!

!
!"#$%"#&!'#(%)%#"#&$*+%,'#&"+-'$./").!

! +*,.).&"+-'$./").&-%,"0&)"+./&
1231&
"#$#!%&'(#'$#)!
!
"#$#!%&'(#'$#)!
!
 !
! "#$#%! &'$#()#*##*! #(+',-.#)-! +/%#0! )#(-.! )#*1#.$#0! ,-&'+$/(#*!
2'+2#1#-,3(/%'*! +/%#0! )#(-.4! "3(/%'*! .'+)'2/.! ,#&#.! ,#$#%! 2'*./(!
+'1/$#)-!%#/&/*!)'2#1#-!2/(.-!&'$#()#*##*!('1-#.#*4!
! ! 5*./(! ,#&#.! .'+6#,-*7#! &'+)#%##*! &'+)'&)-! ,#$#%! &'*7/)/*#*!
,3(/%'*! 7#*1! .'+(#-.! ,'*1#*! &'$#()##*! #(+',-.#)-! +/%#0! )#(-.8! %#(#!
,-)/)/*$#0!9#*,/#*!9'*7/)/*#*!"3(/%'*!:(+',-.#)-!-*-4!
! ! "'*1#*!#,#*7#!&#*,/#*!-*-8!,-0#+#&(#*!,#&#.!%'%2#*./!+/%#0!)#(-.!
%'*7-#&(#*! ,3(/%'*! 7#*1! %'+/&#(#*! 2#1-#*! 7#*1! ;/(/&! &'*.-*1! ,#+-!
&+3)')!#(+',-.#)-!+/%#0!)#(-.49#,#!,#)#+*7#8!,3(/%'*!#(+',-.#)-!.'+,-+-!,#+-!
<!6'*-)8!7#-./!=!
>4 ?'1/$#)-! 7#*1! .'+,-+-! ,#+-! ('2-6#(#*8! &',3%#*@&#*,/#*8! &+3)',/+!
,#*&+31+#%4!
<4 A/(.-!&'$#()#*##*!('1-#.#*4!
! ! B'%31#! A/(/! 9#*,/#*! 9'*7/)/*#*! "3(/%'*! :(+',-.#)-! -*-! ,#&#.!
2'+%#*C##.! 2#1-! +/%#0! )#(-.! ,#*! &-0#(D&-0#(! $#-**7#! 7#*1! .'+(#-.! ,'*1#*!
&'*7'$'*11+##*!#(+',-.#)-!+/%#0!)#(-.4!
! ! :(0-+*7#! )#+#*! ,#*! (3+'()-! ,'%-! &'+2#-(#*! 2/(/! 9#*,/#*! -*-! )#*1#.!
(#%-!0#+#&(#*4!
!
E'+-%#!(#)-04!
!
!
!
!
!
!
!
*#+,-$#'!"&$-#".+/*/!#")&0/$#*/!)-+#1!*#"/$!
!
!
2
 !
! 9/6-! )7/(/+! (-.#! &#*6#.(#*! ('! 0#,-+#.! E/0#*! F#*1! G#0#! H)#! (#+'*#!
2'+(#.! +#0%#.! ,#*! +-,03DI7#! %#(#! A/(/! 9#*,/#*! 9'*7/)/*#*! "3(/%'*!
:(+',-.#)-! E#0/*! <J><! .'$#0! )'$')#-4! A/(/! &#*,/#*! -*-! )#*1#.$#0! &'*.-*1!
/*./(!%'%2#*./!?B!,#$#%!%'*7/)/*!,3(/%'*!#(+',-.#)-8!7#*1!6/1#!,#$#%!
/&#7#!%'%2#*1/*!)-).'%!%#*#6'%'*!?B4!
! 9'*7-#&#*! ,3(/%'*! )'2#1#-! +'1/$#)-! %'+/&#(#*! 0#$! &3(3(! ,#$#%!
#(+',-.#)-! ?B8! (#+'*#! %'+/&#(#*! #;/#*! ,#$#%! &'$#()#*##*! &'$#7#*#*! ?B4!
"#$#%! 9#*,/#*! 9'*7/)/*#*! "3(/%'*! :(+',-.#)-! -*-! ,-6'$#)(#*! ,3(/%'*!
7#*1! 0#+/)! ,-2/#.! 3$'0! +/%#0! )#(-.8! ,'*1#*! ,-)'+.#-! &'*6'$#)#*!
&'*7/)/*#**7#! )'0-*11#! %'%/,#0(#*! +/%#0! )#(-.! ,#$#%! %'*7/)/*!
,3(/%'*!#(+',-.#)-4!
K'&#,#! E-%! 9'*7/)/*! )#7#! %'*1/;#&(#*! .'+-%#! (#)-0! #.#)! 6'+-0!
&#7#0*7#8! )'%31#! 2/(/! -*-! ,#&#.! %'%2'+-(#*! %#*C##.! 2#1-! +/%#0! )#(-.8!
)/+L'-3+8! &'%2-%2-*1! ,#*! &-0#(D&-0#(! $#-*! 7#*1! .'+(#-.! #(+',-.#)-! +/%#0!
)#(-.4! "#*! )'&'+.-! 2/(/! &#*,/#*! $#-**7#8! 'L#$/#)-! 2'+(#$#! .'+0#,#&! 2/(/!
&#*,/#*! -*-! 0#+/)! .'+/)! ,-$#(/(#*! )')/#-! &'+('%2#*1#*! &+31+#%! #(+',-.#)-!
+/%#0!)#(-.4!
E'+-%#!(#)-04!
!
! !".+/*/!#")&0/$#*/!)-+#1!*#"/$!
! K'./#8!
!
! !!!!!!!!!!!!!!!!!!!!!!!!!!!!"+4,+4!B/.3.38!GK')!
!
!
!
!
!
!
0#2$#)!/*/!3!
!
3
 !
!
K:E:!9HIM:IE:?!͙4444444444444444444444444444444444444444444444444444444444444444444444444! <!
B:GA5E:I!KHE5:!KNGOBO!:K?H"OE:BO!?5G:P!B:KOE!4444444444444444444! Q!
":RE:?!OBO4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444! S!
A:A!O! =! 9HI":P5T5:I4444444444444444444444444444444444444444444444444444444444! U!
A:A!OO! =! "NK5GHIE:BOE:BO!:K?H"OE:BO!44444444444444444444444444444444! V!
A:A!OOO! =! KHAOW:K:I!":I!9H"NG:I@9:I"5:I4444444444444444444444! X!
A:A!OY! =! 9?NBH"5?!44444444444444444444444444444444444444444444444444444444444444444! ><!

A:A!Y! =! 9?NM?:G4444444444444444444444444444444444444444444444444444444444444444444! <>!

A:A!YOO! =! 9HI5E59!444444444444444444444444444444444444444444444444444444444444444444444! <Z!
! ! ! !
! ! ! !
!
!
!
!
!
!
!
!
!
!
!
!
,#,!/!
!
4
 !
%&'0#1-4-#'!
!
!:(+',-.#)-! ?B! %'+/&#(#*! /&#7#! &'*-*1(#.#*! %/./! &'$#7#*#*! +/%#0!
)#(-.!!7#*1!,-$#(/(#*!,'*1#*!%'%2#*1/*!)-).'%!,#*!2/,#7#!%/./4!G'$#$/-!
#(+',-.#)-! ?B! ,-0#+#&(#*! #,#! &'+2#-(#*! )-).'%! ,-! ?B! 7#*1! %'$-&/.-! !"#$%&'
#()*+,,!,#*!#()-$*%')$%#$%[%'$-&/.-!)$%#$%!,#*!)$%*).+\4!!
B'2#1#-! ,#)#+! ,-%/$#-*7#! &'%2#*1/*#*! )-).'%! ,-! +/%#0! )#(-.8!
,-&'+$/(#*! ,3(/%'*! 7#*1! %'+/&#(#*! +'1/$#)-! ,-! ?B4! ?'1/$#)-! -*-! )'2#-(*7#!
,-#./+! ,#$#%! 2'*./(! 9#*,/#*! E#.#! I#)(#0! ?/%#0! B#(-.8! 7#*1! #(#*!
%'*'.#&(#*!#,#!<!6'*-)!*#)(#0!,-!?B8!7#-./!7#*1!%'+/&#(#*!&+3,/(!0/(/%!
[+'1/$#)-\!,#*!7#*1!2/(#*!%'+/&#(#*!&+3,/(!0/(/%![)/+#.!,-*#)\4!
! "-! ,#$#%! 9#*,/#*! 9'*7/)/*#*! "3(/%'*! :(+',-.#)-! ?B! -*-! 7#*1! #(#*!
,-2#0#)!0#*7#$#0!#;/#*!/*./(!&'*7/)/*#*!+'1/$#)-4!P#$!-*-!%'*6#,-!&'*.-*18!
(#+'*#! )'$#-*! )'2#1#-! &#*,/#*! ?B! ,#$#%! %'*7/)/*! ,3(/%'*8! ?B! 6/1#!
%'*7-#&(#*! ,3(/%'*! 7#*1! .'+(#-.! ,'*1#*! #)&'(! 0/(/%4! "'*1#*! .'$#0!
,-.'+2-.(#**7#! 5*,#*1D/*,#*1! I3%3+! SS! E#0/*! <JJ]8! ,#*! .'$#0! 2'+$#(/!
'C'(.-C! )'6#(! .#*11#$! <X! N(.32'+! <J>>8! %#(#! ?B! 0#+/)! %'%&'+)-#&(#*! ,-+-!
,'*1#*! )'2#-(D2#-(*7#! ,#$#%! #)&'(! 0/(/%4! :)&'(! 0/(/%! .'+)'2/.! ,#$#%!
(#-.#*! ('^#6-2#*! ?B! /*./(! %'%2'+-(#*! 2#*./#*! 0/(/%! ('&#,#! ).#C! ?B!
%#/&/*!(#+'*#!0#+/)!2'+.#*11/*1!6#^#2!)';#+#!0/(/%!)')/#-!('.'*./#*!55!
?B4'
9'$#()#*##*!)/+L'-!#(+',-.#)-!?B!L'+)-!<J><! 7#*1!,-$#(/(#*!3$'0!K:?B!
#(#*!$'2-0!,-!.-.-(!2'+#.(#*!&#,#!-%&$'%'*.#)-!,-!?B8!7#*1!,-$#(/(#*!,'*1#*!
;#+#!=!!!
x _#^#*;#+#! ('&#,#! &#)-'*! ,#*! #.#/! ('$/#+1#*7#8! )'+.#! ('&#,#!
9-%&-*#*!?B!,#*!#.#/!).#C!?B4!
x /"0,!%+! 32)'+L#)-.'+0#,#&! ('1-#.#*! &'$#7#*#*8! %#/&/*! /*./(!
%'$-0#.! 2/(.-! )';#+#! C-)-(8! 2#-(! 2'+/&#! ,3(/%'*! %#/&/*! C#)-$-.#)!
+/%#0!)#(-.4!
O%&$'%'*.#)-! .'+)'2/.8! .'*./*7#! 0#+/)! ,-,#)#+(#*! &#,#! +'1/$#)-! 7#*1! .'$#0!
,-.'.#&(#*!3$'0!9-%&-*#*!?B![K'&#$#@"-+'(./+!?B\4!

!
5
 !
A'+,#)#+(#*!0#$!.'+)'2/.!,-#.#)8!/*./(!%'%2#*./!?B!,#$#%!%'*7/)/*!
,3(/%'*!#(+',-.#)-8!7#*1!6/1#!,#$#%!/&#7#!%'%2#*1/*!)-).'%!%#*#6'%'*!
?B8! %#(#! K3%-)-! :(+',-.#)-! ?/%#0! B#(-.! %'%#*,#*1! &'+$/! /*./(!%'%2/#.!
9#*,/#*!9'*7/)/*#*!"3(/%'*!:(+',-.#)-!?B!-*-4!
E/6/#*!!,-)/)/**7#!9#*,/#*!9'*7/)/*#*!"3(/%'*!:(+',-.#)-!#,#$#0=!
#4 E'+)',-#*7#! &#*,/#*! 2#1-! ?B! ,#$#%! &'*7/)/*#*! ,3(/%'*! 7#*1!
2'+2'*./(!+'1/$#)-!?B`!
24 E'+)',-#*7#!&#*,/#*!2#1-!&'%2-%2-*1!,#$#%!%'$#(/(#*!2-%2-*1#*!
#(+',-.#)-`!
;4 E'+)',-#*7#!&#*,/#*!/*./(!&'$#.-0#*!)/+L'-3+!#(+',-.#)-4!
B#)#+#*!,#+-!2/(/!&#*,/#*!-*-!#,#$#0&-%&-*#*!+/%#0!)#(-.8!&'%2-%2-*1!,#*!
)/+L'-3+!,#+-!K3%-)-!:(+',-.#)-!?/%#0!B#(-.4!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

!
6
 !
,#,!//!
0."-+&'!#")&0/$#*/!
!
! F#*1!,-%#()/,!,3(/%'*!#(+',-.#)-!#,#$#0!)'%/#!,3(/%'*!7#*1!0#+/)!
,-)-#&(#*! ?B! ,#$#%! &'$#()#*##*! #(+',-.#)-! ?B4! "#$#%! 0#$! -*-! ,3(/%'*!
,-2',#(#*! %'*6#,-! <! [,/#\! 6'*-)8! 7#-./! ,3(/%'*! 7#*1! %'+/&#(#*! +'1/$#)-!
,#*! ,3(/%'*! )'2#1#-! 2/(.-! &'$#()#*##*! ('1-#.#*45*./(! ,3(/%'*! 7#*1!
%'+/&#(#*!+'1/$#)-8!)#*1#.! ,-#*6/+(#*!/*./(!,-2/#.!,#$#%!2'*./(!9#*,/#*!
E#.#!I#)(#0!?/%#0!B#(-.4!
"3(/%'*!+'1/$#)-!,-!?B8!,#&#.!,-2',#(#*!%'*6#,-=!
>4 ?'1/$#)-!&'$#7#*#*!?B8!7#*1!.'+,-+-!,#+-=!
x K'2-6#(#*!9'$#7#*#*!?B!
x 9',3%#*@9#*,/#*!9'$#7#*#*!?B!
x B.#*,#+!9+3)',/+!N&'+#)-3*#$![B9N\!
x ?'*;#*#! 6#*1(#! &#*6#*1! [?'*).+#8! ?'*;#*#! ).+#.'1-! 2-)*-)8! 2-)*-)!
&$#*8!,$$\!
x ?'*;#*#!('+6#!.#0/*#*![?K:8!?A:!#.#/!$#-**7#\!
<4 ?'1/$#)-!,-!/*-.!('+6#!?B!7#*1!.'+,-+-!,#+-=!
x K'2-6#(#*!9'$#7#*#*!?B!
x 9',3%#*@9#*,/#*!9'$#7#*#*!?B!
x B.#*,#+!9+3)',/+!N&'+#)-3*#$![B9N\!
x 9+31+#%![?'*;#*#!('+6#!.#0/*#*!/*-.!('+6#\!
! K'2-6#(#*!,#*!&',3%#*!,#&#.!,-.'.#&(#*!2'+,#)#+(#*!('&/./)#*!#.#/!
&'+#./+#*!"-+'(./+!)')/#-!,'*1#*!&#*,/#*!.#.#!*#)(#0!,-!%#)-*1!ʹ!%#)-*1!?B4!
"3(/%'*!)'2#1#-!2/(.-!&'$#()#*##*8!.'+,-+-!,#+-=!
>4 A/(.-!.'+./$-)!('1-#.#*@+'(#%!('1-#.#*!!
<4 "3(/%'*! &'*,/(/*1! $#-**7#! =! %-)#$*7#! O6#a#08! )'+.-C-(#.! &'$#.-0#*8!
)'+-C-(#.!&'+-6-*#*8!(#$-2'+#)-8!,$$4!
!
7
 !
K'2-6#(#*8!&',3%#*@&#*,/#*8!,#*!&+3)',/+!%'+/&#(#*!('$3%&3(!,3(/%'*!
+'1/$#)-! )'2#1#-! #;/#*! /*./(! %'$#()#*#(#*! ('1-#.#*8! ,-%#*#! ('2-6#(#*!
%'+/&#(#*! +'1/$#)-! 7#*1! .'+.-*11-! ,-! ?B8! ('%/,-#*! ,--(/.-! ,'*1#*!
&',3%#*@&#*,/#*! ,#*! ('%/,-#*! &+3)',/+! [B9N\4K#+'*#! -./! /*./(!
%'*7/)/*! &',3%#*@&#*,/#*! 0#+/)! %'*1#;/! &#,#! ('2-6#(#*D('2-6#(#*!!
7#*1! )/,#0! ,-('$/#+(#*! 3$'0! ?B8! )',#*1(#*! /*./(! %'*7/)/*! B9N! 0#+/)!
2'+,#)#+(#*('2-6#(#*!,#*!&',3%#*@&#*,/#*4!!
! 9+31+#%('+6#! ?B! ,-%/$#-! ,'*1#*! +'*;#*#! ).+#.+'6-(! [+'*).+#\! /*./(!
)'$#%#!U!.#0/*8!7#*1!,-6#2#+(#*!,#$#%!+'*;#*#!('+6#!.#0/*#*![%-)#$*7#!?K:8!
?A:! #.#/! $#-**7#\4! 9+31+#%! ('+6#! .'+%#)/(! ,#$#%! +'1/$#)-! (#+'*#! %'%-$-(-!
)-C#.! &'*1#./+#*!,#$#%!+'*;#*#!('1-#.#*!2')'+.#!#*11#+#**7#4!N$'0!(#+'*#!
-./!&+31+#%!('+6#!)'$#$/!,-6#,-(#*!#;/#*!&#,#!)##.!,-$#(/(#*!'L#$/#)-!(-*'+6#4!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
8
 !
,#,!///!
"&,/5#"#'!0#'!%&0.+#'6%#'0-#'!
!
789!!!"&,/5#"#'!
! K'2-6#(#*! ?B! #,#$#0! &'*'.#&#*"-+'(./+@9-%&-*#*! ?B! &#,#! .#.#+#*!
).+#.'1-)!#.#/!2'+)-C#.!1#+-)!2')#+!7#*1!%'*1-(#.4!!
K#+'*#! ('2-6#(#*! 2'+)-C#.! 1#+-)! 2')#+! %#(#! /*./(! &'*'+#&#*! ('2-6#(#*!
.'+)'2/.! &'+$/! ,-)/)/*! &',3%#*@&#*,/#*! ,#*! &+3)',/+! )'0-*11#! #,#!
('6'$#)#*!$#*1(#0!ʹ!$#*1(#0!/*./(!%'$#()#*#(#*!('2-6#(#*!.'+)'2/.4!
K'2-6#(#*! ,-.'.#&(#*! ,'*1#*! &'+#./+#*! #.#/! ('&/./)#*! "-+'(./+@9-%&-*#*!
?B4! K'2-6#(#*! ,#&#.! ,-./#*1(#*! ,#$#%! &#)#$D&#)#$! ,-! ,#$#%!
&'+#./+#*@('&/./)#*! .'+)'2/.8! #.#/! %'+/&#(#*! $#%&-+#*! ,#+-!
&'+#./+#*@('&/./)#*4!!
b3*.30! C3+%#.! ,3(/%'*! /*./(! K'2-6#(#*! #,#$#0! C3+%#.!
&'+#./+#*@('&/./)#*!"-+'(./+!?B@9-%&-*#*!?B!)'2#1#-!2'+-(/.!=!
#4 9'%2/(##*!
x W/,/$! =! 9'+#./+#*@K'&/./)#*! "-+'(./+! ?B! .'*.#*1! K'2-6#(#*!
&'$#7#*#*!444444444!
x I3%3+!=!)')/#-!,'*1#*!*3%3+!)/+#.!&'+#./+#*@('&/./)#*!,-!?B4!
x W#2#.#*!&'%2/#.&'+#./+#*@('&/./)#*!,-./$-)!)-%'.+-)8!,-$'.#((#*!,-!
.'*1#0!%#+1-*!)'+.#!,-./$-)!,'*1#*!0/+/C!(#&-.#$4!
x K3*)-,'+#*)4!
>4 K3*)-,'+#*)!!"#$%&'#(8!%'%/#.!/+#-#*!)-*1(#.!.'*.#*1!&3(3(D&3(3(!
&-(-+#*! 7#*1! %'*6#,-! $#.#+! 2'$#(#*1! ,#*! #$#)#*! &'%2/#.#*!
&'+#./+#*@('&/./)#*4! P/+/C! #^#$! (#.#! %'*-%2#*1! ,-./$-)! ,'*1#*!
0/+/C!(#&-.#$!,-#(0-+-!,'*1#*!.#*,#!2#;#!.-.-(!,/#![-!,#*!,-$'.#((#*!,-!
2#1-#*!(-+-`!
<4 K3*)-,'+#*)! !"#($#(')8! 7#*1! %'%/#.! ,#)#+! ('^'*#*1#*! ,#*!
&'+#./+#*! &'+/*,#*1D/*,#*1#*! 7#*1! %'%'+-*.#0(#*! &'%2/#.#*!
&'+#./+#*@('&/./)#*!.'+)'2/.4!9'+#./+#*!&'+/*,#*1!ʹ!/*,#*1#*!7#*1!
!
9
 !
%'*6#,-! ,#)#+! 0/(/%! #,#$#0! &'+#./+#*! 7#*1! .-*1(#.#**7#! )','+#6#.!
#.#/! $'2-0! .-*11-4! K3*)-,'+#*)! !"#($#(')! ,-$'.#((#*! ,-! 2#1-#*! (-+-!
.'1#(!$/+/)!,'*1#*!(#.#!%'*-%2#*14!
24 "-(./%!
>4 "-(./%! !"%*)*+,'#! ,-./$-)! )-%'.+-)! ,-! .'*1#08! )'$/+/0*7#! ,'*1#*!
0/+/C!(#&-.#$8!)'+.#!,-$'.#((#*!,-!.'*1#0!%#+1-*`!
<4 "-(./%! !"#")'-,'#! ,-;#*./%(#*! )'.'$#0! (#.#! %"%*)*+,'#!
,-)'6#6#+(#*!('!2#^#0!,'*1#*!(#.#!%'*-%2#*1! ,#*!%'*1-*1#.8!0/+/C!
#^#$! (#.#! %'*'.#&(#*! ,-./$-)! ,'*1#*! 0/+/C! (#&-.#$8! ,#*! ,-#(0-+-!
,'*1#*!.#*,#!2#;#!.-.-(!,/#`!
Q4 I#%#! &'+#./+#*@('&/./)#*! )')/#-! ,'*1#*! 6/,/$! [('&#$#\8! )'$/+/0*7#!
,-./$-)!,'*1#*!0/+/C!(#&-.#$!,#*!,-#(0-+-!,'*1#*!.#*,#!2#;#!.-.-(4!
;4 A#.#*1!E/2/0!
>4 A#.#*1! ./2/0! %'%/#.! )'%/#! )/2).#*)-! &'+#./+#*@('&/./)#*! 7#*1!
,-+/%/)(#*!,#$#%!>J,-(./%D,-(./%8!%-)#$*7#!=!
! KHB:E5! =!
! KH"5:! =!
! ,).!
<4 "-;#*./%(#*! )##.! 2'+$#(/*7#! &'+#./+#*@('&/./)#*8! &'+/2#0#*8!
&'%2#.#$#*8!&'*;#2/.#*!('.'*./#*8!,#*!&'+#./+#*!$#-**7#8!,#*!
Q4 G#.'+-!('2-6#(#*!,#&#.!,-2/#.!)'2#1#-!$#%&-+#*! &'+#./+#*@('&/./)#*8!
,#*! &#,#! 0#$#%#*! .'+#(0-+! ,-.#*,#.#*1#*-! 3$'0! &'6#2#.! 7#*1!
%'*'.#&(#*!&'+#./+#*@('&/./)#*4!
,4 K#(-!
K#(-! &'+#./+#*@('&/./)#*! %'+/&#(#*! 2#1-#*! #(0-+! )/2).#*)-!
&'+#./+#*@('&/./)#*! 7#*1! %'%/#.! &'*#*,#! .#*1#*! &'*'.#&#*!
&'+#./+#*@('&/./)#*8! &'*1/*,#*1#*! &'+#./+#*@('&/./)#*! 7#*1! .'+,-+-!
#.#)!.'%&#.!,#*!.#*11#$!&'*'.#&#*8!*#%#!6#2#.#*8!.#*,#!.#*1#*!&'6#2#.8!
,#*!*#%#!$'*1(#&!&'6#2#.!7#*1!%'*#*,#.#*1#*-4!
!
!
10
 !
'4 9'*#*,#.#*1#*#*!
9'+#./+#*@K'&/./)#*"-+'(./+@9-%&-*#*! ?B! ,-.#*,#.#*1#*-!
3$'0"-+'(./+@9-%&-*#*!?B4!
C4 T#%&-+#*!&'+#./+#*@('&/./)#*!=!
x P#$#%#*! &'+.#%#! 0#+/)! ,-;#*./%(#*! 6/,/$! ,#*! *3%'+!
&'+#./+#*@('&/./)#*4!
x P#$#%#*!.'+#(0-+!0#+/)!,-.#*,#.#*1#*-!3$'0!"-+'(./+@9-%&-*#*!?B!4!
!
78:!!!!!%&0.+#'6%#'0-#'!
9',3%#*! #,#$#0! (/%&/$#*! ('.'*./#*! ,#)#+! 7#*1! %'%2'+-! #+#0!
2#1#-%#*#!)')/#./!0#+/)!,-$#(/(#*8!,'*1#*!,'%-(-#*!%'+/&#(#*!0#$!&3(3(!
7#*1! %'*6#,-! ,#)#+! /*./(! %'*'*./(#*! #.#/! %'$#()#*#(#*! ('1-#.#*4!
B',#*1(#*!&#*,/#*!#,#$#0!%'+/&#(#*!&'./*6/(!,#$#%!%'$#(/(#*!('1-#.#*4!
"'*1#*!,'%-(-#*8!,#&#.!,-#+.-(#*!2#0^#! &',3%#*!%'*1#./+!2'2'+#&#!0#$8!
)',#*1(#*! &#*,/#*! 0#*7#! %'$-&/.-! >! [)#./\! ('1-#.#*4! :1#+!
&',3%#*@&#*,/#*! ,#&#.! ,-%&$'%'*.#)-(#*! ,'*1#*! 2#-(! ,#*! 2'*#+8!
,-&'+$/(#*!&'*1#./+#*!%'$#$/-!B9N4!
G'*1-*1#.!)#*1#.!2'+L#+-#)-*7#!2'*./(!,#*!-)-!&',3%#*@&#*,/#*!%#(#!)/$-.!
/*./(!,-2/#.!).#*,#+!)-).'%#.-(#*7#!#.#/!C3+%#.!2#(/*7#4!N$'0!(#+'*#!-./!?B!
,#&#.! %'*7/)/*@%'%2/#.! )-).'%#.-(#! 2/(/! &',3%#*@&#*,/#*! )')/#-!
('2/./0#*4! ! I#%/*8! #,#! 2'2'+#&#! 0#$! 7#*1! &'+$/! ,-&'+0#.-(#*! /*./(!
,3(/%'*!&',3%#*@&#*,/#*!-*-!7#-./!=!
x B'.-#&! &',3%#*@&#*,/#*! 0#+/)! ,-$'*1(#&-! ,'*1#*!
&'+#./+#*@('&/./)#*! "-+'(./+@9-%&-*#*! ?B! /*./(! &'%2'+$#(/(#*!
&',3%#*@&#*,/#*! .'+)'2/.4! A-$#! "-+'(./+@9-%&-*#*! ?B! ,-1#*.-8!!
&'+#./+#*@('&/./)#*! "-+'(./+@9-%&-*#*! ?B! /*./(! &'%2'+$#(/#*!
&',3%#*@&#*,/#*! .-,#(! &'+$/! ,-1#*.-4! 9'+#./+#*@K'&/./)#*!
"-+'(./+@&-%&-*#*! ?B! ,-1#*.-! 2-$#! %'%#*1! #,#! &'+/2#0#*! ,#$#%!
&',3%#*@&#*,/#*!.'+)'2/.4!
x B'.-#&! &',3%#*@&#*,/#*)'2#-(*7#! ,-$#(/(#*! 'L#$/#)-! %-*-%#$! )'.-#&!
<DQ!.#0/*!)'(#$-4!

!
11
 !
x A-$#! K'%'*.'+-#*! K')'0#.#*! )/,#0! %'*'+2-.(#*! &',3%#*@&#*,/#*!
/*./(! )/#./! ('1-#.#*@&'$#7#*#*! .'+.'*./! %#(#! ?B! ,#$#%! %'%2/#.!
&',3%#*@&#*,/#*! ^#6-2! %'*1#;/! &#,#! &',3%#*@&#*,/#*! 7#*1!
,-.'+2-.(#*!3$'0!K'%'*.'+-#*!K')'0#.#*!.'+)'2/.4!
x _#$#/&/*! C3+%#.! 2#(/! )-).'%#.-(#! &',3%#*@&#*,/#*! .-,#(!
,-.'.#&(#*8! *#%/*! #,#! )-).'%#.-(#! 7#*1! $#a-%! ,-1/*#(#*! )'2#1#-!
2'+-(/.!=!
;8 2<=>;?!%@A<>;B!%@BC<=C;BDE;ED;B!-BD?!"@=F;!3!
!A:A!O! 9'*,#0/$/#*!
!A:A!OO!!M#%2#+#*!5%/%!?B!
!A:A!OOO!!Y-)-8!G-)-8!R#$)#C#08!I-$#-!,#*!E/6/#*!?B!
!A:A!OY!!B.+/(./+!N+1#*-)#)-!?B!
!A:A!Y!!!B.+/(./+!N+1#*-)#)-!5*-.!K'+6#!
!A:A!YO!!5+#-#*!W#2#.#*!
!A:A!YOOE#.#!P/2/*1#*!K'+6#!
A:A!YOOO!93$#!K'.'*#1##*!,#*!K/#$-C-(#)-!9'+)3*-$!
A:A!OcK'1-#.#*!N+-'*.#)-!
!A:A!c!!!!9'+.'%/#*@+#&#.!
A:A!cO9'$#&3+#*!!
>4 T#&3+#*!P#+-#*!
<4 T#&3+#*!A/$#*#*!
Q4 T#&3+#*!E#0/*#*!
G8 2<=>;?!%@A<>;B!%@H;I;B;B!-BD?!"@=F;!
A:A!O! 9HI":P5T5:I!
:4 T#.#+!A'$#(#*1!
A4 E/6/#*!9',3%#*!!
b4 ?/#*1!T-*1(/&!9'$#7#*#*!
"4 A#.#)#*!N&'+#)-3*#$!
H4 T#*,#)#*!P/(/%!
!
12
 !
A:A!OO!BE:I":?!KHEHI:M::I!
:4 K/#$-C-(#)-!B/%2'+!"#7#!G#*/)-#!
A4 "-).+-2/)-!K'.'*#1##*!
b4 9'*1#./+#*!W#1#!
!
A:A!OOO!BE:I":?!R:BOTOE:B!
:4 "'*#0!?/#*1!
A4 B.#*,#+!R#)-$-.#)!
!A:A!OY!!E:E:!T:KB:I:!9HT:F:I:I!
!A:A!Y!!!!TNMOBEOK!
!A:A!YO!!!KHBHT:G:E:I!9:BOHI!
!A:A!YOO!!KHBHT:G:E:I!KH?W:!
!A:A!YOOO!9HIMHI":TO:I!G5E5!
!A:A!Oc!!!9HI5E59!
J8 2<=>;?!%;BAK;B!%@H;I;B;B!)*!
! !A:A!O! "HROIOBO!
! !A:A!OO!?5:IM!TOIMK59!
! !A:A!OOO!E:E:!T:KB:I:!
! !A:A!OY!"NK5GHIE:BO!
!
B-).'%#.-(#!&#*,/#*!&'$#7#*#*!?B!.'+)'2/.!,-#.#)!2/(#*$#0!2#(/!.'+1#*./*1!
,#+-! %#.'+-@-)-! &#*,/#*4! 9',3%#*@&#*,/#*! 7#*1! 0#+/)! ,-2/#.! #,#$#0!
&',3%#*@&#*,/#*! %-*-%#$! 7#*1! 0#+/)! #,#! ,-! ?B! 7#*1! ,-! &'+)7#+#.(#*!
)'2#1#-!+'1/$#)-!7#*1!,-%-*.#!,#$#%!'$'%'*!&'*-$#-#*4!
A#1-!+/%#0!)#(-.!7#*1!.'$#0!%'*11/*#(#*!+01!2+!.'.#&!0#+/)!%'%&/*7#-!34(-'
*)#5'&',3%#*@&#*,/#*!7#*1!,-('$3$#!3$'0!E-%!:(+',-.#)-!?/%#0!B#(-.!#.#/!
A#1-#*!B'(+'.#+-#.!?B8!)',#*1(#*!,-!/*-.!('+6#!2-)#!,'*1#*!%'$-0#.!,-!-*.+#*'.!
+/%#0!)#(-.4!

!
13
 !
,#,!/L!
%).*&0-)!
!
M89!!!!!,&,&)#%#!/*$/4#1!%).*&0-)!N#'(!*&)/'(!0/(-'#"#'!N#/$-!3!
x 6%4"-4(-' /#+(4%!"7' 8()*+-$(+! [BN9\8! -).-$#0! -*-! $#a-%! ,-1/*#(#*!
*#%/*!2/(#*!%'+/&#(#*!-).-$#0!2#(/!,-!O*,3*')-#4!
x B.#*,#+!9+3)',/+!N&'+#)-3*#$![B9N\8!-).-$#0!-*-!,-1/*#(#*!,-!5*,#*1D
/*,#*1! I3%3+! <]! E#0/*! <JJS! E'*.#*1! 9+#(.-(! K',3(.'+#*! ,#*!
5*,#*1D/*,#*1!I3%3+!SS!E#0/*!<JJ]!E'*.#*1!?/%#0!B#(-.4!
x 9+3)',/+!.'.#&![9+3.#&\!
x 9+3)',/+!('+6#!
x 9+3)',/+!.-*,#(#*!
x 9+3)',/+!&'*#.#$#()#*##*!
x 9'./*6/(!.'(*-)4!!
_#$#/&/*! 2#*7#(! -).-$#08! *#%/*! -).-$#0! ,-1/*#(#*! #,#$#0! B9N! (#+'*#!
)')/#-!,'*1#*!7#*1!.'+;#*./%!,-!,#$#%!/*,#*1D/*,#*14!N$'0!(#+'*#!-./!
/*./(!)'$#*6/.*7#!-).-$#0!7#*1!,-1/*#(#*!,-!2/(/!&#*,/#*!-*-!#,#$#0!B9N4!
M8:8!%&'(&)$/#'!!
!F#*1!,-%#()/,!,'*1#*!B9N!#,#$#0!=!
B/#./! &'+#*1(#.! -*).+/()-@$#*1(#0D$#*1(#0! 7#*1! ,-2#(/(#*! /*./(!
%'*7'$')#-(#*!&+3)')!('+6#!+/.-*!.'+.'*./4!!
M878!$-5-#'!%&'N-*-'#'!*%.!
:1#+! 2'+2#1#-! &+3)')! ('+6#! +/.-*! .'+$#()#*#! ,'*1#*! 'C-)-'*8! 'C'(.-C8!
(3*)-).'*@! )'+#1#%! ,#*! #%#*8! ,#$#%! +#*1(#! %'*-*1(#.(#*! %/./!
&'$#7#*#*!%'$#$/-!&'%'*/0#*!).#*,#+!7#*1!2'+$#(/4!
M8M8 +#'2##$!*%.!
x G'%'*/0-!&'+)7#+#.#*!).#*,#+!&'$#7#*#*!?B@:(+',-.#)-!?B4!
x G'*,3(/%'*.#)-!$#*1(#0D$#*1(#0!('1-#.#*4!
!
14
 !
x G'%#).-(#*! ).#C! ?B! %'%#0#%-! 2#1#-%#*#! %'$#()#*#(#*!
&'('+6##***7#4!
O<B?<P3!!
B9N9'%2'+-#*! -*C3+%#)-8! B9N9'%#)#*1#*! -*C/)8!
B9N9'%-*,#0#*!&#)-'*!,#+-!.'%&#.!.-,/+!('!2+#*,(#+4!
M8Q8 2.)+#$!*%.!
>4 R3+%#.! B9N! )')/#-! ,'*1#*! $#%&-+#*! B/+#.! H,#+#*! "-+'(./+!
9'$#7#*#*! G',-(! B&')-#$-).-(! *3%'+! FG4JJ4J<4<4<4XQV!
.'+.#*11#$!>!W/*-!<JJ>8!&'+-0#$!2'*./(!B9N4!!
<4 R3+%#.!%/$#-!,-2'+$#(/(#*!>!W#*/#+-!<JJ<4!
Q4 R3+%#.! %'+/&#(#*! C3+%#.! %-*-%#$8! C3+%#.! -*-! ,#&#.! ,-2'+-!
.#%2#0#*! %#.'+-! %-)#$*7#! *#%#! &'*7/)/*! B9N8! /*-.! 7#*1!
%'%'+-()#! B9N8! ,$$8! *#%/*! .-,#(! 23$'0! %'*1/+#*1-! -.'%D
-.'%!7#*1!#,#!,-!B9N4!
S4 R3+%#.!B9N!)'2#1#-!2'+-(/.!=!
!
I:G:!?B! 5-0-4!*%.!
":I! I34!"3(/%'*! I34!?'L-)-! P#$#%#*!
TNMN!
B9N! E#*11#$!.'+2-.! "-.'.#&(#*!=!
"-+'(./+!?B!
9HIMH?EO:I! !
E5W5:I! !
KHAOW:K:I! !
9?NBH"5?! !
5IOE!EH?K:OE! !

!
!
!
15
 !
%@BF@H;E;B!3!!
9'*/$-)#*!B9N!7#*1!0#+/)!.'.#&!,-!,#$#%!.#2'$@(3.#(!#,#$#0!=!*#%#!?B! ,#*!
$3138!6/,/$!B9N8!B9N8!*3!,3(/%'*8!*3!+'L-)-8!.#*11#$!.'+2-.!,#*!.#*,#!.#*1#*!
"-+'(./+! ?B8! )',#*1(#*! /*./(! &'*1'+.-#*8! ./6/#*8! ('2-6#(#*8! &+3)',/+! ,#*!
/*-.!.'+(#-.!23$'0!.-,#(!,-2'+-!(3.#(@.#2'$4!
!
M8R8!%@?KBFKS!%@BCDED;B!*%.!
;8 "<?;S!1@;ADBC=!%#)-*1D%#)-*1!(3.#(![?/%#0!B#(-.8!W/,/$!B9N8!I34!
,3(/%'*8! I34! ?'L-)-8! P#$#%#*8! 9+3)',/+! E'.#&8! E#*11#$! .'+2-.8!
"-.'.#&(#*!"-+'(./+\!,--)-!)'2#1#-!2'+-(/.!=!
>4 P'#,-*1! ,#*! (3.#(*7#! ,-;'.#(! &#,#! )'.-#&! 0#$#%#*4! 9#,#!
0#$#%#*! &'+.#%#! (3.#(! 0'#,-*1! 0#+/)! $'*1(#&8! /*./(!
0#$#%#*D0#$#%#*! 2'+-(/.*7#! (3.#(! 0'#,-*1! ,#&#.! 0#*7#!
%'%/#.! =! K3.#(! I#%#! ?B8! W/,/$! B9N8! I34! "3(/%'*8! I34!
?'L-)-!,#*!P#$#%#*4!
<4 K3.#(! ?B! ,-2'+-! *#%#! ?B! ,#*! $313! ?B! [2-$#! ?B! )/,#0!
%'%&/*7#-!$313\4!
Q4 W/,/$!B9N=!,-2'+-!6/,/$@*#%#!B9N!)')/#-!&+3)')!('+6#*7#4!
S4 I34! "3(/%'*=! ,--)-! )')/#-! ,'*1#*! ('.'*./#*! &'*3%3+#*!
7#*1!2'+$#(/!,-!?B!7#*1!2'+)#*1(/.#*8!7#*1!,-2/#.!)-).'%#.-)!
#1#+!#,#!!(')'+#1#%#*4!
U4 I34! ?'L-)-=! ,--)-! ,'*1#*! ).#./)! +'L-)-8! ,-#*6/+(#*!
%'*11/*#(#*! 0/+/C4! b3*.30=! ,3(/%'*! 2#+/! ,-2'+-! 0/+/C! :8!
,3(/%'*! +'L-)-! &'+.#%#! ,-2'+-! 0/+/C! A! ,#*! )'.'+/)*7#4!
E'.#&-! ,#&#.! 6/1#! ,'*1#*! #*1(#8! %-)#$*7#! /*./(! ,3(/%'*!
2#+/! ,#&#.! ,-2'+-! *3%3+! J8! )',#*1(#*! ,3(/%'*! +'L-)-!
&'+.#%#!,-2'+-!*3%3+!>8!,#*!)'.'+/)*7#4!
Z4 P#$#%#*=! ,--)-! *3%3+! 0#$#%#*! ,'*1#*! %'*;#*./%(#*! 6/1#!
.3.#$! 0#$#%#*! /*./(! B9N! .'+)'2/.4! G-)#$*7#=! 0#$#%#*!
&'+.#%#=!>@U8!0#$#%#*!(',/#=!<@U8!0#$#%#*!.'+#(0-+!=!U@U4!

!
16
 !
V4 B9N! ,-2'+-! &'*#%##*! )')/#-! ('.'*./#*! [-).-$#0\! 7#*1!
,-1/*#(#*! ?B8! %-)#$*7#=! B9N8&+3)',/+8! &+3)',/+! .'.#&8!
&'./*6/(!&'$#()#*##*8!&+3)',/+!('+6#!,#*!)'2#1#-*7#4!
X4 E#*11#$! .'+2-.=! ,-2'+-! .#*11#$! )')/#-! .#*11#$! .'+2-.*7#! #.#/!
.#*11#$!,-2'+$#(/(#**7#!B9N!.'+)'2/.4!
]4 "-.'.#&(#*! "-+'(./+=! ,-2'+-! .#*,#! .#*1#*! "-+'(./+! ,#*! *#%#!
6'$#)*7#4!
!
G8 /ED!*%.3!
>4 %@BC@=?D;B=!2'+-)-!&'*6'$#)#*!,#*!#.#/!,'C-*-)-!.'*.#*1!-).-$#0!
7#*1! %/*1(-*! )/$-.! ,-&#0#%-! #.#/! %'*7'2#2(#*! )#$#0!
&'*1'+.-#*4!!
<4 $KFK;B3! 2'+-)-! ./6/#*! &'$#()#*##*! B9N! )';#+#! )&')-C-(4! K#.#!
ŬƵŶĐŝ ͗ ͟ ^ĞďĂŐĂŝ #;/#*! &'*'+#&#*! $#*1(#0D$#*1(#0!
/*./(!44444444444444444444444444444444͘͘͘͟!
Q4 "@GDF;S;B3! 2'+-)-! ('2-6#(#*! "-+'(./+@9-%&-*#*! ?B! 7#*1!
%'*6#,-! ,#)#+,-2/#.*7#! B9N! .)24! "-;#*./%(#*! ('2-6#(#*!
7#*1! %'*,#)#+-! B9N! .'+)'2/.8! ('%/,-#*! ,--(/.-! ,'*1#*!
&'+#./+#*@('&/./)#*!,#+-!('2-6#(#*!.'+(#-.4!
S4 %=<E@AK=3! 2#1-#*! -*-! %'+/&#(#*! 2#1-#*! /.#%#! 7#*1!
%'*1/+#-(#*!$#*1(#0D$#*1(#0!('1-#.#*!/*./(!%'*7'$')#-(#*!
&+3)')!('+6#!.'+.'*./4!
U4 -BD?! ?@=S;D?3! 2'+-)-! /*-.D/*-.! 7#*1! .'+(#-.! ,#*! #.#/! &+3)',/+!
.'+(#-.!,#$#%!&+3)')!('+6#!.'+)'2/.4!
M8R8 $#$#!O#)#!!%&'(&4.4##'!*%.!
>4 ?B!#1#+!%'*'.#&(#*!)-#&#!7#*1!%'*1'$3$#!B9N!
<4 9'*1'$3$#!B9N!0#+/)!%'%&/*7#-!#+)-&!)'$/+/0!B9N!?B!
Q4 9'*1'$3$#! B9N! #1#+! %'%2/#.! .#.#! ;#+#! &'*7/)/*#*8!
&'*3%3+#*8,-).+-2/)-8!&'*#+-(#*8!&'*7-%&#*#*8!'L#$/#)-!,#*!
+'L-)-!B9N!

!
17
 !
M8T8 $#$#!O#)#!%&'N-*-'#'!*%.!
98 1;HUP;H!I;BC!V@=HK!ADDBC;?!3!
x B-#&#!7#*1!7#*1!0#+/)!%'*/$-)!#.#/!%'*7/)/*!B9N4!
x A#1#-%#*#!%'+'*;#*#(#*!,#*!%'*1'%2#*1(#*!B9N4!
x A#1#-%#*#!B9N!,#&#.!,-('*#$-4!
x A#1#-%#*#!%'%&'+('*#$(#*!B9N!('&#,#!&'$#()#*#!,#*!
/*-.!.'+(#-.4!
x A#1#-%#*#! &'*1'*,#$-#*! B9N! *7#! [*3%3+8! +'L-)-! ,#*!
,-).+-2/)-\4!
:8 *I;=;?!V@BIKEKB;B!*%.!3!
x O,'*.-C-(#)-! ('2/./0#*! 7#(*-! %'*1-,'*.-C-(#)-! #&#(#0!
('1-#.#*! 7#*1! ,-$#(/(#*! )##.! -*-! )/,#0! #,#! B9N! 2'$/%!
,#*!2-$#!)/,#0!#,#!#1#+!,--,'*.-C-(#)-8!#&#(#0!B9N!%#)-0!
'C'(.-(!#.#/!.-,#(4!
x 9'+$/! ,-.'(#*(#*! 2#0^#! B9N! 0#+/)! ,-./$-)! 3$'0! %'+'(#!
7#*1!%'$#(/(#*!&'('+6##*!.'+)'2/.!#.#/!3$'0!/*-.!('+6#!
.'+)'2/.8! E-%! #.#/! &#*-.-#! 7#*1! ,-./*6/(! 3$'0!
"-+'(./+@9-%&-*#*! ?B! 0#*7#! /*./(! %'*1#*11#&-! ,#*!
%'*1(3+'()-! B9N! .'+)'2/.4! P#$! .'+)'2/.! )#*1#.$#0!
&'*.-*18! (#+'*#! (3%-.%'*! .'+0#,#&! &'$#()#*##*! B9N!
0#*7#! ,-&'+3$'0! ,'*1#*! #,#*7#! ('.'+$-2#.#*!
&')3*'$@/*-.!('+6#!,#$#%!&'*7/)/*#*!B9N4!
x B9N!0#+/)!%'+/&#(#*!12)9'*34(%!"7!,#+-!)/#./!('1-#.#*4!
9'$#()#*#!#.#/!/*-.!('+6#!#1#+!%'*;#.#.!&+3)')!('1-#.#*!
,#*! %'%2/#.! #$/+*7#! ('%/,-#*! E-%@9#*-.-#! ,-%-*.#!
%'%2'+-(#*!.#*11#&#*4!
x "-,#$#%! B9N! 0#+/)! ,#&#.! ,-('*#$-! ,'*1#*! 6'$#)! )-#&#!
%'$#(/(#*!#&#8!,-%#*#8!(#&#*!,#*!%'*1#&#4!!
x B9N! 6#*1#*! %'*11/*#(#*! (#$-%#.! %#6'%/(4! B/27'(8!
&+',-(#.!,#*!327'(!0#+/)!6'$#)4!

!
18
 !
x B9N! 0#+/)! %'*11/*#(#*! (#$-%#.! &'+-*.#0@-*).+/()-!
,'*1#*!2#0#)#!7#*1!,-('*#$!&'%#(#-4!
x B9N!0#+/)!6'$#)!+-*1(#)!,#*!%/,#0!,-$#()#*#(#*4!5*./(!
B9N&'$#7#*#*!&#)-'*!%#(#!0#+/)!%'%&'+0#.-(#*!#)&'(!
(')'$#%#.#*8!('#%#*#*!,#*!('*7#%#*#*!&#)-'*4!5*./(!
B9N! &+3C')-! 0#+/)! %'*1#;/! ('&#,#! ).#*,#+! &+3C')-8!
).#*,#+!&'$#7#*#*8!!%'*1-(/.-!&'+('%2#*1#*!O9EHK!!,#*!
%'%&'+0#.-(#*!#)&'(!(')'$#%#.#*!&#)-'*4!
78 %=<E@E!V@BIKEKB;B!*%.!
x B9N! ,-)/)/*! ,'*1#*! %'*11/*#(#*! C3+%#.! B9N! )')/#-!
,'*1#*!$#%&-+#*!B/+#.!H,#+#*!"-+'(./+!9'$#7#*#*!G',-(!
B&')-#$-).-(! *3%'+! FG4JJ4J<4<4<4XQV! .'+.#*11#$! >! W/*-!
<JJ>8!&'+-0#$!2'*./(!B9N4!!
x 9'*7/)/*#*! B9N! ,#&#.! ,-('$3$#! 3$'0! )/#./! E-%@&#*-.-#!
,'*1#*!%'(#*-)%'!)'2#1#-!2'+-(/.!=!
>4 9'$#()#*#!#.#/!/*-.!('+6#!%'*7/)/*!B9N!,'*1#*!
%'$-2#.(#*!/*-.!.'+(#-.4!
<4 B9N!7#*1!.'$#0!,-)/)/*!3$'0!&'$#()#*#!#.#/!/*-.!
('+6#!,-)#%&#-(#*!('!E-%@9#*-.-#!B9N4!
Q4 R/*1)-!E-%@9#*-.-#!B9N!=!
¡ G'%2'+-(#*! .#*11#&#*8! %'*1(3+'()-! ,#*!
%'%&'+2#-(-! ! .'+0#,#&! B9N! 7#*1! .'$#0!
,-)/)/*! 3$'0! &'$#()#*#@/*-.! ('+6#! 2#-(! ,#+-!
)'1-!2#0#)#!%#/&/*!&'*/$-)#*4!
¡ B'2#1#-! (33+,-*#.3+! ,#+-! B9N! 7#*1! )/,#0!
,-2/#.! 3$'0! %#)-*1D%#)-*1! /*-.! ('+6#!
)'0-*11#!.-,#(!.'+6#,-!,/&$-(#)-!B9N@./%&#*1!
.-*,-0!B9N!#*.#+!/*-.4!
¡ G'$#(/(#*!;'(!/$#*1!.'+0#,#&!B9NDB9N!7#*1!
#(#*!,-!.#*,#!.#*#1*-!3$'0!"+'(./+!?B!

!
19
 !
x 9'7/)/*#*! B9N! ,-$#(/(#*! ,'*1#*! %'*1-,'*.-C-(#)-!
('2/./0#*! B9N4! 5*./(! B9N! &'$#7#*#*! ,#*! B9N!
#,%*-).+#)-8! ! /*./(! %'$#(/(#*! -,'*.-C-(#)-! ('2/./0#*!
B9N! 2-)#! ,-$#(/(#*! ,'*1#*! %'*11#%2#+(#*! &+3)')!
2-)*-)!,-!/*-.!('+6#!.'+)'2/.!#.#/!#$/+!('1-#.#*!,#+-!('+6#!
7#*1! ,-$#(/(#*! ,-! /*-.! .'+)'2/.4! B',#*1(#*! /*./(! B9N!
9+3C')-! -,'*.-C-(#)-! ('2/./0#*! ,-$#(/(#*! ,'*1#*!
%'*1'.#0/-! &3$#! &'*7#(-.! 7#*1! )'+-*1! ,-.#*1#*-! ,-! /*-.!
('+6#! .'+)'2/.4! "#+-! -,'*.-C-(#)-! ('2/./0#*! B9N! %#(#! ,-!
)/#./! /*-.! ('+6#! ,#&#.! ,-('.#0/-! 2'+#&#! 2#*7#(! ,#*!
%#;#%! B9N! 7#*1! 0#+/)! ,-2/#.@,-)/)/*4! 5*./(!
%'$#(/(#*! -,'*.-C-(#)-! ('2/./0#*! B9N! ,#&#.! &/$#!
,-$#(/(#*! ,'*1#*! %'%&'+0#.-(#*! '$'%'*! &'*-$#-#*!
&#,#! ).#*,#+! #(+',-.#)-! +/%#0! )#(-.8! %-*-%#$! B9NDB9N!
#&#! )#6#! 7#*1! 0#+/)! #,#4! B9N! 7#*1! ,-&'+)7#+#.(#*! ,-!
'$'%'*!&'*-$#-#*!#,#$#0!B9N!%-*-%#$!7#*1!0#+/)!#,#!,-!
+/%#0! )#(-.4! B',#*1(#*! -,'*.-C-(#)-! B9N! ,'*1#*!
%'*11#%2#+(#*! .'+$'2-0! ,#0/$/! &+3)')! 2-)*-)! ,-! /*-.!
('+6#!#,#$#0!)'$/+/0!B9N!)';#+#!$'*1(#&!7#*1!0#+/)!#,#!
,-!/*-.!('+6#!.'+)'2/.4!
x G'*1-*1#.! B9N! %'+/&#(#*! 12)9' *34(%!"7! ,#+-! &+3)')!
('1-#.#*!%#(#!/*./(!%'%&'+3$'0!&'*1'+.-#*!7#*1!6'$#)!
2#1-! )/27'(8! &'*/$-)#*! B9N! #,#$#0! ,-%/$#-! ,'*1#*!
%'%2/#.! 12)9' *34(%! ,#+-! ('1-#.#*! 7#*1! ,-$#()#*#(#*4!
b#+#*7#!#,#$#0!%'%2/#.!,-#1+#%!(3.#(!)','+0#*#!7#*1!
%'*11#%2#+(#*!$#*1(#0!&'*.-*1!,#+-!)'$/+/0!&+3)')4!
b3*.30! =! ,-#1+#%! (3.#(! /*./(! &'%2'$-#*! 2#0#*! 7#*1!
,-1/*#(#*!,-!?B4!

!
20
 !

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

$#)-,+$.)%,(*%,()!"#/*0(/(1()!

"#)#/%$(()!2(/()-!

"#/%,*(!2(/()-!

$#)#$"(1,()!3%!-.3()-!

!
B'.'$#0! ,-2/#.(#*! ,-#1+#%! (3.#(! %#(#! ,-/+#-(#*! ('1-#.#*! ,-! %#)-*1D
%#)-*1!(3.#(!,#*!,-2/#.!#$/+*7#4!
x B'%/#! B9N! 0#+/)! ,-.#*,#.#*1#*-! 3$'0!
"-+'(./+@9-%&-*#*!?B4!!
x 5*./(! B9N! &'$#7#*#*! ,#*! B9N! #,%-*-).+#)-8! )'2#1-#*!
%'%'+$/(#*!/6-!;32#!
x :1#+! B9N! #,#&#.! ,-('*#$-! 3$'0! &'$#()#*#! %#(#! &'+$/!
,-$#(/(#*! )3)-#$-)#)-! B9NDB9N! .'+)'2/.! ,#*! 2-$#! B9N!
.'+)'2/.! +/%-.! %#(#! /*./(! %'$#()#*#(#*! B9N! .'+)'2/.!
&'+$/!,-$#(/(#*!&'$#.-0#*4!!
!
!
!
21
 !
M8 N;BC!>@>V@BC;=KPDS@G@=P;EDH;B!V@BIKEKB;B!*%.!
x :,#! (3%-.%'*! ,#+-! &-%&-*#*! ?B! 7#*1! .'+$-0#.! ,'*1#*!
#,#*7#!,/(/*1#*!C#)-$-.#)!,#*!)/%2'+!,#7#!$#-**7#!
x :,#! C#)-$-.#.3+@&'./1#)! 7#*1! %'%&/*7#-! ('%#%&/#*!
,#*! ('%#/#*! /*./(! %'*7/)/*! B9N8! 6#,-! #,#! #)&'(!
&'('+6##*!,#*!#)&'(!&)-(3$31-)4!!
x :,#! .#+1'.! ^#(./! 7#-./! #,#! .#+1'.! ,#*! 6#,^#$! 7#*1!
,-)/)/*!,#*!,-)'&#(#.-!
x :,#*7#! ! &'%#*.#/#*! ,#*! &'$#&3+#*! ('%#6/#*!
&'*7/)/*#*!B9N!
M8W $#$#!O#)#!%&'.+.)#'!*%.!
>4 B'%/#!B9N!0#+/)!,-2'+-!*3%3+!
<4 ?B! #1#+! %'%2/#.! ('2-6#(#*! .'*.#*1! &'%2'+-#*! *3%3+! /*./(!
B9N4!!
Q4 9'%2'+-#*! *3%3+! 2-)#! %'*1-(/.-! .#.#! &'+)/+#.#*! ?B! #.#/!
('.'*./#*! &'*3%3+#*! 7#*1! (0/)/)! /*./(! B9N! [2-)#!
%'*11/*#(#*!1#+-)!%-+-*1!#.#/!,'*1#*!)-).'%!,-1-.\4!9'%2'+-#*!
*3%3+!)'2#-(*7#!)';#+#!)'*.+#$4!!
S4 K3,'D(3,'!7#*1!,&'+1/*#(#*!/*./(!&'%2'+-#*!*3%3+!=!!
ƒ K3,'! /*-.! ('+6#! =! %#)-*1D%#)-*1! /*-.! ('+6#! ,-! ?B!
%'%&/*7#-! (3,'! )'*,+-D)'*,-+-8! (3,'! 2-)#! 2'+2'*./(!
#*1(#!2-)#!6/1#!2'2'*./(!0/+/C4!!B'2#1#-!;3*.30!O*).#$#)-!
1#^#.! ,#+/+#.! %'%&/*7#-! (3,'! JX! [2-$#! (3,'! 2'+2'*./(!!
#*1(#\!#.#/!0/+/C!=!1![2-$#!(3,'!2'+2'*./(!0/+/C\!
ƒ K3,'! B9N! =! #,#$#0! ,-,#$#%! .#.#! &'+)/+#.#*! ?B! 7#*1!
,-2'+-(#*! /*./(! B9N8! (3,'! 2-)#! 2'+2'*./(! #*1(#! #.#/!
0/+/C4! B'2#1#-! ;3*.30! ! =! (3,'! /*./(! B9N! #,#$#0! JQ! [2-$#!
(3,'!2'+2'*./(!#*1(#\!#.#/!;![2-$#!(3,'!2'+2'*./(!0/+/C\!
ƒ I3%'+! /+/.! B9N! #,#$#0! /+/.#*! *3%'+! B9N! ,-! ,#$#%!/*-.!
('+6#4!

!
22
 !
ƒ b3*.30! &'*3%3+#*! B9N! ,-! O*).#$#)-! M#^#.! "#+/+#.! =!
JX4JQ4>U![#+.-*7#!B9N!,#+-!O*).#$#)-!M#^#.!"#+/+#.!,'*1#*!
*3%'+!/+/.!B9N!d!>U\!#.#/!14;4>U![2-$#!&'*3%3+#*!,'*1#*!
0/+/C\!
b3*.30!&'*3%3+#*!B9N!$#-**7#!=!
ƒ B9N! 7#*1! (0/)/)! /*./(! )#./! /*-.8! %-)#$*7#!
OM"!=!44444@OM"@2/$#*@.#0/*`!!
ƒ B#./!B9N!,-&'+1/*#(#*!3$'0!<!/*-.!7#*1!2'+2',#!%-)#$*7#!
B9N! +/6/(#*! &#)-'*! %#(#! &'*3%3+#*! 2-)#! )'2#1#-!
2'+-(/.!=!44444@OM"@K'&'+#^#.#*@2/$#*@.#0/*!
M8X $#$#!O#)#!!%&'N/+%#'#'!*%.!
>4 F#*1! ,-%#()/,! &'*7-%&#*#*! #,#$#0! 2#1#-%#*#! B9N! .'+)'2/.!
,-)-%&#*4!!
<4 B9N! #)$-! #1#+! ,-)-%&#*! ,-! )'(+'.#+-#.! E-%! #(+',-.#)-! ?B! #.#/!
A#1-#*! )'(+'.#+-#.! ?B8! )')/#-! ,'*1#*! ('2-6#(#*! 7#*1! 2'+$#(/! ,-!
?B! .'+)'2/.! .'*.#*1! .#.#! ;#+#! &'*1#+)-&#*! ! ,3(/%'*4!
9'*7-%&#*#*! B9N! 7#*1! #)$-! 0#+/)! +#&-8! )')/#-! %'.3,'!
&'*1#+)-&#*! ,3(/%'*! )'0-*11#! %/,#0! ,-;#+-! ('%2#-! 2-$#!
,-&'+$/(#*4!
Q4 B9N!C3.3!;3&7!#,#!,-!)-%&#*!,-!%#)-*1D%#)-*1!/*-.!('+6#!,-%#*#!
B9N! .'+)'2/.! ,-&'+1/*#(#*4! A-$#! B9N! .'+)'2/.! )/,#0! .-,#(!
2'+$#(/! $#1-! #.#/! .-,#(! ,-&'+1/*#(#*! $#1-! ! (#+'*#! ,-! +'L-)-! #.#/!
0#$! $#-**7#! %#(#! /*-.! ('+6#! ^#6-2! %'*1'%2#$-(#*! B9N! 7#*1!
)/,#0! .-,#(! 2'+$#(/! .'+)'2/.! ('! )'(+'.#+-#.! E-%!
:(+',-.#)-@A#1-#*!)'(+'.#+-#.!?B!)'0-*11#!,-!/*-.!('+6#!0#*7#!#,#!
B9N! 7#*1! %#)-0! 2'+$#(/! )#6#4! B'(+'.#+-#.! E-%! :(+',-.#)-@A#1-#*!
)'(+'.#+-#.! ?B! ,#&#.! %'%/)*#0(#*! C3.3! ;3&7! B9N! 7#*1! .-,#(!
2'+$#(/! .'+)'2/.8! *#%/*! /*./(! B9N! *7#! 7#*1! #)$-! #1#+! .'.#&!
,-)-%&#*8! ,'*1#*! $#%#! &'*7-%&#*#*! )')/#-! ('.'*./#*! ,#$#%!
&'*1#+)-&#*!,3(/%'*!,-!?B4!
S4 B9N! ,-! /*-.! ('+6#! 0#+/)! 0#+/)! ,-$'.#((#*! ,-.'%&#.! 7#*1! %/,#0!
,-$-0#.8!%/,#0!,-#%2-$!!,#*!%/,#0!,-2#;#!3$'0!&'$#()#*#4!

!
23
 !
U4 A#1-! +/%#0! )#(-.! 7#*1! )/,#0! %'*11/*#(#*! +01!2+! %#(#!
&'*7-%&#*#*!B9N!)'2#1#-!2'+-(/.!=!
x B'.-#&!B9N!0#+/)!,-!&+-*.D3/.!,#*!,-)-%&#*!)'2#1#-!B9N!#)$-!4!
x B9N! ,-! /*-.! ('+6#! .-,#(! &'+$/! 34(-' *)#58! B9N! 2-)#! ,-$-0#.! ,-!
-*.+#*'.!,-!+/%#0!)#(-.4!I#%/*!/*./(!B9N!&'*#*1#*#*!1#^#.!
,#+/+#.!.'.#&!0#+/)!,-2/#.(#*!34(-'*)#5*7#4!
M89Y $#$#!O#)#!!%&'0/*$)/,-*/#'!*%.!
>4 F#*1! ,-%#()/,! ,'*1#*! ,-).+-2/)-! #,#$#0! ('1-#.#*! #.#/! /)#0#!
%'*7#%&#-(#*! B9N! ('&#,#!/*-.!('+6#!,#*!#.#/!&'$#()#*#!7#*1!
%'%'+$/(#*! B9N! .'+)'2/.! #1#+! ,#&#.! )'2#1#-! &#*,/#*! ,#$#%!
%'$#()#*#(#*! ('1-#.#**7#4! K'1-#.#*! -*-! ,-$#(/(#*! 3$'0! E-%!
:(+',-.#)-! ?B! #.#/! A#1-#*! )'(+'.#+-#.! ?B! )')/#-! ('2-6#(#*! ?B!
,#$#%!&'*1'*,#-#*!,3(/%'*4!
<4 "-).+-2/)-!0#+/)!%'%#(#-!2/(/!'()&',-)-!,#*!#.#/!C3+%/$-+!.#*,#!
.'+-%#!
Q4 "-).+-2/)-! B9N! 2-)#! 0#*7#! /*./(! /*-.! ('+6#! .'+.'*./! .'.#&-! 2-)#!
6/1#!/*./(!)'$/+/0!/*-.!('+6#4!P#$!.'+)'2/.!.'+1#*./*1!6'*-)!B9N!
.'+)'2/.8! 2-$#! B9N! .'+)'2/.! %'+/&#(#*! #;/#*! /*./(!%'$#(/(#*!
('1-#.#*!,-!)'%/#!/*-.!('+6#!%#(#!B9N!,,-).+-2/)-(#*!('!)'%/#!
/*-.! ('+6#4! I#%/*! 2-$#! B9N! .'+)'2/.! 0#*7#! /*./(! /*-.! ('+6#!
.'+.'*./! %#(#! ,-).+-2/)-! B9N! 0#*7#! /*./(! /*-.! ('+6#! .'+.'*./!
.'+)'2/.!,#*!/*-.!.'+(#-.!7#*1!.'+./$-)!,-!B9N!.'+)'2/.4!
S4 A#1-!+/%#0!)#(-.!7#*1!)/,#0!%'*11/*#(#*!+01!2+!%#(#!,-).+-2/)-!
B9N! 2-)#! %'$#$/-! -*.+#*'.! ,#*! ,-#./+! ('^'*#*1#*! 3.3+-)#)-! ,-!
)'.-#&! /*-.! ('+6#8! )'0-*11#! /*-.! ('+6#! ,#&#.! %'*1'.#0/-! 2#.#)!
('^'*#*1#*!,#$#%!%'%2/(#!B9N!
M899 $#$#!O#)#!&L#4-#*/!
>4 HL#$/#)-! B9N! ,-$#()#*#(#*! )')/#-! ('2/./0#*! ,#*! %#()-%#$! Q!
.#0/*!)'(#$-4!
<4 HL#$/#)-! B9N! ,-$#(/(#*! 3$'0! %#)-*1D%#)-*1! /*-.! ('+6#! 7#*1!
,-&-%&-*!3$'0!('&#$#!/*-.!('+6#4!

!
24
 !
Q4 P#)-$! 'L#$/#)-! =! B9N! %#)-0! .'.#&! 2-)#! ,-&'+1/*#(#*! #.#/! B9N!
&'+$/!,-&'+2#-(-@,-+'L-)-4!9'+2#-(#*@+'L-)-!2-)#!-)-! B9N! )'2#1#-#*!
#.#/!)'$/+/0*7#4!
S4 9'+2#-(#*@+'L-)-!&'+$/!,-$#(/(#*!2-$#!=!
x :$/+!,-!B9N!)/,#0!.-,#(!)')/#-!,'*1#*!('#,##*!7#*1!#,#!
x :,#*7#!&'+('%2#1#*!O9EHK!
x :,#*7#!&'+/2#0#*!3+1#*-)#)-!#.#/!('2-6#(#*!2#+/4!
x :,#*7#!&'+/2#0#*!C#)-$-.#)!
Q8 9'+1#*.-#*! ,-+'(./+@&-%&-*#*! ?B8! 2-$#! B9N%'%#*1! %#)-0!
)')/#-@,-&'+1/*#(#*!%#(#!.-,#(!&'+$/!,-!+'L-)-4!
M89:!!/'*$)-"*/!"&)5#!
9#,#! #(+',-.#)-! ?B! .-,#(! ,-('*#$! -).-$#0! -*).+/()-! ('+6#4! P#$! -*-! )')/#-!
,'*1#*! 7#*1! .'+;#*./%8! 2#-(! &#,#! 5*,#*1D/*,#*1! <]! E#0/*! <JJS!
E'*.#*1!9+#(.-(!K',3(.'+#*!%#/&/*!5*,#*1D/*,#*1!I3%3+!SS!E#0/*!
<JJ]!E'*.#*1!?/%#0!B#(-.!.'*.#*1!&'*6'$#)#*!B9N4!9#,#!#(+',-.#)-!?B!
-*).+/()-! ('+6#! #,#$#0B9N(#+'*#! -*).+/()-! ('+6#! 6/1#! %'+/&#(#*! )/#./!
&'+#*1(#.! -*).+/()-@$#*1(#0D$#*1(#0! 7#*1! ,-2#(/(#*! /*./(!
%'*7'$')#-(#*!&+3)')!('+6#!+/.-*!.'+.'*./4!!
!
!
!
!
!
!
!
!

!
25
 !
,#,!L!
%).()#+!
!
Q898!!!%&'(&)$/#'!%).()#+!
:,#!2#*7#(!&'*1'+.-#*!.'*.#*1!9?NM?:G!)'2#1#-!2'+-(/.!=!
;8 +@BK=K?!./00$#+1./&*$0213#(0$+415'#(*'("16$7)$/#'89%).()#+!
;A;H;P3!
x ?'*;#*#! 2'+)(#$#! 2')#+! ,#*! .'+&'+-*;-! 7#*1! ,-2/#.! /*./(! )/#./!
./6/#*!.'+.'*./4!!
x B'2/#0!+'*;#*#!('1-#.#*!#.#/!&'('+6##*!7#*1!#(#*!,-$#()#*#(#*8!
.'+%#)/(! ^#(./! (#&#*! )'.-#&! ('1-#.#*! -./! 0#+/)! .'+6#,-! #.#/!
#(#*!,-$#()#*#(#*4!
G8 +@BK=K?!4<BC>;B%).()#+!;A;H;P!3!
B'2/#0! +'*;#*#! 7#*1! 2#(/! .'*.#*1! +#*1(#-#*! ('1-#.#*8! ,#C.#+! ./1#)!
,#*!$#-*)'2#1#-*7#4!!
J8 +@BK=K?!:%"8$7'#1;"8$)'("16$7)$/#'89%).()#+!;A;H;P!3!
B'2/#0! &+3)',/+! /*./(! %'*7'$')#-#(#*! %#)#$#0! [&+32$'%!
)3$L-*1\8.'+%#)/(! &'*1/%&/$#*! ,#.#8! %'%&+3)')*7#! ,#*!
&+')'*.#)-!0#)-$*7#4!
A8 +@BK=K?!KdžĨŽƌĚĚǀĂŶĐĞĚ>ĞĂŶĞƌ͛ƐŝĐƚŝŽŶĂƌLJŽĨƵƌƌĞŶƚŶŐůŝƐŚZ!
V=<C=;>!;A;H;P!3!!
B'2/#0!+'*;#*#!.'*.#*1!#&#!7#*1!#(#*!,-('+6#(#*4!
@8 ,KSK!%;BAK;B!%@=@BJ;B;;B!*?=;?@CDE!A;B!V@BCKSK=;B!SDB@=F;!
I;BC!ADS@HK;=S;B!<H@P!";B?<=!+@B?@=D!'@C;=;!)DE@?!A;B!$@SB<H<CD!Z!
I;BC!AD>;SEKA!V=<C=;>!;A;H;P!3!
9'*6#2#+#*! .'+&'+-*;-! .'*.#*1! ).+#.'1-! ,#*! $#*1(#0D$#*1(#0! 7#*1!
,-&'+1/*#(#*!/*./(!%'*;#&#-!./6/#*!$'%2#1#4!
!
!
!
26
 !
[8 "@ED>VKH;B!
A'+,#)#+(#*! 2'2'+#&#! &'*1'+.-#*! .'+)'2/.! ,-#.#)! %#(#! ,#&#.!!
,-)-%&/$(#*! 2#0^#! 9?NM?:G2'+-)-=@BJ;B;! S@CD;?;B! 7#*1! #(#*!
,-$#()#*#(#*! 7#*1! ,-)/)/*! )';#+#! +-*;-! ! 7#*1! ,-&'+1/*#(#*! /*./(!
%'*;#&#-!./6/#*!$'%2#1#@/*-.!('+6#44!
!
Q8: "&$&'$-#'!!%).()#+!0/!0#4#+!*$#'0#)!#")&0/$#*/!)*!
#8 $KFK;B!V=<C=;>!
->K>!3!
B'2#1#-! &#*,/#*! ,#$#%! %'$#()#*#(#*! ('1-#.#*! /*-.! ('+6#!
)'0-*11#!./6/#*&+31+#%!,#&#.!.'+;#&#-4!
"PKEKE!3!
>4 :,#*7#! ('6'$#)#*! $#*1(#0D$#*1(#0! ,#$#%! %'$#()#*#(#*!
('1-#.#*4!
<4 :,#*7#! ('6'$#)#*! )-#&#! 7#*1! %'$#()#*#(#*! ('1-#.#*,#*!
2#1#-%#*#!%'$#()#*#(#*! ('1-#.#*! .'+)'2/.! )'0-*11#! ./6/#*!
,#&#.!.'+;#&#-4!!
Q4 :,#*7#! ('6'$#)#*! )#)#+#*8! ./6/#*! ,#*! ^#(./! &'$#()#*##*!
('1-#.#*4!
!
,8 */*$&+#$/"#62.)+#$!%).()#+!
B-).'%#.-(#!#.#/!C3+%#.!&+31+#%!)'2#1#-!2'+-(/.!=!
>4 9'*,#0/$/#*!
<4 T#.#+!2'$#(#*1!
Q4 E/6/#*!/%/%!,#*!./6/#*!(0/)/)!
S4 K'1-#.#*!&3(3(!,#*!+-*;-#*!('1-#.#*!
U4 b#+#!%'$#()#*#(#*!$'1-#.#*!
Z4 B#)#+#*!
!
27
 !
V4 B(',/$![W#,^#$\!&'$#()#*##*!('1-#.#*!
X4 HL#$/#)-!&'$#()#*##*!('1-#.#*!,#*!&'$#&3+#*!
]4 9'*;#.#.#*8!&'$#&3+#*!,#*!'L#$/#)-!('1-#.#*!
!
B-).'%#.-(#@C3+%#.! .'+)'2/.! ,-#.#)! #,#$#0! %-*-%#$8! ?B! ,#&#.!
%'*#%2#0! )')/#-! ('2/./0#*8! .'.#&-! .-,#(! ,-&'+23$'0(#*!
%'*1/+#*1-4! b3*.30! &'*#%2#0#*! =! ,-.#%2#0! &3-*.! /*./(!
&'%2-#7##*@#*11#+#*4!
!
O8 %&$-'5-"!%&'-4/*#'!!!!!!
%@BA;PKHK;B!
F#*1!,-./$-)!,#$#%!&'*,#0/$/#*!#,#$#0!0#$D0#$!7#*1!2'+)-C#.!/%/%!
7#*1!%#)-0!.'+(#-.!,'*1#*!&+31+#%4!
4;?;=!G@H;S;BC!
T#.#+! 2'$#(#*1! #,#$#0! %'+/&#(#*! 6/).-C-(#)-! #.#/! #$#)#*!
%'*1#&#&+31+#%! .'+)'2/.! ,-)/)/*4! B'2#-(*7#! ,-$'*1(#&-! ,'*1#*!
,#.#D,#.#!)'0-*11#!#$#)#*!,-&'+$/(#*!&+31+#%!.'+)'2/.!,#&#.!$'2-0!
(/#.4!
$KFK;B!K>K>!A;B!?KFK;B!SPKEKE!
E/6/#*! ,-)-*-! #,#$#0! %'+/&#(#*! ./6/#*! &+31+#%4! E/6/#*! /%/%!
#,#$#0! ./6/#*! )';#+#! 1#+-)! 2')#+*7#8! )',#*1(#*! ./6/#*! (0/)/)!
#,#$#0!./6/#*!)';#+#!+-*;-4!
"@CD;?;B!V<S<S!A;B!=DBJD;B!S@CD;?;B!
K'1-#.#*! &3(3(! ,#*! +-*;-#*! ('1-#.#*! #,#$#0! $#*1(#0D$#*1(#0!
('1-#.#*! 7#*1! 0#+/)! ,-$#(/(#*! )'0-*11#! .'+;#&#-*7#! &+31+#%!
.'+)'2/.4!K#+'*#!-./!#*.#+#!./6/#*!,#*!('1-#.#*!0#+/)!2'+(#-.#*!,#*!
)'6#$#*4!!
O;=;!>@H;SE;B;S;B!S@CD;?;B!!

!
28
 !
b#+#! %'$#()#*#(#*! ('1-#.#*! #,#$#0! %'.3,'! /*./(! %'$#()#*#(#*!
('1-#.#*! &3(3(! ,#*! +-*;-#*! ('1-#.#*4! G'.3,'! .'+)'2/.! 2-)#! #*.#+#!
2-)#!,'*1#*!%'%2'*./(!.-8!%'$#(/(#*!+#&#.8!%'$#(/(#*!#/,-.8!,#*!
$#-*D$#-*4!
*;E;=;B!
B#)#+#*!&+31+#%!#,#$#0!.#+1'.!&'+!.#0/*!7#*1!)&')-C-(!,#*!.'+/(/+!
/*./(!%'*;#&#-!./6/#*D./6/#*!&+31+#%!
B#)#+#*!&+31+#%!%'*/*6/((#*!0#)-$!#*.#+#!7#*1!,-&'+$/(#*!/*./(!
%'+'#$-)-+!./6/#*!.'+.'*./4!9'*7/)/*#*!)#)#+#*!&+31+#%!&'+$/!
%'%&'+0#.-(#*!0#$D0#$!)'2#1#-!2'+-(/.!=!
B#)#+#*!7#*1!2#-(!%'%'*/0-!͞^DZd͟!7#-./!=!
>4 *V@JD[DJ! =! )#)#+#*! 0#+/)! %'*11#%2#+(#*! 0#)-$! )&')-C-(! 7#*1!
,--*1-*(#*8! 2/(#*! ;#+#! &'*;#&#-#**7#4! B#)#+#*! 0#+/)!
%'%2'+-(#*! #+#0! ,#*! .3$3(! /(/+! 7#*1! 6'$#)! )'0-*11#! ,#&#.!
,-6#,-(#*!$#*,#)#*!/*./(!&'*7/)/*#*!).+#.'1-!,#*!('1-#.#*!7#*1!
)&')-C-(!&/$#4!
<4 +@;EK=;GH@! =! ! )#)#+#*! 0#+/)! .'+/(/+! ,#*! ,#&#.! ,-&'+1/*#(#*!
/*./(!%'%#).-(#*!#&#!,#*!(#&#*!&'*;#&#-#**7#4!:(/*.#2-$-.#)!
0#+/)!,-.#*#%(#*!(',#$#%!&+3)')!&'+'*;#*##*4!N$'0!(#+'*#*7#!
%'.3,3$31-! /*./(! %'*1/(/+! &'*;#&#-#*! )#)#+#*! [('2'+0#)-$#*!
&+31+#%\! 0#+/)! ,-.'.#&(#*! )'2'$/%! ('1-#.#*! 7#*1! .'+(#-.!
,'*1#*!)#)#+#*!.'+)'2/.!,-$#()#*#(#*4!
Q4 #CC=@EED\@! GK?! #??;DB;GH@! =! :&#2-$#! )#)#+#*! 0#+/)! ,-6#,-(#*!
).#*,#+,! ('2'+0#)-$#*8! %#(#! )#)#+#*! 0#+/)! %'*#*.#*18! *#%/*!
.-,#(! 23$'0! %'*1#*,/*1! .#+1'.! 7#*1! .-,#(! $#7#(4! 5%&#%#*7#!
ŬŝƚĂ ďŝƐĂ ŵĞŶĞƚĂƉŬĂŶ ƐĞďĂŐĂŝ ƐƵĂƚƵ ƐĂƐĂƌĂŶ ͞ ƉĞŶŐƵƌĂŶŐĂŶ
ŬĞŵĂƚŝĂŶ ŵŝƐĂůŶLJĂ Ěŝ /' ŚĂŶLJĂ ƐĂŵƉĂŝ ŬĞƚŝŶŐŬĂƚ ƚĞƌƚĞŶƚƵ͟
ŶĂŵƵŶ ͞ŵĞŶŝĂĚĂŬĂŶ ŬĞŵĂƚŝĂŶ͟ ŵĞƌƵƉĂŬĂŶ  ŚĂů LJĂŶŐ ƚŝĚĂŬ
,#&#.!,-&#).-(#*!('$#7#(#**7#4!
S4 )@EKH?! <=D@B?@A! =! )',#&#.! %/*1(-*! )#)#+#*! 0#+/)!
%'*)&')-C-(#)-(#*! 0#)-$! 7#*1! -*1-*! ,-;#&#-4! G-)#$*7#! =!
%'*1/+#*1-!(3%&$#-*!&#)-'*!)'2')#+!UJ!e!

!
29
 !
U4 $D>@!G<KBA!3!)#)#+#*!)'2#-(*7#!,#&#.!,-;#&#-!,#$#%!^#(./!7#*1!
+'$#.-C!&'*,'(8!%/$#-!,#+-!2'2'+#&#!%-*11/!)#%&#-!('!!2'2'+#&#!
2/$#*8!)'2#-(*7#!(/+#*1!,#+-!>!.#0/*4!K#$#/!#,#!&+31+#%!U![$-%#\!
.#0/*!,-2/#.!)#)#+#*!#*.#+#4!B#)#+#*!#(#*!$'2-0!%/,#0!,-('$3$#!
,#*! ,#&#.! $'2-0! )'+#)-! ,'*1#*! &+3)')! #*11#+#*! #&#2-$#!
,-2/#.*7#! )')/#-! ,'*1#*! 2#.#)D2#.#)! .#0/*! #*11#+#*! ,-! +/%#0!
)#(-.4!
B'*-! ,-,#$#%! &'*'*./#*! )#)#+#*! #,#$#0! %'*-%2/$(#*! .#*.#*1#*!
7#*1!,#&#.!,-;#&#-4!B#)#+#*!7#*1!.'+2#-(!#,#$#0!)#)#+#*!7#*1!,#&#.!
%'*,3+3*1! &'*-*1(#.#*! (#&#)-.#)! +/%#0! )#(-.8! *#%/*! ,#$#%!
2#.#)D2#.#)! ('$#7#(#*4! B#)#+#*! 7#*1! 2#-(! -./! .-,#(! 0#*7#! #(#*!
%'*-*1(#.(#*!&+31+#%!,#*!6#)#!&'$#7#*#*!7#*1!,-0#)-$(#*8!*#%/*!
6/1#! %'*/%2/0(#*! ('2#*11##*! "#*! +#)#! &'+;#7#! ,-+-! &#,#! &#+#!
&'$#()#*7#4! B'2#$-(*7#! &'*'+#&#*! .#+1'.! (-*'+6#! 7#*1! .-,#(!
%/*1(-*! ,-;#&#-! #(#*! %'$'%#0(#*! %3.-L#)-8! %'%2/*/0! -*-)-#.-C!
,#*!%'*10#%2#.!,#7#!-*3L#)-!&#+#!(#+7#^#*4!
*S@AKH!]5;A^;H_!V@H;SE;B;;B!S@CD;?;B!
B(',/$! #.#/! 6#,^#$! #,#$#0! %'+/&#(#*! &'+'*;#*##*! ^#(./!
%'$#()#*#(#*! $#*1(#0D$#*1(#0! ('1-#.#*! &+31+#%4! T#%#! ^#(./!
.'+1#*./*1!+'*;#*#!&+31+#%!.'+)'2/.!,-$#()#*#(#*4!5*./(!&+31+#%!
.#0/*#*! %#(#! 6#,^#$! 7#*1! ,-2/#.! #,#$#0! 6#,^#$! /*./(! >! .#0/*8!
)',#*1(#*!/*./(! &+31+#%! U!.#0/*!%#(#!6#,^#$!7#*1!0#+/)!,-2/#.!
#,#$#0! 6#,^#$! U! .#0/*4! B(',/$! [6#,^#$\! ,#&#.! ,-2/#.! .-%'! .#2'$!
)'2#1#-!2'+-(/.!=!
!
I3! KHMO:E:I! A5T:I!!
>! <! Q! S! U! Z! V! X! ]! >J! >>! ><!
>4! 9'%2'*./(#*!E-%! f! ! ! ! ! ! ! ! ! ! ! !
<4! ?#&#.!E-%! c! f! c! c! c! c! c! c! c! c! c! c!
Q4! ").! ! ! ! ! ! ! ! ! ! ! ! !
! ! ! ! ! ! ! ! ! ! ! ! ! !
!
!
30
 !
!
!
&\;HK;ED!V@H;SE;B;;B!S@CD;?;B!A;B!V@H;V<=;BBI;!
F#*1! ,-%#()/,! ,'*1#*! 'L#$/#)-! &'$#()#*##*! ('1-#.#*! #,#$#0!
'L#$/#)-! ,#+-! )(',/$! [6#,^#$! \! ('1-#.#*4! B(',/$! [6#,^#$\! .'+)'2/.!
#(#*! ,-'L#$/#)-! )'.-#&! 2'+#&#! 2/$#*! )'(#$-! [(/+/*! ^#(./! .'+.'*./\8!
)'0-*11#! 2-$#! ,#+-! 'L#$/#)-! ,-('.#0/-! #,#! &'+1')'+#*! 6#,^#$! #.#/!
&'*7-%&#*1#*!6#,^#$!%#(#!,#&#.!)'1'+#!,-&'+2#-(-!)'0-*11#!.-,#(!
%'*11#*11/! &+31+#%! )';#+#! (')'$/+/0#*4! K#+'*#! -./8! 7#*1! ,-./$-)!
,#$#%! ('+#*1(#! #;/#*! #,#$#0! (#&#*! [)'.-#&! (/+/*! ^#(./! 2'+#&#!
$#%#\! 'L#$/#)-! &'$#()#*##*! ('1-#.#*! ,-$#(/(#*! ,#*! )-#&#! 7#*1!
%'$#(/(#*4!!!
F#*1! ,-%#()/,! ,'*1#*! &'$#&3+#**7#! #,#$#0! 2#1#-%#*#! %'%2/#.!
$#&3+#*!'L#$/#)-!&'$#()#*##*!('1-#.#*!.'+)'2/.4!"#*!(#&#*!$#&3+#*!
.'+)'2/.! 0#+/)! ,-2/#.4! W#,-! 7#*1! 0#+/)! ,-./$-)! ,-! ,#$#%! ('+#*1(#!
#;/#*! #,#$#0! ;#+#! #.#/! 2#1#-%#*#!%'%2/#.! $#&3+#*! 'L#$/#)-! ,#*!
(#&#*!$#&3+#*!.'+)'2/.!0#+/)!,-2/#.!,#*!,-./6/(#*!('&#,#!)-#&#4!4!
%@BJ;?;?;BZ!V@H;V<=;B!A;B!@\;HK;ED!S@CD;?;B!
9'*;#.#.#*!#,#$#0!;#.#.#*!('1-#.#*8!(#+'*#!-./!7#*1!,-./$-)!,-!,#$#%!
('+#*1(#!#;/#*!#,#$#0!!2#1#-%#*#!%'$#(/(#*!&'*;#.#.#*!('1-#.#*!
#.#/!%'%2/#.!,3(/%'*.#)-!!('1-#.#*!
9'$#&3+#*!#,#$#0!2#1#-%#*#!%'%2/#.!$#&3+#*!&+31+#%!,#*!(/+/*!
^#(./! [(#&#*\! $#&3+#*! 0#+/)! ,-)'+#0(#*! )'+#! ('&#,#! )-#&#! )#6#!
$#&3+#*!.'+)'2/.!0#+/)!,-./6/(#*4!
HL#$/#)-! ('1-#.#*! #,#$#0! 'L#$/#)-! &'$#()#*##*! &+31+#%! )';#+#!
%'*7'$/+/04! ! W#,-! 7#*1! ,-./$-)! ,-! ,#$#%! (+#*1(#! #;/#*! 2#1#-%#*#!
%'$#(/(#*!'L#$/#)-!,#*!(#&#*!'L#$/#)-!0#+/)!,-$#(/(#*4!
!

!
!
31
 !
!
!
,#,!L/!
%&'-$-%!
!
9#,#!&+-*)-&*7#! ,3(/%'*!#(+',-.#)-!#,#$#0!$-4/*! N#'(!0/"&)5#"#'!
0#'! "&)5#"#'! N#'(! 0/$-4/*! 0#'! ,/*#! 0/,-"$/"#'Z! *#%/*! &#,#!
&'*'+#&#**7#! .-,#($#0! )'%/,#0! -./4! 9'*7/)/*#*! ('2-6#(#*8!
&',3%#*@&#*,/#*8! ).#*,#+! &+3)',/+! 3&'+#)-3*#$,#*! &+31+#%! )'$#-*!
,-&'+$/(#*! (3%-.%'*! "-+'(./+@9-%&-*#*! ?B! 6/1#! &'+$/! ).#C! 7#*1!
%#%&/! ,#*! %#/! %'*7/)/*! ,3(/%'*! #(+',-.#)-! .'+)'2/.4! "'*1#*!
.'+)/)/**7#! A/(/! 9#*,/#*! 9'*7/)/*#*! ,3(/%'*! :(+',-.#)-8!
,-0#+#&(#*!,#&#.!%'%2#*./!?B!,#$#%!%'*7/)/*! ,3(/%'*D,3(/%'*!
7#*1!.'+(#-.!,'*1#*!#(+',-.#)-!?B4!
!
!
gggggggggggg!

!
32