6$ B$6D* .2B1($ J 7+8C$6 *+ 8D+BCA:B
4;G+8+B[ ?D+BC: @D+ C:*$ 6$ ?:'6$(1;8 18.$8C16 J $*:6+B(+8C+ C1+8+ @D+
$B1BC1A?:A6+J$6$+B(D+6$*+.:A7$:'61/$C:A1$J/A$CD1C$0$BC$6:Bx}$9:B^
18+7'$A/:[6:B(+8CA:B+*D($C1G:BB++8.A+8C$8$(A+(1+8C+B*+B$.2:B+8
6$ $B1/8$(1;8 *+6 C1+7?: *+*1($*: $ 6$ *D($(1;8
2B1($ J ?:A C$8C: $ 6$
$(C1G1*$*.2B1($*DA$8C+6$4:A8$*$+B(:6$A^
8CA+C:*:B6:B+BCD*1:B$8$61K$*:B(+8CA$*:B+818(A+7+8C$A+6C1+7?:*+
$(C1G1*$*.2B1($(DAA1(D6$A:*D($(1;8
2B1($B:'A++6A+8*171+8C:(:/81C1G:
J$($*-71(:iC$'6$BxJyj[+86$7$J:A2$B++8(:8CA$A:8A+BD6C$*:B$.$G:A
*+6:B/AD?:B@D+A+$61K$'$87%BC1+7?:*++BC$$B1/8$CDA$^8:CA:B[8:
B+ +8(:8CA$A:8 *1.+A+8(1$B +8 A+8*171+8C: $($*-71(:[ ?+A: B2 $ 81G+6
.1B1:6;/1(: +8 (1+AC:B 18*1($*:A+B *+ B$6D* (:7: (:8*1(1;8 .2B1($[
(:7?:B1(1;8 (:A?:A$6 : ?+A.16 61?2*1(:e7+C$';61(:[ 6: @D+ BD/1+A+ @D+ $
?+B$A *+ 8: 18(A+7+8C$A +6 A+8*171+8C: $($*-71(:[ 6:B /AD?:B *+
+BCD*1$8C+B(:87$J:A($A/$6+(C1G$+8*D($(1;8
2B1($[18(A+7+8C$A:8BD
81G+6*+.:A7$.2B1($J?:A(:8B1/D1+8C+[C:*$B6$B.D8(1:8+BJ+BCAD(CDA$B
*+6:A/$81B7:[18(6D1*$6$3'<957:,%516*,%"M::'BC$8C+[+8D8$A+(1+8C+
A+G1B1;8 B1BC+7%C1($ B+ 0$ ?D+BC: *+ 7$81.1+BC: 6$ .D+AC+ J (:8B1BC+8C+
$B:(1$(1;8+8CA+$(C1G1*$*.2B1($[(:8*1(1;8.2B1($JA+8*171+8C:(:/81C1G:J
$($*-71(:+8819:Bxz^
1+AC$B?:62C1($B+*D($C1G$B+BC%8CA$C$8*:*+$D7+8C$A+6C1+7?:6+(C1G:
+8 :CA$B 7$C+A1$B (:8B1*+A$*$B (:7: b1 9 +1648:2:&9c[ CA:8($6+B :
18BCAD7+8C$6+Bi$C+7%C1($B[+8/D$[
8/6-B:1+8(1$B*+6$$CDA$6+K$j[
+8 D8 +B.D+AK: ?:A (:8B+/D1A 7+4:A+B A+BD6C$*:B +8 ?AD+'$B
+BC$8*$A1K$*$B[ (A+J+8*: @D+ $B2 B+ ?:*A2$8 18(A+7+8C$A 6:B 81G+6+B *+
-I1C:+B(:6$A^:7:A+BD6C$*:*++66:[6$($A/$6+(C1G$*+$B1/8$CDA$B(:7:
*D($(1;8
2B1($J:CA$B@D+*+B$AA:66$86$(A+$C1G1*$*iEB1($:*D($(1;8
6%BC1($ J 1BD$6j[ BD+6+ G+AB+ *1B718D1*$ *DA$8C+ 6$ 4:A8$*$ +B(:6$A^ 6
0+(0: *+ A+(1'1A 7%B 0:A$B *+ D8$ $B1/8$CDA$ 8: @D1+A+ *+(1A @D+ +6
A+BD6C$*:$($*-71(:.18$6B+$7+4:A^$A+(+@D+6$($61*$**++B$B0:A$BJ
6$ ?A+*1B?:B1(1;8 *+6 +BCD*1$8C+ i7:C1G$(1;8[ 81G+6+B *+ $C+8(1;8[
A+6$4$(1;8[ +C(^j ?D+*+8 66+/$A $ C+8+A 7$J:A 18.6D+8(1$ ?$A$ A+*D(1A 6:B
28*1(+B*+.A$($B:+B(:6$AJ(:8B+/D1A6$+I(+6+8(1$$($*-71($^
ey~}e
]
$8+DA:(1+8(1$0$*+7:BCA$*:[@D+6$$(C1G1*$*.2B1($.$G:A+(+6$$(C1G1*$*
(+A+'A$6+8$@D+66$BK:8$B*+6(+A+'A:*:8*+7$J:AA+6$(1;80$J(:86$B
.D8(1:8+B +4+(DC1G$B : $@D+66$B (:8B1*+A$*$B (:7: 6$B 7%B (:7?6+4$B *+
C:*$B6$B.D8(1:8+B(:/81C1G$B*+6B+A0D7$8:i.1/DA$|j^
+);8\L
D8(1:8+B+4+(DC1G$B^
8+BC$628+$[6$:(C:A$*+6+1$7:8*iD8$*+6$B?1:8+A$B+8+6($7?:
*+ 6$ 8+DA:(1+8(1$ (:/81C1G$ *+6 *+B$AA:66:j[ BD/1+A+ @D+ 6$B C$A+$B @D+
?A:G:($8 6$ 7$J:A 7+4:A$ *+ 6$B .D8(1:8+B +4+(DC1G$B i.D8(1:8+B
.D8*$7+8C$6+B +8 6:B ?A:(+B:B *+ $?A+8*1K$4+ ?$A$ (:8B+/D1A +I1C:B:B
A+BD6C$*:B$($*-71(:BjB:8$@D+66$B@D+6$BCA$'$4$8*+.:A7$18*1A+(C$[
18(1*1+8*:+8$@D+66:@D+6$B?+A4D*1($(:7:+6+BCA-B[6$CA1BC+K$[6$B:6+*$*
:D8$7$6$B$6D*[?A:G:($8*:7$J:A.+61(1*$*[7+4:A(:8*1(1;8.2B1($JD8
B+8C1*:*+?+AC+8+8(1$$6/AD?::6:@D++B6:71B7:[.:7+8C$A+6'1+8+BC$A
+7:(1:8$6[B:(1$6J.2B1(:|x^Z"(D%6+BB:8+BC$B+BCA$C+/1$BY+BEBD166-8[
+8BD61'A:b&;84&%;##+52&2&0;0L&0:&48,068 #:+#c|y6:*+4$
(6$A:^ BC$B +BCA$C+/1$B B+A2$8 18CA:*D(1A +6 4D+/: *+8CA: *+6 $D6$ (:7:
0+AA$71+8C$ *+ $?A+8*1K$4+[ ?:A +4+7?6: (:8 6$ /$71.1($(1;8^ $7'1-8
?:*A2$7:B 0$'6$A *+6 $?A+8*1K$4+ '$B$*: +8 +6 4D+/:[ +6 $?A+8*1K$4+ ?:A
A+C:B : ?:A ?A:J+(C:B^ D$6@D1+A C1?: *+ 7+C:*:6:/2$ $(C1G$ +B
.$G:A+(+*:A$ *+6 7+4:A *+B$AA:66: *+ +BC$B .D8(1:8+B (:/81C1G$B^ 6
7:G171+8C:[ C$7'1-8 B+A2$ G1C$6[ (D$8C: 7%B C1+7?: *+ *D($(1;8
2B1($
7+4:A ?$A$ +6 (+A+'A:^ 8 ($B: *+ 8: ?:*+A $7?61$A +6 C1+7?: *+ +BC$
7$C+A1$[ B+ ?:*A2$ 18CA:*D(1A +6 7:G171+8C: +8 :CA$B $B1/8$CDA$B : +8
18(6DB: +8 6:B A+(A+:B[ .:7+8C$8*: ?A:J+(C:B 18C+A*1B(1?618$A+B ?A%(C1(:B
(:7:#0+2+#9:C$66+A+B.2B1(:e*+?:AC1G:B[B+7$8$B*+?A:7:(1;8*+?:AC1G$[
'$CD5$*$B[4DBC*$8(+[9:&8099*+'$16+D:CA$B$(C1G1*$*+B*:8*+8:
0$J$ 6271C+ *+ ?$AC1(1?$(1;8 J ?D+*$8 B+A (:8CA:6$*$B ?:A +6 : 6:B
+B?+(1$61BC$B*+6(+8CA:+*D($C1G:i6:B+B?+(1$61BC$B?D+*+B+A6:B?A:?1:B
$6D78:B*+6(+8CA:j^
ey~~e
A^
"
ey~e
]
A$'$4:BB1716$A+BB+0$8A+$61K$*:+8($*%G+A+B[*1B+((1:8$8*:+6(+A+'A:
J+BCD*1$8*:+6G:6D7+8J.:A7$*+*1.+A+8C+BA+/1:8+B[(:7?$A$8*:6:B
(+A+'A:B*+6:B($*%G+A+B@D++8G1*$?A$(C1($'$8$(C1G1*$*.2B1($*+.:A7$
A+/D6$A[ .A+8C+ $ 6:B @D+ +A$8 B+*+8C$A1:B^ :B A+BD6C$*:B 0$8 B1*:
(:8(6DJ+8C+B[:'B+AG$8*:(:7:$@D+66:B?+AC+8+(1+8C+B$?+AB:8$B@D++8
G1*$C+82$87+4:A81G+6*+(:8*1(1;8.2B1($[+6G:6D7+8*+(1+AC$BA+/1:8+B
$B:(1$*$B $ ?A:(+B:B (:/81C1G:B[ (:7: +6 01?:($7?: i7+7:A1$j +A$8
7$J:A+B@D++86:B($*%G+A+B*+BD4+C:B@D++A$8B+*+8C$A1:B^
+(1+8C+7+8C+[ /A$(1$B $ 6$ 8+DA:17$/+8[ B+ +BC%8 A+$61K$8*: C$7'1-8
+BCD*1:B +8 ?+AB:8$B $*D6C$B J 819:B ?$A$ $8$61K$A J +BCD*1$A +6 (+A+'A:[
7+*1$8C+ A+B:8$8(1$ 7$/8-C1($ J +6+(CA:+8(+.$6:/A$.2$ ij^ 8 6$
$(CD$61*$*[6:B*:B?A:J+(C:B7D8*1$6+B(:87$J:A17?$(C:B:8+6;12
8+284.&#:$81G+6+DA:?+:Jb*&8+22+:+:+=&c*+6:BBC$*:B81*:B[
$7':B ?$A$ +8C+8*+A 7+4:A +6 .D8(1:8$71+8C: *+6 (+A+'A:^ A$(1$B $ 6$
8+DA:17$/+8B+0$*+7:BCA$*:*+.:A7$(:8CD8*+8C+(:7:6$B?+AB:8$B
(:8 7+4:A (:8*1(1;8 .2B1($ C1+8+8 D8 7$J:A G:6D7+8 *+6 01?:($7?:[
$*+7%B *+ :CA$B +BCAD(CDA$B (+A+'A$6+B C$7'1-8 A+6$(1:8$*$B (:8 +6
$?A+8*1K$4+^ :B1'6+7+8C+ +BC: ?:*A2$ +I?61($A +6 +.+(C: ?:B1C1G: *+6
+4+A(1(1: .2B1(: B:'A+ +6 .$(C:A 8+DA:CA;.1(: *+A1G$*: *+6 (+A+'A: i
j[
18(A+7+8C$8*: 6$B (:8+I1:8+B 8+DA:8$6+B : B18$?B1B J ?:B1'161C$8*: 6$
(A+$(1;8*+8D+G$B8+DA:8$B[0$(1+8*:(:8+66:@D+$D7+8C+6$?6$BC1(1*$*
(+A+'A$6[18.6D+8(1$8*:?:B1C1G$7+8C++8+6$?A+8*1K$4+[+86$B.D8(1:8+B
+4+(DC1G$B[+86$C:7$*+*+(1B1:8+B[+8+6?+8B$71+8C:J+86$7+7:A1$^
$8+DA:17$/+8C$7'1-80$*+7:BCA$*:(:7:6$?6$BC1(1*$*(+A+'A$6B+G+
A+*D(1*$[ +8 (1+AC$ 7+*1*$[ (:8 6$ +*$*^ 18 +7'$A/:[ C$7'1-8 B$'+7:B
@D++6+4+A(1(1:.2B1(:?D+*+/+8+A$A*+8D+G:+B$($?$(1*$*?6%BC1($+8+6
(+A+'A:J+8*+.181C1G$[($?$(1*$**+$*$?C$AB+$6$B8D+G$BB1CD$(1:8+Bi6:
@D+$6/D8:BC+;A1(:B*+8:718$818C+61/+8(1$j^:A6:C$8C:[(:86$$(C1G1*$*
.2B1($+6(+A+'A:/$8$.:A7$J$D7+8C$BD($?$(1*$**+$?A+8*1K$4+$81G+6
+BCAD(CDA$6J.D8(1:8$6z{[z|[|}e}w^
:A+6(:8CA$A1:[(D$8*:*+4$7:B*+0$(+A+4+A(1(1:[$61/D$6@D+:(DAA+(:8
6$7DB(D6$CDA$+B@D+6-C1($*+8D+BCA:(D+A?:[6$?A:*D((1;8*+
J?:A
C$8C: 6$ ?6$BC1(1*$* (+A+'A$6[ *+($+8^ B2[ 6$ ?A%(C1($ A+/D6$A *+ $(C1G1*$*
.2B1($*+4$0D+66$+8+6(+A+'A:[*+7$8+A$@D+B1$'$8*:8$7:B+6+4+A(1(1:
.2B1(: *DA$8C+ D8 C1+7?: J 6D+/: 6: A+C:7$7:B[ 8D+BCA$B 8+DA:8$B
A+(D?+A$8A%?1*$7+8C+6:B81G+6+B*+
^B(:7:B1+6(+A+'A:/D$A*$A$
D8 A+(D+A*: *+ 8D+BCA: 81G+6 *+ .:A7$ .2B1($[ 6: @D+ 6:B +I?+AC:B 66$7$8
b8&9&8= #4)2+:+=c^ :A +66:[ (D$8*: BD.A17:B $6/E8 C1?: *+ +8.+A7+*$*
ey~e
A^
"
(+A+'A$6[ B1 C+8+7:B 66+8$ 8D+BCA$ b8&9&8= %& 609:+#+%% #&8&"80c[ B+A%
7%B.%(16JA%?1*$6$A+(D?+A$(1;8^BC:B'+8+.1(1:BB:6:B+?A:*D(+8B16$
$(C1G1*$*.2B1($+BA+/D6$AJ(:8C18D$^
:7: +8 (D$6@D1+A :CA$ ?$AC+ *+6 (D+A?:[ 71+8CA$B A+$61K$7:B $(C1G1*$*
.2B1($ $D7+8C$ 6$ ($?16$A1K$(1;8 J +6 .6D4: B$8/D28+: $ 81G+6 (+A+'A$6[
$?:AC$8*::I2/+8:J/6D(:B$$*1(1:8$6$6(+A+'A:[.$(161C$8*:$B2BD;?C17:
.D8(1:8$71+8C:^ $7'1-8 B$'+7:B @D+ 6$ $(C1G1*$* .2B1($ .$G:A+(+ 6$
61'+A$(1;8*++8*:A.18$B[0:A7:8$B@D+?A:*D(+8B+8B$(1;8*+.+61(1*$*J
+D.:A1$^ 1B@D+AA$}x 6$B 66$7$ b20)'9+#49 2:;80&9c[ J +B @D+ ?D+*+8
66+/$A$B+A0$BC$G+18C+G+(+B7%B+.+(C1G:B@D+6:B7+*1($7+8C:B(:8CA$
+6*:6:A^*+7%B*+B+A1801'1*:A+B*+6*:6:A[6$B+8*:A.18$B$(CE$8+8+6
(+A+'A:?A:*D(1+8*:+I?+A1+8(1$BBD'4+C1G$B(:7:B+8B$(1;8*+'1+8+BC$A[
*1B718D(1;8*+6$$8B1+*$*[7+4:A$*+6$$DC:+BC17$J+BC$*:*+%817:[
?A:G:($8*:D8+.+(C:*+?6$(+AJA+6$4$(1;8^:B+BCD*1:B0$8*+7:BCA$*:
@D+18(6DB:?D+*+8$61G1$A6:BB28C:7$B*+D8$*+?A+B1;8^
: B:6: B+ B$'+ @D+ 71+8CA$B A+$61K$7:B $(C1G1*$* .2B1($ $D7+8C$ 6$
:I1/+8$(1;8 (+A+'A$6 J 61'+A$(1;8 *+ +8*:A.18$B[ B18: @D+ B+ /+8+A$ D8$
A+B?D+BC$ 0:A7:8$6 J *+ *+C+A718$*:B 8+DA:CA$8B71B:A+B (:7: 6$
8:A$*A+8$618$[ B+A:C:818$[ :I1C:(18$ J *:?$718$^ :7?D+BC:B @D271(:B
@D+ *+B$AA:66$8 D8 ?$?+6 7DJ 17?:AC$8C+ +8 6:B ?A:(+B:B (:/81C1G:B[ +8
+B?+(1$6+86$$C+8(1;8^8(:8(A+C:[(D$8*:+BC$7:B*1BCA$2*:B6:B81G+6+B
*+ 8:A$*A+8$618$ BD+6+8 B+A '$4:B^ BC$ 0:A7:8$ ?D+*+ 7:*+A$A 6$
A+B?D+BC$*+6(+A+'A:$6+BCA-B[?:AC$8C:[C$7'1-8(:8CA1'D1A%$6$7+4:A$
*+6$B.D8(1:8+B+4+(DC1G$B*+6(+A+'A:^
+/E8 +6 $8%61B1B A+$61K$*: ?:A 6$ ?A:.+B:A$
A+8+ +661(+A B:'A+ B$6D*
+7:(1:8$6[6$B+A:C:818$[+B:CA:8+DA:CA$8B71B:A61'+A$*:(:86$$(C1G1*$*
.2B1($ @D+ ?A:*D(+ ($67$[ (:8CA:6 *+ D8: 71B7:[ $*$?C$'161*$* J 0D7:A
+BC$'6+y^ + B$'+ @D+ (D$8*: 8D+BCA:B 7EB(D6:B CA$'$4$8[ 61'+A$8 %(1*:B
/A$B:B$6$B$8/A+[@D++8$((1;8(:84D8C$(:8+6CA1?C;.$8:i$718:%(1*:
+B+8(1$6j18(1C$86$?A:*D((1;8*+B+A:C:818$[6$(D$6[+B+BC17D6$*$?:A+6
18(A+7+8C:*+
[B+(A+C$*:$67:G+A8:B}y^
$:I1C:(18$+BD8$0:A7:8$J8+DA:?-?C1*:18G:6D(A$*:+86$.:A7$(1;8
*+A+6$(1:8+B*+(:8.1$8K$J/+8+A:B1*$*[$6@D+C$7'1-8B++B7DJB+8B1'6+
+86$$*:6+B(+8(1$[6:@D+0$(+C$8/A$C1.1($8C+6$BA+6$(1:8+BB:(1$6+B+8
+BC$+*$*y^8$.:A7$B+8(166$*+/+8+A$A:I1C:(18$+88D+BCA:B$6D78:B+B
A+(1'1-8*:6+B +8 6$ ?D+AC$ *+ 8D+BCA$ $D6$ : $8C+B *+ +8CA$A $ 6$ ?1BC$
?:61*+?:AC1G$[*%8*:6+B6$7$8:$C:*:BJ?A+/D8C%8*:6+B?:ABD+BC$*:*+
eywe
]
%817:^8$B17?6+?$67$*$+86$+B?$6*$(:86$?A+/D8C$Z(;7:C+B1+8C+BY
?D+*+ 0$(+A @D+ 6:B $6D78:B (:71+8(+8 $ b&14#+4289&c (:8 8D+BCA:B
(:8C+81*:B]$*0+B1;8$6$$(C1G1*$*.2B1($J(D1*$*:*+BDB$6D*^
CA:8+DA:CA$8B71B:A?A:*D(1*:?:A6$$(C1G1*$*.2B1($+B6$8:A+?18+.A18$[
+BCD*1$*$?$A$+8C+8*+A+60D7:A[J@D+C1+8+D8+.+(C:?:C+8(1$*:A*+6$
$C+8(1;8[6$?+A(+?(1;8[6$7:C1G$(1;8J6$+I(1C$(1;8}y^$$(C1G1*$*.2B1($
A+/D6$A7+4:A$6$17$/+8*+D8:71B7:[?:A(:8B1/D1+8C+6$$DC:+BC17$J
(:8+66$[6$BA+6$(1:8+BB:(1$6+B^
8*+?+8*1+8C+7+8C+*+6$+*$*[+6B+I::
($A$(C+A2BC1($B $8CA:?:7-CA1($B[ +6 +4+A(1(1: .2B1(: ?D+*+ +6+G$A
6$?+A(+?(1;8?:B1C1G$*+6$CA$(C1G:*+D8:71B7:[J+8(:8B+(D+8(1$[0$(+A
@D+ C+ G$6:A+B 7%B^ 7+*1*$ @D+ 6$ ?+A(+?(1;8 *+ D8: 71B7: 7+4:A$
iB$6D* ?B1(:6;/1($j[ 6$ B$6D* +7:(1:8$6 C$7'1-8 6: 0$(+[ $B2 (:7: 6$B
A+6$(1:8+BB:(1$6+BJ?:AC$8C:6$B$6D*B:(1$6^:86$?A%(C1($*+$(C1G1*$*
.2B1($ .$G:A+(+7:B 8D+BCA$ B$6D* *+B*+ C:*$B BDB *17+8B1:8+B[ 7%I17+
(D$8*: 6$ A+$61K$7:B +8 /AD?: J *1A1/1*$ ?:A +B?+(1$61BC$B @D+ (:8CA:6$8
C:*$B 6$B (:8C18/+8(1$B ?+*$/;/1($B @D+ ?D+*+8 $(:8C+(+AB+ *DA$8C+ 6$
?A%(C1($^ DJ 17?:AC$8C+ ?$A$ +6 $?A+8*1K$4+[ ($B1 17?A+B(18*1'6+[ +B 6$
B$6D*+7:(1:8$6^6*:(+8C+*+*D($(1;8
2B1($8:B:6:+B(:8:(+*:A*+
6:B 7-C:*:B J 7+*1:B *+ *+B$AA:66: 7:C:A[ 4D+/:B J $(C1G1*$*+B .2B1(:e
*+?:AC1G$B B$6D*$'6+B ?$A$ 7+4:A$A 6$ .:A7$ .2B1($[ B18: @D+ C$7'1-8 +B
?+*$/:/: J (:8:(+*:A *+6 $7?61: +B?+(CA: *+ +BC16:B *+ +8B+9$8K$ J
+BCA$C+/1$B7+C:*:6;/1($B?$A$CA$'$4$A6$B$6D*+7:(1:8$6+8BDB$6D78:B[
7D(0$B G+(+B 7+A7$*$ ?:A 6$ .$6C$ *+ ($A19: : $C+8(1;8[ J +8 :CA$B
:($B1:8+B?:AB:'A+?A:C+((1;8^DA$8C+6$B(6$B+B*+*D($(1;8
2B1($[6:B
+BCD*1$8C+B*+'+87:G+AB++8D8+B?$(1:$7?61:[18*1G1*D$6[+8/AD?:BJ
+8 ?$A+4$B[ C:7$A *+(1B1:8+B[ (:7D81($AB+ J A+B:6G+A ?A:'6+7$B\
B1CD$(1:8+B1*;8+$B?$A$CA$'$4$A6$+*D($(1;8+7:(1:8$6[+B+8(1$6?$A$+6
$?A+8*1K$4+^8?$6$'A$B*+
A$8(1B(::A$}z]b+24*@&14#+42&924*@
68&2%+A.&OIN4049&6;&%&68&2%&87;&0047;&9&1O[b#;8+49+%%I
047;&&9%+(&8&2:&@94"8&90&&2&0&2:4824I&2#+&2%&0&14#+52L#42
&00I#420&14#+52I9&"8&209=&2:29%&0:&2#+52I(4#42&#&98+4
680#8&#+52%ƨ#+1+&2:4c^
$ *:?$718$ +B :CA: '+8+.1(1:B: 8+DA:CA$8B71B:A @D+ B+ ?A:*D(+ (:8 6$
$(C1G1*$* .2B1($^ + A+6$(1:8$ (:8 +6 'D+8 0D7:A J A+/D6$ 6$ 7:C1G$(1;8[
?A:G:($8*:D8$7$J:A?+AB+G+A$8(1$?$A$(:8B+/D1AD8A+C:[D8:'4+C1G:
: D8$ 7+C$^ B 6$ 0:A7:8$ *+ 6$ A+(:7?+8B$[ 6: @D+ 8:B 0$(+ G:6G+A $
A+?+C1A D8 (:7?:AC$71+8C:^ :A +4+7?6: (D$8*: (:7+7:B $6 C+8+A 6$
B+8B$(1;8*+0$7'A+:(D$8*:6:/A$7:BD8:'4+C1G:CA$B(:AA+AD8A1+B/:^
1 +6 :'4+C1G: +B +*D($C1G: J (:8B+/D17:B /+8+A$A 7%B *:?$718$ +8
eyxe
A^
"
2B1($$6.18$6*+6$4:A8$*$+B(:6$A[(A+J+8*:@D+B1B+D'1($8:CA$B7$C+A1$B
7%B7+7:A2BC1($B(:7:1+8(1$B$CDA$6+B[+8/D$:$C+7%C1($B$8C+B
@D+ 6$ *D($(1;8
2B1($[ 6:B $6D78:B +BC$A2$8 7%B $C+8C:B J :'C+8*A2$8
7+4:A+BA+BD6C$*:B^18*D*$[+BC+E6C17:B+A2$D8?6$8C+$71+8C:+8(:8CA$
*+ 6$ 8+DA:(1+8(1$[ (:8 -6 +BC$A2$7:B ?+A*1+8*: 6$ ?:C+8(1$61*$* *+6
(+A+'A: CA$B D8$ ?A%(C1($ .2B1(:e*+?:AC1G$ ?$A$ A+B:6G+A ?A:'6+7$B[ +BC$A
7%B $C+8C:B J 7+7:A1K$A 7%B (:8(+?C:B^ +6$(1:8$*: (:8 +BC:[ +8 D8
+BCD*1: +8 +6 @D+ ?$AC1(1?$A:8 $*:6+B(+8C+B *+ +8CA+ xz J x| $9:B[ B+
:'B+AG;(:7:$@D+66:B@D+C+82$86$B(6$B+B*+*D($(1;8
2B1($$?A17+A$
0:A$:'C+82$87+4:A+BA+BD6C$*:B+8D8$?AD+'$7$C+7%C1($[71+8CA$B@D+
6:B @D+ 6$ C+82$8 $ E6C17$ 0:A$ :'C+82$8 6:B ?+:A+B}{^ 8 :CA: +BCD*1:
A+$61K$*:(:8D81G+AB1C$A1:B*+?:AC1BC$B[B+(:7?A:';@D+CA$BCA+B718DC:B
*+ 968+2:9[ $?A+8*2$8 ?$6$'A$B D8 yw 7%B A%?1*: @D+ $@D+66:B @D+ 8:
A+$61K$'$88$*$JBDB81G+6+B*+
C$7'1-8+A$87$J:A+B}|^
6/D8:B +BCD*1:B A+$61K$*:B *+8CA: *+6 7$A(: +B(:6$A BD/1+A+8 (:7: 6$
A+$61K$(1;8 *+ D8$ B+A1+ *+ +4+A(1(1:B $8C+B *+ +7?+K$A 6$ (6$B+[ $6/:
?$A+(1*:$6($6+8C$71+8C:?A+G1:$D8$?A%(C1($*+?:AC1G$[8:B:6:?A+?$A$
.2B1($ J ?B1(:6;/1($7+8C+ $ 6:B +BCD*1$8C+B ?$A$ 6$ $(C1G1*$* $($*-71($
?:BC+A1:A[.:7+8C$8*:D8$7$J:A7:C1G$(1;8J$C+8(1;80$(1$6$71B7$[
B18:@D+$*+7%B?:*A2$:($B1:8$A7+4:A+BA+BD6C$*:B$($*-71(:B[7+4:A$A
BD(:7?:AC$71+8C:[BD(:8(+8CA$(1;8*DA$8C+6$BC$A+$BJBD*1B?:B1(1;8
eyye
]
?$A$ +6 $?A+8*1K$4+ +8 +6 181(1: *+ 6$ 4:A8$*$ +B(:6$A}}^ 8 +BC$ 628+$[ +6
*+B?6$K$71+8C:$(C1G:$6(:6+/1:[(:8:(1*:(:7:+6DB:*+7+*1:B$(C1G:B
C$6+B(:7:$8*$A:1A+8'1(1(6+C$?A18(1?$67+8C+[0$(1$Jd:*+B*++6(:6+/1:[
?A:?:A(1:8$ D8$ :?:ACD81*$* ?$A$ 18(A+7+8C$A 6:B 81G+6+B *+ $(C1G1*$*
.2B1($*1$A1$+86:B4;G+8+B[7+4:A$ABDB$6D*($A*1:G$B(D6$AJ+6A+8*171+8C:
(:/81C1G:}~^ $7'1-8 B+ B$'+[ /A$(1$B $ D8 +BCD*1: A+$61K$*: +8 6$
81G+AB1*$**+A$8$*$[@D+6:B819:B@D+G$8$8*$8*:$6(:6+/1:66+/$8
7+8:B +BCA+B$*:B $6 $D6$[ ?:A C$8C:[ B:8 7+8:B A+C1(+8C+B $ A+(1'1A $6
?A:.+B:A[$*+7%B[:'C1+8+87+4:A+BA+BD6C$*:B$($*-71(:B}J7+4:A$8BD
B$6D*7+8C$6[(:8(A+C$7+8C+BD$DC:8:72$J$DC:(:8.1$8K$}^
CA$ B:6D(1;8 +*D($C1G$ ?:*A2$ B+A *1B+9$A J ?:8+A +8 ?A%(C1($ C$66+A+B J
4D+/:B *+ $(C1G1*$* .2B1(:e*+?:AC1G$ *DA$8C+ 6:B ?+A1:*:B *+ A+(A+:[ ?$A$
b19.&8c +6 (+A+'A: *+ 8D+BCA:B +B(:6$A+B J ?A+?$A$A6+B ?$A$ :CA$B
$(C1G1*$*+B $($*-71($B ?:BC+A1:A+B @D+ A+@D1+A$8 7$J:A $C+8(1;8[
(:8(+8CA$(1;8 J $B1716$(1;8 *+ 8D+G:B (:8(+?C:B^ $A$ @D+ +BC$B
$(C1G1*$*+BC+8/$8-I1C:*+'+8B+A:A/$81K$*$B[*+6:(:8CA$A1:?:*A2$88:
C+8+A 'D+8$ $(:/1*$ +8CA+ +6 $6D78$*: @D+ 7:CA1K7+8C+ 8: *+BC$($ J
+8CA++6?A:.+B:A$*:[?D+BC:@D+?:*A2$88:B+A+*D($C1G$BJ8:.$G:A+(+A
6$(:8G1G+8(1$*+6(+8CA:^+8:B+A$(C1G1*$*+BBD?+AG1B$*$B?:AD8+I?+AC:
i?A:.+B:A *+ *D($(1;8
2B1($j[ ?:*A2$8 ?A:*D(1AB+ $6C+A($*:B *DA$8C+ +6
4D+/:[ (:8.61(C:B +8CA+ 4D/$*:A+Be$6D78:Be+B?+(C$*:A+B\ $6 8: 0$'+A
(:8CA:6 *+6 C1+7?:[ B+/DA$7+8C+ B+ ?A:*D(1A2$8 ?-A*1*$B *+ C1+7?:
18*+B+$*$B$6A+/A+B$A$6$D6$^6A1+B/:*+$((1*+8C+B*+?:AC1G:BJ6+B1:8+B
B+18(A+7+8C$A2$[6:B(D$6+B?:*A2$8+G1C$AB+(:8($6+8C$71+8C:B?A+G1:B[
18*D7+8C$A1$ $*+(D$*$ J GD+6C$B $6$ ($67$\ B18 (:8C$A (:8 6$B 7E6C1?6+B
B1CD$(1:8+B*+A1+B/:@D+?:*A2$8?A:*D(1AB+B18+BC$:A/$81K$(1;8^
8$6/D8:B(+8CA:B+*D($C1G:BB+BD+6+8:A/$81K$AC:A8+:B*+?:AC1G:B@D+
+8 6D/$A *+ .$G:A+(+A 6$ 18C+/A$(1;8 J 6$ ?A%(C1($ .2B1(:e*+?:AC1G$ *+6
$6D78$*:@D+7%B6:8+(+B1C$[0$(+8?$AC2(1?+BB:6:$6:B$6D78:B7+4:A
*:C$*:B7:CA1K7+8C+J7%B18C+/A$*:B[(:86:@D++BC+C1?:*+?A:/A$7$B
8:B:86:B*+B+$*:B*+B*+D8?D8C:*+G1BC$8+DA:+*D($C1G:^I?+A1+8(1$B
+*D($C1G$B ?A+G1$B 0$8 *+7:BCA$*: @D+ (D$8*: +BC$B $(C1G1*$*+B B:8
*1A1/1*$B[ :A/$81K$*$B J 6$ :.+AC$ +B G$A1$*$[ 6$ ?$AC1(1?$(1;8 +B 7$J:A J
7+4:A$6$(:8G1G+8(1$*+6(+8CA:~w^18+7'$A/:[+BC$?A:?D+BC$+8818/E8
($B:$'$A($A2$$6$C:C$61*$**+6$6D78$*:*+6(+8CA:[(:7:$B2B+A2$B1+6
18(A+7+8C:*+$(C1G1*$*.2B1($+B(:6$A?A:G181+A$*+6$D7+8C:*+6C1+7?:
*+*D($(1;8
2B1($^
eyze
A^
"
ey{e
]
C+8/$@D+A+B:6G+A?A:'6+7$B[C:7$A*+(1B1:8+BJ(:8B+/D1AA+C:B+8/AD?:^
6$ 0:A$ *+ ?6$81.1($A D8 ?A:/A$7$ $*+(D$*: *+ 8+DA:+*D($(1;8 .2B1($[
*+'+7:B(:8B1*+A$A+BC$B?A+71B$B^
:8/$7:B ?:A ($B: @D+ $ D8 819: (:8 B:'A+?+B: +6 7-*1(: 6+ ?A+B(A1'+
$8*$AC:*:B6:B*2$BD8$0:A$^BC$$(C1G1*$*B1+7?A+B+A%*+?+:A($61*$*
J7%B$'DAA1*$@D+A+$61K$A$(C1G1*$*+B6E*1($B+8/AD?:^:AC$8C:[+8+B+
819:B+(A+$A%A+(0$K:[18(6DB::*1:[?:A@D++8C1+8*+(:7:D8b($BC1/:c+6
0+(0:*+C+8+A@D+B$61AC:*:B6:B*2$B$$8*$A[+86D/$A*+$6/:?6$(+8C+A:
(:7:+B4D/$A(:8BDB$71/:B^:8:A7$6+B@D+$+BC+819:C+A718+?:A8:
/DBC$A6+6$$(C1G1*$*.2B1($[6$G+A%$'DAA1*$JCA1G1$6^
$ A+(:7+8*$(1;8 *+ $(C1G1*$* .2B1($ +8 819:B J $*:6+B(+8C+B B+/E8 +6
+?$AC$7+8C:*+$6D*E'61($*+6:BBC$*:B81*:B!!
[+BA+$61K$AD8$
0:A$ : 7%B *+ $(C1G1*$* .2B1($ $+A;'1($ $6 *2$ *+ 18C+8B1*$* 7:*+A$*$ :
18C+8B$[18(6DJ+8*:$(C1G1*$*.2B1($*+$6C$18C+8B1*$*$67+8:BCA+B*2$B?:A
B+7$8$^(C1G1*$*+B$+A;'1($B*+18C+8B1*$*7:*+A$*$B:8[?:A+4+7?6:[
($718$A $ ?$B: A%?1*: : ($AA+A$ BD$G+[ ?$C18$4+[ (1(61B7: : $(C1G1*$*+B
6E*1(:e*+?:AC1G$B^D$6@D1+A$(C1G1*$*.2B1(:e*+?:AC1G$?A$(C1($*$+8(6$B+
*+ *D($(1;8
2B1($ ?:*A2$ +8CA$A *+8CA: *+ +BC+ /AD?:^ 6:B $8C+A1:A+B
+4+7?6:B 18(6D17:B 6:B 4D+/:B *+ ?+AB+(D(1;8[ 4D+/:B ?A+*+?:AC1G:B[
(::?+A$C1G:B[*+?:AC+B$6C+A8$C1G:BJ?:?D6$A+B[($AA+A$B*+:A1+8C$(1;8:
4D+/:B*+?1BC$B[$(C1G1*$*+B*++I?A+B1;8(:A?:A$6J$(C1G1*$*+BA+$61K$*$B
+8 +6 7+*1: 8$CDA$6[ +8CA+ :CA$B^ " (:7: $(C1G1*$*+B $+A;'1($B *+ $6C$
18C+8B1*$*[?:A+4+7?6:[7:8C$A+8'1(1(:8CA$7:B*+7:8C$9$:(D+BC$B[
B$6C$A $ 6$ (:7'$[ +4+A(1(1:B *+ C:81.1($(1;8 7DB(D6$A +8 (1A(D1C: i7DJ
$*+(D$*:BDDB:+8+67$A(:+B(:6$Aj[(:AA+A*+.:A7$7%BA%?1*$JA+$61K$A
*+?:AC+B*+(:7?+C1(1;8(:7:+6C+81B[+6.EC':6:+6'$6:8(+BC:[*:8*+0$J
@D+ A+$61K$A ($AA+A$B +I?6:B1G$B +8 (1+AC:B 7:7+8C:B *+6 4D+/:^ 8 +BC$B
$(C1G1*$*+BB+*+'+818(:A?:A$A+4+A(1(1:B:4D+/:B?$A$7+4:A$A6$.D+AK$
7DB(D6$AJ6$G+6:(1*$*[$67+8:BCA+B*2$B?:AB+7$8$[(:7:+B($6$*$:
CA+?$?:A6$B+B?$6*+A$B[$'*:718$6+B[.6+I1:8+B[.:8*:B*+?1+A8$B[4D+/:B
*+ .D+AK$ 18*1G1*D$6+B[ ?:A ?$A+4$B : +8 /AD?:[ CA$8B?:AC+ *+ :'4+C:B[
$DC:($A/$B[+8CA+8$71+8C:(:8/:7$B+6%BC1($B:+8BDB?+8B1;8[($AA+A$B
*+ G+6:(1*$*[ ?A:/A+B1:8+B : 968+2:9[ 4D+/:B *+ ?+AB+(D(1;8[ ($7'1:B *+
A1C7:[(1A(D1C:B*+$/161*$*[(::A*18$(1;8:7D6C1B$6C:B[+8CA+:CA:B^
$ A1@D+K$ ?+*$/;/1($ *+ +BC$B $(C1G1*$*+B ?D+*+ 18(A+7+8C$A
8:C$'6+7+8C+(:86$(:7'18$(1;8*++BC:B+4+A(1(1:B?$A$(A+$A$(C1G1*$*+B
!!
HHH^00B^/:Gd8+HB
ey|e
A^
"
ey}e
]
6 ?A:.+B:A :H$A* $A*8+A *+ 6$ 81G+AB1*$* *+ $AG$A*[ 0$'6$ *+
18C+61/+8(1$B7E6C1?6+B[+8(:8(A+C:8D+G+[B1+8*:6$18C+61/+8(1$+I1BC+8(1$6
6$E6C17$*+6$@D+8:B0$'6$~y^$B:(0:A+BC$8C+BB:86$618/F2BC1(:eG+A'$6[
6;/1(:e7$C+7%C1($[ G1B:e+B?$(1$6[ 7DB1($6[ (:A?;A+:e(18+BC-B1($[
18CA$?+AB:8$6[18C+A?+AB:8$6J8$CDA$61BC$^$A$$A*8+A[6$18C+61/+8(1$+B
D8?:C+8(1$6'1:?B1(:6;/1(:*+?A:(+B$71+8C:*+18.:A7$(1;8@D+B+?D+*+
$(C1G$A+8D8::7%B(:8C+IC:B(D6CDA$6+B?$A$A+B:6G+A?A:'6+7$B:(A+$A
?A:*D(C:B@D+C1+8+8G$6:A?$A$*1(0:B(:8C+IC:B^B17?:B1'6+$CA1'D1AD8
E81(:.$(C:A$+BC:B?A:(+B:B(+A+'A$6+B[A+6$(1:8$*:B*1A+(C$7+8C+(:86:B
7+4:A+B:?+:A+BA+BD6C$*:B$($*-71(:B*+6:B819:BJ$*:6+B(+8C+B^$B
.D8(1:8+B(+A+'A$6+BB:87DJ(:7?6+4$B[18.6DJ+8*:+8+66$B6$/+8-C1($J
6:7D(0::?:(:@D+0$/$7:BCA$'$4$A8D+BCA$B8+DA:8$B^$'+7:B@D+6$
$(C1G1*$*.2B1($J+64D+/:0$(+8CA$'$4$A*+.:A7$7DJB$6D*$'6+$6(+A+'A:[
.$G:A+(1+8*: ?:B1C1G$7+8C+ *1(0:B ?A:(+B:B 7+8C$6+B[ BD :I1/+8$(1;8[
8+DA:/-8+B1Bi(A+$(1;88D+G$B8+DA:8$Bj[B18$?C:/-8+B1Bi(A+$(1;88D+G$B
(:8+I1:8+B+8CA+8+DA:8$Bj[$8/1:/-8+B1Bi.:A7$(1;8*+G$B:BB$8/D28+:Bj
J B+/A+/$(1;8 *+ 8+DA:CA$8B71B:A+B $B:(1$*:B $ *1.+A+8C+B .D8(1:8+B
(:/81C1G$B[ +7:(1:8+B J +BC$*:B *+ %817:[ (:7: +6 (:8CA:6 1801'1C:A1:[
7+7:A1$[ .6+I1'161*$* (:/81C1G$[ $C+8(1;8[ 'D+8 +BC$*: *+ 0D7:A J
7:C1G$(1;8[ +8CA+ :CA:B[ +8 *+.181C1G$ (:8CA1'DJ+ $ 7+4:A$A 6$ ?6$BC1(1*$*
(+A+'A$6[ ?:A C$8C: BD ($?$(1*$* *+ $?A+8*1K$4+^ : :'BC$8C+[ *+'+7:B
C+8+A(6$A:@D+B1?A$(C1($7:B7D(0:+4+A(1(1:.2B1(:?+A:8:+BC17D6$7:B
8D+BCA:(+A+'A:[+B(:7:$':8$A7D(0:6$C1+AA$B18B+7'A$AB+7166$B^+
$02@D+B1?A$(C1($7:B$(C1G1*$*.2B1($4D/$8*:i?:A+4+7?6:+8D8$(6$B+*+
*D($(1;8
2B1($j[ +BC$A+7:B .$G:A+(1+8*: $7':B ?A:(+B:B
B17D6C%8+$7+8C+iB1+7'A$J$':8:j^
1 +6 (+A+'A: *+ D8 819: .D+A$ D8 %A':6 J BDB A$7$B[ 0:4$B J .ADC:B[ 6$B
8+DA:8$B\+64D+/:J6$$(C1G1*$*.2B1($A+(:7+8*$*$0$A2$8@D++B+%A':6
?$A+(1+A$ +BC$A B1+7?A+ +8 ?A17$G+A$^ 1+8CA$B @D+ B1 +B+ 71B7: 819:
.D+A$B+*+8C$A1:+18BCAD1*:+8BD(:6+/1:(:87+C:*:6:/2$B'$B$*$B+86$
18BCAD((1;8*1A+(C$[+6%A':6iBD(+A+'A:j+BC$A2$($B1B18A$7$B[(:8?:($B
0:4$BJ.ADC:B[B+A2$(:7:G+AD8%A':6*+0:4$($*D($+8:C:9:i.1/DA$}j^
ey~e
A^
"
+);8]L+C%.:A$*+6(+A+'A:(:8D8%A':6+8:C:9::+8?A17$G+A$^
$ *D($(1;8
2B1($ $(CD$6 $*+7%B *+ .$G:A+(+A 6:B ?A:(+B:B (:/81C1G:B[
C$7'1-8.$G:A+(+6$+61718$(1;8*++BCA-BJ$8B1+*$*[+BC$*:?B1(:6;/1(:*+
'1+8+BC$A:>&00Q"&+2)[A+6$4$(1;8[A+6$(1:8+B18C+A?+AB:8$6+B[(:8BCAD((1;8
*+6 ($A%(C+A J 7+4:A$ 6$ $DC:+BC17$[ .$(C:A+B @D+ $JD*$8 $6 (D1*$*: J
7+4:A$*+6$B$6D*?B2@D1($J+7:(1:8$6*+8D+BCA:B4;G+8+B^6BD1(1*1:+B
6$ ?A17+A$ ($DB$ *+ 7D+AC+ +8 +6 7D8*:^ B2[ 6:B '+8+.1(1:B 7+8C$6+B J
8+DA:(:/81C1G:B *+ 66+G$A D8 +BC16: *+ G1*$ $(C1G: +8 6:B 819:B J
$*:6+B(+8C+B C1+8+8 D8$ (:8B+(D+8(1$ *1A+(C$ C$8C: +8 6$ B$6D* ?E'61($
(:7: $ 81G+6 +*D($C1G:^ :A C$8C:[ 6:B ?A:J+(C:B +*D($C1G:B @D+ *+B++8
C+8+A+8(:8B1*+A$(1;86$$(C1G1*$*(+A+'A$6*+'+8.:7+8C$A+8.:@D+B@D+
18(6DJ$8+67:G171+8C:J6$$(C1G1*$*.2B1($A+/D6$AJ*1A1/1*$+8BDB?6$8+B
*++BCD*1:B[B+/E86$B18BC1CD(1:8+B*+B$6D*18C+A8$(1:8$6+BJ6$BE6C17$B
18G+BC1/$(1:8+B+88+DA:+*D($(1;8^67+8:BB+B+8C$718DC:B$6*2$[(:8
$(C1G1*$*+B $+A;'1($B 7:*+A$*$B + 18C+8B$B[ (:8 +4+A(1(1:B *+ .D+AK$ J
G+6:(1*$* *:8*+ 6:B +BCD*1$8C+B *+'$8 A+B:6G+A ?A:'6+7$B[ 7+7:A1K$A
4D/$*$B[ A+/6$B[ (:A+:/A$.2$B : /D1:8+B *+ C+$CA:^ 1 $*+7%B +BC$B
$(C1G1*$*+B B+ *+B$AA:66$8 $ CA$G-B *+ 4D+/:B[ A+C:B : A+B:6D(1;8 *+
?A:'6+7$B+8(:8C+IC:B?+*$/;/1($7+8C+;?C17:B[(:7:B:86$B(6$B+B*+
*D($(1;8
2B1($[6:B+.+(C:B'+8+.1(1:B:B?$A$+6(+A+'A:B+7D6C1?61($8^
1 8D+BCA: (+A+'A: .D+A$ D8 (:(0+ *+ ($AA+A$B J 6$ A+B:6D(1;8 *+ D8
?A:'6+7$D8$($AA+A$*+
;A7D6$x[B+?:*A2$*+(1A@D+$@D+66$B?+AB:8$B
@D+ A+$61K$8 $(C1G1*$* .2B1($ A+/D6$A J $*+(D$*$[ *1B?:8*A%8 *+ 7+4:A+B
(:(0+B i(+A+'A:Bj ?$A$ (:7?6+C$A 6$ ($AA+A$ iA+B:6G+A D8 ?A:'6+7$j^ 8$
?+AB:8$.2B1($7+8C+$(C1G$+7?1+K$$.:A7$AB+*+B*++*$*+BC+7?A$8$B^
:A+66:[+B(:8G+81+8C+@D++6A+(D+A*:(:86$$(C1G1*$*.2B1($*DA$8C+6$
18.$8(1$ J $*:6+B(+8(1$ B+$ ?6$(+8C+A:^ 66: ?$B$ ?:A C+8+A +I?+A1+8(1$B
*1G+AC1*$BJ$/A$*$'6+B+8*D($(1;8
2B1($[C$8C:+86$18.$8(1$(:7:+86$
eye
]
2B1($8:B:6:+BC%8:781?A+B+8C+B[B18:@D+$*+7%B*+'+8B+A+8B+9$*:B
J($61.1($*:B^
+BD6C$[ ?:A C$8C:[ 17?A+B(18*1'6+ *1B?:8+A *+ C1+7?: BD.1(1+8C+ +8
*D($(1;8
2B1($iE81($$(C1G1*$*.2B1($+B(:6$A:'61/$C:A1$?$A$+6xww*+
819:B J $*:6+B(+8C+Bj ?$A$ @D+ +6 $6D78$*: (:8B1/$ D8:B $?A+8*1K$4+B
B1/81.1($C1G:B J .D8*$7+8C$6+B A+6$(1:8$*:B (:8 6$ $(C1G1*$* .2B1(:e
*+?:AC1G$[ @D+ $B+/DA+8 (:8C18D1*$*[ 0%'1C: J D8 81G+6 ;?C17: *+ .:A7$
.2B1($ @D+ 6+B ?+A71C$ *1G+AC1AB+ 71+8CA$B ?A$(C1($8 $(C1G1*$* .2B1($^ BC$
A+.6+I1;8 +B ?A17:A*1$6[ ?A+(1B$7+8C+ +8 +BC+ 7:7+8C: +8 +6 @D+ +6
:'1+A8:$(CD$6+BC%(:8.+((1:8$8*:D8?$(C:?:A6$+*D($(1;8^"+B@D+
B+/E8+BC+18.:A7++DA:?+:iDAJ*1(+j~zB?$9$+BD8:*+6:B?$2B+B@D+
*+*1($ 7+8:B C1+7?: $ 6$ *D($(1;8
2B1($ *+8CA: *+6 (DAA2(D6: +B(:6$A^
A$8(1$[?:A+4+7?6:[*+BC18$+8+*D($(1;8B+(D8*$A1$[+6x{*+6(DAA2(D6:
$+BC$$B1/8$CDA$[71+8CA$B@D++8B?$9$+BB:6:*+6ze{^
*+7%B[ 6$ *D($(1;8
2B1($ 4D+/$ D8 ?$?+6 7DJ 17?:AC$8C+ +8 6$
?A+G+8(1;8 *+ :'+B1*$* J .$(C:A+B *+ A1+B/: ($A*1:G$B(D6$A^ $7'1-8 +B
G1C$6?$A$?:C+8(1$A+6$?A+8*1K$4+*+8D+BCA:B+B(:6$A+B[7:C1G$A6+B0$(1$
+BC:B $?A+8*1K$4+B J ?$A$ (:8CA1'D1A $ D8 7+4:A *+B$AA:66: (+A+'A$6\ ?:A
(:8B1/D1+8C+[ ?$A$ 7+4:A$A BDB A+BD6C$*:B $($*-71(:B[ (:7: $B2 0$
@D+*$*:*+7:BCA$*:+88D7+A:B:B+BCD*1:B*+18C+AG+8(1;8(:8CA:6$*:B
+8+67$A(:+B(:6$A[A+G1B1:8+BJ7+C$e$8%61B1B^:?$A+(+B+AD8$'D+8$
1*+$ *+*1($A +6 72817: C1+7?: ?:B1'6+ $ 6$ *D($(1;8
2B1($[ (D$8*:
B$'+7:B @D+ 7+4:A$ 6$ B$6D* .2B1($[ B:(1$6[ +7:(1:8$6[ 7+8C$6 J
8+DA:(:/81C1G$*+8D+BCA:B+B(:6$A+BJ?:*A2$(:8CA1'D1A$6$7+4:A$*+BDB
eye
A^
"
A+BD6C$*:B $($*-71(:B^ 8 *+.181C1G$[ 6: @D+ +B 'D+8: ?$A$ +6 B1BC+7$
($A*1:(1A(D6$C:A1:[ A+B?1A$C:A1: J $?$A$C: 6:(:7:C:A +B 'D+8: ?$A$ +6
(+A+'A:^
]M
x^:6+C28.1(1$6*+6BC$*:*+z*++8+A:*+ywx|[+$6+(A+C:xxw|dywx{[*+y}*+
*1(1+7'A+[?:A+6@D+B++BC$'6+(++6(DAA2(D6:'%B1(:*+6$*D($(1;8+(D8*$A1$
'61/$C:A1$J*+6$(0166+A$C:^
y^+661(+A:J:[
^[;?+K:8K%6+K[^[$C+D+AA$[^[+BCA+B$BC:A[^[+A1CI+66\[
^^[D1K7+9$($[^^iywx|j^&;84 L8&=40;#+52%&0%;##+52 ,9+#
%&9%&0&;84#+&2#+L$A(+6:8$]
8*+^
z^+$6C0J+:?6+iywxwj^&%+2)*&0:*+2%+#:489S&0&#:842+#1:&8+0TLG$16$'6+.A:7]
0CC?]ddHHH^0+$6C0J?+:?6+^/:Gd^
{^$CK[^^[m:88+66[^[415+[^"^["+0[^^[$H$K[^iywwj^CA$C+/1+B.:AC0+
?A+G+8C1:8$8*(:8CA:6:.:'+B1CJ18C0+B(0::6B+CC18/]BJBC+7$C1(A+G1+H$8*
7+C$e$8$6JB1B^2:&82:+4204;8204("&9+:@S42%TIZYIx~wex~^
|^ ++[ ^^[ DA/+B:8[ ^^[
D6C:8[ ^^[ ?$18[ ^^ iyww~j^ 0JB1($6 +*D($C1:8 $8*
?0JB1($6 $(C1G1CJ] A+BD6CB .A:7 C0+ (0::6 +$6C0 :61(1+B $8* A:/A$7B CD*J^
4;8204(#*440&0:*I^^I{z|e{}z^
}^$C+[^^[$G1B[^^[:'18B:8[^^[C:8+[^^[(+8K1+[^^J":D8/[^^iyww}j^
A:7:C18/?0JB1($6$(C1G1CJ18(016*A+8$8*J:DC0]$6+$*+AB01?A:6+.:AB(0::6B]$
B(1+8C1.1(BC$C+7+8C.A:7C0+7+A1($8+$ACBB:(1$C1:8:D8(16:8DCA1C1:8[
0JB1($6(C1G1CJ[$8*+C$':61B7i0JB1($6(C1G1CJ:771CC++j18(:66$':A$C1:8
H1C0 C0+ :D8(16B :8 $A*1:G$B(D6$A 1B+$B+ 18 C0+ ":D8/ $8* $A*1:G$B(D6$A
DAB18/^+8#;0:+42IXX[Ixyx{exyy{^
~^:A$[
^iywxwj^H&6;&%&8&:898&0&2=&.&#+1+&2:4%&0#&8&"84GXY#0=&9L$*A1*]
61$8K$+*1C:A1$6^
^ :8BC1CD(1;8 *+ 6$ A/$81K$(1;8 D8*1$6 *+ 6$ $6D*[ $?A:'$*$ +8 6$ :8.+A+8(1$
8C+A8$(1:8$6 *+ $6D* *+ x{}[ J @D+ +8CA; +8 G1/:A +6 ~ *+ $'A16 *+ x{^
0498+4%&8414#+52%&00;%^A$*D((1;8*+6181BC+A1:*+$81*$*^$*A1*
ixj^
^$B?+AB+8[^^[:H+66[^^J0A1BC+8B:8[^^ix|j^0JB1($6$(C1G1CJ[+I+A(1B+[$8*
?0JB1($6.1C8+BB]*+.181C1:8B$8**1BC18(C1:8B.:A0+$6C0eA+6$C+*A+B+$A(0^;"0+#
&0:*&648:9IXWW[xy}exzx^
xw^AC+/$[
^^[D1K[^^[$BC166:[^^[:A+8:[^^[:8K%6+KeA:BB[^[ $A8'+A/[^
J DC1-AA+K[ ^ iyww|j^ k:H 6+G+6 :. ?0JB1($6 .1C8+BB 18 ?$81B0 $*:6+B(+8CB^
eywe
]
+6+G$8(+.:A.DCDA+($A*1:G$B(D6$A0+$6C0iBCD*Jjl^&=+9:96340%&
8%+404),I\_Iew^
xx^AC+/$[
^^[AC+A:[^^[D1K[^^[B?$8$e:7+A:[^[17+8+Ke$G:8[^[1(+8C+e
:*A1/D+K[^[+C$6^iywxxj^0JB1($6.1C8+BB6+G+6B$7:8/DA:?+$8$*:6+B(+8CB]
C0+BCD*J^8+:+9*4;8204(648:9&%+#+2&I[\Iywey^
xy^:6+C28.1(1$6*+6BC$*:*+xw*+*1(1+7'A+*+ywxz[+JA/%81($dywxz[*+*+
*1(1+7'A+[?$A$6$7+4:A$*+6$($61*$*+*D($C1G$^
xz^:88+66J[^^[1667$8[^^[$BC+661[^^[C81+A[^^[++[^^[:7?:A:HB51[^[
$7':DA8+[ ^ J K$':e++*[ ^^ iywx}j^ 0JB1($6 $(C1G1CJ[ .1C8+BB[ (:/81C1G+
.D8(C1:8[$8*$($*+71($(01+G+7+8C18(016*A+8]BJBC+7$C1(A+G1+H]7+A1($8
:66+/+:.?:ACB+*1(18+:B1C1:8C$8*^&%+#+2&2%#+&2#&+2648:92%
?&8#+9&I[_Ixx~fxyyy^
x{^ ++[
^^[ 01A:7$[ ^^[ :'+6:[
^[ DB5$[ ^[ 6$1A[ ^^[ $CK7$AKJ5[ ^^[ $8(+C
0JB1($6 (C1G1CJ +A1+B :A518/ A:D?^ iywxyj^ ..+(C :. ?0JB1($6 18$(C1G1CJ :8
7$4:A8:8e(:77D81($'6+*1B+$B+BH:A6*H1*+]$8$8$6JB1B:.'DA*+8:.*1B+$B+
$8*61.++I?+(C$8(J^2#&:IZ_Wizj[yxey^
x|^18/[^[$HB:8[^^[:6'+e6+I$8*+A[^^[
185+6BC+18[^^[$CK7$AKJ5[^^[$8
+(0+6+8[ ^JA$CC[^iywx}j^0++(:8:71('DA*+8:.?0JB1($618$(C1G1CJ]$
/6:'$6 $8$6JB1B :. 7$4:A 8:8e(:77D81($'6+ *1B+$B+B^ 2#&:I Y[[ zixww|xj[
xzxxey{^
x}^5+6D8*[^[ $A*[^^[:A$C[^[D$8[^[$J[^^[ +1*+A?$BB[^[+C$6^iywx|j^
0JB1($6$(C1G1CJ$8*$66e($DB+7:AC$61CJ$(A:BB6+G+6B:.:G+A$66$8*$'*:718$6
$*1?:B1CJ18DA:?+$87+8$8*H:7+8]C0+DA:?+$8A:B?+(C1G+
8G+BC1/$C1:8
18C:$8(+A$8*DCA1C1:8CD*Ji
j^*&1&8+#24;8204(0+2+#0;:8+:+42I
XWXI}xze}yx^
x~^$66+BC+A:BAA1'$B[^^[$6e+$$G+*A$[^[+A+Ke
$A18:B[^"166$A166$6'$[^
iyww~j^k0+?$81B0BCA$C+/J.:A8DCA1C1:8[?0JB1($6$(C1G1CJ$8*C0+?A+G+8C1:8
:.:'+B1CJiCA$C+/Jjl^&=+9:96340%&0;%;"0+#I_X[{{ze{{^
x^ DC18[ ^[ yww^ 016* :'+B1CJ ($8 '+ A+*D(+* H1C0 G1/:A:DB $(C1G1CJ A$C0+A C0$8
A+BCA1(C1:8:.+8+A/J18C$5+^"&9+:@S+0=&868+2)TIX]Iyxzeyx}^
x^J+AB[^[A$5$B0[^[
A:+61(0+A[^[:[^[$AC18/C:8[^JCH::*[^^iywwyj^
I+A(1B+ ($?$(1CJ $8* 7:AC$61CJ $7:8/ 7+8 A+.+AA+* .:A +I+A(1B+ C+BC18/^ *&
&>2)02%4;8204(&%+#+2&IZ[][~zewx^
yw^D1K[^^[D1[!^[:'+6:[
^[:AA:H[^^[A^[$(5B:8[^ ^[4=BCA=7[^[J6$1A[
^^ iywwj^ BB:(1$C1:8 '+CH++8 7DB(D6$A BCA+8/C0 $8* 7:AC$61CJ 18 7+8]
?A:B?+(C1G+(:0:ACBCD*J^8+:+9*&%+#04;820IZZ^^
eyxe
A^
"
eyye
]
zy^0:71CK[^^[61818/[^^[(:H$8[^^[1C(0+66[^^[$HB:8[^
^J$(5+A[
^^ iywwj^
B C0+A+ $ A+6$C1:8B01? '+CH++8 ?0JB1($6 .1C8+BB $8* $($*+71(
$(01+G+7+8CY :B1C1G+ A+BD6CB .A:7 ?D'61( B(0::6 (016*A+8 18 C0+ 8:AC0+$BC+A8
81C+*C$C+B^4;8204(#*440&0:*I^`Izwez~^
zz^
:I[^^[$AAe8*+AB:8[^[+D7$A5eKC$18+A[^J $66[^iywxwj^0JB1($6$(C1G1CJ
$8*B?:ACBC+$7?$AC1(1?$C1:8]$BB:(1$C1:8BH1C0$($*+71(:DC(:7+B1871**6+
B(0::6$8*01/0B(0::6BCD*+8CB^4;8204(#*440&0:*I_WIzxez~^
z{^ 1667$8[ ^^[ A1(5B:8[ ^
^ J A$7+A[ ^
^ iywwj^ + B7$AC[ +I+A(1B+ J:DA 0+$AC]
+I+A(1B++..+(CB:8'A$18$8*(:/81C1:8^:;8&&=+&>9&;849#+&2#&I`I|e}|^
z|^ 1667$8[ ^^[ D(5[ ^^[ 0+7$8B:8[ ^^[ :8C1.+I[ ^^ J $BC+661[ ^^ iywwj^
+A:'1( .1C8+BB $8* (:/81C1G+ *+G+6:?7+8C] G+8CeA+6$C+* 'A$18 ?:C+8C1$6 $8*
C$B5 ?+A.:A7$8(+ 18*1(+B :. +I+(DC1G+ (:8CA:6 18 ?A+$*:6+B(+8C (016*A+8^
&=&0461&2:09@#*404)@I[\Ixx{exy^
z}^$B'+AAJ[^^[++[^^[:'18[^[$A1B[^^[DBB+66[^^[:J6+[^^J101B+A[^^
iywxxj^ 0+ $BB:(1$C1:8 '+CH++8 B(0::6e'$B+* ?0JB1($6 $(C1G1CJ[ 18(6D*18/
?0JB1($6 +*D($C1:8[ $8* $($*+71( ?+A.:A7$8(+] $ BJBC+7$C1( A+G1+H :. C0+
61C+A$CDA+^8&=&2:+=&&%+#+2&I\YD??6x[xweyw^
z~^ 1'6+J[ ^^ J C81+A[ ^^ iywwzj^ 0+ A+6$C1:8B01? '+CH++8 ?0JB1($6 $(C1G1CJ $8*
(:/81C1:818(016*A+8]$7+C$e$8$6JB1B^&%+:8+#?&8#+9&#+&2#&IX\[y{zfy|}^
z^ :7?:A:HB51[ ^^[ $G1B[ ^^[ 166+A[ ^^ " $/61+A1[ ^^ iywwj^ I+A(1B+ $8*
016*A+8mB
8C+661/+8(+[ :/81C1:8[ $8* ($*+71( (01+G+7+8C^ %;#:+420
9@#*404)@&=+&>IYWIxxxexzx^
z^ AD*+$D[
^ " 0+?0$A*[ ^^ iywwj^ 0JB1($6 +*D($C1:8[ B(0::6 ?0JB1($6 $(C1G1CJ[
B(0::6 B?:ACB $8* $($*+71( ?+A.:A7$8(+^ 2:&82:+420 4;820 4( &*=+480
;:8+:+422%*@9+#0#:+=+:@I\Ixw^
{w^:''18B[^[+:A'J[^[:'+B:8[^[DBB:8[^"1A161B[^iywwj^(0::6e'$B+*
?0JB1($6$(C1G1CJ?A:/A$7B.:A?A:7:C18/?0JB1($6$(C1G1CJ$8*.1C8+BB18(016*A+8
$8* $*:6+B(+8CB $/+* }ex^ 4#*82& :"9& 4( @9:&1:+# &=+&>9I
ww~}|x^
{x^$8BB+8[
^"+'6$8([^^iywxwj^JBC+7$C1(A+G1+H:.C0+0+$6C0'+8+.1CB:.?0JB1($6
$(C1G1CJ$8*.1C8+BB18B(0::6e$/+*(016*A+8$8*J:DC0^2:&82:+4204;8204(
&*=+480;:8+:+422%*@9+#0#:+=+:@[^I{w^
{y^1'+1A:[
^^[$AA$[^^[:+08+A[^^[:$A+B[^[:AA+B[^[A$CC[^[+/+C1([^[
$6C$[ ^^[ $CBD*:[ ^[ $7:B[ ^^[ 17:+B[ ^^ J A:H8B:8[ ^^ iywxwj^
(0::6e'$B+* ?0JB1($6 +*D($C1:8 ?A:/A$7B] +G1*+8(+e'$B+* ?0JB1($6 $(C1G1CJ
18C+AG+8C1:8B.:AJ:DC018$C187+A1($^
04"0&0:*8414:+42IX^[|ex|^
eyze
A^
"
{z^ AC+/$[
^^[ $7?:B[ ^[ $*+8$Be$8(0+K[ ^[ 6C7&+[ ^[ $AC28+Ke#$6*2G$A[ ^[
$AC28e$C166$B[^[$C+8$[^[$7?:J[^iywx~j^0JB1($6.1C8+BB$8*B0$?+B
:.BD'(:AC1($6'A$18BCAD(CDA+B18(016*A+8^8+:+9*4;8204(;:8+:+42IY^[xexw^
{{^ HJ+A[ ^[ ::8$8[ ^^[ +1C(0[ ^^[ +CK+6[ ^^ J $/0DABC[ ^^ ixzj^ 8
18G+BC1/$C1:8 :. C0+ +..+(CB :. *$16J ?0JB1($6 $(C1G1CJ :8 C0+ 0+$6C0 :. ?A17$AJ
B(0::6 BCD*+8CB 18 :DC0 DBCA$61$^ 2:&82:+420 4;820 4( 6+%&1+404)@I XY[
zwezxz^
{|^ 0$7+*[ "^[ $(*:8$6*[ ^[ ++*[ ^[ $J6:A[ ^^[ 1De7'A:B+[ ^ J ($J[ ^
iyww~j^(0::6e'$B+*?0JB1($6$(C1G1CJ*:+B8:C(:7?A:71B+(016*A+8mB$($*+71(
?+A.:A7$8(+^&%+#+2&2%#+&2#&+2648:92%?&8#+9&IZ`[z~xez~}^
{}^:+[^^[1G$A815[^^[ :7$(5[^^[++G+B[^^J$618$[^^iyww}j^..+(C:.
?0JB1($6 +*D($C1:8 $8* $(C1G1CJ 6+G+6B :8 $($*+71( $(01+G+7+8C 18 (016*A+8^
&%+#+2&2%#+&2#&+2648:92%?&8#+9&IZ_Ix|x|ex|x^
{~^ :66$CB(0+5[ ^^ J m$/$8[
^^ ixj^ 8 18G+BC1/$C1:8 :. C0+ ?BJ(0:e?0JB1($6
18.6D+8(+B :. $ @D$61CJ *$16J ?0JB1($6 +*D($C1:8 ?A:/A$77+^ &0:* %;#:+42
&9&8#*I[[z{xfz|w^
{^ A1(BB:8[
^ iywwj^ :C:A B5166B[ $CC+8C1:8 $8* $($*+71( $(01+G+7+8CB] $8
18C+AG+8C1:8BCD*J18B(0::6J+$ABxez^8+:+9*%;#:+420&9&8#*4;820IZ[[
zwxfzxz^
{^$661B[^
^[(+8K1+[^^[:6:*J[^[+H1B[^[$AB0$66[^[:B+8/$A*[^ixj^
..+(CB:.0+$6C0eA+6$C+*?0JB1($6+*D($C1:8:8$($*+71($(01+G+7+8C]?A:4+(C
^&9&8#*;8:&80@(48?&8#+9&2%648:I^WIxy~exz{^
|w^ A*:J[ ^^[
+A8$8*+Ke:*A1/D+K[ ^^[ 17+8+Ke$G:8[ ^[ $BC166:[ ^[ D1K[ ^^[
AC+/$[
^^ iywx{j^ ?0JB1($6 +*D($C1:8 CA1$6 17?A:G+B $*:6+B(+8CBm (:/81C1G+
?+A.:A7$8(+ $8* $($*+71( $(01+G+7+8C] C0+
BCD*J^ #2%+2=+2
4;8204(&%+#+2&V#+&2#&+2648:9IY[[+|ye}x^
|x^1$7:8*^iywx{j^I+(DC1G+.D8(C1:8B]
8B1/0CB18C:H$JB C:0+6?7:A+(016*A+8
C0A1G+^&84:4*8&&IZ\iyj[ex~^
|y^D166-8[^^iywx~j^&;84&%;##+52&2&0;0L&0:&48,068 #:+#^:6$8*]
7$K:8^
|z^ :+6(5+Ae+0$/+[ ^[ 1+7$88[ ^ iywxzj^ CAD(CDA$6 $8* .D8(C1:8$6 'A$18 (0$8/+B
A+6$C+*C:*1..+A+8CCJ?+B:.?0JB1($6$(C1G1CJ$(A:BBC0+61.+B?$8^&;849#+&2#&V
+4"&*=+480&=+&>9IZ^Iyy}eyy|^
|{^ A$88[^^[ 01C+[^^[$6:/1$8881B[^[$K815e:/:B6$GB51[^[ D[^[$[^[+C$6^
iywxzj^ I+A(1B+ 18*D(+B 01??:($7?$6
C0A:D/0 $ ex$6?0$d
|
?$C0H$J^&00&:"40+91IX_I}{e}|^
ey{e
]
||^!D[^iywxzj^
i
jA1B18/.A:7+I+A(1B+^&00&:"40+91[X_I}xye}x{^
|}^ 0$**:(5[ ^[ A1(5B:8[ ^
^[ A$5$B0[ ^^[ 17[ ^^[ :BB[ ^ ^[ $8?$CC+A[ ^[
:8C1.+I[^^[$18+[^^[:85+6[^[1667$8[^^[:0+8[^^JA$7+A[^
^
iywxwj^8+DA:17$/18/18G+BC1/$C1:8:.C0+$BB:(1$C1:8'+CH++8$+A:'1(.1C8+BB[
01??:($7?$6G:6D7+[$8*7+7:AJ?+A.:A7$8(+18?A+$*:6+B(+8C(016*A+8^8+2
&9&8#*IXZ\_Ix~yexz^
|~^0$**:(5[^[A1(5B:8[^
^[A$5$B0[^^[$8?$CC+A[^[:BB[^ ^[:8C1.+I[^^[
$18+[^^[1667$8[^^JA$7+A[^
^iywxwj^$B$6/$8/61$G:6D7+1B$BB:(1$C+*
H1C0$+A:'1(.1C8+BB18?A+$*:6+B(+8C(016*A+8^&=&0461&2:0&;849#+&2#&IZYI
y{ey|}^
|^ 1667$8[ ^^[ A1(5B:8[ ^
^ J $C.1+6*[ ^^ iywx~j^ D8 .:A J:DA 61.+W 016*0::*
?0JB1($6$(C1G1CJ+..+(CB:8'A$18$8*(:/81C1:8^+2&9+404)@&=+&>I]Ixyeyx^
|^ A1(5B:8[ ^
^[ 1667$8[ ^^ J A$7+A[ ^
^ iywx|j^ 0JB1($6 $(C1G1CJ[ 'A$18[ $8*
(:/81C1:8^;88&2:6+2+42+2&*=+480#+&2#&9[[[y~fzy^
}w^BC+'$8e:A8+4:[
^[$*+8$Be$8(0+K[^[:8CA+A$Be:*A1/D+K[^[+A*+4:e:7$8[
^[:A$e:8K$6+K[^[1/D+6+B[^^[+8A15BB:8[^[$G1B[^^[+A*+4:e$A(1$[
^[ $C+8$[ ^ J AC+/$[
^^ iywx~j^ H0:6+ 'A$18 G:6D7+CA1( $??A:$(0 18
:G+AH+1/0Cd:'+B+ (016*A+8] I$71818/ C0+ $BB:(1$C1:8 H1C0 *1..+A+8C ?0JB1($6
.1C8+BB (:7?:8+8CB $8* $($*+71( ?+A.:A7$8(+^ 0+ (C1G+A$18B ?A:4+(C^
&;84+1)&I\Jx|]z{}ez|{^
}x^1B@D+AA$[^iywwj^9+#46&%)4),%&09&14#+42&9L$*A1*]28C+B1B^
}y^$C+J[^iywwj^68/K*&8&=40;:+428@2&>9#+&2#&4(&?&8#+9&2%:*&"8+2^+H
":A5]1CC6+[A:H8o:7?$8J^
}z^ :A$[
^ iywxzj^ &;84&%;##+52L 504 9& 6;&%& 68&2%&8 7;&004 7;& 9& 1^
$*A1*]61$8K$*1C:A1$6^
}{^ A$G6:B[ ^^ iywxwj^ 1/0 18C+8B1CJ ?0JB1($6 +*D($C1:8 (6$BB+B $8* (:/81C1G+
?+A.:A7$8(+18+1/0C0/A$*+BCD*+8CB]$8$??61+*BCD*J^2:&82:+4204;8204(
648:2%?&8#+9&9@#*404)@I_izj[zwyezxx^
}|^ 18C+A[^[A+1C+8BC+18[^[::A+8[
^^[:+65+A[^[
:'5+A[^[+(0C+A7$88[^[
AD+/+A[ ^[
A:77+[ ^[ :ABD5+H1CK[ ^[
6:+6[ ^ J 8+(0C[ ^ iyww~j^ 1/0
17?$(CAD8818/17?A:G+B6+$A818/^ &;84"+404)@4(&82+2)2%&148@I_^I
|~e}w^
}}^CJ61$8:D[^[D6188$[^^[$8*+A$AB[^[$0$A[^^[*$7B[^^J7$K++8[
^ iywx}j^ +.:A+eB(0::6 AD8818/dH$6518/ (6D'] +..+(CB :8 BCD*+8C :8eC$B5
'+0$G1:A^8&=&2:+=&&%+#+2&&648:9IZIx}eywy^
ey|e
A^
"
}~^D+AC$Be+6/$*:[
^^[+AA$*:Ae:67+8+A:[^[166$e:8K%6+K[^[A$8*$e$6':$[
^^[$(+A+B[^[$8*1([^J0166:8[^iywx~j^$A+8C$6+A(+?C1:8B:.$AA1+AB
C:(C1G+:77DC18/C:(0::618?$81B0016*A+8$8**:6+B(+8CB^;846&2
4;8204(;"0+#&0:*IXi}j^
}^166$e:8K%6+K[^[D1K[^^J0166;8[^iywx}j^+(:7+8*$(1:8+B?$A$17?6+7+8C$A
18C+AG+8(1:8+B *+ ($61*$* *+ ?A:7:(1;8 *+6 *+B?6$K$71+8C: $(C1G: $6 (:6+/1:^
&:49IZWIx|ex}x^
}^ +AA$*:Ae:67+8+A:[ ^[ 166$e:8K%6+K[ ^ J 0166;8[ ^ iywx~j^ 016*A+8 H0:
(:77DC+C:B(0::6D8$((:7?$81+*0$G+/A+$C+A$DC:8:7J$8*?+A(+?C1:8B:.
B$.+CJ^#:&%+:8+#LXW]ixyj]yw{yeyw{~^
~w^ +AA+A:e+AA$8:[ ^ iywx|j^ (1: $(C1G:[ D8 0%'1C: @D+ 0$J 717$A J +7?A+8*+A^
&=+9:"+0+%%4:8+AL %&2%0;#,L&=+9:%&+&2#+9%&0#:+=+%%
,9+#@%&0&648:&[[\Iyyezz^
~x^:8(+*++;861K:8*:[^[$6*+7:A:B$87+C+A1:[^^J$8KA$KDA1[^iywxwj^
6 18.6D4: +*D($C1G: *+ 6:B ?A:.+B:A+B +8 +6 $'$8*:8: *+ 6$ ?A%(C1($ .2B1(:e
*+?:AC1G$ *+ 6:B $*:6+B(+8C+B^ &=+9: &0&#:852+# 2:&8;2+=&89+:8+ &
481#+52&084(&948%4IXZi{j[yxxeyyw^
~y^$A*8+A[^iywxwj^+2:&0+)&2#+8&(481;0%K09+2:&0+)&2#+91<0:+60&9&2&09+)04
L$A(+6:8$]*1C:A1$6$1*;B
'+A(1$^
~z^ DA:?+$8 :771BB1:8ddDAJ*1(+ iywxzj^ *@9+#0 %;#:+42 2% 648: :
#*440 +2 ;846&L ;8@%+#& &648:L DI+7':DA/] D'61($C1:8B ..1(+ :. C0+
DA:?+$8 81:8^ 1B?:81'6+ +8]
0CC?]dd+$(+$^+(^+DA:?$^+Dd+*D($C1:8d+DAJ*1(+d*:(D7+8CBdC0+7$C1(hA+?:ACBdx
|w^?*.^
ey}e
]
ey~e
A^
"
eye