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A public discussion document on the way forward for competition

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8,=60?> :;0=,?0 49 ,9 09A4=:9809? :1 B3,? 8423? -0 ?0=80/ KB:=6,-70 .:8;0?4?4:9LZ
r9 >@.3 ,9 09A4=:9809?X .:8;0?4?4:9 /0;09/> :9 1,.?:=> >@.3 ,> 0,>0 :1 8,=60? 09?=D
,9/ 0C4?X ,A,47,-474?D :1 >:@=.0> :1 >@;;7D ,9/ :@?70?> 1:= /4>?=4-@?4:9X ,9/ ,..0>> ?:
491:=8,?4:9X 0C;0=?4>0 ,9/ 149,9.4,7 =0>:@=.0> I ,9/ /:0> 9:? 90.0>>,=47D /0;09/ :9
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?3,? ?30 ;=0>09.0 :1 :97D , 10B 14=8> 49 , 24A09 8,=60? /:0> 9:? 90.0>>,=47D 80,9
?3,? ?30=0 4> 49,/0<@,?0 .:8;0?4?4:9Z |30 2:A0=9809? =0>;:9>0 >@220>?0/ ?3,? ,
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.:8;0?4?4:9 49 , 8,=60? 4> -09014.4,7 1:= ?30 0.:9:8D ,> , B3:70X ,> 4? .,9 307;
8,C484>0 0114.409.D 49 ?30 ,77:.,?4:9 :1 =0>:@=.0>X ;=:A4/0 1:= , .70,= 49/4.,?4:9 :1
8,=60? ;=010=09.0> ,9/ 8,49?,49 .:>?> ,? A4,-70 70A07> B347>? ;=:A4/492 , =,920 :1
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|30 =0>@7? 3,> 2090=,77D -009 >429414.,9?7D 7:B0= .:>?> ,9/ 2=0,?0= =,920> :1 ;=:/@.?>
,9/ >0=A4.0> 1:= -@>490>>0> ,9/ .:9>@80=>X ,> B077 ,> =,;4/ 499:A,?4:9 49 ?30
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r9 ?30 ?070.:88@94.,?4:9> >0.?:=X /0=02@7,?4:9 3,> =0>@7?0/ 49 , >429414.,9? 1,77 49
?070;3:90 .,77 .3,=20>X ,9/ , >@->?,9?4,7 49.=0,>0 49 ?070;3:90 .,77 A:7@80 ,9/ 14C0/
,>>0? 49A0>?809?Z |30=0 3,A0 ,7>: -009 3@20 2,49> 49 ?0.39:7:24.,7 499:A,?4:9 ,9/
8,9,20809? 0114.409.DZ r8;=:A0/ ?070.:88@94.,?4:9> >0=A4.0> 3,A0 ;=:8:?0/ ?30
@>0 :1 491:=8,?4:9 ?0.39:7:2D 49 , B4/0 =,920 :1 >0.?:=> 49 ?304= -4/ ?: 48;=:A0
0114.409.DX ?30=0-D ,7>: 307;492 q:92 t:92 8,49?,49 4?> 49?0=9,?4:9,7 .:8;0?4?4A090>>Z
r9 ?30 -,96492 >0.?:=X ?30 ;3,>492 :@? :1 =@70> :9 -,96 49?0=0>? =,?0> 49 ^\\] .=0,?0/
.:8;0?4?4:9 ?3,? 3,> 70/ ?: 2=0,?0= .3:4.0 1:= -@>490>>0> ,9/ .:9>@80=> B309
.:9>4/0=492 ?304= :;?4:9> 1:= /0;:>4?492 ?304= >,A492>Z j? ?30 >,80 ?480 4? 3,>
;=:8;?0/ 499:A,?4:9 49 ?30 -,96492 >0.?:= 4?>071X -:?3 49 ?0=8> :1 ;=:/@.?> ,9/
>0=A4.0> :110=0/ ?: .@>?:80=>X ,9/ 49 ?30 ,;;74.,?4:9 :1 ?0.39:7:2D ,9/ 8,9,20809?
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,77:.,?4:9 :1 =0>:@=.0> B4?349 ?30 0.:9:8DZ r9 ?30 =423? 8,=60? 09A4=:9809? I B34.3
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>@;;740=> :1 ;=:/@.?> ,9/ >0=A4.0> ,9/ ?30 ;0:;70 ,9/ ?30 14=8> B3: -@D ?30>0
;=:/@.?> ,9/ >0=A4.0> .,9 095:D ?30 -09014?> :1 .:8;0?4?4:9Z z0.:294>492 ?3,?
.:8;0?4?4:9 4> 2::/ 1:= ?30 0.:9:8DX 1:= -@>490>> ,9/ 1:= ?30 B4/0= .:88@94?DX
?30 p:A0=9809? 3,> ,/:;?0/ , ;:74.D ,480/ ,? ;=:8:?492 .:8;0?4?4:9 49 ,77 >0.?:=>Z
|30 1:77:B492 ;,=,2=,;3> :@?7490 ?30 B,D 49 B34.3 2:A0=9809? ;:74.D 3,> /0A07:;0/
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49 ^\\_X ;=4.0> 49 8,9D 49/@>?=40> 49.7@/492 ,4= ?=,9>;:=?X =,47 ,9/ =:,/ .,=2: ?=,9>;:=?X
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1077 >@->?,9?4,77D 1:77:B492 /0=02@7,?4:9Z j7?3:@23 ,//4?4:9,7 .:>?> ?: ?30 .:88@94?D
8,D -0 49.@==0/ 49 /0A07:;492 ,9/ 8,49?,49492 ,9 0110.?4A0 =02@7,?:=D 80.3,94>8
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:-50.?4A0 :1 .:8;0?4?4:9 ;:74.D ,>f K?: ;=:8:?0 0.:9:84. 0114.409.D := ?30 -0>? @>0
:1 =0>:@=.0> 1=:8 ?30 >:.40?DJ> ;0=>;0.?4A0ZL r9 >?,?492 ?34> :-50.?4A0X ?30 p:A0=9809?
9:?0/ ?3,? ?30 .:9.0;? :1 0.:9:84. 0114.409.D .,==40/ , 9@8-0= :1 /4809>4:9>X 1:=
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M r8;=:A492 ?30 ,77:.,?4:9 :1 =0>:@=.0> -0?B009 /4110=09? @>0>g
M r8;=:A492 8,9,20=4,7 := :?30= 649/> :1 0114.409.Dg ,9/
M r8;=:A492 =0>;:9>4A090>> ?: .3,92492 /08,9/ ,9/ >@;;7D .:9/4?4:9>Z
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.:@7/ -0 ,>>0>>0/X B30?30= -D 8,=60? >?=@.?@=0X 8,=60? ;0=1:=8,9.0 := ?30 -03,A4:@=
:1 8,=60? ;,=?4.4;,9?>Z r9 /:492 >: 4? 9:?0/ ?3,?X ;=:A4/0/ ?3,? , 8,=60? B,> ,..0>>4-70
,9/ .:9?0>?,-70`X ?30 ;=0>09.0 :1 :90 /:849,9? ;,=?4.4;,9? := :1 :97D , >8,77 9@8-0=
:1 14=8> /4/ 9:? 90.0>>,=47D 49/4.,?0 ?3,? ?30=0 B,> 49,/0<@,?0 .:8;0?4?4:9Z
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:-50.?4A0> B0=0 74960/ ?: ?3:>0 :1 .:8;0?4?4:9 ;:74.DX 49.7@/492 ?=,/0X 49/@>?=4,7 ,9/
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?30 >?0;> ?3,? B:@7/ -0 ?,609 ?: 48;70809? , .:8;=0309>4A0 ;:74.D 1:= q:92 t:92Z
|30>0 49.7@/0/ ?30 1:77:B492 I
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r9 ?30 ?070.:88@94.,?4:9> >0.?:=X /0=02@7,?4:9 3,> =0>@7?0/ 49 , >429414.,9? 1,77 49
?070;3:90 .,77 .3,=20>X ,9/ , >@->?,9?4,7 49.=0,>0 49 ?070;3:90 .,77 A:7@80 ,9/ 14C0/
,>>0? 49A0>?809?Z |30=0 3,A0 ,7>: -009 3@20 2,49> 49 ?0.39:7:24.,7 499:A,?4:9 ,9/
8,9,20809? 0114.409.DZ r8;=:A0/ ?070.:88@94.,?4:9> >0=A4.0> 3,A0 ;=:8:?0/ ?30
@>0 :1 491:=8,?4:9 ?0.39:7:2D 49 , B4/0 =,920 :1 >0.?:=> 49 ?304= -4/ ?: 48;=:A0
0114.409.DX ?30=0-D ,7>: 307;492 q:92 t:92 8,49?,49 4?> 49?0=9,?4:9,7 .:8;0?4?4A090>>Z
r9 ?30 -,96492 >0.?:=X ?30 ;3,>492 :@? :1 =@70> :9 -,96 49?0=0>? =,?0> 49 ^\\] .=0,?0/
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;=:8;?0/ 499:A,?4:9 49 ?30 -,96492 >0.?:= 4?>071X -:?3 49 ?0=8> :1 ;=:/@.?> ,9/
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;=:/@.?> ,9/ >0=A4.0> .,9 095:D ?30 -09014?> :1 .:8;0?4?4:9Z z0.:294>492 ?3,?
.:8;0?4?4:9 4> 2::/ 1:= ?30 0.:9:8DX 1:= -@>490>> ,9/ 1:= ?30 B4/0= .:88@94?DX
?30 p:A0=9809? 3,> ,/:;?0/ , ;:74.D ,480/ ,? ;=:8:?492 .:8;0?4?4:9 49 ,77 >0.?:=>Z
|30 1:77:B492 ;,=,2=,;3> :@?7490 ?30 B,D 49 B34.3 2:A0=9809? ;:74.D 3,> /0A07:;0/
49 =0.09? D0,=>Z
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49 ^\\_X ;=4.0> 49 8,9D 49/@>?=40> 49.7@/492 ,4= ?=,9>;:=?X =,47 ,9/ =:,/ .,=2: ?=,9>;:=?X
9,?@=,7 2,> ,9/ 7:92 /4>?,9.0 ?070;3:90 >0=A4.0>X 49 ?30 }94?0/ {?,?0> :1 j80=4.,
1077 >@->?,9?4,77D 1:77:B492 /0=02@7,?4:9Z j7?3:@23 ,//4?4:9,7 .:>?> ?: ?30 .:88@94?D
8,D -0 49.@==0/ 49 /0A07:;492 ,9/ 8,49?,49492 ,9 0110.?4A0 =02@7,?:=D 80.3,94>8
?: >,102@,=/ .:8;0?4?4:9X >@.3 .:>?> .,9 -0 8:=0 ?3,9 84?42,?0/ -D ?30 :A0=,77
-09014?> ?: .:9>@80=> :1 , 1=00 ,9/ .:8;0?4?4A0 8,=60?Z
]^Z r9 4?> =0>;:9>0 ?: ?30 l:9>@80= l:@9.47X ?30 p:A0=9809? /0>.=4-0/ ?30 @7?48,?0
:-50.?4A0 :1 .:8;0?4?4:9 ;:74.D ,>f K?: ;=:8:?0 0.:9:84. 0114.409.D := ?30 -0>? @>0
:1 =0>:@=.0> 1=:8 ?30 >:.40?DJ> ;0=>;0.?4A0ZL r9 >?,?492 ?34> :-50.?4A0X ?30 p:A0=9809?
9:?0/ ?3,? ?30 .:9.0;? :1 0.:9:84. 0114.409.D .,==40/ , 9@8-0= :1 /4809>4:9>X 1:=
0C,8;70 I
M r9.=0,>492 ?30 :@?;@? :-?,490/ 1=:8 , 24A09 49;@?g
M r8;=:A492 ?30 ,77:.,?4:9 :1 =0>:@=.0> -0?B009 /4110=09? @>0>g
M r8;=:A492 8,9,20=4,7 := :?30= 649/> :1 0114.409.Dg ,9/
M r8;=:A492 =0>;:9>4A090>> ?: .3,92492 /08,9/ ,9/ >@;;7D .:9/4?4:9>Z
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.:@7/ -0 ,>>0>>0/X B30?30= -D 8,=60? >?=@.?@=0X 8,=60? ;0=1:=8,9.0 := ?30 -03,A4:@=
:1 8,=60? ;,=?4.4;,9?>Z r9 /:492 >: 4? 9:?0/ ?3,?X ;=:A4/0/ ?3,? , 8,=60? B,> ,..0>>4-70
,9/ .:9?0>?,-70`X ?30 ;=0>09.0 :1 :90 /:849,9? ;,=?4.4;,9? := :1 :97D , >8,77 9@8-0=
:1 14=8> /4/ 9:? 90.0>>,=47D 49/4.,?0 ?3,? ?30=0 B,> 49,/0<@,?0 .:8;0?4?4:9Z
]`Z o49,77DX ?30 2:A0=9809? =0>;:9>0 ,.69:B70/20/ ?3,? , 9@8-0= :1 :?30= ;:74.D
:-50.?4A0> B0=0 74960/ ?: ?3:>0 :1 .:8;0?4?4:9 ;:74.DX 49.7@/492 ?=,/0X 49/@>?=4,7 ,9/
.:9>@80= ;=:?0.?4:9 ;:74.40>Z r? .:9.7@/0/ ?3,? B30=0 ?30=0 B0=0 .:9174.?492 :-50.?4A0>X
?30 149,7 5@/2809? :9 3:B ?: ;=:.00/ B:@7/ -0 8,/0 :9 ?30 -,>4> :1 B3,? B,>
.:9>4/0=0/ ?: -0 -0>? 1:= ?30 0.:9:8D ,> , B3:70Z
^z}yrzr{,n,v|{ |s X|z}r,v,v|{ e|yvp1
]aZ q,A492 >0? :@? ?30 ;:74.D :-50.?4A0> 1:= .:8;0?4?4:9X ?30 2:A0=9809? =0>;:9>0 :@?7490/
?30 >?0;> ?3,? B:@7/ -0 ?,609 ?: 48;70809? , .:8;=0309>4A0 ;:74.D 1:= q:92 t:92Z
|30>0 49.7@/0/ ?30 1:77:B492 I
M r>>@492 , .70,= ;:74.D >?,?0809? :9 ?30 :-50.?4A0> :1 ;=:8:?492 .:8;0?4?4:9 ,9/
/4>.:@=,2492 A,=4:@> 1:=8> :1 =0>?=4.?4A0 -@>490>> ;=,.?4.0>g
3GVGMPQNGOT PH 2PNQGTKTKPO >PMKEY KO 6POI 9POI
]]Z j> 9:?0/ 0,=740=X 49 ?30 84/Y]ee\>X ?30 p:A0=9809? .:884>>4:90/ ?30 l:9>@80=
l:@9.47 ?: @9/0=?,60 , 9@8-0= :1 >?@/40> :9 A,=4:@> ,>;0.?> :1 .:8;0?4?4:9 49 q:92
t:92X ,9/ 49 ]eec ;@-74>30/ 4?> :B9 =0>;:9>0 ?: ?30 l:@9.47J> =0.:8809/,?4:9>Z
v
M z0<@4=492 ,77 2:A0=9809? -@=0,@C ?: 24A0 /@0 =02,=/ ?: ?30 .:8;0?4?4:9 ,9270 49
>0??492 90B ;:74.40> := =0A40B492 0C4>?492 ;:74.40>g
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M z0<@0>?492 ?30 l:9>@80= l:@9.47 ?: .:9?49@0 ?: 8:94?:= ,9/ =0A40B ?=,/0 ;=,.?4.0>
49 >0.?:=> ;=:90 ?: K@91,4=L ?=,/492 ,.?4A4?40>Z
]eZ |30 {?,?0809? ,7>: ,//=0>>0/ ?30 4>>@0 :1 8,=60? /:849,9.0X ,7-04? 9:?492 ?3,? 0A09
41 , -@>490>> 3,/ , /:849,9? ;:>4?4:9 49 , 8,=60?X ?34> /4/ 9:? 90.0>>,=47D 80,9 ?3,?
?30 -@>490>> B,> ,9?4Y.:8;0?4?4A0Z |30 /0?0=849492 1,.?:= B:@7/ -0 B30?30= ?30
-@>490>> B,> 7484?492 8,=60? ,..0>>4-474?D ,9/ .:9?0>?,-474?DX 24A492 =4>0 ?: 0.:9:84.
490114.409.D := :->?=@.?492 1=00 ?=,/0Z nC,8;70> :1 -03,A4:@= ?3,? .:@7/ .:9>?4?@?0
,-@>0 :1 , 8,=60? ;:>4?4:9 B0=0 <@:?0/ ,> -0492 I
r81@D5B e
M n>?,-74>3492 , 3423Y70A07 l:8;0?4?4:9 y:74.D j/A4>:=D p=:@; VlxvyjpW @9/0= ?30
.3,4=8,9>34; :1 ?30 o49,9.4,7 {0.=0?,=D ?: ?,60 , ;=:,.?4A0 =:70 49 A0??492 0C4>?492
2:A0=9809? ;:74.40> ,9/ ;=,.?4.0> ?: 09>@=0 ?3,? ?30D B0=0 9:? ,9?4Y.:8;0?4?4A0X
,9/ ?: =0A40B :?30= .:8;0?4?4:9 ;:74.D 8,??0=>g ,9/
M y=0/,?:=D -03,A4:@=X ;,=?4.@7,=7D 49 =07,?4:9 ?: ;=4.492g
]bZ |30 =0>;:9>0 /:.@809? 1@=?30= 9:?0/ ?3,? ?30 p:A0=9809? 3,/ =0A40B0/ ?30
,=2@809?> 1:= ,9/ ,2,49>? , 2090=,7 .:8;0?4?4:9 7,B 1:= q:92 t:92X ,9/ 3,/
.:9.7@/0/ ?3,? , 9:9Y7024>7,?4A0 ,;;=:,.3 B,> 8:=0 ,;;=:;=4,?0Z
M {0??492 =0?,47 ;=4.0 84948@8> 1:= ;=:/@.?> := >0=A4.0> B4?3 9: =0,/D >@->?4?@?0>g
,9/
Z+,noyv+uzr{, |s XdbeV\
M l:9/4?4:9492 ?30 >@;;7D :1 >;0.4140/ ;=:/@.?> := >0=A4.0> ?: ?30 ;@=.3,>0 :1 :?30=
>;0.4140/ ;=:/@.?> := >0=A4.0> := ?: ?30 ,..0;?,9.0 :1 .0=?,49 =0>?=4.?4:9>Z
]cZ r9 7490 B4?3 ?30 ;=:;:>,7> >0? :@? ,-:A0X lxvyjp B,> 0>?,-74>30/ 49 m0.08-0= ]eecX
,9/ ?30 p=:@; ?::6 :9 ?30 =0>;:9>4-474?D :1 4>>@492 ?30 >?,?0809? :9 .:8;0?4?4:9
;:74.DX B34.3 B,> ;@-74>30/ 49 v,D ]eedaZ |30 >?,?0809? 1@=?30= .7,=4140/ ?30 :-50.?4A0
:1 ?30 p:A0=9809?J> .:8;0?4?4:9 ;:74.D ,> -0492 I
j 1@770= /4>.@>>4:9 :1 ?30 .:9.0;? :1 ,-@>0 :1 , /:849,9? 8,=60? ;:>4?4:9 4> >0? :@?
49 ;,=,2=,;3> c] ,9/ c^ -07:BX ,9/ , B4/0= /4>.@>>4:9 :1 ?30 4>>@0 :1 /0149492 B3,?
8423? .:9>?4?@?0 ,9?4Y.:8;0?4?4A0 .:9/@.? 4> ,? ;,=,2=,;3> c` ?: ceZ
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]dZ r9 ?30 lxvyjp {?,?0809?X ?30 p:A0=9809? .,770/ :9 -@>490>>0> A:7@9?,=47D ?: .0,>0
:= ?: =01=,49 1=:8 49?=:/@.492 =0>?=4.?4A0 ;=,.?4.0> ?3,? 48;,4= 0.:9:84. 0114.409.D :=
1=00 ?=,/0X ,//492 ?3,? 4? B:@7/ ?,60 ,/8494>?=,?4A0 := 702,7 >?0;> ?: =08:A0 >@.3
;=,.?4.0> ,> 90.0>>,=DZ z0>?=4.?4A0 ;=,.?4.0> B0=0 /01490/ 49 ?30 >?,?0809? ,> ?30
1:77:B492 I
M y=4.0Y14C492g
M k4/Y=422492X 8,=60? ,77:.,?4:9X >,70> ,9/ ;=:/@.?4:9 <@:?,>g
M s:49? -:D.:??>g ,9/
M }91,4= := /4>.=4849,?:=D >?,9/,=/>Z
[-*,ur* Yr.ry|}zr{, |s X|z}r,v,v|{ e|yvp1 3 hrp,|* h}rpvsvp V}}*|npu
^\Z r9 4?> ]eec =0>;:9>0 ?: ?30 l:9>@80= l:@9.47X ?30 p:A0=9809? .:9.7@/0/ ?3,? ?30=0
B,> 9: .:8;077492 .,>0 1:= , 2090=,7 .:8;0?4?4:9 7,BZ q:B0A0=X 49 ^\\\ ,9/ ^\\]X
7024>7,?4A0 ;=:;:>,7> B0=0 ;,>>0/ ?: >;0.414.,77D ;=:34-4? .0=?,49 ?D;0> :1 ,9?4Y.:8;0?4?4A0
.:9/@.? ,9/ ?30 ,-@>0 :1 , /:849,9? ;:>4?4:9 49 ?30 ?070.:88@94.,?4:9>b ,9/ ?30
-=:,/.,>?492c 8,=60?> =0>;0.?4A07DZ
^]Z |30 09,.?809? :1 ?30>0 7,B> B,> .:9>4>?09? B4?3 ?30 p:A0=9809?J> ;:74.D :1 7024>7,?492
:9 .:8;0?4?4:9 4>>@0> :9 , >0.?:= -D >0.?:= -,>4>Z r9 ?30 >;0.414. >0.?:=> .:9.0=90/X
?30 7,B> =0170.?0/ ?30 900/ ?: 09>@=0 ?3,? 90B ,9/ 0C4>?492 74.09>00> 49 ?30
?070.:88@94.,?4:9> ,9/ -=:,/.,>?492 >0.?:=> B:@7/ -0 ,-70 ?: .:8;0?0 :9 , 70A07
;7,D492Y1407/ 49 8,=60?> ?3,? B0=0 @9/0=2:492 , ;=:.0>> :1 /0=02@7,?4:9Z o:= :?30=
>0.?:=> :1 ?30 0.:9:8DX lxvyjp .:9?49@0/ ?: 7::6 ,? .:8;7,49?> :1 ,9?4Y.:8;0?4?4A0
.:9/@.? ,9/ ?: 49A0>?42,?0 ;:>>4-70 ,-@>0> :1 /:849,9.0 ,> ?30D ,=:>0Z
j 1@770= /0>.=4;?4:9 :1 ?30>0 ?0=8>X ,> >0? :@? 49 ?30 lxvyjp {?,?0809? V,9/ 477@>?=,?0/
-D 0C,8;70>WX 4> >0? :@? 49 ;,=,2=,;3> b_ ?: c\ -07:BZ
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M z0<@0>?492 ?30 l:9>@80= l:@9.47 ?: .:9?49@0 ?: 8:94?:= ,9/ =0A40B ?=,/0 ;=,.?4.0>
49 >0.?:=> ;=:90 ?: K@91,4=L ?=,/492 ,.?4A4?40>Z
]eZ |30 {?,?0809? ,7>: ,//=0>>0/ ?30 4>>@0 :1 8,=60? /:849,9.0X ,7-04? 9:?492 ?3,? 0A09
41 , -@>490>> 3,/ , /:849,9? ;:>4?4:9 49 , 8,=60?X ?34> /4/ 9:? 90.0>>,=47D 80,9 ?3,?
?30 -@>490>> B,> ,9?4Y.:8;0?4?4A0Z |30 /0?0=849492 1,.?:= B:@7/ -0 B30?30= ?30
-@>490>> B,> 7484?492 8,=60? ,..0>>4-474?D ,9/ .:9?0>?,-474?DX 24A492 =4>0 ?: 0.:9:84.
490114.409.D := :->?=@.?492 1=00 ?=,/0Z nC,8;70> :1 -03,A4:@= ?3,? .:@7/ .:9>?4?@?0
,-@>0 :1 , 8,=60? ;:>4?4:9 B0=0 <@:?0/ ,> -0492 I
r81@D5B e
M n>?,-74>3492 , 3423Y70A07 l:8;0?4?4:9 y:74.D j/A4>:=D p=:@; VlxvyjpW @9/0= ?30
.3,4=8,9>34; :1 ?30 o49,9.4,7 {0.=0?,=D ?: ?,60 , ;=:,.?4A0 =:70 49 A0??492 0C4>?492
2:A0=9809? ;:74.40> ,9/ ;=,.?4.0> ?: 09>@=0 ?3,? ?30D B0=0 9:? ,9?4Y.:8;0?4?4A0X
,9/ ?: =0A40B :?30= .:8;0?4?4:9 ;:74.D 8,??0=>g ,9/
M y=0/,?:=D -03,A4:@=X ;,=?4.@7,=7D 49 =07,?4:9 ?: ;=4.492g
]bZ |30 =0>;:9>0 /:.@809? 1@=?30= 9:?0/ ?3,? ?30 p:A0=9809? 3,/ =0A40B0/ ?30
,=2@809?> 1:= ,9/ ,2,49>? , 2090=,7 .:8;0?4?4:9 7,B 1:= q:92 t:92X ,9/ 3,/
.:9.7@/0/ ?3,? , 9:9Y7024>7,?4A0 ,;;=:,.3 B,> 8:=0 ,;;=:;=4,?0Z
M {0??492 =0?,47 ;=4.0 84948@8> 1:= ;=:/@.?> := >0=A4.0> B4?3 9: =0,/D >@->?4?@?0>g
,9/
Z+,noyv+uzr{, |s XdbeV\
M l:9/4?4:9492 ?30 >@;;7D :1 >;0.4140/ ;=:/@.?> := >0=A4.0> ?: ?30 ;@=.3,>0 :1 :?30=
>;0.4140/ ;=:/@.?> := >0=A4.0> := ?: ?30 ,..0;?,9.0 :1 .0=?,49 =0>?=4.?4:9>Z
]cZ r9 7490 B4?3 ?30 ;=:;:>,7> >0? :@? ,-:A0X lxvyjp B,> 0>?,-74>30/ 49 m0.08-0= ]eecX
,9/ ?30 p=:@; ?::6 :9 ?30 =0>;:9>4-474?D :1 4>>@492 ?30 >?,?0809? :9 .:8;0?4?4:9
;:74.DX B34.3 B,> ;@-74>30/ 49 v,D ]eedaZ |30 >?,?0809? 1@=?30= .7,=4140/ ?30 :-50.?4A0
:1 ?30 p:A0=9809?J> .:8;0?4?4:9 ;:74.D ,> -0492 I
j 1@770= /4>.@>>4:9 :1 ?30 .:9.0;? :1 ,-@>0 :1 , /:849,9? 8,=60? ;:>4?4:9 4> >0? :@?
49 ;,=,2=,;3> c] ,9/ c^ -07:BX ,9/ , B4/0= /4>.@>>4:9 :1 ?30 4>>@0 :1 /0149492 B3,?
8423? .:9>?4?@?0 ,9?4Y.:8;0?4?4A0 .:9/@.? 4> ,? ;,=,2=,;3> c` ?: ceZ
}vq gpjcpeg geqpqoke ghhkekgpe{ cpf htgg hnqy qh vtcfg? vjgtgd{ cnuq
dgpghkvkpi eqpuwogt ygnhctgA~
]dZ r9 ?30 lxvyjp {?,?0809?X ?30 p:A0=9809? .,770/ :9 -@>490>>0> A:7@9?,=47D ?: .0,>0
:= ?: =01=,49 1=:8 49?=:/@.492 =0>?=4.?4A0 ;=,.?4.0> ?3,? 48;,4= 0.:9:84. 0114.409.D :=
1=00 ?=,/0X ,//492 ?3,? 4? B:@7/ ?,60 ,/8494>?=,?4A0 := 702,7 >?0;> ?: =08:A0 >@.3
;=,.?4.0> ,> 90.0>>,=DZ z0>?=4.?4A0 ;=,.?4.0> B0=0 /01490/ 49 ?30 >?,?0809? ,> ?30
1:77:B492 I
M y=4.0Y14C492g
M k4/Y=422492X 8,=60? ,77:.,?4:9X >,70> ,9/ ;=:/@.?4:9 <@:?,>g
M s:49? -:D.:??>g ,9/
M }91,4= := /4>.=4849,?:=D >?,9/,=/>Z
[-*,ur* Yr.ry|}zr{, |s X|z}r,v,v|{ e|yvp1 3 hrp,|* h}rpvsvp V}}*|npu
^\Z r9 4?> ]eec =0>;:9>0 ?: ?30 l:9>@80= l:@9.47X ?30 p:A0=9809? .:9.7@/0/ ?3,? ?30=0
B,> 9: .:8;077492 .,>0 1:= , 2090=,7 .:8;0?4?4:9 7,BZ q:B0A0=X 49 ^\\\ ,9/ ^\\]X
7024>7,?4A0 ;=:;:>,7> B0=0 ;,>>0/ ?: >;0.414.,77D ;=:34-4? .0=?,49 ?D;0> :1 ,9?4Y.:8;0?4?4A0
.:9/@.? ,9/ ?30 ,-@>0 :1 , /:849,9? ;:>4?4:9 49 ?30 ?070.:88@94.,?4:9>b ,9/ ?30
-=:,/.,>?492c 8,=60?> =0>;0.?4A07DZ
^]Z |30 09,.?809? :1 ?30>0 7,B> B,> .:9>4>?09? B4?3 ?30 p:A0=9809?J> ;:74.D :1 7024>7,?492
:9 .:8;0?4?4:9 4>>@0> :9 , >0.?:= -D >0.?:= -,>4>Z r9 ?30 >;0.414. >0.?:=> .:9.0=90/X
?30 7,B> =0170.?0/ ?30 900/ ?: 09>@=0 ?3,? 90B ,9/ 0C4>?492 74.09>00> 49 ?30
?070.:88@94.,?4:9> ,9/ -=:,/.,>?492 >0.?:=> B:@7/ -0 ,-70 ?: .:8;0?0 :9 , 70A07
;7,D492Y1407/ 49 8,=60?> ?3,? B0=0 @9/0=2:492 , ;=:.0>> :1 /0=02@7,?4:9Z o:= :?30=
>0.?:=> :1 ?30 0.:9:8DX lxvyjp .:9?49@0/ ?: 7::6 ,? .:8;7,49?> :1 ,9?4Y.:8;0?4?4A0
.:9/@.? ,9/ ?: 49A0>?42,?0 ;:>>4-70 ,-@>0> :1 /:849,9.0 ,> ?30D ,=:>0Z
j 1@770= /0>.=4;?4:9 :1 ?30>0 ?0=8>X ,> >0? :@? 49 ?30 lxvyjp {?,?0809? V,9/ 477@>?=,?0/
-D 0C,8;70>WX 4> >0? :@? 49 ;,=,2=,;3> b_ ?: c\ -07:BZ
G }^vcvgogpv qp Oqorgvkvkqp \qnke{~L Oqorgvkvkqp \qnke{ Mfxkuqt{ Stqwr? Yc{ CKKJ
x
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I Upenwfkpi ugevkqpu CE cpf CF qh vjg Ntqcfecuvkpi [tfkpcpeg =Ojcrvgt GHD? kdkf>
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l|*x |s ,ur X|z}r,v,v|{ e|yvp1 gr.vr/ X|zzv,,rr
^_Z q,A492 ?,609 9:?0 :1 ?30 .:9?49@492 49?0=0>? 49 ?30 .:88@94?D 49 ?30 4>>@0 :1 B30?30=
:= 9:? q:92 t:92 >3:@7/ 49?=:/@.0 , -=:,/0= .:8;0?4?4:9 7,BX 49 s@90 ^\\aX lxvyjp
,;;:49?0/ ?30 l:8;0?4?4:9 y:74.D z0A40B l:884??00 VlyzlWX B4?3 , l3,4=8,9 ,9/
808-0=>34; /=,B9 ,78:>? 09?4=07D 1=:8 -@>490>>X ,.,/084. ,9/ :?30= 9:9Y2:A0=9809?
-,.62=:@9/>X ?: =0A40B ?30 0110.?4A090>> :1 q:92 t:92J> .:8;0?4?4:9 ;:74.D ,9/ ?:
=0;:=? ?: lxvyjp :9 4?> 149/492>Z
^`Z r9 ?30 .:@=>0 :1 4?> =0A40BX ?30 lyzl .:9/@.?0/ 0C?09>4A0 =0>0,=.3 49?: ?30 .:8;0?4?4:9
;:74.D ,9/ 7024>7,?4:9 :1 :?30= ,/8494>?=,?4:9> ,9/ 3:B ?30>0 B0=0 48;70809?0/ 49
;=,.?4.0Z |30 .:884??00 B,> ,7>: ,-70 ?: /=,B 14=>?Y3,9/ :9 ?30 69:B70/20 :1 ,
9@8-0= :1 0C;0=?> 1=:8 :?30= .:@9?=40>X >0A0=,7 :1 B3:8 B0=0 49A4?0/ ?: q:92 t:92
?: -=401 lyzl 808-0=> :9 ?304= 0C;0=409.0 49 /0,7492 B4?3 .:8;0?4?4:9 =02@7,?4:9
49 ?304= :B9 =0>;0.?4A0 0.:9:840>Z
^aZ |30 lyzl .:8;70?0/ 4?> =0A40B ,9/ /074A0=0/ 4?> 149/492> ,9/ =0.:8809/,?4:9> 49
s@90 ^\\bZ |30>0 B0=0 ;@-74>30/ 49 , =0;:=?d ?3,? B,> 8,/0 ;@-74. 49 s@7D ^\\bZ
|30 149/492> :1 ?30 lyzl 1:=8 ?30 -,>4> 1:= ?30 4>>@0>X :;?4:9> ,9/ 60D <@0>?4:9>
?3,? ,=0 >0? :@? 49 l3,;?0=> _ ?: b :1 ?34> /4>.@>>4:9 /:.@809?Z
iur crrq s|* n e|yvp1 gr.vr/ c|/
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^^Z |30 ;=:A4>4:9> 49 ?30 |070.:88@94.,?4:9> ,9/ k=:,/.,>?492 x=/49,9.0> ,=0 >?477 ?30
:97D 7,B> 2:A0=9492 .:8;0?4?4:9 49 q:92 t:92 Y ,7?3:@23 .:8;0?4?4:9 =07,?0/
;=:A4>4:9> 3,A0 =0.09?7D -009 B=4??09 49?: ?30 49/4A4/@,7 .:9?=,.?> 1:= ?30 p:A0=9809?
n70.?=:94. |=,/492 {0=A4.0>Z {0.?:= >;0.414. .:8;0?4?4:9 7024>7,?4:9 3,> 9:B -009 49
;7,.0 49 q:92 t:92 1:= 8:=0 ?3,9 14A0 D0,=>X ,9/ ?34> 3,> ,77:B0/ 1:= ?30 /0A07:;809?
:1 702,7X 0.:9:84. ,9/ ,..:@9?492 0C;0=?4>0 49 ?34> ,=0,Z
^bZ |30 >0.?:= >;0.414. ,;;=:,.3 ?: 09,.?492 .:8;0?4?4:9 7,B 3,> >: 1,= =0>@7?0/ 49 ?30
/0A07:;809? :1 , =02@7,?:=D 1=,80B:=6 1:= .:8;0?4?4:9 49 ?30 -=:,/.,>?492 ,9/
?070.:88@94.,?4:9> >0.?:=> ?3,? ,77:B> 1:= 1@77 49A0>?42,?4:9 ,9/X B30=0 ,;;=:;=4,?0X
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?30 0C?09? ?: B34.3 .:8;7,49?> :1 ,9?4Y.:8;0?4?4A0 .:9/@.? 8423? -0 5@>?4140/Z |34>
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.:9/@.?Z
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.:8;0?4?4A090>> 49 =07,?4:9 ?: :?30= 8,5:= .4?40>X 4? 4> 48;:=?,9? ?3,? B0 >3:B , .70,=
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9: 702,7 1=,80B:=6 1:= ?30 48;70809?,?4:9 :1 ?30 ;:74.DZ
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=0;:=? ?: lxvyjp :9 4?> 149/492>Z
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n70.?=:94. |=,/492 {0=A4.0>Z {0.?:= >;0.414. .:8;0?4?4:9 7024>7,?4:9 3,> 9:B -009 49
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,.=:>> >0.?:=> 3,> ,7>: =,4>0/ .:9.0=9>Z
`]Z w:90?3070>>X >:80 49?0=9,?4:9,7 :=2,94>,?4:9> 3,A0 0C;=0>>0/ .:9.0=9 ?3,? ?30=0 4>
74??70 =02@7,?4:9 :1 ,9?4Y.:8;0?4?4A0 .:9/@.? 49 q:92 t:92Z |30 *:=7/ |=,/0
x=2,94>,?4:9 V*|xW {0.=0?,=4,?J> =0;:=? :9 ?30 ^\\^ |=,/0 y:74.D z0A40B :9 q:92
t:92 0C;=0>>0/ ?30 :;494:9 ?3,? K?30 >008492 7,.6 :1 .:30=09? 80,>@=0> ?: ,//=0>>
,9?4Y.:8;0?4?4A0 ;=,.?4.0> 49 ,77 -@? , 10B >0.?:=> .:@7/ .:9>?4?@?0 ,9 :->?,.70 ?:
2=0,?0= .:8;0?4?4:9L I ,7?3:@23 ?34> A40B B,> 7,?0= -,7,9.0/ -D , .:8809? 1=:8
?30 l3,4= :1 ?30 *|x |=,/0 y:74.D z0A40B ?: ?30 0110.? ?3,? 4? 2090=,77D ,;;=0.4,?0/
q:92 t:92J> 011:=?> ?: 8,49?,49 , .:8;0?4?4A0 8,=60?Z n,=740= ?34> D0,=X ?30 r9?0=9,?4:9,7
v:90?,=D o@9/ B07.:80/ ?30 0>?,-74>3809? :1 ?30 lyzl ?: =0A40B .:8;0?4?4:9 ;:74.D
49 q:92 t:92 ,9/ ?30 ;:>>4-70 =:70 :1 , 2090=,7 .:8;0?4?4:9 7,BZ
r81@D5B g
_cZ q:92 t:92 4> , 1=00 ,9/ :;09 0.:9:8DX B4?3 10B =0>?=,49?> ?: ?=,/0 49 2::/> ,9/
>0=A4.0> ,9/ 1:=0429 /4=0.? 49A0>?809? VomrWX ,9/ 9: >429414.,9? 09?=D -,==40=> ?: 8:>?
49/@>?=40>Z r9 .:88:9 B4?3 8,9D :?30= /0A07:;0/ 0.:9:840>X , 3423 ;=:;:=?4:9
V>:80 edSW :1 7:.,7 =024>?0=0/ -@>490>>0> ,=0 {8,77 ,9/ v0/4@8Y>4E0/ n9?0=;=4>0>
V{vn>WZ l:8;,940> ,=0 1=00 ?: .:8;0?0 49 ?0=8> :1 ;=4.0X 49.7@/492 ?30 @>0 :1 /4>.:@9?
,9/ 7:D,7?D >.3080>X ,9/ 49 ?0=8> :1 /4110=09?4,?0/ 2::/> ,9/ >0=A4.0>Z
`\Z |30 49?0=9,?4:9,7 .:88@94?D =0.:294>0> q:92 t:92J> 1=00 ,9/ 1,A:@=,-70 -@>490>>
09A4=:9809?Z r9 , ;00= =0A40B :1 q:92 t:92 .:9/@.?0/ 49 ^\\aX jynl =08,=60/
?3,? q:92 t:92J> 8,=60? :=409?0/ ,9/ >0.?:= >;0.414. ,;;=:,.3 ?: .:8;0?4?4:9 3,/
[email protected] 80=4?X B347>? 9:?492 ?3,? ?30=0 B,> , 900/ 1:= .:9>?,9? >@=A0477,9.0 ,9/
0A,7@,?4:9 :1 ?30 >4?@,?4:9Z
`^Z |30 =0;:=? :1 ?30 lyzl 34237423?0/ ?30 >;0.414. .3,=,.?0=4>?4.> :1 q:92 t:92J> 0.:9:8DX
,9/ .:9.7@/0/ ?3,? .:8;0?4?4:9 4> -0>? 9@=?@=0/ ,9/ >@>?,490/ -D ,77:B492 ?30 1=00
;7,D :1 8,=60? 1:=.0>Z r? 1@=?30= .:8809?0/ ?3,? ,9D 90B ,;;=:,.3 ?: .:8;0?4?4:9
;:74.DX 49.7@/492 7024>7,?4:9 >3:@7/ >0=A0 ?30 ;@=;:>0 :1 093,9.492 0.:9:84. 0114.409.D
,9/ ?30 1=00 17:B :1 ?=,/0X ?30=0-D ,7>: -09014?492 .:9>@80= B071,=0Z |30 ,48 >3:@7/
9:? -0 ?: -09014? := ?: ?,=20? >;0.414. >0.?:=>X 9:= ?: >?48@7,?0 := 49?=:/@.0 .:8;0?4?4:9
,=?414.4,77DZ z,?30=X ?30 60D :-50.?4A0> >3:@7/ -0 ?: =0491:=.0 -@>490>> ,9/ .:9>@80=
.:914/09.0X 093,9.0 q:92 t:92J> ;=:Y09?0=;=4>0X ;=:Y8,=60? 09A4=:9809? ,9/ ?:
;=:A4/0 , 70A07 ;7,D492Y1407/ 1:= ,77 -D .:8-,?492 ,9?4Y.:8;0?4?4A0 -03,A4:@=Z
<GGF HPR C <GW 2PNQGTKTKPO :CW
68? 7>8<=9;: ,5
s?5C w?>7 z?>7 >554 1 >5G 3?=@5D9D9?> <1Go
`_Z r9 >0??492 :@? 4?> ;7,9> ?: 48;70809? ?30 .:8;0?4?4:9 ;:74.D 08-:/40/ 49 ?30 lxvyjp
{?,?0809? :1 v,D ]eedX ?30 p:A0=9809? .,770/ @;:9 ,77 -@>490>>0>f K?: .0,>0
0C4>?492X ,9/ =01=,49 1=:8 49?=:/@.492X =0>?=4.?4A0 ;=,.?4.0> ?3,? 48;,4= 0.:9:84.
0114.409.D := 1=00 ?=,/0 :9 , A:7@9?,=D -,>4>ZL |30 lxvyjp {?,?0809? .:9?49@0/f
sv
sw
L`Ygj]h D
QYaejYaeae_ Y Lfdg]jajal] Melahfed]ejI
Lfeia\]hYjafei ^fh Nfe_ Pfe_
7OTRPFUETKPO + 6POI 9POI[S 4EPOPNKE 4OVKRPONGOT
r81@D5B g
_dZ {:80 >0.?:=> .3,=,.?0=4>0/ -D >429414.,9? 0.:9:840> :1 >.,70 ,=0 /:849,?0/ -D , 10B
-42 .:8;,940>X B4?3 := B4?3:@? , 7,=20 9@8-0= :1 >8,770= .:8;,940> ,? ?30 ;0=4;30=DZ
|30>0 >0.?:=> @>@,77D 49A:7A0 7,=20 14C0/ ,>>0? 49A0>?809? B4?3 7:92 ;,D-,.6 ;0=4:/>Z
|30 /:849,?4:9 :1 .0=?,49 >0.?:=> -D , >8,77 9@8-0= :1 .:8;,940> 4> 9:? ,9?4Y
.:8;0?4?4A0 ;0= >0Z r9 .0=?,49 >0.?:=>X ?34> 4> >48;7D , =0>@7? :1 8,=60? 1:=.0>Z
w:90?3070>>X 49 >:80 >0.?:=> >@.3 /:849,?4:9 4> .:8-490/ B4?3 :?30= 1,.?:=>X B4?3
?30 =0>@7? ?3,? ?30 ;:>>4-474?D :1 ,9?4Y.:8;0?4?4A0 -03,A4:@= 0C4>?>Z |30>0 1,.?:=>
49.7@/0 3423 8,=60? 09?=D -,==40=>X ;=4.0 4907,>?4. /08,9/X 7484?0/ ;=:/@.? /4110=09?4,?4:9
B4?3 .:8;0?4?4:9 8,497D :9 ;=4.0X ;=0/4.?,-70 /08,9/ ,9/ 8,=60? >3,=0X ,9/ A0=?4.,7
49?02=,?4:9Z w:90?3070>>X 0A09 ?3:@23 ?30 8,=60? >?=@.?@=0 8423? 3,A0 070809?>
?3,? .:@7/ ,77:B 1:= ,9?4Y.:8;0?4?4A0 .:9/@.?X 4? /:0> 9:? 90.0>>,=47D 1:77:B ?3,? >@.3
.:9/@.? 4> ;=0>09?Z
_eZ q:92 t:92 3,> , A4-=,9? 8,=60? 49 8,9D 2::/> ,9/ >0=A4.0>Z *4?3 093,9.0/ ;@-74.
0/@.,?4:9 :9 .:9>@80= ;=:?0.?4:9 ,9/ 30423?090/ ,B,=090>> 49 ?30 .:88@94?DX ?30
;@-74. 3,> /0A07:;0/ , 6009 >09>0 :1 .:9>@80= =423?>Z r9 =0.09? D0,=>X ?30=0 3,>
-009 49.=0,>492 /08,9/ 1:= 2=0,?0= .:9>@80= ;=:?0.?4:9 ,9/ 8:=0 .:8;0?4?4:9 49
>0.?:=> >@.3 ,> ?=,9>;:=? ,9/ @?474?40>X B30=0 ?30=0 ,=0 ;0=.04A0/ ?: -0 7484?0/
:;;:=?@94?40> 1:= 90B 8,=60? 09?=,9?>Z |30=0 3,A0 ,7>: -009 ,7702,?4:9> :1 , 7,.6
:1 .:8;0?4?4:9 := :1 ,9?4Y.:8;0?4?4A0 -03,A4:@= 49 >:80 >0.?:=>Z k@9/7492 :1 >0=A4.0>
,.=:>> >0.?:=> 3,> ,7>: =,4>0/ .:9.0=9>Z
`]Z w:90?3070>>X >:80 49?0=9,?4:9,7 :=2,94>,?4:9> 3,A0 0C;=0>>0/ .:9.0=9 ?3,? ?30=0 4>
74??70 =02@7,?4:9 :1 ,9?4Y.:8;0?4?4A0 .:9/@.? 49 q:92 t:92Z |30 *:=7/ |=,/0
x=2,94>,?4:9 V*|xW {0.=0?,=4,?J> =0;:=? :9 ?30 ^\\^ |=,/0 y:74.D z0A40B :9 q:92
t:92 0C;=0>>0/ ?30 :;494:9 ?3,? K?30 >008492 7,.6 :1 .:30=09? 80,>@=0> ?: ,//=0>>
,9?4Y.:8;0?4?4A0 ;=,.?4.0> 49 ,77 -@? , 10B >0.?:=> .:@7/ .:9>?4?@?0 ,9 :->?,.70 ?:
2=0,?0= .:8;0?4?4:9L I ,7?3:@23 ?34> A40B B,> 7,?0= -,7,9.0/ -D , .:8809? 1=:8
?30 l3,4= :1 ?30 *|x |=,/0 y:74.D z0A40B ?: ?30 0110.? ?3,? 4? 2090=,77D ,;;=0.4,?0/
q:92 t:92J> 011:=?> ?: 8,49?,49 , .:8;0?4?4A0 8,=60?Z n,=740= ?34> D0,=X ?30 r9?0=9,?4:9,7
v:90?,=D o@9/ B07.:80/ ?30 0>?,-74>3809? :1 ?30 lyzl ?: =0A40B .:8;0?4?4:9 ;:74.D
49 q:92 t:92 ,9/ ?30 ;:>>4-70 =:70 :1 , 2090=,7 .:8;0?4?4:9 7,BZ
r81@D5B g
_cZ q:92 t:92 4> , 1=00 ,9/ :;09 0.:9:8DX B4?3 10B =0>?=,49?> ?: ?=,/0 49 2::/> ,9/
>0=A4.0> ,9/ 1:=0429 /4=0.? 49A0>?809? VomrWX ,9/ 9: >429414.,9? 09?=D -,==40=> ?: 8:>?
49/@>?=40>Z r9 .:88:9 B4?3 8,9D :?30= /0A07:;0/ 0.:9:840>X , 3423 ;=:;:=?4:9
V>:80 edSW :1 7:.,7 =024>?0=0/ -@>490>>0> ,=0 {8,77 ,9/ v0/4@8Y>4E0/ n9?0=;=4>0>
V{vn>WZ l:8;,940> ,=0 1=00 ?: .:8;0?0 49 ?0=8> :1 ;=4.0X 49.7@/492 ?30 @>0 :1 /4>.:@9?
,9/ 7:D,7?D >.3080>X ,9/ 49 ?0=8> :1 /4110=09?4,?0/ 2::/> ,9/ >0=A4.0>Z
`\Z |30 49?0=9,?4:9,7 .:88@94?D =0.:294>0> q:92 t:92J> 1=00 ,9/ 1,A:@=,-70 -@>490>>
09A4=:9809?Z r9 , ;00= =0A40B :1 q:92 t:92 .:9/@.?0/ 49 ^\\aX jynl =08,=60/
?3,? q:92 t:92J> 8,=60? :=409?0/ ,9/ >0.?:= >;0.414. ,;;=:,.3 ?: .:8;0?4?4:9 3,/
[email protected] 80=4?X B347>? 9:?492 ?3,? ?30=0 B,> , 900/ 1:= .:9>?,9? >@=A0477,9.0 ,9/
0A,7@,?4:9 :1 ?30 >4?@,?4:9Z
`^Z |30 =0;:=? :1 ?30 lyzl 34237423?0/ ?30 >;0.414. .3,=,.?0=4>?4.> :1 q:92 t:92J> 0.:9:8DX
,9/ .:9.7@/0/ ?3,? .:8;0?4?4:9 4> -0>? 9@=?@=0/ ,9/ >@>?,490/ -D ,77:B492 ?30 1=00
;7,D :1 8,=60? 1:=.0>Z r? 1@=?30= .:8809?0/ ?3,? ,9D 90B ,;;=:,.3 ?: .:8;0?4?4:9
;:74.DX 49.7@/492 7024>7,?4:9 >3:@7/ >0=A0 ?30 ;@=;:>0 :1 093,9.492 0.:9:84. 0114.409.D
,9/ ?30 1=00 17:B :1 ?=,/0X ?30=0-D ,7>: -09014?492 .:9>@80= B071,=0Z |30 ,48 >3:@7/
9:? -0 ?: -09014? := ?: ?,=20? >;0.414. >0.?:=>X 9:= ?: >?48@7,?0 := 49?=:/@.0 .:8;0?4?4:9
,=?414.4,77DZ z,?30=X ?30 60D :-50.?4A0> >3:@7/ -0 ?: =0491:=.0 -@>490>> ,9/ .:9>@80=
.:914/09.0X 093,9.0 q:92 t:92J> ;=:Y09?0=;=4>0X ;=:Y8,=60? 09A4=:9809? ,9/ ?:
;=:A4/0 , 70A07 ;7,D492Y1407/ 1:= ,77 -D .:8-,?492 ,9?4Y.:8;0?4?4A0 -03,A4:@=Z
<GGF HPR C <GW 2PNQGTKTKPO :CW
68? 7>8<=9;: ,5
s?5C w?>7 z?>7 >554 1 >5G 3?=@5D9D9?> <1Go
`_Z r9 >0??492 :@? 4?> ;7,9> ?: 48;70809? ?30 .:8;0?4?4:9 ;:74.D 08-:/40/ 49 ?30 lxvyjp
{?,?0809? :1 v,D ]eedX ?30 p:A0=9809? .,770/ @;:9 ,77 -@>490>>0>f K?: .0,>0
0C4>?492X ,9/ =01=,49 1=:8 49?=:/@.492X =0>?=4.?4A0 ;=,.?4.0> ?3,? 48;,4= 0.:9:84.
0114.409.D := 1=00 ?=,/0 :9 , A:7@9?,=D -,>4>ZL |30 lxvyjp {?,?0809? .:9?49@0/f
sv
sw
K*30=0 5@>?4140/X ?30 p:A0=9809? B477 ?,60 ,/8494>?=,?4A0 := 702,7 >?0;> ,> ,;;=:;=4,?0
?: =08:A0 >@.3 ;=,.?4.0> 41 90.0>>,=DZL
r81@D5B g
M |30 2:A0=9809? -@=0,@ ?,>60/ B4?3 49A0>?42,?492 , .:8;7,49? :1 ;:>>4-70 ,9?4Y
.:8;0?4?4A0 .:9/@.? .,9 :97D =0<@0>? .::;0=,?4:9 1=:8 ?30 ;,=?D @9/0= 49A0>?42,?4:9
I 4? 3,> 9: >?,?@?:=D ;:B0= ?: =0<@4=0 ?30 ;=:A4>4:9 :1 491:=8,?4:9 ?3,? 8423? -0
=070A,9? ?: ?30 .,>0g ,9/
M nA09 41 , .:8;7,49? :1 ,9?4Y.:8;0?4?4A0 .:9/@.? 4> >@->?,9?4,?0/X lxvyjp 3,> 9:
;:B0= ?: >,9.?4:9 ?30 ;,=?D := ;,=?40> .:9.0=90/ := ?: =0<@4=0 ?308 ?: /0>4>? 1=:8
?30 =0>?=4.?4A0 ;=,.?4.0 49 <@0>?4:9Z
h}rpvsvp X|{+vqr*n,v|{+
Q[|* n{q ntnv{+, v{,*|q-pv{t n {r/ p|z}r,v,v|{ yn/R
`aZ k0,=492 49 849/ ?30 .@==09? >4?@,?4:9 49 q:92 t:92X 49 ,//4?4:9 ?: ?30 -09014?> >0?
:@? 49 ;,=,2=,;3 ^e ,-:A0X ,=2@809?> ?3,? 8423? -0 ;@? 1:=B,=/ 49 >@;;:=? :1
49?=:/@.492 , .:8;0?4?4:9 7,B 49.7@/0 I
M j 90B 7,B B:@7/ 48;=:A0 ?=,9>;,=09.D ?3=:@23 /07490,?492 B3,? .:9>?4?@?0> ,9?4Y
.:8;0?4?4A0 .:9/@.? ?3=:@23:@? ?30 0.:9:8DX ,9/ B:@7/ >09/ , .70,= >429,7 ,>
?: ?30 >?,9/,=/> :1 -@>490>> .:9/@.? ?3,? B0 B:@7/ B4>3 ?: ;=:8:?0 49 q:92
t:92X ?30=0-D 09.:@=,2492 >071 /4>.4;7490 -D @9/0=?,6492>g ,9/
M r9?=:/@.492 , 90B .=:>>Y>0.?:= 7,B .:@7/ 49.=0,>0 ?30 .:>? :1 /:492 -@>490>> 7:.,77DX
;,=?4.@7,=7D 1:= {vn>X ,9/ .:@7/ ,110.? q:92 t:92J> =024:9,7 .:8;0?4?4A090>>g
M q:92 t:92 4> ,7=0,/D , 1=00 ,9/ .:8;0?4?4A0 8,=60? ,9/ ?30=0 4> 9: 900/ ?: 49?0=10=0
B4?3 9:=8,7 -@>490>> :;0=,?4:9> 49 , 8,=60? ;7,.0 ?3,? ,7=0,/D B:=6> B077g ,9/
M |30=0 ,=0 :?30= B,D> ?: 093,9.0 .:8;0?4?4:9 49 7:.,7 8,=60?> B4?3:@? 49?=:/@.492
, 90B .:8;0?4?4:9 7,BZ
r81@D5B g
``Z r9 ;=,.?4.0X :@?>4/0 :1 ?30 ?070.:88@94.,?4:9> ,9/ -=:,/.,>?492 >0.?:=>X ?30=0 ,=0
9: >?,?@?:=D ;=:.0/@=0> ?3,? ?30 p:A0=9809? .,9 ?,60 ?: =0429 49 -@>490>>0> ?3,?
,=0 092,20/ 49 =0>?=4.?4A0 ;=,.?4.0> ?3,? 8423? 48;,4= q:92 t:92J> 0.:9:84. 0114.409.DZ
l@==09?7DX B30=0 ;:>>4-70 .,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.? ,=0 -=:@23? ?: ?30
,??09?4:9 :1 lxvyjpX 4? 2090=,77D ,>6> ?30 2:A0=9809? -@=0,@ =0>;:9>4-70 1:= ?30
>0.?:= .:9.0=90/ ?: 49A0>?42,?0 B30?30= >@.3 .:9/@.? 3,> 49 1,.? ?,609 ;7,.0Z
q:B0A0=X >@.3 49A0>?42,?4:9>X ,9/ -D 0C?09>4:9X ?30 0110.?4A0 48;70809?,?4:9 :1 ?30
.:8;0?4?4:9 ;:74.D ,=0 .:9>?=,490/ -D ?B: 1,.?:=>X 9,807D I
`bZ w:90?3070>>X ?30=0 ,=0 ,7>: ,=2@809?> ?3,? 8,D -0 ,/A,9.0/ 49 >@;;:=? :1 8,49?,49492
?30 .@==09? 1=,80B:=6 1:= 48;70809?492 .:8;0?4?4:9 ;:74.DX 1:= 0C,8;70 I
`cZ |B: 1@=?30= ;:49?> 8423? -0 .:9>4/0=0/ B309 ,>>0>>492 ?30 900/ 1:= 90B 7024>7,?4:9X
?3,? 4> I
M *4?3:@? , 90B .:8;0?4?4:9 7,B ?30=0 B477 -0 , 900/ ?: >?=092?309 ?30 .@==09?
80.3,94>8> 1:= 49A0>?42,?492 ,9/ ;@-74.4>492 .,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.?X
41 B0 49?09/ ?: ?,60 >?=:920= >?0;> ?: /0?0= >@.3 .:9/@.? ,9/ ?: 0/@.,?0 ?30
.:88@94?D ,> ?: ?30 >?,9/,=/> :1 -@>490>> ;=,.?4.0 ?3,? ,=0 ,;;=:;=4,?0 1:= ,9
,/A,9.0/ 0.:9:8D >@.3 ,> q:92 t:92J>g ,9/
M r1 ?30=0 4> ?: -0 c pgy eqorgvkvkqp ncy 4? >3:@7/ 9:? .=0,?0 , >429414.,9? ,//4?4:9,7
-@=/09 :9 7:.,7 -@>490>>X 9:= 09.:@=,20 49?0=10=09.0 B4?3 9:=8,7 -@>490>> ;=,.?4.0>
:= 0.:9:84.,77D 0114.409? 8,=60? >?=@.?@=0>Z
o:77:B492 ;@-74.,?4:9 :1 ?30 lyzl =0;:=?X .:9.0=9> B0=0 =,4>0/X 0>;0.4,77D -D
=0;=0>09?,?4A0> :1 {vn>X ?3,? ?30 49?=:/@.?4:9 :1 , 90B 7,B .:@7/ 70,/ ?: 34230=
-@>490>> .:>?>X ,9/ ?3,? 7,=20= 14=8> .:@7/ @>0 >@.3 , 7,B ?: ;@? ;=0>>@=0 :9 >8,77
.:8;,940> ?3=:@23 @91:@9/0/ .:8;7,49?> := 702,7 ,.?4:9Z q:B0A0=X 0A4/09.0 1=:8
:?30= 5@=4>/4.?4:9> >@220>?> ?3,? {vn> 3,A0 74??70 ?: 10,= 1=:8 , .,=01@77D 1=,80/
.:8;0?4?4:9 7,BZ
M j 90B 7,B ?3,? ?,=20?> ,9?4Y.:8;0?4?4A0 .:9/@.? -@? 9:? ?30 >4E0 ,9/ 9@8-0= :1
.:8;0?4?:=> B:@7/ 9:? /4>?@=- 8,=60? >?=@.?@=0X B34.3 4> :1?09 ?30 =0>@7? :1 1=00
;7,D :1 8,=60? 1:=.0> 49 q:92 t:92Z
sx
sy
K*30=0 5@>?4140/X ?30 p:A0=9809? B477 ?,60 ,/8494>?=,?4A0 := 702,7 >?0;> ,> ,;;=:;=4,?0
?: =08:A0 >@.3 ;=,.?4.0> 41 90.0>>,=DZL
r81@D5B g
M |30 2:A0=9809? -@=0,@ ?,>60/ B4?3 49A0>?42,?492 , .:8;7,49? :1 ;:>>4-70 ,9?4Y
.:8;0?4?4A0 .:9/@.? .,9 :97D =0<@0>? .::;0=,?4:9 1=:8 ?30 ;,=?D @9/0= 49A0>?42,?4:9
I 4? 3,> 9: >?,?@?:=D ;:B0= ?: =0<@4=0 ?30 ;=:A4>4:9 :1 491:=8,?4:9 ?3,? 8423? -0
=070A,9? ?: ?30 .,>0g ,9/
M nA09 41 , .:8;7,49? :1 ,9?4Y.:8;0?4?4A0 .:9/@.? 4> >@->?,9?4,?0/X lxvyjp 3,> 9:
;:B0= ?: >,9.?4:9 ?30 ;,=?D := ;,=?40> .:9.0=90/ := ?: =0<@4=0 ?308 ?: /0>4>? 1=:8
?30 =0>?=4.?4A0 ;=,.?4.0 49 <@0>?4:9Z
h}rpvsvp X|{+vqr*n,v|{+
Q[|* n{q ntnv{+, v{,*|q-pv{t n {r/ p|z}r,v,v|{ yn/R
`aZ k0,=492 49 849/ ?30 .@==09? >4?@,?4:9 49 q:92 t:92X 49 ,//4?4:9 ?: ?30 -09014?> >0?
:@? 49 ;,=,2=,;3 ^e ,-:A0X ,=2@809?> ?3,? 8423? -0 ;@? 1:=B,=/ 49 >@;;:=? :1
49?=:/@.492 , .:8;0?4?4:9 7,B 49.7@/0 I
M j 90B 7,B B:@7/ 48;=:A0 ?=,9>;,=09.D ?3=:@23 /07490,?492 B3,? .:9>?4?@?0> ,9?4Y
.:8;0?4?4A0 .:9/@.? ?3=:@23:@? ?30 0.:9:8DX ,9/ B:@7/ >09/ , .70,= >429,7 ,>
?: ?30 >?,9/,=/> :1 -@>490>> .:9/@.? ?3,? B0 B:@7/ B4>3 ?: ;=:8:?0 49 q:92
t:92X ?30=0-D 09.:@=,2492 >071 /4>.4;7490 -D @9/0=?,6492>g ,9/
M r9?=:/@.492 , 90B .=:>>Y>0.?:= 7,B .:@7/ 49.=0,>0 ?30 .:>? :1 /:492 -@>490>> 7:.,77DX
;,=?4.@7,=7D 1:= {vn>X ,9/ .:@7/ ,110.? q:92 t:92J> =024:9,7 .:8;0?4?4A090>>g
M q:92 t:92 4> ,7=0,/D , 1=00 ,9/ .:8;0?4?4A0 8,=60? ,9/ ?30=0 4> 9: 900/ ?: 49?0=10=0
B4?3 9:=8,7 -@>490>> :;0=,?4:9> 49 , 8,=60? ;7,.0 ?3,? ,7=0,/D B:=6> B077g ,9/
M |30=0 ,=0 :?30= B,D> ?: 093,9.0 .:8;0?4?4:9 49 7:.,7 8,=60?> B4?3:@? 49?=:/@.492
, 90B .:8;0?4?4:9 7,BZ
r81@D5B g
``Z r9 ;=,.?4.0X :@?>4/0 :1 ?30 ?070.:88@94.,?4:9> ,9/ -=:,/.,>?492 >0.?:=>X ?30=0 ,=0
9: >?,?@?:=D ;=:.0/@=0> ?3,? ?30 p:A0=9809? .,9 ?,60 ?: =0429 49 -@>490>>0> ?3,?
,=0 092,20/ 49 =0>?=4.?4A0 ;=,.?4.0> ?3,? 8423? 48;,4= q:92 t:92J> 0.:9:84. 0114.409.DZ
l@==09?7DX B30=0 ;:>>4-70 .,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.? ,=0 -=:@23? ?: ?30
,??09?4:9 :1 lxvyjpX 4? 2090=,77D ,>6> ?30 2:A0=9809? -@=0,@ =0>;:9>4-70 1:= ?30
>0.?:= .:9.0=90/ ?: 49A0>?42,?0 B30?30= >@.3 .:9/@.? 3,> 49 1,.? ?,609 ;7,.0Z
q:B0A0=X >@.3 49A0>?42,?4:9>X ,9/ -D 0C?09>4:9X ?30 0110.?4A0 48;70809?,?4:9 :1 ?30
.:8;0?4?4:9 ;:74.D ,=0 .:9>?=,490/ -D ?B: 1,.?:=>X 9,807D I
`bZ w:90?3070>>X ?30=0 ,=0 ,7>: ,=2@809?> ?3,? 8,D -0 ,/A,9.0/ 49 >@;;:=? :1 8,49?,49492
?30 .@==09? 1=,80B:=6 1:= 48;70809?492 .:8;0?4?4:9 ;:74.DX 1:= 0C,8;70 I
`cZ |B: 1@=?30= ;:49?> 8423? -0 .:9>4/0=0/ B309 ,>>0>>492 ?30 900/ 1:= 90B 7024>7,?4:9X
?3,? 4> I
M *4?3:@? , 90B .:8;0?4?4:9 7,B ?30=0 B477 -0 , 900/ ?: >?=092?309 ?30 .@==09?
80.3,94>8> 1:= 49A0>?42,?492 ,9/ ;@-74.4>492 .,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.?X
41 B0 49?09/ ?: ?,60 >?=:920= >?0;> ?: /0?0= >@.3 .:9/@.? ,9/ ?: 0/@.,?0 ?30
.:88@94?D ,> ?: ?30 >?,9/,=/> :1 -@>490>> ;=,.?4.0 ?3,? ,=0 ,;;=:;=4,?0 1:= ,9
,/A,9.0/ 0.:9:8D >@.3 ,> q:92 t:92J>g ,9/
M r1 ?30=0 4> ?: -0 c pgy eqorgvkvkqp ncy 4? >3:@7/ 9:? .=0,?0 , >429414.,9? ,//4?4:9,7
-@=/09 :9 7:.,7 -@>490>>X 9:= 09.:@=,20 49?0=10=09.0 B4?3 9:=8,7 -@>490>> ;=,.?4.0>
:= 0.:9:84.,77D 0114.409? 8,=60? >?=@.?@=0>Z
o:77:B492 ;@-74.,?4:9 :1 ?30 lyzl =0;:=?X .:9.0=9> B0=0 =,4>0/X 0>;0.4,77D -D
=0;=0>09?,?4A0> :1 {vn>X ?3,? ?30 49?=:/@.?4:9 :1 , 90B 7,B .:@7/ 70,/ ?: 34230=
-@>490>> .:>?>X ,9/ ?3,? 7,=20= 14=8> .:@7/ @>0 >@.3 , 7,B ?: ;@? ;=0>>@=0 :9 >8,77
.:8;,940> ?3=:@23 @91:@9/0/ .:8;7,49?> := 702,7 ,.?4:9Z q:B0A0=X 0A4/09.0 1=:8
:?30= 5@=4>/4.?4:9> >@220>?> ?3,? {vn> 3,A0 74??70 ?: 10,= 1=:8 , .,=01@77D 1=,80/
.:8;0?4?4:9 7,BZ
M j 90B 7,B ?3,? ?,=20?> ,9?4Y.:8;0?4?4A0 .:9/@.? -@? 9:? ?30 >4E0 ,9/ 9@8-0= :1
.:8;0?4?:=> B:@7/ 9:? /4>?@=- 8,=60? >?=@.?@=0X B34.3 4> :1?09 ?30 =0>@7? :1 1=00
;7,D :1 8,=60? 1:=.0> 49 q:92 t:92Z
sx
sy
1KI COF ANCMM
*309 :A0=>0,> 5@=4>/4.?4:9> 14=>? >?,=?0/ ;,>>492 .:8;0?4?4:9 7,B>X :90 :1 ?30
60D :-50.?4A0> B,> :1?09 ?: ,//=0>> ?30 @9/@0 .:9.09?=,?4:9 :1 8,=60? ;:B0=Z
|30 1:.@> B,> ?30=01:=0 :9 ?30 =02@7,?4:9 :1 8,=60? >?=@.?@=0> ,9/ -42 .:8;,940>Z
r81@D5B g
r9 :=/0= ?: 600; {vn> 491:=80/X ,9/ =0.:294>492 ?3,? >8,77 .:8;,940> 3,A0
7484?0/ =0>:@=.0> 49 3,9/7492 .:8;74,9.0 4>>@0>X 4? 4> .:88:9 1:= :A0=>0,>
.:8;0?4?4:9 ,@?3:=4?40> ?: 4>>@0 2@4/07490> :9 ?30 =02@7,?4:9 :1 {vn .:9/@.?Z
o:= 0C,8;70X 49 ?30 }{jX ?30 j9?4Y?=@>? p@4/07490> 1:= l:77,-:=,?4:9> ,8:92
l:8;0?4?:=> 4>>@0/ 5:49?7D -D ?30 o0/0=,7 |=,/0 l:884>>4:9 ,9/ ?30 }{ m0;,=?809?
:1 s@>?4.0 VmxsW >?,?0 ?3,?X :?30= ?3,9 49 0C?=,:=/49,=D .4=.@8>?,9.0>X ?30 ,@?3:=4?40>
/: 9:? .3,770920 , .:77,-:=,?4:9 -0?B009 .:8;0?4?:=> B309 ?30 8,=60? >3,=0>
:1 ?30 ;,=?4.4;,9?> ,9/ ?30 .:77,-:=,?4:9 49A:7A0/ .:770.?4A07D ,..:@9? 1:= 9: 8:=0
?3,9 ^\S :1 0,.3 8,=60? 49 B34.3 .:8;0?4?4:9 8,D -0 ,110.?0/Z
|30=0 3,A0 -009 .,>0> B30=0 ?30 }{ mxs .:9.7@/0> ?3,? , 5:49? ;@=.3,>492
,>>:.4,?4:9 0>?,-74>30/ -D {vn> 3,> ;=:Y.:8;0?4?4A0 -09014?> ?3=:@23 =0/@.492
.:>?> ,9/ 3,> 9: ,9?4Y.:8;0?4?4A0 3,=8Z r9 {492,;:=0X ?30 2@4/07490> ;@-74>30/
-D ?30 l:8;0?4?4:9 l:884>>4:9 >?,?0 ?3,? ,9 ,2=00809? B477 2090=,77D 3,A0 9:
,;;=0.4,-70 ,/A0=>0 0110.? :9 .:8;0?4?4:9 41 ?30 ,22=02,?0 8,=60? >3,=0 :1 ?30
;,=?40> ?: ?30 ,2=00809? /:0> 9:? 0C.00/ ^\SZ |30 2@4/07490> ,7>: >?,?0 0C;74.4?7D
?3,? ,2=00809?> -0?B009 {vn> ,=0 =,=07D .,;,-70 :1 /4>?:=?492 .:8;0?4?4:9
,;;=0.4,-7DX ,9/ =0.:294>0 ?3,? .:8;0?4?4:9 8,D -0 093,9.0/ -DX 1:= 0C,8;70X
>3,=492 :1 491:=8,?4:9 :9 90B ?0.39:7:240> := 8,=60? :;;:=?@94?40>Z
sz
4XTGOT PH C <GW 2PNQGTKTKPO :CW.
AGETPR AQGEKHKE PR 2RPSS+AGETPR
r81@D5B g
j 8:=0 =0.09? ,;;=:,.3 ?: =02@7,?492 .:8;0?4?4:9 3,> -009 ?: ;=:34-4? ,9?4Y
.:8;0?4?4A0 .:9/@.? =,?30= ?3,9 ?: ,//=0>> 8,=60? >?=@.?@=0> := 8:9:;:7D ;:B0=Z
|30 7,B ?3@> ,;;740> 0<@,77D ?: -42 ,9/ >8,77 .:8;,940> ?3,? 092,20 49 >@.3
.:9/@.?Z r9 ;=,.?4.0X 24A09 ?304= 7,.6 :1 8,=60? ;:B0=X ?30 ,.?4:9> :1 {vn> ,=0
@974607D ?: 3,A0 ?30 0110.? :1 >429414.,9?7D ;=0A09?492X =0>?=4.?492 := /4>?:=?492
.:8;0?4?4:9Z r? 4> =07,?4A07D @9.:88:9 1:= {vn> ?: -0 ;=:>0.@?0/ 49 :A0=>0,>
5@=4>/4.?4:9>X @970>> ?30 7,B ;=:A4/0> 1:= K;0= >0L :1109.0>X 4Z0ZX .:9/@.? ?3,? 4>
,7B,D> ,>>@80/ ?: .,@>0 3,=8 ?: .:8;0?4?4:9 ,9/ ?: 3,A0 74??70 0.:9:84. -09014?Z
{@.3 .:9/@.? ?D;4.,77D 49.7@/0> ;=4.0Y14C492X -4/Y=422492 ,9/ 8,=60? ,77:.,?4:9Z
l:8;0?4?4:9 ,@?3:=4?40> @9/0=>?,9/ ?3,? >:80 .::;0=,?4A0 ,==,920809?> .:88:9
,8:92 {vn>X 1:= 0C,8;70 491:=8,?4:9 >3,=492 ,9/ 5:49? ;@=.3,>492X 8,D ,.?@,77D
3,A0 ;=:Y.:8;0?4?4A0 -09014?> B309 .0=?,49 .:9/4?4:9> ,=0 80?Z z02@7,?4:9 :1
{vn .:9/@.? 4> 9:? 9:=8,77D , ;=4:=4?D 1:= .:8;0?4?4:9 ,@?3:=4?40>Z
`dZ |30 =08,49492 60D .:9>4/0=,?4:9> 49 ?34> l3,;?0= ,=0 -,>0/ :9 ?30 ,>>@8;?4:9 ?3,?
>:80 1:=8 :1 90B .:8;0?4?4:9 7,B 4> =0<@4=0/ ?: 09>@=0 ?30 0110.?4A0 48;70809?,?4:9
:1 .:8;0?4?4:9 ;:74.DZ r9 >@.3 /074-0=,?4:9>X 4? 4> 48;:=?,9? ?: 3,A0 =02,=/ ?: ?30
q:92 t:92 .:9?0C?X ,9/ ?: ,>6 :@=>07A0> B3,? 702,7 ,9/ 49>?4?@?4:9,7 >0? @; B:@7/
-0>? >@4? ?30 .4=.@8>?,9.0> :1 q:92 t:92Z
68? 7>8<=9;: -5
-8?E<4 1>I >5G 3?=@5D9D9?> <1G 5HD5>4 D?
1<< C53D?BC ?6 D85 53?>?=Ia ?B C8?E<4 9D ?><I D1B75D
1 <9=9D54 >E=25B ?6 C53D?BCa <51F9>7 D85 B5=19>9>7
C53D?BC @EB5<I D? 14=9>9CDB1D9F5 ?F5BC978Do
`eZ l:8;0?4?4:9 7,B> 49 ?30 5@=4>/4.?4:9> >@=A0D0/ 49 l3,;?0= ^ ,;;7D 49 ;=49.4;70 ?: ,77
>0.?:=> :1 ?30 0.:9:8D I ,7?3:@23 ?30 7,B> /: ,77:B 1:= 0C08;?4:9> 49 .0=?,49
.4=.@8>?,9.0> V>00 ;,=,2=,;3> d\ ?: d` 49 ?34> l3,;?0= 1:= , /4>.@>>4:9 :1 ?30 4>>@0
:1 0C.7@>4:9> ,9/ 0C08;?4:9>WZ }9/0= :@= .@==09? ,==,920809?>X ?30 ?070.:88@94.,?4:9>
,9/ -=:,/.,>?492 >0.?:=> 3,A0 7024>7,?4:9 .:9?,49492 .:8;0?4?4:9 ;=:A4>4:9>X B347>?
1:= :?30= >0.?:=>X .:8;7,49?> :1 ,9?4Y.:8;0?4?4A0 .:9/@.? ,=0 3,9/70/ :9 , .,>0Y-DY
.,>0 -,>4>Z
a\Z r1 ?30 p:A0=9809? B0=0 ?: 49?=:/@.0 , 90B .:8;0?4?4:9 7,B 1:= q:92 t:92X :90
:1 ?30 14=>? .:9>4/0=,?4:9> B:@7/ -0 B30?30= >@.3 , 7,B >3:@7/ -0 K.=:>>Y>0.?:=L 49
9,?@=0X 4Z0ZX .:A0=492 ,77 >0.?:=> :1 ?30 0.:9:8DX := >3:@7/ 5@>? ?,=20? >0.?:=> B30=0
?30 =4>6 :1 ,9?4Y.:8;0?4?4A0 .:9/@.? B,> 107? ?: -0 ;,=?4.@7,=7D ,.@?0Z
h}rpvsvp X|{+vqr*n,v|{+ /v,u *rtn*q ,| n 5X*|++T+rp,|*6 V}}*|npu
a]Z |30=0 4> ?30 A40B ?3,? 0C?09/492 .:8;0?4?4:9 7,B ,.=:>> ,77 >0.?:=> :1 ?30 0.:9:8D
8423? ,/A0=>07D ,110.? -@>490>> .:914/09.0 -D .=0,?492 @9.0=?,49?D ,> ?: B34.3
49/@>?=40> 8423? -0 ?,=20?0/ -D ?30 =02@7,?:=Z x90 8423? ,7>: ,=2@0 ?3,? ?30 .@==09?
>0.?:= >;0.414. ,;;=:,.3 ?: 7024>7,?492 1:= .:8;0?4?4:9 49 q:92 t:92 4> B077 @9/0=>?::/
-D -@>490>> ,9/ .:9>@80=>X ,9/ ?3,? 4? B:@7/ -0 8:=0 ;=@/09? ?: 0C?09/ ?34> ?:
.:A0= :97D ?3:>0 8,=60?> B30=0 .:8;0?4?4:9 B,> 107? ?: -0 ,9 4>>@0 :1 .:9.0=9X =,?30=
?3,9 ?: 49?=:/@.0 , .=:>>Y>0.?:= 7,BZ
s{
1KI COF ANCMM
*309 :A0=>0,> 5@=4>/4.?4:9> 14=>? >?,=?0/ ;,>>492 .:8;0?4?4:9 7,B>X :90 :1 ?30
60D :-50.?4A0> B,> :1?09 ?: ,//=0>> ?30 @9/@0 .:9.09?=,?4:9 :1 8,=60? ;:B0=Z
|30 1:.@> B,> ?30=01:=0 :9 ?30 =02@7,?4:9 :1 8,=60? >?=@.?@=0> ,9/ -42 .:8;,940>Z
r81@D5B g
r9 :=/0= ?: 600; {vn> 491:=80/X ,9/ =0.:294>492 ?3,? >8,77 .:8;,940> 3,A0
7484?0/ =0>:@=.0> 49 3,9/7492 .:8;74,9.0 4>>@0>X 4? 4> .:88:9 1:= :A0=>0,>
.:8;0?4?4:9 ,@?3:=4?40> ?: 4>>@0 2@4/07490> :9 ?30 =02@7,?4:9 :1 {vn .:9/@.?Z
o:= 0C,8;70X 49 ?30 }{jX ?30 j9?4Y?=@>? p@4/07490> 1:= l:77,-:=,?4:9> ,8:92
l:8;0?4?:=> 4>>@0/ 5:49?7D -D ?30 o0/0=,7 |=,/0 l:884>>4:9 ,9/ ?30 }{ m0;,=?809?
:1 s@>?4.0 VmxsW >?,?0 ?3,?X :?30= ?3,9 49 0C?=,:=/49,=D .4=.@8>?,9.0>X ?30 ,@?3:=4?40>
/: 9:? .3,770920 , .:77,-:=,?4:9 -0?B009 .:8;0?4?:=> B309 ?30 8,=60? >3,=0>
:1 ?30 ;,=?4.4;,9?> ,9/ ?30 .:77,-:=,?4:9 49A:7A0/ .:770.?4A07D ,..:@9? 1:= 9: 8:=0
?3,9 ^\S :1 0,.3 8,=60? 49 B34.3 .:8;0?4?4:9 8,D -0 ,110.?0/Z
|30=0 3,A0 -009 .,>0> B30=0 ?30 }{ mxs .:9.7@/0> ?3,? , 5:49? ;@=.3,>492
,>>:.4,?4:9 0>?,-74>30/ -D {vn> 3,> ;=:Y.:8;0?4?4A0 -09014?> ?3=:@23 =0/@.492
.:>?> ,9/ 3,> 9: ,9?4Y.:8;0?4?4A0 3,=8Z r9 {492,;:=0X ?30 2@4/07490> ;@-74>30/
-D ?30 l:8;0?4?4:9 l:884>>4:9 >?,?0 ?3,? ,9 ,2=00809? B477 2090=,77D 3,A0 9:
,;;=0.4,-70 ,/A0=>0 0110.? :9 .:8;0?4?4:9 41 ?30 ,22=02,?0 8,=60? >3,=0 :1 ?30
;,=?40> ?: ?30 ,2=00809? /:0> 9:? 0C.00/ ^\SZ |30 2@4/07490> ,7>: >?,?0 0C;74.4?7D
?3,? ,2=00809?> -0?B009 {vn> ,=0 =,=07D .,;,-70 :1 /4>?:=?492 .:8;0?4?4:9
,;;=0.4,-7DX ,9/ =0.:294>0 ?3,? .:8;0?4?4:9 8,D -0 093,9.0/ -DX 1:= 0C,8;70X
>3,=492 :1 491:=8,?4:9 :9 90B ?0.39:7:240> := 8,=60? :;;:=?@94?40>Z
sz
4XTGOT PH C <GW 2PNQGTKTKPO :CW.
AGETPR AQGEKHKE PR 2RPSS+AGETPR
r81@D5B g
j 8:=0 =0.09? ,;;=:,.3 ?: =02@7,?492 .:8;0?4?4:9 3,> -009 ?: ;=:34-4? ,9?4Y
.:8;0?4?4A0 .:9/@.? =,?30= ?3,9 ?: ,//=0>> 8,=60? >?=@.?@=0> := 8:9:;:7D ;:B0=Z
|30 7,B ?3@> ,;;740> 0<@,77D ?: -42 ,9/ >8,77 .:8;,940> ?3,? 092,20 49 >@.3
.:9/@.?Z r9 ;=,.?4.0X 24A09 ?304= 7,.6 :1 8,=60? ;:B0=X ?30 ,.?4:9> :1 {vn> ,=0
@974607D ?: 3,A0 ?30 0110.? :1 >429414.,9?7D ;=0A09?492X =0>?=4.?492 := /4>?:=?492
.:8;0?4?4:9Z r? 4> =07,?4A07D @9.:88:9 1:= {vn> ?: -0 ;=:>0.@?0/ 49 :A0=>0,>
5@=4>/4.?4:9>X @970>> ?30 7,B ;=:A4/0> 1:= K;0= >0L :1109.0>X 4Z0ZX .:9/@.? ?3,? 4>
,7B,D> ,>>@80/ ?: .,@>0 3,=8 ?: .:8;0?4?4:9 ,9/ ?: 3,A0 74??70 0.:9:84. -09014?Z
{@.3 .:9/@.? ?D;4.,77D 49.7@/0> ;=4.0Y14C492X -4/Y=422492 ,9/ 8,=60? ,77:.,?4:9Z
l:8;0?4?4:9 ,@?3:=4?40> @9/0=>?,9/ ?3,? >:80 .::;0=,?4A0 ,==,920809?> .:88:9
,8:92 {vn>X 1:= 0C,8;70 491:=8,?4:9 >3,=492 ,9/ 5:49? ;@=.3,>492X 8,D ,.?@,77D
3,A0 ;=:Y.:8;0?4?4A0 -09014?> B309 .0=?,49 .:9/4?4:9> ,=0 80?Z z02@7,?4:9 :1
{vn .:9/@.? 4> 9:? 9:=8,77D , ;=4:=4?D 1:= .:8;0?4?4:9 ,@?3:=4?40>Z
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>:80 1:=8 :1 90B .:8;0?4?4:9 7,B 4> =0<@4=0/ ?: 09>@=0 ?30 0110.?4A0 48;70809?,?4:9
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=02@7,?0 ?30>0 >0.?:=>Z
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49/00/ 8423? 0A09 ;=:A4/0 0.:9:84. 0114.409.D ,9/ -09014?> ?: .:9>@80=> 49 .0=?,49
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t:92Z *4?3 ?34> 49 849/X ?30 lyzl 49 4?> =0;:=? :9 ?30 .:8;0?4?4:9 ;:74.D =0A40B
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49 q:92 t:92X ?30=0 4> ?30 ;:>>4-474?D ?3,? B4?3:@? =02@7,?4:9 :1 vTjX .:8;,940>
.:@7/ >48;7D 80=20 49 :=/0= ?: .4=.@8A09? 90B 7,B> ,2,49>? ,9?4Y.:8;0?4?4A0 .,=?07
.:9/@.? := :?30= ;=:34-4?0/ ;=,.?4.0>Z |30=0 8,D ?30=01:=0 -0 ,9 ,=2@809? 1:=
>09/492 , >429,7 ?: ?30 -@>490>> >0.?:= ?3,? ,9?4Y.:8;0?4?4A0 vTj ,.?4A4?40> B:@7/
9:? -0 ?:70=,?0/X 1:= 0C,8;70X -D 49.7@/492 49 ?30 90B .:8;0?4?4:9 7,B ;=:A4>4:9>
=02@7,?492 vTj ,.?4A4?40> ?3,? ,=0 ?: .:80 49?: 0110.? 9:? 4880/4,?07D @;:9 09,.?809?
-@? ,? ,9 ,;;=:;=4,?0 ?480 49 1@?@=0Z r9/00/X ?30 ?48492 1:= ?30 vTj ;=:A4>4:9> ?:
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?: =02@7,?0 K9,?@=,7L 8:9:;:740>X ;=:;:>492 49>?0,/ ?3,? ?30 1:.@> :1 , 90B
.:8;0?4?4:9 7,B >3:@7/ -0 :9 ?30 ,.?@,7 .:9/@.? :1 14=8> B4?349 ?30 8,=60?> .:9.0=90/Z
r? ,7>: :->0=A0/ ?3,? 49 q:92 t:92X ?30=0 B,> 9: .70,= 49/4.,?4:9 ?3,? 80=20= ,9/
,.<@4>4?4:9 ,.?4A4?D B,> .@==09?7D , ?3=0,? ?: .:8;0?4?4:9Z *347>? >:80 .:8809?,?:=>
3,A0 ;:49?0/ :@? ?3,? 8,=60? >?=@.?@=0 4> ,//=0>>0/ -D 8,9D :A0=>0,> .:8;0?4?4:9
=02480>X :?30=> >@220>? ?3,? , .:8;0?4?4:9 7,B 1:= q:92 t:92 >3:@7/ 9:?X ,? 70,>?
,? ?30 494?4,7 >?,20X ?,=20? 8:9:;:740>X ?,6492 ?30 A40B ?3,? .@==09? 8,=60? >?=@.?@=0>
,=0 2090=,77D ?30 =0>@7? :1 9:=8,7 1=00 8,=60? 1:=.0>Z
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.,9 -0 1@77D ?,609 49?: ,..:@9?Z
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b^Z r9 4?> =0;:=? :9 ?30 =0A40B :1 .:8;0?4?4:9 ;:74.DX ?30 lyzl =0.:8809/0/ ?3,? , 90B
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|30>0 ,=0 /4>.@>>0/ 49 /0?,47 49 ?30 1:77:B492 ;,=,2=,;3>Z |30 14=>? >4C ?D;0> :1 .:9/@.?
V4Z0ZX ,77 0C.0;? ,-@>0 :1 , /:849,9? 8,=60? ;:>4?4:9X B34.3 4> @>@,77D ?=0,?0/ ,> ,
.,?02:=D 49 4?> :B9 =423?W ,=0 :1?09 2=:@;0/ @9/0= ?30 -=:,/ .,?02:=D =010==0/ ?:
,> K=0>?=4.?4A0 ,2=00809?>LZ
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8,49?,49 ?30 ;=4.0 ,? B34.3 ?304= 2::/> := >0=A4.0> ,=0 >:7/Z {@.3 ,9 ,2=00809? 8,D
49A:7A0 14C492 04?30= ?30 ;=4.0 4?>071 := ?30 .:8;:909?> :1 , ;=4.0X 0>?,-74>3492 ?30
,8:@9? := ;0=.09?,20 -D B34.3 ;=4.0> ,=0 ?: -0 49.=0,>0/X := 0>?,-74>3492 , =,920
:@?>4/0 B34.3 ;=4.0> ,=0 9:? ?: 8:A0Z
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>0.?:= /:0> 9:? 90.0>>,=47D =0/@.0 0.:9:84. 0114.409.DZ r9 , =07,?4A07D .:8;,.?
20:2=,;34.,7 ,=0,X >@.3 ,> q:92 t:92X ?30=0 8,D -0 7484?0/ -@>490>> >.:;0 1:=
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=0<@4=0 3423 70A07> :1 K>@96L 49A0>?809?Z r9 >@.3 .,>0>X ?30 ;=:A4>4:9 :1 ;=:/@.?>
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>4?@,?4:9Z x90 1@=?30= .:9>4/0=,?4:9 4> ?3,? ,> 7:92 ,> ?30=0 ,=0 0110.?4A0 >,102@,=/>
,2,49>? ,9?4Y.:8;0?4?4A0 .:9/@.?X 4? 8423? B077 -0 >@;0=17@:@> ?: /0A4>0 , =02480 ?:
?,=20? 8,=60? >?=@.?@=0>X >49.0 ,9 @9/0=?,6492 095:D492 8,=60? /:849,9.0 ,9/
092,2492 49 ,9?4Y.:8;0?4?4A0 .:9/@.? ?: ;=:?0.? 4?> 8,=60? ;:>4?4:9 B:@7/ 49 ,9D
0A09? -0 .,@23? @9/0= ?30 7,BZ
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5@>?414.,?4:9 ,? ?34> ?480 1:= ?30 =02@7,?4:9 :1 80=20=> ,9/ ,.<@4>4?4:9> VvTjW :@?>4/0
?30 702,7 ;=:A4>4:9> 2:A0=9492 :B90=>34; 49 ?30 -=:,/.,>?492 ,9/ ?070.:88@94.,?4:9>
>0.?:=>Z o@=?30=8:=0X 4? 8423? -0 ,=2@0/ ?3,? ,? ?30 494?4,7 >?,20 :1 -=492492 49 ,
90B .:8;0?4?4:9 7,BX 4? B:@7/ -0 ;=010=,-70 ?: 1:.@> =02@7,?:=D =0>:@=.0> :9 ,=0,>
B30=0 ?30=0 ,=0 ;0=.04A0/ ?: -0 ?30 2=0,?0>? ;=:-708>X =,?30= ?3,9 ?: ?=D ?: .:A0=
,77 ;:>>4-70 ,=0,> :1 ?30 7,B ,> 4? ,;;740> 49 :?30= 5@=4>/4.?4:9>Z
b]Z w:90?3070>>X 0A09 ?3:@23 vTj ,.?4A4?D 8423? 9:? .@==09?7D ;:>0 , ?3=0,? ?: .:8;0?4?4:9
49 q:92 t:92X ?30=0 4> ?30 ;:>>4-474?D ?3,? B4?3:@? =02@7,?4:9 :1 vTjX .:8;,940>
.:@7/ >48;7D 80=20 49 :=/0= ?: .4=.@8A09? 90B 7,B> ,2,49>? ,9?4Y.:8;0?4?4A0 .,=?07
.:9/@.? := :?30= ;=:34-4?0/ ;=,.?4.0>Z |30=0 8,D ?30=01:=0 -0 ,9 ,=2@809? 1:=
>09/492 , >429,7 ?: ?30 -@>490>> >0.?:= ?3,? ,9?4Y.:8;0?4?4A0 vTj ,.?4A4?40> B:@7/
9:? -0 ?:70=,?0/X 1:= 0C,8;70X -D 49.7@/492 49 ?30 90B .:8;0?4?4:9 7,B ;=:A4>4:9>
=02@7,?492 vTj ,.?4A4?40> ?3,? ,=0 ?: .:80 49?: 0110.? 9:? 4880/4,?07D @;:9 09,.?809?
-@? ,? ,9 ,;;=:;=4,?0 ?480 49 1@?@=0Z r9/00/X ?30 ?48492 1:= ?30 vTj ;=:A4>4:9> ?:
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?: =02@7,?0 K9,?@=,7L 8:9:;:740>X ;=:;:>492 49>?0,/ ?3,? ?30 1:.@> :1 , 90B
.:8;0?4?4:9 7,B >3:@7/ -0 :9 ?30 ,.?@,7 .:9/@.? :1 14=8> B4?349 ?30 8,=60?> .:9.0=90/Z
r? ,7>: :->0=A0/ ?3,? 49 q:92 t:92X ?30=0 B,> 9: .70,= 49/4.,?4:9 ?3,? 80=20= ,9/
,.<@4>4?4:9 ,.?4A4?D B,> .@==09?7D , ?3=0,? ?: .:8;0?4?4:9Z *347>? >:80 .:8809?,?:=>
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=02480>X :?30=> >@220>? ?3,? , .:8;0?4?4:9 7,B 1:= q:92 t:92 >3:@7/ 9:?X ,? 70,>?
,? ?30 494?4,7 >?,20X ?,=20? 8:9:;:740>X ?,6492 ?30 A40B ?3,? .@==09? 8,=60? >?=@.?@=0>
,=0 2090=,77D ?30 =0>@7? :1 9:=8,7 1=00 8,=60? 1:=.0>Z
?,60 0110.? .:@7/ -0 >@-50.? ?: , 1@=?30= =0A40B >: ?3,? 0C;0=409.0 B4?3 ?30 90B 7,B
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|30>0 ,=0 /4>.@>>0/ 49 /0?,47 49 ?30 1:77:B492 ;,=,2=,;3>Z |30 14=>? >4C ?D;0> :1 .:9/@.?
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,> K=0>?=4.?4A0 ,2=00809?>LZ
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b_Z y=4.0Y14C492 :1?09 =010=> ?: ,9 ,2=00809? ,8:92 .:8;0?4?:=> ?: =,4>0X 14C := :?30=B4>0
8,49?,49 ?30 ;=4.0 ,? B34.3 ?304= 2::/> := >0=A4.0> ,=0 >:7/Z {@.3 ,9 ,2=00809? 8,D
49A:7A0 14C492 04?30= ?30 ;=4.0 4?>071 := ?30 .:8;:909?> :1 , ;=4.0X 0>?,-74>3492 ?30
,8:@9? := ;0=.09?,20 -D B34.3 ;=4.0> ,=0 ?: -0 49.=0,>0/X := 0>?,-74>3492 , =,920
:@?>4/0 B34.3 ;=4.0> ,=0 9:? ?: 8:A0Z
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b`Z y=4.0Y14C492 8,D ,7>: ?,60 ?30 1:=8 :1 ,9 ,2=00809? ?: =0>?=4.? ;=4.0 .:8;0?4?4:9Z
|34> .,9 49.7@/0X 1:= 0C,8;70X ,9 ,2=00809? ?: ,/30=0 ?: ;@-74>30/ ;=4.0 74>?> := 9:?
?: <@:?0 , ;=4.0 B4?3:@? .:9>@7?492 ;:?09?4,7 .:8;0?4?:=>X := 9:? ?: .3,=20 70>> ?3,9
,9D :?30= ;=4.0 49 ?30 8,=60?Z j9 ,2=00809? 8,D =0>?=4.? ;=4.0 .:8;0?4?4:9 0A09 41
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?30 ;=4.0 =4>0X ,9/ 3,/ ?309 .:9?,.?0/ ?30 49/4A4/@,7 ;0?=:7 1477492 >?,?4:9> 49 ?30
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8,/0 ?: ?=D ?: 3,A0 ?30 >?,?4:9 =,4>0 4?> ;=4.0Z
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:1 ;=:/@.?> := >0=A4.0>Z k4/Y=422492 49A:7A0> ,9 ,2=00809? -0?B009 .:8;0?4?:=> ,>
?: B34.3 :1 ?308 B477 >@-84? ?30 B499492 -4/ :9 , .:9?=,.? -0492 70? ?3=:@23 ?30
?09/0=492 ;=:.0>>eZ
M k4/ >@;;=0>>4:9f x90 := 8:=0 .:8;0?4?:=> B3: :?30=B4>0 B:@7/ -0 0C;0.?0/ ?:
-4/X := B3: 3,> ;=0A4:@>7D 8,/0 , -4/X ,2=00> ?: =01=,49 1=:8 -4//492 := B4?3/=,B>
, ;=0A4:@>7D >@-84??0/ -4/ >: ?3,? ?30 /0>429,?0/ B499492 .:8;0?4?:=J> -4/ B477 -0
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?: ?30 -@D0=>Z {@.3 -4/> ,=0 8,/0 80=07D ?: 24A0 ?30 ,;;0,=,9.0 :1 209@490
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?: 14C =0?,47 ;0?=:7 ;=4.0>Z
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M k4/ =:?,?4:9f y,=?40> ?: ?30 ,2=00809? >@-84? -4/> -@? ?,60 ?@=9> ,? -0492 ?30 7:B0>?
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,8:@9?> :1 ?30 .:9?=,.? >@8 ?: 0,.3 ;,=?D := ,77:.,?0 ,8:@9?> ?3,? .:==0>;:9/
?: ?30 >4E0 :1 0,.3 .:8;,9D 49A:7A0/ 49 ?30 ,2=00809?Z
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,9/ .,= ;,=6 >@=1,.492 .:9?=,.?> 49 n927,9/ ,9/ {.:?7,9/Z
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<@0>?4:9 .::;0=,?0/ ,9/ .::=/49,?0/ B4?3 0,.3 :?30= 49 =07,?4:9 ?: ?30 >0??492
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r9 >:80 .,>0> ?30 B499492 .:9?=,.?:= ;,4/ 7:>492 .:9?=,.?:=> .:8;09>,?4:9 1:=
9:? -4//492 1:= ?30 .:9?=,.? := 1:= >@-84??492 , -4/ ?3,? ?30D 690B B:@7/ -0
?:: 3423 ?: B49 ?30 .:9?=,.?Z
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|34> .,9 49.7@/0X 1:= 0C,8;70X ,9 ,2=00809? ?: ,/30=0 ?: ;@-74>30/ ;=4.0 74>?> := 9:?
?: <@:?0 , ;=4.0 B4?3:@? .:9>@7?492 ;:?09?4,7 .:8;0?4?:=>X := 9:? ?: .3,=20 70>> ?3,9
,9D :?30= ;=4.0 49 ?30 8,=60?Z j9 ,2=00809? 8,D =0>?=4.? ;=4.0 .:8;0?4?4:9 0A09 41
4? /:0> 9:? 09?4=07D 074849,?0 4?Z
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;=4.0> -D ?070;3:9492 :90 ,9:?30= ,9/ ,2=00492 :9 ?30 ,8:@9? ,9/ ?48492 :1
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,=0, ?: ,>6 ?308 ?: 48;70809? ?30 =4>0Z |30 l:884>>4:9 1@=?30= ,77020/ ?3,?
B309 :90 :1 ?30 ;,=?40> ?: ?30 ,==,920809? -0.,80 ,B,=0 ?3,? , ;0?=:7 >?,?4:9
3,/ 9:? =,4>0/ 4?> ;=4.0 49 ,..:=/,9.0 B4?3 ?30 ,==,920809?X 1@=?30= .,77> B0=0
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:1 ;=:/@.?> := >0=A4.0>Z k4/Y=422492 49A:7A0> ,9 ,2=00809? -0?B009 .:8;0?4?:=> ,>
?: B34.3 :1 ?308 B477 >@-84? ?30 B499492 -4/ :9 , .:9?=,.? -0492 70? ?3=:@23 ?30
?09/0=492 ;=:.0>>eZ
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-4/X := B3: 3,> ;=0A4:@>7D 8,/0 , -4/X ,2=00> ?: =01=,49 1=:8 -4//492 := B4?3/=,B>
, ;=0A4:@>7D >@-84??0/ -4/ >: ?3,? ?30 /0>429,?0/ B499492 .:8;0?4?:=J> -4/ B477 -0
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?:: 3423 ?: -0 ,..0;?0/ := .:9?,49 ?0=8> ?3,? ?30D 69:B B477 9:? -0 ,..0;?,-70
?: ?30 -@D0=>Z {@.3 -4/> ,=0 8,/0 80=07D ?: 24A0 ?30 ,;;0,=,9.0 :1 209@490
.:8;0?4?4A0 -4//492Z
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.:@=? ;=:.00/492> ,2,49>? >0A09 .:8;,940> ,9/ >0A09 49/4A4/@,7> 49A:7A0/ 49 ?30
/4>?=4-@?4:9 ,9/ =0?,47 :1 ;0?=:7 49 ?30 >?,?0 :1 ~4.?:=4,X :9 ?30 2=:@9/> ?3,? ?30>0
.:8;,940> ,9/ 49/4A4/@,7> 3,/ 09?0=0/ 49?: ,9/ 24A09 0110.? ?: ,==,920809?>
?: 14C =0?,47 ;0?=:7 ;=4.0>Z
bbZ k4/Y=422492 ,2=00809?> @>@,77D 1,77 49?: :90 := 8:=0 :1 ?30 1:77:B492 .,?02:=40> I
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49 -4//492 1:= .:9?=,.?> ,..:=/492 ?: ?30 >4E0 :1 ?30 .:9?=,.? >@8X ,77:.,?0 0<@,7
,8:@9?> :1 ?30 .:9?=,.? >@8 ?: 0,.3 ;,=?D := ,77:.,?0 ,8:@9?> ?3,? .:==0>;:9/
?: ?30 >4E0 :1 0,.3 .:8;,9D 49A:7A0/ 49 ?30 ,2=00809?Z
X|yy-+v.r ,r{qr*v{t s|* syn, *||s n{q pn* }n*x +-*snpv{t p|{,*np,+
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,9/ .,= ;,=6 >@=1,.492 .:9?=,.?> 49 n927,9/ ,9/ {.:?7,9/Z
xB90=> =0<@4=492 ?30 >@=1,.492 :1 ?304= =::1> := .,= ;,=6> ?D;4.,77D 49A4?0/ , 9@8-0=
:1 >@4?,-7D <@,74140/ .:9?=,.?:=> ?: >@-84? ?09/0= -4/> 49 :=/0= ?: 09>@=0 .:8;0?4?4:9
-0?B009 .:9?=,.?:=> ,9/ ?30=0-D :-?,49 , .:8;0?4?4A0 ;=4.0Z |30 .:9?=,.?:=> 49
<@0>?4:9 .::;0=,?0/ ,9/ .::=/49,?0/ B4?3 0,.3 :?30= 49 =07,?4:9 ?: ?30 >0??492
:1 ?09/0= ;=4.0> B4?3 ?30 :-50.? :1 ;=0A09?492X =0>?=4.?492 := /4>?:=?492 .:8;0?4?4:9Z
r9 >:80 .,>0> ?30 B499492 .:9?=,.?:= ;,4/ 7:>492 .:9?=,.?:=> .:8;09>,?4:9 1:=
9:? -4//492 1:= ?30 .:9?=,.? := 1:= >@-84??492 , -4/ ?3,? ?30D 690B B:@7/ -0
?:: 3423 ?: B49 ?30 .:9?=,.?Z
q,A492 -009 1:@9/ 2@47?D :1 .:77@>4:9X ?30 .:9?=,.?:=> B0=0 1490/ , ?:?,7 :1 ,=:@9/
G^Z_ 84774:9 V,;;=:C48,?07D qtR__Za 84774:9WZ r9 7490 B4?3 ?30 ;:74.D ?: 24A0 709409?
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:1 .:9?=,.?:=> B0=0 2=,9?0/ ^aS ?: 1@77 488@94?D 1=:8 ?30>0 ;09,7?40>Z
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8,=60? ?D;0X >4E0 :1 .@>?:80= := 49 >:80 :?30= B,DZ {@.3 ,2=00809?> 8,D =0/@.0
:= 074849,?0 .:8;0?4?4:9 ,9/ 8,D 70,/ ?: .:9>@80=> ;,D492 34230= ;=4.0> ?3,9 41
?30=0 B,> 209@490 .:8;0?4?4:9 49 ?30 8,=60?Z
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w0B +:=6 {?,?0 1=:8 s,9@,=D ]eee ?: 84/Y^\\\g ,9/
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^\\\Z
n8;4=0 ,9/ ,9:?30= B3:70>,70 /4>?=4-@?:= ,2=00/ ?: ,77:.,?0 8,=60?> 1:= ?30
B3:70>,70 /4>?=4-@?4:9 :1 8,2,E490>X :?30= ;0=4:/4.,7>X ,9/ -::6> 49 *0>?0=9 w0B
+:=6 {?,?0Z n8;4=0 ,7>: ,2=00/ ?: =01=,49 1=:8 ?30 B3:70>,70 /4>?=4-@?4:9 :1
8,2,E490>X :?30= ;0=4:/4.,7>X ,9/ -::6> ,? y4??>-@=23 r9?0=9,?4:9,7 j4=;:=? 49
0C.3,920 1:= ,9:?30= B3:70>,70 /4>?=4-@?:= ,2=00492 9:? ?: 0C;,9/ 4?> 8,=60?
>3,=0 49 k@11,7:X ?30 3:80 ?0==4?:=D :1 n8;4=0Z
n8;4=0 ;70,/0/ 2@47?D ?: ?30 .3,=20> ,9/ B,> 1490/ }{R^\\X\\\ V,-:@? qtR]Zb
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r9 ]ee]X , 9@8-0= :1 .0809? ;=:/@.0=> 49 ?30 {7:A,6 z0;@-74. 09?0=0/ 49?:
,2=00809?> =0>?=4.?492 .:8;0?4?4:9Z
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:9 8,??0=> >@.3 ,> ;=:/@.?4:9 :@?;@?X .:>?>X 0C;:=? A:7@80>X 49A09?:=40>X ;=:14?>X
9@8-0=> :1 08;7:D00>X ,9/ ,A0=,20 B,20> ,9/ >,7,=40>Z |30D =0;:=?0/ ?34>
491:=8,?4:9 8:9?37D ?: , .:9>@7?492 14=8X B34.3 .:9>:74/,?0/ ?30 491:=8,?4:9
,9/ /4>?=4-@?0/ ?34> ?: ?30 ;=:/@.0=>Z |30 .:9>@7?492 14=8 ,7>: ;=0;,=0/ /:.@809?>
0>?,-74>3492 , 20:2=,;34.,7 /4A4>4:9 :1 8,=60?> ,8:92 ?30 ;=:/@.0=> ,9/ >@220>?0/
, ;=:/@.?4:9 <@:?, 1:= 0,.3 ;=:/@.0=Z |30>0 ;7,9> B0=0 14=>? /4>.@>>0/ -D ?30
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/4=0.?:=>Z j> , =0>@7?X .@>?:80=> B0=0 =0>?=4.?0/ ?: /0,7492 B4?3 :97D :90 ;=:/@.0=
49 ?304= ,=0,Z
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r9 ]ee`X ?30 j9?4Y8:9:;:7D x114.0 4>>@0/ ,9 :=/0= ;=:34-4?492 ,77 .0809? ;=:/@.0=>
1=:8 092,2492 49 8,=60? ,77:.,?4:9X >0??492 >,70> <@:?,> := 0C.3,92492 491:=8,?4:9
?3,? .:@7/ 1,.474?,?0 ?30 .::=/49,?4:9 :1 >@.3 47702,7 ,2=00809?>Z |30 x114.0 ,7>:
48;:>0/ 1490> ?:?,7492 ,-:@? }{R\Zc 84774:9 V,;;=:C48,?07D qtRaZa 84774:9W :9
?30 ;,=?40> ?: ?30 ,2=00809?>Z
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:= .@>?:80=> 4> , 5:49? -:D.:??Z z01@>492 ?: /0,7 B4?3 .@>?:80=> @970>> ?30D ,2=00
?: ;=4.492 := :?30= ?0=8> >0? -D ?30 14=8> ;,=?4.4;,?492 49 >@.3 ,9 ,2=00809? 8,D
-0 ,9?4Y.:8;0?4?4A0Z r1 .:8;0?4?:=> 5:49 ?:20?30= ?: ;=0>>@=0 >@;;740=> := .@>?:80=>
?: >?:; /0,7492 B4?3 ,9:?30= .:8;0?4?:=X ?30D 8,D ,7>: -0 092,2492 49 ,9?4Y.:8;0?4?4A0
.:9/@.?Z
hnyr+ n{q e*|q-p,v|{ f-|,n+
bdZ j9 ,2=00809? -0?B009 .:8;0?4?:=> ?: 7484? ;=:/@.?4:9 B477 ,78:>? 490A4?,-7D 70,/
?: ;=4.0 49.=0,>0>Z {@.3 ,9 ,2=00809? 8,D =07,?0 ?: ?30 B,D 49 B34.3 ;=4.0> ,=0 14C0/X
:= 4? 8,D -0 49?09/0/ ?: /0,7 B4?3 >?=@.?@=,7 :A0=.,;,.4?DZ r9 >:80 .,>0>X 4? 8,D -0
74960/ ?: :?30= ,9?4Y.:8;0?4?4A0 ,2=00809?>Z
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bcZ l:8;,940> 8,D ,2=00 ?: >3,=0 8,=60?>X B30?30= :9 ?30 -,>4> :1 20:2=,;34.,7 ,=0,X
8,=60? ?D;0X >4E0 :1 .@>?:80= := 49 >:80 :?30= B,DZ {@.3 ,2=00809?> 8,D =0/@.0
:= 074849,?0 .:8;0?4?4:9 ,9/ 8,D 70,/ ?: .:9>@80=> ;,D492 34230= ;=4.0> ?3,9 41
?30=0 B,> 209@490 .:8;0?4?4:9 49 ?30 8,=60?Z
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r9 ^\\_X ?30 n8;4=0 {?,?0 w0B> l:=;:=,?4:9 r9.Z Vn8;4=0WX :1 k@11,7:X w0B +:=6
49 ?30 }{j B,> ;=:>0.@?0/ 1:= ,77020/7D I
,W ;,=?4.4;,?492 49 , .:9>;4=,.D ?: >@;;=0>> ,9/ 074849,?0 .:8;0?4?4:9 49 ?30
B3:70>,70 /4>?=4-@?4:9 :1 8,2,E490>X :?30= ;0=4:/4.,7>X ,9/ -::6> 49 *0>?0=9
w0B +:=6 {?,?0 1=:8 s,9@,=D ]eee ?: 84/Y^\\\g ,9/
-W 074849,?492 .:8;0?4?4:9 1:= ?30 .:9?=,.? ?: >@;;7D 8,2,E490>X :?30= ;0=4:/4.,7>X
,9/ -::6> ,? y4??>-@=23 r9?0=9,?4:9,7 j4=;:=? -0?B009 v,=.3 ]eee ,9/ 84/Y
^\\\Z
n8;4=0 ,9/ ,9:?30= B3:70>,70 /4>?=4-@?:= ,2=00/ ?: ,77:.,?0 8,=60?> 1:= ?30
B3:70>,70 /4>?=4-@?4:9 :1 8,2,E490>X :?30= ;0=4:/4.,7>X ,9/ -::6> 49 *0>?0=9 w0B
+:=6 {?,?0Z n8;4=0 ,7>: ,2=00/ ?: =01=,49 1=:8 ?30 B3:70>,70 /4>?=4-@?4:9 :1
8,2,E490>X :?30= ;0=4:/4.,7>X ,9/ -::6> ,? y4??>-@=23 r9?0=9,?4:9,7 j4=;:=? 49
0C.3,920 1:= ,9:?30= B3:70>,70 /4>?=4-@?:= ,2=00492 9:? ?: 0C;,9/ 4?> 8,=60?
>3,=0 49 k@11,7:X ?30 3:80 ?0==4?:=D :1 n8;4=0Z
n8;4=0 ;70,/0/ 2@47?D ?: ?30 .3,=20> ,9/ B,> 1490/ }{R^\\X\\\ V,-:@? qtR]Zb
84774:9WZ
r9 ]ee]X , 9@8-0= :1 .0809? ;=:/@.0=> 49 ?30 {7:A,6 z0;@-74. 09?0=0/ 49?:
,2=00809?> =0>?=4.?492 .:8;0?4?4:9Z
|30 ;=:/@.0=> ,2=00/ ?: , =02@7,= 0C.3,920 :1 -,>4. 491:=8,?4:9 ,-:@? ?304= 14=8>
:9 8,??0=> >@.3 ,> ;=:/@.?4:9 :@?;@?X .:>?>X 0C;:=? A:7@80>X 49A09?:=40>X ;=:14?>X
9@8-0=> :1 08;7:D00>X ,9/ ,A0=,20 B,20> ,9/ >,7,=40>Z |30D =0;:=?0/ ?34>
491:=8,?4:9 8:9?37D ?: , .:9>@7?492 14=8X B34.3 .:9>:74/,?0/ ?30 491:=8,?4:9
,9/ /4>?=4-@?0/ ?34> ?: ?30 ;=:/@.0=>Z |30 .:9>@7?492 14=8 ,7>: ;=0;,=0/ /:.@809?>
0>?,-74>3492 , 20:2=,;34.,7 /4A4>4:9 :1 8,=60?> ,8:92 ?30 ;=:/@.0=> ,9/ >@220>?0/
, ;=:/@.?4:9 <@:?, 1:= 0,.3 ;=:/@.0=Z |30>0 ;7,9> B0=0 14=>? /4>.@>>0/ -D ?30
.:880=.4,7 /4=0.?:=> :1 ?30 ;=:/@.0=> ,9/ ?309 ,2=00/ ?: -D ?30 8,9,2492
/4=0.?:=>Z j> , =0>@7?X .@>?:80=> B0=0 =0>?=4.?0/ ?: /0,7492 B4?3 :97D :90 ;=:/@.0=
49 ?304= ,=0,Z
r81@D5B g
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o||x+ v{ lr+,r*{ cr/ m|*x h,n,r n{q n, ev,,+o-*tu ^{,r*{n,v|{ny
Vv*}|*,
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r9 ]ee`X ?30 j9?4Y8:9:;:7D x114.0 4>>@0/ ,9 :=/0= ;=:34-4?492 ,77 .0809? ;=:/@.0=>
1=:8 092,2492 49 8,=60? ,77:.,?4:9X >0??492 >,70> <@:?,> := 0C.3,92492 491:=8,?4:9
?3,? .:@7/ 1,.474?,?0 ?30 .::=/49,?4:9 :1 >@.3 47702,7 ,2=00809?>Z |30 x114.0 ,7>:
48;:>0/ 1490> ?:?,7492 ,-:@? }{R\Zc 84774:9 V,;;=:C48,?07D qtRaZa 84774:9W :9
?30 ;,=?40> ?: ?30 ,2=00809?>Z
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beZ j9 ,2=00809? -0?B009 .:8;0?4?:=> 9:? ?: /0,7 B4?3 :?30= .:8;0?4?:=>X >@;;740=>
:= .@>?:80=> 4> , 5:49? -:D.:??Z z01@>492 ?: /0,7 B4?3 .@>?:80=> @970>> ?30D ,2=00
?: ;=4.492 := :?30= ?0=8> >0? -D ?30 14=8> ;,=?4.4;,?492 49 >@.3 ,9 ,2=00809? 8,D
-0 ,9?4Y.:8;0?4?4A0Z r1 .:8;0?4?:=> 5:49 ?:20?30= ?: ;=0>>@=0 >@;;740=> := .@>?:80=>
?: >?:; /0,7492 B4?3 ,9:?30= .:8;0?4?:=X ?30D 8,D ,7>: -0 092,2492 49 ,9?4Y.:8;0?4?4A0
.:9/@.?Z
hnyr+ n{q e*|q-p,v|{ f-|,n+
bdZ j9 ,2=00809? -0?B009 .:8;0?4?:=> ?: 7484? ;=:/@.?4:9 B477 ,78:>? 490A4?,-7D 70,/
?: ;=4.0 49.=0,>0>Z {@.3 ,9 ,2=00809? 8,D =07,?0 ?: ?30 B,D 49 B34.3 ;=4.0> ,=0 14C0/X
:= 4? 8,D -0 49?09/0/ ?: /0,7 B4?3 >?=@.?@=,7 :A0=.,;,.4?DZ r9 >:80 .,>0>X 4? 8,D -0
74960/ ?: :?30= ,9?4Y.:8;0?4?4A0 ,2=00809?>Z
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09?0=?,49809? 2=:@;X 49/4A4/@,7 808-0=> :1 ?30 2=:@; ,9/ ,11474,?0/ .:=;:=,?4:9>
09?0=0/ 49?: ,9 ,2=00809?X ,==,920809? := @9/0=>?,9/492 B4?3 :90 ,9:?30= 9:?
?: >@;;7D >0=A4.0> ?: :=2,94>0=> :1 0A09?>Z
|30 j80=4.,9 k,= j>>:.4,?4:9 VjkjW .:9/@.?> ?30 9,?4:9,7 ,..=0/4?,?4:9 ;=:.0>>
1:= 7,B >.3::7> 49 ?30 }{jZ |30 -,= ,/84>>4:9 =@70> 49 8:>? >?,?0> =0<@4=0 ?3,?
, ;0=>:9 2=,/@,?0 1=:8 ,9 jkjY,;;=:A0/ 7,B >.3::7 ?: >,?4>1D ?30 702,7 0/@.,?4:9
=0<@4=0809? 1:= ?,6492 ?30 -,= 0C,849,?4:9Z
x90 >;0.414. ,7702,?4:9 =07,?0/ ?: , .:@9?D 1,4= ?: -0 307/ 49 ]eedX B30=0 0C0.@?4A0
808-0=> :1 ?30 09?0=?,49809? 2=:@; /4=0.?0/ .0=?,49 :?30= 808-0=> 9:? ?:
>@;;7D >0=A4.0> ?: ?30 0A09?X @;:9 ?3=0,? :1 >@>;09>4:9 := 0C;@7>4:9 1=:8 ?30
2=:@;Z r? B,> ,7>: ,77020/ ?3,? 49 =07,?4:9 ?: >3:B> 49 ^\\^ ,9/ ^\\_X .0=?,49
2=:@; 0C0.@?4A0> ,==4A0/ ,? ,9 ,2=00809?X ,==,920809? := @9/0=>?,9/492 9:?
?: >@;;7D >0=A4.0> ?: ?3:>0 >3:B>Z
|30 jkj ;=:34-4?0/ jkjY,;;=:A0/ 7,B >.3::7> 1=:8 09=:7492 2=,/@,?0> :1 , 7,B
>.3::7 ,..=0/4?0/ -D , >?,?0X -@? 9:? -D ?30 jkjX 49 ;:>?Y2=,/@,?0 ;=:2=,880>Z
r? ,7>: ;=:34-4?0/ 7,B >.3::7> 1=:8 :110=492 ?=,9>10= .=0/4?> 1:= ,9D .:@=>0 >@..0>>1@77D
.:8;70?0/ ,? , 7,B >.3::7 ,..=0/4?0/ -D , >?,?0X -@? 9:? -D ?30 jkjZ
|30 o0/0=,7 l:@=? 49 {D/90D 1:@9/ ?3,? ?30 09?0=?,49809? 2=:@; 3,/ -=0,.30/
>Z `a :1 ?30 j@>?=,74,9 |=,/0 y=,.?4.0> j.? ,9/ ?30 l:8;0?4?4:9 l:/0 -D ,??08;?492
?: 49/@.0 4?> 808-0=> ?: -:D.:?? ?30 .:@9?D 1,4= 49 ]eedZ
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j{snv* |* Yv+p*vzv{n,|*1 h,n{qn*q+
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8,D 3,A0 ?30 ;:>4?4A0 0110.? :1 307;492 ?: =0/@.0 ?30 .:>? := =,4>0 ?30 <@,74?D :1 ,
;=:/@.? := >0=A4.0Z r? 8,D ,7>: ;=:8:?0 ?0.394.,7 := 0.:9:84. 0114.409.D -D =0/@.492
B,>?0 ,9/ .:9>@80=>J >0,=.3 .:>?>Z q:B0A0=X >@.3 ,9 ,2=00809? 8,D ,/A0=>07D
,110.? .:8;0?4?4:9X 49 ;,=?4.@7,= 41 4? 49.7@/0> =0>?=4.?4:9> :9 B3,? ?30 ;,=?40> 8,D
;=:/@.0Z r? 8,D ,7>: 3,A0 ?30 0110.? :1 7484?492 .:8;0?4?4:9 1=:8 :?30= >:@=.0>X 1:=
0C,8;70 -D =,4>492 09?=D -,==40=> ?: , 8,=60?Z j2=00809?> ?3,? ;=0A09? ?30 ;,=?40>
.:9.0=90/ 1=:8 /0A07:;492 ,7?0=9,?4A0 >?,9/,=/> := ;=:/@.?> ?3,? /: 9:? .:8;7D
B4?3 ?30 ,2=00/ >?,9/,=/ 8,D ,7>: 3,=8 .:8;0?4?4:9Z
c]Z j -@>490>> ?3,? 3,> , /:849,9? ;:>4?4:9 49 , 8,=60? .,9 @>0 ?34> ;:>4?4:9 ?: 7484?
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24A0 =4>0 ?: 0.:9:84. 490114.409.D := ?30 :->?=@.?4:9 :1 1=00 ?=,/0Z r9 ,>>0>>492 B30?30=
:= 9:? ?30 .:9/@.? :1 , .:8;,9D ,8:@9?> ?: ,9 ,-@>0 :1 /:849,9.0X .:8;0?4?4:9
=02@7,?:=> @>@,77D 08;7:D , ?B:Y>?,20 ;=:.0>>Z o4=>?X ?30D 0>?,-74>3 B30?30= := 9:?
?30 -@>490>> 4> 49/00/ 49 , /:849,9? ;:>4?4:9Z |30D ?309 ,>>0>> B30?30= ?30 -@>490>>
3,> 092,20/ 49 .:9/@.? ?3,? 4> ,-@>4A0 :1 ?3,? ;:>4?4:9Z {@.3 .:9/@.? @>@,77D 1,77>
49?: :90 := -:?3 :1 ?30 1:77:B492 .,?02:=40> I
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;,=?D 49?: 09?0=492 , .:9?=,.? B4?3 2=:>>7D @91,4= ?0=8> 49 1,A:@= :1 ?30 /:849,9?
;7,D0=Wg :=
M l:9/@.? B34.3 ,8:@9?> ?: 0C.7@>4:9,=D -03,A4:@=X -0.,@>0 4? =08:A0> := B0,609>
.:8;0?4?4:9 1=:8 :?30=> 49 ?30 8,=60?X := 0>?,-74>30> := >?=092?309> 09?=D -,==40=>X
?30=0-D =08:A492 := B0,609492 ;:?09?4,7 .:8;0?4?4:9Z
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|30 j80=4.,9 k,= j>>:.4,?4:9 VjkjW .:9/@.?> ?30 9,?4:9,7 ,..=0/4?,?4:9 ;=:.0>>
1:= 7,B >.3::7> 49 ?30 }{jZ |30 -,= ,/84>>4:9 =@70> 49 8:>? >?,?0> =0<@4=0 ?3,?
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2=:@;Z r? B,> ,7>: ,77020/ ?3,? 49 =07,?4:9 ?: >3:B> 49 ^\\^ ,9/ ^\\_X .0=?,49
2=:@; 0C0.@?4A0> ,==4A0/ ,? ,9 ,2=00809?X ,==,920809? := @9/0=>?,9/492 9:?
?: >@;;7D >0=A4.0> ?: ?3:>0 >3:B>Z
|30 jkj ;=:34-4?0/ jkjY,;;=:A0/ 7,B >.3::7> 1=:8 09=:7492 2=,/@,?0> :1 , 7,B
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|30 o0/0=,7 l:@=? 49 {D/90D 1:@9/ ?3,? ?30 09?0=?,49809? 2=:@; 3,/ -=0,.30/
>Z `a :1 ?30 j@>?=,74,9 |=,/0 y=,.?4.0> j.? ,9/ ?30 l:8;0?4?4:9 l:/0 -D ,??08;?492
?: 49/@.0 4?> 808-0=> ?: -:D.:?? ?30 .:@9?D 1,4= 49 ]eedZ
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B,>?0 ,9/ .:9>@80=>J >0,=.3 .:>?>Z q:B0A0=X >@.3 ,9 ,2=00809? 8,D ,/A0=>07D
,110.? .:8;0?4?4:9X 49 ;,=?4.@7,= 41 4? 49.7@/0> =0>?=4.?4:9> :9 B3,? ?30 ;,=?40> 8,D
;=:/@.0Z r? 8,D ,7>: 3,A0 ?30 0110.? :1 7484?492 .:8;0?4?4:9 1=:8 :?30= >:@=.0>X 1:=
0C,8;70 -D =,4>492 09?=D -,==40=> ?: , 8,=60?Z j2=00809?> ?3,? ;=0A09? ?30 ;,=?40>
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B4?3 ?30 ,2=00/ >?,9/,=/ 8,D ,7>: 3,=8 .:8;0?4?4:9Z
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:= 9:? ?30 .:9/@.? :1 , .:8;,9D ,8:@9?> ?: ,9 ,-@>0 :1 /:849,9.0X .:8;0?4?4:9
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;,=?D 49?: 09?0=492 , .:9?=,.? B4?3 2=:>>7D @91,4= ?0=8> 49 1,A:@= :1 ?30 /:849,9?
;7,D0=Wg :=
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:1 >@;;70809?,=D :-742,?4:9> B34.3X -D ?304= 9,?@=0 := ,..:=/492 ?: .:880=.4,7
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:1 ?30 .:8;,9D 49A:7A0/ ,8:92>? :?30= ?3492> 84>@>0 :1 8,=60? ;:B0=Z
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,77020/ ?3,? ?30 7,=20 =0?,470= ?::6 ,.?4:9 ,2,49>? 0,.3 :1 ?30 -,60=40> ?: 49/@.0
?308X := ,??08;? ?: 49/@.0 ?308X ?: ?,60 ,.?4:9 ?: >?:; ?30 /4>.:@9?492Z
r? B,> ,77020/ ?3,? ?30 7,=20 =0?,47 >?:=0 =01@>0/ ?: ,..0;? 1@=?30= >@;;740> :1 -=0,/
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n7 y,>: w,?@=,7 p,> l:8;,9D VKnr y,>:LW B,> , =02@7,?0/ 8:9:;:7D B34.3
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2,?30=492 >D>?08Z |30 .:8;7,49? ,7>: ,77020/ ?3,? n7 y,>:J> ;=,.?4.0 3,/ =,4>0/
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49>?,77,?4:9 -D B006>X .:8;,=0/ B4?3 ?30 >4?@,?4:9 B30=0 ?30=0 B,> 1=00 .:8;0?4?4:9Z
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q:92 t:92 B:@7/ -0 ?3,? 4? B:@7/ -0 1,8474,= ?: 8,9D 49 ?30 -@>490>> ,9/ ;=:10>>4:9,7
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8,D B4>3 ?: 3,A0 ,9 0,=7D 49/4.,?4:9 :1 ?30 ?D;0> :1 .:9/@.? ?3,? 8423? -0 =02,=/0/
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.4=.@8>?,9.0>Z
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.0=?,49 ?D;0 :1 .:9/@.? >3:@7/ .:9>?4?@?0 ,9 491=4920809?Z |30 ,7?0=9,?4A0 4> ?3,?X
?: .:9>?4?@?0 ,9 491=4920809?X ?30 .:9/@.? 8@>? 9:? :97D -0 >3:B9 ?: 3,A0 ?,609
;7,.0X -@? 8@>? cnuq -0 >3:B9 ?: 3,A0 ?30 K;@=;:>0L := K0110.?L :1 ;=0A09?492X
=0>?=4.?492 := /4>?:=?492 .:8;0?4?4:9Z
ceZ o:= 0C,8;70X 41 , 9@8-0= :1 .:8;0?492 14=8> .:77@/0 49 14C492 ?30 ;=4.0 1:= ?304=
;=:/@.? ,? , .0=?,49 70A07X >3:@7/ ?34> ,@?:8,?4.,77D -0 ,9 :1109.0 @9/0= ?30 7,Bh
x= >3:@7/ 4? :97D -0 ,9 :1109.0 41 ?30 .:9/@.? :1 ?30>0 14=8> .:@7/ -0 >3:B9 ?: 3,A0
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,;;=:,.3 8423? 8,60 4? 8:=0 /4114.@7? ?: ;=:A0 ,9?4Y.:8;0?4?4A0 .:9/@.?X 4? .:@7/
3,A0 ?30 ,/A,9?,20> :1 I
M n9>@=492 ?3,? >8,77 -@>490>>0> ?3,? >3,=0 491:=8,?4:9 1:= 7024?48,?0 ;@=;:>0> B:@7/
@974607D 1,.0 =02@7,?:=D ,.?4:9 @970>> ?304= .:9/@.? .:@7/ -0 >3:B9 ?: 3,A0 B4/0=
48;74.,?4:9> 1:= ?30 8,=60? ,> , B3:70g ,9/
M y=:A4/492 .:9?49@4?D B4?3 ?30 ?3=@>? :1 ?30 lyzlJ> ;=:;:>,7>X B34.3 08;3,>4>0 ,9
49.=0809?,7 ,;;=:,.3 ,9/ ?30 900/ ?: ,A:4/ ;@??492 ,9 @9/@7D :90=:@> -@=/09
:9 9:=8,7 -@>490>> :;0=,?4:9>Z
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.:8;0?4?4A0 .:9/@.? ?: -0 .:A0=0/ B:@7/ 307; ?: =08:A0 >@.3 @9.0=?,49?DZ q:B0A0=X
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=0<@4=0/ ?: 8:/41D ?30>0 /01494?4:9> ,> 90B ?D;0> :1 ,9?4Y.:8;0?4?4A0 ;=,.?4.0 -0.,80
;=0A,709?Z r? >3:@7/ -0 9:?0/ ?3,?X 0A09 B0=0 ,9 0C3,@>?4A0X >;0.414. 74>?492 ,;;=:,.3
?: -0 ,/:;?0/X /0?,470/ 2@4/07490> B:@7/ -0 48;:=?,9? 49 09>@=492 ?3,? ;=0A,47492
,9/ 90B 8,=60? .:9/4?4:9> .:@7/ -0 ?,609 49?: ,..:@9?Z
cbZ |30 ,;;=:,.3 8:>? .:88:97D @>0/ 49 :?30= 5@=4>/4.?4:9> 4> ?: >0? :@? , 2090=,7
;=:34-4?4:9 ,2,49>? ,9?4Y.:8;0?4?4A0 .:9/@.? ,9/ ?: >@;;70809? ?34> B4?3 2@4/07490>
,9/ =02@7,= .:8809?,=40>X 49.7@/492 0C,8;70> :1 .,>0> ?3,? 3,A0 -009 49A0>?42,?0/X
-:?3 49 7:.,7 ,9/ :A0=>0,> 0.:9:840>Z |30 ,/A,9?,20 :1 ?,6492 ?34> ,;;=:,.3 49
q:92 t:92 B:@7/ -0 ?3,? 4? B:@7/ -0 1,8474,= ?: 8,9D 49 ?30 -@>490>> ,9/ ;=:10>>4:9,7
>0.?:=>X ,9/ B:@7/ ,7>: ,77:B @> ?: ?,60 =010=09.0 ?: 5@=4>;=@/09.0 49 ?34> ,=0, 49
:?30= ,/8494>?=,?4:9>Z j> B4?3 ?30 ,/8494>?=,?4A0 2@4/07490> :9 .:8;0?4?4:9 4>>@0/
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.:@7/ ,7>: 49/4.,?0 3:B ?30 =02@7,?:=D ,@?3:=4?D ;=:;:>0/ ?: ;0=1:=8 4?> 1@9.?4:9>Z
*347>? >@.3 2@4/07490> B:@7/ 9:? 49 ?308>07A0> 3,A0 702,7 0110.?X ?30D .:@7/ .7,=41D
?30 ;=49.4;70> ?3,? B:@7/ 2:A0=9 =02@7,?:=D .:9>4/0=,?4:9> ,9/ /0.4>4:9>X ?30=0-D
;=:A4/492 >:80 .:81:=? ?: >?,603:7/0=>Z
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;=010==0/X 4? B:@7/ -0 ;=08,?@=0 ,? ?34> >?,20 ?: ?=D ?: ,9?4.4;,?0 ;=0.4>07D 3:B ,
.:8;0?4?4:9 =02@7,?:= 49 q:92 t:92 8423? /0.4/0 B3,? B:@7/ .:9>?4?@?0 ,9?4Y
.:8;0?4?4A0 .:9/@.? 49 , ;,=?4.@7,= .,>0Z w:90?3070>>X B0 =0.:294>0 ?3,? >?,603:7/0=>
8,D B4>3 ?: 3,A0 ,9 0,=7D 49/4.,?4:9 :1 ?30 ?D;0> :1 .:9/@.? ?3,? 8423? -0 =02,=/0/
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c`Z z02,=/70>> :1 ?30 0C?09? :1 ?30 >.:;0 :1 ,9D 90B .:8;0?4?4:9 7,B 1:= q:92 t:92X
>?,603:7/0=> B:@7/ 900/ ?: 3,A0 , .70,= @9/0=>?,9/492 :1 ?30 >;0.414. ?D;0> :1 .:9/@.?
?3,? B:@7/ -0 .:A0=0/ -D >@.3 , 7,BZ k@>490>>0>X 1:= 0C,8;70X 8423? 1007 ?3,? ,
7,B ?3,? :97D >0?> :@? , -=:,/ ;=:34-4?4:9 ,2,49>? ,9?4Y.:8;0?4?4A0 .:9/@.? .:@7/
24A0 =4>0 ?: @9.0=?,49?D ,> ?: 3:B >@.3 , 7,B 8423? ,;;7DZ {@.3 @9.0=?,49?D .:@7/X
49 ?@=9X 70,/ ?: .:9>?=,49?> :9 499:A,?4:9 ,9/ 0C;,9>4:9 49 ?30 7:.,7 0.:9:8D 49 >:80
.4=.@8>?,9.0>Z
,> ,9?4Y.:8;0?4?4A0Z |34> B:@7/ 307; ,7>: ?: 09>@=0 ?3,? ,9D .:8;0?4?4:9 7,B ?3,?
8423? -0 49?=:/@.0/ 49 ?30 1@?@=0 B:@7/ ,/0<@,?07D ,//=0>> ?30 ,>;4=,?4:9> :1 ?30
B4/0= .:88@94?DZ
cdZ x90 1@=?30= 48;:=?,9? ;:49? ?: .:9>4/0= B309 >006492 ?: /01490 ,9?4Y.:8;0?4?4A0
.:9/@.? 4> ?30 <@0>?4:9 :1 B30?30= .0=?,49 ;=,.?4.0> >3:@7/ -0 .:9>4/0=0/ ?: -0
A4:7,?4:9> :1 .:8;0?4?4:9 7,B rgt ugX ?3,? 4>X B30?30= ?30 A0=D 1,.? :1 092,2492 49 ,
.0=?,49 ?D;0 :1 .:9/@.? >3:@7/ .:9>?4?@?0 ,9 491=4920809?Z |30 ,7?0=9,?4A0 4> ?3,?X
?: .:9>?4?@?0 ,9 491=4920809?X ?30 .:9/@.? 8@>? 9:? :97D -0 >3:B9 ?: 3,A0 ?,609
;7,.0X -@? 8@>? cnuq -0 >3:B9 ?: 3,A0 ?30 K;@=;:>0L := K0110.?L :1 ;=0A09?492X
=0>?=4.?492 := /4>?:=?492 .:8;0?4?4:9Z
ceZ o:= 0C,8;70X 41 , 9@8-0= :1 .:8;0?492 14=8> .:77@/0 49 14C492 ?30 ;=4.0 1:= ?304=
;=:/@.? ,? , .0=?,49 70A07X >3:@7/ ?34> ,@?:8,?4.,77D -0 ,9 :1109.0 @9/0= ?30 7,Bh
x= >3:@7/ 4? :97D -0 ,9 :1109.0 41 ?30 .:9/@.? :1 ?30>0 14=8> .:@7/ -0 >3:B9 ?: 3,A0
?30 ;@=;:>0 := 0110.? :1 /4>?:=?492 9:=8,7 8,=60? .:9/4?4:9>h j7?3:@23 ?30 7,??0=
,;;=:,.3 8423? 8,60 4? 8:=0 /4114.@7? ?: ;=:A0 ,9?4Y.:8;0?4?4A0 .:9/@.?X 4? .:@7/
3,A0 ?30 ,/A,9?,20> :1 I
M n9>@=492 ?3,? >8,77 -@>490>>0> ?3,? >3,=0 491:=8,?4:9 1:= 7024?48,?0 ;@=;:>0> B:@7/
@974607D 1,.0 =02@7,?:=D ,.?4:9 @970>> ?304= .:9/@.? .:@7/ -0 >3:B9 ?: 3,A0 B4/0=
48;74.,?4:9> 1:= ?30 8,=60? ,> , B3:70g ,9/
M y=:A4/492 .:9?49@4?D B4?3 ?30 ?3=@>? :1 ?30 lyzlJ> ;=:;:>,7>X B34.3 08;3,>4>0 ,9
49.=0809?,7 ,;;=:,.3 ,9/ ?30 900/ ?: ,A:4/ ;@??492 ,9 @9/@7D :90=:@> -@=/09
:9 9:=8,7 -@>490>> :;0=,?4:9>Z
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d\Z j> |,-70 ] 49 l3,;?0= ^ :1 ?34> /:.@809? >3:B>X 49 :?30= 5@=4>/4.?4:9>X ?30 .:8;0?4?4:9
7,B ,77:B> 1:= 0C.7@>4:9> := 0C08;?4:9> B30=0 ?30=0 ,=0 ;@-74. ;:74.D := 0.:9:84.
2=:@9/> 1:= 9:? ,;;7D492 ?30 7,B ?: .0=?,49 >0.?:=> := 49 >;0.414. .,>0>Z o:= 0C,8;70X
49 {492,;:=0X ,2=00809?> ?3,? ,=0 90.0>>,=D 49 :=/0= ?: ,A:4/ , .:9174.? B4?3 ?30
.:@9?=DJ> 49?0=9,?4:9,7 :-742,?4:9> ,=0 0C.7@/0/Z r9 ?30 1:77:B492 ;,=,2=,;3>X B0
.:9>4/0= 3:B ,9/ 49 B3,? .4=.@8>?,9.0> 0C.7@>4:9> ,9/ 0C08;?4:9> 8423? ,;;7D 41
, 90B .:8;0?4?4:9 7,B B0=0 ?: -0 49?=:/@.0/ 49 q:92 t:92Z
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49 , 9@8-0= :1 B,D>X 1:= 0C,8;70 I
M y=:A4/492 B4?349 ?30 8,49 -:/D :1 ?30 7,B 1:= .0=?,49 ?D;0> :1 14=8 ?: -0 0C.7@/0/
1=:8 ?30 ,;;74.,?4:9 :1 >:80 := ,77 ,>;0.?> :1 ?30 7,BZ o:= 0C,8;70X 14=8> B4?3
10B0= ?3,9 , 24A09 9@8-0= :1 08;7:D00>X := 49 , >;0.4140/ 49/@>?=D .:@7/ 3,A0
,@?:8,?4. 0C.7@>4:9Z
M v,6492 ;=:A4>4:9 49 ?30 7,B ?: 08;:B0= ?30 =02@7,?:=D -:/D := , /0>429,?0/ ;@-74.
:114.0= ?: 0C08;? :90 := 8:=0 .,?02:=D :1 @9/0=?,6492 1=:8 ?30 7,BZ o:= 0C,8;70X
14=8> 49 , ;,=?4.@7,= 0.:9:84. >0.?:= 8,D >006 ,9 0C08;?4:9 :9 2=:@9/> ?3,? ?30
@94<@0 .3,=,.?0=4>?4.> :1 ?30 >0.?:= ,=0 >@.3 ?3,? >:80 .:9/@.?X ,7?3:@23 ,9?4Y
.:8;0?4?4A0 49 9,?@=0X ,.?@,77D 093,9.0> 0.:9:84. 0114.409.D ,9/ .:9>@80= -09014?>Z
{@.3 0C08;?4:9> .:@7/ ,7>: ?,60 ?30 1:=8 :1 >@->4/4,=D 7024>7,?4:9 =0<@4=492 ?30
A0??492 :1 ?30 u024>7,?4A0 l:@9.47Z
M j77:B492 @9/0=?,6492> ?: >006 0C08;?4:9> :9 , .,>0Y-DY.,>0 -,>4> 1=:8 ?30
=02@7,?:=D ,@?3:=4?DZ o:= 0C,8;70X ,9 @9/0=?,6492 8,D >006 ,9 0C08;?4:9 :9 ?30
2=:@9/> ?3,? 4?> .:9/@.?X B347>? ,9?4Y.:8;0?4?4A0X ,.?@,77D =0>@7?> 49 , ;@-74. -09014?
?3,? :@?B0423> ?30 3,=8 ?: .:9>@80=>Z
d^Z y=:A4/492 1:= ?:: 8,9D 0C.7@>4:9> := 0C08;?4:9>X ;,=?4.@7,=7D ,? ?30 0,=7D >?,20 :1
49?=:/@.492 , 90B .:8;0?4?4:9 7,BX B:@7/ 74607D /47@?0 ?30 0110.?4A090>> :1 >@.3 ,
7,BZ r? .:@7/ ,7>: 24A0 ?30 48;=0>>4:9 ?3,? ?30 p:A0=9809? B,> 9:? B3:7030,=?0/
49 ,//=0>>492 ?30 ;:?09?4,7 ;=:-708 :1 ,9?4Y.:8;0?4?4A0 .:9/@.? 49 :@= 0.:9:8DZ
q:B0A0=X ?30=0 8423? B077 -0 .4=.@8>?,9.0> 49 B34.3 0C08;?4:9> .:@7/ -0 5@>?4140/
49 ?30 ;@-74. 49?0=0>?Z
d_Z |30 }94?0/ w,?4:9> l:910=09.0 :9 |=,/0 ,9/ m0A07:;809? V}wl|jmW]\ 3,> 9:?0/
?3,? 0C08;?4:9> ?3,? 3,A0 -009 2=,9?0/ 49 A,=4:@> 5@=4>/4.?4:9> 1,77 49?: , 10B 8,5:=
.,?02:=40>Z o:= 0C,8;70X 8,9D 5@=4>/4.?4:9> 3,A0 2=,9?0/ 0C08;?4:9> 49 =0>;0.? :1
,.?4:9> ,480/ ,? -,7,9.492 @90<@,7 0.:9:84. := -,=2,49492 ;:B0=X >@.3 ,> 7,-:@=
@94:9>J .:770.?4A0 -,=2,49492 ?: 902:?4,?0 B,20 70A07> ,9/ :?30= 08;7:D809? .:9/4?4:9>g
5:49? ;@=.3,>492 -D {vn>g ,9/ ?30 1:=8,?4:9 :1 1,=80=>J ,9/ 14>30=809J> .::;0=,?4A0>Z
nC08;?4:9> 3,A0 ,7>: -009 2=,9?0/ ?: ,//=0>> 491:=8,?4:9X ?=,9>,.?4:9 .:>? ,9/
K.:770.?4A0 ,.?4:9L ;=:-708>X >@.3 ,> ?30 .:770.?4:9 ,9/ 0C.3,920 :1 >?,?4>?4.> ,9/
491:=8,?4:9X ,9/ ;=:10>>4:9,7 =@70> ?3,? 307; 09>@=0 ?30 >@;;7D :1 <@,74140/ ,9/ 0?34.,7
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d`Z |30 }wl|jm =0;:=? ,7>: 1:@9/ ?3,? 1:= >:80 >0.?:=> ?3,? 3,/ -009 2=,9?0/ 0C08;?4:9>X
/0A07:;809?> 49 ?0.39:7:2DX :=2,94>,?4:9,7 80?3:/> ,9/ ,;;740/ 0.:9:84.> >@220>?0/
?3,? ,7?0=9,?4A0 ;=:Y.:8;0?4?4:9 ,;;=:,.30> ?: ?30>0 >0.?:=> 3,/ -0.:80 10,>4-70Z
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49 ?30 2=,9?492 :1 0C08;?4:9>X 9,807D I
M nC08;?4:9> >3:@7/ -0 2=,9?0/ :9 , 7484?0/Y?480 -,>4> B4?3 ;=:A4>4:9 1:= ;0=4:/4.
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49?0=0>?0/ ,9/ ,110.?0/ ;,=?40>g
M |30 0C08;?4:9> >3:@7/ ;7,.0 ,> 10B =0>?=4.?4:9> :9 .:8;0?4?4:9 ,> ;:>>4-70g ,9/
M nC08;?4:9> >3:@7/ -0 2090=4. 49 9,?@=0X =07,?492 ?: ?D;0> :1 0.:9:84. ,.?4A4?D :=
,==,920809?X =,?30= ?3,9 -0492 49/@>?=D := >0.?:= >;0.414.Z
{:80 0C,8;70> :1 3:B 0C.7@>4:9> ,9/ 0C08;?4:9> ,=0 ?,.670/ 49 >:80 :A0=>0,>
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d\Z j> |,-70 ] 49 l3,;?0= ^ :1 ?34> /:.@809? >3:B>X 49 :?30= 5@=4>/4.?4:9>X ?30 .:8;0?4?4:9
7,B ,77:B> 1:= 0C.7@>4:9> := 0C08;?4:9> B30=0 ?30=0 ,=0 ;@-74. ;:74.D := 0.:9:84.
2=:@9/> 1:= 9:? ,;;7D492 ?30 7,B ?: .0=?,49 >0.?:=> := 49 >;0.414. .,>0>Z o:= 0C,8;70X
49 {492,;:=0X ,2=00809?> ?3,? ,=0 90.0>>,=D 49 :=/0= ?: ,A:4/ , .:9174.? B4?3 ?30
.:@9?=DJ> 49?0=9,?4:9,7 :-742,?4:9> ,=0 0C.7@/0/Z r9 ?30 1:77:B492 ;,=,2=,;3>X B0
.:9>4/0= 3:B ,9/ 49 B3,? .4=.@8>?,9.0> 0C.7@>4:9> ,9/ 0C08;?4:9> 8423? ,;;7D 41
, 90B .:8;0?4?4:9 7,B B0=0 ?: -0 49?=:/@.0/ 49 q:92 t:92Z
V artny brpun{v+z s|* Z0py-+v|{+ |* Z0rz},v|{+
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49 , 9@8-0= :1 B,D>X 1:= 0C,8;70 I
M y=:A4/492 B4?349 ?30 8,49 -:/D :1 ?30 7,B 1:= .0=?,49 ?D;0> :1 14=8 ?: -0 0C.7@/0/
1=:8 ?30 ,;;74.,?4:9 :1 >:80 := ,77 ,>;0.?> :1 ?30 7,BZ o:= 0C,8;70X 14=8> B4?3
10B0= ?3,9 , 24A09 9@8-0= :1 08;7:D00>X := 49 , >;0.4140/ 49/@>?=D .:@7/ 3,A0
,@?:8,?4. 0C.7@>4:9Z
M v,6492 ;=:A4>4:9 49 ?30 7,B ?: 08;:B0= ?30 =02@7,?:=D -:/D := , /0>429,?0/ ;@-74.
:114.0= ?: 0C08;? :90 := 8:=0 .,?02:=D :1 @9/0=?,6492 1=:8 ?30 7,BZ o:= 0C,8;70X
14=8> 49 , ;,=?4.@7,= 0.:9:84. >0.?:= 8,D >006 ,9 0C08;?4:9 :9 2=:@9/> ?3,? ?30
@94<@0 .3,=,.?0=4>?4.> :1 ?30 >0.?:= ,=0 >@.3 ?3,? >:80 .:9/@.?X ,7?3:@23 ,9?4Y
.:8;0?4?4A0 49 9,?@=0X ,.?@,77D 093,9.0> 0.:9:84. 0114.409.D ,9/ .:9>@80= -09014?>Z
{@.3 0C08;?4:9> .:@7/ ,7>: ?,60 ?30 1:=8 :1 >@->4/4,=D 7024>7,?4:9 =0<@4=492 ?30
A0??492 :1 ?30 u024>7,?4A0 l:@9.47Z
M j77:B492 @9/0=?,6492> ?: >006 0C08;?4:9> :9 , .,>0Y-DY.,>0 -,>4> 1=:8 ?30
=02@7,?:=D ,@?3:=4?DZ o:= 0C,8;70X ,9 @9/0=?,6492 8,D >006 ,9 0C08;?4:9 :9 ?30
2=:@9/> ?3,? 4?> .:9/@.?X B347>? ,9?4Y.:8;0?4?4A0X ,.?@,77D =0>@7?> 49 , ;@-74. -09014?
?3,? :@?B0423> ?30 3,=8 ?: .:9>@80=>Z
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49?=:/@.492 , 90B .:8;0?4?4:9 7,BX B:@7/ 74607D /47@?0 ?30 0110.?4A090>> :1 >@.3 ,
7,BZ r? .:@7/ ,7>: 24A0 ?30 48;=0>>4:9 ?3,? ?30 p:A0=9809? B,> 9:? B3:7030,=?0/
49 ,//=0>>492 ?30 ;:?09?4,7 ;=:-708 :1 ,9?4Y.:8;0?4?4A0 .:9/@.? 49 :@= 0.:9:8DZ
q:B0A0=X ?30=0 8423? B077 -0 .4=.@8>?,9.0> 49 B34.3 0C08;?4:9> .:@7/ -0 5@>?4140/
49 ?30 ;@-74. 49?0=0>?Z
d_Z |30 }94?0/ w,?4:9> l:910=09.0 :9 |=,/0 ,9/ m0A07:;809? V}wl|jmW]\ 3,> 9:?0/
?3,? 0C08;?4:9> ?3,? 3,A0 -009 2=,9?0/ 49 A,=4:@> 5@=4>/4.?4:9> 1,77 49?: , 10B 8,5:=
.,?02:=40>Z o:= 0C,8;70X 8,9D 5@=4>/4.?4:9> 3,A0 2=,9?0/ 0C08;?4:9> 49 =0>;0.? :1
,.?4:9> ,480/ ,? -,7,9.492 @90<@,7 0.:9:84. := -,=2,49492 ;:B0=X >@.3 ,> 7,-:@=
@94:9>J .:770.?4A0 -,=2,49492 ?: 902:?4,?0 B,20 70A07> ,9/ :?30= 08;7:D809? .:9/4?4:9>g
5:49? ;@=.3,>492 -D {vn>g ,9/ ?30 1:=8,?4:9 :1 1,=80=>J ,9/ 14>30=809J> .::;0=,?4A0>Z
nC08;?4:9> 3,A0 ,7>: -009 2=,9?0/ ?: ,//=0>> 491:=8,?4:9X ?=,9>,.?4:9 .:>? ,9/
K.:770.?4A0 ,.?4:9L ;=:-708>X >@.3 ,> ?30 .:770.?4:9 ,9/ 0C.3,920 :1 >?,?4>?4.> ,9/
491:=8,?4:9X ,9/ ;=:10>>4:9,7 =@70> ?3,? 307; 09>@=0 ?30 >@;;7D :1 <@,74140/ ,9/ 0?34.,7
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/0A07:;809?> 49 ?0.39:7:2DX :=2,94>,?4:9,7 80?3:/> ,9/ ,;;740/ 0.:9:84.> >@220>?0/
?3,? ,7?0=9,?4A0 ;=:Y.:8;0?4?4:9 ,;;=:,.30> ?: ?30>0 >0.?:=> 3,/ -0.:80 10,>4-70Z
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49 ?30 2=,9?492 :1 0C08;?4:9>X 9,807D I
M nC08;?4:9> >3:@7/ -0 2=,9?0/ :9 , 7484?0/Y?480 -,>4> B4?3 ;=:A4>4:9 1:= ;0=4:/4.
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M |30 0C08;?4:9> >3:@7/ ;7,.0 ,> 10B =0>?=4.?4:9> :9 .:8;0?4?4:9 ,> ;:>>4-70g ,9/
M nC08;?4:9> >3:@7/ -0 2090=4. 49 9,?@=0X =07,?492 ?: ?D;0> :1 0.:9:84. ,.?4A4?D :=
,==,920809?X =,?30= ?3,9 -0492 49/@>?=D := >0.?:= >;0.414.Z
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r81@D5B g
j{v,rq `v{tq|z X|z}r,v,v|{ Vp,
r9 {492,;:=0X ?30 l:8;0?4?4:9 j.? ^\\` ,77:B> 1:= 0C.7@>4:9 :1 A,=4:@> ?D;0> :1
@9/0=?,6492 ,9/ ,2=00809? >4847,= ?: ?3:>0 :1 ?30 }tZ |30 j.? ,7>: 0C.7@/0>
,2=00809?> := .:9/@.? =07,?492 ?: ,9D K>;0.4140/ ,.?4A4?DL =02@7,?0/ @9/0= ?30
7024>7,?4:9X B34.3 49.7@/0> ?30 >@;;7D :1 ;:>?,7 >0=A4.0>X B,>?0B,?0= 8,9,20809?
>0=A4.0>X >.30/@70/ -@> >0=A4.0>X =,47 >0=A4.0> ,9/ .,=2: ?0=849,7 :;0=,?4:9>Z |30
j.? ,7>: ,77:B> 1:= -7:.6 0C08;?4:9>X >4847,= ?: ?3:>0 49 ?30 }tZ
r81@D5B g
|30 |=,/0 y=,.?4.0> j.? :1 ]ec` ,77:B> ?30 =02@7,?:=D ,@?3:=4?DX ?30 j@>?=,74,9
l:9>@80= ,9/ l:8;0?4?4:9 l:884>>4:9 VjlllWX ?: 0C08;? .:9/@.? 1=:8 ?30
=070A,9? ;=:A4>4:9> :1 ?30 j.?Z |34> 8,D -0 /:90 :9 ,;;74.,?4:9X ;=:A4/0/ ?3,?
?30 jlll 4> >,?4>140/ ?3,? , A4:7,?4:9 :1 ?30 7,B B:@7/ =0>@7? 49 , ;@-74. -09014?
?3,? B:@7/ :@?B0423 ?30 ;:>>4-70 3,=8 ?3,? 8423? =0>@7? 1=:8 , 70>>09492 :1
.:8;0?4?4:9Z r9 8,6492 4?> /0.4>4:9X ?30 jlll .:9/@.?> /0?,470/ 49A0>?42,?4:9>
49A:7A492 ?30 ;,=?40> 49 <@0>?4:9X :?30= 49?0=0>?0/ ;,=?40>X ,9/ 0C;0=?> 49 ?30 1407/
.:9.0=90/Z
hv{tn}|*r4+ X|z}r,v,v|{ Vp,
daZ |30 1:77:B492 .3,;?0= /0,7> B4?3 3:B , .:8;0?4?4:9 7,B 8423? -0 48;70809?0/X
;,=?4.@7,=7D 49 ?0=8> :1 ?30 =02@7,?:=D >?=@.?@=0 ,9/ :;?4:9> ,A,47,-70Z
r9 ?30 }94?0/ t492/:8X .0=?,49 @9/0=?,6492> ,9/ ,2=00809?> .,9 -0 0C.7@/0/
1=:8 ?30 ,;;74.,?4:9 :1 ;,=? := ,77 :1 ?30 l:8;0?4?4:9 j.? ]eedZ |30>0 49.7@/0X
1:= 0C,8;70X ,9 @9/0=?,6492 09?=@>?0/ B4?3 ?30 :;0=,?4:9 :1 >0=A4.0> :1 2090=,7
0.:9:84. 49?0=0>? B3470 .,==D492 :@? ?30 ;,=?4.@7,= ?,>6> ,>>4290/ ?: ?30 @9/0=?,6492g
,9 ,2=00809? ?3,? 4> 8,/0 49 :=/0= ?: .:8;7D B4?3 , 702,7 =0<@4=0809?g ,9
,2=00809? ?3,? 4> 900/0/ ?: ,A:4/ , .:9174.? B4?3 ,9 49?0=9,?4:9,7 :-742,?4:9g
,9/ ,9 ,2=00809? 49 ?30 49?0=0>? :1 ;@-74. ;:74.DZ
|30 l:8;0?4?4:9 j.? ]eed ,7>: ;=:A4/0> ?3,? ?30 x114.0 :1 o,4= |=,/0 Vxo|W 8,D
2=,9? ,9 0C08;?4:9 41 ,9 ,2=00809? I
V4W
.:9?=4-@?0> ?: 48;=:A492 ;=:/@.?4:9 := /4>?=4-@?4:9 := ;=:8:?492 ?0.394.,7
:= 0.:9:84. ;=:2=0>>g
V44W ,77:B> .:9>@80=> , 1,4= >3,=0 :1 ?30 =0>@7?492 -09014?g
V444W /:0> 9:? 48;:>0 :9 ?30 @9/0=?,6492> .:9.0=90/ =0>?=4.?4:9> B34.3 ,=0 9:?
49/4>;09>,-70 ?: ?30 ,??,49809? :1 ?3:>0 :-50.?4A0>g ,9/
V4AW /:0> 9:? ,11:=/ ?30>0 @9/0=?,6492> ?30 ;:>>4-474?D :1 074849,?492 .:8;0?4?4:9
49 =0>;0.? :1 , >@->?,9?4,7 ;,=? :1 ?30 ;=:/@.?> 49 <@0>?4:9Z
r9 ,//4?4:9X ?30 xo| 8,D =0.:8809/ ?: ?30 {0.=0?,=D :1 {?,?0 1:= |=,/0 ,9/
r9/@>?=D ?3,? 30 8,60 ,9 :=/0= 0C08;?492 , ;,=?4.@7,= .,?02:=D :1 ,2=00809?
?3,? 4> 74607D ?: 800? ?30 ,-:A0 .=4?0=4,Z nC08;?4:9> 3,A0 -009 2=,9?0/ ?:
,2=00809?> =07,?0/ ?: ;@-74. ?=,9>;:=? ?4.60?492 >.3080>X ,4=7490 ,774,9.0>X ,9/
.:77,-:=,?4:9 -0?B009 -,96> :9 j|v >0=A4.0>Z
ux
uy
4XEMUSKPOS COF GXGNQTKPOS Z SPNG PVGRSGCS GXCNQMGS
V-+,*nyvn4+ i*nqr e*np,vpr+ Vp,
r81@D5B g
j{v,rq `v{tq|z X|z}r,v,v|{ Vp,
r9 {492,;:=0X ?30 l:8;0?4?4:9 j.? ^\\` ,77:B> 1:= 0C.7@>4:9 :1 A,=4:@> ?D;0> :1
@9/0=?,6492 ,9/ ,2=00809? >4847,= ?: ?3:>0 :1 ?30 }tZ |30 j.? ,7>: 0C.7@/0>
,2=00809?> := .:9/@.? =07,?492 ?: ,9D K>;0.4140/ ,.?4A4?DL =02@7,?0/ @9/0= ?30
7024>7,?4:9X B34.3 49.7@/0> ?30 >@;;7D :1 ;:>?,7 >0=A4.0>X B,>?0B,?0= 8,9,20809?
>0=A4.0>X >.30/@70/ -@> >0=A4.0>X =,47 >0=A4.0> ,9/ .,=2: ?0=849,7 :;0=,?4:9>Z |30
j.? ,7>: ,77:B> 1:= -7:.6 0C08;?4:9>X >4847,= ?: ?3:>0 49 ?30 }tZ
r81@D5B g
|30 |=,/0 y=,.?4.0> j.? :1 ]ec` ,77:B> ?30 =02@7,?:=D ,@?3:=4?DX ?30 j@>?=,74,9
l:9>@80= ,9/ l:8;0?4?4:9 l:884>>4:9 VjlllWX ?: 0C08;? .:9/@.? 1=:8 ?30
=070A,9? ;=:A4>4:9> :1 ?30 j.?Z |34> 8,D -0 /:90 :9 ,;;74.,?4:9X ;=:A4/0/ ?3,?
?30 jlll 4> >,?4>140/ ?3,? , A4:7,?4:9 :1 ?30 7,B B:@7/ =0>@7? 49 , ;@-74. -09014?
?3,? B:@7/ :@?B0423 ?30 ;:>>4-70 3,=8 ?3,? 8423? =0>@7? 1=:8 , 70>>09492 :1
.:8;0?4?4:9Z r9 8,6492 4?> /0.4>4:9X ?30 jlll .:9/@.?> /0?,470/ 49A0>?42,?4:9>
49A:7A492 ?30 ;,=?40> 49 <@0>?4:9X :?30= 49?0=0>?0/ ;,=?40>X ,9/ 0C;0=?> 49 ?30 1407/
.:9.0=90/Z
hv{tn}|*r4+ X|z}r,v,v|{ Vp,
daZ |30 1:77:B492 .3,;?0= /0,7> B4?3 3:B , .:8;0?4?4:9 7,B 8423? -0 48;70809?0/X
;,=?4.@7,=7D 49 ?0=8> :1 ?30 =02@7,?:=D >?=@.?@=0 ,9/ :;?4:9> ,A,47,-70Z
r9 ?30 }94?0/ t492/:8X .0=?,49 @9/0=?,6492> ,9/ ,2=00809?> .,9 -0 0C.7@/0/
1=:8 ?30 ,;;74.,?4:9 :1 ;,=? := ,77 :1 ?30 l:8;0?4?4:9 j.? ]eedZ |30>0 49.7@/0X
1:= 0C,8;70X ,9 @9/0=?,6492 09?=@>?0/ B4?3 ?30 :;0=,?4:9 :1 >0=A4.0> :1 2090=,7
0.:9:84. 49?0=0>? B3470 .,==D492 :@? ?30 ;,=?4.@7,= ?,>6> ,>>4290/ ?: ?30 @9/0=?,6492g
,9 ,2=00809? ?3,? 4> 8,/0 49 :=/0= ?: .:8;7D B4?3 , 702,7 =0<@4=0809?g ,9
,2=00809? ?3,? 4> 900/0/ ?: ,A:4/ , .:9174.? B4?3 ,9 49?0=9,?4:9,7 :-742,?4:9g
,9/ ,9 ,2=00809? 49 ?30 49?0=0>? :1 ;@-74. ;:74.DZ
|30 l:8;0?4?4:9 j.? ]eed ,7>: ;=:A4/0> ?3,? ?30 x114.0 :1 o,4= |=,/0 Vxo|W 8,D
2=,9? ,9 0C08;?4:9 41 ,9 ,2=00809? I
V4W
.:9?=4-@?0> ?: 48;=:A492 ;=:/@.?4:9 := /4>?=4-@?4:9 := ;=:8:?492 ?0.394.,7
:= 0.:9:84. ;=:2=0>>g
V44W ,77:B> .:9>@80=> , 1,4= >3,=0 :1 ?30 =0>@7?492 -09014?g
V444W /:0> 9:? 48;:>0 :9 ?30 @9/0=?,6492> .:9.0=90/ =0>?=4.?4:9> B34.3 ,=0 9:?
49/4>;09>,-70 ?: ?30 ,??,49809? :1 ?3:>0 :-50.?4A0>g ,9/
V4AW /:0> 9:? ,11:=/ ?30>0 @9/0=?,6492> ?30 ;:>>4-474?D :1 074849,?492 .:8;0?4?4:9
49 =0>;0.? :1 , >@->?,9?4,7 ;,=? :1 ?30 ;=:/@.?> 49 <@0>?4:9Z
r9 ,//4?4:9X ?30 xo| 8,D =0.:8809/ ?: ?30 {0.=0?,=D :1 {?,?0 1:= |=,/0 ,9/
r9/@>?=D ?3,? 30 8,60 ,9 :=/0= 0C08;?492 , ;,=?4.@7,= .,?02:=D :1 ,2=00809?
?3,? 4> 74607D ?: 800? ?30 ,-:A0 .=4?0=4,Z nC08;?4:9> 3,A0 -009 2=,9?0/ ?:
,2=00809?> =07,?0/ ?: ;@-74. ?=,9>;:=? ?4.60?492 >.3080>X ,4=7490 ,774,9.0>X ,9/
.:77,-:=,?4:9 -0?B009 -,96> :9 j|v >0=A4.0>Z
ux
uy
L`Ygj]h E
U]_kcYjae_ Y Lfdg]jajal] Melahfed]ej o Sgjafei
dbZ r1 , 90B .:8;0?4?4:9 7,B B0=0 ?: -0 49?=:/@.0/ 49 q:92 t:92X ,9 ,;;=:;=4,?0
,@?3:=4?D B:@7/ -0 =0<@4=0/ ?: 091:=.0 ?30 7,B ,9/ ?: 09>@=0 ?3,? ?30 .:88@94?D
B,> ,B,=0 :1 4?> =423?> ,9/ :-742,?4:9>Z l@==09?7DX ?30 :97D -:/D B4?349 ?30 p:A0=9809?
>:707D =0>;:9>4-70 1:= .:8;0?4?4:9 4> ?30 l:8;0?4?4:9 y:74.D j/A4>:=D p=:@; VlxvyjpWX
@9/0= ?30 o49,9.4,7 {0.=0?,=DZ q:B0A0=X ?34> -:/D 3,> 9: >?,?@?:=D =:70 := ;:B0=>X
,9/ 74??70 49 ?30 B,D :1 /0/4.,?0/ =0>:@=.0> := 1@77Y?480 0C;0=?4>0 ,? 4?> /4>;:>,7Z r9
4?> .@==09? 1:=8X lxvyjp 4> ?30=01:=0 9:? 0<@4;;0/ ?: 091:=.0 90B .:8;0?4?4:9
7,B>Z
r81@D5B h
4>>@0> :?30= ?3,9 .:8;0?4?4:9 @9/0= ?304= ;@=A40BX ,9/ 4? B:@7/ 9:? -0 .:9>4>?09?
B4?3 ?304= .@==09? =:70> 1:= ?308 49/4A4/@,77D ?: ?,60 :9 , -=:,/0=X .=:>>Y>0.?:=
.:8;0?4?4:9 B:=67:,/Z
ddZ r9 :=/0= ?: 3,A0 , >@..0>>1@7 .:8;0?4?4:9 =02480X 4? B:@7/ -0 48;:=?,9? ?3,? 09:@23
>@;;:=? ,9/ =0>:@=.0> B:@7/ -0 ;=:A4/0/ ?: ?30 ,@?3:=4?D >: ?3,? 4? .:@7/ 1@71477 4?>
=02@7,?:=DX ,/A:.,.D ,9/ :?30= 0>>09?4,7 1@9.?4:9>Z r9 ?34> l3,;?0=X B0 7::6 ,? ?3=00
8,49 :;?4:9> 1:= ?30 0>?,-74>3809? :1 , =02@7,?:=D 80.3,94>8 1:= ?30 091:=.0809?
:1 , 90B .:8;0?4?4:9 7,BX >3:@7/ ?34> -0 49?=:/@.0/X ,> B077 ,> ?30 ;:B0=> ?3,? ?30
=02@7,?:= >3:@7/ 3,A0Z r94?4,77DX 3:B0A0=X B0 7::6 -=4017D ,? ?30 =02@7,?:=D 1=,80B:=6>
deZ o:= 0,>0 :1 =010=09.0X |,-70 ^ -07:B 34237423?> >:80 :1 ?30 8,49 ,>;0.?> :1 ?30
=02@7,?:=D 1=,80B:=6> 49 ?30 =070A,9? 5@=4>/4.?4:9>Z
BCDMG -. 2PNQGTKTKPO @GIUMCTPRY @GIKNGS KO =VGRSGCS 8URKSFKETKPOS
pECDB1<91
r1>141
n91:=.0809?
,209.D
j@>?=,74,9
l:8;0?4?4:9
,9/ l:9>@80=
l:884>>4:9
VjlllW
l:8;0?4?4:9
k@=0,@ @9/0=
?30
l:884>>4:90=
:1 l:8;0?4?4:9
n@=:;0,9
l:884>>4:9 I
m4=0.?:=,?0
p090=,7 1:=
l:8;0?4?4:9
VnlmplW
l:8;0?4?4:9
l:884>>4:9 :1
{492,;:=0 Vll{W
x114.0 :1 o,4=
|=,/492 Vxo|W
o0/0=,7 |=,/0
l:884>>4:9
Vo|lW
q0,=492 ,9/
>,9.?4:9492
;:B0=
|30 .:@=?>
V.4A47 ,9/
.=4849,7 .,>0>W
l:8;0?4?4:9
|=4-@9,7 V.4A47
.,>0>Wg ?30
.:@=?> V.=4849,7
;=:>0.@?4:9>W
nlmpl
ll{
xo| I .4A47
>,9.?4:9>
|30 .:@=?> I
.=4849,7
;=:>0.@?4:9>
,9/ .:8;,9D
/4><@,7414.,?4:9
:=/0=>
|30 .:@=?>
V.4A47 ,9/ .=4849,7
.,>0>W
|D;0 :1 >,9.?4:9
1:= .:8;0?4?4:9
=07,?0/ :1109.0>
r9F9<n 1490 :1 @;
?: jR]\ 84774:9
1:= .:8;,940>
rB9=9>1<n
49/4A4/@,7 1490>
:1 @; ?:
jR`\X\\\
r9F9<n 149,9.4,7
;09,7?40>
rB9=9>1<n @; ?:
14A0 D0,=>J
48;=4>:9809?
,9/ lR]\
84774:9 1490
r9F9< :97Df 1490>
:1 @; ?: ^\
84774:9 := ]\S
:1 ?:?,7 ?@=9:A0=
49 ;=0.0/492
-@>490>> D0,=
VB34.30A0= 4> ?30
2=0,?0=W
r9F9< :97Df 1490 :1
@; ?: ]\S :1
,99@,7 ?@=9:A0=
1:= _ D0,=>
r9F9<n 1490> :1 @;
?: ]\S :1 ,99@,7
?@=9:A0= 1:= @;
?: ?3=00 D0,=>
rB9=9>1<n ;=4>:9
?0=8 :1 @; ?: a
D0,=> 1:= .,=?07
:1109.0>
r9F9<n 1490>
rB9=9>1<n 1490>
:1 @; ?:
}{R]84774:9 1:=
49/4A4/@,7> :=
R]\\84774:9 1:=
.:8;,940>g
;=4>:9 ?0=8 :1
]\ D0,=>
j;;0,7 :=
=0A40B .3,9907>
l:8;0?4?4:9
|=4-@9,7 V=0A40B>
=02@7,?:=D
/0.4>4:9>W ,9/
?30 .:@=?>
V,;;0,7>W
|30 ,;;0,7
.:@=?>
n@=:;0,9 l:@=?
:1 o4=>? r9>?,9.0X
n@=:;0,9 l:@=?
:1 s@>?4.0
l:8;0?4?4:9
j;;0,7 k:,=/
V1@=?30=
,;;0,7>
?3=:@23 ?30
.:@=?>W
l:8;0?4?4:9
j;;0,7 |=4-@9,7
V1@=?30= ,;;0,7>
?3=:@23 ?30
.:@=?>W
|30 ,;;0,7
.:@=?>
49 ?30 5@=4>/4.?4:9> /4>.@>>0/ 49 l3,;?0= ^Z
uz
tEB?@51>
/>9?>
-9>71@?B5
/>9D54
z9>74?=
/-p
r81@D5B h
dcZ r9 ?30 ?070.:88@94.,?4:9> ,9/ -=:,/.,>?492 >0.?:=>X .:8;0?4?4:9 4>>@0> ,=0 =02@7,?0/
-D ?30 |070.:88@94.,?4:9> j@?3:=4?D V|jW ,9/ ?30 k=:,/.,>?492 j@?3:=4?D VkjW
=0>;0.?4A07DZ q:B0A0=X -:?3 ?30>0 ,@?3:=4?40> 3,A0 , B4/0 =,920 :1 49/@>?=D >;0.414.
=VGRSGCS @GIUMCTPRY 5RCNGWPRLS
u{
L`Ygj]h E
U]_kcYjae_ Y Lfdg]jajal] Melahfed]ej o Sgjafei
dbZ r1 , 90B .:8;0?4?4:9 7,B B0=0 ?: -0 49?=:/@.0/ 49 q:92 t:92X ,9 ,;;=:;=4,?0
,@?3:=4?D B:@7/ -0 =0<@4=0/ ?: 091:=.0 ?30 7,B ,9/ ?: 09>@=0 ?3,? ?30 .:88@94?D
B,> ,B,=0 :1 4?> =423?> ,9/ :-742,?4:9>Z l@==09?7DX ?30 :97D -:/D B4?349 ?30 p:A0=9809?
>:707D =0>;:9>4-70 1:= .:8;0?4?4:9 4> ?30 l:8;0?4?4:9 y:74.D j/A4>:=D p=:@; VlxvyjpWX
@9/0= ?30 o49,9.4,7 {0.=0?,=DZ q:B0A0=X ?34> -:/D 3,> 9: >?,?@?:=D =:70 := ;:B0=>X
,9/ 74??70 49 ?30 B,D :1 /0/4.,?0/ =0>:@=.0> := 1@77Y?480 0C;0=?4>0 ,? 4?> /4>;:>,7Z r9
4?> .@==09? 1:=8X lxvyjp 4> ?30=01:=0 9:? 0<@4;;0/ ?: 091:=.0 90B .:8;0?4?4:9
7,B>Z
r81@D5B h
4>>@0> :?30= ?3,9 .:8;0?4?4:9 @9/0= ?304= ;@=A40BX ,9/ 4? B:@7/ 9:? -0 .:9>4>?09?
B4?3 ?304= .@==09? =:70> 1:= ?308 49/4A4/@,77D ?: ?,60 :9 , -=:,/0=X .=:>>Y>0.?:=
.:8;0?4?4:9 B:=67:,/Z
ddZ r9 :=/0= ?: 3,A0 , >@..0>>1@7 .:8;0?4?4:9 =02480X 4? B:@7/ -0 48;:=?,9? ?3,? 09:@23
>@;;:=? ,9/ =0>:@=.0> B:@7/ -0 ;=:A4/0/ ?: ?30 ,@?3:=4?D >: ?3,? 4? .:@7/ 1@71477 4?>
=02@7,?:=DX ,/A:.,.D ,9/ :?30= 0>>09?4,7 1@9.?4:9>Z r9 ?34> l3,;?0=X B0 7::6 ,? ?3=00
8,49 :;?4:9> 1:= ?30 0>?,-74>3809? :1 , =02@7,?:=D 80.3,94>8 1:= ?30 091:=.0809?
:1 , 90B .:8;0?4?4:9 7,BX >3:@7/ ?34> -0 49?=:/@.0/X ,> B077 ,> ?30 ;:B0=> ?3,? ?30
=02@7,?:= >3:@7/ 3,A0Z r94?4,77DX 3:B0A0=X B0 7::6 -=4017D ,? ?30 =02@7,?:=D 1=,80B:=6>
deZ o:= 0,>0 :1 =010=09.0X |,-70 ^ -07:B 34237423?> >:80 :1 ?30 8,49 ,>;0.?> :1 ?30
=02@7,?:=D 1=,80B:=6> 49 ?30 =070A,9? 5@=4>/4.?4:9>Z
BCDMG -. 2PNQGTKTKPO @GIUMCTPRY @GIKNGS KO =VGRSGCS 8URKSFKETKPOS
pECDB1<91
r1>141
n91:=.0809?
,209.D
j@>?=,74,9
l:8;0?4?4:9
,9/ l:9>@80=
l:884>>4:9
VjlllW
l:8;0?4?4:9
k@=0,@ @9/0=
?30
l:884>>4:90=
:1 l:8;0?4?4:9
n@=:;0,9
l:884>>4:9 I
m4=0.?:=,?0
p090=,7 1:=
l:8;0?4?4:9
VnlmplW
l:8;0?4?4:9
l:884>>4:9 :1
{492,;:=0 Vll{W
x114.0 :1 o,4=
|=,/492 Vxo|W
o0/0=,7 |=,/0
l:884>>4:9
Vo|lW
q0,=492 ,9/
>,9.?4:9492
;:B0=
|30 .:@=?>
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=0A40B .3,9907>
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-D ?30 |070.:88@94.,?4:9> j@?3:=4?D V|jW ,9/ ?30 k=:,/.,>?492 j@?3:=4?D VkjW
=0>;0.?4A07DZ q:B0A0=X -:?3 ?30>0 ,@?3:=4?40> 3,A0 , B4/0 =,920 :1 49/@>?=D >;0.414.
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e\Z j> ?30 ,-:A0 ?,-70 >3:B>X ?30 =02@7,?:=D 80.3,94>8> 1:= 091:=.492 .:8;0?4?4:9 7,B
A,=D -0?B009 5@=4>/4.?4:9>Z r9 >:80 ;7,.0>X ?30 ,@?3:=4?D =0>;:9>4-70 1:= 091:=.0809?
3,> B4/0Y=,92492 ;:B0=> 49.7@/492 49A0>?42,?492 ;:?09?4,7 .,>0> :1 ,9?4Y.:8;0?4?4A0
.:9/@.? ,9/ >,9.?4:9492 :1109/0=>Z x?30=> =07D 30,A47D :9 ?30 .:@=?> ?: ,/5@/4.,?0
,> ?: B30?30= ,9 09?0=;=4>0 3,> >:@23? ?: 349/0= .:8;0?4?4:9 @91,4=7D ,9/ ?: 3,9/
/:B9 ,;;=:;=4,?0 >,9.?4:9>Z {,9.?4:9> ?308>07A0> ,7>: A,=DX B4?3 /4110=09? ,;;=:,.30>
?: .4A47 ,9/ .=4849,7 =080/40>X ,9/ ?: ?30 ;09,7?40> ?3,? .,9 -0 3,9/0/ /:B9 ?:
.:8;,940> ,9/ ?: 49/4A4/@,7>Z
e]Z w:90?3070>>X ?30=0 ,=0 .0=?,49 .:88:9 10,?@=0> ?3,? ?30 A,=4:@> =02@7,?:=D 80.3,94>8>
3,A0 ?: 09>@=0 0110.?4A0 7,B 091:=.0809?X 1:= 0C,8;70 I
r81@D5B h
M j;;=:;=4,?0 ;:B0=> ?: 09,-70 ?30 =02@7,?:=D ,@?3:=4?D ?: 49A0>?42,?0 ;:>>4-70 .,>0>
:1 ,9?4Y.:8;0?4?4A0 .:9/@.? I ?D;4.,77D >@.3 ;:B0=> B:@7/ 49.7@/0 ?30 =423? ?:
/08,9/ ?30 ;=:/@.?4:9 :1 0A4/09.0 ,9/ ?: 09?0= ;=084>0> ,9/ .:9/@.? >0,=.30>
VB4?3 ?30 90.0>>,=D ,@?3:=4>,?4:9X @>@,77D 1=:8 ?30 .:@=?>Wg ,9/
M {,9.?4:9>X 04?30= .4A47X .=4849,7 := -:?3X B34.3 ,=0 >@114.409? ?: /0?0= ;0:;70 1=:8
?,6492 ?30 =4>6 :1 092,2492 49 ,9?4Y.:8;0?4?4A0 .:9/@.?Z
e^Z *34.30A0= :1 ?30 =02@7,?:=D 8:/07> q:92 t:92 B0=0 ?: ;@=>@0X 49 ?30 0A09? ?3,? ,
90B .:8;0?4?4:9 7,B B0=0 ?: -0 49?=:/@.0/X 4? 4> 74607D ?3,? ?30 >D>?08 B:@7/ =0<@4=0
>4847,= 10,?@=0> ?: ;=:A4/0 1:= 0110.?4A0 091:=.0809? :1 >@.3 , 7,BZ r9 ?34> =02,=/X
?30 ;:B0=> ,9/ 1@9.?4:9> ?3,? 8423? -0 =0<@4=0/ ?: -0 0C0=.4>0/ -D , .:8;0?4?4:9
=02@7,?:= ,=0 /4>.@>>0/ 49 l3,;?0= a :1 ?34> /:.@809?Z |30 ;,=,2=,;3> -07:B 7::6
,? :;?4:9> 1:= ,9 :A0=,77 =02@7,?:=D 1=,80B:=6 1:= 48;70809?492 , .:8;0?4?4:9 7,BZ
68? 7>8<=9;: 35
08938 9C D85 =?CD CE9D12<5 ?6 D85 D8B55 @B9>39@1< ?@D9?>C
C5D ?ED 25<?G 6?B 1 B57E<1D?BI 6B1=5G?B; 6?B
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6?B w?>7 z?>7o
68? 7>8<=9;: 45
,571B4<5CC ?6 D85 ?@D9?> I?E =1I @B565Ba
C8?E<4 D85 B57E<1D?B 25 C5<6bCD1>49>7 ?B
C8?E<4 1 DG?bD95B CDBE3DEB5 25 14?@D54a G85B52I
1 6E<<bD9=5 5H53ED9F5 9C @ED E>45B D85 CE@5BF9C9?> ?6
1 =1>175=5>D 2?1B4 =145 E@ ?6 9>49F94E1<C
1@@?9>D54 6B?= 49665B5>D C53D?BC ?6 D85 3?==E>9DIo
r81@D5B h
M j /0/4.,?0/ =02@7,?:=D ,@?3:=4?D ?3,? 4> 04?30= 49/0;09/09? 1=:8 := 49 >:80 B,D
=08:A0/ 1=:8 ?30 8,49 -:/D :1 ?30 2:A0=9809? ,9/ ?3,? 3,> ,..0>> ?: >@114.409?
=0>:@=.0> ,9/ 0C;0=?4>0g
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e_Z |30 14=>? :;?4:9 4> ?: ,/:;? , 8:/07 ?3,? =0>08-70> ?30 =02@7,?:=D =02480> 49 ?30
n@=:;0,9 }94:9X {492,;:=0 ,9/ ?30 }94?0/ t492/:8]]V>00 |,-70 ^ ,-:A0WX ,> B077
,> q:92 t:92J> =02480> 1:= ?070.:88@94.,?4:9> ,9/ -=:,/.,>?492X @9/0= B34.3 ?30
|j ,9/ ?30 kj 9:? :97D =0.04A0 ,9/ 49A0>?42,?0 .:8;7,49?> :1 ,9?4Y.:8;0?4?4A0
-03,A4:@=X -@? ,7>: /0.4/0 B30?30= >@.3 -03,A4:@= 3,> 49 1,.? ?,609 ;7,.0X ,9/ 48;:>0
;09,7?40> ,> ,;;=:;=4,?0Z j .:8;0?4?4:9 ,@?3:=4?D .:@7/ ,.? 49 ?30 >,80 B,DX ,> -:?3
?30 091:=.0809? ,209.D ,9/ ,> ?30 -:/D =0>;:9>4-70 1:= /0.4/492 :9 B30?30= ,9?4Y
.:8;0?4?4A0 .:9/@.? 3,/ ?,609 ;7,.0Z
e`Z |30=0 ,=0 , 9@8-0= :1 ,=2@809?> 1:= 3,A492 , >49270 =02@7,?:=D -:/D 49A0>?42,?0X
/0?0=8490 ?30 :@?.:80 :1 ,9/ 3,9/ /:B9 ;09,7?40> 1:= .,>0> :1 ,9?4Y.:8;0?4?4A0
.:9/@.?Z o:= 0C,8;70 I
M j >48;70 ,9/ >?=0,87490/ 49>?4?@?4:9,7 >?=@.?@=0 4> .:9>4>?09? B4?3 ?30 ;=49.4;70 :1
>8,77 2:A0=9809?g
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e\Z j> ?30 ,-:A0 ?,-70 >3:B>X ?30 =02@7,?:=D 80.3,94>8> 1:= 091:=.492 .:8;0?4?4:9 7,B
A,=D -0?B009 5@=4>/4.?4:9>Z r9 >:80 ;7,.0>X ?30 ,@?3:=4?D =0>;:9>4-70 1:= 091:=.0809?
3,> B4/0Y=,92492 ;:B0=> 49.7@/492 49A0>?42,?492 ;:?09?4,7 .,>0> :1 ,9?4Y.:8;0?4?4A0
.:9/@.? ,9/ >,9.?4:9492 :1109/0=>Z x?30=> =07D 30,A47D :9 ?30 .:@=?> ?: ,/5@/4.,?0
,> ?: B30?30= ,9 09?0=;=4>0 3,> >:@23? ?: 349/0= .:8;0?4?4:9 @91,4=7D ,9/ ?: 3,9/
/:B9 ,;;=:;=4,?0 >,9.?4:9>Z {,9.?4:9> ?308>07A0> ,7>: A,=DX B4?3 /4110=09? ,;;=:,.30>
?: .4A47 ,9/ .=4849,7 =080/40>X ,9/ ?: ?30 ;09,7?40> ?3,? .,9 -0 3,9/0/ /:B9 ?:
.:8;,940> ,9/ ?: 49/4A4/@,7>Z
e]Z w:90?3070>>X ?30=0 ,=0 .0=?,49 .:88:9 10,?@=0> ?3,? ?30 A,=4:@> =02@7,?:=D 80.3,94>8>
3,A0 ?: 09>@=0 0110.?4A0 7,B 091:=.0809?X 1:= 0C,8;70 I
r81@D5B h
M j;;=:;=4,?0 ;:B0=> ?: 09,-70 ?30 =02@7,?:=D ,@?3:=4?D ?: 49A0>?42,?0 ;:>>4-70 .,>0>
:1 ,9?4Y.:8;0?4?4A0 .:9/@.? I ?D;4.,77D >@.3 ;:B0=> B:@7/ 49.7@/0 ?30 =423? ?:
/08,9/ ?30 ;=:/@.?4:9 :1 0A4/09.0 ,9/ ?: 09?0= ;=084>0> ,9/ .:9/@.? >0,=.30>
VB4?3 ?30 90.0>>,=D ,@?3:=4>,?4:9X @>@,77D 1=:8 ?30 .:@=?>Wg ,9/
M {,9.?4:9>X 04?30= .4A47X .=4849,7 := -:?3X B34.3 ,=0 >@114.409? ?: /0?0= ;0:;70 1=:8
?,6492 ?30 =4>6 :1 092,2492 49 ,9?4Y.:8;0?4?4A0 .:9/@.?Z
e^Z *34.30A0= :1 ?30 =02@7,?:=D 8:/07> q:92 t:92 B0=0 ?: ;@=>@0X 49 ?30 0A09? ?3,? ,
90B .:8;0?4?4:9 7,B B0=0 ?: -0 49?=:/@.0/X 4? 4> 74607D ?3,? ?30 >D>?08 B:@7/ =0<@4=0
>4847,= 10,?@=0> ?: ;=:A4/0 1:= 0110.?4A0 091:=.0809? :1 >@.3 , 7,BZ r9 ?34> =02,=/X
?30 ;:B0=> ,9/ 1@9.?4:9> ?3,? 8423? -0 =0<@4=0/ ?: -0 0C0=.4>0/ -D , .:8;0?4?4:9
=02@7,?:= ,=0 /4>.@>>0/ 49 l3,;?0= a :1 ?34> /:.@809?Z |30 ;,=,2=,;3> -07:B 7::6
,? :;?4:9> 1:= ,9 :A0=,77 =02@7,?:=D 1=,80B:=6 1:= 48;70809?492 , .:8;0?4?4:9 7,BZ
68? 7>8<=9;: 35
08938 9C D85 =?CD CE9D12<5 ?6 D85 D8B55 @B9>39@1< ?@D9?>C
C5D ?ED 25<?G 6?B 1 B57E<1D?BI 6B1=5G?B; 6?B
D85 5>6?B35=5>D ?6 1>I >5G 3?=@5D9D9?> <1G
6?B w?>7 z?>7o
68? 7>8<=9;: 45
,571B4<5CC ?6 D85 ?@D9?> I?E =1I @B565Ba
C8?E<4 D85 B57E<1D?B 25 C5<6bCD1>49>7 ?B
C8?E<4 1 DG?bD95B CDBE3DEB5 25 14?@D54a G85B52I
1 6E<<bD9=5 5H53ED9F5 9C @ED E>45B D85 CE@5BF9C9?> ?6
1 =1>175=5>D 2?1B4 =145 E@ ?6 9>49F94E1<C
1@@?9>D54 6B?= 49665B5>D C53D?BC ?6 D85 3?==E>9DIo
r81@D5B h
M j /0/4.,?0/ =02@7,?:=D ,@?3:=4?D ?3,? 4> 04?30= 49/0;09/09? 1=:8 := 49 >:80 B,D
=08:A0/ 1=:8 ?30 8,49 -:/D :1 ?30 2:A0=9809? ,9/ ?3,? 3,> ,..0>> ?: >@114.409?
=0>:@=.0> ,9/ 0C;0=?4>0g
0 @GIUMCTPRY 5RCNGWPRL HPR 7NQMGNGOTKOI
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d},v|{ d{r 3 V hv{tyr V-,u|*v,1 /v,u e|/r* ,| ^{.r+,vtn,r n{q
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e_Z |30 14=>? :;?4:9 4> ?: ,/:;? , 8:/07 ?3,? =0>08-70> ?30 =02@7,?:=D =02480> 49 ?30
n@=:;0,9 }94:9X {492,;:=0 ,9/ ?30 }94?0/ t492/:8]]V>00 |,-70 ^ ,-:A0WX ,> B077
,> q:92 t:92J> =02480> 1:= ?070.:88@94.,?4:9> ,9/ -=:,/.,>?492X @9/0= B34.3 ?30
|j ,9/ ?30 kj 9:? :97D =0.04A0 ,9/ 49A0>?42,?0 .:8;7,49?> :1 ,9?4Y.:8;0?4?4A0
-03,A4:@=X -@? ,7>: /0.4/0 B30?30= >@.3 -03,A4:@= 3,> 49 1,.? ?,609 ;7,.0X ,9/ 48;:>0
;09,7?40> ,> ,;;=:;=4,?0Z j .:8;0?4?4:9 ,@?3:=4?D .:@7/ ,.? 49 ?30 >,80 B,DX ,> -:?3
?30 091:=.0809? ,209.D ,9/ ,> ?30 -:/D =0>;:9>4-70 1:= /0.4/492 :9 B30?30= ,9?4Y
.:8;0?4?4A0 .:9/@.? 3,/ ?,609 ;7,.0Z
e`Z |30=0 ,=0 , 9@8-0= :1 ,=2@809?> 1:= 3,A492 , >49270 =02@7,?:=D -:/D 49A0>?42,?0X
/0?0=8490 ?30 :@?.:80 :1 ,9/ 3,9/ /:B9 ;09,7?40> 1:= .,>0> :1 ,9?4Y.:8;0?4?4A0
.:9/@.?Z o:= 0C,8;70 I
M j >48;70 ,9/ >?=0,87490/ 49>?4?@?4:9,7 >?=@.?@=0 4> .:9>4>?09? B4?3 ?30 ;=49.4;70 :1
>8,77 2:A0=9809?g
CC Uv ujqwnf dg pqvgf vjcv kp vjg `W? ekxkn ucpevkqpu oc{ dg korqugf d{ vjg tgiwncvqt? yjgtgcu kh etkokpcn ucpevkqpu ctg vq dg uqwijv?
vjg ecug kp swguvkqp iqgu vq vjg eqwtvuA
vr
vs
M r? B:@7/ ;=:A4/0 1:= :-50.?4A0 5@/2809? :1 ?30 80=4?> :1 49/4A4/@,7 .,>0> ,? , =08:A0
1=:8 ?30 /,DY?:Y/,D :;0=,?4:9 :1 ?30 =02@7,?:=D ,@?3:=4?Dg
M q,A492 >0;,=,?0 -:/40> 092,20/ =0>;0.?4A07D 49 ?30 49A0>?42,?4:9 ,9/ ?30 ,/5@/4.,?4:9
:1 .,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.? B:@7/ =0<@4=0 8:=0 =0>:@=.0> V,9/ <@4?0
;:>>4-7D ?30 /@;74.,?4:9 :1 >:80 >@;;:=? 1@9.?4:9>W ?3,9 3,A492 , >49270 -:/D
=0>;:9>4-70 1:= ,77 ,>;0.?> :1 =02@7,?4:9 ,9/ 091:=.0809?g ,9/
M r? .:@7/ ;=:A4/0 , .30.6 ,2,49>? :A0=YE0,7:@> =02@7,?4:9 -D ?30 091:=.0809? -:/D
V1:= 0C,8;70X ?3=:@23 ?30 >0??492 :1 ,22=0>>4A0 <@,9?4?,?4A0 ?,=20?> 1:= 49A0>?42,?4:9
,9/ >,9.?4:9492 :1 ,9?4Y.:8;0?4?4A0 .:9/@.?Wg ,9/
M |30=0 4> 9: 49/4.,?4:9 ?3,? ?30 .:8;0?4?4:9 =02480> 49 ;7,.0 49 ?30 n@=:;0,9 }94:9
,9/ ?30 }94?0/ t492/:8 V,> B077 ,> ?30 .@==09? ,==,920809?> 49 q:92 t:92 1:=
?30 -=:,/.,>?492 ,9/ ?070.:88@94.,?4:9> >0.?:=>WX B30=0 ?30 =02@7,?:=D ,@?3:=4?D
/0?0=8490> .,>0> ,9/ 3,9/> /:B9 ;09,7?40>X 3,A0 70/ ?: @91,4= ?=0,?809?Z
M p4A09 ?3,? ?30 p:A0=9809? 4?>071 8,D -0 49A:7A0/ 49 .0=?,49 8,=60?> 1=:8 ?480 ?:
?480X ;7,.492 ?30 ;:B0= :1 ,/5@/4.,?4:9 :@?>4/0 ?30 ,8-4? :1 ?30 2:A0=9809?Y
,;;:49?0/ =02@7,?:= >3:@7/ 307; =0,>>@=0 ?30 ;@-74. ,9/ ?30 -@>490>> .:88@94?D
?3,? , 1,4= 30,=492 B477 -0 24A09 ?: ,77 ;,=?40> ,9/ B4?3:@? 1,A:@=Z
eaZ x9 ?30 :?30= 3,9/X ?30=0 8423? -0 , .:9.0=9 ?3,? ;7,.492 -:?3 0C0.@?4A0 ,9/ <@,>4Y
5@/4.4,7 ;:B0=> 49 ?30 3,9/> :1 , >49270 =02@7,?:= B:@7/ 7484? ?30 >.:;0 1:= .30.6>
,9/ -,7,9.0> 49 ?30 48;70809?,?4:9 :1 ,9D 90B 7,BZ |: , 7,=20 0C?09?X ?34> .:9.0=9
.:@7/ -0 ,77,D0/ -D ;@??492 49 ;7,.0 ,9 ,;;=:;=4,?0 ,;;0,7 80.3,94>8 ?: 09>@=0 ,9
0110.?4A0 .30.6 :9 ?30 ,@?3:=4?DZ j;;0,7 80.3,94>8> ,=0 /4>.@>>0/ 49 ;,=,2=,;3>
eeZ y7,.492 ?30 =0>;:9>4-474?D 1:= ,/5@/4.,?492 .,>0> :1 >@>;0.?0/ ,9?4Y.:8;0?4?4A0 .:9/@.?
:9 ?30 .:@=?> B:@7/ ,// ?: ?30 B:=67:,/ :1 ?30 s@/4.4,=DX ,9/ ,> 9:?0/ ,-:A0 B:@7/
=0<@4=0 ,//4?4:9,7 ?480 ,9/ =0>:@=.0> B309 .:8;,=0/ ?: 3,A492 , =02@7,?:= ,>>@80
?30 =:70> :1 -:?3 49A0>?42,?:= ,9/ 5@/20Z q:B0A0=X >0;,=,?492 ?30 091:=.0809? ,9/
,/5@/4.,?4:9 =:70> 8423? -0 >009 -D 8,9D ,> 8:=0 74607D ?: 709/ 4?>071 ?: ?=,9>;,=09.D
,9/ ,..:@9?,-474?DZ
]\^ ?: ]\_ -07:BZ
ebZ j 80,>@=0 :1 -,7,9.0 .:@7/ ,7>: -0 ;=:A4/0/ -D ;=:A4/492 1:= , K?B:Y?40=L >?=@.?@=0
1:= ?30 =02@7,?:=D -:/DX B30=0-D 4?> 1@77Y?480 0C0.@?4A0 B:@7/ -0 ;@? @9/0= ?30
>@;0=A4>4:9 :1 , 8,9,20809? -:,=/ 8,/0 @; :1 49/4A4/@,7> 1=:8 B4?349 ?30 .:88@94?DZ
|30 kj 49 q:92 t:92 4> ,9 49/0;09/09? >?,?@?:=D 49/@>?=D =02@7,?:= >@;;:=?0/ -D
?30 k=:,/.,>?492 m4A4>4:9 :1 ?30 |070A4>4:9 ,9/ n9?0=?,49809? u4.09>492 j@?3:=4?DX ,
2:A0=9809? /0;,=?809?X ,> 4?> 0C0.@?4A0 ,=8Z q,A492 , ?B:Y?40= >?=@.?@=0 B:@7/
,7>: ,77:B ?30 =02@7,?:=D -:/D ?: ;=:50.? ,9 48,20 :1 49/0;09/09.0 ,9/ /4>?,9.0
1=:8 ?30 8,49 -:/D :1 ?30 2:A0=9809?X , 1,.?:= .:9>4/0=0/ ?: -0 48;:=?,9? -D 8,9D
>@;;:=?0=> :1 , 90B =02@7,?:=D =02480 1:= .:8;0?4?4:9Z |30 lyzl ,7>: >@;;:=?0/ ,
?B:Y?40= >?=@.?@=0 1:= ?30 =02@7,?:=D ,@?3:=4?DZ
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ecZ r9 j@>?=,74, ,9/ ?30 }{j I ,9/ 49 ?30 .,>0 :1 .=4849,7 >,9.?4:9>X ?30 }t I ?30 =:70>
:1 091:=.0809? ,209.D ,9/ ,/5@/4.,?:= ,=0 >0;,=,?0X B4?3 ?30 .:8;0?4?4:9 =02@7,?:=
49A0>?42,?492 ;:>>4-70 ,9?4Y.:8;0?4?4A0 .:9/@.? ,9/ ?309 B30=0 ,;;=:;=4,?0X ;@??492
?30 0A4/09.0 -01:=0 ?30 .:@=?> 1:= , 5@/2809?Z
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M r? 4> 74607D ?3,? .,>0> .:@7/ -0 /0,7? B4?3 8:=0 <@4.67D -D , >49270 =02@7,?:=D -:/Dg
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]\\Z x1 ?30 0C,8;70> :1 :A0=>0,> =02@7,?:=D =02480> >0? :@? 49 |,-70 ^ ,-:A0X ?30=0 4>
:90 Vl,9,/,W 49 B34.3 , >;0.4,74>? l:8;0?4?4:9 |=4-@9,7 3,> -009 0>?,-74>30/ ?:
,/5@/4.,?0 :9 .,>0> :1 >@>;0.?0/ ,9?4Y.:8;0?4?4A0 .:9/@.? -=:@23? -D ?30 091:=.0809?
,@?3:=4?DZ
]\]Z {4847,= ?: x;?4:9 |B: ,-:A0X , >;0.4,74>? ?=4-@9,7 .=0,?0> , .70,= >0;,=,?4:9 :1 ;:B0=>
:1 091:=.0809? ,9/ ,/5@/4.,?4:9Z j >;0.4,74>? ?=4-@9,7 B:@7/ 1@=?30= ;=:A4/0 1:= ,
/02=00 :1 0C;0=?4>0 ?: -0 -@47? @; B4?349 :90 -:/DX B34.3 .:@7/ 307; 09>@=0 .:9>4>?09.D
:1 5@/2809?>Z r? >3:@7/ -0 -:=90 49 849/X 3:B0A0=X ?3,? ?30 0>?,-74>3809? :1 ,
l:8;0?4?4:9 |=4-@9,7 B:@7/ 74607D =0<@4=0 ?30 ,77:.,?4:9 :1 8:=0 ;@-74. =0>:@=.0> ?3,9
?3,? =0<@4=0/ 1:= ?30 >0??492 @; :1 , >49270 =02@7,?:=D ,@?3:=4?D B4?3 ;:B0=> :1
49A0>?42,?4:9 ,9/ ,/5@/4.,?4:9 Vx;?4:9 x90 ,-:A0WZ v:=0 ?480 8,D -0 =0<@4=0/ ?:
.:8;70?0 ?30 ;=:.0>>492 :1 , .:8;0?4?4:9 .:8;7,49? ?3,9 49 ?30 .,>0 :1 x;?4:9 x90Z
edZ j=2@809?> 49 1,A:@= :1 3,A492 ?30 ,/5@/4.,?4:9 :1 .,>0> .:9/@.?0/ -D , -:/D >0;,=,?0
1=:8 ?3,? B34.3 091:=.0> ?30 7,B 49.7@/0 ?30 1:77:B492 I
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vu
M r? B:@7/ ;=:A4/0 1:= :-50.?4A0 5@/2809? :1 ?30 80=4?> :1 49/4A4/@,7 .,>0> ,? , =08:A0
1=:8 ?30 /,DY?:Y/,D :;0=,?4:9 :1 ?30 =02@7,?:=D ,@?3:=4?Dg
M q,A492 >0;,=,?0 -:/40> 092,20/ =0>;0.?4A07D 49 ?30 49A0>?42,?4:9 ,9/ ?30 ,/5@/4.,?4:9
:1 .,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.? B:@7/ =0<@4=0 8:=0 =0>:@=.0> V,9/ <@4?0
;:>>4-7D ?30 /@;74.,?4:9 :1 >:80 >@;;:=? 1@9.?4:9>W ?3,9 3,A492 , >49270 -:/D
=0>;:9>4-70 1:= ,77 ,>;0.?> :1 =02@7,?4:9 ,9/ 091:=.0809?g ,9/
M r? .:@7/ ;=:A4/0 , .30.6 ,2,49>? :A0=YE0,7:@> =02@7,?4:9 -D ?30 091:=.0809? -:/D
V1:= 0C,8;70X ?3=:@23 ?30 >0??492 :1 ,22=0>>4A0 <@,9?4?,?4A0 ?,=20?> 1:= 49A0>?42,?4:9
,9/ >,9.?4:9492 :1 ,9?4Y.:8;0?4?4A0 .:9/@.?Wg ,9/
M |30=0 4> 9: 49/4.,?4:9 ?3,? ?30 .:8;0?4?4:9 =02480> 49 ;7,.0 49 ?30 n@=:;0,9 }94:9
,9/ ?30 }94?0/ t492/:8 V,> B077 ,> ?30 .@==09? ,==,920809?> 49 q:92 t:92 1:=
?30 -=:,/.,>?492 ,9/ ?070.:88@94.,?4:9> >0.?:=>WX B30=0 ?30 =02@7,?:=D ,@?3:=4?D
/0?0=8490> .,>0> ,9/ 3,9/> /:B9 ;09,7?40>X 3,A0 70/ ?: @91,4= ?=0,?809?Z
M p4A09 ?3,? ?30 p:A0=9809? 4?>071 8,D -0 49A:7A0/ 49 .0=?,49 8,=60?> 1=:8 ?480 ?:
?480X ;7,.492 ?30 ;:B0= :1 ,/5@/4.,?4:9 :@?>4/0 ?30 ,8-4? :1 ?30 2:A0=9809?Y
,;;:49?0/ =02@7,?:= >3:@7/ 307; =0,>>@=0 ?30 ;@-74. ,9/ ?30 -@>490>> .:88@94?D
?3,? , 1,4= 30,=492 B477 -0 24A09 ?: ,77 ;,=?40> ,9/ B4?3:@? 1,A:@=Z
eaZ x9 ?30 :?30= 3,9/X ?30=0 8423? -0 , .:9.0=9 ?3,? ;7,.492 -:?3 0C0.@?4A0 ,9/ <@,>4Y
5@/4.4,7 ;:B0=> 49 ?30 3,9/> :1 , >49270 =02@7,?:= B:@7/ 7484? ?30 >.:;0 1:= .30.6>
,9/ -,7,9.0> 49 ?30 48;70809?,?4:9 :1 ,9D 90B 7,BZ |: , 7,=20 0C?09?X ?34> .:9.0=9
.:@7/ -0 ,77,D0/ -D ;@??492 49 ;7,.0 ,9 ,;;=:;=4,?0 ,;;0,7 80.3,94>8 ?: 09>@=0 ,9
0110.?4A0 .30.6 :9 ?30 ,@?3:=4?DZ j;;0,7 80.3,94>8> ,=0 /4>.@>>0/ 49 ;,=,2=,;3>
eeZ y7,.492 ?30 =0>;:9>4-474?D 1:= ,/5@/4.,?492 .,>0> :1 >@>;0.?0/ ,9?4Y.:8;0?4?4A0 .:9/@.?
:9 ?30 .:@=?> B:@7/ ,// ?: ?30 B:=67:,/ :1 ?30 s@/4.4,=DX ,9/ ,> 9:?0/ ,-:A0 B:@7/
=0<@4=0 ,//4?4:9,7 ?480 ,9/ =0>:@=.0> B309 .:8;,=0/ ?: 3,A492 , =02@7,?:= ,>>@80
?30 =:70> :1 -:?3 49A0>?42,?:= ,9/ 5@/20Z q:B0A0=X >0;,=,?492 ?30 091:=.0809? ,9/
,/5@/4.,?4:9 =:70> 8423? -0 >009 -D 8,9D ,> 8:=0 74607D ?: 709/ 4?>071 ?: ?=,9>;,=09.D
,9/ ,..:@9?,-474?DZ
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ebZ j 80,>@=0 :1 -,7,9.0 .:@7/ ,7>: -0 ;=:A4/0/ -D ;=:A4/492 1:= , K?B:Y?40=L >?=@.?@=0
1:= ?30 =02@7,?:=D -:/DX B30=0-D 4?> 1@77Y?480 0C0.@?4A0 B:@7/ -0 ;@? @9/0= ?30
>@;0=A4>4:9 :1 , 8,9,20809? -:,=/ 8,/0 @; :1 49/4A4/@,7> 1=:8 B4?349 ?30 .:88@94?DZ
|30 kj 49 q:92 t:92 4> ,9 49/0;09/09? >?,?@?:=D 49/@>?=D =02@7,?:= >@;;:=?0/ -D
?30 k=:,/.,>?492 m4A4>4:9 :1 ?30 |070A4>4:9 ,9/ n9?0=?,49809? u4.09>492 j@?3:=4?DX ,
2:A0=9809? /0;,=?809?X ,> 4?> 0C0.@?4A0 ,=8Z q,A492 , ?B:Y?40= >?=@.?@=0 B:@7/
,7>: ,77:B ?30 =02@7,?:=D -:/D ?: ;=:50.? ,9 48,20 :1 49/0;09/09.0 ,9/ /4>?,9.0
1=:8 ?30 8,49 -:/D :1 ?30 2:A0=9809?X , 1,.?:= .:9>4/0=0/ ?: -0 48;:=?,9? -D 8,9D
>@;;:=?0=> :1 , 90B =02@7,?:=D =02480 1:= .:8;0?4?4:9Z |30 lyzl ,7>: >@;;:=?0/ ,
?B:Y?40= >?=@.?@=0 1:= ?30 =02@7,?:=D ,@?3:=4?DZ
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ecZ r9 j@>?=,74, ,9/ ?30 }{j I ,9/ 49 ?30 .,>0 :1 .=4849,7 >,9.?4:9>X ?30 }t I ?30 =:70>
:1 091:=.0809? ,209.D ,9/ ,/5@/4.,?:= ,=0 >0;,=,?0X B4?3 ?30 .:8;0?4?4:9 =02@7,?:=
49A0>?42,?492 ;:>>4-70 ,9?4Y.:8;0?4?4A0 .:9/@.? ,9/ ?309 B30=0 ,;;=:;=4,?0X ;@??492
?30 0A4/09.0 -01:=0 ?30 .:@=?> 1:= , 5@/2809?Z
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M r? 4> 74607D ?3,? .,>0> .:@7/ -0 /0,7? B4?3 8:=0 <@4.67D -D , >49270 =02@7,?:=D -:/Dg
d},v|{ iu*rr 3 Vqw-qvpn,v|{ o1 n h}rpvnyv+, i*vo-{ny
]\\Z x1 ?30 0C,8;70> :1 :A0=>0,> =02@7,?:=D =02480> >0? :@? 49 |,-70 ^ ,-:A0X ?30=0 4>
:90 Vl,9,/,W 49 B34.3 , >;0.4,74>? l:8;0?4?4:9 |=4-@9,7 3,> -009 0>?,-74>30/ ?:
,/5@/4.,?0 :9 .,>0> :1 >@>;0.?0/ ,9?4Y.:8;0?4?4A0 .:9/@.? -=:@23? -D ?30 091:=.0809?
,@?3:=4?DZ
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:1 091:=.0809? ,9/ ,/5@/4.,?4:9Z j >;0.4,74>? ?=4-@9,7 B:@7/ 1@=?30= ;=:A4/0 1:= ,
/02=00 :1 0C;0=?4>0 ?: -0 -@47? @; B4?349 :90 -:/DX B34.3 .:@7/ 307; 09>@=0 .:9>4>?09.D
:1 5@/2809?>Z r? >3:@7/ -0 -:=90 49 849/X 3:B0A0=X ?3,? ?30 0>?,-74>3809? :1 ,
l:8;0?4?4:9 |=4-@9,7 B:@7/ 74607D =0<@4=0 ?30 ,77:.,?4:9 :1 8:=0 ;@-74. =0>:@=.0> ?3,9
?3,? =0<@4=0/ 1:= ?30 >0??492 @; :1 , >49270 =02@7,?:=D ,@?3:=4?D B4?3 ;:B0=> :1
49A0>?42,?4:9 ,9/ ,/5@/4.,?4:9 Vx;?4:9 x90 ,-:A0WZ v:=0 ?480 8,D -0 =0<@4=0/ ?:
.:8;70?0 ?30 ;=:.0>>492 :1 , .:8;0?4?4:9 .:8;7,49? ?3,9 49 ?30 .,>0 :1 x;?4:9 x90Z
edZ j=2@809?> 49 1,A:@= :1 3,A492 ?30 ,/5@/4.,?4:9 :1 .,>0> .:9/@.?0/ -D , -:/D >0;,=,?0
1=:8 ?3,? B34.3 091:=.0> ?30 7,B 49.7@/0 ?30 1:77:B492 I
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]\^Z r9 ,//4?4:9 ?: >0??492 @; , =02@7,?:=D ,@?3:=4?DX 4? B:@7/ -0 90.0>>,=D ?: ;=:A4/0 1:=
,;;=:;=4,?0 .3,9907> :1 ,;;0,7 B4?3 =02,=/ ?: ?30 /0.4>4:9> :1 ?30 ,@?3:=4?DZ |: ,9
0C?09?X ?30 ,.?@,7 ,A09@0 1:= ,;;0,7 B:@7/ /0;09/ :9 ?30 9,?@=0 :1 ?30 ,/5@/4.,?492
-:/DZ o:= 0C,8;70X @9/0= ?30 :;?4:9 1:= ?30 .:@=?> ?: ,/5@/4.,?0 :9 ,9/ >,9.?4:9
.,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.? Vx;?4:9 |B:WX 4? B:@7/ -0 ,;;=:;=4,?0 1:= ,9D ,;;0,7
?: 2: ?: , 34230= .:@=? ?3,9 ?3,? B34.3 3,/ 8,/0 ?30 :=4249,7 /0.4>4:9X ,> 4> ?30
.,>0 B4?3 .:@=? 5@/2809?> 2090=,77D 49 q:92 t:92Z {4847,= .:9>4/0=,?4:9> ,;;7D ?:
x;?4:9 |3=00X 24A09 ?3,? ?30 >;0.4,74>? ?=4-@9,7 B:@7/ -0 <@,>4Y5@/4.4,7 49 1@9.?4:9Z
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]\`Z o:= 0,>0 :1 =010=09.0X ?30 ?3=00 ;=49.4;,7 :;?4:9> :@?7490/ 30=0 1:= ?30 1=,80B:=6
1:= 091:=.492 ,9D 90B .=:>>Y>0.?:= .:8;0?4?4:9 7,B .,9 -0 >@88,=4>0/ ,> 1:77:B> I
M x;?4:9 x90 I , =02@7,?:=D ,@?3:=4?D B4?3 ?30 ;:B0= ?: 49A0>?42,?0 >@>;0.?0/ .,>0>
:1 ,9?4Y.:8;0?4?4A0 .:9/@.? ,9/ ?: ,/5@/4.,?0 ,9/ 48;:>0 >,9.?4:9> B30=0 4?
.:9>4/0=> ?3,? , .,>0 3,> -009 0>?,-74>30/X B4?3 ,;;0,7> ,2,49>? ?30 /0.4>4:9> :1
>@.3 , -:/D ?: -0 30,=/ -D ?30 .:@=?> := , >;0.4,77D ,;;:49?0/ ,;;0,7 -:,=/g
M x;?4:9 |B: I , =02@7,?:=D ,@?3:=4?D B4?3 091:=.0809? ;:B0=>X B34.3 B:@7/ -=492
>@>;0.?0/ .,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.? ?: ?30 .:@=?> 1:= 5@/2809? ,9/ >,9.?4:9X
,> ,;;=:;=4,?0X B4?3 ,;;0,7> ?: -0 8,/0 ?: 34230= .:@=?>g ,9/
r81@D5B h
]\_Z r9 ?30 .,>0 :1 ?30 =02@7,?:=D ,@?3:=4?D 4?>071 3,A492 ?30 ;:B0= ?: ,/5@/4.,?0 ,9/ 3,9/
/:B9 >,9.?4:9> Vx;?4:9 x90WX =,?30= ?3,9 ,;;0,7> 2: ?3=:@23 ?30 .:@=?>X :90 :;?4:9
B:@7/ -0 ?: >0? @; , /0/4.,?0/ ,;;0,7 -:,=/ ,7:92 ?30 7490> :1 ?30 |070.:88@94.,?4:9>
Vl:8;0?4?4:9 y=:A4>4:9>W j;;0,7 k:,=/X B34.3 3,9/70> ,;;0,7> ,2,49>? ?30 |jJ> /0.4>4:9>
49 =07,?4:9 ?: .:8;0?4?4:9 4>>@0> 49 ?30 ?070.:88@94.,?4:9> >0.?:=Z |34> B:@7/ .=0,?0
.:9/4?4:9> ?3,? B:@7/ 307; ?: 09>@=0 .:9>4>?09.D 49 5@/2809?> ,9/ ,77:B ?30 808-0=>
:1 ?30 -:,=/ ?: /0A07:; 0C;0=?4>0 49 ?30 ,=0, :1 .:8;0?4?4:9Z
AUNNCRY PH =QTKPOS
M x;?4:9 |3=00 I , =02@7,?:=D ,@?3:=4?D B4?3 091:=.0809? ;:B0=>X B34.3 B:@7/ -=492
>@>;0.?0/ .,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.? ?: , >;0.4,74>? ?=4-@9,7 1:= 5@/2809?
,9/ >,9.?4:9X ,> ,;;=:;=4,?0X B4?3 ,;;0,7> ?: -0 8,/0 ?: 34230= .:@=?>Z
]\aZ o:= 0,.3 :1 ?30>0 :;?4:9>X ?30 =02@7,?:=D ,@?3:=4?D .:@7/ -0 04?30= , K>?,9/Y,7:90L
0C0.@?4A0 -:/D 7460 ?30 |jX := , -:/D ?3,? 3,> ,9 0C0.@?4A0 :A0=>009 -D ,9 ,;;:49?0/
8,9,20809? -:,=/X 4Z0ZX , ?B:Y?40= >?=@.?@=0X 7460 ?30 kjZ *34.30A0= :;?4:9 8423?
-0 ,/:;?0/X ?30 1@77Y?480 >?,11 :1 ?30 =02@7,?:=D ,@?3:=4?D B:@7/ =0<@4=0 ,;;=:;=4,?0
70A07> :1 0C;0=?4>0 49 /4>.4;7490> =07,?0/ ?: .:8;0?4?4:9 8,??0=>X >@.3 ,> 0.:9:84.>X
,..:@9?492 ,9/ ?30 7,BZ
]\bZ |30 ,@?3:=4?D B:@7/ =0<@4=0 >@114.409? =0>:@=.0> ?: ,77:B 4? ?: 091:=.0 ?30 7,B 0110.?4A07DX
,> B077 ,> ?: ;=:A4/0 2@4/,9.0 ,9/ 491:=8,?4:9 ?: -@>490>> ,9/ .:9>@80=> ,7460 :9
3:B ?30 7,B B:@7/ ,;;7D 49 ;=,.?4.0Z r? B:@7/ -0 /4114.@7? ,? ?34> >?,20 ?: .:80 @;
B4?3 , 14=8 0>?48,?0 :1 ?30 74607D =0>:@=.0 =0<@4=0809?>X ,> ?34> B:@7/ /0;09/ :9
B34.3 :1 ?30 =02@7,?:=D :;?4:9> B0=0 ?: -0 ;@=>@0/Z w:90?3070>>X 8,6492 =010=09.0
?: , 9@8-0= :1 7:.,7 ,9/ :A0=>0,> =02@7,?:=D ,@?3:=4?40>X ,9/ :9 ?30 ,>>@8;?4:9 ?3,?
?30 ,@?3:=4?D B:@7/ 3,A0 , 1@77Y?480 0C0.@?4A0 49.7@/492 ;=:10>>4:9,7 702,7X ,..:@9?492
,9/ 0.:9:84. 0C;0=?4>0X 4? 8,D =0<@4=0 ,9 ,99@,7 -@/20? 49 ?30 =,920 :1 Rb\ 84774:9
?: Rd\ 84774:9Z
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]\^Z r9 ,//4?4:9 ?: >0??492 @; , =02@7,?:=D ,@?3:=4?DX 4? B:@7/ -0 90.0>>,=D ?: ;=:A4/0 1:=
,;;=:;=4,?0 .3,9907> :1 ,;;0,7 B4?3 =02,=/ ?: ?30 /0.4>4:9> :1 ?30 ,@?3:=4?DZ |: ,9
0C?09?X ?30 ,.?@,7 ,A09@0 1:= ,;;0,7 B:@7/ /0;09/ :9 ?30 9,?@=0 :1 ?30 ,/5@/4.,?492
-:/DZ o:= 0C,8;70X @9/0= ?30 :;?4:9 1:= ?30 .:@=?> ?: ,/5@/4.,?0 :9 ,9/ >,9.?4:9
.,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.? Vx;?4:9 |B:WX 4? B:@7/ -0 ,;;=:;=4,?0 1:= ,9D ,;;0,7
?: 2: ?: , 34230= .:@=? ?3,9 ?3,? B34.3 3,/ 8,/0 ?30 :=4249,7 /0.4>4:9X ,> 4> ?30
.,>0 B4?3 .:@=? 5@/2809?> 2090=,77D 49 q:92 t:92Z {4847,= .:9>4/0=,?4:9> ,;;7D ?:
x;?4:9 |3=00X 24A09 ?3,? ?30 >;0.4,74>? ?=4-@9,7 B:@7/ -0 <@,>4Y5@/4.4,7 49 1@9.?4:9Z
r81@D5B h
]\`Z o:= 0,>0 :1 =010=09.0X ?30 ?3=00 ;=49.4;,7 :;?4:9> :@?7490/ 30=0 1:= ?30 1=,80B:=6
1:= 091:=.492 ,9D 90B .=:>>Y>0.?:= .:8;0?4?4:9 7,B .,9 -0 >@88,=4>0/ ,> 1:77:B> I
M x;?4:9 x90 I , =02@7,?:=D ,@?3:=4?D B4?3 ?30 ;:B0= ?: 49A0>?42,?0 >@>;0.?0/ .,>0>
:1 ,9?4Y.:8;0?4?4A0 .:9/@.? ,9/ ?: ,/5@/4.,?0 ,9/ 48;:>0 >,9.?4:9> B30=0 4?
.:9>4/0=> ?3,? , .,>0 3,> -009 0>?,-74>30/X B4?3 ,;;0,7> ,2,49>? ?30 /0.4>4:9> :1
>@.3 , -:/D ?: -0 30,=/ -D ?30 .:@=?> := , >;0.4,77D ,;;:49?0/ ,;;0,7 -:,=/g
M x;?4:9 |B: I , =02@7,?:=D ,@?3:=4?D B4?3 091:=.0809? ;:B0=>X B34.3 B:@7/ -=492
>@>;0.?0/ .,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.? ?: ?30 .:@=?> 1:= 5@/2809? ,9/ >,9.?4:9X
,> ,;;=:;=4,?0X B4?3 ,;;0,7> ?: -0 8,/0 ?: 34230= .:@=?>g ,9/
r81@D5B h
]\_Z r9 ?30 .,>0 :1 ?30 =02@7,?:=D ,@?3:=4?D 4?>071 3,A492 ?30 ;:B0= ?: ,/5@/4.,?0 ,9/ 3,9/
/:B9 >,9.?4:9> Vx;?4:9 x90WX =,?30= ?3,9 ,;;0,7> 2: ?3=:@23 ?30 .:@=?>X :90 :;?4:9
B:@7/ -0 ?: >0? @; , /0/4.,?0/ ,;;0,7 -:,=/ ,7:92 ?30 7490> :1 ?30 |070.:88@94.,?4:9>
Vl:8;0?4?4:9 y=:A4>4:9>W j;;0,7 k:,=/X B34.3 3,9/70> ,;;0,7> ,2,49>? ?30 |jJ> /0.4>4:9>
49 =07,?4:9 ?: .:8;0?4?4:9 4>>@0> 49 ?30 ?070.:88@94.,?4:9> >0.?:=Z |34> B:@7/ .=0,?0
.:9/4?4:9> ?3,? B:@7/ 307; ?: 09>@=0 .:9>4>?09.D 49 5@/2809?> ,9/ ,77:B ?30 808-0=>
:1 ?30 -:,=/ ?: /0A07:; 0C;0=?4>0 49 ?30 ,=0, :1 .:8;0?4?4:9Z
AUNNCRY PH =QTKPOS
M x;?4:9 |3=00 I , =02@7,?:=D ,@?3:=4?D B4?3 091:=.0809? ;:B0=>X B34.3 B:@7/ -=492
>@>;0.?0/ .,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.? ?: , >;0.4,74>? ?=4-@9,7 1:= 5@/2809?
,9/ >,9.?4:9X ,> ,;;=:;=4,?0X B4?3 ,;;0,7> ?: -0 8,/0 ?: 34230= .:@=?>Z
]\aZ o:= 0,.3 :1 ?30>0 :;?4:9>X ?30 =02@7,?:=D ,@?3:=4?D .:@7/ -0 04?30= , K>?,9/Y,7:90L
0C0.@?4A0 -:/D 7460 ?30 |jX := , -:/D ?3,? 3,> ,9 0C0.@?4A0 :A0=>009 -D ,9 ,;;:49?0/
8,9,20809? -:,=/X 4Z0ZX , ?B:Y?40= >?=@.?@=0X 7460 ?30 kjZ *34.30A0= :;?4:9 8423?
-0 ,/:;?0/X ?30 1@77Y?480 >?,11 :1 ?30 =02@7,?:=D ,@?3:=4?D B:@7/ =0<@4=0 ,;;=:;=4,?0
70A07> :1 0C;0=?4>0 49 /4>.4;7490> =07,?0/ ?: .:8;0?4?4:9 8,??0=>X >@.3 ,> 0.:9:84.>X
,..:@9?492 ,9/ ?30 7,BZ
]\bZ |30 ,@?3:=4?D B:@7/ =0<@4=0 >@114.409? =0>:@=.0> ?: ,77:B 4? ?: 091:=.0 ?30 7,B 0110.?4A07DX
,> B077 ,> ?: ;=:A4/0 2@4/,9.0 ,9/ 491:=8,?4:9 ?: -@>490>> ,9/ .:9>@80=> ,7460 :9
3:B ?30 7,B B:@7/ ,;;7D 49 ;=,.?4.0Z r? B:@7/ -0 /4114.@7? ,? ?34> >?,20 ?: .:80 @;
B4?3 , 14=8 0>?48,?0 :1 ?30 74607D =0>:@=.0 =0<@4=0809?>X ,> ?34> B:@7/ /0;09/ :9
B34.3 :1 ?30 =02@7,?:=D :;?4:9> B0=0 ?: -0 ;@=>@0/Z w:90?3070>>X 8,6492 =010=09.0
?: , 9@8-0= :1 7:.,7 ,9/ :A0=>0,> =02@7,?:=D ,@?3:=4?40>X ,9/ :9 ?30 ,>>@8;?4:9 ?3,?
?30 ,@?3:=4?D B:@7/ 3,A0 , 1@77Y?480 0C0.@?4A0 49.7@/492 ;=:10>>4:9,7 702,7X ,..:@9?492
,9/ 0.:9:84. 0C;0=?4>0X 4? 8,D =0<@4=0 ,9 ,99@,7 -@/20? 49 ?30 =,920 :1 Rb\ 84774:9
?: Rd\ 84774:9Z
vv
vw
L`Ygj]h F
Me^fh[]d]ej Ye\ U]cYj]\ Oiik]i
]\cZ |30 ;=0A4:@> ?B: .3,;?0=> :1 ?34> /:.@809? 3,A0 .:9>4/0=0/ B30?30= q:92 t:92
900/> , .:8;0?4?4:9 7,B I ,9/ 41 >:X 3:B >@.3 , 7,B 8423? -0 1=,80/ I ,> B077 ,>
, ;:>>4-70 49>?4?@?4:9,7 1=,80B:=6 1:= 091:=.492 >@.3 , 7,BZ |30=0 ,=0 ,7>: :?30=
=07,?0/ ,>;0.?> ?3,? 900/ ?: -0 /4>.@>>0/X 8,9D :1 B34.3 =07,?0 ?: 091:=.0809? ,9/
?30 ;:B0=> ,A,47,-70 ?: ?30 =02@7,?:=D ,@?3:=4?DZ |30>0 49.7@/0 ?30 1:77:B492 I
6COFMKOI PH 2PNQMCKOTS
68? 7>8<=9;: ,+5
x> ?B45B D? 85<@ =9>9=9C5 DB9F91<a 6B9F?<?EC ?B
=1<939?EC 3?=@<19>DCa C8?E<4 1>I >5G 3?=@5D9D9?> <1G
@B?F945 D81D ?><I D85 B57E<1D?BI 1ED8?B9DI
81C D85 @?G5B D? 3?>4E3D 6?B=1< 9>F5CD971D9?>C
9>D? @?CC92<5 1>D9b3?=@5D9D9F5 3?>4E3Do
M |30 3,9/7492 :1 .:8;7,49?>X 49.7@/492 ?3:>0 ?3,? ,=0 ?=4A4,7X 1=4A:7:@> := 8,74.4:@>g
M |30 0C?09? :1 ?30 49A0>?42,?4A0 ,9/ 091:=.0809? ;:B0=> ?3,? >3:@7/ -0 2=,9?0/
?: ?30 =02@7,?:=D ,@?3:=4?Dg
M |30 .:9/@.? :1 49A0>?42,?4:9>X 49.7@/492 ?30 4>>@0 :1 .:914/09?4,74?D ,9/ /4>.7:>@=0
:1 491:=8,?4:9g
r81@D5B i
M |30 70A07 ,9/ ?D;0 :1 ;09,7?40> ?3,? >3:@7/ ,;;7DX ,> B077 ,> ?30 900/ 1:= , 709409.D
;=:2=,880g
M *30?30= ?30 ,@?3:=4?D := ?30 .:@=?> >3:@7/ 3,A0 ?30 ;:B0= ?: :=/0= ?3,? ;,=?40>
/0>4>? 1=:8 ,9?4Y.:8;0?4?4A0 .:9/@.?X ,9/ ?: =0,.3 >0??70809? B4?3 ;,=?40> >@>;0.?0/
:1 ,9?4Y.:8;0?4?4A0 .:9/@.? B4?3:@? =0.:@=>0 ?: 1:=8,7 ,/5@/4.,?4:9g ,9/
M |30 ;=:.0/@=0 1:= .4A47 .7,48> 1:= /,8,20> -D ;,=?40> ?3,? 3,A0 >@110=0/ 7:>>0> ,>
, =0>@7? :1 ,9?4Y.:8;0?4?4A0 .:9/@.?Z
r81@D5B i
M |30 =07,?4:9>34; B4?3 0C4>?492 =02@7,?:=D 1=,80B:=6> ,9/ ?30 .:9.@==09? ,;;74.,?4:9
:1 /4110=09? 7,B> ?: =02@7,?0/ 49/@>?=40>g
]\dZ *347>? ?30 =02@7,?:=D ,@?3:=4?D .,9 ,.? :1 4?> :B9 A:74?4:9X .:8;7,49?> ,=0 :1?09 ,9
48;:=?,9? >:@=.0 :1 491:=8,?4:9 :9 B34.3 4? 8,D ,.?Z *347>? >:80 :A0=>0,> .:8;0?4?4:9
,@?3:=4?40> B477 .:9>4/0= ,9:9D8:@> .:8;7,49?>X ?30=0 8,D -0 ;=,.?4.,7 /4114.@7?40>
49 /:492 >: B309 1@77 491:=8,?4:9 4> 9:? ,A,47,-70 ,9/ .7,=414.,?4:9 .,99:? -0 >:@23?
1=:8 ?30 .:8;7,49,9?>Z j..:=/4927DX .:8;7,49,9?> ,=0 2090=,77D 09.:@=,20/ ?: ;=:A4/0
,> [email protected] 491:=8,?4:9 ,> ;:>>4-70Z
]n{qyv{t |s i*v.vnyS [*v.|y|-+ |* bnyvpv|-+ X|z}ynv{,+ n{q iu*r+u|yq
s|* ^{.r+,vtn,v|{
]\eZ |30 49?=:/@.?4:9 :1 , 90B .:8;0?4?4:9 7,B >3:@7/ 9:? 70,/ ?: 9:=8,7 -@>490>>
:;0=,?4:9> -0492 @9/@7D .:9>?=,490/ -D .:8;7,49?> ?3,? ,=0 ?=4A4,7X 1=4A:7:@> := 8,/0
49 -,/ 1,4?3Z o:= ?34> =0,>:9X 4? 8423? -0 ;=@/09? 1:= >@.3 , 7,B ?: >?4;@7,?0 ?3,?
:97D ?30 =02@7,?:=D ,@?3:=4?D B:@7/ 3,A0 ?30 ;:B0= ?: 49A0>?42,?0 ;:>>4-70 A4:7,?4:9>Z
r9 :?30= B:=/>X B30=0,> ,9D ;,=?D -0740A492 4?>071 ?: 3,A0 -009 ?30 >@-50.? :1 ,9?4Y
.:8;0?4?4A0 .:9/@.? 8,D 7:/20 , .:8;7,49? B4?3 ?30 =02@7,?:=D ,@?3:=4?DX ?30 =02@7,?:=D
,@?3:=4?D ,7:90 B:@7/ -0 ,-70 ?: /0.4/0 B30?30= 1@=?30= ,.?4:9 >3:@7/ -0 ?,609Z
]]\Z j9D 90B .:8;0?4?4:9 7,B .:@7/ ,7>: >?4;@7,?0 ?30 ?3=0>3:7/ ?3,? B:@7/ 3,A0 ?: -0
80? -01:=0 ?30 =02@7,?:=D ,@?3:=4?D 8423? /0.4/0 ?: 494?4,?0 , 1:=8,7 49A0>?42,?4:9Z
o:= 0C,8;70X >@.3 , 7,B .:@7/ ;=:A4/0 ?3,? ?30 =02@7,?:=D ,@?3:=4?D .:@7/ :97D @>0
4?> ;:B0=> :1 49A0>?42,?4:9 41 4? .:9>4/0=0/ ?3,? ?30=0 B0=0 =0,>:9,-70 2=:@9/> 1:=
>@>;0.?492 ?3,? ,9 491=4920809? :1 ?30 ,9?4Y.:8;0?4?4:9 7,B 3,/ ?,609 ;7,.0Z
vx
vy
L`Ygj]h F
Me^fh[]d]ej Ye\ U]cYj]\ Oiik]i
]\cZ |30 ;=0A4:@> ?B: .3,;?0=> :1 ?34> /:.@809? 3,A0 .:9>4/0=0/ B30?30= q:92 t:92
900/> , .:8;0?4?4:9 7,B I ,9/ 41 >:X 3:B >@.3 , 7,B 8423? -0 1=,80/ I ,> B077 ,>
, ;:>>4-70 49>?4?@?4:9,7 1=,80B:=6 1:= 091:=.492 >@.3 , 7,BZ |30=0 ,=0 ,7>: :?30=
=07,?0/ ,>;0.?> ?3,? 900/ ?: -0 /4>.@>>0/X 8,9D :1 B34.3 =07,?0 ?: 091:=.0809? ,9/
?30 ;:B0=> ,A,47,-70 ?: ?30 =02@7,?:=D ,@?3:=4?DZ |30>0 49.7@/0 ?30 1:77:B492 I
6COFMKOI PH 2PNQMCKOTS
68? 7>8<=9;: ,+5
x> ?B45B D? 85<@ =9>9=9C5 DB9F91<a 6B9F?<?EC ?B
=1<939?EC 3?=@<19>DCa C8?E<4 1>I >5G 3?=@5D9D9?> <1G
@B?F945 D81D ?><I D85 B57E<1D?BI 1ED8?B9DI
81C D85 @?G5B D? 3?>4E3D 6?B=1< 9>F5CD971D9?>C
9>D? @?CC92<5 1>D9b3?=@5D9D9F5 3?>4E3Do
M |30 3,9/7492 :1 .:8;7,49?>X 49.7@/492 ?3:>0 ?3,? ,=0 ?=4A4,7X 1=4A:7:@> := 8,74.4:@>g
M |30 0C?09? :1 ?30 49A0>?42,?4A0 ,9/ 091:=.0809? ;:B0=> ?3,? >3:@7/ -0 2=,9?0/
?: ?30 =02@7,?:=D ,@?3:=4?Dg
M |30 .:9/@.? :1 49A0>?42,?4:9>X 49.7@/492 ?30 4>>@0 :1 .:914/09?4,74?D ,9/ /4>.7:>@=0
:1 491:=8,?4:9g
r81@D5B i
M |30 70A07 ,9/ ?D;0 :1 ;09,7?40> ?3,? >3:@7/ ,;;7DX ,> B077 ,> ?30 900/ 1:= , 709409.D
;=:2=,880g
M *30?30= ?30 ,@?3:=4?D := ?30 .:@=?> >3:@7/ 3,A0 ?30 ;:B0= ?: :=/0= ?3,? ;,=?40>
/0>4>? 1=:8 ,9?4Y.:8;0?4?4A0 .:9/@.?X ,9/ ?: =0,.3 >0??70809? B4?3 ;,=?40> >@>;0.?0/
:1 ,9?4Y.:8;0?4?4A0 .:9/@.? B4?3:@? =0.:@=>0 ?: 1:=8,7 ,/5@/4.,?4:9g ,9/
M |30 ;=:.0/@=0 1:= .4A47 .7,48> 1:= /,8,20> -D ;,=?40> ?3,? 3,A0 >@110=0/ 7:>>0> ,>
, =0>@7? :1 ,9?4Y.:8;0?4?4A0 .:9/@.?Z
r81@D5B i
M |30 =07,?4:9>34; B4?3 0C4>?492 =02@7,?:=D 1=,80B:=6> ,9/ ?30 .:9.@==09? ,;;74.,?4:9
:1 /4110=09? 7,B> ?: =02@7,?0/ 49/@>?=40>g
]\dZ *347>? ?30 =02@7,?:=D ,@?3:=4?D .,9 ,.? :1 4?> :B9 A:74?4:9X .:8;7,49?> ,=0 :1?09 ,9
48;:=?,9? >:@=.0 :1 491:=8,?4:9 :9 B34.3 4? 8,D ,.?Z *347>? >:80 :A0=>0,> .:8;0?4?4:9
,@?3:=4?40> B477 .:9>4/0= ,9:9D8:@> .:8;7,49?>X ?30=0 8,D -0 ;=,.?4.,7 /4114.@7?40>
49 /:492 >: B309 1@77 491:=8,?4:9 4> 9:? ,A,47,-70 ,9/ .7,=414.,?4:9 .,99:? -0 >:@23?
1=:8 ?30 .:8;7,49,9?>Z j..:=/4927DX .:8;7,49,9?> ,=0 2090=,77D 09.:@=,20/ ?: ;=:A4/0
,> [email protected] 491:=8,?4:9 ,> ;:>>4-70Z
]n{qyv{t |s i*v.vnyS [*v.|y|-+ |* bnyvpv|-+ X|z}ynv{,+ n{q iu*r+u|yq
s|* ^{.r+,vtn,v|{
]\eZ |30 49?=:/@.?4:9 :1 , 90B .:8;0?4?4:9 7,B >3:@7/ 9:? 70,/ ?: 9:=8,7 -@>490>>
:;0=,?4:9> -0492 @9/@7D .:9>?=,490/ -D .:8;7,49?> ?3,? ,=0 ?=4A4,7X 1=4A:7:@> := 8,/0
49 -,/ 1,4?3Z o:= ?34> =0,>:9X 4? 8423? -0 ;=@/09? 1:= >@.3 , 7,B ?: >?4;@7,?0 ?3,?
:97D ?30 =02@7,?:=D ,@?3:=4?D B:@7/ 3,A0 ?30 ;:B0= ?: 49A0>?42,?0 ;:>>4-70 A4:7,?4:9>Z
r9 :?30= B:=/>X B30=0,> ,9D ;,=?D -0740A492 4?>071 ?: 3,A0 -009 ?30 >@-50.? :1 ,9?4Y
.:8;0?4?4A0 .:9/@.? 8,D 7:/20 , .:8;7,49? B4?3 ?30 =02@7,?:=D ,@?3:=4?DX ?30 =02@7,?:=D
,@?3:=4?D ,7:90 B:@7/ -0 ,-70 ?: /0.4/0 B30?30= 1@=?30= ,.?4:9 >3:@7/ -0 ?,609Z
]]\Z j9D 90B .:8;0?4?4:9 7,B .:@7/ ,7>: >?4;@7,?0 ?30 ?3=0>3:7/ ?3,? B:@7/ 3,A0 ?: -0
80? -01:=0 ?30 =02@7,?:=D ,@?3:=4?D 8423? /0.4/0 ?: 494?4,?0 , 1:=8,7 49A0>?42,?4:9Z
o:= 0C,8;70X >@.3 , 7,B .:@7/ ;=:A4/0 ?3,? ?30 =02@7,?:=D ,@?3:=4?D .:@7/ :97D @>0
4?> ;:B0=> :1 49A0>?42,?4:9 41 4? .:9>4/0=0/ ?3,? ?30=0 B0=0 =0,>:9,-70 2=:@9/> 1:=
>@>;0.?492 ?3,? ,9 491=4920809? :1 ?30 ,9?4Y.:8;0?4?4:9 7,B 3,/ ?,609 ;7,.0Z
vx
vy
2POFUET PH 7OVGSTKICTKPOS
[|*zny e|/r*+ |s ^{.r+,vtn,v|{
68? 7>8<=9;: ,,5
081D 6?B=1< @?G5BC ?6 9>F5CD971D9?> C8?E<4 1 B57E<1D?BI
1ED8?B9DI 81F5 E>45B 1>I >5G 3?=@5D9D9?> <1Go
68? 7>8<=9;: ,-5
-8?E<4 619<EB5 D? 3??@5B1D5 G9D8 6?B=1< 9>F5CD971D9?>C 2I D85
B57E<1D?BI 1ED8?B9DI 25 1 3B9=9>1< ?665>35o
r81@D5B i
M |: =0<@4=0 , ;0=>:9 ?: 24A0 B=4??09 := :=,7 491:=8,?4:9g
M |: =0<@4=0 ?30 ;=:/@.?4:9 :1 /:.@809?> := :?30= =0.:=/> := /,?,g ,9/
M *4?3 , B,==,9? 4>>@0/ -D ?30 .:@=?X ?: 09?0= ,9/ 49>;0.? ;=084>0> ,9/ >04E0 =070A,9?
/:.@809?,=D 0A4/09.0Z
]]aZ {@.3 ;:B0=> ,=0 .:88:97D =02,=/0/ ,> K1:=8,7L 49 ?30 >09>0 ?3,? , ;0=>:9 B3:
1,47> ?: .::;0=,?0 B309 ?30>0 ;:B0=> :1 49A0>?42,?4:9 ,=0 0C0=.4>0/ -D ?30 =02@7,?:=D
,@?3:=4?D B477 -0 /0080/ ?: 3,A0 .:884??0/ , .=4849,7 :1109.0X ,9/ 8,D 3,A0 ?:
1,.0 , 1490 := 48;=4>:9809? 49 .:9>0<@09.0Z xA0=>0,> 7024>7,?4:9 :1?09 >?4;@7,?0>
?3,? 4? 4> ,9 :1109.0 1:= , ;0=>:9 ?: I
M o,47 ?: .:8;7D B4?3 , =0<@4=0809? 48;:>0/ @9/0= ?30 1:=8,7 ;:B0=> :1 49A0>?42,?4:9
49 ?30 =070A,9? .:8;0?4?4:9 7,Bg
]]^Z r9 ?30 ?070.:88@94.,?4:9> ,9/ -=:,/.,>?492 >0.?:=> 49 q:92 t:92X 49 =07,?4:9 ?:
?30 49A0>?42,?4:9 :1 :1109.0> =07,?0/ ?: .:8;0?4?4:9 V,> B077 ,> ?: :?30= :1109.0>W
?30 7,B ;=:A4/0> ?30 ,@?3:=4?40> B4?3 ?30 ;:B0=> I
M r9?09?4:9,77D :->?=@.? ,9 ,@?3:=4>0/ :114.0= .,==D492 :@? ,9 49>;0.?4:9X 04?30= B4?3
:= B4?3:@? , B,==,9? ,> ?30 =070A,9? 7,B 8,D >;0.41Dg
M |: =0<@4=0 ?30 >@;;7D :1 491:=8,?4:9 =07,?492 ?: ?30 =070A,9? -@>490>>X =02,=/70>>
:1 B30?30= := 9:? ?34> 8423? -0 >@-50.? ?: , .:914/09?4,74?D ,2=00809? B4?3 , ?34=/
;,=?Dg
M r9?09?4:9,77D := =0.670>>7D /0>?=:D := :?30=B4>0 /4>;:>0 :1 := 1,7>41D := .:9.0,7 ,
/:.@809? ?3,? 30 := >30 3,> -009 =0<@4=0/ ?: ;=:/@.0 := .,@>0 := ;0=84? 4?>
/0>?=@.?4:9X /4>;:>,7X 1,7>414.,?4:9 := .:9.0,7809?g :=
M |: =0<@4=0 ?30 ;=:/@.?4:9 :1 /:.@809?> := ,..:@9?>g ,9/
M y=:A4/0 491:=8,?4:9 ?3,? 4> 1,7>0 := 84>70,/492 ;,=?4.@7,=7D 41 30 := >30 69:B>X :=
4> =0.670>> ,> ?: B30?30=X 4? 4> 1,7>0 := 84>70,/492X 04?30= ?: ?30 =02@7,?:=D ,@?3:=4?D
:= ?: ,9:?30= ;0=>:9 >@.3 ,> ,9 08;7:D00 := 702,7 ,/A4>0=X 69:B492 ?3,? 4? B477 -0
@>0/ 1:= ?30 ;@=;:>0 :1 ;=:A4/492 491:=8,?4:9 ?: ?30 =02@7,?:=D ,@?3:=4?DZ
M |: 09?0= ;=084>0>X 49>;0.? ,9/ .:;D =070A,9? /:.@809?> ,9/ ,..:@9?>X 49 ,..:=/,9.0
B4?3 ?30 ;=:.0/@=0> >0? /:B9 49 ?30 7,BZ
vz
]]`Z r9 4?> =0;:=? :9 .:8;0?4?4:9 ;:74.DX ?30 lyzl 9:?0/ ?30 A,=4:@> 49A0>?42,?4A0 ;:B0=>
,A,47,-70 ?: ,@?3:=4?40> 49 q:92 t:92 ,9/ .:8;0?4?4:9 =02@7,?:=> :A0=>0,>X ,9/
=0.:8809/0/ ?3,? , .:8;0?4?4:9 ,@?3:=4?D 49 q:92 t:92 >3:@7/ 3,A0 ?30 1:=8,7
;:B0=> :1 49A0>?42,?4:9 I
r81@D5B i
]]]Z |: 09,-70 , =02@7,?:= ?: 091:=.0 ,9D 90B .:8;0?4?4:9 7,B 0110.?4A07DX ?30 ,@?3:=4?D
B:@7/ =0<@4=0 49A0>?42,?4A0 ;:B0=> ?: 1,.474?,?0 ,..0>> ?: =070A,9? 491:=8,?4:9X -0 4?
/4=0.? 1=:8 49/4A4/@,7> .:9.0=90/ := 1=:8 =0.:=/> 60;? -D >@>;0.?0/ :1109/0=>Z
*4?3:@? >@.3 ;:B0=>X ,9D 49A0>?42,?4:9 B:@7/ =07D 7,=207D :9 ?30 0C?09? ?: B34.3
8,=60? ;7,D0=> A:7@9?,=47D ;=:A4/0 491:=8,?4:9 ?: ?30 ,209.D .3,=20/ B4?3 ?30
49A0>?42,?4:9Z |30 0C;0=409.0 :1 lxvyjp >@220>?> ?3,? ?34> 8,D 9:? -0 ,9 0110.?4A0
,;;=:,.3X ,> 4? 4> 74607D ?3,? ;,=?40> @9/0= 49A0>?42,?4:9 B:@7/ .4?0 .:9.0=9> >@.3 ,>
;0=>:9,7 ;=4A,.D := .:880=.4,7 >09>4?4A4?D ,> 2=:@9/> 1:= 9:? ,77:B492 ,..0>> ?: ,
1@77 =,920 :1 /,?, ,9/ :?30= =07,?0/ 491:=8,?4:9X ?30=0-D >0A0=07D .:9>?=,49492 ,9D
49A0>?42,?4A0 ;=:.0>>Z
]]_Z xA0=>0,> .:8;0?4?4:9 7024>7,?4:9 ;=:A4/0> 1:= >4847,= ;:B0=> ?: -0 2=,9?0/ ?: ?30
=02@7,?:=X ,7?3:@23 ?30 0C0=.4>0 :1 ?30>0 ;:B0=> 8,D /0;09/ :9 ?30 2=,9?492 :1 ,9
:=/0= := , B,==,9? -D , 5@/4.4,7 :114.0=Z o:= 0C,8;70X 49 l,9,/,X :9.0 ?30 l:8;0?4?4:9
l:884>>4:90= 3,> -02@9 , 1:=8,7 49<@4=D 49?: ;:>>4-70 ,9?4Y.:8;0?4?4A0 .:9/@.?X
30 8,D ,;;7D ?: , 5@/20 1:= ,9 :=/0= ?: =0<@4=0 , ;0=>:9 ?: ;=:A4/0 491:=8,?4:9 @9/0=
:,?3 := ?: ;=:/@.0 >;0.4140/ /:.@809?>Z |30 l:884>>4:90= 8,D ,7>: ,;;7D ?: ,
5@/20 1:= , B,==,9? ?: 09?0= ;=084>0> ,9/ ?: >0,=.3 1:= ,9/ >04E0 /:.@809?>Z
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r81@D5B i
M |: =0<@4=0 , ;0=>:9 ?: 24A0 B=4??09 := :=,7 491:=8,?4:9g
M |: =0<@4=0 ?30 ;=:/@.?4:9 :1 /:.@809?> := :?30= =0.:=/> := /,?,g ,9/
M *4?3 , B,==,9? 4>>@0/ -D ?30 .:@=?X ?: 09?0= ,9/ 49>;0.? ;=084>0> ,9/ >04E0 =070A,9?
/:.@809?,=D 0A4/09.0Z
]]aZ {@.3 ;:B0=> ,=0 .:88:97D =02,=/0/ ,> K1:=8,7L 49 ?30 >09>0 ?3,? , ;0=>:9 B3:
1,47> ?: .::;0=,?0 B309 ?30>0 ;:B0=> :1 49A0>?42,?4:9 ,=0 0C0=.4>0/ -D ?30 =02@7,?:=D
,@?3:=4?D B477 -0 /0080/ ?: 3,A0 .:884??0/ , .=4849,7 :1109.0X ,9/ 8,D 3,A0 ?:
1,.0 , 1490 := 48;=4>:9809? 49 .:9>0<@09.0Z xA0=>0,> 7024>7,?4:9 :1?09 >?4;@7,?0>
?3,? 4? 4> ,9 :1109.0 1:= , ;0=>:9 ?: I
M o,47 ?: .:8;7D B4?3 , =0<@4=0809? 48;:>0/ @9/0= ?30 1:=8,7 ;:B0=> :1 49A0>?42,?4:9
49 ?30 =070A,9? .:8;0?4?4:9 7,Bg
]]^Z r9 ?30 ?070.:88@94.,?4:9> ,9/ -=:,/.,>?492 >0.?:=> 49 q:92 t:92X 49 =07,?4:9 ?:
?30 49A0>?42,?4:9 :1 :1109.0> =07,?0/ ?: .:8;0?4?4:9 V,> B077 ,> ?: :?30= :1109.0>W
?30 7,B ;=:A4/0> ?30 ,@?3:=4?40> B4?3 ?30 ;:B0=> I
M r9?09?4:9,77D :->?=@.? ,9 ,@?3:=4>0/ :114.0= .,==D492 :@? ,9 49>;0.?4:9X 04?30= B4?3
:= B4?3:@? , B,==,9? ,> ?30 =070A,9? 7,B 8,D >;0.41Dg
M |: =0<@4=0 ?30 >@;;7D :1 491:=8,?4:9 =07,?492 ?: ?30 =070A,9? -@>490>>X =02,=/70>>
:1 B30?30= := 9:? ?34> 8423? -0 >@-50.? ?: , .:914/09?4,74?D ,2=00809? B4?3 , ?34=/
;,=?Dg
M r9?09?4:9,77D := =0.670>>7D /0>?=:D := :?30=B4>0 /4>;:>0 :1 := 1,7>41D := .:9.0,7 ,
/:.@809? ?3,? 30 := >30 3,> -009 =0<@4=0/ ?: ;=:/@.0 := .,@>0 := ;0=84? 4?>
/0>?=@.?4:9X /4>;:>,7X 1,7>414.,?4:9 := .:9.0,7809?g :=
M |: =0<@4=0 ?30 ;=:/@.?4:9 :1 /:.@809?> := ,..:@9?>g ,9/
M y=:A4/0 491:=8,?4:9 ?3,? 4> 1,7>0 := 84>70,/492 ;,=?4.@7,=7D 41 30 := >30 69:B>X :=
4> =0.670>> ,> ?: B30?30=X 4? 4> 1,7>0 := 84>70,/492X 04?30= ?: ?30 =02@7,?:=D ,@?3:=4?D
:= ?: ,9:?30= ;0=>:9 >@.3 ,> ,9 08;7:D00 := 702,7 ,/A4>0=X 69:B492 ?3,? 4? B477 -0
@>0/ 1:= ?30 ;@=;:>0 :1 ;=:A4/492 491:=8,?4:9 ?: ?30 =02@7,?:=D ,@?3:=4?DZ
M |: 09?0= ;=084>0>X 49>;0.? ,9/ .:;D =070A,9? /:.@809?> ,9/ ,..:@9?>X 49 ,..:=/,9.0
B4?3 ?30 ;=:.0/@=0> >0? /:B9 49 ?30 7,BZ
vz
]]`Z r9 4?> =0;:=? :9 .:8;0?4?4:9 ;:74.DX ?30 lyzl 9:?0/ ?30 A,=4:@> 49A0>?42,?4A0 ;:B0=>
,A,47,-70 ?: ,@?3:=4?40> 49 q:92 t:92 ,9/ .:8;0?4?4:9 =02@7,?:=> :A0=>0,>X ,9/
=0.:8809/0/ ?3,? , .:8;0?4?4:9 ,@?3:=4?D 49 q:92 t:92 >3:@7/ 3,A0 ?30 1:=8,7
;:B0=> :1 49A0>?42,?4:9 I
r81@D5B i
]]]Z |: 09,-70 , =02@7,?:= ?: 091:=.0 ,9D 90B .:8;0?4?4:9 7,B 0110.?4A07DX ?30 ,@?3:=4?D
B:@7/ =0<@4=0 49A0>?42,?4A0 ;:B0=> ?: 1,.474?,?0 ,..0>> ?: =070A,9? 491:=8,?4:9X -0 4?
/4=0.? 1=:8 49/4A4/@,7> .:9.0=90/ := 1=:8 =0.:=/> 60;? -D >@>;0.?0/ :1109/0=>Z
*4?3:@? >@.3 ;:B0=>X ,9D 49A0>?42,?4:9 B:@7/ =07D 7,=207D :9 ?30 0C?09? ?: B34.3
8,=60? ;7,D0=> A:7@9?,=47D ;=:A4/0 491:=8,?4:9 ?: ?30 ,209.D .3,=20/ B4?3 ?30
49A0>?42,?4:9Z |30 0C;0=409.0 :1 lxvyjp >@220>?> ?3,? ?34> 8,D 9:? -0 ,9 0110.?4A0
,;;=:,.3X ,> 4? 4> 74607D ?3,? ;,=?40> @9/0= 49A0>?42,?4:9 B:@7/ .4?0 .:9.0=9> >@.3 ,>
;0=>:9,7 ;=4A,.D := .:880=.4,7 >09>4?4A4?D ,> 2=:@9/> 1:= 9:? ,77:B492 ,..0>> ?: ,
1@77 =,920 :1 /,?, ,9/ :?30= =07,?0/ 491:=8,?4:9X ?30=0-D >0A0=07D .:9>?=,49492 ,9D
49A0>?42,?4A0 ;=:.0>>Z
]]_Z xA0=>0,> .:8;0?4?4:9 7024>7,?4:9 ;=:A4/0> 1:= >4847,= ;:B0=> ?: -0 2=,9?0/ ?: ?30
=02@7,?:=X ,7?3:@23 ?30 0C0=.4>0 :1 ?30>0 ;:B0=> 8,D /0;09/ :9 ?30 2=,9?492 :1 ,9
:=/0= := , B,==,9? -D , 5@/4.4,7 :114.0=Z o:= 0C,8;70X 49 l,9,/,X :9.0 ?30 l:8;0?4?4:9
l:884>>4:90= 3,> -02@9 , 1:=8,7 49<@4=D 49?: ;:>>4-70 ,9?4Y.:8;0?4?4A0 .:9/@.?X
30 8,D ,;;7D ?: , 5@/20 1:= ,9 :=/0= ?: =0<@4=0 , ;0=>:9 ?: ;=:A4/0 491:=8,?4:9 @9/0=
:,?3 := ?: ;=:/@.0 >;0.4140/ /:.@809?>Z |30 l:884>>4:90= 8,D ,7>: ,;;7D ?: ,
5@/20 1:= , B,==,9? ?: 09?0= ;=084>0> ,9/ ?: >0,=.3 1:= ,9/ >04E0 /:.@809?>Z
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M
=07,?492 ?: ?30 -@>490>>X .:880=.4,7 := :114.4,7 ,11,4=> :1 ,9D ;0=>:9g
M
B34.3 3,A0 -009 4/09?4140/ ,> .:914/09?4,7g :=
M
=07,?492 ?: ?30 4/09?4?D :1 ;0=>:9> 1@=94>3492 491:=8,?4:9 ?: ?30 l:8;0?4?4:9
l:884>>4:9 :1 {492,;:=0 Vll{Wg
.:8492 ?: ?30 69:B70/20 :1 ?30 ll{ 49 ?30 .:@=>0 :1 ;0=1:=8,9.0 :1 4?> 1@9.?4:9>
,9/ /@?40> >3,77 9:? -0 /4>.7:>0/X @970>> ?34> 4> 90.0>>,=D 1:= ?30 ;0=1:=8,9.0 :1
4?> 1@9.?4:9 := /@?40>X := @970>> /4>.7:>@=0 4> 7,B1@77D =0<@4=0/ := ;0=84??0/ @9/0=
?30 j.? := ,9D B=4??09 7,BZ
q:B0A0=X >0.?4:9 de :1 ?30 j.? >0?> :@? , 9@8-0= :1 0C.0;?4:9> @9/0= B34.3
/4>.7:>@=0 4> ,@?3:=4>0/X 49.7@/492 I
M
B30=0 .:9>09? 3,> -009 :-?,490/ 1=:8 ?30 ;0=>:9 ?: B3:8 ?30 491:=8,?4:9
=07,?0>g
M
1:= ?30 ;@=;:>0 :1 , ;=:>0.@?4:9 @9/0= ?30 j.?g
M
1:= ?30 ;@=;:>0 :1 49A0>?42,?492 , >@>;0.?0/ :1109.0 := 091:=.492 , ;=:A4>4:9
@9/0= ?30 j.?g ,9/
M
1:= ?30 ;@=;:>0 :1 24A492 0110.? ?: ,9D ;=:A4>4:9 :1 ?30 j.?Z
r81@D5B i
]]bZ |30 49A0>?42,?4:9 ,9/ /0?0.?4:9 :1 491=4920809?> :1 ,9D 90B .:8;0?4?4:9 7,B B:@7/
74607D =07D 49 8,9D .,>0> :9 491:=8,?4:9 1=:8 49/4A4/@,7> B:=6492 B4?3 := .7:>0 ?:
?30 ;,=?40> 092,20/ 49 >@.3 .:9/@.?Z {@.3 49/4A4/@,7>X ,9/ ;:>>4-7D ?304= :B9
.:8;,940>X B:@7/ 900/ ?: -0 ,>>@=0/ ?3,?X ,> ?30 >:@=.0 :1 ?30 491:=8,?4:9 ;,>>0/
?: ?30 =02@7,?:=X ?30D B:@7/ -0 ;=:?0.?0/ -D ,;;=:;=4,?0 .:914/09?4,74?D ;=:A4>4:9>
49 ,9D 90B .:8;0?4?4:9 7,BZ y,=?40> ?3,? B0=0 ?30 >@-50.? :1 .:8;7,49?> B:@7/ ,7>:
-0 74607D ?: 0C;0.? ;=:?0.?4:9 1=:8 ?30 /4>.7:>@=0 :1 491:=8,?4:9 ;=:A4/0/ -D
.:8;7,49,9?> ?3,?X 0A09 41 9:? >@->?,9?4,?0/X 8423? -0 /,8,2492 ?: ?304= ;0=>:9,7
=0;@?,?4:9 := -@>490>> :;0=,?4:9>Z *4?3:@? >?=4.?7D :->0=A0/ ;=:A4>4:9> ;=:34-4?492
?30 /4>.7:>@=0 :1 .:914/09?4,7 491:=8,?4:9 ;=:A4/0/ -D .:8;7,49,9?> ,9/ :?30= ;,=?40>X
4? 8423? -0 /4114.@7? 1:= , .:8;0?4?4:9 =02@7,?:= ?: 1@9.?4:9 0110.?4A07DZ |30 -:C -07:B
-=4017D :@?7490> 3:B ?30 4>>@0> :1 .:914/09?4,74?D ,9/ /4>.7:>@=0 :1 491:=8,?4:9 ,=0
,//=0>>0/ 49 {492,;:=0,9 7,BZ
{0.?4:9 de :1 ?30 ^\\` l:8;0?4?4:9 j.? :1 {492,;:=0 ;=:A4/0> ?3,? ,77 8,??0=> I
r1 /4>.7:>@=0 4> ?: -0 8,/0 @9/0= ?30 7,>? .,?02:=D >?4;@7,?0/ 49 ?30 ;=0.0/492
;,=,2=,;3X 4Z0ZX ?: 24A0 0110.? ?: , ;=:A4>4:9 :1 ?30 j.?X ?30 ll{ >3,77 3,A0 =02,=/
?: ?30 0C?09? ?: B34.3 /4>.7:>@=0 4> 90.0>>,=D 1:= ?30 ;@=;:>0 :1 >@.3 /4>.7:>@=0Z
|30 ll{ 8@>? ,7>: 3,A0 =02,=/ ?: ?30 900/ 1:= 0C.7@/492X >: 1,= ,> 4> ;=,.?4.,-70 I
wr
M
491:=8,?4:9 ?30 /4>.7:>@=0 :1 B34.3 B:@7/X 49 ?30 ll{J :;494:9X -0 .:9?=,=D
?: ?30 ;@-74. 49?0=0>?g
M
.:880=.4,7 491:=8,?4:9 ?30 /4>.7:>@=0 :1 B34.3 B:@7/X 49 ?30 ll{J :;494:9X
>429414.,9?7D 3,=8 ?30 7024?48,?0 -@>490>> 49?0=0>?> :1 ?30 @9/0=?,6492 ?:
B34.3 4? =07,?0>g :=
M
491:=8,?4:9 =07,?492 ?: ?30 ;=4A,?0 ,11,4=> :1 ,9 49/4A4/@,7X ?30 /4>.7:>@=0 :1
B34.3 B:@7/X 49 ?30 ll{J :;494:9X >429414.,9?7D 3,=8 ?3,? 49/4A4/@,7J> 49?0=0>?Z
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r81@D5B i
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=07,?492 ?: ?30 -@>490>>X .:880=.4,7 := :114.4,7 ,11,4=> :1 ,9D ;0=>:9g
M
B34.3 3,A0 -009 4/09?4140/ ,> .:914/09?4,7g :=
M
=07,?492 ?: ?30 4/09?4?D :1 ;0=>:9> 1@=94>3492 491:=8,?4:9 ?: ?30 l:8;0?4?4:9
l:884>>4:9 :1 {492,;:=0 Vll{Wg
.:8492 ?: ?30 69:B70/20 :1 ?30 ll{ 49 ?30 .:@=>0 :1 ;0=1:=8,9.0 :1 4?> 1@9.?4:9>
,9/ /@?40> >3,77 9:? -0 /4>.7:>0/X @970>> ?34> 4> 90.0>>,=D 1:= ?30 ;0=1:=8,9.0 :1
4?> 1@9.?4:9 := /@?40>X := @970>> /4>.7:>@=0 4> 7,B1@77D =0<@4=0/ := ;0=84??0/ @9/0=
?30 j.? := ,9D B=4??09 7,BZ
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M
B30=0 .:9>09? 3,> -009 :-?,490/ 1=:8 ?30 ;0=>:9 ?: B3:8 ?30 491:=8,?4:9
=07,?0>g
M
1:= ?30 ;@=;:>0 :1 , ;=:>0.@?4:9 @9/0= ?30 j.?g
M
1:= ?30 ;@=;:>0 :1 49A0>?42,?492 , >@>;0.?0/ :1109.0 := 091:=.492 , ;=:A4>4:9
@9/0= ?30 j.?g ,9/
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1:= ?30 ;@=;:>0 :1 24A492 0110.? ?: ,9D ;=:A4>4:9 :1 ?30 j.?Z
r81@D5B i
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74607D =07D 49 8,9D .,>0> :9 491:=8,?4:9 1=:8 49/4A4/@,7> B:=6492 B4?3 := .7:>0 ?:
?30 ;,=?40> 092,20/ 49 >@.3 .:9/@.?Z {@.3 49/4A4/@,7>X ,9/ ;:>>4-7D ?304= :B9
.:8;,940>X B:@7/ 900/ ?: -0 ,>>@=0/ ?3,?X ,> ?30 >:@=.0 :1 ?30 491:=8,?4:9 ;,>>0/
?: ?30 =02@7,?:=X ?30D B:@7/ -0 ;=:?0.?0/ -D ,;;=:;=4,?0 .:914/09?4,74?D ;=:A4>4:9>
49 ,9D 90B .:8;0?4?4:9 7,BZ y,=?40> ?3,? B0=0 ?30 >@-50.? :1 .:8;7,49?> B:@7/ ,7>:
-0 74607D ?: 0C;0.? ;=:?0.?4:9 1=:8 ?30 /4>.7:>@=0 :1 491:=8,?4:9 ;=:A4/0/ -D
.:8;7,49,9?> ?3,?X 0A09 41 9:? >@->?,9?4,?0/X 8423? -0 /,8,2492 ?: ?304= ;0=>:9,7
=0;@?,?4:9 := -@>490>> :;0=,?4:9>Z *4?3:@? >?=4.?7D :->0=A0/ ;=:A4>4:9> ;=:34-4?492
?30 /4>.7:>@=0 :1 .:914/09?4,7 491:=8,?4:9 ;=:A4/0/ -D .:8;7,49,9?> ,9/ :?30= ;,=?40>X
4? 8423? -0 /4114.@7? 1:= , .:8;0?4?4:9 =02@7,?:= ?: 1@9.?4:9 0110.?4A07DZ |30 -:C -07:B
-=4017D :@?7490> 3:B ?30 4>>@0> :1 .:914/09?4,74?D ,9/ /4>.7:>@=0 :1 491:=8,?4:9 ,=0
,//=0>>0/ 49 {492,;:=0,9 7,BZ
{0.?4:9 de :1 ?30 ^\\` l:8;0?4?4:9 j.? :1 {492,;:=0 ;=:A4/0> ?3,? ,77 8,??0=> I
r1 /4>.7:>@=0 4> ?: -0 8,/0 @9/0= ?30 7,>? .,?02:=D >?4;@7,?0/ 49 ?30 ;=0.0/492
;,=,2=,;3X 4Z0ZX ?: 24A0 0110.? ?: , ;=:A4>4:9 :1 ?30 j.?X ?30 ll{ >3,77 3,A0 =02,=/
?: ?30 0C?09? ?: B34.3 /4>.7:>@=0 4> 90.0>>,=D 1:= ?30 ;@=;:>0 :1 >@.3 /4>.7:>@=0Z
|30 ll{ 8@>? ,7>: 3,A0 =02,=/ ?: ?30 900/ 1:= 0C.7@/492X >: 1,= ,> 4> ;=,.?4.,-70 I
wr
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491:=8,?4:9 ?30 /4>.7:>@=0 :1 B34.3 B:@7/X 49 ?30 ll{J :;494:9X -0 .:9?=,=D
?: ?30 ;@-74. 49?0=0>?g
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.:880=.4,7 491:=8,?4:9 ?30 /4>.7:>@=0 :1 B34.3 B:@7/X 49 ?30 ll{J :;494:9X
>429414.,9?7D 3,=8 ?30 7024?48,?0 -@>490>> 49?0=0>?> :1 ?30 @9/0=?,6492 ?:
B34.3 4? =07,?0>g :=
M
491:=8,?4:9 =07,?492 ?: ?30 ;=4A,?0 ,11,4=> :1 ,9 49/4A4/@,7X ?30 /4>.7:>@=0 :1
B34.3 B:@7/X 49 ?30 ll{J :;494:9X >429414.,9?7D 3,=8 ?3,? 49/4A4/@,7J> 49?0=0>?Z
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0C4>?> 49 ?30 -=:,/.,>?492 ,9/ ?070.:88@94.,?4:9> >0.?:=> 49 q:92 t:92X 0,.3 :1
B34.3 3,> 4?> :B9 =02@7,?:=D 1=,80B:=6Z q,A492 8,/0 =010=09.0 ?: , 9@8-0= :1
:A0=>0,> =02@7,?:=D =02480>X ?30 lyzl .:9.7@/0/ ?3,? /@=492 ?30 494?4,7 ;0=4:/ :1
:;0=,?4:9 :1 , .=:>>Y>0.?:= .:8;0?4?4:9 7,B 49 q:92 t:92X ?30 .@==09? >0.?:= >;0.414.
=02480> 49 -=:,/.,>?492 ,9/ ?070.:88@94.,?4:9> >3:@7/ -0 =0?,490/ 1:= ?30 1:77:B492
8,49 =0,>:9> I
]]eZ |,-70 ^ 49 l3,;?0= ` >@88,=4>0> ?30 >,9.?4:9> ?3,? =02@7,?:=D ,@?3:=4?40> 49 :?30=
5@=4>/4.?4:9> 48;:>0 49 .,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.?Z v,9D :A0=>0,> =02@7,?:=>
3,A0 ?30 :;?4:9 :1 >006492 04?30= .4A47 := .=4849,7 5@/2809?> 49 >@.3 .,>0>Z o:= .4A47
5@/2809?>X ;09,7?40> ,=0 2090=,77D 3,9/0/ /:B9 49 ?30 1:=8 :1 1490>X B34.3 .,9 -0
0<@4A,709? ?: , 14C0/ ;0=.09?,20 :1 , .:8;,9DJ> ,99@,7 ?@=9:A0= 1:= , ;0=4:/ :1 ?480X
:= >48;7D , >0? 8,C48@8 70A07Z o:= .=4849,7 .,>0>X 1490> .,9 -0 .:8-490/ B4?3 ,
?0=8 :1 48;=4>:9809? 1:= 49/4A4/@,7> 49A:7A0/ 49 ,9?4Y.:8;0?4?4A0 .:9/@.?Z
M |30 ;=:;:>0/ .=:>>Y>0.?:= .:8;0?4?4:9 7,B 4> 9:? ,> .:8;=0309>4A0 49 .:A0=,20
,> ?30 0C4>?492 >0.?:= >;0.414. =02480>g
]^\Z y09,7?40> 1:= 092,2492 49 ,9?4Y.:8;0?4?4A0 .:9/@.? 900/ ?: -0 >@114.409?7D 3423 ?:
3,A0 , /0?0==09? 0110.?Z r9 ?34> =02,=/X ?30 =4>6 :1 48;=4>:9809? B:@7/ @9/:@-?0/7D
307; ;0:;70 ?: =0>4>? ;=0>>@=0 := ?30 ?08;?,?4:9 ?: ,.? 49 ,9 ,9?4Y.:8;0?4?4A0 8,990=Z
q:B0A0=X 24A09 ?3,? ?30 49?=:/@.?4:9 :1 , .=:>>Y>0.?:= .:8;0?4?4:9 7,B B:@7/ -0 ,
90B >?0; 1:= q:92 t:92X 4? 8423? 9:? -0 ,;;=:;=4,?0 ?: ;=:A4/0 1:= .@>?:/4,7 >09?09.0>
1=:8 ?30 :@?>0?Z j >@114.409?7D 3423 70A07 :1 1490>X B30?30= =07,?0/ ?: , .:8;,9DJ>
?@=9:A0= := >0? ,? , 3423 8,C48@8 70A07X 8423? ;=:A0 ?: -0 , >@114.409? /0?0==09?Z
|: >?=092?309 ?30 /0?0==09? 0110.?X ,9D 90B 7,B .:@7/ ,7>: ;=:A4/0 1:= ?30 /4><@,7414.,?4:9
:1 ,9D ;0=>:9 1:@9/ =0>;:9>4-70 1:= ,9?4Y.:8;0?4?4A0 .:9/@.? 1=:8 3:7/492 , /4=0.?:=>34;
:1 ,9D .:8;,9D 1:= , ;0=4:/ :1 ?480Z
M |30 >0.?:= >;0.414. =02480> 3,A0 -009 :;0=,?492 1:= , 9@8-0= :1 D0,=> ,9/ ?30
>0.?:= =02@7,?:=> 3,A0 -@47? @; , -:/D :1 ;=:.0/@=0> ,9/ ;=0.0/09?> B34.3 ?30
90B =02@7,?:=D ,@?3:=4?D 8,D ?,60 >:80 ?480 ?: /0A07:;g ,9/
M |30=0 ,=0 ,/A,9?,20> 1:= ?30 >0.?:= >;0.414. =02@7,?:=> ?: .:9?49@0 ?: ,/8494>?0=
.:8;0?4?4:9 7,B 49 ?304= =0>;0.?4A0 >0.?:=> -0.,@>0 :1 ?304= /0?,470/ 69:B70/20
,-:@? ?30 :;0=,?4:9 :1 ?30>0 >0.?:=>Z
]]dZ |30 lyzl .:9>4/0=0/ ?3,? ?30=0 >3:@7/ -0 .::=/49,?4:9 -0?B009 ?30 90B .=:>>Y>0.?:=
.:8;0?4?4:9 ,@?3:=4?D ,9/ ?30 >0.?:= >;0.414. =02@7,?:=> ,-:@? ?30 ,/8494>?=,?4:9 :1
.:8;0?4?4:9 7,B ?: 09>@=0 .:9>4>?09? 091:=.0809? >?,9/,=/>Z x90 B,D :1 48;70809?492
>@.3 .::=/49,?4:9 8423? -0 ?: 08;:B0= ,9D 90B .:8;0?4?4:9 ,@?3:=4?DX 49 .:9>@7?,?4:9
B4?3 >0.?:= >;0.414. =02@7,?:=>X ?: 4>>@0 2@4/,9.0 ,9/ ;=:.0/@=,7 =@70> ?: 307; 4/09?41D
B34.3 =02@7,?:= >3:@7/ 49A0>?42,?0 49/4A4/@,7 .,>0> := .,?02:=40> :1 .,>0Z r9 ,//4?4:9X
, v08:=,9/@8 :1 }9/0=>?,9/492 .:@7/ -0 ,2=00/ -D 0,.3 :1 ?30 =02@7,?:=D ,@?3:=4?40>
?: .7,=41D 49 B3,? .4=.@8>?,9.0> , ;,=?4.@7,= ,@?3:=4?D B:@7/ ?,60 =0>;:9>4-474?D 1:=
, .,>0 :1 ,9?4Y.:8;0?4?4A0 .:9/@.?Z
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]^]Z o:= =010=09.0X @9/0= ?30 k=:,/.,>?492 x=/49,9.0X ?30 8,C48@8 ;09,7?D 1:= , 14=>?
:1109.0 4> R^\\X\\\X =4>492 ?: R`\\X\\\ 1:= , >0.:9/ :1109.0 ,9/ R] 84774:9 1:= ,9D
>@->0<@09? :1109.0Z *30=0 ?30 k=:,/.,>?492 j@?3:=4?D .:9>4/0=> >@.3 , 70A07 :1 1490
49,/0<@,?0 1:= , -=0,.3 :1 ?30 7,B =02,=/492 .:8;0?4?4:9X 4? 8,D ,;;7D ?: l:@=? :1
o4=>? r9>?,9.0 ?: 48;:>0 :9 ?30 ;,=?D 49 <@0>?4:9 , 1490 :1 @; ?: ]\S :1 ?30 ?@=9:A0=
:1 ?30 ;,=?D .:9.0=90/ /@=492 ?30 ;0=4:/ :1 ?30 -=0,.3Z {4847,= 149,9.4,7 ;09,7?40>
0C4>? 49 7024>7,?4:9 =02@7,?492 .:8;0?4?4:9 49 ?30 ?070.:88@94.,?4:9> >0.?:=Z
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0C4>?> 49 ?30 -=:,/.,>?492 ,9/ ?070.:88@94.,?4:9> >0.?:=> 49 q:92 t:92X 0,.3 :1
B34.3 3,> 4?> :B9 =02@7,?:=D 1=,80B:=6Z q,A492 8,/0 =010=09.0 ?: , 9@8-0= :1
:A0=>0,> =02@7,?:=D =02480>X ?30 lyzl .:9.7@/0/ ?3,? /@=492 ?30 494?4,7 ;0=4:/ :1
:;0=,?4:9 :1 , .=:>>Y>0.?:= .:8;0?4?4:9 7,B 49 q:92 t:92X ?30 .@==09? >0.?:= >;0.414.
=02480> 49 -=:,/.,>?492 ,9/ ?070.:88@94.,?4:9> >3:@7/ -0 =0?,490/ 1:= ?30 1:77:B492
8,49 =0,>:9> I
]]eZ |,-70 ^ 49 l3,;?0= ` >@88,=4>0> ?30 >,9.?4:9> ?3,? =02@7,?:=D ,@?3:=4?40> 49 :?30=
5@=4>/4.?4:9> 48;:>0 49 .,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.?Z v,9D :A0=>0,> =02@7,?:=>
3,A0 ?30 :;?4:9 :1 >006492 04?30= .4A47 := .=4849,7 5@/2809?> 49 >@.3 .,>0>Z o:= .4A47
5@/2809?>X ;09,7?40> ,=0 2090=,77D 3,9/0/ /:B9 49 ?30 1:=8 :1 1490>X B34.3 .,9 -0
0<@4A,709? ?: , 14C0/ ;0=.09?,20 :1 , .:8;,9DJ> ,99@,7 ?@=9:A0= 1:= , ;0=4:/ :1 ?480X
:= >48;7D , >0? 8,C48@8 70A07Z o:= .=4849,7 .,>0>X 1490> .,9 -0 .:8-490/ B4?3 ,
?0=8 :1 48;=4>:9809? 1:= 49/4A4/@,7> 49A:7A0/ 49 ,9?4Y.:8;0?4?4A0 .:9/@.?Z
M |30 ;=:;:>0/ .=:>>Y>0.?:= .:8;0?4?4:9 7,B 4> 9:? ,> .:8;=0309>4A0 49 .:A0=,20
,> ?30 0C4>?492 >0.?:= >;0.414. =02480>g
]^\Z y09,7?40> 1:= 092,2492 49 ,9?4Y.:8;0?4?4A0 .:9/@.? 900/ ?: -0 >@114.409?7D 3423 ?:
3,A0 , /0?0==09? 0110.?Z r9 ?34> =02,=/X ?30 =4>6 :1 48;=4>:9809? B:@7/ @9/:@-?0/7D
307; ;0:;70 ?: =0>4>? ;=0>>@=0 := ?30 ?08;?,?4:9 ?: ,.? 49 ,9 ,9?4Y.:8;0?4?4A0 8,990=Z
q:B0A0=X 24A09 ?3,? ?30 49?=:/@.?4:9 :1 , .=:>>Y>0.?:= .:8;0?4?4:9 7,B B:@7/ -0 ,
90B >?0; 1:= q:92 t:92X 4? 8423? 9:? -0 ,;;=:;=4,?0 ?: ;=:A4/0 1:= .@>?:/4,7 >09?09.0>
1=:8 ?30 :@?>0?Z j >@114.409?7D 3423 70A07 :1 1490>X B30?30= =07,?0/ ?: , .:8;,9DJ>
?@=9:A0= := >0? ,? , 3423 8,C48@8 70A07X 8423? ;=:A0 ?: -0 , >@114.409? /0?0==09?Z
|: >?=092?309 ?30 /0?0==09? 0110.?X ,9D 90B 7,B .:@7/ ,7>: ;=:A4/0 1:= ?30 /4><@,7414.,?4:9
:1 ,9D ;0=>:9 1:@9/ =0>;:9>4-70 1:= ,9?4Y.:8;0?4?4A0 .:9/@.? 1=:8 3:7/492 , /4=0.?:=>34;
:1 ,9D .:8;,9D 1:= , ;0=4:/ :1 ?480Z
M |30 >0.?:= >;0.414. =02480> 3,A0 -009 :;0=,?492 1:= , 9@8-0= :1 D0,=> ,9/ ?30
>0.?:= =02@7,?:=> 3,A0 -@47? @; , -:/D :1 ;=:.0/@=0> ,9/ ;=0.0/09?> B34.3 ?30
90B =02@7,?:=D ,@?3:=4?D 8,D ?,60 >:80 ?480 ?: /0A07:;g ,9/
M |30=0 ,=0 ,/A,9?,20> 1:= ?30 >0.?:= >;0.414. =02@7,?:=> ?: .:9?49@0 ?: ,/8494>?0=
.:8;0?4?4:9 7,B 49 ?304= =0>;0.?4A0 >0.?:=> -0.,@>0 :1 ?304= /0?,470/ 69:B70/20
,-:@? ?30 :;0=,?4:9 :1 ?30>0 >0.?:=>Z
]]dZ |30 lyzl .:9>4/0=0/ ?3,? ?30=0 >3:@7/ -0 .::=/49,?4:9 -0?B009 ?30 90B .=:>>Y>0.?:=
.:8;0?4?4:9 ,@?3:=4?D ,9/ ?30 >0.?:= >;0.414. =02@7,?:=> ,-:@? ?30 ,/8494>?=,?4:9 :1
.:8;0?4?4:9 7,B ?: 09>@=0 .:9>4>?09? 091:=.0809? >?,9/,=/>Z x90 B,D :1 48;70809?492
>@.3 .::=/49,?4:9 8423? -0 ?: 08;:B0= ,9D 90B .:8;0?4?4:9 ,@?3:=4?DX 49 .:9>@7?,?4:9
B4?3 >0.?:= >;0.414. =02@7,?:=>X ?: 4>>@0 2@4/,9.0 ,9/ ;=:.0/@=,7 =@70> ?: 307; 4/09?41D
B34.3 =02@7,?:= >3:@7/ 49A0>?42,?0 49/4A4/@,7 .,>0> := .,?02:=40> :1 .,>0Z r9 ,//4?4:9X
, v08:=,9/@8 :1 }9/0=>?,9/492 .:@7/ -0 ,2=00/ -D 0,.3 :1 ?30 =02@7,?:=D ,@?3:=4?40>
?: .7,=41D 49 B3,? .4=.@8>?,9.0> , ;,=?4.@7,= ,@?3:=4?D B:@7/ ?,60 =0>;:9>4-474?D 1:=
, .,>0 :1 ,9?4Y.:8;0?4?4A0 .:9/@.?Z
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:1109.0 4> R^\\X\\\X =4>492 ?: R`\\X\\\ 1:= , >0.:9/ :1109.0 ,9/ R] 84774:9 1:= ,9D
>@->0<@09? :1109.0Z *30=0 ?30 k=:,/.,>?492 j@?3:=4?D .:9>4/0=> >@.3 , 70A07 :1 1490
49,/0<@,?0 1:= , -=0,.3 :1 ?30 7,B =02,=/492 .:8;0?4?4:9X 4? 8,D ,;;7D ?: l:@=? :1
o4=>? r9>?,9.0 ?: 48;:>0 :9 ?30 ;,=?D 49 <@0>?4:9 , 1490 :1 @; ?: ]\S :1 ?30 ?@=9:A0=
:1 ?30 ;,=?D .:9.0=90/ /@=492 ?30 ;0=4:/ :1 ?30 -=0,.3Z {4847,= 149,9.4,7 ;09,7?40>
0C4>? 49 7024>7,?4:9 =02@7,?492 .:8;0?4?4:9 49 ?30 ?070.:88@94.,?4:9> >0.?:=Z
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]^^Z x90 1@=?30= ;:49? ?: .:9>4/0= B4?3 =02,=/ ?: ?30 70A07 :1 ;09,7?40> =07,?0> ?: ?30
=02@7,?:=D 1=,80B:=6 1:= 091:=.492 , 90B .:8;0?4?4:9 7,BZ r? .:@7/ -0 ,=2@0/ ?3,?
41 ;09,7?40> 1:= ,9?4Y.:8;0?4?4A0 .:9/@.? B0=0 ?: -0 =0>?=4.?0/ ?: 1490>X ?30=0 8423?
9:? -0 , 900/ 1:= .,>0> ?: -0 /0?0=8490/ -D ?30 .:@=?> := , >;0.4,74>? ?=4-@9,7Z
j>>@8492 ?3,? >@114.409? ,;;0,7 .3,9907> B0=0 ,A,47,-70X 4? 8423? -0 ,..0;?,-70 1:=
, =02@7,?:=D ,@?3:=4?D 4?>071 ?: ,/5@/4.,?0 :9 .,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.? ,9/
48;:>0 1490>Z q:B0A0=X 49 .,>0> B30=0 49/4A4/@,7> 3,/ =01@>0/ ?: .::;0=,?0 B4?3
49A0>?42,?4:9> 49?: ;:?09?4,7 491=4920809?> :1 , 90B .:8;0?4?4:9 7,BX ?: -0 .:9>4>?09?
B4?3 :?30= 7,B> 49 q:92 t:92 ,9/ :A0=>0,>X :1109/0=> B:@7/ >?477 3,A0 ?: ,;;0,=
-01:=0 ?30 .:@=?>X B30=0X :9 .:9A4.?4:9X .=4849,7 >,9.?4:9> .:@7/ ,;;7DZ
]^`Z |30 0110.?4A0 48;70809?,?4:9 :1 , 90B .:8;0?4?4:9 7,B .:@7/ -0 .:9>?=,490/ 41 ?30
=02@7,?:= B,> =0<@4=0/ ?: .:9/@.? 1=0<@09? 7092?3D 49A0>?42,?4:9> 49?: >@>;0.?0/ ,9?4Y
.:8;0?4?4A0 .:9/@.? 1:77:B0/ -D 1:=8,7 30,=492>Z k0,=492 49 849/ ?3,? ?30 8,49
:-50.?4A0 :1 , .:8;0?4?4:9 7,B B:@7/ -0 ?: 093,9.0 0.:9:84. 0114.409.D ,9/ 09>@=0
1=00 ?=,/0 1:= ?30 -09014? :1 .:9>@80=>X >@.3 ,9 :-50.?4A0 8423? -0 8:=0 0110.?4A07D
80? -D =0<@4=492 ;,=?40> ?: .0,>0 4880/4,?07D 1=:8 092,2492 49 ,9?4Y.:8;0?4?4A0
;=,.?4.0> := -D ?30 =02@7,?:= =0,.3492 ,9 0,=7D >0??70809? B4?3 ;,=?40> =,?30= ?3,9
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:1 491:=8,?4:9 -D :90 := 8:=0 .,=?07 808-0= ?: ,>>4>? 49 49A0>?42,?4:9> .:9/@.?0/
@9/0= .:8;0?4?4:9 7,BZ r9 :?30= 5@=4>/4.?4:9>X ?30 :110= :1 709409.D ?: .,=?07 808-0=>
?3,? .:80 1:=B,=/ B4?3 491:=8,?4:9 3,> 1=0<@09?7D -009 0110.?4A0 49 307;492 ?:
@9.:A0= ,9?4Y.:8;0?4?4A0 .:9/@.?Z }9/0= , ?D;4.,7 709409.D ;=:2=,880X , .,=?07
808-0= ?3,? ;=:A4/0> =070A,9? 491:=8,?4:9 8,D 3,A0 ,9D >@->0<@09? 1490 48;:>0/
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,9/ B30?30= 4? 3,> ;=0A4:@>7D ?,609 >?0;> ?: 09.:@=,20 :?30= .:8;,940> ?: ?,60 ;,=?
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3,A0 >@4?,-70 ,/8494>?=,?4A0 ?::7> ,? 4?> /4>;:>,7 ?: 307; 49 ?30 0110.?4A0 091:=.0809?
:1 ?30 7,BZ x90 >@.3 ?::7 .:@7/ -0 ?30 ;:B0= ?: 8,60 ,9 :=/0= Y := ?: >006 ,9 :=/0=
1=:8 ,9 ,;;=:;=4,?0 5@/4.4,7 ,@?3:=4?D Y ?: =0<@4=0 ;,=?40> ?: K.0,>0 ,9/ /0>4>?L 1=:8
,9?4Y.:8;0?4?4A0 .:9/@.?X 49 :=/0= ?: 849484>0 3,=8 ?: 8,=60?> ,> >::9 ,> ;:>>4-70
,1?0= >@.3 .:9/@.? 3,/ -009 /0?0.?0/Z l@==09?7DX ?30 kj 4> 08;:B0=0/ ?: 4>>@0
/4=0.?4:9> ?: 74.09>00> ?: .0,>0 ,9/ /0>4>? 1=:8 ?30 ,.?4:9 ;=:34-4?0/Z
]^bZ r9 .:9>4/0=492 ?30 ;=:.0/@=0 1:= 4>>@492 K.0,>0 ,9/ /0>4>?L :=/0=>X ?30 lyzl 9:?0/
?3,? ?30 ;=:.0>> :1 >0.@=492 >@.3 ,9 :=/0= 1=:8 ?30 .:@=?> .:@7/ 70,/ ?: /07,DX ,9/
?3,? 4? 8423? -0 8:=0 0110.?4A0 1:= ?30 =02@7,?:= 4?>071 ?: -0 08;:B0=0/ ?: 4>>@0 >@.3
:=/0=>Z
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=02@7,?:=D 1=,80B:=6 1:= 091:=.492 , 90B .:8;0?4?4:9 7,BZ r? .:@7/ -0 ,=2@0/ ?3,?
41 ;09,7?40> 1:= ,9?4Y.:8;0?4?4A0 .:9/@.? B0=0 ?: -0 =0>?=4.?0/ ?: 1490>X ?30=0 8423?
9:? -0 , 900/ 1:= .,>0> ?: -0 /0?0=8490/ -D ?30 .:@=?> := , >;0.4,74>? ?=4-@9,7Z
j>>@8492 ?3,? >@114.409? ,;;0,7 .3,9907> B0=0 ,A,47,-70X 4? 8423? -0 ,..0;?,-70 1:=
, =02@7,?:=D ,@?3:=4?D 4?>071 ?: ,/5@/4.,?0 :9 .,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.? ,9/
48;:>0 1490>Z q:B0A0=X 49 .,>0> B30=0 49/4A4/@,7> 3,/ =01@>0/ ?: .::;0=,?0 B4?3
49A0>?42,?4:9> 49?: ;:?09?4,7 491=4920809?> :1 , 90B .:8;0?4?4:9 7,BX ?: -0 .:9>4>?09?
B4?3 :?30= 7,B> 49 q:92 t:92 ,9/ :A0=>0,>X :1109/0=> B:@7/ >?477 3,A0 ?: ,;;0,=
-01:=0 ?30 .:@=?>X B30=0X :9 .:9A4.?4:9X .=4849,7 >,9.?4:9> .:@7/ ,;;7DZ
]^`Z |30 0110.?4A0 48;70809?,?4:9 :1 , 90B .:8;0?4?4:9 7,B .:@7/ -0 .:9>?=,490/ 41 ?30
=02@7,?:= B,> =0<@4=0/ ?: .:9/@.? 1=0<@09? 7092?3D 49A0>?42,?4:9> 49?: >@>;0.?0/ ,9?4Y
.:8;0?4?4A0 .:9/@.? 1:77:B0/ -D 1:=8,7 30,=492>Z k0,=492 49 849/ ?3,? ?30 8,49
:-50.?4A0 :1 , .:8;0?4?4:9 7,B B:@7/ -0 ?: 093,9.0 0.:9:84. 0114.409.D ,9/ 09>@=0
1=00 ?=,/0 1:= ?30 -09014? :1 .:9>@80=>X >@.3 ,9 :-50.?4A0 8423? -0 8:=0 0110.?4A07D
80? -D =0<@4=492 ;,=?40> ?: .0,>0 4880/4,?07D 1=:8 092,2492 49 ,9?4Y.:8;0?4?4A0
;=,.?4.0> := -D ?30 =02@7,?:= =0,.3492 ,9 0,=7D >0??70809? B4?3 ;,=?40> =,?30= ?3,9
494?4,?492 , 1@77Y>.,70 49A0>?42,?4:9 B4?3 , A40B ?: ;:>>4-70 ;@94?4A0 ,.?4:9Z
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@9/0= .:8;0?4?4:9 7,BZ r9 :?30= 5@=4>/4.?4:9>X ?30 :110= :1 709409.D ?: .,=?07 808-0=>
?3,? .:80 1:=B,=/ B4?3 491:=8,?4:9 3,> 1=0<@09?7D -009 0110.?4A0 49 307;492 ?:
@9.:A0= ,9?4Y.:8;0?4?4A0 .:9/@.?Z }9/0= , ?D;4.,7 709409.D ;=:2=,880X , .,=?07
808-0= ?3,? ;=:A4/0> =070A,9? 491:=8,?4:9 8,D 3,A0 ,9D >@->0<@09? 1490 48;:>0/
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3,A0 >@4?,-70 ,/8494>?=,?4A0 ?::7> ,? 4?> /4>;:>,7 ?: 307; 49 ?30 0110.?4A0 091:=.0809?
:1 ?30 7,BZ x90 >@.3 ?::7 .:@7/ -0 ?30 ;:B0= ?: 8,60 ,9 :=/0= Y := ?: >006 ,9 :=/0=
1=:8 ,9 ,;;=:;=4,?0 5@/4.4,7 ,@?3:=4?D Y ?: =0<@4=0 ;,=?40> ?: K.0,>0 ,9/ /0>4>?L 1=:8
,9?4Y.:8;0?4?4A0 .:9/@.?X 49 :=/0= ?: 849484>0 3,=8 ?: 8,=60?> ,> >::9 ,> ;:>>4-70
,1?0= >@.3 .:9/@.? 3,/ -009 /0?0.?0/Z l@==09?7DX ?30 kj 4> 08;:B0=0/ ?: 4>>@0
/4=0.?4:9> ?: 74.09>00> ?: .0,>0 ,9/ /0>4>? 1=:8 ?30 ,.?4:9 ;=:34-4?0/Z
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?3,? ?30 ;=:.0>> :1 >0.@=492 >@.3 ,9 :=/0= 1=:8 ?30 .:@=?> .:@7/ 70,/ ?: /07,DX ,9/
?3,? 4? 8423? -0 8:=0 0110.?4A0 1:= ?30 =02@7,?:= 4?>071 ?: -0 08;:B0=0/ ?: 4>>@0 >@.3
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.:9/@.? 3,/ ?,609 ;7,.0X =,?30= ?3,9 494?4,?0 1:=8,7 5@/4.4,7 ;=:.00/492>X 4? 8423?
-0 0<@,77D 0110.?4A0 1:= ?30 =02@7,?:= ?: =0,.3 , >0??70809? B4?3 ?30 ;,=?D @9/0=
49A0>?42,?4:9Z {@.3 , >0??70809? .:@7/ -0 49 ?30 1:=8 :1 , ;,D809?X := :1 ,9
@9/0=?,6492 ?: >?:; ?30 .:9/@.? 49 <@0>?4:9X := -:?3Z
]^dZ j >0??70809? 8423? 9:? -0 ,;;=:;=4,?0 49 0A0=D .,>0Z r9 :=/0= ?: >3:B ?3,? -=0,.3492
.:8;0?4?4:9 7,B B:@7/ -0 =02,=/0/ ,> , >0=4:@> 8,??0=X , =02@7,?:= B:@7/ 900/ ?:
5@/20 .,=01@77D B30?30= ?: ?,60 ;@94?4A0 ,.?4:9 ,2,49>? , ;,=?D >@>;0.?0/ ?: -0
092,20/ 49 ,9?4Y.:8;0?4?4A0 .:9/@.?X := B30?30= =0,.3492 , >0??70809? B:@7/ -0 ,
8:=0 0114.409? ,9/ 0110.?4A0 .:@=>0 :1 ,.?4:9Z |30 =02@7,?:= B:@7/ ,7>: 900/ ?: ?,60
49?: ,..:@9? ?30 49?0=0>? :1 ;,=?40> ?3,? 8423? 3,A0 -009 ,110.?0/ -D ,9?4Y.:8;0?4?4A0
.:9/@.? B309 /0.4/492 B30?30= := 9:? 4? 8423? -0 ,;;=:;=4,?0 ?: =0,.3 , >0??70809?Z
68? 7>8<=9;: ,45
-8?E<4 1>I >5G 3?=@5D9D9?> <1G 1<<?G @1BD95C D?
=1;5 39F9< 3<19=C 6?B 41=175C 1B9C9>7 6B?=
1>D9b3?=@5D9D9F5 3?>4E3D 2I 1>?D85B @1BDIo
68? 7>8<=9;: -+5
w?G C8?E<4 1>I >5G 3?=@5D9D9?> <1G 144B5CC
D85 3?>35B>C D81D ?EB 2EC9>5CC5Ca 5C@5391<<I ?EB -|tCa
=1I 6135 1> ?>5B?EC <571< 2EB45> 1C
1 B5CE<D ?6 CE38 39F9< 3<19=Co
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-0 74,-70 ?: ;,D .:8;09>,?4:9 -D B,D :1 /,8,20> 1:= 149,9.4,7 7:>>0> >@>?,490/ -D
,9D :?30= ;0=>:9 ,> , =0>@7? :1 >@.3 491=4920809?Z |30 lyzl 49 4?> =0;:=? .:9.7@/0/
?3,? =02,=/70>> :1 ?30 :@?.:80 :1 .,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.?X ;,=?40> ?3,?
.:9>4/0=0/ ?3,? ?30D 3,/ -009 ,110.?0/ -D >@.3 .:9/@.? >3:@7/ -0 09?4?70/ ?: ?,60
.4A47 ,.?4:9 49 ?30 .:@=?> 1:= ?30 =0.:A0=D :1 /,8,20> >@110=0/Z |30 lyzl ,//0/ ?3,?
;=:A09 ,9?4Y.:8;0?4?4A0 .:9/@.? .:@7/ -0 .4?0/ ,> 2=:@9/> 1:= .7,48492 /,8,20>Z
wx
]_]Z |: ,//=0>> ?34> .:9.0=9X :90 ,;;=:,.3 ,/:;?0/ 49 5@=4>/4.?4:9> :A0=>0,> 4> ?: 7484?
?30 =423? ?: ;=4A,?0 ,.?4:9 >: ?3,? 4? .:@7/ -0 ;@=>@0/ :97D ,1?0= ?30 =02@7,?:= 3,/
8,/0 , /0.4>4:9 ?3,? ?30 .:9/@.? 49 <@0>?4:9 .:9>?4?@?0> ,9 491=4920809? :1
.:8;0?4?4:9 7,BZ *30=0 ?3,? /0.4>4:9 B,> >@-50.? ?: ,;;0,7X ?30 =423? ?: ;=4A,?0
.4A47 ,.?4:9 .:@7/ :97D -0 0C0=.4>0/ @;:9 0C;4=D :1 ?30 ,;;0,7 ;0=4:/X := @;:9 ?30
/0?0=849,?4:9 :1 ,9D ,;;0,7 ?3,? .:914=8> ?30 0,=740= 149/492 :1 ?30 .:8;0?4?4:9
=02@7,?:= ?3,? ,9 491=4920809? 3,> :..@==0/Z j ?480 7484? 1:= ?,6492 >@.3 ;=4A,?0
,.?4:9> V1:= 0C,8;70X B4?349 ?B: D0,=> :1 ?30 /0.4>4:9 := ?30 /0?0=849,?4:9 :1 ,9D
,;;0,7 B4?3 =02,=/ ?: ?3,? /0.4>4:9W .:@7/ ,7>: -0 48;:>0/Z
r81@D5B i
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]_\Z |30=0 8,D B077 -0 .:9.0=9> ?3,? ,/:;?492 >@.3 ,9 ,;;=:,.3 .:@7/ 70,/ ?: 0C?09>4A0
74?42,?4:9 -0?B009 ;,=?40> ,..@>492 :90 ,9:?30= :1 ,9?4Y.:8;0?4?4A0 .:9/@.?X ,9/
?3,? ?34> 8423? -0 @>0/ ,> , ;7:D ?: =0<@4=0 -@>490>> =4A,7> ?: 49.@= 30,AD 702,7 .:>?>
,9/ /4>.:@=,20 ?308 1=:8 ;@=>@492 A,74/ -@>490>> :-50.?4A0>Z r9 ;,=?4.@7,=X >8,77
-@>490>>0> 8,D -0 .:9.0=90/ ?3,? 7,=20= .:=;:=,?4:9> B:@7/ @>0 ?30 ?3=0,? := 0C0=.4>0
:1 .4A47 ,.?4:9 ?: ;=0A09? ?308 09?0=492 .0=?,49 8,=60?> := ?: .:9>?=,49 ?304= -@>490>>
,.?4A4?40>Z {8,770= 14=8> 8,D ,7>: -0 .:9.0=90/ ,? ?30 ;:?09?4,7 .:>?> 49A:7A0/ 49
/0109/492 ?308>07A0> ,2,49>? >@.3 ,.?4:9 := 49 >006492 ?: ;@=>@0 ?304= :B9 .7,48>
1:= =0/=0>>Z
]_^Z r? >3:@7/X 3:B0A0=X -0 9:?0/ ?3,? 0A09 B4?3:@? >@.3 , 7484?X {vn> ,9/ 7,=20 14=8>
,7460 ,=0 @974607D ?: 49.@= >429414.,9? 74?42,?4:9 .:>?> ,> , =0>@7? :1 ?=4A4,7X 1=4A:7:@> :=
8,74.4:@> .:8;7,49?>Z *4?3:@? ?30 >@;;:=? :1 , 149/492 :1 491=4920809? -D ?30
.:8;0?4?4:9 =02@7,?:= V:= ?30 ?=4-@9,7W 4? B477 49 =0,74?D -0 A0=D /4114.@7? 1:= , ;=4A,?0
;,=?D ?: 494?4,?0 := >@>?,49 702,7 ,.?4:9> ?3,? =07D 30,A47D :9 ;=:A09 ,9?4Y.:8;0?4?4A0
.:9/@.? ?: >@..00/Z |30 9,?@=0 :1 .,=?07 ?D;0 -03,A4:@=X B34.3 49A:7A0> .:77@>4:9
-0?B009 ?B: := 8:=0 .:9>09?492 ;,=?40>X 4> >@.3 ?3,?X B4?3:@? ?30 -09014? :1 1:=8,7
49A0>?42,?4A0 ;:B0=> := 491:=8,?4:9 ;=:A4/0/ -D K49>4/0=>LX 4? 4> :1?09 /4114.@7? 1:= ,
;=4A,?0 ;,=?D ?: ,/0<@,?07D /4>.3,=20 ?30 -@=/09 :1 ;=::1 ?3,? B477 -0 =0<@4=0/ 49
?30 .:@=? ?: 0>?,-74>3 ?3,? ,9?4Y.:8;0?4?4A0 .:9/@.? 3,> ?,609 ;7,.0Z
]__Z r9 =0,74?DX -01:=0 49>?4?@?492 ,9D .4A47 .7,48 1:= /,8,20>X ,9 ,22=40A0/ ;,=?D B477 74607D
7:/20 , .:8;7,49? B4?3 ?30 .:8;0?4?4:9 =02@7,?:= 49 ?30 14=>? ;7,.0X ,9/ B,4? @9?47 4?
V:= ?30 ?=4-@9,7W 3,> 8,/0 , 149/492 :1 491=4920809? :1 .:8;0?4?4:9 7,BZ v:>? ?=4A4,7X
1=4A:7:@> := 8,74.4:@> .:8;7,49?> B477 ?3@> 3,A0 -009 147?0=0/ :@? -D ?30 .:8;0?4?4:9
=02@7,?:= ,? , A0=D 0,=7D >?,20X ,> 9:?0/ 49 ;,=,2=,;3> ]\e ,9/ ]]\ ,-:A0Z
wy
]^cZ *30=0 , .:8;0?4?4:9 =02@7,?:= 3,/ 2::/ .,@>0 ?: -0740A0 ?3,? ,9?4Y.:8;0?4?4A0
.:9/@.? 3,/ ?,609 ;7,.0X =,?30= ?3,9 494?4,?0 1:=8,7 5@/4.4,7 ;=:.00/492>X 4? 8423?
-0 0<@,77D 0110.?4A0 1:= ?30 =02@7,?:= ?: =0,.3 , >0??70809? B4?3 ?30 ;,=?D @9/0=
49A0>?42,?4:9Z {@.3 , >0??70809? .:@7/ -0 49 ?30 1:=8 :1 , ;,D809?X := :1 ,9
@9/0=?,6492 ?: >?:; ?30 .:9/@.? 49 <@0>?4:9X := -:?3Z
]^dZ j >0??70809? 8423? 9:? -0 ,;;=:;=4,?0 49 0A0=D .,>0Z r9 :=/0= ?: >3:B ?3,? -=0,.3492
.:8;0?4?4:9 7,B B:@7/ -0 =02,=/0/ ,> , >0=4:@> 8,??0=X , =02@7,?:= B:@7/ 900/ ?:
5@/20 .,=01@77D B30?30= ?: ?,60 ;@94?4A0 ,.?4:9 ,2,49>? , ;,=?D >@>;0.?0/ ?: -0
092,20/ 49 ,9?4Y.:8;0?4?4A0 .:9/@.?X := B30?30= =0,.3492 , >0??70809? B:@7/ -0 ,
8:=0 0114.409? ,9/ 0110.?4A0 .:@=>0 :1 ,.?4:9Z |30 =02@7,?:= B:@7/ ,7>: 900/ ?: ?,60
49?: ,..:@9? ?30 49?0=0>? :1 ;,=?40> ?3,? 8423? 3,A0 -009 ,110.?0/ -D ,9?4Y.:8;0?4?4A0
.:9/@.? B309 /0.4/492 B30?30= := 9:? 4? 8423? -0 ,;;=:;=4,?0 ?: =0,.3 , >0??70809?Z
68? 7>8<=9;: ,45
-8?E<4 1>I >5G 3?=@5D9D9?> <1G 1<<?G @1BD95C D?
=1;5 39F9< 3<19=C 6?B 41=175C 1B9C9>7 6B?=
1>D9b3?=@5D9D9F5 3?>4E3D 2I 1>?D85B @1BDIo
68? 7>8<=9;: -+5
w?G C8?E<4 1>I >5G 3?=@5D9D9?> <1G 144B5CC
D85 3?>35B>C D81D ?EB 2EC9>5CC5Ca 5C@5391<<I ?EB -|tCa
=1I 6135 1> ?>5B?EC <571< 2EB45> 1C
1 B5CE<D ?6 CE38 39F9< 3<19=Co
]^eZ v,9D 7,B> .:9?,49 ;=:A4>4:9 1:= , ;0=>:9 B3: 3,> .:884??0/ ,9 491=4920809? ?:
-0 74,-70 ?: ;,D .:8;09>,?4:9 -D B,D :1 /,8,20> 1:= 149,9.4,7 7:>>0> >@>?,490/ -D
,9D :?30= ;0=>:9 ,> , =0>@7? :1 >@.3 491=4920809?Z |30 lyzl 49 4?> =0;:=? .:9.7@/0/
?3,? =02,=/70>> :1 ?30 :@?.:80 :1 .,>0> :1 ,9?4Y.:8;0?4?4A0 .:9/@.?X ;,=?40> ?3,?
.:9>4/0=0/ ?3,? ?30D 3,/ -009 ,110.?0/ -D >@.3 .:9/@.? >3:@7/ -0 09?4?70/ ?: ?,60
.4A47 ,.?4:9 49 ?30 .:@=?> 1:= ?30 =0.:A0=D :1 /,8,20> >@110=0/Z |30 lyzl ,//0/ ?3,?
;=:A09 ,9?4Y.:8;0?4?4A0 .:9/@.? .:@7/ -0 .4?0/ ,> 2=:@9/> 1:= .7,48492 /,8,20>Z
wx
]_]Z |: ,//=0>> ?34> .:9.0=9X :90 ,;;=:,.3 ,/:;?0/ 49 5@=4>/4.?4:9> :A0=>0,> 4> ?: 7484?
?30 =423? ?: ;=4A,?0 ,.?4:9 >: ?3,? 4? .:@7/ -0 ;@=>@0/ :97D ,1?0= ?30 =02@7,?:= 3,/
8,/0 , /0.4>4:9 ?3,? ?30 .:9/@.? 49 <@0>?4:9 .:9>?4?@?0> ,9 491=4920809? :1
.:8;0?4?4:9 7,BZ *30=0 ?3,? /0.4>4:9 B,> >@-50.? ?: ,;;0,7X ?30 =423? ?: ;=4A,?0
.4A47 ,.?4:9 .:@7/ :97D -0 0C0=.4>0/ @;:9 0C;4=D :1 ?30 ,;;0,7 ;0=4:/X := @;:9 ?30
/0?0=849,?4:9 :1 ,9D ,;;0,7 ?3,? .:914=8> ?30 0,=740= 149/492 :1 ?30 .:8;0?4?4:9
=02@7,?:= ?3,? ,9 491=4920809? 3,> :..@==0/Z j ?480 7484? 1:= ?,6492 >@.3 ;=4A,?0
,.?4:9> V1:= 0C,8;70X B4?349 ?B: D0,=> :1 ?30 /0.4>4:9 := ?30 /0?0=849,?4:9 :1 ,9D
,;;0,7 B4?3 =02,=/ ?: ?3,? /0.4>4:9W .:@7/ ,7>: -0 48;:>0/Z
r81@D5B i
r81@D5B i
@KIJTS PH >RKVCTG 2KVKM 0ETKPO
]_\Z |30=0 8,D B077 -0 .:9.0=9> ?3,? ,/:;?492 >@.3 ,9 ,;;=:,.3 .:@7/ 70,/ ?: 0C?09>4A0
74?42,?4:9 -0?B009 ;,=?40> ,..@>492 :90 ,9:?30= :1 ,9?4Y.:8;0?4?4A0 .:9/@.?X ,9/
?3,? ?34> 8423? -0 @>0/ ,> , ;7:D ?: =0<@4=0 -@>490>> =4A,7> ?: 49.@= 30,AD 702,7 .:>?>
,9/ /4>.:@=,20 ?308 1=:8 ;@=>@492 A,74/ -@>490>> :-50.?4A0>Z r9 ;,=?4.@7,=X >8,77
-@>490>>0> 8,D -0 .:9.0=90/ ?3,? 7,=20= .:=;:=,?4:9> B:@7/ @>0 ?30 ?3=0,? := 0C0=.4>0
:1 .4A47 ,.?4:9 ?: ;=0A09? ?308 09?0=492 .0=?,49 8,=60?> := ?: .:9>?=,49 ?304= -@>490>>
,.?4A4?40>Z {8,770= 14=8> 8,D ,7>: -0 .:9.0=90/ ,? ?30 ;:?09?4,7 .:>?> 49A:7A0/ 49
/0109/492 ?308>07A0> ,2,49>? >@.3 ,.?4:9 := 49 >006492 ?: ;@=>@0 ?304= :B9 .7,48>
1:= =0/=0>>Z
]_^Z r? >3:@7/X 3:B0A0=X -0 9:?0/ ?3,? 0A09 B4?3:@? >@.3 , 7484?X {vn> ,9/ 7,=20 14=8>
,7460 ,=0 @974607D ?: 49.@= >429414.,9? 74?42,?4:9 .:>?> ,> , =0>@7? :1 ?=4A4,7X 1=4A:7:@> :=
8,74.4:@> .:8;7,49?>Z *4?3:@? ?30 >@;;:=? :1 , 149/492 :1 491=4920809? -D ?30
.:8;0?4?4:9 =02@7,?:= V:= ?30 ?=4-@9,7W 4? B477 49 =0,74?D -0 A0=D /4114.@7? 1:= , ;=4A,?0
;,=?D ?: 494?4,?0 := >@>?,49 702,7 ,.?4:9> ?3,? =07D 30,A47D :9 ;=:A09 ,9?4Y.:8;0?4?4A0
.:9/@.? ?: >@..00/Z |30 9,?@=0 :1 .,=?07 ?D;0 -03,A4:@=X B34.3 49A:7A0> .:77@>4:9
-0?B009 ?B: := 8:=0 .:9>09?492 ;,=?40>X 4> >@.3 ?3,?X B4?3:@? ?30 -09014? :1 1:=8,7
49A0>?42,?4A0 ;:B0=> := 491:=8,?4:9 ;=:A4/0/ -D K49>4/0=>LX 4? 4> :1?09 /4114.@7? 1:= ,
;=4A,?0 ;,=?D ?: ,/0<@,?07D /4>.3,=20 ?30 -@=/09 :1 ;=::1 ?3,? B477 -0 =0<@4=0/ 49
?30 .:@=? ?: 0>?,-74>3 ?3,? ,9?4Y.:8;0?4?4A0 .:9/@.? 3,> ?,609 ;7,.0Z
]__Z r9 =0,74?DX -01:=0 49>?4?@?492 ,9D .4A47 .7,48 1:= /,8,20>X ,9 ,22=40A0/ ;,=?D B477 74607D
7:/20 , .:8;7,49? B4?3 ?30 .:8;0?4?4:9 =02@7,?:= 49 ?30 14=>? ;7,.0X ,9/ B,4? @9?47 4?
V:= ?30 ?=4-@9,7W 3,> 8,/0 , 149/492 :1 491=4920809? :1 .:8;0?4?4:9 7,BZ v:>? ?=4A4,7X
1=4A:7:@> := 8,74.4:@> .:8;7,49?> B477 ?3@> 3,A0 -009 147?0=0/ :@? -D ?30 .:8;0?4?4:9
=02@7,?:= ,? , A0=D 0,=7D >?,20X ,> 9:?0/ 49 ;,=,2=,;3> ]\e ,9/ ]]\ ,-:A0Z
wy
]_`Z r? >3:@7/ -0 9:?0/ ?3,? ,? ?30 494?4,7 >?,20 B30=0 ?30 =02@7,?:=D ,@?3:=4?D 4> :97D
8,6492 491:=8,7 09<@4=40>X 4? 4> 2090=,77D 9:? 90.0>>,=D 1:= , 14=8 B34.3 4> ?30 >@-50.?
:1 , .:8;7,49? ?: 092,20 702,7 ,/A4.0 49 ;=0;,=492 4?> =0>;:9>0X ,7?3:@23 4? B:@7/
-0 1=00 ?: /: >: 41 4? >: B4>30>Z |30 14=8 8423? 1007 , 2=0,?0= 900/ ?: 092,20 702,7
,/A4.0 41 1:=8,7 ;:B0=> :1 49A0>?42,?4:9 ,=0 >@->0<@09?7D 49A:60/ -D ?30 =02@7,?:=D
,@?3:=4?DX -@? ?34> B:@7/ :97D 3,;;09 41X 49 ?30 0D0> :1 ?30 ,@?3:=4?D V9:? ?30
.:8;7,49,9?WX ?30=0 ,=0 =0,>:9,-70 2=:@9/> 1:= >@>;4.4:9 ,1?0= ?30 0A4/09.0 2,?30=0/
1=:8 ?30 491:=8,7 09<@4=D 3,> -009 1@77D ?,609 49?: ,..:@9?Z
0MMCYKOI EPOEGROS PH A;4S
r81@D5B i
r9 ?30 }94?0/ t492/:8X ,7-04? 49 ?30 /4110=09? .:9?0C? :1 ?30 ,7?0=9,?4A0 /4>;@?0
=0>:7@?4:9 VjmzW 80.3,94>8 @9/0= ?30 l:9>@80= l=0/4? j.? ]ec`X ?30 x114.0
:1 o,4= |=,/0 Vxo|WX B309 =0>;:9/492 ?: ?30 <@0>?4:9 :1 B30?30= .:9>@80=>
>3:@7/ -0 .3,=20/ , 100 1:= -=492492 , .,>0 ?: ?30 jmzX ;:49?> :@? ?3,? , 100 ?:
.:9>@80=> B:@7/ 349/0= ?304= ,..0>> ?: ?30 80.3,94>8 ,9/ B:@7/ 74607D /0?0=
;0:;70 1=:8 @>492 4?Z |30 xo| 9:?0> ?3,? 8,6492 , .:8;7,49? 4> 9:? B4?3:@? .:>?
?: , .:9>@80=X ,9/ ?3,? B347>? >:80 .:9>@80=> 8,D ;@=>@0 1=4A:7:@> := A0C,?4:@>
.:8;7,49?>X ?30>0 .:@7/ -0 >.=0090/ :@? ,? ,9 0,=7D >?,20Z |30 xo|J> A40B 4> ?3,?X
:9 -,7,9.0X .3,=2492 , 100 .:@7/ /0?0= , >429414.,9? 9@8-0= :1 .:9>@80=> B4?3
7024?48,?0 .:9.0=9> 1=:8 >006492 =0/=0>>X ,9/ .:@7/ ,7>: @9/0=8490 .:914/09.0
49 ?30 jmz =02480Z
r81@D5B i
r? 3,> ,7=0,/D -009 9:?0/ 49 ?30 k:C :9 Kk42 ,9/ {8,77L ,1?0= ;,=,2=,;3 `c ?3,?
{vn> 3,A0 74??70 ?: 10,= 1=:8 , .:8;0?4?4:9 7,B ,> 4? 4> =07,?4A07D @9.:88:9 1:=
{vn> ?: -0 ?,=20?0/ -D , .:8;0?4?4:9 =02@7,?:=Z {vn> /: 9:? 3,A0 8,=60? ;:B0=
,78:>? -D /01494?4:9Z x9 ?30 .:9?=,=DX {vn> >?,9/ ?: 2,49 ,> ?30 ;:?09?4,7 :1
?30 -4220= ;7,D0=> ?: ,/:;? ,-@>4A0 := :?30= ,9?4Y.:8;0?4?4A0 ;=,.?4.0 4> .30.60/
-D .:8;0?4?4:9 7,BZ {vn> 8423? 09?0= ,9/ ?=,/0 8:=0 1=007D 49 ?30 A,=4:@> 8,=60?>
,> 4? B:@7/ ?309 -0 /4114.@7? 1:= ?30 -4220= ;7,D0=> ?: 48;:>0 ,=?414.4,7 09?=D -,==40=>Z
|30D 8423? ,7>: -09014? 1=:8 7:B0= .:>?> :1 49;@?> ,84/>? , 8:=0 .:8;0?4?4A0
09A4=:9809?Z
0O PVGRSGCS GXCNQMG
|30 90B .:8;0?4?4:9 =02@7,?:= 49 q:92 t:92 .:@7/ ;7,D , >?=:92 ,/A:.,.D =:70
,9/ 70? {vn> 69:B 3:B , .:8;0?4?4:9 7,B 8,D -09014? ?308Z {@-50.? ?: =0>:@=.0>X
?30 .:8;0?4?4:9 =02@7,?:= 8,D ,7>: ;=:A4/0 ,;;=:;=4,?0 ,/A4>:=D >0=A4.0> ?: {vn>
>: ,> ?: 307; ?308 -0??0= 800? ,9D .3,770920> ?3,? 8,D ,=4>0 49 ?30 .:8;74,9.0
;=:.0>>Z
]_aZ r? 3,> -009 >@220>?0/ -D >:80 .:8809?,?:=> ?3,? , .:8;7,49,9? B3:>0 .:8;7,49?
?@=9> :@? ?: -0 @9>@->?,9?4,?0/ >3:@7/ -0 =0<@4=0/ ?: -0,= ?30 702,7 ,9/ ,/8494>?=,?4A0
.:>? 49.@==0/ -D ?30 @9/0=?,6492 ?3,? 4> ?30 >@-50.? :1 ?30 .:8;7,49? 49 /0,7492 B4?3
,9D 09<@4=40> := 1:=8,7 ;=:.00/492> ?3,? 8,D -0 @9/0=?,609 -D ?30 .:8;0?4?4:9
=02@7,?:=Z *347>? 4? 4> =0,>:9,-70 ?: .:9>4/0= /4110=09? :;?4:9>X 4? >3:@7/ -0 9:?0/
?3,? >@.3 , =0<@4=0809? 4> 9:? , .:88:9 10,?@=0 49 ?30 :A0=>0,> .:8;0?4?4:9 7,B
B0 3,A0 >?@/40/Z
wz
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]_`Z r? >3:@7/ -0 9:?0/ ?3,? ,? ?30 494?4,7 >?,20 B30=0 ?30 =02@7,?:=D ,@?3:=4?D 4> :97D
8,6492 491:=8,7 09<@4=40>X 4? 4> 2090=,77D 9:? 90.0>>,=D 1:= , 14=8 B34.3 4> ?30 >@-50.?
:1 , .:8;7,49? ?: 092,20 702,7 ,/A4.0 49 ;=0;,=492 4?> =0>;:9>0X ,7?3:@23 4? B:@7/
-0 1=00 ?: /: >: 41 4? >: B4>30>Z |30 14=8 8423? 1007 , 2=0,?0= 900/ ?: 092,20 702,7
,/A4.0 41 1:=8,7 ;:B0=> :1 49A0>?42,?4:9 ,=0 >@->0<@09?7D 49A:60/ -D ?30 =02@7,?:=D
,@?3:=4?DX -@? ?34> B:@7/ :97D 3,;;09 41X 49 ?30 0D0> :1 ?30 ,@?3:=4?D V9:? ?30
.:8;7,49,9?WX ?30=0 ,=0 =0,>:9,-70 2=:@9/> 1:= >@>;4.4:9 ,1?0= ?30 0A4/09.0 2,?30=0/
1=:8 ?30 491:=8,7 09<@4=D 3,> -009 1@77D ?,609 49?: ,..:@9?Z
0MMCYKOI EPOEGROS PH A;4S
r81@D5B i
r9 ?30 }94?0/ t492/:8X ,7-04? 49 ?30 /4110=09? .:9?0C? :1 ?30 ,7?0=9,?4A0 /4>;@?0
=0>:7@?4:9 VjmzW 80.3,94>8 @9/0= ?30 l:9>@80= l=0/4? j.? ]ec`X ?30 x114.0
:1 o,4= |=,/0 Vxo|WX B309 =0>;:9/492 ?: ?30 <@0>?4:9 :1 B30?30= .:9>@80=>
>3:@7/ -0 .3,=20/ , 100 1:= -=492492 , .,>0 ?: ?30 jmzX ;:49?> :@? ?3,? , 100 ?:
.:9>@80=> B:@7/ 349/0= ?304= ,..0>> ?: ?30 80.3,94>8 ,9/ B:@7/ 74607D /0?0=
;0:;70 1=:8 @>492 4?Z |30 xo| 9:?0> ?3,? 8,6492 , .:8;7,49? 4> 9:? B4?3:@? .:>?
?: , .:9>@80=X ,9/ ?3,? B347>? >:80 .:9>@80=> 8,D ;@=>@0 1=4A:7:@> := A0C,?4:@>
.:8;7,49?>X ?30>0 .:@7/ -0 >.=0090/ :@? ,? ,9 0,=7D >?,20Z |30 xo|J> A40B 4> ?3,?X
:9 -,7,9.0X .3,=2492 , 100 .:@7/ /0?0= , >429414.,9? 9@8-0= :1 .:9>@80=> B4?3
7024?48,?0 .:9.0=9> 1=:8 >006492 =0/=0>>X ,9/ .:@7/ ,7>: @9/0=8490 .:914/09.0
49 ?30 jmz =02480Z
r81@D5B i
r? 3,> ,7=0,/D -009 9:?0/ 49 ?30 k:C :9 Kk42 ,9/ {8,77L ,1?0= ;,=,2=,;3 `c ?3,?
{vn> 3,A0 74??70 ?: 10,= 1=:8 , .:8;0?4?4:9 7,B ,> 4? 4> =07,?4A07D @9.:88:9 1:=
{vn> ?: -0 ?,=20?0/ -D , .:8;0?4?4:9 =02@7,?:=Z {vn> /: 9:? 3,A0 8,=60? ;:B0=
,78:>? -D /01494?4:9Z x9 ?30 .:9?=,=DX {vn> >?,9/ ?: 2,49 ,> ?30 ;:?09?4,7 :1
?30 -4220= ;7,D0=> ?: ,/:;? ,-@>4A0 := :?30= ,9?4Y.:8;0?4?4A0 ;=,.?4.0 4> .30.60/
-D .:8;0?4?4:9 7,BZ {vn> 8423? 09?0= ,9/ ?=,/0 8:=0 1=007D 49 ?30 A,=4:@> 8,=60?>
,> 4? B:@7/ ?309 -0 /4114.@7? 1:= ?30 -4220= ;7,D0=> ?: 48;:>0 ,=?414.4,7 09?=D -,==40=>Z
|30D 8423? ,7>: -09014? 1=:8 7:B0= .:>?> :1 49;@?> ,84/>? , 8:=0 .:8;0?4?4A0
09A4=:9809?Z
0O PVGRSGCS GXCNQMG
|30 90B .:8;0?4?4:9 =02@7,?:= 49 q:92 t:92 .:@7/ ;7,D , >?=:92 ,/A:.,.D =:70
,9/ 70? {vn> 69:B 3:B , .:8;0?4?4:9 7,B 8,D -09014? ?308Z {@-50.? ?: =0>:@=.0>X
?30 .:8;0?4?4:9 =02@7,?:= 8,D ,7>: ;=:A4/0 ,;;=:;=4,?0 ,/A4>:=D >0=A4.0> ?: {vn>
>: ,> ?: 307; ?308 -0??0= 800? ,9D .3,770920> ?3,? 8,D ,=4>0 49 ?30 .:8;74,9.0
;=:.0>>Z
]_aZ r? 3,> -009 >@220>?0/ -D >:80 .:8809?,?:=> ?3,? , .:8;7,49,9? B3:>0 .:8;7,49?
?@=9> :@? ?: -0 @9>@->?,9?4,?0/ >3:@7/ -0 =0<@4=0/ ?: -0,= ?30 702,7 ,9/ ,/8494>?=,?4A0
.:>? 49.@==0/ -D ?30 @9/0=?,6492 ?3,? 4> ?30 >@-50.? :1 ?30 .:8;7,49? 49 /0,7492 B4?3
,9D 09<@4=40> := 1:=8,7 ;=:.00/492> ?3,? 8,D -0 @9/0=?,609 -D ?30 .:8;0?4?4:9
=02@7,?:=Z *347>? 4? 4> =0,>:9,-70 ?: .:9>4/0= /4110=09? :;?4:9>X 4? >3:@7/ -0 9:?0/
?3,? >@.3 , =0<@4=0809? 4> 9:? , .:88:9 10,?@=0 49 ?30 :A0=>0,> .:8;0?4?4:9 7,B
B0 3,A0 >?@/40/Z
wz
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]_bZ |34> /:.@809? 3,> :@?7490/ , 9@8-0= :1 B,D> 49 B34.3 q:92 t:92J> .:8;0?4?4:9
;:74.D 8423? 8:A0 1:=B,=/ 49 :=/0= ?: ,.340A0 ?30 :-50.?4A0 :1 093,9.492 0.:9:84.
0114.409.DX ;=:?0.?492 1=00 ?=,/0 ,9/ ?30=0-D -=492492 -09014?> ?: .:9>@80=>Z
]_cZ l3,;?0=> ] ,9/ ^ =0>;0.?4A07D >0? :@? ?30 7:.,7 -,.62=:@9/ ?: ?30 /0A07:;809? :1
.:8;0?4?4:9 ;:74.D ,9/ -=4017D =0A40B ?30 ,;;=:,.3 ?,609 -D .0=?,49 :?30= 5@=4>/4.?4:9>Z
l3,;?0= _ 49?=:/@.0> >0A0=,7 48;:=?,9? .:9>4/0=,?4:9> ?3,? B0 900/ ?: /4>.@>> B309
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