!!"#!!"!!!"!"#$%!!"#"$%!!

"#$%&'()&!*+!,('&,(-.!/!+0'(1#!*+!1&!2&,31'&*!
*+!2(1#0#45&6!7+'$&0!/!8(+.,(&0!*+!1&!9*3,&,(-.!

!!"#$%"&$'($%'!!"#$%&!!""#$!"!!"#$%&!!"#$!
!!"#$%&'!
!
%#()*$+&&%,#!----------------------------------!!!.!
!
/*)01(*!$'!&%(1&%,#!------------------------------2!!!3!
&%(1!('4(+15!&*)(1!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
6789:;<=!>;?7@9@!:;!:A!8=;B:;9<=!
6789:;<=!>;?7@9@!:;!:A!7CB=D!
6789:;<=!>;?7@9@!:;!:A!7E=!!
&%(1!('4(+15!51)F1!----2----22------------------22!!!!G!!!!!!!
H1)I/)1J%J!!
&%(1!$'!+#1!&%(1!!
&%(1!$'!+#!/)1F0'#(*!K+'!&*0%'#L1!'#!+#1!HIF%#1!M!(')0%#1!'#!*()1!-!!N!
&%(1!K+'!*0%('!H1)('!$'5!('4(*!*)%F%#15!
&%(1!'#!51!K+'!J'!1F)'F1!%#/*)01&%,#!1O'#1!15!('4(*!
&%(1!$'!P1)%*J!/)1F0'#(*J!$'!+#!0%J0*!('4(*!
&%(1!$'!*Q)1J!$'!+#!0%J0*!1+(*)!H+Q5%&1$1J!'#!'5!0%J0*!1R*!-----2!!S!
&%(1!$'!01(')%15!5'F15T!&*)H*)1(%P*!*!F+Q')#10'#(15!
&%(1!$'!1+(*)!1#,#%0*!
U&,0*!61&')!+#1!5%J(1!$'!)'/')'#&%1J!Q%Q5%*F)I/%&1JV!---------2!!W!
&*#J%$')1&%*#'J!QIJ%&1J!
(%H*J!$'!)'/')'#&%1J!0IJ!61Q%(+15'J!---------------2!!X!
!
5%#'10%'#(*J!$'!'J(%5*!------------------------------!..!
&*#J%$')1&%*#'J!/*)015'J!H1)1!5*J!('4(*J!
'J()+&(+)1!$'!H)'J'#(1&%,#!
&+'J(%*#'J!*)(*(%H*F)I/%&1J!
U&CY;<=!CB9A9Z7D!A7!8CD@9[7!<:;BD=!<:!C;!B:\B=V!
U&CY;<=!CB9A9Z7D!A7@!8=]9AA7@!<=^A:@!<:;BD=!<:!C;!B:\B=V!--22!._!
U&CY;<=!CB9A9Z7D!=!;=!A7!]7`a@8CA7V!
!
Q%Q5%*F)1/"1!-----------------------------------2!.G!
!

!
1

[
!!!"#$%&''()! 2?@ABC?!D9!
7&0!$+4+$+.,(&0!Q(Q1(#K$S4(,&0!/!1#0!1(.+&%(+.'#0!*+!+0'(1#!0#.!
3.!+1+%+.'#!43.*&%+.'&1!L&$&!,3&1X3(+$!'$&Q&W#!&,&*N%(,#P! 8ECB8EF"!G!
91! L$#L-0('#! *+! +0'+! %&.3&1! +0! #4$+,+$! &1K3.&0! *($+,'$(,+0!
L&$&! 1&! +1&Q#$&,(-.! *+! ,('&0! /! $+4+$+.,(&0! Q(Q1(#K$S4(,&06! &05! 9>CE7?!D9!7B!
,#%#! L&$&! 1&! L$+0+.'&,(-.! 4#$%&1! *+! ,3&1X3(+$! '+M'#!
3.()+$0('&$(#P! 2B8<7CBD!
7&! 2&,31'&*! *+! 2(1#0#45&6!
:;<=!9>!97!2?@ABC?!D9!8ECB8EF"!!!!!!!!!!!!!!!!! 7+'$&0! /! 8(+.,(&0! *+! 1&!
9*3,&,(-.!J&!+0,#K(*#!+1!
G!9>CE7?!BHBI! 4#$%&'#! *+! ,('&,(-.! BHB!
91! 4#$%&'#! *+! ,('&,(-.! /! *+! +0'(1#! BHB! UB0#,(&,(-.! L#$! 03! &%L1(&! +M'+.0(-.!
90'&*#3.(*+.0+! *+! H0(,#1#K5&V! +0'&Q1+,+! 1#0! +0'S.*&$+0! +.! +.! +1! %3.*#! &,&*N%(,#!
,3&.'#! &! 1&0! ,('&0! /! $+4+$+.,(&0! *+! 3.! '$&Q&W#! +0,$('#6! &05! ,#%#! *+!1&0!8(+.,(&0!>#,(&1+0!/!
1#0! 1(.+&%(+.'#0! K+.+$&1+0! $+4+$+.'+0! &1! 4#$%&'#! *+! 1&0! O3%&.(*&*+0P! >(.!
L$+0+.'&,(-.!*+!3.!'+M'#!&,&*N%(,#P!! +%Q&$K#6! /! '#%&.*#! +.!
,#.0(*+$&,(-.! '+M'#0!
,#%#!+1!%&.3&1!*+!+0'(1#!
:;<=!9>!<"B!8ECBI! *+1! *+L&$'&%+.'#! *+!
L3Q1(,&,(#.+0! *+! 1&!
90! 1&! $+L$#*3,,(-.! *+1! 4$&K%+.'#! *+! 3.&! +ML$+0(-.! J3%&.&6!
$+0L+'&.*#! 03! 4#$%31&,(-.! #$(K(.&1! U0+! *(4+$+.,(&! *+! 1&! <8>R! /! 1&0! #Q$&0! *+!
L&$S4$&0(0! +.! X3+! +0'&! Y1'(%&! 0+! +.,&$K&! *+! $++0,$(Q($! *(,J#! $+4+$+.,(&!%S0!$+,(+.'+0!
*+! 1&! @+&1! B,&*+%(&!
UNA
4$&K%+.'#!INDICACIÓN DE(.0+$'&$1#!
,#.! #'$&0! L&1&Q$&0V6! L&$&! UNA+.! +1! L$#L(#! 90L&T#1&6! 1&! 2&,31'&*! J&!
*(0,3$0#!,#.!+1!#QW+'()#!*+Z!
REFERENCIA RELEVANTE ,#.0(*+$&*#! .+,+0&$(#!
&V!@+4#$[&$!#!&,1&$&$!3.&!(*+&! *+4(.($! 030! L$#L(#0! 1#0!
EN QV!B$K3%+.'&$!#!$+4+$($!&!1&0!43+.'+0!+.!1&0!X3+!0+!!!!!
EL TEXTO. 1(.+&%(+.'#0! *+! +0'(1#!
43.*&%+.'&!+1!'$&Q&W#! ,#.! +1! 4(.! *+! &*+,3&$1#0!
,V!E.(,(&$!3.&!$+41+M(-.!#!3.!&.S1(0(0! &! 1&0! .+,+0(*&*+0!
*V!D&$!3.&!*+4(.(,(-.!#!3.&!(*+&!+0+.,(&1!L&$&!+1!'+M'#P! L$#L(&0! *+! 1#0! '+M'#0!
3.()+$0('&$(#0! *+! 1&!
:;<=!>9!8ECBI! <8>RP!

&V 7&0!(*+&06!#L(.(#.+0!#!'+#$5&0!*+!#'$&!L+$0#.&!
QV 83&1X3(+$!*&'#6!+0'&*50'(,&6!K$S4(,&6!(%&K+.!+!
(.4#$%&,(-.!!
,V 83&1X3(+$!$+4+$+.,(&!&!1&0!L&1&Q$&0!*+!#'$&!L+$0#.&!
*V 91!L&$&4$&0+#!*+!1&0!L&1&Q$&0!*+!#'$&!L+$0#.&P!
1
 :;<=!9>!<"B!@929@9"8EB!\E\7E?R@]2E8BI!
<.&!$+4+$+.,(&!Q(Q1(#K$S4(,&!+0!+1!,#.W3.'#!*+!+1+%+.'#0!1#!034(,(+.'+%+.'+!*+'&11&*#0!
,#%#!L&$&!(*+.'(4(,&$!1&!43+.'+!*+!*#.*+!0+!J&!+M'$&5*#!1&!(.4#$%&,(-.P!

7&0! $+4+$+.,(&0! 0+! +0'$3,'3$&.! L#$! +1+%+.'#0! +0+.,(&1+0! /! ,#%L1+%+.'&$(#0P! 7#0!

+0+.,(&1+0! 0#.! &X3+11#0! 0(.! 1#0! ,3&1+0! .#! 0+! L#*$5&! (*+.'(4(,&$! 3.! *#,3%+.'#6! ,#%#!
&3'#$6! '5'31#6! +*('#$(&16! 13K&$! /! 4+,J&! *+! L3Q1(,&,(-.P! 7#0! +1+%+.'#0! ,#%L1+%+.'&$(#0!
0#.! *&'#0! Y'(1+0! X3+! 0+! &K$+K&.! &! 1#0! +0+.,(&1+06! ,#%#! L#$! +W+%L1#! .Y%+$#0! *+!
LSK(.&06!.#%Q$+!*+1!'$&*3,'#$6!L$#1#K3(0'&6!,#1+,,(-.!#!0+$(+6!.Y%+$#!*+!'#%#06!+',P!

:;<=!>?"!7?>!7E"9BAE9"C?>!D9!9>CE7?I!
7#0!1(.+&%(+.'#0!*+!+0'(1#!$+0L#.*+.!&1!4#$%&'#!*+!L$+0+.'&,(-.!*+!3.!'+M'#P!E.*(,&.!
+1+%+.'#0! ,1&)+! ,#%#! '(L#! /! '&%&T#! *+! 1+'$&6! +0L&,(&*#6! %&$K+.6! +',P! 91!
+0'&Q1+,(%(+.'#! *+! ,$('+$(#0! ! /! .#$%&0! L&$&! 1&! L$+0+.'&,(-.! *+! '$&Q&W#0! '(+.+! ,#%#!
L$#L-0('#! L$(.,(L&1! J&,+$! %S0! ,1&$&! 1&! ,#%3.(,&,(-.! /! +)('&$! 3.&! )&$(+*&*! *+! +0'(1#0!
X3+!*(0'$&(K&.!*+!1&!1+,'3$&!*+1!'+M'#P!

:9^E>C9"!?C@?>!A?D97?>!D9!8ECB8EF"!G!D9!9>CE7?!!!!!!!!!!
BHB@C9!D97!BHBI!
>56!1#0!%S0!$+1+)&.'+06!&*+%S0!*+1!BHB6!0#.Z!

_ A7BP!<'(1([&*#!43.*&%+.'&1%+.'+!L#$!1&0!S$+&0!*+!O3%&.(*&*+06!+0L+,(&1%+.'+!
7+.K3&!/!7('+$&'3$&P!!
_ 8OE8BR?P! >+! 30&! L$(.,(L&1%+.'+! +.! 1&0! S$+&0! *+! O(0'#$(&6! B$'+6! 7('+$&'3$&! /!
8(+.,(&0!>#,(&1+0P!
_ `B"8?<`9@P!90!30&*#!L#$!1&0!L$(.,(L&1+0!$+)(0'&0!*+!A+*(,(.&P!
_ OB@`B@DP!90!3.!+0'(1#!K+.N$(,#!X3+!3'(1([&.!#'$#0!%&.3&1+0!*+!+0'(1#6!+.!+1!X3+!
1&! ,('&! '(+.+! 4#$%&'#! *+! &3'#$! /! 4+,J&! /! 1&0! $+4+$+.,(&0! Q(Q1(#K$S4(,&0! '(+.+.!
4#$%&'#!*+!1(0'&*#!#$*+.&*&0!L#$!&3'#$!/!L#$!&T#!*+!L3Q1(,&,(-.P!

8#L(&$! %&'+$(&1! *+! 3.! &3'#$! 0(.! ,('&$! 03!

'('31&$(*&*! /! L$#,+*+.,(&6! #! Q(+.!
L&$&4$&0+&$! &! 3.! &3'#$! 0(.! $+K(0'$&$! +1!
#$(K+.!*+!+0&!(*+&!!"#$%&%'()*+,-.&"P!
2
 ! !"#$%!&'(&)*%$)*+, !

8ECB!C9^C<B7!8?@CB
:8 !
FA?!8ECB@!D9"C@?!D97!C9^C? I!
>(!+1!.Y%+$#!*+!L&1&Q$&0!X3+!,#.4#$%&.!+1!'+M'#!&!(.,#$L#$&$!+0!%+.#$!&!ab6!0+!'$&'&!
*+!3.&!,('&!'+M'3&1!,#$'&!/!0+!(.0+$'&!+.'$+!,#%(11&0!*#Q1+0P!90'&!'(L#1#K5&!L$+0+.'&!'$+0!
4#$%&0!*+!L$+0+.'&,(-.!L#0(Q1+0Z!

_ O&,(+.*#!N.4&0(0!+.!+1!,#.'+.(*#!
9WPZ! H+$#! *+0L3N0! 0+T&1&! 3.&! $+0L#.0&Q(1(*&*! *+! &L&$+.'+! *(0#13,(-.Z!
c:;3N!+0!3.&!)5,'(%&!0(.!)(,'(%&$(#I!<.!&,'#!0(.!&K+.'+6!3.!J+,J#!X3+!
.&*(+! J&! J+,J#6! 1&! ,#.430(-.! *+! .#! L#*+$! ,#%L1+'&$! 3.&! J(0'#$(&d!
U8&L&$$-06!ebfg6!LP!hgiVP!
!
_ O&,(+.*#!N.4&0(0!+.!+1!&3'#$!
9WPZ! 8&L&$$-0! UebfgV! &4($%&! X3+! c+0! 3.! &,'#! 0(.! &K+.'+6! 3.! J+,J#! X3+!
.&*(+! J&! J+,J#6! 1&! ,#.430(-.! *+! .#! L#*+$! ,#%L1+'&$! 3.&! J(0'#$(&d! ULP!
hgiVP!
!
_ O&,(+.*#!N.4&0(0!+.!+1!&T#!
9WPZ! 9.! ebfg6! 8&L&$$-0! &4($%-! X3+! c*3$&.'+! '#*#! &X3+1! &T#! ebbj! /&!
J&Q5&!J&Q(*#!$3%#$+06!0#0L+,J&06!'$#,('#0!*+!,+$'+[&0d!ULP!geeVP!

!
!/0123* 45* 64763* 0* 8960:* 4;* 3<:0* 24* 23;* 0/63:4;! +0!
.+,+0&$(#! (.*(,&$! +0'&! ,($,3.0'&.,(&P! 9WPZ! UD+1+3[+! /!
R3&''&$(6! fkie6! LP! ehVP! )1* 45* 80;3* 24* 64763;* 24* 6:4;* 3*
=>;* 0/63:4;6! 0+! 0+T&1&.! '#*#0! 1&! L$(%+$&! )+[! X3+! 0+!
,('&Z! U7-L+[! R-%+[6! 8&Q$+$&! >3S$+[6! H+K3*#! >S.,J+[! /!
8$3[! 8&%&,J#6! ebff6! LP! fbkVP! H+$#! +.! 03,+0()&0!
$+4+$+.,(&06!0+!L$+0+.'&!0-1#!+1!L$(%+$#!&,#%L&T&*#!*+!
!"#$%&Z!U7-L+[!R-%+[!!"#$%&6!ebff6!LP!fglVP!!
!
3
8ECB!C9^C<B7!7B@RB!
>(!+1!.Y%+$#!*+!L&1&Q$&0!X3+!,#.4#$%&.!+1!'+M'#!&!,('&$!+0!(K3&1!#!%&/#$!&!ab6!0+!'$&'&!
*+! 3.&! ,('&! '+M'3&1! 1&$K&P! B1! (K3&1! X3+! ,#.! 1&0! ,('&0! '+M'3&1+0! ,#$'&06! +0! L#0(Q1+!
L$+0+.'&$1&!L$()(1+K(&.*#6!+.!)+[!*+!03!,#.'+.(*#6!03!&3'#$!#!03!&T#P!9.!,3&1X3(+$&!*+!
1#0! '$+0! ,&0#06! +0'&! *+Q+! ,#%+.[&$! +.! #'$&! 15.+&! /! L$+0+.'&$0+! ,#%#! 3.! Q1#X3+! *+!
'+M'#!(.*+L+.*(+.'+6!&!+0L&,(#!0+.,(11#6!0(.!,#%(11&0!*#Q1+0!/!,#.!3.&!0&.K$5&P!

9WPZ! G! *+! .3+)#! +1! L3.'#! *+! $+4+$+.,(&! +0+.,(&16! 03! (*+&! *+! 1&! )+$0(-.!
,#.*+.0&*&Z!

<.#! +.,3+.'$&! 1&! %(0%&! %+[,1&6! 1&! %(0%&! ,#.,#$*&.,(&! /! &%L1('3*!

4#$%&1!+.!1&!'()*+,-./!*+!A&.0(11&6!+.!+1!0-1+2#!("+$32!*+!>(,&$*(6!+.!+1!
4*,!2! *+! A&,+*#.(#6! +.! 02,# ,-!"!# %2)2,6! +.! +1! 5+26!,2+# 0$/72+89! *+!
8&.,+1&6! +.! :7;/# <*!/2,$9+!,6! +.! =$9*!%$! /! L#$! 03L3+0'#! +.! 1#0!
,3+.'#0! *+! \#$K+06! X3+! 0#.! ,#%#! )+$0(#.+0! %(,$#0,-L(,&0! *+! +0#0!
K$&.*+0!1(Q$#0P!UH(K1(&6!ebbl6!LP!jhV!

#360Z!+0'+!'(L#!*+!,('&!'(+.+!3.&!L&$'(,31&$(*&*Z!+1!L3.'#!4(.&1!0+!L$+0+.'&!&.'+0!*+!1&!
$+4+$+.,(&! *+! &3'#$6! &T#! /! LSK(.&P! 9.! +1! ,&0#! *+! 1&! ,('&! '+M'3&1! ,#$'&6! +1! L3.'#! *+Q+!
3Q(,&$0+!*+0L3N0!*+!*(,J&!$+4+$+.,(&P!

HB@]2@B>E>
!
!
!
>(! 0+! J&,+! $+4+$+.,(&! &! 3.&! (*+&! $++0,$('&! m+0! *+,($6! '#%&*&! *+! #'$#! *#,3%+.'#! L+$#!
+1&Q#$&*&!,#.!#'$&0!L&1&Q$&0m6!+0'&!.#!0+!+.'$+,#%(11&6!L+$#!05!0+!0+T&1&!03!#$(K+.P!

9WPZ!H&$&!1#0!K$(+K#0!+1!L1&,+$!0+M3&16!$+1&,(#.&*#!,#.!1&!$>?+27-,-$6!.#!+$&!&1K#!
(.'$5.0+,&%+.'+! .+K&'()#P! >(.! +%Q&$K#6! 03! +M,+0#! *+%#0'$&Q&! +1! ,&$S,'+$!
(.'+%L+$&.'+!*+!1#0!J#%Q$+0!U2#3,&31'6!fkkk6!LPaiVP!

!
8 ECB!D9!<"B!8ECB
! !
!
>(! 0+! X3(+$+! ,('&$! 3.! '+M'#! *+1! X3+! .#! J+%#0! %&.+W&*#! 1&! 43+.'+! #$(K(.&16! 0(.#! 1&! ,('&!
$+&1([&*&!L#$!#'$#!&3'#$6!+0'#!*+Q+!0+T&1&$0+!*+!1&!0(K3(+.'+!%&.+$&Z!

9WPZ! c<.&! L#+05&! .3+)&! 0+! J&! #L3+0'#! .#! 0#1&%+.'+! .(! 0#Q$+! '#*#! &1! H&$.&0#6!
0(.#!&!'#*#!+1!Q1#X3+!*+!1&!L#+05&!4$&.,+0&6!*+0*+!@#.0&$*!&!O3K#d!UCJ(+Q&3*+'6!
,('&*#!L#$!2+$.S.*+[!A#$+.#6!fkle6!LP!gfVP!

!
4
8ECB!D9!<"!2@BRA9"C?!;<9!8?AE9"nB!9"!<"B!H]RE"B!G!
C9@AE"B!9"!?C@B!
83&.*#!+1!'+M'#!&!,('&$!,#%(+.[&!+.!3.&!LSK(.&!L+$#!'+$%(.&!+.!#'$&6!+0'#!0+!0+T&1&!
,#.!cLLPdP!

9WPZ! coL&$&! &0+K3$&$.#0! *+! X3+! 0(K3+.! &1156! *+! X3+! .#0! 0(K3+.! *(,(+.*#! 1#!
%(0%#!X3+!.#0!*(W+$#.!,3&.*#!1&0!1+5%#0d!U2$+0S.6!ebbk6!LLP!ka_kgVP!

#360Z!,3&.*#!+1!,#%(+.[#!*+!3.&!#$&,(-.!+0!#%('(*#!+.!1&!,('&6!+0!.+,+0&$(#!
&K$+K&$!L3.'#0!030L+.0()#0!L&$&!(.*(,&$!+0'&!#%(0(-.P!

!
8ECB!;<9!?AEC9!HB@C9!D97!C9^C?!?@ERE"B7!
!
83&.*#! +.! 3.&! ,('&! 0+! #%('+! L&$'+! *+1! '+M'#! #$(K(.&16! +0'&! #%(0(-.! *+Q+! (.*(,&$0+!
! 3'(1([&.*#!+1!05%Q#1#!cUoVdP!

9WPZ! co+0! 3.&! *+! +0&0! 1(Q$+$5&0! UoV! X3+! J&.! L$#1(4+$&*#! L#$! '#*&0! L&$'+0d!
U8&$$(-.6!ebfh6!LP!hiVP!

!
8ECB!9"!7B!;<9!>9!BR@9RB!E"2?@AB8EF"!Bp9"B!B7!C9^C?!
!
83&.*#!+.!3.&!,('&!0+!&K$+K&!3.&!(.4#$%&,(-.!&W+.&!&1!'+M'#!#$(K(.&16!+0'+!&T&*(*#!
*+Q+!(.*(,&$0+!3'(1([&.*#!,#$,J+'+0P!!

9WPZ! c90'S! *()(*(*#! q0+! $+4(+$+! &1! L$#'&K#.(0'&! *+! @-+"9# A$(!,r! +.'$+! 1&!
&'$&,,(-.!/!+1!$+,+1#d!U7#*K+6!ebff6!LP!gfVP!

!
8ECB!D9!`B@E?>!2@BRA9"C?>!D9!<"!AE>A?!C9^C?!
>(! +M(0'+.! )&$(&0! ,('&0! &! 1&! #Q$&! *+! 3.! %(0%#! &3'#$! /! &T#! m/! Y.(,&%+.'+! ,&%Q(&! 1&!
LSK(.&! +.! 1&! X3+! +0#0! '+M'#0! 0+! +.,3+.'$&.m! .#! +0! .+,+0&$(#! $+4+$+.,(&$! +.! '#*&0!
&3'#$6! &T#! /! LSK(.&P! \&0'&! ,#.! J&,+$1#! +.! 1&! L$(%+$&6! /! +.! 1&0! 03,+0()&0! (.*(,&$!
Y.(,&%+.'+!cULP!ekjVd6!cULP!hfhVd6!+',P!

9WPZ! >#Q$+! 03! L$#,+0#! *+! 0+1+,,(-.! *(,+! 0+$! c,#.0,(+.'+! *+! 1#0! $(+0K#0! X3+!
,#%L#$'&! 3.&! L+$0L+,'()&! *+! +0'&! ,1&0+d! UR&$,5&! 7#$+.[#6! ebfe6! LP! iVP!
8(+$'&%+.'+6! 1&0! &.'#1#K5&0! /! $+,#L(1&,(#.+0! *+! L#+05&0! 03+1+.! K+.+$&$! +1!
+.4&*#! *+! &X3+11#0! X3+! .#! 0#.! (.,13(*#0s! L#$! +0#! 0+T&1&6! ,#.! 1&! *+Q(*&!
J#.+0'(*&*! (.'+1+,'3&16! X3+! 0#1#! 1+! (.'+$+0&! c#4$+,+$! 3.! 0#.*+#! *+1! +0'&*#!
*+!1&!15$(,&d!ULP!jVP!
5

!
 8ECB!D9!?\@B>!D9!<"!AE>A?!B<C?@!H<\7E8BDB>!9"!97!
AE>A?!Bt?!
9.! +1! ,&0#! *+! $+4+$($! )&$(&0! #Q$&0! *+! 3.! &3'#$! X3+! 43+$#.! L3Q1(,&*&0! +.! +1! %(0%#! &T#6!
*+Q+.! *(4+$+.,(&$0+! m'&.'#! +.! 1&! $+4+$+.,(&! '+M'3&1! ,#%#! +.! 1&! Q(Q1(#K$&45&m!
&,#%L&T&.*#!+1!&T#!,#.!3.&!1+'$&!+.!%(.Y0,31&P!!

9WPZ!U7+)$+$#6!ebfe&6!LP!jlV6!U7+)$+$#6!ebfeQ6!LP!haV6!+',P!

$9* 45* 64763* 0* :4?4:41890:* 83169414* /1* 4::3:!mL$+'+.*(*#!#!

&,,(*+.'&1m6! *+Q+! 0+T&1&$0+! X3+! +0'+! .#! .#0! ,#$$+0L#.*+!
+0,$(Q(+.*#! q,-)rP! 9WPZ! B/C%2+-2*,# <$,"!+7,! q,-)r6! *+! ;3+.'(.!
C&$&.'(.#P!

8ECB!D9!ABC9@EB7!79RB76!8?@H?@BCE`?!?!R<\9@"BA9"CB7!
7#0!'+M'#0!*+!+0'+!'(L#!0+!,('&.!0(.!&3'#$6!'#%&.*#!Y.(,&%+.'+!+.!,3+.'&!03!'5'31#!/!03!
&T#P!

9WPZ!91!5%$/#D$)-2/$%#7!%#<*!/#E-F-+!UebfhV!0+T&1&6!+.!03!,&L5'31#!c2#$'&1+,+$!1&0!
,&L&,(*&*+0! /! L#'+.,(&1(*&*+0! *+! 1&! ,(3*&*&.5&d6! X3+! 0+! *+Q+! 4#%+.'&$! 1&!
K+.+$&,(-.!*+!,#.#,(%(+.'#!&!'$&)N0!*+!1&!(.)+0'(K&,(-.P!

8ECB!D9!B<C?@!B"F"EA?!
H$(%+$&!L#0(Q(1(*&*Z!30&.*#!cB.-.(%#d!

9WPZ!91!0&,$(4(,(#!,#%#!3.&!+M,30&!+0'#(,&!.#!+0!+M,130()#!*+!1&!,31'3$&!#,,(*+.'&1P!
H#$!+W+%L1#6!>,J+$+[&*&!+.!0$,!8-%#9#*/$#/2)?!,!0+.'+.,(-Z!cu7&0!L+.&0!J&,+.!
%S0!J+$%#0&!&Y.!1&!K1#$(&!X3+!0+!&*X3(+$+vd!UB.-.(%#6!0P4P6!LP!fahVP!

>+K3.*&!L#0(Q(1(*&*Z!30&.*#!+1!'5'31#!*+!1&!L3Q1(,&,(-.!

9WPZ! cB05! 43+! 1&! ,$+&,(-.! *+! 1&! '(+$$&6! ,3&.*#! 43+! 4#$%&*&! L#$! +1! 8#$&[-.! *+1!
8(+1#6! +1! 8#$&[-.! *+! 1&! C(+$$&6! X3+! &05! 0#.! 11&%&*#0! 1#0! X3+! L$(%+$#! 1&!
4+,3.*&$#.6!,3&.*#!+1!,(+1#!+0'&Q&!+.!030L+.0#!/!1&!'(+$$&!0+!J&11&Q&!03%+$K(*&!
*+.'$#!*+1!&K3&d!U52>2%#E*?6!fkke6!LP!aVP!
6
 :8FA?!OB89@!<"B!7E>CB!D9!@929@9"8EB>!
\E\7E?R@]2E8B>I!
C#*#0! 1#0! '+M'#0! *+! *#.*+! 0+! +M'$&W+$#.! 1&0! ,('&0! (.,13(*&0! +.! +1! '$&Q&W#! *+Q+.! +0'&$!
1(0'&*#0!&1!4(.&1!,#%#!\E\7E?R@B2xBP!D(,J#!1(0'&*#!'(+.+!3.&!+0'$3,'3$&!L$++0'&Q1+,(*&!L#$!
BHB! +.! 43.,(-.! *+1! 4#$%&'#! *+! 1&! #Q$&! $+4+$+.,(&*&Z! 1(Q$#6! &$'5,31#6! $+)(0'&6! Q1#K6!
+.'$+)(0'&!+.!L$+.0&6!$&*(&1!#!'+1+)(0()&6!*#,3%+.'&16!+',P!

8?">ED9@B8E?"9>!\]>E8B>!
&V ?$*+.&!'30!$+4+$+.,(&0!&14&QN'(,&%+.'+!L#$!&3'#$P!>(!J&/!%S0!*+!3.&!$+4+$+.,(&!
,#.!+1!%(0%#!&3'#$6!0+!+0,$(Q($S!L$(%+$#!1&!#Q$&!%S0!&.'(K3&!U&K$+K&!1+'$&0!+.!
,&0#!*+!'+.+$!*#0!#Q$&0!*+1!%(0%#!&3'#$!+.!3.!%(0%#!&T#VP!
QV <Q(,&!1&!LSK(.&!*+!$+4+$+.,(&0!&1!4(.&1!*+1!'$&Q&W#6!0+L&$&*&!*+!1&!Y1'(%&!LSK(.&!
*+1!'+M'#P!
,V B! L&$'($! *+! 1&! 0+K3.*&! 15.+&6! &L1(,&! 3.&! 0&.K$5&! 4$&.,+0&! &! +0L&,(#! 0+.,(11#P! "#!
30+0!)(T+'&0!.(!+.3%+$&,(#.+0P!
*V "#! 30+0! &Q$+)(&'3$&0! .(! 0(K1&0! L&$&! 1#0! &3'#$+0! ,#$L#$&'()#0P! 9WPZ! A(.(0'+$(#! *+!
9*3,&,(-.!*+1!9,3&*#$#U+.!13K&$!*+!cA(.+*3,dVP!
+V A+.,(#.&!+1!.Y%+$#!*+!+*(,(-.!&!L&$'($!*+!1&!0+K3.*&!Uey!+*PV!+.!+1!,&0#!*+!3.!
1(Q$#!*+!,#.031'&P!
4V 90,$(Q+!0P4P!U0(.!4+,J&V!,3&.*#!+1!'+M'#!.#!(.*(X3+!+0+!*&'#P!
KV >3L$(%+! 1&! L&1&Q$&! !7-"2+-$%! 0(! +1! .#%Q$+! *+! 1&! ,&0&! +*('#$&! 1&! (.,13/+P! H#$!
+W+%L1#Z!7&!H$+.0&!U+.!13K&$!*+!c9*('#$(&1!7&!H$+.0&dVP!
JV 85T+'+! &1! #$*+.! /! L3.'3&,(-.! +0'&Q1+,(*#0! L&$&! ,&*&! 3.#! *+! 1#0! '(L#0! *+!
$+4+$+.,(&0P!
(V 90,$(Q+! +.! ,3$0()&! 1#0! '5'31#0! *+! 1&0! #Q$&0! X3+! L#$! 05! %(0%&0! ,#.4#$%+.! 3.!
)#13%+.P!
WV "#! L#.K&0! .(! +.! ,3$0()&! .(! +.'$+! ,#%(11&0! 1#0! '5'31#0! *+! 1#0! ,&L5'31#06! +.0&/#06!
&$'5,31#06!,3+.'#06!+',P!X3+!0+!+.,3+.'$+.!*+.'$#!*+!3.&!#Q$&P!
zV @+0L+'&!1&0!.#$%&0!*+!L3.'3&,(-.!+.!+1!(.'+$(#$!*+!,&*&!%#*+1#!*+!$+4+$+.,(&P!
D+0L3N0! *+! 3.! 0(K.#! *+! &*%($&,(-.! #! (.'+$$#K&,(-.! .#! 0+! +0,$(Q+! L3.'#! /!
0+K3(*#!&!L+0&$!*+!X3+!+1!4#$%&'#!1#!+M(W&P!

@4A9;0* 831* 246419=94163* 50* 83::4;B31241890* 416:4*

8960;* C* :4?4:41890;D! 90'+! +043+$[#! *+.#'&$S! #$*+.6!
$(K#$! /! $+0L+'#! L#$! 1&0! #Q$&0! ,('&*&0! m&*+%S0! *+!
$+0L+'#!L#$!'3!1+,'#$w&m!+.!'30!+0,$('#0!&,&*N%(,#0P#
7
CEH?>!D9!@929@9"8EB>!A]>!OB\EC<B79>!
* !
* !
7(Q$#!! BL+11(*#6!"P!UBT#VP!GH"*%2P!73K&$!*+!L3Q1(,&,(-.Z!9*('#$(&1P!
!
9WPZ!?.+''(6!pP!8P!UebbkVP!I*!/"2,#)28>%!"2,P!A&*$(*6!90L&T&Z!B14&K3&$&P!
!
* {{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{!
* !
! !
7(Q$#!+.*(.'+$.+'* BL+11(*#6!"P!UBT#VP!GH"*%2#7!%#%-1+2!q2#$%&'#!*(K('&1rP!@+,3L+$&*#!*+!<@7!
!
9WPZ!A#$(.6!9P!UfkkkVP#02,#,-!"!#,$1!+!,#/!)!,$+-2,#>$+$#%$#!7*)$)-./#7!%#
6*"*+2! qB$,J()#! HD2r&# @+,3L+$&*#! *+! J''LZww3.+0*#,P3.+0,#P!
#$Kw(%&K+0wbbffbbffiiwffiiab0#PL*4!!
!
{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{!
!
!
8&L5'31#!*+!1(Q$#!!!!!!!!!!!!!!!!!!!!!!!
BL+11(*#6!"P!UBT#VP!C5'31#!*+1!,&L5'31#P!!9.!GH"*%2#7!%#%-1+2#ULLP!MM_MMVP!73K&$!
*+!3.!0#1#!&3'#$! *+!L3Q1(,&,(-.Z!9*('#$(&1P!
!
9WPZ!R#.[S1+[!\+$'#1(.#6!DP!UebfaVP!CJ$++0#%+0P!9.!'%#-/)+!H1%!#J>+-/C!+!
ULLP!ii_fhjVP!A#.'+)(*+#Z!90'3&$(#P!
!
! {{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{!
! !
! !
BL+11(*#6!"P!UBT#VP!C5'31#!*+1!,&L5'31#P!9.!"P!BL+11(*#!U+*0PVf6!GH"*%2#7!%#%-1+2!
8&L5'31#!*+!1(Q$#!!!!!!!!!!!!!!!!!!!!!!
*+!)&$(#0!&3'#$+0! ULLP!MM_MMVP!73K&$!*+!L3Q1(,&,(-.Z!9*('#$(&1P!
!
9WPZ! R3Q&! 9K#.6! RP! UfkjhVP! 8$('+$(#0! *+! ,$+*(Q(1(*&*! +.! 1&! (.)+0'(K&,(-.!
.&'3$&1(0'&P! 9.! pP! R(%+.#! >&,$(0'S.! /! ]P! HN$+[! R-%+[! U+*0PV6! 0$#
!/,!3$/K$L#,*#"!2+H$#9#,*#>+;)"-)$!ULLP!faj_flgVP!A&*$(*Z!Bz&1P!
!
! {{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{!
! !
! !
B$'5,31#!,(+.'54(,#!!!!!!!!!!!!!!!!!!!
BL+11(*#6! "P! UBT#6! %+0VP! C5'31#! *+1! &$'5,31#P! GH"*%2# 7!# %$# +!F-,"$M#
+.!$+)(0'&!(%L$+0&! )#13%+.U.Y%+$#V6!LSK(.&0P!
!
9WPZ! O+$.S.*+[! @#%S.6! BP! /! A(11S.! `S[X3+[6! RP! UebfaVP! B.S1(0(0! *+! 1&!!
&/3*&! #4(,(&1! &1! *+0&$$#11#! (.'+$.&,(#.&1! +.! +*3,&,(-.! ebbe_
ebfeZ! *(0'$(Q3,(-.! 0+,'#$(&1! /! K+#K$S4(,&P! :%"!+/$"-F$,6! fgUeV6!
fff_fegP!

f
!BQ$+)(&'3$&!*+!c+*('#$+0dP!
8
 !

B$'5,31#!,(+.'54(,#! BL+11(*#6!"P!UBT#VP!C5'31#!*+1!&$'5,31#P!GH"*%2#7!#%$#+!F-,"$M#)#13%+.U.Y%+$#V6!
*(0L#.(Q1+!+.!(.'+$.+'! LSK(.&0P!@+,3L+$&*#!*+!<@7!
!
9WPZ! B.*$&*+! 8&1*+$-.6! AP! 8P! UebbkVP! 7&! +0,$('3$&! /! 1#0! 3.()+$0('&$(#0P!!
N/-F!+,-"$,# ?*8$/H,"-)$6! ljUljV6! ekj_habP! @+,3L+$&*#! *+!
J''LZww|||P0,(+1#P#$KP,#wL*4w3.(Jw.ljw.lj&flPL*4!
!
{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{!
!
!
B$'5,31#!+.!!!!!!!!!!!!!!!!!!!!!!!
BL+11(*#06!"P!UBT#6!%+0!/!*5&VP!C5'31#P!D281+!#7!%#>!+-.7-)26!LLP!MM_MMP!
L+$(-*(,#!(%L$+0#! !
9WPZ! RS.*&$&6! AP! Uebfg6! i! *+! %&/#VP! 91! L$+0(*+.'+! /! +1! +0'3*(&.'+P!!!!!!!!!!!!!!!!!!!!
'%#N/-F!+,26!LP!gbP!
!
{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{!
!
!
B$'5,31#!+.!!!!!!!!!!!!!!!!!!!!
BL+11(*#06! "P! UBT#6! *5&! *+! %+0VP! C5'31#P! D281+!# 7!%# >!+-.7-)2P! @+,3L+$&*#!
L+$(-*(,#!2/%-/!! *+!<@7!
!
9WPZ!}$3K%&.6!HP!Uebff6!fj!*+!0+L'(+%Q$+VP!7(Q$+0!L&$&!%#$($P!'%#5$H,P!!
@+,3L+$&*#! *+! J''LZww+1L&(0P,#%w*(&$(#webffwbkwfjw.+K#,(#w!
fhflhgbhag{jgbefgPJ'%1!!
!
{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{!
!
!
C+M'#!2/%-/!!*+!!!!!!!!!!!!!!!!!!!!
9.'(*&*!,$+&*#$&P!UBT#VP!GH"*%2P!D(0L#.(Q1+!+.!<@7!
&3'#$!,#$L#$&'()#!! !
9WPZ!8#.0+W#!*+!9*3,&,(-.!>3L+$(#$P!UebfhVP!=!C%$8!/"2#7!#+OC-8!/#
$)$7O8-)2P!D(0L#.(Q1+!+.!J''LZww|||P,+0PK#QP+,webfe_fb_ek_
bj_gf_egwebfe_fb_ek_bj_gf_gaI*#|.1#&*~geaZ$+K1&%+.'#_*+_
$+K(%+._&,&*+%(,#!!
!
{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{!
!
! !
C+0(0!.#!L3Q1(,&*&! BL+11(*#6!"P!UBT#VP!GH"*%2!UC+0(0!(.N*('&!*+!%&+0'$5&!#!*#,'#$&*#VP!"#%Q$+!
*+!1&!(.0'('3,(-.6!7#,&1([&,(-.P!
!
9WPZ!8&$L(#6!AP!UebblVP!=$7-2#9#F-7$#)2"-7-$/$L#*,2,#9#,!/"-72,#!/#!%#
;81-"2#728O,"-)2!UC+0(0!(.N*('&!*+!%&+0'$5&VP!<.()+$0(*&*!
B.*(.&!>(%-.!\#15)&$6!;3('#P!
9
 ! !
! !
@+,3$0#!&3*(#)(03&1! BL+11(*#!*+1!*($+,'#$6!"P!UD($+,'#$VP!UBT#VP!GH"*%2#7!#%$#>+27*))-./#qL+15,31&6!
*#,3%+.'&16!,#$'#%+'$&W+6!+',PrP!H&50Z!90'3*(#P!
!
9WPZ!8&)&.(6!7P!UD($+,'#$&VP!UfkiaVP!'%#>2+"!+2#7!#/2)?!!qL+15,31&rP!E'&1(&Z!
7#'&$!2(1%!H$#*3,'(#.0P!
!
#360P!H&$&!+1!,&0#!*+!,&L5'31#0!*+!L$#K$&%&0!+%('(*#0!+.!'+1+)(0(-.!#!$&*(#6!
0+!3'(1([&!+1!%(0%#!4#$%&'#!X3+!L&$&!$+4+$+.,(&$!+1!,&L5'31#!*+!3.!1(Q$#6!
L+$#!(.,13/+.*#!&1!K3(#.(0'&!/!*($+,'#$!+.!1&!L#0(,(-.!*+!&3'#$+06!/!&1!
L$#*3,'#$!+.!1&!L#0(,(-.!*+!+*('#$P!
!
{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{!
!
!
`(*+#!+.!(.'+$.+'! BL+11(*#!*+1!&3'#$6!"P!U23.,(-.!+.!1&!$+&1([&,(-.VP!UBT#VP!GH"*%2P!D(0L#.(Q1+!
+.!<@7!
!
9WPZ!E'3$$&1*+6!9P6!7##$6!BP!UL$#*3,'#$+0!/!*($+,'#$+0VP!UebbkVP!P*$9$Q*-%#
-/62+8$%P!D(0L#.(Q1+!+.!J''L0Zww|||P/#3'3Q+P,#%w|&',JI)~!
0$#4)e9j$iA!
!

10
 ! !"#$%!#"&'()*#)#(&!+! !

8?">ED9@B8E?"9>!2?@AB79>!HB@B!7?>!C9^C?>!
9>C@<8C<@B!D9!H@9>9"CB8EF"!
C30!'+M'#0!*+Q+$S.!&W30'&$0+!&1!4#$%&'#!0(K3(+.'+Z!!

_ 43+.'+!C(%+0!"+|!@#%&.!#!B$(&16!'&%&T#!fe!
_ %S$K+.+0!*+!e6g!,%P!
_ +0L&,(#!(.'+$1(.+&1!*+!f6g!L3.'#0!/!
_ '+M'#!W30'(4(,&*#P!

91!'5'31#!*+1!'$&Q&W#!*+Q+!L$+0+.'&$0+!,+.'$&*#!/!+.!.+K$('&P!

!
8<9>CE?"9>!?@C?CEH?R@]2E8B>
! !
9.! 1&! $+*&,,(-.! *+! 3.! '+M'#6! +1+%+.'#0! ,#%#! 1&! ,3$0()&6! 1&0! ,#%(11&0! *#Q1+0! #! 1&!
%&/Y0,31&!.#!0+!&L1(,&.!&[&$#0&%+.'+P!BX35!'(+.+0!1#0!,&0#0!+.!X3+!*+Q+$S0!30&$1&0Z!

:83S.*#!3'(1([&$!1&!,3$0()&!*+.'$#!*+!3.!'+M'#I!

_ H&$&!%+.,(#.&$!+1!.#%Q$+!*+!3.!1(Q$#6!3.&!$+)(0'&6!3.!L+$(-*(,#6!3.!Q1#K6!3.&!
L+15,31&!#!3.&!L(.'3$&P!
!
9WPZ!02,#?!+8$/2,#R$+$8$K2F!*+!D#0'#(+)0z(P!
!
_ H&$&! (.,13($! 'N$%(.#0! +M'$&.W+$#0! m.#! L+$'+.+,(+.'+0! &1! $+L+$'#$(#! 1NM(,#!
+0L&T#1! 0(.#! L$#L(#0! *+1! (.K1N0! #! *+! ,3&1X3(+$! #'$&! 1+.K3&m! #! K$3L#0! *+!
L&1&Q$&0!+M'$&.W+$&0P!
!
9WPZ! 90! 3.! J+,J#! X3+! 1&0! $+)(0'&0! 2/%-/!! '(+.+.! %S0! &1,&.,+! X3+! 1&0!
(%L$+0&0P!
!
_ H&$&! $+0&1'&$! 3.&! L&1&Q$&! #! ,#.W3.'#! *+! L&1&Q$&0! 0#Q$+! 1&! X3+! 0+! .+,+0('+!
J&,+$!3.!+0L+,(&1!N.4&0(0P!
!
11
 9WPZ!91!*($+,'#$!(.0(0'(-!+.!X3+!+0!*+!)('&1!(%L#$'&.,(&!X3+!'$&(K&.!"272,!1#0!
*#,3%+.'#0P!

9WPZ!7&!L&1&Q$&!2+/-"2++-/)2!L$#,+*+6!+'(%#1-K(,&%+.'+6!*+!1&!430(-.!*+!1&0!
L&1&Q$&0!>;S$+2!/!>-)2P!

:83S.*#!3'(1([&$!1&0!,#%(11&0!*#Q1+0!*+.'$#!*+!3.!'+M'#I!

_ H&$&!%+.,(#.&$!+1!'5'31#!*+!3.&!#Q$&!X3+!.#!,#.4#$%&!)#13%+.!L#$!05!%(0%&6!
0(.#! X3+! 62+8$# >$+"!! *+! #'$&! %&/#$P! 90! *+,($Z! 3.! &$'5,31#! X3+! J&! 0(*#!
L3Q1(,&*#! +.! 3.&! $+)(0'&6! 3.! ,&L5'31#! *+! 3.! 1(Q$#6! 3.! ,3+.'#! (.,13(*#! +.! 3.!
1(Q$#! *+! ,3+.'#06! 3.! $+L#$'&W+! L3Q1(,&*#! +.! 3.! L+$(-*(,#6! 3.! L#+%&6! 3.&!
,&.,(-.6!+',P!!
!
9WPZ! D+! '%# :%!>?6! c7&! ,&0&! *+! B0'+$(-.d! +0! +1! $+1&'#! X3+! %S0! ,1&$&%+.'+!
J&,+!$+4+$+.,(&!&!1&!%('#1#K5&!K$(+K&P!

#360Z! $+,3+$*&! X3+! &! 3.! '+M'#! +.'$+,#%(11&*#! .3.,&! 0+! 1+! &L1(,&! 1&!
,3$0()&P!

_ H&$&!(.'$#*3,($!'+0'(%#.(#06!*+,1&$&,(#.+06!*(S1#K#06!+',P!
!
9WPZ!c90!'$&.X3(1([&*#$!X3+!+1!,J#4+$!'&%L#,#!0+L&!,-%#!11+K&$d6!1+!*(W+!&!
R&Q$(+1&! &1! '(+%L#! X3+! %+! &,+$X3N! 03! |J(0z/P! c:C$&.X3(1([&*#$I! :H#$!
X3NId6!%+!$+0L#.*(-P!
!

:83S.*#!3'(1([&$!#!.#!1&!%&/Y0,31&I!

_ B1! $+4+$($! .#%Q$+0! L$#L(#0! *+! L+$0#.&06! (.0'('3,(#.+06! 13K&$+0! 3! #Q$&0P! >#Q$+!
+0'&0! Y1'(%&06! ,&Q+! (.*(,&$! X3+! +.! +0L&T#1! m&1! ,#.'$&$(#! *+6! L#$! +W+%L1#6! +1!
(.K1N0m!.#!0+!J&,+!30#!*+!1&!%&/Y0,31&!+.!1&!L$(%+$&!1+'$&!*+!'#*&0!1&0!L&1&Q$&0!
X3+!1&!,#%L#.+.P!
!
9WPZ!A(K3+1!].K+1!\&0'+.(+$!+.!'%#1%$/)2#8.F-%!/!]1+M!R$(W+1%#!+.!'%#!,"-%2#
7!%# >!+-27-,"$6! +.! 13K&$! *+! cA(K3+1! ].K+1! \&0'+.(+$! +.! '%# <%$/)2# 4.F-%! /!
]1+M!R$(W+1%#!+.!'%#',"-%2#7!%#5!+-27-,"$dP!
!
_ 7#0!.#%Q$+0!*+!*5&0!/!%+0+0!.#!0+!+0,$(Q+.!,#.!%&/Y0,31&6!+M,+L'#!0(!0+!'$&'&!
*+1!.#%Q$+!L$#L(#!*+!3.&!4+0'()(*&*P!
!
12

!
!
 9WPZ! B3.X3+! 03! ,3%L1+&T#0! +0! +1! ek! *+! &Q$(16! 1#! ,+1+Q$&$+%#0! +1! )(+$.+0!
,#(.,(*(+.*#!,#.!+1!4+$(&*#!*+1!H$(%+$#!*+!A&/#P!

_ 83&.*#!1&!4$&0+!&.'+$(#$!4(.&1([&!,#.!3.!0(K.#!*+!(.'+$$#K&,(-.!#!+M,1&%&,(-.P!
!
9WPZ!:;3N!J#$&!+0I!90L+$#!.#!11+K&$!'&$*+o!
!
9WPZ!u;3N!Q(+.v!>&Q5&!X3+!L&0&$5&0!+1!+M&%+.P!

#360Z!$+,3+$*&!X3+!+.!+0L&T#16!&!*(4+$+.,(&!*+!#'$#0!(*(#%&0!,#%#!+1!(.K1N06!1#0!
0(K.#0! *+! (.'+$$#K&,(-.! /! *+! +M,1&%&,(-.! 0+! ,#1#,&.! &1! (.(,(#! /! &1! 4(.&1! *+! 1&!
#$&,(-.P!

_ 7&0!0(K1&0!0+!+0,$(Q+.!+.'+$&%+.'+!+.!%&/Y0,31&0P!9.!,&%Q(#6!1#0!&,$-.(%#0!X3+!
$+4(+$+.! &! 3.! .#%Q$+! L$#L(#! /! '(+.+.! %S0! *+! ,3&'$#! 1+'$&0! 0+! +0,$(Q+.!
Y.(,&%+.'+!,#.!3.&!%&/Y0,31&!(.(,(&1P!
!
9WPZ!>#/!+0'3*(&.'+!*+!1&!<8>RP!
!
9WPZ!`#/!&!0#1(,('&$!3.&!Q+,&!*+!1&!>+.+0,/'P!
!

@48/4:20!! X3+! +1! +%L1+#! *+! 1&!

%&/Y0,31&!! .#! +M(%+! *+! 3'(1([&$! 1&!
'(1*+! #! 1&! *(N$+0(0! ,3&.*#! &05! 1#!
+M(W&!1&!.#$%&!#$'#K$S4(,&P!
13
\E\7E?R@B2xB!
B%+$(,&.! HJ/,J#1#K(,&1! B00#,(&'(#.P! UebfhVP! 5*1%-)$"-2/# 4$/*$%# 26# "?!# :8!+-)$/#
5?9)?2%2C-)$%# :,,2)-$"-2/! Uly! +*(,(-.V! qB$,J()#! }(.*1+rP! D(0L#.(Q1+! +.!
J''LZww|||P&%&[#.P!,#%w*Lw\bb8H<\9\A!

@+&1! B,&*+%(&! 90L&T#1&P! UebbgVP! @-))-2/$+-2# >$/?-,>;/-)2# 7!# 7*7$,P! D(0L#.(Q1+! +.!
J''LZww|||P$&+P+0w$+,3$0#0w*(,,(#.&$(#0w*L*!

@+&1!B,&*+%(&!90L&T#1&6!B0#,(&,(-.!*+!B,&*+%(&0!*+!1&!7+.K3&!90L&T#1&P!UebfhVP!'%#
1*!/#*,2#7!%#!,>$32%P!\&$,+1#.&6!90L&T&Z!90L&0&P!

<.()+$0(*&*! 8&'-1(,&! *+! >&.'(&K#! *+! R3&/&X3(16! D+L&$'&%+.'#! *+! H3Q1(,&,(#.+0P!

UebfaVP!D2+8$,#!7-"2+-$%!,P!

14