0$,!12,3/#4#$%#&’’/,!! *,3!#$3*+)&,&-.(/!&*(%/567-)/#!12,3/#(/,3*,%/,! … · 2015. 10. 20. ·...
163
!"#$%&&% ("#$&%)* +&,"- .&/-#$0,1"23 "#$%#&’’()#*+)*#&,&-.(/ 0$, 12,3/#4#$%#&’’/, *,3 "#$3*+)&,&-.(/ &*(%/567-)/# 12,3/#(/,3*,%/,
Transcript of 0$,!12,3/#4#$%#&’’/,!! *,3!#$3*+)&,&-.(/!&*(%/567-)/#!12,3/#(/,3*,%/,! … · 2015. 10. 20. ·...
!!!!!!
!"#$%&&%'("#$&%)*'+&,"-'.&/-#$0,1"23'!!!!!!!
"#$%#&''()#*+)*#&,&-.(/!0$,!12,3/#4#$%#&''/,!!*,3!"#$3*+)&,&-.(/!&*(%/567-)/#!12,3/#(/,3*,%/,!
8,7&-)(0/#9/2:7,2(!
;! <,)/#(*:7*,%(-/2)/,3/!=#&%/()/--*,%!*,3!>2/-/!3/#!?*&,)2)&)20/,!"#$%#&''()#*+)*#&,&-.(/!*,3!3/#!/@/'4-(:7/,!"#$3*+)&,&-.(/ """"""""""""""""""""""""""" #!454' +/-6786-9)76%8"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" #'45:' ;"%'&<--2'-"#$'%"8%'!%="%8>7)0%'?%)-2%$%8@""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $'45A' B%-7>2C),6)7>>%'/8='=%)%8'(%-278=2%"&%'7&-'>7)0%8)%&%?782%'D%883%"#$%8 """""""""" %'45E' FG%8%'=%)'+87&H-%'I'J/782"272"?%'.),6)7>>-2)/02/)787&H-%'/8=''
%K%>C&7)"-#$%'.),=/02787&H-% """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &'A! "#$%#&''()#*+)*#&,&-.(/ """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '(!:54' D72%6,)"%8'=%)'.),6)7>>-2)/02/)787&H-% """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ''':5:' L/)#$9M$)/86'=%)'+87&H-%""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '#':5A'' D/)3C),9"&%'=%)'D"8=%)C),6)7>>78G"%2%)""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '%')"*"'! +,-./-0123!456!+7"+8""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '%!)"*")! +,-./-0123!456!+2945-/-0:-;<<6!=09!>,/5-?@A"""""""""""""""""""""""""""""""""""""""""""" 'B!)"*"*! +,-./-0123!=09!C-5<25-5!D,920- """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 'B!)"*"E! +,-./-0123!=09!>8@"'!D,920-"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '&!)"*"#! +,-./-0123!=09!+F?@A"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '&!
:5E' F)6%G8"--%N'.),6)7>>/>9786'/8='.),6)7>>"8$7&2%'=%/2-#$%)'D"8=%)C),6)7>>786%G,2% """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '&'
)"E"'! C-0:-;<<,<1;9:!45-!+2945-/-0:-;<<5 """""""""""""""""""""""""""""""""""""""""""""""""""""""" '&!)"E")!! +2945-/-0:-;<<;9:5G0H5!;<!I0JK595945 """""""""""""""""""""""""""""""""""""""""""""""""""" )(!)"E"*!! 833:5<5295!L5-M<;35!456!+2945-/-0:-;<<6 """"""""""""""""""""""""""""""""""""""""""""""""" )'!)"E"*"'! NO26JK59535<59H5!2<!+2945-/-0:-;<<""""""""""""""""""""""""""""""""""""""""""""""""" )'!)"E"*")! I5-G,9:!,94!O5-G5PK932JK5!Q0-<59!2<!+2945-/-0:-;<< """"""""""""""""""" )*!)"E"*"*! >594,9:59!;36!@523!45-!+2945-/-0:-;<<;9:5G0H5""""""""""""""""""""""""""""""""" )E!
)"E"E!! L5-M<;35!45-!C-0:-;<<29K;3H5 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" )#!)"E"E"'! Q2MH209;35!>594,9:59!F!R2JKHF12MH209;35!>594,9:59!S!L26JK10-<59""""" )#!)"E"E")! 7910-<;H20960-259H25-,9:!F!T9H5-K;3H,9:60-259H25-,9:!2<!
+2945-/-0:-;<<""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" )%!)"E"E"*! U25!V59-5.,6;<<5965H.,9:!2<!+2945-/-0:-;<<""""""""""""""""""""""""""""""""" )&!)"E"E"E! >5-259W?52K59!=5-6,6!X29.536594,9:59!2<!+2945-/-0:-;<<""""""""""""""""" *%!)"E"E"#! I2545-K03,9:59!=09!>594,9:59!2<!+2945-/-0:-;<< """""""""""""""""""""""""" *B!)"E"E"$! 8-H!45-!C-04,MH209!45-!>594,9:59!456!+2945-15-965K596 """""""""""""""""""""" E'!)"E"E"%! C-04,MH20963P945-!45-!>594,9:59!456!+2945-/-0:-;<<6"""""""""""""""""""""" E'!)"E"E"B! 8MH,;32HPH!45-!>594,9:59!456!+2945-/-0:-;<<6 """"""""""""""""""""""""""""""""""" E#!
)"E"#!! NO26JK59:32545-!,94!Q325:59!2<!+2945-/-0:-;<<"""""""""""""""""""""""""""""""""""""""""" E$!)"E"#"'!NO26JK59:32545-!2<!+2945-/-0:-;<<""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" E$!)"E"#")! Q325:59!G.O"!Y0-95-!V-;/K2J6!;36!L;-M25-,9:59!!
=09!L;-M59!1Z-!+2945-"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" E&!)"E"#"*! I5-G,9:!,94!O5-G5PK932JK5!Q0-<59!;36!@523!456!+2945-/-0:-;<<6"""" #E!
)"E"$! N,6;<<591;66,9: """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" #$!)"E"$"'! +7"+8"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" #$!)"E"$")! >,/5-?@A"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" #%!)"E"$"*! D,920-!@[!\C-5<25-5] """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" #B!
)"E"$"E! +F?@A!F!4;6!+2945-/-0:-;<<!=09!?@A """""""""""""""""""""""""""""""""""""""""""""""" #&!)"E"$"#! D\,920-]!F!4;6!+2945-/-0:-;<<!=09!>8@"' """""""""""""""""""""""""""""""""""""""""""" $(!
:5O' +G-#$&"%P%8=%'(%>%)0/86%8'3/)'.),6)7>>-2)/02/)787&H-% """""""""""""""""""""""""""""""""""" $''B! "#$3*+)&,&-.(/!&*(%/567-)/#!C/,3*,%/,""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $*!A54' Q"%&-%23/86'/8='R)76%-2%&&/86'=%)'S82%)-/#$/86 55555555555555555555555555555555555555555555555555555 TA'A5:5' !%2$,="-#$%'U#$)"22% """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $*'*")"'! 8,6O;K3!45-!T9H5-6,JK,9:6:5:596HP945 """"""""""""""""""""""""""""""""""""""""""""""""""""""""" $*!*")")! 89;3^65FL5HK045"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $%!*")"*! U,-JK1ZK-,9:!45-!89;3^65 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $B!
A5A' U7"&,)'!,,8*'L)76,8G7&&'Q'/8='L"%'U%8=/86'>"2'=%)'!7/-N''(%-#$)%"G/86%8'=%)'U%8=/86%8 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %''
*"*"'! !U-;:09G;33!N"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %'!*"*")! >;230-!L009!S!L2H!45-!L;JKH!456!L09456""""""""""""""""""""""""""""""""""""""""""""""""""""""" %%!*"*"*! U25!>594,9:!<2H!45-!L;,6 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" B(!
A5E' F)6%G8"--%'=%)'+87&H-%'V'L"%'U%8=/86'7&-'!7)0% """""""""""""""""""""""""""""""""""""""""""""""""""" B''*"E"'! U-;:09G;33!N""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" B'!*"E")! >;230-!L009!S!L2H!45-!L;JKH!456!L09456""""""""""""""""""""""""""""""""""""""""""""""""""""""" &&!*"E"*! U25!>594,9:!<2H!45-!L;,6 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ''*!
A5O' Q/-7>>%897--/86'=%)'!7)0%8#$7)702%)"-2"07'?,8'L)76,8G7&&'Q*''U7"&,)'!,,8'''/8='L"%'U%8=/86'>"2'=%)'!7/-""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ')''
DE!!F/(:7#/2G/,3/!H,&-.(/!3/(!&*32$02(*/--/,!I#(:7/2,*,%(G2-3/(!!0$,!12,3/#4#$%#&''&,%/G$)/,""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ')#!E54' (%6)"99% """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ')#'E5:'' S82%)-/#$/86-6%6%8-278='/8='>%2$,="-#$%-'W,)6%$%8 """"""""""""""""""""""""""""""""""""""""" ')#'E")"'!! N,-!Q-;:56H533,9:!45-!@523,9H5-6,JK,9:""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ')$!E")"'"'! >5945-30:06!,94!C-0:-;<<62:95H6 """"""""""""""""""""""""""""""""""""""""""""""""""""""" ')$!E")"'")! >5945-F!,94!C-0:-;<<M5996/0H6 """"""""""""""""""""""""""""""""""""""""""""""""""""""""" ')$!E")"'"*! @-;235-!,94!@5;65- """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ')%!E")"'"E! I5-G5M5996/0H6 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ')B!E")"'"#! R;JK6/P995 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ')B!
E5A5'' F)6%G8"--% """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ')&'E"*"'! +7"+8 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ')&!E"*"'"'! >5945-30:0""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ')&!E"*"'")! +5996/0H6 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ')&!E"*"'"*! @-;235- """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '*'!
E"*")! >,/5-?@A """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '*)!E"*")"'! >5945-30:0!,94!C-0:-;<<62:95H """""""""""""""""""""""""""""""""""""""""""""""""""""""""" '*)!E"*")")! Q;-G59_!Q0-<59!,94!892<;H20959 """""""""""""""""""""""""""""""""""""""""""""""""""""""" '*)!E"*")"*! @-;235-!,94!@5;65- """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '**!E"*")"E! C-0:-;<<M5996/0H6 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '*#!E"*")"#! I5-G5M5996/0H6 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '*#!E"*")"$! R;JK6/P995 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '*$!
E"*"*! D,920-!@[!\C-5<25-5]"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '*$!E"*"*"'! >5945-30:0!,94!C-0:-;<<62:95H """""""""""""""""""""""""""""""""""""""""""""""""""""""""" '*$!
E"*"*")! D,920-!F!R;<596M599.52JK9,9: """""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '*%!E"*"*"*! C-0:-;<<M5996/0H6 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '*%!E"*"*"E! @-;235-!,94!@5;65- """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '*B!E"*"*"#! Q;-G59_!Q0-<59!,94!892<;H20959 """""""""""""""""""""""""""""""""""""""""""""""""""""""" '*&!
E"*"E! +F?@A """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 'E(!E"*"E"'! C-0:-;<<62:95H """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 'E(!E"*"E")! NO26JK59:32545- """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 'E(!E"*"E"*! +5996/0H6 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 'E'!E"*"E"E! U2695^!Y3,GF+5996/0H6 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 'E)!E"*"E"#! @5;65- """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 'E)!E"*"E"$! I5-G5M5996/0H6 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 'E*!E"*"E"%! R;JK6/P995 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 'EE!
E"*"#! >8@"'!D,920-""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 'EE!E"*"#"'! >5945-30:0!,94!C-0:-;<<62:95H """""""""""""""""""""""""""""""""""""""""""""""""""""""""" 'EE!E"*"#")! NO26JK59:32545- """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 'E$!E"*"#"*! C-0:-;<<M5996/0H6 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 'E$!E"*"#"E! I5-G5M5996/0H6 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 'E%!E"*"#"#! @5;65- """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 'EB!E"*"#"$! R;JK6/P995 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 'E&!
E5E' X%-M>%% """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '#('E"E"'! +7"+8 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '#'!E"E")! >,/5-?@A """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '#'!E"E"*! D,920-!@[!\C-5<25-5]"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '#'!E"E"E"! +F?@A """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '#)!E"E"#! >8@"'!D,920-""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '#)!
J! I#%6,9*,%/,!9*#!"#$%#&''()#*+)*#&,&-.(/K!!L*&-2)&)20/!H,&-.(/!&*(%/567-)/#!M/#G/G-N:+/ """""""""""""""""""""""""""""""""""""""""""""""""""""""""" '#*!O54' !%2$,=%'/8='L/)#$9M$)/86'=%)'!%2$,=% """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '#*'O5:' F)6%G8"--% """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '#E'#")"'! 79K;3H!45-!I5-G5G3`JM5 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '#E!#")")! 79M3,425-,9:!=09!G5M;99H59!>5-259F!045-!Q23<12:,-59 """""""""""""""""""""""""""""""""" '#$!#")"*! X29G5HH,9:!456!I5-G5G30JM6!29!4;6!V56;<H/-0:-;<<"""""""""""""""""""""""""""""""""" '#$!
O5A' R73"2 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '#B'O! P2)/#&)*#0/#9/2:7,2( """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '$'!H,76,%/!
5
;! <,)/#(*:7*,%(-/2)/,3/!=#&%/()/--*,%!*,3!>2/-/!3/#!?*&,)2)&)20/,!"#$%#&''()#*+)*#&,&-.(/!*,3!3/#!/@/'4-(:7/,!!"#$3*+)&,&-.(/!
;E;! H*(%&,%(Q#&%/,!
U25!45,H6JK5!L542593;946JK;1H!G51;94!62JK!29!459!35H.H59!D;K-59!,94!D;K-.5K9H59!29!5295-!CK;65!45-!6HP942:59!8,642115-59.25-,9:_!X-O52H5-,9:!,94!T<6H-,MH,-25-,9:"!U25!6H52:5945!89.;K3!=5-6JK254596H5-!C-0:-;<<;9G25H5-_!=0-!;335<!2<!a5-52JK!456!C-2=;H15-965K596_!,94!425!4;-;,6! -56,3H25-5945!+09M,--59.=5-6JKP-1,9:!;<!L54259<;-MH_!K;HH5! .,-!Q03:5_!4;66!b545-!>5945-!ZG5-!M,-.!045-! 3;9:!92JKH!,<K29!M099H5_!529!;,6:51523H56!>5945-F!G.O"!C-0F:-;<<M09.5/H! .,! 59HO2JM539_! ,<!5295!<`:32JK6H! :-0c5!N,65K5-6JK;1H! ;9! 459!>5945-! .,!G29459"!X292:5!C-0:-;<<;9G25H5-! :29:59_! 2<!N,:5!42565-!+-525-,9:! 52956! 65945-6/5.212F6JK59!C-0:-;<<6_!<2H!45-!8,66H-;K3,9:!6/5.25335-!.52HF!,94W045-!H;:56;GKP9:2:5-!>/;-H59F6594,9:59!4;-;9_!G263;9:!,95--52JKH5!N253:-,//59!1Z-!62JK!.,!:5O29959"!8945-5!6/5.2;32F625-H59!62JK!;,1!G56H2<<H5!>594,9:610-<;H5"!!
U25! >JK;11,9:! 52:595-!+2945-/-0:-;<<5! ,94!+2945-M;9P35! M;99! 92JKH! .,35H.H! ;,1! 42565!.253:-,//59=;-225-5945! 8,642115-59.25-,9:! 45-! C-0:-;<<5! G52! 459! b5O5232:59! >5945-9!.,-ZJM:51ZK-H!O5-459"!U25!X-:5G92665!.;K3-52JK5-!=09!459!>5945-9!29!8,1H-;:!:5:5G595-!>H,4259_!,<!ZG5-!?52JKO52H5_!>5K5-:5O0K9K52H59_!C,G32M,<65-O;-H,9:59!,94!F29H5-56659_!5HJ"!a56JK524!.,!O26659_!.52:H59_!4;66!425!N253:-,//5!d+2945-!,94!D,:59432JK5d!92JKH!;,c5-!8JKH! :53;6659!O5-459! 4,-1H5_! 4;! 625! 5295-652H6! 425! N,65K5-6JK;1H! =09!<0-:59! =5-M`-/5-H!,94!625!;945-5-652H6!G5-52H6!29!b,9:59!D;K-59!ZG5-!5295!590-<5!+;,1M-;1H!=5-1Z:H"'!!
T9;GKP9:2:!4;=09!O53JK5!L;-M5H29:6H-;H5:25!425!>5945-!=5-103:59_!,<!;<!L;-MH!5-103:F-52JK!.,!6529_!K;G59!625!52956!:5<529e!8335!Q5-965K=5-;96H;3H5-!=5-6,JK59_!62JK!4,-JK!459!8,1G;,! 52956! 52:5959! \>5945-F]7<;:56! 653G6H! ;36!L;-M5! .,! G5O5-G59! F! ;,JK! 2<!+2945-F15-965K59"!U2565!>53G6HM096H-,25-,9:!5-103:H!;,1!.O52!,9H5-6JK25432JK59!XG5959e!b595-!456!V56;<H/-0:-;<<6)!,94!b595-!45-!529.53959!C-0:-;<<535<59H5*"!
U25! =0-.,6H53359459!T9H5-6,JK,9:59! 603359! M3P-59_! 29O25O52H! ,94! 29!O53JK5-! Q0-<! 62JK!;,6:5OPK3H5!+2945-/-0:-;<<5!;,1!45-!XG595!2K-56!V56;<H/-0:-;<<6!,94!;,1!45-!XG595!2K-5-!C-0:-;<<H5235!;36!L54259<;-M59!/-P659H25-59"!f25-G52!26H!425!89;3^65!;,1!45-!XG595!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'! >0!G-29:59!56!+2945-! 29!U5,H6JK3;94!4,-JK!459!+;,1!=09!+096,<:ZH5-9_!425!625! 2K-59!X3H5-9!;G-29:59!045-!=09! 2K-5<!@;6JK59:534! 5-O5-G59_! ;,1! 5295!+;,1M-;1H! =09! 5HO;!'#!L2332;-459!X,-0! \=:3"!V;6JKM5!)(((_!>"!*]"!!
)! U25!>,<<5!45-!;,6:56H-;K3H59!>594,9:59"!*! >594,9:59_!NO26JK59:32545-!,94!I5-G,9:"!
!6
456!V56;<H/-0:-;<<6!=09!G560945-5-!?535=;9._!4;!62JK!L;-M59M09.5/H5!ZG5-!X29.53659F4,9:59!K29O5:!.,!5H;G325-59!G5:29959"E!
T<!+2945-/-0:-;<<5!2<!f29G32JM!;,1!2K-5!L;-M5952:596JK;1H59!;9;3^625-59!.,!M`9959_!6H533H!62JK!.,9PJK6H!425!8,1:;G5_!;,6!45-!;33:5<52959!a5:-21165-M3P-,9:!5295-!L;-M5!\U-52F5-! )((*]]! K5-;,6! M09M-5H5! U2<59620959! 5295-! L54259<;-M5! 156H.,6H53359"! 7<! .O52H59!>JK-2HH!6294!42565!1Z-!425!G52459!T9H5-6,JK,9:59_!9P<32JK!;]!2<!f29G32JM!;,1!425!a56JK-52FG,9:! =09!V56;<H/-0:-;<<59! ,94! G]! 2<!f29G32JM! ;,1! 425! C-04,MH;9;3^65! 5g5</3;-26JK!;,6:5OPK3H5-!X29.536594,9:59_!.,!ZG5-H-;:59!,94!.,!0/5-;H209;32625-59"!
;EA! M2/!-6(()!(2:7!/2,/!R/32/,'&#+/!0/#()/7/,S!
79! 45-! 45<!V56;<H/-0b5MH! .,!V-,945! 325:59459!Xg/32M;H209! 456!L;-M59G5:-2116! \U-525-!)((*]! O,-45! .O26JK59! f5-6H5335-F! ,94! [5-H5235-<;-M59! 42115-59.25-H"! 836! O5659H32JK5!Q,9MH209!=09!C-0:-;<<<;-M59!O,-45!5-M;99H_!4;66!42565!1Z-!N,6JK;,5-!29!Q0-<!=09!h-2F59H25-,9:6F!,94!X9H6JK524,9:6K23159!60O25!;36! 7459H212M;H20960Gb5MH5!O2-M6;<!6294"!L;-FM59!K53159!296G560945-5_!T9H5-6JK2545!.O26JK59!C-04,MH59!.,!=5-45,H32JK59_!425!I2545-F5-M599G;-M52H! .,! =5-G5665-9! ,94! [0-;,665H.,9:59! 1Z-! 425! a234,9:! =09!L;-M59H-5,5! .,!6JK;1159!\a-,K9!'&&E_!>"!))]"!U2565!Q,9MH209!5-1Z3359!L;-M59!4;4,-JK_!4;66!625!M3;-!/062FH20925-H!,94!2942=24,;32625-H!4;-:5G0H59!O5-459"!
79!a5.,:!;,1!;,420=26,5335!89:5G0H5!6H533H!62JK!425!Q-;:5_!O25!5295!603JK5!C062H20925-,9:!,94!7942=24,;32625-,9:!156H6H533G;-!O2-4_!4599!2<!V5:59.,:!.,-!U26M,66209!29!45-!L;-M5FH29:F! ,94!a5H-25G6O2-H6JK;1H35K-5! 6294!L54259<;-M59! K25-!O0K3! 5K5-! ;36! M0<<,92M;H2=5!L;-M59!.,!=5-6H5K59"#!V-,946PH.32JK!6JK-52G59!L;-M59HK50-5H2M5-!L54259<;-M59!425!:352FJK59!X2:596JK;1H59!.,!O25!;945-59!L;-M59;-H2M539e!L54259!M`9959!;36!L;-M59;-H2M53!G5F.52JK95H! O5-459_! O599! 625! <29456H596! 425! +-2H5-259! 456! M3;-59_! 529K52H32JK59! X-6JK52F9,9:6G23456!9;JK!;,c59_!45-!:352JKG352G59459!K0K59!i,;32HPH_!456!K0K59!a5M;99HK52H6:-;F456!,94!45-!TG2j,2HPH!5-1Z3359!\=:3"!a-,K9!'&&E_!>"!'*)1"k!I2JM<;99!'&&$_!>"!*$(]"!N,F45<!O2-4!L54259<;-M59!95G59!2K-5-!h-259H25-,9:61,9MH209!529!K0K5-!8HH-;MH2096:-;4_!4"!K"! 529! X-35G926-52._! .,:56JK-25G59_! O53JK5-! 5295! 5<0H209;35! [5-G294,9:! .O26JK59! 45<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!E! L;9! 459M5! 9,-! ;9! 425! L;-M59G5.52JK9,9:59! +7"+8_! D"078"7_! @0::0_! @0::03290_! @2:5-59H59J3,G_!?;=596G,-:5-F@[_!L"-8%HIY&/G_!5HJ"!
#! X295! 233,6H-;H2=5!a56JK-52G,9:! 1Z-! 4;6!X-6JK529,9:6G234!,94!425!XH;G325-,9:! 5295-!L54259<;-M5! 32515-H!I;3H!U2695^e!l7JK!G29!92JKH!<5K-!U2695^"!7JK!/135:H5!529<;3!U2695^!.,!6529_!;G5-!b5H.H!26H!U2695^!5HO;6_!4;6!O2-! ZG5-! D;K-5!K29O5:! 29!45-![0-6H533,9:!456!C,G32M,<6!;,1:5G;,H!K;G59"!X6! 6H5KH! 1Z-! 5HO;6_! ,94!<;9!<,66!92JKH!<5K-!5-M3P-59_!O;6!56!1Z-!4;6!C,G32M,<!G545,H5H"!>25!O26659_!O;6!U2695^!26H_!O599!625!=09!,965-59!Q23<59!K`-59!045-!U2695^3;94!G56,JK59"!>25!O26659_!4;66! 625!5295!G56H2<<H5!i,;32HPH!G5FM0<<59_!5295!G56H2<<H5!8-H!=09!T9H5-K;3H,9:"!T94!4;6!26H!56_!O;6!U2695^!;,6<;JKH!\@K0<;6!.2H25-H!9"!Q,JK6_!I"!'&&B_!))']"m!\>25:5-H!)(('_!>"!'*#]!
7
C-04,MH!,94!65295<![5-G-;,JK5-!;,1.,G;,59!=5-<;:!\=:3"!+3;HH59!'&&B]"!l@[!>5945-!5-F.25359!4,-JK!529!:5O26656!L;-M59;-H2M532<;:5!5295!V-,94:3P,G2:M52H!G52<!C,G32M,<"!X29F.5395!C-0:-;<<;-H2M53!O5-459!4;99!;,H0<;H26JK!<2H!45-!U;JK<;-M5_!;360!45<!>5945-_!29![5-G294,9:!:5G-;JKH"m!\a-ZK3!'&&*]!
Q-;:H!<;9!9;JK!459!+599.52JK59! 5295-!L54259<;-M5_! 3;6659! 62JK! b5! 9;JK!89;3^655G595!=5-6JK254595!N,:;9:6<`:32JKM52H59!156H6H53359e!QZ-!C-04,MH;9;3^659!-535=;9H5!U2<59620F959! G5H-51159! R;<59_! :-;126JK5! X-M599,9:6<5-M<;35! 60O25! 79K;3H5! 456! V56;<H/-0F:-;<<6_!OPK-594!?5.5/H2096;9;3^659!5HO;!9;JK!45-!O;K-:590<<5959!C-04,MH;9<,H,9:!045-!45<!8HH-;MH20965-35G59!1-;:59!M`99H59"!
;EB! T/(&')4#$%#&''/!*,3!3/#/,!F/()&,3)/2-/!&-(!'&#+/,#/-/0&,)/!1/,,9/2:7/,!!
8,1:51;66H!;36!L54259<;-M59!G.O"!Q5-965K<;-M59!4512925-59!62JK!\V56;<H]C-0:-;<<5!;]!ZG5-!529.5395!>594,9:59_!G]!425!8-H_!O25!42565!>594,9:59!.,6;<<59:56H533H!6294_!60O25!J]!425!6594,9:6=5-G29459459!NO26JK59:32545-"!f29.,!M0<<59!4]!425!=5-6JK2545959!Q0-<59!=09!I5-G55296JK;3H,9:59!G.O"!O5-G5PK932JK59!f29O5265"!U2565!a5:-2115!:23H! 56! 2<!Q03F:59459!.,!6/5.212.25-59e!
T9H5-! 5295<! \V56;<H].),6)7>>! O2-4! 3;,H! f2JM5HK25-! l45-! N,6;<<59K;9:! =2535-_! 1;6H!2<<5-!,9H5-6JK25432JK5-!C-04,MH5!=5-6H;9459_!425!29!5295-!.52H32JK59!8G103:5!,94!;9!5295<!529K52H32JK59! <542;359! h-H! \+;9;3]! N,6JK;,5-9! ;36! 89:5G0H! /-P659H25-H! O5-459m"! \f2FJM5HK25-!)(('_!>"!)'$]"!a52!45-!a56JK-52G,9:!=09!C-0:-;<<59!26H!425!N52H!529!65K-!O2JKH2F:5-!Q;MH0-_!4;!<2H!45-!8,6O52H,9:!456!Q5-965K;9:5G0H6!92JKH!9,-!425!Q-;:5!9;JK!45-!C3;HF.25-,9:!529.5395-!>594,9:59!529K5-:5KH_!60945-9!;,JK!b595!45-!.52H32JK59!lQ0-<;H25-,9:m!45-!89:5G0H5!\=:3"!f2JM5HK25-!)(('_!>"!)'%]"$!
X295! U%8=/86! G5.52JK95H! 52959! ;,1:-,94! 52956! @2H536! 2459H212.25-G;-59! 52:596HP942:59_!10-<;3!;G:5:-59.H59!C-0:-;<<G56H;94H523!52956!>5945-6_!45<!/5-!C-0:-;<<;9MZ942:,9:!529!G56H2<<H5-!>5945/3;H.!.,:5O25659!O2-4"!I52H5-K29!O52659!>594,9:59!L5-M<;35!K0FK5-!-54;MH2095335-!79H5:-;H209!;,1"!8335-429:6!5-6JK529H!56!6JKO25-2:_!2<!U5H;23!156H.,35:59_!O;99!56!62JK!G52!5295<!Q5-965K;9:5G0H!,<!5295!>594,9:!K;9453H_!4599!35H.H32JK!6294!425!-535=;9H59! 629932JKF/5-.5/H2=59! ,94! 29K;3H32JKFM0<<,92M;H2=59! L5-M<;35! \=:3"! ?,6JK!'&&*_! >"! )&E]! 60.2;3! M09=59H209;3265-H! ,94!O5-459! ZG5-!a5.52JK9,9:59! ;,6:54-ZJMH"! N,!459!45-.52H!:53H59!+599.52JK959!=09!>594,9:59!4Z-159!;G5-!<2H!>2JK5-K52H!L;-M25-,9:59!456!a5:2996!\nh/595-n]!,94!456!X9456!\nR;JK6/;99n]_!6H2326H26JK5!L5-M<;35!60O25!X-.PK3F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$! U;<2H!529K5-!:5K59!Q-;:59!O25e!I53JK56!C,G32M,<!6033!<2H!O53JK59!>594,9:59!;9:56/-0JK59!O5-459_!.,! O53JK59! N52H59! 603359! G56H2<<H5! C-04,MH20959! :5.52:H! O5-459! ,94!O25! 3;9:5! 603359! 425! 529.53959!>594,9:59! 4;,5-9o!8335-429:6! 6H53359! 92JKH! 425! >594,9:59! 2<! 6/5.253359_! 60945-9! 4;6! :56;<HK52H32JK5!C-0:-;<<!4;6!52:59H32JK5!C-04,MH!456!Q5-965K596!4;-"!
!8
10-<59!.PK359"!U25!T962JK5-K52H59!G52!45-!U51292H209!=09!>594,9:59!M`9959!,9H5-6JK254F32JK6H5!N,0-49,9:6/-0G35<5!.,-!Q03:5!K;G59"!796G560945-5!M;99!56!.,!pG5-6JK9524,9:59!<2H!6594,9:6PK932JK59!>H-,MH,-25-,9:59!456!V56;<H/-0:-;<<6!M0<<59"%!
L2H! 45-! U2115-59.25-,9:! =09!B%-7>2C),6)7>>! ,94! >594,9:! O2-4! 45-! U0//53JK;-;MH5-!=09!Q5-965K59!5-62JKH32JKe!X295-652H6! 5295!X29K52H_! 26H! 529!V56;<H/-0:-;<<! H-0H.45<!529!l=253H5232:56!+09:30<5-;H! ;,6! ,9H5-6JK25432JK59!a56H;94H52359m! \f2JM5HK25-! '&&%_! >"! '&]"!T9:5;JKH5H!456659!5-6JK529H!56!;36!l130O!01!G-0;4J;6H29:m!\I2332;<6!'&%E]_!29!45<!,9,9FH5-G-0JK59! 5295!X/26045! ;9!425! 9PJK6H5! :5-52KH! ,94! 2<<5-!O52H5-! 5-.PK3H!O2-4"!U5-!C-0F:-;<<13,66!5-6JK529H!60<2H!;36!,959432JK5!V56JK2JKH5!<2H!5295-!92JKH!;G-52c59459!N;K3!;9!+;/2H539"! >0! =5-325-59! 62JK! ;,JK! 425! ;96096H59!O2JKH2:59!896;H./,9MH5! =09!891;9:! ,94!X945_!425!8G:56JK306659K52H!45-!529.53959!>594,9:59_!O;6!62JK!O2545-,<!;,1!425!?5.5/FH209610-<!;,6O2-M59!6033H5!\=:3"!f2JM5HK25-!)(('_!>"!)'B]"!!
T<! 52959! /5-<;959H59!.),6)7>>9&/--! .,! 5-.5,:59_! 26H! 5295! [5-G294,9:! .O26JK59! =5-F6JK2545959! >594,9:59_! Q23<59_! >5-259_! 5HJ"! 90HO5942:"! U25! K25-1Z-! =5-O5945H59! NO2F6JK59:32545-!S!K25-,9H5-!1;3359!5HO;!>5945-30:06_!896;:59_!>JK-21HH;1539_!N52HG2345-_!@-;2F35-_!@5;65-!045-!I5-G,9:!\=:3"!f2JM5HK25-Wa352JK5-!'&&%]!S!=5-M9Z/159!.,<!52959!425!426F/;-;H59!89:5G0H5! ,94! 6294! .,<!;945-59!a30JM25-,9:59! .O26JK59!459653G59_! ,<!,9M09FH-03325-H5![5-<26JK,9:59!.,!=5-K2945-9!\=:3"!f2JM5HK25-!)(('_!>"!)'&]"!L2H!45-!6H5H59![5-F<5K-,9:! 45-! V56;<H/-0:-;<<5! K;G59! 42565! [5-G294,9:59! ;9! a545,H,9:! :5O09959e!I599! 2<<5-! <5K-! V56;<H/-0:-;<<;9G25H5-! M09M,--25-59_! 425! N;K3! 45-! 65945-52:5959!C-04,MH20959!629MH!,94!6H;HH!456659! 1-5<456!L;H5-2;3!.,:5M;,1H!O2-4!,94!;,c5-45<!C-0F:-;<<O2545-K03,9:59!425!?5:53!:5O0-459!6294_!3P66H!62JK!5295!>5945-29459H2HPH!<526H!9,-!90JK!ZG5-!NO26JK59:32545-!M0<<,92.25-59"!U56O5:59!ZG5--;6JKH!56!;,JK!92JKH_!4;66!45-!89H523!;9!@-;235-9_!@5;65-9!,94!;945-59!C-0:-;<<=5-G294,9:59!590-<!.,:590<<59!K;H!\=:3"!f2JM5HK25-Wa352JK5-!'&&%_!>"!B]"!
I5-G55296JK;3H,9:59!29!Q0-<!=09!I5-G56/0H6!6294!529!O52H5-5-!O2JKH2:5-!a56H;94H523!=09!V56;<H/-0:-;<<59"! R5G59! 459! ;36!I5-G,9:! :5M599.52JK95H59! 89:5G0H610-<59! 3;6659!62JK! O52H5-5! O5-G5PK932JK5! C-0:-;<<29K;3H5! 2459H212.25-59_! 425! ;335-429:6! ;,1:-,94! 45-!-,941,9M-5JKH32JK! =0-:56JK-25G5959! 6H-2MH59! @-599,9:! .O26JK59! C-0:-;<<! \>594,9:59]!,94!I5-G,9:! 52945,H2:! 92JKH! ;36!I5-G,9:!:53H59e!U;-,9H5-! 1;3359! 296G560945-5!>/0960F-29:K29O5265_!f29O5265!;,1!a5:352H<;H5-2;3259!.,!>594,9:59!,94!6096H2:5!O5-G5PK932JK5!Q0-<59!\5HO;!>0J2;3!84=5-H2.29:!5HJ"]"!8,1!?5.2/259H595G595!6294!42565!b,-26H26JK!156H:5F6JK-25G5959!U2115-59.25-,9:59! \?,941,9M6H;;H6=5-H-;:_!I5-G5-2JKH329259]! ;335-429:6!92JKH!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%! U25656!C-0G35<!6H533H!62JK!,<60!<5K-_!;36!;MH,5335!C-0:-;<<25-,9:66H-;H5:259!425!a234,9:!,94!8,6O52F6,9:!6594,9:6PK932JK5-!C-0:-;<<13PJK59!10-J25-59"!
9
2<<5-!9;JK=033.25KG;-!\=:3"!I053M5!)(()]"!U256!26H!,<!60!G5<5-M596O5-H5-_!;36!45-!<5F4259-5JKH32JK!G545,H5945!@-599,9:6:-,946;H.!52945,H2:5!T9H5-6JK524G;-M52H!.,<!N253!K;H"!!
+2945-15-965K;9:5G0H5! O5-459! <2HH536! 6/5.2126JK5-! >2:95H6! G.O"! A0:06! <;-M25-H"! U2565!:-;126JK59!L;-M25-,9:59! H-5H59! 2<![5-3;,1! 45-! >594,9:59! ;36! =26,5335!+599.52JK59! ;<!a2346JK2-<-;94!;,1!,94!O5-459!29!42565-!Q,9MH209!;36!lQ325:59mB!G5.52JK95H"!Q325:59!325F:59!;,1!,9H5-6JK25432JK59!C-0:-;<<5G5959!=0-"!>25!M`9959!>5945-_!529!6/5.2126JK56!+29F45-/-0:-;<<!52956!>5945-_!C-0:-;<<13PJK59!G26!K29!.,!529.53959!>594,9:59!<;-M25-59"!!!
;ED! IG/,/!3/#!H,&-.(/!U!L*&,)2)&)20/!"#$%#&''()#*+)*#&,&-.(/!*,3!/@/'4-U(:7/!"#$3*+)&,&-.(/!
X6!3P66H!62JK!.,6;<<591;66594!156H6H53359_!4;66!T<1;9:!,94!79K;3H!456!V56;<H/-0:-;<<6!1Z-!425!>JK;11,9:_![5-<;-MH,9:!,94!XH;G325-,9:!=09!Q5-965K/-0:-;<<<;-M59!=09!:-,94F35:5945-!a545,H,9:!6294"! 7K-5!L5-M<;35!G23459!:352JK.52H2:!425![0-;,665H.,9:59! 1Z-!425!XH;G325-,9:!5295-!+2945-/-0:-;<<<;-M5_!4"K"!625!6294!<;-M59-535=;9H"&!796015-9!6294!103F:5945!a56H;94H5235! 456!V56;<H/-0:-;<<6! G52! 45-! 5</2-26JK59!89;3^65! =09!+2945-15-9F65K;9:5G0H59!,9H5-6,JK,9:6-535=;9He!!
'"!!T<1;9:!,94!6H-,MH,-5335!N,6;<<5965H.,9:!456!V56;<H/-0:-;<<6k!
)"!!79K;3H5!,94!U;-6H533,9:610-<59!529.5395-!>594,9:59k!
*"!!NO26JK59:32545-_!Q325:59!,94!P6HK5H26JK5!7459H2HPHk!
E"!!I5-G,9:k!
#"!!R;<596:5G,9:"!
8,1! 45-! XG595! 456! V56;<H/-0:-;<<6! ,94! 529.5395-! >594,9:59! O5-459! 425! 0Gb5MH2=59!6H-,MH,-53359!U26/062H20959!,94!89:5G0H6O52659!45-! -535=;9H59!L;-M59!;36!>^<G03;9:5FG0H5!,94!:5<5296;<5!I266596G;626!45-!+0<<,92M;H2096H52395K<5-_!K25-!;360!45-!+2945-!.O26JK59!4-52!,94!'*!D;K-59!,9H5-6,JKH"!L2H!425659!>^<G03;9:5G0H59! 29! 2K-5-! 6/5.253359!29K;3H32JK59_! 10-<;359! ,94! :;9.! G560945-6! G2346/-;JK32JK59!q6HK5H2M!O5-459! 459! b,9:59!?5.2/259H59!79H5-/-5H;H2096;9:5G0H5!<2H:532515-H_!425!29!a5.,:!;,1!425!6/5.2126JK59!I;K-F95K<,9:6F!,94!a5;-G52H,9:6O52659!=09!+2945-9!,9H5-6JK25432JK59!83H5-6!,94!V56JK35JKH6!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!B! Q325:59!O5-459!2<!59:326JK59!Q;JKb;-:09!;,JK!;36!lY0-95-!V-;/K2J6m!G5.52JK95H"!
&! 836!<;-M59-535=;9H!;,1!XG595!456!C-0:-;<<6!:53H59!L5-M<;35!4;99_!O599!625!425!L;-M59M-2H5-259!45-!7459H212.25-G;-M52H!,94W045-!45-!U2115-59.25-G;-M52H!5-1Z3359k!L5-M<;35!45-!7459H212.25-G;-M52H!6294!=0-!;3F35<!L5-M<;35!45-!hG5-13PJK595-6JK529,9:e!Q325:59!\Y0-95-!V-;/K2J6]_!L;-M59.52JK59_!A0:06_!>2:95H6_!+5991;-G59_!40<29;9H5!>^<G035_!.59H-;35!Q2:,-59!5HJk!L5-M<;35!45-!U2115-59.25-G;-M52H!6294!95G59!459!hG5-13PJK59<5-M<;359!L5-M<;35!45-!C-0:-;<<6H-,MH,-!O25!C-0:-;<<,<1;9:_!89:5G0H6<,6H5-_!V59F-5<,6H5-_!YK;-;MH5-26H26JK5!X29.536594,9:59_!f5-M,91H6<,6H5-_!C-04,MH2096b;K-!5HJ"!
!10
60O0K3!=0-!45<!f29H5-:-,94! 2K-5-!X9HO2JM3,9:6;,1:;G59!;36!;,JK! 2K-5-! 35G596O53H32JK59![5-;9M5-,9:! .,! ;9;3^625-59! 6294"! T<! 425! Q0-6JK,9:61-;:5! ;9:5<56659! G5;9HO0-H59! .,!M`9959_!:32545-H!62JK!425!C-04,MH;9;3^65!29!.O52!@523G5-52JK5e!5-6H596!29!5295!C-0:-;<<F6H-,MH,-;9;3^65!\625K5!+;/"!*]!60O25!.O52H596!5295!C-04,MH;9;3^65!;,6:5OPK3H5-!>594,9F:59!\625K5!+;/"!E]_!;9K;94!45-5-!62JK!=5-6JK254595!>H-;H5:259!45-!L;-M59G234,9:!;,1!>59F4,9:65G595!,9H5-6,JK59!3;6659"!
U;! ;,1! 45-! XG595! 5295-! -529! j,;9H2H;H2=59! C-0:-;<<6H-,MH,-;9;3^65! 92JKH! 9PK5-! ;,1! 425!C-P659H;H20966H235! ,94! U;-6H533,9:6M09.5/H20959! 529:5:;9:59! O5-459! M;99_! O,-459! .,F6PH.32JK!M35295-5!j,;32H;H2=5!89;3^659!=0-:590<<59_!\625K5!+;/"!E!,94!#]"!A5H.H5-5!G5.25FK59! 62JK! ;,1! 603JK5! C-0:-;<<535<59H5_! 425! 459!L;-M59;6/5MH! G560945-6! =5-45,H32JK59"!f25-G52! K;9453H! 56! 62JK! ,<! C-0:-;<<1325:59! ,94! NO26JK5965j,59.59"!U;95G59!O,-459!;,6:5OPK3H5!I5-G5G3`JM5!5295-!j,;32H;H2=59!89;3^65!,9H5-.0:59"!
A! "#$%#&''()#*+)*#&,&-.(/!
U25!j,;9H2H;H2=5!C-0:-;<<6H-,MH,-;9;3^65!1-;:H!;,1!45-!a;626!5295-!.,!4512925-59459!C-0F:-;<<6H2JK/-0G5! 9;JK! 45<! T<1;9:! ,94! 45-! N,6;<<5965H.,9:! 456! V56;<H/-0:-;<<6!\625K5!8GG"!']"!a560945-5!a5-ZJM62JKH2:,9:!603359!K25-G52!425!,9H5-6JK25432JK59!V59-5;9F:5G0H5!,94!425!;,1![5-95H.,9:!.25359459!NO26JK59:32545-!129459"!!
I25! 156H:56H533H! \625K5!+;/"!'"*]_!G23459!42565!+5-9G5-52JK5!52956!V56;<H/-0:-;<<6!425!6H-,MH,-53359!U26/062H20959! ,94!89:5G0H6O52659! 45-! -535=;9H59!L;-M59_! 652! 56! 29!a5.,:!;,1! 425! XH;G325-,9:! 5295-! C-0:-;<<F! 045-! 5295-! U;JK<;-M5e! >25! <;-M25-59! 425! 6/5.212F6JK59! >5945-<5-M<;35_! 4;6! >5945-M09.5/H! 60O25! 4;6! G56H5K5945! 7<;:5F! G.O"!L;-M59FM09.5/H"!
11
+GG5'4N'D,8-2"2/"%)%8=%'(%-278=2%"&%'?,8'D"8=%)9%)8-%$786%G,2%8'ZU2)/02/)787&H-%[!
!
!
!
!
!
!
!
!
!
!
!
!
?535=;9H! 1Z-!425!89;3^65! 26H! .,45<_! 29O25O52H!<2H!NO26JK59535<59H59!529.5395!>594,9F:59!K5-=0-:5K0G59_!G5O0-G59!,94!60<2H!6/5.2533!29!459!L2HH53/,9MH!45-!8,1<5-M6;<M52H!:5-ZJMH!O5-459"!
796:56;<H!6033!5295-652H6!4;6!b5O5236!YK;-;MH5-26H26JK5!5295-!C-0:-;<<13PJK59FL;-M5!K5-F;,6:5;-G52H5H!O5-459!,94!;945-5-652H6!,9H5-6,JKH!O5-459_!0G!425!529.53959!>5945-!95G59!45-!52:5959!L;-M59/-012325-,9:!G56H2<<H5!C-0:-;<<29K;3H5_!;360!>594,9:59_!<;-M596/5F.2126JK!/-P659H25-59_!,<!60<2H!2<!O52H5-59!>2995!O2545-,<!X2:59O5-G,9:!.,!G5H-52G59_!4;!42565! 6/5.2126JK59! L;-M596594,9:59! G52<! N,65K5-! <2H! 459! C-0:-;<<;9G25H5-9! 6,G6,F<25-H!O5-459"!
AE;! 1&)/%$#2/,!3/#!"#$%#&''()#*+)*#&,&-.(/!
QZ-!425!89;3^65!456!V56;<H/-0:-;<<6!45-!b5O5232:59!>5945-!O,-45!529!+;H5:0-2596^6H5<!5-;-G52H5H! \625K5! 89K;9:e! Y045G,JK! 45-! j,;9H2H;H2=59! C-0:-;<<6H-,MH,-;9;3^65]_! 4;6! ;]!;33:5<5295!>H-,MH,-4;H59!,94!=26,5335!L;-M25-,9:59!60O25!425!<;-M59-535=;9H59!a56H;94FH5235!G]!>594,9:59_!J]!NO26JK59:32545-!,94!4]!I5-G,9:!5-1;66H!,94!42115-59.25-H"!
;]!836!;33:5<5295!>H-,MH,-4;H59!,94!=26,5335!L;-M25-,9:59!O,-459!5-K0G59e!
U%8=%)N'U5-!a5:-211!>5945-!G5.52JK95H!K25-!52959!+2945-/-0:-;<<=5-;96H;3H5-_!,9;GKP9F:2:! 4;=09_! 0G! 56! 62JK! ,<! 52959! `1159H32JKF-5JKH32JK59_! 52959! /-2=;H59_!O5-G5129;9.25-H59!045-!;G0995<59H129;9.25-H59
!12
U%8=%276N! T9H5-! >5945H;:!O2-4! 45-!I0JK59H;:! =5-6H;9459_! ;9!O53JK5<! 529! C-0:-;<<F535<59H!:565945H!O2-4k!5-1;66H!O5-459!C-0:-;<<G56H;94H5235!=09!L09H;:!G26!>099H;:"!U25![5-H523,9:!456!C-0:-;<<6!OPK-594!45-!I0JK5!M;99!.,-!X-,25-,9:!<;-M59-535=;9H5-!>/5F.212M;!1ZK-59"!
U%8=%3%"2N'U25! >5945.52H! G5.52JK95H! 425! >H,945_! 29!O53JK5-! 45-!<2HH35-5! N52H/,9MH! 5295-!>594,9:!3;,H!C-0:-;<<K29O526!456!C-0:-;<<=5-;96H;3H5-6!325:H"!
\<86%'=%-'.),6)7>>%&%>%82-!
.),6)7>>7)2e!U;6!V56;<H/-0:-;<<!52956!+2945-15-965K;9:5G0H56!,9H5-H523H!62JK!29!4-52!O5659H32JK5!a56H;94H5235e!29!>594,9:59_!NO26JK59:32545-!60O25!I5-G,9:!,94!O5-G5PK932FJK5!Q0-<59!\625K5!8GG"!']"!8,6!45<!T<1;9:!42565-!L04,35!S!:5<56659!29!fP,12:M52H!,94!U;,5-!S!,94!459!j,;9H2H;H2=59![5-KP3H926659!.,529;945-!6033H59!62JK!<;-M59-535=;9H5!C-0F:-;<<6/5.212M;!;G352H59!3;6659"!
R&"%6%'G315'Y,)8%)'B)7C$"#N!T9H5-! 5295-! rQ325:5d!O2-4!529!=26,53356_! ;<!a2346JK2-<-;94!/3;H.25-H56_!A0:0!045-!>2:95H!G5.52JK95H_!4;6!52959!>5945-_!529!6/5.253356!>/;-H59;9:5G0H!52956!>5945-6_!5295!C-0:-;<<13PJK5!045-!;G5-!5295!>594,9:!<;-M25-H!\."a"!8?U_!+F?@A!5HJ"]"!X9H6/-5JK594!6294!103:5945!XG5959!.,!,9H5-6JK52459e'!
U%8=%)9&"%6%N!X295!r>5945-1325:5d!26H!529!a2346JK2-<30:0_!4;66!4;6!C-0:-;<<!52956!>5945-6!G.O"!52956!C-0:-;<<;9G25H5-!<;-M25-H!\."a"!>8@"']"!
D,>G"8"%)2%' U%8=%)I' D"8=%)C),6)7>>9&"%6%N' f25-,9H5-! O2-4! 5295! Q325:5! =5-6H;9459_! 29!45-59!R;<596H523!45-![5-O526!;,1!459!>5945-!<2H!5295<![5-O526!;,1!4;6!+2945-/-0:-;<<!M0<G2925-H! 26H! \."a"! +F?@A]"! I' D"8=%)C),6)7>>9&"%6%N'836! +2945-/-0:-;<<1325:5! O2-4!5295! Q325:5! G5.52JK95H_! 425! 6/5.2533! 4;6! +2945-/-0:-;<<! 52956! >5945-6_! 92JKH! ;G5-! 459!>5945-!M599.52JK95H!\."a"!lDm!1Z-!D,920-]"!
.),6)7>>9&<#$%89&"%6%N'f25-,9H5-!O2-4!5295!Q325:5!=5-6H;9459_!425!5295!C-0:-;<<13PJK5!52956!+2945-/-0:-;<<6!M599.52JK95H!\."a"!@0::03290_!?;=596G,-:5-!@[]"!
!7673"89&<#$%89&"%6%N'>25!<529H!5295!Q325:5_!425!5295!L;:;.2913PJK5!<;-M25-H!\."a"!D"07I8"7]"!
G]!>/5.2126JK5!T9H5-6,JK,9:642<59620959!456!V56;<H/-0:-;<<H5236!n>594,9:59n!6294e!
R"#2",8]^,8IR"#2",8N!79!42565-!U2<596209!O2-4!42115-59.25-H!.O26JK59!12MH209;359!>594,9F:59! ,94! 92JKH! 12MH209;359! >594,9:59"! T9H5-! 12MH209;359! >594,9:59! 6294! ;,420=26,5335!>299:5G2345! .,! =5-6H5K59_! 45-59! 79K;3H! 5-1,9459! 26H"! T9H5-! 92JKHF12MH209;359! >594,9:59!O5-459!;,420=26,5335!>299:5G2345!=5-6H;9459!425!62JK!60.2;3F=5-G29432JK!;,1!92JKH!5-1,945F95!X-52:92665_!C5-60959_!>;JK3;:59!G5.25K59"!U2565!T9H5-6JK524,9:!<;-M25-H!,9H5-6JK254F32JK5!V56H;3H,9:6-P,<5!1Z-!425!a234,9:!=09!>594,9:6F!,94!Q2:,-59<;-M59"!8,1!45-!C-0F
13
:-;<<5G595! 5-3;,GH! 625! 425! X-1;66,9:! 5295-! <5K-! 045-! O592:5-! =2531P3H2:59! 89:5FG0H66H-,MHH,-!45-!C-0:-;<<<;-M5"!!
_89,)>72",8-I]'S82%)$7&2/86-,)"%82"%)2/86N'79!42565-!U2<596209!O2-4!.O26JK59!2910-<;H2F0960-259H25-H59!,94!,9H5-K;3H,9:60-259H25-H59!>594,9:59!42115-59.25-H"!836!4-2HH5!+;H5:0-25!6H5K59!lL26JK10-<59m! 1Z-!425!Y0425-,9:!.,-![5-1Z:,9:"!836! 2910-<;H20960-259H25-H!O5-F459!>594,9:59!G5.52JK95H_!45-59!K;,/H6PJK32JK56!N253!29!45-![5-<2HH3,9:!=09!7910-<;H20F959!.,!X-52:926659_!>;JK=5-K;3H59!045-!@K5<59!325:H"!T9H5-K;3H,9:60-259H25-H5!>594,9:59!K29:5:59!.25359!;,1!425![5-<2HH3,9:!=09![5-:9Z:59_!X9H6/;99,9:!N5-6H-5,,9:_!5HJ""!8,JK!42565!T9H5-6JK524,9:!.253H!;,1!425!Q56H6H533,9:!5295-!<5K-!045-!O592:5-!=2531P3H2:59!C-0F:-;<<:56H;3H,9:"'
B%8)%N' 836! V59-5! G5.52JK959! O2-4! 425! X29H523,9:! =09! +2945-6594,9:59! 9;JK! 29K;3HF32JKW10-<;359!+-2H5-259!=5-6H;9459"'(!8,1!45-! 10-<;359!XG595!O2-4!9;JK!U;-6H533,9:610-F<59!42115-59.25-H_!;,1!45-!29K;3H32JK59!XG595!9;JK!@K5<;H2625-,9:59"!U5-!M09M-5H5!V59-5FM;H;30:! 26H! 29! 8,6529;945-65H.,9:!<2H! 459! >594,9:59! 2<! ,9H5-6,JKH59! N52H-;,<! 5-6H533H!O0-459"!U;G52!O,-459!;,6!V59-5M;H;30:59!G5M;99H5!60.2;3!M09=59H209;32625-H5!R0<59M3;FH,-59!\=:3"!X-329:5-!W!L;HH,6JK!'&&'k!?,6JK!'&&*k!I52c!'&&B]!<2HG5-ZJM62JKH2:H"!L2H!45-!X-1;66,9:! 425656!L5-M<;36! 6033! ,9H5-6,JKH!O5-459! _! 29O25O52H! G56H2<<H5!L;-M596H-;H5F:259!<2H!6/5.2126JK59!V59-56!=5-M9Z/1H!O5-459"!N,45<!6H533H!425!N,6;<<5965H.,9:!52956!C-0:-;<<6!;,6!5295<!<5K-!045-!O592:5-!=2531P3H2:59!V59-5<2g!52959!O5659H32JK59!7942FM;H0-!1Z-!425!;9:56H-5GH5!L;-M59G234,9:!;,1!45-!XG595!456!V56;<H/-0:-;<<6!4;-"'
U%)"7&"2<2N'Q56H:56H533H!O2-4_!0G!56!62JK!G52!5295-!>594,9:!,<!52959!@523!5295-!>5-25!\L5K-FH5235-_!10-H3;,15945!>5-25!045-!?52K5]!045-!,<!529!X29.53O5-M!\."a"!+2906/253123<_!Q5-965KF123<]!K;9453H"!U25!899;K<5!26H_!4;66!296G560945-5!65-25335!89:5G0H610-<59!:552:95H!6294_!425!a294,9:!;9!529!C-0:-;<<!.,!6HP-M59"!
;"%=%)$,&/86N'T9H5-!I2545-K03,9:! 5295-! >594,9:! O5-459! M,-.1-26H2:5!I2545-K03,9:59!2995-K;3G! 52956! @;:56! 045-! O592:5-! ;,1529;945-103:5945-! @;:5! =5-6H;9459"! X295! K0K5!I2545-K03,9:61-5j,59.!OZ-45!5HO;!4;-;,1!K29O52659_!4;66!62JK!4;6!V56;<H/-0123!;,1!5295!:5-29:5!N;K3!=09!>594,9:59!G56JK-P9MH_!425!2K-5-652H6!29!2K-5-!/0H59.253359!L;-M591,9MH2F09!:56HP-MH!O5-459"!!
+)2'=%)'.),=/02",8N'T9H5-!X2:59/-04,MH20959!6294!C-04,MH20959!.,!=5-6H5K59_!425!2<!O5F659H32JK59!<2H!52:5959!?5660,-J59!K5-:56H533H!O5-459"!T9H5-!+0/-04,MH20959!O5-459!C-0F4,MH20959! =5-6H;9459_! 425! 29!+00/5-;H209!<2H! ,9H5-6JK25432JK59![5-;96H;3H5-9! /-04,.25-H!O5-459"! 8,1H-;:6/-04,MH20959! 6294! C-04,MH20959_!<2H! 45-59! ?5;32625-,9:! 5gH5-95! 52:59F6HP942:5! C-04,MH209612-<59! G5;,1H-;:H! O5-459"! Q-5<4/-04,MH20959! 6294! C-04,MH20959_!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'(! 7<!V5:596;H.! .,!V5K-;,! \=:3"! )(('_! >"! '&]!O5-459!V59-56! K25-! 60O0K3! 29K;3H32JK! ;36! ;,JK! 10-<;3! G5F6H2<<H"!
!14
45-59!8,66H-;K3,9:6-5JKH5!;<!Q5-965K/-0:-;<<<;-MH!5-O0-G59!O5-459"!X29!K0K5-!89H523!=09! X2:59/-04,MH20959! 5-<`:32JKH! 425! f5-;,6G234,9:! 5295-! ,9=5-O5JK653G;-59! >5945-F2459H2HPH!,94!425!:59;,5!8G6H2<<,9:!45-!X29.536594,9:59!;,1!425!6/5.2126JK59!X-O;-H,9F:59!456!52:5959!C,G32M,<6"!T<:5M5K-H!G545,H5H!529!K0K5-!89H523!=09!8,1H-;:6/-04,MH209!5295!:-`c5-5!a545,H,9:!=09!S!01H!:30G;32625-H!=5-<;-MH5H59!S!C-04,.59H59<;-M59_!
.),=/02",8-&78=N'836!C-04,MH20963P945-!O5-459!b595!AP945-!;9:51ZK-H_!29!45959!425!C-0F4,MH209612-<59!2K-59!>2H.!K;G59"!8G:535659!O5-459!C-04,MH20963P945-!;,6!459!R;JK6/P9F959!45-!>594,9:59!G.O"!459![0-6JK;,59!45-!>5945-"!a52!29H5-9;H209;359!+0/-04,MH20959!6294!T9H5-95K<59!;,6!<5K-5-59!AP945-9!G5H5232:H"!89:562JKH6!45-!;,6:5/-P:H59!M,3H,-53F359!T9H5-6JK2545!29!45-!10-<;359!,94!29K;3H32JK59!V56H;3H,9:!=09!Q5-965K;9:5G0H59!26H!425!f5-M,91H!=09!>594,9:59!52956!C-0:-;<<6!2<!K0K59!L;c5!<;-M59G234594"!U25!X-1;66,9:!456!C-04,MH20963;9456!:2GH!f29O5265!;,1!425![2531;3H!45-!M,3H,-53359!7459H212M;H2096;9:5G0FH5!G.O"!;,1!425!a56JK-P9M,9:!456!89:5G0H6!;,1!529!59:56!>/5MH-,<!45-!C-0:-;<<5!S!O;6!45-!T9H5-6JK524G;-M52H!45-!C-0:-;<<<;-M5!9ZH.59!M;99"!!
.),=/02",8-`7$)N'T9H5-! C-04,MH2096b;K-!O2-4! 425!89:;G5! 456! D;K-56! =5-6H;9459_! ! 29! 45-!5295!>594,9:!/-04,.25-H!O,-45"!U25!U;H59!.,<!C-04,MH2096b;K-!6294!459!89:;G59!29!45-!C-0:-;<<=0-6JK;,!52956!>5945-6!59H90<<59!,94!O5-459!ZG5-!459!R;JK6/;99!=5-212.25-H!G.O"!M0--2:25-H"!qK932JK!O25!G52<!C-04,MH20963;94!:2GH!4;6!C-04,MH2096b;K-!8,6M,91H!ZG5-!425!\K26H0-26JK59]!U;-6H533,9:610-<59_!<2H!45959!62JK!4;6!C-0:-;<<!;36!L;-M5!.,!/-012325F-59!6,JKH"!f25-G52!6H5K59!62JK!5HO;!>H-;H5:259!:5:59ZG5-_!425!.,<!52959!;,1!8MH,;32HPH!,94!42-5MH5!a5.Z:5!.,-!42-5MH5!a5.Z:5!45-!A5G596O53H!45-!?5.2/259H59!65H.59!045-!.,<!;945F-59!P3H5-5!C-0:-;<<!<2H!+,3HF!045-!+3;662M5-F>H;H,6!O2545-.,=5-O5-H59"!
J]!U2<59620959!G52!45-!89;3^65!=09!NO26JK59:32545-9!6294e'
Q1"-#$%86&"%='V'+)2N'836'NO26JK59:32545-!O5-459!@-;235-_!@5;65-!,94!42=5-65!+5996/0H6!=5-6H;9459"!U2565!6294!4;K5-!29!G560945-5-!I5265!1Z-!425!6594,9:6ZG5-:-5215945!C-012325F-,9:!45-!C-0:-;<<<;-M5!-535=;9H"!U;.,!:5K`-59!5HO;!;,JK!f29O5265!;,1!I5G/;:56"!
U%8=/86-G%3/6'V'a)7"&%)N!X6!O2-4!156H:5K;3H59_!;,1!O53JK5!>594,9:59!62JK!@-;235-!G5.25FK59"!U25!fP,12:M52H!=09!@-;235-9!M;99!;36!7942.!1Z-!425!a545,H,9:!G56H2<<H5-!>594,9:59!2<!V56;<H:-;<<!:53H59"!!
4]!f2962JKH32JK!I5-G,9:!29H5-56625-H!103:5945!T9H5-6JK524,9:e!
;%)G/86' ?%)-/-' 1%)G%<$8&"#$%' R,)>%8N' U2565-' U2115-59.25-,9:! 325:59! 45-! ?,941,9MF6H;;H6=5-H-;:!G.O"!4;6!:5<5296;<5!?2JKH329259/;/25-!45-!A;9456<54259;96H;3H59!.,!V-,9F
15
45"''!U25!T9H5-6JK524,9:!.O26JK59!:5M599.52JK95H5-!I5-G,9:! \I5-G5G3`JM59]!,94!=5-F6JK2545959! O5-G5PK932JK59! Q0-<59! O25! >/0960-29:K29O5265! ,94! >0J2;3! 84=5-H2629:! -5F135MH25-H!.,<!X2959!425!,9H5-6JK25432JK59!Q29;9.25-,9:610-<59!45-!C-0:-;<<5"!N,<!89F45-59!O2-4!K25-! 5-M599G;-_! 29!O53JK5-!I5265! 29!425!C-0:-;<<5!;,JK!;945-5!L;-M59G0HF6JK;1H59!5291325c59"!!
AEA! V*#:7QW7#*,%!3/#!H,&-.(/!
U25!:59;,59!89;3^656JK-2HH5!6294! 29!@;G5335!'!;9:51ZK-H!,94!O5-459!;96JK325c594!C,9MH!1Z-! C,9MH! 5-`-H5-H"! V5:596H;94! 45-! j,;9H2H;H2=59! 89;3^65! O;-59! 425!I0JK59/-0:-;<<5!456! :5GZK-59129;9.25-H59!+2945-65945-6!+7"+8_! 456!O5-G5129;9.25-H59! Q;<23259F>5945-6!>,/5-?@A!,94!456!C;^!@[F+2945-F>/;-H59M;9;36!C-5<25-5!D,920-k!;,c5-45<!529G5.0:59!O,-45! 4;6!I0JK59594F+2945-/-0:-;<<! 456!O5-G5129;9.25-H59! >5945-6! >8@"'_! 4;6! 6529!C0-H10320! 5G591;336! ,9H5-! 45<!A;G53! D,920-! =5-<;-MH5H_! 60O25! 4;6!I0JK59594M2945-/-0F:-;<<!+F?@A!456!O5-G5129;9.25-H59!>5945-6!?@A"!N,<!X2959!5-6JK529H!425!Q-;:5!9;JK!459!>H-;H5:259!=09!?@A!;36!L2H:3254!45-!?@AFV-,//5!1Z-!425!Q-;:56H533,9:!456!C-0b5MH6!=09!G560945-5<!79H5-5665_!.,<!8945-59!=5-1Z:H!?@A!ZG5-!529!G-52H56!89:5G0H!2<!79H5-95H_!4;6!56!2<!+09H5gH!J-066F<542;35-!L;-M59G234,9:!.,!,9H5-6,JK59!:23H"!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!''! s836t!I5-G,9:!s:23Ht!b545!q,c5-,9:!G52!45-!8,6ZG,9:!52956!f;94536_!V5O5-G56_!f;94O5-M6!045-!1-5259!a5-,16_! 425! 2<! ?,941,9M! =09! 5295<! `1159H32JKF-5JKH32JK59! 045-! /-2=;H59! [5-;96H;3H5-! 59HO545-! :5:59!59H:53H!045-!5295!PK932JK5!V5:593526H,9:!045-!;36!X2:59O5-G,9:!:565945H!O2-4!<2H!45<!N253_!459!8G6;H.!=09!I;-59!045-!425!X-G-29:,9:!=09!U2596H3526H,9:59_!5296JK325c32JK!,9G5O5:32JK5-!>;JK59_!?5JKH5!,94![5-/132JKH,9:59_!:5:59!X9H:53H!.,!1`-45-9"!\?,941,9M6H;;H6=5-H-;:!=0<!*'"!8,:,6H!'&&'!29!45-!Q;66,9:!456!>5JK6H59!?,941,9MP945-,9:66H;;H6=5-H-;:56!=0<!)("!T94!)'"!U5.5<G5-!)(('_!u!)!8G6"!#_!:Z3H2:!;G!'"%")(()]k!625K5e!KHH/eWWOOO";3<"45WG2G320HK5MW-6H="KH<_!'"''")(()"!
!16
!
X&G/--/!;K!HG-&*Q4-&,!3/#!?*&,)2)&)20/,!H,&-.(/!!
"#$%&'(()*#&''%!! X/#'2,!
\"2%)72/)-"#$2/86' (E"!Q5G-,;-!S!(B"!Q5G-,;-!)(()!
[0-G5-52H,9:6;-G52H59!.,-!a56H2<<,9:!456!T9H5-6,FJK,9:6:5:596H;9456!!
''"!Q5G-,;-!S!'#"!Q5G-,;-!)(()!
!
X9HO2JM3,9:!45-!Q-;:56H533,9:!1Z-!425!89;3^65! 'B"!Q5G-,;-!S!))"!Q5G-,;-!)(()!
8,1.52JK9,9:59!45-!C-0:-;<<<;H5-2;3259!1Z-!425!89;3^65!!
)#"!Q5G-,;-!S!(*"!LP-.!)(()!
X-6H5!L;H5-2;362JKH,9:!S!X9HO2JM3,9:!456!89;3^65F6JK5<;H;6!
''"!LP-.!S!))"!LP-.!)(()!
@56H59!456!89;3^656JK5<;H;6! )#"!LP-.!S!)&!LP-.!)(()!
Y0425-59!45-!L;H5-2;3259! '#"!8/-23!S!*'"!8,:,6H!)(()!
U;H59529:;G5! (*"!D,92!S!'E"!D,92!)(()!
!
U2565-!8,6O;K3!3;:!4;6!89325:59!.,!V-,945_!529!<`:32JK6H!G-52H56!>/5MH-,<!,9H5-6JK254F32JK5-! >H-;H5:259! ;,1! 45-! C-0:-;<<6H-,MH,-5G595! ;335-! 4-52! 89G25H5-10-<59! \`1159H32JKF-5JKH32JK_!O5-G5F!60O25!/;^FH=F129;9.25-H]!;G.,G23459"!U;G52!O,-459!b540JK!9,-!425!b5O5236!=09! 459! C-0:-;<<=5-;96H;3H5-9! 5g/32.2H! ;36! +2945-FC-0:-;<<13PJK5! ;,6:5O2565959!89F:5G0H5!G5-ZJM62JKH2:H"!U;6!C-0:-;<<!=09!?@A! 77!O,-45! H-0H.!45-!@;H6;JK5_!4;66!56!=09!=25359!+2945-9!-5.2/25-H!O2-4_!92JKH!29!425!89;3^65!529G5.0:59_!4;!45-!>5945-!65295!892<5F>JK2595! ;<! R;JK<2HH;:! 92JKH! 5g/32.2H! ;36! +2945-/-0:-;<<! ;,6O526H! G.O"! 5-M599G;-!<;JKHk!56!12945H!b540JK!1;33O5265!S!5G5960!O25!425!89:5G0H5!=09!8?U!,94!NUQ!S!29!45-!89;3^65!4;99!a5-ZJM62JKH2:,9:_!O599!652959!89:5G0H59!2<!f29G32JM!;,1!L;-M59G234,9:!?535=;9.!.,M0<<H!\625K5!+;/2H53!*")]"!!
T9H5-6,JK,9:6.52H-;,<! G.O"! N52H-;,<! 45-! 8,1.52JK9,9:! 6H533H5! 1Z-! ;335! ;,6:5OPK3H59!>5945-!425!I0JK5!=0<!)#"!Q5G-,;-!)(()!G26!*"!LP-.!)(()!4;-_!4;!29!b595-!I0JK5!M5295!C-0:-;<<=5-.5--,9:59! 4,-JK! G560945-5! L542595-52:92665! O25! 5HO;! Q,cG;33ZG5-H-;:,9F
17
:59_!D,G23P,<61525-9_!5HJ"!.,!5-O;-H59!O;-59"')!796:56;<H!O,-459!5HO;!*((!>H,9459!C-0F:-;<<!;,1:5.52JK95H"!
U25656!=5-H523H!62JK!103:5945-<;c59!;,1!425!529.53959!>5945-e!
F! +7"+8!<2H!&'KWI0JK5_!
F! >,/5-?@A!<2H!&BK!WI0JK5_!
F! C-5<25-5!D,920-!<2H!&'K!WI0JK5_!
F! >8@"'!<2H!%K!WI0JK5!,94!
F! +F?@A!<2H!'*KWI0JK5"!!
IPK-594! 45-! 8,1.52JK9,9:6O0JK5! =0<! )#"! Q5G-,;-! G26! *"!LP-.! )(()! O,-45! 1Z-! b5459!>5945-! 529! 52:5956! C-0:-;<</-0123! 5-6H533H_! O53JK56! 8,6M,91H! ZG5-! >5945.52H59_! C-0F:-;<<29K;3H5!,94!.,<!@523!;,JK!ZG5-!V59-5G5.52JK9,9:_!f5-M,91H!G.O"!C-04,MH2096b;K-!45-!;,6:56H-;K3H59!>594,9:59!:2GH"!U25!89:;G59!.,!425659!7910-<;H20959!M099H59!59HO5F45-! 459! 65945-52:5959! f0<5/;:56! 045-! 459! h93295=5-620959! 5296JK3P:2:5-! Q5-965K/-0F:-;<<.52H6JK-21H59!59H90<<59!O5-459"!X295!5-6H5!>2JKH,9:!456!C-0:-;<<;9:5G0H6!1ZK-H5!.,-!45H;23325-H59!8,6;-G52H,9:!45-!C-0:-;<</-01235!,94!5-6H59!X9HOZ-159!456!Y045G,JK6"!8<!X945!45-![0-G5-52H,9:6;-G52H59!6H;9459!X9HO2JM3,9:!,94!<5K-1;JK5!@56H6!456!Y045FG,JK6!\625K5!89K;9:]!,9H5-!L2H529G5.25K,9:!456!L2H6JK92HH<;H5-2;36"!
R;JK! 5-103:-52JK5<! @56H59! 456! Y045G,JK6! O,-45! b5456! 529.5395! C-0:-;<<535<59H! J0F425-H"! X29! C-0:-;<<535<59H!O,-45! 4,-JK! 459!891;9:! ,94! 4;6! X945! 5295-! C-0:-;<<;-H!\NO26JK59:3254_!I5-G,9:_!>594,9:]! ;G:5:-59.H"!U25!X2:596JK;1H59! b5456!X35<59H6!O,-F459! ;,1! 5295<!4;1Z-! =0-:565K5959!Y0425-G3;HH! =5-<5-MH! ,94! 9;JK!8G6JK3,66! 45-!Y0425F-,9:!29!529!U;H595-K5G,9:6/-0:-;<<!ZG5-H-;:59"!U25!8,6O5-H,9:!5-103:H5!<2H!45<!>H;H26FH2M!>01HO;-5/;M5H!>C>>"!
AEB!! 1*#94#$Q2-/!3/#!12,3/#4#$%#&''&,G2/)/#!
N,-!X29352H,9:! 45-!X-:5G926/-P659H;H209!O2-4! b545-! ,9H5-6,JKH5!+2945-/-0:-;<<;9G25H5-!29!Q0-<!52956!+,-./-01236!=0-:56H533H"!
:5A54' D/)3C),9"&'=%-'D_5D+'
U5-! +2945-M;9;3! \+7"+8]! 26H! 529! `1159H32JKF-5JKH32JK5-! :5GZK-59129;9.25-H5-! >5945-"! X-!O,-45! '&&%! 29! +00/5-;H209! =09! 8?U! ,94! NUQ! :5:-Z945H! ,94! O2-4! 1545-1ZK-594! =0<!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!')! 8,1:-,94!H5JK926JK5-!C-0G35<5!G52!45-!8,1.52JK9,9:!<,66H59!G52<!C;^!@[F>5945-!C-5<25-5!D,920-!=25-!C-0:-;<<H;:5!4,-JK!C-0:-;<<H;:5!45-!103:59459!I0JK5!\$"F&"!LP-.!)(()]!5-65H.H!O5-459"!79103:5!456!;99PK5-94!:352JK59!C-0:-;<<29K;3H6!29!425659!G52459!I0JK59!K;H!4256!M5295!+0965j,59.59!1Z-!425!X-F:5G92665!45-!89;3^65"!!
!18
LU?!:5352H5H"!U25!N253:-,//5!456!C-0:-;<<;9:5G0H6!6294!+2945-!2<!83H5-!=09!4-52!G26!'*!D;K-59"!U5-!+7"+8!6H-;K3H!625G59!@;:5!425!I0JK5!=09!($e((!G26!'&e((!TK-!6529!C-0:-;<<!;,6k!5295!8,6O52H,9:!45-!>5945.52H!G26!)'e((!TK-!26H!=0-:565K59"!U5-!>5945-!H523H!62JK!29!459!+;G5395H.59!52959!+;9;3!<2H!8-H5_!456659!C-0:-;<<!;G!'&e((!TK-!:565945H!O2-4"!!
U5-! +2945-M;9;3! 26H! 4,-JK! 652959! :-0c59! 89H523! ;9! 45,H6JK59! \X2:59F]C-04,MH20959! :5FM599.52JK95H"!N,!459!459!>5945-!+7"+8!JK;-;MH5-2625-59459!C-0:-;<<;9:5G0H59!.PK359!,9H5-!;945-5<!425!R;JK-2JKH596594,9:! &,6,_!425!C,//59J0<54^F>K0O!a,&&%'U7#$%8!,94!Y$"&"'aW_!425!29H5-;MH2=59!>594,9:6;9:5G0H5!O25!5HO;!!/-"0'(,KK_!UC"%&'(,KK!045-!a)"#0'(,KK_! 4;6! Q3PJK59<;:;.29! D"078"7! ,94! ;9! 459! I0JK5959459! =0-! ;335<! 425! Y3,GF>594,9:59!Z./>/#0&IaW_!a"6%)%82%8IY&/G]!,94!45-!;/8-#$9"&>!;<!>099H;:"!
:5A5:' D/)3C),9"&'=%-'D"8=%)C),6)7>>-'?,8'U/C%)Xa\'
U5-!O5-G5129;9.25-H5!>5945-!>,/5-?@A!G56JK-52GH!62JK!;36!,9H5-K;3H,9:60-259H25-H5-!Q;<2F3259F! ,94!+2945-65945-"! >,/5-?@A!O,-45! '&&#! :5:-Z945H! ,94! :5K`-H! .,! #(v!45-!?@AFT9H5-95K<5961;<2325! ;9! ,94! .,! #(v! (/%87' W"-27! 79H5-9;H209;3! @535=26209! 79=56H<59H6!79J"_!456659!83352952:59HZ<5-!425!;7&2'L"-8%H!Y0</;9^!26H"!>,/5-?@A!/-P659H25-H!62JK!;36!Q;<2325965945-!<2H!6/5.25335<!+2945-6594,9:6;9H523"!!
U;6! 5g/32.2H! ;9! +2945-! :5-2JKH5H5! C-0:-;<<! O2-4! <09H;:6! G26! 6099H;:6! =09! ($e*(! G26!)(e'#!TK-!;,6:56H-;K3H"!X6!-2JKH5H!62JK!;9!425!N253:-,//5!45-!*F!G26!'*FDPK-2:59!,94!O2-4!<2H!45<!=09!45-!R;<5129429:F8:59H,-!S8H072!M-525-H59!U;JK<;-M599;<59!l@0::0m!G5F9;99H"!
>,/5-?@A! 65H.H! ZG5-O25:594! ;,1! 7</0-H/-04,MH5! ;,6! 459!T>8"![0-! ;335<! ;9! 459!I0FJK5959459!O5-459!;,JK!X2:59/-04,MH20959!O25!5HO;!U/C%)'a,H'Y&/G!045-!JI(,,2'V'L7-'J/"3! ,94!>/253123<5! \L%)'U7>-276-IR"&>]! :565945H"!I52H5-5! JK;-;MH5-26H26JK5!>594,9:6FG52H-P:5!;,1!>,/5-?@A!6294!45-!K0K5!89H523!;9!U2695^FC-04,MH20959!\L"-8%H-'.%CC%)'+88_'Y$"C'/8='Y$7C'045-!L7)01"86'L/#0]"!
:5A5A' D/)3C),9"&'?,8'.)%>"%)%'b/8",)'
U5-!+2945-6/;-H59M;9;3!C-5<25-5!D,920-!O2-4!=09!45-!D,920-!@[!V<Gf!w!Y0"+V!G532515-H!,94! 3P,1H! 2<! C-0:-;<<G0,j,5H! 45-! C;^! @[F129;9.25-H59! >5945;96H;3H! C-5<25-5"! V56533F6JK;1H5-!=09!C-5<25-5!D,920-!6294!XL"@[!w!L5-JK;942629:!8V!60O25!+2-JK!L542;"!C-5F<25-5! D,920-! O,-45! '&&B! :5:-Z945H! ,94! -2JKH5H! 62JK! ;9! 425! N253:-,//5! 45-! *F! G26! '*FDPK-2:59"!U;6! D,920-! C-0:-;<<!O2-4! =09! ($e'#! G26! '&eE#!TK-_! 625G59!@;:5! 425!I0JK5_!;,6:56H-;K3H"!
8,1!45-!>594,9:65G595!M;99!=0-!;335<!425!8,66H-;K3,9:!60:59;99H5-!lY;-H009M3;662M5-m!O25!>JKO529JK59!U2JM_!C0/5^5!045-!Q;<2325!Q5,5-6H529!;36!f;,/HJK;-;MH5-26H2M,<!G59;99H!O5-459"!
19
:5A5E' D/)3C),9"&'?,8'U+a54'b/8",)'
U;6!+2945-/-0:-;<<!456!O5-G5129;9.25-H59!>5945-6!>8@"'_!4;6!5G591;336!=09!D,920-!@[!:532515-H!O2-4_!O2-4!,9H5-!45-!a5.52JK9,9:!>8@"'!D,920-!;,66JK325c32JK!;9!>;<6H;:59!;,6F:56H-;K3H"!U25!N253:-,//5!G23459!+2945-!.O26JK59!4-52!,94!'*!D;K-59"!U;6!C-0:-;<<!O2-4!.O26JK59!$e*(!,94!'*e*(!TK-!;,6:56H-;K3H"!!
8,1!45-!>594,9:65G595!M;99!=0-!;335<!425!8,66H-;K3,9:!60:59;99H5-!lY;-H009M3;662M5-m!O25!U#$1%"8#$%8'L"#0*'(/6-'(/88H! 045-!a"8H'a,,8-! ;36!f;,/HJK;-;MH5-26H2M,<!G59;99H!O5-459"!
:5A5O' D/)3C),9"&'?,8'DIXa\'
U;6!+2945-/-0:-;<<!456!O5-G5129;9.25-H59_! .,-!?@AFV-,//5! :5K`-59459!>5945-6!?@A!O2-4!,9H5-!45<!R;<59!+F?@A!;,66JK325c32JK!;9!459!I0JK5959459_!6;<6H;:6!,94!6099FH;:6_!;,6:56H-;K3H"!IPK-594!456!T9H5-6,JK,9:6.52H-;,<6!O,-45!4;6!C-0:-;<<!=09!+F?@A!6;<6H;:6!.O26JK59!(#e*(!,94!(&e((!TK-!,94!6099H;:6!.O26JK59!(#e'#!,94!')e*(!TK-!:5F65945H"!U25!<2H!45<!C-0:-;<<!.,!5--52JK5945!N253:-,//5!6H53359!+2945-!2<!83H5-!=09!4-52!G26! '*! D;K-59! 4;-"!U25! G5H-51159459!>5945/3PH.5!<Z6659! `1H5-! ;MH,53359!>594,9:59!O52FJK59_! 296G560945-5!>/0-HZG5-H-;:,9:59"'*!U25!4;-;,6! 59H6H5K5945!:5-29:5![5-3P6632JKM52H!456!89:5G0H6!5-6JKO5-H!425!C135:5!45-!59H6/-5JK59459!C-0:-;<<<;-M5!G52!45-!N253:-,//5!45-!+2945-"!!
+,-! .#/%$0&((%1!2#3/#45565740/!608!2#3/#455&0*49'%!8%6'()*%#!:&08%#;#3</#45540/%$3'%!
:5E54' .),6)7>>/>9786'=%)'D"8=%)C),6)7>>%'
U25! K25-! ,9H5-6,JKH59! +2945-/-0:-;<<5! 3;6659! 62JK! \625K5! @;G"! )]! 29! I0JK59F+2945-/-0:-;<<5! ,94! 29! I0JK59594F+2945-/-0:-;<<5! ,9H5-H52359"! U5-! `1159H32JKF-5JKH32JK5!+2945-M;9;3_!4;6!O5-G5129;9.25-H5!C-0:-;<<!>,/5-?@A!,94!4;6!C;^!@[!C-0F:-;<<! D,920-!@[! \C-5<25-5]! G25H59! 2K-!+2945-/-0:-;<<!425! :;9.5!I0JK5! ZG5-! ;9"! >25!O5-459!29!45-!Q03:5!;36!I0JK59F+2945-/-0:-;<<5!G5.52JK95H"!QZ-!425!O5-G5129;9.25-H59
!20
!
971..#!:;!5/6'/788&8<7$'!$7,-!=$1*#>#/$!?@/6!06,-#A!!
H,G2/)/#!YC/,3/#Z! <'Q&,%!['2,\!
<'Q&,%![7\!
H,)/2-!&,!Y;Z!![]\!
+7"+8! #EE&_B)! &(_B*! *(_E!!
>,/5-?@A! #B'%_*E! &$_&$! *)_E!
>8@"'! *&$_$$! $_$'! )_)!
+F?@A! $(#_$)! '(_(&! *_E!
D,920-!@[!\C-5<25-5]! #$#&_%)! &E_**! *'_$!
V56;<H!\']! '%&)&_'$! )&B_B)! '((_(!
!
U25! 4-52! I0JK59F+2945-/-0:-;<<5! G5K;,/H59! 2K-59! <;-M59-535=;9H59! >H53359O5-H! <2H!b5O5236! ZG5-! &(! C-0:-;<<6H,9459"! X-K5G32JK! 26H! 425! U2115-59.! .,! 459! I0JK59594F+2945-/-0:-;<<59e!?@A!65945H!;<!;9;3^625-H59!I0JK595945!\>;<6H;:!,94!>099H;:]!'(!>H,9459!+2945-/-0:-;<<_!>8@"'!M0<<H!;,1!5295!O`JK59H32JK5!>5945.52H!=09!$_#!>H,9F459"!!
:5E5:'' D"8=%)C),6)7>>786%G,2%'7>';,#$%8%8=%'
X295! :59;,5-5! a5H-;JKH,9:! =09! +7"+8_! >,/5-?@A! ,94! D,920-! @[! .52:H_! 4;66! 425! C-0F:-;<<:56H;3H,9:! 456!I0JK5959456! ;,JK! 1Z-! 42565!89:5G0H5! =09! G560945-5-!a545,H,9:!26H"!U25!U,-JK6JK92HH63P9:5!45-!>594,9:59!;335-!I0JK59F+2945-/-0:-;<<5!26H!2<!L2HH53FO5-H! ,<! )Ev!K`K5-! ;36! ;9! 459!I0JK59H;:59"!8,1! 45-! j,;32H;H2=59!XG595! 3P66H! 62JK! 45-!=5-<5K-H5!X296;H.!=09!>/253123<59!,94!Q3PJK59<;:;.2959!\Y3,G6594,9:59]!156H6H53359"!
U5-! `1159H32JKF-5JKH32JK5! +2945-M;9;3! 65945H! =5-<5K-H! >/253123<5! \>;<6H;:6123<_! >099FH;:6<P-JK59_! I,96JK123<! 45-! I0JK5]_! I0JK59594FQ3PJK59<;:;.295! \a"6%)%82%8IY&/G_!./>/#0&IaW_!a7G7&/67' a"?"]! ,94! ;945-5!O0JK595946/5.2126JK5! Q0-<59"! >,/5-?@A!O25F45-,<! 10M,6625-H! 65295!896H-59:,9:59! G560945-6! ;,1! +2945-FV;<56K0O6! \JI(,,2' I' =7-'J/"3_!U/C%)'a,HIY&/G_!UC"%&%67&7K"%]_! ;G5-! ;,JK! ;,1!@25-6594,9:59! 60O25! 6/5.25335!?52FK59"!D,920-!@[!\C-5<25-5]!=5-P945-H!65295!V59-5.,6;<<5965H.,9:!92JKH!O5659H32JK_!659F45H! b540JK! ;945-5! Y;-H0096! ;36! OPK-594! 45-!I0JK5"! 8,11;33594! 26H! ;,JK! 425! =5-P945-H5!AP9:5!45-!>594,9:59!456!I0JK5959456e!625!325:59!2<!>JK92HH!'#!v!ZG5-!45<!I0JK59<2HFH53"!
8,JK!425!@-;235-!.52:59_!4;66!4;6!I0JK595945!;36!5HO;6!a560945-56!2<!+2945-15-965K59!K5-;,6:56H533H!O2-4"!a52<!+2945-M;9;3!O2-4!=0-! ;335<!;,1! 425!>/253123<5!=5-O25659"!N,F
21
45<!42115-59.25-H!45-!+2945-M;9;3!.O26JK59!I5-MH;:59!,94!I0JK595945!4,-JK!4;6!L;:;F.29!D"078"7k!425656!3P,1H!;,66JK325c32JK!OPK-594!45-!I0JK59H;:5"!
8,JK!G52!>,/5-?@A!O526H!425!@-;235-6H-,MH,-!G560945-6!;,1!I0JK59594F>/5J2;36!K29"!N,<!>5-259G5:299!=09!a%8`7>"8'(&M>#$%8!O5-459!4-52!Q03:59!59!>,2H5!;36!>/5J2;3!:56JK;3H5H"!U5-!6;<6HP:32JK5!L5K-H5235-!@,>'U71H%)' ! 26H!5295-!45-!;<!KP,12:6H59!:59;99H59!@-;235-"!D,920-!@[!\C-5<25-5]!65H.H!M;,<!;,1!@-;235-=5-O5265!2<!+2945-/-0:-;<<"!
:5E5A'' +&&6%>%"8%'!%)0>7&%'=%-'D"8=%)C),6)7>>-'
79!5295<!5-6H59!>JK-2HH!45-!899PK5-,9:!;9!425!29K;3H32JK5!>H-,MH,-!456!+2945-/-0:-;<<6!O2-4! 425! [5-H523,9:! 45-! 4-52! O2JKH2:6H59! C-0:-;<<G56H;94H5235! ,9H5-6,JKH"! U2565! 6294!>594,9:59_!NO26JK59:32545-!,94!I5-G,9:!G.O"!O5-G5PK932JK5!Q0-<59"!!
)"E"*"'! !NO26JK59535<59H5!2<!+2945-/-0:-;<<!
a52!45-!a5H-;JKH,9:!45-!89.;K3!=09!>594,9:6529K52H59!26H!425!j,;9H2H;H2=5!U0<29;9.!45-!NO26JK59:32545-! ;,11;33594"! NO26JK59:32545-! 6294!<526H! M,-.5! C-0:-;<<6/32HH5-! <2H! G5FH-PJKH32JK5<! 1,9MH209;359! [;-2;9H59-52JKH,<! \."a"! >5945-M5996/0H6_! I5-G5M5996/0H6_!@-;235-_!@5;65-]!<2H!45-!C-2<P-F!045-!>5M,94P-1,9MH209_!459!>5945-!G.O"!4;6!+2945-/-0F:-;<<!456!>5945-6! .,! G5O5-G59"!N,45<! 6294!NO26JK59:32545-! 425! .59H-;359!@-P:5-! 456!l>J-559!U562:96m!,94!G56H2<<59!425!P6HK5H26JK5!7459H2HPH!52956!Q5-965K/-0:-;<<6"!
U5-!+2945-M;9;3!O526H!*#%_!>,/5-?@A!'($%!,94!D,920-!@[!\C-5<25-5]!#'&!NO26JK59535F<59H5!;,1_!>8@"'!M0<<H!2995-K;3G!=09!$_#!>H,9459!V56;<H/-0:-;<<!;,1!92JKH!O592:5-!;36!&%!NO26JK59535<59H5_!+F?@A!G52!J;"!'(!>H,9459!C-0:-;<<<;H5-2;3!;,1!&(!X35<59H5"!8,1! 459! >H,94594,-JK6JK92HH! G5.0:59! 5-:5G59! 62JK! 103:5945!I5-H5e! +7"+8! 65945H! *_&_!>,/5-?@A!''_!D,920-!@[!\C-5<25-5]!#_#_!>8@"'!'E_%!,94!+F?@A!B_&!X35<59H5!/-0!>H,945!C-0:-;<<!\625K5!@;G"!*]"!
22
X&G/--/!BK!"#$%#&''&#)!,&:7!"#$%#&''&,G2/)/#,!!
>52(:7/,%-2/3! M/#G*,%!*,3!5/#G/67,-2:7/!I#(:7/2,*,%(Q$#'/,!
C/,3*,%!
89.;K3! U;,5-! 89.;K3! U;,5-! 89.;K3! U;,
C/,3/#!
sRt! 89H523!;9!\']!svt!
s<29t! 89H523!;9!\)]!svt!
sRt! 89H523!;9!\']!svt!
s<29t! 89H523!;9!\)]!svt!
sRt! 89H523!;9!\']!svt!
s<29t!
+7"+8! *#%! #$_B! )'%_$! E_(! (! (_(! (_(! (_(! )%'! E*_)! #)*)_)!
>,F/5-?@A! '($%! $$_%! )$$_&! E_$! )%'! '$_&! %E$_%! ')_B! )$'! '$_*! EB(*_%!
>8@"'! &%! #&_&! )E_E! $_)! #'! *'_#! $E_(! '$_'! 'E! B_$! *(B_*!
+F?@A! &(! #%_(! )E_&! E_'! '&! ')_(! %E_%! ')_*! E&! *'_(! #(%_*!
C-5<25-5!D! #'&! $%_#! )&'_*! #_'! B! '_(! )_*! (_(! )E)! *'_#! #*$$_)!
V56;<H!! )'*(! $E_)! B)#_'! E_$! *E&! '(_#! BB%_$! #_(! B*%! )#_)! '$)'%_$!
L2HH53! ! ! (_E! ! ! )_#! ! ! ! '&_E!
!
23
R2<<H! <;9! ;36! a5.,:65G595! 425! V56;<H;9.;K3! 45-! C-0:-;<<535<59H5! /-0! >5945-_! 60!.52:H!62JK!529!59H6/-5JK594!K0K5-!89H523!45-!NO26JK59535<59H5"!U2565-!325:H!G52<!+2945-FM;9;3!G52!#$_B!v_!G52!>,/5-?@A!G5H-P:H!42565-!$$_B!v_!G52!D,920-!@[!\C-5<25-5]!$%_#!v_!G52!>8@"'!#&_&!v!,94!G52<!?@AF+2945-/-0:-;<<!#$_&v"!!
a5.25KH!<;9!;335-429:6!425!U;,5-!45-!NO26JK59:32545-!;,1!425!U;,5-!;335-!C-0:-;<<535F<59H5_!60!.52:H!62JK!529!;945-56!a234"!7<!C-0:-;<<!456!+2945-M;9;36!325:H!4;99!45-!89H523!;9! NO26JK59535<59H59! G52! Ev_! G52! >,/5-?@A! G52! E_$v_! G52! D,920-! @[! \C-5<25-5]! G52!#_'v_! G52<!+2945-/-0:-;<<!=09! >8@"'! G52! $_)v! ,94! G52<!?@A!+2945-/-0:-;<<!G52!E_'v"!
8,1!425!a;626!45-!89.;K3!=09!C-0:-;<<529K52H59!G5.0:59!6294!;360!NO26JK59:32545-!=09!65K-! K0K5-! j,;9H2H;H2=5-! ?535=;9."! a5H-;JKH5H! <;9! K29:5:59! 2K-5! U;,5-! 29! ?53;H209! .,-!C-0:-;<<4;,5-_!60!26H!2K-5!a545,H,9:!:5-29:"!I;6!G545,H5H!4;6!G5.0:59!;,1!,965-5!Q-;:5F6H533,9:o!NO26JK59:32545-!M0<<,92.25-59!425!<2H!5295-!L;-M5!=5-M9Z/1H59!Q;-G59_!=26,53F359!Q0-<59_!+3P9:5_!@5gHF!,94!>/-;JK535<59H5_!R;<59535<59H5!5HJ"!>25!M0<<,92.25-59!42565!L;-M59.52JK59535<59H5! 29! KP,12:! ;,1H-5H59459! \K0K5!89.;K3! 45-!NO26JK59:32545-]!,94!65K-!M,-.59!X29K52H59!\:5-29:5!U;,5-!45-!NO26JK59:32545-]"!!
a5-52H6!29!45-!89.;K3!45-!NO26JK59:32545-!.52:59!62JK!O5659H32JK5!T9H5-6JK2545!=0-!;335<!.O26JK59!45<!O5-G5129;9.25-H59!C-2=;H15-965K59!,94!459!>5945-9_!425!62JK!0K95!I5-G,9:!129;9.25-59"!I5-G5129;9.25-H5!+2945-/-0:-;<<5!9,H.59!KP,12:5-!NO26JK59:32545-_!,94!625!9,H.59! MZ-.5-5! NO26JK59:32545-! ;36! 92JKH! 4,-JK!I5-G,9:! 129;9.25-H5! +2945-/-0:-;<<5"!U,-JK!425!KP,12:59!NO26JK59:32545-!,94!I5-G5G3`JM5!26H!4;6!O5-G5129;9.25-H5!+2945-/-0F:-;<<! .52H32JK! 29! 5295<! K`K5-59! V-;4! /;-.53325-H! ;36! 425! C-0:-;<<5! 456! `1159H32JKF-5JKH32JK59!+2945-65945-6!+7"+8!,94!456!C;^!@[!+;9;36!D,920-!@[!\C-5<25-5]"!U25!lC-0F:-;<<2459H2HPHm!456!O5-G5129;9.25-H59!Q5-965K596!26H!;360!4,-JK!52959!6H;-M!65:<59H25-H59!C-0:-;<<13,66!:5/-P:H"!
)"E"*")! I5-G,9:!,94!O5-G5PK932JK5!Q0-<59!2<!+2945-/-0:-;<<!
a52!459!42565-!+;H5:0-25!.,:50-495H59!C-0:-;<<535<59H59!K;9453H!56!62JK!.,<!X2959!,<!.,6;<<59KP9:5945!,94!;36!I5-G,9:!:5M599.52JK95H5!a3`JM5!;,6!I5-G56/0H6_!.,<!89F45-59! ,<! 92JKH! ;36!I5-G,9:! :5M599.52JK95H5! X29.53535<59H5_! 5HO;! >/0960-59K29O5265_!f29O5265!;,1!a5:352H<;H5-2;3259!,94!>0J2;3!84=5-H2.29:!>/0H6"!!
I5-G55296JK;3H,9:59!,94!O5-G5PK932JK5!f29O5265!6294!29!9599596O5-H5-!fP,12:M52H!@523!45-!O5-G5129;9.25-H59!+2945-/-0:-;<<5! \625K5! @;G"! *]"! 8,6:5K594! =09! 45-!89.;K3! 45-!>594,9:59!325:59!>,/5-?@A!,94!+F?@A!29!5HO;!:352JK!;,1!<2H!b5O5236!'$_&!v!G.O"!')_(!v!45-!C-0:-;<<529K52H59_!;G603,H!325:59!42565!G52!)%'!\>,/5-?@A]!G.O"!G52!'&!\+F?@A]!X29K52H59"! X-K5G32JK! K`K5-! 26H! 45-! 89H523! ;9! I5-G5296JK;3H,9:59! ,94! O5-G5PK932JK59!f29O52659!;<!V56;<H/-0:-;<<!G52!>8@"'"!U2565-!325:H!40-H!G52!*'_#!v!45-!V56;<H;9.;K3!
!24
=09!C-0:-;<<529K52H59_!;G603,H!G52!#'!X29K52H59"!U25!K0K5!89.;K3!3P66H!62JK!4;<2H!5-M3PF-59_!4;66!45-!>5945-! 65K-!KP,12:!>/0960-29:K29O5265! 6JK;3H5H"! D,920-!@[!\C-5<25-5]!/-PF659H25-H! ;36! C;^! @[! >5945-! M5295!I5-G5G3`JM5"! 79! :5-29:5<!8,6<;c! \B! NPK3529K52H59]!M0<<59!O5-G5PK932JK5!f29O5265!=0-"!
a5.0:59!;,1!425!a5-5JK9,9:6G;626!45-!U;,5-!45-!C-0:-;<<535<59H5!.52:H!62JK_!4;66!I5-FG,9:!,94!O5-G5PK932JK5!X-6JK529,9:610-<59!52959!K`K5-59!>H53359O5-H!52995K<59!;36!425!NO26JK59535<59H5!456!C-0:-;<<6"!a52<!O5-G5129;9.25-H59!>,/5-?@A!325:H!45-!89H523!G52!')_B!v_! G52! >8@"'! G5H-P:H! 45-!89H523! '$_'!v!G52!?@A!')_*v"!U25! ;JKH!O5-G5PK932JK59!f29O5265! =09! D,920-! @[! \C-5<25-5]! 5-:5G59! .52H32JK! 459! ,9G545,H59459!89H523! =09! (_E!C-0<2335!45-!V56;<H65945.52H"!
)"E"*"*! >594,9:59!;36!@523!45-!+2945-/-0:-;<<;9:5G0H5!
8<!<526H59!l52:59H32JK56!C-0:-;<<m!29!Q0-<!=09!>594,9:59!/-P659H25-59!,9H5-!459!,9FH5-6,JKH59!89G25H5-9!45-!C;^!@[!+;9;3! D,920-!@[!<2H!B&_E!>H,9459!,94!45-!`1159H32JKF-5JKH32JK5!+2945-M;9;3!<2H! B%_)! >H,9459"! >,/5-?@A! G25H5H! 652959! b,9:59!N,65K5-9! B(_'!>H,9459!+5-9/-0:-;<<!/-0!I0JK5"!U25!I0JK59594F+2945-65945-!>8@"'!D,920-!,94!+F?@A!K;G59!G5.0:59!;,1!459!C-0:-;<<,<1;9:!S!O25!G5-52H6!G5H09H!S!=5-:352JK6O5265!:5F-29:5! a545,H,9:"! >25! 325:59! G52! #_'! >H,9459! \>8@"']! G.O"! B_#! >H,9459! \+F?@A]! C-0F:-;<<;9:5G0H!2<!52:59H32JK59!>299!\625K5!@;G"!*]"!
U25!a5H-;JKH,9:!45-!4,-JK6JK92HH32JK59!>594,9:64;,5-!\L2HH53O5-H]!.52:H!103:5945!X-:5GF92665"!a52<!C-0:-;<<!=09!>,/5-?@A!325:H!42565!<2H!'B_E!L29,H59!;<!9254-2:6H59_!56!103:H!45-!+2945-M;9;3!<2H!'&_*_!>8@"'"!<2H!))_(!,94! D,920-!@[! \C-5<25-5]!<2H!))_)!L29,H59"!U25!U2115-59.59!6294!65K-!:5-29:!,94!92JKH!G545,H6;<"!U;=09!O52JKH!;,1!459!5-6H59!a32JM!3542:32JK!?@A!<2H! 65295<!+2945-/-0:-;<<;9:5G0H! ;Ge!U25! 4,-JK6JK92HH32JK5! >594,9:6F4;,5-! G5H-P:H! 92JKH! O592:5-! ;36! '(_E!L29,H59"! U256! 5-:2GH! 62JK! 4;-;,6_! 4;66! 425656! C-0F:-;<<!.,!5295<!O5659H32JK59!@523!;,6!45<!L"-8%H'Y&/G!G56H5KH"!!
U2565!C-0:-;<<13PJK5!<2H!>594,9:6JK;-;MH5-!O2-4_!4;!KP,12:!=09!I5-G,9:!,9H5-G-0JK59_!92JKH!;36!>594,9:!:5.PK3H_!60945-9!;36!>594513PJK5!425!;,6!5295-!896;<<3,9:!=09!<2H,9FH5-!65K-!M,-.59!>594,9:66/32HH5-9!S!O25!5HO;!89F_!NO26JK59F_!,94!8G<045-;H20959!S!G5F6H5KH"!U25!1Z-!4;6!+2945-/-0:-;<<!=09!?@A!G5-5JK95H5!4,-JK6JK92HH32JK5!>594,9:64;,5-!=09!'(_E!L29,H59!26H!456K;3G!92JKH!;,66;:5M-P1H2:_!O523!4,-JK!425!G560945-5!8-H!45-!8,6FO5-H,9:!90H:54-,9:59!>594,9:6535<59H5!;36!>594,9:59!:5.PK3H!O5-459!<,66H59"!
U5-! L"-8%H' Y&/G! O,-45! ;,1:-,94! 65295-! 6594,9:66/5.2126JK59! X2:596JK;1H59! \891;9:_!R;JK6/;99_!L045-;H20959_! -54;MH2095335! 79H5:-;H209]! 29!45-!CK;65!45-!Y0425-,9:! 60O0K3!;36!X29.536594,9:!;36!;,JK!;36!>594513PJK5!G56H5K594!;,6!X29.536594,9:59_!NO26JK59:325F45-_!I5-G5G3`JM59!:5.PK3H"!QZ-!459!X94G5-2JKH!;,6:5O5-H5H!O,-45!3542:32JK!425
25
O2-4"!U;6!a526/253!42565-!l>594513PJK5!<2H!>594,9:6JK;-;MH5-m!=5-O526H!;,1![5-6,JK5!45-!C-0:-;<<=5-;96H;3H5-_!10-<;3!:5H-599H5!C-0:-;<<535<59H5_!425!;,1:-,94!456![5-G0H6!=09!T9H5-G-5JK5-O5-G,9:! G52! +2945-6594,9:59! ;36! X29.536594,9:59! ;,6:5O25659! O5-459_!4,-JK! =5-6JK254595!L2HH53! O25!L045-;H20959! ,94! 5295! :5O2665! -54;MH2095335! 79H5:-;H209!40JK! <`:32JK6H! O52H:5K594! .,! 5295-! .,6;<<59KP9:59459! C-0:-;<<13PJK5! .,! <;JK59_!0K95!425!I5-G5-5:53,9:59!.,!=5-35H.59"!
:5E5E'' !%)0>7&%'=%)'.),6)7>>"8$7&2%'
79!42565<!@523M;/2H53!O2-4!425!N,6;<<5965H.,9:!456!C-0:-;<<6!5295-!:59;,5-59!a5H-;JKFH,9:!,9H5-.0:59_!,<!4;-;,6!<`:32JK5!<;-M59-535=;9H5!L5-M<;35!1Z-!425!529.53959!,9H5-F6,JKH59!C-0:-;<<;9G25H5-!K5-;,6.,;-G52H59"!
)"E"E"'! Q2MH209;35!>594,9:59!F!R2JKHF12MH209;35!>594,9:59!S!L26JK10-<59!
79!45-!Y0425-,9:!O2-4!.O26JK59!12MH209;359!>594,9:59_!92JKHF12MH209;359!>594,9:59!,94!L26JK10-<59! ,9H5-6JK25459! \625K5! @;G"! E]"! Q2MH209;35! >594,9:59! ZG5-O25:59! G52! ;3359!,9H5-6,JKH59!>5945-9_!,94!.O;-!29!65K-!K0K5<!8,6<;c"!>8@"'!65945H!2<!T9H5-6,JK,9:6F.52H-;,<! ;,66JK325c32JK! 12MH209;35! >594,9:59"!a5.0:59! ;,1! 425!V56;<HF89.;K3! 45-! >59F4,9:59!325:H!45-!89H523!2<!C-0:-;<<!=09!>,/5-?@A!G52!&*_#!v_!29!b595<!=09!D,920-!@[!\C-5<25-5]!G52!&*_B!v!,94!2<!?@AF+2945-/-0:-;<<!G52!#'_(!v!45-!>594,9:59"!
L;-M;9H!,9H5-6JK25432JK!.,!;3359!;945-59!>5945-9!/-P659H25-H!62JK!K25-!O2545-,<!4;6!+29F45-/-0:-;<<!+F?@A"!899PK5-94! 425! fP31H5! 45-! >594,9:59! 26H! 45<!896JK529! 9;JK! 45-!+;H5:0-25! lR09FQ2MH209m! .,.,-5JK959"!U0JK!;,JK!425656!X-:5G926!<,66! ;36!8-H51;MH!45-!8,13`6,9:!45-!>594513PJK5!U2695^!Y3,G!:5O5-H5H!O5-459"!R,-!O599!<;9!=09!45-!NPK3529FK52H!lU;,5-m!;,6:5KH!5-:2GH!62JK!529!-5;326H26JK5-56!a234"!899PK5-94!&#v!456!>594,9:6<;FH5-2;36!=09!+F?@A!G56H5KH!;,6!12MH209;359!a56H;94H52359"!
!26
!
X&G/--/!DK!=2+)2$,&-/!U!^2:7)U=2+)2$,&-/!C/,3*,%/,!_!R2(:7Q$#'/,!!
89.;K3!
18E1H! C*4/#`XP CHXE;! 1U`XP! "#/'2/#/!a! H--/!C/,3/#!!
89.;K3!sRt!
89H523!;9!\']!svt!
89.;K3!sRt!
89H523!;9!\']!svt!
89.;K3!sRt!
89H523!;9!\']!svt!
89.;K3
sRt!
89H523!;9!\']!svt!
89.;K3!
sRt!
89H523!;9!\']!svt!
89.;K3!
sRt!
89H523!;9!\']!svt!
Q2MH209! 'BE! $B_'! )EE! &*_#! 'E! '((! )#! #'_(! ))B! &*_B! $&#! B*_(!
R09! Q2MH2F09! *&! 'E_E! 'E! #_E! (! (! )E! E&_(! B! *_*! B#! '(_)!
L26JK10-F<59! E%! '%_E! *! '_'! (! (! (! (_(! %! )_&! #%! $_B!
V56;<H!\']! )%(! '((_(! )$'! '((_(! 'E! '((! E&! '((_(! )E*! '((_(! B*%! '((_(!!
U;,5-!
18E1H! C*4/#`XP CHXE;! 1U`XP! "#/'2/#/!a! H--/!C/,3/#!!
U;,5-!s<29t!
89H523!;9! \)]!svt!
U;,5-!s<29t!
89H523!;9! \)]!svt!
U;,5-!s<29t!
89H523!;9! \)]!svt!
U;,5-!s<29t!
89H523!;9! \)]!svt!
U;,5-!s<29t!
89H523!;9! \)]!svt!
U;,5-!s<29t!
89H523!;9! \)]!svt!
Q2MH209! *)$*_$! $)_E! E#'#_$! &E_(! *(B_*! '((! EB(_B! &E_B! #($E_B! &*_&! '*$**_'! B*_&!
R09! Q2MH2F09! *$(_$! $_&! )'*_#! E_E! (_(! (! )$_#! #_)! '$*_*! *_(! %$*_&! E_%!
L26JK10-F<59! '$(%_E! *(_%! %E_$! '_$! (_(! (! (_(! (_(! '$E_)! *_(! 'BE$_)! ''_E!
V56;<H!\)]! #)*'_$! '((_(! EB(*_%! '((_(! *(B_*! '((! #(%_*! '((_(! #*&)_E! '((_(! '$)E*_)! '((_(!
!
X29! YK;-;MH5-26H2M,<! <2H! <;-M596/5.2126JK5-! ?535=;9.! O526H! +7"+8! 29! 42565<! N,6;<F<59K;9:! ;,1"! 7<<5-K29! M9;//! 529! U-2HH53! 65295-! >594,9:59! G56H5KH! ;,6! L26JK10-<59!\'%_E!v]!045-!92JKHF12MH209;359!>594,9:59!\'E_E!v]"!a5.,:6:-`c5!26H!K25-!425!89.;K3!45-!>594,9:59"!a5.0:59!;,1!425!U;,5-!45-!>594,9:59!G56H5KH!;99PK5-94!529!U-2HH53!45-!a52FH-P:5! \*(_%!v]!;,6!L26JK10-<59"!l?5295m!92JKHF12MH209;35!Q0-<59!K;G59!4;99!;335-429:6!9,-!52959!89H523!=09!$_&!v!;9!45-!C-0:-;<<4;,5-"!
N,6;<<591;66594!3P66H!62JK!156H6H53359_!4;66!45-!`1159H32JK!-5JKH32JK5!+2945-M;9;3!2<!T9FH5-6,JK,9:6.52H-;,<! <5K-! >594,9:59! <2H! 92JKHF12MH209;359! 89H52359! 29! 6529! +2945-/-0F:-;<<!29H5:-25-H!K;H!;36!425!;945-59!C-0:-;<<;9G25H5-"!
27
)"E"E")! 7910-<;H20960-259H25-,9:!F!T9H5-K;3H,9:60-259H25-,9:!2<!+2945-/-0:-;<<!!
R5G59!45-!T9H5-6JK524,9:!.O26JK59!12MH209;359!,94!92JKHF12MH209;359!+2945-/-0:-;<<59!12945H! 425!U2<596209! 45-! 7910-<;H20960-259H25-,9:! =5-6,6!T9H5-K;3H,9:60-259H25-,9:!a5F-ZJM62JKH2:,9:! \625K5! @;G"! #]"! 79! 42565<!N,6;<<59K;9:!O2-4! .O26JK59! =0-O25:594! 29F10-<;H20960-259H25-H59_! =0-O25:594! ,9H5-K;3H,9:6F0-259H25-H59! >594,9:59! ,94!>594,9:59!<2H!5295-!42565-!89H5235!325:H_!,9H5-6JK25459"!
!
28
X&G/--/!JK!8,Q$#'&)2$,($#2/,)2/#*,%!_!<,)/#7&-)*,%($#2/,)2/#*,%!2'!12,3/#4#$%#&''!!
89.;K3!
18E1H! C*4/#`XP! CHXE;! 1U`XP! "#/'2/#/!a*,2$#!!
89.;K3!sRt!
89H523!;9!\']!svt!
89.;K3!sRt! 89H523!;9!\']!svt!
89.;K3!sRt!
89H523!;9!\']!svt!
89.;K3!sRt!
89H523!;9!\']!svt!
89.;K3!sRt!
89H523!;9!\']!sv
7910-<;H20960-259H25-H )#! &_*! '(! *_B! (! (! '! )_(! %! )_&!T9H5-K;3H,9:60-259H25-H )((! %E_'! )EB! &#_(! 'E! '((! EB! &B_(! )))! &'_E!
L26JK0-259H25-H E#! '$_%! *! '_'! (! (! (! (_(! 'E! #_B!V56;<H!\'] )%(! '((_(! )$'! '((_(! 'E! '((! E&! '((_(! )E*! '((_(!
!
U;,5-!
18E1H! C*4/#`XP! CHXE;! 1U`XP! "#/'2/#/!a*,2$#!
!
U;,5-!s<29t!
89H523!;9!\)]!svt!
U;,5-!s<29t!
89H523!;9!\)]!svt!
U;,5-!s<29t!
89H523!;9!\)]!svt!
U;,5-!s<29t!
89H523!;9!\)]!svt!
U;,5-!s<29t!
89H523!;9!\)]!sv
7910-<;H20960-259H25-H! )&'_'! #_$! '')_$! )_*! (_(! (_(! '_*! (_)! '*%_'! )_#!T9H5-K;3H,9:60-259H25-H **B(_B! $E_$! E$)%_&! &$_*! *(B_*! '((_(! #($_'! &&_B! E&*'_&! &'_#!L26JK0-259H25-H! '##&_%! )&_B! $*_)! '_*! (_(! (_(! (_(! (_(! *)*_E! $_(!V56;<H!\)]! #)*'_$! '((_(! EB(*_%! '((_(! *(B_*! '((_(! #(%_*! '((_(! #*&)_E! '((_(!
29
U;6!.59H-;35!X-:5G926e!U25!,9H5-6,JKH59!+2945-/-0:-;<<6594,9:59!G56H5K59! 29!O52H;,6!ZG5-O25:5945<!8,6<;c!;,6!,9H5-K;3H,9:60-259H25-H59!89H52359"!8,1!a;626!45-!89.;K3!45-!>594,9:59!O,-459!B%!v!;335-!>594,9:59!;36!,9H5-K;3H,9:60-259H25-H!529:56H,1H"!A542:32JK!%_%!v!45-!>594,9:59!O,-459!;36!L26JK10-<59!2459H212.25-H"!#_)!v!45-!>594,9:59!O,-459!;36!=0-O25:594!2910-<;H20960-259H25-H!529:56H,1H"!
7<! [5-:352JK! 45-! >5945-! <2H529;945-! .52:H! 62JK_! 4;66! 425! G52459! I0JK59594F+2945-/-0:-;<<5! >8@'! ,94! ?@A! G529;K5! ;,66JK325c32JK! ,9H5-K;3H,9:60-259H25-H5! C-0F:-;<<5! 659459"! A542:32JK! 425! 4-52! I0JK59F+2945-/-0:-;<<5! +2945-M;9;3_! >,/5-?@A!,94! D,920-!@[! \C-5<25-5]! 659459!89H5235! ;9!L26JK10-<59!G.O"! 2910-<;H20960-259H25-H59!C-0:-;<<59"!!
a52<![5-:352JK!42565-!4-52!C-0:-;<<5!.52:H!O2545-,<!4;6!+2945-/-0:-;<<!=09!+7"+8!/-0:-;<<6/5.2126JK5!YK;-;MH5-26H2M;_!425!<;-M59-535=;9H5!C0H59H2;35!;,1O52659"!a;626!26H!=0-5-6H!O2545-,<!425!89.;K3!=09!+2945-6594,9:59"!XHO;!&_*!v!456!+7"+8!89:5G0H6!6294!2910-<;H20960-259H25-H_!'$_%!v!456!+7"+8!C-0:-;<<6!G56H5K59!;,6!L26JK10-<59_!%E_'!v!456!`1159H32JK!-5JKH32JK59!+2945-/-0:-;<<6!M`9959!;36!K;,/H6PJK32JK!,9H5-K;3H,9:60-259FH25-H! 529:56H,1H! O5-459"!I2-4! ;36! a5.,:6G;626! 425! U;,5-! 45-! >594,9:59! 156H:535:H_! =5-F6JK25GH!62JK!425!C-0:-;<<.,6;<<5965H.,9:!456!+2945-M;9;36!5HO;6e!U;99!6294!9P<32JK!)&_B!v!456!+7"+8!C-0:-;<<6!;36!L26JK10-<;H5!529.,6H,159k! 3542:32JK!#_$!v!456!+7"+8!C-0:-;<<6! 6294! ;36! 2910-<;H20960-259H25-H! .,! O5-H59k! 9,-! $E_$!v_! ;360! ;99PK5-94! .O52!U-2HH53!456!V56;<H/-0:-;<<6!456!+2945-M;9;36_!M`9959!;36!,9H5-K;3H,9:6F0-259H25-H!;9:5F65K59!O5-459"! 7910-<;H20960-259H25-H5! C-0:-;<<5! 6294! 2<!+2945-/-0:-;<<!456!+2945-FM;9;36!;360!O5659H32JK!MZ-.5-!;36!L26JK/-0:-;<<5"!
U25!a5H-;JKH,9:!456!C-0:-;<<6!=09!D,920-!@[!\C-5<25-5]!5-:2GH_!4;66!529!89H523!=09!#_B!v! ;36!L26JK10-<! 529.,0-4959! 26H! \$_(!v! 45-!V56;<H4;,5-]"! U;6! 2910-<;H20960-259H25-H5!C-0:-;<<;9:5G0H!=09!C-5<25-5!D,920-!5--52JKH!K29:5:59!529!90JK!:5-29:56!8,6<;ce!A5F42:32JK!)_&!v!45-!>594,9:59!6294!2910-<;H20960-259H25-H"!N25KH!<;9!425!U;,5-!<2H!29!a5FH-;JKH_!-54,.25-H!62JK!45-!2910-<;H20960-259H25-H5!89H523!;,1!)_#!v"!
a52<!C-0:-;<<!=09!>,/5-?@A!26H!45-!89H523!;9!2910-<;H20960-259H25-H59!>594,9:59!65K-!:5-29:"! U2565-! G5H-P:H! 3542:32JK! *_B!v! \89.;K3]! G.O"! )_*!v! 45-! AP9:5! 45-! C-0:-;<<5"!L26JK10-<59!325:59!G52!M;,<!ZG5-!'!v!456!C-0:-;<<;9H5236!G52!>,/5-?@A"!
)"E"E"*! U25!V59-5.,6;<<5965H.,9:!2<!+2945-/-0:-;<<!
U;6!+2945-/-0:-;<<!G56H5KH!S!.25KH!<;9!;335!,9H5-6,JKH59!>594,9:59!;335-!>5945-!29!a5FH-;JKH! S! .,! G529;K5! 4-52![25-H539! \%'_)!v]! ;,6!Y;-H0096! \625K5!@;G"! $]"! 79! 45-!T9H5-6,FJK,9:6O0JK5! O,-459! =09! 459! 4-52! I0JK59/-0:-;<<59! ,94! 459! .O52! I0JK59594/-0F:-;<<59!ZG5-!''"(((!L29,H59!G.O"!;99PK5-94!'B&!>H,9459!Y;-H0096!:565945H"!U;6!45,HF6JK5!+2945-/-0:-;<<!35245H!;9!lY;-H0092H26m"!
!30
X&G/--/!OK!T/,#/(!&--%/'/2,!!
H,9&7-! V&*/#!T/,#/!
!sRt! 89H523!!;9!!\']!svt!
!s<29t! 89H523!;9!\']!svt!
D1&/33%! EFG! HIJB! IIBHGJG! GFJK!
L1-19,%"23&4$%! EH! GJM! IHKNJN! IOJH!
P@,$:+,:4J!P@,$:'$&,$! EO! GJO! IEMKJF! FJM!
Q*@@$%'@,$:! NE! KJB! GIIJB! NJM!
'3%'/,-$!P$%R*%-! BE! NJO! BGEJM! IJG!
L3R$&1/,3%! BK! BJF! BOJG! OJI!
03.*4$%/1/,3%! BO! BJK! BKFJI! IJE!
S1<8&,<8/$%! F! IJI! FBJB! OJG!
L*',.'$%R*%-! H! OJM! BKJK! OJB!
#14$'83=! H! OJM! IGGJH! IJO!
T,$&'$%R*%-! G! OJH! IMEJG! IJI!
U1'/$:'$%R*%-! I! OJI! BBJM! OJI!
#$'14/! MNH! IOOJO! IGBKNJB! IOOJO!
!
79!O52H5<!8G6H;94!.,!459!Y;-H0096!103:59!L;:;.29FQ0-<59e!$_B!v!45-!89.;K3!,94!'(_%!v! 45-!U;,5-! ;335-! >594,9:59!O,-459! ;36!L;:;.29FQ0-<! 2459H212.25-H"!836! 4-2HH5!V-,//5!103:59!>/25365-259W>/253123<5_!425!<2H!$_(!v!\89.;K3]!G.O"!&_B!v!45-!U;,5-!;335-!>594,9F:59!.O;-!5295!:5-29:5_!;G5-!40JK!5295!:5O2665!?535=;9.!K;G59"!8335!O52H5-59!V59-56_!652F59!56!C,//596/2535_!U0M,<59H;H20959_!@25-6594,9:59!045-!a;6H536594,9:59_!H-5H59!j,;9FH2H;H2=!:565K59!M;,<!29!X-6JK529,9:"!
NO26JK59! 459!+2945-65945-9! ,94!+2945-/-0:-;<<59! 5g26H25-59! b540JK_! K2962JKH32JK! 45-!=0-M0<<59459!V59-56_!5-K5G32JK5!T9H5-6JK2545!\625K5!@;G"!%]"!U;6!C-0:-;<<;9:5G0H!456!`1159H32JKF-5JKH32JK59!+2945-M;9;36!O526H!=5-:32JK59!<2H! ;3359!;945-59!,9H5-6,JKH59!>59F45-9! 425! :-`cH5! V59-5=2531;3H! ;,1"! X6! O5-459! Y;-H0096_! C,//596/2535_! >/253123F<5W>/25365-259_!V;<56K0O6_!L,62MF_!a;6H53F!,94!@25-6594,9:59_!L;:;.29FQ0-<59_!R;JKF-2JKH59! ,94! U0M,<59H;H20959! ;,6:56H-;K3H"! Y;-H0096! 6294! b540JK! ;,JK! 2<! `1159H32JKF-5JKH32JK59!+7"+8!425! ;<!KP,12:6H59! ;9.,H-5115945!C-0:-;<<10-<! \<2H!E#_)!v!45-!89F.;K3!,94!*B_'!v!45-!U;,5-]"!!
X&G/--/!bK!T/,#/(!,&:7!"#$%#&''&,G2/)/#,!YF&(2(K!>&7-!3/#!C/,3*,%/,Z!!
18E1H! C*4/#`XP! CHXE;! 1U`XP! a*,2$#!Xc!!
89.;K3!
sRt!
89H523!;9!\']!svt!
89.;K3!sRt!
89H523!;9!\']!svt!
89.;K3!sRt!
89H523!;9!\']!svt!
89.;K3!sRt!
89H523!;9!\']!svt!
89.;K3!sRt!
89H52;9!\']svt!
Y;-H009! '))! E#_)! )*)! BB_&! 'E! '((! )E! E&_(! )(E! BE_(
L;:;.29FQ0-<59! #E! )(_(! )! (_B! (! (! (! (_(! '! (_E
>/253123<_! >/25365F-25! )%! '(_(! %! )_%! (! (! '! )_(! '#! $_)
C,//596/253! )#! &_*! (! (_(! (! (! (! (_(! '(! E_'
6096H2:5!>594,9:! '#! #_$! #! '_&! (! (! (! (_(! #! )_'
L045-;H209! *! '_'! (! (_(! (! (! )'! E)_&! (! (_(
U0M,<59H;H209! #! '_&! %! )_%! (! (! )! E_'! $! )_#
R;JK-2JKH59! &! *_*! (! (_(! (! (! (! (_(! (! (_(
L,62M6594,9:! %! )_$! (! (_(! (! (! (! (_(! (! (_(
V;<56K0O! '! (_E! #! '_&! (! (! '! )_(! (! (_(
@25-6594,9:! )! (_%! )! (_B! (! (! (! (_(! )! (_B
a;6H536594,9:! (! (_(! '! (_E! (! (! (! (_(! (! (_(
V56;<H!\']! )%(! '((_(! )$'! '((_(! 'E! '((! E&! '((_(! )E*! '((_(
32
!
X&G/--/!b!Y=$#)(EZK!T/,#/(!,&:7!"#$%#&''&,G2/)/#,!YF&(2(K!V&*/#Z!!
18E1H! C*4/#`XP! CHXE;! 1U`XP! a*,2$#!Xc!!
U;,5-!s<29t!
89H523!;9!\)]!svt!
U;,5-!s<29t!
89H523!;9!\)]!svt!
U;,5-!s<29t!
89H523!;9!\)]!svt!
U;,5-!s<29t!
89H523!;9!\)]!svt!
U;,5-!s<29t!
89H52;9!\)]svt!
Y;-H009! '&&)_B! *B_'! E'##_)! B$_#! *(B_*! '((_(! E$'_)! &(_&! E*#&_'! B(_B
L;:;.29FQ0-<59! '$&'_E! *)_*! )%_B! (_$! (_(! (_(! (_(! (_(! )E_)! (_E
>/253123<_!>/25365F-25! B)#_E! '#_B! )#&_%! #_E! (_(! (_(! '&_$! *_&! EB(_*! B_&
C,//596/253! *#&_$! $_&! (_(! (_(! (_(! (_(! (_(! (_(! )#'_%! E_%
6096H2:5!>594,9:! #%_&! '_'! '((_B! )_'! (_(! (_(! (_(! (_(! '(%_'! )_(
L045-;H209! E_(! (_'! (_(! (_(! (_(! (_(! '$_$! *_*! (_(! (_(
U0M,<59H;H209! %E_E! '_E! ##_%! '_)! (_(! (_(! $_'! '_)! '')_&! )_'
R;JK-2JKH59! &)_)! '_B! (_(! (_(! (_(! (_(! (_(! (_(! (_(! (_(
L,62M6594,9:! )E_E! (_#! (_(! (_(! (_(! (_(! (_(! (_(! (_(! (_(
V;<56K0O! )E_E! (_#! '*B_E! )_&! (_(! (_(! *_B! (_B! (_(! (_(
@25-6594,9:! B#_'! '_$! E*_E! (_&! (_(! (_(! (_(! (_(! #%_'! '_'
a;6H536594,9:! (_(! (_(! ))_B! (_#! (_(! (_(! (_(! (_(! (_(! (_(
V56;<H! #)*'_$! '((_(! EB(*_%! '((_(! *(B_*! '((_(! #(%_*! '((_(! #*&)_E! '((_(
!
33
U2115-59.25-H!<;9!425!Y;-H009F>594,9:59! 29!8JH209FY;-H0096_!R09F8JH209FY;-H0096!,94!92JKH! 52945,H2:! .,.,O5265945!Y;-H0096_! 60! 1P33H! 529!89H523! =09! $#_#!v! ;,1!R09F8JH209FY;-H0096!,94!9,-!529!89H523!=09!)(_&!v!;,1!52945,H2:5!8JH209FY;-H0096!\625K5!@;G"!B]"!!
X&G/--/!dK!e&#)$$,(!G/2!18E1H!!
H,9&7-! V&*/#!T/,#/!
sRt! 89H523!;9!\']!svt!
s<29t! 89H523!;9!\']!svt!
R09F8JH209FY;-H009!
B(! $#_$!! ')*#_*(! $)_(!!
8JH209FY;-H009! )#! )(_#!! *B*_((! '&_)!!
Y;-H009!>096H2:5! '%! '*_&!! *%E_#*! 'B_B!!
V56;<H!\']! '))! '((_(!! '&&)_B*! '((_(!!
R5G59!Y;-H009F>594,9:59!129459!62JK!2<!C-0:-;<<!456!+2945-M;9;36!;,JK!;945-5!V59-56!29!92JKH!,95-K5G32JK5<!8,6<;c!O2545-"!>0!O5-459!)(!v!\89.;K3]!;335-!a52H-P:5!29!L;:;F.29FQ0-<!:565945H"!U2565!L;:;.29FQ0-<59!95K<59_!425!U;,5-!425656!V59-56!G5H-;JKH594_!52959! G529;K5! 5G5960! :-0c59! >H53359O5-H! 529! O25! 425! .;K3-52JK59! Y;-H009F>594,9:59_!9P<32JK! *)_*! v"! U5-! +2945-M;9;3! 65945H! .,45<! 29! 5HO;! '(! v! \89.;K3]! >/25365F-259W>/253123<5!\'#_B!v!45-!U;,5-]!,94!29!&_*!v!C,//596/2535!\$_&!v!45-!U;,5-]"!>0!32515-H!45-!+2945-M;9;3!65295<!C,G32M,<!529!-52JKK;3H2:56!V59-5;9:5G0H"!
pG5-!425!V59-5J0425-,9:!K29;,6!O,-459!2<!?;K<59!45-!89;3^65!Q0-<59!29H5-;MH2=5-!N,F65K5-G5H5232:,9:! G50G;JKH5H! ,94! /-0H0M03325-H"! 79H5-;MH2=5! N,65K5-G5H5232:,9:! M;99! 2<!+7"+8!29!3P9:5-59!>594,9:59!O25!45<!Q3PJK59<;:;.29!D"078"7_!45<!a"6%)%82%8IY&/G_!4I:' ,=%)' A! 045-! a7G7&/67IaW! 60O25! /,9MH,533! 29! .$"&&"C-' a"%)-2/8=%! 045-! ./>/#0&IaW!\lY,,&',=%)'Y)7-$m]!156H:56H533H!O5-459_!;,c5-45<!129459!62JK!29H5-;MH2=5!X35<59H5!29!459!+,-.6594,9:59! UC"%&G,KK_!(,KK_!a)"#0(,KK_! U,' &%G%' "#$555! 045-! G52! 45-![0-6H533,9:! ,94!I;K3!456!;/8-#$9"&>-'=%)';,#$%"!
8,JK! ;945-5! M-5;H2=5! 29H5-;MH2=5! Q0-<59_! 425! 459! ?;K<59! 5H;G325-H5-! >JK5<;H;! \i,2.]!6/-59:59_!K;G59!2<!+7"+8!2K-59!C3;H."!Xg5</3;-26JK!652!425!a)"#0G,KK!:59;99H"!7<!?;KF<59! 42565-! >594,9:! O2-4! ,";"! 425! C-04,MH209! =09! @-2JM123<59! :5.52:Hk! 4;-ZG5-! K29;,6!O5-459! 459! N,65K5-9!f29O5265! ;9! 425!f;94! :5:5G59_!O25!<2H! :5-29:5<!L2HH53;,1O;94!52:595!892<;H20959!5-.5,:H!O5-459!M`9959"!!
N,6;<<591;66594!M;99!:56;:H!O5-459_!4;66!529!.59H-;356!/-0:-;<<6/5.2126JK56!YK;-;MH5F-26H2M,<!456!`1159H32JKF-5JKH32JK59!+2945-M;9;36!65295_!=5-:32JK59!<2H!459!;945-59!,9H5-F6,JKH59!C-0:-;<<;9G25H5-9_! -53;H2=!:-0c5
!34
H5-;MH2=5!N,65K5-G5H5232:,9:!;<!C-0:-;<<!26H!45-!+2945-M;9;3!4,-JK;,6!;MH2=_!29!O592:59!QP3359!60:;-!K0JK:-;42:!M-5;H2="!!
7<!O5-G5129;9.25-H59!C-0:-;<<!=09!>,/5-?@A!-;9:25-H!45-!Y;-H009!<2H!G529;K5!&(!v!;9!>594,9:6;9H52359!\BB_&!v!45-!89.;K3k!B$_#!v!45-!U;,5-]!;9!5-6H5-!>H5335!,94!4-P9:H!;945F-5!C-0:-;<<10-<59! 296!j,;9H2H;H2=5!8G652H6! \625K5!@;G"!%]"!U0M,<59H;H20959!,94!>/253F123<5W>/25365-259! G535:59! b5O5236! )_%!v! 45-! >594,9:59! \89.;K3]_! >/253123<5W>/25365-259!2<<5-K29! #_Ev! 45-! >5945.52H"!I599! ;,JK! j,;9H2H;H2=! ,96JK529G;-_! 60! G25H5H! >,/5-?@A!=5-529.53H! ;,JK! ;945-5! V59-56! O25! 5HO;e! V;<56K0O6! \#! >594,9:59]_! a;6H536594,9:! \'!>594,9:]_!@25-6594,9:!\)!>594,9:59]_!L;:;.29FQ0-<59!\)!>594,9:59]!,94!6096H2:5!>59F4,9:59"!!
T9H5-.25KH!<;9!425!Y;-H009Fa52H-P:5!5295-!9PK5-59!a5H-;JKH,9:_!129459!62JK!!EE_(!v!8JFH209FY;-H0096_!*)_B!v!R09F8JH209!Y;-H0096!,94!)*_*!v!92JKH!52945,H2:!.,0-459G;-5!Y;-FH009F>594,9:59! \625K5! @;G"! &]"! U25! 89H5235! =09! 8JH209FY;-H0096! 325:59! 4;<2H! 2<! C-0F:-;<<!=09!>,/5-?@A!45,H32JK!ZG5-!45959!2<!89:5G0H!=09!+7"+8!\625K5!@;G5335!B]"!
!
X&G/--/!fK!e&#)$$,(!G/2!C*4/#`XP!!
H,9&7-! V&*/#!T/,#/!
!sRt! 89H523!!;9!!\']!svt!
!s<29t! 89H523!;9!\']svt!
R09F8JH209FY;-H009! '()! EE_(!! '%$(_#! E)_E!!
8JH209FY;-H009! %$! *)_B!! 'E'%_#! *E_'!!
Y;-H009!>096H2:5! #E! )*_*!! &%%_)! )*_#!!
V56;<H!\']! )*)! '((_(!! E'##_)! '((_(!!
!
7<!f29G32JM!;,1!Q0-<59!29H5-;MH2=5-!N,65K5-G5H5232:,9:!2<!C-0:-;<<!=09!>,/5-?@A!325Fc59!62JK!,";"!425!lf2:K32:KH6m!JI(,,2_! lU/C%)'a,H'Y&/G!,94!UC"%&%67&7K"%! 2459H212.25-59"![5-529.53H!6294!;,JK!f29O5265!;,1!lM;,1F!,94!M096,<;9-5:5945m!29H5-;MH2=5!Q0-<59!;,1F:51;3359!\U/C%)'a,H'Y&/G]"!!
N,6;<<591;66594!M;99!:56;:H!O5-459_!4;66!4;6!89:5G0H!456!O5-G5129;9.25-H59!+2945-F/-0:-;<<6!>,/5-?@A!.,!G529;K5!95,9!N5K9H539!;,6!Y;-H0096!G56H5KH"!7995-K;3G!45-!Y;-FH0096!6294!=5-:352JK6O5265!=2535!8JH209FY;-H0096!.,!G50G;JKH59"!U25!=5-G352G59459!''_'!v! \G.O"! '*_#! v! 45-! U;,5-]! O5-459! =0-! ;335<! .O26JK59! >/253123<59! G.O"! >/25365-259_!V;<56K0O6! ,94! U0M,<59H;H20959! ;,1:5H523H"! 79H5-;MH2=5! N,65K5-G5H5232:,9:! M0<<H! 29!X29.531P3359!=0-"!!
35
U;6! 4-2HH5! ,9H5-6,JKH5!I0JK59F+2945-/-0:-;<<! D,920-! @[! \C-5<25-5]!O526H! 52959!Y;-FH009F89H523! =09! BE!v! \89.;K3]! ,94! B(_B!v! 45-!V56;<H4;,5-! 45-! >594,9:59! ;,1! \625K5!@;G"! %]"!U5-!Y;-H009F89H523! 26H! 4;<2H! 5HO;6!:5-29:5-! ;36! ! G52!>,/5-?@A"!>/253123<5!,94!>/25365-259!95K<59!$_)!v!\89.;K3]!G.O"!B_&!v!\U;,5-]!529"!C,//596/2535!\E_'!v!45-!89F.;K3]_!U0M,<59H;H20959!\)_#!v!45-!89.;K3]!,94!6096H2:5!>594,9:59!\)_'!v!45-!89.;K3]!60O25!5295!L;:;.29FQ0-<!,94!.O52!@25-6594,9:59!H52359!62JK!459!?56H!45-!>5945/3PH.5"!
U2115-59.25-H!<;9!425!Y;-H0096!O52H5-!;,1_! 5-:2GH! 62JK! 103:59456!a234! \625K5!@;G5335!'(]e!XHO;!425!fP31H5!45-!Y;-H0096!=09!C-5<25-5!D,920-!1P33H!;,1!459!8JH209Fa5-52JK"!D5O5236!J;"!529![25-H53!;,1!R09F8JH209FY;-H0096!,94!92JKH!52945,H2:!.,0-459G;-5!Q0-<59"!U;<2H!K;H!C-5<25-5! D,920-! 459! K`JK6H59! 89H523! ;9! 8JH209FY;-H0096! ,94! 459! :5-29:6H59! 89H523! ;9!R09F8JH209FY;-H0096! 2<![5-:352JK!.,!459!;945-59!G52459!I0JK59/-0:-;<<59"!Q0-<59!29H5-;MH2=5-!N,65K5-G5H5232:,9:!M0<<59!29!C-5<25-5!D,920-!92JKH!=0-"!
!
X&G/--/!;gK!e&#)$$,(!G/2!a*,2$#!Xc!Y"#/'2/#/Z!!
H,9&7-! V&*/#!T/,#/!
!sRt! 89H523!!;9!!\']!svt!
!s<29t! 89H523!;9!\']svt!
8JH209FY;-H009! '(*! #(_#!! '&'E_E! E*_&!!
R09F8JH209FY;-H009!
#E! )$_#!! ')$%_B! )&_'!!
Y;-H009!>096H2:5! E%! )*_(!! ''%$_B! )%_(!!
V56;<H!\']! )(E! '((_(!! E*#&_'! '((_(!!
!
[5-:352JKH!<;9!425!4-52!I0JK59F+2945-/-0:-;<<5!K2962JKH32JK!2K-5-!V59-5=5-H523,9:_!60!K5GH!62JK!4;6!`1159H32JKF-5JKH32JK5!+2945-/-0:-;<<!=09!459!G52459!/-2=;H59!C-0:-;<<59!;<! 45,H32JK6H59! ;G"! >5295! V59-5=2531;3H! 26H! =5-:352JK6O5265! ;<! :-`cH59"! U;6! C-0:-;<<!G56H5KH!.,!5295<!K0K59!V-;4!\5HO;!4-52![25-H53!456!89:5G0H6]_!b540JK!92JKH!;,66JK325c32JK!;,6!Y;-H0096"!X29!:-0c5-!@523!45-!Y;-H0096!456!+2945-M;9;36!1P33H!29!459!R09F8JH209!a5F-52JK"! >,/5-?@A! ,94! D,920-! @[! \C-5<25-5]! 659459! K29:5:59! KP,12:5-! 8JH209FY;-H0096"!U25656! CKP90<59! 3P66H! 62JK! ;36! <;-M59-535=;9H! M599.52JK959e! U25! b,9:59! ?5.2/259H59!M`9959! 62JK!4;-;,1! =5-3;6659_! :59;,!425656!89:5G0H! G52!>,/5-?@A!,94! D,920-!@[! \C-5F<25-5]!.,!129459"!
U;6!I0JK59594F+2945-/-0:-;<<! =09! >8@"'! 65945H5! 2995-K;3G! 456! T9H5-6,JK,9:6.52HF-;,<6!;,66JK325c32JK!Y;-H0096!\625K5!@;G"!%]"!L2H!b5O5236!E)_&!v!K;G59!8JH209FY;-H0096!
!36
,94! R09F8JH209! Y;-H0096! :352JKO5-H2:5! a2346JK2-</-P659._! 92JKH! .,0-459G;-5! Y;-H0096!G23459! 459! ?56H! 456! C-0:-;<<6! \625K5! @;G"! '']"! 79H5-;MH2=5! N,65K5-G5H5232:,9:! 26H! 2<!?;K<59!456!+2945-/-0:-;<<6!=09!>8@"'!92JKH!=0-K;9459"!
!
X&G/--/!;;K!e&#)$$,(!G/2!CHXE;!!
H,9&7-! V&*/#!T/,#/!
!sRt! 89H523!!;9!!\']!svt!
!s<29t! 89H523!;9!\']!svt!
8JH209FY;-H009! $! E)_&!! '*(_*! E)_*!!
R09F8JH209FY;-H009!
$! E)_&!! '**_(! E*_'!!
Y;-H009!>096H2:5! )! 'E_*!! E#_(! 'E_$!!
V56;<H!\']! 'E! '((_(!! *(B_*! '((_(!!
!
U;6!I0JK59594F+2945-/-0:-;<<!=09!?@A!65945H!.,!E&!v!\89.;K3]!G.O"!&(_&!v!\N52H]!Y;-H0096"!I25!G5-52H6!0G59!5-3P,H5-H_!26H!4;6!C-0:-;<<!=09!+F?@A!2<!T9H5-6,JK,9:6.52HF-;,<!40<2925-H!4,-JK!4;6!Q3PJK59<;:;.29!L"-8%H'Y&/G"!U5-!L"-8%H'Y&/G!G56H5KH!;,6!5295-!89529;945--52K,9:!=09!Y;-H0096!<2H!NO26JK59<045-;H20959_!O592:59!+,-.40M,<59H;H2F0959!,94!5295<!L292j,2.!\625K5!@;G"!')]"!>/253123<5W>/25365-259!<;JK59!;36!?5624,;3M;H5F:0-25!$_%!v! \89.;K3]!G.O"!*_&!v! \U;,5-]!456!C-0:-;<<!;,6"!I52H5-5!V59-56! 5g26H25-59!92JKH"! 79H5-;MH2=5! N,65K5-G5H5232:,9:! 26H! 2<!?;K<59! 456! C-0:-;<<6! =09!+F?@A! 9,-! 29!8,69;K<51P3359!-5;32625-H"!
!
37
!
X&G/--/!;AK!=&(0%>!?96$!Y1U`XPZ!2,!I2,9/-/-/'/,)/,!!
H,9&7-! V&*/#!T/,#/!
!sRt! 89H523!;9!\']!svt!
!s<29t! 89H523!;9!\']!svt!
R$3/#&)2$,!)'! #B_*!! '$_$! %_*!!
R09F8MH209FY;-H009!
$! '$_%!! ''$_E! #'_E!!
8MH209FY;-H009! *! B_*!! '&_B! B_%!!
Y;-H009!>096H2:5! *! B_*!! $*_&! )B_)!!
U0M,<59H;H209! )! #_$!! $_'! )_%!!
V;<56K0O! '! )_B!! *_B! '_%!!
V56;<H!\']! *$! '((_(!! ))$_$! '((_(!!
a5H-;JKH5H!<;9!9,-!425!Y;-H0096!;,c5-K;3G!456!L"-8%H'Y&/G-_!60!6294!42565!.,!'((v!8JFH209FY;-H0096"!a5.25KH!<;9!b595!456!L"-8%H'Y&/G-!<2H!529!\625K5!@;G"!')]_!60!P945-H!62JK!4;6!a234e!8,1!425!+;H5:0-25!8JH209FY;-H0096!59H1;3359!4;99!$)_#v_!;,1!425!+;H5:0-25!R09F8JH209! )#v! ,94! ')_#v! ;,1! 425! +;H5:0-25! 6096H2:5! Y;-H0096"! 8,JK! 425! [5-KP3H92665! 2<!V56;<HG234! 45-! V59-56! =5-6JK25G59! 62JK_! O599! 425! X29.53G56H;94H5235! 456!L"-8%H' Y&/G-!<2H529G5.0:59!O5-459"!U;6! C-0:-;<<!=09!+F?@A! G56H5KH! 4;99! .,! &(_&!v_! .52H32JK! G5FH-;JKH5H_!;,6!Y;-H0096"!
N,6;<<591;66594! 3P66H! 62JK! .,! 45-! V59-5=5-H523,9:! 45-! G52459! I0JK59594F+2945-/-0:-;<<5!103:59456!6;:59e!U25!6H;-M5!+09.59H-;H209!;,1!Y;-H009FQ0-<59!26H!;,JK!G52!>8@"'!\'((!v]!,94!2<!+2945-/-0:-;<<!=09!?@A!\&(_&!v!45-!>5945.52H]!4;6!K5-;,6F-;:5945!YK;-;MH5-26H2M,<"!Q0-<59!29H5-;MH2=5-!N,65K5-G5H5232:,9:!K;G59!8,69;K<56H;H,6"!a52<![5-:352JK!<2H! 459!I0JK59F+2945-/-0:-;<<59! .52:H! 62JK! 5295! 90JK! 6HP-M5-5!+09F.59H-;H209! ;,1! 4;6! lI5659H32JK5me! 425! Y;-H0096"! U5-! :5-29:5! >5945,<1;9:! 45-!I0JK5F9594FC-0:-;<<5!H-P:H!.,-![5-6HP-M,9:!45-!Y;-H009FL090M,3H,-!G52"!
)"E"E"E! >5-259W?52K59!=5-6,6!X29.536594,9:59!2<!+2945-/-0:-;<<!
+2945-15-965K59!G56H5KH!;,6!>5-259!G.O"!?52K59"!U;6!:23H!G529;K5!,9529:56JK-P9MH_!,94!56!:23H! 1Z-! ;335! K25-! ,9H5-6,JKH59! +2945-/-0:-;<<5! \625K5! @;G"! '*]"! 8,69;K<59_! 425! 42565!?5:53!G56HPH2:59_!O5-459!=0-O25:594!;<!I0JK595945!;,6:56H-;K3H!,94!OPK-594!45-!I0FJK5!;9:5MZ942:H!\."a"!I,96JK123<!;<!>099H;:_!>;<6H;:6123<_!>099H;:6<P-JK59]"!+52956!
!38
45-!K25-!,9H5-6,JKH59!+2945-/-0:-;<<5!O526H! 2995-K;3G!456!?;K<596!l65-25335!U2<5962F09m!!G560945-5!YK;-;MH5-26H2M;!;,1"!
)"E"E"#! I2545-K03,9:59!=09!>594,9:59!2<!+2945-/-0:-;<<!
X295!a5H-;JKH,9:!456!89H5236!;9!I2545-K03,9:59!;<!V56;<H/-0:-;<<!.52:H_!4;66!'$_E!!v!;335-!>594,9:59!52945,H2:!;36!M,-.1-26H2:5!I2545-K03,9:59!2459H212.25-G;-!6294!\625K5!@;G"!'E]"!a52!E_B!v!45-!>594,9:59!325c!62JK!;,1:-,94!45-![0-:5K596O5265!92JKH!59H6JK52459_!0G!56!62JK!,<!M,-.1-26H2:5!I2545-K03,9:59!K;9453H5"!
[5-:352JKH!<;9!9,9!425!I2545-K03,9:59!45-!529.53959!>5945-!G5.0:59!;,1!425!89.;K3!45-!>594,9:59_!60!325:H!45-!+7"+8!G52!'&_*!v_!>,/5-?@A!G52!'%_&!v_!>8@"'!G52!(!v_!+F?@A!G52!)_(!v!,94!D,920-!@[!\C-5<25-5]!G52!'#_Ev"!!7<!?;K<59!456!C-0:-;<<;9:5G0H6!=09!D,920-!@[!\C-5<25-5]! 325c!62JK!G52!'E_&!v!45-!>594,9:59!M5295!52945,H2:5!X9H6JK524,9:!ZG5-!459!I2545-K03,9:6JK;-;MH5-!H-51159"!I2545-K03,9:59!2<!8,6<;c!.O26JK59!5HO;!'#!G26!)(!v!F!a;626!26H!O2545-,<!425!89.;K3!45-!>594,9:59!F!M599.52JK959!;360!425!I0JK59F+2945-/-0:-;<<5"
X&G/--/!;BK!C/#2/,h`/27/,!*,3!I2,9/-5/#+/!,&:7!"#$%#&''&,G2/)/#,!!
C/#2/h`/27/! I2,9/-5/#+! TH,G2/)/#!
89.;K3! U;,5-! 89.;K3! U;,5-!
! sRt! 89H523!;9!\']!svt!
s<29t! 89H523!;9!\)]svt!
sRt! 89H523!;9!\']svt!
s<29t! 89H523!;9!\)]svt!
89.;K3!\']!
!
+7"+8! BGH! FMJF! EONEJG! FGJN! N! IJI! IFGJO! NJH! BHO!
>,/5-?@A! BGI! IOOJO! KMONJH! IOOJO! O! OJO! OJO! OJO! BGI!
>8@"'! IK! IOOJO! NOMJN! IOOJO! O! OJO! OJO! OJO! IK!
+F?@A! KF! IOOJO! EOHJN! IOOJO! O! OJO! OJO! OJO! KF!
D,920-! @[!\C-5<25-5]! BNM! FMJN! EOBIJK! FNJE! K! IJH! NKHJB! GJE! BKB!
V56;<H! MBF! FFJB! IEGHGJB! FGJH! H! OJM! EKNJB! NJN! MNG!
!
X&G/--/!;DK!M2/3/#7$-*,%/,!,&:7!"#$%#&''&,G2/)/#,!!
!
89.;K3!
! 18E1H! C*4/#`XP! CHXE;! 1U`XP!
40
! sRt! 89H523!;9!\']!svt!
sRt! 89H523;9!\']!svt!
sRt! 89H523!;9!\']!svt!
sRt! 89H523!;9!\']!svt!
D;! #)! '&_*! E%! 'B_(! (! (_(! '! )_(!
R529! )'$! B(_(! )'E! B)_(! '*! &)_&! E%! &#_&!
R2JKH!59H6JK524G"! )! (_%! (! (_(! '! %_'! '! )_(!
V56;<H!\']! )%(! '((_(! )$'! '((_(! 'E! '((_(! E&! '((_(!
U;,5-!
! 18E1H! C*4/#`XP! CHXE;! 1U`XP!
! s<29t! 89H523!;9!\)]!svt!
s<29t! 89H523!;9!\)]svt!
s<29t! 89H523!;9!\)]!svt!
s<29t! 89H523!;9!\)]!svt!
D;! '(*)_$! '&_%! &*E_'! '&_E! (_(! (_(! )(_E! E_(! $
R529! E'B$_%! B(_(! *B$&_$! B(_$! )B#_*! &)_#! E$E_E! &'_#! *&
R2JKH!59H6JK524G"! ')_*! (_)! (_(! (_(! )*_(! %_#! ))_#! E_E! %
V56;<H!\)]! #)*'_$! '((_(! EB(*_%! '((_(! *(B_*! '((_(! #(%_*! '((_(! #*
41
)"E"E"$! 8-H!45-!C-04,MH209!45-!>594,9:59!456!+2945-15-965K596!
@;G5335!'#!:2GH!52959!pG5-G32JM!ZG5-!425!8-H!45-!C-0:-;<</-04,MH209"!a;626!1Z-!42565!a5F-5JK9,9:59!26H!425!89.;K3!45-!>594,9:59!/-0!+2945-65945-"!U25!X-:5G92665!.52:59_!4;66!425!+;,1/-04,MH20959!G52!;3359!>5945-9!<2H!:-0c5-!U5,H32JKM52H!ZG5-O25:59"!a52<!:5GZKF-59129;9.25-H59! +2945-M;9;3! 325:H! 42565-! 89H523! G52! $B_#! v_! 45-! O5-G5129;9.25-H5! C-0F:-;<<;9G25H5-!>,/5-?@A!65945H!;9!425!&'_$!v!;9:5M;,1H5!C-04,MH20959"!a52<!O5-G512F9;9.25-H59!I0JK59594F+2945-/-0:-;<<!>5945-!>8@"'!325:H!42565-!89H523!G52!&)_&!v!,94!G52<!I0JK59594F+2945-/-0:-;<<F>5945-!?@A!G52! #'_(!v"! D,920-!@[! \C-5<25-5]! M;,1H!6JK325c32JK!&%_#!v!65295-!C-04,MH20959!;9"!>0O0K3!45-!+2945-M;9;3!;36!;,JK!+F?@A!!K;FG59!<2H!'E_E!v!G.O"!!E$_&!v!45-!C-04,MH20959!52959!<;c:5G32JK59!89H523!;9!X2:59F!G.O"!+0/-04,MH20959!;,1.,O52659"!a52!+F?@A!40<2925-H!O2545-,<!45-!L"-8%H'Y&/G'425!N;KF359=5-KP3H92665"!
!
X&G/--/!;JK!H#)!3/#!"#$3*+)2$,!,&:7!"#$%#&''&,G2/)/#,!!
I2%/,4#$3E!h1$4#$3E!
H*Q)#&%(U4#$3*+)2$,!
=#/'3U4#$3*+)2$,!
^2:7)!/,)(:7/23G&#!
T/(&')!Y;Z!
!
!R! 89H523!;9!\']!!svt!
!R! 89H523!;9!\']!!svt!
R! 89H523!;9!\']!!svt!
R! 89H523!;9!\']!!svt!
R!
+7"+8! *&! 'E_E! )! (_%! 'B#! $B_#! EE! '$_*! )%(!
>,F/5-?@A! )! (_B! $! )_*! )*&! &'_$! 'E! #_E! )$'!
>8@"'! (! (_(! (! (_(! '*! &)_&! '! %_'! 'E!
+F?@A! )*! E$_&! (! (_(! )#! #'_(! '! )_(! E&!
D,920-!@[! (! (_(! '! (_E! )*$! &%_#! #! )_'! )E)!
V56;<H! $E! %_%! &! '_'! $&B! B*_#! $#! %_B! B*$!!
)"E"E"%! C-04,MH20963P945-!45-!>594,9:59!456!+2945-/-0:-;<<6!!
U25!C-04,MH20963P945-!O,-459!;9K;94!45-!89:;G59!29!459!/-0:-;<<52:5959!C-0:-;<<F=0-6JK;,59!,94!45-!R;JK6/P995!2459H212.25-H"!X295!N,6;<<596JK;,!45-!f5-M,91H!45-!C-0F4,MH20959!0K95!U2115-59.25-,9:!9;JK!459!+2945-/-0:-;<<;9G25H5-9!.52:H_!4;66!529!5-K5GF32JK5-!@523!45-!C-04,MH20959!;,6! .O52!AP945-9! 6H;<<H! \625K5!@;G"!'$]e!a52!E*_B! !v!45-!>594,9:59! 6294! C-04,.59H59! ;,6! 459! T>8! ;9! 45-! C-04,MH209! G5H5232:H_! G52! )&_)!v! 45-!>594,9:59!6294!56!C-04,.59H59!;,6!U5,H6JK3;94"!X6! 103:59!5295!?52K5!=09!C-04,MH2096F
!42
6H;940-H59_!425! b5O5236! ;9!5HO;!'(!v!45-!>594,9:59!G5H5232:H! 6294"!U256! 6294!Q-;9M-52JK!\&_*!v]_!+;9;4;!B_&!v]_!V-0cG-2H;99259!\B_(!v]!,94!D;/;9!\%_E!v]"!U59!=5-6JKO294594!M352959!?56H!H52359!62JK!K;,/H6PJK32JK!5,-0/P26JK5!>H;;H59_!0GO0K3!;,JK!C-04,MH20959!;,6!8,6H-;3259_!R5,6553;94_!76-;53!045-!N;2-5!;9.,H-51159!6294"!!
X&G/--/!;OK!"#$3*+)2$,(-6,3/#;D!!
R! 89H523!;9!\']!svt!
T>8! *$$! E*_B!
U5,H6JK3;94! )EE! )&_)!
Q-;9M-52JK! %B! &_*!
+;9;4;! %E! B_&!
V-0cG-2H;99259!,94!R0-42-3;94! $%! B_(!
D;/;9! $)! %_E!
M529!C-04,MH20963;94!G5M;99H! )E! )_&!
8,6H-;3259! '%! )_(!
>/;9259! '$! '_&!
x6H5--52JK! '$! '_&!
>JKO5459! B! '_(!
A,g5<G,-:! B! '_(!
R2545-3;945! %! (_B!
R5,6553;94! %! (_B!
>JKO52.! #! (_$!
N;2-5! )! (_)!
Y>>?! )! (_)!
YK29;! )! (_)!
7H;3259! )! (_)!
7-3;94! )! (_)!
Q2993;94! )! (_)!
T9:;-9! '! (_'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'E!+2945-6594,9:59!O5-459!KP,12:!;36! 29H5-9;H209;35!+0/-04,MH20959!K5-:56H533H"!8,1:-,94!425656!T<6H;9F456!O,-459! 29!45-!U2<596209!C-04,MH20963P945-!L,3H2/35F?56/0965FY0425-,9:59!=0-:590<<59"! 79!459!?56,3H;H59!ZG5-6H52:H!45-!V56;<H/-0.59H6;H.!456K;3G!425!'((v!L;-M5"!!!
43
76-;53! '! (_'!
a53:259! '! (_'!
R0-O5:59! '! (_'!
+-0;H259! '! (_'!
D,:063;O259!\>5-G259!,94!L09H595:-0]! '! (_'!
763;94! '! (_'!
V56;<H!\']! B*$! ')'_B!
!
U2115-59.25-H!<;9!9;JK! 459!+2945-/-0:-;<<;9G25H5-9_! .52:59! 62JK! 65K-! ,9H5-6JK25432JK5!X-:5G92665! \625K5!@;G"! '%]"!U5-! `1159H32JKF-5JKH32JK5!+2945-M;9;3! .52:H! =0-O25:594!C-0F4,MH20959_! ;9! 45959! C-04,MH209612-<59! ;,6! U5,H6JK3;94! G5H5232:H! 6294_! 45-! C-0.59H6;H.!G5H-P:H!2<<5-K29!$'_&v"!!
X&G/--/!;bK!"#$3*+)2$,(-6,3/#!,&:7!"#$%#&''&,G2/)/#,;J!!
! 18E1H! C*4/#`XP! a*,2$#!Xc!Y"#/'2/#/Z!
CHXE;! 1U`XP!
! R! 89H523!;9!\']!svt!
R! 89H523!;9!\']!svt!
R! 89H523!;9!\']!svt!
R! 89H523!;9!\']!svt!
R! 89H523!;9!\']!svt!
T>8! )* B_#! '#E! #&_(! '#E! $*_$! ''! %B_$! )E! E&_(!
U5,H6JK3;94! '$% $'_&! *%! 'E_)! '$! $_$! '! %_'! )*! E$_&!
Q-;9M-52JK! & *_*! ##! )'_'! 'E! #_B! (! (_(! (! (_(!
+;9;4;! '# #_$! *)! ')_*! )$! '(_%! '! %_'! (! (_(!
V-0cG-2H;9F9259!,94!
R0-42-3;94! *B 'E_'! )(! %_%! B! *_*! '! %_'! (! (_(!
D;/;9! )' %_B! #! '_&! *E! 'E_(! '! %_'! '! )_(!
M529!!
C-04,MH2096F3;94!!
G5M;99H! 'B $_%! *! '_'! )! (_B! (! (_(! '! )_(!
8,6H-;3259! ' (_E! B! *_'! B! *_*! (! (_(! (! (_(!
>/;9259! '' E_'! (! (_(! #! )_'! (! (_(! (! (_(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'#!>25K5!Q,c90H5!'E"!
!44
x6H5--52JK! ') E_E! (! (_(! E! '_%! (! (_(! (! (_(!
>JKO5459! $ )_)! (! (_(! )! (_B! (! (_(! (! (_(!
A,g5<G,-:! ( (_(! B! *_'! (! (_(! (! (_(! (! (_(!
R2545-3;945! % )_$! (! (_(! (! (_(! (! (_(! (! (_(!
R5,6553;94! % )_$! (! (_(! (! (_(! (! (_(! (! (_(!
>JKO52.! E '_#! (! (_(! '! (_E! (! (_(! (! (_(!
N;2-5! ( (_(! (! (_(! )! (_B! (! (_(! (! (_(!
Y>>?! ' (_E! (! (_(! '! (_E! (! (_(! (! (_(!
YK29;! ( (_(! )! (_B! (! (_(! (! (_(! (! (_(!
7H;3259! ( (_(! '! (_E! '! (_E! (! (_(! (! (_(!
7-3;94! ( (_(! (! (_(! )! (_B! (! (_(! (! (_(!
Q2993;94! ) (_%! (! (_(! (! (_(! (! (_(! (! (_(!
T9:;-9! ' (_E! (! (_(! (! (_(! (! (_(! (! (_(!
76-;53! ' (_E! (! (_(! (! (_(! (! (_(! (! (_(!
a53:259! ( (_(! '! (_E! (! (_(! (! (_(! (! (_(!
R0-O5:59! ( (_(! (! (_(! '! (_E! (! (_(! (! (_(!
+-0;H259! ' (_E! (! (_(! (! (_(! (! (_(! (! (_(!
D,:063;O259!\>5-G259!,94!L09H595:-0]! ( (_(! (! (_(! '! (_E! (! (_(! (! (_(!
763;94! ' (_E! (! (_(! (! (_(! (! (_(! (! (_(!
V56;<H!\']! )%( ')B_'! )$'! ')E_&! )E) ''$_#! 'E! '(%_'! E&! '((_(!
!
8,11;33594! 26H! .,45<! 425! G-52H5! U2115-59.25-,9:! 45-! C-04,MH20963P945-! F! 42565! 26H! =5-F:352JK6O5265!;<!:-`cH59"!U5-!+2945-M;9;3!26H!.,45<!45-!529.2:5!>5945-_!29!45<!425!T>8!;36! C-04,MH209632515-;9H! 92JKH! ;9! 5-6H5-! >H5335! -;9:25-H_! 60945-9!<2H! B_#!v! 5HO;!<2H! 45<!>H53359O5-H!D;/;96!:352JK.,65H.59!26H!\%_B!v]""!
C-04,MH20959!;,6!459!T>8!6294!.O;-!-535=;9H!1Z-!4;6!89:5G0H!456!+2945-M;9;36_!625!95KF<59! b540JK!M5295!=0-K5--6JK5945!>H533,9:!529"!V-0cG-2H;99259!6/253H!;36!C-04,MH20963;94!<2H!'E_'!v!95G59!U5,H6JK3;94!90JK!5295!<;c:5G32JK5!?0335!2995-K;3G!456!+2945-M;9;36!
a52<! +2945-/-0:-;<<! 456! O5-G5129;9.25-H59! >,/5-?@A! 45JMH! 62JK! 425! [5-H523,9:! 45-!f5-M,91H! 45-!C-04,MH20959! 2<!V-0c59!,94!V;9.59!<2H!45-!AP945-=5-H523,9:!;335-!,9H5-F6,JKH59!C-0:-;<<5"!C-04,MH20959_!;9!45959!T9H5-95K<59!45-!T>8!G5H5232:H!6294_!95K<59!<2H!#&!v!5295!=0-K5--6JK5945!>H533,9:!529"!Q-;9.`626JK5!C-04,MH209612-<59!6294!;9!)'_'!v!45-!>594,9:59!G5H5232:H_!45,H6JK5!T9H5-95K<59!;9!'E_)!v!45-!>594,9:59_!M;9;426JK5!
45
C-04,MH209612-<59!;9!')_*!v!,94!T9H5-95K<59!;,6!V-0cG-2H;99259!;9!%_%!v!45-!C-04,MFH20959"!8G:565K59! =09! 459! :59;99H59! C-04,MH20966H;940-H59!O5-459! ;,1! >,/5-?@A! 9,-!65K-!O592:5!>594,9:59!;945-5-!AP945-!;,6:56H-;K3H"!
X29!PK932JK56!a234!5-:2GH!62JK!G52!45-!a5H-;JKH,9:!456!C-0:-;<<;9:5G0H6!=09!D,920-!@[!\C-5<25-5]"! U;6! <;c:5G32JK5! 7</0-H3;94! ;9! >5-259! ,94! Q23<59! 6H53359! 425! T>8! 4;-!\$*_$!v]"!>5-259_!;9!45959!D;/;9!;36!C-04,MH20963;94!G5H5232:H!26H_!-;9:25-59!<2H!'E!v!G5F-52H6! ;9! .O52H5-!>H5335"!X6! 103:59!+;9;4;! \'(_%!v]_!U5,H6JK3;94! \$_$!v]!,94!Q-;9M-52JK!\#_B!v]"!X29!>/5.212M,<!=09! D,920-!@[! 26H!45-!G5-52H6! 5-OPK9H5!K0K5!89H523! b;/;926JK5-!C-04,MH20959! \892<5]"! N,45<! 65945H! D,920-! @[! \C-5<25-5]! >594,9:59! ;,6! O5659H32JK!<5K-! C-04,MH20963P945-9! ;36! 5HO;! >,/5-?@A! 045-! 425! G52459! I0JK59594F+2945-/-0:-;<<5! >8@"'! G.O"! +F?@A"!L2H! %B_$!v! 6H;<<H! G52! >8@'! 45-! V-0cH523! 45-!C-04,MH20959!;,6!459!T>8"!+F?@A!O2545-,<!O526H!;,1:-,94!45-!>5945535<59H5!456!L"-I8%H'Y&/G-!F!456659!a560945-K52H!K25-!G5-52H6!<5K-<;36!5-`-H5-H!O,-45!F!29!E$_&v!45-!QP335!U5,H6JK3;94!;36!f5-M,91H60-H!45-!>594,9:59!;,6"'$!!
)"E"E"B! 8MH,;32HPH!45-!>594,9:59!456!+2945-/-0:-;<<6!
89;3^625-H!<;9!425!;9K;94!456!C-04,MH2096b;K-6!45-!>594,9:59!G56H2<<H5!8MH,;32HPH!456!+2945-/-0:-;<<6_!60!.52:H!62JK!\625K5!@;G"!'B]_!4;66!45-!`1159H32JKF-5JKH32JK5!+2945-M;9;3!4;6!=5-:352JK6O5265!;MH,5336H5!C-0:-;<<!65945H"!>0O0K3!L542;9!;36!;,JK!L04;3O5-H!325F:59!G52!C-04,MH20959!;,6!45<!D;K-!'&&&"!!
U25!;MH,5336H5!C-04,MH209!6H;<<H!;,6!45<!D;K-!)(()"!
U;6!+2945-/-0:-;<<!456!O5-G5129;9.25-H59! C-2=;HM2945-65945-6! >,/5-?@A! 325:H! 60O0K3!<2H!45<!L04;3O5-H! ;36! ;,JK!<2H!45<!L2HH53O5-H! ;,1!C-04,MH20959!456! D;K-56!'&&%"!U25!;MH,5336H5!C-04,MH209!6H;<<H!;,6!45<!D;K-!)(('"!
U5-!C;^F@[!+2945-65945-!D,920-!@[!\C-5<25-5]!O526H!,9H5-!459!I0JK59FC-0:-;<<59!425!4,-JK6JK92HH32JK!P3H56H59!C-04,MH20959!;,1"!U5-!L542;9!325:H!2<!D;K-!'&B&_!45-!L04;3O5-H!2<!D;K-!'&BB"!U25!;MH,5336H5!C-04,MH209!6H;<<H!O2545-,<!;,6!45<!D;K-!'&&&"!a52!D,920-!@[! 6/25359! lY;-H009F+3;662M5-m! 5295! <;-M59-535=;9H5! ?0335"! [0-! ;335<! ;,6! 459! T>8!6H;<<5945!>594,9:59!O25!5HO;!U#$1%"8#$%8'L"#0_!.,C%H%'2$%'U7"&,)_!R7>"&"%'R%/%)-2%"8!O5-459! HP:32JK!.O52<;3!/-P659H25-H! \4;=09!O2-4!425![0-H;:566594,9:!529<;3!O2545-K03H]!,94!/-P:59!60<2H!425!6H;H26H26JK59!I5-H5"!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'$! f25-! 26H! ;335-429:6! ;,JK! .,!G5-ZJM62JKH2:59_! 4;66! 459!/-0.59H,53359!89:;G59! ;,1F:-,94! 45-! :5-29:59!89.;K3! ;9!>594,9:59! 9,-! :5-29:5!8,66;:5M-;1H! .,:5<56659!O5-459!M;99"!
!46
X&G/--/!;dK!"#$3*+)2$,(i&7#!,&:7!"#$%#&''&,G2/)/#,!!!
>5945-! L2HH53FO5-H'%!
L542;9'B! L04;3O5-H'&! D;K-!45-!P3H56H59!C-04,MH209!
D;K-!45-!bZ9:6H59!C-04,MH209!
+7"+8! '&&%! '&&&! '&&&! '&##! )(()!
>,/5-?@A! '&&#! '&&%! '&&%! '&$)! )(('!
>8@"'! '&%B! '&B#! '&$(! '&*$! '&&)!
+F?@A! )(((! )(()! )(()! '&&'! )(()!
D,920-! @[!\C-5<25-5]! '&B'! '&B&! '&BB! '&*$! '&&&!
V-0,/! @0FH;3! '&&'! '&&%! '&&&! '&*$! )(()!
!
8,JK! 4;6! 6;<6HP:32JK5! +2945-/-0:-;<<! =09! >8@"'! M09.59H-25-H! 62JK! 2<! ,9H5-6,JKH59!N52H-;,<! ;,66JK325c32JK! ;,1! P3H5-56! C-0:-;<<<;H5-2;3"! U25! bZ9:6H5! >594,9:! 59H6H;<<H!45<!D;K-!'&&)_!425!P3H56H5!45<!D;K-!'&*$_!45-!L2HH53O5-H!325:H!2<!D;K-!'&%B_!45-!L542;9!2<! D;K-! '&B#"! 79! 42565<!N,6;<<59K;9:! G352GH! .,! 5-OPK959_! 4;66! 425! N;K359! ;,1! 5295-!V56;<H1;33.;K3!=09!3542:32JK!'E!D;K-56;9:;G59!G5-,K59"!
U;6!I0JK59594F+2945-/-0:-;<<!=09!?@A!26H!O5659H32JK!95,5-59!U;H,<6"!U25!;MH,5336H5!>594,9:!59H6H;<<H!45<!D;K-!)(()_!L542;9!O25!L04;3O5-H!325:59!5G591;336!2<!D;K-!)(()"!U0-H!92<<H!45-!L"-8%H'Y&/G!5295!=0-K5--6JK5945!C062H209!529"!!
:5E5O'' Q1"-#$%86&"%=%)'/8='R&"%6%8'">'D"8=%)C),6)7>>'
)"E"#"'!NO26JK59:32545-!2<!+2945-/-0:-;<<!
8335!>5945-!9,H.59!NO26JK59:32545-!.,-!+599.52JK9,9:!,94!a5O5-G,9:!456!>5945-6"!U25!NO26JK59:32545-! 45-! +2945-/-0:-;<<;9G25H5-9! 103:59! P6HK5H26JK59! V56;<HM09.5/H59!\l>J-559!U562:9m]_! 6294!/-P:9;9H!:56H;3H5H!,94!4;-;,1!;,6:5-2JKH5H_!4;6! b5O5232:5!+2945-F/-0:-;<<!52945,H2:!.,!2459H212.25-59!,94!=09!M09M,--25-59459!C-0:-;<<59!;G.,:-59.59"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
'%! 8-2HK<5H26JK56!L2HH53k!45-!I5-H!:2GH!;9_!O25!;3H!425!C-04,MH20959!4,-JK6JK92HH32JK!6294"! !
'B! U5-!L542;9!:2GH!K25-!;9_!O53JK56!C-04,MH2096b;K-!:59;,!425!V-59.5!.O26JK59!459!#(v!P3H56H59!,94!459!#(!v!bZ9:6H59!C-04,MH20959!G2345H"!
'&!! U5-!L04;3O5-H!:2GH!K25-!;9_!;,6!O53JK5<!D;K-!425!:-`cH5!N;K3!=09!C-04,MH20959!6H;<<H"!
47
U25! NO26JK59:32545-! 2K-5-652H6! 6294! O52H5-! 42115-59.25-G;-_! 5HO;! 9;JK! 2K-5-! Q,9MH209! 2<!C-0:-;<<13,66!045-!9;JK!2K-59!P6HK5H26JK59!a;,535<59H59"!q6HK5H26JK5!a;,535<59H5!6294!5HO;! ;92<25-H5! >2:95H6! \+7"+8F?;4]_! 6/5.2126JK5! Q;-GM0<G29;H20959_! +3;9:103:59_! 529F.5395!Q2:,-59_!Q2:,-595965<G356_!,6O"!
7<!j,;9H2H;H2=59!@523!45-!T9H5-6,JK,9:!O5-459!425!NO26JK59:32545-!9;JK! 2K-59!Q,9MH20F959! 2<! C-0:-;<<13,66! 42115-59.25-H"! U;G52! O2-4! .O26JK59! >5945-M5996/0H_! >5945-F+2945-/-0:-;<<M5996/0H_! C-0:-;<<13PJK59M5996/0H_! I5-G5M5996/0H_! @5;65-_! @-;235-_![0-6JK;,H;153!,94!l>096H2:59!NO26JK59:32545-9m!,9H5-6JK25459"!
D545!NO26JK59:3254M;H5:0-25!K;H! 2K-5-652H6!5295!6/5.25335!,94!1Z-!425!8-H!45-!4;<2H!;9:5F6H-5GH59!L;-M59G234,9:!-535=;9H5!Q,9MH209e!@5;65-!425959!5HO;!4;.,_!425!N,65K5-!;<!C-0F:-;<<!.,!K;3H59_!4;<2H!625!H-0H.!I5-G5,9H5-G-5JK,9:59!92JKH!;GF!045-!,<6JK;3H59"!@-;235-!O2545-,<! =5-6,JK59_! 6/5.2126JK5! >594,9:59! .,! G5O5-G59! ,94! >JKO5-/,9MH5! .,! 65H.59"!@-;235-!;M.59H,25-59!G56H2<<H5!>594,9:59!52956!C-0:-;<<;9G25H5-6"!U5<!M29432JK59!N,F65K5-!G25H59!625!h-259H25-,9:59!1Z-!425!C-0:-;<<6535MH209"!I5-G5M5996/0H6!6294!459!>59F45-9!:565H.32JK!;,15-35:H!,94!425959!2<!I5659H32JK59!.,-!L;-M25-,9:!45-!pG5-:P9:5!.O2F6JK59! C-0:-;<<! ,94!I5-G,9:"!pG5-! 42565! 6/5.2126JK59! Q,9MH20959! 45-! 529.53959! NO2F6JK59535<59HH^/59! K29;,6! 26H! =09! a545,H,9:_! 4;66! G529;K5! ;,69;K<6306! ;335! NO26JK59F535<59H5!.,-!a5O5-G,9:!456!>5945-6!G.O"!456!G5H-51159459!C-0:-;<<6!425959"!
U25! ,9H5-6JK25432JK5! V5O2JKH,9:! 45-! NO26JK59535<59H5! 2<! C-0:-;<<! 45-! b5O5232:59!>5945-!\625K5!@;G"!'&]!.52:H_!4;66!42565!>5945-!2K-!C,G32M,<!;,1!,9H5-6JK25432JK5!8-H!,94!I5265!.,!K;3H59!,94!;9!459!>5945-!.,!G29459!=5-6,JK59"!+7"+8!65H.H!2<!?;K<59!45-!T9FH5-6,JK,9:6O0JK5! *#B! NO26JK59:32545-! 529_! 4;6! 6294! 4,-JK6JK92HH32JK! *_&! NO26JK59535F<59H5!29!45-!>H,945"!U5-!O52H;,6!:-`cH5!@523!G56H5KH!;,6!@-;235-9!\%B_B!v]_!29!5-K5G32JK5<!8,6<;c! O5-459! .,45<! >5945-M5996/0H6! \'$_B! v]! 529:565H.H"! I52H5-5! NO26JK59:32545-!M0<<59!9,-!6/0-;426JK!.,<!@-;:59"!!
!
X&G/--/!;fK!>52(:7/,%-2/3/#!,&:7!"#$%#&''&,G2/)/#,!
!
! 18E1H! C*4/#`XP! "#/'2/#/!a*,2$#!
89.;K3! 89.;K3! 89.;K3!!sRt! 89H523!;9!\']!
svt!!
U;,5-!s<29t!
sRt! !89H523!;9!\']!svt!
U;,5-!s<29t!
sRt! !89H523!;9!\']!svt!
U;,5-s<29t!
>5945-M5996/0H! $(! '$_B! )'_%! %E! $_&! %_E! )#*! EB_%! ''%_&!
+0<G29;H209e!!
>5945-F+2945-/-0F (! (_(! (_(! '! (_'! (_'! (! (_(! (_(!
!48
:-;<<6/0H!
+2945-/0-:-;<<FM5996/0H! (! (_(! (_(! (! (_(! (_(! '! (_)! )$_)!
C-0:-;<<13PJK59FM5996/0H! E! '_'! )_$! $B! $_E! &_#! (! (_(! (_(!
I5-G5M5996/0H! (! (_(! (_(! *&#! *%_(! E(_(! (! (_(! (_(!
@5;65-! $! '_%! *_(! &$! &_(! ))_&! )(%! *&_&! '''_(!
@-;235-! )B)! %B_B! 'B(_E! *&E! *$_&! 'B*_$! )%! #_)! '$_$!
[0-6JK;,H;153! (! (_(! (_(! (! (_(! (_(! '! (_)! (_'!
>096H2:5! $! '_%! '(_$! E(! *_%! *_%! *(! #_B! '&_#!
V56;<H!\']! *#B! '((_(! )'B_)! '($B! '((_(! )$%_'! #'&! '((_(! )&'_*!
! CHX;! 1U`XP! &--/!H,G2/)/#!
89.;K3! 89.;K3! 89.;K3!!
sRt! !89H523!;9!\']s!vt!
U;,5-!
s<29t! sRt!! 89H523!;9!\']!s!vt!
U;,5-!s<29t!
sRt!! 89H523!;9!\']!svt!
U;,5-s<29t!
>5945-M5996/0H! (! (_(! (_(! (! (_(! (_(! *B%! 'B_)! 'E$_&!
+0<G29;H209e!!
>5945-F+2945-/-0F:-;<<6/0H! '! '_(! (_*! )$! )B_&! *_#! )B! '_*! *_&!
+2945-/0-:-;<<FM5996/0H! *(! *(_&! &_#! (! (_(! (_(! *'! '_#! *#_%!
C-0:-;<<13PJK59FM5996/0H! (! (_(! (_(! (! (_(! (_(! %)! *_E! ')_'!
I5-G5M5996/0H! )B! )B_&! *_(! '&! )'_'! *_(! EE)! )(_%! E#_&!
@5;65-! ')! ')_E! *_&! **! *$_%! '*_E! *#E! '$_$! '#E_*!
@-;235-! (! (_(! (_(! ')! '*_*! #_(! %'#! **_#! *B#_#!
[0-6JK;,H;153! (! (_(! (_(! (! (_(! (_(! '! (_(! (_'!
>096H2:5! )$! )$_B! %_%! (! (_(! (_(! '()! E_B! E'_#!
V56;<H!\']! &%! '((_(! )E_E! &(! '((_(! )E_&! )'*)! '((_(! B)#_&!
>,/5-?@A!65945H!2<!T9H5-6,JK,9:6.52H-;,<!296:56;<H!'($B!NO26JK59:32545-_!4;6!6294!''!NO26JK59535<59H5!/-0!>59456H,945"![09!45-!V56;<H.;K3!;9!NO26JK59535<59H59!59H1;3359!*%!v!;,1!I5-G5M5996/0H6_!*$_&!v!;,1!@-;235-_!&!v!;,1!@5;65-_!$_&!v!;,1!>5945-M5996/0H6_!$_E!v!;,1!!C-0:-;<<13PJK59M5996/0H6!,94!*_%!v!;,1!6096H2:5!NO26JK59:32545-"!
D,920-!@[! \C-5<25-5]! 65945H! 2<!T9H5-6,JK,9:6.52H-;,<! 296:56;<H!#'&!NO26JK59:32545-_!4;6!6294!#_#!NO26JK59535<59H5!/-0!>59456H,945"!a529;K5!425!fP31H5!4;=09!\EB_%!v]!59HF1;3359!;,1!>5945-M5996/0H6_!*&_&!v!;,1!@5;65-_!#_)!v!;,1!@-;235-!,94!#_B!v!;,1!6096H2:5!NO26JK59:32545-"!
a52! b545<!45-!,9H5-6,JKH59!I0JK59F+2945-/-0:-;<<5!3P66H!62JK!529!6/5.2126JK56!L,6H5-!G52<! X296;H.! =09! NO26JK59:32545-9! 2459H212.25-59"! QZ-! 459! +2945-M;9;3! 26H! 5295! -53;H2=!:5-29:5!89.;K3!;9!NO26JK59:32545-9!JK;-;MH5-26H26JK_!O0G52!@-;235-!,94!>5945-M5996/0H6!
49
40<2925-59"!>,/5-?@A! 26H!K29:5:59!4,-JK!5295! -53;H2=!K0K5!89.;K3!;9!NO26JK59:32545-9!:5M599.52JK95H"!X6!40<2925-59!I5-G5M5996/0H6!,94!@-;235-_!4;-ZG5-!K29;,6!M0<<59!@5;F65-_!>5945-M5996/0H6!,94!C-0:-;<<13PJK59M5996/0H6!29!-535=;9H5-!i,;9H2HPH!.,<!X296;H."!QZ-! D,920-!@[!\C-5<25-5]! 26H!O2545-,<!5295! -53;H2=!:5-29:5!89.;K3!;9!NO26JK59:32545-9!JK;-;MH5-26H26JK_!O0G52!>5945-M5996/0H6!,94!@5;65-!j,;9H2H;H2=!40<2925-59"!79!j,;9H2H;H2=!G545,H6;<5<! 8,6<;c! M0<<59! 6JK325c32JK! 90JK! @-;235-! ,94! 6096H2:5! NO26JK59:32545-!.,<!X296;H."!
>8@"'!65H.H! 2<!?;K<59!65295-!M,-.59!>5945.52H!&%!NO26JK59535<59H5!529_!4;6!6294!'E_%!NO26JK59535<59H5!/-0!>59456H,945"![09!425659!&%!X35<59H59!59H1;3359!*(_&!v!;,1!+29F45-/-0:-;<<M5996/0H6!,94!)B_&!v!;,1!I5-G5M5996/0H6_!')_E!v!59H1;3359!6JK325c32JK!;,1!@5;65-!,94!)$_B!v!;,1!6096H2:5!NO26JK59:32545-"!U;6!+2945-/-0:-;<<!=09!?@A!G529K;3FH5H!2<!?;K<59!65295-!M,-.59!>5945.52H!&(!NO26JK59:32545-_!4;6!6294!B_&!NO26JK59535<59FH5!/-0!>59456H,945"![09!425659!&(!X35<59H59!59H1;3359!*$_%!v!;,1!@5;65-_!)B_&!v!;,1!425!+0<G29;H209!=09!>5945-F+2945-/-0:-;<<M5996/0H_!)'_'!v!;,1!I5-G5M5996/0H6!,94!'*_*!v!;,1!@-;235-"!
8,JK!425!I0JK59594F+2945-/-0:-;<<5!=09!>8@"'!,94!?@A!O52659!4;<2H!4,-JK;,6!=5-F6JK254595!L,6H5-! 2<!X296;H.! =09!NO26JK59:32545-9! ;,1"! a52! >8@"'! 40<2925-59!+2945-F/-0:-;<<M5996/0H6! ,94! I5-G5M599/0H6_! G52<! +2945-/-0:-;<<! =09! ?@A! 40<2925-59!K29:5:59! @5;65-! ,94! >5945-FW+2945-/-0:-;<<6/0H6"! >8@"'! G5O2-GH! 6529! :56;<H56! +29F45-/-0:-;<<!<2H! K0K5-! 79H5962HPH_! 0K95! 5295! G56H2<<H5! >594,9:! G560945-6! K5-=0-.,K5FG59"!+F?@A!65H.H!=2535!@5;65-!.,-!8,1-5JKH5-K;3H,9:!456!C-0:-;<<13,6656!529"!a560945-6!KP,12:!O2-4!;,1!425!>594513PJK5!456!L"-8%H'Y&/G-!,94!456659!a56H;94H5235!=5-O25659"!
U25!8,6.PK3,9:!45-!@-;235-!5-:2GH!103:59456!a234e!U25!1Z91!;<!KP,12:6H59!29!@-;235-9!456!+2945-M;9;3!G5O0-G5959!>594,9:59!6294!D"078"7!\*%!@-;235-]_!U,88276-><)#$%8!\)E!@-;2F35-]_!L"%'U%8=/86'>"2'=%)'!7/-!\'*!@-;235-]_!L"%'0&%"8%8'B%-C%8-2%)!\'*!@-;235-]!,94!45-!;/8-#$9"&>'=%)';,#$%!\')!@-;235-]"!a52<!O5-G5129;9.25-H59!>5945-!>,/5-?@A!6294!4256e!^%/%'+G%82%/%)'>"2';"88"%'./$!\*(!@-;235-]_!L"%'+G%82%/%)'?,8'a,>'U71H%)'/8='c/#0&%IG%))H' R"88! \)&! @-;235-]_!L"-8%H-' 4d4' L7&>72"8%)! \)%! @-;235-]_! (%8`7>"8' (&M>#$%8! \)$!@-;235-]!,94!JI(,,2'I'L7-'J/"33!\)(!@-;235-]"!7<!?;K<59!456!C-0:-;<<6!D,920-!@[!=09!C-5<25-5!O2-4!KP,12:5-!;,1!459!G5=0-6H5K59459!Y7)&-,8276!=5-O25659"!
)"E"#")! Q325:59!G.O"!Y0-95-!V-;/K2J6!;36!L;-M25-,9:59!=09!L;-M59!1Z-!+2945-!
U25!l>5945-1325:5m!26H!425!G545,H5946H5!,94!,9<2HH53G;-6H5!Q0-<!45-!+0<<,92M;H209!456!L;-M59.52JK596!4,-JK!52959!Q5-965K65945-"!89!5295-!XJM5!456!a23456!/062H20925-H_!1,9:25-H!42565!;36!529.2:56!65945-6/5.2126JK56!X-M599,9:6<5-M<;3!ZG5-!=5-6JK254596H5!>594,9:59!K29O5:_!625!62JK5-H!29!Q03:5!456659!529!L29456H<;c!;9!=26,5335-!+09H29,2HPH!,94!h-259H25F-,9:"!!
!50
D59652H6!456!+5-9/-0:-;<<6!F!45-!52:59H32JK59!>594,9:59!F!O2-4!;335-429:6!425!6096H!M09FH29,25-32JK!;9!459!535MH-0926JK59!a2345-9!M35G5945!>5945-1325:5!;,6:56/;-H"!X295-652H6!O2-4!;,1!425!>5945-1325:5!2<![5-3;,1!=09!I5-G55296JK;3H,9:59!=5-.2JKH5H_!;945-5-652H6!O2-4!4;6!L;-M59.52JK59!2<!+09H5gH!=09!NO26JK59:32545-9!KP,12:!=09!65295-!/5-2/K5-59!Q325:59/0F62H209!G51-52H!,94!<2H,9H5-!.,<!;92<25-H59_!=26,533!40<29;9H59!>/2530Gb5MH!5-K0G59"!!
pG5-!4;6! 5291;JK5!+09.5/H! 5295-!>5945-1325:5!K29;,6! 3P66H! 62JK!45-![5-6,JK!G50G;JKH59_!Q325:59M09.5/H5! 1Z-!=5-6JK254595!@523G5-52JK5!52956!+2945-/-0:-;<<6!.,!59HO5-159!,94!;9.,O59459"!I;K-6JK52932JK5! 79H59H209!42565-!U2115-59.25-,9:6=5-6,JK5! 26H! 56_! .O26JK59!V56;<H/-0:-;<<!,94!>594,9:!529!<2HH35-56!>H-,MH,-25-,9:6F!,94!h-259H25-,9:6296H-,<59H!.,!5H;G325-59"!
836! f;,/H5-:5G926! 45-! 89;3^65! 3P66H! 62JK! 156H6H53359e! 8335! C-0:-;<<;9G25H5-! 65H.59! G52!;3359!>594,9:59!2K-!6/5.2126JK56!>5945-!045-!C-0:-;<<M599.52JK59!29!Q0-<!5295-!Q325:5!529"!U;-ZG5-!K29;,6!O5-459!b540JK!,9H5-6JK25432JK5!>H-;H5:259!=5-103:H"!!
U5-! `1159H32JKF-5JKH32JK5! +2945-M;9;3! \625K5! @;G"! )(]! 65H.H! G52! G56H2<<H59! >594,9:59!!296G560945-5! G52! Q3PJK59<;:;.2959!O25! ."a"! G52!D"078"7! 5295!Q325:5! ;36!L;-M59.52JK59!1Z-! 425! >594,9:! 529"! +0</35g5-! 26H! 45-! X296;H.! =09! Q325:59! G52! 459! NO26JK59:32545-9"!>5945-1325:59!,94!Q3PJK59<;:;.291325:59!O5-459!K25-!29!O52H;,6!:5-29:5-5<!T<1;9:!529F:565H.H"!Q3PJK59<;:;.291325:59!H;,JK59!G526/2536O5265!;,66JK325c32JK!G52!459!@-;235-9!1Z-!4;6!Q3PJK59<;:;.29!D"078"7! ;,1"!N,45<! 26H! 4;6!>5945-.52JK59! 29!459!NO26JK59:32545-9!KP,12:!92JKH!;36!Q325:5_!60945-9!;36!60945-9!;36!40<29;9H56_!.,<!@523!;92<25-H56!=26,53356!hGb5MH!2<!a234!/-P659H"!!
D59652H6!456!X296;H.56!=09!Q325:59!M0<<,92.25-H!45-!+2945-M;9;3!65295!2459H2HPH66H21H59459!=26,53359!YK;-;MH5-26H2M;!ZG5-!425!NO26JK59:32545-"!f5-;,6-;:59456!L5-M<;3!456!=26,53F359!X-6JK529,9:6G23456!26H!95G59!45<!A0:0!+7"+8!4;6!>^<G03!456!+7"+8F?;456"!
X&G/--/!AgK!=-2/%/,!,&:7!"#$%#&''&#)!G/2!18E1H!!
>52(:7/,%-2/3! C/,3*,%!H#)!3/#!=-2/%/!
89.;K3!sRt!
89H523!svt!
89.;K3!sRt!
89H523!svt!
D;! )$! %_*!! )%'! '((_(!!>5945-1325:5!R529! **'! &)_%!! (! (!
D;! (! (! (! (!+0<G"! >5945-F! C-0F:-;<<1325:5! R529! *#%! '((_(!! )%'! '((_(!!
D;! (! (! (! (!+2945-/-0:-;<<F1325:5! R529! *#%! '((_(!! )%'! '((_(!!
D;! (! (! (! (!
51
D;! (! (! (! (!C-0:-;<<13PJK59F1325:5! R529! *#%! '((_(!! )%'! '((_(!!
D;! *%! '(_E!! %! )_$!!Q3PJK59<;:;.291325F:5! R529! *)(! B&_$!! )$E! &%_E!!
U5-! O5-G5129;9.25-H5! +2945-65945-! >,/5-?@A! 65H.H! .,6PH.32JK! .,-! >5945-1325:5! ;,1! 529!42115-59.25-H56! Q325:59M09.5/H! \625K5!@;G"! )']"!V5<5296;<!<2H! 45-! >5945-1325:5!O5-459!9P<32JK! b5O5236! 59HO545-! 5295! +2945-/-0:-;<<1325:5! \*&_B!v]! 045-! 5295! C-0:-;<<13PFJK591325:5!\*%_)!v]!529:565H.H"!R5G59!45-!>5945-1325:5!l>,/5-?@A_!6294!K25-!425!Q325:59!456!+2945-/-0:-;<<62:95H6!@0::0_!425!:-;126JK5!L;-M25-,9:!45-!>594513PJK5!1Z-!N,65K5-!45-! 83H5-6:-,//5! .O26JK59! 4-52! ,94! ;JKH! D;K-59! 29! Q0-<! 45-! @0::03290F+,K! 60O25! 425!C-0:-;<<13PJK59<;-M25-,9:! ?;=596G,-:5-! @[! 5-OPK9596O5-H"! U2565! [0-:5K596O5265!4259H!4;.,_!459!C-0:-;<<13,66!;,1!5295-!K`K5-59!XG595!;36!b595-!45-!>594,9:59!.,!6H-,MFH,-25-59_! ,<! 62JK!4;<2H! =09!459! ;945-59!>5945-9! ;G.,K5G59"!U25!+0</35g2HPH! 45-!+59F9,9:!45-!>594513PJK59!H-P:H!;,1!459!5-6H59!a32JM!5K5-!.,-![5-O2--,9:!;36!.,-!h-259H25-,9:!2<! C-0:-;<<! G52"! I599! L;-M25-,9:6.52JK59! ;36! 5291;JK5! h-259H25-,9:6.52JK59! 425959!6033H59_!4;99!3P66H!62JK!K25-!425!Q-;:5!6H53359_!O25!K0JK!45-!+0</35g2HPH6:-;4!52956!L;-M25F-,9:6.52JK596^6H5<6! 6529!4;-1_! 0K95!425!V-,941,9MH209!45-!h-259H25-,9:! 529.,6JK-P9M59!045-!29!2K-!V5:59H523!.,!=5-M5K-59"!
7<!a5-52JK!45-!I5-G,9:!,94!45-!O5-G5PK932JK59!>594,9:59! 26H!45-!X296;H.!=09!Y0-95-!V-;/K2J6! 6/;-6;<_! 3542:32JK! G52! 5292:59! O5-G5PK932JK59! C-0:-;<<535<59H59! O2-4! =09!>,/5-?@A!425!C-0:-;<<M599,9:!29!Q0-<!5295-!>5945-1325:5!\'(!v]_!6/0-;426JK!;,JK!52F95-!+2945-/-0:-;<<1325:5!\'_#!v]_!529:565H.H"!8,6!45-!C5-6/5MH2=5!45-!K25-!=0-:590<<5F959!j,;9H2H;H2=59!89;3^65!65H.H!>,/5-?@A!425!>5945-1325:5!29!E#_#!v!45-!NO26JK59:32545-!529"!8335-429:6!M0<<H!4;6!L;-M59.52JK59!4;-ZG5-!K29;,6!;,JK!29!;92<25-H5-!Q0-<!=0-"!
X&G/--/!A;K!=-2/%/,!,&:7!"#$%#&''&#)!G/2!C*4/#`XP! !
!
>52(:7/,%-2/3! M/#G*,%!*,3!5/#G/67,-2:7/!=$#'/,!
C/,3*,%!H#)!3/#!=-2/%/!
89.;K3sRt!
89H523svt!
89.;K3sRt!
89H523!svt!
89.;K3!sRt!
89H523!svt!
D;! EB$! E#_#!! )%! '(_(!! )$'! '((_(!!>5945-1325:5!
! R529! #B'! #E_#!! )EE! &(_(!! !(! (!!
D;! (! (! (! (! (! (!+0<G"!>5945-FC-0:-;<<1325:5! R529! '($%! '((_(!! )%'! '((_(!! )$'! '((_(!!
!52
D;! !! !! E! '_#!! '(E! *&_B!!+2945-/-0:-;<<1325F:5! R529! '($%! '((_(!! )$%! &B_#!! '#%! $(_)!!
D;! (! (! (!! !(! &%! *%_)!!C-0:-;<<13PJK59F1325:5! R529! '($%! '((_(!! )%'! '((_(!! '$E! $)_B!!
D;! (! (! (! (! (! (!Q3PJK59<;:;.291325:5!
! R529! '($%! '((_(!! )%'! '((_(!! )$'! '((_(!!
!
X&G/--/!AAK!=-2/%/,!,&:7!"#$%#&''&#)!G/2!a*,2$#!Xc!Y"#/'2/#/Z!!
>52(:7/,%-2/3! M/#G*,%!*,3!5/#G/67,-2:7/!=$#'/,!
C/,3*,%!H#)!3/#!=-2/%/!
89.;K3!sRt!
89H523!svt!
89.;K3!sRt!
89H523!svt!
89.;K3!sRt!
89H523!svt!
D;! )*)! EE_%!! (!! (!! )E)! '((_(!!>5945-1325:5!
!R529! )B%! ##_*!! B! '((_(!! (! (!
D;! (! (! (! (! (! (!+0<G"!>5945-F!C-0:-;<<1325:5! R529! #'&! '((_(!! B! '((_(!! )E)! '((_(!!
D;! (! (! (! (! (! (!+2945-/-0:-;<<F1325:5! R529! #'&! '((_(!! B! '((_(!! )E)! '((_(!!
D;! (! (! (! (! (! (!C-0:-;<<13PJK59F1325:5! R529! #'&! '((_(!! B! '((_(!! )E)! '((_(!!
D;! (! (! (! (! (! (!Q3PJK59<;:;.29F1325:5! R529! #'&! '((_(!! B! '((_(!! )E)! '((_(!!
D,920-!@[!\C-5<25-5]!65H.H!65295!>5945-1325:5!G52!;3359!652959!)E)!;,6:56H-;K3H59!>594,9F:59!529!\625K5!@;G"!))]"![09!459!NO26JK59:32545-9!26H!O2545-,<!9,-!529!@523!\EE_%!v]!<2H!Q325:5!;,6:56H;HH5H"!
>8@"'! \625K5!@;G"!)*]!M0<G2925-H! 29!459!'E!;,6:56H-;K3H59!,94!,9H5-6,JKH59!>594,9:59!4;6!>5945-M599.52JK59!l>8@"'m!<2H!45-!+2945-/-0:-;<<1325:5!lDm"!U25656! lDm! 6H5KH! ;36!+Z-.53!1Z-!4;6!>2:95H!D,920-"!U2565-!N,6;<<59K;9:!O2-4!;<!a5:299!b545-!>594,9:!,94!29!459! NO26JK59:32545-9! :-;126JK! 45,H32JK! :5<;JKH"! 7<! ?;K<59! 45-! I5-G55296JK;3H,9:59!O2-4! =0336HP942:! ;,1! 1325:59;-H2:5! >5945-F! G.O"! C-0:-;<<M599.52JK9,9:59! =5-.2JKH5H"!U5<:5:59ZG5-!O2-4!G52!*B_'!v!45-!NO26JK59:32545-!5295!>5945-1325:5!529:565H.H"!!
53
!
X&G/--/!ABK!=-2/%/,!,&:7!"#$%#&''&#)!G/2!CHXE;!!
>52(:7/,%-2/3! M/#G*,%!*,3!5/#G/67,-2:7/!=$#'/,!
C/,3*,%!H#)!3/#!=-2/%/!
89.;K3!sRt!
89H523!svt!
89.;K3!sRt!
89H523!svt!
89.;K3!sRt!
89H523!svt!
D;! *%! *B_'!! (!! (!! 'E! '((_(!!>5945-1325:5!
!R529! $(! $'_&!! #'! '((_(!! (!! ((!!
D;! (! (! (! (! (! (!+0<G"! >5945-F!C-0:-;<<1325:5! R529! &%! '((_(!! #'! '((_(!! 'E! '((_(!!
D;! (! (! (! (! 'E! '((_(!!+2945-/-0:-;<<F1325:5! R529! &%! '((_(!! #'! '((_(!! (! (!
D;! (! (! (! (! (! (!C-0:-;<<13PJK59F1325:5! R529! &%! '((_(!! #'! '((_(!! 'E! '((_(!!
D;! (! (! (! (! (! (!Q3PJK59<;:;.29F1325:5! R529! &%! '((_(!! #'! '((_(!! 'E! '((_(!!
U;6!+2945-/-0:-;<<!=09!?@A!\625K5!@;G"!)E]!65H.H! 29!652959!E&!>594,9:59!425!M0<G2F925-H5! >5945-F+2945-/-0:-;<<1325:5! l+F?@Am! 529"! U25! I5-G55296JK;3H,9:59! O5-459!l1325:591-52m!/-P659H25-H"!U25!NO26JK59:32545-!O5-459!9,-!29!E!QP3359!\E_E!v]!<2H!Q325:59!:5M599.52JK95H"!U;-ZG5-!K29;,6!O2-4!4;6!+F?@AF>2:95H!29!:5-29:5-!P6HK5H26JK5-
!54
! R529! &(! '((_(! '&! '((_(! E&! '((_(!D;! *! *_*! (! (_(! E&! '((_(!+0<G"! >5945-F!
C-0:-;<<1325:5! R529! B%! &$_%! '&! '((_(! (! (_(!D;! (! (_(! (! (_(! (! (_(!+2945-/-0:-;<<F
1325:5! R529! &(! '((_(! '&! '((_(! E&! '((_(!D;! (! (_(! (! (_(! (! (_(!C-0:-;<<13PJK59F
1325:5! R529! &(! '((_(! '&! '((_(! E&! '((_(!D;! '! '_'! (! (_(! '! )_(!Q3PJK59<;:;.29F
1325:5! R529! B&! &B_&! '&! '((_(! EB! &B_(!
)"E"#"*! I5-G,9:!,94!O5-G5PK932JK5!Q0-<59!;36!@523!456!+2945-/-0:-;<<6!
a52! O5-G5129;9.25-H59! +2945-65945-9! H-5H59! ;36! O52H5-5-! O2JKH2:5-! C-0:-;<<G56H;94H523!I5-G55296JK;3H,9:59!29!X-6JK529,9:_!625!6294!296015-9!1Z-!425!>5945-<;-M5!-535=;9H"!I5-FG55296JK;3H,9:59! 2<! >2995! 456! ?,941,9M6H;;H6=5-H-;:56! M0<<,92.25-59! 2K-5-652H6! L;-FM599;<59!,94!L;-M59.52JK59!,9H5-6JK25432JK6H5-!C-04,MH5!,94!U2596H3526H,9:59_!O53JK5!O2545-,<!-53;H2=!:59;,!;,1!425!N253:-,//59!456!>594,9:6,<153456!;G:56H2<<H!6294"!
I25!@;G5335!)#!.52:H_!26H!I5-G,9:!529!O2JKH2:5-!a56H;9H523!45-!<;-M59-535=;9H59!7459H2HPH!456!O5-G5129;9.25-H59!+2945-15-965K596"!U5-!I5-G5;9H523!456!C-0:-;<<6! 325:H! .O26JK59!')_'!v!\>,/5-?@A]!,94!'#_)!v!\>8@"']"!U;6!I0JK59594M2945-/-0:-;<<!=09!?@A!K;H!52959!I5-G5;9H523!=09!')_*!v"!T9H5-529;945-!,9H5-6JK52459!62JK!;360!425!O5-G5129;9.25-FH59!>5945-!S!j,;9H2H;H2=!G5H-;JKH5H!S!9,-!,9O5659H32JK"!
U5-!I0JK59/-0:-;<<65945-!>,/5-?@A! 65945H! 2<!T9H5-6,JK,9:6.52H-;,<!''_B!>H,9459!:5M599.52JK95H5!I5-G,9:k!4;6!6294! 2<<5-K29!')_'!v!45-!:56;<H59!C-0:-;<<4;,5-!=09!&$_&!>H,9459"!U;-ZG5-!K29;,6!65945H!>,/5-?@A!29!$E!QP3359!\)'_$!L29,H59]!>/0960-29:FK29O5265_! >/0H6! <2H! f29O52659! .,! a5:352H<;H5-2;3259! 045-! 6096H2:5! O5-G5PK932JK59! X-F6JK529,9:610-<59"!836! 6JKO5-!5-M599G;-5-!f29O526! ;,1!>/0960-29:!45-!C-0:-;<<13PJK5!@0::03290!M099H5!\/)#$"!\>JK,K,9H5-95K<59!>;3;<;945-]!2459H212.25-H!O5-459")(!f29O52F65! ;,1!a5352H<;H5-2;3259!O,-459! 29!N,6;<<59K;9:!<2H!F#0$7)2' 7/-'=%>'!</-%8%-2! ,94!459!.,1%)'./99'B")&-!59H45JMH"!C,9MH,533!G50G;JKH5H!O,-459!2<!C-0:-;<<!=09!>,/5-?@A
55
X&G/--/!AJK!M/#G*,%!*,3!5/#G/67,-2:7/!=$#'/,!,&:7!"#$%#&''&,G2/)/#,!!
M/#G/G-$:+! C4$,($#2,%(4$)(j!C4$)(!9*!F/%-/2)'&)/#2&-2/,!*,3!($,()2%/,!5/#G-2:7/!
=$#'/,!
T/(&')!
89.;K3! U;,5-! 89.;K3! U;,5-! 89.;K3!\)]! U;,5-!\*]!
!
sRt! 89H523!;9!\)]!svt!
s<29t! 89H523!;9!\*]!svt!
sRt! 89H523;9!\)]!svt!
s<29t 89H523!;9!\*]!svt!
sRt! 89H523!;9!\)]!svt!
s<29t! 89H523!;9!\*]!svt
>,/5-?@A! )($! %$_*! %(#_%! &E_#! $E )*_%! E(_& #_#! )%( '((_(! %E$_$! '((_(!
>8@"'! 'E! )%_#! $(_E! &E_E! *% %)_#! *_$ #_$! #' '((_(! $E_(! '((_(!
+F?@A! '&! '((_(! %E_%! '((_(! ( (_(! (_( (_(! '& '((_(! %E_%! '((_(!
D,920-!@[!\C-5F<25-5]! (! (_(! (_(! (_(! B '((_(! )_* '((_(! B '((_(! )_*! '((_(!
V56;<H!\']! )*&! $B_%! BE(_%! &E_%! '(& *'_*! E$_B #_*! *EB '((_(! BB%_#! '((_(!
U5-! I0JK59594F+2945-/-0:-;<<65945-! >8@"'! 65945H! 2<! T9H5-6,JK,9:6.52H-;,<! $(_E!L29,H59!I5-G,9:"!a52!5295-!>59454;,5-!456!+2945-/-0:-;<<6!=09!$_$!>H,9459!6294!4256!'#_)! v! 45-! C-0:-;<<4;,5-"! 79! O52H5-59! *%! O5-G5PK932JK59! >/0H6! M0<<59! 59HO545-!>/0960-29:K29O5265!.,<!@-;:59_!045-!56!O5-459!f29O5265!;,1!=26,5335!a5:352H<;H5-2;3259!:56JK;3H5H! 045-! 6096H2:5! O5-G5PK932JK5! >/0H6! 529:565H.H"! 7K-5! a545,H,9:! 26H! b540JK! ;,1F:-,94!2K-56!:5-29:59!.52H32JK59!T<1;9:6!/5-2/K5-"!A542:32JK!#_$v!45-!>5945.52H!\*_$!L2F9,H59]! O2-4! 1Z-! O5-G5PK932JK5! X-6JK529,9:610-<59! ;,1:5O5945H"! U;6! +2945-/-0:-;<<!=09!>8@"'!O2-4!=09!R)/#$22"6%)_!5295-!L;-M5!45-!XJM56FT9H5-95K<596:-,//5_!<2H129;9F.25-H"!8335!+2945-6594,9:59!=09!>8@"'!O5-459!=09!R)/#$22"6%)!f29O52659!:5-;K<H"!!
U5-! I0JK59594F+2945-/-0:-;<<65945-! +F?@A! 65945H! 2<! T9H5-6,JK,9:6.52H-;,<! %E_%!L29,H59!>H,9459!I5-G,9:"!a52!5295-!V56;<H65945.52H!=09!'(_'!>H,9459!6294!4256!')_*!v!45-!V56;<H65945.52H"!>/0960-29:K29O5265!;<!a5:299!045-!X945!5295-!>594,9:_![5-O5265!;,1!a5:352H<;H5-2;3259!045-!6096H2:5!O5-G5PK932JK5!>/0H6!M0<<59!2<!T9H5-6,JK,9:6.52HF-;,<!92JKH!=0-"!!
D,920-!@[!\C-5<25-5]!65H.H!M5295!M3;6626JK59!.,!I5-G5G3`JM59!.,6;<<59:51;66H59!I5-FG56/0H6!529"!U25!+;H5:0-259!l>/0960-29:K29O526!60O25!>/0H6!<2H!f29O52659!;,1!a5:352HF<;H5-2;3259! .,!>594,9:59m! 60O25! l6096H2:5!O5-G5PK932JK5!X-6JK529,9:610-<59m!O,-459!3542:32JK!29!B!QP3359!M0425-H"!L2H!5295-!U;,5-!=09!296:56;<H!)_)%!L29,H59!325:H!45-!89H523!
!56
;9!45-!V56;<H/-0:-;<<4;,5-!=09!&E_*!>H,9459!2<!a5-52JK!=09!(_E!C-0<2335"!7<!L;-M59F.,6;<<59K;9:!26H!42565-!=5-6JKO294594!:5-29:5!89H523!2--535=;9H"!
:5E5T' Q/-7>>%897--/86'
79! 45-! N,6;<<591;66,9:! O5-459! 1Z-! b5459! 45-! ,9H5-6,JKH59! >5945-! X35<59H5!.,6;<<59:5H-;:59_!425!459!+2945-/-0:-;<<59!529!,9=5-O5JK653G;-56!<;-M59-535=;9H56!C-0:-;<</-0123!=5-352K59"!
)"E"$"'! +7"+8!
+7"+8! 26H! 45-! 529.2:5! `1159H32JKF-5JKH32JK5! >/;-H59F>5945-! <2H! ;,66JK325c32JK!M2945-6/5.2126JK59! 89:5G0H59! 2<! 45,H6JK6/-;JK2:59! ?;,<"! U;6! C-0:-;<<! 3P,1H! G26K5-!=09!L09H;:!G26!>099H;:!b5O5236!H;:6ZG5-!.O26JK59!$e((!,94!'&e((!TK-"!U5-!>5945-!6H-;K3H!b5! 9;JK!@;:56.52H! 529! ;3H5-66/5.2126JK56!C-0:-;<<!;,6_!O53JK56! b540JK!92JKH! 5g/32.2H! ;36!C-0:-;<<13PJK5! 1Z-! 5295! 6/5.25335! N253:-,//5! :5M599.52JK95H! 26H"! 796:56;<H! /-P659H25-H!+7"+8!ZG5-!&(!>H,9459!C-0:-;<<!/-0!I0JK5"!
836!Q325:5!1,9:25-H!4;6!=26,533!:56H;3H5H5!L;-M59.52JK59!456!+7"+8"!U0<29;9H5-!6^<G03FK;1H5-!a;,6H529!456!X-6JK529,9:6G23456!26H!4;6!+7"+8F?;4"!a5245!X35<59H5!M599.52JK959!4;6!:56;<H5!C-0:-;<<!,94!G23459!425!=26,5335!hG5-13PJK592459H2HPH!456!>5945-6"!
+7"+8!.52JK95H!62JK!4,-JK!52959!K0K59!89H523!;9!X2:59/-04,MH20959!;,6"!U;-,9H5-!1;3359!@2H53!O25e!425!C,//59J0<54^F>K0O!a,&&%'U7#$%8!,94!Y$"&"'aW_!425!29H5-;MH2=59!>594,9:6F;9:5G0H5!O25!5HO;!!/-"0'(,KK_!UC"%&'(,KK!045-!a)"#0'(,KK!,94!4;6!HP:32JK5!Q3PJK59<;:;F.29!D"078"7_!4;6!<09H;:6!G26!1-52H;:6!:565945H!O2-4"!U25!X2:59O5-G,9:!29!459!NO26JK59F:32545-9! M09.59H-25-H! 62JK! 6H;-M! ;,1! 42565! 653G6H/-04,.25-H59! >594,9:59_! 425! 45<!>5945-!529!6/5.253356!V5/-P:5!:5G59"!U;-ZG5-!K29;,6!65945H!+7"+8!KP,12:!>594,9:59!=09!NUQ!,94!8?U!O25!./>/#0&IaW_!45-!a"6%)%82%8IY&/G',94!4;6!R;JK-2JKH59<;:;.29'\,6,'G535F:59!4256!G526/253K;1H"!!
T9H5-! 459! f5-M,91H63P945-9! 45-! +;,1/-04,MH20959! 40<2925-59! 5,-0/P26JK5! AP945-"! U25!f5-M,91H!45-!>594,9:59!26H!=5-:32JK59!<2H!45<!89:5G0H!45-!;945-59!+2945-65945-!-53;H2=!O52H! :51PJK5-H"! +7"+8! 32515-H! ;,c5-45<! 4;6! 2<! U,-JK6JK92HH! ;MH,5336H5! C-0:-;<<! ;335-!89G25H5-"! U;6! C-0:-;<<! 65H.H! 62JK! ;,6! 5295<! G-52H59! V59-5<2g! .,6;<<59"! Y;-H0096!95K<59!.O;-!29!5HO;!425!fP31H5!456!C-0:-;<<6!529_!459!=5-G352G59459!?;,<!H52359!62JK!L;:;.295_! >/253123<5_! Q5-965K65-259_! C,//596/2535_!L,62M6594,9:59_! U0M,<59H;H20959_!R;JK-2JKH59!,94!V;<56K0O6"!7990=;H2=!26H!+7"+8!G52!459!29H5-;MH2=59!Q0-<;H59"!7<
57
I5-G,9:! S! ;G5-! 425!O5-G5M-2H26JK5! >594,9:!a,&&%' U7#$%8!<2H!Y$"&"_!()"%6%&! ,94!(%)8=!45<!a-0H_!425!5295!C;-0425!;,1!425!I5-G,9:!29!;945-59!C-0:-;<<59!4;-6H533H"!
U5-!>5945-!+7"+8!=5-1Z:H!ZG5-!5295!52:595!f0<5/;:5!\OOO"M2M;"45]_!;,1!425!2<!?;K<59!=09!NO26JK59:32545-9!O2545-K03H!K29:5O25659!O2-4")'!!!
)"E"$")! >,/5-?@A!
>,/5-?@A! 26H! 529! /-2=;HO2-H6JK;1H32JKF0-:;92625-H5-_! ;,6! I5-G55299;K<59! 129;9.25-H5-!>/;-H5965945-! <2H! =0-O25:594! 1;<232590-259H25-H5<! C-0:-;<<! ,94! 4;=09! 45,H32JK!:5H-599H59!M2945-6/5.126JK59!C-0:-;<<H52359"!U;6!+2945-/-0:-;<<!456!>5945-6_!4;6!62JK!;9!425!N253:-,//5!45-!*F!G26!'*FDPK-2:59!-2JKH5H_! 3P,1H!<09H;:6!G26!6099H;:6!=09!$e*(!G26!)(e'#!TK-"!796:56;<H!.52:H!>,/5-?@A!ZG5-!&(!>H,9459!C-0:-;<<!/-0!I0JK5"!
U;6! +2945-/-0:-;<<! =09! >,/5-?@A! 3P66H! ;,1! =5-6JK2545959! XG5959! 5295!JK;-;MH5-26H26JK5! >H-,MH,-! 5-M59959_! 425! 29! 5295<! M0</35g59! >^6H5<! =09!L;-M25-,9:59!.,<!8,64-,JM!M0<<He!!
29! 45-! >5945-<;-M5! >,/5-?@A_! 425! ;36! >5945-1325:5! 29! ;3359! C-0:-;<<535<59H59!;G:565K59!=09!I5-G,9:59!,94!O5-G5PK932JK59!Q0-<59!62JKHG;-!26H_!
2<! >2:95H! @0::0! ;36!U;JK<;-M5! \X2:59G56JK-52G,9:! 456! >5945-6]_!O53JK56! ;36! ! ! Q325:5!52959!@523!45-!+2945-6594,9:59!<;-M25-H_!
29!45-! 6JKO;-.O52c59!@0::03290F+,K_!425!425!C-0:-;<<13PJK5! 1Z-!+2945-!.O26JK59!4-52!,94!;JKH!D;K-59!M599.52JK95H_!
29! 45<! >JK-21H.,:! X7?%8-G/)6%)' aW_! 45-! O2545-,<! 5295! 52:595! C-0:-;<<13PJK5!!!!M599.52JK95H_!
29!45-!84-5665!456!I5GFC0-H;36!\OOO"H0::0"45]_!425!29!459!<526H59!:-;126JK59!a;,6H52959!45-!NO26JK59:32545-!;9:51ZK-H!26H_!
,94!29!45-!+5991;-G5!h-;9:5_!425!;335!+5996/0H6_!;335!:-;126JK59!?;K<,9:59!=09!@-;235-9!,94!@5;65-9!60O25!;335!R;JK6/P995!/-P:H"!
7</0-H/-04,MH5! ;,6!459!T>8!/-P:59!425!C-0:-;<<.,6;<<5965H.,9:"!@535=26,5335!@0/FX=59H6!6294!<2H!459!X2:59/-04,MH20959!U/C%)'a,H'Y&/G!045-!JI(,,2'V'L7-'J/"33!;9!459!I0JK5959459!;9:5625453H"!U5-!K0K5!89H523!;9!U2695^FC-04,MH20959!\L"-8%H-'.%CC%)'+88_!Y$"C' /8=' Y$7C! 045-! L7)01"86' L/#0]! 6H533H! 529! .59H-;356! YK;-;MH5-26H2M,<! 456!+2945-/-0:-;<<6! =09! >,/5-?@A! 4;-"! U5-! Y;-H009;9H523! 4-P9:H! G52! >,/5-?@A! ;335!;945-59! V59-56! 296! 8G652H6"! >/253123<5_! Q5-65K65-259_! U0M,<59H;H20959_! V;<56K0O6_!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
)'! C-0:-;<<G5:352H5945!I5G62H56!,94!2K-5!a5.Z:5!.,<!C-0:-;<<!O5-459!29!5295<!:560945-H59!T9H5-6,FJK,9:66JK-2HH!G5K;9453H"!
!58
@25-6594,9:59! ,94! L;:;.295! H52359! 62JK! 3542:32JK! 529! N5K9H53! 45-! C-0:-;<<.52H"!79H5-;MH2=5!Q0-<59!G23459!C-0:-;<<K`K5/,9MH5!29!459!V;<56K0O6!;<!I0JK595945"!
I5-G,9:!26H!529!<;-M;9H5-!a;,6H529!456!+2945-/-0:-;<<6!=09!>,/5-?@A"!U25!Q2:,-!456!\/)#$"!;36!KP,12:5-!>/0960-29:K29O526!/-P:H!4;6!1-ZK5![0-<2HH;:6/-0:-;<<!45,H32JK!<2H"!X29!O52H5-56! >/5.212M,<! =09! >,/5-?@A! 6294! /,9MH,5335![5-M9Z/1,9:59! .O26JK59!I5-FG,9:!,94!C-0:-;<<!\(,G*'=%)'(7/>%"-2%)]"!
L2H! l@0::0m! =5-103:H! >,/5-?@A! 5295! J-066F<542;35! [5-M9Z/1,9:! .O26JK59! +2945-F@[_!79H5-95H_! C-29H! ,94! L5-JK;942629:"! >0! M`9959! 425! N,65K5-! 95G59! 45-! ?5.5/H209! 456!Q5-965K/-0:-;<<6!;,1!425!65945-52:595!f0<5/;:5!\OOO"H0::0"45]!.,:-52159_!425!L;-M5!@0::0!O2-GH!;,c5-45<!1Z-!G56H2<<H5!C-04,MH5!\O25!5HO;!YU6!045-![2450M;665HH59]_!,94!<2H! 45-! 9,-! M,-..52H2:! 5g26H25-59459! +2945-.52H6JK-21H! @0::0! O,-45! ;,JK! 45-! [5-6,JK!,9H5-90<<59_! 459! C-29H<5425965MH0-! .,! 5-6JK325c59"! @0::0! 26H! 45<9;JK! :5-;45.,!0<92/-P659H"!!!
)"E"$"*! D,920-!@[!\C-5<25-5]!
D,920-! @[! \C-5<25-5]! 26H! 529! /-2=;HO2-H6JK;1H32JK! 0-:;92625-H5-! C;^! @[! >/;-H59M;9;3! 2<!;,642115-59.25-H59! C-0:-;<<G0,j,5H! 456! C;^! @[! >5945-6! C-5<25-5! I0-34"! X-! 3251! 2<!T9H5-6,JK,9:6.52H-;,<!95G59!459!.O52!O52H5-59!+2945-;9:5G0H59!+F@009!,94!Q0gF+246"!D,920-!@[!65945H!6529!C-0:-;<<!=09!L09H;:!G26!>099H;:!.O26JK59!5HO;!$e*(!,94!'&e*(!TK-"!
U;6!Q325:59F>2:95H!=09!D,920-!G56H5KH!;,6JK325c32JK!;,6!:-;126JK59!X35<59H59_!.O52!6JK-P:!.,529;945-! :56H533H59! ?29:59"! U5-! G,9H! :56JK-25G595! R;<596.,:! D,920-! 26H! 29! 459!:-;126JK59! @52359! 45-! NO26JK59:32545-! KP,12:! ;9:51ZK-H"! U25! +,-.:56JK2JKH59! <2H! 459!Q2:,-59! b/8",)_!b73! ,94!b78%! 6294! .59H-;35!X35<59H5! 456!V56;<H5-6JK529,9:6G23456! ,94!1,9:25-59! ;36! >5945-M5996/0H6"! U25! +5991;-G5! =09! C-5<25-5! D,920-! 26H! 529! 35,JKH59456!V53G"!
U;6! +2945-/-0:-;<<! =09! C-5<25-5! D,920-! O526H! M5295! 6/5.253359! C-0:-;<<13PJK59! 1Z-!529:56JK-P9MH5!83H5-6F_!V56JK35JKH6F!045-!79H5-56659:-,//59!;,1"!U5-!89H523!;9!Q-5<4/-0F4,MH20959_!=0-! ;335<!;,6!45<!;<5-2M;926JK59!?;,<_! 26H! M599.52JK9594"!8G:565K59!=09!459!5HO;!*(65MZ942:59!+,-.:56JK2JKH59!<2H!D,920-!,94!652959!G52459!Q-5,9459!\b78%!,94!b73]_!O53JK5!M09H29,25-32JK!.O26JK59!425!529.53959!>594,9:59!/3;H.25-H!O5-459_!65H.H!62JK!4;6! C-0:-;<<! =09! C-5<25-5! D,920-! ;,66JK325c32JK! ;,6! 7</0-H/-04,MH20959! .,6;<<59"!
59
U25! [2531;3H! 45-! V59-56! 26H! <Pc2:"! [25-! QZ91H53! 456! C-0:-;<<6! O5-459! =09! Y;-H0096!;,6:51Z33H_!45-!V-0cH523!4;=09!G56H5KH!;,6!8JH209FY;-H0096"!X29!>/5.212M,<!=09!D,920-!@[!26H! 45-! K0K5-! 89H523! b;/;926JK5-! C-04,MH20959! \892<5]"! N,45<! 65945H! D,920-! @[!C-04,MH20959!;,6!O5659H32JK!<5K-!C-04,MH20963P945-9!;36!5HO;!>,/5-?@A!045-!425!G52459!I0JK59594F+2945-/-0:-;<<5!;,1!?@A!,94!>8@'"!>JK325c32JK!65945H!C-5<25-5!D,920-!4;6!4,-JK6JK92HH32JK!P3H56H5!+2945-/-0:-;<<"!
)"E"$"E! +F?@A!F!4;6!+2945-/-0:-;<<!=09!?@A!
N,<! N52H/,9MH! 45-! U;H595-K5G,9:! G56H;94! 2<! ?;K<59! 456! +2945-/-0:-;<<6! 5295!+00/5-;H209!=09!?@A!<2H!U2695^_!425!=";"!29!Q0-<!456!L"-8%HIY&/G!652959!8,64-,JM!1;94"!7<! 8/-23! )(()! O,-45! 9;JK! 8,6M,91H! =09! ?@A! 42565! +00/5-;H209! 529:56H533H! ,94! 425!C-0:-;<<6JK2595! .,! 5295-! -52959! Y;-H009F>JK2595! ,<:5O;9453H"! C-0:-;<<5! 1Z-! 425656!+2945-/-0:-;<<! O5-459! ,";"! =09! R2JM5304509! ,94! T92=5-6;3! :532515-H"! U25! 103:59459!8,61ZK-,9:59! G5.25K59! 62JK! b540JK! ;,66JK325c32JK! ;,1! 425! N52H! 45-! +00/5-;H209! <2H!U2695^"!!
U5-! /-2=;H5! O5-G5129;9.25-H5! [033/-0:-;<<F>5945-! ?@A! G25H5H! >;<6H;:F! ,94! >099H;:F=0-<2HH;:! 529! 89:5G0H! ;9! +2945-6594,9:59_! 4;6! <2H! 45-! C-0:-;<<1325:5! +F?@A! ,94!52:596HP942:59!@-;235-9!:5M599.52JK95H!26H"!7<!T9H5-6,JK,9:6.52H-;,<!65945H5!?@A!.5K9!>H,9459!:5M599.52JK95H56!+2945-/-0:-;<<"!!
[26,533!<;-M25-H!O2-4!4;6!?@AF+2945-/-0:-;<<!4,-JK!4;6!Q325:59F>2:95H!+F?@A!,94!425!Q2:,-! 456! A`O59! b7H_! 45-! +5996/0H6! ,94! @-;235-! ;36! f;,/H12:,-! =09! +,-.:56JK2JKH59!;,6.52JK95H"!U25!L045-;H0-;,66;:5!lb7H-';%&2'6"G2-'7/#$'">'_82%)8%2ef'1ZK-H!2<!?;K<59!=09! NO26JK59:32545-9! ZG5-! .,<! +,-.=5-O526! ;,1! 4;6!I5G/0-H;3! =09! +F?@A! \OOO"+F?@A"45]k!U25656!C0-H;3!5g26H25-H5!.,<!N52H/,9MH!45-!8G:;G5!456!a5-2JKH6!92JKH!<5K-"!pG5-!5295!6/5.2126JK5!+5991;-G5!=5-1Z:H!+F?@A!92JKH"!
7995-K;3G!=09!+F?@A!40<2925-H5!4;6!V59-5!Y;-H009"!U25!C-0:-;<<29K;3H5!6294!=09!.O52!f;,/HJK;-;MH5-26H2M;!:5/-P:H"!N,<!X2959!6H5K59!8JH209FY;-H0096!O25!5HO;!lY72L,6m! 2<!N59H-,<_!.,<!8945-59!/-P:H!425!>594,9:!G.O"!C-0:-;<<13PJK5!L"-8%H'Y&/G_!425!M9;//!425! fP31H5! 45-! >5945.52H! 52992<<H_! 4;6! C-0:-;<<;9:5G0H"! U5-!L"-8%H' Y&/G! O2545-,<!65H.H! 62JK! ;,6!L045-;H20959_!L"-8%H! Y;-H0096_! /,9MH,533! ;,6!L292Fi,2.F>594,9:59! ,94!+,-.40M,<59H;H20959!.,6;<<59"!U25!C-04,MH20959! 6H;<<H59!.,!5295<!:-0c59!@523! ;,6!459! T>8"! U,-JK! 459! 40<29;9H59! L"-8%H' Y&/G! 2<! ?;K<59! 52956! M,-.59! I0JK59594FC-0:-;<<56!5-:2GH!62JK!529! -53;H2=!K0K5-!89H523!;9!X2:59FW+0/-04,MH20959!<2H!T-6/-,9:!29!U5,H6JK3;94"!U2565!N;K359!6294!;335-429:6!."@"!?56,3H;H!45-!8,13`6,9:!45-!>594513PJK5!<2H!>594,9:6JK;-;MH5-26H2M;!29!>594,9:6535<59H5"!
I5-G,9:!26H!529!O5659H32JK5-!C-0:-;<<G56H;94H523!=09!+F?@A"!>/0960-29:K29O5265!045-!f29O5265! ;,1! a5:352H<;H5-2;3259! 6/25359! 2<! +2945-/-0:-;<<! +F?@A! M5295! ?0335"!
!60
I5-G,9:! ,94! NO26JK59:32545-! G5O2-MH59! 5295! 6H;-M5! .52H32JK5! C;-.53325-,9:! 456!C-0:-;<<6"!
)"E"$"#! D\,920-]!F!4;6!+2945-/-0:-;<<!=09!>8@"'!
>8@"'! 26H! 529! /-2=;H5-! O5-G5129;9.25-H5-! [033/-0:-;<<65945-"! U;6! +2945-/-0:-;<<! 26H!;,1!459!>;<6H;:![0-<2HH;:!M09.59H-25-Hk!56!G5:299H!,<!5HO;!%!TK-!,94!5945H!,<!5HO;!'E!TK-!,94! 26H!<2H!5295<!lDm!\D,920-]!:5M599.52JK95H"! 796:56;<H!6H5K59! 29!45-!I0JK5!5HO;!$_$!>H,9459!.,-![5-1Z:,9:"!
836!Q325:59!1,9:25-59!5295-652H6!4;6!>5945-30:0!>8@"'!;<!-5JKH59!0G5-59_!;945-5-652H6!4;6!+2945-/-0:-;<<62:95H! lDm! ;<! -5JKH59! ,9H5-59! a2346JK2-<-;94"! U2565! G52459! Q325:59!G5:352H59! ;335! >594,9:59"! N,45<!O2-4! 5295! b5O5236! 95,! G5:2995945! >594,9:! 4,-JK! 459!>JK-21H.,:!D,920-!G5:352H5H"!836!L;-M59.52JK59!O2-4!;360!5295-652H6!45-!>JK-21H.,:!>8@"'!,94!;945-5-652H6!4;6!+Z-.53!lDm!G.O"!45-!G,9H5!>JK-21H.,:!D,920-!=5-O5945H"!!
U;-ZG5-! K29;,6! =5-1Z:H! >8@"'! D,920-! ZG5-! 5295! I5G/;:5! 425! 2<! ?;K<59! 45-!NO26JK59:32545-!<5K-1;JK!529:5G35945H!O2-4!\OOO">8@'"45Wb,920-]"!
U25!+,-.:56JK2JKH59!<2H!459!Q2:,-59!D,920-_!D;.!,94!D;95!6294!5G5960!O25!G52!C-5<25-5!D,920-! .59H-;35! X35<59H5! 456! V56;<H5-6JK529,9:6G23456! ,94! 1,9:25-59! ;36!>5945-M5996/0H6"!>25!6294!2<!R;JK6/;99!45-!+,-.:56JK2JKH59!<2H!45<!Y0/^-2:KH.52JK59!=09!XL"@[!,94!45<!f29O526!;,1!4;6!I5G/0-H;3!\OOO"<^b,920-"45]!:5M599.52JK95H"!U25!+5991;-G5!=09!>8@"'!26H!5G5960!O25!G52!C-5<25-5!529!35,JKH59456!V53G"!
a560945-6!;,11;33594!6294!425!pG5-5296H2<<,9:59!G.O"!qK932JKM52H59!=09!>8@"'!D,920-!,94!C-5<25-5! D,920-! 2<!a5-52JK! 45-!R;<596:5G,9:! 456!+2945-/-0:-;<<6! ,94! ;,JK! 2<!a5-52JK! 456! X-6JK529,9:6G23456"! 79! 459! NO26JK59:32545-9! b59652H6! 45-! +5996/0H6! <2H!D,920-_!D;.!,94!D;95!=5-6,JKH!>8@"'!b540JK_!62JK!:5:59ZG5-!C-5<25-5!D,920-!G560945-6!<2H!J;-H009K;1H59! 12:,-;H2=59! X35<59H59))! ;G.,K5G59"! >H;HH! 45-! ZG32JK59! >594,9:6;G6/P995!O5-459! G52! >8@"'! O52c5! Y;-H009Fa3;659! <2H! +,-.;9:;G59! .,! 459! C-04,MH209612-<59!4;-:5G0H59"!!
U;6!+2945-/-0:-;<<!=09!>8@"'!D,920-!G56H5KH!;,66JK325c32JK!;,6!Y;-H0096"!U;6!89:5G0H!65H.H! 62JK! O52H56H:5K594! ;,6! +;,1/-04,MH20959! .,6;<<59_! X2:59/-04,MH20959! ,94!29H5-;MH2=5!Q0-<59!M0<<59!92JKH!=0-"!
7<!+2945-/-0:-;<<!=09!>8@"'!6294!V-,940-259H25-,9:59!45-!O5-G5129;9.25-H59!/-2=;H59!C-0:-;<<5! ;<! -;42M;36H59! -5;32625-He! K0K5-! I5-G5;9H523_! 65K-! K0K5-! 89H523! ;9!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!))!XHO;!<2H!=5-6JK2545959!6.5926JK59
61
NO26JK59:32545-9_! +09.59H-;H209! ;,1! ;,66JK325c32JK! 12MH209;35_! ,9H5-K;3H,9:60-259H25-H5!Y;-H0096"!U;6!C-0:-;<<!G56H5KH!O52H56H:5K594!;,6!Q-5<4/-04,MH20959!;,6!459!T>8"!U25!:-0c5! N;K3! ;9! NO26JK59:32545-9_! I5-G5296JK;3H,9:59! ,94! O5-G5PK932JK59! f29O52659!G5O2-MH! 5295! ZG5-;,6! K0K5! C;-.53325-,9:k! 4;-29! <;-M25-H! >8@"'! 2<! [5-:352JK! .,! 459!;945-59! >5945-9! 5295! >/2H.59/062H209"! X29! O52H5-56! YK;-;MH5-26H2M,<! 456! C-0:-;<<6!G56H5KH!4;-29_!4;66!62JK!>8@"'!G529;K5!;,66JK325c32JK!;,1!P3H5-5!C-04,MH20959!6HZH.H"!
AEJ! HG(:7-2/k/,3/!F/'/#+*,%/,!9*#!"#$%#&''()#*+)*#&,&-.(/!
L2H!45-!K25-!4;-:56H533H59!C-0:-;<<6H-,MH,-;9;3^65!6033H59!425!:-,9435:59459!a;,10-<59!G56JK-25G59! O5-459_! <2H! 45959! 425! 89G25H5-! =09! +2945-15-965K/-0:-;<<59! =5-6,JK59_!0G5-K;3G!45-!XG595!529.5395-!>594,9:59!ZG5-:-5215945!L;-M59!.,!G23459_!425!459!b,9:59!?5.2/259H59! 425! h-259H25-,9:! 2<! ,9ZG5-62JKH32JK! :5O0-45959! V56;<H;9:5G0H! 456!Q5-965K596! 5-352JKH5-9! 603359"! U;G52! :29:! 56! 92JKH! ,<! 5295! 13PJK5945JM5945!a56H;946;,19;K<5! 6P<H32JK5-! 89:5G0H5! 1Z-! +2945-k! =253<5K-! :;3H! 425! 89;3^65!;,6:5OPK3H59! +2945-/-0:-;<<59_! 425! 2<! f29G32JM! ;,1! 425! Q-;:56H533,9:59! 456!V56;<H/-0b5MH6!=09!G560945-5<!79H5-5665!6294"!
U25!89;3^65!K;H!45,H32JK!,9H5-6JK25432JK5!C-0:-;<</-01235!5-:5G59_!425!;36!89K;3H6/,9MH5!1Z-! b5! ,9H5-6JK25432JK5! >H-;H5:259! 45-! L;-M59G234,9:! ,94! F/135:5! =5-6H;9459! O5-459!M`9959"!U25!4;G52!K5-;,6:5;-G52H5H59!T9H5-6JK2545!6294!2<!+09H5gH!42565-!>H,425!,94!;,1!45-!a;626!;33529!45-!C-0:-;<<6H-,MH,-;9;3^65!92JKH!;36!i,;32HPH6,9H5-6JK2545!.,!=5-6H5K59_!56! :5KH! K25-! 92JKH! ,<! 459! [5-:352JK! 45-! A526H,9:! 5HO;! =09! `1159H32JKF-5JKH32JK59! ,94!/-2=;H59! [5-;96H;3H5-9"! >H;HH! 456659! :5KH! 56! ,<! 425! 7459H212.25-,9:! 6/5.2126JK5-!L;-M596H-;H5:259!G.O"!2K-5-!8,64-,JM610-<59!;,1!45-!XG595!45-!C-0:-;<<6H-,MH,-59_!,<!60! 29! 459! O52H5-59! T9H5-6,JK,9:66JK-2HH59! 45-! Q-;:5! 9;JK:5K59! .,! M`9959_! O25! 42565!89:5G0H610-<59! <2H! 45-! L;-MH/062H209! 45-! 89G25H5-! ;,1! 45-! 52959! ,94! 459!I;K-95K<,9:59! 45-! ?5.2/259H29959! ,94! ?5.2/259H59! ;,1! 45-! ;945-59! >52H5!.,6;<<59KP9:59"!
!
! 63
B! "#$3*+)&,&-.(/!&*(%/567-)/#!C/,3*,%/,!
BE;! >2/-(/)9*,%!*,3!=#&%/()/--*,%!3/#!<,)/#(*:7*,%!
R5G59! 45-! j,;9H2H;H2=59!89;3^65! 456! ;33:5<52959_!<;-M59-535=;9H59! C-0:-;<<;9:5G0H6!1Z-!+2945-!O5-459!9,9!29!5295<!O52H5-59!>JK-2HH!6/5.2126JK5_!<;-M59-535=;9H5!+2945-659F4,9:59! K2962JKH32JK! 2K-5-! 10-<;359_! 4-;<;H,-:26JK59! ,94! 29K;3H32JK59! +09.5/H209! ,9H5-F6,JKH!O5-459"!8,6! 425659!X-:5G926659! 603359!?ZJM6JK3Z665! ZG5-! ;33:5<5295_!<;-M5910-F<5945! >594,9:6<5-M<;35! :5.0:59!O5-459"! 8,1:-,94! 45-! ;,6:5OPK3H59! ;3H5-6F! ,94! :5F6JK35JKH66/5.2126JK59!+2945-65-259!G5;JKH5H!425!T9H5-6,JK,9:!S!.,6PH.32JK!.,-!;33:5<52959!L;-M59JK;-;MH5-26H2M!S!425!.253:-,//59-535=;9H59!T9H5-6JK2545!2<!8,1G;,!5295-!l+2945-FL;-M5m_!4;!LP4JK59!,94!D,9:59!G.O"!P3H5-5!,94!bZ9:5-5!+2945-!=5-6JK254595!79H5-56659!,94!45<.,103:5!,9H5-6JK25432JK5!>594,9:61;=0-2H59!K;G59!,94!62JK!4;-;,6!6JK3,66103:5-9!3P66H_! 4;66! G52! 45-! C-04,MH209! ,94! +09.5/H209! =09! :56JK35JKH6F! 045-! ;3H5-66/5.2126JK59!+2945-/-0:-;<<;9:5G0H59! 425! [0-325G59! 45-! b5O5232:59! N253:-,//5! <2HG5-ZJM62JKH2:H!6294"!U25!89:5G0H5!M`9959!29!2K-5-!6/5.253359!<,3H2<542;359!,94!;,1!;3359!XG5959!629932JK!O;K-95K<G;-59! V56H;3H,9:! G56H2<<H59! I;K-95K<,9:6F! ,94! a5;-G52H,9:6O52659! 2K-5-!?5.2/259H59! 59H:5:59M0<<59! \a`K<5FUZ--! '&BB_! V-05G53! '&&E]_! 2945<! 625! 29! 2K-5<!>299F!,94!a545,H,9:6;9:5G0H!@K5<59!=09!+2945-9!;,1:-52159!,94W045-!;,1!425!6/5.253359!q6HK5H2M59! 45-! b,9:59!+3259H53! .,:56JK92HH59! ,94! 29! 5295-! ;HH-;MH2=59_! ;,1<5-M6;<M52H6F!,94!-5.5/H20961`-45-9459!C-P659H;H2096O5265!\C;,6Ff;;65!'&&'_!'&&B]!4;-:5G0H59!O5-459"!>0<2H!12945H!=0-O25:594!4;6!a54Z-1926!9;JK!T9H5-K;3H,9:!a51-2542:,9:"!!
7<!6/5.253359!6H533H!62JK!45<9;JK!425!Q-;:5!9;JK!459!b5O5232:59!f;943,9:6F!,94!7459H212FM;H2096;9:5G0H59!45-!>594,9:59_!9;JK!45-!8-H!,94!I5265!O25!625!459!+2945-9!4;-:5G0H59!,94!29!O53JK5-!Q0-<!42565!<,3H2<542;3!;,1529;945-!G5.0:59!/-P659H25-H!O5-459"!U;G52!6033!G560945-6! ;,1!f534594;-6H533,9:! \C;,6Ff;;65! '&&B]! 60O25! ;,1! 6/5.2126JK5!89:5G0H5! 1Z-!D,9:59!,94!LP4JK59!:5;JKH5H!O5-459"!
BEAE! R/)7$32(:7/!C:7#2))/!
A5:54' +/-17$&'=%)'S82%)-/#$/86-6%6%8-2<8=%'N,-! a56H2<<,9:! 45-! =09! +2945-9! 1;=0-2625-H59!L54259<;-M59! 60O25! .,! 5295-! ;,6! 10-F6JK,9:630:26JK5-!G.O"!10-6JK,9:6H5JK926JK59!,94!M06H59-535=;9H59!V-Z9459!90HO5942:59!X29:-59.,9:! 456! T9H5-6,JK,9:6<;H5-2;36! O,-45! 9;JK! 103:59459! Q;MH0-59! 5295! 8,6O;K3!456!T9H5-6,JK,9:6<;H5-2;36!=0-:590<<59e!
F! K0K5-!V-;4!;9!29H5-<542;35-
!64
F! 79K;3H32JK5![2531;3H!45-!89:5G0H5_!5g5</3;-26JK5!8,6O;K3!1Z-!=5-6JK254595!89:5FG0H6H^/59!60O25!
F! 8MH,;32HPH!
X9H6/-5JK594!42565-!=25-!86/5MH5!O,-459!103:5945!4-52!+2945-6594,9:59!;,6:5OPK3He!!
!! 425!>5-25!U7"&,)'!,,8!
!! 425!>5-25!L)76,8G7&&'Q!!
!! 4;6!+2945-<;:;.29!L"%'U%8=/86'>"2'=%)'!7/-!
U7"&,)'!,,8!26H!5295!29!D;/;9!/-04,.25-H5!>5-25_!425!62JK!=0-O25:594!;9!LP4JK59!;G!.O`31!D;K-59!-2JKH5H!\=:3"!+0K36JK<24H!)((']"!8,1:-,94!456!2<<59659!X-103:6!O,-459!=09!'&&*!G26!'&&%!1Z91!>H;11539!.,!296:56;<H!)((!Q03:59!,94!4-52!;G5941Z335945!Q23<5!/-04,.25-H"!C;-;3353! .,-! >5-259;,66H-;K3,9:! 292H225-H59! 425! C-04,.59H59! =09!U7"&,)'!,,8! 5295! -2562:5![5-<;-MH,9:6M;</;:95"! R5G59! ,9.PK32:59! L5-JK;942629:;-H2M539! O25! >JK,3H;6JK59_!>/25312:,-59_!>H2JM5-9!5HJ"!O,-45!459!>5-259K53459!5295!52:595!N52H6JK-21H!:5O24<5H_!425!>09:6!.,-!>5-25!O;-59!G.O"!6294!;,1!YU6!,94!f`-6/253M;665HH59!5-KP3H32JK_!,94!52:595!>;2F30-! L009FQ56H2=;36! O,-459! 296! A5G59! :5-,159"! U;6! N253! 45-! C-04,.59H59_! 425! >5-25! ;36!L;-M5! 529.,1ZK-59! ,94! .,! 5H;G325-59_! O2-4! 5HO;! ;,JK! 4;4,-JK! 5-62JKH32JK_! 4;66! 1Z-! 425!>^9JK-0926;H209!45-!N52JK59H-2JM12:,-59!=0-O25:594!G5-ZK<H5![5-H-5H5-! ;,6!45<! b;/;92F6JK59!L,62M:56JKP1H!045-!45-!b;/;926JK59!L54259G-;9JK5!K5-;9:5.0:59!O,-459"!U5-!X-F103:!45-!>5-25!G56JK-P9MH5!62JK!b540JK!92JKH!;33529!;,1!D;/;9"!R2JKH!O592:5-!;36!)*!AP945-!5-O;-G59!A2.59.59_!,<!459!892<5!;,66H-;K359!.,!M`9959!\=:3"!a5-9;,5-!,";"!)(('_!>"!%']k!425!>594,9:!5-.253H5!60<2H!;,JK!2<!8,63;94!:-0c5!X-103:5"!!
79!U5,H6JK3;94!O,-45!425!>5-25!U7"&,)'!,,8!5-6H<;36!'&&#!2<!NUQ!;,6:56H-;K3H"!8,1:-,94!45-! ,9:Z96H2:! /3;.25-H59!>5945.52H! ;<!>;<6H;:<0-:59! 5-.253H5! 45-! 15-9`6H32JK5!N52JK59FH-2JM!b540JK!92JKH!425!5-O;-H5H5!N,6JK;,5--5609;9.!,94!O,-45!45<.,103:5!9;JK!45-!5-6H59!>H;1153! 529:56H533H"!?@A! 77! 5-O;-G!.O52! D;K-5! 6/PH5-!425!>594532.59.59!.,-!>5-25_! 6H-;K3H5!459!Y;-H009!2<!R;JK<2HH;:6/-0:-;<<!;,6!,94!K;HH5!X-103:"!N,<!N52H/,9MH!45-!89;3^65!O2-4!U7"&,)'!,,8! 2<!C;^F@[Fa0,j,5H!=09!C-5<25-5!D,920-!HP:32JK!,<!'%!TK-!*(!:5659F45H"!!
8,JK!2<!79H5-95H!26H!U7"&,)'!,,8!=5-H-5H59"!79!,9.PK32:59!f0<5/;:56_!I5G62H56!,94!Q;9FJ3,G6! M`9959! A25GK;G5-! 45-! >5-25! 7910-<;H20959! .,! 2K-59! f53459! 129459_! Q;9F8-H2M53!G56H53359_! 29! YK;H-00<6!<2H! V352JK:56299H59! 1;JK62</539! \a5-9;,5-! ,";"! )((']! ,94! 62JK!:5:59652H2:
! 65
,9H5-6H-2JK59e!U25!>5-25!O2-4!29!U5,H6JK3;94!HP:32JK!=09!E$("(((!4-52F!G26!'*FDPK-2:59_!,94!4;=09!4-52![25-H53! D,9:59_! :565K59! \=:3"!V`H.!)(()_!>"! E*]"![09!'&B$!G26! '&&%!O,-459!;,1:-,94! 2K-56! 590-<59! X-103:56! ZG5-! #((! Q03:59! /-04,.25-H! \L)76,8G7&&! '#*! Q03:59_!L)76,8G7&&'Q!)&'!Q03:59_!L)76,8(7&&'Ba!$E!Q03:59]_!O0<2H!425!U-;:09G;33F>5-25!92JKH!9,-!.,!5295-!45-!3;9:35G2:6H59!N52JK59H-2JMF>5-259!D;/;96_!60945-9!;335-!N52H59!.PK3H!\=:3"!U-;:09G;33!S!U25!@[F>5-25!'&&B]"!U25!4-2HH5!>H;1153!<2H!45<!@2H53!L)76,8G7&&'Ba)!O,-45!;,66JK325c32JK!;,1!U-P9:59!45-!.;K3-52JK59!Q;96!,94!;,6![5-<;-MH,9:6:-Z9459!/-04,.25-H"!@0-2^;<;!1,9:25-H5!K25-!9,-!<5K-!;36!MZ96H35-26JK5-!a5-;H5-!\=:3"!aZ94:596!)(((G]"!U;!425!Q0-H65H.,9:!45-!>5-25!G52<!C,G32M,<!b540JK_!=5-:32JK59!<2H! 2K-59![0-:P9:5-9_!92JKH!;,1!60!:-0c5!8M.5/H;9.!6H25c_! 65H.H5!<;9!625! 29!D;/;9!9;JK!9,-!$E!Q03:59!O2545-!;G"! 79.O2F6JK59! K;H! 62JK! ZG5-! D;/;9! K29;,6! ;,JK! 29! 8<5-2M;! ,94! X,-0/;! 5295! L)76,8G7&&FQ;9:5<52945!:5G2345H"!>52H! 2K-5-!X-6H;,66H-;K3,9:!'&B$!6/253H5!45-!N52JK59H-2JM!O53HO52H!ZG5-!4-52!L2332;-459!U033;-!;9!L5-JK;942629:;-H2M539!,94!A2.59.:5GZK-59!529!\=:3"!a5;,H^!'&&&]"*!U25!R56H3z!L23JK1-26JK/-04,MH5!V<Gf! G526/2536O5265! M099H5! 52959! 4-526H5332:59!T<6;H..,O;JK6!=5-.52JK959_!652H45<!L)76,8G7&&'QF>H2JM5-!;,1!b545-!I;JM53/,4429:F)5-FC;JM,9:!6294!\V`H.WX9629:5-!)(()]"!
L)76,8G7&&_!45-![0-3P,15-!.,!L)76,8G7&&'Q!O,-45!29!U5,H6JK3;94!5-6H<;36!'&&B_!;,1!?@A!77_!;,6:56H-;K3H"!U5-!:-0c5!X-103:!45-!>5-25!=5-;93;66H5!?@A!77!4;.,!;,JK!425!A2.59.-5JKH5!;9!L)76,8G7&&'Q!.,!M;,159_!O53JK5!652H!8,:,6H!)(('!.,9PJK6H!2<!R;JK<2HH;:6F!6/PH5-!2<![0-;G594/-0:-;<<!:5.52:H!O,-45"!R0=5<G5-! )(()!O;-! 35H.H59432JK! 45-! >H;-H6JK,66! 1Z-!425!4-2HH5!>H;1153_!L)76,8(7&&'Ba_!:5/3;9H_!O53JK5!b540JK!6/PH5-!;,1!,9G56H2<<H5!N52H!=5-F6JK0G59!O,-45"!U25! >5-259! 6294! 1Z-!?@A! 77! ,94! 425!A2.59.95K<5-! :;9.! 0K95! Q-;:5! 529!:-0c5-!L;-MH5-103:"!a52!+2945-9!\*!G26!'*!D;K-5]!5--52JKH!L)76,8G7&&'Q_!4;6!;G!'&"((!TK-!:565945H!,94!=09!?@A!77!;36!X-O;JK65959/-0:-;<<!G5.52JK95H!O2-4_!29!45-!N52H!=09!>5/FH5<G5-!)(('!G26!D,92!)(()!L;-MH;9H5235!.O26JK59!)%_B!,94!)&_E!C-0.59H!,94!5295!>5KG5FH5232:,9:!=09!ZG5-!#(("(((!+2945-9!b5459!@;:!\=:3"!V`H.WX9629:5-!)(()]"E!
U;!4;6!+2945-/-0:-;<<!456!=09!?@A!77!92JKH!5g/32.2H!;36!603JK56!;,6:5O25659!26H_#!O,-45!56!;,JK!92JKH! 29!425!C-0:-;<<6H-,MH,-;9;3^65!;,1:590<<59"!T<!425!X29G5HH,9:!45-!.,-!j,;32H;H2=59!C-04,MH;9;3^65!;,6:5OPK3H59!>5-25!L)76,8G7&&'Q!29!4;6!V56;<H/-0:-;<<!456!>5945-6!5-62JKH32JK!.,!<;JK59_!O2-4!2<!103:59459!529!M,-.56!45-!89;3^65.52H!59H6/-5JK59F4596!>5945-/-0123!6M2..25-H"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)!V@!G545,H5H! 60!=253!O25!lV;3;g^!@0,-29:m!045-!lV-;94!@0,-m_!O;6!4;-;,1!.,-ZJM.,1ZK-59! 26H_!4;66!5295!95,5!Q0-<!=09!U-;:09G;336!9,9!ZG5-!4;6!:56;<H5!T92=5-6,<!=5-H523H!O,-459"!!*!R;JK!8,6M,91H!=09!Y@L_!G52!45-!6P<H32JK5!R;<596-5JKH5!,94!Y0/^-2:KH6!45-!>5-25!325:59_!K;G59!A2.59.FK;9453!,94!L5-JK;942629:!;33529!<2H!45<!@K5<;!L7)6,8G7&&'Q'29!45-!N52H!=0<!'"!D,32!)(('!G26!*("!D,92!)(()!45,H6JK3;94O52H!52959!X29.53K;94536,<6;H.!=09!-,94!''(!L23320959!X,-0!5-.253H!\V`H.W!X9629:5-!)(()]"!E!7<!5-6H59!f;3Gb;K-!)(('!K;H!?@A!77!2<!R;JK<2HH;:6/-0:-;<<!+2945-!.,<!Q5-965K59!:5G-;JKH!G.O"!2<!5-6FH59!f;3Gb;K-!)(()!O2545-!l59H3;6659m"!)(()!.52:H!62JK!529! 352JKH5-!896H25:!.O26JK59!'&"((!,94!)("((!TK-"!U25!;,11;335945!C;-;33535!45-!L;-MH:5O2995!=09!?@A!77_!4;6!,<!42565!N52H!L7)6,8G7&&'Q'65945H_!45,H5H!;9_!4;66!45-!>5945-!;,JK!K25-!O2545-!<2H!5295<!:5.253H!:565H.H59!L;-MHH-594!Q5-965K:5O0K9K52H59!2<!833H;:!=09!+2945-9!=5-P945-H!\V`H.W!X9629:5-!)(()]"!
!66
U5-!'&&*!:5:-Z945H5_!O5-G5129;9.25-H5!LZ9JK95-!>5945-!?@A!77!.PK3H!.,-!:-0c59!V-,//5!456! ?@AFL54259,9H5-95K<596! ,94! 10M,6625-H! ;,1! 425! f;,/H.253:-,//5! 45-! 'EF! G26! )&FDPK-2:59"![0-<2HH;:6!O5-459!;G!$e((!TK-! 1-ZK!60O0K3!N52JK59H-2JM65-259! \L7-'$<--&"#$%'F82&%"8_!L"%'L-#$/86%&G78=%]! ;36! ;,JK! >/25365-259! \L"%' (%7/2H0&"8"0]! 045-! Y0<54^659F4,9:59! ZL"%' =M>>-2%8' U#$&7>7--%&' =%)' ;%&2]! ;,6:56H-;K3H"! U;6! R;JK<2HH;:6/-0:-;<<!=09!?@A!77!.52JK95H!62JK!4,-JK!652959!892<5F>JKO5-/,9MH!;,6"![09!'*e((!G26!'$e*(!TK-!O5-459! ;,66JK325c32JK! b;/;926JK5! N52JK59H-2JM65-259!O25! 5HO;!L,X%!"_!X78>7'g_!L)7I6,8G7&&'045-!U$"8'Y$78!:565945H"!U2565!>594,9:59!O5-459!=09!?@A!77!4,-JK!89MZ942F:,9:! 45-!892<5FC-0:-;<<13PJK5!<;-M25-H! ,94!<2H! 5295<! 52:5959!892<5FA0:0! :5M599F.52JK95H"!U25!5G591;336!;,6!D;/;9!2</0-H25-H5!>5-25!L)76,8G7&&'Q!O2-4!5295-652H6!<2H!45<!892<5F>^<G03!:5M599.52JK95H_!:-59.H!62JK!b540JK!;945-5-652H6!4,-JK!65295!.52H32JK5!C3;HF.25-,9:!=09!'&e*(!G26!)(e((!TK-!=09!45-!;92<5.59H-25-H59!R;JK<2HH;:66JK2595!;G"!
L"%'U%8=/86'>"2'=%)'!7/-!26H!45<!V59-5!l+2945-<;:;.29m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
U25!>594,9:!O,-45! 2<!A;,15! 2K-56!a56H5K596!<2H!=25359!C-52659!O25!5HO;!45<!@5356H;-_!45<!84031FV-2<<5FC-526!,94!=25-!I2-H6JK;1H6/-52659!;,6:5.52JK95H"!U59!b5H.2:59!C-04,F.59H59!45-!>594,9:_!+)>"8'!7"17&=!,94!Y$)"-2,C$'("%>788_!O,-45!=0<!4;<;32:59!a,9F456/-P62459H!f5-.0:!60:;-!4;6!a,9456=5-42596HM-5,.!ZG5--52JKH!\=:3"!a-5<5-!)((']"!
L"%'U%8=/86'>"2' =%)'!7/-! K;HH5! '&%'_! 4;<;36!90JK!,9H5-! 45<!@2H53!\7#$I'/8='U7#$6%I-#$"#$2%8_!2K-59!>59456H;-H!29!45-!8?U_!O,-45!'&%*!29!L"%'U%8=/86'>"2'=%)'!7/-!,<G5F9;99Hk!625!O2-4!90JK!K5,H5_!6099H;:6!.O26JK59!''!TK-!*(!,94!')"((!TK-_!2<!5-6H59!45,HF6JK59!Q5-965K59!;,6:56H-;K3H"!!
8,1:-,94!2K-56!:-0c56!X-103:56!O,-45!L"%'U%8=/86'>"2'=%)'!7/-!;,JK!29!.;K3-52JK5!AP9F45-!5g/0-H25-H_!529!52:5956!lL;,6035,<m!,94!529!l!7/-FY3,Gm!\'&&$]!O,-459!:5:-Z945H_!652H!'&&B!M`9959!60:;-!>0945-G-251<;-M59!<2H!45-!!7/-_!45<!F&%9782%8',94!45-!F82%!5-F6H;9459! O5-459_! 56! O,-45! ;,JK! 5295! 52:595!!7/-Ff0<5/;:5! 529:5-2JKH5H! \=:3"! a-5<5-!)((']"!U25
! 67
JM5F_!>H2JM5-FLP,65!\5HJ"]!O5-459!5HO;!<2H!:;9.!G;9;359!>/-ZJK59!O25!l+;,1H!425! H03359!!7/-I.-04,MH5ym! ;9:5/-25659_! 045-! 56! O2-4! 2995-K;3G! 45-! >594,9:! 653G6H!I5-G,9:! :5F<;JKH_! 2945<!5HO;! 529!a5-2JKH! 4;-ZG5-!:5.52:H!O2-4_!O25! 5295!C3Z6JK<;,6! 59H6H5KH! \=:3"!L,6M5H;!)(((]"!!
A5:5:' +87&H-%I!%2$,=%'
7<!N59H-,<!45-!8,1<5-M6;<M52H!6H5KH!G52!+2945-9!.O26JK59!65JK6!,94!'*!D;K-59!9;JK!O25!=0-!4;6!A52H<542,<!Q5-965K59! \=:3"!I2545<;99!)(('_!>"!'E]"!X6!4259H! 2<!f29G32JM!;,1!4;6! +5995935-959! =09!L54259<;-M59! ;36! X291;336H0-_! O25! 4;6! a526/253! C0Mz<09! \C;,6Ff;;65! )(()]! .52:H"! U;K5-! 603359! 425! ;,6:5OPK3H59! Q5-965K;9:5G0H5! 5295-! ;,61ZK-32JK59!89;3^65!29!a5.,:!;,1!425!0G59!:59;99H59!86/5MH5!,9H5-.0:59!O5-459"!
U25!8,1.52JK9,9:59!=09!U7"&,)'!,,8*'L)76,8G7&&'Q'/8='L"%'U%8=/86'>"2'=%)'!7/-'O,-F459'.,9PJK6H!:56J-559H_!,<!2<!f29G32JM!;,1!425!I;K-95K<,9:6F!,94!a5;-G52H,9:6O52659!=09!+2945-9!=09!4-52!G26!4-52.5K9!D;K-59!/-0H0H^/26JK5!Q03:59!156H35:59!.,!M`9959"![09!459! ;,6:5OPK3H59! 4-52! a526/2536594,9:59!O,-45! 9,9<5K-! b5O5236! 5295! lH^/26JK5m! Q03:5!<2H! <`:32JK6H! =25359! 45-! 1Z-! 4;6! C-04,MH! JK;-;MH5-26H26JK59! V56H;3H,9:6535<59H5! ;,6:5FOPK3H! ,94! ;,1! 45-! a;626! 52956! Q23</-0H0M0336! 45H;23325-H! j,;32H;H2=! ;9;3^625-H! \=:3"! C;,6Ff;;65!'&&']"!
N253!42565-!5-6H59!8,6O5-H,9:!O;-!56_!425!b5O5232:59!>2996H-,MH,-59!K5-;,6.,;-G52H59"!U;FG52!O,-459!95G59!5295-!89;3^65!45-!10-<;359!V56H;3H,9:6535<59H5!45-!89:5G0H5$!<2HH536!52956! >5j,59./-0H0M0336! Q-;:59! 9;JK! 459! 7459H212M;H2096F! ,94! f;943,9:6;9:5G0H59! 1Z-!+2945-!425656!83H5-6!:56H533H"!U25!79H59H209!O;-_!425!f;943,9:66H-,MH,-!45-!V56JK2JKH59!29!2K-5-! b5O5236! 6/5.2126JK59!X-.PK3O5265! 60O25! 425!f;943,9:6H-P:5-! 29! 2K-5<! JK;-;MH5-26H2F6JK59! X-6JK529,9:6G234! .,! 5-1;6659_! ,<! 6JK325c32JK! <;-M596/5.2126JK5! C-P659H;H209610-F<59!G56JK-52G59!.,!M`9959"!!
U5-! 1Z-!425!89;3^65!=0-:565K595!A52H1;459! \625K5!4;.,!C;,6Ff;;65!'&&']!G5-ZJM62JKH2:H!2<!X29.53959!103:5945!86/5MH5e!
F! f;943,9:66H-,MH,-!
F! U-;<;H,-:25!
F! Q0-<59!45-!>/;99,9:65-.5,:,9:!
F! +09132MH4;-6H533,9:!
F! ?0335!,94!?03359=5-K;3H59!
F! a5.25K,9:59!45-!C-0H;:0926H59!,9H5-529;945-!
60O25!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$!U;.,!.PK359!."a"!+;<5-;/5-6/5MH2=5_!+;<5-;G5O5:,9:_!>JK92HH1-5j,59._!A2JKH_!@09!,";"!
!68
F! U;-6H533,9:59!=09!V5O;3H!
F! Q0-<59!456!f,<0-6!
F! LP-JK59F!,94!>;:59535<59H5!
F! C3;,62G232HPHW!2995-5!A0:2M!
F! [5-<2HH3,9:!52956!G56H2<<H59!I53HG23456!
A5:5A' L/)#$9M$)/86'=%)'+87&H-%'
R;JK!45-!8,6O;K3!45-!.,!;9;3^625-59459!+2945-6594,9:59!O,-459!/-0!>5-25! b5O5236!625FG59!\U7"&,)'!,,8!,94!L"%'U%8=/86'>"2'=%)'!7/-]!G.O"!'E!\L)76,8G7&&'Q]!X/260459!;,1F:5.52JK95H"!U;! 425!LP4JK5965-25!U7"&,)'!,,8! .,<!N52H/,9MH! 45-!89;3^65! ;,1! C-5<25-5!D,920-!;,6:56H-;K3H!O,-45!,94!2<!N,:5!45-!j,;9H2H;H2=59!89;3^65!G5-52H6!625G59!X/260459!;,1:590<<59!O0-459!O;-59_!O;-59!.,<!NO5JM!45-!j,;32H;H2=59!T9H5-6,JK,9:!M5295!.,F6PH.32JK59!8,19;K<59!<5K-!9`H2:"!U25!D,9:5965-25!L)76,8G7&&'Q!K;HH5!.,-!N52H!45-!89;3^F65!2K-59!>5945/3;H.!;,1!?@A!77!,94!O,-45!40-H_!29!b5O5236!.O52!;,1529;945-!103:59459!X/2F60459_!:5.52:H"!U25!8,1.52JK9,9:! 1;94!K25-! 2<!N52H-;,<!=0<!*("!8/-23!G26!B"!L;2!)(()!6H;HH"!U25!4-2HH5!>5-25_!L"%'U%8=/86'>"2' =%)'!7/-_!O2-4! 60O0K3! 29!45-!8?U!;36! ;,JK! 2<!+2945-M;9;3!+7"+8!:5.52:Hk! 4256! b540JK!9,-! 529<;3!O`JK59H32JK_!O04,-JK! 62JK!425!8,1F9;K<5/5-2045!=0<!)B"!8/-23!G26!.,<!'$"!D,92!)(()!5-6H-5JMH5"!
8,1!a;626!45-!U;H59!;,6!45<!5-6H59!>J-55929:!456!L;H5-2;36!,94!45-!4;<2H!529K5-:5K59459!10-<;359!,94!=0-!;335<!29K;3H32JK59!8,6529;945-65H.,9:!<2H!459!b5O5232:59!>5-259!O,-45!5295!8-H! lL5-M<;36M;H;30:m! 1Z-! 425! 6/5.2126JK59! >594,9:59! 5-6H533H"! U2565-! 5-<`:32JKH5!.,<! NO5JM! 45-! ;96JK325c59459! >5j,59.25-,9:! 425! 8,6O;K3! 5295-! lH^/26JK59m! X/26045"!+;H5:0-259!456!L5-M<;36M;H;30:6!6294e!
F! JK;-;MH5-26H26JK5_!01H<;36!=5-O5945H5!10-<;35!>H23<2HH53k!
F! JK;-;MH5-26H26JK5!U-;<;H,-:25!45-!X/260459!60O25!
F! 29K;3H32JK5!>JKO5-/,9MH5!
7<!Q03:59459!O,-45! b545!lH^/26JK5m!Q03:5!45-! b5O5232:59!>5-259!<2H!f2315!456!>5j,59.F/-0H0M0336!29!2K-5!X29.531-;:<59H5!.5-35:H_!,<!4;-;,6!8,16JK3Z665!ZG5-!459!10-<;359!YK;F-;MH5-.,:!45-!b5O5232:59!>5-259!.,!G5M0<<59"!
U;6! >5j,59./-0H0M033! 1Z-! 425! >5-259! U7"&,)'!,,8! ,94!L)76,8G7&&' Q! \29! 8935K9,9:! ;9!C;,6Ff;;65W!A;</5-H!)(()]!,<1;66H!103:5945!+;H5:0-259e!
! 69
!
=$-%/!YX2)/-l!^#EZK!! C/,3*,%(3&)*'K!!!
>67-/#()&,3K! PQ3E!C9/,/,,*''/#K!
C:7,2))Q#/?*/,9K!! C9/,/,-6,%/K!!
8,7&-)!3/#!C9/,/K!!
F2-3/G/,/! X$,/G/,/! =$#'&-/!R/#+'&-/!
\L,62M_!V5-P,6JK5_!+;<5-;5296H533,9:_!Q;-G59]!
U;!529!L;:;.29!;945-6!6H-,MH,-25-H!,94!;,1:5G;,H!26H!;36!5295!:5O`K932JK5!>5-25_!O,-45!4;6!>5j,59./-0H0M033!1Z-!L"%'U%8=/86'>"2'=%)'!7/-!;9:5/;66He!
=$-%/!YX2)/-l!^#EZK!! C/,3*,%(3&)*'K!!
>67-/#()&,3K!! PQ3E!^*''/#!3/#!R&%&92,)/2-/K!
C:7,2))Q#/?*/,9K!! F/9/2:7,*,%!3/#!R&%&92,)/2-/K!!
C9/,/,-6,%/K!! PQ3E!C9/,/,,*''/#K!
8,7&-)!3/#!C9/,/K!!
!
F2-3/G/,/! X$,/G/,/! =$#'&-/!R/#+'&-/!
\L,62M_!V5-P,6JK5_!+;<5-;5296H533,9:_!Q;-FG59]!
R5G59!45-!>5j,59.25-,9:!45-!>5-2595/260459!O,-45!5295-652H6!529!M,-.56!K26H0-26JK56!C-0F123!45-!4-52!>594,9:59!6M2..25-H!,94!;945-5-652H6!5295! 29K;3H32JK5!8,6529;945-65H.,9:!<2H!459!V56JK2JKH59!.,!U7"&,)'!,,8!,94!L)76,8G7&&'Q!=0-:590<<59k!0K95!:59;,5-56!X29:5FK59!;,1!425!V56;<HHK5<;H2M!M`9959!G5245!>5-259!92JKH!=5-6H;9459!,94!45<.,103:5!92JKH!;9;3^625-H!O5-459"!
R;JK! Q5-H2:6H533,9:! 45-! >5j,59./-0H0M0335! O,-459! 425! 529.53959! >5-259!<2H! f2315! 52956!89;3^65FA52H1;4596!,9H5-6,JKH"!QZ-!U7"&,)'!,,8!,94!L)76,8G7&&'Q! !O,-45!29!8935K9,9:!;9!C;,6Ff;;65!\'&&']!103:5945-!A52H1;459!=5-O5945He!
I#967-5/2(/!\8,1!O53JK5!8-H!,94!I5265!O2-4!425!V56JK2JKH5!5-.PK3Ho]!
m&,3-*,%(()#*+)*#!
F! U-;<;H,-:25!45-!>5-25!\8,1G;,_!?;K<59!45-!>5-25_!10-<;35!,94!29K;3H32JK5!X-.PK3F:56JKO2942:M52H]!
!70
F! f;943,9:66H-P9:5!\89.;K3!,94![5-M9Z/1,9:!45-!>H-P9:5!9;JK!79K;3H!,94!Q0-<!60FO25!V5O2JKH,9:!45-!R5G59K;943,9:66H-P9:5!9;JK!U;,5-_!a565H.,9:!,94!?535=;9.!1Z-!459!+09132MH_!3295;-5!045-!/;-;33535!f;943,9:61ZK-,9:]!
F! V-,94M09132MH!45-!>5-25!\I53JK5!79K;3H5!O5-459!=5-<2HH53Ho!I53JK5!f;,/HHK5<59!O5-459!G5K;9453Ho!8,1H-5H59!45-!+09132MH/;-H95-]!
F! Q0-<59! 45-! >/;99,9:65-.5,:,9:! \I25!O2-4! >/;99,9:! 5-.5,:Ho!I25!O2-4! >/;9F9,9:!;,1:53`6Ho!79K;3H32JK!,94!10-<;3]!
F! U;-6H533,9:!45-!V5O;3H! \79!O53JK5-!Q0-<!O2-4!V5O;3H!/-P659H25-Ho!>H533H!45-!V5FO;3H;6/5MH!52959!O2JKH2:59!@523!45-!f;943,9:!4;-o]!
F! Q0-<59!456!f,<0-6! \79!O53JK5-!8-H! ,94!I5265!M0<<H!f,<0-! .,<!@-;:59o! 79FK;3H32JK!,94!10-<;3]!
F! LP-JK59F! ,94! >;:59535<59H5! \I526H! 45-! 79K;3H! 45-! >5-259:56JK2JKH5! LP-JK59F535<59H5!;,1o]!
F! C3;,62G232HPHW2995-5!A0:2M!\76H!425!V56JK2JKH5!45-!>5-25!30:26JK!9;JK=033.25KG;-o]!
F! [5-<2HH3,9:!52956!G56H2<<H59!I53HG23456!!
m&,3-*,%()#6%/#!\I25!O5-459!425!f;943,9:6H-P:5-!4;-:56H533Ho]!
F! ?0335!,94!?03359=5-K;3H59!45-!8MH5,-5!
F! a5.25K,9:59! 45-! C-0H;:0926H59! \[5-KP3H926! .O26JK59! 459! V,H59_! 459! a`659! ,94!.O26JK59!f53459!,94!I245-6;JK5-9]!
N,6PH.32JK!O5-459!425!f;943,9:6H-P:5-!90JK!9;JK!103:59459!+-2H5-259!;9;3^625-He!
F! I25!65K59!625!;,6o!!
F! I;6!H,9!625o!\I25o!L0H2=5o!I0<2Ho]!
F! I;6!6294!425!6/-;JK32JK59!YK;-;MH5-26H2M;o!\>H2<<5_!@091;33]!
F! I53JK5! YK;-;MH5-52:596JK;1H59! O5-459! =5-<2HH53Ho! \<5K-42<596209;3! 045-! 13;JK_!2K-5![5-6HP-M,9:! 4,-JK! 10-<;35! H5JK926JK5!L2HH53! O25!+;<5-;/5-6/5MH2=5_! A2JKH_!L,62M5HJ"]!
F! X9HO2JM539!625!62JKo!
F! I25!26H!45-59!60.2;35-!>H;H,6!.,!G56JK-52G59o!
L"%'U%8=/86'>"2'=%)'!7/-!O2-4!K29:5:59!<2H!f2315!52956! 653G6H! 59HO2JM53H59!A52H1;4596!,9H5-6,JKH_!O53JK5-!;,6!103:59459!T9H5-6,JK,9:642<59620959!G56H;94e!
!! U25!<;-M59-535=;9H5!f;,/H12:,-!S!U25!!7/-e!
YK;-;MH5-26H26JK5!U;-6H533,9:610-<! 45-!!7/-_! U-;<;H,-:25! ,94! 79K;3H! 45-!!7/-IB56JK2JKH59!
! 71
!! U25!\<;-M59-535=;9H59]!R5G5912:,-59e!
F! Q2MH209;35!R5G5912:,-59e!U;-6H533,9:! 456!F&%9782%8! ,94! 45-!F82%_! 6/5.2126JK5!X29G294,9:!29!425!!7/-IB56JK2JKH59!
F! ?5;35! R5G5912:,-59e! 8,1:;G5! 45-! L045-;H0-59! YK-26H0/K! a25<;99_! 8-<29!L;2O;34!,94!?;3/K!Y;6/5-_!2K-5!C-P659.!,94!2K-!a52H-;:!.,<!L;-M596H;H,6!45-!>594,9:!
!! U25!JK;-;MH5-26H26JK59!X29.53G52H-P:5!45-!>594,9:e!
!7/-IB56JK2JKH5_! >;JKF! ,94! A;JK:56JK2JKH59! ,94! 2K-! b5O5232:5-! 8,1G;,! \10-<;3!;36!;,JK!29K;3H32JK]!
!! U25!>H-,MH,-!45-!>594,9:!\4-;<;H,-:26JK56!V-,94/-29.2/]!
BEB! C&2-$#!R$$,j!V#&%$,G&--!>!*,3!V2/!C/,3*,%!'2)!3/#!R&*(K!F/(:7#/2G*,%/,!
3/#!C/,3*,%/,!
U;!62JK!5295-652H6!45-!L54259<;-MH!=0-!;335<!G5.Z:32JK!45-!XH;G325-,9:!,94![5-<;-MH,9:!=09!L54259<;-M59! 29!5295<!6HP942:59!I;9453!G512945H_! 62JK!.O52H596!425! 10-<;359!,94!29K;3H32JK59!X35<59H5! 5295-!+2945-6594,9:! 2<!A;,15! 45-! N52H! 5G591;336! =5-P945-H! K;G59!,94!4;6!8,665K59!,94!425!@K5<;H2M!5295-!>5-25!4-2HH596_!O25!>H,4259!bZ9:5-59!U;H,<6!.52F:59!\625K5!C;,6Ff;;65!)(()]_!;,JK!29!65K-!K0K5<!L;c5!4;=09!;GKP9:2:!6294_!29!O53JK5<!A;94! 425!I5-M5! /-04,.25-H!O5-459_! 6JK529H! 56! 6299=033! 29! 5295<!=0-;9;3^H26JK59!>JK-2HH!459!I5-45:;9:! G.O"! 425!V-Z94,9:! 45-! 4-52! b5O5232:59!C-0:-;<<;9:5G0H5! ;,1.,.52:59"!>0<2H! O2-4! G5-52H6! 529! 425! T<:5G,9:_! T<O53H! ,94! V565336JK;1H! JK;-;MH5-2625-59456!V-,94G234!,94!45<.,103:5!425!459!>5-259!0G325:5945!8,6:;9:6G;626! 1Z-! 2K-5!L;-M59G23F4,9:!5-`-H5-H"!
R5G59!45<!K26H0-26JK59!86/5MH!O,-459!=09!U7"&,)'!,,8!,94!L)76,8G7&&'Q!O5:59!45-!459!V56JK2JKH59! 2995O0K959459! +0</35g2HPH! .,45<! M,-.5! 29K;3H32JK5! N,6;<<591;66,9:59!45-!V-,94:56JK2JKH5!5295-652H6!,94!45-!6/5.2533!;9;3^625-H59!X/26045!;945-5-652H6!;9:515-FH2:H"!!
A5A54' 'L)76,8G7&&'Q'
U25!b;/;926JK5!Y0<2J65-25!=09!8M2-;!@0-2^;<;!<2H!45<!@2H53!L)76,8G7&&!1;94!G5-52H6!D;KF-5! =0-! 2K-5-! X-6H;,66H-;K3,9:! '&B$! 29! .;K3-52JK59!+,-.:56JK2JKH59_! 425! 45-! N52JK95-! 1Z-!=5-6JK254595!Y0<2JFL;:;.295!\O25!5HO;!R)%-$'b/>C]!=5-1;66H5_!2K-59!891;9:"!
U25!>5-25!L)76,8G7&&! 6033H5!,-6/-Z9:32JK5! 5295!C;-0425! ;,1!425! ;3H5! JK295626JK5!A5:5945!=0<!81159M`92:!U/8I;/ID,86!O5-459_!O53JK5!;,1!5295<!?0<;9!;,6!45<!'$"!D;K-K,945-H!G;625-H!,94!K5,H5! 29!:;9.!86259!G5M;99H! 26H"!>H;94!.,!a5:299!45-!>5-25!45-!f,<0-!90JK!6H;-M!2<
!72
a5;JKH,9:! :56JK59MH"! U25! Q2:,-59! 59HO2JM53H59! 62JK_! /K^626JK! ,94! /6^JK26JK"!8,6! 45<!+294!O,-45!529!L;99!G.O"!5295!Q-;,_!425!5295!Q;<2325!:-Z945H59!,94!653G6H!+2945-!G5M;F<59"!U25!.59H-;35![5-;-G52H,9:!45-!.52H32JK59!+0</0959H5!<;-M25-H5!60<2H!52959!HK5<;H2F6JK59!I5945/,9MH!29!45-!>5-25_!4;!<2H!45<!X-O;JK659FI5-459!45-!C5-60959!95,5!79K;3H5!529K5-:29:59"!8,6!42565<!V-,94!O,-45!425!Q5-965K65-25!9;JK!'#*!Q03:59!=09!L)76,8G7&&!29!L)76,8G7&&'Qh!,<G59;99H!\OPK-594!45-!Y0<2J!H-0H.!;335-![5-P945-,9:59!652959!R;<59!G52G5K253H]!\aZ94:596!)(((]"!!
U25!>5-25!L)76,8G7&&!O,-45!29!D;/;9!=09!@052!X9H5-H;29<59H!29!N,6;<<59;-G52H!<2H!a2-4!>H,4206!\45-!Q2-<;!=09!8M2-;!@0-2^;<;]!/-04,.25-H"!!
7<!N,6;<<59K;9:!<2H! 45-!8,66H-;K3,9:! 45-! >5-25! 29! 5,-0/P26JK59! ,94! ;<5-2M;926JK59!AP945-9! ,94! 459! ;335-0-H6! 6H;HH129459459!U26M,6620959! ,<! 2K-5! M2945-H;,:32JK59! 79K;3H5!,94!C-P659H;H20959!<,66!5-OPK9H!O5-459_!4;66!529.5395!X/260459!=09!L)76,8G7&&! 60O25!=09!L)76,8G7&&'Q!;G:5P945-H!045-!=0336HP942:!K5-;,6:56JK92HH59!O,-459"!8,JK!;,1!?@A!77!35:H5!<;9!f;94!;9!425!>5-25!\8GG"!']"!>0!O,-459!29!45-!?5:53!103:5945!>.5959!.59625-HeB!
a52!45-!N59625-,9:!=09!>.5959!O2-4!b540JK!;,JK!0115962JKH32JK_!4;66!?@A!77!92JKH!60945-F32JK!;,1!+09H29,2HPH!,94!A0:2M!G;,H"!>0!H;,JK59!5HO;!59H15-9H5!>5j,59.59!29!459!?ZJMG32FJM59!=09!6/PH5-!103:59459!X/260459!,9:5MZ-.H!O2545-!29!X-6JK529,9:"!U;<2H!5-6JK529H!52F95!9;JKK;3H2:5!8GP945-,9:!45-!>5-25!L)76,8G7&&'Q!<5K-!;36!1-;:OZ-42:"!!
L)76,8G7&&'Q!5-.PK3H!29!)&'!X/260459!;JKH!=5-6JK254595!pG5-FV56JK2JKH59"!U2565!O5-459!;36!>;:;6!G5.52JK95H!,94!5-.PK359!29K;3H32JK!;G:56JK3066595!X-35G92665!,94!8G59H5,5-!45-!f;,/HK53459"! 79! b545-!>;:;! H-5H59!95,5!YK;-;MH5-5_! .,<526H!a`65O2JKH5_! 29!X-6JK529,9:_!O53JK5!62JK!459!f53459!29!459!I5:!6H53359"![2535!=09!2K959!=5-6JKO29459!;<!X945!5295-!>H;1153_!<;9JK5!b540JK!.PK359!;G!2K-5<!5-6H<;32:59!8,1H-5H59!.,<!6HP942:59!79=59H;-!45-!>5-25"!!
HGGE!;K!>/,(2/#)/!C9/,/,! 8,7&-)/!3/#!C9/,/,!
V5O;3H6.5959! a-,H;35! @-2HH5! ,94! 8HH;JM59! \8G-52c59! =09!+`-/5-H52359_! X9HK;,/H,9:59_! a-5JK59! 456!V592JM6!456!V5:95-6]_!>HZ-.5!:5:59!IP945!,94! ;,6! :-0c59! f`K59_! +P</15! G52! 45959!a3,H! 1325cH_! N5-j,5H6JK,9:66.5959_! P,c5-6H!G-,H;35!/K^626JK5!8HH;JM59!:5:59!Q-;,59!!
>5g26H26JK5!896/253,9:59!,94!f;943,9:59! Y,H! 5295-! >.595! 29! 45-! L,H59F?06K2! \45-!A,6H:-526! 45-! >5-25]! 5295<! LP4JK59! 459!f29H5-H523! 6H-52JK53H! ,94! 42565! 2K9! ;96JK325Fc594!OZH594!;,1!459!+0/1!6JK3P:H!
N52:59!=09!5gH-5<59!V5O;3HM0965j,59.59! >JK<5-.=5-.5--H5_! G,H5945! V562JKH5-! =09!+P</159459_! a3,H! 6/,JM5945! Q2:,-59_! =0-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%!U;6!{N{!6H5KH!1Z-!N59_!4;!45-!f534!29!459!>5-259!=2535!N,<526H5-!45-!+;</1MZ96H5!G5625:H"!B
! 73
>JK<5-.!3;,H!;,16JK-525945!C5-60959!
a5K;943,9:!=09!@;G,HK5<59! @04566.5959! =09! Q2:,-59! O5-459! :5MZ-.H!045-! =0336HP942:! -;,6:56JK92HH59! ,94! 9,-!=5-G;3!5-.PK3H!
8,JK!6JK529G;-!K;-<3065!>.5959! Y,H!5295-!>.595!29!45-!L,H59F?06K2!<2H!K5F-,9H5-:53;665959! f0659! ;,1! 45-! @0235HH5!62H.H_! a2345-! =09! 9;JMH59! f29H5-9! \5:;3! 0G!Q-;,!045-!L;99]!
T913PH2:5!a5<5-M,9:59!045-!f;943,9:59! Q2:,-59!.52:59!62JK!459!l>H29M5129:5-m!045-!G56JK2</159!62JK!45-G!
V-,94:56JK2JKH5!;335-!>;:;6!!
U25!5HO;!.O;9.2:<29ZH2:59!X/260459!G;,59!;,1529;945-!;,1_!,94!V56JK5K92665!;,6!G5-52H6!:5.52:H59!Q03:59!,94!>;:;6!O5-459!1Z-!4;6![5-6HP94926!45-!>5-25!;36!a;626O26659!=0-;,6F:565H.H! \=:3"! C;,6Ff;;65W! A;</5-H! )(()]"! U;6! [5-6HP94926! O2-4! ,";"! 4;4,-JK! 5-6JKO5-H_!4;66!425!Q2:,-59!92JKH!52945,H2:!156H:535:H!G.O"!l5295<!A;:5-m!.,.,0-4959_!60945-9!=253F6JK2JKH2:5-! 6294"!>25!59HO2JM539!62JK! 2<![5-3;,1!45-!529.53959!V56JK2JKH59!,94!O;JK659!=09! H523O5265! 9;2=59!+2945-9! ,94!@559;:5-9! .,!X-O;JK65959! K5-;9! ,94!O5JK6539! :535F:59H32JK!425!Q-09H59_!4"K"!425!:,H59!YK;-;MH5-5!M`9959!.,!a`659!O5-459_!;G5-!;,JK!425!G`F659!.,!:,H59"!
79! 45-! >5-25! 6H5K59! .O52! @K5<59G5-52JK5! ;36!f;943,9:6H-P:5-! 2<![0-45-:-,94"!U256! 26H!.,<!52959!425!>,JK5!9;JK!459!U-;:09G;336_!425!45-!>594,9:!2K-59!R;<59!:2GH"!U;6!N253!26H!56_!625G59!<;:26JK5!+,:539!.,!129459_!<2H!45-59!f2315!2K-!a562H.5-!62JK!52959!045-!<5KF-5-5!IZ96JK5! 5-1Z3359!M;99"!R;HZ-32JK!=5-6,JK59! 2<<5-!<5K-5-5!C;-H5259_! 62JK!425!U-;FJK59GP335! ;G.,b;:59! ,94! 29! 2K-59! a562H.! .,! G-29:59_! O0<2H! 62JK! 425! >,JK5! 9;JK! 2K959!6/;99594! :56H;3H5H! ,94! =09! .;K3-52JK59!8,6529;945-65H.,9:59! :5/-P:H! 26H"! N,<! ;945-59!6H5KH!4;6!@-;2925-59!45-!+;</1MZ96H5!45-!f53459! 2<!L2HH53/,9MH!45-!f;943,9:"!U5-! ;JFH209:53;4595!+;</1H523!29!459!V56JK2JKH59!6H533H!459!G545,H,9:66HP-M5-59!,94!60O0K3!.52HF32JK!;36!;,JK!29K;3H32JK!/-P659H5-59!@523!29!459!L)76,8G7&&'QFV56JK2JKH59!4;-"!U5-!f,<0-_!O53JK5-! 459![0-3P,15-!L)76,8G7&&! JK;-;MH5-2625-H5_! 26H! G529;K5! =0336HP942:! ;,6! 45-! >5-25!:5O2JK59_!,94!0GO0K3!425!U-;:09G;336!90JK!2<<5-!5295!O2JKH2:5!?0335!6/25359_!6H5K59!=0-!;335<!425!62JK!6H5H2:!6H52:5-9459!+;</1H5JK92M59!,94!V515JKH5!45-!f53459!2<!L2HH53/,9MH"!U25! 4,-JK! 425! [5-5292:,9:! 45-! U-;:09G;336! -5;32625-G;-59!IZ96JK5!O5-459! :-`cH59H5236!4;.,!G59,H.H_!=5-6H0-G595!Q-5,945!045-!;,JK!Q52945!O2545-!.,-ZJM!296!A5G59!.,!-,159"!U25!;33652H6!/-P659H5!V5:59O;-H!456!@0456!S!56!26H!b545-.52H!<`:32JK_!4;66!5295!Q2:,-!\60:;-!529!f;,/HK534]!6H2-GH!S!1ZK-H!4;.,_!4;66!653G6H!=0-!45<!D59652H6!92JKH!K;3H!:5<;JKH!O2-4_!,94!529.5395!f53459!;,JK!40-H!O52H5-!;,6:5G2345H!O5-459!,94!95,5!+;</1F35=53!5--52JK59"!!
8,JK!425
!74
O2-4! 60:;-!;,1!425!>,JK5!9;JK!459!I,96JKM,:539!=5-.2JKH5H!,94!62JK!;,66JK325c32JK!;,1!425!+P</15!.O26JK59!V,H!,94!a`65&!M09.59H-25-H"!I;6!b540JK!;335!>;:;6!:5<529!K;G59_!26H!4;6!8,1H-5H59!95,5-!YK;-;MH5-5!.,!a5:299!045-!OPK-594!5295-!95,59!V56JK2JKH5"![2535!Q2F:,-59! ;,6! =0-K5-2:59! X/260459! 129459! 62JK! 29! 6/PH5-59! Q03:59! O2545-_! 59H6/-5JK59456![0-O26659!5-O52H!62JK!4;K5-!1Z-!4;6![5-6HP94926!45-!>5-25!;36!K231-52JK_!,<!45-!f;943,9:!103:59! .,! M`9959"!U25! :56;<H5!L)76,8G7&&FI53H! 5-6JK325cH! 62JK! 45<!N,6JK;,5-! 29! 2K-5-!+0</35g2HPH!5-6H_!O599!5-!;335!Q03:59!:565K59!K;H!045-!ZG5-!425!>^6H5<;H2625-,9:6;9:5G0FH5!29!;945-59!L54259!\79H5-95H_!N52H6JK-21H59!5HJ"]!2910-<25-H!O2-4"!!
79!45-!L)76,8G7&&FI53H!5g26H25-59!=5-6JK254595![`3M5-"!U;6!O2JKH2:6H5![03M_!=09!45<!45-!f;,/HK534!U,8IB,0/! ;G6H;<<H_! 6294!425!>;2^;Fb296_! 2K-!f52<;H/3;95H! 26H![5:5H;"!q,c5-5!+599.52JK59!425656![03M56! 6294!45-! 6/0-H32JK5!+`-/5-G;,_! 425! 6JKO;-.59!f;;-5! ,94! 529!811596JKO;9."! U25! >;2^;Fb296! 6294! ,-6/-Z9:32JK! ;::-5662=_! 65K-! 6H;-M! ,94! M`9959! 2K-5!+-;1H!4,-JK!@-;2929:!6H52:5-9"!N,45<!=5-1Z:59!625!ZG5-!425!QPK2:M52H_!62JK!29!52959!h0.;-,!\81159]!.,!=5-O;94539!,94!G5K5--6JK59!425!+;</1H5JK92M!456!>,/5-!>;2^;Fb296"!U25!>;2^;Fb296!M`9959!2K-5!+-;1H!/0H59.25-59!,94!4;4,-JK!2<<5-!6HP-M5-5!V5:95-!G5625:59"!
N,!459!>;2^;Fb296!:5K`-H!,";"!45-!f534!45-!>5-25!U,8IB,0/"!U,8IB,0/!26H!425!529.2:5!Q2:,-_!425!29!b545-!X/26045!,94!29!b545-!>;:;!;9.,H-51159!26H"!8945-5!M0<<59_!:5K59_!6H5-G59!0F45-!H;,JK59!9;JK!D;K-59!O2545-!;,1_!OPK-594!5-_!0G!H0H!045-!35G5942:_!2<<5-!@523!45-!V5F6JK2JKH5!26H"!!
R5G59!459!>;2^;Fb296!:2GH!56!425!R;<5M2;95-!045-!;,JK!R;<5M652Fb296_!425!459!C3;95H59!R;<5M!G5O0K959"!U;6![03M!O,-45!4,-JK!52959!>H,-<!;,6:53`6JKH_!;G5-!4,-JK!B/)/_'(!459!35H.H59!pG5-35G59459_!O2545-:5G0-59"!U25!R;<5M2;95-!6294!G560945-6!352JKH!;9!45-!:-Z959!f;,H_!459!6/2H.59!hK-59_!459!+-;3359!,94!459!QZK35-9!.,!5-M59959"!>25!=5-1Z:59!ZG5-!425!QPK2:M52H!.,!1325:59_!M`9959!62JK!;65g,533!-5/-04,.25-59_!1,620925-59_!62JK!=5-:-`c5-9!G.O"!O;JK659"!U25!R;<5M2;95-!6294!<2H!5292:59!8,69;K<59!529!1-25432JK56![03M_!425!;335!=5-FH5242:59_!425!6JKOPJK5-!6294!;36!625!653G6H"!N,<![03M!45-!R;<5M2;95-!.PK359!5HO;!."##,&,!,94!L%8=%"!
U25!L596JK59!6294!529!O52H5-56!O2JKH2:56_!;G5-!.,:352JK!4;6!6JKOPJK6H5![03M!29!45-!L)7I6,8G7&&II53H"!X292:5!=5-1Z:59!ZG5-!+-;1H!,94!6/5.25335!+;</1H5JK92M59_!40JK!M`9959!625!62JK!92JKH!<2H!5295<!>;2^;Fb29!045-!5295<!R;<5M2;95-!<56659"!7<!V5:596;H.!.,!459!;945F-59![`3M5-9!:2GH!56!G52!459!L596JK59!;,JK!Q-;,59!O25!(/&>7!,94!Y$"#$""!I52H5-5!89:5FK`-2:5!6294e!D)"&&"8_!i7>#$/_!!)5'U7278_!W"=%&!,94!!/2%8IX,-$"! \f5--!45-!>JK234M-`H59]"!8,JK!@25-5!6294!8MH5,-5!29!45-!L)76,8G7&&II53H"!7K959!M0<<H!b540JK!9,-!5295!,9H5-:5F0-495H5!,94!:535:59H32JK!5295!,9H5-K;3H6;<5!?0335!.,"!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&!N,<!a526/253!425!X7=="23I>;:;_!425!Y%&&I>;:;_!425!(//I>;:;"!'(!B/)/!O2-4!29!459!45,H6JK59!Q03:59!<2H!B,22!ZG5-65H.H"!
! 75
T<!425! .,! ;9;3^625-5945!X/26045!=5-6H5K59!.,!M`9959_!O2-4! 2<!896JK3,66!425!>;:;!G5F6JK-25G59_!29!O53JK5!425!Q03:5!529:5G5HH5H!26H!,94!29!5295<!.O52H59!>JK-2HH!45-!79K;3H!45-!65j,59.25-H59!X/26045!.,6;<<59:51;66H"!
L"%'(//'U767@@'
U,8IB,$78_!U,8IB,0/-'>0K9_!:5KH!;,1!425!f2:KF>JK003!,94!26H!95G59G52!90JK!;36!V-0c5-!>;2^;<;9!,9H5-O5:6_!529!;909^<5-!>,/5-K534_!45-!425!I53H!=09!T9-5JKH!,94!T9K523!G5F1-5259!O233"!8,c5-45<!26H!U,8IB,2%8_!45-!.O52H5!>0K9!U,8IB,0/-_!:5G0-59"!!
U25!@0JKH5-!!)5'U7278-_!W"=%&_!425!<2H!U,8IB,$78!.,-!>JK,35!:5KH_!12945H!456659!U0//53F35G59!K5-;,6_!,94!.O29:H! 2K9!;<!:-0c59!+;</1H,-925-! H523.,95K<59"!8335! H-;2925-59!K;-H!,94! 653G6H!U,8IB,0/_! 45-! 2<!+;</1!:5:59!Y%&&! :56H0-G59! 26H_! M0<<H! 1Z-! 52959!@;:! ;,6!45<!D59652H6!.,-ZJM_!,<!;<!:-0c59!@,-925-!H523.,95K<59"!!
U,8IB,2%8!,94!a)/80-! \>0K9!(/&>7-!,94!W%6%27-]!<Z6659! 29!45-!+2945-F>5MH209!MP</F159_!4;!625!90JK!M5295!'#!D;K-5!;3H!6294"!8<!X945!6H5K59!G5245!2<!Q29;35_!,94!a)/80-!G5F625:H!U,8IB,2%8"!U25!@,-925--5:539!G56;:59_!4;66!45-!I53H.,<526H5-!:5:59!459!V5O2995-!45-!+2945-F>5MH209! ;9H-5H59!<,66"!>0<2H!<,66!!)5'U7278! :5:59!a)/80-! MP</159_!O0G52!!)5'U7278!4;6!R;JK65K59!K;H"!!
R,9! G5:299H! 4;6! 52:59H32JK5! @,-925-"! ."##,&,! <,66! :5:59! U$"8! ;9H-5H59_! ,94! 4;! 5-! 45-!:3;,GH_!4;66!U$"8!45-!L7"D7",!26H_!:2GH!5-!;,1_!0GO0K3!56!62JK_!O25!62JK!6/PH5-!K5-;,66H533H_!4;G52!,<!D7",-$"8!K;9453H"!U,8IB,$78!MP</1H!:5:59!D"G"2,_!52959!A52GOPJKH5-!=09!D7"I,-$"8"!836!62JK!U,8IB,$78!2<!+;</1!29!52959!T3H-;F>;2^;b29!=5-O;9453H_!5-6JK52959!.O52!V56H;3H59_! 425! U,8IB,$78! 425! +-;1H! -;,G59"! U5-!D7",-$"8! 5-M3P-H_! 4;66! 56!(7G"="_! 52959!L;:25-_!:2GH_!O53JK5-!459!UP<09!(//!5-6JK;1159!K;H_!45-!29!529!X2!:56/5--H!O,-45!,94!9,9!O2545-! G51-52H! O5-459! 6033"! U;! 4;1Z-! =253! X95-:25! 90HO5942:! 26H_! .25K59!(7G"="-! U2595-!,<K5-_!,<!X95-:25!.,!6;<<539"!."##,&,_!D7",-$"8',94!Y0!=5-103:59!625_!,<!4256!.,!=5-FK2945-9_!4;!(//!590-<5!+-P1H5!G562H.H"!!
R;JK!5H32JK59![5-103:,9:6b;:459_!+P</159!,94!@04561P3359! 26H!56!(7G"="! H;H6PJK32JK!:5F:3ZJMH_!459!UP<09!(//!.,!G51-5259"!(7G"="!,94!(//!.5-6H`-59!>HP4H5!,94!H`H59!O52H5-5!,9F.PK32:5!L596JK59"![2535!45-!f53459!129459!62JK!G5-52H6!;,1!2K-5-!h/15-326H5"!(/&>7!,94!425!;945-59!pG-2::5G325G5959!K;G59!62JK!29!L%8=%-!\V0HH56]!C;3;6H!:513ZJKH5H!,94!O03359!9,9!425!U-;:09G;336!G59,H.59_!,<!425!=09!(//!V5H`H5H59!O2545-!35G5942:!.,!<;JK59"!IPK-594!a)/80-!459!U-;:09G;33F?;4;-!K03H_!KP3H!U,8IB,0/_!,<!N52H!.,!:5O29959_!(7G"="!,94!(//!;,1"!X-!=5-O;9453H!62JK!;36!5-6H5-!ZG5-K;,/H!29!52959!>,/5-!>;2^;b29!4-2HH5-!>H,15"!R;JK45<!a)/80-!.,-ZJM!26H_!H535/0-H25-H!62JK!U,8IB,0/*')!0K95!459!+;</1!G55945H!.,!K;G59_!.,-ZJM!.,!652959!Q-5,9459!29!L%8=%-!C;3;6H"!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!''!KHH/eWWOOO";92<5F6H;-"45W4G.1;9O0-34W29106WG006;:;"6KH<3"!')!X292:5!45-!f53459!K;G59!425!QPK2:M52H_!62JK!<2HH536!2K-5-!2995-59!X95-:25!=09!5295<!h-H!.,!5295<!;945-59_!;,JK!O52H!59H15-9H59_!h-H!.,!H-;96/0-H25-59"!U;G52!O5-459!625!,962JKHG;-!,94!H;,JK59!O0;945-6!O2545-!;,1"!
!76
(//!O233!62JK!92JKH!3P9:5-!=09!(7G"="!K5-,<M0<<;9425-59!3;6659_!H`H5H!652959!N,<526H5-!,94!O233!9,9!425!:;9.5!I53H!.5-6H`-59"!U,8IB,0/-!N52H!;,1!X-459!26H!29456!;G:53;,159_!,94!5-!<,66!.,-ZJM!296!D59652H6"!N,=0-!K;H!5-!U,8IB,2%8!,94!a)/80-!90JK!425!@5JK92M!45-!Q,F6209!:5.52:H_!<2H!O53JK5-!625!2K-5!+-P1H5!=5-52959!,94!.,!5295-!C5-609!=5-6JK<53.59!M`9F959"!>0_!K011H!5-_!M;99!=253352JKH!45-!UP<09!(//!G5625:H!O5-459"!."##,&,!H-;2925-H!425!D,9F:59!;96H5335!U,8IB,0/-!O52H5-_!,94!425!G52459!1,620925-59!.,!B,2%80-"!
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
!)5'U7278!=5-6,JKH!,9H5-456659_!(//'.,!G5625:59_!6JK325cH!b540JK!G;34!<2H!2K<!,94!5295<!M352959!f,94!Q-5,946JK;1H"!U25!L596JK59!K;G59!62JK!:5:59!(//!<0G232625-H!,94!6JK25c59!;,1!2K9"!U;G52!O5-459!!)5'U7278!,94!45-!f,94!:5H`H5H"!(//!K523H!425!G52459_!O2-4!b540JK!4;G52!60!OZH594_!4;66!62JK!6529!G`656!7JK!=09!2K<!;G6/;3H5H!,94!56!9,9!52959!:,H59!,94!52F959!Gj-%8'(//!:2GH"!U5-!6/2%'(//!O2-4!=0<!Gj-%8'(//! ;G60-G25-H_!O04,-JK!!7`"8'(//_!4;6!-5295!a`65_!:5G0-59!26H"!!
X6!=5-6,JK59!.,5-6H!B,2%80-!,94!4;99!."##,&,_!!7`"8'(//!.,!G5625:59_!40JK!G5245!O5-459!=09!45<!UP<09!;G60-G25-H"!!
U,8IB,0/!5-KP3H!=0<!D7",-$"8!425!C0H;-;!hK--29:5_!425!5295!C0H;-;!Q,6209_!425!5O2:!;9FKP3H_!5-<`:32JK59"!X-! H535/0-H25-H!62JK!.,!U,8IB,$78!,94!O233!<2H! 2K<!1,620925-59"!!7`"8'(//!G5<5-MH!4256!,94!;G60-G25-H!U,8IB,$78"!R,9!5-6JK529H!W%6%27!,94!1,620925-H!<2H!U,8IB,0/!.,!W%6%2,"!8,JK!5-!O2-4!;G60-G25-H_!40JK!M;99!=09!W%6%2,! 2<!7995-59!!7`"8'(//-!529!>JK,H.6JK234!;,1:5G;,H!O5-459"!X-!G51-52H!425!.,=0-!8G60-G25-H59_!;,JK!459!6/2%8'(//"!!
U,-JK!425!a51-52,9:!45-!8G60-G25-H59!59HO2JM53H!62JK!(//! 29!65295!+29410-<!.,-ZJM!,94!.5-6H`-H!425!X-45"!D7",-$"8!M;99!U,8IB,0/_!W%6%27_!L%8=%_!459!f,94!,94!!)5'U7278!-5HFH59"!8335!;945-59!6294!H0H"!(//!M;99!62JK!b540JK!92JKH!-5:595-25-59"!X-!H535/0-H25-H!62JK!;,1!459! C3;95H59! 45-! +;206K29_! ;,1! O53JK5<! U,8IB,0/! ,94! W%6%27! ;,1! 2K9! O;-H59"!L%8=%!13ZJKH5H!29!45-!NO26JK59.52H!9;JK!R5,FR;<5M!,94!OZ96JKH!62JK!=09!.,&/867!\45<!qj,2F=;359H!.,!U$%8I\,86_!45<!I,96JK4-;JK59_!O53JK5-!<2H!459!U-;:09a;336!:5-,159!O5-459!M;99]!425!X-45!.,-ZJM"!(//!M;99!29!N,6;<<59;-G52H!=09!U,8IB,0/_!L%8=%_!!)5'U7278!,94!W%6%27!G5625:H!O5-459"!!
N5K9!D;K-5!6/PH5-!K;H!U,8IB,$78!W"=%&!:5K52-;H5H!,94!5295!:5<5296;<5!@0JKH5-!<2H! 2K-_!.78"!8,JK!45-!:,H5!a,,_!!"-2%)'(//_!35GH!90JK!;,1!45-!X-45!\G52!!)5'U7278]"!a52<!9PJK6FH59!:-0c59!@,-925-!H-211H!U,8IB,0/!;,1!S/G_!425!O2545-:5G0-595!Q0-<!=09!(//'\425!b540JK!92JKH!G`65!26H]!,94!G5:299H!2K9!.,!H-;2925-59"!
! 77
Q03:5!)E$e!(//-!?5=03H5'*!
U,8IB,0/-![5-O;943,9:!.,<!4-521;JK59!>;2^;b29!K;H!(//!,94!(7G"="!1Z-6!X-6H5!;,1:5K;3FH59"!8G5-!a)/80-!M;99!459!?;4;-_!459!5-!29!L)5'()"%9-!A;G0-!6,JKH_!92JKH!129459"!8360!<,66!U,8IB,0/'2K<!O52H5-5!N52H!5-M;,159!,94!G5:299H!52959!+;</1!:5:59!(//"!T94!2<!V5:59F6;H.!.,!;3359!;945-59_!425! 62JK!G26K5-!<2H!(//! ;9:535:H!K;G59_!M;99!5-! 62JK!:;9.!:,H!G5FK;,/H59"!836!a)/80-!459!?;4;-!4;99!40JK!12945H!,94!62JK!;,1!459!?ZJMO5:!.,!L%8=%-!C;F3;6H!<;JKH_! G-2JKH! U,8IB,0/! 459!+;</1! ;G"! >JK325c32JK!<,66! 5-! U,8IB,2%8! ,94!a)/80-!90JK!425!Q,6209!G52G-29:59_!65295![5-O;943,9:!.,<!4-521;JK59!>;2^;b29!K;H!65295!8,159HFK;3H6.52H! ;,1! 45-!X-45! 90JK!O52H5-! =5-MZ-.H"!(7G"="! 26H! 4;-ZG5-! .25<32JK! 5-G06H! ,94! 3P66H!65295!I,H!;9!(//!;,6_!45-!62JK!(7G"="-!V5<529K52H59!92JKH!3P9:5-!:51;3359!3P66H!,94!652959!N,<526H5-!H`H5H"'E!
A5A5:' U7"&,)'!,,8'V'!"2'=%)'!7#$2'=%-'!,8=%-'
U25!N52JK59H-2JM65-25!fU7"&,)'!,,8k4O!G;625-H!;,1!45<!:352JK9;<2:59!L;9:;'$!45-!D;/;F95-29!R;0M0!@;M5,JK2!,94!5-.PK3H!425!V56JK2JKH5!ZG5-!5295!V-,//5!=09!LP4JK59!<2H!<;F:26JK59!QPK2:M52H59_!O53JK5!60O0K3!;9!425!:-25JK26JK5!,94!-`<26JK5!;36!;,JK!;9!425!b;/;F926JK5!L^HK030:25! ;9:535K9H! 26H! \=:3"! lL^HK030:^m]"'%!U25!V56JK2JKH5! =5-529H!A25G56M0F<`425!,94!8JH20965-25_!O0G52!G5245!V59-510-<59!29!:352JK5<!L;c5_!652!56!.52H32JK!045-!29K;3H32JK_!;,1H-5H59"!!
U25!N596,-! 45-!>5-25!U7"&,)'!,,8! G5H-511594! M;99! ;9:5<5-MH!O5-459_! 4;66! G52! b5959! 29!U5,H6JK3;94!;,6:56H-;K3H59!X/260459!,9H5-6JK25459!O5-459!<,66_!;,1!O53JK5<!>5945-!425!>5-25!;,6:56H-;K3H!O,-45!G.O"!O2-4"!7<!V5:596;H.!.,<!NUQ_!O53JK5-! 29!92JKH!,95-K5G32FJK59!8,6<;c!f;94!;9!425!b5O5232:59!X/260459!35:H5_'B!O,-459!;,1!?@A!77!M5295!8GP945F-,9:59!=0-:590<<59"!!
T<!425!>5-25!U7"&,)'!,,8!29!2K-59!V-,94.Z:59!9;JK=033.25K59!.,!M`9959_!<,66!<;9!425!f29H5-:-,94:56JK2JKH5! M59959"!U;! 425! >5-25! 5295! ;G:56JK3066595!V56JK2JKH5! 5-.PK3H_! 425!529.53959!Q03:59!;360!92JKH!O233MZ-32JK!=09529;945-!;,6:56H-;K3H!O5-459!M`9959_!,94!62JK!425!YK;-;MH5-5!;,1!425!5295!045-!;945-5!8-H!O52H5-59HO2JM539_!26H!56!G526/2536O5265!6JKO25F-2:_!<2HH59!29!5295-! 3;,15945!>H;1153!529.,6H52:59"!X6!15K3H!4;6!9`H2:5![0-O26659"!U25!9,9!103:5945!a56JK-52G,9:!6033!K53159_!425!89;3^65!45-!>5-25!9;JK=033.25KG;-5-!.,!:56H;3H59"!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'*!U25!X/26045!l(//-'X%?,&2%f!O2-4! :59;,5-! :56JK-25G59_! 4;! 625! .,<!NO5JM! 45-! Q529;9;3^65! ;,6:5OPK3H!O,-45"!'E!f25-!<,66!;9:5<5-MH!O5-459_!4;66!425!>.595_!29!O53JK5-!45-!UP<09!(//'652959!N,<526H5-!(7G"="'H`H5H!,<!425!G-,H;36H59!a2346.5959!.59625-H!O,-45!\=:3"!KHH/eWWOOO";92<542:2H;3"45WC-0b5MH5WUaNWA;,1.52H59"KH<]!!'#!7<!h-2:29;3e!("-$,/`,'U%8-$"'U7"&,)'!,,85!'$!U;6!I0-H!L;9:;!G2345H!2<!I56H59!459!pG5-G5:-211!1Z-!;,66JK325c32JK!b;/;926JK5!Y0<2JFf51H5"!'%!R"R"!\0"D"]e!L^HK030:^"!79e!KHH/eWW<5<G5-6"9GJ2"J0<W|}LYLW;K94-;^K;W>LW<^HK030:^"KH<"!!'B!>0!O,-459!5HO;!425!>H5-G56.5959!45-!U7"&,)ID-25:5-29959!;<!X945!5295-!>H;1153!l=5-K;-<306Hm_!2945<!2K-!@04!60O0K3!=26,533!;36!;,JK!=5-G;3!92JKH!52945,H2:!;,1:5.52:H!O,-45!\R"R"!\'&&B]e!U-;:09G;33!F!~U25!@[!>5F-25"!79e!KHH/eWWOOO"6H,4",92FK;<G,-:"45W,65-6W:-5:W4GH="KH<3]"!
!78
U25! [0-:56JK2JKH5! .,<! X-4594;6529! U7"&,)' !,,8-! 6/253H! 2<! +`92:-52JK! 456! l>23G5-FD;K-H;,65946m_!O53JK56!62JK!;,1!45<!L094!G512945H"!+`92:29!U%)%8"2H!K;HH5!425!+`92:-52FJK5!;335-!C3;95H59!=5-5292:H_!,94!56!K5--6JKH5!Q-25459!2<!T92=5-6,<"!U25!1Z91![5-H5242:5F-29959!456!Q-254596!K25c59!U7"&,)'!%)0/)_!U7"&,)'!7)-_!U7"&,)'b/C"2%)_!U7"&,)'W%8/-!,94!O,-459!=09!45-!@0JKH5-!U%)%8"2H-_!C-29.56629!U%)%87!\C-29.56629!456!L09456]_!;9:51ZK-H"!L;9!9;99H5!625!425!l2995-59!+-25:5-29959m"!U2565!1Z91!O;-59!;,65-M0-59_!4;6!+`92:-52JK!:5:59!;3356!a`65!.,!=5-H5242:59"!
N,!42565-!N52H! =5-325GH59! 62JK! 425!L094/-29.56629!U%)%87! ,94! 45-!X-459/-29.!F8=H>",8!29529;945-_!O04,-JK!425!X-459M`92:29!.%)"&&"7!5215-6ZJKH2:!O,-45_!4;!625!653G6H!29!F8=H>"I,8!=5-325GH!O;-"!>0!=5-GZ945H5!625!62JK!<2H!45-!+`92:29!45-!U,9M53K52H_!45<!V526H!!%27&&"I7-_! ,94! 529! 6JK-5JM32JK5-! +-25:! 9;K<! 652959! 891;9:"! U;6! L094-52JK! K;HH5! 45-! G`659!L;JKH!92JKH!=253!59H:5:59.,65H.59_!,94!2<!A;,15!45-!35H.H59!>JK3;JKH!O,-459!425!1Z91![5-FH5242:5-29959!456!>23G5-M`92:-52JK56!:5H`H5H_!,94!45-!L094!=`332:!.5-6H`-H"!
836!9,-!90JK!+`92:29!U%)%8"2H!,94!.O52!fZH5-!9;<596!\/87!,94!+)2%>"-!\G52456!+;H.59]!;<!A5G59!O;-59_!9;K<!425!+`92:29!4;6!>^<G03!45-!M`92:32JK59!Q;<2325_!459!K5232:59!>23FG5-M-26H;33_!,94!6/526H5!2K9!<2H!2K-5-!A5G596595-:25"!L2H!42565-!X95-:25!,94!45-!L;JKH!456!>23G5-M-26H;336!=5-G;99H5!625!;3356!a`65!29!5295!;945-5!U2<596209"!X2959!@523!42565-!L;JKH!65H.H5!625!b540JK!4;1Z-!529_!425!:5H`H5H59!>;230-M-25:5-29959!,94!F8=H>",8!29!5295!;945-5_!1-25432JK5-5!N52H!.,!H-;9615-25-59_!4;<2H!42565!40-H!O2545-:5G0-59!O5-459"!7K-5!G52459!a5F-;H5-_!\/87! ,94!+)2%>"-_! =5-65H.H5! 625! 29!@2516JK3;1! ,94! 6JK2JMH5! 625!<2H! 29! 425!N,M,91H_!4;<2H! 625_! 1;336! ;G5-<;36! V51;K-! 4-0KH_! 459!I2545-:5G0-5959! .,-! >52H5! 6H5K59! M099H59"!U256!10-45-H5!425!:56;<H5!A5G596595-:25!U%)%8"2H-_!625!6H;-G!,94!;,JK!4;6!+`92:-52JK!456!L09456!O,-45!;,6:53`6JKH"!
@;,6594!D;K-5!6/PH5-!35GH!425!'EFbPK-2:5!(/88H!2<!@0M20!45-!V5:59O;-H"!>25!26H!6JK3;</2:_!.;//532:!,94!5295!f5,36,65"!X2956!@;:56!H-211H!625!;,1!5295!6/-5JK5945_!6JKO;-.5!+;H.5_!425!62JK!2K-!;36!\/87_!;36!V56;94H5!456!L09456_!=0-6H533H_!,94!2K-!5-M3P-H_!4;66!625!;,65-OPK3H!652_!4;6!T92=5-6,<!.,!-5HH59_!4;!G`65!LPJKH5!425!X-45!G54-0K59"!U;!425!I2545-:5G0-5959!62JK!;9!2K-5!1-ZK5-5!7459H2HPH!b540JK!92JKH!5-2995-9!M`9959_!26H!56!\/87-!8,1:;G5!4;6!>;2F30-H5;<!O2545-!.,6;<<59.,6H53359_!,<!425!L094/-29.56629!.,!129459"!!
(/88H! ,94!\/87!<;JK59! 62JK! ;,1! 425!>,JK5!,94!<Z6659! 10-HOPK-594!<2H!UP<0959! ;,6!45<!?52JK!45-!U,9M53K52H!MP</159"!7<!A;,15!45-!5-6H59!>H;1153!5-KP3H!(/88H!;32;6!U7"&,)'!,,8![5-6HP-M,9:!=09!=25-!;945-59!+-25:5-29959e!+>"'!"3/8,!\U7"&,)'!%)0/)]_!X%"'c"8,!\U7"&,)'!7)-]_!!70,2,'D"8,! \U7"&,)'b/C"2%)]!,94!!"870,'+"8,! \U7"&,)'W%8/-]"!8,c5-45<!6H5KH!2K959!29!G-59.32:59!>2H,;H20959!2<<5-!529!:5K52<926=0335-_!<;6M25-H5-_!b,9:5-!L;99_!a/K%=,'!7-0'&!.,-!>52H5"!>5295!I;1159!6294!?0659_!O53JK5!5-!652959!V5:95-!=0-!425!QZc5!O2-1H!,94!625!4;<2H!;,c5-!V515JKH!65H.H"!8,JK!O599!5295!45-!+-25:5-29959!4;6!529!045-!;9F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'&!U;G52!K;9453H!62JK!56!2<!lO2-M32JK59!A5G59m,<!!7>,)/'Y$"G7_!,94_!O25!62JK!6/PH5-!K5-;,66H533H_;,JK!,<!C-29.!F8=H>",85!
! 79
45-5!L;3!=5-6;:H!,94!459!UP<09!92JKH!G5625:59!M;99_!60!:5329:H!56!<2H!=5-529H59!+-P1H59!b540JK! 2<<5-! ,94! 2<! 129;359! +;</1_! ;<! X945! 45-! b5O5232:59! >;:;_! M;99! 45-! hG5-Fa`65O2JKH!6JK325c32JK!5G591;336!G5625:H!O5-459"!!
U25! .O52H5! >H;1153! 45-! >5-25! U7"&,)' !,,8! :32545-H! 62JK! 29! .O52! ;G:56JK3066595! pG5-FV56JK2JKH59"!U25! 2<!N,:5! 45-!T9H5-6,JK,9:! ;,1:5.52JK95H59! ,94! ;9;3^625-H59!X/260459!59H6H;<<59!45-!.O52H59!?;K<59:56JK2JKH5!45-!.O52H59!>H;1153"!X6!103:H!2<!896JK3,66!52F95-652H6!5295!+,-..,6;<<591;66,9:!425656!8G6JK92HH6!45-!.O52H59!>H;1153!,94!;945-5-652H6!5295!79K;3H6G56JK-52G,9:!45-!65j,59.25-H59!X/26045"!
U7"&,)'!,,8'X'V'Q1%"2%)'a%"&'=%)'31%"2%8'U2799%&'
X29!,9K52<32JK56_!65K-!<PJKH2:56!I5659!9;<596!lL%)'F)&%/#$2%2%f!K;H!425!8G62JKH_!4;6!:;9.5!T92=5-6,<!<2H!65295-!f5--6JK;1H!45-!>H2335!,94!456!@0456!.,!ZG5-.25K59!\529!2<<5-!O2545-!M5K-59456!L0H2=!29!U7"&,)'!,,8]"!X-!:5G25H5H!ZG5-!425!L;JKH!456!4,9M359!+-26H;336"!a5=0-!5-! b540JK!65295!4,9M359!N2535!=5-O2-M32JK59!M;99_!<,66!5-!4;6!@0-!.,!42565-!I53H!,94!N52H!`11959_!O;6!2K<!;335295!92JKH!:5329:H"!U5<.,103:5!G59`H2:H!5-!f5315-_!O53JK5!5-!29!45-!a3;JM!L009!Q;<2325!12945H"!U2565!O,-459!29!45-!N,M,91H!=09!45-!X-45!;,1!459!C3;95FH59!R5<5626!=5-G;99H!,94!6JKO0-59!G2HH5-5!?;JK5_!425!625!9,9!.,!G5M0<<59!K01159"!
(/88H!,94!!7>,)/_!4;6
!80
U7"&,)'!,,8!:5329:H!56!6JK325c32JK_!Y$"G"/-7-!V5K2-9OP6JK5!-ZJM:P9:2:!.,!<;JK59k!60!H-2HH!625! 35H.H59432JK! <2H! 45<! >23G5-M-26H;33! :5:59! 459! F)&%/#$2%2%8! ;9"! U2565-! 26H! b540JK! .,!<PJKH2:! ,94! ;3356! 6JK529H! 45<! T9H5-:;9:! :5O52KH"! 8,6! 5295-! @-P95!Y$"G"/-7-! 59H6H5KH!4;99!;G5-!45-!>23G5-M-26H;33!45-!N,M,91H_!O53JK5-!62JK!425!:;9.5!N52H!29!2K-!G51,9459!K;HH5"!V5:59!.O52!>23G5-M-26H;335! 26H!45-!F)&%/#$2%2%! JK;9J59306_!,94!9;JK45<!5-!=5-92JKH5H! 26H_!M5K-H!Y$"G"/-7!29!425!N,M,91H!.,-ZJM_!O53JK5!4;9M!456!>23G5-M26H;336!O2545-K5-:56H533H!26H"!
Q03:5!B$e!U5-!1;36JK5![5--PH5-)(!
U5-!<2H!6JKO;-.5-!X95-:25!:51Z33H5!+-26H;33!6H5KH!<2HH59!29!@0M^0!,94!G54-0KH!425!L596JKFK52H"!(/88H!,94!2K-5!Q-5,9429959!60-:59!62JK_!M`9959!b540JK!92JKH6!,9H5-95K<59_!603;9:5!625!92JKH6!V59;,5-56!ZG5-!425!+-;1H!456!+-26H;336!29!X-1;K-,9:!G-29:59"!U7C$")!12945H!K5-F;,6_!4;66!45-!F)&%/#$2%2%!625!;335_!,94!=0-!;335<!652959!a-,45-!C-29.!L"7>,8=_!9,-!G59,H.H!K;H_! ,<! 4;6!T92=5-6,<! .,! .5-6H`-59"! X-!O2-4! =0<!F)&%/#$2%2%8! 5-H;//H_! 6JKO5-! =5-35H.H!,94!M;99!62JK!2<!35H.H59!L0<59H!;,1!425!X-45!-5HH59"!U25!5K5<;32:59!=25-!G`659!>JKO56FH5-9!.%23"2%_!D%)>%-"2%_!(%)2"%)"2%! ,94!D7)7?%)"2%! 129459! 2K9"!.%23"2%_! 425! 6JK09! 3;9:5! 29!U7C$")!=5-325GH!O;-_!MZ<<5-H!62JK!,<!2K9"!!
(&7#0'\7=H!;32;6!Y$"G"/-7!O2-4!=0<!F)&%/#$2%2%8!4;<2H!G5;,1H-;:H!459![5--PH5-!>;/K2-_!;36!459! 2K9! 45-!F)&%/#$2%2%! K296H533H_! .,! H`H59"!836!U7C$")! 62JK!O245-!.%23"2%-! X-<;K9,9:59!.,<!6JKO;-.59!+-26H;33!G5:2GH_!,<!652959!a-,45-!.,!O;-959_!3P,1H!5-!(&7#0'\7=H!ZG5-!459!I5:"!U7"&,)'!,,8!,94!2K-!@5;<!M`9959!29!35H.H5-!L29,H5!=5-K2945-9_!4;66!(&7#0'\7=H'U7IC$")!H`H5H"!D%)>%-"2%!K;HH5!625!=5-6HP942:H"!>25!MP</159!<2H!(&7#0'\7=H"!
836!C-29.!L"7>,8=!;,1H;,JKH!O233!U7C$")! 2K<!5-.PK359_!O;6!5-!K5-;,6:51,9459!K;H_!40JK!45-!F)&%/#$2%2%!H`H5H!2K9!M,-.!G5=0-!5-!425!I;K-K52H!=5-MZ9459!M;99"!
A5A5A' L"%'U%8=/86'>"2'=%)'!7/-'
'&$&!K;HH5!425!+2945-<;:;.29-52K5!\7#$I'/8='U7#$6%-#$"#$2%8! 2<!I56H45,H6JK59!?,94F1,9M!\IU?]!C-5<25-5!,94!3251!.O52!D;K-5!G26!'&%'!425!0-;9:51;-G595_!653G6HG5O,66H5!,94!3,6H2:5!!7/-_!425!;36G;34!425!>594,9:!-5/-P659H25-59!6033H5_!2K-59!5-6H59!8,1H-2HH!29!45-!a23F45-:56JK2JKH5!!7/-'">'\7=%8!\=:3"!lL;,6L523596H5295m!)(()])'!K;HH5"!U25!>594,9:!6H533H5!<2H! 2K-5<!L;:;.2910-<;H_!O53JK56! 7910-<;H209! ,94!T9H5-K;3H,9:! ;,1! 0-2:295335!8-H! ,94!I5265!=5-<26JKH5_!5295!7990=;H209!;,1!45<!V5G25H!45-!+2945-15-965K/-0:-;<<5!4;-!,94!26H!1Z-!+2945-!=09!4-52!G26!4-52.5K9!D;K-59!M09.2/25-H!\=:3"!L;,6F7910!'&&'_!>"!)]"!U;!62JK!425!!7/-!G52<!b,9:59!C,G32M,<!;36G;34!:-0c5-!a5325GHK52H!5-1-5,H5_!G56JK3066!45-!L2HG5F:-Z945-!,94!4;<;32:5!A52H5-!456!IU?F+2945-/-0:-;<<6!V5-H!LZ9H515-29:!425!>594,9:!29!L"%'U%8=/86'>"2'=%)'!7/-!,<.,G5959959k!,94!60!K52cH!625!90JK!K5,H5"!
'&%#! G5M;<! 425!!7/-! V565336JK;1Hk! 45-! G3;,1;-G595_! H-P:5! F&%9782! H;,JKH5! 5-6H<;36! 2<!C-0:-;<<!;,1_!,94!'&B%!O,-45!4;6!@-20!<2H!45-!:53G59!F82%!M0</35HH25-H"!U0JK!O,-459!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)(!U25!X/26045!lL%)'97&-#$%'W%))<2%)f!4259H!45-!Q529;9;3^65"!
! 81
;,1:-,94!45-!A;JK:56JK2JKH59!29!45-!U%8=/86'>"2'=%)'!7/-!5295!?52K5!;9!;945-59!892<;FH20966594,9:59!,94!F12:,-59!5-6JK;1159!,94!G5-ZK<Hk!,9H5-!2K959!b78,-#$m-'a)7/>-2/8=%_'+&-'="%'a"%)%'=%8';7&='?%)&"%P%8!,94'D<C2m8'(&7/G<)"!!
BED! I#%/G,2((/!3/#!H,&-.(/!_!V2/!C/,3*,%!&-(!R&#+/!
U25!89;3^655-:5G92665!O5-459!529.539!,94!29!M09H29,25-32JK5-!?52K59103:5!;9K;94!45-!2<!A52H1;459! =0-:56H533H59! T9H5-6,JK,9:6M;H5:0-259! =0-:56H533H"! U25! ;,6! 459! >5j,59./-0H0FM03359! 5-K;3H5959! X-:5G92665!O5-459! 92JKH! 5g/32.2H! 5-`-H5-H_! 625! 1325c59! 29! 425! b5O5232:59!A52H1;459F89;3^659!<2H!529"!!
A5E54' L)76,8G7&&'Q'
U25!f;943,9:66H-,MH,-e!U-;<;H,-:25_!f;943,9:66H-P9:5!,94!@K5<59!45-!>5-25!
D545!V56JK2JKH5_!425!5295<!C,G32M,<!5-.PK3H!045-!=0-:56/253H!O2-4_!0G!;,1!45-!aZK95!045-!;,1!45-!A529O;94_!G54;-1!5295-!6/5.253359!U-;<;H,-:25_!,<!425!f;943,9:!O2-M6;<!.,!/-PF659H25-59!\+;3M015!,";"!'&&']"!
U25!>5-25!=#4/30$499!A!.52JK95H!62JK!4,-JK!52959!*3*%0!8#454'6#/&()*%0!608!&0*49'9&<)*%0!:35;9%B&'C'(/#48!;,6!\625K5!8GG"!)]"!U256!5-6JKO5-H!56!lR5,5296H52:5-9m_!45-!5-.PK3FH59!V56JK2JKH5! 103:59! .,! M`9959"! U25! X/260459! 6294! 60! ;9:535:H_! 4;66! 625! 29! 45-! ?5:53!M35295_! 29! 62JK! ;G:56JK3066595!8G59H5,5-_!O25! 5HO;! 459!+;</156625:! 52956!f53459! ZG5-!652959!+09H-;K59H59!045-!4;6!X--52JK59!52956!G56H2<<H59_!653G6H!:565H.H59!N25356_!5-.PKF359"!>25!6294!b540JK!:352JK.52H2:!29!5295!;335!V56JK5K92665!,94!f;943,9:6<0H2=5!45-!C-0H;F:0926H59!G56H2<<5945!pG5-FV56JK2JKH5! 529:5G5HH5H"!X-6JKO5-594!M0<<H!K29.,_! 4;66! 425!?5.2/259H59!92JKH!9,-!+599H92665!45-!3;,159459!pG5-FV56JK2JKH5!\>H;1153]!<2HG-29:59!<Z6F659_!60945-9!;,JK!ZG5-!92JKH!,9O5659H32JK5!+599H92665!45-!=0-K5-2:59!>H;11539_!459!>;:;6_!=5-1Z:59!6033H59_!4;!425!f;,/H;MH5,-5!4,-JK!2K-5!1-ZK5-59!X-35G92665!:5/-P:H!6294!,94!62JK!45<59H6/-5JK594!O52H5-59HO2JM53H!K;G59"!U5-!?5.2/259H!M;99!60<2H!G56H2<<H5!YK;-;MH5-F52:596JK;1H59!045-!5HO;!Q52946532:M52H59!.O26JK59!529.53959!f53459!,94!f;943,9:6O52F659! 92JKH! 9;JK=033.25K59"! 79! :5O2665-!I5265! PK953H! 425! >5-25! 29! 2K-5<! 4-;<;H,-:26JK59!8,1G;,!4,-JK!2K-5!O52H5-1ZK-5945!X-.PK3H5JK92M!,94!425![5-O594,9:!=09!60:"!lY3211K;9F:5-9m))!;<!X945!5295-!X/26045_!45<!G5M;99H59!L,6H5-!=09!U;23^!>0;/6"!U25!+2945-!O5-F459!4;-ZG5-!2<!T9M3;-59!:53;6659_!0G!2K-5!>5-259K53459!459!>25:!4;=09H-;:59_!0G!625!459!a`65O2JKH!G5625:59!,94!0G!625!425!V51;K-!;GO59459!O5-459"!NO;-!1;66H!529!h11F>/-5JK5-!.,!a5:299!,94!;<!X945!5295-!Q03:5!4;6!G5-52H6!V56JK5K595!.,6;<<59_!6/;99H!52959!103F:596/5.2126JK59!?;K<59!,94!=5-6,JKH_! 425!X/260459!<2H529;945-! .,! =5-G29459k! 45990JK!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)'!R"R"!\)(()]e!L;,6L523596H5295"!79e!KHH/eWWOOO"425FL;,6"45W-,94,<425L;,6W:56JK2JKH5WJK-092M"/KH<3!))!836!lY3211K;9:5-m!O5-459!>2H,;H20959_! 29!45-!425!Xg26H59.59!456!f53459!045-!5295-!/062H2=59!R5G5912:,-!G54-0KH!26H_!G5.52JK95Hk!=:3"!4;.,!C;,6Ff;;65!\'&&'_!>"!))B]"!
!82
26H! 56!G52! 5-6H<;32:5<!N,6JK;3H59!G529;K5!,9<`:32JK_!45<!f;943,9:6=5-3;,1! 6299:5O29F9594!.,!103:59"!!
XG5960!JK;-;MH5-26H26JK!1Z-!425!f;943,9:61ZK-,9:!29!L)76,8G7&&'Q!6294!;4#499%9%!D46;'<*408960/(('#C0/%e!U25!QZ335! ;9!f53459_!O53JK5! .O;-! 29! 45-!?5:53! ;9!45-!A`6,9:! 52956!:5<5296;<59!C-0G35<6_!.,<526H!;9!45-!a5652H2:,9:!52956!,9G5625:G;-!6JK52959459!I245-F6;JK5-6_)*!;-G52H59_!26H!:-0c"!U2565!C-0G35<G5OP3H2:,9:!:56JK25KH!29103:5!45-!,9H5-6JK254F32JK59!YK;-;MH5-5!01H!;,6!=5-6JK2545959!a32JMO29M539_!4;!425!f53459!5295-652H6!5HO;!,9H5-F6JK25432JK5! QPK2:M52H59_! [5-/132JKH,9:59_! YK;-;MH5-.Z:5! 5HJ"! K;G59! ,94! 625! ;945-5-652H6!=253352JKH!;9!:P9.32JK!;945-59!h-H59!=5-O52359"!>0!O2-4!OPK-594!459!X/260459!6HP942:!=09!5295<!f;943,9:60-H!.,<!9PJK6H59!:56/-,9:59"!U25!=5-6JK2545959!f;,/HK;943,9:59!O5-F459!60<2H!59HO545-!4,-JK!425!C5-60959_!4,-JK!529!:5<5296;<56!+09132MHHK5<;!045-!4,-JK!52959!h-H!<2H529;945-!=5-M9Z/1H_!O0G52!;9.,<5-M59!26H_!4;66!;,JK![5-M9Z/1,9:59!;,1!;3F359!4-52!XG5959!<`:32JK!6294"!U,-JK!425!C;-;33536JK;3H,9:!45-!=5-6JK2545959!8G59H5,5-!26H!;,JK! 45-! X296;H.! =09! Y3211K;9:5-9! 352JKH5-_! 4;! G52! +09132MH.,6/2H.,9:59! 5291;JK! 45-!>JK;,/3;H.!:5O5JK653H!O5-459!M;99"!79!45-!Q03:5!l(//-'X%?,&2%f!O2-4!5HO;!6HP942:!.O2F6JK59!45<!+;</1!.O26JK59!U,8IB,0/!,94!(//_!45<!+;</1H-;2929:!=09!U,8IB,$78!60O25!45-!U-;:09G;33F?;4;-F>,JK5! =09!a)/80-! K29F!,94!K5-:56JK;3H59"!!
+2945-!129459!29!459!f;943,9:66H-,MH,-59!,94!U-;<;H,-:259! =09! >5-259! O2JKH2:5! ?5.5/H2F096K23159"! >/5.2533! 425! 3295;-5! T94F4;99F>H-,MH,-!0K95!?ZJMG359459!29!45-!X-.PK3O5265!M0<<H!45-! :5-;43292:59!U59MO5265!=09!+29F45-9! 2<![0-6JK,3;3H5-! 59H:5:59! ,94! :5OPK-F3526H5H!5295!K0K5!8,1<5-M6;<M52H!OPK-594!45-!?5.5/H209!\C;,6Ff;;65!'&&E_!>"!)E(]")E!C;-;3F3535!f;943,9:66H-P9:5_!425!9,-! 3065!<2H529;9F45-!=5-G,9459! 6294_! G-5JK59! .O;-!4;6! 62</35!X-.PK3<,6H5-! ;,1_! 1Z-! +2945-! G352GH! 56! 459F90JK! :,H! 9;JK=033.25KG;-! \=:3"! C;,6Ff;;65!'&&E_! >"! )E(]"! X295! 45-;-H2:5! X-.PK36H-,MH,-!5-352JKH5-H! 2K959_!f;943,9:6H5235! F! 2K-59!@K5F<59!,94! 79H5-56659!:5<Pc! F!K5-;,6.,G-5JK59! \=:3"!a;JK<;2-!'&BE_!>"!'$]"!hK95!:-0c59!<59H;359! 8,1O;94! M`9959! 6JK09! 425! DZ9:6H59! ;9! 45-! f;943,9:! H523K;G59! 045-! ;,6! 2K-!l;,66H52:59m_!0K95!V51;K-!.,!3;,159_!H-;:5945!@5235!45-!V56JK2JKH5!.,!=5-6P,<59"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)*!N,<526H!O233!42565-!459!C3;95H59!,94!;3356_!O;6!62JK!;,1!2K<!G512945H_!.5-6H`-59"!)E![:3!4;.,!;,JK!>H,-<!\'&&'_!>"!E$]"!
HGGAK!V#&'&)*#%2(:7/(!T#*,34#2,924!3/#!C/#2/!
'! [0-6/;99!
)! X29352H,9:!29!425!V56JK2JKH5!F!N,F6;<<591;66,9:!=09!G5-52H6!C;6625-FH5<!
*! U2-5MH5-!X296H25:!29!52959!\62JK!10-HF65H.59459]!+09132MH!
E! +09132MH!,94!+;</1!.O26JK59!V,H!,94!a`65!\6H5H2:5!>/;99,9:66H52:5F-,9:!G26!.,<!X/260459K`K5/,9MH!<2H!.52HO5232:59!?,K5/K;659]!!
#! Y3211K;9:5-!;36!X/2604595945!
$! 8G6/;99!
!
! 83
U25!E%#&%!$%74(('!(&)*!&0*49'9&)*!=0-45-:-Z942:!5&'!8%0!F*%5%0!G:45;7!608!H%''60/!8%#!I%9'J! O25! ;,JK! GI%&'%#%0'K&)L960/! 8%#! %&/%0%0! :45;7LM0('%J"! D545! >;:;! /-P659H25-H!459!?5.2/259H59!5295-652H6! 52959!95,59!a`65O2JKH_!O53JK5-!459!f53459!,94!45-!I53H_! 29!45-!625!35G59_!V5O;3H!;9H,9!O233"!U25!4;-;,6!-56,3H25-59459!.;K3-52JK59!+P</15!6H53359!;,1!45-!;945-59!>52H5!425!A526H,9:66H52:5-,9:59!45-!529.53959!8MH5,-5!29!45-59!M-;1H-;,G59459!@-;2929:6529K52H59! 4;-"! U5<9;JK! <Z6659! 62JK! 425! f53459! <2H! @K5<59! O25! @04_!L;JKH6H-5G59_!89:6H_![5-3,6H_!;G5-!;,JK!@5;<:526H_!Q-5,946JK;1H!045-!>53G6H3062:M52H!;,6F529;945-65H.59"!L2H! 45-! 29! ! b;/;926JK59! N52JK59H-2JM6! 01H! .,! 129459459!U;-6H533,9:! =09!60:"!lA,6H:-52659m)#!,94!5295<!<2H,9H5-!65g26H26JK59!+;<5-;G32JM!12945H!425!29!+2945-65F-259!ZG32JK5-O5265!92JKH!/-P659H25-H5!@K5<;H2M!=09!>5g,;32HPH!,94!C0-90:-;/K25!5G591;336!52959! C3;H.! 29!L)76,8G7&&' Q! 045-! ;G5-! ;,JK! 29!L)76,8G7&&! \=:3"! C;,6Ff;;65W! A;</5-H!)(()]"!!
U2565!1Z-!N52JK59H-2JM65-259!,9:5O`K932JK5!4-;<;H,-:26JK5!8,1G5-52H,9:!,94!+0</35g2FHPH!60O25!4;6!;945-5!@K5<596/5MH-,<!:-59.59!L)76,8G7&&'Q!=09!;945-59!;92<25-H59!+29F45-6594,9:59!;G!,94!6/25359!G52!45-!L;-M59G234,9:!45-!>5-25!5295!O5659H32JK5!?0335"!U59!+2945-9!O2-4!60.,6;:59!5295!2990=;H2=5!>52H5!;,1!45<!V5G25H!456!N52JK59H-2JM6!:5G0H59_!425!625!=0-K5-!92JKH!M;99H59"!U25!>5-25!:56H;3H5H!62JK!;96/-,JK6=0335-_!;G5-!625!O2-MH!=253F352JKH!:5-;45!456K;3G!-52.=0335-_!4;!45-!pG5-G32JM!ZG5-!425!5-.PK3H59!8G59H5,5-!,94!4;6!:5F9;,5!I26659! ZG5-!V56JK2JKH59_! Q2:,-59! ,94!N,6;<<59KP9:5! 5-6H! 9;JK! 6H5H5-!?5.5/H209!5-3;9:H!O5-459!M;99"!I25!425!X-:5G92665!45-!j,;32H;H2=59!?5.5/H20966H,425!.52:59!\C;,6Ff;65G-29M!,";"!)((*]_)$!<56659!62JK!425!+2945-!;9! 2K-59!+599H926659!ZG5-!L)76,8G7&&'Q!,94!129459!V51;3359!;9!45-!S!459!Q5-965K/-0:-;<<59!1Z-!X-O;JK6595!PK932JK59!S!M0<F/35g5-59!>594,9:66H-,MH,-"!pG5-!425!:5<5296;<5!+0<<,92M;H209!29!459!C55-FV-0,/6!59HF6H5K59!4;G52!L0459!,94!@-5946_!O53JK5!425!+2945-!b540JK!,9H5-!U-,JM!65H.59_!4;!625!ZG5-!4;6! 9`H2:5!I26659! =5-1Z:59!<Z6659_! ,<!<2H6/-5JK59! .,! M`9959"! >0! =5-6,JK59!<;9JK5!+2945-!425!>5-25!K52<32JK!.,!65K59_!O599!2K959!425!?5.5/H209!=09!2K-59!X3H5-9!=5-G0H59!O2-4"!!!
Q0-<59!45-!>/;99,9:65-.5,:,9:!
79!L)76,8G7&&'Q!O2-4!E;40060/!(3K3*9!;,1!45-! &0*49'9&)*59!49(!46)*!;,1!45-! 73#54959!XG595!467/%$46'+N"!79K;3H32JK!:56JK25KH!4256!29!45-!?5:53!4,-JK!4;6!X-6JK52959!45-!I245-F6;JK5-!045-!<2HH536!=5-G;35-!q,c5-,9:59"!836!10-<;35!>/;99,9:65-.5,:5-!O5-459!=0-!;3F35<!4,</15!045-!;G5-!;,JK!130HH5!L,62M!045-!V5-P,6JK5!=5-O5945H"!U2565!65H.59!M,-.!=0-!a5:299!45-!G54-0K32JK59!>2H,;H209!529k!2K-5!Q,9MH209!;36!K;943,9:6F!,94!5<0H2096=5-6HP-FM5945! 796H-,<59H5! 26H! 4,-JK! 4;6! 6H5H2:5! f5G59! 456! A;,H6HP-M5/5:536! :5M599.52JK95H"! 79!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)#!79!L)76,8G7&&'Q!O2-4!42565-!A,6H:-526!=09!!/2%8IX,-$"_!45<!f5--!45-!>JK234M-`H59_!=5-M`-/5-H_!O53JK5-!65295!fP945!92JKH!=09!b,9:59!LP4JK59!3;6659!M;99"!)$!625K5!4;.,!;,JK!V`H.!\)(()_!>"!E)]"!)%!N,-!pG5-62JKH!ZG5-!Q0-<59!45-!>/;99,9:65-.5,:,9:!=:3"
!84
<;9JK59!>2H,;H20959!O2-4! ;,1! 425!<,62M;326JK5!T9H5-<;3,9:! 5295-!>.595! =5-.2JKH5H! ,94!425! U^9;<2M! ,94! >/;99,9:! ;33529! 4,-JK! V5-P,6JK5! 5-.253H"! >0! 26H! 5HO;! 92JKH6! ;36! U,8IB,0/-! 3;,H5-! ,94! 3;9:5-! >JK-52! .,! K`-59_! O599! 62JK! 42565-! 29! 52959! 4-521;JK59! >,/5-F>;2^;FD29!=5-O;9453H"!!
+599.52JK9594!1Z-!459!>/;99,9:6=5-3;,1!45-!X/260459!26H_!4;66!56!KC*#%08!%&0%#!O39/%!.,!5295-!6060'%#$#3)*%0%0!E;40060/(('%&/%#60/!M0<<H_!O53JK5!.,<526H!9,-!4,-JK!NO2F6JK5965j,59.59!\=0-!;335<!h-H6O5JK653!;,1:-,94!45-!/;-;335359!f;943,9:61ZK-,9:]!!M,-.F1-26H2:!:54P<<H!O5-459_!,<!;96JK325c594!5-95,H!29!425!f`K5!.,!6JK25c59"!>0!6JK529H!U,8IB,0/! 5HO;! 2<!+;</1!:5:59!459!UP<09!(//! 29!456659!a;,JK!.,!=5-629M59"!L,62M!=5-F6HP-MH! 425! V51;K-_! 29! O53JK5-! 45-! f534! 6JKO5GH"! U5-! N,65K5-!<,66! ,<! 4;6! A5G59! U,8IB,0/-!G;9:59!\0GO0K3!42565-!b;!52:59H32JK!G5-52H6!H0H!26H_!O;6!4,-JK!652959!f5232:596JK529!G23432JK!,9H5-6H-2JK59!O2-4]"!+,-.!G5=0-!U,8IB,0/! H;H6PJK32JK! 2<!a;,JK! 652956!I245-6;FJK5-6! =5-6,9M59! 26H_! 5-103:H! 529! h-H6O5JK653"! U5-;-H2:5! h-H6O5JK653! O2-M59! 9;K5.,! O25![5-6JK9;,1/;,659_!4;!56!1Z-!425!b,9:59!?5.2/259H59!-53;H2=!;96H-59:594!6529!<Z66H5_!42565-!Q3,H!;9!6/;99,9:6:53;45959!,94!6JK953359!a2345-9!;,1!3P9:5-5!>2JKH!.,!103:59"!>0!O5-459!2<<5-!O2545-!U2;30:5!045-!>H2<<,9:66.5959!529:5G;,H_!425!45<!C,G32M,<!=253352JKH!9`FH2:5!7910-<;H20959!32515-9"!I25!b540JK!425!?5.5/H20966H,425!.52:H_!6JK52459!62JK!29!45-!8MF.5/H;9.!42565-!>/;99,9:6G-ZJK5!425!L529,9:59!45-!+2945-k!5</129459!425!52959!425!-,K2F:59!f;943,9:665j,59.59!;36!3;9:O5232:_!4;!625!+P</15!,94!8JH209!65K59!O03359_!26H!;945F-59!45-!89H523!;9!V5O;3H6.5959!,94!+P</159!.,!:-0c"!!
U;!=2535!X/260459!M5295!;G:56JK30665959!V56JK2JKH59!5-.PK359_!60945-9!<2H!Y3211K;9:5-9!29!425!9PJK6H5!Q03:5!ZG5-352H59_!M0<<H!56!01H<;36!=5-<,H32JK!.,!M5295-!O2-M32JK59!>/;9F9,9:63`6,9:"! L;9JK5! 42-5MH59_! /K^626JK59! 8,6529;945-65H.,9:59! ,94! +P</15! M`9959!62JK! ZG5-! 4-52! X/260459! 5-6H-5JM59"! >H5KH! 6JK325c32JK! 5295-! 45-! +P</15-! ;36! >25:5-! 156H_!M;99!56!.,!5295-!M,-.1-26H2:59!>/;99,9:63`6,9:!M0<<59!S!4256!b540JK_!O25!29!>5-259!<2H!;G:56JK30665959!Q03:5FV56JK2JKH59!.,<526H!45-!Q;33_!5-6H!:5:59!X945!5295-!X/26045"!!
U25!>5-25!L)76,8G7&&'Q!;-G52H5H!.,45<!<2H!5295-!:;9.59!?52K5!=09!.77%L'%0P!65!459!;JFH209:53;45959!8G59H5,5-9!,94!459!MP</15-26JK59!+09132MHK`K5/,9MH59!=>045&L!Q6!R%#<9%&*%0"! R5G59! G5O5:H59! f29H5-:-Z9459_! l>JK95332:M52H6329259m! ,94! lX<0H2096/,9MH59m!-,94!,<!425!+`-/5-!45-!Q2:,-59_!O53JK5!.,!459!H^/26JK59_!29!=25359!892<5)B!=5-O5945H59!10-<;359!>H23<2HH539! .PK359_! 6/25359!425! H-;42H20953359!>/;99,9:65-.5,:5-!O25!>JK92HH1-5Fj,59.5-K`K,9:_! C5-6/5MH2=O5JK653_! [5-P945-,9:! 45-! X296H533,9:6:-`c5! ,94! =0-! ;335<!;,JK! A2JKH5115MH5! 5295!O2JKH2:5!?0335"!T9H5-6JK25432JK5! C5-6/5MH2=59! 3;6659! 425!+09H-;FK59H59_! b5!9;JK45<!O25!42565!:5.52:H!O5-459_! 6HP-M5-!G.O"! 6JKOPJK5-!;36! 2K-!V5:59ZG5-!O2-M59"!8,11P33H! 26H! 45-! ;G-,/H5!I5JK653! .O26JK59! 65K-! 6JK953359! \;335!'_#!>5M,9459!529!>JK92HH]!,94!65K-!3;9:6;<59!\;335!'(!>5M,9459!529!>JK92HH]!>JK92HH59"!U256!:2GH!45-!>5-25!52959!52:59HZ<32JK59!@0,JK"!U25!=25359!6/;99,9:6:53;45959!>.5959_!O53JK5!1Z-!459!N,F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)B!836!892<5!O5-459!;,66JK325c32JK!N52JK59H-2JM123<!,94!F65-259!b;/;926JK59!T-6/-,9:6!G5.52JK95H"!
! 85
65K5-!;96H-59:5945-!.,!M096,<25-59!6529!4Z-1H59_!ZG5-O25:59k!425!M,-.59!-,K2:59!a23465Fj,59.59!5-6JK52959!9,9<5K-!90HO5942:_!,<!45-!95,59!Q3,H! ;9!a2345-9_!V5-P,6JK59!,94!V56JK5K926659!>H;94!.,!K;3H59"!U;!O2JKH2:5!7910-<;H20959!.,<526H!29!425659!?,K5/K;659!=5-<2HH53H!O5-459_!26H!56!29!-,K2:59!a23465j,59.59!.,45<!352JKH5-!459!=5-G;359!q,c5-,9F:59!.,!103:59"!U25!b,9:59!?5.2/259H59!129459!V51;3359!;9!45-!l;92<5H^/26JK59m!V56H;3H,9:!45-!V56JK2JKH59")&!>25!5-M59959!425!8945-6;-H2:M52H!456!N52JK59H-2JM6!:5:59ZG5-!;945-59_!:P9:2:59!Y;-H00965-259_!O26659! 29!45-!?5:53!,<!4;6!f5-M,91H63;94!=09!L)76,8G7&&!,94!L)76,8G7&&' Q! ,94! =0-! ;335<! C-5F@5596! K;G59! :;9.! G56H2<<H5![0-6H533,9:59! =09! D;/;9!\=:3"!V`H.W!X9629:5-! )(()]"*(!L)76,8G7&&' Q',94!892<5FC-0:-;<<5! 5G5960!O25! 425!L5F4259G5-2JKH5-6H;HH,9:!/-P:59!4;6!a234!=09!;945-59!+,3H,-59_!K25-!45-!b;/;926JK59"!X6!59HF6H5K59![0-6H533,9:59!,"!;"!=09!a-,H;32HPH!,94!8945-6;-H2:M52H_!425!56!O52H5-!.,!,9H5-6,JK59!:23H"!
>/;99,9:6;,13`6,9:59!5-103:59!-;6JK!,94!<;-M25-59!4;6!9;K5945!X945!5295-!X/26045"!U5-!G.O"!425!V5:95-! 6294! \G26! ;,1!I52H5-56]!G5625:H_! 045-!425!f53459! 6294!G52! 2K-59!+;</1F@-;2929:6! ZG5-! 62JK! K29;,6:5O;JK659! ,94! K;G59! 4;6! 6JK529G;-! T9<`:32JK5! :56JK;11H"!Q0-<;3!26H!425!8,13`6,9:!45-!>/;99,9:!4,-JK!52959!;M,6H26JK59!I5JK653!:5M599.52JK95H"!>0!659MH!62JK!.,9PJK6H!529<;3!45-!A;,H6HP-M5/5:53_!425!L,62M!5945H!/-0</H_!,94!5295!95,5_!6;91H5! L530425! 5-M329:H"! N,6PH.32JK5! V5-P,6JK,9H5-<;3,9:59! 59459! 5G591;336! <2H! 45<!>/;99,9:6K`K5/,9MH"!U25!>H2<<5!456!h11F>/-5JK5-6!5-H`9H!,94!62:9;32625-H!4;6!X945!5295-!X/26045"!!
8G:565K59!=0<!X296;H.!;92<5H^/26JK5-_!=26,5335-!>H23<2HH53!.,-!>/;99,9:65-K`K,9:_!;G5-!;,JK!.,-![5-45,H32JK,9:!45-!5<0H209;359!A;:5!45-!C-0H;:0926H59_!6294!56!425!L30'#4('#%&<)*%0!E)*0&''7#%S6%0Q%0_!O53JK5!425!>5-25!G5.Z:32JK!>/;99,9:65-.5,:,9:!,94!>/;99,9:6F3`6,9:!=09!;945-59!N52JK59H-2JM6!;GK5GH"!@-0H.!45-!M0</35g59_!45<!O2-M32JK59!A5G59!5HFO;6! 9PK5-59! @K5<59G5-52JK5! ,94! 45-_! 45<! X-O;JK65959FQ5-965K59! ;9:5/;66H59! f;94F3,9:66H-,MH,-59_! =5-45,H32JK59! 425! l;92<56M59m! a2345115MH5_! 425! 6H;-M! ;9! Y0<2JK51HFN52JK9,9:59!5-2995-9_!459!/K;9H;6H26JK59!T-6/-,9:!45-!>594,9:"!U2565!+0<G29;H209!=09!?5;35<!,94!T9-5;35<!<;:!529!O52H5-5-!C,9MH!6529_!45-!.,-!L;-M59G234,9:!=09!L)76,8IG7&&'Q'G52H-P:H"!>2JK!45<!>/;99,9:6:51ZK3!.O26JK59!>53G6H=5-:5O2665-,9:!,94!>2JK5-K52H!60O25!.O26JK59!8,6/-0G25-59!,94!?262M0!.,!ZG5-3;6659_!O25!56!425!>5-25!29!2K-5-!29K;3H32FJK59! ,94! 10-<;359!V56H;3H,9:! 5-<`:32JKH_! 59H6/-2JKH! M29432JK5-!I;K-95K<,9:! ,94!X9HFO2JM3,9:!\C;,6Ff;;65!'&&E_!>"!)E#]"*'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)&!U256!.52:59!45,H32JK!425!X-:5G92665!45-!j,;32H;H2=59!?5.5/H20966H,425k!625K5!4;.,!296G560945-5!4;6!V5F6/-PJK!<2H!45-!%"!+3;665k!625K5!;,JK!V`H.W!X9629:5-!\)(()]"!*(!lX6!26H!59:!29!D;/;9!,94!65K-!.,:5G;,H"!U;6!O52c!2JK!=09!<5295-!Q-5,9429"!U25!>JK,35!26H!6JK32<<"!+2945-!4Z-159!:56JK3;:59!O5-459"!U,-JK!892<5!H-P,<59!425!D;/;95-!529!G5665-56!A;94"m!\D,4^_!'E!D;K-5]!lU25!K;G59!f03.KP,65-_!425!0G59!6/2H.!6294!<2H!5295-!V3ZK3;</5!4-;,1_!425!fP,65-!K;G59!:32H.5-945!Q;-G59"!U25!LP995-!K;G59!C5-ZJM59!;,1_!<2H!5295<!C,JM53!\G233]!4-;,1"!U25!Q-;,59!K;G59!5JKH5!f;;-5!,94!6H5JM59!625!;,JK!<2H!5295<!C,JM53!K0JK"m!\aZ359H_!'(!D;K-5]!\V`H.W!X9629:5-!)(()]"!*'!625K5!4;.,!;,JK!C2;:5HW!79K5345-!\'&%%]"!
!86
+09132MH4;-6H533,9:!,94!?03359\=5-K;3H59]!
U;!L)76,8G7&&'Q!5295!H^/26JK5!8JH209F>5-25!26H_!M0<<H!45-!+09132MH4;-6H533,9:!,94!2K-5-!a5OP3H2:,9:!5295!59H6JK5245945!?0335!.,"!U25!6H5-50H^/_!29!=25359!>5-259!.,!12945945!"67<'%&960/!8%#!"L'%6#%!&0!84(!('6;&8%!E)*K4#Q<I%&T<E)*%54!GU6'!R(,!VW(%J!K!;G5-!4;FK29:5K594!467/%9W('_! 4;66!425!YK;-;MH5-5!O2-M32JKM52H6:5H-5,5-5!I56596.Z:5!,94!X2:59F6JK;1H59! G562H.59! ;36! 29! >5-259!<2H! 6H-2MH59!f534Fa`65O2JKHF8G:-59.,9:59"!U25! lV,H59m!K;G59!5G5960! 2K-5!Q5K35-!,94!>JKOPJK59!O25! 2K-5!I245-6;JK5-_! 9;HZ-32JK!92JKH! 29!45-59!8,6<;c_!b540JK!6294!42565!2<<5-K29!5-M599G;-!=0-K;9459"!>0!26H!U,8IB,0/!5HO;!1Z-!65295!R;2=2HPH_!."#,&&,! 1Z-! 6529!;-:O`K926JK56!L266H-;,59!;335<!,94! b545<!:5:59ZG5-!,94!45-!X"8=%)2%/9%&! 1Z-! 65295! Q52:K52H! G5M;99H"! U;6!pG5-O29459! 45-! 52:5959! >JKOPJK59! M599F.52JK95H! 425!f53459! 45-! >5-25_! ,94!<2H! 459! X-1;K-,9:59_! 425! 625! 2<! A;,15! 5295-! >H;1153!6;<<539_!59HO2JM539!625!62JK!O52H5-_!O5-459!-5215-_!6HP-M5-!,94!=5-;9HO0-H,9:6G5O,66H5-"!U25!a`65O2JKH5!6294!2<!V5:59.,:!;,JK!92JKH!;G603,H!95:;H2=!:5.52JK95H"![2535!=09!2K959!35-959!2<!A;,15!5295-!045-!<5K-5-!>H;11539!425![0-.Z:5!2K-5-!V5:95-!M59959!,94!O5JK6539!92JKH! 653H59!425!>52H5"!>0!G352GH!425!V56JK2JKH5! 29H5-566;9H_!4;! 2<<5-!O2545-!,95-O;-H5H5!V56JK5K92665!;,1H-5H59!M`9959_!,94!425!N,65K5-!6294!;945-5-652H6!29!45-!A;:5!62JK!G5665-!<2H! 459! Q2:,-59! .,! 2459H212.25-59_! 4;! 2K959! <596JK32JK5-5! I5659652:596JK;1H59! .,:5F6JK-25G59!O5-459"![0-!;335<!U,8IB,0/_!45-!f534!45-!>5-25_! 1;6.2925-H!4,-JK!65295!;,c5-F:5O`K932JK5!>HP-M5_!65295!G560945-59!QPK2:M52H59_!65295-!P,c5-59!X-6JK529,9:!,94!652959!f,<0-"*)!
D545!>;:;!G5:299H!<2H!45<!5-6H<;32:59!8,1H-2HH! 52956!95,59!a`65O2JKH6"!X-!G54-0KH!59HFO545-!5295!f;,/H;MH5,-29!045-!52959!45-!f;,/H;MH5,-5!45-!>5-25!045-!6JK2JMH!62JK!5291;JK!9,-!;9_!425!I53H!.,!.5-6H`-59"!>5295!L0H2=5!6294!.,<526H! -53;H2=!,9<0H2=25-H!,94!6JKO5-!9;JK.,=033.25K59"!>0!O233!45-!UP<09!(//!5291;JK!9,-!>/;c!K;G59_!O53JK59!5-!5G59!29!45-![5-92JKH,9:!45-!X-45!,94!45<!@`H59!45-!X-4G5O0K95-! 12945H"!U25!lV,H59m!<Z6659!4256!9;HZ-32JK!=5-K2945-9k!4256!M06H5H!=2535!=09! 2K959!4;6!A5G59!G26! 6JK3,6659432JK!U,8IB,0/!2<!833529.,:!045-!<2H!f2315!=09!Q-5,9459!459!a`65O2JKH!.,-!>H-5JM5!G-29:H"!!
U25!f53459!65K59!2<!+;</1!:5:59!2K-5!ZG5-<PJKH2:!6JK5295945!V5:95-!;,JK!2<<5-!425!f5-;,610-45-,9:_! 4;6! 52:595! +;</192=5;,! .,! =5-G5665-9"! >25! 129459! 92JKH! 653H59! 60:;-!E;4T!40!8%#!"6(%&0408%#(%'Q60/_!4;!625!56_!O25!625!6;:59_!59432JK!<2H!5295<!5G59GZ-H2:59!V5:95-!.,!H,9!K;G59"!U256!3P66H!425!2<!V-,945!5-96H5!+091-09H;H209!O25!529!>/253!045-!52F95!pG,9:!;,665K59"!f29.,!M0<<H_!4;66!425!a`65O2JKH5!01H<;36!:5-;45.,!3PJK5-32JK!O2-FM59_!4;!625!59HO545-!ZG5-K;,/H!92JKH!:51PK-32JK!,94!G`65!;,665K59! \UP<09!(//! 26H!.,<!a526/253!529!42JM5-_!-06;!Q3526JKM30/6!<2H!-,945<!V562JKH_!45-!:5O2665!qK932JKM52H!<2H!52F95<! >,<0F?29:5-! ;,1O526H]! 045-! 459! ?5.2/259H59! <2H! 2K-59! q,c5-,9:59! .,<! A;JK59!G-29:59!M`9959"!UP<09!(//!G5HPH2:H!62JK!."a"!45-!a;G^6/-;JK5_!2945<!5-!I0-H<534,9:59!O25!l(//'$72'6/2%'\7/8%e'(//'6%$2m-'6/2ef!G59,H.H"!!
! 87
:3079&L'84#('%9960/%0!(&08!45<9;JK!&5!H%/%97499!;*>(&()*%#!X4'6#"!U;6!8,1529;945-H-51F159!.O525-!1529432JK!:56299H5-!C-0H;:0926H59!5945H!9;JK!:5:59652H2:59!89/`G53,9:59_!a5F6JK2</1,9:59**!,94!459!653G6HG5O,66H59!89/-526,9:59!45-!52:5959!>HP-M5!29!5295<!K;94F156H59!V5<59:5"!79!42565-!l[0-F+;</1FCK;65m!O2-4!425!>/;99,9:!.O26JK59!459!+09H-;FK59H59!=5-45,H32JKH_!2945<!625!=0-!;335<!29!V-0cF!045-!R;K;,19;K<59!.,!65K59!6294_!O0F4,-JK!2K-5!X<0H20959!;,6!45<!V562JKH!;G:535659!O5-459!M`9959"!U25!+P</15!653G6H!O5-F459!<2H!459!G5-52H6!.,=0-!5-OPK9H59!;92<5FH^/26JK59!X115MH59!O25!G5O5:H59!f29H5-:-Z9F459_!l>JK95332:M52H6329259m!,94!65K-!=25359!+;<5-;G5O5:,9:59!-,94!,<!425!8MH5,-5!:56FH;3H5H"!U5-! J;-H00956M5!YK;-;MH5-!O2-4! 4;4,-JK! .,6PH.32JK! ,9H5-6H-2JK59_! ,94! 425! .;K3-52FJK59_! M-5;H2=59! +;</1;HH;JM59_! O53JK5! 52:595! a5.52JK9,9:59! K;G59_! =5-325-59! S! H-0H.!U;-6H533,9:!45-!+;</1M0965j,59.59!O25!>JK-;<<59!045-!a3,H!S!2K-5!a-,H;32HPH"!!
X29!O52H5-56!O5659H32JK56!X35<59H!.,-!L;-M59G234,9:!45-!>5-25!L)76,8G7&&'Q!12945H!62JK!45<9;JK! 2<! #%49&'C'(04*%0!H399%0R%#*49'%0!8%#!A%&)*%0'#&)L7&/6#%0e!U25! 9;JK=033.25KFG;-59!f;943,9:59!45-!V,H59!O25!;,JK!45-!a`659!,9H5-G-52H59!529! 7459H212M;H2096;9:5G0H!<2H!459!f53459!G5245-!>52H59_!O523!625!29!2K-59!f;943,9:6<0H2=59!,94!I56596.Z:59!-5;F326H26JK5-! M09.2/25-H! 6294"! U;! 425! V5:596/2535-! U,8IB,0/-! ,94! Y0! .52HO5265! 5K5-! G53PFJK5396O5-H!;36!1,-JKH5--5:594!5-6JK52959_!425!+09132MH4;-6H533,9:59!H-0H.!?5;32HPH6;6/5MH59!29!45-!=26,53359!a2346/-;JK5!.O;-!6/;99594!;G5-!92JKH!;9:6H52913`c594!5-6JK52959!,94!45-!+;</1! ;,JK! 29K;3H32JK!<5K-! 6/2535-26JK59!;36! 5-96H59!YK;-;MH5-!K;H_! M`9959!+2945-_!O25!425!X-:5G92665! 45-! j,;32H;H2=59!?5.5/H2096;9;3^65! .52:59! \C;,6Ff;65G-29M! ,";"! )((*]_! 29!5-6H5-!A2925!>/;c!,94!T9H5-K;3H,9:!G52!45-!?5.5/H209!=09!L)76,8G7&&'Q'5-35G59"'U25!>5-25!1,9:25-H!;,JK!G52!=25359!h,H400-F8MH2=2HPH59!45-!+2945-!;36![0-G234"!79!-2H,;32625-H59!?03F3596/25359! ;,1! 45<!>JK,3K01! G526/2536O5265! M`9959! 425! D,9:59! 2<! M`-/5-32JK59!+09H;MH!<2H!;945-59!2K-!D,9:5F>529!5-/-0G59"!I25!425!?5.5/H20966H,425!.52:H_!M`9959!62JK!425!O5F92:59!LP4JK59_!425!62JK!1Z-!425!>5-25!G5:526H5-9_!<2H!45<!Q0-<;H!;36!KP-H5-_!;36!4,-JK65HF.,9:61PK2:! 296.5925-59! G.O"!<2H! 2K<! 29! 5295! b,9:59F40<2925-H5! C55-FV-0,/! 045-! >JK,3FM3;665!29H5:-25-59"*E!
A5H.H32JK!26H!156H.,6H53359_!4;66'425!>5-25!5291;JK!;945-6!;,1:5G;,H!26H!,94!;945-5!@K5<59!G5K;9453H!;36!G26K5-!G5M;99H5!N52JK59H-2JM123<5"!!
a5.25K,9:59!45-!C-0H;:0926H59!,9H5-529;945-!
a52! 459! 6/5.2126JK59! a5.25K,9:6:5135JKH59! 45-! >5-25912:,-59! <,66! 29! 5-6H5-! A2925! .O2F6JK59!b595<!45-!V,H59_!b595<!45-!a`659!,94!b595<!=09![5-H-5H5-9!=5-6JK254595-!A;:5-_!;360!459!a5.25K,9:59!.O26JK59!459!f53459!,94!459!I245-6;JK5-9_!,9H5-6JK25459!O5-459"!U25!2<!A;,15!45-!>5-25!2<<5-!:-`c5-!O5-45945!V-,//5!,<!U,8IB,0/!K;H!529!=0-O25:594!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*)!l;%"&'=%)'7/#$'-,'-27)0'"-2'/8='97-2'=%)'U2<)0-2%'%"6%82&"#$*'/8='1%"&'%)'-"#$'-,'%"8'=)%"97#$%8'U/C%)IU7"H7Ib"8'>7#$%8'0788ef!\>H51;9_!B!D;K-5]"'!**!8,66;:59!O25e!l\7--'"$>'="%'\/92')7/-ef!,94!l_#$'1%)=%'=79M)'-,)6%8*'=7--'=/'"8'=%)'cj&&%'-#$>,)-2ef!:5K`-59!.,<!>H;94;-4"!!
!88
1-5,946JK;1H32JK56! [5-KP3H926! .,529;945-_! 0GO0K3! 45-! T<:;9:6H09! 456! `1H5-59! .25<32JK!:-0G! 26H"! U25! Q-5,945! G56JK2</159! 529;945-! ,94! 6H-52H59k! O599! 56! b540JK! K;-H! ;,1! K;-H!M0<<H_!K;3H59!625!.,6;<<59"!U;6![5-KP3H926!45-!Q2:,-59!29!45-!>5-25!26H!4;<2H!=5-:352JKFG;-!<2H!b595<!.O26JK59!V56JKO26H5-9"!!
U25!/#3T%!OM99%! 40!D46;'*%98%0! 9&%7%#'! 8%0! Y60/%0!H%Q&;&%0'%0! %&0%! $#%&'%!249%''%! 40!Z8%0'&7&L4'&30(7&/6#%0"!D545-!45-!=0-O25:594!<P9932JK59!8MH5,-5!K;H!65295!:;9.!52:5959!>HP-M59! ,94! >JKOPJK59_! ,94! 425!+2945-! M`9959! 62JK! 459b592:59! ;,6OPK359_! 45-! 625! ;<!.,<526H59!;96/-2JKH!045-!JK;-;MH5-2625-H"!U25!X9HO2JM3,9:!45-!529.53959!YK;-;MH5-5! 1ZK-H!4;.,_!4;66!62JK!4;6!a5.25K,9:6:5135JKH!.O26JK59!459!Q2:,-59!2<!A;,15!5295-!045-!<5K-5F-5-!>H;11539!P945-9!M;99"!8,6!f;66!.O26JK59!5K5<;32:59!Q529459!O2-4!4,-JK!4;6!>JKPHF.5935-959!45-! :5:59652H2:59!QPK2:M52H59! 5295! 5<0H209;3! 95,H-;35!a5.25K,9:_! 425! 6JK3,66F59432JK!.,!5295-!:,H59!Q-5,946JK;1H! 1ZK-59!M;99_!O25!5HO;! b595!.O26JK59!U,8IB,0/!,94!."##,&,"!!!
U;!425!>5-25!6/5.2533!1Z-!D,9:59!M09.2/25-H!O,-45_!=5-M`-/5-9!425!O592:59!O52G32JK59!C-0FH;:0926H59!29!45-!?5:53!9,-!R5G59JK;-;MH5-5"!U0JK!0GO0K3!425!.,<526H59!=09!2K959!M5295!/K^626JK59! +P</15! ;,6H-;:59! ,94! 60<2H! 1Z-! 425! V56JK2JKH5! ;,1:-,94! 456! =0-O25:594!M;</1G5H09H59!f;943,9:6=5-3;,16!M5295!<;c:5G32JK5!?0335!6/25359_!O5-459!625!:5:59ZG5-!459!<P9932JK59!f53459! 92JKH! 6JKOPJK5-! 4;-:56H533H"! D545! =09! 2K959! K;H! 52959! :5O26659!L;JKH6H;H,6"!>0!26H!G526/2536O5265!(/&>7!5295!;,c5-0-459H32JK!G5:;GH5!X-12945-29_!0K95!45F-59!?;4;-!425!35:594P-59!U-;:09G;336!925<;36!KPHH59!:51,9459!O5-459!M`9959"!U256!.52:H!62JK!;,JK!29!45-!8-H!,94!I5265_!O25!625!<2H!459!<P9932JK59!C-0H;:0926H59!6/-2JKH!,94!29FH5-;:25-H"!>25!:2GH!62JK!2K959!:5:59ZG5-!M52956O5:6!G55294-,JMH_!6JKZJKH5-9!045-!P9:6H32JK_!60945-9!K;H!2<!V5:59H523!29!=25359!>2H,;H20959!425!QP459!29!45-!f;94_!:2GH!a515K35!,94!5-FM3P-H!O;6!:5<;JKH!O5-459!6033!045-!<,66"!
+5295-!45-!D%98%0!6H5KH!M3;-!5-M599G;-!ZG5-!5295<!;945-59"!U2565!*4$%0!/%0%#%99!G5H-;JKFH5H!5HO;!459!/9%&)*%0![4)*'('4'6("!D5!9;JK!>2H,;H209!O2-MH!.O;-!<;9JK<;3!5295-!=09!2KF959!G5665-!,94!<PJKH2:5-!;36!45-!;945-5_!40JK!:352JKH!62JK!4256!2<!A;,15!5295-!>H;1153!O25F45-!;,6_!4;!b545-!45-!f53459!,9H5-6JK25432JK5!QPK2:M52H59!G562H.H_!425!2K9!29!G56H2<<H59!>2FH,;H20959!G5665-!5-6JK52959!3;6659"!U,8IB,0/!5HO;!26H!529!:-;942065-!+P</15-_!45<!4256FG5.Z:32JK! 60! 6JK9533! 925<;94!4;6! lI;665-! -52JK59m! M;99_! 5-! 26H! b540JK! 2<![5-:352JK! .,!;945-59!P,c5-6H!9;2="!."##,&,!=5-1Z:H!5G591;336!ZG5-!590-<5!/K^626JK5!+-P1H5_!425!62JK!b5F40JK!<2H!b5959!=09!U,8IB,0/!92JKH!<56659!M`9959"!7<!V5:59.,:!4;.,!26H!."##,&,!;G5-!29FH5332:59H5-"!(/&>7'26H_!O25!6JK09!5-3P,H5-H_!5295!G5:;GH5!X-12945-29_!65K-!<,H2:_!b540JK!;,JK!01H!352JKH62992:!,94!3P,1H!45<.,103:5!92JKH!653H59!V51;K-_!=0-6JK9533!.,!K;94539"!D545-!45-!f53459!K;H!;360!65295!>JKOPJK59_!40JK!.,6;<<59!5-:5G59!625!5295!X29K52H"!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*E![:3"!4;.,!;,JK!V`H.W!X9629:5-!\)(()_!>"!E*]"!
! 89
@-5H59!VW(%K&)*'%! 29!V-,//59!;,1_!60!3P66H!62JK! &0!&*#%0!V%Q&%*60/%0! 29!45-!?5:53!5295!*&%#4#)*&()*%
!90
U;-6H533,9:!45-!V5O;3H!!
=#4/30$499!A!O2-4!49(!L94((&()*%#!")'&30<?4#'330!R30!;*>(&()*%0!608!;(>)*&()*%0!U%<K49'73#5%0!835&0&%#'! \=:3"!C;,6Ff;;65WA;</5-H!)(()]"!>H-,MH,-5335!V5O;3H!6/253H!K29:5F:59!5295!,9H5-:50-495H5!?0335"!N59H-;35!@K5<59!6294!L;JKH:5O299!,94!L;JKH5-K;3H!,94!425!,9O5659H32JK5-5!>,JK5!9;JK!459!U-;:09G;336_!O;6!52959!;,c5-:5O`K932JK59!V5O;3HF5296;H.!=5-<529H32JK!35:2H2<25-H"!I2-4!42565-!5295-652H6!46(!X3'K%*#<!608!U%#%)*'&/L%&'(<4(;%L'%0!$%/#M08%'_!6H533H!;,1!45-!;945-59!>52H5!45-!+;</1!;9!62JK!,94!425!I52H5-59HO2JMF3,9:!45-! 52:5959!@5JK92M! 1Z-! 425!f;,/HJK;-;MH5-5! 52959!O2JKH2:59!@523! 2K-56!A5G59!4;-"!f;,/H6PJK32JK!29H-29626JK!<0H2=25-H_!103:H!U%K49'!;360!46(!8%#!O#%68%!Q65!:45;7"!U2565-!52:59<0H2=25-H5!+;</15296;H.!3P66H!425!2<!V-,945!5-96H59!,94!:51PK-32JK59!8,6529;945-F65H.,9:59!<2H!a`65O2JKH59_!O25!G5-52H6!5-3P,H5-H!O,-45_!.,!5295-!8-H!>/253_!.,!5295-!:,H59!pG,9:!O5-459"!
.$H-"-#$%'B%17&2'
X29!V-0cH523! 45-! /K^626JK59!+P</15! 12945H! .O26JK59!X29.53/5-60959_! ;360!L;99F:5:59FL;99_!6H;HH"!U25!>.5959!6294!.,<526H!6JK9533!:56JK92HH59!,94!<2H!U5H;23;,19;K<59!M0<G2F925-H"!>0! 129459!62JK!92JKH! 653H59!>.5959_! 29!45959!;335!'_$!>5M,9459!425!X296H533,9:!:5FO5JK653H!O2-4"!U5-! \G5O5:H5]!a234K29H5-:-,94!O2-4! 01H! ,9-5;326H26JK! G,9H! 6H-2JK325-H"!a5F60945-6!4-;6H26JK5!+;</16.5959_!29!45959!425!8MH5,-5!9;K5.,!29!@0456;9:6H!:5-;H59_!O5-F459!4,-JK!>JKO;-.FI52cFN52JK9,9:59!4-;<;H2625-H_!,94!>JK3P:5!O5-459!29!45-!?5:53!<2H!J0<2JPK932JK59!V5-P,6JK59!,9H5-<;3H"!X295!a560945-K52H!2<![5-:352JK!.,!G26K5-2:59!8JFH209FY;-H0096!26H_!4;66!425!T9=5-65K-HK52H!45-!f53459!92JKH!<5K-!:5OPK-3526H5H!26H"![5-35HF.,9:59! O25! G3,H5945! >JKZ-1O,9459! ,94! ;,6:56JK3;:595! NPK95! O5-459! 4;-:56H533H"! U25!f53459!6294!;,JK!92JKH!<5K-!4;=0-!:5152H_!:5H`H5H!.,!O5-459_!O599!;.,JK!425!8G603,HK52H!456!@0456!4;4,-JK!;,1:53`6H!O2-4_!4;66!425!f53459!296!D59652H6!M0<<59_!40-H!01H<;36!2K-5!+;</1H5JK92M59!O52H5-H-;2925-59!,94!625!4,-JK!459!I,96JK4-;JK59_!O53JK5-!<2H!459!U-;F:09a;336!:5-,159!O5-459!M;99_!O2545-!296!A5G59!.,-ZJM:5K03H!O5-459!M`9959"!!
hGO0K3!425!>5-25!G52!+;</16.5959!2<!V5:596;H.!.,!=25359!5,-0/P26JK59!,94!;<5-2M;92F6JK59!C-04,MH20959!;360!;,1!45-!52959!>52H5!<2H!=253!?5;326<,6!;,1O;-H5H_!M09H5-M;-25-H!625!42565!;945-5-652H6!<2H!5295<!590-<59!L;c!;9!Y0<2J<5-M<;359"!a,9H5_!G5O5:H5!f29H5-F:-Z945! ,94! l>JK95332:M52H6329259m! :5G59! .O;-! 45-! 892<;H209! U^9;<2M! ,94! a5O5:,9:_!40JK!=5-45,H32JK59!603JK5!X115MH5!45<!N,65K5-!;,JK!459!N52JK59JK;-;MH5-!45-!>5-25"!a-,FH;35!Q,cH-2HH5_!Q3Z:5!4,-JK!425!A,1H!045-!8,1/-;335!9;JK!5295<!>JK3;:!456!V5:95-6!=5-325F-59!60!459!?5;32HPH6G5.,:_!,94!2K-5!I2-M,9:!O2-4!4;4,-JK!=5-<,H32JK!5HO;6!;G:56JKOPJKH!\=:3"!V-2<<!'&&&_!>"!#((]"!
U25! +09H-;K59H59! G5M-25:59! 62JK! <2H! ,9H5-6JK25432JK59! +;</1H5JK92M59_! O53JK5! 4,-JK!K;-H56!@-;2929:!5-35-9H!O5-459!,94!;335!G56H2<<H5!a5.52JK9,9:59!K;G59"!a526/2535!K25-1Z-!OP-59e!!
! 91
!! D7>%$7>%Ic7N!U;6!+;<5K;<5Ff;!26H!5295!X-1294,9:!=0<!f5--9!45-!U#$"&=0)j2%8"!I599!<;9!529!+;<5K;<5Ff;!;,61,K-59!O233_!<,66!<;9!425!:;9.5!X95-:25!652956!+`-/5-6!;,1!425!f;9413PJK59!M09.59H-25-59!,94!M;99!425659!;96JK325c594!;G6JK25Fc59"!!
!! B7&702"-#$%)'D)"86%&N!a52! 42565-!@5JK92M!O2-4!<2H! 45<!N52:5-129:5-! 5295! :-0c5-!?52159!5-.5,:H_!45-!62JK!4;99!,<!459!V5:95-!6JK329:H!,94!2K9!.5-j,5H6JK59!6033"!
!! B%80"=7>7N! a52! 42565-!8HH;JM5!O5-459! 425!fP945! 29! 425! A,1H! :56H-5JMH! ,94! ;335!A5G5O5659!:5G5H59_!;,1!45<!,94!425!,<325:59459!C3;95H59!52959!@523!2K-5-!+-;1H!;G.,:5G59"!U2565!:;9.5!X95-:25!6;<<53H!62JK!4;99!;9!5295<!h-H!,94!10-<H!62JK!.,!5295-!+,:53"!
>/5.25335!+;</1H5JK92M59!M`9959!b540JK!9,-!=09!N,:5K`-2:59!G56H2<<H5-!?;6659!5-35-9H!O5-459"!U5-!X296;H.!42565-!@5JK92M59!:5KH!.,<526H!<2H!45-!N5-6H`-,9:!456!52:5959!+`-F/5-6!529K5-_!45-!j,;62!;36!+;</1<;6JK295!296H-,<59H;32625-H!O2-4"!!
U25!U;-6H533,9:! =09!V5O;3H!O2-4! 296G560945-5! 4,-JK! 6/;99,9:6294,.25-5945! C-P659H;H2F096O52659!,9H5-6HZH.H"!a5-52H6!4;6!79H-0!26H!:552:95H_!425!N,65K5-!4,-JK!6JK95335!a234;G103F:59_!5295!QZ335!,9H5-6JK25432JK5-!+;<5-;5296H533,9:59!\L2H_F!N,F!,94!I5:1;K-H59!<2H!G.O"!=09! 459! C5-60959! ,94! 6JK95335! X296H533,9:6F! ,94! C5-6/5MH2=O5JK653]! ,94! 4^9;<26JKFH-52G5945!L,62M!29!459!a;99!.,!.25K59"!U25!529:;9:6!5-.5,:H5!>/;99,9:!65H.H!62JK!OPKF-594!45-!X/26045!,959HO5:H! 10-H! ,94!O2-4!M09H29,25-32JK! 10-J25-H"![26,533!O2-4!45-!?5.2F/259H!6HP-M5-!4599!b5!.,<!84-566;H59!45-!4;-:56H533H59!V51PK-4,9:59_!4;!425!f;943,9:59!,9<2HH53G;-!;,1!459!N,65K5-!:5-2JKH5H!.,!6529!6JK52959"!U;!2<!V5:596;H.!.,!H-;42H20953359!Y;-H0096!29!L)76,8G7&&'Q!4;6!59H6/;995945!L0<59H!52956!lf;//^!X946m!;,6G352GH_!59459!;335!Q03:59!;,1!45<!f`K5/,9MH!456!>/;99,9:6G0:596"!U;G52!10-<,325-H!45-!X-.PK35-!\h11F>H2<<5]!90JK<;36!425!8,6O5:3062:M52H!45-!>2H,;H209!,94!6H533H!425!8,662JKH!;,1!529!:,H56!X945!29!Q-;:5e!
X-.PK35-e!l(//' $72' 7&-,' 6%6%8' ="%' +/2,)"2<2' -%"8%-' Q/>%"-2%)-' 7/9G%6%$)25' ;7-'1")=' 8/8' 6%-#$%$%8@' ;")' %)' 1%"2%)' 17$&&,-' U2<=2%' 786)%"9%8@' ^/8*' =7' (7G"="'8"#$2'>%$)' /82%)' /8-'1%"&2*' 6"G2' %-' 8"%>78=%8'>%$)*' =%)' (//'1"%=%)' "8' -%"8' F"'-C%))%8'0j882%5f!!
a5:5:9,9:59! 42565-!8-H! 6H53359! 529! Q0-,<! 1Z-! /K^626JK5!8,6529;945-65H.,9:59! 4;-_! ;,1!45<!62JK!8&%!Z8%0'&7&L4'&30(7&/6#%0!)339!608!76#)*'93(!R%#*49'%0!:5:59ZG5-!;335<!,94!b5F45<_!O;6!425!b,9:59!N,65K5-!G55294-,JM59!M;99"![0-!;335<!D,9:59!26H!56!65K-!O2JKH2:_!=0-!a5M;99H59_!Q-5,9459!,94!;,JK!=0-!Q-5<459! 3P662:_!<,H2:!,94!5291;JK!G59524596O5-H! .,!O2-M59"!>0<2H!M;99! 62JK!4;6!C,G32M,<!<2H!459!>5-259K53459! 2459H212.25-59"!F*%5%0!K&%!G:#C7'%5%((%0J!608!GU%74*#%0!M$%#('%*%0m!(;&%9%0!7M#!\6/%089&)*%!8%#!]2#C<^!;6$%#'C'!62JK5-32JK!%&0%!K&)*'&/%!H399%,!U256!.52:H! 60O0K3!425!j,;32H;H2=5!?5.5/H20966H,425! \C;,6Ff;65G-29M!,";"! )((*]! ;36! ;,JK! 5295! .,<!@K5<;!U-;:09G;33!N!=0-325:5945!T9H5-6,JK,9:!
!92
=09!L;^;!V`H.!,94!Y;-0329;!X9629:5-!\)(()]e!I5-459!+2945-!:5G5H59_!425!>594,9:!L)7I6,8G7&&'Q!.,!G56JK-52G59!,94!.,!5-M3P-59_!O;6!2K959!4;-;9!;<!G56H59!:51P33H_!60!6H53359!625!:;9.!52945,H2:!425!+P</15!29!459![0-45-:-,94"!>25!5-.PK359!=09!+P</159!;33:5<529_!529F.53959!+P</15-9!045-!45-!8-H_!O25!625!MP</159"!!
U25!,959HO5:H5!8,6529;945-65H.,9:!45-!6HP942:!.O26JK59!459!C0359!89:6H!,94!>HP-M5!;F:25-59459!>5-259K53459!G25H5H! 459! b,9:59!?5.2/259H59! 2<!I5JK653! =09!V51;K-! ,94! 2K-5-!pG5-O294,9:! 4,-JK! 4;6! G52!f53459! ,94! >JK,-M59! :352JK5-<;c59! /-0G;H5!L2HH53!V5O;3H!529! K0K56!L;c! ;9! lT9H5-K;3H,9:6;9:6Hm! ,94! 29H5962=59! lQ30OFX-35G926659m! \C;,6Ff;;65!'&&E_!>"!)*&]"*$!+2945-!:5925c59!459!>JK;,5-!45-!X--5:,9:!42565-! -262M0-52JK59_! ;G5-! 29!459!.,<526H59!QP3359!;,JK!5-103:-52JK59!+P</15!2K-5-!f53459_!425!2K-5!L;JKH!,94!pG5-35F:59K52H!;,:591P332:!4,-JK!V5O;3H5296PH.5!40M,<59H25-59! \C;,6Ff;;65!'&&E_!>"!)*&]"!U25!>HP-M5!52956!f53459!6H533H!529!:-0c56!8HH-;MH2096/0H59H2;3!1Z-!4;6!C,G32M,<!4;-"!U25!7459H2F12M;H209!<2H!459!f53459!G25H5H!+2945-9!425!L`:32JKM52H_!l833H;:6/-0G35<5_!IZ96JK5!,94!q9:6H5_!V51ZK35!=09!f2313062:M52H_!hK9<;JKH_!;G5-!=0-!;335<!l833<;JKH6/K;9H;6259m!s.,t!G5;-G52H59m!\C;,6Ff;;65!'&&E_!>"!)*$]"!U25!,9H5-6JK25432JK5!V5O2JKH,9:!,94!U;-6H533,9:!45-!>5-25912:,-59!G25H5H!459!b,9:59!?5.2/259H59!4;-ZG5-!K29;,6!O52H5-5!XG5959!45-!7459H2F12M;H209"!>0!5-<`:32JK59!5HO;!29!V51;K-!6JKO5G5945!R5G5912:,-59!425!7459H212M;H209!<2H!45-!?0335!456!h/15-6!,94!;,JK!425!a`65O2JKH5!5295-!>5-25!M`9959!O2JKH2:5!a545,H,9:6F!,94!7459H212M;H2096H-P:5-!6529"!>25!:5G59!l?;,<m!1Z-!425!60:59;99H59!lG`659!V51ZK35m!=09!+2945-9_! 1Z-!8::-56620959_!N0-9_!I,H!,94!?;JK:51ZK35_! 2<!833H;:!=09!X-O;JK65959!01H!:56JK03H59! 045-! =5-4-P9:H! \C;,6Ff;;65! '&&E_! >"! )*%]"! U;! 425! Q2:,-59! 29!L)76,8G7&&' Q!M0</35g5-5!YK;-;MH5-52:596JK;1H59!;,1O52659!,94!<2H,9H5-!Q5K35-!G5:5K59_!6294!425!b,9F:59!?5.2/259H59!29!45-!7459H212M;H209!<2H!459!:,H59!f53459!;,JK!29!45-!A;:5_!2K-5!8::-56F620959!;,6.,35G59"!!
.-H#$"-#$%'B%17&2'
79!L)76,8G7&&'Q!12945H!62JK!5295!OM99%!R%#$49%#!U%K49'4''4)L%0"![0-!459!89:-21159!32515-9!62JK!425!+09H-;K59H59!.,<526H59!52959!=5-G;359_!;G5-!P,c5-6H!;::-5662=59!>JK3;:;GH;,6JK"!U;G52!O2-4!45-!L2<2M!45-!62JK!:5:59652H2:!;91529459459!Q2:,-59!G560945-5!a5;JKH,9:!:5F6JK59MH_!4;!625!KP,12:!29!V-0cF!045-!U5H;23;,19;K<5!:5.52:H!O2-4"!!
U0JK!92JKH!9,-!45-!T<:;9:6H09!.O26JK59!f534!,94!I245-6;JK5-!M;99!<2H,9H5-!-5JKH!:-0G!,94!-Z45!6529"!8,JK!G52!V56/-PJK59!2995-K;3G!45-!V-,//5!45-!V,H59!O5-459!45<!8945-59!92JKH!653H59!>JK2</1O`-H5-!045-!a535242:,9:59!;9!459!+0/1!:5O0-159"!!
X6!6JK529H!b540JK_!4;66!42565!>JK2</1O`-H5-!425!C5-6`932JKM52H!456!a56JK2</1H59!92JKH!609F45-32JK!=5-35H.H_!4;!42565!456K;3G! 29!M5295-!>2H,;H209!425!f;3H,9:!=5-325-59_!60945-9!=5-6,FJK59_!<`:32JK6H!lJ003m!.,!O2-M59_!5295!?5;MH2096O5265_!425!;9!>.5959!;,1!5295<!>JK,3K01!5-2995-H_!,94!G560945-6!1Z-!<P9932JK5!?5.2/259H59!-52.=033!6294_!O25!425!j,;32H;H2=5!?5.5/FH20966H,425!.52:H!\C;,6Ff;65G-29M!,";"!)((*]"!!
! 93
Y0035! >/-ZJK5_! 95,5! >JK2</1O`-H5-! ,94! 3P662:5!8,66;:59! 6/-5JK59! =0-! ;335<!<P9932JK5!?5.2/259H59!;9_!,94!%#/C0Q%0!8&%!V%8%6'(45L%&'!8%#!;*>(&()*%0!_$%#9%/%0*%&'!8%#!Z8%0'&<7&L4'&30(7&/6#%0!29!45-!>5-25!\5G4;"]"!!
I25!29!;945-59!8JH209FY;-H0096!6294!425!.,<526H59!8MH5,-5!<P9932JK"!Q-;,59!H-5H59!9,-!;36!R5G59-03359! ;,1! ,94! 6294! 1Z-! 425! .59H-;35! f;943,9:! =09! ,9H5-:50-495H5-! a545,H,9:"! >25!H-;2925-59!925!2K-5!/K^626JK5!>HP-M5!,94!=5-3;6659!62JK!5K5-!;,1!2K-5!79H5332:59."!U25!Q-;,59!O5-459!KP,12:!1-52.Z:2:!:5M35245H!,94!<2H!2K-59!?52.59!M0M5HH25-594!4;-:56H533H"!>0!O2-4!G5F-52H6!2<!79H-0!(/&>7-'U5M0335Hz!29!V-0c;,19;K<5!:5.52:H"*%!
79!L)76,8G7&&'Q! 129459!62JK!Q4*9#%&)*%!(%B6%99%!"0(;&%960/%0_!45959!95G59!459!V5O;3HF6.5959!5295!O2JKH2:5!a545,H,9:!.,M0<<H!\=:3"!C;,6Ff;;65W!A;</5-H!)(()]"!X6!K;9453H!62JK!4;G52!,<!R%#$49%!E)*9M;7#&/L%&'%0!608!R&(6%99%!"6(8#6)L(73#5%0"!U5-!29!=25359!892<5!.,!12945945!H;HH-2:5!A,6H:-526!26H!K25-!29!V56H;3H!=09!!/2%8IX,-$"_!45<!f5--9!45-!>JK234M-`H59_!/-P659H_!O53JK5-! 52945,H2:!45<!A;:5-!45-!V,H59!.,:50-495H!O2-4"!X-! 1ZK3H! 62JK!4,-JK!425!V5:59O;-H! =09!LP4JK59! 65g,533! :5-52.H! ,94! G-29:H! 4256! ;,1! =2531P3H2:5!I5265! .,<!8,6F4-,JMe!
F! 7K<!:5K59! 1`-<32JK!425!8,:59!ZG5-! \H-5H59! ;,6!459!8,:59K`K359]_!O599! 5-!LP4FJK59!G5H-;JKH5H"!
F! X-!G53P6H2:H!LP4JK59!65g,533_!2945<!5-!625!G5-ZK-H!\.,<526H!;9!45-!a-,6H]"!
F! >5295!65g,5335!X--5:,9:!O2-4!4,-JK!4;6!a3,H59!65295-!R;65!,94!65295-!R5-=062HPH!29!V5:59O;-H!52956!LP4JK596!,9H5-6H-2JK59"!
U5-;-H2:5!65g,5335!7</32M;H20959!G25H59!/,G25-H25-59459!N,65K5-9!529!:-0c56!Q;6.29;H2096F/0H59H2;3_! 4;! @K5<59! O25! +`-/5-32JKM52H! ,94! >5g,;32HPH! ;9:56/-0JK59! O5-459"! lD,9:5!L596JK59! 29!42565<!83H5-!G5129459!62JK!90JK! 29!45-!65g,53359!A;H59./K;65!,94!6294!;,1!45-!>,JK5!9;JK!h-259H25-,9:m!\C;,6Ff;;65W!A;</5-H!)(()]"!U25!@K5<;H2625-,9:!=09!>5g,F;32HPH! ,94! +`-/5-32JKM52H! :56JK25KH! 29! 45-! >5-25! b540JK! 29! 5295-! /-0G35<;H26JK59!I5265"!lU5-!8,1G;,!=09!>53G6HO5-H:51ZK3!G52!+2945-9!29!45-!C-P/,G5-HPH!,94!C,G5-HPH!26H! 29!K0FK5<!L;c5!;9!425!79H5-;MH209!<2H!8945-59_!<2HK29!;9!425!8JKH,9:!=0-!45<!V5:59ZG5-!:5FG,9459"! D,9:5!L596JK59! 42565-! 83H5-66H,15! <Z6659! 35-959_! >0.2;G232HPH! .,! /-;MH2.25-59"!U;.,!:5K`-H!9;HZ-32JK!;,JK!425!8JKH,9:!=0-!45<!;945-59!V56JK35JKH!5G5960!O25!425!8JKFH,9:! =0-! 8945-6459M59459! ,94! 89:5K`-2:59! 1-5<45-! +,3H,-59m! \C;,6Ff;;65W! A;</5-H!)(()]"!U25!U;-6H533,9:!65g26H26JK5-!f;943,9:59!,94!59H/-5JK5945!=5-G;35!>JK3Z/1-2:M52FH59_!425!45-!c%))'=%)'U#$"&=0)j2%8!29!65295-!8-H_!<2H!LP4JK59!,94!Q-;,59!,<.,:5K59_!5-FM59959!3P66H_! 26H!92JKH!4;.,!:552:95H_!;36!h-259H25-,9:6K2315!.,<!8,1G;,!45-!8JKH,9:!=0-!89:5K`-2:59! 456! ;945-59!V56JK35JKH6! .,! 425959k! 56! 5-6JK529H! =253<5K-! ;36!f5-;GOZ-42F:,9:"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*$![:3"!4;.,!;,JK!V-2<<!\'&&)_!>"!$(]"!*%!>25K5!.,-C-0G35<;H2M!45-!V5O;3H4;-6H533,9:!29!L7)6,8G7&&'Q!;,JK!C;,6Ff;;65W!A;</5-H!\)(()]"!!
!94
U;<2H!4-P9:H!62JK!45-!X294-,JM!;,1_!4;66!?@A!77!<2H!45<!892<5!L)76,8G7&&'Q!5295!<;-FM59-535=;9H5!>H-;H5:25!=5-103:H_!425!;36!G5459M32JK!;,6:5O25659!O5-459!<,66"!7945<!@K5F<59!;9:56/-0JK59!O5-459_!425!459!X9HO2JM3,9:6;,1:;G59!=09!b,9:59!L596JK59!59H6/-5FJK59_!29!42565<!Q;33!4;6!52:595!V56JK35JKH!.,!59H45JM59!,94!425!52:595!V56JK35JKH62459H2FHPH!;,1.,G;,59_!G25H5H!425!>594,9:!529!Q;6.29;H2096/0H59H2;3_!4;6!:552:95H!26H_!b,9:5!?5.2F/259H59!;9!4;6!C-0:-;<<!.,!G29459_!4;!56!45-!>5-25!2K-!,9=5-O5JK653G;-5!C-0123!=5-352KH"!X295! 45-;-H2:5! [0-:5K596O5265! G25H5H! b540JK! ;,6! b,:5946JKZH.5-26JK59! V562JKH6/,9MH59!893;66!.,-!a560-:926"*B!!
Q0-<59!456!f,<0-6!
U25!K;,/H6PJK32JK59!X-O;-H,9:59!45-!+2945-!;9!4;6!Q5-965K59!,94!;9!=09! 2K959!1;=0-2F625-H5!C-0:-;<<5!M`9959!<2H! .O52!I0-H59!G56JK-25G59!O5-459e!E;40060/!608!D653#!\=:3"!+;3M015!,";"!'&&'_!>"!')$]"!X--5:,9:!,94!R5-=59M2H.53_!=5-G;35!,94!63;/6H2JM;-H2:5_!3,6H2:5!X293;:59!O5-459!:352JK!K0JK!G5O5-H5H!\C;,6Ff;;65!'&&E_!>"!)*E]"!a52456!O2-4!&0!=#4/30$499!A!Q6!%&0%#!60'%#*49'%08%0![&()*60/!R%#$608%0"!@-0H.!45-!.;K3-52JK59!V5FO;3H10-<59!,94!+P</15!=5-325-59!425!YK;-;MH5-5!925! 2K-59!>299! 1Z-!f,<0-"!U5-!f,<0-!45-!>5-25!M;99!29!=25359!>2H,;H20959!b540JK!<2H!>/0HH!,94!45<!APJK5-32JK<;JK59!;945-5-!:352JK:565H.H! O5-459"! +09H-;K59H59! G53PJK539! 425! QPK2:M52H59_! 4;6! 8,665K59! 045-! 425!A526H,9:59!2K-56!V5:59ZG5-_!Q2:,-59!3;JK59!ZG5-!4;6!T9:56JK2JM!045-!C5JK!=09!Q-5,9459!045-!Q529459!,94!653G6H!65g,533!;9-ZJK2:5!>2H,;H20959!O5-459!60!4;-:56H533H_!4;66!625!3,6H2:!O2-M59"*&! >53G6H2-0926JK! O5-459! ,9:3;,GOZ-42:5! V56JK5K92665! 40M,<59H25-H! ,94! M0<F<59H25-H_!,94!5-96H5!8,6529;945-65H.,9:59_!G-,H;35!+;</16.5959!,94!3;,H6H;-M5!>H-52H5-52F59!O5-459!4,-JK! H033/;H6JK2:!,94!,9:5O033H!O2-M5945!V56H59_!L2<2M59!,94!f;943,9:59!45-!Q2:,-59!;,1:530JM5-H!,94!=5-K;-<306H"!>/;c!,94!89:6H! 325:59!9;K5!G52529;945-"!U59!I5JK653!=09!X<0H20959!5</129459!+2945-!;36!G560945-9!;9:595K<"!X-!=5-<2HH53H! 2K959!529! 29H5962=56! >53G6H:51ZK3! ,94! =5-6/-2JKH_! O;99! 2<<5-! >/;99,9:! ,94! >/;c! 29! 529! ,94!45-653G59!>594,9:!5-35GH!O5-459!M;99_!K0K59!Q5-965K:59,66!\C;,6Ff;;65!'&&E_!>"!)E']"!
LP-JK59F!,94!>;:59535<59H5!
U;!LP-JK59!+2945-9!G52!45-!>,JK5!9;JK!5295<!>299!2<!A5G59!O2JKH2:5!89-5:,9:59!:5G59!M`9959_!6294!625!1Z-!625!=09!:-0c5-!a545,H,9:!\=:3"!a5HH53K52<!'&B(]"!YK;-;MH5-26H26JK!1Z-!LP-JK59!6294!5HO;!425!a5K;943,9:!=09![5-3,6HP9:6H59!\5HO;!4,-JK!459!@04!52956!:5325GH59!L596JK59]_!425!V5:59ZG5-6H533,9:!=09!V,H!,94!a`65!,94!45-!-2H,;32625-H5!:,H5!8,6:;9:!52F95-!V56JK2JKH5!\=:3"!a;,65!,";"!'&&'_!>"!#B1]"!LP-JK59!32515-9!459!+2945-9!60<2H!>^<G03F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*B!U2565!8,66;:5!:23H!b540JK!92JKH!9,-!2<!f29G32JM!;,1!65g26H26JK5!X35<F82%_!60945-9!;,JK!29!a5.,:!;,1!425!V5O;3H4;-6H533,9:!29!45-!>594,9:k!625K5!4;.,!C;,6Ff;;65W!A;</5-H!\)(()]"!*&!!/2%8IX,-$"_!45-!f5--!45-!>JK234M-`H59_!1;66H!5295<!b,9:59!LP4JK59!;9!425!a-,6H!\4;G52!6H533H!5-!62JK!,9F:56JK2JMH!;9]_!G5M0<<H!4;1Z-!=09!2K-!5295!hK-152:5!,94!6HZ-.H!4,-JK!459!>JK3;:!.,!a0459"!U0-H!325:H!5-!;,1!45<!?ZJM59_!6H-5JMH!;335![25-5!=09!62JK!\O25!5295!>JK234M-`H5]!,94!b;<<5-H"!8335!65K59!:-296594!045-!M0/1F6JKZHH5394!.,!2K<!K29,9H5-"!!
! 95
,94! 7459H21M;H2096;9:5G0H5"!Q5-965K65-259! H,9!4256! 5G591;336_! ,94!+2945-! K;G59!425!L`:F32JKM52H_!4,-JK!425!79K;3H5!45-!>594,9:59!2K-5!@-P,<5!.,!O5JM59!,94!.,!5-1Z3359"!!
=#4/30$499!A!6H533H!&0!/%K&((%#!I%&(%!5G591;336!5295![C#)*%0K%9'!5&'!'4;7%#%0!H&''%#0!608!/%5%&0%0!VW(%K&)*'%0!4;-"!U25!5-.PK3H59!V56JK2JKH59!6/25359!.O;-!:-0cH5236!;,1!45-!X-45_!40JK!:2GH!56!.;K3-52JK5!<P-JK59K;1H!,9-5;326H26JK5!Q2:,-59!=09!;945-59!C3;95H59_!52959!29!=25359!A5:59459!,94!>;:59!=0-M0<<59459!U-;JK59_!45-!425!:5K52<6H59!IZ96JK5!5-1Z33H!,94!=2535!H;/15-5_!6H;-M5!f53459_!425!=5-6,JK59_!;945-5!,94!62JK!653G6H!=0-!G`659!X294-29:F329:59! .,! G56JKZH.59"! U25! 2--5;3! 5-6JK5295945!I53H! G25H5H! 459!+2945-9! 5295!L`:32JKM52H_!1,-JKH306!29!625!529.,H;,JK59_!4;!625!52945,H2:!92JKH!5g26H59H!26H"!8,1!45<!I5:!45-!7459H212FM;H209!<2H!45<!LP-JK59K53459!M;99!4;6!+294!O5659H32JK5!f23159!.,-!A`6,9:!65295-!X9HFO2JM3,9:6;,1:;G59! 5-K;3H59_! 62JK! 653G6H! ;,6M,946JK;1H59_! 2945<! 56! 65295<!f53459! 4,-JK!8G59H5,5-!,94!V51;K-59!103:H_!<2H!2K<!62JK!653G6H!5-35GH!,94!5-35245H!\C;,6Ff;;65!'&&E_!>"!)*#]"!!
hGO0K3!425!f53459!529!1;9H;6H26JK56!8,665K59!;,1O52659!,94!625!<2H!1;9H;6H26JK59!I;1159!,94!@5JK92M59!MP</159_!=5-325-59!625!92JKH!:P9.32JK!459!1Z-!+2945-!;,JK!O2JKH2:59!a5.,:!.,-!I2-M32JKM52H"!7K959!0G325:59!95G59!2K-5-!@PH2:M52H!;36!f534!;,JK!90JK!;945-5![5-/132JKFH,9:59_!O25!5HO;!Q;<23259G5H-5,,9:!045-!2K-5!8-G52H!5HJ"!U25!f53459!5-35G59!.O;-!29!2K-59!8G59H5,5-9!;,c5-0-459H32JK5!M`-/5-32JK5![5-O;943,9:59_!O5-459!b540JK!9;JK!2K-59!+P</F159!O2545-!.,!l:5O`K932JK59m!>H5-G32JK59"!U25!@;H6;JK5_!4;66!625!5G591;336!92JKH!4;=0-!:5F152H! 6294! .,! 6H5-G59_! ,9H5-6H-52JKH! 42565! @;H6;JK5! .,6PH.32JK"! U;6!U0//53:P9:5-<0H2=_! 425![5-O;943,9:!=09!5295-!5K5-!;33HP:32JK59!C5-609!29!52959!f53459!<2H!ZG5-9;HZ-32JK59!QPK2:FM52H59_! 12945H! =0-! ;335<! G52! [0-6JK,3M2945-9! :-0c59! 89M3;9:! \=:3"! C;,6Ff;;65! '&&E_! >"!)*%]"!>25!G25H5H!62JK!;9!1Z-!I,96JK/K;9H;6259!,94!KP3H!C-0b5MH2096<`:32JKM52H59!456!P9:6HF32JK59!7JK6!;,1!459!1,-JKH30659!f53459!G5-52H!\C;,6Ff;;65!'&&E_!>"!)*%]"E(!
U25! 29K;3H32JK5!>H-,MH,-!456!LP-JK596!O2-4!=09!A0-5^! 103:5945-<;c59!G56JK-25G59e!l8<!891;9:!456!LP-JK596! 26H!45-!f534!459b592:59!;,6:532515-H_!425!O592:!=09! 2K<!,94!652959!QPK2:M52H59!K;3H59_!425!2K9!<266K;94539!,94!2K<!60:;-!9;JK!45<!A5G59!H-;JKH59"!7<!A;,15!45-! V56JK2JKH5! 26H! 45-! f534! 01H! :5.O,9:59! 62JK! ;,1! 1-5,9432JK5! f5315-! .,! 6HZH.59"! 8<!>JK3,66!K;H!45-!f534!;335!C-Z1,9:59!G56H;9459_!5-!26H!62JK!653G6H!H-5,!:5G325G59!045-!K;H!2<!a56H5K59!;335-!V51;K-59!65295!X2:59/5-6`932JKM52H!5--,9:59"m!\'&B&_!>"!'%]!@523;6/5MH5!425F65-!LP-JK596H-,MH,-25-,9:!6294!;,JK!29!L)76,8G7&&'Q!.,!129459"!8,6!5295<!f53459!26H!5295!V-,//5!=09!f53459!:5O0-459_!O53JK5_! 62JK!:5:59652H2:!6HZH.594_!:5:59!459!045-!425!I2F45-6;JK5-! =0-:5K59"! U,-JK! 425! =5-<5K-H5! 89.;K3! ;9! K53459K;1H59! 7459H212M;H209612:,-59!6294!1-5,9432JK5!f5315-!92JKH!<5K-!,9G5429:H!90HO5942:"!7<!A;,15!5295-!>H;1153!5-35G59!425!C-0H;:0926H59! .;K3-52JK5!8G59H5,5-_! 35-959! ;,6! 2K-59!Q5K35-9! ,94! 59HO2JM539! 62JK!O52H5-"!>25!G352G59!62JK!4;G52!b540JK!2<<5-!H-5,!,94!H-;:59!35H.H59432JK!459!>25:!ZG5-!4;6!a`65!4;F=09"!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!E(![:3"!4;.,!;,JK!a5-:<;99!\'&&)]"!
!96
U25!a5H09,9:!456!LP-JK59K;1H59!M;99!K25-G52!b540JK!9,-!;,1!425!b5O5232:5!>H;1153:56JK2JKFH5!;9:5O;94H!O5-459_!4;!425!X29.535/260459!4;6!YK;-;MH5-26H2M,<!456!-2H,;32625-H59_!:,H59!X9456! 92JKH! :5OPK-3526H59"! U;6
! 97
=09! 5295-! 45-! 6/5.253359! >5-25! 2995O0K959459! l2995-59m! A0:2M! .,! 6/-5JK59"! >294! f;94F3,9:6<0H2=5!5-M599G;-o!76H!5-M3P-H!O25!425!f53459!56!G5O5-M6H5332:59_!2K-5!X95-:25GP335!.,!5-.5,:59o!h45-!6294!V56JK5K92665!60!M096H-,25-H_!4;66!425!529.53959!f;943,9:59!5295<!5-FM599G;-59!-0H59!Q;459!103:59o!
=#4/30$499!A! 26H! :595-533!C6T%#('! ;#CQ&(%!86#)*('#6L'6#&%#'_! 425!L0H2=5!,94!f;943,9:59!45-!Q2:,-59!O5-459!6010-H!045-!2<!A;,15!45-!V56JK2JKH5!5-3P,H5-H!,94!425!4;-;,6!103:59459!YK;-;MH5-59HO2JM3,9:59! 5-6JK52959! 1Z-! 459! N,65K5-! 9;JK=033.25KG;-"! U;! 425! >5-25! 65K-!M0</35g!26H_!6294!b540JK!.,<526H!<5K-!;36!9,-!5295!045-!.O52!X/260459!90HO5942:_!,<!4;6!V56JK5K59!,94!4;6![5-K;3H59!45-!f53459!=5-6H5K59!.,!M`9959"!U0JK!425!X-M3P-,9:!,9-5;F326H26JK5-! V5:5G59K52H59! O25! 5HO;! 45-! =5-O5945H59! +;</1H5JK92M59_! 45-! >JK;11,9:! 456!I,96JK4-;JK596_!456!V-59.G5-52JK6!.O26JK59!45<!U256652H6!,94!45<!D59652H6!425959!;36FG;34! ;36!?5.5/H2096K23159! ,94! :5G59! 60<2H! 45-! .,! 45-! >5-25! M-525-H59!I53H! 52959! -5;326H2F6JK59!@0,JK"!!
U2565!:59;,5!X-3P,H5-,9:!=09!2<!V-,945!/K;9H;6H26JK59!,94!92JKH!5g26H59H59!I53H59!M;99!1Z-!+2945-!65K-!-52.=033!6529!,94!3P66H!425!4;-29!:56JK5K5959!X-52:92665!O2-M32JKM52H69PK5-!5-6JK52959"!>25!M`9959!60O0K3!4;6![5-K;3H59!45-!V,H59!;36!;,JK!45-!a`659!9;JK=033.25K59!,94!62JK!45<9;JK!;,JK!G5665-!<2H! 2K-59!f53459! 2459H212.25-59"!U25!<P-JK59K;1H5!l2995-5!A0:2Mm!45-!>5-259!M0<<H!=0-!;335<!45-!U59MO5265!,94!45<!I53HG234!=09!bZ9:5-59!+29F45-9!59H:5:59! \C;,6Ff;;65!'&&E_!>"!)*B]"!QZ-!4;6!+294!:2GH! 56!M5295! 6JK;-15!@-59932925!.O26JK59! 35G30659!V5:596HP9459! ,94! 35G5942:59!I5659! \a5HH53K52<! '&B(_! >"! #%]"!U;66!62JK!529!90-<;35-!L596JK!29!52959!f53459!<2H!ZG5-9;HZ-32JK59!QPK2:M52H59!=5-O;9453H!0F45-!29!529!@25-!,94!,<:5M5K-H_!5-6JK529H!+2945-9!92JKH!9,-!;36!:3;,GK;1H_!56!59H6/-2JKH!:;-!2K-5-!U59MO5265!\C;,6Ff;;65!'&&E_!>"!)*B]"!7<![0-6JK,3;3H5-!6294!+2945-!90JK!92JKH!4;.,!29!45-!A;:5!:-`c5-5!N,6;<<59KP9:5!.,!5-M59959k!2K-5![0-6H533,9:6M-;1H!,94!2K-!U59M59!6294! 6H;-M! -54,.25-H! \=:3"!C2;:5HW79K5345-! '&%%_!>"! )']"!X-6H!<2H! 45<!>JK,3;3H5-! G5:29959!+2945-_!425!T9H5-6JK2545!.O26JK59!?5;32HPH!,94!Q2MH209!O;K-.,95K<59!,94!.,!=5-;-G52H59!\C;,6Ff;;65!'&&E_!>"!)*B!1"]"!!
U25!>5-25! 3P4H!425! b,9:59!?5.2/259H59! H-0H.! 2K-5-!10-<;359!,94!29K;3H32JK59!H523O5265!-5;32FHPH69;K59!+09.5/H209!529!45-!I2-M32JKM52H!.,!59H1325K59"!+2945-9!26H!56!9,-!653H59!O2JKH2:_!4;66!l2K-5m!V56JK2JKH59!2<!Q5-965K59!-5;326H26JK!4;6!a234!45-!833H;:6O2-M32JKM52H!6/25:539k!2<!V5:59H523"!T<!92JKH!9;JK459M59!.,!<Z6659!ZG5-! 6JKO5-!=5-;-G52HG;-5!,94!G53;6H5945!X-35G92665_!6,JKH!529!+294!:5-;45!12MH209;35!79K;3H5!\YK;-3H09!'&&'_!>"!*E]_!45959!56!;,1!52F95-!H2515-59_!01H!,9G5O,66H59!XG595!a545,H,9:!=5-352KH!\C;,65Ff;;65!'&&E_!>"!)E#]"!
[5-<2HH3,9:!52956!G56H2<<H59!I53HG23456!
U25!:-,946PH.32JK5!I53H!=09!U,8IB,0/!,94!652959!L2H6H-52H5-9! 26H! 1-25432JK!,94!6JK`9"! 79!625!G-5JK59!/5-20426JK!G`65!+-P1H5!529_!O53JK5!425!f;-<0925!.5-6H`-59"!U256!<,66!=09!459!V,H59!9;HZ-32JK!=5-K2945-H!O5-459"!8,11P332:!26H_!4;66!H-0H.!90JK!60!:5<5295-!a54-0K,9:59!
!98
425!f53459!925<;36!=5-.O521539!045-!;,1.,:5G59!:5459M59"!>25!129459!2<!V5:596;H.!60:;-!V51;3359! ;9! 459! 8,6529;945-65H.,9:59! <2H! 459! V5:95-9_! 4;! 625! <2H! 459! +P</159! Q0-HF6JK-2HH5! 29! 2K-5-! +;</156H5JK92M! 5-K01159"! >033H5! .,! a5:299! 5295-! V56JK2JKH5! M529! a`65FO2JKH!4;6!>JK2JM6;3!45-!X-45!,94!65295-!a5O0K95-!G54-0K59_!60!60-:59!425!U;-6H533,9:59!45-!6HP942:59!@-;2929:6529K52H59!,94!425!8,6H-;:,9:59!=09!+;</1H,-925-59!4;1Z-_!4;66!425!>5-259K53459!92JKH!;9!>HP-M5!=5-325-59"!X295!$%8%6'(45%!V3'()*47'!=09!L)76,8G7&&'Q!26H!56_!425!I&)*'&/L%&'!*4#'%#!"#$%&'!608!=&(Q&;9&0!29!459![0-45-:-,94!.,!6H53359"!U25!V56JK2JKH59!6H5K59!1Z-!A5G596<,H!,94!f0119,9:!;,1!a5665-,9:!45-!52:5959!A;:5!\,94!652!56!9,-!G5.Z:F32JK!456!5--52JKH59!+;</135=536]_!4;!;3356!<`:32JK!26H_!O599!<;9!9,-!O233"!
U25!D%#R3#*%$60/!8%#!F%45K3#L4#$%&'_!45-!:5<5296;<59![5-GZ94,9:!:5:59!459!Q5294_!6H533H!5G591;336!52959!O2JKH2:59!C,9MH!G5.Z:32JK!456!29!45-!>5-25!=5-<2HH53H59!I53HG23456!4;-"!X295-!;335295!M;99!90JK!60!6H;-M!,94!O5265!6529!S!.,6;<<59!<2H!Q-5,9459!O2-4!5-!2<<5-!<5K-!5--52JK59_!;36!O599!5-!62JK!5295-!>;JK5!045-!5295<!Q5294!;335295!6H533H"!!
U5-!4-2HH5! 65K-!O2JKH2:5!86/5MH! 325:H! 29!45-!"67*%$60/!8%#! ('4##%0!AK%&'%&960/!R30!U6'!608!VW(%!608!29!45-![W/9&)*L%&'P!(&)*!K%&'%#!Q6!%0'K&)L%90"!U256!59HKP3H!425!a0H6JK;1H!;9!425!?5.2/259H59_!4;66!b545-_!;,JK!O599!5-!90JK!60!6JKO5-5!Q5K35-!G5:;9:59!K;H!,94!90JK!60!6JK35JKH5!X2:596JK;1H59! G562H.H_! 425!L`:32JKM52H! G562H.H_! 62JK! .,! =5-P945-9e!T965-!A5G59_!,965-5!a5.25K,9:59!.,!;945-59!,94!,965-!>JK2JM6;3!325:59!29!,965-59!52:5959!fP9459_!4;!;33529!O2-!425!L;JKH!K;G59_!U29:5!.,!=5-P945-9"!!
I25! 425!X-:5G92665! 45-!?5.5/H20966H,425! .52:59_! 129459!=0-! ;335<!<P9932JK5!?5.2/259H59!V51;3359! ;9! 459! 65K-! G-,H;359! ,94! :5O;3HK;3H2:59!8,6529;945-65H.,9:59! \C;,6Ff;65G-29M!,";"!)((*]"!U25!+P</15!O5-459!=09!459!C-0H;:0926H59!92JKH!9,-!;,6!R0HO5K-F!045-!V5-5JKFH2:M52H6:-Z9459! 35:;32625-H_! 60945-9! O5-459! 5G591;336! ;36! >/2535! ,94! pG,9:59! ;9:565K59"!>25!<Z6659!92JKH!:5-5JKH15-H2:H!O5-459_!4;!625!1Z-!425!f53459!5295!8-H!f0GG^!4;-6H53359"!U25!X9HO2JM3,9:59!45-!8MH5,-5!,94!425!6HP942:59![5-G5665-,9:59!2K-5-!>HP-M5!<;JK59!425!V5F6JK2JKH59!,94!425!I53H!=09!U,8IB,0/!29H5-566;9H"!U25!+2945-!M`9959!<2H!2K-59!7459H212M;H2F09612:,-59!O;JK659!,94!62JK!59HO2JM539"!I25!5-6H5!X-:5G92665!45-!?5.5/H20966H,425!.52:59!O2-4!459!b,9:59!?5.2/259H59!45<9;JK!4;6!:5G0H59_!O;6!625!5<0H209;3!G5-ZK-H!,94!O;6!625!5-O;-H59"E)!!
A5E5:' U7"&,)'!,,8'V'!"2'=%)'!7#$2'=%-'!,8=%-''
U25!f;943,9:66H-,MH,-e!U-;<;H,-:25_!f;943,9:66H-P9:5!,94!@K5<59!45-!>5-25!
U;6!;3356!,<-;K<5945!U#608'*%54!R30!E4&93#![330!26H!45-!5O2:5!:45;7!QK&()*%0!U6'!608!VW(%!\=:3"!a5-9;,5-!,";"!)(('_!>"!$BFB$_!a2JK35-!)(()]"!U25!>5-25!26H!b540JK!,<!5292F:56! =2536JK2JKH2:5-! ;,1:5G;,H_! 604;66! 56! 5295-! :-0G59! [5-;33:5<5295-,9:! :352JKM0<<59!OZ-45_!425659!?;K<59M;</1!;36!V-,94M09132MH!.,!G5.52JK959"!>0!M;99!5g/32.2H!=09!5295<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!E)![:3"!4;.,!;,JK!V`H.!\)(()_!>"!E(]"!
! 99
@K5<59/003!:56/-0JK59!O5-459"!+0<<H!56!5295-652H6!29!b545-!X/26045!.,-!+091-09H;H209!.O26JK59!459!:,H59!>;230-M-25:5-29959!,94! 62JK! 2K959! 29! 459!I5:! 6H53359459!UP<0959_!U,9M53:526H5-9!,94!;945-5!a`65O2JKH59_!,94!325:H!4;6!N253!45<59H6/-5JK594!29!45-!I25F45-K5-6H533,9:! 45-! :56H`-H59! 74^335_! 60! K5--6JKH! ;945-5-652H6! 529! .O52H5-_! %$%0(3! /#3T%#!D46;'&0*49'!=0-_!O53JK5-!62JK!O25!529!-0H5-!Q;459!4,-JK!425!:56;<H59!>H;11539!.25KHe!8&%!`&%$%"!R2JKH!0K95!V-,94!K52cH!4;6!L0HH0!45-!LP4JK59!lI2-!MP</159!1Z-!A25G5!,94!V5F-5JKH2:M52Hm"!A25G5!O2-4!<5K-42<596209;3!:565K59e!f25-!:2GH!56!425!M`-/5-3065!A25G5!.,-!I53H_!O53JK5!425!f53429959!4;.,!=5-;93;66H_!625!.,!=5-H5242:59!,94!.,!G56JKZH.59!\V5-5JKFH2:M52H6;6/5MH]_!425!10-HOPK-5945!>,JK5!9;JK!45-!-0<;9H26JK59!A5G5_!9;JK!5295<!C;-H95-_!4;99!425!A25G5!.,!Q-5,9459_!.,-!Q;<2325!,94!.,!8945-59!\@035-;9.]!,94!35H.H32JK!90JK!425!A25G5!.,!62JK!653G6H!\f0119,9:]!\=:3"!a5-9;,5-!,";"!)(('_!>"!B']"!U25!A25G5!26H!56_!425!459!LP4JK59!2K-5!,96;:G;-5!+-;1H!=5-352KH!,94!625!;<!X945!2<<5-!625:59!3P66H"!
8,6!425659!G52459!f;,/HHK5<59!45-!>5-25!3;6659!62JK!9,9!.59H-;35!@0/2J6!;G352H59_!45-59!a545,H,9:!=09!>H;1153!.,!>H;1153!=;-225-H"!>0!325:H!45-!>JKO5-/,9MH!29!45-!5-6H59!>;:;!5HO;!4;-29_! 4;66! 425! >;230-M-25:5-29959! 2K-5!I;1159! .,! :5G-;,JK59! 35-959"! 8,JK! 45-! Q-5,94F6JK;1H6F!,94![5-H-;,596;6/5MH!O2-4!K5-=0-:5K0G59"!7<!Q0-H3;,1!45-!>5-25!M0<<59!O52H5-5!@K5<59!O25!>JK,H.!45-!T96JK,34_!425!a545,H,9:!=09!@-P,<59!,94!f0119,9:59!045-!425!I2JKH2:M52H!=09!@5;<O0-M!K29.,"!
U25!V-,94HK5<;H2M!45-!>5-25!.52:H!G5-52H6_!O53JK5!N253:-,//5!4;<2H!;9:56/-0JK59!O5-459!O233e!A25G5_![5-H-;,59_!Q-5,946JK;1H!,94!PK932JK5!@K5<59!6294!G52!LP4JK59!b5459!83H5-6!G5325GH_!,94!4;66!.,! 2K-5-!X-3;9:,9:_!I2545-K5-6H533,9:!,94![5-H5242:,9:!I;1159!529:5F65H.H!O5-459_!,9H5-6H-52JKH!9,-! 2K-5!a545,H,9:!,94!I2JKH2:M52H"!QZ-!459!86/5MH!45-!X9HFO2JM3,9:! .,-! L54259<;-M5! G5H-511594! K;H! 45-! 529:56JK-P9MH5! N253:-,//59JK;-;MH5-! 45-!>5-25!<2H!>2JK5-K52H!a545,H,9:"!
U5-!8#454'6#/&()*%!"67$46!8%#!E%#&%!E4&93#![330!=5-3P,1H!9;JK!5295<!L94#!%#L%00$4<#%0!=4#('%9960/(56('%#!\625K5!8GG"!*]"!U59!a5:299!<;-M25-H!45-!&(F65MZ942:5
!100
35H.H59!Q03:59!45-!529.53959!>H;11539"!D595!Q03:59!3;6659!;<!X945!5295-!X/26045!425!?56FH;,-;H209!456!Q-254596! =5-<26659!,94! 6JK325c59!<2H! 45<![5-O526! ;,1! 425! 9PJK6H5!Q03:5"!U25!>5-25!O2-4!;G:56JK306659!4,-JK!459!8G6/;99_!G5:352H5H!=09!45<!.,<29456H!;3359!LP4FJK59!G5M;99H59_!5HO;6!659H2<59H;359!>JK3,663254"!
HGGE!BK!V#&'&)*#%2(:7/(!T#*,34#2,924!3/#!C/#2/!
'! [0-6/;99!
)! 79H-0!\[0-;G.,6;<<591;66,9:!45-!X/26045]!
*! U;-6H533,9:!45-!1-25432JK59!74^335_!29!O53JK5-!425!>5-259FK53429959!35G59!
E! a54-0K,9:!42565-!74^335!4,-JK!52959!045-!<5K-5-5!a`65FO2JKH5!
#! [5-O;943,9:!45-!>5-259K53429959!!!X-K;3H!45-!<;:26JK59!QPK2:M52H59!,94!+-P1H5!
$! +;</1!.O26JK59!V,H!,94!a`65!
%! >25:!ZG5-!4;6!a`65!
B! I245-K5-6H533,9:!45-!74^335!
&! 8G6/;99!
!
N25KH!<;9!95G59!45-!4-;<;H,-:26JK59!8,1G5-52H,9:!=09!U7"&,)'!,,8!;,JK!90JK!425!M09F6H-,25-H5!f;943,9:61ZK-,9:!,94!425!4;<2H!529K5-:5K59459!f;943,9:66H-P9:5! 29!a5H-;JKH_!:-59.H!62JK!425!>5-25!40JK!2<!O5659H32JK59!=09!:5O`K932JK59!Y;-H0096!;G_!4;!425!5-.PK3H59!,94! ;G:56JK30665959! .;&(38%0/%()*&)*'%! %&0%#! 499%(! 65(;400%08%0! _$%#<U%()*&)*'%!60'%#/%3#80%'!6294"!X6!6294!60<2H!.O52!XG5959!456!V56JK5K596!.,!,9H5-6JK52459e!X6!:2GH!5295-652H6!52959!V-,94M09132MH_!45-!62JK!4,-JK!;335!Q03:59!5295-!>H;1153!.25KH_!,94!;945-5-F652H6!O5-459!29!62JK!;G:56JK3066595!X29.53566;^6!5-.PK3H"!X29!G5.52JK959456!L5-M<;3!45-!>5-25!26H_!4;66!62JK![2620959_!@-P,<5_!U2;30:5!5HJ"! 29!1-ZK59!X/260459!KP,12:!;,1!4;6!G5F.25K59_!O;6!;<!X945!5295-!>;:;!:56JK25KH"!U5<!C,G32M,<!O5-459!KP//JK59O5265!7910-F<;H20959!/-526:5:5G59_!425!1Z-!4;6![5-6HP94926!45-!f;943,9:!,9;G429:G;-!6294"!U25!>5-25!G562H.H!60<2H!O25!425!.,<526H59!892<5!Q0-H65H.,9:6JK;-;MH5-!,94!45<59H6/-5JK594!<5K-!+0</35g2HPH!;36!;945-5!@-2JM65-259"!!
R5G59!45-!X/260459F!,94!45-!V56;<H:56JK2JKH59FXG595!;-G52H5H!U7"&,)'!,,8!b540JK!90JK!;,1! 5295-! 4-2HH59!XG595_! 45<! 60:59;99H59! l>H;1153F+09.5/Hm"!U256! G545,H5H_! 4;66! ;335! 29!62JK!;G:56JK30665959!\1Z91]!>H;11539!.,6;<<59!5295!8-H!pG5-FV56JK2JKH5!5-:5G59"!U;6!:5F-5HH5H5!74^33!;<!X945!b545-!>;:;!625KH!;945-6!;,6!;36!4;6!=0-K5-2:5"!U5-!V-,94!325:H!29!45-!X9HO2JM3,9:!45-!YK;-;MH5-5"!8335!f53459!6294!-5215-_!H;/15-5-!,94!;,JK!6HP-M5-!:5O0-459_!G26!625!6JK325c32JK!5-O;JK659!6294"!
U25!6JK09!29!L)76,8G7&&'Q!156H:56H533H5
! 101
?52."!a5245!860/5MH5!M`9959!;36!<;-M59-535=;9H5!YK;-;MH5-26H2M;!G5.52JK95H!O5-459"!7<!V5:596;H.!.,<!D,9:59FY;-H009!12945H!425!LP4JK5965-25!b540JK!425!a;3;9J5!.O26JK59!52F95-!62JK!ZG5-!425!X/260459!5-6H-5JM59459_!10-H65H.59459!f;943,9:!,94!29!62JK!;G:56JK306F65959_!M,-.1-26H2:5!f;//^!X946!.52:5945!!X29.53103:59"!U25!N,65K5-!<Z6659!9;JK!X945!52F95-!X29.53:56JK2JKH5!92JKH!,<!2K-5!f53429959!G;9:59_!4;!425!;9:56H-5GH5!74^335!M,-.1-26H2:!O2545-K5-:56H533H!O2-4"!!
Q0-<59!45-!>/;99,9:65-.5,:,9:!
E;40060/! O2-4! /#608(C'Q9&)*! 5-6H<;36! 73#549! 467/%$46'! \=:3"! [0-45F-5-WI,311WQ-254-2JK659!'&&$!,94!>JK,3.! )(()]"!a5=0-! 56! .,-! 29K;3H32JK59!a54-0K,9:!45-!Q2:,-59!M0<<H_!=5-45,H32JK59!29!5-6H5-!A2925![6(&L<!608!U%#C6()*%77%L'%! \4,</15!L,F62M_!f5-=0-K5G,9:!=09!V5-P,6JK59!O25!>JK-5259_!>JK3P:595HJ"]! 60O25!`&)*'R%#C08%#60</%0!\425!>.595!O2-4!4,9M35-]!425!9;K5945!V51;K-"!!
I52H5-5! 6/;99,9:6=5-6HP-M5945! L2HH53! 6294! I5JK653! \.,<526H! 6JK95335-! O5-459]! 45-!E)*0&''/%()*K&08&/L%&'! 608! ,9H5-6JK25432JK5_! 45<!L;JKH6H;H,6! 456!V5:59ZG5-6! 59H6/-5FJK5945!2%#(;%L'&R%&0('%9960/%0,!X296H533,9:6:-`c59!6/25359!K25-G52!5G591;336!5295!O2JKH2F:5!?0335"!I5-459!U-0K,9:59!;,6:56/-0JK59!045-!H;,JKH!/3`H.32JK!529!Q5294!,95-O;-H5H!;,1!45-!a23413PJK5!;,1_! 60!O5-459!425!Q2:,-59!:-0cH5236! 29!R;KF_!V-0cF!045-!U5H;23;,19;K<5!:5.52:H"!U256!=5-6HP-MH!425!>/;99,9:!,94!G25H5H!X<0H2209;32HPH"!U5-!a`65O2JKH!O2-MH!90JK!:51PK-32JK5-_! O599! 65295! 4,9M359_! M;3H59! 8,:59! 62JK! 42-5MH! ;,1! 459! N,65K5-! .,! K51H59!6JK52959"!U;6!C,G32M,<!M;99!62JK!4;4,-JK!=5-<,H32JK!G5665-!29!425!>.595!K29529=5-65H.59!,94!62JK!<2H!459!f53429959!,94!2K-59!q9:6H59!2459H212.25-59_!4;!625!45-!V51;K-!60.,6;:59!653G6H!:5:59ZG5-!:56H;9459!K;G59"!!
E;%Q&49%77%L'%!K&%!E;9&'!E)#%%0P!_$%#$9%0860/%0P!$%K%/'%!D&0'%#/#M08%!608!O3L6(R4#&<&%#60/%0!3;6659!>.5959!5G591;336!6JK95335-!,94!6/;995945-!O2-M59"!8,c5-45<!O2-4!29!U7"I&,)'!,,8!65K-!6H;-M!<2H!Q;-GO2-M,9:59!:5;-G52H5H!\=:3"!f5335-!'&&E]"!f5335_!G5O5:H5_!/;6FH5331;-G595! f29H5-:-Z945! O5-459! =0-! ;335<! G52! 459! [5-O;943,9:665j,59.59! 529:565H.H"![0-! 5295<!<;35-26JK59_! -0<;9H26JK59!f29H5-:-,94! 5-K;3H59! 425!LP4JK59! 2K-5! >JK,3,92F10-<59!,94!N;,G5-M-P1H5k!625!O5-459!.,!>;230-M-25:5-29959"!X295![253.;K3!;9!+;<5-;G5FO5:,9:59!:2GH!425659!>.5959!U^9;<2M!,94!3P66H!625_! H-0H.!45-!9254-2:59!>JK92HH1-5j,59._!6JK9533!,94!G5O5:H!5-6JK52959_!4;!62JK!2<!a234!6HP942:!5HO;6!G5O5:H_!9P<32JK!45-!a32JMFO29M53!,94!425!X296H533,9:6:-`c59"!!
V5O`K932JK! O2-4! b545! Q03:5! =09! a5:299! ;9! M09H29,25-32JK! G26! .,<! \>/;99,9:6F]!f`K5/,9MH_!45<!/K^626JK59!+;</1!45-!f53429959!:5:59!4;6!a`65_!;,1:5G;,H"!NO26JK59F.52H32JK! ,9H5-G-5JK59! -,K2:5! U2;30:F! 045-! >H2<<,9:665j,59.59! 459! >/;99,9:6;,1G;,"!f25-! O5-459! 45<! N,65K5-! .,:352JK! 425! 9`H2:59! f29H5-:-,942910-<;H20959! :532515-H! T<!62JK!;,1!>53G6H:56/-PJK5!045-!U2;30:5!603JK!5-M3P-5945-!>.5959!M09.59H-25-59!.,!M`9959_!O2-4!425!>/;99,9:!M,-.1-26H2:!:53`6H"!!
!102
R;JK45<! 45-! 045-! 425!V5:95-! G5625:H! 6294! ,94! 425! lf5235!I53Hm!O2545-! K5-:56H533H! 26H_!M0<<H!45-!;G-,/H5!>/;99,9:6;GG;,"!I25!G5-52H6!G52!65295<!8,1G;,!45,H5H!=0-!;335<!425!L,62M!425659!I5JK653!;9"!79K;3H32JK!26H!.,<526H!4;6!8GO59459!5295-!V51;K-!8,63`65-!1Z-!459!>/;99,9:6;GG;,"!>0G;34!O2545-!Q-2545!529:5M5K-H!26H_!103:H!59HO545-!529!h-H6O5JK653_!045-! 45-! .,=0-! =5-4,9M53H5!f29H5-:-,94! 5-6JK529H!O2545-! 29! 459! K;-<0926JK6H59!Q;-G59"!U25!LP4JK59!3;JK59!.,6;<<59_!5295!:53`6H5!>H2<<,9:!G-52H5H!62JK!;,6"!U25!X-O;-H,9:59!45-! b,9:59!?5.2/259H59!O5-459!5-1Z33Hk!425!f53429959!45-!>5-25!K;G59!459!>25:!ZG5-!4;6!a`65!5--,9:59!,94!60<2H!4;6!29!625!:565H.H5![5-H-;,59!45-!N,65K5-!G56HPH2:H"!R,-!425!Q03F:59!.,<!>H;11535945!K29!O52JK59!=09!42565<!>JK5<;!;G_!4;!625!425!I2545-K5-6H533,9:!456!74^33.,6H;946!=5-<26659! 3;6659!,94!<2H!45-!8,662JKH! ;,1!O52H5-56!,94! 6JK32<<5-56!pG53!6JK325c59"!
+09132MH4;-6H533,9:!,94!?03359\=5-K;3H59]!
U;!425!+091-09H;H209!.O26JK59!V,H!,94!a`65! 29!45-!>5-25!U7"&,)'!,,8! 52959!<;c:5G32FJK59!>H53359O5-H!52992<<H_!M0<<H!45-!29K;3H32JK59!,94!10-<;359!U;-6H533,9:!=09!+09132MFH59! :-0c5!a545,H,9:! .,"!8,6529;945-65H.,9:59! :2GH! 56! 45<9;JK! K;,/H6PJK32JK! .O6JK59!459!f53429959! ,94! 2K-59!I245-6;JK5-9_! O0G52! 42565! 29! 45-! ?5:53! /K^626JK! ;,6:5H-;:59!O5-459"!U0JK!;,1:-,94!45-!:-0c59!89.;K3!,9H5-6JK25432JK5-!>;230-M-25:5-29959_!;360!:,H5-!f53429959_! ,94! 2K-5-! :5:596PH.32JK59! X2:596JK;1H59_! QPK2:M52H59! ,94! [5-K;3H596O52659!M;99!56!;,JK!:56JK5K59_!4;66!62JK
! 103
3;9:5-! 45-!<PJKH2:6H59!a`65O2JKH5_E*! 40JK!MP</159! 625!G26! .,<!X945! 5295-!>H;1153! 6H5H6!9,-!<2H!459!=09!2K959!:56JK2JMH59!U,9M53:526H5-9"!D5!9PK5-!4;6!Q29;35!45-!b5O5232:59!V5F6JK2JKH5!-ZJMH_!,<60!<PJKH2:5-!,94!6HP-M5-!O5-459!425!V5:95-"!U59!Q29;3M;</1!G56H-52H59!2<<5-!U7"&,)'!,,8!,94!45-!045-!425!lpG5-Fa`65m"!!
8,11P332:!26H_!4;66!56!29!U7"&,)'!,,8!L%&0%!('#&L'%!F#%0060/!QK&()*%0!U6'!608!VW(%!:2GH"!8G:565K59! =09! 459! hG5-Fa`65O2JKH59_! O5-459! ;3359! I245-6;JK5-9! 45-! f53429959! G5F6H2<<H5!l<596JK32JK5m!YK;-;MH5-5!,94!YK;-;MH5-.Z:5!.,:56JK-25G59"!>25!G562H.59!60!O25!425! >;230-M-25:5-29959!V51ZK35! ,94! K;94539! 92JKH! 653H59! ;,1:-,94! 2K-5-! 5<0H209;359!a5F129432JKM52H"!>25!=5-325G59!62JK!5HO;!29529;945-!045-!;,JK!29!2-:59452959!L596JK59!;,1!45-!X-45_!,94!42565!A25G5!32515-H!92JKH!653H59!4;6!/3;,62G35!f;943,9:6<0H2="!X295!45-!V-,94FHK5<;H2M59!45-!>5-25_!425!A25G5_!O2-4!60<2H!92JKH!9,-!;,1!425!:,H59!f;943,9:6H-P:5-!529:5F6JK-P9MH!G5K;9453H_!60945-9!G56H2<<H!=2535-0-H6!;,JK!425!8MH2=2HPH59!45-!a`65O2JKH5!,94!.25KH!62JK!O25!529!-0H5-!Q;459!4,-JK!425!:;9.5!>5-25"!>0<2H!:56H;3H5H!56!62JK!1Z-!425!N,65K5-!5295-652H6!352JKH5-_!45-59!f;943,9:59!9;JK.,=033.25K59!,94!<;JKH!625!.O52H596!29!:5O2665-!I5265!<596JK32JK5-!,94!=253352JKH! ;,JK! 6^</;HK26JK5-"!f29.,!M0<<H_!4;66!U7"&,)'!,,8!,94!2K-5!Q-5,945!425!I&8%#(4)*%#_!;G:565K59!=09!459!O2-M32JK!:5<52959_!<PJKH2:59!V5F:596/2535-9_!01H<;36!Q65!U6'%0!$%L%*#%0!,94!42565!425!>52H5!O5JK6539"!>25!5-M59959!2K-!Q5K3=5-K;3H59_! .52:59! 62JK! -5,5=033! ,94!O5-459! 4;9M! 45-! 4,-JK! ,94! 4,-JK! :,H59_!<;:2F6JK59!+-P1H5!45-!>;230-FLP4JK59!=09!2K-59!4,9M359!I56596.Z:59!G51-52H"!I52H5-K29!O5-F459!b595!I245-6;JK5-_!425!ZG5-!52959!3P9:5-59!N52H-;,<!K29O5:!;,1H-5H59_!P,c5-32JK!65K-!<596JK32JK!:5.52JK95H"!8G:565K59!=09!.52HO5232:59!>JK;HH59!29!2K-59!V562JKH5-9_!6JK<PF35-59! 8,:59! ,94! ZG5-K;,/H! 1;-G32JK! 5HO;6! 4,9M35-! :5K;3H5959! +09H,-59! PK9539! 625! 459
!104
QZ-!459!N,65K5-!4Z-1H5!56!;,1:-,94!42565-!M0</35g5-59!YK;-;MH5-M09.2/25-,9:!6JKO25-2F:5-!6529_!5295!:59;,5!C062H20925-,9:!=0-.,95K<59!,94!62JK!45<.,103:5!<2H!5295-!45-!f53F45912:,-59! .,! 2459H212.25-59"! f29.,! M0<<H_! 4;66! 62JK! 425!LP4JK59! 2<! A;,15! 45-! ,9H5-F6JK25432JK59! >H;11539! O52H5-59HO2JM539_! 625! ,-6/-Z9:32JK! M599.52JK95945! X2:596JK;1H59!;G:535:H!O5-459!,94!60<2H!425!L`:32JKM52H!G56H5KH_!4;66!62JK!;,1:-,94!456659!4;6!>^</;FHK25=5-KP3H926!.O26JK59!N,65K5-!,94!>5-25912:,-!P945-H"!8,1!45-!;945-59!>52H5!!<;JKH!=253F352JKH!:5-;45!42565!-5;32HPH69;K5!Q2:,-594;-6H533,9:!459!?52.!45-!>5-25!U7"&,)'!,,8!;,6_!4;!=09!459!+2945-9!C;-;335359!<2H!52:5959!X9HO2JM3,9:6/K;659!:5.0:59!O5-459!M`9959"!
X29! O52H5-5-! G545,H5945-! YK;-;MH5-.,:! 45-! >5-25! 6/25:53H! 62JK! 2<! =0-K5--6JK59459! V5F6JK35JKH5-=5-KP3H926!O2545-"!U25!f53459!45-!>5-25!6294!:595-533!O52G32JK_!O04,-JK!G5-52H6!?ZJM6JK3Z665!;,1!425!4;<2H!.,!5--52JK5945!N253:-,//5!:5.0:59!O5-459!M`9959"!U25!O592F:59!<P9932JK59!8MH5,-5!6294!59HO545-!a`65O2JKH5_!.,!-5HH5945!h/15-_!2<!V-,945!,9O2JKFH2:5!R5G5912:,-59!045-!H-5H59!;36!f5315-!45-!>;230-M-25:5-29959!29!X-6JK529,9:"!79!42565<!Q;33!6H5K59!625!b540JK!2<!>JK;HH59!45-!LP4JK59_!4;!625!92JKH!45-59!+-P1H5!G562H.59"!!7>,I)/_!45-!Q-5,94!(/88H-_!=5-1Z:H!;36!5295-!45-!O2JKH2:6H59!\:,H59]!<P9932JK59!f;943,9:6H-PF:5-! ZG5-!<;:26JK5!QPK2:M52H59"!U0JK! M0<<H! 56! .,<!+;</1!<2H!UP<0959! ,94! ;945-59!a`65O2JKH59_!92<<H!5-!9,-!425!?0335!456!lf29K;3H5-6m!529"!X-!K;H!29!45-!?5:53!425!8,1:;G5!425!V5:95-!60!3;9:5!;G.,359M59_!G26!4;6!@5;<!,94!;3359!=0-;9!U7"&,)'!,,8!G5-52H!26H_!42565!.,! G5625:59"! U25! 6H5-50H^/5! V56JK35JKH5-0-49,9:! =09! 6H;-M59_! <,H2:59! LP995-9! ,94!6JK,H.G54Z-1H2:59_!K23130659!Q-;,59!O2-4!60<2H!:P9.32JK!;,1:5K0G59"!
U5-!L;-M59JK;-;MH5-!45-!>5-25!U7"&,)'!,,8!.52:H!62JK!45<9;JK!5295-652H6!29!45-!M0</35Fg59! YK;-;MH5-M09.5/H209! ,94! 45-! ,959HO5:H59!I52H5-59HO2JM3,9:! 45-! f;943,9:6H-P:5-_!60O0K3!45-!V,H59!;36!;,JK!45-!a`659_!;36!;,JK!29!45-!5HO;6!:-0H56M59!,94!01H<;36!O2H.2:!O2-M59459! U;-6H533,9:6O5265! 45-! +09132MH5! ,94! 2K-5-! a5652H2:,9:"! @-0H.! 45-! 6HP942:59!+091-09H;H209!.O26JK59!459!f53459!,94!2K-59!I245-6;JK5-9!26H!425!8G:-59.,9:!.O26JK59!V,H!,94!a`65!92JKH! 52945,H2:! 156H.,<;JK59"!U25!?5.5/H209!45-!>5-25! 26H! 4;4,-JK!<`:32FJK5-O5265!29H5-566;9H5-"!U5-!N,65K5-!M;99!4;6!V56JK5K59!M;,<!=0-K5-6;:59_!4;!b545-.52H!,95-O;-H5H5!I594,9:59!;,1H-5H59!M`9959_!O53JK5!425!V56JK2JKH5!29!5295!;945-5!?2JKH,9:!359M59!045-! G56H2<<H5!YK;-;MH5-5! .,! ,95-O;-H5H59
! 105
.,9:59!1Z-!425!f;,/HK53429959!2<<5-!:,H!59459_EE!O2-4!45-!8JH209J;-H009FYK;-;MH5-!45-!>5-25!U7"&,)'!,,8!5HO;6!;G:56JKOPJKH"!R2JKH!45-!+;</1!;9!62JK_!60945-9!45-!I5:!40-HK29!6^<G032625-H!459!V-,94JK;-;MH5-!45-!>5-25"!!
a5.25K,9:59!45-!C-0H;:0926H59!,9H5-529;945-!
V595-533!M`9959!425!O2JKH2:6H59_!425!V56JK2JKH5!G56H2<<59459!YK;-;MH5-5! 29!4-52!V-,/F/59!529:5H523H!O5-459"!U256!6294!4;6!2995-5!>;230-H5;<_!425![5-H-5H5-!45-!4,9M359!>52H5!,94!4;6!P,c5-5!>;230-H5;<"!U25![5-KP3H92665!.O26JK59!459!529.53959!A;:5-9!65K59!b5O5236!,9FH5-6JK25432JK!;,6!,94!.52JK959!62JK!4,-JK!6/5.2126JK5!L5-M<;35!;,6"!
>0!O52659!425!a5.25K,9:59! 2995-K;3G!45-!f;,/HK53429959!\2995-56!>;230-H5;<]!52959!K0FK59!79H5962HPH6:-;4!;,1_!,94!0GO0K3!56!456!`1H5-59!6JK529H_!;36!:PG5!56!352JKH5!K25-;-JK26JK5!T9H5-6JK2545!S!4;!b545!45-!LP4JK59!,9H5-6JK25432JK5!QPK2:M52H59!G562H.H!!S!6294!2K-5!L2HF:32545-! 2<! V-0c59! ,94! V;9.59! :352JKG5-5JKH2:H"! D545-! 35-9H! =0<! 8945-59! ,94! 1,9:25-H!:352JK.52H2:! ;36! lA5K-.,<526H5-m"! R25<;94! M;99! 62JK! ."a"! G5.Z:32JK! 45-! 45-! 8952:9,9:!=09!I26659!,94!45-!V;G5!456!=5-9Z91H2:59!U59M596!<2H!+>"!\U7"&,)'!%)0/)]!<56659"!!7I0,2,!\U7"&,)'b/C"2%)]!26H!5295!,96JK3;:G;-5!+`JK29_!,94!(/88H!\U7"&,)'!,,8]!O52c!=09!;3F359! ;<! G56H59! O;6! 653G6H3065_! -5295! A25G5! 26H"! U25! b5O5232:59! >JKOPJK59! 456! X29.53959!O5-459!4,-JK!425!V-,//5!;G60-G25-H"!U25!>HP-M5!45-!>;230-M-25:5-29959!-56,3H25-H!45<9;JK!;,6!2K-5-!N,6;<<59;-G52H!,94!2K-5<!:5:59652H2:59
!106
45<.,103:5!;360!G5245![5-H-5H5-!456!V,H59!,94!MP</159!1Z-!A25G5!,94!V5-5JKH2:M52H"!U;6!P,c5-5! >;230-H5;<! H-2HH! 5-6H<;36! 29! 45-! 4-2HH59! >H;1153! 29! X-6JK529,9:_! O0G52! .,! a5:299!92JKH! 5g/32.2H! M3;-!O2-4_! 29O2515-9! 625! 62JK! =09! 459! G5-52H6! G5M;99H59! >;230-M-25:5-29959!,9H5-6JK52459_!O53JK56!N253!625!=5-103:59!,94!0G!625!ZG5-K;,/H!.,!459!lV,H59m!.,!.PK359!6294"!U7"&,)'!,,8!,94!2K-59!Q-5,9459!26H!653G6H!92JKH!M3;-_!O2560!425!V-,//5!45-!P,c5-59!>;230-M-25:5-29959!92JKH!<2H!2K959!:5<5296;<5!>;JK5!<;JKH_!O0!625!40JK!;,:596JK52932JK!;,1!45-!-2JKH2:59!>52H5!6H5KH"!!
U25!LP4JK59!G5245-!V-,//59!<`:59!529;945-_!0GO0K3! 56!01H<;36!459!896JK529!K;H_! ;36!OZ-459!5HO;!c7)/07!,94!!"#$")/!\P,c5-56!>;230-H5;<]!92JKH!=253!=09!(/88H!,94!Y0!K;3FH59"!>25!=5-103:59!2K-5!52:5959!8,1:;G59!,94!N2535_!,94!.,<!I0K35!2K-5-!>;JK5!OZ-459!625!;,JK!92JKH!4;=0-!.,-ZJM6JK-5JM59_!U7"&,)'!,,8!,94!2K-59!Q-5,9429959!.,!6JK;459!045-!625!60:;-!1;336!9`H2:!60:;-!.,!H`H59"!U;!425!L266209!456!P,c5-59!>;230-H5;<6!b540JK!/3;,62FG53! M329:H! ,94! 45<!L0HH0! =09!A25G5! ,94!V5-5JKH2:M52H! 92JKH! 59H:5:59O2-MH_! -5JKH15-H2:H!4256! 45-59! f;943,9:59! ,94! [5-K;3H596O52659"! >0! 59H6H5KH! 5295! 65K-! .O526JK95242:5!Q-5,946JK;1H!.O26JK59!459!G52459!V-,//59"!X295-652H6!;JKH5H!<;9!425!A526H,9:59_!L0H2=5!,94!f;943,9:6O52659!45-! ;945-59_! 56! 59H6H5K59! 1-5,946JK;1H32JK5!V51ZK35! ,94!<;9!O233!62JK!92JKH!:5:59652H2:!>JK<5-.59!.,1Z:59_!;945-5-652H6!<Z6659!425!LP4JK59!2K-59!b5O5232F:59!8,1:;G59! 9;JKM0<<59_! 425! =09529;945-! ;GO52JK59459!N2535! 5--52JK59! ,94! M`9959!;,6!425659!V-Z9459!92JKH!<2H529;945-!M00/5-25-59"!!
U25!a5.25K,9:59!2995-K;3G!45-!V-,//5!45-!U,9M53:526H5-!6294!2<!V5:596;H.!4;.,!65K-!K25F-;-JK26JK! :5:32545-H"! NO26JK59! 459! hG5-Fa`65O2JKH59! ,94! 2K-59! [;6;3359! :2GH! 56! ;,6F6JK325c32JK!5295!6H5-235_!5<0H20963065_!-529!l:56JKP1H32JK5m
! 107
6/25:53H"!U25!a`65O2JKH5!459M59!352JKH56!>/253!<2H!459!LP4JK59!.,!K;G59_!,94!O5-459!2<!A;,15!5295-!>H;1153! b5456!L;3!=0<!V5:59H523!ZG5-.5,:H"!hGO0K3!425!4,9M359!LPJKH5!01F15962JKH32JK!6HP-M5-!6294!;36!425!V,H59_!M`9959!425!>;230-M-25:5-29959!4,-JK!2K-5!V-,//59F4^9;<2M_! 2K-5! Q-5,946JK;1H! ,94! 2K-!L2H529;945-! 2<<5-!O2545-! ,9:5;K9H5! 2995-5! +-P1H5!<0G232625-59!,94!4;4,-JK!625:-52JK!6529"!!
U25!f53429959!5-M3P-59! 2K-59!I245-6;JK5-9!.,45<!G52! b545<!N,6;<<59H-51159_!O56K;3G!2K-! f;94539! 1;36JK! 26H"! U2565!+091-09H;H2096M0<<,92M;H209!O2-4! 65K-! 6H;-M! 4-;<;H2625-H!,94!10-<;3!4,-JK!>/0H6!;,1!425!>/-5JK59459_!130HH5!L,62M!,94!V-0c;,19;K<59!,9H5-6HZH.H"!L0-;326JK5!8,66;:59! 42565-!8-H! M329:59! 5HO;! 60e!lX%"-'c%)3' "-2' ?,&&%)'c,998/86%8' /8='a)</>%'7/9' %"8' 6&M#0&"#$%-'\%G%8' "8' =%)'Q/0/8925'S8='=/'Gj-%)' U#$/)0%' G"-' -,' 6%>%"8*'=7--'=/'="%-%'/8-#$/&="6%8'a)</>%'3%)-2j)%8'1"&&-2e';")'-2%$%8'9M)'\"%G%'/8='B%)%#$2"6I0%"2e'_#$'G"8'U7"&,)'!,,8*'/8='">'^7>%8'=%-'!,8=%-'1%)=%8'1")'="#$'G%-2)79%8ef!
U25!a56H-;1,9:!G.O"!4;6!a5625:59!45-!UP<0959!,94!4,9M359!V526H5-!5945H!<2H!45<![5-F6JKO29459!45-653G59"!U5-!N,65K5-!O52c!92JKH_!0G!45-!V5:95-!9,9!:5H`H5H!045-!9,-!O2545-!29!65295!U2<596209_!045-!O0K5-!5-!;,JK!2<<5-!M;<_!.,-ZJM:56JK2JMH!O,-45"!!
U25! b5O5232:59! ,9H5-6JK25432JK59! a5.25K,9:6:5135JKH5! .O26JK59! 459! ;,1H-5H59459! f;94F3,9:6H-P:5-9!=5-352K59!45-!>5-25!U7"&,)'!,,8!52959!V-0cH523!2K-5-!Q;6.29;H209!,94!M`9959!<2H!>2JK5-K52H!;36!V-Z945!1Z-!425!X9HO2JM3,9:!45-!>5-25!.,-!L;-M5!;9:51ZK-H!O5-459_!4;!625!<2H,9H5-!65K-!M0</35g!6294_!29!<;9JK59!QP3359!;,JK!65K-!;,6:51;3359!5-6JK52959E&!,94!2<!V-,945! 1Z-! ,9H5-6JK25432JK5!?5.2/259H59! :;9.!T9H5-6JK25432JK56! G5-52HKP3H"!U25![253F.;K3! ;9! 42=5-659! YK;-;MH5-59! 5-<`:32JKH! 56! 459! +2945-9_! 62JK! 5295! 2K-59! [0-6H533,9:59!59H6/-5JK5945! 7459H212M;H209612:,-! ;,6.,OPK359"! U;! 4;6! @K5<;! A25G5! 92JKH! 0K95! .O2F6JK59<596JK32JK5!a5.25K,9:59!=0-6H533G;-!26H_!M0<<59!459![5-KP3H926659!45-!C-0H;:0926FH59!,9H5-529;945-!ZG5-:50-495H5!a545,H,9:59!.,"!79!2K959!<;92156H25-59!62JK!425!a5O5:F:-Z945!1Z-!4;6!f;94539!45-!b5O5232:59!>5-25912:,-59_!,94!45-!N,65K5-!M;99!60<2H!5<0H20F9;3!;9!425!V56JK2JKH59!:5G,9459!O5-459"!
U25!V%Q&%*60/!8%#!U%()*9%)*'%#! &('!529!O52H5-5-!K&)*'&/%#P!54#L%0#%9%R40'%#!260L'!45-!>5-25"!LP4JK59!95K<59!;33!b595!>H533,9:59!,94!C062H20959!529_!425!<2H!L;JKH!,94!>HP-M5!=5-G,9459!O5-459"!>25! 6294!425!f53429959!45-!>5-25!,94! .52:59!95G59! 6H5-50H^/! H^/26JK!O52G32JK59!>HP-M59!O25!X291ZK3,9:6=5-<`:59_!:-0c5!A25G561PK2:M52H!045-!>JK`9K52H!;,JK!L5-M<;35!425! 29!45-!?5:53!<P9932JK59!f53459!.,:56JK-25G59!O5-459k!60!6294!625!<,H2:_!=5-1Z:59!ZG5-!6H;-M5!/K^626JK5!+-P1H5!,94!G56JKZH.59!>JKOPJK5-5"!U;6!"6T%#/%KW*09&<)*%!8%#!E%#&%!.52:H!62JK!.,45<!;<!74('!65/%L%*#'%0![4)*'R%#*C9'0&(!QK&()*%0!O#46%0!608![C00%#0"! U25! O592:59!<P9932JK59! 8MH5,-5! 6294! 459! f53429959_! 2K-59! +-;1HF! ,94!L;JKH6H;H,6!G5H-511594_!,9H5-:50-495H"!8,JK!b595!<2H!6H;-M59!I;1159!\O25!5HO;!!7>,)/!;36!a/K%=,'!7-0]!M`9959!62JK!92JKH!<2H!U7"&,)'!,,8!,94!Y0!<56659!,94!<Z6659!29!=25359!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!EB!U25! =5-G;35!8,64-,JM610-<!45-!hG5-Fa`65O2JKH5! M;99! ;36! 65K-! K;-6JK!,94!92JKH! 653H59! G535242:594!G5F6JK-25G59!O5-459"!79!=25359!QP3359!G5HPH2:59!625!62JK!45-!a515K3610-<"!!
!108
>2H,;H20959!=09!459!f53429959!:5-5HH5H!O5-459"!QZ-!425!O52G32JK59!?5.2/259H59!G25H5H!62JK!K25-!425!L`:32JKM52H!;,6!45-!6H5-50H^/59_!=09!LP995-9!40<2925-H59!833H;:6O53H!;,6.,G-5FJK59!,94!<`:32JK5!4256G5.Z:32JK5!8::-56620959!;,6.,35G59"!!
U;-6H533,9:!45-!V5O;3H!
U;!45-!+;</1!.O26JK59!lV,Hm!,94!la`65m!52959!45-!V-,94M09132MH5!45-!>5-25!4;-6H533H_!26H!;,JK!4;6!@K5<;!lV5O;3Hm!29!,9H5-6JK25432JK59!Q0-<59!/-P659H"!>H-,MH,-5335!V5O;3H!.52:H!62JK! 29! 45-! K25-;-JK26JK59! L;JKH0-49,9:! 45-! 4,9M359! >52H5"! U25! A;M;259! 456! hG5-Fa`65O2JKH6!O5-459! 29! 45-!?5:53! =09! 2K-5<!891ZK-5-! 045-! 2K-5-!891ZK-5-29! ,9H5-4-ZJMH_!G56JK2</1H! ,94! 60:;-! :5H`H5H_! O599! 625! 2K-5! 8,1:;G5\9]! 92JKH! .,1-254596H533594! 5-1Z3359!M099H59"!V5O;3H!<;92156H25-H!62JK!29!42565-!Q0-<!;360!60O0K3!;,1!/K^626JK5-!;36!;,JK!;,1!/6^JK26JK5-!XG595"!
8<!KP,12:6H59!O2-4!V5O;3H!b540JK!G52!+091-09H;H20959!.O26JK59!459!f534529959!,94!2KF-59!I245-6;JK5-9!:5.52:H"!U256!:56JK25KH!4,-JK!:5:59652H2:5!=5-G;35!8915294,9:59_!G5=0-!56! 6JK325c32JK! G5245-652H6! .,!f;94:-52132JKM52H59! ,94! 45<!X296;H.! 45-!<;:26JK59!>,/5-FM-P1H5!M0<<H"!!!
U25!a`65O2JKH5!5-6JK52959!;36!/5-<;959H5!a54-0K,9:_!;,JK!O599!625!92JKH!29!42-5MH5-!a5F-ZK-,9:!<2H!459!f;,/HK53429959! 6H5K59"!U;6!8HH;JM25-59!,94![5-92JKH59!42565-!4,9M359!LPJKH5!O2-4!4,-JK!45-59!52:5956!8,1H-5H59!35:2H2<25-H_!4;!45-!X296;H.!=09!V5O;3H!45-!:,FH59!>;JK5!4259H!,94!4;4,-JK!425!I53H!:5-5HH5H!O5-459!M;99"!U;6!f;94539!=09!U7"&,)'!,,8!,94!2K-59!Q-5,9459!:5:59ZG5-!2K-59!Q529459!O2-4!45<9;JK!92JKH!;36!V5O;3H_!60945-9!;36!R0HO5K-!045-!90HO5942:56!pG53!=5-6H;9459"!N,6PH.32JK!O5-459!V5O;3HK;943,9:59!;G:5F6JKOPJKH_! 4;! 92JKH!<2H! -5;359!I;1159! :5MP</1H!O2-4_! 60945-9!<2H! 45-!+-;1H! 456!L094F32JKH6_!<2H!+-26H;3359_!N;,G5-6HPG59!045-!?0659"!8,c5-45<!=5-6JKO29459!425!V5:95-!;9F6H;HH! .,! 6H5-G59"!U25!+0965j,59.59! ;,6! 459!V5O;3H;MH59!O5-459! .O;-! 2<!V5:596;H.! .,!l:5O`K932JK59m!Y;-H0096!:5.52:H!\>JK-;<<59!;<!+`-/5-_!=5-G;35!a56HPH2:,9:!45-!6JKO5F-59![5-35H.,9:!=09!5295<!45-!f53429959_!@04]_!40JK!4256! 29!65K-!;G:56JKOPJKH5-!Q0-<"!>0!625KH!<;9!M529!a3,H!,94!M5295!0115959!I,9459!\9,-!352JKH5!>JK-;<<59!,94!8G6JKZ-F1,9:59]"!A52JK59!6294!653H59!.,!65K59_!,94!O599_!4;99!5-6JK52959!425!Q2:,-59!;36!3P:59!625!2<!+0<;!045-!;36!OZ-459!625!6JK3;159"!+-;1H3062:M52H!045-!+;</1,91PK2:M52H!.52:H!62JK!29!45-! ?5:53! 4,-JK! G5O5:,9:6306! ;<! a0459! 325:5945! +`-/5-_! >JK<5-.5963;,H5! ,94! PK932FJK56"!
V5O;3HK;943,9:59!.O26JK59!459
! 109
X29! O52H5-56! YK;-;MH5-26H2M,<! =09! U7"&,)' !,,8! 26H_! 4;66! V5O;3H! 01H! 4,-JK! K,<0-=0335!V;:6! ,94! 6JKO,9:=0335!L,62M! ;G:56JKOPJKH!O2-4"! >0! 6JK952459! .,<!a526/253! 425! >;2F30-M-25:5-29959!;G5-!;,JK!425!a`65O2JKH5! 29!<;9JK59!+;</16.5959!M0<26JK5!V562JKH5-_!O599!625!29!a54-P9:926!:5-;H59"!>5K-!01H!O5-459!O2H.2:5!V56/-PJK5!,94!f;943,9:59!29!b5F95!>.5959!29H5:-25-H_!O53JK5!425!G5=0-6H5K5945!V5O;3H!G5-52H6!=0-K5-6;:59"!!
U25! 35:2H2<25-H5!C-P659.! =09!V5O;3HK;943,9:59! 45-!>5-259K53429959! G25H5H! 459!+2945-9_!K25-!6/5.2533!459!LP4JK59_!425!L`:32JKM52H_!:565336JK;1H32JK!H;G,2625-H5_!95:;H2=5!V51ZK35!O25!X215-6,JKH_!I,H!,94!8::-5662=2HPH!;,6.,35G59!\=:3"!C;,6Ff;;65!'&&'_!>"!'&)]"!U2565-!86/5MH!M;99!1Z-!LP4JK59!=09!G560945-5-!a545,H,9:!6529_!4;!625!60!:,H!O25!925!4;.,!;9F:5K;3H59!O5-459_!;::-5662=5!V51ZK35!;,6.,35G59_!,94!;,JK!425!;,1!LP4JK59!.,:56JK92HH5F959!L54259;9:5G0H5!2<!R0-<;31;33!92JKH!425!L`:32JKM52H!G25H59_!62JK!<2H!8::-566209!;,6F529;945-!.,!65H.59"!!
U;!+2945-_!296G560945-5!LP4JK59_!b540JK!4-;6H26JK5!V5O;3H4;-6H533,9:59_!5:;3!0G!D,9:59!045-!LP4JK59_!;G35K959!\=:3"!C;,6Ff;;65!'&&']_!6H533H!425!29!U7"&,)'!,,8!:,H!;G:56H2<<H5!a;3;9J5!.O26JK59!45-!-5;32HPH69;K59!,94!45-!M0965j,59.30659!U;-6H533,9:!=09!V5O;3H_!425!4;6!K0K5!7459H212M;H2096/0H59H2;3!90JK!=5-6HP-MH_!5295!O52H5-5!<;-M59-535=;9H5!X2:596JK;1H!45-!>5-25!4;-"!!!
Q0-<59!456!f,<0-6!
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c;,19;K<59!;,1!O52959459!V562JKH5-_!45959!329M6!,94!-5JKH6!@-P959109HPF959!;,6!459!8,:59!6/-2H.59_!045-!4,-JK!U;-6H533,9:!62JK!,99;HZ-32JK!G5O5:5945-_!.,<526H!;G:5K;JMH!,<K5-KZ/15945-!+`-/5-!,94!;945-5-652H6!<2HH536!O2H.2:5-!V56/-PJK5!045-!L0F9030:5! .,<!8,64-,JM!:5G-;JKH"!U5-! b,9:5!?5.2/259H! M;99! 62JK! 60<2H! ZG5-!425!<26632JK5!A;:5!45-!f53459!;<Z625-59_!4;!2K-!G26!.,!5295<!:5O26659!V-;4!45-!V51PK-32JKM52H6;6/5MH!:590<<59!O,-45"!!
8,1PP32:!26H_!4;66!:-0cH5236!;,66JK325c32JK!425!:,H59!f53459_!.,<526H!425!>;230-M-25:5-29959!653G6H_! 425! A;JK:;-;9H59! 4;-6H53359! ,94! ;36! 603JK5! /-P659H25-H! O5-459"! U2565! lT9/5-F15MHK52Hm!M;99!625!1Z-!425!b,9:59!N,65K5-!90JK!6^</;HK26JK5-!<;JK59_!4;!=0-!;335<!+2945-!29!2K-5<!833H;:635G59!01H!=0-!>2H,;H20959!6H5K59_!425!625!\<0<59H;9]!ZG5-10-45-9"!N,45<!5-K`KH!45-!f,<0-!459!T9H5-K;3H,9:6JK;-;MH5-!45-!>594,9:_!604;66!45-!:-0c.Z:2:5!X296;H.!
!110
=09!O2H.2:59!,94!;<Z6;9H!O2-M59459!>.5959!29!U7"&,)'!,,8!;36!O52H5-56!O2JKH2:56!L;-FM59<5-M<;3!5-6JK529H"!
LP-JK59F!,94!>;:59535<59H5!
U7"&,)'!,,8!$&%'%'!9&7-#/2:7/!V%QM/%!Q6#!I&#L9&)*L%&'"!U25!f53429959!35G59!2<!f25-!,94!D5H.H_! :5K59! -5;326H26JK59! ,94! G;9;3! 6JK52959459!@PH2:M52H59!O25! 5HO;! 45<!>JK,3G56,JK!9;JK!,94!K;G59!<2H!C-0G35<59!.,!MP</159_!425!b5456!LP4JK59!29!42565<!83H5-!;,6.,6H5FK59!K;Hk!60!O5-459!625!456!x1H5-59!=09!A25G56M,<<5-!:5/3;:H_!625!=5-6,JK59!Q-5,946JK;1FH59!.,!M9Z/159!045-!5291;JK!9,-!5-O;JK659!.,!O5-459"!U25!=0-!;335<!;,1!529!O52G32JK56!C,G32M,<!.,:56JK92HH5959!C-0G35<4;-6H533,9:59!45-!f53429959!G25H59!O5:59!2K-5-!?5;32FHPH69PK5!459!b,9:59!N,65K5-29959!529!K0K56!7459H212M;H2096/0H59H2;3!;9"!!
U25!>5-25!O526H!;G5-!;,JK!529!5G5960!*3*%(
! 111
=09!O52G32JK59!f5-029959!G5MP</1H_!O53JK5!425!I53H!G56JKZH.59!,94!;<!X945!;,JK!-5HFH59"! LP9932JK5! C-0H;:0926H59! 95K<59! 5K5-! /;662=5! ?03359! ;36! h/15-! 045-! lC65,40Fa56JKZH.5-m#(!529"!U5-!1Z-!LP-JK59!H^/26JK5!-2H,;32625-H5!:,H5!8,6:;9:!5295-!V56JK2JKH5!26H!.O;-! 29!U7"&,)'!,,8! .,! 129459_!40JK!:-59.H!5-! 62JK! 29!:5O2665-!I5265!=09!459!ZG32JK59
!112
G5959_! 24^3326JK! ;,665K59459! ,94! 92JKH! .,! 2459H212.25-59459!f;943,9:60-H! 5-65H.H"!R;JKF45<!425!LP4JK59!2K-5![5-O;943,9:!;G:56JK306659!K;G59!6H5K59!625!O25!.,=0-!O2545-!=0-!2K-59!V5:95-9_!,<!42565!.,!G5MP</159!,94!.,!G5625:59"!U2565-!h-H66/-,9:!O2-4!92JKH!5-FM3P-H_!,94!<,66!56!;,JK!:;-!92JKH"!L;:26JK5!V56JK5K92665!,94!I53H59!K;G59!5291;JK!529!:5O26656!C0H59H2;3!,95-M3P-32JK5-!CKP90<595_!425!=0<!N,65K5-!;M.5/H25-H_!b;!=253352JKH!60F:;-!5-O;-H5H!O5-459"!!
V5-;45!42565!L26JK,9:!;,6!-5;32HPH6G5429:H5-!C3;,62G232HPH!,94!/K;9H;625G5429:H5-!15K359F45-!A0:2M!<,66!;36!529!G545,H59456!29K;3H32JK56!L5-M<;3!45-!>5-25!U7"&,)'!,,8!;9:51ZK-H!O5-459_! O53JK56! .,6;<<59! <2H! 45-! 45-! >5-25! 29KP-59H59! 8,6529;945-65H.,9:! <2H! LP-FJK59F!,94!>;:59535<59H59!.,-!L;-M59G234,9:!45-!>594,9:!G52H-P:H"!!
[5-<2HH3,9:!52956!G56H2<<H59!I53HG23456!
=&%!I%9'!R30!E4&93#![330! &('! ;G:565K59!=09!459!:;9.!:5O`K932JK59!C-0G35<59!45-! b5FO5232:59!C5-60959! &0(/%(45'!7#&%89&)*!608!()*W0"!X6!O2-4!5295!156H5!I5-H50-49,9:!/-PF659H25-He!A25G5!,94!V5-5JKH2:M52H!6294!425!.O52!.59H-;359!@K5<59"!U;6!a`65!G54-0KH!459!24^3326JK59!Q-25459!,94!<,66!60<2H!=09!459!V,H59!G56H-;1H!O5-459"!X6!O2-4!60<2H!1Z-!459!X-K;3H!42565-!G545,H59459!I5-H5!:5MP</1H"!
U5<!b,9:59!C,G32M,<!O2-4!29!b545-!X/26045!425!I2JKH2:M52H!,94!a545,H,9:!6/5.25335-!60F.2;35-!+0</5H59.59!9;K5!:5G-;JKH"!U;.,! .PK359!,9H5-! ;945-5<!45-![5-O526! ;,1! 425!a5F45,H6;<M52H!=09!Q-5,946JK;1H_!A25G5!,94![5-H-;,59!29!;945-5_!425!I2JKH2:M52H!456!X-3;9F:596! =09! >53G6H=5-H-;,59_! >53G6HG5O,66H6529_! 52956! >JK,3;G6JK3,6656! 5HJ"_! ;G5-! ;,JK! 45-!f29O526! ;,1! 425!a545,H,9:_! 1Z-! 5HO;6! MP</159! .,! M`9959_!O0-;9!<;9! :3;,GH! 045-!O;6!<;9!325GH_!,94!4;66!<;9!925<;36!;,1:5G59!6033H5"!U25!U;-6H533,9:!45-!>JKOPJK59!X29.53F95-!O2-4!2<<5-!4;.,!=5-O5945H_!459!f53459!,94!;,JK!45<!N,65K5-!5HO;6!.,!=5-<2HH539"!7<<5-!O2545-!M0<<59!8,110-45-,9:59_!<;9!60335!65295!@-P,<5!=5-O2-M32JK59_!<;9!60335!35-959!,94! 65295!Q-5,945!92JKH!=5-:56659!,94! 625!92JKH! 2<!>H2JK! 3;6659"!>53G6H!4;6!a`65!M;99!G5M5K-H!O5-459_!O599!<;9!9,-!156H!4;-;9!:3;,GH!,94!4;1Z-!;-G52H5H"!f25-!5292:5!N2H;H5!.,-![5-;96JK;,32JK,9:e!
F! lT94!=5-:566H!92JKH_!O2-M32JK5!>JK`9K52H!M0<<H!=09!29959ym!
F! lU,!=5-42596H!4;6!a56H5_!:2G!42JK!92JKH!<2H!O592:5-!.,1-25459ym!
F! lQ-5,945!6294!O2JKH2:"!I599!56!529!L266=5-6HP94926!:2GH_!6/-5JKH!4;-ZG5-ym!
F! lU25!N52H_!425!4,!<2H!@;:H-P,<59!=5-:5,456H_!M`99H56H!4,!9,H.59_!,<!45295!@;:FH-P,<5!O;K-!.,!<;JK59ym!
>03JK5!?;H6JK3P:5!6294!.,<526H!;<!X945!45-!b5O5232:59!Q03:5!/3;H.25-H_!,94!425!4;<2H!;9F:56/-0JK595!C-0H;:0926H29! \29!=25359!QP335!U7"&,)'!,,8! 653G6H]!K;H! ;,6! 2K-59!Q5K35-9!:5F35-9H"!>25!26H!;360!529!:;9.!90-<;356!LP4JK59!<2H!:;9.!90-<;359!Q5K35-9"!
! 113
A5E5A' L"%'U%8=/86'>"2'=%)'!7/-'
L"%' U%8=/86'>"2' =%)'!7/-! :23H! ;36! 4;6!8,6KP9:56JK234! 456!+2945-15-965K596! 456!IU?!,94!.PK3H!.,!459!l+2945-15-965KM3;662M5-9m!456!+2945-/-0:-;<<6"!hGO0K3!425656!L;:;F.29!6JK09!ZG5-!)#!D;K-5!;3H!26H_!6JK529H!65295!8HH-;MH2=2HPH!G26!K5,H5!,9:5G-0JK59"![5-MP,15!29!ZG5-!*(!AP945-!,94!.;K3-52JK5!C-526;,6.52JK,9:59!G5:-Z9459!,94!G535:59!459!X-103:"!!
U25!>H-,MH,-!45-!>594,9:!
U25! H^/030:26JK5! X-6JK529,9:610-<! 45-!lU%8=/86' >"2' =%)' !7/-f! 26H! 425! 456! +29F45-<;:;.296"! A;,H! f53:;! @K5,95-H! \'&&)]!O2-4! 4;<2H! l5295! L26JK,9:! ;,6! N52JK59FH-2JM:56JK2JKH59_! X-.PK3,9:59_! +2945-29H5-F=25O6! ,94! 6;JK32JK59! 7910-<;H20959! .,! 52F95<! G56H2<<H59! @K5<;! G5.52JK95H"! U2565!6H;<<59! ;,6! 45-! M29432JK59! X-35G926F! ,94!79H5-56659O53H! ,94! 45-! :565336JK;1H32JK59!T<O53H"! U;95G59! O5-459! >/253K29O5265!,94! F;9352H,9:59! ,94!L2H<;JK;MH20959! :5FG0H59"! U25!L045-;H209! :56JK25KH! 4,-JK! X-FO;JK6595_!C,//59!,94!+2945-"m!
U;6! 4-;<;H,-:26JK5! V-,94/-29.2/! 45-! >59F4,9:_!O53JK56!,";"!52956!65295-!X-103:61;MH0F-59! 26H_! :56H;3H5H! 62JK!O25! 103:H! \625K5!8GG"!E]e!!
D545!Q03:5!45-!lU%8=/86'>"2'=%)'!7/-f!G5:299H!<2H!5295-!M,-.59_!6/2535-26JK!:56H;3H5H59!X291ZK-,9:!29!4;6!b5O5232:5!@K5<;!45-!>594,9:"!U2565!O2-4!=09!5295<!45-!/5-20426JK!;,1FH-5H59459!L045-;H0-59_!8-<29!L;2O;34_!YK-26H0/K!a25<;99!045-!?;3/K!Y;6/5-6_!:56H;3H5H_!O0G52!29!b545-!Q03:5!;,66JK325c32JK!5295!45-!4-52!C5-60959!;,1H-2HH"!>0!G5:-ZcH!5HO;!8-<29!425!N,65K5-_#'! =5-;96H;3H5H!<2H! 65295<!U,/32M;H! 529!M352956!i,2.! .,<!@K5<;!la5-,16G5FM3524,9:m!,94!=5-O526H!;<!X945!42565-!M,-.59!X291ZK-,9:!4;-;,1_!4;66!4;6!605G59!G5K;9F453H5!@K5<;! 29!45-! 103:59459!!7/-F>594,9:!90JK!9PK5-!G535,JKH5H!O2-4e!lF-'6"G2'8,#$'(%)/9%*'="%'7/#$'%"8%'-#$17)3I1%"P%'(%)/9-G%0&%"=/86'$7G%85'S8='17)/>'="%'-,' "-2'/8='1"%'="%'"-2*'=7-'3%"6%8'1")'%/#$'`%232'"8'=%)'!7/-5'W"%&'UC7P'G%">'Q/-#$7/%8ef!
>0!.25K59!425!b5O5232:59!L045-;H0-59!95G59!45-!2<<5-!O2545-M5K-59459!!7/-!O25!529!-0FH5-!Q;459!4,-JK!425!>594,9:!,94!G25H59!459!+2945-9!5295!=5-H-;,H5!T<:5G,9:_!52959!2KF959!=5-H-;,H59!L596JK59_!;360!5295!156H!=5-;9M5-H5!>HZH.5"!U25656!X35<59H!26H!:552:95H_!52F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#'!l!,)6%8*'>,)6%8*'>,)6%8e'c7&&,'!7/-IR78-e'c%)3&"#$'1"&&0,>>%8'3/>'$%"2%)%8'(%)/9%IX72%8'>"2'+)I>"85f!
HGGE!DK!V#&'&)*#%2(:7/(!T#*,34#2,924!3/#!C/,3*,%!
'! X291ZK-,9:!29!4;6!@K5<;!45-!Q03:5!
)! 79H-0!
*! I2545-K03,9:!456!79H-06!
E! A;JK:56JK2JKH5!
#! !7/-:56JK2JKH5!
$! >;JK:56JK2JKH5!
%! !7/-:56JK2JKH5!
B! A;JK:56JK2JKH5!
&! !7/-:56JK2JKH5!
'(! >;JK:56JK2JKH5!
''! !7/-:56JK2JKH5!
')! A;JK:56JK2JKH5!
'*! 8G6/;99!
'E! 8,6G32JM!;,1!425!9PJK6H5!>594,9:!
!
!114
95!1-5,946JK;1H32JK5_!1;6H!1;<232P-5!a5.25K,9:!.O26JK59!+294!,94!C-0H;:0926H!59H6H5K59!.,!3;6659"!!
R;JK!45-!X291ZK-,9:!103:H!4;6!79H-0!<2H!5295-!N,6;<<591;66,9:!45-!103:59459!a52H-P:5"!U59!891;9:!<;JKH! 425!!7/-_!O53JK5! =0-! 45<!>JK-21H.,:!l\7#$I' /8='U7#$6%-#$"#$2%8f!6H5KH"!U;99!O5-459!45-!?52K5!2K-5-!8,66H-;K3,9:!29!45-!>594,9:!9;JK!b5O5236!M,-.5!a234F/;66;:59_!60O0K3!45-!A;JK:56JK2JKH59!;36!;,JK!45-!>;JK:56JK2JKH59_!:5.52:H_!O53JK5!=09!5295-!>H2<<5!;,6!45<!h11!5-M3P-H!,94!4,-JK!425!G56JKO29:H5_!65K-!529:P9:2:5!,94!652H!D;KF-59!,9=5-P945-H5!@2H53<530425!G5:352H5H!O2-4"!U59!8G6JK3,66!456!79H-06!<;JKH!O2545-!425!!7/-_! O04,-JK! G5-52H6! 2K<![0-6/;99! 2K-5! ?0335! ;36! ?;K<5912:,-! 45-! >594,9:! 45,H32JK!O2-4"!U5-![0-6/;99!K;H!425!Q,9MH209_!425!V32545-,9:!456!103:59459!C-0:-;<<6!.,!/-P659FH25-59k! 5-! 5-352JKH5-H! 4;<2H! 459!+2945-9_! 62JK! ;,1! 425! 529.53959!a52H-P:5! 529.,6H53359k! 60!O2-4!=5-6,JKH_!4;6!b,9:5!C,G32M,<!1-ZK.52H2:!.,!G29459_!2945<!2K<!:5.52:H!O2-4_!4;66!652F95! 1;=0-2625-H59!V56JK2JKH59!,94!Q2:,-59! \O25! 5HO;!D<C2m8'(&7/G<)]! 2<!C-0:-;<<!=0-FM0<<59!O5-459"!!
79!5295<!O52H5-59_!65K-!6594,9:66/5.2126JK59!,94!JK;-;MH5-26H26JK59!>JK-2HH!O2-4!4;6653G5!79H-0!90JK<;36!:5.52:H_! b540JK!4256<;3! 29!5295-!;945-59_!1-5<459!>/-;JK5"!U256!K;H!.,<!52959!459!X115MH_!4;66!45-!79K;3H!45-!>594,9:!352JKH5-!5-2995-G;-!O2-4k!.,<!;945-59!O5-F459! 425!+2945-! ;,1:-,94! 45-! 2K959! 1-5<459! ,94! ,9=5-6HP9432JK59! >/-;JK5! ;,1<5-M6;<_!=5-6,JK59!4;6!=0-K5-!V5.52:H5!6/-;JK32JK!.,!-5/-04,.25-59!,94!:5:5G59591;336!425!>/-;JK5!.,!5--;H59_!45-59!f5-M,91H!<2H!45<!0G32:;H0-26JK59!>JK3,666;H.!;<!X945!456!79H-06!;,1:5FM3P-H!O2-4!\=:3"!L,6M5H;!)(((]"!#)!
R;JK!45<![0-6/;99!103:H!2<<5-!.,5-6H!5295!A;JK:56JK2JKH5_!M35295!=033F_!H523F!045-!92JKHF;92<25-H5!a2345-:56JK2JKH59_! 425!O25!>/253123<5!M09.2/25-H! 6294"!X6!O2-4! 60<2H! 2995-K;3G!MZ-.56H5-!N52H! \.O52!G26! 65JK6!L29,H59]!5295!=0336HP942:5_!;G:56JK3066595!V56JK2JKH5!5-F.PK3H_!O53JK5!K,<0-=033!29!>.595!:565H.H!O2-4!,94!.,<!>JK<,9.539!;9-5:H"!U25!A;JK:5F6JK2JKH59! 10-45-9! .,<! :59;,59! f2965K59_! L2HF! ,94! [0-;,6459M59_! .,<! A;JK59! ,94![5-6H5K59O03359!K5-;,6!\=:3"!L,6M5H;!)(((]"!U25656!lh/5929:m!6033!425!b,9:59!?5.2/259FH59! 1566539_!,94!4;!45-!@-2JM123<!G52!+2945-9!52959!K0K59!C0/,3;-2HPH6:-;4!:5925cH_! 6294!42565!>594,9:6H5235!1Z-!425659!NO5JM!G529;K5!245;3!:552:95H"!!
896JK325c594! 103:59!425!!7/-:56JK2JKH59_!O53JK5! b5O5236!.O26JK59!425!.;K3-52JK59!X29F.53G52H-P:5!45-!A;JKF!,94!>;JK:56JK2JKH59! \4,-JK6JK92HH32JK!95,9!a52H-P:5!/-0!>594,9:]!/3;H.25-H!6294!,94!<045-;H2096;-H2:!4,-JK!425!>594,9:!1ZK-59"!f29H5-!42565<!C-29.2/!3;6659!62JK!`M090<26JK5!V-Z945!=5-<,H59"!X295!Q03:5!45-!>594,9:!<,66!92JKH!=`332:!95,!/-04,F.25-H! O5-459_! 60945-9! ;-JK2=25-H5_! H5236! 95,5_! H5236! G5-52H6! ;,6:56H-;K3H5! a52H-P:5! O5-459!9;JK!45<!U2:56HFC-29.2/!.,6;<<59:56H533H! \=:3"!>H`H.53!'&&#_!>"!'&%]"!X29:5M;,1H5!a52FH-P:5!M`9959!60<2H!0K95!:-`c5-59!8,1O;94!29!5295!95,!.,!/-04,.25-5945!>594,9:!529:5FG;,H!O5-459"!pG5-6/2H.H!:56;:H_!26H!425!>594,9:!29!45-!A;:5_!4,-JK!425
! 115
=25-H59!a52H-P:59_!62JK!653G6H!.,!-5/-04,.25-59k!45<.,103:5!5-6JK529H!625!;,JK!,9G5:-59.H!/-04,.25-G;-! \=:3"!>H`H.53!'&&#_!>"!'&%1]"!U25!!7/-:56JK2JKH59!=5-G29459!425!X29.53G52FH-P:5!92JKH!9,-! 2<!>2995!5295-! HK5<;H26JK59!pG5-352H,9:_!625!:5OPK-59!.,45<!5292:5!>5FM,9459!45-!?;6H_!5295!M35295!C;,65_!425!.O26JK59!459!,9H5-6JK25432JK59!a52H-P:59!90HO59F42:!5-6JK529H"!
7<!f;,/HH523!456!L;:;.296!O5-459!;GO5JK65394!5295!A;JKF!,94!5295!>;JK:56JK2JKH5!5-F.PK3H_! O53JK5! 4,-JK! M,-.5!!7/-;G59H5,5-! <2H529;945-! =5-G,9459! O5-459"! U2565! KP//FJK59;-H2:5!4-;<;H,-:26JK5!>H-,MH,-!45-!>594,9:!,94!425!29K;3H32JK5!L26JK,9:!;,6!T9H5-FK;3H,9:!,94!7910-<;H209!H-;:59!=0-!;335<!4;.,!G52_!45-!:5-29:5-59!8,1<5-M6;<M52H66/;9F95!45-!b,9:59!?5.2/259H59!\2<![5-:352JK!.,!X-O;JK65959]!59H:5:59.,M0<<59!,94!60<2H!4;-;9!.,!K2945-9_!,<F!045-!;G.,6JK;3H59"!!
8<!X945! 5295-! b5459! >594,9:! 103:H! 45-!R;JK6/;99_! 45-! 4;6!V5.52:H5! 90JK<;36! .,6;<F<591;66H!,94!4;<2H!;,1!459!I245-5-M599,9:65115MH!G52!459!+2945-9!;G.253H!\=:3"!L,6M5H;!)(((]"!I25! 6JK09! 2<! 79H-0!O5-459!425!a2345-! ;M,6H26JK!4,-JK!425!G5M;99H5!@2H53<530425!G5:352H5H"![0-F!,94!8G6/;99!G23459!60<2H!52959!a0:59!-,94!,<!425!5-.PK3H59!X29.53G52H-PF:5k!425!?5.2/259H59!O26659_!4;66!L"%'U%8=/86'>"2'=%)'!7/-!9,9!5945H!,94!M`9959!2<!N,:5!456659_!,94!<2H!f2315!456!62JK!O2545-K0359459!79H-06_!4;6!V565K595!90JK<;36!?5=,5!/;6F625-59!3;6659"!!
U59!8G6JK3,66!G2345H!45-!8,6G32JM!;,1!425!9PJK6H5!U%8=/86'>"2'=%)'!7/-5!U5-!L045-;H0-_!45-!4,-JK!425!>594,9:!:51ZK-H!K;H_!=5-;G6JK2545H!62JK!=09!459!N,65K5-9_!5-.PK3H!5295!M352F95!895M40H5!,94!G56JK-52GH!4;6!@K5<;!45-!9PJK6H59!Q03:5e!lS8='7>'8<#$-2%8'U,88276'0,>>2'="%'!7/-'872M)&"#$'1"%=%)*'1"%'">>%)5'S8='8<#$-2%8'U,88276'6%$2m-'7/#$'1"%=%)'/>'17-'c78=1%)0&"#$%-*'8<>&"#$'/>-'c7/-'G7/%85'+&-,*'>7#$2m-'6/25'("-'8<#$-2%';,#$%5'a-#$M--e'U#$j8%8'U,88276'8,#$ef!!
X295! 425! ?5.2/259H59! G5H-5115945! Q,9MH209! 45-! 4-;<;H,-:26JK59! L;:;.29:56H;3H,9:! 2<!?;K<59! 5295-! V56;<HM09.5/H209! 26H! 425! I2545-5-M599,9:e! >25! O2-4! 5-.5,:H! 4,-JK! 425!:352JK!G352G5945!AP9:5!45-!Q03:59_!:352JK!G352G5945!L045-;H209612:,-59_!4,-JK!5295!PK932FJK5! >H-,MH,-! ,94! 425! .52H32JK5! Q2g25-,9:! 45-! >594,9:! 2995-K;3G! 52956! >5945-/-0:-;<<6!\=:3"!>H`H.53!'&&#_!>"!'&B]"!U25!.,<526H!;,6!K5H5-0:5959!L06;2M6H529JK59!G,9H!.,6;<<59!:5OZ-153H59_!/03^HK5<;H26JK59!a52H-P:5#*!G23459!35H.H59432JK!5295!K0<0:595!>594,9:k!4;6!L;:;.2910-<;H! 45-! U%8=/86' >"2' =%)' !7/-! G;,H! 4;<2H! 529! 52:596HP942:56! 7<;:5! \<2H!+599<530425!,94!@2H5312:,-]!;,1"!U256!K5GH!425!>594,9:!;,6!45-!Q3,H!45-!1Z-!+2945-!/-04,F.25-H59!>594,9:59!K5-;,6!,94!H-P:H!60<2H!<;c:5G32JK!.,-!L;-M59G234,9:!45-!U%8=/86'>"2'=%)'!7/-!G52"!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#*!U5-!-53;H2=!6JK95335!I5JK653!=09!529.53959!a52H-P:5!2995-K;3G!45-!>594,9:!60O25!60O0K3!b0,-9;326H26JK!;36!;,JK!4-;<;H,-:26JK!;,1G5-52H5H5!a52H-;:610-<59!6294!:552:95H_!8,1<5-M6;<M52H!,94!8HH-;MH2=2HPH!G52<!M294F32JK59!C,G32M,<!.,!5-.5,:59"!
!116
U25!JK;-;MH5-26H26JK59!X29.53G52H-P:5!456!L;:;.296!S!U25!A;JKF!,94!>;JK:56JK2JKH59!
836! [5-G294,9:! =09! A;JKF! ,94! >;JK:56JK2JKH59! /-P659H25-H! 62JK!L"%' U%8=/86' >"2' =%)'!7/-'29!5295-!L26JK,9:!;,6!12MH209;359!N52JK59H-2JMF!,94!a234:56JK2JKH59!60O25!?5;3:5F6JK2JKH59! \=:3"! C;,6Ff;;65! '&&$_! >"! *B*]"! >0O0K3! 425! ,9H5-6JK25432JK59_! ,9H5-K;3H59459!A;JK:56JK2JKH59!;36!;,JK!425!.;K3-52JK59_!2910-<;H2=59!>;JK:56JK2JKH59!6294!9;JK!5295<!:5O26659!L,6H5-!;,1:5G;,H!,94!O52659!=0-!;335<!G5.Z:32JK!2K-5-!>/-;JK5!,94!a2345-!5295!QZ335!=09!V5<5296;<M52H59!;,1"!8335-429:6!26H!b545-!X29.53H523!456!L;:;.296!4;-;,1K29!;9F:535:H_!5295!6/5.2126JK5!I2-M,9:!.,!5-.25359!\=:3"!>H`H.53!'&&#_!>"!'&&]"!!
L"%'U7#$6%-#$"#$2%8'
79!459!>;JK:56JK2JKH59!O5-459!425!+2945-!<2H!;33HP:32JK59!V5:596HP9459_!=5-6JK2545959!a5-,159!,94!L596JK59!,9H5-6JK25432JK6H5-!f5-M,91H!=5-H-;,H!:5<;JKH_!2945<!29!=5-6JK25F45959!Q0-<59!H^/26JK5!Q-;:59!=09!+2945-9!2<!60:59;99H59!Q-;:5;3H5-!;,1:5:-21159!O5-F459"!U25!M,-.59_!2910-<;H2=59!a52H-P:5!O5-459!,9H5-![5-O594,9:!=09!>;JKH-2JM;92<;H20F959!,94!40M,<59H;-26JK59!L2HH539!456!Q5-965K596!/-04,.25-H"!N,-!G5665-59![5-;96JK;,32FJK,9:!O5-459!123<26JK5!L2HH53!O25!>30OFL0H209_!L;M-06!,94!N52H-;115-!529:565H.H"!
>;JK:56JK2JKH59! 6294! ,9H5-H523G;-! 29e! C-04,MH209! =09!V5:596HP9459_!a50G;JKH,9:59!=09!8-G52H6/-0.56659_!L596JK59_!R;H,-_!@25-F!,94!C13;9.59123<5_![5-M5K-66/0H6_!a5-,16G2345-!,94!+2945-/0-H-;2H6"!79!2K-5-!N,6;<<596H533,9:!1P33H!;,1_!4;66!56!62JK!O52H:5K594!,<!Q23F<5!;,6!45<!9;H,-O266596JK;1H32JKFH5JK926JK59!a5-52JK!K;9453H"!D540JK!6294!425!V56JK2JKFH59!60!5-.PK3H_!4;66!ZG5-!425!4;-6H53359459!C5-60959!60.2;35!@K5<59!=5-<2HH53H!O5-459"!>0!5HO;!<;JKH!425!U;-6H533,9:!=09!V5G,-H6H;:6G-P,JK59!29!;945-59!AP945-9!ZG5-!459!T<O5:!456! 29H5-M,3H,-53359! [5-:352JK6! 425! X2962JKH! 29! 425! 52:5959! I2-M32JKM52H! <`:32JK! \=:3"!f529-2JK!'&&)]"!!
79K;3H5!45-!>;JK:56JK2JKH59!O5-459!92JKH!9,-!=09!45-!?54;MH209!G56H2<<H_!60945-9!;,JK!=09!N,6JK;,5-9!,94!N,6JK;,5-29959!;9:5-5:H"!fP,12:! 35659!425!L045-;H0-59!a-2515!=09!!7/-FQ;96!=0-_!O53JK5!Q-;:59!O25!l;"%'0,>>%8'="%'U2)%"9%8' "8'="%'Q7$&C7-27@f!G5;9HFO0-H5H!O26659!O03359!,94!MZ942:59!4;<2H!4;6!@K5<;!45-!9PJK6H59!>594,9:!;9"!U25!X29F.53G52H-P:5!M`9959!4;G52!;,JK!K0JK!M0</32.25-H5!@0/2J6!\."a"!8H0<5_!X-4`3!5HJ"]!HK5<;H2F625-59_!O53JK5!95G59!45-!9;H,-O266596JK;1H32JK59!h-259H25-,9:!;,JK!a5.Z:5!.,!;MH,53359!@K5<59!K5-6H53359"!U;-ZG5-!K29;,6!O5-459!ZG5-!425!M09M-5H5!U;-6H533,9:!52956!G56H2<<FH59!@K5<;6!;,JK!X29G32JM5!29!294,6H-25335!8-G52H615345-!,94!C-0.5665!<`:32JK"!!!
79!459!>;JK:56JK2JKH59!6/253H!425!>/-;JK5_!425!G5:352H59459!I0-H5!45-!L045-;H0-59_!5295!59H6JK5245945! ?0335"! X6! O2-4! O545-! lM294:5<Pcm! :56/-0JK59_! 90JK! O5-459! 425! +2945-!4,-JK! 92JKH! 5-M3P-H5! 1;JK6/5.2126JK5! @5-<292! H5JK92J2! ;G:56JK-5JMH! \=:3"!f529-2JK! '&&)]k!45-!L045-;H0-!5-M3P-H!425!>;JK=5-K;3H5!60_!4;66!625!;,JK!0K95!6/5.2126JK56
! 117
O2-M59!,94!=5-6,JKH!425!;G3;,159459!a2345-!0K95!529!156H:56JK-25G5956!@5gH<;9,6M-2/H!.,!M0<<59H25-59"!U25!<P9932JK5! >/-5JK5-6H2<<5!O2-4! 60<2H! .,! 5295<! 45-!L;-M59.52JK59!45-!>;JK:56JK2JKH59! \=:3"!>H`H.53!'&&(_!>"!%)]"!U;<2H! H-;:59!45-!8,H0-!G.O"!L045-;H0-_!4;6!a234!,94!425!L09H;:5!.,<!7<;:5!45-!>594,9:!G52"!!
U5-!X-.PK35-!H-2HH!;36!L2HH35-!.O26JK59!?5;32HPH!,94!N,6JK;,5-!;,1"!X-!=5-M`-/5-H!459!/-2=2F35:25-H59!a50G;JKH5-k!KP3H!62JK!4;G52!b540JK!2<!f29H5-:-,94"!V-,946PH.32JK!603359!425!a23F45-!1Z-!62JK!653G6H!6/-5JK59"!U25!+;<5-;!103:H!45-!I2-M32JKM52H!45<.,103:5!6;JK:5H-5,k!625!26H!9;K_!;G5-!92JKH!;,14-29:32JK"!U,-JK!5295!6H;-M5_!;G5-!92JKH!5g/-5662=5!a234M0</062H209!=5-42JKH5H!4;6!a234!425!?5;32HPH!S!8,HK59H2.2HPH!6H5KH!2<![0-45-:-,94"!L2H!f2315!45-!L09H;F:5!O2-4!6JK3,6659432JK!425!N52H6H-,MH,-!=5-42JKH5H_!O0G52!45-!-5;35!8G3;,1!G.O"![5-3;,1!45-!V56JK2JKH59! b540JK! -5M096H-,25-H!O2-4"!U25!U^9;<2M! 45-!?5;32HPH!O2-4! ZG5-90<<59"! >0!=5-<2HH539!425!>;JK:56JK2JKH59!4;9M!456!N,6;<<596/2536!=09!a234_!>JK92HH!,94!X-.PK312F:,-!52959!O2-M32JKM52H6:5H-5,59!a32JM!;,1!425!X-52:92665"!!
U59! >;JK:56JK2JKH59! M0<<H! O52H5-K29! 5295! /P4;:0:26JK5! A5K-1,9MH209! .,_! ;335-429:6!92JKH! 2<! >2995! 5295-! 8G1-;:5FCP4;:0:2M! \=:3"!L,6M5H;! )(((]"! >25! 6033H5! 92JKH! <2H! 45<!>JK,315-965K59!=5-O5JK653H!O5-459"!U;6! 6/2535-26JK5!A5-959!,94!T<:5K59!6033! 2<![0-F45-:-,94!6H5K59_!O0G52!425!8,66;:5M-;1H!45-!a2345-!2<![0-45-:-,94!6H5KH"!U;6!f;,/H.253!45-! >;JK:56JK2JKH59! 26H! 425! 7910-<;H209! ZG5-!a56H;94H5235_!f5-6H533,9:6/-0.5665_![5-H52F3,9:!,94!R,H.,9:!=09!C-04,MH59"!U25!U0M,<59H;H20959!603359!+2945-!<2H!O2JKH2:59!C-0GF35<59!2K-5-!9PJK6H59!,94!5-O52H5-H59!T<O53H!G5M;99H!<;JK59_!625!;,1!C-0G35<5!K29O52659!,94!.,<!52:5959!R;JK459M59!;9-5:59!,94!;9352H59!\=:3"!>H`H.53!'&&#_!>"!'&&]"!N59H-;3!4;FG52! 5-6JK529H_! 4;66! 425! >594,9:! 0K95! 529! 156H:56JK-25G5956! /P4;:0:26JK56!+09.5/H! ;,6FM0<<H!\=:3"!LZ9H515-29:!'&%)_!>"!)]!
>0!M;99!425!h-259H25-,9:!;9!b,9:59!?5.2/259H59_!652!56!G5.Z:32JK!45-!10-<;359!\a234!,94!>/-;JK5]!045-!45-!29K;3H32JK59!8,1G5-52H,9:!45-!>;JK:56JK2JKH59_!;36!5295-!45-!X-103:61;MFH0-59!,94!45<.,103:5!;36!<;-M59-535=;9H56!YK;-;MH5-26H2M,<!45-!U%8=/86'>"2'=%)'!7/-!G5.52JK95H!O5-459"!
L"%'\7#$6%-#$"#$2%8'
U25! A;JK:56JK2JKH59! G23459! 95G59! 459! >;JK:56JK2JKH59! 52959! .O52H59! 29K;3H32JK59! ,94!/-P659H;H20966/5.2126JK59!>JKO5-/,9MH!45-!U%8=/86'>"2'=%)'!7/-"!N,!459!A;JK:56JK2JKFH59! .PK359! ;G:56JK3066595_! =033F_! H523F! 045-! 92JKHF;92<25-H5! N52JK59H-2JMF! ,94! C,//59:5F6JK2JKH59_!C;/25-<P-JK59_!A254233,6H-;H20959_!Q23<5!45-!>5-25!<2H!45<!!7/&1/)9!,94!PK9F32JK56"!!
U25!V56JK2JKH59!<;JK59!425!+2945-!<2H!459!5-.PK35-26JK59!i,;32HPH59!=09!I0-H!,94!a234!=5-H-;,H_! -5:59!425!CK;9H;625! ;9!,94! 6294! 60<2H!@523! 5295-! 6/2535-26JK59!a5OP3H2:,9:!45-!T<O53H"!8,JK!K25-!6/253H!425!>/-;JK5!5295!G545,H5945!?0335"!>25!=5-352KH!459!V56JK2JKH59!I2H.!,94!YK;-<5"!U25!YK;-;MH5-5!,94!Q2:,-59!6294!35G5942:_!O2-M59!1-5,9432JK!,94!G56H5F
!118
JK59!4,-JK!2K-5!8,64-,JM66HP-M5"!U25!X-.PK3,9:59!-5:59!.,<!>JK<,9.539!;9_!O0G52!;,1!b5:32JK5!8JH209F!,94!V5O;3H535<59H5!=5-.2JKH5H!O2-4"!!
79!459!A;JK:56JK2JKH59!129459!62JK!01H<;36!?ZJM:-2115!;,1!G5OPK-H5!+3;662M5-!29!45-!+29F45-32H5-;H,-! \=:3"!>H`H.53!'&&#_!>"!'&B]"!N,! 2K959!.PK359!,";"!425!8G59H5,5-!=09!b78,-#$_!=0<!!7/&1/)9!045-!b595!456!AZ:59G;-096!D<C2m8'(&7/G<)"![2535!42565-!@-2JM12:,-59!O,-F459!ZG5-!2K-5!8,1H-2HH5!29!45-!U%8=/86'>"2'=%)'!7/-!G5M;99H_!5-K253H59!;,1:-,94!2K-5-!a5F325GHK52H!G52!459!b,9:59!?5.2/259H59!52:595!>594,9:59!,94!5-3;9:H59!60!L;-M59JK;-;MH5-!\=:3"!>H`H.53! '&&#_!>"! '&B]"!V352JK.52H2:! H-,:!45-!IU?!ZG5-!L"%'U%8=/86'>"2' =%)'!7/-!;,JK!.,-!X9HO2JM3,9:!95,5-!892<;H209610-<59!G52"!!
U25!5-.PK3H59!V56JK2JKH59!G56H2<<59!425!79K;3H5!456!L;:;.296_!4;!625!425!I2-M32JKM52H!29!4-;<;H26JK5-!Q0-<!O245-6/25:539"!QZ-!+2945-!G25H59! 625!425!L`:32JKM52H!45-!I53HG5:5:F9,9:_! G545,H59! 60O0K3! ?5;32HPH69PK5! ;36! ;,JK! 6/2535-26JK5! X-.PK3,9:! \=:3"! !7/-F7910!'&&'_! >"! )]"! U;G52! O5-459! 60O0K3! 425! >;JK123<5! ;36! ;,JK! 425! A;JK:56JK2JKH59! ,94! 425!NO26JK59123<5!<2H!45-!!7/-_!45<!F&%9782%8',94!45-!F82%'29!5295!f;943,9:!=5-/;JMH_!425!4;6!@K5<;!45-!>594,9:!29!45-!2K959!H^/26JK59!I5265!;,1:-521H!\=:3"!f529-2JK!'&&)]"!X-6H!4;6!L2H529;945-! 45-!<;9JK<;3! 3,6H2:59_!<;9JK<;3! MZK359! >;JK:56JK2JKH59!<2H! 459! K,F<0-=03359!A;JK:56JK2JKH59!:2GH!45-!U%8=/86'>"2'=%)'!7/-!459!2K-!2995O0K959459_!52:5F959!@0,JK"!U25656!N,6;<<596/253!=09!T9H5-K;3H,9:!,94!7910-<;H209!M;99!;,JK!G5.Z:32JK!456!>594,9:65-103:56!29!,9H5-6JK25432JK59!83H5-6:-,//59!;9:51ZK-H!O5-459"!>0!.52:H!5HO;!5295!>H,425! .,!?5.5/H2096,9H5-6JK25459!,94!S:5<5296;<M52H59! 29! 45-!lU%8=/86'>"2' =%)'!7/-f_!4;66!bZ9:5-5!+2945-#E!425!N52JK59H-2JM:56JK2JKH59!,94!425!lY;-H009F!7/-m!1;=0-2F625-59!OPK-594! 425! P3H5-59##! 425! >;JK:56JK2JKH59! G5=0-.,:59! \=:3"! C;,6Ff;;65! '&&$_! >"!*B&]"!X6! 3P66H! 62JK! 529!=5-G0-:5956!+09.5/H! 4;K29:5K594! 5-M59959_! 4;66! 529!G56H2<<H56!@K5<;! 29! j,;32H;H2=! ,9H5-6JK25432JK59!U2<59620959! ;9:5:;9:59!O2-4"! 89:535K9H! ;9! 425!Q0-<59!M29432JK5-!I;K-95K<,9:!,94!?5.5/H209!G25H5!425!lU%8=/86'>"2'=%)'!7/-f!+29F45-9!,9H5-6JK25432JK59!83H5-6!425!YK;9J5_! b5!9;JK!8,1<5-M6;<M52H!,94!79H5-5665!;9!a52FH-P:59!H523.,95K<59_!;G5-!;,JK_!0K95!4;6![5-6HP94926!5295-!V56;<H6594,9:!.,!:51PK-459_!;,6!2K-!;,6.,6H52:59!\=:3"!>H`H.53!'&&#_!>"!'&&]"!>25!0-259H25-H!62JK!29!2K-5-!,9242-5MH209;359!X-.PK3O5265!;9!45-!M29432JK59!?5.5/H209!,94! 3526H5H!4,-JK!6HP942:5!6/-;JK32JK5!f29O526F-52.5! O2JKH2:5! T9H5-6HZH.,9:! 1Z-! 4;6! [5-6H5K59! 45-! a0H6JK;1H! 52956! a52H-;:6! 045-! 5295-!>594,9:!\C;,6Ff;;65!'&&#!>"!)%]"!!
U25!<;-M59-535=;9H5!f;,/H12:,-!S!U25!!7/-!,94!425!!7/-IB56JK2JKH59!
U25! +,-.:56JK2JKH59! ,<! ,94! <2H! 45-! 0-;9:51;-G5959_! 3,6H2:59! ,94! 24559-52JK59!!7/-!4;,5-9!29!45-!?5:53!.O26JK59!*(!,94!#(!>5M,9459!,94!6294!.O26JK59!459!529.53959!C-0F:-;<<H52359!\>;JK:56JK2JKH59!,94!A;JK:56JK2JKH59]!456!L;:;.296!/3;H.25-H"!79!b545-!425F
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#E! L2H! lbZ9:5-5! +2945-m! O5-459! +2945-! 2<! [0-6JK,3;3H5-! 60O25! 29! 459! 5-6H59! G52459! V-,946JK,3M3;6659!G5.52JK95H"!!##!L2H!lP3H5-5!+2945-m!O5-459!+2945-!45-!4-2HH59!G26!65JK6H59!+3;665!G5.52JK95H"!
! 119
65-!;G:56JK30665959!a234:56JK2JKH59!O2-4!425!!7/-!<2H!5295<!C-0G35<!M091-09H25-H_!O53FJK56! 625! ;,1! 0-2:295335! 8-H! ,94!I5265! 3`6H"! >0! =5-6,JKH! 625! 5HO;! 529! >JK-P9MJK59! =033!I5-M.5,:!<2H!f;<<5-!,94!RP:53!;9!45-!I;94!.,!G5156H2:59"!U25656!KP9:H!b540JK!6JK251_!,94!60!6JK3P:H!625!O52H5-5!RP:53!29!425!I;94_!,<!459!I5-M.5,:M;6H59!29!C062H209!.,!G-29F:59"!U2565-! 1P33H! b540JK!.,!a0459!,94!.5-G-2JKH"!U25!!7/-'ZG5-35:H!M,-._!KP<<5-H!4;99!O52H5-5!RP:53!29!425!I;94!,94!KP9:H!459!79K;3H!456!>JK-P9MJK596!529.539!;9!b5O5236!52959!R;:53"!>0! 3`6H!625!<2H!=253!I2H._!X291;336-52JKH,<!,94!6/2535-26JK5-!+-5;H2=2HPH! b5456!62JK!2K-!29!459!I5:!6H5335945!C-0G35<!,94!-5:H!425!M29432JK59!N,6JK;,5-!.,<!L2H459M59!;9"!!
U;6!YK;-;MH5-26H26JK5!;9!459!!7/-IB56JK2JKH59!26H_!4;66!625!0K95!b5:32JK5!6/-;JK32JK5!T9FH5-6HZH.,9:!;,6M0<<59"!>0O0K3!425!8MH20959!45-!!7/-!;36!;,JK!b595!2K-5-!I5::51PK-H59_!456!G3;,59!F&%9782%8!,94!45-!:53G59!F82%_!O5-459!;,66JK325c32JK!4,-JK!<292<;35_!;M,6H2F6JK5!V5-P,6JK,9H5-<;3,9:59!,94!M,-.5_! -,K2:5!+3;=25-<5304259!G5:352H5H_!425! b540JK!51F15MH=033! 529:565H.H! O5-459"! U25!!7/-! M3;//5-H! <2H! 459! 8,:59_! 6JK9Z1153H! 3;,H6H;-M! ,94!H-2//53H!G52<!V5K59k!45-!X351;9H!/-,6H5H_!6JK9;-JKH!,94!H-`H5H"!>0!M`9959!62JK!425! b,9:59!?5.2/259H59!=0336HP942:!;,1!425!f;943,9:59!45-!N52JK59H-2JMF8MH5,-5!M09.59H-25-59"!!
T<!459!3,6H2:59!8G59H5,5-9!45-!!7/-!90JK!,9529:56JK-P9MH5-!103:59!.,!M`9959_!O5-459!425! V56JK2JKH59! .,<526H! ;,66JK325c32JK! 29! 5295-! :352JK! G352G59459! +;<5-;5296H533,9:59!\f;3GH0H;35!045-!@0H;35]!:5.52:H"!U25656!653G6H!1Z-!+2945-6594,9:59!,9:5O`K932JK!-,K2:5!,94! 3;9:6;<5!045-!:P9.32JK! ;,1!>JK95245F\>JK92HH]=5-1;K-59!=5-.2JK5H5945![0-:5K59! 29F95-K;3G!45-!!7/-IB56JK2JKH59!,94!2K-5!;33:5<529!6H;-M!<292<;326H26JK5!8,1G5-52H,9:!G5FO2-M59_!4;66!425!8G59H5,5-!45-!!7/-!;36!C;,659F!045-!?,K5/;66;:59!.O26JK59!459!;945F-59!V56JK2JKH59! \A;JKF!,94!>;JK:56JK2JKH59]! 1,9:25-59!M`9959"!U25!+3;-K52H!45-!V-;12M!26H!1Z-!459!-,K2:59![5-3;,1!5295-!!7/-IB56JK2JKH5!O2JKH2:"!V5:596HP945_!425!92JKH!.,-!V5F6JK2JKH5!:5K`-59!,94!425!=09!45-!f;943,9:!;G359M59!M`99H59_!H;,JK59!92JKH!;,1!\=:3"!>H`HF.53!'&&#_!>"!)((]"!U25!a2345-!6294!45<9;JK!60!M09.2/25-H_!4;66!425!+2945-!425!f;943,9:59!45-!!7/-!9;JK=033.25K59!M`9959!\=:3"!>H-52JK!'&B'_!>"!#]"!!!
U25!!7/-!653G6H!26H!425!f;,/H;HH-;MH209!456!L;:;.296!,94!6H533H!425!a5.,:612:,-!1Z-!425!.,F6JK;,59459!+2945-! 4;-"#$! >25! 2459H212.25-59! 425!!7/-!<2H! 45-! :56;<H59! >5945-52K5"!U25!N,6JK-21H59!;9!425!>5945--54;MH209_! 29!45959!425!+2945-!Q-;:59!.,!2K959!O2JKH2:59!@K5F<59! 6H53359! ,94! 42565! 2<!N,:5! 45-!lU%8=/86'>"2' =%)'!7/-f! G5;9HO0-H5H! 65K59!O03359_!=5-45,H32JK59!42565!7459H212M;H209!,94!C5-609212M;H209!45-!N52JK59H-2JM12:,-_!4;!=2535!a-25F15!92JKH!;9!425!?54;MH209_!60945-9!;9!425!!7/-!;4-56625-H!6294e!lA25G5!!7/-_!2JK!5665!:5-F95!+;,:,<<2"!I25!O2-4!45-!ZG5-K;,/H!K5-:56H533Hom!\=:3"!L,6M5H;!)(((]"!
U25! 0-;9:5! !7/-! 26H! 5295! l653G6HG5O,66H5! !7/-m_! 425! M52956! 45-! G5M;99H59! LP,65F+326JK556!5-1Z33H"!>25!:5KH!;,1-5JKH!;,1!.O52!a52959!,94!O2-4!4;<2H!H523O5265!=5-<596JKF32JKH"!U25!!7/-! 26H! 95,:25-2:! ,94!:5KH! 459!C-0G35<59! ;,1! 459!V-,94"!>25! 26H! K52H5-! ,94!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#$!U5-!X-103:!45-!!7/-!.52:H!62JK!;,JK!29!45-!T<G59599,9:!45-!>594,9:!=09!\7#$I'/8='U7#$6%-#$"#$2%8'>"2'=%)'!7/-!29!L"%'U%8=/86'>"2'=%)'!7/-"!
!120
M;99!2K-5!8-<5_!a5295_!hK-59!,94!459!>JKO;9.!G5O5:59k!.,45<!O2-4!2K-!529!6H;-M!J;-FH00956M5-!YK;-;MH5-!=5-325K59_!2945<!625!2K-59!+`-/5-!,<1,9MH20925-59!,94!.,-!A`6,9:!2KF-5-!C-0G35<5!=5-O59459!M;99"!>0!G0K-H! 625!5HO;!<2H!f2315! 2K-56! -0H25-59459!>JK9,-G;-H6!52959!@,9953!4,-JK!425!X-45_!,<!;9!45<!;<!a0459!325:59459_!H251!6JK3;159459!X351;9H59!=0-G52!.,!M0<<59"!U25!>/-;JK5!45-!!7/-!26H!529.2:;-H2:!,94!G56H5KH_!O25!G5-52H6!5-3P,H5-H_!;,6!45<!>JK9Z11539!<2H!45-!R;65_!45<!@;MF@;M!2K-56!V;9:56!,94!45<!+3;//5-9!<2H!459!8,:593245-9"!!
U25!!7/-!-5/-P659H25-H!425!>594,9:_!4;!=0-!;335<!625!56!26H_!425!;,1!,9.PK32:5!8-H!,94!I52F65!=5-<;-MH5H!O2-4"!T9.PK32:5!L5-JK;942629:;-H2M53!O25!5HO;!C3Z6JK<P,65_!>JK,3<;//59_!>JK,3-;9.59_!@;6659!,94!Y0</,H5-6/2535!<2H!45-!!7/-5HJ"!129459!-5:59!89M3;9:!G52!459!+2945-9"!8,JK!2995-K;3G!45-!>594,9:!O2-4!1Z-!4;6!L;:;.29!:5O0-G59"!>0!.52:H!5HO;!529!a5-2JKH!O25!5295!C3Z6JK!7/-!K5-:56H533H!O2-4_!O;6!459!R5G595115MH!456!C-04,MHM;,156!<2H!62JK! G-29:H"! U25! A2545-! 45-! >594,9:! 6294! 5G591;336! ;,1!+;665HH5! ,94!YU! 5-KP3H32JK"!U25!?52K5!45-![5-<;-MH,9:6O52659!5945H!b540JK!92JKH!G52!425659!G529;K5!6JK09!:5O`K932JK59!L5-JK;942629:<5HK0459k!60!5-`1195H5! 2<!LP-.!'&&$!4;6!Q23<<,65,<!C0H64;<!4;6!5-6H5!lL;,6035,<m_#%!45-!l!7/-FY3,Gm!O,-45!:5:-Z945H!,94!425!45,H6JK5!C06H!G-;JKH5!'&&B!52F95! >0945-G-251<;-M5! <2H! 45-!!7/-_! 45<! X351;9H59! ,94! 45-! F82%! K5-;,6! \=:3"! a-5<5-!)((']"!>0<2H!6H5KH!425!!7/-!1Z-!425!>594,9:_!,94!425!>594,9:!26H!425!!7/-"!U25!!7/-!26H!60<2H! .,! 5295<!L;-M59.52JK59! :5O0-459_! ,94! H-P:H! 29! K0K5<!L;c5! 4;.,! G52_! 4;66! 4;6!L;:;.29_!29!O53JK5<!625!;:25-H_!653G6H!.,-!L;-M5!;=;9J25-H"!!!!
U25!\<;-M59-535=;9H59]!R5G5912:,-59!
R5G59!45-!;33652H6!G5M;99H59!,94!G5325GH59!!7/-_!H-5H59!29!45-!>594,9:!;,JK!;945-5!Q2:,F-59!;,1_!425!4;6!L;:;.29!4,-JK! 2K-!/5-20426JK56!X-6JK52959_! 2K-5!L5-M<;36;,6/-P:,9:59!,94!2K-5!b5O5232:59!Q,9MH20959!M599.52JK959!,94!60<2H!.,!2K-5-!L;-M59G234,9:!G52H-;:59"!N,!2K959!.PK359!,";"!425!V51PK-H59!45-!!7/-_!45-!G3;,5!X351;9H!,94!425!:53G5!F82%_!,94!425!L045-;H0-59"!!
>0O0K3!F&%9782!;36!;,JK!F82%!6294!29!2K-59!X2:59K52H59!2<!I5659H32JK59!ZG5-!2K-5!a5.25FK,9:!.,-!!7/-!G56H2<<H"!U25!8,1K5G,9:!-5;35-!V5:5G59K52H59!.52:H!62JK!G5-52H6!2<!V-`Fc59=5-KP3H926!45-!Q2:,-59_!4;!45-!F&%9782'M35295-!26H!;36!425!!7/-"!7K-5!a5.25K,9:!.,529;9F45-!PK953H!b595<!.O26JK59!V56JKO26H5-9_!O0G52!45-!!7/-!425!?0335!45-!P3H5-59!>JKO56H5-!.,M0<<H"!>25!26H!425!8:25-5945_!5-H523H!a515K35!,94!3`6H!C-0G35<5"!!
R5G59!45<!M352959_! G3;,59!F&%9782%8! ,94!45-! =0-O2H.2:59!F82%! 6294!ZG5-! 425! D;K-5!4-52!O52H5-5! R5G59F\7459H212M;H2096]Q2:,-59! ,94! lL;-M59.52JK59m! 29! b545-! >594,9:! 4;.,:5FM0<<59"!+)>"8!\8-<29!L;2O;34]!;36!+0<<59H;H0-_!X-.PK35-!,94!,9:5O`K932JK5-!?5/0-FH5-_!lY$)"-2,C$'<2H!45<!:-Z959!C,330=5-m!\YK-26H0/K!a25<;99]!;36!425!O5659H32JK5!+,3H12F:,-!652H!X945!45-!B(5-!D;K-5!\=:3"!C;,6Ff;;65!'&&$_!>"!*B*]!,94!?;3/K!Y;6/5-6_!;36!95,56_!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#%!KHH/eWWOOO"O4-!7/-"45W-,94,<425!7/-W:56JK2JKH5WJK-092M"/KH<3!!
! 121
b,9:56_!2990=;H2=56!V562JKH"!>25!1ZK-59!425!b,9:59!N,6JK;,5-!,94!G25H59!2K959!95G59!>/;c!,94!+0<2M! 7910-<;H20959! ,94!f23156H533,9:59! ;,6! 45-! M29432JK59! C5-6/5MH2=5! ;9! \C;,6Ff;;65!'&&#_!>"!)B]"![0-!;335<!425!Q2:,-!456!Y$)"-2,C$!O2-4!=09!+2945-9!296G560945-5!2<!N,6;<<59K;9:!<2H! 459!>;JK:56JK2JKH59! :59;99Hk! =0-! ;335<! bZ9:5-59!+2945-9_! 4;-,9H5-!459!D,9:59_!6JK529H!425!C5-609!Y$)"-2,C$!;36!L045-;H0-!,94!X-M3P-5-!6JKO25-2:5-!N,6;<F<59KP9:5!1Z-![5-6H5K59!,94![5-;-G52H59!O2JKH2:!.,!6529!\=:3"!C;,6Ff;;65!'&&$_!>"!*&']"!X-!=5-M`-/5-H!60.,6;:59!459!5-1;K-5959_!=5-H-;,596OZ-42:59!lV-0c=;H5-F@^/m_!456659!79F10-<;H20959!:3;,GK;1H!,94!65-2`6!6294"!
BEJ! >*(&''/,Q&((*,%!3/#!R&#+/,:7&#&+)/#2()2+&!0$,!V#&%$,G&--!>j!C&2-$#!R$$,!
! !*,3!V2/!C/,3*,%!'2)!3/#!R&*(!
N,6;<<591;66594!.52:H!62JK!45-!L;-M59JK;-;MH5-!45-!>5-25!L)76,8G7&&'QOn!60O0K3! 29!45-!10-<;359!;36!;,JK!29K;3H32JK59!+09.2/25-,9:"!>5K-!O2JKH2:!5-6JK529H!4;G52!425!N253:-,//59F529:-59.,9:_!4;!425!C-04,.59H59!;,1!529!6/5.2126JK56!C,G32M,<_!425!<P9932JK59!?5.2/259FH59_! 529:5K59! M`9959"! @K5<59! O25!L;JKH45<096H-;H209_! +;</1_! >H52:5-,9:! 45-! 52:5959!+-P1H5!5HJ"! 6294!=0--;9:2:!;,1! D,9:59!.,:56JK92HH59!,94!O5-459!;,1! 65K-!4^9;<26JK5_!;JFH209-52JK5!,94!.,O52359!P,c5-6H!G-,H;35!8-H!,94!I5265!,<:565H.H_! 2945<!5HO;!425!+0965Fj,59.59!45-!V5O;3H;MH5!4;-:56H533H!O5-459"!CK^626JK5!V5O;3H!6H5KH!60<2H!2<![0-45-:-,94!45-!f;943,9:"!U5-!:5.253H5!X296;H.!=09!f,<0-!=5-352KH!459!V56JK2JKH59!.,45<!52959!:-`Fc5-59! T9H5-K;3H,9:6O5-H_! 5-96H5! @K5<59! 60O25! V5O;3H4;-6H533,9:59! O5-459! 4;<2H! ;G:5F6JKOPJKH"!U2565-!l;945-5m!T<:;9:!<2H!45<!@K5<;!V5O;3H!60O25!425!5g/32.2H5!@K5<;H2625F-,9:!=09!+`-/5-32JKM52H!,94!>5g,;32HPH!\29!Q0-<!=09!>JK3Z/1-2:M52H59!,94!65g26H26JK59!89F6/253,9:59]!6H533H!296G50945-5!1Z-!/,G5-H25-5945!D,9:59!529!Q;6.29;H2096/0H59.2;3!4;-_#&!4;6!29!42565-!Q0-<!;,6!;945-59!Y;-H0096!92JKH!G5M;99H!26H"!U25!X35<59H5!?5;32HPH69PK5!;,1!45-!52959!,94!I2-M32JKM52H6=5-1-5<4,9:!;,1!45-!;945-59!>52H5!M`9959!95G59!45<!X296;H.!=09!+`-/5-32JKM52H!,94!>5g,;32HPH_!:5<26JKH!<2H!K0K59!V5O;3H;9H52359_!;36!S!/-0G35<;H26JK!.,!O5-H5945! S! O2JKH2:5! <;-M59-535=;9H5! >H-;H5:25<5-M<;35! =09! L)76,8G7&&' Q! G5.52JK95H!O5-459"!!
X29!O52H5-56!<;-M59-535=;9H56!L5-M<;3!45-!>5-25!.52:H!62JK!29!2K-5-!+0</35g2HPH"!U25!X/2F60459;G59H5,5-!5-.PK359!5295!62JK!10-H65H.5945!V56JK2JKH5_!O04,-JK!-5:53<Pc2:5!?5.5/H209!,9;G429:G;-!26H"!U25!62JK!2<!A;,15!45-!>H;11539!6H52:5-945!89.;K3!;9!f;943,9:6H-P:5-9!5-F6JKO5-H!459!b,9:59!N,6JK;,5-9!4;6![5-6H5K59!45-!V56JK2JKH5!.,6PH.32JK"!U0JK!:5-;45!42565!M0</35g5! f;943,9:66H-,MH,-_! 425! L)76,8G7&&' Q! =09! ;945-59! N52JK59H-2JM65-259! ;GK5GH_!6JKZ-H!<`:32JK5-O5265!4;6!79H5-5665!456!b,9:59!C,G32M,<6!,94!M;99!60<2H!;36!529!O52H5-5-!<;-M59-535=;9H5-!86/5MH!:59;99H!O5-459"!U25!=25359!,9H5-6JK25432JK59!f53459!<2H!,9H5-F6JK25432JK59! X2:596JK;1H59_! QPK2:M52H59! ,94! [5-K;3H596O52659! G25H59! 459! +2945-9! 425!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#B!>25K5!.,-!K0K59!C-0G35<;H2M!45-!>5-25!29!a5.,:!;,1!V5O;3H4;-6H533,9:59!60O25!65g,5335!7</32M;H20959!4;6!V,H;JKH59!=09!C;,6Ff;;65W!A;</5-H!\)(()]!60O25!296G560945-5!.,-!?5.5/H209!45-!>5-25!425!X-:5G92665!45-!j,;32H;H2=59!?5.5/H20966H,425!29!C;,6Ff;65G-29M!,";"!\)((*]""!
!122
L`:32JKM52H_! ;,6! 5295<!C003! ;9! 7459H212M;H209612:,-59!;,6.,OPK359"!>0<2H! 26H! 425!YK;9J5!:-`c5-_!4;66!1Z-!b5459!V56JK<;JM!5HO;6!G.O"!b5<;94!4;G52!26H"!8,c5-45<!6294!425!Y;-H009FYK;-;MH5-5!=2536JK2JKH2:5-!,94!-5;326H26JK5-!M09.2/25-H_!4;!;,JK!2K-5!>JKOPJK59!,94!Q5K35-!4;-:56H533H!O5-459!,94!2K-5!a5.25K,9:59!,9H5-529;945-!<2H,9H5-!65K-!M0</32.25-H!,94!M0<F/35g! 5-6JK52959"! U25!f53459! 29!L)76,8G7&&' Q! 6294! M5295! /5-15MH59!f53459_! 625! 5--52JK59!=253<5K-! <2H! U26.2/329_! K;-H5<! @-;2929:! ,94! 156H5<!V3;,G59! ;9! 62JK! 653G6H! 2K-! N253k! 425!f53459! 59HO2JM539! 62JK"! U2565-! Q0-<! 45-! ?5;32HPH69PK5! 26H! <`:32JK5-O5265! 529! 6HP-M5-56!a294,9:6/0H59.2;3! 29KP-59H! ;36! >5-259_! 45-59!f53459! 62JK! 2<<5-! :352JK! G352G59"! >JK325cFM32JK!M`9959!+2945-!62JK!4;<2H!352JKH5-!<2H!2K-5<!a2346JK2-<K53459!2459H212.25-59k!625!M`9F959!<2H!459!>5-25912:,-59!<2HO;JK659"!!
N,6PH.32JK! .,-! 65-25952:5959!L;-M59/-012325-,9:!:5O299H! 425! ,<1;665945!C;35HH5! ;9!L5-FJK;942629:/-04,MH59_! 425! 459! a5M;99HK52H6:-;4! 45-! >5-25! 6HP-MH_! <;-M59-535=;9H5! a545,FH,9:"!R5G59!,9.PK32:59!8-H2M539!O25!>JK,3<;//59_!@;6659_!?,JM6PJM5_!>H2JM5-9_!C06H5-9!5HJ"!M`9959!529.5395!X/260459!;,1!f`-6/253M;665HH59_![2450!045-!YUF?hL6!,94!425!.,-!>5F-25!Pj,2=;359H59!Y0<2JK51H5!\L;9:;]!5-O0-G59!O5-459"!U,8IB,0/!,94!65295!Q-5,945!6294!60<2H!92JKH!9,-!;<!a2346JK2-<!.,!65K59_!625!6294!:5-;45.,!;33:5:59OP-H2:!/-P659H!F!60!;,JK!2<!79H5-95H"!
I25!6JK09!45-!8JH209FY;-H009!L)76,8G7&&'Q!.52JK95H!62JK!;,JK!45-!8JH209FY;-H009!U7"&,)'!,,8!K2962JKH32JK!65295-!.253:-,//596/5.2126JK59!+09.2/25-,9:!;,6_!4;!<2H!459!4;-:5G0H5F959!79K;3H59!K;,/H6PJK32JK!LP4JK59!;9:56/-0JK59!O5-459!\603359]"!U256!O2-4!G5-52H6!4;F4,-JK!=5-45,H32JKH_!4;66!425!f53459!45-!V56JK2JKH5!LP4JK59!6294"!a5M;99H5!V56JK35JKH5-F6H5-50H^/5_!9;JK!45959!Q-;,59!.,<526H!K2313065!h/15-_!95HH!;9.,65K5945!>H;11;:59!045-!G`F65!Q,-259!=5-M`-/5-9_!O53JK5!2<<5-.,!2<!>JK;HH59!2K-5-!<P9932JK59_! 29H5332:59H59_!<,H2F:59!f53459!6H5K59_!O5-459!29!U7"&,)'!,,8!;,1:5K0G59"!U25!O52G32JK59!?5.2/259H59!M`9F959!62JK!G5665-!<2H!459!\O52G32JK59]!Q2:,-59!2459H212.25-59"!!
@-0H.!2K-56!8JH209JK;-;MH5-6!,94!45-!/K^626JK59!8,6529;945-65H.,9:59!.O26JK59!V,H!,94!a`65! 6H5K59! 29! 45-! >5-25! @K5<59!O25! �A25G5r_! �[5-H-;,59r_! �X215-6,JKHr! 5HJ"! 2<![0-45-F:-,94!;335-!8G59H5,5-!45-!f53429959"!U2565!L26JK,9:!;,6!;JH209:53;45959!,94!60.2;3HK5F<;H26JK!:5-2JKH5H59!f;943,9:59!=5-352KH!45-!>5-25!2K-!52:5956!C-0123!,94!:-59.H!625!=09!;9F45-59!N52JK59H-2JM65-259!;Gk!2K-!M0<<H!4;<2H!L;-M59-535=;9."!
X29!O52H5-5-!G545,H5945-!86/5MH!G5.Z:32JK!45-!L;-M59G234,9:!=09!U7"&,)'!,,8!G56H5KH!29!45-!4-;<;H,-:26JK59!,94!29K;3H32JK59!+0</35g2HPH!45-!>5-25"!@-0H.!29!45-!?5:53!29!62JK!;GF:56JK3066595-!X/260459!5-.PK359!425!529.53959!Q03:59!29!>,<<5!5295!:-0c5_!;3356!,<1;6F65945!V56JK2JKH5_!45-59!79K;3H!G52!9,-!.52HO5232:5-!?5.5/H209!45-!>5-25!92JKH!5-1;66H!O5-F459!M;99"!U25!.;K3-52JK59!YK;-;MH5-5!=5-M`-/5-9!=5-6JK254595!@^/59!=09!L596JK59_!425!,9H5-6JK25432JK5! >HP-M59! ,94! >JKOPJK59! .52:59k! 2K-5! a5.25K,9:59! .,529;945-! :56H;3H59!62JK!65K-!,9H5-6JK25432JK!,94!M0</35g"!U59!O52G32JK59!?5.2/259H59!O2-4!60<2H!5295!QZ335!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#&!U256!.52:59!425!X-:5G92665!45-!?5.5/H20966H,425!29!C;,6Ff;65G-29M!,";"!\)((*]"!
! 123
;9!7459H212M;H209612:,-59!:5G0H59"!N,45<!59HO2JM539!62JK!425!@2H53K53429959!2<!A;,15!45-!>5-25!O52H5-_!625!35-959!;,6!2K-59!Q5K35-9!,94!O5-459!-5215-"!U2565-!60.2;35_! 296G560945-5!459!LP4JK59!O2JKH2:5!86/5MH!\C;,6Ff;65G-29M!,";"!)((*]!O2-4!29!U7"&,)'!,,8!6H;-M!K5-F=0-:5K0G59"!U;66!;,JK!425!a`65O2JKH5!.,<!V,H59!G5M5K-H!O5-459!M`9959_!b540JK!2<!V5F:59.,:!425!V,H59!;,JK!2K-59!>JKOPJK59!,9H5-325:59!M`9959!,94!.,!2K-59!V5:95-9!O5JKF6539_! JK;-;MH5-2625-H!U7"&,)'!,,8! 29! G560945-5-!I5265"!U25![2531;3H! 45-!f;943,9:6H-P:5-!,94!425!+0</35g2HPH!2K-5-!a5.25K,9:59!.,529;945-!M`9959!;36!O52H5-56!<;-M59-535=;9H56!>5-259<5-M<;3!G5.52JK95H!O5-459"!!
U;! K5,H.,H;:5! M529! C-04,MH!<5K-! 0K95! M0965j,59H5![5-<;-MH,9:66H-;H5:259! ;,6.,M0<F<59!6JK529H_!,<!5-103:-52JK!6529!,94!.,!5295-!L;-M5!O5-459!.,!M`9959_!26H!;,JK!.,!U7"&,)'!,,8!5295!:-0c5!L5-JK;942629:<;6JK295-25!;MH2="!R5G59!>/253.5,:/,//59!29!V56H;3H!45-!>5-259K53429959_!>H2JM5-9_!TK-59_!>JK,3<;//59_!C06H5-9_!>JK2-<59!5HJ"!O5-459!;,JK![2F450F!,94!f`-6/253M;665HH59_!YU6!,94!U[U6!.,-!>5-25!;9:5G0H59"! 7<!79H5-95H! 12945H! 62JK!.,45<! 5295! T9<59:5! ;9! =5-6JK2545959! U7"&,)' !,,8Ff0<5/;:56_! ;,1! O53JK59! f29H5-F:-,942910-<;H20959!.,-!>5-25!5-KP3H32JK!6294!,94!;,1!45959!<2H!;945-59!Q;96![2450<;H5-2F;3!;,6:5H;,6JKH!045-!5291;JK!9,-!ZG5-!425!>5-25!426M,H25-H!O5-459!M;99"!!
L"%!U%8=/86'>"2'=%)'!7/-!26H!=0-45-:-Z942:!92JKH!1Z-!529!G56H2<<H56_!2<!83H5-!;G:5:-59.FH56!C,G32M,<!M09.2/25-Hk!625!O5945H!62JK!=253<5K-!5g/32.2H!;,JK!;9!X3H5-9!,94!V-0c53H5-9!60O25!;945-5!29H5-56625-H5!X-O;JK6595"!N,!2K-59!L;-M59JK;-;MH5-26H2M;!.PK359!=";"!!
F! 425!!7/-!653G6H!\;36!L045-;H2096F!,94!7459H212M;H209612:,-]_!!
F! 425!O2JKH2:6H59!R5G5912:,-59! \O25! 5HO;!45-! G3;,5!F&%9782_! 425! :53G5!F82%_! /5-20F426JK!;,1H-5H5945!@-2JM12:,-59!;,6!459!A;JK:56JK2JKH59!,94!425!L045-;H0-59]_!
F! 4;6!L;:;.2910-<;H!45-!>594,9:!\<2H!459!M,-.59!a52H-P:5!;,6!A;JKF!,94!>;JK:5F6JK2JKH59_!O53JK5!425!L26JK,9:!;,6!7910-<;H209!,94!T9H5-K;3H,9:!:;-;9H25-59]"!
8335! :59;99H59! >594,9:6535<59H5! 6294! 4,-JK! 2K-! /5-20426JK56!8,1H-5H59! :5M599.52JK95H!,94!G25H59!459!b,9:59!N,6JK;,5-9!459!O2JKH2:59!I245-5-M599,9:65115MH"!U25!!7/-_! 2K-5!G52459!V51PK-H59_!F&%9782!,94!F82%_!,94!@-2JM12:,-59!O25!D<C2m8'(&7/G<)!045-!o22,_!45-!f,94_!.52:59!459!+2945-9!M-5;H2=5!C-0G35<3`6,9:59_!625!5-.PK359!045-!5-35G59!3,6H2:5!V5F6JK2JKH59!,94!-5:59!.,<!>JK<,9.539!;9"!U;6!=2531P3H2:5!C,G32M,<!O2-4!,9H5-K;3H59"!U25!L045-;H0-59!G5:352H59!425!\b,9:59]!N,6JK;,5-!4,-JK!425!-5;35!I53H_!625!5-M3P-59!2K959!V5F6JK5K92665!,94!8-G52H66JK-2HH5!,94!G25H59!2K959!X29G32JM5!29!425!52:595!\T<]I53H"!>0O0K3!29!T9H5-K;3H,9:6F!;36!;,JK!29!7910-<;H2096G52H-P:59!129459!425!N,65K5-!45<9;JK!a5:352H12F:,-59"!
U;6!L;:;.2910-<;H!,9H5-6HZH.H!425!?5.5/H2096O5265!45-!+2945-_!2945<!625!625!92JKH!4,-JK!3;9:5_!<090H095!a52H-P:5!3;9:O523H_!60945-9!8,1<5-M6;<M52H!<2H!M,-.59_!;GO5JK63,9:6F-52JK59!V56JK2JKH59!.,!5-.25359!=5-6,JKH"!>0O0K3!A;JKF!;36!;,JK!>;JK:56JK2JKH59!6294!60!
!124
M09.2/25-H!,94!;,1G5-52H5H_!4;66!625!5295-652H6!352JKH!=5-6HP9432JK!6294!,94!;945-5-652H6!;,JK!92JKH!lM29432JKm!4;K5-M0<<59"!U25!b,9:59!N,65K5-!O5-459!5-96H!:590<<59"!!
X29!V5K52<926!5295-!5-103:-52JK59!L;-M59G234,9:66H-;H5:25!5295-!>594,9:!G.O"!>5-25!325:H!45<9;JK!=0-!;335<!29!45-!X29.2:;-H2:M52H!456!89:5G0H6_!29!65295-!8G:-59.,9:!.,!;945-59!PK932JK59! C-04,MH59"! U,-JK! 2K-5! 8945-6;-H2:M52H! 56! 65295-652H6! 425! 8,1<5-M6;<M52H! 45-!b,9:59!N,6JK;,5-!,94!G352GH!2K959!60<2H!5K5-!29!X-2995-,9:"!
I2JKH2:!26H!4;G52_!4;66!425!C-04,MH5!29!2K-5-!29K;3H32JK59!,94!10-<;359!+09.5/H209!;,1!5295!6/5.2126JK5!N253:-,//5_!;360!425!+2945-_!G.O"!62JK!O25!G52!U7"&,)'!,,8!,94!L)76,8G7&&'Q!;9!LP4JK59!045-!D,9:59!-2JKH5H"!D,9:5!N,65K5-!O03359!,9H5-K;3H59_!:5156653H_!;G5-_!O25!425!lU%8=/86'>"2'=%)'!7/-f! .52:H_! 5G5960!,9H5-K;3H594! 2910-<25-H!O5-459"!L;-M59-535=;9H5!>594,9:59!<Z6659! 62JK! 1Z-! 425! 79H5:-;H209! ,94!R,H.,9:! 2<!833H;:! 52:959_!<2HK29! 52959!l;33H;:61,9MH209;359!V5G-;,JK6O5-Hm!G562H.59"$(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$(!>25K5!4;.,!;,JK!V`H.!\)(()_!>"!E(]"!
! 125
DE!! F/(:7#/2G/,3/!H,&-.(/!3/(!&*32$02(*/--/,!I#(:7/2,*,%(G2-3/(!0$,!12,3/#4#$%#&''&,%/G$)/,!
DE;! F/%#2QQ/!
L;-M59!65H.59!L;-M25-,9:59!=0-;,6"!8335-429:6!26H!92JKH!b545!L;-M25-,9:!G5-52H6!@523!5295-!L;-M5"!hG! 5295!L;-M25-,9:!@523! 5295-!L;-M5! 26H_! M;99! ;,6! 5295-!89;3^65!456!C-0:-;<<6!;335295!92JKH!59H6JK25459!O5-459"!8,6!42565<!V-,94!O2-4!2<!?;K<59!45-!89;3^65!45-!a5:-211!45-!L;-M5!4,-JK!459!a5:-211!456!>2:95H6!5-65H.H"!X29!>2:95H!6H5KH!;36! >;<<53G5.52JK9,9:! 1Z-! 529! 629:,3P-56! a234F_! I0-HF_! a,JK6H;G59F_! N;K3F! 045-!M0<G2925-H56! N52JK59_! 4;6! 45-! +599.52JK9,9:! =09! T9H5-95K<59_! C-04,MH59! 045-!A526H,9:59! 4259H"! A0:06! K29:5:59! 425959! 45-! +599.52JK9,9:! 52956! T9H5-95K<596!045-! 5295-! 796H2H,H209! ,94! 6294! ,9;G429:G;-! <2H! 45-! R;<5969599,9:! =5-G,9459"!T9H5-! lX-6JK529,9:6G234m! O2-4! 425! -53;H2=! 4;,5-K;1H5! M0</062H0-26JK5! [5-529K52H32FJK,9:!=09!M2945-/-0:-;<<6/5.2126JK59!L0H2=59_!Q;-G59_!Q0-<59_!>JK-21H535<59H59_!>/-;JKF!,94!+3;9:G;,6H52959_!f;943,9:6F!,94!a5O5:,9:6<,6H5-9!.,!5295<!;,420=2F6,53359!V;9.59!=5-6H;9459"!
DEA!! <,)/#(*:7*,%(%/%/,()&,3!*,3!'/)7$32(:7/(!c$#%/7/,!
V5:596H;94! 42565-! j,;32H;H2=59! @523,9H5-6,JK,9:! 6294! 60O0K3! 4;,5-K;1H5! 629:,3P-5!=26,5335!X35<59H5!O25!>5945-30:06!,94!+2945-/-0:-;<<62:95H6! ;36! ;,JK!NO26JK59F:32545-!O25!C-0:-;<<M5996/0H6_!@-;235-_!@5;65-!,94!I5-G5M5996/0H6"!N,45<!O5-459!425!R;JK6/P995!45-!>594,9:59!2<!f29G32JM!;,1!2K-5!X29G294,9:!296!V56;<H5-6JK52F9,9:6G234! ;9;3^625-H"!8,6! ;-G52H6`M090<26JK59!V-Z9459!O,-459! ;,6!45-!>H2JK/-0G5!45-! T9H5-6,JK,9:6O0JK5! ;,6! 459! :;9.O`JK2:59! +2945-/-0:-;<<59! b5O5236! M9;//!;JKH!>H,9459!C-0:-;<<!;,6:5OPK3H"!U25!I0JK59594F+2945-/-0:-;<<5!=09!>8@"'!D,920-!,94!+F?@A!O,-459!=0336HP942:!29!425!89;3^65!<2HZG5-90<<59"!+F?@A!65945FH5!;<!G56;:H59!I0JK595945!9,-!;<!>;<6H;:!+2945-/-0:-;<<"!8<!>099H;:!O,-45!6H;HH!456659!Q0-<53!'!@-;2929:6/-0:-;<<!ZG5-<2HH53H"!+7"+8! L09H;:_!)#")")(()! $e'(!F!'Ee(#!TK-!>,/5-?@A! L09H;:_!)#")")(()! $e)B!F!'Ee(#!TK-!C-5<25-5!D,920-! L09H;:_!)#")")(()! $e'#!F!'Ee(#!TK-!+F?@A! >;<6H;:_!)"*")(()! #e)#!F!''e((!TK-!>8@"'!D,920-! >;<6H;:_!&"*")(()! $e##!F!'*"*(!TK-!
N,-!89;3^65!O,-45! 4;6!L;H5-2;3! 5gH-;K25-H_!<2H! N;K359!<;-M25-H_! ;,1:5326H5H! ,94! .,!=5-6JK2545959!+5996/0H:-,//59! .,6;<<59:56H533H"!U25! ;9;3^H26JK5!a5H-;JKH,9:!G;F
!126
625-H!;,1!459!60!;,1G5-52H5H59!L;H5-2;3259"!U25!A26H59!6294!2<!89K;9:!425656!a5-2JKH6!40M,<59H25-H"!
E5:54'' Q/)'R)76%-2%&&/86'=%)'a%"&/82%)-/#$/86'
U;6!79H5-5665!42565-!T9H5-6,JK,9:!325:H!4;-29_!425!b5O5232:5!a56JK;1159K52H!456!<;-FM59-535=;9H59! X-6JK529,9:6G23456! 45-! +2945-/-0:-;<<;9:5G0H5! .,! 5-,25-59"!!U25656!;33:5<5295!79H5-5665!3P66H!62JK!;9K;94!52956!Y3,6H5-6!=09!Q-;:59!6/5.212.25-59e!
F!I53JK5!L0H2=5_!:50<5H-26JK5!N52JK59_!Q2:,-59_!>^<G035!O5-459!G59,H.Ho!F!I53JK5!Q;-G59_!Q;-GM0<G29;H20959!6294!40<29;9Ho!F!I53JK5!8,66;:59!6294!G545,H594o!F!I53JK5!<,62M;326JK59!X35<59H5!6294!.59H-;3o!F!I53JK5!42565-!+0</0959H59!6H5K59!2<![0-45-:-,94!456!<;-M59-535=;9H59!!V56;<H5-6JK529,9:6G23456o!F!I25!K;-<0926JK!6294!425!a56H;94H5235!29!4;6!V56;<H5-6JK529,9:6G234!29H5:-25-Ho!F!I53JK5!I245-6/-ZJK5!5-:5G59!62JK!4;-;,6o!
E")"'"'!>5945-30:06!,94!C-0:-;<<62:95H6!
79! 5295<!5-6H59!>JK-2HH! :5KH! 56! 4;-,<_! 5g5</3;-26JK5!a56JK-52G,9:59!45-!=0-6535MFH25-H59! L;H5-2;3259! ;9.,15-H2:59"! >5945-30:06! ,94! C-0:-;<<62:95H6! O5-459! 29! 45-!X-6JK529,9:610-<!45-!C-0:-;<<1325:59!\XJMFV-;12M59]!G56JK-25G59"!U;G52!6294!103F:5945!+-2H5-259!<;c:5G32JKe!
F!R;<5_!R;<596MZ-.53!F!H^/0:-;126JK5!T<65H.,9:!456!R;<596F_!G.O"!R;<596MZ-.53!F!Q;-G:5G,9:!F!.,6PH.32JK5!:-;126JK5!N52JK59k!>^<G035!2<!A0:0!G.O"!>2:95H.,6;<<59K;9:!F!C062H20925-,9:!=09!I0-HF_!a,JK6H;G59.52JK59!,94!:-;126JK5<!N52JK59!2<!!!!![5-KP3H926!.,529;945-!F!V-`c59=5-KP3H92665!.O26JK59!a,JK6H;G59.52JK59!,94!:-;126JK59!N52JK59!F!C062H20925-,9:!456!>5945-30:06!G.O"!C-0:-;<<62:95H6!;<!a2346JK2-<!
E")"'")!>5945-F!,94!C-0:-;<<M5996/0H6!
>5945-F!,94!C-0:-;<<M5996/0H6!29H5:-25-59!6/5.2126JK5!:-;126JK5!a56H;94H5235!29!459!C-0:-;<<13,66! 52956! >5945-6! ,94! 425959! 45-! 7459H212.25-G;-M52H! 52956! >5945-6! G.O"!52956!6/5.2126JK59!C-0:-;<<;9:5G0H!52956!>5945-6!\C-0:-;<<13PJK59]"!>25!O5-459!5g5</3;-26JK!G56JK-25G59!,94!.O;-!<2H!f2315!103:5945-!+-2H5-259e!
! 127
_8$7&2%'=%)'?"-/%&&%8'FG%8%'
F!L0H2=5_!:50<5H-26JK5!L0H2=5!,94!Q2:,-59!F!f29H5-:-Z945_!f29H5-:-,941;-G59!F!I0-HF_!a,JK6H;G59.52JK59!F!:-;126JK5!N52JK59!
_8$7&2%'=%)'UC)7#$%G%8%'
F!+0<<59H;-5_!hF@`95!F!V5-P,6JK5!F!L,62M!
_8$7&2%'=%)'+G&7/9I'G315'c78=&/86-%G%8%'
F!f;943,9:6F!,94!a5O5:,9:6;G3P,15!
E")"'"*!@-;235-!,94!@5;65-!
a)7"&%)'/8='a%7-%)!6294!5G591;336!@-P:5-!=09!a56H;94H52359!\L0H2=5_!Q;-G59_!Q0-<59]!456!:-;126JK59!X-6JK5294,9:6G23456!52956!>5945-6"!>25!G56H5K59!2<!?5:531;33!;,6!5295-!:-;126JK59!?;K<,9:! \=:3"!f;,65940-1!)(('_!'B#11"]!,94!45<!@-;235-F!G.O"!@5;65-9"!U25!?;K<,9:!G56H2<<H!.,<526H!a5:299!,94!X945!456!b5O5232:59
!128
_8$7&2%'=%)'c78=&/86-%G%8%'
E")"'"E!I5-G5M5996/0H6!
I5-G5M5996/0H6!<;-M25-59!92JKH!G30c!a5:299!,94!X945!=09!I5-G5G3`JM59_!625!G25H59!O5-G5129;9.25-H59!>5945-9!425!L`:32JKM52H!4;6!:-;126JK5!X-6JK529,9:6G234!52956!>59F45-6! .,-! V53H,9:! M0<<59! .,! 3;6659"! Q03:5945! 1Z-! 4;6! X-6JK529,9:6G234! -535=;9H5!86/5MH5!O5-459!K25-.,!9PK5-!G5H-;JKH5He!
_8$7&2%'=%)'?"-/%&&%8'FG%8%'
F!L0H2=5_!:50<5H-26JK5!L0H2=5!,94!Q2:,-59!F!f29H5-:-Z945_!f29H5-:-,941;-G59!F!I0-HF_!a,JK6H;G59.52JK59!F!:-;126JK5!N52JK59!
_8$7&2%'=%)'UC)7#$%G%8%'
F!+0<<59H;-5_!hF@`95!F!V5-P,6JK5!F!L,62M!
_8$7&2%'=%)'c78=&/86-%G%8%'
E")"'"#!R;JK6/P995!
R;JK6/P995! ,9H5-325:59! KP,12:! 5295-! 65945-6/5.2126JK59! a5;-G52H,9:"! U2565! -52JKH!=09!X-:P9.,9:59!,94!+Z-.,9:59!G26!K29!.,-!=0336HP942:59!65945-6/5.2126JK59!R5,F:56H;3H,9:"! Q;33O5265!O2-4! 2K-! lA;^0,Hm! 9;JK! 45<!+09.5/H! 456! :-;126JK59!X-6JK52F9,9:6G23456!:56H;3H5H"!
!
! 129
DEBE!! I#%/G,2((/!
E5A54' D_5D+'
N,<! =26,53359! X-6JK529,9:6G234! 456! +2945-M;9;36! H-;:59! 60O0K3! 425! +7"+8FQ325:5!;36!;,JK!4;6!A0:0!60O25!425!V56H;3H,9:!=09!@523535<59H59!45-!NO26JK59:32545-!G52"!
E"*"'"'!>5945-30:0!
79K;3H32JK!45M3;-25-H!62JK!45-!+7"+8!4,-JK!65295!R;<596:5G,9:!,94!6529!4;<2H!=5-FM9Z/1H56!A0:0! ;36!Q5-965K/-0:-;<<! 1Z-!+2945-"!U25!+7"+8FQ325:5! 26H!OPK-594!45-!>594,9:59! ;<! -5JKH59!0G5-59!a2346JK2-<-;94!/062H20925-H"!U25656!N52JK59!<;-M25-H!;335!>594,9:59!456!+2945-M;9;36"!X6!26H!O`JK59H32JK!5HO;!&(!>H,9459!=26,533!/-P659H"!U25!+,-.10-<!+7"+8!=5-5291;JKH!459!6JKO25-2:!.,!;-H2M,325-59459!>5945-9;<59k!45-!A;,H6/253JK;-;MH5-!456!:56/-0JK5959!+Z-.536!=5-6HP-MH!456659!X29/-P:6;<M52H"!79!45-!U;-6H533,9:!;36!Q325:5!26H!4;6!+Z-.53!<2H!6/5.2126JK59!:-;126JK59!L5-M<;359!;,6:56FH;HH5H"!U25!15HH59!a30JMG,JK6H;G59!5-<`:32JK59!5291;JK5!X-M599G;-M52H_!425!1;-G32JK5!+599.52JK9,9:!29!l:53G59m!,94!l-0H59m!>2:9;3H`959!5-.5,:H!8,1<5-M6;<M52H"!N,6PH.32JK!.,-!QP-G,9:!45-!a,JK6H;G59!59HKP3H!4;6!:-;126JK5!A0:0!O52H5-5!YK;-;MH5F-26H2M;e!529!6JK-P:6H5K59456!l7m_!4;6!T9-5:53<Pc2:M52H!;945,H5H_!,94!529!O52c56!+-5,.!2<!G3;,59!+-526!;36!>^<G03!2<!N59H-,<!456!:-;126JK59!R;<596.,:56"!V56;<HK52H32JK! G5H-;JKH5H! 26H! 425! +7"+8FQ325:5! 4,-JK! X291;JKK52H! ,94! +3;-K52H! :5F/-P:H"!>/2535-26JK5!\4;6!l7m]!,94!6/2535-26JKF-PH653K;1H5!L0<59H5!\4;6!O52c5!+-5,.!2<!G3;,59!+-526]! 1Z:59! 45<!L;-M59.52JK59! 92JKH! 9PK5-! 6/5.212.25-G;-5! >/;99,9:6<0F<59H5!K29.,"!!D59652H6!456!A0:06!+7"+8'O5-459!2<!+2945-M;9;3!90JK!N52JK59!.,-!C-0:-;<<<;-FM25-,9:! 529:565H.H"! f25-.,! :5K`-59! 5HO;! 4;6! A0:0! 456! G545,H59459! Y3,G<;:;.296!D"078"7_!4;6!A0:0!456!a"6%)%82%8#&/G-!,94!4;6!A0:0!456!L;:;.296!Y$"&"'aW"!
E"*"'")!+5996/0H6!!
U;6!X-6JK529,9:6G234!456!+2945-M;9;36!O2-4!O5659H32JK! 29!459!C-0:-;<<M5996/0H6!;,6:56H;3H5H"! N,-! X-O52H5-,9:! 456! a32JM153456! 6033! 425! X-`-H5-,9:! 5295-! [0-FWR;JK6/;99M0<G29;H209!45-!+2945-M;9;3FX2:59/-04,MH209!!/-"0G,KK!G52H-;:59"!!U25!+5996/0H6!456!+2945-M;9;36!G56H5K59!;,6!.O5242<596209;359!892<;H20959"!836!.59H-;356!>^<G03!1,9:25-H!4;6!+7"+8F+-5,.!,94!4;6!+7"+8F?;4"!U25656!>^<G03!H-2HH!29!5295-
!130
,94! FG-52H5!G-29:59!459!YK;-<5!=09!+2945-.52JK9,9:59!529"!a,9H5!Q;-G2:M52H!0K95!U0<29;9.! 5295-! +5991;-G5! 26H! 529! O52H5-56! YK;-;MH5-26H2M,<! 2<! X-6JK529,9:6G234"!a560945-5!a545,H,9:!M0<<H!45<!8,6:;9:6F!,94!X94G234!;335-!+5996/0H6!.,"!U25656!a234! 6H533H! 529! O52c56! +-5,.! =0-! 5295<! G3;,59! f29H5-:-,94! ,94! 4;-ZG5-! 4;6! A0:0!+7"+8! 4;-"! U5-!L2HH53/,9MH! 26H! .O521;JK! <;-M25-He! 5295-652H6! 4,-JK! 529! +-5,.! ,94!;945-5-652H6! 4,-JK! 5295! =5-M35295-H5! [5-6209! 456!+7"+8F>^<G036_! O53JK56! 29<2HH59!456!R;<596!5295!8-H!=09!=5-:-`c5-H5<!C,9MH!G2345H"!!L,62M;326JK!O2-4!4;6!=26,5335!X965<G35!=09!=5-6JK2545959!L5304259!,94!?K^HK<59!G5:352H5H"!U25!U0<29;9.! 5295-! 6/5.2126JK59!+599<530425! 26H! 92JKH! 156H6H533G;-"!YK;F-;MH5-26H26JK! 26H! 425! 59H6/;99H5! ,94!45990JK!G5O5:H5! 60O25! -K^HK<26JK! 6H-,MH,-25-H5!8H<06/KP-5_!425!45-!<,62M;326JK5!f29H5-:-,94!M096H2H,25-H"!8M.59H,25-H!O2-4!425!<,F62M;326JK5!XG595!4,-JK!52959!6;,:59459!+3;9:!;<!a5:299!45-!>/0H6!45-!.,-
! 131
E"*"'"*!@-;235-!
8,1!45-!=26,53359!,94!<,62M;326JK59!XG595! 6294!@-;235-! 60O0K3!.,!a5:299!;36! ;,JK!;<! X945! :5-;K<H"! U59! a5:299! <;-M25-H! 529! 4^9;<26JK56! X965<G35! ;9! +7"+8F?P45-9_! ;335-429:6! 92JKH! 4;6! =09! 459! +5996/0H6! G5M;99H5! 891;9:6G234"! U25656! X9F65<G35!`1195H! 62JK!.,!5295-!+-526G35945!,94!:2GH!?;,<!1-52! 1Z-!425![0-6H533,9:!456!>5945<;H5-2;36"!7<!29K;3H32JK59![5-3;,1!456!@-;235-6!26H!425!:-;126JK5!+599,9:!-54,F.25-H!;,1!425!8945,H,9:!5295-!:5`1195H59!A0JKG35945_!45-59!?;94!;9!45-!329M59!,9H5F-59! a2346JK2-<5JM5! 62JKHG;-! G352GH"! U;-29! 529:5G35945H! 6294! b5O5236! >5945H;:! ,94!>5945.52H!45-!;9:5MZ942:H59!>594,9:"![26,533!26H!45-!8G6JK3,66!=09!@-;235-9!O2545-F,<!4,-JK!4;6!=09!459!+5996/0H6!G5M;99H5!X94G234!:5/-P:H"!X29!G3;,5-!f29H5-:-,94_!4;-;,1!529!O52c56!+-5,._!4;=0-!4;6!+7"+8FR;<596.52JK59!<2H!45<!+7"+8F>^<G03!;36!=5-:-`c5-H5<!C,9MH!29!45-!L2HH5"!8335!X35<59H5!6294!.,<!a2346JK2-<.59H-,<!K29!;,6:5-2JKH5H"!!L,62M;326JK!<;-M25-H! 5295!+599<530425! 60O0K3! 459! a5:299! ;36! ;,JK! 4;6! X945! 425!@-;235-"![5-G;35!8,66;:59!G5:352H59! 3542:32JK! 4;6!X945!45-!?;K<,9:e! lU25! M352959!V56/596H5-! :2GH! 56!L09H;:! G26! Q-52H;:! ,<! .O;9.2:! 9;JK! 65JK6! 2<!+7"+8m"!U25656!8,66;:56JK5<;!G56H2<<H!;335!@-;235-_!29!45959!>5-259!;9:5MZ942:H!O5-459"!!U;.O26JK59!12945H!425!;,61ZK-32JK5!89MZ942:,9:!=09!>594,9:59!6H;HH"!>25!26H!1Z-!4;6!X-6JK529,9:6G234!;335-429:6!=09!:5-29:5-5-!a545,H,9:"!U;6![5-KP3H926!=09!+0<<59FH;-!.,!hF@`959!26H!=;-2;G53"!79!5292:59!QP3359!G56H2<<H!45-!+0<<59H;-!425!L09H;:5_!29! ;945-59!O2545-,<!6H5KH! 5-! 29!M0</35g5-59!a5.25K,9:59!.,<!>5945<;H5-2;3"!XgF5</3;-26JK!K25-.,!45-!+0<<59H;-!.,!5295<!@-;235-!=09!Y$"&"'aW_!<2H!459!f;,/H;MFH5,-59!Y$"&"_!()"%6%&',94!(%)8="!!+0<<59H;-e!R;_!<Z66H!7K-!5,JK!O2545-!<;3!;33529!4,-JK!459!Q5-965K46JK,9:53!6JK3;F:59o!U;99!6033H5H!7K-!b5H.H!-2JKH2:!K29:,JM59y!h@e!f;GH!7K-!@0<;H59!;,1!459!8,:55559o!\>JK-5259]!+0<<59H;-e!X-1;K-595!C1;412945-!5</15K359!92JKH!9,-!I5:O5265-!60945-9!;,JK!Y$"&"!@["!U2565!>594,9:!26H!92JKH!9,-!O5:O526594!60945-9!;,JK!;G603,H!h@e!a5M30//Hy!+0<<59H;-e!I5-!2<!U2JM2JKH!;9:5G0H595-!C-0:-;<<5!K5-,<2--H_!45-!<,66!42565!>K0O!,9G5429:H!h@e!;,6/-0G25-59y!h@e!8G5-
!132
U5-!V-0cH523!45-!@-;235-! 26H!4,-JK!425!0G59!:59;99H59!L5-M<;35!G56H2<<H"!U;-ZG5-!K29;,6!5g26H25-59!>0945-1P335_!@-;235-!<2H!45959!6/5.25335!C-0:-;<<5-52:92665!;9:5FMZ942:H!O5-459"!U25!89MZ942:,9:!456!>099H;:6O,96JK123<6!<2H!45-!C-P659H;H209!45-!I;K3=0-6JK3P:5!.PK3H!.,!425659!6/5.253359!QP3359"!
E5A5:' U/C%)Xa\'
E"*")"'!>5945-30:0!,94!C-0:-;<<62:95H!
U5-! R;<5! 456! >5945-6! >,/5-?@A! 6,::5-25-H_! =5-6HP-MH! 4,-JK! 425! :-;126JK5! T<65HF.,9:_!.O525-352"!X295-652H6!26H!425!R;<596:5G,9:!5291;JK!,94!529/-P:6;<k!5-1Z33H!;360!65295!L;-M599;<591,9MH209"!U;-ZG5-! K29;,6! K;9453H! 56! 62JK! 0115962JKH32JK! ,<! 5295!6JK3;:O0-H;-H2:5! Q0-<! 52956!I5-G5F>30:;96"! @;,6JKH! <;9! 4;6! ,<:;9:66/-;JK32JK5!>,/5-3;H2=! l6,/5-m! 4,-JK! >^909^<5_! 4;99! 5-:2GH! 62JK! 425! +0<G29;H209e! l:-0c;-H2:!?@Am!G.O"!lK5-=0--;:594!?@A"!U2565-!>30:;9!26H!;36!:-;126JK!,<:565H.H5!>5945-1325F:5!5HO;!&(!>H,9459!/-0!I0JK5!;<!a2346JK2-<!/-P659H"!U25!XJM:-;12M!>,/5-?@A! 26H!;<! 329M59!0G5-59!a2346JK2-<-;94!/062H20925-H"! 7<!?;KF<59!456!L;-M59.52JK596!325:H!425!:-;126JK5!U0<29;9.!;,1!45<!29!65-21593065-!+3529F6JK-52G,9:! :565H.H59!I`-HJK59! l6,/5-m"! X6! 26H! 29! :53G5-! Q;-G5! ;,6:51ZK-H"!U25! -0H5!T9H5-6H-52JK,9:!26H!2<!K29H5-59!U-2HH53!4,-JK!529!5G591;336!-0H56!M352956!Q534!5-O52H5-H"!79!42565<!Q534!6H5KH! 29!65K-!M352959!a30JMG,JK6H;G59!45-!.O52H5!@523!456!>5945-9;F<596!?@A"!!N,-! 5g/32.2H59! +599.52JK9,9:! 456! +2945-/-0:-;<<6! 2<! ?;K<59! 456! V56;<H/-0F:-;<<6!=09!>,/5-?@A!O2-4!425!@0::0FQ325:5!529:565H.H"!@0::0!O2-4!=09!>,/5-?@A!;36! lY-066FL542;FU;JK<;-M5m! 1Z-!+2945-;9:5G0H5! /062H20925-H! \=:3"! 7C!U5,H6JK3;94!)(()_! *]"! 8335-429:6! M599.52JK95H! >,/5-?@A! 2<! T9H5-6,JK,9:6.52H-;,<! 92JKH! ;335!+2945-;9:5G0H5!<2H!45-!@0::0FV-;12M"!8<!a2346JK2-<!26H!425!@0::0FQ325:5!;<!-5JKFH59!,9H5-59!a234-;94!/062H20925-H"!U25!>JK-21H.52JK59!6294!29!:53G5-!QZ331;-G5!,94!-0H5-!T<-;94,9:! ;,6:51ZK-H"! @^/0:-;/K26JK! 35K959! 625! 62JK! ;9! M0<2M;-H2:5! Q0-<59! ;9"
! 133
+2945-/-0:-;<<6! 0-;9:51;-G595! >.59;-259! 529"!U25! 6^9HK5H26JK59! Q3PJK59! 6294! .,F45<!<2H! +-526! ,94! h=;313PJK59! ;,6:56H;HH5H_! 425! 5G591;336! 29! h-;9:56JK;HH25-,9:59!:51Z33H! ,94!=2531;JK! .,! 5291;JK59!892<;H20966JK352159!=5-M9Z/1H! 6294"!U5-!ZG5-O25F:5945!@523!456!:-;126JK59!X-6JK529,9:6G23456!65H.H!62JK!;,6!K0JK;G6H-;MH59!J0</,H5-F:595-25-H59! Q3PJK59M0</062H20959! .,6;<<59"! C,9MH,533! O5-459! 2459H2HPH6G2345945!Q2:,-59! 529:565H.H"![09!a545,H,9:! 1Z-! 425! :-;126JK5!X-6JK529,9:! 26H! K25-! =0-! ;335<!;,JK! 425! @0::03290F! N52JK59H-2JMF+,K! 60O25! \/)#$"_! 5295! N52JK59H-2JM12:,-! 425! 29!N,6;<<59K;9:!<2H!>/0960-29:K29O52659!6H5KH"!a5245!6294!@523!=09!52:5959!N52JK59FH-2JMF>/0H6"!I2JKH2:!1Z-!4;6!X-6JK529,9:6G234!6294!6JK325c32JK!>2:95H6!,94!A0:06!=09![5-H-25G59_!C-0:-;<<13PJK59_!+2945-6594,9:59_!f29O5265!;,1!I5GF>2H56_!,6O"!U2565!=26,53359!L;-M25-,9:59!6294!KP,12:! 29!425!:-;126JK5!V56H;3H,9:!45-!NO26JK59:32545-!29H5:-25-H_! G5K;3H59! b540JK! 90HO5942:5-O5265! 2K-5! ,-6/-Z9:32JK5! 1;-G32JK5! 7459H2HPH!G52"!
E"*")"*!@-;235-!,94!@5;65-!!
@5;65-! ,94! @-;235-! G23459! 52959! G545,H59459! 89H523! ;9! NO26JK59:32545-9! G52! >,F/5-?@A"!U25!C-0:-;<<=5-O5265!456!>5945-6!6294_!G5.0:59!;,1!425!10-<;35!?;K<,9:_!=;-2;9H59-52JK!;,1:5G;,H"!U;6!KP9:H!=0-!;335<!4;<2H!.,6;<<59_!4;66!>,/5-?@A!=5-F6JK254595! T9H5-:-,//25-,9:59! 456! +2945-/-0:-;<<6! ;9G25H5H"! R5G59! 459! >H;94;-4!@-;235-9!\@0::0]_!5g26H25-59!@-;235-!.,!459!89:5G0H59!29!459!C-0:-;<<13PJK59!@0:F:03290!,94!?;=596G,-:5-!@["!N,45<!5g26H25-59!52:595!Q0-<59!1Z-!f29O5265!;,1!G5F60945-5!C-0:-;<<5-52:92665! 60O25!@5;65-! 29!O53JK59! b5O5236! .O52! ;,1529;945-! 103F:5945!Q23<5!;9:5MZ942:H!O5-459"!!U5-!a5:299!=09!@-;235-9!26H!G52!>,/5-?@A!29!45-!?5:53!O545-!=5-G;3_!90JK!:-;126JK!:560945-H! :5M599.52JK95H"! >015-9! 45-! h11F>/-5JK5-! 425!L09H;:5! 9,-! .,-ZJMK;3H594!M0<<59H25-H_!M;99!4256!296015-9!.,!7--2H;H20959!1ZK-59_!;36!T9M3;-K52H!ZG5-!459!>H;H,6!456!:5-;45!/-P659H25-H59!L;H5-2;36! K5--6JKH"! 79!8,69;K<51P3359! ;335-429:6! F! ."a"! G52!45-!89MZ942:,9:!=09!G560945-59!C-0:-;<<5-52:926659!5HO;!.,!U5-!(%8`7>"8'(&M>I#$%8'a7m!045-!.,<!f29O526!;,1!4;6!R"&>9"%G%)'">'!<)3!F!26H!;,JK!45-!a5:299!:-;126JK!:5M599.52JK95H_! ,94! .O;-! 29! Q0-<! 52956! >JK-21H.,:56! ;,1! 0-;9:51;-G5959! f29H5-F:-,94"!U5-!>5-259H2H53!O2-4!;,JK!=5-G;3!;9:5MZ942:H"!Q0-<;3!O5-459!425!=0<!f29H5-F:-,94!K5-!G565K5959!6H;H26JK59!a2345-!=09!;92<25-H59!+-52659!,94!h=;359!29!=;-225F-59459!h-;9:5H`959!ZG5-3;:5-H"!U;<2H!O2-4!a5O5:,9:_!U^9;<2M!;360!lQ3,66m!P6HK5FH26JK!:595-25-H"!!@5;65-! ,94! @-;235-! 6294! 4,-JKO5:6! ;,6!L;H5-2;3259! ;9:5MZ942:H5-! >594,9:59! G.O"!>5-259!<09H25-H!,94!1;33O5265!<2H!+0<<59H;-!=5-65K59"!U25!8,66;:59!45-!+0<<59FH;H0-59!6294!29!5291;JK5-!,94!M9;//5-!>/-;JK5!;,6:51ZK-H"!h-2:29;3H`95! 29!Q0-<!=09!8,66;:59!45-!8MH5,-5_!V5-P,6JK5!,94!L,62M!1ZK-59!.,-
!134
-5"!U;6!C,G32M,<!O2-4!<2HH536!45-!@-;235-!=09!>,/5-?@A!60O0K3!42-5MH!;36!;,JK!2942F-5MH!;9:56/-0JK59"!!!a5H-;JKH5H!<;9!425!X29.53G;,6H5295!45-!=26,53359!?;K<,9:_!60!1P33H!;,1_!4;66!4;6!35H.FH5! a234! 6H;94;-42625-H! 26H"! X6! G529K;3H5H! 4;6! 29! 45-! L2HH5! .59H-25-H5! A0:0! =09! l>,F/5-?@Am! 60O25! 459! f29O526! ;,1! 425! I5G/;:5! =09! l@0::0m! <2H! 45-! 84-5665!OOO"H0::0"45!=0-!0-;9:595<!f29H5-:-,94"!U59!6/2535-26JK59!8M.59H!65H.H!529!M352F956!a;94!=09!')!:51Z33H59!+-526535<59H59_!O53JK56!4;6!A0:0!=09!>,/5-?@A!4^9;F<26JK!,<M-526H"!N,45<!26H!425656! 35H.H5!a234!=09!5295-!;,6:5/-P:H59!@09103:5! \6^9FHK5H26JK5!V5-P,6JK5<,62M]!G5:352H5H"!!U;6!=0-35H.H5!a234!52956!C-0:-;<<K29O52656!G529K;3H5H!29!45-!?5:53!6JK3;:O0-H;-H2:5!f29O5265!;,1!425!M0<<5945!>594,9:"!f25-!6294!@;:_!TK-.52H!,94!@2H53!45-!;9:5MZ9F42:H59!>5-25!29!6JK-21H32JK5-!Q0-<!;9:51ZK-H"!U25!:56/-0JK595!Q0-<!=5-O526H!;,1!459!653G59! 79K;3H_!O25!."a"e! lU/C%)'a,H'Y&/G_!>;<6H;:!'&!TK-!E(m!045-!lJI(,,2'V'L7-'J/"33_!>099H;:!'&!TK-!E(m"!!D545!;9:5MZ942:H5!>5-25!26H!.,45<!4,-JK!529!=5-M35295-H56!a234!-5/-P659H25-H"!U5-!0G5F-5!,94!,9H5-5!?;94!456!a23456!K5GH!62JK!=0<!ZG-2:59!a234K29H5-:-,94!4,9M35-5!Q;-GFH`9,9:! :5:59ZG5-! 45<!K5335-59!h-;9:5! 456! -56H32JK59!a23456! ;G"!8<!,9H5-59!?;94!6294!2<!?5:531;33!L;-M59.52JK59!=09
! 135
NO26JK59!459!G52459! 35H.H59!a2345-9! 6294! 1;33O5265!f29O5265! ;,1! 425!I5G/;:5!=09!>,/5-?@A! 529:56JK0G59"! a52! 45-! =0-325:59459!U;H59G;626! 26H! 4256! G52! 459! @-;235-9!=09!U/C%)'a,H'Y&/G!,94!JI(,,2'V'=7-'J/"33!45-!Q;33"!Xg5</3;-26JK!26H!K25-!45-!Q;33!=09!U/C%)'a,H'Y&/G!G56JK-25G59"![5-G;3!O2-4!4;G52!=0<!@-;235-!ZG5-:5352H5He! l8335!M06<26JK59!79106!45-!29H5-:;33;MH26JK59!8-H!12945H!7K-!;,JK!,9H5-!OOO"!H0::0"45"m!7<!N52H=5-3;,1!425656!>;H.56!O5-459!5295-652H6!4;6!C0-H;3!=09!@0::0!,94!29!45-!Q03:5!425!535MH-0926JK59!>52H59!456!U/C%)'a,H'Y&/G-!=26,533!=0-:56H533H"!!
E"*")"E!C-0:-;<<M5996/0H6!
X6!3;6659!62JK!.O52!f;,/H=;-2;9H59!;9!+5996/0H6!,9H5-6JK52459"!i,;9H2H;H2=!40<2925F-59!+5996/0H6!<2H! ;,66JK325c32JK! ;G6H-;MH59!a234K29H5-:-Z9459! ,94! F<0H2=59"!U2565!O,-459!G5-52H6! 2<!@523M;/2H53!lQ;-G59_!Q0-<59!,94!892<;H20959m!29!;,6-52JK5945<!8,6<;c!=0-:56H533H"!
U;-ZG5-! K29;,6! 5g26H25-59! ;335-429:6! +5996/0H6_! 29! 45959! ,9H5-6JK25432JK5! Q2:,-59FM096H533;H20959! <2H! ;G6H-;MH59! f29H5-:-Z9459! M0<G2925-H! 6294"! R5G59! ?5;312:,-59!40<2925-59! N52JK59H-2JM12:,-59! O25! ."a"! 425! @0::03290F+,K! 4;6! Q534"! f25-! 603359!C-0:-;<<13PJK59M5996/0H6!<2H!45-!@0::03290F+,K!M,-.!G56/-0JK59!O5-459"!
L2H!45-!=09!+2945-9!:56,9:5959!<,62M;326JK59!+,-.65j,59.!l@0::0_!@0::0_!@0::0_!@0::03290m! O2-4! 425! L;-M25-,9:! 45-! C-0:-;<<13PJK5! 1Z-! [0-6JK,3M2945-! 5-`1195H"!8,1!45-!=26,53359!XG595!O2-4!b5O5236!529!M,-.56!X-35G926!45-!@0::03290F+,K!=0-:5F6H533H"!X9HO545-!625!O2-4!=09!b,9:59!+ZK59!:5b;:H_!045-!625!b;:H!653G6H!9;JK!a3,<59_!045-!625!6H5KH!2<!?5:59_!045-!56!O5KH!625!45-!I294!K29!,94!K5-"!U5-!a234K29H5-:-,94!26H!.,<!@523!0-;9:51;-G59_!.,<!@523!b540JK!;,JK!6.5926JK!<0H2=25-H"![26,5335!L0H2=5!2<!?;K<59! 45-! @0::03290F>/0H6! 6294! 95G59! 45-! @0::03290F+,K! 4;6! A0:0! =09! >,F/5-?@A!,94!45-!>JK-21H.,:!@0::03290"!U5-![0336HP942:M52H!K;3G5-!652!K25-!4;-;,1!K29F:5O25659!4;66!b5O5236!=0-!459!@0::03290F>/0H6!>/0960-29:6/0H6!<2H!\/)#$"'!,94!45<!:56/-0JK5959!@5gH!l[253!>/;c!OZ96JKH!\/)#$"ym!:56JK;3H5H!6294"!!
E"*")"#!I5-G5M5996/0H6!
I5-G5M5996/0H6!6294!G52!>,/5-?@A!95G59!@-;235-9!425!;<!KP,12:6H59!=0-M0<<5945!Q0-<!=09!NO26JK59:32545-9"!U25!I5-G5M5996/0H6!6294!G52!>,/5-?@A!;36!P,c5-6H!M,-F.5!C-0:-;<</;-H2M53!<2H!5295-!U;,5-!=09!b5O5236!5HO;!=25-!>5M,9459!M09.2/25-H"!q6FHK5H26JK! 40<2925-59! 0-;9:51;-G595!f29H5-:-Z945! ,94! 425! G5-52H6! 5-OPK9H59_! .,! =5-F6JK2545959!a5O5:,9:6.,6;<<59KP9:59!;92<25-H59_!<2H!=5-6JK2545959!h-;9:5H`959!:51Z33H59!?,94F!,94!h=;313PJK59"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'! \/)#$"':23H!;36!4;6!3;9:OPK-5945!L;-M59.52JK59!456!T9H5-95K<596!>;3;<;945-"!\=:3"!h93295F
i,5335!\)((']e!U25!\/)#$"!>52H5"!h93295!,9H5-!KHH/eWWOOO":50J2H256"J0<W3,-JK2|093295W_!;,1:5-,159!;<!'"#")((*]!
!136
E"*")"$!R;JK6/P995!
X29!O2JKH2:56!L5-M<;3!=09!>,/5-?@A!26H!425!:-;126JK5![5-529K52H32JK,9:!45-!R;JKF6/P995!45-!>594,9:59"!>25!O5-459!459!V56H;3H,9:6/-P<26659!456!>J-559!U562:96!456!>5945-6!,9H5-:50-495H!,94!H-;:59!103:32JK!.,-![5-529K52H32JK,9:!456!V56;<H5-6JK52F9,9:6G23456!G52"!U25656!L5-M<;3!,9H5-6JK5245H!>,/5-?@A!5HO;!=0<!+7"+8"!7<!+29F45-M;9;3!G352G59!425!,9H5-6JK25432JK59!R;JK6/P995!29!2K-5-!29K;3H32JK59!,94!10-<;359!V56H;3H,9:! G56H5K59! ,94! 6294! 60<2H! 92JKH! .,-! [5-6HP-M,9:! 456! X-6JK529,9:6G23456!=5-1Z:G;-"!!Q0-<;3!O2-4!G52!>,/5-?@A!60!=0-:5:;9:59_!4;66!4;6!a234!=5-H2M;3!:54-2HH53H!O2-4"!U25!G52459! 329M59! U-2HH53! 6H5K59! 1Z-! 425! C-P659H;H209! =09! a2345-9! 45-! :5-;45! :5.52:H59!>594,9:! .,-![5-1Z:,9:"!U;6! -5JKH5!U-2HH53! 456! a23456! 26H! K29:5:59! 2<! l>,/5-?@A!h-;9:5m!529:51P-GH"!U;-;,1!O2-4!45-!R;JK6/;99H5gH!29!529K52H32JK5-!@^/0:-;125!4;-:5F6H533H"!X2959!6/2535-26JK59!8M.59H!5-K;3H59!425!6H;H26JK59!R;JK6/P995!ZG5-!;92<25-H5_!.,!+5HH59!,94!aP945-9!0-:;92625-H5!+-526F!,94!h=;313PJK59"!L,62M;326JK! 6294!42565!R;JK6/P995!.,<526H!<2H!45-!@2H53<530425!45-!b5O5232:59!>5-25!,9H5-35:H!S!;,1!45-!;FM,6H26JK59!XG595!O2-4!;360!425!79H5:-;H209!29!529!529K52H32JK56!X-6JK529,9:6G234!92JKH!=033.0:59"!
E5A5A' b/8",)'aW'Z.)%>"%)%['
E"*"*"'!>5945-30:0!,94!C-0:-;<<62:95H!
U5-!+2945-/-0:-;<<=5-;96H;3H5-!D,920-!@[!2<!89:5G0H!45-!C;^F@[!>5945-6!C-5<25F-5!=5-O5945H!5295!;,66JK325c32JK!:-;126JKF6^<G03K;1H5!XJM:-;12M"!>25!G56H5KH!;,6!.O52!0=;359!?29:59"!U25!G52459!?29:5!6294!;<!329M59_!0G5-59!?;94!456!a2346JK2-<6!/062FH20925-H"!U5-!X-6H5_!5HO;6!M35295-5!26H!42;:09;3!9;JK!-5JKH6!:5952:H_!45-!NO52H5_!5HO;6!:-`c5-5_!65H.H!5HO;6!K`K5-!;9!,94!26H!42;:09;3!9;JK!329M6!:5952:H"!U25!>HP-M5!45-!5332/FH26JK59! ?29:5! =;-225-H! 29! :5-29:1Z:2:5<! 8,6<;c"! 7<! +09H5gH! 45-! L;-M25-,9:! =09!>594,9:59! 26H!45-!5-6H5!?29:! -0H_!45-!NO52H5!G3;,!:5.52JK95H"!U25!Q;-G59!6294!6H;-M!:56PHH2:H"!U5-!f5332:M52H6;9H523! 45-! Q;-G59! =;-225-H! ,94! 5-.5,:H!<2H! .,6PH.32JK59! :5F-29:1Z:2:59! hG5-13PJK59F?5135g20959! 459! X294-,JM! =09!U-5242<596209;32HPH! \296G5F60945-5!=0-!6JKO;-.5<!f29H5-:-,94]"!X29! 5-6H5-! G545,H,9:6G5.0:595-!+09H5gH! 12945H! 62JK! G52<![5-:352JK! 45-!C-0:-;<<F1325:5! =09! D,920-!@[! \C-5<25-5]!<2H! 459!NO26JK59:32545-9"!U25!?29:5! 59H6H;<<59!9P<32JK!45<!G,9H59!>JK-21H.,:! D,920-_!425959!40-H! ;36!:-;126JK! 6H232625-H5-!40//53H5-!l2FC,9MHm"!U25!?29:5!;,1!45<!l2m!=09!D,920-!6294!;335-429:6!1;-G32JK!;945-6!;M.59H,F25-H"!T<!;36!<;-M;9H5!Q325:5!2<!C-0:-;<<13,66!425959!.,!M`9959_!O2-4!5295-!45-!G52F459!<2H!-0H5-!>2:9;31;-G5!<;-M25-H"!
! 137
U,-JK!425![5-M9Z/1,9:!;,1!45-!XG595!45-!:-;126JK59!V56H;3H,9:!O2-4!45,H32JK_!4;66!425!?29:5!;36!:-;126JK56!+Z-.53!1Z-!425!R;<596G5.52JK9,9:!D,920-!6H5K59"!U25!<;-FM;9H5!5332/H26JK5!Q0-<!45-!?29:5_!425!0=;359!x119,9:59!425!62JK!4;-;,6!5-:5G59_!425!6JK-P:5!>H533,9:! ,94! 425! =;-225-5945!>HP-M5! 45-!?29:5! 5-3;,G59! 5295!X290-49,9:! 29!U;-6H533,9:6<,6H5-!456!lY;-H009FV59-56m"!
E"*"*")!D,920-!F!R;<596M599.52JK9,9:!
8,1!459!R;<59!D,920-_!1Z-!459!2<!N,:5!456!C-0:-;<<13,6656!45-!>594,9:59!9,-!29!Q0-<!52956!:-;126JK59!+Z-.536!C3;H.!26H_!O2-4!2<!?;,<!45-!NO26JK59:32545-!65K-!KP,F12:!=5-O25659"!>0!59459!@5;65-!29!45-!?5:53!<2H!5295<!>JK-21H.,:!29!45<!425!+,-.F10-<!456!@2H536!45-!G5O0-G5959!>594,9:!<2H!45<!R;<59!456!+;9;36!=5-M9Z/1H!O2-4!\."a"! l;"=6%2_! :352JK!�D,920-m]"!U5-! >JK-21H.,:! 26H! G5:352H5H! =09! 45-! :56/-0JK5959!Q0-<! lV352JKe!;"=6%2_! 45-! M35295! IPJKH5-! =0<! ;945-59! >H5-9_! ;,1! D,920-ym"! U25!+,-.65j,59.!<2H!45<!6JK-21H32JK59!,94!:56/-0JK5959![5-O526!;,1!459!L;-M599;<59!26H! 4;G52! S! 2<! .52H32JK59!8G3;,1! G565K59! S! 45,H32JK! =0<!f;,/HH523! 456! @5;65-6! :5FH-599H"!U-;<;H,-:26JK!O2-4!425![5-M9Z/1,9:!=09!>594,9:!,94!L;-M599;<5!456!>59F45-6!G560945-6!G5H09H"!U25!L2HH53!4;.,!6294!4-;<;H,-:26JK5!a-ZJK5!<2H!45-!=0-;,6:5FK594!59H1;3H5H59!<,62M;326JK59!Q0-<!,94!=26,53359!Q0-<"!89!>H5335!5295-!C;,65!O2-4!296!N59H-,<! 5295-! l;,420=26,53359!X95-:25=5-42JKH,9:m! 45-!L;-M599;<5! D,920-! :5F65H.H"!U25!G56JK-25G595!>H-;H5:25!O2-4!1Z-!@5;65-!6^6H5<;H26JK!529:565H.H"!
E"*"*"*!C-0:-;<<M5996/0H6!
U5-! R;<5! D,920-! O2-4! 2<! a5-52JK! 45-! NO26JK59:32545-! 92JKH! G30c! 6JK-21H32JK! ,94!<Z9432JK!O2545-K03H!529:5130JKH59"! D,920-!@[!\C-5<25-5]!M-525-H!;,JK!Y;-H0096_!425!;36!C-0:-;<<M5996/0H6!1,9:25-59"!U5-!f;,/H4;-6H5335-!,94!7459H212M;H209612:,-!4;-29!H-P:H!5G591;336!459!R;<59!D,920-"!!U5-!Q0-<!9;JK!M;99!<;9!=5-6JK254595
!138
4-;<;H,-:26JK5-! 8,1G;,! 425! Y32/59HO2JM3,9:_! 60945-9! 529! H-52G5945-! <,62M;326JK5-!?K^HK<,6"!!!L2H!45-!>JK;11,9:!45-!7459H212M;H209612:,-!b/8",)!,94!45-59!X29G294,9:!29!12MH209;35!Q2:,-59M096H533;H20959! ,94! U-;<;H,-:259! /5-609;32625-H! C-5<25-5! 425! U;JK<;-M5!lD,920-m"!N,45<!O2-4!425!L;-M5!4-;<;H,-:26JK!M09H5gH,;32625-H_!4"K"!45-!L;-M599;<5!O2-4!2<!?;K<59!5295-!6594,9:6PK932JK59!Q0-<!M0<<,92.25-H"!U;<2H!O5-459!V-59.FZG5-6JK-52H,9:59!.O26JK59!C-0:-;<<!,94!C-0:-;<<=5-<;-MH,9:!;9:545,H5H_! 29!45F959!62JK!5-K5G32JK56!<;-M59-535=;9H56!X9HO2JM3,9:6/0H59H2;3!=5-G2-:H"!8,420=26,5335!+,-.:56JK2JKH59!<2H!b/8",)_!b733',94!b78%'59459!.,45<!1;33O5265!<2H!45<![5-O526!;,1!425!C-04,.59H59!,94!45-!I5GFC;:5!=09!D,920-"!
E"*"*"E!@-;235-!,94!@5;65-!
7<![5-:352JK!.,!459!C-0:-;<<M5996/0H6!H-;:59!@5;65-!,94!@-;235-!9,-!29!:5-29:1Z:2F:5<!8,6<;c!.,-!XH;G325-,9:!456!X-6JK529,9:6G23456!=09!D,920-!@[!\C-5<25-5]!G52"!U5-! C-0:-;<<;9G25H5-! D,920-! @[! \C-5<25-5]! 65H.H! 2<!O5659H32JK59! @5;65-! 529_! ,<!459!C-0:-;<<13,66!.,!6H-,MH,-25-59!,94!;,1-5JKH.,5-K;3H59"!@5;65-!G56H5K59!2<!+5-9!;,6! 5295-!L09H;:5! =09!L;H5-2;3! 45-! ;9:5MZ942:H59! >594,9:"! X29! YK;-;MH5-26H2M,<!45-!@5;65-!G52!C-5<25-5!D,920-!26H!45-!6H;-M!G5H09H5!?ZJM:-211!;,1!425!+599<5304259!45-!>594,9:59"!fP,12:! 6H533H! 529! 5291;JK5-_! ;/533;H2=5-!h11F+0<<59H;-! 459! 29K;3H32FJK59!N,6;<<59K;9:!.O26JK59!459!X296H533,9:6;,6.Z:59!45-!>594,9:!K5-"!Xg5</3;F-26JK!O2-4!K25-1Z-!425!6/-;JK32JK5!XG595!=09!U#$1%"8#$%8'L"#0!;9:51ZK-He!
!
U#$1%"8#$%8'L"#0e!LLKKKK_!4;6!26H!b;!/K;9H;6H26JK"!!+0<<59H;-e!a;K9!1-52_!4599!b5H.H!M0<<H!U#$1%"8#$%8'L"#0"!L/99H'L/#0!<;JKH!;3359!8945F-59!4;6!A5G59!6JKO5-"!L/99H!,94!U#$1%"8#$%8!5-35G59!425!H0336H59!V56JK2JKH59"!!U#$1%"8#$%8'L"#0e!7JK!G29!O2-M32JK!1Z-JKH5-32JK!OZH594"!!+0<<59H;-e!D;_!U#$1%"8#$%8!L"#0!K;Hd6!O2-M32JK!92JKH!2<<5-!5291;JK!<2H!;33!652959!Q-5,9F459"!!L/99H'L/#0e!7JK!6;:5!7K959_!42565!U-5KGZJK5-!<;JK59!<2JK!15-H2:"!+0<<59H;-e!V352JK"!U#$1%"8#$%8'L"#0"!8,1!D,920-"!\=:3"!a526/253!*)]!
U;6! :-;126JK5!U562:9! 456!C-0:-;<<;9G25H5-6! D,920-!@[! \C-5<25-5]! M0<<H! 5-6H! ;<!X945!45-!@5;65-!.,<!@-;:59"!U25!59H6/-5JK5945!:-;126JK5!?;K<,9:!26H!;36!A0JKG359F45!:56H;3H5H_!625!G56JK-52GH!2<!a234!52959!U-52=25-H53M-526!,94!26H!29!45-!+5991;-G5!=09!D,920-!@[!\C-5<25-5]!;,6:51ZK-H"!7<!A;^0,H6JK5<;!1Z-!425!>JK-21H.Z:5!26H!45-!b5O52F32:5!@2H53!45-!;9:5MZ942:H59!>594,9:!29!45-!RPK5!456!329M59!,9H5-59!a234-;946!/062FH20925-H_! 29! 456659! RPK5! 6H5KH! 4;6!I`-HJK59! l:352JKm"! 8,1! 45-! :5:59ZG5-325:59459!
! 139
-5JKH59!,9H5-59!>52H5!26H!4;6!A0:0!D,920-!6JK-21H32JK!;,6:51ZK-H"!U25!>JK-21H.Z:5!O5-F459!=5-G;3!=09!5295<!h11F+0<<59H;-!O2545-K03He! lV352JK"!Y7C27"8'.,C'q'Y,"! ;,1!D,920-�!G.O"!mV352JKe!B)79'L/#0/&7!VB%-#$"#$2%8'>"2'("--!I';,1!D,920-ym!\=:3"!E_!##]!836!<,62M;326JK5!CK-;65!1Z-!425!X94-;K<,9:!O2-4!5295!;,6!459!+5996/0H6!G5M;99H5!-K^HK<,6G5H09H5!+599<530425!529:565H.H"!
E"*"*"#!Q;-G59_!Q0-<59!,94!892<;H20959!
V53G!29!,9H5-6JK25432JK6H59!@`9,9:59_!;,JK!;36!6;HH56!>2:9;3:53G_!26H!425!40<2925-59F45!f29H5-:-,941;-G5!2<!U562:9!=09!D,920-!@[!\C-5<25-5]"!!QZ-!425!:-;126JK5!V56H;3H,9:!6294!.,45<!425!5332/H26JK59!Q0-<59!45-!D,920-!@[!?29:5!=09!:-`cH5-!a545,H,9:"!>25! 1,9:25-59! ;36!C-0:-;<<1325:5_! 40<2925-59! ;G5-! 4;-ZG5-!K29;,6!425!NO26JK59:32545-"!X29352H,9:59_!pG5-352H,9:59!,94!C;,659FX35<59H5!O5-F459! ;,6![;-2;9H59! 42565-! M0<2M;-H2:59!?29:<0H2=5! :5G;,H"! >53G6H! 425! 29!V53GH`959!:5K;3H5959!a234K29H5-:-Z945!6294!6;91H!<04,325-H!<2H!5332/H26JK59!>JK352159!;335-!8-H!,94!,9H5-6JK25432JK6H5-!V-`c5"!U25!D,920-!@[!?29:5!O5-459!2<!?;K<59!45-!NO26JK59:32545-!92JKH!;36!6H;H26JK5!V-;F12M59!529:565H.H_!60945-9!;36!K0JK:-;42:!G5O5:32JK5!L0H2=5"!U25!5291;JK59!42:2H;359!+-5;H20959!b;:59!ZG5-!459!a2346JK2-<-;,<_!KZ/159_!H;9.59_!65:539_!2</30425-59_!=5-F6JKO29459_!H;,JK59!;,1_!H;,JK59!,9H5-!,94!=5-O;94539!62JK"!8<!X94/,9MH!7K-5-!;92F<25-H59!a5O5:,9:65g.5665!6H5KH! 2<!?5:531;33!52956e!4;6!L;-M59.52JK59!D,920-_!:-;F126JK!=5-:5:596HP9432JKH!29!Q0-<!52956!G,9H59!>JK-21H.,:56!<2H!459!5332/H26JK59!?29F:59!;,1!45<!l2m"!!a5-52H6! 5-OPK9H!O,-45! 5295! 4-2HH5!O2JKH2:5!V-,//59! =09!L0H2=59_! 425! 4;6! X-6JK52F9,9:6G234!=09!D,920-!@[!\C-5<25-5]!/-P:59"!X6!6294!4256!425!J0</,H5-:595-25-H59!@-2JM12:,-59!b/8",)_!b733',94!b78%"!X6!M;99!K25-!92JKH!425!8,1:;G5!6529!2K-5!:-;126JK5!V56H;3H!=0336HP942:!.,!JK;-;MH5-2625-59"!>0=253!652!5-OPK9He!>25!6294!<2H!-2562:59!8,F:59!;,6:56H;HH5H!,94! 2K-5!V562JKH6.Z:5!952:59!.,!59H59;-H2:5<!8,665K59!\;335-429:6!0K95! >JK9;G53]"! U25659! 6H;-M! H-;42H20953359! L0<59H59! :5:59ZG5-! 6H5K59! 4,-JK;,6!l<045-95m!YK;-;MH5-26H2M;e! >25! =5-1Z:59! .O;-! ZG5-!fP945! ,94!QZc5_! b540JK!O545-!ZG5-!8-<5!90JK!ZG5-!a5295"!@5235!2K-56!+`-/5-6!lKP9:59m!:5O2665-<;c59!29!45-!A,1H"!U;.,! :5K`-59! ;,JK! 425! 8,:59G-;,59"! f29.,! M0<<H! 529! ,9:5O0K9H! K0K56!L;c! ;9!-P,<32JK5-!C3;6H2.2HPH!45-!Q2:,-59!60O25!>H5-232HPH!45-!hG5-13PJK59G56JK;1159K52H"!>25!35G59!29!5295-!I53H!/;6H5331;-G595-!>;,G5-M52H"!
!140
E5A5E' DIXa\''
E"*"E"'!C-0:-;<<62:95H!
U;6! +2945-/-0:-;<<! 456! >5945-6! ?@A! 26H! <2H! 5295-! M0<G2925-H59! >5945-W+2945-F/-0:-;<<1325:5!<;-M25-H"!+F?@A!3;,H5H!4;6!R;<596MZ-.53!45-!Q325:5!,94!O2-4!S!2<!?;K<59!45-!NO26JK59:32545-!S!/K095H26JK!;,66JK325c32JK!29!8GMZ-.,9:610-<!;-H2M,F325-H"!>5<;9H26JK!6H5KH!4;6!l+m!45990JK!52945,H2:!1Z-!l+2945-m"!@^/0:-;126JK!26H!4;6!R;<596MZ-.53!;36!,9-5:53<Pc2:5_!J;-H009K;1H5!a30JM6JK-21H!:56FH;3H5H"!U25!QZ33,9:!45-!a,JK6H;G59!26H!29!5295-!92JKHFH-;96/;-59H59!I52cH`9,9:!:5K;3FH59_!425!a,JK6H;G59-P945-!6294!29!15HH5<!>JKO;-.!G5H09H"!U;6!l+m!26H!4;G52!;36!4,-JK!65295!V-`c5!,94!65295!C062H209!2<!>JK-21H.,:!:5:59ZG5-!?@A!;36!ZG5-;,6!G545,H6;<!;G:565H.H"!U25!a,JK6H;G59!456!+Z-.536!6294!60!/062H20925-H_!4;66!625!62JK!:-;126JK!H523FO5265!ZG5-3;//59"!836!6/2535-26JK56!L0<59H!6294!.,45<!K29H5-!459!a,JK6H;G59!l?m_!l@m! ,94! lAm! b5O5236! M35295! ,9-5:53<Pc2:5! ?5JKH5JM5! 29! ,9H5-6JK25432JK59_! :5-29:!:56PHH2:H59! Q;-GH`9,9:59! /062H20925-H"! >25! ;M.59H,25-59! 425! =0-! 7K959! /062H20925-H59!a,JK6H;G59!l?m_!l@m!,94!lAm!,94!6JK;1159!52959!lV5O2JKH6;,6:352JKm!:5:59ZG5-!45-!:-;126JK59!U0<29;9.! 456! l+d6m"!N,45<! H-;:59! 425!?5JKH5JM5! .,-! G5665-59!8G65H.FG;-M52H!456!+2945-/-0:-;<<62:95H6!=0<!f29H5-:-,94!G52"!U25!:-;126JK59!L5-M<;35!45-!Q325:5!=09!+F?@A!=5-<2HH539! .,6;<<59:51;66H! 52959!6H;-M! J;-H009;-H2:59!YK;-;MH5-"!L;-M;9H! 2<!+09H5gH! 456
! 141
T<6H;94! 26H! 456K;3G! =09! a545,H,9:_! O523! 45-! L"-8%H' Y&/G! 2<<5-K29! 5HO;! .O52!QZ91H53!456!:56;<H59!N52H-;,<56!1Z-!+2945-/-0:-;<<5!29!+F?@A!52992<<H"!
E"*"E"*!+5996/0H6!
7<!,9H5-6,JKH59!L;H5-2;3!M0<<H!3542:32JK!529!+F?@AF+2945-/-0:-;<<M5996/0H!=0-"!U25! C-0:-;<<M599,9:! 12945H! ;360! 2<! O5659H32JK59! 2<! ?;K<59! =09! @5;65-9! ,94!I5-G5M5996/0H6!6H;HH"!U5-!52:59H32JK5!+5996/0H!=09!+F?@A!26H!529!Y;-H009!<2H!45<!A`O59!D;^_!45-!=09!5295<!@2H53609:!:5H-;:59!O2-4"!U5-!@5gH!456!@2H53609:!3;,H5He!!lX6!26H!529!+;H.596/-,9:!296!9PJK6H5!8G59H5,5-_!!M0<<!29!425!I53H!=09!b7H_!O2-!.25K59!Q-;H.59!=0-!459!:-`cH59!T9:5K5,5-9_!4599!b545-!26H!K25-!529!f534ym!!U5-!4;-;,1!103:5945!+0<<59H;-!G5:352H5H!425!O52H5-59!>.5959!<2H!b7H"!!l?;,6!;,6!459!Q545-9_!-529!296!8G59H5,5-y!+0<<!29!425!I53H!=09!b7Hy!U;!26H!6,/5-!=253!306!C;-H^_!Q,9!,94!15HH5!8MH209y!+F?@A!F!b5456!I0JK595945y!!U;!M`99H!7K-!O;6!5-35G59ym!!
U25! =26,5335! XG595!O2-4! =09! >.5959!<2H! 45<!N52JK9H-2JM3`O59!b7H! 40<2925-H"!U25!8-H! 45-! N52JK9,9:! 45-! b7HFY;-H0096! 3P66H! 5295! 6H2326H26JK5! RPK5! .,! @-;6KFY;-H0096!5-;K959"!b7H!;:25-H!=0-!;G6H-;MH5<!f29H5-:-,94_!5295-!>H-52159H;/5H5_!:5K;3H59!29!C;6FH5331;-G59"!U5-! N52JK59H-2JM3`O5! 1325:H! 9;K5.,! =09! 5295<!X-35G926! 296! 9PJK6H5"!8<!a5:299!456!+5996/0H6!=0331ZK-H!b7H!+`-/5-ZG,9:59!425!;9!15-9`6H32JK5!+;</16/0-HFH5JK92M59!5-2995-9"!7<!9PJK6H59!L0<59H!H;,JKH!529!a,33;,:5!5295!L26JK,9:!.O26JK59!a2346JK2-<! 52956! Q5-965K5-6! ,94! 8,:5! 5295-! I;6JK<;6JK295! ;,1"! b7H! 6JK;3H5H! 425!L;6JK295!<2H! 45-! Q5-9G54259,9:! 529"!X6! 5-6JK529H! 4;6!N52JK59!+F?@A! 2<!L;6JK2F959;,:5"!U;K29H5-!6JK52959!=5-6JKO0<<595_!.;JM2:5!>H`-6H-52159!4,-JK"!b7H!6/-29:H!29! 425656! a,33;,:5_! 45-! V3;6M`-/5-! =5-O;9453H! 62JK! 29! 5295!I;665-0G5-13PJK5"! U5-!A`O5!H;,JKH!,9H5-!,94!12945H!62JK!29!45-!A,1H!;<!X945!52956!C;/25-4-;JK596JKO;9.56!O2545-"!R;JK!5292:59!A,1H6JKOZ9:59!6/-29:H!5-!;,1!529!>M;H5G0;-4k!,95-O;-H5H!6H5KH!5-!;9!5295-!V2H;--5!,94!6/253H!?0JM<,62M"!X29!a3,<59H0/1!29!9PJK6H5-!RPK5!=5-O;9F453H!62JK!29!5295!13526JK1-5665945!C13;9.5!,94!-52cH!G54-0K32JK!459!?;JK59!;,1"!T9=5-F65K596!6H5KH!b7H!;,1!5295<!>M;H5G0;-4!1PK-H!4,-JK!52959!A00/29:_!6/-29:H!29!529!A0JK_!O2-4! =09! 45-! 13526JK1-56659459! C13;9.5! ;HH;JM25-H_! 6JKO2<<H! 29! 5295<! G-;,659459!
!142
L55-_!6H5KH!G3,<59,<-29:H!O2545-!;9!45-!V2H;--5"!V352JK!4;-;,1!5-1Z33H!5295!@;153!<2H!45<!C-0:-;<<62:95H!=09!+F?@A!459!a2346JK2-<"!!7<!;G6JK325c59459!4-;<;H,-:26JK59!N59H-,<!456!+5996/0H6!6H5KH!4;6!>2:95H!456!+29F45-/-0:-;<<6!=09!?@A!l+F?@Am"!>0O0K3!45-!@2H53609:!;36!;,JK!45-!4;-;,1!103:5945!+0<<59H;-!;//53325-H!42-5MH!;9!425!M29432JK59!N,65K5-"!U5-!@2H53609:!O2-4!=09!5295<!5-O;JK65959_!b,:59432JK!M329:59459!L;99!:56,9:59"!U5-!+0<<59H;-!O2-4!5G591;336!=09! 5295<!<P9932JK59!>/-5JK5-! ,<:565H.H"!N59H-;35-!8MH5,-! 456!>/0H6! 26H!b7H"!b7H!K;H! M5295! Q-5,945! 045-! C;-H95-"! X-! M0<<H! 3542:32JK! <2H! 8,66H;HH,9:6535<59H59! 29!a5-ZK-,9:"! X295! 13526JK1-5665945! C13;9.5_! 529! >M;H5G0;-4_! 529! C;/25-4-;JK5_! 529!>JKO2<<-52159_! 5295!V2H;--5"!U2565!L0H2=5! 6294! 29! l;JH209-52JK5m!f;943,9:59! 529F:5O0G59"!U5-!a234K29H5-:-,94!26H!5291;JK!:5K;3H59"!
E"*"E"E!L"-8%H'Y&/GF+5996/0H6!
796:56;<H!O5-459!625G59!L"-8%H'Y&/GF+5996/0H6!:56JK;3H5H_!;360!O5659H32JK!<5K-!;36!+F?@A!+5996/0H6"!U25!L"-8%H'Y&/GF+5996/0H6!6294!;,66JK325c32JK!<,62M;326JK!1,9F425-H"!U5-!f29H5-:-,94! 26H!=09!;92<25-H59!Q;-G6JK352159!:5/-P:H"! 7<
! 143
<59H;-! lD5H.H! 29!+F?@A! S! 529! Q;33! 1Z-!U/C%)C"6! ,94! 4;9;JK!Y72IL,6m! :56/-0JK59"
!144
U5-!79K;3H!45-!>.595!456!;,6352H59459!+5996/0H6! 26H! 103:5945-<;c59!;,1:5G;,He!b7H'O2-4!=09!45-!C13;9.5!;,6:56/,JMH"!b7H!G-Z33H! 625!OZH594!;9"!U25!C13;9.5!=5-O;9453H!62JK! 29! 529!a3,<5"! 79! 45-! Q03:5! ,<M-52659!<5K-5-5!a3,<59! b7H"! a55945H!O2-4! 425!>.595!<2H!5295-!@;153_!29!45-59!N59H-,<!4;6!C-0:-;<<62:95H!+F?@A!6H5KH"!836!>/-5FJK5-!1,9:25-59!+2945-!2<!YK0-e!
E"*"E"%!R;JK6/P995!
U25!V56H;3H,9:!45-!R;JK6/P995!3P66H!M529!4,-JK:P9:2:56!+09.5/H!5-M59959"!L;9JK5!R;JK6/P995!6294! 2<!h-2:29;3!=0-K;9459"!8945-5!6294! 29!?@A!6/5.2126JK5-!Q0-<!5-FM599G;-"! 7995-K;3G! 456!L"-8%H'Y&/G-!O2-4! 45-!R;JK6/;99! 29! 45-!?5:53! /;-;3353! .,-!9;JK103:59459!L045-;H209!:5.52:H"!U;6!a234!26H!1Z-!425659!NO5JM!29!=5-H2M;3!:5H523H_!1Z-!459!R;JK6/;99!6H5KH!529!U-2HH53!456!a234-;,<56!.,-![5-1Z:,9:"!!
E5A5O' U+a54'b/8",)'
E"*"#"'!>5945-30:0!,94!C-0:-;<<62:95H!
[0-O5::590<<59! 652! K25-_! 4;6! 2<! T9H5-6,JK,9:6.52H-;,<! 60O0K3! 45-! +2945-/-0F:-;<<;9G25H5-!D,920-!@[!456!a0,j,5H6!=09!C-5<25-5!I0-34!;36!;,JK!4;6!6;<6HP:32FJK5!+2945-/-0:-;<<!=09!>8@"'!62JK!9;K5.,!2459H26JK!G5959959!\D,920-!G52!C-5<25F-5k!>8@"'!D,920-!G52!>;H"']"!N,45<!9,H.59!G5245!C-0:-;<<;9G25H5-!529!G529;K5!=033F6HP942:!ZG5-5296H2<<59456!L;-M25-,9:6FN52JK59!\D,920-]! 2<!a5-52JK!45-!NO26JK59F:32545-"!U25!f;,/H42115-59.! 325:H!4;-29_!4;66! 2<!Q;335!=09! D,920-!@[! \C-5<25-5]!45-!R;<596.,:!D,920-!;36!L;-M59.52JK59!1Z-!52959!+;9;3!2<!42:2H;359!a0,j,5H!456!V5F6;<H;9:5G0H6!6H5KH_!G52!>8@"'!K29:5:59!3542:32JK!425!6;<6HP:32JK5!+2945-/-0:-;<<F6JK2595! 60!G59;99H!O2-4"!I52H5-!,9H5-6JK52459! 62JK!425!XJMFV-;12M59!<2H!45959!425!G52459!89:5G0H5!;<!a2346JK2-<!<;-M25-H!6294"!79!a0,j,5H!=09!C-5<25-5!O5-459!.O52!?29:5! ;36! >2:95H! 1Z-! D,920-! =5-O5945H"! >8@"'! M0<G2925-H! 6529! U;JK<;-M59.52JK59!>8@"'!<2H!52959!lDm!;<!-5JKH59!,9H5-59!a234-;94"!!!U;6!+2945-/-0:-;<<!456![033/-0:-;<<;9G25H5-6! >8@"'! 26H! 5295-652H6!<2H! 45-! >59F45-FQ325:5! \U;JK<;-M5]_! ;945-5-652H6!<2H! 5295-! 52:596HP942:59!+2945-/-0:-;<<1325F:5_!5295<!-0H59!lDm!<;-M25-H"!U25!>8@"'!>5945-FQ325:5!26H!;<!-5JKH59!0G5-59!a234-;94!/062H20925-H_! 425! +2945-/-0:-;<<1325:5! ;<! -5JKH59! ,9H5-59! a234-;94"! U2565! G52459!XJMFV-;12M59!G5:352H59!;335!+2945-6594,9:59!=09!>8@"'"!U;-ZG5-!K29;,6!O5-459!425!5-6H59!1Z91!>5M,9459!5295-!b5O5236!95,!G5:29959459!>594,9:!=0<!>JK-21H.,:!D,920-!G5:352H5H"!U;6!+2945-/-0:-;<<! =09! >;H"'!O2-4! ;360! b5O5236!<2H! .O52! XJMFV-;12M59!<;-M25-H"!!
! 145
U;6!f;,/H535<59H! 45-! >8@"'! Q325:5! G2345H! 45-! H^/0:-;126JK!<;-M;9H! :56H;3H5H5!R;F<596.,:! 456! C-0:-;<<;9G25H5-6"! U2565-! .52JK95H! 62JK! 4,-JK! .O52! L5-M<;35! ;,6"!X295-652H6!4,-JK!5295!6JK529G;-5![5-<26JK,9:!.O26JK59!V-0cF!,94!+35296JK-52G,9:!456!R;<596.,:56"!U;6!l6m!,94!4;6!l;m!6JK52959!=09!7K-5-!Q0-<!;36!+3529G,JK6H;G59!;,6:51ZK-H_!=09!2K-5-!V-`c5!K5-!G565K59!6294!625!b540JK!:59;,!60!:-0c!O25!4;6!4;-;,1F103:5945!@_!4;6!10-<;3!;36!V-0cG,JK6H;G5!;,6:51ZK-H!6JK529H"!U5-!>JK-21H.,:!,94!425!4;-;,1!103:5945!l'm!6294!29!:352JK5-!f`K5!:5K;3H59"!
N,45<! .52JK95H! 62JK! 425! :-;126JK5!T<65H.,9:! 456!R;<596.,:56! 4,-JK! 529! 6/5.212F6JK56!QZ33<,6H5-!;,6"!U25!8,61ZK-,9:!45-!a,JK6H;G59!26H!29!l15HHm!:5K;3H59"!U25!QZ3F3,9:! 26H! ;335-429:6!92JKH!<090H09_! 60945-9!O52c32JK!j,5-:56H-521H!,94!.,45<!:5:59FZG5-!45<!f29H5-:-,94!29!:5-29:5<!8,6<;c!H-;96/;-59H!"!!
N,!5295<!<;-M;9H5<!>^<G03!:56H;3H5H!26H!45-!lC,9MHm!2<!>8@"'!R;<596.,:"!U2565-!5-2995-H! ;,1:-,94! 65295-! Q0-<F! ,94! Q;-G:56H;3H,9:! ;9! 52959_! 29! ?5:59G0:591;-G59!:56H-521H59!I;665-G;33"!a5H-;JKH5H!<;9!459!:-;126JK59!V56;<H;,1G;,!\C062H20925-,9:_!V-`c5_! Q;-G59]! G2345H! 45-! I;665-G;33! 459! .O52H59! lC03m! 456! L;-M59.52JK596"!!IPK-594!45-!>JK-21H.,:!>8@"'!459!R;<59!=5-;9M5-H_!6033!4;6!:-;126JK5!>^<G03!456!G,9H:56H-521H59!I;665-G;336! =0-O25:594! ;,1! 425! P6HK5H26JK5_! 629932JK_! 5-35G9260-259FH25-H5_! 5-1;K-G;-5! li,;32HPHm! 456! >5945-6! =5-O52659! \lC,1%)%=' GH' %>,2",8ef]"! [5-F6,JKH!<;9!52959!8660.2;H2096K0-2.09H!.,!6M2..25-59_!60!3;6659!62JK!<2H!42565<!62</F359!>^<G03!456!G,9H59!I;665-G;336
!146
D,920-!K29:5:59!O2-4!3542:32JK!2<!N,6;<<59K;9:!<2H!459!+,-.F@-2JM123<59!,<!b/I8",)_!b73',94!b78%!:59;99H"!
E"*"#")!NO26JK59:32545-
YK;-;MH5-26H26JK! 1Z-! 4;6! +2945-/-0:-;<<! =09! >8@"'! 26H! 45-! K0K5! 89H523! ;9! NO2F6JK59:32545-9"![09!459!&%!NO26JK59:32545-9!59H1P33H!M9;//!529!U-2HH53!;,1!+2945-/-0F:-;<<M5996/0H6!,94!529!O52H5-56!U-2HH53!;,1!I5-G5M599/0H6"!U5-!?56H!65H.H!62JK!;,6!@5;65-!\')_Ev]!,94!6096H2:5!NO26JK59:32545-!.,6;<<59"!!
E"*"#"*!C-0:-;<<M5996/0H6!
836!C-0:-;<<M5996/0H6!O5-459! ;,420=26,5335!+,-.:56JK2JKH59!<2H!b/8",)_!b73',94!b78%! 529:565H.H"! 836! C-04,.59H! 42565-! V56JK2JKH59!O2-4! 2<!R;JK6/;99! 425! XL"@[!1;33O5265! ;9:51ZK-H"! 79! 8,1G;,! ,94! V56H;3H,9:! 6294! 425! V56JK2JKH59! ZG5-! 425! 4-52!l+2945-12:,-59m! =0336HP942:! 2459H26JK! <2H! b5959! 456! C-0:-;<<;9:5G0H6! =09! D,920-!@[! \C-5<25-5]"! U;! 425! V56JK2JKH59! 60O0K3! G52! D,920-! @[! \C-5<25-5]! ;36! ;,JK! G52!>8@"'!D,920-!;36!C-0:-;<<M5996/0H6!/062H20925-H!6294_!5-:2GH!62JK!4;6!C-0G35<!9;K5F.,!2459H26JK5-!+5996/0H6!.O26JK59!=5-6JK2545959!89G25H5-9!=09!+2945-/-0:-;<<59"!!!U5-
! 147
R;JK!45-!V56/-PJK66.595!.O26JK59!b/8",)',94!b73'103:H!425!=09!5295-!+599<530425!G5:352H5H5!8G6JK3,6665j,59.e![0-!5295<!:034:53G59_!6H;H26JK59!f29H5-:-,94!.O29M5-H!,96!b/8",)!<2H!45<!329M59!8,:5!.,"!U;-,9H5-!129459!62JK!4-52!>JK-21H.Z:5"!X29!:-`c5F-5-!<2H!45-!G,9H!;,6:51ZK-H59!a5.52JK9,9:!D,920-!,94!.O52!O52H5-5!<2H!45-!a5.52JKF9,9:!D,920-!G^!XL"@[!,94!OOO"<^D,920-"J0<"!!!U;99! 65H.H! C2;90<,62M!<2H! >^9HK562.5-F+3P9:59! 529! ,94! 425! >JK52G5!<2H! 45<!R;F<596.,:!D,920-!G5:299H!62JK!,<!425!=5-H2M;35!8JK65!.,!4-5K59"!7<!N,:5!45-!U-5KG5FO5:,9:59!=5-6JKO2945H!4;6!D,920-!6,M.5662=5"!89!>H5335!456659!H-2HH!529!:-0c56!-0H56!lDm"!!!U25! C-0:-;<<M5996/0H6! ,9H5-6JK52459! 62JK! =0<! D,920-F89:5G0H! =09! C-5<25-5! 9,-!4,-JK!425!R;<5966JK52G5_! 425! 62JK! -;6JK!,<!425! =5-H2M;35!8JK65! .,!4-5K59!G5:299H!,94!459!>JK-21H.,:! D,920-! 29! 529! -0H1;-G5956! lDm!=5-O;9453H"!XG5960!O25! 1Z-! D,920-!=09!C-5<25-5!:23H!G52!>8@"'!D,920-_!4;66!4;6!+2945/-0:-;<<F>2:95H!D,920-!ZG5-!5295!:352JK9;<2:5!@-2JM123<12:,-!/5-609;32625-H!O2-4"!
E"*"#"E!I5-G5M5996/0H6!
L2H! 45-!L;-M25-,9:! =09!I5-G5M5996/0H6!<2H! J;-H009;-H2:59!?;K<,9:59! M;99! 62JK!4;6!+2945-/-0:-;<<!456!O5-G5129;9.25-H59!>8@"'!=0<!C;^F@[!89:5G0H!=09!D,920-!@[! \C-5<25-5]! :-;126JK! 5HO;6! ;G65H.59"! >;H"'! 65H.H! 5295! ?52K5! ,9H5-6JK25432JK5-!L0H2=5! .,-! J;-H009K;1H59! L;-M25-,9:! =09! I5-G56/0H6! 529"! Xg5</3;-26JK!=5-6JK-21H32JKH!26H!K25-!529!a5:299!,94!529!X945!52956!I5-G5G30JM6"!!8,1!:034:53G5<!f29H5-:-,94!26H!5295!=09!45-!-5JKH59!>52H5!296!a234!-;:5945!:5.52JKF95H5!-0H5!@-0</5H5!62JKHG;-"!U;-ZG5-!6H5KH!29!=2035HH59!J0<2J;-H2:59!a30JMG,JK6H;G59!45-!>JK-21H.,:!lI5-G,9:me!I2545-,<!4;-ZG5-!G512945H! 62JK!5295!O52c5!>/-5JKG3;65!<2H!45<!>8@"'!L;-M59.52JK59"!Q29:5-!G5:29959!425!@-0</5H5!.,!6/25359"!X29!G5609F45-6!H2515-!@09!6H;,H!62JK_!G3P6H!5295!a3;65!2<!@-0</5H59K;36!;,1_!.`:5-H!,94!59HO52JKH!6JK325c32JK"!L2H!45-!a3;65!59HO52JK59!R0H59_!425!62JK!.,!a,JK6H;G59!,94!29!45-!Q03:5!.,!5295<!>JK-21H.,:!O;94539"!U25!>.595!O2-4!=09!5295-!+2945-6H2<<5!2<!h11!G5:352FH5H"!U2565!6/-2JKHe!lD5H.H!M0<<H!I5-G,9:m"!L,62M;326JK!O2-4!45-!M,-.5!Y32/!=09!52F95<!b;..2:59!@-0</5H595296;H.!G5:352H5H"!!>2JKHG;-!26H!5295!-0H5!N25:53<;,5-!=0-!:53G5<!f29H5-:-,94"!8,1!45<!0G5-59!X945!45-!L;,5-!6H5KH!45-!>JK-21H.,:!I5-G,9:!29!4-5242<596209;359!a30JMG,JK6H;G59"!U;-ZG5-!6JKO5GH!4;6!L;-M59.52JK59!=09!>8@"'!29!5295-!>/-5JKG3;65"!C3`H.32JK!=5-6,JKH!5295!+;H.59M-;335! 62JK! 425! a,JK6H;G59! .,! M-;3359! ,94! O2-G53H! 42565! 4,-JK529;945-"! U25!>.595!O2-4! =09! 5295-! b;..2:59!f29H5-:-,94<530425! ,94! 5295-!<2;,59459!+;H.5! G5F:352H5H"!>25!5945H!<2H!45<!>;H.!l>JK3,66!<2H!I5-G,9:m_!45-!=09!5295-!+2945-6H2<<5!
!148
;,6!45<!h11!:56/-0JK59!O2-4"!!QZ-!425!?;K<,9:!45-!I5-G5M5996/0H6!26H!;,11P332:_!4;6!O545-!45-!R;<596.,:!D,920-m!90JK!4;6!>8@"'!6/5.2126JK5!lDm!.,<!X296;H.!M0<<H"!836!529.2:56!=5-G29459456!X35F<59H! =5-G352GH! 45-! :034:53G5!f29H5-:-,94"! >0O0K3! 45-! 529352H5945! ;36! ;,JK! 45-! ;GF6JK325c5945!I5-G5M5996/0H! 26H! 4,-JK! .O52! G560945-5!86/5MH5! :5M599.52JK95H"!8335!L0H2=5! S! G26! ;,1! 425! >JK-21H.52JK59! ,94!+`-/5-H5235! S! 6294! 29! 4,9M53-0H5<!Q;-GH09!:5K;3H59"!X6!652!4;-;9!5-2995-H_!4;66!;,JK!4;6!1Z-!D,920-!6H5K5945!lDm!4,9M53-0H!529:5F1P-GH! 26H"!U;K29H5-!4Z-1H5!45-!01159M,942:5![5-6,JK!6H5K59_!4;6! H2515!l4,9M53-0Hm!95FG59!45<!l:034:53Gm!\=09!D,920-]!;36!.O52H5!L;-M25-,9:61;-G5!529.,1ZK-59"!8G:565K59!=09!459!C-0:-;<<M5996/0H6!<2H!b/8",)_!b78%',94!b73!,9H5-6JK52459!62JK!425! V-;12M59! =09! >8@"'! =09! 459! 892<;H20959! =09! C-5<25-5! =";"! 4,-JK! 425! +09FM-5HK52H!45-!L0H2=5"!D,920-!@[!\C-5<25-5]!;-G52H5H!;,66JK325c32JK!<2H!;G6H-;MH59!.O52F42<596209;359!?29:10-<59"!!>;H"'! K29:5:59! ;-G52H5H! =0-O25:594! <2H! M09M-5H59! 629:,3P-59! L0H2=59"! XHO;! 5295-!@-0</5H5! 425! =09!f;94!:56/253H!O2-4"!h45-! 5295-!+;H.5!459!>JK-21H.,:! lI5-G,9:m!<2H! 2K-5-! +-;335! =09! 5295-!L;,5-! 15:H"! U2565!+09M-5HK52H! O2-4! =5-6HP-MH! 4,-JK! 459!C3;6H2.2HPH65294-,JM_!45-!!<2HH536!4-5242<596209;35-!892<;H2096:-;12M!5-.253H!O2-4"!!
E"*"#"#!@5;65-!
@5;65-! G5:29959! G52<! +2945-/-0:-;<<! =09! >8@"'! <2H! 5295-! O52c! :-,9425-H59!>/-5JKG3;65_!425!=0-!45<!:53G59!a234K29H5-:-,94!/062H20925-H! 26H"!U5-!@5gH29K;3H!45-!>/-5JKG3;65!3;,H5He!lU25!G56H59!Y;-H0096!;9!5295<!L0-:59m"!8,1!45-!@095G595!O2-4!425!M,-.5!X29352H,9:!456!@5;65-6!G5:352H5H!=09!<,62M;326JK5-!T9H5-<;3,9:!<2H!<;-FM;9H5-!A;,H6HP-M5! 5295<!+0<<59H;-! 45-! 3;,H5He! lI2-! K;G59! 425! G56H59!Y;-H0096! ;9!5295<!L0-:59"m!!X6! 103:H! 45-! 5g5</3;-26JK5! +5-9! 456! @5;65-6! 45-! ;,6! 8,6.Z:59! 45-! ;9:5MZ942:H59!>594,9:59_!29!42565<!Q;33!=09!B)79'L/#0/&7!60O25!U#,,GH'L,,'/8='-%"8%'R)%/8=%_!G56H5KH"! a5:352H5H! 26H! 4;6! h-2:29;3<;H5-2;3! =09! 103:5945<!+0<<59H;-e! lD5H.H! 3;459!O2-!529!.,-!O23459!C;-H^!2<!V-,6536JK3066"!B)79'L/#0/&7!G2HH5H!.,<!@;9."m!R;JK!5295-!8H5</;,65! 103:He! lT94! 4;9;JK!O2-4! 56!O2545-! H,-G,359H! 1Z-!U#,,GH'L,,! ,94! 65295!Q-5,945"!X29!=5--ZJMH5-!L0-:59"m!!U5-! ;G6JK325c5945! @523! 45-! :-;126JK59! ?;K<,9:! G56H5KH! ;,6! .O52! 95G59529;945-F325:59459!:5.52JK95H59!Q5-965K;//;-;H59"!U5-!a234K29H5-:-,94!26H!:53G"!79!b545<!45-!G52459!8//;-;H5!O2-4!5295!M,-.5!G5O5:H5!X296H533,9:!;,6!459!;9:5MZ942:H59!>5-259!:5.52:H"!NO52!>/-5JKG3;659!<2H!459!I0-H59!lb5H.Hm!,94!l4;9;JKm!<;-M25-59!425!8/F
! 149
/;-;H5"!U5-!+0<<59H;-e!lB)79'L/#0/&7! b5H.H!,94!4;9;JK!U#,,GH'L,,m!G5:352H5H!425!>.595"!!836! ;G6JK325c59456!a234! 5-6JK529H! 29! 5295-!>/-5JKG3;65! ;,1! :034:53G5<!f29H5-:-,94!4;6! >8@"'FL;-M59.52JK59"! X295! 4-526H,12:5! @09103:5! G5:352H5H! 4;6! X-6JK52959! 456!L;-M59.52JK596! ;<!a2346JK2-<"!U5-!+0<<59H;-e! l"""29!>8@"'m! 6JK325cH!459!@5;65-!=5-G;3! ;G"!8,11P332:! 26H_! 4;66! 2<!?;K<59! 456!@5;65-6!O545-! 45-!R;<596.,:! D,920-!90JK!4;6!:-;126JK5!+Z-.53!lDm!.,<!X296;H.!M0<<H"!!
E"*"#"$!R;JK6/P995!
U25!R;JK6/P995! 45-! >594,9:59! 6294! 29! 4;6! :-;126JK5! X-6JK529,9:6G234! =09! >8@"'!D,920-! 29H5:-25-H"! X295! >/-5JKG3;65! =0-! :53G5<! f29H5-:-,94! 1ZK-H! 29! J0<2J;-H2:5-!>JK-21H! Y0/^-2:KH.52JK59_! C-04,MH2096b;K-! ,94! C-04,MH2096,9H5-95K<59! 45-! :5-;45!/-P659H25-H59!>5-25!;9"!
!150
DED! `/(W'//!
8335! K25-! .,-! T9H5-6,JK,9:! :53;9:H59!+2945-/-0:-;<<;9G25H5-! 9,H.59! .,-!L;-M25F-,9:! 2K-56! 89:5G0H56! 6/5.2126JK5! :-;126JK5! V56H;3H,9:6535<59H5"! >25! G5:352H59! 459!C-0:-;<<13,66! 4;,5-K;1H! 29!Q0-<!=09!XJMFV-;12M59! \Y0-95-FV-;/K2J6]! ,94!O5-459!2<!?;K<59!/-0:-;<<6H-,MH,-25-5945-!NO26JK59535<59H5!O25!5HO;!>5945-F!,94!C-0F:-;<<M5996/0H6_! @-;235-_! @5;65-! ,94!I5-G5M5996/0H6! <2H,9H5-! ;,JK! 29! >594,9:6F9;JK6/P9959! 529:565H.H"! U,-JK! 459! U;,5-5296;H.! ;36! XJMFV-;12M! ,94! 65K-! KP,12:5-!I2545-K03,9:!2<!?;K<59!=09!NO26JK59:32545-9!/-P:59!625!<;c:5G32JK!4;6!V56;<HF5-6JK529,9:6G234!45-!89G25H5-!=09!+2945-/-0:-;<<59"!U-52!45-!1Z91!>5945-_!+7"+8_!>,/5-?@A!,94!+F?@A!/-P659H25-59!2K-5!>594,9:59!29!5295<!b5O5236!JK;-;MH5-26H26JK59!:-;126JK59!?;K<59"!U;6!X-6JK529,9:6G234!=09!D,92F0-! @[! \C-5<25-5]! ,94! >8@"'! D,920-! K29:5:59! .52:H!pG5-3;//,9:59! 60O0K3! 2<!a5F-52JK!45-!R;<596:5G,9:!;36! ;,JK! 2<!a5-52JK!45-!>5945-M5996/0H6"!U25!=09!G52459!89G25H5-9!1Z-!425!C-0:-;<<M599,9:!G545,H59459!+,-.FY;-H0096!<2H!b/8",)_!b73!,94!b78%!6294!29!7K-5-!V-,946H-,MH,-!2459H26JK"!!!7K-5!=26,5335!7459H2HPH!G;,59!425!C-0:-;<<;9G25H5-!;,1!5292:5!O592:5!V-,94535<59H5!;,1_!425!29!,9H5-6JK25432JK6H59
! 151
!! 8335! >5945-! :56H;3H59! ;,6! 459! :-;126JK59! >/253535<59H59! ,9H5-!L2H529G5.25K,9:!=09!L,62M!,94!>/-;JK5!;,420=26,5335!+0</062H20959"!U2565!+0</062H20959!G5F6H5K59!;,6!12g25-H59!,94!=;-2;G359!a56H;94H52359"!
E5E54' D_5D+'
U;6!X-6JK529,9:6G234!456!+2945-M;9;36!26H!95G59!45<!L;-M59.52JK59!+7"+8!:5/-P:H!=0<!+7"+8F?;4!G.O"!+7"+8F+-5,."!U;6!.59H-;35!>^<G03!H-2HH!29!=25359!,9H5-6JK254F32JK59!Q;-GF!,94!Q0-<=;-2;9H59!;,1_!26H!.,<526H!:-0c13PJK2:!G,9H!,94!<2H!,9-5:53<PFc2:59!>H-2JK6HP-M59!:5.52JK95H"!U25!;92<25-H59!+0</062H20959!G56H5K59!296G560945-5!;,6!<5K-5-59! KP,12:! ZG5-529;945-:56JK2JKH5H59!+7"+8F?P45-9_! 425! 62JK! b5O5236! ,<!2K-5!52:595!8JK65!4-5K59"!
E5E5:' U/C%)Xa\'
U;6! X-6JK529,9:6G234! 456!+2945-/-0:-;<<6! =09! >,/5-?@A! 26H! =09!h-;9:5FQ;-G59!40<2925-H"!h-;9:5!29!=5-6JK2545959!@`9,9:59!26H!425!Q;-G5!45-!a234K29H5-:-Z945!,94!;,JK! 425! Q;-G5! 45-! .,! a;K9G5O5:,9:59! ;92<25-H59! ;G6H-;MH59!h=;3F! ,94!+-526535F<59H5"!R5G59!459!h=;3F!,94!+-526535<59H59!H-5H59!29!459!NO26JK59:32545-9!1;33O5265!b,:59432JK5! l?5;312:,-59m! ;,1"![5-6JK254595! M,-.5! >.5959!<2H! 45-! N52JK59H-2JMM,K!a,66,&"8,! 425! ;36! C-0:-;<<13PJK59M5996/0H6! 529:565H.H! O5-459_! G-5JK59! ;,1:-,94!2K-5-! 52:5959! =26,53359! YK;-;MH5-26H2M;! 425659! =26,53359! N,6;<<59K;9:! ;,1"! U;.,!M0<<59! 90JK! >5j,59.59!<2H! 45-! @-2JM12:,-! 456!\/)#$"_! 425! ;36! KP,12:!O2545-K03H5!>/0960-29:K29O5265!,94!5G591;336!52:596HP942:5-!:-;126JK5-!7459H2HPH!5295<!29H5:-25-FH59! X-6JK529,9:6G234! 59H:5:59O2-M59"! U25! C-0:-;<<13PJK59M5996/0H6! 1Z-! ?;=596FG,-:5-!@[!6294!.O;-!;,1!l>,/5-?@AFh-;9:5m!:5G;,H_!;G5-!L0H2=5!,94!+0</062H20F959!6H53359!5295!529K52H32JK5!=26,5335!7459H2HPH!5G5960!29!Q-;:5"!R5G59! 5295-! :-;4,53359! f5H5-0:592HPH! 2<! :-;126JK59! X-6JK529,9:6G234_! 26H! 5295! .,-!T9ZG5-62JKH32JKM52H!952:5945![2531;3H!;9!A0:06F!,94!>2:95H6!156H.,6H53359"!R5G59!45<!>5945-<;-M59.52JK59! >,/5-?@A_! O2-4! 4;6! L;-M59.52JK59! 456! +2945-/-0:-;<<6!@0::0!,94!4;6!>2:95H!45-!M352959!N52JK59H-2JMM,K!@0::03290!;36!XJMFV-;12M!529:5F65H.H"!U;.,!M0<<H!90JK!425!+599.52JK9,9:!529.5395-!>594,9:59!<2H!X7?%8-G/)6%)FaW"!
E5E5A' b/8",)'aW'Z.)%>"%)%['
D,920-!@[!\C-5<25-5]!/-P659H25-H!652959!G,9H59!L;-M599;<596.,:!D,920-!=0-!35,JKHF594:53G5<!f29H5-:-,94"!U25656!l:53Gm!/-P:H!4;6!:-;126JK5!X-6JK529,9:6G234!456!C;^F@[!>5945-6!<;c:5G32JK"!I52H5-5!JK;-;MH5-26H26JK5!V56H;3H,9:6535<59H5!6294!425!6.5F926JK! 529:565H.H59! N52JK59H-2JM12:,-59! b/8",)_! b73' ,94! b78%' 60O25! 4^9;<26JK! ;92F<25-H5!0=;35!?29:5_!425!29!pG5-:;9:6/;66;:59!.,<!X296;H.!M0<<59!,94!6JK325c32JK!4;6!G5-52H6!5-OPK9H5!L;-M599;<596.52JK59!D,920-"
!152
H;3H5H! D,920-! @[! \C-5<25-5]! 65295! 529.2:5! XJMFV-;12M"! R,-! .O52! 0=;35! ?29:5! M599F.52JK959!459!>5945-! ;<!a2346JK2-<-;94"!>5K-!:,H!9;JK=033.25KG;-! 6294!425![5-G29F4,9:6329259_!425!425!N,6;<<59KP9:5!.O26JK59!459!V56H;3H,9:6535<59H59!K5-6H53359"!U25!;36!XJMFV-;12M!1,9:25-59459!0=;359!?29:5!=5-<5K-59!62JK!2<!?;K<59!45-!NO2F6JK59:32545-! .,! 4^9;<26JK! ;92<25-H59! +0</062H20959! ,94!<Z9459! 2<! 4-;<;H,-:2F6JK59!f`K5/,9MH!.25362JK5-!;36!40//53H5!l2FC,9MH5m!;,1!45<!R;<596.,:!D,920-"!U;6!6.5926JK5!X965<G35!<2H!b/8",)_!b73',94!b78%!G-2JKH!.O;-!;,1!=26,53359!XG595!<2H!45-!Q;-G2:M52H! 456! f29H5-:-,946! ,94! 45-! 0=;359! ?29:5_! O2-4! ;G5-! ;,1! 45-! 6/-;JK32JK59!XG595!4,-JK!425!R;<5962459H2HPH!.O26JK59!45<!L;-M59.52JK59!D,920-!,94!45-!Q2:,-!456! D,920-! 29! 4;6!V56;<HM09.5/H!<2H529:5G,9459"! D,920-!@[! \C-5<25-5]! /-P659H25-H!62JK!=0<!:-;126JK59!+09.5/H!K5-!G565K59!;36!M3;-!,94!ZG5-.5,:594!;,1:5G;,H"!!
E5E5E5' DIXa\'
U;6! C-0:-;<<62:95H! +F?@A!<;-M25-H! ;36! XJMFV-;12M! 4;6! +2945-/-0:-;<<! =09!+F?@A"! U2565-! >JK-21H.,:! 92<<H! ;,JK! 2<! ?;K<59! 45-! NO26JK59:32545-! 5295-!K5-;,6-;:5945!C062H209!529"!U;.,!M0<<H!425!KP,12:5!=5-G;35!X-OPK9,9:!456!R;<596!456!+2945-/-0:-;<<6!2995-K;3G!45-!NO26JK59:32545-"!U;6!X-6JK529,9:6G234!456!C-0F:-;<<;9:5G0H6!=09!+F?@A!O2-4!=0<!@-2JM123<3`O59!b7H'<;c:5G32JK!:5/-P:H"!U25!N52JK59H-2JM12:,-!40<2925-H!C-0:-;<<M596/0H6_!-;K<H!@5;65-!,94!I5-G5M5996/0H6"!!>5295! 6/5.126JK5! P6HK5H26JK5! 8,6:56H;3H,9:_! =0-! ;335<! 425! :-0c5! U^9;<2M! 29!>H-2JK1ZK-,9:!,94!892<;H209!M0<G2925-H!<2H!:5-29:!:56PHH2:H59!Q;-G59_!=5-<2HH53H!425!6/5.2126JK5! =26,5335! 7459H2HPH! 456! +2945-/-0:-;<<;9:5G0H6"! U2565! 529K52H32JK5!=26,5335!+599,9:!456!+2945-/-0:-;<<6!=09!?@A!O2-4!4,-JK!425!KP,12:59!+5996/0H6!1Z-! 425! >594513PJK5! L"-8%H' Y&/G! 4,-JKM-5,.H"! U25! 5G591;336! ;,1! @-2JM123<59!;,1:5G;,H59!Y3,GF+5996/0H6!103:59!5295<!52:596HP942:59!=26,53359!+09.5/H_!4;6!=09!0/,359H5-!Q;-G2:M52H!,94!K0K5-!L0H2=42JKH5!:5/-P:H!26H"!
E5E5O' U+a54'b/8",)'
U;6!>8@"'F>5945-<;-M59.52JK59!40<2925-H!60O0K3!;36!XJMFV-;12M!425!>594,9:59!;36!;,JK! ;36! >JK-21H.,:! 425! NO26JK59:32545-! 456! +2945-/-0:-;<<;9:5G0H6! =09! >8@"'"!836!O52H5-56! :-;126JK56! >2:95H! 1,9:25-H! 529! lDm! ;<! -5JKH59! ,9H5-59!a2346JK2-<-;94"!7995-K;3G!45-!NO26JK59:32545-!3;6659!62JK!.O52!V-,//59!=09!:-;126JK59!+0</062H20F959!,9H5-6JK52459"!7<!?;K<59!45-!C-0:-;<<M5996/0H6!G56H2<<59!425!N52JK59H-2JMF12:,-59! b/8",)_! b73',94! b78%'4;6!X-6JK529,9:6G234"!U59!8G6JK3,66! 42565-! N52JK59FH-2JM:56JK2JKH59! G23459! f29O5265! ;,1! 4;6! >2:95H! D,920-! ,94! ;,1! 459! ?5JKH529K;G5-!XL"@["!U25!.O52H5!V-,//5!,<1;66H!I5-G5M5996/0H6_!@5;65-!,94!R;JK6/P995"!f25-!40<2925-59! M,-.5! N52JK59H-2JM65j,59.59! \I5-G5M5996/06H]_! G.O"! 5291;JK5! Y0<2JF>/-5JKG3;659!4;6!=26,5335!X-6JK529,9:6G234"!7<!?;K<59!=09!>8@"'!D,920-!.52:H!62JK_!4;66!4;6!:-;126JK5!X-6JK529,9:6G234!,<!.O52!lC035m!59HO0-159!26H"!
! 153
J! I#%6,9*,%/,!9*#!"#$%#&''()#*+)*#&,&-.(/K!L*&-2)&)20/!H,&-.(/!&*(%/567-)/#!M/#G/G-N:+/!
I5-G,9:! ,94! C-0:-;<<! 3;6659! 62JK! 6/5.2533! 2<! +2945-15-965K59! 6JKO5-! =09529;945-!;G:-59.59_! 4;! =0-! ;335<! +2945-! G26! .,<! [0-6JK,3;3H5-! 425! 79H59H209! =09! I5-G,9:! 92JKH!5-1;6659!M`9959!\=:3"!YK;-3H09W!R5,<;99Fa-;,9!'&&#]"!L5425929K;3H5!O5-459!45<9;JK!=09!+2945-9! :;9.K52H32JK! ,94! 92JKH! 9;JK! >5945:;HH,9:59! 6/5.212.25-H! 5-1;K-59"! U256! G52! 45-!C-0:-;<</3;9,9:! G5-ZJM62JKH2:594! M;99! ;9:590<<59! O5-459_! 4;66!I5-G,9:! 2<! T<1534!456! ;,6:56H-;K3H59! C-0:-;<<6! ;,JK! 4;.,! G59,H.H! O2-4_! 459! >5945-_! G56H2<<H5! >594,9:59!045-!;945-5!<54259<;-M59-535=;9H5!79K;3H5!.,!/-P659H25-59"!!
T<! K5-;,6.,129459_! 29O25O52H! 425!O5-G5129;9.25-H59! >5945-! \?@A_! >,/5-?@A! ,94! >8@"']!G56H2<<H5! X29.531-;:<59H5! 2K-56! C-0:-;<<6! .,-! +-525-,9:! ,94! XH;G325-,9:! =09!L54259<;-M59! 2</35<59H25-59_! O,-459! 95G59! 45-! j,;9H2H;H2=59! C-0:-;<<6H-,MH,-;9;3^65!529.5395! ;,6:5OPK3H5!I5-G5G3`JM5! 5295-! K5-<595,H26JK59! 79K;3H6;9;3^65! ,9H5-.0:59_! 45-59!>/0H6! K2962JKH32JK! 2K-5-! <;-M59-535=;9H59! 79K;3H5! ,94! 45-59! 5g/32.2H59! a5.,:! ;,1! 4;6!C-0:-;<<!45-!Q5-965K65945-!,9H5-6,JKH!,94!<2H529;945-!=5-:32JK59!O,-459"!!
JE;! R/)7$3/!*,3!V*#:7QW7#*,%!3/#!R/)7$3/!
T<!459!5HO;2:59!L;-M59JK;-;MH5-!45-!65945-6/5.2126JK59!I5-G5G3`JM5_!;G5-!;,JK!b5959!=09!X29.53O5-G,9:59_!5-1;6659!.,!M`9959_!G54,-1H5!56!5295-!K5-<595,H26JK59!79K;3H6;9;3^65_'!425!62JK!b540JK!=0-!;335<!;,1!425!XG595!45-!O5-M2<<;959H59!a56JK-52G,9:!,94!;96JK325c59459!79H5-/-5H;H209!G56JK-P9MH5"!!
N,<!NO5JM!45-!T9H5-6,JK,9:!O,-45!529!+;H5:0-259M;H;30:!\8GG"!']!5-6H533H_!<2H!456659!f2315!60O0K3!29K;3H32JK5!;36!;,JK!10-<;35!<;-M59-535=;9H5!L5-M<;35!52956!I5-G5G30JM6!G.O"!52956!X29.53O5-G56/0H6!5-,25-H!O5-459!6033H59"!!
U;6! f;,/H;,:59<5-M! 42565-! T9H5-6,JK,9:! :;3H! 45<9;JK! 5295-652H6! 459! 4;-:5G0H5959!79K;3H59_! ;945-5-652H6! O,-45! 156H:5K;3H59_! 29O25O52H! 529.5395! I5-G56/0H6! 62JK! <2H!=0-;9:5:;9:5959! 045-! 103:59459! >594,9:59! \29K;3H32JK]! =5-G29459! 3;6659"! U25! 529.53959!I5-G5G3`JM5! O,-459! 45<9;JK! 92JKH! 9,-! ;36! 29! 62JK! ;G:56JK3066595! X35<59H5! 456!V56;<H/-0:-;<<6_! 60945-9! ;,JK! ;36! @5235! 52956! ;,6! =25359! L06;2M6H529JK59!.,6;<<59:565H.H59!V;9.59!G5H-;JKH5H"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'! >25K5!4;.,!Q-ZK!)(('#_!EB1"!
!154
!
HGGE!;K!1&)/%$#2/,!9*#!M/#G/G-$:+&,&-.(/!'! Z0*49'!8%(!I%#$%$93)L(!
I53JK5!C-04,MH5!O5-459!G5O0-G59o!I25!O5-459!625!G5O0-G59o!)! Z0L968&%#60/!R30!$%L400'%0!E%#&%0<!38%#!O&957&/6#%0!
I2-4!4;6!C-04,MH!<2HH536!5295-!>5-25F!045-!Q23<12:,-!G5O0-G59o!>294!<2H!X-O5-G!456! G5O0-G5959!C-04,MH6! G56H2<<H5!<542;35!L5-JK;942629:;-H2M53!5-KP3H32JKo!!!!
*! .&0$%''60/!8%(!I%#$%$93)L(!&0!84(!U%(45';#3/#455!!I53JK5! >594,9:59! 103:59! =0-W9;JK! 45<! I5-G5G30JMo! T<!O53JK5! TK-.52H! O2-4! 45-!I5-G5G30JM! ;,6:56H-;K3Ho!I25! 3;9:5!4;,5-H! 45-! I5-G5G30JMo! [26,5335! 045-! ;,42H2=5! [5-O5265! ;,1!459! >5945-_! ;,1! 4;6! C-0:-;<<! 045-! ;,1! 529.5395!C-0:-;<<H5235o!!
!
N,<! NO5JM! 45-! 89;3^65! O,-459! 29! 5295<! 5-6H59! >J-55929:! ;335!I5-G55296JK;3H,9:59! 45-!/-2=;HO2-H6JK;1H32JK!129;9.25-H59!>5945-!?@A_!>,/5-?@A!,94!>8@"'!:562JKH5H_!O53JK5!29!45-!1Z-!425!j,;9H2H;H2=5!T9H5-6,JK,9:!;,1:5.52JK95H59!I0JK5!;,6:56H-;K3H!O,-459"!NO5JM!42565-![0-;G62JKH,9:! O;-! 5295-652H6! K5-;,6.,129459_! 29O25O52H! 62JK! 425!I5-G5G30JM.,6;<<5965H.,9:59! ;9! 459! b5O5232:59! @;:59! 45-! I0JK5! =09529;945-!,9H5-6JK25459!G.O"!0G!ZG5-K;,/H!5295!29K;3H32JK5!045-!10-<;35!U2115-59.!156H6H533G;-!O;-_!,94!;945-5-652H6! 6033H5! 29! 5295<!O52H5-59!>JK-2HH! =09! b545<!>5945-! 529!I5-G5G30JM! ;,6:5OPK3H!O5-459_! O53JK5-! 6/5.2126JK5!L;-M59JK;-;MH5-26H2M;! ;,1O256! G.O"! 42=5-65! L;-M5929K;3H5! 29!62JK!H-,:"!!
U;!2<!N,:5!425656!>J-55929:6!156H:56H533H!O5-459!M099H5_!4;66!425!4;-:5G0H5959!79K;3H5!45-!I5-G5G3`JM5! M5295! H;:56;GKP9:2:5! [;-2;9.! ;,1O25659_! O,-45! .,-! 89;3^65! b5O5236! 5295!I5-G55296JK;3H,9:!52956!>5945-6!=09!5295<!O233MZ-32JK!:5OPK3H59!@;:!45-!;,1:5.52JK95H59!I0JK5_!45<!)"!LP-.!)(()_!K5-;9:5.0:59"!!
QZ-!425!89;3^65!O,-459!b595!I5-G5G3`JM5!;,6:5OPK3H_!45-59!N,6;<<5965H.,9:!H^/26JK!1Z-!425!I5-G55296JK;3H,9:59!456!b5O5232:59!>5945-6!6JK25959"!!!
JEA! I#%/G,2((/!
O5:54! _8$7&2'=%)';%)G%G&j#0%'
83359! 4-52! >5945-9! 26H! :5<529_! 4;66! 2K-5!I5-G5G3`JM5! :-0c5! 29K;3H32JK5! V5<5296;<M52H59!\:352JK5!I5-G56/0H6]! ;,1O52659"! U59!+2945-9!O5-459! 60O0K3! G52! ?@A! ,94! >,/5-?@A! ;36!;,JK! G52! >8@"'! 95G59!>/253.5,:! \(7)G"%F_!(7GH'(,)8F_!L"?7' U27)! C,//59_!!72#$G,K;,H06_!S8,! >/253M;-H59_! 5HJ"]! ,94!>Zc2:M52H59! \D"8=%)'."86/"_!c78/27_!.,>>'(<)FYK2/6! 5HJ"]! 425!95,56H59! L"-8%HF[24506! ,94! [0-6JK;,59! ;,1! ;MH,5335! L"-8%HIR23<5! 2<! +290! 4;-:5G0H59_!,9;GKP9:2:! 4;=09_! 0G! 45-! >5945-! L"-8%HFC-04,MH20959! 29! 65295<! +2945-/-0:-;<<!;,66H-;K3H"! ! U0JK! 92JKH! 9,-! 425! 8,6O;K3! 45-! C-04,MH5! 26H_! O25! ;,JK! ;945-5! 89;3^659! =09!
! 155
I5-G56/0H6! 2<! +2945-15-965K59! 156H6H533H59_)! M2945-6/5.2126JK! ;G:56H2<<H"! l8,JK! 425! 8-H_!O25! +2945-! ;9:56/-0JK59! O5-459_! O526H! ;,11P332:5! [5-G294,9:59! .O26JK59! 45<!+2945-/-0:-;<<! 456! >5945-6_! [5-6;H.6HZJM59! ;,6! 45-! HP:32JK59!T<O53H! 45-! +2945-! 60O25!1,9MH209;359_!<P-JK59K;1H59!X35<59H59!5H;G325-H5-!V56JK2JKH59!1Z-!+2945-!;,1"!U;G52!G54259H!62JK!425!I5-G,9:!92JKH!9,-!;,6!45<!Q,94,6!G5M;99H5-!=26,5335-!>^<G035_!60945-9!6,JKH!;,JK!425! 89G294,9:! ;9! G56H2<<H5! 29! 45-! +2945-M,3H,-! =5-;9M5-H5! P6HK5H26JK5! >H235! \O25! 5HO;!Y0</,H5-6/2535_!123<26JK5!X35<59H5!045-!<,62M;326JK5!>2:95H6]m!\f03459-254!'&&#_!&E]"!U256!O2-4! 29!G529;K5!;3359!I5-G56/0H6!45,H32JK"!>0!O2-MH! 5HO;!45-!I5-G56/0H! 1Z-!425!N52H6JK-21H!B%,I\"8,! ! ;,1! >8@"'! O25! 529! 8,66JK92HH! ;,6! 5295<! +2945-123<_! 45-! 60O0K3! 425! M29432JK5!833H;:6O53H!<2H! 529G5.25KH! ;36! ;,JK! 123<P6HK5H26JK5!L5-M<;35!;,1O526H"!X6!O2-4!5295!>.595!9;JK:56H533H_! 425!+2945-! 352JKH! 9;JK=033.25K59! M`9959_! 4;! 625! 2K959! ;,6! 2K-5<!833H;:635G59!=5-H-;,H! 26H!,94!X35<59H5!O25!>/253_!L,H/-0G5!,94!>2JKF89529;945-FL56659!G529K;3H5H"!U25!M,-.5_! /029H59-52JK5! V56JK2JKH5! 5-KP3H! 4,-JK! <,62M;326JK5! >/;99,9:65-.5,:,9:_!+;<5-;1;K-H59_!=5-6JK254595!+;<5-;5296H533,9:59_!5HJ"!456!I52H5-59!123<26JK59!YK;-;MH5-"!!
U25! .,! G5O5-G5945! N253:-,//5! 26H! 60<2H! 52945,H2:! 156H.,35:59! S! 425! >/0H6! -2JKH59! 62JK!K;,/H6PJK32JK!;9!+2945-!,94!D,:59432JK5"!T<!425!C-04,MH5!459!b,9:59!?5.2/259H59!9PK5-!.,!G-29:59!,94!625!5g/32.2H!;36!N253:-,//5!;9.,6/-5JK59_!6294!29!459!<526H59!I5-G56/0H6!+2945-!045-!D,:59432JK5!;36!C-0H;:0926H59!.,!65K59"!>25!6/25359_!5-.PK359!,94!1ZK-59!425!I;-5!=0-"!8:25-59!29!459!I5-G56/0H6!95G59!459!+2945-9!;,JK!X-O;JK6595_!60!40<2925-59!29!45-!?5:53!425! +2945-k! 625! :56H;3H59! 425! a5.25K,9:! ,94! =5-K;3H59! 62JK! 60,=5-P9"! U;6! L0HH0! 3;,H5H!45<9;JKe![09!+2945-9! S! 1Z-!+2945-"!U25! C-04,MH5!O5-459! 60! /-P659H25-H_! 4;66! 2K-! X-O5-G!G545,H6;<! 1Z-! 425! a5OP3H2:,9:! 45-! M29432JK59! A5G596O53H! 5-6JK529Hk! 625! M`9959!Q-5,946JK;1H59!6H21H59_!X-35G926!=5-<2HH539!,94!N;,G5-M-;1H!:5G59"*!
U25!>/0H6! 6294!:595-533! 4,-JK! 65K-! 1;-G591-0K5!,94!:-0cH5236! P,c5-6H! 4^9;<26JK5_! ;360! 65K-!6JK9533! :56JK92HH595_! a2345-! :5M599.52JK95H_! O53JK5! 8,1<5-M6;<M52H! ,94! >/;99,9:! G52<!b,9:59!C,G32M,<!O5JM59!603359"!h1H!O5-459!6H5-50H^/5!V56JK35JKH5--03359!K5-;,6:5;-G52H5H"!79!.;K3-52JK59!(7)G"%FI5-G56/0H6!O2-4!<2H!KZG6JK!29!/;6H5331;-G5959!:5M35245H59!LP4JK59_!O53JK5! 1-`K32JK! ,94! =0-! ;335<! -,K2:! K;-<0926JK! <2H! 2K-59! 245;3H^/26JK! /-0/0-H20925-H59!C,//59!,94!459!4;.,!/;6659459!H0/<0426JK59!8JJ56602-56!\O25!5HO;!5295<!lR5O!a55H35m]!6/25359_! 425! U;-6H533,9:! O52G32JK5-! X2:596JK;1H59! ;,1! b595! L5-M<;35! -54,.25-H_! 425! 652H!D;K-.5K9H59!<2H! lQ-;,F>529m! =5-G,9459!O5-459"! U;6! :352JK5! :56JK25KH! G52! 45-! a5O5-G,9:!=09! 60:59;99H59! H^/26JK!<P9932JK59! C-04,MH59! \O25! 5HO;!?0G0H5-_! >M;H5G0;-46_! 5HJ"]"!U25!<P9932JK59!C-0H;:0926H59!ZG5-.5,:59!4,-JK!Y35=5-9566_!@ZJKH2:M52H_!>HP-M5!,94!529!:5O26656!L;c!;9!8::-5662=2HPH"!>25!5-6JK52959!;36!;,H090<5!8MH5,-5_!425!92JKH!;,1![5-6HP942:,9:!045-!+00/5-;H209!;9:5O25659!6294"E!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)! 625K5!4;.,!f03459-254!\'&&#_!&E]"!*! N,!PK932JK59!X-:5G926659!6294!;,JK!YK;-3H09W!R5,<;99Fa-;,9!\'&&#_!'$']!:5M0<<59"!E! N,!PK932JK59!X-:5G926659!6294!;,JK!YK;-3H09W!R5,<;99Fa-;,9!\'&&#_!'$(]!,94!f03459-254!\'&&#_!'*(]!
:5M0<<59"!
!156
I52H5-K29!1P33H!;,1_!4;66!425!<,3H2<542;35![5-95H.,9:!62JK!;,JK!29!459!I5-G56/0H6!G5<5-MG;-!<;JKH"!a529;K5! b545-!>/0H!O526H! 6JK-21H32JK! ;,1! 425! /-04,MHF! 045-!<;-M5952:595!f0<5/;:5!K29_! =5-6,JKH! 60<2H! 92JKH! 9,-! 4;6! 6/5.2126JK5! C-04,MH_! 60945-9! 52959! :;9.59! Q2-<599;<59!,94!425!4;.,!:5K`-2:59!8-H2M53!.,!G5O5-G59"!
O5:5:! _80&/="%)/86'?,8'G%07882%8'U%)"%8I',=%)'R"&>9"6/)%8'
79!45-!L`:32JKM52H_!G5M;99H5!Q2:,-59!S!=0-!;335<!;,6!45-!@-2JM123<O53H!S!;36!I5-G5H-P:5-!1Z-!G56H2<<H5!C-04,MH5!.,!G59,H.59_!O;6!O2545-,<!29!.O52H5-!796H;9.!5295!a5O5-G,9:!45-!Q2:,-!,94! 45-! 4;<2H! =5-G,945959! >5-25! 26H_! ,9H5-6JK52459! 62JK! 425! >5945-! 92JKH"! >0! /-526H!G526/2536O5265! (%8`7>"8' (&M>#$%8! 425! 9;JK! 2K<! G59;99H5! (%8`7>"8I(&M>#$%8Ilaj)jjefIa,)2%! =09!Y,CC%8)72$' q';"%-%! ;9_! 045-! 425! N52JK59H-2JMK53459! ;,6!L"-8%H-'!,8-2%)' +B!O5-G59!1Z-!^%-2&%'Y,)89&70%-"!7945<!4;6!.,!G5O5-G5945!C-04,MH!<2H!L5-JK;942629:;-H2M539!O25!5HO;!>;<<53M;-H59_!M352959!>/25312:,-59_! 5HJ"! ;9:5-52JK5-H!O2-4_!O2-4!425!896JK;11,9:!45-!I;-5! .,6PH.32JK! 6JK<;JMK;1H! :5<;JKH"! U2565! 6H;-M5! X29G294,9:! =09! >5-259K53459! ,94!G5M;99H59! Q23<12:,-59!<;JKH! 56! 45<9;JK! 1Z-! 425!+2945-! 65K-! 6JKO25-2:_!O599! 92JKH! 60:;-!,9<`:32JK_! .O26JK59! 45<! C-0:-;<<! G.O"! 459! ;,6:56H-;K3H59! >594,9:59! ,94! 459!I5-G5G3`JM59!.,!,9H5-6JK52459"#!!
X6! M`9959! b540JK! ;,JK! K25-! M5295! 65945-G5.0:5959! X2:59K52H59! ,94! 5HO;2:5! 4;-;,6!-56,3H25-5945! [5-G294,9:59! .,<! ;,6:56H-;K3H59! C-0:-;<<! 156H:56H533H! O5-459_! O53JK5! .,-!>JK;11,9:! ,94! I52H5-6/299,9:! 5295-! >5945-F! 045-! C-0:-;<<2459H2HPH! 2995-K;3G! 45-!I5-G5G3`JM5!G52H-;:59!OZ-459"!!
O5:5A! F"8G%22/86'=%-';%)G%G&,#0-'"8'=7-'B%-7>2C),6)7>>'
U25!45,H32JK!5-M599G;-5!T9210-<2HPH!45-!;,6:56H-;K3H59!I5-G55296JK;3H,9:59!3P66H!5-M59959_!4;66! M529! >5945-! 529! 6/5.2126JK56! +09.5/H! ;,1O526H_! O53JK56! ;,1! 5295! [5-95H.,9:! =09!I5-G5G3`JM59! ,94! V56;<H/-0:-;<<! ;G.253H"! U25! @;H6;JK5_! 4;66! ;335! ,9H5-6,JKH59!O5-G5129;9.25-H59!>5945-! 2<!V-0c59!,94!V;9.59!425!:352JK59!I5-G56/0H6!;,66H-;K359_!,94!425!@;H6;JK5_!4;66!425!79K;3H5!45-!529.53959!I5-G5G3`JM5!G52!459!=5-6JK2545959!>5945-9!2<!A;,15! 456! C-0:-;<<6! 425653G59! G352G59_! 3P66H! =5-<,H59_! 4;66! 56! M5295! 65945-6/5.2126JK5!I5-G5M09.2/25-,9:! :2GH_! O53JK5! 4;6! :5.52:H5! C-0:-;<<_! 529.5395! >594,9:59! 045-! 459!>5945-!653G6H!<2H!529G5.25KH"!
U25!b540JK!29!;3359!I5-G5G3`JM59!.,!12945945!;33:5:59OP-H2:5!C-P659.!45-!L;-M5!L"-8%H!\29!Q0-<! =09! Q23<H-;235-9! 1Z-! ;MH,5335!L"-8%HFQ23<5_! ;36! >/0H6! .,! G-;9495,59!L"-8%HF[24506!045-! ;36!X29G294,9:!=09!L"-8%HFQ2:,-59! .,-!a5O5-G,9:! 52956! ;945-59!C-04,MH6]! 3P66H! 62JK!45<9;JK! =253352JKH! 4;4,-JK! 5-M3P-59_! 4;66!L"-8%H! 5-6H596! 5295! G5M;99H5_! G5-52H6! 5-103:-52JK!G5O2-H6JK;1H5H5!,94!.,45<!M294:5-5JKH5!L54259<;-M5!26H_!,94!.O52!45-!4-52!>5945-!\+F?@A!,94! >,/5-?@A]! .O52H596! 29! M35295-5<! 045-! :-`c5-5<! T<1;9:! L"-8%HIC-04,MH20959!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#! 625K5!4;.,!;,JK!f03459-254!\'&&#_!&$]"!
! 157
;,66H-;K359"!>0!3P,1H!;,1!?@A!5HO;!45-!L"-8%HIY&/G_!,94!>,/5-?@A!G-29:H!;9529;945-:5-52KH!425!>5-259!L"-8%H-'.%CC%)'+88_!L7)01"86'L/#0'V'L%)'U#$)%#0%8'=%)'(j-%1"#$2%!,94!Y$"C'/8='Y$7C'V'L"%'X"22%)'=%-'X%#$2-"!a52!>8@"'!3P66H!62JK!29!42565-!a5.25K,9:!K29:5:59!M5295![5-G294,9:! .,<! ;,6:56H-;K3H59! C-0:-;<<! ;,6<;JK59"! I599! <;9! 4;=09! ;G625KH_! 4;66!L"-8%HFI5-G56/0H6! ;,JK! ;,1! >5945-9! :5.52:H! O5-459_! 425! M5295! L"-8%HF>5-259! 29! 2K-5<!C-0:-;<<! K;G59_! M;99! 60<2H! ;9:590<<59! O5-459_! 4;66! 425! ?@AF>5945-! S! ,94! K25-! =0-!;335<! 45-! >5945-!?@A! S! =5-6,JK59_! 459!R;<59!L"-8%H! ;36! 7<;:5H-P:5-! .,! =5-O5-H59"!U5-!N,65K5-!6033!L"-8%H!6010-H!29![5-G294,9:!<2H!?@A!G-29:59"!
Q2-<59! G5;,1H-;:59! ZG32JK5-O5265!8:59H,-59!<2H! 45-!a,JK,9:! =09!I5-G5/3PH.59_! 425! .,<!G56H59!C-526! 5295!0/H2<;35!N253:-,//59;G45JM,9:! 62JK5-9! 603359"!U25!8:59H,-59!K;94539! 29!45-!?5:53!<2H!459!>5945-9!045-!>5945-1;<23259!?;G;HH5!;,6"!X-K;3H59!425!8:59H,-59!=09!459!+,9459! PK932JK5! [0-:;G59_! O5-459! 625! 4;6! /;665945! >/0HGZ9453! 29! PK932JK59! T<15345-9!G,JK59!S!5=59H,533!<2H!L59:59-;G;HH"!79!45-!?5:53!26H!;360!425!8:59H,-!,94!2K-!N,:-211!;,1!425!>5945.52H59!,94!?;G;HH5!45-!>5945-!59H6JK524594!\=:3"!U-525-!)((*]!S!4256!5-M3P-H!6JK325c32JK!;,JK!425!L59:5!;9!:352JK59!I5-G56/0H6!G52!459!,9H5-6JK25432JK59!>5945-9"!X6!M;99! 60<2H!;,1:-,94! 456! 62JK! ;36! 65K-! :352JK1`-<2:! 4;-6H53359459! I5-G5;9:5G0H6! G52! 459! b5O5232:59!>5945-9! ;9:590<<59! O5-459_! 4;66! 425! Q2-<59! 9,-! 65K-! 653H59! 52:595! /-0:-;<<F! 045-!65945-G5.0:595!pG5-35:,9:59!;96H53359"!!
X6! 3;6659! 62JK! 9,-! O592:5! a526/2535! ;,6<;JK59_! O53JK5! 42565-! @K565! 59H:5:59! O2-M59"!>,/5-?@A!6H-;K3H!29!65295<!C-0:-;<<!5HO;!425!>5-259!(,G'=%)'(7/>%"-2%)!,94!F#0$7)2'7/-'=%>' !</-%8%-2! ;,6_! O53JK5! 29! 5292:59! I5-G5G3`JM59! 456! >5945-6! .,6PH.32JK! =5-<;-MH5H!O5-459_! 2945<! >/253.5,:! 045-! [2450M;665HH59! <2H! 5g/32.2H5<! a5.,:! .,! 459! >594,9:59!;9:5G0H59!O5-459"!f25-!O2-4! ;,JK! =5-6,JKH_! 5295
!158
U;6! ;,6! 45<!C-0:-;<<!G5M;99H5!@0::0FA0:0!O2-4! 529:5G35945H_! ,94!45-!N,65K5-_! 45-! 2<!N,:5!456!>,/5-?@AFC-0:-;<<6!G5-52H6!,9.PK32:5!L;35!<2H!42565<!>,b5H!M091-09H25-H!O,-45_!M;99! 5295-652H6! 459! ,-6/-Z9:32JK! 65945-F;909^<59! I5-G5G30JM! 5295<! Q5-965K;9G25H5-!.,0-4959!,94!.O52H596!;,1:-,94!45-!6,Gb5MH2=59!X296JKPH.,9:!456!L;-M59O5-H56!\45-!L;-M5!@0::0]! 45<! ;9:5/-2565959! C-04,MH! :5:59ZG5-! /062H2=5-! 529:56H533H! 6529_! 4;! <;9! 5HO;! <2H!@0::0! i,;32HPH_! T9H5-K;3H,9:! 5HJ"! ;660.225-H"! 7<! O52H56H59! >2995! M;99! 4256! ;,JK! ;36![5-M9Z/1,9:! =09! C-0:-;<<! ,94! I5-G,9:! ;9:565K59! O5-459"! U;! 62JK! 42565! [5-G294,9:!b540JK!92JKH!M0</35HH!/-04,MH0-259H25-H!/-P659H25-H_!>,/5-?@A!<2H!65295-!+2945-FU;JK<;-M5!@0::0! 42565! YU! l9,-m! ;9/-526H! \=5-:352JKG;-! <2H! >/0960-29:]_! 26H! 42565! X29G5HH,9:! 45-!@0::0FL;-M5! ,94! 45<9;JK! 45-! [5-O526! ;,1! >,/5-?@A! -5JKH32JK! ;G:562JK5-H"! 796:56;<H!M`9959! 42565! a526/2535! ;36! a535:5! 1Z-! 459! 60! :565K5959! X2:59O5-H! 45-!L;-M5! @0::0! ,94!45-59!=5-1Z:G;-56!@-;9615-/0H59.2;3!;9:51ZK-H!O5-459"!!
>,/5-?@A! 3`6H! 4,-JK! 425! :565H.32JK! 35:2H2<25-H5!C-P659H;H209! =09!a5:352H<;H5-2;3259! .,! 459!>594,9:59!;,c5-K;3G!45-!I5-G5G3`JM5!.,45<!425!M3;-5!@-599,9:!.O26JK59!C-0:-;<<!,94!I5-G,9:!;,1"!>0!O2-4!5HO;! 2<!896JK3,66!;9!lL"%'.,1%)'./99'B")&-f! 1Z-!4;6!:352JK9;<2:5!Y0<2JFf51H!:5O0-G59"!U59!+2945-9!O2-4!K25-G52!529!C-04,MH!;9:5G0H59_!O53JK56!62JK!42-5MH!;,1! 425! .,=0-! :565K595! >594,9:! G5.25KH"! 8,1:-,94! 42565-! ,9<2HH53G;-! 9;JK! 45-! >5-25!/3;H.25-H59!8,66H-;K3,9:613PJK5!1Z-!425!a5:352H<;H5-2;3259!.,-!>594,9:_!26H!56!1Z-!425!b,9:59!?5.2/259H59! 6JKO25-2:! .O26JK59! 45-! 52:59H32JK59! >5-25! ,94! 45-! a5O5-G,9:! 456!65-259G5.0:5959!C-04,MH6!.,!,9H5-6JK52459"!!
>,/5-?@A!=5-6,JKH!60<2H!;36!529.2:5-!45-!4-52!/-2=;HO2-H6JK;1H32JK!129;9.25-H59!>5945-_!5295!42-5MH5![5-95H.,9:59!.O26JK59!529.53959!>594,9:59!,94!I5-G56/0H6!G.O"!.O26JK59!>5945-!,94!I5-G529K;3H59!K5-.,6H53359!S!4256!b540JK!;,JK!9,-!/,9MH,533!,94!:-0cH5236!2<!:565H.32JK!35:2H2<25-H59!?;K<59"%!
JEB! =&92)!
U25! 89;3^65! .52:H_! 4;66! 425! /-2=;H59! Q5-965K65945-_! ;G:565K59! =09! >,/5-?@A_! 45-! 4256!6/0-;426JK!=5-6,JKH_!90JK!92JKH!4;-;9!:5K59_!2K-!6/5.2126JK56!C-0:-;<<!045-!62JK!;36!>5945-!653G6H!<;-M596/5.2126JK! 29! 45-! =09! 2K959! ;,6:56H-;K3H59!I5-G,9:! .,! /-P659H25-59! G.O"! 425!G52459!C-0:-;<<;-H59! 2<!:565H.32JK!.,:53;665959!?;K<59!<2H529;945-!.,!=5-M9Z/159"!U25!29! -5:53<Pc2:59! N52H;G6HP9459! ;,6:56H-;K3H59! I5-G5G3`JM5! 2<! +2945-/-0:-;<<! 45-!b5O5232:59!>5945-!G529K;3H59!29!45-!?5:53!425653G59!I5-G56/0H6"!X6!M`9959!60<2H!G52!M5295<!>5945-! T9H5-6JK2545! 29! 45-! +09.2/25-,9:! 45-! I5-G5G3`JM5! K2962JKH32JK! 2K-5-! .52H32JK59!C3;H.25-,9:! ,94! 459! .,=0-! 045-! ;96JK325c594! ;,6:56H-;K3H59! >594,9:59! ,94! >5-259!156H:56H533H!O5-459"!U25!C-04,MH5!6294!.O;-!29!45-!?5:53!60O0K3!10-<;3!;36!;,JK!29K;3H32JK!;,1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!L09;H59!6/-5JK59!1Z-!62JK"!\=:3"!KHH/eWWOOO"/-5665/0-H;3"45W6H0-^"KHgo9-�E#EBE#_!;,1:5-,159!;<!'B"$")((*]!
%! V565H.32JK!92JKH!:;9.!529O;941-525!I5-G5529G3594,9:59!6H53359!425!G5-52H6!5-3P,H5-H59!>/0H6!.,!a0G!45-!a;,<526H5-F>/253.5,:!,94!C-04,MH59_!425!=09!@0::0!;9:5/-25659!O5-459_!4;-"!!
! 159
425! N253:-,//5! l+2945-! ,94! D,:59432JK5m! .,:56JK92HH59_B! 40JK! 9,H.59! 425! >5945-_!<`:32JK5-O5265! ;,1:-,94! -5JKH32JK5-!?5:35<59H25-,9:59_! 425!I5-G,9:!90JK!92JKH! G.O"!9,-!6/0-;426JK!;36!C3;HH10-<!.,-!>JK;11,9:_!XH;G325-,9:!,94!C-P659H;H209!=09!L54259<;-M59"!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!B! X6!O2-4!.,<!V-0cH523!>/253.5,:!,94!>Zc56!G5O0-G59_!,94!29!459!<526H59!I5-G56/0H6!;:25-59!+2945-!
045-!G5M;99H5!@-2JM12:,-59!;,6!N52JK59H-2JM65-259!;36!I5-G5H-P:5-"!
!
! 161
O! P2)/#&)*#0/#9/2:7,2(!
a;JK<;2-_!a59!\'&BE]e!>^<G0326JK5![5-;-G52H,9:!=09!Q5-965K5-35G926659!29!;660.2;H2=59!Q-52-P,<59_!a4"!'_!+;6653"!
a;,65_!TH;W!?,33<;99_!89b;W!I53M5_!h32=5-!\'&&']e![09!LP-JK59!,94!;945-59!V56JK2JKH59"!N,-!HK50-5H26JK59!a;626!,94!L5HK045!45-!89;3^65"!79e!C;,6Ff;;65_!79:-24!\'&&']!\f-6:"]e!R5,5!f53459!1Z-!425!+352959"!U;6!\,9F]K52<32JK5!+2945-/-0:-;<<!456!Q5-965K596"!LZ96H5-Wf;<G,-:e!A7@F[5-3;:_!>"!#%FB#"!
a5-:<;99_!I"!\'&&)]e!?0G5-H_!425!I234/15-45!,94!425!L;JKH!45-!R29b;6"!U25!355-59!X115MH5!45-!Q5-965KG2345-!S!O;6!<2H!M29432JK59!CK;9H;6259!:56JK25KH_!O599!625!=09!459!Q2:,-59!45-!@[F>5-259!G565H.H!O5-459!S![5-<,H,9:59!,94!a50G;JKH,9:59!;,6!5295-!A5-9HK5-;/25!<2H!5295<!%bPK-2:59"!79e!>Z445,H6JK5!N52H,9:_!V565336JK;1H!,94!Q;<2325_!R-"!)%#_!)B"W)&"!R0=5<G5-!'&&)_!["!
a5-9;,5-_!D,42HKW!U5,H6JK_!Y0-9532;W!XJM6H529_!+2-6H29!\)((']e!+;</1!1Z-!A25G5!,94!V5-5JKH2:M52H"!>;230-!L009!S!529!8JH209FY;-H009!1Z-!LP4JK59"!79e!C;,6Ff;;65_!79:-24!,";"!\)((']e!+2945-F!,94!D,:594<54259!29!x6H5--52JKe!@-;,<<P993529!S!@535H,GG256!S!@;3M6K0O6"!I259e!`G=!,94!K/H"!
a5HH53K52<_!a-,90!\'&B(]e!+2945-!G-;,JK59!LP-JK59"!U5,H6JK5-!@;6JK59G,JK![5-3;:!\h-2:29;3!'&%#W%$]"!a2JK35-_!L2JK5335!\)(()]e!892<5!6294!;945-6!S!C-04,MH;9;3^H26JK5-![5-:352JK!;<5-2M;926JK5-!,94!b;/;926JK5-!N52JK59H-2JM65-259"!T92=5-62HPH!>;3.G,-:_!,9=5-`1159H32JKH5!U2/30<;-G52H"!
a`K<5FUZ--_!+;-29!\'&BB]e!U25!M352959!C3;6H2M35,H5!2<!Q5-965K59"!I25!+2945-!Q5-965K-5;32HPH!O;K-95K<59"!79e!L54259O2-M32JKM52H!S!I2-M32JKM52H"!>JK-21H-52K5!456!+-526b,:594-29:6!RZ-9G5-:F>H;4H_!R-"!')_!RZ-9G5-:_!>"!$'FB("!
a-5<5-_!@K0<;6!\)((']e!U25!!7/-!,94!45-!X351;9H"!79e!KHH/eWWOOO"<,596H5-"45W�H0<H0<W!L;,61-"KH<"!
a-ZK3_!+2-6H59!\'&&*]e!C-0%e!lL;-M5915-965K59!45-!:5K0G5959!VZH5M3;665m"!79H5-=25O!<2H!V50-:!+0135-"!79e!f0-2.09H_!)B"!L;2!'&&*_!>"!*'"!
a-,K9_!L;91-54!\'&&E]!\f-6:"]e!f;94G,JK!L;-M59;-H2M53e!8910-45-,9:59!;9!425!L;-M59/032H2M!;,6!>2JKH!=09!I266596JK;1H!,94!C-;g26"!a;94!'"!>H,HH:;-He!>JKP115-FC056JK53"!
aZ94:596_!L;-H29!\)(((]e!A5:5945"!79e!KHH/eWWOOO"4G."E/3;^5-6"45e'(&EW2910-<;H209W!1;JH6W35:5945"/K/*"!
aZ94:596_!L;-H29!\)(((G]e!X945"!79e!KHH/eWWOOO"4G."E/3;^5-6"45e'(&EW2910-<;H209W1;JH6W!129;3W/K/*"!!
YK;-3H09_!L2JK;53!,";"!\'&&#]e!Q5-965KO5-G,9:!,94!+2945-"!U;6!Q5-965KO5-G,9:;9:5G0H!29!45-!a,9456-5/,G32M!U5,H6JK3;94!,94!65295![5-;-G52H,9:!4,-JK!+2945-"!)!a45"_!h/3;459"!
YK;-3H09_!L2JK;53W!R5,<;99Fa-;,9_!+3;,6W!8,159;9:5-_!>H51;9W!f011<;99F?25<_!I031:;9:!\'&&#]e!Q5-965KO5-G,9:!,94!+2945-!a;94!'e!U;6!I5-G5;9:5G0H!1Z-!+2945-!2<!Q5-965K59!a4"!)e!?5.5/H2096;9;3^65!,94!-5JKH32JK5!?;K<59G5429:,9:59"!h/3;459e!A56M5!,94!a,4-2JK"!
U52JK653_!835g;945-!\'&&(]e!U5-!L;-M59JK;-;MH5-!45-!L54259"!79e!L542;!>/5JH-,<!EW&(_!>"!)(F)E"!U-525-_!f;-4^!\)((*]e!83356!L;-M5o!L;-M596H-;H5:259!2<!I5HHG5O5-G!45-!L54259;9G25H5-"!79e!C;,6Ff;65G-29M_!79:-24W!R5,<;99Fa-;,9_!+3;,6W!f;65G-29M_!TO5W!8,159;9:5-_!>H51;9!\f-6:"]e!89;3^65!45-!<,3H2<542;359![5-O5-H,9:!=09!L;-M59.52JK59!;<!a526/253!=09!+2945-6594,9:59!,94!X9HO2JM3,9:!<54259/P4;:0:26JK5-!L;H5-2;3259_!,9=5-`1159H32JKH5-!Q0-6JK,9:6G5-2JKH"!f;<G,-:!,";"!
X-329:5-_!f;96!U25H5-WL;HH,6JK_!TO5!\'&&']!\f-6:"]e!+2945-15-965K59!777"!V59-56!2<!+2945-15-965K59"!X6659e!U25!a3;,5!X,35"!
Q-ZK_!I5-95-!\)(('#]e!79K;3H6;9;3^65"!@K50-25!,94!C-;g26"!+096H;9.e!T[+![5-3;:"!V;6JKM5_!>,6;995!\)(((]e!X945!45-!+294K52H"!U;66_!M35295!L596JK59!92JKH!<5K-!O25!X-O;JK6595!6529!<,66H59_!O;-!529!>25:!45-!N2=2326;H209"!f5,H5!26H!42565-!Q0-H6JK-2HH!G54-0KH"!79e!U25!N52H_!'&"!8/-23!)(((W!R-"!'%_!>"!*"!
V5K-;,_![03M5-!\)((']e!Q5-965K:59-56!,94!Q5-965K:;HH,9:59"!896PH.5!,94!U;H59!.,-!?5.5/H209_!+3;66212M;H209!,94!a5.52JK9,9:!=09!Q5-965K/-0:-;<<59"!LZ9JK59e!?"!Q26JK5-"!
V5<5296;<5!?2JKH329259!45-!A;9456<54259;96H;3H59!1Z-!425!I5-G,9:_!.,-!U,-JK1ZK-,9:!45-!@-599,9:!=09!I5-G,9:!,94!C-0:-;<<!,94!1Z-!4;6!>/0960-29:!2<!Q5-965K59!29!45-!R5,1;66,9:!=0<!'("()")(((!\KHH/eWWOOO";3<"45WG2G320HK5MW-232O5-G)FH="KH<_!'"')")(()]!
V`-M5_!835g;945-!\)((']e!X9H5-H;29<59H!;6!C,G32J!Y0<<,92J;H209e!8!6^6H5<6FHK50-5H2J!;//-0;JK"!79e!C05H2J6_!)&_!>"!)(&F))E"!
V`H._!L;^;!\)(()]e!U5-!V5G-;,JK6O5-H!=09!+2945-6594,9:59!2<!833H;:"!a52!+2945-9!5-103:-52JK5!>594,9:59!,94!2K-5!/P4;:0:26JK59!C-0G35<5"!79e!@535=7N709_!'#W)(()W)_!>"!E(FEE"!
162
V`H._!L;^;W!X9629:5-_!Y;-0329;!\)(()]e!Q;6.29;H209!U-;:09G;33!\N]e!NO26JK59!6H;-M59!2995-59!a2345-9!,94!8::-5662096G5-52H6JK;1H"!X295!j,;32H;H2=5!>H,425!.,-!a545,H,9:!=09!U-;:09G;33!N!1Z-!+2945-!,94!C-5F@5596!\$!G26!'#!D;K-5]"!79e!KHH/eWWOOO"2.2"45"!LZ9JK59e!7N7"!
V-2<<_!DZ-:59!\'&&)]e!A,6H!;9!45-!89:6H!S!V-59.5-1;K-,9:59!45-!T9H5-K;3H,9:"!79e!a5-H536<;99Fa-2515_!'&&)_!f51H!')B_!>"!#BF$'"!
V-2<<_!DZ-:59!\'&&&]e!Q5-965K:5O;3H"!N,O594,9:6;HH-;MH2=2HPH_!X--5:,9:6=5-3P,15_!60.2;35-!X115MH"!h/3;459W!I256G;459e!I56H45,H6JK5-![5-3;:"!
V-05G53_!D0!\'&&E]e!8,1<5-M6;<M52H!,94!7910-<;H2096;,19;K<5!G52<!L54259M096,<!=09!+2945-9"!79e!U5,H6JK56!D,:594296H2H,H!\f-6:]e!f;94G,JK!L542595-.25K,9:!2<!+2945-:;-H59_!@523!'e!CP4;:0:26JK5!V-,943;:59"!h/3;459e!A56M5!,94!a,4-2JK_!>"!)(*F)(&"!
f;,65940-1_!f52M0!\)((']e!I;-,<!O2-!2<!Q5-965K59!60!KP,12:!G5:-ZcH!,94!;9:5-545H!O5-459e!5295!5g5</3;-26JK5!>H,425!;<!a526/253!45-!>594,9:!<2H!45-!L;,6"!79e!>,HH5-!@23<;99_!YK;-3H09!L2JK;53!\f-6:"]e!L;6659M0<<,92M;H209_!79H5-;MH209!,94!60.2;356!f;94539"!I256G;459e!I56H45,H6JK5-![5-3;:"!
f529-2JK_!C5H5-!\'&&)]e!U25!>594,9:!<2H!45-!L;,6"!X295!U;-6H533,9:!456!+09.5/H56!45-!>594,9:!<2H!G560945-5-!a5-ZJM62JKH2:,9:!45-!>;JK123<5!2<!f29G32JM!;,1!425![5-O594G;-M52H!2<!A5-9G5-52JK!45-!f52<;HF!,94!>;JKM,945"!79e!KHH/eWWOOO"1-;9M59"45W,65-6W40G0.W54,W6J-2/H6WL;,6"KH<3"!!
f5335-_!X=;!\'&&E]e!I25!Q;-G59!O2-M59"!Q;-G/6^JK030:25_!Q;-G6^<G032M_!M-5;H2=5!Q;-G:56H;3H,9:"!?529G5Me!?0O0K3H"!
f2JM5HK25-_!+9,H!\'&&)]e!C-0:-;<<5!,94!2K-5!Q0-<"!79e!f2JM5HK25-_!+9,H!\f-6:"]!\'&&)]e!Q5-965K59"!I;K-95K<,9:6O53H_!C-0:-;<<296H2H,H209!,94!L;-MHM09M,--59."!Q-;9M1,-H!;<!L;29!\,";"]e!A;9:"!
f2JM5HK25-_!+9,H!\)((']e!Q23<F!,94!Q5-965K;9;3^65"!>H,HH:;-H_!I52<;-e!L5H.35-"!f2JM5HK25-_!+9,HWa352JK5-_!D0;9!\f-6:"]!\'&&%]e!@-;235-_!@5;65-_!8//5H2.5-"!N,!q6HK5H2M!,94!U562:9!45-!C-0:-;<<=5-G294,9:59!2<!Q5-965K59"!f;<G,-:e!A7@"!
f03459-254_!TH5!\'&&#]e!l+35295-!+`92:!+,945m"!I5-G,9:!,94!+2945-15-965K59"!79e!>JK<24H_!>25:1-254!D"W!>/25c_!a-2:2HH5!\'&&#]!\f-6:"]e!I5-G,9:_!L54259!,94!+,3H,-"!h/3;459e!I56H45,H6JK5-![5-3;:"!
+;3M015_!h32=5-W!?;6JKM5_!C5H-;W!>JK-`45-_!a5;H5W!I53M5_!h32=5-!\'&&']e!8JH209F>5-259!F!89;H0<25!52956!V59-56"!79e!C;,6Ff;;65_!79:-24!\'&&']!\f-6:"]e!R5,5!f53459!1Z-!425!+352959"!U;6!\,9F]K52<32JK5!Q5-965K/-0:-;<<!1Z-!+2945-"!LZ96H5-Wf;<G,-:e!A7@F[5-3;:_!>"!B%F'#'"!
+3;HH59_!I5-95-!X"!\'&&B]e!L54259!;36!L;-M59e!pG5-!4;6![5-KP3H926!=09!C-04,MH/032H2M!,94!L;-M59/032H2M"!79e!f0-2.09H_!'#"!hMH0G5-!'&&B_!>"!%("!
+0K36JK<24H_!@K0<;6!\)((']e!lL0946H529_!1325:!,94!625:ym!79e!KHH/eWWOOO"2<6;"54,W�354;W;92<5W"!!+0H35-_!CK232/!\'&B&]e!L;-M5H29:FL;9;:5<59He!89;3^65_!C3;9,9:!,94!+09H-0335"!>H,HH:;-He!>JKP115-FC056JK53"!A0-5^_!X3<;-!L"!\'&B&]e!I;-,<!O2-!60!5-.PK359"!79e!X-329:5-_!f;96!U25H5-!\f-6:"]!\'&B&]e!+2945-15-965K59!)_!>25:595-!>H,4259_!X6659e!a3;,5!X,35"!
!7/-F7910!\'&&']e!7910-<;H20959!.,<!)("!D,G23P,<!45-!>594,9:!<2H!45-!!7/-"!+`39e!I56H45,H6JK5-!?,941,9M_!?54;MH2096:5<5296JK;1H!+2945-15-965K59"!T9=5-`1159H32JKH_!G52!45-!?54;MH209!5-KP3H32JK"!
LZ9H515-29:_!V5-H!+"!\'&%)]e!>;JK59!.,<!A;JK59!1Z-!+2945-!=0-!45<!a2346JK2-<"!79e!?,946JK;,!;<!>099H;:!=0<!''"!$"!'&%)_!>"!)"!
L,6M5H;_!YK-26H2;95!\)(((]e!U25!>594,9:!<2H!45-!L;,6!;36!+2945-,9H5-K;3H,9:6F!,94!7910-<;H20966594,9:"!X295!>H-,MH,-;9;3^65!2<!:565336JK;1H32JK59!+09H5gH"!79e!KHH/eWWOOO"<,6M5H;"45WJWL;,6"KH<"!
R"R"!\'&&B]e!U-;:09G;33!S!U25!@[F>5-25"!79e!KHH/eWWOOO"6H,4",92FK;<G,-:"45W,65-6W:-5:W4GH="KH<3"!R"R"!\)(()]e!U25!a,,F>;:;"!79e!KHH/eWWOOO";92<5F6H;-"45W4G.1;9O0-34W29106WG006;:;"6KH<3"!R"R"!\)(()]e!L;,6L523596H5295"!79e!KHH/eWWOOO"425FL;,6"45W-,94,<425L;,6W:56JK2JKH5WJK-092M"/KH<3"!R"R"!\0"D"]e!L^HK030:^"!79e!KHH/eWW<5<G5-6"9GJ2"J0<W|}LYLW;K94-;^K;W>LW<^HK030:^"KH<"!h93295Fi,5335!\)((']e!U25!A,-JK2!>52H5"!h93295!,9H5-!KHH/eWWOOO":50J2H256"J0<W3,-JK2|093295W_!;,1:5-,159!;<!'"#")((*!
C;,6Ff;;65_!79:-24!\'&&']!\f-6:"]e!R5,5!f53459!1Z-!425!+352959"!U;6!\,9F]K52<32JK5!Q5-965K/-0:-;<<!456!Q5-965K596"!LZ96H5-W!f;<G,-:e!A7@F[5-3;:!\*"!8,13"!'&&%]"!
C;,6Ff;;65_!79:-24!\'&&E]e!U25!f53459!45-!+2945-"!N,-!8HH-;MH2=2HPH!,94![5-;-G52H,9:!12MH209;35-!V56JK2JKH59!,94!Q2:,-59"!79e!U5,H6JK56!D,:594296H2H,H!\f:"]!\'&&E]e!f;94G,JK!L542595-.25K,9:!2<!+2945-:;-H59"!@523!'e!CP4;:0:26JK5!V-,943;:59"!h/3;459e!A65M5!�!a,4-2JK_!>"!)*)F)E%"!
C;,6Ff;;65_!79:-24!\'&&#]e!U25!>594,9:!<2H!45-!L;,6!29!L06M;,"!N,-!?5.5/H209!,94![5-;-G52H,9:!4,-JK!06HF!,94!O56H45,H6JK5!+2945-_!,9=5-`1159H32JKH5-!Q0-6JK,9:6G5-2JKH_!a;4!7G,-:!\2<!8,1H-;:!456!I56H45,H6JK59!?,941,9M6!+`39]"!
! 163
C;,6Ff;;65_!79:-24!\'&&$]e!U25!>594,9:!<2H!45-!L;,6!29!L06M;,"!X295!=5-:352JK5945!T9H5-6,JK,9:!.,-!?5.5/H209!4,-JK!+2945-!;,6!45<!h6H59!,94!I56H59!45-!a,9456-5/,G32M!U5,H6JK3;94"!79e!?,941,9M!,94!Q5-965K59_!'&&$W*_!>"!*B'FE('"!
C;,6Ff;;65_!79:-24!\'&&B]e!f53459G2345-!2<!Q5-965K59!,94!2K-5!>^<G032M"!N,-!a545,H,9:!=09!>5-2591;=0-2H59!29!+2945-:;-H59_!C55-FV-0,/!,94!+2945-1-5,946JK;1H59"!h/3;459e!I56H45,H6JK5-![5-3;:"!
C;,6Ff;;65_!79:-24W!f;<<5-5-_!X=;W!?0HH5-_!V;G-2535!\)(()]e!Q;6.29;H209!C0Mz<09"!X-:5G92665!45-!C-04,MH;9;3^65"!79e!L54259b0,-9;3_!>JKO5-/,9MH!lC0Mz<09!29!x6H5--52JKm_!'W)(()_!>"!'*F'&"!
C;,6Ff;;65_!79:-24W!A;</5-H_!Y3;,42;!\)(()]e!V,H;JKH59!.,!U-;:09a;33!,94!U-;:09G;33!N!2<!f29G32JM!;,1!425!U;-6H533,9:!=09!V5O;3H!,94!65g,53359!79K;3H59"!T9=5-`1159H32JKH56!V,H;JKH59"!>;3.G,-:!,94!f;<G,-:!\,9H5-!L2H;-G52H!=09!L2JK5335!a2JK35-!,94!X=;!f;<<5-5-]!\2<!8,1H-;:!456!AC?!f56659]"!
C;,6Ff;;65_!79:-24W!I;:95-_!T3-2M5!\)(()]e!U;6!CKP90<59!C0Mz<09"!I25!:5K59!`6H5--52JK26JK5!+2945-_!X3H5-9!,94!CP4;:0:59!2<!833H;:!4;<2H!,<o!79e!8JK2<!a;,<W!>25:-254!D"!>JK<24H!\f:"]"!Q;MH59!,94!Q2MH20959"!>JK-21H59-52K5!45-!U5,H6JK59!V565336JK;1H!1Z-!C,G32.26H2MF!,94!+0<<,92M;H2096O266596JK;1H"!a;94!)&"!+096H;9.e!T[+_!>"!*#'F*$$"!
C;,6Ff;65G-29M_!79:-24W!f;<<5-5-_!X=;W!A;</5-H_!Y3;,42;W!C029H5JM5-_!L;-J0\!)((*]e!L54259_!L;-M59_!L5-JK;942629:!29!45-!A5G596O53H!=09!+2945-9!F!X-:5G92665!45-!j,;32H;H2=59!?5.5/H20966H,425"!79e!C;,6Ff;65G-29M_!79:-24W!R5,<;99Fa-;,9_!+3;,6W!f;65G-29M_!TO5W!8,159;9:5-_!>H51;9!\f-6:"]e!89;3^65!45-!<,3H2<542;359![5-O5-H,9:!=09!L;-M59.52JK59!;<!a526/253!=09!+2945-6594,9:59!,94!X9HO2JM3,9:!<54259/P4;:0:26JK5-!L;H5-2;3259"!T9=5-`1159H32JKH5-!Q0-6JK,9:6G5-2JKH_!f;<G,-:!,";"!!
C2;:5H_!D5;9W79K5345-_!aP-G53!\'&%%]e!U25!C6^JK030:25!456!+29456"!Q-;9M1,-HWL;29e!Q26JK5-F[5-3;:"!?,6JK_!V5GK;-4H!\'&&*]e!Q5-965K:;HH,9:59!29!45-!a,9456-5/,G32M!U5,H6JK3;94"!+0:92H2=5!>H-,MH,-59!2<!f;94539!<2H!L54259"!79e!+-5,H.5-_!f53<,H!w!@K0<659_!YK-26H2;9!I"!\f-6:"]e!V56JK2JKH5!456!Q5-965K596!29!45-!a,9456-5/,G32M!U5,H6JK3;94"!LZ9JK59e!Q29M_!>"!)B&F*)'"!
>JK,3.5_!8995F+;H-29\)(()]e!>/;99,9:"!X-M3P-,9:6;96PH.5!52956!CKP90<596"!79e!Q-ZK_!I5-95-!\f:"]!\)(()]e!T9H5-K;3H,9:!4,-JK!4;6!Q5-965K59"!X295!<03;-5!@K50-25"!+096H;9.e!T[+![5-3;:_!>"!E&F$*"!
>25:5-H_!V;G-2535!\)((']e!L54259!L;-M59!L;9;:5<59He!?535=;9._!>/5.212M;!,94!7</32M;H20959!5295-!<54259`M090<26JK59!C-012325-,9:66H-;H5:25"!LZ9JK59e!Q26JK5-"!
>H`H.53_!U2-M!T31!\'&&(]e!U25!>594,9:!<2H!45-!L;,6"!?54;MH2096F!,94!>594,9:6M09.5/H!5295-!+2945-6594,9:!2<!IU?"!79e!X-329:5-_!f;94!U25H5-W!L5-M53G;JK_!a5-9K;-4W!>H`H.35_!U2-M!T31!\f-6:"]!\'&&(]e!Q5-965K59!1Z-!+2945-"![0<!Xg/5-2<59H!.,<!+09.5/H"!C-0:-;<<6H-,MH,-59!S!C-04,MH5!S!C-P659H;H209610-<59"!8-G52H6K51H!a2346JK2-<<54259!'$"!>25:59"!!
>H`H.53_!U2-M!T31!\'&&#]e!U25!L;,6!O2-4!P3H5-"!?54;MH2096F!,94!>594,9:6M09.5/H!5295-!+2945-6594,9:!2<!IU?"!79e!X-329:5-_!f;96FU25H5-!\'&&#]!\f-6:"]e!f;94G,JK!456!+2945-15-965K596"!+096H;9.e!x36JK3P:5-"!
>H-52JK_!Q-254-2JK!\'&B']e!89;3^65!45-!L;,6FQ23<5"!T9=5-`1159H32JKH56!<;6JK2959:56JK-25G5956!L;9,6M-2/H"!LZ9JK59"!
>H,-<_!f5-H;!\'&&']e!Q5-965K42MH;H5e!U25![5-P945-,9:!=09!V54;9M59!,94!V51ZK359"!X-:5G92665!,94!Q03:5-,9:59!1Z-!5295!-5.2/259H590-259H25-H5!L542594-;<;H,-:25_!a5-H536<;99F>H,4259e!VZH5-30K"!
>,/5-?@A!\)((*]e!X-103:-52JK5-!>H;-H!1Z-!459!@hVVhA7RhFYATa!2<!79H5-95H!)#"(((!8G0995<59H6!29!9,-!625G59!L09;H59"!79e!KHH/eWWOOO"/-5665/0-H;3"45W6H0-^"KHgo9-�E#EBE#_!;,1:5-,159!;<!'B"$")((*"!
@K5,95-H_!f53:;!\'&&)]e!NO26JK59![5-:9Z:59!,94!89:6H"!Q5-965K59!2<!833H;:!=09!+2945-9"!a5-329e![26H;6![5-3;:"!
[03/5-6_!f53<,HW!f5-M6H-`H5-!U2-MW!>JK925-_!U5H351!\'&&B]e!U25!@-599,9:!=09!I5-G,9:!,94!C-0:-;<<!2<!Q5-965K59"!C-0:-;<<32JK5!,94!O5-G32JK5!X9HO2JM3,9:59!2<!42:2H;359!N52H;3H5-!,94!2K-5!?5JKH6103:59"!h/3;459e!A56M5!�!a,4-2JK"!
[0-45-5-_!C5H5-WI,311_!f;96!D"W!Q-254-2JK659_!L2M5!\f-6:"]!\'&&$]e!>,6/5965"!Y09J5/H,;32.;H2096_!HK50-5H2J;3!;9;3^656_!;94!5</2-2J;3!5g/30-;H2096"!f23364;35e!AX8"!!
I2545<;99_!U25H5-!\)((']e!a-;,JK59!+2945-!+2945-<54259o!X29!C3P40^5-!1Z-!529!95,56![5-6HP94926!=09!+294K52H59!2<!)'"!D;K-K,945-H"!79e!<54259!/-;MH26JK_!)(('_!f51H!&B_!>"!'EF'B"!
I2332;<6_!?;^<094!\'&%E]e!@535=26209e!@5JK9030:^!;94!Y,3H,-;3!Q0-<"!A09409e!Q09H;9;WY033296"!I053M5_!D596!\)(()]e!U,-JK!?5.5/H209!.,-!I5-G,9:"!+0<<,92M;H2=5!8G:-59.,9:!=09!Q5-965K:;HH,9:59"!T9="!U2665-H;H209"!T92=5-62HPH!D59;"!
