!

!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

!
!
!

!
!
!
!
!

!
!
!
!
!
!
!
"#! $%##&'! (&#! )*+,-! .'&/&0,%! &/,%! &*,'%-'(+0%'+%! 1-#&11+203! #%! 14%#!
'&/45&! 56/! (&! 789! %:-/! (&! ;+,&'%,4'%! (&! %4,-%<4(%! <! /4.&'%1+20!
.&'/-0%#=! >&/(&! ?'+/-0! @=! A%'(&03! B40(%(-'! (&! #%! C0+D&'/+(%(! (&!
$&5.#&! &0! E+#%(&#B+%! <! 1'&%(-'! (&! #%! '&1-0-1+(%! '&D+/,%! @411&//3!
F4+&0!&/!1-0/+(&'%(-!.-'!541G-/!1-5-!&#!.+-0&'-!(&!#%!/4.&'%1+20!
.&'/-0%#! &0! &#! 1-0,+0&0,&! %5&'+1%0-3! G%/,%! H'+%0! $'%1<3! &#! 56/!
'&1-0-1+(-! &/1'+,-'! (&! (&/%''-##-! .&'/-0%#! <! &5.'&/%'+%#! (&! #%/!
I#,+5%/! (J1%(%/3! &/,%! 1-#&11+20! +01#4<&! %#K40-/! (&! #-/! %4,-'&/! <!
-L'%/!56/!+0B#4<&0,&/!(&!,-(-/!#-/!,+&5.-/!&0!&/,&!1%5.-=!;-/!56/!
(+D4#K%(-/! &/1'+,-'&/! 5-(&'0-/! &0! &#! 6'&%! (&#! (&/%''-##-! .&'/-0%#3!
1-5-! @,&.G&0! M-D&<3! N0,G-0<! O-LL+0/! <! OG-0(%! H<'0&3!
(&/%''-##%'-0!/4/!,&-'P%/!%!.%',+'!(&!#%/!+(&%/!.'&/&0,%(%/!&0!D%'+-/!
(&!#-/!,P,4#-/!1-0,&0+(-/!&0!04&/,'%!/&#&11+20=!!
!!
"#! J*+,-! (&! &/,&! 1-5.&0(+-! /&! B40(%5&0,%! &0! F4&! 1%(%! %4,-'!
+01#4+(-! &0! J#3! /&! G%! K%0%(-! &#! %.'&1+-! <! '&/.&1,-! (&! #&1,-'&/! <!
1'P,+1-/!K'%1+%/!%!/4/!+5.-',%0,&/!%.-',&/!%!&/,&!KJ0&'-!#+,&'%'+-=!Q-'!
&R&5.#-3!!!"#$%#&'&()*+%#&,"-.3!(&!S%.-#&-0!T+##3!&/!1-0/+(&'%(-!.-'!
541G-/! 1-5-! &#! #+L'-! (&! %4,-%<4(%! 56/! '&#&D%0,&! (&! ,-(-/! #-/!
,+&5.-/=!/0&%#-,#1.3!&#!5%<-'!J*+,-!#+,&'%'+-!(&!#%!I#,+5%!(J1%(%3!&/,6!
L%/%(-! &0! 40-! (&! #-/! #+L'-/! %F4P! +01#4+(-/U! /0& %#-,#1.& 2#& 0+& ,"34#5+&
"0"6"1+2+3! (&! V%##%1&! >=! V%,,#&/=! N(&56/3! '&1+&0,&5&0,&3! V+##+&!
W-##&<! B4&! '&1-0-1+(-! 1-5-! 40-! (&! #-/! 1+01-! 5&R-'&/! -'%(-'&/!
5-,+D%1+-0%#&/! (&#! 540(-! .-'! #%! .'&/,+K+-/%! -'K%0+X%1+20!
$-%/,5%/,&'/!Y0,&'0%,+-0%#=!
!!
"0! 40! 540(-! (-0(&! .'-B&/+-0%#&/3! &/,4(+%0,&/3! &R&14,+D-/3!
&5.'&/%'+-/! <! &5.'&0(&(-'&/3! .-'! +K4%#! +0D+&',&0! 5+##-0&/! (&!
(2#%'&/!%#!%:-!&0!#+L'-/!F4&!#&/!%<4(&0!%!1'&1&'!<!,'+40B%'!.&'/-0%#!<!
.'-B&/+-0%#5&0,&3! 7,+$2#%& 6+#%1,.%& 2#& +41.+'42+& '& %48#,+-"9$&
8#,%.$+0! /&! .&'B+#%! 1-5-! #%! 1-#&11+20! (&/,+0%(%! %! %1%.%'%'! #%!
%,&01+20!(&!&/,&!+5.-',%0,&!.IL#+1-!#&1,-'=!!

!
!
!
!
!
!
"#$#%! &'()(*#%! %+,-)! +$(,+./(! (.! .'(%/)#! 0+*1#2! $(%/+0+).#%! $(,! 3)'1#! 4!
5+0()! )(+,-$+$! .'(%/)#%! %'(6#%7! @+0! &5L%'K-3! &/! +5.-/+L#&! 1-0,+04%'! G%1+&0(-! #-!

5+/5-! <! &/.&'%'! '&/4#,%(-/! (+/,+0,-/=! >&L&5-/! 1-0D&',+'0-/! &0! &/,4(+%0,&/! (&#! J*+,-! <!
1%5L+%'!#%!1#%/&!(&!+0B-'5%1+20!1-0!#%!14%#!%#+5&0,%5-/!04&/,'%!5&0,&=!!
!
Z4J!/41&(&!%!04&/,'-!%#'&(&(-'U!
!
[9\!(&!#-/!0&K-1+-/!B'%1%/%!%0,&/!(&!#-/!.'+5&'-/!1+01-!%:-/=!
C0-!(&!1%(%!(-/!5%,'+5-0+-/!,&'5+0%!&0!(+D-'1+-=!
A6/!(&#!]9\!(&!#%!K&0,&!0-!G%!%G-''%(-!40!1&0,%D-!.%'%!/4!'&,+'-=!
;%!(&/&'1+20!&/1-#%'!&/!(&!1%/+!&#!^9\!&0!541G-/!.%P/&/=!
]^\!(&!#-/!.'-B&/+-0%#&/!5%0+B+&/,%!F4&!/4!,'%L%R-!0-!#-/!5-,+D%!0+!#-/!&0,4/+%/5%=!
_99!5+##-0&/!(&!+0(+D+(4-/!&0!&#!.#%0&,%!/4B'&0!K'%D&/!
.'-L#&5%/!(&!/%#4(!(&L+(-!%!#%!-L&/+(%(=!
!!!
A4<!/&K4'%5&0,&3!,-(%/!&/,%/!.&'/-0%/!.-/&&0!&#!,%#&0,-!<!#%/!G%L+#+(%(&/!.%'%!,'+40B%'=!@+0!
&5L%'K-3!0-!14&0,%0!1-0!#-/!1-0-1+5+&0,-/!<!#%/!&/,'%,&K+%/!F4&!#&/!/+'D%0!(&!G&''%5+&0,%/!
.%'%! %B'-0,%'! &#! (P%! %! (P%! 1-0! 40%! %1,+,4(! ,'+40B%(-'%! <! F4&! #-/! .'&.%'&! .%'%! %B'-0,%'!
%(&14%(%5&0,&!#%/!/+,4%1+-0&/!%(D&'/%/=!!
!!
;-/! #+L'-/! %F4P! +01#4+(-/! G%0! /+(-! 1%,%#-K%(-/! .-'! 5+##-0&/! (&! #&1,-'&/! &0! ,-(-! &#! 540(-!!
1-5-! #-/! 56/! (&/,%1%(-/! &0! &#! KJ0&'-! (&! #%! %4,-%<4(%! <! &#! (&/%''-##-! .&'/-0%#=! "##-/! ,&!
K4+%'60!.%'%!,'%X%'!%1&',%(%5&0,&!&#!1%5+0-!G%1+%!&#!#-K'-!(&!,4/!5&,%/!56/!%5L+1+-/%/=!"0!
&##-/! /&! &/1-0(&0! /&1'&,-/! F4&! G%0! .&'5+,+(-! %5%/%'! K'%0(&/! B-',40%/3! 1-0/,'4+'! B%5+#+%/!
/2#+(%/!<!.'&.%'%'!.'-B&/+-0%#&/!&*+,-/-/3!&0!&#!,'%/14'/-!(&!#-/!I#,+5-/!(-/!/+K#-/=!
!
NG-'%!&/!,4!,4'0-!(&!%.'-.+%',&!(&!,-(%!#%!/%L+(4'P%!(&!:.%&*,+$2#%&6+#%1,.%&2#&+41.+'42+&'&
%48#,+-"9$&8#,%.$+03!F4+&0&/!0-/!.'&/&0,%0!%#K40%/!(&!/4/!-L'%/!56/!/-L'&/%#+&0,&/U!
!
7= S%.-#&20!T+##U!Q+&0/&!<!G6K%/&!'+1-!!
8= V%##%1&!>=!V%,,#&/U!"#!/&1'&,-!(&!#%!'+F4&X%!+#+5+,%(%!!
_= ?'+/-0!@=!A%'(&0!!"#!.-(&'!(&!1'&&'!&0!40-!5+/5-!
^= W%5&/!N##&0U!M-5-!.+&0/%!&#!/&'!G45%0-3!%/P!&/!/4!D+(%!
`= H'+%0!$'%1<U!;%/!87!#&<&/!%L/-#4,%5&0,&!+0F4&L'%0,%L#&/!(&#!(+0&'-!
a= >&0+/!V%+,#&<U!@&5+##%/!(&!K'%0(&X%!
b= O4//&#!T=!M-0c&##U!N1'&/!(&!(+%5%0,&/!
]= V=!M#&5&0,!@,-0&U!"#!/+/,&5%!F4&!0401%!B%##%!.%'%!%#1%0X%'!&#!J*+,-!
[= ?'+/-0!@=!A%'(&0U!"#!1%5+0-!%!#%!B&#+1+(%(!
79= M%5+#-!M'4XU!N'F4+,&1,4'%!(&#!J*+,-!
77= S%.-#&20!T+##U!;-/!5%04/1'+,-/!.&'(+(-/!(&!S%.-#&20!T+##!
78= V+##<!W-##&<U!"#!'&,-!!
!
!!

!
!
!
!
8+1#,(9.!:-,,;!<-(.%(!4!:=3+%(!>-0#!!
!

!
dS401%! -L,&0('6! 0%(%! %! 1%5L+-! (&! 0%(%e! "#!
/&1'&,-!%#!F4&!5&!'&B+&'-!0-!/&!.4&(&!-L,&0&'!
/+0! .%K%'! 40! .'&1+-3! %40F4&! J/,&! /&%! 54<!
+0B&'+-'! %! /4! D%#-'=! S-! .4&(&0! %#1%0X%'#-! %!
0+0KI0! .'&1+-! %F4&##-/! F4&! 0-! #-! &/,J0!
L4/1%0(-! +0,&01+-0%(%5&0,&=! "/! +5.-/+L#&!
1-0-1&'#-! %! #%! #+K&'%3! <! 0-! /&! .4&(&! 1-5.'%'!
1-0!(+0&'-3!.-'F4&!D+&0&!&0!(-/!.%',&/=!C0%!(&!
&##%/! &/,6! <%! &0! .-/&/+20! (&! F4+&0&/! /&!
&014&0,'%0!.'&.%'%(-/!.%'%!J#=!
!
"/! %/P! (&! /&01+##-U! #%! '+F4&X%3! #%! '&%#+X%1+20!
.&'/-0%#3! &/,60! %#! %#1%01&! (&! ,-(%/! %F4&##%/!
.&'/-0%/! F4&! #-! (&/&%0f! L%/,%! /+5.#&5&0,&!
1-0!(&/D&#%'!40!/&1'&,-3!&#!/&1'&,-!(&#!J*+,-=!g!
.%'%! &##-! /&01+##%5&0,&! G%<! F4&! F4&'&'3! &/,%'!
(+/.4&/,-!%!(&/D&#%'#-=!
!
S%.-#&20! T+##! %.'&0(+2! (&#! B%5-/-! +0(4/,'+%#3!
B+#60,'-.-!<!&/1'+,-!>%#&!M%'0&K+&!&/,&!/&1'&,-!
(&#! J*+,-=! )#! #-! F4&! G+X-! h<! '&/4#,%! 40%! ,%'&%!
+5.-',%0,&i! &/3! .'+5&'-3! /+/,&5%,+X%'#-f! (&/.4J/3! G%1&'#-! %11&/+L#&! %! 14%#F4+&'!
.&'/-0%!(&!14%#F4+&'!1#%/&!/-1+%#=!!
!
jQ+&0/&!<!G6K%/&!'+1-j!&/!40%!-L'%!(+/&:%(%!.%'%!%''%/,'%'!%#!,'+40B-3!&0,&0(+(-!0-!
/2#-! 1-5-! ,'+40B-! &1-025+1-3! /+0-3! /-L'&! ,-(-3! 1-5-! #-K'-! (&! &/,%! P0,+5%!
/%,+/B%11+20! F4&! .&'5+,&! &#! &F4+#+L'+-! .&'/-0%#! <! F4&! /+K0+B+1%! #%! L%/&! (&! #%/!
&5.'&/%/!56/!1-5.'-5&,+(%/==!<!56/!(&/&%(%/=!
!
S%.-#&20! T+##! &/! &0! #%! %1,4%#+(%(! &#! %4,-'! (&! %4,-%<4(%! <! /4.&'%1+20! 56/!
.'&/,+K+-/-!(&!,-(-!&#!540(-=!k'%1+%/!%!J#!<!%!/4/!%#&11+-0%(-'%/!.%#%L'%/3!1+&0,-/!
(&! 5+#&/! (&! .&'/-0%/! 1-''+&0,&/! /&! G%0! /&0,+(-! 5-,+D%(%/! .%'%! 1-0D&',+'/&! &0!
/4.&'5+##-0%'+%/=!T%!/+(-!%/&/-'!(&!D%'+-/!.'&/+(&0,&/!(&!#-/!"/,%(-/!C0+(-/=!"0,'&!
/4/!-L'%/!1%L&!(&/,%1%'!j;%!%1,+,4(!5&0,%#!.-/+,+D%j=!
!
!
!

!
!
!
!
!
!
!

?+,,+0(!@7!?+//,(%;!A,!%(0)(/#!$(!,+!)-&'(B+!-,-*-/+$+!!
!

"#! &0B-F4&! (&! &/,&! #+L'-! &/! .'61,+1-3! 0-!

B+#-/2B+1-=! "/! 40! 5%04%#! (&! 1-0(41,%3! 0-! 40!
1-0R40,-!(&!.#%0,&%5+&0,-/!,&2'+1-/=!;-!&/1'+LP!
.%'%!%F4&##%/!.&'/-0%/!+0,&'&/%(%/!&0!5&R-'%'!
/4! /+,4%1+20! B+0%01+&'%! <! 1'&%'! '+F4&X%! <! 0-!
/+5.#&5&0,&! .%'%! F4+&0&/! (&/&%0! B+#-/-B%'!
%1&'1%! (&#! (+0&'-=! "/! 40%! -L'%! .%'%! %F4&##-/!
F4&! &/,60! (+/.4&/,-/! %! %1,4%'! 1-0! '%.+(&X3!
L%/%(-/! &0! #-/! .'+01+.+-/! (&! &/,%! 1+&01+%3! /+0!
.&'(&'! ,+&5.-! %0%#+X%0(-! &#! .-'F4J! (&! 1%(%!
.'-1&/-=!!!
!
"/.&'-! F4&! %L'%/! ,4! 5&0,&! <! %1&.,&/! &/,-/!
.'+01+.+-/!1-0!#%!5+/5%!B&!<!1-0B+%0X%!1-0!F4&!
%1&.,%'P%/!40%!.'&/&0,%1+20!/-L'&!#%/!#&<&/!(&!
#%! &#&1,'+1+(%(3! /+! J/,%! B4&'%! '&%#+X%(%! .-'! &#!
5+/5-! $-56/! N#D%! "(+/-0=! @2#-! %/P! .-('6/!
,-5%'!&/,-/!B40(%5&0,-/!<!D&'+B+1%'!#%!D&'(%(!
F4&! &##-/! &01+&''%0! %1,4%0(-! 1-0! B+'5&X%3! /+0!
(4(%/! 0+! ,&5-'&/=! $-(-! %F4&#! F4&! G%K%! &/,-!
&01-0,'%'6! #%! '+F4&X%3! .-'F4&! #%! 1+&01+%!
%.#+1%(%!%F4P3!&/!40%!1+&01+%!&*%1,%!<!&/!+5.-/+L#&!F4&!B%##&=!
!
>&1+(P!&/1'+L+'!&/,&!#+L'-!&0!40!#&0K4%R&!<!&/,+#-!1#%'-!<!/&01+##-!(&!5%0&'%!F4&!/&%!
1-5.'&0/+L#&! .%'%! 14%#F4+&'! .&'/-0%=! "#! .#%0! (&! %11+20! &*.4&/,-! %F4P! G%! /+(-!
1-5.#&,%5&0,&! .'-L%(-3! <! /4.&'%! #%! 56*+5%! .'4&L%! (&! &*.&'+5&0,%1+20! .'61,+1%=!
E401+-0%=!
!
V%##%1&!V%,,#&/!B4&!40!'&1-0-1+(-!%4,-'!%5&'+1%0-!&/!6'&%/!(&#!(&/%''-##-!.&'/-0%#=!
@4/! #+L'-/! &! +(&%/! G%0! /+(-! %5.#+%5&0,&! (+B40(+(%/! &! +01#4+(%/! &0! 541G-/! -,'-/!
#+L'-/! (&! %4,-%<4(%=! OG-0(%! H<'0&! #&! 5&01+-02! %! #%! '&D+/,%! S&c/c&&l! F4&! /4!
+0/.+'%1+20!.%'%!1'&%'!/4!G+,!(&!D&0,%/!"#!@&1'&,-!B4&!/4!&*.-/+1+20!%!#-/!.'+01+.+-/!
(&#!#+L'-!"#!/&1'&,-!(&!#%!'+F4&X%!+#+5+,%(%!m$G&!@1+&01&!-B!k&,,+0K!O+1Gn!
!
!
!
!

!
!
!
!
!
!
!

C)-%#.!D7!E+)$(.!;!A,!1#$()!$(!0)(()!(.!'.#!*-%*#!
!

T&0'<! E-'(! /-#P%! (&1+'U! o,%0,-! #%! .&'/-0%! F4&!

1'&&! F4&! .4&(&3! 1-5-! #%! F4&! 1'&&! F4&! 0-!
.4&(&3! #%/! (-/! &/,60! &0! #-! 1+&',-p=! @+! G%<! %#K-!
F4&! ,+&0&0! &0! 1-5I0! #-/! K'%0(&/!
&5.'&0(&(-'&/! &/! 40%! K'%0! B&! &0! &##-/!
5+/5-/=! Q-/&&0! 40%! B&! +0F4&L'%0,%L#&! &0! /4!
5+/+203! /4/! G%L+#+(%(&/! <! /4/! 5&,%/3! <! &/,%!
1-0B+%0X%! 54#,+.#+1%! /4! .-(&'! <! #+L&'%! /4!
D&'(%(&'-!.-,&01+%#=!"#!540(-!#&!%L'&!1%5.-!
%!40%!.&'/-0%!(&1+(+(%=!;-/!B'%1%/-/!0-!#-K'%0!
(&/%0+5%'#%3! #%/! 1%P(%/! 0-! .4&(&0!
(&/+#4/+-0%'#%! <! #%/! (+B+14#,%(&/! 0-! D%0! %!
(&/D+%'#%!0+!40!1&0,P5&,'-!(&!/4!(&/,+0-=!Q%/&!
#-! F4&! .%/&3! 5%0,+&0&! #%! D+/+20! &0! /4/!
-LR&,+D-/!<!/+K4&!G%1+%!(&#%0,&=!!
!
S-! G%<! 0%(%! F4&! .4&(%! %<4(%'! %! ,'+40B%'! %!
40%! .&'/-0%! F4&! 0-! 1'&&! &0! /P! 5+/5%=! "#!
B'%1%/-!1-5+&0X%!1-0!#%!(4(%!-!&#!(&/.'&1+-!(&!
04&/,'%/!.'-.+%/!G%L+#+(%(&/!<!#%!.&'(+(%!(&!#%!
1-0B+%0X%! &0! 04&/,'%! 1%.%1+(%(! .%'%! G%1&'!
F4&!#%/!1-/%/!/41&(%0=!"0!&#!5-5&0,-!&0!F4&!/+&5L'%/!(4(%!<!1-5+&0X%/!%!.&'(&'!#%!
B&!&0!,+!5+/5-3!,&!1-0D+&',&/!&0!,4!.&-'!&0&5+K-=!!
!
A41G%/! .&'/-0%/! (&/&%0! ,'+40B%'3! F4+&'&0! G%1&'! '&%#+(%(! /4/! /4&:-/3! (&/&%0!
1-0/,'4+'!K'%0(&/!0&K-1+-/!<!G%1&'!%#K-!&*,'%-'(+0%'+-!1-0!/4/!D+(%/3!.&'-!#%!(4(%!
/&! G%! %.-(&'%(-! (&! /4! 5%0&'%! (&! .&0/%'=! @4! B%#,%! (&! 1-0B+%0X%! &0! /P! 5+/5%/! #%/!
(&L+#+,%=!;%!.'-B&1P%!(&#!B'%1%/-!/&!.4&(&!D&'!&0!/4!1%'%=!@&!(%0!.-'!D&01+(-/!%0,&/!
(&!1-5&0X%'!#%!L%,%##%=!!
!
"0!&/,%!&*,'%-'(+0%'+%!-L'%3!?'+/-0!@c&,,!A%'(&0!0-/!54&/,'%!125-!(&/%''-##%'!&/%!
B&! <! 1-0B+%0X%! &0! 0-/-,'-/! (&! 5-(-! F4&! 1-0! 04&/,'%/! 04&/,'%/! G%L+#+(%(&/! <!
,%#&0,-/3!.-(%5-/!1-0D&',+'!&0!'&%#+(%(!,-(%/!#%/!5&,%/!<!-LR&,+D-/!F4&!0-/!G&5-/!
,'%X%(-=!
!
!
!

!
!
!
!
!
!

!
F+*(%!G,,(.;!H#*#!1-(.%+!(,!%()!5'*+.#2!+%I!(%!%'!J-$+!
!

!
M-5-! .+&0/%! &#! /&'! G45%0-3! %/P! &/! /4! D+(%3! &/!
/+0!(4(%!&#!#+L'-!56/!1-0-1+(-!(&!W%5&/!N##&03!
40-! (&! #-/! %4,-'&/! (&! %4,-%<4(%! 56/! #&P(-/! <!
1+,%(-/! (&! ,-(-/! #-/! ,+&5.-/=! Q%'%! J#3! ! ,-(-/!
/-5-/!
'&/.-0/%L#&/!
(&!
04&/,'-/!
.&0/%5+&0,-/3!#-/!14%#&/!/-0!#%/!/&5+##%/!(&!#-!
F4&!-14''+'6!&0!04&/,'%!D+(%=!!
!
"/,%! -L'%3! F4&! ! G%! /+(-! ,'%(41+(%! %! 40! K'%0!
0I5&'-! (&! +(+-5%/3! &/! '&/.-0/%L#&3! .-'! #-!
5&0-/! &0! .%',&3! (&! #%! 1'&%1+20! (&! ,-(%! #%!
+0(4/,'+%! (&#! (&/%''-##-! .&'/-0%#=! ;%! K'%0!
5%<-'P%! (&! #-/! %4,-'&/! 1-0,&5.-'60&-/! (&!
%4,-%<4(%!<!(&/%''-##-!.&'/-0%#!<!.'-B&/+-0%#3!
(%0! 1'J(+,-! %! &/,%! 5%'%D+##-/%! -L'%! .-'!
.'-D&&'#&/!#-/!B40(%5&0,-/!(&!/4/!.'+01+.+-/f!
%4,-'&/! 1-5-! S-'5%0! q+01&0,! Q&%#&3! M%5+#-!
M'4X3!>&0+/!"=!V%+,#&<3!$-0<!O-LL+0/3!!@,&.G&0!
M-D&<!<!A%'l!q+1,-'!T%0/&03!&0,'&!-,'-/=!
!
"%'#! S+KG,+0K%#&3! F4+&0! &/! 1-0/+(&'%(-! 1-5-!
40-! (&! #-/! .+-0&'-/! (&#! (&/%''-##-! .&'/-0%#! /&! '&B+'+2! %#! .'+01+.+-! 1-0,&0+(-! &0! #%!
-L'%!(&!N##&03!1-5-!&#!56/!&*,'%:-!(&!#-/!/&1'&,-/U!%#!G&1G-!(&!F4&!,-(-/!<!1%(%!40-!
(&!0-/-,'-/!/-5-/!.'-(41,-!(&!04&/,'-/!.&0/%5+&0,-/=!
!
"/,%!&(+1+20!(&!M25-!.+&0/%!&#!/&'!G45%0-3!%/P!&/!/4!D+(%!&/!40%!,'%(411+20!+0J(+,%!
(&#!,&*,-!-'+K+0%#!(&!W%5&/!N##&03!oN/!%!5%0!$G+0l&,G=p!"0!40!&/B4&'X-!.-'!5%0,&0&'!
#%! +0,&K'+(%(! (&#! ,&*,-3! G&5-/! /+(-! 14+(%(-/-/! &0! /&#&11+-0%'! 40! D-1%L4#%'+-!
5-(&'0-!<!%.'-.+%(-!F4&!'&.'&/&0,&!B+&#5&0,&!#%/!+(&%/!<!&#!5&0/%R&!F4&!&#!%4,-'!
(&/&%L%!1-5.%',+'!1-0!/4/!#&1,-'&/=!
!
!
!
!
!
!

!
!
!
!
!
!
!
!

K)-+.!")+04;!!L+%!MN!,(4(%!+O%#,'/+*(./(!-.&'(O)+./+O,(%!
$(,!$-.()#!
!
A41G-/!B%1,-'&/!+0B#4<&0!&0!04&/,'%!G%L+#+(%(!
.%'%! #-K'%'! #%! #+L&',%(! B+0%01+&'%! (&! #%! 14%#!
,-(-/!F4&'&5-/!(+/B'4,%'=!"*+/,&0!.'+01+.+-/!<!
1'&&01+%/! F4&! '+K&0! 04&/,'%! '&#%1+20! 1-0! &#!
(+0&'-! <! (&,&'5+0%0! &#! F4&! .-(%5-/! K&0&'%'!
5%<-'&/!+0K'&/-/!<!%1454#%'!'+F4&X%=!!!
!
"0! ;%/! 87! #&<&/! %L/-#4,%5&0,&! +0F4&L'%0i
,%L#&/! (&#! (+0&'-3! H'+%0! $'%1<! 0-/! 54&/,'%!
125-! &/,%/! #&<&/! G%0! .&'5+,+(-! %! 1+&',%/!
.&'/-0%/! 1'&%'! &0-'5&/! B-',40%/! G%L+&0(-!
&5.&X%(-! I0+1%5&0,&! 1-0! /4/! (&/&-/! <! /4!
(&,&'5+0%1+20! (&! ,'+40B%'=! "/,%/! #&<&/! (&#!
(+0&'-! #&! &0/&:%'60! 125-! K%0%'! 56/3! %G-''%'!
56/3!+0D&',+'!5&R-'!/4!(+0&'-3!/%#+'!(&!(&4(%/!<!
#-K'%'! F4&! /4! (+0&'-! ,'%L%R&! .%'%! 4/,&(=! M%(%!
40%!(&!#%/!&/,'%,&K+%/!%F4P!.'&/&0,%(%/!G%!/+(-!
'&/.-0/%L#&! (&! #%! 1'&%1+20! (&! &0-'5&/!
B-',40%/=! NG-'%! 4/,&(! .-('6! 4,+#+X%'#%/! .%'%!
%#1%0X%'!/4!.'-.+%!#+L&',%(!B+0%01+&'%=!!!
!
H'+%0! $'%1<! &/! 40%! (&! #%/! .'+01+.%#&/! %4,-'+(%(&/! &0! "/,%(-/! C0+(-/3! &0! #-!
'&#%1+-0%(-! 1-0! &#! (&/%''-##-! (&#! .-,&01+%#! G45%0-! <! #%! &B&1,+D+(%(! .&'/-0%#=! @4!
(+0%5+/5-!<!G%L+#+(%(!.%'%!1-540+1%'!/4/!+(&%/!(&!40%!5%0&'%!1#%'%!<!/&01+##%3!#-!
G%0! 1-0D&',+(-! &0! 40-! (&! #-/! 1-0B&'&01+/,%/! 56/! /-#+1+,%(-/! %#'&(&(-'! (&#! 540(-=!
N04%#5&0,&! /&! (+'+K&! %! 56/! (&! ^99=999! .&'/-0%/! &0! 56/! (&! ]9! .%P/&/! %! ,'%DJ/! (&!
/4/!,%##&'&/!<!%4(+-#+L'-/!/-L'&!&#!(&/%''-##-!.&'/-0%#!<!.'-B&/+-0%#=!!!
!
@4/! 56/! (&! _99! .'-K'%5%/! (&! %4(+-! <! D+(&-! 14L'&0! &#! &/.&1,'-! 1-5.#&,-! (&#!
(&/&5.&:-! G45%0-! <! .'-(41&0! 1%5L+-/! +05&(+%,-/! <! '&/4#,%(-/! %! #%'K-! .#%X-3!
&0,'&! F4+&0&/! #-/! &/141G%0=! @4/! #+L'-/U! A4R&'&/! %#,%5&0,&! &B&1,+D%/3! T6L+,-/! (&! 40!
5+##20! (&! (2#%'&/! <! ;%! 1+&01+%! (&! #%! %4,-i1-0B+%0X%3! G%0! /+(-! L&/,/&##&'/! <! /&! G%0!
,'%(41+(-!%!D%'+-/!+(+-5%/=!
!
!

!
!
!
!

!
!
@(.-%!?+-/,(4;!D(*-,,+%!$(!3)+.$(B+!
!
"/,&! &/! 40! #+L'-! .%'%! #&&'3! &/,4(+%'3! /4L'%<%'3!
(+/14,+'3! '&/%#,%'! <! .%/%'#-! %! /4/! &5.#&%(-/3!
%5+K-/! <! 5+&5L'-/! (&! /4! B%5+#+%=! ! "0! 1%5L+-!
(&! /&'! %#K-! L'&D&! F4&! ,&! G%'6! '&P'! -! /&0,+'!
5&R-'! .-'! 40! (P%! -! (-/3! &/! 40%! K4P%! .%'%!
,'+40B%'! &0! ,-(%! ,4! D+(%=! ! ;-/! (+&X! 1%.P,4#-/!
-B'&1&0! /-#41+-0&/! .%'%! #-/! 5%<-'&/!
.'-L#&5%/! F4&! &0B'&0,%5-/! ,-(-/! &0! %#KI0!
5-5&0,-! &0! 04&/,'%/! D+(%/=! ;%/! /+K4+&0,&/!
B4&'-0! #%/! .'&K40,%/! F4&! +0/.+'%'-0! #%!
+0D&/,+K%1+20!(&!&/,&!#+L'-U!!
!
! rZ4J! 1#%/&! (&! +0(+D+(4-/! /-0! 56/! B&#+1&/! <!
&*+,-/-/s!
! rM46#&/!/-0!&/%/!&*,'%:%/!1%'%1,&'P/,+1%/!(&#!
#+(&'%XK-! &0! .%('&/! <! .'-.+&,%'+-/! (&!
0&K-1+-/s!
! rM25-! .-(&5-/! '&14.&'%'! &#! 1-0,'-#! (&!
04&/,'-/!.&0/%5+&0,-/3!04&/,'%/!'&%11+-0&/!
<!04&/,'-!,+&5.-s!!
! rM25-! .-(&5-/! &/,%'! &5-1+-0%#5&0,&!
L+&03!BP/+1%5&0,&!&0!B-'5%!<!/&'!56/!&/.+'+,4%#&/s!!

!
"0! 1460,-! 1-5+&01&/! %! #&&'3! .-('P%/! G%1&',&! %#K40%/! .'&K40,%/! F4&! ,&! %<4(%'60! %!
/%1%'! &#! 5%<-'! L&0&B+1+-! (&! &/,&! #+L'-U! ! r;&! K4/,%'P%! %! 5+/! 1-5.%:&'-/! (&! ,'%L%R-!
,&0&'5&!1-5-!#P(&'s!rA&!K4/,%'P%!%!5P!5+/5-!,&0&'5&!1-5-!.%'&R%s!r;&!K4/,%'P%!%!
#-/!5+&5L'-/!(&!5+!&F4+.-3!,&0&'5&!1-5-!.%('&s!rA&!K4/,%'P%!%!5P!5+/5-!,&0&'5&!
1-5-!%5+K-s!
!
M4%#F4+&'%!F4&!/&%0!#%/!'&/.4&/,%/3!&/,&!#+L'-!,&0('6!&/.&1+%#!/+K0+B+1%(-!.%'%!,+=!$&!
&01%0,%'6! &/,&! #+L'-! <%! F4&! 1%5L+%'6! #%! B-'5%! &0! F4&! &0B'&0,%'6/! #%! D+(%! h!
dM-5+&0X%!G-<e!
!
>&0+/! V%+,#&<! &/! &/1'+,-'! <! 1-0B&'&01+/,%! 540(+%#5&0,&! %1#%5%(-! <! 40-! (&! #-/!
1-0/4#,-'&/! &0! .'-(41,+D+(%(! <! %#,-! (&/&5.&:-! 56/! /-L'&/%#+&0,&! (&! #-/! "/,%(-/!
C0+(-/=!!>&0+/!V%+,#&<!&/!40%!(&!#%/!D-1&/!56/!-P(%/!&0!&#!6'&%!(&#!J*+,-!.'-B&/+-0%#!
<! .&'/-0%#=! T%! D&0(+(-! 56/! (&! 79! 5+##-0&/! (&! .'-K'%5%/! &0! %4(+-! &0! 7^! +(+-5%/!
(+B&'&0,&/=!"/!%4,-'!(&!7`!#+L'-/3!+01#4<&0(-!/4!L&/,/&##&'3!@&5+##%/!(&!k'%0(&X%=!

!
!
!

!
!
!
>'%%(,!:7!H#.P(,,!G0)(%!$(!@-+*+./(%!
!

"0! &/,&! K'%0! #+L'-3! M-0c&##! 0-/! %<4(%! %!

(&/14L'+'! F4&! #%! %4,J0,+1%! K'%0(&X%! 1-0/+/,&!
&0! G%1&'! K'%0(&/! 1-/%/! 1-0! %F4&##-/! '&14'/-/!
%! 04&/,'-! %#1%01&3! .-'! &/1%/-/! F4&! .4&(%0!
.%'&1&'=! S-/! (&R%! 1#%'-! F4&! &#! J*+,-! <! #%!
'+F4&X%! 0-! /&! &014&0,'%0! &0! #4K%'&/! #&R%0-/3!
/+0-! F4&! &/,60! &0! 04&/,'-! .'-.+-! .%,+-3! /+!
&/,%5-/!(+/.4&/,-/!%!L4/1%'#-/=!
!
"0!-1%/+-0&/!0-!'&1-0-1&5-/!04&/,'%!'+F4&X%!
.-'F4&! /&! &014&0,'%! 56/! 1&'1%! (&! #-! F4&!
.&0/%5-/=! ;%! 5%<-'P%! (&! #%/! .&'/-0%/! 0-!
(&/%''-##%0! /4/! G%L+#+(%(&/! .-'F4&! 0-! /&!
+5%K+0%0! F4&! #%/! .-/&%0=! @+0! &5L%'K-3! #-!
1+&',-! &/! F4&! 0-! 0&1&/+,%5-/! +'! (&5%/+%(-!
#&R-/! .%'%! (&/14L'+'! 04&/,'-/! .'-.+-/! o%1'&/!
(&!!(+%5%0,&/p3!<%!F4&!&##-/!/&!&014&0,'%0!&0!
#%!1+4(%(!-!&#!.%P/!&0!F4&!D+D+5-/=!S-!-L/,%0,&3!
G%##%'#-/! &/! '&/.-0/%L+#+(%(! (&! 1%(%! 40-! (&!
0-/-,'-/=! A41G%/! .&'/-0%/! <%! #-/! G%0!
(&/14L+&',-3!<!#-!F4&!-,'-/!G%0!#-K'%(-!G%1&'3!
14%#F4+&'!/&'!G45%0-!#-!.4&(&!#-K'%'=!!!
!
"0! &/,&! K'%0! #+L'-3! O4//&##! T=! M-0c&##! 0-/! %<4(%! %! (&/14L'+'! F4&! #%! %4,J0,+1%!
K'%0(&X%!1-0/+/,&!&0!G%1&'!K'%0(&/!1-/%/!1-0!%F4&##-/!'&14'/-/!%!04&/,'-!%#1%01&3!
.-'!&/1%/-/!F4&!.4&(%0!.%'&1&'3!<!&0!%#1%0X%'!#%/!56/!!!!&#&D%(%/!5&,%/!.%',+&0(-!
(&! (-0(&! &/,&5-/=! S-/! (&R%! 1#%'-! F4&! &#! J*+,-! <! #%! '+F4&X%! 0-! /&! &014&0,'%0! &0!
#4K%'&/! #&R%0-/3! /+0-! F4&! &/,60! &0! 04&/,'-! .'-.+-! .%,+-3! /+! &/,%5-/! (+/.4&/,-/! %!
L4/1%'#-/=!!!
!
NL-K%(-3! B40(%(-'! (&! #%! C0+D&'/+(%(! (&! $&5.#&3! &0! E+#%(&#B+%3! &/1'+,-'! <!
1-0B&'&01+/,%! (&! J*+,-3! M-0c&##! B4&! 40! ,'%L%R%(-'! +01%0/%L#&! F4&! .'&(+12! 1-0! /4!
&R&5.#-3!5-,+D%0(-!%!-,'-/!%!#41G%'!<!%!/4.&'%'/&!%!/P!5+/5-/=!)/,%!&/3!/+0!(4(%3!40%!
(&! #%/! R-<%/! 56/! .'&1+%(%/! (&! #%! #+,&'%,4'%! (&! J*+,-=! C0! #+L'-! ! '&1-5&0(%(-! &0!
1+&0,-/!(&!&5.'&/%/!<!-'K%0+X%1+-0&/!.-'!#-/!K'%0(&/!1-0/4#,-'&/!<!1-0B&'&01+/,%/!
(&!&/,&!/+K#-=!
!

!
!
!
!
!
!
!
!

?7!H,(*(./!D/#.(;!A,!%-%/(*+!&'(!.'.0+!Q+,,+!1+)+!
+,0+.B+)!(,!RS-/#!
!

o"/,&!#+L'-!0-!&/!/-L'&!#%!B+#-/-BP%!0+!#%!L+-K'%BP%!
(&! V+##+%5! M#&5&0,! @,-0&3! .%'%! 14<%! D+(%! /&!
0&1&/+,%'P%0!D%'+-/!D-#I5&0&/=!t"#!/+/,&5%!F4&!
0401%! B%##%! .%'%! %#1%0X%'! &#! J*+,-u! 0-/! (&R%!
&0,'&D&'3!/+0!&5L%'K-3!40!.-1-!(&!%5L%/=!"/!&#!
5J,-(-!F4&!#&!(+-!B-'5%!%!40%!(&!#%/!5%<-'&/!
G+/,-'+%/! (&! J*+,-! (&! ,-(-/! #-/! ,+&5.-/p=!!
MG%'#+&!o$'&5&0(-p!W-0&/!
!
o! t"#! /+/,&5%! F4&! 0401%! B%##%! .%'%! %#1%0X%'! &#!
J*+,-u! G%! /+K0+B+1%(-! 541G-! .%'%! 5P=! >&/1'+L&!
#-/! /&1'&,-/! .%'%! &#! J*+,-! F4&! '&%#5&0,&!
B401+-0%0=! "#! >'=! @,-0&! ,+&0&! #%! 1%.%1+(%(! (&!
&*.#+1%'! 1#%'%5&0,&! 146#! &/! #%! %1,+,4(! 5&0,%#!
F4&! .&'5+,&! /4.&'%'! (+B+14#,%(&/! <!
%(D&'/+(%(&/3!<!F4J!5-,+D%!%!F4&!40%!.&'/-0%!
/&! (&/%''-##&! %! /P! 5+/5%! (&#! 5-(-! 56/!
1-0/,'41,+D-! .-/+L#&p=! >'=! S-'5%0! q+01&0,!
Q&%#&!
!
oV=! M#&5&0,! @,-0&! &/! 40! &*1&#&0,&! &R&5.#-! (&!
%#K4+&0! F4&! 1-5.'&0(&! F4&! ,+&0&! #%! '&/.-0/%L+#+(%(! (&! %<4(%'! ! %! #%! G45%0+(%(! <!
F4&! G%! 1-5.%',+(-! /4! &*.&'+&01+%! (&! D+(%3! '&14'/-/! B+0%01+&'-/! <! ,%#&0,-! 1-0! #%!
5%<-'!1%0,+(%(!(&!.&'/-0%/!.-/+L#&=!M'&&5-/!F4&!#%!G+/,-'+%!(&!V=!M#&5&0,!@,-0&!
&/!&#!5&R-'!&R&5.#-!(&#!.-(&'!(&!#%!&/.+'+,4%#+(%(!&0!&#!G-5L'&3!<!(&!125-!&/&!.-(&'!
%1,I%!&0!&#!+0(+D+(4-!<!L&0&B+1+%!%!#%!G45%0+(%(p=!i!S%.-#&20!T+##!
!
V=! M#&5&0,! ! @,-0&! 0%1+2! <! 1'&1+2! &0! #%! 1+4(%(! (&! MG+1%K-3! /+&0(-! 0+:-! ,4D-! F4&!
,'%L%R%'!D&0(+&0(-!(+%'+-/!.%'%!%<4(%'!%!/4!B%5+#+%=!>&L+(-!%!/4!K'%0!5-,+D%1+20!&!
P5.&,43! /4'K+2! &0! #%! +0(4/,'+%! (&! #-/! /&K4'-/=! ! "#! /&:-'! @,-0&! (&/%''-##2! /4! .'-.+%!
B+#-/-BP%!(&!D+(%!F4&!##%52U!%1,+,4(!5&0,%#!.-/+,+D%3!<!#%!G+X-!'&/.-0/%L#&!(&!,-(-!/4!
J*+,-=!"#!/&:-'!@,-0&!54'+2!&0!&#!899^!%!#-/!799!%:-/!(&!&(%(3!#&K%0(-!%!/4!B%5+#+%!
,-(%!/4!B+#-/-BP%!(&!J*+,-!<!/4!1-0D+11+20!F4&!1%(%!+0(+D+(4-!.4&(&!G%1&'!40%!K'%0!
1-0,'+L41+20!%#!5&R-'%5+&0,-!(&!#%!1%#+(%(!(&!D+(%!(&!-,'-/=!!
!

!
!
!
!
!
!
!

C)-%#.!D7!E+)$(.;!A,!H+*-.#!+!,+!T(,-0-$+$!
!

E40(%(-'! (&#! @411&//! A%K%X+0&3! ,%5L+J0! &/!

1-0/+(&'%(-! &#! B40(%(-'! (&#! 5-D+5+&0,-!
5-(&'0-! (&#! J*+,-! &0! N5J'+1%=! M+&',%5&0,&!
,&0(+2! 40! .4&0,&! &0,'&! #%/! D+&R%/! <! &/,'&1G%/!
0-1+-0&/! (&#! J*+,-! <! #-/! 04&D-/3! 56/!
1-5.'&0/+D-/! 5-(&#-/! F4&! .-.4#%'+X%'-0!
%4,-'&/!&*+,-/-/!1-5-!S%.-#&20!T+##3!M#&5&0,!
@,-0&3! >%#&! M%'0&K+&3! ?K! A%0(+0-3! "%'#!
S+KG,+0K%#&3! S-'5%0! q+01&0,! Q&%#&3! <! %4,-'&/!
%1,4%#&/! 1-5-! @,&.G&0! O=! M-D&<3! N0,G-0<!
O-LL+0/3!<!H'+%0!$'%1<=!
!
S%1+2! &0! 40%! B%5+#+%! .-L'&3! &0! 40%! K'%0R%! (&!
S4&D%! Y0K#%,&''%! &0! 7]`9=! $'%L%R2! &0! #%!
C0+D&'/+(%(! (&! H-/,-03! <! ,%5L+J0! &0! &#!
N0(-D&'!$G&-#-K+1%#!@&5+0%'<=!k'%(4%(-!(&!#%!
C0+D&'/+(%(!(&!H-/,-0!&0!7]b73!,-52!40!A=>=!
&0! T%'D%'(! &0! 7]]73! 40! K'%(-! (&! ;;=H=3!
,%5L+J0! &0! T%'D%'(3! &0! 7]]83! <! &/,4(+2! &0! &#!
?'%,-'+-!(&!#%!"/14&#%!(&!H-/,-0=!
!
>4'%0,&!/4/!(P%/!(&!#%!40+D&'/+(%(!,'%L%R2!&0!&#!%L%/,&1+5+&0,-!<!#%!K&'&01+%!(&!40!
G-,&#! <! B4&! ,%0! &*+,-/-! F4&! ,&0P%! C@v! 89=999! (&! 1%.+,%#! 14%0(-! %1%L2! /4!
&0,'&0%5+&0,-!B-'5%#=!q+%R2!%!#%!+/#%!H#-1l3!1&'1%!(&!S&c.-',3!OG-(&!Y/#%0(3!(-0(&!
1-5.'2! 40%! .'-.+&(%(! F4&! (&/%''-##2! .'-(41,+D%5&0,&=! N(F4+'+2! 40%! 1%(&0%! (&!
G-,&#&/! &0! S&L'%/l%3! .&'-! &0! 7][8! (&L+(-! %! %#K40-/! '&D&/&/! B+0%01+&'-/! ,4D-! F4&!
&5.#&%'/&! -,'%! D&X! 1-5-! &01%'K%(-! (&! 40! G-,&#! &0! MG+1%K-=! >&/.4J/! '&K'&/2! %!
H-/,-0!%!1-5&0X%'!04&D%5&0,&=!
!
;-/!,P,4#-/!%#&K'&/!(&!/4/!#+L'-/!&*.'&/%0!&#-14&0,&5&0,&!/4!%1,+,4(!(&!-.,+5+/5-!<!
1-0B+%0X%!A%'(&0!B4&!40%!B+K4'%!(&B+0+(%!<!%#,%5&0,&!+0B#4<&0,&3!1-0/1+&0,&!-!0-3!&0!
,'%/1&0(&'!#%/!+(&%/!(&#!S4&D-!Q&0/%5+&0,-!&0!#%!14#,4'%!K&0&'%#!(&!/4!,+&5.-=!
!
!
!
!
!

!
!
!
!
!
!
!

H+*-,#!H)'B;!G)&'-/(0/')+!$(,!AS-/#!!
!

owQ-'F4&! D&-! %#! B+0%#! (&! 5+! '4(-! 1%5+0-! F4&!

<-!B4+!&#!%'F4+,&1,-!(&!5+!.'-.+-!
(&/,+0-f! F4&! /+! &*,'%R&! #%! 5+&#! -! #%! G+&#! (&! #%/!
1-/%/3!B4&!.-'F4&!&0!&##%/!.4/&!G+&#!-!
5+&#&/! /%L'-/%/U! 14%0(-! .#%0,J! '-/%#&/3!
1-/&1GJ!/+&5.'&!'-/%/===p!xN5%(-!S&'D-!
w!
r"/! .-/+L#&! (&/%''-##%'! 40! .#%0! (&! J*+,-! .%'%!
04&/,'-!.'-<&1,-!(&!D+(%!&5.#&%0(-!
#%! 5+/5%! 5&,-(-#-KP%! F4&! 4,+#+X%'P%! 40!
%'F4+,&1,-!.%'%!,'%X%'!#-/!.#%0-/!(&!40!
&(+B+1+-s! T%<! F4+&0&/! -.+0%0! F4&! &*+/,&0!
(&5%/+%(-/!+5.'&D+/,-/3!4'K&01+%/!<!
1'+/+/3! F4&! G%1&0! +5.-/+L#&! #%! +5.#&5&0,%1+20!
(&!14%#F4+&'!.#%0=!?,'-/!.+&0/%0!F4&!
&/! +00&1&/%'+-! (+/&:%'#-! .4&/,-! F4&! #-! F4&! G%!
(&!/41&(&'===!/41&(&'63!+0(&.&0(+&0,&5&0,&!
(&!F4&!/&%!.%',&!(&!04&/,'-/!.#%0&/!-!0-=!"#!>'=!
M%5+#-!M'4X3!40-!(&!#-/!
&/1'+,-'&/! 56/! +0B#4<&0,&/! (&! #%/! I#,+5%/!
(J1%(%/!&0!&#!6'&%!(&#!J*+,-!<!&#!
1'&1+5+&0,-!.&'/-0%#3!0-!/2#-!1'&&!F4&!&/!.-/+L#&!<!L&0&B+1+-/-!(+/&:%'#-3!/+0-!F4&!
&0!&/,%!04&D%!-L'%!0-/!&0/&:%!125-!G%1&'#-=!
H%/%(-!&0!40%!G+/,-'+%!'&%#3!N'F4+,&1,4'%!(&#!)*+,-!0-/!.#%0,&%!F4&!.%'%!(&/%''-##%'!
&/,&!.#%0!/&!'&F4+&'&!&0B'&0,%'!&#!56/!+5.-',%0,&!(&!,-(-/!#-/!'&,-/U!%1&.,%'!799\!
(&!#%!'&/.-0/%L+#+(%(!(&!04&/,'-!J*+,-=!@+0!&5L%'K-3!(&L&5-/!&0,&0(&'!F4&!&#!/&'!
G45%0-! &/! 54#,+(+5&0/+-0%#f! D+D+'! .#&0%! <! B&#+X5&0,&! '&F4+&'&! (&! 40%! &/,'%,&K+%!
F4&!
'&/.-0(%!%!04&/,'%/!5&,%/!B%5+#+%'&/3!.'-B&/+-0%#&/3!&/.+'+,4%#&/3!B+0%01+&'%/3!
+0,&#&1,4%#&/3!'&1'&%,+D%/!<!(&!/%#4(=!Q%'%!#-K'%'#-3!&#!#+L'-!1-0,+&0&!40%!/&'+&!(&!
&D%#4%1+-0&/!<!K4P%/!.'61,+1%/!F4&!,&!%<4(%0!%!.&'/-0%#+X%'!,4!.#%0!<!,&!.&'5+,&!
&/1'+L+'!#%/!5&,%/!56/!+5.-',%0,&/!F4&!G%<%/!+(&0,+B+1%(-!&0!1%(%!6'&%=!
w!
o$-(%!.&'/-0%!&/!,%0!B&#+X!1-5-!/&!.'-.-0&!/&'#-=!S%(+&!B'%1%/%!.-'F4&!.#%0&&!/4!
B'%1%/-3!/+0-!.-'F4&!0-!.#%0&%!/4!J*+,-3!<!%#!0-!.#%0&%'!/4!J*+,-3!(&!.-'!/P!<%!&/,6!
.#%0&%0(-!/4!B'%1%/-p=!xM%5+#-!M'4X!
!

!
!
!
!
!
!
!

8+1#,(9.!:-,,;!L#%!*+.'%0)-/#%!1()$-$#%!
!

;%/!'&K#%/!(&!-'-!.%'%!,'+40B%'!
!
S%.-#&20!T+##!G%!+0/.+'%(-!(4'%0,&!#-/!.%/%(-/!
/&,&0,%!%:-/!%!5+##-0&/!(&!.&'/-0%/!%#'&(&(-'!
(&#!540(-!.%'%!F4&!#-K'&0!%#1%0X%'!/4/!5&,%/!
56/!+5.-',%0,&/=!)#!G%!/+(-!&#!.'+5&'-!<!&#!56/!
B%5-/-! (&! #-/! %4,-'&/! (&#! KJ0&'-! (&#!
1'&1+5+&0,-!.&'/-0%#!<!&/!40!G&1G-!F4&!#%!K'%0!
5%<-'P%! (&! #-/! &/1'+,-'&/! %1,4%#&/! (&!
%4,-%<4(%! #&! (&L&0! 541G-! %! #%! /%L+(4'P%!
D+/+-0%'+%! (&! T+##3! +01#4<&0(-! &0! /4/! #+L'-/!
%#K40%/!(&!/4/!5&R-'&/!+(&%/=!
!
NG-'%3!o;-/!A%04/1'+,-/!Q&'(+(-/!(&!S%.-#&20!
T+##p! 0-/! .'&/&0,%! #-/! %',P14#-/! F4&! J#! &/1'+L+2!
&0,'&! 7[7[! <! 7[8_3! F4&! B4&'-0! &#! B40(%5&0,-!
(&! ,-(%! /4! B+#-/-BP%=! "/,-/! %',P14#-/!
.'&/&0,%(-/! %G-'%! &0! &/,&! #+L'-3! 0-/! &0/&:%0!
'&K#%/!(&!-'-!F4&!/-0!,%0!%.#+1%L#&/!G-<3!1-5-!
#-! B4&'-0! G%1&! 40! /+K#-! %,'6/=! H%/%(-! &0!
&0,'&D+/,%/! 1-0! B%5-/%/! .&'/-0%#+(%(&/! <!
54#,+5+##-0%'+-/! (&! #%! J.-1%3! ,%#&/! ! 1-5-U! M%'0&K+&3! E-'(! <! "(+/-03! &/,-/! %',P14#-/!
'&D&#%'-0! &/,'%,&K+%/! .'-L%(%/! <! &B&1,+D%/! .%'%! ,'+40B%'! F4&! B401+-0%0! '&%#5&0,&!
.%'%!,-(-!,+.-!(&!.&'/-0%/!%<&'3!G-<!<!5%:%0%=!
!
"/,-/! %',P14#-/! &/,60! +5.'&K0%(-/! (&! +0/.+'%1+20! <! 5-,+D%1+203! <! 0-/! .'&/&0,%0!
.40,-/! (&! D+/,%! F4&! 0-! .%/%0! (&! 5-(%! /-L'&! ,&5%/! ,%#&/! 1-5-! &#! .-(&'! (&! #%!
/4K&/,+203!1-0/,'4+'!%4,-1-0B+%0X%3!4/%'!#%!.&'/4%/+20!D&'/4/!#%!B4&'X%!<!#%!#&<!(&!#%!
%,'%11+20=! @+! &/,%/! +(&%/! #&! /4&0%0! B%5+#+%'&/3! &/! .-'F4&! #-! /-0=! ;-/! &/1'+,-'&/! (&!
%4,-%<4(%! 5-(&'0-/! G%0! '&D%#4%(-! <! '&i&5.%1%(-! #%/! +(&%/! (&! T+##! .-'! (J1%(%/3!
.&'-!#%!B4&0,&!-'+K+0%#!1-0,+04%!/+&0(-!#%!5&R-'=!!
!
S%.-#&20!T+##!m7]]_i7[b9n!&/!1-0/+(&'%(-!40-!(&!#-/!56/!'&/.&,%(-/!&!+0B#4<&0,&/!
%4,-'&/!(&!#-/!.'+5&'-/!#+L'-/!(&!%4,-%<4(%3!J*+,-!.&'/-0%#!<!5-,+D%1+20!5-(&'0%=!
@4! #+L'-! 56/! B%5-/-U! oQ+&0/&! <! T6K%/&! O+1-p3! G%! D&0(+(-! 56/! (&! a9! 5+##-0&/! (&!
1-.+%/! &0! ,-(-! &#! 540(-f! &/! &#! L&/,/&##&'! (&! ,-(-/! #-/! ,+&5.-/! (&! &/,&! KJ0&'-! <!
1-0,+0I%!+0/.+'%0(-!%!5+#&/!(&!.&'/-0%/!1%(%!%:-=!

!
!
!
!
!
!
!

?-,,-(!F#,,(4;!A,!)(/#!U!"#$+!0+I$+!!.#%!1)(1+)+!1+)+!'.+!
J-0/#)-+!+V.!*+4#)!
!

j@+! %#K40%! D&X! /&! &014&0,'%! &0! 40! .40,-! L%R-!

&0! /4! D+(%3! &/,&! #+L'-! #&! 5-/,'%'6! &#! 1%5+0-!
G%1+%! %''+L%3! &#! 1%5+0-! G%1+%! %B4&'%3! <! &#!
1%5+0-! G%1+%! 40! 56/! %##6=! C0%! #&1,4'%!
5%K0PB+1%=j! ;&/! H'-c03! %4,-'! (&#! L&/,/&##&'!
oq+D&!,4/!@4&:-/p=!!!!
!
jd"/,-<! 1-0D&01+(-! F4&! #&&'! &/,%! -L'%! #&!
%<4(%'6! %! 1-0D&',+'! /4/! .'-L#&5%/! &0!
.-/+L+#+(%(&/! <! /4/! '&,-/! &0! -.-',40+(%(&/!
K#-'+-/%/ej! ! V%##<! y"#! B%5-/-y! N5-/3! %4,-'! (&!
;%! A%K+%! (&! #%! Q%,+##%U! @&5+##%/! (&! @%L+(4'P%3!
$%R%(%/! (&! #%! q+(%! mV%,&'5&#-0! A%K+1U! @&&(/!
-B!V+/(-53!@#+1&/!-B!;+B&n!!!
!
jC/,&(!.4&(&!1%5L+%'!/4!D+(%!%G-'%3!5+04,-!%!
5+04,-3! #&<&0(-! &/,&! #+L'-=! ! C/,&(! .4&(&! /&'!
56/3! G%1&'! 56/3! ,&0&'! 56/3! %5%'! 56/3! <! '&P'!
56/=j!A%'l!q+1,-'!T%0/&03!1-i%4,-'!(&!#%!/&'+&!
MG-1-#%,&!M%#+&0,&!.%'%!&#!N#5%!!!jV+##+&!W-##&<!
0-/! ##&D%! &0! &#! .%/&-! (&! 04&/,'%/! D+(%/3! &#!
1-'%X20! (&#! J*+,-! <! #-/! #-K'-/=j! >&00+/! z+5L'-3! %4,-'! (&! Z4J! T%1&! k'%0(&/! %! #-/!
k'%0(&/!mVG%,!A%l&/!,G&!k'&%,!k'&%,n!
!
V+##+&! W-##&<! &/! 40! 1-0B&'&01+/,%! .-#+B%1J,+1-! F4&! 1-5L+0%! /4! ,'%L%R-! 1-5-!
5-,+D%(-'3! 1%0,%0,&! <! &/1'+,-'! (&! D%'+-/! #+L'-/! (&! #-/! 56/! D&0(+(-/! &0! "/,%(-/!
C0+(-/=! "0! 7[[[3! B4&! ##%5%(-! .-'! $-%,5%/,&'! Y0,&'0%,+-0%#U! o===40-! (&! #-/! 1+01-!
5&R-'&/! 1-0B&'&01+/,%/! (&#! 540(-p! &0,'&! -,'-/3! F4&! +01#4<&0! %! M-#+0! Q-c&##3!
S-'5%0!@1Gc%',X-BB3!S&#/-0!A%0(&#%3!A%'K%'&,!$G%,1G&'!<!;&/!H'-c0=!"/!%4,-'!(&!
(-/! (&! #-/! #+L'-/! 56/! D&0(+(-/! +0,&'0%1+-0%#5&0,&U! Y,! ?0#<! $%l&/! N! A+04,&! $-!
MG%0K&!g-4'!;+B&!m@2#-!,-5%!40!5+04,-!1%5L+%'!,4!D+(%n!<!N!@&,L%1l!Y/!N!@&,4.!E-'!
N! M-5&L%1l3! m"#! O&,-U$-(%! 1%P(%! 0-/! .'&.%'%! .%'%! 40%! D+1,-'+%! %I0! 5%<-'n=! "/!
,%5L+J0!1-i%4,-'!(&!k-!A%(&!N!>+B&'&01&!mq%<%!<!G%K%!#%!(+B&'&01+%n=!@4/!#+L'-/!G%0!
/+(-!,'%(41+(-/!%!56/!(&!-1G-!+(+-5%/=!!
!
!