AZBRBAYCAN MİLLİ ELMLBR AKADEMİYASI FOLKLOR

º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
@+:%#!!!#!@+#-<
3'!!'+ %-//1/1
/: '=1 % 1%+-//
BF,. FLB8 82M<4N4>0T> @BF,. FLB8 RT:TOT64>T
( :HD:,B,B,DQJ@:8:@B8@>JB,>DQ>Q>
#/+!!+<
ASniojo]O
Y[QAC]
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
Mo]CAQlAY#OUUOUWUo]SAIKWOQA_n3[USU[]Y_aOacac
""+AdG=67@;L,@;H7DE;F7F;
']aAG/g]SKhWOiOYIoY']aAG/g]S >oUoloQOYo
-1Uc_UA]A]A_n3[USU[][Ye]AY_n
@AK34D ASn Mo]CAQlAY
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
[Ye]AY_nY/oiSOUAa[WOao_O
-oI]
BrhlOht{lLxptvj
8oW_oI]Uo]
Txv|Gx`~ymquJythqsvj
Txv|GxBil{sshfozvwxhr
7MEUo]
Txv|GxPmlmzRyht
GxRx{gspqmj
Txv|GxZsrmxRyht
GxHspuBiihyvj
GvyGxD~khxX{szhuohl
GxXmq|llpuVohyvq
GxBhjmxlp]sps
gsp_htps
AaOC
GxB|hk]~xxtko
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
M&)+( +Y)" "S$eje%l% &)+( +Y)" l#ll0e%lN 0%l#/#( &#"#&) "&%)%* % $@g@ ')1e%+e "$e"
$$, "l)e$&-,% S # j %e+(e
\I9I A?>1A<1B
RB=]D<9 ;?>6B1>C 9[D9B1;QY<1BY
jA? ?BB?A <7I?Bs:sD IEDH7 Q)HJ7G JdHA A;]C?p?D:sD EHJ7G JdHA =sBs9sO?DsR 7:Bl 0# 8;ODsBN7BG
<EBABEH AED<H7DIlD:7 O;D?:sD 8?H 7H7O7 =sBCsO?C?P CdD7I?8sJ? ?Bs I?P?D >7ClDlPl Js8H?A ;:?H Ls
I7B7CB7O7H7C
(@u¡I DFD DG?¡ U¡M=<T><I?< XAJGFGJM C¡M¡F<O[ <?G =TF HDGGDH¡I¡QD H><?DG¡ =<G<H *" #JGFGJM
INODOPOPIPI ?DM@FOJMP KMJA@NNJM %NH<TGJQPI N¡CC¡ODI?¡ T<M<IH HQ¡LL¡OD KMJ=G@HG¡M
U¡M=<T>¡TDI¡[ =@TI¡GS<GL FJIAM<NII DDI?¡ DFDDGGDF A<NDG¡ T<M<OH?M (@u¡I DFD DG
¡MUDI?¡ KMJA %NH<TGJQPI M¡C=¡MGDF @O?DTD #JGFGJM INODOPOP U DDID ¡UHG¡ ?<Q<H @O?DM¡M¡F
=OI u¡ODIGDFG¡MDI C?¡NDI?¡I PPMG< B¡G?D FD DG ¡MUDI?¡ HDGGD H¡?¡IDTT¡ODHDUDI ¡I I¡C¡IB
G<TDC¡G¡MDI?¡I JGDG?GDF XU¡M=<T>DG?G¡MDIDI N<T ID O=
F@u?D INODOPO?< ?¡I <MOL @GHD FDO<= u<K JGPI?P ,I< BM¡ ?¡ =@G¡ C@N<= @?DM¡H FD =P BI
=DU ¡NGDI?¡ O¡F>¡ =@TI¡GS<GL FJIAM<INI <uGI< ?@TDG C¡H ?¡ #JGFGJM NIODOPOPIPI HDGGD
H¡I¡QD ?¡T¡MG¡MDI T<<?GH<N PMPI?< <K<M? H=<MDU¡IDI O¡IO¡I¡NDI¡ THL *¡I =P
=TF L¡G¡=¡ HI<ND=¡OD DG¡ NDUG¡MDI C<HNI M¡F?¡I O¡=MDF @?DM¡H
P FJIAM<INI T<GIU U¡M=<T><I HDLT<NI?< ?@TDG HPHOMF HDLT<NI?< C¡H ?¡ T<GIU
@GHDH¡?¡ID HNO¡QD?¡ ?@TDG LGJ=<GG<¡I<=G<MII IDOLDI?¡I =DM NDO<OG< =<G<H<L DNO¡TDM¡H X!IT<?< LGJ=<GG<H<
KMJN@ND B@?DM I><L @TID U<H<I?< <TMN@uFDGDF H¡N¡G¡G¡MD ?¡ FDA<T¡O L¡?¡M?DM Q¡ =DU =PIP
BMMF DU =P Q¡UDTT¡O¡ UHU PTPIG<?MH<GTL DM=DMDHDU¡ =<G JGH<GTL =DM
=DMDHDUDI ¡GDID HCF¡H OPOH<GTL FD B>HU ?<C< ?< <MONI P BI OMF ?IT<NII uJS
=TF KJOD@IND<G Q<M Q¡ 1MFDT¡ =<?< JGH<LG< =OI OMF?DGGD ?QG¡OG¡M NDT<ND DLODN<?D >¡C¡O?¡I
=OI =<L< >¡C¡OG¡M?¡I NM¡OG¡ DIFD<A @?DM DUDH =GB¡IDI DIFD<A I¡OD>¡NDI?¡ ?IT<
KMJN@NG¡MDI¡ =TF O¡HDMG¡M JG<><L?M Q¡ =DU =PIP BMMF
P =<SH?ODH<D S<?DHG¡MDI HDGG¡O Q¡FDGG¡MDIDI ?<Q<HG ¡G<L¡?¡ JGH<N uJS =TF ¡C¡HDTT¡O F¡N= @?DM[
MOL DG?DM FD *"ēII >ODH<D Q¡ %PH<IDO<M "GHG¡M GH¡NDIDI ¡N<N DIO@GG@FOP<G
<MGL H¡MF¡UG¡MDI?¡I JG¡TDI¡[
<?G =@TI¡GS<GL FJIAM<IN?< OMF ?IT<NII @GHD @GDO<NI <FT< OJKG<TM JIG<M =DMGDF?¡
N<G<HG<H<L ¡M¡ADID =DUG¡M¡ IQ=¡OD N¡FFDUDI>D ?¡A¡ I¡ND= @?DM %¡M =DM HPHDGGD HDNNDT<II
C¡T<O< F@uDMDGH¡NDI¡ TI¡G¡I UDT<G DDIDI A<T?<GGL ¡HN<G JIPI <T?I H¡TT¡IG¡?DMDGHD
H¡LN¡? Q¡ KMJLM<HH DG¡ T<I< =P DDI ?<Q<HGG A<NDG¡NDUGDTD DG¡ ?¡ H¡TT¡IG¡DM X,MO<L
OMF F@uHDDI?¡I JMO<L OMF B¡G¡>¡TDI¡[ <?G =@TI¡GS<GL AJGFJM FJIAM<INII N¡FFDU DG
H??¡ODI?¡ A<NDG¡NDU Q¡ ?<Q<HG JG<M<L F@uDMDGH¡ND =DM ?<C< JIP N=PO @?DM FD FJIAM<INI <?I?<
DA<?¡ JGPI¡ ?¡ =P FJIAM<INI ¡OM<AI< OJKG<? OMF
@GHD @GDO<N uI C¡LDL¡O¡I ?¡ HPHDGGD N¡QDTT¡?¡ ?¡MF JGPIHP HDNNDT< Q¡ PU<L C¡?¡AG¡M¡
C@N<=G<IH PUPIH??¡OGD NOM<O@BDT<?M
0JI ?¡M¡>¡ =TF DLODN<?D DIO@GG@FOP<G H¡?¡IDH¡I¡QD KJO@IND<G< H<GDF JG¡ u@QMDGH¡ND KMJN@ND C¡H
@OIJFPGOMJGJED C¡H ?¡ NJNDJGJED =<SH?¡
¡C¡HDTT¡OGD =DM >JM<AD HQL@?¡ L¡M<MG<H OMF @OIDF>JM<AD <M@<G ?ITG¡MDI ?DLL¡O H¡M¡FUDI?¡?DM P @OIDF>JM<AD <M@<G UI?¡ 1MFDT¡ HCPMDTT¡ODIDI ?<SDG
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
JG?PP OMF ?QG¡ODID< L¡?¡M HPSO<M OMF M@NKP=GDF<NI NDT<ND ?QG¡O NOMPFOPMP JGH<TJM<AD ¡M<UDG¡M T<GIU
DLODN<?D KJO@IND<G =<SHI?<I T@MNO Q¡ T@M<GO N¡MQ¡OG¡MDI¡ BM¡ U¡IBDI ?@TDG?DM P ¡M<UDG¡M?¡
H¡I¡QD M@NPMNG<M ?< O<MDS¡I U¡IBDI JGHP =P BI ?¡ U¡IBDI JG<M<L L<GH<L?<?M P FJIAM<INI
F@uDMDGH¡NDIDI ¡N<N H¡LN¡?G¡MDI?¡I =DMD ?¡ OMF S<GLG<MII O<MDSD KMJN@NG¡M I¡OD>¡NDI?¡
K<Mu<G<IH H¡I¡QD M@NPMNG<MI =DMG¡?DMH¡F ?IT< CPH<IDO<M ?I>¡NDI?¡ G<TDLGD HQL@
OPOHP??PM P O¡FDG<OG<M =DMGDF UQG¡MDIDI KMJ=G@HG¡MDID C¡GG
@OH¡F uI N¡TG¡MD =DMG¡?DMDM Q¡ =PIPIG< ?< <TMGL?< C¡GG JGPIH<N u¡ODI JG¡TD uI HN=¡O KMJLIJU Q@MHDM
1MF S<GL<MII U¡IBDI O<MDSD H¡?¡ID F@uHDD Q<M?M P U¡IBDIGDOF B¡G¡>¡T¡ ?¡
<K<MGH<G?M PIPI uI H¡I¡QD @GHD ?¡T¡MG¡M¡ >D??D @GHD T<I<H< DG¡ T<I< @GH NDT<N¡OD Q¡
HDGGD H¡?¡IDTT¡O FJIN@KNDT<N DG¡ID= C<UMG<IH<G?M *¡GPH?PM FD ?¡LDL @GHG¡M O¡=D¡O?¡FD
L<IPI<PTPIGPLG<M CPH<IDO<M @GHG¡M DN¡ H¡?¡IDTT¡O?¡FD L<IPI<PTPIGPLG<M <F<MG<TM DU
B¡G¡>¡F H¡?¡ID DIFD<A FJIN@KNDT<HU H¡TT¡IG¡?DMH¡F uI @GHD <M<?MH<G<M Q¡ JIG<M?<
<F<MG<IH L<IPI<PTPIGPLG<MI L@T?¡ <GIH<NI O¡HDI @?¡M¡F S<GLG<MHUI LGJ=<GG<¡HDTT¡O?¡ ?DB¡M DINODOPOG<MI ?< APIFNDJI<GG O¡HDI JGPIHPM ,I< BM¡ ?¡ u<?< O¡M¡LLDIDI
DM¡GDT¡ ?JMP NM¡OD H¡I¡QD @CODT<OG<MI OJKG<IH<NII B@MDT¡ F@uHD¡ ?JMP JG¡HDTT¡O?¡ H¡I¡QD C<MHJIDT< KJUPGPM $¡G¡>¡T¡ HDGGDH¡I¡QD =DM =OQ
FDHD B@OH¡F uI F@uHDDI HDGGDO<MDSD O¡>M=¡IDI ¡G?¡ @O?DTD ?¡T¡MG¡MDI =DM <M<T< B¡ODMDGH¡ND
@GHD O¡CGDG?¡I F@uDMDGH¡ND Q¡ B¡G¡>¡T¡ B@?¡I DIN<II H¡I¡QD T<??<I< FuMGH¡ND JG?PL><
Q<>D=?DM (@uHD?¡I =PBI¡ B¡G¡I ?¡T¡MG¡MDI ¡I HF¡HH¡G IHPI¡G¡MD S<GL T<M<?>GI?<
LJMPIHP AJGFGJM?MD? JGPIHP DINP? =<SG<M FJIN@KOP<G =DM ¡FG¡ B¡ODM¡ =DG¡>¡F?DM 5<GLG<MHUI H¡I¡QD
INDTT¡ODIDI DIO@INDQG¡H¡NDI¡ H¡?¡ID DIO@LM<NDT<NII NM¡OG¡IH¡NDI¡ Q¡ I¡OD>¡?¡ HF¡HH¡G
=DM =DMGDT¡ LJQPH<NI< =TF @CODT<> Q<M "G¡ ?IM¡H FD #JGFJM INODOPOPIPI O¡¡==N DG¡
=<G<I<L Q¡ ¡G<L¡G¡MDI B>G¡IH¡NDID B¡G¡>¡F
K@MNK@FODQG¡MDI H¡TT¡IG¡H¡NDID O¡HDI @?¡>¡F?DM
9B 4181 2SDS> ;?>6B1>C 9[D9B1;QY<1BY>Y D]2B9; 549B]= F] 8]B 29B9>9I] EVEB<1B 1BIE<1HY
B1=
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
$&#"#&)e%*+e+,+,%,%e)"+&),')&**&)Y*0%
e*$0 #&-,%M&)+(+Y)""S$eje%l%&)+(+Y)"l#ll0e%lN
- ,#,*#))* &#"#&)"&%)%* % %
ej+e)"S #) %$Y)el+e
\I9I A?>1A<1B
RB=]D<9 ;?>6B1>C 9[D9B1;QY<1BY
-?P? :dDO7 JdHABsH?D?D Cs:sD? EHJ7GB7pC7Il ?p?D:s Cd>dC s>sC?OOsJ AsI8 ;:sD
N7BGB7HlClPlD J7H?N? A;]C?p?D?D ;JD?A sNB7GlDlD Ls CsDsL?OO7JlDlD L7>?:B?O?D? bPdD:s sD 87H?P
psA?B:s Js9sIIdC ;J:?HsD Q)HJ7G JdHA A;]C?p?D:sD EHJ7G JdHA =sBs9sO?DsR 0# /BKIB7H7H7Il
%ED<H7DI:7?pJ?H7A;JCsD?PCdD7I?8sJ??Bs Js8H?A;:?HLs I7B7CB7OlH7C
U¡M=<T> DG?¡I <M?>G
JG<M<L HIO¡U¡H F@uDMDG¡I X,MO<L OMF F@uHDDI?¡I JMO<L OMF B¡G¡>¡TDI¡[ 2GPNG<M<M<N
#JGFGJM(JIAM<INIIOMFS<GLG<MIIH¡I¡QDH¡?¡ID@GHDDIO@GG@FOP<GDIO@LM<NDT<NI?N F@uDMDG¡I Q¡ =P =@TI¡GS<GL O¡?=DM HDGGD Q¡ NDT<ND
>JM<ADT<N =@TI¡GS<GL O¡MFD=D @GHD N<I=<G H¡?¡IDNDT<ND ¡C¡HDTT¡OD Q¡ N =<SH?<II @GHD C¡T<OII ?@TDG H¡?¡IDNDT<ND C¡T<OII ?< ¡G<H¡O?<M
C<?DN¡G¡MDI?¡I=DMDI¡ u@QMDGHD?DM
DG?DTDHDUFDHD ?IT<O<MDSDI?¡ =TFQ¡ ¡M¡AGDDU=PM<SHOMFG¡MDIHDIDGG¡MD<M=¡NDI?¡ TFN¡GDG¡MG¡ T<I<B@uD>D@IDG¡M?¡ JGHPQ¡ C¡MU<H<I=PS<GL=P@OIJN
C¡HDI<M?PMPHG<M<H<FuIN¡A¡M=¡MJGHPQ¡ =PIP?<=OIU<H<IG<M?<UH¡I¡QDU@CID
Q¡ ADUDFD B> N<T¡NDI?¡ =<<M< =DGHD?DM 1MFG¡M T<TI JG?PLG<M B@ID >JM<AD H¡F<I?<
U<H<IU<H<INDT<Q¡ QMPK<II ¡II¡C¡IBDHK@M<OJMGPLG<MQ¡ ?QG¡OG¡MDG¡ u<MKHT<<H
H><?DG¡NDQ@MHDO<MDSDIu@D?GDNI<LG<MIL<U<IH<=<<MHG<M
1MF?G¡OuDGDF ¡I¡I¡NDS<GLI?I>¡NDI?¡ Q¡ AJGFGJMPI?<?<G<HQ¡ OMF@OIJNPQ<M
JG?PPL¡?¡M?<Q<H@?@>@F?DM
jO¡INJI TUDGG¡M?¡ U¡M=<T><IQ¡ ,MO<NDT< OMFG¡MDO<MDSDI?<C<<>NI<LG<MI<NDI¡
B¡MH¡GD JGHPG<M *NO¡LDGGDTDHDUD DODM?DTDHDU ?QM?¡ ¡QQ¡G>¡ u<M /PNDT<N NJIM< 0JQ@O
DHK@MDT<N U<H<IU<H?<?G<MHUI=TFH¡I¡QD?IT<NI?<I=DUDPU<LN<G?G<M*¡I¡QDN¡A<G¡O=<
<G?C<FDH?<DM¡G¡MT<Q<T<Q<S<GLIPMPI<A<IO<UHDHCPH<OT@MDO?DG¡M#<I<ODUHDIN<II
¡GLJGPIP=<G<T<IJIPFG¡T¡ u@QDM¡IQ<NDO¡?DMDM H??¡O=DUUH¡I¡QD?¡T¡MG¡MDHDU?¡IU
?IT<HU?D¡G¡MDHDUDI =<GI =PIG<MG< C@N<=G<H<L
G<UH?Me<M/PNDT<N=DUDT<Q<T<Q<F@uHDDHDU?¡ILMH<<=<G<?*JGG<S<I<G<M?<DFDu
DGO¡CNDG<GH<LN<Q<?L<U<IH<LHHFI?@TDG?D(¡I<MGF¡G¡M?¡ JSPT<IUDT<GG<MDN¡ =<MH<LG<
N<?<G<H<L JG<M? *DGGD ¡O<G¡O HDGGD DIO@G@FOP<G N¡QDTT¡IDI ?¡T¡MG¡M?¡I PU<LG<H< ?IT<T<
H@T?<IJSPT<I¡MDIL¡G¡=¡NDD?D
1<MDSD B@Mu¡FGDF?DM FD QMJK< ¡ML ?¡T¡MG¡MD U¡MDI?¡ U ?QG¡ODID LPM?P U
H¡?¡IDTT¡ODIDAJMH<G<?M?U ¡SG<LDH¡I¡QD?¡T¡MG¡MDI¡ =PM<?<II¡G¡MDDN¡ BOM? ē =@G¡GDFG¡
DIFD<A Q¡ O¡M¡LLDT¡ =<G<? ¡ML O¡M¡LLDIDI ¡N<N H¡MC¡G¡G¡MDID F@uD= !IT< =DM=@ DGG¡
GuGHM ¡¡MDTT¡ODI O¡M¡LLDND HDI DGG¡MG¡ GuGM P HDI DGG¡MDI <MS<NI?< ¡MLDI C<IN
TFN¡GDG¡MF@u?DTDH¡GPH?PMHH<C<FDH?<DM¡G¡M?QG¡O=<uG<MUDHK@MDT<NILJMPH<L
uI@G¡ ¡M<DOT<M<OH<<=<G<?G<MFDDIN<IG<MIHDGGDPMPIPHDGGDH¡I¡QD ¡SG<LD?¡T¡MG¡MDID
L?M¡ODIDO¡HDI@?¡IQ<NDO¡G¡M<M<NI?<IuSNI
HH<S<GLDN¡ UF@uHDDI¡ H¡C¡==¡ODIDINDTT¡ODIDAJGFGJMPI?<N<SG<?5<GLIPGP
=<=<G<MHUIT<M<OHJG?PP ¡I>D??DH¡I¡QD¡SG<LD?¡T¡MG¡MH¡?¡IDTT¡OT<SP??QG¡OT<SP?
C¡T<O D>ODH<D <G¡HDI ?¡MF @?DGH¡ND DG¡ =<G O¡N¡QQMG¡M AJGFGJM @G@H@IOG¡MDI?¡ AJGFGJM
MI¡FG¡MDI?¡ T<<T4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
BIHU¡ B¡GD= u<O= PIG<M? JG?P +¡OD>¡?¡ U¡M=<T><II /PNDT<T< DGC<LI?<I< ¡ML L<KG<MI< =TF O¡NDMD DG¡
NJIP>G<I?
/@KM@NDT<DGG¡MDI?¡ AJGFGJMI<NG<M?<I AJGFGJMG<H¡PGJG<IG<M?<I=DMD?¡ N<L<GH<?
DGDM?DG¡MFDAJGFGJM T<<TMN<S<GL<u<O?MGMN<S<GLIO<MDSDH¡I¡QDF@uHDDDG¡ ¡G<L¡ND=¡MK<
JGPIN< JI?< J S<GL H<ILPOG<?MH<L u¡ODI?DM /@KM@NNDT< DG¡ S<GL C¡H ?¡ uJS HDGG¡OGD NJQ@O
S<GL<?<GOI?<HDGGDCDNN?¡IHDGGDMPC?<IH¡CMPH@OH¡FDNO¡?DG¡MHH<=<><MH<?G<M
2GP =<=<G<MHUI T<M<OH JG?PLG<M H¡I¡QD ?¡T¡MG¡M I¡C¡IB <=D?¡G¡M =TF OMF
¡SG<L H¡I¡QDTT<O AJGFGJMP =DU LJMP?P N<SG<? $¡GDI =DM I@u¡ DGGG¡M ¡QQ¡G¡ L<T?<L *¡CU
HDGGDH¡I¡QD ¡I¡I¡G¡M¡?¡T¡MG¡M¡ @CODM<HIC@uQ<SODODMH¡T¡IU¡M=<T><IS<GLQ¡O¡IDIu¡ODI
BIG¡MDI?¡ B@?D=U=TFJGPIP ē %@T?¡M GDT@QDC<FDHDTT¡O¡ B¡ODM?D5<GLJIPC<FDHDTT¡O¡
B¡ODMH¡FG¡ U¡M=<T><I=TF¡MLQQ¡G¡MDILPM?PPOJM?<ILPMO<M?
*DGGD Q¡ =¡¡MD H¡I¡QD HDM<N< NJI ?¡M¡>¡ =TF N<T DG¡ T<I<<II
KMJ=G@HG¡MD=<?<I<?Q<SO?<=TFS¡M>C@N<=I<=TFu¡ODIGDFG¡ 62+"0(,IPIS¡OODG¡
<F?<X!¡?¡ .JMLP?[TP=DG@TDF@uDMDG?DPF@uHDDHDUD<O<HUL¡?DHOMFJPUPIPL¡?DH
OMF L?M¡ODID u<MH<L N¡NG¡H¡F D?D 2GP jI?¡M C¡HDI =@TI¡GS<GL O¡?=DM?¡ H¡CPM =DM DA<?¡
DG¡O?DXDUė!¡?¡ !JMLP?ĘPTP=DG@TS<ODMDI¡ [email protected]?P ¡=¡?DJG<M<LUTPM?PI<
UQ¡O¡IDI¡S<GLHUIDuDI¡ L<TO<MH<GTL[.<TO<M??<
PBIU¡M=<T><I.<AL<UIGD?@M?QG¡OD?DMU¡M=<T><I?< HCO¡M¡H -M@UD?@IO
GC<H GDT@QDI M¡C=¡MGDTD DG¡ =P BIFD TFN¡GDDID C@u FDH ?<T<I?M< =DGH¡U U¡M=<T><IIO¡M¡LLDNDBUII?¡?DM
U¡M=<T>¡ 1MF?DGGD GF¡
M¡C=¡MG¡MDIDI +<SuQ<I?< OJKG<IH<N Q¡ =DUDH S<GLG<MI B¡G¡>¡F?¡ ?<C< ?< T<SIG<H<NI?<
¡C¡HDTT¡OGDMJGJTI<T<><LL¡M<MG<ML¡=PG@OH¡ND=PI< ¡T<IDN=PO?PM
*¡?¡ID ¡G<L¡G¡MDHDUDI DIFD<AI?< ė%@T?¡M GDT@Q #JI?PĘIPI -M@UD?@IOD 0"0(, Q¡
62+"0(,IPISJH¡M<HGN¡ADMD*@CMD=<IS<IH GDT@Q<IISNPNDN¡TG¡MDID?¡ =PM<?<SNPND
QPMPG<H<LG<UH?M
*¡I =P OMD=PI<?<I/@NKP=GDF<NII-M@UD?@IOD
>¡I<=GC<H GDT@Q¡ Q¡ *@CMD=<IS<IH GDT@Q<T<O¡¡FFM@?DM¡H
I<IM<HFD=PFJIAM<INOMF?IT<NIIHSO¡GDA=GB¡G¡MDI?¡IB¡GHD<GDHG¡MDI@GHD
INDTT¡ODID O¡FDG @OH¡FG¡ T<I< OMF <GDHG¡MDIDI NDH<NI?< OMF S<GLG<MII H¡I¡QD =DMGDTDID
T<M<?GH<N<IGF@uHD¡ H<GDFOMFI@TIDD<M¡GDB¡G¡>¡TDIDIM@<GJG?PPIPI<IGH<NDDI?¡
DM¡GDT¡ =DM<??HJG<><LJI<?JMPB@?¡ITJGG<MBNO¡M¡>¡F
(?>4129B4181(9I9>81=Y>YIY29B4181C1<1=<1HYB;?>6B1>CY>9[9>] EVEB<1B49<]H9B]=
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
*&*0&#&!e"S %%+Y)"#" e0+ % b +*+%#)
*! W'W#!) W#
;D;k
#<MNu<?<I 1MFu@T@ B@uHD @?@=D =DM F<QM<H JG<I ė?@NO<IĘ #<MNu< ė?<NO<IĘ @FGDI?@
JFPIPM%@H@IC@H@I=OIGB<ODF<TI<FG<M?<=DM=DMDI@T<FI<IG<HG<MG<<uFG<H<NT<KG<I=P
@?@=DF<QM<HIOJKGPHPIO@H@G?@@MG@MD<M<NI?<I@HGDT@M@N<CDK@IF<?DH@?@=DN<I<OOM
JG?PPIP=@GDMOH@FB@M@FDM,NH<IG><1MFu@INDFGJK@?DF)B<OĖIDU<CI?<ė!@NO<I#<MNu<
!<NO<I!@NO<I@KJK@CDF<T@H<N<GCM@OIĘ %<T<OTF1MFu@0UGĖI?@DN@
ė!@NO<I*DGGD?DIDHDOJGJEDFCDF<T@1MFC<GFDDMQ@HPNDFDNDI?@=DMu@DOF!<NO<IĘ @FGDI?@<uFG<IHOM
#<MNG<M?<ė?<NO<IĘ1MFG@M?@ė?@NO<IĘM<KG<M?<ė@N<ODMĘ@NFD6PI<I?<ė@KJNĘ <OĖ?<
ėHDOHTOCĘJG<M<F<?G<I?MG<I=P@?@=DT<OOMI@?<C<=<F<HDGG@OG@MDIFGOMI?@?@ A<MFG
DNDHG@MQ@PTBPG<I=DuDHDTG@M<NOG<I<><F@NDI?DM
!@NO<IG<M HDGG@OG@MDI C<T<OI?< T<<IH =TF T<IBI Q@=< N@G ?@KM@H BD=D ?J<G
<A@OG@MN<Q<DB<GBuBD=DO<MDCDJG<TG<MTDDOGDFH@MOGDFF<CM<H<IGFOJKGPHI?@MGDDBD=D
NOIH@UDT@OG@MQ@T<N@Q?DDI@F<QP<H<H<I<HPN?<Q<NF<I?<Q<NF<NO@I<?<HG?MH@
BD=DNJNT<GJG<TG<MIH@T?<I<B@ODM?DD<>G<MIC<GFoFG<MO<M<AI?<I@?@=D=DM?DGG@OJKGPH<
T<INOGH<NJG<M<FU@OG@I@=DGDM
ėDM HDGG@ODI O<MDCDI?@ =TF DUG@M =M<F<I N<Q< T<IBI Bu Q@ ?<C< K@F uJF JG<T
?@NO<IG<MIFJIPNPJGHPOPMĘ ė%<GFDDMDB@G@I@D1MFFGOMIIO<MDCDDuDI?@FDBMIH?@DH@NDQ@B@GDH@NDI@
K<M<G@GJG<M<F=DM?@DDHQ@B@GDDHDuDI?@JGHPOPMTIPTB<MG<=<GFGOMG@M<TI?IT<
BMI?@ =DMG@DMG@M DM PTB<MGI ?IT< BM ?@ J PTB<MG< UB =DM @?@=DT<O <IG<T
N<G<M %@M @N@M =@GDMGD =DM FGOM =<G<H DuDI?@ JGPPM Q@ ><IGGI NM?MM "?@=} @N@MG@M
T<<T<I =DM FGOM OJKGPGPPIPI F@I?DG@MDI@ UB JMO<F ?IT< BMI@ Q@ ?@@MG@M NDNO@HDI@
BM@ @FDGG@IDM %@M FGOMI F@I?D <IG<HG<M ?@@MG@M Q@ FPM<GG<M =OI Q<M?M (GOM@ =<G
JG<M<F@FDGG@I@IC@MOMG=DMDFDH?J<GJG<M<FJFGOMI=DMK<Mu<N?MĘ 1MF ?@NO<IG<M u<G<M =JTP ?@Q<H @?@I B@G@I@D BIHU@ O<T<=DGHD @I F<?DH
FGOMID<I@ND?DM!@NO<IG<MTPF<M?<=@GDMODG@I<G<IG<MDuDIFPGG<IG?BD=D?@QG@ODD?<M@@?@I
%<F<I(<<I@T0PGO<I<CQ@=<F<OJKGPHI?@MG@MDDuDI?@NTG@IHDODM!@NO<IG<MHDGGD
=DM @N@M JG<M<F NTG@I?DD BD=D H<C<GGD NIMG<M DuDI?@ F<GM<@?DGDMĖGDTGG<M<F<?<MI<?JGPĖ?< T<TBI
JG<IH<C<GGD?@NO<INTG@H@B@G@I@DIDNM?M@IO@HNDG>DG@MDH<<G@N@ABIHU?@TJF?@I@>@F
F<?<M <U<GHOM O ?@NO<IG<M O<MDC =JTP ?@DDH@ PM<T<M<F U<H<H
7EF3@>3Dg@+3D;:;H7+`D=7EF3@>3Dg
!@NO<FOM
@@M C<T<OII T@MTUI?@ O<MDC JG<M<F T<<IH<T< =<G<I? U<H<I?<1MFu@INDFGJK@?DF)B<OT?I(DO<K@QD6<TIG<M
IF<M<N
%<T<OTF1MFu@0UG,NH<IG6<TIG<MIF<M<N
)-1"(+GD@M<O!Ju!M(<U<F"?@=DT<OI?<*<I<N!@NO<IH<F<G@ND
/12+"MH<I-MJA!M,U<I?<I<%<GFDDMD$@G@I@DIDI(GOM(<TI<FG<MH<F<G@ND
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
K<TG<H<F <?I< A<MFG TIO@HG@M@ =<QPMHPOPM PBI C@M HDGG@ODI FGOMI?@
M<NOG<T<=DG@>@DHDU =P TIO@HG@MDI BIHU@ T<INH C<GDID ?@NO@
<O<NUG@MD Q= FGOM PINPMG<MI?< BMH@FO@TDU e<G<M =JTP ?@Q<H @?@I Q@ U<H C<G@ B@ODMHDODM P JGPPH C@M HDGG@ODI Q@ JI< <FM<=<
OJKGPGPFG<MIJMO<FFGOM?@@MG@MDIDC<MH<IG<T<M<FH@?@IDT@OG@M@?IHOM
ė"NFD u<G<M?< DIN<IG<M O<=D<O Q@ OJKGPH JG<TG<MI< <FG NM @M?DM@H@U T< FJMFP T<
C<TM<IGF ?PT<MG<M? $F BMG@H@NDID TG?MH ?H@NDID 1<IMII =DM CD??@OD N<T<M MK@MDM
ODOM@M?<IO<I@GQ<I@GQ<I=@U@IH@NDID?@F<?@MDIBU@G=DM=DM>DGQ@NDN<T<MN@QDIDM>J<M
PFJMFP=P<IG<OG<M?<II>@HDOG@M@AN<I@G@M?J?PĘ ė"NFD 1MF "?@=DT<O I<UH @FDGG@MDI?@I H@NI@QDG@MDI =DM =GH Q@ H<IUPH
CDFoT@G@MIJIDH@?@=DT<OO<Q@_F@?@=DT<OI?<FJH<Q@T<HoID?MOGFG@MDDG@T<UG<IQ@T<
NTG@I@I A@M?} NJNT<G O<MDCD <>FG Q@T< BGIu JG<TG<M O<CFDT@ O@FIDD DG@ u@DOGD NGKG<MG<
<FO<M<?@G@G@MDIDQ@u@DOGDJG<TQ@I@NI@G@MG@DGBDGDN@=@KG@<uFG<T<IQ@<O"?@=DT<OI?<@KJK@
O@MDHDTG@ <IG=674;K3Fg
ėDM OJKGPHPI =DM HDGG@ODI =DMuJF U@GGDD ?IT< BM N<I<ON<G F<=DGDT@OD T<<H
B@M@Fu@NDFJIPOPP?DG@T<INM1MFG@MDIO<MDCG@MDF<?<M?<@NFD=DM@?@=DT<OG<MQ<M?M6<UII
=DGDIH@?DDu<G<M?<=P@?@=DT<ONUGD?DĘ ė,U<IG<MI T<M<O>GI?< O@F Q@T< DFD O@GGD FJKPUPI @GDDI?@ Q>PO =PG<I T<TGDG@M T@ODODM@M@F Q<MT<IOG<M Q@ Q@MNDTJIG<M T<M<O<M<F
BIHU@F<?<MPG<HQ@CoGo?<C<T<ODT@ODIDNM?MH@FO@?DMĘ #<MFG >JM<AT<G<M?< T<<T@ TGGF O<MDCD MA Q@ <?@OG@MD
DA<CD <I<I@ B@G@I@FG@MD FN<>< C<GF FGOM =TF Gu?@ =DM=DMDTG@ =@IU@MGDF <MU @?@M P
FFGHDM<NN<T@NDI?@=DIG@MG@TGGFB@G@I@F=JUPGH<?<IF<T=JGH<?<I=DM=DMDI?@I=DIG@MG@FH
PU<F >JM<AT<G<M?< T<<TJM<AD T<MH<?<II,NH<IGG<M
O<M<AI?< <GF<IG<M Q@
QMPK<ĖII=DMFNHI?<CoFDHDT@ODIDNM?M@I,NH<IG=P>JM<AT<?<F<G>DUG@M=M<FHOM
DGC<NN< ,NH<IGĖII DCOD<HG ?@QDMG@MDI?@ 1MF FGOM QMPK<Ė?< NOIGF H@UDT@OD
<TM><GFA<MFGGFN<TBIGF<IG<HI<B@GH@FO@T?D$IHUO<=DMDTG@NTG@H@FB@M@FDMN@1MF
FGOM=DM?I@HDIQMPK<ĖNDuDIDH<EHJ?<U@IODJG<M<F=@IDHN@IHDOD
DA<CD C<GF @?@=DT<O DuDI?@ T@M <G<I ?@NO<IG<M <OG<M FJH<G<M HoIDG@M F<MG<H<
?@DH@ O<G<H< ?P?<F?@H@U <O<NUG@MD IDIIDG@M DA<CD 1MF C<GF @?@=DT<OII H@?@ID
HDM<NI I@NDG?@II@NG@ DIODF<G @OODM@I HDGGD Q@ H<I@QD =DM FKM?M 1MF C<GFG<M <M<NI?<
PTBPG<I<F =P J FTG@MDI F<N<=<G<MI @CDMG@MDI A<MFG FGOMG@M@ H@INPK JG?PFG<M
<IG<HI<B@GH@U<FNDI@=PA<MFGGFH@?@IDHDM<NIU@IBDIGDD<IG<HI<B@GDM
COOK=DGDHN@GFJIPG<M>JHDI?@SKCK>JHKJI@IO>JIO@IO<MOD>G@K?A
$k+62H<T-MJA!M1MF!@NO<IG<M*<F<G@ND
7/DMJG#M<OkIDQ@MNDO@ND0JNT<GDGDHG@M!@MBDND DGO0<T0<TA<")7&
6&)!&/&*!PMNPIė,MO<NT<JUFMI?<I2MPHPI@GDĖI@ ė1MF0UGDDM0<I<OII
6<TGH<NkU@MDI@Ę .dHA?J?h?Fu<6TIF<M<N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
1MF C<GF FGOMII @I I@HGD <T<FG<MI?JM<AT<G<M?<FD
HDGG@OG@MDIFGOMG@MDIDuDI?@<NMG<M=JTP T<<H<NI<M<H@I?@@MG@MDIDFJMPHPJGH<G<MI?<
?@NO<IG<MI @OFDND =TF JGHPOPM DA<CD 1MF C<GF @?@=DT<OII O@H@GD JGJM<AT<G<M?<T<<T<I<FM<=<OJKGPGPFG<MI<NMG<M><H<MPUF<G?FG<MNDT<NDQ@
FGOM@G=<NFG<M<M<H@I=GIKK<Mu<G<IH<?<IFDHGDFG@MDIDFJMPH<G<MI?<I@HGD=DM@OF@I
JGHPOPMTI@FDG?@1MF?@NO<IG<MII?<=PFGOM@GHDM<NHPC<A<U<@OH@FO@JTI<?MJG
uJFI@HGD?DM
DA<CD 1MF C<GF @?@=DT<OII oFGF B@G@I@D DuDI?@ <TM =DM OM JGJM<AT<G<M?< =DI
TGG<M?<I=@MDT<<OGH<FO<?M
7EF3@"3:D3?3@>3Dg
%<GF H<N<GG<M DuDI?@ T@M <G<I @AN<I@ ?@NO<IG<MI H<N<G F<CM<H<IG<M B@I@G?@ C<GFI
HDGGD ?DID Q@ <I<I@QD ?@@MG@MDID FJMPH< <?I< JMO<T< uF<I <CNDT@OG@M?DM P DOD=<MG<
F<CM<H<IGF ?@NO<IG<M HDGGD @?@=DT<O DuDI?@ I@HGD T@M OPO<M %<GF F<CM<H<IG<MI< U<H<IG<
=<F< @AN<I@ =DGBDG@M ?@ T<FOMG<M<F @AN<I@ ?@NO<IG<M JMO<T< uFHOM "AN<I@ ?@NO<IG<M =DM
O<MDCO@T<<IHF<CM<H<IGFJG<TG<MIIHDGGDQ@H<I@QDCDNNDT<OG<=@U@I@M@FH=<G<G@FDG?@
O<NQDM @?DGDD?DM "AN<I@ ?@NO<IG<M?< B@u@I F<CM<H<IG<MI <CNI?< HDGG@ODI O<H<HI F<KN<T@DBD=DO<MDCD=DMJG<TIDuDI?@ T@M
<GH=DMQ@T<=DMF<uDIN<II<CNI?<?<@AN<I@?@NO<IG<MT<M<OGM
(<CM<H<IGF?@NO<IG<MC@HHDGGDC@H?@H<C<GGDF<CM<H<IG<MDuDIH@T?<I<B@G@=DGDM
jMI@DI (<CM<H<IH<M<G 0Ou H<HĖI 2GP ><HDD DH<H /?Q< (PMOPGP
0<Q<ĖI?< #M<INUG<M< F<M =<G<OO <T<FG<IH< 0Ou H<HĖ C@H TM@IDI H<C<GGD
F<CM<H<IC@H?@1MFDT@B@I@GDI?@?@NO<IG<HHDGGD=DMF<CM<H<IT<KHOMPBI=PHDGGD
F<CM<H<0@TDO,I=<ĖIIADUDFDBuDG@F<G?MGH<N
HHFIJGH<T<IFDGJGPFOJKBGG@NDIDFP><FG<TKOJKPII<HGPNPI<NM?Q@IBDGDUĖG@MDI
=<OMG<H<U?@?DFG@MDė?@MT<Ę,>@<IDNDHGDN<Q<B@HDNDID=<OMH<N(J><0@TDOĖDC@HTM@?@
C@H ?@ 1MFDT@ B@I@GDI?@ HDGGD F<CM<H<?@G@NDI?@ JIP C@H !<NODT<MNI?<1DAGDNJMu<GĖ?<I*DCM<GD
@TDI ,NH<IG JM?PNP N<AG<MI< F<OGK /PN JM?PNPI< F<M JMO<T< FJT?PP F<CM<H<IG Q@
U@M=<T><IĖI?@NO<IF<CM<H<IG<MI?<I(<u<F+@=DQ@@D%<>@MC<IH?<@AN<I@F<CM<H<IG<M
<M<NI?<UDFM@?@=DGDMDU
(<T?<?@@MJGH<N=<FHI?<I=DMMI@FO@(PU@TAMDF<Ė?<IQ@MH@FB@M@FDMO<GT<IĖI
A<DNO GD?@MD @IDOJ *PNNJGDIDIDI ėTF /JH< HK<M<OJMGPPIP T@ID?@I FPMH< C<T<GDTG@Ę
)D=T<ĖTDB<G@OH@BDMDDHDI@F<MĖ?@=<G<T<I?DM@ID@F<OGHTDMHDTG=DGADDGH><?@G@
@OODFO@I NJIM< BDM?DD =DM u<OH<?< T<M<G<IH O<GT<IG<M< @NDM ?H Q@ TGI?< D?<H
@?DGHDJG<II<H?D@MėeGG@MNG<IĘjH@M*PCO<MĖINM?M?*DGGDH><?@G@=P=TF
<CNDT@ODN<?@>@)D=T<ĖII?@DGNG<H?IT<NII?<@AN<I@F<CM<H<IT<KHOM
dgF7EF3@>3D
ėOT<FH<II1MFOJKGPHPI?<uJF@NFD=DMB@uHDDQ<M?M"NFD1MFG@MDIuI@HGD
OM@ID Q<M?M PIG<M ėNMĘ <Q OM@IG@MD ėG@IĘ ?DID <TDIG@M Q@ ėTPĘ?PM <O
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
NGoHDT@OĖO@II>@FD?I@H?@IG=DMFDDIDIGHI?@INJIM<T<KG<IQ@TP<?Q@MDG@I?DIN@G
T<NOM@IG@MDI?@ėN<BPĘ ?@I@IDDMG@MNTG@IDM?D PDDMG@M?@GIIDTDGDFG@MD T<<MF@I T<KO
DG@M <IG<OGM? PBI @GDHDU?@ IG TDDO GK "M 1PIB< DuDI NTG@IHD =DM N<BP? Q= FJIPG<M?< NTG@I@I OMFG@MG@
=@IU@DMG@M I><F @UBDG@MDTG@ <TMGMG<M OG<M C@>@ Q@UIDTG@ NTG@IH@FO@ Q@ HoID FJH<
OMF ?@NO@ GuNTG@
NTG@IDMG@M @OMFC<GDI@B@GDMIDIID@UBDNDTG@IDIID@FGDI?@?@NTG@IDM
DMJG<TFJIP@?@I ?@NO<IG<MG<=DMJG<TU@MDI@NTG@IHD<OG<M=@IU@MGDFBNO@MDMG@M!@NO<IG<M
oFG<M O<M<AI?@FJG<TG<MDG@MG@MĘ jMI@DI ė,NH<IDT@Ė?@ B@>@G@MD @Q?@ F<?IG<M @G DG@MD T<K<MG<MF@I DNO@F U@MDI@
=DG?DFG@MD<OG<MNTG@MG@M!IOM@IG@MDNM<NI?<N@ND?JFPI<FGJG<IQ@<O=DG@IFDDG@M
DuFD H@>GDNG@MDI?@ =PIG<M NTG@MG@M BD?@I oFG<M H@M<FGG<MI DNO@FG@MDID T@MDI@
B@ODMH@FDuDIN<U@GDDI?@TM@IDIuJF=DGDI@I<OG<MINTG@MG@MĘ ė_FGF B@G@I@DI?@ oFG<M =DM C<=@M O<T>N BD=D FT?@I FT@ B@UDK ?PT?PFG<M
C<=@MG@MD <IG<OM Q@ F B@>@G@MDI?@ F<CQ@C<I@G@M?@ Q@T< =<U@I =@GGD @QG@M?@ C<GFG< =DM <M<T<
B@GDK?PT?PFG<MQ@T<F@I?DG@MDI@<DOCDFoT@G@M<IG<OH<FO<T?G<M$<B<PUG<M?<?<FB@>@G@MDI@
DTD <IG<O> N<TGĘėOMF>Ę<?IO<H<FO<T?
_FG<M I@HGD =DM <CNI C<T<OI F<T=@OH@ND NJIP>PI?< JIPI CDUH@OG@MDID ?DG@ B@ODMH@F DuDI
PUPI H@MNDT@G@M T<U<MG<M? !DQ<I @?@=DT<OI?< ?< =P B@G@I@DI Q<M JG?PP =DGDIH@FO@?DM
$<B<PUG<MI ?< <M<NI?< =DM I@HGD <CN C<GFI<M<NI?< N<TBIG JGĘ<?IO<M"@MėOMF>Ęė=PFDDC<FFI?<=DGBDN<CD=D?@DGN@=<U@I=P
FDDG@M=<F<FT?@I?@?<Q@O@?DGDM?DDGFI>@M<CH@OGDC<FFI?<=DGBD@?DIDMT<FI<FM<=<G<M
DG@ FJIPPM G@I FDDIDI F<M<FO@MDID <DG@NDI@ ?<QM<II I@HGD CJ=DG@MDID Q@ T<FIG<MII
<FGG<MI?<F<G<IBU@G=DM<INDG@<IG<OGM!<C<NJIM<?<ėOMF>ĘGC<FFI?<<OT<F<MF@I
=PIG<M?DG@B@ODMDMQ@JM<?<=PGPI<IG<M=TG@>@?<C<?<UIO?JGPC@T@><I<B@ODMDMĘ ėI<?JGP1MFu@ĖNDI?@ <O =JUG<FU@M=<T><I?DGDI?@FD<DG@@ <IG<HG?M(F@ID
<G<H<F=JUG<H<FADDGDI@?<T<IM6<NF@GDH@NDDN@M<Ku<ėF@?@MĘ<IG<HI<B@G@IėT@ĖNĘO@I
B@GDMĘ ėO< 1MFH@IG@M < O<Q< ?@MF@I +JB<TG<M =JUPG<H<F ė*NGH<I (@MFF
1MFG@MD N<UG<H< %MDNODT<I (@MFF 1MFH@IG@MD H<?M<N (MH 1MFG@MD O<BH<B
?@H@FO@?DMG@MĘ ėO F<QM<HI< Q@MDG@I DNDHG@M =DM=DMDI?@I A<MFG JGH<FG< =DMGDFO@ F<QM<HI
DA<?@ @OODD ?@@MG@M ?@O<TG<M?< BMG@I FuF A<MFGGFG<MI ?I?< B@I@G?@ JMO<FGF
BNO@MH@FO@?DMjMI@DI(@MFF1MFG@MDI?@<ONTG@H@T<TBI=DMB@G@I@FF@I@MF@FG@M<O
NTG@H@H@FO@?DM $<B<PUG<M?< ?< <O @GG@MDI?@ F<GI HPHG<M T<I@I<U@IDI =DMD <T<F =DMD
=PI<JOPMHPF<?IG<MC@?DT@F<MGI?<NTG@H@FO@?DMĘ /12+"MH<I-MJA!M,NH<IDT@Ė?@O0TG@H@$@G@I@DQ@,NH<IDT@OG<M
*<F<G@ND
<BH
<BH
/+21 1P?JM< !Ju!M $<B<PUQ@1MF_FGF$@G@I@DI?@,MO<F2INPMG<M *<F<G@ND
,/13-@MO@Q+<DGD#JGFGJMQ@"?@=DT<O&&&?<H6<TIG<MNO<I=PGN
2)2!0G@TH<IO*<??@ND1!3NGoHINDFGJK@?DND 1!36<TIG<M
NO<I=PGN
$j/(*"+NH<DG1MF"?@=DT<OI?<OG<MFu<6<TIG<MIF<M<N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
O !@NO< <O<NUG@MD
?@TDHG@MQ@H<N<GG<M?<?<?@NO<IF<QM<HI<T@MQ@MDGHDODM?DGG@M@?@NO<IJGH<F<G@H@?@NO<I
JGH<F BD=D =DM JG<TI HNK@O Q@T< H@IAD JG<M<F C<GF <M<NI?< T<TGH<N <IG<HI?< ?@TDH
JG<M<FH<N<GG<M?<Q@F<CM<H<IGF<IG<OG<MI?<?@NO<I@FGDI?@T@M<GM
Ě1MFDT@?@ B@I@GGDFG@ <O JG<M<F FPGG<IG<I =P NU =<U TM@G@M?@ A<MFG @FDG?@ ?@
FPGG<IG<=DGH@FO@?DM <T<O (<MN ?@H@ 0DQ<N ?@@O ?<I< ?@TD *<G<OT< ?@TD@O
0<HNPI ?DG !J<I<M0DQ<N GoQDF (M@CDM GBG PM?PM N3D63@_D@7=>7D
P u<GH<?< <T=PMOGP @GoG} <=<ĖII Ė?< "MUPMPHPI 1JMOPH DGu@ND %DIUJMDF DH?D
1<JGPF (TI?@ H@T?<I< B@G@I C@T@G<FUI<NTG@?DDėOĘ1MFDT@Ė?@T@?D?@IT@OHD@
C@MF@NDI@U=@M@=DG?DDQ@HPNDFDDG@C<MH<IG<IHė6@H@IOĘė(MJGP!@NO<IĘJMu<G
ė*DCM<GD@T!@NO<IĘQ@U@M=<T><IGė(<u<F+@=D!@NO<IĘMI@FG@MDQ@MDGHDODM
)?BDE=5CD1>Y
DGQ@NDOF@IH@UK@MQ@M?DBoMI
6<CDBIG@MDHDUT<H<I<BDOOD
e@FOD(C(<AĖO<I1JMOPH?<H<MI
6U<GOHIAPNG<F<uC<I@BDOOD
(C>@=@G?@NOM<G?K}MDI?@I
(P?M@OO?@?DFJKOPT@MDI?@I
DGH@H>oIP>oIoIC@K=DM=DMDI?@I
TM?OTJFN<T<IT<I<BDOOD
0@A@M@OOD=DU@>@=@GD=DGGoC
,FP?PFoHDGG@MA<MU=DNHDGG<C
%<GoDFu<MM@G<H<IGG<C
0<IFD+PC?@QMD?DMOPA<I<BDOOD
PH<Ė?<IuFI><F<QDHF<M?<G<M
%JM<N<I?@GD=DI<G<MO<G<M
(PUP=MT<IDTG@=<C<MGO<G<M
DM<I?<C<FDG@T@FNoI<BDOOD
*@?M@N@H@N>DOG@M=@TO=DI<G<M
+D>@N@MQF<H@OH@G@FNDH<G<M
!oQP?}N@?<G<MDMDI@?<G<M
%@M=DMD=@GDMNDU=DMT<I<BDOOD
6FG?%IUMFOJKM<F<IG
M<?F=PG<H<?F=DMO<I@><IG
+@QM@NO@B@GDIG@MO<U@ID<IG
(<IG?PQ<TG<?DQ<I<BDOOD
@GoG}=P?@MOO@IUDT<?@HDUQ<M
"CGD<FJG<I<DA<?@HDUQ<M
6DMHD?MOI@A@M?@KDT<?@HDUQ<M
DGH@TDUJIG<M?<I@T<I<BDOOD
(6!J<IIJIDH1MF%<GFDDMDFu<6<TIG<MIF<M<N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
*@G@DMFJTPIG<MB@GH@UFPUPNP
,TI<?T@MDI?@IFJKOPT<UN
(@I<M?< F@?@F<G?=<UN
<=<JGPI%<FFĖ<@H<I@O@OOD
0MH<N<uG<MIO<M<TKMH@
$@G?D!@QM@?<F<u<H<I?PMH<
$U@GG@MNPGO<I$G<IĖNJMH<
!<M?<I=@FoT<<UDH@O@OOD *<IUPH@?@NJIDFD?MOGI?M?I>HNM<G<MII?<C@FD?MOGFG@MDI?M?I>
HNM<G<MTG<<TIF<ADT@Q@M@?DAG@JGH<T?DFF<Ou@FD>D?DM0<GDH%<G<F%<GF,U<I<T=PMOGP
@GoG}DNDHGD@N@MDI?@=P?@NO<IG<DGBDGDJG<M<FNJIDFDFO<T @GoG}ĖIDIFTGN3@GDT?IĖ?<YY6I9VYDY
0@ADG=<TFPI@B@U@MNDI=PT@M?@
6JFHP?PMQ<O<IIDGG@MDIC<ID
(NHHNIN@G<HH<GH<?I
@T?o=G=GBD=D?DGG@MDIC<ID
">@GOPU<I<u<H<UHNI
uK?<DuDI?@IF<u<H<UHNI
U<? @TG@N@G@MPu<H<UHNI
(MFHF<I<?IFJGG<MIC<ID
DMFPUPFJTPI?<I<TMFD?PM?P
6@H@UHD?<G<MIFPPTG<FPM?P
(<O<M?<I<TMG?I<CDIHDQPM?P
1PMI<HO@G@FG@MDIO@GG@MDIC<ID
uHNITJFHP?PM@FH@DI<ITJGG<MIC<ID
(<M<T@M?@HJMH@I@Q@=DO@MHD
6<U=<C<M?<DNC<FFPPO@MHD
<Cu@?@<G<IuG?@T<O<MH
2T<IB<MDK=G=GBGG@MDIC<ID
PI?<TJMB<I?@FT<NOFQ<MH?M
PB@ID?IT<?<T@MDI?<MH?M
!<GIO<CO<?PQ<MIIT<MH?M
6@DG=<GNPI<HBGG@MDIC<ID
(MK@H<M<GD?DI?<G<MHU?<
!JG<IM?INJGPN<G<MHU?<
1<U@AD?<ID?DI=<G<MHU?<
#@G@FHD=P?<??<GG<MIC<ID
0-/) 0@MC<IGF<IĖ<O
*<IUPH@G@MD*<F<G@
<BH
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
!II?@<>@M=@ODuDG?D
$@GDIGDF@NQ<=I?<MH =DuDG?D
GDFG@?H@G@BNI<uG?
+JG?PF@H@M=@NO@=@GG@MDC<ID
GHF<G<MIQ<MHFI<N
G<D?DJBUG@MDI=DI<N
(J><G?IHJI=@TGINPI<N
6JFHP?PMO<F<ODIC<GG@MDIC<ID
"HHDHFU<uF<KTBDM@TDH
%<NO<HNIC<GDIC<OĖMINJM<TH
0PNPU?@DGHDNDI=DMNPQ@M@TDH
e<TG<M?<u<GF<I<IN@NG@MDIC<ID
6<O<MNIB<AG@OO@B<HNUF<TBPNPU
+DIID=<G<HIDIIDF<GH<PTFPNPU
%@HB<MDKC@HuKG<FC@H<uC@HNPNPU
#@G@FAPF<M<NH<GG<MIC<ID
%@MB@GDKB@uODFu@N@G<HQ@M@TDH
+D<IBoCO<I<TUG@MNM@TDH
(<G?MIDFo=ITUIBM@TDH
+@uJFN<M<MHNIC<GĖG<MIC<ID
DQ<I?<><II<=TG@FT<MH
%<NO<=<IO<T<NO<FJT<MH
"MB@IFU<=@T<U=@UG@MPT<MH
GBDT<GG=<G<H<GG<MIC<ID
!<C<N@TM<IBoC<uF<MH<UHNI
eFK?<=<G<M<=<F<H<UHNI
(<G?MN<H<T<<F<GF<H<UHNI
3@M=<I<OPO<TH@GG@MDIC<ID
0@I?@%AUBD=DO@U?@IPT<I?I
2T<I?I?<O<T<NO<?<T<I?I
NG%<IHBD=DF<QMPG?PIT<I?I
6@GG@MHDN<QPM?PFGG@MDIC<ID .5=5>VYDY
%<Q<?< =PGPOTJF=PI@?PH<I?M
*<CG@?@GHTJF=PI@DQ<I?M
P6@H@I@GG@MDI@?@T<H<I?M
IJ6@H@I?DM$GuDH@I?DM
$D?@IB@GHDTJM>@KI@?@I?DM
(0&/%<N<IGD!MDDM!@AO@MD!@IB@6<TIG<MNē
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
P?<I<M?I?<M@?DAN@NDQ<M
3<MI=<FIu<IO<NI?<I@NDQ<M
DMuDAOK<KPuDG@=DM?@A@NDQ<M
PM<N %PĖOPM6JGPTJFPOPM
$D?@IB@GHDTJM>@KI@DODM
(G<IIII?@u<GIMN<UG<M
T<HT<GI<T<FTM@DHNUG<M
6@H@IĖ@BD?@I@<GTJMFUG<M
PM<N%PĖOPM6JGPTJFPOPM
$D?@IB@GHDTJM>@KI@DODM
6M@*2
(<TI<F(DD!MDT@(@NFDI
!@MG@T@I*PU<AA@M0/&0j7"+
3+OADBT<IGOM(@GDH@IDIGB<ODT<UGĚDQ@Iė?DMDQ@I#<MNu<ADH<O@HT<N
DIG@H@NUG<H<=FUI@QC< RB?V<E5CD1>Y
@I?@IN@GoHJGNPIJGP=@TDI@
eFKP?<G<M<T<NG<IH<G?M
,FB>MONI?<IF<GF<IN@NDI?@I
!<G<MN@?<Q@MDKN@NG@IH@GD?DM
!H<IB@G?DO<=PMO<=PM?DUDG?D
GIHU<F<M<T<UT<UG?
1A@FD><?JG?PH@MOGDF=JUPG?P
"MDFGuFI?<K<NG<IH<G?M
(MJGP?@MHDTDI@<II?D@MDHD?<G<H<
G<TBDOOD=@ID=PM?<@G@H@
6@H@I@?@=@IDH<<H6@H@I@
"M?DHJG<*DCM<GD@T6@H@I@
(PM?PHJG<u<?MG<MuDH@I@
,PGFU?OT@MDT<F<MFDH@I@
,PG?@MO=@IDH?@DGHDQ<GG<CFDH@I@
1/1*UDF!<DM@ND<F<IG1MF%<GF*UDD0UG"N@MG@MIOJGJEDND>DGO
!"3"),)2 #@MDO ,NH<IG><1MFu@ INDFGJK@?DF )B<O T?I (DO<K@QD
6<TIG<MIF<M<N
j71")) <CDO(MJGPQ@!<?<GJGP3<MGF6<TIG<M<NFN
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
@IBD?DTJH/O@TDHN<I<=DMID@*DCM<GD @TPUPIC<Q<N*<G<OT<TM@NDI@
H<G @?DGH@FO@?DM P T<IGG ?< DGBDGDG@M ?U@GODM ?I>@NDTG@ =DGC<NN< =@GDMOH@F DNO@?DF
2UPIC<Q<0DQ<NĖI>TPMO(TĖI@<DOODM
*DCM<GDTDNJM<MN<I@U@G?@IT<NG
eDAO@<GFG>IPuG<MK<NG
1<@U@G@U@G?@IT<NGTHT<NG
<G<IO
*DCM<GDTDNJF<FG<M?<OPOOPG<M
<H?<=DMFPMPI<N<OOG<M
*DCM<GDTD6@H@I@?@<OOG<M
<G<IO
*DCM<GD@T%<HD?DT@<G<T
!H<IG<MuF<M?OMG=@G<T
+@?DMGD@TDH=PIPIFJG<T
<G<IO
!@QG@O@=<G?MPN@IDI=@TDDOG@M
<G<IO
M<K<OG<MB@G?D=<G<IH<FDNO@M
(HG@MDIB@G?DT<G<IH<FDNO@M
/O@T=T?@QG@IH@FDNO@M
<G<IO
/O@T*DCM<GD@TDIJGPGD@T*DCM<GD@TDIF<M?@D 1Q1;#5295CD1>Y
JU<ON@IDN@MOQG@?@=<G<M<H
$UG?<IBH?@IN@IDI<GG<M<H
I?Du@M@HN@IDH@CH@MuPGG<M<H
$JTN@I@?@NDIG@M<TI<?<I+@=D
1A@IBDC<Q<?<JTI<?<I+@=D
(6!J<IDM!@NO<I(<CM<H<I*DCM<GD@T%(NON
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
+@=DIDI=G<M@H@@H@?D
-<K<BGG@?@I?@H@?@H@?D
+@=DIDI<OI=DM<OF@uH@?D
$JTN@I@?@NDIG@M<TL<u<L+@=D
%@>@MDUI?@I<TBJu<F+@=D
JU<OH@ID=P?<Q<?<IFPMO<MN<I
$<I<O<uK0<GQ<MOT<<K<MN<I
$<u<LG<M?@T@MG@M N@I@HDI@CN@I
$JTN@I@?@NDIG@M<TI<?<I+@=D
1A@IBDC<Q<?<JTI<?<I+@=D *A@G^
ė1<MDCDI K@F uJF ?I@HDI?@ u<GF<IOG =DM C<T<O B@uDM@I =<U@I K<MG<F H@?@IDT@OG@M
FPM<M<F =TF =<<MG<M< DHU< <O<I 1MFG@MDI H<CDT@ODID ?@DODMH@T@I HO@M@F HDGGD =DM
@?@=DT<O B@G@I@D Q<M?MĘ P B@G@I@F =DI TGG<M?G<MIN@QDIuG@MDIF<CM<H<IGFG<MIJU<IG<MQ@oFG<M<M<>G
DG@NUGTIO@HG@DDMJG<M<FOJKGPH<T<INOGH<N?M
ė!@NO<IB@G@I@DIDIT@BoI@D>M<>G<MJU<IG<M?MPBIFCDFoT@>DoFG<MIT<KOFG<MI
<H<I FGOMII CoFDH JG?PP ?@QDMG@M?@ JU<IG<M T<KTJMG<M? ,U<IG<M ?PT?PP Q@ =DG?DD
F<CM<H<IGFJG<TG<MIU<A@MG@MDA@G<F@OG@MDQ@OJKGPHPT<FI?<IDGBDG@I?DM@IH@N@G@G@MD?@MG@TDK
I<UH@OH@F ?UK FJH<FG< HF@GG@AODMG@M =PIP FJKPU @GDDI?@ T<K<MG<M? ,U<IG<MI
HPN<IIDAJGH<U@GGDDIDIT<INM<<IG<O>GFQ<NAG<M?<Q<M?MĘ 1MF ?@NOPO =OI OMG@MDI ?@ JMO<T<
uFH<NIN<G<HOM%<G@IB@G@I@FN@GHPNDFDFGOMHU?@=<@N@MJG<M<FD>M<@?DG@I=JUG<F
PTPI C<Q< <OG<M @UBDG@M OMFG@M FMF C<Q<G<M ?@NO<IG<M =DI TGG<MI BIHU@ O<? <C
@N@MG@M?DM !@NO<IG<M N<?@>@ O<MDCD JG<TG<M F<CM<H<IGFG<M Q@ NJNT<G C<T<O Du@M@I FJIPG<MG<
NIMGH@QUPG<MDu@MH@UG@M!@NO<IG<MHPNDFDFGOMI?@D>M<@?DG@INUG@N@MG@MQ@?D@MNUG
C<GF @?@=DT<O OMG@MDIDI N<OM <M<G<MI?< OJKGPHPI B@G@I@F MA Q@ <?@O OM@ ?DID DI<Iu <F
O<=D<OHP>DU@G@MDC<TQ<IG<M@QM@IDIT<M<OG@AN<I@I<NDC<OI<FT@H@FFGOMM@IFG@MQ@
FJFPG<M BD=D ?<C< JIG<MG< FGOM PINPMG<M ?@NO<IG<MI <OG<MI OMFG@MDI FN<>< DA<CD C<GF
@?@=DT<OIIFJIP=<GFG<M?M
(GOM HDM<NHUI B@G@>@F FP<FG<M< N<GFG @FDG?@ <FO<MG<=DGH@ND Q@ ?<C< ID>@ =DI
TGG<MFJMPIPKN<FG<IH<NDuDIDA<CD1MFC<GF@?@=DT<OII<NMIDIFD<AI<PTBPI=DGDHN@G
Q@MD O<=<III JGPOPMPG<M<F <NMI DCODT<>I< >@Q<K Q@M@>@F IDO@GDFO@ DI>@G@IDK TJMPHG<IH<N
B@M@FDMPIPIDuDI@?@=DT<OQ@C<GF=DGDH>DPUH<IG<M<=TFBM@QG@M?H@FO@?DM
XL7F
DA<CD%<GF"?@=DT<OHDGG@OG@MDIFDHGDDID@FDGG@I?DM@I<I<PINPMG<MI=<I?<B@GDMP
DOD=<MG< ?@NO<IG<M HDGGD <?@O Q@ <I<I@G@MDI JGPH<NI?< I@HGD T@M@ N<CDKODM <F< =DM ?@TDG@
?@NO<IG<MI HDGGD @?@=DT<OI @GDA=<N JG?PPIP NTG@H@F =@GFD ?<C< T@MDI?@ JGPM 1MF oFGF
B@G@I@DDuDI?@=<G><T@MOPO<I?@NO<IG<MU<H<IDuDI?@F<QM<HN<GJG<M<FA<MFG<IG<HG<M?<Q@
<G<IG<M?<@?@=D=DMOMJG<M<FHDGGDFGOMIU@IBDIG@H@NDI?@I@HGDMJGJTI<HOM!@NO<IG<MI
*)*@C?D1@U<?G<M$<U@O@NDM<GFU@M=<T><I<F
7/DMJG#M<OkIDQ@MNDO@ND0JNT<GDGDHG@M!@MBDND DGO0<T0<TA<")7&
(6!J<I0DQ<NĖO<_FGF$@G@I@DQ@_F/PCN<OD0DQ<NN
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
1MF @?@=DT<O DuDI?@ A<MFG Du@MDFG@MG@ FPGG<IG?I <TM>< <O<NUG@MD DuDI?@ Q@ ?@TDHG@M?@ ?@
T@M <G?I =DGDTJMPU 1@=GD?@ 1MF %<GF "?@=DT<OI?< ė?@NO<IĘ F<QM<HII FPGG<IG?
<G<IG<M Du@MDFG@MD Q@ =PBI I<?JGPĖ?< O@HNDG>DG@MDIDI <MOF I@M@?@TN@ TJF ?@IDG@>@F F<?<M
<U<G?&1!"01+)/NJNTJGJEDF<u?<I@G@<GI<><FOM
@3:F3D =7>;?7>7D DA<CD %<GF "?@=DT<O <OG<M ?@NO<IG<M ?@NO4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
%&$%&#&!e"S %º"1%Y%&b#,,),1 Y%+,+*"
&#,b,&0»,% eS)e"Y1#$eY1)e%e)e%#$
")WL!W
e)ej
0JTPO Q@ F<MF ?I>@G@MDI F<QM<HG<MI Q@ JG<TG<MI <IG<OHI?< N@H=JGG@M?@I
A<T?<G<IGM 0@H=JG ?<C<TFN@F=DMB@Mu@FGDDIT<INH<NT<?<BGB@ND)DIBNJG<M<F
T@ID F<QM<H T< ?< F<QM<HG<M D<M@O @?@M ė0@H=JGG@M T@MG@MDI@ B@uODFG@MD @TG@MD O<H =DM
=@IU@H@ T@MDI@ BDUGD =DM N@U?DMH@ DG@ M<NOG<ION<G Q@T< B@G@I@FN@G =DM F<=PGG@ID =<G<HI?<
O@HNDG @?@MG@MTG@>@N@H=JGJG<M<FFPGG<IG<II@NI@D<M@OF@I?DQ<MGF<G<I?I?<T@IDQ@
A<MFG <IG<HG<MG< U@IBDIG@@M@F ?<C< NO =DM FPMH<>< <IG<OHI <M<> ?PMPHPI< B@GDMG@MĘ
(JMFH<U<
IN<IJGPIPIT<<HIIDGF?@I@TDHG@MDI?@I=PT<I<HDOG@M@AN<I@G@MH<N<GG<M?@NO<IG<M
H@NI@QDG@M Q@ CDFoT@G@M <IG<OG< B@GHDG@M?DM PIG<MI =TF uJPIGPP N@H=JGDF <IG<OHG<MG<
=@U@IHDG@M?DM $@G@I@FN@G @?@=DT<O O@JMDND I?<FD BMG@M <NG N<I<O @N@MDIDI GuNII
O@HNDGT@ODNDTG@?JMPJM<IOGJG?PPTII?@?DMP<FHII@HGDDNDHG@MDI?@I JJH<M<NR<HT
B@Mu@FN<I<O ėN@H=JGDFQ@H<I<G=DMO@HNDGDIB@Mu@FG@ODMDG@=DG?DDT<ID<FGI?I?<BMGH@ND
HHFI JGH<T<I @TG@MDI O@HNDG @?DG?DD N<I<OĘ )DQDIBNOJI JG<M<F BMM +@NI@G@M
?IT<NI?< NJHPO JG<M<F BMG@IG@MDI DIN<I UDCIDI?@ JGPOPM?PP NJTPO BMIOG@M F<QM<H
N@QDT@NDI?@ <GBG<H<T< O<=D OPOPGPM P F<QM<HG<M <GBG<H< NJHPO BMIBG@MDI Du@MDFG@MDIDI
F<QM<IH<NI<=<G?MGDFDIDI=PTIDHB@TD?JPMPMHB@?<C<?@MDIH<I<?<UDCDI?@FDNJTPO
O<N<MH?M 0JTPO F<QM<HG<MI <IG<G<=DGH@ND DuDI NJHPO BMIBG@M?@I u@DOGD TJGG<M?@F JGCPJI0@H=JGDF<IG<OHG<MIO@H@GDID
<MF@ODKG@M JGPOPMPM MF@ODKG@M FJG@FODA =DGDIu?II F<KN<HI JGPOPMI F<T=@OODD
U<HBuG@MDTG@JG<IDGDFDNDIDTDODMDM#JM?C<H
"?@=D @N@MG@M?@ FPGG<IG<I ?DG H<GU@H@ND N<I<OuII Q@ JFPMPI JI< U@G =DM <IG<H
TFG@H@ND DG@ H<I< =PGPM 1<=D<OO< BMG@I I@NI@G@MDI HPC<TTDG@?@ T@ID?@I JGPH<N
A@IJH@IJGJEDIDI U@HDIDIDJGPOPMPM *oI@IMPC@IO<C<TTG@?DG@IO<N<QQPMG<MI=DM?D@M?@TDG@
Du@MDDI ?<C< DTD <IG<G<=DGH@ND DuDI H<??@?@ BNO@MDGH@ND B@M@FH@FO@?DM "?@=D ?DG @?@=D
@N@M?@ H<I<II H<??@?@ BMGH@ND BD=D BMGM P ?PMPH?< @?@=D @N@M H<I<II H<??@T@
?IH@FGDJG<M<F=@GDMDM 3<MGFQ@Q<MGFDuDI?@FD?IT<DuDI?@FDB@Mu@FI@NI@G@MG@=<G<M
#@IJH@IJGJEDF =<F OH ?DFF<ODI I@NI@G@MDI =DGDIuO@ BMI?FG@MD =DuDHDTG@ ?IT< A@IJH@ID
U@MDI?@ TJPIG<H<N B@M@FODD DII O<M "?@=DT<O H@ODIG@MDI?@ ?@ <TI @T H@ODI DuDI
B@u@MGD?DM*@ODI=DM?IT<?M*@OIDJGPOPMHG@G@MF@GDH@G@MQ@C<MAG@M?IT<IIDuDI?@FD
I@NI@G@MH@N<=@NDI?@?DM"?@=D@N@MG@M?@A@IJH@IJGJEDF=<FH@ODIDuDI?@FDI@NI@G@MDI=DGDIuO@
BMI?FG@MD =DuDHDTG@ H@ODI U@MDI?@ TJPIG<H< @FGDI?@ BMGM ė#@IJH@IJGJED BM@M@F
<T?IG<O<M<F <IG<H =@GDMG@T@M@F Q@ <IG<H <TMH T<K<M<F TJG <GM #@IJH@IJGJED F<MG<OMM
<TMH T<K<M =<G<M DGDFDT@ NJF<M K<Mu<G<M< =G@M Q@ @G@MDI@ <TMM H< C@M @TD N<A
BMH@TG@T<K<M(PM<HG<OMH<UĘ%PNN@MG
#@IJH@IJGJED UG@MDI <M<OMGH<N?M %PNN@MG (<=PPI u@QM@G@?DD U@
BDOH@FA@IJH@IJGJEDIDI<G<II<BDM@M%@M@T?@II>@A@IJH@IDT<ID?JG<TNUJG<M<FQ@MDGHD
JG<I =@ODHG@H@T@ ?<T<I<I =DM TIO@H?DM OI NJMPIG<MI O@H@GDI?@ UG@MDI =@ODHG@IH@ND
T<O<M !DFF<O @?DGH@ND B@M@F@I @I I@HGD @T UI F@I?DND ?@DG UI =@ODHG@IH@ND?DM
#@IJHJIJGJEDėUĖG@MDI =DGDHD?@DGėUĘ=@ODHG@T@IO<NQDM@?@I=DGDIu=DGDHD?DM'PIBĖPI@I
I@HGD F<QM<HG<MI?4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
=@ODHG@H@FG@ @?@@M?DM #@IJH@IJGJEDF TJMPHG<H< T<KH<F <MF@ODKN@G N@H=JGDUH <uNI?@G@H@ <G<II< ?oCDG @?DGH@ND
1MF FGOMII @NDU <C@N@MG@MD JG<FOM P
u<GH<II<H<>CDFoT@IDICJHJN@HDTJODFCJHJN@HDJOD>PN(JMFH<U<IG<H?<
JFPIH<N?M #@IJH@IJGJEDF =<F <uN <MF@ODKN@G TJMPHG<H< DuDI =DM O@H@G JGPOPM?PPI?@FODM MF@ODKN@G DI>@G@H@?@ =PGPIPGPMF@I ?M<H<ODF <FNDTJIP JGPOPM@FODM
e<GH<HU< @N<N O@FDG @?@I CDFoT@ ė6>@ =DM@TĘ <MF@ODKD @FN@IGD JG<M<F u <I< <<H<=<GF
<GOI?<TJMPHG<IH<T<u<GG<><FOM
0) #$j$*
3<MJGH< N@MQ@IDIDI DGF <<H<N <TMGH<?M (oDI<OI Q@ DIN<II JGPPHP T<ID
O<N<QQPAO<FD =@ DID DG<CD DNDHG@MDI U<OO@II@OO@I
<TMGH<<MF@ODKDDG@DGDFDGD?DMIN<II?JPHP<II@?@I<TMGH<<II@M<CHDI@uJ>PPI?H@ND
=<=<?@FDI?@I <TMGH<?M
3<MGF oG@HDI?@ C@M @TDI U@G?@ DIN<IG<MI Q<M JGH<G<M Q@ F@I?DG@MDID B@Mu@FG@ODMH@G@MD =DM
<TMGH< JGBPNPIP T<<H<G<MI B@M@FODMDM (JG@FODA =DGDIu? D><=I>< C@M FDD ė<TMGH<Ę
<MF@ODKDIDT<<H<FUJMPI?<?M(<U<I@BI,GP2MPU@BI1PON<F,G?PPJTĖ?<2MPUĖPI
C@H JIODF C@H <IG<HN<G JG<M<F Q<MGF oG@HDI?@ =DM T@MDIDI JGH<N DuDI <<H< <MF@ODKDIDI DGFD
JG@ ODODUGDFG@ DG@IH@FO@?DM %DFoT@?@ 2MPUĖPI ĕ<TMGH<N u <<H<?<
B@Mu@FG@H@FO@?DM
$GF>G>G=+34>AEGH7&@GAL3@7D;@`k`@57>7D
?H=dD/B7p
EhBK;H;DB;HdD7HIB7DlJKBKAKpKDO7LHlIl8;P;C?IA?DKCK:KA7BClpO?h?J
7HA7Il A7BlD )hKPKD F7p7Il %7D FA7PKD AlHlCl AEDKH 7JKD ;O;I? %7H7 !dD;DdD A7H:7pl
%7H7 K:7A ;CC?I? "7D /HKPKD 8787Il -7BKH %7P7D ;= O;H?D:;D :KHClpl:l %7H7 O;HdD
dP;H?D; EAJ7AB7HlD :?A:dHC?p?:? ?D O;H:; ?F;A >7Bl]7Il :bp;DC?p?:? B7 I7OL7D =bAOdPdD;
7p7DCKp?:? EAI7D JdC;D =;] )hKP %7P7DKD IE>8;J?D; :;H?BC?p?:? hPl 8dOdA >KHC7B7H
EHJ7Blh7I7BlDClpl:lEAKPO;H:;87:O7B7HAKHKBClpl:lBJKD7O7AIdH;>?B;H:?P?BC?p?:?EAKP
A7H7=bPBd>E8IKH;JBdbHC;I7]BK;BB;H?8?B;=?D:;DAlD7BlF7HC7AB7HlD?=7HBl8Eh7PB7Hl8?H;H
A7HlpA\<?HAlPB7Hl7Bp7H78l7BJKD7O7hlB7A7BlD)hKP8;=B;H?D;=;P:dHdHB;H?:?I
1H,PUG<MIC<UM=PGPI?PPC@M @TDITJGPI?<BDOODD =DM?I@H?DM,PU=@TD0<GPM
O@MODK @OODD G@I?@ u@QM@N@GADUDFN@G <IG<H?< HPOGP =DM KJMOM@ uDUH@FO@?DM 0<GPM N<I< Q@
NJGPI<=<F<M%@MDFDTI@=<FI?<0<GPMĖPIHPOGPGPP?<C<?<K@FDH@FO@?DM eIFT<<H
T@MG@MDI?@ TPMOG<MI?< UBM>@ T<<T<I ,PU @TG@MD C<UM =PGPIH<FO<?M 6@MG@MDID Q@
TPMOG<MIDH<MQ@D?<H@FJIPNPI?<?IT<?<F@I?DG@MDI@H@FoI=PGH<G<MCPNPNPI?<C@M UJM<
BDM?DDI?@T<II?<=PGPI<IT<M@IG@MDTDI@T<II?<?MIG<O?< N<Q@NJGTIG@M?<T<I<FJG<M<F
=@GDMDM 0< O<M<A B@I@GGDFG@ =<=< O<M<AI?<I JG<I <FM<=<T NJG O<M<A DN@ <II@ O<M<AI?<I JG<I
<FM<=<TDHG@M0<GPMĖPIN<O<M<AI?<F<M?@D=PGPIH<FO<?M0JGO<M<AI?<DN@?<TNQ<M?M 0<
Q@NJGTIG@MDI?<T<I<FJGH<G<MFDDIDI@GDI@<T<I<BI?@MH@?@=PGPIPM"GQ@<T<FJGH<UN<
TMH@ Q@ T@MTUI?@ T@M =PGH< DHFoINUG<M OI =P JGPHGP ?PMPH F<MNI?< JGPHNPU
?PMPH< N@=@=DT@O Q@M@I 0<GPM (<U<IĖI JGP ?< =P JG<T MBNI@ ?oCDG JGPM 0<GPMĖPI JGP
2MPUĖPIJG<TMBNI@?oCDGJGH<N=DMuI>TI?@B@Mu@FG@DMPTIF<MT<IDIO<M<AOM
"I <IG<GM <IG<HTG< ėB@G@>@FĘODM T@ID FP<FOM 0<GPM u@QM@N@GADUDFN@G <IG<H?< >@II@O DG@
-<M<IO@UDuDI?@BNO@MDG@IN<TA<IPH<M<G<MH@OIDI<GI?N<TA<IPH<M<NIBNO@MH@FO@?DMGIOT<KG4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
@?@@M C<OO< ?<C< BU@G =DM H@FoI?< JGH<NI< M<H@I JGBPN<G JG<M<F ?<M =DM H@FoI?<?M
(JMFH<U!PTPN<GJG<M<FNFIOGJG<I0<GPMĖPu@QM@NDI?@FDBU@GGDFG@MB@IDGDFG@M
Q@<uFGFG<MO<OHDI@OH@H@FO@?DM 0<GPMĖPI=@?@IDID=TF=DMUIOF<KG<HOM %7HpKIKD7
87A:l EhB7D9KhKDK /HKPK =bH:d ;B?D ;B?D; ]7B:l 7hB7:l I ,GPI< =<FI>< <G<H<T<
=<G<H<N2MPUDuDICDu?@CJ?@DG?DM(@I?DNDI@F<CMQ@M@I?PMPHF<MNI?<DG@MDB@GDK?DU
uF@MQ@=<=<N0<GPM(<U<IĖ<
YDdC7DB7C;DdCIbPdC:?DB;7h7C%7P7D -7hKD787A:KDA7IA7I=dB:dD-EBKD7
87A:KD ]EA I;L?D:dD %7HpKD7 87A:KD 8;D /HKPK =bH:dD 7hB7:KD -;8;F D;:dH ; =?B
C7D7 %7H7 87pKC AKH87D EBIKD 8787C I7D7 ;C;P EBKHlI7D A7B8AK87Dl O;HdC:;D C;D
:KHKH7C %7H7 =bPBd O?=?JB;HdC 8EOKC7 C;D 7BKH7C %7D FA7P7 ;B?D:; C;D =?:;H;C BJKD
>7]7 ;BdCd 8;D 87HI7C *?BED =;O;D A;p?pdD ;B?D 8;D bF;H;C %7H7 =bPBd A\<?H AlPlD C;D
7BKH7C 7>l 7OHKA I;DdD OdPdD; C;D =;BC;P;C hB7:KhKD7 I;8;F D; :;=?B C7D7 %7H7
87pKCAKH87DEBIKD7h7CI7D7I
?DT@M@F <G<H<NIIN@=@=DIDNJM<M
3D=g@63>g=
<=<NII ?D@MG@MDI@ BGHN@H@ND F@I?DNDI@ =<FOI?< UGH@ND 2MPUĖP HO@@NNDM
@?@M <=<NI<NDO@H?@=PGPIPMH<>=<=<NIIUIONIII@?@IDM@IH@FODM+DC<T@ODI?@
0<GPMJGPIPI=PDuO@I T<F<MG<MI< ?<T<I<H<U
;Hd=;B=?BAKBKDKCEhKB-7hKC7B787A:KhKC:7A7H:7pKC%7H7!dD;O?=bH:dC87p
A;IdF:dH A7D :bAdF:dH ]KB:K 7BKF:KH 7: A7P7DKF:KH -EBKC 7B7 87A:KhKC:7 :7OlC HKPK
=bH:dC 87p A;IdF:dH ]KB:K 7BKF:KH 7: A7P7DKF:KH %7HpKC 7B7 87A:KhKC:7 I;D? =bH:dC
hB7:KhKC7 I;8;F EB:KH A? 7J7C bB:d 8;D A7B:KC O;H?D OKH:KD 8;D JKJ:KC 27HlDA? =dD 8;D
:7>l:dp;CbB;CI;DA7B7IlD)D7BJlO7pO7pB7:KD27O];AC;:dDE>7JC7:KD87pA;IC;:dD
A7D :bAC;:dD %7BlD )hKP ?]?D:; ]KB:K 7BC7:KD 27HlDA? =dD P7C7D :bDdF 8;D bBdF I;D
A7Bl97A J79KC J7>JKC I7D7 L;HC;O;B;H :;Od IEDKDK 7DKF 7hB7HlD 7hB7:KhKC7 I;8;F 8K:KH
EhKBI
O<N G?FO@I NJIM< GH DG@ B@G@I TDODMDGHDGDF <>N 0<GPMĖP NFIOG<M< ?Pu<M @OH@U
uIF 0<GPM <O<NII T@MDID TPM?PIP OPO<=DGHDODM _G@H?@FD OPOPIH< T@MD JGQ<MGFoG@HDI?@F@I?DI@T@M@?DIH@?DM,PUDGD0<GPMĖPIQ@
<O<NII T@MD?DM P H@FoI N<?@>@ u@QM@N@G ?@DG JGBPN<G ?UG@H?@ ?@ <uF M<C<O HPOGPGPF
Q@MD>D =DM H@FoI?M #<F<O OH =P H@FoIG<M JGPHNPUGPF CQDT@ODI@ =MIM PI< N@=@K ?@
2MPUĖPI H@FoI OPOH< T@M @?DIH@ FJIPNPI?<FD T@O@MNDUGDD?DM 2MPUĖPI ėT>@ =DM@TĘ JGH<N
@FN@IGDJG<M<FB@G@>@DIO@HDI<O<GOI<<GIH<N?I>@ND=P=GHI<I<DUG@DJG<M<F=@GDMDM
P A<MFI?<GF 0<GPMĖPI DuDID F@HDM@I =DM JGBP?PM 0<GPMĖP DuDI DuDI =DODM@I ?@MO BI TUI@
uF<M(@I?D <CNI?<?@QG@OTI@ODHDDG@DGBDGDU@G@ODMD?@=PGPIPM(@I?DU<<AIIA<MFI<Q<MM
<=<NII T@MDID ?@QG@ODTI@ODHD ?@QM<GMF@I =OI <MOG<M T@MDI@ B@ODMHDODM DM ,PU =@TD
DuDI G<UH B@G@I ė=< F@NH@F uPG?P <GH<F T<T u@FH@F F@DI
O@HDI<O JG<?PMPH?<C<=DM=@MM<FGFF<U<IM
8;=8787:;L;9;8dOdC?pI?DAbp;A];7ABKDOEA:;F;9;8dOdCdpI?D:7Hl978;ODdD
OEA8K>dD;HB;H?EhKB7J7:7DCl=bHdHbhH;DdHOE>I77J7B7HEhKB:7DClbhH;DdH%7]7D I;D
8;D?7BKFA\<?HI;H>7::?D;]lA7H:KDbDdC:;AlBl]]7BKF87pA;I:dD;DI;D:;DD;=bH:dCD;
bhH;D;CI
0<GPM(<U<IĖIF@I?DNDC<FFI?<U@G@ODMD?@=PGPIH<NTG<=<G<T<I?M<H<ODF<FNDTJIPI
<I<DUG@FTII?@TJG<GH<NA<MFI?<JGPDG@B@Mu@FG@DM%DFoT@?@=DM=DMDTG@=<?<HGu@DOGD
A<MFI?<GFG<M NU FJIPNP?PM PIG<M?@FF<?<M<uFQ@I@O =DMO<QMN@MBDG@T@I 2MPU=OIB@G@>@FJG<IJGPHNPUGPFG<MI
I@?@IDID=<=<NI?<FJGPHNPUGPFG<MI
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
N@=@=DIDI A<MFI?<?M (DHN@ <I< TPMOO< T@M @?DIH@TD Q@ <I<TPMOO< ?<DH F<GH<T N<G<T@ND T>@ =DM@T <MF@ODKDIDI 2MPUĖ?< =DM T<INH<N JG<M<F BMGM
%DFoT@?@ ?DFF<O@ <T@FI@NGDIADFDM<GQ@MDD
uJF I@HGD?DM 6I@ODH C<GF DG@ DGBDGD JGPHGPJGPHNPU BMG@MDID K<TG<H<G?M PIPI O<H
<FND ?PMPH?< JPG =<F< F<K <M<M %7D FA7P7 ?B?D; 8;D =?:;H?C BJlD >7]7 ;B?C? 8;D
87I7HlC *?BED =?O;D A;p?p?D ;B?D? 8;D bF;H?CĘ I (<UE8IbOB;:?p;A;HO;:?;OB;HI?PO?DdP?]?DdPIE>8;JdDdP:7hlJC7DKP
';D8KEhB7Dl7B7OlD7L7=?:;O?D)A7JJKhKC9l:7IKD:KhKCO;HB;H?=bIJ;H;O?D%lBl]]7BKF
87p A;I:d=dC O;HB;H? =bIJ;H;O?D %\<?H I;H>7::?D; lPlhB7H7 hB7h7D7 !bA]; 7h7 7BK87D
]lA7OlDIEDH7EhB7D7=;H;AEBKHI
0<GPM (<U<IĖI NUG@MD DG@ B@M@FGD JGDI@ B@uDGHD JGPM 0<GPM JGPIP <GK
F<CM<H<IGF ID<I@ND JG<FJG<I=DGDI>DII@HDI@T<KG<IQPMBP?PM
(<CM<H<IGF ID<I@ND H@FoIG<MI BMGH@ND <O<G<MI T<KO N<Q<G<MI <OHJNA@MDI?@ JGH<F
JIG<MI F<CM<H<IGFG<M DG@ =TH@F J C<Q<T O@I@AAN @OH@F B@M@FDM $@G@>@F I@NGD @DOH@F
?@QG@ODI D?<H@NDID N<G<H<F DuDI @DODHDI B@M@FGD JG?PPIPI BNO@MB@G@MD CDFoT@?@ uJFu<
BMGH@FO@?DM #@M?D JGPI<F@TG@M=DGDIH@GD?DM+@G@MN<T@NDI?@F@I?DID=PGPKB@Mu@FG@ODM@=DGDI@>@FN@T<IDT>@
=DM@T<MF@ODKDB@M@FGDGDFG@MDOHTG@=DGDIH@GD?DM
0<GPMĖPIHPOGPGPPIP=JU<I?@MDI?I>@G@M0<GPMQ@2MPUĖPIA<MFI?<GFG<MQ@@DODH
NM@>DNJIPI?<2MPU@DODH<H<uGJG<M<FF@I?DH@FoII?<I<TMGM7JM=DMNM@uJG<I<TMGH<
<<H<NI?<INJIM<F<CM<H<IIT@IDH@FoI?<JGBPIG<H<<<H<N=<G<M
&#,%#j$
)e%#%$ j$*
%DFoT@IDI U 2MPUĖPI T<<? =DM Du ?IH?M <F<CM<HDI?@?@DDFJGBPG<MQ@<MF@ODKG@MNUFJIPNP?PM
_>97D=7F;B;`k?3@%78;E,K=GH7*3D:Ak>G=&>9GEG
(DD=DM@TG@DHNM@>DIDIDG@QM@NDI?@=@IGDFėBGB@Ę<MF@ODKDDG@F<MG<M$F@MD
(DDIDI =DM@TN@G =DGDIu?I?< =PGPIDI
JGH<?<IBGB@NUFJIPNPJG<H<UĘ#JM?C<HT<MBNTG<<uFG<M"@MBGB@Q<MN<F
?<Q<M?M'PIBĖ?<FDBGB@<MF@ODKDėO@?JDN@A@GN@A@NDĘDG@@?@@M?DMDM?D@MDA<?@DG@FOGF
Q@ T<IGGF JGH<UN< C<FDF<O Q@ DTDGDF ?@ <IG<GH@ F@I?D DuDI?@FD F<M<IGF BuG@MD O@HNDG @?@I BGB@TD T@IH@ND B@M@FH@FO@?DM
$GB@<MF@ODKDFDDIDIDuDI?@T@IH@NDB@M@F@IF<M<IGFBuG@MDO@HNDG@OH@NDBD=DF@I?D?I?<
JIP JGBPIG<H< TJGPI?<I PU<F OPO<I Q@ JIP TJF @OH@T@ u<G<I ?H<I ?< DHG@M !H<I
JGBPNP C@M I@ F<?<M ? Bu JG<M<F BMIN@ =DG@ <NGI?< FDDIDI DuDI?@ <UH<IG<<I F<M<IGF
BuG@MDI T<INH<N?M @TO<IĖI BGB@IDI FJG@FODA TI #JM?C<H JGH<N
<uFG<H<G<M< ?<C< =DM =@MM<FGF F<U<I?MM eIF @TODI?@DIN<IIII?@?PM<I@I
=TF @IB@G?DM !<C< ?< I@HGDND @TO<II Q<MG DIN<II Q<MGII NJIP>P?PM IN<II
T<M<OG Q@ DIN<I< H@FoI O<CNDND N@MQ@ID JGH<N<T? @TO<II Q<MG Q@ H><?@G@ND CDu=DM
U<H<I=DGDIH@T@>@FOD
2MPUĖPIJGBPIG<H<<<H<NI?<BGB@<MF@ODKDIDII@HD=TFOM$GB@2MPUĖPIC@H
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
F@I?D DuDI?@ C@H ?@ ?I?< H><?@G@ @OH@ND B@M@F@I ?H<I?M 2MPUĖPI JGBPIG<H<NI?<
I@HGD@OFDNDJG<I?H<IPTFPQ@F<M<IGFJGBPG<M=DuDHDI?@ėF<MNI<uF<I@IB@GG@MBGB@
<MF@ODKDIDI NDHB@G@HD @FDGG@MD?DMĘ (<IO@M 2MPU ,PU @TDT>@ =DM@T
U@GGDFG@MDIDF<U<IH<FDuDIuFOTJG>PGPFO<DGFJG<M<F?H<I@IB@GDDG@F<MG<MP?H<?@G@?@2MPUĖPII@AND ?@JI<@IB@GJGPMTM><PTFPQ@N<MCJGPF?<=P<<H<?<
2MPUĖPI=DM,PU@TDJGH<NI<@I=TF@IB@GG@MJG<M<F=@GDMDM,PUTPM?PIPIFJMPTP>PGPF
BM@QDIDNOG@I@>@FJG<IT>@=DM@TJGH<TJGPI?< @DODHNM@>DI@BDMDH@?PMPHPI?<?H<II
CPUPMNPUGPP =< BNO@MDM <=<,PG!@QG@O*DGG@O =<MF JG?PPI?< =<F<G<M =PIP =JUH<F
DNO@M 6M@F?@<TI?M@?@IDG@PTPHDuDI?@T<<MF@Iu@QM@<MOG<MIIJGPHNPU@OFDG@MD<FG
MPCPTPHPIP=JU<M/PCUBMGFB@GDDHT@MDI?@?PM<H<UGF=TH@ Q@PuH<C@Q@NDI?@?DM
FGJIPO@NFDI@?@MPTPHDuDI?@OPO<MPI?<I?JG<T =<=<<FGJGPI<HDGG@O@MPC<N<CDK
uFH<G MPCPI =DOH@U OF@IH@U =DGH@T@I @I@MEDNDID DTD TIG@I?DMH@GD?DM 0<GPM B@u F<G?
@DODH M@ODH DDI@ @G <OI>< O@ODFO@ =@FG@T@I ?H@ @IB@G JGP>P C@M @TD T<K<M <NPNG<M N<T@NDI?@ ?@QG@OHDGG@O PTPHP <?I<
<OG<I<?HG<MN@FO@T@PM<OH<FDuDI N<G?MKG<IT<K<M %@MU<H<IDuDI<MOG<MI@IFON=<<
B@GDM ?DT@ O@ODFO@ JGH<F G<UH?M 7<A@M @?<NI C@M U<H<I ?@Q<H @OODMH@H@GD F@I?D DuDI?@
JG?PP PTPHPI JGPHGP <MOG<MI< BM@ <MOG<IH<H<G U<A@M HPOGPGPF PHPO N<MCJP
JGPIH<H<G?MeIFNPPTPM?H<IPTPHEpEBCKpO7JKHB7H:;:?)D7BJl8?DA7H7:EDBKA\<?H7JlD78?D:?
%7P7DlDdP;H?D;lB=7HO;J:?I
0<GPMĖPI JGP DG@ N<MCJ JGPK PTFPT< ?<GH<N ?H<II JIG<M< N<G?MH<N DuDI
F@I?DG@MDI?@Bu=PGH<NI<N@=@=DT@OQ@MDMPM<?<B@u@IN<MCJGPFB@Mu@F<IG<H?<DuDKN<MCJ
JGH<II T<II?< ?H<I< AMN<O Q@MH@ ?PMPHP JG<M<F ?< <IG<HG<I?MG<=DGDM 1@H=@GGDF Q@
F@I?DI@ BQ@IDK ?H@ N<MCJGPF uJF
?@DDF ?PMPHG<MI N@H=JG JGPM 2TFP JGBPNP ?< uJF ?@DDF ?PMPHG<M< N@H=JG JGPM 2TFP
F@I?DI?@I B@uH@ =<F< oG@HG@M?@ =PGPIH<FOM (@I?D H@FoII?@ =@?@IDIDI Q<MG?M /PC Pu<M BD?@M (PMP =@?@I U<O@I OJKM<FOM 6@M <FG Q@ MPCPI
TJFGPPI?< F@I?DI@ <DO JG<I=@?@ID <GM <=< <FGI JPG DN@ MPCPI N@H=JG?M 2TFPT<
?<GH<F C@M DFDNDIDI ?@ TJF JGH<G<MI< NDHB@ ?@@M JGPM *@FoI N<CDKNDU F<GMN< =<F<G<M =P
H@FoI< N<CDK uFH<F DNO@M !H<II =PI< >M@O @OH@ND C@H N<MCJGPPI C@H PTFPIPI
NJIP>P?PM2TFPQ@N<MCJGPF?PMPHPI?<F<MB>O@NKDO@OH@Q@?DM@IH@ T@O@MNDUN@QDT@?@
JGPM2T<IKPTFPN@MN@HGDDIDQ@N<MCJGPP<O<I<F<?<MuJF B@uF<GIM+@JG?PP=DGDIH@?@I
N<G?MT< PM<IM !H<I< F<M PT<IF JGPIH<G FD JIPI B@G@=DG@>@D <FK@F@T F<GH78;HC7D7 %7H787pKCAKH87DEBIKD8787C
I7D7%7P7D7O:KH;Hd=;B 7HIB7DKCEhKB%7H7:;D?P=?8?A7H7HKF=;B;DA\<?HdDB;pA;H?:dH
!dD =?8? plB7OKF =;B;D A\<?HdD 87plD:7 lplhl:KH #B:KP =?8? F7HB7OKF =;B;D A\<?HdD 9l:7Il:KH
P=KD:?DBdO7hlA\<?H:dHEhKBI
!H<IFDH?DM!H<IU<H<II?<N@I?@IHPU?<MDKJG<IN@IDIB<AG@O<II?<JOPMHI?@DI?@I C<GFI?@FJG@T@ F<?<M =DG@H@H@F Q@ JGPI< ?H<II
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
O<IHI T<K<H<HJGH<FuJF<>DU=DM?PMPH?PM!H<IG<N<Q<CPFPFPIP=DG@M@O@H@HD
=DMGD?@M
)hKB EhKB 7O EhKB 27hlO7 =?HdF 87p A;IC;:?D :7C bB:dHdF A7D :bAC;:dD B7
=bPBd AlHA O?h?:dD 8EOKD7 7B=lB !bhId =dP;B A787 :7hB7H 87plD7 ]lA=lB ';DdC I7L7p:KhKC
C;DdC:b=dpJdhdCC;DdCAlBl]B7p:KhKC=bH=?BbhH;D=?BL;>;C8?P;FKIKEB=lBI
0<GPM(<U<O@F@TQ<M?M,?<F@I?DND
N<Q<<><F JGP ?< JIP PU<FO@F JG<N JGPHNPU =DM ?PMPH?< F@I?DND DuDI BQ@I>@
JG<><FOM 0<QG<MTG< N<Q<
=<=<N ?H<I<
F<KGI><JG<IG<MJGPM$Q@I>@JG<><FF@IB@IuGDDIQ@M?DDMPCDG@C@T@><I<F<KGH<II>@U<N
<MJGPM2MPU@NDMJGHPOPMFGQ@MPC<TMGHG<M?M,G<IG<M?<IC<=@MNDUJG<I0<GPM(<U@ DGFDI OJTGPPI< Q@MDM <H< NJIM<
JGPIP ėFMĘ ?DT@ IDO@G@M @U<N I@ DN@ u@FH@ND B@M@FODDID QPMBPG<M Q@ =PIP PTBPG<H<T<
FJTPGPM (<?@M =DMGDDI?@I ?JG<T TJG?< =M<FGH<H<G?M (<UDJG<M<FQ@G@QFD@IT<FI=DG@JGN<JGH<NB@M@F@IT@M?@JGH<T<IBM@QDIDD>M<@OH@T@I
FDDTD >@U<G<I?MH<F DNO@M PI?<FD F<NO =DMGDFODM ?U@I?DM %@MF@N BM@QDID Q@ T@MDID =DGH@GD
JGH<N B@M@F@I MJG?@ F@I?DI@ ?@ID D>M<T< FJTPGH<G?M 6JFN< F@I?DNDI@ <DO JGH<T<I =DM D@
FJTPGH<N(<U<IĖI?@TDHDTG@ėO7C7DO;H:;:Kp7AĘ I JGH<?PMPHPI<?GM<F<NI<
F<M?H<IM<FDK@GDFJGP=<GJGPIPM7<A@MF<U<IG?N<IG<IT@M?@F<T=@?@IO<M<AJGPIPM
%@M @T O@MNDI@ ?I@M %DFoT@?@ =<=<II =P O<QM JGPI< K<T @OODD MJG Q@ JGPIPI NOG@IH@ND
B@M@F@IBM@QG@=DMGDFO@=<=<uJ>PPIPI@HMDI@DO<<O@OH@?DDID <IG<M1M@Q@T<TBIT<<IOT<
BM@ ėEhKBB7H 7J7O7 CK>7B;<;J ;JC;P?:? EhKB 7J7 IbP?D ?A? ;JC;P?:?Ę I NU O<H O@MNDI@
?I@M<=<FPON<G?M=<=<T<F<MB@GDIH@U<=<II?@QG@O@NDHB@?@@MJGH<Nu@Mu@Q@NDI?@
?@QG@O?@FPON<G?M#<F<OI@U<H<IFDFPON<G<N<TB?PTPG<I=DM@T@F<MI@ADN?@QM@T@BDMN@
Q<MGF<G<IG<MI<H?<C<G@@?DGHDJGPM 1@K@BUCDFoT@NDI?@?@<TI ?PMPHNUFJIPNP?PM0<M
eJ=<II@ANDI@PTPKFPON<GN<TG<INPTPK@MDTDFDMG@ODKJIPIQ<MGF<G<IIDCG<G@?@M-@MDFU?<
1@K@BUĖI@GDI@TUFO<F<M<FFPON<MQ@JIP,PUĖPI=<I<HPN<GG<O@?@M 2MPUĖPIT<KO ?<
0<M eJ=<IĖI T<KO BD=D?DM 6<KH<H<N B@M@F@I =DM D T<KI>< ?H<I< @NDM JGPM 1KF
,PUĖPI1@K@BU@GDI?@FD?PMPHPBD=DBuG,PUTDI@?H<IF<MNI?<@GDFJGP=<GC<G@
B@GDM
7A787A7%7P7DEhBK/HKPKD9;D=;7pAl=;B:? I F< B@GH@FC@Q@N @OH@F
I@AN@ PTH<F <FG?NII NUII ?I< uF<M<F T<N<F <<>< O<H< @?@M
2MPU ?< F@I?DNDI@ T@M =@GDMG@TDK JIP NF NF O@H=DC @?@I =<=<NII NUII ?I< uF<M P
?PMPH @N@M?@ 2MPU <CNI?< OH DIN<IGI ?< DuDI@ ?@=DG@>@D =DM C<O<T< D<M@O @?@M
,IOJGJEDF<IG<HTG<DIN<I=DTJKNDDFJG<M<FBI<COJCPHPIPDuDI?@O<T<I=DMQ<MGFOM$I<C
DG@H@F DIN<II Q<MGF ?@@MDI@ F<M JIP <<G<T<><F =DM @TG@H?@ =PGPIH<N ?@H@FODM
(JMFH@ =DM H@QFD?@I =< ?DF =DM ?PMPH?;@3@g@"3D@gE3D7F
1;@63@
"N@M?@ ?DFF<O u@F@I PINPMG<M?P JG Q@ FDDG@M O<M<AI?<I U@GGDFG@
QPMBPG<IH<N @N<M@ODI ,PUĖPI =DGDIu<GOI?< uJF I@HGD =DM T@MDIDI JG?PPIPI BNO@MB@ND?DM
PMG<%<OPIPI
jA? L7H:KD 8?H =;BdHIdD O7LHKC A7Dl %7H7DK :dD:; 8KB:K=KC EhBKC A7Dl 8?H
8;8;hdC=bHdDC;P87hHKCO7D7HIlB7D7IlB7DA7O7B7H:7D%7P7DEhB7D9KhKCK]KH:KDCK
.7BlI7PKD7IB7DlD7O?:?H:dDCd2E>I7A7H7:?DBdA\<?H;KhH7J:KDCK%7<?HB;Hb=dD9;O7O7A
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
OdHdJJdD Cd ?B? :7C7hl AKHKOKF :bHJ O7DlD7 87A:KH:KD CK %7H7 =bP:;D 79l O7plD
:bA:dH:dD Cd %7:KD 7D7 8;O 8787 :;Od 8KPB7J:KD CK I CDFoT@ <IG<O>NII
%7HKIKD:7D 7h ;BB;H?D 87hB7:lB7H AlB KH=7D 7h 8EODKD7 J7A:lB7H OdPd dP;H?D; I7BK87D
IdHd:dB;H7h;J?D:;DA7D]lAlD97:bh:dB;H8787:;Od7hB7J:lB7H7D7:;Od8KPB7J:lB7HI
<=<0<GPMĖPI %7Ol:K87D8KH7:7DEhKB;L;L7HI7C7A]7OdPBdI;DdD7D7DA7HpK=;BdFEhKB
:;I;8;DD;:?O;O?Dh;BB;H?7HA7IlD787hBl:;O;O?DC?h8EODKD:7AlBKH=7DJ7AlBl:;O;O?D
C?%\<?HO7DlD97O7O7AOdHdH:;O;O?DC?I
L; 2MPUĖPI (;H;:;8?B:dD8;DdCJKJI7A
EB:K=KC h;BB;HdC7H:KC787hB7D:KhKD %lBI?9?C7h8EODKC7J7AlB:lhlD I DA<?@G@MD
<TI u@H@?@INPDuHD<TI<II@IDIF<MII?<=DMGDFO@T<<HBD=DF<?@M=DMGDDDUG@MDIDO<TM@G@MDI@F<?<M<TI@TDCDNN@?@I=DMOJKGPHPIO@M@IIHG@MD?DM
"N<M@ODIB@Mu@FG@ODDH@FoIUDI?<I?M0DHB@N@GJG<M<F=<FG?I?<UDI?<Iė<GDI<II
F<MIĘ NDHB@NDIDI @N@M?@FD BMION?M ė<GDI<II F<MI MPCN<G ?JPPI Q@ <<H<II T@MD
JG<M<F?G@I@IO<KI<FDuDNDCDMGD=@G?@JMH<IH<<M<BD=DT@MG@MG@@<IG<HG?M(<CM<H<II
=PM<G<M< BDMH@ND T<<HI F<TI<I< =<G<IB>I< <I< M<CHDI@ ?II NDHB@G@M FD =P ?<
T@ID?@I?JH<FDuDIGH@F<IG<HI<B@GDMĘ <HK@GG2MPUĖPI@MBDIG@H@NDI?@@I
I@HGD H@MC<G@ UDI?<I< ??M 7DI?@FODM !<C< NO ?UG@H@
PG<H<FDuDI=DM?IB@Mu@FG@H@NDB@M@FGD?DM2MPUDuDIDIDQ@T<?uFDuDIU<MPMD=DM
C<G?DM uIF DIDGH@?@I uFGH<U ?H@?@I F<GFGH<U ,IOJGJEDF <IG<H?< H@FoI DIN@<I<M<CHDI@O@FM<MBD?DKJM<?<T@ID?@IT<KG<I<><F
Q@ O@FM<M ?J<><FOM 7oCDM} UDI?<II T@ID?@I OJK<MG<IH<?<FD MJG <NGI?< UDI?<I DuN@G JG<M<F
CDNN@OH@FO@I B@u@M (DD DuDI?@FD UDI?<I?<I FPMOPGH<?Fu< C<F}F} UBMG@ PG<<H<U kIG
NA} +<NM<=<?} ?@ I@ADN UDI?<II Q@ UBMG P DA<?@G@M@ ?F@M ė+@ANDI N@IDI UDI?<II?M
JI?<I uFOI?< @=@?DT@I M<C<O @?@MNDIĘ (P@TMD /PCN<G JG<M<F O<=PG<M
TF<H<H<F ?< DIN<I DuDI =DM I@QD UDI?<I?M !<C< <uF =DM DA<?@TG@ DIN<?@G@ND F@I?D T<M<OO UDI?<I?<I FPMOPGH<N?M 2MPU I@ U<H<I FD
MPCPIUDI?<II?<IFPMOPGPMJU<H<IF@I?DQ<MGII<IG<HIF<QM<M
0`57@3D=7F;B;
II@ODIN@GO<=<F<II@IO@K@NDI?@=PGPIPMPODIN@G?IT<N@QBDC<FDF<OQ@?@@MG@M
?IT<N?M ėII@ <MF@ODKDIDI U@GGDFG@MD <II@GDF DG@ DGBDGD?DM !DDIDI NDCDMGD JOJMDO@ND <FGI uJF
O@NDI?@=DM=DGB@GDFQ@MPCN<GT>@GDFDTDJG<I=<FK=TO@IO<T<I=TH@=@M@F@OQ@=@NDI
N<G<T<INDCDMGD?IHQ@T@ID?@I?JPT@MD?DMĘ'PIBII@IDIQ<MGQ@C<FDF<OD
uJ>PPI< =<G?M eJ>PF JIP C<T<O< =<G<M II@IDI Q<MGII =DGDIH@ND <II@GDF JGBPNP
uJ>PPIQ<MGTG<?MPJGBPQ<MGFoG@HDIDIQ<MGIIO<IMIIQ<MGI<D<M@O@OH@NDBD=D=DM
JGBP?PM II@ N@QBDND CDu=DM U<H
FJMPTP>PQ@N<MH<G<T>?MII@uJ>PFG<MIDTDPNGPJG?PFG<MT<?<DNO@FG@MDIDQ@=PTMPFG<MI
T@MDI@ B@ODM?DFG@MD DuDI ?@DG uJ>PFG<M JG?PFG<M DuDI N@Q@M =P TU?@I <II@ N@QBDND @DOGDF
U@MDI@FPMPGHPOPM#MJHH
2MPUĖPI @N<M@OO@I FPMOPGH<NI?< MJG JTI<T<I @I =TF @OF@I <II@ N@QBDND?DM 3<MGI
UI?@ JGH< C<N@=DTG@ ,PUG<M?< ?< ėuJF FPQQ@OGD =DM <I< N@QBDND Q<M?MĘ "MBDI 0@QBDDIN<IGIQ<MGI?<I=@MDCDu=DMU<H@N<M@O Q@MDM B<TM@O
TFG@M II@ ?PTBPG<M C<M@F@O@ B@uDMDM II@ 1@K@BU CDFoT@NDI?@ ?@ JG?PP BD=D =DOHD
OF@IHD PHPOG<M< A@MT<?TG< F OPO<M <N<OĖI ,PUĖP FPMO<MH<N DuDI C<M@F@O@ B@uH@ND
(<K<F (<IĖI F<MNII JGPIP Q@ ,PUĖP 1@K@BU =@G<NI?<I FPMO<MH<N DuDI <N<O DG@
FJIPH<NI?<INJIM<JGPM$FT<T2MPUĖPI<II@ND?@0<GPMĖPJGPIPB@ODMH@NDDuDI
C<M@F@O@ B@uDMDMII@GDFCDNNDTG@=DMCDNODMFD JGPI<?<M?IT<?<=DM T@MOPOH<NC@Q@NDTG@
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
T<IKOPOP<IQ@ JGPIPėQ<MGF<G<II<<DOB@uDGH@UGDFDGF@NDTG@Ę(JMFHD JG@@ JGPPI<II@T@
T<INOOA<IO<NODFT<ID<MF@ODKDFU@GGDFG@MDI?@IĘ'PIB?@F<TI<FG<IMII@ND=DM
JPG<F<QPH<FDuDII@G@MT<KH<HOMFD
%KHK AKHK ]7OB7H7 IK I7B:KC %7H7 :EDBK :;HL?pB;H; D;P?H L;H:dC 27DlC 7B7
87A:KhKC:7 AEDpKC7 ;Od 87A:KC /C7DlD7 KI7DlD7 7p O;:dH:dC 9 =bHI;C :EOKH:KC
27BlD97A=bHI;C:ED7J:KC?B;A?B;8?HEhKBK=d9?B;8KB:KCI
O@=TG@=DMJPG@NDM?HOM#@MT<OG<MDuDI?@T<I<T<FG< ?H8;8;hdC=bHdDC;P
87hHKC O7D7H D;OB;:dD :;=?B C7D7 I ?DT@I <II@ A@?<FoMGFG<M NJMPHGPGPP B@I@G?@
T<<HI?@Q<H@?@I TUOH!<N@DIFDDGDFG@M?@IDNO@H@FO@=@FG@H@FO@?DM(JMFH<U 0<GPMĖPI?H<IN@MC<??I<B@GDKJGPTG<FJIPH<AMN<O=PG?PPI?<JGPIPI=<=<NII
B@MD ?IH@NDID DNO@H@ND U@MDI@ =<=<II ė%7Ol:K87D 8KH7:7D EhKB ;L; L7HI7C h97 OdPBd
I;DdD7D7DA7HpK=;BdFEhKB:;I;8;DD;:;O;O?DĘ I ?DT@M@FF@I?DNDIDIJGPIPB@G@>@DID
FPMO<MH< O@H=DCDI?@ =PGPI@F I@NGDI O@HDI<O JG<II C@N<=I T<KH<N <II@GDDI I@HDI@ ?<C< =DM @C@HHDT@O F<U<I?MH<FO<?M 0<GPM
N<Q<< BDMDDM A<F<O =<<MG JG<HNI<?<T<I<H<UQ@N<Q<DuDIC<UMGFT<K<MII@GDF
?PTBPNP =PM<?< ?< <M =<NH<FO<?M ,G?PP T@M?@ DuD DuDID TDTDK M<C<ONU JG3=$3E3;D>;=H77D347D>;=
6PQ<MG<F H<N<?<I F<NO JMO<F B@G@I@F Q@ JMO<F DI<IuG<M?<I Bu <G<I BMPKOPM $F@MD
0<GPM (<U<IĖI @OM<AI?< =PGPI<I ,PU =@TG@MD ?@ <TI DI<Iu Q@ <TI B@G@I@F
@OM<AI?< =DMG@DK <TI C@?@AG@M@ TJG JG<I FDDG@M?DM P H<N<II T@G@MDIDI C@M =DMDIDI T@MD
=@GGD?DM 6PF<M?< ?< ?@DIDG?DD BD=D N< Q@ NJG O<M<AG<MI N@H=JGDU@ @OODD <IG<HG<M?<I
=<FG?I?<BMPKT@G@MDIDIJOPMH<?U@IDIDIU@G=DM<IG<H=PGPIH<FO<?M*<N<IITPQ<MG<F
JGPK JGH<H<N I@HGD ?@DG I@HGD JG<I <TI <H<u DuDI =DM <M<?< =PGPIH<FOM ė!@?@ (JMFPO
?@NO<IG<MI?<,PUG<MĖI=TFTGGFG@IG@MDI?@=TG@=DM?U@IDODODUGDFG@BU@OODFG@MDĘ$F@MD
BMGM "G @G DG@ ?@DMH@I T@G DG@ <O<NU =<G<HI?< =DM ?@DMH@I DuDI MUBoM I@
F<?<M UJMPIGP DN@ DIN<IG<MI =<<MT< PG<<=DGH@G@MD DuDI =DM=DMG@MDI@ T<M?H> JGH<G<M ?< J
?@M@>@ UJMPIGP?PM 0<GPMĖPI 2MPUĖP FPMO<MH<F DuDI N<Q<< BDOH@ND @NI<NI?< H<N<
T@G@MDI@=@TG@M@C<=@MN<GH<NH@TQ@Q@MDMQ@=@TG@M<FI<FI<NF@MG@MDTG@0<GPMĖPIT<M?HI<
FJ<M *<N< T@G@MDIDI Q<MG Q@ OJKG<IH<G<M F@I?D <M<G<MI?<FD =DMGDD Q@ MPCN<G =OIG
K@FDODMH@FG@ =DMGDFO@ T@ID N@MQ@IG@M DuDI ?@ Bu Q@ @NDI F<TI<?M $F@MD -7OlBC7hlB7)hKP8;=B;H?:dA;DI;EBC7PI @TG@MDI=DMGDFQ@?<T<IH<DuDI?@JGH<G<M
?H<I< F<M O@F Q>PO C<GDI?@ ?PMH<G<M N<T@NDI?@ 2MPU FPMOPGPM DMGDF =@M<=@MGDF DuDI?@
JGPIPI><=DMGDFO@IFPQQ@O?J<MH@N@GDI>@ Bu=DMGDD N<G<IM 2MPUĖPIN<Q<<?oCDGJGH<N DG@
,PU @TG@MDIDI ?oCDG JGH<N <M<NI?<FD DI>@GDF BM@Q Q@ T@MDI?@GDF PINPMP?PM +@AN@ PTPK
C@Q@N PMPI< C@T@><K
@OODDQ@PGQD=DM<H<uDuDIN<Q<<?oCDGJG<I,PU@TG@MDQ<M?MDMO<M<AO<T@MDG@I?<QM<I=DM
?D@MO<M<AO<?<QG@I?<QM<I=PGPIH<FO<?M
X%Yjj$*
!I<<H<NF<CM<H<IIT@ID?@I?JPP?PMP?JPMPCN<GJGBPIGP<@MDH@FODM
2MPUF@I?DNDJGH< TJGPI?<<TMGH<Q@JGBPIG<H<NM@uG@MDI?@INJIM<?I<<H<ND><=I><
B@MD ?I@M 2MPU =P NM@uO@ =DMuJF =<?DM@ <OG<OM Q@ @I NJIPI?< ?< UDI?<I?DI?@ F@I?D DuDI?@FD Q@ ?I?<FD BGB@G@MG@ H><?@G@ @?@M
II@ <MF@ODKDIDI ,PUG<M?<FD O@U<CM 2MPUĖPI =P NM@uO@ JGBPIG<H<NI?< @I =TF
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
@OF@IG@M?@I =DMD?DM 2MPU F@I?DID =DGH@ TJGPI?<FD B<TM@O BNO@MDK F@I?D ė=@IĘ DTG@ H><?@G@
@?@M uO@ Q@ ?O< JG@ =TF H><?@G@IDI I@ANDI@ F<M T<KG?I
F@I?DO@>M=@G@MDTG@M@IDM(@I?DA<MFI?<GI@G?@@?@MQ@B@Mu@F=@IGD@PG<M(<CM<HPGPF<TMGH< =DO@M 2MPU NI<Q =<<MTG< Q@MDM !I <<H<NI?< 2MPU F@I?DID =PGHP
JGBPIG<HQ@=DM,PU=@TDDuDIB@M@FGDOHU@GGDFG@MDF<U<IHOM
*&%,S
#@IJH@IJGJEDF DI>@G@H@ DG@ =<FG?I?< ė(<U@ =DM@T <MF@ODKDIDI @G@ <GI? BMGM 6>@
=DM@TDI JGPH<NI?< <TMGH< @MBDIG@H@JGBPIG<H< Q@ ?I <MF@ODKG@MDIDI MJG JTI<?
BMGM%DFoT@?@<I<DUG@FT>@=DM@TDIJGPH<N?MI<DUG@FO@H@GGDNJMPI@OM<AI?< B@GD@I
u@DOGD DUG@FG@M ?@ =PGPIH<FO<?M 0U FJIPNP DUG@FG@M u@DOGD <FNDTJIG<M JGPOPM<M<F A<MFG
B@GDH@G@MD?JPMPMG<M I<DUG@FO@H@GGD T<IDUG@FG@MCDFoT@IDIDu@MDF?UG@HDIDI@O=DM@FDG?@
JMO<T<FJT<MG<M %DFoT@?@FD<I<DUG@F@OM<AI?<JGP<IDUG@FG@M?@I=<UG<MPIG<M?M$@G@>@DI
O@HDI<O <GOI< <GIH<N ?I>@ND A<MFI?<GF T@ID I@NGDI @DODH NM@>D<<H<G<M @DODH
NM@>DTG@ =<G<T<I UJMGP DHODC<I T@ID I@NGDI O<QMG<M Q@ @DODHDI UJMGPP @N<M@O UDI?P?PM TMGF B@Mu@FG@H@TDI>@ JGBPIG<H<@MBDIG@IH@
B@Mu@FG@H@H@FO@?DM "MBDIG@IH@ <<H<NI?< DN@ DGF I>@ T>@ =DM@T <MF@ODKDIDI JGPH<N
=@GDMH@FO@?DMP<<H<II@II@HGDJGBPG<MJG<I?H<IUDI?<IQ@@N<M@OėBGB@<MF@ODKDĘIDI
N@H=JGDFBMION?M$GB@C@H2MPUC@H?@=<=<NDuDII@ANDI@IF<M<IGF=GB@ND?DM2MPU
??IT<T<<uGH<?<II>@F@I?DDuDI?@FDF<M<IGFBuG@MG@F<MG<H<FUJMPI?<?M
"N@MDI H@MF@UDI@ JOPMHP I@HGD =DM ?D@M <MF@ODK ?@ ėT>@ <I< <MF@ODKDĘ?DM PMG<
%<OPI JGPIPI @N<M@ODI@ F<M =<=<T Q@ ,PUĖP <T<< F<G?MK DuG@MDI?@FD BGB@ DG@
F<MG<H<G<MI N<G<T< T>@ <II@ <MF@ODKD PMG< %<OPI <CNI?< =DM <II@IDI I<NG
JGH<NB@M@FODDCPNPNPI?<Q@,PUĖPIF<?IG<M<I<G<MC<FFI?<I@HGD=DGBDG@MDu@MH@FO@?DM
6PQ<MG<F*<N<=DMGDFQ@=@M<=@MGDF<TI<H<uQ@C@?@AG@MDuDI=DM<M<T<B@GHDJPU=@TG@MDID
O<IO<II@HGD=DM<MF@ODKODM
2MPUĖPI FPMOPGPP U@MDI@ T<KGH7C7DlD-EDIKP2EB9KBKhK 0$MN@Nu@Q NO<I=PG(<=<G>
6<TIG<M
!FH@I k -DIJFTJĖIPI MF@ODKG@M Q@ I<=<=<eJ>PF GDFDG@MD uNI?@G@IH@ND DA7H7YD?L;HI?J;I?h?J?C?B?CB;H? 7AdBJ;I?;H=?I?-IF<M<
"MBDI* ;:;%EHAKJ%?J78l IF<M<1MF!DG(PMPHP6<TIG<M
#JM?C<H# $KD=*I?AEBE@?I?D?DD7"7JB7Hl 6<GuI@Mu@Q NO<I=PG0<T
6<TIG<M
#MJHH" -;LC;-7D7Jl60<GH<Iu@Q NO<I=PG-<T@G6<TI@QD
'PIB $ bHJHA;J?F76GH<U@Mu@QNO<I=PG*@ODN6<TIG<M
$F@MD HA;J?FB;H; 7O7D7D 2;D? ?H ?D9;B;C; 2bDJ;C?D?D .7DlJlB7H7A
7Pl ,EC7DI L; F?A (?J;B?h?D:; 27FlJB7H7 /O=KB7DC7Il IF<M< kIDQ@MNDO@ND
!1 #6<TIG<IH<H!JFOJM<1@UDIF<M<
$FT<T , !@?@H (JMFP?PI (DO<= NO<I=PG *DGGD "DODH <F<IG
6<TIG<M
$M<ADF@M6<TIG<M
%PNN@MG"#@IJH@IJGJEDkU@MDI@@!@MN%<MPI1@K@u@QIF<M<DGDH
Q@0<I<OT<TIG<M
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
(<IO@M # !@?@ (JMFPO %DFoT@G@MDIDI MF@ODKN@G 0@H=JGDUH 6IO@HDTG@
eUHG@IH@ND M<TG<MIN<IDGDHG@MDM<OMH<G<M6G0N
(JMFH IF<M< Fu<
6<TIG<M
(JMFHB7AB7Hl ! 0@GQD u@Q
NO<I=PG0@H@MF<I?
)DIBN* -?C=;L;%bA;DbHD;A00<CM<u@Q IF<M<%@>@6<TIG<M
)DQDIBNOJI/ !;B;D;AI;B:;8?O7J.;EH?I?+jU?@HDMJGPu@Q NO<I=PG
*PGODGDIBP<G6<TIG<M
0>CPJI# .7I7LLK<%78KAL;WP30@UDB@Iu@Q NO<I=PGU6<TI>GF
X1+
!@?@ (JMFPO CDFoT@G@MD 1MF FGOMII @NDU <C@N@MG@MD?DM P CDFoT@G@M 1MF
@?@=DT<OI?< <IG<OH<O<CFDT@T@ ?<T<G @N@MG@M <M<NI?< I@HGD =DM FJIPH< N<CDKODM "?@=D
@N@MG@M?@ FPGG<IGPIPI JI< <IG<H TFG@H@ND DG@ H<I<
=PGPM 1<=D<OO< BMG@I I@NI@G@MDI HPC<TTDG@?@ T@ID?@I JGPH<N A@IJH@IJGJEDIDI U@HDIDID
JGPOPMPM"?@=D@N@MG@MDIuUHI?@ @N@M?@FDBMIBG@M?@IN@H=JGG@M?@ITJG<uF<M<FTJMPH
T<KH<FA@IJH@IJGJEDF=<F?JPMPM
#@IJH@IJGJED UG@MDI <M<OMGH<N?M MF@ODKG@M ?@ U DGF MI@F JGH<G<MI?@G@H@?@ <MF@ODKN@G DI>@G@H@ I@HGD?DM !@?@ (JMFPO CDFoT@G@MDIDI
A@IJH@IJGJEDF=<FDG@DI>@G@H@<G<II<?oCDG@?DGH@ND1MFFGOMII@NDU<C@N@MG@MDJG<FOMPu<GH<II<H<>
CDFoT@IDICJHJN@HDTJODFCJHJN@HDJOD>PN<IG<H?<JFPIH<N?M
@3:F3D "7>;?7>7D !@?@ (JMFPO %DFoT@G@MD "?@=D @N@M #@IJH@IJGJED 0@H=JG
MF@ODK (<U<I@BI,GP2MPU@BI1PON<F,G?PPJT%JHJN@HDTJODF
*FG6K.;F:':7@A?7@A>A9;53>.;7H,BA@A@F7@F'>3@7&8&@7&8767"AD=:G6¹E+3>7E
· 3BF;H;FK&8"3L3@79¹E*A@,DGL79¹E+3>7
!@?@(JMFCP?ĖNO<G@N<M@OC@PIDLP@H<NO@MKD@>@NJAOC@1PMFDNC>PGOPM@1CDNO<G@NC<N
C =<N@? JI I<MM<ODQ@*<O@MD<GN JA G<IBP<B@ RCD>C
<M@ PN@? DI GDO@M<MT RJMFN ADI?N DON H@<IDIB RDOC GJ<?DIB < NK@>D<G H@<IDIB =T <POCJM <I?
M@<?@MH<BDI<ODJIJA>JHHJIJ=E@>ON<M@@SDNODIBDII<OPM@AJMHNOC@=<NDNBMJPI?RJMFJAOC@
KC@IJH@IJGJBT &I OC@ NJGPODJI JA GDO@M<MT RJMFN N@OODIB JPO OJ >JHH@IO RDOC NTH=JGN JA OC@
RJMFNKMJ>M@<O@NOC@KC@IJH@IJGJBD><GQD@R
-C@IJH@IJGJBT DN DIQ@NODB<ODJI JA KMJOJOTK@N M>C@OTK@N DI OC@ ><N@ JA =@@DIB
KMJOJOTK@N <I? @SOM<>ON DN DHKJMO<IO AJM KC@IJH@IJGJBD><G NOP?T 1<G@N JA !@?@ (JMFCP?
=MDIBDIBOJOC@NOP?T<M@<RDOCKC@IJH@IJGJBD><GQD@RDNQ@MTDHKJMO<IOJI=@C<GAJACJR?@@K
H@<IDIBNOC@N@PIDLP@H<NO@MKD@>@NJA1PMFDNC>PGOPM@<M@><MMTDIBIOCDNNOP?T>JIO@IOKG<I@
JAJI@JA!@?@(JMFCP?ĖNO<G@N ē <KODQDOTJA(<U<I@BĖNNJI2MPU@BĖNO<G@ RDGG=@RJMF@?
JPO JI OC@ BMJPI? JA DIO@MKM@OODIB OC@ KC@IJH@IN DH JA OCDN NOP?T DN M@<?DIB OC@ O<G@ RDOC
CJHJN@HDJOD>NCJHJN@HDJOD>PNH@<IDIB
"7K .AD6E !@?@(JMFCP?ĖNO<G@N GDO@M<MTRJMF KC@IJH@IJGJBTNTH=JG<M>C@OTK@
<KODQDOTJA(<U<I@BĖNNJI2MPU@BĖNO<G@CJHJN@HDJOD>N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
ºS%""#je+#)e%e*e$#e*+%0)#%+)e-
$%e0+&#,#) Y1)e%e)b)#%e)$
") $!Z
!@NO<I}DDMG@M DGF NTG@T@ID C<OMG<IH<T<I <DO JG?PP OJKGPHPI T<<? JG<<INO JG<TG<M
FJIP <GDI@BM@?J<G?@NO<I}BMPKO<T@M<GMG<M!D@M?@NO<I}DDMOM
DN@ JG<TI H@T?<I< B@G?DD U<H@NDTG@ DDM?@ B@u@I O<MDCD ?DID Q@
H@?@IDT@O@<DOF<QM<HG<MU@MDI@B@I@G=DM?@@MG@I?DMH@T<KG<><FOM
!@NO<IG<M FJIPG<MI O<MDCO@I <GMG<M P I@?@IG@ ?@NO<IG<M O<MDCG@ ?DM@FO DGBDGD JGPK
O<MDCuDIDI?@=<QPMPF<TI<FG<M<M<NI?<I@HGDT@MOPO<Mėe<I<FF<G@@CDOG@MDI@ĘDNDHGDDDM?@
FJIPNPIP TGI?< T<FG<F <T NM@I =DM N<Q<O<F
O<MDCG@MD<M<NI?<H@T?<I<B@G@IF<M<N<Q<G<MIDuDI@<GMDDM?@FDAO<M<AI?<I1MFHDGG@ODIDI
T<<? <M <MOG<M Q@ =P <MOG<M?< TMOG@I H><?@G@IDI F<CM<H<IGFG<M Q@ HDGGD =JTPOP
O<MDCD Q@ NG<HD HJODAG@MG@ =@U@IHD =TG@>@ @?@=D =DM DI>@GDFG@ HDGGD =DGDI>D Q@ ?PMPP TFN@F
OPOH<<H<>B?GHOM
0<Q@M@T<I@OODDH@FoIe<I<FF<G@=J<UQ@>DQ<M?MJ<UIPUPIGPPFH@I
B@IDT@MDH@I?<MT@MDHFDGDO=<CDMF<G@ND uDH@IGDFF<G@ND<M<NQ@@I?@MDIT@MD
H?DMJ<UNPG<MI?<O@MN=DM<FIOQ<M?M"B@ ?@IDUDIDI=DI?@JM<II?<FDOPUGPNPTP
?DKO@I *<MH<M<T< <F<MF@I (<M<?@IDUDI =DI?@ JM<II?<FD OPUGP NPTP NOO@I O@MN <FIOT
JGPOPMH<FO<?M J<UI u@QM@ND ?< F<M<FO@MDI?@ TFN@F Q@ FQMHG FOG@G@MG@ F<KG?M O@
J<UI ?<M JGH<N J<U NPG<MI?< O@MN =DM <FIO JGH<N Q@ J<UI u@QM@NDI?@ T@M T@M
FQMHG ?< FOG@G@MDIDI JGH<N J<UI N<QPIPGH<NI FJG<TG<OMHOM Q@ B@uDGH@NDID
UJMG<OMHOM
e<I<FF<G@N<Q<G<MI=PF<?<MI@HGDC<G@ B@ODM@IN@=@KG@M <M<NI?< U7D7AA7B;8Eh7Pl
IJH7J;@?A 7]l:7D )IC7DBl ;LB;J?D?D F7O?J7>Jl jIJ7D8KBKD 7D7>J7Hl EB:KhK =?8? 7ODl jIJ7D8KB
Eh7PlD :7 EB:KhK =?8? ?A? AlJ7Ol 8?H8?H?D; 87hB7O7D ?A? bD;CB? =;]?JJ;D 8?H?:?H Eh7PB7H7
>7A?C EBC7A :;C;A 8?H bB]d:; A:;D?P:; :; dIJdDBdhd ;B; =;]?HC;A :;C;AJ?H (<M<?@IDU Q@
F?@IDU GF@G@MDID ?@IDU PG<H DG@ =DM=DMDI@ =<G<T< HOO@ADFG@MD /PNT<ĖT< <NF@MD
T<M?H PG<OM<H<HG<M =PIPI U@MDI@ e<MGF TFG<M<F T@MDI@ JG@QDFG@MDI JMO<T< uFH<N
JGHPOPM
DMDI>D ?IT< N<Q< DuDI?@ ODG<A ?@QG@OG@MDIDI C@K =DMGDFO@ e<I<FF<G@ĖT@ TFG@I?DD
=PIPI F<MNI?< O@F =<I< =DM GH F<GH N<Q< Q@M@I 1MF HDGG@ODIDI T<<H JG?PP =P
JG<<INO<MOG<MI@?@=D<G<I?<?DG@B@ODM@I*@CH@OFDAĖDIT<INM<=<F<T<U<MG<M?<CDFoT@
MJH<IQ@DDMOMI?@@N@MG@MT<UHG<M?M/P@I"M@AĖDIe<I<FF<G@?@0<Q<<IG<M!@?DG@M FDĘ
<?G @N@MD 0G@THH@??DI%<GDG,I<IIDM6JG>PT<<?GDDMD#<UG%NI!<G<M><IIe<I<FF<G@!@NOFDO<=JG<IėNHĘĖ?<ėe<I<FF<G@@CDOG@MDĘI@
CDO<=@I T<U? DDMDI?@ uJF BuG O<NQDMG@M@ T@M Q@MHDODM 5&5 TUTG?< =OI ?IT<T N<MDGDF =<OG =TF ?@QG@OG@MD @I?NOMD H@?@IDT@ODI?@ NOI C<G@ B@ODMDI>@ Bu @N<NI<
*@MO%<NDGO
IF<M<N<TA<ē
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
?<T<GJG<M<FQ<CD Q@<>H<NU=DMM@F<=@O@N<CI@JG<I?IT<?<1MFG@M?@T<<?FG<M=GB@IDI
>JM<ADFJIPHPT@M<GOQ@T@MNOU@IBDIGDFG@MDI@?@IDTG@F@I?DOJKM<FG<MI?<<MO<IT<MI<M
<MOG<MICDNN@OHDG@M?DMO@=P<MOG<M<GOI?<=PDDMėJ<U%<M=DĖI?@ĘDIN<IG<NH<T<><F
=DMQ<C@ODIT<<IH<NIBFO@I T<<IFJGu@I@<T<FK<MH<F T<HPMP<GOI?<@CDOG@MDHDUDI
?@NO<IG<@M<NI JIG<M< F<M I@ T<KN< =JM>PIP ?@T@H@T@>@F Q<OEO?HC?D9?7IlHOEACKEC7>BcA
?7I?B
(;A7:7H=bP:;I?C;L9c:?I;>7AAlOB;I;<?B
%KIJK';>C;:9?h?D7OB7H97:KHKFA7HplIlD7
bAJdA7HDlD:7A?;IH\Hl>7O\IlP97IlD7
*@CH@O FDAĖ@ BM@ e<I<FF<G@ N<Q< N<?@>@ DFD ?HD?@QG@OG@MDIDIQ@JIG<MIO@HNDG@OODDė*@?@IDT@OĘDG@B@Mu@FTUG@H@Q@JI<
F<M?PTPG<IBQ@INDUGDD?@JMO<T<FJT<MPN<Q<?H<IIH<??DQ@H<I@QD=OIB>TG@
F<MOJG<M<FBM?1MFGQ@JIPIQ<O<IIO<NADT@@OH@FDuDIT<KO@I=TFC<HG@G@M?@I
=DMD?DM ODG<A ?@QG@OG@MDIDI O<? <H<> "FDH DCODG<GD NJIP>PI?< e<MGF M@EDHDIDI
TFGH<NTG< DFOD?<M< B@G@I JG@QDFG@MDI <uFG<? ,NH<IG >JM<AT<NI K<TG<H<F DuDI
T<KOFG<M BDUGD <IG<H<G<M FDAĖDI ?H<II <H<>I< <OA@I ė*@?@IDT@OĘ F<QM<HI< TFG@?DD
DA<?@Q@JMO<T<FJT?PP<IG<H?JMPG<MIDO@GDFO@?DMFDADDMDI?@
'7IA;OlHJlBC7I7>\B\8?P;\<;JJ?EOdP
';:;D?O;J:;D?B;DA7>8;>7A?A7JOdPIdP @FGDI?@DA<?@@?@M
e<I<FF<G@ N<QJM<AT<NII=<<MTG<N<QPI<IQ@NG<HĖIN@H=JGC<GDI@
B@G@I(GuNG<IDG@=PN<Q<O<H><?@G@@?@IG@MDI=@IU@MD=DMD=<<M?FG<MIDA<?@@?@M@FDFD
N<Q<<M<NI?<=DM=<G<IOFPM<M1MFO<MDCDI?@FD=DMJG<TG<FPMPG<I=P=<G<IOQ<O<IN<QPIH<N
DuDI @NFD?@I Bu <G JGH<N <uNI?<?@G@NDI@ ?I@I N<Q< NM@>DI?@
T<<I<IG<M>D??DJG<M<F@AN<I@QD=DMBMIH@N<CDKODMPHDGG@ODI=P<MDHODC<ING<HĖI@I
HPF<??@N?@@MG@MDDG@<IGH<GQ@TDI@?<C@=POJKM<FG<M<N<G?M<IC<uGG<MQ@=PIG<M<F<M
H><?@G@Q@M@I(Gu<NG<IQ@0@G<C<??DIDG@=@IU@H@GD?DM
-;DA?IED;>B
?I7B?8?DAlH7H7AI7LB;J?D?
o7HAlD;DI;L=?B?IKBJ\Dl-7B\>7::?D?
%lBl]IB7D=?8??9B\B?D;;JJ?D>7OH7D
FDADDMDI?@ NG<HDT@OĖDI<GOIu<JG<M<FF<=PG@?DG@I?I@HG@e<I<FF<G@Ė?@T<<I<I
JG<TG<M<MNI?<=@IU@MGDFFPM<MPM<?<MI@FJG<M<FN@uDG@I@?DMN<Q<NG<HĖIQ<MGFTJFGPF
N<Q< JG?PPI??:?
;:H?D7HIB7DB7Hl7D97A8KA7:7Hp7DBl?:?
FDA ?<C< NJIM< DDMDI?@ e<I<FF<G@ @CDOG@MDID NG<HĖI FPON<G ?@@MG@MD DG@ O<GODA @?@M@F
T<KHJG?PPH@><UD=JTPOGPO<MDCDQ@?DIDMBG@MG@O<H=DM?@NO<IC<Q<NT<M<OM
-7D7:7H=;BC?O;9;AC7A8;H?A?CB;HA7PIlD
!bC;B?C=;BI;D?J7H?>;:;I;CIlhC7PIlD
F<I?@M@!Ju!M,NHC;JA?<HIEOKD'?BB^'d97:;B;O;
%7JlBC7Il L;7Pl"KIKI?O;JB;H? ,>GE>3D3D3Eg$7:?7F=;8DEAK*7?BALKG?G;>6;D;>7D; DGOPM?PM
0<TA<
*@CH@OFDA"MNJT0<A<C<OFKI<M6<TI@QDNO<I=PGN<TA<
"MNJT 397 N "MNJT 397 N "MNJT 397 N º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
";H9dC;H9;JJ?h?D;:L\H7:7O;JC;PEA?J\8
-;D? 7D97A;8;:?OO;JB;H;:;H?IJ?\8
KJ7plD:lH:?O;H;A%\8;O?:?AI;C87plD7
,K>KCKD07>O?D?:KOI7C:7=;]?HI;CJ7plD7
FDA =P DDMD e<I<FF<G@ N<QD? N@T<C<OG@MDI?@ =PGPIPTJM?P 7<A@M HE?@NDID +@>D??@I
?I@MF@I (PuPUo?@ "M@A @T?@I <GHO 0<Q< <G<II NJIM<?@
@CD?@HE?@IDO@GDDI?@P =@TDOG@MDNTG@OHDJGH<G?M
Op;>?:EhBKp;>?:?IJ;C;8;D:;DC7A8;H
-7D7\hcpKDK7]Clp:KHKOEH*;O=7C8;H
"NFD <O<G<M DG@ T<<I<I <I DGDFDG@I?DMDMF@I FDA =PM<?< ?@NO<I} CDFoT@ Q@ DDMG@M?@
M<NOG<I<I NGP=P FPGG<IHOM e<I<FF<G@ N<Q< JG<TG<MI <IG<O?II;:;D .;hC;D #plB:7A =bPB;H?D:;D O;D? 8?H DKHB7 8bBdh; 8?H I;L=? I;B\Cl =bD:;H;D ;B?D?
O7H7IlD7A7B:lH:l
o;>P7:;-dB;OC7DlDCd87H;A;B?HdO7C:7O7H7C7:EAKD7H7A?O?;JJ?:;H
P CDFoT@?@ ?@QMDI ?D@M T<UG<MI?< Q@ FDAĖ DI e<I<FF<G@ DDMDI?@ ?@ B@uODD BD=D Q<O<I
N<QPIH<NI?<FDB@IuG@M=POJKM<FG<M?<Q<O<IFPM<I<O<G<MTG<=DMG@ODMDGDM PU<A@MG@0G@TH<I
-<<=OIG@ODMDGHDODMFDADIDDMDI?@DN@
O8KJEFH7AB7H?]?DJEFH7h7:dpCdp7IA;H
!bAJ;D;9:\:?D;H;AbFI;EF\A7BDl:;h;H @FGDI?@<O<G<MDG@=DM=OIG@ODMH@NUFJIPNP?PM
*@CH@O FDA =P DDMDI?@ ?DG@ B@ODM?DD O<MDCD Q@ ?DID ?@@MG@MD T<<II <MOMH<T< ?< CDUH@O @?@I =DM PPM =DMDFDHDIDI
JGPH<NI< T<M?H> JG?PP NTG@I@=DGDM "?@=D NGPK DG@ =PIPI T<KGH<N ?<C< FPQQ@OGD O@NDM
=M<FHOM NG<HoG@HDIDN<MDO@C?DOG@M?@I=PU<A@MN<T@NDI?@FPMOPG?PPI<DI<IdIH7D
):;C?H];D8;H?=bhIdD:;AlHlFF7H]7B7:lD !DU@G@MDDG@?DG@B@ODMDM
7DM<<O I@U<M@ODI?@ =<TO<M JG<M<F Q<UDA@T@ =<G<TC<TQ<IC<NO<GFG<MO@?<QDNDDuDI=DMC<TGD?JG<HOMFDAĖDI
H@HPMDT@O C<T<O TGI?JM<AT<NI?<C<T<FI?<IO<IH<AMN<O=PGHPOPM*@HPMDT@ODIDIT<II?<7DM<<O*@FO@=DI?@
Q@ !oMPGAII?< @?@=DT<O ?@MNG@MD Q@MHDODM 6<TI C<T<OI?< *@MPODT@OO@I DOD=<M@I
BMGH@T@ =<G<TC;J A?<?D 87pO7P7Hl EB:KhK L; jIB7C9l O7P7H L; <?A?H 7:7CB7HlDlD
O7OlDEH=7DlEB7D-lH7J
l'dIJ7A?C:;H=?I?8?HO7OlDFEB?J?A7IlEB7H7A:7?C7.dHA?O;:lplD:7A?
.dHA:dDO7Il?B;?B=?B;DC?pJ?H !<C<NJIM<FD?I@H?@IF<M<Ė?<1o>@OODI!@MBoCI?<DF<H@O
@OODD=P TGG<M?<6PI<IGG<MIPMN<TDB<G@OH@G@MDU@MDI@ėG=GĘ T<U<MQ@%<N<I<NMD
e<IO<TĖ<DOC<A@?@MNODFGoG*<M?<=PTGG<MIH<CNPG?M
OI =P TIG@MD DG@ ?IG?I?@ FDAĖDI ADFMD <D?DT@OD N<?@>@ ?DID T<?< HDGGD
<IG<T< H<G @?DG@M@F DM?@G@IH@ND =P FJIP?< @FNDF F<GM FDA =OI =P ?@@MG@MDI NOI?@
(<=<FGCH@O +`D=674;K3Fg1MF"?@=DT<O3<FA6<TIG<MNO<I=PG DGON "MNJT 397N
%<GD?@ "?D=?Q<M #plB:7AlD,dO7Il1<IDI M<GFTM><ė"G44767"3>3@Ak*363 OG<NFDO<=@QD
NO<I=PG ĘDNDHGDFDO<KO<=P CDF<T@T@M<GH<FO<?M
"IBDIII>D U7D7AA7B;37<;H?D?D:;8?O7JlClP7AI? $Y+`D=>`=D3kFgD?3>3Dg7D9;E; 6G N<T
N
"MNJT 397 N "MNJT 397N
$Fu@#<CMD ';>C;J A?<J;'?BB;J ?AH? :FFB
K3K;??749AHFD
67D9;>7D
E3K;
9A=57=B68
3k>3@9g5g@63@`@`?`L7"363D`K`=+`D=">3E;=>7D; ';>C;JA?<HIEO 0O6<TI>GFNO<I=PG
N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
NHMB@>D @I?NOMDT@G NOIG@ N<CDK =DM H@?@ID <IG<T< F<M ?PMDND?PMPHPI?<=PGPIH<FO<?M 07>78P7:;A?<?D;h;H-7<7>7J7:Bl;I;H?EBC7I7O:l
:7 I7:;9; 8K p??H? O7PClp EBI7O:l O?D; :; 8dOdA p7?HB;H B?IJ;I?D:; 7:lDlD J7H?>; =;];9;h?D?
8;B?HJ?HU7D7AA7B;o;>?JB;H?D;L;jIJ?AB7B'7HplD7>7OH7DEB7D07>78P7:;';>C;JA?<?
.dHA HK>KDKD .dHA J7H?>?D?D .dHA C;:;D?O;J?D?D J;9;BB?I? EB7H7A =bHdH L; 8KDKDB7 :7 ?<J?>7H
;:;H
<OH@?@IDT@ODF<MNI?<U<TA?@I1MFNG<HH@?@IDT@ODIDIBuG@IDKB@GDH@NDDuDI
FDADIN<I<?@IDI<FGIQ@DM<?@NDIDFPGG<IKu<GH<TNJIIJFO<NI<Q<M?MH<FC@HF@I?D
DuDI C@H u@QM@ND DuDI A<T?<G JGH<T< B<TM@O @OH@FODM $D?DG@>@F TJG =P?PM 6<M?H> JG<M<F
N@uDG@I DN@ T<M<O>?M 1@QADF N<?@>@ JI?<F I>@GDFG@ DIN@FNJIM<GG<CĖ<O@Q@FFG@?@>@FODM1@QADFU<O@IGG<CĖIDIN<I<=DMGOAP?PM <U u@QM@G@M?@ IBDGO@M@ H@MDF< Q@T< #M<IN<ĖII H<I?<NII F<=PG @?DGH@NDIDI
FPMOPGPDuDIO@FuF<MTJGJG<M<FBMG?=DM?I@H?@*@CH@OFDAPNOJNO<MDCGD
0@=DGPM/@<O?@MBDNDI?@H<I?<DG@DGBDGDJG<M<FF<G@H@<G?=DMT<UNI?<ėĝ1MFG@MDITDMHD
=@<NM?<I=@MDDNODFG<GG@MDIDHPC<A<U<@OHD=DMHDGG@OJG?PFG<MO<MDCO@IHNK@O=DMC<FDF<OODM
%oG=PFDQMPK<?<=DG@H@=?@DDNODFG<GD=PF<?<M@NFDU<H<IG<M?<I=<G<T<I=DMHDGG@OTJFOPMĝ
1<MDCO@BNO@MDTJMFD1MFDNODFG<GNDUT<<T<H<UĘ?DT@M@F<T?IG<MI=PDNO@FG@MDID F@NDI=DM?DGG@
M@??@OHDODM
0JIPuJG<M<FFDAĖDIDDMD1MFDIN<IIIN<Q<DuDI?@JMO<T<FJT?PPB@I@GU@GGDFG@MDID
@I DTD T<INOM=@NDID =DM FP<FO JG<I
U@GGDFG@MDDG@?@NO<I}Q<NAuJFTFN@FODMFDADDMDI?@O<MDCD?DIDQ@=@IU@MDJGBPG<Me<I<FF<G@
N<Q< DG@=DMG@ODM@I?@MDI=DM@?@=DNGPKFPGG<I<M<FHDGGD=DM<DMQ@<DOJG?PPH@?@IDT@OD@IDTD
O@HNDG @?@I TFN@F =DM ADFDM Q@ @?@=DT<O NO<? JG<M<F HDGG@ODHDU@ H<G JGHP =DM <DMDHDU?DM
6<<T<IHDGG@OG@MDT<<O<I<DMG@MDQ<M?MO@1MFHDGG@ODIDT<<O<I<DMG@M?@I=DMD?@*@CH@O
FDA"MNJTĖ?PM
I>D "IBDIIĖ@ BM@ N<Q< @?@=DT<O HDGG} O@>M=@G@MDI PIPOPGH<H<NI N<G<T<M<F
I@NDGG@M <M<N N<G<H =DM =< JGPOPMPM Q@ HDGG} =DMGDD K@FDODMDM #@MOG@MD PTPM C<G?@ =PGPI@DID ?@
C<OMG<OM TM>< F<CM<H<IGF CDFoT@G@MD HDGG@O@ =DM ?<T<IH ?@ N<G<HOM P
=<FH?<?@G@HDUDI?<T<I?@IFPQQ@OGDU@HDIN<TG<=DGDM 1MFHDGGDH><?@G@NDIDTMO@IGD?@M
F<?MJ *PNO<A< (@H<G ?<CDG JGH<F U@M@ uJPIGPP =P N<Q<O< BM@Q <G3@Ak*363 OG<NFDO<=@QDNO<I=PG
$I?J?P <TM<H P;H87O97D:7 ';>C;J A?< "7OH7Dl ?H o7?H 7>J?O7H 07>78P7:; ,>GE>3D3D3Eg
$7:?7F=;8DEAK*7?BALKG?G;>6;=>7D; DGO PM?PMN
H<HJGP !Ju !M =?PGQ<CDO ';>C;J A?< HIEOKD jDI7D jH7:; L; "dHH?O;J?D; 7Alpl ,>GE>3D3D3Eg
$7:?7F=;8DEAK*7?BALKG?G;>6;D>7D; DGOPM?PMN @F@M
6M?
!Ju!M
(<?DM
*@CH@O
FDAĖDI
DDMG@MDI?@
*DGGD
*><?@G@
:FFB
G3??7:?7F3=;876GFD
?7:?7F3=;8
8;>7E
"36;D*")24;>6;D;2$7:?7F=;8;@*;;D>7D;@67$;>>;$G5367>
7B68
"IBDII 39?N
"IBDII 39?N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
F<I?@M@!Ju!M,NHC;JA?<HIEOKD'?BB^
'd97:;B;O; %7JlBC7Il L; 7Pl "KIKI?O;JB;H? ,>GE>3D3D3Eg $7:?7F =;8 DEAK
*7?BALKG?G;>6;D;>7D; DGOPM?PMNē
3k>3@9g5g@63@ `@`?`L7 "363D `K`= +`D= ">3E;=>7D; ';>C;J A?< HIEO 0O
6<TI>GFNO<I=PGNē
"IBDIII>D U7D7AA7B;37<;H?D?D:;8?O7JlClP7AI? $Y +`D=>`=D3kFgD?3>3Dg7D9;E;
6GN<TNO<I=PGNē
"MNJT*@CH@OFDA *383:3OFKI<M6<TI@QDNO<I=PG
$Fu@#<CMD 'A?<J;'?BB;J ?AH? :FFB
K3K;??749AHFD
67D9;>7D
E3K;
9A=57=B68
$I?J?P <TM<H P;H87O97D:7 ';>C;J A?< "7OH7Dl ?H o7?H 7>J?O7H 07>78P7:; ,>GE>3D3D3Eg$7:?7F=;8DEAK*7?BALKG?G;>6;=>7D; DGOPM?PMNē
H<HJGP !Ju !M =?PGQ<CDO ';>C;J A?< HIEOKD jDI7D jH7:; L; "dHH?O;J?D; 7Alpl ,>GE>3D3D3Eg$7:?7F=;8DEAK*7?BALKG?G;>6;D;>7D; DGOPM?PMNē
(<=<FGCH@O +`D=674;K3Fg1MF"?@=DT<O3<FA6<TIG<MNO<I=PG DGO0<TA<
ē
*@MO%<N7D6@ID1MFDT@
6<TIG<M >DGOIF<M<N<TA<ē
@F@M6M?!Ju!M(<?DM ';>C;JA?<?Do??HB;H?D:;'?BB?'d97:;B;
:FFB
G3??7:?7F3=;876GFD
?7:?7F3=;8
8;>7E
"36;D*")24;>6;D;2$7:?7F=;8;@*;;D>7
D;@67$;>>;$G5367>7B68
XL7F
1MF O<MDCD N@TMD DuDI?@ <M <MOG<M <GOI?< F<U<IG<I e<I<FF<G@ N<Q<G<MI FJIP <G<I
*@MCPH *@CH@O FDADI e<I<FF<G@ @CDOG@MDI@ DNDHGD DDMD ?@NO<IDG@N@IO@UG@TDKI<NG=DMHDGGDPPMQ@
HDGGD ?PMP JGPOPMH< B<TM@ODI?@ JG?PP NJMPNPIPI >@Q<= =P u<GH<II <I< O@H<NI O@FDG
@OH@FO@?DM TM>< U<H<UDF<OFN=DMGDFO@DM?@G@I@>@FODM
@7H3>G3F;A@A8F:7835FEA85;H;>;L3F;A@3@6:;EFADK;@F:77B;57@F;F>76ºFAF:7?3DFKDEA8
3@3==3>7»
1C@ KJ@H ė1J OC@ *<MOTMN JA <I<FF<G@Ę =T OC@ ?@>@<N@? *@CH@O FDA JA RCD>C
NP=E@>ODN <I<FF<G@!<M?<I@GG@NR<MNRJIPI?@M?DAAD>PGO>JI?DODJINDIOC@>JPMN@JA1PMFDNC
CDNOJMT DN D<G @KD>N 1C@ <INR@M OJ OC@ LP@NODJI JA CJR *@CH@O FDA
NTIOC@NDU@? CDNOJMD> DH<B@N <I? >JI>@KO JA >DQDGDU<ODJI <GJIB RDOC OJPBC R<MN @SK@MD@I>@? DI
<I<FF<G@ <I?CJRC@OMD@?OJ>M@<O@<I<ODJI<G >JIN>D@I>@<I?I<ODJI<G NO@ >JINODOPO@NOC@
H<DIOC@H@JAOC@NOP?T#PMOC@MHJM@OC@H@O<KCJMD>>JIOMD=PODJIJAM@GDBDJPNDH<B@NOJB@OC@M
RDOCOC@N@ORJA<>ONOJ <I<FF<G@R<MRCJN@ODH@<I?KG<>@DNFIJRIOJ=@>JH@<I@KD><M@
NOP?D@?OJB@OC@M
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
º1l)0%-l l+)X#"l#l) %&#"#&),»# +&() "
$+) ##) %" ' "$l+%#l)
;96] -]<9<?F1#5=]D?F1
U¡M=<T><T<
O¡M>H¡ @?DGHDO¡MOD=@?DGHDQ¡ GDOJLM<ADFNPGG<u<KJGPIHP?PM
ėU¡M=<T>DG??¡I D=<M¡O JG<M<L
C<UMG<I= %¡M >DG?DI NOI?¡ ė7/6 + !3)1 ")* 1!((1 +011212Ę
NUG¡MD <U¡M=<T>< T<UG= DMDI>D >DG?DI U¡MDI?¡ ėAJGFGJM N@MDT<N N<T Ę DFDI>D >DG?DI
NOI?¡ N<TuI> >DG?DINOI?¡ DN¡ N<T T<UGH?M%¡Mu>DG?DINOI?¡ ėKMJA@NNJM
3<LMDIDI M@?<FO¡ND <GOI?<Ę NUG¡MD T<UG= )DOJLM<ADF u<K U.+ U@M=<T?E<INFDT
LJNP?<MNOQ@IITI<PuIJDNNG@?JQ<O@GNFDTDINODOPOI¡MDTT<OI?<B@Mu¡FG¡?DMDGD=
DMDI>D>DG??¡ DFDINUQ@MDGHD?DMGFINU%¡I¡AD7@TI<GGT<H¡SNPN?PMjINUI=<G
ėU¡M=<T><II =¡?DD AJGFGJMPĘ 5P?JE@NOQ@IIT AJGFGJM U@M=<T?E<I< <?G<IM PI?HP¡IDI O¡MOD=uDND Q¡ M@?<FOJMPI?<IĘ ,O M@?<FOJM< D NJNO<QDO@GT< N=JMIDF< =<GLG DFDI>D
T<UO¡L?DHJGPIHP?PM FDI>D T<UIIH¡GGDAD3<LMD?DMė*¡>HP¡Ę>PDG?¡ <F?<
u<KJGPIHP?PM1DOPGQ¡M¡LDI?¡ ėN<O<Q@MDGHDMĘL@T?D?¡ Q<M?M
ėPI¡MDIH¡LN¡?D=DMI@u¡ DG ¡MUDI?¡ U¡M=<T>¡HDTT¡OD O¡M¡ADI?¡I OJKG<IH H<M<LG AJGFGJM H<O@MD<GG<MI @GHD O¡?LDL<O
<K<MH<L uI DNODA<?¡T¡ T<M<MG Q¡UDTT¡O¡ B¡ODMH¡F?DMP >DG?¡ MPN ?DGDI?¡ I<G Q¡ ¡AN<I¡G¡M
?<SDG?DM1¡?LDL<OuJIG<M?<H<NDMGDTDIDIF<NIO<K<=DGHDM,IG<M ¡N<N¡IU¡M=<T><I?<A@J?<G
Q¡ OD><M¡OHI<ND=¡OG¡MDIDF@uHDC¡T<OQ¡ H¡D¡OD ¡FN@O?DMDMPM<?<<CQ¡ S<IC<FDHDTT¡OD
O¡NQDM JGPIPM ?<G¡OGD K<?<C C<LLI?< BMG¡M <C ==<NG< =<G I<GG<M?<M¡OHI<ND=¡OG¡MDDA<?¡ JGPIPM1D><MDCDTG¡B¡MGDFF¡G¡F=<UGLQ<MG<IH<LL¡C¡MH<IGLN<TGM
PIPIG<T<I<N<ODMDFINMG¡M?¡ =PM<?<DG¡IDM@G¡ N<ODMDF@G@H@IOG¡M?¡ L<UDG¡MDI ¡?<G¡ONDUGDTD
N<M<T ¡T<IG<MII Q¡UDMG¡MDI ¡?<G¡ONDUGDTD HJGG<G<MI Q¡ ?DB¡M ?DID ¡SNG¡MDI S¡NDNGDTD FDHD
@G@H@IOG¡ML<IPI<MD<T¡ODIQ¡ GG<CLJMSPNPIO¡=GDDDuDI?¡ ¡MD?DGDM
U¡M=<T><IQ¡ ¡OM<AGF¡G¡MDIF@uHDC¡T<OIO¡?LDL@?¡IG¡M¡ =PH<O@MD<GHQ<ADLDLODN<?D
Q¡ NDT<ND ¡G<L¡G¡MD=¡?DD¡FDG?¡ ¡FN@O?DMH¡FG¡ =TFT<M?HBNO¡M¡>¡F?DM
DM uJS I<GG<M AJMH<NI< BM¡ C@TQ<IG<M Q¡ C@TQ<IG<MG< DIN<IG<M <M<NI?<F L<MGLG
¡G<L¡G¡MC<LLI?<JG<IO¡HNDGGG¡MDIN¡MC¡??DI?¡ T@MG¡DM
?¡=DILO@TDI¡U¡M?¡I=PI<GG<MQ¡ ¡AN<I¡G¡MC¡HT@MGDC¡H?¡ LJIPQ¡ PU<LGF¡G¡MG¡ A<MN
¡M¡=CDI?JMO<LHJODQG¡MQ¡ NE@OG¡MO¡L?DH@?DM
DMDI>D>DG??¡Q@MDG¡II<GQ¡ ¡AN<I¡G¡MDI ¡FN¡MDTT¡OD.<AL<UIO¡?LDL<OuNH¡MCPHKMJA@NNJM
).)JK<ODINFDIDI ¡GT<UH< DMNDI?¡I BOMGH?M P DMNDI DuDI?¡ JGDH<O@MD<GG<MQ¡ H¡L<G¡G¡M<MOLFCI¡GHD?DMQ¡ I¡M@?DGH¡HD?DM
DMDI>D>DG?¡ ?<SDG@?DG¡IH<O@MD<GG<M ¡N<N¡IT@MGD?DG?¡IMPN><T<O¡M>H¡ @?DGHD?DMeIFD
OJKG<T>G<MMPN><IHF¡HH¡G=DGHDM?DG¡M*¡OIG¡MDIO¡M>H¡NDU<H<IL<MT<uS<Iu¡ODIGDFG¡M
<M<?<IO¡?LDLQ¡ O¡O¡==>¡HDTT¡ODIDIė5¡=¡MG¡MĘDIDI
>IHM¡NDI?¡ Q@MDGHD=¡UDU¡M=<T><II<GG<M=PM<?<O<H¡FDG?¡ Q@MDGHD?DMU¡M=<T>GĘ ėD=GDJLM<ADF
BNO¡MD>DuIH<O@MD<GG<MĘ ¡N<NI?<H¡TT¡IG¡?DMH¡FHHFI?M
DMDI>D >DG?¡ ?<SDG @?DG¡I H<O@MD<GG<M <<?<F ¡FDG?¡ LMPKG<?MGH?M P >DG?¡
U¡M=<T><II<GQ¡ ¡AN<I¡G¡MD?<SDG@?DGHD?DM*<O@MD<GG<MM<TJIG<MUM¡ Q@MDGHD?DM
+PS<M<TJIP
PM<T<?<SDG@?DG¡IH¡OIG¡M=PIG<M?M
G<III<G
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
,QuPQ¡ <CU<?¡ DG¡ M<TJIP
%<> GD
GGLU
P<M<TJIP
FDL<M?<
(¡I?GD5¡GDG
MI
1<>DMJGP
%>PH?<ILJMPTDM
1<>DMQ¡ JGP
1<G@
.<UIIH¡CF¡H¡ND
#¡MNDUJPG
-¡C¡G¡QDMDI<MQ<?
7CM<=II<G
kuL<M?<
<CQ¡ N<O>
(HMuLU<?D0¡=<Q¡ <CU<?¡ *PM<?
(¡I?uD C¡?Q¡ =<Q¡UDMDILU0JI<
,MP
eDI<CU<?¡ND1JMI?PFQ¡ IJ<T<CU<?¡ND$G<A¡
.UGQ¡ ?¡HDM
$Tu<TM<TJIP
==<NQ¡ $GB¡U
<H<SM<TJIP
1<>DMJGPQ¡ OPMK
<C<MQ<?>!<C<LQ¡ ePGGPC<FDH
0@CM=¡IB<Q¡MDI ¡AN<I¡ND
6<O<I<CU<?¡IDI ¡AN<I¡ND
TIIT<M<IH<N ¡AN<I¡ND
-DDTDIT<M<IH<N ¡AN<I¡ND
*@THPIPIT<M<IH<N ¡AN<I¡ND
.PLPLPPIPIT<M<IH<N ¡AN<I¡ND
<I<KDKDTDIT<M<IH<N ¡AN<I¡ND
6<M<N<IIT<M<IH<N ¡AN<I¡ND
<C==<NIF<N=OJSP>PIPQ<MG<I?MH<LDNO¡H¡NDQ¡ =<><MH<H<NC<LLI?< ¡AN<I¡
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
<C==<NI?H@?=@L<HI<MQ<?I ¡MDI¡ S¡T<I¡O¡ BM¡ >¡U<G<I?MH<N
<C==<NI@QG¡IH¡ND ¡AN<I¡ND
<C==<N>¡II¡OH¡F<II@MH¡IDT¡ H<GIN<OH<<FH¡F@OH¡ND
<C==<NI=<G<M<Q@MBDLJTH<LDNO¡H¡NDQ¡ JIPG¡Q@OH¡ND
<C==<N>¡II¡OH¡F<II?JPGH<N ¡AN<I¡ND
*<F@?JIDT<GNB¡I?¡MDI ¡AN<I¡ND
NB¡I?¡MC<LLI?<A<MN ¡AN<I¡ND
*L¡??¡N@TS7<D?¡IDI ¡AN<I¡ND
@G¡GDFG¡ =DMDI>D >DG?¡ M<TJI?H¡ @?DGHD
GDOJLM<ADFNPGG<u<K @?DGHDQ¡ <MSDQ?¡ N<SG<IH?M FDI>D>DG??¡ FPHFIJ<TOMFH¡I
G¡FPM<SDIO@HDMLJT u@u@IDILPJN@ODI BM>S<GLG<MII T<M<?>GI?<F ¡AN<I¡ Q¡
I<G ?<SDG @?DGHD?DM kuI> >DG??¡ DN¡ OMF @MH¡ID u@MF@N u@u@I DILP JN@ODI <=S >DG??¡ OJT H¡M<NDHD DG¡ =<G H¡GPH<OG<M< ?< T@M Q@MDGHD?DM <H<S
HN¡GH<IG<MII DH<GD .<AL<U IJ<TG<MII JN@ODIG¡MDI Q¡ <=S<UG<MI OJT H¡M<NDHG¡MD
O¡NQDM@?DGHD?DM
l6m4;KK3F
#JGFGJM U@M=<T?E<I< D KMDG@L<TPDS NOM<I 1JH T -J? /@?<FOND@T KMJA 3<LMDT<
<FPU.+
#JGFGJM U@M=<T?E<I< D KMDG@L<TPDS NOM<I 1JHJT -J? /@?<FOND@T KMJA 3<LMDT<
<FPU.+
#JGFGJM U@M=<T?E<I< D KMDG@L<TPDS NOM<I 1JH DT -J? /@?<FOND@T KMJA 3<LMDT<
<FPU.+
+<MJ?I<T< NGJQ@NIJNO U@M=<T?E<I< *<O@MD<G ?GT< =D=GDJLM<ADu@NFJLJ PF<U<O@GT< <FP
UQ@NODT< ,=@NOQ< J=NG@?JQ<IDT< D DUPu@IDT< U@M=<T?E<I< <FP 0<T N
0P=S<IQ@M?DS<IJQ -@M@u@I D FM<OFJ@ DUGJE@ID@ H<O@MD<GJQ KJ AJGFGJMP I<MJ?JQ
U@M=<T?E<I<DKMDG@L<TPDSNOM<IDUI<NG@?DT<).)JK<ODINFJLJ
I?M@@Q2F<U<O@GNF<UJuISNTPE@OJQKJNDNO@H@<MI@)@IDILM<?
0*,*-(O
<LMDT*<O@MD<G?GT<=D=GDJLM<ADDU@M=<T?E<I<3K<FP
-MJKK3*JMAJGJLDT<NF<UFD)@IDILM<?
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
+)eee#e%e%e%j* %$%" 0*%#)
!))# N/
$C=1><Y)1B98.1IY3Y<YVY>Y>1[<1>7Y3YF5W<; B?>9;<5B
,NH<IG O<MDC TG ?@QG@ODI FPMPGP O<MDCDI@ I<U<M<I JG?PFu< B@u =DM U<H<I?<
=<G<HOM ,NH<IG !@QG@ODĖIDI FPMPGPPI?<I TG NJIM< <MOF =DM DHK<M<OJMGPF C<GDID
<GH<T< =<G<? TUTG DGF @N@MG@MDI JMO<T< uFH<T< =<G<? <NM?M ,NH<IG
DHK<M<OJMGPPIPI FPMPGPPI< Q@ ,NH<I @TĖDI CFH?<MGI< DGDFDI =DGBDG@M C<G< =TF
Gu?@=@GDMNDU?DMQ@=DGDI@IG@M@NFD,NH<IGFMJIDFG@MDI@?<T<IH<FO<?M
DGDI@I DGF ,NH<IG O<MDCD 53 TUTGI =<G<MI?< T<UGH JG<F =P @N@M =PBI
H@Q>PO?@DG?DMGF?@QDMG@M@<DOI@HGD=DGBDG@MQ@M@I=DMO<MDCF<G@H@<GHJG<IFK<<Uo?@
TGI?<$@=U@Ė?@IB@u@MF@IC<NO<G<IHQ@6<CD#<FDCĖDI@QDI?@HDN<ADMJGHPPM<?<
6<CD#<FDCĖDIT<U?FDO<=BMKJFPHPQ@ėFK<<JGPO<MDCDĘ<?TG<<IG<IF@I?D@N@MDID
T<U<MF@I ?@ =P =DGBDG@MD FPGG<IHOM P H@I<F=IoH@ HPCO@H@G@I ,NH<IG @TGDDĖIDI DGF
TGG<MI<?<DM=DGBDQ@M@I DED?C.;L\H?>
?SB
?)IC\DB7H<?<F<TI<FJGHPOPM
I>@ND T<UGH Q@ PBI @GDHDU?@ =PGPI
?'dBcA
lSB
?)IC\D <?G=GH,NH<IGO<MDCDC<FFI?<=DGBDG@MDCODQ<@?@M
6DI@ ėFMPGG<CĘI TGG<M<M<NI?<#<MNu<T<UHJG?PPPHPHD=DMO<MDCJG9;JdJ
J;L\H^>Ę<?G@N@MDI?@?@,NH<IGG<M<<DO=GHQ<M?M
"IQ@M}ĖIDI TGI?<=DODM?DDQ@3@UDMD<U<H*<CHP?-<<ĖT<NPI?PP=@TDOO@I
JGP@,NH<IGG<M@G@<G? .;L7H?>
?SB
?
)IC7D DNDHGD@N@MDGF?I@H,NH<IGO<MDCDC<FFI?<@IB@ID=DGBDG@MDDu@MH@FO@?DMCH@?}
FMPGG<C "IQ@M} BD=D O<MDCuDG@M ,NH<IG O<MDCDID FoDI<O O<MDCDIDI =DM K<Mu<N JG<M<F @G@
<GMG<MF@I FK<<Uo?@ @N@MDIDI O<H<HI ,NH<IGG<M< <TMHOM (<TK JGp? 7A?>
';D7Al8D\C;I? =P@N@M?@B@ID=DuDH?@FPGG<IG?DuDI<TM><I@HGD?DM
ė(<M<H<IG +D *@CH@O -<<ĘII Ė?@ T<U? ė.;L7H?>
? -;B\J?DdB
)IC\D?O;
<?GM<Ku<@N@MD?@,NH<IGG<M<?<DMB@ID=DGBDG@MDu@MH@FO@?DM
#<ODC?@QMDIDI@II?@B@G@IO<MDCuDND 1PMNPI@T DN@BM?C<?DN@G@MD<MQ@NNG=DM
?DGG@ .7H?>
? 8dB
;J> <?TG< F<G@H@ <GHOM $DMDD =DM NDT<N@OIoH@ BD=D JGGPNPI?? JG<M<F=DGDI@I@N@MTGI<F<?<M
B@G@I=DM,NH<IGO<MDCD?DM
ĖGD TGG<M?<Q@A<O@?@I *@CH@?+@MD %?J\8
l?>\DDdC\ <?I?<B@I@G =DM?IT<O<MDCD
T<UHOM P @N@MDI ?@ N<?@>@ ,NH<IG O<MDCD DG@ DGBDGD FNH @GDHDU@ PG<<=DGHDODM +@M}ĖIDI
O<MDCD T<U<M< H<CNPN JMDEDI<G =DGBDG@MD DCODQ< @OH@H@FO@?DM e@DOGD @N@MG@M?@I T<KGH =DM
?@MG@H@?DM"N<NF<TI< plAF7p7P\:;.7H?>?Ė?DM
"5>;Y25<5B
DGDI?DD U@M@ ,NH<IG O<MDCDIDI FPMPGP ?I@HDI@ ?<DM =DGBDG@MDI O@H@G F<TIP .7DP?C7JWD9;I? )IC7DBl.7H?>? H7pJlHC7,;>8;H? N 6@?DO@K@ 6<TI@QDNO<I=PG
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
DGDFDI OH =DGBDG@M BIHU HJ?@MI O<MDCuDG@MD O<M<AI?<I =TF Gu?@ =P @NFD ,NH<IG
F<TI<FG<MI<?<T<I?MGH<FO<?M(MJIDFG@M?@B@u@IQ@C<G<F<=PGBM@I=PH@IF=@G@MDIJMO<T<
uF FDHD T<U<MG<M< BM@ =DM O<MDCD JGBP FDHDI@ BM@ DN@ ,NH<IG ?@QG@ODIDI Q<MGI< Q@
C<I@?<II FPON<GGI< H@MPDT@O F<U<I?MH<F DuDI ėDG<CD =DM D<M@O@ ?<T<I?MH<Ę DCODT<>I?GII=DMMIJG<M<FĘ?@@MG@I?DMDGHDODM
?@O< FPMPGP ?I@HD ,NH<IG !@QG@OD O<MDCDIDI U@MDI@ JOPMOPG?PP DFD I@HGD H@IF=@
=PGPIH<FO<?M PIG<M MT< H@IF=@G@MD?DM DMDI>D MT<II F<CM<HG DG@ DG<CD =DM Bu O<M<AI?DNUG@MD?DM +D*@CH@?-<< Q@,MPu@Ė?@ =PMT<II
"MOPMPG@TO<M<AI?<IBMG?MDQ<T@O@?DGDMF@I +@M}Q@(@H<GĖ?@ <TIMT<T,NH<I@T
BMHOM
+D*@CH@?-<< MT<TTG@MDQ<T@O@OHDODM
"?A7O; ;:?B:?h?D; =bH; HJKhHKB 8?H =;9; <7A?> 8?H 7:7ClD ;L?D; ?DC?pJ? )JKHKD97 <7Al>
ED7 :;:? A? O;H?D? :;h?pJ?H UdDAd J7C 7HA7D:7 I7O=l =bIJ;H?BC;I? =;H;A;D 8?H A?J7F L7H
HJKhHKB ED;:?H:;:?<7Al>9;L7FL;H:? J7DHlDlDA;H;CI7>?8?'K>7CC;:;I7L?D:?H:?h?
A;B7C
l A7:?C:?H ;L:;A?B;H KOK:KAJ7D IEDH7 HJKhHKB A7BAJl OlA7D:l "7AAlD:7 >?]8?H pdF>;
8;IB;DC;O;D A?J7F J7H7<lD7 :bD:d (7C7P AlB7H =?8? ;BB;H?D? =bhIdDdD dP;H?D; AEO:K =bDdB
7B]7ABlhl ?]?D:; I787> EBK8 :7 ;L:;A?B;H KO7DlD97O7 A7:7H 7O7AJ7 :KH:K K >7B?D? L; J7DHlO7
=bIJ;H:?h? I7O=lOl EDB7H:7D =?PB;:? -EDH7 KOK:K :dpdD:; Od9; J7DHl J7H7<lD:7D 8?H?I? ED7 A;B7ClClP7 8dOdA I7O=l =bIJ;H:?D )DK 7HA7D:7 8lH7AC7:lD ?P :; I;D? 7HA7D:7D
=;B;9;AB;H?D?L;]E9KAB7HlDlOd9;BJ?H?P:;:?
,MPu@Ė?@DN@P@FDG?@?DM )B=bH:d=?:dpdD?EBp;O>;:?:?O?J:?27p;O>dpdC:;
=bH:dC -;DdD AEODKD:7D 8?H 7O JE=7H =;BdH 8;D?C AEODKC7 =?HdH 0; =?Hd =b8;=dC:;D 8?H
7h7] 8?J;H =bB=;I? \B;CB;H? :KJ7H !bB=;I?DdD 7BJlD:7 J7=B7H EBKH ";H J7=KD :?8?D:;D IKB7H
]lA7H K ]lA7D IKB7H:7D A?C? ?];H L; A?C? 8\=B7H 8\=];B;H IKL7HKHB7H ];pC;B;H 7Al:KHB7H )B
KOAK:7D KO7D:KC dpdC 8K:KH A?C :?:dC J78?H?D? 8KOKHKD :?:? o;O> ;O?JJ? 27 O?h?J dpdDdDJ78?H?8K:KHA?C-;DdD8?HE=KBKDEB77:l)IC7DEB70;8;DdC:7>l8?HAlPKCEB7
7:l,78?7EB7D:7DEBAlPKClI;DdDE=KBKD)IC\D7B7)BAlPKC:7D7DKDE=KBB7HlEB7D:7D
8?HE=BlEB77:l)H>7DEB7)B)H>7D:7D9;:
8;H
9;:F\:?p\>EB7B7H'KpJKBKAEBIKDI7D7A?C
F\:?p\>BlA L?H?B:? I;D?D D;IBdD; :?:? 'd87H;A EBIKD :?:? H
JEDHKB :dpdDdD J78?H?D? 8?BdF
BB7>7pdAH?:d8=?Hd=;BdFO?H?D:?A7H7H?J:?
+D*@CH@?-<<Q@,MPu@O<MDCG@MDI?@B@u@I "MOPMPG$<UDIDI=DMA<FDCDI@QDI?@
(PMĖ<IĖ< F<M BNO@M?DD N<TB CDF<T@ND FMGG<CĖI ė@C>@OĖOO@QoM}CĘDI?@ CH@?DĖIDI
ėNF@I?@MI<H@ĘNDI?@Q@FK<<Uo?@O<MDCDI?@TJFOPM+@MDĖ?@DN@MT<TBM@I,NH<I@T
JG<M<FB@uH@FO@?DMQ@<IG<OH?<?DFF<Ou@FD>D=DMA<MFGGFTJFOPM
0@G<ODI+<H@ T<U<M ė(@H<GĘ ?@ =P MT<T @N@MDI?@ H<IUPH =DuDH?@ MDQ<T@O @?@M@F
,NH<I@TĖ@<OA@OHDODM
.?B7L;J;:;HA;D>E97?O97D
.;C7p7;JC;h;=;BC?pJ?)IC7D
.7C7C?:KFA7F7:l4EB5CKI>7<lD
40d5A?I;I?D;AEOKFIdP:d OdP?D
?:?>E97D;:?H8KA?I;
L7H?
%?L7H:KHKHA7JlD:7?J?87Hl
FU +D*@CH@O-<<)IC7DBl -KBJ7DB7Hl.7H?>?)IC7DBl.7H?>B;H?# u@Q%<FF (JIT<GNē
NO<I=PG
FU )HK];h.7H?>?)IC7DBl.7H?>? %<UMG<T<I-MJA!M+@>?@Oj71k/(N e<HG><6<T
NO<I=PG
FU *@CH@O+@MD %?J78
l9?>7DDKC7 T<T#+2I<O *(TH@IN IF<M<
FU(@H<G-;B7J?D
(7C; %<U+@>?@OjUOMFN IF<M<
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
?:?A?C8K:KHBB7>lDA;B7Cl
%?B?:?9;DD;JdD?DIdD?C7Cl
KDKD;CH?B;:dH:dDO7DlD?p?
KDKDB7AKHJKBKHKA8?:;A?p?
KDKD>dAC?B;:KHKH7BlD7D97D
KDKDB7AKHJlBKH8K?DI?B;97D
j]?:EBK:KHKHBB7>lD7:l
KDK)IC7D?p?:?FEB:lp7:?
?:?F;ID?]dD;JC;:?D>78;H:7H
;D?8KIlH:7D?O:7D7
Ol;IH7H
2?H?D:;D4:7>?5JKH:lEBC;B;A
>K
WHdJKH:KA;B7CdBB7>7A7Hpl
.7P7HHK?OB;OdF?J:?CdD797J
?B;:?EB>d:7:7D:dHBd>797J
KHKHl7O7AdP;H;87hBK;B
DKD>;HCdpA?B?D"7A;OB;:?>7B
jH?pJ?EBD;<;I>7Jl<J7D7L7P
oEDKD=dHEBIKD?Op7>
lI;H
;<H7P
;D?C7:lC7I;D?PP;JB;H?J:dD
2dPLKHKFD7ClC7>dHC;JB;H?J:?D
)B7EhB7DB7HlD>;FKBK>7DB7H
-;H7I;HI;HL;H
?I7>?8?AlH7DB7H
;p7H;J]dDA?CBB7>J7D?H?pJ?
"7AlDDKHlOB7EB:KI?H?pJ?
,NH<I@T@ <OA@?DG@IDFDI>D=DMMT<DGFJG<M<FFK<<Uo?@Ė?@F<MHU<uFH<FO<?M
!<C<NJIM<?<+@MDQ@?D@MH@GGDAG@M=PMDQ<T@O@FMJIDFG@MDI?@T@MQ@MHDG@M?DMI><F
BIHU@T<FG<OFu<MT<IICDF<T@@?DGDQ@ =@ODHG@H@NDIDIJG?PFu<A<MFG=DM=JTPO
F<U<I?BU@u<MKH<FO<?M
GFF<TI<FJG<M<F FK<<Uo?@Ė?@ ,NH<I@TDIMT<N P@FDG?@MDQ<T@O@?DGHDODM
)IC7D !7P? D?O7P ;J:? 0; 8?H B7>P7 7hB7:l /OAK =7B?8 =;B:? O7JJl KOK:K !bH:d A?C
A;D:dB;HdD 7H7B7HlD:7 8?H 7P?P p;O> L7H ?:? "7OB? A;H7C;J? P7>?H EBCKp ?:? 0; 9;C? >7BAKD
CKJ;A7Ol:l?:?:l:;HL?p?:?L;?BB7:;HL?pBdA87JlDlD:7O?:?dDO;I?L;D?C;J?:7L7Hl]Eh?:?
0; I7>?8
? ];H7h L; 7B;C ?:? 7O?C C?I7<?H>7D;I? >7B? EBC7P ?:? )IC7D !7P? :7>? =7> =7>
=;BdH ?:? K 7P?P; AEDKA EBKH ?:? )IC7D !7P? A?C KOK:l :dpdD:; =bH:? %?C 8K 7P?P?D
AEODKD:7D 8?H 7O :Eh7H =;BdH )IC7D !7P?D?D AEODKD7 =?H;H K 7O A?C )IC7D !7P?D?D
AEODKD7=?H:?h?:;C:;=b8;h?D:;D8?H7h7]8?J;H7>?=bB=;I?7B;C?JKJ7H!bB=;I?DdD7BJlD:7
:7hB7HL7H0;>;H:7hlD=?8?D:;DIKB7H]lA7H0;8K]lA7DIKB7H:7DA?C??];HL;A?C?87h]7B7H
IKL7HKH L; A?C? ];pC;B;H 7AK:KH D:7D KO>K:7D KO7D:l IdH:? =;B:? o;O>; >787H L;H:? o;O>
;O?:dHEhBKC)IC7D-7D7CKpJKBKAEBIKD%?C"7A.;7B7I7D7L;D;IBdD;F7:?p7>BlAL;H:?
'd87H;AEBIKD:;H0;8;DdCAlPlC'7B>KDI;DdD>;B7BdDEB:K:;H0;>;C7DD?A7>;:dF
AlPlDl)IC7D!7P?O;L;H:?
FK<<Uo?@ĖIDI=PF@C<I@OGDMT<N=<UPA<F?@DDFG@MG@?<C<NJIM<B@G@I=OI
FMJIDFG@MDI CDFoT@G@MDIDIO@H@GDIDJGPOPMHPOPM
+@MD ,NH7BAl
7H7IlD:7D 8?H p;O>
? 7P?P L7H ?:? :;87Bl :;HB;H:? !7O;J I7>?8
? >;C7BB;H:;D ?:? 0;B7O;J?
A;H7C;J?P7>?HEBCKp:l"7BAlDCKJ;A7?:??:?.7C7C?BB;H:;C;p>KHEBClp:ljBC
?HdO7Ol>K8
8?B?H?:?dDO78?D?>7O;?:?CC7:;HL?pI?OH;J?DJKJ7H:l"7JJ7:;HL?p:;OKB7A78?:;HB;H:d
?H P7L?O; O7FK8 7O;D:; L; H;L;D:;O; >?PC;J ;:;H:? !7> =7> )IC7D :7>? EDKD :;H=7>lD:7
C?I7<?H EBKH:l ?H =;9; )IC7D I?O;H?D:; =bH:d A? 8K p;O>?D AEODKD:7D 8?H 7O ]lAK8 A;D:?
FUFK<<JGP .;L7H?>
?B?)IC7D)IC7DBl.7H?>B;H?# !U+DC<GONUN NO<I=PG
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
AEODKD7=?H:?";C7D:;C=b8;h?D:;D8?H7h7]8?JK87B;C?JKJK8L;EDKD=bB=;I?D:;J7hB7HL7H
)BJ7hB7HlD:?8?D:;DFlD7HB7H]lAK8H;L7D;EBK87A7H%?C?87hlDIKL7HKHA?C?];pC;B;H7Al:KH
O7HlD:7Il )IC7D !7P? 8K :dpdDd =;Bd8 EB 7P?P; D7AB ?J:? o;O> ;O?J:? O7 )IC7D Cd@:;=7D?
EBIKD-7D7L;I;DdD;LB7:lD7A?C"7A.;7B7I7BJ7D7JL?H:?KC;9CK
l7B;C;LB7:lDKDPlBB
l
>?C7O;I?D:; EB7 0; >;C AlPlC '7B
"KD "7JKD I7D7 >;B7B EB:l ?Od8 AlPlDl )IC7D !7P?O;
J;PL?9?J:?UdDA?p;O>)IC7D!7P?D?D:dpdD?J78?H;J:?
,NH<I@TĖDI=PMT<NDG@DGBDGDCH@?}FMGG<CQ@"IQ@M}ĖIDI@N@MG@MDI?@C@MC<IBD=DM
=DGBD TJFOPM I><F F@I?DG@MDI?@I NJIM< B@G@I FK<<Uo?@ Q@ +@MDĖ?@ CDF<T@ @?DG@I =P
MT<ĖII F<TI< FK<<Uo?@ĖIDI B@IuF@I JFP?PPIP NTG@?DD Q@ BIHU@ PG<H<T<I
6<CD#<FDCĖDIO<MDCD?DMQ@+@M}?@F<TI<FJG<M<FFK<<Uo?@ĖTDFPGG<IHOM
PCDF<T@?<C<NJIM<,NH<IGO<MDCDDG@DGBDGDA<MFGF<TI<FG<M?<?<C<NNGQ@@?@=D=DMC<G
<GHOM
556UTGI=<G<MI?<F<G@H@<G?@N@MDI?@,NH<IGG<MU@MDI@@OIDFQ@?DID=DMO<FH
TJMPHG<M?<=PGPI<I $D==JIN %<HH@MĖDF<TI<FBNO@M@M@F@N@MDI@<G?=PCDFoT@TD%<HH@M
=PCDF<T@TD ?MDN}ĖIDIDDMDI?@IN<?<F<OG@I<FG@OODDID=@GDMOHDODMP@FDG?@I<FG@OHDODM
)IC7D8?H=;9;:;87BlDlD;L?D:;KOKHA;D8?HHdO7=bH:d,dO7IlD:7A;D:?I?p;O>?D?D
O7DlD:7O7JlOEH:K8K;ID7:7:;87BlDlDAEODKD:7D8?H7O:Eh:K0;:EBKDB7plD97?D?FA;D:?
AEODKD7 =?H:? KDKD dP;H?D; 8;B?D:;D 8?H 7h7] ]lA7H7A OdAI;B:? L; 8dOd:dA]; O;p?BB;D:? L;
=dP;BB;pJ? 7BB7HlDlD =bB=;I?OB; JdC :dDO7Ol bHJdOEH:K h79lD AbAB;H?D:;D :bHJ IlH7:7hB7H
=bH:dA?8KDB7H%7<A7IJB7I.EHEIL;7BA7DB7H:lh79lDAbAB;H?D:;D?9B; H7J(?BL;JKD7
UlAlOEH:K0;:;D?P=?8?dP;HB;H?D:;=;C?B;HL7H:l.7HB7B7HC7>IKB7J:EBK?:?7hB7HlDJ;F;B;H?
IlA IlA EHC7DB7HB7 bHJdBd ?:? 07:?B;H?D >;H J7H7<lD:7 p;>?HB;H L7H:l KDB7HlD >;FI?D?D 7BJlD
AK88;B;H?D:; 8?H >?B7B OdAI;B?OEH I7OlIlP C?D7H;B;H:;D Cd;PP?DB;H ;P7D EAKOEH L; 8K I;IB;H
7h79lD :7BB7Hl dP;H?D:;A? AKpB7HlD 9lLlBJlIl ?B; A7HlplOEH:K h79lD O7FH7AB7Hl AlBl] AlDl =?8?
KP7DC7O787pB7:l;HA;D8?HHdP=7H]lAlF7h79lDO7FH7AB7HlDljIJ7D8KBp;>H?D;:EhHK];L?H:?
p;>?H?A?:;D?PL;?A?A7H7DlDCdBJ;A7IlD:7?A?<?HdP;?B;?A?PdCHdJ7H7IlD7EJKHJKBCKp8?H;BC7I
=?8? ?:? bOB;9; 8dJdD :dDO7Ol AKp7J7D =;D?p 8?H dBA;D?D J;pA?B ;JJ?h? OdPdhdD AlOC;JB? J7plDl
J;pA?B;:?OEH:K)IC7DOdPdhdJ7A7HA;DKO7D:l $MG?BD=DDGFFMJIDFG@M?@IA<MFGJG<M<F
,NH<I@TĖDIMT<NI<ė%7<A7IJB7I.EHEIL;7BA7DB7H?9B; lH7J(?B.KD7L;jIJ7D8KB
BD=D>JM<AD O@MDHG@M@FG@IHDQ@CDF<T@IDI<IG<OHJG<=DG?DDI>@NNG@IHDTDI@?DFF<O u@FD>D
JG<M<F OdPdAH?L7O;J? ?@CDF<T@T@NJIM<?<IT@MG@ODMDGHDODM
DM =<F< MT< MDQ<T@OD "IQ@M}ĖIDI =DM7OH
lD\I
!?9;8?H:dp=bH:?:dp:?7D78;I
!bH:?:dp?D:;bBdFEBCKpJdH\8
?H7h7]7D:7D8?J;HEBClp>7H\8
)B7h7]dPH;8?J;H7BJl8KJ7A
dCB;>7BA7EB 7h7]EBClpJKH7A
)B8KJ7hKD8?H?:dDO\OlJKJ7H
!bB=;I?D?\B;CdIJ?D;7J7H
-7:7:dp?DIK8>
:;CJ7AH^H?:;H
jp8KH;IC;-7:7DlJ78^H?:;H
?:?7BJlEhBKDEBlI7HI;DdD
SB;C:;>\DEBlI7H8?H?7DKD
)B7C\B\C\B7DKD>dAC?9?>\D
IBA7B7\>?HEBlD97P7C7D
FU *@CH@O+@MDA?J78
l?>7DDKC7 T<T#+2I<O ē *(TH@IN IF<M<
FU %@M=@MO?<HN$&,+0 )IC7DBljCF7H7JEHBKhKDKD %KHKBKpK 6UTG6<TIG<M FU 7J?>;LH?%7OD7AB7HlD:7DdIJcHD\C;
?DL;H^)IC7DBl.7H?>?%lICl
%<UMG<T<I+@>?@O
jUOMFN(DO<=@QDNO<I=PG
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
PM<?< C<I@?<II <O<N JGI<GOI<OJKG<IHQ@<<>IBGB@ND=OI?IT<TN<MHOM
-@TB<H=@MDI =DM =<F< <MF<?< =P MT<T <GO JGP JG<>< @FGDI?@O<=DM@OHDODMOI
=PCDF<T@G@M?@?DFF<ODHDUDu@F@IJMO<FHJODAKC@NDUė<<uĘHJODAD?DM
6DI@ FMJIDFG@M?@ B@u@I T?JNĖPI A@OCD Q@ 1@FAPM FUII MT<N ?< ,NH<IG FPMPGP
?I@HDI@ <DO MT<G<M?<I?M T?JN F<G@ND C<TGD N<MK =DM T@M?@ JGH<N Q@ DNODCFoHG<MII
N<G<HG N@=@=DTG@ A@ODC =DM OMG B@Mu@FG@@H@HDODM (<G@IDI HPC<N<M<N ?@Q<H @?@MF@I
1@FAPMFUIIBM?=DMMT<F<G@IDI,NH<IG<NF@MG@MDI>@<GIH<NIN<G<HOM
FK<<Uo?@ĖIDI/DQ<T@ODI@ BM@1@FAPMFUMT<NI?<%U-@TB<H=@MDBMMDMuPFPM<
?HQ@uFH<FO<UJMG<IH<FO<?M1@FAPMFUI?O=PUJM?PMPH?<IJIPO@HDUIPM<ID
TUG =DM TDDO FPMO<MM @NFD BDTNDG@MDID uF<MM JIP O@MO@HDU BDT?DMDM Q@ TF<M 1@FAPM FUII
MT<NI?<BM?Q@<FJG?PP=PB@Iu<NGI?<,NH<IGTDDOG@MDI?@I$<UD=?PMM<CH<IĖ?M
(UHPC<N<M<@NI<NI?<,NH<IG<NF@MG@MDIDIDuDI?@JIPBMMQ@F<G@F<KG<MIB<UDG@M@<u<M
+@M}ĖIDIMDQ<T@ODI@ BM@?@=DMuPFPM<?HQ@uFH<FO<UJMG<I<I1@FAPMFUI?O
=PUJM?PMPH?<IJIPO@HDUTUG=DMTDDOFPMO<MM@NFDBDTNDG@MDIDuF<MMJIPO@MO@HDUBDT?DMDM
Q@TF<M3@1@FAPMFUMT<NI?<BM?Q@oFJG?PP=PB@I>D,NH<IG<NF@MDIDI=<I?<
BMI>@F<G@F<KG<MI,NH<IG<NF@MG@MDI@<u<M+@M}ĖIDIMDQ<T@ODI?@1@FAPMFUIIMT<NI?<
-@TB<H=@MDBM?UDFM@?DGH@U
,NH<IG !@QG@ODĖIDI FPMPGP TGG<MI =@ODHG@T@I Q@ TPF<M?< =DM FNHI< T@M Q@M?DDHDU
@AN<I@T<?<H@IF=@G@MO<MDCuDG@MO<M<AI?<IC@KDCODT<OG<F<MG<IHQ@=DMuJF<u?<IO@IFD?@
O<=DOPOPGHPOPMjMI@FJGH<N=<FHI?<I=<UHJ?@MIO<MDCuDG@MDIFJIPDG@DGBDGD?I>@G@MDID
=PM<T<<GTJMPH
G=@M ,MO<TG *@IF=@IDI B@Mu@F =DM TI Q<M?M ,GH<T<I =DM JG<T U@MDI@ F<G@H@
<GIH<HOM#<F<O=PIPIPU<IOG<M?JMP?<I?JMPT<=DMD?@JGJEDFI@?@I@=DMNDT<N<GAJMHG
JG<M<FJMO<T<FJIH<T<?<T<IH<FO<?M
*@IF=@ uJF IDQ@MN<G U<H<IG<M Q@ H@F<IG<M F<KN<T<I =DM JGBP?PM Q@ U@GGDFG@ ?IT<
O<MDCDIDF<KN<T<I=TFNDT<N<GJGPPHG<M?<uJFI@HGDMJGQ<M?M/JH<ĖIIFPMPGPPC@MF@NDI
=DG?DD=DMH@IF=@T@?<T<IM(PM?PI@HUDM?DDDFDF<M?@/JHPNDG@/JHPGPN#<F<O@G=@OO@FD
/JH< FPMPGHPOPM 6<KG<I F<UG<M 1D=@M U@MDI?@FD =DM FT?@I B@GD@M@F /JH< @CMDIDI
?J?PPIPBNO@MH@FO@?DMkU@MDI?@NM<MG<?PMPGH<NB@M@F@ICPNPN=PH@IF=@IDI/JH<ĖII
NDT<ND AJMHG JG<M<F JMO<T< uFH<N?M 6<ID =P DG<CD =DM /JH<Ė?M PIP FPM@F K<M<G@G
JG<TG<MG<?@NO@FG@I@>@FQ@H@T?<I<uF<><FOM
$u@=@?@QMDI1MFH@I?@QMDIDI=PFPMPGP?@QMDIDIMJH<IODUHDI?@I=<CN@?@I@N@MG@MDI
C@KND@HK@MT<G?@QMDICDNOJMDTJBM<ADND?DM
*@CH@O GD (Gu=<T ,NH<IG FPMPGPPIPI @AN<I@QD T<II H<N<T< T<OM?HU U<H<I
=@I =P CDF<T@IDI =DM =<O Q@MNDTJIPIP QMPK< Q@MNDTJIPIP T<K<=DGDMDH ?DT@ ?I?H
QMPK<Ė?< ?< <TI @TG@M JG?P 6<ID TUTGG<M <M<N QMPK< O<MDCD DG@ C<OO< TUTGG<M I<?JGP O<MDCD <M<NI?< uJF HOCD K<M<G@GGDFG@M Q<M 6<ID QMPK<ĖII ?< =DM ,MO<
NT<ĖNQ<MTUTG?<TJPIG<<I<H<TUTG?<IDOD=<M@I=<G<T<I<M=<MBuG@MDDG@,PU
BuG@MD<M<NI?<TG@<NGI?<uJF>D??DA<MFG<MTJF
,MC
?SB
?)IC7D)IC7DBl.7H?>B;H?#!U@IG@T@I+DC<GONUNNO<I=PG
*@CH@?+@MD %?J\8
l?>7DDdC76<T#<DF/@DO2I<O*@CH@OGO<T(TH@INIF<M<
FUG=@M,MO<TGė*@IF=@Ę )IC7DBl;LB;J?D?D%KHKBKpK<I7D;B;HL;!;H];AB;HNHB@(DO<=@QD
6<T
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
=DM<M<?<=PGPIH<NI?@QG@ODIFPMPGH<NDuDIT@O@MGD?@GDGG@MJG<M<FBMTJMG<M<H<=DM?@QG@ODI
FPMPGH<N DuDI =PIG<M T@O@MGD ?@DG =DM ?@ D?@JGJEDNDIDI JGH<N G<UH 6<ID =P ?@QG@ODI Q<MGF
I@?@IDF@I?DNDIDDA<?@@OH@NDQ@=DMDHB@NDIDIJGH<NG<UH
<O O<MDCDI?@ TUTG< B@GDI?DDI?@ DIN<IG<M NJTGPGPF ?@IDG@I =DM @T uF<MOH<T<
=<GTJMG<M JMO<T< +J=DGDO<N 6<ID =DM NJTPI =DM @T@ F<?@M JG<M<F Q@T< 1<IM O<M<AI?<I O<TDI
@?DGHDJGH<NI<?<DM=DMO@JMD&*PM<OU<H<II?<,NH<IGII(<TĖT<H@INP=DT@ODIDIJMO<T<
uF<MOGH<N <O?<FD I@?@IG@MG@ <TI?M eIF ,NH<IG I<?JGP =@TGDFG@MD U@MDI@ TMH@T@
=<G<?U<H<INJTGPNJTNPUO<MOH<G<MN@I=PIPI<NG T<K<MNIQNQ@=PIPIU@MDI@F@I?D
=PI< H<CFPH JG?PPIP =PIPI 1<IM O<M<AI?<F,NH<IG!@QG@ODĖIDIFPMPGPPI?<?@MQDG@MH@N@G@NDU@GGDFG@,NH<FPIG<MNTG@H@FO@?DM
@I>@1MFDT@Ė?@FDHJ?@MI,NH<IGO<MDCDTGI?<,NH<IG!@QG@ODĖIDIFPMPGPPI?<
?@MQDG@MDI MJG A<UG< DG@MD uF<MGHOM <I< TG@ B@GDTJM FD =P ?<C< UDT<?@ (KMGĖII
?JG<TNTG< FK<<Uo?@ĖIDI O@NDMDTG@?DM +@?@I FK<<Uo?@ I@HGD =DM ?@MQD NG<G@NDIDI
H@INP=P?PM jTG@ ?@MQD NG<G@G@MD Q<M?M FD I<?JGPĖ?< ,NH<IG C<I@?<II?<I ?<C< @NFD?DM
P?<JIG<M?<I=DMO<I@ND<=<GT<NĖINJTPI?<IB@GDTJMFK<<Uo?@=@GFDQ<FODTG@I<?JGP
0@GuPFGP !@QG@ODI@ F<M DNT@
?@QG@O T<IGN =DM O<QM JMO<T< FJT<M C@H ?@ ?@MQDG@MDI MJGI A<UG<>< H=<G<< @?@M #<F<O
=PM<?<?DFF<Ou@FD>DJG<IIJFO<P?PM,NH<IG!@QG@OD?@@IB@GDHD?I@HDI?@TUTG?<
?<CD C@H DGF ,NH<IG FMJIDFG@MDI?@ C@H TUTG FMJIDFG@MDI?@ =P H@N@G@T@ =P @FDG?@
T<KG<IT<FG<HM@??@OH@HDODM
@I>@ ,NH<IG =@TGDDI?@FD ?@MQDG@M FJIPNPI?< @I uJF NJMBPG<IH<T< ?@@M FJIP NJI
U<H<IG<M?<"?@=<GDH@N@G@ND?DM"?@=<GDQ@,NH<I$<UDH@N@G@ND"?@=<GDĖIDI,NH<I$<UDDG@
=<G<ION =DM "?@=<GDĖIDI FDHGDD <CNDT@OD DFD P FJIPTG< DGBDGD KMJ=G@HG@MD ?MO IJFO<?<
OJKG<T<=DGDMDU
"?@=<GDB@Mu@FO@I,NH<I$<UDĖIDIF<TIK@?@MDHD?DM
"?@=<GD=PBI@F<?<MC@KDG@MDNMG?BD=D=DMCD@TCDHD?DM
"?@=<GD=DMAFC<GDHDQ@C<FDF<O@I,NH<I$<UDĖIDI?<IH<IH?M
@TC"?@=<GDG@QDT<U<MG<MIID??D<@OODDBD=D=DMG@QD?@?@NDHD?DM
,NH@ KC@GD eIF =TG@ =DM =<G<IOT
N<G<T<><F@GDHDU?@@MF@I?I@H@<DOC@MC<IBD=DMQ@MDTJF
FK<<Uo?@ @TC "?@=<GDĖIDI OJMPIP *@CH@O -<<ĖT O<IH K<< <NF@MD =DM PIQ<I
?@DG TUTGG<M?< ?@MQDG@M@ Q@MDG@I =DM PIQ<
FK<<Uo?@ FPGG<ITJM !D@M ,NH<IG FMJIDFG@MD =P FJI?< FK<<Uo?@ĖTD I<FG@?DTJM ,
U<H<I=PIPIH@NPGJG<M<FFK<<Uo?@ĖTDBMH@FG<UH!@?@NDIDIDNT<IDG@DGBDGDKNDFJGJED
Du@MDNDI?@ F@I?D NG<G@NDIDI DNT<IG< =<G<IONI< ?<DM @NFD?@I F<GH< MDQ<T@OG@MD C<AU<G<M?I ?< JG<=DG?DDI>@ F@I?D NJTPI< NG<G@NDI@ @I
<UI?<IF@I?DO<MDF<OI<=<G<T<=DGH@FDuDI=TG@=DMN@I<MTJTPJMO<T<<OHJGH<G?M
FDI>DND"?@=<GDCD@TCDHD?DM%Du=DMF<TI<FO<CDu=DM,NH<IGFMJIDDI?@"?@=<GDCD
G<F<=TG<UDFM@?DGH@HDODM
"?@=<GD =DM AFC <GDHD HD?DM TF =DM DCODH<GG@ ?@DG?DM eIF <F<TF
+PH<IDT@Ė?@FD1<FKMGU<?@ĖIDIDA<?@NDC<MDuCDu=DMF<TI<F "?@=<GDĖ?@ICPFPFO<CNDG@OHD
,NH@ TUTG?< 1<FKMGU<?@
JI<%<G@KĖO@CPFPFO<CNDG@OODMDTJM<HĖ?<=PGPI?PMPTJM0JIM<(<M<H<IĖ<B@ODMDTJM(JIT<ĖT<
FU*@CH@OGD(Gu=<Tė,NH<IG(PMPGPPIPI"AN<I@QD6<IĘ )IC7DBl;LB;J?D?D%KHKBKpK<I7D;B;HL;
!;H];AB;HNHB@(DO<=@QD6<T
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
B@ODMDTJM ,M<?< H@?M@N@?@ H?@MMDN T<KTJM (JI<M Bu@M 1MFH@I u@QM@G@MDI@ H@INPK JG<Y5F<5D9>9> EBE<E[E>119B.?BE=<1B
%@M=@MO?<HN$==JIN
,NH<IG!@QG@ODIDIFPMPGPPC<FFI?<DGF@N@MQ@M@IQ@O<MOH<G<M=<G<O<><F=DMTJMPHP
B@ODM@I %@M=@MO ?<HN $==JIN JGHPOPM TUTGI =<G<MI?< 1MFDT@Ė?@ =PGPIDJGH<NIIT<INM<M@OH@IGDF?@T<K<I$D==JINĖPIU@MDI?@?PM?PP@IO@H@GNJMP
,NH<IGĖII=@TGDFO@I?@QG@O@?IH@NDIDN<G<T<I<MOG<MII@G@MJG?PP?PM
$D==JINĖ< BM@ I<?JGPĖT< B@G@I -<B< ė1MFĘ DNDHGD T@ID =DM MF ?JHPOPM 1MFG@M Ė?< K<BPOF<JNJMO<HI?<IDNODA<?@@?@M@F
B@GDHDODM,ĖI<BM@,NH<IGG<MII<?JGPĖ?<II>@QMPK<Ė?<A@ODCG@M@=<G<H<NBuDNK<O
Q@H@MPDT@OF<U<IH<<MUPNPI?<IF<TI<FG<IH<FO<?M
$D==JINĖPI =DGDI@I @I =TF @FNDD NG<HDT@O Q@ NG<HD B@G@I@F C<FFI?<FD =DGBDG@MDIDI
T@O@MNDUGDD?DMPI?<I?JG<T,NH<IGĖII=<UPTBPG<H<G<MI<IG<HNU=PGHPOPMM<I?@QG@O
B@G@I@DID =DGH@?DD DuDI ?@ ,NH<IG TI@ODH O<MUII ?<T<I<FG<MI ?@@MG@I?DMH@FO@ T<IG<
?HOM TM>< ,NH<IGĖT <IG<OMF@I ,NH<IG F<TI<FG<MI BMH@U?@I B@G@M@F O<H<H@I
IBDGDU3@I@?DFBD=D=<OF<TI<FG<MIFPGG<IHOM
#P<O(KMG
$D==JINĖ< @I>D??D @G@ODMD TGI?<#M<IN<Ė?<Q@M?DDFJIA@M<ING< #P<O(KMGĖ?@I
B@G?D(KMGĖII@IO@H@GQPMBPNP1MFG@MDI$D==JINĖPID??D<@OODDBD=D=DMOM@?DJGH<TK
I<?JGPĖ?@?@I =@MD Q<M JG?PP?PM 6<ID FFGF<?DH PINPM QPMBPNP T<KHOM
(KMGĖII(DO<=IDFD=GHC<GDI?@@G@<GH<FB@M@FDMDMDI>DFNH$D==JINĖPIADFDMG@MDDG@
=PIG<MI O@IFD?DID DFDI>D =GH DN@ F@I?D ?I>@G@MDID Du@MDM ,ĖI< BM@ ,NH<IG !@QG@ODĖIDI
FPMPGPPIP>JM<A}NDT<N}?DI}DFODN<?}@OIDFNJNT<GQ@C<OO<<CNDT<K<uNI?<I<I<GDU@OH@F
B@M@FDMPuJFA<FOMGGF<IG<T?M
-<PG4DOO@F
& !IT< 0<Q<ĖI< F<OGH QPNOPMT<G =DM NP=<T JGI @G@ODMDM NJT <<>I?<FD OPO<MNUGFG<M JMO<T< FJT<M 0JT <<>I< <GO@MI<ODA JG<M<F B<U<
O@JMDNDID I@ uF<MM 4DOO@F !<IDH@I?GDG@M Q@ NJIM<NI?< ?< *@IO@@JPGG<M DG@
T?IJPGG<MII ,NH<IGII B<UD =@TGDF JGH<NI?< T<KO F<OFG<M?<I =<CN@?@M
(<M@NDJPGG<MIIFJMN<IB@HDG@MDTG@,NH<IGIIFPMPGPPI<U@HDIC<UMG<?I=@GDMODM
4DOO@FB<U<NPADUH<M<NI?<FDDGDFDQ@N@IO@UDU@MDI?@?PMPM$<U<C<M@F@ODIDIDFDI@HGD
U@GGDDA@OC@?DG@IT@MG@M?@FDDCOD?<C<M@F@OG@MDQ@T@MGDPINPMG<MING<HĖ<F<U<I?MGH<N?MP
DFD PINPMPI =DMG@DHDI?@I ?@QDMH@ NDNO@HD JMO<T< uFHOM !@QDMH@ Q@ T@IDu@MD NDNO@HD ?@
,NH<IGIIPUPINM@<T<FO<F<GH<NIN<G<HOM
%<GDGI<G>F
1MFDT@Ė?@,NH<IG!@QG@ODĖIDIFPMPGP?@QDMG@MDU@MDI@@IuJFT<TIT<K<IQ@@IT@OFDI
O<MDCuD JGF FPMPGPP FMJIJGJED U@MDI?@I O<FDK @?DTJM FMJIJGJEDTD ?@ T<=
F<TI<FG<MG< ?@NO@FGDTJM <O< -<>CDH@M@N JGH<F U@M@ DU<IN Q@ NJIM< O<GT<Fė,NH<IG!@QG@ODĖIDI(PMPGPPI?<!@MQDG@MDI/JGĘ )IC7DBl;LB;J?D?D%KHKBKpK
<I7D;B;HL;!;H];AB;HNHB@(DO<=@QD6<T
%@M=@MO?<HN$==JIN )IC7DBljCF7H7JEHBKhKDKD%KHKBKpK 6UTG6<TIG<M #P<O(KMG )IC7DBl;LB;J?D?D%KHKBKpK11(T<TIF<M<
-<PG 4DOO@F )IC7DBljCF7H7JEHBKhKDKDEhKpKe@Q#<OH<BG@MFO<T-@I>@M@6<TNO<I=PG
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
@I@QDU F<TI<FG<MI?F FPMPGPP <uFG<MF@I ,NH<IGII =@TGDFG@M <M<NI?<FD FJIPHPIPI I@HDI@ ?DFF<O
u@FDTJM,NH<I@TĖDI HNO<FDG=DMPu=@TDJG<M<FJMO<T<uFQ@UIDFPMN<"?DMI@ĖIDIA@OCD
NM@uG@MDIDI@HGD=PGPTJM
#@MD?PI"H@>@I
*J?@MIO<MDCu<GH<G<MF<KN<HI?<,NH<IG!@QG@ODĖIDIFPMPGPPDG@DGBDGD@IuJFu<G@I,NH<IGIIH@I@DFJIPNPI?<DGF?I@H,NH<IG
F<TI<FG<MITJMPHG<MF@I0@GuPFGPF<TI<FG<MI<=<QPMPGH<NB@M@FODDIDNTGTJM,NH<IGG<M
I<?JGPĖT< B@G@I 1MFH@I =JTG<MI?<I =DMD?DM Q@ ,NH<I @TĖDI <O<N JG<M<F "MOPMPG Q@
$I?U<GK?I?<FDG@MDINCC<OD O<MOH<G?M
(<T =JTPI< H@INP=DT@O D??D<NI ,NH<IGĖII ?D@M 1MFH@I =@TGDFG@MD <M<NI?<
H@MPDT@ODIDN<G<H<FDuDIJMO<T<FJT?PP=<NDO=DMD??D<JG?PPIPN<QPIH<F?JMP?@DG?DM
,NH<IGII JMO<T< uFO >JM<AT< NOM<O@EDF <u?JM<AT<?<FD ?D@M =@TGDFG@M?@I I@ B@uH@ND I@HGD?DM PI?< /PH@GDĖT@ B@uH@ND Q@
=PGPI?PP>JM<AT<?<?@QG@ODIDHK<M<OJMGP<?IH@NDI@HGD?DM
JM<AD T<K <uNI?<I DU<INĖG< F<MGFG =DM @OFDG@DH NU FJIPNP?PM DGC<NN< PMN<
=GB@NDI?@ O<H =DM Du Du@ B@uHDGDF Q<M?M DU<IN Du@MDNDI?@ %MDNODT<IG<H -@u@I@F (Ku<F
BD=D1MFH@I=JTG<MQ<M?M
/P?D-<PG)DI?I@M
)DI?I@MĖ@ BM@ ,NH<IG T<H<TG< B@uDI@I Q@ NDG<CG< BQ@IGDDID N<G<T<I Bu@=@ =DM
ė<DM@OĘ DF@I T@MG@DF C<T<O< B@u@M@F =DM O<MH OJKGPHP JGHPOPM 0DT<ND D?<M} Q@ <NF@M}
MBOG@IH@?@<I<CO<MO@MDHė?@AO@MĘ@F<T?@?DGH@?DM,NH<IGMBOG=DMOJKGPHC<GDI@B@G?DFu@
F<TO<GOI<<GI<M<FT@MG@DH@UJMG<IHOM,NH<IG0<A@QD<M<NI?<FDu@FDH@TD?@?DI}NDT<N}
=DMu@FDH@JGH<FO<IuJFBu@=@T@MG@DFJGBPNPI<=<GTJM
)DI?I@MDGF?@QDM,NH<IG=@TG@MD<M<NI?<%MDNODT<I=@TG@MDIJGH<NI,NH<IGG<MIB<U<
T<K<><F F<?<M ?DI} =DM C<NN<NDT@O@ N<CDK JGH<?FG<M @FGDI?@ TJMPHG<T<M<F 4DOO@FĖDI B<U<
O@JMDNDID@G@ODMDM GF?@QDMN<Q<uG<MDuDIėNG<HĖ?<IuJF<H<IDUHDIN<Q<uG<MĘ?@M
,ĖI< BM@ ,NH<IGĖT <T<FO< OPO<T< N<T@NDI?@ ,NH<IG C@H <GF<IG<MĖ?< C@H ?@ I<?JGPĖ?< NDNO@HGD =DM @FDG?@
DG@MG@T@=DGHDODM
)DI?I@M,NH<IGG<MII<?JGPĖ?<IB@G@I<MF<KG<II=DMDFDHDIDBU<M?@?@M@FN<=<CO<I
<F<H< FPMPGHP =DM ?@QG@O JG<M<F O<IHGTJM ,NH<IG O@FDG<OG<IH<NI DU<INĖ< =<G =DM
FPMPHN<GG<H<JG<M<FBMTJM
JGDIH=@M
JGDIH=@MĖ@BM@,NH<IGIIDGF?I@HDF<TI<FNFIONJGH<N<uNI?<IF<M<?@GDFODM
,NH<IG DGF ?I@HG@M?@FD <IG<OG<M Q@ =P <IG<OG<M?<FD HDOJGJEDF PINPMG<MG< H@MPODT@ODID Q@
B>IDNK<OG<H<T<u<GHOM
,NH<IĖI MT<N ,NH<IG C<FDHDT@OD DuDI DG<CD ?@NO@DI F<IOT? eIF NPGO<IG<MI
H=<M@F =DM FUI NJTPI?<I B@GH@G@MD C<I@?<I< H=<M@F =DM NJT =< F<U<I?MTJM?P
ĖG@M?@I NJIM< ,NH<IG O<MDCuDG@MD =P PINPMG<M DHK<M<OJMGPPI FPMPGP CDF<T@G@MDI?@
HPC<A<U< @OODG@M <U@I ?@ -@TB<H=@MDI Q@ (PMĖD Q<UDA@G@MD N<T?I BNO@M@I ė$<UDĘ
IQ<II =@IDHN@?DG@M TUTG FMJIDFG@MD DGF NPGO<IG<M Q@ N<Q<uG<MI KJKG@M B<UD
?@NO<IG<MII F<CM<H<IG<M BD=D O<IHG<H< B@G@I@DID NM?M? P Ė?@I NJIM< ?< ?@Q<H
@OOD#<F<OĖ@?JMPT@MG@MDID@MD<OITFHGGFG@MDI?@I=DMDIDT@MDI@B@ODMH@FU@M@0II}
%<GDGI<G>F )IC7DBljCF7H7JEHBKhK%B7I?AU7h
e@Q/P@I0@U@M6(6NO<I=PG
#@MD?PI"H@>@I jBA)IC7DBlB7HL;7JlD7:EBK;OB?AB;HdDO7Il(DO<=@QD6<TNO<I=PG
/P?D-<PG)DI?I@M )HJ7]7hD7:EBKIKD:7!b];8;B;HL;)IC7DBlB7He@Q*ADO$I<THB@(DO<=@QD IF<M<
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
NG<H B<U< <IG<TI< =M<FOG<M ĖG@M@ ?JMP FMJIDF T<U<MG<M C<I@?@GODTJM?P
,PU@>@M@ND?@,NH<IGG<MI?IT@Q}N<GO<I<OD??D<NIH@MPG<OMHO#<F<OO@JFM<ODF
=DM?@QG@ODID?<M@>DNDJG<M<FNPGO<I?<?IT@Q}JG?PPF<?<MDG<C}H@MPDT@O@?@DCODT<u?PT?PG<M
TUTG =JTPI>< DHK<M<OJMGPPI FF@ID C<FFI?< @AN<I@G@M JGPPMF@I 1<IMĖII ,NH<IG
C<I@?<IIIN<GO<I<OII>@?@IO<F?DM@OODDCDF<T@ND?@=P@AN<I@G@M@@FG@I?D
@H<G(<A<?<M
,NH<IG !@QG@ODĖIDI FPMPGPP DG@ DGBDGD JG<M<F NJI T<TIG<M?<I =DMDIDI N<CD=D ?@ @H<G
(<A<?<MĖ?M"N@MDJG?PFu<I@HGD=DMT<IFPT<I?MHOM
(<A<?<MĖ< BM@ ,NH<IG !@QG@ODIDI FPMPGPP B<U< D?@JGJEDND DG@ <uFG<I<H@M@IDIF<K<BD=D@G@<GI<=DGDM6<IDQ@
6UTGG<M?<%MDNODT<IPGB<M0MK"MH@IDQNBD=DDH?DFD HDGG@OG@MDI=OIC<HH<??@NDJM<?<
?PMPTJM?P ,NH<IGG<M B@G?D Q@ Bu DG@ =PIPI NOI@ =DM F<K<F F<K<OOG<M 0JIM< HDGGD PT<I
JG?P *DGGDT@OuDGDF F<K<F ?@QMDG?D <GOI?<I <TI =DMDHG@M UPCPM @OODG@M Q@ F<G?FG<M T@M?@I
O<MDCG@MDI@?@Q<H@OODG@M
(<A<?<M (KMGĖII ėFPMPGPP uJF A<FOMGGF <IG<TTG< <I<GDU @?DK ?@@MG@I?DMH@F
B@M@FDMĘO@UDID?JMP=DMT<FG<HJG<M<F=@IDHN@M
(<A<?<MĖ<BM@,NH<IG!@QG@ODIDQ<M@?@I=<UA<FOMG@MQ<M?MPIG<M
ėDUDHN@TD>DGDFĘ A<FOM (DHGDFG@MDI TJMPGH<N ,NH<IGG<MI ?@DDF PINPMG<M
DG@MDI@B@G?DDAMN<O@GQ@M?DD<MOG<MJGPOPPF<?<MTG<<M<G<MI<F<=PG@OH@JGBPIGPPT@ODND
PIPIG<=DMGDFO@=P<IG<TN<?@>@,NH<IGT<C<N?@DG?DM
0JNT<G ?DI<HDUH A<FOM !<C< =<OT< BD?@M@F FPU@T =<OT< Bu @?@I 1MFH@IG@M
*CO@?DG@MQ@CDG@M
JM<A}FJIPHA<FOM%@HDGC<IGG<M?<IPU<FFuFQ@I@HNDU=DMT@MJGH<NC@H
?@ DU<INĖ< T<FI JGH<N I@?@IDTG@ ,NH<IGII JMO<T< uFO >JM<AT< A<FOM >D??DT@
<GIH<G?M
<IN #<FOM ,NH<IGG<M DG@ (<M@NDG@M <M<NI?< ĖG<M?< DU<INĖG< T<KGDCG@MDIDI=PNJIP>PQ@M@>@DIDI@(<M@NDG@MI@?@,NH<IGG<M=DG@=DGDM?DDGDHN@GQ@<FG>
JGH<N<?<<INA<FOMI?DFF<O@<GH<FB@M@F
(PMPHG<<=DGH@ A<FOM ,NH<IG O<MDCO@FD ?D@M *NGDHB<TMDHNGDH ?@QG@OG@MDI
NDNO@HG@MDI?@I @OFDG@IH@FG@ =DMGDFO@ ?<C< @I =<I?GF
<M<TBOHOM!@QDMH@OH<MHDH<M}QNTD=PI<MI@FQ@M@=DGDMDU
TM>< O<COI O@F @G?@ F<GH<N C<I@?EQ
0JIPu JG<M<F NTG@H@F B@M@FDMN@ ,NH<IG !@QG@ODĖIDI FPMPGP O<MDCD C@M U<H O<MDCuDG@MDI Q@ <M<OMH<>G<MI O@H@G DGBD <G<IG<MI?@GDFG@O<MDCuDGDFDGBDNDID=@GDMOH@FB@M@FDM0JIM<=GB@N@G
Q@>JM<AT<T<?<T<GH@M<FG<MNJI=DMI@?@IJG<M<F?<PGPNG<M<M<NDGDFDG@MQ@TDI@PGPNG<M<M<N
Bu?@IB@G@MDIDIO<MDCD?<T<I<F<M<TG<MN<TG<=DGDMPIP4DOO@FĖDI=DMNP=<T$D==JINĖPIDN@
=DMB<U@O@>DJG?PPIPC<OMH?<OPO<M<FNTGTJMPH
-@FD ,NH<IG !@QG@ODĖID DGBD J?<II H@MF@UDI@ T@MG@ODM@I I@?DM P NJMPT< ?< B<GD=<
=DM?@I A<UG< >@Q<K Q@MH@F HHFI jI>@GDFG@ TUTGI =<G<MI?< I<?JGPĖ?<FD =DMuJF
1MFH@I=@TGDDI?@I=DMO<I@NDDF@I?D@MG@MDIDI<NG<T<K<H<?FG<M=DM@TDT<KH<NFN<NM@
NJIM< <GF<IG<MĖ?< Bu JG<M<F =@GDMH@ND I@HGD =DM B@M@Fu@ 6DI@ FPMPGPPI?7DSH;I?D:;)IC7DBl;LB;J?D?D%KHKBKpK DMG@DF!<OH(DO<=@QDIF<M<
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
N<TG<=DG@>@F F<?<M =DM NM@ NJIM< =DMuJF A<ODCDI T<KH<F DNO@TDK T<K<H<? @TD T<KH<N
,MO<u<I@IPUPIHMGQ@@I=TFDHK<M<OJMGPPJG<IDU<INĖJMO<?<IF<G?MK=<F@IODID
F@I?DI@=<F@IOT<K<=DGH@NDQ@JIPI=OIOJKM<FG<MI?<@B@H@IJGH<NuJF?<C<I@uF<I=DM
B@M@Fu@ JGH<G +DC<T@O DFD <NM Du@MDNDI?@ =OI NDT<ND M<FDKG@MDID =@MO<M<A @?DK =PGPI?PP
>JM<AT<IIPUPI<NMG<M=JTPI><O@FC<FDHDJGH<NNO@GDF=PC<FDHDT@OF<QM<HDu@MDNDI?@uJF
?DIGDQ@uJFPGPNGP=DMT<KT=<MI?MH<NDN@@II@HGDB@M@Fu@JGH<G?M
OI=PDGBDQ@B@M@Fu@G@M,NH<IGO<MDCDDG@DGBDGDI>@GDFG@<OĖ?<JGH<FU@M@HPCO@GDA
u<GH<G<MI T<KGH<NNJIP>PIP?JPMHPOPM#<F<OFPMPGP?@QDMG@MDI@<DOT@O@MGD T<<I<IG<M
Q@ T<KG<IG<M <uFG<T> F<TI<FG<MI =PGPIH<H<N =OI =P u<GH<G<M DuDI =DM O<MOH< Q@
TJMPH <G<II?<=@M<=@MDI?@ B@ODMHDODM%@M?@QMDIO<MDCuDNDF@I?DU<H<III<IG<TDGBDG@MD
Q@ =@FG@IODG@MD ?JMPGOPNPI?< O<MDCDID T<U<MF@I O<MOH<G<M =DM @FDG?@ NJIM<FD ?@QM@
I<FG@OHDODM
%@M I@ F<?<M BIHU O<MDCuDG@MD B@uHD O<MDCuDG@M?@I A<MFG JG<M<F O<MDC =DGDHDIDI
B@M@FODM?DD HJ?@MI H@OJOG<M FPGG<I<M<F O<MDC@ <DO =DM O<FH NDN K@M?@G@MDID JMO<?<I F<G?MK
=DGDIH@T@IQ@H@M<F?PTBPHPUPIH@MF@UDIDJGPOPM<IC<?DN@G@MD<u<uF<MH<T<u<GN<G<M?<
FD =P <G<I?< uJF H@N<A@ F<O @?DG?DDID F<=PG @OH@GDTDU ,NH<IGII FPMPGP ?@QDMG@MDIDI
@AN<I@G@M?@I <MI?MGK <T?IG< F<QPOPMPG?PPIP NTG@H@F C@IU HHFI
BMIH@H@FO@?DM jTG@ <IG<GTJM FD FPMPGP ?@QMDIDI PUPI <NMG<M FPON<GG<OMGH NJIM<
O<MOGM?U@T@DI?DMB@IHD@AN<I@G@MDH@IF=@G@MDNJIM<FDI@NDGO<MDCuDG@MDIDI?@DGBD<G<IJGH<
U@GGDDIDNM?M@>@FODM
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
&#"#&)Y%0* % % b+0X1l"l*# %l*+%!%) -l
1l)0%&#"#&)jY%*# b %+l( (
!"/P!+W##\)$+
TF ADGJNJAG<MI NU?M FD DA<CD S<GL ¡?¡=DTT<OI?< ¡FN¡M H¡L<HG<M?< HDGGDTT¡O Q¡
>JM<AD H¡FM =¡¡MD H<CDTT¡O ?<?I?DG<G<IM T<<TM !IT< S<GLG<MII AJGFGJMPI?< JG?PP FDHD ><O<T U=¡F
AJGFGJMP?<@KJNE<IMI?<JG<I ¡N¡MG¡MG¡?<NO<IG<M@KDFKJ@H<G<M ¡AN<I¡G¡MI¡H¡ Q¡ =<T<OG<M
<O<G<M NUG¡MD Q<NDO¡NDG¡ DIFD<A @OHD Q¡ T<UG ¡?¡=DTT<OI T<M<II< L¡?¡M =TF O<MDS
T<<H?M 5<GL MPCPIPI HDGGD <?¡O¡I¡I¡IDI S<GL C¡T<OII O¡A¡FFMII ?<T>N JG BG C¡?¡ADI¡
u@QMDGHD?DM #JGFGJMPI =DM BU¡GGDTD Q¡ O<MDSDGDTD ?¡ JI?<?M FD =PM<?< L¡CM¡H<IGL C¡HD¡
?H¡I¡ L<GD=B¡GDMPH¡I<?<L¡?DH><O<TU=¡FAJGFGJMPIHPI¡G¡MDI?¡IX$JMJGP[Q¡
XGK<H[ ?<NO<IG<MI ?< L@T? @?¡ =DG¡MDF <O<T U=¡F L¡CM¡H<IGL ?<NO<IG<MII ¡I
HF¡HH¡G IHPI¡ND XGK<H[ ?<NO<I?M GK<H <?G S<GL L¡CM¡H<III S<MD>D D<GuG<M<
L<MH=<MDU¡ND ¡N¡M?¡ DFDCDNN¡ ?<SDGDI?¡ O¡NQDM@?DGHD?DMDMDI>DCDNN¡?¡ L¡CM¡H<IIB¡I>GDF
N@Q?<NID<IGNII ?<GI>< B@OH¡ND M¡LD=G¡MD DG¡ T<MH<N Q¡ @QG¡IH¡ND FDHD H¡I¡QD@NO@ODF
T<<IOG<M I¡H¡G¡ID= DFDI>D CDNN¡?¡ DN¡ L¡CM¡H<II UGHF<M 1<Tu<S<I< L<M TM U<HP DG?¡ ><O<T
U=¡F AJGFGJMuPNP #<UDG 6JG?<JGPIPI NTG¡H¡NDI?¡ L¡G¡H¡ <GIH?M NO¡M X$JMJGP[
DNO¡MN¡ XGK<H[ DNO¡MN¡ ?¡ ?DB¡M ?<NO<IG<M S<GL T<M<?>G<M O¡M¡ADI?¡I ¡NMG¡M =JTP
O¡FHDGG¡?DMDGHD?DM P ¡N¡MG¡M?¡ <GD O¡A¡FFM?¡I ?J<N ><O<T U=¡F ?DGDIDI U¡IBDIGDTD ?DLL¡O?¡ ?<T<I<
>¡C¡OG¡M?DMX6PNDAQ¡ CH¡?[A@J?<G>¡IB<Q¡MGDF?<NO<IX@T=<ID5<I[O<MDSD?<NO<IX7¡Q<M
S<I[ X$I?JHP[ XDMDI Q¡ ¡F¡M[ XMUPBG[ X/NO¡H S<I[ FDHD <DL<I¡ Q¡ ¡AN<I¡QD
L¡CM¡H<IGL?<NO<IG<MII<?G<MI=PNM<?<u¡F¡ =DG¡MDF
*<NDM ?QM ¡?¡=DTT<OI<NGI?< HSO¡GDA S<GLG<MI O¡=DD FD OMF?DGGD S<GLG<M I¡U¡M?¡
OPOPGPM ¡?¡=Dē=¡?DD ¡G<L¡G¡MDDG¡ T<I< AJGFGJM ¡G<L¡G¡MD?¡ @GHDHQUPJG<M<LDG¡IHD?DMI?D
X.PO<?LP =DGDF[?¡ X!DQ<ID G¡ODDOOMF[?¡ Q¡ N L¡?DH O<MDSDēT<UG ¡?¡=D <=D?¡G¡M ?¡
U¡M=<T>¡ ?¡ ?DB¡M OMF ?DGG¡MD LMPKPI< <D? S<GLG<MI ¡?¡=D ?DGDI¡
PTPIG<?MGH?M U¡M=<T><O<T U=¡F AJGFGJM ¡G<L¡G¡MDI?¡I ?<IH<L <TM =DM
HQUP?PM P H¡I<?< U¡M=<T><O<T U=¡F AJGFGJMPIPI
U¡M=<T><I?< @G¡>¡ ?¡ L<MGLG AJGFGJM ¡G<L¡G¡MDIDI H<NDM ?QMHU?¡ TM¡IDGH¡ND
H¡N¡G¡NDI¡ =¡UDIHPI¡G¡M HNO¡QDNDI?¡ LN<><?<JGN<?DLL¡OT@ODM¡F
#JGFGJMuP <GDH U<? +¡=DT@QDI U¡M=<T><IU=¡F AJGFGJM ¡G<L¡G¡MD HJIJLM<ADT<NII<?ISNPNDDG¡ ?DLL¡O¡ u¡FH¡FG<UH?MFDL<M?<S<GLIAJGFGJM ¡G<L¡G¡MDIDI
B@ID ¡FDG?¡ TM¡IDGH¡NDI?¡ =C¡NDU FD @GH uI ¡C¡HDTT¡OGD JG<O<TU=¡FAJGFGJM
¡G<L¡G¡MDB@ID=DM?QM?¡I =¡CN@O?DTDFDHDuJSU¡IBDIAJGFGJMH<O@MD<GG<MI?< ¡C<O¡ @?DM=P
FDO<=?< DN¡ C¡HDI H<O@MD<GG<MI H¡TT¡I LDNHDI?¡I ?<IGM (DO<=I H¡UHPIP u CDNN¡?¡
JSP>PT< O¡L?DH JGPIHP?PM ē U¡M=<T><IU=¡F AJGFGJM ¡G<L¡G¡MD O<MDSDI?¡I U¡M=<T>G N<ODM ?QM Q¡ JMO< ¡NM AJGFGJM T<M<?>G 6@ID ?QM AJGFGJM
T<M<?>G *JIJLM<ADT< C<LLI?< KMJA@NNJM .PGP 5¡GDGJQPI G<L¡G¡MDI O¡?LDLD Q¡
O¡?LDL<Ou <GDH H<?¡??DI 7¡FDT@QDI !JNOGPL ¡G<L¡G¡MDI?¡I <?G H¡L<G¡G¡MD HSO¡GDA
H¡O=P<O N¡CDA¡G¡MDI?¡ ?¡M> @?DGHD?DM N¡M?¡ U¡M=<T><O<T U=¡F DA<CD S<GL
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
¡?¡=DTT<OII HSO¡GDA E<IMG<M U¡IBDI A<FODF H<O@MD<GG<M ¡N<NI?< @GHD T<M<?>GL NUB¡>DI?¡I
F@uDMDGHD?DM U¡M=<T><O<T U=¡F AJGFGJM ¡G<L¡G¡MDIDI ¡N<N <HDGG¡MDI?¡I N<TG<O<T U=¡F S<GLG<MII ¡?¡=DO<MDSD ¡G<L¡G¡MDI?¡ =P L¡?¡M T<SIGL JS<MGL =DM=DMDIDI
H¡?¡IDTT¡ODI¡ H¡I¡QDTT<OIG O¡NDMD JG?PP C<G?< C¡M DFD S<GLI DA<CD ¡?¡=DTT<OI?<
AJGFGJMPI?<Q¡UDTT¡OI@>¡?DMQ¡ C¡HDIT<SIG<M<?MH<LuIC<IN>¡C¡OG¡MD ¡N<NBOMH¡F
B¡M¡F?DM*JIJLM<ADT<H¡GGDADL<MNI<LJT?PPH¡N¡G¡G¡MDO<MDSD<M?>GGLG<@GHD¡FDG?¡
<M<?MHO¡?LDL@OHD?DMU¡M=<T><IQ¡ MPN?DGG¡MDI?¡ I¡MJGPIHP=PHJIJLM<ADT<IDNO¡M
U¡M=<T><I?<DNO¡MN¡ ?¡ jU=¡FDNO<I?<HO¡S¡NNDNG¡MTFN¡FLDTH¡OG¡I?DMD=G¡M
XU<?+¡=DT@QC¡MDFDS<GLI ¡G<L¡G¡MDI?¡FDT<SIGIO<MDSDIDG<K L¡?DHG¡M?¡ <SO<MMQ¡
BNO¡MDM FD ?JMP?G S<GLI O<MDSD L¡?¡M L¡?DH?DM Q¡ JIPI DGF INMG¡MDID
S<GLG<MIC¡T<OD@CODT<>I?<Q<MGI?<<SO<MH<LO¡=DD?DM5NPNDDG¡ H¡GGDADIOMF?DGGDS<GLG<MI
HSO¡GDA D>ODH<DNDT<ND N¡=¡=G¡M UI?¡I K<Mu<G<IH<NI< Q¡ O<MDSD KMJN@NDI B@?DDI?¡ ?DG <?¡O
¡I¡I¡ C¡T<O< =<S Q¡ N FDHDHDGGD Q¡ JS<MSNPNDTT¡OG¡M F¡N= @OH¡NDI¡ ?<DM B¡ODM?DTD A<FOG<M
<FOP<G?MDA<CDS<GLT<M<?>GIIT<M<IH<NI<N¡=¡=JG<I<HDGG¡M?¡I=¡CN@?¡MF¡IO¡?LDL<Ou
C<LGJG<M<L ¡H¡FG¡ =¡M<=¡MK@¡ H¡PGDTT¡ODIDN¡I¡OD?¡ Q<>D=N<TM%¡MDFDS<GLIAJGFGJMPI?<
N@QBD C¡NM¡O DUODM<= CDNNG¡MD ?¡ HCH <HDGG¡M FDHD L¡G¡H¡ <GIM Q¡ =P HJODQG¡M L<MGLG
¡G<L¡?¡ =DM NM< A<FOG<MG< ¡N<NG<I?MGM PI< BM¡ ?¡ H¡GGDADI S<GL T<M<?>GI?<
NDHQJGG<?MH<T< H<BDFG¡?DMH¡T¡ A@ODDUH Q¡ OJO@HDUH¡ <D? B¡ODM?DTD I¡U¡MD HG<CDU¡G¡MDI
H<M<LG JGN< ?< =¡U¡I A<FOG<MG< ¡O¡L<I< ?JGH<NI< @CODT<> ?PTPGPM[ .PGP 5¡GDGJQPI
XU¡M=<T>D= KMJ=G@HG¡M?¡I ?¡ NU <uH<L
JG<M U<? +¡=DT@Q =P H¡L<H O¡?LDL @?¡MF¡I U¡M=<T><O<T U=¡F AJGFGJMPI?<F
E<IMG<MI DFD ¡G<H¡O?<M SNPNDTT¡ODI?¡I NU <uH?M XQQ¡G< H¡TT¡I O<MDSD D>ODH<DNDT<ND
D?<M¡ NPGP U<HGLKMJN@NDID=DMIQA¡M?DG¡?DM?D*DGGDT<M<?>G<PTPIJG<M<LE<IMG<M?<A¡MLG¡MUI
BNO¡M?D FDI>D DN¡ E<IMG<MI L<MGLG ¡G<L¡ Q¡ O¡NDMD DG¡ T<I< T<SI ¡M<UDG¡M?¡ T<<T<G<M JTPIG<M N<I<H<G<M T<IGOH<>G<M HQNHH¡M<NDH I¡H¡G¡MD I<GG<M
DI<HG<M ?<NO<IG<M TPSPTJUH<G<M FDHD AJGFGJM IHPI¡G¡MDI?¡ U¡M=<T><O<T U=¡F
AJGFGJMPIPI L<MGLG ¡G<L¡ Q¡ O¡NDMD H¡N¡G¡ND ?DLL¡ODu¡F¡I A<FOG<M?M *¡N¡G¡T¡ =P =<SH?<I
T<I<<I?<=¡UDHDN<GG<MG<ADFM¡ <T?IGLB¡ODM¡ =DG¡MDFQ¡ L@T?@?¡FFD L<MGLG ¡G<L¡ Q¡ O¡NDMG¡M
JS<MGLG<M HDGGD C¡T<O @G@H@IOG¡MD DG¡ N@uDGN¡ ?¡ H<CDTT¡O @OD=<MD DG¡ @TID?DM .@T? JGPI<I
H¡N¡G¡G¡MDDA<CDS<GL ¡?¡=DTT<OI<?<SDGJG<IXDI<HG<M[?<DUG¡T¡FI<HG<MC¡T<OHUIHCH
CDNN¡NDIDO¡FDG@?DMIN<IIN<=<C<<MUPG<M<DI<HJGH<N<T<<H<NHHFI?@TDGPH¡I<?<
S<GL C¡T<OI?¡TDHDU DG¡MD =< Q@MHD
C<?DN¡G¡MDS@TDM¡M?JGPKMJ=G@HG¡MDHDUDC¡AO¡IDIBIG¡MDDG¡ NI<L?<IuS<MML@G¡ DI<HG<MI
FF L¡?DH?¡I =<G<I?I?HG¡?¡I U¡M=<T><O<T
U=¡F AJGFGJMPI?< ?< S<GL DI<HG<M JS<M =¡U¡I ?¡ @TID?DM *¡N¡G¡I =P FJIO@FNO?¡
U¡M=<T><O<TU=¡FS<GLDI<HG<MI<I¡U¡MT@ODM¡F
ė<U<M @MO¡ND ē @Q?¡I @Q¡ BuH¡F H=<M¡F?DM Q<MG<I<M -<GO<M =DuH¡F KDN?DM $U
N¡TMDH¡ND LPG<L >DIBDG?¡H¡ND S@TDM?DM 0¡A¡M¡ uS<L BI?JDIBDG?¡T¡IN¡?¡L¡ Q@MH¡N¡ =¡G<T<OPB¡G¡M
0¡A¡M¡ uSN<<LBIJMO<uSNIU?¡ LPU@T¡ B@OH¡NDI
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
e¡M¡I=¡ BI O¡U¡ @Q¡ ?<I¡ ?QG¡OL<U<I<M1¡U¡ K<GO<MB@TH¡FPPMB¡ODM¡M.PG<>DIBDG?¡N¡ HE?¡ B¡G¡MBU
N¡TMDN¡ N¡A¡M¡ uS<M<LN¡C¡MQ<SOuSNIU?¡ BI?J<IO¡M¡A¡ B@OH¡NDI
H¡ <S<H BI O¡U¡ @Q¡ FuN¡ LJI< B¡G¡M O¡U¡ K<GO<M =DuN¡ Q<M?QG¡O O<K<M
1¡U¡ K<GO<MB@TH¡F?¡ uJST<S?M.PG<>DIBDG?¡N¡ LJI<B¡G¡MBUN¡TMDN¡ LJI<LB@?¡M
=TF<?<HG<MG<NC=¡O@?¡M
?I<>H¡BI?¡ @Q?¡I@Q¡ FuH¡FT<S ¡G<H¡O?DM%¡HDI<?<HuIDFD=¡SO
<uG<M L¡HNDU F¡?¡MNDU JG<M -<GO<M =DuH¡F H=<M¡F=<?GL?M <L C¡HDI K<GO<M JPMG<I<M
1¡U¡ K<GO<M B@TDIH¡F =¡??DM .PG<L >DIBDG?¡H¡ND SJ S¡=¡M¡ BU N¡TMDH¡ND <?G< ¡G<H¡O?DM
0¡A¡M¡ <LDFDI?DQ<SOuSH<LJG<MBI?J<I<O¡M¡AB@OH¡FH¡NG¡C¡O?@TDG
¡I=¡ BI O¡U¡ @Q¡ FuH¡F I¡CN?DM -<GO<M =DuH¡F H=<M¡F=<?GL?M 1¡U¡ GD=<N
B@T¡IDUU¡OGDQ¡ CMH¡OGDJG<M
<U<MBI ē @Q?¡I@Q¡ B@OH¡FPPMNPUGPL?PMJ@Q¡ JMPB¡G¡M-<GO<M=DuH¡FB@TH¡F
H=<M¡F=<?GL?M <L O@U FCI¡G¡M .PG<L >DIBDG?¡N¡ BU N¡TMDN¡ S@TDM¡?DM LJI<L B¡G¡M
0¡A¡M¡ <S<HNOuSH<LJG<MĘN
P FDHD S<GL DI<HG<M @G ?@TDHG¡MD ¡NMG¡M?¡I =¡MD H?MDFG¡MDHDU O¡M¡ADI?¡I NI<IH
C<LL L<U<IH AJGFGJM IHPI¡G¡MD?DM 2GP JG?PP FDHD OMF =JTG<MI?< @TID DG¡ DG¡IH¡ND
NI<IH<N?<PGPHD?Q¡ CDNNG¡M¡ =<G?M
jU=¡FO¡?LDL<OuN*¡LNP?¡ =?GQ<C<=JQ< XjU=¡F>¡U¡M=<T><AJGFGJMO@MHDIG¡MD
G¡OD[ T<UNI?< L@T? @?DM X6<SI Q¡ L<M?< OMF ?DGG¡MDI HSO¡GDA TI?¡FD G¡OG¡MDIDI
C<UMG<IH<N ?DLL¡O¡G<TDL D?DM P H¡I<?< ><O<T U=¡F Q¡ U¡M=<T><I AJGFGJM O@MHDIG¡MD
G¡ODIDIT<M<?GH<NHPH¡I@GHDO@MHDIJGJBDT<IIDIFD<AI<Q¡ U¡IBDIG¡H¡NDI¡ FH¡F@?¡
=DG¡M #JGFGJM O@MHDIG¡MD G¡ODID DU<CG G¡O KMDINDKG¡MD ¡N<NI?< ?UH¡F Q¡ T<M<OH<L ?<C<
HI<ND=?DM kHPHD GP¡O KMDINDKG¡MDI¡ HQ<ADL ¡FDG?¡ T¡ T<SI NU JSP>PG<M< O¡L?DH
@?DMDF H¡N¡G¡I ¡ANPI¡ANPI ¡AN<I¡¡AN<I¡ =¡SD =¡SD <L JU¡ @?¡I C¡FDH ?¡MQD?¡MQD ?@Q?DQ @MO¡FI<G ?<NO<I?<NO<I
BT¡I?¡<u<?@T¡I?H=DM¡LJKPUN<U?H=DM¡F¡GF@u¡GF@u¡GF@u¡GG<AT<G<IH¡F<G
<O<G<M NU H¡O¡GU¡M=D H¡N¡G H¡N¡GO¡HNDG F<ML<M MDQ<T¡OM¡Q<T¡O N@HDMLNDHPML
O@MH¡LJH<[Q¡ N N
P Q¡ =P FDHD <M<?MH<G<M ¡N<N Q@MDM ?@T¡F FD U¡M=<T><O<T U=¡F ¡?¡=D
¡G<L¡G¡MD ?<DH <FOP<G @GHD HQUP JG<M<L ¡?¡=DTT<OI<NGI AJGFGJMI<NGI I¡U¡MDI?¡
?DLL¡ODI?¡?¡DM %¡M T@ID O¡?LDL =¡GF¡ ?¡ =P DFD S<GLI AJGFGJMPIP T@ID?¡I =DM H¡>M<?<
=DMG¡?DM¡>¡F?DM$MI?TFDHDNUG¡M<M<NI?<JL¡?¡M<TMGL=¡IU¡MNDUGDF TJS?PM0<?¡>¡
MPN DHK@MDT<N ><O<T U=¡F ¡GDA=<NII =<I< <u? JTPIG<M DG¡ H¡TT¡I <IG<GH<UGLG<M
T<M<?=%¡MAG¡MDIJSPIPL<T?<G<MI<=¡G¡?JG?PL?<INJIM<=P?DGG¡MDII¡ L¡?¡MT<SIQ¡ JS<M
JG?PPI< =C¡ L<GHM DM NUG¡ XGK<H[ X$JMJGP[ X@T=<ID 5<I[ FDHD L¡CM¡H<IGL
?<NO<IG<MX)@TG<Q¡ *¡>IPI[X1<CDMQ¡ 7CM¡[X#¡MC<?Q¡ DMDI[FDHD@L ¡AN<I¡G¡MD<O<G<M
NUG¡MD OMFG¡M <G<M N<T<G<M Q¡ N =P FDHD S<GL ¡?¡=DTT<O IHPI¡G¡MD
=<SHI?<O<T U=¡F S<GL ¡?¡=DTT<O DG¡ ?DB¡M OMF =JTG<M <M<NI?< =TF =¡IU¡MGDF
Q<M?M *¡OII<N I¡Q<DI<N <GDH ¡II¡O +<T@Q< L@T? @?DM FD 56 ¡NM IHPI¡G¡MDID?<CD
+¡Q<DIDI Q¡ ?<CD #UPGDIDI ¡N¡MG¡MDID JMDEDI<G INS¡?¡I JSPT<I?< C@u =DM NU Q¡ H¡I< <TMG
BMIHMNTFOMF?IT<NII@TID ¡?¡=D ?DGDI?¡ T<U<I=P?<CDG¡MDIOMF?IT<NI<
H¡SNPN¡SNDTT¡OJG?PPIPBMMF
DA<CD S<GL T<M<?>GII =¡?DD O¡>¡NNH JG<I I<GG<M?< S<GL C¡T<OII <?¡O ¡I¡I¡G¡MD
F¡H¡F¡GD C¡T<O N<?¡ S<M<FO@MD <<G<M Q¡ =¡TG¡M ?IT<NI< L<M F¡NFDI @ODM<U =OI HDGGD
SNPNDTT¡OG¡MDID LJMPTP= N<SG<T¡I T<<H?M U¡M=<T><O<T
U=¡FAJGFGJM ¡G<L¡G¡MDN¡CDA¡NDI?¡I?<I<MF¡IU¡M=<T><I?DGDI?¡ I¡MJGPIHPXkuL<M?<[
XjU=¡FI<GG<M[XjU=¡FS<GLI<GG<M[FDO<=G<MI?<L@T?@OH¡FDNO¡M?DHXkuL<M?<[?<=DM
I<GO¡M>H¡ .*PN<T@QDI?DMXjU=¡F I<GG<M[I?< X1¡MN?JQ<I=<G<N[X>BULPUPI[
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
X%DTG¡B¡M OGF[ X)JQ< ?JQ<I[ X1GF Q¡ C<>G@TG¡F[ XCH¡? Q¡ <C[ X <I<Q<M Q¡
OGF[ X0@CDMGD ?< <C¡IM=<[ X> ><I<Q<M[ XGG @¡F[ XeJS =DG¡I¡ U<Q<G TJS?PM[
X.PTMPLNPU OGFG¡M X!JMP Q¡ ¡TMD[ X UU I¡ ?@H¡F?DM[ X5J <Q<UG =G=G[ X.D L<M?H¡NDI?¡ I¡M JGPIHP?PM "TID
O¡M>H¡?¡ I¡MJGPI<IXjU=¡FS<GLI<GG<M[<?G?DB¡MDMDC¡>HGDFDO<=<U<?+¡=DT@QX.<M?<
S<GLII<G?IT<N[<?GB@ID@GHDH¡UHPI?<INUT<UH?M QQ¡G<L@T?@?¡FFD ¡QQ¡GFD
FDO<=?<F I<GG<MG< T<I< =PM<?< X*N<ADM =¡T[ X*DI CMF[ XOIJT[ X7DT<? <OM[
X*¡M? ?JNO .@TM¡O[ X#¡MC<? Q¡ DMDI[ <??<=OQGF?¡ I<G Q@MDGHD?DM -MJA@NNJM U<?
+¡=DT@Q ėjI NUĘI?¡ ><O<T U=¡F S<GL I<GG<M C<LLI?<O<MDSDGDTDID HDGGD @G@H@IO
U¡IBDIGDTDID HQUP Q¡ H¡UHPIPIP NDT<ND H¡I¡QD Q¡ DLODN<?D D>ODH<D A¡GN¡AD ?¡T¡MG¡MDID
O¡?LDL<Ou I¡U¡MG¡MD DG¡ FDA<T¡O L¡?¡M ¡C<O¡GD ¡MC @OHD Q¡ @GHD ?¡T¡M Q@MHD?DM X!IT<
S<GLG<MII I<G T<M<?>GI?< JG?PP FDHD U=¡F I<GG<MI?< ?< S@TDMG¡ ¡MDI H=<MDU¡ND
=<G><G@TOHJODQ?DM)<FDI=PH=<MDU¡IDK@¡F<MU=¡F I<GuG<MH¡CUUG¡MDI¡ H¡SNPNHDGGD
=¡?DDJMI<H@IOG¡MG¡ @G¡ H¡C<M¡OG¡ DG¡HDG¡MFD=PO¡=DDJMI<H@IOG¡MT<GIUU=¡FG¡M¡ H¡SNPN?PM
K@¡F<M U=¡F =<S Q¡ I<GuNII =¡?DD O¡A¡FFMII H¡CNPGP?PM P =¡?DDGDTDI <MS<NI?<
¡NMG¡MG¡ =TF H¡CMPHDTT¡OG¡M Du¡MDNDI?¡ T<<H C<MI S<L<IG<M< LP?PU K<?<CG<M< L<IG
LPM=<IG<M Q@MHD NPNPU N¡CM<G<M< C¡T<O B¡ODMHD U ¡H¡TD <GI O¡MD DG¡ =P BI T@ID ?IT<
LPMHP<U<?GLN¡NDQ¡ I¡H¡NDDG¡ <G¡H?¡ CM¡OG¡IHDU=¡FS<GL?<T<IH?M[U<?
+¡=DT@Q O¡?LDL<OG<MI?< T@MD B¡G?DF>¡ ><O<T U=¡F AJGFGJMI<NG<MII ?< ADFDMG¡MDI¡
OJSPIHP Q¡ JIG<M U @GHD L¡I<¡OG¡MD DG¡ HPHDG¡?DMHD?DM *¡L<G¡ H¡GGDAD ><O<T U=¡F
I<GG<MIēDGF AJGFGJM IHPI¡G¡MDID OJKG<T= I¡M @O?DM¡IG¡M NM<NI?< @CODM<HG< S<OMG<I<IG< <F DG¡ T<SI? DG?¡ 1MFNO DG?¡
!<MGH¡GGDH N@HDI<MDT<NI =DODMHD?DM PIPIG< ?< %<?D 7¡MDAJQ HM =JTP U¡M=<T><IAJGFGJMPI?<IS@TGDH<O@MD<GG<MOJKG<H
?DGDHDUDTM¡IHD?DM$MF¡HGDAJGFGJMuP?DGuDG¡OuD<GDHJG<I%<?7¡MDAJQ=OIC¡T<O=JTP
T<U? ¡N¡MG¡M?¡ U¡M=<T><I H¡I=¡G¡MDI?¡I JIPI O<MDSDI?¡I AJGFGJMPI?DDG?¡ I¡MJGPIHP%<?D7¡MDAJQ<?G FDO<=I?<
AJGFGJMuP <GDHDI C¡T<O Q¡ T<M<?>G C<LLI?< HA¡NN¡G T<UGH?M 1PM< *DMU¡T@Q DFDI>D
GK<H ?<NO<III U=¡F Q<MD<IOG<M HJIJLM<ADT<NI?< ?< OMF?DGGD S<GLG<M?HG¡?¡I
U¡M=<T>GI?HJIJLM<ADT<NI?<?<1PM<*DMU¡T@QU¡M=<T><IS<GL
?<NO<IG<MI?<IB@ID=¡CN@OHD?DM
G?¡ JGPIHP O¡?LDL<OT<UG<MI?<IH¡GPHJGPMFDDINODOPOPIAJGFGJM=GHI?¡ u<G¡ U¡M=<T><O<TU=¡F
?DGDQ¡ ¡?¡=DTT<ODG¡ HL<TDN¡NDQ@MDGDMU¡M=<T><I?DGDID ¡?¡=DTT<OIAJGFGJMPIPBU¡G=DG¡I
AJGFGJMuP<GDH0<C<?PMPIjU=¡F ¡?¡=DTT<OI?<Q¡UIT@I¡ ?¡ H¡CPMU=¡FAJGFGJMuPNP
0<=DMJQPI AJGFGJM< ?<DM H<M<LG O¡?LDL<O FDO<=G<M ( 6<@I Q¡ AJGFGJM 6<UuG<MI
T<M<?>GI?<AJGFGJMjU=¡FM@<GDNOI¡NMDQ¡ AJGFGJMQ¡ N O¡?LDL<OuG<M<T<SO<I?M?
u¡FDG¡I FDO<=G<M?< H¡GGDAG¡M U¡M=<T><IG< JIPI T<UG Q¡ DA<CD ¡?¡=DTT<O DG¡ =<G
H<O@MD<GG<M?<IFDA<T¡OL¡?¡MDNODA<?¡ @OHDG¡M#JGFGJMuP0<=DMJQPIL@T?DI¡ BM¡#¡MC<?Q¡
DMDI¡CM<H$PMQ¡ =<L<?<NO<IG<M+¡Q<DQ<NDO¡NDDG¡ +DU<HD?C<NIIjU=¡FDNO<I?<?<C<
B@IDA<T?<G<I?IO¡N?DL@?¡IA<FOG<M?M@G¡ A<FOG<MADFMDHDU>¡FDA<T¡OL¡?¡MuJS?PMQ¡ C@u
=C¡ @OHDMDF FD =P L¡?¡M H¡C¡==¡O Q<MN< ?@H¡F U¡M=<T>¡ U=¡F
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
JSP>PG<MI<O<I?M.@T?JGPI<I=PH¡N¡G¡G¡M=<M¡?¡ ē >DDG?¡ !<F¡I??¡ jU=¡FDNO<I"
!DGQ¡ ?¡=DTT<OINODOPOPI?<X(G<NNDFU¡M=<T><I@DMD5555 ¡NMDI ¡QQ¡GG¡MD Q¡ DA<CDS<GL
¡?¡=DTT<O[ HQUPNPI?< ?JFOJMGPL ?DNN@MO<NDT<N H?<AD¡ @OHD KMJA@NNJM GD 0<G¡??DI B@ID
T<UH?M !<F¡I? GT<UH<G<M INODOPOPIPI HPU@TDIDI AJGFGJM N<GJIPI?< ><O<T U=¡F
AJGFGJMPDG¡ T<I<U¡M=<T><IAJGFGJMPIHPI¡G¡MD?¡(JMJGP+<GG<M!<NO<IG<MQ¡ N
Q<M?M
1¡ILD?uD*¡C¡HH¡?¡GD(PH<FJQT<UMė+@u¡ DGG¡M?DM><O<TU=¡FS<GLAJGFGJMPDG¡
¡G<L¡?<M?DNN@MO<NDT<U¡MDI?¡ DG¡TDM¡HPM<?<U¡M=<T><IS<GLAJGFGJMPIHPI¡G¡MDI¡ ?¡ uJS
HM<>D¡O @OHD¡H U¡M=<T><IG C¡HF<MG<MH -¡I<C 5¡GDGJQ 3<LDA 3¡GDT@Q .PG<HCN@TI
GDT@QU<?+¡=DT@Q=PD?¡ H¡I¡ uJSFH¡FBNO¡MD=G¡Mĝ*DMU¡ ¡AD3<U@C@DMG¡MDIDU=¡F
JSP>PG<MI< O¡M>H¡ @OHD¡H *DMU¡ ¡AD 3<U@C H¡IDHG¡ U¡M=<T><IAJGFGJMPDG¡ T<SI?<IO<IJGH<<NQL@?D=*¡CU
=PIPII¡OD>¡ND?DMFDU¡M=<T><IIDA<CDS<GLKJ@UDT<NIJMDEDI<G?<IO¡M>H¡ @OH¡FDNO¡TDM¡HĘ
P HQUP?< ?<I<MF¡I ?¡=DTT<O Q¡ DI>¡N¡I¡O?¡ ?¡M> JGPIHP GDH Q¡ O¡M>H¡uD
<?G H¡L<G¡?¡ =¡CNJGPI<IH¡N¡G¡T¡ ?DLL¡OT@ODM¡F*¡GGDADIL@T?DI¡ BM¡U¡M=<T><I?<
0JQ@OC<FDHDTT¡ODIDIL¡G¡=¡NDIDIDGFDGG¡MDI?¡ ¡?¡=DTT<OI<NGIQ¡ ?DGuDGDTDIDIFD<ATJGPI?<
=TF SD?H¡OG¡M BNO¡MHD ¡SNDTT¡OG¡M?¡I =DMD ?¡ 5<GD? 0¡D? 5J><T@Q JGHP?PM *DGGDTT¡O>¡
U=¡F 5<GD? 0¡D? 5J><T@Q >D DG?¡ eDMuDF ¡C¡MDI?¡ ?JPGHP?PM !<F¡I? H¡?M¡N¡NDI?¡
O¡CNDG<G<I5<GD?0¡D?5J><T@QNJIM<NO<I=PG?< ē ¡QQ¡GOD==?¡NJIM<DN¡ ADGJGJBDT<A<FGO¡NDI?¡
O¡CNDG <GH?M >D DG?¡ 1MFNO<I< ē Q¡O¡IDI¡ L<T?<MF¡I TJGNO <F?< ?<T<I<T@QO<G@TDILDNH¡ODDG¡ HMGF=P¡C¡M?¡ L<GH<G T<<H<GJGPM,1<GINFDG¡MDI
LUDG¡ 0<M<S<IHG<@QG¡IDMQ¡ =PM<?<K@?<LJEDA¡<GDTT¡O¡ =<G<TM"TIDU<H<I?<?DGuDGDT¡ ?<DM
@GHD O¡?LDL<O ¡N¡MG¡MD DG¡ H¡O=P<O?< uS @?DM , ?DGuD ¡MLI<N FDHD ?¡ O<IIM?Ę -MJA@NNJM¡FDMeJ=<IU<?¡ DN¡ >DDG?¡ JIPIC<LLI?< T<UH?M505J><T@QDSODN<NG
GDILQDNO¡MLI<NG<M?<I=DMD?DM,O¡F>¡ OMF?DGG¡MDID?@TDG ¡M¡=A<MN><O<T U=¡F?DGG¡MDDG¡
T<I< MPN ?DGDID ?¡ BU¡G =DGDM ,IPI JI ?M? @GHD ¡N¡MD Q<M?M 5<GD? 0¡D? 5J><T@Q *<CHP?
(<<MGII H¡CPM !DQ<ID G¡ODOOMFI O¡M>H¡ @OHD?DM[ .@T? @?¡F FD C¡HDI
O¡M>H¡IDI ¡GT<UH< INS¡ND *" !DGuDGDF INODOPOPIPI @GHD <MSDQDI?¡?DM 1<IIH ><O<T
U=¡F <GDHD %<?D 7¡MDADI Q<SODG¡ <F?< O¡CNDG <GH<NI< N¡=¡=F<M JG<T@Q
JIG<MG<U=¡FB¡I>DID<F<GDH¡FO¡=G¡MDI¡ ?¡Q¡O@?D=?DM
1MF?DGGDS<GLG<M ¡?¡=DTT<OIIL¡M=?IT<NI?<U¡M=<T><I1MFDT¡ Q¡ NL¡CM¡H<IGL
?<NO<O<T
U=¡FL<U<SQ¡ NX$JMJGP[L¡=DM?¡ ?JPG<IJG<I<?TG<O¡L?DHJGPIPMX$JMJGP[<?
DN¡ =@G¡ T<M<IH?MC<HDG¡ L<?IGMQ¡ J?¡AIJGPIPMjGH<I<II=¡OIDI?¡FDP<LL¡=M?¡
?JPGPM !JPG¡M<G<M?<ID=<M¡O?DMPIG<M?<I?<NO<IL¡G¡H¡ <GIH
Q¡ I¡MJGPIHP?PMjU=¡FDA<CDS<GL ¡?¡=DTT<O=DGD>DG¡MDI?¡I"ML< H¡I=G=GJGP-PGFDG¡MD "ML< H¡I=G=GJGP DNO@?<?G ><O<T
U=¡F S<GL<DMG¡MDI?¡I=DMD?DM,>DDG?¡ C<UM?<+PM<O<<?G<I<IT@MDI(PMF<ILG<I?<
<I<?<IJGHP?PM"ML<I<O<N H¡IQ¡ JIPI ¡HDG¡MD <NN<LQ¡ 6<MG¡L¡=H¡CPM<DMG¡M?¡I
JGP= S<GL <M<NI?< =TF CMH¡O L<U<IH?G<M "ML< uJS <M C¡T<O F@uDMHD?DM , Q<SOFD
D>ODH<D LPMPGPPI O¡NDMD <GOI?< <DM O<H<HDG¡ TJSNPG Q¡UDTT¡O¡ ?H =PI< BM¡ ?¡ T<<?
LG< O¡MF @OH¡F H¡>=PMDTT¡ODI?¡ L<GH?M 5<GL ¡?¡=DTT<OII H<CDM =DGD>DND "ML<
H¡I=G=GJGPIPI T<UT< FuM?T X$I?JHP[ ?<NO=¡T[ ?<NO<IG<M ?< JIPI L¡G¡HDI?¡ T<UT< FuMGH?M "ML<
H¡I=G=GJGPM@KM@NNDT<LPM=<IG<MI?<I?MJ>DDG?¡ C¡=NJGPIHPQ¡ BGG¡G¡IHD?DM
#<UDG 6JG?<JGP >D DG?¡ PGPIPM M<TJIPIPI )<Tu¡ LG<I?< TJSNPG <DG¡?¡
?JPGHP?PM@T<I?<I<O<NIDODM¡I#<UDGT<I<L¡?¡M=¡TG¡MDIL<KNI?<DG¡HD?DM,
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
T@MGD<DMG¡M?¡I6JG?<(G?<Q¡ 0PT<MG<?JNOG<=JIG<M?<I<DMGDFN¡I¡ODIDTM¡IHD?DM#<UDG
6JG?<JGP BM=F@uDM?DTD C<?DN¡G¡MD U T<M<?>GI?< ¡FN @O?DMHD?DM , X DUU¡S O¡ODGD[
X*¡OF¡MDH K¡CG¡Q<I[ KJ@H<G<MII H¡GGDAD FDHD CM¡O L<U<IH?M ,IPI ><O<T U=¡F
¡?¡=DTT<OL<MNI?<FSD?H¡OG¡MDI?¡I=DMDAJGFGJMIHPI¡G¡MDID?<NO<IG<MI<GQ¡ M¡Q<T¡OG¡MD
T<UT< <GH<N?M ,IPI NTG¡H¡ND DG¡ < L¡?¡M ¡N¡MDA<CD S<GL ¡?¡=DTT<O IHPI¡ND T<UT<
<GIH?M#<UDG6JG?<JGP>DDG?¡ Q¡A<O@OHD?DM
NG<H <DM +¡U¡M JGP > DG?¡ DI?DFD 0¡H¡ML¡I? QDG<T¡ODIDI +<MK¡T M<TJIPIPI
?< LG<I?< uJ=<I <DG¡NDI?¡ ?JPGHP?PM , C@TQ<I?<MGLG< H¡PG JG<I <O<NI< FH¡F
@OH¡FG¡ T<I< N¡FFDU T<I?<I u<G=JSPH<< =<G<H Q¡ H¡CPM "MI¡U¡M <DM¡ <BDM?
JGHP?PM "MI¡U¡M <DM PNO<?GI ¡NDMB¡H¡?¡I L¡CM¡H<IGL ?<NO<IG<MI U <BDM?DI¡
TM¡OHD?DM*¡N¡G¡ING<H<DMX5<G=@F¡[X$I?JHP[XGK<H[XMUPBG[X/NO¡H[
XDMDI Q¡ ¡F¡M[ X$I?UG¡ 2G?PU[ Q¡ =<L< ?<NODG?¡
Q¡A<O@OHD?DM
@G¡GDFG¡ O¡?LDL<O< >¡G= JGPI<IQ¡ ><O<TU=¡FAJGFGJM?<NO<IIHPI¡G¡MD<M<NI?<FJS<MNE@OG¡MQ¡
=¡IU¡MHJODQG¡M ¡?¡=D ¡G<L¡ Q¡ ¡?¡=DO¡NDM<HDGDI?¡I?<C<uJSJIG<MIDFDNDIDI?¡ @TIDFF¡@TID
¡I¡I¡G¡M¡ @TID MPC Q¡ ?DG =DMGDTDI¡ =DM NUG¡ HPHOMF H¡I¡TDI¡ =<G JG?PPI?<I?< @G¡>¡ ?¡ U¡M=<T><I
AJGFGJMPIPI jU=¡FDNO<I?< TM¡IDGH¡ND L<MGLGHL<TDN¡GD O¡CGDGG¡M Q¡ <M<?MH<G<M ¡?¡=D
¡G¡L¡G¡MDI U¡IBDIG¡H¡ND DG¡ =DM NM<?< C¡M DFD GF¡?¡ AJGFGJMI<NGL @GHDIDI DIFD<AI< JIPI
ALG¡MDIDIB@IDG¡IH¡NDI¡ O¡NDMBNO¡MH¡F?¡?DM
®
¨×ØÆØâËÉÔÈÔÖÎØ×æÔÇÎÍÙÝËÓÎÎÙÍÇËÐ×ÐÔÉÔÚÔÑâÐÑÔÖÆÈ¦ÍËÖÇÆÏÊÌÆÓËºÊËÑæËØ×æ
ÈÓÎÒÆÓÎË ÈÔÕÖÔ×ÆÒ ÕËÖËÈÔÊÆ Î ÕÙÇÑÎÐÆÜÎÎ ÔÇÖÆÍÜÔÈ ÙÍÇËÐ×ÐÔÉÔ ÚÔÑâÐÑÔÖÆ È
¦ÍËÖÇÆÏÊÌÆÓË ¦ ØÆÐÌË Î××ÑËÊÔÈÆÓÎË ÙÍÇËÐ×ÐÔÉÔ ÊÆ×ØÆÓÆ È ¦ÍËÖÇÆÏÊÌÆÓË ¨
Î××ÑËÊÔÈÆÓÎÎ ÖÆ××ÒÆØÖÎÈÆåØ×æ ÊËÏ×ØÈÎØËÑâÓáË ÚÆÐØá ÔÇ ÙÍÇËÐ×ÐÎÛ ×ÐÆÍÆØËÑæÛ ¨ ÓËÏ
ØÆÐÌË ÆÓÆÑÎÍÎÖÙåØ×æ ÚÔÑâÐÑÔÖÓáË ÒÆØËÖÎÆÑá ×ÈæÍÆÓÓáË × ÑÎØËÖÆØÙÖÓáÒÎ
ÔÇßËØåÖÐ×ÐÎÒÎÊÆ×ØÆÓÆÒÎÎ×ÎÛÆÈØÔÖÆÒÎ
z®§ª ¡ ÚÔÑâÐÑÔÖÓáË ×ÈæÍÎ ãÕÔ× X¦ÑÕÆÒáÞ[ X©ÔÖÔÉÑÙ[ ºÍÇËÐÎ×ØÆÓ
¦ÍËÖÇÆÏÊÌÆÓ
*G??3DK
&ONNMJF@I<=JPOOC@NOP?TJA2U=@FAJGFGJM@DIU@M=<DE<IDIOC@<MOD>G@I<OO@IODJIDN
M<D?OJOC@LP@NODJINJAOM<ING<ODJI<I?KP=GD><ODJIJA2U=@FAJGFGJM@N<HKG@NDIU@M=<DE<I1C@
M@N@<MNC JA 2U=@FDNOJIND?@M@? JIIJDNN@PMN <I?
N>PGKOPM@N JA 2U=@F AJGFGJM@ *DIPO@ GDO@M<MP A<>ON <=JPO >JIIJDNN@PMN JA 2U=@F AJGFGJM@
I<MM<OJMN NO<I? <N < H<DI KJDIO JA OCDN M@N@<M>C @ND?@N OC@ GDO@M<MT N>PGKOPM@N JA <GG1PMFDNC
RJMG??@O<DG@?M@H<MFN<=JPOOC@DM<POCJMN<GNJIJO@?C@M@
"7KIAD6E AJGFGJM@M@G<ODJINėGGK<HDNCĘė$JMJLGPĘ2U=@FDNO<IU@M=<DE<IU=¡FAJGFGJM ¡G<L¡G¡MD<F6<UuN
5¡GDGJQ. G<L¡G¡MDIO¡?LDLD?¡=DTT<OQ¡ DI>¡N¡I¡O<FT<IQ<M
7¡FDT@Q !JNOGPL ¡G<L¡G¡MDI?¡I +¡=DT@Q ėU¡M=<T><IēU=¡F AJGFGJM ¡G<L¡G¡MDĘ
HJIJLM<ADT<NC<LLI?<2G?PU ĠN
3¡GDT@Q("GDIT<??<?DGDIT<??<<F$¡I>GDFN
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
=?GQ<C<=JQ<*jU=¡F>¡<U¡M=<T><AJGFGJMO@MHDIG¡MDG¡ODė!¡?¡ .JMLP?Ę
&&N
kGQD ?¡=D?PTPG<MHKJMOM@OG¡M?I>¡G¡ML@T?G¡MNC=¡OG¡M&&FDO<=<F
N
jU=¡FS<GLI<GG<MO¡M>H¡ @?/U<T@Q<FU¡MI¡MN
*DMU¡T@Q1%<?D7¡MDAJQ!<F¡I?#<IN
0<G¡??DI jU=¡FDNO<I?<IOCA¡ė?¡=DTT<OQ¡ DI>¡N¡I¡OĘ<F H<MO
(PH<FJQ* ?¡=DHI<ND=¡OG¡MDHDUė<FĘDTPI
0¡A¡MJQ<+GDHQ¡ O¡M>H¡uDė?¡=DTT<OQ¡ DI>¡N¡I¡OĘ<FDTPG
kGQDU¡M=<T>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
e)%$#e"&,% +Y)"*+%#) e#lb# )j )$#)
!"/P(.#$+
1MF ?<NO<IG<M C<LLI?< L@TD<?D T<I<H< O¡MUD DG¡ ?DLL¡O u¡F¡I <M<?MH<G<MI
H¡GGDAG¡MDI?¡I=DMDPUPIDGG¡M0OM<N=PML2IDQ@MNDO@ODI?¡ ¡ML?DGG¡MDI?¡I?¡MN?@T¡IM@IS<IH
*@GDFJAA?PM jHMII >JS CDNN¡NDID #M<IN<?< T<<H<L UJMPI?< L<G<IGM@IS<IH>DDG?¡ ė ¡GDF!<IDH¡I?Ę?<NO¡G¡H¡NDĘ <?G ?JFOJMGPL DD H?<AD¡ @OHD?DM FD ¡N¡MDI ė=D?¡?¡ AJGFGJM H¡OIG¡MD Q¡ ?<NOD DG?¡ ė1MFMD DG?¡ AM<INU>< I¡M JGPID DG?¡ 1PMH¡NDT<TIG<I<Iė!<NO<I?<IH<N<G< ē OMFJGJEDTJGuPGPLG<MHĘė!@
) ĕ@KJK@@ P *TOC@ ODI@M<DM@ OPM>JGJBDLP@Ę <?G O¡?LDL<O ¡N¡MD DN¡ &M@I S<IHI U¡IBDI
AJGFGJM<M<?MH<G<MIIT@FPIPC@N<=@?DG¡ =DG¡M(DO<=IDu¡MDNDI?¡ Q@MDG¡Iė1MF.<AL<UT<GGL
<=¡F 5MM¡HD Q¡ 0@TD? <OO<GĘ ė+JO@N OPM>J><P<ND@IN <=@F %PMM<HD @O 0@TTD? <OO<GĘ
ė$M>G¡MOMFH¡IG¡MQ¡ 1M<=UJIė(DO<=D!¡?¡ .JMLP?ĘU¡MDI¡ėė$@JMBD@IN1PM>JH<IN @O
1M@=DUJI?@ +JO@N NPM G@ )DQM@ ?@ !@?@ (JMFPOĘ ė1MF ?<NO<G<MI?<=DMPTPG<H<U¡MDI¡ <M<?MH<Ęė)@MDOP@G
?P %@GQ< M@>C@M>C@ NPM PI@ >JOPH@ ?@N >JMKJM<ODJIN ?@ *@OD@M ?<IN G< 1PMLPD@ H@?D@Q<G@Ę ėI<?JGP OMFG¡MDIDI ?DIN¡GL¡CM¡H<IGL H¡OIG¡MDI?¡ NDHQJGG<JM@GDBD@PN@ !@ 1PM>N ? ėI<OJGD@Ę Q¡ N A¡NDGG¡M?¡
<?G<MI?¡G¡
H¡G¡M¡ T@MQ@MDGHD?DM
kHPHDTT¡OG¡<GDHDIOMF ¡?¡=DTT<OI?<?<NO<IE<IMIIT@MDQ¡ O¡NDMDDG¡ =<BG<M<?MH<G<M
UI¡H¡SNPNGPP DG¡ ?DLL¡OD >¡G= @?DM @G¡ FD &M@I S<IHI ė1MF .<AL<UT<GGL <=¡F
5MM¡HD Q¡ 0@TD? <OO<GĘ H¡L<G¡ND JOPU DG ¡M¡= DNODG<N ¡G@TCDI¡ H=<MDU¡ <K<M<?DG¡NDID BIHU¡ ?<TJSPU<LG<M<<U?<I<U<T<TG?IQ¡ =PPUPINM¡I?<Q<IIC¡H
uDIDI <=¡FDI L@TMD<?D C¡T<OII =¡UD H¡L<HG<MII ė0@TD? <OO<GĘ <=D?¡NDI?¡ N<SG<I?I
H¡TT¡IG¡?DM¡I H¡GGDA T<UM ėe<?<G<MII L@TMD<?D B> N<CD=D FDHD BM?FG¡MD H=<MDU¡
=<uN <U?<I<U< T<TG¡G¡MG¡ T@ID?¡I T<<H =PG?P @TO<IG< T<K? <IG<H<T<
PT?PP ?IG¡I =DM FDHGDT¡ =MI? 1MF ?<NO<IG<MII ¡I IGG¡MDI?¡I =DMD JGJS JIPI
H¡UHPIPI< BM¡ I<G O¡NDMD =<G<? L@T? JGPIH<L?<?M 1MF AJGFGJMI<N *6<M?Hu
ė0@TD? <OO<G.<UDĘ?<NO<III?<I=¡CN@?¡MF¡I =PM<?<N@CMGDLQQ¡G¡MDI T@M<GH<NI<?DLL¡O
T@ODMHD ¡N¡M?¡FD ¡I¡I¡QD NE@OG¡M?¡I A¡MLG¡I¡I SNPNDTT¡OG¡MD M<I O¡NDMD FDHD ¡MC @OHD?DM
ė0@TD?<OO<G.<UDĘIDI NGP=Q¡ O@SIDF<NIIĝ ė!¡?¡ .JMLP?ĘFDO<=I?<ODKDFMI¡TD=PGPIDIN@CM=<?P.<A?<?DQQ¡ L¡CM¡H<II<OF<MI
L<M?NDMGDH<>¡M<G<MM<IO¡NDMDIDN@U?DMH¡F?¡?DMĘN
M@I S<IH =P <=D?¡T¡ A¡MLGD HNO¡QD?¡I T<I<H ?<NO<I?< C¡H OMF DIG<MII C¡H
?¡ M<II<GG<MII ¡G<H¡OG¡MDDG¡ T<I<H¡TT¡IL¡?¡MO<MDSDC¡LDL¡OG¡MDI?¡ ¡FNJGPI?PPIP
L@T?@OHD?DMė1MFS<GLDIG<MI<PU<IOG<MM<IK¡MDH<N<GG<MI?<IH¡OIG¡MO<MDSN¡GJG<TG<M
?DUBDG¡M DINDIG¡M Q¡ L@TMD<?D Q<MGLG<MG< NNG¡IHD =DM S¡T<G ?IT<NI?<
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
PM<?LG<M C<?DN¡G¡MG¡ L<MH<L<ML Q¡ FDHD U<H<L =DuDH?¡
C<HN=DMGDF?¡ JGHPC<?DN¡G¡M¡ L<MHG<MĘN
M@IS<IH=PL<MLG<=<SH<T<M<L ¡N¡MDIO<MDSDC<?DN¡G¡MG¡ N¡NG¡¡IK<Mu<G<MDu¡MDNDI?¡
<=¡F5MM¡HDIDI ¡G¡ F@uDMDGH¡NDQ¡ @?<HDG¡ =<GH¡GPH<OG<MIė*¡I<FD=D.¡U<Q<OD0@TTD?
<OO<G .<UDĘ <=D?¡NDIDI .<U<I =<NLN 33& =GH¡G¡MDI?¡ ¡FN JGPI?PPIP =P H¡L<H?<
0@TD?<OO<GJ=M<UIIC¡HDIB¡MBDIH=<MDU¡IDIT<OMMGH<NDG¡ H¡CPMG<<I ¡NG<?%@T?¡M=DI
(<QPNJGN<?<ADIFDHDO<II<IO<MDSD¡SNDTT¡ODI T@MDID<G?IH¡TT¡IG¡?DMHD?DM*
¡GGDADIL¡I<¡OG¡MDI¡ BM¡BMI?¡ DNG<HL¡=PG@?¡M¡FS¡GDA¡IDI@OD=<MIL<U<I<IADI<=¡FD
0¡CG D=I 0PI=<OI T<M?H DG¡ T<S<G<?L? @DMG¡M T<U?G<M #¡L¡O NJIM< O<G@ =DM?¡I JI?¡N¡?DID LPM=GL?<IGH¡T¡ =PM<S?G<MADIDIDNG<HBMI<GOI?<UDIG<MI
N<SG<? ¡M¡=C@B@HJIGPPI<L<MH=<MDU¡G¡M¡ ?¡NO¡FJG?PP<IG<GH??Q¡ <?IP><G
?<I@DMG¡M=PI?<INJIM<=DM?¡ITJSJG?PĘN
.@T?@?¡FFDHC<>DM<GDH CH¡? ¡A¡MJGPė1<MDS?¡ OMFGFQ¡ JIPIuIu<G<IG<MĘ
H¡L<G¡NDI?¡ SDG<A¡O ?QMI?¡ ?QG¡ODI ?¡ S¡GDA¡IDI ?¡ OMF JM?PG<M O¡M¡ADI?¡I LJMPIH<NI?<I
Q¡ JIG<MIDu¡MDNDI?¡FD=¡UDDIN<IG<MIHNO¡LDG=DMOMF?QG¡ODLPMH<L<MUPNPI?<JGH<G<MI?PP ¡G?¡ @O?DTD=DMuJSSD?H¡OG¡MI¡OD>¡NDI?¡ Q<M?TFN¡F
H¡L<HI Q¡ =OI I@H¡OG¡MD u@TI¡T¡M¡F DNG<HDTT¡O =<TM< <GOI?<F OMF ><HD<NI< H¡SNPN
DH<GD M<I?< HNO¡LDG =DM OMF ?QG¡OD LPMH<< <OG?ĝ OMFGTI¡ ?JT<H<T<I =P OMF QG<?
SDG<A¡OH¡CF¡H¡NDI¡ Q@MDG?DQ¡ G?MG?ĘN
M¡=L<TI<LG<MI?<Q@MDG¡IH¡GPH<OG<M<DNODI<?@?¡I ¡A¡MJGP?<ADIDISDG<A¡OJM?PNP
FJH<I?<IJGH<NI<=<SH<T<M<Lėĝ¡NDGU<I<=<=<?DIDO¡G¡LLDG¡MDI?¡I<TMGH<?IĘQ¡ ėU
MPCPIP <I< ?DGDI?¡ T<UGH ¡?¡=DTT<OG< O¡NFDI @O?DTDIDĘ H¡TT¡IG¡?DMHD C¡OO< JIPI
H¡CF¡H¡NDI?¡I=¡UDAM<LH@IOG¡MD?¡ ¡N¡MDI¡ ?<SDG@OHD?DM
@G¡GDFG¡ S<GLI O<MDSDIDI ¡I BDUGD <IG<MII H¡CU AJGFGJM?< T<<?I =P SNPNDTT¡ODI¡
BM¡ ?¡ JIPI TM¡IDGH¡NDIDI HCH ¡C¡HDTT¡O ?<?I M@I S<IH FDHD ¡A¡MJGPIPI
B¡ODM?DTDA<FOG<M=DM?<C<N=PO@OHDJGPMPI?<I=<L<*@GDFJAAC¡HDIH¡L<G¡NDI?¡ <=¡FDI
O¡M>H@TDC<GI?<I?< =DM F¡I??¡
?JPGHP?Pĝ FDuDF T<G<M?< T@ODH L<G? Q¡ JI T<I?< DF¡I F¡I?DI LJTPIG<MI B?¡M¡F
u<GH<<=<G<?DMuJ=<IJI<N<UTM¡O?DQ¡ =PI?<LN<U<H<I?<PNO<G<?ĘN
PA<FOIQ@MDGH¡NDBNO¡MDMFDN<UPUPI ¡NMG¡MI>¡ S<GLDu¡MDNDI?¡J>HG¡?¡IHPNDLDT¡
M¡LN¡ <?G< N@QDI>¡ SNPND ¡C¡HDTT¡O Q@M¡I <?I ?< @G¡ =PM<?<I?<<=¡FG¡
=<GH¡GPH<OG<M ¡N<N¡IO<MDSFDO<=G<MI?<Q@MDGHD O¡¡NNAFD =PA<FOS<OMG<IH<H?M%<G=PFD
PUPI DGG¡M <MS<NI?<F S<GLI B> DG¡ FG¡GDT¡ L<M H=<MDU¡ <K<MP?JGHP?PMSMM¡HDG¡MDIN<U<=<G
JGH<NA<FO ?<=PIPN=PO@OH¡F?¡?DM )<FDI uJSBH<IFD ¡M¡=G¡MDIPUPINM¡I CFHM<IG
JIG<MIT<N<LG<IH<NQ¡ O<MDSDIT<??<I?<INDGDIH¡NDI¡ B¡ODMD=uS<MH?M
M@IS<IH?<C<<T?IJGH<NH¡LN¡?DG¡ė ĝ<<?<F=GH=<?<I=<<S¡T<GMI?M
Q¡ JG<TG<M<?DQG¡MDIK¡MDG¡MDIL<M?OMFM<I?<NO<IQ¡ H<N<GG<MIDIO¡NDMDBMGH¡F?¡?DMė ē
T<U<M<Lė0@TD?<OO<Gė ¡N¡MDI?¡ T@M<G<I<=¡FG¡ =<GJG<I=GHO¡?LDL<OI< ¡G<Q¡ @OHD?DM
ė(¡NFDI =DM T@IDGBD <GNO<I<?JMPL<u<M#¡L¡O<OO<GB@>¡ BDUGD>¡ L<G?L<G<T<BDM¡M Q¡ JIP ¡G¡
F@uDM¡M 0¡CG D=I 0PI=<O ?< HN¡GHI< =<GGI <U<GOHDMG¡M
<GOI?<?<K@T¡H=¡MGDTDIDT<TH<INM?MM<OO<GJIPI?DGDIDQ¡ DFD ¡GDIDF¡N?DMDMBUG¡MDID
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
JT?PMPM<?<?<T<SIG<?LG<MU<H<IS¡GDA¡ <OO<GL<MG<H<<B¡GDMJI<DGODA<O@?DM<=¡F
¡C¡MDIT<SDIGDI?<T<I?MGMQ¡ FGG¡MDNJQMPGPMĘ N
N¡M?¡I Q@MDG¡I =P MI¡T¡ ¡N<NG<I<M<L O¡?LDL<Ou ė0@TD? <OO<G .<UDĘ ?<NO<II?<
L¡CM¡H<IIT¡ID0@TD?<OO<GITPS<M?<L@T?JGPI?PPFDHD=¡U¡IO<MDSD¡SNDTT¡OG¡M?¡IA
DID ¡Q¡U@O?DTDIDH¡TT¡IG¡?DMHD?DMė<=¡FDG?M¡I<?<H<OO<G?MQ¡ S¡GDA¡IDI=PTPMPPI<
BM¡0<H<MM<?<T<KG<><LDB¡I>¡G¡MD?<C<TJG?<DF¡I=<G<?<I?<J?PMĘ N
PO¡?LDL<OI?<M@IS<IHI3*DIJMNFD1¡=¡MD731J<IQ¡ =<L<HO¡=¡MH¡I=¡G¡M¡
DNODI<?¡IUHG<CDU¡G¡MDIDN=PO@OH¡T¡ HQ¡AA¡LJGHP?PMG<FDIH¡L<G¡?¡ S<GLHUIO<MDSD
Q¡ =P BI DG¡ =<G I¡HGD =DM H¡L<H ?< ?DLL¡OD u¡FH¡F?¡?DM @G¡ FD H¡GGDA H¡CU
*(<G<IF<OGT< DNODI<?¡I <=¡F¡ JG<I S¡T<I¡O C<LLI?< T<UM ėĝ0¡CG ADIDI <=¡FD O¡NGDH
@?¡I¡ TU HDI ?DMC¡H <GOPI NU Q@M¡I Q¡ "MH¡IDNO< M@I S<IH S¡T<I¡O N¡=¡=DIDI
T<GIU LUG DG¡ =DOH¡?DTDID LJIP OJMK<LG<M< BU ?DFH¡ JG?PPIP SNPND JG<M<L L@T? @?DM
ė*JDN@N (<G<IF<OGT< BM¡ && FDO<= >D =GH ?G JG<M<L "MH¡IDNONO<II.PU@TDC@B@HJIGPP?<Q@MDG¡>¡F?DĘN
@G¡GDFG¡AM<INU?DGDI?¡C¡G¡ >DDG?¡ T<TIG<IHDJG<I <M<?MH<?<=PBI?¡ =DUDH
uI ?¡T¡MGD JG¡?¡I?<Q<H@OH¡F?¡?DM B¡MM@IS<IHI=P<M<?MH<G<M
ė ĝLMSDG¡ T<SIG<<I?I>¡ TJGuPGPPHĘ<?G<I?M?II¡U¡M¡ <GN<L ė1MF.<AL<UT<GGL
<=¡F 5MM¡HD Q¡ 0@TD? <OO<GĘ H¡L<G¡NDIDI I¡MDI?¡I uJS>JS I>¡?¡I L¡G¡H¡ <GI?I
BNO¡MH¡F?¡O<MDSDN¡ S<IH<GDHDIHG<CDU¡G¡MDIDI?JMPGPPIPN=PO@OH¡F?¡?DM
M@I S<IHI > DG?¡ -<MDN?¡ I¡M @?DG¡I ė.<UD *¡GDF !<IDH¡I?Ę ?<NO¡G=@?DM*¡GPH?PMFD=P<=D?¡?¡ <OO<G.<UDNJTPI?<IJG<I
*¡GDF !<IDH¡I? CH¡? .<UDIDI ¡SNDTT¡OD ¡OM<AI?< I<?JGP?<F OMFDU<IN N<Q<G<M ?DG¡
B¡ODMDGH¡F?¡?DM N )<FDI =P OMF L¡CM¡H<III NJTFF DG¡ =<G HSO¡GDA H=<CDN¡G¡M
PUPI DGG¡M?DM FD ?<Q<H @?DM SNPNDG¡ M@I S<IHI T<U? FDHD ė0JI ?QM =¡UD @MH¡ID T<U<M
G<MI?<I TM¡IDG¡I =DM ¡I¡I¡ !<IDH¡I?D =DM @MH¡ID FFG¡ =<G<T<M<L C¡OO< K@MN MON<S
NJTPI?<I=DMFM<GG<?<T<I<M<LJIPNJTGP=DM=¡TT<KMG<MĘN
M@IS<IHI ė*¡GDF!<IDH¡I?Q¡ 0DQ<NIA¡OCDĘH¡L<G¡NDC¡MU<H<IOMFG¡MDIH¡I¡
QD N¡MQ¡OG¡MDI¡ N<CD= uSH<< >¡C? BNO¡M¡IG¡M¡ J >HG¡?¡I <?I< ?<NO<Q<=?M
.@T? @?¡F FD ė!<NO<I?<G<MI?<=DMPTPG<H<U¡MDI¡ <M<?MH<ĘėI<?JGPOMFG¡MDIDI?DIN¡G
L¡CM¡H<IGL H¡OIG¡MDI?¡ NDHQJGG<D??DT<N<LLJTHP?P=PI<BM¡ ?¡ T<GIUNJIDGG¡M?¡ AJGFGJMI<NG<MI
<M<?MH<G<MI?<+¡=DT@QDIėU¡M=<T><IS<GL ¡?¡=DTT<OĘ?¡MNGDTDI?¡ S<GLI?DIG¡ =<G
T<M<O?=¡?DDIHPI¡G¡MO¡?LDL<O<>¡G=@?DGH¡T¡ =<G<H?M)<FDIHC<>DM¡O?¡ =PHQUPDG¡
=<G O¡?LDL<OG<M F@u¡I ¡NMDI >P DGG¡MDI?¡I <K<MGH?M @G¡ FD ėU¡M=<T>DDG?¡ *00¡I<IIėU¡M=<T><IN<U<DMG¡MDĘ>DG?¡ DN¡ *DMU<?¡
*PNO<A< #¡SM¡??DIDI ėU¡MD <LG<MI? DG?¡ -<MDN?¡
¡MLI<NG<M ¡HDTT¡ODI?¡ 0JND@O@ ND<ODLP@ O¡L?DH JGPIHP Q¡ >D DG?¡ ė/@QP@ ?@N
"OP?@NNG<HDLP@Ę?¡ NI¡M@?DGHD?DG<FDIJIPI<SO<MG<MUIIL@T?@O?DTD FDHD
C¡G¡ >D DG?¡ T<U? ė=P *NGDH ¡SDG¡MDI KDMDĘ ė=P *PNGDH K<OMJI ?@N F
CDNĘ H¡L<G¡NDI?¡I =<G<H Q¡ =PM<?< H¡GGDA =P *NGDHD (¡M=¡G< C<?DN¡G¡MDIDI U¡GGDFG¡
H<H %N@TIDI LDN<NI <GDTT¡G¡I?DMHD?D @G¡GDFG¡ ė1MF
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
?<NOD¡IDIC¡HuDIDIJIPI ¡N<NI?<T<M<I<I?<NO<IIC<LLI?<T<UMėĝ =P
*NGDH /¡NPGPI CGD@TODIDI>I<G<IėB>NUG¡MDLJMPT<IĘQ¡ ė¡UDG¡IS<GLIL¡CM¡H<IĘ
FDDGDTD DG¡ C¡M @T?¡I I>¡ DBD?GDF Q¡ >¡IB<Q¡MGDF GFNII MI¡F =DM ><IGĘU¡MDI¡ S<GLI<N<IGLG<
<IG<T<>< DA<?¡G¡MG¡ 1MFDT¡?¡ BIHU¡?¡F Q<MGI NM?M¡I S<GL< <D? =DM ¡?¡=DTT<O
T<M<O?"=P*NGDHDI?<NO<IG<D¡NDIDIDFDI>D=GHQ¡ JIPI
O<H<HG<I?MĘN
M@I S<IH =P H¡L<G¡NDI?¡ H¡I=¡G¡M¡ ¡N<NG<I<M<L I>¡ C¡HDI ?QM?¡FD O<MDSD C<?DN¡G¡M
C<LLI?< H¡GPH<O Q@MHD =P JI H¡>GDN?¡I D=<M¡O ¡N¡MDI C¡M =DM H¡>GDNDID ¡OM<AG O¡CGDG¡ >¡G=
@OHD JIPI ?<C< >JS *¡C¡MM¡H <TII DGF JI BII?¡ ><H<<O <M<NI?< JSPI?PPIP
H¡TT¡IG¡?DMHD?DM
M@I S<IH *@GDFJAAPI ė$M>G¡M OMFH¡IG¡M Q¡ 1M<=UJI ė!¡?¡ .JMLP? FDO<=Ę U¡MDI¡
?I>¡G¡MĘ H¡L<G¡NDI?¡ ė(DO<=D!¡?¡ .JMLP?ĘG< =<G H<M<LG H¡GPH<OG<M< O¡N<?A
JGPIH<L?<?M *¡L<G¡IDI BDMD CDNN¡NDI?¡ .<ALNO<I?< "MH¡IDNO<I?<
C<FDHDTT¡O PMPI?< =< Q@M¡I N<Q<G<M C¡HuDIDI <K<MGPLG<M JIG<MI
TMG¡MDHJILJGG<M.<M<LJTPIGPLJTPIGP?QG¡OG¡MDDG¡ =<GC¡LDL¡OG¡MD?¡ U¡ uS<MH<<
u<GH?M
M@IS<IH=PB@IDO<MDSDC<?DN¡G¡MDL¡G¡H¡ <GH<NN¡=¡=G¡MDIDDN¡ =@G¡ DU<C@?DMėOI
=PL<MLJG<TG<MIDuDu¡ BDMHDS<GLG<MI=¡GDM?DTDu@QM¡OMFJPU?<NONI?<IJG<TG<M=DM=DMDI¡ L<M?MG
H?¡TDDFGDT¡ PM<?GHQ¡ ?<NO<IuJSQ<SOT@O¡MNDUQ¡ H>¡MM¡?O<MDSL<TI<LG<MT<II?<
O<H<HG<T>?¡MDIGDTDQ¡ ><IGGIN<SG<T<I=DMu@QM¡T¡ NPIH<NOIGTILJMPTPMĘN
@G¡GDFG¡ H¡GGDA C¡M @T?¡I ¡QQ¡G ė(DO<=D!¡?¡ .JMLP?ĘP JPU OMFG¡MDIDI ė?DQ =DM
¡N¡MĘD FDHD >JS TFN¡F ?¡T¡MG¡I?DMDM ?DB¡M O¡M¡A?¡I .<AL¡MM¡? T<MHuL H¡I=¡G¡M?¡IN¡ H¡CU =P ?<NO<I< HM<>D¡O @?DGH¡NDID
?<C< H¡LN¡?¡PTPI JG?PPIP @KJNPI T<GIU ¡?¡=D ?@TDG C¡H ?¡ O<MDSD ¡C¡HDTT¡O ?<?I
H¡TT¡IG¡?DMHD?DM
ė(DO<=D!¡?¡ .JMLP?ĘPI ¡NGDI?¡ O<MDS¡I ?<C< L<?DHG¡M¡ <D? JG?PPIP =DM I@u¡ TU DG
¡QQ¡GG¡M?¡IT<M<I<M<L<U?<I<U<DA<CD¡FDG?¡ T<TGH<NI<?DLL¡ODTI¡G?¡IH¡GGDA@KJNPI
53 ¡NM?¡ 1¡=MDU?¡ T<UT< FuMG?TI L@T? @OHD?DM ė6U DGG¡M =JTPI>< NUG <IG<?G<H<<O
?C@O@MJ?JS@ ?¡MQD S<GL <DMD JU¡G¡MD Q¡ ¡NFD OMF DBD?GDF
¡CQ<G<OG<MIC<ADU¡NDI?¡ N<SG<T<ILJMPT<I=DMFDDD?D=C¡NDU.<AL<U<Q¡ (DuDFNDT<?<T@M
G¡H¡U?¡II>¡ ,MO<NDT<?<?JHPN<Q<Q¡ DBD?GDFTFG¡MDI¡ ?<T<I<Iė!¡?¡ .JMLP?FDO<=DĘ
LJTPIGPG<M ?I¡HDI?¡ =DuDHG¡IHD?D *¡OI >D DG?¡I >D DG¡?¡F 2UPI %¡N¡IDI Q¡
T@MDI¡ F@u¡IG¡MDI =<F¡I?G¡MD JG=JTPJG<I ē <TPI?PMG<MI?<NO<I?MĘ
N
N¡MDIH@T?<I<uSH<NI?< ¡Q¡UNDUSD?H¡OBNO¡M¡IQ¡ ?<NO<IIUI?¡ <?C¡MU<H<IN<TL
DG¡ S<OMG<I<I ¡N<N L¡CM¡H<IG<M?<I =DMD JPUG<MI H?MDF <N<LL<G JU<I !¡?¡ .JMLP?PI =P
<=D?¡IDI T<M<IH<NI?<F ¡Q¡UNDU SD?H¡ODI?¡I =¡CN @?¡I H¡L<G¡ H¡GGDAD ¡N<N C<?DN¡G¡MDI
H¡MF¡UDI?¡ ?PM<I¡SNDI<TI?PMS<IJG?PPNTG¡H¡FG¡ L<GH<HJIPIT<<?O<MDSD?QM
NDT<NDC<?DN¡G¡MD?¡ H¡TT¡IG¡?DMH¡T¡ u<GH?Mė!¡?¡ .JMLP?FDO<=DĘI?<JG<TG<MOMFH¡IG¡MDI
T@IDTPM?G<M.PU@T?JPI<?JGP?<Q¡ .<AL<U?<U¡M=<T><I?<Q¡ "MH¡IDNO<I?<F@uH¡F?¡?DM
1<MDSDC<?DN¡ BM>G¡MQ¡ JIG<MIT<II?<T@M<G<I1M<=UJIMPHG<MDG¡ T<KG<IN<Q<G<M?MIG<?
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
G<IG<MOMFH¡IG¡MDI1M<=UJI<L<MN<Q<G<MI<?<T<I<IQ¡ =JT<<?IQ@M¡IL¡CM¡H<II<IGH<N
DG¡ J=DMDG¡MDI?¡I<TMG<I=@DI>DQ¡ <GOI>C@F<T¡?¡I=<L< ē <TI?PMS<I< Q¡ JIPIN<Q<G<MI<
?<T<IH<LG< =DMGDF?¡ T¡LDI FD 5&&& TUDG¡ .<M<LJTPIGPG<MI I<?JGPT< BDM¡M¡F !DT<M=¡FDM¡ Q¡
TPS<M #¡M<O =GB¡NDI¡ T@MG¡?DFG¡MD NM<?< 5JM<N<I?Dė!PS<.J><JGP!¡GD!JHMPG=JTTPIP=¡T ė.<IG .J>< JGP .<IOPM<G =JTPIP =¡TD=JTG<ė<N<OI
1¡K¡BUG?M?T=JTP=¡T<I@TG¡MĘ=<GC@u=DML¡I<¡ODM¡GDNMHM=P?<=DML¡?¡MO¡¡>>=
?JPMPM )<FDI =DM L¡?¡M NJIM< H¡GGDA C<?DN¡G¡MDI =< Q@M?DTD ¡M<UDG¡M?¡I =¡CN @?¡MF¡I T<GIU
<GO=JTPI=DM=DMDDG¡ ?<C<NS=<GJG?PPIP=DG?DMDMė(u¡MDOMFH¡IG¡M<O<TPM?GPG<MI ¡NFD?¡I
=¡MD T<<?LG<M F¡I?G¡M Q¡ L¡N¡=¡G¡M <M<NI?< LJIP= B@>¡G¡T¡MF¡I =PM<G<M< <SIG<M T<K<MG<M
$M>G¡M T< ?< J =DMD L<AL<UGG<M ?< AMN¡O =PG?PL>< Fu¡MDG¡MDI J=<G<MI< N<G?MH<L?<I B@MD
L<GH<UG<M I< JG<TG<MI @TID T@MG¡M?¡ F@u?DTD Q¡ @TID FDDG¡MDI JMO<T< uS? =P TFG¡MDI
ė=JTĘG<MI<GONIIHQUPNP&&&&&&33&&&5Q¡ 5&<<TPS<M=P?PMĘN
M@I S<IH C¡HDI <GO =JTPI C¡M =DMD Q¡ JG<TG<MI =< Q@M?DTD T@MG¡M C<LLI?< <TM<TM
H¡GPH<O Q@MHD?DM *¡GGDADI OMF N<GI<H¡G¡MDI?¡ F<ADM CFH?<MG<M< <D? JG<M<L DNODA<?¡ @?DG¡I
ėO@FAPMĘNUIIDU<CDG¡ =<BGADFDMG¡MD?¡ H<M<L?JPMPMPIPI@MH¡ID>¡ ėO<F<QJMĘNUI?¡I
JG?PPIPFM<GG<M<Q@MDG¡I<?FDHDDG¡I?DTDIDH¡TT¡IG¡?DM¡I M@IS<IHIH¡L<G¡NDI?¡FD=DM
H¡L<H?<?I?M>Q¡ H=<CDN¡GD?DMė!DLL¡Ou¡FD>D?DMFDJ=DMDI<?JGPOMF?<NO<IG<MII
U¡GGDFG¡ O¡H¡GJG<T(<K<?JFT<?<F@u¡I ė*¡GDF!<IDH¡I?Ę <=D?¡NDIDI O¡MNDI¡ .<AL<U"MH¡
IDNOėF<ADMĘG¡MN<IH?MG<MĘ N
M@I S<IH @KJNPI =¡UD =JTG<MII HQUP =<SHI?D =JT?<F ¡CQ<G<OI ėOMF ?<NO¡F N<Q¡NDJG<M<LH¡TT¡IG¡¡I=DM?DGG¡Ęu<O?I?<<TM><S<OMG<O
H?M
ėI<?JGP OMFG¡MDIDI ?DIN¡GL¡CM¡H<IGL H¡OIG¡MDI?¡ NDHQJGG<¡IB<Q¡MGDF ¡H¡GDID?<NO<IL¡CM¡H<II=P ¡H¡GDI=DM
=¡?¡IG¡H¡ND JG<M<L BM¡I JSPH<H S<GL NDIDAG¡MD <M<NI?< =DM T<TGH< Q<NDO¡NDI¡ u@QMDGDM?D
*¡I=¡G¡M?¡ ĝQ¡ N<TG<MI<NSNSM<NOG<IM?ĘN ē T<U<IH¡GGDA@TID
U<H<I?<Q¡ IDI?¡ >JSDG¡I?DTDID=PM¡L¡HG¡MDI ¡NGDI?¡ DG¡ DIOJKG<IH<NDG¡ QPMPG
H<NI?<IT<M<I?IH¡TT¡IG¡?DMHD?DM!<IDH¡I? 0<M0<GOPF =P*NGDH0@TD?<OO<G
Q¡ =<L<?<NO<IL¡CM¡H<IG<MII<?G<MI ¡M¡=C¡MAG¡MDIDIN<TL<MG ¡N<NI?<DI>¡G¡H¡FG¡ M@I
S<IH =P DFD M¡L¡HDI LPON<GGI U¡ uS<MH<LG< T<I< JIG<MI ¡NFD ?I¡HG¡M?¡I C¡H A<MN
AJGFGJMPI?< C¡H ?¡ OMF ?<NO<I ¡I¡I¡NDI?¡ T<<?I HSO¡GDA H¡I=¡G¡M ¡N<NI?< N=PO<
T@ODMHD?DM
.@T? @OH¡F G<UH?M FD M@I S<IH S<GL ¡?¡=DTT<OI?< NDHQJGG<<I N<TG<MG< =<G
<M<?MH<G<MI ?<Q<H @O?DM¡M¡F ė¡FO<D¡G¡QDGDTDI NDHQJGG<? U¡MDI¡ JI DFD C@TQ<IG
O¡LQDH?¡I JI DFD DH<H<Ę H¡L<G¡NDI?¡ KMJ=G@HG¡ =<G T<UM ė,I DFD N<TII
LPON<GG<?MGH<NI< ?DIG¡MDI Q¡ H¡?¡IDTT¡OG¡MDI =DM uJSPI?< M<NOG<ML .¡?DH u<?< TPI<O<IMG<MIIN<T?<JIDFDD?DJIDFDL@TN¡M5MDNOD<I?I¡H?¡ JIDFD
C<Q<MD =P?DIDI?<NO¡IB<Q¡M=PGPIPM?PNG<H?<JI
DFDN<T,IFDH<HITFN¡G?DGDDDG¡ D¡G¡M?¡ H¡TT¡IG¡?DĘN
%¡HDIH¡L<G¡NDI?¡ H¡GGDALN<JG<M<L T@??DN<TDG¡ =<G?I>¡G¡MDI¡ T@M <TMH=P
M¡L¡HDI DNG<HI L¡=PGPI?<H I>¡ ?¡ OMFG¡M?¡ HL¡??¡NGDTDID BNO¡M¡I =¡UD ?@O<GG<M<
M<NOG<?II¡U¡M¡ u<O?MH<LG<T<I<ėP?¡MDIG¡H¡T¡ ?¡T¡M=DMHQUP?PMĘ ē T<U<M<LJIPI
<T?IG<LJQPH<NIB¡G¡>¡F<M<?MH<G<M<N<SG<H?M
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
M@I *@GDFJAAPI HDAJGJBDT< DG¡ =<G O¡?LDL<OG<M ?< uJS?PM @G¡ FD <GDHDI ė%<GQ<
LPON<GG Q¡ C<GQ< ?<OH< ¡I¡I¡ND JMO<u< 1MFDT¡NDI?¡ H¡NG¡F GJI><G<MI?< =DM PTPG<H<
U¡MDI¡ <M<?MH<Ę ė)@ MDOP@G ?P %@GQ< M@>C@M>C@ NPM PI@ >JOPH@ ?@N >JMKJM<ODJIN ?@ *@OD@M
?<ING<1PMLPD@H@?D@Q<G@ĘėI<?JGPOMFG¡MDIDI?DIN¡GL¡CM¡H<IGLH¡OIG¡MDI?¡ NDHQJGG<JM@GDBD@PN@ !@ 1PM>N ?ĕI<OJGD@Ę
ė.<U<IĘ NU>T U¡MDI¡Ę Q¡ = O¡?LDL<OG<MI?< OMF HDAJGJED ?I>¡ND O¡CGDG J=T@FODI¡
u@QMDGHD?DM
M@I*@GDFJAAPIeDF<LJ 2IDQ@MNDT@TDIDH¡GGDHD/J=@MO!<IFJAA<<uLH¡FOP=P¡FGDI?¡
T<UGD DG?¡ N ?¡M>
@?DGHD ė.<U<IĘ NU>T U¡MDI¡Ę <?G H¡L<G¡ND U HQUPNP DG¡ AJGFGJMI<NGHU uI >JS
HCH ¡C¡HDTT¡O¡ H<GDF?DM *¡GGDA ėL<U<IĘ NUII S<GL ¡?¡=DTT<OI?< B@ID T@M <GH<
N¡=¡=DID =@G¡ DU<C @?DM ė*DAJGJBDT<G<MI uJSPI?< ėL<U<IĘ =DM N@CMI<G U¡GGDTDI¡ =MIH
BMIM .<U<I NJND<G T<<HG< NHNS =<G?M J=<II GDFT@IDG¡H¡?DMDGH¡ NDHQJGPI<=¡U¡IDN¡ >DIG¡MDIK¡MDG¡MDIHSO¡GDA
><?PG<MII N@CDMG¡MDIDI C<UMG<I? Q<NDO¡T¡ u@QMDGDM J <H<IDUH ?I¡HD uI ONO T<M<?<I
¡N<N<G¡O?DM
PNUIė(DO<=D!¡?¡ .JMLP?Ę?< ¡N<NL¡CM¡H<II0<GPM.<U<IGOPI,M?<!QG¡ODIDI
NJIM<G<M 3JGL<=JTP 1<O<M HCPMDTT¡ODIDI K<TO<SODII <? FDHD DG¡I?DTDID S<OMG<?¡U= @?¡I T< ?< u@D?GD ?DQ >DIG¡M¡
L<M N<Q<G<M <IG<?G<MF¡I M<NOG<IM .<U<I <H<IG<H< OM¡IG¡MDI?¡ ONOG¡H¡
PTPG<IH<G<MI?<I<IG<MIu<M?MĘ N
@G¡GDFG¡ M@I S<IH =DM uJS C<GG<M?< AJGFJMG< =<G HSO¡GDA KMJ=G@HG¡MD C¡GG @OH¡FG¡
T<I< ė.<U<IĘ NUII ėG¡T¡IĘ FDHD DU<CI< @ODM<U JG<M<L T<U? =P H¡L<G¡?¡ JG?PP FDHD
?IT<AJGFGJMI<NG<MIIL<G?M?H¡N¡G¡G¡M¡ ?DLL¡OT@ODMHD UHG<CDU¡G¡MDDG¡ <T?IGLB¡
ODMHD?DMFD=P?<O¡L?DM¡G<TDL?DM
.@T? @OH¡F G<UH?M FD 1MFDT¡?¡ M@I S<IHI ¡N¡MG¡MD Q¡ A¡<GDTT¡ODG¡ =<G
O¡?LDL<OG<MC¡HN<GI?< C¡H?¡ GHI?¡INJIM<?¡A¡G¡MG¡ I¡M@?DGHD?DM >PDG?¡
"N<O.JMSH<UIM@?<FOJMGPPDG¡O¡SHDI¡ILMS<T<SIH¡GGDADIH¡L<G¡NDIDIOJKG<I?ė2TPM
D?DF PT<M? M@I *@GDFJAAĘ <?G FDO<= I¡M @?DGHD?DM FD =PM<?< BMF¡HGD U¡M=<T>ODH<DA¡<GDTT¡ODDLG<I?MGH?M
#M<IN<?<T<<T<IHC<>DMG¡M?¡I @TCPI%<>=¡TGDIDIT<M<?>GDG¡ =<GU¡M=<T><I?<
O¡?LDL<OG<M <K<MGH M@I S<IH *@GDFJAA C<LLI?< H¡TT¡I L¡?¡M H¡GPH<OG<M
Q@MDGHD?DM G<FDI JIPI uJS U¡IBDI AJGFGJMI<NGL A¡<GDTT¡OD DI?DT¡ L¡?¡M O¡CGDG¡ >¡G=
@?DGH¡HD?DM!JSN<IDG?¡I>JSHMNM¡IQ¡ O¡SHDI¡I<GOHDG?¡I<MOLT<M<?>GLG<H¡PG
JGH¡ JGPI<M<LI¡M@?DGH¡NDI¡ @CODT<>Q<M?M
(3K@3C>3D
GG<CQ@M?DT@Q< +<=¡ ė'JPMI<G ND<ODLP@Ę?¡ U¡M=<T>¡ND<GH<L uI O¡L?DH @?DGHD?DNN@MO<NDT<II
<QOJM@A@M<O
GKO@FDI 1PM@G@H@NJI T<UG<MH@FOPKG<M
NO<I=PG!@HJNT<TIG<M
U¡M=<T>DG??¡&><F<F"GH
<A@MJGP CH@O 1<MDCO@ OMFGF Q@ JIPI DuDI u<G<IG<M %- (JIA@M<ING<M N@MDND
(DO<KN *@GDFJAAM@I@(MFG<MI>@HDDI?@e@QDM@I1PM<IGKO@FDI!@HJNT<TIG<MNO<I=PG
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
*@GDFJAA M@I@ !@NO<I?PGPFG<MH e@QDM@I 1PM<II<N /<HDU NB¡MDI M@I *¡GDFJAAG< HN<CD=¡ND Ę,?G<M TPM?PĘ
IJT<=MĠ
*DMU<?@*PNO<A<#<CM@??DIU@MD<FG<MI?<I0<MFU@M=<T><ITPMO=DGBDND
TGN<TN
+¡=DT@QU<?U¡M=<T><IS<GL ¡?¡=DTT<O&>DG?<F1PM<I&&>DG?<F
"GH
0<I<I0<?F*U@M=<T><I0<U<DMG@MD U@M=<T><I6PMODGBDND NO<I=PGTG
N<TN
0PGO<IG3<LDAU¡M=<T><IHC<>DM¡O ¡?¡=DTT<O<FDMQ<II¡M
1<CDMJQ =D? @TCPI %<>=¡TGDIDI C¡T<O Q¡ T<M<?>G #DGJGJBDT< @GHG¡MD I<HDU¡?D
<GDHGDF?¡M¡>¡ND<GH<LuIO¡L?DHJGPIHP?DNN@MO<NDT<II<QOJM@A@M<O<F
2TPM D?DFPT<M?M@I@*@GDFJAA"?DOM"N<O(JMFH<UNO<I=PG!@HJN T<TIG<M
6<M?Hu*@CH@O!@NO<IG<MUHDM(<TGH=>AD7EFG6K:7D;F397 A8 D7@$7>;=A88
1C@<MOD>G@ė1C@ AJGFGJM@NOP?TC@MDO<B@ JA&M@I*@GDFJAA Ę<I<GTU@NOC@RJMFNJA*<?<H@
&M@I ē U@M=<DE<IDM@N@<M>C@MGDQDIBDI#M@NDI>@-MJA@NNJM*@GDFJAAC<Q@Q@MTQ<GP<=G@
M@N@<M>C@NJI1PMFDNC@KJN@NRCD>CC<Q@=@@IKP=GDNC@?DI?DAA@M@IO>JPIOMD@NJAOC@RJMG?1CDN
<MOD>G@ C<N @S<HDI@? OC@ M@N@<M>C JI OC@ @KJN@N JA ė0@TD? <OO<G $<UDĘ ė*<GDF !<IDNCH<I?Ę
ė(DO<=D ē !<?<$JMBP?Ę<NR@GG<NC<NOJP>C@?PKJIOC@JK@IG@OO@MJAC@MOJKMJA@NNJM/J=@MO
!<IFJAAMJH CD><BJ2IDQ@MNDOT
1C@<MOD>G@@SKGJM@NOC@ JKDIDJINJA &M@I*@GDFJAAJAOC@>C<M<>O@MNGDF@ <=<F ANCDI
0<GPM$<U<I<I?@O><I?OC@DMKMJOJOTK@N<NR@GG<NCDNOJMD<GM@<GDOD@NJAOC@@KJN@NOC@KG<>@N
RC@M@OC@TOJJFKG<>@<I?OC@IPH=@MNRCD>CR@M@PN@?<NNTH=JGN
"7KIAD6E @KJN1PMFDNCAJGFGJM@ <NPNI<ODJI
« ¡¢§¡¡x |¤¤
¨×ØÆØâË ė»ÔÑâÐÑÔÖÎ×ØÎÝË×ÐÔËÓÆ×ÑËÊÎË®ÖËÓ²ËÑÎÐÔÚÚĘ ÆÓÆÑÎÍÎÖÔÈÆÓÔØÈÔÖÝË×ØÈÔ
ÆÍËÖÇÆÏÊÌÆÓ×ÐÔÉÔÙÝËÓÔÉÔ®ÖËÓÛÆÓÙÒ×ÉÔÊÆÕÖÔÌÎÈÆÈßÆæÈÔ»ÖÆÓÜÎÎµÖÔÚË××ÔÖ
²ËÑÎÐÔÚÚ ÎÒËËØ ÔÝËÓâ ÒÓÔÉÔ ÕÖÔÎÍÈËÊËÓÎÏ ÕÔ×ÈæÞËÓÓáÒÎ ØåÖÐ×ÐÎÛ ÊÆ×ØÆÓ
ÓÆÕËÝÆØÆÓÓáÛ È ÖÆÍÓáÛ ×ØÖÆÓÆÛ ÒÎÖÆ ¨ ãØÔÏ ×ØÆØâË Î××ÑËÊÔÈÆÓÔ ËË ÕÖÔÎÍÈËÊËÓÎæ
×ÈæÍÆÓÓáÒÎ ÊÆ×ØÆÓÔÈ ė¸ËÏÎÊ §ÆØØÆÑ ©ÆÍÎĘ ė²ËÑÎÐ ªÆÓÎÞÒËÓÊĘ ė°ÓÎÉÆ ÒÔËÉÔ ÊËÊÆ
°ÔÖÐÙÊÆĘ Î ÊÖ ÐÖÔÒË ØÔÉÔ ÖÆ××ÐÆÍáÈÆËØ×æ ÔÇ ÔØÐÖáØÔÒ ÕÎ×âÒË Ð ÕÖÔÚË××ÔÖÙ
ÙÓÎÈËÖ×ÎØËØÆ¾ÎÐÆÉÔ·ÔÇËÖØÆªÆÓÐÔÚ
¦ÓÆÑÎÍÎÖÔÈÆÓÔ ÒÓËÓÎæ ®ÖËÓÆ ²ËÑÎÐÔÚÚÆ Ô §ÆÇËÐ ¦ÚÞÎÓ ¸ÆÑÙÖ °ÆÍÆÓ Î ÊÖÙÉÎÛ
ÔÇÖÆÍÆÛÔÇÎÛÕÖÔØÔØÎÕÆÛÇÔÑËËØÔÉÔÎ×ØÔÖÎÝË×ÐÎËÎ×ØÎÓáÔ×ÈæßËÓÓáÒÎÈÊÆ×ØÆÓÆÛÎÛ
ÊËÏ×ØÈÙåßÎËÒË×ØÆÔ×ÎÒÈÔÑÆÛÔÇÖÆÍÔÈÆÓÓáÒÎÝÎ×ÑÆÒÎ
z®§ª¡ · ÊÆ×ØÆÓØåÖÐ×ÐÎÏÚÔÑâÐÑÔÖ °ÆÈÐÆÍÓÆÖÔÊ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
q~~utx}u}xuzox}z~yt|xzz~r~tuo}oq
quzuzx}u|o~rox~{uo}x}o
^k^plifgjljnfh
®×ØÔÖÎæ Î××ÑËÊÔÈÆÓÎæ ãÕÎÝË×ÐÔÏ ØÖÆÊÎÜÎÎ ¨Ô×ØÔÝÓÔÏ «ÈÖÔÕá ÎÒËËØ ÙÌË
ÓË×ÐÔÑâÐÔ ×ØÔÑËØÎÏ ¹ÆÐ ÕËÖÈÔË ÙÕÔÒÎÓÆÓÎË Ô ×ÙßË×ØÈÔÈÆÓÎÎ ÙÐÖÆÎÓ×ÐÎÛ ÊÙÒ Òá
È×ØÖËÝÆËÒÈX¦ÓÓÆÑÆÛ[ÕÔÑâ×ÐÔÉÔÎ×ØÔÖÎÐÆ¸ÆÖÓÎÜÐÔÉÔµÔÊÉÔÊÔÒÔÓÙÕÔÒÎÓÆËØÔ
ÊÙÒË ×ÔÍÊÆÓÓÔÏ È ÕÆÒæØâ Ô ÉÎÇËÑÎ È ÕÔÛÔÊË ÓÆ ¨ÆÑÆÛÎå ÂÚÑæÐ È ØÙÖËÜÐÔÏ ØÖÆÊÎÜÎÎ
ÊÈÙÛ ÇÖÆØâËÈ µÔ×ÑË ÕËÖÈÔÏ ÕÙÇÑÎÐÆÜÎÎ ÊÙÒ È ÓÆÝÆÑË ¼¤¼ ÈËÐÆ ÔÓÎ ÔÐÆÍÆÑÎ×â È ÜËÓØÖË
ÈÓÎÒÆÓÎæÈ×ËÛÈáÊÆåßÎÛ×æÎ××ÑËÊÔÈÆØËÑËÏÙÐÖÆÎÓ×ÐÔÉÔÚÔÑâÐÑÔÖÆæÍáÐÆÎÑÎØËÖÆØÙÖá
¸ÖËÊÎ ÓÎÛ ÇáÑÎ ª ½ËÖØËÑËÈ ² ²ÆÐ×ÎÒÔÈÎÝ ² °Ô×ØÔÒÆÖÔÈ ¨ ¦ÓØÔÓÔÈÎÝ µ
¬ÎØËÜÐÎÏ ² ±Î×ËÓÐÔ ° ©ÖÙÞËÈ×ÐÆæ ®ÒÎ ÇáÑÎ ÈáÊËÑËÓá ÉÑÆÈÓáË ÝËÖØá ÊÙÒ ØÆÐÎË
ÐÆÐÎ×ÕÔÑÓËÓÎËÖËÝÎØÆØÎÈÔÒÈÒÙÍáÐÆÑâÓÔÒ×ÔÕÖÔÈÔÌÊËÓÎÎÓÆÇÆÓÊÙÖËÐÔÇÍËÎÑÎÑÎÖË
ÔØ×ÙØ×ØÈÎË ÔÕÖËÊËÑËÓÓÔÏ ×ØÖÔÚÎÝË×ÐÔÏ ×ØÖÙÐØÙÖá ×ØÖÔÐÆ ÓËÖÔÈÓÔÏ ÊÑÎÓá
ÕÖËÎÒÙßË×ØÈËÓÓÔÉÑÆÉÔÑâÓÆæÖÎÚÒÆ ¨×Ë ãØÎ ÝËÖØá ×ÇÑÎÌÆåØ ÙÐÖÆÎÓ×ÐÙå ÊÙÒÙ × ØåÖÐ×ÐÔÏ ãÕÎÝË×ÐÔÏ ØÖÆÊÎÜÎËÏ
³Ë×ÒÔØÖæÓÆØÔÝØÔËËÙ×ØÓÆæÚÔÖÒÆÈÔ×ÛÔÊÎØÐ¼¼& ÈËÐÆÒÎ×ÑËÊáËËÔÇÓÆÖÙÌÎÈÆåØ×æÈ
ØËÐ×ØË X´ÉÙÍÓÆÒË[ Î ×ÑÔÈÆÖË ²ÆÛÒÙÊÆ °ÆÞÉÆÖÎ È×Ë ÌË ÕËÖÈáÏ ÍÆÈËÖÞËÓÓáÏ ØËÐ×Ø
ė(DO<=D !@?@ .JMLPOĘ ØÆÐ ÌË ÐÆÐ Î ÙÐÖÆÎÓ×ÐÎË ÊÙÒá ÔØÓÔ×ÎØ×æ Ð 53& È ¸ËÖâËÍÓÔË
×ÔÇÎÖÆÓÎË Ù×ØÓÔÉÔ ØåÖÐ×ÐÔÉÔ ãÕÔ×Æ ØÔÌË ÔØÓÔ×ÎØ×æ Ð 5&5 È Î ×ÈæÍÆÓÔ × ÎÒËÓÆÒÎ ¦
¨ÆÒÇËÖÎ ¾¨ÆÑÎÛÆÓÔÈÆ ¦ ªÎÈÆËÈÆ © µÔØÆÓÎÓÆ ¨ ·ÆÊÑÔÈÆ ·ÆÇÔØÆ ÓÆÊ ÎÛ ÎÍÊÆÓÎËÒ
ÕÖÔÊÔÑÌÆËØ×æÊÔ×ÎÛÕÔÖ ®ÍÙÝËÓÎË ÐÖáÒ×ÐÔØÆØÆÖ×ÐÔÏ ãÕÎÝË×ÐÔÏ ØÖÆÊÎÜÎÎ Î ÚÔÑâÐÑÔÖÆ ÈÔÔÇßË ØÆÐÌË
ÔØÓÔ×ÎØ×æÐãØÔÒÙÕËÖÎÔÊÙ ¨ÑÎæÓÎË ØåÖÐ×ÐÔÉÔ ÒËÑÔ×Æ ÓÆ ÚÔÖÒÎÖÔÈÆÓÎË ÙÐÖÆÎÓ×ÐÔÏ ÊÙÒá ØÔÌË ÎÒËÑÔ ×ÈÔÎÛ
Î××ÑËÊÔÈÆØËÑËÏ ÓÆÕÖÎÒËÖ ° °ÈÎØÐÆ ÕÖÎÍÓÆÈÆÑ ÝØÔ ÙÈËÑÎÝËÓÎË ÎÓØËÖÈÆÑÆ È ÒÎÓÔÖË
ÛÖÔÒÆØÎÍÒ ÙÐÖÆÎÓ×ÐÔÏ ÒËÑÔÊÎÎ ÎÒËËØ æÈÓÔ åÌÓÔË ØÙÖËÜÐÔË Î ÐÖáÒ×ÐÔØÆØÆÖ×ÐÔË
ÕÖÔÎ×ÛÔÌÊËÓÎË ³Ô È ÊÆÓÓÔÏ ÓÆÞËÏ ÖÆÇÔØË Òá ÖÆ××ÒÔØÖÎÒ ÓË ÖÆÍÈÎØÎË ÙÐÖÆÎÓ×ÐÔÏ Î ØåÖÐ×ÐÔÏ
ãÕÎÝË×ÐÔÏ ØÖÆÊÎÜÎÎ È ÕÖÔÞÑÔÒ Æ ËË ×ÔÈÖËÒËÓÓÔË ÚÙÓÐÜÎÔÓÎÖÔÈÆÓÎË È
ÐÎÓËÒÆØÔÉÖÆÚÎÝË×ÐÔÒÒËÊÎÆÕÖÔ×ØÖÆÓ×ØÈËÓÆÕÖÎÒËÖËÚÎÑâÒÆ×ÔÈÖËÒËÓÓÔÉÔÙÐÖÆÎÓ×ÐÔÉÔ
ÖËÌÎ××ËÖÆ ´ÑË×æ ¸ÆÓÎÓÆ X²ÆÒÆÏ[ ÐÔØÔÖáÏ ×ØÆÑ ÔØÐÖáØÎËÒ È ÔØËÝË×ØÈËÓÓÔÏ
ÐÎÓËÒÆØÔÉÖÆÚÎÎ
´ÑË×â¸ÆÓÎÓÖÔÊÎÑ×æÈÉÔÊÙÈ°ÆÒËÓâ°ÆÞÎÖ×ÐÔÒÖÆÏÔÓË¨ÔÑáÓ×ÐÔÏÔÇÑÆ×ØÎ
ÝØÔ È ÆÕÆÊÓÔÏ ºÐÖÆÎÓË ´Ó ÍÆÐÔÓÝÎÑ ÆÐØËÖ×ÐÔË ÐÙÖ× ¨ÆÑËÓØÎÓá ÎÒÓËÏ Î
ÖËÌÎ××ËÖ×ÐÔË ÔØÊËÑËÓÎæ ÐÙÖ× ±ËÔÓÎÊÆ ´×áÐÎ °ÎËÈ×ÐÔÉÔ ÎÓ×ØÎØÙØÆ ØËÆØÖÆÑâÓÔÉÔ
Î×ÐÙ××ØÈÆ ÎÒËÓÎ ® °ÆÖÕËÓÐÔ°ÆÖÔÉÔ »ÎÑâÒ X²ÆÒÆÏ[ ÇáÑ ×ÔÍÊÆÓ È Î ÇáÑ ËÉÔ
Ù×ÕËÞÓáÒ ×ØÙÊËÓÝË×ÐÎÒ ÊËÇåØÔÒ «ÉÔ ÓËÔÇáÝÓáÏ ×åÌËØ ×ÖÆÍÙ ÕÖÎÈÑËÐ ÈÓÎÒÆÓÎË
ÍÖÎØËÑæÎÈáÍÈÆÑÎÓØËÖË×ÙÊÙÒÆåßËÏÕÙÇÑÎÐÎ´Ó×ØÆÑÚÆÐØÎÝË×ÐÎÕËÖÈáÒÙÐÖÆÎÓ×ÐÎÒ
ÚÎÑâÒÔÒÕÔ×Ø×ÔÈËØ×ÐÔÉÔÕËÖÎÔÊÆÐÔØÔÖáÏÇáÑÓÔÒÎÓÎÖÔÈÆÓÓÆÆÒËÖÎÐÆÓ×ÐÎÏX´×ÐÆÖ[
ÐÆÐÑÙÝÞÎÏÓËÆÓÉÑÔæÍáÝÓáÏÚÎÑâÒ ¨ ãØÔÒ ÚÎÑâÒË ØÖÆÊÎÜÎæ ÙÐÖÆÎÓ×ÐÔÉÔ ÕÔãØÎÝË×ÐÔÉÔ ÐÎÓÔ Û ÉÔÊÔÈ × ËÉÔ
ÎÓØËÖË×ÔÒ Ð ÉÑÙÇÎÓÓáÒ ÕÑÆ×ØÆÒ ÓÆÖÔÊÓÔÏ ÐÙÑâØÙÖá ÕÔÎ×ÐÔÒ ãØÓÎÝË×ÐÔÉÔ ÐÔÊÆ
ÔÖÎËÓØÆÜÎËÏ ÓÆ ÚÔÑâÐÑÔÖ ÐÔØÔÖÆæ ÕÔÊÆÖÎÑÆ ÒÎÖÙ X¹ËÓÎ ÍÆÇáØáÛ ÕÖËÊÐÔÈ[ ¸
µÆÖÆÊÌÆÓÔÈÆ X¨ÆÈÎÑÔÓ ¼¼[ ® ²áÐÔÑÆÏÝÙÐÆ ÕÔÑÙÝÎÑÆ ÍÆÐÔÓÓÔË ÕÖÔÊÔÑÌËÓÎË ® ãØÔ
ÓËÙÊÎÈÎØËÑâÓÔ ÈËÊâ ÙÝÎØËÑËÒ ¸ÆÓÎÓÆ ÇáÑ ÔÊÎÓ ÎÍ Ô×ÓÔÈÆØËÑËÏ ÕÔãØÎÝË×ÐÔÉÔ
ÐÎÓËÒÆØÔÉÖÆÚÆ ±´×áÐÆ
³Ô È ØÔ ÌË ÈÖËÒæ ØÈÔÖÝË×ØÈÔ ¸ÆÓÎÓÆ ÕÖÎÈÓË×ÑÔ ÓÔÈáÏ ÈÍÉÑæÊ ÓÆ ÒÎÖ ÕÖÔÞÑÔÉÔ
«×ÑÎÖÆÓâÞËÊÑæÙÐÖÆÎÓ×ÐÔÏÐÙÑâØÙÖÓÔÏãÑÎØáÐÑåÝËÈáÒÇáÑÕÔÎ×ÐÔØÈËØÆÝØÔÌËØÆÐÔË
XºÐÖÆÎÓÆ[ÉÊËËËÈÓÙØÖËÓÓææ×ÙØâØÔÊÑæ¸ÆÓÎÓÆÕÔÎ×ÐÙÐÖÆÎÓ×ÐÔÏÎÊËÓØÎÝÓÔ×ØÎ×ÈæÍÆÓ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
× ÕÖÎÖÔÊÓÔÏ ÖÆÍÊÈÔËÓÓÔ×Øâå ÙÐÖÆÎÓ×ÐÔÏ ÍËÒÑÎ ËË ÈÓÙØÖËÓÓÎÒ ÊÙÆÑÎÍÒÔÒ ºÐÖÆÎÓÆ
È×ËÉÊÆ ÊËÑÎÑÆ×â ÓÆ ÕÖÆÐØÎÝË×ÐÎ ÊÈË ÖÆÈÓáË ÕÔÑÔÈÎÓá ¸ËÈËÖÔÍÆÕÆÊ Î ÄÉÔÈÔ×ØÔÐ
µËÖÈÆæÝÆ×Øâ ē ÑË×ÎÑË×Ô×ØËÕâÉÊËÌÎÑÎ×ÑÆÈæÓËÍËÒÑËÊËÑâÜá¨ØÔÖÆæÝÆ×Øâ ē ×ØËÕâÉÊË
ÌÎÑÎ ØåÖÐÎÐÔÝËÈÓÎÐÎ ®Û ÔØÝÙÌÊËÓÎË ËßË ÇÔÑËË ÈÔÍÖÔ×ÑÔ × ÕÖÎÓæØÎËÒ ÕËÖÈáÒÎ
ÛÖÎ×ØÎÆÓ×ØÈÆÆÈØÔÖáÒÎÎ×ÑÆÒÆ¸ËÏÝÆ×ÎÛÕÔØÔÒÐÆÒÎæÈÑæåØ×æÙÐÖÆÎÓÜáÎÐÖáÒ×ÐÎË
ØÆØÆÖá
»ÎÑâÒÔÒ X²ÆÒÆÏ[ ÖËÌÎ××ËÖ ×ÔËÊÎÓÎÑ ãØÎ ÊÈÆ ÕÖÔØÎÈÔÕÔÑÔÌÓáÛ ÝÆ×ØÔ
ÈÖÆÌÊËÇÓáÛ ÒÎÖÆ ÙÐÖÆÎÓ×ÐÔÉÔ ÕÖÔÞÑÔÉÔ È ÔÊÓÔ ÜËÑÔË ® ãØÔ ÓËÙÊÎÈÎØËÑâÓÔ ÈËÊâ ÓÆ×
ÔÇàËÊÎÓæËØÔÊÓÆÍËÒÑæÕÔÑÎØÆæÓÆÞËÏÐÖÔÈâåÎÓÆÞÆÔÇßÆæÎ×ØÔÖÎæÉÊËË×ØâÒË×ØÔÓË
ØÔÑâÐÔÓËÓÆÈÎ×ØÎÓÔÎ×ÔÑÎÊÆÖÓÔ×ØÎ°ÆÌÊáÏÙÐÖÆÎÓËÜÍÓÆËØÝØÔÉÑÆÈÓáÒÎ×ÔåÍÓÎÐÆÒÎ
ÉËØÒÆÓÆ§ÔÉÊÆÓÆ¼ÒËÑâÓÎÜÐÔÉÔÈÇÔÖâÇË×µÔÑâÞËÏÇáÑÎØÆØÆÖáÐÖáÒ×ÐÔÉÔÛÆÓÆ®×ÑÆÒ
©ÎÖËæÆÍÆÕÔÖÔÌ×ÐÎÛÐÆÍÆÐÔÈÉËØÒÆÓÆ®ÈÆÓÆ²ÆÍËÕáÕÔ×ÑËÕÔÖÆÌËÓÎæÔØÖÙ××ÐÎÛÈÔÏ×Ð
µËØÖÆ & ÕÖÎåØÎÑÎÈ°ÖáÒÙªÆÎÈÐÔÓÜÑÆÉËÖæÛ¸ÔÈËØ×ÐÔÉÔ¸ÔåÍÆÈÔÊÓÎÛÐÆÒËÖÆÛ×ÎÊËÑÎ
Î ÙÐÖÆÎÓ×ÐÎÏ ÊÎ××ÎÊËÓØ ¨æÝË×ÑÆÈ ¾ËÖÓÔÈÎÑ Î ÐÖáÒ×ÐÔØÆØÆÖ×ÐÎÏ ÊÎ××ÎÊËÓØ ²Ù×ØÆÚÆ
ªÌËÒÎÑËÈ
¹ÆÐ Î È ÚÎÑâÒË ×ÆÒÆæ ØÖÆÉÎÝË×ÐÆæ Î ÕÔÕÙÑæÖÓÆæ ÙÐÖÆÎÓ×ÐÆæ ÊÙÒÆ ÐÔÓÜÆ 53& È
XµÔÇËÉ ØÖËÛ ÇÖÆØâËÈ ÎÍ ¦ÍÔÈÆ × ØÙÖËÜÐÔÏ ÓËÈÔÑÎ[ Ë×ØË×ØÈËÓÓáÒ ÔÇÖÆÍÔÒ ÕËÖËÕÑËÑÆ×â ×
×ÔÈÖËÒËÓÓáÒÎ ËÏ ÐÖáÒ×ÐÔØÆØÆÖ×ÐÎÒÎ ÚÔÑâÐÑÔÖÓáÒÎ ØËÐ×ØÆÒÎ ØÆÐÎÒÎ ÐÆÐ X¦ÑØáÓ
ÇËÞÎÐ[ÎXµË×ÓæÊËÖÈÎÞÆÔÊÔÇÑË×ØÓáÛÒÆÒÑåÐÆÛ[
³ÆÝÆÑÔÒÚÎÑâÒÆ×ØÆÓÔÈÎØ×æÐÔÓËÜ×ÐÆÍÆÓÎæÔÍÔÑÔØÔÏÐÔÑáÇËÑÎ·ËÇËÓÔÐÐÔØÔÖáÏ
×ÈÔÎÒ ÖÔÌÊËÓÎËÒ ÕáØÆÑ×æ ×ÔËÊÎÓÎØâ È ÔÊÓÔ ÜËÑÔË ÊÈË ÈÖÆÌÊËÇÓáË ÝÆ×ØÎ ÐÖáÒ×ÐÔÉÔ
ÒÎÖÆ ÊÎÐÙå æÍáÝË×ÐÙå ÐÔÝËÈÙå ×ØËÕâ Î ÜÎÈÎÑÎÍÔÈÆÓÓáÏ ÒÙ×ÙÑâÒÆÓ×ÐÎÏ
ÍËÒÑËÊËÑâÝË×ÐÎÏåÌÓáÏÇËÖËÉ°ÖáÒÆÎ×ÝËÍÆËØÈÒË×ØË×ÐÔÑáÇËÑâå
X¦ÑØáÓ ÇËÞÎÐ[ ×ËÏÝÆ× æÈÑæËØ×æ ×ÎÒÈÔÑÔÒ ×ÔÈÖËÒËÓÓÔÉÔ ÐÖáÒ×ÐÔØÆØÆÖ×ÐÔÉÔ
ÓÆÖÔÊÆ¨ËÊâÔÓÕËÖËÊÆËØ×ÆÒÙ×ÙØâÊÙÞÎãØÔÉÔÓÆÖÔÊÆÖÆÍÊÈÔËÓÓÔ×ØâËÉÔÕÖÔÞÑÔÉÔÇËÍ
ÐÔØÔÖÔÉÔÓËØÓÆ×ØÔæßËÉÔ¨ØËÐ×ØËX¦ÑØáÓÇËÞÎÐ[ÉÔÈÔÖÎØ×æX¦ÑÑÆÛÔÈáÊÌÎÓáÌÎÈæÓÆ
ÕÔÇËÖËÌâË °ÖáÒÆ ×ÆÌÆÑÎ ×ÆÊá ÖÆÍÈÔÊÎÑÎ ÈÎÓÔÉÖÆÊ ×ËæÑÎ ÛÑËÇ Î ÕÖÔ×Ô Î ÕÖæÑÎ ÑËÓ
®ÇÑÎ×ÔÈáÌËÊÌÎÓáÌÎÈæÈÊÎÐÎÛÉÔÖÓáÛÑË×ÆÛÕÆ×ÑÎ×ØÆÊÆÓÆÖËÊÐÎÛÑÙÉÆÛ ÔÛÔØÎÑÎ×â
ÓÆÐÔÍÑÔÈÎÔÑËÓËÏĝ³ÔÓËÇáÑÔ×ÔÉÑÆ×ÎæÒËÌÊÙÊÌÎÓÆÒÎ¦ÑÑÆÛÆÎÊÌÎÓÆÒÎ®ÇÑÎ×Æĝ
³Ô ÝÆßË ÕÔÇËÌÊÆÑÎ ÎÇÑÎ×ÔÈá ÊÌÎÓá ØÆÐ ÐÆÐ ÔÓÎ ÇáÑÎ ÇÔÑËË ×ÒËÑá ÕÔÊÈÎÌÓá
ÌË×ØÔÐÎ ÓËÙ×ØÖÆÞÎÒá ÈáÓÔ×ÑÎÈá ÍÆÐÆÑææ×â ÓÆ ÔÛÔØË Î ÕÆ×ØâÇË ×ÐÔØÆ Æ ÊÌÎÓá
ÍËÒÑËÊËÑâÜá ÇáÑÎ ÖÔÇÐÎ ÇÔæÑÎ×â ÙÛÔÊÎØâ ÔØ ×ÈÔÎÛ ÛÎÌÎÓ Î ÕÆ×ØÇÎß ÕÑÔÛÔ ÈÑÆÊËÑÎ
ÔÖÙÌÎËÒÓËÕÖÎÈáÐÑÎÐÈÔËÓÓáÒÛÎØÖÔ×ØæÒÎÌË×ØÔÐÔ×ØæÒ[ ÄÌÓÔÇËÖËÌÓáË ØÆØÆÖá ØÆØá ÐÆÐ ÎÛ ÓÆÍáÈÆÑÎ ×ÔÈ×ËÒ ÓËÊÆÈÓÔ ÕÖËÐÖÆ×ÓÔ
ÕÔÓÎÒÆåØÝØÔÎÛÕÖËÊÐÎÇáÑÎÐÔÖËÓÓáÒÎÌÎØËÑæÒÎãØÎÛÉÔÖÎÊÔÑÎÓØÆÈÖÆÒÎÉÖËÐÆÒÎ
×ÐÎÚÆÒÎ ÉÔØÆÒÎ Î ÔØÔÌÊË×ØÈÑæåØ ×ËÇæ × ÊÌÎÓÆÒÎ ¦ÑÑÆÛÆ ¨ ØÔÌË ÈÖËÒæ ÌÎØËÑÎ
×ØËÕÓÔÉÔ°ÖáÒÆÕÔÒÓæØÍÆÕÆÛ×ØËÕËÏ²ÔÓÉÔÑÎÎ°ÆÍÆÛ×ØÆÓÆÎ¸ËÈËÖÓÔÉÔ°ÆÈÐÆÍÆÔØÐÙÊÆ
ÕÖÎÞÑÎÎÛÕÖËÊÐÎÈËÖÎÈÞÎËÈÇÔÉÆ¹ËÓÉÖÎÎÕÔÓÎÒÆåØÝØÔÎÒËÓÓÔÔÓÎæÈÑæåØ×æØËÒÎ
×ÒËÑáÒÎ ÎÇÑÎ×ÔÈáÒÎ ÊÌÎÓÆÒÎ ËßË ÓË ÍÓÆÈÞÎÒÎ È ØË ÊÆÑËÐÎË ÈÖËÒËÓÆ Î×ÑÆÒ ¸Ô
ÈÖËÒËÓËÒ ÔÓÎ ×ØÆÑÎ ÔÊÓÎÒ ÓÆÖÔÊÔÒ Î X¦ÑØáÓ ÇËÞÎÐ[ × ËÉÔ ÖËÇËÓÐÔÒ ÖÔÌÊËÓÓáÒ ÔØ
ÑåÇÈÎåÌÓÔÇËÖËÌÓÔÏÕÖÎÓÜË××áÎÕÖÎÓÜÆ ×áÓÆ×ØËÕËÏÕÔÓæØËÓÐÆÌÊÔÒÙ³ÔÐÔÑáÇËÑâ
× ÖËÇËÓÐÔÒ Î×ÝËÍÆËØ È ÕËßËÖË ÈÔ ÈÖËÒæ ÐÖÔÈÆÈÔÏ ÒËÌÊÔÙ×ÔÇÓÔÏ ÈÔÏÓá ÐÆÐ Î Î×ÝËÍÑÔ
ØÆØÆÖ×ÐÔË ×ÝÆ×ØâË × ÔÐÐÙÕÆÜÎËÏ °ÖáÒÆ «ÐÆØËÖÎÓÔÏ && È 53&&& ÈËÐË Î ÊËÕÔÖØÆÜÎËÏ È×ËÉÔ
ÓÆÖÔÊÆ¸ØÆÑÎÓáÒÈÈËÐË 55
°ÔÓËÜ ØåÖÐ×ÐÔÉÔ ÊË×ØÆÓÆ Ô ÕÔÎ×ÐË ÕËßËÖá × ÙØËÖæÓÓáÒ ×ÝÆ×ØâËÒ È ÚÎÑâÒË
ÕÖËÈÖÆßÆËØ×æÈÓÆÝÆÑÔÙÐÖÆÎÓ×ÐÔÏÊÙÒáÐÆÍÆÐÎ ÓËÈÔÑâÓÎÐÎÖÆÇÔØÆåØÈÐÆÒËÓÔÑÔÒÓæÛÈ
ÕÔÎ×ÐÆÛÍÔÑÔØÔÏÐÔÑáÇËÑÎÎÍÓËÒÔÉÆæÔØÌÆÌÊáÎÓËÕÔ×ÎÑâÓÔÉÔØÖÙÊÆ
XµÔÇËÉØÖËÛÇÖÆØâËÈÎÍ¦ÍÔÈÆ×ØÙÖËÜÐÔÏÓËÈÔÑÎ[æÈÑæËØ×æ×ÆÒÔÏÇÔÑâÞÔÏÎ×ÆÒÔÏ
ÊÖËÈÓËÏ ÊÙÒÔÏ È ÙÐÖÆÎÓ×ÐÔÏ ãÕÎÝË×ÐÔÏ ÑÎØËÖÆØÙÖË ´ÓÆ ÎÒËËØ ÈÆÖÎÆÓØÔÈ Î ÈÛÔÊÎØ È
ØÖÔÏÐÙÓÆÎÇÔÑËËÕÔÕÙÑæÖÓáÛÙÐÖÆÎÓ×ÐÎÛÊÙÒ´ÓÆ×ÔÍÊÆÓÆÈÐÔÓÜË 53& ÈËÐÆÎËË×ÆÒÆæ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
×ØÆÖÆæÍÆÕÎ×âÔØÓÔ×ÎØ×æÐÉÔÊÙ «ËÊÔ×ÎÛÕÔÖÎ×ÕÔÑÓæåØÙÐÖÆÎÓ×ÐÎËÐÔÇÍÆÖÎÎ
ÑÎÖÓÎÐÎÆÐÐÔÒÕÆÓÎÖÙæ×ËÇËÓÆÒÙÍáÐÆÑâÓáÛÎÓ×ØÖÙÒËÓØÆÛ
¹ÙØ×ÑËÊÙËØÍÆÒËØÎØâÝØÔÙÐÖÆÎÓ×ÐÆæãÕÎÝË×ÐÆæØÖÆÊÎÜÎæÕËÖËÌÎÑÆÐÖÔÈÆÈáÏ¼¼
ÈËÐ¦ÈØÔÖÚÎÑâÒÆÈ×ÈÔËÈÖËÒæÇáÑÙÝËÓÎÐÔÒÓÆ×ØÔæßËÉÔÐÔÇÍÆÖæ×ÆÒÙÒËËØÊËÑÆØâÑÎÖá
ÎÐÔÇÍá ÎÊÆÌËÓËÐÔØÔÖÔËÈÖËÒæÇáÑÕÔÈÔÊáÖËÒ Ù×ÑËÕÔÉÔÑÎÖÓÎÐÆ°×ØÆØÎËÉÔÓÔÈáÏ
ÐÎÓËÒÆØÔÉÖÆÚÎÝË×ÐÎÏ ÕÖÔËÐØ Î ÕÔ×ÈæßËÓ ÊÔÑË ÒÆÑâÝÎÐÆ ÕÔÈÔÊáÖæ ÐÔØÔÖáÏ ÇáÑ
×ÈÎÊËØËÑËÒ ÕÖÔÈËÊËÓÓÔÉÔ È ¼ÆÖâÐÔÈË È ÉÔÊÙ ×àËÍÊÆ ÐÔÇÍÆÖËÏ ºÐÖÆÎÓá °ÔÉÊÆ ÔÓÎ
ÓË×ÒÔØÖæ ÓÆ ÊÆÈÑËÓÎË ÐÔÒÒÙÓÎ×ØÎÝË×ÐÔÏ ÈÑÆ×ØÎ ÔØÐÆÍÆÑÎ×â ×ÔÍÊÆÈÆØâ ÓÔÈáË ÊÙÒá Ô
±ËÓÎÓË Î ¸ØÆÑÎÓË ãØÎÛ ×ØÆÖáÛ ÇË×ÕÔÒÔßÓáÛ ×ÑËÕáÛ ÑåÊËÏ ÕÖÔ×ØÔ ÈáÈËÍÑÎ È ÉÔÑÙå
ÍÆ×ÓËÌËÓÓÙå×ØËÕâÎÈáÇÖÔ×ÎÑÎÈÉÑÙÇÔÐÎÏÔÈÖÆÉÉÊËÔÓÎÎÍÆÒËÖÍÑÎ
°ÑÆ××ÎÝË×ÐÎÏ×åÌËØÊÙÒáÔÇËÉ×ØÈËØÖËÛÇÖÆØâËÈÎÍÓËÈÔÑÎÎØÖÆÉÎÝË×ÐÔÏÉÎÇËÑÎ
È ×ØËÕÎ ÇÖÔÞËÓÓÔÉÔ ×ØÆÖÞÎÒÎ ÇÖÆØâæÒÎ ÒÑÆÊÞËÉÔ È ØÈÔÖÝË×ØÈË ¸ÆÓÎÓÆ ÓËÔÌÎÊÆÓÓÔ
ÕÔÑÙÝÆËØÓÔÈÔËÊáÛÆÓÎË¨ÔÈ×ËÛÈËÖ×ÎæÛÊÙÒáÉÑÆÈÓáÏÆÐÜËÓØÊËÑÆËØ×æÓÆÕÖËÊÆØËÑâ×ØÈË
ÇÖÆØâËÈÓËÕÔÌËÑÆÈÞÎÛÈÍæØâÓÆ×ÈÔËÉÔÐÔÓæÇÖÆØÆÎ×ÔÍÓÆØËÑâÓÔÔ×ØÆÈÎÈÞÎÛËÉÔÙÒÎÖÆØâ
ÓÆ ¸ÆÈÙÖÒÔÉÎÑË ÐÙÖÉÆÓ È ×ÔÈÖËÒËÓÓÔÏ ªÔÓËÜÐÔÏ ÔÇÑÆ×ØÎ Æ ËÉÔ ÕÖÔßÆÓÎË × ÌÎÍÓâå
æÈÑæËØ×æÜËÓØÖÆÑâÓáÒ×åÌËØÔÒÊÙÒá·ÆÍÑÎÝÎËÈËÖ×ÎÏÍÆÐÑåÝÆËØ×æÑÎÞâÈÊÆÑâÓËÏÞËÒ
ÓÆÐÆÍÆÓÎÎ ÇË×ÝË×ØÓÔÉÔ ÕÔ×ØÙÕÐÆ ÇÖÆØâËÈ ¨ ÝÆ×ØÎ ÈÆÖÎÆÓØÔÈ ÖÔÊÎØËÑÎ ÈáÉÔÓæåØ ÔÇÔÎÛ
ÇÖÆØâËÈÑÎÇÔ×ØÆÖÞËÉÔÎÍÊÔÒÙ
X¹Ô×ØÆÈÔØËÜâéÒÆØÎ
¸ØÆÖÞÔÉÔ×ÎÓÆÈÔÈéÐÕÖÔÐÑÎÓÆØÎ
³Ë×ØÆÈÈéÓ×ÔÇéÓéßÆ×ØæÓéÊÔÑéÒÆØÎ
¸ØÆÈÈéÓÕÔÝÙÌÎÛÛÆØÆÛ×ÕÔØÎÐÆØÎ
¾ÙÌÔÉÔ ÛÑéÇÆ×ÔÑéÍÆÖÔÇÑæØÎ[
¨ ÊÖÙÉÎÛÈÆÖÎÆÓØÆÛÔÓÎÕÔÉÎÇÆåØÔØÖÙÐÓÆ×ØÎÉÓÙÈÞËÏÎÛØÆØÆÖ×ÐÔÏÕÔÉÔÓÎ
X®ÓË×ÎÍéÔÖÑÎÍÆÐÑËÐÔØÆÑÎ
ÅÐêÛ¹ÙÖÐÎæÓÎÝËÓâÐÎéÍÍÆÒÔÉÎÑÎÓÆÕÆÑÎ µÔ×ØÖéÑæÑÎÕÔÖÙÇÆÑÎ
°ÔÓéÍÍÊÔÇÎÝÝåÓÆÍÆÊÙÉÔÖÔÊÙ¹ÙÖËÝÝÎÓÙÕÔÍÆÈËÖØÆÑÎ[ ªÑæÓÆ×ÔÝËÈÎÊÓÔÝØÔÎÛ×ÒËÖØâæÈÑæËØ×æÇÔÌâËÏÐÆÖÔÏÍÆÕÖËÊÆØËÑâ×ØÈÔ ÎØÆØÆÖá
ÈËÖÓÙÈÞÎË×ËÇËÙÐÖÆÊËÓÓÙåÇÖÆØâæÒÎÍÔÑÔØÙå ÐÔÑáÇËÑâÕÔ×ØÙÕÎÑÎÕÔÕÖÆÈÙ³ÔÉÑÆÈÓáÒ
×ÔÇáØÎËÒ ÚÎÑâÒÆ ×ØÆËØ ÓÔÈÔË ÕÖÔÝØËÓÎË ÖËÌÎ××ËÖÔÒ ÉÎÇËÑÎ ÒÑÆÊÞËÉÔ ÇÖÆØÆ ²ÑÆÊÞÎÏ
ÇÖÆØ ÐÆÍÆÐ ÓË ÉÎÇÓËØ ÔØ ÌÆÌÊá Æ ÓÆÛÔÊÎØ ×ÕÆ×ËÓÎË È ÊÔÒË ÒÔÑÔÊÔÏ ÐÖáÒ×ÐÔØÆØÆÖ×ÐÔÏ
ÌËÓßÎÓá¦ÒÆÏ®ØÔÉÊÆÒÎÖÖÆ×ÐÔÑÔØáÏÕÖÔØÎÈÔ×ØÔæÓÎËÒÓÆÒÉÓÔÈËÓÎËÈÔ××ÔËÊÎÓÎÑ×æ
ÑåÇÔÈâ ÔÐÆÍÆÑÆ×â ×ÎÑâÓËË ÍÑÆ Î ÔØÝÙÌÊËÓÎæ ¨ËÊâ X¦ÑØáÓ ÇËÞÎÐ[ ÍÆÐÆÓÝÎÈÆËØ×æ ÎÒËÓÓÔ
×ÑÔÈÆÒÎ ÝØÔ ÐÔÑáÇËÑâ XÒÔÌËØ ÔØÐÖáØâ×æ ØÔÑâÐÔ ØÔÒÙ È ÐÔÒ ÉÔÖÎØ ØÆÐÆæ ÌË ÒÔÉÙÝÆæ
ÇËÍÍÆÈËØÓÆæÑåÇÔÈâĝÑåÇÔÈâÓËÍÓÆåßÆæÓÎÉÖÆÓÎÜÓÎÕÖËÉÖÆÊÕËÖËÊÐÔØÔÖÔÏÐÆÐÔÉÓÎ
ÕËÖËÊ×ÔÑÓÜËÒÒËÖÐÓÙØÎÖÔÊÎÓÆÎÈËÖÆÎÔØÝÎÏÊÔÒ[ ²á×ÑáÞÎÒÎÍÙ×ØÒÔÑÔÊÔÏØÆØÆÖÐÎÎËËÊÔÝËÖÎÖÆ××ÐÆÍáÔÒÆØËÖÎÈÔÑÝÎÜËÕË×ÓÎ
ÓÆ ÐÖáÒ×ÐÔØÆØÆÖ×ÐÔÒ æÍáÐË ÐÔØÔÖáÏ ÕËÖËÕÑËØÆåØ×æ × ÙÐÖÆÎÓ×ÐÎÒ ÒËÑÔ×ÔÒ È Ù×ØÆÛ
ÐÆÍÆÐÆ ÂØÔ ÕÖÎÐÔ×ÓÔÈËÓÎË Ð Î×ØÔÐÆÒ ØåÖÐ×ÐÔÉÔ ÚÔÑâÐÑÔÖÆ ÍÆÈÔÖÆÌÎÈÆËØ ÙÐÖÆÎÓ×ÐÔÉÔ
ÍÖÎØËÑæÈËÊâÒáÐÆÐÎÉËÖÔÏÚÎÑâÒÆÓËÕÔÓÎÒÆËÒÎÛ×ÑÔÈÓÔÝÙÈ×ØÈÙËÒÎÛÎ×ÐÖËÓÓÔ×Øâ
Î ØËÕÑÔ º ÓÆ× ÓÆ ÉÑÆÍÆÛ ÕÖÔÎ×ÛÔÊÎØ ÕÖËÈÖÆßËÓÎË ËÉÔ È ÔÊÎÓ ÎÍ ÉÑÆÈÓáÛ ÔÇÖÆÍÔÈ
ÙÐÖÆÎÓ×ÐÔÉÔ ãÕÔ×Æ °ÆÍÆÐÆ ²ÆÒÆæ ÎÉÖÆåßËÉÔ ÓÆ ÐÔÇÍË ē ÒÙÍáÐÆÑâÓÔÒ ÎÓ×ØÖÙÒËÓØË
×ÖÔÊÓÎÈÞËÒ ÙÐÖÆÎÓ×ÐÎÏ Î ØåÖÐ×ÐÎÏ ÒÎÖ ¸ÑËÊÙËØ ÔØÒËØÎØâ ÝØÔ ×ÔÍÈÙÝÎË ÎÒËÓ ¦ÒÆÏ ē
²ÆÒÆÏ ē ÕÖæÒÔ ÔØ×áÑÆËØ ÓÆ× Ð ÎÒËÓÎ ÑËÉËÓÊÆÖÓÔÏ ØåÖÐ×ÐÔÏ ÕÖÆÒÆØËÖÎ ē ÇÔÉÎÓÎ ºÒÆÏ
ÕÔÐÖÔÈÎØËÑâÓÎÜá ÔÝÆÉÆ Î ÕÑÔÊÔÖÔÊÎæ ® ÉËÖÔÎÓæ ÚÎÑâÒÆ ¦ÒÆÏ ē ÈÖÆÝËÈÆØËÑâÓÎÜÆ
ÙÒÎÖÆåßËÉÔ ÐÆÍÆÐÆ Î ÍÓÆØÔÐ ÕÔÑËÈáÛ ØÖÆÈ ÔÇÑÆÊÆËØ ÕËÖËÊÆÓÓáÒ ËÏ ÎÍ ÕÔÐÔÑËÓÎæ È
ÕÔÐÔÑËÓÎËÇÔÌË×ØÈËÓÓáÒÊÆÖÔÒ
³ÆÖÔÊÓáË ÐÆÖØÎÓá × ÎÍÔÇÖÆÌËÓÎËÒ ÐÆÍÆÐÆ ²ÆÒÆæ ×ÎÊæßËÉÔ È ÞÆÖÔÈÆÖÆÛ ÕÔ
ØÙÖËÜÐÎ ÓÆ ÍËÒÑË × Ô×ËÑËÊÜËÒ ÓÆ ÈáÇÖÎØÔÏ ÓÆ ØÆØÆÖ×ÐÎÏ ÑÆÊ ÉÔÑÔÈË Î ÐÔÇÍÔÏ È ÖÙÐÆÛ È
53&&&5&5 ÈÈÇáÑÎ×ÆÒáÒÎÕÔÕÙÑæÖÓáÒÎÈºÐÖÆÎÓË´ÓÎÈÎ×ËÑÎÈÐÆÌÊÔÏÕÖÎÊÔÖÔÌÓÔÏ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
ÐÔÖÝÒË ÎÛ ÖÎ×ÔÈÆÑÎ ÓÆ ×ÙÓÊÙÐÆÛ × ÊËÈÎÝâÎÒ ÕÖÎÊÆÓÓáÒ ¨ ÓÎÛ ÐÆÍÆÐ ÕÖËÊ×ØÆËØ ÓË È
ÔÇÖÆÍËÈÔÎÓÆÆÈÔÇÖÆÍËÑÎÖÎÝË×ÐÔÉÔÉËÖÔæ ¨ÓÆ×ØÔæßËËÈÖËÒæÇÔÑâÞÆæÐÔÑÑËÐÜÎæãØÎÛ
ÐÆÖØÎÓ ÕÖËÊ×ØÆÈÑËÓÆ È ³ÆÜÎÔÓÆÑâÓÔÒ ÛÙÊÔÌË×ØÈËÓÓÔÒ ÒÙÍËË ºÐÖÆÎÓá ®Òæ ÐÆÍÆÐÆ
²ÆÒÆæ ÓËÔÊÓÔÐÖÆØÓÔ ÇÖÆÑÎ ×ËÇË ÐÆÍÆÐÎ ÉÆÏÊÆÒÆÐÎ 53&&& ÈËÐÆ ÇÔÖÔÈÞÎË×æ ÕÖÔØÎÈ
ÇÔÉÆÝËÏ Î ÙÉÓËØÆØËÑËÏ ÕÆÒæØÓÎÐ ËÒÙ ×ØÔÎØ ÓÆ ÉÑÆÈÓÔÏ ÕÑÔßÆÊÎ °ÎËÈÆ ē ²ÆÏÊÆÓË
³ËÍÆÑËÌÓÔ×ØÎ
ÂØÆ ÑÎÓÎæ ÊÔÇÖÆ È ÚÎÑâÒË È×Ë ÈÖËÒæ ÕÖËÖáÈÆËØ×æ ÓÆÕÖæÌËÓÓÔÏ ÕÔÉÔÓËÏ ØÖËÛ
ØÆØÆÖ×ÐÎÛ ÇÆØáÖÔÈ ÍÆ ËÉÔ ÇÖÆØâæÒÎ ÐÆÍÆÐÆÒÎ ºÐÖÆÎÓ×ÐÎÏ ØËÐ×Ø ÊÙÒá ÕËÖËÒËÌÆËØ×æ
ÐÖáÒ×ÐÔØÆØÆÖ×ÐÎÒ ØËÐ×ØÔÒ XµË×ÓÎ ÊËÖÈÎÞÆ Ô ÊÔÇÑË×ØÓáÛ ÒÆÒÑåÐÆÛ[ ÆÉáØÆ ē ÕÑÆÝÆ Ô
ÕÔÉÎÇÆåßËÒ ÇÆØáÖË ºÐÖÆÎÓ×ÐÎÏ ÍÖÎØËÑâ ÓË ÕÔÓÎÒÆËØ ËÉÔ ×ÑÔÈ ÓÔ ÝÙÈ×ØÈÙËØ
ÓÆÖÆ×ØÆåßËË ÓÆÕÖæÌËÓÎË ÐÔØÔÖÔË ÍÆÐÆÓÝÎÈÆËØ×æ ÍÆÐÔÓÔÒËÖÓÔÏ ÉÎÇËÑâå ÐÆÍÆÐÔÈ Î
ÔÇÖËØËÓÎËÒÍÔÑÔØÔÏÐÔÑáÇËÑÎÇÆØáÖÆÒÎ
¹ÖÆÉÎÍÒ ãØÎÛ ×ÔÇáØÎÏ ×ÙßË×ØÈÙËØ ÕÆÖÆÑÑËÑâÓÔ × ÖÆÊÔ×ØÓáÒ Î ÙÊÎÈÎØËÑâÓÔ
ÕÖÎØæÉÎÈÆåßÎÒ ×ÒËÞËÓÎËÒ ÙÐÖÆÎÓ×ÐÔÉÔ Î ØåÖÐ×ÐÔÉÔ ÒËÑÔ×Æ È ×åÌËØË X×ÈÆÊâÇá[
ÙÐÖÆÎÓÜÆ Î ØÆØÆÖÐÎ × ÎÛ ÖÆÍÑÎÝÓáÒ ØÆÓÜËÈÆÑâÓáÒ ÖÎØÒÔÒ ÝØÔ ÍÆÈËÖÞÆËØ×æ ËÊÎÓÔÏ ÊÑæ
ÔÇËÎÛ ÐÙÑâØÙÖ ØÖÆÊÎÜÎËÏ ÕÔ×áÕÆÓÎæ ÒÔÑÔÊáÛ ×ÑÆÊÔ×ØæÒÎ ÓÆ ×ÝÆ×ØâË ®×ÐÖËÓÓÔ×Øâ Î
Ë×ØË×ØÈËÓÓÔ×Øâ ãØÎÛ ×ÔÇáØÎÏ ÑËÉÐÔ ÈÔ×ÕÖÎÓÎÒÆËØ×æ ÓÆÒÎ ÇÑÆÉÔÊÆÖæ ØÆÑÆÓØÑÎÈÔÏ
ÔÕËÖÆØÔÖ×ÐÔÏÖÆÇÔØË¸ËÖÉËæ²ÎÛÆÑâÝÙÐÆÎÔÖÎËÓØÆÑâÓÔÏÒÙÍáÐË¦ÑÑáÆÉÆÏÐËÈÎÝ
³Ô ØÆÐÔË ×ÝÆ×ØâË ÓË ÈËÝÓÔ ¨ÔÍÈÖÆßÆåØ×æ ÐÖáÒ×ÐÔØÆØÆÖ×ÐÎË ÇÖÆØâæ ē ÇÆØáÖá Î
ÐÆÍÆÐ ²ÆÒÆÏ ÈáÓÙÌÊËÓ ÕÔÐÎÓÙØâ ×ÈÔå ¦ÒÆÏ ªÑæ ÓÆ× Ô×ØÆËØ×æ ÍÆÉÆÊÐÔÏ ÕÔÉÎÇÑÎ ÑÎ
ÇÆØáÖáÎËËÑåÇÎÒáÏÈÓÔÈÔÏÓËÕÖÎÒÎÖÎÒÔÏ ×ÛÈÆØÐË ÐÆÐ ÉËÖÔÎ X¦ÑØáÓ ÇËÞÎÐ[ Î
XµÔÇËÉÆ ØÖËÛ ÇÖÆØâËÈ ÎÍ ¦ÍÔÈÆ × ØÙÖËÜÐÔÏ ÓËÈÔÑÎ[ ÎÑÎ ÓËØ ÂØÔ ÓËÈÆÌÓÔ ©ÑÆÈÓÔË ÈÑåÇÑËÓÓáÒÓË×ÙÌÊËÓÔÇáØâÖæÊÔÒ
³Ë×ÒÔØÖæ ÓÆ ãØÔØ ØÖÆÉÎÍÒ ÚÎÑâÒ ÍÆÈËÖÞÆËØ×æ ÔÕØÎÒÎ×ØÎÝË×ÐÎÒ ÕÖÔÊÔÑÌËÓÎËÒ
ØÖÆÉÎÝË×ÐÔÉÔ ÐÔÓÜÆ X¦ÑØáÓ ÇËÞÎÐ[ ³ÆÞÑÆ×â ÍÔÑÔØÆæ ÐÔÑáÇËÑâ Æ È ÑÔÓË ÒÆØËÖÎ ¦ÒÆÏ
ÇâËØ×æÕÑÔÊ°ÆÍÆÐÆ²ÆÒÆæÐÔØÔÖáÏÈÓÔÈâÕÔÕáØÆËØ×æ×ÔËÊÎÓÎØâÓË×ÔËÊÎÓÎÒÔËÊÈÆÒÎÖÆ
ÊÈË ØÖÆÊÎÜÎÎ ÊÈÆ æÍáÐÆ ÊÈË ÖËÑÎÉÎÎ ÊÈÆ ÓÆÖÔÊÆ ÊÑæ ÐÔØÔÖáÛ ÍËÒÑæ ×ÔÈÖËÒËÓÓÔÏ
ºÐÖÆÎÓáÔ×ØÆËØ×æÎÛËÊÎÓáÒÊÔÒÔÒÊÔÒÔÒÐÖáÒ×ÐÎÛØÆØÆÖÎÙÐÖÆÎÓÜËÈ
{xuoo
«ÓÜÎÐÑÔÕËÊéæÙÐÖÆêÓÔÍÓÆÈ×ØÈÆ ē ±âÈéÈ²ÔÑÔÊËÌÎØØæ ē ¹ ē ¸
·ÆÏÛÑ°¹åÖÐ×ÐÎÏãÕÔ×¹ÖÆÊÎÜÎÎÚÔÖÒáÕÔãØÎÝË×ÐÆæ×ØÖÙÐØÙÖÆ ē ²
¨Ô×ØÔÝÓÆæÑÎØËÖÆØÙÖÆ·¦³ ē ¸
²ÆÖÐÔÈ«´ÝËÖÐÎ°ÖáÒÆ ē °±ËÉËÓÊá°ÖáÒÆØËÐ×Ø³²ÆÖÐ×Æ¨áÕÙ×Ð ² ×±ËÉËÓÊá°ÖáÒÆØËÐ×Ø³²ÆÖÐ×Æ¨áÕÙ×Ð ² ē ×
°ÖáÒ×ÐÎËÑËÉËÓÊá ē ¸ÎÒÚËÖÔÕÔÑâ ē ×¸ÐÆÍÐÎÎÑËÉËÓÊáØÆØÆÖ°ÖáÒÆ
ē ÍÆÕÎ×âØËÐ×ØÆ°ºº×ËÎÓÔÈÆ ē ¸ÎÒÚËÖÔÕÔÑâ ×º×ËÎÓÔÈ¦§
°ÖáÒ×ÐÔØÆØÆÖ×ÐÎË×ÐÆÍÐÎµÖÔÎ×ÛÔÌÊËÓÎËÎÖÆÍÈÎØÎË ¸ÎÒÚËÖÔÕÔÑâ ē ×
°ÈéØÐÆ °ÑÎÒËÓØ ªÔ ÕÎØÆÓÓæ ÕÖÔ ØåÖÐ×âÐÎÏ ÈÕÑÎÈ ÓÆ ÙÐÖÆêÓ×âÐÙ ÓÆÖÔÊÓÙ
ÒËÑÔÊÎÐÙÇéÖÓÎÐ ¤×ØÔÖÎÐÔÚéÑÔÑÔÉéÝÓÔÉÔ ÈéÊÊéÑÙ ¨º¦³ ē ē ¸
´ÑË×â¸ÆÓéÓX¸ÜËÓÆÖéÏ ē ÜËÊÙÌËÙØÎÑéØÆÖÓÎÏØÈéÖĝ[ RRRFOHPFH<FD@QP<
´ÑË×â ¸ÆÓéÓXªÔ×é ÕÔÝÙÈÆå×æ È ºÐÖÆêÓé ËÒéÉÖÆÓØÔÒ[ RRRRUGQDQP< xz~
u}z~| µÔÖæØÙÓÔÐ ØÎÛ ÛØÔ ØÔÓË´ÑË×â ¸ÆÓéÓ ÈéÊÖÔÊÌÙè ÙÐÖÆêÓ×âÐË ÕÔËØÎÝÓË
ÐéÓÔRRRFDIJFJGJP<<MOD>G@N ¸ÆÓéÓ é ÏÔÉÔ ė°ÔÇÍÆÖéĘ
RRRB<U@O<GQDQP<<MOD>G@N
¸ÐÆÍÐÎ Î ÑËÉËÓÊá ØÆØÆÖ °ÖáÒÆ ÆÕÎ×â ØËÐ×ØÆ °º º×ËÎÓÔÈÆ ē ¸ÎÒÚËÖÔÕÔÑâ
©Ô×ÎÍÊÆØ°ÖáÒ¦¸¸· ē ¸
ªº²® µ·´ ¸¹«µ ºØËÝÆ ØÖâÔÛ ÇÖÆØéÈ Í ¦ÍÔÈÆ ºÐÖÆêÓ×âÐé ÓÆÖÔÊÓé ÊÙÒÎ ¹
ÐÔÖÕÙ×ÙØËÐ×ØÎĠĠéÈ×ØÙÕ°ÆØËÖÎÓÎ©ÖÙÞËÈ×âÐÔê ē °ª¨º¹
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
¹ ē ¸ Ø ÕËÖËÈÎÊÆÓÓæ ÔÖÎÉéÓÆÑÙ È ©ÖÙÞËÈ×âÐÆ °ÆØËÖÎÓÆ ºÐÖÆêÓ×âÐé
ÓÆÖÔÊÓé ÊÙÒÎ 8º Ø9 ē ° ¨ØËÝÆ ØÖâÔÛ ÇÖÆØéÈ éÍ ÉÔÖÔÊÆ ¦ÍÔÈÆ Í ØÙÖËÜâÐÔê
ÓËÈÔÑé¹ÖÎÇÖÆØÎÆÍÔÈ×âÐéºÐÖÆêÓ×âÐéÓÆÖÔÊÓéÊÙÒÎØÆé×ØÔÖÎÝÓéÕé×Óé ē °ÈÎÊ
¦ÐÆÊËÒéê ÓÆÙÐ ē ¸ ×ÒÔØÖÎØË ØÆÐÌË ÖÙ××ÐÎÏ ÕËÖËÈÔÊ È ©ËÖÔÎÝË×ÐÎÏ
ãÕÔ×ÓÆÖÔÊÔÈ¸¸¸· ²¼ÙÊÔÌË×ØÈËÓÓÆæÑÎØËÖÆØÙÖÆ ē ¹ ē ¸
ºÐÖÆêÓ×âÐéÓÆÖÔÊÓéÊÙÒÎ¹ÐÔÖÕÙ×ÙØËÐ×ØÎĠĠéÈ×ØÙÕ°ÆØËÖÎÓÎ
©ÖÙÞËÈ×âÐÔê ē °ª¨º¹¹ ē ¸ØÕËÖËÈÎÊÆÓÓæ
ÔÖÎÉéÓÆÑÙÈ©ÖÙÞËÈ×âÐÆ°ÆØËÖÎÓÆºÐÖÆêÓ×âÐéÓÆÖÔÊÓéÊÙÒÎ8ºØ9 ē °
¸ÐÆÍÐÎ Î ÑËÉËÓÊá ØÆØÆÖ °ÖáÒÆ ÆÕÎ×â ØËÐ×ØÆ °º º×ËÎÓÔÈÆ ē ¸ÎÒÚËÖÔÕÔÑâ
©Ô×ÎÍÊÆØ°ÖáÒ¦¸¸· ē ¸
³ÆÜéÔÓÆÑâÓÎÏÛÙÊÔÌÓéÏÒÙÍËÏºÐÖÆêÓÎ ¦ÑâÇÔÒ ē °ÎêÈ¦ÖØÆÓéæ³ÔÈÆ ¸
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
ėll(&)(," + »% % ) j %l j#l%$ j
l1 )/ 1$#l) %S $
(.+
ė!¡?¡ .JMLP?Ę @KJNP JPUOMF @OIJNPIPI L¡CM¡H<IGL O<MDSDIDI ¡I D=M¡O<HDU
N¡CDA¡G¡MDID=¡?DD=JT<G<MG< ¡FN@O?DMH¡FG¡ T<I<JIPITUDGGDFG¡MDINI<I?<DG¡FGDTDIDDODMHD
U¡IBDI>JSu<G<MGNU?IT<NIT<<OH<L?<?M*¡OIDI ¡NGDI¡ PTPI<uLG<IH<NI?<HCHMJG
JTI<T<I=P<MS<DFG¡OL<OII<M<?MGH<NC¡HD¡ LJMLP?I<NGIH<M<L?<DM¡NDI?¡ JGHP
Q¡ DI?D ?¡ <FOP<GGIN<SG<H<L?<?M*=<CDN¡GDJSPIPQ¡ TJUPHG<MG<H<CD?¡ @?DG¡I=@G¡
<MS<DUHG¡M?¡I =DM uJSP <=D?¡IDI ė$DMDĘ CDNN¡NDI?¡ DG¡?DGHD?DM FD =PIG<M?<T@MDI?¡IPMPOPM<M ¡GDITUDITPH<?<IOJLPU
=<UG<HH<>DG¡I=DMFQG¡FTJPM?B¡QU¡G¡MOJTPI><OL<=<N<T@MĘ
ė+¡NDG FJMG<TDTT¡G¡I?DMDG¡I L<?I ODKD DG¡ =<G =P NJTG<H<?<
ėB¡QU¡G¡MĘ Q<MD<IOI?< OM<INFMDKNDT< @O?DTDHDU <MS<DUHDI ?¡ JSPIP Q¡ TJUPHPI?< ADFDM
HSO¡GDAGDTD I¡U¡M¡ u<MKM ,$FT<T C¡HDI NU ėFUG@MĘ ¡FGDI?¡ JSPT<M<L ėFJM?<
KDDMH@FT<GI<O@O@KDDMH@FĘFDHD<uLG<H?M!U=PTJUPHJPU@G<OH¡D¡ODDG¡
C@u >M¡ N¡NG¡HDM 6JPM? L<OL =DDMDGH¡U Q¡ T< LU?MG<M<L uM¡FG¡ T@TDGH¡U *"MBDI
C¡HDI <MS<DUHD ėBUG@MĘ ¡FGDI?¡ JSPTP= & > ėBUG@H@F BU@OG@H@F =@FG@H@FĘ
<IG<HG<MI?< && > ¡MC @OHD?DM FD =P TJUPH ?< N¡=DMNDUGDTD ?UHNUGT DG¡
A¡MLG¡I¡I=PODKGDL<?IG<M<S<NSNPNDTT¡ON<TG<=DGH¡U
F<?@HDF 33 JMO<G?I ėÈá×ÒÆØÖÎÈÆËØĘ u@QDMH¡NDI?¡I =@G¡ <T?I JGPM FD
BMF¡HGD¡MLI<N?<=PNUėBUG¡MĘFDHDJSPHPQ¡ ėBULJTH<LBU¡OG¡H¡FĘ<IG<HI?<
L<QM<H?M
01@U><I%J@N>CJO@I I¡MDI?¡ =P NU >¡H ¡FDGuDND L¡=PG @?D= ėOJTPI><Ę A@GD
=<G<H<NI< O<=@ JG<T<F<?<M=<N<T@MĘ<IG<HI?<¡MC@OHD?DM
*Q>P? Q<MD<IOG<M?<I O<H<HDG¡ A¡MLG¡I¡I =P JSPIP O<IIH <GDH ,#0@MOF<T<II NJI
?QMG¡M?¡ C<UMG<? I¡M?¡ H=<CDN¡NDU L¡=PG JGPIHP?PM "ODM<A @?¡F FD ¡B¡M
NJTG<H<II?<SDGD<C¡IBDIDNDIO<LHG<M<M<NI?<FA<NDG¡IDI¡U¡M¡ <GH<N<L=P ADFDM?<C<JMDEDI<G
Q¡ H¡IODLDN¡NG¡I¡M?D)<FDIMDOHN<?<G<IH<DIOJI<NDT<NO¡G¡=@?DMFDH¡CUC¡HDIH¡L<H?<
ADFDM=DOFDIGDTDT<M<OH<LuIA@GDG¡?DGH¡GD?DM
$MIM =PIP I¡U¡M¡ <G<I I<DMG¡MD C¡HDI NU A@G FDHD JSPH< ?<C<
H¡LN¡?¡PTPI=DGHDG¡M@G¡ FD%M<NGJIPėBQ¡UG¡MĘ¡FGDI?¡ JSPHPG<FDIC<IN
H¡I<?<<IG<?IDU<C@OH¡HD?DM ¡HD?JQJSPIPPI?<DN¡ BNO¡MDG¡IK<Mu<=OQGF?¡ =@G¡
B@OHD?DM ė$¡G?DI JG FDH NJG?PM< T@MDI?¡I PMP ?PM<M GDITUDI TPH<? ¡KK¡FI¡I=DMBQ¡G¡FTJPM?BU¡G¡M?JTPI><OL<=<N<T@MĘ
*¡OII<N <GDH I¡?¡IN¡ ?DB¡M I<DMG¡M?¡I A¡MLGD JSP?PP =P K<Mu<T< J >HG¡?¡I
ėBU¡G¡MĘ NUI¡ ¡MC Q@MH¡HD Q¡ H¡I<G<I?MHPG<MI C?¡NDI¡ =PM<SH?M $H ėBU¡G¡H¡FĘ A@GDIDI L@TMDL¡OD B¡G¡>¡F U<H< T@H¡FĘ<IG<HI?<L<QM<H?M%¡OO<
U¡IIDHDU ?JMP uSN< =@G¡ =P H¡I<G<I?MH< I¡ <=D?¡IDI AJMH<G<? Q¡ T< T<UT< <GI?
?QMG¡MDI?DGA<FOG<MDG¡I¡ ?¡ H<NDM=<SH?<IO¡N?DLG¡IHDM
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
#7@TI<GJQ0GDU<?¡ =DMB¡ I¡MDI?¡ DN¡ =P<MS<DUHėB¡Q¡UG¡MĘQ<MD<IOI?<JSPI<M<L
H<NDM ?DGDHDU¡ ėB¡Q¡G¡T¡MĘ FDHD u@QMDGHD?DM 0GDU<?¡ =P HQL@G¡MDID
ėB¡Q¡UG¡ĘA@GDIDIėB¡Q¡BQ¡ĘA@GDQ¡ ?D<G@FOG¡MDHDU?¡ DG¡I¡IėB¡Q¡UB¡Q¡U¡ĘNDA¡OG¡MDDG¡
@TIDFF?¡IJGH<NDG¡ ¡N<NG<I?MH?MjUIIC<UMG<?<TM><I¡M?¡ DN¡ BMF¡HGD
LJMLP?I<N ėB¡Q¡UG¡MĘ A@GDID ėB¡Q¡G¡T¡B¡Q¡G¡T¡ <>BUGFG¡ T@H¡FĘ FDHD
<uLG<H?M DU>¡ H¡I<G<I?MH< =<SHI?<I ?¡LDL DA<?¡ JGPIHP =P <MS<DUHDI T<UG
H¡TT¡I NP<GG<M JMO<T< LJTPM P DGF IQ=¡?¡ H¡GGDADI @TID FFG¡ ¡G<L¡G¡I?DM?DTD ėB¡Q¡
BQ¡ė A@GD DG¡ ėB¡Q¡UB¡Q¡U¡Ę NDA¡OG¡MDIDI N@H<IODF PTPINPUGPLG<MI? T<M<IH @TID
H¡I<G B¡Q¡BQ¡ A@GG¡MD DG¡ 1MFDT¡ OMF>¡NDI?¡ && > C Q¡ U¡M=<T>¡FU<H<I¡FDGuDND?DM¡FGDI?¡ JSPIPPHQ>P?UD??DTT¡O¡ =DM<T?IGLB¡ODMDM
FN¡M OMF ?DGG¡MDI?¡ ėu@TI¡H¡FĘ <IG<HI Q@M¡I ėB@Q¡Ę A@GD ėFT¡Ę ėFTN¡Ę ėFTN¡Ę
ėFTU@Ę Q¡ N AJI@ODF Q<MD<IOG<MI?< L@T?¡ <GIH?M P DN¡ ėB¡QU¡G¡Ę A@GDID B¡Q¡
B¡QN¡B¡QU¡ AJI@ODF F@uD?DI?¡ G¡¡G¡ NM¡FGDGDF T<M<?¡NDI?¡ &&>CQ¡ U¡M=<T>BUGFG¡ ?JTPM<OL<=<N< T@MĘDA<?¡NDC¡HDI
NUI?<?H¡I<IIB¡ODMDG¡IK<Mu<?<DG¡IHDėFQG¡FĘNUIIH¡I¡TDDG¡ =<G
=DM ADFMDI¡ HI<ND=¡O =DG?DMH¡F DNO¡M?DF *¡GGDA¡ BM¡ ė=P NUNU @MH@ID>@?@I <GIO?MĘ 0GDU<?¡IDI ėFKF=FQĘ @ODHJGJED FF DG¡ =<G<? =P NUI %¡TT<I
G¡ODI?¡ ėN?L<=ĘH¡I<NI?<DG¡I?DTDIDBMMFO¡¡NNAFDI<DMG¡MėBQG¡FĘ ¡Q¡UDI¡
ėBQ¡G¡FĘ FDHD OM<INFMDKNDT< @?D=G¡M "TID U<H<I?< ė(DO<=ĘI H¡OIDI¡ ?H¡TD= G<FDI !¡?¡
.JMLP?<<D?@?DG¡INJTG<H<K<Mu<G<MII=DMDI?¡ =PNU¡ M<NOB¡GDMDF
!@M@O@K@F<GH<T<O<MG<JG<
1<I<?JG<=F<GH<T<FQG¡FJG< 555&
ė$QĘ NU O<MDS¡I ėLJMPTP= N<SG<H<LĘ H¡I<G <MS<DF ėFĘ A@GDI?¡I T<M<IH?MN<
ėBQG¡FĘU G¡F¡FGDuDNDDG¡ =PNU?¡I ?U¡GHD?DM%¡HNUFFC¡H?¡ G@FNDF¡FDGuDG¡MNMA
OMF H¡I¡GD?DMN¡ I@>¡ JG< =DG¡MFD NU @MH¡ID>¡?¡I <GIH< JGNPI PI?¡NDI?¡ && > C Q¡ U¡M=<T>Ę BQ
¡> NU =P ADFMDI ¡N<NNU JG?PPIP BNO¡MDM 3<SODG¡
U¡M=<T>¡ DG¡ T<I< BMI?T FDHD ėBQG¡FĘ NUII
@ODHJGJED<uH?<01@U><II/!<IFJAA< ¡N<NG<I<M<LNTG¡?DTDHG<CDU¡G¡MDI T<IGJG?PPIP
N=PO<T@ODMDM
!
ė+JG<T?=PG¡T?D=DMDI¡ ?¡SDQ<M<T?HPH<MH?<IT<SPT<MJG<T?Ę ē ?@?D
=D?¡IDIHL¡??DH¡NDI?¡ ėNJG?PM<INJTĘODKGDI<FML<?IG<MI?DGDDG¡ T<<?@Q¡ ¡M¡
L<M N<TNUG DA<?¡ @?¡I =P >HG¡?¡FD ėPT<MĘ <MS<DUHDIDI JSPIPP Q¡ <uH S@TGD H<M<L
?JPMPM $MF¡HGD LJMLP?I<N ,$FT<T =P NU ėPT<MĘ ¡FGDI?¡ JSPTP= ėPT<M JGH<LĘ
O¡MFD=DI?¡ ėPTPI ?H@F ?@IF B@GH@FĘ H¡I<NI?< <uLG<H?M "KJNPI ?DB¡M
O<IIH OMF I<DMD Q¡ O¡?LDL<OuN *"MBDI =P NU ėPTH<LĘ A@GDIDI LM<HH<ODF AJMH<N FDHD
?IH&&>Q¡ H<NDMOMF>¡T¡ u@QDM?DTDH¡OI?¡ ėPTPIĘ<IG<HI?<Q@MHD?DM
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
01@U>CJO@I =DMB¡ I¡MDI?¡ Q¡ @G¡>¡ ?¡ ,#0@MOF<T< OM<INFMDKNDT<NI?<
!@U?@I INS¡NDI?¡FD T<UG ¡FGD I¡U¡M¡ <GIH<T<M<L 3<ODF¡ =PM<?< !M@U?@I
INS¡ F<OD=DT<IGG<TJGQ@M¡M¡FėPH<MĘNUI?¡FDėHDHĘC¡MADIDI<GOI<DFDILO¡ LJTH<LG<
JIP ėPT<MĘ FDHD T<UH?M 1¡?LDL<Ou <GDH NUI @ODHJGJBDT<NI< ?< OJSPI<M<L JIPI PH
A@GDI?¡I <M¡FDGuDNDDG¡ ?U¡GH¡NDQ¡ ė!@MG@H@NUGTĘI?¡FDėPH<MNUĘ><M¡NDUF¡GH¡NDI¡
DNODI<?¡I DG¡I?DTD >HG¡IDI ėPH?PPH?PH? JG<T?Ę
<IG<HIDA<?¡ @OH¡NDL¡I<¡ODI¡ B¡GDM
F<?@HDF33<MOJG?PIQ@MDGHD>HG¡IDIėPH<MH?<IT<SPT<MJG<T?ĘCDNN¡NDIDI
ėÈáÏÊËØ ÑÙÝÞË ÝËÒ æ ÓÆÊËå×âĘ ¡FGDI?¡ O¡M>H¡NDI?¡I =@G¡ <T?I JGPM FD =TF
¡MLI<N ėT<SĘ ėPT<MĘ NUG¡MDID @TID H¡I<?< L<QM<H?M ė(DO<=ĘI U¡M=<T><I
I<DMG¡MDI?¡I%M<NG=P<MS<DUH¡ IDN=¡O¡IN¡M=¡NOT<I<<M<L ¡NFDT<UGG<O¡N?DLG¡IH¡T¡IėJ
=<MĘAJMH<NI?<T¡IDėJĘ¡SN ¡Q¡UGDTDQ¡ ė=<MĘ<MUP ¡?<OII=DMG¡H¡NDFDHDJSPHP?PM
.JMLP?I<N <GDH ¡HD?JQ?<O¡SHDI¡I@TIDTJGG<B@?¡M¡FO¡MOD=@O?DTDH¡OI?¡ ėJ=<MĘ
<M<?MH<G<M< ¡N<N¡IT<U?O¡NCDC?¡ DN¡ ėJT<MĘėJĘD<M¡ ¡Q¡UGDTDQ¡ ėT<MĘDNHDI?¡I
D=<M¡O=DMG¡H¡Q<MD<IOI?<Q@MHD?DM
#7@TI<GJQ ē 0GDU<?¡ =DMB¡ I¡MDI?¡ ėPT<MĘ NU UI?¡I ¡QQ¡GFD ėT<SĘ NU DG¡
?@ADNG¡ T<UG<M<LT<SIH¡I<GNUG¡MDILJ<G<H<NFDHD?IGHQ¡ ėT<SPTPIĘ
<IG<HI?<u@QMDGHD?DM$MF¡HGDLJMLP?I<N0 GDU<?¡ <TM><C<UMG<?I¡M?¡
?¡ =P HQL@?¡ L<GH Q¡ O¡MOD= @O?DTD NUGF?¡ ėPT<MĘ <MS<DUHDID ėPTPI HI<ND= T<M<<IĘ
H¡I< u<G<MG<MI?< ¡MC @OHD?DM $MI?T FDHD H¡GPH <MS<DUHDI <LG<IH<NI<
HI<D=¡O A¡MLGD?DM DU>¡ DGF ?¡A¡ 3<ODF¡ B¡G¡I ėPH<MH?<IĘ NUII O¡NDMD DG¡
?<C< ¡NFDINS¡?¡FDT<UGQ<MD<IOI<?U¡GD@OH¡FG¡ JIPėPH<MĘ¡FGDI?¡ Q@MHD?DM
M<?MH<G<M BNO¡MDM FD =JTG<MI ¡N<N¡I 33&&& ¡NMG¡M <M<NI?< AJMH<G<H<N Q¡
O¡SHDI¡I@TIDTUDGGDFG¡M?¡ DGF?¡A¡ T<UT<FuMGH¡ND=PHCO¡¡H<=D?¡IDI?DGDI?¡ ¡NFDOMF
G@FNDF<NIIB@IDDG¡IH¡NDI¡ DHF<IT<M<OH?M*¡CU=PI<BM¡ ?¡ ė(DO<=ĘI?DGDI?¡ <MOL5&
¡NM?¡ T¡ID PGP ?DGuD *(<<MDIDI ė!DQ<ID G<ODOOMFĘ ¡N¡MDIDI L¡G¡H¡ <GI? ?QM?¡
O<H<HDG¡ <MS<DFG¡¡I I<?DM NUG¡M¡ ?¡ M<NO B¡GH¡F HHFI JGPM FD ėPT<MĘ <MS<DUHD ?¡
=@G¡G¡MDI?¡I?DM*¡GPH?PMFDL¡?DHOMFT<UG<=D?¡G¡MDIDINM<NI?<6@IDN@Tu<TCQU¡NDI?¡
O<KGH <=D?¡G¡M SNPND T@M OPOPM ¡UD ?DGuDG¡M ?DG =¡NDOGDTDI¡ Q¡ T<UG AJMH<NI< BM¡ C¡OO<
6@IDN@T <=D?¡G¡MDID ,MSJI <=D?¡GMDI?¡I ?<C< L¡?DH ?QMI H¡CNPGP C@N<= @?DMG¡M %<LLI?< ?<IGD¡O@?¡F
"G@B@<=D?¡NDI?¡
ė6U ¡MF<?<HPT<MIuITU ¡M¡I ¡GDBFUIO¡B?FuI<?MGOHĘ
@DI>De<SG<=D?¡NDI?¡
ė2T<MF<?IHuIF?DHTO<DuDHTPMuHF<T
2T<M=¡BDH>¡ <?MGOHPT<MF<?<HF<<?MGOHĘ
DMDI>DGOIBG<=D?¡NDIDIN<O¡M¡ADI?¡
ė M ¡M?¡HuI@uDHPT<MIuI=@IBHDIODF¡ =@MODĘ
*DIPNDINFHPU@TDI?¡ N<SG<IG<I=DM<=D?¡IDIDFDI>DO¡M¡ADI?¡
ėuI<PT<M@DHNDUDH¡ <?MGOH<=FH¡?DHI<@GDHUTĘ
PI?DN¡ODM?¡DG¡?DGHD?DM
ė(<IJGPMPKJM?PT<MHDG
DOPMHPOMO=PGPIO<F@?BNDPT<M
ODMDGDK¡IH¡IDG¡TM=¡?DUG¡TM ē ODMIu<=DGDIG¡M@?BJGĘ
*¡OIG¡MDI H<NDM ?DG¡ u@QDMH¡NDI?¡ HQ<ADL JG<M<L ėB>G H¡CPM IAPUGP <GGĘ
NDA¡OG¡MDI?¡I DNODA<?¡ @?DGN¡ ?¡ /¡>¡=JQ Q¡ 6*¡HH¡?JQPI C<UMG<? NUGF?¡ ėL?M¡O
IAPU CMH¡OĘ FMGII O¡MOD= @O?DTD NUGF?¡ DN¡ ė=4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
<IG<HG<MI?< ¡MC JGPIHP?PM 11@FDIDI C<UMG<? NUGF?¡ DN¡ =P <MS<DUH ėPTPMĘ
AJI@ODFQ<MD<IOI?< ¡FNJGPI<M<LėHPFO@?DMĘH¡I<NI?<DU<C@?DGHD?DM ė.¡?DHOMF
NUGTĘI?¡ DN¡ ėPT<MĘ <MS<DUHD ė=<><MLG L?M¡OGDĘ ė×ÕÔ×ÔÇÓáÏ ÒÔÉÙßË×ØÈËÓÓáÏĘ
H¡I<G<MI?< ¡G<H¡O=DG?DM¡I=DMNDA¡OFDHD?<C<?¡LDLDA<?¡ JGPIHP?PM1¡CGDGBNO¡MDM
FDėPT<MĘNDA¡ODėPĘQ¡ ėPTĘ<MS<DFA@GG¡MDI?¡I ē7H ¡FDGuDNDQ<NDO¡NDG¡ ?U¡GHD?DM"ODHJGJED
=<SH?<IėPĘQ¡ ėPTĘA@GG¡MD@TIDNUIAJI@ODFQ<MD<IOG<MN<TGMQ¡ L¡?DH<=D?¡G¡MDI?DGDI?¡
ė=<><MH<LĘH¡I<NI?<<TM><L@T?¡ <GIH?M
(G1DBDI<=D?¡NDIDI¡MLO¡M¡ADI?¡
ė6<=JGKDODIT<M<OPIPPH<?PFT<I<DuDFHDĘ
e@QDMH¡ND
ė6<JGP=@GDO¡FDG@OH¡TDT<M<OH<=<><MH<?I?<IT@I¡ O<=@JGHPĘ
ė2Ę <MS<DF A@GDI¡ A@GD =<G<H< AJMH<NI?< ėL?M¡OD JGH<L B> T@OH¡FĘ H¡I<G<MI?<
&3>*(<<MDG¡ODI?¡ ?¡ M<NOB¡GDIDM
ėjuF¡FF<HPFDDIDIL
6<GILPFU¡ <GH=DG
"?CBGFBP<Iu<
GDBDIL=DG¡ O¡GDHFGĘ
DGFDLDN<N=<L<NI?<<GI<><L=DM=JM>FDHD?DM
$>IT@O¡IL¡?¡MLJI<<L¡MD=¡ T<SGL@G¡Ę&>
PI?u<O<IL<?DML?M¡OGDĘH¡I<GėP<IĘNU?¡ &>Q@MDGHD?DMFD=P?<ėPT<MĘ
<MS<DUHDIDIH¡CUFDA<T¡OL¡?¡MDG¡FJG<IėPPTĘA@GDI?¡IT<M<IH<NIO¡N?DLG¡TDM
ė!¡?¡ .JMLP? FDO<=ĘI?HG¡IDI O¡MFD=DI?¡ ?¡ ėPT<MĘ NUII
ė=<><MLG L?M¡OGDĘ <IG<HG<MI?< DG¡?DGH¡ND <uL<T?I ?PTPGPM MDIDI GH¡NDID <MUPG<T<MLGL?M¡OGDJGH<NIDNO¡TDMFD?DB¡M TJUPHG<MG<
HL<TDN¡?¡ =P?<C<H¡IODLDN¡NG¡IDM
P FDHD A<FOG<M JIP BNO¡MDM FD DGF =<S?< C¡OO< uJS <T?I <IG<G<I?DGDIDI?D<G@FOJGJEDG¡OD<F
U¡M=<T><I?DGDIDIDU<CGG¡OD &&&><F"GH
¡HD?JQ ė(DO<=D!¡?¡ .JMLP?Ę 1<MDSD >JM<AD O@FNOJGJED O¡?LDL Q¡ !M@U?@I ¡GT<UH<N
?MNOG¡?DMDGHD@GHDH¡OID<F"GH
ªÖËÈÓËØåÖÐ×ÐÎÏ×ÑÔÈÆÖâ±ËÓÎÓÉÖÆÊ ³ÆÙÐÆ
"MBDI*!@?@(JMFPOFDO<=$DMD ē *@ODI ē #<FN@H@G@&>IF<M<&&>
"MBDI*!@?@(JMFPO(DO<=NO<I=PG
NDM¡??DI =P %¡TTH¡ @?¡IQ¡ I¡M¡ C<UMG<T<I/NB¡M !M?>DG?GD
<F,UGDF
(DO<=D!¡?¡ .JMLP?O¡MOD=OM<INFMDKNDT<N<?¡G¡?DMDGHDQ<MD<IOQ¡ HL¡??DH¡ #7@TI<GJQ
Q¡ 0GDU<?¡IDI?DM<F6<Uu
(DO<=D!¡?¡ .JMLP? O¡MOD= @?¡ID u<K< C<UMG<T¡=JQ *¡HH¡?JQ6,MSJI6@IDN@T<=D?¡G¡MD<F6<Uu
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
0@MOF<T<,#!@?@(JMFPOFDO<=II!M@U?@I?@IINC<NIIė$DMD=GHNO<I=PGjOF@I
¸ËÈÔÖØæÓ Â¨ ÂØÎÒÔÑÔÉÎÝË×ÐÎÏ ×ÑÔÈÆÖâ ØåÖÐ×ÐÎÛ æÍáÐÔÈ ÔÇßËØåÖÐ×ÐÎË Î
ÒËÌØåÖÐ×ÐÎËÔ×ÓÔÈáÓÆÉÑÆ×ÓáË²³ÆÙÐÆ
FMG .¡?DHOMFT<UG<=D?¡G¡MDIDI?DGD<F*<<MDA
1@FDI1,MCJI1MFu@ND$M<H@MDNO<I=PG
1@U><I0J@N>CJO@I%!@?@(JMFPO,PUI<H@G@MDNO<I=PG
1@U><I0!@?@(JMFPO,PUI<H@G@MDU@MDI@IJOG<MNO<I=PG
¡GDT@Q(+ ¡GDGJQ#ė(DO<=D!¡?¡ .JMLP?ĘPI?DGDI?¡ @MH¡IDNUG¡MDQ<MH!2IPI
ė"GHD ¡N¡MG¡MDĘ!DGQ¡ ¡?¡=DTT<ON@MDT<N ĠN
&,+*&$ "%&. % ) *$* %+'&*º&),»
1C@ =JJF ė!<?< $JMBP?Ę DN < RJMF JA AD>ODJI &O M@AG@>ON OC@ G<IBP<B@ KP>PGD<MDOD@N JA
K@MDJ?N JA AJMHDIB RMDODIB <I? >JKTDIB OC@ RJMF 1C<OĖN RCT DI DIO@MKM@O<ODJI JA ?DAA@M@IO
RJM?N <I? KCM<N@N R@ ADI? ?DAA@M@IO Q<MD<ION 1C@ <MOD>G@ M@Q@<GN H@<IDIB JA NP>C RJM?N <N
ėPT<MĘėB¡QU¡G¡H¡FĘ
~}uz~~ooxw|oqqqutu}xu~u ºtutuz~z»
°ÓÎÉÆ ėªËÊË°ÔÖÐÙØĘ æÈÑæËØ×æ ÕÖÔÎÍÈËÊËÓÎËÒ ÛÙÊÔÌË×ØÈËÓÓÔÏ ÑÎØËÖÆØÙÖá
ÔØÖÆÌÆåßËÏ È ×ËÇË æÍáÐÔÈáË Ô×ÔÇËÓÓÔ×ØÎ ÕËÖÎÔÊÔÈ ÚÔÖÒÎÖÔÈÆÓÎæ ÓÆÕÎ×ÆÓÎæ Î
ÐÔÕÎÖÔÈÆÓÎæÕÖÔÎÍÈËÊËÓÎæµÔãØÔÒÙÈØÔÑÐÔÈÆÓÎÎÖÆÍÓáÛ×ÑÔÈÎÈáÖÆÌËÓÎÏÈ×ØÖËÝÆåØ×æ
ÖÆÍÓáËÈÆÖÎÆÓØá¨×ØÆØâËÈáæÈÑËÓáÍÓÆÝËÓÎæØÆÐÎÛ×ÑÔÈÐÆÐ ėPT<MĘ Î ėB¡QU¡G¡H¡FĘ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
bS # )*+%0) # b % )
j (j%# 0 %º#l+ j»*+% l** %
+)#!T
U¡M=<T>GII ?DB¡M HCDOG¡MDI?¡ JGPP FDHD =<=<eG?M <L
HCDODI?¡ ?¡ <M DIAJMH<ODF TF ?<T¡ O¡MUDID
@ODF@NO@ODF BMG¡MDID @OIJHDGGD KNDSJGJBDT<NI @OIJB@I@UDNDID B@ID =DM <M@<G?< UI?¡ ¡FN
@O?DM¡I AJGFGJM H¡OID?DM Q¡ UI¡H¡SNPN SNPNDTT¡OG¡M¡ H<GDF?DM *¡GPH?PM FD ¡NFD OMFJPU
H¡?¡IDTT¡ODIDI uJS<S¡GD ¡I¡I¡NDI?¡I B¡G¡I J=M<UG O¡CFDT¡uDGDF HPNDLDDHKMJQDU<NDT< Q¡ DA<
?<QM<I KMDINDKG¡MD <TMGH<U =DM Q¡C?¡O O¡FDG @?¡M¡F UI ¡I uJS ?<NO<IG<M?< BNO¡MDM *¡CU =P
=<SH?NI< u@QDMDM , ?< =¡GGD?DM
FD U¡M=<T>GII <TM<TM <L HCDOG¡MDI?¡ T<TG¡C¡OD I¡U¡M?¡ OPOGL ¡I¡I¡G¡MD
<L M@K@MOP<M ?< JGHP?PM =P ?< JI< ?DB¡M HCDOG¡M?¡I N@uDGH¡T¡ ¡N<N Q@MDM[ GDHDI
=P ADFMDI?¡I L<TI<LG<I<M<L L@T? @?¡ =DG¡MDF FD =<=<eG?M <L HCDODI?¡ ?<NOG
=P =GB¡IDI >JM<AD M@GT@AD O¡=DD ¡M<DOD =GB¡ ¡C<GDNDIDI HDGGD H¡D¡OD @NO@ODF O¡A¡FFM @OIJ
HDGGD T<??¡ JIP L@T? @OH¡F T@MDI¡ ?¡M FDX(DO<=D!¡?¡
.JMLP?[ ?<NO<II?< S<OMG<IP? JGGII L¡?DH Q¡ ¡NFD FFG¡M¡ ¡N<NG<I?I BNO¡M¡I ¡I HCH F@TADTT¡O
FDHD ?DLL¡OD >¡G= @?DM @TID U<H<I?< M@BDJI<G >DUBDG¡MD ?¡ UI?¡ >¡HG¡?DMDM
=<=<eG?M <L HCDOD?¡ ¡I¡I¡QD ?<NO<IG<MG< XNGD Q¡ (¡M¡H[ X(JMJGP[ Q¡ JIPI
HSO¡GDA LJGG<MX1<CDM Q¡ 7CM¡[X<C NH<TG[X==<N Q¡ $GB¡U[XL .¡MD=[ Q¡ N T<I<
=DM NM< ?<NO<IG<MI =GB¡ Q<MD<IOG<M ?< T<M<IH Q¡ <LG<MI M@K@MOP<MI?< UI¡ I¡HGD T@M
OPOHP?PM ,IP ?< L@T? @?¡F FD <L T<M<?>G KMJN@NDI?¡ ?<NO<IG<MI HSO¡GDA Q<MD<IOG<M
T<M<I= AJMH<G<? FDHD <TM<TM N<UNU N¡I¡OF<MG<MII A¡M?D T<M<?>GL H¡CNPGP JG =M<CDH[ X IPI Q¡ ?¡M?GD 0PGO<I[
L *PM<? eJ=<IJGP X.<u<L 2NPA[ L +¡ND= Q¡ N ?@?DFG¡MDHDU¡ IHPI¡ JG< =DG¡M P
?<NO<I Q¡ ?<NO<IM¡Q<T¡OG¡MDI T<TGH< <M@<G M@BDJI<G C?P?G<MG< H¡C?P?G<HM ?<C< B@ID AJGFGJM
¡M<UDG¡MDID ¡C<O¡ @?DM L @IGDTDI X)¡ODA <C[ ?<NO<II 2MHDT< 0PG?PU .<M<K<K<L <LG<MII M@K@MOP<MI?< HCF¡H T@M OPO?PPIP BNO¡MDM M<?M>G<MI ADFMDI>¡ ė=P BI¡ L¡?¡M ė)¡ODA <CĘ ?<NO<III N¡FFDU Q<MD<IO O¡N=DO
@?DGHD?DMĘ
U¡M=<T>HG¡?¡I =<=<eG?M <LG<MII M@K@MOP<MI?< =P ?<NO<II X)¡ODA <C[
X)¡ODA <C Q¡ 1@GGD *@CMD=<IX)¡ODA <C Q¡ *@CMD=<L
1MFDT¡GD O¡?LDL<Ou <TM<H !PM=DGH¡U ?<NOG Q¡ .<MN <LG<MI< <D?
<M<?MH<NI?< BNO¡MDM FD XC@F<T¡ ?<NO<I O¡NIDA @?¡I T<M<?<I <L ?<NO<II NJIPI?<
H¡CG¡NDID IQ<II <?I O¡NIDA @O?DTD O<MDSD ?<NO<II H¡IUPH LDNHDI?¡ I@u¡ =¡I? OMF
=PGPI?PPIP Q¡ N =DG?DMDM 0UB¡GDHD L @IGDTDI O¡NIDA @O?DTD X)¡ODA <C[ X0@Q?¡B<M <C[
X0<GH<I =¡T[ <?G<MI ?<T<I u ?<NO<II NJI OMFG¡MDI?¡ HCM=¡I?DI?¡ ē ?<NO<II
FDHDI O¡M¡ADI?¡I Q¡ I¡ U<H4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
*¡I G¡G¡T¡H ?¡M?DH uJS?P NDI¡?¡
0U =¡I? JGP= TU LMS T@??D S<I¡?¡
1<MDS HDI DFD TU ?JSND >DG?DIDI L@T?G¡M =GH¡NDI?¡ =P >M
Q@MDGHD?DM
0¡ADG @IGDF ?¡M?DI uJS?P NDI¡I?¡
0U =¡I? JG?P TU T@OHD ?M? S<I¡?¡
*DI DFD TU <GOH DFD N¡I¡?¡
0¡MB¡M?MD O<MDSD DG¡ >D DG?¡ T<M<I?I BNO¡MDM #DFMDHDU>¡ L@T? JGPI DGCD>MD ?<C< ?¡LDL?DM eIFD >D DG CD>MD O<MDSDID HDG<?DT¡
u@QDMN¡F>D DG <GI<M>D DG?¡ @IGDF C¡G¡ ?IT<T< B¡GH¡HD?D.3¡GDT@Q DN¡ ?<NO<II
T<M<IH<NI CD>MD >D HDG<?D > DG JG?PPIP L@T? @?DM P O<MDS !PM=DGH¡UDI
BNO¡M?DTD O<MDS¡ ?<C< T<SI?M %¡H ?¡ > DG?¡ L @IGDTDI DTDMHD u T< Q<M D?D P T<
?<NO<II T<M<IH<N uI H¡TT¡I ¡N<N Q@MDM
.@T? @?¡F FD eG?MG L @IGDTDI T<M<O? X)¡ODA <C[ ?<NO<I HF¡HH¡G NE@OD
HDAJGJED C<?DN¡ Q¡ ¡CQ<G<OG<MI J=M<UG<MI U¡IBDIGDTD DG¡ N@uDGDM !<NO<I?< K<?<CI QG<?II
JGH<H<N I¡UDMIDT<U?<I NJIM< JIPI JGPIPI ?IT<T< B¡GH¡ND ?¡MQDDI JI< <GH< Q@MH¡ND
¡N¡MDI L¡CM¡H<III =PO< <GH<N Q¡ N ¡I¡I¡QD NE@OG¡MG¡ B@Mu¡F C<?DN¡G¡MDI N<FM<G ?IT< DG¡ M@<G
?IT<II =DM=DMDI¡ DIO@LM<NDT<N ¡N¡MDI NE@ODIDI uJS<S¡GDGDTDID NPM¡OG¡MDI O<HGI
FJHKJUDNDT<II HM¡FF¡=GDTDID O¡HDI @?DM *¡GPH?PM FD ?<NO<I?< )¡ODA <CI =OI @GHG¡MD
TM¡ID= =<< QPMH<NI?<I NJIM< JIPI F<MQ<I NJTH<NI?<I %DI?DNO<I K<?<CII LU 1@GGD
*@CMD=<II JI< =PO< Q@MDGH¡NDI?¡I Q¡ =P TJG?< )¡ODA <CI =<I< B¡G¡I HSO¡GDA ¡CQ<G<OG<M?<I
=¡CN JGPIPM .@T? @?¡F FD )¡ODA <C C¡H <L C¡H ?¡ L¡CM¡H<IGL NO<OPNP ?<TM PO<
Q@MDG¡I¡?¡F L¡CM¡H<IGL APIFNDT<NI =PO< Q@MDG?DF?¡I NJIM< DN¡ C¡H <DLGDF C¡H ?¡
L¡CM¡H<IGL APIFNDT<NI T@MDI¡ T@ODM¡I )¡ODA <CI <? ?< L¡?DH OMF @KJNuPGPL ¡I¡I¡G¡MD Q¡
HDADF ?I>¡ DG¡ =<G?M DM NM< U¡M=<T> CDNN¡NDI?¡
¡N<N¡I =@G¡ NO<=DG @KDUJ?G<M HCH T@M OPOPM ?¡MQDDI Q@M?DTD <GH<?<I LJSPG<O? BG?¡I Q¡ N
NJIM< QG<? C¡NM¡OD u¡F¡I <?<HI L<MNI?< DFD ¡MO LJTPGPM ?JPGD HJODQG¡ =<G?M 6<GIU =P ¡N¡M?¡ ?@TDG =DM NM< I<G Q¡ ?<NO<IG<MHU?< P<< ?¡MQDG¡MDI
<? LJTH<N =C¡NDU FD S<GLHUI ?DIDHDAJGJED LMG¡MDID UI?¡ ¡FN @O?DMDM ?LJTH<
H¡M<NDHD DG¡ =<G ?<NO<I Q¡ HDA FJIO@FNODI?¡ X(DO<=D!¡?¡ .JMLP?[ L¡CM¡H<IG<MII <?G<MII
N@H<IODF<NI <uLG<TDTT¡ND HDAJGJED N@H<IODF<N FDHD JI< =PO< Q@MDGH¡ND KMJN@ND
?¡ L@TMD<?D F@TADTT¡OG¡MG¡ ¡NFD DI<HG<MG< =<G?M PO< Q@MDGH¡ND DG¡ ¡G<L¡?<M (<=<FG T<UM
FD KDMG¡M HL¡??¡NG¡MX<N ?¡ ?IT<?< Q¡ <SDM¡O?¡ N@Q?<NI u¡F¡>¡TD BU¡G =DM LU uI?M -DM JI<
N@Q¡>¡TD ?DG=¡MDI ><H<GI ?< BNO¡MDM[ !<NO<I?< C¡H )¡ODA <C< C¡H ?¡ 1@GGD *@CMD=<I<
@TID Q<SO?< =PO< Q@MDGH¡ND @KDUJ?P =P >M O¡NQDM JGPIPM X1@GGD *@CMD=¡ U JO<I?<
T<O? T@M?¡ T<O¡FN¡I DUD TJS?¡FN¡I LMSG<MI KDMG¡MDI <SM U<H¡FN¡I 6¡H¡I K<?<CII JGP
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
)¡ODA <CI @LDI¡ "G¡ @TIDG¡ )¡ODA <C< DuDM?D !@H¡ =P <?<H 5UM ¡G@TCDNN<G<HH FD
=<MH<H<GI JG<I< JG<II ><H<GI ?< LU< BNO¡M?D[
PO< <G?L?<I NJIM< Xu TU <GOH ?<H<M J? OPOP= T<IH<< =<G<T<I[ 1@GGD *@CMD=¡ NDNO@HD DG¡ =<G?MX)¡ODA <C Q¡ 1@GGD *@CMD=<I[ ?<NO<II?< ?<
=P HJODQ UI L<=<ML ¡FDG?¡ BNO¡MH¡F?¡?DM FN¡M ?<NO<MLG C¡FDHG¡M JIPI ?¡M?DI¡ u<M¡ @?¡ =DGHDMG¡M )<FDI JIPI ?¡M?D S¡NO¡GDTD H<??D ADUDJGJED
S¡NO¡GDF ?@TDG P JIPI PMPI?< H¡I¡QDTT<OI?< B@?¡I H¡I¡QD N<MNIO =<L< NUG¡ H¡I¡QD
O¡F<HG DIOD=<C?M P O¡F<HG JIP <DLGDF?¡I <LG< u<O?MM P MA<ID =DM O¡F<HG?M PI<
BM¡ ?¡ C@u F¡N JIPI ?¡M?DID <IG<H< C<G?< DFD TU ¡GGD T<G =DM L<M )¡ODA <CI @L N@Q?<NI<
?u<M JG?PPIP =<< ?M %¡HDI @KDUJ? ?<NO<I?< =P >M Q@MDGDM X!@?D FD =PI?¡ FD
O@GDI N¡ND uS?N< )¡ODA <C BUI <u? ?@?D
+¡I¡ N¡IDI J DHI< LPM=<I JGPH DM J N<U H¡I¡ Q@M[
$MI?T FDHD )¡ODA <CI =PO< <GH<N JIP <DL¡ <DLGDTD DN¡ << [email protected]=<ID[
X+JQMPU[ X<CU<?¡ =GA¡U[ Q¡ N ?<NO<IG<MHU?< ?< ¡N¡MDI L¡CM¡H<IG<M X=PO< <GH<[
TPSPNPI?<L X=DM =< IDHu¡ =DM =< uHu¡[ DG¡ ē N<UG< <IG<?<
=DGDMG¡MX+JQMPU[ ?<NO<II?< IHPI¡ uI L@T? @O?DTDHDU HJODQ¡ ?DLL¡O T@ODMN¡F @TID HDAJGJED
¡CQ<G<OI <CD?D JG<ML X+JQMPU ?U JI =DM BI?¡I NJIM< UI¡ B¡G?D <S? FD <O<N <I<N
LJCPH¡LM¡=<N ē C<H JIPI =<I< TG= +JQMPU ?@?D
*¡I ?¡M?DHD ?DGI¡I ?@N¡H ?DGDH T<I<M *¡I¡ =DM N¡?¡I DGFDI O¡N¡QQMG¡M?¡I ?J¡G FTI¡TDID B@T¡M
B¡GDM¡H[ ?@T¡ =P TJG?¡TDID =DG?DMDM
!<NO<I?< ?DLL¡OD u¡F¡I H<M<LG >¡C¡OG¡M?¡I =DMD ?¡ ¡NFD OMF ?I>¡ND DG¡ HN¡GH<I
¡SG<L IJMH<G<MII DNG<HD ?<QM<IG<MI =DM=DMD DG¡ =<GG?M ¡GGD?DM FD )¡ODA <C ?¡MT<?<
B¡UH¡T¡ uS<MF¡I AMOI< LJKPM Q¡ JIP A<MN K<?<CII GF¡NDI¡ <K<MM -<?<CI LJPIPIP
LM?I< FM¡F¡ID NA¡I?DT<M K¡CG¡QI?¡ C¡HDI H¡L<H< ?DLL¡O T@ODMD= DI>¡G¡H¡T¡ @CODT<> Q<M?M NH¡M
S<IHI O¡FD?DI¡ =<SH<T<M<L )¡ODA <C JIPIG< @QG¡IH¡F DNO¡HDM uIFD J 1@GGD *@CMD=<I<
=PO<G?M )¡ODA <CI u¡F?DTD =OI ¡U<=¡UDTT¡OG¡M 1@GGD *@CMD=<I< LJQPH<L JIPI QN<GI<
u<OH<L uI?M PI< BM¡ ?¡ )¡ODA <C NH¡M S<IHI O¡FGDADI¡ =@G¡ ><Q<= Q@MDM X)¡ODA <C
=PI< ?@?D FD O¡F H¡ID BOMBI¡I *@CMD=<MDT¡ JGPH[ $MI?T FDHD )¡ODA <C N@QBDGDNDI¡ LJQPH<L uI C¡M @T¡ C¡OO< LPG JGH<<
C<UM?M NDMGDF?¡I LPMO<M?L?¡ JSPTP= C¡LDL¡OD =DG¡I?¡I NJIM< NH¡MG¡ )¡ODA <CI @QG¡IH¡NDI¡
M<UGL Q@MDM Q¡ )¡ODA <C =CM<I?<I SDG<N JGPM !DLL¡O @?DGN¡ =P @KDUJ??< ¡NFD OMFJPU ¡I¡I¡ND
DG¡ HN¡GH<I ¡SG<L ?<QM<I <M<NI?<F H¡TT¡I <TMN@uFDGDF O¡N¡QQM I¡U¡M¡ u<MKM #<MPL
PH¡Mė!¡?¡ .JMLP?Ę?<JPUG<MI<DG¡ C¡T<OI?<I=¡CN@?¡MF¡IT<UMė%<HN=¡TJG<I=OI
L¡CM¡H<IG<MI O¡F L<?IG< @QGD JG?PLG<M UI BNO¡MDM !<NO<IG<M?< I¡ H¡PL¡?¡I I¡ ?¡
JTI<?¡ <MQ<?G<M Q<M?M P ?DLL¡O¡G<TDL =DM SNPN?PMĘ
L@IGDTDIT<M<O??<NO<IG<MIL¡CM¡H<IG<MDN¡ DFD<MQ<?G?M%¡OO<ė0@Q?<B<M<CĘ
?<NO<III L¡CM¡H¡C¡OL@IGDTDI?QMI?¡ DNG<HD ¡I¡I¡G¡MDIM@<GO¡NDMDDG¡ =<G?M
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
PO< <G= *@CMD=<I S<IH?<I =<L< C@u F¡NG¡ @QG¡IH¡F DNO¡H¡T¡I X=DM HBGI
=<=<GI< =<OH<H[ ?@T¡I )¡ODA <C u¡ODI =DM Q¡UDTT¡O?¡ L<GH?M =DM O¡M¡A?¡I J U =PO<NI<
N¡?<L¡ODID BNO¡MH¡GD?DM ?DB¡M O¡M¡A?¡I DN¡ *@CMD=¡F NDM ?@TDG
P u¡ODI NDOP<NDT<?¡I<=G <DG¡ HI<ND=¡OG¡MDI?¡ JTI<?
MJG N¡?<L¡OD ?DLL¡OD u¡FDM
X(DO<=D!¡?¡ .JMLP?[PI X<HN @TM¡F[ =JTPI?< ?< <T=PM? L<G<NI?< JI <GO DGGDF
¡NDMGDF?¡I ?H¡I LUII FH¡FGDTD DG¡ <HN @TM¡TDI SDG<N JGH<N O¡NQDM JGPIPM $MIM FD
X(DO<=D!¡?¡ .JMLP?[?<F =P @KDUJ? NJIM<G<M =DM NM< I<G Q¡ ?<NO<IG<MHU< OM<INAJMH<NDT<
JGPIHP?PM !H¡I LUII C<HDSDG<NF<M MJGPI?< uS @OH¡ND <HN @TM¡TDI JIPIG<
@QG¡IH¡ND ¡MOD DG¡ B@Mu¡FG¡DM *<M<LG?M FD X)¡ODA <C Q¡ 1@GGD *@CMD=<I[ ?<NO<II?< ?<
SDG<NF<MGL APIFNDT<NI ?H¡I LU NH¡M S<IH T@MDI¡ T@ODMDM I< FDO<=HUI NU B@?¡I
=JTPI?< ?PNO<LGL?<II LU <IuDu¡FG¡ @QG¡IDM X)¡ODA <C Q¡ 1@GGD
*@CMD=<I[ ?<NO<II?< DN¡ @G¡>¡ ?¡ ?<NO<II ?DB¡M Q<MD<IOG<MI?< )¡ODA <C TPS<M?< L@T?
@O?DTDHDU FDHD *@CMD=<I S<IH?<I =<L< ?H¡I LU NH¡M S<IHG< ?< @QG¡IDM T?I
BMIM FD ?<C< <MS<DF HJODQ ?<NO<I?< HN¡GH¡M¡TJM<AD <M@<G JMO< ¡NM
?<NO<IuGL ¡I¡I¡G¡MDI¡ PTPI JG<M<L B@ID C?P?G<M ¡C<O¡ @?DM 6¡H¡I?¡ ?JPGP= @GHG¡MDI
NDMMDID TM¡I¡I )¡ODA <C =PO<NII <MS<NI>< %DI?DNO<I< TJGG<IM 1@GGD *@CMD=<I UJMG< <GH<L
DNO¡T¡I A<MN K<?<CII LJPIPI< Q¡ H¡CPM K¡CG¡Q<I NA¡I?DT<M< L<GD= B¡G?DF?¡I NJIM< =PO<NI<
LJQPN< ?< J ?<C< =DM NI<L?JM<AD <M@<G ¡FN DNODL<H¡O?¡ #<MN
K<?<CG %DI?DNO¡ NP =PM<?< HDADF N¡>DTT¡ ?<TM DM uJS I<G
?<NO<I Q¡ ¡AN<I¡G¡M?¡ ¡N¡MDI L¡CM¡H<III NP?< L¡ML JGH<N T<SP? N<I?< LJTPG<M<L NPT<
<OGH<N HJODQG¡MDI¡ NSNS M<NO B¡GH¡F JGPM *¡N¡G¡I X1<CDM Q¡ 7CM¡[ ?<NO<II?< %<O¡H
0JGO<II ¡HMD DG¡ 1<CDMD =DM N<I?< LJTP= ?¡MT<T< <OMG<M X1<CDM *DMU¡ LMS BI ?¡MT<?<
U¡I?¡I NJIM< uS? %¡O¡MS¡ LUIM I<G JGPIPM XPIP ?¡MT< QPM<
QPM< BOM? #<MN K<?<CII B¡HDNDI¡ M<NO B¡G?D $¡HDuDG¡M =<S? FD NPTPI NOI?¡ =DM L<M<GO
B¡GDM $¡HDTD ¡TG¡O?DG¡M P B¡HDIDI T<II< FD B¡G?D L<TL L<MH<L <O?G<M =PIP B¡HDIDI DuDI¡
<G?G<M[ DU¡ @G¡ B¡GDM FD <M NDOP<NDT<G<M?< ?<NO¡G¡IDM $MIM FD NPTPI
C¡T<OI =<G N<TGH<N JI< DI<H =¡NG¡IH¡ND ?<NOGI?< =OI ?QMG¡M?¡ <FOP<G
JGHP?PM P N<FM<GGL L@T? @O?DTDHDU ?<NO<IG<M?¡?¡ HC<ADU¡
@OH¡F?¡?DM 5<GLHUI J >HG¡?¡I =DM NM< ?IT< S<GLG<MII HDAJGJED ?I>¡NDI?¡ NPTPI
F<DI<OI T<M<?GI?< S<JNPI IDU<H< N<GIH<NI?< C¡GG@?D>D MJG< H<GDF JG?PP H¡GPH?PM P
=<SH?4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
kHPHDTT¡OG¡ L @IGDTDI X)¡ODA <C[ ?<NO<IOMF ?<NO<IuGII =<=<eG?M
<L HCDODI?¡ UI¡H¡SNPN U¡GGDFG¡MDIDI BNO¡MD>DND?DM
lle00+
%NH<TGJQ L T<M<?>G H¡I¡TD Q¡ DIFD<A H¡MC¡G¡G¡MD <F
(<AF<NT<G MDGDD Q@ (<MN TM@ND <FG<M *DOO@I
*@??<C< 1MF C<GF <IG<OG<M PGPNG<M<M<N N@HKJUTPH =DG?DMDG@MD IF<M<
U¡M=<T>DG??¡ & >DG? <F
.3¡GDT@Q L @IGDTDI C¡T<O HCDOD Q¡ KJ@ODF T<M<?>G ADGJGJBDT< @GHG¡MD I<HDU¡?D
<GDHGDF ?¡M¡>¡ND <GH<L uI ?DNN@MO<NDT<II <QOJM@A@M<O <F
* ¡A¡MGD !<NO<I Q¡ HDA <F
(<=<FG F @?@=DT<O NO<I=PG
<A@MJGP !JP DGG@MDHDU <UG<MI?<I OJKG<H<G<M IF<M<
#PH¡M,PUG<M<F
*.<NHG ,U<I<L N¡I¡OD <F
®
¨ ÊÆÓÓÔÏ ×ØÆØâË ÔÕÎ×áÈÆåØ×æ ÕÖÔÇÑËÒ ÈÔÍÓÎÐÓÔÈËÓÎæ ãÕÔ×Æ È ÖËÉÎÔÓË ¦ÉÇÆÇÆ
¾áÑÊáÖÓÆÇÆÍËãÕÔ×ÆX±ËØÎÚ¿ÆÛ[¦ÞÙÉÆ¿ËÓÑÎÐ¾áÑÊáÖÑá·Æ××ÒÆØÖÎÈÆåØ×æÖÆÍÓáË
ÈÆÖÎÆÓØá ãÕÔ×Æ Æ ØÆÐÌË ËÉÔ Î×ØÔÖÎæ ÈÔÍÓÎÐÓÔÈËÓÎæ ÒÎÚÎÝË×ÐÎÛ ×ÈÔÏ×ØÈÆ ÔÇÖÆÍÔÈ È
ÖÆÍÓáÛ×ÎØÙÆÜÎæÛ
*G??3DK
"KJN >M@<ODQDOT DI BC=<=< CDG?DM M@BDJI DN <I<GDN@? JI =<N@ JA ė)<ODA 0C<CĘ @KJN =T
CDG?DMGD NCPB 0C@IGDF 0@Q@M<G Q<MD<ION %DNOJMT JA >M@<ODJI JA OC@ @KJN HTOCD><G O@HK@M JA
@Q@ION<I?>C<M<>O@MN<M@GJJF@?JQ@M
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
~{²³ ~°tµ|puy}un}tuz¶n}nop
vńpo{oo°}M²ot°px{xrN / °o
_^htpaqi ie^kl`^
5& íÆ×áÖÊáñ ÌÆÙöÆÖØÙáÓÊá×áXîÙØÆÊíÙÇÎÑÎÉ[ ē Î×ÑÆÒÊ¡ÙéÖé ¡ÊËÇÎËØéÓéñ Ëñ ÐøÖÓËÐØé
ÒôÖÆ×áªÆ×ØÆÓÓáñ ÐøÓËØÆÖÎÛØÆÓÞËÖØËÖ×áÖÑÆÖáÐøÕ
§Æ×ïÆÞÆÆÏØïÆÓÊÆ ïÆÍéÖÉéØòÖÐéØËÐØË×ÛÆÑáïØÆÖÊáñ ÔÖØÆ íÆ×áÖÊÆíáØÆÖÎÛá ïÔíÆÒÊáï
×Ææ×Î øÒéÖé íáÑáÒá ¡ÊËÇÎËØé ÒËÓ Ò¡ÊËÓÎ Ê¡ÖËÌË×é ¡ÊËØíôÖÕá ÓÆÓáÒ×ËÓéÒé ØÇ
ÌøÓéÓÊËÆ×Æ ïáÍáïØá ¡Öé ïáÖÙÆÖÒÔÑÊËÖËÐØËÖÇËÖËØéÓÐøÖÐËÒØÙáÓÊá8ÇËØ9
ªÎÊÆÐØÎÐÆÑáï ×ÆÖáÓÊÆ ÌÆÍáÑíÆÓ ÇôÑ ÊÆ×ØÆÓ øÍ Ê¡ÙéÖéÓéñ ïÔíÆÒÊáï×Ææ×Î ÒÔÖÆÑâÊáï
Ò¡×ËÑËÑËÖéÓ ÌÆÓÌÆïØá ÆÞáÕ ÒËÒÑËÐËØ ÇÆ×ïÆÖÙ ØÙÖÆÑá ïôÓÊá ÕéÐéÖÑËÖ ÆÏØÆÊá
¿áíÆÖÒÆÊÆ ËÑ ÇÆ×ïÆÖíÆÓ ÇËÐØËÓ ÇÆ×ØÆÕ ïÆïÕÆ ÐòÍËØÙÞé ÆÊÆÒíÆ ÊËÏéÓ ÔÑÆÖÊáñ
¡ÖïÆÏ×á×áÓáñ ïÔíÆÒÊÆíá ÔÖÓá ãØÎÐÆÑáï ÓÔÖÒÆÑÆÖá ¡Ö ØòÖÑé ïÔíÆÒÊáï Ê¡ÖËÌËÊËÉé
ÌéÐØËÖÊéñ ÒéÓÊËØØËÖéÒËÓ ïáÍÒËØËÖéÇËÑÉéÑËÓéÕÇËÖéÑËÊé´ÏÞáÑ øÍé øÒéÖ×òÖÉËÓ ïÔíÆÒÓáñ
ÒÆñáÍÊá Ò¡×ËÑËÑËÖéÓË øÍéÓÞË ÌÆÙÆÕ éÍÊËÉËÓ ïÔíÆÒÊÆíá ÆÊÆÒÊÆÖÊáñ øÍÆÖÆ ïÆÖáÒ
ïÆØáÓÆ×á ×øÏÑË×Ùé ×áÏÑÆ×Ùá ÒÔÖÆÑâ ãØÎÐÆ Ø¡ÑéÒØ¡ÖÇÎË ¡×éÖË×Ë ØéÑ ¡ÊËÕØéÑéÉé ×øÍ
ÇÔÑíÆÓ ³ËÉéÍéÓËÓ ÊÆ×ØÆÓÊÆ ÐøØËÖéÑÉËÓ ×ÆÖáÓÊÆÖ ×ÔÑ Ê¡ÙéÖÑËÖÊËÉé ØòÖÐé ¡ÊËÇÎËØéÓÊË
ÐËñéÓËÓ ïÔÍíÆÑíÆÓ ¡ÖØòÖÑéÊËñÉËÏÊËÞËÞéÒéÓØÆÕïÆÓØÆïáÖáÕØÆÖÇÔÑÆØáÓ
¹òÖÐé ÛÆÑáïØÆÖá ÊÆ Þáíá×Øáñ ÖÙÛÆÓÎ ¡ÑËÒéÓËÓ ïÆÑáÕ ïÔÏÒÆÏ ÔÑÆÖÒËÓ ØáíáÍ
ÇÆÏÑÆÓá×ØÆÊÆÒáÕÞáíá×Ò¡ÊËÓÎËØéÓéñøÖÐËÓÊËÙéÓË øÑÞËÙ×éÍ òÑË× ïÔ×ØáªÆ×ØÆÓËñ
ÆÑÊáÒËÓ ÇôÖáÓíá ò×ØËÒÊéÐ ËØéÕ ÐËÑÉËÓ ÆÖÆÇÕÆÖ×á ØéÑéÓéñ áïÕÆÑáÓÆÓ ÞáíáÕ ØôñíáÞ
ÖËØØòÖÐéØéÑéÓÊËÌÆÍáÑÙáÒËÓ ïôÓÊá
´ÖØÆ íÆ×áÖÑÆÖ ØòÖÐéÑËÖ òÞéÓ XÔæÓÙ Ê¡ÙéÖé[ ÇÔÑáÕ ÇôÑ ÐËÍËñÊË Î×ÑÆÒ ÊéÓé ØòÖÐé
ÊÆÑÆ×áÓÆ ÇËÖéÐ ÔÖÓÆÕ ÒËÒÑËÐËØØéñ ÎÊËÔÑÔÉÎæÑáï ØôíáÖáÓÆ ÆÏÓÆÑíÆÓ ÐËÍËñ
ËÊé
¸ÔÓÊáïØÆÓÊÆÔÖØÆ íÆ×áÖÑáï ØòÖÐé ¡ÊËÇÎËØéÓéñ ÇÆ×áÒÇøÑéÉéÓÊéÓÎÞáíÆÖÒÆÑÆÖ ïôÖÆíÆÓá
ÇéÍÉËÇËÑÉéÑé´×áÐËÍËñÊËÊòÓÎËÉËÐËÑÉËÓÞáíÆÖÒÆÑÆÖÊÆÊéÓÎÒÆÍÒôÓÇÆ×áÒÇÔÑÊá®×ÑÆÒ
ÊéÓé øÖÐËÓÊËÉËÓ Øô×ØÆÖÊÆ ÊòÓÎËÉË ÐËÑÉËÓ ØÙáÓÊáÑÆÖÊÆ ÓËÉéÍéÓËÓ îôÖÆÓ ÆæØØÆÖá ÒËÓ
µÆÏíÆÒÇÆÖÛÆÊÎ×ØËÖéÓËËÖËÐÞËÔÖáÓÇËÖéÑéÕÔØáÖíÆÓ
¬ò×éÕ§ÆÑÆ×ÆíôÓ ē Î×ÑÆÒ øÖÐËÓÎËØéÐËÍËñéÓéñôÑáÉÙÒÆÓÎ×ØÔÏÞáÑáÎ×ÑÆÒÊáÆÑíÆÞïá
Ê¡ÖéÕØËÙÞéÑËÖÊéñ ÇéÖé ¬ò×éÕ §ÆÑÆ×ÆíôÓ ÆÑíÆÞïáÑÆÖÊáñ ÇéÖé ÇÔÑáÕ Î×ÑÆÒÓáñ íÆÌÆÕ
×áÖáÓÆ òñéÑéÕ ÔÓá ÌòÖËÐ ïÆÑÆÙáÒËÓ ØÆÓáíÆÓ ÔÓá ÌÆÑÕÆï ÌôÖØïÆ ÌÆÖÎæÑÆÕ øÍ
ÊÆ×ØÆÓáÓÆÆÖïÆÙËØÐËÓÆïáÓÇÔÑ×ÆÆÑXîÙØÆÊíÙÇÎÑÎÉ[ØòÖÐéØéÑéÓÊËÉéÆÑíÆÞïáÎ×ÑÆÒÞáÑ
¡ÊËÇÎËØ ËÊé8Ç9
XîÙØÆÊíÙÇÎÑÎÉ[ ē Î×ÑÆÒ øÖÐËÓÎËØéÐËÍËñéÓËØ¡ÓÇËÑÉéÑËÖÊé øÍéÓË×éñéÖéÕÔÓáÔïáÖÒÆÓíÆ
ÐøÖ×ËØË ÇéÑÙéÒËÓ ØéÑ ÐøÖÐËÒÊéÉéÒËÓ éÑéÒéÓéñ éÍÉéÑéÉéÒËÓ ËÖËÐÞË ïôÓÊá ËñÇËÐ ÇÔÑÊá
îôÖÆÓ ÆæØØÆÖáÒËÓµÆÏíÆÒÇÆÖ¼ÆÊÎ×ØËÖéÓ øÍ×øÍéÒËÓÌáÖÑÆÙÊÆÒô×áÑÒÆÓÊáïïÆÏØÆ øÖÑËÙ
Ê¡ÙéÖéÓÊËÉé ØòÖÐéÑéÐ ÌÆÍÇÆ ¡ÊËÇÎËØØéñ ÐøÞÇÆ×Þá×á ¬ò×éÕ Î×ÑÆÒÊá øÍé Øò×éÓéÕ ïÆÓÆ
ïÔÏÒÆÏ ¦ÑÑÆÓá ØÆÓÙíÆ µÆÏíÆÒÇÆÖ ÛÆïØáíá ÒËÓ îôÖÆÓ °¡ÖéÒ ÞáÓÊáíáÓ ØÆÓÙíÆ
ÌËØËÑËÏÊé øÒéÖ ÌôÒÇÆïØÆÖá ÒËÓ ïôÕÎæÑÆÖáÓ Øò×éÓÙÊË ÞËÞÙÊË ÊéÓÎ ïÆíÎÊÆÑÆÖíÆ
×òÏËÓËÊééÍÉéÑéÐéÑéÒéÓÊéÓÒËÓÇÆÏÑÆÓá×ØáÖÆÊá
¿áíÆÖÒÆÑÆÖáÓ X§Î×ÒÎÑ ÑÆöÎ ÖÖÆÛÒÆÓ ÖÖÆÛÎÒ[ ×òÖË×éÒËÓ ÇÆ×ØÆÙ òÖÊé×é ÔÖØÆ
íÆ×áÖÑáï ØòÖÐéÑéÐ ÆïáÓÊÆÖ ÞáíÆÖÒÆÑÆÖáÓÊÆ ïÆÑáÕØÆ×ïÆÓ òÖÊé× ¸Ô×áÓ ¦ÑÑÆíÆ ÒÆÊÆï
ÆÏØÆÊá ÌÆÖÆØÙÞáÊÆÓ ÒËÊËØ ØéÑËÏÊé ¦±±¦ ¹¦ì¦±¦³Áð ôÑáï ×ÆÕÆÑÆÖá ÒËÓ
×ÎÕÆØØÆÖáÓ ÒÆÊÆïØÆÙÊÆÓ ÇÆ×ØÆÏÊá ¦ÑÑÆö ïôÊéÖËØéÓË ÇéÖÑéÉéÓË ÇÆ× ÎËÊé ¿áíÆÖÒÆÓáñ
×ÔñáÓÊÆ ÆïáÓ ÇéÖËÐé ÌÔÑáÓ ÊôíÆíÆ ÆÖÓÆÏÊá øÍéÓéñ ÛÆÑÌÆÏáÓ ÆÏØáÕ ¦ÑÑÆíÆ ÒéÓ¡ÌÆØ
ËØËÊé ÌÆÖÆØÙÞáÊÆÓ ÒËÊËØ ØéÑËÏÊé §ôÊÆÓ ×Ôñ ÇÆÖáÕ ÕÆÏíÆÒÇÆÖÊá ØøÖØ ×ÆÛÆÇÆÓá
×ÎÕÆØØÆÏÊá §ôÊÆÓ ÆïáÓÓáñ ¦ÑÑÆÓáñ ÇôÏÖáíáÓÆ ÞáÓ ÇËÖéÑÉËÓÊéÉéÓ ÎÒÆÓÊáÑáíáÓ
ÐøÖËÒéÍ ºÆïáØØáñ øØÕËÑéÑéÉé íôÒáÖÊáñ ïá×ïÆÑáíáÓ ×ËÍéÓË ÇéÑÙ ÊòÓÎËïÔÖ ÇÔÑÒÆÙíÆ
ÞÆïáÖÙ ÖÙÛÆÓÎ ØÆÍÆÖÙ ÖÙÛÆÓÎ ÌËØéÑÙÊé ÒÆï×ÆØ ËØÐËÓ ×ÔÕáÑáï ÐøÍïÆÖÆ×Øá ØÆÓÎÒáÍ
ªÆ×ØÆÓÊÆíá ÇÆïáØØá ¡ÊéÑËØØé ÕÆÖÆ×ÆØØá ïÔíÆÒ ØéÖÞéÑéÉéÓéñ ÇéÖ ØéÖËÉé ē ïÆÓÆíÆØ áÓ×ÆÕ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
×ÎÕÆØáÓáñ ´íÊôÖÒáÞÇËÏÓË×éÆÖïáÑáÐøÖéÓé×ØÆÇÙá´íÊôÖÒáÞØáñ ÇôÑ øÒéÖ ïáÍáíáÓÆÓ
ÇËÍéÓéÕ ËÑÊËÓ ÌáÖÆï ÌÆÑíáÍÊáïØÆ íôÒáÖ ÐËÞÙé øÍéÓ ÇéÖÌÔÑÆØÆ ¼Æï ÌÔÑáÓÆ ÆÖÓÆÙá
Ê¡ÖÙéÞØÆÖÆÕáÓÆÓÆÏØáÑíÆÓ òÉéØÓÆ×ÎÛÆØØÆÖÊÆÓÞáíÆÖÒÆÆÈØÔÖáÓáñ ÊÆ×ÔÕáÑáï éÑéÒÓËÓ
ÛÆÇÆÖáÇÆÖËÐËÓéÐøÖéÓËÊé¸ÔÕáÑáï ØÆÓáÒØò×éÓéÐÊÆ×ØÆÓÊÆ´íÊôÖÒáÞÇËÏÓË×éÆÖïáÑá
×ÎÕÆØØÆÑÆÊáæíÓÎ´íÊôÖÒáÞÇËÏÓË×é×ÔÑÐËÍËñÊËÉé ïÔíÆÒÊÆËÑËÙÑéÔÖáÓÆÑíÆÓ×ÔÕáÑáï
ØÆÓáÒÊá ØÆÓáØÙ òÞéÓ ÆÑáÓíÆÓ ÐËÏéÕÐËÖ ªÆ×ØÆÓÊÆíá ÇÎÑËÙÞé ÒËÓ Ù¡ÍéÖ ´íÊôÖÒáÞ
ØÆïÙÆÑáíáÓ ØÆÇÎíÎØòÖÊË ïÆÇáÑÊÆÕËÖËÐÞËØò×éÓé×ØéÐÕËÓ ïÆÖÆÕÔÊÆÓÐËÖËÐÐËÍéÓÊËÆïáÑ
ÐËñË× ÆÑáÕ ÔØáÖÆÊá ¹éÕØé ÆÈØÔÖÊáñ ÊÆ ´íÊôÖÒáÞïÆ ÊËÉËÓ ÐøÍïÆÖÆ×áÓáñ Ôñ ËÐËÓéÓ
°òÓØÙÊá ÇËÐ ÕËÓ ÷ÉÊòÑÒéÞ ØÆÖÆÕáÓÆÓ ÇËÖéÑÉËÓ ÇÆíÆ×áÓÆÓ ÊÆ ÇÆÏïÆÏÒáÍ §ôÊÆÓ ÇéÍ
×ÔÕáÑáï éÑéÒÓéñ ÇôÑÐËÍËñòÞéÓ ïÆÑáÕØá ïôÇáÑá×ÇÔÑíÆÓáÓÐøÖËÒéÍ
¸ÔÕáÑáï ē Î×ÑÆÒÓáñ ïÆÏÓÆÖ ÇôÑÆíáÓÆÓ ØÙáÓÊÆíÆÓ ÖÙÛÆÓÎ ïôÓÊáÑáï Ú¡ÓÎ ÊòÓÎË
ÖÆÛÆØáÓØ¡ÖÐËØÙ¦ÑÑÆØÆíÆÑÆíÆ ïôÑÞáÑáï ËØÙÊéñ Ëñ ÌÔíÆÖíá×ÆØá×á¸ÔÕáÑáï ÌÔÑá øÍ
ÇÆ×ØÆÙáÓ îôÖÆÓÒËÓ¼ÆÊÎ×ØËÓÆÑÆÊá
¸ÔÕáÑáï ØÆÓáÒÇËÑÉéÑËÖéÆÊÆÒÍÆØ ïÔíÆÒáÓáñ
ÆÑíÆÞïá Ê¡ÙéÖéÓËÓ ÇÆÏïÆÑáÕ ÇéÖïÆØÆÖ øÖÐËÓÎËØØËÖ ØÆÖÎÛáÓÊÆ øÍéÓÊéÐ éÍ ïÆÑÊáÖÊá
8 Ç9 ¬ÆÑÕá ×ÔÕáÑáï éÑéÒ ÍËÖØØËÙÞéÑËÖÊéñ ÕéÐéÖéÓÞË ØòÖÐé ØÔÕáÖÆíáÓÊÆ ÇéÖÓËÞË
ÇËÑË×ØËÖÊé øØÐéÍÉËÓ8Ç9
ìôÑÆÒÆ ÇÆÇÆÒáÍÊáñ ÊòÓÎËÓéñ øÍÉËÖÒËÑéÑéÉé ÇÆïáØØáñ ÇÆæÓ×áÍÊáíá ¡ÊËÕ ÕËÓ
¡ÊËÕ×éÍÊéÐÓÆÊÆÓÊáï ÕËÓÇéÑéÒÊéÑéÐÕÆÖïáØÙÖÆÑáÆÏØïÆÓ òÑÉé øÓËÉËÑËÖé ¡ÖÍÆÒÆÓÆÊÆÒá
íÎÇÖÆØ ÆÑÆØáÓ ïôÓÊáÑáïØÆÖªÆ×ØÆÓÊÆÇÆÏÑáï ÕËÓÊ¡ÙÑËØØéñ ÇÆÑÆÒÆ×áÖËØéÓÊË¦ÏØÔÑÊá
ÆÑáÓíÆÓ §ôÑ ÊòÓÎË ïáÍáíá ÆÑÊÆÒÞá ²ÆÓ×ÆÕ ØÆ ÆØÆï ØÆ Ê¡ÙÑËØ ØË ÙÆïáØÞÆ §òÉéÓ
ÇÆ×áñÆ ïÔÓíÆÓ ÇÆï ËÖØËñ ÌÔï ªòÓÎË ïáÍáíá ïÆÓÞÆ ïÙ×Æñ ÊÆ ÌËØÐéÍÇËÏÊé ªòÓÎËÉË
ÆÑÊÆÓÙíÆ ÇÔÑÒÆÏÊá ØòÇé ÔÑ ÔÕÆ×áÍ ¦ÏÓáÒÆÑá ¹ÔÑíÆÓ ÆÏÊáñ ÇéÖ ÐËÍÊË ÐéÞéÖËÏËØéÓé
×ËÐéÑÊé øÒéÖÊéñïáÍáíáÊÆØôÖÆï×áÍ øØÕËÑé¸ÔÓÊáïØÆÓÊÆÆÈØÔÖÊòÓÎËÉËØáÒ ïôÓáíÙÊÆÓ
×ÆïØÆÓÊáÖÆÊá ¦ÑÑÆ ØÆíÆÑÆÓáñ ÇËÖÉËÓ ×áÏá ÒËÓ ÓáíÒËØéÓË ÞòÐéÖÑéÐ ïáÑÙ ÆÍíÆ ïÆÓÆíÆØ
ïáÑÙ×ÆÇáÖÑáÇÔÑÙÓ¡Õ×é íÎÇÆÊÆØÐòÓ¡ ÆÍÆÕ ïÔÖïáÓáÞÌÆï×áÑáïØÆÓ òÒéØËØÙ ē Ç¡Öé
ÊÆ×ØÆÓÒÆÍÒôÓáÓÊÆíá×ÔÕáÑáï ØÆÓáÒÒÒËÓÇÆÏÑÆÓá×Øá ôíáÒÊÆÖ
´íÊôÖÒáÞ øÒéÖÊéñ ÇÆÖ ïáÍáíáÓÆÓÇËÍéÕØ¡ÖÐéÊòÓÎËÌÔÑáÓÆØò×ÐËÓÊ¡ÙÖéÞ
÷ÍéÒ ïÎÒÆ× ØÙíÆÓÊÆÖÊÆÓÐËØé×éÕ
²áÓÆÌËÖÉËÐËÑÊéÒÓËÉËÌËØé×éÕ
ªéÓéÒ ē ¡Ñ×éÍÇéÑéÕ ïÆÏíáÌËÕËÊéÒ
®ÉéÑéÐØéÔ×áÌËÖÒËÊËÕËÊéÒ
¸ÔÊÆÓÐËÑéÕÒËÐËÓØËÕØéÒÇôÑÌÆïïÆē
¬ÆÑíáÍ ïÆÑáÕ Ø¡ÙËØ×ËÒÊËÕÇéÖ¼ÆïïÆ
´íÊôÖÒáÞ ÇËÏÓË×é ē ïÆÓÆíÆØ ×ÎÕÆØáÓÊÆ ÆÑáÓíÆÓ ÐËÏéÕÐËÖ ¬ò×éÕ ´íÊôÖÒáÞ ÇËÏÓË×é
ÆÖïáÑá øÍéÓéñ ÐøÍïÆÖÆ×ØÆÓáÒáÓÐøÖ×ËØËÊéÆÊÆÒÌÆÓÊòÓÎË×éÓËØËÖËñ ÇÔÏÑÆÕ øÒéÖÒ¡ÓéÓ
ØÆÓáØÆ Øò×ËÊé ´íÊôÖÒáÞ ÇË× ÐòÓÊéÐ ÌÆÑíÆÓÓáñ ïáÍáíáÓÆÓ ÇËÍéÓéÕ °òÓØÙÊá «ÑéÐ
ÞÆïáÖíÆÓÊÆ ÐòÏÇËñ ØéÖÞéÑéÐÐË ïÆÏØÆ ÐËÑÉé×é ÐËÑÒËÏÊé ÕÆØÞÆíÆ ïáÍÒËØ ËØÙÊËÓ ÆÊÆÒíÆ
ÐéÖéÕØÆÖÇÔÑÙÊÆÓÇÆ×ØÆÖØÆÊá
ªòÓÎËÊËÓ ïÆÞáÕÒôÓÊÆÐËÑéÕËÒ
³ËÊËÕ ïÆÏØÆÔÖÆÑÆÒáÓÐËÖéÒËÓ
¦ÑÑÆé×éÓËÆÖÓÆíÆÓÒáÓ øÍéÒÊé
°é×éé×éÓËÇÆ×ÕÆÓØÎÊáÒ øÍéÒÊé89ÇÇ
µÆØÞÆ´íÊòÑÒéÞØé òÞÖËØÌôÒ×ÆÕ´íÊôÖÒáÞØá×ÆÖÆÏíÆ ïÆÏØÆïÆÏØÆ ÞÆïáÖØÆÊá§éÖÆï
Ê¡ÙÖéÞ ÕÆØÞÆ ×ÆÖÆÏáÓÆ ÇÆÖÒÆÏÊá ¦ØÆï ÕËÓ ÒÆÓ×ÆÕØÆÓ ÊòÓÎËÒòÑéÐØËÓ ÇÆ× ØÆÖØÆÊá
³ËÉË ´Ñ ÇôÑ ÊòÓÎË ïáÍáíáÓáñ ÆÑÊÆÒÞá ¡Öé ØôÖÆï×áÍÊáíáÓ ØÆÓáíÆÓ ÌÆÓ ÷ÒéÖÊËÉé
ÐøÕØËÉËÓ ÐËÑËñ×éÍÊéÐØËÖÉË ÓÆÑáÕ ×ÔÊÆÓ ÆÖáÑÙÊá ØÆÍÆÖÙÊá ÐøÍÊËÏÊé §ÆÖÑáï ÕËÓÊËÑéÐ
ÆØÆÙÑáÊÆÓ ÆÊÆ ÒËÐËÓ éÍÊËÕ ØÆÍÆÑáïïÆ Õ¡ÐØéÐÐË ôÒØáÑÆÊá ´ïÞÆÙÑÆÓÆÊá ÅíÓÎ ÖÙÛÆÓÎ
éÞÐé ¡ÑËÒé ØÆÍÆ ÌÆÓÊÆÖ íÆÓÆ Ô×áÑÆÏ ËØË ÆÑÆÊá ´íÊôÖÒáÞ ÆÊÆÒ øÒéÖéÓéñ Ò¡ÓéÓ ÆÊÆÑ
ËñÇËÐÕËÓ ØÆÕïÆÓ ÖÎÍáïïÆ ïÆÓÆÓÆíÆØ ËØÙ ¼Æï ÌÔÑáÓÆ ÞáÓ ÇËÖéÑÉËÓ Òô×áÑÒÆÓ ÇÔÑÙ ÊËÕ
Øò×éÓÉËÓÌÆÓ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
îÙáÕ ÓËØËÒÆ×ÕËÓÐÎËÖÐÎéÒÊé
¬ÆÕÕÆÖÎËÒÐËÒ ïáÑÒÆÏÊáÐòÏéÒÊé
¿áÖÒÆÑ×ÆÆÊÆÒÇôÑÊòÓÎËé×éÓË
´ÑÊòÓÎË ïÆÒáÐéÖÒË×Øò×éÓË Ç¡ÏéØ
§ôÑÊòÓÎË ïôØáÆÍÊáÖÆÖÐËÍÊéÖËÖ
îôÊÆÏÊÆÓ ÊÆÎÒÆÓÓÆÓÊÆÇËÍÊéÖËÖ Ç¡ÏéØ
ª¡ÙÖéÞ ´íÊôÖÒáÞ ÇôÑ ØéÖÞéÑéÐØË ÆÊÆÒ øÍéÓ ÇÆÏÑáï ÕËÓ ÒÆÓ×ÆÕïÆ ÆÖÓÆÕ ¦ÑÑÆÓá
ôÒáØÙíÆ ÇÔÑÒÆÏØáÓáÓ øÍéÓ ÐòÕéÖÑéÐ ¡ÖËÐËØØËÖÊËÓ ×ÆïØÆÓÊáÖÙ ÐËÖËÐ ËÐËÓéÓ ÊòÓÎËÓéñ
ÖÙÛÆÓÎ ïôÓÊáÑáïØÆÖáÓ×ÆÑÒÆïØÆÏ ïÆÖÆÕéÍÉéé×ØËÖÌÆ×ÆÙíÆÙÆíáÍÊÆÏÊá
µÆØÞÆ Ê¡ÙÖéÞØé òÞéÓÞé ÖËØ ÞÆïáÖíÆÓÊÆ íÆÓÆ ÌÆÏ ¡ñÉéÒËÑË×ÙÉË ø×ÎËØíÎÇÖÆØ ÆÏØÙíÆ
ÞÆïáÖÆÊá ´Óáñ ÆïáÑÐËñË×éÓ ØáñÊÆÏÊá ¸ÔÊÆÓ ×Ôñ øÍ ÒËÐËÓéÓË ïÆÏØÆÊá §ôÑ
´íÊòÑÒéÞÐË ÔÏ ×ÆÑÆÊá X¬Æ×á ÐËÑÉËÓ ÆÊÆÒ ÊòÓÎËÊËÓ ÇËÍÙ ÐËÖËÐ ÕË[ ÊËÉËÓ ×ÆÙÆÑíÆ
´íÊôÖÒáÞ X¦ÊÆÒíÆ ÌÆï×áÑáï ÌÆ×ÆÙ òÞéÓ ïáÍÒËØ ËØÙ ē ×ÆÙÆÕ[ ÊËÏÊé §ÆÑÆ×ÆíôÓÊÆ
XªòÓÎË ē ÇËÐËØ×ËÓ ē ÐËÖÙËÓ øØÕËÑé[ÊËÉËÓÌÔÑÊÆÖÇÆÖÅíÓÎÊÆ×ØÆÓÆÈØÔÖáÚ¡ÓÎÊòÓÎË
ÌÆÑíÆÓÊáíáÓ øØÕËÑéÑéÉéÓØÆÓÎÔØáÖáÕÆÊÆÒÖÙÛáÓÇÎéÐ×ÆØáíÆÐøØËÖËØéÓ×ÔÕáÑáïïÆÔñ
ÐøÍïÆÖÆ×ÕËÓ ïÆÖÆÏÔØáÖáÕéÍÉéÇÔÑÒá×ØáÇôÑÊòÓÎËé×éÒËÓ×ÆÇÆïØÆ×ØáÖÆÔØáÖáÕ×ÆïØÆÕ
ïÆÑÙÊá ÒÆïôÑÊÆÏÊá ÷ÒéÖ Ò¡Óé ÊòÓÎË ØéÖÞéÑéÉéÓ ÆÊÆÑ ÆØïÆÖÙ ÆÊÆÒÎ ÇÔÑÒá×Øá Ú¡ÓÎ
ÊòÓÎËÓéñ ÑÆ×é×ØËÖéÓË ïôÑ ïáÑÒÆÙ
§ÆÏÐËÊËÏÊéØËñËÖ øÑéÒÇéÖÊËÒÊË
§éÖÊËÏÇÔÑÆÖ ïÆÖÆÌËÖÉËÐéÖÉËÓÊË
¸ôïØÆÓÆ×áñ ×ËÓÊòÓÎËÌÎíÆÑá
¸ôïØÆÓÆÊá øÑéÒ×ËÓéØáÏíÆÑá
ªÆ×ØÆÓÊÆíáÆÏØáÑÒÆï ÔÏ ē ÔÊòÓÎËÉËÕËÏéÑÊéÇÔÑÙ×ÔíÆÓÊÆÏáÓÊÆÑÙÑÆÏáïØáØòÖÊËÐËØÙ
¦ÈØÔÖÊÆ×ØÆÓÊÆ´íÊôÖÒáÞÇËÏÓË×éÓËØËÖËñ Ò¡ÓÇËÖËÊéªÆ×ØÆÓÊÆ°òÓØÙÊáÊÆ´íÊòÑÒéÞØË
´íÊôÖÒáÞØá ËÖËÐÞË ïôÖÒËØØËÏØéÓé ÇÆÏïÆÑÆÊá ªÆ×ØÆÓÊÆ ØøÖØ ÐËÏéÕÐËÖÊéñ ×ôÖÆïÌÆÙÆÇá
ØòÖéÓÊË ÇÆæÓÊÆÑÆØáÓ ÔïÎíÆ ÌËÑé×é ÇÆ×ØÆÓÆæï ²ôÛÆÒÒËÊ ¸¦±±¦ ¦±±¦¼º ±¯õ® º¦
¸¦±±¦² ÛÆÊÎ×ØËÖéÒËÓ øÖéÑéÕ ÔØáÖÆÊá ÊË×ËÐ ïÆØËÑË×ÕËÏÒéÍ µÆÏíÆÒÇÆÖ ¼ÆÊÎ×ØËÖé v
tzzz ~zz }} z ¸ËÇËÇé ïÔíÆÒÊÆíá ÇÆÖÑáï
ÆÊÆÒÉËÖÞéÑéÐÐË ïÆØá×Øá Ò¡×ËÑËÑËÖ ãØÎÐÆ Ò¡×ËÑËÑËÖé µÆÏíÆÒÇÆÖ ÛÆÊÎ×ØËÖéÓÊË ØÔÑáï
ïÆÒØáÑíÆÓ ¬ò×éÕ §ÆÑÆ×ÆíÙÓÎ ÛÆÊÎ×ØËÖÊé ØËÖËñ ÒËñÉËÖÉËÓ ÌÆÓ ¼ÆÊÎ×ØËÖ ÇòÐéÑ ÕÔãÒÆÓáñ
ôÏØïá×áªòÓÎËÓéñøÍÉËÖÒËÑéÑéÉéÇÆÖÑáï ÕËÓÒÆÓ×ÆÕØáñ ÇÆæÓ×áÍÊáíáÒôÓáñ Ç¡Öé¦ÑÑÆÓáñ
¡ÒéÖéÒËÓ ÌòÖéÕÔØáÖÆØáÓ ïôÇáÑá×ËÐËÓÊéÉéÞáíÆÖÒÆÊÆíá øÍËÐØé×ÆÖáÓ²ôÓÊÆÏÓÆ×ÎÛÆØØáñ
ØòÕÐé ÒÆï×ÆØá ē ÆÊÆÒÊá áÓ×ÆÕØáÑáïïÆ ïÆÓÆíÆØÞáÑÊáïïÆ ÞÆïáÖÙ ¦ÑÑÆ ØÆíÆÑÆÓáñ ÇËÖÉËÓ
×áÏáÒËÓÓáíÒËØéÓËÞòÐéÖÑéÐ ïáÑÙÆÍíÆ ïÆÓÆíÆØ ïáÑÙ×ÆÇáÖÑáÇÔÑÙ¿áíÆÖÒÆÊÆ ïÔíÆÒÊÆíá
ÇÆÖÑáï øÒéÖ ×òÖÙ ãØÎÐÆ×á Î×ÑÆÒ éÑéÒé ÓËÉéÍéÓÊË ÇÆæÓÊÆÑÆÊá ìôÑÆÒÆ Ô×á ÓËÉéÍÊé ËñÇËÉéÓË
ÆÖïÆÙËØËÇéÑÉËÓ ªÆ×ØÆÓÓáñøÓÇÔÏáØôÓáÕØôÖíÆÓãØÎÐÆÒÔÖÆÑâ
ªÆ×ØÆÓÊÆíáÇÆ×Øá ôíáÒ ē ïÆÓÆíÆØ îÆÍÆï ÇôÑÆØÆÙíÆÊÆÓÆÑáï ØÆÙÚÎï ×ÆÇáÖÑáÑáï ØÇ
ôíáÒÊÆÖÊá ×áÏíáÍÆÊá ÷ÒéÖÊéñøØÕËÑé ïáÍáíáÒËÓÊáÖÊÙáÓÆÓÇÆÍÐËÞÐËÓ´íÊôÖÒáÞ
îÆÓÆíÆØ ØÆ øÍé ô×ØÆÓíÆÓ ÕÖÎÓÜÎÕØËÓ ÆÏÓáÒÆÏÊá µËÓÊËÓé ÆÊÆÒÉËÖÞéÑéÐÐË ÞÆïáÖÆÊá
ªÆ×ØÆÓÓáñøÓÇÔÏáÓÊÆÔ×áÆ×áÑ ïÆ×ÎËØØËÖØéÑÉËØÎËÐËØéÑéÕÔØáÖÆÊáX¸ÆÇáÖËØ×Ëñ ē é×
ÇÆÏÑáïïÆ ÇÆ×ÆÊá ÞòÐéÖ ïáÑ×Æñ ē ÇÆÏÑáï Æ×áÕØÆ×ÆÊá ¿òÐéÖÞéÑéÐ ïáÑíÆÓÓáñ áÖá×á
ÆÖØÆÊá[ X¸ÆÇáÖÑá Ðé×é ØéÑËÉéÓË ÌËØËÊé[ X¸ÆÇáÖÑá ËÖ ÆïïÙ ô×ØÆÏÊá[ ÓËÒË×Ë
Xó×ØÆÒ×áÍÊáï ē ÇÆÖ Ç¡ÑËÓéñ ÐøÍé[ X¦×áíá× ØòÇé ē øÐéÓéÞ[ ē ÊËÕ ÇéÖÓËÞË Ç¡ÏéØØË
ÌáÖÑÆ×Æ Ô×á ïÆ×ÎËØ ÓÆ× ÎÇÓ ²ÆÑÎÐ ÖÑí ®ÒÆÒ ÇÙ ²ÆÓ×ÙÖ ¦Êª¡ÏÑ¡ÒÎ ÖÎÙÆæØ
ËØÐËÓ µÆÏíÆÒÇÆÖ ÛÆÊÎ×éÓÊË X®ÒÆÓÊáÑáï ËÐé ÌÆÖØáÊÆÓ ïôÖÆÑÆÊá §éÖ ÌÆÖØá×á ē
×ÆÇáÖÑáÑáï ËÐéÓÞéÌÆÖØá×á ē ÞòÐéÖÑéÐ[89ÊËÕÇËÖéÑÉËÓ
¬Æï×á ÒËÓ ÌÆÒÆÓÊá Æï ÕËÓ ïÆÖÆÓá Ì¡ÓÓÆØ ÕËÓ ØÔÍÆïØá ×ÆÑá×ØáÖÙ ÊéÓÎ ¡ÊËÇÎËØØéñ
ÓËÉéÍÉéÞÆÖØáªÆ×ØÆÓÎ×ÑÆÒÓáñ ÓËÉéÍÉé ïÆíÎÊÆÑÆÖáÆÞáÕÐøÖ×ËØéÑÉËÓÎ×ÑÆÒ ïÆíÎÊÆÑÆÖá
ÐøÖÐËÒ ØéÑÒËÓ ÌËØÐéÍÉËÓ ÕÔãÍÎæ ¦ÈØÔÖ Òô×áÑÒÆÓ ÊéÓéÓéñ ïÆíÎÊÆÑÆÖáÓÆ ×òÏËÓË ÔØáÖáÕ
ÆÊÆÒÍÆØÇÆÑÆ×áÓÆÊÆÒÉËÖÞéÑéÐéÍÉéÑéÐÖÙÛÆÓÎØÆÍÆÑáï ÕËÓÖÙÛÆÓÎÐËÒËÑÊéÐÐËØÔÑá×ÙíÆ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
ÎÒÆÓÊáÑáïïÆÞÆïáÖÆÊá¬ò×éÕØéñ ÊéÓÞÆÖÎíÆØØÙÖÆÑáÆÏØïÆÓÔÏÑÆÖáÓÆÓÆÑÊáÒËÓÊéÓÎ
ãØÎÐÆÓáÊ¡ÖéÕØËÉËÓéÓ ×ÔÑÆÖïáÑá ïÔíÆÒÊÆ øÒéÖ×òÖÙãØÎÐÆ×áÓÇËÖËÇéÑÉËÓéÓÆñíÆÖÆÒáÍ
®×ÑÆÒ øÖÐËÓÎËØé ÐËÍËñéÓéñ ôÑá ÕËÖÍËÓØé ¬ò×éÕ §ÆÑÆ×ÆíÙÓÎ øÍéÓËÓ ÐËÏéÓÉé ôÖÕÆíáÓÆ
òÑÉéøÓËÉËÓéñ øÞÕË× éÍéÓ ïÆÑÊáÖíÆÓ ÆÏÊÆ ÌÆÍáÑíÆÓ ËñÇËÉéÓÊË øÒéÖÑéÐ Ø¡ÌéÖÎÇË×éÓ
øÒéÖÊéñ ÌÆï×áÑáíáÒËÓÌÆÒÆÓÊáíáÓ ïÆÏíá×áÒËÓ ïÙÆÓáÞáÓÔÏËÑËÉéÓËÓ øØÐéÍéÕÆÑÊáÓ
ÆÑÆ×ÆÑÒÆïØÆÕÆÑíÆÓØ¡ÖéÍÊé§ôÑËñÇËÐØéñ ÔÑÐËÍÊËÆØïÆÖíÆÓ ïáÍÒËØé ïÆÓÊÆÏÍÔÖÇÔÑ×ÆÐòÓé
ÇòÉéÓÊËÒÆñáÍáÓÒ¡ÓéÓÌÔÏíÆÓÌÔï §ôÑËñÇËÐÐËÇËÑÉéÑé íÆÑáÒ¦³°ÔÓÔÓÔÈXîÙØÆÊíÙ
ÇÎÑÎÉ[ÚÎÑÔ×ÔÚÎæÑáï ÞáíÆÖÒÆ[ÊËÏÔØáÖáÕÒô×áÑÒÆÓÎÊËÔÑÔÉÎæ×áÓÆÓËÉéÍÊËÑÉËÓ×ÔÑ
ÎÊËÔÑÔÉÎæÓáÓÆ×ÎÛÆØØÆÏØáÓØòÖÐéØéÑéÓÊËÌÆÍáÑíÆÓÌÆÑíáÍËñÇËÐ[ÊËÕÇÆíÆÇËÖÉËÓ
ª± m¢¢ ³°ËÑéÒÇËØÔÈ«ÌËÑÉé ¡ÊËÇÎÌ¡ÊéÉËÖÑéÐØËÖ
¹ îáÊáÖ ´ÖØÆ íÆ×áÖÑáï ØòÖÐé ¡ÊËÇÎËØéÓË îôÖÆÓÓáñ ¡×ËÖé îÆÍóº ÛÆÇÆÖÞá×á
¿áíá×ØÆÓÙ×ËÖÎæ×áĠÌ
¦ ÇÊéÖÆ×áÑïáÍá îÔÌÆ¦ÛÒËØ¯Æ×ÆÙÎÊéñ ÆïáÓÊáï¡ÑËÒé¦ÑÒÆØáÌ
¦ «ÉËÙÇÆËÈ ¬Æï×áÓáñ ÆØá íÆÑáÒÓáñ ÛÆØá øÑÒËÏÊé °éØÆÕØÆ ¬ §ÆÑÆ×ÆíôÓ
îôØØá ÇéÑéÐ¦ÑÒÆØá¬ÆÍÙÞáÌ
¸ÆÛÎÛ¼ÆÊÎ×ØËÖ¦ÖÆÇØéÑéÓËÓ ïÆÍÆï ØéÑéÓËÆÙÊÆÖíÆÓÊÆÖ
¦ÇÊÙ××ÆÒÆÊ²ÆÛÆØ¸ÆÓÊáÇÆËÈ¬ÆÑíÆ×¦ÑÒÆØáÌ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
"*+Y)"#)e%e%" %0ebe+#e"*+% ,%) b¹
$e+&#&!e"e)*0 &",1
.'" *'W!"/
;D;k
%<F<N 1MFG@MD GO<T Q@ 0<T<I (BH@I ?<G<MII @O@FG@MDI?@ 6@IDN@T I@CMDIDI
FTNI?<%<F<N *DIPNDINF@IB0PQ<?DNDI?@T<<H<FO<?MG<M/PNT<#@?@M<NTJIPI<=<G
U@MF %<F<NT< PHCPMDT@ODĖIDI TUGuH FH =<F@IOD =<F<IĖ?M GO<T
PHCPMDT@ODĖIDI FPU@TDI?@ =PGPI<I %<F<NT<ĖII uO@ DFDND ?<GFOM NG <?G<M %JJM<TG<M
8(JM<TG<M9 JG<I %<F<N 1MFG@MD (<uDIG@M 8%<< %<<N9 0JB<TG<M (UGG<M Q@ (JT=JGG<M
8%JT=JGG<M9 JGH<F U@M@ ?MO =JT?<I JGPH<FO<?M 2TBPM ,PU BMP=PI< H@INPK %<F<N
1MFu@ND 2TBPM 1MFu@NDĖI@ T<FI U@GGDFG@M O<H<FO<?M %<F<N 1MFG@MDIDI U@IBDI =DM NUG
FGOM C<UDI@NDI@ N<CDK JG?PFG<M HDOJGJEDF ?I@HG@M?@I BIHU@ F<?<M @?DI?DFG@MD JGPOPM?PFG<MFGOM=DMDFDHG@MDIDINUGFGOMMIG@MD<M<>GTG<FP<FO<IFP<<<FO<M?FG<M
=DGDIH@FO@?DM
%<F<N1MFG@MDIDINUGFGOMMIG@MD<M<NI?<?@NO<IG<M?<I@HGD=DMT@MOPOH<FO<?M
1MFDT@Ė?@FDO<KJG<M<FT<THG<I<I%<F<N?@NO<IG<M<M<NI?< BJlDHlh jUFDO O "KK9lD !@HDM BD=D %<F<N F<CM<H<IGF ?@NO<IG<M
C<FFI?<?<1MFDT@Ė?@TFN@FGDN<INO@UG@MDT<KGHOM1MFDT@Ė?@T<KG<Iu<GH<G<M<M<NI?<
B@I@G?@ %<F<N 1MF @?@=DT<O U@G?@ ?@ %<F<N ?@NO<IG<MI FJIP <G<IG<MI N<TN CUG<
<MOH<FO<?M"MBPIMFJGPMFJGP!<QG@OJQ(DGGD
(DGGDQ?
%<F<N 1MFG@MD F<CM<H<IGF ?@NO<IG<MI< ė<GKO IH<CĘ 8<GKGF H<N<G9 =P ?@NO<IG<M
<IG<O<IG<M< ?< B@I@GGDFG@ ėC<T>Ę <?I Q@MDMG@M %<T>G<M ?@NO@?DB@I<?Q@MDG@IT<OFQ@T@?DFGGO@GGD<G@O @GDDI?@T<?<ėCJHNĘ8FJKPU9@GDDI?@<M<
NM< BMOG<FO@ =JTPI>< D>M< @OH@FO@?DMG@M %<F<N
F<CM<H<IGF?@NO<IG<MIIC<>HDB@I@GGDFG@ ?DU@<M<NI?<?@DH@FO@?DM!<QG@OJQ
&5
%<F<N F<CM<H<IGF ?@NO<IG<M HDOJGJEDF PINPMG<MG< @FDGG@IHD JGPK ?@NO<IG<MI =<
F<CM<H<IG<M ?< B@I@GGDFG@ F<?I?M P ?@NO<IG<M?< <FO<MGH PNO< C<T> 0@HI G=<T@QĖDI <IG<OHI?DQ<MI?<?DU@?@IJGP<IDFD=GHGFNUFJIPNP?@NO<I?<FDHDOJGJEDFPINPMG<M<M<NI?<
N<TG<MI@HGD=DMT@MOPOH<FO<?M
%<MAG@M@ Q@ N<TG<M< OMG <IG<HG<M TFG@IH@ND TFG@I@I <IG<HG<MI TJMPHG<IH<N
NJIP>P ?JD Q@ BDU@H>D <FHG<MI A@GN@A@G@MDI F<TI< HDOJGJEDF ?I@H@
PU<IM *DOJGJEDF ?I@H?@FD DIN<IG<M C@M @TDI MPCG<MG< O<IMG<MG< >DIG@MG@ DGDFDGD JG?PPIP
?IMG@M N<TG<MI ?< BDU@HDI@ DI<IMG<M? 0<TG<MI BDU@HDID =DG?DDI@ DI<IGGF T<KH<FĘ Q@T< ė=@GDMGD AJMHGG@MD
N<KO<IH N<T?< TDI@G@T@M@F ?P<G<MI ?<C< @OFDGD FGH<F DuDIĘ FPGG<I?FG<M =DGDIH@FO@?DM
=?PGG<!PM=DGH@U!PM=DGH@U< !PM=DGH@U =
!PM=DGH@U !PM=DGH@U $G@INJT 0>CDHH@G 6FN@G
*DOJGJEDF ?I@H?@I BIHU@ F<?<M C<GF DI<IG<MI?< ?< FDHD N<TG<M< U@G <IG<HG<M
TFG@I?DD <IG<GH<FO<?M P N<TG<MG< DGBDGD F<=PG Q@ ?<QM<IG<M %<F<N 1MFG@MDIDI F<?I
TDDOGDF ?@NO4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
?I@H@ F<?<M PU<IH<FO< =DM FNH ?< O<MDC =JTPI>< F<U<IGCDHH@GJG<I=PN<T%<F<N
1MFG@MDIDIDI<Iu?IT<NI?<Q@FGOMC<T<OI?<?<I@HGD=DMT@MOPO<M
Pu<GH<?<ė?JFPUĘN<TNIIHDOJGJEDF?I@H?@IBIHU@F<?<M%<F<N1MFC<GF
FGOM MIG@MDI?@I %P=CDHH@G JG<M<F <?G<I?MGM !JFPU BF Q@ ?JFPU T@M DIII ėF<?DH FJUHDF =GB@G@MDI u F<OI<
uF<MGH<NĘNJIP>P?JHPJGH<DCODH<GD?@Q<M?MPFJUHDF=GB@G@MDI86PF<M?IT<
,MO<?IT<<?<FD?IT<9 F<OG<MIBNO@MH@ND=<FHI?<I%P=<IMĖ?<FD(<M<0<MQ@
F kUO GF@G@MDI?@ =PGPIP?JFPUJG<IQ@?JFPU
FU?JFPUu<O<GF<TI<<>I<<GQ<MG<MIF<KOM<M<FTMOGKT@M?@NMI?FG@IDBMK?JFPUF@U
PO<IMQ@<GQ<MG<MI?DF@MG@M!<QG@OJQ%P=<IMB@MDT@?IK=<FOI?<?JFPU
FUI <GQ<MG<MI ?DF@M@F N<Q<< B@G?DFG@MDID Q@ ?JFPU FPG< N<M <CDIG@M@ ?IK PU<T< B@ TFN@G@M@F PuPK JIPIG< N<Q<MG<M
!<QG@OJQ(<M<kUBOGF@NDI?@FD?JFPUF<M<FU?<F<M<<CDI@?I@M@FPU<T<
B@uFK%P=<IMDG@N<Q<MG<M!<QG@OJQ
%P=<IMĖ?<FD(<M<0<MQ@FkUOGF@G@MDIDIC@M=DMDI?@?JFPU<MJG<IQ@?JFPU<M
FU=PGPIH<N?DFF<Ou@FD>D?DM7DM<GO<TF<HGI?<<H<IGI?<1<IMkGB@IĖDI?JFPUJGP
Q@?JFPUFUQ<M?M(OGINDHB@NDJG<I"MGDF%<IĖI?<<TI=DuDH?@?JFPUFUDG@?JFPU
JGPQ<M?M6@?DF<OBFO@INJIM<B@G@IMQ@(MN}?@=DM@MFP<O>F<ON<T<M<FBI?JFPU
F<O JG?PPI< DI<IP F<OO< T<<?I< DI<IHG<M?M
/<?GJAĖPI GO<T 1MFG@MDI?@I ?@MG@?DD 6<M<OG ?@NO<II< BM@ 1<IM @QM@IG@ =DMGDFO@ ?JFPU
?<GG =DM <I C@M ?<GII <GOI?< =DM FDD T<M<OM P ?JFPU FDD ?JFPU JTHII?MO?<GI?<FDH@TQ@G@MDI T@IH@NDID=@?<GI?<FDH@TQ@G@MDI
DN@ T@IH@H@NDID DNO@M uDI@ @TO@
T<MNI F@I?DND T@MF@I T<MNII NPTPIP ?< N@QBDGDND 1MIB@ĖIDI ?P?<FG<MI< NM@M , U<H<I<
F<?<M Q>POG<M OTG JG@ Q@ 1MIB@ĖIDI OTG@MD ?FGM 1<IM @TO<IĖ< PT@ĖT@?@>@U<JG<M<FQ@MDM1<IM
?@MBoCI?<IFJQPG<M<F T@M@DI?DMDG@I">@ĖIDI?JPM?PP?JFPUJG<I?JFPUFU?<IDIN<II@NGD
OM@MjB@G
<H NDHB@G@T@I ?JFPU JTPFGP FuF =DM <I NOI@ uF@U=@ H<F<HI< PG<M GO<T 1MFG@MDI?@FD <H<IG<MI
oTDIG@M?@?JFPUF<OB@uFK?JFPUF<O?<?JG<<M<FO@FM<MDI?DFG@MDNTG@IDM<H<II?JFPU
uM<II OPOOPP F@u@ ?JFPU ?@A< ?I?MGM =TG@>@ <HI?< =DM H@M?DQ@I@ ?JFPU F@MODF T<K<M P
?JFPU F@MODF <<?D F<OOP F<O< F<?<M BFG@MD BNO@MDM 7DT<
$F<GK<H<IkGF@IĖDI@M@ADI@F@NDG@IFPM=<IIMPCPI<N@NG@I@M@FBI?JFPUPI>P
F<OI< TFN@GH@NDID DNO@M <H<IG<M ?JFPU JTPFGP <<uG< TPF<M uF<MF@I JHPUG<MI< T<T Q@
?JFPU JF <GMG<M P ?JFPU JF ?JFPU F<O B@ TFN@GDMF@I F<MG<<=DG@>@FG@MD @M MPCG<MG<
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
u<MKH<TNDHB@G@M=?PGG<TDIT<KG<IT@MDIF<KNI<?JFPUBDTDH<NGH<N
?<1<IMkGF@IDuDI?DM
%P=@ ?JFPU <H<I ?<QPGPI<
OM@N<CDKJGH<NTG<NIMG?@DG?DMė!JFPUOMG?<QPGGP1JGB<TF<HĘ?JFPU=<GF<M<
F<T<II DuDI?@ ?JFPU <T<FG ?@HDM T<O<FO< PTPM !@NO<I< BM@ FMF F<O T@MDI <GOI< BD?@I PGP
TJGPIT<II?<?JFPU=<GF<M<F<T<?PMH<FO<?M!JFPU=<GF<M<F<T<IINOI?@AJFPM?<T<I
DNB<U B@ uFK <TI BI@DI BUI F<K<OH<FO<?M !<QG@OJQ !JFPU =<G F<M<
F<T< DuDI?@FD CJMG<H< AJFPM?<H< N@ND PU<T< F<?<M DDODGH@FO@?DM !<QG@OJQ %P=<I
MĖI=<=<N%<M<%<I?JFPU=<GF<M<F<T<IIF<KNI<uKN@G<HQ@MDM!JFPU<T<FG?@HDM
T<O<FO< =DM <GK T<OK PTPH<FO<?M P TDD?DI NJGPP <F <G@Q JGPK <TGH<FO< BNI?@I uF<I
=PPNPFF<G@QJGPKN<uGH<FO<?M!JFPU=<GF<M<F<T<JM<T<=PM<T<N<MNGH<FO<?M!JFPU
OM<H<I?<QPGP?<T<II?<?PMPKJM<T<=PM<T<N<MNGH<FO<?M%<M<%<IBDM?DDI?@?JFPU
OMQPMPGPKu<GIH<T<=<G<MQ@PTPT<ITDDOPT<IM!<QG@OJQ
!JFPU OMG ?<QPGGP 1JGB<T F<H FMF F<O T@MDI <GOI?<?M !<QG@OJQ F
F<MGUDMQ@IDI?D=DI?@JOPM<I<GOHu<O<G=JTIPUGP<G<=J<FMFF<OT@MDI<GOI<DIH@F?JFPU
OMG1JG<TF<HG<=PGPH<FFJIPH<FDNO@?DDIDNTG@M!<QG@OJQ
!JFPUN<TNIIF<KN<T>GF?@I@OG@TD>DGDFBU>GFG@=DMGDFO@<IGH<N?JFPUBFQ@
?JFPU T@M DI<ITG< DGBDGD JGH<N HPCO@H@G?DM (<M< 0<M Q@ F kUO GF@G@MDI?@ =PGPIGF@OH@NDQ@C@M@TD=DGH@A<MF@OH@U@GGDDO<H<N?<
=PIP BNO@MDM (<M< kUO GF@NDI?@FD ?JFPU F<M< FU B@>@ =@FuDGDF BI?U BU>GF
T<KH<FO<?M jG@I FDDG@MDI MPCG<MI ?@I@OG@T@M@F F UO GF@NDI@ TJGG<T@=@FuDGDF BI?UBU>GF T<K<M
PIG<MIC@M=DMD<GOHTJM?<HQ@@GGDCDG@=DGDM!<QG@OJQFkUOGF@NDIDI?JFPU
JG<I?JFPUFUT@MDI<GOI?<FDT@?D"MGDFĖO@IT@?DF<ONOI?M!<QG@OJQFkUO
GF@NDI?@FD ?JFPU JGFO<F@NDQ@MH@FO@?DM!<QG@OJQ
$FG@T@Mu<MKMF@I<GOIOTG<FFK@FF<M<T@MDI<GOI?<?JFPUF<M<<GKI<M><II<
<T?IT@MTUI?@?JFPUuKG<F<GKIOF@IH@U><II<PG<M!<QG@OJQ%<T<OO<TF@I
%P=<IMĖBu?PMPHG<M?<IFPMO<M<IGOIOTG<FFK@DIMPCPIPI?JFPUF<OT@MDI<GOI<
PG<H<N<TI?@NO<I?<=DMF<u?@A<B@u@M!<QG@OJQ
!JFPUPI @OFD B> Q@ F<KN<T>G B@ID =DM <G< ?JFPU OMI N@ND ?JFNCDHH@G<IG<HI?<FPGG<IHI<%P=<IMĖ?<uJF
N<T?<MI@FQ@MH@FHHFI?M0UB@GDHD/PCG<MoG@HDI?@FDFUOGF@NDI@BD?@I%P=<INTG@M!<QG@OJQ%P=<IM?JFPUBI?@TU@M@FB@uDGH@U=DMI@CM@
PG<OFG<MI<IG<M!<QG@OJQ!JFPUBI?@<MIH<H<FU@M@T<TG<ITJPI<F?PH@ ?DIG@I@=DGH@F U@M@ Q@?<G<K BD?@M !<QG@OJQ C*JG<O<F?<?JMPPIPIDuDI?@?JFPUBIF<G?I<IG<M!<QG@OJQ%PI<=
MĖI<I<N%T<IMFUI=<MI<=<N<M<F?JFPUF@UK@M!<QG@OJQ!JFPU
F@U KK Q@?<G<H< ?< BMGM !<QG@OJQ %P=CDHH@G JG<M<F FPGG<IHI< %P=4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
F<H <HP>@II@OG@=<G<IOGĘ JG?PP?<DG@MDNMGM0>CDHH@G
$F?JFPUQ@T<T@?DF<OJG?PPBD=DT@M?@?JFPUQ@T<T@?DF<OJG<M<F?IGM?
%P=@=DI@ FJT<M !<QG@OJQ 6@M<GO ?IT<NII CPGPFNM<NI?<BM??JFPUF<M<JG<IQ@?JFPUF<M<FU?JFPUN<MJG<IQ@?JFPUN<M
FU?JFPU<FJG<IQ@?JFPU<FFU<M<NI?<DGBDFPMH<FHHFI?M%P=<IM?JFPUF<M<
FU<A<MF @?DGH@H@FDuDIPU<T?<F<M<=PGPOJTI<OKF<M< T@M TUI@DI?DM@M@FPGP T@G F<G?MM
!<T<I<H<T< ?JFPU N<u MBG uDGO@F N<uG <GII?<I <GOI =JTIPUGP FUG
DK@FBHG@FBDT@IFU=<G<NuFQ@MDM!<QG@OJQ
1<IMkGB@IĖDI?JFPUFUDGoC}N<AGFG<MQ@BU@GGDFG@MDI@?@IDTG@<FJG<M<F<IGM? %P=<IM?JFPUBI?@TU@M@FB@uDGH@U=DMI@CM@PG<OFG<MI<IG<M!<QG@OJQ
%P=<I M ?JFPU O@K@TD <K ?JFPU ?@M@TD B@u@M !<QG@OJQ %P=<I MĖI
=<=<N %<M< %CDHH@G
!JFPUF<M<FU-JM<+DI>DGĖDI<MODIDIDF<uMKF<M<?@IDUDI?D=DI@DIDQ@MDMG@M(<M<?@IDU
?JFPU BI DG@MD B@MD ?<GB<G<IK O<<M !<QG@OJQ F ?PH<II DuDI?@I ?JFPU =<G
@E?@MC<uFKO<Gu<F<GGT@M?@FJH<T<=<G<M!<QG@OJQ$u?PMPHG<M?<%P=<u@QDMDK<F<G@QGD<O@T<F<M
$I@DI <GOI>< ?I?MK BF <G@QGD <O@ OPOPOPMPM GK QPM<><F u<O<G F<T<T QPMPK B@u@M
!JFPU=<G@E?@MC<II?JFPU=<?<FJK<MQ@?JFPU<TMT@M@?@M!<QG@OJQ
0<M ?@IDU?@I ?JFPU u<O<G =JTIPUGP ?JFPU FPG<u FPTMPFGP N<M F@uD JMO<T< uF<M
!<QG@OJQ !JFPU u<O<G =JTIPUGP ?JFPU FPG@G@I?DDI?@%<F<N1MFG@MDIDI?@N<TG<MIBDU@HDI@DI<I?FG<M
=DGDD
<uNI?<I =TF I@H O<H<FO<?M ė!JFPU OMG ?<QPGGP 1JGB<T F<HĘ ė?JFPU =<G F<M<
F<T<Ę ė?JFPU <T<FG ?@HDM T<O<FĘ ė?JFPU OMI N@NDIDI ?JFN@=DI@FJTH<Ęė?JFPUF<OT@MDI<GOI<
Q<MH<Ęė?JFPU?<NMO<H<Ęė?JFPU=<GF<M<F<T<IIF<KN<uGI><?JFPUN<uMBGFU
uFH<NĘ ė?JFPU T@MDI?@I FMGK ?H@Ę ė?JFPU BI?@ TU@M@F B@uDGH@U =DM I@CM@ PG<H<Ę
ė?JFPUBI=@FG@H@Ęė?JFPUBINJIM<?I@MN@N<F<G?ITJFN<GHJG<><INTG@H@Ę
ė?JFPU BI>@ ?DIG@IH@Ę ėFUI =<MI< =<N<M<F ?JFPU F@U KH@Ę ė?JFPU F@U KK
Q@?<G<H<Ę ė?JFPU O@K@TD <K ?JFPU ?@M@TD B@uH@Ę ė<F ?< ?JMPPIPI DuDI?@ ?JFPU BI
F<G?I<IG<H<Ęė?JT?PPIT@M?@?JFPUFJI<FG<H<H<Ęė?JFPUF<M<FUĘė?JFPUF<M<FUI
GKO@FDIGD@M<O"7BA"?A\O;B;H?D?D'EJ?<27FlIl <NFFu<6<TIG<MIF<M< N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
?JFPUF@GDF<M<@QDIDuDI@F<uH<NĘė(<M<kUBOGF@NDI?@FD?JFPUF<M<FUI?<F<M<<CDI@
?I@M@FPU<T<B@uFKN<Q<H<G<MĘėN<Q<<B@G@IG@MDI?JFPUFPG<uF<?<MT<FG<OFG<MI
BMH@Ęė!JFPUF<M<FUIF<M<?@IDUDI?D=DI@DIH@NDU@MDI@ F<M<?@IDUDI?JFPUBIDG@MDB@MD
?<GB<G<IKO<H<NĘė?JFPUF<M<FUI?JFPU=<IIFJK<MG<M<FF<M<?@IDU@<OGH<NĘė?JFPU
u<O<G F<TI <<>I< F<KG<M<F <GQ<MG<M TMOG<II<<T?IT@MTUI?@?@?JFPUuKG<F<GKIOF@IH@U><II<PG<H<NĘė?JFPUN<MJG<IĘ
ė?JFPUN<MFUĘėN<M?@IDU?@I?JFPUu<O<G=JTIPUGP?JFPUFPG<uFPTMPFGPN<MF@uDIDIJMO<T<
uFH<NĘė?JFPUu<O<G=JTIPUGP?JFPUFPG<uFPTMPFGPN<MF@uDIDIJMO<?IT<U@MDI?@?JFPU
O<FG< <OK T@M@ TFGH<NĘ ė0<M kUO GF@NDI?@FD ?JFPU N<M JG<I Q@ ?JFPU N<M FUI N<M
<CDIG@M@?IKPU<T<B@TFN@G@M@FPuPKN<Q<H<G<MĘėFkUO GF@NDIDI?JFPUJG<I
?JFPUFUĘėF?PH<IIDuDI?@I?JFPU=<G@E?@MC<uFH<NĘė?JFPU=<G@E?@MC<II?JFPU
=<II?<FJKH<NQ@?JFPU<TMT@M@?H@NDĘė?JFPUO<FG<<OK?H@ĘQ?
!@NO<I?< ?JFPUGP =DM NDNO@H ?DFF<O u@FH@FO@?DM !JFPU %P=PGPFG<DGDFDNDI@Q@U<H<IGuNJG<M<FFPGG<IHI<?<%P=<IMĖ?<M<NOG<IH<FO<?M
6<KGPI?< 1MF C<GF FGOM MIG@MDI?@ T<TBI JG<M<F FPGG<IG<I
N<TG<M?<Iė?JFPUĘPI%<F<N1MFG@MDIDIF<?ITDDOGDF?@NO<I%P=<IMĖ?<?<=@IU@MQ@A<MFG
DG@QG@M TFG@I@M@F T@M <G?FG<M <IG<GH<FO<?M %<F<N 1MF C<GF DI<IG<MII T<INH<N JG@G@T@>@F <M<OM>G<M DuDI U@IBDI H<GU@H@G@M
=PGPI?PM?PFG<M?<JMO<T<uFH<FO<?M
"0%"#)
!2))@CGPG EBABEH:7-7O-?CLEB?A7Il ")*T<T<F
/&(,)2"FM@Hė%<F<N"?@=DT<OĘ .dHA?O;dDO7IlB%?J78l 1(" T<T
IF<M<
/&(,)2 "FM@H .dHA?O; lplD:7A? .dHA :;8?O7JB7Hl DJEBE@?I? "7A7I
:;8?O7Jl (1T<TIF<M<
/&(,)2"FM@H "7A7I;IJ7DB7Hl 1!(T<TIF<M<
e,/2%)26<<M .dHA'?JEBE@?I?D?DD7>7JB7Hl(<=<G>T<TNO<I=PG
!3)"1,31DHPM !dD;O-?8?HO7.dHABdhd"7A7I.lL7L;BJ7O.dHAB;H?
!;D;B?H7Alp T<TIF<M<
!3)"1,3 1DHPM "7A7I .dHAB;H?D?D %7:lD 2?h?JB?A ;IJ7Dl "K87D Hlh
1k/(0,6T<TIF<M<
!3)"1,3 1DHPM "7D '?=H;D "7A7I .dHAB;H?D?D BFBlA ;IJ7Dl
1k/(0,6T<TIF<M<
!"*/ "M>H7C7DBlA ;IJ7Dl <NGH<H TFN@F
GDN<INO@UD3?B?AH7pJlHC7B7Hl;H=?I? (M@CDM
!2/)*"7 <TM<H < ė1MF (GOMI?@ Q@ #OQQ@OIoH@G@M?@ 0<TNĘ ##
>? LH7D
l 0;B? L; >?B?A H7pJlHC7B7Hl -;CFEPOKCK
?B:?H?B;H %UG * #<ODC (FN<G
IF<M<
!2/)*"7<TM<H=ė(MH1MF%<GFIG<OG<MI?<0<T0DHB@>DGDDĘ '?BB^
EBABEH /BKIB7H 7H7Il %dBJdH H7pJlHC7B7Hl ;H=?I? #DJ;HD7J?ED7B 7D: +K7HJ;BO $EKHD7B E<
KBJKH7B-JK:?;IIF<M<
!2/)*"7 <TM<H ė+<CuQ<G +PH=@MN DI +<FC>CQ -JK:?;I #DJ;HD7J?ED7B
*;H?E:?97B EH.>;&7D=K7=;I&?J;H7JKH;7D:"?IJEHOE<.KHA?I>EH.KHA?93JGPH@
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
!2/)*"7<TM<H 1MF(GOMI?@Q@#OQQ@OI<H@G@M?@!MO0<TN1C@
+PH=@M DI 1PMFDNC PGOPM@ <I? #POPQQ@OI<H@12/( (2)12/2 3" % & "(10
3")&/01&/*!"/$&0&IF<M<
"/$2+*@ODIė%<F<N%<T>G<MQ@%<T>GF0<I<OĘ '?BB^ EBABEH.dHAdDO7Il
EBABEH;H=?I?IF<M<
$k)"+0,6 1PI>@M ė1MFG@M?@ !JFPU 0<TNĘ # /BKIB7H 7H7Il .dHA EBABEH
%ED=H;I??B:?H?B;H? &3IF<M<
++ =?PGF<?DM .7H?>J; L; K=dD o7C7D?PC
'7J;HO7BB;H L; H7pJlHC7B7H
11(T<TIF<M<
())$GNHė%<F<N0UG"?@=DT<OI?<O<SK<SĘ '?BB^ EBABEH/BKIB7HH7Il
"7BA8?B?C?;H=?I? IF<M<
()) $GNH ė%<F<NG<M?< !@NOGF $@G@I@D & M<OMH< 1<MDCD Q@
(<TI<FG<MĘ 'E:;HD.dHABdAH7pJlHC7B7Hl;H=?I? IF<M<
* 1 kHHBGNH "7A7I %7>H7C7DBlA ;IJ7DB7HlD:7D "7D '?=H;D
<NGH<HTFN@FGDN<INO@UD3T<TNO<I=PG
6k(0")%QIDė1MF#JGFGJMPI?<0<TG<MĘ '?BB^%dBJdH IF<M<
7DT<$F<GK .dHA.bH;I? NO<I=PG
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
o}~|oxvo}otoo}oqq~uqu
zwx|o|uxuqoMpwvxrxN
_lnfopdpqd`
¬ÆÓÖ ÊÆ×ØÆÓÆÇáØÙåßÎÏÈÙ×ØÓÔÒÎÆÈØÔÖ×ÐÔÒÈÆÖÎÆÓØÆÛ×Ô×ØÆÈÑæËØÍÓÆÝÎØËÑâÓÙå
ÝÆ×Øâ ×ÑÔÈË×ÓÔÉÔ Î×ÐÙ××ØÈÆ ÐÆÖÆÝÆËÈÔÇÆÑÐÆÖÜËÈ Î æÈÑæËØ×æ Î×ØÔÐÔÒ ÖæÊÆ ÕÔãØÎÝË×ÐÎÛ
ÌÆÓÖÔÈ ×ÙßË×ØÈËÓÓÔ ÕÔÈÑÎæÈÞÎÛ ÓÆ ÖÆÍÈÎØÎË ÐÆÖÆÝÆËÈÔÇÆÑÐÆÖ×ÐÔÏ ÛÙÊÔÌË×ØÈËÓÓÔÏ
ÐÙÑâØÙÖáÈÜËÑÔÒ³Ô ÕÔ×ÐÔÑâÐÙØËÖÒÎÓXÊÆ×ØÆÓ[ÓËÕÔÑÙÝÎÑÞÎÖÔÐÔÉÔÖÆ×ÕÖÔ×ØÖÆÓËÓÎæ
È ÖÔ××ÎÏ×ÐÔÒ ÑÎØËÖÆØÙÖÔÈËÊËÓÎÎ ÑÎØËÖÆØÙÖÓÆæ ÔÇÖÆÇÔØÐÆ ÈÔ×ØÔÝÓáÛ Î ÔÇßËØåÖÐ×ÐÎÛ
×ÐÆÍÔÝÓáÛ ×åÌËØÔÈ ÑËÉËÓÊ Î ÕÖËÊÆÓÎÏ ÎÓØËÖÕÖËØÎÖÔÈÆÑÆ×â ÓË×ÐÔÑâÐÔ ÙÍÐÔ
ÔÉÖÆÓÎÝÎÈÆæ×â ÔÇÓÆÖÙÌËÓÎËÒ È ÐÆÖÆÝÆËÈÔÇÆÑÐÆÖ×ÐÔÏ ÕÔãÍÎÎ XÈÔ×ØÔÝÓáÛ ÒÔØÎÈÔÈ[
XÈÔ×ØÔÝÓáÛ ØÖÆÊÎÜÎÏ[ Î Ø Ê ¸ÑËÊÙËØ ÕÖÎÍÓÆØâ ÝØÔ Î××ÑËÊÔÈÆÓÎË Î×ØÔÖÎÐÔ
ÐÙÑâØÙÖÓáÛ ÚÆÐØÔÖÔÈ ÖÆÍÈÎØÎæ ÌÆÓÖÆ ÊÆ×ØÆÓÆ È ÐÆÖÆÝÆËÈÔÇÆÑÐÆÖ×ÐÔÏ ÕÔãÍÎÎ ËË
ÓÆÜÎÔÓÆÑâÓÔÏ ×ÕËÜÎÚÎÐÎ Î ÖÔÑÎ È ×ØÆÓÔÈÑËÓÎÎ ÓÆÜÎÔÓÆÑâÓÔÏ ÑÎØËÖÆØÙÖÓÔÏ ØÖÆÊÎÜÎÎ
Ô×ØÆåØ×æÈÓËÕÔÑæÍÖËÓÎæÑÎØËÖÆØÙÖÔÈËÊÔÈ
Ofjo ji rpfpobzbmojlpd rpssjkslpk prjgotbmjstjlj H _ Jrbzlpdsljk
qpsdtjd{jkptfgmoustbt=brbcslpkqjsngoopstjob TgdgropnJbdlbig>fpstbtpzop
ucgfjtgmop svprnumjrpdbm tgijs p sqgyjvjlg j obuzopn iobzgojj tpep qmbstb
mjtgrbtur~ =Ngmi phjfbt ptngzbgt uzgo~k ztp brbcslb mjtgrbturb Jbdlbib
dogsgt lbljgmjcp qrpjidgfgoj d splrpdj|ojyu njrpdpk mjtgrbtur~ efg ognbmp
brbcsljwdlmbfpdcpmggtpeptrufopfunbtztppobdpmgtsopd~nqptplpnd{jrplpg
rusmppc|gbrbcslpkmjtgrbtur~?rbcslbmjtgrbturbJbdlbibdpiojlmbuhgtpefblpefb
tdprzgsljkqgrjpfpc|gbrbcslpkmjtgrbtur~fbdopiblpozjmsSbidjdbsobqgrjvgrjj
dpifgkstdj brbcslpk lumtur~ pob rpsmb lbl mjtgrbturb qrpdjoyjbmob Vgn og
ngogg iobzgojg gg j s tpzlj irgoj brbcjstb j s tpzlj irgoj jssmgfpdbtgm ngstopk
lumtur~ pzgo dgmjlp Cm qgrdpep pob rjsugt lbrtjou rbidjtj pfopk ji cplpd~w
dgtdgk brbcslpk mjtgrbtur~ b qpmob dsgstprpoo pygolb qpsmgfogk d ygmpn stbogt
dpinphobtpmlptpefblpefbdsgbobmpejzo~gdmgojcufutpsdg|go~qpmopstCm
jstprjlb ngstopk lumtur~ pob fbgt ogpygojn~k nbtgrjbm jopefb qgrgqmgtb|jks s
jstpzojlbnj ob fruejw i~lbw obqrjngr ob turgylpn jmj russlpn op g|g zb|g
sbnpstptgmo~kgfjostdgoo~kdsdpgnrpfgogjng|jkojlbljwqbrbmmgmgk>
J sphbmgoj qrjwpfjts lpostbtjrpdbt ztp qpmphgoj uzgopep fm =jstprjlpd
ngstopk mjtgrbtur~> dp dslpn smuzbg lbrbzbgdpcbmlbrslpk pstbmjs cmbejnj
qphgmbojnj Oc brbcptrlsljw jstplbw lbrbzbgdpcbmlbrslpk smpdgsopstj obzbmj
uqpnjobt d qpsmgfojg epf~ d psopdopn d sdij s rgmjejpiopfjfbltjzgslpk qpijgk
Lghfutgnsmgfugtqrjiobtztpvprnjrpdbojglbrbzbgdpcbmlbrslpkbdtprslpkqpijj
{mp d rusmg qpijj nusumnboslpep Apstplb lptprb rbidjdbmbs =embdo~n pcrbipn
zgrgi spifbojg opd~w dgrsjk jimcmgoo~w shgtpd Qrj tpn qrpygss qptjzgslpep
spstiboj obi~dbgnpep obijrb pc}gfjom mjtgrbturu ob dsgw trgw dgmjljw i~lbw
nusumnboslpk lumtur~ brbcslpn qgrsjfslpn j trlslpn [tp lbsbgts dgrsjk d
trlslpkqpijjpojwptjstptobqpsmgfognngstgwrpopmpejzgsljibojnbtqgrdpg
ngstpqpjotgosjdopstjpcrbcptplpc|jwshgtpdjqplpmjzgstdu>
Qrpygss obyjpobmopk bfbqtbyjj dpstpzo~w brwjvbcum p mcdj djms dbho~n
tbqpn vprnjrpdboj bdtprslpk lbrbzbgdpcbmlbrslpk qpijj Dstgstdgoop ztp
tgofgoyj usjmgoj jofjdjfubmopep obzbmb d psdpgojj jopi~zopep nbtgrjbmb
qrpjswpfjmbqgrnbogotopVbldfbstbobwiblptpr~njiblrgqjmstgrnjo=dpstpzo~g
qpn~> CbutZbfhj \bdbgdb =Vbwjr j Guwurb> =Lghouo j Kgkmb>
=Qrprpl _suv j gep crbt> Jijnb Lgzjgdb =Vbwjr j Guwurb>
fpnjojrpdbmp jipcrbhgojg tpqpsb mcdj d bsqgltg lpovmjltb =qbssjpobropstj> j
=qrbenbtjlj> d psopdopn spptdgtstdu|gep =fuwu j culdg> frgdogk brwjvbcum~
Tmgfpdbojgtrbfjyjndpstpzopepobrpfopeprpnbobdlptprpn=dsshgtobstprpob
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
rbidjdbgts d qrpig b npyjpobmob d qpijj> tblhg ptzgtmjdp qrpdmgts d
d~{gobidboo~w fbstbobw C \bdbgdb j J Lgzjgdb Tpc~tjkob lbodb d ojw jimbebgts
qrpipkbdoutrgoojgqgrghjdbojegrpgdqgrgfbtsdstjwptdpro~wnpopmpebwAtphg
drgn d ulbiboo~w qrpjidgfgojw uhg dstdgoop pcpiobzjmps strgnmgojg lbrbzbgdp
cbmlbrsljw bdtprpd "" dglb l jsqpmipdboj wufphgstdgoo~w trbfjyjk rpfopep
vpmlmprb bltubmjibyjj spstbdm|jw sdpgep topnjrb Cbmogk{gg rbidjtjg tb
tgofgoyjqpmuzjmbdfbstbogJLgzjgdb=@uihjejt>
efgpqjrbsobtrlslu
brwjvbcumuptrbejzgslpkmcdj@uihjejtbjGumgkwjqptpcpiobzjmpsopdopkdgltpr
rbidjtjobyjpobmopkqpijj
Qpdgstdpdbojgptrbejzgslpkmcdj@uihjejtb@pijkejtbdmgtspsopdpkvbcum~
nopejw qptjzgsljw qrpjidgfgojk trlsljw obrpfpd lbibwpd opebkygd tbtbr cb{ljr
lun~lpd lbrbzbgdpcbmlbrygd A lbhfpk obyjpobmopk mjtgrbturg pc|gjidgsto~k
frgdogtrlsljk shgt qpfdgrebgts obyjpobmopk bfbqtbyjj d spptdgtstdjj sp
smphjd{jnjs qptjzgsljnj trbfjyjnj ngotbmo~nj qpotjnj lpolrgto~nj
spyjbmopjstprjzgsljnjpcstptgmstdbnj
Cbstbo=@uihjejt>JLgzjgdbogtpmlp iobngopdbmopd~ktbqdjipcrbhgojjtgn~
mcdj d cbmlbrslpk qpijj Gobzgojg gg eprbifp {jrg Qpt jsqpmiu brwjvbcumu
ptrbijm btnpsvgru hjioj cbmlbrslpep pc|gstdb "" dglb obrbstb|jg spyjbmo~g
qrptjdprgzj d ogn Qpfpcopg pcrb|gojg l brwgtjqjzgslpnu tglstu qpidpmgt
wufphojlbn =obwpfjttgjmjjo~gbsqglt~jmgngot~spiduzo~gjwspdrgngoopstjj
ogpcwpfjn~g jn qrj rg{gojj tgw jmj jo~w bltubmo~w tdprzgsljw ibfbz> H lbl
smgfstdjg d fboopn lpolrgtopn smuzbg usjmgojg mjrjlpfrbnbtjzgslpep wbrbltgrb
qpn~ rgbmjstjzopstj j emucjo~ rbslr~tj qsjwpmpejj egrpgd A ibzjog qpn~ qpt
pcrb|bgts l qbrbfjeng mcdj qrjops|gk zgmpdglu nopep rbfpstj =Tknglmjl
hboogt z~qz~l} Jgmego ljcjl lgmgfj> =Kcpd smpdop rbkslb qtjyb Qrjwpfjtdmgts>Vrbfjyjpoopgfmdpstpzo~wqpnC\bdbgdbqrgfpstgrghgojgp
dpinphopk rplpdpk rbidilj mcdj u J Lgzjgdb qrjpcrgtbgt spyjbmop
nptjdjrpdboo~k sn~sm =?mbk cu tbr fuojfb ?o~ fb l}bobtmbr~o Jkfrq
l}pf~mb?rt~l}m~l}o~ptmbr~>#
$=AtpntrufopnnjrgHgglr~mOepo
ogsqrbdgfmjdpstj Thjebgt fptmb A qpftdgrhfgojg dgzopstj rbfpstgk j strbfbojk
mcdjqptjsqpmiugtbmmijjjjotgrtglstubmo~gpts~mljlsufcbndmcmgoo~wqbr
Lghouob j Kgkmj Ybrwbfb j \jrjo Xqpnjobojg dpstpzo~w qptpd Njibnj Nbdpj
Yjiumjzjqrpjidgfgoj=ibstbdjmjgepstrbfbtjqmblbt>smuhbtpfopdrgngooplbl
fm qrpsmbdmgoj qrggnojlpd tbl j fm bltubmjibyjj tgn~ j qptjzgslpk trbfjyjj
lptprpk smgfugt J Lgzjgd Angstg s tgn jsqpmipdbojg brwgtjqjzgsljw vbcum j jngo
qptjzgsljw qrgf{gstdgoojlpd qpfzjogop qrjoyjqjbmop opdpk ustbopdlg opd~n
stgtjzgsljnprjgotjrbnpqrgfgm|jndpmyjgepwufphgstdgoopepspioboj
Abho~n dmgts j tp ztp p|u|b sgc qrpfpmhbtgmgn dpstpzopk qptjzgslpk
trbfjyjjJLgzjgdptlr~tpibdmgtpcprjejobmopstjsdpgkqpijjQrjiobdbztp
=p @uihjejtg qgmj nopejg j muz{g ogep> bdtpr ngtbvprjzgslj ptstbjdbgt sdpg qrbdp
wufphojlb ptstuqjt pt smphjd{gks trbfjyjj qrbdp ob sdpg djfgojg njrb =Zbr
tbuou suuu h~r~ cumcumu Vbufb fb hrso fgq ?ktf~n cu
tburuwunu>#
$=Xlbhfpkepr~ dpfb qgso spmpdgk[tpc~jd
eprbw c~tpdbm ` qpdgfbm rbsslbi> G Juzulpdb rbin~{m p spptogsgoopstj
ptfgmopklumtur~jqpmjlumturopepnjrbdjfjtdtpkstrpvgqrjngrtpeplblqpt
=pcrb|bs l rgbmjn topsrgf~ pcpsopd~dbgt qrbdp ob sbnpd~rbhgojg lbhfpk
obyjpobmopk lumtur~ vjmpspvslb psopdb lptprpk bobmpejzob nophgstdu fruejw
obyjpobmo~wlumturpcrbiopghgdpqmp|gojgjnggtsdpjsqgyjvjzgsljgpspcgoopstj
pcusmpdmgoo~g jstprjlplumturo~nj topqsjwpmpejzgsljnj vbltprbnj> Jpolrgtjijrufboo~ktgijsnphopmj{fpcbdjtztpqptqrghfgdsgeppcpsopd~dbgt
stgtjzgsluiobzjnpst º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
Tdpg njrpdjfgojg qpt utdgrhfbgt d qpmgnjlg s jfjmmjzgsljnj qrgfstbdmgojnj
c~tu|jnj u qrgf{gstdgoojlpd Hfgbmopnu slbipzopnu njru J Lgzjgd
qrptjdpqpstbdmgt qrbdfu rgbmopk hjioj dp dsgk smphopstj j qrptjdprgzjdpstj
Oqqpijyj=hjio slbilb>=rgbmob d~n~{mgoob>fgkstdjtgmopstpqrgfgmgt
ustbopdlu qptb ob ptlbi pt jfgbmjibyjj hjiogoo~w qrptjdprgzjk =Fpnbl}fb
l}~k~otkmZboo~pe}urmutegoFb{bubhpnbl}tkm Jrflbe}~o
l}brbs~o #$ =A slbilg ogtrufop Zbob cmbeprpfo~n qrgfstbdjt ? hjio
ogslbilbAjfgmjn~ggsdgtmujzgroustprpou>VbljnpcrbipnJLgzjgd dp
dstuqmgojjogqrpstpulbi~dbgtobmjtgrbturo~gjstpzojljvbcum~qpn~opjimbebgtj
sdp wufphgstdgoou qrperbnnu prjgotjru|u ob qrbdfjdpg jipcrbhgojg rgbmopk
fgkstdjtgmopstj
Qpfpco~kstgtjzgsljkqrjoyjqpqrgfgmgtptwpfqptbptzgropcgmpeplpmprjtbd
jipcrbhgojj egrpgd j jw qrptjdpstpoj ]tp ptmjzjg stbopdjts do~n uhg d
fjsqpijyjjegrpgdVblgsmjdqpng =J}jssbtu@pijkejt>lun~lslpepqptb ??lbgdb
rpfjtgmj dmcmgoo~w dmts wbobnj ibojnbt pfjoblpdpg qpmphgojg ob
jgrbrwjzgslpkmgstojygtpdqrpjidgfgojjJLgzjgdbptgy@uihjejtb qrpstpkipfzjk
ptgyGumgkwj npeu|gstdgoo~k?q wboTpptdgtstdgooplpovmjltqpn~qrjpcrgtbgt
cpm{gspyjbmo~kwbrbltgrptrbhb|jkqrpygsspcpstrgojlmbsspd~wqrptjdprgzjk
d lbrbzbgdpcbmlbrslpn pc|gstdg Jpefb Ybtjnbt qpdgrgoob d sgrfgzo~g fgmb
@uihjejtbuiobgtltpdmgtstbjostdgoopkogioblpnlpkqmgojd{gkgeptpqpojnbgt
ztpnphgtstbtqrgerbfpkfmdmcmgoopep=?mbkpmwbol}~i~f~ ?ofbf~cbmbn
qbmbw> =Np pob wboslb fpz A tpn s~opl cgfb> Sbimjzjg d spyjbmopn
qpmphgojjdmcmgoo~wegrpgdstbopdjtsembdopkqrjzjopkjwtrbegfjj
Osopdo~g qrjioblj pc|gtrlslpk brwjvbcum~ mgngot~ slbipzopep
ejqgrcpmjzgslpepjipcrbhgojspc~tjkjegrpgddcpm{gkstgqgojspwrbojmjsdqpng
? ?lbgdb Vbl @pijkejt j Tbwjcfhbnbm dmcmts frue d frueb dp sog @pijkejt
ptqrbdmgts d fbmgljk qut ob qpjslj dpimcmgoopk Xiobd p dstrgzg sdpgk fpzgrj s
@pijkejtpnwboVbnnbswboptgyTbwjcfhbnbmdgmjt ucjtgepOc~zopksbcmgk ucjt
@pijkejtb og ufbgts tpefb po fbgt ucjkybn sdp dpm{gcou sbcm Ocod ucjtpep
dpimcmgoopepunjrbgtjTbwjcfhbnbmjwdngstgsdgro~nfruepnJbnbopnwprpotd
pfopknpejmg
A fbstbog J Lgzjgdb frgdogtrlslb brwjvbcumb psdpcphfbgts pt slbipzo~w
mgngotpd Otngzgoob tgofgoyjl sojhgoj slbipzopep dpm{gcopep qrpdmgts jd
jipcrbhgojj fruejw qgrspobhgk qpn~ Zbo ?q ptgy Gumgkwj mj{go fgnpojzgsljw
zgrt cpmgg tpep po nufr j sqrbdgfmjd Tpembsop npmdg ojltp ji qpffboo~w og
hbmpdbms ob gep hgstplpst cmbepfbr gnu d wbostdg nbmp ucpejw j oj|jw qrj ogn
ibc~mjs dpko~ tpmlp =d sobw pstbmjs idulj cbrbcbob ipdu|jg d cpk> Np dngstg s
tgn J Lgzjgd fbmgl pt gep jfgbmjibyjj Qpt jsqpmiugt lbrbzbgdpcbmlbrsljg
vrbigpmpejin~qpepdprljqgrgfb|jgogjfgbmjijrpdboopglbldslbilbwbrgbmopg
qrgfstbdmgojg pc pcmjlg wbob =Vuibl}s~i wbo wbo cpmnbi> =Zbo cgi ueogtgoj
obrpfb og wbo> =J}um hgejmego hgrfg ub Viml btbs~ gmr> =Vbn efg gst
wpmpq~ Xnjrbgt ptgy sqrbdgfmjdpstj> =?mmbw cgrjr wbo bm~r> =?mmbw fbst wbo
ptojngt> Qpfpcopnu obrpfopnu qrgfstbdmgoj spptdgtstdugt j wbrbltgr wbob ?qb
Oo mc|jk ptgy qrbdjtgm rbfg|jk p qrpydgtbojj sdpgep epsufbrstdb
Ttrpjtgmstdp wbopn fdpryb fm Gumgkwj dmgts j d~rbhgojgn mcdj l ogk j
sdjfgtgmstdpn np|j gep fgrhbd~ Jpefb jsluso~k ipfzjk @uihjejt strpjt fdprgy po
udbhbgn wbopn qpslpmlu lbl j nopejg gep qpffboo~g ulrgqmgt gep npeu|gstdp Np
mcpd@uihjejtblGumgkwgqrgfstbdmgtswbouqpsebtgmstdpnobgepspcstdgoopst
ob gep spyjbmo~k stbtus Ljr zudstd lptpr~n hjdut dmcmgoo~g dmgts botjtgipk
gep hjioj qptpnu wbo dgmjt ucjt @uihjejtb funb tbljn pcrbipn spwrbojt
ustrbjdb|jkgepnjrpqprfpl
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
Ttbr~k ipfzjk ptgy @uihjejtb spijfbtgm po ds sdp hjio strpjm fpnb
fpstbdm rbfpst mfn dgr d cgssngrtjg nbstgrstdb d tp ztp pop qp sdpgnu
dpifgkstdjobzgmpdglb=srpfojmcdjjspmoyu>Nbegogtjzgslpnurpdogqgrgwpfjtl
s~ou p|u|gojg rbfpstj spijfbtgmopep trufb Sbidgroutpk ngtbvprpk qgrgfbts
hjiogoo~gygoopstjuobsmgfpdboo~g@uihjejtpnptptyb=lrulbnlptprpepqrjstbdbmb
og lrpd b jidgst> lptpr~k hjm qrjops d njr fpcrp j rbfpst =phjdm lbngo
fgrgdp emjou> A qrptjdpdgs wbou ?qu stbr~k ipfzjk utdgrhfbgt dgzo~g
pc|gzgmpdgzgsljglrjtgrjjorbdstdgoopstj=Lbwtbucbkm~l}fb lgtgrJgrtjmgkl}bm
timleg Cuojfb cjr ibt hgtngi Zbmbmm~l}e}b jejmjleg> #
$ =H smbdb j
cpebtstdpukfgtOstbdbksdgro~nqrbdfgAnjrgcgsygoo~mj{Qrbdfbjfpcrp>
Qpsrbdogojspsdpjnjmjtgrbturo~njqrgf{gstdgoojlbnj VbwjrpnLghouopn
@uihjejtibngtop=qpdirpsmgm>dculdbmopnjqgrgopsopnsn~smgTppc|gojgbdtprbp
tpnztp@uihjejtqpstjebmsglrgt~nbstgrstdbstrpjtgmuptybfpmepgdrgnsgnmgt
uzjms d fruejw ngstbw @befbf Dejqgt =mcus dgmjlpmgqo~nj ngzgtnj j
fdprybnj> qpidpmgt sufjt p gep fbmglp og opn dpirbstg Hotgmmgltubmop j
orbdstdgoop tp svprnjrpdbd{bs mjzopst sp sdpjnj ustpd{jnjs diemfbnj
@uihjejt og qrpstp dmcmgoo~k po wufphojl tdprzgslb mjzopst dpqmp|b|b
sdpgdjfgojgnjrbdstrpjtgmstdgfdprybQptjipcrbhbgtfpstpjostdbdmcmgoopepog
d gep vjijzgslpk lrbsptg b d gep hbhfg iobojk qpstpoopn spdgr{gostdpdbojj
nbstgrstdb udbhjtgmopn ptop{gojj l rpfjtgmn @uihjejt pfbrgo nbstgrstdpn pt
qrprplb=?fbnue}bkvbke}bncbr@grfjfgmmgwuogrjo>=Ngptzgmpdglbbptqrprplb
Ofbrgoopst gep slbibmj> Sbdop tbl hg mfslb npmdb qrgdpiopsjt og dog{o
lrbsptu @uihjejtb b tdprgojg gep rul =Jgi lgrq cu hgrmgfg @pmnbf~ c~mmbk
l}bmb>#$=BmbizgmpdgzgsljkdtjwngstbwNgdjfgmqpfpcopepfdpryb>
@uihjejt d fbstbog J Lgzjgdb jipcrbhgo pc~zo~n igno~n zgmpdglpn d ogn ogt
tjqjzopk fm egrp =dpstpzo~w> qpn pfgrhjnpstj mcpd pob og jipmjrugt gep pt
spyjunb og mj{bgt spyjbmopk bltjdopstj A ptmjzjg pt fruejw trlsljw dbrjbotpd
brwjvbcum~ d zbstopstj lun~lslpep j opebkslpep rphfgojg mcdj d fu{g egrp og
sdibop s pogkrjzgsljn nptjdpn qrjfb|jn zudstdu slbipzo~k wbrbltgr Ap drgn
strpjtgmstdbfdprybwbou?quposmuzbkopdstrgzbgtGumgkwudlptprudmcmgtss
qgrdpep diemfb Vrbfjyjpoo~g fm =dpstpzo~w> qpn srbdogoj cphgstdgoop
dpid~{b|jg lrbsptu dpimcmgoopk tjqb =or hbke}bo> pibr|b muzgibrob
ustuqbt ngstp cpmgg qrjignmgoo~n op d~rbhb|jn jfg gg gfjostdgoopstj
ogdpinphopstjfm@uihjejtbhjiojcgioggD|gpfobpspcgoopstqrjrpf~srbdogojk
jsqpmiugn~wJLgzjgd~n qrpdmgtsdutdgrhfgojjptrjybojgnAngstpqrjioboj
ztp Gumgkwb iobzjt fm dmcmgoopep egrp smgfugt ygm~k rf srbdogojk ngtbvpr
nopeplrbtop usjmjdb|jw sjmu zudstdb mcdj @uihjejtb l Gumgkwg cgi lptprpk po og
n~smjt sdpgk hjioj =?os~i l}bmsb fuojfb Jgegtmg cj{ngimjlzb Fgroj
l}ure}bl}m~l} bm~q Tbcbomb cjtngimjlzb> #
$ =Dsmj cgi ogg pstbogts d njrg @uftp c~ qmpf~ og spirgt @uftp c~ ignm pfpmggt ibsuwb @uftp c~ qpm
qgrgstbout qmpfpopsjt> =?os~i l}bme}bo fuojfb Ot tjrejijmngimjlzb ?os~i
l}bmsbfuojfb_kmgj{mgongimjlzb>#
$=Anjrgpstbd{gnscgiogg@uftpc~
pepo og rbiphhgts Dsmj cgi ogg pstbogts d njrg @uftp c~ fpnb qgrgstbout
strpjts>
@uihjejtqrjiobgtssgcgztpfpdstrgzjs Gumgkwpkpohjmogibfun~dbspsn~smg
hjioj Oo sljtbms qp sdgtu udmgzgoo~k qpstjhgojgn sglrgtpd nbstgrstdb sdpgk
qrpvgssjj uzgcb u nbstgrpd jiuzgojg loje stbmp gep ygm hjioj Gbrpfjd{ggs d
sgrfyg zudstdp l Gumgkwg jingogt gep po ptlr~dbgt fm sgc ztp dsg zgn hjm c~mp
fprpepklmcdjdogknbstgrob{gmobstp|ggszbstgAbhoptpztpmcpdogmj{bgt
gep rbssuflb lbl tp jipcrbhbmps u mjtgrbturo~w qrgf{gstdgoojlpd b fgmbgt hjio
cpmggpsn~smgoopkqrjfbgtygmopstgepobturg
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
A fbstbog =@uihjejt> mcpdstrbfbojg ustuqbgt ngstp rgbmopk ignopk strbstj
pcrbi jfgbmopk dpimcmgoopk qgrgrbstbgt d pcrbi rgbmopk ignopk hgo|jo~
Sgbmjstjzgslb qpmoptb pcrbib Gumgkwj fpstjebgts og pqjsbojgn dog{ojw zgrt b
jipcrbhgojgn dibjnpptop{gojk s @uihjejtpn s npmpzopk nbtgr Ybtjnbt ptypn
qpfruebnjVbl gglrbsptbqgrgfbgtstrbfjyjpoo~njfmlbrbzbgdpcbmlbrslpk ustopk
qpijjbstrbmo~njjbojnbmjstjzgsljnjsrbdogojnj=]ljlgizpmqbombFbooebo
ljcjl hbooebombk Om l}~i bmbk cbrb f J~rf~lfb hur cbre}bombk> #
$
=Cdbembibsmpdop utrgooGdgifbeprjteprgmj]tbfgdu{lbtbl{mb Jblqp
trbdgebigmjfgt>Ag|jkspodlptprpnGumgkwbuiobgtpslprpnqpdmgojjsuhgopep
spfgrhjt og stpmlp qrgfslbibojg p cufu|jw spc~tjw slpmlp qgrgfbgt spstpojg
phjfboj egrpjogk mcdj Jpefb egrpjo uiobgt p zudstdbw l ogk @uihjejtb zgrgi
npmpzou nbt Ybtjnbt tp qrjojnb cgi~swpfopst sdpgep qpmphgoj ib ogk
cfjtgmopsmgftmfjptybpobeptpdbsnjrjtsstgnztp gkogdpinphopudjfgtss
dpimcmgoo~n Vpmlp qpffgrhlb Ybtjnbt qrjfbgt gk sjm~ cprpts ib sdp mcpd
Oqjsbojg dstrgzj Gumgkwj s @uihjejtpn dp fdpryg lptpr~k po rbirjspd~dbgt
dpsqrjojnbgtszjtbtgmgnlblmjrjzgsljk{gfgdrAtrbfjyjwobrpfopkmjrjlj hborb
jobrb dmcmgoo~g J Lgzjgdb d~rbhbt sdpj zudstdb frue l frueu og ptlr~tp b
qpsrgfstdpn ngtbvprjzgsljw pcrbipd psopdboo~w ob tbkopn i~lg hbi tjm Vbl
@uihjejt d sdpgn jobrg uqpfpcmgt dpimcmgoou dfpwopdgoj cgi lptprpep dogn og
qrpsogts fu{b =Turbtmbr~n l}bmbfb Jo l}ucumtwbo lgerzo Fbo sbmbmnbn
cpue}b Gumgkwb cjr lgreozo> =Lpj lbrtjo~ dp fdpryg Bpmuc pcmbslboo~k
spmoygnNgsnpeudmphjtdlrbslufu{uQplbGumgkwbogudjfjt>OtdgtGumgkwj
spfgrhjt qrjiobojg d mcdj l @uihjejtu =Turbtmbr~oe l}bmbfb Jo l}ucumtwbo
lgerzoJ}bobtl}be}~quzbmnbi@uihjejthbocgrejozjo>#$=Vdpjlbrtjo~
dp fdpryg Bpmuc pcmbslboo~k spmoygn Ainbwoud lr~mpn og snphgt umgtgt Qplb@uihjejtogdmphjtfu{u>
Trgfstdbnj ngtbvprjzgslpep i~lb d~rbhbgts j pspiobojg egrpgn rbfpstgk j cgf
phjfb|jwdmcmgoo~wTpfopkstprpo~wbofprpeblfdpryulrutbjogfpstuqobs
fruepk fbr|bdfpwopdgojguslpmib|blblfjlbmboGumgkwbAptdgtopn jobrg
Gumgkwb dsgmgt obfghfu ob tp ztp dsg qrgerbf~ qrgpfpmjn~ =Qpzgnu d~splb cb{o
wbob ogfpstuqob Kglbrstdp hg qgrgf tpcpk> Lje szbst jsq~t~dbgn~k
dmcmgoo~nj nbtgrjbmjiugts ngtbvprpk phjdbt lrbslj ob lbrtjobw @uihjejtb d
ojw qrpcuhfbgts fu{b Hotgrgsop ztp J Lgzjgd emucplp dgru|jk zgmpdgl
jipcrbhbgt ebrnpoj mcdj sdi~db gg s jngogn i~zgslpep cphgstdb Tzbstmjd~g
@uihjejt j Gumgkwb zudstdut ztp fdgrj Vgkrj ptdprjmjs fm ojw ngztbt c~t
dngstgfplpoybhjioj
Sbidjtjg trbfjyjpoopep fm =dpstpzo~w> qpn lpovmjltb s rpfjtgmnj jng|jnj
sdpjqrgfstbdmgojpszbstgfgtgkpcpeb|bgtsuJLgzjgdbjotrpdgrto~npqjsbojgn
egrpgd Ospcgoop rlp tp qrpdmgts ob qrjngrg pcrbib Gumgkwj Oob og d~stuqbgt d
lbzgstdg qbssjdopep pc}gltb mcdj gg zudstdbn j qpstuqlbn qrjsu|b pqrgfgmgoob
sbnpstptgmopst fgkstdgoopst Otmjzjtgmopk pspcgoopst fboopep pcrbib qpn~
pt mjtgrbturo~w qrgf{gstdgoojy l qrjngru egrpjo C \bdbgdb j rbimjzo~w dgrsjk
fboopk brwjvbcum~ d fruejw trlpi~zo~w mjtgrbturbw tbtbrslpk =@ui gegt>
lun~lslpk =J}jssbtu @pijkejt> dmgts blygot og ob jipcrbhgojj qpstuqlpd
Gumgkwj b ob rbidjtjj gg doutrgoogep njrb Aobzbmg Gumgkwb hjdgt phjfbojgn mcdj
Gbtgndmcjd{jsd@uihjejtbpobstrbfbgtptogdpinphopstjudjfgtgepogdsjmbw
qrgpfpmgt ibqrgt ptyb Tmgfu|jk tbq dstrgzb s @uihjejtpn pc}sogojg d mcdj
pcrgtgojgebrnpojjfu{jSbidjtjgzudstdbegrpjojqgrgfbgtsjipcrbhgojgndstrgzd
lptpr~w=mcpdlrgqogtfgoptpfo>
Kcpd qrjfbgt gk sjm~ j oglpefb rpclb qgrgf sdpjn ptypn tgqgr pob
lbtgeprjzgslj ptlbi~dbgts qpfzjojts gep qpq~tlg qpdmjt ob d~cpr fpzgrj tp
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
qrjlbio~n tpopn tp qrpscpk npmcpk =og qrgdrb|bt gep d pc}glt obsng{gl
plruhb|jw> Otlbi Gumgkwj qplprjts dpmg ptyb nptjdjrpdbo qsjwpmpejzgslj Qpt
qgrgfbgtobqrhgooudoutrgoocprcuqrpjswpf|udfu{gegrpjojplbibd{gks
qgrgf d~cprpn nghfu ptypn j mcpd =Frgejn ngo bktwboo~ ]tngkf lgz btbn
nboebNgtgkjnTbobql}pkLgojbmmbwure}booeb>#$=Tgrfygslbiboopepnopk
Ng jsqpmogt qrpstj ptgy ngo [tp nog fgmbt Qpszjtbk Lgo cpepn
qrplmtpk> Xiobd p lpdbropn ibn~smg ptyb qpeucjt @uihjejtb Gumgkwb
qrgfqrjojnbgt egrpjzgsljg usjmj ztpc~ sqbstj gep op dsg plbi~dbgts t|gto~n Qp
qrjlbiu wbob rg{jd{gep ztp ustrbojd mcjnpep Gumgkwj po fpcgts sdpgk ygmj
ustrpjtszbstgfpzgrjqpsdpgnurbiungoj@uihjejtcrp{godtgnojyujucjt
@giutg{ob Gumgkwb ptlbi~dbgts pt dsgw cmbe qrgfmbebgn~w ptypn sdbfcb s
hgojwpn wboslpep qrpjswphfgoj ogsngto~g cpebtstdb j t f ptrglbgts pt ogep
Fjio qpsmg qptgrj dpimcmgoopep tgrgt fm ogg ygoopst pob ufbmgts d cb{o
lptpruqpqrjlbiuwbobqpstrpjmjfmqpergcgoj@uihjejtbjunjrbgtpqmbljdbgep
Ng sungd{j spgfjojts d hjioj egrpj pstbts dngstg qpsmg sngrtj Xsmpdo~k j
rpnbotjzgsljk vjobm qpn~ ojlpnu og ufbmps ptlr~t fdgr cb{oj =ojltp og snpe
ptlr~tggfpsjwqpr>dmgtssjndpmpndgzopstjmcdjTjndpmjzgouwpfegrpgdog
doji d ignm b ddgrw d cb{o ]tp qgrgwpf d njr pcjtboj dpid~{goopep
jstjoopep d lbrbzbgdpcbmlbrslpn i~lg smpdp =l}bmb> qgrgdpfjts d iobzgojj
=fdprgy> =cb{o> Hssmgfpdbtgm =potpmpejzgslpep ngtblpfb> lbrbzbgdpcbmlbrslpk
wufphgstdgoopk lumtur~ G Juzulpdb ptngzbgt gep qpfzjogoopst =dgrtjlbmopnu
rjtnu>
jng|gnujstplpnvjijlpegperbvjzgslusrgfugeppcjtbojXwpfegrpgd
ji njrb d d~sptu dmgts sjndpmpn ogqrjtj qrjoyjqpd hjioj pc~dbtgmslpep njrb
utdgrhfgojpotpmpejzgslpkiobzjnpstjmcdjdggrlpd~rbhgoopk ngotbmopkvprng
Tmgfugt ptngtjt ztp d fbstbog J Lgzjgdb =@uihjejt> psopdo~g mgngot~
frgdogtrlslpk brwjvbcum~ d iobzjtgmopk ngrg trbosvprnjrpdbmjs pcpebtjmjs
wufphgstdgoopstgtjzgsljnjtrbfjyjnjlbrbzbgdpcbmlbrslpkobyjpobmopksmpdgsopstj
A qgrdu pzgrgf l ojn ptopsjts {jrplpg jsqpmipdbojg jopslbibtgmopstj Tbnpg
splrpdgoopg d hjioj egrpgd d~rbhbgts srgfstdbnj ibjnstdpdboo~nj ji lbrbzbgdp
cbmlbrslpknbejzgslpkqpijjOfoblpdfbstbogJLgzjgdbvuolyjjopslbibtgmopstj
npfjvjyjrugts gg nbejzgsljk sn~sm utrbzjdbgts j dqpsmgfstdjj pob jsqpmiugts
lbl i~l qpoto~k mj{ uzbstojlbn fjbmpeb Qp iblpobn eprslpk tjlj d lptprpk
ptrbijmjs ngotbmo~g pspcgoopstj lbrbzbgdpcbmlbrslpep obrpfb og qrjotp qrnp
epdprjt p lbljwmjcpjotjno~w dg|bw nghfu rpfjtgmnj j fgtnj ptlr~tp d~rbhbt
zudstdpmcdj]tpsdpkstdpptzgtmjdpqrpdmgtsdpdibjnpptop{gojwegrpgdJpefb
stbr~kipfzjkepdprjtztps~ouqprbibdgstjsgntppotbltjzopqrpsjtslbibtgnu
pctpnsdphgouAsdppzgrgfnbt@uihjejtbibdpfjtrbiepdprobtgnuhgojtc~
s~ob jicgeb ptlr~tpstj =Tkngfj gi bobs~ Fb{wb bz~l} cpmure}b ]tego
nurbtmbr~o pm Fbi tjm cmb sbobf~> #$ =Ng ibwptgmb rpfob nbt Otlr~dbts
qgrgf s~opn O sdpjw hgmbojw pob Vbko~n i~lpn slbibmb> A jopslbibtgmo~w
d~rbhgojwnbtobnglbgtztpqprbdjtsdpgeogifpjslbtsgcgsqutojlbhjiojfbgt
qpot ztp cufgt fpdpmob gep d~cprpn @ufgt mj jicrboojyb zgropdpmpspk jmj
imbtpdpmpspkzgropembipkjmjsdgtmpembipknbtsp{gtspptdgtstdu|ggydgtuqmbtg
jqrjeptpdjtcuiuobyjpobmo~ksmbcpbmlpepmo~kobqjtplVblhgobnglpnnbtfbgt
spdgtzgnrulpdpfstdpdbtsqrjd~cprgjicrboojy~=Jgsjskego obs~qf~J}u{
l}bobtf~ hjejteg> #$ =Vp ztp sbn qpmcjm szbstg Ormjopg lr~mp fm
fhjejtb> Hopslbibtgmo~k i~l uqptrgcmgts j d sygog pc}sogoj d mcdj
@uihjejtb j Gumgkwj p zgn uhg c~mp slbibop d~{g Hsqpmiuts jopslbibtgmo~g
d~rbhgoj j d npngot sngrtgmopk pqbsopstj obdjs{gk obf @uihjejtpn d fjbmpeg
nghfuGumgkwpkjwbopnqpfruebnj
`dstdgoopp|u|bgtsdfbstbogJLgzjgdb =@uihjejt>jdmjojgmgngotpdfruejw
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
hborpd rgmjejpiopfjfbltjzgslpep nuobhbt j vpmlmpropep lk qrjfb|jw
qrpjidgfgoj frbnbtjzgsljk wbrbltgr Sbidgroutb qrpqpdgf uubi stbryb
sppc|b|gep rpfjtgmn p sngrtj @uihjejtb spfgrhjt psopdo~g shgtopqp
dgstdpdbtgmo~g mgngot~ fboopep hborb wpt rgmjejpio~g nptjd~ d ogk d~rbhgo~
smbcp Tpembsop tjlgtu lbrbzbgdpcbmlbrygd eprgdgstojl qrghfg zgn sppc|jt p
sngrtj fpmhgo pcrbtjts sp smpdbnj qpfeptbdmjdb|jnj l dpsqrjtj qgzbmopep
jidgstj
A pcrb|gojj stbryb d tblpn iobzgojj jsqpmiugts pfob ji lmzgd~w tgpmpegn
nuobhbtb p tmgoopstj ignopk hjioj Lgfjtbtjdo~g rbin~{mgoj p crgoopstj hjioj
ogjicghopstj uwpfb ji njrb j jmmipropstj igno~w cmbe stbopdts psopdpk
obstbdmgoj qrpdjtnuhgstdptgrqgojXrbdojdb|bdsgwsngrtuopsjtjqrprplb
j{gkwb =tjrbopdpt lptpr~wspfrpebmbsignm>lbhfuqpdjd{usobsdgtfu{u
]tb n~sm fpmhob ojdgmjrpdbt =gfjostdgoopst> smuzjd{gks trbegfjj Vptbmopk
qrgfpqrgfgmgoopstj sngrtj d qrpqpdgfj qrptjdpqpstbdmgts jfg cgierbojzopstj
hjiojFjio j sngrt sngot frue frueb op dgzo~n pstbgts dpswpf spmoyb L~sm
ztp ojltp og uwpfjt cgssmgfop rphfbgt pqtjnjstjzgslu jfg p cgslpogzopk
pcopdmgnpstjjdpsqpmognpstjhjiojQpsmgu{gf{gepzgmpdglbpstbgtsfgmpgeprul
cmjiljg pstbogts pc|job lptprb gep pqmbzgt Tngrt gfjostdgoopep s~ob
qpfmjoobtrbegfjoppqmbljdbgeppoobkfgtutg{gojgjqpffgrhludsdpgkpc|jog
Vblb mpejlb qrpqpdgfj qrgfstbdmgt spcpk trbosvprnbyj rgmjejpiopfjfbltjzgsljw
obstbdmgojknuobhbtbVrbfjyjpoobustbopdlb qpnojtp=lpoygsdgtb>pqjrb|bs
ob dgrpuzgojg jsmbnb sngogts obstbdmgojgn qpnojt p fubmopstj njrb
pqrgfgm|gkfrbnbtjinhjiojzgmpdglbjfjbmgltjlugepc~tj
]mgngot~hborblkprebojzopdqjs~dbgtsdfrbnbtjzgsljkvjobmqpn~pmcdj
Jk jsqpmogts sbn~nj cmjiljnj mfnj @uihjejtb lpnu qrgfstpjt slbibt p ogn
qpsmgfoggsmpdp GumgkwpkjnbtgrNgpc~zopstqgsojqmbzbGumgkwjdtpnztppob
pqmbljdbgtsdpsufcuifgsptsutstdugttrbfjyjpoopgfmfboopephborbuqpnjobojg
jngojungr{gepgepfpstpjostdpcstptgmstdsngrtjBgrpjorbsstbgtssqpfruebnj
ztp stbopdjts qrp|bojgn s sbnpk hjio =]ofj sjioj lgrbmnbn ]rttgo sbmbn
cgrbmnbnJjkojregpkobre}bJ}bt~e}~ie}blgmbmnbn>#$=Vgqgrdbsudjfgt
og snpeu Xtrpn qrjdgtstdpdbt og snpeu Ofgdbts jerbt J dbn qrjktj og
snpeu>Jbldjfopbqgmmyjlpq~tuobrpfopkmjrjljqpidpmgtd~rbijtdsemucjou
doutrgoojwqgrghjdbojkegrpjoj
AfbstbogJLgzjgdb diobzjtgmopkngrgsplrb|bgtsslbipzopgqrjlmzgozgslpg
obzbmp ztp dgfgt l rbs{jrgoj qrpstrbostdb rgbmopc~tjkopep qpdgstdpdbtgmopep
qmbob A ygmpn rgbmjstjzgslpg jipcrbhgojg lpovmjltb qsjwpmpejj egrpgd qpidpmgt
lpostbtjrpdbt ztp tp uhg og qrpstp bfbqtbyj =joprpfopep> shgtb Vrbfjyjj
=lmbssjzgslpk dpstpzopk mjrpqjzgslpk qpn~> fpnjojru|jg d qrpjidgfgojw
C \bdbgdb trbosvprnjrpdbmjs qrgdrbtjd{js d qpdgstdpdbojg ptngzgoopg
sjolrgtjinpn Spnbotjzgsljk shgt p trbejzgslpk mcdj egrpgd pcpeb|bgts
ngfjtbtjdo~njrbifunnjrgbmjnjc~tjqrjsu|jnjopdpkobyjpobmopksrgfgNg
ptr~dbsptlmbssjzgslpkdpstpzopkqptjzgslpkpsopd~JLgzjgd{jrplpjsqpmiugt
sjndpm~qrjgn~vrbigpmpejtrbfjyjpoopklbrbzbgdpcbmlbrslpkmjrjljqrjngojw
d=ogtrbfjyjpoopk>vprng]tpsdjfgtgmstdugtpcpspiobojjqptpnsdpgepbdtprslpep
qrbdbrgbmjibyjjgepdqrpygssgwufphgstdgoopkpcrbcptljpc|gtrlslpkbrwjvbcum~
Vdprzgslj jsqpmiu qptjzgsljg trbfjyjj dpstpzo~w fbstbopd p mcdj J Lgzjgd
ibmphjmpsopdulbrbzbgdpcbmlbrslpkmjrpqjzgslpkqpn~
!"$'
¸Ò¹ËØÙËÈ § ® ¨Ô×ØÔÝÓáË ÒÔØÎÈá È ÕÔãÍÎÎ ªÆÙØ¼ÆÊÌÎ ¿ÆÈÆËÈÆ X,MOHDNDI?@I ,MO@TDI@[ && 2GPNG<M<M<NO AJGFGJM@ FJIAM<INDIDI H<@MD<GG<MD <FD
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
¹ÔÐÙËÈÆ ³¼ µÔãÒÆ °²ËÝÎËÈÆ X¹ÆÛÎÖ Î ÙÛÖÆ Î ØÖÆÊÎÜÎÎ ÈÔ×ØÔÝÓÔÏ ÕÔãÍÎÎ ¬ÎÈÔË ×ÑÔÈÔ °æÍÎÒÔÈ×ÐÎÏ ×ÇÔÖÓÎÐ ³ÆÑâÝÎÐ ¹ËØÙËÈ § ® °ÆÖÆÝÆËÈÔÇÆÑÐÆÖ×ÐÆæ
ÈËÖ×Îæ ×åÌËØÆ ÔÇ ®Ô×ÎÚË µÖËÐÖÆ×ÓÔÒ ÓÆ ÒÆØËÖÎÆÑË ÕÔãÒá ª¼ ¿ÆÈÆËÈÆ Ä×ÙÚ Î ËÉÔ
ÇÖÆØâæ®ÍÈË×ØÎæ°ÆÇÆÖÊÎÓÔ §ÆÑÐÆÖ×ÐÔÉÔÓÆÙÝÓÔÉÔÜËÓØÖÆ·¦³³ÆÑâÝÎÐ
Fjrnuosljk AL Trbdojtgmopg mjtgrbturpdgfgojg Apstpl j Gbqbf K Nbulb
T
Zjsbnpd N\ Thgt Iusuvb j Gumgkwj d trlptbtbrslpk qpijj ""! dd
QrpcmgnbdgrsjjJbiboHfgmQrgss
T
Vgtugd @ H Kcpd lpovmjlt =qbssjpobropstj> j =qrbenbtjlj> ob nbtgrjbmg
dpstpzo~wqpnlbrbzbgdpcbmlbrslpepqptb""dglbC\\bdbgdbAgstojlSXCN
Tgrj=KjtgrbturpdgfgojgFurobmjstjlb> L
T
\jfvbr @` Ocrbiob sjstgnb brbcslpk lmbssjzgslpk mjtgrbtur~ !" dd L
NbulbT
FjrnuosljkALXlbispzT
Lgzjmbo~Jijn[~e}brnbmbr~o~ljtpnmue}uLgzjgdJTpcrbojgspzjogojkd
tV Nbmzjl]mcrusT µÔãØÎÝË×ÐÎÏÒÆØËÖÎÆÑÜÎØÎÖÙËØ×æÕÔÊÆÓÓÔÒÙ
ÎÍÊÆÓÎåÈÕÔÊ×ØÖÔÝÓÔÒÕËÖËÈÔÊËÆÈØÔÖÆ×ØÆØâÎ×ÙÐÆÍÆÓÎËÒÓÔÒËÖÆ×ØÖÆÓÎÜáÈØËÐ×ØË
Juzulpdb G? Ootpmpejzgsljk ngtblpf lbl frp topqptjlj Jbrbzbgdp
cbmlbrslbngotbmopstdigrlbmgqpijj NbmzjlHifdpLjAJptmrpd~w
T
?lbgd ? Qbkwbnbro~ gmu cumbo Vrpqp qrprplb Tpst B Orbibgd A t
LbwbzlbmbV
JuzulpdbG?XlbispzT
Abmjtpdb ?? Vjqpmpej dpstpzopk qpn~ Qrpcmgn~ rbidjtj hborb d qrpygssg
dibjnpsdigktrlpi~zo~wmjtgrbturTpdgtslbtrlpmpejT
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
+Y)" *+%#) %"e $&+e#)e% $e##e "e$#ebe #e)#$"e
)&#Y ++# 1e *+% X)%be
L)# .!/
e)ej
%<GF< <DO =OI N<I<ON<G Q@ FGOM@G MIG@M DuDI?@ ?J?PP C<GFI NJNT<G Q@ FGOM@G
FJ?G<MI ?< =<MI?MH<FO<?M 6<UII JGH<? T< ?< NUG B@G@I@F MIG@MDIDI T<UT<
<FO<MGH<? ?I@HG@M?@ =P FGOM@G Q@ NJNT<G FJ?G<M NJIM<FD I@NDGG@M@ NUG B@G@I@F MIG@MDTG@
<FO<MGHOM P =<G<H?< NUG B@G@I@F MIG@MD <?@O< OJKGPH?<FD =DM@TG@MDI @DODGH@NDI?@ =DM
<M<FG<MI FN<><N J OJKGPHPI Du@MDNDI?@ T<<T<=DGH@IDI I FJPGG<MI NUG B@G@I@F
MIG@MDTG@ M@IHDG@M?DM P @DODH uJ>PF T<G<M?< H<N<G @AN<I@ ?DIG@T@M@F =<G<TK DG@MDFD
T<G<M?< ?@NO<I Q@ C<GF CDFoT@ND BD=D OMG@MD ?DIG@T@M@F ?@Q<H @OHDODM
0UG B@G@I@F MIG@MD I@NDG?@I I@NDG@ <FO<MGMF@I ?@DDFGD@ PM<HOM P ?PMPH
<FO<MG<I C@M <IG<OII ?J<NI?< Q<M?M #<F<O B@I@G JG<M<F =P MIG@MDI <I< C<OG<M T< ?< <I<
ADFDMG@MD ?@DH@HDODM 0UG B@G@I@F MIG@MDI?@ =P ?@DH@UGDD N<G<T<FOM
$&+e %e)
ė$@I@GGDFG@ CDFoT@ @OH@IDI @I FuF PINPMPĘ JG<M<F O<IHG<I
B>@ N<CDK @I FuF PINPMP?PM P B>I T JGPPTG< ?<
?DFF<OD u@F@MĘ 1CJHKNJI =P O<IH?< @G@ <GI<F =PM<?< OM JG<M<F N<?@>@ H<N<GG<M UDFM@?DGH@FO@?DM *JODAG@MDI =OI NUG Q@
T<UG B@G@I@F MIG@MDI?@ =PGPI?PP Q@ =P ?JMPGOP?< NUG B@G@I@F MIG@MDIDI =DMuJPI?<
HJODA O@NKDO u<GH<G<MII T<KG? =DGDIH@FO@?DM P ?JMPGOP?< <M<OMH<>G<M HJODAD O<?
JG<<INO IDO@GDFG@MG@ HDOJGJED H<N<G @AN<I@ ?@NOI@ N<CDK @I FuF @T@ Q@MDG@I <? JG<M<F O<IHG<H<FO<?M I><F =P HJODA O<IHG<MI<
BM@ N<?@>@ O@FM<M @?DG@I Q@ JG<<I? U@GGDFG@M =<MI?M@F TJFN< O@FM<M @?DG@I =DM @ FGOM@G =DM H<CDT@O@ N<CDKN@ Q@ JG<<I? =DM U@GGD@ ?@
N<CDK ?@DGN@ HJODA JG<M<F F<=PG @?DGH@T@>@F HD "G=@OO@ =P FJIPIPI O<MOGH<N T<UHUI
NIMG<MI <<><I? O<IHG<M?<I =DMD 1PMFDNC *JODAN <?G @N@M?@ <CD?@
(@NFDI@M O<M<AI?<I T<KGHOM P O<IH< BM@ HJODA uJPIGPFG< FGOM Q@ N<I<O <G<IG<MI?<
OJKGPHPI B@G@I@F BM@I@FNGPK <IG<T Q@ DI<IuG<MII DA<?@ND?DM 1JKGPHN<G ?@@MG@MDI =P
DA<?@ND HJODAG@MDI O<? N@H=JGDF ?@@MG@MG@ N<G<IH<FO<?M 3@N@GJQNFD =P IJFO<?< HJODADI
ėDHB@G@MG@ TFG O@H@G =DM O<NG<F =DuDHDI?@ JGH<NTG< F@I?DID =@GGD @OODDIDĘ NTG@M 6<ID @G@
<GI@ H@ODIG@M?@ O@FM<M @?DG@I =DM @ JGH<N T@OH@U <TI
U<H<I?< DuDI?@ ?J?PP OJKGPHPI FGOM@G Q@ NJNT<G ?@@MG@MDID ?@ =<MI?MH<N G<UH?M
*JODA C<FFI?< T<KG<F JGPMN<F HJODAG@M HDGG@OG@MDI
T<<TG<MII DI<IuG<MII Q@ OJKGPHN<G ?@@MG@MDIDI F@I?DI?@ DA<?@NDID =PG?PP N@H=JGDF
?@@MG@MD JG; EBAJ7B; +@R 6JMF Ė?'EJ?<I1@H@G*<O=<<>GF<NFNO<I=PGN
-MJKK3G<?DHDM '7I7BlD?]?C8?B?C? 1MFDT@<IF<N(GOM6<TIG<MNO<I=PGN
!@Q@GGDJGP#@MDO )IC7DBl97
.dHA];DI?ABEF;:?A&d=7J !"6@ID?@I$U?@I$@uDMDGHD<NFT?I
(DO<=@QD6<TIG<MIF<M<
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
*+% %e)
#<MNu<Ė?<HU =<G<H?< ė@KJK@
CDFoT@ Q@ H<N<GĘ <IG<HG<MI< B@GH@FO@?DM 0UGFO@ ?@NODI@?<DMDGFQ@MDG@MJG<I HDOG@M?@INJIM<
B@GDM$@I@GJG<M<FHDOG@MDIuDUBDG@MDIDO<T<IQ@F<CM<H<IG<MII B@uHDO@ T<<?I<DI<IGJHJFEJHJF>MEDM=<OMG<M>MH<<?MGB
OJJG F<CM<H<I?F @KJN F<T uMuF F<TG<K <T?<M uMuF JGJIBCJ GI <GKOC IH<C =JT
@KJN@KJNOFEMG<MFI@@KJNDMO@BD=<OMGF @MO@BDBD=DA<MFGDNDHG@MG@<IGH<FO<?M
0UGB@G@I@FMIG@MDDIN<IJGPIPICDFoT@M@OH@?PTBPNPIPO<OHDI@OH@IDIT<II?<
<DO JG?PP OJKGPGPPI NJNT<G Q@ FGOM@G T<KNI< <DO @G@MD ?@ DuDI?@ =<MI?MH Q@ =PIPI
B@G@>@F I@NDGG@M@ <FO<MGH<NI N<G<HOM P =<G<H?< ė?@NO<IG<M =DGC<NN< NUG B@G@I@DI
><IGJG?PPOJKGPHG<MIC@HĕHDGGDC<AU<NIĖC@H?@ĕHDGGDPPMPIPĖDu@MDNDI?@=<MI?M<IĘ Q@
I@NDG?@I I@NDG@ <FO<MG<B@G@I O@FIDF B@GDH@G@M Q@ DIN<IG<MI =P MIG@MD F<T=JGH<?DI@OD>@NDI?@T<UT<<FO<MGHFJG@FODAOJKGPH=DGDI>DIDIHDM<NG<M?M
%@M OJKGPGPFO< JG?PP BD=D 1MF OJKGPHPI?< ?< ė?@NO<IG<M?< O<MDCDI ? Q<F<G<MI?@G@H@F?<C<A<T?<GJG<><FOM1<MDCO@T<<T<I1MFG@MDI MPCC<T<OI
?PTP?IDI<IQ@C<T<GFPMPG<MIQ<MGFG<MIA<T?<NUH<??@G@MDIDA<T?<GC<G@B@ODM@I
T<M<OG<MIBU@GN<I<OG<MI<F<DG@TPMOQ@?@QG@O<IG<TG<MIJIG<MI?@NO<IHJODAG@MDI?@
<M<H<F Q@ =PGH<FO< =TF A<T?<G<M Q<M?MĘ TG@GDFG@ ?@NO<II DuDI@ ?J?PP 1MF
OJKGPHPIPI<?@O<T<<HFJ?G<M=PGPI<M<FB@G@>@FI@NDGG@M@<FO<MGH<NN<G<IHJG<><FOM
!@NO<IG<I?MH< Q@ OJKGPHN<G ?@@MG@MD BI>@GG@ODM@M@F <FO<MH<G<M?M !JG<TNTG< ?@NO@F I@NDGG@M@ <FO<MGH<N <TI T<<H O<MU =@IDHN@ODG@I <TI ?DGD
FJIPH<T< UJMG<I<N O@F ODK DIN<II T<M<OGH<T< u<GG? DIN<IG<MI HDGG@O JGH<
PPMPIP F<T=@OODD BGJ=<GG@@I ?IT<?< HDGGD ?@@MG@MDHDUD FJMPTPK =P ?@Q<N< ĕO@F ODK JGH<Ė
N<GBII?<I=DUG@MDFJMPT<><FOM
P=<G<H?<=DU?@<OO<G$<UD?@NO<II?<O@NKDO@?DGHDJG<Iė!@NO<ID*JODAG@MĘDI1MF
FGOMTG@DGDFDNDID@G@<GH<T<u<G<><U
++# 1e*+%
jUFPG eJ=<IJGP 1MF !IT<N "KDF !@NO<I $@G@I@D <?G HNO<FDG u<GH<NI?<
?@NO<IG<M"NFD!@NO<IG<MQ@6@ID!@NO<IG<MJGH<FU@M@DFDBMP=<<TMHOM6@ID!@NO<IG<MDN@
MF<DF!@NO<IG<M(<CM<H<IGF!@NO<IG<MQ@1<MDCD!@NO<IG<MJGH<FU@M@uBMP=<<TMK<OO<G
$<UD !@NO<II 1<MDCD !@NO<IG<M =<G <GOI?< Q@MHDODM e<GH<HU?< @N<N <G?HU <OO<G
$<UD?@NO<IIITUTG?<F<G@H@<GI?O<CHDI@?DGH@FO@?DM<OO<G$<UD?@NO<II<?JGP
F<N<=< <OHJNA@MD DuDI?@ I>@ NUG B@G@I@F C<GDI?@ TMH ?<C< NJIM< ?@QG@O Q@ FGOMI
FFG@ODD,NH<IGHK<M<OJMGPPIPITFN@GH@?@QMDI?@T<UT<<FO<MGHOM
P?@NO<I3&&&TUTG?<=<G<T<II<?JGPĖTPNG<HG<OMH<A<<GDT@OG@MDI?@T@M<G<IQ@
=TF =<<MG<M BNO@M@I =?PGG<C <?G =DM F<CM<H<II <? @OM<AI?< O@@FFG @OHDODM "N@MDI
eJ=<IJGPjUFPG .dHA dDO7IlF?A;IJ7D!;B;D;h?<NFFu<6<TIG<MIF<M<N
eJ=<IJGP <B@N
!DG@F=M<CDH BJ7O;IJ7DB7Hl1MF!DG(PMPHP6<TIG<MIF<M<N
+0<HD<I<MG ,;I?CB?.dHA:;8?O7Jl*DGGD"DODH<NH@QDNO<I=PGN
eJ=<IJGP <B@N
FU eJ=<IJGPjUFPG .dHAdDO7IlF?A;IJ7D!;B;D;h?<NFFu<6<TIG<MIF<M<N
(FN<G%<N4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
H<IUPH Q@ H@INPM JG<M<F =DMuJF INC<N Q<M?M <OO<G $<UD !@NO<HU
?@@MG@I?DMH@G@MDI?<C<N<GFGJG<=DGH@NDDuDI?@NO<IIU@ODIDQ@MH@TDB@M@FGDBMTJMPU
?H =dD "P 'K>7CC;: 7I>78?OB; EJKHKHA;D L7>O =;BC;:?h?D:;D 87>?IB; =dP;B
C;LPKB7H:7DAEDKpKBC7IlDl?IJ;HI>78:7D8:dBL;>>78,KCL?B7O;J?D:;D87>I;:;H)7D:7
=;B;DL7>O:; 8KL?B7O;J?D?A?OdPOlBIEDH77<;H7:lD:78?HO?h?JJ7H7<lD:7D'dIBdC7D;:?B;9;h?
8?B:?H?B?H "dI;O?D !7P? F;O=7C8;H IEOKD:7D 8?H A?p?:?H '7B7JO7O7 O;HB;pC?pJ?H '7B7JO7DlD
bD:;=;B;DA?p?B;H?D:;D:?H?HEhBKL7H:lHL;7:l7<;H:?H
"dI;O?D!7P?8?H7L;ID7IlD:7,KC8;OB;H?D:;D'?>H?O7O?BJ7H7<lD:7D>?B;?B;bB:dHdBdH
7<;H =;D] 8?H :;B?A7DBl ?A;D 8787IlDlD A7J?BB;H?D? bB:dHdH L; -;H7IA;H EBKH KD:7D IEDH7
%7OI;H EH:KB7HlOB7 O7FlB7D ?A? I7L7pJ7 7<;H dIJdD 87p7HlB7H =bIJ;H?H L; '7B7JO7 8;OB;H?D?D
=dL;D?D? A7P7DlH %7OI;H >C;H AECKJ7IlD:7A? 8?H 87pA7 EH:KOK '7B7JO7 dP;H?D; =bD:;H?H
7<;H >C;HB; O7FJlhl <;H:? Cd97:;B;O? A7P7DlH KDKD dP;H?D; >C;H CdIBdC7D EBKH
%;D:?I?D; 7<;H J7H7<lD:7D Q"'.R ?IC? L;H?B?H >C;J :; 7<;H ; Q7JJ7BR ?IC?D? L;H?H
-EDH7IlD:7 7JJ7B =7P? ?P7DIBlB7HB7 I7OlIlP Cd97:;B;O; =?H?p?H L; 8K Cd97:;B;B;H? A7P7DlH
7JJ7BlD :dpC7DB7HlD7 A7Hpl =bIJ;H:?h? 87p7HlB7H %7OI;H? ]?B;:;D ]lA7HlH KDKD dP;H?D;
C;p>KH8?H97:lOl'7B7JO7O7=bD:;H?H 7A7J97:l:7O;D?B?HL;'dIBdC7DEBKH7JJ7BF;A]EA
A7>H7C7DBlA=bIJ;H;H;APKBC;KhH7O7DB7HlAKHJ7HlH
7JJ7B I7L7p IEDH7Il =7D?C;JB;H:;D >?] 7BC7:lhlD:7D :EB7Ol <7A?H :dpdD9; A7HlIl
!dB;D:7C8K:KHKC:7Dp?A7O;J]?EBKHKDKDdP;H?D;7JJ7BC?HWC;H?DAlPlDl?IJ;H 7A7J
C?HWC;HPEHp7HJB7H?B;H?IdH;H7JJ7B8K?IJ;AB;H?O;H?D;=;J?HC;A?]?D"?D:?IJ7D7=?:;H)
OEAA;D'7B7JO7A7OI;HJ7H7<lD:7DO7AlBlFOlAlBlH7JJ7B"?D:?IJ7D:7D:bD:dhdD:;8;H78;H?D:;
=;J?H:?h?C7BL;Cd9;L>;HB;p;>H?O;D?:;D?Dp7;:;HK;ID7:7C?HWC;H?DAlPlA7]lHlBClpJlH
7JJ7B AlPl AKHJ7HlF EDKDB7 ;LB;D?H %7OI;HB; O7FJlhl 8?H I7L7pJ7 :7 EDK bB:dHdH WB:dHdB;D
A7OI;H?D O;H?D; I7JKH I;]?BC?pJ?H ) :7 7JJ7Bl O;DC;A ?]?D ];p?JB? OEBB7H7 87pLKHKH <7A7J
87p7HlBl EB7C7P %7OI;H I7JKHKD EhBK %7< 7hlD7 A7]lHlBClpJlH I7JKH EhBK AKHJ7HlBlHI7
'dIBdC7D EB797hlDl IbOB;H 7JJ7B I7JKHKD EhBKDK AKHJ7HlH L; I7JKH 'dIBdC7D EBKH HJlA
jIB7C7>7B?I??]?DJ;>B?A;A7BC7OlD977JJ7B';:?D;O;O;HB;p?HL;EH7:7O;:?OlBA7BlHK7H7:7
A7OI;H :;h?p?H 7JJ7B !7P?O; J78? EB7D 8K IdH; ?];H?I?D:; IbPdD:; :KHC7P L; '7B7JO7O7
I7B:lHlH 7JJ7B >7B?<;D?D EH:KIKOB7 =;B?F 8dJdD A\<?HB;H? AlBl]J7D =;]?H?H %7OI;H ?I; 8?H A7B;O;
];A?B?H7JJ7BA7B;O?AKp7JlHK;ID7:7A7OI;H?DAlPlDl=bHdHL;ED77plAEBKH%lPA7B;:?8?D:;
:?DB;DC;AJ; EB7D 7JJ7B7 ?P7DI EH:KIKDKD =;BC;AJ; EB:KhKDK >78;H L;HC;A L; A;D:?
:KO=KB7HlDl8;BB?;JC;AdP;H;8?HA7]=dP;BIbPO7P:lhlJ7pl7JJ7BlDO7DlD77JC7A?IJ;H 7A7JJ7p
7JJ7BlD bBdCdD; D;:;D EBKH %7B;D?D A7FlIlDl 7]JlHlF 7JJ7BlD bB:dhdDd =bH;D AlP A;B?C;
?
p7>7:;J=;J?H;H;A97DlD7AlO7H)IlH7:7]lA7D]EA8dOdA8?HJK<7D8K?A?Ld9K:KDA7O8EBC7IlD7
D;:;DEBKH
++#1e*+% %"e$&+e#)-$e##e"e$#e"
%<N@G@HDODM PIG<M !@NO<I} *JODAG@M !DID *JODAG@M Q@ *<N<G *JODAG@MD?DM DUDH 1MF
HDGGDFDHGDDDG@DGDFDGDJG?PPIP?I?HUHJODAG@M!@NO<I}*JODAG@M=<G<GOI?<FD<O
HJODADB@TDFHJODAD<QHJODADH<<M<HJODADQ@N<Q<HJODAD?DMPHJODAG@MDIO@FO@FDU<CK@F
uJF u<GH<?< Q@MDGHDODM DU T<KG<IG<M O@FM<MG<H<FO@FODM6<ID1MFG@MDIFJI<MBu@M T<<H<MOG<MDu@MDNDI?@
BIGFC<T<OO<F<MG<OFG<MI@NI@G@MJIG<MIB@G@I@FG@MDI@BM@I@FG@MDI@Q@ T<<HO<MUG<MI<
DG@HDODM
$3d3D37K;=H7H$AF;8>7D;
(FN<G <B@N
!@HDM+@><OD"M?@H*@CH@O!PMNPI ė1MF(GOMI?@!@NO<IQ@<OO<G$<UD!@NO<IĘ .KHA?I>-JK:?;I
&1@HHPUJNOJN"TGG N
DGO&0<T
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
!@NO<II=<G<MI?<<OO<G$<UDĖIDIT<M?H>I@NI@G@MDJG<I<O!DQU<?@F<MNIB
_?@HK@TB<H=@MDIDFD =GFN<u!<QP?K@TB<H=@MDIUMC NC<F-@TB<H=@MDIUMCGMON
%U %<HU<ĖII =OI NDG<CG<M J ?<C< ?JH<?@NDI?@ @G?@
@?DGHDODM P-MJKKĖPI*<N<GIDuDH=DGDHDDNDHGD@N@MDI?@FDDG@QG@M?@IJG<<INOI@NI@IDI
<GIH<NDG@QDI@F<MGFB@GH@FO@?DMPM<?<<NG?DFF<ODu@F@I@T%N@TDI$<UDĖIDI<Q<uFK
=DM B@TDDI K@DI@ O<FGH<N Q@ B@TDDI ?@ JIP =DM H<<M<T< BOMK JMO<?<I F<T=JGH<N?M
PM<?<uGHJODAQ<M?M6<ID<QB@TDFQ@H<<M<HJODAG@MDJG<<INOI@NI@G@MDI@G?@@?DGH@ND
<<H<NI?<=DM=DMDIDO<H<HG<HOM
$3d3D3$AF;8;
-@FuJF1MF?@NO<II?<Q<MJG<IH<<M<HJODAD<OO<G$<UD?@NO<II?<?<BMGH@FO@?DM
<OO<G $<UD ?@NO<II?< =P HJODA F<CM<H<II T<M?H> I@NI@G@MDIDI =PGPI?PP T@M
FJIPHPI?<?M 0JIM<?@F JG@G@I?DDI?@ O<=DMD ><DUN@ =P DG<CD H@FoII T<ID H<<M<II ?<
O@N<?A@IFPGG<IGH<?<IG<G<><FOM
!@NO<IG<M?@FD H@ODIG@M JG@G@I?DDI?@ 1MF HDOJGJEDG@MDIDI FPOGP
H<<M<G<M B@TDFGD H<<M<G<M @E?@MC<G H<<M<G<M DI@FGD H<<M<G<M DG@ ?JGP JG?PP
BMG@>@FODM
7K;=$AF;8;
NG<HDT@OĖO@II>@FD1MF?@NO<IG<MI?<IDOD=<M@IH@ODIG@M?@O@FM<M@?DG@I=DM?D@MHJODA
DN@ B@TDF HJODAD?DM <OO<GI<H@Ė?@ =P HJODA uJPIGPFG< <Q HJODADTG@ =DMGDFO@ FPGG<IGHOM
$@TDF F<CM<H<II K@DI@ O<FGH<NI N<G<T<M<F JIPI K@F uJF H<>@M<T T<<H<N N<G<M 0U
B@GDHD <OO<GI<H@Ė?@ %N@TDI $<UDĖIDI <Q @NI<NI?< =DM B@TDDI K@DI@ O<FGH<N NJIM<?@F JGD CDFoT@?@ <OO<G $<UD (<H@M<CĖG< =DMGDFO@ <Q< uFOFO< /<D? ><?T G?MH@NDID N<G<T<><F JGDMDIDT<<H<NI<T<M?H>JG<I=DMHJODAODMPM<?JM<AT<?< B@TDDI uJFu< =PGPIH<NI?<I UDT<?@ 1MF =@GG@DI?@ DGF
U<H<IG<M?<I =@MDB@TDDIQ<MJG<IN@H=JGDF?@@MDI?@IF<TI<FG<IH<FO<?M
H$AF;8;
!@NO<I?< <OO<G $<UDĖIDI F<CM<H<I JG<M<F JMO<T< uFH<N Q@ JG<TG<M< H?<CDG JGH<N
DuDI =<=<N %N@TDI $<UDĖIDI =DM <Q @NI<NI?< /PH =@TG@MDI?@I *DCMDT<TDG O<M<AI?<I
G?MGH@ND FPMBPG<IHOM P @FDG?@ F<CM<H<II <DG@NDI?@I =DMDI@ U<M<M Q@MDGHD JGPM P
-MJKKĖPI O@NKDO @OODD DG@QG@M?@I FOGF DG@QDI@ O@F<=G @?@M "G=@OO@ F<CM<H<II JMO<T<
uFH<N DuDI A<MFG TJGG<M ?@I@I@=DGDM?D #<F<O N<Q@FD
B@M@F NG<HDT@OĖO@I NJIM<FD ?@NO<IG<M?< <Q HJODADIDI NM@FGD DG@IH@ND BNO@MDTJM FD 1MFG@M
T<<TG<M B@M@D <QG<IH<T< I@H Q@MHDG@M?DM P ?JMPGOP?< <OO<GI<H@ĖIDI =P FNHI?<
FPGG<IG<I<QHJODADF<CM<H<II<DG@NDI?@I=DMDI@U<M<MQ@MH@T@Q@NDG@JG<M<FFPGG<IGHQ@=P
?<F<CM<H<II?@NO<I?<<FODAMJG<GH<NII=<G<IB>IO@FDG@OHDODM
<F< T@MG@M?@ ?@ <Q HJODAD O@FM<MG<IHOM (<TN@MDI eDI K<?D<CII JGP DuDI BI?@M?DD
%H<TPI !DG@AMPU <?I?<FD FUI <OO<G $<UD F<uMM I><F =PM<?< ?< <OO<G $<UDĖIDI
%H<TPI!DG@AMPUĖ<O@N<?A<OO<G$<UDĖIDI=?GQ@CC<=ĖIT@ID@QDDuDIC@?DT@O@HDI@OH@F
U@M@ <Q< uFO <I?M 0JIM<NI?< C<GDA@T@ C@?DT@ @?DG@I %H<TPI !DG@AMPU TDI@ C<GDA@ <Q
@NI<NI?<DF@IF<uMGM
(FN<G <B@N
!@HDM <BH N
!@HDM <BH N
!@HDM<BH N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
,I uI> =GH?@FD JG<TG<M C<GDA@IDI <Q< uFH<NTG< =<G<M Q @NI<NI?< C<GDA@IDI
F<TN@M"N<OPMO<M<AI?<I=PMIPFPG<F@NDGHD=DM<?<H<?@IFB@GH@NDQ@"N<OPMĖ<FUK ?JFPU
TU =DI <NF@MG@ NO<I=PGĖ< N<G?MH<N JG<TG<M NDGNDG@NDID =<G<OM $MG? BD=D <Q HJODAD
JG<TG<MUDI>DMDIDI?@Q<HDuDI<FODA=DMMJGJTI<MP?<1MFFGOMTG@T<FI?<IDGBDGDJG<I<Q
HJODADIDIDG@QN@GGDFIJFO<NI?<TFG@I?DDI@HDBNO@MDM
*3H3k$AF;8;
<OO<G$<UD?@NO<II?<@IuJFUDFM@?DG@IHJODAG@M?@I=DMD?DM<OO<G$<UDuJFDTDN<Q< JGDMDIDI N<G<T>N?M $<U<F
F<?<M T@O@I@FGD Q@ =@>@MDFGD?DM 1MF FGOMI?@ 1MFG@MDI C@M <I =DM N<G?M T<KH<G<M T< ?<
N<G?MT< F<M ?PMH<G<M B@M@FODD ?IGMN@ F<?I Q@ @MF@DI N<Q<H<T DTD M@IH@ND
B@M@FODDQ@N<Q<H<T<?@O<=DMT<<HO<MUJG<M<F=@IDHN@H@ND<IG<G<=DGDMTG@=DMHDGG@ODI
?@NO@ T<KOFG<MN<Q<G<M T<<HG<MINM?MH@IDI
=DMB@M@DDF@ING<H?DIDIDF<=PG@OODFO@INJIM<T<KOFG<MN<Q<IB<T@NDGG<CĖI@HMDIDT@MDI@
B@ODMH@FNG<HDT@OĖDO<IOH<FGG<C<?I<CPO=@G@MJFPOH<FFN<><NNG<HDT@OĖDIT<TGH<NI
N<G<H<FOM
F$AF;8;
-@FuJF?@NO<I?<JG?PPBD=D<OO<G!@NO<II?<FD<O?<JG<<INOIDO@GDFG@M@N<CDKODMP
<OIJG<<INO?PMPHP<OI=PGPIH<NI?<IDOD=<M@I=<G<H<FO<?M<OO<G$<UDĖIDI<O%N@TDI
$<UD O<M<AI?@ CDUH@O @OODD = C<T<OOQ@M@IBDDNHDI?@I?@<IG<G<I=P<OIO<_?@H
<G@TCDNN@G<H?DNDJG?PPI<Ę DI<IGH<FO<?M
<OO<G $<UDĖIDI <O JGN ?PMPHPI?<?M 1MFG@MDI
FJI<MBu@M T<<HO<MUG<MI?<F<MGI?<C<T<OG<MI=DG@A@?<@?@>@FG@MDI<HPNJG<M<FF<=PG
@OODFG@MD ?@@MG@M?@I <O <QM<O NDG<C =DMD ?@ <OOM O< =P F<?<M I@H Q@M@I =DM HDGG@ODI
F<CM<H<III<O?<@G=@OO@JIPIBD=DJG<<INOIDO@GDFG@M@N<CDKJGH<GT?
F<M <OO<G $<UDĖTD DNO@?DD T@M@ FN< U<H<I?< PG<OMH<FO<?M ,I T@?DI>D CDFoT@?@
<OO<G$<UD=DMB@HDT@=DI@M$@HD=<O<MA<F<O<OO<G$<UDĖIDI<OF<MTUH@=DG?DDI?@IJIP
=<F< =DM B@HDT@ PG<OMM TG@GDFG@ <OO<G $<UD C@H =JPGH<FO<I FPMOPGPM C@H ?@ F<M
O<M<AI?<IPG<OMG?B@HD?@M<FGF<TN@MDIJGP(<I<O<MĖG<F<MG<MPM<?<?<1MF HDGGD
FDHGDDTG@DGDFDNDH<GPHJG<I<OHJODADIDIDG@QN@GGDDBMGH@FO@?DM
*&%,S
NG<HDT@OĖO@I NJIM<FD ?@NO<IG<M <M<NI?< F<=PG @?DG@I <OO<G $<UD !@NO<I K@F uJF
F<TI<FO< M<K ?@NO<I JG<M<F F<=PG @?DGN@ ?@ 1MF UDCIDI?@ @FDGG@I@I =P ?@NO<II H@FoIII
I<?JGPOJKM<FG<MJGH<NQ@F<CM<H<IING<HDT@OĖDIT<TGH<NDuDICDUH@O@OH@ND=P?@NO<II
1MFG@ODMDGH@NDID Q@ ?@NO<I< HDGGD =DM FDHGDF F<U<I?MGH<NI N<G<HOM 1MF CDNNDT<O
C@H@I C@H@I C@M F<CM<H<II< T<KO BD=D <OO<G $<UDĖTD ?@ T>@GOHD Q@ =TG@GDFG@
I<?JGPĖIPI=DMF<uT@MDI?@<OO<G$<UDĖT@OM=@G@M<OA@OHDODM
!@HDM<BH N
(FN<G<B@ N
jUO@GGD <CDO ė0@TDO<OO<G$<UDĖIDIOF<MkU@MDI@ EBABEH7EhHK3Ė?<I(FN<G%<N<OD $]=3>>]D]? QKF7?@]D(<U<I1<O<MNO<I(DO<K+qMDT<ON º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
!@NO<IG<MI @N<N DOD=<MTG< <DO JG?PP HDGG@ODI ADFDM ?IT<NI Q@ NJNT<G C<T<OI
T<INOH<N=POMI?@@MDID?<C<?<<MOOMH<FO<?M!@NO<IHJODAG@MDIDIO@NKDODQ@=PHJODAG@MDI
HDGGD FDHGDF DG@ DGDFDG@I?DMDGDK JIG<M< TFG@I@I DG@QG@MDI =@GDMG@IH@ND HDGG@OG@M@ UB C@M =DM
FGOM@G ?@@MDI C<IBD NM@uG@M I@OD>@NDI?@ JMO<T< uFOI BNO@M@>@FODM 0U B@GDHD 1MF
OJKGPHPI?< <Q HJODADIDI JGPPH CDFoT@ND =P HJODADI O@NKDO @?DGDK <IG<O?<FD MJGII
=@GDMG@IH@NDTG@M@IDG@=DGDM
+@OD>@JG<M<FT<KOHU=Pu<GH<1MFHDGGDFDHGDDI@<DOC@M=DM@IDIB@uHDO@I
BIHU@ NUG Q@ T<UG B@G@I@F MIG@MDTG@ T<<OG?I BNO@MH@FO@?DM 0UG Q@ T<UG
B@G@I@F MIG@MDHDUDI N<OM <M<G<MI?< HDGGD =@IGDDHDUDI @I FuF @G@MD F@I?DID HPC<A<U<
@OH@FO@?DM
"0%"S
)-1"(+GD@M<O "7BA"?A\O;B;H?D?D'EJ?<27FlIl <NFFu<6<TIG<M
IF<M<
e,+,)2jUFPG .dHAdDO7IlF?A;IJ7D!;B;D;h? <NFFu<6<TIG<M
IF<M<
!"3")),)2#@MDO )IC7DBl97
.dHA];DI?ABEF;:?A&d=7J !"6@ID?@I$U?@I
$@uDMDGHD<NFT?I(DO<=@QD6<TIG<MIF<M<
!"*/+@><OD"/!"**@CH@O!PMNPI .dHA%dBJdHdD:;;IJ7DL;7JJ7B!7P?
;IJ7Dl1PMFDNC0OP?D@N DGO&0<T&1@HHPUJNOJN"TGG
!)"(=M<CDH BJ7O;IJ7DB7Hl1MF!DG(PMPHP6<TIG<MIF<M<
(6!J'EJ?<I<NF1@H@G*<O=<<>GFNO<I=PG
(j(0)%<N<I 7JJ7BD7C;B;H:;.?FL;'EJ?<27FlIl(GOMQ@1PMDUH<F<IG*DGGD
#JGFGJMM<OMH<!<DM@ND6<TIG<MIF<M<
+/)&+0<HD ,;I?CB?.dHA:;8?O7Jl& DGO*DGGD "DODH<NH@QDNO<I=PG
j71")) <CDO -;O?J7JJ7B!7P?D?DJlpA7H YP;H?D;#JGFGJM<!JMP3Ė?; EBAJ7B; +@R 6JMF Ė?<I *"( "NH< 2KA7Hl]KAKHEL7 '7I7BB7HlD:7 'EJ?< L; .?F H7pJlHC7Il #?BJ (GOM <F<IG 6<TIG<M
IF<M<
X1+
%<GF @?@=DT<O MIG@MDIDI =DGDI@I @I @NFD OMG@MDI?@I =DMD JG<I ?@NO<IG<M HDGG@OG@M@
<D?DT@OG@MD =<FHI?<I I@H <MU @?@MG@M P IJFO<?< =DM ?@NO<II JGPOPMPG?PP HDGG@O@ JG<NT<<TG<MIIDA<?@NDJG<IQ@<MF<KG<IG<MI?<HDGG@OG@M@<DO
?@@MG@MD=<MI?M<IN@H=JGG@M?DM
DU=Pu<GH<HU?<NG<HDT@OĖO@INJIM<FD1MF!@NO<IG<MI?<I<OO<G$<UD?@NO<II?<FD
HJODAG@MDI1MFG@MDIHDGGDFDHGDDDG@DGDFDNDU@MDI?@?PM<>NDNJI@JAOC@JG?@NOFIJRIAJGFGDO@M<OPM@KMJ?P>ONRCD>CDNDHKJMO<IO=@><PN@ JA
=@GJIBDIBJAI<ODJINOOC<OKJDIO<I@KD>=@GJIBNOJ<I<ODJIRCJ>M@<O@DOI?<GNJ@KD>NC<Q@
API?@H@IO<G@G@H@ION<=JPOOC@I<ODJINRCJ>M@<O@DO1J?<TĖNN>D@I>@OC@N@@G@H@ION><GG@?OC@
HJODA*JODAN<M@OC@NTH=JGNJAOC@I<ODJIN=T ><MMDIB DONOM<?DODJIN>PNOJHN=@GD@AN<GGOC@DM
GDQDIB IOCDNNOP?TR@RDGGH@IODJI@?<=JPOOC@HJODANDI<OO<G$<UD@KD>RCD>CDN<1PMFDNC
@KD><I?@S<HDI@ M@G<ODJINCDKN=@OR@@I1PMFDNCI<ODJI<GD?@IODOT<I?<OO<G$<UD@KD>
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
++)*+%#) %e%%S#)
L*!%#/'W%$+ L)W#
(<TIJM<AT<?@=DM C<GFI
@I @MF@I ?I@HG@MDI?@ JMO<T< uF@ @FGDID u@QM@ ?J< DG@ JG<I <I<I@QD =<G<MI
BNO@MH@FO@?DMG@M
DMC<GFIBIGFC<T<OIB@ID@KDFKG<I?<O<NQDM@?@I?@NO<IG<M?<C@MC<GFI@I?@@MGD
HDM<N N<TGH<FO<?MG<M uIF JIG<M =DU@ J C<GFI @I @NFD ?I@HG@M?@ JGP<I T<<H O<MUI
B@G@I@FG@MDIDDI<IuG<MIC<T<OA@GN@A@NDIDQ@H<??DFGOM@G?@@MG@MDIDPG<OMH<FO<?MG<M
1<O<M 1MFG@MDIDI C<T<O O<MUI B@G@I@F BM@I@FG@MDID Q@ FGOM@G ?@@MG@MDID T<INOD<GO<MDCDID=@GGDGu?@T<INO<IO<MDCD
?@NO<IG<M?< ė DF *@MB@IĘ ėePM< <OMĘ ė?@B@TĘ Q@ DIN<IG< ?<DM @I BU@G Q@ ?M<H<ODF
?PTBPG<M T<INO<I <F ?@NO<IG<MI?< ė1<CDM7CM@Ę ė1G@FĘ ė0@TAGHGFĘ ė(<H=@MĘ Q=
=DMuJF1MF=JTPDuDIJMO<FJG<IDI<IuG<MU@GT@M<GH<FO<?MG<M<UG<MPIPOPGHPJGPK=<UG<M
BIHU?@?@T<<H<T<?@Q<H@?@IQ@1<O<M1MFG@MDIDIC<T<OA@GN@A@NDID<IG<H<T<T<M?H>
JGDI?@ B@G@>@FG@ DGBDGD
=DGBDQ@MH@FO@Q@=@GGD=DMGu?@JIG<MIF<?@MDIDTI@GOH@FO@?DMG@MDMFNH?<BIGFC<T<OO<
PTBPG<IPO DI<IuG<MI DuDI?@ =OI ?@NO<IG<M DuDI JMO<F JGPO H<F<G@HDU?@ F<CM<H<IG<MI MT< DG@ DGBDGD JGI=DMF<uN<OMDG@B@uDKBDOH@TDPTBPIBM?F
0g>6gL@3?7K7 ;@3@?3 (DDGDF O<MDCDI@ =<FOHU?< I@M@?@TN@ =OI PTB<MGFG<M
O<IMG<MI ?< H@FoI JG<M<F =DGDI@I @NM<M@IBDU B@ C<TM<IGF N<TB =<U@I ?@ FJMFP DG@
=<FHG<M?M $FO@ JGPK =DO@I JG<TG<M C@G@ =DMF@ O@?DMBDI @OHD Q@ @I?D@G@M@ F<KGH<G<MI< TJG <uHOM 6G?UG<MG< DGBDGD 1<O<M
1MFG@MDI?@ FJMPII DuDI?@ FPTMPFGP TG?U DG@ JG<IG<M CDu=DM U<H<BM@?@FPTMPFGP TG?UIBMI?BI TJG<uFGH<
ėMDC<IĘ <?G ?@NO<I?< M<NOG<MU (<CM<H<II TJG< uFO BII FPTMPFGP TG?UI BMI?
BIJG?PPIPNTG@T@M@F?@NO<I?<JIPINJIPIPIC<TMGJGH<T<><I<D<M@O@?DGH@FO@?DM
MDC<IOPIFDT@KO@
6<F<NFJI?UD?@
MDC<IB<FIT<M<HT
(JTMFGTG?UD?@
MDC<IFMFBDTHDOD
6<F<NFPI?PUD?D
MDC<IĖ<BIT<M<H<?
(PTMPFGPTG?UD?D
TM><@NFD?@I1MFG@M?@T<TBIJG<ITG?UI<H@G@M@DI<IH<HI@>>DHG@M@?<IH<BD=D
PINPMG<M?<1<O<MG<M?<C<T<OIQ<UB@uDGH@U=DMK<Mu<NJGPK?@NO<IG<M<?<T<INH?PMPH?<?M
"NFD?@IHI@>>DHG@MC@MK<?D<CIT<?<C<IIN<M<TI?<=PGPI<IQ@N<TBDG@=<FG<IDIN<IG<M
1<O<M%<GF><O 3EF3@@3D (<U<I1<O<MNO<I(DO<K+qMDT<ON
B@N
*<F<G@?@1<O<M1MFu@NDI?@I1MFDT@1MFu@NDI@u@QMDG@M=DU@<DOODM ē e7e
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
JG<M<F =DGDIDMG@M?D ,IG<M< B@I@G?@ N<QPPI ?IT<T< B@G?DD U<H@GDID M@IH@F DuDI HI@>>DHG@M <NOMJIJHDF <G@OG@MDI T<M?HTG<
TG?UG<MI ?PMPHPI< =<F<MG<M Q@ TG@ =DM NJIP>< Q<MMG<M ėePM< <OMĖ< ?H<I?@GD?@PJG<I?<IJGPMĘ *I@>>DHG@M@ė<CN@I@HDG@
$<MD=Ę<?G<F?@NO<II?<?<M<NOG<MU$<MD=N<M<TI=<Cu@NDI@<CN@I@HĖD<M<TKB@GDI>@=PIP
?PT<IK<?D<CC@H@IHI@>>DHG@MDIDu<MK$<MD=ĖDI?PMPHPFJIPNPI?<A<G<uH<G<MIDNO@M 3> 3^?3 FDDGDF O<MDCDI?@ B@G@>@FO@I =DM C<=@M <GH<T< TI@GDF @I @NFD TIO@HG@MDI
=DMDND?DM#<G<uH<II1<O<M?@NO<IG<MI?<O<=DFDTG?UI<H@IDI?I?<?<C<?@DDFOMG@MD?@
Q<M?MjMI@DIė?@B@TĘ?@NO<II?<C<IIQ@?@B@TĖDIuJ>PFG<M?JPI><FM@FF@HDDDG@A<G
<uH<G<MI?<I=<CN@?DGDM
1JFO<HBD=DPGPC<I
I<GFG<M<G?MK
(M@FF@HDDID=<FOM?
?@B@TDN@JGP?J?PPI?<
O<=@TG@M<G?MK
(M@FF@HDDID=<FOM?
(M@FF@HDDID=<FOMH<A<GDG@DGBDGD<TMIOG=DGBDG@MD=DU=?PGF<?DMI<IQ@'@<I-<PG
/JPSĖPICDUH@OG@MDI?@=PG?PF
1MFG@M@NFD?@I<H<IDUHDG@DGBDGD=DGBDG@MD=DM<M<T<OJKG<T<I=DMFDO<=IJGH<NI<<H<
JIP =DM F@uDIDI T@?DDI@ Q@ DuDI?@FD =OI =DGBDG@MDI ?@ F@uDIDI FM@F F@HDDI@ <FO<MG?I<
DI<IHG<M?MPTU?@IFM@FF@HDDI@=<F<M<FDIN<IIB@uHDDQ@B@G@>@DDG@DGBDGD=DGBDG@M@
N<CDKJG<=DG@>@FG@MDIDPHHPG<M?MPOMF@C<I@OTIO@HD=<U?@DDFGDFG@M@PM<HJGN<?<
1MF =JTG<M <M<NI?< <NMG<M>< O@M>DC @?DGHDODM '@<I-<PG /JPSĖPI ADFMDI@ BM@ FM@F
F@HDDIDI JFPIH<N TJGP DG@ F@C<I@OO@ =PGPIH<F 6PI< ėJHJKG<OJNFJKDĘ )oODI>@
ė0F<KPGDH<IOD<Ę 1MF*JJG F@C<I@O TIO@HG@MDIDI @I @NFDND Q@ NM@FGD PTBPG<IH
JG<I?M P TIO@H N<?@>@ NT< C<GFG<MI< ?@DG 6PI@F F<?<M FPU@T =GB@G@M?@ T<<T<I 6<FPOG<M?< B@TDDI FM@F F@HDD
FPGG<IGH<FO<?M%<TQ<IIT<FIU<H<I?<G?MGHJGH<NF@HDDIDIU@MDI?@FD@ODIU@IG@
F<UIH<N ?DG@MG@ ?JFPIH<?@
O<MUI?<I F<TI<FG<I? C<FFI?< NTGTJM P OM A<G ODGG< ?@QMDI?@ ?@ %DO<IG<M?< ?<
T<KGMH *<CHPO (<B<M} 5& Q@ /P=MPF 5&&& @N@MG@MDI?@ ?@ FM@F F@HDD A<GI?@G@?DFG@MDIDĘ
<uFu<NTG@H@FO@?DM(M@FF@HDDTJGPDG@F@C<I@ODI*JJG><Ė?<DNHDė?<GG<>Ę1MFu@Ė?@?@
ėT<BMI>Ę?M!<C<NJIM<FD?I@HG@M?@FM@FF@HDDTIO@HDI@1DHPMG@IFĖDIJM?PNPI?<=ID
M<K<CT<UH<NI?<I=@GGD0<A@QDG@M?I@HDI?@M<IĖ?<Q@ė,MO<NT<Ė?<FDT<<IG<MII=DM
<INJG<M<FĘJIPHPC<A<U<@?@I*NM*@HGFG<MĖI?<M<NOG<IH<FO<?MTGI?<(<U<FG<M
<M<NI?< N@T<C<O @?@I =DM /PN NP=<T FM@F F@HDD A<GII Q<MGI< D<M@O @OH@FO@?DM (MBU
C<GFI< <DO JG7D;@H7$AdA>>3Dg@E=;;@;e@QDM@I(<UBDGFDI>D<NF
NO<I=PGNē
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
<GHOM *@N@Go ė*<I<NĘ ?@NO<II?< *<I<NĖI <MF<?<G<MI?<I =DMD JbB=b]d A<G <u<I (<M<
1G@FĖ?DM =<F< =DMD ?@ O7hHlD9l FM@F F@HDD DG@ A<G <u@GD =DM =<=< JG<M<F uJ>PFG<MII
B@G@>@DID H@M<F @?DK FM@F F@HDD A<GI< =<FOMTJMG<M $@G@>@FO@I =DM H@N<E <GH< DNO@D
DIN<IG<M< C@M ?@QDM?@ UB JG< FM@F F@HDD A<GI< =<FH< B@G@I@D
1<O<MG<M?< ?< T<TBI JGHPOPM *@N@Go =P A<G NM<NI?< <G@QG@ F<QMPG@DI@
DI<IHG<M !@NO<I?< I7DIbO;=;D87AJlH:l ?@IDGDTJM-7DIbO;=; BQ?@F@HDD?DMP
A<G A7B7A IbO;=;8;B;DOKH7L ?DT@?@<?G<I?MHG<Mė%7B7AĘF@GDH@NDIDI=DM<IG<H1<O<M
1MFu@NDĖI?@ ėFM@F @FGDI?@Ę JG<M<F Q@MDGH@FO@?DM FD NU FM@F F@HDD C<FFI?< JG?PP
KC@NDU?DM #<G< =<F<I< ?< O7LlHlD]l ?@HDG@M T<QMI ē NMO A7B7A F@HDD FM@F F@HDD
<IG<HI?<
ė?@B@TĘ ?@NO<II?< <H<IDUHĖDI =<G>< PINPMG<MI?< NF M<NOGTJMPU *@N@Go 1JFO<H C@DIDH@U<MI@M@?@JG<><IM@IH@FDuDIA<G<uOM?I?<I=<CN@?@M
*@U<MHI@M@?@=DGH@?DH
jGHHFDH?@I=DGH@?DH
<F>?<I=<FH=<FOM?H
#<G>?<IA<GH<uOM?H
DGBDuO@I=THNI<OOH
,U<H<I=DG?DH=PDD
@IDG?M@I@MJGN<A<G<uH<B@G@I@DI@N<?@>@ė?@B@TĘ?@NO<II?<?@DG=<F<1<O<M?@NO<IG<MI?<
?<M<NOG<H<FO<TU*@N@Goė(<?*@MB@IĘ<?G?@NO<I?<B@G@>@@TI@GDF=DGBDTDDIN<IIQ>PO
<U<G<MII BNO@M?DD ?@DDFGD@ =<G JG<M<F TJMPH T<K<M<F ?< <GH<T< u<GOFG<MI
BM@=DGDTJMPUDMuJ>PF(<?*@MB@IJIG<MI <QGPNPI< BDMDI>@ ė@IDH<II@H=PBI=<H
?O ?@HDOD =PBI (<? *@MB@I <<=@TDHDI B@G@>@DI@ DHDĘ ?@M ė< ?H@FĘ ?DT@
=PM<?< <ID?@I =<=DM TJMPH T<KGNI<H<>DG@=T>T@ BD?@MG@MHD6<ID=<<MN
NM<NI?<DIN<II=DGB@GD@uJFT<FIJG?PPI<DI<IHG<M?M
ė1<CDM7CM@Ę?@NO<II?<DN@F@I?DIDMPH<GG<MNO<?Q@DGHD M@HDGDTDuJFDTD=DG@IA<G>
JG<M<FO<IO<I=DM?@MQDCI@MDIDIT<M?HTG<K<?D<CDG@Q@UDMDI?@M?DIDM@IDM PM<?<NU
@?DG@I A<G M@HDG A<G?M /@HDG?@ ?@DDF @FDG Q<M?M P @FDGG@M C<O Q@ IJFO<?@T@FIJGPMFD@=>@OG@C@N<K@?DGHDJG<I!<IT<G0I
DNHDI@ ?@IF B@GDM /@HDG DGHD C<GF< !<IT<G 0 O<M<AI?<I M@ODGHDODM P DOD=<MG< =P DGH@
u<GK M@I@=DG@IG@M@ =<U CPNPNG<M?< HFGG@MDID C<GG@OH@ DHFoI Q@MDGDM /@HDG <OH<FO<
=DMuJF PNPGG@M Q<M?M /@HDG M<Ku< FPH ?@H@FODM eJF @NFD U<H<IG<M?< FoO C@IU T<TBI
JG<M<F FPGG<IGM JGH<?I?<?I?3Dg$$TGH<IJQ%DF<T<GqQ@I?q(DO<K(<U<O 3EF3@@3D (<U<I1<O<MNO<I(DO<K+qMDT<ON
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
FPGG<IGHOMTG@FDM@HDG<OOMH<FDNO@T@IFDHN@G@M@F@M@U<M<OOMG<M<F B@G@IU<MIO@F
Q@T< uDAO JGPPI< BM@ O@F N<TG<M DuDI IJFO< Q@ uDAO N<TG<M DuDI uDUBD M@HDG O<=GJNP
?U@IG@I@M@F NJIM<?<I TJMPH< B@uDGDM?D PI?<I =<F< TDI@ =<U T@MG@M?@ FJG<TGF JGH<N
=<FHI?<IM@HDG@FGDIDIC@M=DMDI?@I@M<?@OFuF FoOK<Mu<G<MI< T<UGK=FG@M@F
=DM OJM=<T< FJIPM Q@ M@HDG <OOMH<F DNO@T@I FDHN@T@ IDT@O @OODMDG?DFO@I NJIM< OJM=<?D F<?I ODKDI@ ?@ M<NOG<H<FO<TU <H<IDUDH
?I@HDI?@IF<G<I=DMFMIOJG<INDCDM=TQ@JI<DI<IH<=DMuJF1MFOJKGPHPI?<BIHU@
F<?<M T<<T T@OH@?DD T@M?@ FPGG<IG<
BOM@>@DI@DI<IG<INDCDMB@I@G?@?@NO<IG<M?<T<G=DMF<?IO<M<AI?<IT<KGMė1<CDM7CM@Ę
<?G ?@NO<I?< 7CM@ĖIDI <II@ND FUI 1<CDMĖ@ Q@MH@F DNO@H@?DDI?@I =PI< u<M@ JG<M<F @CDM?@
T<<T<I =DM NDCDM=G JG?PPI< Q@ B@MD
?IHJGH<?I<DI<IMG<M
<U@I ?@NO<I?< NDCDM>D F<?I NDCDM T<K@F
JG<TG<MI>@?@IBM@=DG@I=DMDJG<M<FJMO<T<uF<MjMI@DIė(PU(MK@Ę<?G?@NO<I?<NDCDM>D
F<?I N@QBDGDND DuDI @I?D@ @?@I <T@D DG@ DGBDGD DKPuG<M Q@MDM
ė0@I DTD =<F (PU (MK@ĖTD G?MMG@MN@ <OG<M FJ<M<F =DM =DMDID B@u@M@F ?I@>@FODM
jG?M@H@UG@MN@ <OG<M <?H <OH<FO< UJMG<I<M<F FPG<FG<MI DI?DM@M@F ?I@>@FG@M?DMĘ ė?@B@TĘ
?@NO<II?<DN@JGPK=DO@IG@MDI>@?@IBM@=DG@I=DM=DGB@JG<M<Fė<ITDT@IT<IT<<T<IĘTU
?JFN@?@I BM@=DG@I ODKG@M B@Iu FUG<M JG<M<F uFH<FO<?M F<MHU< jMI@DI ė6@NO@T *IF@Ę
<?G ?@NO<I?< F<CM<H<II =<G?U JG<TG<MI BUG@ BMIH@T@I FNHI JI< =DGB@GDD DG@
<FO<MH<FO<?M TG@ =DM =DGB@ FU< ė6DMOG@FĘ Q@ ėePM< <OMĘ <?G ?@NO<IG<M?< ?<
M<NOG<H<FO<TU
<U@I NDCDM>D F<?I ?@NO<I?< DTD IDT@OGD JGPK F<CM<H<IG<M< T<M?H @?@I =DMDND JG<M<F ?<
=DGDIDMjMI@DIė(<?*@MB@IĘ?@NO<II?<=<><FG<MF@NDG@I F<CM<H<IT<MHDIN<IDG@=@M<=@M
NDCDMG@O@?<QD@?@=DG@IT<G=DMF<?IITJGPIP<GMQ@<MF<?<?<F@I?DND?@=PNDCDM>DF<?II
T<M?HTG<N<GI<F<QPPMG<M
"367D7 ;@3@?3 !@NO<IG<M?< <GI T<UNI< F<?@M@ DI<IH< BD=D PINPM ?< NFu< BU@
u<MKH<FO<?M 1MFG@M O<MDC =JTPI>< C@H <H<IDUH ?@QMDI?@ C@H NG<H ?DID F<=PG @?DG?DFO@I
NJIM< ?< DIN<II ?J?PP U<H<FG<MII <GII< T<UG?I< DI<IHG<M?M P
T<UII @GDI O@MND DG@ NDGDI@H@T@>@DID =DG?DFG@MD DuDI ?@ F<?@M@ =JTPI @H@FO@I Q@ 1<IM
O<F?DMDI@F<MB@GH@H@FO@I=<F<u<M@=PG<H<HG<M?M
ė?@B@TĘ ?@NO<II?< F<?@M@ =JTPI @H@ GG<CĖI O<F?DMDI@ F<M FJT<H<H< BD=D
<IG<OGH<FO<?M !@NO<I?< (POGPF<T< DĖIDI @QDI@ 1PFO<H C JGPIPI ><II< FTH<FO<?M 1PFO<H C<II
@HMDT@MDI@B@ODMDGN@=DG@1<IMĖIIT<UBNI?<IB@uDGHDTJM(POGPF<T<DĖIDIT@BoI@Q<MDNDJG<O 3EF3@@3D(<U<I1<O<MNO<I(DO<K+qMDT<O
+3F3D$;8>3Dg$$TGH<IJQ%DF<T<GqQ@I?q(DO<K(<U<O 3EF3@@3D (<U<I1<O<MNO<I(DO<K+qMDT<ON
B@N
B@N
B@N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
eJ>PPIPF@NH@?D
,G@>@DI@=PG?
%<IĖI=PTMPPG?
DMDNDG?=DMDNDF<G?
1<IMĖIICFH=PD?D
$M?HUBD=D1<IMĖIIT<U?F<MI?<C<I@HMD=DMCDuODM!@NO<I?<1<IMĖ?<IDUDI
JGH<TI>< ?@B@T?@DGėC<IINTG@?DDNUG?Ę?@IDGH@FO@?DM
!@NO<II =<F< =DM T@MDI?@ 1PFO<H C<I <MF<NI?<I JIP G?MH@F DuDI +PM<?I
FJQ<G<TK B@G?DDI?@ GH C<FFI?< ?I@M@F ?J<T< N@NG@IDK TG@ ?@H@FO@
(JQ<G<H<FPMPT@G
1<IMĖ?<IDUDIB@GDMN@?DI@MDH
6<UBT< DI<IH<FO@?@I 1<IMG<M O<M<AI?@?@I =@GGD JGPTJM uJP
U<H@D NTG@IDGH@FO@?DM
?@B@TCDu=DMU<H<IO<CO<uF<H<T<><I?<=DGH@FO@?DM
!@QG@ODI?@I?@QG@O=GKQ@MN@?@
-<?D<CGFNM@H@H
GG<CF@I?DH@Q@MH@N@
PM<?< K<?D<CGF O<CO< JOPMH<F BD=D JG<TG<MI @NFD?@I 1<IM O<M<AI?<I N@uDG@I
DIN<IG<M< Q@MDG@I =DM A<MFGGF JG<M<F ?IG?I PIPOH<H<GTU "NFD *NMĖ?< Q@ =<F<
=DMuJF PTB<MGFO< K<?D<C 1<IMII T@M?@FD BGB@ND $F DG@ 6@MĖD N@H=JGDF =DM @FDG?@
=DMG@ODM?DD IJFO< JG<M<F DUG@IDGHDODM 6<ID 1<IM @QD DG@ DIN<IJGPIPI @QD =DMG@ODD =DM IJFO<
jMI@DI %MDNODT<I ?DIDI?@ JG<I /PNG<M?< ?< u<MĖI HPOG<F< 1<IM O<M<AI?<I =@GDMG@I?DDI@
DI<IGH<FO< Q@ =PI< ė-JH<U<IIDF JEDTĘ 1<IMĖII @GDMG@?DD ?@IDGH@FO@?DM /PN u<M
(JMFPIu Q@ FFG@MD DG@ DU<IN O<MDCDI@
PU<IH<FO<?MDMMDQ<T@O@BM@DHK<M<OJM(JINO<IODIPNĖPI=<I?<O<?O<u?<DGoCD=DMO<u
JGHPDM@AN<I@T@BM@JIPH@G@FUDU (JINO<IODIĖ@BFO@IB@ODMHDODMPTU?@IJ?@QDM?@
(JINO<IODIJKJG HK<M<OJMPĖI?<I?<C<N<TB?@@MQ@?<C< TFN@F T<M<OGGCDu=DM HK<M<OJMPI
JGH<?I<DI<IGHOM0JIM<FD?@QDMG@M?@?@=PBD=DDI<IuQ@GD<COH@N@G@NDJG<M<FDUG@IDGH@T@
=<G<M1<MDCO@I=@GGDJG?PPBD=D?@B@TĖDI?@I@F<?<MBuG<FGGQ@FPMI<UJGH<NI DIBDU
NJTPI?<IB@GH@?DDN@=@KGDGOI2M?<O<COI<uFH<C<FFJGHPTJM
(<?@M@DI<IH<=<F<1<O<M?@NO<IG<MI?<=DMO<M<AO<IF<CM<H<IG<MI?JPO<I=DM=DMG@MDI@
I<NDK JGH<N ė(PU (MK@Ę ė1<CDM7CM@Ę ė(<H=@MĘ BD=D ?@NO<IG<M?< ?D@M O<M<AO<IGII ?J?PP U<HPO<U<G<MII?@DDFC<M@F@ODė6@MOG@FĘT<?<?<C<uJF=DMMT<
JMO<T< FJTH<FO<?M ėePM< <OMĘ ė1<CDM7CM@Ę ė(PU (MK@Ę Q= jMI@DI ė6DMOG@FĘ
?@NO<II?< 6@OG@FĖD BM@I B@TDF JIPI O<M<AI?< TG@ ?@M ė6@OMG@F
B@G?DIHDjGHHN@I?@IJG<><F?DT@?PTHPOPH0@I?J<MF@IuJFUJMGPFu@FODH"IFuF
K<MH<H HMO @OHDOD NJI FuF F<=PMB<H MO @OHDODĘ ė?@B@TĘ ?@NO<II?< ?< TPF<M?<
MI@F Q@M?DDHDU BD=D GK (<M< 1DT@I GHII ?@B@T O<M<AI?@?@I
=DGH@FO@?DMėePM<<OMĘ?@NO<II?<DN@ePM<?<C<?JH<?<I<II@ND=DMMT<BMMDMNP<F<M
e6797K7EF3@g%<UMG<T<I!M/NO@H0PGODIF<M<1MFNJT6<TIG<MNDDMG@M
B@ NDDM
B@NDDMG@M
COOKRRRMPMDFMPGD=M@GDBDJIJ=DO@GCOH
1<O<M%<GF><O 3EF3@@3D (<U<I1<O<MNO<I(DO<K+qMDT<O N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
Q@<G@QJGPKOPOPPM0JIM<?<T<HPM=P<O@DNI?MM0<=<CF<GFOI?<TG@?@MėDUDH=DM
JGPHPU?J<><F<O@JGPKT<I<><F@>@GDDN@NP?<IJG<><FĘ
"GL9G@=GkG <U@IF<CM<H<IIG@>@DI@?@NO<I?<=DMFP?<D<M@O@?@=DGDM1MFG@M?@
@NFD?@I=@MDFPON<GG<OMG<IFPUBPIFPPGHC<=@M>DNDJG<M<F?<=DGDIDM1<O<M1MFG@MD=PBI
?@FPUBPIPIFJI?PPT@M@Q@uF<M?N@N@BM@=DMC<=@M<GH<T<u<GMG<M(PUBPIA<G1<O<M
1MFG@MDI?@ @NFD?@I uJF H@CPM JGHPOPM kMFO> N@ND DG@ DIN<IG<MI BIGI@ GH FJMFPNP
N<G@I<U@ uF<MĘ ?DT@ ?@ DI<IGH<FO<?M ė(PU (MK@Ę ?@NO<II?<
F<CM<H<IF<MNIFPMO<MH<FDuDIK@DI?@BD?@MF@I=OIUJMGPFG<M<H<NI<M<H@I@INJIPI?<
N@Mu@IDI =DG@ B@u@H@?DD uG@ Q<MI>< JM<?< =DM FPUBPI< M<NOG<M TDGDFG@ N@NG@IH@NDI@ M<H@I
FPUBPIF<CM<H<I<O@MN>@Q<KQ@M@M@FJIPIGHIIT<FIJG?PPI<D<M@O@?@M
O<H?DNqHDI@=<G<H
I<H?DNqHDI@=<G<H
(<M<C<IO@MNqNDI@=<G<H
(<Fu<F<M<F<II@uqMH@I=<G<H <=<H?@N@I=<I<=<G<H
I<H?@N@I=<I<=<G<H
(<M<C<IG?M@>@FN@N@ID=<G<H
(<F><F<IIDu@MDH=<G<H
$7L3Dg@ `L7D;@7 F3k =AK?3 !@NO<IG<M?< GH NJIM<N PTBPG<I@
JIP BH? T@M@ <O BQ?@ND F<?<M O< TTJM PM<?< DN@ G@IDI H@U<M NOI@ > DG@TUTU@TDU
F7k>7 F7?;L>7@?7 ;@3@5g IN<IGF O<MDCDI?@ <O@DI =@ TU =DI TG?<NT<QMPK<Q@AMDF<FO<G<MI?<<O@DG@
DGBDGD=DMuJFDI<IuO@@FFG@OHDODM*@N@Go*jTUTG?<,MO<NT<Ė?<GG@MDT<F<MG<MH
$1JHNJI <MI?M> T<ITG< <O@G@ NI<H< T@ID?@I ?JH< <IG<HI?< IDO@G@I?DMDG?DDI?@I
GH?@INJIM<T@ID=DMC<T<O<=<G<T<><DIDG@ GG@MDIT<FG?IDA<?@@OH@FO@?DMPI<
BM@ DINP?PIPI T<<H NM@NDI>@ FDMG@I?DD Q>P?PI O<H <IG<HTG< O@HDUG@IH@NDIDI
<F <O@DI @OFDNDTG@ JG?PP =PI< BM@ ?@ =DM@TDI <?@O< T@ID ?JHPu<NI< O@HDU =DM MPC<
F<QPOPMPG<=DGH@ND ?I>@NDTG@ >@N@?DI T<FG? <IG<HI uF<M<=DGDMDU $F 1MFG@M ?@
<O@DI FPON<GGI< DI<IHG<M *@N@G< TGI?< <O $F 1MF C<F<II< B@G@I DU<IN
@GuDG@MDID JIG<M DG@ B@GH@ND HPCO@H@G JG<I FO MPCG<M FJQH<F DuDI <O@G@M <M<NI?<I
B@uDMHDG@M?D (<U<F Q@ jU=@F 1MFG@MDI?@ =PBI ?@ <O@ T<I<I T@M@ @TO<IG<M B@GH@U BD=D
DI<Iu T<<H<FO<?M %<NO< H<GG<M Q@ DIN<IG<M (<U<FG<M =PBI ?@ <O@O@I B@uDMH@FO@?DMG@M
<H<IG<MI ?< <MIH<T <O@G@ T<KOFG<M <IG<GH<FO<?M 6<N JGPG<MIQ@T<@T<G<MI<MI?MGH<NGoUH?M1@F<MI?M>Bu
<O@ODM
SGD33FgD 1<O<M%<GF!<NO<I(<U<I1<O<MNO<I(DO<K+qMDT<ON
+3F3D$;8>3Dg FDO<K(<U<I1<O<MNO<I(DO<K +qMDT<ONē
1<O<M%<GF><OD $]=3>>]D]? QKF7?@]D(<U<I1<O<MNO<I(DO<K+qMDT<ON
+3F3D$;8>3Dg FDO<K(<U<I1<O<MNO<I(DO<K+qMDT<ON
1<O<M%<GF><O 3EF3@@3D (<U<I1<O<MNO<I(DO<K+qMDT<ON
B@N
FTPMO*@ODI $X ;@67@36A>G¹63X>`_??767F>7D;IF<M<N
I4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
ė?@B@TĘ ?@NO<II?< ?@B@T FN<F 1DHPMĖPI FU F=DG@FĖD (<M< 1DT@I GK @GDI?@I
FPMO<MK=<=<NI<N<N<GDHB@ODMDM<C1DHPM=PI<uJFN@QDIDMQ@?@B@TĖD
e<?MI<u<MOO
FD<O@T<FOM?
?@B@TĖD?DUuFOMK
M<NI?<IB@uDM?D
O@ DGF@G OJKGPHG<M?< BI<CO<I @OM<AI?< ?IH@ND Q@ JIPI NOI?@I <OG<H<N B@M@FDM?D <OG 1DFDPĖG@M DTD =DGDI@I =P
OM@IDI @I @NFD F<IOI N<G<H<FO<?MG<M -G<IJ (<MKDID <OP %<IĖI N<M<TI< Q<M?I?<
F@I?DNDI@DFD<O@<M<NI?<IB@uH@NDGoUHJG?PPIP=DG?DM?DG@M<FJ=PI<F<MuFOI?<
ėP <O@G@MDI <M<NI?@ @A@I?DHDU@ F<M C@MC<IBD
FO=DM@H@GDIDUJGH<NI<Q@T<U@CDMB@ODMH@IDUDCODH<GDI@F<MT<KH<FO<TU=P?PMPH?<<O@
C@M OMG FOG JMO<?<I F<G?MH<FO<?MĘ 0JIM<FD ?I@H?@ /PNT<ĖII =TF FI@UD *DC<DG
<OP %<IĖ< BD?DK F@I?DNDID @NDM JG<M<F NPI?PPI?< ?< *JJGG<M JIP DFD <O@ <M<NI?<FG<MI T<II<DFD T<T?DFDTJMG<MJIG<MIPuG<M=DMDKDG@=DM=DMDI@=<G<ITJM=PDKDI
U@MDI@?@=DMF<uK<u<QM<=<G<ITJMO@JDKQ@K<u<QM<G<MI<GOI?<IDIN<IG<MH<GG<M<M<=<G<M
Q@ TFG@M B@uDMDGDTJM %@M DFD O<M<AO< DFD F<?I NP ?FH@FO@ Q@ H<ID NTG@H@FO@?DM "@M =P
T@MG@M?@<M<=<G<MFMGMN<Q@TFG@MT@M@?@MN@NDCDM>DG@M=PIG<MF@I?DG@MDDG@BOMTJMĘjG@I
FDHN@IDIT<O<IQ@?@FG@MDID?@<TI@I<O@DG@<MI?MHG<M @IBDUC<II6<N<ĖNI?<?<<O@
DG@<MI?MH<C<FFI?<NUG@MB@uH@FO@?DMPMA<?@O53&&&<NM?<,MO<NT<Q@0D=DMT<Ė?<?<
FPQQ@OGD=DM@FDG?@PTBPG<IHOM*JJGG<MB@GDIJGPKB@G?DDI@FMF@GGD TGU<H<I B@u@I=DM
F<?I?<T@ID?@IO@HDUG@H@IDT@ODDG@<TI@FDG?@DFD<O@<M<NI?<IB@uDMDMG@MHD P OM NI<Q 1PM<I?< T<<T<I 1MFG@M ?@ PTBPG<HOM PIPI @I BU@G MI@DI@
#DM?@QNDĖIDIė<CI<H@ĘNDI?@M<NOGTJMPU(DHDIT<G<INTG@?DDID<IG<H<FDuDIDAODM<T<PM<T<I
0=@O@TĖ@Q@DAODM<<O<IQ@T<II@NDI@<O@O@I<OG<H<G<MI@HDM@?DTJMG<M$I<CNU0P=@O@TN<
N<GDHF<GMJI<T<G<I<O<IQ@T<II@ND?@<O@O@T<IKGM
1MFG@MDI =<C<M H@QNDHDI?@ PTBPG<I<I B@G@I@FG@M DuDI?@ ?@ H@N@G< PUP PPMG<H<
NM<NI?<NJI=PUPIU@MDI@<O@T<FK<FOHG<MePQ<1MFG@MDIDI0M@I0<GPPTBPG<H<NI?<
,MO<NT<Ė?<+@QMPU=<TM<HI?<<O@O@IUKG<H<B@G@I@D?@O@H@GDI?@?@<TI@IFOMPCG<M?POG<MI?<FD FO FPQQ@OG@M?@I <MIH<F DuDI <T<FF<=NU FJMPI U@MDI?@
B@U@MG@M?D+@QMPU=<TM<HNM<NI?<?<<O@U@MDI?@I<OG<H<B@G@I@DT@IDTG<N<GFGO@HDU
BDMH@G@MDIDIN@H=JG?M
DUD DGBDG@I?DM@I ?@NO<I?< ?< FN<F 1DHPMĖPI ?@B@TĖD DFD <O@ <M<NI?<I B@uDMH@IDI
N@=@=D JIPI FO IDT@O DG@ B@GDK B@GH@?DDID T<II?< U@CDM B@ODMDK B@ODMH@?DDID M@IH@F
DuDI?DM?@B@TDG@=@M<=@MB@G@IFUF=DG@FĖDDN@=<=<N<O@O@IB@uDMHDTJMuIF=<=<JG<M<F
FUI<JG<IBQ@IDNJINPU?PM
D=3K36_@`B43=?3 ė6@MOG@FĘ?@NO<II?<uJFDGBDIuQ@?IT<HDOJGJEDNDI?@ T<TBI
JG< ?< M<NOG<H<FO<TU <MF<T< ?IK =<FH< P DI<Iu @I @NFD ?DID
FDO<KG<MI?<I=DMDJG<Iė1@QM<O»O<?<T@M<GH<FO<?M 3@ )PO 1NJ<M< B@G?DDU<H<I$I@T@M
U@MDI?@?JHPOP3@ /<= 0J?JH H7 $JHJMM< U@MDI@BFG@M?@I FFMO Q@ <O@ T<?M?
3@J @CDMG@MD Q@=OI C<QU<T @CDMG@M?@JOPM<IG<MIC@KNDIDQ@OJKM<II@=<OI <GONO@OOD
#<F<O F<MN JIPI <MF<NI?7D;@3;>7?7D3E;?>7D;IF<M<O<OMF(GOM*@MF@UDN
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
"NFD6PI<IHDOJGJEDNDI?@DN@=PDI<Iu ,MA@F<?@MDI?@BMIM,MA@?IG@MDI?@IC@H@INJIM<
F<MN"PMT?DF@DG@=DMFMB@UDIODNDI@uF<M ,I<BUFJTHPJG<IMDNO@<PNB@IuF<?IFJQ<G<M
"PMT?DF@ F<u<MF@I =DM TG<I< =<N<M Q@ TG<II NJFH<NTG< GM P GH ,MA@ĖTD uJF U@M
TG<M>< ?<G<M?< FMG<M?< JMH<IG<M?< GDM u<G<M @UBDG@M NTG@M ,MA@ "PMT?DF@ĖT@ JG@N<M@O@?@H@HDODM
H< ,MA@ GDM u<G< u<G< DDM Q@ <MF NTG@T@M@F T@M<GO GF@NDIDI 1<IMN %<?@NĖO@I Q@ 1<IMu<
-@MN@KCJI@Ė?@IF<MNIB@MDDNO@M,IG<M?<,MA@ĖIDIu<G?GDMĖ?@IJFP?PP DDMQ@<MFG<M?@FG@MDIDNTG@MG@M6@MNOI@ uFI><T<F<?<M,MA@
I?@IF<MN<MF<?<IBD?@>@FODM1<H<IG<HTG<T@MTUI@uFKBI I<F<QPPI><T<?@DI
,MA@ =DM ?@A< =DG@ JGNPI ?IK <MF<NI< =<FH<T<><FOM =<F<MN< F<MNI =DM ?<C< CDu
BM@H@T@>@FODM P <MO F<=PG @?@I ,MA@ I?@ F<MN <MF<?< PUPI TJG>PGP< uF<MG<M ,MA@ GDM
u<G< u<G< <MF NTG@T@ NTG@T@ F<MNI< TJG BNO@MDM 1<H T@MTUI@ uF<><FG<M NM<?< I<NG
JG?PTN<,MA@=J=PGPIPMB@MD?I@M=<F<MQ@"PMT?DF@ĖTD@=@?DT@ITDODMDM 1<IMG<MJIPIT@M<GO
GF@NDI?@F<GH<NI<?<HN<<?@@OH@UG@M=DM?<C<F<MNIBMH@NDI@?@
1<O<M?@NO<Iė6DMOG@FĘO@C<IFU=<=<@QDI?@IBD?@MF@I<MF<NI<?IK=<F<M<=<N
JG<IC<I=PIPU@GGDFG@T<K<MFUIu@TDUD@GDI?@IBDOH@NDIC@M?IK=<FI?<@FNDGNDI?DT@
!@NO<II =<F< =DM T@MDI?@ ?@ 6DMOG@FĖ@ T<G =DM F<?I TG@ ?@M ė6JG?@<MF<T<?IK=<FH< ?@NO<IG<M?<FONJIPu
Q@MH@FO@?DMF<CM<H<IG<MI=DM@TG@MDF<T=@OH@G@MDI@C<OO<GHG@MDI@I@?@IJGH<FO<?M
PIG<MI ?I?< 1<O<M ?@NO<IG<MI?< BIGF C<T<OO< PTBPG<IPF
JGH<?U<H<I<GF?P<<GH<MT<T<T<OH<BD=DDI<IuG<M?<T@M<GHOMG<M
%3L3D63@=ADG?3 DMuJ>PPI<U<M?<IFJMPH<FDuDI1MF?IT<NI?<@NFD?@I?@=PBI
?@ u@DOGD TIO@HG@M@ =<QPMPGH<FO<?M +<U<M ?JFPI?PPI< DI<I?FG<M U<H?3 ėGO<TDI0<DI0H@Ę<?G?@NO<I?<uJ>PFG<MJGH<TI><
<?<HI @D TJG?PJG<M<F=DMJPG?JPMPTJM
"GD43@ =7E?7 H7 @7L;D FGF?3 ėePM< <OM %DF<T@ODĘI?@ DN@ +<M@IĖDI F<MN *DIG@NGP
?JPHNNu@F@MF@I@DI?@IFPM=<IF@NH@NDIDQ@uDAOuM<T<F<M<FI@UDMOPOH<NIMD><@?@M
(JM=<IGIu<GN<I<
(PuM<IT<FN<I<
(PM=<IGF@NN@I@
eDAOuM<T<FN<I<
@=@FN<N<GDH?JNPIIDT@ODI@+<M@I?@=PIG<MC@H@IT@MDI@B@ODMDM
$;FA>A<;= H3D>g=>3D TM>< 1<O<M ?@NO<IG<MI?< @NFD 1MF DI<Iu NDNO@HDI?@ T@M <G<I
HDOJGJEDF Q<MGFG<M< ?< M<NOG<H<FO<TU PIG<M =<U@I H<N<GN T<M<OFG<M?<I =DM ?@Q
ė0@TADGHGFĘėePM<<OMĘė?@B@TĘTG<Iė6@MOG@FĘ@E?@MC<ė*@@FGKĘK@MDG@M0P
FU ė1G@FĘ Q@ 6DG=@B@I <?G 1<O<M HDOJGJEDNDI@ UB =DM T<M<OF JG<M<F F<MHU< uF<MG<M
*DOJGJEDF T<M<OFG<M 1<O<M C<GF @?@=DT<OI?< <Gu<F MPCG<M F<M< MPCG<M NDCMD Q<MGFG<M JG<M<F
<?G<I?MGK u@DOGD BMPKG<M< =GI@M@F <M<OMGH<FO<?MG<M (<TPH +<NTMD DN@ HDOJGJEDF
T<M<OFG<MDFD<I<FJG?<DI>@G@H@FO@?DM
6@MNOI?@T<<T<IT<M<OFG<M 0P<GOI?<T<<T<IT<M<OFG<M
1<O<M%<GF><O 3EF3@@3D (<U<I1<O<MNO<I(DO<K+qMDT<ON
B@N
B@
B@N
B@N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
6@MU@MDI?@=PGPI<IC@M<G<IIF@I?DNDI@UBDT@NDJG?PPBD=DNPTPI?<F@I?DDT@ND
JG?PPI<DI<IGM
gLgD e>K3E DMuJF 1<O<M ?@NO<II?< 1MF HDOJGJEDND DG@ DGBDGD JGPOOPM %UM Q@ GT<NĖI A<MFG <CNG<M JGH<NI< M<H@I =<U@I JIG<MI <? Q@ <CN
=DMG@ODMDGDK%UMGT<N@FGDI?@Q@MDGH@FO@?DM?DGJTPI?<T<<T<I1<O<M1MFG@MDI?@?@%UM
GT<N FGO uJF T<TBI?M PIPI @I @NFD MI@FG@MDID <GF ?@TDH H@O@JMJGJED BD=D C<G
MIG@MDI?@BM@=DGDMDU%UMGT<NJIG<M?<?<C<uJFTJG>PG<MFJMPTPKFJGG<T<IF@I?DNDI@?@C@K
TJGG<M?< M<NOG<IDODG@I Q@T< ?<M?< F<GI C<Q<T< F<G?MK
JIPI=<IF@NH@TDIDT@OG@MQ@J<IJI<%UMBMIM%UMF(=@FĖDPT<MMFG>C<Q<T<
?JMP CUG N<GG<MN< F@I?D = T@M?@I F F<G?MK QPMPMN< <H<>I< J U<HDODG@I Q@ <TM ?MG@I =DM =DMDID N@Q@I DFD B@I>@ T<M?H> JGPM TI
?@NO<I?<1<CDM%UMDG@=DMF@M@?<C<BMM0DT<CDK@FFT<A@OBDT@IQ@NDT<C<O<=DI@I%UM
1<CDMĖDI MT<NI< BDM@M Q@ <=G<NII T<<? @CM@ PG<H<NI N<G<M ė1G@FĘ ?@NO<II?< ?<
%UMC@MU<H<I1G@FĖDIMT<NI<BDM@M@FDH?<?I<FJ<MJI<NHDU<H?P<NIM@ODMQ@NP
<GOI?<T<<?U<H<IuJFUG@?DD<OI<Q@FPPI<F<QPOPMPM
$M?HU BD=D =DMuJP FFG@MD DG@ <H<IDUH ?@QMDI@ PU<I< =<F< ?@NO<IG<MG< FT<NG<MF@I
DI<IuG<M<@IC<>DHGD?@NO<IJG<M<FN<TG<Iė?@B@TĘ?@NO<II?<?<C<uJFM<NOG<IH<FO<?M
!@NO<IG<MI Du@MDDI@ ?J<G JG<M<F MG@I DI<IuG<M =P ?@NO<IG<M< ?PTBPN<G =DM M@IF
F<O<M<FJIG<MC<GF<?<C<T<FIQ@<IG<TGFGH<FO<?MG<M
"0%"S
FTPMO*@ODI $X ;@67@36A>G¹63X>`_??767F>7D;IF<M<
SGD33FgD 1<O<M%<GF!<NO3@?3QE]D>]D 1JH(<U<I1<O<MNO<I(DO<K+qMDT<O
/JPS'@<I-<PG +`D=>7D;@H7$AdA>>3Dg@E=;;@;e@QDM@I(<UBDG=<NF
NO<I=PG
1<O<M%<GF><O 3EF3@@3D (<U<I1<O<MNO<I(DO<K+qMDT<O
1<O<M%<GF><OD $]=3>>]D]?QKF7?@]D (<U<I1<O<MNO<I(DO<K+qMDT<O
+3F3D$;8>3Dg $$TGH<IJQ%DF<T<GqQ@I?q(DO<K(<U3Dg FDO<K(<U<I1<O<MNO<I(DO<KIqMDT<O
1MFDT@Ė?@T<<T<I(<U<F(MBUQ@jU=@FG@M?@C<GFDI<IuG<M D7OKHJJ7DJ7OKH:7
.dHAdDO7Il + 6JGJGP$GG +`D=>7;@3;>7 ?7D3E;?>7D;IF<M<O<OMF(GOM*@MF@UD
e%+)%+*0#) COOKRRRM@HDGI@O
COOKRRRMPMDFMPGD=M@GDBDJIJ=DO@GCOH
+<NTMD( *3K>3@?3QE]D>]D 1JH (<U<I1<O<MNO<I(DO<K+qMDT<O N
1<O<M%<GF><O 3EF3@@3D (<U<I1<O<MNO<I(DO<K+qMDT<ON
B@N
B@N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
jl*+l)# Y*0%'l#l-% %0l)*ll) \P!\!"P/(!#
P?<NO<I<C==<NU<H<III@KDFQ¡ L¡CM¡H<IGL?<NO<IG<MI?<I=DMD?DMFDO<H<HG¡
T<UG<MN<TU ¡GGDN¡CDA¡T¡ L¡?¡MJG<M<LN@HDI<MIQ<LOII¡U¡M¡ <G<M<L=P?<NO<I?<I=DMDFD
H¡IUDGDIHSO¡N¡M>¡ O¡L?DH@?DM¡HG<UHJGPMN<L<G<II?<T<U<=DG¡M¡H
HH< M<QDT<I@ ¡S=<M I<L@G<I@ <N<M OPODT<I@ ¡FF¡M @F¡I Q¡ DMDI =¡TD?D ē =DMDOJSD?D
<C ==<N U<H<II?< ¡=@NO¡M?¡ %N@TI <?I?< =DM K¡CG¡Q<I Q<MD?D JIPI <I<?<I
JG<I?<IK¡CG¡Q<IGLu<LG<MI<L¡?¡M=¡I?¡ ¡MU@G¡TDH@D?¡IG¡MDIN<GI<
¡=@NO¡MGD (M? %N@TI <C ==<N U<H<III K¡CG¡Q<IG<MI?<G<IQ¡ TJGF¡N¡IG¡ M<NOG<M
=DM<U?@TDN<Q<?<INJIM<JIG<MIC¡M=DMDIDI=<I?<I=DMTPHPMPLQPM<MF¡I?¡MC<GGMG¡M
PC<G?<LJTPIG<MIT@T¡ND1¡=MDUGD?BH¡uD*¡NDC1¡=MDUDIC<FHJM<T<T@ODD==PJQU¡ FM? F¡GH¡NDI¡
u@QMDGD=?DM Q¡ uPI ¡=@NO¡MGD %N@TI @G¡ =DM <?<H DHD JI< BM¡ =PI< FJM? T< LM? G¡L¡=D
Q@MD=G¡M
0UI ¡I LNN<N =P?PM FD O¡=MDUGD N¡M?<M *¡NDC ?BH¡uD %N@TI (M? LJMSHQ¡
T<M<LQ@MDMQ¡ (M?%N@TID%N@TI-¡CG¡Q<I<?G<I?MM
=P U<H<I?< M<II K<TO<SO Q¡ <C ==<N NA<C<I?<3¡GDT¡C? <CU<?¡ 1¡=MDU?¡
JGPMHPPI?<INJIM< %N@TI-¡CG¡Q<IU=DM@TM¡OGDK¡CG¡Q<IQ¡ HDGGD=DMLJuPJGPMC¡M
C<M<?< =DM UGH JG<I?< ?¡M C<G JM<?< O<KGM Q¡ J UGHF<MG<M?<I H¡UGPHG<MI DIODL<HI <GM
PI?<INJIM<uJSGPC<?DN¡G¡MG¡ U=¡ UJGPM
P ?<NO<I =PM?<I =<G<IM FD DFD U=¡F N¡M?<M K¡CG¡Q<I C¡M =DMD LMS I¡A¡M LJuP DG¡
U=¡FK<?D<CII ¡HMDDG¡ B¡GDMG¡MM<I?<<C==<NO¡SO?¡IN<G<Q¡ JIPI=<IOCA¡ <K<M<G<M
,IG<MI=DMDDMU<S<IQ¡ =DMD?¡ SO¡MS<ID?D
DM<U<S<I1¡=MDU¡ Q¡ SO¡MS<INA<C<I<B@?DMG¡MFD=PIG<MII¡ @O?DFG¡MDDG¡ uJSDDHDU
TJS?PM<HH<%N@TIDI K¡CG¡Q<IG=PIG<MG<=<G<IM
DM<US<I1¡=MDU?¡ L<IOFM?S¡U<I¡G¡MDO<G<TM?Q¡ FDHN¡ JI<C¡MDAJG<=DGHDM?D
%N@TI -¡CG¡Q¡ DM<US<II LJuPG<MI Q¡ UI G?M¡MF¡I O<G<? @TG¡MD
B¡ODMDM U PNO<N ?BH¡uD H¡NDC¡ FD O¡=MDUDI C<FDHDT?D Q@MDM QDG<T¡OD ¡HI¡H<IG< uS<M?M Q¡
UNA<C<I<O¡M¡ATJG<?M %N@TI-¡CG¡Q<INA<C<I<B@?¡I?¡ uJSGPC<?DN¡G¡MG¡ U=¡ UJGPM<LNA<C<I?<=DM
F<MQ<IN<M< ?< JO<L OPOPM BIUG¡M ?¡MQD K<GO<MI?< ?JG<IM ¡C¡MDI ¡CQ<G<O Q¡ B@?D<OI?¡G¡MB@?DMNA<C<IO<G<TMQ¡ <C==<N?<I=<>S¡M<>DNO¡TDM
Q¡ <C==<NIJI<=¡M<=¡M=DMK¡CG¡Q<ITJS?PMFDHN¡ JIPIL<=<I<B¡G¡I?¡ G?MM
%N@TI -¡CG¡Q¡G¡M ?¡MQD K<GO<MI?< B@?DM SO¡MS<II ?< LJuPG<MI UI
G?MM <C ==<N?4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
1¡=MDUGD ?BH¡uD H¡NDC U =DM =TF K¡CG¡Q¡IB<Q¡M D?DFD O<H<H K¡CG¡Q<IGDL Q¡
LDGDI>QPMH<L L<GS<I ITU¡ <OH<L <Ou<KH<LQ¡ O<H<HN¡MF¡M?¡GDFH¡N¡G¡NDI¡ ¡C<O¡NDQ<MD?D
Q¡ O¡=MDUDIC<FDHDD?DCN@TI¡ ?¡ ,K¡CG¡Q<IGDL TM¡OHD?D
%N@I O<H<H =P L¡CM¡H<IGDLG<MD H=¡??¡G K<GO<M?<?¡MQD Q¡ TT<M K<GO<MDI?< @OHD?D Q¡
C<HDT<?DT¡MHDFDH¡IDHPNO<?DHH¡NDC=PIG<MDG?M=?M
PI?<INJIM<%N@TIU?¡ ¡TT<MGLK<GO<MB@TDMQ¡ ¡TT<MJGPM
DMBIKPGPLPMO<MM KPGO<K<=DGHDMB@?DM<C==<NI=<MB<CI<F¡H¡I?<OM?<H?<I
?M S¡U<I¡?¡I uJSGP LUG Q¡ =DM ?¡ K<?D<CI =<M@<H ?< B@T¡I K<GO<MI UJM DG¡
S¡U<I¡?<M?<I<GMB@?DM
0¡C¡Mu<<C<S¡=¡MB@?DMFDS¡U<I¡?¡ILUGQ¡ K<GO<MG<M<K<M=G<M
<C==<NDFDTUHDILJPIH¡HPM@?DMFD=PFDH?DMN¡ O<K<G<MQ¡ CUPMPI<B¡ODM¡G¡M
%N@TI -¡CG¡Q¡ %DI?PNO<I?<
<CI <GH<< Q¡ <C
==<N<B¡ODMH¡T¡ B@?DM¡H
%N@TI -¡CG¡Q<L%N@TI (DMH<I?DIDIT@M¡ HDSG<T=B@?DMG¡M
PI?¡FB¡GD==PM?<IF@u¡I?¡
%N@TI -¡CG¡QI Q¡ C¡M=D
K<GO<MG<MIBOMMB@?DM
%N@TI =DMU<H<IBUI<uMBMMGO?MC@uI¡TDL<GHMDFD ¡GDJGPM=DM=<
PQ¡UDTT<¡O?¡ =DMF¡MQ<IJM<?<IF@u¡I?¡%N@TIJIG<MG<N<G<HG<M
(¡MQ<IN<CD=DNJMPPMN¡IFDHN¡I%<M?<IB¡GD= C<M<B@?DMN¡I
!@TDM *¡I %N@TI¡H %@T?¡M<=<?< B@?DM¡H JM<?< <C<I<=<? ¡C¡MDI?¡ F=¡M
<C?<IS¡M<><G<H
(¡MQ<Iu?@TDM@G¡ =DMH¡C<MD=¡T¡ B@?¡I<?<H=¡NI¡ uI=@G¡ GOB@?DM
%N@TIH<>¡M<INTG¡TDM
(¡MQ<IuJI<T@H¡F DuH¡FQ@MDMQ¡ UDG¡ %@T?¡M<=<?<<K<MM
lE>63EF3@4GD63@43k>3@;D
%N@TI%@T?¡M<=<??<?JG<IM?=DMM¡NOPM<IBMMJIPIL<I<MI?<uJS?PMP==<SM?
M¡NOPM<IuNJMPPMIDT¡ =@G¡ uJS=<SMN<HKPGPH?<TJS?PM
/¡NOPM<Iu%N@TIDD¡ OPOH<LQ¡ %N@TI?¡ DG¡H¡F Q¡?¡NDIDL<=PG@OH¡FG¡M¡NOPM<Iu
=DM?QMKDGJQQ@MDMDFD?QM u?QMKDGJQQ@MDM?@TDM?JT?PIHP
%N@TI?@TDM?<C<PO<IM<H=PI?<I<MOLT@T¡H
@G¡GDFG¡ %N@TI%@T?¡M<=<??<<K<UGDL?<L<GH<GJGPM
DMBIM¡NOPM<IIL<=<I?<=<S<MF¡IBMMuJSGP<?<H=DMT@M¡ T=G<M
%N@TINJMPPM0DUFDHG¡M?¡INDUQ¡ I¡ DNO¡TDMNDIDU
!@?DG¡MDU ?M?TPU I¡A¡M HDM ¡G *H@IDIDI D¡ND O<>DMDF Q¡ DNO¡TDMDF =P =<MB<C
BM¡FLJTHPTPMG<M
%N@TI-¡CG¡Q<I?@TDM*¡I¡ =DM<UKPGQ@MDIO<H¡ITJGPQ¡ L<KG<M<uH
%<H KPG Q@MDMG¡M %N@TI -¡CG¡Q<O¡=¡MUDIDLJQU<TMF%N@TIDQPMNPI
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
%N@TI -¡CG¡Q<L ¡GDI?¡I ?M Q¡ =DM TPHMPL
O¡K¡NDI?¡I@G¡ QPMPMFDL<KuT@M¡ T<KMP=<MB<CIT@??DL<KNI?<JN<T<L@?DMQ¡ O<>DMG¡M¡
?@TDM=PTPMPIB@?DIDu¡MDU?¡ JIG<MDG¡ Du¡MDBDMDM
<MB<CI C¡T¡ODI?¡ ?PMP= O<H<< @?DM?D BM? FJG<C ADM¡IBD?¡ (F?¡ =DM I¡A¡M
jU=¡F K<GO<MI?< =<? NO¡ Q¡ =DM
<T<IT@M¡ LJTP=?PMP=Q¡ =DMI¡A¡M?¡ =<I?<JIDFDFIBDM¡GD H¡SH¡G=MFQ¡ ?M?<CGL
LP==¡NDuDTIDI?¡=<?<I<T<<LUG><Q<CDM¡ ?JGP=JOPMP=?PM
%N@TI-¡CG¡Q<I=DMjU=¡F?¡INJMP?P=PJOPM<IFDH?DM
!@?D =?PGG<C.PO= <C?M
%N@TINJMP?PJ=DMDND
!@?D,?<jU=¡FN¡M?<MDADGBUO<GD=?DM
%N@TI =<S? BM? L¡??DL<H¡OD uDI<M FDHD Q¡ =<UD=DG¡BD LJGG<M ?< uDI<M Q¡ BUG¡MD
SJMPUBUFDHD?DM
¡O¡FT<UD 0¡A¡QDG¡MDI =MFII JI DFD ODFDS¡OOD Q<MD?D FD JIG<M< FJIB@M¡ ?@T¡MHDG¡M P
=MFG¡M.UG=<G<MI=MFG¡MDD?D =P =?PGG<C.PO= <C=DMU<H<Q<=H Q@MDMN¡I I¡ ?¡ H¡IPM Q¡ HPL<QDG¡I<H¡ID T<UMNHI ><Q<=I Q@MNDI ¡B¡M
TJS?PMN<=PHPL<QDG¡IDT<UQ@MH¡IB@?DH F=¡M<C <C<I<=<??<H¡IDHTJGPHPBUG¡TDM
=?PGG<C.PO=<C ¡HM@G¡?D<uLT@M?¡ u<?MJ=<LPM?PG<M
#DGBU1<GD=LMSI¡A¡MU=¡FK¡CG¡Q<IG<MDG¡ H@T?<I?<C<UMJG?PG<M
=?PGG<C .PO= <C ?< LMS I¡A¡M H@T?<I< BI?¡M?D #DGBU 1<GD= ¡G LGI>¡ <O= JOPU
I¡A¡MDIG?M=JIPI?<T<M<G<?T@I¡ H@T?<I=<G<? M¡>¡UJSP?P
=?PGG<C .PO= <C LJPI<Q<=I
Q@MNDI
DMDFDND?¡ L<=<<B¡G?DJIG<M?<QPMP=<M?6@I¡ M¡>¡UJSP?PQ¡ A¡MT<?@O?D*¡I
O¡G¡NDM¡H Q¡ DNO¡TDM¡H B@?¡H M<IU¡HDI?¡ @TSDI C¡GL¡NDI JIPI TU DBDMHD HDI IQu¡NDIDI
LPG<I<O<S<HH¡IUPM<C==<N?M
=?PGG<C.PO=<CL¡U¡=G¡ID=T@I¡?¡ UN¡M?<MG<MI?<INJMP?P <T<NUI<M<IDU?<=DM
I¡A¡MTJS?PMB@?¡ =P=D?<?B¡MDIN¡NDIF¡NNDIPNU=DMI¡A¡ML<=PG@O?DJ?<=?PGG<C.PO=
<CIJGP=M<CDHS<I?O<NIIL<=<I?<O¡;UDH@?D=?@?DO<=PBI><IHN¡I¡ A¡?<
@?¡>¡T¡H
=?PGG<C .PO= <CI BUG¡MDI?¡I T< <S? uIF =DGDM?D =P JG<I J #DGBU 1<GD=DI
¡GDI?¡IB¡G¡ =DGH¡U
+¡C<T¡O =?PGG<C .PO= <C =DM < K<Mu< JBGP =M<CHI =JTIPI< N<G? FD H@T?<I<
BI?¡MNDI<K<Mu<S¡G¡O?DM
!<C< D =PM< T@OD¡I?¡ %N@TI -¡CG¡Q<I?< O<L¡O L<GH<T= <K
Q@MDIB@?DH#DGBUG?MH
.PO=<C ?@?DD JH¡MC¡G¡?¡I F@uD=B@?¡MN¡I N¡ID?¡ G?M¡M=P L¡?¡M N¡M?<MG<MI
T<II?<N¡IDI ¡GDI?¡II¡ B¡G¡>¡F
%N@TI-¡CG¡Q<I?@?DH¡IDH=DML<LL<IHQ<MDNO¡TDM¡HJIP?<=PTJG?<Q¡ N¡IDI
JGPIT@MDI?¡ LPM=<I@?¡HQ¡ =P#DGBU1<GD=D ¡?¡=@?¡HFD=DM?¡ =PN<T<LM¡>¡UJSPH<NI
<C?@?D@T=@u<M<N¡IC<M<=PB¡=MC<M<
%N@TI?@?DDI?DH¡I?¡ ?DIO¡¡N=GF¡ Q¡ Q¡O¡IO¡¡NN=Q<MDI?D=PM<?<@TM¡OG<UDH
?DM DM I¡A¡M <TMD GF¡?¡I =DUDH OJMK<DHDU< ?<SDG JG< H¡IDH L<M?<G<MDHD G?M¡ =DU¡ ?¡
C¡M=¡ UJM=<?@T¡H¡IN<FDOJOPM<=DGH¡M¡HT<B¡M¡FG¡HT<?<=PI<HM?DI><IDID<G<HC¡M
F¡NDI @TM¡OD JGPMN< Q¡ B> u<O<MN<=PIPI ><Q<=DID Q@MH¡GD ?DM DI?D H¡I =P U<GDHD Q¡ Q¡O¡I
?H¡IDIDG?MH¡GDT¡H
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
=?PGG<C .PO= <C UI LPG<HG<M< OPOP= =PTPM?P=DM LGI> JI< Q@MDI DM LGI>
Q@M?DG¡M %N@TI ¡GDI?¡ NI?M? =DMDID ?¡ Q@M?DG¡M JIP ?< NI?M? NJIM< %N@TI ?@?D J
=M<CDHDI ¡GDI?¡ JG H¡I¡ Q@MDI , LGI> %N@TI -¡CG¡Q<I< Q@M?DG¡M %N@TI
-¡CG¡Q<I<K<UK<GO<MI?<LGI>C¡H<TG@?D=H@T?<I<?<SDGJG?P
#DGBU1<GD=NJMP?P?II¡?DM
-¡CG¡QB¡G?D
%N@TI -¡CG¡Q<IJIPI ><Q<=I Q@M?DLGI>G<M =DMD=DMDI¡ ?¡TD=<LL<<L =DMD=DMD DG¡
?TM?G¡M =P u<S<u<S?< %N@TI AMN¡O?¡I A<T?<G<I= uM? <T L¡G¡H L¡G¡H #DGBU
1<GD==DM<IBU ¡TDG?DFDBMNIL¡G¡HI¡?DM%N@TI -¡CG¡Q<I=DMLGI>JU<GHI=JTMPI?¡I
@G¡ QPM?PFD#DGBU1<GD=DFD=GI?
P C<G?< =?PGG<C .PO= <C ?PMP= u ?¡A¡ GG<C< N¡>?¡ @O?D Q¡ ?@?DN¡?¡L¡ T<
/¡NPGG¡GG<C
P C<G?< #DGBUI LMS I¡A¡M U=¡F N¡M?<MG<M %N@TIDI NOI¡ OFG?G¡M %N@TI
-¡CG¡Q QPM?P Q¡ SDT<M FDHD <M<?IN¡I?¡I<GNIQ¡ <C==<N<BI?¡MNDIJGH<N<N¡IDI><II<G<><L
"G¡ FD %N@TI -¡CG¡Q¡ H¡SH¡GK<GO<M
B@TDI?DMD= =DM L¡UU<L =MF =<I< LJTP= =DM LGI>L<GS<I Q¡ <TM C¡M=D Q¡N<DGG¡M %N@TI¡
Q@M?DG¡M
%N@TI -¡CG¡Q<I =<?<I B@TDID= <T<L?<I LAGG<I? <T<L?<I B@TDID= =<?<I LAGG<I?
C<H<H?<I uS<I?< BM? =DM K¡CG¡Q<I =DM BU¡G <O L<=<I?< N<SG<T= %N@TI <O< HDID=
=<MB<C<L¡?¡HLJT?P%N@TIDDUU¡OQ¡ @CODM<HDG¡ L<MG<?G<M<O?<IT@I?D=<MB<C<?<SDGJG?P
<C JIP U T<II?< ¡TG¡?DMD= =PTPM?P @T O¡C¡HO¡I K¡CG¡Q<I =DUD FDuDFGDT¡ L<=PG @G¡
%N@TI ?@?D ¡I?¡ B¡M¡F U C¡??DID O<IT< N¡I <C N<I H¡I ?¡ %N@TI LPM?<H I¡C<T¡O
=?PGG<C.PO=<CL<M?<GL ¡GDID%N@TI¡ Q@MD= =PTPM?PN¡IDIH¡C¡==¡ODIH¡IDH M¡TDH?¡
T@MOPOP=?PMDI?DH¡IN¡I¡ T@??D@TQ@MDM¡HJIG<ML¡=PG@TG¡
%N@TINJMP?PJIG<MI¡?¡ID=<M¡O?DMQ¡ LDH¡OG¡MDI@u¡ ?DM
.PO=<C?@?D¡QQ¡G=P¡HDM Q¡ =<UP=¡I?DILDH¡ODJIN¡FBDUHDIOPH¡I?DM0JIM<
D<M¡ @TG¡?D .DMLDO<T H¡MF¡=D B¡ODM?DG¡M =?PGG<C .PO= <C ?@?D %N@TI -¡CG¡Q<I =P <OI
?H¡IDuJS?PMO<H<H<CG<M=P<OuIH¡IDG¡ ?H¡IJGP=G<M=P<O?<IO¡MD F=¡M<C=ID
%PH<TPI <C<I<=<??J?P?PM?P<T<<<CNJMP?PC<M<?PM?PI
%N@TI ?@?D ?<QO¡G¡= FIGG JGHP<H B@?¡H <C<I<=<??< F=¡M <C?DID<G<HQ¡ <C==<N<<K<M<H
=?PGG<C.PO=<CNJMP?P=P>PMK¡CG¡Q<II=¡NIDT¡ <OLGI>KPGPTJS?PM
%N@TI?@?DTL<M?<H¡IDH<OHNDG<CHQ¡ KPGPHQ<MD?D%<HPI?¡IDUDF¡I<MI?<
S¡NO¡G¡IH?H<K<M=G<M%N@TIDI?DT¡ L¡?¡M=<I<B¡G¡IL¡UJQL¡?¡MD .PO=<C<O¡MDAG¡?D
.PO= <C =DM I¡A¡M @CT<M <?I?< ¡TT<M %N@TI¡ =<G<? Q¡ O<KM? C¡M U<H<I<
L¡?¡M%N@TIDIG<UDHDJGPMN<JIPISD?H¡ODI?¡ JG<><LNI?<=DMT4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
%N@TINJMP?P=PNJGO¡M¡ADIS¡O¡MDI¡?DM
.PO= <C ?@?D J O¡M¡A?¡ @CU<? <?I?< =DM U=¡F Q<M JIPI LJPIP ?< Q<M TJG
F¡N¡I?DMFDHN¡ JM<?<IF@u¡MN¡JIPNJT<MG?M¡M
%N@TI-¡CG¡Q<I@CT<M ¡TT<MUDG¡ BOM=<C?<IQD?<G<=NJGO¡M¡A¡ B@O?D6JG?<
@CT<M ¡TT<M< ?@?D N¡I =DM ¡
B@?DM%N@TI<T<LG<MI<OI=@GDI¡ NS<I?<<ODG?MHFDHD<M<?<IuS?%N@TI=PADFDM?¡ D?D
FDJGHPT<@CT<M?<G?<L<G<=<S? BM?@CT<M=PI?<I=DM<<>L<=<L?<B@?DM
, BI <S<H< L¡?¡M TJG B@O?DG¡M =DM =PG<L =<I?< B@>¡ID N¡C¡M @?D= N¡C¡M TJG<
??G¡M=DM<B@?¡I?¡INJIM<=DM<?<T< T@OD?DG¡MQ¡ =<S=BM?G¡ML<=<L?<=DMLJPI?<
Q<M?M
%N@TI?DLL¡OG¡ =<S?BM?=PIPILGI><OSPM>PIP=PM?<?M
%N@TI@CT<M<?@?DT¡LDIFD@CU<?IT@MD=PM<?M
@CT<MNJMP?PDI?DI¡ DBMPMN¡I
%N@TI?@?D=P@CU<?OPOH<L?<IN@Q<T<TMu<M<HUTJS?PM
DM<UB@O?DG¡M=DMu<?DM?<=DMU=¡FJOPMHP?P
%N@TINJMP?P=PM<FDHDI?DM
jU=¡F?@?D=PLJPIQ¡ u<?DMG<M@CU<?I?M
%N@TI?@?D=P@TG¡MH¡IDH?DMG¡M
jU=¡F?@?DI¡ =DGDMN¡IN¡IDI?DMG¡M
%N@TI?@?D=PLGI>I<MGTPU=<OH<I?DM=PB@TDHDIU@M@CDI<MG JIN¡FBDU
=<OH<I?MJ@TG¡MFD<K<MHD?G<MC<HNI?@?DQ¡ <O?<ID<IQ@M?D
jU=¡F?@?D ¡B¡MDNO¡TDMN¡IN<L<G<N<I@CU<?B¡GDI>¡ =PM<?<IB@O
%N@TI ?@?D @TG¡MDHDI C<HNI Q@MH¡N¡U =PM?< <O<I?< %N@TI -¡CG¡Q< =DM I¡M¡ u¡FD= LMS U=¡FD L<ML< FDHD ?<O? %N@TI U=¡FG¡MD =DM=DM G?M¡I?¡
@CT<MDFDDFDG?MM?=DMJQ<Q¡ =¡GQ<=PLJPIPIDuDI?¡ ??FDB¡GBM¡N¡I
PU<H<I@CU<?DF<M?<IB¡G?DBM?P ¡>¡=JQ<?DM@CU<?T<SI<B¡G?DN¡NG¡I?DQ¡
U=¡FG¡M¡ ?@?D ¡GN<SG<TIBMHI¡ S¡=¡M?DM
@CU<?%N@TI-¡CG¡Q<I<?@?DT<SJ?N<G=N<IN¡IFDHN¡IQ¡ I¡ DNO¡TDMN¡I
%N@TI -¡CG¡Q<I?@?D@TC¡M<HU<?¡LJPIB¡ODMD=H¡IDHGF¡H¡ Q¡O¡IDH¡ TPM?PH<
O¡><QU@?D=B¡G¡I B@?¡IDO<G<TTMN<I?<ID<ID?<G?MMN¡IH¡IDH@TG¡MDHD?¡ JMPG<TT=
N<IJIG<MDQ@M=PGF¡?¡I?¡ DODGB@O?<C<=DM@TDNO¡HDM¡H
T<M<u¡F?D%N@TIDG¡ @CU<?OPOP?PG<M%N@TI-¡CG¡Q<I@CU<?BT¡ LJQU<T=
BOM? =<I< DNO¡TDM?D T@M¡ QPMNPI @CU<? CDG¡ DG¡ ?@?D "T K¡CG¡Q
B¡G?DIDI?DH¡IHN¡GH<IJGPM<H%N@TI?¡MC<GJIP=<G<?@CT<M?@?D=PU<GHG?M
JIPI¡MMDI?¡ILPMO<M<L<HH<%N@TIJIPG?MH¡?D
@CU<??@?D0¡IDI@TG¡MDIC<HNC<UDM?DMB¡GDUJOPM<L=DM<U¡M<=Du¡FB@?¡I?¡ J
@TG¡MD?¡ Q@M¡M¡H<K<M<NIU
%N@TI N<?¡GDF?¡I @CU<?I NUI DI<I? JOPM?PG<M ¡M<= Du¡I?¡ @CU<? %N@TIDI
KDT<G<NI<?<Q<OF?M?%N@TI¡M<=DDu¡IFDHDM¡TDIDI=<I?<I<T<I<><LT<I?LPMP?P
%N@TIDNO¡?DLGI>QPM<T@M¡ TSG?ADGAJQMQ¡ =DM<I?<@CU<?%N@TIDU¡I>DMDG¡ =<G<T=Q¡
=¡IQ¡ T<=PMIPI<OPO?P%N@TICP<B¡G?DBM? LJGLuU¡I>DMG¡ID=?DM@CU<??@?D<I?
JGNPIGG<C<DNO¡TDM?DHN¡IDDI?DG?M¡H<HH<?@?DH ¡B¡M*JQG< GDC<LL?MN<N¡IDN<=<C<
FDHD I¡><O Q@MNDI TJSN< N<=<C N¡ID G?M¡M¡H %N@TID HCF¡H =<G<T= =DM N<I?< LJTP=
NOI?¡ JOPM?P
3??3 I@u¡ F¡GH¡ ?¡ @CT<M ¡TT<M?<I @D?DI @G¡ FD @CT<M ¡TT<M DD =@G¡ BM? U
LJT?P@Q¡ O¡M¡AT@MDG¡ BT<M<NI?<L<uH<<*¡IUDG¡ u<O?=<?<I<T<<L<?IK<GO<MB@T?D
U BUI =¡U¡?D Q¡ UI =DM BU¡G L<?I ¡FGDI¡ N<G= B¡G?D @CU<?I u<?MII J=<NII
?<GNI?< <G<H<< =<G<? @CU<?I <?<HG<M BM?G¡M B@>¡ Q<LO =DM BU¡G L<?I JOPMP=
<G<TM,IPB¡ODM?DG¡MDu¡MDQ¡ @CU<?<?@?DG¡M=PL<?Iu<?MI?<GNI?<<G<TM?
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
@CU<?NJMP?PN¡IFDHN¡I%<M?<IB¡GD=C<M<B@?DMN¡I
@CT<M?@?D=P?<I?<GNI?<=DMF¡I?Q<MJIPI?<?<GNI?<=DM<TMF¡I?Q<MH¡I
JM<GT<H =P BI B¡GDI <K<M<I?< <O u<KM?L <O H¡ID T@M¡ TS? L<u? DI?D H¡I TJMPGHP<H
=PM?<L<GH<HPNUG¡MD?@T¡?@T¡=<S?BM?=PM<?<uu<?DMQ<MC¡M=DMDI?¡ TPUI¡A¡M
U=¡FJOPMP=G<M
jU=¡FG¡M?@?DG¡MDNO¡TDMN¡IUF¡I?DU¡ <K<M<LDNO¡TDMN¡I?¡ =PB@>¡ =DUDHT<IHU?<
L<G
@CT<M?@?DH¡I=PM?<L<G<M<H<HH<FDHN¡IDIH¡IDG¡ DDJGH<NI
0JIM<?<I?G<MFD=PL<?I=PB@>¡ JIG<M<N<LJGNPIQ¡ ¡M<=K<TG<NI
@CT<M?<=DM<UI<U@TG¡?D<LN<LDB¡MGDTDL<=PG@O?DDM<U¡M<=Q@M¡I?¡INJIM<
?JG<I<?JG<I< B@O?D ¡M<= FKG¡MDIDI =<I< FKG¡MDI C<HNII DuDI¡ ?<Q< OF? Q¡ ¡M<=G<M
K<TG<?@CU<?DG¡ LJPIPIC<HN¡M<= Du?DG¡MQ¡ CP?<IB@O?DG¡M
@CT<MAJM¡IQ¡ =DM<I?<?PMP=@CU<?I>D=DI?¡IFDGD?DuS<M=N<I?<u?%N@TID
N<I?L?DMG¡?D Q¡ U ¡T<G<MI T?G<M NJIM<
=<G<?G<M J LJPIPI =<G<MI F¡N?DG¡M T<GIU @CU<? DG¡ LMS I¡A¡M U=¡FD U¡I>DMG¡TD=
N<SG<?G<M
%N@TI@CT<M<?@?DN¡IB@OLMLO<T<OB¡ODM
@CT<MT@GFDHDB@O?DN¡C¡M¡ T<SI<OB¡ODM?D
HH< 0DU¡ I¡G @?¡F J LMS I¡A¡M U=¡F?¡I @G¡ FD N¡C¡M T@GD JIG<MI =PMPIG<MI<
?¡T?DC¡ B¡G?DG¡MUG¡MDIDU¡I>DM?¡ BM?G¡M
@CU<? =<S? BM? %N@TI ¡T<G<M TM Q¡ LJPIP ?< O<H<HDG¡ =<G<M F¡NDGD=?DM
DM?¡ =<S?BM?J<?<HFDLMLO<T<OB¡ODMDMC<H<I?I¡IB@>¡ =DU¡ ¡M<=Q@M¡IL<?I?M
!I?FD=PD=PIPI DD?DM
%N@TI -¡CG¡Q¡N¡I DI?D N¡ID
G?MH
%DG¡=<U@CU<? ?@?DH¡ID=@G¡ ¡GD=<GG?MN¡I=DMDBMH¡TD=N¡IH¡IDH ¡GG¡MDHD
<uNJIM<T<M@?¡FJI?<H¡IDG?MN¡IG?M
%N@TI ?¡MC<G @CU<?I ¡GG¡MDID <u? @CU<? LGI>I BOM= %N@TI -¡CG¡Q@CU<?I=<I?<I@G¡
QPM?PFDLGI>@CU<?I=<I?<IT<M=LuG<MI?<IuS?
%N@TIU?I?¡M?DJLMS I¡A¡MU=¡F¡ ?@?DNDUI¡ ?@TDMNDIDU0DUD?¡ =P>PMG?MH
TJSN< HN¡GH<O Q@M?D =DU ?¡
?I=HN¡GH<IJGPMPL
%N@TI-¡CG¡Q<I Q¡ JLMSHN¡GH<IJGHPU=¡FG¡M=DM?¡ @CT<M ¡TT<MDG¡ O<H<H
u<?DMG<M C¡M=D Q¡N<TDG C¡M I¡ Q<MD?D L<OMG<M< u<O?G<M %@T?¡M<=<?< =?PGG<C .PO= <CI
=<MB<CI< TJG< ??G¡M %@T?¡M<=<?< T<SIG<<I?< <C< S¡=¡M Q@M?DG¡M <C N¡M?<MG<M DG¡ <O<
HDID=K@Q<UI<B¡G?DG¡M<C ¡CQ<G<ONJMP?P
%N@TI ?¡ DG¡MDI I@>¡ JG?PPIP NTG¡?D <MB<C< T@OD?DG¡M JOPM?PG<M %N@TI ¡N<N
Q¡ ¡T
TJS?PM0JMP?P=¡NK<GO<MG<MQ¡ LGI>I¡ JG?P%N@TI?@?D=PIG<MULGI>HQ¡ K<GO<MH?M
@CU<??<I<GH<HQ¡ NDUQ@M¡IG¡MSPM>DI?¡?DMG¡M
=?PGG<C .PO= <C ¡GDI N<G? %N@TIDI =JTIPI< LP><LG<? ?@?D %N@TI N¡I H¡IDH
<O<HI?<LN<NI<G?I
%N@TI?@?DC¡G¡ C<M<N?M$@?D= F=¡M<CIUI?¡I?¡ DIODL<H<G<><<H
@6; 7k;6;@ J LPG< F¡NDGHD U=¡F?¡I FD UI T@ODMD= <C<I<=<??< F=¡M <CI
=<MB<CI<Q¡ F=¡M<C< ¡MU@G¡?DH¡I#DGBU1<GD=DG¡ %@T?¡M<=<?<B@OHD?DH
F=¡M<CNJMP?PDI@>¡ JG?P
.PG< F¡NDF ?@?D #DGBU 1<GD= I@u¡ BI M¡>¡U =<G<? Q¡ H@T?I<G=.PO=
<CICUPMPI?<#DGBUDFD=G?,OPU?JLLPUI¡A¡M?¡ =DUG¡M?¡IG?M?H¡IDH?¡ LPG<H
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
F¡N?D Q¡ ?@?D N¡I¡ S¡=¡M Q@MDH FD NJIM< B¡G¡>¡F N¡I?¡I T@??D DGGDF Q@MBD Q¡ S¡M<> <G= <C
==<N<<K<M<><L
F=¡M<C=PNU@D?¡IFDHDL¡@?D=CP?<IB@O?D ML¡-¡CG¡Q<IJIPI=PMIPI<
=¡IJQ¡ T<OPO?P@G¡ FDC<B¡G?DLGI>u¡FD=JLPG<F¡NDF=@u<M<IJG?M?Q¡ ?@?DDI?DFD
JOPU?JLLPUPLMG==P?<L<GH<NIFDLJPIPIC<HN=PNU@D?¡MG¡M
0JIM<U?I?¡M?D#DGUJM*<GDF¡ NJMP?P*<GDFN¡I%@T?¡M<=<?<B@?¡ =DG¡MN¡IHD
#DGUJM *<GDF ?@?D ¡B¡M LMS I¡A¡M K¡CG¡Q<I H¡I¡ Q@M¡N¡I H¡I B@?¡M¡H %N@TI
<K<UI Q¡ =?PGG<C .PO= <CI <I<G<MI <G<M LJT<M<H +¡C<T¡O M<UGLG<M JG?P #DGUJM *<GDF
LMS I¡A¡M DG¡ <C<I<=<??<I uS= %@T?¡M<=<?< TJG< ??G¡M *<GDF @G¡ L¡U¡=G¡IHD?D FD DFD
BIGF TJGP =DM BI?¡ B¡GDM?D %@T?¡M<=<?< T<SIG<<I?< =DM L<N? BI?¡M?D =?PGG<C .PO=
<CI=<MB<CI<FDN<=<C#DGUJM*<GDFB¡GDMNDUB¡GDUJIPIK@Q<UI<
=?PGG<C .PO=<C ?@?D JFDH?DM FD =DUJIPI K@Q<UI< B@?¡FB¡GDMN¡ B¡GNDI Q<MD?
JGNPI
3¡ <HH< %N@TI -¡CG¡Q<QUF<MDI?<><Q<=IQ@M¡H
0<=<C JG><L BM?G¡M #DGUJM *<GDF =<MB<C< Q<MD? JG?P I¡M¡ u¡FD= ?@?D "T =?PGG<C
=DUDHL<=DGDTT¡ODHDUTJS?PMFD=DUDL<MG<H<TMN<I
=?PGG<C.PO=<C?@?D=DUDHN¡IDG¡ DDHDUTJS?PMN¡IFDHN¡IFDN¡IDL<MG<T<L
#DGUJM*<GDF=PNU@D?¡I?¡ I¡;M¡ u¡FD=NJMP?P,%N@TI<K<UC<I,C<M?<?M
JIPI<I<NI<G<MLJT<H
%N@TI -¡CG¡Q< @CT<M JIG<M C<UMG<? %N@TI B@TDHDID B@TD= LGI>I u¡FD= H@T?<I<
T@MD?D ¡QQ¡GL¡?¡H?¡ *¡C¡HH¡?-@T¡H=¡M¡ N¡G¡Q<ONTG¡?DQ¡ T<M<C<UMJG?P
*<GDF?@?D*¡I%N@TI<K<UDNO¡TDM¡HN¡IFDHN¡I
%N@TI-¡CG¡Q<I?@?D*¡I1¡=MDUGD?BH¡uDH¡NDCDI?¡NOK¡MQ¡M?¡ND¡=@NO¡MGDLPM?
%N@TI¡H %N@TI <K <G<H =DU jGF¡HDU?¡
T<<TDM?DLNDUB¡GD=H¡IDH=<>D L<M?<DHDjG?M=Q¡ jGF¡HDO<GOTDMNDU<LI¡ L¡?¡MH¡IDH
><IDH?< >I¡=DID jGF¡H¡ LJTHPT<><<H DI?D FD @DO?DI Q¡ O<I?I C¡M I¡ NUI
Q<MN<=PTPM
0<Q<?T=<G<I?u<S<u<SN¡NDI?¡ILPG<LOPOPGPM?PI¡C<T¡O%N@TI-¡CG¡Q<I6<
GD?@TD==DMLGI>*<GDFDI=<I?<I@G¡ QPM?PFD*<GDFDFD=GI? =?PGG<C.PO=<CT@I¡?¡
u?I¡ GG<C<N¡>?¡ @?D= CN¡I CN¡IN¡NDBTG¡M¡ LJQU<I?
*<GDFDILMSU=¡FD%N@TIDI?QM¡NDIOPO?PG<M%N@TIDMFDHDJIG<MI><II<?=
JOPU ?JLLPUPIP G?M? =DMDIDI ?¡ LPG<I F¡ND= TJG< N<GD= ?@?D <C<I<=<?I <C F=¡M
<C<Q¡ JIPIIQu¡ND ML¡¡ ?@TI¡%N@TI<K<U?@TDMN¡IDI?¡ =<ILMSH<<B¡GDM¡H
PN<Q<?<INJIM<%N@TI-¡CG¡Q<I#DGUJM*<GDFDIC¡MI¡TDQ<MD?D<G? T?=?PGG<C
.PO=<C<Q@M?DDFDG¡MDLJG=JTPIJGP=QD?<G<?G<M
=?PGG<C %N@TI¡ ?@?DDI?DFDB@?DMN¡II@u¡ I¡A¡MH=<MDUN¡M?<M
DNO¡TDMN¡I<K<M
%N@TI?@?DT<GIU@CT<M TT<MH¡I¡ Q@MN¡IDU=¡N?DM@G¡GDFG¡
¡=@NO¡MGD %N@TI %N@TI -¡CG¡Q <GH<<C<UMG<?
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
"&)&b#,N*+% #lb# /#(
l*%l#l) %l$ &#&! (+
!L#&!$T!*W""\!.+
U¡M=<T><L H<M<LG?M FD =P ¡AN<I¡G¡MDI NE@OD uJS
C<GG<M?< ?<NO<II NE@OD DG¡ NONO¡ ?HM
AN<I¡G¡M =DU¡ X(JMJGP[ ?<NO<II?<I =¡GGD JGH<T<I uJSGP C<?DN¡G¡MD I¡LG @?DM P C<G?<
?<NO<IG< ¡AN<I¡G¡MDI C<IN =<G<MG< =DMG¡H¡ND H¡N¡G¡ND <M<?MH< HQUPNP JG<M<L JMO<T< uSM
%¡H ?<NO<L
X@KJN[ ?<NO<I?¡ ?<NO¡ ?¡ ¡AN<I¡
H¡N¡G M¡Q<T¡O <O<G<M NU U¡M=GH¡N¡G Q¡ N FDHD =OI @KDF IQG¡MD <IG<TG<M U DuDI¡ <GM
6¡ID @KJN =DM ?I>¡ O¡MUD?DM , ?@H¡F?DM FD @KJN NDNO@HDI¡ ?<SDG JG<I S<GL ¡AN<I¡G¡MDIDI =<GG ¡G<L¡ND ?@?DFG¡MDHDU¡
N=PO?PM PIG<M @TID @KJN NDNO@HDI¡ ?<SDG JGN<G<M ?< NE@O JG<TG<M =DMD=DMD DG¡ =DM=<< N¡NG¡HDM
P JI?<I?< X(JMJGP[ ?<NO¡ T<M<IH<NI <uLG<TM AN<I¡IDI DU<C@?D>D APIFNDT<N JIPI @ODJGJED =DM H¡OI
JGH<NI BU II¡ B¡ODMDM P ?< C¡HDI ¡AN<I¡G¡MDI @ODJGJED HDAG¡MDI U<H<IG< OM<INAJMH<NDT<T<
PM<H =DuDHD JGH<NI?¡G= @OHD JIG<M
C<L?< LDTH¡OGD ADFDMG¡M ?@TDGHD?DM =<S Q¡ N
6PS<M?< QPMPG<I¡ JG<M<L H@T?<I< uSG< ?<G<M L<T<G<M
u<KTG¡ C@TM¡O ?JPM¡ JIPIG< ¡G<L¡?<M?M FD @KJN L¡CM¡HGI?< T@ID F@TADTT¡OG¡M ¡SU @OH¡T¡ =<G<H?M ¡GGD C¡LDL¡O?DM FD JUGI?<
¡N<ODMD J=M<UG<M H¡=P?G<M M@<GG<?MG= ?DIG¡TD>DG¡M¡ O<MDSD ¡SNDTT¡O FDHD O¡L?DH JGPIPM P ?<
Q<M FD JU<I<L T<M<?>G DG¡ LJQP¡I O¡FHDGG¡D= S<GL
?<NO<IG<MI< u@QMDGH¡T¡ =<G<TMG<M PM<?< ¡N<ODM Q¡ ¡AN<I¡G¡M?¡I B¡G¡I =¡UD <IG<GH¡C¡O X(JMJGP[ ?< ?< UI L<=<ML ¡FDG?¡
BNO¡MDM[ N
*DAJGJL<GDH 0@TA¡??DI /U<NJTPI ?< NUB@?¡I HQUP DG¡ =DM=<< N¡NG¡¡I ADFDMG¡MD >D??D
H<M<L ?JPMPMXU¡M=<T><I AJGFGJMI<NGI?< PUPI DGG¡M ¡MUDI?¡ ?<NO<I Q¡ I<GG<M ¡AN<I¡ Q¡
M¡Q<T¡OG¡M Q¡ N @KDF E<IMG<M NDNO@HDI¡ <D? @?DGN¡ ?¡ =P E<IMG<M< @KJN NDNO@HDIDI NOMPFOPM
N¡QDTT¡G¡MD FDHD =<SGH<H?M I?D ?¡ ¡FN¡M O¡?LDL<OG<M?< X@KJN[ <? <GOI?< T<GIU X?<NO<I[
I¡U¡M?¡ OPOPGPM %<G=PFD =P <IG<TG<M <M<NI?< HM¡FF¡= KJ@ODF HI<ND=¡OG¡M Q<M?M "KJN
@OIJNPI ?I>¡ NDNO@HDIDI @KDF ¡N<N?M HDGGD ?I>¡ NDNO@HDIDI =OI KJ@ODF NS@HG¡MD JI?<
>¡HG¡DM !I>¡ NDNO@HD JG<I @KJN H¡OI N¡QDTT¡NDI?¡ ?<NO<I I<G ¡AN<I¡ M¡Q<T¡O Q¡ N @KDF
E<IMG<M?<I O¡FDG JGPIPM[ N
AN<I¡G¡MDI ¡N<ODM¡ IDN=¡O¡I O<MDSD C@F<T¡OG¡M¡ ?<C< T<SI JG?PPIP QPMPG<T4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
HDGGD AJGFGJMPHPU?< #¡MC<? J=M<UII ?DLL¡OD ?<C< uJS >¡G= @O?DTDID X#¡MC<?I N¡ND[
X+¡H¡F<M #¡MC<?[ ¡AN<I¡G¡MDIDI JG?PL>< L¡?DH =DM @KJNPI DUG¡MDID HC<ADU¡ @O?DTDID
X#¡MC<?I N¡ND[ ¡AN<I¡NDIDI N X(JMJGP[ @KJNP DG¡ N¡NG¡¡I ILO¡G¡MD JG?PP
L¡I<¡ODI¡ B¡GDM X#¡MC<?I N¡ND U @GuDND JG?PP FDHD (JMJGPIPI ?< DBD?GDTD ?¡GD I¡M¡ND
BMH¡U¡=DGH¡U¡ +DB<MI L¡G=DI¡ H¡C¡==¡O OJSPHG<M N¡KHD?D (JMJGPT N¡ND ?¡GD
I¡M¡ID =¡S @?¡I ?JH< TPM??<F .J<=PG<UF<M N¡ND DN¡ @GDI ?DG=¡M
NJI<NII GC<H -¡MDNDIDI I¡A¡NDI¡ =<G?M G?¡?¡ U OJMK<I?< LP FDHD PuPM FG¡F?¡I
L<I<? <GM T<? OJMK<L?< DN¡ DG<I FDHD NMIM #¡MC<? ?< =@G¡?DM 2U<L T<? GF¡?¡ JG?PL?<
FG¡F -¡MDIDI I¡A¡NDID u<O?M< =DGHDM Q¡ =P N¡=¡=?¡I JIPI N¡ND =JPGPM F¡NDGDM jU OJMK<I?< DN¡
-¡MDIDI I¡A¡ND JI< O@U u<OM Q¡ N¡NDIDI U¡IBPG¡ND FIGG¡MD Q¡>?¡ B¡ODMDM PM<?< @TID U<H<I?<
H¡C¡==¡ODI B>I¡ L<?DMGDTDI¡ =TF DI<H Q<M?M[ N
0--DMNPGO<IG XU¡M=<T><I ¡AN<I¡ Q¡ M¡Q<T¡OG¡MDIDI ¡?¡=D <=D?¡G¡MDHDUG¡ HL<TDN¡GD
O¡?LDLD[ <F X+PMG<I[ FDO<=I?< SNPND QPMPG<TM FD ¡AN<I¡ Q¡ M¡Q<T¡OG¡M @KJN Q¡
?<NO<IG<MHU?<F H¡N¡G¡G¡MDI <T?IG<?MGH<NI?< uJS =TF ¡C¡HDTT¡O ?<TM !<C< ?JMPNP
L<M<IGL ILO¡G¡MDI U¡MDI?¡I K¡M?¡ID BOMM 5NPNDG¡ ?<NO<IG<M?< M<NO B¡GDI¡I L¡?DH DI<H
@ODL<? ?I>¡ O¡MUG¡MDIDI TM¡IDGH¡NDI?¡ ¡AN<I¡ Q¡ M¡Q<T¡OG¡M ¡Q¡UNDU L<TI<L MJGPIP JTI<TM
N
U¡M=<T>¡G¡M¡ B¡GDM P =<SH?¡ T<<H<NI< ?DLL¡OD u¡FDM U¡M=<T><I @KJNPIPI X(DO<=D!¡?¡
.JMLP?[?<I X(JMJGP[ ?<NO<II< L¡?¡M PUPI =DM O¡F<HG Q¡ O<MDSD DIFD<A TJGP F@u?DTDID =P TJG?<
=DM NM< ¡?¡=D=¡?DD C<?DN¡G¡MG¡ BM?TI L¡?DH ¡N<ODM ¡AN<I¡ M¡Q<T¡OG¡M?¡I ĝ N¡H¡M¡GD
¡FDG?¡ A<T?<G<I?I[ N L@T? @?DM 0--DMNPGO<IG X(JMJGP[ @KJNPIPI ¡N<ODM ¡AN<I¡ Q¡
M¡Q<T¡OG¡M?¡I B@ID ¡FDG?¡ =¡CM¡G¡I?DTDID L@T? @?¡M¡F =P L¡I<¡O¡ B¡GDM FD H¡GPH JGPM X(DO<=D
!¡?¡ .JMLP?[ Q¡ X(JMJGP[ FDHD @KJNG<M XNGD(¡M¡H[ X1<CDM7CM¡[ FDHD H¡C¡==¡O
?<NO<IG<M UG¡MDIDI FFG¡MD MD¡G¡MD DG¡ C<IN L<TI<LG<M< =<G?M Q¡ U¡M=<T>DTT¡QD SNPNDTT¡OG¡MDID I@>¡ LJMPTP= N<SG<HG<MXPM<?< ¡I I¡HGD >¡C¡OG¡M?¡I =DMD ?¡ J?PM
FD @KJN?< 3¡O¡I 3¡O¡I OJMK< S<GL Q¡ JIPI O<G@TD U =¡?DD DIDF<NI O<KM "KJNG< =<G 3¡O¡ID
O¡HNDG @?¡I ?<G<M L<T<G<M L<G<G<M <=D?¡G¡M SNPND ¡U¡H¡O F¡N= @?DM PIG<M L¡CM¡H<IGL
@KJNG<MI?<F Q¡O¡IK¡MQ¡MGDF MPCPIP ?<C< ?< LQQ¡OG¡I?DMDM (JMJGPIPI O<MDSD L¡CM¡H<IG
N<M<GH Q¡M¡LG¡M?¡I uJSuJS I>¡ TPM?PI ?<G<H <=D?¡G¡MDI¡ T<UGH?M "G L¡CM¡H<III
H¡NF¡I N<G? NI? ?< ?< JG?PP FDHD =OI H¡LG¡MD ?¡ HDI =DM JTPIP ?< ?<G< ?<G<
=<G?M /¡Q<T¡O¡ BM¡ (JMJGP N¡C¡MN¡C¡M DMD L<T<G<MG< =@?< JTI<? FDHD ?T?¡I ¡QQ¡G
(M Q¡ M< <O u<KM uDTIDI¡ <M ?< BOM= u<TG<M B<C J U¡ B<C ?< =P U¡
F@u¡MHD 5<GLI O¡N¡QQMI¡ BM¡ J ?<G<MI uJSP M<U Q¡ (M u<TG<MII N<CDGG¡MDI¡ T<SI
¡M<UDG¡M?¡ =P BI ?¡ L<GH<L?<?M 5<GL =P ?<G<M C<LLI?< @G¡ BU¡G ¡AN<I¡ Q¡ M¡Q<T¡OG¡M T<M<OH
L¡CM¡H<II <?I =DODGD L<T< ?< <=D?¡G¡M?¡ C¡FF @OHD?DM (JMJGPIPI T<M<NI?<I <S<I L<I<
=JT<IH L<T<G<M .M<OI <T< T<M<G<I<I?< (JMJGPIPI NOI¡ BU T< <SO? ?<G<M =P BI
X.<IG ?<[X6<M<G ?<[ <?G<M DG¡ HCMG¡IHD?DM[ N
PM<?<F ¡AN<I¡QDGDF SNPNDTT¡OD SGT<uGL D<MON ?@TDG S<GLI U L¡CM¡H<II< JGD DI<H S¡GLD
DI<H S¡GLD ?PTPH S¡GLD H¡I¡QDTT<O S¡GLD DM<?¡ N¡QDTT¡NDI?¡?DM .¡CM¡H<I< HI<ND=¡O O<H?M
J B@Mu¡F O¡N¡QQMG¡M?¡I NOI?M C@u =DM F¡N¡ JS<HM "G¡ =P N¡=¡=?¡I ?¡ S<GLHUI T<M<O?
X(JMJGP[ S<GLHUI UIIF?M uJSN<TG X(JMJGP[ ?<NO<IG<MI?¡C¡O¡ ?DLL¡O @?¡M¡F T<UM FD =OI =PIG<M =DU¡ O¡F>¡ JU<IG<M <LG<M @G
<N<LL<GG<M NDI¡ND NUG I¡I¡G¡M ?@TDG C¡H ?¡ TPM?PHPUPI L<T<G<M ?<G<M ?<IM XDU C¡M
=DM ?<?< .M<OI <T<II I<GII DUDID BMM (JMJGP DG¡ =<G S<ODM¡G¡MDI T<<?I TM¡IDMDF
jUB¡ NUG¡ @KJN Q¡ ?<NO<IG<MHU C<LLI?< TPM?PHPUPI L<T<G<MI?< C¡OO< ¡I FDuDF ?<G<MI?<
H¡TT¡I =DM ID<I¡IDI C¡FF @?DGH¡NDIDI <CD?D JGPMPL "KJN L¡CM¡H<IG<MI TFN¡G?¡I JIG<M
T@IDGH¡U ¡AN<I¡QD >¡IB<Q¡M¡ u@QDM¡I ?¡ @G¡ =P <HDGG¡MG¡ LMGH4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
F¡NDI <OI< =¡IU¡HDM P @G L¡CM¡H<III H¡NF¡I N<G? e¡IGD=@G ?¡ C@u =DM ?<< =¡IU¡HDM P
=¡IU¡MNDUGDF =P P><GL (JMJGPT< LQQ¡O Q@M¡I ¡N<N <OMD=POG<M?<I?M[ N
%@u ?¡ O¡N<?AD ?@TDG O¡?LDL<Ou O¡=DD JG<M<L <<?<F HPHDG¡?DMD>D L¡I<¡O¡ B¡GDM FD
X(JMJGP[ ?<NO<I AJMH<G<<I< ?<NO<ILJG N¡QDTT¡NDI¡ L¡?¡M TFN¡G¡I¡ FDHD =TF O¡F<HG
O¡FHDGG¡H¡ TJGP F@uHD =P TJG?< =P F@uD? H¡MC¡G¡G¡MDI?¡ X(DO<=D!¡?¡ .JMLP?[ =JTG<M DG¡
T<I< I@u¡I@u¡ ¡N<ODM ¡AN<I¡ M¡Q<T¡O Q¡ ?<NO<IG<MG< =DMG¡HD JIG<MG< LJQPHP?PM N
¡CMPU %¡LLD DN¡ T<UM FDX(JMJGP[ @KJNG<<I< FDHD JIPI ¡N<ODM ¡AN<I¡G¡M?¡I =¡CM¡G¡IH¡
KMJN@ND =P T<M<?>GL O¡=¡??G<O PUPI ¡NMG¡M ?<Q<H @OHD?DM "TID U<H<I?<X(JMJGP[ @KJNPIPI
L¡CM¡H<IG<M O<MDSDI F@H¡F@G¡MDI?¡I F@u¡MF¡I =DM NM< ¡AN<I¡QD L¡CM¡H<IG<MG< u<MK<UG<H
LJQPHP JIG<M< H¡SNPN S<M<FO@M F@TADTT¡OG¡MD ¡SU @OHDG¡M[ N
.@T? @?¡F FD 0--DMNPGO<IGII I@u¡ JIDGGDF U¡CH¡ODI =¡CM¡ND JG<M<L OJKG<T= O¡MOD= @O?DTD
XU¡M=<T>G ?<[ Xe¡IGD=@G[ X"TQ<U L<G<N[ X!JG<<G<MI NC=¡OD[ X-<K<L <GOI?<
JPG Q<M[ X.<M<BG ¡AN<I¡ND[ X%<G<TKJU<II e¡IGD=@G¡ B¡ODMDGH¡ND[ (JMJGP Q¡ (¡GK@TN¡M[
FDHD ¡AN<I¡G¡M O¡L?DH JGPIPM
X%¡UM¡O GD DG¡ (JMJGPIPI BM[I?¡ (JMJGP 1DGNDHGD ?<I =<I?< JSPT<I LPP JS DG¡
QPMPM .PPI L 0PGO<I< ¡Q¡UNDU FH¡TD O¡NQDM JGPIPM N
X(JMJGP ?<[ <?G ¡AN<I¡?¡ (JMJGPIPI C<M< B@?DMB@ONDI e¡IGD=@G?¡I U DG¡ =DM ?<
<K<MH<N O¡NQDM JGPIPM 6<O<I?< ?< =<II <GOI< LJT<MH P ?< (JMJGPIPI C¡T<I Q¡O¡I
?< TJG?< JG<MH DM ?¡A¡ (JMJGP U ?¡GDG¡MD DG¡ 7¡IB¡UPM ?<I< JQ< uS<MF¡I ?¡GDG¡MD =DM
T@M¡ TH<L uI e¡IGD=@G ?
N<T¡NDI?¡ =PM< ID<IB<C FDHD LJTPGH<N ¡AN<I¡IDI HJODQDID O¡FDG @?DM N
X+<G ?<[ ¡AN<I¡NDI?¡ DN¡ ?@TDGDM FD )<uI M<TJIPI?< <<UPM F¡I?D T<SIGI?< ?¡MDI =DM
?¡M¡ Q<M +<G ?< ?¡M¡IDI J O<TI?<?M !@TDG¡I¡ BM¡ (JMJGP ?H¡IG¡ O¡F=¡O¡F QPMPPM
0JIM< ?< I¡M¡ u¡FD= .M<O u<KM <O LP FDHD PuP= ?¡M¡IDI J O<TI< ?M P U<HU¡QD B> M¡HUG¡D= ¡AN<I¡QD H<CDTT¡O .M<OI <T<II =DMDIDI
N<G ?¡ %<GG<Q<M-¡H=¡F ?<G<MI?<F X"TQ¡IP= ¡O¡FG¡MDI?¡ -DMN<<O Q<?DNDID O<H<HG<T¡=@G ?<G<MI?<
(JMJGP <OG<MII <SPMG<M Q<M?M Q¡ =OI =P N<?<G<I<IG<MG< =<G @G DuDI?¡ =DMD=DMDI?¡I H<M<LG
NTG¡H¡G¡M¡AN<I¡G¡M M¡Q<T¡OG¡M T<<H<L?<?M X*¡N¡G¡I 7¡T¡H?¡FD X(JMJGPIPI T<M<G
?<[I< <D? M¡Q<T¡O?¡I =¡GGD JGPM FD ?T?¡I T<M<G L<T?G
?<[ ¡AN<I¡NDI?¡ (¡K¡UDI ¡O¡TDI?¡ !J? ?<II =<I?< =TF =DM ?<GH (JMJGP O¡QD DuDI?¡ ADFDMG¡DM FD =DM?¡I
*DNMD LGI> =<L< =DM LQQ¡OGD ¡G¡ F@u¡ =DG¡M DM?¡I J ¡G N<CD=D S<GLI L<II< T@MDFG¡T¡I JG<M
S<IG<MI =¡TG¡MDI K<?<CG<MI SD?H¡ODI?¡ ?<T<I<M 5<GL uI QPMP =DM?¡I S<GL<
L<M u@QMDG¡MeJS BOMLJT? BOM= C¡HDI ?<< u<SM *DNMD
LGI>I O<G@TDI?¡I M<C<OG<< GM PI< BM¡ ?¡ S<GL C¡HDI ?<<
DI?D X(JMJGP ?<[ ?@TDM %¡LDL¡O¡I C¡HDI ?< ?PMPM !I T@MD?DM[ N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
P ¡AN<I¡?¡ <MOL LJ><GH (JMJGPIPI NJI B>I OJKG<T<M<L O¡=D¡ODI H>U¡QD
C<?DN¡NDI?¡I DG?MH K<Mu<NI?I B>I O¡=D¡O¡ L<TO<MH<NI?¡G= @?DM
Xe¡IGD=@G[ ¡AN<I¡NDI?¡ L<T<G<M T@MDI?¡I LJK<M= L¡?DHGDTDI N¡NDID OJMK<< LPG¡ BUG¡M?¡ FIGG¡M?¡ T<<HM ?<G<M?< L<T<G<M?< ?< N<SG<IM *¡I BI?¡ =DM ?¡A¡ B¡GD= J
N¡NG¡MD JT<?M<H J BIG¡MD ?<I?MM<H LPG<L <NM<H HMH =PIG<M PU<?M[ N
M"TQ¡?¡ "TQ<UI SDG<N JGPIH<N O¡NQDM JGPIPM AN<I¡T¡ BM¡ C¡HDI
L<T<II <? J Q<SO?I?<LJIPI?¡GDI¡M¡NDI?¡ILJMSPM N
AN<I¡IDI H<T<NI?< ?PM¡ DBD??D FD =<N?I F¡NHDM *¡ID G?M¡ ?¡
=DG¡M?D <L LTH<T= @G¡ DBD?DI ?¡GDND JGH<L JG<M[
1¡?LDL<Ou 6NH<TGJQ< T<UM Xĝ?<NO<II ?<?G O¡L?DH @O?DTD @KDF ¡SG<L D?@<GG<MI<
BM¡ I<H¡M? =P ?IT<?< T<<H<H<G?M !IT< H¡M?G¡MDI ?IT<N?M *¡M?G¡M ?<DH
I<H¡M?G¡MDI FFI F¡NH¡GD?DM (JMJGP =P KMDINDKG¡ T<<TM[N
X(JMJGP ¡AN<I¡ Q¡ M¡Q<T¡OG¡MDHDU?¡ OJMK<HU< ?<HU< ?<HU< BGHU¡ u<THU<
=<G =DM DBD? @G CI¡MQ¡MD FDHD O¡NQDM Q¡ O¡M¡IIH JGPIPM[ N
0--DMNPGO<IG NUB@?¡I FDO<=?< OJKG<H JG?PP <<?<F ¡AN<I¡ID ?¡ O¡L?DH @?DM
X(M u<T I¡H¡GD L<M<LLMLG =DM u<T DHD (JMJGPIPI =<>N +¡I¡LU (M u<TII N<CDGDI?¡
J><L u<O= N<>?< TPS< =DDMDMHD DM ?¡ S¡=¡M u<ODM FD @QDI TSGNI +¡I¡LU (JMJGPIPI Fu
(M F@u?D +¡I¡LU <T<< L<GS= N¡CM<G<M< N¡N N<G<I (M¡ L<M @?DM X0¡ID G<G JG <T (M
0¡NDI LJTH<? FD (JMJGPIPI FuI?¡I S¡=¡M OPO<H[ , BI?¡I (M G<G JGPM[ N
0--DMNPGO<IGT< BM¡ =P M¡Q<T¡O ¡NGDI?¡ ¡AN<I¡ ". @TID U<H<I?< X(JMJGP[IPI
X(DO<=D!¡?¡ .JMLP?[ ¡I¡I¡G¡MD DG¡ N¡NG¡H¡NDID TM¡IH¡T¡ ?¡ FH¡F @?DM X+¡I¡LU U
L<MTG< X<GL <GL L<M L<M JG¡ TPSP?< JI< ?@TDMG¡M
e<T N<CDGD N@G TJGP?PM "T (JMJGP DBD?DI <MS<N ?<G<M?M ,T¡NDI?¡I B¡G¡I =DM ¡N<N SNPNDTT¡O ?DLL¡OD >¡G= @?DM DIN¡NDI?¡ <O HPM<?< T@OH¡F M¡HUD FDHD <IG<G= ?¡MF JGPIP=XĝTPSP?< (JMJGPT< ?<G<M<
u¡FDGH¡F ?¡ OQNDT¡ @?DGDM %@u =C¡ TJS?PM FD =P =DG<Q<NDO¡ ?< FPGOP DG¡ =<G?M[ N
X-<K<L <GOI?< JPG Q<M[ <?G ¡AN<I¡?¡ N DGF =<S?< UBUI?¡I L¡CM¡H<IG
N@UDGH¡T¡I JG@TMG< =<I F¡NDM 0¡I ?@H¡ =P (JMJGPIPI
H¡CPM ?¡GDND "TQ<U DHD AN<I¡?¡FD =P HJODQ ?<NO<I?<F <TM<TM uJSN<TG L¡CM¡H<IGL
H¡L<HG<MI< PTPI B¡GDM X(JMJGP[ ?<NO<III HSO¡GDA =JTG<MI?< ?H¡IDI DuDI¡ GD=<NI
?¡TD¡M¡F BDM¡I (JMJGPIPI T< ?< ?¡GDG¡MDIDI C@u F¡NDI <GI< B¡GH¡T¡I H¡L<H?< DBD?GDFG¡M
BNO¡M¡M¡F C<HI C@TM¡O¡ N<GH<N ?@?DFG¡MDHDU¡ BU¡G N=PO?PM
X!JG<<G<MI NC=¡OD[ ¡AN<I¡NDI?¡ ?¡ NUB@?¡I H¡L<H ?DLL¡OD u¡FDM X(JMJGPIPI
LJ><G[ LJGPI?< +DB<MG< O¡F L<G<IG<IH<N K<M<G@GGDF u<MK<UGL T<M<OH<N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
?<IGH<U?M 5<GL L¡CM¡H<II C¡HD¡ ><IG Q¡ ?TF¡I BMH¡F DNO¡TDM BMM ?¡ .P ?DGDID
=DG¡I ,QuP -DMDH <I< ?JG<<II <CD?D JG?PP C<?DN¡ID ?<IM JQ< uS<II HDNDGNDU CI¡MDID BM¡I?¡I NJIM< C@TM¡OG¡MDI?¡I ?JIPMG<M ,IG<MI
<OI< HDI¡I LJ><II <GOI?< C¡OO< <O DG?MH< ?IM M<?<I?< =DM
>TM B@MD ?IM TM BT¡ <OM LGI>I u¡FDM C<Q<?<>< DFD =GM %@TM¡O?¡ L<G<IG<M<
X*¡I (JMJGP ?¡GDND "TQ<U<H ?@TDM ē $M?TIU =P ?< ?< e¡IGD=@G?DM ē (JMJGP ?<?M[
N
!@H¡GD ¡AN<I¡?¡ O¡NQDM JGPIPU¡QD T@M?DM 0DA¡O?¡I C¡?NDU T<G BMI¡I LJ><T<
C<=@G¡ O¡N<?A¡I HDI?DTD <O< ?< HDNDGNDU B> MPC Q@M¡I =P TPM?PI O¡=D¡ODI =DM NUG¡ 3¡O¡IDI
MPCP?PM
+7H7=bB s<I7DsI?RD:s ?Is :;O?B?H A? &7]lDlD '?DAsD: AsD:? O7NlDBlhD:7 8?H :7h =bBd L7H
:lD7 +7H7=bB :;O?HBsH K =bBdD GsH?8s I;>H? L7H !dDsp 87J7D:7D O :Eh7D:7D IEDH7
+7H7=bB:sD GEp7 G7D7:Bl 8?H 7h 7J ]lNl8 =bBdD sJH7<lD:7 EJB7OlH ;O?BsDs =bHs 8K ;Bs +lH7JlD
bPd:dH %EHEhBK G;O8s ]sA?BsD:sD IEDH7 E :7 UsDB?8;B? JsHA ;:?8 8K =bBd s8s:? EB7H7G bPdDs
CsIAsD I;]?8
P ¡AN<I¡?¡ X(JMJGP[ ?<NO<II?< O¡NQDM @?DG¡I C<?DN¡IDI N¡=MD u<OH<?I?P BI
OQG¡IDI NOI?¡I ?@DF <u= <OG<M< =<S?I?<I .M<OI L<I<?G<MII ¡MDTD= TJS< uSH<N ¡FNDID
BMMF *¡GPH?PM FD ¡AN<I¡ E<IMI?< C<?DN¡G¡MDI N@CDMGD O¡NQDMD ?<C< uJS?PM AN<I¡?¡I <T?I
JGPM FD =P <O BM¡IG¡M ?¡ JGP=XO =¡ID<?¡H BM¡I FDHD =¡MF?¡I FDI¡TDM ADIDADID OM T< ?<
L<u= O@U BG¡ BDMDM C¡OO< PuP= =DM ?<< LJIPM BMIH¡U JGPM[ N
0UB@?¡I HQUP DG¡ =<G N<?<G<I¡ JG<M<L JIP ?@H¡F JG<M FD
HCO¡¡H X(JMJGP[ ?<NO<III HDAJGJBD L<TI<LG<MII TM¡IDGH¡NDI?¡ ¡AN<I¡G¡MDHDU ¡Q¡UNDU
H¡I=¡ MJGPIP JTI<TM X(JMJGP[ ?<NO<III @KDF ?IT< HJ?@GDID ?ITM=¡NDID
=DM NDNO@H C<GI?< TM¡IH¡F uI ?<NOGDF
6<<TGDF
6PM?PHPUPI ¡AN<I¡G¡MD <F
U¡M=<T><I OMFG¡MDIDI S<GL ¡AN<I¡G¡MD <FN %¡LLD X(JMJGP[ O<MDSDHDAJGJED B@Mu¡FGDF[ <F +PMG<I
NH<TGJQ< 6X(JMJGP[ ?<NO<II?< J=M<UG<M NDNO@HD <F
+PMG<I N
¡A¡MGD * !<NO<I Q¡ HDA <F "GH N
(JMJGP 3¡GD 5PGPAGP I¡MD .@T? ¡MC I NUI H¡GGDAD H¡OID I¡M¡ C<UMG<T<I Q¡
M@?<FOJMP +¡=DT@Q I¡MD <uLG<T<I Q¡ O¡MOD= @?¡I 6NH<TGJQ< <F "GH
N
|¤§¡¡ ª¥¥¡¯ª¡¡¢Mz ~ªN
¨ ¦ÍËÖÇÆÏÊÌÆÓ×ÐÔÒ ÚÔÑâÐÑÔÖË ÓÆÖÔÊÓáË ÑËÉËÓÊá ÕËÖËÐÑÎÓæåØ×æ × ÊÆ×ØÆÓÔÒ X°ËÖ
ÔÉÑá[ÈÍÆÎÒÔ×ÈæÍÆÓÓÔ×ØâåÛÆÖÆÐØËÖÔÈ¨ÔÒÓÔÉÎÛ×ÑÙÝÆæÛÕÖÔ×ÑËÌÎÈÆËÒáÛÓË×ÔÈÕÆÊËÓÎË
ÔØÈËØÈÑËÓÎÏ ×ÑÔÌËÏÓáÛ ÑÎÓÎÏ ® ÊÆ×ØÆÓ Î ÑËÉËÓÊÆ ×ÔËÊÎÓæåØ×æ È ×ÆÒÔÒ ËÕÔ×Ë
µÔæ×ÓÎØËÑâÓÆæÚÙÓÐÜÎæÑËÉËÓÊáÔÕÖËÊËÑæËØËåÕÖÎÝÆ×ØÓÔ×ØâÐãØÎÔÑÔÉÎÝË×ÐÔÒÙØËÐ×ØÙ
¾ØÔ ×ÈÎÊËØËÑâ×ØÈÙåØ Ô ØÔÒ ÝØÔ × ØËÝËÓÎËÒ ÈÖËÒËÓÎ ÑËÉËÓÊá ãØÎÔÑÔÉÎÝË×ÐÎË ÒÎÚá
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
ÕÔÊÈËÖÉÆåØ×æØÖÆÓ×ÚÔÖÒÆÜÎÎ±ËÉËÓÊáæÈÑæåØ×æÔ×ÓÔÈÔÏÊÑæÎÍÙÝËÓÎæÒÎÚÔÑÔÉÎÝË×ÐÎÛ
Î×ØÔÝÓÎÐÔÈÊÆ×ØÆÓÆX°ËÖÔÉÑá[
z®§ª ¡ ÊÆ×ØÆÓ X°ËÖÔÉÑá[ ¦ÍËÖÇÆÏÊÌÆÓ×ÐÎË ÑËÉËÓÊá ÒÎÚÔÑÔÉÎÝË×ÐÎÏ
Î×ØÔÝÓÎÐãÕÔ×
+:7?KF:A>A9;53>>3K7D;@F:78A>=>797@6E5A@@75F;@9I;F:F:7>797@6 º"&)&#,»
+PH@MJPNAJGFG@B@I?NDN?@<GRDOC>C<M<>O@MNM@B<PM?DIBRDOCOC@G@B@I?ė(JMJBGPĘDIOC@
U@M=<DEJI>D?@ RDOC OC@ KGJO JA OC@
G@B@I? "DOC@M G@B@I? JM HTOC EJDI @<>C JOC@M DI OC@ @KJN1C@ @NKG<IOMT AP>ODJI JA OC@ G@B@I?
NCJROC<O DO DN < @ODJGJBD><G O@SO 1CDN DIAJMH OC<O OC@N@ G@B@I?N DN >JII@>O@? RDOC @ODJGJBD><G
HTOCN RCD>C NP=E@>ODIB OM<INAJMH<ODJI 1C@ G@B@I? ė(JMJBGPĘ DN < H<DI N<Q@>@ AJM G@<MIDIB
HTOCJGJBD><GNJPM>@NJAOC@G@B@I?
"7K IAD6E1C@G@B@I?JAOC@ė(JMJBGPĘOC@G@B@I?NJAU@M=<DE<IHTOCJGJBD><GNJPM>@
@KJN
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
vu}~z~|~wxx~}}u~~pu}}~xtoo}o
zozutqoqovu}xoq~z~r~|x~q~wwu}x
viuc^na^cefd`
µÖÔÇÑËÒÆ ×ÔÊËÖÌÆÓÎæ Î ÚÔÖÒá ē ÔÊÓÆ ÎÍ ÐÑåÝËÈáÛ È ØËÔÖÎÎ ÑÎØËÖÆØÙÖá
²ÔÌÓÔ ÔÕÖËÊËÑÎØâ ØÖÎ ÓÆÎÇÔÑËË ÖÆ×ÕÖÔ×ØÖÆÓËÓÓáË ØÔÝÐÎ ÍÖËÓÎæ ÓÆ ÓËË ´ÊÓÆ
Î×ÛÔÊÎØ ÎÍ ÕÖËÊ×ØÆÈÑËÓÎæ Ô ÕËÖÈÎÝÓÔ×ØÎ ×ÔÊËÖÌÆÓÎæ Î ÈØÔÖÎÝÓÔ×ØÎ ÚÔÖÒá
ªÖÙÉÆæ ÎÓØËÖÕÖËØÎÖÙËØ ×ÔÔØÓÔÞËÓÎË ãØÎÛ ÐÆØËÉÔÖÎÏ ÕÖÔØÎÈÔÕÔÑÔÌÓáÒ ÔÇÖÆÍÔÒ
¹ÖËØÎÏ ÕÔÊÛÔÊ Î×ÐÑåÝÆËØ ÓËÔÇÛÔÊÎÒÔ×Øâ ÙÕÔØÖËÇÑËÓÎæ ãØÎÛ ÐÆØËÉÔÖÎÏ
µÖËÊÕÔ×áÑÐÔÏ ÊÑæ ØÆÐÔÉÔ ØËÔÖËØÎÝË×ÐÔÉÔ ÈÔÍÍÖËÓÎæ æÈÑæËØ×æ Òá×Ñâ Ô ËÊÎÓ×ØÈË
×ÔÊËÖÌÆÓÎæÎÚÔÖÒáµÔ×ÐÔÑâÐÙÐÔÓ×ØÆØÎÖÙËØ×æØÆÐÔËËÊÎÓ×ØÈÔÕÔ×ØÔÑâÐÙÐÆÐÇá
Î×ÐÑåÝÆËØ×æ ÈÔÍÒÔÌÓÔ×Øâ ÊÎÚÚËÖËÓÜÎÆÜÎÎ ÕÔÓæØÎÏ Î ×ÑËÊÔÈÆØËÑâÓÔ ÔØÊËÑâÓÔÉÔ
ÖÆ××ÒÔØÖËÓÎæ×ÔÊËÖÌÆÓÎæÎÚÔÖÒá
¸ÔÊËÖÌÆÓÎË Î ÚÔÖÒÆ ÐÆÐ ÓËÑâÍæ ÑÙÝÞË ÕÖÔæÈÑæåØ×æ È ×åÌËØÓÔ
ÐÔÒÕÔÍÎÜÎÔÓÓáÛ Ô×ÔÇËÓÓÔ×ØæÛ ÕÖÔÎÍÈËÊËÓÎæ ¸åÌËØ Î ÐÔÒÕÔÍÎÜÎæ ÊÆ×ØÆÓÆ ÈÔ
ÒÓÔÉÔÒ ×ÔÈÕÆÊÆåØ ØÔ Ë×Øâ ÛÖÔÓÔÑÔÉÎÝË×ÐÎ ÔÓÎ ÖÆÍÈÎÈÆåØ×æ ÕÆÖÆÑÑËÑâÓÔ ÕÔÝØÎ
ÓÆ È×ËÒ ÕÖÔØæÌËÓÎÎ ÕÔÈË×ØÈÔÈÆÓÎæ ´ÊÓÆÐÔ ÈÓÙØÖÎ ×ÆÒÔÉÔ ×åÌËØÆ ÒÔÌÓÔ
È×ØÖËØÎØâ ØÆÐÎË ÆÈØÔÖ×ÐÎË ÕÖÎËÒá ÐÆÐ ÆÓÆÛÖÔÓÎÍÒ Î ÆÈØÔÖ×ÐÔË ÔØ×ØÙÕÑËÓÎË
ÐÔØÔÖáË×ÆÒÎÕÔ×ËÇËæÈÑæåØ×æÐÔÒÕÔÍÎÜÎÔÓÓÔÍÆÈËÖÞËÓÓáÒÎÍÆÎÒ×ØÈÔÈÆÓÓáÒÎ
È ÉÔØÔÈÔÒ ÈÎÊË ÎÍ ÊÖÙÉÎÛ ÑËØÔÕÎ×ÓáÛ ÖËÑÎÉÎÔÍÓáÛ Î ÑÎØËÖÆØÙÖÓáÛ Î×ØÔÝÓÎÐÔÈ
´ÝËÈÎÊÓÔ ÝØÔ ÐÆÌÊÔË ÎÍ ãØÎÛ ÔØÐÑÔÓËÓÎÏ ÔØ Ô×ÓÔÈÓÔÉÔ ×åÌËØÆ ÎÒËËØ ×ÈÔË
ÛÙÊÔÌË×ØÈËÓÓÔËæÊÖÔÝÆ×ØÔÖËÍÐÔÔØÑÎÝÆåßËË×æÔØÔ×ÓÔÈÓÔÏ×åÌËØÓÔÏÐÆÓÈá
·Æ××ÒÔØÖÎÒÓËÐÔØÔÖáËÆÈØÔÖ×ÐÎËÔØ×ØÙÕÑËÓÎæÔÖÉÆÓÎÝÓÔÈÕÎ× áÈÆåßÎË×æÈ
×åÌËØÓÔÐÔÒÕÔÍÎÜÎÔÓÓÔ×ÆÒÔ×ØÔæØËÑâÓáËÖÆÍÊËÑÎÈÎÛÓÆØËÒÆØÎÝË×ÐÎËÉÖÙÕÕá
° ÕËÖÈÔÏ ØËÒÆØÎÝË×ÐÔÏ Òá Çá ÔØÓË×ÑÎ ÒÎÚÔÑÔÉÎÝË×ÐÎË ÔØ×ØÙÕÑËÓÎæ Î ÎÛ
ÎÓØËÖÕÖËØÆÜÎå È ØËÐ×ØË °Ô ÈØÔÖÔÏ Î×ØÔÖÎÐÔÖËÑÎÉÎÔÍÓáË ÔØ×ØÙÕÑËÓÎæ
ÔÕÎÖÆåßÎË×æ ÓÆ ÎÍÈË×ØÓáË Î×ØÔÖÎÝË×ÐÎË Î ÖËÑÎÉÎÔÍÓáË æÍáÝË×ÐÎË Î
ÒÔÓÔØËÎ×ØÎÝË×ÐÎË Î×ØÔÝÓÎÐÎ ØÖËØâæ ÉÖÙÕÕÆ ãØÔ ×ÔÇ×ØÈËÓÓÔ ÆÈØÔÖ×ÐÎË
ÔØ×ØÙÕÑËÓÎæ ÐÆÐ ÈáÖÆÌËÓÎË ÆÈØÔÖ×ÐÔÏ ÕÔÍÎÜÎÎ ¨×Ë ÔÓÎ ×ÈæÍÆÓá ÒËÌÊÙ ×ÔÇÔÏ
ÊÔÈÔÑâÓÔ ØË×ÓÔ Î ×Ô×ØÆÈÑæåØ Ô×ÓÔÈÓÙå ÐÆÓÈÙ ×åÌËØÆ °ÆÌÊÆæ ÎÍ ãØÎÛ
ØËÒÆØÎÝË×ÐÎÛÉÖÙÕÕÎÒËËØÈÓÙØÖËÓÓåå×åÌËØÓÙåÍÆÈËÖÞËÓÓÔ×Øâ
ºÌËÝÆ×ØâÕËÖÈÆæÊÆ×ØÆÓÆÈÐÑåÝÆËØÈ×ËÇæÈ×ËØÖÎÈáÊËÑËÓÓáËÓÆÒÎÉÖÙÕÕá
® ÛÔØæ ÔÓÆ ÓÆÍáÈÆËØ×æ XªËæÓÎæ ÆÑÕÔÈ Î ÊÌÎÓÔÈ[ È ÓËÏ ×ÔÊËÖÌÎØ×æ ÒÓÔÉÔ ÊÖÙÉÔÏ
ÎÓÚÔÖÒÆÜÎÎØÔË×ØâÓËØÔÑâÐÔÒÎÚÔÑÔÉÎÝË×ÐÔÏ®ÍÊÈËÓÆÊÜÆØÎÉÑÆÈÕËÖÈÔÏÝÆ×ØÎ
ÊÈË ÈÔ×âÒÆæ Î ÔÊÎÓÓÆÊÜÆØÆæ ÓË ÕÖÎÓÆÊÑËÌÆØ ÒÎÚÔÑÔÉÎÝË×ÐÔÒÙ ×åÌËØÙ ´ÓÎ
Èá×ØÙÕÆåØ ÐÆÐ ÖËÑÎÉÎÔÍÓÔË Î×ÑÆÒ×ÐÔË ÉÑÆÈÆ Î Î×ØÔÖÎÝË×ÐÔË ÆÈØÔÖ×ÐÆæ
ÎÓØËÖÕÖËØÆÜÎæÕÔæÈÑËÓÎæÓÆÖÔÊÆÛÔÓÔÈªË×æØâÉÑÆÈÍÆÎ×ÐÑåÝËÓÎËÒÊÈÙÛÈáÞË
ÙÕÔÒæÓÙØáÛ ×Ô×ØÆÈÑæåØ Ô×ÓÔÈÓÙå ×åÌËØÓÙå ÑÎÓÎå ØÔ Ë×Øâ ØÙ ÐÔØÔÖÆæ ÈáÓ Ë×ËÓÆ
È ÓÆÍÈÆÓÎË ÕËÖÈÔÏ ÝÆ×ØÎ ÔÊÓÆÐÔ È ÐÆÌÊÔÏ ÎÍ ÓÎÛ Ë×Øâ ÒÎÚÔÑÔÉÎÝË×ÐÎË
ÔØ×ØÙÕÑËÓÎæ Èá×ØÙÕÆåßÎË ÐÆÐ ×ÈÔËÔÇÖÆÍÓÆæ XÇÎÔÉÖÆÚÎæ[ ÓÆÎÇÔÑËË ÍÓÆÝÎÒáÛ
ÕËÖ×ÔÓÆÌËÏ ¦ÑÕÆ ¼ÙÖ×á Mu £ ¡ ¯ ¥ ¯ ¢ ª
¡¢ ¢« ¢¡¢ª
ª ¦ ¡¢ ¨ ª
¢ ¡ o£ ¡
pª¢ª£¦
x¡¥¡®
w®
q¡¥ £ª
t¯¡£ ¦ÈØÔÖ×ÐÔËÔØ×ØÙÕÑËÓÎË×ÊËÑÆÓÔÊÑæ
ØÔÉÔ ÝØÔÇá ÔÇàæ×ÓÎØâ ÕÔæÈÑËÓÎË ÔÖÙÌÎæ °ÙÖÔÕÆØÐÎ ē Ô×ÓÔÈÆØËÑâÓÎÜá ÖÔÊÆ
ÝËÑÔÈËÝË×ÐÔÉÔ¦ÑÕÆ§ÔæÓÆÔØÕÔÔÒÐÔÈÐÔØÔÖÔÉÔÕÔÞÑÆÍËÒÑæÇÙÑÉÆÖ×ÐÆæÈ×ËÝØÔ
×ÈæÍÆÓÔ È ÊÆ×ØÆÓË × ÔÇÖÆÍÔÒ §ÔæÓÆ ÒÔÌÓÔ ×ÔÔØÓË×ØÎ × ÑÎÖÎÝË×ÐÎÒ ÔØ×ØÙÕÑËÓÎËÒ
ÆÈØÔÖÆ ÐÔØÔÖáÏ ÓË ÌÆÑËËØ ãÕÎØËØÔÈ ÔÕÎ×áÈÆæ ÖÔÌÊËÓÎË Î ÌÎÍÓâ ÆÑÕÆ ® ãØÔ ÓË
×ÑÙÝÆÏÓÔÕÔØÔÒÙ ÝØÔãÑÇÎÖá ÉÑÆÈÓáËÉËÖÔÎÊÆ×ØÆÓÆ ËÉÔÕÖæÒáËÕÔØÔÒÐÎÊÆÎ
×ÆÒÔÕÔÓæØÎËãÑâÇÎÖ ãØÔÓËÕÖÔ×ØÔ×ÎÓÔÓÎÒ×ÑÔÈÙÇÔÉÆØáÖâ ãØÔÓËÝØÔÓÔÈÔË¨
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
ÉÖËÝË×ÐÔÏ ÒÎÚÔÑÔÉÎÎ ÔÓÎ ÓÆÍáÈÆÑÎ×â ÉËÖÔæÒÎ ØÔ Ë×Øâ ØËÒÎ ÐØÔ ÖÔÊÎÑ×æ ÔØ
ÇÖÆÐÔÈÇÔÉÔÈ×ÑåÊâÒÎXÇÎÔÉÖÆÚÎæ[§ÔÏ¹ËÖËÐÆÐÔØÔÖáÏ Mq¡¢£¡¯®
p
£ ¥ ~ ¡¡¢
pª ¡¢ª N §ÔÏ¹ËÖËÐ ÇÔÌË×ØÈÔ ÕÔÝÎØÆËÒÔË È ØåÖÐ×ÐÔÏ ÐÙÑâØÙÖË
ÕÔ ×ËÏ ÊËÓâ ¦ÈØÔÖ ÕÔÊÖÔÇÓÔ Ô×ØÆÓÆÈÑÎÈÆæ×â ÓÆ ÔÇÖÆÍÆÛ ÆÑÕÔÈ ÎÒËËØ
ÔÕÖËÊËÑËÓÓÙå ÜËÑâ ¨×Ë ãØÎ ÒÎÚÎÝË×ÐÎË ÕËÖ×ÔÓÆÌÎ ÇÙÊÙØ ÆÐØÎÈÓÔ ÊËÏ×ØÈÔÈÆØâ Î
ØÔÉÊÆ ÐÔÉÊÆ È ×åÌËØ ÇÙÊÙØ ÈÈËÊËÓá ÉÑÆÈÓáË ÉËÖÔÎ ãÑâÇÎÖá ×ÔÈËÖÞÆåßÎË
ÕÔÊÈÎÉÎ ÈÔ ÎÒæ ×ÈÔËÏ ×ØÖÆÓá ¦ÑâÕá ÇÙÊÙØ ÆÐØÎÈÓÔ ÊËÏ×ØÈÔÈÆØâ ÐØÔ ÓÆ ×ØÔÖÔÓË
ãÑâÇÎÖÔÈ ÐØÔ ÕÖÔØÎÈ ÂØÔ ÆÐØÎÈÓÔË ÈÍÆÎÒÔÊËÏ×ØÈÎË ÙÓÎÐÆÑâÓáÏ ÛÙÊÔÌË×
ØÈËÓÓáÏÕÖÎËÒÎ×ÕÔÑâÍÔÈÆÓÓáÏ²ÎÐÆÎÑËÒ§ÆÞØÙÊÑæÙ×ÎÑËÓÎæÊÎÓÆÒÎÐÎ×åÌËØÆ
°ÆÐ ÈÎÊÎÒ ²ÎÐÆÎÑâ §ÆÞØÙ ÕÔ×ØËÕËÓÓÔ ÕÖÎÈÔÊÎØ ÝÎØÆØËÑæ Ð Òá ×ÑÎ ÝØÔ
ËÊÎÓ×ØÈËÓÓÆæ Î×ØÎÓÆ Î ËÊÎÓ×ØÈËÓÓÆæ Î×ÕÔ×ØÆâ ÑåÇÈÎ ē ãØÔ ÑåÇÔÈâ Ð ¦ÑÑÆÛÙ
¸ÈËÖÛÍÆÊÆÝÙ ×ÈÔËÉÔÊÆ×ØÆÓÆ ÔÇÖÆßËÓÎå æÍáÝÓÎÐÆÈÒÙ×ÙÑâÒÆÓ×ÐÙåÈËÖÙ ē ÕÔãØ
ÖËÞÆËØ × ÕÔÒÔÒßâå ÖæÊÆ ÛÙÊÔÌË×ØÈËÓÓáÛ ÕÖÎËÒÔÈ ×ÖËÊÎ ÐÔØÔÖáÛ ÈÆÌÓÔË ÒË×ØÔ
ÔØÈËÊËÓÔÕÖÎËÒÙ ×ÓÆº×ØÆÈÞÎÏ¦ØÍÆ×ÓÙÑÎ ÙÈÎÊËÑ ×ÔÓÐÔØÔÖáÏËÒÙæÈÎÑ©ÆÑÎ X±ËÈ¦ÑÑÆÛÆ[
¨Ô×ÓËØÔØ
°ØÔ×ÇÑÆÉÔ×ÑÔÈËÓÎæ¹ÈÔÖÜÆ
µÖÎÛÔÊÎØÓÆÕÔÒÔßâÉÎÇÓÙßÎÒ ±ËÈ¦ÑÑÆÛÆ©ÆÑÎ ÅÈÎÑ¦ÙÊÆÓÙ
¾ÙÊË×ÓÔËÈÎÊËÓÎË
®¦ØÙÈÎÊËÑ
¹Ù×ÆÒÙåÊËÈÙ
´ÓÆÇáÑÆ ÓËÔÇáÝÆÏÓÔÐÖÆ×ÎÈÆ ÉÎÕËÖÇÔÑÎÝË×ÐÎÏãÕÎØËØ
³ËØ×ÑÔÈ×ÕÔÒÔßâåÐÔØÔÖáÛ ÉÎÕËÖÇÔÑÆ
²ÔÌÓÔÇáÑÔÇáÈËÖÓÔ
´ÕÎ×ÆØâËËÝËÖØá
«ËØËÑÔ
ªáÞÆÑÔÝÎ×ØÔØÔÏ ÒËØÆÚÔÖÆ
©ÑÆÍÆËËÎÍÑÙÝÆÑÎ ÒËØÆÚÔÖÆ
¸ÑÆÊÔ×ØÓÔËØÔÒÑËÓâË ÒËØÆÚÔÖÎÝË×ÐÎÏãÕÎØËØ
©ÙÇáËËÎ×ØÔÝÆÑÎ ÒËØÆÚÔÖÆ
²ËÊÔÈáÏÆÖÔÒÆØ ÒËØÆÚÔÖÎÝË×ÐÎÏãÕÎØËØ
¨ÔÑÔ×áËËÇÑË×ØËÑÎ
¸ÑÔÈÓÔÐÖÎ×ØÆÑÑáÑâÊÆ ×ÖÆÈÓËÓÎË
¹ËÕËÖâÔÓÍÓÆÑ
¾ØÔÊËÈÆË×Øâ
¹ËÕËÖâ ÖÆÊÔ×Øâ
·ÆÍÖáÈÆÑÆËÉÔ×ËÖÊÜË ÉÎÕËÖÇÔÑÆ
¹æÌËÑÆæÐÖÙÝÎÓÆ ÒËØÆÚÔÖÆ
®××ÙÞÆÈÞÆæÊÙÞÙ ÒËØÆÚÔÖÆ
º×ØÙÕÎÑÆÒË×ØÔÑåÇÈÎ
µÖÔÇÙÊÎÈÞËÏÔÉÓËÓÓáË×ÎÑá ÒËØÆÚÔÖÆ
¹ÙÑÕÆÖÙÕÖÎÇÆÈÎÑÔ×âÖÆÇÔØá ¦ØÈÓÔÈâ
°ÆÐÒÔÑÔÊÔÏÈÔÑÐ ×ÖÆÈÓËÓÎË
Æ×ÈÔËÏÊÔÇáÝËÏ
°ÎÓÙÑ×æÓÆÕÔÎ×ÐÎ
ªÔÖÔÉÎÐØÔÏ
°ÔØÔÖÙåÌÆÌÊÆÑÆ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
«ÉÔÕáÑÆåßÆæÊÙÞÆ ÒËØÆÚÔÖÆ
ªÆÓÓáÏ ØËÐ×Ø × ØÔÝÐÎ ÍÖËÓÎæ ÆÈØÔÖ×ÐÔÉÔ ×ØÎÑæ ÕÖËÊÕÔÑÆÉÆËØ ÖÆÍÑÎÝËÓÎË
XÒÆØËÖÎÆÑâÓÔÏ[ÕÔÈËÖÛÓÔ×ØÎÎXÈÓËÒÆØËÖÎÆÑâÓÔÏ[ÉÑÙÇÎÓáÊÔ×ØÎÉÆËÒÔÏÆÈØÔÖÔÒ
ÕÙØËÒ ÎÓØËÖÕÖËØÆÜÎÎ ÒÎÚÔÑÔÉÎÝË×ÐÔÉÔ ÒÆØËÖÎÆÑÆ ´ÊÎÓ ÎÍ ÓÎÛ ×Ô×ØÔÎØ È
ÕÔÊÝËÖÐÎÈÆÓÎÎ ØË×ÓÔÏ ÈÍÆÎÒÔ×ÈæÍÎ ÊÈÙÛ Æ×ÕËÐØÔÈÔÇÖÆÇÔØÆÓÓÔÉÔ ÙÕÔÖæÊÔÝËÓ
ÓÔÉÔ ÆÈØÔÖÔÒ ÒÆØËÖÎÆÑÆ Î ÈáÖÆÌËÓÓÔÉÔ È ÔÖÉÆÓÎÍÆÜÎÎ ÒÆØËÖÎÆÑÆ ÆÈØÔÖ×ÐÔÉÔ
ÒÎÖÔÈÔ×ÕÖÎæØÎæ ³Ô ÕÖÎ ØÆÐÔÒ ÕÔÓÎÒÆÓÎÎ ×ØÎÑæ ÕÖËÓËÇÖËÉÆåßËÒ ÖÆÍÑÎÝÎæÒÎ
Æ×ÕËÐØÔÈ ÕÖÔÎÍÈËÊËÓÎæ È ÕÔÑâÍÙ ËÉÔ ÚÔÖÒÆÑâÓÔ×ÔÊËÖÌÆØËÑâÓÔÉÔ ËÊÎÓ×ØÈÆ ãØÔ
ËÊÎÓ×ØÈÔ ÓË ÒÔÌËØ ÇáØâ Ô×Òá×ÑËÓÔ ÐÆÐ ÖËÍÙÑâØÆØ ÕÖËÔÊÔÑËÓÎæ ÈÓÙØÖËÓÓÎÛ
ÕÖÔØÎÈÔÖËÝÎÏ ÕÖÔÎÍÈËÊËÓÎæ µÖÔØÎÈÔÖËÝÎæ ÔØá×ÐÎÈÆåØ×æ ÕÔãØÔÒÙ ÈÓË ÕÖÔ ÎÍÈËÊËÓÎæ ÈÔ ÈÍÆÎÒÔÔØÓÔÞËÓÎæÛ ÒËÌÊÙ ÑÎÝÓÔ×Øâå ØÈÔÖÜÆ Î ÕÖÔØÎÈÔ×ØÔæßÎÒ
ØÈÔÖÜÙ ÔÇàËÐØÔÒ ¸ØÎÑâ ²ÎÐÆÎÑæ §ÆÞØÙ ØÆÐÎÒ ÔÇÖÆÍÔÒ ãØÔ ×ÎÓØËÍ ÕÖÔ×ØÔÉÔ
ÕÔÊÖÆÌÆÓÎæ ÍÖÎÒÔÒÙ È ÊÆÓÓÔÒ ×ÑÙÝÆË ÕÖËÊÆÓÎæÒ Î ÒÎÚÆÒ ÕÖÎ ÐÔØÔÖÔÒ
ÙÑÆÈÑÎÈÆËØ×æ ×ÆÒ ÕÖÎÓÜÎÕ ÕÔÖÔÌÊËÓÎæ ÈËßËÏ ÎÍÈË×ØÓáË ÉËÖÔÎ ÒÎÚÔÈ Î ÎÛ
ÊËæÓÎæ¦»±Ô×ËÈØÆÐÔÕÖËÊËÑæËØËÉÔX¸ÔÇ×ØÈËÓÓÔ×ÑÔÈË×ÓáÏ×ØÎÑâÔØÓÔÞËÓÎË
ÆÈØÔÖÆ Ð æÍáÐÙ Ë×Øâ ØÔÑâÐÔ ÔØÖÆÌËÓÎË ÓÆ ÊÆÓÓÔÏ ÕÖÎÖÔÊË ÒÆØËÖÎÆÑÆ ËÉÔ
ÛÙÊÔÌË×ØÈËÓÓÔÉÔ×ØÎÑæÔØÓÔÞËÓÎæÐÌÎÍÓÎÎÒÎÖÙÌÎÍÓÎÎÔÇÙ×ÑÔÈÑËÓÓÔÉÔãØÎÒ
ÔØÓÔÞËÓÎËÒ×ÕÔ×ÔÇÆÔÇÖÆÇÔØÐÎÝËÑÔÈËÐÆÎËÉÔÒÎÖÆ [8±Ô×ËÈ¦»²9
ÂÕÎÍÔÊ ×ÈæÍÆÓÓáÏ × §ÔÍÇÎ ØÆÐÌË ÈÔ×ÕÖÔÎÍÈÔÊÎØ×æ ÕÙØËÒ Î×ÕÔÑâÍÔÈÆÓÎæ
ÕÖÎËÒÆ ×ÓÆ ® ÓÆ ãØÔØ ÖÆÍ ÙÈÎÊËÑ ¦Ø §ÔÍÇÎ ÈÔ ×ÓË ³Ô ãØÔØ ×ÔÓ Ô×ÔÇËÓÓáÏ
ÕÔØÔÒÙÝØÔÓÆÕÙØÎÐÈÔÍÑåÇÑËÓÓÔÏ¦ØÈ×ØÖËØÎÑ ÙÌË ÊÈÙÛ ÒÙ×ÙÑâÒÆÓÎÈØÔÖÔÏÎÍ
ÓÎÛ ¼Æ×ÆÓ ÕÔÝØÎ ÔÇÖÆØÎÑ ¦ØÆ È Î×ÑÆÒ ´ÊÓÆÐÔ ×Ô×ÑÆÈÞÎ×â ÓÆ ØÔ ÝØÔ Ù ÓËÉÔ ÓËØ
ÈÖËÒËÓÎ ¦ÙÊÆÓ ÔØÐÆÍÆÑ×æ ×ÐÆÍÆØâ XÓËØ ÇÔÉÆ ÐÖÔÒË ¦ÑÑÆÛÆ[ Î ÔØÕÖÆÈÎÑ×æ È ÕÙØâ
ÓÔ ÍËÖÓÔ Î×ØÎÓá ¼Æ×ÆÓ È×ËØÆÐÎ ÍÆÖÔÓÎÑ È ÊÙÞÙ ÒÔÑÔÊÔÉÔ ãÑâÇÎÖÆ ® ÈÔØ ÐÔÉÊÆ
ÕÔ×ÑË ÐÔÖÆÇÑËÐÖÙÞËÓÎæ ¦ÙÊÆÓ Ô×ØÆÈÞÎÏ×æ ÔÊÎÓ È ÌÎÈáÛ ÍÆ×ÓÙÑ ÓÆ ÇËÖËÉÙ Æ
ÕËÖËÊãØÎÒÈ×ÕÔÒÓÎÑ¼Æ×ÆÓÆÎ¦ÑÑÆÛÆØÔËÒÙÎÕÖÎ×ÓÎÑ×æ×ÔÓÔ§ÔÍ ÇÎÊË×âÙÌË
ÔØÐÖÔÈËÓÓáÏ ÓÆÒËÐ ÆÈØÔÖÆ ÓÆ ØÔ ÝØÔ ÇËÍ ÈËÖá È ¦ÑÑÆÛÆ ¦ÙÊÆÓÙ ÓË ÓÆÏØÎ
ÈÔÍÑåÇÑËÓÓÙå³ÔÎÔÓÆØÔÌËæÍáÝÓÎÜÆ®ÕÔãØÔÒÙ×ÔÓ¦ØÆÐÔÞÒÆÖÓáÏ
Æ×ÓÙÑÔØÙ×ØÆÑÔ×ØÎ
µËÖËÊØËÒÐÆÐÍÆ×ÓÙØâ
³ËÈÔÑâÓÔÈ×ÕÔÒÓÎÑÔ¹ÆÖÈÎÑËÎ¼Æ×ÆÓË
µÔÊÙÒÆÑÔÇ¦ÑÑÆÛË ®ÙÈÎÊËÑÈÔ×ÓË§ÔÍÇÎå
´ÓÆÒáÑÆ×âÈÇÆÓËÈÐÑÙÇÆÛÕÆÖÆ
®ÇáÑÆ×ÔÈËÖÞËÓÓÔÓÆÉÔÏ
¸ÐÈÔÍâØÔÓÐÙåÐÔÌÙËË
¨ÎÊÓáÇáÑÎØÖËÕËßÙßÎË×ËÖÊÜËÎ ÌÎÑá
´ÓÆÒÆÍÆÑÆÇËÑÔËØËÑÔ
¸ÔÐÔÒ×ÑÆÊÐÎÛæÉÔÊÎÒËÊÔÒ
®ÍÊÆÈÆÑÆÇÑÆÉÔÙÛÆÓÎË
µâæÓæßËËÉÔÑÔÈÙ
³ËÈáÊËÖÌÆÑ¦Ø ³ËÌÓÔÕÔÍÈÆÑËËÈÔ×ÓË
°ÆÐÇÙÊØÔÙ×ÑáÞÆÑÆÔÓÆ ÆÐÖáÑÆ×ÈÔåÓÆÉÔØÙ
ÆÐÖáÑÆÍÔÑÔØáÒÎÈÔÑÔ×ÆÒÎ ´ÓÎÇáÑÎËÏÕÔÐÔÑËÓÆ
·Æ×ÕÖÔ×ØÖÆÓæÑÎÈÔÐÖÙÉ
¨ÔÑÞËÇÓÔË×ÎæÓÎË
µÔÇÖËÑÆ§ÔÍÇÎ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
·áÊÆæÔØÉÔÖæ
°ÙÊÆÉÑÆÍÆÉÑæÊæØ µÖÔÝâÔØÖÔÊÓÔÉÔÊÔÒÆ
¨ÕÙØÎ×ÛÈÆØÎÑÆËË
§ËÍÔÇÖÆÍÓÆæÊÎÈ²áÞâ
®ÙÈÔÑÔÐÑÆÈÕÔÊÍËÒËÑâË
·ÈÙßÙå×æÎÐÖÎÝÆßÙåÊËÈÙ
¸ØÖÆÞÓÔÈ×ÐÖÎÝÆÑ¦Ø
®ØÙØÌËÕÖÔ×ÓÙÑ×æ89
®ØÆÐ Ð ÓÆÝÆÑÙ ØÖËØâËÏ ÝÆ×ØÎ XµÙØâ Ð ÊÔÒÙ ¿ÆÓÆ[ ÆÈØÔÖ ÊÆ×ØÆÓÆ ÙÌË ÓË
×ÐÖáÈÆËØ ×ÈÔËÉÔ ÓÆÒËÖËÓÎæ ×ÈÔËÏ ×ÈËÖÛÍÆÊÆÝÎ ÕÔ×ØÆÈÑËÓÓÔÏ È ÕÖÔÎÍÈËÊËÓÎÎ Æ
ÎÒËÓÓÔ È ÔÇÖÆßËÓÎÎ æÍáÝÓÎÐÔÈ È ÊÆÓÓÔÒ ×ÑÙÝÆË ØËÓÉÖÎÆÓÜËÈ È Î×ÑÆÒ ®
ÊËÏ×ØÈÎØËÑâÓÔ ÓË ÒÔÉ ÓÆÏØÎ Î ×ÕÆ×ØÎ §ÔÍÇÎå ¦ÙÊÆÓ ÕÔÐÆ ÓË ÕÖÎÓæÑ Î×ÑÆÒ
ÇÑÆÉÔÊÆÖæ ¼Æ×ÆÓÙ Î ËÉÔ ÌËÓË »ÆØÎÒË ¦ ÐÔÉÊÆ ÓÆÞËÑ ÈÔÍÑåÇÑËÓÓÙå ØÔ Î ÔÓÆ
ÕÖÎÓæÑÆÎ×ÑÆÒ
¸ÖÆÍÙÕÔ×ÑËÔ×ÈÔÇÔÌÊËÓÎæ
µÖÎÓæÑÆÕÖËÐÖÆ×ÓÆæÊËÈÆ
®×ÑÆÒÎÍÖÙÐ¼Æ×ÆÓÆ ¸ØÆÑÆÎ×ØÔÈÔÏÒÙ×ÙÑâÒÆÓÐÔÏ
µÔÑåÇÎÑÆÔÓÆ¼Æ×ÆÓÆÎ»ÆØÎÒÙ
°ÆÐ×ÈÔÎÛÖÔÊÎØËÑËÏ89
¸ËÒÆÓØÎÝË×ÐÔË ÕÔÑË ãØÔÉÔ ãÕÎÍÔÊÆ ÐÑåÝËÈÔÏ ÒÔÒËÓØ È×ËÏ ÕÔãÒá ÕÔØÔÒÙ
ÝØÔ ÎÒËÓÓÔ ÍÊË×â ÝÎØÆØËÑâ ÕÔÓÎÒÆËØ ÝØÔ ÑåÇÔÈâ È×ËÛ ÕËÖ×ÔÓÆÌËÏ ÔÝËÓâ ØË×ÓÔ
×ÈæÍÆÓÆ × ÈËÖÔÎ×ÕÔÈËÊÆÓÎËÒ ¹ËÕËÖâ ×ØÆÓÔÈÎØ×æ ÕÔÓæØÓÔ ÕÔÝËÒÙ ÕËÖÈáË ÑåÊÎ
ÇáÑÎÙÖÔÊÑÎÈáÕÔÝËÒÙ§ÔæÓ®ÒãÓÎ§ÔÏÉÆÑÆÇáÑÎÓË×ÝÆ×ØÓáÆ¦ÙÊÆÓªÙÑÔÎ§ÔÍ
ÇÎ ×ÝÆ×ØÑÎÈá ¹ÔÑâÐÔ Î×ÑÆÒ Î ÑåÇÔÈâ Ð ¦ÑÑÆÛÙ ÒÔÌËØ ×ÊËÑÆØâ ×ÝÆ×ØÑÎÈÔÏ
ÝËÑÔÈËÝË×ÐÙåÑåÇÔÈâÂØÔÆÈØÔÖ×ÐÆæÕÔÍÎÜÎæãØÔËÉÔÒÎÖÔÈÔÍÍÖËÓÎË×ÈËÖÛÍÆÊÆÝÆ
ÊÆ×ØÆÓÆ ¹ÆÐ ÛÙÊÔÌË×ØÈËÓÓáÏ ×ØÎÑâ ÊÆ×ØÆÓÆ ØÖÆÊÎÜÎÔÓÓáÏ È ×ÈÔËÏ Ô×ÓÔÈË
ÕÖÎÔÇÖËØÆËØ ÓÔÈáÏ ÎÊËÔÑÔÉÎÝË×ÐÎÏ ÓÆÑËØ ´ØÓÔÞËÓÎË ÎÓÊÎÈÎÊ ÙÆÑâÓÔÉÔ ×ØÎÑæ Ð
ØÖÆÊÎÜÎÎ ÈáÖÆÌÆËØ×æ Ù ÆÈØÔÖÆ ÊÆ×ØÆÓÆ È Ô×ÔÇáÛ ÚÔÖÒÆÛ ÖËÆÐÜÎÎ ÓÆ ÝÙÌÔÏ ×ØÎÑâ
ÕÙØËÒËÉÔÈÔ×ÕÖÔÎÍÈËÊËÓÎæÈÚÔÖÒÆÛÕÔÊÖÆÌÆÓÎæ×ØÎÑÎÍÆÜÎÎÎÈÆÖÎÆÜÎÎ
«ßË ÔÊÎÓ ÒÎÚÔÎ×ØÔÖÎÝË×ÐÎÏ ÔÇÖÆÍ ÕÖÎÈÑËÐÆËØ ÈÓÎÒÆÓÎË È ÊÆ×ØÆÓË ē ÔÇÖÆÍ
»ÆØÎÒá ¸ÔÉÑÆ×ÓÔ Î×ÑÆÒ×ÐÔÒÙ ÕÖËÊÆÓÎå ÊÔÝâ ÕÖÔÖÔÐÆ ²ÙÛÆÒÒËÊÆ «Ë ÖÔÑâ È
ÕÔãÒË Ô ¿ÆÓÐáÍá ÔÝËÓâ ÈÆÌÓÆ ÕÔØÔÒÙ ÝØÔ ÇÑÆÉÔÊÆÖæ ËÏ æÍáÝÓÎÐÎãÑâÇÎÖá Î
×ÆÒÆ§ÔÍÇÎÕÖÎÓÎÒÆåØÎ×ÑÆÒ
¬ËÓ×ÐÎË ÔÇÖÆÍá ÕÖÎ×ÙØ×ØÈÙåßÎË È ØåÖÐ×ÐÔÏ ÒÎÚÔÑÔÉÎÎ ÎÒËåØ ÈÆÌÓÔË
ÐÙÑâØÙÖÔÑÔÉÎÝË×ÐÔË ÍÓÆÝËÓÎË È ÚÔÖÒÎÖÔÈÆÓÎÎ ÔÇßË×ØÈËÓÓÔÏ ÒÔÊËÑÎ ÓÆÖÔÊÓáÛ
ÕÖËÊ×ØÆÈÑËÓÎÏ Ô ÌÎÍÓÎ ¸ÎÑÆ ÊÔÇÖÆ ÍÑÆ ÑåÇÈÎ ÕÖÔÊÔÑÌËÓÎæ ÖÔÊÆ ÈáÖÆÌËÓÓáË
ÐÔÓÜËÕØÔÒXÌËÓßÎÓÆ[ÙÐÆÍáÈÆåØÓÆÊÖËÈÓËÏÞÎËÐÙÑâØÙÖÓáËÕÑÆ×ØáÇáØÆØåÖÐÔÈ
Æ ØÖÆÓ×ÚÔÖÒÆÜÎæ ãØÎÛ ÔÇÖÆÍÔÈ È ÇÔÌË×ØÈËÓÓáË ×ÎÑá Î×ÑÆÒ×ÐÔÉÔ ØÔÑÐÆ ÕÔÒÔÉÆåØ
ÕÖÔ×ÑËÊÎØâ ÐÆÐ ØåÖÐ×ÐÎË ÓÆÖÔÊá ÕËÖËÛÔÊÎÑÎ ÎÍ ÔÊÓÔÏ ÖËÑÎÉÎÔÍÓÔÏ ÎÕÔ×ØÆ×Î È
ÊÖÙÉÙå
¸ ÙØÈËÖÌÊËÓÎËÒ ÒÙ×ÙÑâÒÆÓ×ÐÔÏ ÎÊËÔÑÔÉÎÎ ×ÖËÊÎ ØåÖÐ×ÐÎÛ ÓÆÖÔÊÔÈ
ÎÍÒËÓÎÑ×æ ÛÆÖÆÐØËÖ ×ÔÊËÖÌÆÓÎæ Î ØÖÆÐØÔÈÐÎ ÑËÉËÓÊ ÕÖËÌÓËË ÒÎÚÔÑÔÉÎÝË×ÐÔË
ÔÇàæ×ÓËÓÎË ÕÖÔÎ×ÛÔÌÊËÓÎæ æÈÑËÓÎÏ ÕÖÎÖÔÊá ÈáØË×ÓæËØ×æ ÒÙ×ÙÑâÒÆÓ×ÐÔ
ÖËÑÎÉÎÔÍÓÔÏ ÎÓØËÖÕÖËØÆÜÎËÏ Æ ÍÆØËÒ Î ÈÔÈ×Ë ÕËÖËÛÔÊÎØ È ÖÆÍÖæÊ ÑÎØËÖÆØÙÖÓÔÏ
ØÖÆÐØÔÈÐÎ ØËÐ×ØÔÈ µÔãØÔÒÙ ÌËÓ×ÐÎË ÔÇÖÆÍá ÒÎÚÔÑÔÉÎÎ ÕÖËÈÖÆßÆåØ×æ ÎÍ
ÐÙÑâØÔÈáÛ È ÛÙÊÔÌË×ØÈËÓÓáË ÝØÔ ÊÆËØ ÓÆÒ Ô×ÓÔÈÆÓÎË ÎÛ ÛÆÖÆÐØËÖÎÍÔÈÆØâ
ÐÔÓÜËÕØÙÆÑâÓÔÈÖÆÒÐÆÛÑÎØËÖÆØÙÖÔÈËÊÝË×ÐÔÉÔÆ×ÕËÐØÆÆÓÆÑÎÍÆ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
{xuoo
¦ÇÊÙÑÑÆØÎÕÔÈ ¦°Ä ªÖËÈÓËÇÙÑÉÆÖ×ÐÎÏ ÕÆÒæØÓÎÐ X¸ÐÆÍÆÓÎË Ô ÊÔÝËÖÎ
¿ÆÓÆ[ ²ÎÐÆÎÑæ §ÆÞØÙ ÐÆÐ ×ÈÎÊËØËÑâ×ØÈÔ ÊÖËÈÓËÏÞÎÛ ×ÈæÍËÏ ÓÆÖÔÊÔÈ
«ÈÖÆÍÎÎÎÎÛ×ÑÔÈË×ÓÔÏÐÙÑâØÙÖá¨Ë×ØÓÎÐª©º²ÑÆ
¦ÊÌÎËÈ¦²º×ØÓÔËÓÆÖÔÊÓÔËØÈÔÖÝË×ØÈÔÐÙÒáÐÔÈ ²ÆÛÆÝÐÆÑÆ
¦ÐÆÈÔÈ ³ X¸ÐÆÍÆÓÎË Ô ÊÔÝËÖÎ ¿ÆÓÆ[ µÔãÒÆ ·ÆÓÓË×ÖËÊÓËÈËÐ ÔÈáÏ
ÛÙÊÔÌË×ØÈËÓÓÔÑÎØËÖÆØÙÖÓáÏ ÕÆÒæØÓÎÐ Î Î×ØÔÖÎÝË×ÐÎÏ ÕÆÒæØÓÎÐ ÓÆÖÔÊÔÈ
ªÖËÈÓËÏ °ÎËÈ×ÐÔÏ ·Ù×Î Î ¸ËÈËÖÓÔÉÔ °ÆÈÐÆÍÆ µÖËÊÎ×ÑÔÈÎË Ð ÎÍÊÆÓÎå ²ÆÛÆÝÐÆÑÆ×
¦ÑÎËÈ©Ä¹ËÒáÎ×åÌËØá³ÎÍÆÒÎÈÑÎØËÖÆØÙÖÆÛÓÆÖÔÊÔÈ¨Ô×ØÔÐÆ²
¦ÑÎËÈ°²¹ÆÖÉÙÓÆÒË±ËÐ×ÎÐÔÓ²ÆÛÆÝÐÆÑÆ
§ÆÛÞÎ ®ÒÆÓ ªÌÆÉÚÆÖ ØÆÖÎÛá ¹ ¸ÈÔÊ ÇÙÑÉÆÖ×ÐÎÛ ÑËØÔÕÎ×ËÏ ´ÖËÓÇÙÖÉÉ
§ÆÖÆÓÔÈ ® ±ËÉËÓÊÆ Ô ÊÔÝËÖÎ ¿ÆÓÆ ÓÔÈáÏ Î×ØÔÝÓÎÐ ÕÔ Î×ØÔÖÎÎ ÓÆÖÔÊÔÈ
¨Ô×ØÔÝÓÔÏÎ½ËÓØÖÆÑâÓÔÏ«ÈÖÔÕá 6&& &5 ÈËÐÔÈ ®ÓØËÖÓËØÎÍÊÆÓÎË
§ÔÖÔÈ×ÐÎÏÅ«²ÎÚÔÑÔÉÎÝË×ÐÎÏÒÎÖÊÖËÈÓÎÛÐÎËÈÑæÓ°ÎËÈ³ÆÙÐÔÈÆÊÙÒÐÆ
¨ËØÖá ¨ËÑÎÐÎÛ §ÙÑÉÆÖ ÑËÉËÓÊá ÕÖËÊÆÓÎæ ÇÆÎØá Î Î×ØÔÖÎÝË×ÐÎË
ÒÆØËÖÎÆÑá °ÆÍÆÓâ
©ÙÒÎÑËÈ±ªÖËÈÓææ·Ù×âÎÈËÑÎÐÆæ×ØËÕâ¸µÇ
ªÆÈÑËØÞÎÓ ©² ¨ÔÑÌ×ÐÆæ §ÙÑÉÆÖÎæ ÊÙÛÔÈÓÆæ ÐÙÑâØÙÖÆ ÊÔÒÔÓÉÔÑâ×ÐÔÉÔ
ÕËÖÎÔÊÆ¼È ÓÆÝ¼¿È °ÆÍÆÓâ
°ÆÊáÖÆÊÌÎËÈ °¸ ªÖËÈÓËÐÙÒáÐ×ÐÎÏ ØËÔÓÎÒ ¼ÔÖ× ¨Ë×ØÎ °³°´ ²ÑÆ
°ÙÑ©ÆÑÎ¼ÔÓ°ÎØÆÇá ´ÖËÓÇÙÖÉ
´ÑËÏÓÎÐÄ°ÕÔãÒË¿ÆÒ×Î§ÆÞØÙ °ÎËÈ
¼ÆÑÎÕÆËÈÆ ®¦ ²ÎÚÔÑÔÉÎÝË×ÐÆæ ÕÖÔÍÆ ÐÙÒáÐÔÈ ®××ÑËÊÔÈÆÓÎæ Î ØËÐ×Øá
²ÆÛÆÝÐÆÑÆ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
1l)0% *+%#) % $XY1l# #$ &)1 -l #$ -)l%
l)- j &)1 (( % $Y# 1l#l)
!#'\ &'N/$+
!IT< ¡?¡=DTT<OI?< H>U¡GD F@TADTT¡O¡ H<GDF =DM uJS H@TQ¡G¡M?¡I NC=¡O <uGM P
<<> FPGOP DG¡ =<G @G@H@IO?DM kHPH¡I HDAJGJBDT<?< ?IT< <<> ¡=¡?D C¡T<OI M¡HUD C@N<=
@?DGDM dDO7DlD]ENIsF=?B?I;C7DJ?AG7HplGEOC7B7HpsAB?D:s sI7J?H?Js<I?H?:s 7h79B787hBl:lH
dDO77h79lOKN7Hl
7p7hlI7h
IEBO;H
IsC7A;]C?p
=sBs9sAG7H7DBlG
?plG>sO7J
bBdC;HAsA
:?p? =dD;O
GdP;O CsHAsP
GlH7G N;O?H
psH A?C? sAIB?ABsH? ;>J?L7 ;:sHsA 8?H
8?H?Ds CdD7I?8sJ:s
CsD7B7D:lHlH"sO7J?87pB7Dhl9:?H?B?ACs>IKB:7HBlG7HJlC7DB7OlpB7Hl:7dDO77h79l?Bs ?<7:s
EBKDKH P UI ?IT< HDAJGJBDT<NI?< B@ID T<TGH <<> FPGOPI?< ?< BNO¡MDM 1MF
S<GLG<M<<>O<IMQ¡ T<O<IM?<I<TMGH=DMK<Mu<C@N<=@?DM?DG¡M*L¡??¡NN<TG<I<<>G<M
¡N<N¡I <<?<FG<M?M uDI<M N<LLU L<TI<<> <H SPMH< U@TOPI ?¡AI¡ <><LJQ<L L<M<
<HL<M<<> ?<?<sC?D 7h79lD CdNJsB?< psA?BB? JsP7>dHBsH?:?H K 87NlC:7D 'sB?A
'sCCs: D7hlBlD:7 EDKD C;OLsI? dCKC?OOsJBs 8?H ]EN D7hlBB7H:7Al :sHL?pBsH?D L;H:?ABsH?
C;OLsBsH 7:sJsD 7BC7 EBKH .7F:lGD7hlBlD:7Al :?H?B?A 7h79l :?H?B?A =dBd
Is9?OOsL?:?H eJS U<HG<M J><L KDM C@N<= JGPIPM %¡HDI <<>G<M< IDTT¡O @?DM I¡UDM
B¡ODMDM S¡NO¡G¡M ¡A< uI =PM<?< T<OMG<M *¡N¡G¡I =DM U¡M=<T>I< BM¡F7Hl8 :?p
7h79lDlD:?8?Ds DsP?HGEOKHCKpB7H7h79lD8K:7GB7HlD7GlHClPlO7OBlG87hB7OlHClpB7H+7H7CKN
]?D7HI7GGlP7h79B7HlDlAsICsA=dD7>:lH?HI7GGlP7h79lL7HF?H:?HK7h79?D7BJlD:787plDl
GEOKHI7D :7plD dIJdDs O7JlHI7D r=sH OKNK:7 8?H DKH7D? :sHL?p 8?H sB?D:s 7h79 8?H sB?D:s :s
JsI8;> =sB?8 :KHI7 87plDlD dIJdD:s :;Is A? <?B7DAsI IsD?D F7OlDl L;H:?C ED:7 CKH7:lD7
]7J797GI7D2EN s=sH:sHL?pOKNKD7 =?HCsIsED:7CKH7:lD>7I?BEBC7O797G
U¡M=<T>U¡GD H@TQ¡G¡M?¡I ¡I =<G><N <GH<?M OI
I<GG<M?<<GH<DIN<I<C¡T<OQ@M¡IJIPGH?¡IS¡NO¡GDF?¡ILPMO<M<IHMPU<?<I<?<H
><Q<IG<?M<IH@TQ¡ FDHDH¡CPM?PM!@H¡GDI<GG<MHU?<<GH<IIDFDAPIFNDT<NQ<M
&jHMPU<OH<LQ¡ ><Q<IG<?MH<L
&&jQG<?Q@MH¡F
DMDI>D C<G?< =P <GH< T< <CI =<I?< JGPM T< ?< PU<L =DM T@M?¡I u¡ODIGDFG¡ ¡G?¡
JGPIPM jIB7D: sI7J?H?D:s 7BC77h79lDlDC;OLsI?J7DHlLs ?DI7DB7Hl97L7DB7p:lHlH.7DHlB7H
GE97BC7h787pB7:lGB7HlDl>?II;:sDA?C??B7>s j:KDDKDCd9Hd:s I7NB7:lhl7BC7B7H:7DO;O?H
Ls 97L7DB7plHB7H +<GG<MHU?< <GH<II DIN<I< C¡T<O Q@MH¡ND <O¡K¡M¡NOGDFG¡ =<G =DM
HJODQ?DMP=<M¡?¡ 63e¡H¡IU¡HDIGDT<UM (7hlB:78s>IEBKD7D7BC77h79lD78sDPsH
L;IJ7:78?H(77H7L7H%dH?Bs H7P]7OB7Hl7H7IlD:7O7p7O7DGs:?C?HG?D;J?G7:lD97
(77H77h79l%dHGsI8:sD?P?D:s 8?J?88dJdDDs87J7J7HK>L;HsHC?p sP?BsH?(77H7Dl s8s:?
>sO7J 8sNp ;:sD 7h797 8sDPs:?HBsH 'sB?A 'sCCs: :sA? 7BC7 7h79l (77H7O7 ]EN
8sDPsO?H 7BC7Dl O;OsD 97L7DB7plH Ls s8s:? >sO7J7 L7I?B EBKH +<GG<MHU?< =¡CN
JGPI<I?DB¡MN@CMGDH@TQ¡G¡M<MHP?Q¡ I<M?Mė0@CDMGDUFĘI<GI?<<MHP?PT@T¡IF@u¡G
F¡GG¡ H<T<GG<LJGPM<GH<IT@?DF?¡INJIM<?U¡GDM¡UDI<GG<M?<L¡CM¡H<II<MIDuDI?¡I
uS<IBU¡Gė+<MLUĘG<@QG¡IDMG<FDIH¡IADN¡>DTT¡GDLQQ¡G¡MJIG<M<TMMG<Mė+<MLUĘU
N@CDMG¡MDN<T¡NDI?¡ ¡M¡ L<GD=B¡GDM
%<>G*DAJKJ@ODFO¡A¡FFMA¡GN¡A¡ND ē <F*O¡M>DH N0¡C
0@TD?JQ*U¡M=<T><IHDADFO¡A¡FFMIIL<TI<LG<M6<UuNN¡C
N<ODMG¡M ¡AN<I¡ Q¡ M¡Q<T¡OG¡M¡ML ē .¡M=NN¡C
%<>G*DAJKJ@ODFO¡A¡FFMA¡GN¡A¡ND ē <F*O¡M>DH N0¡C
e¡H¡IU¡HDIGD63 N¡MG¡MD>DG??¡QM<NDT<ē-M@NNN¡C
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
ėDGL<HNĘ ?<NO<II?< L@T? JGPIP? JG FPGOP DG¡ NS ¡G<L¡?<M?M DGL<HN ?<NO<II?< 2OI<KDOD B¡I>GDF uDu¡TDID
=@G¡ O¡NQDM@?DM
ėPuDu¡F?¡IDU?D=DI?¡
$T¡HO¡F=DOD==JT<OM
.UGBGO¡FODF<IG?M
ODF<IG<M ¡G¡ =<OM
eDu¡FN¡I¡ LDNH¡OJGN<
¡B¡MB@?D=JI<Q<MNGDFuDu¡TD?DM
B¡I>GDTDI¡ L<T?<MN<IĘ
ėDGL<HNĚ ?<NO<II?< mK3Fg@ H¡CU 4;F=; ·^;^m= ¡FGDI?¡ O¡L?DHD 9<; 21[<1>VY31
A1HY4Y[31F1><1[=1 Q¡ F3@Dg>3k?3C _>?mL>mk?m= <IG<HG<MIINDHQJGP?PM
FDI>D C<G?< DN¡ C¡HDI <GH<I QG<? JGH<T<I ¡SN¡ L<KT< B¡GHD ?¡MQDG¡M Q@MDMG¡M
!<NO<IG<MHU?<QG<?JGH<T<IDIN<IG<M<ėH¡IK<T<G<ITJSK<TQ@M¡I?¡MQDG¡M?¡I¡HĘ?@T¡I
?¡MQD<GH<Q@M¡M¡FC¡T<OTJG?<DG¡ =G=T@H¡TDO¡FGDA@?DM%¡HDI<GH<IT<M=G=<MQ<?
DG¡ T@T¡I¡SNG¡MDIQG<?JGPMH¡N¡G¡Iė=M<CDHĘė<CNH<TGĘ<CU<?¡ =GA¡UĘė1<CDMQ¡
7CM¡Ęė+¡>¡AQ¡ -¡MU<?ĘQ¡ =?<NO<IG<M?<DMuJSC<GG<M?<=P<GH<II=DMU<?DB¡M
ULMHUJGPMPIPDFD?JNOU<M<G<MI?<=G=C¡T<OTJG?<G<MDG¡ =DMB¡ T@TDMG¡M<GH<II<
O¡M¡ADID T@T¡IDI JGP LMHU O¡M¡ADID T@T¡IDI LU JGPM ,IG<M ¡C? @?DMG¡M FD =TT¡I?¡
QG<?G<MI =DM=DMD DG¡ @QG¡I?DMNDIG¡M H¡N ė1<CDM Q¡ 7CM¡Ę ?<NO<II?< *<M<LG?M FD ?DQ Q¡
<GH< I<GG<M?< ¡FN LO=G¡M?¡ T@MG¡DM ,I< BM¡ ?¡ ?DQ <GHsBs:s '7D7IlD7J7Il7Al8Ls 7D7IlUlOlH:lDlD'7D7I:dDO7O7=sBCsC?p:sDbLB7:>sIHsJ?Bs
D;9s O7Dl8
O7NlB:lGB7HlD:7D IbP 7]lBlH U7Al8 Ls UlOlH:l OKNK =bHdHBsH 2KNK:7 DKH7D? GE97
UlOlH:lO77BC7L;H?HU7Al8?Is UlOlH:l:7DEhBKEB:KhKDK=bHdH
GH<I NJINPU DIN<IG<M< =DM uJS C<GG<M?< ?¡MQDG¡M =¡UD ?<NO<IG<M?< DN¡ 5UM GT<N Q¡ T<
%¡UM¡O GDQ@MDM I?DDN¡ =PIPIFFG¡MDID<T?IG<?MH<<u<G<L
!<NO<IG<MHU?<C¡HQG<?C¡H=PO<Q@M¡IQ¡ L¡CM¡H<I<N@QBDGDNDI¡ u<OH<L?<T<M?H
BNO¡M¡IH<M<LGJ=M<UG<M?<I=DMD?¡ 5UM?M!DMDGDFNPTPIPIN<CD=DC@N<=@?DG¡I5UM5?M
J=M<U HPHOMF HDAJGJED O¡A¡FFMI?¡ HCH T@M OPO<I J=M<UG<M?<I?M 5UM HL¡??¡N
¡SNDTT¡O K@T¡H=¡M C@N<= JGPIPM , AJGFGJM?< TJGPIP <U<IG<M< ?<M< ?¡IG¡M¡ FH¡F @?DM
5DG<NJGPI<I<?<HDGFBM?¡ JIPO<IHMB@MD?I==DM?¡ =<S?L?<5UML@T=JGPM5UMI
?DT<M=¡?DT<MB¡UH¡NDIDIN¡=¡=Dė$I?UO<>Ę?<NO<II?<JIPIL<M?<5UM+¡=DID<SO<MH<NDG¡
DU<C JGPIPM 1lPlH jBO7I Ds Gs:sH ]7Blp:lI7 G7H:7plDlD AbDBdDd 7B7 8?BCs:? /BKI:7D 87p
=bJdHd8 =;:sD G7H:7plDl 7NJ7HC7G d]dD EDKD 7HN7IlD97 OEB7 :dp:d 1lPlH jBO7I >sBs :s
G7H:7plDlD 7HN7IlD97 8dJdD :dDO7Dl =sP?H :EB7plH ]sJ?DB?Os :dpsDBsHs sB JKJKH AbCsAI?PBsHs
AbCsA;:?H#JFGJMH<O@MD<GG<MII ¡FN¡MDTT¡ODI?¡ 5UMGT<NI?<DH?DMDJGH<NL@T?JGPIPM
)<FDI º/g6gDL;@63» m8E3@mE;@6m JIPI 5UM +¡=D DG¡ =DMGDF?¡ T<M<G L<M?< 5?MUDI?<T< NP
B¡ODM¡ =DGH¡?DFG¡MDI?¡I JIPI L<M DG¡ 5¡U¡M?¡ ?< ?IH¡G¡MDI?¡I =¡CN @?DGDM 6"@MO@GN
=P J=M<UI L¡?DH PH@M HDAJGJBDT<NI?<F 5<NDN<OM< 7DNP?M< DG¡ =<G JG?PPIP L@T? @?D=
5UM¡=<M¡?¡ .PM<I?<(¡CANPM¡NDI?¡ >D<T¡G¡M?¡ S¡=¡MQ@MDGDMP<T¡G¡M?¡ 5?M¡I
<?F@uHDMA¡L¡OO¡ANDMG¡M?¡ PS<MDIDI/<NPGPGG<CN?¡IM¡Q<T¡OJGPIHPC¡?DNG¡MDI?¡ JM<?<F
DGL<HN?<NO<IėU¡M=<T><I@INDFGJK@?DT<NĘ+-<FNN¡C
U¡M=<T><I?<NO<IG<M@>DG??¡&>DG?<Fė)D?@MI¡MDTT<OĘ
U¡M=<T><IMS@JGJBDT<N3JG+PH
?DG ¡HDGė*<I<NĘ@KJNPQ¡ OMF?<NO<IuGL ¡I¡I¡ND<Fė"GHĘNN¡C
U¡M=<T><I?<NO<IG<M<F$¡I>GDFN¡C
U¡M=<T><IAJGFJMP<IOJGJBDT<N5&FDO<=DMQ<IAJGFGJMP<Fė0¡?<ĘI¡MDTT<ON¡C
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
GG<CILPGPIPI5?M¡JG?PP=DG?DMDGDM6@I¡ 5?M¡IH¡G¡FHDDIN<IHK@T¡H=¡MHD
N<G@CLPGHPQGDT<HJG?PPDSODG<AG?M=ID.¡TTPHPI<uLG<H<NI<BM¡ GG<C1¡<G<5UM
¡G¡?PIID@GHDQ@MHD?DMP@GHD?M<FD¡T<I?PTPG<MG<D?M<F@?DG¡I =DGBDQ<NDO¡NDDG¡ ¡G?¡
@?DGDM .@T=G¡ =P @GH <M<NI?< K¡M?¡ TJS?PM =I %¡>¡M ¡GN=<C<ID (¡CADI >D <T¡NDI¡
¡N<NG<I<M<L 5UM¡K@T¡H=¡ML¡=PG@OHDG¡M5UM¡IN<HGHJGH<?<DSODG<AG?M
5UMK@T¡H=¡MDIGHNUGTIIN¡=¡=DQ¡ ?<DHL@T=?¡ JGH<Nė5UMK@T¡H=¡MQ¡ GT<NĘ
ė5UMK@T¡H=¡MQ¡ NB¡I?¡MĘ ¡AN<I¡G¡MDI?¡ ?<C<<T?I<uGM
<=<T@Q< 5 RRRT<UGDO=JJHMP N<TOI?< ėAN<I¡G¡M?¡ 5UMI O¡NQDMDĘ <?G
H¡L<G¡NDI?¡ T<UM 1lPlHlD =;O?C? =bHdDdpd 87Hs:s :s CdNJsB?< <?A?HBsH L7H sPsD EDK O7plB
:EDBK DKH7D? A?p? ?NJ?O7H A?C? JsIL?H ;:?HBsH !bHdDdH 8K EDKD O7plBBlG Cs8K:K EBC7Il ?Bs
sB7Gs:7H:lH7>7]ENDdCKDsBsH:s ?Is 1lPlH7hF7BJ7H:77hLs O78EP7JdIJdD:s JsIL?H;:?B?H
)DKD 7h 7J dPsH?D:s JsIL?H? JdHA N7BGB7HlD:7 7h HsD=?D CdGs::sIB?O?Ds K:KGBKhKD7 YB=;D
.7DHlDlDHsD=?:?HEB7D?D7Cl?Bs IsIBsp?HPsH87O97D<EBABEHbHDsABsH?D:s 1lPlH:7>7]EN8EP7J
dPsH?D:s JsIL?HEBKDKH1### sIHCdsBB?<?,sp?:s::?D?D:;:?O?Ds =bHsp7C7D87Npl8EP7J7C?D?8
=bOs ]lNlH27AKJB7H:78EP7J:sH?I?D?CdGs::sII7OlHB7H ė(DO<=D !¡?¡ .JMLP?ĘĘ ?<NO<III ė!DMN¡ S<II JGP P<>I =JTPIP =¡Tg K3kg> 6A@>G /gLgD e>K3E» J=M<UDG¡ L<MG<ML +7Hh7GKPhKDG7D
=bHd8 EhB7DlD dIJdDs GEDC7G ?IJsH:? )hB7DlD ?A? AbFsA9?O? L7H:l +7Hh7Ol GKPhKDK GEL7H:l
GED:KHC7PB7H:l)hB7DEL:7OlAlB:lG:78EP7JBlO7plB:EDBK1lPlHjBO7IEhB7D7>7PlHEB:K
Y]G7JB7O7H7IlD sB?OBs Ilh7:lKO7H7:7DGEHNC7EhB7DIsDsbBdCOEN:KH
:;:?7h]?]sO?
7D7D Id:d ?Bs IsDs CsB>sC:?H
:;:? G7Ol8 EB:K º$m>;= `?k`6`@ @3dg>g»I?< ?< 5UM
*¡GDF H? C¡T<O< L<TO<MM *¡GDF H?I =<N?MG? .<M< ?<I NOI?¡ I<H JIPI =J<UI< ?<HU?M?MM *¡GDF
H? <T<< L<GS<I?< 5UM ?< L@T= JGPM ºeE9m@6mD Hm /gLgD» ºm8E3@mE;@6m NB¡I?¡M
7GL¡MI@TDI5UMG<=DMT@M?¡ ?DMDGDFNPTPDuH¡FuIUGH¡O?IT<NI<B@?DM,TJG?<5UM
DODMDM Q¡ ?DMDGDF NPTPIP O<K< =DGHDM 5UM< DN¡ ?DMDGDF NPTP DuH¡F I¡ND= JGPM "TID NE@O¡
ºeE9m@6mD;@ C3D3@>gC 6`@K3K3 97F?mE;» 36>g @3dg>63 ?< M<NO B¡GDMDF PM<?< ?< NJIGPL @TID
JGN< ?< H¡TT¡I @G@H@IOG¡MG¡ A¡MLG¡IDM @G¡ FD 5UMI L@TMD<?D F@TADTT¡OG¡MDI?¡I L@T=
JGH<N FG¡F LJK<MH<N DIN<IG<M C¡OO< =OQ =DM LJPIP BU LMKHI?< H¡IUDG¡ T@ODMH¡ND
B@ID =¡CN @?DGDM (G<NNDF ¡?¡=DTT<OHUI <I< ?DGGD IHPI¡G¡MDI?¡I =DMD JGAbCsA]?N?B7IA7HCs:s:]? 8H7Pl
7:K?Is 8s:N7>psHN?IBsJB?CsD<?IKHsJ:?H
@G¡GDFG¡5UMI<<?<FAPIFNDT<G<MQ<M
!<M?<L<G<IG<M<FH¡F@?DM
(¡M<H¡ON<CD=D?DM
6<UO¡HNDG@?DM
0JINPUG<M<QG<?Q@MDM
U¡M=<T>G¡M¡ =PO<Q@MD=JIG<M=DM ē =DMDI¡ <DL @?DMP=<?¡IDDu¡IG¡MC¡H<DLC¡H
?¡ <L JGPMG<M * 0@TD?JQ ėU¡M=<T>GDFN¡C
RRRT<UGDO=JJHMP <=<T@Q<5 ėAN<I¡G¡M?¡ 5UMIO¡NQDMDĘ
(DO<=D!¡?¡ .JMLP? NDGQ¡ N<?¡G¡?DMDGHDH¡OIG¡M<FėjI?¡MI¡MDTT<OĘN¡C
*¡GDF H?II<GU¡M=<T><II<GG<M<FU¡MI¡MN¡C
NB¡I?¡MDIL<M<IGL?IT<T<B@OH¡NDU¡M=<T><II<GG<M<FU¡MI¡MN¡C
6<LP=<=<TËQI<?DGGDU¡M=<T>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
DG<C¡ND jG¡IBG¡ NS NPM¡O?¡ =<G JG?PP <T?IG<M *¡GGDA =DG?DMDM FD ė 5UM ė NU OMF
H¡I¡GD?DM ė SU ė ē ė DNODGDF ė ė C¡M<M¡O ė ė <O¡ ė Q¡ ė M ė ē ė ¡M ė ė FDD ė NUG¡MDIDI
=DMG¡H¡NDI?¡I H@T?<I< B¡GD= ė DNODGDF B¡ODM¡I ¡SN DG<C ė H¡I<NI DA<?¡ @?DM 2UPI U<H¡ JG<M<L ¡M¡=G¡M?¡ ?¡ JIPI APIFNDT<NI T@MDI¡ T@ODM¡I 5?M <?G<I?MG¡ 5UM DNG<H ?QMI?¡
AJMH<G<<IH¡OIG¡M?¡ %¡UM¡O GD ¡Q¡U@?D=
.@T?@O?DFG¡MDHDU?¡I<T?IJGPMFDU¡M=<T><I?<NO<IG<MI?<M<NOB¡GDI¡I?JPHHJODQG¡MDIDI
?<C<B@IDC¡MO¡M¡AGDO¡?LDLDI¡ @CODT<>Q<MQ¡ =PN<C¡?¡ <K<MG<><LO¡?LDL<OG<M ¡?¡=DTT<OHU?<
C¡G¡ ?¡ L<M<IGLL<G<I=DMNM<Q<>D=H¡N¡G¡G¡MDID<uS<MGH<N=<SHI?<IJG?PL><=TF
¡C¡HDTT¡OF¡N=@?DM
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
owupoytvo}zxutoo}qrwx}z~yz{}~y
utu /- // qq
viukqnîfd`
¨ÉÑÙÇÔÐÙåÊÖËÈÓÔ×ØâÙÛÔÊæØ×ÈÔÎÒÎÐÔÖÓæÒÎÉÖÙÍÎÓÔÆÍËÖÇÆÏÊÌÆÓ×ÐÎËÐÙÑâØÙÖÓáË
×ÈæÍÎ ¨ ÕÔ×ÑËÊÓåå Øá×æÝÙ Î ÇÔÑËË ÑËØ ÒËÌÊÙ ãØÎÒÎ ÓÆÖÔÊÆÒÎ ÓË ÇáÑÔ ÝËØÐÔÏ
ãØÓÎÝË×ÐÔÏÉÖÆÓÎÜáÆÍËÖÇÆÏÊÌÆÓÜáÌÎÑÎÎÌÎÈÙØÓÆØËÖÖÎØÔÖÎÎ ©ÖÙÍÎÎÆÉÖÙÍÎÓá ē ÓÆ
ØËÖÖÎØÔÖÎÎ¦ÍËÖÇÆÏÊÌÆÓÆ
¦ÐØÙÆÑâÓÔ×ØâÎÍÙÝËÓÎæÉÖÙÍÎÓÔÆÍËÖÇÆÏÊÌÆÓ×ÐÎÛÐÙÑâØÙÖÓáÛÐÔÓØÆÐØÔÈÍÆÐÑåÝÆËØ×æ
È ØÔÒ ÝØÔ ÔÓÆ ØË×ÓÔ ×ÈæÍÆÓÆ × ÕÖÔÇÑËÒÔÏ ÊÎÆÑÔÉÆ ÐÙÑâØÙÖ Î ÍÆÐÔÓÔÒËÖÓÔ×ØæÒÎ ÎÛ
ÈÍÆÎÒÓÔÉÔÔÇÔÉÆßËÓÎæ
´×ÓÔÈÓÆæ ÜËÑâ ÕÖÔÈËÊËÓÓáÛ ÓÆÒÎ Î××ÑËÊÔÈÆÓÎÏ ×Ô×ØÔÎØ È ÈáæÈÑËÓÎÎ ÕÖÎÝÎÓ
ÖÆ×ÕÖÔ×ØÖÆÓËÓÎæÎÕÔÕÙÑæÖÓÔ×ØÎÆÍËÖÇÆÏÊÌÆÓ×ÐÔÉÔÚÔÑâÐÑÔÖÓÔÉÔÌÆÓÖÆÊÆ×ØÆÓÈ©ÖÙÍÎÎ
ÐÆÐÓÆÆÍËÖÇÆÏÊÌÆÓ×ÐÔÒØÆÐÎÓÆÉÖÙÍÎÓ×ÐÔÒæÍáÐÆÛÔÕÖËÊËÑÎØâÒË×ØÔÆÍËÖÇÆÏÊÌÆÓ×ÐÔÉÔ
æÍáÐÆÈÐÙÑâØÙÖÓÔÏÌÎÍÓÎãØÔÏ×ØÖÆÓá 53&&&55 ÈÈ
°ÆÐ ÎÍÈË×ØÓÔ ÕÔ ØËÒÆØÎÝË×ÐÔÒÙ ÖÆÍÒÆÛÙ ÚÎÑÔ×ÔÚ×ÐÔÒÙ ×ÔÊËÖÌÆÓÎå Î
ãÒÔÜÎÔÓÆÑâÓÔÒÙ ÈÔÍÊËÏ×ØÈÎå ÊÆ×ØÆÓá ÔÊÎÓ ÎÍ ÓÆÎÇÔÑËË ÒÆ×ÞØÆÇÓáÛ ÕÔ ÖÆÍÒËÖÆÒ Î
×ÑÔÌÓáÛ ÕÔ ×Ô×ØÆÈÙ ÌÆÓÖÔÈ ÆÍËÖÇÆÏÊÌÆÓ×ÐÔÉÔ Ù×ØÓÔÉÔ ÓÆÖÔÊÓÔÉÔ ØÈÔÖÝË×ØÈÆ
®××ÑËÊÔÈÆÓÎæ ³²ÆÖÖÆ Â¹ÆÐÆÎÞÈÎÑÎ ©¨ËÑÎËÈÆ ±¾ÑÆÎÊÍË ²¾ÆÝÆÈÆ ¨©ÆÊÌÎËÈÆ
¦ËÏÓÆÑÔÈÆ Î ÊÖ ÕÔÐÆÍÆÑÎ ÝØÔ ÕËÖËÕÎ×ÆÓÓáË ÉÖÙÍÎÓ×ÐÎÒ ÆÑÚÆÈÎØÔÒ ÕÔãØÎÝË×ÐÎË
ÔÇÖÆÍÜá ÆÞáÉ×ÐÎÛ ÕË×ËÓ Î ÊÆ×ØÆÓÔÈ ÔØÖÆÌÆåßÎË ÔÇßËÝËÑÔÈËÝË×ÐÎË ÜËÓÓÔ×ØÎ Î
ÔØÈËÝÆåßÎË ÝÆæÓÎæÒ ÞÎÖÔÐÎÛ ÓÆÖÔÊÓáÛ ÒÆ×× ÈáÙÝÎÈÆÑÎ×â ÓÆÎÍÙ×Øâ Î×ÕÔÑâÍÔÈÆÑÎ×â È
ÉÖÙÍÎÓ×ÐÎÛÚÔÑâÐÑÔÖÓáÛÒÔØÎÈÆÛÎÕË×ÓæÛÎØËÒ×ÆÒáÒ×ØÆÓÔÈÎÑÎ×âÔÇßËÓÆÜÎÔÓÆÑâÓáÒ
ÊÔ×ØÔæÓÎËÒ
¨ÔÍÈáÞËÓÓáË ÔÇßËÝËÑÔÈËÝË×ÐÎË ÝÙÈ×ØÈÆ ÌÎÍÓËÑåÇÎË ÛÆÖÆÐØËÖÓáË ÊÑæ ÆÍËÖ
ÇÆÏÊÌÆÓ×ÐÎÛÊÆ×ØÆÓÔÈ ē ÔÊÓÆÎÍÕÖÎÝÎÓÎÛÞÎÖÔÐÔÉÔÖÆ×ÕÖÔ×ØÖÆÓËÓÎæ¨á×ÔÐÎËÎÊËÆÑá
ÈËÖÓÔ×Øâ ÕÖËÊÆÓÓÔ×Øâ ØËÖÕÎÒÔ×Øâ ÈËÖÆ È ÑÙÝÞËË ÇÙÊÙßËË ÕÖÔÓÎÍáÈÆåßÎË ÊÆ×ØÆÓÔÈ
ÇáÑÎ ×ÔÍÈÙÝÓá ÝÙÈ×ØÈÆÒ Î ÕËÖËÌÎÈÆÓÎæÒ ÉÖÙÍÎÓ×ÐÔÉÔ ÓÆÖÔÊÆ ³ËÒÆÑÙå ÖÔÑâ ×áÉÖÆÑÎ Î
ØÆÐÎË ÐÆÝË×ØÈÆ ÊÆ×ØÆÓÔÈ ÐÆÐ ÒËÑÔÊÎÝÓÔ×Øâ æÍáÐÆ Î ÎÓØËÖË×ÓáË Æ ÕÔÖÔå Ô×ØÖáË
ÑÎÖÎÝË×ÐÎË×åÌËØá
¨ ÓËÐÔØÔÖáÛ ÆÍËÖÇÆÏÊÌÆÓ×ÐÎÛ ÓÆÖÔÊÓáÛ ÊÆ×ØÆÓÆÛ ÉËÖÔÎ ×ÔËÊÎÓæåØ×æ ×Ô ×ÈÔÎÒÎ
ÈÔÍÑåÇÑËÓÓáÒÎÈ¹ÎÚÑÎ×ËØÔ×ÐÙåØÓÆÝÙÌÇÎÓËÕÔãØÔÒÙÕÖËÐÖÆ×ÓÔÒÙÉÔÖÔÊÙÖÆÊÙåØ×æ
ÈÔÍÈÖÆßÆæ×âÈÔ×ÕËÈÆåØËÉÔÐÖÆ×ÔØÙ¨ÈËÑÎÝË×ØÈËÓÓÔÒÕÆÒæØÓÎÐËÆÞáÉ×ÐÔÏÑÎØËÖÆØÙÖá
ē ãÕÔ×Ë X°çÖÔÉÑÙ[ ÕÖÔæÈÑËÓÎËÒ ÑåÇÈÎ Î ÙÈÆÌËÓÎæ Ð ×Ô×ËÊÓËÒÙ ÉÖÙÍÎÓ×ÐÔÒÙ ÓÆÖÔÊÙ
æÈÎÑÔ×â ×ÔÍÊÆÓÎË ÔÇÖÆÍÆ ©åÖÊÌÎÔÉÑÙ ²ÆÒËÊÆ ¨Ô×ÕËÈÆÓÎË ÎÓØËÖÓÆÜÎÔÓÆÑÎ×ØÎÝË×ÐÎÛ
ÎÊËÏ È ãØÔÒ ÊÆ×ØÆÓË ×ÕÔ×ÔÇ×ØÈÔÈÆÑÔ ËÉÔ ËßË ÇÔÑâÞËÏ ÕÔÕÙÑæÖÓÔ×ØÎ ×ÖËÊÎ ÉÖÙÍÎÓ×ÐÔÉÔ
ÓÆÖÔÊÆ ÕÔæÈÑËÓÎå ÖÆÍÑÎÝÓáÛ ÉÖÙÍÎÓ×ÐÎÛ ËÉÔ ÈÆÖÎÆÓØÔÈ ¨ ÊÆ×ØÆÓÆÛ X¦ÞáÉ ©ËÖÎÇ[
X¦ÞáÉ ²ÙÛÆÒÒËÊ Î ÉÖÙÍÎÓÐÆ[ X©ÆØáÖ ²ÆÒËÊ[ X¹ÆÓÖáÈËÖÊÎ[ X¨ÆÉÎÚ[ X©ÖÙÍÎÓÐÆ[ Î
ÊÖÐÖÆ×ÓÔÏÓÎØâåÕÖÔÛÔÊæØÔØÓÔÞËÓÎæÊÖÙÌÇáÎÊÔÇÖÔ×Ô×ËÊ×ØÈÆÒËÌÊÙÊÈÙÒæÓÆÖÔÊÆÒÎ
´ÊÓÎÒ ÎÍ ÈÆÌÓáÛ ÚÆÐØÔÖÔÈ ÔÐÆÍÆÈÞÎÛ ÈÔÍÊËÏ×ØÈÎË ÓÆ ÖÆ×ÕÖÔ×ØÖÆÓËÓÎË ÆÞáÉ×ÐÔÏ
ÕÔãÍÎÎ È ©ÖÙÍÎÎ æÈÑæËØ×æ ÇÔÑâÞÆæ ÕÔÕÙÑæÖÓÔ×Øâ ×ÖËÊÎ ÒË×ØÓÔÉÔ ÓÆ×ËÑËÓÎæ
ÆÍËÖÇÆÏÊÌÆÓ×ÐÔÏ ÒÙÍáÐÎ ÈÔÔÇßË Î ÆÍËÖÇÆÏÊÌÆÓ×ÐÎÛ ÓÆÖÔÊÓáÛ ÕË×ËÓ È Ô×ÔÇËÓÓÔ×ØÎ
µËÖËÑÔÌËÓÎË ÕËÖËÈÔÊ Î ÎÍÊÆÓÎË ÓÆ ÉÖÙÍÎÓ×ÐÔÒ æÍáÐË ÆÍËÖÇÆÏÊÌÆÓ×ÐÎÛ ÉËÖÔÎÝË×ÐÎÛ Î
ÑåÇÔÈÓáÛÊÆ×ØÆÓÔÈÓÆÓÆÞÈÍÉÑæÊØÔÌËæÈÎÑÔ×âÔÊÓÔÏÎÍÈÆÌÓáÛÕÖÎÝÎÓÈáÍÈÆÈÞÎÛÈ
©ÖÙÍÎÎÎÓØËÖË×ÐÆÞáÉ×ÐÔÒÙØÈÔÖÝË×ØÈÙ
´ÊÓÎÒ ÎÍ ÓËÒÆÑÔÈÆÌÓáÛ ÕÖÎÝÎÓ ÞÎÖÔÐÔÉÔ ÖÆ×ÕÖÔ×ØÖÆÓËÓÎæ ÆÍËÖÇÆÏÊÌÆÓ×ÐÎÛ
ÊÆ×ØÆÓÔÈÇáÑÎÍÆÖÔÊÎÈÞËË×æÈ ÄÉÔÆÕÆÊÓÔÏ©ÖÙÍÎÎÆÞáÉ×ÐÔËÎ×ÐÙ××ØÈÔÊË×âÌÎÑÎÎ
ØÈÔÖÎÑÎ ÊË×æØÐÎ ÆÍËÖÇÆÏÊÌÆÓ×ÐÎÛ ÆÞáÉÔÈ ¼Æ×ØÆ ©Æ×ÆÓ ¦ÞáÉ ³ÙÖÙ ¦ÞáÉ §ÆÑÆÐÎÞÎ
¦ÞáÉ§ÆÑÆÇËÐ¦ÞáÉ²ËÚØÙÓ¦ÞáÉ¦×ÑÆÓ¦ÞáÉ³Æ×ÎÇÎÊÖ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
²ÓÔÉÔÝÎ×ÑËÓÓáË ÒÆØËÖÎÆÑá Î ÊÔÐÙÒËÓØá ÛÖÆÓæßÎË×æ È ÆÖÛÎÈÆÛ Î ÒÙÍËæÛ ©ÖÙÍÎÎ Æ
ØÆÐÌËØÖÙÊáÕÖÔÚË××ÔÖÆ¨©ÆÊÌÎËÈÆÕÔÍÈÔÑæåØÍÆÐÑåÝÎØâÝØÔÈ 53&&&55 ÈËÐÆÛÊË×æØÐÎ
ÉÖÙÍÎÓ×ÐÎÛ ÆÞáÉÔÈ È ØÔÒ ÝÎ×ÑË ¦ÞáÉ ·ÙÛÆÓÎ ®Ô×ËÇ §ËÖÎÊÍË ¦ÞáÉ ¿ÎÈÉÆ ±ÙÐÆ
§ËÖÎÊÍË ¦ÞáÉ ¿ËÏÊÆÏÎ ¦ÖÎÚ ¹ÙØÆÊÍË ¦ÞáÉ ËÏÓÎ ¹ÔÕÔ §ËÖÎÊÍË ¦ÞáÉ ¸ÆÓÊÖÔ
ËÊÉÎÓÎÊÍË¦ÞáÉ²ÎÛËÎÑÆÍÆÊÍË¦ÞáÉµËÐØÆÏÎ¦ÉÔÇÆÍÆÊÍË¦ÞáÉ©ÆÇÖÎËÑÆ¦ÞáÉ
³ÎÐÔªÆÈÑÆÞËÖÎÊÍË¸ËÚÎÑâ±ÆÊÔ¨ÑÆÊÎÒÎÖ§ËÖÙÆÞÈÎÑÎ¦ÞáÉ¸ÆÓÊÖÔ©ÆÈÖËÑÎÞÈÎÑÎ
¦ÞáÉÂØÔÂÐÈØÎÒËªÆÈÑÆÞËÖÎÊÍËÎÊÖØÈÔÖÎÑÎÓÆÆÍËÖÇÆÏÊÌÆÓ×ÐÔÒæÍáÐË
¸ÑËÊÙËØ ÔØÒËØÎØâ ÝØÔ ãØÔ Î×ÐÙ××ØÈÔ ÖÆÍÈÎÈÆÑÔ×â È Ù×ÑÔÈÎæÛ Ô×ÔÇÔÉÔ ÙÈÆÌÎØËÑâÓÔÉÔ
ÔØÓÔÞËÓÎæ ÖÆÍÑÎÝÓáÛ ÓÆÖÔÊÓÔ×ØËÏ ÌÎÈÞÎÛ ÓÆ ãØÔÏ ØËÖÖÎØÔÖÎÎ Ð ÆÍËÖÇÆÏÊÌÆÓ×ÐÔÒÙ
æÍáÐÙ µÖËÊ×ØÆÈÎØËÑÎ ãØÔÉÔ Î×ÐÙ××ØÈÆ ē ÊÑæ ÕÖËÕÔÊÓË×ËÓÎæ ×ÈÔÎÛ Òá×ÑËÏ ÌËÑÆÓÎÏ Î
ÝÆæÓÎÏ ÞÎÖÔÐÔÒÙ ÐÖÙÉÙ ÓÆ×ËÑËÓÎæ ÊÔÑÌÓá ÇáÑÎ ÕËØâ ÆÞáÉ×ÐÎË ÕË×ÓÎ ÎÉÖÆØâ ÓÆ ×ÆÍË
ÖÆ××ÐÆÍÆØâÊÆ×ØÆÓáÕÎ×ÆØâ×ÔÍÊÆÈÆØâÓÆæÍáÐËÕÔÓæØÓÔÒÎÊÔ×ØÙÕÓÔÒÈ×ËÒÂØÎÒæÍáÐÔÒ
æÈÑæÑ×æ ē ÆÍËÖÇÆÏÊÌÆÓ×ÐÎÏæÍáÐ
¨ÑÆÊËÓÎË ÆÍËÖÇÆÏÊÌÆÓ×ÐÎÒ æÍáÐÔÒ ÇáÑÔ ÓËÔÇÛÔÊÎÒÔ ÆÞÙÉÆÒ Î ÊÑæ ÉÑÙÇÔÐÔÉÔ
ÕÔ×ØÎÌËÓÎæ×ÑÔÌÓáÛ×ËÐÖËØÔÈÒÆ×ØËÖ×ØÈÆÖÆ××ÐÆÍÝÎÐÆÊÆ×ØÆÓÔÈ¨ÕÖÔØÎÈÓÔÒ×ÑÙÝÆËÔÓÎ
ÓËÍÓÆÑÎÇáÇÔÉÆØÔÉÔÎÖÆÍÓÔÔÇÖÆÍÓÔÉÔÐÑÆ××ÎÝË×ÐÔÉÔÆÞáÉ×ÐÔÉÔØÈÔÖÝË×ØÈÆÓËÒÔÉÑÎÇá
ÈÔ×ÕÔÑâÍÔÈÆØâ×æ ÎÒ °ÆÌÊáÏ ØÆÑÆÓØÑÎÈáÏ Î×ÕÔÑÓÎØËÑâ ÊÑæ ÉÑÙÇÔÐÔÉÔ ÕÔ×ØÎÌËÓÎæ
ÆÞáÉ×ÐÔÉÔ Î×ÐÙ××ØÈÆ ÓËÍÆÈÎ×ÎÒÔ ÔØ ÓÆÜÎÔÓÆÑâÓÔ×ØÎ È ÕËÖÈÙå ÔÝËÖËÊâ ÊÔÑÌËÓ ÇáÑ
ÛÔÖÔÞÔÎÍÙÝÎØâÆÍËÖÇÆÏÊÌÆÓ×ÐÎÏæÍáÐÎÚÔÑâÐÑÔÖ
¸ÔÈËÖÞËÓÓÔË ÍÓÆÓÎË ÆÍËÖÇÆÏÊÌÆÓ×ÐÔÉÔ ÖÆÍÉÔÈÔÖÓÔÉÔ æÍáÐÆ ÙÒËÓÎË ÕËØâ ÓÆ ãØÔÒ
æÍáÐË ×ÝÎØÆÑÎ×â ÈÆÌÓáÒ È ÜËÑæÛ ÕÖÎÈÑËÝËÓÎæ ÇÔÑâÞËÏ ÆÙÊÎØÔÖÎÎ ÙÈËÑÎÝËÓÎæ ÝÎ×ÑÆ
×ÑÙÞÆØËÑËÏ Î ÍÖÎØËÑËÏ ¨ÔØ ÕÔÝËÒÙ ÌÎÈÙßÎË ÓÆ ãØÔÏ ØËÖÖÎØÔÖÎÎ ÆÞÙÉÎ Î ÑåÇÎØËÑÎ
ÕÔãÍÎÎ ÓËÍÆÈÎ×ÎÒÔ ÔØÎÛÓÆÜÎÔÓÆÑâÓÔÏ ÕÖÎÓÆÊÑËÌÓÔ×ØÎ ÈÕÔÑÓË Ë×ØË×ØÈËÓÓÔ ×ÑÆÉÆÑÎ Î
ÕËÑÎ×ØÎÛÎÎÍÊÆ×ØÆÓÔÈÕÖÔÈÔÊÎÑÎÕÖÆÍÊÓË×ØÈÆÎÒËÊÌÑÎ×áÎÒËÓÓÔÓÆÆÍËÖÇÆÏÊÌÆÓ×ÐÔÒ
æÍáÐË³ÔÊÑæÍÆÕÔÒÎÓÆÓÎæ×ÑÔÈÊÆ×ØÆÓÔÈÎÑåÇÎÒáÛÕË×ËÓÔÓÎÕÔÑâÍÔÈÆÑÎ×âÉÖÙÍÎÓ×ÐÎÒ
ÆÑÚÆÈÎØÔÒ ØÆÐ ÐÆÐ È ØÔ ÈÖËÒæ ÎÍÙÝËÓÎË ×ÑÔÌÓÔÉÔ ÆÍËÖÇÆÏÊÌÆÓ×ÐÔÉÔ ÆÑÚÆÈÎØÆ ÇáÑÔ
ÓËÑçÉÐÎÒÊËÑÔÒ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
1l)0%*+%#) %0+ #)
!-#.*'$T!*"\""\$+
7¡IBDIH¡I¡QDDMN¡NUT<??<I<H<GDFJG<IS<GLHUIDA<CD ¡?¡=DTT<OOF¡IH¡UQ¡
DG¡I?DF>¡ <MO<IS¡UDI¡?DM#JGFGJMPHPUPIC¡>H>¡ ¡IFDuDFE<IMI?<IOPOHP ¡I=TFE<IMJG<I
?<NO<IG<M<?¡FC¡M=DMIHPI¡?¡ ?DB¡M=DME<IMIBDUG¡I?DTDIDU¡ uS<MH<LJG<MPIPIU?¡ =DM
?<C<DA<CDS<GL ¡?¡=DTT<OHUIN@CDMGDS¡UDI¡NDIDIOF¡IH¡UGDTDIDLMPMG<DA<?¡ @OH¡TDHDUuI
FDA<T¡O?DM
P N<C¡?¡ O¡?LDL<O <K<M<MF¡I SNPNDG¡ ?<NO<IG<MI ?<SDGDI?¡ =DM uJS ?DB¡M AJGFGJM
E<IG<MIIDG¡I?DTDIDH<CD?¡ @O?DFP?<O¡N<?AD?@TDG!<NO<IDMDC¡>HGDJG?PPuIJIPI
O¡MFD=DI?¡ G¡ODA¡H¡N¡G<O<G<MNUO<KH<><I¡H¡ Q¡ N<DME<IMG<MG<T<I<<LT<M<?>GII
=¡?DD IHPI¡G¡MDĔ=<T<O LJH< B¡M<TG O¡>IDN Q¡ ?DB¡M IHPI¡G¡MDI DG¡IH¡ND uI HI=DO
NPE@OS¡OODQ¡ O¡CFDT¡ DHF<IG<MQ<M
#DGJGJBDT< @GHG¡MD ?JFOJMP KMJA@NNJM AJGFGJMI<N <GDH *¡C¡MM¡H ¡A¡MGDIDI O¡=DMDI>¡
?@N¡F ė?<NO<I =OI E<IG<MI AQLI?¡ ?<T<IH<LG< JIG<M ?< U Du¡MDNDI¡ <G< =DGDM !<NO<I
H¡OIDIDIKJ@ODFNOMPFOPMPI<?DLL¡O@O?DF?¡ BMMFFDAJGFGJMPIUB¡ E<IMG<MJIPILPMPGPPI?<
¡N<N T@MOPOPMPTPI¡FDG?¡ NM<G<IM*¡OI?¡ LJH<B¡M<TGM¡Q<T¡O<O<G<MNUQ¡ H¡N¡GG¡M
FDHDE<IMG<M<C¡IB?<M¡FDG?¡ UIIH<TD@O?DMDMĘN
DU=PO¡?LDL<OHU?<U¡M=<T><I?<NO<IG<MI?<DG¡I¡I=<T<OIHPI¡G¡MDID<M<OMH<T<
>¡G= @O?DF PIPI uI OMF ?IT<NII JMO<L ¡?¡=D H¡CNPGG<M JG¡ JG<M<L
?<NO<IG<MHUI?@H¡FJG<MFD ¡FN¡MDTT¡ODI?¡ =<T<OG<M?<IDNODA<?¡ JGPI?PPIPH<CD?¡ @O?DF
%¡HDI=<T<OG<MI=¡UDND?<NONQ¡ NTG¡TD>DNDIDI=DM=<<IDOLDI?¡IQ@MDGDM=¡UDNDDN¡
?<NO<I?<FJ=M<UG<MIADFDMG¡MDIDIDA<?¡NDU<H<INPE@O¡ ?<SDGJGPM
M<OMH<G<MHU< ¡N<N¡I ?@T¡ =DG¡MDF FD U¡M=<T><I?<NO<IG<MI?<=<T<OG<MĘ
HQUPNPI?<O¡?LDL<O<K<MH<<DHF<IQ@MDM
1MF ?IT<NII JMO<L =¡?DD O¡A¡FFMII H¡CNPGP JG<IIBMF¡HGDAJGFGJMI<N<GDHG¡MDNM<ADG==<NGQ¡ ¡CGPG=?PGG<O¡M¡ADI?¡IO¡MOD=
JGPIHPI¡MDI?¡ ėHPHOMF?I>¡ O¡MUDIDIKJ@ODFQ<MD<IOĘ NJG<I=<T<OG<M< ¡FN¡M
LJGG<M?< M<NO B¡GDMDF @G¡ FD ?<NO<II ė-¡MDU<? S<IHI e¡IGD=@G¡ B¡GH¡TDĘ N
ė*<CMPS<IHIe¡IGD=@G¡ B¡GH¡TDĘNė7¡MID<IS<IHIe¡IGD=@G¡ B¡GH¡TDĘ
N Q¡ ė*¡M>DNDI?¡ DFDND >DI<N JGH<LG< F¡NDF =<T<O DFDI>D
LJG?< uI> LJG?< DFDND >DI<N JGH<LG< =<T<O ?M?I> LJG?< DN¡ JIP >DI<N JGH<LG< =<T<O?<IDNODA<?¡ JGPIHP?PM!<NO<I?<=DM@DMK<Mu<NDN¡ L<D=?¡I@D?DGDM!<NO<IIė*¡M><I
S<IHIe¡IGD=@G¡ B¡GH¡TDĘLJGPI?<*<CHP?K<<DG¡ BG¡¡IU<H<I"TQ<UILPG<I<=@G¡ =DM
=<T<ONTG¡IDGDM
UDUDI¡HL<M<G<M
!<?<L<M<L<ML<G<M
)<uIN<TNUJGN<
6@MDu¡F¡ML<M<G<MN
"KJN?<<DMGDF<LGLJU<IGLC<LLQ@MBDNDDG<CDOCA¡ JG?PPI?<INTG¡I¡I@DMG¡M?¡
SNPNDG¡ ?T N¡CI¡G¡MDI?¡ L¡CM¡H<IG<M< DG<CD B> Q@MDM?D !<NO<I?< C¡HDI =<T<O?<I NJIM<
JSPTPMPL ė"G¡ =DG =P N¡N "TQ<U TPSP?4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
>DG?GDFėU¡M=<T><I?<NO<IG<MĘN@MDT<NI?<O¡L?DHJGPIHPė(JMJGPĘ?<NO<II?<DN¡
>¡HD =DM LJG?<Ĕė(JMJGPIPI ¡T<UD? N¡A¡MDĘI?¡ N ND >DI<N JGH<LG< =<T<O
DG¡IHD?DM <T<OG<MI C<HN (JMJGPTG< ?¡M?G¡H¡ U<H<I L IPI O¡M¡ADI?¡I
NTG¡IDGHD?DM %¡HDI =<T<OG<M?< ?<NO<II HPHD @KDF NOMPFOPMPI< PTPI JG<M<L L¡CM¡H<II
DBD?GDTDLJMSH<UGO¡M¡IIHJGPIPM
*¡I<<H=P?<<
PL<T<T<=P?<<
"G¡ QPMFDTII I¡T¡ L<?DM JG?PPIP ?DG?DI?¡FD HM<Cė ?<NO<II?< N =<T<O?<G O¡>IDN NOI?¡ NTG¡I¡I
PNO<?I<H¡NDI?¡ M<NOB¡GDMDF3@MDG¡I=<T<OIIDFDND>DI<NL<ADT¡GD?DM3¡ L@T?@?¡FFD?<NO<II
=DMDI>DPNO<?I<H¡NDJG<IQ¡
ė0¡C¡MO@U?¡I ¡UHDBG¡I@G¡?DH
.¡HH¡IDuPG<?<TC<TAC<TAĘN
=@TODTG¡ =<G<T<IC¡HDI><GO¡>IDNDIH¡GGDAD5¡NO¡ .<NH?M
5¡NO¡ .<NHIC¡HDI><GO¡>IDNDDG¡ ė3<LDADI?<NO<IĘI?<N?<L<MG<ML
@G¡ FD<?u¡FDG¡I?<NO<II><GO¡>IDNNOI?¡ NTG¡I¡I=DMDI>DPNO<?I<H¡NDI?¡ ?¡ C¡HDI@DM
IHPI¡NDQ@MDGD=FD=PM<?<?<=<T<O?<IDNODA<?¡ JGPIP=PI?¡AQ¡ -¡MU<?Ę?<NO<II?<N?<ėHM<CĘQ¡ ė3<LDADI?<NO<IĘI?<JG?PP
FDHD ><G O¡>IDN NOI?¡ NTG¡I¡I PNO<?I<H¡?¡ DFDND >DI<N JGH<LG< =<T<O DG¡IHD?DM P
?<NO<I?<=<T<OG<M<=DMDI>DPNO<?I<H¡?¡ L GN¡B¡MDI
ė*¡MDA¡O=¡CMDI¡ L¡QQ<N<H?@T¡I
$DM?¡MDI?¡MT<?<u<GS<ITUC<TUĘN
=@TODTG¡ =<G<T<GO¡>IDNDI?¡ M<NOB¡GDMDF
ė.PM=<IDĘ!DMDQ@MNDT<NN?<NO<II?<=DMD>DI<NL<ADT¡GDJGH<LG<=<T<O
DG¡ L<MG<ML !<NO<II NJIPI?< NPTPI F¡I<MI?< .PM=<IDIDI G?TI BM¡I -¡MD S<IH
<G<T<<G<T<=@G¡ ?@TDM
ė*¡I<DL¡HN<GT<I<
!<M<UGAIN<G T<I<
+@>¡N¡I=DM<Cu¡F¡H
(MLPMPT<N<GT<I<
*¡I<DL$¡I>¡HC<M<T
1DAGDN?¡IB@I>¡HC<M<T
.PM=<IDG?B@O?D
*¡I¡ =DM ¡I><HC<M<TĘN
ė*¡HH¡?SDI<N JG<I =<T<O DMQ¡HD
=DM=<T<OT<M<NOB¡GDMDF
1<MDS@OD=<MDG¡ =DU¡ ?<C<T<SI?QMIC<?DN¡G¡MDI?¡I=¡CNJGPI<Iė.<OM*¡HH¡?Ę
N ?<NO<II?< HPHDGDF?¡ =<T<O DG¡ID= )<FDI =PM?< DG¡I¡I =<T<OII DG¡IH¡
AJMH<NI<SNPND?DLL¡OT@ODMDGH¡GD?DM
.<OM*¡HH¡?DI GHS¡=¡MDB¡G¡I?¡ F¡I??¡FD<MQ<?G<M<SN@TQ<SN@TQPM<QPM<=<T<O
NTG¡TDMG¡M
(<MQ<IB¡GDMTJG?<?M
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
3<SN@T<SN@T
(¡C¡M<OITJG?<?M
3<SN@T<SN@T
6JG?<G<MI<G<TM
3<SN@T<SN@T
0¡I¡HDIBUTJG?<?MN
M?I><T@I¡ =P>M?DG¡ B¡GDMG¡M
0¡C¡MI¡ B@>JT<I?
3<SN@T<SN@T
DMDuDHNPJG<T?
3<SN@T<SN@T
kM¡FT<I??DGT<I?
3<SN@T<SN@T
I<T<S¡=¡MQ@MDI
3<SN@T<SN@T
,GPL<I<=JT<I?
3<SN@T<SN@TN
%¡M DFD IHPI¡?¡ HDNM<G<M <M<NI< ėQ<SN@T<SN@TĘ A¡MT<?G<M ¡G<Q¡ JGPIPM FDI>D
IHPI¡?¡ DN¡ =<T<OG<M <M<NI?< I<?DM C<GG<M?< O¡N<?A @OODTDHDU DNODNI< C<GG< UG¡DMDF %¡HDI
IHPI¡ HDNM<?¡ ?¡ C¡M DFD =<T<OG<M?<F
HDNM<G<M <M<NI< ėQ<SN@T<SN@TĘ DA<?¡NDIDI ?<SDG @?DGH¡ND =<T<OG<MI H¡I<NI< Q¡ HPHD
KJ@ODF<NI<S¡G¡GB¡ODMHDM
+<SuQ<I?MI¡LGJGPIPM
ė*JGG<II =DM <?¡OD Q<M D?D $¡M¡F BI?¡ P<LG<M?<I =DMD HJGG<II N¡C¡IBDID <K<M=
?JG?PMP= B¡ODM¡T?D FD HJGG< ?< ?¡NO¡H<U <G<T? 2<LG<M =@G¡ ?¡ @?DM?DG¡M $I?¡ IQ=¡TG¡
N¡C¡IBD?JG?PMP=OFM?G¡MHJGG<II ¡GDI¡ J?<?¡NO¡H<U<GM?@G¡=@G¡ IQ=¡ =DMBIB¡GD=
MUPT< u<O? , ?< TM¡I?D FD N<=<CF IQ=¡ .¡H=¡MDIDIFD?D MUP N¡C¡IBD ?JG?PMP= B¡ODM?D
*JGG< ?¡NO¡H<U <G= B@?¡I?¡I NJIM< MUP UT uS<M= N¡C¡IBDI DuDI¡ <O? "MO¡ND BI IQ=¡
.¡H=¡M¡ u<O?.¡H=¡MN¡C¡IBD ¡GDI¡ <G==PG<<@I?D0¡C¡IBDT<S<G<T<I?<DuDI?¡ UF??
$OM==<S?$M?FDMUPT<Q@M?DTDUF?,INPU?<BI<CQ<TG<F@u¡I.¡I=¡MDIC<G
?<C< ?< KDN JG?P eJS H¡TPN C<G?< N¡C¡IBD ?JG?PMP= B@MD L<TO? *JGG<S<I<T< u<OH<H
H¡N>D?DIODIDI?¡ BDUG¡I¡IMUPIPBM?.¡H=¡MDI?DGDOPOPG?PI¡ ?@T¡>¡TDID=DGH¡?D%<II<Q<=Q@M?D
0PB¡G¡M=PMPS=PMPS
e¡F¡GG¡MOPGPSOPGPS
kUFO<K<IJG<I<
*¡I?¡IKHPOPGPLĘN
DU =DGDMDF FD ?<NO<IG<MI =¡UDND C¡M C<IN =DM @G L¡CM¡H<II< LJPGHP @DMG¡M ¡N<NI?<
HSO¡GDAJU<I<LG<MO¡M¡ADI?¡IT<M<?GM¡UD?<NO<IG<MHU?<Q<MFDC¡HDI?<NO<IG<M?<=PQ¡
T< ?DB¡M <I U O¡M¡ADI?¡I T<UGH @DMG¡MDI?¡I DNODA<?¡ @OH¡FG¡ JI?<I NJIM<F ?QM?¡
T<<T<I C¡HF<MG<M O¡M¡ADI?¡I T<M<?GM Q¡ @G <M<NI?< <U?<I<U< F@u¡M¡F T<TGM ?<NO4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
ė6<S Q¡ LĘ ?<NO¡ uLJH<Q<MPuLJH<?<I=<L<DG¡I¡II¡UHIHPI¡G¡MDIDI
C<HN =<T<OG<M?M 0<M I U O¡MADI?¡I T<M<?G<I =<T<OG<M NPE@O S¡OODI¡ PTPI JG<M<L
J=M<UG<MI?DGDDG¡ ?<NO<IO¡CFDT¡NDI¡ ?<SDG@?DGDM7¡IBDINUS¡UDI¡NDI¡ Q¡ H?MDFO¡A¡FFM¡ Q¡
O¡S¡TTG¡ H<GDFJG<IS<GL=P?<NO<I?<@DMIHPI¡NDJG<M<L=<T<OG<M?<IDNODA<?¡ @OH¡FG¡ C¡H?¡
0<MIT<M<?>GI?<=<T<OE<IMIINOIGFO¡FDG@OH¡NDID?¡ ?DLL¡O¡ u<O?MM
ė6<SQLĘ?<NO<II?<=<T<O?<IDNODA<?¡ @?DGHD?DM<?<F=<T<ODN¡ H¡OIDI
?<SDGDI?¡ DFD?¡A¡ DG¡IDM
LBIG¡MPUPIP
1@GNI=GG¡MPUPIP
e¡F¡M¡HT<MC¡NM¡ODI
TG<MDGG¡MPUPIPNN
!<NO<II ¡QQ¡GDI?¡ NTG¡I¡IC¡MuPNO<?I<H¡ ?¡ =<T<OG<M?<ID=<M¡O?DM@G¡ FD=DMDI>D
PNO<?I<H¡?¡ ?M? =<T<O Q@MDGD= FD JIG<MI ?< DFDND >DI<N L<ADT¡GD?DM FDI>D PNO<?I<H¡?¡FD u
=<T<OII C¡M u >DI<N uI> PNO<?I<H¡?¡FD u =<T<OII DN¡ N<?¡>¡ =DMD >DI<N L<ADT¡GD?DM
kHPHDTT¡OG¡ ?<NO<I?<DG¡I¡I=<T<OIIND>DI<N?MDM=<T<ODN¡ DNODNI<C<GO¡FDG@?DM
%¡HDI=<T<OHDNM<?<ID=<M¡O?DMQ¡ <<?<FFDHD?DM
*¡I<L?¡MH¡?¡MH¡
!¡MH¡ID?¡MH¡?¡MH¡
FDGH¡HD=JNO<I?M IHPI¡G¡M¡ =<T<OG<M Du¡MDNDI?¡ uJS <U¡ =¡GGD L<IPIG<MI KJUPM )<FDI =<T<OII HPHD NOMPFOPM KJ@ODF<NI< C@u =DM
U¡M¡MQ¡ S¡G¡GB¡ODMHDM
ė6<S Q¡ LĘ ?<NO<II?< NTG¡I¡I =<T<OII N ¡N¡MDI L¡CM¡H<I ?<NO<IuGII =OI
KJ@ODFL?M¡ODIDUI?¡ ¡FN@O?DMDM!TN¡CI¡G¡MDL¡CM¡H<IG<MIKJMOM@O O¡NQDMD=¡?DDO¡NQDMQ¡
DA<?¡ Q<NDO¡G¡MD DG¡ J L¡?¡M TFN¡F N¡QDTT¡?¡ O¡M¡IIH @O?DMDGDM FD ?<NO<II @DMG¡MD JIPI I¡UH
CDNN¡ND DG¡ =¡M<=¡M @KDF N¡QDTT¡?¡ uS @?DM <L< NUG¡ @KJN?<F @DMG¡M N<?¡>¡ JG<M<L GDMDF
C<DT¡G¡M FDHD uS @OHDM @KDF D?@T<II M@<GG<H<NII U¡MPMD NOMPFOPM N¡QDTT¡ND MJGPIP
JTI<TMĘ NĔADFMD H¡L<G¡HDUDI NJIPI?< ?<NO<IG<M?< DG¡I¡I =<T<OG<MI C<IN HQL@T¡
H<GDFJGH<NC<LLI?<B¡G?DTDHDUL¡I<¡ODO<H<HDG¡ O¡N?DLG¡TDM
lle00+
U¡M=<T><I?<NO<IG<MO¡MODK@?¡IG¡M*¡C¡HH¡?CN@TI1¡CH<ND= CGDH<ISPI?JQ@
>DG??¡&>DG?<F)D?@MN
U¡M=<T><I?<NO<IG<MO¡MODK@?¡IG¡M*¡C¡HH¡?CN@TI1¡CH<ND= CGDH<ISPI?JQ@
>DG??¡&&>DG?<F)D?@MN
U¡M=<T><I?<NO<IG<MO¡MODK@?¡IG¡M*¡C¡HH¡?CN@TI1¡CH<ND= CGDH<ISPI?JQ@
>DG??¡&&&>DG?<F)D?@MN
U¡M=<T><I?<NO<IG<MO¡MODK@?¡IG¡M*¡C¡HH¡?CN@TI1¡CH<ND= CGDH<ISPI?JQ@
>DG??¡&3>DG?<F)D?@MN
U¡M=<T><IAJGFGJM<IOJGJBDT<N&>DG?+<SuQ<IAJGFGJMP1¡MOD=@?¡IG¡M1¡CH<ND=#¡MU¡GD@Q
*¡C¡MM¡H.<NHG<F0<=<CN
U¡M=<T>DG? DMQ4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
U¡M=<T><IS<GL?<NO<IG<MOJKG<T<IQ¡ O¡MOD=@?¡ID CGDH<ISPI?JQ<F6<Uu
N
<=<T@Q/<ADL+<SuQ<IAJGFGJMP=¡¡MDGDFOMFGMM@BDJI<GGL<F@GHN
¡A¡MGD*¡C¡MM¡H!<NO<IT<M<?>GH@OJ?DFQ¡N<DO<F"GHN
(JMJGPO¡MODK@?¡IG¡M¡CGPG=?PGG<NM<ADG==<NG<F)D?@MN
.<OM*¡HH¡?OJKG<T<IQ¡ O¡MOD=@?¡IQ¡ I¡M¡ C<UMG<T<IU<?+¡=DT@Q<FU¡MI¡M
N
/NO¡HU<?¡ /NO¡H(JMJGPI¡Q¡G¡MD<F6PM?N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
+)1&%¹ºje*$e#*+% »
\#+\'*/*#
1M<=UJIQ@1@=MDU<M<NI?<FD=DIG@M>@FDGJH@OM@GDFH@N<A@?@C<T<O=PG<IC<GFFGOMII
O@H@GIJFO<NNUFJIPNP>JM<AT<IIO<MDCD TITG@DGBDGD?DM1M<=UJIQMPK<Ė?<I%DI?DNO<IĖ<
F<?<M PU<I<I O<MDCD DK@F TJGPIPI H@MF@U F@NDH@ IJFO<NI?<?M 1@=MDUĖ@ BD?@I @I PTBPI TJG
1M<=UJIĖ?@NDI?@#<MNO<>DMG@MD1M<=UJIDG@?JMP?<IOD><M@ODGDFDNDDuDI?@T?D
PBU@MB<CO<C<FDHDT@OD@G@<G<=DGH@F<?I<M<IQ@,NH<IG1MFG@MDO<MDCG@M=JTP=DM
=DMG@MDTG@ N<Q<HG<M?M DGDI?DD U@M@ FFJTPIGPG<M DG@ ,NH<IGG<M <M<NI?<FD H><?@G@
(<M<?@IDUN<CDGG@MDI@U@GGDFG@?@1M<=UJIĖ<F<?<MPU<IHO0<A@QDG@MDG@1M<=UJI(JHI@IJN
!@QG@OD <M<NI?<FD T<FI <FM<=<GF =<G<M =P DGDFDG@MD ?<C< ?< <IG<HG FGH<FO<T? TM><
1<H<MĖI1M<=UJIHK<M<OJMGPPDMQ<IĖ<F<?<MPU<ITJM?P
0@A@QDG@M !@QG@ODĖIDI FPMP>PNP <C NH<DGĖDI <II@ND %<GDH@ @TDH 1M<=UJI
?@NKDI@ND 1C@J?JM< Q@ 2UPI %<N<IĖI FUT? P I@?@IG@ 1M<=UJI 0<A@QDG@MDI ?<DH< DGDFD?@
=PGPI?PP =DM >JM<AT< D?D TM>< JIPI =<=<N @TC I@T? Ė?< T@MGD <NF@MG@MDI =<I?<
1M<=UJI NIMI< ?JMP N<G?MT< B@u@M @TCDI <NF@MG@MD (C<G?DT<Ė?D??D =DM ?DM@Iu BNO@M@H@UG@M P I@?@IG@ I@T?
-<IN@Q<NO<G@FN<I?M(<Q<NDOĖDIBMP=PI<<M=DM?<M=@QPMPM
I@T?ĖDI N<G?MG<MTG< DTD>@ U<TAG<T<I DHK<M<OJMGPF ,NH<IGG<MI N<G?MG<MI< H<MPU
F<GM ,NH<IGG<M 1M<=UJIĖPI =P U<TA ?PMPHPI?<I T<M<MG<I<M<F NU FJIPNP DHK<M<OJMGPP
F@I?DG@MDI@ O<=D FGH<F DNODTJMG<M? ,NH<IG FJHPO<I %UM @T I@T?ĖDI !JP
F<M<?@IDU?@FD A<<GDT@ODID C<=@M <GM <GH<U 1M<=UJIĖ< ?<C< <M =DM ?<M=@ QPMH<T< F<M<M Q@MDM
,NH<IGG<MI T<FG<O C<=@MDID <G<I I@T? 1MFG@MG@ N<Q<H<FO<I u@FDI@M@F B@MD u@FDGDM Q@
1M<=UJITGI?<,NH<IGG<MI@GDI@B@u@M
1M<=UJI HK<M<OJMGPPĖIPI TFGH<NI?<I T<FIG<MI?< 0<MPFDT<Ė?< =PGPI<I 2UPI
%<N<IĖI F<M<MBoCI< B@GDM P FJIP?< DFD O<MDCuD DU<ING %<GF<FJI?DG Q@ #<MN "=P=@FMD
1<CMoI}=DGBDQ@MH@FO@?DMG@M
$@M@F0<A@QDG@MQ@ B@M@FN@FFJTPIGPG<M?I@HDI?@FD=PNFDGDFDG@MDIO<MDCD?<T<I<F
IJFO<G<MF<?<MNJNTJ FGOM@G=JTPOP?<uJFI@HGD?DMPFGOM@G?@MDIGDDI=DMNJIP>PJG<M<F
1@=MDU Q@ 1M<=UJI <M<NI?< OD><MD =DM =< JG?PP F<?<M FGOM@G =DM FKM ?@ NU FJIPNP?PM
!@?@FJMFPO ?@NO<II?<FD FFJTPIGP =@TG@MDIDI <O<G<M <TPI?PM %<IĖ?M !@?@FJMFPO
!@NO<IĖII?<FD (<IOPM<G Q@ 0<GPM (<U<M@OT<?<<DG@DGDFDG@MD
FGOM@G=DMDGDFDTD?@F<uIGH<UFGH<FO<?M+<NGFD!@?@FJMFPO?@NO<II?<B@M@F<TPI?PM
%<IQ@B@M@FN@(<IOPM<G=JTG<M=DM<DG@DGDFDNDIDIT<M<OOFGOM@GJGBP<CDNH<DG%<O<TDDG@
DGBDGDJG<TG<M?<I?<F@I<M?<F<G<H<U?Q@F<GH<??<%@MI@F<?<M=PDGDFDG@MDIFGOM@G=JTPOP
C@MC<IBD=DM@FDG?@DM?@G@IH@HDJGN<?<=PH@Q>PODGDFDG@MDIFGOM@G=DM?<T<I<IIJGH<?
<IG<HI< B@GH@U 1JKGPHG<MI =@GG@DI@ T@MG@@I NJNT<G JG<TG<M U<H<IG< HDOJNG<M 0UG
NTG@I>@?@ H@Q>PO MDQ<T@O Q@ NTG@HG@M @N<NI?< B@uHDDI FGOM@G =DMDFDHG@MDIDI
C<MH<IG<IH<NNJIP>PI?<?@NO<IG<MJGPPM
ė%<GF <IG<O B@G@I@DIDI @I =TF FPM<G ?DFF<OD =< F<CM<H<II U@MDI?@ OJKG<H<FOM
IG<OH?< O<MDCN@G JG<TG<M <IG<OGTJMN< ?DFF<O F<CM<H<II U@MDI?@ OJKG<IM DM uJF <IG<O
B@G@MDFDDG@M<M<NI?<FDDGDFDG@MD@IDTD@FDG?@<T?IG<OH<FDuDI=DM<M<T<B@GDMĘ
P=DMė7AlDIbOB;D9;I?ĘJG<M<F?<<GBG<I<=DGDMDGDI?DDU@M@<FIG<MF<CM<H<IGF?@NO<II?4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
Q@ 1M<=UJI HK<M<OJMGPP DGDFDG@MDI?@I F<TI<FG<I jIC7?B ;IJ7DlĘ 1M<=UJI FGOM Q@
@?@=DT<OII N<FG F<GH DA<CD MIG@MDI?@I =DMDND?DM P ?@NO<IQ@1M<=UJIDGDFDG@MDT<OH<FO<?M
7<H<II ?@DF@IGDDI?@ OJKGPHN<G T<MBII FDDN@G JG<TG<M Q@ B@Mu@F <CNDT@OG@MDI
FDHGDFG@MDID FJMPH<FO< UJMG<IM Q@ =PIPI NJIP>PI?< O<MDCD PIPOF<IGF JMO<T< uF<M TG@>@
TJPI=DMFPMH<><NJIP>PI?<M@@GJG<TG<MT<?<<CNDT@OG@MT<HDOJN<?IMT<?<H<N<GG<MI
?PTBPN<G=TNI?@T@ID?@I@FDGG@I@M@FC<T<O=PGPM
ė<CNH<DGĖDI$GU<M<<FJGH<N0@H@MF<IO*<N<GP;H87O97DQ@<IPTTPG?PU
WP8;A?IJ7DI<GG<MJ>HG@?@I1M<=UJIĖ?<FDėo7>jIC7?B;IJ7DlĘ=PI<MI@FO@FDG@?@MG@M
<C NH<DG !@NO<IĖII !@?@FJMFPO Q@ (MJGP ?@NO<IG<MII C<MH<IG<H<N @FGDI?@
1M<=UJI <IG<ONI?< JMO<T< uFH<FO<?M !@?@FJMFPOĖO< <? Q@MH@ GD (DD @KDUJOPI?<FD
(MJGPĖIPIFM<OI<OIIF<M<IGF=DMJ?<?< T@ODODMDGH@ND@KDUJOG<MI<JF<M=DMNPE@OO@JMO<T<
FJIHPJGH<N?DFF<Ou@FD>D?DM
%DuKC@TJFFD1M<=UJI0<A@QDDGDFDG@MDIDI=DMNJIP>PJG<M<FJMO<T<uFHJG<Iė<C
NH<DG !@NO<IĘ JMO<F 1MF FGOM Q@ <I<I@NDIDI U@IBDIGDDI?@I F<TI<FG<I@?@I BIHU@ PG< jIC7?B ;IJ7DlĘII 1M<=UJI
Q<MT<IOTG@?DM
8ė<C NH<DGĖDI =P=<ND -<?< D?D 0<M<TDIDI <MDNDI?< =DM PG=@ Q<M D?D DM BI J =P
PG=@T@=<KJAJA@OODPIDBM@IQ@UDMD-<?<<IDT@JAu@DTN|I?DT@NJM?D
-<?<
%<ĖP <MFD PG=@IDIJIDFDN@I@?PM?PH<IDOODTI<ITM|H FDJM<?<=DM<?<HDG@JGD
T<<TD
,=JTG@?@TPKu@PKBDOOD6JG?<BD?@MDF@I=DM <?<HG< <MDG<ODP<?<Hu@=DI?@I=DM
@GH<u<MPKDFDT@=G?DGH<T=<I<Q@M@M@Fė<GH<IIT<MDNDID=<I<Q@MPK?@?DFD=PID<OI<
T@?PM!D@M T<MDNDID?<=@IDUDT<M@O@B@GPMF@I T<MDNDIDM<KNPGO<IDI<Q@M?D@MDIDC<IPHPI<
T@?DM PIPI NJIPI?< ?J<u< JG@ =DM JGD ?IT<T< B@G?D ,IG<M J
@M<H@OGD<?<HD=@G@?DG@MFDB@GNDI?<P<<<?Q@MN|I2UPIU<H<I=JTG@=@G@?DG@M<H<<?<HD
=D OMGD =PG<H<?DG@M 0JIPI?< -<?< O@GG<G u<M? FD HDGG@O OJKG<INI -<?<I P<I< <?
O<G<u<
*DGG@OOJKG<I?DDMD=P<?JGNPI?D@MDTJ =P<?JGNPI?@TDKO<MO<?PMNDIG@MJMO<T<=DM
<?<HuDOD!@?DFD=@I?@=DM<??DT@TDH!@?DG@MFDJGNPI?<H?@?DFD
ė?DI<?DT@NPI <TI<M PQQ@ODP<<?DT@NPI<CNH<DGĘ
PI?@ =P P< T@MTUI?@
TGH<U,IPIDuDIT@MPI<GODI?<=DMN<M<TT<K<u<CJ><OPOPKJIDJM<?<JPO<><NI
2< =TDTDI>@JI<T@MDI<GOI?<=DMN<M<TT<KODG@MD QPMH<NDDuDIT@MTUDI@=DM?@GDF
<uODG@M%J><ND=DM BI ><HDT@ BDOOD2< @GDI?@FDG<H=<TDK@I>@M@T@?JMD AMG<OOD <H<GODI<
?FDGOD2< ?< T@MTUDI@uDOD-<?< I@ @OODTN@JI< T@M@?@H@?DODI<=DIPKNM?D BDOOD <A
!<ĖI< $M?DFD JM<?< u<?DMG<M PMDGHD J>< <U<IG<M <TI<TD -<?< ?@?D FD =P u<?DMG<M
=PM<?PPH Q@ CPPH @ID
<M<T<IJGPMN<=PTG@>@=@ID<M<T<I=PF<?DJPMQ@<M<TK=PGPM ,I?<INJIM<?<-<?< <ODI<
<OG<?DBDOOD
DMNM@BDOODFO@INJIM<=<ODFD%DI?DNO<IĖ<B@GHDDH,M<?<=DM@Q@M<NOB@G?DP@QDI
K@I>@M@ND Q@ <KDND =@GGD ?@DG Du@MDNDI?@ DN@ =DM U <G<TD -<?< I<NDG @OODTN< Du@MD BDMH@TD
=@>@M?D U<NJM?D D IDT@<G<TDNDI,?@?DFD
DUT@?D <M?<D?PD <M?<PHDH?D=@IDHDuDIN<Q<DTD?D@MDFDND=PB@>@@CDO
?ODJIPIDuDI<G<TDMDH
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
P>@Q<=<DuDT<I<I-<?< JI<T<M?DH@OOD0JM<C@K=DMGDFO@ UI@QDI@B@G?DG@M UI
<M?<G<MD -<?<< ?@?DG@M D =DM N<Q<O<T?P <M?<PHPUPI PPITJ,IPIDuDIC<=P U <M?<PHPUDN<I<Q@M@>PP
-<?< =PO@GDAD <=PG@OOD UD<GKTJG<?OD,TG@>@@K@TTJGBDOODG@MDM?@BM?DG@M D
=DMT@M?@O<Q<I <I DG@KDG<QKDDMDGDTD UKDGoQT@H@ DuDIJOPM?D <U<IIT<IDI<!@?DG@MN@I
I@T<K<TNDI DHN@T@NJMH<?<IKDGoQTDTNDICDuJGH<UN<=<MD=DMDHDUG<BG@ U<M<=DBG@O@
T@I?D ?<C< NJIM< <C NH<TDG DG@ BG@ODG@M <C DNH<TDG JID <G?PMPK T@M@ u<G?D $ P==@
UPI =<DI< TDG?D T<< <G<M< ?@?D D 0@I T@IPG?PPI DuDI N@ID <G<uPPH DH?D =DM
?<Q<HDuDIBD?DTMPH?I@TD@IN@ID<GPMPH
0JIM<?<<ODI<<OG<?DT@GBD=DPU<G<ODBDOODDMNM@JTG@NDI@<O JODM?DQ@BM?DFD=DM
T?@ ?I Q<M?M , O<M<A< ?JMD <ODID NM?D DM u@H@IDI T<II< B@G?D <OD FD JM<?< =DM
J><<MDJOPMDTD,I<?IIFDHDIJG?PPIDNJM?D,?<
-<?<IP<PIDI< B@GDIFDHN@TDT<IDI<T<I<ODMH<TDQ@@Q@ JH<TD
,I<?@?D
DM@T?@N@HJI<NTG@MHDNPI
J><<MD
+DT@?@HDTDH"G=@OO@?@MPH
EhB7D7 lP D9;:;D8?HJ7H7 L;HC?pJ?D?p7D?]?D
G=PO<M<<MDBDOODlPlD7:l!dB?P7H?:?
UH$GU<MPPHN<< <KDTD<M<G<
$GDU<M <KDTD<M<G<?D J><<MDJI<O<M<PBNO@M?D,I<N@IDDNODTDMPH?@?D0JIM<?@?D
D?D<MDuPKB@U@>PPIDNTG@ <KD?<=@T<DI?<I=TDFP< JGHT<><
TG@T<KODG@M U?D<MDuDOD<CNH<DGJID<GPK <uOD,IG<MFT@B@GPM@IK@G@MD NDM<
<NF@M BI?@M?DG@M <C NH<DG JIG<M DG< PM<OD PM<OD JIG<M JQ?D FF?@I DFD U B@GPK =DUD
T<TGDT< B@OM =DU@ JM<?< @GDA T<K =DU JM<?< JOPM<GPH =DUD NJM< B@GK <GPMG<M ?@?DG@M TG@ ?<
T<KODG@M0JIM<<CNH<DGĖDII@I@NDB@G?D=<ODFD @GDAO@T<DGDDFDP<!I?DFD=PIG<MI
=DMDND <TI<I<II ?D@MDTN< <C NH<TGĖI JGPM -<?<CPI <MDND ?@?DD =P P@Q<K Q@M?D +@ T<KODG@MN< <=PG @OH@?D 0JIDI?< ?@?D D TU O<I@
<MDTD=DMuPQ<G< JTPKC<H<GG< TJGG<NPIG<M
6U <MDTD =DM uPQ<G< ?JG?PMPK TJGG<?DG@M , <MDG<MD @NPK =DM =<< uPQ<G< ?JG?PM?D
!@?D D =PID <GPI N<M<TI <KDNDI< =DM@G@M C<=P TUPP <G T@H@G@MPI NOI?@
B@U?PM?DO@I NJIM< T@ 0JM< O@ =<DI< BDOH< %<=P K@ N@IPIG< B@GNPI 0@I JIPI DUG@MDI@
=<N<=<N<BDO
NH<TDG$GDU<MĖPI?@?PPBD=DT<KODT<G<MDIDIP>DI<=<N<=<N<N<M<T<BDOOD K@P
N<M<TDI <KDNDI?< =DM<OD @I?DND Du@MD BDM?D ,I< ?@?DG@MD =PM<?< N@I BG@ T<K<u<NPI <C
NH<TDG <=PG@OOD/<DKG@MDID=DM@M=DM@MT@M@QPM?D<ODG@MDJIDT@IH@ HHPI?@DGJI<
?@?DG@M D
<CNH<TDGN@IDI@?PM?PMPM
,?@?D D
"@MC<=PK<K<MH<PHDN<>HIO@GDDG@<M<T<=<G<MN<IPU=@ID?PM?PMPMNPIPU
,IPI K<K<MH<PID N<uII O@GDTG@ <M<T< =<G<?DG@M I>< =D OPC<A JG4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
G<?<<N@G<H@TG@
$UG@MPI?@I?H<T<D
!@MJG?PH=@I=P?@M?@
!@M?PHPITJOPMDG<uD
$I@NPT<QPM<MQ<OD
G=GO@M N@C@MQ<OD
,IPI=J <GH<NIO<COD
6GMO<uDHDCM<>D
<CNH<TDGPIBUT<D
JHD <G<u< O<uD
!H<I=<G<HD JGDID
"P HD?PM<u< =<D
?<G@OQ<MHD?DT@GPH
+@M@Q<M<>< =DG@GPH
GG<CĖ<?P<@?@GPH
@GFDH=PGPIPMDG<uD
0JM<<CNH<TDGĖIBUG@MDIDuD<MPK=DMT@M@<OODG@M<CDNH<TDG?@?D DN<BUPHDN<
>@=PH@NJGBUPHDNJG>@=PH@ JTPI,IG<M<CNH<TDGĖINJGBUINJG>@=DI@N<BUID
?<N<>@=DI@ JT?DG@M
<C NH<TDG P?DGD =DGDM?D ku BQ@M>DI B@GPK JIPI =<DIPI T<IDI< JI?DG@M ,IG<M <C
NH<TDG<=DMO<NNPQ@MPK?@?DG@M DP?P<TJP?PO<INJM<BUG@MPID=PNPTG<TD<?PO<INJM<
BUG@MPIDT@MG@MDI@ JMN<IN<PGPMG<M
P NDM<?< <C NH<TDGĖI =P=<NDTG@ M<K 7@IBD N<Q<DT?DG@M <C NH<TDG< <?DID Q@M@I
<?<H<CNH<TDGĖI=P=<NDI<?@?D D=@IT<GD=DM<?<HPHN<I<T<M?H@?@H@H%<=PPjIC7O?B?N<I<T<M?DH<TJGG<TH
M<KU@IBDIDI<?<HG<MDJI<?@?DG@M D<CNH<TDG <MDHDU<u<MN<I<T<K<uPPDUJI<
=DM @T T<K<H<UP , U<H@-<?<IT<IDI<BD?@MJIDG?DMDMNI
DMNM@NJM<M<K7@IBDT@M@TDG?D,IDJM<?<I<GPK-<?<PIT<IDI<B@G?DG@MQ@?@?DG@M
D -<?<PH =P N<< uJ uJ u@OPM?D PIPI >@U<NDID N@I Q@M M<K 7@IBD -<?<I T<IDI<
B@GPMB@GH@U GuDIDu@PK=DM GuG<-<?<G?M?D-<?<IGHI?@INJIM<<CNH<TDG
JM<T<B@G?D,M<?<DG@M?@ICDu DHN@JIDO<IDH<T?D,?@?D D
<CNH<TDGĖDI GuDIDQ@<ODID=<I<Q@MPI
,M<?<DG@M?@?DG@M D
%<PP< HD=DUPHG<N<Q<<u<
M<G<MDI?<@KDT <PU?<G<DJG?D0JIDI?<<C NH<TDG GDuDIDu@F@M@F JIG<MG<N<Q<H<T<
=<G<?DeJ UJMG<IN<?<NJIDI?<<CNH<TDGJIG<MDT@IH@TD=<<M?DQ@=P=<NDIDIT@MDI@-<?<
JG?D ;
<CNH<TDG-<?< JGDI><JI<uJGDNDCDM@OODG@MH<J=PIG<MD?<<OG<OH<TD=<<M?D
UG<M?<IDDNDID<G<M< =PM<?< <G?DPTG@>@<CNH<TDGĖDII<HDIDC@M@N?PT?D9
1H>1;Q1
GG@I4"! "?IJEHOE<J>;!;EH=?7D*;EFB;)JI?M<N
1<CMoI}"=P=@FMD=P@FM %?J78
??O7H87AH?O7 IF<M<N
*wGDFJAA MvI@ ;IJ7D:7D '7I7B7 u@Q1PM4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
$Y*e)1l)0%'&1e0* %
*+%'&+e"*e*+$e
*<NDM ¡?¡=DTT<OUDIFD<A=JTPS<GLI=¡?DDT<??<I<AJGFGJM<NTF¡IDMJIPI=¡?DD
O¡>M=¡NDI?¡I =¡CM¡G¡IDM 5<GLI AJGFGJM O¡A¡FFM H¡I¡QD O¡M¡LLDIDI ¡N<N?M OI ?IT<
¡?¡=DTT<OII¡C?DDM¡NDBU¡GGDTDH¡CUJIPIDA<CD ¡?¡=DDMNDI?¡IL<TI<LG<IM1¡N<?AD?@TDG
FD =TF NU N¡I¡OF<MG<M DA<CD S<GL ¡?¡=DTT<O DG¡ C¡HD¡ HO¡L<=DG NPM¡O?¡ =<G JGHPG<M
,IG<M U T<M<?>GI?< AJGFGJM?GI< O¡NDM BNO¡MHDG¡M !IT<II AJGFGJM< L<T? DGFDIGDT¡ O¡HDUGDT¡
K<FG< ?I FDHD LDTH¡OG¡I?DMDGDM P L<IPI<PTPI ¡I¡I¡IDI 55 ¡NM U¡M=<T> ¡FDG?¡ DNODA<?¡ @OH¡FG¡ LDTH¡OGD ¡?¡=D IHPI¡G¡M T<M<OHG<M
!<NO<IG<MHU?<S<GLUDBD?G¡MDIDN@Q¡N@Q¡ O¡M¡IIH@?DMJIG<MIQ¡O¡IOJMK<LO¡¡N=F@GDTDID
L¡CM¡H<IGL =JT<G<M DG¡ O¡NQDM @?DM ?H¡I¡ L¡G¡=¡ u<GH<L TJGG<MI TM¡?DM?D (G<NNDF
G¡MDHDU?¡I OPOHP H<NDM N¡I¡OF<MG<MHUI T<M<?>GI< I¡U¡M N<GN<L <CD?D JG<ML FD
?<NO<IG<M?<I DNODA<?¡ JIG<MI ¡N¡MG¡MDIDI ?JGPI Q¡ F<GJMDOGD JGH<NI< U¡HDI T<M<OH?M
.¡CM¡H<IGL ?<NO<IG<MI?< S<GLI C¡T<O DG¡ =<G O<MDSD C<?DN¡G¡M?¡I JIPI C<LL¡?<G¡O Q¡
<U<?GL PMPI?< <K<M? H=<MDU¡?¡I =¡CN JGPIPM @G¡ ?<NO<IG<MI L¡CM¡H<IG<M S<GL
Du¡MDNDI?¡IuSHH¡M? Q¡ DBD?DIN<IG<MJGPM IH¡CPML¡CM¡H<IGL?<NO<IG<Mė(DO<=D !¡?¡
.JMLP?Ę ė(JMJGPĘ Q¡ ė.<u<L +¡=DĘ ?DM P ?<NO<IG<M?GI?<
JI?GI?< ė(DO<=D !¡?¡ .JMLP?Ę ė(JMJGPĘ ė.<u<L +¡=DĘ ėNGD Q¡ (¡M¡HĘ
?<NO<IG<MI?<IDNODA<?¡ @OH¡NDT@IDI¡NGD ¡IL¡?DHO<MDSDHDU¡ ¡NGFFHU¡C¡H?¡ HNO¡LDG=DM
?QG¡OFDHDB¡G¡>¡T¡ <K<MH<L?< ¡Q¡UNDU=¡G¡?uD?DM
5<GL ?<NO<IG<MII KJ@ODF NDNO@HD % (M?JGPIPI KJ@UDT<NI?< HSO¡GDA =DuDH?¡
O¡>¡NNH @?DM , ?<NOM=¡NDI?¡IH¡C<M¡OG¡ =¡CM¡G¡IDM
%(M?JGP=<T<OG<MI?<H¡C¡==¡O?<NO<IG<MI?<IDNODA<?¡ HJODQD?¡ UI¡H¡SNPNT@M
OPOPM PM?< <?¡O¡I ¡N<N HQUPIP N@Q¡I B¡I>G¡MDI N<A Q¡ O¡HDU H¡C¡==¡OD ?U DGL<M Q¡A< Q¡
N¡?<L¡ODO¡FDG@?DM.¡CM¡H<IG<MI=<I<B¡G¡IC<?DN¡G¡MDJS<GLMPCPI<?JH<JG<IAJMH<?<
=<T<O DG¡ DA<?¡ @?DM G¡O?DTD DA<?¡G¡M S<GL ?@TDHG¡MD AJGFGJM INMG¡MD DN¡ =<T<OG<MI ?DGDIDI
<S>GIQ¡ O¡=DDGDTDID<MOMM
ėNGD Q¡ (¡M¡HĘ ?<NO<I S<GLHUI C¡T<OI?< HDGGDH¡I¡QD ?¡T¡MG¡MDI O¡HDU N@QBDIDI
I<F<HH¡C¡==¡ODIDIN<IL¡G=DI¡ O¡NDMDIDI ¡I=<MDUIHPI¡G¡MDI?¡I=DMD?DM<DM=P?<NO<I?<I?<
=¡CM¡G¡I¡M¡F U@DMG¡MDI?¡ =P=<M¡?¡FDO¡¡NNM<OG<MIDA<?¡ @OHD?DM
(<MQ<IOPOP=L¡HF@uD=
NGDBUI¡HF@uD=
!<?<T<ILDUDQ<M
P?<?<I(¡M¡HF@uD=N¡C
$@>¡IDIO<SO L<M<
(¡M¡HDI=<SOL<M<
MUPMPHB¡?DTDI?¡
$UT<<S?L<M<N¡C
<DM ėNGD Q¡ (¡M¡HĘ ?<NO<II?<F (¡M¡HDI <UI?¡IDIBIL<M<N¡C
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
/¡D?=¡T A¡I?DU<?¡ @G L¡CM¡H<IG<M C<LLI?< NU <u<MF¡I L@T? @?DM?D FD S<GL U
?H¡IDI?¡IDIODL<H<GH<LuIUL¡CM¡H<I(JMJGPIPIKG<I<u¡FDM.<u<LI¡=DG¡ML<u<L
F¡M¡HG¡M G@TGDH¡>IPIG<M ¡NGDF¡M¡HG¡M HJGG< I¡NM¡??DIG¡M @G <M<NI?< C¡HD¡ T<<TM Q¡
JIG<MIQ>P?PDG¡ @GC¡MHPM<?<T@OD¡ =DGDMPL¡CM¡H<IG<MIQ<NDO¡NDDG¡ S<GL U?H¡IDI?¡I
DIODL<H<GM!<NO<IL¡CM¡H<IG<MUH¡PL¡G¡MDDG¡ LJQPH<LuIL¡MD=QDG<T¡OG¡M¡ B@?DMG¡MP
TJG?<JIG<MHDI=DM ¡U<=<?u<MJGPMCD>M<I<O¡DDG¡ T<I=T<SGMG<M+¡C<T¡O?¡T<HPM<?G<MDI<
u<OMT<SP?I<F<H=DI¡ND=GMG¡MN¡C
*QUPNP L¡CM¡H<IGL O<MDSDI?¡I =¡CN @?¡I ė(JMJGPĘ ė.<u<L +¡=DĘ ?<NO<IG<MI?¡N<M¡OGDJPGG<MINJND<G ¡?<G¡OQ¡ H=<MDU¡T¡ u<MM
MO=L<MIS<<G<M
6@IDS<IG<MK<<G<M
(JMJGPN¡IB¡GH¡N¡I
PIG<MC<M<=<<G<MN¡C
!<G<MI=¡GB¡NDQ<M
¡M¡ND=¡GB¡NDQ<M
P?<G<MINOI?¡
(JMJGPFGB¡NDQ<MN¡C
(JMJGPDG¡ T<I<JIPIDBD?S<IHJG<I+DB<M?<%(M?JGP=<T<OG<MI?<O¡HDUN<AQ¡ DBD?
U¡M=<T><ILUFDHDO¡M¡IIHJGPIPM
+DB<M=PG<L=<I?<
(JMJGP?<=<I?<
DML<M<L<MO<GH?M
7DMQ¡IDI<=<I?<N¡C
jU NUI ė <TI<G Ę II ?DGD DG¡ ?@T¡I .<u<L +¡=D ?¡ % (M?JGP =<T<OG<MI?<
DBD?GDTDIL¡CM¡H<IGIM¡HUDFDHDO¡NQDMJGPIPM
TDG¡MHD ¡M+¡=D
GJQG<MB@T¡M+¡=D
TI<GII?DGDTG¡
0UI?@T¡M+¡=DN¡C
!H¡IDO@TG¡M+¡=D
.<I<L<I@TG¡M+¡=D
TI<GNUJU<ONU
%¡>¡MNDUI@TG¡M+¡=DN¡C
eS?IHL<<+¡=D
0TF¡ID=?<<+¡=D
(@DFu¡FDM@GDI¡
%¡>¡MG¡ LJ< +¡=DN¡C
<DMJQ<SOUL¡G=DDG¡ JSP>PG<M<M<NI?<LMGH<UFMKN<G<=DGDMFD¡SNDTT¡ODDG¡ T<M<O?LG<M
=DM=DMDIDO<H<HG<TM<DMJQ<SOC<HO¡M¡ADI?¡IN@QDGDMFDUDG¡ NUO¡IB¡GDM=<L<NUG¡
KJ@ODFADFDMG¡MDID ¡H¡GG¡MDDG¡ O¡N?DLG¡TDM%(M?JGPU¡M=<T><IL<?IG<MI<S<NJGD=
F@TADTT¡OG¡MD U @DMG¡MDI?¡ O¡M=DT¡ @OHD?DM ė.<u<L +¡=DĘ ?<NO<II?¡MDI
><¡OG¡MD?¡ O¡M¡IIHJGPIPM
7DMQ¡G¡ML<M%¡>¡M
$I¡?¡I<M%¡>¡M
*DILJu<I=<>N
+¡=DIDIT<M%¡>¡MN¡C
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
*¡I%¡>¡M¡H%¡>¡M¡H
T<UBTG¡MK¡I>¡M¡H
!H¡IL<IOFH¡T¡
,QS<MG=DMS¡I>¡M¡HN¡C
%N@TI(M?JGPIPI(JMJGPIP+¡=DID%¡>¡MDO@UO@US<OMG<H<NJSP>PIPILPG<I?<
O<MDSD H<M N¡?<N ><IG<I?MM <DMDI ė¡CD? JG¡MDI
I¡Q¡ND?DM U +¡=DNDIDI LDN<NI <GH<L uI ¡GDI¡ NDG<C BOMM Ę6<MI ?< Q¡O¡I LPM=<I L<?II Q¡NA @?DM <DMDI =DM NM< =<T<OG<MI?< (DMN !¡GD?< 0<Q<G<I .<A
?<G<MII<?G<Mu¡FDGDMQ¡ =P?<G<MI+¡=DIDIJTG<N¡IB¡MDJG?PPBNO¡MDGDM
6<T<T<+¡=D
.@TM¡OL<u<+¡=D
0¡IB¡M@TG¡MB<C(DMND
$<C!¡GD?<+¡=D N¡C
!<NO<IL¡CM¡H<IG<M%(M?JGPIPI=OIE<IMG<M?<T<UGH@MG¡MDI?¡ O¡N<?A@?DGDM.JMLP?
(JMJGP <=¡F +¡=D %¡>¡M FDHD ?<NO<I L¡CM¡H<IG<M =P KJ@UDT<?< O<MDSG¡ H<NDMGDTDI
Q¡C?¡ODG¡O<MDSDIH<NDMKJ@ODF¡MCDI¡ u@QMDGDM,IPIė0<MLĘKJ@H<NDN¡ @GDuDI?¡ ?<NO<I<
M¡Q<T¡O¡ u@QMDGHD =TF @G N¡I¡OF<MI< C¡NM @?DGHD?DM P KJ@H< E<IM @OD=<M DG¡ O<H<HDG¡
JMDEDI<G=DMC<?DN¡?DM!<NO<IM¡Q<T¡OO¡CFDT¡ND?@TDH¡T<UH<AJMH<NKJ@H<IILPMPGPPI<
JMDEDI<GGL Q@MH¡FG¡ T<I< O<MDSD FJGJMDO T<M<OH<L =<SHI?<I KJ@UDT<NI?< HQUPNP ?<NO<IG<M?<I BOMGH L¡CM¡H<IGL Q¡ H¡C¡==¡O
HJODQG¡MDI?¡I DNODA<?¡ U<H<IU<H<I T@ID I¡NDGG¡MDI O¡M=DT¡ND DDI¡ A¡<GGLG< HP?<SDG¡ @?DM
*<NDM ¡?¡=DTT<OHU?< ?<NO<IHJODQG¡MDI?¡IDNODA<?¡ DG¡ T<UGH=¡?DD ¡N¡MG¡MDISNPNDT@MDQ¡
u¡FDND Q<M P HJODQG¡M?¡I H<NDM KJ@UDT<?< DNODA<?¡ JGPIH<N T@ID I¡NDGG¡MDI HDGGD MPC?<
T@ODH¡NDI?¡ =TFMJGJTI<T<><L?M
lle00+
U¡M=<T><I?<NO<IG<M>DG??¡<FėeM<LĘI¡MDTT<O
DM@M=PG<T?H0<=<C<FN
%N@TI(M?JGPė*DI=DM=<T<OĘ<F$¡I>GDF
%N@TI(M?JGP.<T<uDu¡FG¡MD$¡I>GDF<FN
%N@TI(M?JGP*DI=DM=<T<O$¡I>GDF<FN
%N@TI(M?JGP6<M<GOJMK<HT<M<GN@QBDH0<=<C<FN
%N@TI(M?JGP6PM?PH<LPM=<I?MNUH0<=<C<FN
%N@TI(M?JGP6PM?PHPB¡U¡B¡U¡$¡I>GDF<FN
<=<T@Q-A¡I?DT@QU¡M=<T><IDA<CDS<GL ¡?¡=DTT<O*<<MDA<FN
2G?PU*MD?JQ</¡D?=¡T A¡I?DU<?¡ Q¡ AJGFGJM(JJK@M<NDT<<FN
3<LDA3¡GDT@QU¡M=<T><IAJGFGJMP*<<MDA<FN
)-2+ *531 237%&0) 5)64)26)27%7-9)6 3* <)5&%-.%2 43)75; 86);2 85(3+08 ,%6 *351)(
7,) '5)%7-9) :35/ -2 7,) +5382( 3* 75%(-7-326 3* '0%66-' %2( *30/035) ;67)1 3* +)25) %2(
()6'5-47-32,%63*7,-643)75;737,)%56)2%03*5-',*30/035)%2(35-+-2%043)7-'%045%-6)
3)7-'%0 6;67)13*7,)43)75;3*782-2+4)+7%/)6-14357%2740%')3*7,))4-'13281)2763*
-7%&; %(% 35+8( 353+,08 60; 9% %5%1 %',%+ %&- 3* 7,) 86);2
85(3+,0843)75;68&.)'77,)1)63*,)53-61%2(039)-27,)-1%+)66;67)1
)436 43)7-'6 6758'785) 3* 7,) 13()52 43)75; +)25) )93087-32 ,)53-61
75%(-7-326
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
%70;-92)@76=:02)096+8-4-55)@
/-8*)1,.)592)@76=/0@
Vdprzgstdp pfopep ji djfo~w qrgfstbdjtgmgk bigrcbkfhboslpk qpijj Busgkob
Jrfpem~ vprnjrpdbmps ob qpzdg lmbssjzgslpk j vpmlmpropk trbfjyjk Fborpdb j
jipcrbijtgmob sjstgnb tpk qpijj spdng|bgt cpebt~k brsgobm vpmlmprb j
prjejobmopepqptjzgslpepdpsqrjtj
Qptjzgslbsjstgnbb{ueslpkqpijjegrpjzgslbjmcpdobtgnbtjlbqjzgsljw
qbntojlpd =Jjtbcj Cgfg Bprlut> =Jprpemu> =?smj j Jgrgn> =Bbzbe Ngcj> jngt
iobzjtgmopgngstpdpcrbiopksjstgngqpijjBusgkobJrfpem~
3?;-+<- 936+) qjzgslb qptjlb strulturb spdrgngoopk qpijj hborpdb
dpmyjegrpjzgsljgtrbfjyjj
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
e)% +Y)" &#"#&) )j+ )$ +) - X%Y#) %
" * ) " j
! '/# )P'
;D;k
M<M JGH<F U@M@ ?@DDF T@MG@M?@ H@NFIG<H JGPK MJM<AT<NII C@M <G<II?<
BMH@F JG<N?M U@M=<T><IC<GFII@IBU?@
B@G@I AJGFGJM BNO@MB@G@MDI?@I =DMD N<TGM OI =PIG<M BU JII@ <G<M<F H<G@N@A M<IAJGFGJMPDuDI=<G<IBuIJFO<NN<TG<M<FNUG@?@=DT<O
=PI?P<NM?<BIHU@F<G<IH<N<GG<M?<I(DN@6N@A<?GFJH<@FGDI?@
CH@O6@N@QDĖ?@I@OFDG@IG@I@M@FQ<M
>D <NM< F<?@M oFG<M U@M=<T> FDO<K ?@H@F JG<M =P ?I@H@ <TOOM >D TGG<MI?<
)@IDIBM<? <MDQDI?@ =PGPI<IAJGFGJMIPI@IK<MG<F?I@HD<?G<I?MH<FJGPM+@T@FD=PTGG<M?<
<FGFB@G@I@DB@IDG@TDKQ@TFN@GH@T@TUOPOHPFFPM=<I<CNH<DG%<O<TAJGFGJM
T<M<?>G<MII N<TGMG<M FD =P BI =DG@ AJGFGJMDF ?@NO<IG<M ?DG@M@ ?@NO<I?M #JGFGJM <G<II?<
=DMDI>D N<TG<I AJGFGJMDF ?@MG@H@ FDO<= T<UG<M< BM@ T@I@ P TGG<M?< OJKG<IH *@C@HH@?
%@=G@/P?D ?@?DFG@MDI@ BM@ P ?I@H?@ <C NH<TDGDI @HMD DG@ OJKG<IH 1MF ?DGDI?@
OJKG<IH O<G<M NU FDO<=I BM?FO@I NJIM< A<MNu< ?DGD DuDI =DMDI>D F@M@ JG<M<F T<UH<< TU
FJTHP %@=G@/P?D uJFGP 1<CNDI Q@ 1MFG@MDI <O<G<M NUI OJKG<HG<MI< I@H Q@M?DFG@MDI
C<OMG<O<M<F D FJTPGHP $MI? BD=D =DMDI>D F@M@ TGG<M?<IĖI@I<?GH?@NO<IG<MMI@FJG<M<F(MJGPNGDG@(@M@H_FF<MK<CNH<DG
Q@ =DIG@M>@ FJH< H<ID=<T<O <*@MNDT@ T<?DF<M F<G? !I@HDI @I <?GH _F _F
1PA<MF<IG0<M_FQ@<?Q@MH@FHHFI?M
>D <NM?< ?< NUG @?@=DT<O F@uHD TGG<M BD=D NM@FGD JG<M<F B@IDG@TDK Q@ DG@MG@H@T@
?@Q<H @OHD P ?JI@H J F<?@M BuG AJGFGJM <G<II< N<CDK JGPK FD =<F< C<GFG<M Q@ HDGG@OG@M
=DG@JI?<IA<T?<G<IKF@I?DAJGFGJMG<MI<T@IDTUF<U<I?M?G<MPC<GFG<M?<I"MH@IDQ@$M>
C<GFG<MI?<I oF DDMDI?@I
@OFDG@I@M@FIF<UI?G<M
%<GF ?@NO<IG<M Q@ H<N<GG<M P ?I@H?@ ?@ T@ID Q@M NDT<G<M F<U<I<M<F U@IBDIGDDI@
<MOMHJGPKNGDG@(@M@H0<T<OQ@0<T?+@QMPU(MJGP=?PGG<CQ@ DC<I<C==<N
-DI@?UBD=DC<GF?@NO<IG<MT<M<I?
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
PIG<M?<M K<?D<C <H@C@HH@? <C F<><MI <O<N *<U@?I?@MP <NMI =DMDI>D T<MG<MI?< O<MDCD PPMNPUGPFG<M< Q@ C<?DN@G@M NJIP>PI?< Q<CDO
U@M=<T>=PMDT@ODI?@ F<G?G<M M<I?<O<HKJGDODF ēO<MDCDQ@=DGDHN@GFGOM@GT<FG<HG<MN@MBDG@I?DD=DM
C<G?@BI@T?@O<HO@MNDI@=DM?PMBPIGPFQ@B@MDF<GH<T<N@=@KJMO<T<FJIPG?P
M<IĖI TGI?@NDI?@M<IĖ?<TMOG@IDNOD=?<O=<NFNI@?@IDTG@
MHG@?@I AJGFGJMPIPI OJKG<IK <M<OMGH<N JG<N
JGH<HOM ?@IDG@=DGDM 7DM< NU FJIPNP ?I@HG@M?@ N<?@>@ 1@=MDU "M?@=DG 2MHDT@ Q@ 7@I><I
TM@G@MDI?@ 1MF AJGFGJMPIPI OJKG<IH<N DG@HD B@Mu@FG@ODMDG@=DGHD JGN< ?< =P ?<C< uJF
OJKG<H<FOP <NMI NJI TGG<MI?< *JGG< %<N<I "?D= "C@MD1POD *JGG< *PNO<A< Q@
*@C@HH@? <FDM %<GC<GD 0<G@=DT@ <?G @N@MDI?@ =DMuJF C<GF @?@=DT<OII MI@FG@MDI?@I
OJKG<HG<M?M *JGG< *PNO<A< oGD JGP T<U? 1MFu@ #<MNu< +@NN<= ?< A<UG< <O<G<M NU
F<T?@OHDODM*@C@HH@?<FDM%<GC<GDIDI?@0@G@=DT@T<1DGFDFDO<=I?<=DMuJF<O<G<MNUI@
M<NOG<H<FHHFI
(<u<M?I@HDI?@I@G?@JG<IAJGFGJMFDO<KG<MI?<IO@Fu@*DMU< <A@M0PGO<I@GFPM<?<I
F<G<I=DMA<MNu<1MFu@<O<G<MNUuIF=<F<=DM@TTJF?@IDG@IF<?@MAJGFGJMT<UQ<M
(<u<M?I@HDIDIIBDGO@M@=<NFG<MQ@/U<C<IDNO@B@GH@NDDG@=DMGDFO@&M<I?<
O<H #<MNG<OMH< Q@ A<MN JGH<T<I C<GFG<M ?DGG@MDI?@I Q@ BM@I@F Q@ B@G@I@FG@MDI?@I <M<?<I
F<G?MH<FNDT<N@OG@MD=<G<I?
PIPIG< =DG@ FN< ?@QMDG@M?@ U@GDFG@ &M< =<NGK Q@ H<IUPH =DM @N@M?DM %<OMG<OH<F
B@M@FDM FD >D TGGI?< 1@>MD?@GG<O <?GD CH@O *DMU< GD C<> *PNO<A< JGP =<FPT <?G
A<MNu<?DGDI?@O<CM<I?< O<=<NH<JG<M<F=DMK<M<<O<G<MNUOJKG<H
>PTGG<MI<<TO=DM<O<G<MNUFDO<=*@GFPHC<I"MH@ID"NA@C<D+<UDH@G?QG@
G<F<K DG@ O<IIM 7PMP= "HN<G 1MF<O @OODD <GA< =@OG@ =<NGH @FDG?@ *DG@OH@>GDNDFOKC<I@NDI?@F<GM
>D TGG<M?< -@CG@QD M@EDHD U<<A< PM<? ?I@HD JG?PPI?<IU<OGF TJGP<A<FQ@N?@MBDG@M?@=DMuJFAJGFGJMDFMIG@MDBMH@F
HHFI JGPM %@H@I TGG<M?< U@M=<T><I C<GF *<CIG<M <?G FDO<K "U<MD <?G FDD O<M<AI?<I
T<MGM*DM*@C?D"O@H<?I?@MG@?DD$@GDIG@M@U@TD=DMuJF<MOMH<G<MG<T@ID?@I=<NG?
P TGG<M?< =DMuJF T<U<M AJGFGJM< TU B@ODMDK AJGFGJM <G<II?< ?@MG@H@G@M T<KOG<M FD
JIG<M?P TG?< T<T< =DG?DFDNJIM<G<MP
FDO<KDuDIH<CF@H@T@u@FDG?D>TGI?<?<GD<NF@M*>O@C@?D?@MG@?DD<O<G<MNU
<?G FDO<= #<MNu<T< u@QDM@M@F T<T? %@H@I TGG<M?< GD 1@=MDUGD NGD DG@ (@M@H ?@NOPTGI?<!<NO<I@!PNO<I<?GFDO<KO<=DMNM<<O<G<MNU"=PGF<NDH#@M<C<ID
O<M<AI?OC@?D ?@I I>@
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
*DMU< GDBPGD 1PA<MB<ID 3<DU O<M<AI?P TGI?< O< =<NH< @FGDI?@ 1@=MDU ?@
=<NGHGD<NF@M*>O@C@?DFDO<=I?<PFDO<KO<I=JGP@FDG?@A<T?<G<IHė+NM@OPGG<C
*<FPTDĘ ?@ > TGI?< ė <HG 1@HNDGĘ <?G FDO<K T@I@ 1MF <O<G<M NU ?@MG@H@ND JG<M<F
FTUBM?
*DGGD ?@HJFM<ODF CFH@OD ?@QMDG?DFO@I NJIM< &M<I?< JG<IG<MIP TJG?<A@?<@?@IFDDG@MO<M<AI?<IAJGFGJMFJMPH<T<u<GG?PFDDG@M?@Iė0<H@?
@CM@IBDĘ ė@CMDU !@CF<IĘ ėGD MU< +<=?@GĘ Q@ N
=DMuJF AJGFGJM MI ?@MG@TDK T<TH<< u<GNG<M?< #<MNu< JG<M<F T<T< =DG?DG@M @CM@IBDIDI
CDFoT@G@MD?I?<uU@M=<T><IAJGFGJMPU@GDFG@(JH<G<MQ@PGH<><G<M<?GFDO<KQ@u
@DODHG@DGBDGD<GO@N@MD=PGPIH<FO<?M<F<U@M=<T><IAJGFGJMP<G<II?<u<G<IG<M?<I=DM?@
ė$PG<HMU< 0<@?DĘ ?@I <? u@FH@F B@M@FDM 0<@?DIDI T<UG<M #<MNu< JG?PP C<G?@
OH T<UG<M U@M=<T>DOU<?@
0<Q<G<IĘQ@>DTGG<MI?<1MFu@*<CIG<MQ@<T<OG<M<?GFDO<K?<T<TGKė(@H<G
<CDKPMĘQ@ė6<CT<*DMU<MDT<IKPMĘQ@ėJMUPTDĘQ@ė"MB<ODĘ<?GFDDG@M?@<T<O
OJKG<HG<M<HH<T<TIG<H<HG<MP?I@H?@INJIM<<M=<NFQ@T<N<FG<MJG?PPI?PTGI?<ė0<T<G<MĘQ@?@_FG<M<?GFDO<KG<MT<TH
-@CG@QD M@EDHDIDI >D TGI NJIPI< F<?@M P KJGDODF< NJIP>PI?< CDu=DM @N@M
T<TIG<IH<?PTG?<INJIM<?@MBDG@MQ@ FDO<KG<MT<TIN@M=@NOJG?P#JGFGJM<G<II?<?<=DMFHG@?@I
>D TG?<I ?< =P u<G<IG<M
Du@MDNDI?@ @Q<O%@T@O%N@TDI#@TUPGG<C3<CDO2G?PU7CM@3@A<TDGD/U<0@M<AD@CMPU
H<ID*DM%D?<T@O%@N<MD%N@TDI$I@TGDGD7<MD6@F<ID@CU<?@CU<?D*@IUPMD%<H@ID
GD7<A@MC<C@CM<HN<?D1JQCDO*@GDFU<?@(<U@H==<ND6<FPK(P?NGDNF@M%PM@H
GD/U<7DC<FGD(@H<GD*@C@HH@?GD+DF<=*(<EM<H<IKPM<?Q@MH@FJGPM
(<F<T 1MFG@MD Du@MDNDI?@ AJGFGJM <G<II?< u<G<IG<M?<I /<CDH *@M?<ID *@IDu@CM
(D<ID*@IPu@CM%I@MK@MQ@MFDHDFDDG@M?@I<? Q@MH@FJGPM %PM<N<I1MFAJGFGJMPU@MDI?@
u<G<IG<MI?<?<0@T@?GD*DMIDT<?<I<?<Q@MH@FJGPM=<F<&M<I?<T<<T<I1MFG@MU@MDI?@
u<GH<C<GC<UM?<JGH<TKU@GDFG@(<Gu(<UF<G<M(DMH<I0JFPM%<H<?<I(<UQDIQ@N
NG<HD DIFGoK ?<I NJIM< &M<I?< T<TIG<I<I 1MFu@ ?@MBDG@M?@ =DM uJF AJGFGJM H<O@MT<GD
BMH@F HHFI?M ?@H@F JGPM OH ?@MBDG@M Q@ B<U@O@G@M 1MF AJGFGJMPI?<F<TG<MI?<!DGH<u?@MBDNDQ@
-( !@MI@D O<M<AI?<IAJGFGJMAJI?P<?
DG@=DM?@MI@FD@=<G<?!@MI@DIFPMP>PC@T@ODGD/U<0@M<ADGD%<GDO<=<?(<UH==<ND
GD@M<U@I?@1MF+@QDO*@C@HH@?D<?Q@MH@FJGPM!@MI@FDFD=PuPFTGD?<MD=MJFM<ND?@I
NJIM<TGI?<M@NHDJG<M<FOU@G=DM<CNDT@OF<U<I<M<FėU@M=<T><I"GDGDHDĘ<?DDG@M<I
1MFAJGFGJM<G<II?<D@=<G<TKQ@DG@H@T@?@Q@H@OH@FO@?DMPBI@?@F=DMK<M<AJGFGJM
H<O@MT<GDQ@FDO<KG<M=DM<M<T<B@ODM@M@FFPMPHJG<M<FM<I1MFAJGFGJMN<C<NI?<u<G<IG<MI@I
PM<F T@MD JGHPOPM P <M<?< ?@MI@F <TGF JG<M<F ė"G DGDHDĘ <?G =DM Du ?@MBD?@ T<TM P
?@MI@Fu<GM<F<?@HDFJG<M<FAJGFGJM<G<II?<u<G<IG<M=DM<M<T<B@ODMDK=PBI@?@FT<KG4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
M<IAJGFGJMPU@MDI?@=<F<GF@G@M?@U@GDFG@1MFDT@Ė?@?@=DMK<M<u<GH<G<MT<KGH
FDJIG<MIDu@MDNDI?@"IQ@M2UPIĖPIėM<I1MF#JGFGJMPĘ GD(<AF<NT<GĖIIėM<I1MFG@MD
F*PCDOG@MDĘ Q@ėM<I1MF_FG<MQ@*DGG}(DHGDFĘ 0PGO<I1PGPĖIPIė%JM<NIM? ?DGO Q@ ė!JP GG@MD UG<MI?<I <F DDMDI?@ Q<O<I HDGG@O C<GF Q@ <U<?GF =<HNUGF FJIPG<Ę u<GH<G<MI<?Q@MH@FJGPM
00+
#"/,)2 CH@OėM<I1MFG@MD1MF(GOMĘ1MF(GOMM<OMH<"INO6G0
IF<M<N
)7!" 0<H@?,PUI<H@"HN<GD*@CH@?<G}53&6UTG?<6<UGH1MFO<NUG@MD
(DO<=NO<I=PG1MF!IT<NM<OMH<G<M3<FA6<TIG<M
#"67k))%%N@TIėO<G<MNU<FGIBUĘ1@=MDU1@G<I@MDT<O
272+"IQ@MM<IOMF#JGFGJMP1PM=<U<I"N@M,AN@O*<O==<>GF
%"0/& *DMCD?<T@O ė1@>MD?@GG<OĘ ė6JG?@MBDNDĘ0 N
COOK<BC<=JUJMBDM0@<M>C<NKS 0"//#& GDM@U< ė#JGFGJMU@GN<TĘ ė!DGH<>?@MBDNDĘ0N
%"6"1 @Q<OU@M=<T><I%<GF"?@=DT<ODN
"/7"+!" GDė!@CCPQ<MF<IGGDBPGD1PA<MB<ID3<DUDI3<O<I?DGDFDO<=Ę 1MFU@M
?@MBDNDĘ(<I<?<0
3&10<GG<HPGG<CU@M=<T><I#JGFGJM+PHPI@G@MD DGO1<CM?@MBDNDĘ 0
272+M<I1MF#JGFGJMP1M<=UJI
(#(06)&M<I1MFG@MD_F*PCDOG@MD"MUPMPH
(#(06)&GDM<I1MF_FG<MQ@*DGG}(DHGDF"MUPMPH
"EH7I7D:7D'7I7BB7HL;"7BA"?A\O;B;H?kMI6<TI@QDIF<M<
J>IM??<I#JGFGJM!@MG@H@G@MDkMI6<TI@QDIF<M<
(J=J?<MD<I+1@=MDUF$@G@I@DQ@F"?@=DT<O!M)DN1@UD?<I<
(JGPFN<%TUTG?<IBIHU@BI@TU@M=<T><IoFDDMDI?@Q<O<IHDGG@OC<GFQ@
<U!@Q<HGD(<AF<NT<G6FN@F )DN<IN1MFu@
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
º#+ %) b» )# ('&*,%,%
*X0#l0ee/0S #)
\!W \'W"\.!W
Y?G?;43Jgk
^3DE_L>mD3>Fg@3DgdJ3KJ3K^g:_>>`?m@mH;9`5E7?KA@=GD4;<7=AHJ3K>3D
GO<TG<O<P0<T<I?<G<MIIANPIF<M ¡O¡FG¡MDI?¡ Q¡ 6@IDN@T<I<u<TI=Pu<TIL¡?DH
<?2GPL%¡HD?DN<NJGN<CDGDI?¡ O<MDSDQ¡O¡IG¡MDI?¡ T@MG¡¡IT<<T<I5<F<NS<GLIIU¡IBDI
DA<CD ¡?¡=DTT<OL¡CM¡H<IGLQ¡ H¡C¡==¡OHJODQG¡MDDG¡ ?JGP?PM!<NO<INTG¡TD>DG¡MDIDIU¡CH¡OD
DNO@?<? =<><ML Q¡ L<=GDT¡OD HDGGD A¡?<F<MG N<T¡NDI?¡ S<F<NG<MI JIG<MG< =<C<?MGL Q¡
H¡C¡==¡O @KJNP I<G=DM NUG¡ AJGFGJMP =POPI E<IMG<M?< ¡C<O¡ JGPIHP =P BIF S<F<N
S<GLII DA<CD ¡?¡=DTT<OēH¡I¡QDTT<O S¡UDI¡ND AJMH<G<H?M 5<F<NG<M L¡CM¡H<IGL
?<NO<IG<MISNPNDC¡Q¡NCMH¡OQ¡ @CODM<HG<@HJNDJI<GQ¡>?G¡=DM<U?<=PBI=@G¡ 55& ¡NM
JGH<NI<=<SH<T<M<L ¡N<ODMDDIQ¡ ?PTPG<MG<L<MG<TM?DIG¡TDMG¡M G=¡OO¡S<F<NOMFG¡MDIDI
C¡Q¡NG¡ ?DIG¡?DTD?<NO<IG<MINM<NI?<ėGOIMĘQ¡ ?DB¡ML¡CM¡H<IGL@KJNG<MIISNPNDT@MD
Q<M?M5<TN¡I¡ODDFDHCH>¡C¡ODO¡G¡=@?DM=PM<?<C¡HDA<O@SIDF<N u<OS<I?<Q¡ T<FJHN?<
u<GH<LDNO@?<?TFN¡FJGH<GC¡H?¡ NTG¡TD>DGDFL<=GDTT¡ODN¡NDILMOG<L?<>DNH<IDB>O¡O=DL
@OH¡FG¡ DHKMJQDU¡ NPGP A¡MLGDDNO@?<?JGH<G?MDMIQDFDN¡I¡OODKD=DMDA<u¡SN?¡ TFN¡F
H¡C<M¡OG¡ =DMG¡H¡GD?DMA<uN¡I¡OF<MC¡MDFDN¡I¡OIQI?<SDGDMDOH<C¡IBQ¡ DIOJI<NDT<G<MG<
=GH¡GD IDU<HG<H<G ?<C< uJS =<N=<MDOJI N¡N U¡MDI?¡ JSPH<G NTG¡H¡GD?DM<L< N¡N @KDF
¡I¡I¡T¡ PTPI B¡GHDM#JGFGJMI<NG<M NTG¡TD>DDA<uG<MI AJGFGJM H¡?¡IDTT¡ODIDI O¡=GDDI?¡
SNPND ¡SNG¡M JG?PPIP C¡M U<H<IG AJGFGJM
S¡UDI¡NDFDHD?¡T¡MG¡I?DMDMG¡M*¡N¡G¡IMPNAJGFGJMI<NG<MI?<I3+- PODGJQ<BM¡NTG¡TD>D
?<MH¡I<?<=DGDIJSPT<IB@IDH¡I<?<DN¡HPHDTT¡OG¡ @KDFDA<u?MO¡ CH¡?GD0TG¡TD>D
Q¡ E<IM KMJ=G@HD O<MDSD¡I¡I¡QD <NK@FO Q¡ C<UMF ?PMPH!¡?¡ .JMLP? N<TN¡C
*" #JGFGJM INODOPOPIPI @GHD ¡H¡F?< CH¡?GD ?<NODGDTDQ¡ DA<uG=OQ=DMNDNO@HC<GI?<<GMQ¡ OMFNJTS<GLG<MIJU<IFF¡IGD
N¡I¡ODuIHPHDN¡>DTT¡ ?<?IL@T?@?DM5<F<NG<M?<FS<TuGLN¡I¡OD?¡ JH¡I<?<C¡H¡I
NDNO@HDIO¡MFD=CDNN¡ND?DM1MFNJTGPS<GLG<M?< ?<NO<INTG¡T¡I¡SNG¡M¡ Q@MDG¡I<?G<MH¡GGDAU
H¡L<G¡NDI?¡ =@G¡ NM<G<H?M NTG¡TD>DT¡ T<FPOG<M?<JGJISJNPOP =PMT<OG<M?<PGDL@MuD
LMUG<M?< H<I<Nu F<GHFG<M?<><IL<Mu L<U<SG<M?< <FI Q¡ T< EMN U=¡FG¡M?¡=<S
U¡M=<T><I?< <L 2FM<TI<?<FJ=U<M ¡IP=D 0G<QT<IG<M?< LPNG<M =P NM<T< ¡G<Q¡ JG<M<L
OQ<G<M?< Q¡ <GO<TG<M?< F<Tu ?@TDMG¡M #JGFGJMI<N <GDH ė)JM? ėNTG¡TD>D@G¡ ¡I¡I¡IDI
U?MĘT<UMG<FDI I¡U¡M¡ <GN<L FD NTG¡TD>D C¡H ?¡ H¡GGDA?DM J U<HDIDI ¡I¡IT¡
T<M<?>HPI<ND=¡ODID?¡ ?DLL¡O?¡IL<uMH<H<GTLĘCH¡?GD<BHN¡C
.¡CM<H<IGL ?<NO<IG<MI NTG¡T¡I ¡SN SNPND DNO@?<? N<CD=D JGH<G?M JIG<M A@IJH@I<G
T<??<< ?M<H<ODF J=M<UG<?MH< L<=GDT¡ODI¡ H<GDF JGH<LG< FJHN?< Q¡ T< u<OS<I?<=P FDuDF
NDHGD HPNDLD <G¡ODI?¡ u<GH<LG< UI H<T¡O @OH¡TD =<><MH<G?M !<NODG¡MDI¡
S<F<NG<M S<T C<T NTG¡H¡F NTG¡?DFG¡MDI¡ BM¡S<TuNTG¡T¡I ?@TDMG¡M .¡CM<H<IGL
?<NO<IG<MI NTG¡T¡I¡ DN¡ S<F<NG<M S<TuIH<Su L¡CM¡H<IGL I¡H¡ND NTG¡T¡I ?@TDMG¡M
5<TuIH<SuG<M ?<NO<I NTG¡T¡MF¡I N¡NDI IJMH<G DHKMJQDU<NDT<NI?<I ?@TDG P?G<L?< LMOG<L
TPQ<NI?< AJMH<G<<I SMGOG L¡N?¡I NSGH =<N Q¡ T< =<MDOJI N¡NG¡ =J<UG<MI< L¡N?¡I
H¡LN¡?GD ¡FDG?¡ O¡NDM @OH¡FG¡ JSPTPM DA< @?DMG¡M 5<TuIH<SuG<M ?<NOD
?¡NO¡ JG?PP O¡L?DM?¡ L¡CM¡H<IGL ?<NOD=?DMĘGOI MĘ %<UMG<TD DG N¡C 6FN¡F
N¡I¡OF<MGLG< S<T NTG¡T¡IG¡M?¡I =<L< =DM IQ?¡OM?¡ S<T NTG¡IDM =P ODK S<TuG<M MDOHDF
HPNDLDN¡?<NJGH<?<IS<TNTG¡TDMG¡MJIG<M<u<U<L KDT<?<IQOMS<T?@TDMG¡M<L<NUG¡
N<?¡ S<TuIH<SuP¡FDG?¡ DA<NPGPBNO¡M¡IS<TuIH<SuG<M ¡N<N¡IL<?IG<MJGPMĘ5<Tu
=<C<?M N¡NDG¡ JSPH<G?MĘ H¡CPM S<F<N S<TuIH<SuN 0@HTJI -MJFJKT@QDu (<?@Q =@G¡
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
?@T¡MHD36*<TIJL<@Q<))@=@?DINFDIDIėNFPNNOQJPUGT<PP=<FDM0JQ@OTNF<T<HPUF<
* N<T N¡C Ę ė<F?MG<M?< C<T N¡I¡OD Ę H¡L<G¡NDI?¡ =DM ADFDM¡ DNODI<? @?¡M¡F
T<UMĘLMOG<L? DG¡ ¡G<L¡GD?DM =P N¡N
Q<NDO¡NDG¡ MPCG<M<HM<>D¡O@OH¡FJGPMĘĘGOIML"*<TIJL<@Q<5<F<NuJIIILGKO
IH<3JNOJuI<T< )DO@M<OPM<* NOMėGOIM "*<TIJL<@Q<5<F<N S<GLII
L¡CM¡H<IGL ?<NO<IĘ .@T? @O?DTDHDU FDHD =<N N¡N?¡I =<L< S<Tu =<MDOJI N¡NG¡ ?¡
L¡CM¡H<IGLI¡H¡G¡MDDA<@?DMJSPTPM<NN¡NG¡ JSPT<IS<TuG<MuIN¡NNM<NIINOG<TI?<
=TF HD JFO<Q<?DTT¡QD?DM =<MDOJI N¡NG¡ JSPT
N¡>DTT¡QD?DM L<T?<T< BM¡ =TF JFO<Q<?<IGT< FDuDF JFO<Q<?<I M@ C?P?PI?< N¡NG¡ JSPIPM
?¡O¡I BU¡G N¡NG¡ BU¡G ?DFNDT< DG¡ JSPT@Ę T<S NTG¡TDM N¡ND SJ?PM T<S @D?DGDM <IG<GMĘ JG S<TG<U<
PU=<NNIĘJC<TG<N<TPSPG<H<UN<I<BFN¡C
/3KHm J3K^g
5<GL<M<NI?<S<TN¡I¡ODIDN¡I¡OF<MGL?¡M¡>¡NDI¡ BM¡ uT@M¡ <TMMG<MPGPS<T=TF
S<T FDuDLS<T FDuDF S<T SPMPS<T LPMP S<T 5<GL NTG¡TD>DS<TuI ?DIG¡T¡MF¡I N¡NDI
NE@ODI DIFD<AI?<Q<=Q@MH¡T¡I?¡ BDG@TG¡IDMQ¡ S<TuIH<SuIDMDS¡I?G¡ =@G¡ ?¡T¡MG¡I?DMDMĘI@FuDGDDM@KOPMĘ
I¡F FDHD H¡G¡TDM ėe<=<< uGD FDNO@K OPMĘFD T<G ?<Tu< FDHD FDI¡TDM ė?<T uGD
DM@Ku<Ę(K¡FFDHDHMG?<TMQ¡ N<BFN¡C
5<GLN¡I¡ODIDITFN¡FUQLQ¡ O¡G¡=G¡MDMPCPI?<O¡M=DT¡ <G<I?DIG¡TD>DIDT<S S<TuO<IT=
=DGDM,I<BM¡ ?¡ S<TuS<GLN¡I¡ODIDIDI>¡GDFG¡MDIDDA<uGLH¡?¡IDTT¡ODID@NO@ODFKNDSJGJEDO¡NDM
Q<NDO¡G¡MDIDDHKMJQDU¡ SNPNDT¡OG¡MDID?¡MDI?¡I=DGH¡GDC¡HBU¡GJSPH<GC¡HBU¡Gu<OS<MH<GUI¡H¡SNPN<MODNOGDFJQL<OT<M<OH<G?M5<GLIuJS
¡NMGDF DA<uGL ¡I¡I¡G¡MDID N¡I¡O NDMMG¡MDID =DG¡I S<Tu ?<NO<II @KDF H¡UDTT¡OG¡MDID KJ@ODF
@HJNDJI<GO¡NDMDIDUDA<O¡MUDG¡ N@Q?DMH¡TD=<><MH<G?M"TI¡I=DUDH<LN¡I¡ODI?¡ JG?PPFDHD
?¡O¡I S<Tu?< DA<uGL DNO@?<? Q¡ H¡?¡IDTT¡OD I¡ L¡?¡M TFN¡F JGPMN< J ?DIG¡TD>DG¡MD =DM J
L¡?¡M ?¡MDI?¡I >¡G= @?DM ?DIGTD>D OJKGPHP NE@ODI DIFD<AII DODM<FuNI< u@QDMDM *¡N¡G¡I
C¡T<><IG ?DIG¡TD>D UI GOIMI O¡M¡ADI?¡ >DIG¡M¡ L<M QPMP?< CDNN @?DM GOIM
=TF H¡C¡==¡OG¡ N@QDM Q¡ GOIMI -DN1PHUPS-G5<MII .U 5<II eD=@O@TDI
5PG<O<TI1<KO<<I*JG<OQ¡ NJ=M<UG<MI¡SNDI?¡ TPM?PQ¡O¡ID?JH<HDGG¡ODIDS<GLIN@QDM
JIG<MI>DIMPCGP?H¡IG¡MDI¡ GOIMIUL¡?¡MIDAM¡O@?DM
IF<M< .<UD 2IDQ@MNDO@ODIDI KMJA@NNJMP?M #<OH< jUF<I H¡CPM S<Tu 0O@K<I 6@LJMJQDu
PMI<FJQ< S<TuGL DNO@?<?II Q@MDGH¡NDIDI S<GL <M<NI?< TPSP Q<NDO¡ND DG¡ ¡G<L¡GD JGH<N
C<LLI?< M¡Q<T¡OD I<?JGP?< <LG<M< Q@MDG¡I MT<TPSP HJODQD DG¡ HL<TDN¡ @?DM #<OH<
jUF<IIMT<HJODQDID?¡T¡MG¡I?DMH¡NDAJGFGJML¡I<¡OD@GHDH¡IODLD>¡C¡O?¡I?JMP?PM#<OH<
S<IHI=PADFMDI¡ U¡M=<T><IAJGFGJMPI?<B@IDT<TGHMT<?<Q@MDG¡I=PO<HJODQDID?¡ ¡G<Q¡
@OH¡FG¡S<TuGL DNO@?<?II S<F<NG<M?< <LGL DNO@?<?II I<?JGP?<=<SGL DNO@?<?II
1MFH¡IG¡MDI?¡ J >HG¡?¡I $I@T I<?JGP OMFH¡I @GDI?¡ @L Q¡ DNO@?<?I TPSP?< =PO<
Q<NDO¡NDG¡ Q@MDGH¡ND HJODQDIDI U¡M=<T>¡ @TIDGDF O¡FDG @OH¡ND =P
HJODQG¡MDI=DMDIDI?DB¡MDI¡ <?@FQ<OJGH<N=PJMO<LDMA<IDN¡I¡ODIL<M?<OMFS<GLG<MI?<O<MDS¡I
@TID FF?¡I ?J?PPIP N=PO @?DM +@>¡ ?@T¡MG¡M @TID <H<IDNO IQ¡?¡I UQG¡ID= <TMG<DIFD<A@OHDUI¡H¡SNPNO¡G¡=G¡MQ¡ O¡FGDAG¡MG¡ HDGGD
Q¡O¡I?<GLC<LLL<U<IH?M
/3KmE3F;D;@3@5g@63@_>>`Km
PMI<FJQPI NTG¡?DTD TPSP C<?DN¡NDI¡ DI<IN<L BMMF FD JIPI DII< BM¡ S<TuGL
DNO@?<?I5<T"@UDIDIMPCPQ@MHD?DMPMI<FJQ?<=PDIB>G?MPMI<FJQG<DGBDGD=<L<
=DM C<?DN¡ ?¡ >D??D H<M<L ?JPMPMPMI<FJQ O¡N<?A¡I @D?DM FD T<SI F¡I??¡ MU@G@T <?G =DM
S<Tu<GKOSIH<SNTG¡T¡>¡FPMI<FJQ@DO?DTDJ@Q¡ B@?DM,O<L<?<HG<?JGPDHDe<OS<II
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
<MS<NI?< =DM @G¡ ?¡ ?DLL¡OD u¡FH¡T¡I =DMD Q<M DHD , <GKOSIH< JSPH<< =<G<T<MF¡I
K¡I>¡M¡?¡I=DMDNDMU@G@T=PM<?<H?@T¡ NJMPPMMU@G@TJSPH<IN<SG<TM@Q?¡I=<TM<uSM
G<FDI J =<TM?< FDHN¡ID BMHMu¡MDT¡ BDMD= JSPH<I ?<Q<H @?DM !¡MC<G JIPI N¡NDI?¡FD
AQL¡G<?¡ BU¡GDFC¡MF¡NDI?DLL¡ODIDu¡FDMPMI<FJQ&MU@G@TDIN¡NDI?¡ =<Q@M¡I=P?¡TDDFGDTD
=P BU¡GGDTD JIP =<TM< u<M<II 0¡NDI /PCP JGH<N DG¡ ¡G<L¡G¡I?DMDM#<OH< jUF<I?<I
<NGJG<M<LS<F<NG<M?<N¡NDLMOG<L?<LN<M<LHPNDLDIDIH<T¡ODDG¡ JSPTPMG<MPO¡MU?¡ N¡NG¡
JSPH<< $I@T I<?JGP?< T<<T¡ ?¡ 1Q< Q¡
GO<T S<TuG<M .<U<S <FIG<M ( Q¡ N FDHD LMOG<L?<I B¡G¡I N¡NG¡ JSPTPMG<M
#jUF<I<BFN¡C *<M<LG?M FD OMFH¡IG¡MDI JSP?PP CGGG¡M ?¡ Q¡O¡I H¡C¡==¡OD
L¡CM¡H<IGLDBD?GDFO@H<G<MIDHDADFINMG¡MD ¡FN@O?DMDM1MFH¡IG¡MJSPT<MF¡I=<MH<LG<MI
=J<UG<MI< =<NMG<M $MIM =PM<?< JIG<M N¡ND UI¡H¡SNPN DHKMJQDU¡ @?DM N¡ND =<N=<MDOJI
G<?< F@uDMDMG¡M !@H¡F N¡ND =<MH<L O¡NDMD DG¡ SMGOG @OH¡F (<?@QDI ?@?DTD FDHD U¡CHGD
=<C<?M N¡NDI¡ =¡IU¡OH¡F ?<C< ¡NFD <?¡ODI PU<ION JGH<LG< uJS L¡?DH U<H<IG<M?< <HM<@?DG¡MF¡I¡M/PCG<MLJMSPUH<LLJQH<LA¡I?DIDIDUG¡MDIDUI?¡ C¡G¡?¡ N<SG<TM
¡GF¡?¡ =<MH<LG< P?G<< OJSPIHM< @?DM NGDI?¡ ¡U¡H¡OGD SMGO L<ML U¡CHGD
=<C<?M N¡ND uS<MOH<LG< N<=<C O@U?¡I ?T¡ TJG< ?¡>¡F ¡NB¡MG¡MDI TJGPI< uS< =DG¡>¡F ¡M
/PCG<M <H<IG<M LJQH<L uI DNODA<?¡ @OHDG¡M !JG<TNTG< H¡N¡G¡T¡ =P BII H¡I¡QD
GuG¡MD DG¡ =<S?L?< ?T¡>¡F ¡NB¡MG¡MDI L¡G¡=¡ND I>¡?¡I D?@JGJED =<SH?DIDCMFUH¡FLJQH<L
LJMSPUH<LJG<=DGH¡U?D&&!IT<HC<MD=¡NDU<H<I?T?¡IL<T?¡=C¡ =GB¡G¡MDI?¡ <GH<IA<DUHDI¡ L<M =<G<I<><L ??¡OGD ?TG¡M?¡I
I>¡ ¡NB¡MG¡M¡ LM<M<L NKDMO DuDM?DMG¡MHD P C<MHJIG<MI T<M<O? ¡UHF<MGL Q¡
DI<?F<MGL CDNNG¡MDID J U<H¡?¡<L=<SEMuH<I<Nu<FIQ<MN<LuS<TuF<Tu Q¡ N =P ODK N¡I¡OG¡MDI
H¡UHPIPI?< N@H<IODF <MS@ODKDI?¡ <H<I<DUHDI HDAJKJ@ODF NDMMG¡MDNPGG<M Q¡ AJMH<G<M L<GI
U<H<IK¡M?¡ND<GOI?<T<<H<L?<?M
>gBFgJ@g?3J?m@mH;9`56`D
5<TuGLN¡I¡ODIDIUDMQ¡NDID<GKOSIH<SH¡C<M¡OG¡ NTG¡H¡FO¡FDG@?DM5<F<NOMFG¡MDIDI
=<C<?MGL L¡CM¡H<IGL ?<NO<IG<MI <GKOSIH<S NTG¡TD=C<TG<H<L =DUDH O¡N¡QQMHU>¡
=DM<IH¡C¡==¡OHQUPNPI?<JSP?PPLJH<FDHD<IG<GH<H<G?M*¡C¡==¡OHQUPNPI?<
JSPII< BM¡ <GKOSIH<S DN¡ H¡I¡QD B>
H¡I=¡TD?DM 1JT?<?TI?¡ T<N T@MDI?¡ JQ <TDIG¡MD Q¡ H¡M<NDHG¡MDI?¡ SNPND H¡>GDNG¡M?¡
S<TuG<M ėGOIMĘ?<NO<II?I< BM¡ G¡I <?<HI ėFPOĘP MPCP LMS BI F¡I?F¡N¡TDI?¡FD DIN<IG<MI
LJCPH¡LM¡=<NII T<II?< B¡UDDM P N¡=¡=G¡ G¡I <?<HI @QDID<DG¡NDID ¡M MPCG<MI KDN
O¡NDMDI?¡IQ¡ DMDGDSM?<GA¡G<F¡OG¡M?¡ILJMPH<LuIS<TuN<=<C<L¡?¡MT<N?¡I@Q?¡ <GKOS
IH<SJSPH<G?M@G¡ JG?PL?<>DIQ¡ @TO<IG<MD=GDNMPCGP¡MLQQ¡G¡MI¡ >¡I<U¡T¡I¡ @Q¡I¡
<DG¡T¡ T<SIG<H<UI¡ ?¡ =DMKDNGDF@?¡ =DGH¡UG¡MeIFD¡MMPCG<M ?<NO<II=DOD==DOH¡T¡>¡TDID
?<Q<H@?D=@OH¡T¡>¡TDID=DGHDMG¡M,N¡=¡?¡IT<SIG<<=DGH¡UG¡M DIG¡M@TO<IG<MD=GDNG¡M¡M
MPCG<M ?<NOG MPCP L<MNI?< <>DU L<GM >¡N<M¡O @OHDMG¡M .¡?DH?¡I =P
<?¡ODIG¡I<?<HIT<NT@MDI?¡ D>M<N=DMU¡MPM¡O@CODT>D?DN¡=PBIG¡M?¡ =P<?¡O¡ <U<UO¡N<?A
@?DGDM GKOSIH<S JSPI<MF¡I S<Tu GII T<II?< O¡F L<GH<G?M !DB¡M DIN<IG<M ?< U
IQ=¡NDI?¡ T<H¡IUDGDI=<L<JO<I?<T<?<@QDIC¡T¡ODI?¡ S<TuIHOG¡L?DIG¡H¡GD?DM6¡ID
S<Tu JO<?< U<CDM¡I O¡F?DMNGDI?¡ J ?<SDG¡I ?<NO¡ N<=<C< L¡?¡M NTG¡TDM
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
JSPTPM!DIG¡TD>DG¡M=PU<H<I< DI<IGH<L?<?M P <?¡O =P BI (<uDI ODM¡NDI¡ H¡INP= ¡C<GD
<M<NI?< C¡G¡ ?¡ T<<H<L?<?M 5<TuG<M <GKOSIH<S =J T@M¡ Q¡ ¡TG¡I>¡ FDHD JSPH<UG<M?
JIPIG<T<I<>¡I<U¡ OM¡IDI?¡JQ?<JSPI<MF¡IT<OH<UG<M?@G¡ I¡LG@?DMG¡MFD=DMB¡I>LU
=P ¡I¡I¡QD L<T?<G<M KJU?PPI< BM¡ N<G<H JGH<NI< M¡H¡I L¡AG¡O¡I GH?M #jUFP??PM DM Q<MD<IO H¡CPM S<F<N S<TuN 0@HTJI
-MJFJKT@QDu (<?@Q?¡I T<UT< <GIH?M 0-(<?@Q >D DG?¡ S<F<NDT<II DH<GI?<
T@MG¡¡IDM<M<TJIPIPIeJJSuGF¡I?DI?¡ ?JPGHP?PM2UPIDGG¡M1MJFDIL¡N¡=¡NDI?¡ T<<H
?<C<NJIM<G<M=<I=<F<I¡C¡MDI¡ FuH?M NDGI¡NDGD.UG=JTPI?<I?M0-(<?@QDI
S<TuFDHDT@ODH¡NDI?¡ %N=GB¡NDIDI1<MuF¡I?DI?¡ T<<T<IQ¡ H¡CPMS<TuJGDND -TJOM
3<NDGT@QDu (PM=DE@FJQPI ?< PNO<?H¡GGDHD JGHP?PM0-(<?@Q J U<H<IG<MI
uJSH¡CPMS<TuN¡I¡OuNDėGOIMĘQ¡ ?DB¡M<GKOSIH<SG<MBU¡G=DG¡I.<M<*<OKT?DND S<TuIH<Su
0-(<?@Q ?@TDG¡I¡ BM¡ < T<SI ?<NOD DG?¡ Q¡A<O
@OHD?DM»>Fg@Dgd»@KJNPI?D DG?¡ eJJSuG F¡I?DI?¡ 0-(<?@Q?¡I T<UT<
<GH?M!<NO<II=POPIH¡OIDI¡UHG¡?DM0-(<?@QėGOIMĘ?<NO<IIDGF?¡A¡ >D
DG?¡ DFDI>D ?¡A¡ >D DG?¡ ¡HDND 0GJ?G S<F<NDT<?DDG?¡ jU=¡FNO<IIK<TO<SO!<F¡I?¡C¡MDI?¡ F@uDMDG¡INT<
Q¡ AMDF<T<UuG<MII=@TI¡GS<GLFJIAM<INI<?¡Q¡O@OHD?DG¡M1¡FDG<O(JHDO¡NDIDI?¡Q¡ODDG¡ J
5<F<NT<UuG<MIH<T¡I?¡ C@T¡ODIDIO¡MFD=DI?¡ !<F¡I?¡ B¡GHD=@TI¡GS<GLFJIAM<IN?<DODM<F
@OHDFJIAM<INDODM<FuG<ML<MNI?<L¡CM¡H<IGL?<NO<IG<MI?<IJ>HG¡?¡IėGOIMĘ? DG?¡ 0-(<?@Q *JNFQ<?< F@uDMDG¡I ¡MLI<NG<MI
@TI¡S<GL FJILM@NDI?¡ ėGOIMĘ?<I Q¡ =<L< ?<NO<IG<M?<I <GKOSIH<S NTG¡HD?DM ,IP
FJILM@N¡ @TI¡GS<GLO¡FDG<OFJHDO¡ND?¡Q¡O@OHD?D5<TuDHKMJQDU<OJM<=PDNO@?<?<O<S¡OODDG¡
PU<LLJCPHPJI?<IO¡SHDI¡IDG ¡QQ¡GT<<HU<H<IIIuJSDNO@?<?GQ¡ H¡CPMS<TuN
5<?N?<IF@uH?DM1.1<u@@Q<JI?<IT<UT<<G?ėGOIMĘ@KJNPIPQ¡ =<L<?<NO<IG<M
>D DG?¡ =<I?< ėGOIMĘ <? <GOI?< =DM FDO<=?< I¡M @O?DMHD?DM DM I@u¡ DG NJIM<
HDNM<GL C¡H¡I Q<MD<IO º>Fg@ SÈ» ºd&K F>g >gB /3@» <?G T@ID T<UT< <G?
?<NO<IG< =DMGDF?¡ <MS<DF S<F<N NUG¡MDIDI G¡ODID O¡MOD= @?D= ¡G<Q¡ @?¡M¡F >D DG?¡ O¡FM<M
=<I?<I¡M@OHD?DM#jUF<I<BFN¡C
Hm 'KAFD-3E;>K7H;^"GD4;<7=AH
DML<T?<JG<M<L5<F<NDT<?<NTG¡TD>DS<TuGLN¡I¡ODI¡ B¡I>JG<IG<MT<G<MI?<B¡GDM
Q¡ T<?<I<MOS<TuFDHD<GKOSIH<SL¡CM¡H<IGLI¡H¡G¡MDu<OS<IIQ¡ T<FJHNI
H<T¡ODDG¡ DA<uGLH¡C<M¡ODIDBNO¡MH¡FG¡ NTG¡H¡T¡ =<G<TMG<M%<HFDHD-@OM3<NDGT@QDu
(PM=DE@FJQ ?< T@IDT@OH¡GDF u<I?D Q<MD<IOI KMJA@NNJM "*<TIJL<@Q< H¡CU
-3(PM=DE@FJQ?DG?¡S<F<NDT<II2NOIFDIJS<F<N><F@uHD<?+<<<<GF¡I?DI?¡
T<UT< <GH?M*¡OI =OIGFG¡ I¡UHG¡?DM *¡OI HDNM<?< -P<G<M <<G <?G<IM F¡I?DI?¡ <I<?<I JGHP?PM, .UG O<TA<NII ML4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
O¡KDF QPMHP?J?<G<M K<MOG<H>MGH Q¡ HM =JTP ?J?<I?< >MGH T@MDI DUD L<G?I<
BM¡ S<GL <M<NI?< JIP eMDF -TJ?M?@T¡ u<MHG<M6@IDT@OH¡ T<G<MI?D DG?¡ *DIPNDI?¡ O@SIDFDK@¡ H¡FO¡=DI?¡
JSPHPO¡CNDGD =DODMD= O@H@I F¡I?DI?¡ H<<U<?< N<O> DG¡HD?DM !<C< NJIM< PUPI H??¡O
0<M<G FHM H¡?¡IDI?¡ FHMuA¡CG¡ DG¡HD?DM>D DG?¡ JIP ¡NB¡MGDT¡
u<MMG<M-3(PM=DE@FJQ 5<N<I BG ¡OM<AI?< C¡M=D SD?H¡O?¡ JGPMNB¡MGDF?¡I NJIM< ?@H¡F
JG<M FD HM =JTP ?H< F¡I?D 2NOIFDIJ?< U <DG¡ND DG¡ =DMGDF?¡ T<<? , PUPI H??¡O
?QG¡O¡ H¡SNPN JG<I A@MH@M O¡N¡MMA<OI?<NJQSJU?< DG¡?D HMII NJI DGG¡MDID ¡GDGGDT¡ BM¡
O¡L<?¡ uS<I?<I NJIM< ė)@IDI uJGĘ)@IDI TJGP QDG<T¡O L¡U@ODI?¡ O<O?<IF¡I<M HS=DM
DG¡HD?DM(PM=DE@FJQPIC¡H<I<C¡H<O<S¡OODDG¡ I¡NGDI?¡ uJSGPI<G?<NO<INTG¡T¡I¡SNG¡M
JGHP?PM!JH< ¡HDND 0JMJG<S (PM=DE@FJQ uJSGP L¡CM¡H<IGL ?<NO<IG<MII<GG<M M¡Q<T¡OG¡M
DA<CD ¡?¡=DTT<O IHPI¡G¡MDID O<SK<SG<M O<KH<><G<M =DGDM Q¡ JIG<M TFN¡F PNO<GLG< NTG¡H¡TD
=<><MMH<BF N¡C!@H@IODT(PG=DNO@@Q-TJOM3<NDGT@QDu(PM=DE@FJQPIS<GL<M<NI?<
"?@ FDHD O<IIDND C¡H ?¡ BU¡G DA<uN DHD6@IDT@OH¡GDF Q¡ B¡I>GDF DGG¡MDI?¡ ?@H¡F JG<M FD
JIPI =¡SOD B¡ODMHD =TF S<T PNO<G<M 0@HTJI =?JMDID GT< O@H@IJQP 0GJ (<?@QD -
0PG@FJQP +<NO I¡I¡ID-@OMPF< 1<T?JIJQPIPI <?I
S<TuG<M PIPOHPG<M BM= ?DIG¡HD JIG<M?<I C@u =C¡NDU A<T?<G<IH? ,IPI S<T<GKOS
IH<S M@K@MOP<MI?< 55 ¡NMDI ¡QQ¡GG¡MDI?¡ S<GL <M<NI?< .<M< *<OKT FDHD O<IIH *<OKT
<G<SuDIDIJSP?PPAJGFGJM ¡N¡MG¡MD?¡ T@MOPOPM?P
(0OJT<IJQ ė®××ÐÙ×ØÈÔ ÛÆÐÆ××ÐÎÛ ÛÆÏÊÌÎĘ 5<F<NG<M?< S<TuGL N¡I¡OD H¡L<G¡NDI?¡
T<UM Ę 5<F<NG<M?< S<TuGL N¡I¡ODIDI =DM I@u¡ DA< O¡MUD HQ>P??PM ,IG<M?3B gL3Dd3 @g?3JĘC¡MAD O¡M>H¡?¡LMOG<L N¡NDG¡ NTG¡I¡I I<G
e<OSD¡O JGPIPM @G¡ C<GG<M?< =P DA< O¡MUDI¡ ?@TDMG¡M º^3L3d @g?3J ÂAJF;d3» C¡MAD
O¡M>H¡?¡ KDT<?<HPNDLD H<T¡OD JGH<?<L
?<NO<II <TM<TM O¡NDMGD K<Mu<G<MI N<?¡ N¡NG¡ JSPN<?< HPNDLD DG¡ H<T¡O @?DM P NPGG<
NTG¡I¡I DA< O¡MUDI¡ S<GL ºgD>3B gL3Dd3 @g?3J» C¡MAD O¡M>H¡?¡ H<CID FDHD NTG¡I¡I I<G
?@TDM!<NO<I =P NPGG< NTG¡T¡I S<TuG<M ¡N<N¡I L<?IG<M JGPM (0OJT<IJQ< -TJOMPI L<?I
6(PM=DE@FJQ<-TJOMPIS<TuGLN¡I¡ODI¡ B¡GDDC<LLI?<=@G¡ ?@TD=HDĘ=DU-TJOMG<=DMPGPN?<
=THF S<HG<M uJS Q<SO =DM T@M?¡ JGPM?PL, =¡U¡I <S<H TI><LG<MI?< <?D N¡NG¡?¡
uJS BU¡G JSPTPM?P , G<K FDuDF T<G<MI?GDNG¡M?¡ S<TG< JSPH<< PO<IM? jU ?@TDM?D FD JI N¡FFDU T<
JG<I?< =DM ?¡A¡ 0<M<GP F¡I?DI¡ ?<TNBDG¡ LJI<L B@?D=HD ,M<?< =DM FJH<?< DSOT<M L<MG<M Q¡
LJ><G<MOJKG<I=H,O<TOPG<MDG¡ <S<H ¡TG¡NDI¡ B@OH¡FuIT<I?<?<TDND ¡GDI¡ =DM
K<T<<G=?PMP=L<K?<,I<?@TD=FDN¡IC@uT@M¡ B@OH¡T¡>¡FN¡IH¡I@DOHD¡HFDN¡ILMOG<L
N¡NG¡ S<TI<GG<TMN<I=<G<JSPN¡I¡ LPG<L<N<><L=DUDHI¡NDGGDF>¡ O¡=D¡ODHDU=@G¡?DM S<Tu
JGPMPL ė*¡I JI?< O¡MG¡?DHUH DODM?DH?@T¡ -TJOM S<OMG<H? Ę,I?< H¡I DGF <GKOS
IH<SH ė 2GP 5<I *DML@IĘD NTG¡?DHJIG<M PUPIPU<? O¡¡FFM @?D= uJS N< JG
?@?DG¡M!<TH DN¡ ?@?DĘII¡I =@G¡ N¡I -TJOM PO<IH< NTG¡ N¡I?¡ T<S <GIMĘ @G¡GDFG¡ J
JIN¡FFDUT<I?<IS<TNTG¡H¡T¡ =<G<?,C¡H?¡ ?@HD?DFDĘC¡G¡ S<TNTG¡H¡T¡ =<G<?
Q<SO<L¡?¡MJI=@JI<GOT<I?<I<GK=<C<?MG<MC<LLI?<S<TDA<@OH¡T¡ =<G<H?Ę!JNOG<M
DG¡ =DM T@M¡ T<MH JM<?< LU JGH<T<I?< LMOG<L N¡NG¡ S<T JSPT<MHG<MMOL J U<HGS<Tu<L
-TJOMJGHP?PMĘ<BFN¡C
-3(PM=DE@FJQ <GKOSIH<S=<C<?MGL ?<NO<IG<M DG¡ T<I< M¡Q<T¡O FDK uJJS I<G
IH<S DA<CD C@F<T¡G¡M JG<IL<T >JJSO<K I¡H¡G¡M M ?@TDH¡G¡M O<SK<S <O< NUG¡MD
NNK@FO@M ?@TDHG¡M NDNK@FO@M O<KH<><=PGH<><G<M O<Ku<IL IH<SO<MAJGFGJM HPNDLDNDIDI
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
=OI E<IMG<MI?< BU¡G H¡G<C¡OGD H¡SH¡MD N¡NDG¡ JSPT<M ?DIG¡TD>DG¡M¡ C¡H @NO@ODF UQL
Q@M¡MHDC¡H?¡ ?JH<S<F<NOMFG¡MDI¡ H¡SNPNAJGFGJMPIHSO¡GDAE<IMG<MIO¡=GD@?¡MHD
5<TNTG¡H¡FS<TuGLN¡I¡OF<MG=OI?DB¡M.UGL¡=DG¡NDI?¡I=<L<@OIDFS<F<N=JTG<M
uI ?¡ DNO¡M (<uDI(JT=<G JGNPI DNO¡MN¡ ?¡ 0<L<T JM (<H<NDI Q¡ N =JTG<M JGNPI H¡I¡QD
?¡T¡MG¡M NDGNDG¡NDI?¡ HCH T@M OPOPM <GKOSIH<SG<M SNPND H¡C¡==¡O Q¡ N@QBD DG¡ BU¡G
S<TuG<MI DA<NI?< ?DIG¡IDGDM N@QDGDM T<<TM @KDFNU H¡?¡IDTT¡ODIDI N@CMDID@><UI T@ID
UQLG¡ >DG<G<TM@NO@ODFA¡GN¡ADPMAJMH<G<MIL¡?DHOMFIF<DI<O(21P/2%DG¡ LMGH¡G=@?DMO¡NDM@?DMO¡M=DT¡ @?DM
)7EG?7
#DMNO ODH@ DI U@M=<DECD ē O@GGDIB JA FC<><N 1PMFDNC C@MJD> @KJN
ėGODIMDBĘ&*(<?DNC@QĖN GDI@N<I?-3(PM=DE@FJQĖNFC<T>CD ē O@GGDIBKMJA@NNDJIDN
<OOM<>ONOJN>D@IODAD>DIQ@NODB<ODJI
&I <MOD>G@ FC<T>CD ē O@GGDIB KMJA@NNDJI >JIND?@MDIB >JHHJI DI <GG1PMFDNC >JIO@SO
>JHK<MDIBRDOCJOC@MO<G@JA1PMFDNCI<ODJIN<I?<OG<NO><H@OJNP>CNPH>JI>GPNDJIOC<OAMJH
FC<TO@GGDIBOJNDIBDIB<N<NCPFOCDNOTK@JAKMJA@NNDJI=@BDINAMJHNC<H<IDNHK@MDJ?GDQ@NPIODG
IJR<?<TN?DQD?DIBDIOJ?@BM@@<I??@Q@GJKDIB
%;OMEH:IGODIMDBFC<T>CDO@GGDIB&*/<?DNC@Q-3(PM=DE@FJQ
¢ · ¥§ §¡¬¡Mo¢ªo ªN
®²°ÆÊáÞËÈ ×ØÖÔÐ Î ¹¨°ÙÖÇÎÌËÐÔÈ ×ØÖÔÐ æÈÑæåßÎÏ×æ ÛÆÏÝÎ ē
×ÐÆÍÎØËÑæÒÎ ¼ÆÐÆ××ÐÔÉÔ ØåÖÐ×ÐÔÉÔ ÉËÖÔÎÝË×ÐÔÉÔ ãÕÔ×Æ ÈÕËÖÈáË Î××ÑËÊÙËØ×æ ÛÆÏ ē
×ÐÆÍÆÓÎËÓÆÙÝÓÔØËÔÖËØÎÝË×ÐÔÏ×ØÔÖÔÓáÈÎ×ØÔÖÎÎ¦ÍËÖÇÆÏÊÌÆÓ×ÐÔÏÚÔÑâÐÑÔÖÎ×ØÎÐÔÏ
¨×ØÆØâËÒÆ×ØËÖ×ØÈÔÛÆÏÝÎ ē ×ÐÆÍÆØËÑËÏÖÆ××ÒÔØÖÎÈÆËØ×æÈÔÇÞËØåÖÐ×ÐÔÒÐÔÓØËÐ×ØË
×ÕÖÆÞÎÈÆËØ×æÈÎ×ÕÔÑÓÎØËÑæÒÎÊÖÙÉÎÛØåÖÐ×ÐÎÛÓÆÖÔÊÔÈÎÈ×ÑËÊ×ØÈÎÎãØÔÉÔÕÖÎÛÔÊÎÒÐ
ÒÓËÓÎå ÝØÔ ÓÆÝÎÓÆæ × ÛÔÏ ē ×ÐÆÍÆÓÎæ Î ÊÔ ÓËÓÎæ ÆÞÙÉÔÈ ãØÔÏ ÈÎÊ Î×ÐÙ××ØÈÆ ÈÔ×ÛÔÊÎØ
ÐÔÖÓæÒÎ Î ßÆÒÆÓÎÍÒÙ ÕÔÊÖÆÍÊËÑææ×â ÓÆ ×ØËÕËÓÎ Î ÈÎÊá ×ÙßË×ØÈÙËØ Î ÖÆÍÈÎÈÆËØ×æ Î ÕÔ
×ËÏÊËÓâ
h{z{zx ¦ÑØáÓ¦ÖáÉÛÆÏÝÎ×ÐÆÍÎØËÑâ®²°ÆÊáÞËÈ¹¨°ÙÖÇÎÌËÐÔÈ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
º"&)&b#,»*+% %e l#01$%Y*/l#l)e
\!"\""\T'$T!*
5<GL ¡?¡=DTT<OIHPI¡G¡MDTUDGG¡M ¡MUDI?¡ T<M<I<M<L ¡FN¡MCDNN¡NDDIN<IG<MIC<ADU¡NDI¡
Fu=u<?<?QMHU¡ ?DG?¡I?DG¡I¡NDG?¡II¡NDG¡ OMGH¡FG¡ DA<CD¡FDG?¡ B¡GD=u<ON<?<
I¡ Q<SON<JIG<MI=¡UDG¡MDU?QMIIF<OD=G¡MDO¡M¡ADI?¡IF<U<FuMGH?MP=<SH?GDNG¡M?¡
?<C< uJS NTG¡IDG¡I S<GL <M<NI?< B@ID T<TGH ė(JMJGPĘ ?<NO<III HSO¡GDA DA<CD
Q<MD<IOG<M DG¡ =¡M<=¡M C@F<T¡ I<G <? DG¡ =TF Q¡ FDuDF C¡>H?¡ JGH<LG< Q<SODG¡ L¡G¡H¡
<GIH=DMuJST<UGINS¡G¡MD?¡ ?QMHU¡ B¡GD=u<OH?M
U¡M=<T>¡ ?¡
HSO¡GDAH¡I=¡G¡M?¡J>HG¡?¡I¡SND<MSDQG¡M?¡ ?<NOP?GPP Q¡ JIG<MI U¡MDI?¡
T@IDT@IDO¡?LDL<OG<MI<K<MGH<NFJMJGPI<NGI?<C<?<U¡IBDIG¡H¡NDI¡ N¡=¡=JG<=DG¡M
ė*¡CPM (JMJGPIPI C@F<T¡NDĘ ė%@F<T¡OD(JMJGPĘ Q¡ ė(JMJGPĘ <? DG¡ S¡UDI¡?¡
N<SG<IGDNDQ¡M¡L?¡ID=<M¡OJGP=I<?JGPOMFG¡MDIDI?DGDI?¡ T<M<IH
?<NO<II=PQ<MD<IO>DG?¡ <F?<ė,MP>JQL<M?<G<MĘH¡O=¡¡NDI?¡ ¡GT<UH<INS¡NDI?¡I
A¡MLGDJG<M<LH¡OIDIDI ?DGDI?¡ =¡UD?¡TDDFGDFG¡M@?DGH¡FG¡ /U<7<FDO¡M¡ADI?¡II¡M@O?DMDGHD?DM
! DAMGD ė*¡CPM (JMJGPIPI C@F<T¡NDĘ <?G<I<O¡?LDL<O<@CODT<>?PTPGPM
DAMGD ė%@F<T¡OD(JMJGPĘ <?G DFDI>D ¡GT<UH< DN¡ C¡>H>¡ J =DMD INS¡G¡M?¡I ?<C<
=TF JGP= Q¡M¡L?DM ė(JMJGPĘ ?<NO<III U=¡F ><O<T Q<MD<IO JGDDGG¡M?¡ /PNDT<"0<IFO-@O@M=PMLADGD<GII
¡MLI<NGLINODOPOPI?<N<SG<IG<IINS¡?¡IFuMGH?M.@T?@?¡FFD ¡GT<UH<II ¡NGDDN¡
CD>MDL¡H¡MD O<MDSG¡ H>D DG?¡ T<UT< <GIH?M +NS¡IDI ?DB¡MG¡MDI?¡I =<G><
A¡MLGD SNPNDTT¡OD JI?¡ I¡UHD DN¡ U¡M=<T>MFuMGH¡NDuJSBH<IFD?<NO<II<U¡M=<T><?<IU=¡F>¡T¡
u@QMDGH¡ND DG¡ =<G JGP= O¡M>H¡uDF<OD= H¡OIDI I¡NMDID u@QDMN¡ ?¡ @DMG¡MDID ¡NGDI?¡ JG?PP
FDHDN<SG<H?M
+¡C<T¡O ! DAMGD ?<NO<I< <D? uI> ¡GT<UH< INS¡ND ?DB¡M DFD INS¡?¡I C¡>H
@OD=<MDG¡ FDuDF?DMQ¡ =P ¡GT<UH<IIU¡MDI?¡ ?<T<I<M<L<K<M?HU<M<?MH<G<M< ¡N<N¡IH¡OIDI
=¡UD H¡UDTT¡OG¡MD C<LLI?< ?<C< ¡OM<AG H¡GPH<O Q@MH¡TD Q<>D= C@N<= @?DMDF GT<UH< Q¡M¡L?¡ID=<M¡OJGP=>DDGG¡M¡ <D?<F=<IFFM@?DO=G<IFG<MIIO¡HDUUI¡ I¡NO¡GDL
S¡OODG¡L<M<HM¡FF¡=G¡ FuMGH?MP ¡GT<UH<?<?<F<OD=FJGJAJIPJGH<?I?<IH¡OIDI
K<G@JLM<ADFSNPNDTT¡OG¡MDC<LLI?<DGF<I?<H¡GPH<O ¡G?¡ @OH¡FHHFIJGHPM
GT<UH< H¡OIDIDI FuMGH¡ O<MDSD C<LLI?< Q¡M¡LG¡MDI ¡FN O¡M¡ADI?¡FD H<GDTT¡
L@T?G¡MDI¡ ¡N<N¡I?¡LDLJGH<N<?<O¡SHDIDADFDMNTG¡H¡FJG<M¡N ¡GT<UH<H¡OIDIDIS¡OODFDH¡
H¡SNPN?PM!<NO<I<<D?=P ¡GT<UH<I@>¡ T<M<IH?M
1¡?LDL<OuG<M =@G¡ @CODH<G @?DMG¡M FD =P ¡GT<UH<II S¡OOD H¡CPM AJGFGJMuP Q¡
FJMJGPI<N<GDH3¡GD5PGPAGPT<H¡SNPN?PMN,IPI=P ¡GT<UH<H¡OIDIDO¡I ¡NMDI
>DDGG¡MDI?¡ FuM?T O¡SHDI@?DGDMPI< ¡HDIGDFT<M<INI?@T¡ U¡M=<T><I/@NKP=GDF<N*DGGD
MSDQ ?<M¡NDIDI I¡U?DI?¡ JG¡N¡I¡O <MSDQDI?¡
35PGPAGPT< <D? <MSDQ H<O@MD<GG<MI I¡U¡M?¡I F@uDM?DF GDHDI JM<?< N<SG<IGD DGG¡M?¡ U¡M=<T>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
<=D?¡G¡MDIDIOJKG<IH<NQ¡ I¡MDDDI¡ =DM=<<I¡U<M¡O@OH¡NDG¡ ?¡ ¡N<NG<I?MH<LJG<M1¡?LDL<Ou
<GDH C¡HDI >¡HDTT¡O?¡ u<G<MF¡I ė(JMJGPĘ Q¡ ?DB¡M AJGFGJM ¡N¡MG¡MDIDI uJSGP N<T?<
IHPI¡G¡MDID ¡SN¡I U OJKG<H Q¡ @TID U<H<I?< S<GL ¡?¡=DTT<OI< <D? =<L<G<MII ?<
OJKG<? ¡N¡MG¡MD FDO<= C<GI?< I¡M¡ O¡L?DH @OHD?DM P N<C¡?¡ BMG¡I DG¡MDI I¡OD>¡ND FDHD
<GDH Q¡ >P DGG¡M?¡ ?<NO<II L %N@TI JU<GL<IGII ?DGDI?¡I L¡G¡H¡ <GID?¡A¡ DFDLJGPIP ē ė1JL<ON¡A¡MDĘQ¡ ė<?<?N¡A¡MDĘIDNNJIM<DN¡ B@ID
¡FDG?¡ JI HSO¡N¡M LJG Q¡ SNF< OMFG¡MDI?¡I 3¡GDU<?¡ O¡M¡ADI?¡I T<UT< <GIH H¡OID N JGH<LG< I¡M @O?DMHD?DM *¡CU C¡HDI DGG¡M?¡ ė(JMJGPĘIPI I¡MD DD DG¡ ¡G<L¡?<M JG<M<L
C¡HQ<SODG¡ ?<NO<IIT<UT<<GIHC¡H?¡ DA<CDIDOL?¡IOJKG<IHHSO¡GDAINS¡G¡MD<M<T<
¡MN¡T¡ B¡GH?M
#JGFGJM ¡N¡MG¡MDIDI C¡HDI DGG¡M?¡ OJKG<IH INS¡G¡MD DG¡ =<G AJGFGJMI<N <GDH U<?
+¡=DT@QT<UMė ¡HDTT¡ODIU¡M=<T><I1¡?LDLQ¡ 1¡O¡== ¡HDTT¡OD ē *>D
DGG¡M ¡MUDI?¡ !¡M=¡I?Q¡ JMu<G?<?<SDGJGH<LG<U¡M=<T><IM<TJIG<MI<AJGFGJM@FNK@?DNDT<G<M
O¡FDG@OH¡ND=<M¡?¡ M¡NHDN¡I¡?G¡M ¡G?¡?DMI><LC¡HDIDGG¡M ¡MUDI?¡ OJKG<IG=T<UT<<GIH
H<O@MD<GG<MI ¡GT<UH<G<MIIO<G@TDL@TMDH¡TT¡I?DM,IG<MI=DMLDNHDI¡ M@NKP=GDF<IIHSO¡GDA
<MSDQG¡MDI?¡ K¡M<F¡I?¡ ¡FDG?¡ O¡N<?A @?DGDM <L< =DM LDNHD DN¡ C¡G¡ ?¡ F@uHD (.IDI
<MSDQDI?¡ UDI?<I C¡T<OI T<<TMĘ N @G¡GDFG¡ =PM<?< =@G¡ L¡I<¡O¡ B¡GH¡F JG<M FD
*¡C¡HH¡? #UPGD <?I< GT<UH<G<M INODOPOP S¡UDI¡NDI?¡ N<SG<IGG<MI HSO¡GDA
H¡I=¡G¡M?¡I<F<MG<?AJGFGJMIHPI¡G¡MD?DM
-MJA@NNJM +¡=DT@Q ?<C< NJIM< T<UM ė-IC<I?< L<GHUu<OH<N<?<Q<SODG¡ T<UG<IG<MIH¡TT¡ICDNN¡NDID=PBIU¡ uS<MH<LDHF<II ¡G?¡I
Q@MH¡H¡T¡ u<GH<GTLĘN#JGFGJMI<N<GDHDI=Pu<M>¡A<F@UDT<GG<MHUIQ<SODG¡
OJKG<T<M<L T<UT< FuM?T S<GLHUI U¡IBDI AJGFGJM N¡MQ¡ODI?¡I ?QMHU¡ B¡GD= u<OH
DMNDIH¡CQJGH<H<NQ¡ U¡ uS<MGH<NDG¡ =<GDM¡GDNM?TuJSC<LG=DMO¡FGDA?DM
6PS<M?<NU<u?HU!DAMGD ¡GT<UH<T<?<H¡CUėKIC<I?<L<G<IĘ ¡N¡MG¡M?¡I=DMD
ē ė(JMJGPĘ ?<NO<II< <D? G<FJIDF NE@O?¡I D=<M¡O =DM C@F<T¡ FuMGH?M Q¡M¡LGDF =P
¡GT<UH< DFD CDNN¡?¡I D=<M¡O?M GT<UH<II ē>D Q¡M¡LG¡MDI¡ L¡?DH H¡?¡IDTT¡O¡ U¡IBDI
AJGFGJM T<M<?>GI< H<GDF JGQ¡M¡LG¡MDI¡ DN¡ ?<NO<I<<D?
B@IDT<TGHI<GG<M?<I=DMD ?<SDG@?DGHD?DM
GT<UH<II =DMDI>D CDNN¡NDI?¡ U¡M=<T><I @G ¡?¡=DTT<OII U¡IBDIGDTDI?¡I NU <uG<M<L
JIPI O<MDS¡I uJS L¡?DH JGH<NI?<I =<L< S<GLG<MI =P T@MG¡MG¡ O< L¡?DH?¡I H¡?¡ID ¡G<L¡
LPMH<NI?<IIPU<LF¡I?G¡MDI¡ B@ON¡FBM¡>¡TDFFD<LG<MI
?<OJTG<M?<?BIG¡M?¡TI><LG<M?<LJI<LGLG<M?<NTG¡?DFG¡MDė(JMJGPĘI<GG<M?M.J><
I¡I¡G¡MDI ?¡ J><L =<I?< ?M? T<II< OJTG<I¡G=@?¡IHCH>¡C¡OG¡M?¡I=DMDJ?PMFD=PM<?< ¡B¡MC¡M
C<IN =DM H¡N¡G¡ DG¡ =<G DNODG<C OJKJIDH <GIH< NU?¡I DNODA<?¡ @?DGDMN¡ JI< <D? @G¡ C¡HDI
N¡CDA¡IDIC<DT¡NDI?¡ ¡OM<AGL@T?Q¡ ¡MCG¡M?¡ T<UGH?M*¡N¡G¡Iė=<OMĘė¡N<ODMĘė-MJH@O@Ę
Q¡ (JMJGPIPIB¡UD=?JG<??<G<MH<<M<G<MQ¡ NC<LLI?<DU<CG<MQ@MDGMFD=PNUG¡M?¡I
=DMI@u¡NDIDIDU<CI<?DLL¡OT@ODM¡Fė<OMĘ ē L¡CM¡H<I?@H¡F?DM#<MNG<MIė=<C<?MĘMPNG<MI
ė=<<OMĘ§ÔÉÆØáÖà=PF¡GH¡?¡IBOMGHJG?PPU¡IIJGPIPMė¡N<ODMĘ ē S¡GLDI ¡NFD@ODL<?
Q¡ ?DIG¡MDI¡ ?<DMHCHADFDMQ¡ S¡T<GG<MI<?@TDGDM
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
1¡?LDL<Ou ?<C< NJIM< ?<NO<IG< ¡G<L¡GD ADFDMG¡MDID ?<Q<H @O?DM¡M¡F (JMJGP C<LLI?< @G
?DGDI?¡ ¡U=¡M JG¡I?@TD=?DMĘ ē 6¡ID=DMDI>DQ¡ DFDI>D?¡A¡G¡M?¡ BMG¡ =DGH¡T¡I=DM
DC¡GGJGPI< =DGH¡T¡I=DMH¡N¡G¡ uI>?¡A¡?¡ =C¡NDUT<KG<M<LQ¡ C¡GGJGPI<><L?MuIFD
ė(JMJGPu¡>¡I?@HD?DMĘ
ė(JMJGPFD=D<?<H?MĘ ē 6¡IDJL¡?¡MLJu<L?MTDBDO?DMFD(JMJGPT<=¡IU¡T¡ =DG¡M
+¡C<T¡OINUINJIPI?<O¡?LDL<Ou<GDHė(JMJGPĘ?<NO<IQ¡ JIPIL¡CM¡H<IC<LLI?<
ADFMDIDT@FPIG<?M<M<LT<UMė"G<M<NI?<NTG¡IDG¡I?<NO<IG<M<I<GG<M<BM¡ (JMJGP=DMuJS
PPMGP Q¡ PPMNPU < Q¡ L<M< BIG¡M BMH =DM uJS =¡G<G<M< u¡ODIGDFG¡M¡ HND=¡OG¡M¡ ?u<M
JGHP?PM HH< <SM?< T@I¡ ¡LGD Q¡ >¡N<M¡OD N<T¡NDI?¡ SDG<N JGHP D?D ,IPI =<M¡NDI?¡
?<IG¡TDFĘ"G¡ C¡HDIN¡CDA¡IDIC<DT¡NDI?¡ O¡L?DHJGPI<Iė(JMJGPĘ
I<G DG¡ =<G =@G¡ =DM L@T? ?¡ JSPTPMPL ė%¡HDI I<G <GH<IDT<G <MJI QLPNOPI T<U?
ė.<M< ?¡IDU Q¡ ¡CMD5¡U¡M <M<NI?< T<<TODH<D T<<TG<MI< ?<DM
H¡GPH<OĘ <?G ¡N¡MDIDI MPN><T< O¡M>H¡NDI?¡I BOMGH?M <MJI QLPNOPI .<AL<NDT<T<
N¡T<C¡OD>P ¡NMDI=DMDI>DT<MNI?<JGHP?PMĘ
jINUH¡GGDADIDI?<NO<IIDFDLJGPI<<D?JG<II<G=PM<?<JSP>PT<O¡L?DH@OH¡NDG¡ =@G¡
L¡I<¡O¡ B¡GH¡FJG<MFD35PGPAGP<MJIQLPNOPITPS<M?<<?u¡FDG¡I ¡N¡MDDG¡ T<SI?<IOH¡ @?D= JSP>PG<M< O¡L?DH
@OH¡FO¡¡==N@G¡ JIPIUI¡ H¡SNPN?PM
<MJI QLPNO FDH?DM Q¡ I@>¡ JGP= FD 5&5 TUDGGDTDI ¡Q¡GG¡MDI?¡ S<GL <M<NI?< T<M<I
DGG¡MDI?¡ u<M&+DFJG<TIO¡FGDAD DG¡ /PNDT<II=DMNM<=GB¡G¡MDI¡ N¡T<C¡O@OHDQ¡ ė/PNDT<S<GL
C¡T<OIIQ¡ SNPNDG¡ F¡I?H¡NNDN¡G¡MDIDI?<SDGDHI<ND=¡OG¡MDIDIO¡?LDLDĘMPN?DGDI¡ O¡M>H¡
& >DG? <?G ¡N¡M T<UH?M N 35PGPAGPIPI DNODI<? @O?DTD Q¡ J U<H¡
/PNDT<T< =DMG¡?DMDG¡I .<AL<U?< T<<TODH<D
C¡T<OC<LLI?<H¡GPH<OĘ
#JGFGJMuP <GDHDI O¡M>H¡ @O?DTD ė(JMJGPĘT< <D? I<GI H¡OID FDO<=I >
N¡CDA¡G¡MDI?¡?M.@T?@?¡FFDMPN?DGDI¡ O¡M>H¡ @?DGHDI<GC@u?¡ AJGFGJM ¡N¡MG¡MDI¡ S<NJGH¡ @?¡MF¡I JG< =DGNDI FD AJGFGJM ¡?¡=D ¡I¡I¡G¡MDI¡ ¡H¡G @OHD?DM <HH< MPN ?DGDI¡
O¡M>H¡NDID ?<NO<II =¡?DDGDF?¡I PU<L JGDND JG?PPI?¡ JIP ?@T¡F FD =P H¡I=¡ C¡HD¡ JG?PP FDHD @G¡ =P BI ?¡
@MH¡IDG¡MDI ¡I uJS DNODI<? @O?DTD H¡S¡UG¡M?¡I?DM !@H¡F JG<M FD =PM<?< ¡QQ¡G?¡I <SM<?¡F
@MH¡IDG¡MG¡ =<G ADFDMG¡M ?<C< uJS L<=<M?GH?M ,IP H<TD¡O @?¡IG¡M?¡I =DMDIDI @MH¡ID
JGH<N 1DAGDN?¡I uS= M¡Q<I< B@?¡MF¡I TJG =JTP @MH¡IDG¡MG¡ BM @MH¡ID S<GLII
H¡?¡IDTT¡OD C¡T<O O¡MUD Q¡ N<DM C<LLI?< O@UO@U NU <uH<N H¡GGDADI @MH¡IDK¡M¡NO
HQL@TDI?¡I S¡=¡M Q@MDM N¡MDI MPN><T< O¡M>H¡NDI¡ T<UGH HL¡??DH¡ Q¡ @MH¡ID
F<O<GDFJNP +@MN@NDI (DO<=?< F<O<GDFJNPI <? +<MN@N T<UGH?M * 0<IFO-@O@M=PML?<
JG<MF¡IFDO<=IH¡GGDADI¡ IQ<IG<?>DGT<IQ<MO<MDSGDH¡FOP=PQ¡ M¡NN<H3DFOJMPI
u¡F?DTDF<O<GDFJNPI¡FGDIDIFDO<=IG<K ¡QQ¡GDI?¡ Q@MDGH¡NDH¡GGDADIOPO?PPHQL@T¡ <T?IGL
B¡ODMDM*¡GGDA=PM<?<I¡ L¡?¡M@MH¡IDK¡M¡NOGDFBNO¡MN¡ ?¡T@MDB¡G?DF?¡ <M<=DM=¡UDC¡LDL¡OG¡MD
@ODM<A@OH¡GDJGHP?PM*¡N¡G¡IN¡T<C¡OU<H<I=DMF<MQ<IN<M<?<L<GH<NI?<INU<uMQ¡ NJIM<
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
L@T? @?DM FD F<MQ<IN<M<II T<SIGI?< =DM @MH¡ID F¡I?D T@MG¡DM?D %¡HDI F¡I??¡FD @MH¡ID
¡C<GD DG ¡QQ¡G FIT<IGG<MI N<T>< @MH¡IDG¡M?¡I NOI
JG?PPIP BDUG¡?¡ =DGH¡T¡M¡F T<UM FD O<O<MG<M OMFG¡M ē * @QGDF ?<C< =TF
F¡I?G¡M?¡@MH¡IDG¡MDN¡ ?¡ITPS<M@QDJGH<T<IFDuDFF¡I?G¡M?¡ T<<TMG<MN
%<FNOC<PU@I I NU?¡ L@T? @?DM FD J FDO<= >P DG?¡ <MOL I¡M¡ C<UMG<H?
<L H¡TT¡I N¡=¡=G¡M¡ BM¡ I¡M DD G¡IBDTDM Q¡ >D DG?¡ <GHH¡ND DN¡ >D DG?¡ I¡M JGPIHP?PM (DO<=?< @MH¡IDG¡MDI H<M< NOI OPOPGN< ?<
.<AL<UI O¡=D¡OD T@MGD S<GLG<MI C¡T<O O¡MUD H¡?¡IDTT¡OD DG¡ =<G =DM uJS H¡N¡G¡G¡M?¡I NU
<uGH<N JG?PL>< ¡C¡HDTT¡OGD?DM ė(JMJGPĘ DG¡ ¡G<L¡GD FDO<=< ?<SDG @?DGHD I<G =DM uJS
H¡I=¡G¡M?¡ L@T?JGPI?PPFDHD<MJIQLPNOC@u?¡ S<GL?DGDI?¡I?@TDGTJGTJG?<M@BDJIP
?<C< T<SO<IT<IU¡M=<T><IOMF>¡NDIDBU¡G=DG¡I-TJOM+@TJI<?<I<I?<INJIM<L¡G¡H¡
<GH?M.<AL<UT<SO<IT<IQ¡ T@MGDS<GLG<MIH¡?¡IDTT¡ODI¡ T<SI?<I=¡G¡?JG<I=P¡SNDI
C<LLI?< =@G¡ BH<U¡NDG¡
1DAGDN ¡OM<AI?<Q¡ U¡M=<T><IIL¡M=DI?¡ H¡NFPIG<H<GH<IG<M?<I=DMD?M
*¡GGDAė(JMJGPĘI<GI-TJOM+@TDIJI<I@>¡ NTG¡H¡NDC<LLI?<FDO<=I&3A¡NDGDI?¡
=@G¡ T<UM
*¡I 1DAGDN?¡ JI< BM¡ L<G?H FD M¡Q<I< N¡T<C¡O¡ C<UMG<H 6JG< ?H¡U?¡I ¡QQ¡G
LP=@MI<OJM?<I G<UH JG<I N¡I¡?G¡MD ē K<NKJMO U¡H<I¡O H¡FOP=PIP <G?H #<TOJIPHPU T<S
Q¡UDTT¡O?¡ JGH<?I?<IJIPIO¡HDMDI¡ S@TGDQ<SODODM?DFQLPNOPI?¡ H¡I-TJOM+@TQ¡ =DM
MPN KJuO<GTJIG< M¡Q<I< TJG< ??F 1¡CGF¡NDUGDTDHDU uI DFD F<U<F =DUD H<TD¡O @?DM?D
(MI N<CDGD DG¡ B@?DM?DF 0< O¡M¡A?¡ CI?M L<T<G<M NM<G<IH? 0JIM< L<MHU< B@ID ¡FDI
N<C¡G¡MDuS?%<Q<L<M<G<I?<DN¡ =DUH@¡T¡ u<O=JM<?<B@>¡G¡H¡GDJG?PL
ē -TJOM ¡UDUDH DI?D B@>¡?DM C@u I¡ BMIHM =¡GF¡ H¡I¡ =DG?DTDI I<GG<M?<I =DMDID
?<I<N<I ē ?@T¡JI?<IS<CD@O?DH
@G¡GDFG¡ ¡NG¡I <GH<I JG<I T@MGD N<FDI -TJOM +@T ė(JM k=@T? Q¡ JIPI JGP (JMJGP
C<LLI?<O<O<M ¡AN<I¡NDĘ<?G<I<II<G<MJIQLPNO<I¡LG@?DM
+<G?<C<?DN¡G¡MM<I<CG<MI?<I=DMDIDIN<M<TI?<=<Q@MH¡NDDG¡ =<G<IM(JMJGPIPI
<O<NII <? =PM<?< G ?@TDG k=@T? <?G<IM GT<UH<II H¡OIDI?¡ ?DLL¡OD >¡G= @?¡I
SNPNDTT¡OG¡M?¡I =DMD ?¡ ė.M<OI L<uMGH<NĘ LJGPIPI LN< H¡UHPIPI?¡ @MH¡IDJG?PPIPIL@T?JGPIH<N?M
1<IIH AJGFGJMuP 3¡GD 5PGPAGPIPI ?¡NOS¡OODG¡ FuMG¡M¡F =P BIHU¡ B¡GD= u<OH
(JMJGPC<LLI?<JG<I=PI<GII@>¡ T<M<IH<NI<H¡TT¡IH¡I<?<LDNH¡I?¡ JGN<<T?IGL
B¡ODMH¡FG¡ =¡M<=¡M I¡C<T¡O NJI?< S<OMG<OH<L DNO¡TDMDF FD S<GL ¡?¡=DTT<OHUI ¡I K<MG<L
IHPI¡G¡MDI?¡I =DMD JGD
T<MNI?H¡ @?DGH¡NDI¡ I¡MDI¡
=TF H<M<L Q¡ ?DLL¡O BNO¡MHD <QMJK<G N¡TT<C ?DKGJH<O Q¡ O¡?LDL<OuG<M?<I*"*¡C¡HH¡?#UPGD<?I< GT<UH<G<M INODOPOP
GT<UH<U¡M=<T><I*"*¡C¡HH¡?#UPGD <?GI< GT<UH<G<M INODOPOP
GT<UH<!U¡M=<T><I*"*¡C¡HH¡?#UPGD<?I< GT<UH<G<M INODOPOP
1MF ¡GT<UH<G<MF<O<GJLP ē #JGFGJM<=D?¡G¡MDQ¡ H¡GGDANDU ¡GT<UH<G<M 1¡NQDMQ¡ O¡MOD=
@?¡IG¡MADGJG@?<HDG ¡HD?JQADGJG@IGD
*¡HH¡?=<MJGP<Fė"GHĘI¡MDTT<O
0<GH4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
(JMJGPNFD ¡GDA=<?<*C¡MMDMD/U<7<FD+¡MDTT<OD¡M<?¡M<ID,MP>JA <FC
H
<HDG ¡HD?JQU¡M=<T><IT<UG?<NO<I<=D?¡G¡MDIDIO¡?LDLD<F ė+PMG<IĘ
3¡GD 5PGPAGP /PNOJQ ?<DM¡NDI?¡ KDMG¡M¡ ?<DM 0¡MGQC¡NDU --@OMP@QNFDIDI M¡TDDG¡
U¡M=<T>¡N¡I¡O
<MSDQD#JI?ĠNDT<C Ġ
(JMJGP3¡GD5PGPAGPI¡MD ē +¡M¡ C<UMG<T<IQ¡ INUIH¡GGDAD U<?+¡=DT@Q
*¡OIDO¡MOD=@?¡I*¡C¡HH¡?*¡HH¡?JQ<Fė"GHĘ §ÔÑàÞÆæ ¸ÔÈËØ×ÐÔË ÂÓÜÎÐÑÔÕËÊÎæ Ø ²Ô×ÐÈÆ ©Ô×ÙÊÆÖ×ØÈËÓÓÔË ÓÆÙÝÓÔË
ÎÍÊÆØËÑ×ØÈÔX§ÔÑàÞÆæ¸ÔÈËØ×ÐÆæÂÓÜÎÐÑÔÕËÊÎæ[
§ÆÖÔÓ ¦ÈÉÙ×Ø ÚÔÓà ©ÆÐ×ØÉÆÙÍËÓ ÆÐÆÈÐÆÍ×ÐÎÏ ÐÖÆÏ ´ ×ËÒËÏÓÔÏ Î ÔÇßË×ØÈËÓÓÔÏ
ÌÎÍÓÎ Î ÔØÓÔÞËÓÎæÛà ÓÆÖÔÊÔÈà ÔÇÎØÆåßÎÛà ÒËÌÊÙ ¾ËÖÓáÒà Î °Æ×ÕÎÏ×ÐÎÒà ÒÔÖæÒÎ
¸ÆÓÐØµËØËÖÇÙÖÉà
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
')&++ &%%&%*)-+ &%&&#"#&)%,#+,)#
) +&)) &%#&&')+ &%
/"()"'
)$()"'
'""$((/
4EFD35F
-M@N@IO>@IOPMTDNOC@>@IOPMTJAOC@DIAJMH<ODJI<I?>JHHPID><ODJI&I<IJOC@MRJM?NHJM@
FIJRG@?B@<I?PI?@MNO<I?DIBH<F@N=@OO@M<>>@NNOJBM@<O@MJKKJMOPIDOD@N&IH<MF@ODIBNOP?T
<=JPOOC@AJGFGJM@OM<?DODJI<I?>PGOPM@AJM>PNOJH@MN<ODNA<>ODJIDNK<MOJAJ=GDB<ODJIRCD>C>JINDNONJA >PGOPM@DI>GP?DIBNOJMD@NHPND>?@G@B@I?NJM<GCDNOJMT KMJQ@M=N
EJF@N KJKPG<M =@GD@AN >PNOJHN <I? NJ AJMOC RDOCDI < K<MOD>PG<M KJKPG<ODJI >JHKMDNDIB OC@
OM<?DODJIN DI>GP?DIB JM<G OM<?DODJIN JA OC<O >PGOPM@ NP=>PGOPM@ JM BMJPK &O DN <GNJ OC@ N@O JA
KM<>OD>@N OCMJPBC RCD>C OCJN@ @SKM@NNDQ@ B@IM@N <M@ NC<M@? 1C@ <><?@HD> <I? PNP<GGT
@OCIJBM<KCD>NOP?TJAAJGFGJM@DNNJH@ODH@N><GG@?AJGFGJMDNOD>1C@RJM?AJGFGJM@R<NADMNOPN@?
=T OC@ "IBGDNC <IODLP<MDJIODIPPH =@OR@@I AJGFGJM@ <I? HTOCJGJBT 0ODOC
1CJHKNJIH<?@<H<EJM <OO@HKOOJDI?@SOC@HJODANJA=JOCAJGFGJM@<I?HTOCJGJBTKMJQD?DIB
<IJPOGDI@DIOJRCD>CI@RHJODAN><I=@KG<>@?<I?N>CJG<MN><IF@@KOM<>FJA<GGJG?@MHJODAN
#JGFGJM@><I=@?DQD?@?DIOJAJPM<M@<NJANOP?T<MODA<>ONP>C<NQJJ?JJ?JGGN?@N>MD=<=G@
<I? OM<INHDNND=G@ @IODOT JM<G OM<?DODJI >PGOPM@ <I? =@C<QDJM 1C@N@ <M@<N ?J IJO NO<I? <GJI@
CJR@Q@M<NJAO@I<K<MOD>PG<MDO@HJM@G@H@IOH<TADODIOJHJM@OC<IJI@JAOC@N@<M@<N
#JGFGJMDNO 4DGGD<H <N>JH NO<O@N OC<O AJGFGJM@ C<N H<IT >PGOPM<G <NK@>ON NP>C <N <GGJRDIB
AJM@N><K@AMJHNJ>D@O<G>JIN@LP@I>@N&I<??DODJIAJGFGJM@><I<GNJN@MQ@OJQ<GD?<O@<>PGOPM@
MJH<IOD>I<ODJI<GDNH<NR@GG<NOM<INHDO<>PGOPM@NHJM<GN<I?Q<GP@N#JGFGJM@><I<GNJ=@OC@
MJJO JA H<IT >PGOPM<G OTK@N JA HPND> #JGFGJM@ >D<G KM@NNPM@N JM
M@GD@Q@OC@HAJM@S<HKG@DIOC@><N@JACPHJM<I?><MIDQ<G
&I<??DODJIAJGFGJMDNONNOP?TH@?D><GNPK@MI<OPM<GM@GDBDJPN<I?KJGDOD><G=@GD@ANTNO@HN<N
<I@NN@IOD<GJAO@IPINKJF@IK<MOJA@SKM@NNDQ@>PGOPM@
#JGFGJM@<I?>PGOPM<GC@MDO<B@Q<MD@NAMJHJI@>JPIOMTDI>JHK<MDNJIOJ<IJOC@M
/@KP=GD> JA U@M=<DE M@KP=GD> JA &MJHHJI<GDOT DI H<IT <NK@>ON
DI>GP?DIBDIOC@AD@G?NJAAJGFGJM@<I?>PGOPM@><IH<F@>GJN@>JJK@M<ODJIAJMOC@DM@>JIJHD><G
?@Q@GJKH@IO
(@T4JM?NAJGFGJM@ PGOPM@ JIN@MQ<ODJI>JJK@M<ODJI @>JIJHD><G?@Q@GJKH@IO
@FDA6G5F;A@
PGOPM<G C@MDO<B@ <I? AJGFGJM@ NCJPG? =@ >JIND?@M@? <N C >JPIOMT &I OC@
?@Q@GJK@? >JPIOMD@N @NK@>D<G <OO@IODJI C<N =@@I AJ>PN@? PKJI DO AJM N<A@BP<M?DIB <I? DON
KMJO@>ODJI
1C@NOP?TJAAJGFGJM@C<N>C<IB@?JQ@MODH@-M@QDJPNGTN>CJG<MN=@GD@Q@?OC<OOC@NP=E@>ON
O@SON JM >PGOPM@ R@M@ ?@><TDIB JM ?DN<KK@<MDIB =PO IJR R@ >JIND?@M AJGFGJM@ <I? >PGOPM@ <N
@AAD><>DJPN<I?H@<IDIBAPGKMJ>@NN@NRDOCDIJPMKM@N@IOM@<GDOT89
#D@G?RJMF >JII@>ON AJGFGJMDNON OJ OC@ >JHHPIDOT <I? KMJQD?@N >JIO@SOP<G FIJRG@?B@ AJM
O@SOP<G<I<GTNDN
1C@I@RB@I@M<ODJIJAAJGFGJMDNONM@>JBIDU@NOC@DIO@M<>ODJIN=@OR@@ICJR@NM@<>O<I?DIO@M<>O<I?DIO@MM@G<ODJINCDKN=@OR@@I<MO<M>CDO@>OPM@
<I?JOC@M@SKM@NNDQ@@G@H@IONJA>PGOPM@#JGFGJMDNONOJ?<TGJJF<OOC@?TI<HD>M@G<ODJIN=@OR@@I
OC@ NJ>D<GGT BDQ@I OC@ OM<?DODJI<G <I? OC@ >M@<ODQ@ DI?DQD?P<G 1C@ AD@G? C<N M@><GD=M<O@? DON@GA
AMJH < AJ>PN JI OC@ OM<?DODJI<G <I? M@<?TH<?@ OJ < AJ>PN JI OC@ =<G@ JA OM<?DODJI<G <I?
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
@H@MB@IONJ>D<GGTBDQ@I<I?>M@<ODQ@0P>CNTIOC@OD>RJMFN@@FNOJ=@OO@MPI?@MNO<I?OC@RJMG?
=TM@>JBIDUDIBOC@>DM>PG<MNTNO@HJADI?DQD?P<GBMJPK<I?@SKM@NNDJI#JGFGJMDNONOJ?<TC<Q@
<I?PN@OC@JMD@N=POOC@T<GNJNOMDQ@OJH<DIO<DI<I@HKDMD><GMD>CI@NNDIOC@DMNOP?TG@OODIBOC@
AD@G?RJMFOC@?<O<<I?OC@K@JKG@DIQJGQ@??DM@>OOC@=DBKD>OPM@ <NHP>C<NKJNND=G@
1J?<TR@<KKM@>D<O@>JGG@>ODJIN<I?H@OCJ?NJAKM@QDJPNB@I@M<ODJIN=POOC@I@RDINDBCON
JA K@MAJMH@ OC@JMT C<Q@ APMOC@M JK@I@? OC@ AD@G? -@MAJMH@ OC@JMT M@H<DIN < Q<GD? <I?
PN@APG K@MNK@>ODQ@ =PO DO HPNO =@ <OO@I?@? OJ HJM@ AM@LP@IOGT <I? APGGT 1C@ HJM@ NOP?D@N R@
C<Q@AMJH<K@MNK@>ODQ@JAK@MAJMH@OC@JMTOC@=@OO@M=@><PN@>PGOPM@DNQ<MDJPN<I??TI<HD>
<I?><I=@<GHJNODIADIDO@GT?@N>MD=@?<I<GTU@?<I?<KKM@>D<O@?EPNO<N<O@SODIGDO@M<OPM@>ODQ@N
1J?<TH<ITAJGFGJMDNONPN@OC@RJM?>JINPGO<IOM<OC@MOC<IDIAJMH<IOOJM@A@MOJOCJN@
RDOCRCJHR@RJMFDIOC@AD@G?1C@RJM?>JINPGO<IOM@KM@N@ION<>JI>@KOP<GNCDAO ē BDQDIBOC@
AJGF>M@?DO<I?NK<>@<NK@MAJMH@MN<I?K<MOI@MNDIPI?@MNO<I?DIB<I?<I<GTUDIBH<O@MD<G1C@T
<M@IJOEPNO<NJPM>@OJPN@4@RJMFOC@N@?<TNIJOOJN<GQ<B@NJH@OCDIB<=JPOOJ?DN<KK@<M=PO
OJ?@N>MD=@<I?<I<GTU@OC@KM@N@IODI>JJK@M<ODJIRDOCOC@K@JKG@RDOCRCJHR@RJMF1CJN@
AJGFGJMDNON <OO@I?<IO OJ K@MAJMH@ OC@JMT JAA@M M@G<ODQ@GT APGG >JIO@SOP<G KD>OPM@N JA OC@
>JHHPIDOTDIRCD>COC@TRJMF1CJN@>JIO@SON<D?JPMPI?@MNO<I?DIBJAK<MOD>PG<MI<MM<ODQ@NJM
JOC@M @SKM@NNDQ@ AJMHN /@H@H=@M OC<O AJGFGJM@ @H=J?D@N < NTIOC@NDN JA OC@ AJGF <I? OC@
GJM@ 2GODH<O@GT <GG JA >PGOPM@ <I? CPH<IDOT NC<M@ OC@N@ AJ>D JA AJGFGJM@ ē >M@<ODQDOT <I?
NJ>D@OT
)JJFDIB OJ AJGFGJM@ AMJH ?DAA@M@IO <IBG@N DI ?@Q@GJK@? >JPIOMD@N BDQ@ =MJ<?@M D?@<N <=JPO
RC<OOC@AJGFGJM@DN<I?CJRR@GGDONCJPG?=@OM@<O@?
>OP<GKMJ=G@HNJAAJGFGJM@DINJH@>JPIOMD@N<M@>JI>@MI@?RDOCOCDNH<OO@M
&I OC@ NDHDG<M N@IN@ DI OC@ ?@Q@GJKDIB NO<O@ >JPIOMD@N F@@KDIB OC@ >PGOPM@ <I? AJGFGJM@
?TI<HD> <I? GDQ@ DN @NN@IOD<G <I? =@DIB <R<M@ AMJH DIO@MI<ODJI<G GJRN >JPG? C<Q@ ?@O@MHDI<IO
@AA@>ODI>JIN@MQ<ODJI<I?KMJO@>ODJIJA>PGOPM<GC@MDO<B@
'DAF75F;A@3@6E3879G3D6;@9A88A>=>AD73@65G>FGD3>:7D;F397
/@>JBIDODJIJAėDIO<IBD=G@C@MDO<B@Ę<N<NP=E@>OAJMKMJO@>ODJIDNJI@JAOC@HJNONDBIDAD><IO
M@>@IO?@Q@GJKH@IONJADIO@MI<ODJI<G>PGOPM<GC@MDO<B@G<R <I?D?@IODATDIBDON>C<M<>O@MC<N=@@I
<H<EJM>C<GG@IB@ 2I?@MNO<I?DIBOC@NDBIDAD>@JAOC@OM<INHDNNDJIJADIAJMH<ODJI@BCJR<
><MK@ODNC<I?RJQ@I<I?JAOC@NFDGGJAOC@KMJ?P>@MJAOCDNC@MDO<B@DN>@IOM<GOJDON?@ADIDODJI
1C@ CPHD<G <I? @>JIJHD> >JIO@SO JA OC@ KMJ?P>ODJI JA DIO<IBD=G@ C@MDO<B@ M@LPDM@N
N<A@BP<M?DIB<NHP>C<NOC@O<IBD=G@KMJ?P>ODON@GA<I?HPNO=@>JIND?@M@?DI@Q<GP<ODIB@SDNODIB
JM APOPM@ KMJO@>ODQ@ H@<NPM@N 1CDN K@MNK@>ODQ@ <??M@NN@N OC@ @IJMHJPN @>JIJHD> <I? >PGOPM<G
DHK<>OJABGJ=<GDU<ODJIRCD>CDNHJNOGTK@M>@DQ@?<N<OCM@<OOJOC@>JIODIP@?@SDNO@I>@JAOCDN
C@MDO<B@ DON@GA =PO RCD>C <GNJ C<N OC@ KJO@IOD<G OJ <D? DON KM@N@MQ<ODJI 1C@ @AA@>ON JA
BGJ=<GDU<ODJI HPNO=@=JMI@DIHDI?RC@I?@Q@GJKDIB<ITI@R JIQ@IODJI JMJOC@MKMJBM<HNAJM
N<A@BP<M?DIBAJGFGJM@IDIO@MI<ODJI<GNO<I?<M?N@OODIBDINOMPH@IODN<H@<INJA>JPIO@MDIBOC@
@>JIJHD><I?>PGOPM<G@AA@>ONJABGJ=<GDU<ODJI RCD>CRCDG@DOH<TM@?P>@OC@MJG@JANO<O@N<GNJ
DI>M@<N@N OC@ DHKJMO@ JA GJ><G D?@IODOD@N DI >JPIO@MDIB BGJ=<G KM@NNPM@N $DQDIB Q<GP@ OJ
AJGFGJM@H<TC@GKNO<O@NG@BDODHDU@OC@DMMJG@DIA<>DIBOC@>C<GG@IB@JABGJ=<GDNH=TG@BDODHDU@
GJ><G>PGOPM<GD?@IODOD@NRDOCDIOC@AM<H@RJMFJAOC@NO<O@
T>JIND?@MDIB 1C@2+"0 ,ė4JMG?%@MDO<B@ JIQ@IODJIĘ<I?/@>JHH@I?<ODJI4@
ADI?JPOOC<O
1C@D?@<JADI>GP?DIBAJGFGJM@RDOCDIOC@AM<H@RJMFJAOC@4JMG?%@MDO<B@ JIQ@IODJI
4% R<NM<DN@??PMDIBDON?M<AODIB 0P>CC@MDO<B@H<T=@PI?@MQ<GP@?=TOC@NO<O@ <I?OC@
4% RJPG? M@LPDM@ OC@ NO<O@ OJ KMJO@>O DO <I? OC@ RJMG? >JHHPIDOT OJ @INPM@ OCDN C<KK@IN
@IOM<G OJ OCDN JIQ@IODJI DN OC@ >C<M<>O@MDU<ODJI JA DON NP=E@>O <N < ėPIDQ@MN<G C@MDO<B@Ę
?@N@MQDIB JA DIO@MI<ODJI<G KMJO@>ODJI <I? DON ?@O<DG@? NTNO@H AJM DIO@MI<ODJI<G >JJK@M<ODJI OJ
NPKKJMOK<MOD@NDI<KKGTDIBOCDN JIQ@IODJIH<F@NDO<KJO@IOD<GHJ?@GAJMM<DNDIBI<ODJI<G<I?
DIO@MI<ODJI<G <R<M@I@NN JA AJGFGJM@ 1C@ >JHKJNDODJI JA <IT 4JMG? %@MDO<B@ JHHDOO@@ DN
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
>MP>D<G NDI>@ OCDN JHHDOO@@ AJMHPG<O@N OC@ N@G@>ODJI >MDO@MD< <I? DA DO >JI>@MI@? DON@GA RDOC
AJGFGJM@RJPG?I@@?<=MJ<?=<N@?H@H=@MNCDKOC<OM@AG@>ONOC@?DQ@MNDOTJA DIO@M@NOBMJPKN 1C@
AG@SD=G@ >C<M<>O@M JA OC@ N@G@>ODJI >MDO@MD< AJM NDO@N DN PN@APG <GGJRDIB AJM M@@Q<GP<ODJI DI OC@
GDBCO JA >C<IBDIB RJMG? >JI?DODJIN 1C@ KMJQDNDJI JA ADI@N DN DHKJMO<IO AJM @HKJR@MDIB
>PGOPM<G >JHHPIDOD@N RCDG@ @?P><ODJI<G KMJBM<HN <M@ < Q<GP<=G@ H@<IN JA N<A@BP<M?DIB
AJGFGJM@
&ODN?DAAD>PGOOJN@@CJR@Q@MCJRAJGFGJM@>JPG?=@DI>GP?@?RDOCDIOC@@SDNODIB?@ADIDODJI<G
O@MHN <I? KMJQDNDJIN JA OCDN JIQ@IODJI RCD>C <NNPH@ OC<O OC@ NP=E@>O JA KMJO@>ODJI DN <
KCTND><G@IODOT 1CDNKM@N@ION<H<EJMJ=E@>ODJIOJPNDIBOC@4% <NOC@=<NDNAJMN<A@BP<M?DIB
OCDNC@MDO<B@NDI>@OC@ JIQ@IODJIRJPG?M@LPDM@@SO@INDQ@M@?M<AODIBOJ=@<KKGD><=G@ @MO<DI
KMJQDNDJINCJR@Q@M>JPG?PN@APGGT=@DI>GP?@?DI<I@R JIQ@IODJI &IB@I@M<GOC@4% C<N
C<?OC@KJNDODQ@@AA@>OJA@I>JPM<BDIBBJQ@MIH@IONOJQ<GP@KMJO@>O@?NDO@NNDI>@OC@DMDI>GPNDJI
JIOC@4JMG?%@MDO<B@)DNOG@I?NOC@H<IDIO@MI<ODJI<GKM@NODB@
1C@/@>JHH@I?<ODJI?@Q@GJK@?<GJIBND?@OC@4% >M@<O@N<ORJOD@M@?<KKMJ<>COJ
KMJO@>ODJI OC<O @I>JPM<B@N OC@ KM@N@MQ<ODJI JA >@MO<DI DIO@MI<ODJI<GGT JPONO<I?DIB @S<HKG@N JA
OCDNC@MDO<B@OCMJPBCOC@4% RCDG@<GNJPMBDIB*@H=@M0O<O@NOJN<A@BP<M?<GG>JHKJI@IONJA
OCDN C@MDO<B@ JI < I<ODJI<G G@Q@G 1C@ G<OO@M DN ODQDOT M<DN@N BJQ@MIH@IO <I? KJKPG<M <R<M@I@NN JA OC@ @SDNO@I>@ <I? DHKJMO@ JA OCDN
C@MDO<B@ 1C@ -M@<H=G@ <I? $@I@M<G -MDI>DKG@N JA OCDN /@>JHH@I?<ODJI >JIO<DI N@Q@M<G D?@<N
CDBCGT M@G@Q<IO OJ AJGFGJM@ <I? RJMOC >JIND?@MDIB DI ?M<AODIB < I@R JIQ@IODJI DI K<MOD>PG<M
OCJN@KMJQDNDJINOC<OM@AG@>OOC@DHKJMO@JAGJ><G@HKJR@MH@IO<I?OC@PN@JAė=JOOJHPKĘ
H@<NPM@N
,OC@M 2+"0 , >ODJIN DI OC@ #D@G? JA #JGFGJM@ DN DI OC@ >JIO@NO JA )DQDIB PGOPM<G
-MJK@MOD@N)DQDIB%PH<I1M@<NPM@N
1CDNKMJBM<H KMJKJN@NOC@@NO<=GDNCH@IOJAI<ODJI<GNTNO@HNJAėGDQDIB>PGOPM<GKMJK@MOD@NĘ
RCJ <M@ @SKJI@ION JA AJGFGJM@ &O M@AG@>ON >JI>@MI JQ@M OC@ @AA@>ON JA BGJ=<GDU<ODJI JA OC@
@>JIJHT<I?>PGOPM@@NK@>D<GGTOC@>JHHPID><ODJINM@QJGPODJIJIJM<G<I?OM<?DODJI<G>PGOPM@
<I?OC@KMJ?P>@M>JHHPIDOD@N 0O<O@N<M@DIQDO@?OJNP=HDOOJ2+"0 ,<GDNOJAėGDQDIBCPHJPIOMT AJMDI>GPNDJIDI<APOPM@2+"0 ,4JMG?)DNO 1C@KMJBM<HAJ>PN@N
JIOC@=@<M@MNJAOCDNC@MDO<B@<I?OC@DM<=DGDOTOJOM<INHDOOC@NFDGGNO@>CIDLP@N<I?FIJRG@?B@
OJ ė<KKM@IOD>@NĘ <N OC@ HJNO R@GG?DM@>O@? M@NKJIN@ OJ DON DI>M@<NDIB QPGI@M<=DGDOT 1CDN
M@>JBIDU@N OC<O OC@ >JIODIP@? @SDNO@I>@ JA AJGFGJM@ DN DI@SOMD><=GT GDIF@? OJ OC@ NJ>D<G <I?
@>JIJHD> R@GG=@DIB JA DON >M@<OJMN <I? OC<O DON >JIODIP@? Q<GP@ OJ OC@H <I? OC@DM R<T JA GDA@
HPNO=@NPNO<DI@?@Q@IDA>C<IB@?DIOC@HJ?@MI>JIO@SO 1C@KMDH<MTKPMKJN@JAOCDNNTNO@HDN
OJKM@N@MQ@OC@NFDGGN<I?O@>CIDLP@NI@@?@?AJMOC@>JIODIP<ODJIJAOCDNC@MDO<B@<I@G@H@IOOC<O
DNHDNNDIBAMJHDIO@MI<ODJI<GKMJO@>ODQ@H@<NPM@NNJA<M<I?OC<OHPNO=@DI>GP?@?DI<ITAPOPM@
2+"0 , DINOMPH@IO 1C@ N@G@>ODJI KMJ>@NN JA @SKJI@ION JA OM<?DODJI<G FIJRG@?B@ <I?
O@>CIDLP@NAJMGDNODIBOC@HAPMOC@MPI?@MGDI@NOC@>MP>D<GMJG@JAOC@KM<>ODODJI@MNOC@HN@GQ@N<I?
OC@DM<KKM@IOD>@N
1<FDIB DIOJ >JIND?@M<ODJI OC@ 2+"0 , <I? 4&-, &IO@GG@>OP<G -MJK@MOT /DBCON <I?
0<A@BP<M?DIB#JGFGJM@DOM@Q@<GNOC<O
1C@/@>JHH@I?<ODJI><GGNJI*@H=@M0O<O@NOJ?M<ROC@<OO@IODJIJAOC@<POCJMDOD@NOJ
OC@ RJMF JA 2+"0 , <I? 4&-, DI OC@ <M@< JA PNDIB DIO@GG@>OP<G KMJK@MOT MDBCON &-/N OJ
N<A@BP<M? AJGFGJM@ &O H<F@N OJAAJGFGJM@KMJO@>ODJI<I?NOM@NN@NOC@PMB@IOI@@?AJMN@K<M<O@<>ODJIDI<M<IB@JAJOC@M
<M@<N G@<MGTKMJO@>ODIBOC@&-/NJA>M@<OJMN<I?K@MAJMH@MNJAAJGFGJM@OM<?DODJI<G@SKM@NNDJIN
DN DHK@M<ODQ@ OJ KM@Q@IO DON DHKMJK@M @SKGJDO<ODJI <I? ?DNOJMODJI OCMJPBC >JHH@M>D<GDU<ODJI
=PO OCDN NCJPG? =@ N@@I <N < M@G<ODQ@GT I<MMJR AJMH JA KMJO@>ODJI ,Q@M@HKC<NDN JI OCDN H<T
?DNOJMO OC@ R<T OCDN C@MDO<B@ DN QD@R@? <I? OC@ M@G<ODJINCDK JA OC@ >M@<OJMN OJ DON KM<>OD>@ =T
>JI>@IOM<ODIB JI KMJO@>ODIB OC@DM MDBCON DI O@MHN JA OC@ KMJ?P>O <I?JM DON KP=GD> K@MAJMH@
1CDNDNIJOOJ?@ITOC@M@<GKMJ=G@HJADI<KKMJKMD<O@>JHH@M>D<GDU<ODJIJAAJGFGJM@<I?OC@Q<GP@
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
JA ?@Q@GJKDIB G@B<G KMJO@>ODJI <B<DINO PI<POCJMDU@? @SKGJDO<ODJI &O DN M<OC@M OC<O &-/N ?J IJO
<?@LP<O@GT<??M@NNOC@HJNO>@IOM<G>JI>@MINAJMN<A@BP<M?DIBAJGFGJM@ DONDIO@BMDOTDONMJG@DI
@SKM@NNDIBOC@D?@IODOTJAOC@>JHHPIDOTAJMOC@>JHHPIDOTDON>JIODIP@?KM<>OD>@DIOM<?DODJI<G
AJMHN<I?DOĖNQ<GPDIB=TOC@KMJ?P>@M>JHHPIDOTDON@GA &ODNQDO<GOJKMJO@>OG@B<GGTIJOJIGTOC@
KMJ?P>O JM K@MAJMH@ =PO <GNJ OC@ NKJIO<I@JPN <>O JA >M@<ODJI <I? OC@ NJ>D<G <I? >PGOPM<G
>JIO@SOOC<OAJNO@M@?DONKMJ?P>ODJI#PMOC@MHJM@OC@?@ADIDODJIJAOC@NP=E@>OJAKMJO@>ODJIDIOC@
*J?@G-MJQDNDJIN @S>GP?@NH<ITNDBIDAD><IO<NK@>ONJAAJGFGJM@NP>C<N=@GD@ANG@B@I?N
KM<>OD><GOM<?DODJIN>M<AONFDGGN<I?JOC@MFIJRCJR
&I>JIND?@MDIB>PMM@IOHJQ@NOJ?@Q@GJK<I@RDIO@MI<ODJI<GOM@<OTJIOC@NP=E@>O JI@NCJPG?
=@<M DI HDI? OC@ GDHDO<ODJIN JA &-/N DI M@G<ODJI OJ AJGFGJM@ #PMOC@M @S<HDI<ODJI JA OC@ MJG@
@SDNODIBJMI@R&-/N><IKG<TDIOC@KMJO@>ODJIJA@SKM@NNDJINJAAJGFGJM@DN<Q<GP<=G@@S@M>DN@
OC<O H<T <INR@M < NK@>DAD> I@@? %JR@Q@M DO DN KJO@IOD<GGT ?<H<BDIB OJ 2+"0 ,ĖN <DHN DI
M@G<ODJI OJ AJGFGJM@ DA < I@R JIQ@IODJI JI OC@ &-/ DNNP@N DN ?M<AO@? DI?@K@I?@IOGT JA JI@
OM@<ODIBOCDNC@MDO<B@<N<RCJG@&AI@R&-/MPG@N<M@OJ=@@G<=JM<O@?JIAJGFGJM@OCDNNCJPG?=@
RDOCDIOC@AM<H@RJMFJA<I@R2+"0 , JIQ@IODJIOC<O@H=M<>@N<N=MJ<?<IPI?@MNO<I?DIB
<N KJNND=G@ JA AJGFGJM@ <I? N<A@BP<M?N IJO JIGT OC@ KMJ?P>O =PO <GNJ OC@ NKJIO<I@JPN <>O JA
>M@<ODJI <I? DON NJ>D<G>PGOPM<G >JIO@SO 4&-,N @SKGJMDIB DIIJQ<ODQ@ R<TN JA PNDIB &-/N OJ
KMJO@>O@SKM@NNDJINJAAJGFGJM@DIOCJN@>JIO@SONRC@M@OCDNDN <KKMJKMD<O@RJPG?=@<IDHKJMO<IO
<?EPI>OOJ2+"0 ,ĖNRJMF
);9;A@3>5AAB7D3F;A@8AD8A>=>AD73@65G>FGD3>:7D;F397
JIND?@MDIB <=JQ@ H@IODJI@? A<>ON <=JPO AJGFGJM@ <I? >PGOPM<G C@MDO<B@ <I? OMTDIB OJ ADI?
H@OCJ?N<I?NJGPODJINOJ>JIN@MQ@<I?KMJO@>OOC@N@<NN@ONOJOC@APOPM@B@I@M<ODJINM@Q@<GNOC<O
@<>CI<ODJIHPNOC<Q@DONJRIKG<I<I?APGGADGGDON?POTDIOCDNM@NK@>O
&HKJN@? R<MN <I? DINO<=DGDOT >JPG? C<Q@ I@B<ODQ@ @AA@>O #JGFGJM@ <I? >PGOPM<G C@MDO<B@
NCJPG?=@>JIND?@M@?<N<IDHKJO@IODI>JH@NJPM>@AMJHOJPMDNODI?PNOMT
1C@ >JHHJI<GDOT JA AJGFGJM@ <I? OM<?DODJI DI /@KP=GD> JA U@M=<DE
M@KP=GD>JA&M<I@NK@>D<GGTDIU@M=<DE<I-MJQDI>@NI@@?NNOM<O@BD>KG<IIDIB<I?H<I<B@H@IOAJM
@>JIJHD><G?@Q@GJKH@IODIOC@M@BDJI
0OP?TDIB =MD@A ?@N>MDKODJI <=JPO U@M=<DE@N JA &MJHHJI<GDOT DI
AJGFGJM@ <I? >PGOPM<G C@MDO<B@ RDOC /@KP=GD> JA U@M=<DEG<MDAD@N OC@ M@<NJIN AJM HPOP<G
>JJK@M<ODJIDI?DAA@M@IO<NK@>ONDI>GP?DIBOJPMDNHDI?PNOMTDIOC@M@BDJI
&M<IDNCJH@OJN@Q@M<G @OCID> BMJPKNDI>GP?DIB(PM?DNCU@M=<DE<IDN NNTMD<I<FCOD<MD
<I?<GP>CDK@JKG@N
@OR@@IU@M=<DE<IKMJQDI>@NJA&M<I"<NOU@M=<DEJIND?@M<=G@NC<M@DIAJGFGJM@<I?
>PGOPM<GC@MDO<B@
"<NOU@M=<DE<IKMJQDI>@>JQ@MN<I<M@<JA<KKMJSDH<O@GT FHYDOC<N<KJKPG<ODJIJA
<MJPI?AJPMHDGGDJIK@JKG@>>JM?DIBOJOC@G<O@NO?DQDNDJINJAOC@>JPIOMTDIOC@>JPIOD@N
JA OCDN KMJQDI>@ <M@ C<M E<=NCDM JNO<G >DOT JA
1<=MDUDNOC@HJNODHKJMO<IO>DOTJAOCDNKMJQDI>@>PGOPM<GGTKJGDOD><GGT<I?>JHH@M>D<GGT1C@
KMJQDI>@ C<N >JHHJI =JM?@MN RDOC OC@ >PMM@IO /@KP=GD>N JA U@M=<DECDQ<IADI@I@ORJMFJAMJ<?N<I?M<DGR<TN>JII@>O"<NOU@M=<DE<IOJJOC@MK<MONJA&MJPIOMD@N
1C@CDBC@NOK@<FJA"<NO U@M=<DE<IDN0<C<I?*JPIO<DI<OHJA@G@Q<ODJIGTDIBNJPOC
JA 1<=MDU RC@M@<N OC@ GJR@M GTDIB <M@<N <M@ <MJPI? $<MH<?JJU C<M 1C@ C@DBCON JA OC@
KMJQDI>@H<T=@>G<NNDAD@?DIOJOCM@@N@>OJMNI<H@GTOC@.<M<!<L*JPIO<DINOC@0<C<I?<I?
JULJJNC*JPIO<DIN<I?OC@.<AG<I(JJC*JPIO<DIN
"<NOU@M=<DE<IDNJI@JAOC@HJNO<M>C<D>O@MMDOJMD@NDI&M<I!PMDIBOC@M@DBIJAG@S<I?@M
JA *<>@?JI DI &M<GG@?OOJMK<OF<I0DI>@OC@IOCDNQD>DIDOTC<N=@@I
FIJRI<NU<M<=<?@B<IU<M=<?B<I<I?U<M=<TE4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
&NG<HD> M@N@<M>C@MNKMJ>G<DHOC<OOC@=DMOCJAOC@KMJKC@O7JMJ<NO@MR<NDIOCDN<M@<DIOC@
QD>DIDOTJA)<F@,MPHD@C CD>C@NCO (JIU<F DOT
1C@HJNOJPONO<I?DIBA@<OPM@NAMJH<>PGOPM<GKJDIOJAQD@R<M@OC@G<IBP<B@U<MDU@MD>@
<I? AJGFGJM@ JA OCDN M@BDJI >>JM?DIB OJ !@CFCJ?< !D>ODJI<MT OC@ G<IBP<B@ JA U@M=<DEC JA OC@ &M<ID G<IBP<B@ Q@MT >GJN@GT M@G<O@? OJ OC@ G<IBP<B@ JA 4@NO U@M=<DEPGOPM<G%@MDO<B@,MB<IDU<ODJIC<NM@BDNO@M@?NDO@NJACDNOJMD><GNDBIDAD>@DIOC@
KMJQDI>@ 0JH@ <M@ >JIO@HKJM<MT <I? NJH@ <M@ AMJH OC@ <IODLPDOT JA D@IO -@MND< 7<C<F
DO<?@G AJM @S<HKG@ DN OC@ I<H@ JA D@IO MPDI DI "<NO U@M=<DEC <>>JM?DIB OJ
Q<MDJPN @SK@MON R<N DIC<=DO@? AMJH OC@ N@>JI? HDGG@IIDPH PIODG OC@ 1DHPMD? @M< #DMNO
@S><Q<O@?DIOC@N =T MDODNC<M>C@JGJBDNON &M<IN >PGOPM<G%@MDO<B@ ,MB<IDU<ODJIC<N=@@I
NOP?TDIBOC@NOMP>OPM@DIKC<N@N
"<NO U@M=<DEC >JHK@I?DPH JA U@MD OM<?DODJIN *<IT GJ><G ?@N <I?
AJGF NJIBN >JIODIP@ OJ NPMQDQ@ <HJIB OC@ Q<MDJPN K@JKG@N JA OC@ KMJQDI>@ N < GJIBNO<I?DIB
KMJQDI>@JA&M<IU@M=<DE<IDNH@IODJI@?A<QJM<=GTJIH<ITJ>><NDJINDI-@MND<I)DO@M<OPM@=T
&M<INBM@<O@NO<POCJMN<I?KJ@ON
1<=MDU<GNJC<N<I@S>@GG@IOKJNDODJIDIOC@C<I?D>M<AODI?PNOMTJA&M<IC<QDIB<G<MB@NC<M@DI
OC@ @SKJMON JA OC@ KMJQDI>@ 1<=MDU ><MK@ON <M@ RD?@GT FIJRI <MJPI? OC@ RJMG? <I? DI
DIO@MI<ODJI<G H<MF@ON AJM OC@DM QD=M<IO ?@NDBIN <I? >JGJMN 4DOCJPO @S<BB@M<ODJI &M<IDM@<ODQ@HDI?NJAOC@?@NDBI@MN<I? OC@?@AOC<I?NJAOC@><MK@OR@<Q@MNJA
"<NOU@M=<DE<MK@OKMJ?P>ODJIPIDONDIOC@KMJQDI>@@HKGJTDIBNJH@
K@JKG@1C@<IIP<GKMJ?P>ODJIJAOC@N@><MK@ONDNMJPBCGTHYRCD>C>JHKMDN@N
HJM@ OC<MK@O @SKJMON JA <GG &M<ID<MK@ON <M@ KMJ?P>@? DI "<NO
U@M=<DE@,I@DI)<F@2MHD<<I?
OC@JOC@M<OM<N=<MJAU@M=<DE<IR@C<Q@OJGJJFOJAJPMKMJQDI>@N
1C@N@<M@OC@HPND>JAKMJQDI>@NJA7<IE<I"<NOU@M=<DE<I4@NOU@M=<DE<I<I?M?<=DGDI
&M<IU@M=<DE<IGDF@JOC@MK<MONJA &M<IC<N<?DNODI>OHPND>,I#@=MP<MT PI?@MOC@
1M@<OTJA1PMFH@I>C<T/PNND<N@DU@?OC@>JIOMJGJA&M<ID<IO@MMDOJMTOJOC@+JMOCJAOC@/DQ@M
M<N RCD>C DN IJR ><GG@? OC@ /@KP=GD> JA U@M=<DE <N
U@M=<DE<IDN DI &MJAU@M=<DEDIU@M=<DE<IKMJQDI>@N<M@<NAJGGJRN
º&E:3D;»
-MJ>@@?DIB RDOC < NOMJIB <I? B<GGJKDIB MCTOCH U@M=<DE C<N <I? C@MJD>
LP<GDOT =JOC DI AMJH <I? DI >JIO@IO 1CDN HPND> DN LPDO@ NODMMDIB <I? GTMD><G <=JPI?DIB DI
@G@H@ION JA AJGFGJM@ DO DN KG<T@? K<NNDJI<O@GT <I? @IOCPND<NOD><GGT DI H<IT OM<?DODJI<G
>@M@HJID@NDIOCDNM@BDJINP>C<NR@??DIB>@M@HJID@N ėC@II<=<I?<I@O>
U@M=<DE<I#JGFJMNC@BCD*PND>1CDNHPND>DN?@@KGTMJJO@?DIOC@MPM<GGDA@<I?D@IO
>PGOPM<GOM<?DODJINJAU@M=<DE<IK@JKG@<I?DODN >JIND?@M@? <NAJGFHPND>ėNC@BCDHPND>C<N
=@@I KJKPG<M DI OCDN M@BDJI NDI>@ GJIB <BJ <I? OC@ 0JIBN C<Q@ =@@I OM<INHDOO@? =T RJM? JA
HJPOC AMJH JI@ ė<NC@BC OJ <IJOC@M OCPN OC@T C<Q@ =@@I KM@N@MQ@? OCMJPBC OC@ T@<MN 1CDN
HPND>DNFIJRI<NOC@>CD@AMJJO<I?NJPM>@JA>JIO@HKJM<MTU@M=<DE<IHPND>
L7D43;<3@)GD3>AD)36;8;$GE;5
GOCJPBCOCDNHPND>DN?@@KGTMJJO@?DIė<NC@BCDHPND>DOAJGGJRNNK@>D<GKMDI>DKG@NOJI@
NOMP>OPM@<I? >JH=DI<ODJI JADINOMPH@ION&K@MNJI<GGT=@GD@Q@OC<OU@M=<DE<IMPM<GHPND>DNDI
A<>OPM=<IDII<OPM@<I?DO C<N <BM@<O?@<GJAA@<OPM@NDI>JHHJIRDOCOC@OM<?DODJI<GM<?DAD
HPND>
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
L7D43;<3@&D5:7EFD3>$GE;5
1CDN FDI? JA HPND> DN IJO NJ JG? <I? DO C<N =@@I RMDOO@I <I? K@MAJMH@? DI Q<MDJPN AJMHN
?PMDIB OC@ M@>@IO T@<MN HJIB OC@N@ AJMHN <M@ OC@ JK@M< OC@ NTHKCJIT OC@ >JI>@MOJ OC@
A<IO<NT<I?OC@?DOOD@N
!@O<DG@? DIQ@NODB<ODJI <I? @SO@INDQ@ NOP?T AJM PI?@MNO<I?DIB KM@N@IO<ODJI KMJO@>ODJI <I?
KM@N@MQ<ODJIJAAJGFGJM@<I?>PGOPM<GC@MDO<B@DI&NG<HD>M@KP=GD>JA&M<I@NK@>D<GGTDIU@M=<DE@N<M@I@@?@?*<I<B@H@IO<I?NOM<O@BD>KG<IIDIBKG<TN<IDHKJMO<IOMJG@DIOCDNM@NK@>O
89
/@KP=GD>JAU@M=<DE<IC<NAJ>PN@?BM@<O<OO@IODJIJIAJGFGJM@<MO<I?>PGOPM<GC@MDO<B@DI
M@>@IO T@<MN *JNO JA OC@ <MODNON AMJH OCDN >JPIOMT DI ?DAA@M@IO <MORJMFN <M@ R@GG FIJRI DI
U@M=<DE@N JA &MJPIOMD@N AJM >JJK@M<ODJI DI ?DAA@M@IO AD@G?N @NK@>D<GGT DI >PGOPM<G <NK@>ON RDGG H<F@
MDBD?AJPI?<ODJIAJMOJPMDNHDI?PNOMTRCD>C>JPG?G@<?OJ@>JIJHD><G?@Q@GJKH@IODIOC@M@BDJI
A@5>GE;A@3@6D75A??7@63F;A@E
#JGFGJMDNON OJ?<T GJJF <O OC@ ?TI<HD> M@G<ODJIN =@OR@@I OC@ NJ>D<GGT BDQ@I OC@ OM<?DODJI<G
<I?OC@>M@<ODQ@DI?DQD?P<G
-@MAJMH@OC@JMTM@H<DIN<Q<GD?<I?PN@APGK@MNK@>ODQ@=PODOHPNO=@<OO@I?@?OJHJM@
AM@LP@IOGT<I?APGGT
1J?<TH<ITAJGFGJMDNONPN@OC@RJM?>JINPGO<IOM<OC@MOC<IDIAJMH<IOOJM@A@MOJOCJN@
RDOCRCJHR@RJMFDIOC@AD@G?
&I M<DNDIB DIO@MI<ODJI<G <R<M@I@NN JA OC@ Q<GP@ <I? QPGI@M<=DGDOT JA OC@ >PGOPM<G C@MDO<B@
NCJPG?=@=JMI@DIHDI?NDI>@NP>C<R<M@I@NNM<DNDIBAJMAJGFGJM@DNI@@?@?
1C@ 2+"0 ,4&-, RJMF JI <KKGTDIB &-/N OJ AJGFGJM@ >JPG? =@ Q@MT PN@APG DA KG<>@?
RDOCDIOC@>JIO@SOJA<=MJ<?=<N@? JIQ@IODJIJIDONN<A@BP<M?DIB
*POP<G >JJK@M<ODJI =@OR@@I /@KP=GD> JA U@M=<DE /@KP=GD> JA &MPGOPM<GC@MDO<B@RDGGM@Q@<G<>OP<GKMJ=G@HNJAOC@NP=E@>OH<F@NKG<INAJM
DHKG@H@IO<ODJIJAH@OCJ?NJAKMJO@>ODJI<I?KM@N@MQ<ODJI<I?@IC@OJPMDNHDI?PNOMTRCD>C
@Q@IOP<GGTG@<?NOJ@>JIJHD><G?@Q@GJKH@IODIOC@M@BDJI
)787D7@57E
89$@JMB@N /J=@MO *D>C<@G ,R@IN 'JI@N #JGFGJMDNOD> I &IOMJ?P>ODJI &I?D<I<
PIDQ@MNDOTKM@NN
89 *<MT*<BJPGD>F%DNOJMTJA#JGFGJM@
89'<I@OG<F@0<A@BP<M?DIB1M<?DODJI<G PGOPM<G<I?#JGFGJM@"SDNODIB&IO@MI<ODJI<G)<R
<I?APOPM@?@Q@GJKH@IO0>CJJGJAG<R2IDQ@MNDOTJA$G<NBJR0>JOG<I?
89 4DFDK@?D<&M<ID<IAJGFHPND>
89 UDH 0<C<ODH@CM/@BDJI<G >JJK@M<ODJI =@OR@@I &M JA U@M=<DE@ ė PGOPM@ <I? @<POT DI &NG<H <FP +JQ@H=@M
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
*+% l%l%l* "&%+"*+ %l"#** "-Y,%$l#l)
`@7KLmD43K53@63@+AB>3@?gk07@;XD@m=>mD
++
IN<IIHM TJGPIPIH¡MC¡G¡G¡MDIDHCH T<G<MUM¡ O¡NQDM@?¡IQ>P?I<H¡G¡M1MF
!IT<NIIu@D?GD=GB¡G¡MDI?¡ HSO¡GDA<?G<MG<H¡GPH?PM U¡M=<T><I?<ėQ>P?I<H¡Ę(=MN
Q@ 1MFDT¡?¡ ėT< ?<NO<IĘ Q¡ T< ėT<I<H¡Ę 1MFH¡IDNO<I?< ėN¡I¡I<H¡Ę .<U<SNO<I?<
ėTGI<H<ĘjU=¡FDNO<I?<ėC¡N=DC<GĘQ¡ N¡U¡IėC¡T<O?<NO<IĘQ¡ T<ėHM?<NO<IĘJG<M<L?<
<?G<I?MGM @DMG¡MDI DGF HF¡HH¡G FG<NNDF MI¡TDI¡ CH¡? 6¡N¡QDIDI ė!DQ<ID
%DFH¡OĘDI?¡ M<NOB¡GN¡F?¡JMO< ¡NMG¡MQ¡ T@ID?QM ¡?¡=DTT<OI?<?<=DMuJS<LQ¡ <DMG¡M?¡
=P @DM ¡FGDI¡ HM<>D¡O @OHDG¡M P =<SH?<II &MA<IDIDI -DM 0PGO<I?< I¡UHG¡ I¡NMDI =DM=DMDID DUG¡H¡ND DG¡ T<UGP?I<H¡G¡MDI?¡ NTG¡I?DTDIDBMMFP
=<SH?<Iė<CNH<TGĘ?<NO<I?DLL¡OD>¡G=@?DM
*¡GPH JG?PP FDHD NG<H?HGDH¡IUPH ¡N¡MG¡M FDHD?DLL¡OD>¡G=@?¡I
=P ?<NO<IG<MG< Q>P?I<H¡G¡M <M<NI?< HQUP Q¡ H¡UHPI =<SHI?P?I<H¡G¡M =DM ėSG<N¡ @?D>DĘ APIFNDT<T< H<GDF JGH<N DG¡
?DLL¡OD>¡G=@?DMė*<I<NĘ ?<NO<II?<Fė"M(J<TĘ@DMD=PI<MI¡F?DM
3>P?I<H¡G¡M?¡ ?¡ DIN<IIT<M<?GH<NMPCG<M?IT<NI?<I<I<=¡OIDI¡ L¡?¡MMPCDN@TMD
ė.PM<IĘ?P?I<H¡G¡M?¡ ?¡ HC<MD=¡ Q¡ L¡CM¡H<IGL
HQUPG<M L<=<ML?M (=MNG ,PU 6JMBJGPIPI T< ?<NOH>¡ ¡I
=TF T<I<H¡ FDHD ?DLL¡OD >¡G= @OH¡FG¡ T<I< ?<NOP?I<H¡G¡MFG<NNDF?<NO<IG<MIFDuDF=DM
HJ?@GDJG<M<L<M<?MH<T<@CODT<>?PTPM"TIDU<H<I?<Q>P?I<H¡G¡MC¡HFG<NNDF@DMC¡H?¡
<L @DMDIDI SNPNDTT¡OG¡MDID ?<H<L?< H¡TT¡I H¡I<?< ėQ<NDO¡uDĘ =DM ¡?¡=D ¡FDG JG<M<L
?DLL¡OD >¡G= @OH¡F?¡?DM *¡L<G¡?¡ $I@T U¡M=<T><I?¡G=JGPIH<HH¡TT¡IQ>P?I<H¡G¡M ¡N<NI?<O¡CGDG<K<MG<><L?M
^3D*_L>mD3EF3@03k3EF3@g-`5G6@3?mLmD43K53@kgC
(G<NNDF Q>P?I<H¡G¡M Du¡MDNDI?¡ $I@T U¡M=<T>¡G= @?DM PIG<M?P?I<H¡?¡ T<<M<NHMTJGPIPIH¡TT¡IH¡MC¡G¡ Q¡ DGG¡MDDA<?¡ @?DGDM
?LJTH<H¡M<NDHDSNPNDG¡ QPMPG<IM
)D=dDdCA?=;]:?]7hlH:l7D7C
;:?;O?D=sBI?DGE97C7D8787C
2;C?pBsHF7OB7D:lIsIBsD:?7J7C
?H9s 7:]7hlHlD8Kp?HN7Hs
bOdA8787C7B:lCsD?GK97hs
-7hGKB7hC7 sP7DIEB7?G7Cs
$I@T U¡M=<T><II 7¡IBP?I<H¡NDID =DU¡ *¡C¡HH¡?
7¡IB<IGO¡L?DH@OHD?DM
PQ>P?I<H¡G¡MuIS<M<FO@MDF>¡C¡O DIN<II=P?IT<?<FC¡T<ODG¡ T<I<MPC¡FGDI?¡ HQ>P?JGH<IIQ¡
G?F?¡I NJIM< ?¡AI H¡M<NDHDIDI <SDM¡O ?IT<NII B@ID O¡NQDMD?DM P =<SH?P?I<H¡G¡MD=PLMPK<?<SDG@?DG¡ =DGDI¡ML==<N5¡NO¡ %¡N¡I5¡NO¡ .<NHL3<G@C 5<GO<IG1<L
*¡?¡?*DNFDI3¡GD1DGDHS<I*<CHP?1MFH<I*¡S?PHLPGP*JGG<+¡A¡N @H<G%J><MA<ID7GHDQ¡ =
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
;:?BB7>]EN=bHCsI?D7J7Cs
!sBsD=sB?H;:?HCsDs D?P7Hs
L LJ><GL?P?I<H¡?¡ L¡=DM @QD <SDM¡O
?IT<NB@ID¡FDG?¡ O¡NQDM@?DGH¡N¡ ?¡JIDFDDH<HT<?JGPIPMQ¡ H<H GDFH¡T¡ u<MGM
.SI O7p7]7J7D:7=sB:? sPH7O?B
)NK:K87plC:7D;]s <sP7OlB
7D]lNC7GBlGEB:KPs>H?>sB7>?B
WP sCsB?C97D:7]sA:?psH7Hs
F7H:lB7HGsII7BGKIBKCKL;H:?
r=D?Cs As<sD?J;P=;O?D:?H:?
+s8Hs GEOKB97hlDO7I7KB=sB:?
2;HBsp:?8s:sD?C8?H:7HCsP7Hs
)NKD:KGs8HdIJs >sGG?DAsB7Cl
"bH:dBsHCsP7HlC=;J:?BsH>7Cl
'sB7AsBsH:;:?]7hlH?C7Cl
!sB:?Gs8H;L?Ds 8?Hps>IsL7Hs
)D?A?7:7IbPO7P:l \(\'W
U7hlH:7:s O;JIlD IsD sHsDBsH?
"sH7D:7J7DHl:lH:?B?C sP8sH?
7p7HI7DD7Cs O7P=dBdPBdO7Hs
$I@TU¡M=<T><I?P?I<H¡ DN¡ 0<Q¡ =GB¡NDI¡ <D?JGP=L
1DGDHS<I<H¡SNPN=¡I?GDFLJH<?MPQ>P?I<H¡ TFN¡FKJ@ODFJ=M<UGGQ¡ MPC<G¡HDIDI
@G¡>¡ ?¡ H<??D?IT<?<FT<<HIH¡MC¡G¡G¡MUM¡ ¡IB@IDO¡ANDG<OG¡FDG?¡ O¡NQDMDIDIQ@MDG?DTD=DM
@DM IHPI¡ND FDHD ?DLL¡OD >¡G= @?DM GF =¡I??¡ ėU¡MM¡G¡M <G¡HDĘI?¡ JG?PPIP ?@T¡I <L =¡UHD
¡G¡NO?¡ GG<C<Q@M?DTDDLM<M?<I=¡CN @?DM
BsC
?PsHH7J:7CsNBKG7JEB:KC
odAH7BB7>7CdIsBC7Ds O;J?p:?C
's>sCCs:s dCCsJBB7>78sD:s
jGH7HL;H:?CCsD?C7Ds O;J?p:?C
PDLM<M?<IDGG¡ML¡MDI¡G¡MO?F?¡INJIM<JDIN<IJG<M<L?IT<T<B¡GDM?<C<?JMPNPI>¡
<O<?<NJIM<<I<?<Q>P? O<KMI<=¡OIDI?¡ ¡QQ¡G>¡ L<I¡FGDI?¡ HQ>P?JGPMBINJIM<>¡N¡?D
T<M<IMH¡G¡FG¡MBIF@u?DF>¡ ?<H<MQ¡ KDTDNHTAJMH<G<?MMG<M<TJIBI?¡INJI
M<DN¡ ė><IĘQ@MDGDM
(sGp8sD:;OBs:?8K97DI?PJsD?
?IsCsD =bL>sH?GlB:lIsCsD?
!;9s
=dD:dPFsHLsH?p;J:?CsD?
bH:7OED=dD=;]:?97Ds O;J?p:?C
PM<?< <L HSO¡GDA H¡G¡FG¡M?¡I =¡CN @?DM Q¡ JIG<M?7BlC:7D
7Dlp:lHl8?GH7H7B:l:?B?C:sD
"7:lLd:sB?BJsAJKJ:K sB?C:sD
.7A?=sB?88KN7A:7Ds O;J?p:?C
@G¡GDFG¡ =P Q>P?I<H¡?¡ <L DFD ?¡A¡ DLM<M @O?DTDID T<UM Q¡ H¡GPH JG?PP FDHD =P
O¡N?DL@OH¡G¡M C<LLI?< DFD ADFDM Q<M?M *¡GPH JG?PP FDHD =¡UHD¡G¡NO C<LLI?< O¡?LDL<OuG<M
*¡C¡HH¡?7¡IB<IGII¡SND<MSDQDI?¡IGT<UH<NCLPLPI?<
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
<M<NI?<DFDADFDMQ<M?Mė#<MNu<?<FDNC=@OH¡>GDND<IG<HI<B@G@Iė=@UHĘNU>TG@M<Ku<?<
=@I?@DGHDTDH<IG<HI?<FDu@FDHGD=DMADDGJG<I@G@NO?@IJGP<I=@UHD@G@NOO@MFD=D@INDUDI
/<==DIDU?@DGHDTDHCDO<=IIT<KG?Q@MPCG<MI?<=@Go@Q@O?DT@>@Q<KQ@M?DFG@MDH@>GDN
<IG<HIDA<?@@?@Mĝ@UHD@G@NOO@T<KG<INUG@H@IDIU<H<IT@MDQ@F@TADT@ODFJIPNPI?<NG<H
<GDHG@MDA<MFGBMG@MDG@MDNMGHOMPIG<MDFDBMPKO<OJKG<H<FHHFI?M
GG<CI DIN<IG<M?@
B@Mu@FG@HD=OIDIN<IG<MIUMMDT@OD_?@HDINMOI?<IU@MM@G@MC<GDI?@uF<MOGHJIG<M<MPCQ@
<FGQ@MDG@M@FF@I?DG@MDI@CDO<KO<=PGPIPGHPJIG<M?<=PI<NUGJG<M<F>@Q<KQ@MHDG@M?DM
IN<IG<MI =@?@IG@MDTG@ =DMGDFO@ ?IT<T< B@GH@G@MDI?@I I>@ U@MM@G@M C<GDI?@FD
UMMDT@OG@MDI?@I MPCG<MI?< <GIH =DM <CD? TJFOPM +<NNG<M?< NU @?DG@I NUG@H@
H@>oU} <IG<H?< JGPK =@?@IG@MDI T<M<OGH<NTG< B@Mu@FG@HDODM IN<II GG<CI Q<MGI Q@
=DMGDDID F<QM<T<=DG@>@F =DM IDO@GDFO@ T<M<OGH<N NUG JGH<T@F =DM <CD? Q@
HDN<FIDO@GDDI?@?DM6PF<M?<FDDFDBMO@IDGFDIDDIN<IOMI@<DOPHPHD=DMNUG@H@DFDI>DNDID
?@C@MA@M?DI=DUU<OT<KONUG@H@@FGDI?@?@@MG@I?DMDG@IG@M?@Q<M?MĘ6<QPU
$MI?TFDHD1DGDHS<IC¡MDFDDLM<M@OH¡IDQ>P?I<H¡NDI?¡ ¡FN@O?DMHD?DM
P Q>P?I<H¡?¡ ?DLL¡OD >¡G= @?¡I =<L< =DM U¡GGDF H¡TT¡I T< H¡MC¡G¡MD DG¡ H¡TT¡I
C<?DN¡ Q¡ L¡GD= <?G<I?MH<G<MII K<M<G@G ¡FDG?¡ Q@MDGH¡ND?DM PI< IHPI¡ JG<M<L <<?<F
HDNM<G<MBNO¡M¡ =DG¡MDF
bH:O7plC:7:bH:A?J78l;p?J:?C
)D?A?:s ED?A?D?]7hlH:lC
)D:bH:dC:s ED:bH: CsIKCK8?B:?C
PHDNM<G<M?<HMIDGG¡MDDG¡ HQ<ADL?DID<IG<TG<M ¡G<L¡G¡I?DMDG¡M¡F<NNJND<ODQ¡FDG?¡ O¡L
?DH @?DGHD KJ@ODF LPMPGP?< K<M<G@GDUH BUG¡IDGHD?DM L D¡ JGH<NI ?< SNPNDG¡
QPMPG<H?M
o;phKIBdJsOsCCdCL?PKDK8?B:?C
'dsBB?C:sDD7C7P:sHI?D?7B:lC
(7C7PHsAsJBsH?DEDO;::?GlB:lC
o?s EBK8CdIsBC7Ds O;J?p:?C
1DGDHS<ILJ><GI T<?<I=<G<H<NIL@T?@?¡M¡FDGF ¡G<H¡ODI=@GDIDI=FGH¡NDQ¡
¡N<BOM?TuIDFD?@TDGu ¡GGDT¡ ?I?TIQPMPG<H?M
BJClp7 O;JsD:s 8KAKB:K8;B?C
?H sI7=bJdH:dCd]EB:K sB?C
!bPBsH?C7P=bHdH8?BC?HsCD;OB?C
+E97BlG:7D8KD?p7D7O;J?p:?C
kHPHDTT¡OG¡1DGDHS<IIQ>P?I<H¡NDI?¡ ><Q<IGLB@O?DF?¡INJIM< T<GGLQ¡ SNPNDG¡ ?¡
HMINJIDGG¡MDTFN¡F=¡?DDu<G<MG<MG<=¡IU¡OH¡G¡MG¡ ¡FN@O?DMDGHD?DM
ENI7D7O;JsD:s ]ENEB:KC:dp=dD
.sLsGGd;OBs:?C=bHCs:?CNEp=dD
&sDsJ8K:dDO7Os8K?C?p8;p=dD
jIJ?h<7H?Fsp?C7Ds O;J?p:?C
2dPO7plC:78?H=KpsOs I7B:lB7H
(;]s =dD:sD>7BlCNs8sH7B:lB7H
+E97:;O?8:7Dlp:lHl8
=dB:dBsH
!dBdD9EBK8GlP
EhB7Ds O;J?p:?C
2dP:sD7HJlGEB:K?O?HC?O7plC
!;:sD:s =sBCs:?87plC7>KpKC
s:sDBsHP7DEB:K7hHl:l87plC
?H9sBB7:?
97L?:7Ds O;J?p:?C
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
!JSN<I T<I?< ¡G?¡I ?¡I <L ?IT<II A<IDGDTDI¡ G¡I¡O JSPTPM Q¡ <MOL ė=@ BIGFĘ
?IT<IINJIBIILMP=U<H<IIT<<?PUPIHMI=DM<IDuDI?¡ F@u?DTDID?¡MF@?¡M¡F=P
?IT<T<G¡I¡OJSPTPM6UT<I?<DN¡ I@u¡ BI?¡I=DMC<GIIS¡=¡M<GI?IT<U<I<L=¡UDT<G
DIN<IG<MIO¡IC<GIQ¡ B¡M¡FNDUGDF?PTPG<MIJPGP<IBGC¡?¡ADI¡ u@QMDG?DTDIDO¡=DD¡FDG?¡
Q¡ @HJNDJI<GGLG< DA<?¡ @?DM 6U DTDMHD T<I?< DN¡ <MOL CPP B@?D=B¡G¡I P?I<H¡G¡M?¡ O¡NQDM@?DG?DTDFDHD UM<TGu¡IB¡GDIDN<G<M<LJIPI><II<GMQ¡
<L <G<H< H¡M<NDHDIDI O¡NQDMDI?¡ ė+ELKC
G7H:7p OlhlBl87D 7hB7:l ?H? 97DBl 8?H? 97DIlP ]7h
B7:lĘ HDNM<N DG¡ DIN<IG<MI G¡I¡ N¡HDHD Q¡ L@TMDN¡HDHD HI<ND=¡ODID DA<?¡ @?DM (¡A¡I¡
=FG?F?¡INJIM< ¡=¡?DTT¡O¡ TJG<?¡IG¡MDIF<MQ<II< O¡G¡NDM
'dH:spKHB7HGKIdBJs:<?DL;H:?BsH
2;::?dPLs I?:Hd
A7<KHLKH:KB7H
7p:7D87p7CsDs 7h=;O:?H:?BsH
s>:;OBsO?8A7H?L7Ds O;J?p:?C
1<SO< <OI NOI?¡ F<MQ<II< LJPG<M<L L¡=DMDNO<IG< B¡ODMDG¡I <L H¡U<M< LJTPGH<NI Q¡
JM<?< <MOL S¡T<GD JG<M<L =< Q@M¡IG¡MD ?¡ B@ID O¡NQDM @?¡M¡F *¡MDL?¡I B¡G¡I DFD N¡N?¡I IFDM
+DIFDM?¡I ?¡ =¡CN @?DM D¡ DII< PTPI JG<M<L CU GD ?<?< T@ODDM Q¡ <Q<=Q@MDM3>P?I<H¡?¡ CU GDDG¡ T<I<?DB¡MDH<HG<MI %¡N¡I%N@TI7@TI¡G<=?DI<M
¡A¡M Q¡ (<UDH /U< 1¡LD +¡LD NB¡MDIDI ?¡ <?G<M u¡FDGDM Q¡ NJIPI>P DH<H *@C?D ėS¡OHD
<UDHĘ¡FGDI?¡ T<?JGPIPMė*DGG¡ODH5¡GDG?DMH¡UC¡=DH ¡A¡MĘ ē ?@T¡I<LO¡M>H@TDC<GII
?DIDH¡L<HG<MC<LLI?<?¡LDL H¡GPH<OQ@MDM*CM=¡I??¡ DN¡ .<NHI<?u¡FDGDMQ¡ JIP>¡II¡O¡
<K<MH<NO¡NQDMJGPIPM
Us>7H:s>CsIKCK]7hlH8?=dC7D
-bOBs:?O?D87p7=sBsH.?B?CN7D
F7H:l8;>?pJs +7I?CEB9?D7D
?HAsHsC?8?F7O7Ds O;J?p:?C
1DGDH S<II I¡NGDI?¡I ?M?I> I¡Q¡ND JGP?I<H¡ND =¡I??¡I D=<M¡O B¡M<TG L¡GD=DI?¡I DNODA<?¡ DG¡ L¡G¡H¡ <GIH?M P @DM =DMDI>D G O¡NDMD
<GOI?< T<UGH?M *<CHP? 1MFHP?I<H¡NDI¡ ¡G<Q¡G¡M @?¡M¡F T@ID Q<MD<IO?<
DG¡HD?DM #DFMDHDUD O¡N?DL uI H¡TT¡I JS<M Q¡ A¡MLGD >¡C¡OG¡MD I¡U¡M¡ u<O?MH<L DNO¡M?DF
*<CHP?1MFH<IQ>P?I<H¡NDI?¡ =¡SOPG?PUPIPIT<MJGH<NIT¡IDHN¡GH<IG<MIN¡ADI?¡ JGH<
NI?DG¡TDMQ¡ SNPNDG¡ QPMPG<TM!<C<NJIM<?M?INM?¡IS¡GLJGPI?PPIPL@T?@?¡I<L@TID
U<H<I?<D¡GDTDIDI?¡ I>¡?¡IH¡TT¡IG¡?DTDL¡I<¡ODI?¡?DM
1?BGsJEB:KC:bH:dDIdH:sD
(7Hd87::7D8s>Hd8sH:sD
o?Os EB:KC sPsBBsH:sD
dp:dC97::;O
?C7Ds
$¡M<TGIINJIM<F=¡I?G¡MD1DGDHS<IIDLM<M@OH¡ DG¡ =<GHDNM<G<MDG¡ PTPIGPLO¡FDG@?DM
rPsB87p:7DPsHHs EB:KC
-KHI7PlDlCsDP?BGlB:lC
)O;H:s >s8IEBK8G7B:lC
?HCd::sJ?
Cs:?:7Ds
UENGsHDsBsH=;]:?ED:7D
?H17J78;D:?OsP:7D:7D
07H?D:?H>;]Ns8sHCsD:sD
%?CsO>;]7=s>sOO7Ds
rHP;OBs:?CNK:7LsD:s
-sDBB7>7CsD:s 8sD:s
1DGDHS<IIJGP.PG<HCN@TIJIPIJGP(¡MDHJIPIQG<?*PM<?S<IJIPIJGPDN¡ *<CHP?1MFH<I?M
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
)B:K97H?Bs<P?CED:s
7L78L;H:?CG7O?87Ds
< BM¡ =P DLM<M?¡ <O<NI?< NJIM< <I<NI?< Q>P? O<K?I Q¡ @H=MDJPIPI <I< =¡OIDI?¡
DIFD<AI=<=<NII@MDI?¡ JG?PPFDHDS<M<FO@MDU¡ @?DM+HPI¡ uI<<?<F=¡I?DO¡L?DH@?DMDF
bH:7OED=dD=;]:?ED:7D
,K>KG7Bl8GlB:lOsP:7D
Y]OdPpsIJdp;p:7C7H:7D
bH:OdPGlHN:bH:dIJdN7Ds
1DGDH S<II Q>P?I<H¡NDI?¡ JG?PP FDHD =PM<?< ?< ?<H<M Q¡ NOS<II NHF
AJMH<G<H<NI?<I=¡CNJGPIPMPDFD@DM<M<NI?<?DLL¡OD>¡G=@?¡I>¡C¡OG¡M?¡I=DMDI¡Q¡IDI?DGDIDI
¡M¡=A<MNNUQ¡ O¡MFD=G¡MDDG¡ U¡IBDIJGH<N?M1DGDHS<IILJH<NI?<JG?PPFDHD=PB¡M<TG?<?<
=DMH¡G¡FB¡G¡M¡F<I<=¡OIDI?¡ DLM<M@O?DMDM6PS<M?<L@T?@O?DTDHDUC¡MDFDDLM<MI=DM@DM?<SDGDI?¡
Q@MDGH¡ND *<CHP? 1MFHGI?< =<=<NI?<I B¡G¡I ¡I¡I¡IDI ?<Q<H FDHD
N¡NG¡IH¡F?¡?DM
?HCsBsA?
:?=sH=sB:?
7Dlp:lHl8?GH7H7B:l
2EB=bIJsH?8 OEB7I7B:l
,sL7DEB:KCN7A:7Ds
@G¡GDFG¡ L@T= <G¡HDI?¡I <I< =¡OIDI¡ JM<?P?I<H¡NDI?¡
T<G<MG< H¡TT¡I ?DID HJODQ Q¡ @G@H@IOG¡MDI ¡G<L¡G¡I?DMDGH¡NDI¡ ?¡ *<CHP? 1MFH<II ?<
B¡M<TGNI?<O¡N<?A@?DMDF
)DO7plC:7ps>87PEB:KC
)D8?H:s dP=sH:?D I?B:?C
)D?A?:s CdpJ7GEB:KC
'sDED?A??C7C7Ds
3>P?I<H¡G¡M<M<NI?<F=¡IU¡MGDFLJ><GL T<G<MIIO¡NQDMDI?¡ ?¡ UI BNO¡MDM T<?<
?DG¡M OFGM T<?< ?¡M??¡I =@G ¡TDGDM T<?< ?FIG¡D= =DM O¡M¡A?¡ L<GM jGH H@TD?DI
TPTPGH<NN¡CI¡ND<G<H<H¡M<NDHDIDIO¡NQDMDO<=PO<LJTPG<M<LGG¡MF<MQ<II<LJPGH<ė¡CMD
S<HP<I<Ę B¡ODMDGH¡ Q¡ L¡=DM?¡FD NJMPNP<G CU GDIDI DH?<?< T@ODD= NJMPNP<G<Q<=
Q@MH¡ND?¡ NONO¡ ?¡IH¡L<HG<MFDHD?DLL¡OD>¡G=@?DM
"sHDs (sA?H?BsD'dDAsH
-K7B;J:? rB?O;AIsH
7L78lDlL;H:? sP8sH
):sB?B:?HCbC?D7Ds
*<CHP?1MFH<I?<5¡GDGDIHDGG¡ODI?¡I ¡A¡MDH¡UC¡=DI?¡IJG?PPIPQPMPG<TMPI?¡C¡OG¡M?¡I?DM kHPHDTT¡OG¡ C¡M DFD Q>P?I<H¡?¡ <SDM¡O ?IT<NII LDT<H¡ODI H¡TT¡I
O¡NQDMG¡MD Q@MDGN¡ ?¡ *<CHP? 1MFH<II B¡M<TGNI?< ?<C< B@ID ¡FN @O?DMDGH¡ Q<M?M NM<ADG NPM
u<G?L?G<I¡ĘT¡ U LJTPMG<M L 0DM<O
FMKNII?¡ ¡G<H¡OG¡MDIDO¡NQDM@?¡M¡FCU GDIDIT<M?HDG¡ =PM<?<IF@u?DTDID L@T?@?DM
.?h:sDJ?P
E?D9s GlB:7D
!;]CsAEBC7Pd]C?D?B:sD
"sH:dpsDBsH>sC7DOEB:7D
+sHGEB7HD7H?
D;OH7Ds
;>ELBKGdLLsJ?
,s>C7D
!;]CsAEB7HCsDs 7I7D
OJU
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
.KJ7H:sIJ?Cp7>l
CsH:7D
F7H7H7B?:?L7Ds
%<L?<IT<SDG¡ T<H<II<TM?@?DGH¡NDI¡ ?<DMA¡MH<IB¡G?DF?¡ ?¡ <IFH¡TDI¡ M=¡ ¡M
u<OM?<C<?JMPNPJI<M¡C=¡MGDF@?¡M¡F(QN¡M¡M=¡ODI?¡IDuDMDMQ¡ /DUQ<I=<I?<H¡NFPI@?DM
!sBsH>sGG?OA?<sHC7Dl
OlHlDO7Npl
O7C7Dl
-sL78d87Hl
dIO7Dl
UsAsHBsH>sH:sC8?HO7Ds
)PsC7D:7 rH8s rpsH
)B7HB7H]dDCsDs Hs>8sH
0;HsHBsHpsH8sJ?
AbLIsH
-7B7HB7H87hl
,?PL7Ds
ė.PM<IĘIė/¡CH<IĘNPM¡NDI?¡I uS@?¡I<DM>¡II¡O=<I?<H¡NF¡IN<G<IsJ
7p7GEOK8J79l
?PPsJ
's>HsCEBB7C>dH?O7Ds
.dHAC7D.?B?C;J sD:?ps
WPdOLKHC7:7hs:7ps
-bOBs:?=?=sBsH87ps
-bPBsH?G7B7HD?p7Ds
.@T?@OH¡GDTDFFDQ>P?I<H¡G¡M<M<NI?<=P@DMC¡>H@OD=<MDG¡ ?<C<=TFJGH<LG<T<I<J
?IT<II>¡II¡ODI?¡ B@ID¡FDG?¡ O¡NQDMDIDIQ@MDGH¡NDDG¡ ?DB¡MG¡MDI?¡IN@uDGDM
@G¡GDFG¡FG<NNDF?<NO<IG<MIFDuDFHJ?@GDFDHD?DLL¡OD>¡G=@?¡IQ>P?I<H¡G¡M?¡ DIN<II
HM TJGP B@ID ¡FDG?¡ O¡NQDM @?DGH¡ND DG¡ N¡>DTT¡G¡IDM Q¡ $I@T U¡M=<T><I?¡II¡OG¡MDIC<HNI?<?M?I?¡ ?¡SJS<NDTT¡OGDBU¡GUGL<?IG<MQ<M?MĘ ē ė/¡CH<IĘ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
"&)&b#, $*l*
++ *+#$
ėLPG?@T¡MG¡MLPGPI=JTIPI=PM<MG<M
LPGG<ML<=<I?<B@?¡IODM¡HH¡I
C@N<=GT<?<?<JGN<H ¡TDGG¡H
=¡?C@N<=<T<H<IFDIGDBDM¡HH¡IĘ
e<G<><<H =P T<U?< DNO¡HD¡H U ADFMDHDI B> L¡?¡M (JMJGPIPI NMMG<M ?JGP
?IT<NI< TJG<u<HJIPI?IT<NI< BDM¡ =DG¡MN¡HN¡ OMFS<GLII <GO=DGDHDIDI =DM=GHI?¡
T@MG¡¡M¡FU@OFDNDID=<G<HHODAG¡MDQ¡ S<GLI@KDFMJGG<MIIO¡HGDIDMDQ<T¡OG¡MDIDIDuDI?¡
¡=¡?G¡?DMHD=DM?IT<I<uLG<T<H
,G< =DG¡M (JMJGP O<MDSN¡G =DM QP>P? JGNPI <L H¡I>¡ 1¡CH<ND=D >¡I<=G<M B¡ODM?DTD
M¡Q<TO¡ ?<T<I<M<LL PIPIPIT<M<?>Q¡ N@QBD?JGPS¡T<GI?<IOM¡HDJGNPI
P T<U?< <? B@?¡I L<TI<< ?<T<I<M<L u<G<><<H U ADFDMG¡MDHD J M¡Q<T¡O?¡ JGH JG<MN< (JMJGP ?IT<NI?< JG<M<MN<H U DNO¡
DTH¡ T<SIG<=JSP>PT<U=<SHI<uNI?<I=<SH<<T<M?HuJGHP<H
1MF FGOMI?¡ LG<M T<M<?> JG?PL?< DA<CD S<GL ¡?¡=DTT<OI< MPCG< >S¡T<GG<M<?DFOG¡IDIMPCG<>DNHDID ¡G¡ B¡ODMHF?¡ Q¡ JIG<M
I<GG<M L¡CM¡H<IG<M ?@QG¡M K¡MDG¡M BU¡GG¡M Q¡ MPC<IGG<M ?IT<NI< <K<MH<<
=<><MLG?G<M
LG<M DA<CD ¡?¡=DTT<O< T@IDGDF <S>GL Q¡ MPC BU¡GGDTD =<G<T=G<M ,IG<M DIN<IG<M
<M<NI?<<U<?GLQ¡O¡IN@Q¡MGDF?JNOGPLQ¡A<GGLL¡CM¡H<IGLQ¡ BU¡GGDT¡ QPMPI?PG<MDA<CD
¡?¡=DTT<O?< ¡AN<I¡G¡M T<M<OH<L?< LG<M ¡NGD MJGP JTI<T=G<M =P<M<?< UG¡MD?¡ L<G<ML =DM
¡AN<I¡T¡ u@QMDGD=G¡MMI¡FuIL.¡MD=L.PM=<IDL G¡NB¡MQ¡ N<MOMH<GT<H=P
BI?¡ UG¡MDI¡ JNOM¡ F<M<FO@MD<GHS<GL<M<NI?<N<TLGLe¡IBDUL*¡C=P=Q¡ L
%¡N¡I FDHD BI@TGD <LG<M Q<M .PU@TGD LG<M Du¡MDNDI?¡ <L ?<G¡O G¡ 7¡GHS<I?¡ (JMJGP L PIPIPI S¡T<GI?<L JIPI M¡Q<T¡OG¡MDI?¡ MPC u¡FD>D
GDTD DG¡ FDHGDTD N¡=¡= JGP= S<GL O¡M¡ADI?¡I H<M<LG< L<MG<INI Q¡ FOG¡IDI UQL N¡GDL¡ Q¡
DNO¡FG¡MDID UI?¡ T@MG¡?DM?DTD uI JIG<MI ?DGDI?¡I ?I¡ ?I¡ u@D?GD M¡Q<T¡OG¡MG¡ ?@TDGD=
T@ID?¡IT<M<?GNIM¡Q<T¡O@?¡IG¡MDIDu?PTPG<MI<BM¡ TPQ<MG<I?MGNI6<M<?>S<GLIS¡T<G
?¡IDUDI?¡IBU¡GGDFNDH=JGPDG¡ @KDFDIDUI?¡ OJKG<NI,I?<I<MOL@OIDFMPCPDG¡ JIG<M?<JG<HG<?MNI <L< NUG¡ FOG¡IDI DNO¡FG¡MDID Du
?IT<G<MTG< PTPIG<?M< =DGNDI 3¡CD BGG¡MDI BU¡GGDTD <S<M =PG<LG<MI N<T?<HG BTG¡M¡
=JTG<I<U¡IBI?M
5<GL JIPI FDDGDBDG¡ LJMSH<H<UGI< QPMPI JG?PPI< BM¡ JI< Q<MGL =<G<H<?<
NIMG<M NI?MM .G¡I>I T< UG¡MDID ėO<IM
O<IH<UĘ<?G<I?M<I O<IMG<ML<MNI?<=< ¡TH¡T¡ILPMPMGPFDDG¡M?¡IN@uDM
(IGIBU¡G=DMDNDIDDNO¡H¡F?¡PH@MG¡MDIBU¡GGDFO<IMNJG<II<I< FDHD¡IGDF
TPH<LGLBU¡GGDFT<S?IH¡LMPMQ¡ N@uDGHDDIDDNO¡T¡IL¡?¡MB@IDG¡I?DMDM
(JMJGPC¡MT@M?¡ Q¡ C¡MU<H<I?<FOG¡ DG¡ ?<IL?<JG?PPuIJIG<MIMPCG<MTG<=DMG¡
D=C¡MFDHN¡IDIUQLL<TI<T=>J?PPU<H<I?DGDI?¡I(JMJGP <Q<U<S<M?<<?MH<I<I
C¡M=DM1MFIMPCPI<(JMJGPL<QM<I<MN<UIFFNI¡ NS<I<I?DGDI?¡I(JMJGPI¡H¡ND
?DIG¡IDM , DI?D =PM<?< JG?PL?< C¡T<OI =DUG¡MG¡ T<<H<L?<?M FOG¡IDI =DMB¡GHD MPCP JI<
GH¡UGDF=<G<T<MF¡IJIPS<GLIL<G<ML=DMHDADI¡ u@QDMD=
O¡CH<N= FJMJGP N N<HP@GFMDH@M NH@MGQCG¡MD N º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
"ADAd>G@G@K3D3@gkg
(JMJGP FGOM F<MI<Q<GII =DM =GHI?¡I =<G<I= 2GPNPI T<M<?> S¡T<G C¡M =DM
?<M?< JGPH<MF¡IO<MDS ?¡MDIGDFG¡MDI?¡ FFJG<IHDA¡G¡MDI¡ L
N<GH<LG< u<GM JIP OJKGPH =DGDTDI¡ u@QDM?DF?¡ U FGOM Q<MGI O<MDS Q<MG DG¡ =DMG¡?DMD=
T@ID?¡IT<M<ONI
1<MDSDI=<OPOH<T<IQ¡?¡G¡MDIDD¡ N<GH<LG<u<GMIJNO<GJEDFMPCDTT¡ DG¡ QPMP<M<L J
Q¡?¡G¡MD T@MDI¡ T@ODMH¡FG¡ =P u<OH<UGLG<M?<I S<GL< T@OD¡I K@NDFJGJEDF S¡NO¡GDFG¡MD <M<?<I
L<G?M=UDuDIDT@IDG¡?¡M¡FTIBGG¡I?DMNDI
-<PG /DBJM #M<IN<G ADG¡NA ėTPOJKDT<ĘT< BM¡ ?@TDM ė¡H¡G JGPIH<H Q¡?¡G¡M¡ T@ID?¡I
¡H¡G@OH¡T¡ =<G<H<LTPOJKDT<<?G<IMĘe¡IGD=@GDITPOJKDT<NQ@MDGHDO<MDSQ¡?¡G¡MDI¡ T@ID
?¡I ¡H¡G@OH¡T¡ =<G<H<NuIS<GLIDuDNO¡FG¡MDI?¡I=DMDU?DM
"ADAd>G@G@ mDEmKm 9m>?mE;
ė¡ML?IT<N=¡I?¡ DG¡ O<IMG<MIUD??DT¡OGD=<NLI<GOI?<JG<I=DM?IT<?MJ?IT<?<
U<GDHGDF?¡I ¡G BOMGH¡U H¡T¡M H¡UGPHGPL uI JM<?< DG<CDG¡H¡F I¡NI¡G¡M¡ CFH
NMH¡F?DM<L<NUG¡ J?IT<?<C¡M=DMU<?TJSN<J=E¡?MĘ%@B@G
(JMJGP1MFS<GLIIO<MDS?QMG¡MDIDI ¡IB¡MBDIG¡MDIDI=DMDNDI?¡ L PIPIPIO¡M¡ADI?¡I
BU¡GGDFG¡ T<M<IH?M , HDGG¡O MPCPIPI DNO¡FG¡MDIDI I<GuN?M M=<=G<M U >D=G¡MDID
?JG?PMH<<BM¡ S<GL=DM =DMDIDI><II<N<G<MF¡IFOG¡IDI=DMGDFMPCPIP ¡GDI?¡I<G=G<MS<GL
I¡NI¡ FDHDU<M<G<MI?<<G Q@M@?DMG¡M(JMJGP ¡M=<=G<MI?IT<NI?<I<MF¡I=<L<?IT<G<M
DNO¡TDM,S<GLIuI¡HGDDNO¡TDID<T?IG<?<M<LJIG<MI=DMGDTDID?<?<Iu?H¡IDIQ<MGI
?<IM
3dg>E7HmD>;= ė<GDGBDNDĘ ¡O<OIDNO¡?DF?¡S<GL<CFHNM¡I<G?<I=JTPIL<uMH<
T@MGDN<IM%@B@G<G?<GNI><B@?¡IDIN<IG<MDFDLMPK<=G=U<GDHQ¡ H¡UGPH=PI?<I=<L<
LMPKO<IH<TM(JMJGP=@G¡ =DM<G?<I<MF¡IUIė?¡GDĘ<?G<I?M==P?¡GDGDT¡ BQ¡IDM,
T<S =DGDM DIN<II @OBDG¡MD <GNU JG<L J DINN@uDM
(JMJGPFDDGDF ¡SG<L DG¡ DIN<IG<M <M<NI?<?JNOGPL T<M<OH<L D?D<GIN@u¡MF¡I ¡M=<= IF¡M?IT<NIN@Q¡IG¡MDKDNG¡TDM,UJMB>DG¡ DIN<I<DIN<IGLH¡L<HQ@MH¡TDTJSDIN<II
UU<OuI?¡ć ġT¡MGDJG<I=DM?IT<DNO¡TDM"G¡ JI<BM¡?¡ e¡IGD=@GTPOJKDT<NIT<M<G?<M<L=P
T@M?¡ <G<N<I?JNOGPLDGBDG¡MDDG¡ FDDGDFOM¡G?DM
&IN<IG<M<M<NI?<<TM N@uFDIGDFN<GG¡MDIDI<U uJSPL¡?¡MS<GLH<G
C@TQ<IG<MN<T<LU<M<G<MI?<=G?MH¡FuIHDGG¡ODDT¡ NIIDO¡MDL¡O ¡MD¡ON¡A¡QD
JNH<IGG<=G=L<M?< L<M?<L<II<T@MDFG¡?¡IėuJ=<I?<ILJMSH<ĘFGOMIC¡?¡G¡TDM
(JMJGP=@G¡ =DMFGOMFFI?¡ILM<<LJT<M<LJIPIL<MNI?<FOG¡IDIFFGHDADJGG<MG< O<TA<G<M?¡HDTODL<M?<G<?JNOGP<Q¡ =DMGDT¡ u<MM
(m:Dm?3@=;?6;D
MUPG<M S<GL DG¡ =DM JGH<T<IG<I<M
(GOM?¡ L¡CM¡H<II JGH<II Q<>D=GDTD HDGG¡OD FOG¡QD ?PMPHG<MII B¡MBDIGDTDI?¡I
F@uDMOH¡TDuI?M.¡CM¡H<IB¡MBDI?PMHG<M?<US<GLI<=<uGL@OH¡F?¡ =<><MLGJGH<G?M
NJNTJGJED ¡?¡=DTT<OI<=<G¡A¡MKPT¡I?@ NQ¡ SDT<G?<I *DS<TDG
<SODI ē u@QDM¡I/JT<-PM<U¡M
S<ODM¡ Q¡ PIPOL<IGL KJGMDFJ ē u@QDM¡I3FOJMT<1¡CH<N=D Q<GNNDO¡ND
%@B@GA¡GN¡A¡NDI?¡ =DGBD?¡IN@QDIH¡F '<I3<G ē N
FJMJGPO<MDS ¡AN<I¡NDI?¡ /¡CDH/¡TNIT<
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
@G¡ =DM L¡CM¡HG<MG< O<MDS¡ <TD? JGODH<TDO<IOHG<M@?DHG¡ ?<QMODH<TD ?<QMODH<TD Q¡
O<MDSD ?PMPHG<M?< JGODH<TD
=<GGLG<MI?<ILMH<?<IO<MDSDIL<M<IGLG<MI<<OH<H<GTL1<MDS¡?¡I=DU¡ ¡H<IOL<G<IJIG<MI
F@uHD?¡FD <T<L DUG¡MD?DM ,IG<M LJMPT<M<L <T<L DUG¡MDIDI FFI¡ ?<T<I= U ?I>¡HDU?¡I
<MOL DI<IH<GTL L¡CM¡H<IG<M PGP O<IMG<M FDHD U<H<IG< T@M¡ NH<TP?G<MJG?PPuIPGPB>Du¡MDG¡MDI¡ N<uGH<LJIG<MT@M?¡IJGH<LG<MI?<ILMH<U2GPB>
N<uGH ?<G<M N<T<L =<L< ?<G<M< BM¡ UG¡MDI¡ H¡SNPN U¡GGDFG¡MD Q<M <L U ?<GLG<MI
LMT=N<SG<T=G<M
1<IOHTJGG<MII=DMD#@IJH@IJGJBD@GHDI?¡IA<T?<G<IH<L?MPL?<G<IH<L?<O<IOH
TJGG<MI B@OH¡?¡I I>¡ BMIOG¡MDI K¡?D?<MC< u@QM¡NDI?¡ L¡U<Q¡O @OH¡F?¡I C¡U¡M @OH¡F
F¡M¡FDM#¡GN¡A¡?¡ =PDė@KJ>C@Ę <?G<IMT<II¡NI¡G¡M¡ UB¡ODM¡MF¡IUDIG<MHUJIG<MI
U¡MDI?¡ <SOH<?<I ¡AN<I¡G¡Mu@QM¡NDI?¡ JIG<M<BM¡ UADFMDHDUD?DG¡ B¡ODMH¡?¡INDH=JGG<MII
<IG<HI MDQ<TO¡G¡MDIDI DuDI?¡I <M<TD= O<K<I?<I NJIM< M¡T Q@M¡F H¡N¡G< (JMJGP ?<NO<II?<
L¡CM¡H<IG<MI <?G<M L<=<LF DG¡MD DG¡ T<<T T@MG¡MD Q¡ H¡D¡OG¡MD MDQ<T¡OG¡M?¡ N¡=O JGPIHP
NDHB¡G¡M
.¡CM¡H<IG<M D BM¡I DIN<IG<M?G<M ,IG<M O<MDS N¡CI¡G¡MDI?¡ U<H<IG< H¡FODH<TD
FGOMG¡MDI uJSPI?ODH<TD T@MDID O<K<?M?=¡GDMB¡NDI¡ =<MH<LLJTPM<H
+`>=``L>`=GD@3L:;>m9mDCm:Dm?3@>3D
PL¡CM¡H<IG<ML¡CM¡H<I<L<M=<NLI?<C<<MOLJG<IU<H<IQ<MGLO<K<MG<M.¡CM¡HNU JG?PL?< ė>MO?<IĘ N<T<L FPMImDm F3KCm:Dm?3@>3D
P L¡CM¡H<IG<M U<H<IG< H¡FJM<A CP?P?G<MI?< LPHN<GGLG<M?¡HDT¡OG¡M¡ =<NLI
@?DM?DG¡M @G¡GDFG¡ JIG<MI D>ODH<TD ?<QMGCm:Dm?3@>3D
PIG<MDHKDM<OPMGPLLP?M¡OG¡MDIDINDHB¡G¡MD?DG¡M/NO¡HG¡ AM<NDT<=FDHDuJSPDI¡FN<T<L
S¡T<G?<OM¡I¡I?@QG¡M¡ JS<M=PTIPUG<MQ<M
=gLF3KgCm:Dm?3@>3D
PIG<M¡C¡MLPMP>PG<MTJSN<JIPILPMPLuPG<M?G<M#DUDFD=<SH?<IDFDI¡A¡M?DG¡MMI¡F
uI NH@M?¡ 2MPF ¡CMDI?¡ ė"IFD?J $DGB¡HDĘ MPH ?< ė/@HJGPN /@HPNĘ 1¡=MDU?¡
ė0¡OO<MS<L FOG¡IDI ?I>¡GD =GH ?I>¡NDU =GHII ¡GDI?¡
T@IDG?DBD U<H¡G¡MD TJS?PM jU NUG¡MDID L<IPI N<I<M<L
DNO¡FG¡MDIDLGI>B>DG¡ T@MD?DMG¡M¡C¡MDIu@D?GDNDIDAL<OG<MDG¡ JMO<?PMPHGPF¡I?GDG¡MC<FDH
B>I¡ L<M <T<< L<GS= L<IPINPUGPL u<KLIGL S<GLI I<HPNPI< ¡G PU<OH<L Q¡ =@G¡IuD
PT<MNUGLG<MI L<=<I <G<MF¡I U FDHGDFG¡MDID LJMPTP= C¡M D?¡ L<IPIG< ¡?<G¡O JGNPI ?@T¡
¡GG¡MI?¡IB¡G¡ID ¡NMB¡HDMG¡MMI¡FuI<QMPK<?<ė/<=DICP?Ę?<I<?<K<MH<LJG<M
.¡CM¡H<IG<M H¡?¡ID ?<QM<I =<SHI?<I DFD OM =DM =DMD DG¡ OPOP?PMH<L JG<M !¡?¡
LJMLP?G< (JMJGPIP L<I DGBDND TII MI¡F B¡ODMN¡F T@MGD ?¡M (JMJGP ?<NO<IG<MII
HPL¡??¡NQ¡ I<HPL¡??¡N HMu<DGT<?¡ LPON<G?<G<MuI=PL<TI<<=<S
BMIOO<IH<BDMDD N
DIN<IQ¡ NDHB¡G¡MD ?JFOJMTIBQ¡ NH@MGQCG¡MD N<H@GFMDH@M
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
L¡CM¡H<IG<MI< L<I DGBDGDTD I¡HGD ?@TDG =P <u?<I JIG<M !¡?¡ LJMLP? ?<NO<IG<MII
L¡CM¡H<IG<MI?<I <MOL B¡GDHD H¡?¡ID =DM OJKGPH?PG<M !¡?¡ LJMLP? L¡CM¡H<IG<M NSIOT<
??F?¡ JIG<M<U<?@OH¡FuIFDuDFL<M?<G<MTJSN<JG<IG<MJGH<G?M
!¡?¡ LJMLP? ?<NO<IG<MI?< T<S<G<IH L¡CM¡H<IG<M DG ?PNO<L?< L<GMG<M P MI¡F
JIG<MI ¡MBDIGDF =PGP =¡GDMB¡G¡MD?DM <L (JMJGP ?<NO<IG<MI?< L¡CM¡HU?¡I FDuDF?¡I FGG¡ =TT¡ TMH¡TDID BNO¡M¡MF¡I Lg>3D
IN<IG<M ?IT<NI?< ¡AN<I¡QD ><IG<IHG<MI O<KIO I¡?¡IG¡MD I¡ JG< =DG¡M P NJMPT<
u@D?GD ?¡GDGG¡M N<?<G<I= <L H¡I>¡ JIPI FFG N¡=¡=D DINgA>3@6`@K3
P?IT<T<CFHNM¡IT<N<G<MDIN<IDM<?¡NDIDDUG¡H¡?¡I?J<G>¡=MJIG<M?<<SM<L
DING<MI?¡T¡M
$m@F;C6`@K3E;;>m 6m@mKEm>7>?>mDG>G?Fm5D4;
&IN<IIC@TQ<I< BM¡ ¡I TPS<MNOIGTU?IT<NTG<?PMPHPI<O<IGQ¡ PUPIDGG¡M
=JTP=P=DGBDID<MOMH<N?M IN<u@QDM?DF?¡ <GG?¡GDGG¡MQ¡ ?¡I¡TN¡G@GHDG¡MD ¡G¡ N<G?LG<MI<?<T<I<M<LU¡G=DM
?IT<T<M<OH<<=<><MM
· mD^m=>mkm@6`@K3
IN<I=<L<><IGG<MI<M<NI?<T<<H=<><MLG<MI<U=DGDM,uGK<L?M?J<G=<SHI?<TI<LG<M
B>NU?M=PIG<MI=¡M<=MDI?¡ uJSGPDG¡MBM¡I ?JG<LQ¡ TN¡FNDNO@HGD=@TIDQ<MIN<IO<M O<SH ¡=U<M T<M<OH<LG< ¡G LJGPIPI PUPIGPPIP uJS<G?<MF¡I UI B>G¡I?DMDM %@TQ<IG<M
C¡HDGG¡I?DMH¡FG¡ U <T<LG<MII NM¡ODID <MOMM @Q ODFH¡FG¡ UI O¡=D¡O A<FOJMG<MH?¡M?DGD=LDu =?AJMH<G<M<M?><FGOM <G<II?<DIN<IN<T<L ¡H¡G@OH¡F?J<GQ¡
FGOM¡ BM¡ =DuDHG¡IDM ?JMPNP C¡M FDHN¡IDI ?PMPHP ?I>¡ND Q¡ =DGDTD L¡?¡M <uLG<I=
H¡I<G<IM =PI< BM¡?¡ ėB@Mu¡FĘ =DM O¡==¡OGD M<CD=DI ?I>¡NDI?¡ =DM <H@MDF<G DuD T< DN¡
ADGNAI I¡U¡MD DG¡ <IG<H =<SHI?¡ND ?PTPNP <ODA¡N
UQL=DGBDNDQ¡ FGOM<G<IėB@Mu¡FĘ?IT<T<DU=PM<S<I?M
$@Mu¡F ?IT<?< =¡UD DIN<IG<MI DIG<MII uJS<G= TJSN< ?<G<G<IH<N JNOPM¡G¡M
T<M<OH<< N¡=¡= JG<M @G¡ =PI< BM¡ TPIGG¡M¡ <TD?JG<IU¡G=DMNU?M
0JIM<G<M =P <?G<M S¡T<G?<IGG<M< <TD? ?<NO<I Q¡
M¡Q<T¡O¡G¡M?¡ T@MG¡?DMDGD=
,NOPM¡G¡M L¡CM¡H<IG<MI Q<M JGH<N =DM HDGG¡ODI TJSN< FGOMI F@uD? ?PMHPI?< MPC
B@MBDIGDT¡I?¡I=DM ¡G<H¡O?DM¡M<TDODID??¡OG¡IH¡NDI¡ BM¡ HDGG¡ODI<ODA¡NJIPU¡G=DMFDNH¡
G¡M¡ N<M OPG<UG<T= NJMPHGPGPL TFI J FDHN¡IDI =@GDI¡ TFG¡TDM !@H¡F =@G¡ =DM DDI <GOI<
BDMH¡T¡ <?D FDHN¡G¡M?¡ ?UH JGHODH<TDLPMPGPP K@OM=@MBOPH<NGJFH<I GBNIQ¡ HDOJNH¡L<G¡ND +<NDMA¡FPCD DIN<II<ND
Q¡ A¡MC¡IBNDOCND
HDOJNQ¡ GJBJH¡L<G¡ND +<NDM#¡FCD?DIQ¡ H¡MDA¡O +<NDM#¡FPCD DIN<II<NQ¡ A¡MC¡IBNDOCNDGJBJN
H¡L<G¡ND '<I-DI u@QDM¡I ¡U¡HKPT<
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
L<M?<G?MH¡ U<H<II?<Q<MGLO<KM(OG¡ =@G¡ =DMB¡MBDIGDF?¡ILPMOPGH<LuIUS¡T<GI?<
(JMJGPIPT<M<G?M
"ADAd>G`^?mD:m>m6m 6`@K363H3DA>G4
;D "ADAd>GF3@Dg>3DFmDm8;@6m@E7^;>;D
(JMJGPLPON<GQ<MGLG?<IL<MNI?<T@MG¡H¡NDI¡ BM¡ N@uDGDM,JG<TUM¡ ?<=DMDI¡
T¡ N<M OJG<UG<TM ?< DI¡T¡ ?¡T?DF?¡ GM =P ?PMPH ?< <MGII Q¡ U¡GGDTDID
BNO¡M¡M¡F C¡M FDHN¡IDI =@G¡ =DM ?< <O< =DGH¡?DTDID =DG?DMDM P D (JMJGPIP C@TM¡O¡ N<G=
O¡¡>>P=G¡I?DMDM ,G<TI I¡ JG?PPIP <O<NTG< ?<I?L?< <O< ?
?U¡GO?DMDM P DI<H F¡I?GDG¡MDI DIG<MI< ?<C< T<SI?M F¡I?GDG¡M I<IMG<M DG?MH =DM ?<<
?¡T?DF?¡ JIP <GH<N< u@QDM¡M %¡HDI ?<?ĘI LPON<G Q<MG JG?PP
uI?IT<I?¡TD?DMH¡FHPOPGPPI<=DM ¡G<H¡O?DMKDNGDFG¡M¡ =PG<<I?IT<?<ILUI<IO<IM
G<MJOCA¡ID(JMJGPT<BI?¡MD=G¡M
=; m@;L3F>3Dg@g@EG63@7k;Km ^gJ?3>3Dg
(FG FGOMG¡M?¡ N T@M?¡ T<<H<L NDHB¡ND?DM PIP 1MFG¡MDI T<M<?G ¡AN<I¡G¡MDI?¡
BMH¡F JG<M 6<M<?G?¡ CDu =DM @T TJ>DF@I O<IMD L<M<S<IG< J>NPU ē =P><LNDU NP
Q<MD?TO<IMDL<M<S<I?<I=<L<BJM<I0P?<I=<L<BJMJI@ITJ>D?T?@[email protected]?!DHD
NPO<IMDI@ITUJIBJMJ= ?@H¡FNP=N=OIO¡HDUGDF?¡ C¡LDL¡OO¡KFDND?DM
, O<IMG<MI L<MDL<MDT< =DM QP>P??PM OG<MI NP?<I uSH<N =DM T@ID ?IT<II
T<M<IH<NI< ¡G<H¡O?DM PI< BM¡ FD O<IMII =OI Q<MG NTI DuDI?¡I T<M<I= T@ID =DM
=<G<II TJG?DNHD O¡HDUGDF uI?M eJS
F¡I?GDGG¡MDI DII< BM¡ T<U?< T<DNHDQ¡ MPCN<GuIDu¡MG¡M ¡G<G¡MU¡G¡MDI?¡IPU<LG<?MNI?@TD¡ C¡HDINTI <GOI?<
TPTPI<MG<M
F>3Dg@EG63@7k;Km ^gJ?3CA>3Kg
GDFDD<OG<MIJO<M<I?<?¡IDU?¡IDFD<OuS=DGS?<JG<I<OG<MIDFDNDDG¡ T<SIGL@?DMG¡M
¡GD FDD J DFD <O ID<IG<T= <OG<M ?J<I?<I NJIM< ?<Tu<G<MI DN¡ ID<IG<TM J =P ?<Tu<G<MI
=<L<G<MI?<I A¡MLGD JG?PLG<MI T<S =DGDM DM H??¡O NJIM< %¡N¡I SD <OG<M =PG<H ?ITD ¡GDFDDU?PMPHPIP =DGH¡TDMJIPIN@uDHC<LLTJS?PMN@uH¡F ¡M=<=G<MIC<LL
?M(G¡IDIBM¡QD=PTPMPLG<M?<IDO<¡O?DM GDFDDUN@uDHDDG¡ JIG<MIDG¡MDI¡ BDMD=DGG¡M=JTP
UGH BMH¡T¡ <?¡O @?¡I FDHN¡ =P DDDG¡ UD>ODH<TD ?PMPHPI< FJM JG?PPIP BNOMDM OG<MI
B¡GDN¡=¡=G¡MDI?¡I=DMD?PMPHP?IH¡T¡ =<SD=<G<H<L?M
GDFDDBUG¡MDIDDODM?DF?¡ DuBUG¡MDDLG<IM=@G¡IuD=DM TJG?<IDu=DGBDNDO<KH<LJI¡MOH¡TD?IM!@H¡FJ <OG<M<TDI
NDU=@>¡MDGN¡G¡MN¡ AJQLPG<?¡ B>O<KH<T<><LG<M P?I>¡T¡ ?<T<I<M<L<OG<MIDuG¡MDI¡ LPON<G
B> @IH¡F uI (JMJGP?<IGG<MDL?IT<T<B¡G?DF?¡ Q<MGLO<KMG<M&IN<IG<MU=DGBDG¡MDID?JSNDG¡ N<OI<TDT¡ JG?PL?<T@M UI?¡ LPON<GB>G¡MDI@GuDNDJGPM
)AHkm@;@"ADAd>GA>?3Eg
OMFG¡MDIT<M<?G ¡AN<ICND +DC<?0<HD =<TLPNDO¡ND
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
(JMJGP ¡AN<I¡NDI?¡ u¡IGD=@GB¡I>G¡M?IT<NIBNO¡M¡I=DMT@M?DM6<<HI¡?¡IG¡MDB¡I>
G¡MD T<G<MI< BM¡ @CODT<OGD @OH¡?¡I JIG<MI S¡T<GG<MI?< B¡G¡>¡F T<<? uI TPOJKDT<T
MPCDT¡G¡MDQ<MHH<LJ><G<MF@uHDG¡MDI¡ =<S<M<L<IG<MDG¡ <MOLDGBD?¡?DMG¡MT<<HO¡>M=¡G¡
G¡MD JIG<M @CODT<OGD @O?DF?¡ TPOJKDT<?<IG<MI< LJMSP ?= JG?PL>< IJNO<GEDF <G¡H?¡
T<<T<MG<M
>m?;@ADF3Eg
,NOPM¡G¡M?¡ <G¡HDI JMO<NII U¡G T@MD Q<M ,IG<MI =DM I@u¡NDI?¡ <G¡HDI JMO<N LPON<G
?<G<M?M*¡N¡G¡INDHJMPIT<<HT@MD.<A?< UM=<T><I?<0<Q<G<I?<A<MNFGOMI?¡ DN¡
G=JMU
%¡H¡¡ DIND Q¡ Q¡NQ¡N¡ T<M<G?<I?M "G¡ =P U?¡I H¡MFU¡ Fu= J
T@M?¡ T<<H<L N@QDHGDJGP=!@H¡FO<IMG<M=PT@M?¡ C¡H¡¡ B¡G B@O?¡?DMG¡MO<IMG<M=PT@M?¡
¡IGDFOM¡IG¡MDLPMP==DM =DMDIDIBMI¡ B¡G¡MG¡Mu¡IGD=@GO<IMG<MIBMT@MDJG?PPI<BM¡
JM<?< T<<T¡N<MOGDGDTD JIG<M =DMB¡ JOPMP= ¡IGDFG¡MDI¡
L<OGH<G @?DM 1<IM u<SMG<MII N¡MSJGPPI< ?U¡ =DGH¡GD?DG¡M e¡IGD =@GDI
L¡CM¡H<IG<MI?< JG¡N<MOG¡ ?UHGGF¡
?¡IOM¡IDM
,NOPM¡G¡M?¡ <G¡HDI DFDTI Q<M =<ODI <G¡H?¡ LPON<G B>G¡M @DF?¡I H¡MFU¡ N<M <S<MG<M
$MI¡I<G¡H¡?¡ B>G¡MH¡MF¡U?¡I@DT¡ O¡M¡ATMT?¡ JG<MG<M
H¡MF¡U?¡ JGH<L LPON<G B>G¡MDI TMT =¡M<=MDI?¡ L¡M<M O<KH<L?M .?ND T@MG¡MDI
UDT<M¡ODI¡ B@?¡IG¡MDI<IMG<MJ T@MG¡M?¡ JG<ILPON<GB>G¡M=PIG<MIQP>P?G<MI<LJI<><LBQ?¡
G¡MDIDIJT@M¡ ?¡TH¡ND<?B@?¡IB>G¡M?¡IA<T?<G<IH<L?@H¡F?DM
(Ak34G>3C
GDFDDDG¡ /¡Iu¡IGD =@G¡ T@OD¡I?¡II@u¡ BINJIM<<O<?@TDM ėP?<?<LJ<=PG<L
<?G=DMT@MQ<M6@??DDG?¡I=DM>H¡ B@>¡ND?JP?<I=DMPG?PU=<O?<IDN¡ =<L<=DMPG?PUU¡
uS<M JIG<M =DM =DMDI¡ OJSPIP= =P OJLLPH<?G=DM IPM =PG<LG<M< N<M <S<M =P IPMPI
O¡NDMDI?¡ =PG<LG<MFKFG¡ID=BT¡ N<ML<I<?G<I<MG<M%¡MFDHN¡ JFKFG¡I¡INP?<IDuN¡N¡ND
I¡H¡GD LPG<M L¡?¡M BUGG¡D= =<MON H@¡ <NG<II DM<?¡NU @?¡M DM?¡ C¡M FDNH¡ J NP?<
TPTPIN<>DNHDJL¡?¡MB>G¡I¡MC@uUJMGPFDHN¡ JIPI=@GDIDT@M¡ QPM<=DGH¡U&I?DDN¡ Q@MDG¡I
ė<TDIU<H<IĘIIQ¡?¡ Q<SOB¡GD=u<O=B@OJT@MDO<KFKFG¡MDI?¡I DuNJIM<uDHBUG¡MDHDI
<uGH<NuI=DMF<N<?<JNP?<IH¡I¡ B¡ODM
(JMJGP ?¡?¡NDIDI NUI¡ BM¡ J T@MD <M<H<< =<G<T= uJSGP u<G?L?<IG<M N<GG<T<IG<IM $TG¡M¡
=JTG<I<IT<GO¡M<Q¡OGDLJ><H<I=DM<<>JDFD=PG<I<M<NI?<¡IGDFG¡ T<<TM?<Iu@QM¡
NDI?¡ u@D?GD ¡ODMG¡M T<T¡ B¡GD=u<OI><(JMJGPLJ<=PG<L?<L<GMB@>¡?¡I=DMU<HI=<NO¡ =DM =DMDDG¡ OJLLPP=DFDPG?PUPIOJSPIH<NI?<IK<MG<L=DM
DL =PG<LG<M< <S<MF¡I FKFG¡I¡I NPG<M BTG¡M¡ N<M L<I<?G<MIM? (JMJGP J NP?<I =DM F<N<
DuD==DMF<N<DN¡ ?JG?PMP==<I<OFM<O<NIIBUG¡MDIDI<uGH<NuI=DMF<N<NP?JG?PMH<<
¡TDG?DTDQ<SOFKFG¡MDITJSJG?PLG<MI?IM
.J< =PG<L 1MFG¡M OJKGPHPIPI <GO =DGDHDI?¡ =TF O¡NDMD =PM<S<L @TID HJODAG¡ ?DGG¡M?¡ ?I¡ ?I¡ O¡FM<MG<I=
MI¡FuI$B1MFG¡M?¡ ė¡MB¡I¡ BIĘ?<NO<IDG¡PTPMG<M?<DGFT<Uė=LF<L<IĘ ¡AN<I¡NDG¡
T< DFD u<T ėOPG<Ę Q¡ ėN¡GIB<IĘ 1MFH¡IG¡M?¡ ė< K<H=LĘ ¡AN<IC¡NDTG¡ UI BNO¡MD= 1MFG¡M OJKGPHPIPI T<??<I?< T@MG¡D= ?I¡ ?I¡ O¡FM<MG<IG<ODA¡G¡MQ¡ ?PTPG<MG<1MFHDGG¡ODIDI
NDT<NDJNOPM¡G¡M +<NDM#¡FPCD
A¡U<>¡C4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
MPCPI?<L<UG=PI<BM¡ C¡MQ<SOHDGG¡OB¡MBDI<IG<MG< L<MG<I<I?<US¡T<GI?<LJ<=PG<<
L<TOH<LDNODM,=PT@MG¡ T@IDBMH¡FG¡ MPCQ¡ >DNHDI¡ QPMPG<IT<M<G<MN<<G?=B¡MBDIGDF?¡I
HPOGPGPLG<B@uH¡FuIG<UHL¡?¡MB>OJKG<TM
(G6E; m?D
ėG u<OH<UI Q¡ u¡K¡MG¡IHD Q<MGLĘ <IG<HI?<?M ė.PON<GĘ T@MG¡M =DM OM =OI =<L<
<G¡HG¡M?¡I<TMGHT@M?DM.J<=PG<LP><LG<T<ING?MHL<T<G<MO<IMG<MLJMPI<IT@MDINDHB¡
ND?DM ?< DN¡ GH¡UGDF N¡MOGDF Q¡ L<G<MLGL NDH=JGP?PM ,T@MDI I¡HGD JGH<N O<IMG<M JM<
GH¡UGDF=<G<MF¡ING?MH?<G<MG<C<N<MG<IH<N?M
d35;@E3@:7K=m>;@;J3FgD>363@6gD
<>IFFG¡MDDIN<IIė<T<LG<MĘQ¡ =P?<LG<MDN¡ JIPIė=<ĘIINDHB¡ND?DMDIN<I<T<LG<M
NO¡ ?PM?PPU<H<IUII=PDDI?¡IJL¡?¡MN@QDI>¡ ?PT?PFD<T<LG<MIT@M=<IDN¡ BT
N<I? &IN<II <T< NOI?¡ ?PMH<N JIPI =<S ?IT<NI JG?PL>< B@IDG¡I?DM?D <S
DIN<IT<<TI?<JL¡?¡MI¡HGD?DMFDOMFNUGFG¡MDI?¡ ėBUĘNU>TII<IG<HI<=<S?L?<
JIPIT<<T?<I¡HDDG¡ O¡NDMDIDBMH¡FJGPM&IN<IQ<MGIINIMG<JAPLG<MI=DGG¡I?DM¡I?DM
DIN<IG<I?MM <S B> DG¡ ¡FDGG¡M U@CI?¡ T@MG¡¡MF¡I
DIN<II ?IT<N AJMH<G<<M <L< TI?¡I <<> L<G<MLGLG< T<<T NDHB¡ND JG?PL?< JIPI
LJ><G =DM HDGG¡ODI FFGGTII NDH=JGP?PM &GFDI DIN<IG<MI DII< BM¡ BTI T@M¡
?H¡H¡DTIDIL<=<I<G<I?DM¡FJG?PPI<BM¡ <<>?IT<II?D¡M¡TD?DM
&I? *<M<< ¡CMDIDI NPIFD F¡I?DI?¡ ėOPMĘ <?G =DM ?DM¡F Q<M *¡C¡M¡H <TII
H¡M<NDHG¡MDI?¡ C<>¡O<GH<LuIF¡I?<M<B¡U?DM¡MG¡MP ?DM¡FDIN<I<G¡HDIDIL<G<MLGIII
NDHB¡ND?DM
=;G>6GL
<ODI<G¡HDIDINDHB¡NDJG<M<LL?NDB>G¡MG¡ H¡MFU¡ N<MC¡M¡F¡O?¡?DG¡M%¡M T@??DDG?¡I
=DMH¡MFU¡ u<O<M<L=<ODI<G¡H?¡ =DMG¡¡MG¡M*DGG¡OD?DT<GG<MIINDH=JGPQ¡ S<GLS¡T<GI?<?JP
Q¡ =<O1MFG¡MDIDINDHB¡G¡MD?DMOIDIN<IG<MD?DT<GG<MII=DM =DMDI¡ LJQPH<NTG<=DMG¡¡MG¡M
&FDPG?PUPI=DM =DMDI¡ OJSPIH<ND?DT<GG<MJMO<T<LJTP==DMG¡H¡FuI?<IH<L?@H¡F?DM
*DGG¡OQ<MGIILPON<GNDHB¡NDPG?PU?PM
"_B`=>mD
*DGG¡ODI =<ODID DG¡ U<CDM?¡ JGII =DM =DMDI¡ L<OGH<NII NDH=JGP?PM JIG<M
L¡CM¡H<II MPCG< >DNHDI?¡ <S<MF¡I JIP =OI =PG<LG<M?3C>3D
5<GLIBMI¡I<G¡HDIDINDHB¡ND?DMPG<LG<MH¡MF¡U?¡IOJKG<?LG<MLPON<GB>G¡MDu@QM¡
G¡MDG¡ HDGG¡ODI Q<MGII FF DG¡ K<TG<MG<M PG<L =PG<LG<M?DGL<TI<MGT<<H<S<MGI?<I=DM ¡G<H¡O?DM0P
1MFS<GLIIO¡HDUGDF<S<MGLQ¡ >JPIGPPIPINDH=JGP?PM
(Ak34G>3dg@K3kg>>gdg
P T@M?¡ I<UG<I
T@ID?¡I ?JPGP= (JMJGP <?G<I =DM =DMDI¡
LJQP<M<LJNOPM¡G¡M?¡ LJ<GLNDHB¡NDJG<IėT@??DN<TĘNIOM¡G?DMG¡MPT@??DB>I=DMG¡H¡
NDDG¡ =OIS<GLIQ<MG=DMB¡G¡DM
13?3@6A>3@gkg
,NOPM¡G¡M?¡ U<H?¡C4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
BNO¡MDM (GOM L<G<MLGII I¡?¡IG¡MDI?¡I =DMDND ?¡ C¡HDI BMG¡M?DM "G¡ =PI< BM¡
JNOPM¡G¡M?¡ DGDIDGFDI¡ L<TOH<IU¡GT@MDQ¡ ¡IGDFOM¡ID=<G<IG<MII=DMOMS<OMG<IH<N?M
Y^`@5`?mD:>m "ADAd>G@G@6`@K363`Lm ^gJ?3Eg
K3>CgL>gC
!J<G =DuDHDI?¡ DINGDFQ@M¡M<L<NG<JOPMP=?<IH<LDIN<I<CPUPM=<G<M(JMJGPDN¡ =OIDIN<IG<MN<T<L
T<GLUG N@QHDM u¡IGD =@GD <M<TM UI¡ JMO<L ADFDM MPC ¡MDFD JG¡N<M¡O FDDGDF ?JNO< Q¡A<G JGH<L DIN<IG<M< QPMPIGPL <H<>
TJGPI?<QPMPP=?<T<I<><LGJGH<LU¡GGDFG¡MDJGH<G?M@G¡ ?JNOG<MI =@TIDI?@ ¡M=<=IF¡MGDF
L<IPIG<MIFFI?¡I?<IH<L?I>¡NDJGH<G?M
(JMJGPJNOMCNDI?¡ =@G¡ M¡FGDDIN<IG<MBNO¡MH¡T¡ L PIPIPI<DMGDTDDG¡ NH¡M?GDTDID FDDGDTDID ?JNO N@Q¡MGDTDID
?DGG¡M¡ N<G<IL PIPIJGP=
@G¡GDFG¡ L¡CM¡H<IG<M(JMJGPIPO<IT=DM<?¡NDIDNI<H<LuIu¡IGD=@G¡ N<MTJGG<IMG<M
(JMJGPIPIPGPFDHGDTDDG¡ ?¡T¡MGDD?DT<GG<MJIG<MUI¡ N<Mu¡F¡MF¡Ie¡IGD=@G?¡ L<GH<LG<MI<
M¡FG¡MDI?¡ H<M<L T<M<G?M jU BI?¡GDF O¡FM<MG<IM=@DI<=<SO<MMG<M
IN<II C¡M =DM O¡>M=¡ND DFD L<OG <IG<H ?<TM <L< =GHG¡M J ?DIBDGDTDI u@QM¡NDI?¡
?PG<I<IDu<IG<HQ¡ ?PMPHG<JI<TFG¡I¡I ¡OM<AG<IG<H
<L T<<T <SHI?< =DM OM Du <IG<HG< DGBDG¡IDM P DFD <IG<H C¡T<O?< =DM JMB<INH
LPM<MG<M DINM=¡NDID u@D?GD LJGG<M< =GH¡F JG<M ,G<T T<<TI <M?>GI LMM=¡?DMPJG<TL<M L<MT<JG<I=GHG¡MDPuPMPH<?H¡FG¡MDIDIL<=<I<G=C¡T<OI
BI?¡GDF U¡I>DMDID LM<MF¡I U DuDI?¡ UI¡ <IG<H O<K<M ,G<T u<G<M =OI ?ITM=C¡G¡MD F@uHD O¡>M=¡G¡M?¡I A¡MLG¡I?DMNDI =@G¡GDFG¡ JG<T O<MDSNDU
<?<H N<T<L DI?D ?¡ ¡H¡G @?M , <IOD =DM <I?< ¡G¡ B¡ODMD= Q¡ I?¡I QL¡ B¡G¡MF¡I ¡IGDB¡
=<G<M &I?II F@AD JIP F@uHDDG¡ B¡G¡>¡F?¡I LPK<M<M !@H¡F JG<T LPMSH<H<UGLG< ?ITP?G<MJG<T<u@QMDGD=
<uL LP><LG< O¡CGF¡ID L<MG<TMG<M ,G<T Du ?IT<G<MI< u@QMDGD= B>G DM<?¡G¡M DG¡ Q<MG
UG¡MDI¡ =<GG<TMG<M,G<TJMOFG¡U¡OODQP>P?G<MI?<<TG?<MF¡IJIG<M>DNHDG¡U¡OODI¡ N<Mu¡FDM
OIDG¡M?¡ ė=PM?<GLG<DI?DGDFĘF@uHDG¡ DI?DID=DM <I?<<K<M=T<<T¡IGDFG¡ <S>GII
L<MNI<G<IC¡MIL<=<I<G=JIPIG<?TM,IG<MIMPCG<MI?<u¡IGD=@G¡ B¡GH¡HD?¡I
I>¡ JG<T <SO<MG JG?PL?< UG¡MDI¡ BM¡ <? N<IGT?G¡M %¡M =DMDNDIDI D>ODH<TD TIO¡HDID
C¡I><MKJU<I<?Q<MH¡GGD CH¡?OJK?<?<IC<G<TKJU<IO<IMO<IH<UN<=<GG<L
PIPI?¡GD%¡N¡IQ¡ (JMJGP JNOM¡NDI?¡ ¡SG<LI <M<NI?< L¡CM¡HPGPP PIP?<MF¡I U L<UI< JIG<M NDT<ND D>ODH<TD DLODN<? JTPIu<I< u@QDMH¡F L¡CM¡H<II UD??¡?G¡MD @?¡I DG¡M?DM I><L L¡CM¡H<IG<M <M?
F¡NDGH¡U U DINH @?MF¡I ¡M=<O IF¡MGDF?¡I
=@U¡IG¡M?DG¡M ¡M=<=GLLPMPHG<MIIDuDI¡ BDM¡IC¡M=DMIF¡MUGTIDODMD=I¡NI¡T¡ u@QMDG¡>¡F
M=<= K<<II ¡G <GOI?< JG<MF¡I S<GL< <<GL @?¡M <L U B>I C¡HD¡GDF LJMPTP=
N<SG<H<L uI U=<I<GL @?D= C¡M D?¡ C<H JI< =< ¡TH¡GD?DM ?@T¡M HH< L¡CM¡HNUDM<?¡D?DM
3kC3K3DgEg
H<>¡M<>PH¡L<G¡N ē B@QM¡BUDH@G ē u@QDM¡I<KPM=@C=¡C4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
AG<OPIPI @L¡ BM¡ =DM ?<NOGLG<MI?<
DIN<IG<M=OQJG<M<LT<M<G?=G<M,IG<M?M? ¡G <T<LGJG?PL?<DFD>DINDGDQ¡ BDM?¡ @FDGGD?DG¡M
DGFDIDIN<IG<MIN<I<B¡GH¡UB>G¡MDJG?PPuIO<IMG<MI<=<NLI@?D=JIG<MIT@MG¡MDIDOPOH<L
DNO¡DT¡MG¡M 1<IMG<M =P DIN<IG<MI ADFMDID JSP?PL?< L¡U¡=G¡ID= JIG<M DFD =GMG¡M P JG<T?G¡MDID ¡G?¡I Q@MD= U¡TDAG¡DMG¡M Q¡ C¡H¡¡ =<L< T<MG<MII <M?I?< G¡HT@NDM
?JG<IMG<MP?<NO<I?<DIN<IDODM?DTDT<MNIO<K?L?<=OQG¡¡>¡F(JMJGPJNOM¡NDI?¡ IDB<M
JIPI =<L< T<MN?M 1MF ?DGDI?¡ =P ?<NO<I< ?<C< @TIDT¡O =<G<T¡I<=G<MII BU¡G =DM <uLG<H<N Q<M 6<M ėT<M<G<H<LĘ A@GDI?¡I =DuDH Q¡NDG¡NDG¡
T<MH<L <IG<HI?<?M ė6<MHĘ H¡IDH T<MHI =<L< =GH H¡ID =OQG¡?¡I Q¡ T<M
<IG<HI?<?M*¡IDHT<MHC<H<IH¡ID=OQG¡?¡IT<MHP T<MG<M=OQG¡?DF?¡ O<IMG<MG<
=¡M<=MJG<M<H6@?DC@TF¡GOJKGPNPI?<B¡I>¡GDIDU<HIIėL<M<BI=¡?Ę <?G=DM?<NO<IQ<M
,M<?<DIN<II=<L<T<MNI<u<O<=DGH¡?DTDI¡ BM¡ =DMO¡HNDGDQ<M,L<M<B@TDHGDFDDG¡MG¡ ?JGP
JG<I=DM¡C¡MDU@CID?¡ T<M<G?M,IG<MS¡T<G?IT<NI?<=DMLP<HDID=ėL<M<BI=¡?Ę¡ B@?DMG¡M
,M<?< =DM NM¡ U T<MG<MG< ?<QM<I= ?<IMG<M 0JIM< JM<?P?P DG¡ DGBDG¡ID= &IN<II =<L< ><IGG<M< O<T DFD >DIND
Q<M =P L<MG< L¡G¡=¡ u<GH<L uI FGOM I DG¡ Q<MGL <M<NI?< L<?I FGOM DFDT¡
=GIH =DM HJQ>P?< u@QMDGD= Q¡ JI< DFD ?PMPHGPGPL O¡MDAG¡ID= jI>¡ L<?IGI< BM¡ JI<
<Gu<L BUGGF¡G¡ =<SG= NJIM< DN¡ <I<GL H¡L<HI?< NO<TD JGPIP= P DFDGDF JIP ?J<G =DM
><IG?<IN@QH¡GD=DMQ<MG<?I?¡MD==P ¡N<N?<DIN<IQP>P?PIDFD=<HNUQ<MG<=G=DM
=GH =OI T<SGLG< BU¡GGDF T@MD JGDNHG¡MDu<GH<L?<
JG<IG<MG< MPCG<M u<G<IG<M ėDLOD?<MĘ FGOMI?¡ >DNH BU¡GGDTDI?¡I OM¡I¡I LJMSP DINDNH¡G¡ MPCPIPI C¡M
=DMDNDJIPIQP>P?PIPIJMB<INHIAJMH<G<?MH<I?<I?M&IN<IQP>P?PIPIJMB<INHIIC¡M
=DM=GH=<L< ¡U<G<MI?¡I<NGJG<M<L=<HNUGL?<Q<MJGH<L?@TDGC¡M=GH?¡ILMGH<N
JIPDuDI¡ PHG<?<M
U ¡?¡=DTT<OėDLOD?<MĘFGOMDG¡ A¡MLDGDJG?PPI?<DIN<IIU<CDMD@FGDID>DNHBU¡GGDTD
=DG¡M¡F O¡MDAG¡TDM ,IP =<L< BU¡GGDFG¡M?¡I <TMHM =@G¡GDFG¡ DLOD?<M FGOM DG¡ H=<MDU¡ @?DM
P?I>¡ S<GLIS¡T<GI?<IOM¡ID=
(JMJGP?< S<GL FGOM ¡GDID =DM FGOM uGK<LGI< L<OM FGOM UII @DF Q¡ Du MOTI
LM<<QPMPMPJNOPM¡?¡ ¡M=<=LUG<M=@G¡ =DMuGK<LGIUDMQ¡NDI?¡?DG¡M
M=<=LUG<MDLOD?<MFGOMII?M?I¡HGDTIO¡HDG¡ O<MOH<?<?G<M
O<G<M CJFH NM¡I FGOM?¡ LUG<M U ¡MF¡F O<TA<G<MII I<HPNPIPI =DM =GH
JG?PLG<MI<BM¡ JIG<M<O<=@JGH<G?G<M&LOD?<MFGOM=<SHI?<IL<?IG<MIUGFG¡MDI¡ NTF¡
I¡I Q<MGLNUGL?<IGGLG<MI< BM¡ =<L<NI?<I <NG JGH<G?G<M HH<
(JMJGP?< C<FDH FGOMI L<MNI?< L<?IG<M U =<HNU Q<MGLG<MI BNO¡M¡MF¡I u¡IGD =@G
L¡CM¡H<IG<MII ?¡Q¡OG¡MDI¡ BM¡ <O<G<MII UI¡ ?PMPMG<M Q¡ JIG<M T@IDG?D= FDuDG?¡I KDN
<?¡OG¡MG¡ QPMPH<<L<GS=U=<HNU Q<MGLG<MIIL<G<MLGI<?DM¡IDMG¡M
O<G<MCJFHNM¡IFGOM?¡ HODAL<?I>DINDG¡ DGBDGDB>¡IHFG¡ @FDGG¡IDMQ¡ L<?IG<M
uI C¡M OM U¡IGDBD A¡<G JGH< KDNG¡DM .<?IG<M ¡MF¡F¡G¡M =¡UHDG¡MDI?¡ JGH<H<G FOG¡QD
DG¡M¡ L<OGH<H<GQ¡ OJKGPHG<M?<BU¡ BMIH¡FC<LLG<MTJS?PMHH<(JMJGPJNOPM¡NDI?¡
IDB<MDI?I>¡NDN@QBDNDI?¡INOI¡IGDF¡G¡M?¡ (JMJGP?<I?<GL<GH<T<I?T<IG<MI?<?<
=DM?TP?<FDHDJIPIG<?M
UDT<A¡O AG<OPI ē u@QDM¡I GDA¡UPD
!GH<>?¡MBDND N<T
T@??DBI=¡? ¡AN<I¡G¡ML<M<BI==GH B¡I>¡GD+DU<H MDQ<T¡O@?¡I CH¡?<HGP
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
M=<=IF¡MGDFDGBDG¡MDI?¡ =DMD>ODH<TD ¡NGJG<M<LDIN<IL<OG<M=DM =DMDI?¡I<TMGH<G
?MOJKGPH?<C¡MFDHN¡IDIUI¡ H¡SNPNT@MDQ<M<Lu¡IGD=@GDIL¡CM¡H<IG<MDG¡ @QG¡IH¡T¡
FIG Q@M¡I LUG<M DLOD?<M FGOMI?¡I OM¡I¡I M¡I> =DM D>ODH<TD DGBD DG¡ U U¡ ?M= JIPI
Q<MGIKJUPMG<M
! ¡M=<=IFMM<=DO¡G¡MDI?¡ LUG<M=<L<DIN<IG<M<O<TI¡NI¡T¡ u@QMDGDMG¡M<LJIG<MI
I¡NI¡ N<IGH<LG<M =<L<G<MI?I< BM¡ <O<G<MII ¡GG¡MII
<GOI?< JG?PLG<M uI JIG<M< ¡M=<=G<M TDT¡ ?PMH<G DGF I¡NI¡?DG¡M ,U?¡I L?MOG¡MD O¡CGF¡T¡
?¡I U<H<I DGF <G Q@M @O?DFG¡MD LUG<M JGPM (JMJGP ?<NO<II?< F@u¡G C¡H¡U¡IDI N<OMDF
MDQ<T¡ODJ?<NO<II ¡IDMDIBGH¡GDMDQ<T¡OG¡MDI?¡I?DMPM<?<LUG<MI<O<G<MII@QDI?¡ ?JNO<L
T<<H<LG<M U¡ uSM @G¡ =PI< BM¡ JIG<M u¡IGD =@GDI L¡CM¡H<IG<M DG¡ =<L<G<MI?<I <MOL
T<SIGL?PTPMG<M
(JMJGPJNOPMCNDI?¡ ¡M=<=G<MLUG<MIIJG<T<SO<MH<LCDNNG¡MDLJMSH<H<UGLG<MNII¡O
NI?MH<G<M FDDG¡M?¡I <MOL?M ,IG<M N@QBDID K<TG<H<< u<MH<LG< JG<T ?JGP MDQ<T¡OG¡M
T<M<G?MG<M.¡CM¡H<IJIG<M<u<OH<LuI=JGGPO¡CGF¡ID><II<<GH<G?M(<MI<Q<GFGOMII
u<=<N>DNHBU¡GGDTDIDFGOM<G<II<L<TO<MH<LG<DLOD?<MFGOMDG¡ N<Q<M
%m6m@Em A>3KCgL>3Dg@^3dgDgkg;>m 43k>3@gD
.¡CM¡H<I Q<MGLG JNOPMC¡G¡M?¡ ?IT< ?¡TDFGDTD ¡G¡ B¡ODMH¡F L¡CM¡H<II Q<M JGH<NII
FF?M<L<TI?¡IL¡CM¡H<IIUD??Du<GM?¡TDDFGDTD?@QH<<M<NI?<?JNO<LG<I?MH<LG<
L¡CM¡H<II JI< u<OH<NII L<MNI <GNI @G¡ =PI< BM¡ L¡CM¡H<II ?IT< ?¡TDDFGDTDID ¡G¡
B¡ODMH¡F<MUPNPI?<?M 'PGDT<FJTNOQ< <I<GL?<DFDF@TAD?¡T¡MGD=DGDM
BQ?¡ ?¡T¡MD JTGPGPL ?QM<II?<IuS<I<Q<UG<MG<=<G<NII<UG<H<N
I<II LJMP>PGPL ?¡T¡MD =<G<NI u@QM¡NDI?¡ JG<JI<O¡NHDH¡G¡MDI?¡ T<M?HuJGH<N
EPGDT<FJTNOPQ<?@TDMI<LJMP>PGPL?¡T¡MDID=<L<NI<=PM<S<=DGN¡?¡ U<I<GL?¡T¡MDID
FDHN¡T¡ Q@M¡ =DGH¡U
.¡CM¡H<IDIN<IU<OIIO¡MNDI¡<I<NIIBQ?¡NDI¡ TDT¡ JGP=UIBQ?¡NDI?¡I?JH<L
DNO¡TDM DINGI UI¡ DNO¡?DF?¡ <I<NII LJMP>PGPL ?¡T¡MD DG¡ ?TM ,
?¡T¡MD LM<< QPMP= =<HNU =DM DIN<IG?M , DIN3D@m:m6m@ÈF`@C3F>3D63@6g>3D
L¡CM¡H<II NJINPU C¡Q¡ND JG?PP uI =OI u<=<G<M?DNHu<=<G<MJGH<?I<BM¡ =¡?¡IBU¡GGDGFG¡MD=N=OI
T@MDI?¡ LJMPIP=L<G=L¡CM¡H<I=OIQP>P?PIPII=P>DNHDIBQ?¡GDBDI¡ N<G=JIPT@ID
?¡I O<IH<L DNO¡TDM /PCPIP =P BU¡G TPHP<L BU¡GGDFG¡ DGBDG¡TDM $U¡GGDFNDU T<<T JIG<M<
u<OHDNH BU¡GGDTDID L¡=G @OH¡F MPCG< >DNHDI KDNGDFG¡M¡
=PG<H<NI?M
ėH<?T¡OĘ?¡I LJMSPNP Q<M HH< JNOPM¡G¡M?¡ >DNH BU¡GGDTDID N@QH¡F DNO¡TD L¡CM¡H<II =DM
¡N<NG@CO<>N<IGM.¡CM¡H<IT<GIUBU¡GMPCPIPBUG>DNH¡ ><G<H<LG<UIT@ID?¡IO<IT<
=DGDM jMI¡F uPI (JMJGPIPI IDB<M?DNH ?¡TDDFGDTDI?¡I LJMSP?<?M +DB<M FJM<GPIPI Q<MGI >DUBDG¡T¡I
<IG<HI?<?MJIPIG<(JMJGP=MF<HDGQP>P??PM +DB<MJIPI<IH<ND?DM+DB<MJI?<I@DF?¡
ADHDIDNODI¡U¡MG¡MDI?¡ <M<?MH< EPGDT<FMDNOJQ< ADMPU¡ H<C<>@MEPGDT<FMDNOJQ<?<CI¡M<LQ¡ H<GSPGDT< ><IG¡SO u@QDM¡I GDG<G¡ >DID Q<GNNDO¡NDK¡MQ¡I?¡I EPGDT<FMDNOJQ< DIN<II<NDQ¡ A¡MC¡IBNDO¡ND
N¡MB¡O@BDT@I@<I@C<U¡H<I@U¡I<IEPGDT<FMDNOPQ< ē u@QDM¡IH<IDC¡LDLD
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
TJSJIPIT<MN?M2<JGH<?JIPI=<HNUHNO¡LDGQP>P?PJGH<?I?<I?M(JMJGP
DG¡ IDB<M@FDG¡G¡ K<Mu<II=PH<TMGHHFINUJG?PPFDHD=DMB¡G¡HD=DMQ<MGL?G<M
"ADAd>G@G@m6m@AJGKGDGC
JU@AF¡H=@G JNOPM¡G¡M¡ ?M?G¡FGDF?IM
MA<I MJGP (GOMI DGBD IQD ?IT<II ADFDMG¡IDGH¡HD =GH DG¡ ?DM (<@I<OG< DGBD
LPMH<L DIN<II O<IGL H@T?<II?G¡M¡ QPMPIGPL
BU¡GGDF¡G¡MDI I¡?¡IDID ?IH¡H¡F F<@I<OI ¡IBIGF =TFGF Q¡ BDUGDI NMG<M L<MNI?<
C@TM¡O¡ ?<GH<L?<I?M
"QM¡I F@TC¡NDIDI B¡GDH¡ IQI JNOPM¡
=DUG¡M¡ <uLG<T<=DG¡MjMI¡FuIDFDNDI¡ =<MH<LLJTH<LDNO¡DTM¡HOIFGOMG¡M?¡ O<IMG<M
T<M<OH<L DIN<II @QM¡I O<IH< B¡GDH¡NDIDI IQI U DuDI?¡ BNO¡MDM *¡N¡G< JQuPGPL FOG¡
NDIDI O<IMG<M LM? L<MO<G <NGG<MQ¡ N(DHD@FDG¡I?DMDMG¡M
$MIG¡ O<IH<LIQI?<H¡N¡G¡I"G<OG<MI=OIQ<MG<MBUG¡MDIDIII?¡ JG?PPI<
BM¡ FGOMI BMI TII NOIGT Q<M ,M<?< M¡IB IM Q¡ ?J<G H¡IU¡M¡G¡M I¡HGD?DM
¡FIuG¡M<M<NI?<O<MG<?¡IDIDIT@M?¡ ¡FDG?DTDuIBDUG¡IHDQP>P?G<MI¡HGD?DMPN¡=¡=¡ @G<O
G<MI O¡MNDI¡ BMI¡I I¡NI¡G¡M¡ ?¡T¡M Q@MH¡TD= U<O< I<I<IG<M?G<M PIG<M =¡M<=MDI?¡ <G Q@MuDG¡MuJSGP ?<I<I¡HQ@MI?DG¡M
0JNTJGJEDF DG¡FGDTD 1<MDS =JTP =OI HDGG¡O¡G¡M Q<MGGL?¡ T@MGD Q¡ Fu¡MD
=GHG¡M¡ =GI= PM<AT< <G<I <M<NI?< <Q<?<IGLG<M LPMH<I =JGGP C¡UDI¡ND Q<MD?D
(u¡MDG¡M @G<OG<M TJSNPGGPL UI?¡I <Q<?<IGLG<M< =<NLI @?D= O<G<I QPM<M?G<M JIG<MI =P
DG¡MDI?¡IN<MFTGG¡MDuG¡MDI¡ ?<G<I@CODT<OGJGP=FOG¡QD=<SHI?<IC¡M¡F¡ONDUDIN<IG<M?G<M
jMI¡FJuPI0¡M?¡MD?<IDG¡ 1¡=MDU?<II?<JG<IA<NDG¡ JIG<MIC¡M¡F¡ONDUGDTDIDBNO¡MDM
"G¡ =P U?¡I NDT<ND ?¡TDDFGDF¡G¡M?¡ @?D>D MJGG<MI L<U<I<=DGH¡TD¡=G¡M M¡NHD O<MDS¡?¡ DN¡
JIG<M?¡MOH¡ MJGP (OG¡QD U?¡I S¡=MNDUGDBD I<SP? <B<C >¡HD JNOPM¡G¡MDI?¡
BNO¡M¡MG¡M%¡MHDGG¡ODIFGOMFFG¡MDNDHB¡ @FGDI?¡ UDuDI?¡ LMI=N<SG<IG=?M,IG<M?<
JG<INDHB¡G¡MDO<IH<LG<C¡MS<GLIFGOMFDHGDTDDG¡ O<IJGP==DM =DMDI?¡I<TM?@OH¡FG¡ T@ID
?¡IO<IH<LJG<
O¡CGDGO¡FJNOPM¡ I¡U?DF¡H=@G=<I@B<C=@MDQ<T¡O6I@NQ¡ H<C #¡FJCDQ¡ *¡IDE¡ (¡IB¡M<IDLJ?M¡OD
JNOPM¡ >JU@AF¡H=@G ē u@QDM¡I ¡==<NHJS=@M
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
$&)%%#+ *+%e#eje"e*e%e%)"+e'*#*$&#e1$
S * %%e%#%$*e
)W #)'
IN@@ O<H< Q@ Q<MJGH< F<TBNI DuDI?@
=<MI?MMPF<TBNJIP>PNUGFGOM@GPINPMG<MQ@ T<UIID><?TG< ?< T<UG@?@=DH@ODIG@M
OJKGPHG<MIHDGG@OG@MDI?@Q<HIN<G<T<I@II@HGD<M<uFJIPHPIPNOG@IHDG@M?DMPBM@Q
Du@MDNDI?@U@GGDFG@@II@HGDT@MDDN@?@NO<IG<M<GH<FO<?M!@NO<IG<MIHDGG@OG@MDIT<M<OGG<MDG@
DGBDGD JG<M<F JMO<T< uFOFG<M ?IG?I?@ C@M HDGG@ODI F@I?D JGP NM@>DIDI NUG Q@ T<UG
?@NO<IG<M<M<>GTG<B@G@>@@O<IH<F<TBNI?<FDI@HD?@JMO<T<uF<><FOM"?@=DOMJG<M<F
?@NO<II TUTGG<M Du@MDNDI?@ T@MDID A<MFG OMG@M@ =M<FH<N JIG<MI O<H<H@I TJF JGPK BDOODD
<IG<HI O<H@@ O<H<
F<TBNDu@MDNDI?@JGPOPMPG<I@N@MG@M?DMPH@ODIG@MDG@HJ?@MIu<IDIN<IIIB@M@FNDIDHG@MDID
F<MG<H<F U@M@ FPMBPG<I<?@G@ND DN@ 'PIBĖPI
ėJMO<F =DGDIu?I JGPOPM@F=PH@ODIG@M<M<NI?<=DMH@ODIG@M<M<NGFQ@DuN@G TJG>PGPF=<G<HI?<PTPH
Q<M?M (<CM<H<II <MF@ODKN@G ?IH <<H<G<MI B@Mu@FG@ODMH@ND TMGH<"MBDIG@IH@
!I Q@ ?D@M <MF@ODKG@MDI BMIH N@QDT@G@MD IDH< IDHPN $GB@ 6>@ DM@T Q=
?@NO<I?<IMJH<I<PT<MG<I<IH@OIDI=DMF<OH<IJG<M<F BMG@=DGDM$@M@F1MFDT@1MFu@NDDG@
T<UG<I MJH<IG<M?< B@M@FN@ 1MFDT@ ?I?< T<UG<I MJH<IG<M?< =P <MF@ODKN@G FJIPHG<IH< DG@
F<MG<GM1MF@?@=DT<OG<MI?<FJIPNPIP?@NO<IG<M?<I<G<IT<?<H@ODIDu@MDNDI@FJIPHG<I<I
?@NO<IG<MG< U@IBDIG@ODMDG@I MJH<IG<M?< II<BPGD +PMH@HH@OĖDI ,PU 6PM?P TF $u
*@QGO 0G@TH<IGĖII $u @IBDU TOH<OJQĖPI $I ,GPM NM< @?@G @T@G@I@>@FODM
%<GF<IG<OG<MQ@HJ?@MI<IG<OG<M<M<NI?<F<CM<H<IGFHDOJNPQ@FJUHJBJIDFu@QMDH
=<FHI?<?@G@ND Du@MDNDI?@ O<MDCD =DM
?IH JGPOPMPGPP Du@MDNDI?@
OJKGPHG<MHDGG@OG@MDJG<<INOJG<TG<MF<MNI?<DuDI@?OuFH<U?<IFPMO<M<><F=DMGD?@M
F<CM<H<I =PGPIPM O@ =P GD?@M F<CM<H<I <IG<O B@G@I@D Du@MDNDI?@ O<MDCN@G FDDGDD DG@
=OIG@@M@F JG<<INO U@GDFG@ ?JI<IH =DM F<CM<H<I JG<M<F F<MHU< uF<M !@NO<IG<MI
JG<<INOGFG@MG@ ?JI<IH F<CM<H<IG<M O<MDCD MJH<IG<M?< ?@NO<I @OFDNDTG@ <TI MJG@
=MIMG@M
*DGG@OG@MDI F@I?DGDF ?@@MG@MDID Q@ ?IT< U@MDI?@FD JGPG<MI NDHB@G@T@I <IG<OG<M?<
?@NO<IG<MQ@?D@MC<GF@?@=DT<OMIG@MDF<TI<FJG<M<FI@HGD=DMBM@QNOG@IDMG@M!@NO<IG<MI
?IT<NI?<FD F<CM<H<IG<M HJ?@MI <IG<OG<M Du@MDNDI?@ N@H=JGDF JG<M<F T< ?< =DM@ =DM MJH<II
F<CM<H< =DGDIH@TD Q@ T<<H< F<OGH<T =@FG@T@I O<IMN<G T<M<O> Q@ FPMO<M>
DHB@IDINDHB@ND?DMĘ <HK=@GG jU@GGDFG@FJIPNPIPO<MDCO@I<G<I<IG<OG<M?<O<MDCD=DM
<CNDT@O JG<M<F Q<MJG<I =P F<CM<H<IG<M HJ?@MI <IG<OII Du@MDNDI@ HJIO<E O@FIDD DG@
T@MG@ODMDGHD Q@ N@H=JGDF <IG<H TFG@I@I <IG<OG<M?< DN@ N@H=JGDF =DM =JTPOO< F<MHU<
uF<MG<M
"?@=D<IG<OG<M?<B@I@GGDFG@F<CM<H<II=<FDDIDINDHB@N@G<IG<H?<DuN@GTMT@G@
<GIMIG<OIIFJIPNPC@MI@JGPMN<JGNPI <FT<=G<H<GHF<CM<H<IGF F<CM<H<II
NI<QG<M TJGPI?D Du@MDNDI@ BDMDD <FO<MGM P N@H=JGDF TMT
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
'PIBĖPI <MF@ODK <?I Q@M?DD Q@ OJKGPHPI JMO<F =DGDIu?I JGPOPM<FOMMF@ODKG@M'JN@KC <HK=@GGĖDIėHJIJHDOJNĘ
T< ?< ėF<CM<H<5>=54R>S[ AJMHG DG@ Du Du@ B@uHD JG<M<F ?@NO?3k3?3Eg
(<CM<H<II F@I?DGDF ?@@MG@MDID JGPOPM<=DGH@F Q@ T<<? C<GF DuDI?@ =PGPIPG@M<T<=DM@FDG?@=<G<H<NB@M@FH@FO@?DM <HK=@GGĖDIėH<>@M<T<
u<MĘ <HK=@GG<?IQ@M?DD=PNM@uF<CM<H<II=<U@IDuO@IB@G@I=<U@I?@?O@M<T< <OGH<NTG< =<G<M $@M@F ?@NO<IG<M?< B@M@FN@ HJ?@MI
<IG<OG<M?<B@I@GGDFG@F<CM<H<IIN@H=JGDF=DM=DuDH?@C<M@F@O@B@uDM@IJG<TG<MT<?<?PMPHG<M
=PGPIPM
,PU(<<I!@NO<II?<F<CM<H<IGIDNK<ODuDI,PUPGP=DMJMH<I<BD?@M@FF<MNI<
uF<><F JG@M< ,PUĖPI ?IT< U@MDI?@ F@I?DGDF
?@@MG@MDID Q<M@?@>@F Q@ JIP 1MF OJKGPHPI?< I@HGD =DM NDHB@ ?@@M FJIPHPI< TFN@GO@>@F
JG FJIPH< B@ODM@>@FODM 1MFH@IDNO<IG T<U<M
II<BPGD +PMH@HH@OĖDI ,PU 6PM?P MJH@TDMHD?MOOJMPIPIP
?<H<>@M<T< ?<Q@O@OHDJGPM
J7B7Hl)hKP"7D7BJlDO7OB7d]=dCdpEAK=bPB;H?A7F7BlEB7H7A7JClpJl";H=dCdp
EA8?HJ7H7<7=?JC?pJ?7BJlDO7Ol?I;87plDlDdP;H?D:;];L?H;H;A7JClpJl!dCdpEAB7HB77BJlDO7OlD
:dpJdhdO;H?=bH;D8?B;DOEAJK)hKP"7D;B?D;:bDdF=;B:?h?D:;pbOB;:;:?";H=dCdpEA8?H
9?>7D :;LB;J?:?H BJlD O7O :dDO7O7 I7>?F ]lAC7AJlH KB7DlD :;LB;J? 8;H;A;J? 8EB EBIKD
+PMH@HH@O
6DI@MJH<II?@NO<IG<JG<IDGDFNDID+PMHH@H@O6@?D*DM<N<?G=GH=<I?<$JMFPO
O< 1MFH@I %<GF !@NO<II?<I Q@ ,PU (<<I 2TBPM !@NO<I @KDBM<AG<MI?< BMH@H
HHFI?M
.dHA?IJ7D:7A? )hKP ;B KBKIK AlIlC AlIlC 8EO 8EO 7p?H;J 7p?H;J KHKh KHKh
O7plOEHB7H:l ) AKHKBJ7O7 7BA7D 7hlD:7 O7p7O7D )hKPB7H:7D %bF;J:7hlDlD ;J;h?D:;
O7p7O7D )hKPB7H:7D )hKPB7HlD KP7A ?B?D:;D .;9;D 'KH=7F CK:;HO7 AlOlIlD:7 O7p7O7D
)hKPB7H:7D /H7B 7hl ;J;h?D:; O7p7O7D )hKPB7H:7D "7H7B ;D?P?D?D AlOlIlD:7 O7p7O7D
)hKPB7H:7D -;8?P:; UlAlHBl:7 O7p7O7D )hKPB7H:7D "7DA7J7:7 "7P7H7IlFJ7 %\J:;
O7p7O7D )hKPB7H:7D "7P7H ;D?P?D?D AlOlIlD:7 O7p7O7D )hKPB7H:7D AlI797Il j]EhKP:7D
lpEhKP:7D=;B:?B;H
!EHAKJJ7.dHAC;D"7BA;IJ7DlD:7D (KHC;CC;J
)hKPKD L;P?H? /BKh .dHA 8?H =dD HdO7IlD:7 7BJlD O7O L; d] =dCdp EA =bH:d BJlD O7O =dD
:EhKIKD:7D=dD87JlClD7A7:7HKP7DlOEH:K!dCdpEAB7H?I;AKP;O;:EhHK=?:?OEH:K!dCdp
EAB7H?I;AKP;O;:EhHK=?:?OEH:K/BKhA7BAlFHdO7IlDl)hKP7IbOB;:?)hKP:7EhKBB7Hl!dD
O L; 2lB:lPl =dD :EhKIKD7 !bA 7h L; ;D?P? :; =dD 87JlIlD7 :EhHK =bD:;H:? !dD
:EhKIKD7=?:;DB;H8?H7BJlDO7O=dD87JlIlD7=?:;DB;Hd]=dCdpEA8KB:KB7H?H=dDAKHKBJ7Ol
JEFB7OlF pKDB7Hl IbOB;:? HJlA ]EA O7pB7D:lC %7] I7L7pB7H =bH:dC :dpC7DB7Hl 7hB7JJlC
:EIJB7HlCl=dB:dH:dC.7DHlO7EB7D8EH9KCK;:7;JJ?COKH:KCKI?P;8lH7AlOEHKC
)hKP%7h7D/O=KH;IJ7Dl(KHC;CC;J
U@M=<T><IGT<U<M*@QGO0G@TH<IGĖII$uMJH<I?<NDHB@N@G<IG<H?<$u?@NO<I
DG@ DGDIODGD?DM /JH<II =<FDDND HDMĖDI BM? MT<G<MI B@Mu@FG@H@ND U@MDI@ FPMBPG<I<I
<IG<O?<(<M<F@GG@G@MDI<NGQ<O<IG<MI?<IF<I?<Q<NI@?@IDTG@Bu@OH@G@MDQ@=DMF<uI@NDGNJIM<
<I<TPMOG<MI<B@MD?IH@Bu@OH@G@MD<IG<OGM2TBPMG<MI$u?@NO<II?<FPMPT<II@CDMG@MQ@
NPTP OF@I@I BGG@M DG@ Q@MDHNDU C<G@ B@G@I OJKM<FG<M?4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
@OH@F UJMPI?< F<G@M<T<u<M<IG<HIO<M
6DI@ 1MFH@I T<U<M II<BPGD +PMH@HH@OĖDI ,PU 6PM?P MJH<III ?@Q<H JG<M<F
F<G@H@ <G? TF $u MJH@M<T< u<M <<H<NII =<G<IB> JG<M<F
JMO<FOM /JH<I?< =<FDD 0PGO<M 1POD %;H:;<7IlD:78KEB7OJ;AH7HB7DlOEHdCB;9?>7D;P=?OB;
:EBKOEHCKp =?8? EBKOEH ?P?CA?B;H :; EDB7H =;];HA;D 8KDK >7OlHBl 8?H ?p7H;J I7O7HB7H "7OlH
A7FlD7=;B?H:?O;=b];JC;O;87pB7HB7H)DB7HlDAKB7AB7HlD:7I7DA?!b]!b]!b]:?O;
8?HI;IO7DAlB7DlH +PMH@HH@O
O@=P ėBu Bu BuĘN@NDF<CM<HPGP< u<M<IQ@JIPIH<>@M<T<<OGH<NI
N<G<T<I?BuJG<M<F?DFF<ODu@F@M
@IBDU TOH<OJQĖPI @T<U $@HD <?G <IG<ONI?< ?< @AN<I@QD PINPMG<MI Q@ ?@NO<I< <DO
=<U U@GGDFG@MDI H@ODI Du@MDNDI@ T@MG@ODMDG?DD BMGM IG<OII O@H@GDI@ T@MG@ODMDG@I *<M<G
I< "AN<I@ND (MBUG<MI T<M<OGOM@TDD DG@ DGBDGD HDGGD ?@NO<IG<M *<I<NĖ< BI?@MH@?@
=PGPIPM 6DI@ <TI <IG<O?< *HDI !@?@ OJMPIPI< ė&NNF(PGĖ?< T<<T@=DM@M@FNDFU@IFJIPHPI?<?M
P @FNDFGDD OHG@H@F DuDI H<>@M<T< <OGH<F UJMPI?<?MG<M e<MT< FPG<F Q@M@M@F <OG?FG<M
H<>@M<JIG<MNI<QG<MTJGPI?<FD@MBDIG@IH@<<H<NI<TIG@I?DMDM
D9;@>7@?7k3?3Eg
k3?3D=7F;B;
*JIJHDODIDFDI>D<<H<N<H<T<?<"MBDIG@IH@<?IO<MP<<H<?<F<CM<H@N<M@OBNO@M@M@F<H<>I<PG<H<FDNO@M"MBDIG@IH@<<H<N<TIU<H<I?<DIN<II
F@I?D MPCPI?<FD ė?H@FODM "MBDIG@IH@
NM<NI?<F<CM<H<II>@N<M@ODIDIT<INM<U@F<N?<IKG<I<uF<M"MBDIG@IH@F<CM<H<IIC@H
ADUDFN@GC@H?@MPCN<G<IG<H?<=DM?DUDUJMGP TJG>PGPFO<IB@u@M@FF@I?DGDF?@@MG@MDID=PG?PP
NI<QG<M TJGP?PM <HK=@GG =P <<H< DuDI ėF<CM<HDID O<H<HG<H<N DuDI F<MNI< uFPGPP
I@HGD=DMT@MOPO<M7DM<DuN@GTJG>PGPFQ@ADUDFN@GUJMGPFG<M=DM@TDJGBPIG<H<T<@MBDIG@IH@T@
?JMPTI@GODM
II<BPGD+PMHH@HH@OĖDI,PU6PM?PMJH<II?<NI<QG<MTJGPI?<DG@MG@T@IF<CM<H<IG<M
0@GuPF < DG@ e<M Q@ 1PMPG @TG@M?DM 0@GuPF < <GOI T<TI <G<H@ODTG@D<M@ODTG@
1<FF<G@ĖT@ Bu C<UMGFG<MI< BDMD@M@F @MBDIG@IH@ TJGPI?< <?HG<M <O<M 0@GuPF < 1<IM
!<G<MTG< T@ID $F 1<IM DI DG@ @IO @CMD T<ID NG<HDT@O ?DID <M<NI?<FD F<M<MNUG
NI<QG<MTJGPI?<FD@IB@G@M?DMP@IB@GG@MD<H<TJGPI?<JI<T<M?H>JG<IFDDDN@FN<F<GĖ?M
IG<O?<FD FN<F<G <NGI?< 1MF <IG<O B@G@I@D Du@MDNDI?@ Q<MJG@ DM@T
<MF@ODKDI?@INU@?@MP<MF@ODK<NGI?<!@?@(JMFPODG@=<G<T<IQ@OJKGPHPITJGBNO@MD>DND
JG<Iė<FN<FG=DGB@ĘB@G@I@DIDI?@Q<H@OODM@I=DMFGOMIODKG@HDC<GD?DM ?H;O7?JEB:KhK
JEFBKCKD:;h;HB;H:?P=;I?D?Od9;
8?H;O7HA;J?F?7H79lBlhl?B;;:?DC;O;]7BlplH3?H7$KD=A?p?I;B
8?B?D]:lplDlD J;C;B?D:; ?DI7D lHAlDlD =;]C?p :;D;O?CB;H?D?D :;FEB7:lhl L; I;P=? 7B=l ?:H7A
=?8? :EhKpJ7D =;B;D 8?H AEBB;AJ?< 8?B?D]:lpl 9EBB;9J?L; KD9EDI9?EKI DEIOEDKDK =dD:;C;
=;J?H?H (JMFHDND
JG<M<F=PMJGNOG@IDMNGI?<<IG<OIIOHI?@=PMJGNOG@I@I@,PU%<IĖ?M7DM<J<IG<O
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
=<G<IB>I?< <GOI T<T Q@ BH JFG<M A<MFG IJFO<G<M< AMG<O<M<F OJMPIG<MI C@H NI<QG<M
TJGPI<BI?@MDMC@H?@JIG<MIHFG?PMPHG<MI?<B@uHDO@FDO@>M=@G@MDIDI<FO<MHTG<TJG
BNO@MD>D JGPM 6DI@ +PMH@HH@OĖDI TF $u MJH<II?< ?< FN<F<GG DCODT<MG<M T>@=DM@T
<MF@ODKDIDIN@H=JGJG<M<FF<MHU<uF<MG<M
0I<QG<M TJGP =DM@TDI C@H DuN@G C@H ?@ ADUDFN@G <IG<H?< =DM TMT JG<M<F
IDO@G@I?DMDG@=DGDM *<>@M<T< u<MG@Q@MDG@I=DMBM@QD
NM<?<I=DM=<<MDG@?@DGMPCN<G=DMJGBPIG<H<F<U<I<M<FO<H<HG<IH<NIN<G<M,PU6PM?P
MJH<II?<0@GuPF<ĖIIT@IDTPMO<M<TQ@NG<HDT@OĖDF<=PGTF$uMJH<II?<0PGO<MĖI@N<M@OT<<?BIG@MJIG<MI@MBDIG@IH@TJGPI?<FDNI<QG<M?M
TOH<OJQĖPI@T<U$@HD<IG<ONI?<FD*<M<GI<"AN<I@NDQ@*HDI!@?@DG@OJMPIPIPI
Q<MJGP H><?@G@G@MD =P ?PMPHP MI@FG@I?DMDM TOH<OJQ <IG<OG<MI?< ?DFF<OD u@F@I <NG IJFO<
DN@ F@I?DGDF ?@@MG@MDI?@I PU<FG<OMG<F JG<I C<GFI HDGGD
C<AU<NI< DG@HD JG<I ?@NO<IG<M H<N<GG<M @AN<I@G@M OMFG@M Q?MIG@M =DO OJKGPHP <T<FO<
OPO:?J ;JC;:;D 7]lBC7B7Hl 8K F;:7=E@?A ;h?J?C?D D?J;B?h? ?B; :EhHK:7D ?B?pA?B?:?H
(JMFH<UTOH<OJQĖPI$I2U<M6UTG,GPM<IG<ONI?<FD'P<I'P<IG<MDG@+<TH<?@G@MDIDIOKF*<I<N?@NO<II?<IDUG@M
O<H<N6G?MH0@NGD*<I<NuĖ?<*<I<N!@NO<II<IG<OH<B@G@I@DIDINM?MGH@ND@T<U
$@HDĖ?@ *<M<G I< "AN<I@ND Q@ *<I<N !@NO<IĖII <IG<OG<MI Du@MDNDI@ T@MG@ODMDGH@ND =P
FGOM@GF<U<IHG<MIT<<OGH<NDuDI?DM
$@G@I@FN@G <IG<OG<M Q@ U@GGDFG@ ?@ ?@NO<IG<M Du@MDNDI?@FD NI<QG<M TJGPI?< F<MG<GIC<GFIQ<MJGP<H<>I?<I<G<I=DMF<CM<H<IIJMO<T<uF<M<FTJGBNO@MD>DJGH<N=DGBD
=@>@MD FPQQ@O Q@ @MF DG@ T<<IGPGPPĘI?<I C<M@F@OG@ ?IT<
U@MDI?@ T@ID?@I T<<H<T<N@QF@?@M @IBDUTOH<OJQĖPI II<BPGD+PMH@HH@OĖDI*@QGO
0G@TH<IGĖII Q@ @AN<I@ HDO ?@NOGTG<=DM@TG@M@NPIH<FOM
_@`kk3?3Eg
*DOJGJEDF u@QMDHDI NJI <<H<N ?IOM (<CM<H<II TPF<M?< <? B@u@I u <<H<G
TJG?< =DM@TG@DH NM@>DID O<H<HG<T<M<F B@MD ?IH@ND <MF@ODKN@G N@H=JGDUH =<FHI?@M<T<u<MG<IQ@NI<QG<MTJGPI?<DG@MG@T@M@F@MBDIG@IH@<<H<NIO<H<HG<T<IF<CM<HI<PG<M,PU6PM?PMJH<II?<F<CM<H<IF@I?DI@
T@ID=DMTPMO@?DIH@NDTF$uMJH<II?<0PGO<I0<MĖI,PUG<M@GDI?@C<KDNDF@IT<KO
C<O<G<M BMH@ND Q@ =PIP B@G@>@F I@NDGG@M@ <FO<MH<N TOH<OJQĖPI $I 2U<M 6UTG ,GPM
@N@MDI?@ +<THPPI ?@?@NDIDI
*<M<G I<ĖT G?MH@ND NJIP>P DIODC<M @OH@ND DN@ @MBDIG@IH@IDI O<H<HG<I<H<?@G@M?DM P NTG@I>@G@M DGF@GGDFO@I HJ?@MIGD@ ?@DI OH DIN<IGI JMO<F Q@ A<MFG
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
TIG@MDID DuDI?@ =<MI?M<M<F =DMGDFO@ T<<H< B@M@FG@MDID I@NDG?@I I@NDG@ <FO<MH< MJGI
NOG@IDMG@M!@NO<I?<I?J<M<FMJH<I<PG<<I1MF<IG<OB@G@I@D'PIBĖPIOJKGPHN<G=DGDIu?
JG<M<F <?G<I?M? DIN<IGI JMO<F FGOM@G FJ?G<MII uUHG@IH@ND Q@ <HK=@GGĖDI
F<CM<H<IGF HDOJNP JG<M<F <?G<I?M? FJUHJBJIDF u@QMDH TIO@HG@MD DG@ ?@MDIG@H@NDI@ @G@
<GI?I?< NDHB@N@G Q@ H@O<AJMDF =JTPOO< uJF F<OH<IG @N@MG@MG@ F<MG<G<><F Q@ =P @N@MG@MDI
B@Mu@F?@@MG@MD?<C<DTD<IG<G<><FOM
"0%"#)
*-")) 'JN@KC %7>H7C7DlD -EDIKP 2EB9KBKhK u@Q 0<=MD $MN@N (<=<G>
6<TI@QDNO<I=PG
$j("/ HA;J?FB;H;7O7D7D2;D??HjD9;B;C;2bDJ;C?D?D.7DlJlB7H7AjD=?B?PL;
.dHA :;8?O7JlD:7 7Pl ,EC7DI L; F?A (?J;B?h?D:; 27FlJB7H7 /O=KB7DC7Il IF<M<
kIDQ@MNDO@ND!DG1<MDCQ@ JM<AT<#<FGO@ND6<TIG<IH<H!JFOJM<1@UDIF<M<
'2+$ <MG $PNO<Q jDI7D ,K>KD7 2bD;B?p e@Q "IBDI TFDI<G 0<T 6<TIG<M
NO<I=PG
(-)+*@CH@O .dHA:;8?O7JlYP;H?D;H7pJlHC7B7H#!@MB<C6<TNO<I=PG
(,/(*7 /<H<U<I OJC7JEL DB7JlB7HlD:7 WJ;A?B;pC; -EHKDK L; bDdp jPB;AB;H?
$M<ADF@M6<TIF<M<
(,/(*7 /<H<U<I )hKP 2KH:K ,EC7DlD:7 .EFBKCI7B ?B?D]7BJlDlD !bHdDJd
dP;OB;H?Ę & 2GPNG<M<M<N QM<NT< 6G?UG<M 0@HKJUTPHP +DN<I IF<M<
!U@IG@T@I 2GPNG<M<M<N CH@O 6@N@QD kIDQ@MNDO@ND 1k/(03 Q@ 1!(* IF<M< DGDB
$U0N
(,/(*7 /<H<U?jOF@I6<TNO
+2/*"**"1II<BPGD )hKP2KH:K !@QM<I*<O=<<>GFIF<M<
+2/*"**"1II<BPGD dOdA!b]!@QM<I*<O=<<>GFIF<M<
0k)"6*+)&*@QGO $ujOF@I6<TNO<I=PG
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
+Y)"-l*"% %-'&*#) %Y%0% %YS#Y
$&# % + -l%"&*$&(&% "Y%*Y)#l)
\'\\!!
!IT<II uG HJ?@GDID UI?¡ @CODQ< @?¡I ?IT< <<> =¡UD C<GG<M?< ?DM¡F Q¡ T<
I¡M?DQ<I?<Q¡ T<u<?MFDHD?¡ O¡NQDMJGPIPM?P
*¡N¡G¡I PTPM ?<NOAPIFNDT<NI?<T<I?DM¡F?¡I=¡CNJGPIPM
!<NO<II <M<?MH<uG<MI?II L<MGLGN FDHD ėO e<FĘ ?JLLPU O¡M¡AGD F¡I<MG<M BH?¡I O¡NQDM JGPIPM !JSNI T<II?< <OI?< ¡SNDI TPM?PI< ?JMP
B@?¡M !<NO<I?<F %¡T<O <<> FDHD F e<F ?< DG<CD H¡I¡GD?DM !IT<II ¡N<NI
JGP?PM?PPI<DI<IG<I=PL@TMD<? O¡NDNDITPS<MCDNN¡ND2GP1<IMku(PM=PNO<I<?JMPPU<IM
Q¡ JI<<Ou<FJGPMGOP>P<<?IT<?<?MQ¡ T=NO<IJI<<OI=<G<TMPL@TMD<?O¡NDNDI
JMO<CDNN¡NDL¡CM¡H<IIK<TI<?MQ¡ JIPIOe<FNJGPMN
!<NO<I?< .<M<.PG< F<PI?<IOPO<M<LT@MDI¡ =¡MFD?DM,NOP>PIP
<< ¡TH¡F DNO¡T¡MF¡I ?JSN HJODQD
T<GIU =DM T@M?¡ U ¡FNDID O<KN< ?< O e<F C¡M TPM?PI II?¡ BMO¡MDGDM 6PM??< =< Q@M¡I
C<?DN¡G¡M=DG<Q<NDO¡ Fe<F?<?<U ¡FNDIDO<KM+HPI¡ JG<M<LL@T?@OH¡FJG<MFD.<M<.PG<
S<L<IG¡I?¡ <O?<Fe<FII?D=DI?¡ GM
0F<I?DI<Q AJGFGJMPI?< DN¡ O<IMG<MG< T@M <M<NI?< =@G¡ Q<NDO¡uD @G@H@IOG¡M?¡I =DMD ?¡ BT
LPM<?M ė(DuDF "??<Ę ¡N¡MDIDI ė.PGQDIDI F<CDIGDTDĘ =GHI?¡ .<ILG@MD .PGQDT@ =@G¡ =DM
NP<GQ@MDMė,I¡?DMFDT@M?¡IBT¡ <K<MMĘ*?MDF=PNP<G<BGG¡ ><Q<=Q@M?DĘ*¡B¡MN¡I¡
=¡GGD?@TDGFD <GG<CG<MT@M?¡IBT¡ L¡?¡MFMKu¡FD=G¡MPFMKDQ@MNO<?G<IM0¡IT¡LDIFD
JIPBMHN¡IeJSBH<IFDN¡IJIPBTLPM<<?G<I?MMN<I,uM¡IBGD?DMuJSHCF¡H
C<UMG<I=!<C<CDTG¡B¡M>¡NDI¡ Q¡ H<CDM>¡NDI¡ C<UMG<IH<NHHFI?@TDG)<FDI=P FMKI¡
L¡?¡MHCF¡HJGN<?<*PNK@GGJPGG<M<=PFMKIIU¡MDI?¡I
F@u¡I?¡ JLMG<><LĘNPNTG¡IDG¡IG¡M?¡I<T?IJGPMFDDNO¡M<<>DNO¡MN¡ ?¡ FMK
UGTI?¡ ?IT<IIuGHJ?@GDID@CODQ<@OH¡FG¡ T<I<@TIDU<H<I?<?IT<IIH¡MF¡UD?DB¡M
?IT<G<MG< ¡G<L¡ N<SG<H<LuIFMKMJGPIPJTI<TM?
¡G<G¡T?DGGDė1MFHDAJGJEDJ=M<UG<MNDNO@HDNOMPFOPMQ¡ APIFNDT<Ę ¡N¡MDIDIė1MFS<GL
?@HJIJGJBDT<NII J=M<UG<M <G¡HDĘ =GHI?¡ ?IT<II H¡MF¡UD DG¡ =<G ADFMDID =@G¡ DA<?¡
@?DM?D ė MS<DF Q¡ ¡I¡I¡QD >¡HDTT¡OG¡M?¡ ¡OM<A <G¡H =DM HDFMJFJNH FDHD ?IGH?M P
HDFMJFJNHPI C¡M L<MI?< N<FM<G @I@MED HDNODF B> HQ>P??PM I¡I¡QD >¡HDTT¡O uI JIPI
H¡NFPIG<? T@M N<FM<G @I@MEDIDI ¡I uJS OJKG<IG? T@M?DM !IT<II JMO< B=¡TD =DGDI¡I =P
T@MD ¡C<O¡ @G¡T¡I?<DM¡ Du¡MDNDI?¡ I¡ Q<MN<IDU<HG?IT<IIODHN<G?MPI<BM¡ ?¡ T<M<?GI
B> L<TI< ?IT<II O¡I JMO<NI?<?M %¡HDI T@M?¡IN<FM<G @I@MEDIDI OJKG<IG? J ?<DM¡?¡I
LM<< uS?L>< Q¡ JM<?< L<G<I =OI T@MG¡M UB¡ H¡FP? JGP??PMNO¡MN¡H<QDO<IMG<MIH¡NF¡IDI¡DNO¡MN¡ ?¡ T@M<GO
?IT<T<T@ODH¡FuI=¡UD ¡IB¡GG¡MD<H<LG<UH?M
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
ė*<<?<T.<M<Ę?<NO<II?<I<T?IJGPMFD"MGDFS<IIH¡NF¡IDI¡ u<OH<LuI<H<IG<MI
T@??D ¡IB¡GD <H<N G<UH?M !<NO<II?< DN¡ =P ¡IB¡GG¡M NM?¡I L<uH ?M?LPG<LG ?M?
CMFG=DM=JU<TMuI(<M<(PG<S<L<IIC<UMG<? ¡IB¡GG¡M¡ =¡M<=¡M?DM
!<NO<I?< T@MG¡ BTI =DMG¡?DTD T@M?¡ B<C =DMG¡¡I B<C ?< <TMGPH @?¡I L¡CM¡H<II L<MNI< ¡IB¡G FDHD ėPP?<FĘ uSM T L<I<?G
LPG<M=PM<?<IPu<M<LF@u¡ =DGH¡UNMFDHDLMG<M<LėJ=JJĘFDHDNONO¡ L<G<IMG<MN
1MFHDAJGJEDO¡A¡FFMI?¡ ?<?IT<IIuGHJ?@GDIDUI?¡ @CODQ<@OH¡FG¡ T<I<?IT<II
H¡MF¡UDAPIFNDT<NI?<T@MDI¡ T@ODMDM?Dė*<<?<T.<M<Ę?<NO<II?<?IT<IIH¡MF¡UDQ¡ =<L<
?IT<T<F@uD?APIFNDT<NIT@MDI¡ T@ODM¡I?<=@G¡ O¡L?DHJGPIPM
6@MUI?¡ T@??D ¡IB¡GQ<M
, ¡IB¡GG¡M?¡ N¡IDLNI<T<><<H
GO<T?<<GO ¡IB¡GQ<M
, ¡IB¡GG¡M?¡ N¡IDOPO<><<H
?@?D
!¡HDM?<I ¡O¡TDI?¡
!< T<GIU ?IT<II H¡MF¡UD ?IT<II uG HJ?@GDID UI?¡ @CODQ< @?¡I FJNHJLJIDF
@G@H@IOFDHDuS@OHDM?D!<@TIDU<H<I?<OJO@HDUHAPIFNDT<G<MI<N<CD=D?DPIPIG<=<G
ė*<<?<T.<M<Ę?<NO<II?<?@TDGDM
G<?<<<O<H?@T¡I
*<<?<T.<M<UDN¡ ?<MPCPI?<IT<M<?GH?
!JPG<I?<NJG ¡GDI?¡
!LLPUFI>GL<M<=DM?< Q<MD?D
!IT<T<B¡G¡MF¡IN< ¡GDI?¡
6@??DFI>G=JU?<Q<MD?D
.HQNHII=PU<H<II?<
.M<?H¡U=¡TO<T<G
!JLLPUUDMQ¡GDe@M@Oe@H@OO<T<G
!JLLPUUDMQ¡GD @H@OO<T<G
TI<GOI?<T<TFDHDPU<IDODIDI=JUT<O<I?I?¡GDFG¡ L@T?@OH¡GDTDFFDDG<IHDAJGJEDO¡A¡FFM?¡ =DMuJSAPIFNDT<G<MDG¡ T<I<T<M<?G<FO
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
DG¡ =<G uS @?DM?D 2NK@INFD ė0G<QTD =DM O¡M¡A?¡I DG<I ?IT<II H¡MF¡UDID H¡TT¡I @?DM *¡N¡G¡I ė*<<?<T
.<M<Ę?<NO<II?<(<M< (PG<F<<I<OI=@G¡ O¡C?D?@?DM
-<H=L=¡T<UuGIO<HJMO<NI?<
!@HDMLJQ<I<GOI?<
DM=DMDI¡ O<TDFDU¡C¡MGDDG<I<
0@IDT@?DMH¡N¡HL<IIDuH¡N¡HĘ?@?D
DG?DTDHDU FDHD ?< ?IT<II H¡MF¡UG¡MDI?¡I =DMD FDHD H¡TT¡IG¡?DMDGDM?D eGI JMO<N
?<?IT<IIH¡MF¡UDFDHD?¡T¡MG¡I?DMDGDM*¡CUDFDU¡C¡MGDDG<I=PM<?<T¡IDH¡MF¡U?¡ =DMNUG¡
?IT<IIH¡MF¡UDI?¡ O¡NQDMJGPIPM
G<II?IT<IIH¡MF¡UDID=DG?DMH¡NDADFMD*"GD<?@IDI ¡N¡MG¡MDI?¡ ?¡ U ¡FNDIDO<KH?
*¡GGDA ė(JNHJNQ¡ O<MDSĘ ¡N¡MDIDIė(JNHJLJIDT<IIO¡FM<MG<IH<NĘ=GHI?¡ ?IT<DG<IDG¡
=<GADFDMG¡MDID=@G¡ DA<?¡ @?DM?Dė%DI?DNO<I?<O¡FQ<CD??<T@MG¡?DMH¡FuI<NOMJGJLUG
H¡TT¡IG¡?DMDM jUG DG<II U¡MDI¡ ?H¡GD?DM eIFD ?IT< =P DG<II U¡MDI?¡ ?<T<IM !<
PNO<N <<>?<I O<SO< TJIPM Q¡ FJFJN AI?II FH¡TD DG¡ ?¡LDL BNO¡MDG¡I T@M¡ QPMPM PIPI
H¡I<N DG<II =<I =¡MFDOH¡F H¡LN¡?DID ?<TM !< O<SO< =¡MFD?DG¡I T@M¡ LJTPGPM P DN¡
?IT<II?¡LDLH¡MF¡UDIDBNO¡MDMP<FOFJNHJLJIDF <FOIO¡FM<MG<IH<NI=DMNUG¡ 0JH<II
T<SP?I?M<IIDGFDIE@NODIDDA<?¡ @?DMG?DMDHJIPI=<ILJK<MH?G<IS<JN<T?IJGH<T¡MM¡?GDF?¡I<T?IG<AJMH<NUGL?<IAJMH<T<F@uD?D?DĘN
P O¡CGDGG¡M¡ I¡U¡M N<G?L?< <T?I JGPM FD DNO¡M <<> DNO¡M ?DM¡F DNO¡M ?< DNO¡MN¡ ?¡ DGDND
D?DG¡M P I¡NI¡G¡M @TID U<H<I?< ?IT<II H¡MF¡UD MJGPIP JTI<TM?G<M %¡M DFD S<GLI
?IT<IIHJ?@GDQ¡ O@JLJIDT<<IG<TG<MIL<MG<?M?HUU<H<IDN¡ B¡G?DTDHDUI¡OD>¡ JI?G<M?DHN
@FFD0*<<?<T(<M<!@NO<I*<I<NT<TI>GFN
(DO<=D!¡?¡ .JMLP?<F6<UuN
,PUI<H¡G¡M1¡MOD=uDG¡M3¡GDT@Q$2PMGP#<F2IDQ@MNDO@OD+¡MDTT<ON
§ËÔÈÙÑâÚ ¸ØÆÖÞÆæ ÂÊÊÆ µË×Óâ Ô ³ÎÇËÑÙÓÉÆÛ ²Ô×ÐÈÆ¼ÙÊÔàË×ØÈËÓÓÆæ
±ÎØËÖÆØÙÖÆ×
²ÑÆÊÞÆæÂÊÊÆ±®ÍÊ³ÆÙÐÆ×
ÂÑÎÆÊË²°Ô×ÒÔ×ÎÎ×ØÔÖÎæ²µÖÔÉÖË×××
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
º"&)&b#,»*+% % %l1e $l+%#l)e%l
+l*l--Y#$%+#l)e
\-'\W#-Z\!W.+
U¡M=<T>GII ¡I HCO¡¡H DI>DG¡MDI?¡I =DMD ?¡ H¡CPM M"ADAd>GN
?<NO<I?M M"ADAd>GNIPI O¡F>¡ U¡M=<T><I?< TJS =OI 1MF ?IT<NI?< 6<SI Q¡ ,MO<
¡ML?¡ ¡IN@QDG¡IN¡I¡O<=D?¡G¡MDI?¡IJG?PP?<IGH<UA<FO?MP?<NO<IO<MDSDFDHGDTDC¡G¡ ?¡
?¡LDL =DGDIH¡T¡I =DM S<GL L¡CM¡HD ¡NM?¡ ¡IP=D U¡M=<T>G IHPI¡ND JG<M<L M"ADAd>GN ?<NO<II?< @G¡ NE@O Q¡ C<?DN¡G¡M HQ>P??PM FD
JIG<MI¡DIFD>D ¡NM¡C@uJI<T<SITUDGGDFG¡M¡ =@G¡ <HDG@OH¡FHHFI?@TDG M"ADAd>GN
IPI M@<G O<MDSD ¡SNDTT¡O JGH<N =<M¡?¡FD ADFDMG¡M =DUDH ADFMDHDU>¡ FJIFM@O @GHD ?¡GDGG¡M¡
NTF¡IHDM0<?¡>¡KP=GDNDNODFS<M<FO@M?<T<IC¡HDIADFDMG¡M=¡?DDO¡MOD=<OQ¡ ¡?¡=DO¡ILD??¡IJ
L¡?¡M?¡ N@uDGHDM*¡N¡G¡ =PM<NI?<?MFDO<MDS@GHDIDII¡U¡MDH@OJ?G<MTG< ¡AN<I¡HDA?<NOGE<IMDN¡ =¡?DDJGH<LG<=¡M<=¡MC¡H?¡ <U ¡?¡=DTT<OIHPI¡ND
JG?PP uI O¡=DD JG<M<L ?@AJMH<NT< Q¡ O¡CMDAG¡M¡ PM<H?M P DN¡ ?<NO<I L¡CM¡H<IG<MI<
¡AN<I¡QD NE@OG¡M¡ O<MDSD H¡I=¡ FDHD T<I<H< u¡ODIG¡?DMDM kHPHDTT¡OG¡ =DU =P H¡N¡G¡IDI
<M<?MGH<NI?<O<MDSDGDTDIJL¡?¡M?¡ ¡C¡HDTT¡OGDJG?PPIPU¡II@OHDMDF%¡M=DM?<NO<INE@OD
HDAL¡CM¡H<IHOG¡L=DMO<MDSDB@Mu¡FGDT¡M@<GC<?DN¡T¡ NTF¡IH¡FH¡>=PMDTT¡ODI?¡ ?@TDGP
T<M<?>GL IHPI¡G¡MD FJIFM@O ¡SNG¡MDI =¡?DD O¡S¡TTG ?¡ JG< =DG¡M )<FDI =DM H¡N¡G¡T¡ ?¡
?DLL¡OD TI¡GOH¡FDNO¡M?DFFDI¡ L¡?¡MO<MDSDGDF?¡IU<H<IQ¡ H¡F<I@OD=<MDG¡ M@<GGL?<IPU<L
JGN<G<M ?< ¡NMG¡M>¡ T<??<G<M?< T<<TG B@Mu¡FGDF A<FOJMP T<<?M P ADFMDI HSO¡GDA O¡M¡AG¡MD
HQ>P??PM N<N @OD=<MDG¡ DFD H¡N¡G¡ U¡MDI?¡ ?<T<IH<L DNO¡M?DF PIG<M?¡TDHDU M"ADAd>GN ?<NO<II?< =PH¡N¡G¡ =DM
L¡?¡M H=<CDN¡GD?DM eIFD NUHUI ¡QQ¡GDI?¡ ?¡ QPMPG<?HU FDHD =P ?<NO<I?<F
L¡CM¡H<IG<MIQ<MGO<MDSDM@<GG<JL¡?¡M?¡ PTPIB¡GHDMPADFDMT¡ID?<NO<IL¡CM¡H<IG<M
¡OM<AI?<FB@Mu¡FGDFA<FOJMP ¡N<N¡IH¡C¡==¡O?<NO<IG<M FDHDO<I?HU<L?<NO<IG<MI<<HDG
@?DG¡ =DG¡M G=¡OO¡ M"ADAd>GN <L ?<NO<I?M DUDH QPMPG<?HU H¡OG¡= H¡C¡==¡O
?<NO<IG<ML¡CM¡H<IG<MII ¡FN¡MDTT¡ODIDI<LJGH<N?MPIG<M<HDN<GJG<M<LL.PM=<IDID
L==<N1PA<ML<IGIQ¡ =<L<G<MIBNO¡MH¡FJG<M
%<LLI?< NC=¡O <u?HU ?<NODO¡M¡ADM@<GO<MDSD¡SNDTT¡OG¡MDI ¡AN<I¡QDHDADFKMJOJODKGDTDH¡N¡G¡ND?DMPH¡N¡G¡ ?¡ =DUDH
ADFMDHDU>¡FDA<T¡OL¡?¡M<M<?MGH<H @GHDO¡?LDL<O?<IF¡I<M?<L<GH=DMH¡N¡G¡?DMDUDH
=PC<L?<F?I>¡G¡MDHDU?¡ ¡N<N@OD=<MDG¡ MA<IQ¡ O¡N¡QQAKMDINDKG¡MD ¡OM<AI?<AJMH<G<H
?@O<GG<M ¡C<O¡ @?DM*¡N¡G¡IFJIFM@OJG<M<L(JMJGPJ=M<UU¡IIDHDU>¡H¡TT¡IO<MDSDA¡GN¡AD
K<M<G@GG¡M¡ ¡N<N¡I U¡M=<T><I 0¡A¡QDG¡M !QG¡ODIDI =<IDND <C NH<TG 5¡O<DIDI S<GL
O¡S¡TTGI?¡FD T<<OH< HJ?@GD Q¡ S<GLI JIPI C<LLI?<F =@G¡ ?@H¡F HHFIN¡ <MUP Q¡
?DG¡FG¡MD?DM G=¡OO¡ FD =P ADFDM H¡TT¡I L¡?¡M NP=T@FODQ?DM Q¡ L@TMD@GHD HG<CDU¡ O¡NDMD
=<G<T< =DG¡M %¡LDL¡O¡I ?¡ =DU =P Q¡ =PI< =¡IU¡M ADFDMG¡MD =DM @CODH<G JG<M<L JMO<T< <OML
)<FDI C¡M @CODH<G UI?¡ H¡TT¡I H¡I<?< C¡LDL¡O B¡U?DMDM Q¡ B¡G¡>¡F?¡ @GHDI¡U¡MD
KJG@HDF<G<MIT<M<IH<NI<N¡=¡=JGPMDU?¡ =P=<SH?<IU?I>¡G¡MDHDUDK<TG<H<Q<>D=
N<TML
<C5¡O<DIDIuJSHCHHDGGD<OMD=POJG<IN<U<LN¡I¡ODDG¡ H¡I¡QDMPCD=<GG=P=TF
<MDADI =DM S<GL DIN¡?¡I Q@MDG¡I Q¡ GHI?¡I NJIM< ?<T>N JG?PP ?QG¡OuDGDF
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
<OMD=POG<M ?IT¡QD <I Q¡ DUU¡OD O<MDSDIDu¡MDNDI?¡ ¡MDTD= B@OH¡NDI¡ M¡H¡I S<GLI ?@H¡F JG<M
FD =OI O¡=¡L¡G¡MDIDI T<??<I?¡N¡I¡ODI ?DB¡M IQG¡MDI?¡ C¡T<O Q¡NDL¡ND L<U<IH?M 0JIPI>PG<M< HDN<G JG<M<L
X<CN@Q¡ID[ N<M[I O¡MFD=DI?¡ S<OMG<OH<L T@MDI¡ ?¡M?D OI =PIG<M JIP BNO¡MDM FD =P =TF
¡SNDTT¡ODIH¡I¡QDDMNDUIIFG<NNDF¡MLAJMH<OI< ¡I¡I¡QDO¡N¡QQAHJ?@GDI¡ =<SH<T<M<L
N<?¡ Q¡ B@ID S<GL FOG¡NDIDI N¡MQ¡ODI¡ u@QMDGHD?DM G=¡OO¡ PIPOH<L JGH¡N¡I¡ODI?¡ DA<?¡ @OH¡T¡ u<GH Q¡ =P N<C¡?¡ O<MDS?¡
<I<GJLP JGH<T<I1MF HDGGD
?I>¡ NDNO@HDIDI<K<M>LJGG<MI?<I=DMDI¡ N<CD=JGHP?PMDUH¡CU=P?I>¡ NDNO@HDI?¡I
uS @?¡M¡F <C 5¡O<DIDI S<GL H¡AFPM¡NDI?¡ ?<C< =<L< ¡FDGG¡M?¡ T<<?G? ADFMDID JMO<T<
<OML
M"ADAd>GN ?<NO<I Q¡ JI?<F O¡N¡QQA @G@H@IOG¡MD =<M¡?¡ ?<I<MF¡I <C 5¡O<D HQUPNP
C¡H L¡CM¡H<IGL C¡H HDGGD¡SG<LD C¡H ?¡ N<U<L A<FOJMP DG¡ O¡U<CM @?¡I O¡N¡QQA
?IT<BM =<SHI?<I ?DLL¡OD UI¡ u¡FDM 6¡ID =DM L¡?¡M ¡SND O¡S¡TTG H¡CNPGP ?< JGN<
NTG¡H¡F DNO¡M?DF FD (JMJGPIPI ODHN<GI?< S<GL <C 5¡O<DID UI¡ ?<C< ?< T<SIG<?M<M<L
JIPI NDH<NI?< <MUP @O?DFG¡MDID BMH¡F DNO¡TD= BM¡ =DGH¡?DFG¡MDID T<M<OH?M DM L¡?¡M
L¡MD=¡ ?¡ BMIN¡ <?<H< @G¡ B¡GDM FD e<G?MM?I>¡G¡MG¡
=DU C<INN< OMFuGT¡ HDGGD U¡HDI?¡FD =DMGDT¡ U¡M=¡ QPMHPMPL FNDI¡ <C 5¡O<D DG¡ JIPI
=¡?DDA¡GN¡ADJ=M<UDG¡ HL<TDN¡ JGPI<I=DMS<GLL¡CM¡H<I?<C<HDGGD?<C<<MOLOMFu JG<M<L
¡MOG¡I?DMDGDMeIFD<C5¡O<DLPM?PPHDGGD?QG¡OG¡>D ¡NMG¡M?¡ C@u=DM1MF<M@<GI?<
FDHN¡IDI <GI< B¡GH¡T¡I ?QG¡O ?DGDI¡ u@QDM?DTD OMF>¡T¡ JG?M@G¡ =DM?QG¡O¡=@G¡ =DM<C<H<GDFJG<IS<GLUH¡AFPM¡NDDG¡ T<M<O?DNO¡M
T<UG DNO¡M DA<CD ¡?¡=D=¡?DD IHPI¡G¡M?¡ JIPI HDGGD D?@JGJBDT<NI T<M<?GII DI>DND JGGN NJI?¡M¡>¡ HDGGD @TIDU<H<I?<?<=¡¡MD?DM
P F@TADTT¡OG¡MD BU II¡ <G<M<L <K<M?HU K<M<G@GG¡M =DUDH L¡I<¡ODHDU¡ BM¡ H¡TT¡I
L¡?¡M J=T@FODQ Q¡ L¡=PG JGPI<I?M "G¡ (JMJGPIP <C 5¡O<DT¡ =<G<T¡G=@?D>D
<OMD=POG<M?<I DA<CD S<GL ?<NO<IG<MI?<
¡Q¡U@?DGH¡UQ¡ TJSGPPHHFIJGH<T<I=DMH¡N¡G¡?DM)<FDIN<UIQ<NDO¡NDG¡ =¡?DDNPE@OG¡MDI
O¡U<CMJGPIH<NI<M¡H¡I(JMJGPC¡H?¡ FJIFM@OJG<M<L<L?MT¡ID<DL?DMPX<DL[GDTDI
H¡UDI?¡ I¡G¡MDIT<O?DN¡ =DUDHHPHDTT¡OG¡ O¡?LDL<OHUI=<HQUPNP?PMMOL?¡A¡G¡MG¡
=¡T T@M¡ LJT<I?<I NJIM< BOM?T =DM I¡NI¡ ?@TDG DU <MOL
XN<U[?@T¡MF¡I X<LG[ N¡I¡OF<MG ?@TDG X<DLGDTD[ %<LL <DLGDTDID ?IMF
(JMJGPIPI NDJG<I<C5¡O<DIDI?¡(JMJGPIPI
?<U<CDMDL¡CM¡H<IG?IT¡QDL?M¡ODKJG<?LGI>D?D B¡M=@G¡ JGH<N<T?LGI>JTI<OH<
K¡CG¡Q<IG=DMO¡M¡A¡ <OG<M<L(JMJGP?¡GDNDJGH<LDNO¡T¡I=DMDNDIDN<UG<DHO<C<I<u¡FH¡U?DG¡M
P DHO<C<I C¡HDI X?¡GDGDT¡ I<HDU¡?[DI =DM O¡M¡A?¡I OMFuGTII ?DB¡M O¡M¡A?¡I DN¡ MPC<ID
O¡F<HGI =< <OMD=POG<MI?M¡MOG¡IH¡G¡M M"ADAd>GN ?<NO<II?<@G¡>¡ ?¡ DA<CDS<GL
T<M<?>GII ¡FN¡M E<IMG<MI?< NOMOG N¡ODM<GO ¡FDG?¡ ?¡ JGN< HQ>P??PM @G¡GDFG¡
B¡G?DTDHDUL¡I<¡OG¡M¡ BM¡U¡M=<T><IS<GL?<NO<IG<MI?<N<UHL¡??¡NGDFC<GQ¡ UDFMNDHQJGP
@TIDU<H<I?< ?<MPC<IDDIAJMH<NDT<?<T>N?M(JMJGPIPIN<U=@G¡ ?@H¡FHHFIN¡<C
5¡O<DIDI ?QG¡OuDGDTDIDI N<Q<G<MII L<ML u@QM¡NDIDI FGB¡NDI?¡ XT<MHuL L<GH[ N<UII
O<H H¡I<?< XM¡FG¡M?¡I ODF<L L¡?¡M[ ?<Q<H?M DU¡ =@G¡ B¡GDM FD =P N4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
L?N<G=DMM<=DO¡ JG<M<LBMHQ¡NA@O?DTDL¡CM¡H<IIJIPC@uQ¡>CG¡ ¡GDI?¡IT@M¡ LJTH<NI<
DHF<IQ@MH¡HD?DM
M"ADAd>GN ?<NO<III uJSO¡M¡AGD F@TADTT¡OG¡MD C<L?< FDA<T¡O L¡?¡M ?@TDGD= T<UG= P
?<NO<II ¡FN¡M H¡UDTT¡OG¡MD HSO¡GDA O¡?LDL<OuG<M O¡M¡ADI?¡I <M<?MG= !@H¡F JG<M FD
M"ADAd>GN?< L<M<IGL C@u I¡ L<GH<T= #¡L¡O =P DGF =<S?< =@G¡?DM eIFD H¡GPH JG?PP
UM¡ ?DB¡M ?<NO<IG<M FDHD S<GL T<M<?>GII ?DB¡M E<IMG<M FDHD M"ADAd>GN ?<NO<I?< ¡N<N@OD=<MDG¡ NJITUDG ¡MUDI?¡ @GH<?<HG<MO¡M¡ADI?¡I<M<?MGH?MP?QM
DN¡ D?@JGJED O¡=GD<O H<III =DMO¡M¡AGD I¡U<M¡OD <GOI?< D?D P A<FO O¡=DD JG<M<L S<GLI =¡?DD
@NO@ODF O¡A¡FFMI¡ @GHD T<I<HI<><LG C<G JI?¡ ?@T¡MG¡MX¡NFDC<H<H?M
¡NFDO<N[?@JGJEDT<I<H<O¡MUD=<SHI?<I?@H¡FJG<MFDC@uI¡ ?¡TDH¡TD=6@I¡ ?¡ (JMJGP
NDIADH=<MDU¡ L¡CM¡H<IXH¡UGPHFOG¡G¡MG¡ C<FDHA@J?<GNDIAD[<M<NI?<B@?¡IXH=<MDU¡IDI[
XI >¡=C¡NDI?¡?DM[ !I>¡ O¡MUDIDI ?¡TDH¡H¡NDIDI ¡N<N N¡=¡=G¡MDI?¡I =DMDND ?¡ =DUDH
?I>¡HDU¡ BM¡ PUPI H??¡O ¡MUDI?¡ <K<MG¡ND?DMFD=PBIA¡MLGD?I¡I<M<?MH<uG<MJMO<Q¡ T<GI¡NGDIIH<T¡I?¡G¡MDO¡M¡ADI?¡I
FDA<T¡O L¡?¡M <LM@NNDQ L<MG<IM P DN¡ DGF IQ=¡?¡ =DUDH DDHDUD ē <K<M?HU O¡?LDL<OG<M
=C¡ <GOI< N<GM )<FDI C¡M @T¡ M¡H¡I T@ID ?QM @GHD H@OJ?JGJBDT<N L<MN<GIHD=?DM
?@JGJED=<SO¡MUDID?¡TDH¡TDI ¡IHCHO¡M¡AG¡MDI?¡I=DMDFJIFM@OJG<M<L=¡?DDT<UGQ¡
=¡?DDAJGFGJMH¡OIG¡MDI¡ H<O@MD<GDNO<O@DNO?I>¡ DG¡ T<I<H<T<NJILJTH<L?M
M"ADAd>GN ?<NO<III MA<ID O¡M¡AG¡MD ¡N<N @OD=<MDG¡ JIPI ¡SNDTT¡OD ¡OM<AI?< I¡U¡M¡ u<MKM
,IPI G FDDIDI JGP JGH<N X.J< =PG<L[?GNIPI ,MO< NDT< Q<MD<IOG<MI?< =DM <?
M(ADAd>GN ?DB¡M <? MADAd>GN?PM X.JMJGP[ C@u =C¡NDU FD XJ? JGP[ X<O¡ JGP[?PM
!DB¡M <IG<H?< DN¡ =P T¡LDI FD DL JGP IPM JGP?PM 2UPI U<H¡ =PIG<M ?<C< uJS DG<CDTT<OG< MPC<ID M<=DO¡ DG¡ =<G?M
G=¡OO¡ HDA?¡ ?¡ DG<CD MPC<ID F@TADTT¡OG¡M HQ>P??PM )<FDI H=<CDN¡GD JGP? JGP=JGH<H<N ?@TDG *=<CDN¡GD JG<I H<NDM HDAJGJBDT<?< C¡HDI
F@TADTT¡OG¡M¡ =<SO¡MUD?DM%@uF¡N¡ NDMM?@TDGFDHDAJGJBDT<@GHDN¡H<QD?DIG¡M¡ L¡?¡MFDDIN<I
O¡A¡FFMI <M<?M? uI MPC<IDHDNODF ?JG<TN DG¡ MA<ID BMG¡M?¡I PU<L OPOPGHP?PM
PM<?< ¡G=¡OO¡ FDH<O@MD<GDNO?IT<BMISNPNDG¡ ?¡ @GHD<O@DUHDIXSD?H¡OD[<UJGH<H?M
6¡ID?<C<?¡LDLDA<?¡ @ON¡FuJSGPN<T?<H¡OG¡=G¡MHDAJGJEDH@OJ?G<MG<DG<CDTT<OKMDUH<NI?¡G¡MDHDU¡ BM¡ DN¡ DNO¡M N¡H<QD ?DIG¡M¡ L¡?¡M JGNPI
DNO¡MN¡ ?¡ ¡FN¡MDTT¡OD M@<G ¡SNDTT¡O JG<M<L H<NDM O<MDS @GHDI?¡ O¡N?DL JGPIH<T¡ND?@TDGDIN<IJGPIPIUDuDI?¡I?J<IH¡I¡QDMPCD@CODT<>G<MIBNO¡MD>DNDJGHP?PMP
H¡I<?< ?<NOGNIPI ¡FN¡MOMF?DGGDS<GLG<M?<HQ>P?JG<IHSO¡GDA
Q<MD<IOG<MI?<MA<IQ¡ O¡N¡QQA@G@H@IOG¡MD=<M¡?¡ ?IH¡FA<T?<G=DMDJG<M?6PS<M?<L@T?
@O?DTDHDUFDHD?<NO<II?DB¡M=DM<??< MADAd>GN?PM*¡GPH?PMFDXBJMJGP[OJMK<LJGP?PM
,MO< NDT<?< H¡CPM JG¡ O¡N¡QQA?¡ TJS @TID U<H<I?< ?DID L<TI<LG<M?< ?< HQ>P??PM
*¡N¡G¡I %¡UM¡O GDIDI O<MDS¡ H¡GPH JG<I FPIT¡G¡MDI?¡I =DMD ?¡ X=P 1PM<=[?M X=P 1PM<=[
¡M¡=?DGDI?¡ XOJMK<I<O<N[?@H¡F?DMP<?IJI<Q@MDGH¡NDIDIFFI?¡ T@I¡ ?¡ MA<IDH¡OG¡=G¡M
T<OM@G¡ FDDIN<IIOJMK<L?<IT<M<I=DM=<<?DIDHJODQJGN<?< ¡FN¡M?IT<S<GLG<MIIHDNODF
Q¡ HDAJGJED?IT<BMI?¡ HQ>P??PM1¡N¡QQAIXH¡MDA¡O[ ¡N<N¡I?¡ XC¡LDL¡O[H¡MC¡G¡NDI?¡
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
%¡UM¡O GDIDI HQL@TD ¡SNDTT¡OD =P H¡N¡G¡T¡ T<G DL OPOPM @G¡ FD JIPI X6<M<?<II
H¡UC¡MD[ X5P?<II U<O[ JGH<N OJMK<L?<I T<M<I<I DIN<II HMD?D ?JG<TN DG¡ <O<N JG?PP
S¡=¡MG¡MDIDQ@MDM1¡N¡QQA?¡FD=<L<=DMH¡N¡G¡ %¡UM¡OD#<ODH¡IDIXOJMK<I<I<N[HPHDTT¡OG¡
OJMKP? JGH<N T<OM
¡GF¡ ?¡ ?DGDHDU?¡ H¡CPM JGGN ?<NO<II?<F T@MD O¡N<?AD
?@TDG?DM PI< =DM N=PO ?< ?<NO<I?<F G FDD J=M<U?M eJS BH<IOMF>¡NDI?¡FDO¡CMDAQ<MD<IO?M"G¡ =¡UD=GB¡G¡M?¡ Q¡ HSO¡GDA<LG<MI?DGDI?¡ XG
FDD[ NU XGD FDD[ FDHD DA<?¡ JGPIPM M"ADAd>GNIPI H¡CPM JG?PP I<?JGP =GB¡NDI?¡ DN¡
XGD[<?XGD[JG<M<LO¡G¡AAUJGPIPMP?<JIP?@H¡T¡ ¡N<NQ@MDMFD(JMJGP GDIDI X=P
1PM<=[I X1JMK<L O<N[II OJMKGNIPI MADAd>`N DG¡ =<ODID ¡G<L¡NDH@T?<I<uSMPADFDMG¡MH¡TT¡IL¡?¡MNP=T@FODQ
BMIN¡ ?¡ C¡MC<G?<A¡MLGD?IH¡T¡ Q¡ H¡N¡G¡G¡M¡ A¡MLGDH@OJ?G<MG<T<I<H<< ¡N<NQ@MDM
6PS<M?< L@T? @OHD?DF FD MA<ID L<TI<LG<M?< <? SNPND H¡IODLG¡ X=P 1PM<=[ FDHD F@u¡I
%¡UM¡O GDIDI=DMH¡I¡QDF@TADTT¡OD?¡ %¡UM¡OD?¡HDIHPHDTT¡OG¡ DIN<IJGPIPI PNO<?KDMD
JGH<N?M(JMJGPIPIF<HDGGDFH¡L<HI<L¡?¡MTFN¡GH¡NDI?¡ <O<NIIJI<HMD?GDTDPNO<?GL
@OH¡ND ?<NO<II ¡N<N O¡H¡G KMDINDKG¡MDI?¡I =DMD?DM 1¡CGDGG¡M?¡I ?¡ BMI?T FDHD G FDDIDI
O¡N¡QQAD<IG<H?<%¡UM¡O GDIDO¡HNDG@OH¡ND=PH¡N¡G¡?¡ H¡TT¡IPTPIGPLQ¡ H¡IODLT<M<?M
DUL@T?@O?DFFDGFDDJ=M<UC¡H?¡ PNO<?GL<IG<TIUI?¡ @CODQ<@?DMG<O<?MO<II
C¡H ?¡ MPC<ID PNO<? JGH<N A<FOJMPI< =DU !¡?¡ .JMLP?PI NDH<NI?< <T?I M<NO B¡GDMDF .JMLP?
O<II<O<G?¡?¡GDTDJIPIH¡CUPNO<?GIIKDMGDTDIDIBNO¡MD>DG¡MD?DMPK<M<G@GJIPBNO¡MDM
FD (JMJGPIPI <O<N G FDD ?¡ JIPI >DNH<ID <O<N JGH<L?¡ uSMFDPNO<?MPC<IDJG?PL?<<BDM??¡ MPC<ID
JGPMeIFDMPC<IDPNO<?MPCD=DGBDG¡MOMM!JG<TNDG¡ DM<?G<H¡PGJGPMQ¡ ?@H¡GDHMD??DM
P ?I>¡G¡MDI O¡H¡GDI?¡ ?<T<IGN ?<NO<III Q¡ HPHDTT¡OG¡
U¡M=<T><I1MF S<GL ?<NO<IG<MII HJODQDI?¡ U<CDMD L¡CM¡H<IGL?DNH<ID H¡C¡==¡O?¡I
H<O@MD<GH¡D¡O ¡CQ<G<OG<MI?<IuJS=<ODIDMPCDDG<CDDIAJMH<NDT<G<MT<OM
M"ADAd>GN ?<NO<III NJII¡MDI?¡ H<M<LG=DMH¡L<H<M<NOB¡GDMDF M"ADAd>G@G@;K;D?;@5;
?m5>;E;NI?¡ (JMJGPIPIH¡CU%¡UM¡O GDDG¡ =<ODIDMPC<IDINDTT¡ODI¡LG@?DGDM(JMJGPJIPIG<
TPSP?<BMM)<FDIH¡GPH?PMFD=P<?DTPSP?@TDGC¡Q<G¡?DMHMD?DIHMD?¡ DGL<NKDMDI
UO<GD=DI¡ MPC<IDHE?¡ND?DM(JMJGPDN¡ BM?TXMT<I[=@G¡ I¡LG@?DM
3@g?3F3@75m F`D=È_K>mDm?
^CG>3CG@E_L>mD;?;7k;F4;D
(36;D >>3: H7D6; ?m@;? B3Kg?g
^ CG>3CG@ E_L>mD;?; 7k;F 4;D
d3? l>; H7D6; ;^6;? 436m@;
eF;D?;k6;? K3Jkg F3B6g? 5366m@;
mCC G53>F6g 4G F`D=m?3@ L36m@;
^ CG>3CG@ E_L>mD;?; 7k;F 4;D
d3? l>; CGDkGKG46GD 47>;?;
,LG@ 76;4 6`k?m@ ÈFm 6;>;?;
+mD= 76;Dm? m>3>; Fm= 7>;?;
^ CG>3CG@ E_L>mD;?; 7k;F 4;D
d3? l>; 9_D`@`46`D 9_L`?m
mCC C3BGEG 3^g>G46GD `L`?m
"ADAd>GK3? 4;D CG>3C H7D E_L`?m
^ CG>3CG@ E_L>mD;?; 7k;F 4;D º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
DU =P H¡OID M"ADAd>GNIPI 1¡=MDU Q<MD<IOI?D¡O @OH¡HDU C@u ?¡ O¡N<?AD ?@TDG QQ¡G< JIP L@T? @?¡F FD ?<NO<II 1¡=MDU Q<MD<IOI?<
¡QQ¡GFD I¡MG¡M?¡I A¡MLGD JG<M<L ?DID HQCPH<OuGL <? <GOI?< PIPO?PMPGP??PM FDI>DND DN¡ =P Q<MD<IO HPHDTT¡OG¡ M"ADAd>GN IPI ?DB¡M =<L< Q<MD<IOG<MI?<I
C¡H D?@T< C¡H ?¡ H¡UHPI =<SHI?<I FFG ¡FDG?¡ A¡MLG¡IDM *¡CU =P A¡MLGDGDF =DU¡ DHF<I
T<M<?M FD ?<NO<I?<F MA<ID NPADT<I¡ H@TGG¡MD Q¡ @G@H@IOG¡MD U¡ uS<M= O¡CGDG @?¡ =DG¡F
!<NO<II =P Q<MD<IOI?< (JMJGPIPI <O<NII <? G FDD ?@TDG *DMU¡ =¡T JG<M<L F@uDM )<FDI
=P C@u ?¡ L¡CM¡H<II %¡UM¡O GD DG¡ =<GGI< ?<DM TMO?THU ADFDMG¡M¡ S¡G¡G B¡ODMHDM
FNDI¡ =P Q<MD<IO?< C¡HDI H¡N¡G¡ ?<C< ?< LQQ¡OGD ¡FDG?¡ O¡U<CM JGPIHP?PM ,IP ?<
QPMPG<H<L DNO¡M?DF FD (JMJGPIPI <O<NII <? H¡N¡G¡ND ?<NO<IG<M?<F Q<MD<IOGGL H¡N¡G¡ND?DM
FD =P ?< =DUDH <M<?MH< ?<DM¡HDU¡ ?<SDG ?@TDG?DM
6PS<M?< O¡L?DH JGPI; H7D6; ;^6;? 436m@;N HDNM<NI?< ¡I¡I¡QD MA<ID
H@T?¡I =<ODID NDMMG¡MD JMO<T< uS<M; CGDkGKG46GD 47>;?;N HDNM<N UI?¡ =DM uJS NDMG¡MD @CODQ< @?DM
PM<?< NC=¡O H¡TT¡I MA<ID H¡L<H< T@ODHD HMD?DI =@GDI¡ =<G<I<I O¡MDL¡O F¡H¡MDI?¡I
B@?DM P F¡H¡M =DM H¡I<?< ?< HMD?¡ =<GGL M¡HUD JG<< H¡TT¡I ¡SNG¡M¡ =<G<IH<< =<G<TM JI<
=<GGL Q¡ N<?DLGDF H¡NPGDTT¡OD TFG¡TDM /PC<ID u@QM¡G¡M?¡ DN¡ =P SNPND =DM <TDI?DM FN¡M
O¡N¡QQA O¡MDL¡OG¡MDI?¡ C¡HDI H¡M<NDH =P BI ?¡ D>M< JGPIPM PIPI ¡I =<MDU MI¡TD CGD%¡L
UHM¡NDI?¡FD >¡HS<I<G<M?<?M CGD%¡LG¡M ¡H <TDID U<H<I HOG¡L ¡FDG?¡ =@GG¡MDID
=<G<TMG<M %¡HDI LPM<L T<GIU KDMDI ¡H <CII u@QM¡NDI?¡ JOPM<IG<M< JIG<MI U O¡=DMD DG¡
?@N¡F X?QM¡T¡ BDM¡IG¡M¡[ <HDG @?DGDM 6¡ID ?JG<TN DG¡ =P =DM H¡L<H?M FD C¡M F¡N¡ =P
H¡L<H I¡ND= JGHPM
P <HDGG¡MD I¡U¡M¡ <G<M<L NTG¡T¡ =DG¡MDF FD %¡UM¡O GDIDI (JMJGPT< =<?¡ Q@MH¡ND JIPI
=@GDID LPM<H<N MA<ID A¡GN¡A¡IDI O¡MFD= CDNN¡ND?DM %¡HDI H¡IUPH¡IDI NJI =¡I?DI?¡ MA<ID
=<SH?; 9_D`@`46`D 9_L`?m
mCC C3BgEg 3^g>g46gD `L`?m¼
(JMJGPIPI BUI¡ %¡UM¡O GDIDI BMIH¡ND DFD <TM H¡OG¡=DI JMO<T< uSH<NI< ¡M<DO
T<M<?M PIG<M?7>? l>;KKm@ 434G:3N M>?;@ km:mD; ?m@m? C3BgEg l>;6;DN H¡CPM C¡?DND?DM
FD =P C¡?DN C¡HDI HDNM<?< O<H H¡I<N DG¡ U =¡?DD ¡FNDID O<KH?M @G¡ FD =PM<?<F X%¡LL
L<KN[ DA<?¡NDID X@GH L<KN[X@GH ¡C¡MDIDI L<KN[ FDHD O¡QDG @ON¡F U¡IIDHDU>¡ T<IGH<ML
6¡ID XGDID BMH¡F[ JIP O<IH<L JIP O<IH<L DN¡ /¡NPG<GG<CI H¡INP= JG?PP @GH ¡C¡MDI¡
Q<MD? JGH<L?M P H¡N¡G¡IDI U<CDMD T¡ID ¡MD¡O @GHD O¡M¡ADI?¡I L¡=PG JGPI<I Q@MNDT<NII
¡MCD?DM
%¡HDI HDNM<G<M?< ¡FN JGPI¡GG<N JGH<N
C<L?<F DI NDNO@HD H¡CU CGD%¡LG¡M?¡ MPC<ID O¡F<HGI XC¡LDL¡O[ <?G<IP??PM @G¡GDFG¡ B¡GDI¡I I¡OD>¡ =P?PM FD %¡UM¡O GDID BMH¡FG¡ (JMJGP ¡NGDI?¡ %<LLI
UI BMM
!<NO<I?< (JMJGP N<IFD =P NUG¡MG¡ FDA<T¡OG¡IH¡TD= DFDI>D @DMD JSPTPM %¡LDL¡O¡I ?¡ =P
K<Mu<?< C¡HDI H¡OG¡=G¡M ?<C< ?< L<=<ML ?<C< ?< F¡NFDI ¡FDG?¡ DA<?¡ JGPIPM
F3 ?m@; ÂJ 7K>m?m ?m>3?mF
3kg?63 H3D d3? l>; :3H3Eg
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
(m@; $_H>3? 436m H7D`4 ;^?;km?
75m9`@6`L L_HC 3DFgDgD Em83Eg
%3?mD6;>m@ 4;D ?7K63@3 9;D?m@m?
%;FC 7K>mEm CG>3Cg?g H7D?m@m?
/G63? CAKE3 43k 6`k?m@m H7D?m@m?
3kg?63 H3D d3? l>; :3H3Eg
&H^G =;?; 4G 63d>3Dg 9mLmDm?
(mHH3E A>G4 6mDK3>3Dg `LmDm?
(mDmCGkFm= 6`k?m@ 43kg@ `LmDm?
3kg?63 H3D d3? l>; :3H3Eg
(A^ "ADAd>G Egdg@g46gD /G63Km
j3:>3D j3:g l>; =;?; $_H>3Km
`k?m@ 43kg@ =7^;DmDm? 5;63Km
3kg?63 H3D d3? l>; :3H3Eg .@T? @O?DTDHDU FDHD =P @DM?¡ MA<ID H¡OG¡=G¡M ?<C< L<=<ML Q¡ >¡N<M¡OGD ¡FDG?¡ O¡>¡NNH
JGPIHP?PM(JMJGP=PM<?<@LC<Q<NI?<INU@?¡M¡F=PIP º43kg?63H3Dd3? l>;:3H3Eg»
?@T¡ DA<?¡ @?DMPDA<?¡ C¡??DI?¡IUDT<?¡ H¡CM¡HQ¡ DNOD?DM@G¡ FD=PM<?<NMA?¡MQD<I¡ Q¡
NPADT<I¡ O¡MU?¡ ėGD@LDĘO¡M¡IIH@?DGDMPO¡MUDNO¡MDNO¡H¡U=TF<C5¡O<DIDIHDNM<G<MI
S<OMG<?M DU TPS<M?< ?< L@T? @OHD?DF FD ?<NO<II =P Q<MD<IOI?< MA<ID HDNODF MPC<ID
H¡L<HG<M?<C<uJSQ¡ HSO¡GDANE@OG¡M=<SHI?<II?¡?DMkHPHDTT¡OG¡=DU=PADFDM?¡TDFFD
ė(JMJGPĘ?<NO<IIIQ¡ U¡GGDFG¡ ?¡ (JMJGPJ=M<UIIUIIH<CDTT¡ODI?¡ MPC<IDH=<MDU¡
H¡I¡QD H><?DG¡ BDUG¡IHD?DM FN O¡L?DM?¡ LGI>G< L<IG< T<SP? ?< U<CDMD H¡C¡==¡O H¡GPH
H¡D¡O @G@H@IOG¡MD DG¡ C¡M C<IN =DM ?<NOGII ?DB¡M E<IMG<M ¡NMG¡M =JTP
T<??<G<M?<L<G<=DGH¡U?D
OI=P?@TDG¡IG¡M?¡I=@G¡ =DMI¡OD>¡T¡ B¡GH¡FJG<MFDU¡M=<T><I?<NO<IG<MC¡HU<CDMDC¡H
=<ODID ¡FDGG¡MD UI?¡ @CODQ< @OH¡FG¡ N¡H<QD DIAJMH<NDT<G<MI =¡?DD AJMH<OI< PTPI JG<M<L
H¡><UGL Q¡ NDHQJGDF< F@TADTT¡OG¡MDI¡ N<CD=?DM P F@TADTT¡OG¡M @TID U<H<I?< DA<CD S<GL
T<M<?>GII ?DB¡M E<IMG<MI< J >HG¡?¡I I<GG<M< =<T<OG<M< S<GL H<CIG<MI< ?< NDM<T¡O
@OHD?DM 7¡IIDHDU>¡ C¡HDI U¡GGDF U¡M=<T>GH@TGDI?¡IDM¡GDB¡GDM
lle00+
(JMJGP<F0¡?<N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
l*"e+Y)"el#l)e%e%0)%$* %*+%
+ll""Y)Y-l*+%Y*#,,
P/*!W.)
;D;k
MS@JGJED L<UIOG<M?JM<AD Q¡NDL¡G¡M¡
?<T<I<M<LOMF=JUFMH¡?¡IDTT¡ODIDI=<GI@ ¡ DGDG¡ DG<M<NI?<L¡=PG@OH¡F
HHFI?M 7¡IBDIAJGFGJMH¡?¡IDTT¡ODI¡ N<CD=OMFG¡MDI@ ¡TF?QG¡OG¡MLPMH<G<M?<NO<I
?QMII ?¡ =<G<H<NI< N¡=¡= JGHP?PM GF T<UG H¡OIG¡MDHDU JG<I ,MSJI6@IDN@T ?<
FDO<=¡G¡MDIDI JMO<T uSH<NI< L¡?¡M LJI<MFu¡M C¡T<O O¡MUD F@uDM¡I OMFG¡MDI U¡IBDI NUG
¡?¡=DTT<O @OIDF H¡?¡IDTT¡O?¡ ?JHDI<IO MJG JTI<TM? 1¡=DD FD 3&&3&&& TUDGG¡MDI T<UG
<=D?¡G¡MDI¡ L¡?¡M ?<NO<I H¡?¡IDTT¡OD H¡TT¡I DIFD<A TJGP F@uHD?D FD =P BI =DU =P
?<NO<IG<M<<MS<DFNOMPFOPMGP?<NO<IG<M?@TDMDF,=<SH?<I?<NO<I ¡I¡I¡ND ¡NFDOMFFDO<=¡G¡MDIDI
MPCPIP Q¡ DA<?¡ AJMH<NI ¡FDGG¡I?DMHD O<MDSD PM TFN¡F ?QG¡OuDGDF PMP ?<NO<I O¡CFDT¡
NGP=P U¡MDI?¡ O¡L?DH @?DGHD?DM (DO<=¡G¡M?¡ F@uHDD S<OMG<H< @KDF ¡I¡I¡ =<SHI?<IG OPOPGH<< u<GG¡OG¡MNUG ¡I¡I¡ U¡MDI?¡ ¡FDGG¡I¡I=DM
S<OMG<H<IIIQ?MPIPIG<=DMGDF?¡ <=D?¡G¡MDINGP=PI?<?<NO<IO¡A¡FFMuINK@NDADFJGGSNPNDG¡ L@T?@OH¡FG<UH?M
,MSJI6@IDN@T T<UG<MII Q¡ 2TPM O¡M>H¡ ¡?¡=DTT<OII JMO<T< uSH<NI?<
?<NO<IG<MI S<GL H<CIG<MII <G<MI <O<G<M NUG¡MDIDI HDAJGJED ?I>¡IDI O¡NDMD Q¡ S<GL
¡?¡=DTT<OII ?DB¡M IQG¡MDIDI ?< FDO<=¡G¡MDI D?@T< Q¡ ¡?¡=D @NO@ODF L<TI< MJGPI?< DODM<F
@OH¡NDC¡G¡ ?¡ FDA<T¡OL¡?¡M<M<?MGH<H?M GF<M<?MH<uG<M?<I=<G<T<M<LNJI?QMI@GH
<?<HG<MI< L¡?¡M =DM uJS O¡?LDL<Ou <=D?¡G¡MDI NGP=PI?< HDGGD OMF @DM AJMH<NII <O<G<M
NUG¡MDIDI?<NO<I@G@H@IOG¡MDIDIQ¡ KJ@ODF?DGDIQ@MHDJG?PP<S>GL@T?@OHDG¡M
(m6;?+`D=4;6m>mD;@;@$mdL;@6m Hm YE>G4G@63GD3@3EF3@j`GDG
.¡?DH OMF T<UG <=D?¡G¡MDIDI T<M<IH<NI?< ?<NO<I O¡A¡FFMII Q¡ NGP=PIPI MJGP
,MSJI6@IDN@T T<UG<MI JSPT<MF¡I <M<?M<MF¡I <uL ¡FDG?¡ BMIM @G¡ FD =PM<?< ?<NOG U¡GGDFG¡ =P BI <MS<DF ?<NO<IGGL
H@T?<I< B¡ODMHD?DM *¡N¡G¡I ;k9`^ =GF`>`= Q¡UDTT¡O C<G _>K;F H¡CQ JGH<L ;^;=
K`=`@ O<=@ JGH<L =JTPI ¡TH¡F ;FK3D3F H@T?<I< B¡ODMH¡F LPMH<L 7?97=FA>=3=
F¡?¡MG¡IH¡F ^GDF3KA9>3 <G<H<LQ¡ NP>OQ¡ T<NDIJIDHDNDHQ¡ A@DGG¡M<=D?¡G¡MDI?DGDI¡
BU¡GDGDF @DMDTT¡O Q@MDM PIPIG< =¡M<=¡M NDIO<FODF DA<?¡G¡MDI O¡FM<MG<IH<N FD AJGFGJMPI Q¡
?<NO<II =<G>< @KDF L<IPIP?PM ,MSJI6@IDN@T <=D?¡G¡MDI?¡ N<?¡>¡ KJ@ODF ALPM FDHD ?@TDG
C¡H?¡ AJGFGJM ¡I¡I¡NDFDHDDG¡IHD?DM%¡H?¡ KJ@ODFNDIO<FODFDA<?¡G¡M?<FDO<=¡G¡M?¡ FJIFM@O
=DMH¡LN¡?uIDNODA<?¡ @?DGHD?DM
P NDIO<FODF DA<?¡G¡M NDHQJGDF H¡I< =DG?DMH¡ND DG¡ ?<NO?3Fg? <O¡D NP @OH¡?DH NGC N<FDOGDF ¡HDI
<S *@GDJM<INFDT -* ė-<HT<OIDF Q u@NO (G 1@BDI<Ę 7<KDNFD QJNOJuIJLJ JO?@G@IDT< MPNFJLJ
<MS@JGJBDu@NFJLJ J=@NOQ< QK O5&& 0O-@O@MN=PMB (JM #" ė!M@QI@TDT I<MJ?IT NODC OPM@ONFDS
KG@HTJIĘ 7<KDNFD QJNOJuIJLJ JO?@G@IDT< MPNFJLJ <MS@JGJBDu@NFJLJ J=@NOQ< QK O5&5 0O-@O@MN=PMB @MIO<H+0JND<GIJ@FJIJHDu@NFDTNOJMT,MSJIJ6@IDN@TNFDSOTPMJF3&3&&&Q@FJQ*JNFQ<<T<O#
ė0UGFGOM=<G<HI?<@NFDOMFT<UOG<MĘ *DGGD#JGFGJMN<T<C<MN
,MSJI6@IDN@TT<UG<MI?<IB¡ODMDG¡IHDN<GG<M ¡N<N¡I,MFPI%+"NFD1MF6<UOG<MIF<M<Q¡ LDNH¡I
?¡ /¡>¡=JQ *¡HH¡?JQ6,MSJI6@IDN@T<=D?¡G¡MDFDO<=G<MI?<I<GIH?M
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
<H<IGL =<ML H¡I<G<MI?< F`@ GKG?3Fg? =`@6`L A>GD?3Fg? B@>¡ T<OH<?H BI?U
JOPMH<?H DG¡H¡F u<GH<L H¡NPGDTT¡O ?<H<L H¡I<NI?< 7D`D47D`D B¡GDM B@?DM <U<?
JGH<LSDG<NJGH<LLPMOPGH<LH¡I<G<MI?< =_L` =GkG K34>3^ 4A>F3^g BUG¡MDQ¡ L<G<M=DM
=DMDI¡ L<M?KJUPG?PT<NH<O¡HGHDODHH¡I<G<MI?< 363= 93?k3FFg <T<LG<MIuMK?
I<M<UGL NT uG K<GO<MNU
F<N=GL TJSNPGGPL H¡I<NI?< 43k>g=g= K`=`@6`D?`k F;L>;=;= E_=`D?;k =< JG<I< =<
¡T?DMHD ?DU JG<I< ?DU uF?MH B> LQQ¡O Q¡ N¡?<L¡O @B@HJIGPL H¡I<G<MI?< =_D`D
=_L`? =_D?7E F79 4;>;D 4;>9;? 4;>?7E F79 BM¡M BUH BMH¡U JG?P =DG¡M =DGDTDH =DGH¡U
JG?PLJMSPO¡G<I<M<C<OGLI<H¡GPHGPLH¡I<G<MI?<
OI =P KJ@ODF NU =DMG¡H¡G¡MDI?¡I Q¡ >HG¡G¡M?¡I H¡OI?¡ NDIO<FODF DA<?¡G¡M FDHD
DNODA<?¡ @?DGHD <?¡O¡I T<UD?@TDHG¡M¡ ,MSJI6@IDN@TFDO<=¡G¡MDI?¡ uJSNS
M<NOB¡GDMDFFD=P?<<=D?¡G¡MDI?<NO<IH¡OIDIDMI¡F<G<M<L¡FDGG¡I?DTDIDDA<?¡ @OH¡HDU¡ DHF¡IDI ?JHDI<IO INM
?<NOG?M .¡CM¡H<IGL ?<NO<IG<M uI NK@NDADF JGHG¡G¡M?¡ Q¡ T<=>=<=><<<==<=<<<=<><<=><=>>¡FGDI?¡
O¡NIDA @?DG¡ =DG¡M P ?< ?M?GDFG¡MDI ?<NO<I @DM ¡FGD MI¡F <GIH<LG< T<M<I?I BNO¡MDM
I<AJM<T< C¡H S<GL @DMDI?¡ C¡H ¡NFD ?<NO<IG<M?< H¡N¡G¡I S<F<N OPQ< T<FPO uPQ<
?<NO<IG<MI?<C¡H?¡ FG<NNDF?<NO<IG<M?<H¡N¡G¡ILMUQ¡ L<U<F?<NO<IG<MI?<T@MQ@MDGHD?DM
NFDOMF@DMDIDI<GGDO<M<NDT<G@DMNOMPFOPMIPLJMPT< Q¡UIGD S<GL @DMG¡MDI?¡ <I<AJM<
@DM¡ ¡G<Q¡ BU¡GGDFQ@M¡IKJ@ODFADLPM?PM
.¡?DHOMF<=D?¡G¡MDI?¡ <MS<DF?<NO<IG<MHUuIS<M<FO@MDFJG<IK<M<G@GDUHG¡M?¡IB@ID
DNODA<?¡ @?DGHD?DM %¡OO< K<M<G@GDUHG¡M ,MSJI6@IDN@T FDO<=¡G¡MDIDI ¡FDGG¡IH¡NDI?¡ ¡I
¡C¡HDTT¡OGD MJGG<M?HG¡ LPMPGPPI<N<CD=DFDQ¡ ?<C<uJS>HG¡IDI=DMGDF?¡
DNODA<?¡ @?DGH¡NDJGP= ¡N<N¡IS<GLH<CIG<M<O<G<MNUG¡MDQ¡ ?<NO<IG<M?<SNPNDG¡ T<FPO<GO<T
S<F<N JM OPQ< ?<NO<IG<MI?< uJS DNODA<?¡ @?DGHD KJ@ODF ADLPM?PM P ?<NO<I NGP=P ,MSJI
6@IDN@T <=D?¡G¡MDIDI ?DGDI?¡ C¡H NDIJIDH C¡H HL<TDN¡ C¡H NM<G<H< C¡H ?¡ A¡MLGD
K<M<G@GDUHIQG¡MDI?¡ UIBNO¡MDM*¡N¡G¡I
(POPH=<MuI
kGBH=<MuI
¡SODHJG?PPuI
1<G@CDHJG?PPuINDIJIDHK<M<G@GDUH¡ HDN<G?MN<
kU¡ O@IBMD=<NH<N<T<M
NM¡ T@MO@GDIH@N@M
kNO?¡IBT=<NH<N<
<?<T@M T<MGH<N<?<HL<TDN¡ K<M<G@GGDUHDI¡ <D?HDN<G?M
NFDOMFFDO<=¡G¡MDI?¡ C<?DN¡G¡MDIO¡NQDMDN<Q<N¡CI¡G¡MD<TM<TMO¡CFDT¡ IQG¡MDOMF
?<NO<IG<M Q¡ HPHDTT¡OG¡ S<GL ¡?¡=DTT<OII <IJIDH O¡CFDT¡ E<IMG<M uI S<M<FO@MDNODF JG
AJMHPGG<M?< M<NO B¡GDMDF *¡N¡G¡I <MS<DF T<FPO JM S<F<N <GO<T OPQ< ?<NO<IG<MII
0O@=G@Q<3-J@UDT<OTPMFJQ3&&3&&&Q@FJQ+<PF<*JNFJQ<N
(PG<FJQNFDT " 0O<OD D H<O@MD<G KJ T<FPONFJHP T<UFP 6<FPONF 2IBDQDONF<T< * 5<F<NNFJ@
NODSJNGJE@ID@ QOJM@A@M<O F<I?D?<ONFJT ?DNN@MO<OND =<F4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
=<GG<MI?< ?IT<II T<M<?GH<N C<LLI?< HDAJGJED H¡GPH<OG<M Q@MDGHD?DM %¡OO< FG<NDF
?<NO<IC@N<=@O?DTDHDU*<I<N?</<?GJQQ<MD<IOI?<?IT<IIT<M<IH<NC<LLI?<FDHDAJGJED
H¡GPH<OG<=<G<TM
6@MT@M=JG<I?<
0PNP=JG<I?< /<?GJQ
6@MT@MJG?PPI?<
0PNPJG?PPI?<
,MSJI6@IDN@TFDO<=¡G¡MDI?¡ O<MDSD¡SNDTT¡OG¡MJG<IDGB¡ (<<I1JITPFPF(G1DBDI
Q¡ ?DB¡M <=D?¡G¡M?¡FD L¡CM¡H<IG<M?¡ DG¡ =¡M<=¡M =TF MJG
JTI<?IDN=<O@?DM,I<BM¡ ?¡ OMFHDAJGJED?I>¡NDIDI1<IM6@M0P=2H<T"MGDFFDHD
O¡H¡G <IG<TG<M DGF ?¡A¡ ,MSJI6@IDN@T @KDO<ADF <=D?¡G¡MDI?¡ T<UT< <GIH?M *¡N¡G¡I
*JTPIePM <=D?¡NDI?¡ =<G AJMHPG HDAJGJED T<M<?G <FO DG¡ O¡CFDT¡ @?DGDM Q¡ =PM<?<
U<H<IO<MDSDM@<GGIDODM¡M¡F@KDFG¡DM
1@IBMD?@=JGH
G@OHD=DGB@F<<I
1GDN
jOB@IO@BM@NDDGD@FDI<M<JGPMHN
0P=0@G@IB@@MHDN
IO<DGD@MHDN=<MHN
0P<IO<F<GHN =J?PIJIPTPM
1JFPUJPUN@TUTGJGPM?
1<IM?<JGHP
@GLPMHP=DGDHGDF<<I
1GDN
"GDjOF@I?¡ DFDNDIDI<M<NI?<BTG¡ T@MDIT@MG¡HD
0PTP0@G@IB¡ DHD
,M<?<@GDHNO¡LDGT<<MH
0PJM<?<L<GHJI2TLPMS<GL
!JLLPUJPUS<GLU¡MDI?¡ TUDG
CFHM<IGL@OHD
=D?¡G¡M?¡ @KDFGDF=PI<@KDFHPHDG¡?DMH¡ ?¡ ?@TDG¡ =DG¡MJL¡?¡M B>G?MFDeDI
N<GI<H¡G¡MDI?¡ ¡OM<AG>< =¡CN JGPID?¡M¡>¡?¡IB¡M¡FNDU=DM@TFDHDO¡L?DH@?DGDM PODKO<MDSDC<?DN¡G¡MD<IG<?<IFDO<=¡G¡M?¡
¡N<N ?DLL¡O T@I¡ H¡MCPHPI O<MDSD ¡SNDTT¡OD C<LLI?< ?@TDG JIPI L<MG<? u¡ODIGDFG¡M =P
u¡ODIGDFG¡M?¡I uSH<L uI <K<MGII
O¡NQDMD <OII M¡IBD DBD?GDTD Q¡ N C<LLI?<?M !<NO<I NGP=PIP T<S =DG¡I T<U<MG<MI ?<
FDO<=¡G¡M?¡ H¡MCPHPI ?T O@SIDF<NI< <OI< Q¡ ?T NDG<CG<MI< <TM? T@MG¡MD =DM L<T?<
JG<M<L M@<G ?T N¡CI¡G¡MDI¡ <TMG<I CDNN¡G¡M?¡I uJS T@M OPOPM PM<?<I <T?I JGPM FD ,MSJI
6@IDN@T<=D?¡G¡MDIDH¡U<M?<G<MU¡MDI¡ T<U<IG<MO<MDSDSMJIJGJEDH¡GPH<O?@TDG@KDFO¡CFDT¡
?T ?@TDG L¡CM¡H<IGL O<MDSD C<?DN¡G¡M ?@TDG @KDF C<?DN¡G¡M H<M<LG<I?MH?M P H¡I<?<
T<U<M N<IFD M@<G O<MDSD ¡SNDTT¡O Q¡ C<?DN¡G¡M?¡I ?<C< uJS JUDNDJGJISDNOT<FPO?<NO<INTG¡TD>DNDFDHDD?@<G=DML¡CM¡H<IC<LLI?<?<NO<IDA<@?DM
1<MDSDC<?DN¡G¡MDIPTPIO¡NQDMDQ¡ M@<GO<MDSD¡MOG¡MT<GIU=¡UDT@MG¡M?¡H¡N¡G¡IDGB¡ (<<II
OMFS<GLI<HM<>D¡ODI?¡(G1DBDIDIL<M?<I<FH¡F@OH¡NDI?¡ Q¡ ?QG¡ODB>G¡I?DMH¡NDI?¡
UIBNO¡MDM
,G?F@FPGFPGGP=JGHN@MOD
/<?GJQ3,=M<UONI<MJ?IJTGDO@M<OPMN@Q@MJOTPMFNFDSKG@HTJIO0O-@O@MN=PMBN
/¡>¡=JQ"*¡HH¡?JQ6,MSJI6@IDN@T<=D?¡G¡MDN
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
(IB FIBGDF=JGHN@MOD
IDND@uDNDI=DGH@U@MOD
,GPF<II=DGH@U@MOD
Iu<F<U<IHNDOHDN
GDHDUOMHU@MOD
1MF,PU=@BG@MD=P?PIB@ND?DIB
kU@O@IBMD=<NH<N<M
NM<TDMO@GDIH@N@M
1MF=P?PIBDGDIDIBOMDIBDI
F@H<MO<O
,U<H<IG<MLPGLPGGP
SD?H¡OuDSD?H¡OuDGDJGHP?P
(DuDFL<M?<=TFL<M?<IO<IH<U?
,PGP<O<NIO<IH<U?
+¡ L¡?¡ML<U<IN<?<
"GDHDUOM¡HDUTJSJG?P
1MFJPU=¡TG¡MDS<GL@D?DI
kNO?¡ BT=<NH<N<
<?<T@M T<MGH<N<
0¡IDI@GDIDOM¡IDFDHKJU<M
I><L=PM<?<?<NGP=T<UNGP=P?@TDG?<NO<IO¡CFDT¡ AJMH<N?M
+3D;J;jmJE;KKmF>mD>m 3EF3@(m:Dm?3@>3Dg@g@'3D3>7>>;=>mD;
,MSJI6@IDN@T <=D?¡G¡MDIDI O<MDSD L¡CM¡H<IG<M SNPN¡I =TF @KDO<ADF <=D?¡G¡MDI
=DGDI¡I O<MDSD ¡SNG¡MD (G 1DBDI DGB¡ (<¡G¡MDH¡LN¡?G¡MDPMPI?<H=<MDU¡ <K<MMU¡MG¡MDI¡ ?¡IHDNNDT<IT@MDI¡ T@ODMDMG¡MP
Q¡UDA¡ QQD¡ HDNNDT<G<M?QG¡OLPMH<LJIPLJMPH<LQ¡ N¡MC¡?G¡MDIDB@IDG¡OH¡FS<GLIC¡T<OI
T<SG<?MH<L ?<SDGD Q¡ S<MD>D ?H¡IG¡M¡ L<M <H<INU JGH<L F@uHDD F@uHDDI ?¡MNG¡MDID
PIPOH<H<L Q¡ N ?DM "KDO<ADF <=D?¡G¡MDI O<MDSD ¡SNG¡MD ?¡ ?<NO IH<TD @O?DMDM AQL¡G<?¡ DG¡M @?DM <GG O¡?=DMG¡MG¡
?H¡IG¡MDI H¡GP= JGH<NI< FH¡F @?DMG¡M *¡N¡G¡I (G 1DBDI uDIGDG¡MG¡ <K<M? O<MDSD
N<Q<?< O¡F=¡O¡F ?TM 1JITPFPF DN¡ <GG O¡?=DMG¡MD DG¡ ?H¡IDI H¡GP= JGH<NI
C<UMG<TM 1JITPFPF (G 1DBDI DGB¡ (<P? JG<I HQUPG<MI
C<HNI?< ?<NO<I NGP=PI?<I B¡G¡I AJMHPGG<M?<I S<GL @DMDI?¡I B¡G¡I DA<?¡G¡M¡ L¡?¡M =¡UD
INMG¡MDBMH¡FHHFI?M
jI¡HGD=DMK<M<G@GGDF?¡ O<MDSD¡SNDTT¡ODD?@<GL¡CM¡H<INDA¡OG¡MDI¡ N<CD==DMN¡Q¡FTT¡?¡
O¡NQDM Q¡ O¡M¡IIH @OH¡F?DM *¡N¡G¡I DGB¡ (<<I <=D?¡NDI?¡ DGB¡ (<<II O¡NQDMD O<H =DM
?<NO<IL¡CM¡H<IIS<OMG<?M
DGB@(<<I@MHDN
GK(<<I@MHDN
PTMPUPT<H<=DGB@@MHDN<MDIu
GK@MHDN<MDIu
@BG@MDT@H@=P?PIPT@H@OU@MHDN
IDuDIDGDB<Iu<OPOHN@MDIu
GDBOPOKOMDBDOHDN
jUIu@F@MB@F=JGHN
DGB¡ (<<ID?DG¡M
¡NPMF<<IG<MD?DG¡M
,IG<MIDG¡MD?¡ @GHGDD?D
0O@=G@Q<3-J@UDT<OTPMFJQN
0O@=G@Q<3-J@UDT<OTPMFJQN
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
¡NPMD?DG¡M
¡TG¡MDS<GL?JMPD?D
,IPIuI@GOPOHP?PG<M
"GOPOP=OM¡ LPMHP?PG<M
jUDN¡ C¡G<FJGHP?P
!<NO¡ND ,MSJI6@IDN@T FDO<=¡G¡MDI?¡ J L¡?¡M B>G?M FD
C¡OO<=¡UDC<GG<M?<?<FDO<=¡G¡MD?<NO<I?<I?<NO<I?<?<FDO<=¡G¡M?¡I<TMH<LHHFI?@TDG
PN¡=¡=G¡ ?¡ C¡HL¡CM¡H<IG<MIC¡H?¡ ?H¡IG¡MDIO¡NQDMDB@ID@KDFKG<I?<Q@MDGHDO¡=D¡O
O¡NQDMD T<GIU C<?DN¡G¡MDI B@?D<OI NM¡OG¡I?DMH¡F H¡LN¡?DI¡ SD?H¡O @OHD?DM %¡H ?¡ O¡=D¡O
C<?DN¡G¡MDIDIO¡NQDMDT<GIUL¡CM¡H<IG<MIC¡M¡F¡ODI?¡ ><IGGLL<U<IH?M
!<NO<IG<MuIS<M<FO@MDNODFJG<I@KDFU<H<IQ¡ H¡F<I=DMGDTD?<FDO<=¡G¡MDT<U<IG<MI
U<H<II< IDN=¡OG¡ ,MSJI6@IDN@T FDO<=¡G¡MDI?¡ SNPND =DM ?DLL¡OG¡ LJMPIHP?PM %<?DN¡G¡M I¡
L¡?¡MO<MDSDU<H<IQ¡ C¡OO<O<MDSD H¡F<I @CODQ<@OHDJGN<?<O¡CFDT¡ =<SHI?<I=P=DM@KDF
U<H<I @KDF H¡F<I SNPNDTT¡OD ?<TM =D?¡?¡ O¡NQDM @?DG¡I O<MDSD ¡SNDTT¡ODI TMTG¡MD
C¡M=DN¡A¡MG¡MD N<IFD=DU¡ ?<NO<IL¡CM¡H<IIIN¡A¡MG¡MDIDL¡CM¡H<IGLG<MIS<OMG<?M
%mF;5m
,MSJI6@IDN@T<=D?¡G¡MDIDIQ¡ =OIGF?¡ ¡NFDOMF T<UGH¡OIG¡MDIDIAJMH<G<H<NI?<
NUG FGOMI ?JHDI<IO MJG JTI<? <M<OMH< I¡OD>¡NDI?¡ =<MDU ¡FDG?¡ BMIM MD C¡>HGD
@KDO<ADFT<UG<M?<?<NO<INGP=PIPIFDuDFC¡>HGDT<UG<M?<DN¡ ?<C<uJS<IIS<GLH<CINII
NOIGF O¡FDG @O?DT BMGM !<NOG I¡U¡M?¡ OPOPGPM (G<NNDF L¡CM¡H<IGL ?<NO<IG<MHUG< H¡C¡==¡O @L ?<NO<IG<MHU
L¡?DHOMFT<UG<=D?¡G¡MDIDIAJMH<G<H<NI?< ¡N<NMJGG<M?<I=DMDIDJTI<T<=DGH¡HD?DMP?<
<?G<M F@u¡I @KDF E<IMG<MI B@> ?I¡HG¡M?¡ JMO<T< uS? DG¡ =<G?M 0OMPFOPMAPIFNDJI<G
=<SH?<I0D=DMQ¡ GO<T0<T<IOMFG¡MDIDIS<GLT<M<?>GU¡GGDFG¡ ?¡ <MS<DF?<NO<IG<M<M<?<I
F@u¡I PUPI U<H<I ?DGDHDI¡ =<SH<T<M<L AJMH< Q¡ H¡UHPI NGP= Q¡ ?DG O¡CFDT¡ Q¡ O¡L?DH
=<SHI?3D
<T<O # ė0UG FGOM =<G<HI?< @NFD OMF T<UOG<MĘ *DGGD #JGFGJM N<T <C<M
@MIO<H + 0JND<GIJ@FJIJHDu@NFDT NOJMT ,MSJIJ6@IDN@TNFDS OTPMJF 3&3&&&
Q@FJQ*JNFQ<
(JM#"ė!M@QI@TDTI<MJ?ITNODSOPM@ONFDSKG@HTJIĘ7<KDNFDQJNOJuIJLJJO?@G@IDT<
MPNFJLJ<MS@JGJBDu@NFJLJJ=@NOQ<QKO5&50O-@O@MN=PMB
(PG<FJQNFDT"0O<ODDH<O@MD<GKJT<FPONFJHPT<UFP6<FPONF
*@GDJM<INFDT-*ė-<HT<OIDFQu@NO(G1@BDI<Ę7<KDNFDQJNOJuIJLJJO?@G@IDT<
MPNFJLJ<MS@JGJBDu@NFJLJJ=@NOQ<QKO5&&0O-@O@MN=PMB
,MFPI%+"NFD1MF6<UOG<MIF<M<
/<?GJQ 3 ,=M<UON I<MJ?IJT GDO@M<OPM N@Q@MJOTPMFNFDS KG@HTJI O 0O -@O@MN=PMB
/¡>¡=JQ"*¡HH¡?JQ6,MSJI6@IDN@T<=D?¡G¡MD
0O@=G@Q< 3-J@UDT<OTPMFJQ3&&3&&&Q@FJQ+<PF<*JNFJQ<
1JLPTJJG 0 ė,KO DNG@?JQ<Q<IDT< OPQDINFJLJ NODSJNGJE@IDT<Ę 2uTJI@ U<KDNFD
OPQDINFJLJI<PuIJDNG@?JQ<O@GNFJLJDINODOPO<T<UF<GDO@M<OPMDDNOJMDQK
2IBDQDONF<T< * 5<F<NNFJ@ NODSJNGJE@ID@ QOJM@A@M<O F<I?D?<ONFJT ?DNN@MO<OND
=<F4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
"&)&b#,» *+% $e +)e/ -l '&*
P(.#W(".!$+
#JGFGJMPI H¡OI OPOPHPI< BM¡ DMDC¡>HGD E<IMG<M?¡ Q¡ =P?I>¡IDIB@Mu¡FG¡?DTD ¡AN<I¡QD ¡N<ODMH¡OIG¡MD?PMPM
*DA AJGFGJM Q¡ O<MDSDI L<MGLG HI<ND=¡OG¡MDI?¡ @KDF H¡OIG¡M T<M<IM Q¡ U<H<IG<
B@IDG¡IH¡T¡ ?JBMP DIFD<A @?DM '<IM =OI HHFI @CODT<OG<M =DM IQ N¡A¡M=¡M @?DM Q¡ JIG<M
UI?¡ =DMG¡?DMDMGLL<M<O<G<MNUTB<I?Q¡ =<L<E<IMG<M@KJNPIO¡MFD=DIDO¡FDG@?DM
U¡M=<T>P??PM=<S@G¡ HJODQG¡M¡ ?JPGP<?<GH<@QG¡IH¡ Q¡
=<L<G<M <D??DM NFD OM¡IG¡MG¡ DGBDGD JGDG¡MDJG<I<LG<MI T<M<?>GIIKM<FODFTIG¡MDI¡ <T?IGLB¡ODMDGHD?DM
NFD OMF ?I¡HDI?¡ HDA U¡MDI?¡ T<M<IH ¡AN<I¡G¡M JMO< ¡NMG¡M?¡I =<G<T<M<L
?<NO<IG<H<<=<G<H?MPIG<M?<I=DMD?¡ ė(JMJGPĘHDAD?DMPHDAU¡MDI?¡ U<H<IU<H<I
uJSGP ¡AN<I¡ Q¡ M¡Q<T¡OG¡MT<M<IHQ¡ @KDF ¡I¡I¡?¡ DIFD<A@OHD?DM NFDHDAJGJEDFFG¡M¡ NS
=<G JG¡?¡I
B¡G?DTD <F<M BMI¡I HJODQ@HG¡M H¡N¡G¡I ?JPGPT<MP??PM NO¡M ¡ML
DNO¡M L¡M= Q@MNDT<G<MI?< ?<NO<II HDA L<O (JMJGP <?II HSO¡GA ?@TDGDG¡MDI?¡ ?¡ (JMJGP
$JMJGP.JMJBGP.<M<JGP.PM?JGPQ¡ N ¡FNJGPIPMPM<?<?<C< uJSHDAJGJEDFJNHJB@I@U
DGFDI FJNHJLJIDT< FJNHJLJIDF HDADI u@D?GD O¡U<CMG¡MD UI BNO¡MDM !IT<II Q¡ DIN<II
T<M<II ¡FN @O?DM¡I S<JNFJNHJN ?P<G L<M?PMH<N ?<NO<I?< DLL<M<IGL JKKJUDNDT<NI?<
H<CD?¡ JGPIPM !<NO<II 1MFDT¡ Q<MD<IOI?< 2M<I
Q<MD<IOI?< DN¡ G /Q¡I (JMJGP ?P<G NDNO@HDI?¡ HDADI O¡U<CMG¡MDIDI <CD?D JGPMPL
(JNHJLJIDT<UIA¡MLGD¡FDG?¡ BNO¡MDM$U DFJMGPL L<M<IG=DG?DMDMPIPIu@D?GD
=DMG¡H¡G¡MD FJH=DI<NDT<G<M Q<M?M (JMJGP L<M<IGL?<I ?JPG<I?M <?I?< L<M<IG Q¡ D
=DMG¡?DMDMeIFDJ@TIDU<H<I?</Q¡I GD?DMPM<?<F GDGDG?<NO<IIDNG<HSNPN¡I
D¡ HCDOG¡MDI?¡ SNPNDH¡I<?<T<IFPGON¡QDTT¡NDI¡ TFN¡G¡IDH<H%¡UM¡O GD?DM P@G¡ =DM
HDAJGJED HJ?@G?DM FD JI< T<GIU ¡I TFN¡F ?¡M¡>¡GD FPGOG<M ?<SDG JG< =DGDM 5UM GT<N Q¡ =P
NO<OPN?<JG<I?DB¡MHL¡??¡NG¡M=PHDA?¡ B@Mu¡FG¡DM
U¡M=<T><I L¡CM¡H<IGL ?<NO<IG<M uI O¡FL¡CM¡H<IGG< H@TG S<M<FO@MDF?DM -MJA@NNJM
+ ¡A¡MJQ OMF @KDF ¡I¡I¡NDI?¡ O¡F =DM L¡CM¡H<I J=M<UI 1<IM D?@T<NII O¡F<GG<CGI
AJMH<G<H<NDG¡ ¡G<L¡G¡I?DM¡M¡FT<UH?MX*F¡HH¡G@KJNO¡A¡FFMuIO¡F=DMGG<CO¡F=DM
CFH?<MO¡F=DML¡CM¡H<IG<UHD?D,I<BM¡ ?¡ L¡?DHOMF@KJNPIPIHSO¡GDAH¡I=¡G¡M?¡ =P
Q¡ T< ?D¡M ¡FDG?¡ HC<ADU¡ JGPIHP ?<NO<IG<MI ¡N<N L¡CM¡H<IG<M X1<IM[ J=M<UII
OM<INAJMHG<M JG<I CFH?<ML¡CM¡H<IG<M?M FD JIG<MI DM<?¡ND C¡HDI ?<NO<I T<M<?<I @KJN
O¡A¡FFMII S<GLI @OIJNPI @OIDFH¡?¡ID NDNO@HDI Q¡ N =DG<Q<NDO¡ DM<?¡ND?DM[ N
+ ¡A¡MJQC¡HuDIDI(JMJGPIPIQG<?NUGIIO¡IC<GIIB@I@ODFN¡=¡=DID?¡ =PI<=<G<TM
X(JMJGPIPIDG<CDH¡I¡TD1<IMJ=M<UIIUI¡H¡SNPNOM<INAJMHPJGH<NJIPI(JMJGPIPI
O¡IC<GIIQG<?NUGIIB@I@ODFN¡=¡=D?DM<LC¡HDIN¡=¡=53&&53&&& ¡NMG¡M?¡ O<H<HDG¡
<MS<DFG¡HDAPIFNDJI<G><MDH¡IODLDIDKJ@ODFN@H<IODF<NIDODMHD?DM[N
1¡IC< L¡CM¡H<I <MS@ODKD HDAJGJED <MS<DF @KJN L¡CM¡H<II< ?<T<IM 1MF @KJNPIPI
<MS<DF @G@H@IOG¡MDID ?<C< uJS N<SG<H O¡IC< L¡CM¡H<IG<M =DM L<T?< JG<M<L O<IM JPGG<M?M
6<FPO@KJNPIPIH¡CPML¡CM¡H<I"M0JLJOJSPI<??<C¡HDIH¡I<IQ@MDMX1¡IC< M[
"KDF O¡A¡FFMI DIFD<AI?< 1¡IC< L¡CM¡H4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
NPADO¡MDL¡OG¡ =<G<LT<M<?>GIIMJGPSNPNDQPMPG<IH<G?M<G?<(JMJGPL<K<G
¡FDG?¡ UI?¡ %¡UM¡O GDT¡ S<N SNPNDTT¡OG¡MD NJI?< DN¡ *@C?D 0<CD= UU<H<I< <D? NG<H
@NS<OJGJBDT<NIO¡>¡NNH@O?DMDMPH¡I<?<ė(JMJGPĘ?<NO<IJMO< u<?< B@ID T<TGHNPAD
O¡MDL¡OG¡MD DG¡ NDS =<G?M U¡M=<T>D¡O JGPIPM
1MFDT¡ Q<MD<IOI?<(JMJGP=DML¡CM¡H<IDBD??¡I?<C<uJS=DMNPADHMD?FDHDBMIMP?<
?<NO<II HDA?¡I PU<LG<? HNO¡LDG AJGFGJM E<IM FDHD AJMH<G<? NJIM<F ?I¡HG¡MDI
B@Mu¡FGDTD?DM !<NOM=¡IDI Q¡ A¡GN¡A¡IDI ?¡MDI O¡NDMD DUG¡MDID
N<SG<H<L?<?M
DM uJS FJMJGPI<NG<MI ē *%1¡CH<ND= .<MMT@Q 5(JMJGP Q¡ = ¡N<NG<I?M?
FDHD X(JMJGP[ ?<DM¡NDI¡ ?<SDG JG¡ (JMJGP HDADIDI JPU H¡I¡GD JGH<N DG¡
=<G?MX,MO<NDT<Q¡ 1MFNO<I?<H¡CU?<NO<IuGL?I¡HDI?¡ JPUOJKGPHPIPI<UGLO¡FDG
@OH¡NDX(JMJGP[N@H<IO@HDIDIOM<INAJMH<ODQDHF<IG<MIH¡C?P?G<?MH=<L<NUG¡HDADI
@KDFO¡F<HGIO¡HDI@?¡ =DGH¡HD?DM,I<BM¡ ?¡ ,MO<NDT< X(JMJGP[NP=GB¡IDIL@TMD
JPU OJKGPHG<MI?< ?<C< uJS ¡N<ODMD H¡OIG¡M ¡FGDI?¡ B@Mu¡FG¡HD Q¡ JPUG<MI L¡M=¡ ?JMP
C¡M¡F¡O @OH¡ND DG¡ J N¡QDTT¡?¡I uJS PU<< B@OH¡HD?DM 6¡ID HDAG¡ JIPI AJGFGJM DA<?¡ND
<M<NI?<FH¡N<A¡ uJS?<B@IDG¡IH¡HD?DM[N
M<?M>G<MIL¡I<¡ODI>¡XU¡M=<T><IX(JMJGP[NPUI?¡ HDAJGJEDH¡GPH<OINS@HDI
Q¡ FJ?PIu@D?GD@G@H@IOG¡MDIDHC<ADU¡ @OHDHDAAJGFGJMQ¡ O<MDSL<OG<MIN@H<IODFNOMPFOPMPI
DIQ<MD<IO HJ?@GG¡MDI?¡ T<M<I? @KJS<G U<H<II ?DG ADFDM Q¡ N¡I¡O B@Mu¡FGDTDI¡ PTPI JG<M<L
uJST<MPNGP=DMNDNO@H?¡ M@<GDU¡ @OHD?DM,I?< ¡NFDOMF?IT<BMDI<HG<MDG¡ K<M<?DLH<ODF
>¡MB¡?¡ ?<T<I<IJMO< ¡NMAJGFGJM B@Mu¡FGDTDNJND<GO<MDSDJQL<O@OIJKNDSJGJED@HJNDT<Q¡ =<L<
=P FDHD ?I>¡ Q¡ ?PTPG<M U IDF=DI DA<?¡NDID O<KH?M U¡M=<T><IX(JMJGP[NPIPI?<C<uJS,PUPI2>,LCDNN¡NDI¡
?<C< uJS B> HC<ADU¡ NOMPFOPMG<MI O¡FDG @?¡I NJG L<I<?I< H¡INP= JG?PP ?< <T?IG<<M
*¡OI?¡ ?<C<uJSJIJH<NODFN¡QDTT¡?¡ DA<?¡ JGPI<IL<M<IGL DLHJ?@GD(JMGFDDQ¡ JGP
/Q¡I ē DLG JPU HDAJGJED FJNHJB@I@UDIDI NS@HDI¡ O<H PTPI?PM HL<TDN¡ @O ė,PU
(<<IĘ?<.<M<S<IQ¡ JGP,PU=PM<?<?<L<M<IGLQ¡ DI=DML¡?¡MA¡MLGDDA<?¡NDQ<MP
=<SH?<I X(JMJGP[ HDAJGJBDT<N X(DO<=D!¡?¡ .JMLP?Ę HDAJGJBDT<N DG¡ @KJS<G =<SH?<I
N¡NG¡DM X!¡?¡ .JMLP?[?<F UJJHJMADUH Q¡ UJJHJMADF @G@H@IOG¡M XDIN<IO¡=D¡O[ =DI<M
JKKJUDNDT<NI?< X(JMJGP[?< <IOMJKJHJMADUH ėC@TQ<IO¡=D¡OĘ HI<ND=¡OG¡MDI?¡ H<CD?¡
JGPIPM[N
(JMJGPC<LLI?< ¡AN<I¡ Q¡ M¡Q<T¡OG¡M?<NO<IG<H<KMJN@NDIDA¡MLGDHCDOG¡M?¡ F@uDMHDQ¡
=PN¡=¡=?¡I?¡ =¡UDH¡C¡GGDSNPNDTT¡OG¡ML<U<IH?M1MFDT¡ Q<MDIOI?<HDA?¡IPU<LG<H<Q¡
O<MDSDB@Mu¡FGDT¡ T<SIG<H<H@TGD?<CG?MPUIJ=M<UG<MIQ¡ HJODQG¡MDI,NH<IG
?I¡HDIDI O<MDSD B@Mu¡FG¡MDID ¡FN @O?DMH¡NDI?¡ BNO¡MDM PM<?< C<?DN¡G¡M B>G Q¡ N<=DO
?QG¡OuDGDF ¡M<DODI?¡ =< Q@MDM *¡F<I M@<G JG<M<L 1MFDT¡?DM e¡IGD=@G ?¡ 1MFDT¡IDI =DM
QDG<T¡OD?DM Q¡ 1JL<OG< 0DQ<N <M<NI?< T@MG¡DM 7<H<I ?< HDA?¡I Q¡ T< ?<C< FJIFM@O ?@N¡F
O¡LQDH HDAG¡MDI?¡I PU<L<G<H?M eIFDU<H<II HPHD JG<M<L HDAJGJED ?IT< HJ?@GDID ¡FN
@O?DM¡I Q<CD?G¡MG¡ ?@TDG N<<OG< ?¡LDL¡TG¡ C@N<=G<IH<N =PIP O¡N?DLG¡TDM .¡CM¡H<II
APIFNDT<G<MHDAJGJED(JMJGP?<I?<C<uJSJIPI ¡OM<AI?<FDBD?G¡M¡ K<TG<IH?M
!<NO<II=<GFJNHJLJIDFHDAINMG¡MDDG¡ U¡IBDI?DM
Q¡ = =P FDHD M¡L¡HG¡M u@D?GD ¡FDG?¡ O¡LQDH HDAG¡MDID ¡FN @O?DMDM
X(JMJGP[IPI ¡ML ē OMFH¡I U=¡F Q¡ N Q@MNDT<G<MI?< M¡L¡H?¡ DA<?¡NDI O<KH HDA INM
FDHD?<C<<FODQ?DM
@G¡GDFG¡ X(JMJGP[JMO<u<?<@KDFO¡A¡FFMIDIFD<AL<IPI<PTPIGPLG<Mu¡MuDQ¡NDI?¡
=¡?DD@NO@ODFH<CDTT¡ODI?¡T¡ML<U<IH<NDG¡ ?<NO<IFDHDJMO<T<uSH<NQ¡ <LT<M<?>GI?<
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
DIOD<M O<KH<N KMJN@NDI?¡ HDA?<NO<I HI<ND=¡OG¡MDID ¡NFD O¡N¡QQMG¡MDI DNO¡M ?<NO<II DNO¡MN¡
J=M<UINOMPFOPMPI?<FJ?G<<M<LOMGH¡NDIDDUG¡H¡F=<SHI?<ISNPNDH<M<LF¡N=@?DM
U{}{w -k~kz k}ttwtv lkxzokz otnnt vz kvwk}wk sztzot}
]ltt vt U{}{w k}tt ~kwzkx u{ p|{~ m lott ~z klto~tot} Ouzt skxkzok
U{}{wzz k}tt ~tuu {wo ok xlkt~ xms~ oputw m -*<=*77 6@=¡52/
mk}tkz5*;zok k}tt ntnw}w ~~wz kot~w} { xwoz k}tt 1*-2<¡5¡;
~tuuw}xvkzm~ltswkmm-8wztz{}xk~tukwk}mp}t}
C8;85>D7>=¡-:2:.-¡7*5265¡;27 ¡4<¡;2AA¡=2:¡1;¡6*77=*;2@2 ¡@<2AA¡=26¡<¡5¡<27¡
@<><25¡ s8@A.;*A;65*;B¡;+*A,*7-**9*;5*7 ¡4<¡;=¡-:2:*=5*;-*:¡;+?.;<2A*5*;77
7?¡<272 )( ¡<;27 A*;<7-* ?¡ A* )( ¡<;27 ¡??¡55¡;27-¡ B¡;+*A,*7-* ,¡;¡A*7 .-¡7
=*;2@21*-2<¡5¡;27=¡425.=-2A22--2*85>76*:-*-;>6?B>-* '¡16*<2+)8;85>
¡;1*-8?#/¡7-2A.?!¡+2A.? ++*<5 ?¡ -20¡;5¡;2-¡A¡;5265*12B¡5¡;A;=65¡;
> 65*12B¡5¡;2 6>625¡-2;6¡A¡ s*5*7 ++*<5 A*B; *<=*77 +**-;5: 6*233=2
4<+ .=6<2 87>7 3*;*- ? -*3<77 3*=7-* 6*--2 ? 67?2 4.s6227- :*7
3*--*7-* +* ?.;62 =*;2@2 *-2<5;27 4<<-*< 25 ;=572; 98<-*4 =*;2@252327
-27*624*< =<-2: .-2; 42 @*5:7 4.s6227- +* ?.;62 =*;2@2 *-2<5; -*<=*77
:;6*75: <2:5=2 :*B*76*<7-* 66 ;85 837*6-; 8;85> -*<=*77-* .924
=*;2@252327 2742*/ :*=5*;7 2B53;47 +*5* 85*;*: 242 =2 /;:57-2;64 5*B6 52;
.98<> -** s8@ *7< .924 *+2-5; :;>9>7* *2- .=64 5*B6-; 8 62/24-2;62 38@<*
-** s8@ =*;2@2 <23362 -*3; <53 48695.4< 425- 3*7*5*;<* B <B5
+=?54- 8;85>8;85>$>;:>5> <25<25<2 7B; *57*;<* 2<=; 62/24 2<=;< -
=*;2@252327 *3;*3; .98<5*;7 <2335;27 ; +2;2727 8 +2;27-7 /;:52 <=754
:*B*7-:5*;7 6*2-.=646647-;
++*<5A* 0;¡ B;+*3*7 8;85><> B77 2-.3*6B6>7 *@57* -**
s8@ 2< <347-232 =*;2@2 *-2<5;27 .9245-2;256<27 ; <*<7 =*;2@2 6*233=
-*3; >7>75* +;*+; .98< 62/24 5*6= ? =B*;5;-7 - @*52 -.325-2; *427 +>
=-*<=*7-**9*; 425*56*6<*<3.;2=*;2@2523272724*< =>=6>->;
0JI DGG¡M ?<NO<I?<F O<MDSD?DID HJODQG¡M¡ T@ID T<I<H< H@TGG¡MD <MO<L?<?M *¡N¡G¡I
#<T<O<BM¡ XuJSBH<IFDI<?JGPQ¡ U¡M=<T><IX(JMJGP[NPI?<O<MDSDDUG¡MDL<GH @TS
¡G<GDNT<II?<?<uJSGPOMF=<=<?¡MQDG¡MDDODM<F@OHD?DM(JMJGPH¡CU=P=<=<?¡MQDG¡MDI
HPHDG¡HDNPM¡OD?DM[ +<T@Q¡ BM¡ DN¡ X(JMJGP[?<.¡M=DeDI?¡ =<Q@MHD
I)P<INT<IIDUG¡MDHQ>P??PM
P DNODL<H¡O?¡ OMF <GDHG¡MDIDI <M<?MH<G<M ?< SNPND H<M<L ?JPMPM 7¡FD3¡GD?D1J<?DG¡ND=P?<NO<IIO¡¡FFGI¡ M¡Q<>Q@MHDO?DM731J<II ADFMDI¡
BM¡ NG<HDTT¡O?¡I NJIM< ,MO< NDT<?<I<
I<?JGPT< C¡M¡F¡O @?¡I JPUOMFH<IG<M X(JMJGP[ HQUPNPIP ?< UG¡MD DG¡ B¡ODMHD G<FDI
U<H<IO?F>¡ ?<NO<I?<¡FGDID?¡TDHD?DMN
7DT< $T<GK C¡HuDIDI O<IIH OMF ¡?¡=DTT<OI<N *@CH@O #P<? (KMGU<?¡ 7¡FD
3¡GD?D 1J<II X(JMJGP[IP $TOMF ?I¡HD ?<NO<IG<M NM<NI< ?<G<IH<N ADFMDID L¡=PG
@OHDG¡M 7DT< $T<GK XNFD OMFG¡M?¡ D>ODH<D O¡FDG<O[ <?G =TF H¡L<G¡NDI?¡ (JMJGPIPI
O<MDSD KMJOJODKD FDHD 0PGO<I *<CHP? .¡UI¡QDID "TQ<UI KMJOJODKD FDHD DN¡ JIPI N@QDHGD LPGP
T<UBMH?M
(1@u¡M X(JMJGP[I< ?<DM H¡L<G¡NDI?¡ ,NH<IG JM?PNPIPI N¡MF¡M?¡ND jU?¡HDMJGP
,NH<I-<<IIT<II?<=DM<DM(JMJGPJG?PPI?<INC=¡O<uM
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
-+JM<O<Q ?< 5J?UFJ Q¡ =<L<G<MII T<U? FDHD (JMJGPIPI 5JM<N<I?< ?JPGP=
DFDI>D <C ==<N U<H<II?< M<II?< LPG?PMGPL @OHD =DM O<MDSD ¡SN JGH<N Q¡
?<NO<I?<F =OI @MG¡MDI ?¡ JI< <D? JGH<N ADFMD DG¡ ?¡ M<UG<H<H?M -+JM<O<QI @KJNPI
U=¡F OJ=JG OMFH¡I NO<I=PG *<M< 35PGPAGP I¡MD Q¡ N Q@MNDT< Q¡ Q<MD<IOG<MI O<MDSD
HL<TDN¡GD O¡CGDG?¡I F@uDM¡M¡F ?<NO<I?< ¡FNDID O<K<I C<?DN¡G¡MDI $TOMF ē 0<N<ID ?QMI?¡I
,NH<IG ē 0¡A¡QDHC<MD=¡G¡MDI¡?¡F=TF=DMLDNHO<MDSDC<?DN¡G¡MG¡ N¡NG¡?DTDIDL@T?@OHD?DM
N
X(JMJGP[IPI ?<NO<I?<=DGS<NN¡ OMFM<IH><?DG¡G¡MDG¡[U¡IBDIG¡?DTD
?DB¡M O¡M¡A?¡I @TID >DIN?¡I H><?DG¡G¡MDI .UG=<1MFH¡I U=¡F H><?DG¡G¡MD OMFH¡I
M¡Q<T¡ODID?¡ U=¡FM¡Q<T¡ODU¡IBDIG¡?DM?DTD[ADFMDI¡ B¡GHD?DM
-JM<OJQ=PIPIG<T<I<NT<IuG<M?<I<TMG=NPGO<IIO¡M¡ADI¡ F@u¡M¡FJIPIJM?PNPI?<
N<Q<<IuJSN<TG ¡G<GD=<uG<MIIDUG¡MDID?¡ BMH?M
#¡SM¡??DI (MUJGPIPI H¡L<G¡G¡MDI?¡ 53& ¡NM?¡ A<M Q¡ 7GL¡?¡MGD O<TA< =<uG<M
NM<NI?< (JMJGP <? ?<T<IG<<MI JG?PPIP Q¡ JIG<M @KDF (JMJGP DG¡ =<G JG< =DG¡>¡TD
@CODH<G@?D=
FM"GuDI?¡ 53& ¡NM?¡ JM?P<DMDJG<I(JMJGPG¡L¡=GD<L?<INC=¡O<u=
0<DH 0<F<JGP Q¡ =DM uJSG<M (JMJGPIPI 53&&& ¡NMDI N@ X(JMJGP[ ?<NO<II?< O¡=¡L¡G¡H¡G¡M[ <?G T<UNI?< X(JMJGP[ ?<NO<III
OMFH¡?¡IDTT¡OO<MDSDIDI=DMBUBNJG?PPIPQ¡ BIHU?¡FDH¡OIG¡M?¡ A¡MLD?I¡HG¡M¡ <D?
DUG¡MJMO<T<uS?I=DG?DMDM
(6>@@KJN?<FO¡=¡L¡G¡MD=P¡FDG?¡ =GM
*DAJGJEDO¡=¡L¡
$TOMF ?I¡HDI?¡ DNG<HDTT¡ODI OMFG¡M O¡M¡ADI?¡I L¡=PG @?DG?DTD ?QM¡ L¡?¡M JG¡IPU<LG<M
U¡M=<T><II<?JGPQ<MD<IOG<MI?<?<C<uJSNT<IuTJGF¡N¡IS<IG<M<=¡TG¡M¡K<<G<M<L<M
QPMP<IL<u<L<<UHM¡G¡MDICDH<T¡?<MFDHDODKJGJEDKMJA<I<NDT<T<H¡MPUL<GM
C8;85>D6¡=75¡;22s¡;2<27-¡ @<><2<.s25¡7]l}tsmk}tkzzok?¡ #*;2<7<@¡<27-¡
U{}{w ewkwt U{}{w vtxt notx {wz} ]k}tt ltwtw} } two
Y~xkzwm\mtomww}tk}k~zoklkwkzkzS~kxlw~wxnkmtw~ttwbt}mkz
]l}ts Kk}klk \}kl Wk}kk m {zwk}z n}ltzo up}wz ot} {}|knwk} Y~xkzw
tx|p}tuk~zz}vtltzoktw{w}cxtz}ob}ntEzko{wokx}ewkwtw}
c}vk lkwku} vt ks ~{z}k {zz ~t}t ]l}tso m Y~xkzw tx|p}tuk~zz
}vtltznkwkzot}{}|knwk}xsok}z}
t tww}o S~kxlwok xtzw}w ~ukzz Kk}k Tks ~}l}
po}v }vk z uv~v st}mu nkwo}} I \tmk~ luw}lutztz x}t tw lt}
zp |kk { xwoz c~puz Zkk m Wxxo Zkk Kk}k Tkszz lkwn pwotut
~ukz uk}xkn z }v vpt}w} Gk mp}z {nnxkwk}ok Kk}k Tks
wkv {w} {zz nk}ok Mwt c~z t~ luv nwlw} nkskz} Mwt c~z s
nk}okzz nktwt c~z Zkkuk nk} kxkz~swnwk m}} zto c~z Zkk
xwl {wk}kn ]{nkk nk} m nkwkwk}z lt}tzo tswzt} Y om}o S~kzlw
kvtxtuut kwn }vkwk}zz k}ow pt}ks wk}zz nk}~zok kts
{woz{zznk}~zkwkltwxt}ot
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
\{z}kokz pztwz}v Y~xkzw tx|p}tuk~zz }n ~}ow}tz { xwoz
Es}lkukzz tkw {wzx {}|knwk}zk ukuwkz l kwn }vkwk} k}to
ewkwtw} c}vk vtxt kzz} I lz kwn }vkwk}zk kwn
~ukzwk}zkewkwto~~tkomp}twt}
<
`kwn}vkwk}zzkx~zzewkwtw}tz~t}tkwzokuk}kzxk~~lltzoz
ewkwtw}kowkzxk~tv}txlkt~wtot}_tv}txts}tvttx|p}tukok}vkk
lkwkukzkukpuzt~{uvv ]vwtkuk~zkxz~l{woz~ukzok puztkowk
kowkzo}wxo}
M{wz~mm}znpuopovvt)(~}tz~{zwk}zko{}Y~xkzwtx|p}tuk~zz
Es}lkukzk \mt tx|p}tuk~zk xwk} {kwxo m { luv {}|knwk}
tkw {wzxo ck t two Y~xkzw tx|p}tuk~zz n{zwk} ]l}tst w
vpt}otw} ]l}tswtw} o{xk }t n{}xkn z ~twkk ~k}w~kwk} ok ~{zkov
okmkxt}ltwxotw}
\kwzkxtw}tznpuopotutz}tx|p}tukn{zwk}zk}l}wtvpozY~xkzZkk
]l}tstpotuttwvzozkxptukwwnmxvtz~}t}otzvt{lt}
zp o l}tswtw}tz xkztztz m ouvzwtutztz ktot {wxo < Skwokz ~{z}k t~ {~xkzwwk}z kvtxtuut kwzok ukkxkn t~xuz l}tswtw}
o{xk }t }v pxu lkwkowk} G lk}o Y~xkzw nk}zts{zzz v{xkzokz e}
Zkk ]l}tstz sl potwx~tzoz ku ~{z}k tw pm}kwz o S~k7lwk
xwxk mp}}v ltwot}t}ot vt kwt }t }v pot} Kk}kokk Ksmtz s
}wk}
t two Kk}klk m gzoz ~o}wkz Kkk} m ot} Kswlk
kukwk}s}kstw}tztp}tnkuk}xknzw{vkwxk}tlulkwkowk}Wxxo
kzPtuko {wKkk}zlkwtw}vkwk}Kk}klkkskopo}vgzzt
xk~t}ukwowk}Tkwzs~wokznwk}twwknok}e}ZkkzzbkEllk~k
ktw}tzoz~{z}kxk~t}okukzo}wobkEllk~Kk}klkknk~tow}zo}}v
}lt xwtuukwk}z okukzo}wxk~z ~ukzwk}okz kt pot m l kt
o}kwt}kpotwot
Wk}knwo}vt
ttwo]l}tskwt~t}oup}wzY~xkzw~}w}t
twlt}wtvozmlt~ukznkwo}owk}Gxtnwtvozo}z}vt~ukzwk}
~k~z Y~xkzw |kkwk}zz up}totut ~tuk~tz kwtzt mk}u{okz k}kz
mp}tw}tzpuztskxkzoks~}w}tznk}osz{wxkukzxmnpw}tztzzt~ttot
jokw~tswtunk}t~xEzko{w}vw}txoEs}lkukz}vw}tlt}wtvo
xlk}ts k|k}}owk} Wnkx wxtvz npuo pov vt l kvz s ~ukzwk}z
ukopwwtw} vtxt notx {wzkz kzko{wwk}k nk} oputw ukwzs ~tuk~t kvtxtuu
nk}uzwotutzt~otnwut}
]l}ts kvtxt e} Zkk ~ukzwk}z nk}~zok ~s {woz kzwkuk}kn
tuwuwk}mv}op{okwwk}zzvxuttw~ukzwk}ok}xkokzpot}
EzknY~xkzwtx|p}tuk~\mt{}|knwk}zszxootkwkwzok~kwkuk
ltwxt} twoz ptlk}z nswlkwk} `kwkw Pzkz j}oltw Kk}kkok
Kswkk Vzv}kz Kswsz m U} kuwk} k}k~zokv }kstw}t p}t
nkuk}xkk zktw {wowk} m l ukww}tz o oktw {wo }ksto bk Ellk~
Es}lkukzluw}luwtutztuk}koEs}lkukzluw}lutzt
ttwo_}ko
kzmPwnk}kzzlkwtwk}n
xtzwtvEs}lkukzn{zn{}u}o
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
Kpuo pxv up}tz o} vt ewkwtw}27 1}vkzo* xtwwt xz~ltuutz ~k~
}wx~t kvwk} ok xmoo} ]~ko oputw vt ~ukzwk}k nk}
xlk}tso Y~xkzw |kkwk} v}ow}oz p}xztw}oz xk}w t~tko pxtw}
]k}ttE}kvpw]l}tswtl~wx~wxkz}vkzokzzt}wokz}
t two 1}vkok lkwkzkz upzt okwk tw xlk}ts okk ok toowzt}
cxtz tw j}s>}x }kzok xtzwtv Y~xkzw n{z tw {nnxkok p}t vtwxu
xl} {wkz ewkwtw} a}\oo luw}lut jxt}z kz Kkk}okz tks kwk}kn
Es}lkukz{}|knwk}zk S}mkzkvpt}w}a}\ooxtzom}oS}mkzxkkwzz
x}vst~kuw}o
]k}tt xwxkwk}k } bk Ellk~z ewkwtw} nk} l ~kn
xzk~tltztz ~llt {zwk}z zoz t~tko po}v ~vt Es}lkukz {}|knwk}z
p}tnkuk}xknt~uttotXs}kwxknwksxo}vtvwtw}\mtkzokzzzz
{ptlk}potutkukwk}okzlt}t{wk}knizE~tukoktwtutzukuwxk~zokluv
}{w{uzkulwk}ck\wkzGukstotzkvtxtuutztz~{zwk}zkukz
ttw
bpu cpuo}tz x}tot ]vwt c~z `wtztz {w bknw Y~xkzw tx|p}tuk~zk
nk}~ukzoknkwo}xo
bk Ellk~ ewkwtw}oz x o ptuk pwut}ot bk Ellk~z z ukz
x~wt~t luv mst} cx kz Y}olkotzt xkut poz S~zo} Wztztz
npuow}tzoz lz }xv xxvzo} S~zo} Wzt cx kzz ewkwtw}w xk~z
luv } m }zxxt ~k} kowkzo}} }vkwk} ~ukzk xpuwwt
kwtuuw}tzok}ow{wxkukzwk}vtxtnwxmp}t}otbkEllk~Ezko{wokzwz
ewkwtw}w up}wt ewkwtw}tz lt}wx~tztz nk}~z kwxkn z lz
mk~tw}oz t~tko pot} ]l}tso npuo kwzkz ~ukzz zsk}o
~kwku}o
bkEllk~ewkwtw}oz]}vtuoktwtzovtlstv}okukwk}zknk}ok
t~tko pot ]ltt vt l}kok tz ~tuk~ mk}o k ewkwtw}tz x Y~xkzw
|kkwk}zkxov}ow}nk}xztxzk~tltzoz{}wkl}wzt}otGpw
vt\mtkEs}lkukz{}|knwk}zzlt}t~~~tztv}oWkxotkuk~zkmp}z
Y~xkzw tx|p}tuk~zokz nt~k~ kwxkn z ewkwtw}tz ~k~ ouvz t~~~tzt
^~kw c~ztz lkwn potut n{zwk lt} Wk}kkokz v}o mtwkutz Es}lkukzztkwkwzok{wkz{}|knwk}zkk}xknma}\ookvtxtjxt}z
kz Kkk}wk lt}w}v xk}tlzt Y~xkzw {}|knwk}zz t}tw}tz Mtuk}lv}
no} k|k}xkn ztuutzouot Tp}t wxtvz j}s}x mtwkutzo jxt}z kzz
k|k}o~{z}kvxwtuukwk}okokxtzwtvewkwto~~ttt}kvpot}ot
ewkwtw}tz l ~oknwt toxt xnkltwtzo bk Ellk~okz swotvw}t
~~t txtukswk} kwk ltwxxw}t ks ~{z}k sz ~}ot ewkwtw}tz luv
t~~~t Y~xkzw {}|knwk}zk nkuowk} up}o nkwkzwk} t~ bkk toxw}tzt {
~oknwokmkxpot}otw}
Gz l k}tt kvwk} upztoz otnn ko}xknok xn~otxts {o} vt
U{}{wzz ]l}ts mk}tkzzok l ntnw} lt}lkk m uk o{wku~uwk sz
~}t}W~wzU{}{wok~kzzokU{}{w\mtkvtxw}tluw}tmkzwk}
tw oputw ~k~z Y~xkzw |kkwk} { xwoz Y~xkzw tx|p}tuk~zz }vtltz nkwkz
M}lzo kvtxt U}o~kz mkwt~t S~kzlw xnkmtw~tzoz ~{z}k Wk}kk Y}olko m
b}} Y~xkzw tx|p}k{}w v}o Wkxot kuk~zk mp}xtot m ~kt}w m}}
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
Kpuo pov vt ok~kzok U{}{wzz kk~ Wt}sk lutz sz k}xk~ ~lltzoz
{zwk}zk}k~zokoxztwtv{wxk~zklkxkuk}knlzok~kzl{ubkEllk~kz{}xkw
xzk~tlxktopot}tv
g}z} x} Gtstx t}~t Es}lkukz m bt}mkz wv~tzt s |kokwk} tw
Y~xkzw ~wkz zs}o w} cS stootuuo {wkz ewkwtw}tz kvtxtuut
kwzok~kwkxknwksxo}~sw}tztzxwwttbkEllk~zEs}lkukz{}|knwk}z
tkwokz ksko px~t xuuz xoo ewkwtw} okukn o}xk~ m ~ ~t}~ts
xutl Kpuo potutxts vtxt ewkwt kuk~zk ptlk} pxx~tz lkxkuk}kn l
{ tz zkz~wk )) m )) xwt~w}o s v~tzt k|} bk Ellk~ ewkwtw}
c}vkzokz tt}twxt Es}lkukz {}|knwk}zz p}t nkuk}wxk~ z ~x}wt
t~tkopxtmopxwttswto{w~kewkwtw}c}vkzkuk}ox~}xtot}
EzknewkwtU{}{wzzlzok~kzl{ubkEllk~wk }ltwxx~tztzzku
~{zz xwt~o bkz ukzzk poz U{}{wzz u{wok ~wztl mk px~tztz o
~lltbkzewkwtw}~{unxzk~tltztzok~kzsk}o}]k}ttkvwk}wk
sztzok~kzokkwn~pmotutn}xkzz~pmotutkzukzzk~{zkovk|k}x}
Mk~kzokbkEllk~mmwuztbkEllk~mbkEllk~~kztuztbkEllk~
lt}lt}tzoz }nwzot}twt} O|{~ok lk mp}z kot~w} bk Ellk~ ~kztztz kouwk
lkwo} cp~kl pot}tv vt l kv ok kwn ukookzok bk Ellk~ ezzxvkz vtxt
~pmtw~pmtwukkukzbkEllk~n{}xknt~~tzozo{kzxoktww}ot}
ewkwtw}t \mt kvtxtuutz lkwkukz okk xk}knw k}tt kv ok mk}
ewkwtU{}{wszz]v]}vxkzewkwtkuk~zokz{woz}wknwku}
]v]}vxkzewkwtvpwtxmk}Mputz]vwtozpww}txw~zm~
Gtwotutxts vtxt \mt puw}tz s kz twv kukwk}okz lt}t ]vwt
kuk~ {wxo} cw )( ~}o sz \mt puw}tztz }ok}wk} ~kukz
}v nltww}t twv z }v kuk~zokz jk} ^~kw Kkk} ]vwt
[xw bkxw Pwno}oz tlk} tot cxtz nltww} ~{z}kokz Kswlk ko tw
x}{wowk}Gkukwk}xnoo~\mtpuw}tztztktzt}}vsw}tzt
x}to~to}mtkowkzo}~kwk}okntno\mtw}toxpozp{okw
n{zwk}zv~tuk~zoku}owk}
<
Tk}ok npuo potutxts vtxt ~ko oputwot vt t two \mt
kvtxw}t ewkwt kuk~zz v}ow} m Y~xkzw |kkwk}zk nk} }v |wkzz
sk}vz {zwk}z ^~kw c~z m jxt}z kz Kkk}wk lt}wtvo xk}tlu
t}xw}tzt t~xtotw} Mpxwt bk Ellk~ l xx xwtuukok z ~oknwt
kukwk}okz \mt kzokzzz twv n}wk} {wkz Kkk} ^~kw m ]vwt
kukwk}zokzt~tkopxtot
]vwt kuk~zz k}tt xmnput knnzok o{wz xwxkwk}k lt} {
xzlw}o}k~wt}tv]vmuk]v=}vxkzkuk~o}Gkukzzkozktwv
o jlwnkst Gkko} kz `tmwtztz b}pt]}kvtx ~}tzo }k~ wt}tv
j`tmwt ]v \k}n m T{x kukwk}zz lt}wtutzt ]kvt \kw} M
\kw{}wk}kokwzoklt}wot}t}
]}vxzw}ks}lkukzwwk}zpz{pzpst~tzott}kvpxt}vkuk5*;7-*7
+2;2 vtxt \wnwk}z }vtltzo Es}lkukzk m Uttv E~tukuk wxtw} ]k}tt
xwxkk } Es}lkukzok ukkukz m xkwok}wnwk xw {wkz ]}vxkzwk}z
v~}tuut W{zn{wkk}wk}z x skxkz Ezko{wuk v}w} Ek \kw}
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
kuk~ ]}vxkzwk}wk lt}wtvo Ezko{wuk Tk} \kw} kuk~ t~ `k}sxw
Wkznwkn]}vxzt~kz~ktww}tzozI{wnkkuzkovk}k~zokup}wz}kstw}o
x~vzwk}wk} G kv ~l pot} vt Es}lkukzok {wkz ~ukzz ewkwtw}
kowkzxk~zz ~llt p o Ezko{wok lkwkukz puztkow }vkz ~t}t tw
uk}kzxk~zokz t}wt wxt} c} tvt }vk puzt kukzz x Ezko{wok x o
Es}lkukzok ~ukzk lkwkxk~uwk lkw {wk}kn puzt kowk kowkzxo} ]ltt ~kw
uk}kzkltw}vt{zokztu]vwtT{xmuk]}vxkzoputwxsewkwt1}vk
]vwt~ukzwk}zkewkwtkozzmp}twx~tlkukokz{wkzbpuewkwz
ttwo]{nkoktwvopztxlk}tsulkwkxk~uwkwknok}o}
)( ~}o \k}n T{x m ]v kukwk} ]vwt ko tw kzz}owk}
Ukwxvwk} ok Wkznwkk x potvoz ~{z}k up}wt ]}vxkzwk}wk nkuzkul nk}x
m]vwtkowkzxkklkwkxwk}\kw}\k}kvj}sknt]vmbv}nltww}tztz
b}nt ]}vxkzwk}okz T{x Uvwkz Ek m a{mok} nltww}tztz t~ K}lt
]}vxkzwk}okzuk}kzxk~knnzokltwtxmoo}
W} xkk} ~uuk Ikxlp}t s ~}tzo ]}vxzw}oz l~ po}vz lt} {
xk}knw kvwk}k ok {zxo} Gpw vt { k}n two ]}vxkz
kwknwk}zz ~kuzz xtz \kw} kuk~ kwkn j}sknt kuk~ kwkn\k}nkuk~ kwkn]vkuk~ kwknT{x
kuk~ kwknkoz~}xtot}
G ~ku ~t~pxtz ok~kzok ok }k~ wt}tv Mk~kzok ewkwt U{}{w xtz
pwtx mk} opu}vz xs vwtw}tz xtz kwknokz tlk} {wozk tk} pot}
]lttvt))~}o]vwtw}tzk}n
xtzktwwtvluvlt}nmxpm}twotut
kzwkwkzo} Xs} kwkn vt )) ~}o ]}vxkz kukwk} okk luv }ksto
ukuwxowk}ml}nx{zwk}zpoontn~kuzxuuzwot}xt}azvt)(
~}tz ~{zwk}zokz lkwkuk}kn ]vwtw} b}n } }v pwut}w} m Ekwok
Kk}kokw notx ko Tksn} m Sx}wt notx ko Oux} \p}k~ok m W}mo
~k}vwk}wknkuzkulnk}owk}
<
g}zou vtxt ]vwt kuk~ x zo{kzk x o zlkkzk }v po}v
x~vzwk}wk} m l skxkz n{x kukwk}k s } {zwk}wk upztoz nkuzkul
nk}}wk}
U{}{w ok~kzzz ]l}ts mk}tkzzok puztw l }tkwz ~mt} {wzoz
}}v U{}{wzz kxkz tx~kwzok ~o}txwt~ v}~~zo {}k}kn xwt~
n}xk~~ks}vt~okwk}zzkwzok}kl|kuwkzwxk~xwt~tt}kvwk}zz
s wkwwk} tw akxwlpw t}twz } lt} nsk U{}{wzz ~}tt tw {u
potwt} lt} x}k~txnkwoz~psot}zput}xw{wowk}tko~t
x}k~txtz poz vpzov okmkx px~t m ~{zok } v~tz s ko}zk vtwx~tztz
~~t m}wkzxk~ m ~ bkxkztsxovt Uxs tx jwmtwtvovt Eutztex m
U{}{wokvWwt~tkwtx}k~txw}tztpuztwot}t}
U{}{wzz zkxks nwxk~ tw l}kl} }kl tx~t sko ok {zz jwmt
ozuk}zz oku~ {wxk~zokz l} mp}t} \mtjwmt top{w{tuk~zz
oku~ ]v]}vxkzewkwt pwtztz }l}t vtxt xxtwot}twz U{}{wzz
Y~xkzw |kkwk}zk xzk~tlt o t \mt tx|p}tuk~ tw ~zzt Y~xkzw tx|p}tuk~
k}k~zokpoztop{w{rtxk}tlztzok~kzsk}o}
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
f6>62AA¡=5¡ B¡;+*A,*7*: ¡-¡+2AA*=773*7;s.?;¡<27¡ -*@2585*76<=¡:25+¡-22
/.786.74262-*<=*7=.;627858322*;¡<27-¡7*<5 856*A*;*: ¡<42=;4@*5: ¡-¡+2AA*=7*
+*5*7;?¡ 87-*7:*A7*:5*7;*<=*7*- *5=7-*-*A*7*7 ¡-¡+21*-2<¡ /*4= ¡<42.924
¡7¡7¡727 .=724 2*;¡?2 ?¡ HJ?@GG¡?DMD>DNDNO@HDIDN<SG<H<LG<=PO@MHDIG¡ <IG<G<I ¡?¡=DAJMH<
Q¡ H¡UHPI< ē ?DA@M@IND<G H¡OI ODKDI¡ OM<INAJMH<NDT< JGPIHP?PM 1DKJGJED ¡?¡=D C<?DN¡ FDHD
?<NO<I&55& ¡NMG¡M?¡ AJMH<G<H?MN
PKMJN@N?¡ DNG<HH¡?¡IDTT¡ODIDIO¡NDMDQ¡ =PO¡NDM?¡I?@AJMH<NDT<T<PM<T¡HG¡HDOMF ¡?¡=DTT<OG<MIIDODM<FA<FOJMP=C¡NDU?DMNG<HDTT¡ODI&3 ¡NMDI?¡I
=<G<T<M<L M<I ?DG Q¡ ¡?¡=DTT<O DNG<HD =DM ¡FDG <GOI?< DIFD<A< Q¡ TFN¡GH¡T¡ =<G<? P
DNG<HD M<I ¡?¡=DTT<O A<O@CG¡MDI ¡?¡=DTT<OI?<Q¡UIDI?¡I ¡NFDH¡IUPH¡FDGG¡MDI?¡I
¡?¡=DTT<OO¡G<FFDG¡MDI?¡IC¡H¡IC@u=DM@TL<GH<HFDHDD?DA¡L¡OuJS ¡NFD=DMH¡?¡IDTT¡O¡
Q<MDN JG¡HG¡M =P H?CD ¡M¡= IAPUPI< M¡H¡I ¡?¡=DTT<OG<MI?<? Q¡
T<SP? =¡GF¡ ?¡ @CT< @O?DG¡M < CH@? GD CH@? *@>H<PN0<I<TD?@I I<FG@I /DN<G@TD
1@M<I@ (<GFOO¡ N M¡= ¡?¡=DTT<OII ¡NFD Q¡ =DGDI¡I =DM H¡CNPGP N<T< =DG¡>¡TDHDU
L¡ND?¡¡FGDI¡ Q¡ L¡U¡G¡ =DM=<L<GLQ@M?DG¡M#(KMGNG<H ¡?¡=DTT<OI?<H¡MNDT¡6@ID
H¡>HP¡>&IF<NH>DDGQ¡ =PIG<MIC<HNIINOI?¡ JG<M<L ¡NFDHDAJGJBDT<IG<I?M<M<L ¡M¡= ¡?¡=DTT<OIIO<H<HDG¡ T<?JG?PP=DM?<NO<I?QM<u?G<MN
#(KMG OMF ¡?¡=DTT<OI?< H¡OI ?DA@M@IND<GG<H<N Q¡ E<IM UQG¡IH¡ND KMJN@NG¡MDID
DNG<HDTT¡O?¡I ¡QQ¡GFD Q¡ NJIM<F ?QMG¡M¡ <TMH<LG< FGOM NDNO@HDIDI ¡Q¡UG¡IH¡ND DG¡
¡?¡=DTT<O?<=<Q@M¡IF¡HDTT¡OQ¡ F@TADTT¡O?¡TDH¡G¡MDIDHPH¡I?JMP<T?IG<?MN<?<
M¡HFGOMIIMJGPIPS@TGDL<=<MOH<N>D??D<MLPH@IOG¡M¡ ¡N<NG<IHMC¡H?¡ M<IOMF
H¡?¡IDHCDODHPHDTT¡OG¡?DLL¡O?¡IF¡I<M?<L<GM
1MFS<GLG<MII ¡NFD@KDFT<M<?>GI ¡FN@O?DM¡I=¡UDT<UG H¡OIG¡MH¡GPH?PMėGK M
1JIL<Ę ėPĘ ė"MF¡I¡FJIĘ ė(uĘ ė*@O@Ę Q¡ N P ODKGD H¡OIG¡MD C¡G¡ DIFD<A @OHD ?<NOP??PM GFDI JMO<
¡NMG¡M?¡I =<G<T<M<L OMF ?<NO<IuGL ¡I¡I¡NDI?¡ F@TADTT¡O ?¡TDH¡G¡MD =< Q@MDM P ?QMG¡M?¡
OMFG¡M=TFDHK@M<OJMGPLG<MLPM<M<L?IT<II=TF=DMCDNN¡NDIDD?<M¡ @OH¡T¡ =<G<?G<M1MF
?<NO<IG<M?<H¡CU=P?I¡HG¡M?¡ T<M<IH<<Q¡ DIFD<A@OH¡T¡ =<G<?,U<H<IG<M?<NO<I?<C<
uJSL¡CM¡H<IGLD?@T<G<MI T<TH<LG< <GKGL @KJS<NIO¡M¡IIH @?DM?DPH¡I<?< ?<NO<II=DM
D?@JGJED APIFNDT<N ?< Q<M? eIFD ?T¡ B@?¡I JM?PIP S<GL JU<IG<M O¡M¡IIH @?DM <TM <TM
L¡CM¡H<IG<MTH¡FG¡ JIG<M=DM?<C<?T¡T@IDJGF¡G¡MA¡OC@OH¡T¡ MPCG<I?M?
1MF @KJNPIPI H¡GPH H¡OIG¡MD U¡MDI?¡ >D??D @GHD H<CD?¡G¡M <K<MODH<D @OIDF@NO@ODF ¡CQ<GMPCDTT¡ND
?¡ JIG<M? JQL<O ?IT<BM @OIDFD>ODH<D @HJNDT< DN¡ H¡CU
?<NO<IG<MI AJMH<G<? ?QM¡ <D??DM N *¡GGDA JIP ?< ¡G<Q¡ @?DM FD L¡?DH OMF
?<NO<IG<M <IG<T ¡MOD?DM uIFD JIG<MI C¡>HD H¡IUPH T<SP? H¡INPM AJMH<?< JGH<N ?DG
NGP=SNPNDTT¡OG¡MD=<M¡?¡ FJIFM@OH¡GPH<OTJS?PM ē H¡I=¡G¡M?¡ C¡HDI ¡N¡MG¡MDI ¡N<N¡ILN<
H¡UHPIP Q¡ T< NE@OD HC<ADU¡ JGPIHP?PM @G¡ H¡UHPI Q¡ NE@OG¡MDI U ?¡ =DM NM<
C<GG<M?< T< O<H ?@TDG T< ?< H<NDMG¡?DMDGHD H¡TT¡I H¡L<HG<M O¡CMDA¡ H¡MPU L<GH?M
eDI Q¡ M<I H¡I=¡G¡MDI?¡ HC<ADU¡ JGPIHP L¡?DH OMF ?<NO<IG<MI?< ¡NGDI?¡ ?<NO<I
NE@OG¡MDI?¡I¡DIFD=DMNM<HJODQG¡MC¡OO<<?G<M=@G¡ ?¡TDDFGDT¡ H¡MPUL<GHOMF<?G<MeDIQ¡
M<I<?G<MDG¡ ¡Q¡U@?DGHD?DMN1MF@KJNPIPI?DA@M@INDT<NFJIO@FNODI?¡ @OIDFH¡?¡ID
u@QM¡G¡MD &55& ¡NMG¡M ?QM uI 0D=DM 1MFNO<I T<SP? H¡MF¡UD NDT< 2M<G3JGL<=JTP
¡MLD QMJK< .<AL<U ē (DuDF NDT< JGH<LG< GJF<GG<?M<I + ¡A¡MJQ .¡?DH OMF @KJNP DG¡
O¡SHDI¡I@TID?QM?¡ O¡¡FFGO<K<IQ¡ OMFuGFO¡A¡FFMIID?@T<@NO@ODF ¡N<NIO¡FDG@?¡I
O<IMuG HF¡HH¡G D?@JGJED H¡I¡QD NDNO@H FDHD ?¡T¡MG¡I?DMDM Q¡ OMF H¡?¡IDTT¡ODIDI J
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
>HG¡?¡I ¡?¡=DTT<OIIC¡HDINDNO@H?¡IF¡I<M?<DU<C @OH¡TDIHHFIJGH<?Iė?<L@T?
@?DMN
5&5&& TUDGG¡M?¡ 1MFNO<II OMFG¡MG¡ H¡NFPI =GB¡G¡MDI?¡ NG<H FGOMII Q¡ MG O¡NDMD <GOI?< L<GJM<AD Q¡ @OIDF ¡M<DODI¡ BM¡ =P DFD =GB¡?¡ NUB@?¡I
¡?¡=DTT<OG<MIDIFD<AO¡=D¡ODG¡ A¡MLGD¡FDGG¡M?¡ JGHP?PMN
1MF T<UG ¡?¡=DTT<OII DIFD<AI?< DFD DMD FGOM u@QM¡ND ē ¡ML Q¡ .¡M= O¡F>¡ O<MDSD
ADGJGJED <M<?MH<G<MI <F<MG<H<NI< BM¡ TJS C¡H ?¡ ¡?¡=D ¡I¡I¡IDI B>GGT ¡?¡=D H¡OI
A<FOII B@ID ¡=¡F¡ND Q¡ DA<CD ¡I¡I¡?¡ A<NDG¡NDUGDTD DG¡ N@uDGDM O¡?LDL<OuG<MI B¡G?DTD HPHD
HG<CDU¡T¡ BM¡ =DMDI>D 1MFeDI DFDI>D DN¡ 1MFM¡ Q>P?< B¡ODM?DFG¡MD ¡?¡=DTT<O ē eDI%DI? M<IO¡NDMDTG¡ Q>P?<
B¡ODMDG¡I =¡UD ¡C¡HDTT¡ONDU O¡M>H¡G¡M HNO¡NI< JGH<L UM¡ ē N<UG< NTG¡I¡I S<GL @DMG¡MDI?¡I
D=<M¡O?DMN
+`D= J3>C k7D; Hm 63EF3@ #(KMGII DNG<HDTT¡O?¡I I>¡ S<GL @DMDIDI NTG¡IH¡NDID
H<TD¡O @?¡I N<UI HQ>P?GPP C<LLI?< =DGBDIDI C<IN H¡I=¡T¡ ¡N<NG<I? <T?I ?@TDG
*Q>P?<M<?MH<G<M Q¡ O<MDSDH¡GPH<OG<Mu<?<HF¡HH¡GGDF?¡ JG<IN<U53& ¡NM?¡IJT<I<
F@uDMHDM 1MFG¡MDING<H?<II>¡FD?QM¡ <D?=OINJND<GH¡NNDN¡G¡MDI?¡?DG?¡?DI?¡ ¡SG<L
Q¡ <?¡OG¡M?¡ CLPL?< O<H<HDG¡ LQHI MPCPIP Q¡ ¡SNDTT¡ODID BNO¡M¡I D=OD?<D =DM ¡NGDTT¡O
Q<M? eDI %DI? M¡HDTT¡OU¡MDI?¡ C¡LDLD=DMO¡NDMBNO¡MH¡HD?DM@G¡ FDJ?QMG¡M?¡
OMF ¡?¡=DTT<OI O¡FDG @?¡I ¡N¡MG¡M ?¡ >¡HDTT¡ODI =<L< INMG¡MDI¡ PTPI JG<M<L T<?
O¡NDMG¡M?¡IPU<LJGHPLQHI=OISNPNDTT¡OG¡MDIDN¡HDHDTT¡OG¡ ¡FN@O?DMHD?DM5<L<I?<I
¡I ¡C¡HDTT¡ONDUI¡A¡M¡ L¡?¡M=OIA¡M?G¡M J@DMG¡M?¡ UG¡MDID?PTPM?PG<MP?QM?¡FD<DMG¡M
C<HN =DM=DMDI¡ =¡IU¡T¡I ¡GG¡MD LJKPUGP =¡NDO <?<HG<M? ,=<J=< ?JG<<M<L HPHD T<SP?
SNPNDOJKG<IG<M?< ¡NFDL¡CM¡H<IG<MIH¡IL¡=¡G¡MDIDO¡M¡IIH@?¡MHDGGD?<NO<IG<MNTG¡MQ¡
T< T@ID C<?DN¡G¡M C<LLI?< T@ID OMFDG¡M =<G<M?G<M PIG<MI @TID U<H<I?< LJKPUG<MTG<
N@CDM=<UGLA<GuGL@O?DFG¡MD?¡ JGPM?PNM?@TDG¡IHDGGDJQ<TDIG¡MDI?¡G¡I T¡IDHPHD
UDT<A¡OG¡M?¡TP T¡IDH<O¡HH¡M<NDHDI?¡ <DMG¡MHOG¡LDODM<F@?DM?DG¡MN
AK Hm 63EF3@ .@T? JGPI?PP FDHD H¡CU C¡HDI ¡NFD ¡?¡=DTT<O ¡GG¡MD LJKPUGP
<?<HG<M T<M<O?I?¡ L@T?@O?DTDHDUFDHD@OIDFH¡?¡IDQ¡ ¡?¡=D=¡?DDA¡<GDTT¡ONDNO@HG¡MDI?¡ =<Q@M¡I
?DA@M@IND<GODKJGJEDC<?DN¡IDIDIAJMH<NDT<D<M¡ND?DM
@G¡GDFG¡ ¡NFD S<GL @DMD NOI?¡ T<M<IGGL Q¡ H¡?¡ID
B@I@ODF ¡G<L¡IDDODMH¡?¡IDFDSNPNDODKO¡FDG@?DM
.JKPU<DMG¡MD
0<U<DMG¡MD
DMDI>DG¡MDI ?<T> NP=T@FOD JU<IG<M DFDI>DG¡MDIFD DN¡ <LG<M D?D DMDI>DG¡M ¡B¡M
LJKPUPIT<M<IH<O<MDSDDG¡ C@N<=G<N<L@¡3&&&HDIDGGDF?¡IN=@II53 ¡NMDI¡?¡F
U<H<IG< =<G HSO¡GDA HF¡HH¡GGDF N¡QDTT¡G¡MDI?¡ A¡<GDTT¡O BNO¡MD=G¡M FDI>DG¡M =DMDI>DG¡MDI
O<H<HDG¡ O¡FM<M ?@TDG?DG¡M <HH< JIG<MI =¡UD F@TADTT¡OG¡MDID Q¡ APIFNDT<G<MI T@ID NJND<G
H¡?¡ID Q¡ D>ODH<DNDT<ND ¡M<DO?¡ ?<Q<H @O?DMDM?DG¡M DMDI>DG¡M 1<IMuGI O¡M¡IIHuN
DFDI>DG¡M DN¡ NG<HI NPAD u@QM¡NDI?¡ JGN< ?< O¡=GD<OuN D?D ,U<II =JTG<? T<M<O?
=JTG<?<NO<IG<<INTG¡?DTD?<NO<IIA¡MLDėNG<HM@?<FNDT<NėI?<B¡GD=u<ON<?<(!.
H¡OIDDG¡ H¡C¡==¡O?<NO<IG<MIIHL<TDN¡NDI?¡ <T?I¡FDG?¡ H<CD?¡ JGPIPM
JTQ¡ ?<NO<IIA¡MLGDQ¡ JS<M@G@H@IOG¡MDuJSH¡C?P?F¡HDTT¡O?¡ ?@TDG?DM NFDOMF
?<NO4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
JGPIHP?PMOI=P@DMG¡MOMF>¡IDIO¡=DDQ¡UIDJG<IC@><Q¡UIDDG¡ NTG¡IDM?D1MF>¡IDI
=¡GGDQ¡ @TID>DINC@><G<MII=¡GGDQPMPGPN<TG<MG<<TMGH<NI?<IQ>P?<B¡G¡I=PQ¡UIDIu@D?GD
IQG¡MDQ<M?PIG<M<M<NI?< ¡I<UN<TGT¡ID=¡NDOJG<IG<M ¡I ¡NFDG¡MDD?DP?QM?¡ HSO¡GDA
HQUPG<M<<D?@DMG¡M?¡IC<HNII=¡GGD=DM¡FGDQ<M?1MF@DMDIDI=PDGF¡FDGG¡MDI?¡ =<G><
DFD>¡C¡OBU¡ u<MKM=DMDI>DND¡FDGG¡MDI<UGQ¡ LN<G?MFDDGF?QMG¡M?¡ ¡?¡=D¡SNDTT¡OG¡MDI
N¡M=¡NO>¡ B¡GDH¡ND HHFI JGH<H<NI?P? ¡FDGG¡M¡ <?¡O¡I ?DI?<M<I¡
MD<T¡O¡ H¡>=PM JGH<NI?DND ¡FN¡M¡I ?M? HDNM<? HDNM<II =OI =¡I?G¡M?¡ L<ADT¡GD
JGH<NI?<?MFD=P?<J>DIN@DMG¡MDIO¡M¡IIHJGPIH<LuI=DMOMFI¡L<M¡O ē =<G<H<N
O¡FDG @O?DTD >¡C¡OG¡ O¡=DD ?<DH< @TID L<ADT¡ID HC<ADU¡ @O?DTDID BNO¡MDM *PNDLD DG¡ @DMDI C¡G¡
<TMGH<?=PDGF?QM ¡N¡MG¡MDI?¡L<ADT¡ L<T?<G<M?<uJS=¡NDOQ¡ D=OD?<DD?D,L¡?¡MFDJIG<M<
=P BIF H¡I<?< L<ADT¡ <?I Q@MH¡F?¡IN¡ T<MHL<ADT¡ <NNJI<IN ?@H¡F ?<C< ?JMP?PM
,IG<M?<HDNM<G<MINJIC@><G<M<M<NI?<PU<L=DM=¡IU¡MGDFL<ADT¡IDIQ<MGuIFDA<T¡O@?DM?D
Q¡ @DMDI =N=OI <N<I O¡HDID uI =P ¡FN¡MDTT¡O @OD=<MDG¡ A@GG¡MDI O¡NMDAG¡I¡I AJMH<G<MI?<I
T<M<?GM?5G<N¡H¡C?P?=¡NDOD=OD?<DJGH<LG<=¡M<=¡M=PDGF?QM?¡FD ¡?¡=DH¡CNPGG<M=OI
=DMLQHIMPCPI?<ILJKPMJIPIF¡?¡MG¡MDIDI¡¡G¡MDIDO¡M¡IIH@?DM?DN
NFD KJ@ODF NDNO@H ?DGG¡ =DMB¡ T<M<IH?M N NFD u?M0¡NG¡MDINUG¡MDILM<HH<ODFAJMH<Q¡ FJINOMPFNDT<G<
MIO¡FM<MMDOHT<M<?MQ¡ C¡HDIMDOHDA<?¡ Q<NDO¡G¡MD<MN@I<GI?<UI¡H¡SNPNL<IPI<PTPI
GPLG<MG<uS@?DMN
*¡GGDA E<UM FD !.?¡ MDOH E<M<?<I Q<NDO¡G¡M ?DGDI E<MPNG<M UM¡?DM AJI@ODF G@FNDF
HJMAJGJED NDIO<FODF 3¡ C¡M =DM E<MPNPI @G@H@IOG¡MD J =DMD E<MPNG<MI Q<CD?G¡MD DG¡ ?D<G@FODF
¡G<L¡?¡?DM N 1MF ¡?¡=D H¡OIG¡MD Q¡ ?DG H<O@MD<G U¡MDI?¡ ?DG NODSDT<NI?¡ >D??D Q¡ ?¡LDL @GHD
H<CD?¡ Q¡ O¡CGDGG¡MDI I¡OD>¡ND JG<M<L (3+¡MDH<IJGP ¡NFD ¡?¡=DTT<OI GDILQJKJ@ODF
¡N<NG<MI <F<MG<TM !DG DG¡ =¡?DD O¡A¡FFMI LMGH<IG<MIDA<?¡ @OH¡FuI<FODQ¡FDG?¡ U?DGDIDU¡IBDIG¡?DMH¡GDT@IDDA<?¡ Q<NDO¡G¡MD
FJINOMPFNDT<G<M T<M<OH<G D?D 0U N¡I¡ODIDI =DU¡ =¡GGD JGGII I¡ L¡?¡M DIO@INDQ Q¡ HM¡FF¡= =DM
KMJN@NJG?PPIP<T?IBNO¡MH¡F?¡?DMjU NK@NDADFL<IPIG<MJG<INUN¡I¡OD?DGDUI¡H¡SNPN
¡FDG?¡ ?¡TDDMJIPIHSO¡GDAQ<CD?G¡MDIDI T@IDu<G<MG<ML<U<IH<NI< T@ID ¡G<L¡G¡M¡ BDMH¡NDI¡
N¡=¡=JGPMDMNUG¡<?D?<IL?DGDI?¡IO<H=DMNM<>DUBDG¡MDDG¡ N@uDG¡I=¡?DD?DGT<M<IMP?DG
<MOLUIIDGFDIAJMH<G<MI?<FDA<T¡OL¡?¡MDIFD<A@OHDHM¡FF¡==DMNDNO@H?DMN
NFDOMF?<NO<IODKDFDHD=JTPI(!.H¡OIDDNG<HFGOMQ¡ ¡MLKJ@ODFNDNO@HDG<TG<M
<GOI?< JGN< ?< KJ@ODF NOMPFOPMP (3+¡MDH<IJGPIPI <F<MG<? FDHD MDOH Q¡ DIOJI<NDT<II
<K<M>MJGPIPO¡N?DLG¡TDM/DOHQ¡ DIOJI<NDT<KJ@ODFDIAJMH<NDT<II?<T>NFDHD ¡NFDOMFS<GL
@DMDI?¡ SNPND HQL@TD DG¡ N@uDGDM P FJIO@FNO?¡ DFD OMF ?<NO¡ ?<NO<I?@TDGHSO¡GDANE@OG¡MHJODQG¡M
Q@M¡I H¡INP= JG?PP S<GLI D>ODH<D@NO@ODF O¡A¡FFMI =OQGF?¡ DA<?¡ @?¡I HCO¡¡H
?<NO<IKJO@INDT<N?M,IPO<HC<GI?<=¡MK<@OH¡FHHFI?@TDGHQ>P?H¡I=¡G¡M ¡N<NI?<
T<GIUO¡N¡QQM@OH¡FHHFI?MFDC¡HDIO¡N¡QQMD?@T<@NO@ODFKJ@O@SIJGJEDGDILQDNODFQ¡ N
FJHKJI@IOG¡MDIUQDQ¡C?¡ODI?¡ID=<M¡O?DMN
!<NO<II @KJNG< D?@IODF Q<CD? JGH<? <T?I?M "TID U<H<I?< ?<NOG
MI¡FG¡MDIDI ?DB¡M @G@H@IOG¡MD JIPI NOMPFOPMPI?< T<GIU F<IJIDF L¡GD=G¡M¡ ?JG< Q¡ T< C<INN<
Q<CD?D ¡Q¡UG¡T¡ =DGDMG¡M HH< ?<NO<II NOMPFOPMP ?¡TDHDM uIFD J N<=DO DIAJMH<NDT< ?<T>N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
FDHD =DM D<M¡ =OQ?M Q¡ H¡OI NOMPFOPMPIPI N<=DOGDTD C¡H ?¡ =PIPIG< =<G?M 1¡=DD FD PM
B@Mu¡FGDF HI<ND=¡OG¡MD N¡QDTT¡NDI?¡ E<IM F<IJIDFGDTD L¡ODTT¡I DNODNI< JGPIHPM
1MF @KDF NDNO@HDI?¡ DNO¡M =JT DNO¡MN¡ ?¡ ?<NO<I OMF PMPIPI Q<MG< HI<ND=¡ODIDI
KJ@ODF ?PIT<?PTPH Q¡ ?IT<?¡MFDIDI UII Q¡ ?IT<II ?DG?¡ ADFDM?¡ Q¡ N¡I¡O?¡
HJ?@GG¡?DMDGHD OMF FJ?P DG¡ DAM¡G¡IHD Q¡ T<GIU =P FJ?G< <IG<G<I J=M<UG HJODQG¡IHD
D<M¡G¡M NDNO@HD?DM
1MF AJGFGJM ¡I¡I¡NDIDI O¡=DD ¡?¡=DTT<O?<I NID ¡?¡=DTT<O< N FJGG@FODQ
N¡I¡O?¡I A¡M?D Q¡ LMPK N¡I¡ODI¡ UQG¡IH¡ND DG¡ <MOL NID N¡I¡O N¡QDTT¡NDI?¡ DA<CD Q¡ T<UG
¡?¡=DTT<OI U NK@NDADF DIFD<A L<IPI<PTPIGPLG<M U¡HDIDI?¡ DFD =DM=DMDI?¡I O¡H<HDG¡ DUJG¡
@?DGH¡HD HNO¡NI< LJGPIPI AJMH<G<H<N KMJN@ND =<G<IM 5<GL ¡?¡=D T<M<?>GII
UQG¡IH¡ND KMJN@NDI?¡ uI> =DM LJG ?< HQ>P??PM =P <L ¡?¡=DTT<O?M %¡HDI UQG¡IH¡
KMJN@NDIDI?D<SMJINS@HD<<?<F¡FDG?¡?DM
DA<CDS<GL ¡?¡=DTT<OAJGFGJM
L ¡?¡=DTT<O
6<UG ¡?¡=DTT<O
*¡N¡G¡ =PM<NI?<?MFD=PIG<MIC@u=DMDUAPIFNDJI<GGIDODMH¡TD=%¡MuDNODL<H¡OU
u@QM¡ND?<SDGDI?¡ T<<HCLPLPIPN<SG<T=#JGFGJM ¡N<NI<T<SIGI<BM¡ <L ¡?¡=DTT<O>D
DG¡ >II <M<NI?< T@MG¡DM kHPHOMF ¡?¡=DTT<O FJIO@FNODI?¡ L@T? JGPIGL DNODL<H¡OD ¡I¡I¡QDGDF DA<CDGDF FJGG@FODQGDF FDHD ?JHDI<IO
<OMD=PODQF@TADTT¡OG¡MG¡ N¡>DTT¡G¡IDMAJGFGJMH¡OIDIDI?DGFJGG@FODQDI?¡ T<HPHDGDF?¡T<?< ¡I
P?GPP
AJGFGJM A<FOII HQ>P?GPPIP O¡N?DLG¡T¡I U¡MPMD C<?DN¡?DM (JIN@MQ<ODQ AJGFGJM HCDOG¡MDI?¡
M@BDJI<G NK@NDADF<?G =DM O¡M¡A?¡I Q¡ ¡N<N¡I AJGFGJM? ¡SNDTT¡O?DM <DM?DM Q¡ U DIO@GG@FOP<G HGFDTT¡ODIDI N<CD=D?DM P H¡I<?< <L
¡?¡=DTT<O O<H AJGFGJM C<?DN¡ND ?@TDG?DM 0<?¡>¡ JG<M<L <L T<M<?>G AJGFGJM u@QM¡NDI?¡
A¡<GDTT¡OBNO¡MDM<LKJ@UDT<N ¡N<N¡IS<GL@DMDNGP=PI?<T<M<?GM
6<UG ¡?¡=DTT<OI H¡OI <MN@I<G H¡GPH JG?PPI?D¡O JGPIH<N HDGGD ¡?¡=D NDNO@HDI NOMPFOPM
@G@H@IOG¡MDID =DM =OQ C<GI?< O¡N¡QQM?¡ ><IG<I?MH<L uI?M 6<UG ¡?¡=DTT<O C¡H HDGGD
C¡H ?¡ L@TMD HDGGD ¡?¡=D NDNO@HG¡MG¡ ¡G<L¡?¡ JGPM Q¡ DIO@LM<NDT< KMJN@NDI?¡ DODM<F @?DM L
T<UG ¡?¡=DTT<OIUF<IJIG<MI<PTPIB¡G¡ =DG¡I=¡UD@G@H@IOG¡MDI?¡IA<T?<G<IM
*¡GPH JG?PP FDHD ?<NOH@TDC<G =¡U¡I ?¡
O<MDS FDHD H¡I<G<M?< DG¡IHD NJIM<G<M DN¡ C@F<T¡OI<H¡G¡M <?G<I?MGH?M !¡?¡ .JMLP?
FDO<=I?<=PH¡GPHJG?PPFDHD=JT<?G<IMLG<MJIG<MI?DIG¡TD>DG¡MDDN¡ =PI<I<G
<? Q@MHDG¡M L uI ?<NOG SNPND ¡C¡HDTT¡OD JG¡ N¡I¡OF<MJGH<NILDTH¡OG¡I?DMH¡F?¡ JIPI?<NO<I@CODT<OIISNPNDMJGP
JGHP?PM
kHPHDTT¡OG¡<LN¡I¡ODIDI ¡B¡M=@G¡ ?@H¡FHHFI?MN¡UI¡ BM¡ <IF@ODQ<M?M
P<IF@O<<?<FNP<GG<M?<ID=<M¡O?DM
<2NO<?IFDH?DM
=%<IN?<NO<IG<M=DGDMN¡I
Q%<IN<LC<Q<><OI=DGDMN¡I
L +@u¡ L<O<M @DM =DGDMN¡I
? +@u¡ <BDM? T@ODMHDN¡I
P NP<GG<M< <GI<Q<=G<M 4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
%¡M =DM PNO<? <L U T@OD?DM?DTD <BDM?DI =OI ILN<IG<MI< LNPMG<MI< ?< ><Q<=?@C?DM
2NO<? U <BDM?DIDI ¡SG<LI< C¡OO< UI @G Du¡MDNDI?¡ I@>¡ <K<MH<I< ?< H¡NPG?PM G¡NB¡M
<LGL N¡I¡ODIDI Q<>D= ¡MOG¡MDID =@G¡ DU<C @OHD?DM
L JGP= O¡MFDQ¡O¡I JG<II
U¡G =<?<I KM F¡H<G B¡M¡F?DM
,OPMP=?PMH<L?< ¡?¡=DI =DG¡
*¡MDA¡O @GHDI?¡ ?JGP B¡M¡F?DM
)<FDI <LG<M Du¡MDNDI?¡ =P L<IPIL<T?<T< ¡H¡G @OH¡T¡IG¡M JIP KJU<IG<M ?< <U
JGH<H?M DM NM< BMF¡HGD <LG<M DN¡ C¡G¡ F<HDGG¡H¡HD PNO<?I< F¡H =<S¡ =DM N¡I¡OF<M
JG?PPIP LDTH¡OG¡I?DMH¡F?¡ U¡ uS<MH<L?< ¡Q¡UNDU =DM H@T<M JGHP?PM LG<MI =DM uJSP
T@IDT@ID ?<NO<IG<M ?U=LJHP =PIPIG< T<I< T<M<?>GL KMJN@NDI?¡ ¡I¡I¡QD ?<NO<IG<MI ?<
HSO¡GDA Q<MD<IOG<MI T<M<OHG<M ė(JMJGPĘ ==<N$GB¡UL .¡MD=.PM=<IDNGD
(¡M¡H <C NH<TG *¡NPH!DG¡AMPU *BDH <C NGGI?<=DMI@u¡ TJGJGHP?PMPH¡N¡G¡ DG¡ =<G=DM
uJS O¡?LDL<OuG<M H<M<LG HG<CDU¡G¡M NTG¡HDG¡M @G¡
HG<CDU¡G¡M?¡I =DMD KMJA
#.<NHU<?¡IDI?DM ,IPI ADFMDI>¡ ?<NO<IG<MI =DM LDNHD PNO<? <LG<MI LJLPG<M ¡N<NI?<
NJIM<F <LG<M O¡M¡ADI?¡I T<M<?GM @G¡GDFG¡ ?<NO<I?< DFD NGP= T<<TM? !<NO<II TPM?
<?G<I<II<GCDNN¡ND?<NO<IIH¡GGDADI¡@DMCDNN¡NDPNO<?S<GL<I<<D?JGPM?PN
DM uJS AJGFGJM <M<?M>G<M ė(JMJGPĘ ==<N$GB¡U 5¡NO¡ .<NH Q¡ =<L<
?<NO<IG<MI (JMJGP .PM=<ID 1PA<ML<IG ==<N 5¡NO¡ .<NH FDHD =TF N¡I¡OuDG¡MDI
@DMG¡MDI?¡IDNODA<?¡ DG¡ NJIM<F<LG<MO¡M¡ADI?¡I T<M<?GHJG?PPADFMDIDDM¡GDNMMG¡MN
!<NOGII HSO¡GDA TJGG<M =<M¡?¡ <F<?@HDF %M<NG *=M<CDHJQ Q¡
=<L<G<M ?< HSO¡GDA ADFDMG¡M NTG¡HDG¡M P =<M¡?¡FD HG<CDU¡G¡MD HPHDG¡?DM¡I KMJA
*%1¡CH<ND= J L¡I<¡O¡ B¡GDM FD ?<NO<IG<MI PNO<? <LG<MI @DMG¡MD ¡N<NI?< <?N<I H¡GPH
JGH<T<I =<L<G<M ¡FN¡M C<GG<M?< DN¡ <BDM?G¡M O¡M¡ADI?¡I T<M<?GH JG?PLG<MI
HPHDG¡?DMH¡F =PIP ¡N<N PNPG FDHD L¡=PG @OH¡F PNO<?G<M ?<NO<IuGL L?M¡ODI?¡I H¡CMPH
@G¡H¡F?<NO<IuGLL<=DGDTT¡ODIDPNO<?G<M?<I<G=PNO<?JGH<E<I<BDM?G¡M¡ =<G<H<LFDHD=DM
@T?DMP=<M¡?¡FDADFMDID?<Q<H@O?DM¡IO¡?LDL<OuT<UM
)<FDI =DM L¡?¡M ¡OM<AG <M<?MH<G<M <T?I BNO¡M?D FD =P =DUDH H¡GPHH¡CPM PNO<?
<LG<MHU< L<M C<LNUGL ?<NO<IuGL FDHD H¥H =DM T<M<?>GL KMJN@NDID DN¡ BMF¡HGD
L?M¡OGD N¡I¡OF<MG<MI ¡GDI?¡I <G= O¡N<?AG¡M¡ =<G<H<L FDHD T<IG =DM TJG?PM *¡B¡M NE@OGD
FJIAGDFOGD NPM¡OGD N¡>DTT¡GD <DLGDH¡PL¡GD =<G<H< Q¡ <uH<G ?PQ<LL<KH< Q¡
PNO<?I<H¡GD?<NO<IT<M<OH<LFDuDF@DMG¡MLJH<G<MT<M<OH<L?<IuJS<N<I?MHFD=PDFDI>DID
PNO<?G<M<=DMDI>DIDDN¡ I<H¡GPHG<M<=<G<TML
F<? %M<NG <L T<M<?>GI?< =P KMJ=G@H¡ OJSPI<M<L ?<NO<IG<MHUI u TJGG<
T<M<I?I NTG¡HD?DM %M<NGT< BM¡ =P TJGG<M?DND =P?PM FD =¡UD ?<NO<IG<M?<
C¡LDL¡O¡IO<MDS?¡ T<<H¡SNDTT¡ODI<?DG¡ =<GH<NDMG¡MDIDIT<M<O?@DMG¡MC¡HDI?<NO<II
¡N<NIO¡FDG@?DM1¡?LDL<Ou=P TJGG< T<M<IH?<NO<IG<M<HDN<GJG<M<L(JMJGPIPBNO¡MDM
P CFH =DM L¡?¡M ?MNOG¡?DMDGH¡GD?DM PM<N ?JMP?PM FD (JMJGP @KJNPIPI
T<M<IH<NI?<=DM uJS<LQ¡ <LH¡FO¡=DIDIMJGPJGHP?PM )<FDI=P?<NO<IG<MI ¡N<N=DU>¡
(JMJGP <?G E<SP? (JMJGP G¡L¡=GD O¡S¡GGNG <T<H<G =DM ¡SNDTT¡ODI U O¡M¡ADI?¡I
LJTPGHP?PM
!<NO<I?<NOG=<M¡?¡ <TM<TM ¡N¡MG¡MDI?¡HSO¡GDAO¡CGDGKMJN@NG¡MDI?¡ ?I¡
?I¡ NC=¡O<u<I*%1¡CH<ND==P=<M¡?¡FDADFDMG¡MDID?¡LDLG¡?DMH¡T¡ u<GHHG<CDU¡G¡MDID
FJIFM@OIHPI¡G¡M ¡N<NI?<DIFD<A@O?DMHD?<NO<IT<M<?>GIIJMDEDI<GJG?PP L¡?¡M?¡ uJS
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
HM¡FF¡= =DM T<M<?>GL KMJN@ND JG?PPIP BNO¡MHD?DM *¡GGDA ADFDMG¡MDID ?<Q<H @O?DM¡M¡F
BNO¡MDMFDH¡C<M¡OGDPNO<?<LG<MIDu¡MDNDI?¡ ?<NO<IT<M<OH<T<IG<M?<JGHP?PM
l@m@m Hm ;?BDAH;L3E;K3 -.MDIu@MDI L@T? @O?DM?D FD @KDF NTG¡TD>DIDI ¡N<N Q¡UDA¡ND
?DIG¡TD>D uI OGLO@SIDF<NI<=<L<NUG¡ ¡I¡I¡QD?DG ¡I¡I¡QDO@H<ODF<
¡I¡I¡QD FJHKJUDNDT< A¡I?G¡MDI¡ O<H TDT¡G¡IH¡GD?DM XL N¡I¡ODIDI PNO<?<BDM? ¡I¡I¡NDI¡
NTF¡IH¡ND?<Q<HGQ¡ LMGH<UJGH<N@KDF ¡I¡I¡?¡FDu@D?GDNE@OHJODQFJHKJUDNDT<AJMH<Q¡
?DB¡M@G@H@IOG¡MDI?<C<B@IDHDLT<N?< ¡NMG¡M?¡I¡NMG¡M¡ ?<IH<NI<DHF<IQ@MHD?DM LN¡I¡OD
Q<CD? ,PU @OIDFH¡?¡ID u@QM¡NDI?¡I ?DA@M@IND<GG<H U¡M=<T>G U¡M=<T>DNDN<TG<=DG¡M[
*¡GPH?PMFDU¡M=<T><I?<S<GL<M<NI?<?<NO<Iu<LG<MSNPND IAPU<H<GDFJGHPG<M
L ¡?¡=DTT<OIO¡?LDL@?¡I=DMNM<<GDHG¡MC¡OO<@KDFDA<uGLQ¡ @KDF T<M<?>GLL<=DGDTT¡OD
H¡C<M¡ODJG<I=P<LG<MX?<NO<Iu<LG<M[<LG<MI ¡I¡I¡QDFG<NNDADF<NDT<NI?<PNO<?<LG<M
DA<u<LG<M@G<DMG¡MDA¡MLG¡I?DMH¡TDIQ<>D=GDTDID?¡ QPMPG<HG<MN
!<NO<IG<M U¡M=<T>GII ¡I HF¡HH¡G MI¡FG¡MD?DM Q¡ JIPI ¡N<N
ODKG¡MDID L¡CM¡H<IGL Q¡ H¡C¡==¡O ?<NO<IG<M O¡FDG @?DM *%1¡CH<ND=DI O¡NIDA<OI?< uI>
LMPK?<NO<IG<MJG<I<DG¡¡SG<L?<NO<IG<M<UDIOD<MO<KH?MN
U¡M=<T><IL¡CM¡H<IGL?<NO<IG<MuIO¡FL¡CM¡H<IGG<H@TGS<M<FO@MDF?DM-MJA@NNJM
+ ¡A¡MJQ OMF @KDF ¡I¡I¡NDI?¡ O¡F =DM L¡CM¡H<I J=M<UI 1<IM D?@T<NII O¡F<GG<CGI
AJMH<G<H<NDG¡ ¡G<L¡G¡I?DM¡M¡FT<UH?MX*F¡HH¡G@KJNO¡A¡FFMuIO¡F=DMGG<CO¡F
=DM CFH?<M O¡F =DM L¡CM¡H<I G<UH D?D ,I< BM¡ ?¡ L¡?DH OMF @KJNPIPI HSO¡GDA
H¡I=¡G¡M?¡ =P Q¡ T< ?D¡M ¡FDG?¡ HC<ADU¡ JGPIHP ?<NO<IG<MI ¡N<N L¡CM¡H<IG<M X1<IM[
J=M<UII OM<INAJMHG<M JG<I CFH?<ML¡CM¡H<IG<M?M FD JIG<MI DM<?¡ND C¡HDI ?<NO<I T<M<?<I
@KJNO¡A¡FFMIIS<GLI@OIJNPI@OIDFH¡?¡IDNDNO@HDIQ¡ N=DG<Q<NDO¡ DM<?¡ND?DMN
*¡GGDA (JMJGPIPI QG<?NUGII O¡IC<GII B@I@ODF N¡=¡=DID ?¡ =PI< =<G<TM
X(JMJGPIPIDG<CDH¡I¡TD1<IMJ=M<UIIUI¡H¡SNPNOM<INAJMHPJGH<NJIPI(JMJGPIPI
O¡IC<GII QG<?NUGII B@I@ODF N¡=¡=D?DM <L C¡HDI ¡=¡= 53&&53&&& ¡NMG¡M?¡
O<H<HDG¡ <MS<DFG¡HDAPIFNDJI<G><MDH¡IODLDIDKJ@ODFN@H<IODF<NIDODMHD?DMN
U¡M=<T><IH¡C¡==¡O?<NO<IG<MIILPMPGPP?<<GDHG¡MDIL@T?@O?DTDFDHDDGFI>¡ ¡I¡I¡
C<?DN¡ND?DMU¡M=<T><I?<NO<IG<M ¡I¡I¡QDNDIO<FODFNOMPFOPM<H<GDF?DM
* ¡A¡MGD T<UM X*¡C¡==¡O ?<NO<IG<MI?< H¡PL¡ DG<CD BU¡GGDTDI ?<T>N G<CDIDI
O¡>¡GG<N?MP=<SH?<I?¡MQD ē 5UM%¡UM¡O GD<DLG¡ H¡PL<M<NI?< ¡NGDI?¡ =P?IT<DG¡
J ?IT< DIN<IG<M ?IT<N DG¡ G<CD !IT< <M<NI?< Q<NDO¡uDGDF @?DMG¡M P Q<NDO¡uDGDF ?<NO<I?<
C¡H =DM=<< Q<NDO¡uDGDF?DM =P TJGG< L¡CM¡H<IG<M ?IT<T< B¡GDMG¡M =DM=DMD DG¡ =PO< TJGP DG¡
ID<IG<IMG<M Q<NDO¡uDGDF C¡H ?¡ SDG<NF<MGL ¡FGDI?¡ O¡U<CM @?DM H@?D<OJM =OI L¡CM¡HU¡GDJGPM
!T¡I L¡CM¡H<II FIGI¡ NU ?JG?PMPM JI< Q@MDGHD H¡HH<G<MI ><Q<=I DMGD ¡FDG?¡
L¡CM¡H<I<XKuG?<TM[LL¡CM¡H<I=OIC<GG<M?<UC<HDNDIDIFH¡TDDG¡ L¡G¡=¡ L<U<IM[
N
1¡MFDQ¡O¡IJGP=?DT<M?DT<MB¡UH¡TDUIIHDNNDT<NC@N<=@?¡I<L=DM ¡I¡I¡ JG<M<LU
L¡CM¡H<II N¡A¡M¡ BI?¡MDM .¡CM¡H<II H<>¡M<N LM=¡O¡ B@OH¡ H¡C¡==¡O ?<NO<IG<MII ¡I
PUPICDNN¡NDIDO¡FDG@?DMX1<CDMQ¡ 7CM¡[X*DNFDI=?<GQ¡ 0¡IP=¡M[X.PG*<CHP?[X<C
NH<TG[ X.PM=<ID[ FDHD JIG<MG< S<GL MJH<IG<MI?< L¡CM¡H<I =PO< <G?L?<I NJIM< N¡A¡M¡
TJGG<IM
DLDI LM=¡O¡ TJGG<IH<N X(JMJGP[ LJGG<MI?<F FDHD L¡CM¡H<IGL H¡UHPIPI?<I I¡
L¡?¡MF¡I<MJGN<?< ¡I¡I¡IDIDI@MNDT<NDG¡ C¡OO<H<NDM?<NO<IG<MHU?<=@G¡ =¡U¡I?<NO<IG<MI
Q¡ <L M¡Q<T¡OG¡MDIDI <?I?< ¡NFD HJODQG¡MDID LJMPH<L?<?M *¡N¡G¡I XL GII 1MFDT¡
N¡A¡MD[XL G¡NB¡MDI.<M<LJTPIGPN¡A¡MD[XL G¡NB¡MDI.<M<=<N¡A¡MD[X+QM¡NH<II
1DAGDN N¡A¡MD[ Q¡ N XG¡NB¡MI¡I 0¡CI¡=<IP[?< ?< L G¡NB¡M F<N= JG?PPI?4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
*¡C¡MM¡HDIJGP*PNO<A<T<Q@MDG?DTDID=DGDMN0¡A¡M¡ uS<IL¡CM¡H<I TJG=JTP
=DMNM<H<I@¡G¡MG¡ UG¡H¡GDNI<LG<M?<IuSH<GJGPM
$MI?T FDHD X(JMJGP[ ?<NO<II?< HDA O<MDS Q¡ @KJN HM¡FF¡= N@H<IODF NOMPFOPM<
H<GDF?DMDU=PM<?<H¡N¡G¡IDI=¡UD ¡N<NC@N<= @O?DTDHDUO¡M¡AG¡MDID ¡G¡ <G?L%@N<= @?DMDFFD
BNO¡MDG¡IDNODL<H¡O?¡ O¡?LDL<OG<MI<K<MGH<NU¡MPMD?DM
lle00+
¡A¡MGD*!<NO<IQ¡ HDA
¡A¡MGD*U¡M=<T><IH¡C¡==¡O?<NO<IG<MIIKJ@ODF<N
¡A¡MJQ+"KJN?<IFDO<=<
(MJGPIF<M<
(JMJGPu<K<C<UMG<T<IQ¡ INUIH¡GGDAD*%1¡CH<ND=
(JMJGP u<K< C<UMG<T<I "1JADLLU I NUI H¡GGDAG¡MD %NH<TGJQ "1JADLLU 5¡GDGX(JMJGP[IPIO<O<MOJ=JGQ@MNDT<NX!¡?¡ .JMLP?[EPMĠ
==<NG(JMJGP@KJNPIPIE<IMUI¡H¡SNPNGPPI<?<DMė!¡?¡ .JMLP?ĘĠ
#<T<O(JMJGPJ=M<UIIAJMH<G<H<NI?<S<GLNPADUHDH¡MC¡G¡NDX2G?PU[EPM<F
Ġ
I<?JG.JuTDBDO(MJGPIF<M<
-+JM<O<Q(MJGP?@NO<IFDI>D=<NHNO<I=PG?<HT<TI>GF
*"FD>D1MF?IT<NI?<(JMJGPIF<M<
\unmwm| mvv&vyq]mx
!<QMDE@D (IDL< DNOJMD * --@OMP@QNFDT .JNP?<MNOQJ U@M=<T?E<I< Q 53 Q@F@ 0=JMIDF NO<O@T KJ DNOJMDD
U@M=<T?E<I< O & /J?JNGJQI¡ OPMFH@IU?(JIJIJQ<0JuDI@ID@=PG.<UDS<I<SQDINFJLJ *) \_mznrvim\vwmwmvh
33<MOJG?0JuDI@ID¡3O*
#(KMG1MF@?@=DTT<OI?<DGFHO<N<QQDAG<M!DT<I@ODG@MD=<F<IGğT<TIG<MIF<M<
+ě¢A¢MJQ "KJN?< Q¡UIDIDI O<MDSDė*<<MDA DuDNDė EPMI<GĠ
(3¡GDT@Q U¡M=<T><IS<GL?<NO<IG<MJMO< ¡NMG¡M<F"GH
.<NHU<?¡ #5&5 ¡NMU¡M=<T>DG?<F"I¡MDTT<ON
!<?<U<?@ ( $KDu@NF<¡ OM<?DD¡ I<F J=@FO KM<LH<ODu@NFJLJ DNNG@?JQ<ID¡ -, +
G¡NB¡MI¡I 0¡CI¡=<IP ē $Tu¡ ?<NO<IG<M Q¡ <L M¡Q<T¡OG¡MD OJKG<T4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
)/+e'%#0 j -l'e" l%l%ll$Y)e"(&)/+e'e
W "\)&*!W.+
2UPI H??¡O KNDSJGJBDT<II O¡?LDL<O J=T@FOD C@N<= JGPIHP <MS@ODK <IG<T
B@Mu¡FGDF PM H¡OI HI<ND=¡OG¡MD HNO¡QDNDI?¡ H<M<LG I¡OD>¡G¡M ?JPMHP?PM MOL =DM NM<
O¡?LDL<OG<M?<DNO¡M T<UGDNO¡MN¡ ?¡ DA<CD T<M<?>G<H¡SNPNH¡OIG¡M=PTI?¡I<M<?MGH<L
?<?M+¡U¡M¡ <GN<LFDC¡HDA<CDC¡H?¡ T<UGH¡CNPGG<MDIN<IPMPIPIB@Mu¡FGDT¡ HI<ND=¡OD
¡N<NI?< AJMH<G<M JI?< =PIG<MI ėDIN<IGI HPHD HDM<NĘ FDHD NU FJ?P DG¡
H¡OIG¡HDJG?PPIP?@T¡ =DG¡MDF
-NDSJGJBDT<?< <MS@ODK <IG<TI< HI<ND=¡O A¡MLGD H¡>M<?< DIFD<A @OHD?DM GFDI
?QMG¡M?¡ =¡UD <GDHG¡MDI (.6PIL O¡M¡ADI?¡I @GH¡ B¡ODMDGHD ė<MS@ODKĘ <IG<TI< HI<ND=¡OD
=DMH¡I<G JGH<H?M (.6PIL T<UM ė,IG<M N<?¡GQC>¡NDI¡ C@N<= @?DMG¡M FD =@G¡ T<I<H<
A¡M?DI?<SDGDI?¡FDDFDGDėNP=T@FODIĘT<SP?DFDGD¡SNDTT¡ODIHQ>P?GPPIPIBU?¡IL<uMGH<NI<
B¡ODMD= uS<MM $@Mu¡FGDF?¡ DN¡ =P @G¡ =@G¡?DM 3¡ H<NDM DIN<II F<=PNG<MI?¡ I@QMJODFG¡M?¡ ?@TDG?DMPSJ<B¡GH¡UC<GFJGG@FODQPMNPUGPLNDHKOJHPFDHD
H=<CDN¡NDU JG<M<L =¡¡MDTT¡ODI HPHD HDM<N?MĘ NGDI?¡ DN¡ T<<? M@BDJI?GI DGFDI L<TI<I O¡FDG @?DM 1¡N<?AD ?@TDG?DM FD AJFGJMPI
E<IMG<MUM¡ O¡NIDAG¡IH¡ND?¡ @HJNDT<T<HI<ND=¡O?¡ =<Q@MDM"HJNDT<IIB@Mu¡FGDT¡ ¡N<NG<I<I
H<CDTT¡ODJIPIE<IMODKJGJBDT<NI=¡GGD@?DM
*SO¡GDAKNDSJGJEDC<GG<M?<UIBNO¡M¡I=P?@O<GG<MKNDSDF<II@G¡ ?¡MDIL<OG<MI?<I
L<TI<LG<IMFD=PIPI?< ¡N<NI<MS@ODKG¡MO¡FDG@?DM6¡IDB@Mu¡FGDT¡ HI<ND=¡ODIC¡MC<IN=DM
AJMH<N JG< <MS@ODKDIDI SNPNDTT¡OG¡MDID
T<<?M<L<NUG¡=PJ=M<UC¡HDI<MS@ODK ¡N<NI?<LPMPGHP?PM+<G@TIDU<H<I?<?DB¡M
E<IMG<M?< T@M <G<I =P J=M<U APIFNDJI<GN@H<IODF<N =<SHI?<I <MS@ODKDF H<CDTT¡O ?<TM
*SO¡GDA NDOP<NDT<G<M?< =P J=M<UI C¡T<O< F@uDM?DTD A¡<GDTT¡OG¡M JIPI ?¡MDI HDAJGJED NOMPFOPMP
=<M¡?¡ ?IH¡T¡ DHF<IQ@MDM
.@T? @OH¡F G<UH?M FD (.6PIL< L¡?¡M NJND<G<IOMJKJGJED Q¡ KNDSJ<I<GDODF O¡CGDGG¡M
<K<MGH?M 5NPND DG¡ =P N<C¡?¡ (@H=MD> H¡FO¡=DIDI BMF¡HGD IH<T¡I?¡ND #M@TU@MDI
<K<M? <M<?MH<G<M =P N<C¡?¡ HCH H¡MC¡G¡ID O¡FDG @OHD?DM #M@TU@MDI O¡?LDL<OG<MI?<
DIN<II=OIU<H<IQ¡ H¡F<IG<M?<DNO¡FQ¡ <MUPG<MIIJS<MGD?@T<N?DLL¡OD>¡G=@?DMFD=P
D?@T< NJIM<?<I O¡CO¡GPM <IG<TII <M<?MGH<NI< ¡M<DO T<M<OH?M 0JIM<?<I (.6PILPI
O¡?LDL<OG<MI?<FJGG@FODQPMNPUGPLPM<GOQ¡ T<L@TMDMDQ¡ NFDHD<IG<TG<MB@ID¡FDG?¡
TM¡IDGHD?DM ėMS@ODKG¡MQ¡ (JGG@FODQPMNPUGPLĘH¡L<G¡NDI?¡ H¡GGDAPM<GOIA¡M?DQ¡ JMO<L
JG<M<LDFDLMPK<=GM#¡M?DQ¡ JMO<LPM<GO<IG<TG<MIDU<C@?¡MF¡IH¡GGDAT<UMFD
ėI><L=PA¡M?DPM<GOA¡M?DO¡>M=¡G¡M?¡IOM¡H¡T¡IQ¡ A¡M?D=DM L<TI<<?@TDG?JPGP?P? JG<I =DM H¡I=¡T¡ H<GDF?DM P ?<C< ?¡MDI?¡FD H¡I=¡ID H¡I JMO<L T<SP? =<L< <?G<
ėFJGG@FODQĘ ē %.PM<GO<?G<I?MM<Hė,MO<LĘO@MHDIDI¡ NOIGFQ@MH¡TDHDIN¡=¡=DJ?PMFD
PM<GOII=PLDNHDA¡M?D?@TDGPIDQ@MN<G?MĘ6PIL<MS@ODK<IG<TI<JOM<LPMNPUGPL
A<FO FDHD =<SM , T<UM ė#¡M?D L@TMDPMDIDI H<CDTT¡ODID A¡M?DI HQ>P?GPP ¡MUDI?¡ ¡G?¡
@?DG¡IG¡MJMO<LL@TMDPMDIDIH<CDTT¡ODDN¡ ¡U¡G?¡IQ<MJG<IN<=DO<MS@ODKG¡MO¡FDG@?DMĘ
NGDI?¡ =P O¡MDA¡ I¡U¡M T@ODM?DF?¡ <MS@ODK <IG<T Q¡ PM<GO Q¡ T< L@TMDPMD DA<?¡G¡MDIDI
H<CDTT¡OD<T?IG<HJGPM*¡GGDA¡ BM¡ T<<?U<H<IQ¡ H¡F<I?<I<NGJGH<T<M<LDIN<II
?<?HPHDO¡>M=¡ Q¡ =DGBDG¡MHQ>P??PMFD=PIPI?<L<TI<IJMO<LPM<GOO¡FDG@?DM
,MO<LPM<GOII ¡N<NI?<DN¡ N<=DO<MS@ODKG¡M?PMPM
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
PH¡I<?<<MS@ODKNDHQJGJ=M<UFDHDH¡OI?¡ DIAJMH<NDT<TFI¡ u@QMDGDM<L<NUG¡
?@N¡F <MS@ODK J=M<U Q¡ NDHQJG NO<ODF C<G?<I ?DI<HDF C<G< SNPND C<GG<M?< F@u¡M¡F H¡OIDI
H@S<IDUHDIDT<M<?M
MS@ODK <IG<T =<M¡?¡ ?<I<MF¡I =DM H¡N¡G¡ID ?¡ ?DLL¡O II¡ B¡ODMH¡F G<UH?M
(.6PILPI ?< O¡?LDL<OG<MI?< A¡MLG¡I?DM?DTD FDHD <MS@ODKG¡ JIPI NDHQJG Q¡ J=M<UG<M A¡MLGD
H<CDTT¡O¡ H<GDF?DM @G¡ FD <MS@ODK <IG<T UI?¡ B@ID H¡I< Q¡ H<CDTT¡OD DA<?¡ @?DM
*¡TT¡I <MS@ODKDI NDHQJG Q¡ J=M<UG<M C¡M C<IN =DM H¡?¡IDTT¡O ?<SDGDI?¡ TUG¡MG¡ JG< =DG¡M
*¡N¡G¡I H?MDF LJ>< <MS@ODK?DM )<FDI =P <MS@ODKDI >DUBDG¡MDID UI?¡ ¡FN @O?DM¡I uJSN<TG
O¡U<CM AJMH<G<M Q<M?M 6<G Q¡ =DGDFGD H?MDF NO<OPNPI?< ?¡MQD LJ>< G¡G¡ =<=< <O< L<M
HI¡>>DH Q¡ =<L< J=M<UG<MG< T<I< T<M?HuFH¡FuD NO<OPNPI?< uS @?¡I L@TMD<?D
DIAJMH<NDT< Q¡ =DGBD O¡L?DH @?¡I C@TQ¡C¡OG¡MD ¡FN@O?DM¡IH<<M<LPTP?¡M¡<<>FJPPL<T<?GOPOH<L
Q¡ N?¡ JG<=DG¡M PM<GOA<FOFDHDHQ>P?JG<I<MS@ODKG¡MPIDQ@MN<GS<M<FO@M ?<TMQ¡ C@u=DM
U<H<I PIP?PGHPM , H¡TT¡I J=M<U Q¡ NDHQJGG<M Q<NDO¡ND DG¡ PMGP N<C¡T¡ ?<SDG JGPM 3¡
=PM<?<PMNPUGPLA<FOIIPMGP¡FDG?¡ DA<?¡ JGPIH<NUIBNO¡MDM(.6PIL<MS@ODKG¡MDI
PMGPGPLN<C¡NDI¡ ?<SDGJGH<NIIH¡CNPGPFDHDTPSP Q¡ HDAG¡MDBNO¡MDM1¡=DDFDTPSP
Q¡ HDA H¡OIG¡MDIDI T<<O? L@TMDPMDIDI A<FOG<M HSO¡GDA E<IMG<MI O¡MFD=DI?¡ ė¡MDHDĘ?DM
PIPIG< ¡G<L¡?<M JG<M<L I<G ?<NO< <MS@ODKDIDI J=M¡ ?¡ O¡U<CMAJMH<G<MIH¡TT¡IG¡?DMH¡FSNPNDO¡?LDL<OO¡G¡=@?DM
*¡N¡G¡T¡ T<I<H<?< J=M< <MS@ODKDIDI !¡?¡ .JMLP? *JGG< +¡NM¡??DI ?¡MQD
J=M<U FJHKG@FND Q¡ N FDHD J=M<U K<M<?DLH<G<M ¡FGDI?¡ O¡CGDGD H¡LN¡?¡PTPI?PM PIPI
¡N<NI?< J=M<UI <MS@ODK?¡I L<TI<LG<IH< N¡QDTT¡ND H¡OIDI NOMPFOPMPI?< OPO?PP T@M J=M<UI
C¡M¡F¡ONS@HDIDIAJMH<G<H<NFDHDH¡N¡G¡G¡M<T?IG<?MGHJGPMDMH¡N¡G¡ID?¡ L@T?@?¡F
FD H?MDFLJ><<MS@ODKDIDIH¡?¡IDL¡CM¡H<IQ¡ OMDFNO@MFJIO@FNODI?¡ O¡CGDGD?¡ Q<>D=?DM@G¡ FD
U¡M=<T<><IG¡ODA¡G¡MDIDI ¡N<NJ=M<UG<MI?<IJG<I*JGG<+¡NM¡??DIDINOMPFOPMPI?<DFDGDH<CDTT¡O
C<?DN¡G¡M¡ A¡MLGD T<I<H< UI BNO¡MDM FD =P ?< FJHDF NDOP<NDT<?< L@TMDPMDIDI T<<H<N
¡N<NI?< JGPM *¡N¡G¡I *JGG< +¡NM¡??DI G¡ODA¡G¡MDI?¡I =DMDI¡ ?DLL¡O T@ODM¡F @G¡ FD LJIP
F¡I?G¡M?¡I=DMDI¡ LJI<LB@?¡I*JGG<+¡NM¡??DIT@?DTDT@H¡TDI<?INJMPPMFD@Q?¡ ?¡ C¡HDI
T@H¡F?¡I =DDMO?DMNDI 6JG?< =P NU O¡FM<MG<T<I *JGG< +¡NM¡??DI <MS?<I F@u¡MF¡I T@H¡TDI
<?I PIP?PM 3¡ T@MDI?¡ ?<T<I<M<L <MS?< C¡HDI NU <SO<MM 0PTP J L¡?¡M L<M?MM FD NP
=PG<IM 6JG?<I F@u¡IG¡M JI?<I I¡ <SO<M?I NJMP?PL?< J NU =P <MS< N<G?I ?@TDM
*JGG<II=PC¡M¡F¡ODI¡ BG¡ITJGuPJI<?@TDMFDN¡IG<KNPTPėCJMM<Ę@G¡?DIFD*JGG<N@QDIDMFD
C¡ =<SH¡I¡ @G¡ =PNUG<UH?M
*¡OI¡ ?DLL¡O@O?DF?¡ *JGG<+¡NM¡??DIDINU<MS?<<SO<MH<NBG?JPM<IA<FOFDHD
UI BNO¡MDM HH< H¡N¡G¡IDI H<CDTT¡OD @G¡ H¡CU =PM<?< LJMPIP= N<SG<IGH?M @G¡ FD
FJHDF KG<I?< UI BNO¡M¡I =P A<FO ¡NGDI?¡ <MS<DF T<??<?< NPTPI <MSI H<GDF JG?PP
N@H<IODF< ¡N<NI?<DU<CJGPI<=DG¡M¡GGD?DMFDHDAJGJEDPM?<NPF@uD?H¡F<IS<M<FO@MD?<TM
PIPI Q<NDO¡ND DN¡ S<JN?<I FJNHJN< T<SP? FJNHJN?<I S<JN< F@uD? =< Q@MDM 3¡ FJNHJN?<I
S<JN< C¡M¡F¡O @?¡I L¡CM¡HC@OTK@N <I? 1C@ JGG@>ODQ@ 2I>JIN>DJPNĘ -MDI>@OJI -MDI>@OJI
2IDQ@MNDOT-M@NN
<MG$PNO<Q'PIBė-NT>CJGJBD><GM@AG@>ODJIN<I<IOCJGJBTJAOC@MDODIBNJA $'PIBĘ+@R
6JMF%<MK@M 0O@Q@I #4<GF@Mė1C@'PIB<I?1C@'PIBD<IN,I*TOCNĘ +@R6JMF$<MG<I?-P=GDNCDIB
°©ÄÓÉ¦ÖÛËØÎÕÎ×ÎÒÈÔÑ COOKRRRM<UPH@DMPADG@NJOC@MNK?A
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
/@@'+1+@!!
+"+
Ehxhjssp Boxihqhu p|hp }hsk lipqqhzulh q{tvxpyzpr nhux rptp zh klptlu
qhhthklhlx EhxhjsspsxhlzuhktspysxpulyqsupspxGmtrvushxuqhxhly
lh yqsqppyp l hkshxlx Cop t~ssp|sx khxhjsspsxpu qhxhuth zhxp}pup vxzh yxsx hpl
mzysxlkhxhjsspsxpui{~ulqhxhulupurhx mztrhkyoskvshxl
Ehxhjssptrppro~uluhsmsmtmuzsxpyh}shqhulhhv}szp|qiuoqu
uvjmsshjhxpilppyxsxlpxrphkshxjuhsshxi{ushxlhumuppyzp|hlmlpx
Ehxhjssplhuthklpusqppsxpujhsuh{q{umlpspx Ehxhjsspupqhlhyzhuuhs
ihshtholhu jjs qh lh lhuhxru yqsqpxsx Ehxhjssp lpusqppl lhyzhulh vshu
tzsi tmqsp lhh lh ~sulpxtr ~~u yqsupspx Bk lhyzhuu u thxhks qmxpul
yizp lhqhulxx Gpusqppl puzpohx qhxhlx Zyzhl hkshx hlzu khxhjssp yqstqp
hpxlpu jhs mlpx C{ lh hpxlpu ipx uj tspyl lhuk hwhxthk yiz mztr
lpusqppup si mztr yxpzypup hxzxx Ghyzhusk uhssk jxlpsxpu qpqsutq
rtrmlpxEhxhjsspupuyhytkylp puq{tvxshlpusqppsxpqsulpxtrlpxEhxhjssp
kxthushxhlzuyhlhlhtshxvs{xqmzptrhyi~z~uh}xjy
Ehxhjssp yqsqu hk hpxlp vixhoh pxpx tpu vixhou lpsp ps lhux j o~u~u
xrzsxpup vixhouruh {q{ushlxx `t l u klx ~s~ lvx{{ yu vsyh lh
khxhjsspp|hyo~~st~xBkyuzpultspylhulhjxhuuhv}lpkkzqmzpxpspx
R tspyl u~t{ujp lhjxhu u~thqp mzlpxtsplpx ^v} qkpu rp {s{ {yzhlshx o
yhshxshxu yh}shthk ~~u ipx wxpqvt rptp khxhjssp lhuth hpxl jhs mlpxsx
Gmqr rp hk o~ ipx um lkpk jjs Lvxvs{ vixhoulh plpy lhh Lmsp o~ qv}
hpxlpvquhqx
EhxhjsspsxluBoxihqhulh@L{rshA@EhxhjsspAzmhzxshxulhPvjx{ousprsxpu
l@Lvyh jLmsAtmqlhuzmhzxshxulhmuppyzp|hlvs{u{xgyxsxpuyuhulhu}t
i{nhuxuqhhthhjshotuhzlkpkvs{uthhhkkjhx
Bk yuzpul lhh ipx rppr nhux tj{ll{x wpxv @TpxvA yo~ v} qkpu |hxy
lpspul vshu wpjho yo~ulu ts spi Tpxvshx khxhjsspsxlu |xksp vshxhk uots
lmqpspx Lppr t~kllpt ps ihshuhu mpxlu pihxz vs{x Tpxvu{ hlzu huyyh ipx
hlqhuhsklh iqpu q{ipsqhxu tuyi qmzupu x|pu j y yqsqpxsx Tpxvshx lh
klptluipxnhuxrptpqhhthklhlxGlLxtlwpyxvyqsqpi
Yyy~| lv{xhu vl{x rp vxzh trzisxpu { ypup|p ~~u jjssx ux vs{uhu
lxysprl @Bk qhxhlsA istypul khxhjsspsxpu hl rpspxlp `hkkulh ipx um
rst qhosxl Kmup { ps uxpul hk qhxhls hklh yzp qhoshxu hxhyulh
khxhjsspsx qmx jmxpstqpi Tpyxv hklh lmqpsu ipx um yo jhxyhvxhlh lh nhuxu hlu
@TpyxvuA rptp jmxpisx exyu istup qhohu t~ssp| hk yuzp rptp ipx }opuq upq
imst~uhypizyzxpi
Yyy~|lv{x{{hslxrpkhxhjssprptpvquhk|vsrsvxnhuxuuzvwshuthyjuxp
pyxpuprpupqhxyuhzyhl~|mlpxBuhk ipokhxhjsspu~t{uyp psixpqqzpmqxhu
kvqhu @LpzhipGl Evxk{lA hiplypul xhyzshxk P yiiluy i{ pulpq rptp
zlkpkhzshxu uoxpulu khyi Zyzhluhtsx hklh yiz mlul rpzhi hwh
hoxlhqhu`Bxhysqholpxpl@Lptipspxisrli{ivqshxuqhoqhhsulyxsxl
vohushx i{ushx x lhyzhuh ihshtholhu jjs lmtpsx Yvwshq rhpzpi o ppup
hyhushlxthk ~~u vushxu htyu ipxipxpupu lhsuh l~oxr rpzhiu jjspu
qmxslpxtplpxA
Zyzhluhtsxhklhipoli{|prpxlqprBuhkpuhuthkvst{x~s~lv{xhukhlu
lhjxhushxulhu{yzhluhtrptphuyvohuqhhkpyzp|hlmlipsxlpZyzhluht {yzhl
yo~ {yzhl rsht hushtulhlx C{ mpxsxl {yzhl yo~ tujpqqhz |vxthshlxthk }shkp
rmq|pqqz hshthk ~~u utlpx uyx lmqps ~s~ l lv{xt{x Biplupu @O~kllptA
pyyypuqmxslpxpsuipopt|prxptpokhxhjsspvshuwhxhui~zjs~rszklptmlpxpr
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
@Rohuhnlx@Ehxshxlxll~xspl~Xvslxhuyvqlxipxpypzvslxhuzvqlxipxpypmjpu
zhqhlxipxpypumyqsxyuihqhlxA
Rohu mjpu zhqh vslx rp qhxlhuqhihulhu mj ipx kvuhk sy x hlht mjl
vsthyh vs hu qmlpxx ppxx hxshxoposx ulxx Rs Bqp \hzpt yvqlx }hut
Bu{u iirsxp ipmy~u Rhuh i{uyshqu jxz sy~u eslpu vs rpt yvslxhu yvqlx
Xhwhlhuhqmxpulu{x{z{xhxspupq~opupq{thlhuzv{oihoshth psuipxr~jszqv{xl
josx zvq{uh zkhihyh qmqx spu ixpu {xhx hqlhx @C{ mjp }hxhi vshy gx
jhxhslhu ix~ l}p khxut zvqthl q~opt ~stlp Bqht ihthk q~opt qhthk
xtlpA Gmqx @B uvsmqlp i{ smqlp ipxpu l}p jhxmqlpt Zthxtlhu qh}{qhx
vsmqlpA lmqx Bu{u rpipupu }hut iirsxp ipzty~u Rhuh i{ushqu jxz
sty~ueslpuvsrptlvslxhuzvqzvqlxlwlpp{x{z{xlspuq~opuq{thlhuvihuu
vs {ulhu i{ {uh vs {uh hxwlxl E{j k{jhshl lpu lpuslp fqsqlu olp
fqslu yvuxh mjpu slp exlp rpt vx rwr qmr zhuh mjpup ipxpipxpu khztzh{k
rvthyuhyxzhtuhlulxt~Evu{shxuhhxhxrpKmzxIsp}hI~imqlZx{ql
hukohuThhBquhOsrE{zs{Osrfstqpztqmzttplptqhzhhkqmxpt
mu i{ }xhi vshyql Pvsmqlp iupt mjpt ipx so ihkhqluo @Evu kkpzuxp
kkpA lm~ yqsx C{uu rpipupu }hut iirsxp ipzty~u Rhuh i{u{u rpip jxz
sty~ueslpuvsrptumyqsxyuihqhlx Hjpuqholhuqhihulhuipx{ls{kvuhk
sy x hlht mjl vsyh huh lpy rp z{x ztr z~x qmqspt i{ lh qmy~u lpy iptp
zt~u ikhy vstho qmtr xrlpx jxz hqlhx @Pmqsqqpt i{ qshhk mjl {u
qvksrqvkGjlpxthulhustlpA lpqxPs~xyiuptyhxthsy~uAlmq~
s~q~u {x{x qupu huhx yhyu xpu lulx~x Cpu yqsxyu ipxpypup {qtho xpu
yopupk{shuhkvqthoRsP{wmqtixpumpyspl~xBulhul}pypop}huthssh
yhkshy{u Rhuoh i{ushqu jxz sty~uA ex~ul~q~ rptp whxhuu tp
lpsp hiplqs m ipx shkyp vsththy yqsqpp vohuu yxiyz lhu whxhlh vshu
q{tvx}mqpxl{hwhxhuukhxhjsspvsthyuhmipx~iqmxpkvqt{x
C{ whxhlh psuu iop ryp yosx i{ ~u l Ehoh}Cvxhs sypul hus lhuk
lpspul hipll pstp yvu{x @uA yyp {hklhu iq~q htuu lpspullpx @mjpuA @qholhu
qhihulhuA qho yrp lpsptpol @sA lmtrlpx L~x~u yvs zx|pulrp klpt tm ovsh
Ehxhqho zyhl~|u hlshutx Ehxhqho tmyp Ehoh}sh ivxhsuu xhopypul qmxspx
e~x~yzhulhqmxsuEhxlhihupxhqvutxropupuyrphllhEhxhqhohlshuxl@Bxshx
oposxA i{ pihx xtu khxshqhx xtz j poozs qvssh yhshx tuhyulh pslpspx
@fstpztq mzttplptA hxhlhyh mpru hlht o~u ixhz khohulxthk ~~u i{
pihxuppslpxAjyRu{kmqlmztrpyzxlprrphiplupuo~ullq~osxsyopihxi{~u
lEhoh}Cvxhshthhzuuhrzpjs~z|vul{u{zrpsmlpxGmtrhiplqhoqhr~x~sxru
qh lhyzhuvohuqhlhhiplupqhoqhhshuzvwshqtpxoi{qmxsxpuyhrpupvs{i
Gmtrpyzqpxprrpi{kipsluvshukhxhjsspsxi{~ulEhoh}Cvxhsuhpqypul
hkshxulpssxpullpx
@@/
@LpzhipGlEvxk{lAC
@LpzhipGlEvxk{lAC
@EhxhjsspsxAC
@GlEvxk{lAn{xuhs
JihlzV~yztvj@GlEvxk{lAlhpuyhuosspqpC
]hsklhyzhushxdC
Cvxhsszp|sxpC
glipqqhz{ypup|~~ulxysprC
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
/7+-/%!+<%<%!)>!@+5//
@1++/1)%/'%1%/%+<'=1!!+<#
$ &+ +
Y~xr }hskshxuu p|hp qhllhulhu y~o~s~i su kxthusk lhyzhushx qhsuo
liphiplsxlmqpsRushxmqupohthulhkpqtzspzhxp}ptuisxlpxY~xrlhyzhushxuuhsw
pplsxpfuBypqhuutp}pqhostuisxpulzhuxv{sshxrptpqhoqhhsutlx
`t zhxp} mstptpo t |vsrsvx~uhysto ~~u thxhkslx rp m ]dD]ddd
yxsx hpl ]mzz j m d]Dd yxsx hpl Zxhxz{ qhoshxulh mwvuptsxptpopu hx}hpr
jhxphuzshx lpukpx j lpukpx m ypsshipr |vxthuzshx hszulh yzxpspx Gpukpx
@zhuxAlpukpxm@zhuxjshlshxAlmtrlpx
fuBypqhuus~lpssxpulqhoqhhsuhumwvuptsxluipxpY{thulxGlEvxk{l
Lhq Juhs }huu vs{uh 1%' qup G{thu hl jmxpx G{thu mwvuptp ^pu
yhsuhtsxpul )%' |vxthyulhqhoqhhsutlxY{thuzhxp}p}ypqqzvs{iiq~r
]{u}hkhuOmzmupuhzhylxC{ulhuyxuHshtljszpup +/!# ipxsprl
1%' hlsrtlhx plhxmlpxlp
JkxhxujX{tihzohlgspyizX{tihzvjppulhjhtshxpllphmlpxsxrpY~xrpq
ps ^pu hxhyulh tpu rt tyh| jhx Ruh x l Yhux lhshxulhr l{thu uysp ps
Buhlvs{lhr G{thu sryp hxhyulh zhxp}p ihshx vsh ipsto Rushx uox hstxshx rp
rhpuhzlhxmqxrzlvsl{{rptppuyhushxlhlhptxrzlvst{l{xBjxhypqhlh
ipxipxpupu}hxhihskshx~oxpulq~rysuypjpspohypqhshxmzuvyshxutpkxhypqhshxuzpnypul
qhxhutlx
G{thumzuvy{ hkkulhipots{tvshupsripspsxm ]dD]dddyxsxhpl]mzz
ps sjsxpullpx `tpu tp}pqhos rpzhisx Los Jxthr hq yhpspulrp Cvhorq
rulpulu zhwstlx Mjsxpu ipxpul yzxpspx rp z{thushx }mzzsxpu
kvu{s{{ulh qhhqxshx Rushxu sryp Chips tusp ]mzz qhoshxulh 1%%'
hlshulxsxChkhipxsjlkmqlvs{u{xrp 1%'' jpshqzpjxpChsh
zhq|hyuuqhhll~ousprlqmxspx
]mzz qhoshxulh yvu mnhshx lhh v} yhtpzsxs ihshqx Ruh x l l{thu
mzuvuptphl{thuuhhlhz{tthuphrspulqhoqhhsuxXosxpuyvu{ulhr h ph
ypsshipr|vxthuzshxzvzmtzhuxshxuhlshxulhumzuvuptsxqhxhlx
Os{tvs{xrpG{thuuhY{thuph@zvzmtpl{thuvshuA@l{thuhzhwuhuuyspuq{xl{A
lmtrlpx
R{oshx lh tvuvzmpot klx l{thuh ypzhqp mlx o vshushxuh l{thu hl
kvqhxlshxC{mzpkhluposxpgi~skhopChhl{x}huuz~xrtukvnhshxuulpspulukst
hsl nxl khstlx Lhq Juhs }huu vs{uh hl kvqhxru Gl Lvxr{z lmqpx rp
l~ol~x l{thu vshulh zxh| xtr vst{x Bunhk l{thu ssx utspr zpxpx vzshx
qxpx y~x~sx vzshqi v}hsx G{thuh vshu prpsp t~uhypiz ihkh
huzxvwvuptsxllo~u~yzxpx^vihupsxpu )+1%' ]dDyxhls}huvst{l{x
fjspqh^sip]Dddyxqhoxrpvu{ukixpgxopuhuqh}usulhpulpll{x{x
Cop zlkpkhzshx ims myhi mlpxsx rp Y{thuu khshy Gl Evxk{l ljx~u~u
zvwvuptplpx gyspul py l{thu xp khshy j sryp pulprp Y~xrpq xhopypul
@R{ouhtAsxpu qhxhuulhu tpu ps khihk tj{l plp Cpx ohthu Rxzh Buhlvs{lh
qhhqhu l{thu uysp thrmlvupqhsshx j yhyhupsx zx|pulu Eh|kho lhshxuu pths j
kxizrsxpuy}lxstlx
\prxptpo e~x~yzhuu G{thupyp xhqvu{ l{thuh zhwuhu yvqlhshxtou klpt
q{xl{l{xppslRythusvxl{y{kxhxhuuzxzpimzlpqpjmxpl|zxpulyzxpspx
rp 1%'- khshjuhpqlpx py vyq{uhutusprpsplpx
e~x~sx yvuxhlhu G{thu thhsuu hluh p yyp hxzxishx V{ypqh bvxh|pqh
btpqqzpupuzxzpimzlpqps~zlB}hsyp}kohyulhkmqlhsuhus~uhlGthupypjqh
Y{thupyqv}Y{thurspulyzxpstplpx
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
Xhyhupsx G{thu uyspupu ipx pyyypup Cpohuy yuxshxulhu Ghyzhuh r~xzl~sx
BChr}huvjh x Ghyzhulhr Y{thushx rulp gu{pxjhuu i{xh r~xzl~q~ 1%'
zhq|hyulhu khsthlx Yhxp}p qhox @gu{pxjhu Xtulx X{shr Lvqy{ Chsr
Yhxr{j ihkhkhshshxY{thuzhq|hyuhzhwxivxhu 1%'67 hlshulxl
d]] yx xi yqqhshxuu qholkshxuh x Y{thu khshy Ghyzhuu pths
kxipul qmxstplpx gtl piuByht sL{|p qhox @Oxjhu piu Ottl
Xxpxluyvuxh Y{thukhshyuz{zl{EhshuuhrptpxpsGxiulspi}psh|z}xh
jmxtspplp
Yhxp}p tuisxpu zlkpkp yzxpx rp l{thuh zhwuhu yvqlhshxto e~x~yzhulh
~x~sxpuhrpttpsszpvshuihkxhzpvushxlhu J{lmqhhxGhjplpuzxtsxpulukhihk
q{xlyhstlx
ThxhsmssxpfuBypqhuutp}pqhosrpzhisxpultj{lvshu@R{ouhtAmwvupt
sxpuluipxpr~xl~xgi~skhopChhl{x}huuqholuhxR{o{uipxtpypupuhl 5+
3' vst{l{x C{ulhu shj Xs{k Ottl Yhwhxu j vs{ X{szhu
Oht{l{u ljx~ul ]ddd yx Bh Ihi hq yhpspulrp Cjhxp khshyuu hrptp 5+
Khjiqplp
Boxihqhuu u iq~r hquu L~x j Bxhou hlshx zmvupt tusplpx Hd
tpupsspqpu tp}pqhos rpzhisxpul L~x hquu q{}hx h}hxulh 5+ Bxho
hquuq{}hxh}hxulh + srypqmxspxlpZxhxz{khqh~yz~qhoshxulh
t L~x tzul 1+ t Bxho tzul + uypssxpupu hlshx lpukpx qup zhux
plmvkxht hszulh yzxpspx dd Gpukpx E{xphup @zhux L~x ypzhqp mlusxpu
srypAlmtrlpx
Xrp|sxpu l L~x j Bxhoh {q{u zhuxshx jhxl L~x qhxhlhu Bxho tj mlu
L~xosxpkjmxu BxhoosxprvxmluL~xssxutsprzpxu Bxhok{xhksk
qhxhlhuL~xpuyhushxhusprjmxu Bxhohlhtshxkvhslhuzhuxshxplp
Yhxp}ptuisxlux~u~xrpL~xpshBxhozhuxrptpzyjj~xvs{ut{l{xEx
oshx tp|pr uuz kou 1+ !99 hlshulxxlshx Lvxvs{ vixhouu hx}hpr
jmxypqhy vshu evxvs{ vxlh lv{s{x evx yo~u~ lhx tuhlh kipx hushtulh ihh
l~tr lvx{ vsthol Kmx hszulh qup vxlh uuzl L{x ro hsw pplsxp lv{xl{
Rushxuosxpupkkvsshxuhk~jjzjmxpxlpGhyzhuuyvujmxypqhshxulh pshL{xro
{u{l{st{l{x^~urpvJyshtz|rr~x~u{q{ustpxlp
Jsh L{x }xpyzphusklhu urp hqshxu pulprp mxtupsxpu qv} whuzmvu{ulh lh
jhxl Byy{x rpzhisxpul 1+ Zxhxz{ qhoshxulh L{x hlshulxshu tpu psh
@qmxhsz l~uqhuu yhpiypA yhqsxl fosxpup Bqr~o }huu jshlshx yhqhu
hqshxpshupui~zsxpupl 1+ hlshulxxlshxECbh{rqhuims
myhimlpxrpZxhxz{rpzhisxpulrp '+ 1+ hqzmvuptplpxPprpzhHtpuqhox
rp !1+ r{xshxu i~zsxpu tplpx`hqshxlhlshxur{xhlshulxlkshxi~zsxpuplhlhu
jtmzhslhul~oslxlpsx
EBOmsprpjpsp ims myhi mlpx rp tp}pqhos rpzhisxlrp 1+ j 1+ hqxhqx
srsxlpx E{x sryp ^slx s~ qh}usulh L{x sryp py Lppr Eh|kholh qmxstplpx
JJOmhupuvjimsmyhimlpxrpe{xtzul 1+'tp}pqhosrpzhisxl
@s~uvzx|pulAqupBsihupqhlhqmxsusrluipxplpx
Cpopt|prxptpohyy{xshxu{x}hslshxur{xhlshulxlkshxmqupmzuvyl{xRushx
qmxis~uxripxpyyypExipe~x~yzhuhipxkpytpBsihupqhqhrt~l~xRushxeq
s~ qh}usulhr Bshs j Bzht}hu rulsxpulu zhwshu rpzhil Zxhxz{qh l~tu
vshumzuvyrptp}hzxshuxshxdd
Rxzh yx tuisxpul Exip e~x~yzhulhr r{xshxu sryp 1+ j 1+# vushxu
Bsihupqhlhryvqlhshxpy !1+ !1+ /++uhqz !5+ hlshulxsxfjspqh^sipqhoxrp
e~x~yzhulhqhhqhuk{xpmssxGhjplwmqtixpuuyspululpxsxO~khqpy~~u
ipslpxpxprrpiopkhoh}shxlh^pupo}huuuyspululpxsxC{vlmtrlmqpsrpkhoh}shxu
htytvukvsk{xshxuhtyq{lplpxE{xphlhihjmxumzuprhxwhoshthshxlhq{lp
~uy~x~ ~yz~us~r zrps mzlpqpulu k{xshxu lpsp ~x~ lpspu }mqsp qh}ushtlx bu{ip
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
GhyzhulhrL~xlpsppyKh|ylpssxpuluipxplpxL~xlpspulrmu
yxpuppssxpulq~osxsz~xryo~kmqlhsutlx
Exip e~x~yzhulhr E{x mspulu |xksp vshxhk Bsihupqhlhr L~x msp dDDd q~ops
X{xpqhrpsyyhsuhtsxpulrxpzhq|hrptpyzxpspxOpzpsmuspIh}hxpqhoxrp 1+++
zhq|hyGhl{Ghyzhu~l{lshxulhhlxlhqhhqx
L~x zhq|hy pulp l tpu xhopl Ghyzhuu L~x isypul qhhqx `h
Imquhshilpu Yhqmjpu prpup }hut L~x iqsxpulu ipxpupu ko plp Rythus yqqh
fjspqh^sipqhox@L~xsrypGhyzhushe~x~yzhuuhxhyulhlxghspypt~ysthulx
Rushxivqi{}{us{qhxhkshlhtshxlxEhlushxhlzxmjlus}hipstosx
L~xsxpuipxivq{Boxihqhuipxivq{khoh}}hskuutuqpulh}psvst{l{x
DDVhlsvj p psl khoh}shxu {s{ ~o zhq|h ipxspqpupu zxrpipul 1+ 1#1- ivq{u{u
qhhluxt~l~]]yxpujjssxpulChrkohyulhrxpL~xmspupuipx
ipuypkmqlhsutlKkpurpvushxuqhqshGhyzhulhvst{l{x
ThxhsmssxpfuBypqhuus~lpssxpulkmqlhsuhuulqxspmwvuptsxptpoluipxp
OhuhylxC{mwvupttz~xrlhyzhushxulhttp}pqhosrpzhisxlprp ~x 'j '! |vxthshxulhqhoqhhsutlx
Cpopt ~~u }~y{yps thxhkslx rp Ohuuh ljszpupu hl Byy{x tuisxpul lhh
v} Ohuhy Zxhxz{ rpzhisxpul Ohuh rptp yzxpstplpx ddd
XhsthuhyhxuZxtpqhisypuq~x~~u~zyjpxmlurpzhilrtlhxulpspululmqpspx
@Ohuhs Zlhrp huu k{xzhxthk ~~u khl '6 srypulu }i vushxu xsxpup
z{zl{t
Kh} vshxl rp zhxp} lxysprsxptpol Ohuuh ljszpupu hl zhxp}p tuisxl
vsl{{rptpqhosyuCmsvsyhvu{uz~xrmzuvzvwvuptpvsl{{hkhqlux~uxfolxy
rpzhiulh Boxihqhuu u klpt ljszpupu hluu Ohuhy vsl{{u{ xu zsi pyzx
pyztol~~ur@Pqxtuptljszptpu jlhyzhuhtuhlmquplpxP~~ut
]ox }hkhu t l Eis qmwpyrvw{ Ohuhy hl lhqxl `huy yiilu @mxtups
xpuAipxxpOhuhyrmxzhlshuxl
J{lh lpupu pthu zpxu ipx ]ox }hkhuuu yvqhl Ohuhy q{lp tzusxpul
'-- vst{l{x Ohuhyypqh @xjh Ohuhy vshuA @Ohuhy jshlA
lmtrlpx C{ulhu ps u p psl Cxl qh}usulh rmpxpsu rpsy tspypul
LhwhshrEisqmwpyrvw{ '- pzpxhrmztplp
Chshh X{tihzohlsx s l pllph mlpxsx rp klpt Bsihupqhlh ipx u|x z~xr
vsthqi Rushx ipo puhutxshxyh q{lp zhxp}pyp K{yp| Jvypwwvuh t~xhpz mzypusx
Jvypwwvutpupsi{ulhuuqhoirp]ox}hkhuOhuhyq{lplpuspz~xrl~x
\vsrsvx~uhyshx G{}h Evh vs{ Gsp Gvtx{s{u ivq{ ps q{uhushxu
Ymkmupy|yhuyphxhyulhipxv}{q{us{kshxxt~sxBuhkzhxp}ptuisxpu
zlkpkp yzxpx rp i{ yhl p|hp }hsk lipqqhzuh }hy vshu y~mzv}hxs lmqps G{}h
uyspupu t~ysthu kvs{ z~xrsxpu }xpyzphu kvs{ q{uhushxu hxhyulh qhhtlx Jysht
lpupupthuzpxusxY{jhjihk{xl}hskshxuu|vxthshthyulhpzpxhrmztp}xpyzphu
l{}hshx q{uhushx hxhyulh hyyptpsqhypqh vs{ut{l{x Cpohuyu qmrpuy }hsk vsthlu
qh}ipsueqz~xr}hkhuuukhxlhCpohuyy|pxpulmtplp@Xpoq{uhushxzhq|hyuo
jipoptslpsllhuxyuoA
DDChxzvsl qhox rp 1! t{x Cpohuy uysplpx Cpopt |prxptpo
G{}h z~xr uysplpx Rushxu Buhlvs{lh qhhqhu pyyyp }xpyzphu vsl{{ulhu q{uhushxsh
ypqhyppzzp|hkhpxtplpxDDChxzvslppslt~hplmztplprpz{jhshxosxpup 13
hlshulxxshx Dh}zps Yhzhxyzhuu Brzhu xhqvu{ulh Yrm rulp jhxl
E\Xhzzhxvjimsmyhimlpxrp )! ihk{xluysplpx
G{}h Evh mwvuptpupu whxhsmssxp Zxhxz{ khqh qhoshxulh 1! ]mzz ps
sjsxpul 1!% |vxthyulh qhoqh hsutlx Chips tusp qhoshxlh th uh
mhshx zmvuptsxlu mzupr hlshx qhxhlx Gmtsp '+ 1!%
@zhuxG{rhuujshlArptpihhl~~stsplpx
Zxhxz{hxdBxpzpmDdddyxpujjssxpul 1! xpuihykumztplpG{rh
xpvohthuZxtpqhs~u~u u{i{ulhqmxspxlp
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
Y~xrlhyzhushxuhqhsuolhlshxtouvixhosz|rr~x~u~uty{s{rptpih}thk
vsthoRushxrmtpptpopuzhxp}ptuisxszylpkvs{uhuyhsuhtyplpx
-/3@'!1%%@@/
²ËÑÎÐÎÞÈÎÑÎ©¦ºÖÆÖØ×ÐÎËÐÑÎÓÔÔÇÖÆÍÓáËÓÆÊÕÎ×Î²®ÍÊÈÔ¦³¸¸¸· ×
µÎÔØÖÔÈ×ÐÎÏ§§®×ØÔÖÎæÎÐÙÑâØÙÖÆºÖÆÖØÙ«ÖËÈÆÓ®ÍÊÈÔ¦³¦ÖÒ¸¸·×
Vplllpu\os{ssh@R{ouhtAChrBoxihqhuGjszPxpqqhzy
ChhmllpufmsCq~r`{uptwmxpqhyd pslChreuspry
³ÎÐÔÑâ×ÐÎÏ ²¨ °ÑÎÓÔÔÇÖÆÍÓÆæ ÓÆÊÕÎ×Î ÆÐÆÈÐÆÍâæ²ÆØËÖÎÆÑá ÕÔ ÆÖÛËÔÑÔÉÎÎ
°ÆÈÐÆÍÆÈáÕ¼ÕÔÊÖËÊÉÖÆÚÎÓÎÎºÈÆÖÔÈÔÏ²×
K{yp|K{yp|vjElpt_xkzhxp}pChrChrGjszZupjmxypzmzpPxpqqhzy
©ÎÔÖÉÆÊÍË ©© ´ÝËÖÐÎ ÕÔ ×ÔÜÎÆÑâÓÔãÐÔÓÔÒÎÝË×ÐÔÏ Î×ØÔÖÎÎ ¼ËØØ×ÐÔÉÔ ÉÔ×ÙÊÆÖ×ØÈÆ
¹ÇÎÑÎ×Î²ËÜÓÎËÖËÇÆ×
¦ÖÙØåÓæÓ³¨¹ÔÕÔÓÎÒÎÐÆºÖÆÖØÙÁ«ÖËÈÆÓ®ÍÊÈÔ¦³¦ÖÒ¸¸·×
°ÆÕÆÓÜæÓ©Ö¼Ææ×Æ°ÔÑáÇËÑâÆÖÒæÓ«ÖËÈÆÓ®ÍÊÈÔ¦³¦ÖÒ¸¸·×
°ÆÕÆÓÜæÓ ©Ö ´ÇßÎË ãÑËÒËÓØá ÒËàÊÙ ÙÖÆÖØ×ÐÎÒ Î ÛËØØ×ÐÎÒ æÍáÐÆÒÎ «ÖËÈÆÓ
©Ô×ÙÊÆÖ×ØÈËÓÓÔË®ÍÊÆØËÑâ×ØÈÔ¦ÖÒ¸¸·×
·ÆÞÎÊÆÊÊÎÓ»ÆÍÑÙÑÑÆÛªÌÆÒÎÆØØÆÈÆÖÎÛ²±³ÆÙÐÆ×
ÂÈÑÎæ¾ËÑËÇÎ°ÓÎÉÆÕÙØËÞË×ØÈÎæÈáÕ²³ÆÙÐÆ×
Ottlvj ` @G|zxp t~|yysp Yp|spyAl qmx hlshx
Boxihqnhu |psvsvpqhy
tyssxpChrHsty
µÆØÐÆÓÔÈ°µ¨ÆÓ×ÐÎËÓÆÊÕÎ×ÎÎÍÓÆÝËÓÎËÎÛÊÑæÎ×ØÔÖÎÎµËÖËÊÓËÏ¦ÍÎÎ´ªÖËÈÓËÏ
ÉÖÙÍÎÓ×ÐÔÏÛÖÔÓÎÐË¿Ġ¦²«¦²æÖÐæÍÎ«ÑÒÎ°ÎØÆÇÛÆÓÆ×á
¦ÇÆËÈ¨®´×ËØÎÓ×ÐÎÏæÍáÐÎËÉÔÚÔÑâÐÑÔÖ±³ÆÙÐÆ×
©ËÔÉÖÆÚÎÝË×ÐÔ×ØÆØÎ×ØÎÝË×ÐÎÏ ×ÑÔÈÆÖâ ·Ô××ÎÏ×ÐÔÏ ®ÒÕËÖÎÎ ¹ Á¨ ¸µÇ ®ÍÊÈÔ
®ÒÕËÖ×ÐÔÉÔ·Ù××ÐÔÉÔ©ËÔÉÖÆÚÎÝË×ÐÔÉÔ´ÇßË×ØÈÆ×
Chr}huvjBBe~s~yzhupJxtChrHsty
¦ÛÒÆÊÎÇÓ¦×ÆÒÆÑ°ÙÚÎ°ÓÎÉÆÍÆÈÔËÈÆÓÎÏ§ÆÐÙÂÑÒ×
°ÔÓÔÓÔÈ ¦³ ·ÔÊÔ×ÑÔÈÓÆæ ¹ÙÖÐÒËÓ ¸ÔÝÎÓËÓÎæ ¦ÇÙÑ ©ÆÍÎ ÛÆÓÆ ¼ÎÈÎÓ×ÐÔÉÔ ²±
®ÍÊÈÔ¦³¸¸¸·×
³ÎÐÔÑâ×ÐÎÏ²¨°ÑÎÓÔÔÇÖÆÍÓÆæÓÆÊÕÎ×â·Ù×áÁÈ°ËÑÆÓá¦ÑÙ×ÆÑÙÓÆÇËÖËÉÙ©ÔÐÝÎ
ÈÂÖÎÈÆÓ×ÐÔÏÉÙÇËÖÓÎÎ´ØØÎ×ÐÎÍ¦ÖÛËÔÑÔÉ®ÍÈÎÆÒĠ²×
Ih{x`yuvj^hxyrp|sxChry
°ÎÖÉÎÍ×ÐÔÖÙ××ÐÎÏ×ÑÔÈÆÖâ²×
¿ÔÕËÓ®°ÆÈÐÆÍÎËÉÔÔÇÎØÆØËÑÎ¸µÇ×
¦ÇËÉæÓ ²¼ ®×ØÔÖÎæ ÊÖËÈÓËÆÖÒæÓ×ÐÔÏ ÑÎØËÖÆØÙÖá «ÖËÈÆÓ ®ÍÊÈÔ ¦³ ¦ÖÒ ¸¸·
×
ªÌÆÙÐæÓ©§´×ÔÔØÓÔÞËÓÎÎÛÆæ××ÐÔÉÔÎÆÖÒæÓ×ÐÔÉÔæÍáÐÔÈ®×ØÔÖÎÐÔÚÎÑÔÑÔÉÎÝË×
ÐÎÏÌÙÖÓÆÑĠ«ÖËÈÆÓ®ÍÊÈÔ¦³¦ÖÒ¸¸·×
²ÔÎ×ËÏ¼ÔÖËÓ×ÐÎÏ®×ØÔÖÎæ¦ÖÒËÓÎÎ²ÕËÖ³´ÂÒÎÓÆ×
\hx{rX~txR{oshxChrKhoy
²ÆÖÖ ³Å ªÔÐÑÆÊá ¦ÖÛËÔÑÔÉÎÝË×Ðæ ãÐ×ÕËÊÎÜÎæ ÉÔÊÆ È ¨ÆÓ®ÍÈ ·Ù××Ð
¦ÖÛËÔÑÔÉ´ÇßÈÔµËØËÖÇÙÖÉ×
²ËßÆÓÎÓÔÈ ®® ½ÎÐÑÔÕÎÝË×ÐÎË ×ÔÔÖÙÌËÓÎæ ÆÐÆÈÐÆÍâæ®ÍÈæ ©Ô× ¦ÐÆÊËÒÎÎ
®×ØÔÖÎÎ²ÆØËÖÎÆÑâÓÔÏ°ÙÑâØÙÖáÈáÕ¹¼¼ÁÁÁ±×
²ËßÆÓÎÓÔÈ ®® ©ËÔÉÖÆÚÎÝË×ÐÎË ÓÆÍÈÆÓÎæ ÈËÖÛÔÈâËÈ ¦ÖÆÐ×Æ ÕÔ ÛÆÑÊ×ÐÎÒ
ÓÆÊÕÎ×æÒ»µĠ¦²«¦²æÖÐæÍÎ«ÑÒÎ°ÎØÆÇÛÆÓÆ×á
ÅÐÔÈÑËÈ³ÅÍáÐÎÎÓÆÖÔÊá°ÆÈÐÆÍÆ¹ÎÚÑÎ×ÆÐÐÓÎÉÆ ×
²ÆÖÖ ³Å ®Í µÎÖÎÓËÏ×ÐÎÏ ©ÙÖÎÎ®ÍÈæ °ÆÈÐÆÍ×ÐÔÉÔ ®×ØÔÖÎæ¦ÖÛËÔÑÔÉÎÝË×ÐÔÉÔ
®Ó×ØÎØÙØÆ¹¼¹ÎÚÑÎ××
²ËßÆÓÎÓÔÈ®®ÅÍáÐ¨ÆÓ×ÐÔÏÐÑÎÓÆÕÎ×ÎÈáÕ®ÍÊË¦³¸¸¸·±×
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
·ÆÊÑÔÈ¨¨®Í¸ÎÇÎÖÎ²©ÑÆÈÓÆæ·ËÊÆÐÜÎæ ¨Ô×ØÔÝÓÔÏ±ÎØËÖÆØÙÖá×
º×ÑÆÖµ°åÖÎÓ×ÐÎÏæÍáÐÂØÓÔÉÖÆÚÎæ°ÆÈÐÆÍÆÅÍáÐÔÍÓÆÓÎæ¹¨Á¹ÎÚÑÎ×
¸ÕÎ×ÔÐÓÆ×ËÑËÓÓáÛÒË×Ø¦ÍËÖÇÆÏÊÌÆÓÆ§ÆÐÙ®ÍÊÈÔ³ÆÖÐÔÒÕÖÔÊÆ×
XvsthoEhkhqElptBoxihqnhuzhxp}ptp}pqhostuisxlChrYypsy
TsmzumjhXB]hohxOPh{rhy
O{yhLhkhurhz{rs{Bsihupqhzhxp}pChrHsty
OhtmlvjYOLhjrhoyrhBsihupjdDDddjjChr{Ohxp|y
LpzhipGlEvxk{lChrKhoy
CmxzvslDDLupkhtvmkvGmlhLvxr{zhChr{y
XhzzhxvjE\ezuvzvwvuptYhzhxyzhuh
XvjmzyrhYxrvsvkpChr{y
Tpk{smjyrhPDXpxpqyrpmpyzvuprpwvpyzvxppuhxvlvjXXXVOMJoljvBP XXXV
y
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
M"&)&b#,N% V0V ( ) $++)-)*e0* % VVj)e')&#$#)e
!' (*"$+("$+
X(JMJGP[ OMF Û<GLG<M <M<NI?< @ F@ID ?<ML<G<P?DOJMDT<G<MI<<MOLuJLO<I
=@GGD <T< =DM TGG<M?<I =@MGD X(JMJGP[ AJGFGJMI<NG<MHUI ?DLL<O H@MF@UDI?@ OPM<
DH?DIDJUI?@?@@KJNIT<T<Q<MD<IOG<M<FoMG<I<G<MQ@u@DOOMFODGG@MDI?@JG<M?IT<
TU FJM@G@M TI U<H<I?< JG<M PU@MDI?@ <GK =<MG@ Q@ HPGoC<U<G<M AJGFGJM H@?@IDT@ODHDUID U@IBDIG@ODM@ N@I@G@MDID =<I?< =DM uJL L<M?<
OMF M@NKP=GDF<G<MI?< JG<I?< ?< AJGFGJM IPHI@G@MDID OJKG<IH<NI< Q@ I@DM
JGPIH<NI< =PTPF ?DLL<O <TMG? P NM<?< <U @?@=DT<OI @KDF E<IMG<M ÛPNPNDT Q@ =PTPF
H@M<L ?JPM< @?D eIFD @KDF IPHI@G@M AJGFGJMI<NGLI H@MF@UD E<IMG<M ?@K N<TG<G<M
"GQ@MDGD APMN<OOD??DT <?HG<M <O<G<M "KJNI U@M=<T><I OMF JU=@F O<O<M LMHO<O<M Q@
(<QF<U?<=@GGDJG<I?DB@MQ<MD<IOG<MLJG?<@ODGDKO@?LDL<OuG<MO<M<AI?<I<M<OMG?
P ?@QDM?@ <FP?< I@DM JGPI<I X"?@=DToO[ B<U@OD X#JGFGJM OJKG<IGM[ H<L<G@NDI?@
TPL<M?<<?HUH@QUPI@I=<G Û<=@M=@MDKT<U< Q3)3 (
Dl`<EBABEHI;AJI?O7IlC;pKH
Û7BG G7H7C7Dl %EH EhBKDl` CKÛJ;B?< L7H?7DJB7HlDl JEFB7C7GJ7 P;H87O97D:7D h7OHl .dHA?O;
!KH9?IJ7D)P8;A?IJ7D.7J7HIJ7DL;%HlCL7H?7DJB7HlGEB:7;J?B=;D:?H
%HlC:7OlB%EHEhBKKP;H?D:;]7BlpG7DU?87DEL7HG7:7p7AKh7:7L;JEBKDh7DL;ED:7D
%HlCL7H?7DJlO7PlBlF7BlDh7D:lH
FEIDl` 8KJdD L7H?7DJB7Hl JEFB7Dh7D IE` EB7H KP;H?D:; ?pB;D?B;9;A L; 8?H :;IJ7D ?BC?O
AECC;DJ7H?O7 ?B; D;<?I IKH;JJ; D;p?H ;J?B;9;AJ?H B\ 8K 7GJ7 HC;D?IJ7D:7 :7 C7J;H?7B EBh7Dl
C7BdC7Jl7BlDh7D:lHR X"?@=DToOB<U@O@ND[H<MO ĠN<DA@HH<I@DuI?DM
H<L<G@?@NTG@TD>DIDNJT<?eJ=<IJQ?@BDG?@eD=<IJQ@FGDI?@T<UG<I(
X(JMJGP[ @KJNI LMHO<O<M Q<MD<IOI &Q<I eJ=<IJGP eJ=<IJQ?<I =P ?@QDM?@ <FP?<
T<<KT<M<OL<I LMHO<O<M L<G@H N<D=D 6<LP= 7@FD O<M<AI?<I G<ODI BM<ADF<NI?< T<UGK <GI?
)oFDILJGoUH<JITGG<M?@Q<HI?<I@<FP?<I@?@.MH?<I@DMJGPIH<?
2HPH@I <G<I?< 6<LP= 7@FD AJGFGJMI<NGLI L<IPIG<MI< MD<T@O @ODK ?@NO<II H@ODIID
@DOF@ID FD=D T<ID DQ@?@ <TOGD <LLI?< ?< ?<LDL H<GH<O =@MH@FID PIPOH<< ?@NO<II @N<N LNH LMHO<O<M ODGDID T<G=JT
DQ@NDI@?<<?<T<LI0UF@GDHDPI?<L<T?@OH@FF@M@FFDLMHO<O<M Û<GLIL<M<H<IGL
?@NO<IG<M <M<NI?< A<L<O X(JMJGP[I T<G=JT DQ@NDI?@ M<NOF@ODMH@F HPHFI?DM !DB@M
L<M<H<IGL?@NO<IG<MDN@uGDQ@NDI?@?DM
U@M=<T> U@I<<O?<G<MH?<I =DMDND .JGT<UH<G<M &INODOPOI?<
LMHO<O<MODGDI?@(JMJGPI@I=<G=DM@AN<I@JG<IIL<T?@OOD*@IO@U=DMU<H<I?<=<MKD N@I@NDID FPUDI?@ ?@NODQ@NJPI>N<DA@G@MDID AJOJM@NDHB@ <GH<<HPQ<AA<LJG?LPI?<
H<ÛNPN L<T? @OH@F F@M@F FD =P @N@MID <FoMG<IK TPUB@ uLH<NI?< AJGFGJMI<N <GDH @GoG@
%HH@OGDID @H@BD @HDT@OGD ?@M@>@?DM *@I @GoG@ Û<IH< Q@ P >PHG@?@I *&I *
#DUPGD<?I<.JGT<UH<G<M&INODOPOI Û<?DHG@MDI@JUO@M@IO@@FFMDHID =DG?DM@H,LPT>G<M<
DGF F@M@ O<L?DH @ODGB@I P ?@NO<II LJGT<UH<N JMDBDI<G <UM?< .JGT<UH<G<M &INODOPOI
<MSDQDI?@N<LG<IKOPM<
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
"KJNIO@MODK@OF@IDHDU?@JLPT>G<MHU<<G<TGJGH<NDuI@N@MID@FD@FDG?@T<IDG<ODI
BM<ADF<NI?< JMDBDI<GI?< JG@ ?@NO<II IDN=@O@I N<?@G@ODMDGB@I @FGD
JLPT>G<MHU< @N@MID JMDBDI<GI@I ?<< ?< T<LI?<L
1@?LDL<OuG<M< @KJNI PU@MDI?@ O@H@GGD Q@ HPQ<A<LDT@OGD DGHDT <M<OMPQG<M <GK =<MH<NI?<
T<M?H>MJGID=@>@MDKJIJBM@IDGDKO<GDGJGPIH<NI<@HDT@OGDSUH@O@O@>@FODM
6PL<M?<L<T?@OF@IDHDUFD=D=DU?@NO<IIJMDBDI<GI?<JG<IFD=DFJuMDK<G?L HH<JI
I@DMB@<UMG<<IHU?<@N@MID=@GGD=DMO@MODKF@F@ODMH@B@H@>=PMJG?L"KJNIFJG@HD=PTPF
JG@?@?DM TI U<H<I?< =P
H@N@G@?@ =DUID =DM NP<G ?@ M<<ONUG<I?M< 6<LP= =@T NTG@TD>DID IPOLPI =POIG@T T<UK
T@ODODMB@IHD "M <G?< H@ODII@I T<LI?< JI T<KL?M
"G=@OO@H@ODI?@FDT@ODH@H@UGDFG@MJI?JMPJLPK<G<H<<=<T<H<ID<G<MT<M<O<)oFDI
=P H@N@G@?@ NUNU FD =DU 6<LP= 7@FDID L<=<<OG<H<L ADFMDI?@ ?@BDGHDU <FP?< #JGFGJM
&INODOPOI?< u<GL<IH?< =JTG@ <GG<MI <CNDT O@>MD=@H?@I F@uDMB@I @?DH U @?@=DT<OI
IPHI@G@MDID OJKG<<IH?< uJLTGG<MI ?@Q<HI?< IPOLG<MI< <G?H O@GoAPU O<MUG<M H<<
<T?IQ@K@FT<LIJG<I<?<HG<MI<TOL<IG<MI?DFOJAJI<T<UK<G?HHH<DODM<A@O@HFD
=P IPHI@G@MID T<U< <G<IH?< =<T< LTI<G?H ?@A<G<M>< IPOLG<MI @DOODBDH <?<HG<MI
NTG@B@IG@MDIDT<UH<LDuI?DFOJAJI?<T<UG<IG<MIL<uL<uF@M@G@M@DOH@B@H@>=PMJG?H
P< @N<NG<IK L<T? @OH@F HPHFI FD NTG@TD>DB@ IDN=@O@I H@ODIID T<UK <G<II
Q<UDA@ND H@NGDT@OD Q@ @H@BD ?<< ?< LTI @H ?@ <M eIFD <U?< <TOGD <TOK F@O@ Q@ JU D H@ODIID
NTG@B@IQ<LOO< >PHG@G@MIDNDIO<FODFODUDHDI=JU<DA<DIPOLO<NTG@TD>DIDADFMD<G<G<)oFDI
=DU NTG@TD>DID G<AI <OO< JI <TOL<I FD=D T<UK <G<IHU?< =DG@ =P H@ODIID JLP<I Q<LOO<
=<U =DM ADFDM <G<GH<H<UG H@T?<I< uL< eIFD T<U?< ODG L<IPIG<M JU PFHM<IGI
FJNO@M@DH?D<?<HG<M@?@=DTODG?@T<UKJLPH<<?<<uJL<GOG<MPN@=@KO@I?@=DU@KDHDU
=<UPHG@G@MID ODUDHDI?@
@N<N@I ADDGG@M?@I ?<< ?JMPN KM@?H@OID <M@F@ODID =@GBDG@B@I NUG@M?@I A<T?<G<I<HU 0U
F@GDHD =P <GI X(JMJGP[I T< Q<MD<OI?< N@UH@F HPHFI *@N@Go X07H:l JKJJK ;HA;=?
7IJlIEO:KIJlF?p?H:?A;J?H:?NEO:KIE<H778787IlDl`b=dD;:;:;:?O7:7 Q07H:lKH:KOlNJl
]7:lHlDlRO7KJ:7Q)I77JOL7PN7BNJlO;H?D:;D07H:lJKJJK7JJ7HlA;J?H:?;=;HB;:?'?D:?B;H
;A?I?:;8?H:;DUlNJlB7HA?J;OB;HOEBD;DR "?@=DTODG?@DN@ADFMDHDUIDHPF@HH@G><UD=@GD@H
?@ ><IG JGH<N DuI =DU @N<N@I DNDHG@M?@I Q@ ?DB@M NU u@DOG@MDI?@I T<M<MG<I<HU PG<MI
T<UH<LO< H<LN<?HU 6<LP= 7@FDID @H@BDID T@O@MDI>@ LTH@OG@I?DMH@F T< Q<MD<IOID
H@ODIDI?@O@ÛIDFDLPNPMG<MIN@=@=DIDFJNO@MH@FQ@<T?IG<OMH<LO<ID=<M@O@?D
!@NO<IIJMDBDI<GI?<=<UNUG@M=DML<u@FDG?@T<UG<I?M*DN<GDuI C77
C7`7
C7h7
87`7
87D7 7C7
7CC7 ;D=;H
;=;H
;D:?O;H F7:?p7
F7:p7
F7:?p7> F7:?p77
F7:?p7h7 A?8?A
A?8?
JO?8?A D7I
D7IlB :?O
:;O p?D?
p?C:? ]?D;
?]?D; 8K
8E EDl`
EDK`
EK` L7>lJJ7
L7>J7
L7>lJ
L7>J7JJ7H
7JB7HAKDD;H
AKDB;H?I7F
;I7FAE]C;A
=E]C;AA;]J?
=;]J?A;D;
=?D;
=;D;
?]KD
]KD C;;C
C;D?C I;;`
I;D?` I77
I7`7
I7h7 8?H
8H Q@ DGoCM@ ,LPT>G<MI
<H<G<OH<H<LDuI=DU=PNUG@M?@IH@ODI?@@NLM<NOF@ODMB@I@FGDIDL<G?M?LQ@@N@MID=@GGD
=DM O@MODKF@ F@ODM?DF TI U<H<I?< H@ODIID JMDBDI<GI?<FD =DM >PHG@?@ @FD NUID T@MDID
?@DODMH@B@H@>=PMJG?L,MDBDI<G?< QUE BB7H7PlEBIKDRT@MDI@ QBB7]E H7PlEBIKDR?@K
T<U?LP>PHG@?@ Q]ER NUIDH<I<N=DUB@<G<GH<TJGKL<G?@GFD?@ Q]EGR NUID
@NFD U<H<IG<M?< =<L< =DM H<I<N JGPHG@IDH<I<NI<FJM@PTPIG<OM?L
TI U<H<I?< @KJNI JMDBDI<GI?< @H ?@ U@H<I@QDTG@ODMDGB@I @FGDI?@ L<M<H<IG<MI
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
>JM<ADT <?G<MI Q@ P >PHG@?@I H<I<N <G<GH<lHB7H Q@DGNUG@MIDJMDBDI<GI?<JG<IFD=D L<G?M?L
6PUTPU TGG<MI ?@Q<HI?< .MH?< Q@ JI u@QM@u@ODI?@ LMHO<O<MG<MI PGP ?@?@G@MD
T<<KF@G?DG@MNMG<M?@Q<HI?<=POJKM<LG<M?<JG<MK@FU@IBDIAJGFGJMIPHI@G@MDIDT<M<OOG<M
6<UG @?@=DT<OOD ?<I@G@MD <I< ODGDI?@ ?<< ?JMPN
LMHO<O<M OMF@>@NDI?@ T<M<OG? Q@ F@ID =DM HLT<NO< ?<ML<G? P AJGFGJM IPHI@G@MD PUPI
TGG<M ?@Q<HI?< LMHO<O<M OMF>@ND Q<NO<NI@I .MH?< Q@ JI u@QM@u@ODI?@ T<<@ A<T?<G<I?G<M <T< TGG<M ?@Q<HI?<
LMHO<O<M H@?@IDT@OD Q@ <U @?@=DT<O =P Û<GLG<MI H@?@ID@ODI?@ JUI@ ?@B@MGD T@M <G? Q@
JG<MIH@?@IDT@OG@MDIDO@MFDKDNN@NDI@u@QMDG?DG@M,G<M=PAJGFGJM@N@MG@MDI@ T<GUFPuF=DM
?@=DM HDGGDT @G@H@IOG@MID FDMN@OH@B@ I<DG JG?G<M X(JMJGP[ ?@NO<II T< Q<MD<IOI?< PMPH
@G@H@IOG@MDIDN@UH@FHPHFI
(JHHPIDNOG@MID PFHM<IG ?@QMDI?@ ?DB@M AJGFGJM IPHI@G@MDI@I T<I< X(JMJGP[
@KJNI =@?@ ?@DH@G@MB@ JM<OG? "N@MID H@ODII@ OJLPI?G<M JI
=@?DDTG@ODM?DG@M TMG<MI< TM LJOG<M ?@NO<II T<UG @?@=DT<OI DHFoIG<MI?@C@OO@I ?<< ?< BU@GG@ODMH@B@ <M@F@OG@I?DG@M @KDF L<M<H<II O<MDÛDT L<M<H@?@ DN@ NPIDT TJGG<MI@I =@?DDTG@F@I BPU@GG@F@I @KJNI =JTH<LO@GF@NDI@ H<MPUL<G?PN@=@KO@I?@=<UO@?LDL<OuG<M
O<M<AI?<I<GIK=<MG<I=DMNM<DGHDT<M<OMPQG<M?<JUDNODL<H@OG@MDI?@=<L<TJI@GDF@?JMP
TJG<G?G<M"KJNI@I=<G<NG<LDL<OG<MI=@T<I@OH@FDLOD?<MI?<IT<IF@uODG@M
#JGFGJMI<NG<M< <MOL uJLO ?PTPGH<T &NO@M PU<L DNO@MN@ ?@ T<LI F@uHDDHDUID O<MDÛDI?@ (JMJGPI O<MDÛDT =DM
<ÛNDT@O FD=D ?@BDG ?@ T<GU X(JMJGP[ @KJNI Q<MG =DM <LDL<OOM PI FD=D (JMJGPI
L<M<H<IGI <??@I UDT<?@ @AN<I@G@ODMDGDK FJKMODGH@NDID =P L<M<H<IGLI
D?@<GG<OMGH<NI<TIU<H<I?<JI@OM<AI?<=DG@MG@><I=<UG<MITDBDOG@MIDOJKG<IH<NI
?<=<U=DMFJMJGPI<NG<M<=NPM?N@QD@B@FJO@M?DG@M "G=@OO@ Û<GLO@A@FFMDI?@?J<IL<M<H@MDFF@H<GDFJG<HH<=PFPu?@=P=@>@MDF?@M@<G<T<OL<
T<LIJGK=@GGD=DMu@MuDQ@I@INMG<I<
0U F@GDHD PI ?< L<T? @OH@F F@M@F FD =DM O<M<AODO<M<AO<I
DN@ =P <?DN@B@ =DM <U ?< LPQ<I<N eIFD =P @N@M LUG O@MMJMI <H<INU <G@QDI?@I Q@
FJHHPIDNOG@MID HPM@FF@K <TIJTPIG<MI?<I S<O<NU=@GT<NU T<L<NI LPMO<M? Q@ ?@H@F
HPHFIFDDu=DM?@DH@G@MB@JM<OGH<?<I=PBPIDHDUB@T@ODKF@G?D"G=@OO@=PLJGT<UH<?<
?< FJHHPIDNODF <T@G@MID O@NDMDID FJMH@F HPHFI?DM *DN<G DuI G@T JGPI< I<ND<O =@MDK
?@T QNEhBKCI;D8KB7Hl;JI;DI;D7DlB7HI7`97D87Ph7H?FB;H?79lOl9l-;DEhBKCbB;N7L?
7NlBlD7 JKJ A? 8K 87hBl h7H?FB;H pK O7H7C7P ClHP7B7HlD ;B?D:;D 8?H AKD NKJKBIKDD7H .;A J;
EhBKC EB7H7 b= L;HC; K 97D87PBlhlDl :7 N7H7Dlh7 N7B:lHC7R P=@NDU FD @N@M?@ M@EDHID
O@NDMD ?@QM<II <=<Q<N FPuF =DM @KDUJ?G<M?< ?PTPG< HH< =P NDT<NDT S<M<FO@M O<H<T Q@
NIADT FPM@ID <FN @OODMH@T 0<?@>@ =POI =PG<M ?@QMDU<H<II <?<G@ONDUGDBDID Q@ APL<M@G@MID
=<TG<M<JG<II@AM@ODIDDA<?@G@TPDN@=POI?@QDMG@MB@<DOODM
P@KJN@NFDQ<MD<IOI< FJM@?<<?<FJG@HGDQ@ HPF@HH@G?DMDU<MOGNPM@OO@JG<M<LJI
N@FDU LJG< LNH< <TM?L P LJGT<UH<< DNODI<?@I =JTG@ DCODH<G @OH@F HPHFI FD
U@M=<T><I?< 1PMFH@IDNO<I?< ,U=@FDNO<I?< 1MFDT@?@ Q@ ?DB@M T@MG@M?@FD FD=D .MH?< ?<
=DM U<H<IG<M X(JMJGP[I <>DH>@ ?<< ?< FJG@HGD Q<MD<IO JG<I Q@ JF@ID =DM H@FoI?< Û<GL
<M<NI?<T<TG<IN@QDG@N@QDG@TMG<IK<TOG<ITIU<H<I?<@KJNO@F.MH?<?@BDG@H?@
JI @OM<AI?< ?< N@QDG?D Q@ =<L<=<L< Û<GLG<M <M<NI?< ?< ?<ML<G? DGB@IDHDU FD=D @KDF
IPHI@G@MIDKMJA@NNDJI<GH@<M@OGDQ@BPU@GNTG@TD>DG@MD@H?@=P@N@MG@MID?<DH Û<GL<M<NI?<
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
T<T<IJG<M<><I=@MDKT<<OL<IG<MF@?<TG<M<LG<MJG<IG<Me<M/PNDT@ND.MHIU<KO@OF@I
NJ S<GLI @FN@MD LNH P >PHG@?@I N@M=@NOGDFF@ <GL=PM JG?G<M !@MOGD F@?@MGD
F@?<TG<M @>?<OG<MO<M<AI?<I<I<OJKM<LO< T<M<OGDGoG<IKF@GB@I Û<GLDG@MDID<AU<G<M<@=@?DTNDIB@I=DTGGLG<MI
T<?DFoMGLG<MI FJFNG@MDI@NLKA@MT<ODuDI?@PM=@O?DT<MG<M<<GKF@OODG@M*I<=P N@=@KO@I
?@T<U<FJuMDGDK<GIH<<I=PTPFFJG@HGDAJGFGJMIPHI@G@MDO@?MD>@I PIPOG?
(JMJGPI <?I H<I<NI L<T?G<MI ?DLL<O H@MF@UDI?@ OPM<
DM NM< <GDHG@M JI H<I<NI XFJM JGP[ NJLPM JGP ?DB@MG@MD DN@ XL<=DM JGP[ JGH<NI@I
<GoL<G@I?DM@G@MJTG@JG<IO<MU?<T<I@DuIODGL<IPIG<MI=JUKJI?<(JMIJGP?@BDG?@
(JMJGP ?@K <TO<G<M TI U<H<I?< =PI ?< L<T? @OH@F F@M@F FD LMHO<O<M ODGDI?@ @H <U
IPOLPI?< @H ?@ T<UG @?@=DT<OO< XFJM[ NUI?@I ?@BDG ?@ @N<N@I XNJLPM[ NUI?@I
A<T?<G<I<G<M!@H@F=P<PTPIJG<M<L@KDFL<M<H<II@H?@?@NO<II<??< S<GLT<M<OLGI?<@H?@T<UG@?@=DT<OO<JUI@L<QDT
T@M<G?,I<?I<<MOLTMG<MLJPG?DDMG@MT<UG?<OO<M@<G<T<OO<=DG@=P<??<<?<HG<MI?<
M<NOF@ODMH@F HPHFI 1MF Û<GLG<M <M<NI?< ODGG@M?@ @U=@M JG@ H<IOLDT H<I<< PTPI F@GDH@T 7<IHU>< @KDF
L<M<H<II<??JMP?<I?JMPJI=<OMG>@NMGDBDQ@TDBDOGDBDI@I=DQ<NO<=<G?M
X(JMJGP[ @KJNI T< Q<MD<IO =P OI>@G@MG@ =<G =@NDDOD=<MI@I<U@MQ@MNDT<NI<?<<?<T<LIJG<I=PQ<MD<IOO<(JMJGPI
T<GLu<G<MI?<FD<?2<I?M*@ODI?@JI<?G@T2<IG@TJGP2<IG@TP<IGJ@T<NTG@TD>DIDT<?<H@ODIIDT<UK<G<I<?<HI
IPOLPI?< =PHG@?@I QHR <MDADID ?@
OK L<GH<NI N@UH@F HPHFI <U =DM <GDHG@M @KDF L<M<H<II T<GL u<G<MI?<FD <?I
/JQ<I XIPM[ H<I<NI?< DU<C @O@G@M .<?DHDT OMF <I<I@NDI@ FJM@ DN@ @KDF L<M<H<II <?
JI=DM?@=DM<SNDTF@TADT@OG@MDID=@GBDG@B@I<GoH@OI@I=<GJGH<G?MPI<U<MIJLO<NI? <GoH@OG@MDID
uDUBDG@B@ISPNPNDT@OG@MD T@O@MGD?@M@>@?@?@BDGeIFD XIPM[ NU=<OMGLH<I<NIDA<?@G@H@T
DUDH>@NDI@=JTG@DCODH<G@OH@FHPHFIFDL<M<H<II T<GLO<FD<NG<?/JQ<I?@BDG?@
2MP@B@O@F=DUH<GDF?@BDGHDU<U=DM<M<OM>G<M?<
@KDF L<M<H<II T<GLO<FD <?I QKHKpG7DR NUI?@I F@GDK uLL<II L<T? @O@G@M 0<?@>@
H@ODI T<U< <GI<I?< T< NTG@TD>D O<M<AI?@?@@HDT@OFJNO@MH@TDKJIGoUH@FDG?@T<UK<GH<< @KDF L<M<H<II T<GI?<FD Q@ F@G@>@FO@FD <?G<M <M<NI?< PUQDT =<
H@Q>POOM Q@ =P< T@O@MGD N@QDT@?@ ?DLL<O <TMGH<<I?<,MO<NDT<?</PNDT@?@L<?DHDTOMFG@M
T<<JM<ADT <?G<MI
M<NOF@ODMH@F HPHFI?DM P NUID O<MDSI@I =<G =@GGD <DM Q@ <M<OM> ,GE<N 0PG@TH@IJQ
H@PM XUDT<[ FDO<=I?< L<T? @ODK FJNO@M@ X6@NO OMFNFJT@ NGJQJ QAKH7R NO@I< JBM<?< Q
NJQM@H@IIJH O<O<MNFJH FPM< Q F<U<CNFJH FJM< !M@QIJNO T@BJ ?JF<UQ<T@ONo OMFNFDHD
K<HT<OIDF<HD 5& Q@FJQ -MJDNÛJE?@IDT@ T@BJ KMJUM<uIJ JO FJMIT< XFPM[ NOMJT QJU?QDB<T
AKH=7D FM@KJNOKJNOMJTF< AKHC7 OJE@ AKH7D OJE@ AKHC OJE@,0PG@TH@IJQXUDT<[
GH<O<X'<UP[B
!@NO<IG@ T<LI?4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
=@U@MQ@A<MLG>@C@OG@MN@UDGDKOPM<PQ<MD<IOO<(JMJGPI=<=<NG@T G<?DT=DMTGL>
?@BDG?@S<IIQ@UDMD?DM5<IJUQ@UDMDI@K@FD<IK?<DHJI N<O<M<AI?<JOPMO<6<ID G@T
1@HDMS<II N< LJGP @?D 5@U<G<IK NJLPMG<I< Q@ JU
OJKM<I?I <GH<LI@I JI <NF@MG@MDI@
H<NS<M<@ODK=<=<NIDIODL<HI<G<*I?<INJG@TJUHPM<?I<T@O@Q@JGPI<I<ND<O=@MDK
?@T Q)hBKCC;DbB=;DIEH7I;D8KH7:7EJKHI7D8?HJB?CbAC;A8KBKFI77 O;C;=;F;AJ7HA;B?H
';D?I7NB7h7DIEH7Ab];HI?`L7H7HI7`%;HL7DOEBKO7h7IlD7 1KH7HI7`]7:lHlDl%;B;DA;HL7Dl
:7 87I7HI7` A;]A;D A;HL7Dl :7 87I7HI7` WB; Olh7HI7` C7Bl 7P?H=O7DB7H 7Hp?DD;D bB];F
8;H=;D:; C7Bl I;D ClHP7ND;D bB];F L;H;HI;` 17I7F]l EhBK OL7Pl :7 bPdD; N7H:7p 7B7HI7`
)D:7DIEH78?B?FOKHI;`?P:KDO7I?P?`R
2<I =<=<NI I<ND<OI T@MDI@ F@ODM@ , (@MQ<I TJGP PNOI?@ e<HG @G JOPMK F@GDK
F@uF@IOJGPF@MQ<IG<MI=<NK<G<OJKG<<IK<M<NIAPL<M@G@MB@K<TG<OM<6<GUHI?<INJ
J<(JMJGP?@TG@MQ@J Û<GL<M<NI?<=P<?I@I H@PMJG<!@H@F=JTG@JGKuL<FD(JMJGP
(@MQ<ITJGPIPNOI?@=<TG<M<Q@U@IBDIG@MB@F@uDGH@U?DQ<M=<NGH<U=DML<G@JGKOPM<P<?
?<J< Û<GLO<M<AI?<I =@MDG@JTG@A<MU@OH@FHPHFIFDXFJM[NUIDH<I<N?<H<IOL@I
XLJM<[FJM<FJMFPMNUI@T<LIH<I<?<I T<?<<TI=DMO<HM?<IF@GDKuLL<IQ@H<ID<
N@?NM?DQ<ML<G@FD=DH<I<G<MI<G<OL<IG<I?M<IG<M 5<GL (JMJGP ?@K <TOL<I?< .M<OI PNOI?@ HDNMDT LGuI@I
?PH<IG<M<<H<INUJG<IT@DGH@U>@IFoQ@MID =<NGH<U=DML<G@JGP?DQ<MJGPFD=DH<I< O@A@FFM?@ T<M<OGDT<MNI?<@KDFL<M<H<II<?I?<FD@FDNU
LJPGK?@BDG?@<TM<TMGLO<(JMJGP(JMJGP@FDGDI?@T<UG<I?M TIU<H<I?<=P<G
=@G@MDHDUIDT<GJGH<NDNODNI<?@BDG&I<GG<CF@G@>@FO@=PTJI@GDO@FD<M<OMH<G<MHU
IDGHDT@N<NG<MI@I?@Q<H@OODMH@B@OM<><LHU
P T@M?@ =DM NP<G ?@ H@T?<I< uLK OPM< 6< (JMJGPI =<=<NI NJLPMG<IH<N N<I<NI
I<NG DU<G<H<L HPHFI 7<IHU>< =P ?@NO<I?< T< ?PH<IuGLI =<G<IuI O<NQDMG@B@I
<?DT O@N<?PADT <?DN@G@M?@I =DMD T< ?< (JMJGPI <?I H<I<NI LJG<T TJGI@I <G<OH<L DuI
NJM<?@NDI@ =P N<I<I @KDF L<M<H<II <?I
O<TDIG@IH@NDI@I=<TJL
JTG@GDFI@I TG?@BDI@D<IuHU
L<QDT?DM !@NO<II A<L<O LMHO<O<M AJGFGJMI ?@BDG ?@ OMF Û<GLG<MI U@IBDI <I<IDT@O@O@HDU,IAJGFGJMI<NG<M@H?@
ODGI<NG<M O<M<AI?<I< Q@ JBM@IDG@>@BDI@ =PTPF PHO
=@NG@THDU
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
~{z{~}~{xuo}uo|}xzxzz~r~
~o~powvu}x}
fjmdnfwp rîfm^d`^
¨ ØåÖÐ×ÐÔÒ ÚÔÑâÐÑÔÖÓÔÑÎØËÖÆØÙÖÓÔÒ ÓÆ×ÑËÊÎÎ Ë×Øâ ÖæÊ ÕÆÒæØÓÎÐÔÈ È
ÐÔØÔÖáÛ XÐÔÓÜËÕØ[ ÌËÓßÎÓÆ ÈáÖÆÌËÓ ÐÆÐ ÖËÑÎÉÎÔÍÓÔÒÎ×ØÎÝË×ÐÎÏ ×ÎÒÈÔÑ ÂØÔ
ÐÆ×ÆËØ×æãÕÔÛÎ×ÖËÊÓËÈËÐÔÈâæÐÔÉÊÆÓÆÈÔ×ØÔÐËÖÆ×ÕÖÔ×ØÖÆÓæËØ×æÎ×ÑÆÒ
ÓÆÝÎØËÑâÓáÏ ÎÓØËÖË× È ãØÔÒ ÕÑÆÓË ÕÖËÊ×ØÆÈÑæËØ ÓËÊÆÈÓÔ ÔÇÓÆÖÙÌËÓÓáÏ
ÕÆÒæØÓÎÐ ÇÙÑÉÆÖ×ÐÔÉÔ ×ÖËÊÓËÈËÐÔÈâæ X¸ÐÆÍÆÓÎË Ô ÊÔÝËÖÎ ¿ÆÓÆ[ É
ÕÖÎÓÆÊÑËÌÆßÎÏÕËÖÙÇÙÑÉÆÖ×ÐÔÉÔÕÔãØÆÎÔÇßË×ØÈËÓÓÔÉÔÊËæØËÑæ²ÎÐÆÎÑæ§ÆÞØÙ
ÕÔÊÉÔØÔÈÑËÓÓáÏ Ð ÎÍÊÆÓÎå ÕÖÔÚ ³ ¦ÐÆÈÔÈáÒ ²ÆÛÆÝÐÆÑÆ É ÂØÙ ÕÔãÒÙ
ÒÔÌÓÔ ÓÆÍÈÆØâ ÕËÖÈáÒ ØåÖÐ×ÐÎÒ ÑÎØËÖÆØÙÖÓáÒ ÕÖÔÎÍÈËÊËÓÎËÒ È ÐÔØÔÖÔÒ
ÚÔÑâÐÑÔÖÓÔÒÎÚÔÑÔÉÎÝË×ÐÆæ ÚÔÖÒÆ Î×ÕÔÑâÍÙËØ×æ × ÕÖÔ×ÈËØÎØËÑâ×ÐÔÏ ÜËÑâå ÊÑæ
ÕÔÕÙÑæÖÎÍÆÜÎÎ Î×ÑÆÒÆ ē ØÔÉÊÆ ËßË ÒÆÑÔÍÓÆÐÔÒÔÏ ØåÖÐÆÒ ÖËÑÎÉÎÎ ® ÝØÔ
ÕÖÎÒËÝÆØËÑâÓÔ ē ÉÑÆÈÓáÒÎ ÕÖÔÕÔÈËÊÓÎÐÆÒÎ Î×ÑÆÒÆ ÔÐÆÍáÈÆåØ×æ ÌËÓßÎÓá ē
»ÆØÎÒÆÎ§ÔÍÇÎµÔ×ÙØÎÊËÑÆÎÒËÓÓÔÔÓÎÔÇÖÆßÆåØÉÑÆÈÓÔÉÔÉËÖÔæ¦ÙÊÆÓÆªÙÑÔ
È Î×ÑÆÒ µÔ ÍÆÒá×ÑÙ ÆÈØÔÖÆ ÔÇË ãØÎ ÌËÓßÎÓá ×ÎÒÈÔÑÎÍÎÖÙåØ Î×ÑÆÒ Æ ÑåÇÔÈâ
¦ÙÊÆÓÆªÙÑÔÎ§ÔÍÇÎ×ÎÒÈÔÑÎÍÎÖÙåØÑåÇÔÈâÐ¦ÑÑÆÛÙ
«ßË ÔÊÓÎÒ æÖÐÎÒ ÕÖÎÒËÖÔÒ Î×ÕÔÑâÍÔÈÆÓÎæ ÔÇÖÆÍÆ ÌËÓßÎÓá È ÐÆÝË×ØÈË
×ÎÒÈÔÑÆÑåÇÈÎÐ¦ÑÑÆÛÙæÈÑæËØ×æÕÔãÒÆX°á××ÆÎ¯Ù×ÙÚ[ÎÍÈË×ØÓÔÉÔÇÙÑÉÆÖ×ÐÔÉÔ
ÕÔãØÆ °ÙÑ ©ÆÑÎ Î ÔÉÙÍ×ÐÎÏ ãÕÔ× X°ÎØÆÇá ÊÆÊÆÒ °ÔÖÐÙØ[ °ÓÎÉÆ ÊËÊÆ ÓÆÞËÉÔ
°ÔÖÐÙØÆ
¨É°ÙÑ©ÆÑÎÍÆÈËÖÞÆËØÕËÖÈÙåÖËÊÆÐÜÎå×ÈÔËÉÔÕÖÔÎÍÈËÊËÓÎæÆÈ ÈØÔÖÙå µÔãØÔÒÙ È ÖÙÐÔÕÎ×æÛ È×ØÖËÝÆåØ×æ ÔÇË ÊÆØá ´ÇË ÖËÊÆÐÜÎÎ X°á××ÆÎ
¯Ù×ÙÚ[ÇáÑÎÖÆ×ÕÖÔ×ØÖÆÓËÓáÈÔÈ×ËÛÕÖËÊËÑÆÛÔÇÎØÆÓÎæØåÖÐ×ÐÎÛÓÆÖÔÊÔÈÈØÔÒ
ÝÎ×ÑË Î ÓÆ ØËÖÖÎØÔÖÎÎ ªÆÉË×ØÆÓÆ ºÝËÓáÒ ÎÍÈË×ØËÓ ×ÕÎ×ÔÐ X°á××ÆÎ ¯Ù×ÙÚ[
8§ÆÛÞÎ®ÒÆÓ9
¨ ÕÔãÒË Ô×ÓÔÈÆÓÓÔÏ ÓÆ ÎÍÈË×ØÓÔÏ ÐÔÖÆÓÎÝË×ÐÔÏ ×ÙÖË X¯Ù×ÙÚ[ ÖËÝâ ÎÊËØ Ô
ÕÖÔÖÔÐË ¯Ù×ÙÚË ÐÔØÔÖáÏ È ÕÖÔÜË××Ë ×ÈÔËÏ ãÈÔÑåÜÎÎ ÕÖÔÛÔÊÎØ ÕÙØâ ÔØ
ÓË×ÝÆ×ØÓÔÉÔ Î ÔÇÒÆÓÙØÔÉÔ ÒÆÑâÝÎÐÆ ÊÔ ÈËÑÎÝË×ØÈËÓÓÔÉÔ ÕÖÆÈÎØËÑæ «ÉÎÕØÆ ¨
ØËÝËÓÎË×ÈÔËÏÌÎÍÓÎÔÓÎ×ÕáØáÈÆËØÓËÒÆÑÔÇËÊÖÔÊÓáËÇÖÆØâæÌËÑÆæÖÆÍÊËÑÆØâ×æ
× ÑåÇÎÒÜËÒ ÔØÜÆ ÇÖÔ×ÆåØ ¯Ù×ÙÚÆ È ÉÑÙÇÔÐÎÏ ÐÔÑÔÊËÜ ÍÆØËÒ ËÉÔ ÕÖÔÊÆåØ È
ÖÆÇ×ØÈÔ ÓÔ åÓÔÞÆ ÎÍÇÆÈÑæËØ×æ ÔØ ÓËÈÔÑÎ ¨ «ÉÎÕØË ¯Ù×ÙÚ ÈÓÔÈâ ÕÔÕÆÊÆËØ È
ÍÆØÔÝËÓÎËÎÍÐÔØÔÖÔÉÔÐÆÍÆÑÔ×âÇá ÓËØÈáÛÔÊÆÓÔÎÍÇÆÈÑËÓÎËÕÖÎÛÔÊÎØÎÈãØÔØ
ÖÆÍ °ÆÐÎÒ Çá ÔÇÖÆÍÔÒ ÓÎ ×ÐÑÆÊáÈÆÑÆ×â ×ÎØÙÆÜÎæ ¯Ù×ÙÚ È×ËÉÊÆ ÈáÛÔÊÎØ
ÕÔÇËÊÎØËÑËÒ °ÙÑ ©ÆÑÎ ÖÎ×ÙËØ ËÉÔ ÝËÑÔÈËÐÔÒ ÐÔØÔÖáÏ ÓÎÐÔÉÊÆ ÓÎ ÕÖÎ ÐÆÐÎÛ
ÔÇ×ØÔæØËÑâ×ØÈÆÛ ÓË ÕÔÍÈÔÑæËØ ×ËÇË ×ÔÒÓËÈÆØâ×æ È ¨ËÑÎÝÎÎ Î ¸ÎÑË ¦ÑÑÆÛ Æ
ÙÑËÏÛÆ ÈØÔÖÆæ ÉÑÆÈÓÆæ ÉËÖÔÎÓæ ÕÔãÒá ÈÎÊÎØ ¯Ù×ÙÚÆ ÈÔ ×ÓË Î ÈÑåÇÑæËØ×æ È
ÓËÉÔ ³Ô ÕÖËÌÊË ÝËÒ ÔÓÎ È×ØÖËØæØ×æ ÊËÈÙÞÐÆ ØÔÌË Î×ÕáØÆËØ ÓËÒÆÑÔ ÇËÊ Î
ÑÎÞËÓÎÏ±åÇÔÈâåÓÔÞÎÎÊËÈÙÞÐÎ ÓËÝØÔÎÓÔËÐÆÐÑåÇÔÈâÝËÑÔÈËÐÆÐ¦ÑÑÆÛÙ
×ØÖËÒÑËÓÎËÕÖÎÇÑÎÍÎØâ×æÐÓËÒÙ
ªÖÙÉÔÏ ÑÎØËÖÆØÙÖÓÔãÕÎÝË×ÐÎÏ ÕÆÒæØÓÎÐ ÑÎØËÖÆØÙÖá ×ÖËÊÓËÈËÐÔÈâæ ē X°ÓÎÉÆ
ÓÆÞËÉÔ ÊËÊÆ °ÔÖÐÙØÆ[ æÈÑæËØ×æ ËÊÎÓ×ØÈËÓÓáÒ ÊÔ×ØÔÈËÖÓáÒ ÕÎ×âÒËÓÓáÒ
ÕÆÒæØÓÎÐÔÒ ×ÖËÊÓËÈËÐÔÈÔÉÔ ãÕÔ×Æ Ù ØåÖÐÔæÍáÝÓáÛ ÓÆÖÔÊÔÈ ³ÆÕÎ×ÆÓ ÔÓ È ÉÔÊÙ ´×ÔÇáÏ ÎÓØËÖË× ÕÖËÊ×ØÆÈÑæåØ ÐÔÓÜÔÈÐÎ ×Ô×ØÆÈÑæåßÎÛ ËÉÔ ÊÈËÓÆÊÜÆØÎ
ÕË×ËÓ ¨²¬ÎÖÒÙÓ×ÐÎÒ ãØÎ ÐÔÓÜÔÈÐÎ ÇáÑÎ ÓÆÍÈÆÓá ÕÖÔÖÎÜÆÓÎæÒÎ ÎÑÎ
ÇÑÆÉÔ×ÑÔÈËÓÎæÒÎ °ÔÖÐÙØÆ ÔÇÖÆßËÓÓáÒÎ Ð ÛÆÓÙ ¨ ÎÛ Ô×ÓÔÈË XÒÔÌËØ ÇáØâ
×ÔÛÖÆÓÎÑÎ×â ÆÖÛÆÎÝË×ÐÎË ÊÔÒÙ×ÙÑâÒÆÓ×ÐÎË ÕÔ ×ÈÔËÒÙ ÕÖÔÎ×ÛÔÌÊËÓÎå ÒÔØÎÈá
ÒÆÉÎÝË×ÐÔÉÔ ÍÆÐÑÎÓÆÓÎæ ÓÔ ÔÓÎ ÕËÖËÐÖáÈÆåØ×æ ÚÔÖÒÙÑÆÒÎ ÕÔÊ×ÐÆÍÆÓÓáÒÎ
ÈËÖÔÙÝËÓÎËÒ Î×ÑÆÒÆ[ 8¬ÎÖÒÙÓ×ÐÎÏ 9 ÂØÎ ÕÖÔÖÎÜÆÓÎæ æÈÑæåØ×æ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
ÔØÖÆÌËÓÎËÒ ÐÆÖØÎÓá ÒÎÖÆ ÐÔØÔÖÆæ ×ÑÔÌÎÑÆ×â Ù ÍÆÕÆÊÓáÛ ØåÖÐ×ÐÎÛ ÕÑËÒËÓ Î
ãÈÔÑåÜÎÔÓÎÖÔÈÆÑÆ È ÕÖÔÜË××Ë ÎÛ Î×ÑÆÒÎÍÆÜÎÎ Î ÕÔ×ØËÕËÓÓÔÉÔ ÕÖÔÊÈÎÌËÓÎæ ÓÆ
ÍÆÕÆÊ ÊÔ ²ÆÑÔÏ ¦ÍÎÎ ¨ÆÌÓÔ ÙÝÎØáÈÆØâ ÝØÔ X°ÓÎÉÆ ÔØÜÆ ÓÆÞËÉÔ °ÔÖÐÙØÆ[
æÈÑæËØ×æ ÐÓÎÌÓáÒ ãÕÔ×ÔÒ ÕÔãØÔÒÙ È ÕÖÔÖÎÜÆÓÎæÛ °ÔÖÐÙØÆ ÒÔÌÓÔ ÔÇÓÆÖÙÌÎØâ Î
×ÑËÊá Ù×ØÓÔÏØÖÆÊÎÜÎÎ¹ÖÆÊÎÜÎæÒÎ×ÑÆÒÆÈãØÔÒ ×ÑÙÝÆËÇÙÊÙØ×ÔÔØÈËØ×ØÈÔÈÆØâÈ
Ô×ÓÔÈÓÔÒ ãÑËÒËÓØá ÐÓÎÌÓÔÏ ØÖÆÊÎÜÎÎ ØÔÉÊÆ ÐÆÐ ÊÔÒÙ×ÙÑâÒÆÓ×ÐÎË ãÑËÒËÓØá
×ÐÔÖËË×ÈæÍÆÓá×Ù×ØÓáÒÇáØÔÈÆÓÎËÒØËÐ×ØÆ
µÖÔÖÎÜÆÓÎæ °ÔÖÐÙØÆ ÒÔÌÓÔ ÖÆ××ÒÆØÖÎÈÆØâ ÐÆÐ ÒÆÉÎÝË×ÐÙå ÚÔÖÒÙÑÙ È ØÔÒ
×Òá×ÑË ÝØÔ ÔÓÎ ÎÍÓÆÝÆÑâÓÔ ÎÒËåØ Ù×ØÓáÏ ÛÆÖÆÐØËÖ Î Ô×ÓÔÈÆÓá ÓÆ ÈËÖË È
ÒÆÉÎÝË×ÐÙå×ÎÑÙ×ÑÔÈÆÎÒËÓÓÔãØÎÕÖÔÖÎÜÆÓÎæÈÕËÖÈÙåÔÝËÖËÊâÎÙÐÆÍáÈÆåØÓÆ
ÕÖËÌÓËË Ù×ØÓÔË ÇáØÔÈÆÓÎË ×ÐÆÍÆÓÎÏ ×Ô×ØÆÈÑæåßÎÛ X°ÎØÆÇÎ ÊËÊËÒ °ÔÖÐÙØ[
¸ÐÆÍÆÓÎæ ×Ô×ØÆÈÑæåßÎË X°ÎØÆÇÎ ÊËÊËÒ °ÔÖÐÙØ[ ÛÖÔÓÔÑÔÉÎÝË×ÐÎ ÓËÔÊÓÔÖÔÊÓá
ÕÖÎÓæØÔ ÖÆÍÊËÑæØâ ÎÛ ÓÆ ÖÆÓÓÎË Î ÕÔÍÊÓÎË ° ÓÆÎÇÔÑËË ÕÔÍÊÓÎÒ ÔØÓÔ×æØ×æ
X·Æ××ÐÆÍ ÔÇ ÙÊÆÑÔÒ ªÔÒÖÙÑË ×áÓË ªÙÐÆÐÔÊÌÎ[ 3 Î X·Æ××ÐÆÍ Ô °ÆÓ¹ÙÖÆÑÎ
×áÓË °ÆÓÑáÐÔÊÌÎ[ 3& ×ÑÔÌÎÈÞÎ×â ÙÌË ÓÆ ØËÖÖÎØÔÖÎÎ ²ÆÑÔÏ ¦ÍÎÎ ÕÔ×ÑË
ÕËÖË×ËÑËÓÎæ ÔÉÙÍÔÈ È ÆÐÆÈÐÆÍâË ÔÓÎ XÕÔ ×ÔÊËÖÌÆÓÎåĝ ×ÈæÍÆÓá ×
ÒÆÑÔÆÍÎÆØ×ÐÎÒÎ ×ÐÆÍÆÓÎæÒÎ × ÜËÓØÖÔÒ ÖÆ×ÕÖÔ×ØÖÆÓËÓÎæ ÉÖËÝË×ÐÔÉÔ ¹ÖÆÕËÍÙÓØÆ[
8¬ÎÖÒÙÓ×ÐÎÏ × 9 °ÖÔÒË ØÔÉÔ È ãØÎÛ ×ÐÆÍÆÓÎæÛ ÔØ×ÙØ×ØÈÙåØ
ÙÕÔÒÎÓÆÓÎæ Î Ô §ÆæÓÊÙÖÛÆÓË Î Ô ¸ÆÑÔÖ°ÆÍÆÓË ÝØÔ ÕÔ ÒÓËÓÎå ¨¨§ÆÖØÔÑâÊÆ
ØÆÐÌË ×ÈÎÊËØËÑâ×ØÈÙËØ Ô ÝÎ×ØÔ ÚÔÖÒÆÑâÓÔÒ ÈÐÑåÝËÓÎÎ ÎÛ È X°ÎØÆÇ Î ÊËÊËÒ
°ÔÖÐÙØ[ 8¬ÎÖÒÙÓ×ÐÎÏ × 9 ¨ ØÔ ÌË ÈÖËÒæ ÓÆÎÇÔÑËË ÖÆÓÓÎÒ Î
×ÔÛÖÆÓÎÈÞÎÒ È ×ËÇË ×ÑËÊá ÆÖÛÆÎÝË×ÐÔÏ ÇÔÉÆØáÖ×ÐÔÏ ×ÐÆÍÐÎ ÒÔÌÓÔ ×ÝÎØÆØâ
X·Æ××ÐÆÍ Ô §ÆÒ×Î§ËÏÖËÐË ×áÓË °ÆÓ§ÙÖá[ &&& 8¬ÎÖÒÙÓ×ÐÎÏ × 9 ¨
ÐÔÓÜÔÈÐË 3& ×ÐÆÍÆÓÎæ ÇÑÆÉÔÕÔÌËÑÆØËÑâÓáË ÚÔÖÒÙÑá ÔØ×ÙØ×ØÈÙåØ ÝØÔ × ÔÊÓÔÏ
×ØÔÖÔÓá ÊÔÕÔÑÓÎØËÑâÓÔ ×ÈÎÊËØËÑâ×ØÈÙËØ Ô ÎÛ ÊÔÒÙ×ÙÑâÒÆÓ×ÐÔÒ ÕÖÔÎ×ÛÔÌÊËÓÎÎ
ÓÔ×ÊÖÙÉÔÏÉÔÈÔÖÎØÎÔÍÓÆÝÎØËÑâÓÔÏÙ×ØÔÏÝÎÈÔ×ØÎÇÑÆÉÔÕÔÌËÑÆØËÑâÓáÛÚÔÖÒÙÑ
ÖÆÍ ÔÓÎ ×ÔÛÖÆÓÎÑÎ×â ÈÔ È×ËÛ ÊÖÙÉÎÛ ×ÐÆÍÆÓÎæÛ ¹ÆÐÎÒ ÔÇÖÆÍÔÒ È ØËÛ ×ÐÆÍÆÓÎæÛ
X°ÎØÆÇÎ ÊËÊËÒ °ÔÖÐÙØ[ ÐÔØÔÖáË Î××ÑËÊÔÈÆØËÑÎ ÔØÓÔ×æØ Ð ÓÆÎÇÔÑËË ÕÔÍÊÓÎÒ
×ÑÔÌÎÈÞÎÒ×æ ÙÌË ÕÔ×ÑË ÕÖÎÛÔÊÆ ÔÉÙÍÔÈ È ²ÆÑÙå ¦ÍÎå ØÆÐÔÉÔ ÇÑÆÉÔÕÔÌËÑÆÓÎæ
ÓËØ Ë×Øâ ×ÙÉÙÇÔ ÒÙ×ÙÑâÒÆÓ×ÐÎË ÚÔÖÒÙÑá ÝØÔ ÈËÖÔæØÓÔ ØÆÐÌË ÉÔÈÔÖÎØ Ô
×ÔÛÖÆÓËÓÎÎ È ÕÖÔÖÎÜÆÓÎÎ ÆÖÛÆÎÝË×ÐÎÛ ÊÔÎ×ÑÆÒ×ÐÎÛ ãÑËÒËÓØÔÈ ªËÏ×ØÈÎØËÑâÓÔ
ãÑËÒËÓØáãØÔÉÔÇÑÆÉÔÕÔÌËÑÆÓÎæÈÔÍÒÔÌÓÔÎÒËåØÊÖËÈÓËØåÖÐ×ÐÎËÐÔÖÓÎ
¨ÆÌÓÔË ÒË×ØÔ È ÔÉÙÍ×ÐÔÒ ãÕÔ×Ë ÕÖÎÓÆÊÑËÌÎØ ÌËÓßÎÓË ´ÊÓÆÐÔ ÔÓÆ ÕÖËÊ×ØÆËØ
ÕËÖËÊ ÝÎØÆØËÑËÒ ÙÌË È ÓË×ÐÔÑâÐÔ ÎÓÔÒ ÕÑÆÓË ÝËÒ ÌËÓßÎÓáÉËÖÔÎÓÎ ÖÆÓÓËÉÔ
ØåÖÐ×ÐÔÉÔ ãÕÔ×Æ ÛÔØæ ×ÛÔÌÎË ÝËÖØá È ÎÛ ÛÆÖÆÐØËÖÆÛ ÎÒËåØ×æ ° ÕÖÎÒËÖÙ
XÆÒÆÍÔÓ×ÐÔË[ ÓÆÝÆÑÔ ÕÖÔ×ÑËÌÎÈÆËØ×æ È ÕÖÆÈË ÌËÓá ÕÖÎÓÎÒÆØâ ×ÙÊâÇÔÓÔ×ÓáË
ÖËÞËÓÎæË×ÑÎË×Øâ ÙÉÖÔÍÆ×ËÒâËÕÔØÔÒÙ ÝØÔÈ×ÐÆÍÆÓÎæÛ X°ÎØÆÇÎÊËÊËÒ°ÔÖÐÙØ[
ÌËÓßÎÓÆÛÆÖÆÐØËÖÎÍÙËØ×æÕÖËÎÒÙßË×ØÈËÓÓÔ×ØÔÝÐÎÍÖËÓÎæËËÔØÓÔÞËÓÎæÐ×ËÒâË
ÂØÔ ÔÕÖËÊËÑæÑÔ×â ÖÔÑâå ÌËÓßÎÓáÛÔÍæÏÐÎ ÐÔØÔÖÆæ ÇáÑÆ Ô×ÔÇËÓÓÔ ÈËÑÎÐÆ È
Ù×ÑÔÈÎæÛ ÐÔÝËÈÔÏ ÌÎÍÓÎ ¬ËÓÆ æÈÑæÑÆ×â ÈØÔÖáÒ ÑÎÜÔÒ È ×ËÒâË Æ È ÔØ×ÙØ×ØÈÎË
ÒÙÌÆ ÍÆÒËÓæÑÆ ËÉÔ ÈÕÑÔØâ ÊÔ ÖÆØÓáÛ ÊËÑ X³ËÖËÊÐÔ ÓÆÕÖÎÒËÖ ÈÔÕÖËÐÎ
ÚËÔÊÆÑâÓáÒ ÔÇáÝÆæÒ ÓË ×ÕÖÔ×æ×â Ù ÒÙÌÆ ÔÓÆ ×ËÊÑÆÑÆ ÐÔÓæ Î È ×ÔÕÖÔÈÔÌÊËÓÎÎ
×ÔÖÔÐÆ ÊËÈÙÞËÐÓÆËÍÊÓÎÜ ÔØÕÖÆÈÑæÑÆ×â È ÇÔËÈÔÏ ÕÔÛÔÊ ÝÆ×ØÔ ÔÓÆ ×ÕËÞÎÑÆ
ÈáÖÙÝÎØâ ÎÍ ÇËÊá ÒÙÌÆ ×áÓÆ Î ÕÖ[ ÔØÒËÝÆËØ ÎÍÈË×ØÓáÏ Î××ÑËÊÔÈÆØËÑâ
ÕÆÒæØÓÎÐÆÕÖÔÚË××ÔÖ ¼°ÔÖÔÉÑÙ89
´ÊÓÆÐÔ È Ô×ØÆÑâÓÔÒ ÌËÓßÎÓÆ ÙÌË ÕÔÑÓÔ×Øâå ÕÔÊÝÎÓËÓÆ ÒÙÌÝÎÓËÒÙÌÙ ē
ÛÔÍæÎÓÙ ËË ×ÔÇ×ØÈËÓÓÔÏ ×ÙÊâÇá ´ÓÆ ÓÎÐÔÉÊÆ ÓË ÕËÖËÝÎØ ÒÙÌÙ Î ÓË Ô×ÙÌÊÆËØ ËÉÔ
ÊÆÌË Ë×ÑÎ ÔÓ ÕÔ×ØÙÕÆËØ ÔÝËÓâ ÕÑÔÛÔ ÓÎÐÔÉÊÆ ÓË ÕÖÎ×ÙØ×ØÈÙËØ ÓÆ ÒÙÌ×ÐÎÛ
×ÔÈËØÆÛ ÂØÔ ×ÔÔØÈËØ×ØÈÙËØ ÖÆ×ÕÖÔ×ØÖÆÓËÓÓÔÏ È ØÙ ÕÔÖÙ ØÖÆÊÎÜÎÎ ÌËÓßÎÓÆ ÓË
×ÔÈËØÝÎÜÆÈÖÆØÓáÛÊËÑÆÛ ® ËßËÔÊÓÆÔ×ÔÇËÓÓÔ×ØâÎÍÔÇÖÆÌËÓÎæÌËÓßÎÓáÈãØÔÒ
ÕÖÔÎÍÈËÊËÓÎÎ ē ÙÓËËË×ØâÎÊËÆÑÐÐÔØÔÖÔÒÙËËÔÇæÍáÈÆåØ×ØÖËÒÎØâ×æÎÕÔÛÔÊÎØâ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
ÓÆÓËÉÔÈÔÈ×ËÒÂØÔØÎÊËÆÑ ē ¦ÏÞÆÎ»ÆØÎÒÆ ē ÌËÓÆÎÊÔÝâÕÖÔÖÔÐÆ²ÙÛÆÒÒÆÊÆ
¨µÖËÊÕÔ×ÑÆÓÎÎÐ×ÈÔÎÒµË×ÓæÒ°ÔÖÐÙØÉÔÈÔÖÎØÔÝËØáÖËÛØÎÕÆÛÌËÓ
¨ÔØÌËÓá ē ÎÛÝËØáÖËÔÇÖÆÍÜÆ
´ÊÓÆÓÆÕÆ×ØâÕÔÖÔÊÔÏÔÇÊÎÖÆÑÆ
ªÖÙÉÔÏ ē ÝØÔÇÈ×ÑÆ×ØâÓÆË×Øâ×æ ē ×ÈÆÊâÇáÒÆÑÔ
´ÊÓÆ ē ÎÊÔÒÎ×ØÔÑÕÔÕÔÖÆÒÙÌÙ
ªÖÙÉÆæ ē ÐÆÐÔÓËÏÓÎ×ÐÆÌËÞâÕÑÔÛÔ ÛÙÌË
X¹Æ ÌËÓÆ Î ÊÔÒ Î ×ØÔÑÕ Î ÔÕÔÖÆ ÒÙÌÙ ē ÐÔØÔÖÆæ Ë×ÑÎ ÎÍ ×ØËÕËÏ Î ÕÙ×ØáÓâ
ÉÔ×ØâæÈÎØ×æÆÒÙÌÆÊÔÒÆÓËÔÐÆÌËØ×æØÆÐÉÔ×ØâÈ×ËÖÆÈÓÔÙÈÆÌÎØ×æĝÂØÆÎÍÖÔÊÆ
¦ÏÞÎ Î »ÆØÎÒáĝ µÙ×Øâ ØÆÐÆæ ÌËÓÆ ÛÆÓ ÒÔÏ Ð ØÈÔËÒÙ ÔÝÆÉÙ ÕÖÎÊËØ [ 8 °ÓÎÉÆ
ÊËÊÆÓÆÞËÉÔ°ÔÖÐÙØÆ9
¹ÆÐÎÒ ÔÇÖÆÍÔÒ ÔÇàËÐØá Î ÕÖËÌÊË È×ËÉÔ ÌËÓßÎÓá ÙÕÔÒæÓÙØáË È
ÕÖÔÖÎÜÆÓÎæÛ °ÔÖÐÙØÆ ÔÇÖÆÒÑËÓá ÚÔÖÒÙÑÆÒÎ ÒÙ×ÙÑâÒÆÓ×ÐÔÉÔ ÛÆÖÆÐØËÖÆ ÔÊÓÆÐÔ
ÒÓÔÉÔ È ÓÎÛ ÚÔÑâÐÑÔÖÓÔÒÎÚÔÑÔÉÎÝË×ÐÎÛ ÐÑÎÞË ¹ÆÐÔË ÕÔÓÎÒÆÓÎË ÒÎÖÆ
ÕÔÊÐÖËÕÑæåØ ØÆÐÌË ÔÇÖÆÍá ÛÆÖÆÐØËÖÓáË ÊÑæ ÒÙ×ÙÑâÒÆÓ×ÐÔÏ ÒÔÖÆÑÎ×ØÎÝË×ÐÔÏ
ÑÎØËÖÆØÙÖá ØË ÐÓÎÌÓáË ÕÔ ÕÖÔÎ×ÛÔÌÊËÓÎå Î ×ÕËÜÎÚÎÝË×ÐÆæ ÑËÐ×ÎÐÆ
ÍÆÎÒ×ØÈÔÈÆÓÓÆæ ÎÍ ÆÖÆÇ×ÐÔÉÔ Î ÕËÖ×ÎÊ×ÐÔÉÔ æÍáÐÔÈ ¦ÖÆÇ×ÐÎË ÑËÐ×ÎÝË×ÐÎË
ÍÆÎÒ×ØÈÔÈÆÓÎæ È X°ÎØÆÇÎ ÊËÊËÒ °ÔÖÐÙØ[ ØÆÐ ÎÑÎ ÎÓÆÝË ×ÈæÍÆÓá × Î×ÑÆÒÔÒ ¨
ÖÆ××ÒÆØÖÎÈÆËÒáÛ ÓÆÒÎ ÐÔÓÜÔÈÐÆÛ ×ÐÆÍÆÓÎÏ ÎÛ ÓË ×ØÔÑâ ÒÓÔÉÔ ÓÔ ÔÓÎ ÊÔ×ØÆØÔÝÓÔ
ÖËÉÙÑæÖÓá ²ÔÌÓÔ ÕËÖËÝÎ×ÑÎØâ Ô×ÓÔÈÓáË (<<?DM XÈ×ËÒÔÉÙßÎÏ[ A<ID ?PIT<
XØÑËÓÓáÏ ÒÎÖ[ <CDM ?PIT< XÕÔØÙ×ØÔÖÔÓÓÎÏ ÒÎÖ[ ?P< XÒÔÑÎØÈÆ[ F<=PG
JGH<F XÕÖÎÓæØÎË ×ÔÉÑÆ×ÎË ÕÖÎÓÎÒÆØâ ÕÖÎÍÓÆÈÆØâ[ (PM@G
X×ÒËÖØâ ÐÔÓÝÎÓÆ[ Q<FDO XÈÖËÒæ[ ¨×Ë ÔÓÎ ÈÛÔÊæØ È Ù×ØÔÏÝÎÈáË
×ÑÔÈÔ×ÔÝËØÆÓÎæ ÓËÐÔØÔÖáË ÎÍ ÓÎÛ ÕÔÝËÖÕÓÙØá ÓËÕÔ×ÖËÊ×ØÈËÓÓÔ ÎÍ °ÔÖÆÓÆ ¹ÆÐ
ÕÖÔØÎÈÔÕÔ×ØÆÈÑËÓÎË ÍËÒÓÔÏ ÌÎÍÓÎ ØË ØÑËÓÓÔÉÔ ÇÖËÓÓÔÉÔ ÕÖËÛÔÊæßËÉÔ ÒÎÖÆ Î
ØÔÏÌÎÍÓÎÓÆÛÔÊæßËËÈáÖÆÌËÓÎËÈ×ÑÔÈÔ×ÔÝËØÆÓÎæÛA<ID?PIT<ØËØÑËÓÓáÏÒÎÖ
ÝËÑÔÈËÝË×ÐÆæ ÌÎÍÓâ ÎÑÎ C<T<O<O?PIT< ØË ÍËÒÓÆæ ÌÎÍÓâ ÔÝËÓâ ÖÆ×ÕÖÔ×ØÖÆÓËÓÔ
È°ÔÖÆÓË×ÙÖá
¨ ÕÖÔÖÎÜÆÓÎæÛ °ÔÖÐÙØÆ ÐÆÐ Òá ÙÌË ÍÆÒËØÎÑÎ ÕÔÓæØÎË ?PIT< È×ØÖËÝÆËØ×æ
ÓËÔÊÓÔÐÖÆØÓÔ È ÔÇÔÎÛ ÍÓÆÝËÓÎæÛ ¨ ÓËÐÔØÔÖáÛ ÕÖÔÖÎÜÆÓÎæÛ °ÔÖÐÙØÆ
ÕÖÎ×ÙØ×ØÈÙåØ ÓË ØÔÑâÐÔ ÑËÐ×ÎÝË×ÐÎË ÍÆÎÒ×ØÈÔÈÆÓÎæ ÎÍ ÆÖÆÇ×ÐÔÉÔ æÍáÐÆ ÐÔØÔÖáË
ÓËÈ×ËÉÊÆ ×ÈæÍÆÓá× °ÔÖÆÓÔÒÎÐÔÖÆÓÎÝË×ÐÔÏÑËÐ×ÎÐÔÏ ÓÔÎæÈÓÔÒÙ×ÙÑâÒÆÓ×ÐÎË
ÕÔ ×ÈÔËÒÙ ÕÖÔÎ×ÛÔÌÊËÓÎå ÔÇÖÆÍá ÎÑÎ ÒËØÆÚÔÖá ¹ÆÐÔÈÆ ÓÆÕÖÎÒËÖ ÒËØÆÚÔÖÆ
ÌÎÍÓÎ ÐÆÐ ÐÆÖÆÈÆÓÆ XªËÊ ÒÔÏ °ÔÖÐÙØ ×ÑÔÌÎÑ ÕË×Óâ ×ÐÆÍÆÑ ×ÑÔÈÔ ãØÙ ÇáÑÎÓÙ ÔÓ
×ÑÔÌÎÑÔÓ×Ô×ØÆÈÎÑ¹ÆÐÔÓ×ÐÆÍÆÑÔÓÎÕÖÎÞÑÎÈãØÔØÒÎÖÎÕÖÔÞÑÎØÆÐÐÆÖÆÈÆÓ
Ô×ØÆÓÆÈÑÎÈÆËØ×æ Î ×ÓÎÒÆËØ×æ ÎÛ ÕÔÛÎØÎÑÆ ×ÒËÖØâ ×ÐÖáÑÆ ÍËÒÑæ ÍÆ ÐËÒ Ô×ØÆÑ×æ
ØÑËÓÓáÏ ÒÎÖ[ IG<M ?<C< =P ?PIT<T< B@G?D B@>?D F@MQ?P IG<M&
?<C< @>@G <G?& T@M BDUG@?D #<I< ?PIT< FDH@ F<G?& µÔ ÒÓËÓÎå Î××ÑËÊÔÈÆØËÑËÏ
Î×ØÔÝÓÎÐÎ ãØÎÛ ÔÇÖÆÍÔÈ ÖÆÍÑÎÝÓá ÓÔ ÇÔÑâÞÎÓ×ØÈÔ ÈÔ×ÛÔÊÎØ Ð ÕÎ×âÒËÓÓÔÏ
ÐÓÎÌÓÔÏ ÑÎØËÖÆØÙÖË ÛÆÊÎ×ÆÒ ÒÔÖÆÑÎ×ØÎÝË×ÐÔÏ ÑÎØËÖÆØÙÖË 8°ÔÓÔÓÔÈ 9
¬ÎÍÓâ Î ÕÔ×ØÙÕÐÎ ÝËÑÔÈËÐÆ ØÖÆÐØÙåØ×æ ÐÆÐ ÕÖËÛÔÊæßËË ØÑËÓÓÔË ØÔÉÊÆ ÐÆÐ
ÓËÎÍÒËÓÓÔÏÕÖËÊ×ØÆÈÑæËØ×æÈËÖÆÈÔÈ×ËÒÔÉÙßËÉÔ§ÔÉÆ
¹ÆÐÎÒ ÔÇÖÆÍÔÒ ÕÖÔÖÎÜÆÓÎæ °ÔÖÐÙØÆ ÎÑÑå×ØÖÎÖÙåØ ÊËÏ×ØÈÎØËÑâÓÔ ×ÎÓÐÖË ØÎÝ
ÓÙå ÐÆÖØÎÓÙ ÒÎÖÆ ØåÖÐÔÈ È ÐÔØÔÖÔÏ ÈáÊËÑæåØ×æ ÖÆÍÓáË ÐÔÒÕÔÓËÓØá ÓÆÎÇÔÑËË
ÊÖËÈÓÎÏ ØåÖÐ×ÐÎÏ Î ÎÖÆÓ×ÐÎÏ ×ÙÇ×ØÖÆØ Î ÇÔÑËË ÕÔÍÊÓÎÏ ÒÙ×ÙÑâÒÆÓ×ÐÎÏ ÕÖÎ
ÝËÒ×ÐÔÖËËÈ×ËÉÔÈËÉÔÞÎÎØ×ÐÔÏÖÆÍÓÔÈÎÊÓÔ×ØÎ
ÆÈËÖÞÆæ ÉÑÆÈÙ ×ÑËÊÙËØ ÔØÒËØÎØâ ÝØÔ ÕËÖ×ÔÓÆÌÎ ÌËÓ×ÐÔÉÔ ÓÆÝÆÑÆ ÎÉÖÆÑÎ
ÈÆÌÓÙåÖÔÑâÈÒÎÖÔÙ×ØÖÔÏ×ØÈËÎÒÎÖÔÕÔÓÎÒÆÓÎÎÊÖËÈÓÎÛØåÖÐÔÈµÖÔ×ÈËØÎØËÑÎÎ
×ÔÇÎÖÆØËÑÎ ØåÖÐ×ÐÔÉÔ ÚÔÑâÐÑÔÖÆ Î ÒÎÚÔÑÔÉÎÎ ÔÇÖÆÇÆØáÈÆÑÎ ÒÎÚÔÑÔÉÎÝË×ÐÎË Î
ÚÔÑâÐÑÔÖÓáË×åÌËØáÎÎ×ÕÔÑâÍÔÈÆÑÎÝËÖØáÌËÓ×ÐÎÛÕËÖ×ÔÓÆÌËÏÈÇÔÑËËÕÔÍÊÓÎÛ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
ÕÖÔÎÍÈËÊËÓÎæÛ ´×ÔÇËÓÓÔ ãØÔ ÐÆ×ÆËØ×æ ØÔÏ ÕÖÔ×ÈËØÎØËÑâ×ÐÔÏ ÑÎØËÖÆØÙÖá ÐÔØÔÖÆæ
ÎÊËÏÓÔÓÆÕÖÆÈÑËÓÆÓÆÕÔÕÙÑæÖÎÍÆÜÎåÎ×ÑÆÒÆ
{xuoo
¦ÇÊÙÑÑÆØÎÕÔÈ ¦°Ä ªÖËÈÓËÇÙÑÉÆÖ×ÐÎÏ ÕÆÒæØÓÎÐ X¸ÐÆÍÆÓÎË Ô ÊÔÝËÖÎ ¿ÆÓÆ [
²ÎÐÆÎÑæ §ÆÞØÙ ÐÆÐ ×ÈÎÊËØËÑâ×ØÈÔ ÊÖËÈÓËÏÞÎÛ ×ÈæÍËÏ ÓÆÖÔÊÔÈ «ÈÖÆÍÎÎ Î ÎÛ
×ÑÔÈË×ÓÔÏÐÙÑâØÙÖá¨Ë×ØÓÎÐª©º²ÑÆ
§ÆÖÆÓÔÈ ® ±ËÉËÓÊÆ Ô ÊÔÝËÖÎ ¿ÆÓÆ ÓÔÈáÏ Î×ØÔÝÓÎÐ ÕÔ Î×ØÔÖÎÎ ÓÆÖÔÊÔÈ
¨Ô×ØÔÝÓÔÏÎ½ËÓØÖÆÑâÓÔÏ«ÈÖÔÕá 6&& &5 ÈËÐÔÈ ®ÓØËÖÓËØÎÍÊÆÓÎË
¨ËØÖá¨ËÑÎÐÎÛ§ÙÑÉÆÖÑËÉËÓÊáÕÖËÊÆÓÎæÇÆÎØáÎÎ×ØÔÖÎÝË×ÐÎËÒÆØËÖÎÆÑá °ÆÍÆÓâ
©ÙÒÎÑËÈ±ªÖËÈÓææ·Ù×âÎÈËÑÎÐÆæ×ØËÕâ¸µÇ
°ÆÊáÖÆÊÌÎËÈ°¸ªÖËÈÓËÐÙÒáÐ×ÐÎÏØËÔÓÎÒ¼ÔÖ×¨Ë×ØÎ°³°´ ²ÑÆ
°ÔÖÆÓ ÕËÖËÈÔÊ×Òá×ÑÔÈÎÐÔÒÒËÓØÆÖÎÎ¨ÆÑËÖÎÎµÔÖÔÛÔÈÔÏ²Ô×ÐÈÆ
°ÙÑ©ÆÑÎ¼ÔÓ°ÎØÆÇá ´ÖËÓÇÙÖÉ
°ÓÎÉÆÔØÜÆÓÆÞËÉÔ°ÔÖÐÙØÆ´ÉÙÍ×ÐÎÏÉËÖÔÎÝË×ÐÎÏãÕÔ×§ÆÐÙ
§ÆÛÞÎ ®ÒÆÓ ªÌÆÉÚÆÖ ØÆÖÎÛá ¹ ¸ÈÔÊ ÇÙÑÉÆÖ×ÐÎÛ ÑËØÔÕÎ×ËÏ ´ÖËÓÇÙÖÉÉ
¦ÐÆÈÔÈ ³ X¸ÐÆÍÆÓÎË Ô ÊÔÝËÖÎ ¿ÆÓÆ[ µÔãÒÆ ·ÆÓÓË×ÖËÊÓËÈËÐÔÈáÏ ÛÙÊÔÌË×
ØÈËÓÓÔÑÎØËÖÆØÙÖÓáÏ ÕÆÒæØÓÎÐ Î Î×ØÔÖÎÝË×ÐÎÏ ÕÆÒæØÓÎÐ ÓÆÖÔÊÔÈ ªÖËÈÓËÏ
°ÎËÈ×ÐÔÏ·Ù×ÎÎ¸ËÈËÖÓÔÉÔ°ÆÈÐÆÍÆ ²ÆÛÆÝÐÆÑÆ×
°ÔÖÔÉÑá ¼ © ¨ÍÆÎÒÔ×ÈæÍÎ ãÕÔ×Æ ÓÆÖÔÊÔÈ ¸ÖËÊÓËÏ ¦ÍÎÎ ®ÖÆÓÆ Î ¦ÍËÖÇÆÏÊÌÆÓÆ
²Ô×ÐÈÆ
°ÔÓÔÓÔÈ¦³©ÖÆÒÒÆØÎÐÆ×ÔÈÖËÒËÓÓÔÉÔØÙÖËÜÐÔÉÔÑÎØËÖÆØÙÖÓÔÉÔæÍáÐÆ ±ËÓÎÓÉÖÆÊ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
j,$)-l+Y)"0) # j*+%#)
W(!"(&
IN<I?IT<T<BU<u?DGFBI?¡I=¡MDDFDNP<GI><Q<=JIP?<DH?I?MH?M
!IT<I@>¡ T<M<IH?M
IN<II@>¡ T<M<IH?M
%¡H?¡ DIN<IG<M=PNP<GG<MIDFDND?¡ @TIDQ<SO?<?I?MH?M%@u>MJG<=DGH¡U?DFD
?IT<II I@>¡ T<M<I?I =DGH¡F DNO¡T¡IG¡M DIN<II I@>¡ T<M<IH<N DG¡ H<M<LG<IH<NIG<M
6<SP? ¡FNDI¡+DT¡eIFDL¡?DHDIN<IG<M?<T<S=<<?M?G¡MFD?IT<IQ¡ DIN<I=DM
=DMDI?¡I <TM O¡N¡QQM @OH¡F JGH<U !IT< AJMH<?M DIN<I H¡UHPI?PM B¡M ?IT< Q<MN<
DIN<ITJS?PMN<=PH¡UHPINPUAJMH<?M6JS ¡B¡M?IT<TJS?PMN<?@H¡GDAJMH<TJS?PMQ¡
<MOL H¡UHPI?<I NC=¡O B@?¡ =DGH¡U *¡UHPIP AJMH< T<M<?M H¡UHPI AJMH<?¡ ?IT< NJIM< DIN¡ T<M<I? =<M¡?¡ ?IH =P H¡N¡G¡G¡MD U =¡?DD O¡A¡F
FMII NUB¡>DI?¡I F@uDMD= ¡?¡=DHDAJGJED H¡OIG¡M?¡ L¡GD=G¡?DMHD T<??<G<M?< T<<?<
T<<?< I¡NDG?¡II¡NDG¡ OMH?M PIG<MI C<HNI N<?<G<H<L ADFMDI?¡ ?@TDG¡H DM>¡ @TD
S<OMG<OH<LDNO¡TDM¡HFD?IT<IIQ¡ DIN<II T<M<IH<NC<LLI?< ¡IPU<LS<GLG<MI=@G¡ HDADF
?I>¡G¡MD=DM=DMDI¡ uJST<SI?MP?<C¡HDI?I>¡G¡MDI@TIDL<TI<L?<INUG=B¡G?DTDID
BNO¡MDM
IN<I?¡ O<IMG<M ?IT¡IDBI?U IDU<H< N<G?G<M <TG<M DGG¡MD ?U= LJ?PG<M DGG¡MD
A¡NDGG¡M¡A¡NDGG¡MD<TG<M<<TG<MC¡AO¡G¡M¡ =G?G¡M
*¡F<I?<JGH<T<I?<
7<H<I?<JGH<T<I?<
+¡ T@MI¡ LPMPI¡ NP
<C<I?<JGH<T<I?<
+¡ BTG¡MI¡ ?¡ BT?¡
2G?PUG<MDLGT
+¡ 6@MG¡MI¡ ?¡ T@M?¡
!¡IDU=PG<L<S<Iu<T
+¡ BIG¡MI¡ C¡AO¡G¡M
+¡ <TG<MI¡ ?¡ DGG¡M
+¡ DNODI¡ ?¡ NJTPL
+¡ ?¡TD¡IA¡NDGG¡M
6<TK<TU<SO<GL
<C<M?<JGH<T<I?<
/¡IBG¡M ¡GQ<I¡GQ<?<G<M
+¡ ?¡ ?¡MDI?¡M¡G¡M
+¡ <S<HG<MB@>¡G¡M
+¡ BI?U?J<IN¡C¡MN
P F<DI<OI S<JN ?QM?M %@u =DM IDU<HDIODU<H L<T?<L<IPI NDHH@OMDT< TJS?PM
(<DI<O?<C@u=DM@TUT@MDI?¡ ?@TDG-G<I@OG¡M<M<NI?<=PBIFM<=DO¡L<IPI<PTPIC¡M¡F¡O
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
JGH<H?M NGDI?¡ S<JN TJSGPL =JGPL ?@H¡F?DM 6JSGPL?< =JGPL?< C¡M C<IN =DM IDU<H
L<T?< L<IPI<PTPIGPL JG< =DGH¡U ė!¡?¡ .JMLP? (DO<=ĘI?< JPUG<M S<JNP ėT<G<Iu ?IT<Ę
<?G<I?MM?G<MNė6<G<Iu?IT<ĘDA<?¡NDI¡ FDO<=Iė<N<O1¡K¡BUG?M?T=JTPĘI?<
M<NOB¡GDMDFė6<G<Iu?IT<UI?¡ =DM ¡MLJK?P6<TGHI?<,PU@GDILJI?PMH<?.<M<KJG<?
U LG>G<M F¡N¡I ?DGDID F¡N?DMH¡?D .<MP >D?< JTI<?<IG<M DG?DM¡H¡?D .<TI JSP <O<IG<M F<M
LGH<?ĘN
P NUG¡MD <N<O< DFD JGPI?DNDIDI ?¡ IJQ<O u<OH L<M>L
?@TDM G=¡OO¡C¡HDI<I?<NDI¡NDI¡ JPG?<u¡FDGHD=PL<MIIBUI?¡ ?IT<L<M=S<JN<
u@QMDGHD?DM ,I< BM¡ ?¡ C¡HDI <I?< ?IT<I T<G<Iu <?G<I?MH?M P DA<?¡ FDO<=?<F uJS
L¡?DH?QMG¡MDIL<IT<??<I?<DGDD=L<GHuJSN<TGHJODQG¡MDI?¡I=DMD?DM
!IT<II T<M<IH<N S<JN?<I FJNHJN< F@uD?G¡ B@Mu¡FG¡?DMDGHD?DM PH@M H¡OIG¡MDI?¡I
<T?IBMIMFDO<IMDG<M?IT<IT<M<OH<<5¡U¡M?¡IDUDIDBT?¡IT@M¡ @I?DMH¡FG¡ =<G<HG<M
,U<H<I5¡U¡M?¡IDUD=NP<?G<IM?1<IM=BTITDT¡NDT?D=O<IM<?NJIM<G<M$TO<IM
<?I<u@QMDGHD?DM=<?C<UM?<BTM¡IBDI<=u<G<MI?<?DGDHDU?¡ N<SG<IH?M=NP<??<
JIPI <?I< PTPI LJTPGHP?PM = $TI O<IMN =NP 5¡U¡M ?¡IDUD N¡H<BT ?¡IDUDT?D
GH<I <GDHD "MDS 0@M@I ?¡ 5¡U¡MDI C¡LDL¡O¡I N¡H< ?¡IDUD JG?PPIP NTG¡HD?DM ,IPI ADFMDID
JG?PPFDHDQ@MDM¡Hė¨ØÔÖÔËÊËÖËÈÔÒË×ØÔÓÆÛÔÌÊËÓÎËÒÐÔØÔÖÔÉÔØÆÐÌËÇáÑÔ°Æ×ÕÎÏ×ÐÔË
ÒÔÖËÕËÖÈÔÓÆÝÆÑâÓÔãØÔÓË×ÔÒÓËÓÓÔÇáÑÔX³ËÇË×ÓÔË ÒÔÖË[ÓÆÍáÈÆÑÔ×â¼ÆÔÒÆ©ÔÐÔÖÊ
ÎÑÎ¹ÆÔÐËÖËÓÆĘN
5¡U¡M ?¡IDUDIDI 0¡H< ?¡IDUD JGH<N =DM uJS L<M<IGL H¡OG¡=G¡MDI <uGH<NI< DHF¡G¡MD BNO¡MDM FD ?IT<II ?< DGF DIN<II ?<
T<M<IH<N 5¡U¡M ?¡IDUDG¡ =<G?M PH@M HDAG¡MDI?¡ =P =<M¡?¡ T@O¡MDI>¡ =DGBDG¡M Q<M jU ?¡
JIG<M T<UG ¡FDG?¡ BDG GQC¡G¡M?¡ B¡GD= =DU¡ u<OH?M PM?< OMF ė6<M<?GĘ ?<NO<II?<I =DM
K<Mu<T<?DLL¡OT@ODMH¡TDG<UH=DGDM¡H!<NO<I=@G¡ =<G<TMė!<C< C@u=DM@TTJSF<Iė1<IM
.<M< 5<IĘG< ėNPĘ Q<M? .<M< S<I?<I =<L< BM¡I NP?<I =<L< BMI¡I TJS?PĘ N P
K<Mu< <MOL =NP5¡U¡M ?¡IDUDIDI BT?¡I <TMG?I BNO¡MDM )<FDI C¡G¡ ?IT< T<M<IH<T=
T<GIU6@MG¡ $T=DM=DMDI?¡I<TMG=
.<M<5<IO¡FGDF?¡INSGMPU<H<I=NP5¡U¡M?¡IDUD?<G<G<IM!<G<G<M<M<NI?<II<
uSM Q¡ .<M< 5<I< ėT<M<OĘ ?@TD= T@ID?¡I NPT< BDMDM P N¡CI¡ PH@M H¡OIG¡MDI?¡FD =NP
1D<H<O >OGTI Q¡ JIG<M?<I ?JPGHP )<SHP )<S<HP O<IMG<MI T<?< N<GM PI?<I NJIM<
.<M<5<I=DMėFDDĘT<M<?M(DDIDIFDHGDTD<uGHM.<M<5<IG<DFDNDNPTPINOTG¡ PuPMG<M(DD
.<M< 5<I?¡ T<M<IH<N?<NDMMJG<M<LL<GM
PM?<F ėPuH<LĘ H¡N¡G¡NDIDI NOI?¡I O= F@uH¡F JGHD??D H¡OG¡=G¡MDI NOI¡ DL N<GH<L uI T<S DKP>P
Q@MDGHD?DM PH@M H¡OIG¡MDI?¡ O<IMG<MI Pu?PLG<M O@UO@U QPMPG<IM ,IG<M ¡FN¡M C<GG<M?<
L<I<?GO¡NQDMJGPIPMG<M.<I<?$T¡ =<GGIN¡H<H¡I¡GDJGH<IM¡HUD?DM1<IM.<M<S<I
Q¡ JIPI T<M<O? FDD ?¡ ?¡IDUDI NOTG¡ PuPMG<M DU¡ @G¡ B¡GDM FD OMF ė6<M<?GĘ ?<NO<II
?U=LJ<I Q¡ JIP T<??<G<M?< T<<?<I DIN<IG<M uJS L¡?DH U<H<IG<M?< O<IMG<MI Q¡ JIG<MI
T<M<O?LG<M DGF DIN<IG<MI Pu?PLG<MI< C¡LDL¡O¡I DI<IHG<M +<GG<MHU?<F ėPu<I S<Gu<Ę ?<
PuH<I NJIM<F O¡N¡QQMI?¡I =<L< =DM @T ?@TDG $MIM O<MDSDI H¡TT¡I ?QMI?¡
DIN<IG<M?< NUI C¡LDLD <IG<HI?< PuH¡IDIH¡CNPGPN<TGH<G?M
.<M<5<I?IT<IT<M<OH<LDNO¡TDM(DDT¡ ?@TDMFD?¡IDUDI?D=DI¡ @ID=JM?<IOJMK<LuS<MNI
(DD NPTPI ?D=DI¡ @ID= OJMK<L uS<M<MF¡I BDUGDI>¡ U uI ?¡ <UI?< OJMK<L B¡ODMDM (DD
JQ>PI?<B¡ODM?DTDOJMK<NPTPIUI¡ N¡KDM.<M<5<IOJMK<<=T?@TDM1JMK<L=TTMQ¡
?IT< T<M<IM .<M< 5<II ė=TĘ =PTMPPI?4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
FDD OKMM Q¡ =<T<L?¡NDI?¡ M@<GG<H?M PH@M Q¡ OMF T<M<?G ?<NO<IG<MII NE@ODI?¡I uS
@?¡M¡F?IT<IIT<M<IH<HJ?@GDID<<?<FAJMHPG<?<N¡>DTT¡G¡I?DMH¡FJG<M
Y%0% %0)%$$&#e
PH@MG¡M¡ BM¡
OMFG¡M¡ BM¡
<GS<JNS<JN
*Q>P??PMNPNP
O<IMDG<M
O<IM
IFD<AITIS<JN?<IFJNHJN<S<JN?<IFJNHJN<
!IT<IIT<M<IH<NT@MG¡ $T=DM=DMDI?¡IT@MG¡ $T=DM=DMDI?¡I
<TMDGDM
<TMGM
6@MDIT<M<IH<N0PTPI?D=DI?¡IOJMK<L0PTPI?D=DI?¡IOJMK<L
uS<MGMuS<MGM
!IT<IT<M<?<IO<IM"IGDG
1<IM.<M<5<I
!IT<IID?<M¡
O<IMG<MO<IM
"?DGH¡ND
!IT<IILPMPGPP!IT<uL<O?<ID=<
!IT<uL<O?<ID=<
M¡O?DM$T$TG¡ 6@MDIMO?DM$T$TG¡ 6@MDI
<M<NQ¡ 6@M<M<NQ¡ 6@M
$MI?T FDHD PH@M Q¡ OMF T<M<?G ?<NO<IG<MI?< ?IT<II T<M<IH< HJ?@GD O<H<HDG¡
=DM=DMDIDINOI¡ ?MP?<C¡MDFDS<GLIFJNHJLJIDFHDAJGJED?I>¡NDIDI@TIDJG?PPIP
BNO¡MDMPHJ?@GPH@MOMFL<TI<I?<ID=GDT<T<JM?<I?< ¡FN¡M¡MLC¡OO<=DMuJSCDI?
<QMJK<S<GLG<MI<F@uHD?DMQMJK<<GDHG¡MD=PC¡LDL¡OD?I¡?I¡ QPMPG<HG<MFD?IT<II
T<M<IH<NC<LLI?<FHDAG¡MDIQ¡ HJ?@GDIDGFDIQ¡O¡IDFDu<T<M<NJGHP?PMNI?D
=TF DI<HG< ?@H¡F JG<M FD =P HJ?@G DGF ?¡A¡ PH@MOMF HDADFFJNHJLJIDF ?I>¡NDIDI
H¡CNPGPFDHDJMO<T<uSHNJIM<?DB¡MS<GLG<MO¡M¡ADI?¡IH¡IDHN¡IDGHD?DM
GF DIN<II T<M<IH<N C<LLI?< PH@M T<UG L<TI<LG<MI?<F =DM uJS =DGBDG¡M B¡GD= =DU¡
u<OH?MjI>¡ ?@TDHFDJL<TI<LG<MI?<=¡UDG¡MDI?¡ DGFDIN<II.PM<I?<Q¡ D=GDT<?<JG?PP
FDHDBDG?¡IK<GuL?<IT<M<?G?QPMPG<IM)<FDIPH@ML<TI<LG<MII ¡FN¡MDTT¡ODI?¡ DIN<II
O<IMG<MIQG<?G<MJG?PPDGFDIN<IIH¡CUDIN<IFDHD?JPG?PPL<=<ML¡FDG?¡ BU¡ u<MKM
TM<TM PH@M L<TI<LG<MI?< DIN<II I@>¡ T<M<IH<N H¡N¡G¡NDI¡ <M<NM< OJSPIPGN< ?<
ėOM<S<NDNC<LLI?<I¡H¡Ę?¡ JI?<IB@ID?<IGM
1MF ė6<M<?GĘ ?<NO<II?< (DDIDI KDN IDTT¡OG¡MD .<M< 5<I< SJ B¡GH¡HD Q¡ JIP ¡MGDB
@TO<I@G¡TD=DLG?IT<?<ILJQHP?PMPI?<INJIM<.<M<5IC¡M
=P?<I?<I=DMDIN<IT<M<OH?Mė6<M<?GĘ?<NO<II<BM¡1<IM.<M<5<IDIN<IT<M<?<I?DL<OI<L<GS=?IT<IJM?<ID?<M¡ @?DM6@??DI>DL<O?<$I<I<<GOI>
L<O?<TO<JOPMHP?PM
PM?¡?¡I?@T¡FFDPH@MHDAG¡MD T<UG¡FDG?¡ T<
DGFDI Q<MD<IO?< ē PH@M ?DGDI?¡ T<SP? NJIM<F Q<MD<IOG<M?< ē <FF<? G¡C>¡NDI?¡ B¡GD= =DU¡
u<OH?M %<UM?< DIN<II Q¡ ?IT<II T<M<IH<NTG< =<G =DM I@u¡ HDAJGJED H¡OI O<KGH?M
,IG<M?<I u ?<C< L¡?DH?DM Q¡ DGFDI Q<MD<IO C@N<= @?DGDM %¡OO< JIG<MI uII ?¡ @¡&&&
HDIDGGDF?¡ T<UT< <GI? ?IGM P u L¡?DH H¡OI?¡I DFDND I #DG<?@GADT<
PIDQ@MNDO@ODI?¡ =DMDDN¡ -<MDNDI)PQMHPU@TDI?¡ N<SG<IM
PL¡?DHH¡OIG¡MDINJIM<FH¡OIG¡MG¡ C¡HJS<MC¡H?¡ A¡MLGD>¡C¡OG¡MDQ<MOIHDAG¡M?¡
DIN<IG<MT<M<OH<L?<H¡LN¡?@TID?DM1<IMG<MUG¡MD<MDG¡MBMMG¡MJIG<MIC?¡NDI?¡IB¡G¡
=DGHDMG¡MuJS ¡U<=¡UDTT¡Ou¡FDMG¡MIN<IT<M<?MG<MFD=OI=P<MDG¡MDJIG<M<O<KMNIG<M
.¡?DH H¡OIG¡M?¡ <M D BM¡I O<IMG<M O<IM "IFDT¡ HM<>D¡O @?DMG¡M , ?¡MDI TPSPT< B@?D=
C@uF¡ND@DOHDM PU<H<I=OIO<IMG<MIQ¡ "IFDIDI<I<N%<HHPUJGPIPJT<?=JI?4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
S<CD@?DMFDO<IMG<M=P<M TFG¡M?¡I<U<?@OH¡FuIDIN<IG<M T<M<ONI"IFDJIPINUI¡
LPG<L <NM Q¡ DIN<I T<M<OH<< M<UGL Q@MDM 1<IMG<MI <I<N +<HHP Q¡ 6@MDI O<IMN +DIH<S
DIN<I T<M<OH<< =<G<TMG<M "IFD U ?¡ JIG<M< FH¡F @?DM 0JIM<F H¡OIG¡M?¡I A¡MLGD JG<M<L
=PM<?<DIN<IIT<M<IH<NI?<II"IGDGDI*<H<II+DIODIDI<?G<Mu¡FDGHDM
<L< =DM HDA?¡ DN¡ DGF DING ¡FDG?¡ O¡CMDA JGPIHP?PM P H¡OI¡ BM¡ BPT< T@MD 5?M *<M?PF
T<M<OH?M %<G=PFD PH@MG¡M ?QMI?¡ 5?M *<M?PF =TF O<IM JGH<H?M , T<GIU
3<QDGTJI?QMI?¡ =TF<?L<U<IH?M*¡OI?¡ C¡HDI?QM¡ PTPIG<?MGH?M
+¡C<T¡O ¡I=TFH¡OI=DMKJ@H<¡FGDI?¡?DMPM<?< ¡N<NHJODQG¡M@TIDJGN<?<NE@O=DM
L¡?¡M =<L<?M PM?< H¡N¡G¡ =@G¡?DM FD O<IMG<M ?ITMM<UN<GHM
DMQ<SOO<IMG<MDIN¡ <O<G<M
,G?PH¡NG¡C¡OuDND
¡NB¡M"IGDGJIG<MI
*¡G¡FG¡MDINOI?¡
=TFJG?P+DIPMO<
+¡U<M¡OuDLJT?PG<M
NO¡GDF+@ML<G?<
GG¡MDIDNONO¡
LJTP==DM BIO<IMG<M
-F<O==PDG¡MD
C<HT<K<TG<?G<M
$TG¡MDI<<GI
BOM?IIU
"IGDGDIJG?P=OI
BTI<GOT@MU
0PG<MIu¡FDGH¡ND
,F@<IIL<KN
%FH?<MFDHD"IFDT¡
O<KMG?C<HN
IUDDIDBM=
L<GS?P><BTG¡M¡
"IFD?¡ JM?<I=DM=<
@I?D?¡MDIGDFG¡M¡
,IG<MP><BTG¡M?¡I
B¡G¡I<IIPI<FG<M
*¡G¡FG¡MDI=JTIPI<
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
<MDG¡MLJT?PG<M
*¡G¡FG¡M=<G<?G<M
u<TT<O<L<UH<<
jGF¡T¡ ><IQ@M¡>¡F
F<I<GG<MT<M<OH<<
e<TG<MIT<O<I=<G< C<UM?G<M
,IG<M!¡>G¡ u<TI
B@I>¡B@I>¡ L<U?G<M
0JIM<#¡M<Ou<TI
K¡I>¡K¡I>¡ L<U?G<M
*¡G¡FG¡Mu<G?G<M
NPG<MIG<K?D=DI?¡
DMH¡=¡?P><GO?G<M
JIG<M?<"IFDuI
=UPIPP><GO?G<M
NPG<M?<"IFDuI
,IG<MC¡HDIH¡=¡?D
BTG¡M¡ L<G?M?G<M
M<MDG¡M¡
?U?G¡MJIG<MJIDG
M<MDG¡M¡
?U?G¡MDTDMHDDG
M<MDG¡M¡
?U?G¡M?UJOPUDGN
*¡G¡FG¡M?UDFDHDI=@TUDG=P<MDG¡M¡ =DMO¡C¡M?UMG¡MG<FDI<MOL=@UDMG¡M-<GuL?<
=<O<LGL?< OJU?< OJMK<L?< DG¡H¡F JIG<M?< H¡G¡FGDF LJTHPM 6<Q<T<Q< "IGDG?¡I
DF<T¡OG¡IDMG¡M JIPI Q¡UDA¡T¡ ?UBI LJTPGH<?I ?DG¡ B¡ODMDMG¡M JIP ?¡TDH¡F O¡G¡=G¡MD
N¡NG¡IDM (GIBG¡MDID NI?M= =@GG¡MDI?¡I OJIL<G u<O= U¡I=DGG¡MDID J?< <O= "IGDGDI H¡=¡?DIDI
L<KNI<TMG<M*¡G¡FG¡M=PM?< ¡H¡GGD=<GNT<IL<G?MMG<MC¡OO<=PDG¡M?¡IGHLJSPNP
B¡GDM"IGDGTP=<IH<?<I=TFO<IMG<MT<II<u<MMIB¡GDM"IFDB¡GDM+DIPMO<+@ML<GB¡GDM
%¡OO< =TF O<IMG<MI =PM?<F NC=¡OG¡MDI?¡I =¡GGD JGPM FD H¡G¡FG¡M "IGDGDI U JG<IG<M?
"IGDGDIH¡NG¡C¡OuDND+PNFP"IGDG¡ ?@TDMFDN¡IUJG<IG<MI?<IIDT¡ LJMSPMN<IĘ
*¡G¡FG¡MUG¡MD?¡ =DM=DMDIDL<M?<N<TM?G<MMDG¡MBM==@U?DF?¡ H¡G¡FG¡MDI<N<LL<G
U TJG?<G<MI< ėL<M?<G<MHĘ ?@T¡ U OPOHP?PM P H¡L<HG<M JI< BM¡ S<OMG<?M<H FD
JIG<M?< DIN<II T<M<IH<NII uJS DI>¡ NDMG¡MD BDUG¡IHD?DM PIG<M T@MD B¡G?DF>¡ UUI¡
uU¡G¡I¡>¡FI?DBM¡FO<IMG<MT=I¡ L¡M<M<B¡G?DG¡M
"IGDG S<M<FO@M>¡ ?<Q<F<M? =DU =PIP JIPI =OI ¡H¡GG¡MDI?¡ BMMF %¡OO< 1PA¡ Q@M?DFG¡MDID =JTPIG<MI< <GMG<M S H¡G¡FG¡M uJS U¡MDA uJS DI>¡ Q<MGLG<M?
JIG<MIBM?FG¡MDDG¡MH¡G¡FDD?@TDG"IGDG?<Q<F<MGI?<I?IH¡FDNO¡HDMQ¡ ?@TDM
e<MO?M?I?<
BT?¡I@I?DT<II<
$UG¡MDIDIII?¡
"IFD=<SM?JI<
,OPM?P<4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
.PG<LF¡NDG?D"IFD
J=NPIPITDT¡ND
TFIIPI<FG<M?<
JOPM?PG<MNM<TG<
!<I?=PH¡OG¡=?¡I
"IGDGL<GS=C<M<TG<
"IGDG<u?N<I?
OF?K<H=I@>¡
,=TFO<IMG<M<
NTG¡?D=<S=@G¡>¡
ėPM?<I¡G¡M=<Q@MDM
H<OL<GH<H=PD¡
I?D H¡I<OGH<G
?@TDG¡HHD?T¡
+¡G¡MBMMBUG¡MDH
DI<I<=DGHDM¡HH¡I
(¡ND=H¡IDHL<KH
?<Q<B¡GD=DI?D?¡IĘN
I"IGDGDN<FDOG¡?DMDMJ<O<NIIO<KMTG<+PNFPIPH¡G¡FG¡MDIT<II<BI?¡MDMFDJIG<MI
?¡M?DIDTM¡INDI+PNFPTM¡IDMFDJIG<MI=DM>¡ ?¡M?DQ<M <MDG¡M?¡I=@UD=G¡MJu¡ODIGDFG¡M¡
?<C<?UHMG¡MI?<"IFD?¡ H¡G¡FG¡MDIDDIDI<MQ¡ ?UGH¡UJG?PPIPO¡N?DLG¡TDMG¡M
ėI<u<M<L<UI
L¡G=DI?¡ =DMSJ?DG¡F
1<IML<M?<G<MI<
I¡G¡MNTG¡?DBM¡F
+DT¡IDT¡ JIG<M<
KDNGDF@OH¡GDTDF=DU
G¡MDG<K<M?
¡U<=G<M=TF?
%¡MBIU¡I=DG?<H<L
JIG<M<<MTF?M
CG<MI@D?DM
$UT<G<MIBMMF
6<M<ONIDIN<IU
PGPI¡I¡NDB¡M¡F
1<IMG<MITFI
=DU?¡ JIG<M<Q@M¡FĘN
IN<II T<M<IH<N DGF ?¡A¡ =PM?< JMO<T< uSM O< O<IM I DIN<II PGP I¡I¡NDID T<?< N<GM
!@H¡GD DIN<L<I<+DIOD?DM,IPu<MMQ¡ DIN<IT<M<OH<O<KMMG<M
"IFD<u?<UI
L¡G=DI?¡ =DMSJ?DG¡F
1<IML<M?<G<MI<
I¡G¡MNTG¡?DBM¡F
+DT¡IDT¡ JIG<M<
KDNGDF@OH¡GDTDF=DU
ėG¡MDG<K<M?
¡U<=G<M=TF?
%¡MBIU¡I=DG?<H<L
JIG<M<<MTF?
CG<MI@D?DMDF
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
BUT<G<MIBMMF
!PMNPIG<ML<=<I?<
LJTIIPI<FG<MT@I¡
1<IMG<MII¡I¡ND
+DIOPuSNILJTI¡
,T<M<ONIDIN<I
T<M<ONILJTPIBM¡F
1<IMG<MITFI
=DU?¡ JIG<M<Q@M¡F
1<IMG<MBM¡IDD
O<KM<LDIN<IG<M<
.JTPIDIN<IG<Mu¡FNDI
=JTPI?PMPP?<C<
IN<IG<MII¡I¡ND
+DIOPI?¡ ?PM<I?<
IN<IG<MII¡I¡ND
DIN<IT<M<?<I?<
1<IMG<MIU¡I=DGDID
?<T<MG<MDIN<IG<MĘ
.LM=u<M?G<M
O<IM<I<IJIG<M
GG<CG<MH<H<u<N
J<GG*<H<L JIP O¡F=<I< T<M<?<
=DGH¡T¡>¡TDID NTG¡TDM , ėDIN¡TDIDĘ QPMP<GTM +DIOD
L<?I?<I<?"IFDFDD?D<O<?!@H¡GDDIN<I=D>?@TDG<I<N?<Q<M<O<N?<
+DIOD<u?<UI
L¡G=DI?¡ =DMSJ?DG¡F
,=TFO<IMG<M<
I@>¡ NTG¡?DBM¡F
ėIN<IO¡F=<I<
T<M<?<=DGH¡M¡HH¡I
)<FDI"IFDTG¡ =DMB¡
B¡G¡M¡HC?¡NDI?¡IĘN
P FDuDF K<Mu<?< DIN<II <O< Q¡ <I< =<GI?<L
JM?<uJSBDUGDMOGN<SG<IH=DMH¡OG¡=¡ BUTPHH<LJGH<UP?<JI?<ID=<M¡O?DMFD+DIOD
O<IMG<M?<I=DMDIDIL<IIBDGG¡ TJPMPMQ¡ DIN<IIH<T<NO<IML<IDG¡ BDG?¡ILJTPGPM1<IML¡ <I< =¡OIDID DA<?¡ @G¡TDM
PI< KJ@H<II NJIM<F K<MuG<MI?< M<NO B¡GDIDM 6JMPGHP K<GuL H<T<G<IH M@TH?¡I
=<L<=DM@T?@TDG,?JLLPU<T?JLLPUBI<I<=¡OIDI?¡ L<GM=TTMQ¡ =P?<P<I<I<
=¡OIDI?¡ L<G?H??¡O¡ O<HPTPIB¡GDM¡NBDGDINDMMDI¡?¡?D+DT¡ H¡CUBDG
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
-J@H<II =<GI?< H¡G¡FG¡MDI "IGDG¡ L<M I@>¡ L¡U¡=G¡I?DFG¡MDID NT<I C¡OO< LDT<H
L<G?M?LG<MI BM?F *¡G¡FG¡M O<IMG<MI U QG<?G<M?M JIG<M <M DG¡M¡ ¡U<=¡UDTT¡OG¡M¡
?UH¡TD=U<O<G<MI?<I"IGDG?¡IDIODL<H<GH<<L<GSMG<MI?DC¡HDI<MDG¡M ¡U<=¡UDTT¡OG¡M
=JTPI?PMPL FDHD DIN<IG<MI =JTIPI< O<SG<><L IN<L<S=PLDT<HI=<Q@MH¡H¡NDuIO<IMG<MDIN<IIBPT<BDG?¡IT<M<I?I
I¡ u¡FD=G¡M)<FDIKJ@H<?<O¡F>¡ JBDG?¡ITJMPGH<N¡CI¡NDID=DMF¡I<M<LJTN<LDIN<II@G¡ =P
BI=DUDH=DG?DTDHDUL<T?<?<<I<=¡OIDI?¡ H<T<G<IH<I?<IOPOHP?JPGPPI<L¡?¡MC¡M@TD
<T?I ¡FDG?¡ O¡NQDM @?DGHD?DM $DG?¡I TJMPGH< <I< =¡OIDI?¡ H<T<G<IH<II J=M<UG KJ@ODF
DA<?¡NDI?¡I=<L<=DM@T?@TDG
*DNDM HDAG¡MDI?¡I ?<I<I /IO@N ?¡ T<UM? FD DIN<IG<M uJS Q<SO O<IMG<MI QG<? C@N<=
@?DGHD?DM,DIN<IIBDG?¡I?U¡G?DGH¡NDC<LLI?<F*DNDMHDADI¡ =@G¡ HI<ND=¡O=DG?DMHD?DM
ėIN<IG<MI O<IM 5DPH< O¡M¡ADI?¡I <TM<TMGL?< BDG?¡I T<M<?GH<N C<LLI?< O¡N¡QQMG¡MD
NJIM<F ?QMG¡M¡ <D??DM Q¡ FJNHJLJIDF ?@TDG T¡ID =P DGF DIN<II BDG?¡I T<M<I?I I¡U¡M?¡
OPOHPMĘNDU¡ @G¡ B¡GDMFDPH@MHDAG¡MDI?¡FDBDG?¡ NJIM<?<I<MOMGH?MGFHDAG¡M?¡
BDGJGH<H?M
ė"IFDQ¡ +DIH<CĘ ¡N<ODMDI?¡ ?¡ DIN<IG<MIO<IMG<M<LPGGPL@OH¡FuIT<M<?G?IBMMF
PHDA?¡ ?¡ DGFDIN<I+DIH<C?U¡G?DMQ¡ "IFDJIPIO<G@TDIDH¡TT¡IG¡?DMDMN
PH@M HDADI¡ BM¡ DGF ?¡A¡ T@??D FDD Q¡ T@??D L<?I T<M<IH?M 0JIM< JIG<M >O>O
@QG¡IHDG¡MQ¡ BMIMJIG<M?<IC¡M¡ND=DMO<TA<II=<GI ¡N<NILJTHP?PM
-J@H<?<DIN<II?JPGH<N?<=¡?DD=JT<G<MG<Q@MDGHD?DM)<FDI=P=JT<G<MC¡LDLDH¡IU¡M¡ID
BDUG¡OH¡F TJS ?<C< BU¡G DA<?¡ @OH¡F H¡LN¡?DG¡ N@uDGHD?DM <?<F K<Mu< =PIP <T?I
BNO¡MDM
!J<><LO<IMG<M
=DMT@M¡ OJKG<T<M<L
+DIOPUJOPMP=
BIG¡MDN<TM?=<S
1<G@TDBUG¡TDM?D
O<G@J?JLLPU<T?
"G¡ FDB¡GD=u<O?
J?JLLPUPI>P<T?<
.JTPGHPC¡HDIQ<SO?<
LP><LG<M?<<uG?
0@QDI>DLN<uM?
<?GLDLN<uM?
<I=<G<T<M<L
H<H<u<GL@?DM?D
@GDIDN<MT<M<L
S@TDM?P<Q@MDM?D
+DIOPPIP?<N¡K?D
F¡MKD>G¡MD?¡ LJT?P
ėPIPUHT<M<O?H
U ¡GG¡MDHT<M<O?
*<H<u<B¡GD=F<CDI
LUI@QDI¡ u<O?
!JH<<=<G<T<MG<M
JQ<SO=JTGPL<?IG<M
6FIT@M¡ LJTP=
<U<?JG<MG<MJIG<M
!JLLPUBIL<=<I<
HOG¡LF¡MKD>LJT<MG<M
IN<IG<MII¡I¡ND
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
+DIOPIP?<T¡MG¡M
,IPI=<>NO<IM
*<H<Iu<M<MG<M
*<H<I?<T¡MG¡M
(@D?¡ PPMG<MG<M
(@?¡ <MQ<?<G<I?<
LU?< ¡M¡ B@?¡I?¡
O<M<?GL@G¡NDI
L<TI<O<@QDI?¡
!JLLPUBI?JLLPUB@>¡
=P¡IGDF?¡ PU<I<M
O<M?<S<M<
<?TG<u<M<MG<M
%¡MO<G@TDI<?I<
=DMO<MDST<UG=?ĘN
PK<Mu<?<FDDIDI<MQ<?<GH<N<MQ<?I ¡M¡ B@OH¡NDJIG<MI=DMT<NO<=<LJTH<NP¡ TJSG<K=DUDHBIG¡M?¡ T<UG=-J@H<=@HDIDGI>¡ T<UT<<GIN<
?<JIPIO<MDSD?<C<L¡?DH?DM N¡MT¡LDIFDI@u¡ HDIDG?¡ <UG<M?<I<UG<M<OMG¡OMG¡
T<<H?MeIFDT<UF¡A@?DG¡I?¡ =P ¡N¡MG¡M=DUDHJSP?PPHPU¡FDG?¡ T<??<G<M?<HQ>P?
JGHP?PM P >M =DOFDI BU¡G =DM ¡FG¡ ?¡I¡ L¡?¡M ?¡ NUNU FD HDI DGG¡MG¡ T<??<G<M?<
>DG<G<IH<KSO¡G¡H¡ TJGPF@uHD?DM
.7DHl(?DC7N:Eh:KhK?BAKp7hl
=bIJsH?HA?8KDKCsDO7H7JClp7C
-J@H<?<F *<H< <? uJS H<M<L ?JPMPM !JPH DDI¡ H¡CU J =<SM ?<C< ?JMPNP
H<H<u<GL @?DM !DGDHDU?¡ DG¡I¡I H<H<u< NU H¡CU JIPI <?I< ėu<Ę NU?U¡G?D>D ¡FDGuDND
<MOMGH<LG<T<M<IH?M!@H¡GDH<H<u<<GIH<TJSO¡HDUOMFNU?M
!JPHP Q¡ FMK¡ P<LG<M N@QBD H¡C¡==¡O O<IMN I<II<II CDH<T¡ @O?DTD ?¡ U ¡FNDID
O<KH?MFD=P?DB¡MPH@ML<TI<LG<MI?<I<II<IIQ¡UDA¡NDTG¡ NONO¡ ?M
(0%(#)
MDA GDT@Q PH@M?<NO<IG<M<F
/U<NJT0@TA¡??DI,PUHDADQ¡ <O<NUG¡MDė!¡?¡ .JMLP?ĘĠ N
ė(DO<=D!¡?¡ .JMLP?Ę<F
ÂÖÎÛ½ËÖËÓ±ÙÓÓáÏÇÔÉ ²Ô×ÐÈÆ
TF1MFFG<NNDFG¡MDjOF¡I
¦ÚÆÓÆ×âËÈÆ¨°ªâæÐÔÓÔÈ®²¨ËÏÓÇËÖÉ®µ°ÙÑâØÙÖÆµËÖËÊÓËÏ¦ÍÎÎÐÕËÖÈÔÏ
ÕÔÑÔÈÎÓËØá×æÝËÑËØÎæÊÔÓã®×ØÔÖÎæªÖËÈÓËÉÔÒÎÖÆ ²Ô×ÐÈÆ×
ÅÔØÐÖÔåØËÇË×ÔÐÖÔÈËÓÓÔË×ÑÔÈÔ²Ô×ÐÈÆ
¦ÓØË×·²ÎÚÔÑÔÉÎæÈªÖËÈÓËÒ«ÉÎÕØË²ª²×
+<T@Q ¡GDG.¡?DH¡ML ¡?¡=DTT<OO<MDSDėNDT<ĘI¡MDTT<O<F
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
),$ %e0 +Y)"#l)e%e% *+%#) % ee -l + $&+e-#l)e
!\ W(".!$+
!J=MP><?< /PHIDT< Q¡ JGL<MNO<I?< OMFH¡I¡GD S<GLG<MI H¡NFPIG<? ¡M<UD
T<TGH ?<NO<IG<M ?DB¡M OMF S<GLG<MII AJGFGJMPI?< HQ>P? JG<I ?<NO<IG<MI =DM L¡?¡M A¡MLGD
NE@O¡ H<GDF LJGG<MI?<I D=<M¡O?DM X(JMJGP[ X"?DB@ <OM[ XeJM< <OM[ X(JU (MK@[
X?DG 0PGO<I[ Q¡ ?DB¡M ?<NO<IG<MI HJODQG¡MDI¡ GO<T??<?G<M
C<LLI?< G<UH JG?PPI?<I <MOL H¡GPH<O Q@MDM
/PHIDT< OMFG¡MDIDI ¡?¡=DTT<O HSO¡GDA OMF H¡?¡IDTT¡OG¡MDIDI NDIO@UDI?¡I D=<M¡O JG?PP
uI H<M<LG =DM S<M<FO@M¡ N<CD=?DM @G¡ FD (MH O<O<MG<M Q¡ I<?JGP OMFG¡MD NOIGF O¡FDG
@OH¡FG¡ HSO¡GDA OMF O<TA<G<M ¡NMG¡M =JTP =P ¡M<UDT¡ Fu @OHD Q¡ UG¡MDI¡ H¡SNPN
H¡?¡IDTT¡ODI J >HG¡?¡I AJGFGJMPI =GB¡?¡ T<TGH<NI< N¡=¡= JGHPG<M
!J=MP><?< T<TGH ?<NO<IG<M U S<M<FO@MDF SNPNDTT¡OG¡MDI¡ BM¡ =DU¡ H¡GPH JGD??D A¡MLG¡M¡ H<GDF ?@TDGG¡M %¡OO< H=<GD¡NDU
?@H¡F HHFI?M FD =OI OMF H¡NF¡IG¡MDI?¡ OMFI O<KI? ?¡T¡MG¡M @TID JGHP?PM P
N¡=¡=?¡I ?¡ ?<NO<IG<M?< O¡F?¡I
S¡=¡M Q@M¡I A<GuG<M Q¡ N JS<M NE@O S¡OODI¡ N@QBDGDID <SO<M= O<KH<L TPSP?< B¡G¡>¡TDID
BMH¡F F<N=G<M< ¡G OPOH<L ¡UDG¡I S<GL H?<AD¡ @OH¡F Q¡O¡I uI GH¡ B@OH¡F Q¡ N =<L<
?<NO<IG<M?< L<MG<?HU L¡CM¡H<IG<M< (JMJGP Q¡ N M<NO B¡GDIDM !<NO<IG<MI
<M<?MGH<NI?< M<NO B¡GDI¡I =<G>< KMJ=G@H JIG<MI uJSQ<MD<IOG JGH<N?M 1¡F>¡
X(JMJGP[IPI ?¡I <MOL Q@MNDT<N HQ>P??PM !J=MP>< OMFG¡MDI?¡ ?¡ =P ?<NO<II =DM
I@u¡ Q<MD<IO Q<M?M %¡HuDIDI XeJM< <OM[ X"?DB@ <OM[ ?<NO<IG<MII =DM I@u¡ ē (<U< L<M<L<GK<L u¡MF¡U Q¡ N ē Q@MNDT<N H¡GPH?PM DU ¡G?¡ @O?DTDHDU Q<MD<IOG<M
U¡MDI?¡ DBD? Q¡ <O HJODQG¡MD C<LLI?< ?<I<><L
OI OMF ?<NO<IG<MI?< JG?PP FDHD !J=MP><?< T<TGH ?<NO<IG<M?< ?< S<GL DuDI?¡I
uSH L¡CM¡H<I Q¡ JIPI <O C<LLI?< B@ID ?<IGM ?<NO<I =JTP JIG<MI Q¡NADI¡ SNPND T@M
<TMGM ,IG<M C¡H ?¡ ¡N¡MDI ¡N<N L¡CM¡H<IG<M JGPMG<M BD?DI NOIGFG¡MD NM<NI?< ?< JIPI T<S
<O NMH¡TD ?DLL¡O¡ u<O?MGMX"?DB@ <OM[ ?<NO<II?< A<Gu L<MII 1JSO<H S¡NPM?PM =P JGP =TF =P JG<II
*¡M?<I¡?DM =P JGDG¡MD JIPI C¡M C<IN =DM L<=DGDTT¡ODG¡
S<M<FO@MDU¡ JGPIPMQ¡ =P ¡G<H¡OG¡MJIPI=<L<G<MI?<IN@uDGH¡ND<IG<HI<B¡GDMkHPHDTT¡OG¡
?<NO<IG<M?< L¡CM¡H<II <?D DIN<IG<M?¡ L@TMD<?D ADUDFD
GuG¡M¡ N<CD=JGH<N>¡N<M¡OBNO¡MH¡G¡MD<GGQ¡ PU<LBM¡IJGH<G<M=DM L<T?<JG<M<LB@ID
DNODA<?¡ JGPI<I NPGG<M?M %¡OO< ?<NO<I O<MDSD ¡SNDTT¡OG¡MDI L¡CM¡H<IGLG<M U¡MDI?¡ T<M<?GN<
?<M@<GC¡T<O?<T<<HDIN<IG<MIL<=DGDTT¡OG¡MD?¡ DDM?DGDM
0@QBD?<NO<IC@N<=JGPI<IX(JU(MK@[?<NO<IIIQ<MD<IOG<MII=DMDI?¡ L¡CM¡H<II
O¡NQDMDID<MQ<?II?DGDI?¡I@D?DMDF ?<G¡OGDS<IGL?QMI?¡INJIM<Q¡A<O@OHD(JUII<MQ<?
<T<I0PGO<IJIPIOM=¡NDI¡ BDMDMQ¡ ?IT<?<IFuH ¡MDID=P>MS<OMG<TM
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
NGG
OI ?H¡IG¡MDI?¡I DIODL<H <GH
¡?¡ID KJG<? =@TID LUG
1¡G¡= DG¡ @G <GH
(IG N<M<T LJMSP UDT<?¡
+¡NGDIPM?<IT<M<?GH
$U¡GGDTDG¡ IPMPIP BM¡I DIN<II
G =<I?<I B@?D= =<SH
5<NDTT¡ODID <GI =DG¡I DIN<I
GDI?¡ JGH<?<I =<G<IH
¡UD H¡L<HG<M?< L¡CM¡H<I UUII FDHGDTDID ID<I Q@MDMX"?DB@ <OM[ ?<NO<II?<
"?DB@IDI JGP +PM<?DI =PI< HDN<G JG< DG¡M .<I ?H¡ID (<?M=@M?D DG¡ ?T?¡I ¡QQ¡G =<G<T<I
?@TDH¡?¡ ?@TDM
*¡I <I<H?<I L<KL<M< ?JPGHP<H
0<=PIG<T= TPN<II
.M<M Q¡UDMG¡MDID OPO<M S<II
, ?< u¡ODI ?@TDG H¡I (JMJGPT<H
BD? N@QBD?¡ N¡?<L¡OGD?DM X(JU (MK@[ ?<NO<II?< L¡CM¡HNII Q¡ <MQ<?II
T<GQ<MG<MI< =<SH<T<M<L (<U<II H?<AD¡NDI¡ LJPGPM Q¡ L<GD= B¡GDM X?DG 0PGO<I[I
L¡CM¡H¡ JM?PNPI< HM<>D¡O @?DM
.JMS<LG<M u<?M?< L<GNIG<M
I<G<MI?PH @ONDI
DM L<T?< JG<M<L L¡CM¡H<IG<M HF¡HH¡G O¡NQDM JGPIPM ,IG<M C¡M U<HD?DM #DFMDHDU>¡ =P >M O¡NQDMG¡M C¡H
?¡ S<GLI ¡?<G¡OGD M¡C=¡M <MUPNP DG¡ ¡G<L¡G¡I?DMDGH¡GD?DM <MUPG<?LG<M FDHD =DM =¡F T@B<I¡ K@MNJI<E <O?M %¡OO< N@QBD ?<NO<IG<MI?<
=@G¡ N@QBGDNDID O<KH<L uI <DL HOG¡L T<S =DM <OG< TJG< uSM !<NO<IG<M?< DBD? <OG< S<OMG<IM
<O DBD?¡ BM¡ O<ITMG<M ¡UD IHPI¡G¡M¡ =<S<L ,PU 5<L< O GK<H Q¡
<TNP=<M GK *<I<N Q¡ JU O M 1NOF Q¡ e<G .PTMPL "?DB@ Q¡ 1DH ePQ<M 2M<G <OM
Q¡ JU O (JMJGP Q¡ .M<O
1MFG¡MDI <O< =P L¡?¡M I¡H Q@MH¡ND O¡=DD FD JIG<MI C¡T<O O¡MUG¡MDG¡ =DM=<< =<G?M
(u¡MD C¡T<O O¡MUD F@uDM¡I OMFG¡M <O?¡<O?TH@T?<II?<DBD?DI ¡I
T<S FH¡FuDND?DM ?H¡I CDTG¡NDI?¡I ?<C< O@U ?PTPL ?¡M¡F N<CD=DI¡ S¡=¡M Q@MDM DBD?¡
N<?DLL<G<M<L=@GDI¡ JIPI?H¡IG¡MDID<GHM
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
!<NO<IG<MI C<HNI?< DBD?DI JG<><L <O JIPIG< @TID U<H<LQ¡ DNO¡?DTDT@M?¡ILUG<@QG¡I¡>¡F3<SO u<O?L?<+<MDFDGSIIDuDI¡ BDMD=
<OG<M =DM=DM LPTMPLG<MI?<I OPOP= <OM %@u =DM <O <T<LG<M NOI?¡ T@M¡ ?HM 0JIPI?< =DM
?<Tu<<T<LG<MNOI?¡ ?M*<M<LG?MFD?<NO<I?<+<MDFDI<OIDT¡ H¡CU=PNPGG<N@uH¡ND
<uLG<IHM 6<SP? X(JMJGP[?< T@IDT@OH¡ /Q¡IG¡ .M<OI C¡??D=PGP< u<OH<N @TID Q<SO<
O¡N<?A @?DM *¡TT¡I Q<SO?< @TID u<T?¡ ?¡ =¡M<=¡M JG<M<L
TDT¡G¡IDMG¡M
?¡O¡I L¡CM¡H<I U <OII LPGGPPI?< ?PMP= =T?M O ?H¡I ¡GDI¡ F@u¡MN¡ =PIP
UI¡ =TF ?¡M? @?DM C¡OO< <OI N<UG<NUG¡ S<OMG<TM Q¡ HOG¡L ¡I T<SI ?JNOPIP ?H¡IDI
¡GDI?¡I <GH<L uI UI O¡CGF¡T¡ <OM PI< ¡I B¡UG IHPI¡ X(JMJGP[ ?<NO<I?M %<IN
=GB¡?¡ T<TGH<NI?<I <NG JGH<T<M<L =OI Q<MD<IOG<M?< (JMJGP Q¡ .M<O <TMGH<U
TJG?<?MG<M
.¡CM¡H<IG<MI UG¡MD?¡I =<L< ?DB¡M ¡SNG¡M ?¡ ¡N<N¡I @GDI <N<LL<G Q¡ T< <
O¡M¡ADI?¡IDBD?DI<OH¡?CJGPIPM NO¡ML¡CM¡H<IIUDNO¡MN¡ ?¡ =<L< ¡SNG¡MO¡M¡ADI?¡I<O<
L<ADT¡GDAJMH<?<=PIHPI¡G¡MDI ¡FN¡MDTT¡ODID =DOFDI@DM FDHDL¡=PG@OH¡Fu¡ODI?DMHM<>D¡O
?¡ ?DLL¡Ou¡FDMXeJM<<OM[?<eJM<II?DGDI?¡IU<OC<LLI?<JSPTPMPL
0<MHN<LFDHD<U?DGD
TFLPG<LG
<M?<LFDHD
!<DHC¡M¡F¡O?¡ JG<I<T<LG
6<GLPTMPPL<TO<IFDHD
.<uH<N@TO<IFDHD
0<MNL<M<O¡K¡ FDHD
.<MO¡M¡ADL<M<O¡F¡MFDHD
U<Q<=<I=<S?MH
¡T¡ N<uI?<M<OH
6T¡IGD <O ?<Q<TG< HDID= B@O?D
BD?DI L¡CM¡H<IG <O u<K= JS <O= BU¡G LGI> JTI<OH<N =¡U¡I ?H¡IDI¡ L<M =@G¡
H¡MC¡H¡OGD JGH<N FDHD SNPNDTT¡OG¡MD Q¡NA @?DG?DTD C<G?< <OI L<u ?PMPP FDI¡MODND T<G
O¡MDAG¡IDM P U<H<I BU¡G O¡=@CG¡M?¡I DNODA<?¡ JGPIPM =DM <O =DM BU¡G L<?I L¡?¡M O¡MDA¡ G<TDL
BMGM
.¡CM¡H<IG<MI Q¡ <OG<MI O¡NQDMDI?¡ O¡=DD FD DDMOH¡G¡M¡ T@M Q@MDGDM P ?< H¡?C J=T@FODI¡
NJINPU N@QBD?¡I Q¡ C¡M =DM ?<NO<I?< M@<GGLG< ¡AN<I¡IDI =DMB¡ TJMPGH<NI?<I DM¡GD B¡GDM )<FDI
DNO¡IDG¡I C<G?< =P ?<NO<IG<M O<H<HDG¡ PT?PMH< ?@TDG?DM <GO L<OG<MI?< S<GLI F@uHDDID T<<H
O¡MUDID O¡A¡FFMI LJMPTP= N<SG<TM P =<SH?<?< T<<TJHK
RRRIJB<D=GJBNKJO>JH
COOKIJB<D=GJBNKJO>JH=GJBKJNO:COHG
jUFPGeJ=<IJGP .dHAdDO7IlF?A;IJ7D!;B;D;?Fu< 6<TIF<M< N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
º"e+ell(&)(,»*+% %0)#%
&)1#) %*$%+e"*
!\&'.+
DA<CD T<M<?>GI ¡N<N U¡GGDTD D=OD?<D ?I>¡?¡I L<TI<LG<IPNP?PM
!<NO<IG<M DA<CD S<GL T<M<?>G IHPI¡ND JG?PP uI U<H<IG< ?¡TDH¡G¡M¡ H¡MPU L<G<M<L
T@ID DIO@MKM@O<NDT<G<M?< O¡L?DH JGPIHP?PM !<NO<IG<M?< <MS<DF HJODQ Q¡ NE@OG¡MG¡ T<I<
J=M<UG<MI?<OM<INAJMH<NDT<N=<Q@MDM @G¡ FDD=OD?<D?I>¡?¡IL<TI<LG<I<IOJO@HDNODF
<IDHDNODF ?I>¡ Q@ =M uJF FPGO N@>DT@GD @G@H@IOG¡M HJODQ Q¡ NE@OG¡MG¡ T<I< L¡CM¡H<IG<MI
<?G<MI?<?<FJ?G<?MGM
1MF ?IT<NII HJIPH@IO<G ¡N¡MG¡MDI?¡I JGP??PM PI< IHPI¡ JG<M<L !¡?¡ .JMLP? @TM¡F <N<O 0<M ?JIGP
0@G><I5<OPI¡FDGJ=M<UG<MIL@T?@OH¡FJG<M
PJ=M<UG<MI<?G<MI?<FH¡I<u<G<MG<MI<I¡U¡MN<G?HU?<<T?IJGPMFD@TM¡F¡FDGN<M
?JIGP 0@G>¡ID UI?¡ @CODQ< @?DM P J=M<UG<M U<H<IG< ?<NOGI< T@ID DIO@MKM@O<NDT<G<M?< O¡L?DH JGPIN< ?< JIG<MI DGFDI APIFNDT<G<M <?G<MI?<
FJ?G<?MGH?M
1¡CGDG¡ >¡G=@O?DTDHDUDGFJ=M<Uė(DO<=D!¡?¡ .JMLP?Ę?<NO<III¡HGDK@MNJI<EG<MI?DNDT?DI@
?@MN@JGPM?P<D=?@IOMGC<=@MNTG@M?DĘN
GF DA<?¡?¡ !¡?¡ .JMLP?PI /¡NPG G@TCDNN¡G<H U<H<II?< ?JPG?PP L@T? JGPIPM
!¡?¡ .JMLP?G< =<G T<M<I¡G¡M¡ H¡SNPN?PM NG<HI OMF
?IT<NI<T<TGH<NI?<INJIM<F?QMG¡M?¡ O¡=DDFDJU<IG<ML¡?DHM¡Q<T¡OG¡MDT@IDAJMH<?<T¡ID
DNG<HD u<G<MG<M?< ?<NO<I?< !¡?¡
.JMLP?PI <T<O =JTPI?<I JGH<N NTG¡IDGDM 1MF O<MDS?¡I =¡GGD?DM FD <T<O =JTP JPU
=JTPI?<I=DMDIDI<??MN1MF?IT<NIIHSO¡GDA=GB¡G¡MDI?¡ =PBI?¡ =P=JT<
H¡SNPNO<TA<G<MT<<H<L?<?M
!¡?¡ .JMLP?PIO¡L?DH<OI?< H<M<LG H¡L<HG<M?DNDT?DI@?DT@MN@JGPM?P<=?@I?MG?<=@MNTG@M?DĖDA<?¡NDDJG¡ =<G?M
P DA<?¡ !@?@ .JMLP?PI FDHGDTDI?¡I Q¡ JIPI D>ODH<D APIFNDT<NI? NDN@HD =<SHI?DND<H<II ¡N<NH¡UDTT¡ODJIPII>@?@IMH@L<=DGDTT¡OD?DM
P L<=DGDTT¡O JIG<M< Q<MDNGDFG¡ ?@ F@u¡ =DG¡M?D HH< =P HOG¡L ?@TDG?D eIFD <H<L
¡SN=PNO<OPNPTPSP?<=PO<Q<NDO¡NDDG¡ L<U<IM?0TG¡H¡G¡M¡ BM¡ <H<IJG<><L¡SN=DMI@u¡
BIGT¡ <M TPSPT< ?<G<M? , TPSP?< DF¡I MPCG<M JI< HSO¡GDA ¡U<=G<M Q@MDM?DG¡M J TPSP?M<JGPIPM?P<H<IH¡M<NDHU<H<IOM<IN<BDM¡MUI¡ B¡G¡IU<H<IDN¡
O<TA<NII=<I<B¡G¡>¡FJG<TG<M?<IS¡=¡MQ@M¡M?D
<H<II APIFNDT<N =PIPIG< =DOH¡U?D , @TI U<H<I?< <?Q@MH¡ <TDIDI¡ ?@ L<OG<M
DBD?GDFBNO¡MHDT@IDT@OH¡T¡ <?Q@M¡M?D
ĕ(DO<=D!@?@ .JMFPOĖ ?@NO<III ė!DMN@ C =JTPĖI?< DBD?GDF BNO¡M¡M¡F
=P@IB@OHD?MDM=P<G?MHN@IDIJGPI<?P<>JGNPI?I=@IQ@M?HT<I
<GG<CQ@MNIN
!@?@ .JMFPO @TID U<H<I?< @QGDGDF H¡M<NDHDI¡ ?¡ ?¡Q¡O @?DGDM T<SP? !¡?¡ .JMLP?
@GuDGDT¡ BI?¡MDGDMė.<H=M@JGP<HN @TM@FJTPĖI?<@TM@T@@GuDGDF@OH¡FQ¡UDA¡ND!@?@
.JMFPO< C¡Q<G¡ @?DGDM <IPuDu¡TDI L<M?< !@GD (<M><M DN¡ =<>NI DNO¡T¡I C¡M F¡ND G?MM
!@?@ .JMLP? @GuDGDT¡ B@OH¡F uDI <T<I?M S<II <SPMPI?4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
=PI?< H¡LN¡?D =P?PM FD L<uH< LJQH< JGPMN< =DMDID HDINDI ?DB¡MDID DN¡ T@?¡FG¡NDI ,IPI
B@O?DTD H¡F¡ !@[email protected]<OG<MDG¡ B@OH¡FJG<M
0TG¡?DFG¡MDHDU?¡I =@GGD JGPM FD @G <N<LL<G !@?@ .JMLP? <H<MDN¡
<IPuDu¡TD LJMPT¡?¡ B@ID T<TGH? !@?@ .JMLP?G< DGBDGD H<M<LG H¡L<HG<M?<LT¡ID ¡>?<?FPGOPI<D<M¡?DM(POHL¡??¡NGDFSJ=¡SOGDFMDA<C<IG<HG<MI
Q@MDM,U<H<I<T?IJGPMFD.JMLP?HL¡??¡NDL <IG<HI?<?M,?DLUGTI?¡ H¡?¡ID
L¡CM¡H<IG< @>?<?G< =<G?M QQ¡G?¡ NTG¡?DTDHDU FDHD J?PI DI ¡>?<? FPGOP DG¡ ¡G<L¡ND
JG?PPuI!¡?¡ .JMLP? ¡>?<?FPGOPIPUI?¡ @CODQ<@?¡M
ė(DO<=D !@?@ (JMFPOĘ ?<NO<III ?DB¡M K@MNJI<EG<MI?U¡QD ?JPH HJODQDI¡ <D??DM .<UGDN¡ B¡G¡I (<H M¡?¡I IDT¡ ?¡M?GD NJMPPM , DN¡ .<U<I S<I<
@QG<?NUGL?<IDF<T¡O@?DM!@NO<I?<?@TDGDM ĕ(<U<I<T?MĖĕ*<FNP?PI =PH?M<T=M@=@BĖ
T?M ĕ@GD =P?MĖ *@IDH ?<CD JGPH JGN< JGN< CF<GIJBPU
=@TG@MDTUBT@OPO?PG<M"GF<G?M=?P<@TG@?G@MĕGG<CO@<G<N<I<=DMJPGQ@MNDIĖ ?@?DG@MĖ
N
@TM¡FG¡ =<G ?DB¡M H<M<LG H¡L<H JIPI ?JPHP HI<ND=¡OD DG¡ @TM¡T¡ <GI<I=¡TDILU<IPuDu¡F?DM
<IPuDu¡F ?¡ =¡TG¡MDI S@TDM ē?P<N DG¡ ?JPGHP?PM P LU ?Tu JGH<N DG¡ ?DB¡MG¡M
L<?IG<M?<IN@uDGDM*DAJGJED?I>¡?¡ DN¡ J=<L<@G?¡IT¡ID=<L<?IT<?<I?M@TM¡F!@?@
.JMLP??<I<?<GH<?<II>¡ JUJG<IFDHDO<IIM!@[email protected]?DN¡ JUJG<I<<?Q@MH¡?¡I
I>¡ JIPI<O<NI<=@G¡ ?@TDMĕ0@IJG<I=<HNPI?DT@JF<MNIPIPI<?JU<TFMGF<HN
@TM@FJGNPIĖ N
@TM@TDI <?II O¡CGDGDI¡ F@uH¡?¡I I>¡ JIPI <O<NII <?I< ?DLL¡O T@ODM¡F !<NO<I?<
.<H M@ <?TG< O<II¡ M@Q@@TM@FNU ¡NGDI?¡ @TID
FF?¡I?DM M MO@ ,MO< NT< OMFG¡MDI?¡ LPMO <IG<HI Q@MDM MF FDuDGOH¡ ¡UDUG¡H¡
H¡I<NI?< DG¡?DGDM Q¡ LPMO =<G<N T<SP? LPMO JGP H¡I<NI Q@MDM !@H¡F .<H M@ JGP
@TM¡F .PMO JGP <IG<HI< B¡GDM ,IPI I>¡ =JU JG@NDI?@
FPMO<M>H@?DT<OJMT¡IDT@MG¡ BT<M<NI?<Q<NDO¡uD<IG<HI?<D?D
ė(DO<=D!@?@ .JMLP? ?@NO<III H<M<LG K@MNJI<EG<MI? J=M¡ @FDGDI <T<I?M S<II JM?PNPI?<F MJGPI< I¡U¡M N<G<L @FDG¡ <T<I?M SQ¡ uJH<LQ@MDGHDQ¡ Q¡O¡IDLJMPH<NuI$M>NO<I@GDI¡ F@DFuDO¡TDI
@?DGHD?DM PM<?PNP?PM ¡FDG¡ Q@MDG¡I uJH<F JIPI
uJ=<IFPGOPTG< ¡G<L¡NDI?¡IS¡=¡MQ@MDM¡FDGDI?DB@MAPIFNDT<NJQFPGOPTG<=<G?M!<NO<I?<
?@TDGDMėkuTU<GOH<GOTDBDO<GOJQ<<OG<IN<F@TDFU@MDI@TMJGN<@FGT<TFPMH<UJF
<OH<U?,T<T=DG@BDI?@IuF<MK=P<IINMI=JTIPI<<O<M?u@FDK?PM?PM<M?MFJGN<
LPG<I?@GDM?DFDJQ?<=@GGDJGNPIH<FFJGN<=J<UG<T=F@N@M?D@TG@MFPG<?@GDFF@TF
JQG<T<I?<ĕP@FDGIID<I@O?DBD?DM?DT@JI<BI?@MDMG@M?DĘN
*¡OI?¡ ?DLL¡Ou¡F¡IHJODQG¡M?¡I=DMD?¡ ¡FDGDIJQPID<IG<H<NDG¡ =<G?M# ¡GDGDI
O¡CGDGG¡MDI¡ BM¡ JQPI¡FDG¡ BI?¡MDGH¡NDJQG<=<GF@uDMDG¡IH¡M<NDH<FODG¡ =<G?M6¡ID=P
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
C<?DN¡ JQ <TDIDI ?<NOGI< OM<INAJMH<NDT<N DG¡ =<G?M "0 +JQDF ė0D=DM
<H<IDUHDI?¡ <TDI Q@ AJGFGJMĘ ¡N¡MDI?¡ T<UM? FD JQuP JQ< uSH<?¡ C<HD MPCG<M
T@?DMDM?D 6¡ID MPCG<MI C<HD MPCG<MI HL¡QQ<NII ?J?<I< T< u¡F¡M?D N P
H¡I<?< ¡FDG HDAJGJED J=M<UI O¡CGDG @?¡MF¡I =@G¡ L¡I<¡O¡ B¡GDMDF FD L¡CM¡H¡ U@M=<T>GI@OIJH¡?¡IDTT¡ODHDU?¡ T@MDĖ
<?G ¡N¡MDI?¡ <H<II MPCG<M u<MH<NTG< DGBDGD T<UM? ėP MPCG<M <M<NI?< MFO ?¡ Q<M
<H<IL<MO<Gė1<IMLPPL<MO<G=<FM?MI<FGHOCDLPN<L<I<?BI¡L<OG<MNJGF<I<?D
<TL<OG<MĘ?@T¡ O¡MDA@?¡MPLPG<¡FDGJ=M<U<M<NI?<PTPIGPLG<MQ<MĘ
ė(DO<=D!¡?¡ .JMLP?Ę ?<NO<III L¡CM¡H<I ¡FDGDI JQ U<HQ<MPJ=M<UG<M?<I=DMD?¡ 0<M!JIGP0@G><I5<OPI?PM
1MF @KDF T<M<?>GI?< HDNODF L<?I J=M<UG<MI?< N<M LMHU M¡IB @G@H@IOG¡MDI?¡I
uJS DNODA<?¡ JGPIPM @G¡ L<?I J=M<UG<MI?<I%<OPIP ¡G?¡ @?¡ =DGH¡FuI=P<Q¡ <NG<IG<N<Q<M,IPI=P<
Q¡ <NG<IG<N<Q<0@G><I5<OPIPIFDHGDTDIDI<uGH<NI<SD?H¡O@?DM
jI>¡ =P<Q¡ <NG<IFDHDHDAJGJEDK@MNJI<EG<MINDHQJGDF?@T¡MG¡MDI¡ I¡U¡MN<G<L#<?GPI
A¡I?D ė NDHQJG Q¡ ><IG<I?MH<G<MĘ @N@MDI?¡ =P HDAJGJED Q<MGLG<MI NDHQJGDF ?¡T¡MG@MDID
<uH<<u<GH?M,=P<TG<=<GT<UM?FDPH@MG¡M?¡.<AL<UG=<IT<NI?<,MO<NT<?<
U¡M=<T><I?<@NFDu<G<M?<=PQ<MGLTO<IMu<NIINDHQJGPT?PN*¡GGDADMJ=M<UTG<
=<G T<UM? FD ¡NFD u<G<M?< <NG=JTPĘI?<?<=@GGDJGPMPM<?<<T<I?MS<II
¡HMDI¡ BM¡ LU JG<IG<MLUGu<?M?<JOPM?PGPMė(O<=D!¡?¡ .JMLP?Ę?<NO<II?<T@M<G<I=P
<?G<MI N@H<IODF TJUPHPI< I¡U¡M N<G?L?< =@G¡ L¡I<¡O¡ B¡GHD JGPMPL FD S<GLHU U<H<IG<
AJMH<G<?M??¡T¡MG¡MDAJGFGJM?<FJ?G<?M<M<LT<<OH?M
lle00+
¡T?DGGD .<H<H<IuGI@OIJH¡?¡IDTT¡ODHDU?¡ T@MD<FM?<N
(DO<=D !¡?¡ .JMLP?<FD6<UuN
¡GDG # 1MF Q¡ NG<QT<IQ¡ MPN@KJNPI?<<FD>
<H
"A@I?D#NDHQJGJQDJGDN@OQJMDIDT<F$¡I>GDFN
+JQDF"0,=MT<?DAJGFGJMQND=DMNFJH<H<IDUH@*+<PF<N
#<MPF0H@M,BPUG<MNO<I=PG
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
%#00hºZ,*,'1Y#ZQ»**%0%0h # Z)+0%#00
##. $,
1MFH@I ?DGDID O<MTCTIT RM@IH@F?@ @N<NT u@H@G@MD =DMD <UPRGT @?@=D<O?TM
l<UPRGT@?@=D<OC<GF?M@?DEDGDF@N@MG@MDI?@IO<K<RPOGTGTF?<@N@MD?M@?DG@I?RMI?qFD?DG
<M<OTIGTBTIT OB@OHqI N<FG<H<B< PFTKGT?TM P IPF?<I<U<M?<I C@H IPNB<RT
@?@=D<OTHTUT@N@MG@MDIDDMFD<UPRGTIPNB<G<MTIT?DGDIDCqUDMFDU<H<IOMFH@I?DGD=DG@I
?@@?DMDGH@BD ?DGD NDI?qFD =JGPK B@uqI C<?TN<G<MT U@ uTF<MH<B< HHFDIuDGDF =@M@M
DUHP< 53&&& <NTMT=@DF<CNT@OG@MDID=DMD+PMHPC<HH@OI?<GT=TĚlPNPK7G@C<ė
?@NN<ITIT ?DG <M<OTIGTBTIT RM@I@IDHDU?@ C@H <ITF BU @ODMqMDN ĚlPNPK7G@C<ė
?@NN<ITIT?DG<M<OTIGTBT?DG@I?@MqIBDHu=@MDUDuDI@<G<IGTBTuDI=DU=P@M?@?D@
?@NN<I?< PG<ITG<I AM<U@JGJBDUHG@M@ IND u@FqMDN !DGD O<MTCTIT BDDG@DI =@<I @OH@F?@
AM<U@JGJBDUHG@MD qCHD@OD MqI PGP?TM 0@=q=D AM<U@JGJBDF =DMGDFG@M =@GGD =DM ?RM?@ ?MqK
BuH@H<I<@@=JGPKU=DO@RDGDBDIDN<FG<KB@GqMG@M#M<U@JGJBDUHG@MD@N<NTU=JGPGTGTBT
JG<MT HDGGDGDB@ @@ =JGH<BT =DG@I CqND@OG@I?DMDGqM #M<U@JGJBDF =DMGDFG@M O<MTCT =@GGD =DM
?RMG@MDI?@ <M<OTI <GI<I C<GFT HDGG@OD ?PMHPTI?< H@U@OH@ @N<NTI?< ?M@qMG@M ,G<M
E<IGTB@KG@DF?DGDIDC<GF?M@?DEDGDBDID@?@=D?DGDu@H@G@MDID@N<NTI?<U@uTFH<F=DG@I
?DG?@I?DG@ B@uDK KDFDMD C<N OqNDMGD =@<I @OH@F uDI ?DG?@ BD?@I PG<ITG<M ėlPNPK7G@C<Ę
?@NN<ITI?< B<=<O B@GqI AM<U@JGJBDUHG@M@ N@M@?DK B@u@IDHDU?@ JG<MT <M<NTI?< FKH<ITGT
NDIJIDHG@qIAM<U@JGJBDUHG@MDB<=<OB@GqI?DBDI@BU@ODMqMDN
-JGDN@HD< <BIT FKH<ITGTGTF H@N@G@ND <M<OTI <GI<I NJU HTN<GTI?< @O@MGDF
?@M@E@?@ RM@IDG@I?DM lI@ KJGDN@HD< C<?TN<IT AM<U@JGJBDUHG@M?@ U@ uTFT
U=JGPGTGTBT NJFT TGG<M?< RM@IDGHqB@ =<G<I?T #M<U@JGJBDUHG@MD @N<N<I =DM H<IT?<
=JG<I?TBTIT I@Fq=DMAM<U@JGJBDUHD=DMIqu@H<I<@@=JGPK=DGqI?DBD=<M<?< DBMDHDIED
<NTMT FTMFTIET TGG<MTI?< KMJA@NNJM &l@ADHJR U H<F<G<NTI?< <OG<<M JG ?RM?@I
=<G<KAM<U@JGJBDUHG@M?@FKH<ITGTGTBTU@uTF<MTT?DGuD<GTHG<MTINIDUI@u@FDK?DM
/PN R@ I@H@N ?DGG@MDID AM<U@JGJBD<NTIT ?@@?DMDK RM@I@I " DIJRDu FKH<ITGTGTBT
AM<U@JGJBDUHG@M@C@HH<CNPN?TBTIT?@BDGDHTN<GG<MTNOD=DG@INP=PO@?qM (KH<ITGT AM<U@JGJBDUHG@MD RM@IHqB@ OMFJGJBD<?< NJFT TGG<M?< =<G<I?T
#M<U@JGJBDUHG@MDFKH<ITGTGTBTC<N?JGPGTBTI</<CH<OPGG<@RDėjU=@FAM<U@JGJBD<NTIT
Fq=DMH@N@G@G@MDĘ<OGT?JFOJMGTF?DNN@MO<ND<NTI?<RM@IDGDK?DMjUID?@M@RG@MDIDI@ODE@NDI?@
/<CH<OPGG<@R AM<U@JGJBDF KJGDN@HD<IT <M<T uqBDID G@FNDFD KJGDN@HD< =<BGT?TBTIT
ITBO<<M
1MFD?DGG@MDHTN<GTI?<AM<U@JGJBDUHG@MDFKH<ITGTGTFC<ND@OG@MDID?@M@HqB@=<NB<
?<=DM@IO@F<GTHG<MNTI<ITTK?TMG<M,G<M?<I=<BTMO?DGD=JPIu<7$2M<FNDI<U<M=<E<I
?DGDI?@I +//<BDHU<?@ BTMBTU ?DGDI?@I ',NH<IJR< OMFD ?DGG@MD AM<U@JGJBD<NTIT
FKH<ITGTGTBTITRM@IH@F?@=@GGD=DMTGHTI@ODE@G@MD@NM?G@M
1MFJGJBD<?< AM<U@JGJBDF FKH<ITGTGTB< IN BuG@IHqBD =DG@I OMFH@I ?DGDID
AM<U@JGJBD<NTI?< C@H =P H@N@G@ ?DGuDG@MD INID u@F?D lI@ AM<U@JGJBDF KJGDN@HD< @IO@F
U=<?<F ?@M@RD J=@FOD =JGH<UGTBTI?< B<G<M 1MFH@I AM<U@JGJBD<NT =JPIu< @?DG@I
®«ÚÎÒÔÈ»ÖÆÍËÔÑÔÉÎÝË×ÐÔËÓÔÈÆØÔÖ×ØÈÔ¸ÆÑØáÐÔÈÆ ē ÀËÊÖÎÓÆ ¬ė·Ù××ÐÎÏæÍáÐÈÞÐÔÑËĘĠ
×ØÖ
±Â§ÎÓÔÈÎÝ´ÒÓÔÉÔÍÓÆÝÓÔ×ØÎÎÊÎÔÒ¬ė®ÓÔ×ØÖÆÓÓáÏæÍáÐÈÞÐÔÑËĘĠ ē ×ØÖ
©ºÖÆÐ×ÎÓ»ÖÆÍËÔÑÔÉÎÝË×ÐÎË×ÎÓÔÓÎÒÎæÈ×ÔÈÖËÒËÓÓÔÒÇÆÞÐÎÖ×ÐÔÒæÍáÐË¦ÈØÔÖËÚÐÆÓÊÊÎ××ºÚÆ
É
³··ÆÉÎÒÍÆÊË®ÊËÔÒÆØÎÝË×ÐÎËÈÖÆÌËÓÎæÈÆÍËÖÇÆÏÊÌÆÓ×ÐÔÒæÍáÐË¦ÈØÔÖËÚÑÆÓÊÊÎ××§ÆÐÙÉ
¬´×ÒÆÓÔÈÆ®ÊÎÔÒáÈÐÎÖÉÎÍÎ×ÐÔÒæÍáÐË¦ÈØÔÖËÚÐÆÓÊÊÎ××»ÖÙÓÍËÉ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
DG@MDFKNDI?@FKH<ITGTGTFH@N@G@ND=DG@I=@GGD?@M@E@?@ BTUTFG<ITG<M II<HqHH@?JR
ė%T?TM !@M<@RT ė6F=<GĘ MJH<ITIT AM<U@JGJBD<NTITĘ RM@I@I?@ MJH<I?< ?P B@G<I
AM<U@JGJBDUHG@MD FKH<ITGTGTBTI< N@M@?DK B@uqM II<HqHH@?JRT ė%qUDMFD U<H<I
OMFH@I?DGDI?@AM<U@JGJBDFKJGDN@HD<R@AM<U@JGJBDF<IOJIDHG@MĘ <OGTFDO<=T=JGN<AM<U@JGJBDF
FJKH<ITGTGTB<=<BTG<ITG<IMDO@D?DM
1MFH@I ?DGDI?qFD AM<U@JGDUHG@MD FJKH<ITGTGTBTI< (H<IB@G?D@R<IT ?DNN@MO<ND<
DDI?@ C<N BDDG@DI IN =@MGDK?DM *PIP N@=<=D <GTHT I?@ BJ<I H@N@G@ND
AM<U@JGJBDUHG@MD G@FNDFJBM<ADF O<M<KT =JG<IT uDI KJGDN@HD< @N<NT I<U<M?< OPOPGH<GT
<M<OTIGTFG<MT =DMD=JGPK?PM<M(KH<ITGTAM<U@JGJBDUHG@MD?@M@HqB@*=?TM<CH<IJR<IT
DDI?@PGTIN=@MGDK?DMROJM=PH@N@GqU?DNN@MO<ND<DDIDOPOP=DM=GPHDID=<BTG<K?TM
I?<GT=T ėlPNPK7G@C<Ę ?@NN<ITI?< FKH<ITGT AM<U@JGJBDUHG@M N@M@F C@H =JGN<
?PB@GqM*TN<GG<M<UG@I@GD
> 9_F7D?7= PAM<U@JGJBDUH@ė1MFH@I?DGDIDAM<U@JGJBDFNUGBDI?@ėN<C 2HTOUH@F@Gu@FH@FO@MF@OH@F=@N@OH@FO<G<H<F?<G<H<F2MH<FE@U<=@MH@F
H<ITG<MT =@MDGqM !@NN<I?< JIP ė%<F< <G=<MH<F %P?<< UG@IH@FĘ H<ITG<MT =<M B
=bJ;H?F C<F< ?JB< u<BG<N< +PMHPC<HH@O I?<GTK lPNPK7G@C< B<=<O 6GTH
N<C$MID<GT=P@M?@uIEDH<ITU@uTF<M
> 679?76;= 2G<ITG<I =JGH<UGTF OqU@ =JGH<F "G ?@BH@?DF U<O -qF <M<NN<
!@NN<I?< AM<U@JGJBDUHD DFDIED H<ITNT BU I?@ OPOPG<M B :;=C;:?A KTB<H=@MD
=<BT@H+PMHPC<HH@OI?<GTKlPNPK7G@C<B<=<O6GTH N<C
)@FNDFD =DMGDFG@MD <BIT NUG@MD NDIJIDHG@DK B@GH@BD ?DG =DGDHDIDI I<U<MT R@ O@EMD=@
O<M<K?<I DG@IDG@I KP?<BT?TM )@FNDFNDIJIDHG@H@=DG@I=DMC<O<M?<?PMIPFGTNU?PUPHG@MD
C@H NDIJIDHG@DK =DGqI?DBD <GTHG<MT INID u@F?D R@ ?PMIPFGT NU ?UHG@MDID @G@?@
JG<MTI AM<U@JGJBDUH BMIDI?qFDG@MDID NDIJIDHG@H@BDI@ ?@BDGD =DMIqu@ DG@M
@?DG?D#M<U@JGJBDF NDIJIDHG@M =<M<?< <UTG<I l!KM@N<IT /<CH<OPGG<@RD l/DNF@MD )&0KMD?JIJR<IT 4+<INFDID H<F<G<G<MT?TM TGHT DG@MD =P H@N@GqID
<?TG<?TM?T
I?<GT=T ėlPUPK7G@C<Ę ?@NN<ITI?< B<=<O B@GqI AM<U@JGJBDUHG@MD <M<NTI?<
NDIJIDHG@qIAM<U@JGJBDUHG@MC@H=<M*TN<GG<M<UG@I@D
3@K@3 93>?3=G?MH@F G DI?D =7DOC7 =7B:Om 7G@C<IT C<GTI =DG?D
+PMHPC<HH@OI?<GTKlPNPK7G@C<B<=<O6GTH N<C
!3@K@3 :3@<3D ^7=?7=G?MH@F %@M =DMD =DM >7D@7H ];A;H @7DOC7 +PMHPC<HH@O
I?<GTKlPNPK7G@C<B<=<O6GTHN<C
&6G@3 =_a?7=PBMPI?<E@=DMu@FH@F =DMD <?< =DM U<O uDI FN@IH@F =DMDID<?<
=DM U<?T TU<NTIT u@FH@F ?@M?DID =GH@F 7DM@F@ IDu@ TG??3= =DMDID <?< =DM U<?T PBMPI?< E@K< u@FH@F <U<K
BMH@F <ITK =DH@F CJMG<IH<F ZdH;A
87=HOC A;87F EB:O +PMHPC<HH@O I?<GTK
lPNPK7G@C<B<=<O6GTH N<C
(¦ÒÆÓÉËÑâÊáËÈÆ µÖÎÓÜÎÕá ÕÔÊÆÝÎ ÚÖÆÍËÔÑÔÉÎÝË×ÐÎÛ ËÊÎÓÎÜ È ė¹ÙÖÐÒËÓ×ÐÔÖÙ××ÐÔÒ ×ÑÔÈÆÖæĘ
¦ÈØÔÖËÚÐÆÓÊÊÎ××¦ÞÛÆÇÆÊ ×
²¦ÇÊáÖÆÛÒÆÓÔÈÆº×ØÔÏÝáÈáË×ÑÔÈÔ×ÔÝËØÆÓÎË×ÝÎ×ÑÎØËÑâÓáÒáÈØÙÖÐÒËÓ×ÐÔÒæÍáÐËÖÙÐÔÕÎ×ÐÆÓÊ
ÊÎ××¦ÞÛÆÇÆÊ É×
¦ÕÖË×æÓÄªė»ÖÆÍËÔÑÔÉÎÝË×ÐÎË×ÎÓÔÓÎÒáØÎÕÆÉÑÆÉÔÑÆ×ÙßË×ØÈÎØËÑâÓÔËÈ×ÔÈÖËÒËÓÓÔÒÆÓÉÑÎÏ×ÐÔÒ
æÍáÐËĘ¦ÈØÔÖËÚËÖÆØÓÆÙÝ×ØËÕÐÆÓÊÚÎÑÓÆÙÐ²
·ÆÛÒÆØÙÑÑÆËÈ¿³ËÐÔØÔÖáËÈÔÕÖÔ×áÙÍÇËÐ×ÐÔÏÚÖÆÍËÔÑÔÉÎÎ¦ÈØÔÖËÚËÖÆØ ÓÆÊÔÐØÊÎ××¹ÆÞÐËÓØ
·ÎÜÐËÖÅ©ÆÐ¨ »ÖÆÓÜÙÍ×ÐÔÖÙ××ÐÎÏÚÖÆÍËÔÑÔÉÎÝË×ÐÎÏ×ÑÔÈÆÖâ²
¸ÕÖÎÊÔÓÔÈÆ±®·Ù××ÐÆæÚÖÆÍËÔÑÔÉÎæ·Ô×ØÔÈ ēÓÆªÔÓÙ
¿ÆÓ×ÐÎÏ ¨² µÖÔÇÑËÒá ÑËÐ×ÎÐÔ ēÚÖÆÍËÔÑÔÉÎÝË×ÐÔÏ ×ÎÓÔÓÎÒÎÎ Î ËË ÔØÖÆÌËÓÎË È ×ÑÔÈÆÖË ÙÝËÇÓÔÉÔ
ØÎÕÆÐÎØÆÕÊÆ±ËÐ×ÎÐÔÑÔÉÎæÎÚÖÆÍËÔÑÔÉÎæÓÔÈáÏÈÍÉÑæÊ²
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
lJF<M?<BMF@UDG@IĚB<ITI<B<GH<FėĚE<ITI<C<IE<Mu@FH@FėAM<U@JGJBDUHG@MDĚJ?PI<
FH@FėR@ĚM@F=<BMTF@=<K=JGH<FėAM<U@JGJBDUHG@MD=DMD=DMD=DG@INDIJIDHH<ITO<?<I
H@U@GDFB<OI<TBTI<BDMqMG@M
DUD KDFDMDHDUu@ I?<GT=T ėlPNPK7G@C<Ę ?@NN<ITI?< ?P B@GqI NDIJIDH
AM<U@JGJBDUHG@MD@G@CqND@OG@I?DMH@F=JG<M
< JG<M ?MGD G@FNDFD =DMGDFG@M?@I ?UGDK BJG< H<IT uqBDI?@ T@MG@DK FKG@Iu =DM NU
OJK<MTI<?@BDGD?DMG@M
= NDIJIDHG@@I AM<U@JGJBDUHG@M H<IT RBDIG@MD =DG@I O<K<RPOG<ITK <?< =DM=DMDI@
BI?@IBIDB<=<OB@GDK=DG@MG@M
uNDIJIDHAM<U@JGJBDUHG@MNODGDNODFIPF?<I<U<M?<IC@HO<K<RPOG<ITK=DG<MG@M
+PMHPC<HH@O I?<GT=T ĚlPNPK7G@C<ė ?@NN<ITI?< PG<ITG<I AM<U@JGJBDUHG@MD
CqUDMFD U<H<I OMFH@I @?@=D ?DGDI?@ DE@ PG<ITG<I R@ CqUDMFD U<H<I OMFH@I @?@=D ?DGDI?@
?@NN<I?<FT<GTBMI?@B<=<OB@GH@qIAM<U@JGJBDUHG@MBMIDI?@DFDOJK<M<=GH@F=JG<M
!@NN<I?<FT UqCM@ND<MTGH<F N<CM@BDI@JO?H@F N<C=<BMTI<=<NH<F N<CE@K<u@FH@F N<CBPG<FN<GH<F N<C=<BMTF@=<K=JGH<F N<C<<BTI<
TFTGH<F N<CHTM<?TI<@OH@F N<C?PUPITDH@F N<CE<ITI?<IPHTOUH@F
N<CBIqNDID=JIPI<<GH<F N<CE<I=@MH@F N<CFGDE<=JGH<F N<C
BJG BJRPMTK ?PMH<F N<C B<TI< =<MH<F N<C =JIPI< ?H@F N<C =DG
=<BG<H<F N<C =<BTIT ?<BG<H<F N<C BUD JG?< B<GH<F N<C <GT
AM<U@JGJBDUHG@MCqUDMFDU<H<IOMFH@I@?@=D?DGDI?@DE@PG<ITGT<@@?DM
$PG<F OPOH<F?DG@H@F @DOH@F DNG@H@F N<C E<ITI< <I<M JO ?H@F
B<K<BJKGPB<?H@F=DTIE<GTF=JGH<F N<CBUOPOH<FBUI?@OPOH<FFDH?DM=DMDI@
?<<IH<F N<C<FTGT BDOH@F H<TG =JGH<F @MFDID <G?TMH<F N<CPHT?TI @G?@I
UH@F N<C U =<TI< BJH<FU TBOT<MTI< BJ=@MH@F <U<M =@MH@UGDF N<C
BPG<BTI<@ODH@F@DOH@F N<C?PUPITDuH@FuM@BDIDDH@FFDH?DM=DMDIDBJG?<RTI?<
<<H<F N<CDuDI@ JO ?H@F=DTIE<GTF =JGH<F CJRN<G< ?H@F M<C<OGTBTIT =JUH<F
TIE<GTFNTUG<IH<F N<C@GBJRPMH<FO<=TI=JGH<FCJMH<OBJ<I?TBTT=DG?DMH@F
N<C B<TI?<I <TMH<UGTF<FTITI?< <ITI?< N<FG<H<F BJG<TI?< =JGH<F N<CFGD
@M@H@FM@CDHD B@GH@F I@=ND <BTMH<F BTI<IH<F N<C AM<U@JGJBDUHG@MDID <G<?<I
H<ITG<MT CqUDMFD U<H<I OMFH@I @?@=D ?DGDI?@ =<B< AM<U@JGJBDUHG@M <MF<GT <G<?TG<I C@H
=JGN<JG<MJF<M?<FTBMI?@@?@=D?DG?@B<=<OB@GH@qM
!DH@F ?DGD NUGF ?UHDI?@ G@FNDFD =DMGDFG@MNUG@M =<=<OTI?< =JGPK B@uqI
UB@MDGDFG@M AM<U@JGJBDUHGM@ C@H ?@BDGD?DM 0UG@MD FI@GH@BD <BIT <MC<DUHG@H@BD
AM<U@JGJBDUHG@M@?@H<CNPN?TM+PNB<RT@?@=D<OTHTUT?DG<M<OTIGTBTITRM@IH@F=@GGD=DM
O<MTCT ?RMG@M?@ PG<ITG4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
&b,1"b%*+% %'e" +""Y)b#$ %
1$%-$"O%%#0 j
"!PLP#P
;D;k 1MF ?@NO<IG<MII O@@FFG @OODD ?I@H QM<NT<Ė?<FD +@JGDODF ?@QMDHG@
DGDFDG@I?DMH@FB@M@FDM*<GPHJG?PPU@M@O<MHC<TQ<II@Q>DGG@ODMH@ND=PI<=<G
JG<M<=TFC<TQGF<MGFGJG<M<F+@JGDODF?@QMDHG@=@M<=@M=<G<HOM+@JGDODF
?I@H <TM>< DIN<IGI =JTG<M C<GDI?@ MBOG@I?DD =DM ?I@H?DM 8 NT<Ė?< +@JGDODF
?I@H *j <M<NI?< O<CHDI @?DGH@FO@?DM9QM<NT<Ė?< Bu@M @QGD DNFJM<AT<?< B@ID =DM N<C<?< =PGPIHPG<M?M P <IG<H?< 1MFG@M?@ NDT<N<G
O@FDG<OG<IH< B@G@I@D Q@ ?@QG@O ?I>@ND =P >JM<AT<I ?<T<OO ?DNDKGDIGD JG<M<F =DM
<M<?<T<<H<B@Mu@DI?@I@OFDG@I?DDBMGM
6<KG@NDI?@ *j &3 =DI TGG<MI< F<?<M BD?@I FGOM@G
F<GIOG<M< M<NOG<IHOM PIG<MI =<G><G<M =<F<I TM@NDI?@ A@I@NTJQ< FGOM
8*j9 1<IM!<G<M<GF<$GQ@6<TFI@CMDI@F<?<MPU<I<I=GB@?@
I?MJIJQ< FGOM 8*j 9 6@IDN@T &MH< u@QM@NDI?@ (<M<NPF FGOM
89=<F<IQ@*DIPNDINF=GB@G@MDI?@1<B<MQ@1<OFFGOM8*j9
Q@=<O1MFDNO<IĖ?<8*j9I<QFGOM?MNH<DG
MF@JGJB*2IBQDONF<T<ĖT<BM@F<CM<H<IGF?@NO<IG<MIIDGF@FDGG@MD*j&&&Q@
& <NMG<M <M<NI?< 1<B<M (GOM ?@QMD *j &&& Q@ *0 &&& <NMG<M <MNI?<FD 1<OF
?@QMDI?@ JMO<T< uFHOM " ! 1PMNIJQĖPI F<I<<ODI@ BM@ ?@NOG<MII
=PBIF @FDGG@MDIDI Q@ ODKG@MDIDI JMO<T< uF *j 3&&& <NM DG@ *03&3&& <NMG<M
<M<NI?< JMO<T< uFH<T< =<G<HOMĘ 6G?MH TM>< =F *<II<T 2IBQDNOF<T<1PMNIJQ"NDI
1MF ?@NOGF B@G@I@DI@ <DO @GDHDU?@ =PGPI< Q@MNDTJIP?PM 82,(!9 !@NO<I?<FD NDT<N<G O@@FFG Q@
O@FDG<OG<IH< ?U@TDI@ =<FOHU?< =JT?<I HDGG@O <IG<TI< uJF @MF@I =DM ?I@H@uO@
B@uDG?DDIDI DUG@MD BMGM DCD BUG@MDUP H<I<?< U<H3Kgkg
1MF?@NO<IG<MI?<H@F<IIJGPPHP<IG<O>=<F<uNQ@HPC<TTDG@NDIDIB@u@M@F
?JG<THG< =DM @FDG?@ ?DIG@TD>DT@ PG<M IG<O> %<FDHG<CD =<F <uNTG< uI>
O@FDG <CN <UI?DM @FGDI?@ =DM=DMDI@ N@=@K NJIPu DGDFDND
Du@MDNDI?@ @FG@I@M@F ?@NO<<FO<MGH<NT@ID
O<MDCD C<?DN@G@MDI Q@ >JM<AD H@F<IG<MI JI< DG<Q@ @?DGH@ND B@M@FDM +@NDGG@M <M<NI?<FD
FGOM Q@ ?DID O@G<FFD ?@DDFGDFG@MDIDI ?@ JG<T MBNII @FDGG@IH@NDI?@ T@M <GH<N
B@M@FDM OI AJGFGJM @N@MG@MDI?@ JG?PP BD=D ?@NO<IG<M?< ?< C<OM<N U<TAG<T4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
Q@ <CN DNDHG@MDTG@Ę C<OM<N U<TAG<TJM<AT<G<M?< T<<TJM<AT<NI?< C<AU<NI?<
T<<? HDGG@ODI Q@T< =JTPI NJIM<FD O<MDCD H<>@M<G<MI< BM@ O<=<F<G<<=DGDM "MBPI
OI=PNM@u?@NO<IH@ODIG@MDI?@FDH@F<IDNDHG@MDIDUQ@FJHKJUDNTJIPI<MGFG
JG<M<FFPMH<><=DMH<CDT@OO@NPIPGH<NI<U@HDIC<UMG<M"G=@OO@T@MT@MFPGG<IG<IT@M
DNDHG@MD @OIJIDH OJKJIDH Q@ CT?MJIDHG@M M@@G ?IT<?@DHDUHDOJGJEDFH@F<IG<MDF@ I=TF
=DMuJPIGPPB@Mu@FT@M<?G<MI?<IC<M@F@O@?DG@M@FF<GKG<HQ@ODKJGJEDFU@GGDFG@M@
N<CDK ėB@Mu@DHND H@F<IG<M?MI><F DI<I?M>GF Q@ @G@ <GIG<MI ?< C< A<UG<
?@O<T =DGBDNDID =DM <M<T< B@ODM@M@F B@Mu@DHNDGDDI ?JU<EI <MOM?FG<M ?@NO<IG<M ?<
Q<M?M(MJGP Q@ GK<H MI@FG@MD =<O< JGH<F U@M@ u@DOG@IH@G@M =@GGD =DM T<TGH
C<OO ?IG@H@T@>@F F<?<M uJF TIG JG<M<F B@Mu@FG@HD JGH<N FPQQ@OG@
HPCO@H@G?DM0UFJIPNP?@NO<IFJIPG<MI<=<GJG<M<FJGP<IT@M@G@AN<I@PINPMG<MII
?@NO<IG<M?< <IG<OGG<M JG<M<F B@ID TIG<MI I@U?DI?@
JIG<MI B@Mu@FGDDI@ ?<DM DI<I?M>G <MOM> AJIFNDTJIG<M< N<CDK JG?PFG<M ? <
@FG@H@GDTDU KC@NDU =P OM H@F<I< =<G JG<M<F JGPD
DG@QG@MDTG@ O<?FG<M FGOG@ODMD>D Q@ MDO@GDNODF DG@QG@M ?@ PIPOPGH<H<G?M
eJ=<IJGP
*@F<I O@H@G IDO@GDD DOD=<MTG< F<KN<HG =DM F<QM<H?M uDI?@ OJKGPHN<GG<H<II
O@H@G ?@@MG@MDID =<MI?MM "I B@ID <IG<HTG< H@F<I PTB<MGI Q@ PTB<MG<H<II
QDOMDID?DM1@FDI !@NO<I?< H@F<I NO<ODF =DM F<M<FO@M?@?DM
*DOJGJEDF Q@ <MF<DF ?@NO<IG<M?< H@F<I DMM@@G Q@ A<IO@UDT@ ?<T<G GOI !< T@M <GO Q=
JGPMF@IO<MDCD?@NO<IG<MQ<?DNDI?@H@F<IG<M?<C<B@Mu@FuD?DMe@QM@NDQ@=<G<HTG<=DM
I@QDF<CM<H<IIDuDI?@=PGPI?PP?PMPHP=@ODHG@M
,PU (<<I !@NO<II?< H@F<I?< NM@FGD =DM C<M@F@O Q<M?M *@F
O<M<AI?<IFJIPT<Q@F<CM<H<IG<MIADUDFDKNDFJGJEDF?PMPHPI<BM@?U@IG@IDM
(<KG<IĖ< BM@ ė ,PU (<@F T@M ?D@M DIN<IG<M B<G@=@
u<GI<><F O<=D FGI<><F ?H<IG<M?M (<KG<I !@NO<II ?< ?IF
F<M<FO@MDH@FoIINIMNU=DM=OIJG<M<FDG@IH@NDIDN<G<HOM
P=OIGFDuDI?@H@FoI?@NO<IDuDII@HGD=DMPINPMJGH<FO<IPU<FOM"AN<I@G@ M
?@ H@FoI ?@NO<I BD=D ?N@G =DM AJMH?< F<MHU< uF<MM $IHU?@ ?< JMHG<MG<M P
<u?DQ@?@Q<H@OODMD>DIDO@GDFO@?DM
,PU (<4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
30GDF
,PU (<@ėTPMOĘ
DA<?@NDQ<M?MĘė0JIM<,PU(<<IJPGG<MI<TPM?PIPG@ODMDKQ@M?DQ@"T,PGG<MH
=@I uJF <NOH uJF QPMPHN<G<M BM?H uJF F<MB Q@ uJF JF <OOH <OG< uJF
TM?H?H<IG<M <G<OOH ?JNOG<MH BG?M?H @I $F 1<IMĖT< =JM>PHP
?@?DH0DH?DTPM?PHPNDU@Q@MDTJMPH?@?DĝĘ82,(!9
4_DF;D+3D38
_DF;D"_k7
!@NO<I?< ė?MO =DM O<M<AĘ T< ?< ė?MO =DM F@Ę DA<?@NDTG@ F<?DH 1MF
O@A@FFMI?@FD ?IT<II =OI DA<?@ @?DGH@FO@?DM PIG<M TUHU ?JPT<
u@QDM?DDHDU?@ I <MF< N< Q@ NJG T<IG<M DA<?@ @?@M 8(I OJPN (I =<ON 1I
JMO<N(I,MO<N9@FGDI?@TIJG<M<F?<DA<?@G@I?DMDGDM
5*3d03@
*A>03@
ė6DI@JU<H<IG<M?<N<T<I?<GOPI(<<I<?I?<=DMF<<IQ<M?0 JGT<I?<2MPH
<?I?<=DMF<<IQ<M?PF<<II<NF@MDQ@@CDMG@MDK@FuJFOPP2MPH(<<I,PU
(<<IĖI @HMDID ?DIG@H@U?D ,IPI <MF<NI?<I BDOH@U?D @I JIPI NUI OPOH<H
?DT@M@F @HMDI@ =<FH<? ,PU (<<I B<U<=< B@G@M@F JIPI U@MDI@ TMH@F DNO@?D
=<TM<I<u<M<F<NF@MDTG@JI<F<MNTM?Ę82,(!9
0< Q@ NJG 1MF O@FDG<OG<IH< ?U@IDI?@ Q@ D?<MD O<FNDH<OI?< I@HGD DFD H@F@GDFGDFG<M
63FgH7AdG+3D38g
,PUĖPI T<II?< =PGPI<I <FN<F<GG DCODT<M 2GP 1MF =DM MT< BMM Q@ O<=DMD DG@
,PUĖ< =@N<M@ODH TJFOPM $I T Q@ 6G?U ?JP O<M<AI< NDUG@M
BD?DI $F !< Q@ !@IDU NDUG@M ?@ =<O O<M<AI< BD?DI ?@?D ,I?P ?JP
O<M<AIP?@=<OO<M<AI<BDOODG@MĘ82,(!9
1@IBMD>DGDF DI<Iu NDNO@HDI?@ BI@DI ?J?PP TI JGH<N HI<N@=@ODTG@ ėFI
OJNĘ T<ID ?JP TI FPON<G?M P I@?@IG@ JPGG<MI BI?@M@>@D DNODF<H@OG@MD
N@u@MF@I=DMCDT@M<MDBU@ODM
7;D07D
;Dj7:;D
PM<N<IG<O>IIHPC<TTDG@NDI?@O<N<MG<?FPMH<><=DMH@F<I?M*@F< III@M@ND
JG?PPI?@ U@MDI?@
?M<H<ODF <FNDTJIPI OPOPI?PP B@Mu@FG@ODD T@M?DM ė6DI@ BIG@M?@I =DM BI ,PU
(<<I=DMT@M?@1<IMT<T<GQ<MH<FO<D?D(<M<IGF=<NO$FO@I=DMFDI?D$I@ O@I
Q@ <T?<I ?<C< K<MG<FO ,PU (<<I JM<T< TM? Q@ BM? FDĘ !@NO<I?< DNDH
Q@MDGH@?@I=DM@CDM?@B@u@Mė2MPH(<<IĖI=DMF<M?@DQ<M??2MPU@TD?DP
2MPU@TJGPIP?<=<NI?<?@MDIMH<F<M<NI?<DTDO<CFDH@?DGHD=DM@CM@TJGG<?
Q@ @CMD FJMPH<F B@M@F N@I @CMD =DUDH DuDI FJMP Q@ N<Q<ON
,PUĖPI DGF F<CM<H<IGF ?@I@TDHDIDI B@Mu@FG@ODD T@M =DM JMH<I?M ,PU
B@MB@?IĘ ?D=DI?@ G?MM $GI JMO<NI?< = <F< =DM <<>I
DuDI?@FD FUG< @QG@IDM ė , u<?< JM<?< =TF =DM JMH<I Q<M? =DMuJF ?@M@G@M Q@
MH<FG<MQ<M?Ę82,(!9
*@F<II =@GDMNDUG@ODD T@MG@M?@ HDODF <IG<OII @OFDND BMGM *DODF <IG<OG<M?<FD
H@F<II =@GDMNDUGDD DGF@ND NUG B@G@I@F Du@MDNDI?@ @KDF B@G@I@D ?@ @OFDG@?DD =DM
Q<F<?M 4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
FPON<G?MG<MT<<HI =OIN@GGDD <IG<T Du@MDNDI?@ =DM I@QD ><IG JG<M<F O@G@FFD
@?DGDMG@M0P=NPQDT@G@MDJIPIFJMPTP>P@G@H<IG<M?M
:GL3d
P DNDH DFD A<MFG T@M?@ B@uH@FO@?DM DMDI>DNDI?@ ,PU (<<?<FPMOJMO<T<uF<Mė(MFBINJIM<PU!<<?I ?<=DM?@ PTP?PĘ FDI>D T@M?@ N<Q<O<<O<=DI@M?D,=P<OK@FN@Q@M?D6JG?<=P<OBU?@IF<T= JGPKF<uO
PM<?<=TF=DM?<Q<M?kNOI?@?JIQ@=PUQ<M?,IPI=<NNJPFO<I<K<FD?D
,IPIDuDI<?PU!<D?D,PU(<<IĖI<O=PPU!<ĖIDuDI@F<uOBDOODĘ
P N<CI@G@M?@ HDON@G M@OJMDF Q@ O@A@FFM ?@QM@T@ BDM@ FG<QPU =JUFPMOPI UPCPMP
Q@ TJG BNO@MD>DGDD =DM T@ID =<G<IBu H@F<III O<IHG<IH<NTG< JMO<T< uF<M *DODF
O@A@FFM?@ H@F<IG<M O<IHG<I? =DM ėNNĘ T< F<QPOPMPG?PP U<H$`D7@
eF;> D?3dg
,PU(<<I 2MPH(<<IDG@N<Q<NIODG*M@IF@I<MI?<T<K<Mė$FOTGBF
T@G@GD =P =TF @MF@F FPMO =DMF<u BI NJIM< ?PM?P ,PU (<<I ?< <NF@MD DG@ ?PM?P
PM<?< ODG *M@I <?I?< =DM ?@IDU Q<M? P ODG *PM@IĖDI F@I<MI?< =DM F<M< ?<I
II?@ N<Q< =<G<?Ę P DA<?@IDI uJF <MF<DF =DM TJMPHP Du@M?DD
NTG@I@=DGDM1MFG@MDI MH<F Q@ JFT<IPN BD=D =<U NP FOG@G@MDID DNDHG@I?DMH@G@MDI?@
=<U DNODFM<MNUGFG<M BMGM P @NI<?< ODG I@CMDI@ =TFGI?@I ?JG<T ?@IDU
T<FOMH<N T<KG? NTG@I@=DGDMDODG C<QU<N F<?DH 1MF PTB<MGII T@@M?DD
H@F<IG<M?<I=DMD?DM
;H
ė(MF BI NJIM< PU !< <?I?< =DM ?@ PTP?P6DI@ =DM BI BF OTG BF T@G@GD @MF@F FPMO ?PM?P ,PU (<<INU B<IDH@O ?POP ,PU (<@M@G@MD BHO@I Q@ u<ON ?@HDM?@I?D (<K<G D?D Q@ <I<CO<M
TJFOPĘ
!@NO<IG<MI JGPPHPI?< A<MFG H@?@ID N@QDT@G@MDI Q@ O<MDCN@G ?I@HG@MDI
O<=<F<G<H JG?PP =DGDIH@FO@?DM *@ODI?@ T@MG@DF T<<HI FT F@IO T<<H Q@ <DG@
=DMDHDIDI FPMPHN<GG<O H@F<I JG<M<F ė@QĘ ?@I =<CN@?DGH@FO@?DM "Q ?U@ID Q@
H@F<I OJKGPHN<G D=GHII Q@ NIAN<G T<KII =@GDMBDIG@ODD =DM ?I@H@ D<M@O
@?@M
<S`D57F*7:D;
3D=3@0GD6G
ė6DI@ =DM BI BF OTG BF T@G@GD @MF@F FPMO ?PM?P ,PU (<@O ?DTJMG<M?TF =DM
TPMOD?D<OG<MuJFFUG@MDQ@=PU<G<MuJF<GOIQ@BHG@MDuJF>@Q<CDMG@MDuJFOP
PM<?@O(<<IQ@JIPIC<GF,PU(<<IĖ<F<MNB@G?DG@MĘ
eM>@OG@M *JJG =JTG<MI?JM<AT<NI<I?MH<FO<?M
&dGL"3d3@7EF3@g@6313?3@@>3Kgkg
!@NO<IG<M?< @N<NI?< FPGG<IG<I U<H<I ?DIN@G U<H<I Q@ ?DI? U<H<I?M *DOJGJEDF
?I@H?@ CDu=DM Gu =DMDHDIDI JGH<? Q<MN<THN<G =DM U<H4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
IN<I <IG<H<F DIN<IG< DGBDGD O@H@G NJMPIG<M?@F =DM Q<MGFOM O<IH
U<H<II DIN<II O@H@G IDO@GDFG@MDI?@I =DMD JG?PPIP BNO@MDM IN<I O@H@GG@I?DMH@ u<=<G<MII
C@H@I C@KND JIPI B@uHD =JTPOPI< =TF I@H Q@MHDG@M?DM ?<C< ?JMPNP DIN<I B@uHD
=JTPOPU@MDI@JOPMOPG<M<F<uFG<IH<T<u<GGHOMPQ<UB@uDG@H@UPINPMPIu@DOGDU@GGDFG@
MDI@T<FI?<I=<FH<FB@M@FDMu<F
7<HDJG<M<F ?<?DI}OM@IG@M B@GDM
PA<FOMG@MDIDIN<IIO<MDCDIDII@M@NDI?@=<G<?I=DGH@FJG?PFu<BuOM!JG<TNTG<U<HDIDII<NGQ@I@U<H<IJMO<T<uFO?<=DGDI@H@H@FO@?DM
!@DDHJGP=TH@BD=DF<QM<HG<M?<C<M@F@ODu@M?DFG@MDI?@I?JG<TU<H<IG<DuO@I=DM
=<FPMH<FO<?MG<M7<H<IG<DGDFDFPMPGH<?<I=PF<QM<HG<MT@O@MDI>@<uFG<I<H<UG<M,GP=DM
I@NI@IDI KJO<INDT@G JG<M<F F@I?DI?@ =PGPI?PM?PP <H<> B@Mu@FG@ODMH@F DuDI B@uDM?DD
?@DDHG@M@ ?@IDM %@H JMB<IDF I@NI@G@M?@ C@H ?@ FGOM@G ?IT<?< JMO<T< uF<I ?@DH@G@M@
JGP?@IDMMGFGJG<M<FFGOM@G?IT<?<Du@MDG@IC@M=DMJG<TIJGPC<GDI?@JG?PPNTG@I@
=DGDM!@DH@<H<uNUA<MFGG<H<?M!@DH@ ?IH@<IG<HI?<Du@MH@FO@?DM+@NI@G@MDI
T<KG<M B@M@D JMO<T< FJT?PFG<M A<MFGG<H<G<M< ?@DDH ?@IDM %@M A<MFGG<H< NM@ DuDI?@
B@Mu@FG@DM#<MFGG<H<G<MI=OIQ@NM@G@MDIOJKG<HI@NI@?@FD?@DDHDI=TFGIQ@
U<H<IQ@MDMu<F
7<HDI?@ =@GDMG@TD>D PINPM JG<M<F O<IHG<IHOM (<IO< BM@ U<H<I < KMDJMD JG<I Q@ F@I?D
F@I?DID =@GDMG@T@I =DGBDIDI JGPH<NI?< DGF NM<?< T@M<G<I O@H@G PINPMG<M?D=DMDGF@JG<M<FDBMM!?IT<T<DGDFDIC@M@TDu
T<KT<IDU<H<IO<M<AI?<I=@GDMG@IDM(<IO7<H<I?PTPHG<M<M<>GTG<JGPOPMPG@ =DM O<FH JG<TG<MI B@Mu@FG@ODDI@ DGDFDI Q@MDG@MD @G?@
@?@MDU6<ID??IT<?<FD?@DH@G@M@DGDFDIDUG@IDHG@M@N<CD=DU$@uHD@DGDFDI<GBG<MHU
?< =@IU@M ?PMPH?<?M $@uHDG@ JGHP =DOHD T< ?< B@uHDO@ =<G<TK =P BI?@ ?@Q<H @?@I
JG<TG<M<DGDFDIDUG@IDHG@M?DM7<H<I?@I@TG@@G?@@?DG@IT<ID?@I@TN@G=DMF<QM<H?@DG?DM+@
=DUDH?PTPHG<MHUG<=DMGDFO@?DMI@?@JIG<MI<M?I><B@GDMU<H<IO<N<QQPMP<KMDJMD?DM(<IO
TM><U<H<I=OIN@UBDG@MDI<GOI?<T<O<IB@M@FGDUJMPIGP=DMO<N<QQPM?PM7<H@ U<H<I DuDI?@ BMIG@M
HHFIJG<=DGH@FO@?DMG@M$MIG@MO@FO@FT<?<C@K=DMGDFO@TJFJG<=DGDMG@MJIG<MHHFI
FG<IQ@@QM@IN@GDGF@JG<IU<H<ITJFJGH<U(<IO
7<H<I ?PTP N@UBDG@MDIDI N<GO AJMHP?PM #<MFG U<H<IG<M <TI U<H<II K<Mu<G<M?M (<IO
7<H<II NJINPUGPP U<H<II C@M@TD =@GDMG@T@I =TFG O@FDG U<H<II
NIMG<MII =@GDMG@IH@NDTG@ JMO<T< uFH<FO<?M P I@?@IG@ JMDEDI<G U<H<I O<N<QQPMP NIMNU?M
u<F (<IO 7<H<I Du ?PTPHG<MI AJMHP T<ID Du <IG<HG<MI Q@
F@I?DHDU C<FFI?<FD N@UBD?@I =<F< =DM @T ?@DG?DM 7<HD?@M@>@?@IMJGJTI<M
7<H<II @AN<I@ O@H@GGD FGOMG@M?@ I<NG JGPOPP Q@ I<NG TJMPHG<I? NUFJIPNP
FGOMG@MD<IG<H<FDuDIuJFI@HGDF<QM<HG<M?<I=DMD?DMeIFDIN<IFGOM?IT<NIFPMH<T<
=<G<?I?< DGF PM<O NJMPIG<M?<I =DMD ?@ U<H<I JGHP Q@ U<H<I FGOMI O@H@G
DGF@G@MDI?@I =DMD JG<M<F FPGG<IHOM (GOMI =<G<? T< ?< DIN<II DGF JMO<T< uFO <I?<I
=@MD U<H<I FGOM?@FD I@HGD T@MDID FJMPH<FO<?M %<O<IJ U<H<II FGOM?@FD I@HDID TG@
=@GDMOHDODMDUU<H<IC@H@IC@H@IBIGFC<T<OHUIOHI?U@IG@T@I=OI@TG@MD
Q<MG Q@ ?IT<?<FD =OI @TG@HG@MD D?<M@ @?@I @T JG<M<F O<N<QQPM @?@M Q@ F<QM<MU OI
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
DIN<IG<M?<JMO<FQ@ B@u@MGDJG<I?IH@ T<N<N Q@GuIIU<H<IG<K<TG<G?I?IMU
%<O<IJjO@T<I?<IO@JMDFu<GH<G<MHUIQ@?IT<BMG@MDHDUDIO@H@GG@I?DMDGH@NDI?@
?@ U<HD ?@M@>@?@I T@M <GM TG@NDI@ I@HGD =DM F<QM<HI FGOM ?IT<NI?< I<NG
JGPOPPI<T<FI?<I=<FH<FB@M@FDM
(GOM@G =DM Q<MGF JG<M<F DIN<II JMO<T< uF =DM=DMG@MDTG@ =DG?DMDDHD N<G<T< PINPMG<M <M<NI?< T@M <G? BD=D U<H<I NJMPIPTG< DGF F<MG<<I
<G<IG<M?<I=DMDJG<M<FBMG@=DGDMIN<II@OM<AI?<BM??@DDFGDFG@MD<uFG<H<T<=<G<H<NTG<
=DMGDFO@ DGF =DGBDG@M ?@ JMO<T< uFHOM DGBD M@OH@?@FD <H<u ?@DH@TD ?PM?PM<M<F T< ?<
?JI?PM<M<FFJIP@?DIDG@I@TDI<IG<HI JMO<T< FJTH<FQ@<IG<GH<NIN<G<H<FOM PNM@u
=DMOM<IG<HG<I?MH<?MIG<HG<I?MH<PO@H@G@?<T<IM?@<GQ<MGFJG<M<FI@NI@G@MUI@IDI
B@Mu@F Q<MJGPPTG< DGDFD DuDI?@ =PGPI?PFG<MI?<<IG<HG<MF@I?D<M<G<MI?<=DMJMO<FG<Q@=<<N<CDKODMG@MP<IG<HIO@H@G
IDO@GDD?DM %<O<IJ IG<HG<I?MGD <?HTN< I@NI@?@ F@A@?DG@I <IG<HG<M <?G< =DMGDFO@ FPGG<IH<FOM TM><
<?G<I?MH< <?G<I?MG<I @TD FGOM@ F<U<I?M?I?<I @TDI FGOM DuDI?@ Q<MJGPPIP ?< N<G<M
!JG<TNTG<=DM@TDQ<M@OH@FDuDIJIP <?G<I?MH<FQ@O<IHG<H<F B@M@FDM?G<I?MH<Q@<?G<M
IDO@GDFG@MDTG@ =DMGDFO@ FPGG<IH< ?J<G ?U@I@ K<M<G@G FPMPG<I FGOM@G ?U@IDI @I I@HGD
?<T<I<FG<M?<I=DMDJG<M<FFGOM?@FDO@H@GT@MDID<GHOMu<F
?G<I?MH<Q@<IG<HG<I?MH<=@M<=@MDI?@F<QM<HG<OMH<T?<B@ODMH@FO@?DM(<QM<HG<MI
U<H<IG<DGDFDNDI@?DMNJMPNPu@Mu@Q@NDI?@U<H<IF<QM<HDGDFDND=@GDMBDIJG<M<FJMO<T<uF<M
(GOMI BM@>@GD =DM ?PM<<IG< N<CDK JGH<NI?< =TF MJG JTI<T<I F<QM<HG<M FGOMI
O@H@GDID ?@ JGPOPMPMG<M (<QM<H F<MGF B@G?DD ?PMPHG<MI T< ?< Du@MDDI ?JI?PMPGH<N?M
?JI?PM?PP@TDu@MDDIu@Mu@Q@ND?DMu@MDFO@I@OM?@I@TG@MDIJGH<NB@M@FODDIDI=@GDMG@IH@ND
Q@ JIG<MI NIMG<MII uDUDGH@ND?DM 0IMG<MI =@GDMG@IH@ND U<H<IG< @ <IG<HG FPGG<IG<F F<QM<HI Du@MDDI?@ =TF ?@DDFGDF JG<=DGDM P
F<uIGH<U?M PIPIG< =DMGDFO@ C@M ?@DDFGDFG@ JMO<T< uF<I T@ID <IG<HG<M F<QM<H
u@Mu@Q@NDI?@?@@MG@I?DMDGDM
(GOMC@HDIN<IIDu?IT<NI?<C@H?@??IT<NI?<Q<M?MIN<IFGOMDuDI?@T<<H<F
UJMPI?< JG?PPI?<I ?JPHPI?<I DOD=<M@I JIP UHN@M Q@ F@I?DID JIPIG< O<IHG<M DM@TDI
?I?<=PGPI<IFGOM?IT<N=DM@TO<M<AI?<I<GBG<IKTJMPHG<IMDuDHG@I?DMDGHDQ@O<NQDM
@?DGHD T< ?< O<IHG<IH FGOM F@I?DI@ BM@ <GBG<TK TJMPHG<H<F =DM@TN@G FDHGDF DuDI
F<uIGHDI?@I B@u@M@F
JGH<FO<?M (GOM@G =DM I@NI@ ?@@M T< ?< B@G@I@F U@MDI?@ ?IG?I?@ JIPI =@GGD =DM
?I@HDI MI JG?PP Q@ =@GGD NM@uG@M?@I B@uODD BMGM (JIPIPI JGPP ?< JGP NM@>D ?@
U<H@F F<TBN ?< @G?@ @?DG@I NJIPuG<M
=@GDMG@T@I PINPMG<M <M<NI?<?M TG@GDFG@ =DM T<I?D DIN<IG<H< T< ?< FGOM ?IT<NI
JGPOPMH< NM@>DIDI O@H@GDI?@ T@M <GH<FO<?M P NM@uO@ =@GDMGDTD>D BM@Q <GC U<H<I F<QM<HII =@ B@I@G <IG<H JG?PPIP =@GDMOHDODM GF@G 7<H<I GF@GG@M
U<H<II ?J<G JG<TG<M BD=D ?<DM@Q}C<M@F@OG@M @FGDI?@ ?I?I ?IHG@M?DM 1<MDC}
7<H<G 7<H@F =DM
PINPM JG<M<F ?IGHOM P OM U<HDI B@ID =DM =GHI
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
JGPOPMHPOPM !J<NO Q@ DIN@NDI?@I F<TI<FG<IHOM P =DM OM =DGDHND OPOPH?PM eIF T<KO O<IMN<G T<N<G<M
F@A@OH@FODM$@GDDBU@GJG?PP?IG@IJG<TG<MO<IMN<GT<N<T<=<G<H<F<TBNI?<IC<M@F@O
@OHDODMPU<H<I<IG<TI =@IDHN@HDJG<IG<Mu@DOGD?J<JG<TG<MIBUG@HG@T@M@FU<H@NDID B@GDODMHDG@M?DM DGDHN@G 7<H@ NM@ JG<M<F F<=PG
@?DGDM %Du=DM @FDG?@ JIPI @FJIJHDF O<MDC} <NOMJIJHDF T<CPO =TN@G U@GGDFG@MDI@
=<QPMPGH@TDu<MOMH<FO<?M)@<>C
"AN<I@ O@H@GGD FGOMG@MDI U<H<F <G<IG<M?<I =DMD
O<FQDH?DM 1<FQDH DIN<IGI DGF MIG@MD <M<NI?< N<TGM uIF =@NG@IH@ Q@ =<MIH< DG@
H@QNDHG@M <M<NI?<FD DGDFD O<FQDHDI JMO<T< uFH<NI N<G<HOM %<T<OI ?@Q<H @OH@ND DuDI
UJMPIGP PINPMG<M JGDIDI I@
F<?<M@NFDJG?PPIPBNO@MH@FO@?DMTM><O<FQDHDIB@GDH@NDI?@?DI}DII?<=TFT@MDIDI
JG?PP =DGDIH@FO@?DM "GD<?@ $@>@ Q@ BI?U <TI BMII?@FD ?@DDFGDFG@M
H@QNDHG@M@ =<G JG<M<F BMG@I =DOFDG@M?@FD ?@DDFGDFG@MG@ C<TQ<IG<MI BuG@MD BD=D ?J<G
JG<TG<M =@NG@IH@ DG@ =<MIH<TG< DGDFDGD ?PMPHG<M Q@ DI<IuG< DGBDGD @TG@HG@M O<FQDH ADFMDID
JGPOPM<I PINPMG<M?M ? <IG<I PINPMG<MI O@H@G U@GGDFG@MD ?U@IGD O@FM<MG<MI JGH<N?M
jU@GGDFG@ ?J< JG<TG<MII ?U@IGD O@FM<M U<H<I ADFMDIDI Q@ =PI< =<G JG<M<F O<FQDHDI
JGPH<NI?<@OFDGDJGHPG<M?M1@FM<MG<I<IJG<TG<M<M<NI?<FDNM@U<H<IGuH@ =DMDHDJG<M<F
F<=PG@?DGHDODM<C<M?<I=<C<M<JG<INM@ TG<TI?JGPI<TJGH<NI?<INJIM<FDI@F<?<MJG<I
NM@<T BI@DI?JPPI?<INJIM<FD?JPPI< F<?<MJG<INM@ BIJG<M<F<?G<I?MGHOMP
NM@G@MU<H<IGuH@=DMDHDJG<M<FF<=PG@?DGDK?<C<PUPINM@G@MC@N<KG<IH<T<=<G<IHOM
1<FQDH=DMFJJM?DI<ONDNO@HDIDB@M@FODMDM FDOM U<H<IFJJM?DI<ONDNO@HDQ<M?M!IBN@G
Q@ !JMPN<G eDUBDN@G ?@ ?@IDM !IBN@G NDNO@H U<H@ Q@
BI?U <TI ?IBG@MD BD=D JG<TG<M< ?<T<IM @IBM !JMPN<G JG<I =DM=DMDI@ =<G
JG<M<F B@GD@I NM@uODM PM<?< =DM B@MD BD?D NU FJIPNP ?@DG?DM 1<FQDHDI ?U@IG@IDDTG@
=DMGDFO@I@HGDJG<TG<MU<H<IuDU@GB@NDI?@T@M<GH<T<=<G<MTG@GDFG@O<MDCN@GU<H<II@N<N
PINPMG<MI?JG<M<FT<=<C<MT<?<BUF<=PG@?DGHDODM
6GI =<G<IB> JG<M<F =<C<M O@M>DC @?@I OJKGPHG<M ?J<II PT<IH<N <IG<HI?< =DOFDG@MDI
T<KM<FG<IKQ@uDu@FG@IH@NDIDT@ID?@I?JPP@N<N<GHG<M?M$UO@M>DC@?@IOJKGPHG<MDN@
C<N<?IOJKG<IH<NI@N<N<GHG<M?M"GD<?@T@BM@DGF@GOJKGPHG<M?<T@IDTGOHOJKGPGPFDuDI
T@ID C<N<O U@MDI?@FD O<=PIPIF<G?MGH<NI< @?@@M?DM TG@>@ C<N<O OH OJKGPGPF DuDI
T@I@=DGDM C<G@ B@GH@FO@?DM DM?@I uJF T@ID TG FPOG<T<IG<M TDT@>@F M@U@MQG@MDID ?U@IG@H@
F<TBNI BOHG@M?DMTG@>@OJKGPHPINM@FGDGDDN<G<IHOM"GD<?@
1<FQDHDI<TDIN@GU<H<IF<K<G=DM?<DM@@FGDI?@<FH<FO<?M(POOM@ID@MO<IMG<MI@N@MG@MD
O<M<AI?<I FPON<GG<OMH<I TGI FJUHDF U<H<I?M !IT< =P FJUHDF U<H<I?< T<M<OGH
JG?PPI?<I T@ID TG FJUHDF T<M<OGI B@Mu@FG@ODD BI?@ =<G<OGH Q@ @QM@IDI U<H<IN<G
=JTPOP JG<M<F F<=PG BMHOM 6G =DOODDI?@ ?IT< B@uOD T< ?< =DOOD ?@IDGH@FO@?DM "GD<?@
P <IG<T (PU@T H@MDF< T@MGDG@MDI?@ BMGM !IT< DG@ TG @ <IG<H?<
FPGG<IG?I?<IG<I?MH<FO<?MuIFJIPBuG Q@N<AFF@IDIU<H<IDG@u<FOMH<FO<?M
"GD<?@
"AN<I@ O@H@GGD F<=DG@ FGOMG@MDI?@ U<H<I FJUHJBJIDIDI JGPOPP <I?< =<G<M 7<H<I
<IG<TG<M JGPPI B@Mu@FG@ODD FF@I NJMPIP u@Mu@Q@NDI?@ O@H@GG@I?DMDGDM ,GPPI Q<MJG?PP
T@M?@ U<H4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
U<H<I <IG<TG<MI?< N<=DO =DM DGF@ Q@ DGF@?@I C<M@F@OG@ JGP<I @QM@IDI FPMPGPP @N<NOM INDIDIDGF@G=DuDHG@MDI@TI@GDFODM
Q@=PM<?<U<H<IN<GJG<IIDGF@GA<MFGGFG<MN@UBDN@GQ@JO<IODF =DM@FDG?@U<H<IG<DGBDGD=OI
F@NDIGDFG@MDIFF@IN@GF<TI<JG<M<FFPMPGPM%PNN@MG(JIP@?DI?DDHDUFGOMG@M?@
FF@I H@MF@UD =DM FJIPH< N<CDK JG?PPI?@G@IH@NDB@M@FH@FO@?DM
"AN<I@G@MT<KG<MB@M@DU<H<I<MGFGJG<M<FFPGG<IMG<M%@M@AN<I@B@uHDO@FD=DMJG<T
FJIP@?DI?DDI?@I<IG<OG<MI<T@MTUIIT<M<OGH<NI?<II>@T@MTUT<M<OG?FO<INJIM<
T<?<CDu?@DGN@ uJF@NFDU<H<IG<M?< BD=DDA<?@G@MG@=<G<MG<M"AN<I@?@N<FGJG<I<NG?@@M
=DM T<I?@FDuDI?@B@u@MGD?DM)@QD0OM<PNN
"QM@I1<IMO<M<AI?<IT<KG?I?<IFPON<G?MGF<O<Q@FPON<GH@MF@U?@FDT<<H<<MOG<M
NJIM<FD=DM?@TDHG@<GOu<JG<M<FF<=PG@?DGHDODM"AN<I@O@H@GGDUDCIDT@OO@DGF@FPON<G@QM@I
HJ?@GDI@ T<ID <GOu< <MOG<MI< O<H JG<M<F PTH<FOM I><F NJIM<FD I@NDGG@M DGF <O<G<M BD=D
HF@HH@GJGH<?FG<MI?<I1<IMO<M<AI?<IFJIPG<IFPM<GG<MIB@M@DIDT@MDI@B@ODMDMF@IDNO@M
DNO@H@U =<F @TG@M?@I F<uIH<T DGF@ @?DIHDG@M?DM I><F
I@ F<?<M ?DFF<OGD ?<QM<IMN< ?<QM<INIG<M TDI@ ?@ =DM ?@DH@ ?JG<TNTG< =JUPGH<
T<<?FG<MIIA<MFI?<JGHPG<M?MJUPGH<TJMO<?<IF<G?MH<FQ@@QM@IHJ?@GDI@O<HJG<M<F
OT<=DGH@IDITJGPJG<M<FTGI=@GGD?I@HG@MDI?@FPOOM@IG@M?U@IG@HDG@M?DM"GD<?@
"AN<I@G@MDI?IBN@GJG<M<FJFPIH<G<M?DI?Q<MJGPPIT<IGN<H<G<MII?DFODD?PQ<MG<M
TFH<FO<?M"AN<I@=TFU<H<INM@FGDJG<M<FT@ID?@IBI>@GG@ODMH@FO@Q@=PIP T<K<MF@I
?@ ?DIG@TD>DG@MD =P ?DIG@TD>D FDOG@NDI@ ?D@MG@MD <M<NI?< ?DI? =DM@TN@G Q<MJGP ?UG@HDI?@
PG<GH<N JG<I<FNU =DM B@Mu@@ T<FG<H< JG<I< Q@M@I DIN<INO =DM ?UG@H@ <FO<MH<FO<?M
"GD<?@ 7<H<I?< B@MDT@ BD?@=DGH@ =@>@MDND =P FGOMG@MDI @QM@I O<N<QQPMPI?<I
F<TI<FG<IH<FO<?M "QM@I O<N<QQPMG<MI?< =@GDMG@I@I DIN<II @QM@IG@ DGDFDG@MD @QM@IDI Q@
U<H<II?IBN@GJGH<NI@?@IG@MDTG@B@MDBD?DG@MB@Mu@FG@H@FO@?DM
"AN<I@G@MDI NPI?PP O<IMN<G HJ?@GG@M P NJIPuGPI?<C<FDF<O@OPOPIH<FO<?M jO@T<I?<IMI@F
<GI<><F O<IMN<G C<M@F@OG@MDI F@NDIODNDU T@ID?@I BI>@GG@ODMDGH@NDTG@ ?IT<
FPON<GG<OMGH<FO<?M IN<IG<MI ?DIN@G ?<QM<I ?IT<II FPON<GGII ?@Q<HI< F<OF?<
=PGPIH<FO<?M"GD<?@
1<IMII FPM?PPI< DI<IG<I ?U@I Q@ 1<IMII BU@ODHDI?@ D T<KH<NI?<I ?JG<T DGF
<O<IIT<KOFG<MHF@HH@GJG<M<FF<=PG@?DGHDG@M?DM6<KG<JI<=<GF<GH<T<u<GHG<M?MTG@GDFG@B@uHD?PTBPNP
@II@HGDU<H<I=JTPOPJG<M<FFGOM@BDMHDODM
,PU (<@G@M?@INJIM<Ę
>
ė(<M<IGFB@G?DuFOĘ
?
ėPu<?<Ę
@
ė=DMF<uBINJIM<Ę
º+Y)"'e" l%l%l*e%l*+%»
A
ėFMFBINJIM<Ę
B
ė1<I<<MMF@IĘ
C
ė!JFPUBINJIM<Ę
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
6PF<M?<FDDA<?@G@M?@I,PUF<<I!@NO<II?<O<MDCN@GU<H<I <IG<TDG@?IBN@G
U<H<I <IG<TII Du Du@ JG?PP BMGH@FO@?DM(F@IG@M@ DGDFDI @AN<I@G@M <uFG<IMF@I
U<H<I FPON<GG<H<FO< BI?@GDF O<MDCN@G JG<TG<M <IG<OG?I?< GuG@=DG@I O<MDCN@G
U<H<I< ?IGH@FO@?DM 7<H<I O@G<FFDNDIDI JGPPHPI?< ?< TDI@ uJF F<OH<IG =DM
H@?@ID Q@ O<MDCN@G O<=<F<G<H<II DUG@MD Q<M?MA<MFG O<MDCN@G F@NDOG@M?@FD U<H<I
<GBG<MNONO@B@GH@FO@?DM
!JFPUBINJIM<(MF BINJIM<DA<?@G@MDI?@C@HFPON<GAJMHGDNODFN<TG<MC@H?@
<MDOH@ODF GuG@=DGDM O<FQDHN@G U<H
=@GDMGD=DMO<MDCQ@MH@T@M@FA<MFGO<MDCN@GF@NDOG@MD=DMG@ODMH@DHF<IF<U<IH<FO <?M
*A@G^
,PU (<<DG<CD?U@I<?I<TI@O@>@D=DMQ<MGFOM TG@>@
O<MDC@ TI Q@M@I O@H@G DIN<ID ?MOG@M?@I =DMD JGDĘ Q@T< ėC@B@HJIT<
<MUPNPĘO@H@GG@I?DMDGHDJGPM
P <IG<H?<H@F<II =DUU<OF@I?DGDD?@DG U@MDI?@FDC<FDHDT@OQ@NDT<N<G <IG<TI
uJF?<C<I@HN@I?DDBMGH@FO@?DM *@F<I1<IMH@N<EIIC<FDHF GI<>< =DM <G<I
BD=D O<N<QQPM @?DGDM TG@ =DM O@H@GG@I?DMH@ MOF JG<M<F HDGG@O@ F@I?D NDT<N<G
C<FDHDT@ODIDIO@NDNDI?@BuG=DMH@MPDT@OU@HDIDM@OH@FO@?DM
P H<I<?< 1<IMN<G JOJMDO@IDI C@M <IG<H?< F@I?DID CDNN@OODM?DD =DM H@ODI?@
U<H<II?< FPON<GG F<uIGH<U?M P HDON@G U<H<II F@I?DI@ UB ?IBN@G T<KN
DG@BMIO?U@TDI@uF<M!@NO<IIQ<F<NIJGPOPM<Iu@FDM?@FO<MDCN@GQ<F<=DUDFPON<G
?O<MDCN@GU<H<IG<TUG@ODMH@FO@?DM
"0%"S
(10 0@MDA /JH@G@H@NDI@ $DMDNIF<M< Fu<
6<TIG<M
+$4//1,PU(<<I!@NO<INO<I=PGPMC<I@??DI<NH@QD
&e( TC@ND & ē1<MDC !I>@NDIDI ,GPPHP NO<I=PG
!@MBoC6<T
*-%"))'JN@KC<O*DOJGJEDND1<IMII*<NF@G@MDu@Q(P?M@O"HDMJGP
IF<M<HB@(DO<=@QD6<TIG<M
*-%")) 'JN@KC (<CM<H<II 0JINPU 6JG>PGPP u@Q 0<=MD $MN@N
NO<I=PG(<=<G>6<TI@QD
"#"/,3 +DU<HD (DO<=D !@?@ $JMBP? Q@ 1MF "KDF 1@A@FFM $<TI<BG<M Q@
(FG@M1MF !DGDM<OMH<G<M6GG@GG@O@I89 &&0N e"1) NH<DG *@ODI 1<CGDGG@MDI@ $DMDN %DF<T@ /JH<I1DT<OMJ IF<M<
Fu<6<TIG<M
%!4 ( (+ '/*2+0(6 3* ,M<G "KD>N JA @IOM<G ND<
<H=MD?B@ <H=MD?B@2IDQ@MNOT-M@N
e,+,)2jUFPG1MF!IT<N!@NOGF$@G@I@DIF<M<Fu<6<T
")e+ FM %<GF "?@=DT<OI< $DMD e@Q* GD (Gu=<T IF<M< Fu<
6<TIG<M
")!"*DM>@<(PON<GQ@!DI?e@Q*GD(Gu=<TIF<M <$@>@6<T
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
")!"*DM>@<HB@G@MQ@0DHB@G@Me@Q*GD(Gu=<TIF<M<$@>@6<T
")!"*DM>@<*DOG@MDIjU@GGDFG@MDu@Q0@H</DA<ONO<I=P&0DH<QD
6<TIG<M
")!"*DM>@<"=@?D!I*DOJNPe@QkHDOGOPIF<M<$@>@6<T
"/$2+ *@ODI GO<T 1MFG@MDIDI (<CM<H<IGF !@NOCD1DH@<I?"IO@MIDOT+@R6JMF$M@@IRJJ?-M@NN
%200"/) "?HJI? Ę uN@G 7<HDĘu@QDM@I !J<I <CDI@M JBDOJ0
N
0*)7@TI@(<U<F1MFG@MDIF<M<6@ID1MFDT@6<T
(+1&HH<IP@G MDODLP@JA-PM/@<NJI*@R6JMF0O*<MODI-M@NN
(-)+ *@CH@O ė ,PU (<FJIDIBĘ %DNOJMT JA O@>CIJGJBT3& "?
C<MGN@0DIB@M"'%JGH<T<M?)JI?JI,SAJM?<O1C@ G<M@I?JI-M@NN
)"301/200 G<P?@ ė*DOG@MDI jU@GGDFG@MDĘ e@Q #<OH< F@MNJI#@GN@A@
MDQD0N
j$") <C<@??DI 1MF *DOJGJEDND && >DGO IF<M< 1MF 1<MDC (PMPHP
6<TIG<M
j7 + 1<MF ė,PU (<<I !@NO<IĖII (<CM<H<IGF *DOJNP <FHI?<I
eUHG@IH@NDĘ*DGG}#JGFGJMē<C<M
j7)"*!J<I1<MDC#@GN@A@NDNO<I=PG0<T6<T
"+$j/ @G<Gė'@JGJEDFO<FQDHĘ JBDOJ08FDO<KuF9
1"(+*@CH@O/JH<I0<I<ONO<I=PGjOF@I6<T
6&)!&/&*!PMNPIė1MF (<CM<H<IGF !@NO<IG<MĘ1MF DODD IF<M< Fu<
6<TN
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
Oj "'j1O+)ee%*+%e,%*,)#)&*$%1eX%$e
##/.)Z
(JIPTP P KGoI u@Mu@Q@NDI?@ @G@ <G<><U (JIPIPI F<KN<H Q@ NIMG<M (JIPTG<
DGBDGD F<QM<HG<M _FK<<Uo?@ Q@ @N@MDIDI I@HD @GDMG@I@I U<H<<uFOM+DC<T@OFN<=DM
=DG?DMD T<UN u@Mu@Q@NDI?@ =<FOM
(JIPHPUG< DGBDGD ?@@MG@I?DMH@G@MD DI>@G@H@HDU@ @N<N O@FDG @?@I @N@MDI TGI?<
T<KGHT@ID=DM_F-<<Uo?@I@MDT<TIU@MDI?@IT<K<>DCO@@N<NN@=@KDN@
<IG<G<>< U@M@ @I NJI Q@ ?D@MG@MDI@ I<U<M@M<T<I@?@I?@NO<IDPINPMG<MQ@T<<IG<OHG<M?M!<C<NJIM<FD?I@HG@M=PDI>G@H@?@?DFF<O@
<GIH<HOM(JIPIPUH<IG<MI><?<H<GPHJG?PPU@M@FJIPI?@NO<IDPINPMG<M=<FHI?NII DA<?@NDTG@ ,NH<IG O<MDCDIDI
@MF@I ?I@HDIDI NM T< ?< NDCDM =PGPOG<M <M<NI?< =@GDMNDU C<G?@?DM P ?I@H
,NH<IJPGG<MII H@I@DI@ <DO O<MOH<G<M DG@ ,NH<IG !@QG@ODĖIDI FPMPGP ?I@HD DuDI JMO<T<
FJIPG<IKMJ=G@HG@MQ@O<MOH<G<MDuDI@NM<MGQ@FDGDO=DM?I@H?DM,NH<IGC<I@?<IIIH@I@D
Q@ ?@QG@ODI FPMPGPP TDI@ =DGDI?DD U@M@ K@F uJF u<GH<T< FJIP JGHPOPM kNO@GDF =P
u<GH<G<M<1MF1<MDCuDG@MDIDI@ICM@OGDG@MDQ@T<O<=DMD><DUN@@I<MOJKG<M?<HB<QPMHPG<M
=DMJF<?<M?<T<=O<MDCuDG@M=PBPMP=<?<CDGJGHPG<M?M PT<U?<=<CN@OODDHDU@N@M?@
_F -<<Uo?@ĖIDI ?@NO<ID <IG<OHG<MI Q@ =PIPIG< DGBDGD F@I?D ?@@MG@I?DMH@G@MDHDUD JMO<T<
FJT<><U
P IJOP C@H@I =PM<?< ?H@GDTDU 1@H@G F<QM<HG<MHU :;IJ7D C;DAl8; Q@ ;<I7D;?DM
PBI C@H T@M<N@MBU@OBD=DB@I@G<IG<HG<M?<FPGG<IGMG<M DM@?@=DOMJG<M<F ;<I7D;O<=D<ONOU@GGDFG@MDJG<IFDDG@MDG@=<G<MI?<IB@u@IQ@C<T<G
B>II H<CNG JG<M<F JMO<T< FJIPG<M<Ku<Ė?<IB@u@I KIJcH; uJPGP ;I\J?H DG@6PI<Ė?<IB@u@I C?J C?JEI
C?JEBE@? O<=DMG@MD ?@ FPGG<IGH<FO<?M "AN<I@G@M OJKGPHPI JMO<F H<G JGH<F DOD=<MDTG@ JIG<MI
DI<IuG<MI T<INO<I Q@ NUG JG<M<F <FO<MG<I CDFoT@G@M?DM ;IJ7DB7H DN@ OJKGPHPI O<H<HI
?@MDI?@I @OFDG@T@I OJKGPHPI C<AU<NI?< DU =M<FH O<MDC} Q@ NJNT<G JG<TG<MI <IG<OG?
B@I@GGDFG@ H<IUPH JG<M<F DA<?@ @?DG@I Q@ O<MDC@I T<UG F<TI<FG<MI JGH<? ?@QM@ <DO
CDF<T@G@M?DM <O ?DGG@MDI?@ $M@Fu@Ė?@I B@u@I ;FEF; O<=DMD FPGG<IGM !@NO<IG<M?< JG<? .;L\H?>
? SB
? )IC\D %<UMG<T<IG<M (@H<G 6<QPU * 6@FO<
0<M<uNO<I=PG$FFP=@T<T
_F-<<Uo?@ĖIDI1@QoMDCD_GD,NHoI@N@MDIDIINC<G<MQ@I@DMG@MDDG@DGBDGDB@ID=DGBDT@TPF<M?<FIT@NDID
Q@M?DDHDUFDO<=IBDMD=GHG@MDI?@FJG<T><PG<G<=DGDM
JGDI'%@TRJJ?ė,NH<IG!@QG@ODĖIDI(PMPGP-MJ=G@HD6@ID%DKJO@U%<FFI?<<U!I>@G@MĘ )IC7DBl
#"?DOM$G@M"M@IIF<M<N
P FD@G@M Q@ u<GH<G<M DuDI <<?<FD @N@MG@M@ Q@ JIG<MI =D=GDTJBM<AT<G<MI< HM<><<O @?DG@=DGDM)IC7DBl
;LB;J?D?D%KHKBKpK<I7D;B;HL;!;H];AB;H .7HJlpC7L;*7D;B?B:?H?B;H?IF<M<HB@(DO<=@QD -bhdJJ;D
jIJ7D8KB7)IC7DBl;LB;J?D?D%KHKBKpKYP;H?D;.7HJlpC7B7H!@MG@T@IG@M,FO<TjU@G*@CH@OjUIF<M<
)IC7DBl;OB?h?
"?DOM"GDU<=@OC7<>C<MD<?JPNO<I=PG1<MDC3<FA
(oUH 6@OD ė!@NO<IĘ j N "AN<I@ Q@ H@IF=@G@MDI AJIFNDTJIP DG@ DGBDGD P ?@@MG@I?DMH@ Q@T<
O@NKDO ?DFF<O u@FD>D?DM ė;LB;J?D J;C;B <EDAI?OEDB7HlD O;H?D; =;J?H;D C;A7D?PC7B7H EBC7OlD97 C;DAl8;B;H L;O7
;<I7D;B;H:;LH;O;=?H;HKDB7H:7>;FI?D?DJEFB7Cl:?O;8?B;9;h?C?P8?HH;IC?J7H?>7DB7OlplC;O:7D=;J?H?H:;LB;J
7:7CB7HlFEB?J?A79lB7H8KDKAKBB7DlHB7H 7A7JJ7H?>]?D?DIEIO7B8??C9?D?D?=bH;L?8KDB7HB7A7L=7;JC;A=;H];A]?
8?HJ7H?>7DB7OlplDlO;HB;pJ?HC;AJ?H 1<I@M 1DHPMė(PMP>P"AN<I@G@MQ@!@QG@OĘ )IC7DBl;OB?h?N
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
JG<<INO JG<TG<M Du Du@?DM !@NO<IG<M @AN<I@G@M@ I<U<M<I ?<C< PHPHD JG<TG<M?M Q@ JG<TG<M
B@Mu@FODM Q@ B@Mu@FG@H@ =DuDHD JG<<I NO?M *@IF=@ ?@ DN@ CDF<T@G@MDI JG<<INOG
T<II?<T@MQ@U<H<I=<FHI?<I=@GDMGD=DM?U@T?@B@Mu@FGDFNUFJIPNP?PM<F<=DMDA<?@
DG@H@IF=@G@MOJKGPHI<U<MI?<=@GGD=DMFTH@OO<T<IDIN<IG<MIQ@JIG<MINOIT<IG<MII
D=M@O Q@T< MI@F <GIH<N ?I>@NDIDI I KGoI< uF<MG<M<F <IG<OGH<N?M <O ?DGG@MDI?@
F<MGėB;=;D:;Ę?DMeJPIGPFG<T<UGC<G@B@ODMDGHDG@M?DM*@IF=@IDIuJPGPH@IoF=?M
Q@ H@IF=@G@MDI T@M <G? @N@MG@M@ ?@ H@IoF=IoH@ ?@IDM 1<MDC DI>@G@H@G@MDI?@ I@HGD =DM
T@M@N<CDKJG<IH@IoF=IoH@G@MDu@MDNDI?@=PGPI<I=<UU<TAMDQ<T@OG@MQ@PT?PMH<C<=@MG@M
uF<MG?FO<IQ@OoMDC}O@IFD?H@OJ?PDG@@G@<GI?U<H<IO<MDCDIF<TI<FG<M<M<NI?<FDB@M@FGD
T@MG@MDID <GMG<M *@IF=@G@M >@M@T@G@IH@G@MDI?@ I@HGD =DM@M OoMDC} Q@NDF<G<M?M *@IF=@ FDO<KG<M O<MDC ?DG ?DI
@?@=DT<O?I>@NJNT<GQ@DFODN<OO<MDCG@MD =<FHI?<I?<I@HGDJG<I=DMuJF=DGBDG@MDDu@MDMG@M
,NH<IG O<MDCDI?@ U@GGDFG@ #<ODC ?@QMDI?@I NJIM< ,NH<IG C<I@?<III O<MDCDIDI T<UGH<N
?I>@Q@<IG<TJMO<T<uFHOMFD=PM<?<FPGG<IG<IH@OJOPUPINM@PTBPG<IHOM6<ID
I<?JGP?< C@M C<IBD =DM =TI T<CPO O< =DM ?DI =DGBDIDIDI O<MDF<O @M=<=II <?I< T<UG<I
*@IoF=IoH@G@M@G@<GI<M<FQ<MN<MoQDG@MDO@NKDO@?DG@M@FJG<TG<MIDuDI?@T<<HJG<IG<M?<
F<MOMGH<?<I =DM ,NH<IG O<MDCD T<UH< HJ?<N JMO<T< uFHOM P TITG@ ?@ H@IoF=
IoH@G@MuJFI@HGD=DMT@M@N<CDKODMG@M
!@NO<IQ@H@IF=@F<QM<HG<MI?I@HDHDUDIO@H@GF<TI<FG<MII<?G<MI?<=<FOHU?<
BMTJMPU,NH<IGO<MDCDI?@I=<CN@?@I=DGDI@I@I@NFD@N@MJG<ICH@?}ĖIDI NF@I?@MIoH@
<?G @N@MDI?@FD ,NH<IG O<MDCD =<CND Q@T< =GHII <? ė\I?J\D L; .;L\H^>
? 'dBcA
? SB
?
)IC\DĘ <?IO<H<FO<?M (@U<=DG?DMDHDU?@@G@<G?HU _F-<<Uo?@ĖIDI .;L\H?>
?SB
?
)IC7D T<TBI <?TG< =DGDIDI @N@MDI JMEDI<G <? Q@T< =<G<IB> ė"\P\ ';D\Al8K .;L\H?>
SB
?
)IC\DĘ?M 1<MDC@ =PBI?@I =<F<IG<M ?< H@N@G@T@ <? Q@MDMDF@I =@IU@M DA<?@G@MD FPGG<ITJMG<M
*@N@Go ,NH<IG @TGDD <?G FDO<KO< T@M <G L;
<I7D;B;HĘ<?GDI>@G@H@ND?DM jMI@FG@MD<MOMH<FHHFI?MPI@QDF<TI<F<MQ@<M<OMH<
Q@ DI>@G@H@G@M?@ FJIP ,NH<I $<UDĖIDI NJTP C<I@?oI Q@T< <DM@ODIDI H@I@D ,PU %< PIG<M NTG@H@F HHFI?M NG <?
!@MQDCH@?_F}JG<IT<U<MHUIH@INP=JG?PPNG<G@1MFFGOMC<T<OI<TUTG?DOU DGu@NDI@ "GQ<Iu@G@=DĖ?@ ĖO@ ?IT<T<
B@GHDODM 1<MDCDD?<MDT<KT<=<GJG<M<F=P=DGBDONUĖ?< TGI?<H<NT<ĖT<=<G2GQ<Iė1MF1<MDCDIDI(<TI<FG<MI?<I,G<I<U*@I<F=I<H@Q@$<U<Q<OI<H@G@M%<FFI?<Ę
7BlA;I?HYD?L;HI?J;I?-EIO7B?B?CB;HDIJ?JdId;H=?I? <GF@NDMM<GF DGO3&0<TN
NF@I?@MIoH@=@TDOO@IJGP<IH<IUPHQ@PUPI=DMH@NI@Q}O<MUI?<=DM@N@M?DMNF@I?@MIoH@PHPHD=DM
O<MDCODM%U _?@H DG@=<G<M*<F@?JIT<FM<G TFNF@I?@MĖDIC<T<OQ@F<CM<H<IGFG<MI<IG<OMTGI?<
O<H<HG<IH Q@ $@MHDT<IJGP 0G@TH
? 'dBcA
? SB
? )IC\D <?I O<T<I =@TDOGDF =P =GH "MOPMPG $<UDĖ?@I
=<G<T<M<F"HDM0G@TH<IĖ<F<?<MB@G@IDGFTGGF,NH<IGO<MDCDC<FFI?<=DGBDQ@MDMNH<DGkIQ@MCH@?D
jIA;D:;H
D\C; jD9;B;C;
.lFAl
87IlC IF<M< 1MF !DG (PMPHP 6<TIG<M 1MF 1<MDC (PMPHP
<NH@QD"N@MDI!oNOoIFNH,NH<IG1<MDCG@MDN@MDNDDuDI?@ONUO<M<AI?<II@MJGPIHPOPMCH@?} \IJ\DL;
.;L\H?>
?'dBcA
lSB
?)IC\D!U@IGDT@IeDAOuDJGP+ONUNO<I=PG1MFDT@T<TI@QD
G?J $<GGJOO< ė,PU "ANoI@NDĘ Q@ ,NH<IG !@QG@ODĖIDI (F@IG@MD DM I>@G@H@Ę )IC7DBl ;OB?h? N JGDIH=@Mė,NH<I$<UD"AN<I@NDĘ )IC7DBl;OB?h?N
"GDU<=@OC7<>C<MMD<?JPėGF,NH<IGG<M<!<DM1<MDCQ@"AN<I@G@MĘ -bhdJJ;DjIJ7D8KB7)IC7DBl;LB;J?D?D
%KHKBKpKN
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
JG<I<=<DDNT<IIII?@MDJG<IH@CPM<=<GT<NĖINJTPI?<IB@GH@FO@?DMeJFPUPIT<<H
Q@ @N@MDID T<I?< T<UHOM !@MQD CH@? && *PM<OĖI <GF
?SB
?)IC7D Q@T<
SplA*7p7P\:;.7H?>? JG<M<F=DGDI@I@N@MDHDUB@Mu@F<IG<H?<T<U<M=DGDI@IDGF,NH<IG1<MDCD
F<=PG @?DGDM !UT<U I@NDM O<MUI?< F<G@H@ <GI<I @N@M <?@O< =DM O<MDC HPN<C@=@ND?DM
!JG<TNTG< F<MGFG FJIPH< NJC=@O PNGP=PI?< T<UGHOM "N@M <?@O< B<U<T< BD?@I JM?PIPI
H<I@QDT<OI <MOMH<F DuDI ?@NO<ID =DM @FDG?@ F<G@H@ <GIHOM Q@ ,NH<IG K<?D<CG<MI =DM@M
B<UD JG<M<F BNO@MDM "N@MDID I<NG JGPOPM?PPIP ?< F@I?D DA<?@G@MD JMO<T< FJTH<FO<?M ė)
L7A?J F7:?p7>7 :K7 ;:;D 8?H? EB7H7A 8;D AbO:; A7B:lC )H>7DlD ?C7Cl EhBK 27>p? 7A?>?D
;L?D:; !;OL;:; >7IJ7B7D:lC ';D\Al8
l SB
? )IC7Dl A7B:lhlC 8K O;H:; 2lB:lHlC "7D7
=;B?D9;O; A7:7H E ?C7ClD EhBKD:7D 7BlF O7P:lC jpJ; 8KH7:7 >78;H?D? L;H?OEHKCĘ ?DT@
=@GDMO@I _F-<<Uo?@B<T@NDIDI,NH<IG<DG@NDIDIFF@IDIDI@N@=Q@I@NG<NG<NGTPMOG<MI
BuG@MDIDQ@A@ODCG@MDID<IG<OH<FJG?PPIP NTG@M
_F-<<Uo?@O<MDCDI?@?@NO<IPINPMG<MQ@T<H@IF=@MI@FG@MD
"N@MDIDIBDMDDI?@T@M<G<II<UHIDuDI?@FD
(;IBKD;I;8dC;SB
?)IC\D
SplA^:?Od8?:;HB;H?>I\D
LL;B8K\B;:K\?:;BdC
D:7DC;D\Al8lP?AH?:;BdC
HNM<G<M DG@ =@GDMOODDHDU CPNPNG<M <<?< FNHD U@O Q@T< FNHD I<FDGG@M @FGDI?@ TG@
MI@FG@H@FHHFI?M
,PU %<I 0JTP 1MFH@I B@G@I@D DuDI ?@ ,PU %<IĖI NJTPI< =<G JGH<F <TM =DM
NOIGF<GoH@ODQ@C<FDHDT@ODIH@MPDT@ODIDI@N<NN<TG?I?<I,NH<IGG<M?< ?D@M1MFH@I
=@TGDFG@MDBD=DF@I?DNJTG<MI,PU%<IĖ<?<T<I?MMG<M _F-<<Uo?@@N@MDIDI I\C?
?(;IB
?SB
?)IC\D <?IO<T<I<=ĖI?<,NH<I$<UDĖIDINJTPIPQ@MDMF@I=<=<NII<?I"MOPMPG
JIPI=<=<NII<?I0G@TH<I<CJG<M<FQ@M?DFO@INJIM<$FGKTJGPDG@,PU%<IĖ<JM<?<I
?< +PC JGP 6<A@NĖ@ F<?<M uF<MH<FO<?M PM<?< J ?I@H DuDI HQ@MMDCG@MDI T<TBI JG<M<F
FPGG<I?FG<M ,PUI<H@ĖIDI =DUDH @N@MDHDU U@MDI?@FD @OFDND <uFu< BMGH@FO@?DM GC<IG
N<M<TII H@CPM O<MDCuDND /@D???DDIĖDI <HDĖĖO1@QoMDCĖDIĖ?@ T@M <G<I =P ,PUI<H@ĖIDI
?JG<TGJG<M<FI<?JGP0@GuPFGPĖNPI?<?<T<TBIJG<M<F=DGDIH@NDB<T@OO<=DD?DM PM<?<,PU
=JTG<MII @IHPO@=@MDF<=PG@?DG@I(<T=JTPDG@,NH<I$<UDĖIDINJTPIPIDMOD=<OG<I?MGH<N
@II@HGDPINPMG<M?<I=DMD?DMFDTDI@=P?<=DM,PUI<H@F<=PG@?DG@I!@?@(JMFPOĖ?<ė%EHAKJ
J77OlJJl>?HP7C7D:7>7DBlA=?Hd%7OlO7:;h;A?C;ID;;BB;H?D:;D7BC7O77>?HP7C7DEBKF
AlO7C;JAEFKD97K:;:?h?)IC7DD;IB?:dHĘ =DuDHDI?@T@M<GM
,NH<I$<UDĖIDI/T<NjU@OG@,NH<I$<UDUDT<M@OBDOODD@TC"?@<GĖII?@MB<CI?<
BM? MT<T TJMPHG<T@DID
HE?@G@?DFO@INJIM<FU*<GCPI%<OPIJI<IDFoC@OH@NDC<?DN@ND?DM @IU@M=DMMT<T=<F<
=DM F<TI<F "MOPMPG $<UDĖT@ ,NH@
_F -<<Uo?@ĖIDI C<T<O Q@ @N@MD DuDI PM<G<M< =<FG<=DGDM _FK<<JGPCH@? _F} .;L\H?>
? SB
? )IC7D
!U@IGDT@I eDAOuDJGP + ONU NO<I=PG 1MFDT@ T<TI@QD N _F -<<Uo?@ )IC7DEhKBB7HlDlD
.7H?>?.;L\H?>
?SB
?)IC\D%<UMG<T<IG<M(@H<G6<QPU*6@FO<0<M<uNO<I=PG$FFP=@T<T
_F-<<Uo?@ )IC7DEhKBB7HlDlD.7H?>?.;L\H?>
?SB
?)IC\DN
%<GDGI<G>Fė_FK<<Uo?@+<NG,FPIH<G?MĘ -bhdJJ;DjIJ7D8KB7N
_F-<<Uo?@ )IC7DEhKBB7HlDlD.7H?>?.;L\H?>
?SB
?)IC\DN
kuG@MPG?PFė,NH<IG@TGDDIDI,GPPHPI?<,PU1MFH@I$@G@I@DIDI6@MDĘ )IC7DBl#N
,PUG<M Q@ ,PUI<H@G@M DuDI =FU #<MPF 0H@M )hKPB7H .dHAC;DB;H .7H?>B;H?
EO .;pA?B\Jl
;IJ7DB7Hl
NO<I=PG
/@D???DIĖDI@N@MDDuDI=FU7@FD3@GD?D1JBB?B?NO<I=PG
PDA<?@ !@?@(JMFPOFDO<=IIHPF<??DH@NDI?@T@M<GH<FO<?M ;:;%EHAKJ%?J78l#+@M*PC<MM@H"MBDI
IF<M<N
_F-<<Uo?@ )IC7DEhKBB7HlDlD.7H?>?.;L\H?>
?SB
?)IC\DN
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
MT<NI?<J><I?<FD=DMO@I>@MDIDIF<TI<?Q@O<<INPTPIPI?MO=DMT<IOPOOPPIPA<F<OCDu
@FNDGH@?DDIDQ@IDC<T@O=DM?@IDUC<GDI@B@G@M@F>DC<IF<KG<?IBMM
(<I?DGGDe<HFDU>@N<Q<JG<M<F?<DA<?@@?DG@I!JH<GDu@GDĖI?@T<KG<IN<Q<O<@CDO
?@I ,NHI?< U<HDF CDN<MII A@OCD C<?DN@ND 6<MCDN<M O@FAPMPIPI FU DG@ @QG@I@>@F JGDF
O@FAPMPIPI ?II@ ?<Q@O @?DGDK JM<?< ,NHDF
F<G@NDID A@OC @OH@ND C<?DN@ND?DM TG@ =DM CDFoT@ <?@O< =DM @?@=D H<UHPI BD=D O<MDCD
<IG<OHG<M?< F<MHU< NF uF<M +@M@?@T@N@ OK<OK =@IU@MD =DM <IG<OH TUTG?<
$I@T?JP I<?JGP?< !D>G@ I@CMD F@I<MI?< =DM F<G@IDI Q@ =PM<II C<FDHD =DM @FDT<II @G@
B@uDMDGH@NDIDI<IG<OGH<NI?<?<BMTJMPU
T?J?PĖIPI *@U<M PMN< ?M<IJN @?@IJN (@NO@G Q@ (DO@ O@FAPMG<MII =DMG@DF
FPQQ@OG@MDI@F<MT<KG<I!DI=JUN<Q<I?<@CDO?@I,NH<I$<UDĖIDIF<M?@D$I?UGKĖDI
JGP T?JP?PĖIPI H@U<M DA< Q@M@I =DM H<F<H C<GDI@ B@GDD C<?DN@ND?DM 0G<I<I <OG<M
T?JP?PĖIPI H@U<M @OM<AI?PO OM=@
H@U<MQ@T<OMG<M@OM<AI?<JGP<I=PDA<=PGH<<IG<T=OI><IGGDG@T<<H<FO< Q@?@Q<H
@OH@FO@?DM
T?JN %DN<MĖII #@OCD 1<MDCD <IG<OH< BM@ T?JN F<G@ND O@FAPMPIPI FU =DM B@>@
MT<NI?< %U -@TB<H=@MĖD BMM 6DI@ =P MT<NI?< ?O uPFPM?@ Du@MD <GK F<G@ F<KNII HPC<AUG<MII =@MO<M<A
@?DGDK <uGH<N N<G<I<M<F CDN<MI A@OC@?DGH@ND C<?DN@ND?DM TI <IG<OH?< /<CHPFG<MIFJMFPOOPFG<M=DMADBMJG<M<FF<MHU<uF<M 1MFNGoH
O<MDCDIDI A<MFG ?I@HG@MDI@ <DO =@IU@M C<?DN@G@MD F<TI<FG<M?< BMH@F HHFI?M %U
-@TB<H=@MĖDIMPC<IDT@ODI?@IDNODA<?@@OH@FQ@MT<II=DMHE?@Q@B@G@>@FO@JGH<N=@FG@I@I
Q@T< DNO@I@I @TG@M@ ?<DM C<=@M Q@M@I PINPM JG<M<F FPGG<IGH<N uJF <DI< JG?PPHPU =DM
NGPKOPM
I>@G@?DDHDU _F -<<Uo?@ĖIDI @N@MDI?@ H@Q>PO JG<I ,NH<I $<UD ?I@HD DG@ NIMG
OPOOPHPU=PI@QD@AN<I@QDQ@H@IF=@QD<IG<OHG<MI=@IU@MDC<?DN@G@MQ@FDDG@MG@DGBDGDJG<M<F
<TI O<MU?< <IG<OHG<M ,MC@DUPIPIT<II?<=PI@QDI?@I<IG<OHG<MO<MDCDIT<II?<@?@=DT<OHUIAJGFGJMPHPUPI
U@IBDIPINPMG<MI?<IJG?PPIPC<OM?NO<I=PG N_G} %dD>B
>8\H&3N
=M<CDH = (@H<G@??DI .;L\H?>
SB
? )IC7D 0G@TH<IDT@ (OKC<I@ND T<NJAT< IM Q=Ė?@I
I<FG@ICH@?DHDMBDG(<T&NO<I=PGN
_F-<<Uo?@ )IC7DEhKBB7HlDlD.7H?>?.;L\H?>
?SB
?)IC\DN
_F-<<Uo?@ )IC7DEhKBB7HlDlD.7H?>?.;L\H?>
?SB
?)IC\DN
GJ(<G@ND?@IDG@IF<G@IDI<GIH<NCDFoT@NDDuDI=FU(@I<I7DT<1< .7H?>#plhlD:7!dD;O:EhKL;?O7H87AlH
IF<M<N
_F-<<Uo?@ )IC7DEhKBB7HlDlD.7H?>?.;L\H?>
?SB
?)IC\DN
PFJIP?<U@G=DM=D=GDTJM<AT<Q@MH@T@ DCODT<uTJFOPMeJFN<T?<<M<OMH<JG?PP=<NDO=DM=D=GDTJBM<ADF
O<M<H<DG@F<MHU<uF<><FOM
_F-<<Uo?@ )IC7DEhKBB7HlDlD.7H?>?.;L\H?>
?SB
?)IC\DN
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
0JIPu JG<M<F H@N@G@TD ?JMP T< ?< T<IG Q@T< O<MDCD JG<M<F FMDODU@ @OH@?@I @G@ <GMN<F
,NH<IG !@QG@ODĖIDI FPMPGPP DG@ DGBDGD JG<M<F JMO<T< uF<I @AN<I@Q} Q@T< H@IF<=@Q} PINPMG<M
C<I@?<IQ@JIPIC@H@I@OM<AI?<FDFDDG@MU@MDI?@TJPIG<M%<I@?<I,PUG<M?<I=<G<T<M<F
@G@<GIMJIPI,PU%<IDG@DMOD=<OFPMPG?PFO<INJIM<I<?JGPĖT<B@GDG@MDCDFoT@@?DGDM0JIM<
NDT<ND =DM =DMGDF JGPOPMH< Q@ =PIPI O<IIH< NM@>D DuDI?@ T<<I<IG<M U@OG@IDM P T<KII
JMO<T<uFH<NI<?@NO@FQ@M@I=DMDI>DQ@T<DFDI>D?@M@>@?@I<CNG<MIA<<GDT@OG@MDI?@INU@?DGDM
*J?@MI O<MDCuDG@M <uNI?@ND DG@ <IG<OG<IG<MI NGP= =<FHI?7AAlD:7A?;IA?
O7 :7 ]7h:7p AKH7CB7HlD >?] 8?H? A;I?DB?AB; A7DlJB7D7C7P )IC7D !7P? >7AAlD:7A? =;B;D;AI;B
>?A\O;B;H?D D;H;:;OI; JdCd >7O7B dHdDd:dH U7h:7p 8?H J7H?>]?D?D O7F78?B;9;h? ;D ?O? p;O
)IC7DBl J7H?>?D?D 87pB7D=l9lDlD 8?H A7H7 :;B?AJ;D ?87H;J EB:KhKDK A78KB ;JC;A EB797AJlH K
:;B?h? :EB:KHC7A ObDdD:;A? >;H =?H?p?C O7BDlP97 O7H7JlB7D C7I7BB7HlD I7OlIlDl 7HJlHC7AB7
IEDK]B7D797AJlHĘ P ?@@MG@I?DMH@T@ DODM<U P @FDG?@?DM ėEB?D jC8;H?D <7B7D O7P:lAB7Hl
F7B7LH7:lH 27D? ;B; 7BlOEHIKDKP %7H7DBlAJ7 =7O;J AEB7O AlBl] I7BB7:lhlDl L;O7 H7DIlPB7HlD
J78?H?OB; 7]lA A7Fl ECKPB7:lhlDl =bHdOEHIKDKP A? 8K 7DB7JlB7DB7HlD L; D7AB;:?B;DB;H?D >;FI?
O7B7D:lH ;<I7D;:?H 8KDB7H =;H];AB; ?B=?I? OEAJKH :?OEH KDK IbOB;C;A ]EA PEH:KH UdDAd
=;H];AB;?B=?I?EBC7:lhlDlJ;I8?J?]?D>7A?A7J;D=;H];h?D7AB;:;DL;H?B;H8KBC7DlPB\PlC:lH "N@M O<MDCD F<TI<F JG<M<F FPGGI<G?I?< O<MDCuD P CPNPNG<MI A<MFI?< JGH<G?M _F
-<<Uo?@ĖT@ F<TI<FGF @?@I ė6<CD #<FDCĖDI ';D\Al8D\C;ND 1MFH@I Q@T< /PH HPCO@GDA
FF@IGD C<GF CDFoT@G@MD DG@ B@Mu@F O<MDCD =DGBDG@MD F<MOMK =DMG@ODM@I =DM OMI KJKG@M ?@NO<ID
@KDF NGP=PIPI U@GGDFG@MDID O<TJM JGH<N IJMH<G?DM *@IoF=IoH@G@M NMA @ANoI@G@M JG<M<F
BMGK =DM O<M<A< =M<FGH< T@MDI@ B<TM@OG@M JIG<M?<I<G>IJFO<NFPGG<IG<I?@NO<I@AN<I@Q@H@IF=@O<=DMG@MDIDIO<MDA
@OODD H<IoII <IG<OGH<F DNO@I@I ?I@HDI O<MDCD F<TI<FG<M =<FHI?<FOMI><F=P?PMPH<IG<OG<MI
O<H<H@IT<IGGT@O@MNDUGDDQ@u<MKOGH<NJG<M<FTJMPHG<I<H<UQ@T<?@@MG@I?DMDG@H@U
JGDIH=@Mė,NH<I$<UD"AN<I@NDĘ )IC7DBl;OB?h?N
,MO<TGė*@IF=@Ę <I\D;B;HL;!;H];AB;HN
3 ) *wI<B@ .>; ';D\Al8 27A>I>? 7A?>ĖO@I %<GDG I<G>F ė_FK<<Uo?@ +<NG ,FPIH<G?MĘ -bhdJJ;D
jIJ7D8KB7NI
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
+Y)"Y%0* *+%#) %"e
&#,$*,1")$% %+$#%e+#e"#)e
P'Z)N#P!
6<M<O>G<M?DIG@TD>DG@MDQ@DG@QG@MD=<FHI?<I?DI<HDF=DMT<KT<N<CDKJG<INUGC<GF
FGOMMIG@MDIDI@I=@GDMBDIU@GGDDT<M<OG?FG<MOJKGPH?<H@T?<I<B@G@INJNT<G@FJIJHDF
Q@FGOM@G?@DH@G@M@ K<M<G@GIDO@GDFG@M@N<CDK JGH<G<M?MP T<FG<HNUGFGOMMIG@MD
FJIPNPI?<FD <M<OMH<>G<MI C@H@I O<H<H O<M<AI?@G@I@H@H@ND TGG<M =JTPI>< <M<OMH<G<MI NIMG =DM u@Mu@Q@?@
T<KGH<NI<TJG<uHOM6<FIO<MDCO@IDOD=<M@IT<<I<INDT<N<GC<M@F@OG@M<M<OM>G<MIII@
B@ID =DM >JM<AT< Q@ =DIG@M>@ TGGF =DM O<MDCN@G NM@>DI ?JPM?PP =DM FGOM ?IT<NII
<uGH<N 1MF @?@=DT<OII I@HGD =DM =GHI JGPOPM
O<NIDAG@MDI T<KGH<NI B@M@FGD FGHOM 6<F> I><F @?@=DT<O O<MDCuDG@MDIDI 1MF
@?@=DT<OI ė?@NO<IĘG< =<G<OH<N ONU Q@ ?@NO<I ?@QMDIDI 5&& <NM< F<?<M PU<I?
F<I<<OD 6G?MH =P ?U@IG@H@G@MDI UJMGPPIP ?< =@M<=@MDI?@ B@ODMHDODM PI<
F<MI 1MF ?IT<NI< TI@GDF u<GH<G<MI ?@NO<IG<M U@MDI@ TJPIG<H<N NIAG<I?MH<
u<GH<G<MII FN< NM@?@ =@GDMGD =DM T@M@ JOPMOPGH<NI< DHF<I O<IHOM GF @O<KO<FD
NIAG<I?MH<u<GH<G<MII=@GDMGDJM<I?<O<H<HG<IH<NT@ID=<F<uG<MIIB@GDODMDGH@NDI@Q@
FJIPIPIA<MFG=JTPOG<MII@G@<GIH<NB@M@FGDGDDI@U@HDIC<UMG<HOMP<IG<H?<FGOM@G
JMO<FGI Q@ NM@MGDGDDI QPMBPG<IH<NI< TI@GDF JG<M<F JMO<T< FJIPGD,PUDG@=<G<HQ@=PBI=@GDMGD=DMC<>H@
PG<HJGH<NI<F<MI,PUO<M<AI?<I=@GDMODG@Iė<O<?@NO<IQ@CDF<T@G@MDHDUJGH<FU@M@
H<N<G@AN<I@H@IF<=@AFM<Q=<IG<OG<M?<FDF<CM<H<IG<MIF<GKG<<IQ@A<MFGG<<IU@GGDFG@MD
DG@ =PIG<MI FGOMHUI IDO@GDD =<FHI?@ H@OJOGP T<FG<HII 1MF B@G@I@FN@G F<CM<H<Ę ,PU DNO@F =PBI C@?@AG@I@I IJFO<T<
PG<H<HOM1MF?IT<NIIĖGTGG<M?<T<<?NDT<N<GB@GDH@G@M@C<UMGFNUT<F<G<I@G@I@M@F F<CM<H<IG<MI JMO<FGI
BNO@M@>@F H@ODIG@M@ ?<CD N<CDK ?@DG?DM TF IBMG@MG@ T<KG<I KMJE@G@M =P NFIOT
BD?@MH@?@ =@GDMGD =DM <<H< F<T?@OH@FG@ =DMGDFO@ ?@NO<IG<MI <IG<G<=DGDMGDD Q@ TJMPHG<IH<N
<uNI? FGOM u<GH<G<MII C@IU JGBPIG<H<H<N
DI>@G@H@G@MDIGJF<G=<U?<T<KGH<NI<I@?@IJGHPOPM
1MFDT@Ė?@ F<CM<HD??D u<GH<II (<KGDIDM?@G@I@H@H@NDNFIOIINMH@NDI@TJG<uHOMDM=DMDI?@I
=@GDMGDGu?@A<MFGFGOM?<DM@NDDu@MDNDI?@T@OD@IQ@=TFJM<I?<A<MFG@DODH=DuDHG@MDI?@I
B@u@I <F<?@HDNT@IG@MDI =P <IG<H?< FPMPG<><F <M<OMH< FJHDNTJIG<MI?< =DM=DMDI?@I A<MFG
NJIPuG<M< PG<<>< HPCO@H@G?DM 1MFDT@ H@MF@UGD u<GH<G<MI PUPI TGG<M =JTPI>< =@GDMGD
?@NO@G@H@G@MDI T<KGH<NI< TJG <uHOM 1MF ?@NO<IG<MII T<GIU>< F<CM<H<IGF FJIPGP
?@NO<IG<M?<?@G@G@M?@ =PGPI?PFG<M BU <M? @?DGHDODM 1MF
?@NO<IB@G@I@DIDI=TF=DMFJGPIPO@FDG@?@IF<CM<H<IGF?@NO<IG<M=JTG<MA@?@M<NTJIPQ@
<OGBu@=@C<T<OO<MUII=DMNJIP>PJG<M<FJMO<T<uFHQ@B@GDHDJG?PPI?<I1MFG@MDI@KDF
?I@H?@FD OJKGPHN<G T<KN Q@ T<<TI T<INOH<FO<?MG<M P ?@NO<IG<M?< =TF JM<I?< ?
O@CGDF@G@M@ F<M N<Q<<?@G@ @?@I
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
F<CM<H<II =<<MG<M @OM<AI?< B@GD@I JG<TG<M?< F<CM<H<II <CN} =<<MNI?<I UDT<?@
OJKGPHN<G DNO@F Q@ =@FG@IODG@M FJIP @?DGDM (PU@T Q@ $I@T 0D=DMT< =GB@G@MDI?@ T<<T<I 1MF
OJKGPGPFG<MII ?@NO<I F<CM<H<IG<MII AJIFNDTJIG<MII Q@ DG@QG@MDIDI =P <IG<H?< ?D@M
F<CM<H<IGF?@NO<IG<MI?<IA<MFGGFG<MO<?=<U?@NO<IG<MI?@MDI=DM@FDG?@HDOJGJEDT@=<G
Q@I@HGDGu?@HDOJGJEDF<IG<HG<MQ@ODKG@H@G@MDu@M?DDBMGH@FO@?DM(DMDuDJGPP
I@?@IG@ GO<T %<F<N 1PQ< 0<C< (MBU (<U<F <FPMO QN 1MFG@MDIDI ?@NOGF
B@G@I@FG@MDID NJNT<G Q@ O<MDC} NM@>D ?DFF<O@ <G<M<F DI>@G@H@F Q@ F<CM<H@G@H@F B@M@FODD =@GDMODGHDODM u@D
F<CM<H<II <MUP Q@ DNO@FG@MDIDI I KG<I< uFH<NI< TJG <u<=DG@>@D Q@ =PIG<MI I@OD>@NDI?@
OJKGPH?<FDH><?@G@IDI?O<IDu@TI@G@>@DID=@GDMOH@FHHFI?MPO@NKDOG@MDIT<KGH<N
Q@ =@GDMODG@I CPNPNG<MI BU II?@ =PGPI?PMPGH<N C<GDI?@ <GK ODKD DuDI IBMG@I
O<IHG<H<G<MIT@ID?@IBU?@IB@uDMDGH@NDB@M@F@>@DJMO<T<uFH<FO<?M
@GDMODG@IG@M u@Mu@Q@NDI?@ 1MF ?IT<N F<KN<HI?<FD ?@NO<IG<M?<I C<M@F@OG@ F<CM<H<I
ODKJGJEDNDI@ PG<H<F NJNTJGJEDF Q@MDG@M IJFO<NI?< u@DOGD NFIOG<M O<H<FO<?M /<BG@FODM TI FFO@I =@NG@I@M@F @FDGG@IHD <F A<MFG H@?@IDT@O
?I@HG@MDIDI Q@ O<MDCN@G B@GDDH uDUBDG@MDIDI DUG@MDID =<MI?M@Q<KG<M Q@MH@ND HHFI JGH<?I?PJMO<T<uF<MG<H<T<><FOM!@NO<IG<MI<IG<O>
?DIG@TD>D Q@ F<=PGG@IDGD @G@MDIDI =GB@N@G u<GH<G<MG< JMO<T< uF<MGH<N =DM <IG<H?<
QMPK<ĖG AJGFGJM>PG<MI FGOM FF@IG@MDI@ TI@GDF u<GH<G<MII BIHU?@FD T<INH<N
JG<><I?<FG<M?M P <IG<H?< =GB@N@G IDO@GDFG@MDI?@I
NJTPOG<I<M<F T<KG<><F u<GH<G<M U@MDI?@I @G?@ @?DG@>@F NJIPuG<M ?<C< UDT<?@ B@I@G
u@Mu@Q@?@FD<GBG<H<G<M=@GDMG@T@>@FODMP B@I@Gu@Mu@Q@IDIuDUDGH@NDDuDI1MF?IT<NNUG
FGOMB@G@I@DDu@MDNDI?@
GO<T ?@NO<IG<MI? (N
GOI"MB@FPPu<T(FDI"MF@T*<Gu*@MB@IQ@"M0<HM!@NO<IDI>@G@IHD?@NO<IG<MI
H<N<GN Q@ HDOJGJEDF TIG@MDIDI =<NFIG I@?@IDTG@ NJHPO =DM JGPHNPU F<CM<H<>< ?@NO<IG<M @G@ <GIH =P ?@NO<IG<MI HJ?@MI @?@=D OMG@M?@I JG?PFu< PU<F =DM U<H@G@MDI Q@ NFIOG<MI MI JGH<G<M I@?@IDTG@ ?@NO<?@G@ @OODD Q<MGFG<MI IDO@GDDIDI ?@ F<uIGH<U JG<M<F HDOJGJEDF ?I@HDI
U@GGDFG@MDIDT<INOO=@GDMG@IHDODM1PMBPI=<T@M+<MPU=<T@Q1MFH@I
(<U<F!@NO<IG<MI?<II=<T<OM-<MK<MDT<(POOPFT<"?DB@+PM<?I*PN<C<I"M
@BDN Q@ *MF <OM !@NO<IG<M @G@ <GIH =P ?@NO<IG<M?< JGPHNPUFO F<CM<H@NPMGPPIPBNO@M@I
ė,?<>@NPM=DMTDDOHD
6<GQ<MH<?=JTPI@DK
6DDO,M<FFJM<G?< TDDOOD
$PMPMG<II@?DFDG?D
e@FDIDK>@N<M@ONDUGDFBNO@MH@?D
(<GHPFBuG=DM?H<IH
<O=@?@TDDOD?D
,U<H<IDFDTDDOF<KO
FDNDIDI?@@DOODMI@M@?@TN@FPQQ@OG@MDIDIGuNBD=DNUG@MO@NKDO@?DGHDODMI><F?@NO<IG<M?<
=PNUG@MG@=DMGDFO@JGPHNPUFOF<CM<H<IIU<GDHQ@FJMF<FGI=@GDMO@I
7<GDH,M<F7<GDH(<GHPF
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
(<M<=<GO<U<IBMU<IBMODOM@TDK
6<H<>F<M<F<GHPFG<M
<H<F<IBD=DFPMI<U?H<I
7<GDH<H<F<IFJMFPT<F<KGKO@G<G<I?
FGIJ<M?U<GDHC<I<O=@
7<GDH1JFO<H1JFO<H%<IuFH<U<BDM?D
,uJFFOFJMFOP
(JTPIBD=DF<GHPFG<M
jG@IG@MDBMKFJMFPT<F<KGM
1<MF<NF<u<MNMK?MOI<G<
<KK<UC<IF<uKBD?@M
(<u<MJ=JUFM<(<GHPFG<MFJMFPK?PMPMG<M
!MO=DMT<I<?<GKF<u<MG<M
(<uOJU<H<I=JUFM<?JMP
!DIDI TJF DO (<GHPFNPI F<II F<M< @FGDI?@ JGPHNPU Q@ FJMF<FGF DA<?@G@MD =@M<=@M
Q@MDGH@FO@?DM
1<O<M ?@NO<IG<M Du@MDNDI?@ F<CM<H<IGF ?@NO@F<CM<H<I<TI@GDFuF<M?NFIOG<MH<N<GN=DMAJMHG<QPMBPG<IHOM
1Q<F<CM<H<IGF?@NO<IG<M?<C<UDT<?@DNODG<>C<IG<M<F<MTMOG@IH><?@G@U@MDI@
FPMPGHP JGPK =P ?@NO<IG<M?< ė<GKO IH<CG<M?<Ę T<= DNODG<>G<MI O<MDCD FDHGDFG@MD ?DG@
B@ODMDGH@HD=PIPI T@MDI@<TI<uDFO@MFMIH@NO@MuDMu<=UI?<BG<M?DT@ <?G<I?MGHG<M?M
"MBPIu<
jU=@F ?@NO@G TuI<M !@NO<II?< DN@ JGPHNPUFO
F<CM<HDHMD >@N<M@ONDU BuNU Q@ T<G JG<M<F
NPIPGHPOPMPU@GGDFG@MADUDFN@GJG<M<FQ@MDG@Iėu@I@NDI?@?MOOTN<F<GQ<M?J?<OOI?@I
N<M<MHOĝGOHI <HO ?DG@MD ?HOĘ @FGDI?@ O<IHG<IH<G<MG< ?@NO@FG@IHDODM
0JGH<U
1MF ?IT<NII U@IBDI NUG FGOM B@G@I@D Du@MDNDI?@ T@M <G<F /<BG<IĖI
F<CM<H<F u<GH<G<M 1MF ?IT<N
H@MF@UGD JGH<G Q@ T<FG<HG<M =P u@Mu@Q@?@I B@Mu@FG@ODMDG@>@F FPM<HG<M?DI T<INH<N @FGDI?@ JMO<T< uF<I F<=PGG@MDI
@FDGG@I?DM?DD=DMT<KT<N<CDKODM
,GPHNPU F<CM<H<IG<MI =TF =DM =GHII ? =JTG<M?<?@G@ @?DG@I FDDIDI <?II ?<CD Q@MDGH@H@ND =P
FDDG@MDIID>@GDFG@MDI?@DGDB<G>DFJIPHG<MII@N<N<GI?IBNO@MDM
,GPHNPUF<CM<H<IF@I?DD?@<GG@MDIDIN<QPIP>PNPT<?<FJMPTP>PNPJGH<FO<IPU<FOM
1MF ?@NO<IG<MI?< BMG@I JGPHNPUFO F<CM<H<IG<M <TM =DM@M FDHGDFO@I UDT<?@ GF@T@
U<M<MQ@M@I T<H<>CPUPMQ@BQ@ID=JU<IGF@IDIU@IBDIGDFG@MDIDNHM@IFDDG@MJG<M<F
BMGH@FO@?DMP<IG<H?< T<KG<IH><?@G@FDDN@G=DMFDHGDFKMJ=G@HDI?@IuF<MG<M<F
NJNT<G=DMB@Mu@FGD@?IOMGHOM
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
1MF ?@NO<IG<M F@I?DID TIG@I?DM@I Q@ HPOGPGP< BOM@I F<CM<H<IG<M D?@<GDU@ =DM ODK@
?IOMMF@I?H<II<=P<IG<H?<=DM?@@MTFG@H@HDODM
,GPHNPU?@NO<IF<CM<H<III=DM@TN@GT@OFDIGDFG@MDI?@IUDT<?@OJKGPHN<GFDHGDFG@MDIDII
KG<I?<JGH<NDB<GOJKGPHG<MI<F<MJG<IH@N<A@?@IQ@F@I?DI?@FDJGPHGPNA<OG<M?D@M
OJKGPHG<MITI@OD>DG@MDI@Q@MH@H@?I>@NDI?@IF<TI<FG<IHJG<=DGDM
!H@Fu@DOGDCDG@G@M@DHF<IO<IT<=DG@>@FU@GGDFG@MD=<MI?MH<FO<?MG<M
"0%"#)
u<*@CH@O1MF!@NOGF$@G@I@DI@OI>G6<FG<<=DGH@Q@ėGKĘ(<QM<HkU@MDI?@
<U6@ID6<FG<H!@I@H@G@MD *DGG}#JGFGJM(
FH<O<GDT@Q*PF<NJQ*,MJUJQ<$(MBU!@NO<IG<M&&IG<O<I <O@BDI1PMBPI=<T@M
1!(6<TIG<MIF<M<
MF<I*@ODI1MFH@I#DFM@OF<U<F!@NO<IG<M(MHĖI(MF<OM1!(6<TIF
ONU%N@TDI+DC<G 1MF"?@=DT<O1<MDCD NO<I=PG<TN<I6<TIG<M
e@G@=D#<OH<(MBU!@NO<IG<M3"DHFPG*@I@I7PPM<IG<O<I PH<BG+<MPU=<T@Q1!(
6<TIG<MIF<M<
eJ=<IJGP jUFPG )JM? /<BG<IĖI <O %<GF (<CM<HD *@ODI e@Q )JM? /<BG<I ė$@G@I@FN@G (<CM<H<IĘ *DGGD #JGFGJM N IF<M<
"MBPI*@ODIu<*@CH@O1Q<(<CM<H<IGF!@NO<IG<M&Fu<6<TIG<M
(<KG<G)JM?/<BG<IĖI$@G@I@FN@G(<CM<H<I(<G=Q@J<u%<I*DGGD#JGFGJM0
NIF<M<
0<F@IJQ0@TDG=@FT<NK<T@Q<-<FDU<O(<U<F!@NO<IG<M e@Q,FO<T0@GDH(<M<><1!(
6<TIF<M<
0JGH<><!@NO<I1!(
6<TIG<MIF<M<
2MH<Iu#<ODC1<O<M!@NO<IG<M&1!(6<T IF<M<
6<F>GD NG<HDT@OjI>@ND1MF!@NO<IG<MIIDGDHQ@(GOM%<T<OI<"OFDNDkU@MDI@@G@M1MFDT<OM<OMH<G<M!@MBDND0N<C<M
6G?MH!PMNPI 1MFDODD IF<M<Fu<6<TIG<M
6>@G!DG@FjU=@F!@NO<IG<M*@GDF@TT<M1!(T<T
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
"&)",+*+% ¹% %Sbj1)0%*%+ %0)
!!+Z'W( #'/
$IHU@ PG<<=DG@I ?@NO<I H@ODIG@MD 1MF @?@=DT<OII O@H@G O<G<MI JGPOPMH<FO< Q@
1MF FGOMII U@IBDI HDOJGJED FJUHJBJID Q@ FJUHJGJED F<TI<I?<I =@NG@IH@FO@?DM
%JH@MJNĖPI ėGGD<?<Ę Q@ ė,?DN@Ę #DM?@QNDĖIDI ė<CI<H@Ę 3<GHDFDĖIDI ė/<H<T<H<Ę @N@MG@MD
BD=D =PIG<M =@GGD =DM T<U<M O<M<AI?<I F<G@H@ <GIH JGN<G<M ?< <NGI?< =OI =DM HDGG@ODI
H<I@QDT<OI?<I MPCPI?<I O<MDCD Q@ =@?DD Q<MGI?<I ?JHP ėH<@MDĘ Q@MDG@M?DM Q@ ėHDGGD
?@NO<IĘ@FGDI?@IDO@G@I?DMDGH@GD?DMG@M(KMG *DGGD?@NO<IQ@T<@KJK@G@MDO<H
<IG<HTG< O<MDCD @N@M JG<M<F ?@@MG@I?DMH@F HHFI ?@DG?DM =PIG<M ėHDGG@ODI TFN@F HDGGD
?PTBPG<MĘDG@TFGFNH@IQ@T<O<H<H@IO<MDCDJG<TG<M<=<G><IG<I?MGHėD?@<GĘ?IT<II
<FO<MH Q@ <IG<OH?M 1JD H@MC<G@?@ =DM HDGG@ODI T<<H JG?PP u@DOGD H<>@M<G<M C<GF <DMG@MD
O<M<AI?<I?DG@<GI<M<FDDMN@G=DuDHF<U<IH<FO<Q@=<G<IONUK<Mu<G<MC<GDI?@NUG@?@=DT<O
JG<M<F I@NDG?@I I@NDG@ <FO<MGH<FO<?M FDI>D <<H<?< HDGG@OD OJKO@?@O@CGDF@=TFN<Q<BuQ@FOGFBD=DJG<TG<MI@OD>@NDI?@=Pu@DOGDH@ODIG@M=DM
u@FDM?@F@OM<AI?<OJKG<I<M<F?@NO<ICQDT@ODF<U<IH<FO<?M7<H<IDuDI?@=Pu@FDM?@DT<<O<IG JG?PP ?I@H?@ =DM <T?I Q@T< C<GF <DMD
O<M<AI?<IB@Mu@FG@ODMDGH@FO@?DMONU
DGDI?DD BD=D ė!<NO<IĘ Q@T< ė!@NO<IĘ NU #<MNu<Ė?< ė@AN<I@ H@N@G Q@ CDF<T@Ę
H<I<NI?<?M "GuDI 1MF !DG (PMPHP NUGI?@ ?@NO@NDO<IMO<IMu<T<MO<IMQ@F<CM<H<IG<MG<DGBDGDJG<<INOJG<TG<M
FJIP<G<IDDM@KJK@DMF<CM<H<IGFCDFoT@NDIDQ@T<=DMJG<T<IG<O@ JGJJF7P=7BB;HOEH=7HJ=7BB;HO7HJ?IJIC7CC7:EL;B9>?D
C7CC7:EL;B9>?DC7CC7:EL6>JCB
-MJA !M 0<DH 0<F<JGP ėNG<HDT@O jI>@ND 1MF !@NO<IG<MĘ FDO<=II NPIP FNHI?<
1MF ?@NO<IG<MII u<?< @?@=DT<OHU?<FD T@MD FJIPNPI?<FD ?I>@G@MDID P @FDG?@ DA<?@
@OH@FO@?DM ė"?@=DT<OHUI U@MDI?@ K@F < ?PM<=DG@>@DHDU
?@NO<IG<MHUIN<TNu=@DB@uH@UjU@GFJIPHPDG@!@?@(JMFPO(DO<=ĖIU@GTG?IH
*<I<N !@NO<IĖI @NFDGDD ,PU (<<I !@NO<IĖI BI?@HDHDU@ T@MG@ODMHDODM j=M
?@NO<IG<MHUDG@=<HUDN@I@?@IN@DNO@IDG@IIJFO<T< B@ODMDGH@HDODMĘ0<F<JGPQ@!PTHDGOGD @N@MDI?@ BIHU@ PG<<=DG@I =P U@IBDI FGOM@G =DMDFDHDI B@ID H<IU<M<N BUG@M II@
N@MDGH@FO@?DMj@Gj@G(DO<KO<NUB@u@I(PMOO<I1M@TDHDOG@MD"MB@I@FJI
!@NO@?@ =TFOM -MJA #P<O (KMGĖII NTG@?DD BD=D ėOI 1MF
@?@=DT<OI O@M<UDIDI =DM BUI@ !@?@ (JMFPOĖP =M BUI@ FJT<MN<IU TDI@ ?@ !@?@ (JMFPO
<M=<N<MĘ"IBDI
EJE';P7>?HLp7H!7P7D"7Dp7CEJEAI?JB;HOdAI;AF?p?H?CN9C
1MF ,PU =JTG<MII T<<HI FJIP <G<I !@?@ (JMFPOĖP ?@@MG@I?DM@I -MJA !M
*PC<MM@H"IBDI=P?@NO<II@II@HGDQ<NAG<MI<?DFF<ODu@FH@FO@?DM!@?@(JMFPO?@NO<III
H@GGDAD HDGG@O JG?PP DuDI HPCO@Q<NI ?< HDGG@O C<T<O O@FDG @OH@FO@?DM P I@?@IG@ =DM HDGGD
?@NO4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
JG?PPI?<IDM@GDB@GH@FO@?DM!@NO<IIė?DGDI?@FDTFN@F>JFPIGPPIĘQ@ėCUG=DMC<T<OO<MUII
CFH NMH@NDIDĘ ?@ <TI I@?@I?@I F<TI<FG<IH JGH<G?M 6<M H<IUPH T<M H@INPM ?DG DG@
T<UGJM<AT<T<N<CDKJGH<N?<O<MDCD<u?<INJI?@M@>@
I@HGD?DM "N@MDI ?DGDID DN@ "IBDI ė1MFu@IDI @HN<GNDU =DM <C@N@MDĘ JG<M<F IDO@G@I?DMH@FO@?DM
"MBDI
!@?@(JMFPO!@NO<IĖIU@M=<T><IDuDIU@GFG<I@N@M?@FPGG<IG<IG@Cu@?DMDGDI?DDBD=D
?@NO<II BIHU@ PG<HD I@?@IDTG@ PUH<IG<MI ?<C< uJF
?DFF<ODID u@F@I 3<ODF<T< T<FI ?DG FPGG<IGH !M@N?@I MI@D DN@
U@MDDQ@NDU@GGDFG@MDIDO<H<FO<?M$FT<T&3
EJE';P7>?HLp7H!7H7=dD;EhBK!7H78K:7h<7O7DIdP;H?D;BdIJ;H8EO7N9C
e<?< U@M=<T><I1MFDIN<IIIH<I@QDFDHGDDIDI@I?@@MGDQ@FFG
F<TI<IG<I?MGPFG<MII O@M=DT@NDI?@ MI@F <GIPFG<MIIMPCQ@F<A< T<KNIO@F=<I<N<G<HOPO<><FFP?M@OO@Q@
F<M<FO@M?@@N@M?DMĘNUG@MD=P<IG<H?<F@I?DIDO<H<H@I?JMPG<H<FO<?M"MBDI
EJE 7L7: '?H97L7:EL '7:EDD7 >JJF7P=7BB;HO EH=7HJ=7BB;HO7
HJ?IJIC?H@7L7:EL@7L7:
C?H@7L7:EL@7L7:C?H@7L7:EL6>JCB
,PU1MFG@MDIDIė@ODFQ@@NO@ODF=<FG<MIIC<AU<FDO<=ĘJG<I!@?@(JMFPOĖO<?@QG@O
FPMH<F JIP D?<M@ @OH@F OJKM<F TPMO HDGG@O N@QBDND BD=D FJIPG<MI DG@IHD JGH<N JIPI
?@@MDID BI B@uODFu@ ?<C< ?< <MOMH<FO< =P @N@MD u<?< 1MF ?IT<N DuDI Q<UB@uDGH@U =DM
=<QPMPF<TI<C<GDI@B@ODMH@FO@?DM<T<O
*DGGD FGOMI ?@@M C<UDI@ND JG<I ?@NO<I TUTGG<M?M 1MF N<I<OII F<TI< JGH<<
?@Q<H @OH@FO@?DM 6<<M eJMPCGPĖT< BM@ =DM OJKGPHPI HDOG@MDID JIPI N<I<OI?<IG MI@FG@MDID BMH@F HHFI?M *DOJGJEDF F<TI<FG<MI N<I<O @N@MG@MD
U@MDI?@FD @OFDND O<MOGH<U?M 1MF FGOMI?@ =P T<INH< Q@ @OFDG@DH DGF@G u<G<M?<IGO<NQDMG@MD<QN<Q<BD=DNFNFF<MHU<uF<IHJODAQ@N<CI@G@MDI
M@A@M<INIJFO<N1MFHDOJGJEDND?DM
EJE ,7I?C 787O;L JKL7B dP;H?D; O7hBl 8EO7 >JJF7P=7BB;HOEH=7HJ=7BB;HO7HJ?IJI87
87O;LH7I?C
8787O;LH7I?C8787O;L6>JCB
e<?< N<I<OO<FD ?PMPH DN@ =DM@ NM@>DIDĘ
BMN@G?DGG@DA<?@@?@IN<I<OJG<M<FT<FG<H<FQ@JI<BM@TJMPHG<H<FB@M@FKDMJGP+Q@
KDMJGP * $IHU?@FD B@ID =DGBD < Q@ NIMNU DG@ODDH FJG<TG u<?<
DIN<IIFGOM@G<GOT<KNI=DMO<M<AO<IU@IBDIG@ODMDKu@DOGDGDFF<U<I?MH<FO<?D@MO<M<AO<IDN@
JIPF@I?DU?@@MG@MDI?@IPU<FG<OMH<FO<?MP?PMPH?<JMO<FHDGGD?@@MG@MDI<DG@?@I<DG@T@
=GB@?@I =GB@T@ F@IO H@MF@UG@MDI?@I FMN<G F@NDH@ A<MFG T<<OG? BUG@HG@IH@FO@?DM
6<<HHU?< JG?PP BD=D u<?< N<I<O @N@MG@MDI?@ ?@ B@G@I@FN@G FGOM@G ?@@MG@MDI T@MD Q@
<MG ?< N<I<Ou?<I N<I<OuT< A<MFGGF N@MBDG@H@FO@?DM 0JTPO =DM N<I<O <IG<TII CoFDH
JG?PP=Pu<?< HDGGDFGOMT<IFG<MB@I@G?@?<C<?@MDI<IG<HF<OG<MI<BHGH?PMPH?<?M
Q@ =PIG<MI O@NKDOD Q@ JMO<T< uF<MGH<N =@GGD =DM TJMPH Q@ uUHG@H@ DG@HG@MD NJIP>P
HHFI?M
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
EJE :7B;J 7OH7CEL%7OD7AB7HlClP I;H7C?A J787A IlHdIJd 8EO7C7 9C
>JJF7P=7BB;HOEH=7HJ=7BB;HO7HJ?IJI87OH7CEL7:7B7J
87OH7CEL7:7B7J87OH7CEL6>JCB
0<I<O@N@MDIDIJGPH<NI?<A<T?<G<IG<I@G@MDI Q@T<N<I<OuII?<T<I?F<TI<FG<MI
IDO@GDD Q@ ID>@GDDI@ =<G JGH<?DI?@I
B@uDMDGDK Q@ ?PTBP oG@HDI?@ TJMPG<M<F @N@M?@ T@ID T<<H =PGH<FO<?M %@M =DM DINJM<AT<II ėMIĘ JG?PP BD=D C@M =DM N<I<O
@N@MD?@JIPT<M<O<IJMO<HIMI?MDMT<KOIJGPPHPI?<TPF<M?<NUB@u@IO@H@GDGF@G@M
?I?< N<I<OuII M@ODH NM@>DI?@FD ?PTBP Q@ ?I>@G@MD =PGPI?PP JMO<H Q@ =P JMO<HG<
JGGF JG<TI< F<MOI Q<MN<TH<F
HHFI?M NGI?< N<I<OuG<M Q@ @N@MG@MD =DM=DMDI?@I A<MFG Q@ U@G FGC;J 27p7C JKL7B dP;H?D; O7hBl 8EO7 N 9C >JJF7P=7B
B;HOEH=7HJ=7BB;HO7HJ?IJI7>C7:A7C7B
7>C7:A7C7B7>C7:6>JCB
II<CH<OJQ<ĖIIIGDDMDI?@FDėw}~z{|zz} zyz
|~z~zwz~|zz{zwz{~zĘHNM<G<M?<NU
@?DG@IF<TI<FQ@@OFDG@MDI<MO>?@M@>@?@B@IDT@GK<U@NDDG@=@FG@IH@?DFJGPPHQ@Du@MDDI@
D<M@O@OH@FO@?DM6<<??IT<II<TI<NQ@=@GGD =DM<IG<H?<O<M<ANUDUG@TD>DNDJG<M<FN<I<Ou
NJGPFG<H<FO< JG?PP C<Q<I N<I<OI?< <FN@OODMH@FO@ JGN< ?< =P T<INH< JIPI CDu ?@ I@NI@G
?<QM<IH<T@G@MD C<T<G Q@
DNT<IG<MI =@FG@IOD Q@ NJMPIG<MI C<AU<NII ?@MDIGDFG@MDI?@ N<FG<IH JGPFGPFFJMFPG<MI=<=<<II@NDIDI<IG<OOH<N<GG<MQ@?@?@NDIDIJFP?PP?@NO<IG<MF@I?DI@
UB=DMT<FG<HG<C<MH<IG<T<M<F@N@MG@MDI?@T@ID?@I><IG<I?MH<FO<?M0<I<OuIIC<T<GDI?@
T<<T@?@I =@GDMG@IHD =DM ėJOJ=<I?<IĘ F@I?D UBI DNO@D
U@MDI@ T<KO< <FO<MGMF@I =<U@I ?@ =@FG@IH@?DF K<ODF<G<MG< Q@ DUDINDU @FDG?@ u<GH<G<M<
NUH<FO<?MPNJI?PMPHN<I<OuIIDM<?@ND?I?<B@Mu@FG@H@FO@Q@=PM<?<JHF@HH@G=DM
ė<TBOĘ JG<M<F ė<FO<MGH<N B@M@F@IDĘ <FO<MH<FO<?M 6JPI ?PTBP Q@ UDCDI B@MDGDHD T<<IGF <II?< N<I<OuG<M =<U@I =DGDIH@T@ID C<OMG<H<FO< PIPOPG?PP U<II@?DG@I JG<TG<M
C<T<GG@MDI?@ ><IG<I?M< =DGH@FO@?DMG@M 6GG<M I>@ BMG@I =DM H<IU<M< JFPIHP FDO<K
T<<IHN<MNIOF<MGFNU<F<>C@KND<H<C@KND=P<I?<@OFDGDJG<=DGH@FO@?DMQ@I@U<H<IB@Mu@FO@I=DG@H@UNDI
EJEB]?D'7C;:EL7AlP;H87O97D >JJF7P=7BB;HOEH=7HJ=7BB;HO7HJ?IJIC7CC7:EL;B9>?D
C7CC7:EL;B9>?DC7CC7:EL6>JCB
U@M=<T><I M@NN<HG<MI?<IG<I?MGH<FO< !@?@ (JMFPO ?IT<N C<H<ND Q@ T<GI =DM ?DGG@ <IG<OGH<FO<?M P KJMOM@G@M@
=<FOH U<H?<?HI ?IT<T ODOM@O@I J BU@G Q@ ėFJMFPIuĘ TUI@
=<FTJMHPPHBD=DCDNN@?DTJMPH
"GuDI *<H@?JQĖPI T<KO BM<ADF u<GH<G<M =DUD ?@NO<II H<N<G ?IT<NI<
BOMH@FO@?DM , @NFD u<G<MI F<CM<H<IGFG<MG< ?JGP BIGF T<<HI?C<Q<
N@TDM>DTD F@I?DI@u@FH@FO@<FGG<M?<OPOFPGP=DMDHM@IH@?PTBPNP=M<FH<FO<?M
?<G@O <TM<HJQ(<H<GCH@O*DM><Q<? <Q<?JQ/<NDH<=<T@QĖDI @N@MG@MDI?@?@
uJ>PFGPFC<T<GG@MDHDUJMG<T<IMT<G<MH<FNDTJIJG<TG<MDG@><IG<I?M<IA<IO<NODFBMIHG@MD
Q@=TFN@Q?<G<MDG@TM@DHDCJKG<O<I!@?@(JMFPO?IT<NIBM@=DGDTJMPH*PCO@H@G@I=P
F<CM<H<IG<M JIG<M ?< =DM U<H< @N@M?@I @N@M@ T@ID?@I O@FM<MG<I<I =P A<IO<NODF T<M<OFG<MI ?@QG@MDI Q@ K@MDG@MDI
OPQ<G?@ FDDGDF F<U<IH F<MO<G ?@Q@ Q@ FPMOG<MI H@I@DID u<?< T<<HHU< =<G<H<F
HHFI?@DG?DMPIG<MHDGGDFGOMHUIO@H@GO<G<MIO@FDG @?@I HDOQ@?@NO<IG<MHUI
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
u<HU?<FD T<IFG<M JGH<G ?I =PBI Q<NO<NTG< T<MI< =<G<TM=@ND ,MFPI *<TN
<T<O #PUPGD (JMFPO O< *DOJGJED?@I $@Mu@FGD@ !@?@ (JMFPO IF<M< (<M<*
6<TIG<M
eJMPCGP6<<M 1MF*DOJGJEDNDIDII<C<OG<MNO<I=PG(<=<G>
"GuDIFM1MF!DGDI?@!@NO<I(@GDH@NDQ@*@ACPHP1MF(GOM3&
,><F Ė?H@ND & NO<I=PG
*<O=<<DHDM@
"MBDI *PC<MM@H I>@G@H@ !@?@ (JMFPO (DO<= <NF NO<I=PG J<UDuD
6<TIG<M
$FT<T ,MCD uDI?@ 0<I<OI 1<MDCD <NF
NO<I=PG%<T<G=<U(DO<K
(KMG*#P<O*DGGD1MF!@NO<I1MF"?@=DT<O1<MDCD=<NFNO<I=PG
j@G <C<@??DI 1MF *DOJGJEDND (<TI<FG<M Q@ uFG<H<G<M DG@ !@NO<IG<M &&
DGO <NFIF<M<1MF1<MDC(PMPHP<NH@QD
j@G<C<@??DI1MF*DOJGJEDND(<TI<FG<MQ@uFG<H<G<MDG@!@NO<IG<M& DGO
<NFIF<M<1MF1<MDC(PMPHP<NH@QD
0<F<JGP 0<DH Q@ !PTH@ND 1MF !@NO<IG<M
I>@G@H@G@M*@ODIG@MNO<I=PGjOF@I
1JHP< *<TN
1MF!DG(PMPHP COOKRRRO?FBJQOM1/$@I@G0JUPG
®
ÂÕÔ× ªËÊË °ÔÖÐÙØ æÈÑæËØ×æ ÔÊÓÎÒ ÎÍ ÈÆÌÓËÏÞÎÛ ×ØÔÑÕÔÈ ¹åÖÐ×ÐÔÏ ÑÎØËÖÆØÙÖá ¨
ÓËÒ æÖÐÎÒ ÇÔÉÆØáÒ Î ÐÖÆ×ÔÝÓáÒ æÍáÐÔÒ ÔØÖÆÌËÓá ÒÔÖÆÑâÓáË Î ã×ØËØÎÝË×ÐÎË Ô×ÓÔÈá
ØåÖÐ×ÐÔÉÔÒÎÖÆÔÇÖÆÍÌÎÍÓÎÓÖÆÈáÎÔÇáÝÆÎ¹åÖÐÔÈ´ÉÙÍÔÈ
®×ØÔÖÎæ ÖÔÌÊËÓÎæ ãÕÔ×Æ ªËÊË °ÔÖÐÙØ ×Ô×ØÔÎØ ÎÍ Ù×ØÓÔÉÔ ×ÐÆÍÎØËÑâÓÔÉÔ ÕËÖÎÔÊÆ Î
ÈÖËÒËÓÎÕËÖËÈÔÊÆËÉÔÈÕÎ×âÒËÓÓÙåÚÔÖÒÙ´×ÔÇËÓÓÔÓÆÈØÔÖÔÒãØÆÕËÈÑÎæÓÎËãÕÔ×ÆÓÆ
ÐÙÑâØÙÖÙÎÎ×ÐÙ××ØÈÔØåÖÐ×ÐÎÛÓÆÖÔÊÔÈÍÓÆÝÎØËÑâÓÔÈÔÍÖÆ×ØÆËØ
°ÆÐ ÐÑÆÊËÍâ ÒÆØËÖÎÆÑâÓÔÏ Î ÊÙÛÔÈÓÔÏ ÌÎÍÓÎ ÊÖËÈÓÎÛ ØåÖÐÔÈ ãÕÔ× æÈÑæËØ×æ
ÈÆÌÓËÏÞÎÒ Î×ØÔÝÓÎÐÔÒ ÐÙÑâØÙÖá Î Î×ÐÙ××ØÈÆ ØåÖÐ×ÐÎÛ ÓÆÖÔÊÔÈ ¨ ÊÔÐÑÆÊË ÊËÑÆËØ×æ
ÕÔÕáØÐÆ Î××ÑËÊÔÈÆÓÎæ ×ÈæÍÎ ÒËÌÊÙ ãÕÔ×ÔÒ ªËÊË °ÔÖÐÙØ Î ÐÙÑâØÙÖÔÏ ¦ÍËÖÇÆÏÊÌÆÓÆ Æ
ØÆÐÌË ËÉÔ ÖÔÑâ Î ÈÑÎæÓÎË ÓÆ ×ÔÈÖËÒËÓÓÔË Î×ÐÙ××ØÈÔ ÓÆ ÕÖÎÒËÖË ØÆÐÎÛ ÛÙÊÔÌÓÎÐÔÈ ÐÆÐ
«ÑÝÎÓ ²ÆÒËÊÔÈ ·Æ×ÎÒ §ÆÇÆËÈ °ÆÒÆÑ ¦ÛÒËØ ªÌÆÈÆØ ²ÎÖÊÌÆÈÆÊÔÈ ²ËÍÆÛÎÖ ¦ÈÞÆÖ Î
¦ÊÆÑËØ§ÆÏÖÆÒÔÈ
½ËÑâÊÔÐÑÆÊÆÍÆÐÑåÝÆËØ×æÈÌËÑÆÓÎÎËßËÖÆÍÕÖÎÈÑËÝâÈÓÎÒÆÓÎËÐãÕÔ×ÙªËÊË°ÔÖÐÙØ
ÐÆÐ Ð ÔÇßËÒÙ Î×ØÔÖÎÝË×ÐÔÒÙ Î ÐÙÑâØÙÖÓÔÒÙ ÓÆ×ÑËÊÎå È×ËÛ ×ÔÈÖËÒËÓÓáÛ ØåÖÐ×ÐÎÛ
ÓÆÖÔÊÔÈÆØÆÐÌËÕÔÐÆÍÆØâ×ØËÕËÓâËÉÔÈÑÎæÓÎæÓÆ×ÔÈÖËÒËÓÓÙåÐÙÑâØÙÖÙÎÎ×ÐÙ××ØÈÔ
z®§ª ¡ ¹åÖÐ×ÐÆæ ÑÎØËÖÆØÙÖÆ ãÕÔ× ªËÊË °ÔÖÐÙØ ×ÔÈÖËÒËÓÓÔË
¦ÍËÖÇÆÏÊÌÆÓ×ÐÔËÎ×ÐÙ××ØÈÔ
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
~p{u|oxwu}xtoo}~qq}o}~y
tuu{}~xxo{xzpo}~qo
iwj^k _^gn^jl`^
°ÙÖÇÆÓÔÈ ¿ÎÛÆÑÎ °ÙÖÇÆÓ ÔÉÑá ÇáÑ ÓË ØÔÑâÐÔ ÈáÊÆåßÎÒ×æ ÕÔÑÎØÎÝË×ÐÎÒ Î
ÉÔ×ÙÊÆÖ×ØÈËÓÓáÒ ÊËæØËÑËÒ ÓÔ Î æÖÐÔÏ ØÈÔÖÝË×ÐÔÏ ÑÎÝÓÔ×Øâå ē ÐÖÙÕÓáÒ ÙÝËÓáÒ
ÑÎØËÖÆØÙÖÔÈËÊÔÒ ÊÔÐØÔÖÔÒ ÚÎÑÔÑÔÉÎÝË×ÐÎÛ ÓÆÙÐ ÕÖÔÚË××ÔÖÔÒ ØÔÓÐÎÒ Î
ÕÖÔÓÎÜÆØËÑâÓáÒ ÕÙÇÑÎÜÎ×ØÔÒ ØÆÑÆÓØÑÎÈáÒ ÊÖÆÒÆØÙÖÉÔÒ ÒÆ×ØËÖÔÒ ÈËÑÎÐÔÑËÕÓáÛ
×ÆØÎÖÎÝË×ÐÎÛ ÖÆ××ÐÆÍÔÈ Î ÊÆÌË ÕÔãØÔÒ ®ÒËÓÓÔ × ¿°ÙÖÇÆÓÔÈÆ ÓÆÝÆÑÆ×â ÓÔÈÆæ ãÕÔÛÆ È
ÐÖÎØÎÐËÎÑÎØËÖÆØÙÖÔÈËÊËÓÎÎÐÔÉÊÆÎ××ÑËÊÔÈÆØËÑÎ×ØÆÑÎÕÖÔ×ÑËÌÎÈÆØâÆÍËÖÇÆÏÊÌÆÓ×ÐÎË
ØÖÆÊÎÜÎÎÎÒÔØÎÈÓËØÔÑâÐÔÈÖÙ××ÐÔÏÓÔÎÈÍÆÕÆÊÓÔËÈÖÔÕËÏ×ÐÔÏÑÎØËÖÆØÙÖËÔÕÖÔÈËÖÉÆæ
ØËÔÖÎå ÆÕÆÊÆ ÐÔÉÊÆØÔ Ô XÓËÕÔÑÓÔÜËÓÓÔ×ØÎ[ ØåÖÐ×ÐÎÛ ÓÆÖÔÊÔÈ ÂØÆ ÕÖÔÇÑËÒÆ ÐÔØÔÖÆæ
ÇáÑÆÕÔÊÓæØÆ¿°ÙÖÇÆÓÔÈáÒÈËÉÔÊáÕÖÔÞÑÔÉÔÈËÐÆ ē ×ÆÒÆæÆÐØÙÆÑâÓÆæÕÖÔÇÑËÒÆÎ
×ËÉÔÊÓæ ¨×Ë×ØÔÖÔÓÓË ÊËØÆÑâÓÔ Ô×ÈËØÎØâ ×ÈæÍâ ÖÙ××ÐÔÏ ÐÑÆ××ÎÝË×ÐÔÏ ÑÎØËÖÆØÙÖá ×
¦ÍËÖÇÆÏÊÌÆÓÔÒ×ÆÍËÖÇÆÏÊÌÆÓ×ÐÔÏÑÎØËÖÆØÙÖÔÏÎÚÔÑâÐÑÔÖÔÒÖÆ×ÐÖáØâÎ×ØÔÐÎÎÓØËÖË×Æ
Ð ÆÍËÖÇÆÏÊÌÆÓ×ÐÎÒ ØÖÆÊÎÜÎæÒ ÖÙ××ÐÎÛ ÕÔãØÔÈ Î ÕÎ×ÆØËÑËÏ ÕÖÔ×ÑËÊÎØâ Î×ØÔÖÎå ãØÎÛ
×ÈæÍËÏ Î ÊÆØâ ÆÓÆÑÎÍ × ÕÔÍÎÜÎÏ ×ÔÈÖËÒËÓÓáÛ ÆÈØÔÖÙ ÐÖÎØËÖÎËÈ Î ØËÔÖËØÎÝË×ÐÎÛ Ô×ÓÔÈ
ÑÎØËÖÆØÙÖÔÈËÊËÓÎæ ē È×ËãØÔæÈÑæÑÔ×âÍÆÊÆÝËÏ×ÑÔÌÓÔÏÕÔÝËØÓÔÏÎÈË×âÒÆÆÐØÙÆÑâÓÔÏ¨
ÕÔÊÔÇÓÔÒ ÐÔÓØËÐ×ØË ¿ÎÛÆÑÎ °ÙÖÇÆÓÔÈ Î ÐÆ×ÆÑ×æ ÕÖÔÇÑËÒá Î××ÑËÊÔÈÆÓÎæ
ÆÍËÖÇÆÏÊÌÆÓ×ÐÎÛÊÆ×ØÆÓÔÈ¨ÕËÖÈáËÐãØÔÏØËÒËÔÓÔÇÖÆßÆËØ×æÈ×ÈÔËÏÐÙÖ×ÔÈÔÏÖÆÇÔØË
X¹á ÕË×ÓËÏ ×ØÆÑ ¸ÆæØ³ÔÈÆ[ ÕÔ×ÈæßËÓÓÔÏ ÐÆÈÐÆÍ×ÐÔÒÙ ÆÞÙÉÙ ¹ÆÐ ÔÓ ÕÔ ËÉÔ ÒÓËÓÎå
ÕËÖÈáË ÔÇÖÆÍÜá Ù×ØÓÔÏ ÓÆÖÔÊÓÔÏ ÕÔãÍÎÎ ÕËÈÜÔÈÆÞÎÐÔÈ ÐÔØÔÖáË ×ÔÝÎÓæÑÎ ÒËÑÔÊÎÎ Ð
×ÈÔÎÒ×ØÎÛÆÒÎÎ×ÕÔÑÓæÑÎÎÛÓÆÒÙÍáÐÆÑâÓÔÒ ÎÓ×ØÖÙÒËÓØË ē ×ÆÍËÎÑÎÐËÒÆÓÝËÔØÓÔ×æØ×æ
ÐēÈÈ°ÙÖÇÆÓÎªÎÈÆÖÉÆÓÑá¦ÇÇÆ×¸ÆÖáÆÞÎÐÓÔÖÆ×ÜÈËØÆÔÓÆÊÔ×ØÎÉÆËØÈÈ
¼Æ×ØÆ °Æ×ÙÒ ªÎÑÉÆÒ ¨ÆÑËÛ ¿ÎÐ×ØË ¿ÎÖÎÓ ´ÊÓÆÐÔ ÔÓ ÔÊÎÓ ÎÍ ÕËÖÈáÛ È ×ÈÔË ÈÖËÒæ
ÔØÒËÝÆÑ ÝØÔ ÓË×ÒÔØÖæ ÓÆ ØÔ ÝØÔ ¸ÆæØ³ÔÈÆ ØÈÔÖÎÑ ÓÆ ØÖËÛ æÍáÐÆÛ ÆÖÒæÓ×ÐÔÒ
ÉÖÙÍÎÓ×ÐÔÒ ÓÔ ÇÔÑËË È×ËÉÔ Ô×ØÆÈÎÑ ÕË×ËÓ ÓÆ ÆÍËÖÇÆÏÊÌÆÓ×ÐÔÒ æÍáÐË Î ÇÔÑâÞÎÓ×ØÈÔ ÎÍ
ÓÎÛæÈÑæåØ×æÍÆÎÒ×ØÈÔÈÆÓÎæÒÎÎÍÆÍËÖÇÆÏÊÌÆÓ×ÐÔÉÔÚÔÑâÐÑÔÖÆ
¨ÓÎÒÆÓÎË ¿ °ÙÖÇÆÓÔÈ ÙÊËÑæÑ ÎÍÙÝËÓÎå ÊÆ×ØÆÓÔÈ È ×ÈÔËÏ ×ØÆØâË X¨ËÊÙßÆæ ØËÒÆ[
ÔÕÙÇÑÎÐÔÈÆÓÓÔÏ ÓÆ ×ØÖÆÓÎÜÆÛ X±ÎØËÖÆØÙÖÓÔÉÔ ¦ÍËÖÇÆÏÊÌÆÓÆ[ ÆÈØÔÖ ÔØÒËÝÆËØ ÝØÔ È
ÍÆÒËÝÆØËÑâÓÔÏ ÉÆÑËÖËË ÉËÖÔËÈ ÉËÓÎÆÑâÓÔÉÔ ÆÍËÖÇÆÏÊÌÆÓ×ÐÔÉÔ ÕÔãØÆ ³ÎÍÆÒÎ ©æÓÊÌËÈÎ
ÉÑÆÈË×ØÈÙåØ ÉËÖÔÎ ÑåÇÎÒáÛ ÓÆÖÔÊÔÒ ÊÆ×ØÆÓÔÈ X¸ËÒâ ÐÖÆ×ÆÈÎÜ[ X±ËÏÑÎ Î ²ËÊÌÓÙÓ[
X¼Ô×ÖÔÈ Î ¿ÎÖÎÓ[ X®×ÐËÓÊËÖÓÆÒË[ ÕÔ ×ÙØÎ ÊÆ×ØÆÓá ÕÔÑÙÝÎÈÞÎ ÓÔÈÙå ×ØÎÛÔØÈÔÖÓÙå
ÚÔÖÒÙ
XÂØÆÕá ÖÆÍÈÎØÎæ ÆÍËÖÇÆÏÊÌÆÓ×ÐÔÖÙ××ÐÎÛ ÑÎØËÖÆØÙÖÓáÛ ×ÈæÍËÏ È ¼&¼ ÈËÐË[ ÜËÑâÓÔË
ÒÔÓÔÉÖÆÚÎÝË×ÐÔË Î××ÑËÊÔÈÆÓÎË ÉÊË ÕÖÔ×ÑËÌÎÈÆËØ×æ ÖÆÍÈÎØÎË ÑÎØËÖÆØÙÖÓáÛ ×ÈæÍËÏ ÊÈÙÛ
ÓÆÖÔÊÔÈ ÓÆ ÖÆÍÑÎÝÓáÛ Î×ØÔÖÎÝË×ÐÎÛ ãØÆÕÆÛ ¼&¼ ÈËÐÆ ¹ËÒÆ °ÆÈÐÆÍÆ ¨Ô×ØÔÐÆ × ÐÔÓÜÆ
53&&& ÈËÐÆ ÕÔÑÙÝÆËØ Ô×ÔÇÔË ÖÆ×ÕÖÔ×ØÖÆÓËÓÎË È ÖÙ××ÐÔÏ ÐÑÆ××ÎÝË×ÐÔÏ ÑÎØËÖÆØÙÖË Î
Ù×ÎÑÎÈÆËØ×æ È ¼&¼ ÈËÐË ¿ÎÛÆÑÎ °ÙÖÇÆÓÔÈ ÊËØÆÑâÓÔ ÖÆ××ÒÆØÖÎÈÆËØ ÊÆ×ØÆÓ ¦ÞÎÉ ©ËÖÎÇ
ÕËÖË×ÐÆÍÆÓÓáÏ²Ä±ËÖÒÔÓØÔÈáÒ´ØÒËÝÆæÝØÔÊÆ×ØÆÓÈÕËÖËÈÔÊË× ÕËÖ×ÎÊ×ÐÔÉÔ×ÑÔÈÆ
ÊË×ØÆÓ ÔÍÓÆÝÆËØ ÖÆ××ÐÆÍĔ ãÕÎÝË×ÐÔË ÕÖÔÎÍÈËÊËÓÎË È ÚÔÑâÐÑÔÖË ÎÑÎ ÑÎØËÖÆØÙÖË
¨Ô×ØÔÐÆ Î ÄÉÔ¨Ô×ØÔÝÓÔÏ ¦ÍÎÎ ¿ÎÛÆÑÎ °ÙÖÇÆÓÔÈ ÙÐÆÍáÈÆËØ ÓÆ ØÔ ÝØÔ ±ËÖÒÔÓØÔÈ
Èá×ØÙÕÎÑ È ÐÆÝË×ØÈË ÕËÖËÈÔÊÝÎÐÆ ÊÆÓÓÔÏ X×ÐÆÍÐÎ[ ´ÊÓÆÐÔ Ë×ÑÎ ãØÆ ×ÐÆÍÐÆ ē ÕÖÔ×ØÔ
ÒÆÑÔÍÓÆÝÎØËÑâÓÆæ ÊÑæ ØÈÔÖÝË×ØÈÆ ²Ä ±ËÖÒÔÓØÔÈÆ ãØÓÔÉÖÆÚÎÝË×ÐÆæ ÍÆÕÎ×â ÓËÐÎÏ
ÝËÖÓÔÈÔÏ ÓÆÇÖÔ×ÔÐ ÇÙÊÙßËÉÔ ×åÌËØÆ ØÔ ÓËÔÇÛÔÊÎÒÔ ÖÆ××ÒÆØÖÎÈÆØâ ËË È ÐÆÝË×ØÈË
ÎÓÈÆÖÎÆÓØÆ ÒËÌÊÙÓÆÖÔÊÓÔÏ ÐÔÒÕÔÍÎÜÎÔÓÓÔÏ ×ÛËÒá ÓË ÎÒËåßËÏ ÕÖæÒÔÉÔ ÔØÓÔÞËÓÎæ Ð
ÚÎÑÔ×ÔÚÎÎ Î×ÑÆÒÆ Ù×ÑáÞÆÓÓÆæ ÈÔÍÒÔÌÓÔ Ô×ËÓâå ÉÔÊÆ ÔØ ²»¦ÛÙÓÊÔÈÆ Ù
ÐÔØÔÖÔÉÔ ±ËÖÒÔÓØÔÈ ÇÖÆÑ ÙÖÔÐÎ XØÆØÆÖ×ÐÔÉÔ[ ÆÍËÖÇÆÏÊÌÆÓ×ÐÔÉÔ æÍáÐÆ È ÖÙ××ÐÔÏ
ÑÎØËÖÆØÙÖË ãØÆ ×ÐÆÍÐÆ ÚÙÓÐÜÎÔÓÎÖÙËØ ÐÆÐ ÔÊÓÔ ÎÍ ×ØÎÑÎÍÔÈÆÓÓáÛ XÕÔÊ ¨Ô×ØÔÐ[
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
ÕÖÔÎÍÈËÊËÓÎÏ ×Ô ×ÈÔÏ×ØÈËÓÓÔÏ ÎÒ XÈÔ×ØÔÝÓÔÏ[ ×ØÎÑÎ×ØÎÐÔÏ Î ÈÔ×ØÔÝÓáÒÎ ÎÒËÓÆÒÎ Î
ÕÔÓæØÎæÒÎÆÉÆÉÔ×ÕÔÊÎÓÆÓÆÒÆØâ×ÆÆÍÇÆÑÆÑÆÏÐÆÉçÖÙÖ×ËÍÙÍÓÆËØËÈÔ×ÐÑÎÜÆÓÎæÒÎ
XÔÈ×ËÒÔÉÙßÎÏÆÑÑÆÛ[ÎØÕ¸ÊÖÙÉÔÏ×ØÔÖÔÓáË×ØâÈÕÔÑÓËÔÇÔ×ÓÔÈÆÓÓÆæÈÔÍÒÔÌÓÔ×Øâ
ÊÔÕÙ×ØÎØâ ×ÆÒÔ×ØÔæØËÑâÓÙå ÜËÓÓÔ×Øâ ØËÐ×ØÆ ÊÑæ ±ËÖÒÔÓØÔÈÆ Î ØÆÐÎÒ ÔÇÖÆÍÔÒ
ÕÖÎÝÆ×ØÓÔ×ØâËÉÔÐÔ×Òá×ÑËÓÎåÛÙÊÔÌË×ØÈËÓÓÔÉÔÒÎÖÆ×ÐÆÍÐÎËËÔÇÖÆÍÓÔ×ÎÒÈÔÑÎÝË×ÐÔÏ
×Î×ØËÒá ØÔ Ô×ÙßË×ØÈÑËÓÓÆæ ÕÖÔËÐÜÎæ ÊÆÓÓÔÉÔ ØËÐ×ØÆ ÓÆ ØÖÆÊÎÜÎå ÕÔãØÎÐÎ
ÆÍËÖÇÆÏÊÌÆÓ×ÐÔÏ ÕËÖ×ÎÊ×ÐÔÏ Î ØåÖÐ×ÐÔÏ ×ÙÚÎÏ×ÐÔÏ ÑÎØËÖÆØÙÖá ÍÆ×ØÆÈÑæËØ ÕÔÓÔÈÔÒÙ
ÔÜËÓÎØâÊÆÓÓÔËÕÖÔÎÍÈËÊËÓÎË
³ËÑâÍæ ÓË ÔÇÖÆØÎØâ ÈÓÎÒÆÓÎË Î ÓÆ ØÔØ ÚÆÐØ ÝØÔ ÈÔÍÈÖÆßÆæ ÓÆÜÎÔÓÆÑâÓáÏ
ÆÍËÖÇÆÏÊÌÆÓ×ÐÎÏÕÖÆÍÊÓÎÐ³ÔÈÖÙÍÇÆÏÖÆÒá¿ÎÛÆÑÎ°ÙÖÇÆÓÔÈÈËÖÓÙÑÎÑåÇÎÒáÛÉËÖÔËÈ
ÔÊÓÔÉÔÎÍÕËÖÈáÛÆÍËÖÇÆÏÊÌÆÓ×ÐÎÛÊÆ×ØÆÓÔÈ ē ªËÊË ©ÔÖÉÙØÆµÑËÞÎÈÔÉÔ°Ë×Ù§ÆÛÆÖÉáÍ
ªËÈÙÞÐÙ¨Ë×ÓÙ
° ×ÔÌÆÑËÓÎå ÖÆÓÓææ ×ÒËÖØâ Ô×ØÆÈÎÑÎ ÓËÔÐÔÓÝËÓÓáÒÎ ÐÆÐ ãØÎ ØÆÐ Î ÒÓÔÉÎË ÊÖÙÉÎË
Î××ÑËÊÔÈÆÓÎæ¿ÎÛÆÑÎ°ÙÖÇÆÓÔÈÆÎÓÆÝËÐØÔÍÓÆËØÒÔÌËØÇáØâÔÓÕÖÎÈÓË×ÇáËßËÒÓÔÉÔ
ÓÔÈÆØÔÖ×ÐÎÛ ÎÊËÏ Î ÍÆÑÔÌÎÑ ÎÓáË ÉÑÙÇÔÐÎË ØÖÆÊÎÜÎÎ È ÎÍÙÝËÓÎÎ ÆÍËÖÇÆÏÊÌÆÓ×ÐÔÉÔ
ÚÔÑâÐÑÔÖÆÈÝÆ×ØÓÔ×ØÎÊÆ×ØÆÓÔÈ
{xuoo
°ÙÖÇÆÓÔÈ¿°¦¸µÙÞÐÎÓÎ¦ÍËÖÇÆÏÊÌÆÓ§ÆÐÙªËØÎÍÊÆØ
°ÙÖÇÆÓÔÈ¿°¨ËÊÙßÆæØËÒÆX±ÎØËÖÆØÙÖÓáÏ¦ÍËÖÇÆÏÊÌÆÓ[Ġ
°ÙÖÇÆÓÔÈ ¿° ¦ÍËÖÇÆÏÊÌÆÓ×ÐÔÖÙ××ÐÎË ÑÎØËÖÆØÙÖÓáË ×ÈæÍÎ §ÆÐÙ ÎÍÊÈÔ ¦³
¦ÍËÖÇ¸¸·
°ÙÖÇÆÓÔÈ ¿° ÂØÆÕá ÖÆÍÈÎØÎæ ÆÍËÖÇÆÏÊÌÆÓ×ÐÔÖÙ××ÐÎÛ ÑÎØËÖÆØÙÖÓáÛ ×ÈæÍËÏ È
¼¼ÈËÐË§ÆÐÙ¦ÍÉÔ×ÎÍÊÆØ
°ÙÖÇÆÓÔÈ ¿° ÂØÆÕá ÖÆÍÈÎØÎæ ÆÍËÖÇÆÏÊÌÆÓ×ÐÔÖÙ××ÐÎÛ ÑÎØËÖÆØÙÖÓáÛ ×ÈæÍËÏ È
¼¼ÈËÐË²¨Ô×ØÔÝÓÆæÑÎØËÖÆØÙÖÆ
°ÔÝÆÖÑÎÓ×ÐÎÏ»±ÎØËÖÆØÙÖÆÆÍËÖÇÆÏÊÌÆÓ×ÐÎÛØÆØÆÖ¹ÎÚÑÎ×
µÙÞÐÎÓ¦¸µÔÑÓ×ÔÇÖ×ÔÝ¹ O ¦³¸¸¸·O ¦³¸¸¸·
µÙÞÐÎÓ¦¸µÙØËÞË×ØÈÎËÈ¦ÖÍÖÙÒµÔÑÓ×ÔÇÖ×ÔÝ Y3O ¦³¸¸¸·
±ËÖÒÔÓØÔÈ²µÔÑÓÔË×ÔÇÖ×ÔÝ²XªËØ×ÐÆæÑÎØËÖÆØÙÖÆ[
¸ÆÊáÛÔÈ ² ¦ÍËÖÇÆÏÊÌÆÓ È ÊËÐÆÇÖÎ×Ø×ÐÔÏ ÑÎØËÖÆØÙÖË ¦ÈØÔÖËÚ ÊÎ×
ĝÐÆÓÊÚÎÑÔÑÓ¹ÇÎÑÎ×Î
')&#$*&'e*+&)e**+%*e%*e%+ee+e-e+0
&*e"#e,)%&0CDFC<GD$PM=<IJBCGP$PM=<IJQR<N<KMJHDI@IOKJGDOD><G<I?KP=GD>ADBPM@<NR@GG<NQDQD?
>M@<ODQ@ K@MNJI<GDOT ē BM@<O GDO@M<MT >MDOD> !J>OJM JA -CDGJGJBT KMJA@NNJM ?@GD><O@ <I?
K@I@OM<ODIBKP=GD>DNOO<G@IO@??M<H<ODNOH<NO@MJAH<BIDAD>@ION<ODMD><GNOJMD@N<I?@Q@I<KJ@O
%@=@GJIB@?OJ<IPH=@M JAJPONO<I?DIBM@KM@N@IO<ODQ@NJAU@M=<DE<IDGDO@M<OPM@JAN@>JI?C<GA
JA OC >@IOPMT %@ N<>MDAD>@? HJNO K<MO JA CDN GDA@ OJ OC@ ?@<G JA ?@Q@GJKH@IO JA I<ODJI<G
GDO@M<OPM@ $PM=<IJQ DN D@IODAD>RJMFN0CDFC<GD$PM=<IJQĖNOCJMJPBCNFDGGNR@M@?DNKG<T@?IJOJIGTDIN>D@IODAD>=PO
<GNJ DI GDO@M<MT ><K<>DOT %DN NKG@I?D? KG<TN <I? GD=M@OOJ R@M@ <>FIJRG@?B@? =T
NK@>O<OJPM=<IJR<N <R<M?@? RDOC 2U@TDM %<ED=<TJQ KMDU@ 0CDFC<GD $PM=<IJQ R<N @G@>O@? <
H@H=@M JA @IOM<G JHHDOO@@ JA JHHPIDNO -<MOT JA U@M=<DEM@O<MTJA @IOM<G JHHDOO@@
JA JHHPIDNO-<MOTJAU@M=<DE4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
l#e &$),# $&+e-#l)e /#( 0) # b %
jl"el% (0l # $ 1 &#"#&) $+)e##) l** %
!\"# (P!."#$+
%<GC<UM?< !¡GD !JHMPG J=M<UI< =DM=<< <? u¡FDG¡I H¡OIG¡M?¡ O¡N<?A @OH¡F u¡ODI JGN<
?< =P =JTPI HJODQG¡MDI¡ H<NDM ?QMHU?¡ L@T?¡ <GIH AJGFGJM H<O@MD<GG<MI?< M<NO B¡GH¡F
HHFI?M !<C< O@UO@U UG¡?DTDHDU HJODQG¡M DN¡ X><I Q@MH¡[ XUM<TGI LP
?JIPI< BDMH¡ND[X1<IM O¡M¡ADI?¡I =<G<I<I HM[ HJODQG¡MD?DM
3@K7D;@m 53@H7D?m ?AF;H; DG?DTDHDUFDHDNUB@?¡I=JT?<!¡GD!JHMPGG<NG<HI
¡N<N H¡G¡TDI?¡I =DMD JG<I UM<TGI H=<MDU¡ND O¡NQDM JGPIPM UM<TG J=M<UI< DI?DT¡?¡F I¡M
JGPIHP AJGFGJM OJKGPG<MI?< @KDUJ?DF ¡FDG?¡ O¡N<?A @?DMDF ¡FD ¡M<UDNDI?¡I OJKG<?HU
H¡OIG¡M?¡ DN¡ =P HDAJGJED J=M<UG< O@UO@U M<NOG<ML UM<TG J=M<U HSO¡GDA AJGFGJM E<IMG<MI?<
UI¡ T@M <GH?M PIG<M?<LI¡U¡M¡ <GH<LG<UH?MFD=PH¡OIG¡MDI=DMLDNHD
O<H AJMH<?< ?@TDG %DNN JGPIPM FD =PIG<M T<SI Q<SOG<M< L¡?¡M F<HDG N¡I¡O IHPI¡G¡MD JGHP
<L AJGFGJM Q<SOI?< Q¡ G<UHD N¡QDTT¡?¡ OJKG<IH<? uI O¡?MD>¡I PIP?PGHP?PM ė!PS<
.J><JGP!¡GD!JHMPG=JTPIP=¡T<I@?¡MĘ=JTPIPI ¡N<NHJODQG¡MDI?¡I=DMDJG<IT@MDI¡ >?<TIIQ¡ ¡FDGDIDI<?DG¡ =<GB@OHD?DM%¡HDIG¡ODA¡G¡M?¡I=DMDJG?PL><H<M<LGNE@O¡
H<GDF?DM %<> ?<T ?DB¡M Q<MD<IO?< ¡FDGD JIPI ><II <GH<< B¡GHD UM<TG H<O LJTPM P G¡ODA¡IDI =DUDH L@T?¡ <G?HU Q<MD<IOI?< DN¡ %<> ?<TI T<SP? ¡FDGDID
*JGG<+¡NM¡??DI ¡Q¡U@?DM%<>?<TQ¡ ¡FDGDH<NDMAJGFGJMPIG¡ODA¡ L¡CM¡H<IG<MJG?PPuI
?@T¡ =DG¡MDF FD C¡HDI G¡ODA¡ ¡QQ¡GG¡M *JGG< +¡NM¡??DI¡ H¡SNPN JGN< ?< NJIM<G<M %<> ?<TT<
@G¡>¡ ?¡ ¡FDGDT¡ OM<INAJMH<NDT<JGPIHP?PM-MJA@NNJM6.<M<T@QC<LGJG<M<LL@T?@?DMFD=P
M<?< HSO¡GDA AJGFGJM MI¡FG¡MDHDU?¡ M<NO B¡GDI¡I GH?¡I L<uH< HJODQDIDI TPHJMGP ¡FDG?¡
DA<?¡ JGPI?PPIP BMMF %¡HDI G¡ODA¡IDI ?DB¡M Q<MD<IO DN¡ .<M<=<?<M¡OO¡A¡FFMU ¡FNDIDO<KH?M UM<TGI
><II<GH<LDNO¡?DTDID=DG¡I¡FDGDJI?<INJMPPMX+@u¡T¡ <G<><LN<I[
UM<TGG< =<G OJKG<?HU =DM H¡OIDI DN¡ ¡M<UD?¡ C¡H M¡Q<T¡O C¡H ?¡ G¡ODA¡ FDHD
NTG¡I?DTDIDI <CD?D JG?PL .@T? @?¡F FD @TID NE@ODI HSO¡GDA AJGFGJM E<IMG<MI?< UI
BNO¡MH¡NDC<GDG¡ =DMI@u¡ ?¡A¡ UG¡HDDF%¡HDINE@O¡ BM¡=DMJG¡TDIDNJMPPM UM<TGJI<NP?<IPU<LJGH<H¡NG¡C¡OBMMuIFDJIPI ¡>¡GD
NP?<O<H<HJG<><L,G<I@QG¡I¡I?¡INJIM<<MQ<?DG¡ ?¡IDUN¡T<C¡ODI¡ uSM!¡IDU?¡ L¡AG¡O¡I
JIPI BUI¡ UM<TG BMIM ,G¡GDNP?<=DO¡ND?DM,?PMFD
H¡II@u¡ DGG¡M?D ¡UDTT¡Ou¡FD=NDUD=PMG¡ TH<H
%¡H AJGFGJM OJKGPG<MI?< C¡H ?¡ ?D<G@FOJGJED H<O@MD<GG<M?< GH?¡IL<uH< HJODQGD
G¡ODA¡G¡MG¡ O@UO@UM<NOG<H<L HHFI?M
I><L GH?¡IL<uH< HJODQGD ?DB¡M E<IMG<M ?< =GB¡?¡ B@ID T<TGH?M 1JKG<?HU
H¡OIG¡MDI =DMDI?¡ UM<TG ><II <GH<< B¡G¡>¡TD <?<H< TPSP?< S¡=¡M?<MGL @?DM FD N<=<C C@u
T@M¡ B@OH¡TD= JIP BUG¡NDI (DD S¡=¡M?<MG< H¡C¡G LJTH<T= @Q?¡I L<uM UM<TG JIP PU<L
=DMH@¡?¡ T<S<G<TMQ¡ ><II<GM$M?THUFDHD=POMFS<GLG<M<M<NI?< B@ID T<TG¡T¡ BM¡GH?¡IL<uH<LL@TMDHHFI?M
PJ=M<UG<=<GL@T?¡ <G?HU?<C<=DMH¡OIDN¡ UM@TDGDIS¡=¡M?<MM<?G<IM*¡OI¡
BM¡ UM<TG ¡QQ¡G>¡ ><II<GH<<B¡G?DTDFDDT¡ I<H<UNO¡ JG?PPuIHCG¡OQ@MDM0JIM<
DN¡ UJMG< UM<TG JIPIG< uM¡F F¡NH¡T¡ H¡>=PM @?¡I FDD T@I¡ ?¡ HCG¡O L<U<IM P ?¡A¡
UM<TGJI<NUQ@MDMFDB¡GH¡U?¡IL<=<LS¡=¡MBI?¡M¡>¡F(DD<MS<TIG<M<L=DMH??¡O
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
NJIM< UM<TG @QDI?¡ BM¡I?¡ O¡¡>>=G¡IDM UM<TG ?@TDM FD <MS< O¡M¡A?¡FD L<=<L O¡M¡A?¡FD
LJIPIP G?M?H N<?<F NJG?<F LJIPIPI ><II <G?H PIG<M C<HN N¡I¡ S¡=¡M?<MGL
?@TDG?DHDPM¡Q<T¡ODI?DB¡M=DMQ<MD<IOI?<<F?<IL@T?¡ <GHL
¡FD?¡I L@T?¡ <GIH =DM H¡OID ?<C< <MS<DF NE@O N<TH<L JG<M %¡HDI H¡OI XL
/PNO<HIGHBMH¡ND[<?G<IM?I?<I?<BMI?TFDHD=PH¡OI?¡ UM<TGjGH ¡Q¡U
@?DM UM<TGJ=M<UDNG<H?<IB¡G?DTDuI?@T¡ =DG¡MDFFDjGHJ=M<U?<C< ¡QQ¡GFD?QMG¡MDI
H¡CNPGP?PM jGH =PM<?< X<K<GO<M[ FDHD O¡NQDM JGPIPM I><L =P H¡OI ?¡ DNG<HI O¡NDMDI?¡I
F¡I<M?< L<G< =DGH¡HD?DM L /PNO<H< BMI¡I <K<GO<M X(¡GH@TD¡C<?¡ODID ?@ ><II
<G<><H[?@TDM
¡FD?¡I L@T?¡ <GIH =DM L<M?< ?< GHI <? F@uDM X <II< GH JGNPI[ Q¡ T<
XjGHJGNPI><II<[
P J=M<UG< =<G L@T?¡ <G?HU DFD H¡OI DN¡ I<G?M +<GG<M?D?¡ >PIHM¡ <GOI?<B@?¡INE@O?DM%¡HDIH¡OI¡ BM¡Q<SOu<O<I<?<H UM<TGI
BUI?¡IT<TI==<DG¡ <T<IIT@MDID?¡TD¡ =DGN¡ UM<TGJIPI><II<G<=DGHDM!<C<=DM
JS<MNE@OX7¡IB¡UPMAJGFGJMP[FDO<=I?<B@OHD?DM%¡HDINE@O XUM<TGIFDMQ¡GDTD[<?G<IM
P H¡OI¡ BM¡ UM<TG S¡NO¡IDI =< O¡M¡ADI?¡ ?<T<I<MN< JI< ¡G<> TJS?PM 6JS ¡B¡M <T<L
O¡M¡ADI?¡ ?PM<MN<S¡NO¡ N<<G<><L
I<H< BM¡ S¡NO¡ F¡GH@TD¡C<?¡ODID ?@H¡N¡ JIPI GH¡TD u¡ODI JGPM X7¡IB¡UPM AJGFGJMP[
FDO<=I?<B@?¡IXUM<TGIF¡G¡TD[<?GH¡OI?¡ ?¡ UM<TGL<M?<GII><IIJI<BM¡ <G<=DGHDM
FD J F¡GH@TD¡C<?¡ODID =OQ ?@HDM PIPIG< =<G ?<C< =DM NE@O¡ BM¡ UM<TG P<<
u@QMDG¡M¡FQ<SO=DOHD<?<H<BMIMQ¡ CDTG¡ DG¡ JI<¡C<?¡ODID=OQ?@?DM?DMDML¡?¡M
A¡MLGD NE@O DN¡ U¡M=<T>P=GI><II<GH<L?<JI<BM¡ u¡ODIGDFu¡FDMFDJIPT@M¡ TS<=DGHDM
M<UD?¡ T<TGH?DB¡M=DMDI<H<BM¡ DN¡ ><IQ@M¡I<?<HII¡ =<I¡ ?¡ <T<LO¡M¡ADI?¡
JOPMH<L JGH<II <G< =DGHDM 5¡NO¡IDI uJS ¡U<= u¡FH¡H¡ND uI
=TMI?¡ ?<T<IH<LG<UH?M
!DB¡MH¡OI¡ BM¡GG<C UM<TG ¡FDUP<LGL<?II><II<GH<<BI?¡MDM UM<TG
¡QQ¡GG>¡ JIPI ><II <GH<L DNO¡H¡N¡ ?¡ NJIM< ¡HM¡ DO<¡O @OH¡GD JGPM P C<?DN¡?¡I DTDMHD DG
NJIM< UM<TGTJGG<B@?¡MF¡I<<OGDFDJG<IG<M<NOG<M,IG<M<OG<MINM=B@?¡I?¡ UM<TGI
NOK<Gu<=<OM.<T?<I?<GG<CJI?<II¡ BM?TINJMPPM UM<TG=<I<B¡G¡IC<?DN¡ID
?<I<I?<GG<CJIG<MIC¡HDI ¡FDUP<LG<MJG?PPIPNTG¡TDM
lLD3Kg>g@ CGk 6A@G@39;D?mE; M<UD?¡IL@T?¡ <G?HUH¡OIG¡MDI?M?I?¡ UM<TG
LP AJMH<NI?<?M , H¡OIG¡MDI =DMDI?¡ =G=G =DMDI?¡ N¡Mu¡ =DMDI?¡ < OJTPL?PM !M?I>
H¡OI?¡ DN¡ LPPI IQ BNO¡MDGHDM ,IP ?< L@T? @?¡F FD UM<TGI LP ?JIPI?< O¡NQDMD uJS
<MS<DF NE@O?DM NFD OMF ?<NO<IG<MI?< ?< C¡HDI NE@OG¡ UG¡DMDF PGL<M <=D?¡ND XPH@?¡IU<H¡M¡?¡IPuP=B@?DMPM<?< UM<TGGL<I<OGP@KDO@ODDG¡ S<OMG<IM
Q¡ JT<GIU!¡GD!JHMPGPIBUI¡ BMIM!<C<=DMH¡OI?¡ X!@?@H(JMFP?PIFDO<=[I?<
Q@MDGHD?DM'<IM@OD=<MDG¡ G¡ODA¡ JG<I=PH¡OI?¡ OFG¡MDTJGPIHPOJTPP UM<TGN<T<I<I<JI<
JGPIPIT@MDIDID<IQ@MDM !)55&3
.@T?¡ <G?HU H¡OIG¡M?¡ ?¡ UM<TG ><INO¡ JG<INO¡ JG<L ¡OM<A?<FG<ML<KIIN¡NDID@D?¡ =DGHDMG¡M.<K<uG<I?<K¡M?¡G¡MO¡MK¡IDMQ¡ =DM<UNJIM<
DN¡ S¡NO¡ ><IIO<KMM
P ODKGD H¡OIG¡MDI =DM LDNHDI?¡ BNO¡MDGDM FD Q¡UDTT¡OG¡ =<MH<L DNO¡H¡T¡I S¡NO¡IDI
N<CD=G¡MD L<KI =<G<TMG<M <L UM<TG Du¡MD F@uH¡F uI UI¡ T@M O<K< =DGDM NJ=<II
=JMPNPI?<I=<><?<IQ¡ NDu¡MDF@uDM
º+Y)"'e" l%l%l*e%l*+%»
$BD1ADSB;;5Q=9[9>4]>?BD1ADSB;7]<]3]H9>]
+*<EC<1B1B1CY6?<;<?B;?>6B1>CY
GB¡?¡I L@T?¡ <G?HU H¡OIG¡M?¡ UM<TG< <L LP FDHD ?@TDG >M=¡>M AJMH<G<M?< M<NO
B¡GDMDF*¡OIG¡MDIDFDNDI?¡ UM<TGDG<IAJMH<NI?<?MPNE@OD?¡ L¡?DHNE@OG¡M?¡I=DMDN<TH<LJG<M
0UB@?¡INE@OOMFS<GLG<M<M<NI?<B@IDT<TGH?M
UM<TGH¡OIG¡MDI=DMDI?¡ GH?¡IL<uH<LDNO¡T¡IB¡GDID><H>DG?DI¡ BDM¡M¡F?DQ<M<NS=
G?MM%¡HuDIDI ¡M<UD?¡ B@IDT<TGHDI<H<BM¡ 6PSP?<><HBMH¡F UM<TG?.@T?
@?¡F FD 0<GT<H QPM¡F"TIDDI<HG<U¡M=<T><IHDAJGJEDH¡OIG¡MDX¡FD7<L<O<G<AJGFGJMP[FDO<=G<MI?<
?<M<NOG<ML
!DB¡M =DMH¡OI?¡ DN¡ ><HDI¡FG¡ ¡Q¡UJGPIPMX!@?@H(JMFP?PIFDO<=[I?<Q@MDGHD=DM
G¡ODA¡?¡ ?¡ UM<TGIDI¡FAJMH<NI?<O¡NQDMDI¡ M<NOB¡G?DF!)53&&&
*¡OIG¡MDI =DM LDNHDI?¡ UM<TG DIN¡
<?<H? <UI?< DFD ?¡I¡ ?DD Q<M !DG¡MDID L><T= <?<HI NOI¡ B¡G¡I?¡ LJMSP? ?< JGPM , =¡U¡I ><II <GH<< B¡G?DTD <?<H LGI> DG¡ u<GM
DM I@u¡ H¡OI?¡ BNO¡MDGDM FD UM<TG <?<H HD<M DG¡ F¡ND= G?MM P U<H<I @QDI
?DQ<MG<M ¡OM<A?<F <?<HG<MI NO=< L<I JGPM ,?PM FD G uS<I @QDI ?DQ<MG<M T<M?<II <GMP TPM? =<TLP< L<GHDG?DI?¡ JG<II <GM UM<TGI JG<I FDHD BMI?T ?DB¡M =DM H¡OID ?¡ ¡FD?¡I L@T?¡ <GHL ,IP ?< L@T?
@?¡F FD TPS<M?<F H¡OI L@T?¡ <G?HU H¡OI¡ IDN=¡O¡I =DOFDI?DM "TID KMJN@N =P BI =<L<
S<GLG<MI AJGFGJMPI?< ?< UI BNO¡MDM P =<M¡?¡ MPN AJGFGJMI<N +-GJOIDFJQ< T<UM
X0E@ODI ?@AJMH<NDT<N DI?D ¡I¡I¡QD AJGFGJM?< B@?¡I KMJN@NG¡M?¡I =DMD?DM [
M<UD?¡I L@T?¡ <G?HU =DM H¡OI¡ BM¡ UM<TG P<L FDHD ?DB¡M H¡OI?¡ DN¡ L<?I FDHD
BMIM UM<TGI P<L FDHD BMIH¡ND DG¡ U¡M=<T><II <GM *<M<LG?M FD L<?I AJMH<NI?< BMI¡I UM<TGI <? %PH<T?M 33@M=DONFD 0D=DM
OMFG¡MDI?¡I 2H<TI XjGH H¡G¡TD[ IL@G NH@MOD <IG<HI L@T?¡ <GH?M "G¡>¡ ?¡
+ <NDGJQ UM<TG NUI XjGH H¡G¡TD[ FDHD DU<C @?DM 3/<?GJQ OMF S<GLG<MI?D?¡ >D IHM¡ <GOI?< B@?¡I I<G
NE@OD?DM%¡HDII<G!<TDTI¡I=<>JGP<?G<IMPM<?< UM<TGF@uD>DG?DI?¡NOUILMJQGP
O¡NQDMJGPIPM
NG<H ?

Download Report