MC - 30 - Antech

Transkript

MC - 30 - Antech
!
!"#$%&'()*+,-%.!%(,
,
-/,0,12,0,%,
,
-34565,74#85-%6,
,
79:,&$;,<-,%,)%&,
!
!
!
!
!
!
!
ANTECH spol. s r.o., Fučíkova 62, Břeclav, Tel.: 0627-24090
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,:=)%>!
!
*%7#&:(%,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, , , , , , , , , ,
,
#,,?@AB,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, , , , , , , , ,
##,$DEAFEGHI,JAJKL,, , , , , , , , , , , , ,
###,&EGMHKGNO,PBQRE, , , , , ,, ,, , , , , , , ,
#$,7ATHUVNW,JXEB,JAYZK[\V, , , , , , , , , , ,
!
! "#$!%&'()*+(!'&,*-.*! ! ! ! ! ! ! ! ! ! ! ! !
! "#0!1234+&!'&,*-.*! ! ! ! ! ! ! ! ! ! ! ! !
,
$,,7AJKL,A@^UBQG\GM,J_@N`, , , , , , , , , , ,
$#,&QFY^NQ,NQHU^`,YN^UBQHIGM,BA,JQVb[K! ! ! ! ! ! !
$##,)ETHQV,J_Ac_QV`! ! ! ! ! ! ! ! ! ! ! ! !
,
, 6#$!17!8-9:-&3;!! ! ! ! !! ! ! ! ! ! ! ! !
! 6#0!<-9:-&3;!=-*>?*+@+(AB!8CD*3!! ! ! ! ! ! ! !
! 6#5!F,&+G&-G+(!8-9:-&3;! ! ! ! ! ! ! ! ! ! !
! 6#"!H?I>9?J!8-9:-&3;! ! ! ! ! ! ! ! ! ! ! !
! 6#E!<-9:-&3;!L,MI3I! ! ! ! ! ! ! ! ! ! ! !
! 6#K!<-9:-&3;!GCM>9?JB9!+&8C)*+(! ! ! ! ! ! ! !!!! !
! 6#6!<-9:-&3;!N9'-&N*+(!L-9?+4!D.:+CMI! !!!!!!! ! !!!! ! !
! 6#/!<-9:-&3;!D*M*>A*!D!89IP.,(3!=.M,-I! ! ! ! ! ! ! !
! 6#Q!RSN+J!8-9:-&3;!! ! ! ! ! ! ! ! ! ! ! !
!
$###,7_@H\,JAYZK[\,, , , , , , , , , , , , , ,
!
! /#$!<T*G'4P+J!89N+C3>;! ! ! ! ! ! ! ! ! ! !
! /#0!%&'()*+(!'&,*-.*!N*!D(,4! ! ! ! ! ! ! ! ! ! !
! /#5!%&'()*+(!'&,*-.*!N!&I,939'.M9?JB9!N&8&M9?&@*!A.:&-*,!"$!
! /#"!<-?+(!D8IU,4+(! ! ! ! ! ! ! ! ! ! ! ! !
! ! ! V'-#!$!W+&D,&?*+(!98&@+J!89M&-.N&A*X! ! ! ! ! !
! /#E!Y4T*+(!@(DM.A9?2AB!>&+CMS! ! ! ! ! ! ! ! ! !
! ! ! V'-#!0!! ! ! ! ! ! ! ! ! ! ! ! ! !
! ! ! V'-#!5!! ! ! ! ! ! ! ! ! ! ! ! ! !
!
#e,,8QN,TQX\TEH\,JAYZ\@Q[, , , , , , , , , , , ,
! ! ! !
! Q#$!F&,*M.,+(!8T()*3! ! ! ! ! ! ! ! ! ! ! ! !
! ! Q#$#$!1289@*,!D9IT&G+.A!! ! ! ! ! ! ! ! ! !
! ! ! !!V'-#!"!WZ.&:-&3!?289@,I!&N.3I,I!&!?2U>9?JB9!LBMIX!
! ! Q#$#0!VGB&G!.+,*+N.,;!8T.)(3&+JB9!D.:+CMI!! ! ! ! !
! ! Q#$#5!<T*G'4P+J!D34-9?J!+&D,&?*+(!&+,J+;! ! ! ! !
! ! Q#$#"!%&D34-9?C+(!&+,J+;!G9!'9GI!!!!!!! ! ! ! ! !
! Q#0![1!8T()*3!! ! ! ! ! ! ! ! ! ! ! ! ! !
! ! Q#0#$!F34-9?J!+&D,&?*+(!&+,J+;! ! ! ! ! ! ! !
! ! Q#0#0!1;M9I@*+(!8SD9'*+(!+*PCG&+JB9!?;D(M&@*!'M(N>J!! !
! ! ! ! =-*>?*+A*!! ! ! ! ! ! ! ! ! ! ! !
!
!
!
!
2
,
,
,,,,,,,,,,,,,)&9%.%,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,,,
,
,
,
C,
",
S,
]!
!
!
!
!
!
!
!
!
!
!
!
!
/!
/!
,
!
!
,
!
!
,,, ,
! !
! !
,, ,
! !
! !
, a!
05!
05!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
0"!
0E!
0E!
0K!
! 06!
0/!
5O!
5$!
5$!
,
,
,
,
,
,
1d!
!
!
!
!
!
!
!
!
!
!
!
!
50!
5"!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
5"!
5/!
5Q!
"O!
"O!
,
,
,
,
,
,
"O!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
"O!
"O!
"$!
"0!
"5!
"5! !
"5!
"5!
! !
""!!
!
!
!
!
!
!
!
!
!
!
!
! ! Q#0#5!<T()*3!9G-&P*+JB9!D.:+CMI! ! ! ! !
! ! Q#0#"!V'-&N9?C\N?I>9?C!3*N*-&! ! ! ! !
! ! Q#0#E!VGB&G!3(-;!39GIM&A*!N?I>I!!!!!!!! ! !
! ! ! ! ! W&38M.,IG9?C!39GIM&A*X!
!
e,, 7AYZK[\,LWL[OVY,f#)'g/,hid,
!
! $O#$!<9IP.,(!N&T(N*+(!-/12%,8-9!8T(>&N;!D;D,J3I!!
! ! ! Z]F^_`!!$#0! ! ! ! ! ! ! ! !
! $O#0! !<98.D!=I+>A(!D;D,J3I!Z]F^_`!$#0! ! !
! ! $O#0#$!H+9?I+&D,&?*+(!3.>-99?M&G&@*!! ! !
! ! $O#0#0!H+9?I+&D,&?*+(!89-,S!O!&!$!! ! ! !
! ! $O#0#5!a9+=.:I-&A*!N&T(N*+(!! ! ! ! ! !
! ! $O#0#"!H?I>9?2!DBMI>! ! ! ! ! ! ! !
! ! $O#0#E!<-989)*+J!D8(+&@*! ! ! ! ! ! !
! ! $O#0#K!%*8-989)*+J!D8(+&@*! ! ! ! ! !
! ! $O#0#6!HC8.D!&+&M9:9?J!B9G+9,;! ! ! ! !
! ! $O#0#/!HC8.D!=-*>?*+A*!! ! ! ! ! ! ! !
! ! $O#0#Q!b.++9D,!&!8T(>&N;!89M9B9?&A(B9!N&T(N*+(!
!
e#,&EGMHKGNO,JATHUVNW, , , , , , , , ,
!
! $$#$!F,-I@+2!898.D!G*D*>! ! ! ! ! ! ! !
! ! $$#$#$!Z*D>&!<`c!D!+&8C)*+(3!!!! ! ! ! !
! ! $$#$#0!Z*D>&!<`c!3.>-98-9A*D9-I!! ! ! !
! ! $$#$#5!Z*D>&!D!&+&M9:9?23.!9'?9G;! ! ! !
! ! $$#$#"!Z*D>&!&,*+IC,9-I!!!! ! ! ! ! ! !
! ! $$#$#E!Z*D>&!8T*G+(B9!8&+*MI! ! ! ! ! !
! ! $$#$#K!<T*8(+&A(!G*D>&!! ! ! ! ! ! ! !
! ! $$#$#6!Z*D>&!89,*+A.93*,-I! ! ! ! ! !
! ! $$#$#/!Z*D>&![1!! ! ! ! ! ! ! ! !
! $$#0!F;D,J39?J!N8-C?;! ! ! ! ! ! ! ! !
! ! $$#0#$!<9IP.,(!! ! ! ! ! ! ! ! ! !
!!!!!!!!!!!$!F8IU,4+(! !!!! ! ! ! ! ! ! ! ! !
!
! ! $$#0#0!a938&,.'.M.,&!D9=,d&-I! ! ! ! ! !
! ! ! ! ! $!]G*+,.=.>&A*!D9=,d&-I! ! ! ! !
! ! ! ! ! 0!a938&,.'.M.,&!89IP.,(!8&34,.! ! !
! ! $$#0#5!F89IU,4A(!G.&:-&3!N&T(N*+(!-/12%,! !
!
e##,kU_YNQ, , , , , , , , , , , , ,,,,
!
! ! $0#$!<9G3(+>;!NC-I>;! ! ! ! ! ! ! !
,
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
"E!
"K! !
"K!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
"/!
"/!
"/!
"/!
"Q! !
"Q!
EO!
E0!
E"!
EE!
EE!
,
,
,
,
,
,
,
,
,
jh!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
K$!
K$!
K$!
K0!
K0!
K0!
K5!
K5!
! K5!
K5!
K5!
K5!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
K"!
K"!
K"!
KE!
,
,
,
,
,
,
,
,
,
jS!
!
!
!
!
!
!
!
!
!
KK!
f#)'g/
 ,RE,AFGMABH\,THQlNQ,mK_VW,'!&'()%&,
3
!
#,,?$:f,,
,
cM&B98T*)*3*! >! ?&U*3I! +9?J3I! N&T(N*+(e! VbX\G\VY, JXKR\VQlK, J_A, &$n<-;, NQFE^, Q, LQ[E^K[, -/12%;,
TUN^QBH\VY,JAVAGH\NY,J_A,J_QGA@H\NQ,QH[OHH\GM,KHL[Q^QG\i,
,
7.-3&!<'('/,!IG4MC!?U*!8-9!,9f!&';!?C3!,*+,9!8T(D,-9)!NA*M&!?;B9?9?&M!&!)*!8T*D?4G@*+&f!P*!'IG*,*!PCG&,!
G&MU(!8T(D,-9)*!N!)*)(!?2-9'+(!T&G;#!
!
H&T(N*+(!-/12%,)*!>938M*,+(!34T(A(!8T.)(3&@!8-9!34T*+(!.+,*+N.,;![1f!>&'*M9?JB9!&!D&,*M.,+(B9!89M*!&!G(>;!
89IP.,J!89>-9>9?J!,*AB+.>;!+&'(N(!39P+9D,.!8T*G,(3!+*?(G&+J!I!8T(D,-9)*!+.PU(!A*+9?J!-*M&A*#!
!
%&U(3!A(M*3!?*G9IA(3!>!?;,?9T*+(!8T(D,-9)*!-/12%,';M9!?;-9'.,!8T(D,-9)!8-9!8-9=*D.9+CM;f!>,*-2!';!';M!D+&G+9!
9?M&G&,*M+2f! M*B>2! &! +&'(N*)(A(! ?U*AB+;! 39P+9D,.! 8-9! .+D,&M&A.! &! >9+,-9MI! &+&M9:9?2AB! &! @(DM.A9?2AB! gN!
D.:+CMS!&!D.:+CMS!D&,*M.,+(!,*M*?.N*f!Q,[A,TQ,H\TNAY,GEHYi,
,
c;M!,9!9'-9?D>2!L>9Mf!&?U&>!@M*+9?J!8-&A9?+(B9!,23I!=.-3;!<'('/,D*!G&M.!G9!8-CA*!&!?;,?9T.M.!8T(D,-9)f!>,*-2!
?M&D,+(,*!&!,&>!,*+,9!L>9M!D8M+.M.#!
!
[*+,9!@.+!I39P+.M&!?2MI@+4!KHA@QGE;,)&>!?!>9+A*8A.f!,&>!?!,*AB+9M9:..#!
,
!
##,$o':='/.+,7:7#)!
!
-bX\G\,JXKR\VQl,-/12%,)*!I-@*+!>!,93If!&';!I39Ph9?&M!8-9?CG4+(!34T*+(!89N*3+(AB!D.:+CMSf!>&'*M9?JB9!
&!D&,*M.,+(B9!8T()3If!)&>!&+&M9:9?JB9f!,&>!.!@(DM.A9?JB9#!
!
0! TCG>9?2! i`Z!G.D8M*)!D*!$K!N+&>;!+*ID,CM*!N9'-&NI)*!N?9M*+9I!=-*>?*+A.f!D,&?!+&'.,(!'&,*-.*f!=-*>?*+@+(!
8CD39f!89IP(?&+9I!+9-3I!&!L-9?*h!8T.)(3&+JB9!D.:+CMI!?!Gcµ1#!
!
%&!G.D8M*).!,&>J!N9'-&NI)*!D,&+G&-Gf!>,*-2!D*!8-C?4!89IP(?C!+*'9!89M9BI!89IP(?&+JB9!-9NM9P*+(!D8*>,-&!&!
=.M,-I!89GM*!?2'4-I!=I+>A*#!!!
!
j39PhI)*!-9?+4P!N9'-&N*+(!LG&)S!?!8-9:-&39?&A(3!-*P.3I#!
!
$"!A3!WEfEkX!G.D8M*)!I39PhI)*e!
!
$\!N9'-&N*+(!D8*>,-&!9G!"K!G9!0$EO!YgN!8-9!89,T*';!'9G9?JB9!+&D34-9?C+(!&+,J+;!+*'9!8&-&'9M;#!
!
0\!N9'-&N*+(!-9NM9P*+JB9!D8*>,-&!>*!N).U,4+(!N&>lG9?C+(!&!9G-&NS!?![1!8T()3I!+*'9!+&D,&?*+(!BM&?;!i%c!
W98&@+J!89M&-.N&A*X!?!D&,*M.,+(3!8T()3I#!
!
5\!>9+,-9MI!)&>9D,.!9'-&NI!8-9!+*N&>lG9?&+J!&+&M9:9?J!9'-&N;#!
!
[;,9! -SN+J! =I+>A*! WD8*>,-I3f! -9NM9P*+J! D8*>,-I3f! 9'-&NX! )D9I! 8T(39! 8T(D,I8+J! D! 89IP.,(3! 8T(DMIU+2AB!
,M&@(,*>#!
!
m.D,2! 89@*,! 8-9:-&3S! 8T(39! 8T(D,I8+2AB!D!89IP.,(3!I-@.,2AB!,M&@(,*>!I39PhI)*!?2'4-!=-*>?*+@+(B9!8CD3&f!
D,&+G&-GIf!N?I>9?J!=-*>?*+A*!D&,*M.,+(B9!8T()3If!+&84,(!8939A+J!+9D+J!=-*>?*+A*!00!>gN!&!?9M';!D;D,J3I!
f#)'g/
 ,GCM>9?JB9!+&8C)*+(f!)&>9P!.!+&D,&?*+(!?D,I8+(B9!&,*+IC,9-I#!!
!
1U*AB+;!,;,9!8&-&3*,-;!D*!39B9I!I8-&?9?&,!D!89IP.,(3!,M&@(,*>!>-9>9?JB9!N?2U*+(\D+(P*+(!?*M.>9D,.\89T&G(!!
89GM*!8-9:-&3S!D!89IP.,(3!@(D*M+JB9!89,*+A.93*,-I#!
!
4
1! N&T(N*+(! -/12%, )D9I! 9'D&P*+;! 9?MCG&A(! 8-?>;! D;D,J3I! f#)'g/
 , hid, #! <RV<Vm^%n! D8(+&@*! )D9I!
I?CG4+;!G9!@.++9D,.!89GM*!G98Mh>I!o$!+9-3;!]^`!$5$Qp$#!
!
<9GM*!8-9?*G*+JB9!?2'4-I!D*!8T*+CU(!kH1jaV1q!Fgijak!o!+*'9!cf!&';!D*!N&).D,.M&!>938&,.'.M.,&!D8(+&@S!
kY]%]Z]F^r`k#!
!
V?MCG&A(!8-?>;!D;D,J3I!f#)'g/
 ,!)D9I!898DC+;!?!>&8.,9M*!s#!
!
Z(>;!D?23!3&M23!-9N34-S3!&!B39,+9D,.!)*!JQHA_QVQ[KGNI!VbXKl,KH[EHTK[W,JA^E,-/12%,8T*+9D+2!8T(D,-9)#!!
!
m*!+&8C)*+!N!?+.,T+(!'&,*-.*!$01\5fE!oB#!
!
YSP*!'2,!-9?+4P!+&8C)*+!?+4)U(3!+&8C)*+(3!N*!D(,4!W?9M.,*M+4X#!!
!
+*'9!N!)&>JB9>9M.!NG-9)*!$01f!"o#!
!
%&'()*@>&!'&,*-.*!G9GC?&+C!>!8T(D,-9).!D*!8T.89)I)*!8T(39!>!D(,.#!
!
R9ND&B!34T*+2AB!D.:+CMS!)*!9G!0O!Gcµ1!G9!$0O!Gcµ1#!
!
Y4T*+(!)*!N9'-&N9?C+9!+&!G-IBJ3!TCG>I!i`Z!G.D8M*)*!)&>9!@(D*M+2!LG&)!+*'9!)&>9!DM9I8A9?2!:-&=#!
!
Z*,*>A*!D.:+CMI!D*!G4)*!8939A(!G*,*>,9-I!U8.@>9?J!B9G+9,;#!
!
Y4T*+(!,IG(P!9G89?(GC!U8.@>9?J!B9G+9,4!8T.)(3&+JB9!D.:+CMI#!
!
H?MCU,+(! 8-9:-&3! 34T*+(! @(DM.A9?2AB! +9D+2AB! D.:+CMS! I8-&?I)*! 34T*+(! ,&>f! &';! N9'-&N9?&M9! L-9?*h!
9G89?(G&)(A(!L-9?+.f!>,*-9I!';!+9D+2!D.:+CM!34Mf!>G;';!';M!&+&M9:9?2#!
!
[*+,9!8-9:-&3!)*!+*89D,-&G&,*M+2!?!8T(8&G4!>9M*>,.?+(AB!.+D,&M&A(f!&';!D*!&+&M9:9?J!+9D+J!D.:+CM;!8T*?*GM;!
+&!D,*)+9I!L-9?*h!)&>9!@(DM.A9?J#!
!
a!ID+&G+4+(!D34-9?JB9!+&D,&?*+(!&+,J+!+*'9!8&-&'9M!)*!N&T(N*+(!-/12%,!?;'&?*+9!.+G.>&A(!D*!N?I>9?23!
.+G.>C,9-*3!WN?I>9?C!=-*>?*+A*!)*!L34-+C!L-9?+(!D.:+CMIX#!
!
[*+,9! D;D,J3! =I+:I)*! D! 8939A(! G*,*>,9-I! ?-AB9M9?J! B9G+9,;! D.:+CMI! &! 3SP*! D*! 89IP(,! I! ?U*AB! =I+>A(!
8T(D,-9)*#!!
!
Y4T.@!)*!?;'&?*+!.+G.>C,9-*3!+&'()*+(!&!&I,93&,.A>23!9G89)9?C+(3!D;D,J3I!!9G!39+.,9-I![1!&!D;D,J3S!
8T()3If!>G;P!)*!?;'.,&!'&,*-.*!+*'9!8T(D,-9)!+*+(!89IP(?C+!GJM*!+*P!5!3.+I,;!8T.!89IP.,(!'&,*-.*!W89B9,9?9D,+(!
-*P.3!p!F[o%ZctX#!
!
m*pM.!D;D,J3!9G89)*+f!)*!IG-P9?C+9!)*+!+&8C)*+(!>&-,;!k`<jk!W3.>-98-9A*D9-IX#!
!
H&T(N*+(!)*!-9?+4P!?;'&?*+9!?;8(+C+(3!A*MJB9!D;D,J3If!>G;P!)*!+&84,(!'&,*-.*!8T(M.U!+(N>J#!!!!
!
###,&EGMHKGNO,PBQRE,
,
!
7-*>?*+@+(!-9ND&B!
e!9G!"K!G9!/KO!&!9G!Q0O!G9!0$EO!YgN!+&!"!8CD3*AB!
i&G4+(!=-*>?*+A(!
ep<M;+IMJ! +&! 8CD3I! 8939A(! @(DM.A9?JB9! 3+9B99,C@>9?JB9!!
89,*+A.93*,-I#!
p!1;?9MC?C+(!8-9:-&3I!W&P!50!+&!8CD39X!IM9P*+JB9!?!8&34,.!8939A(!
5
!
a-9>!=-*>?*+A*!!
!
1F[j<!
]38*G&+A*!
!
a9+*>,9-!
!
VAB-&+&!G9!
!
H9'-&N*+(!D8*>,-&!
!
H+&@>&!=-*>?*+A*!!
!
Y4T*+(!=-*>?*+A*!!
!
!
H9'-&N*+(!=-*>?*+A*!!
!
R9NM9P*+J!D8*>,-I3!
Y4T*+(!L-9?+4!D.:+CMI!
!
!
!
R9ND&B!34T*+(!
!
Z;+&3.>&!DM9I8A9?JB9!:-&=I!
!
m*G+9,>&!34T*+(!
!
1D,I8+(!&,*+IC,9-!!
!
<T*D+9D,!34T*+(!
!
H?I>9?2!.+G.>C,9-!WcNI@C>X!
!
Z;+&3.>&!N?I>9?JB9!.+G.>C,9-I!
v(T>&!8CD3&!G*39GIMC,9-I!7]!
!
Y4T*+(!U(T>;!8CD3&!7]!!
!
,M&@(,*>!]%`\Z^`!,
p! R9N?-P*+(! =-*>?*+A(! IM9P*+J! ?! 8&34,.f! ?9M'&! >&+CMS! IM9P*+2AB! ?!
8&34,.!RVY!8939A(!,M&@(,*>!]%`\Z^`!
e!EO!>gN!I!7Yf!0EO!>gN!I![1!&!$!YgN!I!F&,#!
!
!
e!6E!VB3S!
!
e![;8I!c%`!
!
e!u!pEO!188f!$5O!Gcµ1!17!W5!1!*=*>,#!+&8#X!!
!
e!VG!"K!G9!$EOf!9G!$EO!G9!"0O!&!9G!"0O!G9!/KO!+*'9!9G!Q0O!G9!0$EO!
YgN!89GM*!N?9M*+JB9!=-*>?*+@+(B9!8CD3&!!
!
e!v*G.?9I!@C-9I!?*!D,T*GI!G.D8M*)*!
!
e$,AF_QTE,
D;+,JN9I!N(D>&+23!<iif!8T*D+9D,!EO!G(MS!+&!3.M#!
e!$E,LJEN[_Y,
?*! DB9G4! D! ,&'IM>&3.! IM9P*+23! ?! 8&34,.f! .+G.>&@+(! =-*>?*+A*! '*N!
D8*A.=.>9?&+J!8T*D+9D,.!
!
e!+&!i`Z!G.D8M*).!
!
e±50f! ±$Kf!±/!+*'9!!±!"!YgN!+&![1!&!!±!$0/f!!±K"f!±50!+*'9!±$K!
YgN!+&!D&,*M.,I!D!?;D,T*G4+(3!+&!3&->J-I!
e!<T(323!9G*@,*3!B9G+9,;!+&!G.D8M*).!i`Z!+*'9f!?!NC?.DM9D,.!+&!?9M'4f!
DM9I8A9?23!:-&=*3!+&!G-IBJ3!TCG>I!G.D8M*)*!
!
F8*A.CM+(! 8-9:-&3! 34T*+(! L-9?+4! @(DM.A9?2AB! +9D+2AB! D.:+CMS!
9G89?(G&)(A(!&+&M9:9?J!B9G+9,4!
!
e!VG!0O!Gcµ1!Wp/6Gc3XW5O!Gcµ1!+&!D&,*M.,+(3!9'-&N*X!G9!$0Q!Gcµ1!
Wu$5!Gc3X#!
!
e!5O!Gc!
!
eGcµ1!!
!
e!VG!O!G9!6O!Gc!89!$O!Gc!!D*!D&39@.++4!+&D,&?9?&+23!-9ND&B*3!
!
e±!5Gc!!
!
e! a3.,9@*,! L34-+2! .+,*+N.,4! 8T.)(3&+JB9! D.:+CMI! D! 'M.>C+(3! G.D8M*)*! ?!
8T(8&G4!NC?&G;f!AB;';!N&GC+(!,M&@(,>;!&!NC34+;!-9ND&BS!&,*+IC,9-I!?!
-*P.3I!&I,93&,.A>J!@.++9D,.!
!
e!5O!Gc!
e!/!YgN!I![1!&!06!YgN!I!D&,*M.,I!
!
e!"!+*'9!Of0!YgN!89GM*!?9M';!
!
6
Y4T*+(!9'-&N9?J!G*,*>A*!!
!
F,&+G&-G;!
!
!
!
e!v8.@>9?C!B9G+9,&!
!
e7:k'-.5!
p!7-*>?*+@+(!39GIM&A*!7Y!W7Y!-9NBM#!8T*+9DIX!9G!//!G9!$Q/!YgN!!!
!
p!aM&G+C!9'-&N9?C!39GIM&A*!i\i!W=-&+A9IND>2!D;D,J3X!&!N?I>!KfE!YgN!
&38M.,IG9?4!39GIM9?&+2!!
!
!
!
p! HC89-+C! 39GIM&A*! 9'-&NI! ! c\w! ! &! N?I>! EfE! YgN! =-*>?*+@+4!
39GIM9?&+2!
!
e! NC89-+C! 39GIM&A*! 9'-&NI! M! W1*M>C! c-.,C+.*X! &! N?I>! KfO! YgN!
=-*>?*+@+4!39GIM9?&+2!
!
!
!
p!NC89-+4!39GIM9?&+2!9'-&N!Z\a\axWD;D,J3!V#]#R#[#X!&!N?I>!KfE!YgN!
=-*>?*+@+4!39GIM9?&+2!
!
!
!
p!NC89-+4!39GIM9?&+2!9'-&N!Y\%!WD;D,J3!jFo!&!m&89+D>&X!&!N?I>!"fE!
YgN!=-*>?*+@+4!39GIM9?&+2!
!
!
)%&'(#&!
!
,
!
0,aM&G+C!39GIM&A*!9'-&NI!aI,
!
!
p!HC89-+C!39GIM&A*!9'-&NI!`!W`!&!F!8CD39X!
!
!
i&G4+(!N?I>9?J!D&,*M.,+(!=-*>?*+A*! e! p! <M;+IMC! 9G! EfE! G9! Q! YgN! 8939A(! @(DM.A9?JB9! 3+9B99,C@>9?JB9!
>9GJ-If!>G;P!D*!N?9M(!N?I>9?2!8-9:-&3!
!
!
!
p1;?9MC+(! 8-9:-&3S! IM9P*+2AB! ?! 8&34,.! W$K! 39P+2ABX! 8939A(!
y]%`\Z^`z!
!
!
H*D.M9?&@!N?I>I!
e!EOO!3{!+&!N&'IG9?&+J3!-*8-9GI>,9-I!
!
!
^|,*-+(!+&8C)*+(!8-9!i%c\N*D#!
e!Of$"!+*'9!$/!1\"EO!3of!AB-C+4+J!8T*G!N>-&,;f!8T*,(P*+(3!&!?+4)U(3!
+&84,(3!W±!EO!188X#!
!
!
!
]+G.>&A*!?9M';!G.9G9I!p!i^Z!
!
!
!
%&!D&,*M.,I!39P+9D,!39GIM&A*!D.:+CM*3!00!>gNf!KOO!31!
!
!
!
7X\NQTW,LWL[OVY,f#)'g/
 ,hidp,
p!`VYY][[^Z!Dd.,AB*D!W8-989)*+J!D8(+&@*X!
0,j%`VYY][[^Z!Dd.,AB*D!W+*8-989)*+J!D8(+&@*X!
!
p!=-*>?*+A*!
p&+&M9:9?J!L-9?+4!D.:+CMI,
0,89M9B9?&A(!N&T(N*+(,
!
,
!
p!b*-+9'(MC!9'-&N9?>&!EfEz!W$"!A3X,
Y9+.,9-!
,
!
p, $0! 1\5fE!oB!D!G9'()*+(3!+*'9!?+4)U(!NG-9)!+&8C)*+(!$0!1f!"!o!+&8T#!
%&8C)*+(!
D(}9?2!&G&8,J-!cF!$E#5!W+&!8TC+(!NC>&N+(>&X!,
]+G.>C,9-!+&'.,(!'&,*-.*!
e!w-&=!+&'()*+(!+&!G.D8M*).!i`Z!
!
1! '&,*-.9?J3! -*P.3Ie! ! +&8C)*+(! 39+.,9-I! &! 8T.)(3&@*! D*! &I,93&,.A>;!
9G89)I)*f! >G;P! 8T(D,-9)! +*+(! 89IP(?C+! GJM*! +*P! 5! 3.+I,;! W-*P.3!
7
!
!
!
F89,T*'&!
~.?9,+9D,!'&,*-.*!
!
Z9'&!+&'()*+(!
!
R9N34-;!
!
g39,+9D,!
!
<T(DMIU*+D,?(!
F[o%ZctX!!
!
%&8C)*+(! D*! NA*M&!9G89)(f!>G;P!D*!+&84,(!'&,*-.*!D+(P(!+&!8T(M.U!+(N>9I!
B9G+9,I!
!
e!$f/!o!W'*N!i%c!X!
e!a9M*3!$!B9G.+;!0O!3.+I,!W'*N!i%cX!
!
e!>9M*3!/!B9G.+!
!
e!0"O!|!$"O!|!06O!33!
!
e!Ef/!>:!WD!'&,*-.(X!
!
e! <9ING-9f! D(}9?2! &G&8,J-f! 34T.A(! UhS-&f! +&'()*A(! 8T(?9G+(! UhS-&! 8-9!
&I,939'.M9?2!N&8&M9?&@!A.:&-*,!
,
#$,7ATHUVNW,JXEB,JAYZK[\V!
!
H&T(N*+(! -/12%, )*! 8T*+9D+2! 34T.A(! 8T(D,-9)! +&8C)*+2! N&'IG9?&+9I! '&,*-.(#! ! YSP*! D*! ,&>J! +&8C)*,! N*!
D(}9?JB9!&G&8,J-I!cF!$E#5!W+&!8TC+(!NC>&N+(>&X!+*'9!N!)&>JB9>9M.!NG-9)*!$01f!"o#!
!
<T(D,-9)!-/12%,!D*!G9GC?C!D!8M+4!+&'.,9I!'&,*-.(#!
!
Z989-I@I)*!D*!?U&>!)*)(!G9'.,(!8T*G!89IP.,(3#!
!
%&84,(!'&,*-.*!)*!,-?&M*!N+CN9-+4+9!+&!:-&=I!+&ABCN*)(A(3!D*!+&!8-&?J!D,-&+4!+&!8-?+(3!TCG>I!G.D8M*)*!i`Z#!
!
<9@*,!@&-!3*N.!9'43&!?*-,.>CM+(3.!@&-&3.!?;)&GTI)*!D,&?!+&'.,(!'&,*-.*#!
!
aG;P!)*!8M9AB&!NA*M&!N&8M+4+&f!'&,*-.*!)*!NA*M&!+&'.,&f!>G;P!)*!8-CNG+Cf!'&,*-.*!)*!?;'.,C#!
!
%&84,(!'&,*-.*!)*!39P+9!>9+,-9M9?&,!D9I@&D+23!D,.D>+I,(3!,M&@(,>&!kY^YVk!W$"X!&!,M&@(,>&!ko[[k!W$/X#!
!
p!%&84,(!>9M*3!$0f5!1!9G89?(GC!NA*M&!+&'.,J!'&,*-..#!
p!%&84,(!+.PU(!+*P!$$!1!9G89?(GC!?;'.,J!'&,*-..#!
!
a!8-9GM9IP*+(!P.?9,+9D,.!'&,*-.*!D*!G989-I@I)*f!&';D,*!D*!?;B+IM.!G*MU(3I!9'G9'(!D!?;'.,9I!'&,*-.(!&!G9'()*+(!
'&,*-.*f!)&>3.M*!D*!+&84,(!D,&+*!+*G9D,&,*@+23#!
!
c4B*3!GM9IB2AB!.+,*-?&MS!+*89IP(?C+(!D*!'&,*-.*!3ID(!G9'()*,!>&PGJ!,T.!34D(A*#!
!
Cihq,.QF\REH\,FQ[E_KE,r@KT,NQJK[A^Q,]p,79$.5,7:!"#&5q,
Z9'&!+&'()*+(!NC?.D(!+&!D,&?I!'&,*-.*#!
!
%9-3CM+(!GJM>&!+&'()*A(!G9';!I!'&,*-.*!?;'.,J!+&!/O• !)*!>9M*3!"!B9G.+#!
!
m*pM.!NA*M&!?;'.,Cf!G9'&!89,T*'+C!>!)*)(3I!+&'.,(!+&!QO• !>&8&A.,;!)*!>9M*3!/!B9G.+#!
!
Cidq,$IVbHQ,FQ[E_KE,
,
<-S34-+C!P.?9,+9D,!'&,*-.*!)*!5!&P!E!M*,#!
!
8
YID(!D*!?;34+.,f!)&>3.M*!D*!G9'&!89IP.,(!8T(D,-9)*!D!,9I,9!'&,*-.(!N&@+*!D+.P9?&,#!
!
$IVbHQ,FQ[E_KE,
,
p!Z*),*!8T(D,-9)!G9!89M9B;!?;8+I,9!WV77X#!
p!1;)34,*!8T(D,-9)!N!)*B9!89ING-&#!
p!VGU-9I'I),*!U*D,!U-9I'S!?*!D89G+(!@CD,.!8T(D,-9)*!W+*+(!+I,+9!
! D+(3&,!B9-+(!>-;,X#!
p!VG*)34,*!D89G*>!8T(D,-9)*#!!
p!VG89),*!'&,*-..#!
p!VGU-9I'I),*!9'4!D?9->;!8T.G-IPI)(A(!'&,*-..#!
p!Z*),*!+&!3(D,9!+9?9I!'&,*-..#!
p!Z*),*!N84,!D?9->;#!
p!<T.89),*!N+9?I!'&,*-..#!
!6E_@EHI,NQFE^,HQ,N^QBHI,Js^,
,-AB_I,NQFE^,HQ,TUJA_HI,Js^,
p!Z*),*!N8C,>;!+&!3(D,9!D89G*>!&!I,CB+4,*!?U*AB!U*D,!U-9I'S#!
!
!"#$%&'()*
!
<-9! 8T(8&G! +*D8-C?+JB9! N&89)*+(! WNC34+&! 89M&-.,;! '&,*-.*X! )*! 89IP.,9! 9AB-&++J! 89).D,>;! 5f$Ef! >,*-C! )*!?!
@*-?*+J3!>M&G+J3!>&'*MI!G*D>;!<`c!+&8C)*+(#!H>9+,-9MI),*!,I,9!89).D,>If!)*D,M.P*!89!?234+4!'&,*-.*!8T(D,-9)!
+*8-&AI)*#!
!
$,,7AJKL,A@^UBQG\GM,J_@N`,
, ,
20
22
,
17
1 24
18
19
23 21
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
5
,
9
2
3
6
4
,
8
7
,
,
,
9
16
15
14
13
11
12
10
rhq,:=9%k:$*%,
b*-+9'(MC!9'-&N9?>&!EfEk!W$"!A3X,
,
rdq,8%),
%&D,&?*+(!)&DI!9'-&NI,
,
r1q,*:.&9%)&,
%&D,&?*+(!>9+,-&D,I!9'-&NI#!
!
rCq,>(%)#&:)&,
%&D,&?*+(!BM&D.,9D,.!N?I>I#,
,
rSq,kt)!$*%,79:,$.38o5,.%7t8'.5,
HCDI?>&\)&A>! 0fE! 33! >! 8T.89)*+(! 8T(D,-9)*! Y`5Oo! >! &G&8,J-I! cF! $Ep5! W)*! ?9M.,*M+2X! +*'9! ).+J3I! NG-9).!
+&8C)*+(!$0p$E!1\"o#!
!
rjq,kt)!$*%,79:,f:=58'.5,=%&'9#',
HCDI?>&\)&A>!0fE!33!>!8T.89)*+(!8T(D,-9)*!-/12%!>!D(}9?J3I!'M9>I!cF!$0p0!WG9'()*@>&!'&,*-.*!D*!G9GC?C!D!
8T(D,-9)*3X!+*'9!D!8T(?9G+(!UhS-9I!>!&I,939'.M9?J3I!N&8&M9?&@.!A.:&-*,!8-9!+&'()*+(!'&,*-.*#!
!
ruq,<!.*6.5,&(%65&*%,
!
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JK! ! ,L+,0/$L&!
M-N/#H#!O!L*IF&L-0!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
V!L#PL#!RE&RIND!,L+,0/$L&!L*IF&L-0!/-W$N-!P&L!%(N/G!M+/G!XF+/-0U,
,
$A^FQ,mYHNGE,HQ,N^U@ELHKGK,1,[^Ql\[NW,
0,.A_VQ^,LJEG[_YV,r%9-3CM+(!D8*>,-I3X!N?9M*+JB9!8CD3&#!
!
Z&MU(! D,.D>+I,(! ,M&@(,>&! 8T.! 89IP.,(! =I+>A*! %9-3&M! D8*A,-I3! I39PhI)*f! &';D,*! =-*>?*+A.! I3(D,.M.! G9! D,T*GI!
8CD3&#!
!
F9I@&D+23! D,.D>+I,(3! ,M&@(,>&! k.A_VU^, LJEG[_YVv, ruq, Q, v-'-:v, rhCq, D*! ?D,9I8(! G9! 8-9:-&3I!
k%!&:-%&#/,9'-:&',7:w'9,)!77(xv,WoI,93&,.A>J!GCM>9?J!+&8C)*+(X#!
!
Z.D8M*)!W$QX!N9'-&NI)*!D,&?!&I,93&,.A>JB9!GCM>9?JB9!+&8C)*+(f!&!,9!N&8+I,9!kV%k!+*'9!?;8+I,9!kV77k#!
!
[M&@(,>;!kY^YVk!W$"X!3SP*,*!,*+,9!D,&?!N34+.,f!&e!
!
p!>G;P!)*!?!89M9N*!kV%kf!I?*G*,*!G9!@.++9D,.!$"!1!GCM>9?J!+&8C)*+(f!)*D,M.P*!N34+(,*!8CD39!8T*8+I,(3!N![1!
8CD3&!+&!D&,*M.,+(!8CD39#!
!
p!>G;P!)*!?!89M9N*!kV77k!GCM>9?J!+&8C)*+(!D*!?;8+*!?PG;f!>G;P!34+(,*!8CD39#!
!
,0,'yJQHBEB,LJEG[_YV,WR9NM9P*+J\-9NU(T*+J!D8*>,-I3X!?;D,T*G4+J!+&!3&->J-I!
<-?+(!D,.D>+I,(!,9B9,9!,M&@(,>&!I-@(!3(D,9!8-?+(!89N.A*!-9N>M&GI!W±!50!YgN!+&![1!+*'9!±!$0/!YgN!+&!D&,*M.,IX!
!
a!N(D>C+(!G&MU(AB!5!-9N>M&GS!D,.D>+4,*!,M&@(,>9!)*U,4!)*G+9I#!
!
10
F9I@&D+23! D,.D>+I,(3! ,M&@(,*>! k'yJQHBEB, LJEG[_YVv, ruq, Q, v-'-:v, rhCq, , D*! G9D,&+*,*! G9! 8-9:-&3I!
k)'('/&#:.,:<,<#(&'9)v,W19M'&!=.M,-SX#!
!
Z.D8M*)!W$QX!N9'-&N(!U(T>I!89IP.,JB9!=.M,-I#!
!
<939A(!,M&@(,*>!k]%`k!W$KX!&!kZ^`k!W$EX!3SP*,*!34+.,!U(T>I!=.M,-I!?!89T&G(!"f!$f!Of0!YgN#!
!
0,7KG[Y_E,WV'-&NX!!
!
19M'&!=I+>A*!<.A,I-*!?!D;+,*,.N9?&+J3!-*P.3I!8-9!=-*>?*+A.!N9'-&N*+9I!+&!G.D8M*).!i`Z!W$QX#!
F9I@&D+23!D,.D>+I,(3!,M&@(,*>!v7KG[Y_Ev,ruq,Q,v-'-:v,rhCq,D*!N9'-&N(!>9+D,&+,;!8T(D,-9)*#!!
!
mD9I!,9e!
p!,;8!
p!?2-9'+(!@(DM9!
p!@(DM9!?*-N*!D9=,d&-I!
!
r]q,.%7t8'.5!!
C,JA^AMA@I,LJ\HQlp!
!
/MQ_cKHc, VABE, WR*P.3! +&8C)*+(X;, :<<, W?;8+I,9X;, =Q[[E_W, VABE, Wc&,*-.9?2! -*P.3Xf! 'y[E_HQ^, 7AzE_,
)YJJ^W,VABE,WR*P.3!GCM>9?JB9!+&8C)*+(X#!
!
p!1!89M9N*!k/MQ_cKHcv,D*!@.++9D,!8T(D,-9)*!-/12%;!&P!+&!k`<j!>&-,Ik!W3.>-98-9A*D9-X,,N&D,&?(#!
!
%&'()*+(!'&,*-.*!)*!8&>!39P+J!D!89IP.,(3!D(}9?J!G9'()*@>;!cF!$0#0!W)*!D9I@CD,(!8T(D,-9)*X!+*'9!8T(?9G+(!UhS-;!
&I,939'.M9?JB9!A.:&-*,9?JB9!N&8&M9?&@*!+*'9!*|,*-+(B9!D(}9?JB9!+&8C)*+(!cF!$E#5!W)*!?9M.,*M+JX#!
!
c4B*3!+&'()*+(!'M.>C!N*M*+C!D?4,*M+C!*3.D+(!G.9G&!W0$!&!00X#!
!
]+G.>&A*!+&'()*+(!'&,*-.*!)*!?!89G9'4!:-&=I!+&!8-?+(3!TCG>I!G.D8M*)*!i`Z!W$QX#!
!
aG;P!)*!'&,*-.*!NA*M&!+&'.,Cf!N9'-&N(!D*!+&!G-IBJ3!TCG>I!G.D8M*)*!i`Z!W$QX!N8-C?&!kco[[^Rt!`goRw^Zk!
Wc&,*-.*!)*!+&'.,CX!&!D?4,*M+J!*3.D+(!G.9G;!W0$!&!00X!D?(,(#!
!
p!1!89M9N*!v:<<v,D*!@.++9D,!8T(D,-9)*!Y`5Oo!N&D,&?(!&!'&,*-.*!D*!9G89)(#!
!
p!1!89M9N*!k=%&&'9x,VABEv,8T(D,-9)!-/12%,8-&AI)*!+9-3CM+4!+&!!
D?9I!?+.,T+(!'&,*-..#!
!
p!1!89M9N*!v'e&'9.%(,VABEv,)*!8T(D,-9)!Y`5Oo!+&8C)*+!N!*|,*-+(B9!+&8C)*A(B9!NG-9)*f!+&8T#!+&8C)*+(!cF!
$E#5!W>,*-J!)*!?9M.,*M+JX!8T.89)*+JB9!D?(->9I!WEX#!
!
%*+(pM.!8T.89)*+!PCG+2!NG-9)!+&8C)*+(f!89,93!D*!@.++9D,!8T(D,-9)*!!-/12%!NA*M&!N&D,&?(#!
!
raq,7t)-:,
!
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JK! ! ,L+,0/$L&!
L#H#L#!L*IF&L0I!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
V!L#PL#!RE&RIND!,L+,0/$L&!L*IF&L0I!/-W$N-!P&L!%(N/G!M+/G!XF+/-0U,
,
&^Ql\[NA,@A^FW,J_Ac_QVY,v=%.fv,,
11
aG;P!D,.D>+*,*!,9,9!,M&@(,>9f!G.D8M*)!i`Z!W$QX!N9'-&N(!8CD39f!>,*-J!D*!89IP(?C#!
!
aG;P!D,.D>+*,*!,M&@(,>9!k]%`k!W$KX!+*'9!kZ^`k!W$EXf!3SP*,*!8-9?CG4,!?9M'I!-SN+2AB!8CD*3#!
!
a!G.D89N.A.!)D9I!,&,9!8CD3&e!
!
1g7$!!9G!"K!,9!$EO!YgN!!
1g70!!9G!$EO!G9!"0O!YgN!
jg7!!!9G!"0O!G9!/KO!YgN!!
Fo[!!!9G!Q0O!G9!0$EO!YgN!!
!
1! 8T(8&G4! N34+;! 8CD3&! 8T(D,-9)! Y`5Oo! &I,93&,.A>;! 89IP.)*! 89DM*G+(! =-*>?*+A.! &! 89DM*G+(! 89IP(?&+2!
D,&+G&-G#!
!
F9I@&D+23! D,.D>+I,(3! ,M&@(,>&! v=%.fv, raq, &! ,M&@(,>&! v-'-:v, W$"X! N(D>C,*! 8T(D,I8! G9! 8-9:-&3I! ?9M'&!
>&+CMI,v/>%..'(,)'('/&#:.vi!
!
Z.D8M*)!i`Z!W$QX!N9'-&N(!+*)'M.PU(!>&+CM!?NBM*G*3!>!89IP.,J!=-*>?*+A.#!
!
<939A(!,M&@(,*>!k]%`k!W$KX!&!kZ^`k!3SP*,*!?9M.,!>&+CMf!>,*-2!ABA*,*!3(,!?!-9N?-P*+(!=-*>?*+A(!?!8&34,.!RVY!
W?.N!,&'IM>&!D!I?*G*+(3!>&+CMSX!9G89?(G&)(A(!8CD3I!&!89IP(?&+J3I!D,&+G&-GI#!
!
&Q[A,mYHNGE,LE,HEV`ZE,JAYZ\@Q[,HQ,LQ[E^K[H\V,JX\RVY,QHK,L,<-,L[QHBQ_BEVi,
,
rh2q,65)(#/:$+,7:&'./#:-'&9,
,
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JKY! R#$%+L&!
F&,*+1#'ZH#!R#L-/1+#P-LS$!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
V!L#PL#!RE&RIND!/-W$N-!P&L!F&,*+1#'G!R#L-/1+#P-LS!!%(N/G!M+/G!XF+/-0U,
!
p!8T.!+9-3CM+(3!89IP.,(!W+*+(!?9M*+!PCG+2!8-9:-&3X!>-9>9?J!N?2U*+(!+*'9!D+(P*+(!17!=-*>?*+A*,
,
0, ?! 8-9:-&3I! v):!.fv, WH?I>X! W$6Xf! >G;P! D*! 89IP(?C! D&,*M.,+(! 8CD39#! a-9>9?J! N?2U*+(! +*'9! D+(P*+(!
N?I>9?J!=-*>?*+A*!9!>-9>;!?*M.>9D,.!$O!>gN#,
,
rhhq,)&%.f%9f,
!
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JKY! ,L+,0/$L&!
L#H#L#!L*IF&L0I!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
V!L#PL#!RE&RIND!/-W$N-!P&L!,L+,0/$L&!L*IF&L0I!%(N/G!M+/G!XF+/-0U,
!
&^Ql\[NA,@A^FW,J_Ac_QVY,v)&%.f%9fv!
aG;P!D,.D>+*,*!,9,9!,M&@(,>9f!G.D8M*)!i`Z!W$QX!N9'-&N(!89IP(?&+2!D,&+G&-G#!
!
F,.D>+I,(3!,M&@(,>&!k]%`k!W$KX!+*'9!kZ^`k!W$EX!3SP*,*!?9M.,!9GM.U+J!D,&+G&-G;#!
!
*,BKLJATKGK,RLAY,[W[A,L[QHBQ_BWp,
,
7ATEVH\,
,
0,7Y!!!!WD.:+CM!7Y!-9NBM#!?;D#X!89IN*!?!8CD3I!1g7$!9G!//!G9!$O/!YgN!!
12
p!i\ix!!W=-&+A9IND>2X!
p!c\w!!!W`#`#]#R#X!
p!]! ! ! W1*M>C!c-.,C+.*X!
p!Z\a\ax!WV#]#R#[#X!
p!Y\%!!!!WjFo!&!m&89+D>9X!
!
)Q[E^K[,
,
0,aI!!W>M&G+J!N9'-&N*+(X!
p!`!!!WNC89-+J!N9'-&N*+(X!
!
F9I@&D+23! D,.D>+I,(3! ,M&@(,*>! v)&%.f%9fv, rhhq, &! v-'-:v! rhCq, MN*! N(D>&,! 8T(D,I8! G9! 8-9:-&3I!
k(%.{!%{'vi,
,
Z.D8M*)!i`Z!W$QX!N9'-&N(!89IP(?&+2!)&N;>!N9'-&N9?&+2AB!N8-C?#!
!
<939A(!,M&@(,*>!k]%`k!W$KX!+*'9!kZ^`k!W$EX!3SP*,*!?9M.,!).+2!)&N;>!N!,4ABf!>,*-J!)D9I!>!G.D89N.A.#!
!
rhdq,#.7!&,
!
[1!&!D&,*M.,+(!?D,I8+(!>9+*>,9-!,;8I!c%`#!
!
rh1q,('$'(,
!
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JKY! ,L+,0/$L&!
L#H#L#!L*IF&L0I!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
V!L#PL#!RE&RIND!/-W$N-!P&L!,L+,0/$L&!L*IF&L0I!%(N/G!M+/G!XF+/-0U,
!
[M&@(,>9!?9M';!G-IBI!G.D8M*)*!L-9?+4!D.:+CMI#!
!
H9'-&N*+(!)*!+&!G-IBJ3!TCG>I!G.D8M*)*!i`Z!W$QX#!
!
m*!N+CN9-+4+9e!
p!'I€!?!@(D*M+J3!?;)CGT*+(!W+&8T#!65!Gcµ1X#!!
p!+*'9!?!:-&=.A>J3!N9'-&N*+(!D!I?*G*+(3!34T(,>&!L-9?+4!D.:+CMI!WDM9I8A9?2!:-&=X#!
!
[M&@(,>9!ki^1^i!W$5X!I39PhI)*f!&';D,*!8T*ABCN*M.!N!)*G+9B9!+&!G-IB2!N!,4AB,9!G?9I!G-IBS!G.D8M*)*#!
!
F9I@&D+23! D,.D>+I,(3! ,M&@(,>&! k('$'(v, rh1q, &, v-'-:v, rhCq;, >G;P! 89IP(?&+C! =I+>A*! )*! k'yJQHBEB,
LJEG[_YV,hv!D*!G9D,&+*,*!G9!8-9:-&3I!k-'%)!9'-'.&,:<,f#{#&%(,/%99#'9)v,WY4T*+(!@(DM.A9?2AB!
+9D+2AB!D.:+CMSXp!
!
Z.D8M*)!i`Z!W$QX!N9'-&N(!N8-C?I!k`oi`jio[]V%!V7!Z]w][oi!`go%%^i!i^1^ik!W1289@*,!L-9?+4!D.:+CMI!
@(DM.A9?JB9!>&+CMIX#!
!
F! 89IP.,(3! ,M&@(,>&! kY^YVk!W$"X!3SP*,*!N>9+,-9M9?&,!8M&,+9D,!=I+>A*!8-9!?289@*,!*>?.?&M*+,+(!&+&M9:9?J!
L-9?+4!+9D+JB9!D.:+CMIf!>,*-2!)*!?*!D,T*GI!9'-&N9?>;#!
!
m*D,M.P*!+9D+2!D.:+CM!?*!D,T*GI!9'-&N9?>;!+*+(!+9D+2!D.:+CM!@(DM.A9?JB9!>&+CMIf!IG&+C!L-9?*h!'IG*!NA*M&!
AB;'+C#!
!
!
13
rhCq,-'-:,
!
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JKY! ,L+,0/$L&!
L#H#L#!L*IF&L0I!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
V!L#PL#!RE&RIND!/-W$N-!P&L!,L+,0/$L&!L*IF&L0I!%(N/G!M+/G!XF+/-0U,
!
-HAMAmYHNlH\,[^Ql\[NA!
!
%q,JAYZ\@QHO,LQVAL[Q[Hb,
!
hn,HEFW^,T@A^EH,ZUBHI,J_Ac_QV,
,
7_Ac_QV,v-'-:9#k%&#:.,:9,f'('&#.{,:<,79:{9%--')v,W<T*DI+!8-9:-&3S!G9!8&34,.!+*'9!)*).AB!
N-IU*+(X!
!
<9! D,.D>+I,(3! ,M&@(,>&! kY^YVk! W$"X! )*! +&'(N*+9f! &';! D*! 89IP.,C! =-*>?*+A*! 'I€! N&?*GM&! G9!8&34,.!+*'9!
N-IU.M&!?!,&'IMA*!8-9:-&3S!I?&P9?&+JB9!8CD3&#!
!
dn,8E,JAYZ\@UH,J_Ac_QV,v79:{9%--',-'-:9#k%&#:.v,rhCq,r@KT,NQJK[A^Q,hCi%ihq,
,
a!8T*DI+I!8-9:-&3I!G9!8&34,.!)*!+I,+9!,M&@(,>9!kY^YVkW$"X!D,.D>+9I,!)*U,4!)*G+9I#!
!
YSP*!D*!N+9?I!?;?9M&,!,M&@(,>;!k]%`k!W$KX!+*'9!kZ^`k!W$EX#!
!
1n,8E,JAYZ\@UH,J_Ac_QV,vf'('&',79:{9%--'v,rhSq,r@KT,NQJK[A^Q,hSidq,
,
F,.D>+I,(3!,M&@(,>&!k-'-:v,rhCq,'IG*!8-9:-&3!8T*?*G*+!G9!!8&34,.!+*'9!?;3&NC+#!
!
Cn,8E,JAYZ\@UH,J_Ac_QV,v9'-:&',7:w'9,)!77(xv,rd2q,
,
Qq,7_Ac_QV,vf#)'g/
 ,)&%&'),)'('/&#:.v,WF;D,J3!Z]F^_`!I-@I)*!?9M'IX!!
j!D&,*M.,+(B9!?;D(MC+(f!>G;P!D*!89P(?C!GCM>9?J!+&8C)*+(f!D,.D>+I,(!,M&@(,>&!k-'-:v,
,
rhCq!I39P+(f!&';D,*!?!89IP(?&+2AB!8T(>&N*AB!?9M.M.!8T*8(+&@*!!8-9:-&3I!Z]F^_`!D,&,*D#!
,
.EVU,[A,ZUBHI,@^K@,HQ,&$,JULVQ,
,
Fq,7_Ac_QV,vf#)'g/
 ,/:--%.f),)'('/&#:.v,W19M'&!8T(>&NS!D;D,J3I!Z]F^_`X!,r@KT,NQJK[A^Q,eq,
,
j! D&,*M.,+(B9! 8T()3If! >G;P! D*! 89IP(?C! GCM>9?J! +&8C)*+(! D9I@&D+J! D,.D>+I,(! ,M&@(,>&! k9'-:&', 7:w'9,
)!77(xv, rd2q! &! ,M&@(,>&! v-'-:v! rhCq! I39P+(f! &';D,*! ?D,9I8.M.!G9!8-9:-&3I!vf#)'g/
 ,/:--%.f),
)'('/&#:.v,
,
F,.D>+I,(! ! ,M&@(,*>! k]%`k! W$KX! +*'9! kZ^`k!W$EX!I39P+(f!&';D,*!8-9?*GM.!?2'4-!&!D,.D>+I,(!,M&@(,>&!v-'-:v,
rhCq,I39P+(!>9+,-9MI!8M&,+9D,.!?2'4-I#!
!
.EVU,[A,ZUBHI,@^K@,HQ,&$,JULVQ,
!
Sq,8E,JAYZ\@UH,J_Ac_QV,v):!.fv,rhuq,
,
F,.D>+I,(!,M&@(,>&!k-'-:v,rhCq,?;?9MC!DM*G!=I+>A(!):!.f,:.;,):!.f,:<<;,=!kk'9,:.i,
!
14
a&PGJ!89IP.,(!,9B9,9!,M&@(,>&!8T.GC?C!?!,93,9!DM*GI!)*G*+!>-9>#!
!
jn,7AYZ\@U,LE,J_Ac_QV,v%&&'.!%&#:.v,rh]q!W•,MI3X!
,
F,.D>+I,(3!,M&@(,>&!v-'-:v,rhCq,D*!N&8+*!+*'9!?;8+*!N&T(N*+(!&I,93&,.A>JB9!L,MI3I#!
!
un, 7AYZ\@U, LE, J_Ac_QV, v):!.f, -'-:9#k%&#:.v, W<T*DI+! N?I>I! G9!8&34,.X,rhC,%,huq,r@KT,NQJK[A^Q,
hCi=iCq,
,
F,.D>+I,(!,M&@(,>&!v-'-:v,rhCq,!I39P+(!>9+,-9MI!8M&,+9D,.!8T*?9GI!D&,*M.,+(B9!N?I>I!G9!8&34,.#!
!
<9,J!'IG*!39P+9!=I+>A.!N+9?I!?;?9M&,!,M&@(,>;!k]%`k!W$KX!+*'9!kZ^`k!W$EX#!
!
&Q[A,mYHNGE,RE,N,BKLJATKGK,REH,HQ,LQ[E^K[H\V,JX\RVYi,
,
]n,7AYZ\@U,LE,J_Ac_QV,vf'('&',):!.fv,rhC,%,huq,WH-IU*+(!N?I>IX!r@KT,NQJK[A^Q,hSiaq,
,
F,.D>+I,(!,M&@(,>&!kY^YVk!W$"X!I39P+(!>9+,-9MI!8M&,+9D,.!N-IU*+(!D&,*M.,+(B9!N?I>I!N&?*G*+JB9!G9!8&34,.!8T.!
89IP(?C+(#!
!
&Q[A,mYHNGE,RE,N,BKLJATKGK,REH,HQ,LQ[E^K[H\V,JX\RVYi!
,!
an,7AYZ\@U,LE,J_Ac_QV,v-'%)!9'-'.&,:<,f#{#&%(,/>%..'()v,WY4T*+(!@(DM.A9?2AB!>&+CMSX,rhC,%,
h1q,r@KT,NQJK[A^Q,hCi=ijq!
!
F,.D>+I,(!,M&@(,>&!kY^YVk!W$"X!I39P+(!>9+,-9MI!8M&,+9D,.!I?*G*+(!,9B9,9!8-9:-&3I!G9!@.++9D,.#!
,
=n,&^Ql\[NA,RE,L[KLNHY[A,TU_A@E|,L,RKHIV,[^Ql\[NEVp,
,
hn,L,[^Ql\[NEV,v=%.fv,raq,
,
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JKY! ,L+,0/$L&!
LD1HL#!L*IF&L-0!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
V!L#PL#!RE&RIND!/-W$N-!P&L!,L+,0/$L&!LD1HL#!L*IF&L-0!%(N/G!M+/G!XF+/-0U,
!
7_Ac_QV,v/>%..'(,)'('/&#:.vi,
,
Z.D8M*)!i`Z!W$QX!N9'-&N(!>&+CMf!>,*-2!)*!>!89IP(?&+J!=-*>?*+A.!+*)'M(P*#!
!
<939A(!,M&@(,*>!k]%`k!W$KX!&!kZ^`k!W$EX!'IG*,*!39A.!?9M.,!>&+CMf!>,*-2!'IG*,*!AB,(,!3(,!?!-9N?-P*+(!=-*>?*+A(!?!
8&34,.!RVY!W?.N!,&'IM>&!>&+CMSX!9G89?(G&)(A(!8CD3I!&!89IP(?&+J3I!D,&+G&-GI#!
!
&Q[A,mYHNGE,LE,HEV`ZE,JAYZ\@Q[,J_A,LQ[E^K[H\,JX\REV,HEFA,<-,L[QHBQ_Bi,
,
dn,L,[^Ql\[NEV,v9'-:&',7:w'9,)!77(xv,rd2q,
,
7_Ac_QV, v9'-:&', 7:w'9, )!77(x, /!99'.&, -'%)!9'-'.&v! WY4T*+(! 8-9IGI! GCM>9?JB9!
+&8C)*+(X#!
!
Z.D8M*)!i`Z!W$QX!N9'-&N(!9G'4-!8-9IGI!+&!?2D,I8I#!
!
1n,L,[^Ql\[NEV,v)&%.f%9fv,,W%9-3&f!D,&+G&-GX!rhhq!
15
,
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JKY! ,L+,0/$L&!
LD1HL#!L*IF&L-0!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
V!L#PL#!RE&RIND!/-W$N-!P&L!,L+,0/$L&!LD1HL#!L*IF&L-0!%(N/G!M+/G!XF+/-0U,
,
7_Ac_QV,v(%.{!%{'v,
,
Z.D8M*)!i`Z!W$QXN9'-&NI)*!89IP(?&+2!)&N;>!N8-C?!+&!G.D8M*).#!
!
<939A(!,M&@(,*>!k]%`k!W$KX!+*'9!kZ^`k!W$EX!3SP*,*!?9M.,!).+2!)&N;>!N!,4ABf!>,*-J!)D9I!>!G.D89N.A.#!
!
Cn,L,[^Ql\[NEV,v):!.fv,rhuq,
,
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JKY! ,L+,0/$L&!
LD1HL#!L*IF&L-0!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
V!L#PL#!RE&RIND!/-W$N-!P&L!,L+,0/$L&!LD1HL#!L*IF&L-0!%(N/G!M+/G!XF+/-0U,
!
7_Ac_QV,v)%&'((#&',):!.f,-'-:9#k%&#:.,:9,f'('&#.{v,WjM9P*+(!+*'9!N-IU*+(!N?I>I!?!8&34,.X!
,
%&'(N(! D*! N&?*G*+(! 89IP(?&+J! N?I>9?J! =-*>?*+A*!G9!8&34,.!+*'9!)*)(!N-IU*+(!?!,&'IMA*!N?I>S!D&,*M.,+(B9!
8T()3I!W>&8.,9M&!$"#o#6!89>IG!)G*!9!N&?*G*+(!G9!8&34,.!&!$"#o#c!89>IG!)G*!9!N-IU*+(X#!
!
&EH[A,J_Ac_QV,RE,JX\L[YJHI;,REH,NBWZ,LE,JAYZ\@U,LQ[E^K[H\,JULVAi,
,
Sn,L,[^Ql\[NEV,v%&&'.!%&:9v,rh]q,
,
7_Ac_QV,v=%&&'9x,$:(&%{',-'%)!9'-'.&vi,
!
Z.D8M*)!i`Z!W$QX!N9'-&NI)*!+&84,(!'&,*-.*#!
!
jn,L,[^Ql\[NEV,v('$'(v,rh1q,
,
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JKY! ,L+,0/$L&!
LD1HL#!L*IF&L-0!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
V!L#PL#!RE&RIND!/-W$N-!P&L!,L+,0/$L&!LD1HL#!L*IF&L-0!%(N/G!M+/G!XF+/-0U,
,
7_Ac_QV,v-'%)!9'-'.&,:<,f#{#&%(,/>%..'()vi,
,
aG;P!D*!89IP(?C!=I+>A*!k^|8&+G*G!D8*A,-I3!$kf!I39PhI)*!,*+,9!8-9:-&3!N9'-&N*+(!*>?.?&M*+,+(!&+&M9:9?J!
L-9?+4!@(DM.A9?JB9!+9D+JB9!D.:+CMI!I3(D,4+JB9!?*!D,T*GI!9'-&N9?>;#!
!
a!N&?*G*+(!8-9:-&3I!)*!+I,+C!>9+,-9M&!8M&,+9D,.!W?.N!>&8.,9M&!$"#o#QX#!
!
&EH[A,J_Ac_QV,RE,JX\L[YJHI;,REH,NBWZ,LE,JAYZ\@U,mYHNGE,v'yJQHBEB,LJEG[_YV,hvi,
,
un,L,[^Ql\[NEV,v.:9-%(,)7'/&9!-v,ruq,
,
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JKY! ,L+,0/$L&!
LD1HL#!L*IF&L-0!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
16
V!L#PL#!RE&RIND!/-W$N-!P&L!,L+,0/$L&!LD1HL#!L*IF&L-0!%(N/G!M+/G!XF+/-0U,
,
7_Ac_QV,v%!&:-%&#/,9'-:&',7:w'9,)!77(xv,roI,93&,.A>J!GCM>9?J!+&8C)*+(X!
!
Z.D8M*)!i`Z!W$QX!N9'-&N(!D,&?!N&8+I,(!WV%X!+*'9!?;8+I,(!WV77X!89IP(?&+JB9!GCM>9?JB9!+&8C)*+(#!
!
F,.D>+I,(!,M&@(,>&!kY^YVk!W$"X!I39P+(f!&';D,*!8-9?*GM.!N34+I!D,&?I!D!+CDM*GI)(A(3!L@.+>*3e!
!
p!>G;P!)*!N?9M*+!D,&?!kV%kf!D8ID,.,!$"!1!GCM>9?J!+&8C)*+(f!)*D,M.P*!34+(,*!8CD39!8T.!8T*8(+C+(!N![1!8CD3&!
+&!D&,*M.,+(!8CD39#!
p!>G;P!)*!N?9M*+!D,&?!kV77kf!@.++9D,!GCM>9?JB9!+&8C)*+(!D*!?PG;!N&D,&?(f!>G;P!34+(,*!8CD39#!
!
]nL,[^Ql\[NEV,v'e7%.f'f,)7'/&9!-v,WR9NM9P*+J!D8*>,-I3X!ruq!
,
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JKY! ,L+,0/$L&!
LD1HL#!L*IF&L-0!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
V!L#PL#!RE&RIND!/-W$N-!P&L!,L+,0/$L&!LD1HL#!L*IF&L-0!%(N/G!M+/G!XF+/-0U,
,
7_Ac_QV,v<#(&'9v,
!
Z.D8M*)!i`Z!W$QX!N9'-&N(!!89IP(?&+2!=.M,-#!
!
<939A(!,M&@(,*>!k]%`k!W$KX!&!kZ^`k!W$EX!3SP*,*!8-9?JD,!?9M'I!).+JB9!=.M,-I!?!+CDM*GI)(A(3!89T&G(e!
!
p!7.M,*-!O!‚!"!YgN!!
p!7.M,*-!$!‚!$!YgN!
p!7.M,*-!0!‚!Of0!YgN!!
!
an,L,[^Ql\[NEV,v7#/&!9'v,WV'-&NX,ruq,
,
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JKY! ,L+,0/$L&!
LD1HL#!L*IF&L-0!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
V!L#PL#!RE&RIND!/-W$N-!P&L!,L+,0/$L&!LD1HL#!L*IF&L-0!%(N/G!M+/G!XF+/-0U,
!
7_Ac_QV,v#f'.&#<#/%&#:.vp,
,
Z.D8M*)!i`Z!N9'-&N(!>9+D,&+,;!8T(D,-9)*e!
p!,;8!
p!?2-9'+(!@(DM9!
p!@(DM9!?*-N*!D9=,d&-I!
!
/n,JAYZK[A;,NBWZ,LE,JAYZ\@U,J_Ac_QV,vf#)'g/
 ,hid,/:--%.f)v,W<T(>&N;!D;D,J3I!Z]F^_`!X!r@KT,
NQJK[A^Q,$,%,C,Fq,
,
F,.D>+I,(3! ,M&@(,>&! v-'-:v, rhCq, 'IG*! I39P+4+&! >9+,-9M&! 8M&,+9D,.! 8T(>&NI! D;D,J3I! f#)'g/
 , ! W?.N!
>&8.,9M&!sX#!
!
rhSq,f'/9'-'.&%&#:.,WF+.P9?C+(!89!>-9A(ABX,
,
&^Ql\[NA,N_ANA@OMA,LHKZA@UH\,BQ[,
,
17
,
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JKY! ,L+,0/$L&!
L#H#L#!L*IF&L0I!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
V!L#PL#!RE&RIND!/-W$N-!P&L!,L+,0/$L&!L#H#L#!L*IF&L0I!%(N/G!M+/G!XF+/-0U,
!
hn!HEFW^,T@A^EH,ZUBHI,J_Ac_QV,
!
VG! 8-9:-&3I! +*)'M(P*! >! 89IP(?&+J! =-*>?*+A.! 89! >-9A(AB! D+.PI)*! 8-9:-&3;! N&?*G*+J! G9! 8&34,.! ?! 89T&G(!
D+.PI)(A(AB!D*!B9G+9,!=-*>?*+A(#!
!
dn, 8E, JAYZ\@UH, J_Ac_QV, v79:{9%-, -'-:9#k%&#:.v, rhCq, WH&?CG4+(! 8-9:-&3I! G9! 8&34,.Xr@KT,
NQJK[A^Q,hCi%ihiqp,
,
F,.D>+I,(!,M&@(,>&!kZ^`k!W$EX!I39P+(!?9M.,!8-9:-&3!+&!?;3&NC+(!8-9:-&3S#!
!
1n,7AYZ\@U,LE,J_Ac_QV,v=%.fv,W<CD39X,raq,
,
VG!89IP(?&+JB9!8CD3&!D*!8CD3&!89!>-9A(AB!D+.PI)(#,
!
Cn,7AYZ\@U,LE,J_Ac_QV,v9'-:&',7:w'9,)!77(xv,rd2q,
,
%&84,(!GCM>9?JB9!+&8C)*+(!D*!89!>-9A(AB!D+.PI)(!?!89T&G(!O!1f!$/!1!D!00!>gNf!$/!1f!$"!1!D!00!>gNf!$"!1f!O!
1#!
!
12AB9N(!'9G!9G89?(GC!89IP(?&+J!89N.A.#!
!
7ATKGE,L,dd,N>T,RLAY,JX\L[YJHO,JAYTE;,NBWZ,LE,JAYZ\@U,LQ[E^K[H\,JULVAi,
,
Sn,7AYZ\@U,LE,J_Ac_QV,v)&%.f%9fv,rhhq,
,
VG!8-?+(!89IP.,J!+9-3;!89!>-9A(AB!D+.PI)*!+9-3;#!
!
jn7AYZ\@U,LE,J_Ac_QV,v):!.fv,rhuq,
,
VG!8-?+(!89IP.,J!=-*>?*+A*!D*!89!>-9A(AB!D+.PI)(!=-*>?*+A*!N?I>I!N&?*G*+JB9!G9!8&34,.#!
!
&EH[A,J_Ac_QV,RE,JX\L[YJHI;,REH,NBWZ,LE,JAYZ\@U,LQ[E^K[H\,JULVAi,
,
un,7AYZ\@U,LE,J_Ac_QV,v%&&'.!%&:9v,rh]q,
<9!>-9A(AB!?*M.>9D,.!$O!Gc!D*!D+.PI)*!B9G+9,&!L,MI3I#!
!
<9IP.,(!,9B9,9!8-9:-&3I!?*!D8*>,-I!&I,93&,.A>;!8T*?CG(!&,*+IC,9-!G9!89M9B;!-I@+(B9!9?MCGC+(#!
]n, 7AYZ\@U, LE, J_Ac_QV, v/>%..'(, )'('/&#:.v, W19M'&! >&+CMIXf! W[^Ql\[NA, v=%.f, raq, Q, [^Ql\[NA,
v-'-:v,rhCqX#,
,
1!NC?.DM9D,.!+&!8CD3I!&!89IP.,J3!D,&+G&-GI!)D9I!89!>-9A(AB!D+.P9?C+;!>&+CM;!-9N?-P*+(!=-*>?*+A.!?!8&34,.!
RVY!W?.N!,&'IM>&!>&+CMIX#!
!
&EH[A,J_Ac_QV,HEH\,JX\L[YJHI,LE,LQ[E^K[H\V,,JX\RVEV,QHK,<-,L[QHBQ_BEVi,
,
an,8E,JAYZ\@UH,J_Ac_QV,v):!.f,-'-:9#k%&#:.v,WH&?*G*+(!N?I>I!G9!8&34,.X,rhC,%,huq,r@KT,NQJK[A^Q,
hCi=iCq,
18
,
F,.D>+I,(!,M&@(,>9!kZ^`k!W$EX!I39PhI)*!?9M.,!8-9:-&3!+&!?;3&NC+(!D&,*M.,+(AB!N?I>S!N&?*G*+2AB!G9!8&34,.#!
!
1;3&NC+(!D*!3ID(!89,?-G.,!D,.D>+I,(3!,M&@(,>&!kY^YVk!W$"X#!
!
&Q[A,mYHNGE,RE,JX\L[YJHU,REH,HQ,LQ[E^K[H\V,JX\RVYi,
,
h2n,8E,JAYZ\@UH,J_Ac_QV,v(%.{!%{'v,raq,r[^Ql\[NA,v)&%.f%9fv,rhhq,Q,[^Ql\[NA,v-'-:v,rhCq,
,
<9!>-9A(AB!)*!D+.P9?C+&!+&'(G>&!)&N;>Sf!>,*-J!)D9I!>!G.D89N.A.#!
hhn,7AYZ\@U,LE,J_Ac_QV,v<#(&'9v,W[^Ql\[NA,vEyJQHBEB,LJEG[_YVv,ruq,Q,vVEVAv,rhCqX,
,
<9!>-9A(AB!)D9I!D+.P9?C+;!=.M,-;!?!89T&G(e!
!
7.M,*-!0!‚!Of0!YgN!
7.M,*-!$!‚!$!YgN!
7.M,*-!O!‚!"!YgN!,
,
hdn,7AYZ\@U,LE,J_Ac_QV,vf#)'g/
 ,/:--%.f)v,W[^Ql\[NA,v_EVA[E,JAzE_,LYJJ^Wv,rd2q,JA[O,[^Ql\[NQ,
v_EVA[E,JAzE_,LYJJ^W,rd2q,Q,vVEVAv,rhCqX,
,
VG!89IP(?&+JB9!8T(>&NI!D*!89!>-9A(AB!D+.PI)(!8T(>&N;!D;D,J3I!Z]F^_`!W?.N!G9D,I8+J!8T(>&N;!ƒ!6#K#5!&!
>&8.,9M&!sX#!
!
rhjq,#./9'-'.&%&#:.,WH?4,U9?C+(!?*M.>9D,.!89!>-9A(ABX,
,
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JKY! ,L+,0/$L&!
L#H#L#!L*IF&L0I!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
V!L#PL#!RE&RIND!/-W$N-!P&L!,L+,0/$L&!L#H#L#!L*IF&L0I!%(N/G!M+/G!XF+/-0U,
,
&^Ql\[NA,N_ANA@OMA,T@WDA@UH\,PBQR`i!
!
hn!HEFW^,T@A^EH,ZUBHI,J_Ac_QV,
!
VG! 8-9:-&3I! +*)'M(P*! >! 89IP(?&+J! =-*>?*+A.! 89! >-9A(AB! N?;UI)*! 8-9:-&3;! N&?*G*+J! G9! 8&34,.!?!89T&G(!
N?;UI)(A(AB!D*!B9G+9,!=-*>?*+A(#!
!
dn,7AYZ\@U,LE,J_Ac_QV,v=%.fv,W<CD39X,raq,
,
VG!89IP(?&+JB9!8CD3&!D*!8CD3&!89!>-9A(AB!N?;UI)(#,
!
1n,7AYZ\@U,LE,J_Ac_QV,v9'-:&',7:w'9,)!77(xv,rd2q,
,
%&84,(!GCM>9?JB9!+&8C)*+(!D*!89!>-9A(AB!N?;UI)(!?!89T&G(!O!1f!$"!1f!$"!1!D!00!>gNf!$/!1f!$/!1!D!00!>gNf!O!1#!
!
12AB9N(!'9G!9G89?(GC!89IP(?&+J!89N.A.#!
!
7ATKGE,L,dd,N>T,RLAY,JX\L[YJHO,JAYTE;,NBWZ,LE,JAYZ\@U,LQ[E^K[H\,JULVAi,
,
Cn,7AYZ\@U,LE,J_Ac_QV,v)&%.f%9fv,rhhq,
,
VG!8-?+(!89IP.,J!+9-3;!89!>-9A(AB!N?;UI)(!+9-3;#!
19
!
Sn7AYZ\@U,LE,J_Ac_QV,v):!.fv,rhuq,
,
1!89T&G(!N?;UI)(A(AB!D*!=-*>?*+A(!89!>-9A(AB!N?;UI)*!=-*>?*+A.!N?I>I!N&?*G*+JB9!G9!8&34,.#!
!
&EH[A,J_Ac_QV,RE,JX\L[YJHI;,REH,NBWZ,LE,JAYZ\@U,LQ[E^K[H\,JULVAi,
,
jn,7AYZ\@U,LE,J_Ac_QV,v%&&'.!%&:9v,rh]q,
<9!>-9A(AB!?*M.>9D,.!$O!Gc!D*!N?;UI)*!B9G+9,&!L,MI3I#!
!
<9IP.,(!,9B9,9!8-9:-&3I!?*!D8*>,-I!&I,93&,.A>;!8T*?CG(!&,*+IC,9-!G9!89M9B;!-I@+(B9!9?MCGC+(#!
un, 7AYZ\@U, LE, J_Ac_QV, v/>%..'(, )'('/&#:.v, W19M'&! >&+CMIX! W[^Ql\[NA, v=%.f, raq, Q, [^Ql\[NA,
v-'-:v,rhCqX,
,
1!NC?.DM9D,.!+&!8CD3I!&!89IP.,J3!D,&+G&-GI!)D9I!89!>-9A(AB!N?;U9?C+;!>&+CM;!-9N?-P*+(!=-*>?*+A.!?!8&34,.!
RVY!W?.N!,&'IM>&!>&+CMSX#!
!
&EH[A,J_Ac_QV,HEH\,JX\L[YJHI,HQ,LQ[E^K[H\V,,JX\RVYi,
]n,8E,JAYZ\@UH,J_Ac_QV,v(%.{!%{'v,raq,W[^Ql\[NA,v)&%.f%9fv,rhhq,Q,[^Ql\[NA,v-'-:v,rhCqX,
,
<9!>-9A(AB!)*!N?;U9?C+&!+&'(G>&!)&N;>Sf!>,*-J!)D9I!>!G.D89N.A.#!
an,7AYZ\@U,LE,J_Ac_QV,v<#(&'9v,W[^Ql\[NA,v'e7%.f'f,)7'/&9!-v,ruq,Q,v-'-:v,rhCqX,
,
<9!>-9A(AB!)D9I!N?;U9?C+;!=.M,-;!?!89T&G(e!
!
7.M,*-!O!‚!"!YgN!,
7.M,*-!$!‚!$!YgN!
7.M,*-!0!‚!Of0!YgN!
,
h2n,7AYZ\@U,LE,J_Ac_QV,vf#)'g/
 ,/:--%.f)v,W[^Ql\[NA,v_EVA[E,JAzE_,LYJJ^Wv,rd2q,JA[O,[^Ql\[NQ,
v_EVA[E,JAzE_,LYJJ^W,rd2q,Q,vVEVAv,rhCqX,
,
VG!89IP(?&+JB9!8T(>&NI!D*!89!>-9A(AB!N?;UI)(!8T(>&N;!D;D,J3I!Z]F^_`!W?.N!G9D,I8+J!8T(>&N;!ƒ!6#K#5!&!
>&8.,9M&!sX#!
,
rhuq,):!.f,WH?I>X,
,
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JKY! ,L+,0/$L&!
L#H#L#!L*IF&L0I!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
V!L#PL#!RE&RIND!/-W$N-!P&L!,L+,0/$L&!L#H#L#!L*IF&L0I!%(N/G!M+/G!XF+/-0U,
,
$A^FQ,J_Ac_QVA@OMA,[^Ql\[NQ,v):!.fv,
,
H9'-&N(!+&!G.D8M*).!D,&?!N?I>I#!
<9IP.,(!,M&@(,>&!kY^YVk!W$"X!I39PhI)*!N34+.,!D,&?!?!89T&G(!:.;,:<<;,=!kk'9,WcNI@C>X;,:.i,
,
%&!D&,*M.,If!'IG*pM.!D,&?!N?I>I!k:.v,
cIG*!N9'-&N*+&!89IP(?&+C!=-*>?*+A*!8939A+JB9!+9D+JB9!D.:+CMI#!
!
<9IP.,(! @(DM.A9?JB9! 89,*+A.93*,-I! W$OX! I39PhI)*! 89! >-9A(AB! ! ?*M.>9D,.! $O! >gN! N?;U9?&,! +*'9! D+.P9?&,!
=-*>?*+A.!8939A+JB9!+9D+JB9!D.:+CMI#!
!
20
[M&@(,>9!k]%`k!W$KX!I39PhI)*!?9M'I!-SN+2AB!N?I>9?2AB!=-*>?*+A(!N&?*G*+2AB!G9!8&34,.!?!89T&G(!N?;UI)(A(!
D*!=-*>?*+A*#!
!
[M&@(,>9!kZ^`k!W$EX!3C!D,*)+2!L@.+*>f!&?U&>!?!89T&G(!D+.PI)(A(!D*!=-*>?*+A*#!
aG;P!D*!89IP(?C!D&,*M.,+(!8CD39f!89,93!D9I@&D+23!D,.D>+I,(3!,M&@(,>&!v):!.fv,rhuq,&!,M&@(,>&!v-'-:v,
rhCq,N(D>C,*!8T(D,I8!G9!8-9:-&3I!k):!.f,-'-:9#k%&#:.,%.f,f'('&#.{v,WH&?CG4+(!N?I>I!G9!8&34,.!
&!)*B9!N-IU*+(X#!
!
Z.D8M*)!i`Z!W$QX!N9'-&N(!89IP(?&+9I!N?I>9?9I!=-*>?*+A.#!!
!
H?I>!'IG*!N&?*G*+!G9!8&34,.f!)*+!>G;P!D*!)*U,4!)*G+9I!D,.D>+*!,M&@(,>9!kY^YVk!W$"X#!
!
Z9!8&34,.!)*!39P+9!N&?JD,!$K!N?I>S!,&'IM>;#!
!
H&?*G*,*pM.!G9!8&34,.!$6#!N?I>f!,&'IM>&!D*!89-IU(!&!N+.@(!D*!+*)?;UU(!N?I>9?C!=-*>?*+A*#!
!
o';D,*!D*!G9D,&M.!G9!8-9:-&3I!kFVj%Z!Z^i^[]%wkf!3ID(,*!D,.D>+9I,!,M&@(,>9!kZ^`k!W$EX#!
H-IU*+(!'IG*!L@.++J!)*+!89,Jf!A9!D*!D,.D>+*!,M&@(,>9!v-'-:v,rhCqi,
,
rh]q,%&&'.!%&:9,Wo,*+IC,9-X!
&^Ql\[NA,@A^FW,J_Ac_QVY,v%&&'.!%&:9v,
!
aG;P! D,.D>+*,*! ! ,9,9! ,M&@(,>9f! G.D8M*)! i`Z! W$QX! N9'-&N(! N8-C?I! k&,,*+I&,.9+! .+! ID*! W89IP(?C! D*! 8-9:-&3!
&,*+IC,9-IXkf! 8T*G! >,*-9I! 'IG*! ?;N+&@*+9! k%&&vf! >G;P! &,*+IC,9-! 'IG*! ?! -I@+(3! -*P.3If! +*'9!k%!&:vf!
>G;P!'IG*!?!&I,93&,.A>J3!-*P.3I#!
!
[M&@(,>&!k]%`k!W$KX!&!kZ^`k!W$EX!I39PhI)(!L,MI3!89!>-9A(AB!?*M.>9D,.!$O!Gc!N?;U9?&,!+*'9!D+.P9?&,#!
m*pM.! &,*+IC,9-! ?! &I,93&,.A>J3! -*P.3I!8T.!89IP.,(!,9B9,9!8-9:-&3I!?*!D8*>,-If!!&,*+IC,9-!D*!&I,93&,.A>;!
8T*?CG(!G9!89M9B;!-I@+(B9!9?MCGC+(#!
!
<9IP.,(! ,M&@(,>&! kY^YVk! W$"X! I39PhI)*! 8T*8(+&,! -*P.3! L,MI3I! N! -I@+(B9! G9! &I,93&,.A>JB9! +*'9! N!
&I,93&,.A>JB9!G9!-I@+(B9#!
!
F9I@&D+23!D,.D>+I,(3!,M&@(,>&!k%&&'.!%&:9v,rh]q,&!,M&@(,>&!v-'-:v,rhCq,N(D>C,*!8T(D,I8!G9!J_Ac_QVY,
vf#)7(%x,:<,=%&&'9x,$:(&%{'v,WH9'-&N*+(!+&84,(!'&,*-.*X#!
!
Z.D8M*)!i`Z!W$QX!N9'-&N(!+&84,(!'&,*-.*#!
!
<T.!$0f5!1!)*!'&,*-.*!NA*M&!+&'.,C#!
<T.!$OfE!1!)*!NA*M&!?;'.,C#!
!
rhaq,f#)7(%x,
Z.D8M*)!D!>&8&M+23.!>-;D,&M;!i`Z!D*!0!TCG>;!&!$K!&M=&+I3*-.A>23.!N+&>;#!
!
rd2q,9'-:&',7:w'9,)!77(x,WZCM>9?J!+&8C)*+(X!
"#$%&'()*+! ,-! .$/01-! 23456784349:! ;<! =>?>:5@! AB5994@62! C3DE-/&! F&,*+1#'G1H! 0I/(*JKY! ,L+,0/$L&!
L#H#L#!L*IF&L0I!$P#%Q$M-!OI,LI'-/&!RS#TSIP$!I!/('SIL!0-!,LI/NISN/&P$!S-%+P$U,
!
V!L#PL#!RE&RIND!/-W$N-!P&L!,L+,0/$L&!L#H#L#!L*IF&L0I!%(N/G!M+/G!XF+/-0U,
,
&^Ql\[NQ,@A^FW,J_Ac_QVY,v9'-:&',7:w'9,)!77(xp,
,
aG;P!D,.D>+*,*!,9,9!,M&@(,>9f!G.D8M*)!i`Z!W$QX!N9'-&N(!89IP(?&+J!+&84,(!GCM>9?JB9!+&8C)*+(#!
21
!
%&! D&,*M.,I! NC-9?*h! IGC?Cf! )*D,M.P*! )*! ?! 89IP(?C+(! 00! >gN! :*+*-C,9-! 8939A+JB9! +9D+JB9! D.:+CMI! &! )*pM.!
GCM>9?J!+&8C)*+(!N&8+I,9!kV%k!&!D,&?!N?I>9?JB9!DBMI>I!)*!O!+*'9!).+2#!
!
[M&@(,>&!k]%`k!W$KX!&!kZ^`k!W$EX!I39PhI)(!N?2U*+(!+*'9!D+(P*+(!+&84,(!GCM>9?JB9!+&8C)*+(#!
!
m*pM.!89IP(?&+J!8CD39!D&,*M.,+(f!+&84,(!$"!&!$/!1!39B9I!'2,!39GIM9?C+&!8939A+23!+9D+23!D.:+CM*3!00!
>gN#!
!
8EL[^KZE,RE,HQ,LQ[E^K[H\V,JX\RVY,JAYZ\@UHA,BU^NA@O,A@^UBUH\p,
,
&X!D,.D>+I,(!,M&@(,>&!v-'-:v,rhCq,!I39PhI)*!?9M'I!D,&?S!0!A*D,+2AB!Wo!+*'9!cX!8T*8(+&@S!&!9G89?(G&)(A(B9!
N?I>9?JB9!DBMI>I!?!-C3A.!D;D,J3I!Z]F^_`#!
<T(8ID,+23!8T(>&N*3!D;D,J3I!Z]F^_`!8-9!,*+,9!8-9:-&3!)*!89IN*!8T(>&Nf!>,*-2!)*!8-C?4!89IP(?C+#,
!!m*D,M.P*!8T.!?9M'4!,9B9,9!8-9:-&3I!89IP(?&+2!8T(>&N!Z]F^_`!+*+(!8T(>&N*3!8-9!D8(+&@f!89,93!8T(D,-9)!
-/12%! >9+=.:I-&A*! &! 89-,;! $! &! 0!+&D,&?(!N+9?I!&!+&D,&?(!=I+>A.!k`VYY][[^Z!F{][`g^Fk!W<-989)*+J!
D8(+&@*X!D!&G-*D9I!k00\0K!F&,V<9Dok!W+*)'4P+4)U(!&G-*D&!8-9!0!89M9B9?J!8T*8(+&@*X#!
!
%*+(pM.! ,&,9! &G-*D&! D8-C?+Cf! 3ID(,*! N?9M.,! ).+9I! &G-*DI! D! 89IP.,(3! 8-9:-&3I! kZ]F^_`! `VYYo%Z^F!
F^i^`[]V%k!W?.N!>&8.,9M&!sX#!
!
'X!F9I@&D+23!D,.D>+I,(3!,M&@(,>&!k9'-:&',7:w'9,)!77(xv,rd2q,&!,M&@(,>&!v-'-:v,rhCq,N(D>C,*!8T(D,I8!
G9!8-9:-&3I!vf#)'g/
 ,/:--%.f),)'('/&#:.v,W?.N!>&8.,9M&!sX#!
!
F,.D>+I,(!,M&@(,*>!k]%`k!W$KX!+*'9!kZ^`k!W$EX!I39P+(!?2'4-!8-9?JD,!&!D,.D>+I,(!,M&@(,>&!v-'-:v,rhCq,!I39P+(!
>9+,-9MI!8M&,+9D,.!?2'4-I#!
!
F9I@&D+23!D,.D>+I,(3!,M&@(,>&!v9'-:&',7:w'9,)!77(xv,rd2q!&!,M&@(,>&!v-'-:v,rhCq,N(D>C,*!8T(D,I8!
G9!8-9:-&3I!k9'-:&',7:w'9,)!77(xvi!
!
Z.D8M*)!i`Z!W$QX!N9'-&N(!9G'4-!8-9IGI!GCM>9?JB9!+&8C)*+(f!
p!+&!D&,*M.,I!D*!,9!,2>C!8-9IGI!9G*'(-&+JB9!BM&?9I!U.-9>98CD39?JB9!N*D.M9?&@*!D!3&M23!UI3*3!p!i%c#!
p!+&![1!D.:+CMI!)*!,9!8-9IG!9G*'(-&+2!8T*GN*D.M9?&@*3!+*'9!).+23.!8-?>;!T(N*+23.!GCM>9?23!+&8C)*+(3#!
m*pM.!N9'-&N*+2!8-9IG!?4,U(!+*'9!-9?*+!"EO!3of!N+&3*+C!,9!+&G34-+9I!NC,4P!8T(D,-9)*!-/12%,&!=I+:9?C+(!
GCM>9?JB9!+&8C)*+(!?!-*P.3I!D,CMJB9!8-9IGI#!
!
1!,93,9!8T(8&G4!D*!+&84,(!GCM>9?JB9!+&8C)*+(!89GM*!N&,(P*+(!D+(P(#!!
!
[*+,9!8-9'MJ3!3SP*!+&D,&,!I!D;D,J3I!D!9G'4-*3!+&G!"EO!3o!+*'9!N>-&,*3!+&!>&'*MI#!
!
rdhq,('f,hC,$,
!
F?(,.?C!G.9G&!IGC?Cf!P*!+&84,(!GCM>9?JB9!+&8C)*+(!)*!$"!1#!
!
1! -*P.3I! kco[[^Rt!39G*k!+*+(pM.!8T(D,-9)!-/12%,89IP(?C+!89!G9'I!NB-I'&!5!3.+I,!8T*ABCN(!G9!-*P.3I!
kF[o%Zctk#! Y9+.,9-! &! &+&M9:9?C! @CD,! D*! 9G89)(! &! D?(,.?C! G.9G&! i^Z! W0$X! 'M.>C#! `BA*,*pM.! 8T(D,-9)!N+9?I!
D8ID,.,f!D,.D>+4,*!>,*-J>9M.!,M&@(,>9!+*'9!9,9@,*!>+9=M(>*3!89,*+A.93*,-I#!
!
1! -*P.3I! +&'()*+(! k`goRw^k! 'M.>&)(! D,T(G&?4! D?(,.?J! G.9G;! i^Z! W0$! &! 00X#! aG;P! )*! '&,*-.*! NA*M&! +&'.,Cf!
D?(,.?J!G.9G;!i^Z!,-?&M*!D?(,(#,
,
rddq,('f,h],$,
!
22
F?(,.?C!G.9G&!IGC?Cf!P*!+&84,(!GCM>9?JB9!+&8C)*+(!)*!$/!1#!
!
1! -*P.3I! +&'()*+(! k`goRw^k! 'M.>&)(! D,T(G&?4! D?(,.?J! G.9G;! i^Z! W0$! &! 00X#! aG;P! )*! '&,*-.*! NA*M&! +&'.,Cf!
D?(,.?J!G.9G;!i^Z!,-?&M*!D?(,(#!
,
rd1q,('f,dd,N>T,
!
jGC?Cf!P*!+&84,(!$"!+*'9!$/!1!GCM>9?JB9!+&8C)*+(!39GIMI)*!9'GJM+(>9?2!D.:+CM!0!>gNf!KOO!31#!
!
rdCq('f,2,
!
jGC?Cf!P*!?!@.++9D,.!+*+(!PCG+J!GCM>9?J!+&8C)*+(#!
!
1! -*P.3I! kco[[^Rt!39G*kf!>M*D+*pM.!+&84,(!'&,*-.*!+&!8T(M.U!+(N>9I!B9G+9,If!@.++9D,!8T(D,-9)*!Y`5Oo!D*!
N&D,&?(f!N9'-&N(!N8-C?I!k^%Z!V7!co[[^Rt!i]7^k!Wa9+*A!P.?9,+9D,.!'&,*-.*X!&!D?(,.?C!G.9G&!i^Z!W0"X!'M.>C#!
,
$#,&QFY^NQ,NQHU^`,YN^UBQHIGM,BA,JQVb[K! ! ! ! ! ! ! ! ! !
,
,
$##,)ETHQV,J_Ac_QV`! ! ! !
! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
!
<9!D,.D>+I,(!8T(DMIU+2AB!,M&@(,*>!)D9I!&>,.?9?C+;!8-9:-&3;#!
!
F,&+G&-G+(!G.D8M*)!N+&3*+C!G.D8M*)!+9-3CM+(B9!89IP.,(!W3.39!8-9:-&39?C+(Xf!,9!N+&3*+Cf!P*!=-*>?*+A*!&!
+&8C)*+(!8T(D,-9)*!-/12%,,)D9I!+&!8-?+(3!TCG>I!&!+&!G-IBJ3!TCG>I!G.D8M*)*!)*!'I€!LG&)!>&+CMIf!+9-3;f!=.M,-I!
&!-9NM9P*+(!D8*>,-&!W89GM*!?9M';X!&!L-9?+4!8T()3I!+*'9!DM9I8A9?2!:-&=!W89GM*!8-9?*G*+JB9!?2'4-IX#!
23
<9!?9M'4!8-9:-&3I!D*!G.D8M*)!!&I,93&,.A>;!?-&A(!+&!D,&+G&-G+(!N9'-&N*+(!89!K!?,*T.+CABf!>,*-J!I8M;+9I!9G!
89DM*G+(B9!89IP.,(!)*G+9B9!N!,M&@(,*>#!
!
1*!=I+>A.!D8*>,-&!&!-9NM9P*+JB9\-9NU(T*+JB9!D8*>,-&!)*!N9'-&N9?&+C!=-*>?*+A*!?PG;!?*!D,T*GI!9'-&N9?>;!&!
L-9?*h!D.:+CMI!9G89?(GC!L-9?+.!+*)?;UU(B9!+9D+JB9!D.:+CMI!?!-C3A.!9'-&N9?>;#!
!
uihq,$<,m_EN@EHlH\,J_Ac_QVW,,
,
%n, mD9I! ,9! NC>M&G+(! 8-9:-&3;! 8T(D,-9)*! -/12%;, NE, @L[YJY, BA, [bGM[A, J_Ac_QV`, HEH\,HY[HA,L[KLNHAY[,
ZUBHO,[^Ql\[NAi,
,
hn,%hp,(%f3.5,<9'*$'./',
,
7AYZ\[,JA[EHGKAVE[_,0,v7:&'.&#:-'&'9,v,rh2q,
,
a-9>9?J!N?;U9?C+(!+*'9!D+.P9?C+(!=-*>?*+A*!89IP(?&+JB9!8CD3&#!!<SD9'*+(!+I3*-.A>JB9!89,*+A.93*,-I!
NC?.D(!+&!-;ABM9D,.f!D!)&>9I!D*!9,C@(!)*B9!9?MCGC+(3#!
!
-Q^U,_WGM^AL[,?;?9MC!N34+I!=-*>?*+A.!89!>-9A(AB!S2,N>T;,dS2,N>T,HEFA,h,->T,?!NC?.DM9D,.!+&!8CD3I!&!
?9M'4!D,&+G&-GI#!
!
$E^NU,_WGM^AL[,89?*G*!>!89DI+I!+CD9'*+J3I!-;ABM9D,(f![A,THQVEHU,HbNA^KNQ,BEL\[EN,HEFA,L[A@EN,->Ti,
,
aG;P!D*!G9D,&+*,*!+&!>9+*A!8CD3&f!8SD9'*+(!89,*+A.93*,-I!?*!D34-I!8T*D&BI)(A(3!>9+*A!8CD3&!+*'IG*!
3(,!PCG+2!L@.+*>#!
!
j!+9?J!=-*>?*+A*!D*!.B+*G!8-9?CG(!>9+,-9M&!)*)(!8M&,+9D,.#!
!
dn,%dp,$:(=%,79:{9%-},k%$'f'.+/>,f:,7%-3&#,
,
7AYZK[\,[^Ql\[NQ,v#./v,rhjq,HEFA,vf'/v,rhSq,,
,
a-9>9?J!N?2U*+(!+*'9!D+(P*+(!8-9:-&3S!N&?*G*+2AB!G9!8&34,.!+&!89IP(?&+J3!8CD3I#!
!
H?9M*+2! 8-9:-&3! 'IG*! 39G.=.>9?&,! )*+! =-*>?*+A.! W?! 9'-&N*f!)&>9P!.!?*!D8*>,-IXf!&?U&>!D,&+G&-G!&!9D,&,+(!
8&-&3*,-;!-/12%!NSD,&+9I!+*N34+4+;#!
!
1n,%1p,k%$'f'.5,&$,79:{9%-},f:,7%-3&#,
,
7AYZK[\,[^Ql\[NQ,v-'-:v,rhCq,,
,
H&?*G*+(!=-*>?*+A*!&!D,&+G&-GI!89IP(?&+2AB!I!N?9M*+JB9!8CD3&!G9!8&34,.#!
!
Z9!8&34,.!)*!39+9!N&?JD,!50!8-9:-&3S#!
!
H&?*G*+(! 8-9:-&3I! G9! 8&34,.! 'IG*! ?;P&G9?&,! G-IBJ! D,.D>+I,(! ,M&@(,>&! kY^YVk! W$"Xf! &';! D*! 8-9?*GM&!
>9+,-9M&!8M&,+9D,.!IM9P*+(#!
!
cIG*,*pM.!G9!8&34,.!N&?CG4,!55#8-9:-&3!8CD3&f!N+.@(!D*!8-?+(!8-9:-&3!N&?*G*+2!G9!8&34,.#!
!
Cn%Cp,$x-%kt.5,&$,79:{9%-},
7AYZK[\,[^Ql\[NQ,v-'-:v,rhCq,Q,JA[O,vf'/v,rhSq,!
!
24
1;3&NC+(!8-9:-&3I!N&?*G*+JB9!G9!8&34,.!9G89?(G&)(A(B9!89IP(?&+J!=-*>?*+A.#,,
,
aG;P!89IP(?&+C!=-*>?*+A*!+*9G89?(GC!8-9:-&3I!N&?*G*+J3I!G9!8&34,.f!?*G*!,9!>!&I,93&,.A>J3I!+C?-&,I!
>*!D,&+G&-G+(3I!G.D8M*).#!!
!
1;3&NC+(!8-9:-&3I!?;P&GI)*f!&';!';M9!>!8-9?*G*+(!>9+,-9M;!8M&,+9D,.!,M&@(,>9!kY^YVk!W$"X!D,.D>+I,9!)*U,4!
)*G+9I#!
!
=n,8-9:-&3!8T(D,I8+2!89,LAYlQLHOV,L[KLNHY[\,N^U@ELW,v=%.fv,raq,Q,N^U@ELW,v-'-:,rhCq,
,
hn%Sp,$:(=%,*%.t(!,W>!G.D89N.A.!)*+!+&![1!8CD3*AB!&!D,&+G&-G*ABX!
7AYZK[\,[^Ql\[NQ,v#./v,rhjq,HEFA,vf'/v,rhSq,,
,
<-?+(!+&'(N*+2!>&+CM!'IG*!=-*>?*+@+(!>&+CMf!>,*-2!)*!-9?*+!,J,9!=-*>?*+A.!+*'9!)*!'*N8-9D,T*G+4!+&G!,9I,9!
=-*>?*+A(!&!+&!89IP(?&+J3!8CD3I#!
!
<T(D,I8!>!).+23!>&+CMS3!D*!G9DCB+*!8939A(!,M&@(,*>!k]%`k!W$KX!&!kZ^`k!W$EX#!
!
cIG9I!N9'-&N*+;!89GM*!8CD3&!&!89IP(?&+JB9!D,&+G&-GI!?!89T&G(!=-*>?*+A(#!
a9+,-9M&!8M&,+9D,.!N?9M*+JB9!>&+CMI!'IG*!8-9?*G*+&!&I,93&,.A>;!8T.!+C?-&,I!G9!D,&+G&-G+(B9!G.D8M*)*#!
!
uidq,7_Ac_QVW,m_EN@EHlH\MA,JULVQ,
<-9:-&3!8T(D,I8+2!8T*D!,M&@(,>&!v=%.fv,raq!!
!
hn=hp,$:(=%,$<,7t)-%!
)[KLNHY[\V,[^Ql\[NQ,v#./v,rhjq,HEFA,vf'/v,rhSqi,
,
a-9>9?J!N?;U9?C+(!'IG*!?*!N?;UI)(A(3!D*!89T&G(!&!>-9>9?J!!
!
D+.P9?C+(!'IG*,?*!D+.P9?&+J3!89T&G(!8CD*3#,
,
$<,JULVQ;,REZ,RLAY,N,BKLJATKGK,RLAY,HUL^EBYR\G\p,
!
1g7$!!9G!"K!G9!$EO!YgN!!
1g70!!9G!$EO!G9!"0O!YgN!
jg7!!!9G!"0O!G9!/KO!YgN!!
Fo[!!!9G!Q0O!G9!0$EO!YgN!!
!
c*N8-9D,T*G+4!D*!8-9?CG(!>9+,-9M&!8M&,+9D,.!?9M';#!
!
H34+&! 8CD3&! 'IG*! 984,! &I,93&,.A>;! N+&3*+&,! +&D,&?*+(! 8T(D,-9)*! Y`5Oo! W=-*>?*+A*! &! D,&+G&-GIX!
9G89?(G&)(A(!89DM*G+(3I!89IP.,(!8T(D,-9)*!+&!N?9M*+J3!8CD3I#!
!
ui1q,7_Ac_QVW,L[QHBQ_B`,
,
<-9:-&3!8T(D,I8+2!8T*D!,M&@(,>9!v)&%.f%9fv,rhhq!
!
hn/hp,$:(=%,)&%.f%9f!,
,
)[KLNHY[\V,[^Ql\[NQ,v#./v,rhjq,HEFA,vf'/v,rhSqi,
,
a-9>9?J! N?;U9?C+(! 'IG*! 8-9?CG4+9! ?*! N?;UI)(A(3! D*! 89T&G(!&!>-9>9?J!D+.P9?C+(!?*!D+.PI)(A(3!D*!89T&G(!
D,&+G&-GS#!
25
!
Z9D,I8+J!D,&+G&-G;!NC?.D(!+&!89IP(?&+J3!8CD3I!&!)D9I!,9e!
!
0,J_A,JATEVH\,JULVAp,,
,
0,7Y!!!!W7Y!-9NBM#!?;D(M#X!9G!//!G9!$O/!YgN!W89IN*!?!8CD3I!1g7$X!!
p!i\ix!!W=-&+A9IND>JX!D!>M&G+#!39GIM#!9'-&NIf!N?I>!oY!G9!KfE!YgN!!
p!c\w!!!W`#`#]#R#X!D*!NC89-#!39GIM#!9'-&NIf!N?I>!7Y!G9!EfE!YgN!!
p!]! ! ! W1*M>C!c-.,C+.*X!NC8#!39G#!9'-&NIf!N?I>!7Y!G9!KfO!YgN!!
p!Z\a\ax!WV#]#R#[#X!NC8#!39GIM#!9'-&NIf!N?I>!7Y!G9!KfE!YgN!!
p!Y\%!!!!WjFo!&!m&89+D>9X!NC8#!39G#!9'-&NIf!N?I>!7Y!G9!KfE!YgN!!
!
0,J_A,LQ[E^K[H\,JULVAp!
!
p!aI!!!!W8CD39!aIX!>M&G+C!39GIM&A*!9'-&NI!
p!`!!W8CD39!`!&!FX!NC89-+C!39GIM&A*!9'-&NI!
!
a9+,-9M&!8M&,+9D,.!?9M';!D*!8-9?CG(!'*N8-9D,T*G+4#!
!
uiCq,k@YNA@O,J_Ac_QVW,
,
%n,7_Ac_QVW,JX\L[YJHO,JXEL,[^Ql\[NA,v):!.fv,rhuq,
hn,fhp,(%f3.5,k$!*:$~,<9'*$'./',rN,BKLJATKGK,REH,HQ,LQ[E^K[Yq,
,
7AYZK[\,JA[EHGKAVE[_Y,v7:&'.&#:-'&'9v,rh2q,
a-9>9?J!N?2U*+(!+*'9!D+(P*+(!N?I>9?J!=-*>?*+A*!9!>-9>;!?*M.>9D,.!$O!>gN#,
,
aG;P!D*!G9D,&+*,*!+&!3&|.3CM+(!=-*>?*+A.!WQfOO!YgN!X!+*'9!!
!
3.+.3CM+(! WEfEO! YgNXf! 89DI+! 89,*+A.93*,-I! ?*! D34-I! 8T*>-&@I)(A(3! ,I,9! =-*>?*+A.! 89?*G*! >! +C?-&,I! +&!
3.+.3CM+(!+*'9!3&|.3CM+(!=-*>?*+A.#!
!
j!+9?J!=-*>?*+A*!D*!9>&3P.,4!8-9?CG(!>9+,-9M&!!8M&,+9D,.#!
!
dnfdp,$:(=%,)%&'(#&.5>:,7:-:/.~>:,.:).~>:,)#{.t(!,k$!*!,
,
)[KLNHY[\V,[^Ql\[NQ,v#./v,rhjq,HEFA,vf'/v,rhSqi,,
,
*,BKLJATKGK,REH,HQ,LQ[E^K[H\V,JULVYi,
,
<-9:-&3!I39PhI)*!?9M'I!N?I>9?2AB!=-*>?*+A(!N&?CG4+2AB!G9!8&34,.#!
,
a-9>9?J! N?;U9?C+(! N?I>I! N&?*G*+JB9! G9! 8&34,.! 'IG*! 8-9?CG4+9! ?*! N?;UI)(A(3! D*! 89T&G(! &! >-9>9?J!
D+.P9?C+(!?*!D+.PI)(A(3!D*!89T&G(!=-*>?*+A(#!
!
a9+,-9M&!8-9?*G*+J!?9M';!D*!8-9?CG(!.B+*G#!
!
1nf1p,k$!*;,=k!6t*,$x7.!&nk%7.!&,
,
)[KLNHY[\V,[^Ql\[NQ,v-'-:v,rhCqi,,
!
F,.D>+I,(!,M&@(,>&!kY^YVk!I39P+(!D8IU,4+(!N?I>If!N&D,&?*+(!&!D8IU,4+(!'NI@C>I#!
!
26
F8IU,4+(!N?I>I!)*!39P+Jf!)*+!>G;P!)*!?!@.++9D,.!=I+>A*!k7#/&!9'vi,
,
a&PGJ!D,.D>+I,(!,M&@(,>&!89DI+*!34T.GM9!9!)*G*+!>-9>!GCM*#!
!
a9+,-9M&!8M&,+9D,.!D*!8-9?CG(!89!>&PGJ3!D,.D>+I,(!,M&@(,>&#!!
!
$E,LJEN[_Y,RE,N,BKLJATKGK,JAYTE,mYHNGE,FTYlUNYi,
,
=n,<-9:-&3;!8T(D,I8+J!,M&@(,>;!k):!.fv,rhuq,%,v-'-:v,rhCq,L[KLNHY[IVK,LAYlQLHb,r>!G.D89N.A.!)*+!+&!
D&,*M.,IX!
!
hnfCp,k%$'f'.5,)%&'(#&.5>:,k$!*!,
,
7X\VI,JX\L[YJ,N,J_Ac_QVYi,
,
H&?*G*+(!89IP(?&+J!N?I>9?J!=-*>?*+A*!D&,*M.,I#!Z9!8&34,.!)*!39P+9!N&?JD,!$K!=-*>?*+A(#!
!
H&?*G*+(!D&,*M.,+(B9!N?I>I!'IG*!?;P&G9?&,f!&';!,M&@(,>9!kY^YVk!W$"X!';M9!D,.D>+I,9!)*U,4!)*G+9I#!,
aG;P!'IG*,*!AB,(,!N&?JD,!G9!8&34,.!$6#!N?I>f!+*)?;UU(!=-*>?*+A*!N&?*G*+C!G9!8&34,.!D*!N+.@(#!
!
dnfSp,k9!o'.5,)%&'(#&.5/>,k$!*},k%$tf3.+/>,f:,7%-3&#!
!
)[KLNHY[\,[^Ql\[NQ,v-'-:v,rhCq,Q,JA[O,vf'/v,rhSqi,
H-IU*+(!D&,*M.,+(B9!N?I>I!N&?*G*+JB9!G9!8&34,.,89GM*!89IP(?&+J!!
!
=-*>?*+A*!8939A+JB9!+9D+JB9!D.:+CMI!!
!
m*D,M.P*!89IP(?&+C!=-*>?*+A*!+*G989?(GC!N?I>I!N&?*G*+J3I!G9!8&34,.f!?*G*!,9!>!&I,93&,.A>J3I!+C?-&,I!
>*!D,&+G&-G+(3I!G.D8M*).#!
!
H-IU*+(!N?I>I!N&?*G*+JB9!G9!8&34,.!'IG*!?;P&G9?&,f!&';!8-9!>9+,-9MI!8M&,+9D,.!';M!,M&@(,>9!kY^YVk!W$"X!!
D,.D>+I,9!)*U,4!)*G+9I#!!
!
uiSq,7_Ac_QVW,P[^YVY,
,
7_Ac_QVW,JX\L[YJHO,JXEL,[^Ql\[NA,v%&&v,rh]q,
,
hn'hp,.%)&%$'.5,?&(!-!,
,
)[KLNHY[\V,[^Ql\[NQ,v#./v,rhjq,HEFA,vf'/v,rhSqi,,
,
a-9>9?J!N?2U*+(!+*'9!D+(P*+(!L,MI3I#!
!
1*!D8*>,-I!D,.D>+I,(!)*G+9B9!N!,4AB,9!G?9I!,M&@(,*>!N8SD9'(!8T*AB9G!&,*+IC,9-I!G9!-I@+(B9!-*P.3I#!
!
a-9>9?J!N?2U*+(!+*'9!D+(P*+(!D*!8-9?CG(!D>9>;!?*M.>9D,.!$O!Gcf!+*34+(!?U&>!G.D8M*)!L-9?+4!D.:+CMIf!>G;P!)*!
D,&+G&-G+(!G.D8M*)!?!-*P.3I!L-9?+4!D.:+CMI#!
!
aG;P!)*!?!-*P.3I!kDM9I8A9?JB9!:-&=Ikf!34T(,>9!DM9I8A9?JB9!:-&=I!D*!I8-&?I)*#!
!
aG;P! 'IG*,*! ?! -I@+(3! -*P.3I! L,MI3I! &! G.D8M*)! i`Z! 'IG*! 'M.>&,! D! .+G.>&A(! k%&&kf! G989-I@I)*! D*! I8-&?.,!
?*M.>9D,!L,MI3If!&';!+*G9UM9!>!+&D;A*+(!?D,I8I!8T(D,-9)*!&!@.++9D,!8-9'(B&M&!?!98,.3CM+(3!-9ND&BI#!
!
27
dn'dp,%!&:-%&#/*~n9!6.5,:$(tft.5,?&(!-!,
,
)[KLNHY[\V,[^Ql\[NQ,v-'-:v,rhCq,,
,
<9IP.,(3! ,M&@(,>&! kY^YVk! 3SP*,*! 8T*8(+&,! -*P.3! L,MI3I!N!-I@+(B9!+&!&I,93&,.A>2!&!N!&I,93&,.A>JB9!+&!
-I@+(#!
!
1!&I,93&,.A>J3!-*P.3I!D*!8T*8(+C+(!&,*+IC,9-I!8-9?CG(!&I,93&,.A>;!89GM*!L-9?+4!D.:+CMI!8SD9'(A(B9!+&!
?D,I8!8T(D,-9)!-/12%i,
1! -I@+(3! -*P.3I! )*! +I,+9! 8-9?CG4,! +&D,&?*+(! &,*+IC,9-I! 89>&PGJf! >G;P! D.:+CM! ?;D,9I8(! N! 98,.3CM+(B9!
-9ND&BI!34T*+(#!
1*!=I+>A.!k<]`[jR^k!D*!&,*+IC,9-!&I,93&,.A>;!8T*?CG(!G9!-*P.3I!koj[VYo[]`k#!
!
uijq,7_Ac_QVW,BU^NA@OMA,HQJUREH\,
,
%n,7_Ac_QVW,JX\L[YJHO,JXEL,[^Ql\[NA,v9'-:&',7:w'9,)!77(xv,rd2q,
,
hn<hp,.%)&%$'.5,.%73&5,ft(*:$~>:,.%7t8'.5,
,
)[KLNHY[\V,[^Ql\[NQ,v#./v,rhjq,HEFA,vf'/v,rhSqi,,
a-9>9?J!N?2U*+(!+*'9!D+(P*+(!+&84,(!GCM>9?JB9!+&8C)*+(!?*!DM*GI!Of!$"f!$/!?9M,S!8T.!>-9>9?J3!N?2U*+(!+&!
$/f$"fO!?9M,S!8T.!>-9>9?J3!D+(P*+(#!
!
aG;P!D*!89IP(?C!D&,*M.,+(!8CD39f!,*+,9!8-9:-&3!-9?+4P!I39PhI)*!D8IU,4+(!8939A+JB9!+9D+JB9!D.:+CMI!00!
>gN#!
!
<9T&G(! ?! D&,*M.,I! D*! N34+(! +CDM*GI)(A(3! N8SD9'*3e! Of! $"! 1f! $"! 1! ##00! >gNf! $/! 1f! $/! 1f! ##! 00! >gN! 8T.!
>-9>9?J3!N?;U9?C+(!&!?!98&@+J3!DM*GI!8T.!>-9>9?J3!D+.P9?C+(#!
!
dn<dp,$:(=%,)x)&~-!,f#)'g/
 ,,GEL[W,%,HEFA,=,
,
7_Ac_QV,RE,JX\L[YJHI,REH,HQ,LQ[E^K[H\V,JX\RVY;,NBWZ,RE,BU^NA@O,HQJUREH\,TQJHY[A,v:.vi,
,
)[KLNHY[\V,[^Ql\[NQ,v-'-:v,rhCqi,
,
<-?+(! D,.D>+I,(! ,M&@(,>&! kY^YVk! W$"X! N9'-&N(! 89M9BI! o! +*'9! c! 89IP(?&+JB9! 8T(>&NI! Z]F^_`!&!+&D,&?(!
N?I>9?2!DBMI>!?!D9IM&GI!D!89M9B9I!8T*8(+&@*#,
,
m*D,M.P*!89!?9M'4!,9B9,9!8-9:-&3I!89IP(?&+2!8T(>&N!D;D,J3I!Z]F^_`!+*+(!8T(>&N*3!8-9!8T*8(+&@f!89,93!
8T(D,-9)! -/12%! >9+=.:I-&A*! &! 89-,;! $! &! 0! ! +&D,&?(! N+9?I! &! +&D,&?(! =I+>A.! k`VYY][[^Z! F{][`g^Fk!
W<-989)*+J!D8(+&@*X!D!&G-*D9I!k00\0K!F&,<9Dok!W+*)'4P+4)U(!&G-*D&!8-9!0!A*D,+J!8T*8(+&@*X#!
!
%*+(pM.! ,&,9! &G-*D&! D8-C?+Cf! 3ID(,*! N?9M.,! ).+9I! &G-*DI! D! 89IP.,(3! 8-9:-&3I! kZ]F^_`! `VYYo%ZF!
F^i^`[]V%k!W?.N!>&8.,9M&!sX#!
!
Z-IBJ! D,.D>+I,(! ,9B9,9! ,M&@(,>&! kY^YVk! W$"X! &! D,.D>+I,(f! >,*-C! +CDM*GI)(! D,T(G&?4! N34+(! 89M9BI! o! +*'9! c!
8T*8(+&@*f!&+.P!';!N34+.M&!9D,&,+(!8&-&3*,-;!GCM>9?JB9!+&8C)*+(!W+&84,(f!00!>gNf!8939A+2!+9D+2!D.:+CM!&!
A*D,I!).+2AB!9?MCG&A(AB!8-?>S!D;D,J3I!Z]F^_`X!D!?2).3>9I!N?I>9?JB9!DBMI>If!>,*-2!D*!+&D,&?(!?!D9IM&GI!
D!?9M'9I!o!+*'9!c#!
!
1n<1p,$:(=%,745*%k},)x)&~-!,f#)'g/
 ,,
!
7_Ac_QV,RE,JX\L[YJHI,JAYTE,HQ,LQ[E^K[Y;,NBWZ,RE,TQJHY[A,BU^NA@O,HQJUREH\i,
28
7_Ac_QV, LE, @A^\, [^Ql\[NW, v9'-:&', 7:w'9, )!77(xv, rd2q, %, v-'-:v, rhCq;, N[E_U, LE, L[KLNHAY,
LAYlQLHb;,NBWZ,LE,JAYZ\@U,J_Ac_QV,,v9'-:&',7:w'9,)!77(xvi,
,
7AYZK[\,[^Ql\[NQ,v#./v,rhjq,HEFA,vf'/v,rhSq,Q,JA[O,v-'-:v,rhCq,J_A@UB\,NAH[_A^Y,J^Q[HAL[Ki,
,
<T(D,I8! G9! 8-9:-&3I! I39PhI)(A(! ?9M'I! 8T(>&NI! D;D,J3I! Z]F^_`! )*! N&).U,4+! 8T*D! ,M&@(,>&! kR^YV[^!
<V{^R!Fj<<itk!W0OX!o!kY^YVk!W$"X!D9I@&D+4!D,.D>+I,23.!?!8-9:-&3I!kR^YV[^!<V{^R!Fj<<itk#!
!
[M&@(,>&!k]%`k!W$KX!+*'9!kZ^`k!W$EX!?C3!8&>!I39P+(!?9M.,!=I+>A.!D;D,J3I!Z]F^_`f!&G-*DI!+*'9!8T(>&Nf!
>,*-J!?;P&GI)*,*#!,
a9+,-9M&!8M&,+9D,.!?9M';!D*!8-9?CG(!D,.D>+I,(3!,M&@(,>&!kY^YVk!W$"Xf!>G;P!D*!8-9:-&3!89IP(?Cf!,9!N+&3*+C!
8T*G!+C?-&,*3!G9!D,&+G&-G+(B9!G.D8M*)*#!
!
<T(>&N;!9'D&P*+J!?!D;D,J3I!Z]F^_`!$#0!)D9I!+CDM*GI)(A(e!
!
R*D*,!Y.A-9A9+,-9MM*-!WH+9?I+&D,&?*+(!3.>-99?M&G&@*X!
R^F^[!<VR[F!89-,D!O!&!$!WH+9?I+&D,&?*+(!89-,S!O!&!$X!
`V%7]wjRo[]V%!]%F[oiio[]V%!Wa9+=.:I-&A*!N&T(N*+(X!
!!%jYc^R!V7!F{][`g^F!`VYY][[^Z!W$![V!"X!W<9@*,!8-989)*+2AB!! D8(+&@S!W$!&P!"X!
! %jYc^R!V7!F{][`g^F!j%`VYY][[^Z!W$![V!"X!W<9@*,!+*8-989)*+2AB!! D8(+&@S!W$!&P!"X!
[V%^!cjRF[!WH?I>9?2!DBMI>X!
! kOk![V%^!cjRF[!o!WH?I>9?2!DBMI>!oX!
! k$k!Zo[o!cjRF[!c!WZ&,9?2!DBMI>!cX!
`VYY][[^Z!F{][`g^F!W<-989)*+J!D8(+&@*X!
! F*,!iV\g]!W19M'&!=-*>?*+A*!M9>CM+(B9!9DA.MC,9-IX!
! F*,!1-\gi!W19M'&!89M&-.N&A*X!
!!F*,!<A*!o\c!W19M'&!89M9B;!D&,*M.,+(B9!8T()3I!o!+*'9!cX!
!!F*,!FV!o\c!W19M'&!?*-N*!D8(+&@*!o!+*'9!cX!
!!FYo[1!.+8I,!WW19M'&!?D,I8I!FYo[1!$!&P!"X!
j%`VYY][[^Z!F{][`g^F!W%*8-989)*+J!D8(+&@*X!
! F*,!F$!o\c!W19M'&!D8(+&@*!$!o!+*'9!cX!
! F*,!F0!o\c!W19M'&!D8(+&@*!0!o!+*'9!cX,
! F*,!F5!o\c!W19M'&!D8(+&@*!5!o!+*'9!cX!
! F*,!F"!o\c!W19M'&!D8(+&@*!"!o!+*'9!cX!
{R][^!o%oiVwj^!1oij^!WHC8.D!&+&M9:9?J!B9G+9,;X!
! {-.,*!1&MI*!oO!WO!&!0EEX!\HC8.D!B9G+9,;!oO!p!O###0EEX!
! {-.,*!1&MI*!o$!WO!&!0EEX!\HC8.D!B9G+9,;!o$!p!O###0EEX!
{R][^!7R^rj^%`t!WHC8.D!=-*>?*+A*X!
<VF][]V%^R!V<^Ro[]V%F!W<T(>&N;!89M9B9?&A(B9!N&T(N*+(X!
! iV%w][jZ^!<VF][]V%!W<9M9B&!N*348.D+J!GJM>;X!
! ! KO!„!^&D,!p!KO!„!{*D,!WKO!„!?2AB9G!p!KO!„!NC8&GX!!
! ! KO!„!^&D,!p!$/O!„!^&D,!WKO!„!?2AB9G!p!$/O!„!?2AB9GX!!
! ! KO!„!{*D,!p!$/O!„!{*D,!WKO!„!NC8&G!p!$/O!„!NC8&GX!!
g^Y]F<g^R^!W<9M9>9IM*X!
! %9-,B!WF*?*-+(X!
! F9I,B!Wm.P+(X!
Z.D&'M*!i.3.,!WY*N!G*&>,.?&A*X!
F*,!^&D,!i.3.,!W%&D,&?*+(!?2AB9G+(!3*N*X!
F*,!{*D,!i.3.,!W%&D,&?*+(!NC8&G+(!3*N*X!
F,98!<9D.,.9+*-!Y9?*!WH&D,&?*+(!89B;'I!89M9B9?&A(B9!N&T(N*+(X!
ZR]1^!^oF[!W<9B9+!D34-*3!+&!?2AB9GX!
! Z-.?*!WOp$0/X!F,*8D!W<9B9+!Op!$0/!>-9>SX!
!!Z-.?*!WOpKOX!F*A9+GD!W<9B9+!p!O!p!KO!?,*T.+X!
29
ZR]1^!{^F[!W<9B9+!D34-*3!+&!NC8&GX!
! Z-.?*!WOp$0/X!F,*8D!W<9B9+!Op!$0/!>-9>SX!
!!Z-.?*!WOpKOX!F*A9+GD!W<9B9+!p!O!p!KO!?,*T.+X!
F,9-*!F&,!<9D!WjM9P*+(!89M9B;!D&,*M.,I!G9!8&34,.X!
! F,9-*!R*=*-*+A*!<9D.,.9+!WjM9P*+(!?N,&P+J!89M9B;X!
! F,9-*!F&,!%9!W$p"OX!WjM9P*+(!@(DM&!D&,*M.,I!W$p"OX!
ZR]1^!YV[VR!WY9,9-!89B9+IX!
! w9,9!R*=*-*+A*!<9D.,.9+!W<T*)G.!G9!?N,&P+J!89M9B;X!
! w9,9!F&,!%9!W$p"OX!WmG.!+&!D&,#!@#!$p"OX!
`oi`jio[^!<VF][]V%!W1289@*,!89M9B;X!
! F*,!<9D+D!oI,9!WoI,93&,.A>J!+&D,&?*+(!89M9BX!
!
!
! F*,!<9D!F&,!%9!W$p"OX!W%&D,&?*+(!89M9B;!D&,!@#!$p"OX!
! F*,!s!1&MI*!WOp0EKX!W%&D,&?*+(!B9G+9,;!s!Op0EKX!
! F*,!t!1&MI*!WOpQOX!W%&D,&?*+(!B9G+9,;!t!OpQOX!
! !
<&-&3*,-;! GCM>9?JB9! +&8C)*+(! W+&84,(f! 00! >gNf! 8939A+2! +9D+2! D.:+CMf! N?I>9?2! DBMI>! &! ).+J! 8&-&3*,-;!
D;D,J3I!Z]F^_`X!D*!+.>G;!+*34+(f!D!?2).3>9I!,9B9f!>G;P!D*!N?9M(!!FYo[1!!?*!=I+>A.!`VYY][[^Zf!>G*!
D*!+&84,(!GCM>9?JB9!+&8C)*+(!$"!+*'9!$/!1f!D89IU,4+(!+*'9!N&D,&?*+(!00!>gN!8939A+JB9!+9D+JB9!D.:+CMI!
&!N?I>9?2!DBMI>!o!+*'9!c!+&D,&?I)*!?!D9IM&GI!D!*>?.?&M*+,;!8M&,+23.!8-9!>9+?*+A*!D,C,+(!>9+,-9M;#!
!
Z&MU(!89G-9'+9D,.!,2>&)(A(!D*!89IP.,(!D;D,J3I!Z]F^_`!$#0!?.N!>&8.,9M&!s#!
!
=n,<-9:-&3!8T(D,I8+2!LAYlQLHb,L[KLNHY[IVK,[^Ql\[NW,v9'-:&',7:w'9,)!77(xv,rd2q,Q,v-'-:v,rhCq,,
,
hn<Cp,-34'.5,79:!f!,ft(*:$~>:,.%7t8'.5,,
,
.EH\,HY[HI,ZUBHI,BQ^D\,TULQM,
%&! G-IBJ3! TCG>I! G.D8M*)*! i`Z! W$QX! D*! N9'-&N(! 8-9IG! 9G*'(-&+2! 8-?>*3! Wi%c! +*'9! 8T*GN*D.M9?&@*3X!
GCM>9?4!+&8C)*+23!8T(D,-9)*3!-/12%i,
m*D,M.P*! )*! 9G*'(-&+2! 8-9IG! ?4,U(! +*P! "EO! 3of! GCM>9?J!+&8C)*+(!8-&AI)*!?!-*P.3I!>9+D,&+,+(B9!8-9IGI!&!
+&84,(!D*!L34-+4!D+(P(#!
!
o'+9-3CM+4!?;D9>2!8-9IG!3SP*!N+&3*+&,!N>-&,!+&!>&'*M*AB#!
!
uiuq,7_Ac_QVW,TAF_QTEH\,P_A@Hb,LKcHU^Y,
,
%n,7_Ac_QV,JX\L[YJHI,JXEL,[^Ql\[NA,v('$'(v,rh1q,
,
hn{hp,$:(=%,&x7!,f#)7('8',?9:$.3,
,
.EH\,HY[HI,ZUBHI,BQ^D\,TULQM,
!
a&PGJ! D,.D>+I,(! ,M&@(,>&! v('$'(v, rh1q, +&B-&G(! +&! G-IBJ3!TCG>I!G.D8M*)*!i`Z!W$QX!N9'-&N*+(!?!Gcµ1!N&!
N9'-&N*+(!?*!DM9I8A9?J3!:-&=I!&!+&98&>#!
!
=n, <-9:-&3! 8T(D,I8+2! LAYlQLHb, L[KLNHY[IVK, [^Ql\[NW, v('$'(v, rh1q, Q, v-'-:v, rhCqf! >G;P! D*! 89IP(?C!
=I+>A*!v'e7%.f'f,)7'/&9!-,hvi,,
!
hn,{dp,-34'.5,?9:$.3,65)(#/:$~>:,.:).~>:,)#{.t(!,,
!
<-9:-&3!34T*+(!L-9?+(!@(DM.A9?2AB!+9D+2AB!D.:+CMS!*>?.?&M*+,+(AB!&+&M9:9?23!L-9?+(3#!
30
!
[*+,9!8-9:-&3!I39PhI)*!8T*?JD,!L-9?*h!@(DM.A9?JB9!+9D+JB9!D.:+CMI!I3(D,4+JB9!?*!D,T*GI!9'-&N9?>;!?*!
=I+>A.!k^s<o%Z^Z!F<^`[RjY!$k!+&!*>?.?&M*+,+(!L-9?*h!&+&M9:9?JB9!+9D+JB9!D.:+CMI#!
!
b(DM.A9?J!+9D+J!D.:+CM;!)D9I!,9,.P!39GIM9?C+;!3*,9G9I!r<Fa!WrI&G-&,*!<B&D*!FB.=,!a*;.+:!p!a?&G-&,.A>J!
>lG9?C+(!=CN9?JB9!89DI+IXf!>,*-J!N+&3*+Cf!P*!+9D+2!>3.,9@*,!)*!?;M9I@*+#!
!
o';! ';M9! 39P+9! D-9?+&,! L-9?*h! &+&M9:9?JB9! +9D+JB9! D.:+CMI! D! L-9?+(! @(DM.A9?JB9! +9D+JB9! D.:+CMIf! )*!
+I,+J!8T*89@(D,!L-9?*h!@(DM.A9?JB9!D.:+CMI!G9!&+&M9:9?J!*>?.?&M*+A*#!
!
[&,9!=I+>A*!)*!9'N?MCU,4!+*?;B+I,*M+C!?!8T(8&G4!D3(U*+2AB!.+D,&M&A(!W&+&M9:9?J!&!@(DM.A9?JXf!&';!D*!-SN+J!
+9D+J!D.:+CM;!8T*?*GM;!+&!D,*)+9I!L-9?*h#!
!
a!I?*G*+(!,9B9,9!8-9:-&3I!G9!@.++9D,.!D,.D>+4,*!,M&@(,>9!kY^YVk!W$"X#!!
!
ui],7_Ac_QV,@A^FW,mK^[_Y,
,
hn,>h,$:(=%,<#(&9},
,
)[KLNHY[\V,[^Ql\[EN,v#./v,rhjq,HEFA,vf'/v,rhSq,,
,
!
7_Ac_QV,RE,JX\L[YJHI,LAYlQLHIV,L[KLNHY[IV,[^Ql\[EN,v'e7%.f'f,)7'/&9!-v,ruq,Q,v-'-:v,rhCqi!
!
7.M,-;!34T*+(!8T(D,-9)*!-/12%,!D*!&I,93&,.A>;!8T*8+9I!89GM*!N?9M*+J!=I+>A*e!
!
,
)Q[E^K[,
&$,
<-,
F8*>,-I3!8M+JB9!8CD3&!
"!YgN!
"!YgN!
Of0!YgN!
R9NM9P*+J!D8*>,-I3!$!
"!YgN!
$!YgN!
Of0!YgN!
R9NM9P*+J!D8*>,-I3!0!
$!YgN!
$!YgN!
Of0!YgN!
R9NM9P*+J!D8*>,-I3!5!
$!YgN!
Of0!YgN!
Of0!YgN!
R9NM9P*+J!D8*>,-I3!"!
$!YgN!
Of0!YgN!
Of0!YgN!
V'-&N!
"!YgN!
$!YgN!
Of0!YgN!
,
j!+4>,*-2AB!34T*+(!)*!+.A3J+4!+I,+J!89IP(?&+2!=.M,-!34+.,#!
!
<-9:-&3!I39PhI)*!8-9?*G*+(!>-9>9?JB9!D+(P*+(!=.M,-S!?!)*).AB!89T&G(e!
!
!
p!7.M,*-!O!‚!"fO!YgN!,
p!7.M,*-!$!‚!$fO!YgN!
p!7.M,*-!0!‚!Of0!YgN!
!
uiaq,9`THO,J_Ac_QVW,,
,
%n,7_Ac_QV,RE,JX\L[YJHI,LAYlQLHIV,L[KLNHY[IV,[^Ql\[EN,v%&&v,rh]q,Q,v-'-:v,rhCqi,W<9IP.,*M+Jf!)*+!
>G;P!)*!8T(D,-9)!-/12%,!+&!'&,*-.9?J3!+&8C)*+(X!
!
hnhp,-34'.5,.%73&5,=%&'9#',
,
.EH\,HY[HI,ZUBHI,BQ^D\,TULQM,
,
H9'-&N*+(!+&84,(!'&,*-.*,+&!G-IBJ3!TCG>I!G.D8M*)*!i`Z!W$QX#!
31
m*D,M.P*!+&84,(!)*!>9M*3!B9G+9,;!$0f5!?9M,Sf!'&,*-.*!)*!NA*M&!!
+&'.,&#!m*M.!>9M*3!B9G+9,;!$OfE!?9M,Sf!)*!NA*M&!?;'.,&#!
!
=n,7_Ac_QV,JX\L[YJHI,LAYlQLHIV,L[KLNHY[IV,[^Ql\[EN,v7#/&!9'vruq,Q,v-'-:v,rhCqi,
,
hnhdp,7%9%-'&9x,745)&9:8',
,
%*+(!+I,+2!PCG+2!G&MU(!NCD&B#!
!
[*+,9!8-9:-&3!N9'-&N(e!
!
p!,;8!8T(D,-9)*!!
p!?2-9'+(!@(DM9!8T(D,-9)*!!
p!@(DM9!?*-N*!D9=,d&-I!
!!
/n,7_Ac_QV,JX\L[YJHI,LAYlQLHIV,L[KLNHY[IV,[^Ql\[EN,v)%&%.f%9fvrh1q,Q,v-'-:v,rhCqi,
!
hnh1p,$:(=%,8%kx*%!
!
)[KLNHY[\V,[^Ql\[EN,v#./v,rhjq,HEFA,vf'/v,rhSqi,!
,
a-9>9?J!N?2U*+(!+*'9!D+(P*+(!?!89T&G(!)&N;>S!N8-C?!N9'-&N9?&+2AB!+&!G.D8M*).!i`Z!W$QXf!)*P!)D9I!>!G.D89N.A.!
?!+&'(GA*!)&N;>S#!!
,
fn,7_Ac_QV,JX\L[YJHI,BQ^D\V,L[KLNHY[\V,[^Ql\[NQ,v.:9-%(,)7'/&9!-v,ruq;,NBWZ,T@A^EHU,mYHNGE,RE,
v.:9-%(,)7'/&9!-pi!
!
hnhCp,)&4'f,)7'*&9%!
!
aG;P!)*U,4!)*G+9I!D,.D>+*,*!,M&@(,>9!k%VRYoi!F<^`[RjYk!W6X!?!G9'4f!>G;!)*!N?9M*+&!=I+>A*!k%VRYoi!
F<^`[RjYkf!8T(D,-9)!Y`5Oo!+&D,&?(!9G89?(G&)(A(!17!=-*>?*+A.!G9!D,T*GI!89IP(?&+JB9!8CD3&#!
!
VD,&,+(!8&-&3*,-;!WD,&+G&-Gf!N?I>!&,G###!X!D*!+*34+(#!
!
'n,7_Ac_QV,JX\L[YJHI,LAYlQLHIV,L[KLNHY[\V,[^Ql\[EN,v.:9-%(,)7'/&9!-v,ruq,Q,[^Ql\[NQ,v-'-:v,
rhCqi,,
,
hnhSp,%!&:-%&#/*~,ft(*:$~,.%7t8'.5,,
,
7AYZK[\,[^Ql\[NQ,v-'-:v,rhCqi,
,
<939A(! ,M&@(,>&! kY^YVk! W$"X! 3SP*,*! 34+.,! D,&?! &I,93&,.A>JB9! GCM>9?JB9! +&8C)*+(f! A9P! 3C! +CDM*GI)(A(!
L@.+*>e!
!
p!>G;P!)*!89M9B&!N&8+I,9!kV%k!D8ID,.,!$"!1!GCM>9?J!+&8C)*+(f!!34+(,*pM.!8CD39!8T*8(+C3!N![1!8CD3&!+&!
D&,*M.,+(!8CD39#!
!
p!>G;P!)G*!9!89M9BI!?;8+I,9!kV77kf!@.++9D,!GCM>9?JB9!+&8C)*+(!D*!?PG;!N&D,&?(f!>G;P!34+(,*!8CD39#!
!
!
$###,79$.5,7:!"#&5, , , , , , , , , , , , , , , , , , , ,
!
]ih,7XEBFbZHO,JATHUVNW,
32
,
<T*G!8-?+(3!89IP.,(3!+&'.),*!'&,*-..!8T(D,-9)*#!
!
-34#6,#.&'.k#&x,7:(',-/12%,)*!T(N*+!3.>-98-9A*D9-*3!&!8-9,9!D*!T(G(!M9:.>9I!89@(,&@*#!
!
)[QHBQ_BH\, BKLJ^ER, ! N+&3*+C! N9'-&N*+(! +&! G.D8M*).! i`Z! W$QX! ?! +9-3CM+(3! -*P.3I! W?*GM*! D8*A.=.A>JB9!
G.D8M*)*!8-9:-&3I!+*'9!?9M';!+&8C)*+(Xf!>,*-2!IGC?Ce!
!
&X!+&!8-?+(3!TCG>I!=-*>?*+A.!&!G-IB!+&8C)*+(!W?+4)U(!+*'9!'&,*-.*X!D!:-&=*3!L-9?+4!+&'.,(X!
!
'X!+&!G-IBJ3!TCG>I!89GM*!?9M';!,M&@(,>*3!ki^1^ik!W$5Xe!
!
p!'I€!N9'-&N*+(!8(D3*+!IGC?&)(A(AB!89IP(?&+J!8CD39!W1g7$f!1g70f!jg7!+*'9!Fo[Xf!89GM*!N?9M*+J!=I+>A*!
9?4T*+2!D,&+G&-G!W7Yf!i\ix!f!c\wf!]f!Z\a\axf!Y\%f!aI!+*'9!`X!?!9'-&N*!+*'9!89IP(?&+J3!=.M,-I!&!N?9M*+J!
-9NM9P*+(!G9!D8*>,-&!&!L-9?*h!8T()3I!?!Gcµ1#!
!
p!+*'9!DM9I8A9?2!:-&=#!
!
1*GM*!=I+>A(!W6Xf!>,*-J!)D9I!8T(39!8T(D,I8+J!8T*D!8T(DMIU+C!,M&@(,>&f!?*U>*-J!+&D,&?9?C+(!8T(D,-9)*!Y`5Oo!D*!
8-9?CG(!8939A(!D8*A.=.A>2AB!8-9:-&3Sf!>,*-J!D*!I?CG4)(!G9!@.++9D,.!89IP.,(3!G&MU(AB!).+2AB!,M&@(,*>#!
!
7I+>A*! -SN+2AB! ,M&@(,*>! )D9I! 898DC+;! 89G-9'+4! ?! >&8.,9M*! E! &! )*G+9,M.?J! 8-9:-&3;! )D9I! ?! -*>&8.,IM&A.!
DB-+I,;!?!>&8.,9M*!6#!
!
a&PGJ! 8-9:-&39?J! ,M&@(,>9! 3SP*! 89D>;,+9I,! 8T(D,I8! >*! G?43&! -SN+23! 8-9:-&3S3! 89GM*! ,9B9f! NG&! D*!
D,.D>+*!D&39D,&,+4!+*'9!D9I@&D+4!D!,M&@(,>*3!kY^YVk!W$"X#!!
!
7I+>A*!I-@*+C!89IP.,(3!,M&@(,*>!)*!.+.A.&M.N9?C+&f!)*+!>G;P!D*!89!D,.D>+I,(!?U*AB+&!,M&@(,>&!I?9M+(#!
!
1!8T(8&G4!AB;';f!&!&';!D*!8T*G*UM9!N89PG4+(!+I,+J3I!8-9!N9'-&N*+(!8-9:-&3If!)*!?PG;!39P+J!?-C,.,!D*!+&!
D,&+G&-G+(!G.D8M*)!D,.D>+I,(3!=I+>@+(B9!,M&@(,>&!9G89?(G&)(A(B9!89IP(?&+J!=I+>A.!W8CD3&!D!A*M23!D8*>,-*3f!
-9NM9P*+J!D8*>,-I3f!9'-&N!+*'9!).+J!8-9:-&39?J!,M&@(,>9X#!
!
7_Ac_QVW,LE,@W@A^U@QR\,@E,[XEGM,mUT\GMp,
,
$\! 1;?9MC+(! 8-9:-&3I!D,.D>+I,(3!D&39,+JB9!8-9:-&39?JB9!,M&@(,>&!+*'9!8-9:-&39?JB9!,M&@(,>&!&!,M&@(,>&!
kY^YVk!W$"X!89GM*!89P&G9?&+JB9!8-9:-&3I#!
!
0\!<9GM*!,;8I!8-9:-&3I!)D9I!39P+J!5!89D,I8;e!
!
&\!<-9:-&3!N9'-&N*+(!G&,f!+&8T#e!8-9IG!GCM>9?JB9!+&8C)*+(f!+&84,(!'&,*-.*f!&,G###Xe!
! i`Z!N9'-&NI)*!LG&)*f!&?U&>!PCG+J!,M&@(,>&!?C3!+*I39P+(!)*!! N34+.,#!
%C?-&,!+&!D,&+G&-G+(!G.D8M*)!89!"!&!E!?,*T.+CAB#!
!
'\!<-9:-&3!N34+!LG&)S!8-9!'*N8-9D,T*G+(!>9+,-9MI!8M&,+9D,.!! W8T(>M&Ge! N34+&! =-*>?*+A*f! N&8+I,9!
WV%X\?;8+I,9!WV77Xf!00!>gN!! &,G####X#!
! Z&,&!)D9I!N34+4+&f!)&>3.M*!8ID,(,*!,M&@(,>&!k]%`k!W$KXf!kZ^`k!! $EXf!kY^YVk!W$"Xf!ki^1^ik!W$5X!+*'9!89!
@.++9D,.!89,*+A.93*,-I!! $OX!89GM*!8-9:-&3I#!
! %C?-&,!+&!D,&+G&-G+(!G.D8M*)!K!?,*T.+!89!89DM*G+(3!89IP.,(!! )*G+9B9!N!,4AB,9!,M&@(,*>#!
!
A\!H&?*G*+(!8-9:-&3I!G9!8&34,.!8-9!-I@+(!>9+,-9MI!! 8M&,+9D,.! W8T(>M&Ge! N&?*G*+(! =-*>?*+A(! G9! 8&34,.f!
N&?*G*+(!!N?I>I!G9!8&34,.Xe!
! H?9M*+C!G&,&!)D9I!N&?*G*+&!G9!8&34,.!)*+!89!D,.D>+I,(!!,M&@(,>&!! kY^YVk!W$"X#!!
33
!
5\!a9+,-9M&!8M&,+9D,.!G&,f!'I€!'*N8-9D,T*G+(!+*'9!89!D,.D>+I,(!!! ,M&@(,>&! kY^YVk! W$"X! 89GM*! N?9M*+JB9!
8-9:-&3I!W?.N!?2U*!! >&8.,9M&!/#$#0X#!
!
]idq,.QF\REH\,FQ[E_KE,JX\L[_AR,-/12%,TE,L\[b,
,
<9IP.),*!&G&8,J-!cF!$0p0!8-9!+&'()*+(!'&,*-.*!N*!D(,4f!>,*-2!D*!G9GC?C!D!8T(D,-9)*3#!
H>9+,-9MI),*f!NG&!+&84,(!D(,4!9G89?(GC!+&84,(!IG&+J3I!+&!+&'()*@A*!cF!$0p0!'&,*-.*#!
H>9+,-9MI),*f!NG&!8T*8(+&@!<V{^R!Fj<<it!W/X!)*!?!89M9N*!+&'()*+(!`goRw]%w#!
!
<T.89),*!UhS-I!D*!D?(->9I!+&'()*@>;!'&,*-.*!>*!?D,I8+(!D?(-A*!WKX!8T(D,-9)*!-/12%i,
,
Z.D8M*)!i`Z!W$QX!';!34M!D?(,.,!&!IGC?&,!+&'()*+(!k`goRw]%w……k!
!
w-&=!+&!8-&?J!D,-&+4!IGC?C!D,&?!+&'()*+(!'&,*-.*!&!N*M*+J!D?(,.?J!G.9G;!i^Z!W0$!&!00X!D,T(G&?4!'M.>&)(#!
!
<9+*AB,*!8T(D,-9)!+&!+&'()*@A*!8T.'M.P+4!"!B9G.+;!W/!B9G.+f!)*D,M.P*!)*!'&,*-.*!NA*M&!?;'.,&!+*'9!8T.!8-?+(3!
89IP.,(X!
!
aG;P!)*!+&'()*+(!I>9+@*+9f!+&!G-IBJ3!TCG>I!G.D8M*)*!!i`Z!W$QX!D*!N9'-&N(!N8-C?&!kco[[^Rt!`goRw^Zk!
Wc&,*-.*!+&'.,&X!&!D?(,.?J!G.9G;!i^Z!W0$!&!00X!N&@+9I!,-?&M*!D?(,.,#!
!
]i1q,.QF\REH\,FQ[E_KE,JX\L[_ARE,-/12%,T,GKcQ_E[A@OMA,TQJQ^A@QlE,@,QY[AVAFK^Y,
,
R;ABMJ!+&'.,(!'&,*-.*!)*!39P+J!N*!NCDI?>;!A.:&-*,9?JB9!N&8&M9?&@*#!
!
<9D,I8I),*! D,*)+4!)&>9!?!9GD,&?A.!/#0f!&?U&>!+&B-&€,*!kUhS-I!A.:&-*,9?JB9!N&8&M9?&@*k!'M9>*3!+&'()*@>;!
'&,*-.*!cF!$0p0#!
!
<T.89),*!UhS-I!>!kA.:&-*,9?J3I!N&8&M9?&@.k!&I,939'.MI#!
!
f}('"#&~p,Y+9B9!?9N.G*M!3C!kA.:&-*,9?2!N&8&M9?&@!8T.89)*+2!9'-CA*+4!p!DB9-&!G9MSX!
!
m*D,M.P*!D*!89!8T.89)*+(!G.D8M*)!i`Z!W$QX!+*-9ND?(,(!&!N*M*+J!D?(,.?J!G.9G;!i^Z!W0$&!00X!+*'M.>&)(f!N>9+,-9MI),*!
D34-!N&89)*+(!A.:&-*,9?JB9!N&8&M9?&@*!Wu!G9!D,T*GI!&!p!I!?+4)U(!@CD,.X#!
!
m*pM.!NCDI?>&!A.:&-*,9?JB9!N&8&M9?&@*!N&89)*+C!9'-CA*+4f!+*AB,*!D.!).!8T.89).,!3*AB&+.>*3!?9NI#!
!
]iCq,7_@H\,JAYZK[\,
,
<T.89),*! 8939A(! >&'*MI! G9G&+JB9! D! 8T(D,-9)*3! ?D,I8! ]%<j[! $0! >! BM&?4! U.-9>98CD39?JB9! N*D.M9?&@*! D!
3&M23!UI3*3!p!%ic!+&!8&-&'9M*!+*'9!>!&+,J+4#!
!
Z*),*!8T*8(+&@!<V{^R!Fj<<it!W$QX!G9!89M9B;!'&,*-.9?JB9!-*P.3I!co[[^Rt!39G*#!
Z.D8M*)!i`Z!W$QX!';!D*!34M!-9ND?(,.,!&!34M!';!N9'-&N.,e!
!
p!+&!8-?+(3!TCG>I!89IP(?&+9I!=-*>?*+A.!&!D,&?!+&'()*+(!'&,*-.*!
p!+&!G-IBJ3!TCG>I!89DM*G+(!?9M'I!G.D8M*)*!L-9?+4#!
!
&X! 'I€! 8CD39! &! 89GM*! ?9M';! D,&+G&-G! D!8-9?*G*+9I!>9+,-9M9I!8M&,+9D,.!?!9'-&N*!+*'9!89IP(?&+2!=.M,-!?*!
D8*>,-I!&!89M9BI!-9NM9P*+(!?!-9NM9P*+J3!D8*>,-If!)&>9P!.!L-9?*h!8T()3I!?!Gcµ1#!
!
'X!DM9I8A9?2!:-&=#!
34
m*pM.! G.D8M*)! ?! -*P.3I! DM9I8A9?JB9! :-&=If! D,.D>+4,*! ,M&@(,>9! ki^1^ik! W$5X! >! ?9M'4! N9'-&N9?&+J! L-9?+4! ?!
Gcµ1#!
!
H?9M*+J!=-*>?*+@+(!8CD39!)*!N9'-&N*+9!+&!G.D8M*).!i`Z!+&!G-IBJ3!TCG>I#!!
!
1g7$!9G89?(GC![1!=-*>?*+A(3!9G!"K!G9!$EO!YgN!!
1g70!!9G!$EO!G9!"0O!YgN!
jg7!!!9G!"0O!G9!/KO!YgN!!
Fo[!!!D&,*M.,+(3!=-*>?*+A(3!]7!9G!Q0O!G9!0$EO!YgN!!
,
aG;P! =-*>?*+@+(! 8CD39! +*'IG*! 9G89?(G&,! &+,J+4f! >,*-C! D*! 3C! D*T(G.,f! N?9M,*! D8-C?+J! 8CD39!D,.D>+I,(3!
,M&@(,>&! kco%Zk! WQX! &! D,.D>+I,(3! ,M&@(,>&! k]%`k! W$KXf! &P! D*! +&G! G-IBJ3! TCG>I! G.D8M*)*! i`Z! W$QX! N9'-&N(!
89P&G9?&+J!8CD39#!
!
aG;P!D*!N?9M(!D8-C?+J!8CD39f!?;@>*),*!+&!+C?-&,!G9!D,&+G&-G+(B9!G.D8M*)*!WK!?,*T.+X!+*'9!D,.D>+4,*!>,*-J>9M.!
8-9:-&39?J!,M&@(,>9#!
!
F,.D>+4,*!G?&>-C,!,M&@(,>9!k%VRYoi!F<^`[RjYk!
<9IP.,(!,9B9,9!,M&@(,>&!I39PhI)*!I3(D,.,!=-*>?*+A.!G9!D,T*GI!8CD3&#!
%&!M*?J!D,-&+4!9'-&N9?>;!W$X!';!D*!34M!9')*?.,!>9M32!'(M2!DM9I8*A#!
Y4M&!';!D?(,.,!)*G+&!N*!D?(,.?2AB!G.9G!i^Z!GCM>9?JB9!+&8C)*+(!W0$Xf!W00Xf!W05X!&!W0"X#!
!
m*D,M.P*! G.D8M*)! i`Z! 'M.>C! &! N9'-&N(! N8-C?I! kFgVR[! `]R`j][! R^YV[^! <V{^R! Fj<<itk! WH>-&,! +&!
GCM>9?J3!+&8C)*+(Xf!G9UM9!+&!?D,I8I!8T(D,-9)*!>*!N>-&,I#!!
!
H>9+,-9MI),*!N&89)*+(!&!>&'*M!+*'9!+&BMJG+4,*!G9!>&8.,9M;!s]![*AB+.A>J!89N+C3>;#!
!
m*D,M.P*!N9'-&N(!N8-C?I!!k^s[^R%oi!1Vi[ow^!R^YV[^!<V{^R!Fj<<itkf!89,93!)*!>*!?D,I8I!8T(D,-9)*!
8T.89)*+9! +&84,(! *|,*-+(B9! NG-9)*#! b.++9D,! GCM>9?JB9! +&8C)*+(! D*! &I,93&,.A>;! 89! E! ?,*T.+CAB! N&D,&?(f!
)*D,M.P*!)*!*|,*-+(!+&84,(!D,CM*!8T(,93+9#!
!
f}('"#&~, !7:k:9.3.5p, *QZBO, Ey[E_H\, HQJb[\, @b[D\, HEZ, ±, S2, $JJ, HQJUREH\, THKl\, r@KT,NQJK[A^Q,e#;,
&EGMHKGNO,JATHUVNWq,
,
H?9M,*!+&84,(!GCM>9?JB9!+&8C)*+(!8T.N8SD9'*+J!,;8I!34T*+(!WO!8-9![1f!$"!1!8-9!D&,*M.,X!D,.D>+I,(3!,M&@(,>&!
kR^YV[^!<V{^R!Fj<<itk!W0OX#!
!
Z.D8M*)! i`Z! W$QX! N9'-&N(! &>,ICM+(! 89M9BI! GCM>9?JB9! +&8C)*+(! &! 89,J! )*! >! G.D89N.A.! 8-9:-&3! kR^YV[^!
<V{^R!Fj<<itk#!
!
<939A(!,M&@(,*>!k]%`k!W$KX!+*'9!kZ^`k!W$EX!+&D,&?,*!+&84,(!GCM>9?JB9!+&8C)*+(!+&!Of!)*D,M.P*!34T*+(!)*!+&!
[1!N&T(N*+(!+*'9!+&!$"!1!)*D,M.P*!8-&AI)*,*!+&!D&,*M.,+(3!N&T(N*+(#!
!
<9!K!?,*T.+CAB!D*!N9'-&N*+(!?-C,(!+&!D,&+G&-G+(!G.D8M*)#!!
!
%&D,&?,*!?!8T(8&G4!89,T*';!)&D!W0X!&!>9+,-&D,!W5Xf!&';D,*!34M.!+&!9'-&N9?A*!W$X!G9'T*!?.G.,*M+2!9'-&N#!
!
H?9M,*!8-9:-&3!W$/X!&,*+IC,9-I#!
!
H9'-&N(pM.! G.D8M*)! +&! G-IBJ3! TCG>I! ko[[! ||! Gckf! D,.D>+4,*! ,M&@(,>9! kY^YVk! W$"Xf! &';D,*! 8T*UM.! G9!
&I,93&,.A>JB9!-*P.3I#!
!
<9,J!';!34M!G.D8M*)!+&!G-IBJ3!TCG>I!N9'-&N.,!koj[V!||!Gck!W||!Gc!‚!OO!&P!6O!GcX#!
35
!
aG;P!&,*+IC,9-!&I,93&,.A>;!N34+(!-9ND&Bf!BM&D.,J!8(8+I,(!G98-9?CN(!,9,9!8T*8+I,(#!
!
H?9M,*!8-9:-&3!kFVj%Zk!W$6X!&!89,Jf!8T*D!,M&@(,>&!kY^YVk!W$"X!8T*)G4,*!G9!89M9B;!'NI@C>I!p!cjHH^Rf!
&';D,*!I?*GM.!G9!@.++9D,.!N?I>#!
!
%&D,&?,*!L-9?*h!N?I>I!89,*+A.93*,-*3!W"X!BM&D.,9D,.#!
!
<9N+#e!+*?;8(+*),*!N?I>9?2!89,*+A.93*,-f!&';D,*!N&DM*ABM.!N?I>9?9I!D.:+&M.N&A.#!!
!
F,.D>+4,*!!>MC?*DI!ki^1^ik!W$5X!&!8T*)G4,*!+&!G.D8M*)!kDM9I8A9?JB9!:-&=Ik#!
!
j8-&?,*!D34-9?J!+&D,&?*+(!8&-&'9M;!+*'9!&+,J+;!,&>f!)&>!)*!I?*G*+9!?!>&8.,9M*!]s#!
!
m&>3.M*![1!&+,J+&!8T.)(3C!D.:+CM;!?;D(M&@*!+*'9!8&-&'9M&!D*!G9D,&+*!8T*G!D&,*M.,f!N?I>!D*!D,&+*!9D,T*)U(!&!
+&!9'-&N9?A*!D*!9')*?(!@C-;!D8*>,-&#!
!
•-9?*h!D.:+CMI!'IG*!?*!DM9I8A9?J3!:-&=I!N+CN9-+4+&!!D!LG&)*3!34T(,>&#!
!
H8T*D+4,*!'9G9?J!+&D,&?*+(f!&P!N(D>C,*!89>IG!39P+9!A9!+*)9D,T*)U(!,l+!N?I>I!9G89?(G&)(A(!+*)?4,U(!L-9?+.!
D8*>,-&f!>,*-C!'IG*!+&!DM9I8A9?J3!:-&=I!?;)CGT*+&!+*)?4,U(3!89@,*3!'9GS!D34-*3!?8-&?9#!
!
aG;P!@C-;!D8*>,-&!G9DCB+9I,!8-&?JB9!9>-&)*!9'-&N9?>;f!&,*+IC,9-!D*!&I,93&,.A>;!89!>-9A(AB!?*M.>9D,.!$O!
Gc!8T*8+*!&!D8*>,-I3!D*!,&>!?-C,(!N84,!+&!9'-&N9?>I#!
!
HC-9?*h!D*!8T*8(+C!34T(,>9!DM9I8A9?JB9!:-&=I!&!'NI@C>#!
!
1;8+4,*!N?I>!,(3f!P*!N?9M(,*!8-9:-&3!kD9I+Gk!W$6X!&!89,J!8939A(!,M&@(,>&!kY^YVk!W$"X!8T*)G4,*!G9!89M9B;!
k:<<v!!>!89,M&@*+(!N?I>I#!
!
f}('"#&~,!7:k:9.3.5p,N?I>9?2!N*D.M9?&@!3C!G9D,.!?*M>9I!D89,T*'I!&!G989-I@I)*!D*!)*)!?;8+9I,!.B+*Gf!
>G;P!D*!).P!+*89,T*'I)*#!
!
%&D,&?,*!D!89IP.,(3!@(DM.A9?JB9!89,*+A.93*,-I!k!†!‡!k!W$OX!@C-I!D8*>,-&!G9!D,T*GI!9'-&NI!89G!3&->J-f!>,*-2!
)*!+&!G.D8M*).!DI8*-89+9?C+#!
!
7-*>?*+A*!3&->J-I!)*!?;N+&@*+&!+&!8-?+(3!TCG>I!G.D8M*)*!i`Z!W$QX#!
!
F,.D>+4,*!=I+>@+(!,M&@(,>9!<]`[jR^!!W6Xf!&';D,*!39BM.!.G*+,.=.>9?&,!D(}#!
!
o';!G*39GIM9?&+2!9'-&N!34M!89P&G9?&+9I!89M&-.,Ie!
!
p!N?9M,*!8-9:-&3!kF[o%ZoRZk!W$$X!
p!&!D!89IP.,(3!,M&@(,*>!k]%`k!W$KX!+*'9!kZ^`k!W$EX!?C3!G.D8M*)!N9'-&N(!89P&G9?&+2!D,&+G&-Ge!
!
Qq,J_A,&$,
,
p!i\ix!8-9!=-&+A9IND>2!D,&+G&-G!
p!c\w!!8-9!`#`#]#R#!D,&+G&-G!
p!]! ! !8-9!'-.,D>2!D,&+G&-G!
p!Z\a\ax!8-9!V#]#R#[#!D,&+G&-G!
p!Y\%!!!!8-9!jFo!+*'9!)&89+D>2!D,&+G&-G!
!
36
j!1g7$!8CD3&!)*!-9?+4P!39P+9!>9+,-9M9?&,!17!-9NBM#!?;D(MC+(!9G!//!G9!$O/!YgN#!
H?9M,*!7Y!D,&+G&-G#!
1!,93,9!8T(8&G4!)*!9'-&N!+&B-&N*+!?-AB9M9?9I!B9G+9,9I!D.:+CMI#!
!
Fq,Y,LQ[E^K[Y,
,
p!aI!8-9!>M&G+9I!39GIM&A.!
p!`!8-9!NC89-+9I!39GIM&A.!
!
m*pM.!9'-&N!+&!G.D8M*).!N&>lG9?C+f!N&@+4,*!D!89D,I8*3!N+9?I!&!N?9M,*!).+2!+9D+2!D.:+CM#!
!
H?9M,*!8-9:-&3!kFVj%Zk!W$6X!&!89,Jf!8T*D!!,M&@(,>9!k]%`k!W$KX!8T*)G4,*!G9!89M9B;!N&8+I,9!k:.v;,)D,*pM.!+&!
[1! 8T()3I! +*'9! N?9M,*! =-*>?*+A.! 8939A+JB9! +9D+JB9! D.:+CMI!I!D&,*M.,+(B9!8T()3If!&';D,*!I?*GM.!N?I>!G9!
@.++9D,.#!
!
j!D&,*M.,I!)*!39P+J!34+.,!N?I>9?2!+9D+2!D.:+CM!?!8-9:-&3I!kFVj%Zk!W$6Xf!&!,9!'I€!,M&@(,>;!k]%`k!W$KX!+*'9!
kZ^`k!W$EXf!>,*-J!I39PhI)(!?9M'I!-SN+2AB!8939A+2AB!+9D+2AB!=-*>?*+A(!IM9P*+2AB!?!8&34,.!+*'9!8939A(!
@(DM.A9?JB9! 89,*+A.93*,-I!W$OXf!>,*-2!?C3!I39P+(!8-9?JD,!N34+I!=-*>?*+A*!8939A+JB9!+9D+JB9!D.:+CMI!
89!>-9A(AB!?*M.>9D,.!$O!>gN#!
!
!,LQ[E^K[Y,
,
m*D,M.P*! .+D,&M&A*! 9'D&BI)*! N&T(N*+(! D;D,J3I! Z]F^_`f! )*! 39P+J! 34+.,! A*D,I! o! +*'9! c! 8T*8(+&@*! ?!
8-9:-&3I!kR^YV[^!<V{^R!Fj<<itk!W0OX!D,.D>+I,(3!,M&@(,>&!kY^YVk!W$"X!)*G+9I!+*'9!G?&>-C,#!
!
,
m*D,M.P*!89!?9M'4!,9B9,9!8-9:-&3I!89IP(?&+2!8T(>&N!D;D,J3I!Z]F^_`!+*+(!8T(>&N*3!8-9!8T*8(+&@f!89,93!
8T(D,-9)! -/12%! >9+=.:I-&A*! &! 89-,;! $! &! 0! ! +&D,&?(! N+9?I! &! +&D,&?(! =I+>A.! k`VYY][[^Z! F{][`g^Fk!
W<-989)*+J!D8(+&@*X!D!&G-*D9I!k00\0K!F&,<9Dok!W+*)'4P+4)U(!&G-*D&!8-9!0!89M9B9?J!8T*8(+&@*X#!
!
!
%*+(pM.! ,&,9! &G-*D&! D8-C?+Cf! 3ID(,*! N?9M.,! ).+9I! &G-*DI! D! 89IP.,(3! 8-9:-&3I! kZ]F^_`! `VYYo%ZF!
F^i^`[]V%k!W?.N!>&8.,9M&!sX#!
!
7ATHip! [-,L*+%-! OIE&O-/&! /-W\*#! RE+R#M-/#! WDH-P! RS'/&H#! R#$%+L&! RE&,LS#M-! +,-./* ! /-W#! M-,L*+%-! '#*WI!
RS#'-N-/(! '! S(P1+! =>64]A ! W\*I! OPD/D/IY! 0N\%! OIE&O-/&! W\*#! #NR#M-/#! O-! O(,$'0\Y! R#L#P! R#*#HI!
,\,LZP$!=>64]A !O#WSIO-/(!/I!RE&,LS#M+!+,-./*!I!,0$L-F/(!R#*#HI!RE-R&/IF-!/-P$,&!,#$H*I,+LU!
!
H?9M,*!8-9:-&3!R^YV[^!<V{^R!Fj<<it!W0OX!&!D,.D>+4,*!,M&@(,>9!k]%`k!W$KX#!
!
YID(!D?(,.,!D?(,.?C!G.9G&!i^Z!00!>gN!W05X!&!G.D8M*)!W$QX!3ID(!IGC?&,!+&84,(!GCM>9?JB9!+&8C)*+(!D!8T.89)*+9I!
89N+C3>9I!k00!>gN!V%k!W00!>gN!)*!N&8+I,9X#!
!
H>9+,-9MI),*!8T.)(3&+2!9'-&Nf!)&>!)*!I?*G*+9!?!8T*GAB9N(!>&8.,9M*#!
!
%&D,&?,*! 89M9BI! BM&?;! ,&>f! P*! G?&>-C,! D,.D>+*,*! =I+>@+(! ,M&@(,>9! ^s<o%Z^Z! F<^`[RjY! W6X! W-9NM9P*+J!
D8*>,-I3!0!D!"!YgN!=.M,-*3X!&!+&)G*,*!3&|.3CM+(!D.:+CM#!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!:F_i,h,
,
37
,,,,,,,,,,,,,,,%oF[o1^%ˆ!!<VioR]Ho`^!
,
!
!
!!!%oF[o1^%ˆf!a[^Rn!%^%ˆ!V<[]Y‰i%ˆ!!!!!! ! ! ! ! !!!V<[]Y‰i%ˆ!%oF[o1^%ˆ!
!
!
m*D,M.P*! D&,*M.,f! +&! >,*-2! )*! 8&-&'9M&! +&D34-9?C+&! ?;D(MC! 0! 89M&-.N&A*f! 9')*?(! D*! )&>J>9M.! +*D8-C?+J!
+&D,&?*+(!BM&?;f!3*N.!+9D+23.!D.:+CM;f!+9D+23!D.:+CM*3!D!).+9I!89M&-.N&A(!W9'-CA*+C!89M&-.N&A*f!9'-#!$X#!
!
m*D,M.P*! .+D,&M&A*! I39PhI)*! =I+:9?C+(! ?*! G?9I!89M&-.N&A(ABf!N>9+,-9MI),*!D8-C?+2!8T()*3!G-IBJ!89M&-.N&A*!
8T*8+I,(3!+&84,(!i%c!+&!$/!1#!
!
H?9M,*!8-9:-&3!R^YV[^!<V{^R!Fj<<it!W0OX!&!D,.D>+4,*!,M&@(,>9!k]%`k!W$KX#!Y4M&!';!D*!-9ND?(,.,!D?(,.?C!
$/!1!G.9G&!i^Z!W00X#!
!
H?9M,*!=I+>A.!`VY<i^[^!F<^`[RjY!W•8M+J!D8*>,-I3X!W6X!&!89DIh,*!D!89IP.,(3!89,*+A.93*,-I!k!†‡!k!W$OX!
89G!3&->J-!+9D+2!D.:+CMf!>,*-2!89DM9IP(!)&>9!-*=*-*+@+(!8-9!,*+,9!D&,*M.,#!
!
H?9M,*!=I+>A.!<]`[jR^!W/X#!
!
%&D,&?,*!3&|.3CM+(!9GAB;M>I!kDM9I8A9?JB9!:-&=Ikf!,&>!P*!893&MI!+&D,&?(,*!9?MCGC+(!=-*>?*+A*!k!†‡!k!W$OX#!
!
H?9M,*!G.D8M*)!L-9?+4!?!@(D*M+2AB!LG&)(AB!W$5X#!
!
<9N+&3*+*),*!D.!34T*+(!?!Gcµ1f!>,*-J!)*!+&!G-IBJ3!TCG>I!G.D8M*)*!i`Z!W$QX#!
!
H&?*€,*!?!8T(8&G4!89,T*';!=-*>?*+A.!34T*+JB9!>&+CMI!G9!8&34,.f!>,*-C!D*!3SP*!89NG4).!?;?9M&,!89IP.,(3!
,M&@(,*>!k]%`k!W$KX!+*'9!kZ^`k!W$EX#!
!
j>MCGC+(!8-9:-&3S!G9!8&34,.!D*!8-9?CG(!)*G+9GIU*!G?9)+CD9'+23!D,.D>+I,(3!,M&@(,>&!kY^YVk!W$"X#!
!
!,&$,JX\RVY,
,
<9! G9'I! 8-?+(B9! 89IP.,(! &! 8T*G! 9GAB9G*3! +&! M9>&M.,I! D*! G989-I@I)*! N&?JD,! G9! 8&34,.! '4P+J! -9N?-P*+(!
=-*>?*+A(![1!&!>&'*M9?2AB!>&+CMS#!
1U*AB+;!-9N?-B;!=-*>?*+A(!)D9I!?!8&34,.!RVYf!)D9I!?!-SN+2AB!8CD3*AB!&!D!-SN+23.!D,&+G&-G;#!
!
a!,93I!)*!+I,+9!N?9M.,!89P&G9?&+J!8CD39!D,.D>+I,(3!,M&@(,>&!kco%Zk!WQX!&!,M&@(,*>!k]%`k!W$KX!+*'9!kZ^`k!
W$EX#!!
!
<9,J!N?9M,*!89IP(?&+2!D,&+G&-G!D,.D>+I,(3!,M&@(,>&!kF[o%ZoRZk!W$$X!!&!,M&@(,*>!k]%`k!W$KX!+*'9!kZ^`k!W$EX#!!
38
1;?9M*),*! >&+CM;! N&?*G*+J! G9! 8&34,.! D9I@&D+23! D,.D>+I,(3! ,M&@(,*>! kco%Zk! WQX! &! kY^YVk! W$"X#! <-?+(!
+&'(N*+2! >&+CM! 'IG*! >&+CMf! )*B9P! =-*>?*+A*! )*! -9?+&! 89IP(?&+J! =-*>?*+A.! +*'9! )*! 8-9! )*B9! =-*>?*+A.!!
+*)'M(P*!?;UU(#!
<939A(!,M&@(,*>!k]%`k!W$KX!+*'9!kZ^`k!W$EX!+&)G4,*!89P&G9?&+2!>&+CM#!!
aG;P!'IG*!>&+CM!N9'-&N*+!+&!G.D8M*).f!?;@>*),*!K!?,*T.+!+&!+C?-&,!G9!D,&+G&-G+(B9!G.D8M*)*!+*'9!D,.D>+4,*!
>,*-J>9M.!8-9:-&39?J!,M&@(,>9#!!
!
<9,J! D,.D>+4,*! 0!>-C,!,M&@(,>9!kY^YVk!W$"X#!a&+CM!D*!N&?*G*!G9!8-9:-&3I!&!3SP*!D*!8T(39!?;?9M&,!8T*D!
,M&@(,>9!k]%`k!W$KX!+*'9!kZ^`k!W$EX#!
V8&>I),*! ,*+,9! 89D,I8! ,9M.>-C,f! >9M.>! )*! >&+CMS! >! N&?*G*+(! G9! 8&34,.#! Z9! 8&34,.! )*! 39P+9! N&?JD,! 50!
8-9:-&3S!+&!)*G+9!=-*>?*+@+(!8CD39#!
!
<9!I>9+@*+(!?U*AB!98*-&A(!?;8+4,*!8T(D,-9)!-/12%,8T*8+I,(3!8T*8(+&@*!W/X!<V{^R!Fj<<it!G9!89M9B;!
?;8+I,9!k:<<vf!&';!D*!U*,T.M;!'&,*-.*#!
!
]iSq,-bXEH\,l\L^KGA@IGM,NQHU^`,
!
j!8T(D,-9)*!-/12%!)*!>!G.D89N.A.!D8*A.CM+(!8-9:-&3!34T*+(!@(DM.A9?2AB!+9D+2AB!D.:+CMS!?!L-9?+.f!>,*-C!D*!
-9?+C!L-9?+.!&+&M9:9?JB9!D.:+CMI#!
!
[*+,9!8-9:-&3I!I39PhI)*!8T*?JD,!L-9?*h!@(DM.A9?JB9!D.:+CMI!I3(D,4+JB9!?*!D,T*GI!9'-&N9?>;!?*!=I+>A.!k!
*|8&+G*G!D8*A,-I3!$k!W-9NM9P*+JB9!D8*>,-&!$X!G9!*>?.?&M*+,+(!L-9?+4!&+&M9:9?JB9!+9D+JB9!D.:+CMI#!
!
b(DM.A9?J! +9D+J! D.:+CM;! )D9I!?*!D>I,*@+9D,.!39GIM9?C+;!3*,9G9I!r<Fa!WrI&G-&,*!<B&D*!FB.=,!a*;.+:!p!
a?&G-&,.A>J!>lG9?C+(!=CN9?JB9!89DI+IXf!A9P!N+&3*+Cf!P*!+9D+2!>3.,9@*,!)*!?;M9I@*+#!
!
o';! ';M9! 39P+9! D-9?+&,! L-9?*h! &+&M9:9?JB9! +9D+JB9! D.:+CMI! D! L-9?+(! @(DM.A9?JB9! +9D+JB9! D.:+CMIf! )*!
+I,+J!8T*89@(,&,!L-9?*h!@(DM.A9?JB9!D.:+CMI!G9!&+&M9:9?J!*>?.?&M*+A*#!
!
[&,9!=I+>A*!)*!9'N?MCU,4!+*?;B+I,*M+C!?!8T(8&G4!D3(U*+2AB!.+D,&M&A(!W&+&M9:9?J!&!@(DM.A9?JXf!&';!D*!-SN+J!
+9D+J!D.:+CM;!8T*?*GM;!+&!D,*)+9I!L-9?*h#!
!
j!,9B9,9!,;8I!.+D,&M&A*!3ID(,*!+*)8-?*!?;,?9T.,!-9?+9?CBI!+&!D,*)+J!L-9?+.!8-9!?U*AB+;!&+&M9:9?J!>&+CM;!&!
8*@M.?4!D.!,I,9!L-9?*h!N&N+&3*+&,#!
!
H?9M,*! 8&>! =I+>A.! kA938M*,*! D8*A,-I3k! W6X! &! 8939A(! @(DM.A9?JB9! 89,*+A.93*,-I! W$OX! +&D,&?,*! 89M9BI!
@(DM.A9?JB9!>&+CMIf!>,*-2!ABA*,*!34T.,!G9!D,T*GI!9'-&N9?>;#!
!
<T*)G4,*!+&!=I+>A.!k*|8&+G*G!D8*A,-I3!$k!,&>f!P*!D,.D>+*,*!)*G+9I!,M&@(,>9!k*|8&+G*G!D8*A,-I3k!W6X#!
!
j>9+@*,*!?;D,T*G4+(!34T*+2AB!+9D+2AB!D.:+CMS!89G!3&->J-*3!?*!D,T*GI!9'-&N9?>;!WV'-#!0Xf!8-9,9P*!>G;P!
'IG*!8-9:-&3!?!@.++9D,.f!+*'IG*!).P!39P+J!=-*>?*+A.!N34+.,#!
!
F,.D>+4,*!D9I@&D+4!,M&@(,>&!ki^1^ik!W$5X!&!kY^YVk!W$"X#!!
!
Z.D8M*)! i`Z! W$QX! N9'-&N(! N8-C?I! k`oi`jio[]V%! V7! [g^! Z]w][oi! `go%%^ik! W1289@*,! @(DM.A9?JB9!
D.:+CMIX#!
!
H>9+,-9MI),*!8M&,+9D,!D8IU,4+(!8-9:-&3I!D,.D>+I,(3!,M&@(,>&!kY^YVk!W$"X#!!
!
aG;P!8T(D,-9)!-/12%,!?;89@,*!>9-*>A.f!>,*-C!D*!3C!8-9!34T*+(!8-9?JD,f!&';!';M&!N9'-&N*+&!L-9?*h!D.:+CMI!
*>?.?&M*+,+(! D! L-9?+(f! >,*-9I! ';! D.:+CM! 34Mf! >G;';! ';M! 39GIM9?C+! ?! 7Y! W&+&M9:9?J! >&+CM;Xf!&I,93&,.A>;!
39
8T*8+*!-9N>M&G!D8*>,-&!+&!k-9NM9P*+J!D8*>,-I3!"k!,&>f!&';!+&!9'-&N9?A*!N9'-&N.M!89IN*!>&+CMf!>,*-2!D*!3C!
34T.,!WV'-#!5X#!
!
Z.D8M*)! i`Z! W$QX! 8&>! +&! G-IBJ3! TCG>I! N9'-&N(! >9-.:9?&+9I! L-9?*h! +9D+JB9! D.:+CMIf! 8T*G!>,*-23!'IG*!
?;N+&@*+9!kG.:.,&Mk!W@(DM.A9?2X#!
!
j8-&?,*!L-9?*h!D.:+CMIf!&';!9G89?(G&M!L-9?+.!GT(?*!+&D,&?*+2AB!&+&M9:9?2AB!+9D+2AB!D.:+CMS#!
!
`BA*,*pM.! 8-9:-&3! kY^oFjR^Y^%[! V7! Z]w][oi! `go%%^iFk! I>9+@.,f! D,.D>+4,*! )*G+9GIU*! >,*-J>9M.!
,M&@(,>9!>-934!,M&@(,*>!ko[[k!W$/Xf!ko[[!W$/X!u!kY^YVk!W$"X!&!kR^YV[^!<V{^R!Fj<<itk!W0OX!u!kY^YVk!
W$"Xf!)*).ABP!8-9:-&3;!NSD,&+9I!8T(D,I8+Jf!>G;P!D*!34T*+(!@(DM.A9?2AB!>&+CMS!8-9?CG(#!
!
!V'-#!0! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! V'-#!5!
!
7ATHip, m*D,M.P*! N?9M*+2! +9D+2! D.:+CM! +*9G89?(GC! @(DM.A9?J3I! >&+CMIf! IG&+C! L-9?*h! D.:+CMI! )*! NA*M&!
+*D8-C?+C!&!+*3C!PCG+2!?2N+&3#!
!
#e,, 8%*,k%45k'.5,7:!"5$%&, , , , , , , , , , , , , , , , , ,
!
aihq,)%&'(#&.5,7458'-, , ,
!
aihihq,$IJAlE[,LAYXQBHKG, , , , , , , , , , , , , ,
!
o';!';M&!&+,J+&!D8-C?+4!D34-9?4!+&D,&?*+&f!3ID(,*!N+C,!D9IT&G+.A*!D&,*M.,If!)*B9P!8T()*3!ABA*,*!3(,#!
!
m*!,9!&N.3I,!&!?2U>9?2!LB*M#!
!
oN.3I,! )*! D34-9?J! +&D,&?*+(! &+,J+;! ?NBM*G*3! >! ?2AB9GI! +*'9! NC8&GI#! <9@(,C! D*! 9G! D*?*-I! >M&G+4!?*!
D34-I!89B;'I!B9G.+9?2AB!-I@.@*>#!!
!
F*?*-!‚!O„!\?2AB9G!‚!QO„\).B!‚!$/O„!\NC8&G!‚!06O„!
!
12U>9?2!LB*M!)*!LB*M!3*N.!D34-*3!9D;!&+,J+;!&!B9-.N9+,CM9I!3(D,&#!
!
g9-.N9+,CM&!3(D,&!‚!O„`!\!+&GBM&?+(>!‚!QO„`!#!
!
a! ?289@,I! D34-I! &+,J+;! 3ID(,*! +*)GT(?*! N+C,! N*348.D+9I! GJM>I! &! U(T>I! '9GI! 8T()3I! D.:+CMIf! )&>9P! .!
N*348.D+9I!GJM>I!D&,*M.,I#!
!
H*348.D+J!GJM>;!)D9I!D34-*3!>!?2AB9GI!>M&G+Jf!D34-*3!>!NC8&GI!NC89-+J#!
40
!
H*348.D+J!U(T>;!)D9I!D34-*3!>!D*?*-I!>M&G+Jf!D34-*3!>!).BI!NC89-+J#!
!
R!‚!89M934-!N*34!+&!-9?+(>I!WK56/f$K!>3X!
!
g!‚!?NGCM*+9D,!9G!D&,*M.,I!>*!D,T*GI!H*34#!
!
<-9! :*9D,&A.9+C-+(! D&,*M.,! g! ‚! "0$K"f0!
>3!
!
i9D!‚!N*348.D+C!GJM>&!D&,*M.,I!
i9-! ‚! N*348.D+C! GJM>&! ! '9GI! 8T()3I!
D.:+CMI!
i&-! ‚! N*348.D+C! U(T>&! '9GI! 8T()3I!
D.:+CMI!
!
Zi!‚!i9D!p!i9-!
!
c!‚!oA9D!W`9D!i&-∗!A9D!ZiX!
!
<! ‚! R\g! ‚! K56/f$K\"0$K"f0! ‚!
Of$E$0KQEK!
!
o`!‚!o,:![:!Zi!
!!!!!!!!!D.+!i&-!
!
F*?*-+(!89M9>9IM*e!&N.3I,!‚!$/O!p!oA!
!
m.P+(!89M9>9IM*e!&N.3I,!‚!5KO!p!oA!
!
12U>9?2!LB*M!‚!o,:!A9D!c!p!<!
!!!!!!!!!!!!!!!!!!!!D.+!c!!
!
!!!!!!!!!!!!!!, , , , , :F_i,C,
1q<Vb^[! oH]Yj[j! o! 1qvaV1ngV!
•gij!o%[n%t!
!
!
,;,9! ?2DM*G>;! MN*! 9'G-P*,! N! >T.?*>!
G.&:-&3I!WV'-#!"X!
!
%k#-!&,
,
o'D9MI,+(!B9G+9,&!?*M.@.+;!oA!)*!?*M.>9D,!D9IT&G+.A*!9D;!s!8-SD*@(>I!8T(3>;!9G89?(G&)(A(!&'D9MI,+(!B9G+9,4!
-9NG(MI!N*348.D+2AB!GJM*>!&!>T.?>;!9G89?(G&)(A(!N*348.D+J!U(TA*!'9GI!8T()3I!i&-#!
!
H+&3J+>9!oA!)*!D,*)+Jf!)&>9!N+&3J+>9!Zi#!
!
$+o*:$+,?>'(,
,
12U>9?2!LB*M!)*!?*M.>9D,!D9IT&G+.A*!t!8-SD*@(>I!8T(3>;!9G89?(G&)(A(!&'D9MI,+(!B9G+9,4!-9NG(MI!N*348.D+2AB!
GJM*>!&!>T.?>;!9G89?(G&)(A(!N*348.D+J!U(TA*!'9GI!8T()3I!i&-#!
,
41
12U>9?2!LB*M!)*!?PG;!>M&G+2!&!)*B9!B9G+9,&!)*!3*N.!O„!&!QO„#!
12U>9?2!LB*M!+&G!QO„!';!9G89?(G&M!9,9@*+(!&N.3I,I!9!$/O„#!
!
<-9!89DI+I,J!&+,J+;!3ID(,*!9G*@(D,!LB*M!89DI+I!9G!?;89@,*+J!?2U>9?JB9!LBMI#!
!
7X\N^QBW,
,
%q,=AB,JX\RVY,LKcHU^Y,=A_BEQYyp,""f/„!D*?*-+4!###,
!
F&,*M.,!oD,-&e!$Qf0„!?2AB9G+4!
!
oN.3I,!
!
Zi!‚!####!
!
oA!‚!###!
!
oN.3I,!‚!###!
!
12U>9?2!LB*M!
!
c!‚!###!
,
=q,=AB,JX\RVY,&YHKLp,56„!D*?*-+4!
!
F&,*M.,![*M*A93!
!
oN.3I,!
!
Zi!‚!###!
!
12U>9?2!LB*M!
!
c!‚!####!
!
aihidq,:BMQB,KH[EHTK[W,JXKR\VQHOMA,LKcHU^Y,
,
<T*G!,(3f!+*P!N&@+*3*!&+,J+I!D34-9?&,!)*!N&)(3&?J!3(,!9GB&G!.+,*+N.,;!D.:+CMI#!
!
Y&8;! 89>-;,(! LN*3(! D&,*M.,+(3! D.:+CM*3!89D>;,I)(!9GB&G!.+,*+N.,;!8T.)(3&+JB9!D.:+CMI#!a!,J,9!B9G+9,4!MN*!
8T.@(D,!8T(G&?+9I!B9G+9,I!N!&+,J+;!&!U.-9>98CD39?JB9!N*D.M9?&@*!i%c!W>9M*3!EO!GcX#!
!
m*! +I,+9! ?N(,! ?! L?&BI! N,-C,;! N8SD9'*+J! 8*?+4! N&89)*+23.! D89).f! >,*-J! 39B9I! '2,! ?*M>J! ?! NC?.DM9D,.! +&!
89IP(?&+2AB!=-*>?*+A(AB#!
!
<9!8T*?9GI!Gcd!+&!Gc3!)*!.+,*+N.,&!D.:+CMI!?!-9N3*N(!p"O\pEO!Gc3#!
!
<934-!D.:+CM\UI3!)*!GSM*P.,23!=&>,9-*3!8T.!9GB&GI!)&>9D,.!8T()3I!D.:+CMI#!
!
m*! ,9! ?N,&B! 3*N.! .+,*+N.,9I! 8T.)(3&+JB9! D.:+CMI! F! &! .+,*+N.,9I! UI3I! 34T*+JB9! '*N! D.:+CMI! %!
W+*9-.*+,9?&+JB9!G9!D34-I!&+,J+;X#!
1!8T(8&G4!D&,*M.,+(B9!>&'*M9?JB9!?;D(MC+(!)*!,*+,9!8934-!>9M*3!$O!Gc#!
!
42
[&>P*!-9NG(M!.+,*+N.,;!D.:+CMI!3*N.!+*9-.*+,9?&+9I!&+,J+9I!&!!
D8-C?+4!9-.*+,9?&+9I!&+,J+9I!'IG*!NB-I'&!?!,J,9!?*M.>9D,.#!
!
aihi1q,7XEBFbZHO,HQLVb_A@UH\,QH[OHW, , , , , , , , , , ,
!
m&>3.M*!';M!?2U>9?2!LB*M!&!&N.3I,!+&D,&?*+f!3SP*!D*!8-9?JD,!D34-9?J!+&D,&?*+(!&+,J+;#!
!
<T*G'4P+9I!9-.*+,&A.!MN*!N).D,.,!>938&D*3!&!D>M9+934-*3#!
!
o+,J+&!?U&>!+*+(!)*U,4!G9>9+&M*!+&D,&?*+&!G9!D34-I#!
!
<9IP.,(!7QHA_QVQ[KGNOMA,VbXKlE,KH[EHTK[W,JA^E,-/12%,I39PhI)*!G9>9+&MJ!+&D34-9?C+(!&+,J+;!G9!'9GI!
D+(3C+(3!3&|.3&!D.:+CMI#!
!
aihiCq,.QLVb_A@UH\,QH[OHW,BA,FABY,
,
<9!!8T*G'4P+J3!+&D34-9?C+(!&+,J+;!MN*!8T.D,9I8.,!>*!>9+*@+J3I!+&D34-9?C+(!G9!'9GI#!
!
<T.89),*!8T(D,-9)!-/12%,!>!?2D,I8I!i%cf!>,*-2!';!34M!3(,!+&8C)*+(!D8-C?+JB9!+&84,(!W?.N!89>;+;!?!>&8.,9M*!
/#5!kD89IU,4+(!N&T(N*+(kX#!
!
V,C@*),*!&+,J+9I!>!?2AB9GI!+*'9!NC8&GI!,&>f!&';D,*!N(D>&M.!3&|.3CM+(!.+,*+N.,I#!
!
%*+(pM.!+&!8T()3I!PCG+2!D.:+CMf!I8-&?,*!89+4>IG!?2U>9?2!LB*M!&!89D,I8!98&>I),*#!
!
m&>3.M*!)*!G9>9+@*+9!'9G9?J!+&D34-9?C+(!?2AB9G\NC8&Gf!N&'M9>I),*!&+,J+I!?!&N.3I,I#!
[email protected],*!D,*)+4!8-9!?2U>9?2!LB*M#!
!
m&>3.M*!)D9I!,;,9!G?4!98*-&A*!I>9+@*+;f!&+,J+&!)*!+&D34-9?C+&!G9!'9GI#!
c4B*3!,4AB,9!3&+.8IM&A(!G'*),*!+&!,9f!&';D,*!D,CM.!N&!&+,J+9I#!
!
c4B*3!@.++9D,(!D89)*+2AB!D!'9G9?23!+&D34-9?C+(3!)*!IP.,*@+J!89IP(?&,!N?I>9?2!.+G.>C,9-!L-9?+4!D.:+CMI#!
7-*>?*+A*! N?I>9?JB9! D.:+CMI! D*! N?;UI)*! L34-+4! D! .+,*+N.,9I! 8T.)(3&+JB9! D.:+CMI#! [(3,9! N8SD9'*3! MN*!
+&D34-9?C+(!G9!'9GI!8-9?JD,!D!?*M>9I!?9M+9D,(!?!89B;'I#!
!
aidq,&$,JX\REV!
,
aidihq,)Vb_A@O,HQL[Q@EH\,QH[OHW,, , , , , , , , , , !
!
YSP*!D*!?;D>;,+9I,!+4>9M.>!8T(8&GSe!
!
%q,$WL\^Ql,RE,@KBK[E^HI,
%&D34-I),*! &+,J+I! G9! ,9B9,9! D34-I! &! D34-9?J! +&D,&?*+(! NM*8U*,*! ,&>f! &';D,*! 8T.,93! N(D>&M.! 3&|.3CM+(!
D.:+CM#!
H?I>9?2!.+G.>C,9-!I39PhI)*f!&';D,*!34M.!?9M+J!-IA*!8-9!8-CA.!+&!&+,J+4#!!
!
=q,$WL\^Ql,HEH\,@KBK[E^HI;,RE,@DQN,THUV,REMA,LVb_,
,
[*+,9!8T(8&G!)*!89G9'+2!8-?+(3I#!
/q,)Vb_,@WL\^QlE,HEH\,THUV,Q,@WL\^Ql,HEH\,@KBK[E^HI,
,
p!)*pM.!?;D(M&@!D.M+2!+*'9!'M(N>9f!.+,*+N.,&!89M*!?!'9G4!8T()3I!'IG*!?;D9>C#!
!
43
1! ,93,9! 8T(8&G4f! .! >G;P! )*! &+,J+&! -*M&,.?+4! D34-9?C! &M*! +*+(! +&D,&?*+&!G9!D34-If!N?;U9?C+(3!A.,M.?9D,.!
?D,I8I!8T(D,-9)*!-/12%,';!D*!34M9!D8*>,-I3!D,C,!?.G.,*M+J#!
!
p! m*D,M.P*! )*! &+,J+&! 8T(M.U! D34-9?C! +*'9! )*D,M.P*! ?;D(M&@! )*! DM&'2! +*'9! 8T(M.U! G&M*>9f! )*G+9GIU*! &+,J+9I!
9,C@(,*!,&>!GM9IB9f!&P!D*!D.:+CM!N&@+*!9')*?9?&,!?*!D8*>,-I#!
!
m&>3.M*!)*!D.:+CM!8T(,93+2f!+&D34-I),*!&+,J+I!,&>f!&';D,*!N(D>&M.!3&|.3CM+(!D.:+CM!+&!8T()3I#!
!
p! m*D,M.P*! +4>9M.>! ?;D(M&@S! MN*!8T.)(3&,!?*!D,*)+J3!'9GI!8T()3If!)*!?*M3.!D+&G+J!>9+,-9M9?&,!L-9?+4!8T()3I!
>&PGJB9!N!+.AB!&!?;'-&,!+*)M*8U(#!
!
<9?U.3+4,*! D.! ?U&>f! P*! ?! +4>,*-2AB! 8T(8&G*AB! ?;D(M&@! 89D>;,I)(A(! +*)D.M+4)U(! D.:+CM! +*3C! +I,+4! D.:+CM!
89D>;,I)(A(!+*)M*8U(!)&>9D,!9'-&NI#!
!
F.M+2!?;D(M&@!3SP*!3(,!D>I,*@+4!+&!8T()3I!9G-&N!+*'9!3SP*!'2,!-IU*+!).+23!?NGCM*+23!?;D(M&@*3f!N&,(3A9!
3&MC!'M(N>C!-*,-&+DM&@+(!D,&+.A*!D!3*+U(!.+,*+N.,9I!89D>;,+*!D.:+CM!89+4>IG!3J+4!D.M+2!&M*!M*8U(!)&>9D,.#!
!
<T(D,-9)!-/12%,!I39PhI)*!-;ABM9I!>9+,-9MI!?U*AB!,4AB,9!=&>,9-S#!
!
j39PhI)*! ?.G.,*M+J! DM*G9?C+(! D8*>,-&! W8-9! 89D9IN*+(! L-9?+4! D.:+CMIX! &! 9'-&N! >&+CMI! W8-9! 89D9IN*+(!
)&>9D,.X#!
!
aididq,$W^AYlEH\,J`LAFEH\,HEZUBHOMA,@WL\^QlE,F^\TNO,, , , , , , , , , m_EN@EHGE, ,
,
m*pM.,8T.)(3&+2!D.:+CM!-IU*+!).+23!D.:+CM*3!+&!'M(N>J!=-*>?*+A.!WD9ID*G+(!>&+CMXf!)*!39P+J!D89).,!G?4!&+,J+;f!
&';!D*!3.+.3&M.N9?&M!8T()*3!.+,*-=*-*+A*#!
!
%I,+9I! 89G3(+>9I! )*! ,9f! &';! 9'&! D.:+CM;! W+9D+2! &! -IU.?2X! +*';M;! ?*! D,*)+J3! D34-If! 8-9,9P*! ?! ,93,9!
8T(8&G4!';!D89)*+(!&+,J+!+*34M9!PCG+2!L@.+*>#!
!
<T*G89>MCGC3*f!P*!?NGCM*+9D,.!3*N.!'9G*3!8T()3I!&!'9G*3!?;D(MC+(!+9D+2AB!&!.+,*-=*-*+@+(AB!D.:+CMS!)D9I!
G9D,&,*@+4! ?*M>Jf! &';AB93! 39BM.! I?&P9?&,f! P*! @*M&! ?M+! )D9I! -9?+J! &! 8-9,9! D.:+CM;! 8T.ABCN*)(A(! +&! 9'4!
8T.)(3&A(!&+,J+;!)D9I!-9?+9'4P+J#!
!
^!‚!?NGCM*+9D,!3*N.!9'43&!&+,J+&3.!
&!‚!LB*M!3*N.!?;D(M&@*3!+9D+JB9!D.:+CMI!&!?;D(M&@*3!-IU.?JB9!! ! ! D.:+CMI!
Z!‚!-9NG(M!G-CB;!3*N.!9'43&!D.:+CM;!+*PCG&+JB9!?;D(M&@*!
'!‚!QO„!p!&!
!
i!‚!?M+9?C!GJM>&!D.:+CMI!+*PCG&+JB9!?;D(M&@*!
7!‚!=-*>?*+A*!-IU.?JB9!D.:+CMI,
,
,
A&--;.+:\D899=.+:! ,-&+D3.,,*-! W?;D(M&@! +9D+J!
?M+;\+*PCG&+2!?;D(M&@X!
!
A!‚!-;ABM9D,!U(T*+(!?*!?&>II!
!
a*! D+(P*+(! .+,*-=*-*+A*! 9'4! &+,J+;! 3ID*)(!
8T.)(3&,!.+,*-=*-*+@+(!D.:+CM!?!98&@+J!=CN.#!
!
m*!8-9,9!+I,+Jf!&';!Z!‚!i\0!
!
44
<9GM*!9'-CN>I!8&>!3C3*e!
!
Z!‚##!
^!‚!###!
!
aG;P!D*!9'4!&+,J+;!I3(D,(!?*!D8-C?+J!?NGCM*+9D,.!)*G+&!9G!G-IBJf!.+,*-=*-*+@+(!D.:+CM!D*!?;M9I@(#!
!
•-9?*h!+9D+JB9!D.:+CMI!D*!+&!G-IBJ!D,-&+4!N?2U(!9!N*D(M*+(!8T.?*G*+J!G-IB9I!&+,J+9I!WD!9G*@,*+(3!N,-C,!
+&!D89)(ABX#!
!
1!8-&|.!+*+(!?PG;!39P+J!?NGCM.,!9'4!&+,J+;!8T*D+4!+&!,*9-*,.A>9I!?NGCM*+9D,!3*N.!&+,J+&3.#!
!
o!GCM*f!8T.89)9?&A(!>&'*M;!&+,J+;!3ID(!'2,!8T(D+4!.G*+,.A>Jf!)&>9P!.!9'&!?D,I8;!?&N*'+(B9!@M*+I#!
!
1! ,&>9?J3,9! 8T(8&G4! )*! ?*M3.! IP.,*@+J! N&T(N*+(! -/12%f! 8-9,9P*! I39PhI)*! N?.G.,*M+.,! +9D+2! D.:+CM! &!
.+,*-=*-*+@+(!D.:+CM!NC-9?*h!W-9NM9P*+J!D8*>,-I3X!&!,&>!NG9>9+&M.,!?>M(+4+(!&+,J+#!!
!
1U*!A9!)*!89,T*'+Jf!)*!,9f!P*!D*!34+(!?NGCM*+9D,.!3*N.!&+,J+&3.f!&';!-IU.?2!?;D(M&@!34M!3.+.3CM+(!.+,*+N.,I!
D.:+CMI#,
,
aidi1q,7X\REV,AB_QZEHOMA,LKcHU^Y, , , , , , , , , , , ,
,
aG;P!)*!D.:+CM!9G!?;D(M&@*!8T.)(3C+!)&>!8T(323!U(T*+(3!,&>!.!9G-&N*3f!89,93!D*!?!'9G4!8T()3I!?;D>;,I)*!T&G&!
3&|.3!&!+IM9?2AB!!
B9G+9,!89GM*!?2U>;!&+,J+;!W=CN9?2!89DI+!9'9I!D.:+CMSX#!
!
Z.-ŠA,!d&?*!W<T(3C!?M+&X!
R*=M*A,*G!d&?*!WVG-&P*+C!?M+&X!
R*=M*A,.+:!DI-=&A*!WVG-CP*)(A(!89?-ABX!
!
[*9-*,.A>2! ?289@*,! I39PhI)*! N+C,! 89M9BI! -SN+2AB! 3&|.3! &! +IM9?2AB! B9G+9,f! 3ID(,*! ?U&>! >! ,93I! N+C,!
8T*D+J! ?NGCM*+9D,.!3*N.!'9G;!?;D(MC+(!&!'9G*3!9G-&NIf!'9G*3!8T()3I!&!'9G*3!?;D(MC+(f!'9G*3!8T()3I!&!
'9G*3!9G-&NI#!
!
H).D,.,!,;,9!?NGCM*+9D,.!D!,9M*-&+A(!N+&@+4!+.PU(!+*P!)*!?M+9?C!GJM>&!D.:+CMI!+*+(!M*B>J#!
!
o!GCM*!>!,43,9!89,(P(3!)*!+I,+9!G9G&,!!G?&!GSM*P.,J!8-?>;f!A9P!@.+(!-;ABMJ!8-9?*G*+(!,*9-*,.A>JB9!?289@,I!
N+&@+4!>938M.>9?&+23#!
!
p!c9G!9G-&NI!)*!NT(G>&!8T*D+23!'9G*3f!)*!,9!D8(U*!89?-AB#!YC,*!+4>9M.>!9G-&N+2AB!?M+!D!-SN+23.!=CN*3.#!
!
p!1;D(M&@!9'?;>M*!?;D(MC!+4>9M.>!8-9:-&3Sf!8-9,9!)*!NG*!,&>!3+9B9!-SN+2AB!=-*>?*+A(#!c9G;!3&|.3&!&!+IM9?J!
B9G+9,;!)D9I!NG*!8&>!-SN+J!8-9!>&PG9I!=-*>?*+A.#!
45
!
1!8-&|.!+**|.D,I)*!PCG+J!.G*CM+(!T*U*+(#!
!
YSP*,*!?U&>!,(3f!P*!34+(,*!?2U>I!8T.)(3&A(!&+,J+;!+&)(,!'9Gf!>,*-2!?C3!GC!?(A*!+*'9!3J+4!L-9?+(!8-9!-SN+J!
89IP(?&+J!=-*>?*+A*#!
!
<T.)(3&+C! L-9?*h! 8-9! >&PG2! D.:+CM! +*'IG*! 8-&?G489G9'+4! 3&|.3*3! 39P+J! L-9?+4! 8-9! >&PG2! D.:+CM!
N?MCU}#!
!
cIG*,*!?U&>!+;+(!3(,!I-@.,9I!>9B*-*+A.!?!8T.)(3&+2AB!D.:+CM*AB#!
1! ,93,9! 8T(8&G4! )*! 8T(D,-9)! -/12%, ! +*89D,-&G&,*M+2f!8-9,9P*!I39PhI)*!8T(3J!DM*G9?C+(!-9NG4M*+(!L-9?+(!
'4B*3!8T*3(D}9?C+(!&+,J+;#!
!
%&D,&?*+(! 8T()3I! ,9B9,9! ,;8I! 8T*G89>MCGCf! P*! 89?-AB! 9G-&NI! )*! -*M&,.?+4! D,CM2! ?! @&D*! W! )*N*-9f! D>&M+&,2!
89?-AB###X!
!
<T()*3!D!+*D,&'.M+(3!89?-AB*3!WD+4B9?J!89M*###X!89D>;,+*!?2DM*G>;f!>,*-J!'IG9I!>9M(D&,!D!,(3f!)&>!D*!'IG*!
34+.,!89?-AB!9G-&NI#!
!
F,*)+J!GS?9G;!8M&,(f!>G;P!)*!89?-AB!9G-&NI!?*-,.>CM+(!WL,*DX#!
!
<9DI+!&+,J+!)*!8&>!B9-.N9+,CM+(#!
!
aidiCq,:F_QTA@UnT@YNA@U,VETE_Q,
,
<934-!D.:+CM\9'-&N!MN*!34T.,!8T(39f!8-9,9P*!9'&!+9D+J!D.:+CM;!)D9I!?.G.,*M+J#!
!
<934-!D.:+CM\9'-&N!)*!?N,&B!3*N.!3&|.3CM+(!&38M.,IG9I!9'-&N9?JB9!+9D+JB9!D.:+CMI!W,*D,9?&A(!?*G*+(f!'(M2!
9'-&N####X!&!&38M.,IG9I!N?I>9?JB9!+9D+JB9!D.:+CMI#!
!
m*pM.!N?I>9?2!+9D+2!D.:+CM!39GIM9?C+!&38M.,IG9?4f!,*+,9!?N,&B!)*!G*=.+9?C+!N&!+*8T(,93+9D,.!39GIM&A*#!
!
m*!GSM*P.,Jf!&';!,*+,9!8934-!D.:+CM\9'-&N!';M!D8-C?+2#!
!
m*pM.!8T(M.U!DM&'2!W8T(M.U!?;D9>C!L-9?*h!N?I>9?JB9!D.:+CMIX!3SP*!NM9'.,!.+,*-39GIM&A*!?!N*D.M9?&@(AB#!
!
m*pM.!8T(M.U!?*M>Cf!G*39GIM9?&+2!o7!D.:+CM!'IG*!-IU*+#!
!
``][email protected]&!8934-!$O!Gcf!&?U&>!D9I@&D+C!,*+G*+A*!)*!G9DCB+9I,!$K!Gc!WD+(P*+(!.+,*+N.,;!N?I>9?JB9!
?;D(MC+(X#!
!
1*!?U*AB!8T(8&G*AB!+*D3(!'2,!,*+,9!8934-!3*+U(!+*P!$O!Gcf!N*)3J+&!?*!D,&+G&-GI!if!>G*!D*!,&,9!B9G+9,&!
984,!D+.PI)*!D!39GIM&A(#!
!
aidiSq,:BMQB,V\_W,VABY^QGE,T@YNY,rQVJ^K[YBA@U,VABY^QGEq,
,
Y(-&!39GIM&A*!)*!GC+&!?N,&B*3e!
!
3!‚!W^3!p!^AX\^A,
,
o';AB93!8-&A9?&M.!D!Gcf!)*!D+&NU(!89IP(,!?N,&BI!3*N.!^3!&!^A!+*P!)*).AB!-9NG(M#!
!
46
^3!‚!^A∗!a!
!
3!‚!W^A!∗!a!p^AX\^A!‚!^A!Wap$X\^A!‚!a!p!$!
!
%9+!39GIM&,*G!W+*39GIM9?&+2X!
[-.&+:IM&-!39GIM&,.9+!W,-9)LB*M+(>9?C!39GIM&A*X!
!
m*D,M.P*! D*! L-9?*h! +9D+JB9! D.:+CMI! 39GIM&A(!
NG?9)+CD9'(f!a!)*!-9?+9!0!&!3(-&!39GIM&A*!)*!0!p!$!‚!
$!W$OO• X!
!
aG;P!8T*?*G*,*!8934-!L-9?+(!+&!Gcf!3C,*e![!‚!0O!M9:!a!
!
aG;P!,I,9!-9?+.A.!+&8(U*3*!).+23!N8SD9'*3f!9'G-P(3*e!!!!!!!!!!!!a!‚!$O!W[\0OX!!
!
Y(-&!39GIM&A*!)*!8&>e!3!‚!$O!W[\0OX!p!$!
!
<T(>M&Ge!
!
Y4T(,*! L-9?*h! N?I>9?JB9! +9D+JB9! D.:+CMI! N&!
+*8T(,93+9D,.!39GIM&A*#!
F>I,*@+C! L-9?*h! +*3C! ?2N+&3f! BM*GC,*! )*G+9GIU*!
?N,&P+2!'9G#!
!
o38M.,IG&!+9D+JB9!D.:+CMI!8T.!3&|.3CM+(!39GIM&A.!D*!
N?;UI)*!9!"!Gc#!
Y(-&!39GIM&A*!+9D+JB9!D.:+CMI!)*e!
!
3!‚!$O!W[\0OX!p!$!‚!3!‚!$O!W"\0OX!p!$!‚!$fE/!p!$!‚!OfE/!,)#!E/!
• #!
,
,
e,,7:!"#&5,)x)&~-!,f#)'•/,hid,
,
‹(G.A(! D;D,J3! f#)'g/
 , 8-9! 8*-.=*-+(! N&T(N*+(! WZ.:.,&M! F&,*MM.,*! ^_I.83*+,! `9+,-9M! p! ‹(N*+(! @(DM.A9?JB9!
D&,*M.,+(B9! N&T(N*+(X! ';M! ?;?.+I,! =.-39I! '!&'()%&, ! &! N&B-+I)*! @(DM.A9?9I! 39GIM&A.! 00! >gN! 8939A+JB9!
+9D+JB9!D.:+CMI#!,
,
<T(AB9G!D;D,J3I!f#)'g/
 ,hid,!?*M3.!N?2U.M!39P+9D,.!,9B9,9!D;D,J3If!&M*!NC-9?*h!DM9P.,9D,.!89IP.,(!34T.@S!
.+,*+N.,;!89M*#!
!
F;D,J3! f#)'g/
 , ! *|.D,I)*! ,&>J! ?! L-9?+.!0#$f!A9P!)*!G?9ID34-+C!!WBM&?+(!>!89GT(N*+J3I!&!89GT(N*+2!>!
BM&?+(3I! X! ?*-N*f! N&,(3A9! L-9?*h! $#0! )*! )*G+9D34-+C! W89IN*! BM&?+(! >! 89GT(N*+J3IX! ?*-N*#! 1*-N*! 0#$!
+*3SP*! 8T*?N(,! ?U*AB+;! =I+>A*! ?*-N*! $#0! &! +*+(! D,&+G&-G.N9?C+&#! %&?(A! 8-9! 34T.@! .+,*+N.,;! 89M*! )*!
G?9ID34-+C!D'4-+.A*!+*N&)(3&?C#!
!
F8*A.CM+(! >&8.,9M&! )*!,IG(P!?4+9?C+&!89IP.,(!8T(D,-9)!-/12%;!>,*-2!)*!NA*M&!?;'&?*+!D;D,J3*3!Z]F^_`!
$#0#!
F;D,J3! Z]F^_`! $#0! I39PhI)*! N+9?I+&D,&?*+(! 3.>-99?M&G&@S! N&T(N*+(f! T(N*+(! 0! D>I8.+! 8T*8(+&@S!
W8-989)*+2AB! &! +*8-989)*+2ABX! &! FYo[1! WF3&MM! Y&D,*-! o+,*++&! [1! p! [?! D;D,J3! D! 3&M9I! ! &+,J+9IXf!
8T(>&N;! &+&M9:9?2AB! 8*-.=*-+(AB! N&T(N*+(! 89M&-9,9-;###Xf?9M'I! =-*>?*+A(! 3(D,+(AB! 9DA.MC,9-S! +&! I-@.,2AB!
D,&+.A(AB!FYo[1!&!?*U>*-J!T(N*+(!89M9B9?&A(AB!N&T(N*+(#!
47
a&PG2! G-IB! 8*-.=*-+(B9! N&T(N*+(! 9'D&BI)*! 3.>-99?M&G&@f! >,*-2!I39PhI)*f!&';!-9N89N+&M9!N8-C?If!>,*-C!)*!
8-9!+4!I-@*+&#!
!
<T*8(+&@*! MN*! &G-*D9?&,! N?MCU}! ?! >&PGJ! D>I8.+4! 8-989)*+2AB! &! +*8-989)*+2AB! D8(+&@S#! a!G.D89N.A.!)D9I!
@,;T.!&G-*D;!?!>&PGJ!N!,4AB,9!G?9I!D>I8.+Œ!,9!I39PhI)*!?;,?9T*+(!>&D>CG;!0!A*D,+2AB!D8(+&@S!W&P!/!+&!$!
?4,*?X! 8-9! DM9P.,J! .+D,&M&A*#! a&PG2! D8(+&@! )*! ?+.,T+4! >9+=.:I-9?C+! D89)9?&A(3! 3SD,>*3f! >,*-2! I-@(! )*B9!
&G-*DI!3*N.!/!39P+23.!&G-*D&3.#!
!
oG-*D;! D8(+&@S! )D9I! 9'?;>M*! +&8DC+;! +&! D8(+&@(AB! ?! B*|&G*A.CM3(3! =9-3C,I! W+&8T#! 00\0K! 8-9! &G-*DI!
F&,<9DX#! %*+(pM.! &G-*D&! +&8DC+&f! 89,93! 'IG*! 8-&?G489G9'+4! 39P+9! D8(+&@! +&>9+=.:I-9?&,! D! &G-*D9I!
F&,<9D!W00\0KXf!>,*-C!)*!+*)'4P+4)U(!&G-*D9I#!
!
 ,,hid, ,
h2ihq,7AYZK[\,TQX\TEH\,-/12%,J_A,JX\NQTW,LWL[OVY,, f#)'g/
,
`BA*,*pM.! 8-9?JD,! ?9M'I! 8T(>&NS! D;D,J3I! f#)'g/
 , hid, ! +&! 8T(D,-9).! -/12%f! 3ID(,*! D8ID,.,! 8-9:-&3!
k`VYYo%Z^F! Z]F^_`k! ,(3f! P*! D,.D>+*,*! ,M&@(,>9! kR^YV[^! <V{^R! Fj<<itk! W0OX! &! 89,J! D9I@&D+4!
,M&@(,>9!kR^YV[^!<V{^R!Fj<<itk!W0OX!&!kY^YVk!W$"X#!!
!
H?9M,*! 8T(>&N! 8939A(! ,M&@(,*>! k]%`k! W$KX! +*'9! kZ^`k! W$EX! &! 8-9?*€,*! >9+,-9MI! 8M&,+9D,.! ?9M';! ,M&@(,>*3!
kY^YVk!W$"Xf!>G;P!8-9:-&3!'IG*!?!@.++9D,.#!
!
19M'&!D*!3SP*!8-9?JD,!+&!"!L-9?+(ABe!
p!=I+>A*!
p!&G-*D;!
p!8T(>&N;!
p!G&,&!
!
14,U.+&!8T(>&NS!3C!)*+!)*G+I!+*'9!G?4!L-9?+4f!&?U&>!+4>,*-J!8T(>&N;!89M9B9?&A(AB9!N&T(N*+(!89IP(?&)(!,;,9!
@,;T.!L-9?+4#!
!
H! BM*G.D>&! 98,.3CM+(B9! 89IP(?C+(! IP.?&,*M*3! 8-9:-&3;! 8T(D,-9)*! -/12%, 3ID*)(! '2,! +&?-P*+;! ,&>f! &';!
IP.?&,*M!';M!NA*M&!?*G*+!89>;+;!&!8-9,9!D8IU,4+(!)*!A9!+*))*G+9GIUU(#!
!
aG;P!D*!8-9?*GM&!>9+,-9M&!8M&,+9D,.f!D,.D>+I,(!,M&@(,*>!k]%`k!W$KX!+*'9!kZ^`k!W$EX!I39PhI)*!?9M'I!-SN+2AB!
&G-*D!,J,9!=I+>A*f!)*D,M.P*!9?U*3!=I+>A*!9'D&BI)*!&G-*D;#!
!
aG;P! D*! G9D,&+*,*! +&! 89DM*G+(! &G-*DI! =I+>A*! 8939A(! ,M&@(,>&! k]%`k! W$KX! +*'9! +&! 8-?+(! &G-*DI! 8939A(!
,M&@(,>&! kZ^`k! W$EX! D,.D>+I,(f! >,*-C! +CDM*GI)(! I39P+(! 8T(D,I8! >! +CDM*GI)(A(3!+*'9!8T*GABCN*)(A(3!=I+>A(3#!
[M&@(,>*3!kY^YVk!W$"X!'IG*,*!3ID*,!8-9?JD,!>9+,-9MI!8M&,+9D,.!I!+9?4!N?9M*+J!=I+>A*f!&';D,*!D*!G9D,&M.!>!
&G-*DC3!,J,9!=I+>A*#!
!
<T*D+4! D,*)+J! )*! ,9! D! 8T(>&N;f! >,*-J! 'IG9I! >! G.D89N.A.f! >G;P! )*! >9+,-9M&! 8M&,+9D,.! 8-9?*G*+&! ,M&@(,>*3!
kY^YVk!W$"X!&!89!>9+,-9M*!8M&,+9D,.!8T(>&NI!,M&@(,>*3!kY^YVk!W$"X!)D9I!G&,&!G9D,I8+C#!
!
 ,hid,
h2id, q,7:7#),<!.*/5,)x)&~-!,f#)'•/
,
hn,kHA@YHQL[Q@EH\,VKN_AA@^QBQlE,
[&,9! =I+>A*! I39PhI)*! N+9?I+&D,&?*+(! ?U*AB! 3.>-99?M&G&@Sf! >,*-J! T(G(! 8*-.=*-+(! N&T(N*+(! D;D,J3I!
f#)'g/
 i!
!
iN*!G989-I@.,!)*)(!89IP.,(!+&!N&@C,>I!&!>*!>9+A.!NCD&BI!+&!N&T(N*+(#!
!
48
[&,9!=I+>A*!+*3C!PCG+9I!&G-*DIf!PCG+2!8T(>&Nf!PCG+C!G&,&#!1;>9+C?C!D*!9>&3P.,4!89!>9+,-9M*!8M&,+9D,.!
8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X#!
!
dn,kHA@YHQL[Q@EH\,JA_[`,2,Q,h,
,
[&,9! =I+>A*! I39PhI)*! N+9?I+&D,&?*+(! ?U*AB! 8-989)*+2AB! &! +*8-989)*+2AB! W`VYY][[^Zf!
j%`VYY][[^ZX!D8(+&@S!+&!A*D,4!o!?!-C3A.!)*G+J!98*-&A*#!
!
[&>J! 8-9?CG(! N+9?I+&D,&?*+(! >9+=.:I-&A*! N&T(N*+(! &!I-@I)*!)*G*+!8-989)*+2!D8(+&@!&!PCG+2!+*8-989)*+2!
D8(+&@#!
!
R9?+4P!34+(!+&D,&?*+(!?*!?9M'4!k`VYYo%Zk!8T(D,-9)*!-/12%!+&!k`VYY][[^Z!F{][`g^Fkf!kFo[!<VFkf!
D*,<9Do!Fo[!ok#![9!)*!+&D,&?*+(f!>,*-J!-/12%,!N9'-&N(f!>G;P!,*+,9!8-9:-&3!89IP.)*,*!8T(U,4f!8-9,9P*!,9!)*!
+*)'4P+4)U(!&G-*D&!D8(+&@S#!
!
[&,9!=I+>A*!+*3C!PCG+9I!&G-*DIf!PCG+2!8T(>&Nf!PCG+C!G&,&#!
!
<-9?CG(!D*!.B+*G!89!>9+,-9M*!8M&,+9D,.!,M&@(,>*3!kY^YVk!W$"X#!!
!
1q,*AHmKcY_QGE,TQX\TEH\,
,
[&,9! =I+>A*! I39PhI)*f! &';! 8T(D,-9)! -/12%, N?MCG&M! +*N';,+2! 89@*,! 98&>9?C+(! N8-C?;! 89GM*! 8-9?*G*+J!
.+D,&M&A*#!%*+(!,9!=I+>A*!D;D,J3I!f#)'g/
 ,&!PCG+C!N8-C?&!D*!+*89D(MC!D34-*3!>!8*-.=*-.(3#!
!
[&,9!=I+>A*!D*!D>MCGC!N!$!&G-*D;f!0!8T(>&NS!&!$!LG&)*#!
!
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"Xf!)*!&G-*D&!8T(D,I8+C#!
!
%B_ELQp,#.)&%(,/:.<#{,)w,
,
<9!>9+,-9M*!8M&,+9D,.!&G-*D;!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"Xf!)*!8T(D,I8+2!8-?+(!8T(>&N#!
!
JX\NQTp,.=9,/:--#&&'f,
,
H&8.U,*!8939A(!,M&@(,*>!k]%`k!W$KX!+*'9!kZ^`k!W$EX!89@*,!8-989)*+2AB!W`VYY][[^ZX!D8(+&@S!+*'9!8*-.=*-.(!
?!>&D>CG4!&!+&!-SN+2AB!&G-*DCABf!>,*-J!)D9I!D9I@CD,(!.+D,&M&A*#!
[*+,9!89@*,!D*!3SP*!89B;'9?&,!9G!$!G9!"#!
!
<9!>9+,-9M*!8M&,+9D,.!G&,!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"Xf!)*!&I,93&,.A>;!8T(D,I8+2!G&MU(!8T(>&N#!
!
JX\NQTp,.=9,!./:--#&&'f,
,
H&8.U,*!8939A(!,M&@(,*>!k]%`k!W$KX!+*'9!kZ^`k!W$EX!89@*,!+*8-989)*+2AB!Wj%`VYY][[^ZX!D8(+&@S!+*'9!
8*-.=*-.(!?!>&D>CG4!&!+&!-SN+2AB!&G-*DCABf!>,*-J!)D9I!D9I@CD,(!.+D,&M&A*#!
[*+,9!89@*,!D*!3SP*!89B;'9?&,!9G!O!G9!"#!
!
<9!>9+,-9M*!8M&,+9D,.!G&,!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!?;D,9I8(,*!N!8-9:-&3I!k`VYYo%ZF!Z]F^_`k!
!
Cn,k@YNA@I,LM^YN,
,
[&,9! =I+>A*! I39PhI)*! ?9M'I! A*D,;! o! +*'9! c! N?I>9?JB9! DBMI>I! W[V%^! cjRF[X#! H?I>9?2! DBMI>! +*+(!
89IP(?C+!8*-.=*-+(3!N&T(N*+(3!D;D,J3I!Z]F^_`f!&?U&>!N&).U}I)*!>938&,.'.M.,I!D*!D,&-U(3.!D8(+&@.!D;D,J3I!
kY.+.!Z]F^_`k#!
49
!
<9M9B;!o!&!c!N?I>9?JB9!DBMI>I!)D9I!NA*M&!+*NC?.DMJ!+&!8T(>&NI!Z]F^_`!D!?2).3>9I!8T(>&NI!FYo[1!=I+>A*!
`VYY][[^Zf!>G*!?9M'&!?D,I8I!I-@I)*!NC-9?*h!N8-C?I!Z]F^_`f!+&84,(!GCM>9?JB9!+&8C)*+(f!89M9BI!00>gN!
8939A+JB9!+9D+JB9!D.:+CMI!&!N?I>9?2!DBMI>#!
!
19M'&!A*D,;!N?I>9?JB9!DBMI>I!D*!3SP*!,&>J!8T(39!9?MCG&,!8939A(!8-9:-&3I!70!W?.N!9GD,&?*A!6#K#0X#!
!
[&,9!=I+>A*!D*!D>MCGC!N!$!&G-*D;f!0!8T(>&NS#,
,
,
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!&G-*D&!8T(D,I8+C#!
!
%B_ELQp,&:.',=!9)&,
,
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.!?9M.,!A*D,I!cf!D,.D>+4,*!,M&@(,>9!k]%`k!W$KXf!&';D,*!8T*UM.!+&!G&MU(!8T(>&N#!
!
7X\NQTp,v2v,&:.',=!9)&,%,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3! kY^YVk! W$"X.B+*G! ?;D(MC! 89DM*G+(! 89IP.,9I! N8-C?I! D;D,J3I!
f#)'g/
 ,D89MI!D*!N?I>9?23!DBMI>*3!o!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
7X\NQTp,vhv,&:.',=!9)&,=,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3! kY^YVk! W$"X.B+*G! ?;D(MC! 89DM*G+(! 89IP.,9I! N8-C?I! D;D,J3I!
f#)'g/
 ,D89MI!D*!N?I>9?23!DBMI>*3!c!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
!
Sn,7_AJAREHO,LJ\HQlE,
,
[&,9!=I+>A*!I39PhI)*!?9M'I!A*D,;!o!+*'9!c!?!-C3A.!"!39P+2AB!D8(+&@S!+*'9!8*-.=J-.(!D;D,J3I!f#)'g/
,
Wi%cf!<9M&-9,9-###X!
!
<T(>&N;! )D9I! NA*M&!+*NC?.DMJ!&!89IN*!34+(!D,&?!N?9M*+2AB!&G-*Df!D!?2).3>9I!8T(>&NI!FYo[1f!>,*-2!34+(!
?U*AB+;!&G-*D;!89GM*!?9M';#!
!
%&! -9NG(M! 9G! 8-9:-&3I! k70\F^i^`[]V%! Z]F^_`! {ot! o! 9-! ck! W'+O! #N,LI'-1! ^U_U`K! N?I>9?2! DBMI>! D*!
+*34+(f!D!?2).3>9I!8T(>&NI!FYo[1f!>,*-2!+&D,&?I)*!N?I>9?2!DBMI>!89GM*!?9M';!?D,I8I#!
!
m*D,M.P*!D*!.+D,&M&A*!D>MCGC!N!-SN+2AB!8-?>S!>&D>CG;f!3ID(,*!+*)GT(?*!.+=9-39?&,!=I+>A.!k`V%7]wjRo[]V%!
]%F[oiio[]V%kf!&';!98&>9?C+(!N8-C?;!D8-C?+4!=I+:9?&M9#!
!
<9>&PGJf!>G;P!9'DMIBI)*,*!8T(D,-9)!-/12%,!&!89>&PGJf!>G;P!)*!N34+&!?!GCM>9?J3!+&8C)*+(!34T.@!.+,*+N.,;!
89M*! ?;D(MC! N8-C?I! Z]F^_`! 9! 8-989)*+2AB! &! +*8-989)*+2AB! D8(+&@(AB! 89GM*! 89DM*G+(! ?9M';! &! 89GM*!
>9+=.:I-&A*! ?! k`V%7]wjRo[]V%! ]%F[oiio[]V%k! D89MI! D*! N?I>9?23! DBMI>*3! o!+*'9!c!?!NC?.DM9D,.!+&!
89DM*G+(!?9M'4#!
!
7:k.ip,[-,L*+%-!OIE&O-/&!/-W\*#!'-!,LI'$!OIR/$L#!2#/2!RE+!,R$aLD/&!RE&,LS#M!+,-./*/-W#!0N\%!W\*I!OPD/D/I!
'#*WI!,\,LZP$!!0123, *!'!N#WDY!0N\!OIE&O-/&!W\*#!'\R/$L#!2#..2Y!O#WSIO-/(!R#*#HI!!0123, */I!RE&,LS#M+!
+,-./*!I!,0$L-F/(!R#*#HI!RE-R&/IF-!P#H#$!WGL!SJO/ZU!
!
[&,9!=I+>A*!D*!D>MCGC!N!E!&G-*D!0!8T(>&NS!8-9!8-?+(!"!&G-*D;!&!$K!8T(>&NS!8-9!8C,9I!&G-*DI#!
50
!
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.!?9M.,!).+9I!&G-*DI!D,.D>+4,*!,M&@(,>9!k]%`k!W$KX#!
!
%B_ELQpd2ndC,=%.f,
,
[&,9! &G-*D&f! )E^EG[, [ME, ^AGQ^, :LGK^^Q[A_, m_EgYEHGW, WH?9M,*! =-*>?*+A.! M9>CM+(B9! 9DA.MC,9-IX;, ! D*! 3SP*!
89IP(?&,!I!D8*A.=.A>2AB!8*-.=*-+(AB!N&T(N*+(!D;D,J3I!Z]F^_`!Wi%c###Xf!&M*!,&>J!)&>9!8T*8(+&@#!
!
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.!?9M.,!A*D,I!cf!D,.D>+4,*!,M&@(,>9!k]%`k!W$KXf!&';D,*!8T*UM.!+&!G&MU(!8T(>&N#!
!
7X\NQTp,)E[(:,(:w,(:,%,
,
a9+,-9M&! 8M&,+9D,.!8-9?*G*+C!,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!f#)'g/
,
D89MI!D!89DM*G+(3!N?9M*+23!N?I>9?23!DBMI>*3!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
7X\NQTp,)E[>#,>#{>,(:,=,
!
a9+,-9M&! 8M&,+9D,.!8-9?*G*+C!,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!f#)'g/
,
D89MI!D!89DM*G+(3!N?9M*+23!N?I>9?23!DBMI>*3!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
7X\NQT,dhndj,7:(%9#&x,
,
[&,9!&G-*D&f!)E^EG[,7A^Q_KTQ[KAH,WH?9M,*!89M&-.N&A.X;,D*!3SP*!89IP(?&,!I!D8*A.=.A>2AB!8*-.=*-+(AB!N&T(N*+(!
D;D,J3I!Wi%cf!<9M&-9,9-###Xf!&M*!,&>J!)&>9!8T*8(+&@#!
!
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.!?9M.,!A*D,I!cf!D,.D>+4,*!,M&@(,>9!k]%`k!W$KXf!&';D,*!8T*UM.!+&!G&MU(!8T(>&N#!
!
7X\NQTp,)E[$9,$'9&,7:(%,
,
a9+,-9M&! 8M&,+9D,.!8-9?*G*+C!,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!f#)'g/
,
D89MI!D!89DM*G+(3!N?9M*+23!N?I>9?23!DBMI>*3!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
,
7X\NQTp,)E[>(,>:9#,7:(,=,
!
a9+,-9M&! 8M&,+9D,.!8-9?*G*+C!,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!f#)'g/
,
D89MI!D!89DM*G+(3!N?9M*+23!N?I>9?23!DBMI>*3!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
,
%B_ELQp,ddndj,)%&,7:),
[&,9! &G-*D&f! )E^EG[, )Q[E^^K[E, 7ALK[KAH, %, A_, =, WH?9M,*! 89M9BI! D&,*M.,I! o! +*'9! cXf! D*, 89IP(?C! )*+! 8-9!
8T*8(+&@*#!m*!,9!+*)'4P+4)U(!&G-*D&!8-9!0!A*D,+J!8T*8(+&@*#!
!
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.!?9M.,!A*D,I!cf!D,.D>+4,*!,M&@(,>9!k]%`k!W$KXf!&';D,*!8T*UM.!+&!G&MU(!8T(>&N#!
!
7X\NQTp,)E[7:)%,)%&,%,
,
51
a9+,-9M&! 8M&,+9D,.!8-9?*G*+C!,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!f#)'g/
,
D89MI!D!89DM*G+(3!N?9M*+23!N?I>9?23!DBMI>*3!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
7X\NQTp,)E[7:)=,)%&,=,
,
a9+,-9M&! 8M&,+9D,.!8-9?*G*+C!,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!f#)'g/
,
D89MI!D!89DM*G+(3!N?9M*+23!N?I>9?23!DBMI>*3!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
%B_ELQp,d1ndu,)w,:7&#:.,
,
[&,9!&G-*D&f!)E^EG[,LzK[GM,AJ[KAH,%,A_,=,WH?9M,*!89M9BI!D8(+&@*!o!+*'9!cX;,D*,89IP(?C!)*+!8-9!8T*8(+&@*#!!
!
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.!?9M.,!A*D,I!cf!D,.D>+4,*!,M&@(,>9!k]%`k!W$KXf!&';D,*!8T*UM.!+&!G&MU(!8T(>&N#!
!
7X\NQTp,)E[2%,)w#&/>,%,
,
a9+,-9M&! 8M&,+9D,.!8-9?*G*+C!,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!f#)'g/
,
D89MI!D!89DM*G+(3!N?9M*+23!N?I>9?23!DBMI>*3!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
,
7X\NQTp,)E[2=,)w#&/>,=,
,
a9+,-9M&! 8M&,+9D,.!8-9?*G*+C!,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!f#)'g/
,
D89MI!D!89DM*G+(3!N?9M*+23!N?I>9?23!DBMI>*3!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!!
!
%B_ELQp,1]i<y,)-%&$,
[&,9! &G-*D&f! )E^EG[, )-%&$, KHJY[, h, [A, hS, WH?9M,*! FYo[1! ?D,I8! $! &P! $EX;, D*, 89IP(?C! )*+! 8-9! D,&+.A*!
FYo[1!9G!"!G9!$K!?D,I8S#!
!
19M'&!)*!8-989)I)(A(!&!?U*AB+;!9D,&,+(!8-989)*+J!W`VYY][[^ZX!&G-*D;!D*!34+(#!
!
19M'&! FYo[1! ,&>J! 34+(! +&84,(! GCM>9?JB9! +&8C)*+(f!8939A+2!+9D+2!D.:+CM!00!>gN!&!89M9BI!N?I>9?JB9!
DBMI>I!W[V%^!cjRF[Xf!89GM*!89>;+S!N34+;!8-o$$!D,&+G&-GI!^%!K$5$Q#!!
!
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.!?9M.,!9D,&,+(!A*D,;f!D,.D>+4,*!,M&@(,>9!k]%`k!W$KXf!&';D,*!8T*UM.!+&!G&MU(!8T(>&N;#!
!
7X\NQTp,m_AV,)-%&$,#.7!&,h,[A,)-%&$,#.7!&,hj,
,
a9+,-9M&!8M&,+9D,.!8-9?*G*+C!,M&@(,>*3!kY^YVk!W$"X!GC?C!GCM>9?J!+&8C)*+(!G9!D9IM&GI!D!?9M'9I!W+&84,(f!00!
>gNXf!89,J!?;D(MC!!N8-C?I!D;D,J3I!f#)'g/
 ,&!N?I>9?2!DBMI>!9G89?(G&)(A(!?9M'4!&!?-&A(!>*!D,&+G&-G+(3I!
G.D8M*).#!
,
jn,.EJ_AJAREHO,LJ\HQlE,
,
[&,9!=I+>A*!I39PhI)*!?9M'I!A*D,;!o!+*'9!c!@,;T!39P+2AB!D8(+&@S#!
!
1U*AB+;!,;,9!8T(>&N;!)D9I!+*NC?.DMJ!&!89IN*!34+(!D,&?!N?9M*+J!&G-*D;#!
!
%&! -9NG(M! 9G! 8-9:-&3I! k70\Z]F^_`! {ot! o! 9-! ck! W'+O! #N,LI'-1! ^U_U`K! 89M9B&! N?I>9?JB9! DBMI>I! D*!
+*34+(#!
52
!
m*D,M.P*!D*!.+D,&M&A*!D>MCGC!N!-SN+2AB!8-?>S!>&D>CG;f!3ID(,*!+*)GT(?*!.+=9-39?&,!=I+>A.!k`V%7]wjRo[]V%!
]%F[oiio[]V%kf!&';!98&>9?C+(!N8-C?;!D8-C?+4!=I+:9?&M9#!
!
<9>&PGJf!>G;P!9'DMIBI)*,*!8T(D,-9)!-/12%,!&!89>&PGJf!>G;P!)*!N34+&!?!GCM>9?J3!+&8C)*+(!34T.@!.+,*+N.,;!
89M*! ?;D(MC! N8-C?I! f#)'g/
 ! 9! 8-989)*+2AB! &! +*8-989)*+2AB! D8(+&@(AB! 89GM*! 89DM*G+(! ?9M';! &! 89GM*!
>9+=.:I-&A*! ?! k`V%7]wjRo[]V%! ]%F[oiio[]V%k! D89MI! D*! N?I>9?23! DBMI>*3! o!+*'9!c!?!NC?.DM9D,.!+&!
89DM*G+(!?9M'4#!
!
7:k.ip, [-,L*+%-! OIE&O-/&! /-W\*#! '-! ,LI'$! OIR/$L#! 2#/2! RE+! ,R$aLD/&! RE&,LS#M-! +,-./* /-W#! 0N\%! W\*I!
OPD/D/I!'#*WI!,\,LZP$!!0123, *!'!N#WDY!0N\!OIE&O-/&!W\*#!'\R/$L#!2#..2Y!O#WSIO-/(!R#*#HI!!0123, *
/I!RE&,LS#M+!+,-./*!I!,0$L-F/(!R#*#HI!RE-R&/IF-!P#H#$!WGL!SJO/ZU!
!
[&,9!=I+>A*!D*!D>MCGC!N*!"!&G-*D!0!8T(>&NS#!
!
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.!?9M.,!).+9I!&G-*DI!D,.D>+4,*!,M&@(,>9!k]%`k!W$KX#!
!
%B_ELQpd]nd/,)w#&/>,h,
,
[&,9!&G-*D&f!)E^EG[,LzK[GM,%,A_,=,WH?9M,*!D8(+&@!o!+*'9!cX;,RE,)*+!8-9!8T*8(+&@*#!
!
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.!?9M.,!A*D,I!cf!D,.D>+4,*!,M&@(,>9!k]%`k!W$KXf!&';D,*!8T*UM.!+&!G&MU(!8T(>&N#!
!
7X\NQTp,)E[,)h%,)w#&/>,%,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
D89MI!D!89DM*G+(3!N?9M*+23!N?I>9?23!DBMI>*3!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
7X\NQTp,)E[,)h=,)w#&/>,=,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
D89MI!D!89DM*G+(3!N?9M*+23!N?I>9?23!DBMI>*3!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
%B_ELQp,dandf,)w#&/>,d!
!
[&,9!&G-*D&f!)E^EG[,LzK[GM,d,%,A_,=,WH?9M,*!89M9BI!D8(+&@*!0!o!+*'9!cX;,D*,89IP(?C!)*+!8-9!8T*8(+&@*#!!
!
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.!?9M.,!A*D,I!cf!D,.D>+4,*!,M&@(,>9!k]%`k!W$KXf!&';D,*!8T*UM.!+&!G&MU(!8T(>&N#!
!
7X\NQTp,)E[,)d%,)w#&/>,%,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
D89MI!D!89DM*G+(3!N?9M*+23!N?I>9?23!DBMI>*3!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
7X\NQTp,)E[,)d=,)w#&/>,=,
,
53
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
D89MI!D!89DM*G+(3!N?9M*+23!N?I>9?23!DBMI>*3!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
%B_ELQp,d%nd',)w#&/>,1!
!
[&,9!&G-*D&f!)E^EG[,LzK[GM,1,%,A_,=,WH?9M,*!89M9BI!D8(+&@*!5!o!+*'9!cX;,D*,89IP(?C!)*+!8-9!8T*8(+&@*#!!
!
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.!?9M.,!A*D,I!cf!D,.D>+4,*!,M&@(,>9!k]%`k!W$KXf!&';D,*!8T*UM.!+&!G&MU(!8T(>&N#!
!
7X\NQTp,)E[,)1%,)w#&/>,%,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
D89MI!D!89DM*G+(3!N?9M*+23!N?I>9?23!DBMI>*3!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
7X\NQTp,)E[,)1=,)w#&/>,=,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
D89MI!D!89DM*G+(3!N?9M*+23!N?I>9?23!DBMI>*3!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
%B_ELQp,d=nd<,)w#&/>,C!
!
[&,9!&G-*D&f!)E^EG[,LzK[GM,d,%,A_,=,WH?9M,*!89M9BI!D8(+&@*!"!o!+*'9!cX;,D*,89IP(?C!)*+!8-9!8T*8(+&@*#!!
!
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.!?9M.,!A*D,I!cf!D,.D>+4,*!,M&@(,>9!k]%`k!W$KXf!&';D,*!8T*UM.!+&!G&MU(!8T(>&N#!
!
7X\NQTp,)E[,)C%,)w#&/>,%,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
D89MI!D!89DM*G+(3!N?9M*+23!N?I>9?23!DBMI>*3!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
7X\NQTp,)E[,)C=,)w#&/>,=,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
D89MI!D!89DM*G+(3!N?9M*+23!N?I>9?23!DBMI>*3!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
un,kUJKL,QHQ^AcA@O,MABHA[W, , , , , , , , , , ,
[&,9!=I+>A*!I39PhI)*!N&?JD,!+&!8*-.=*-+(!N&T(N*+(!D;D,J3I!f#)'g/
 ,&+&M9:9?9I!B9G+9,I!3*N.!O!&!0EK!
?@*,+4#!
!
<9IP(?C!D*!>!T(N*+(!89M9B;!89M&-9,9-I#!
!
[&,9!=I+>A*!D*!D>MCGC!&P!N!0!&G-*D!)*G+9B9!8T(>&NI!&!$!LG&)*#!
!
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!8T(D,I8+C!8-?+(!&G-*D&#!
!
`BA*,*pM.!?9M.,!G-IB9I!&G-*DIf!D,.D>+4,*!,M&@(,>9!k]%`k#!
!
%B_ELQp,C],w9#&',$%(!',
54
[&,9! &G-*D&! w_K[E, @Q^YE, %2, D*! 89IP(?C! >! 8T*+9DI! &+&M9:9?J! B9G+9,;! +&! 8*-.=*-+(! N&T(N*+(!
8-9:-&39?&+JB9!+&!&G-*D*!"/#!
!
<9!>9+,-9M*!8M&,+9D,.!&G-*D;!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!8T(D,I8+2!8-?+(!8T(>&N#!
!
7X\NQTp,%2,
,
b(DM.A9?2!89,*+A.93*,-!W$OX!I39PhI)*!I-@.,!&+&M9:9?9I!B9G+9,If!>,*-9I!ABA*,*f!&!,9!3*N.!O!&!0EK#!
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
%B_ELQp,Ca,w9#&',$%(!',
[&,9!&G-*D&!w_K[E,@Q^YE,%h,D*!89IP(?C!>!8T*+9DI!&+&M9:9?J!!
!
B9G+9,;!+&!8*-.=*-+(!N&T(N*+(!8-9:-&39?&+JB9!+&!&G-*D*!"Q#!
!
<9!>9+,-9M*!8M&,+9D,.!&G-*D;!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!8T(D,I8+2!8-?+(!8T(>&N#!
!
7X\NQTp,%h,
,
b(DM.A9?2!89,*+A.93*,-!W$OX!I39PhI)*!I-@.,!&+&M9:9?9I!B9G+9,If!>,*-9I!ABA*,*f!&!,9!3*N.!O!&!0EK#!
!
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
,
]n,kUJKL,m_EN@EHGE,,, , , , , , , , , , , , , , , ,
,
[&,9!=I+>A*!I39PhI)*!N&?JD,!+&!D,&+.A.!FYo[1!D;D,J3I!f#)'g/
 !=-*>?*+A.!3*N.!$O!$5!wgN#!1;?()*)(!D*!
).+C!8*-.=*-+(!N&T(N*+(!D;D,J3I!Z]F^_`!89IP(?&)(A(!,I,9!=I+>A.#!
!
[&,9!=I+>A*!D*!D>MCGC!N!$!&G-*D;!$!8T(>&NI!&!$!LG&)*#!
!
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!&G-*D&!8T(D,I8+C#!
!
%B_ELQp,S],w9#&',<9'•,
,
[&,9! &G-*D&f! w_K[E, GMQHHE^, <_EgYEHGW, WH&8.U! >&+CM9?9I! =-*>?*+A.X! D*! 89IP(?C! >! 8T*+9DI! &+&M9:9?J!
B9G+9,;! =-*>?*+A*! 3*N.! $O! &! $5! wgN! D! >-9>*3! $! YgNf! >lG9?&+9I! ?! c`Zf! +&! 8*-.=*-+(! N&T(N*+(!
8-9:-&39?&+JB9!+&!&G-*D*!E/#!
!
<9!>9+,-9M*!8M&,+9D,.!&G-*D;!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!8T(>&N!8T(D,I8+2#!
!
7X\NQTp,yyiyyy,{>T,
,
b(DM.A9?2!89,*+A.93*,-!W$OX!I39PhI)*!I-@.,!&+&M9:9?9I!B9G+9,If!>,*-9I!ABA*,*f!&!,9!3*N.!$OfOOO!&!$5fOOO!
wgN#!
!
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
,
an,6KHHAL[,Q,JX\NQTW,JA^AMA@QG\MA,TQX\TEH\,, , , ,
,
55
[&,9!=I+>A*!I39PhI)*!9?MCG&,!?U*AB+;!39P+9D,.!89M9B9?&A(AB!N&T(N*+(!D;D,J3I!f#)'g/
 i,
[&,9!=I+>A*!D*!D>MCGC!N!$$!&G-*D#!!
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!!8T(D,I8+C!8-?+(!&G-*D&#!
,
`BA*,*pM.!?9M.,!).+9I!&G-*DIf!D,.D>+4,*!,M&@(,>9!k]%`k!W$KX#!
,
%B_ELQp,(:.{#&!f',7:),
,
[&,9!&G-*D&!I39PhI)*f!&';!8T(D,-9)!-/12%,N&).D,.M!G.D8M*)!I-@.,2AB!8&-&3*,-S!N*348.D+J!GJM>;!89GM*!3(D,&f!
>G*! D*! 89IP(?C#! 1! NCD&G4! D*! >9+=.:I-I)*! 8-9! ^?-98I#! ~CGC3*! IP.?&,*M*! ?! 3(D,*AB! 8T*>-&@I)(A(AB!KO!„`!
?2AB9G+(!GJM>;!+*'9!KO!„!NC8&G+(!GJM>;f!&';!D.!,*+,9!8&-&3*,-!8T.!8-?+(3!89IP.,(!I8-&?.M.#!cIG*!8&>!39P+9!
)*)! N&?JD,! G9! 8&34,.! &! +*34M9! ';! D*! ).P! >! +43I! 8T.D,I89?&,#! %*+(! ,9! =I+>A*! D;D,J3I! f#)'g/
 , ! &! >!
8*-.=*-+(3!N&T(N*+(3!D*!+*?;D(MC!PCG+C!N8-C?&#!
!
[&,9!&G-*D&!D*!D>MCGC!&P!N*!,T(!8T(>&NS#!
!
<9!>9+,-9M*!8M&,+9D,.!=I+>A*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.!?9M.,!).+J!N*348.D+J!GJM>;f!D,.D>+4,*!,M&@(,>9!k]%`k!W$KXf!&';D,*!D*!G9D,&M.!+&!G&MU(!8T(>&N;#!
!
7X\NQTp,j2€,'%)&,0,j2€/,w')&,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3! kY^YVk! W$"X! N&?*G*! N*348.D+9I! GJM>I! G9! 8&34,.! &! ?-&A(! >*!
D,&+G&-G+(3I!G.D8M*).#!!
,
7X\NQTp,j2€,'%)&,0,h]2€/,'%)&,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3! kY^YVk! W$"X! N&?*G*! N*348.D+9I! GJM>I! G9! 8&34,.! &! ?-&A(! >*!
D,&+G&-G+(3I!G.D8M*).#!!
,
7X\NQTp,j2€,w')&,0,h]2€/,w')&,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3! kY^YVk! W$"X! N&?*G*! N*348.D+9I! GJM>I! G9! 8&34,.! &! ?-&A(! >*!
D,&+G&-G+(3I!G.D8M*).#!!
,
%B_ELQp,>'-#)7>'9',)'('/,
,
[&,9! &G-*D&! I39PhI)*f! &';! 8T(D,-9)! -/12%,N&).D,.M!I-@.,J!8&-&3*,-;!N*348.D+J!U(T>;!89GM*!3(D,&f!>G*!D*!
89IP(?C#! 1! NCD&G4! D*! >9+=.:I-I)*! 8-9! ^?-98I#! ~CGC3*!IP.?&,*M*!+&ABCN*)(A(!D*!+&!).P+(!89M9>9IM.f!&';!D.!
,*+,9!8&-&3*,-!8T.!8-?+(3!89IP.,(!I8-&?.M.#!cIG*!8&>!39P+9!)*)!N&?JD,!G9!8&34,.!&!+*34M9!';!D*!).P!>!+43I!
8T.D,I89?&,#!%*+(!,9!=I+>A*!D;D,J3I!f#)'g/
 ,!&!>!8*-.=*-+(3!N&T(N*+(3!D*!+*?;D(MC!PCG+C!N8-C?&#!
!
[&,9!&G-*D&!D*!D>MCGC!N!0!8T(>&NS#!
!
<9!>9+,-9M*!8M&,+9D,.!&G-*D;!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.!?9M.,!).+9I!N*348.D+9I!U(T>If!D,.D>+4,*!,M&@(,>9!k]%`k!W$KXf!&';D,*!D*!G9D,&M.!+&!G&MU(!8T(>&N#!
!
7X\NQTp,.:9&>,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3! kY^YVk! W$"X! N&?*G*! ! D*?*-+(! 89M9>9IM.! G9! 8&34,.! &! ?-&A(! >*!
D,&+G&-G+(3I!G.D8M*).#!!
,
56
7X\NQTp,):!&>,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3! kY^YVk! W$"X! N&?*G*! ! ).P+(! 89M9>9IM.! G9! 8&34,.! &! ?-&A(! >*!
D,&+G&-G+(3I!G.D8M*).#!!
,
%B_ELQp,j1,f#)%=(',(#-#&!
!
[&,9! &G-*D&f! fKLQF^E, r)Am[q, (KVK[L;, -IU(! ?2AB9G+(! &! NC8&G+(! 3*N*! +&8-9:-&39?&+J! +&! 89M9B9?&A(3!
N&T(N*+(#!
!
<9!>9+,-9M*!8M&,+9D,.!&G-*D;!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!8T(D,I8+2!8-?+(!8T(>&N#!
!
7X\NQTp,',QHB,w,(KVK[L,Amm,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
%B_ELQp,jj,)'&,'%)&,(#-!
!
[&,9!&G-*D&f!)E[,'QL[,r)Am[q,(KVK[;,+&8-9:-&3I)*!?2AB9G+(!3*N!!!89M9B9?&A(B9!N&T(N*+(#!
!
Y*N!9,9@*+(!D34-*3!>!?2AB9GI!W?M*?9X!'IG*!+&D,&?*+&!8T.!D>I,*@+J!89M9N*!39,9-I#!
!
m*pM.! 8T(D,-9)! >9+=.:I-9?C+! 8-9! ).P+(! 89M9>9IM.f! N8-C?&! D;D,J3I! Z]F^_`! 'IG*! &I,93&,.A>;! +&B-&N*+&!
N8-C?9I!&G-*D;!kF*,!{*D,!i.3k#!
!
<9!>9+,-9M*!8M&,+9D,.!&G-*D;!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!!8T(>&N!8T(D,I8+2#!
!
7X\NQTp,(KVK[,',
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
%B_ELQp,ju,)'&,w')&,(#-!
!
[&,9!&G-*D&f!)E[,wEL[,r)Am[q,(KVK[;,+&8-9:-&3I)*!NC8&G+(!3*N!!!89M9B9?&A(B9!N&T(N*+(#!
!
Y*N!9,9@*+(!D34-*3!>!NC8&GI!W?8-&?9X!'IG*!+&D,&?*+&!8T.!D>I,*@+J!89M9N*!39,9-I#!
!
m*pM.! 8T(D,-9)! >9+=.:I-9?C+! 8-9! ).P+(! 89M9>9IM.f! N8-C?&! D;D,J3I! Z]F^_`! 'IG*! &I,93&,.A>;! +&B-&N*+&!
N8-C?9I!&G-*D;!kF*,!^&D,!i.3k#!
!
<9!>9+,-9M*!8M&,+9D,.!&G-*D;!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!!8T(>&N!8T(D,I8+2#!
,
7X\NQTp,(KVK[,w,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
%B_ELQp,j2,)&:7,7:),-:$'!
!
[&,9! &G-*D&f! )[AJ, 7ALK[KAHE_, -A@EVEH[, r>Q^[, -A[A_q, WH&D,&?*+(! 89B;'I! 89M9B9?&A(B9! N&T(N*+(! p!
N&D,&?*+(!39,9-IX;,N&D,&?I)*!89M9B9?&A(!N&T(N*+(f!>G;P!D*!9,C@(#!
57
<9!>9+,-9M*!8M&,+9D,.!&G-*D;!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!!8T(>&N!8T(D,I8+2#!
!
7X\NQTp,>Q^[,
,
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
[*+,9!8T(>&N!)*!N9'-&N9?C+!+&!G.D8M*).f!>G;P!D*!39,9-!9,C@(!89GM*!-SN+2AB!8T(>&NS!kZR]1^k#!
,
%B_ELQp,j],f9#$','%)&!
!
[&,9! &G-*D&f! f_K@E, VA[A_, 'QL[! WV,C@*+(! 39,9-I! ?2AB9G+(3! D34-*3X;, D*! 89IP(?C! >! 8T*+9DI! &+&M9:9?J!
B9G+9,;!+&!89M9B9?&A(!N&T(N*+(!9G89?(G&)(A(!89@,I!>-9>S!+*'9!?,*T.+!9,C@*+(!D34-*3!>!?2AB9GI!W?M*?9X#!
!
m*pM.! 8T(D,-9)! >9+=.:I-9?C+! 8-9! ).P+(! 89M9>9IM.f! N8-C?&! D;D,J3I! Z]F^_`! 'IG*! &I,93&,.A>;! +&B-&N*+&!
N8-C?9I!&G-*D;!kZ-.?*!{^F[k#!
!
[&,9!&G-*D&!3C!&P!0!8T(>&N;!&!$!LG&)#!
!
<9!>9+,-9M*!8M&,+9D,.!&G-*D;!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!!!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.!?9M.,!G-IB2!8T(>&Nf!D,.D>+4,*!,M&@(,>9!k]%`k!W$KX#!
!
7X\NQTp,f_K@E,222,)&'7),
,
b(DM.A9?2!89,*+A.93*,-!W$OX!I39PhI)*!I-@.,!89@*,!>-9>Sf!>,*-J!89P&GI)*,*f!9G!O!G9!$0/#!
!
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!+&D,&?I)*!89M9BI!8T(>&NI!kg&M,k!&G-*D;!kF[V<!<VF!YV1^k#!
!
m*D,M.P*!D*!+*D,.D>+*!PCG+J!,M&@(,>9f!G9)G*!89!0!3.+I,CAB!&I,93&,.A>;!>!+C?-&,I!>*!D,&+G&-G+(3I!G.D8M*).#!
!
7X\NQTp,f_K@E,222,)'/,
,
b(DM.A9?2!89,*+A.93*,-!W$OX!I39PhI)*!I-@.,!G9'I!9,C@*+(f!>,*-9I!89P&GI)*,*f!&!,9!9G!O!G9!KO!?,*T.+#!
!
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!+&D,&?I)*!89M9BI!8T(>&NI!kg&M,k!&G-*D;!kF[V<!<VF!YV1^k#!
!
m*D,M.P*!D*!+*D,.D>+*!PCG+J!,M&@(,>9f!G9)G*!89!0!3.+I,CAB!&I,93&,.A>;!>!+C?-&,I!>*!D,&+G&-G+(3I!G.D8M*).#!
!
%B_ELQp,ja,f9#$',w')&!
!
[&,9! &G-*D&f! f_K@E, VA[A_, wEL[! WV,C@*+(! 39,9-I! NC8&G+(3! D34-*3X;, D*! 89IP(?C! >! 8T*+9DI! &+&M9:9?J!
B9G+9,;!+&!89M9B9?&A(!N&T(N*+(!9G89?(G&)(A(!89@,I!>-9>S!+*'9!?,*T.+!9,C@*+(!D34-*3!>!NC8&GI!W?8-&?9X#!
!
m*pM.! 8T(D,-9)! >9+=.:I-9?C+! 8-9! ).P+(! 89M9>9IM.f! N8-C?&! D;D,J3I! Z]F^_`! 'IG*! &I,93&,.A>;! +&B-&N*+&!
N8-C?9I!&G-*D;!kZ-.?*!^oF[k#!
!
[&,9!&G-*D&!3C!&P!0!8T(>&N;!&!$!LG&)#!
!
<9!>9+,-9M*!8M&,+9D,.!&G-*D;!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!!!8T(D,I8+2!8-?+(!8T(>&N#!
`BA*,*pM.!?9M.,!G-IB2!8T(>&Nf!D,.D>+4,*!,M&@(,>9!k]%`k!W$KX#!
58
7X\NQTp,f_K@E,222,)&'7),
,
b(DM.A9?2!89,*+A.93*,-!W$OX!I39PhI)*!I-@.,!89@*,!>-9>Sf!>,*-J!89P&GI)*,*f!9G!O!G9!$0/#!
!
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3! kY^YVk! W$"X.B+*G! ?;D(MC! 9G89?(G&)(A(! N8-C?I! D;D,J3I! Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!+&D,&?I)*!89M9BI!8T(>&NI!kg&M,k!&G-*D;!kF[V<!<VF!YV1^k#!
!
m*D,M.P*!D*!+*D,.D>+*!PCG+J!,M&@(,>9f!G9)G*!89!0!3.+I,CAB!&I,93&,.A>;!>!+C?-&,I!>*!D,&+G&-G+(3I!G.D8M*).#!
!
7X\NQTp,f_K@E,222,)'/,
,
b(DM.A9?2!89,*+A.93*,-!W$OX!I39PhI)*!I-@.,!G9'I!9,C@*+(f!>,*-9I!89P&GI)*,*f!&!,9!9G!O!G9!KO!?,*T.+#!
!
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!+&D,&?I)*!89M9BI!8T(>&NI!kg&M,k!&G-*D;!kF[V<!<VF!YV1^k#!
!
m*D,M.P*!D*!+*D,.D>+*!PCG+J!,M&@(,>9f!G9)G*!89!0!3.+I,CAB!!
&I,93&,.A>;!>!+C?-&,I!>*!D,&+G&-G+(3I!G.D8M*).#!
!
%B_ELQp,j%,)&:9',)%&,7:)!
!
[&,9! &G-*D&f! )[A_E, LQ[E^^K[E, 7ALK[KAH;, D*! 89IP(?C! >! IM9P*+(! 89M9B;! D&,*M.,S! G9! 8&34,.! +&! 89M9B9?&A(3!
N&T(N*+(#!
!
[&,9!&G-*D&!3C!&P!0!8T(>&N;!&!$!LG&)#!
!
<9!>9+,-9M*!8M&,+9D,.!&G-*D;!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!!!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.!?9M.,!G-IB2!8T(>&Nf!D,.D>+4,*!,M&@(,>9!k]%`k!W$KX#!
!
7X\NQTp,)[A_,9Em7ALK[KAH,
,
[*+,9!8T(>&N!I39PhI)*!IM9P*+(!?N,&P+J!89M9B;!O„!G9!8&34,.!89M9B9?&A(B9!N&T(N*+(#!
!
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3! kY^YVk! W$"X.B+*G! ?;D(MC! 9G89?(G&)(A(! N8-C?I! D;D,J3I! Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
7X\NQTp,)[A_E,)%&,.€,,
,
b(DM.A9?2!89,*+A.93*,-!W$OX!I39PhI)*!I-@.,!89@*,!D&,*M.,Sf!>,*-2!89P&GI)*,*f!&!,9!9G!$!G9!"O#!
!
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
!
%B_ELQp,j=,f9#$',-:&:9!
!
[&,9!&G-*D&f!{A,)Q[E^^K[E,7ALK[KAH;,D*!89IP(?C!>!+&D,&?*+(!39,9-I!G9!89M9B;!D&,*M.,Sf!>,*-C!)*!IM9P*+&!?!
8&34,.#!
!
[&,9!&G-*D&!3C!0!8T(>&N;!&!$!LG&)#!
!
<9!>9+,-9M*!8M&,+9D,.!&G-*D;!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!!!8T(D,I8+2!8-?+(!8T(>&N#!
`BA*,*pM.!?9M.,!G-IB2!8T(>&Nf!D,.D>+4,*!,M&@(,>9!k]%`k!W$KX#!
59
7X\NQTp,{A[A,9Em7ALK[KAH,
,
[*+,9!8T(>&N!I39PhI)*!+&D,&?.,!39,9-!G9!?N,&P+J!89M9B;!O„!IM9P*+J!?!8&34,.!89M9B9?&A(B9!N&T(N*+(#!
!
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
,
7X\NQTp,{A[A,)%&,.€,,
,
b(DM.A9?2!89,*+A.93*,-!W$OX!I39PhI)*!I-@.,!89@*,!D&,*M.,Sf!>,*-2!89P&GI)*,*f!&!,9!9G!$!G9!"O#!
!
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!+&D,&?I)*!89M9BI!8T(>&NI!kg&M,k!&G-*D;!kF[V<!<VF!YV1^k#!
,
m*D,M.P*!D*!+*D,.D>+*!PCG+J!,M&@(,>9f!G9)G*!89!0!3.+I,CAB!&I,93&,.A>;!>!+C?-&,I!>*!D,&+G&-G+(3I!G.D8M*).#!
,
%B_ELQp,j,<,/%(/!(%&',7:)!
!
[&,9! &G-*D&f! r9E0q/Q^GY^Q[E, )Q[E^^K[E, 7ALK[KAHL, W<T*89@*,\?289@*,! 89M9B! D&,*M.,SX;, D*! 89IP(?Cf! &';! ';M!
.+D,&M&@+(!,*AB+.>!?;'&?*+!G9G&,*@+23!8-9D,T*G>*3!8-9!+&D,&?*+(!&+,J+;#!
!
b.++9D,!8T(>&NS!,J,9!&G-*D;!3SP*!'2,!-SN+C!89GM*!?2-9'A*!89M9B9?&A(B9!N&T(N*+(#!<T*G!89IP.,(3!8T(>&NS!,J,9!
&G-*D;!)*!GSM*P.,J!D*N+C3.,!D*!D!89>;+;!?2-9'A*!8-9!89IP.,(#!
!
[&,9!&G-*D&!3C!"!8T(>&N;#!
!
<-?+(!8T(>&N!)*!+*NC?.DM2f!&?U&>!5!G&MU(!)D9I!+&!D9'4!NC?.DMJ!&!N8-C?&!D;D,J3I!Z]F^_`!9'D&BI)*!B9G+9,I!
N?9M*+9I!8-9!,;,9!5!8T(>&N;#!
!
<9!>9+,-9M*!8M&,+9D,.!&G-*D;!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!!!8T(D,I8+2!8-?+(!8T(>&N#!
!
`BA*,*pM.! ?9M.,! G-IB2! 8T(>&Nf! D,.D>+4,*! ,M&@(,>9! k]%`k! W$KX#! 1! ,93,9! 8T(8&G4! D*! G989-I@I)*! 8T.BMJG+9I,!>!0!
N'2?&)(A(3!8T(>&NS3f!8-9,9P*!8&-&3*,-;!';!39BM;!'2,!?!-9N89-I#!
!
7X\NQTp,)E[,7ALHL,%!&:,
,
[*+,9! 8T(>&N! I39PhI)*f! &';! 89M9B9?&A(! N&T(N*+(! &I,93&,.A>;! 8T*89@(,&M9! 89M9BI! ?U*AB! D&,*M.,S! 89GM*!
?N,&P+J!89M9B;#!
!
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!?-&A(!>*!D,&+G&-G+(3I!G.D8M*).#!
,
7X\NQTp,)E[,7AL)%&,.€,,
,
b(DM.A9?2!89,*+A.93*,-!W$OX!I39PhI)*!I-@.,!89@*,!D&,*M.,Sf!>,*-2!89P&GI)*,*f!&!,9!9G!$!G9!"O#!
!
<9!>9+,-9M*!8M&,+9D,.!LG&)*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!!!&I,93&,.A>;!8T(D,I8+2!G&MU(!8T(>&N#!
!
7X\NQTp,)E[,e0$Q^YE,
,
b(DM.A9?2!89,*+A.93*,-!W$OX!I39PhI)*!I-@.,!N*348.D+9I!GJM>I!
>,*-9I!89P&GI)*,*f!&!,9!3*N.!O!&!0EK„#!
!
60
<9!>9+,-9M*!8M&,+9D,.!LG&)*!8-9?*G*+J!,M&@(,>*3!kY^YVk!W$"X!)*!!!!&I,93&,.A>;!8T(D,I8+2!G&MU(!8T(>&N#!
!
7X\NQTp,)E[,x0$Q^YE,
!
b(DM.A9?2!89,*+A.93*,-!W$OX!I39PhI)*!I-@.,!N*348.D+9I!U(T>If!>,*-9I!89P&GI)*,*f!&!,9!3*N.!O!&!QO„#!
!
a9+,-9M&! 8M&,+9D,.! 8-9?*G*+C! ,M&@(,>*3!kY^YVk!W$"X!.B+*G!?;D(MC!9G89?(G&)(A(!N8-C?I!D;D,J3I!Z]F^_`,
'*N,N?I>9?JB9!DBMI>I!&!+&D,&?I)*!89M9BI!8T(>&NI!kg&M,k!&G-*D;!kF[V<!<VF!YV1^k#!
,
m*D,M.P*!D*!+*D,.D>+*!PCG+J!,M&@(,>9f!G9)G*!89!0!3.+I,CAB!&I,93&,.A>;!>!+C?-&,I!>*!D,&+G&-G+(3I!G.D8M*).#!
,
e#,&EGMHKGNO,JATHUVNW,, , , , , , , , , , , , , , , , , ,
,
a9+D,-I>A*! 8T(D,-9)*! -/12%, )*! N&M9P*+&! +&! GS3;DM+2AB! ,*AB+9M9:.(AB#! m*! N! QO• ! DM9P*+&! N*! D9I@CD,*>!
89?-AB9?J!39+,CP*!WFYZ!p!D9I@CD,>;!8-9!89?-AB9?9I!39+,CPX!&!?4,U.+&!)*).AB!8&D(?+(AB!8-?>S!3C!?*M3.!
3&MJ!-9N34-;!WOKO5Xf!A9P!3&|.3CM+4!N&'-&hI)*!?;N&T9?C+(#!
<T(D,-9)! -/12%, ! D*! D>MCGCf! '*N! N&B-+I,(! [1! 9'-&N9?>;f! ! N! ?(A*! )&>! $5EO! D9I@CD,(! I! >,*-2AB! D*! +&?(A!
89IP(?&)(! 9'?9G;! ]D8iF]! WD! ?*M>9I! .+,*:-&A(!D*!DAB98+9D,(!D;D,J39?JB9!+&8-9:-&39?C+(Xf!>,*-J!+&B-&NI)(!
+4>9M.>!D,9?*>!D9I@CD,(#!
!
!!
hhihn,)[_YlHI,JAJKL,BELEN, ,
,
-bXKl,KH[EHTK[W,JA^E,-/12%,,D*!D>MCGC!N!/!G*D*>!D!,.U,4+23.!9'?9G;!W<-.+,*G!`.-AI.,D!c9&-GD!p!<`cX!
!
hhihihn,f')*%,7/=,),.%7t8'.5-,
,
%&8C)*+(!N&B-+I)*!0!8T*8(+&A(!+&8C)*+(#!
!
<-?+(!W551X!)*!I-@*+9!89IN*!8-9!+&8C)*+(!M&G.A(B9!N&T(N*+(#!
Z-IBJ!W0"!1X!N&).U}I)*!GCM>9?J!+&8C)*+(f!>G;P!)*!8T(D,-9)!-/12%,!!
?!@.++9D,.!+*'9!D*!+&'()*)(!'&,*-.*#!
!
R*:IM&A*! ?U*AB! +&84,(! D*! 8-9?CG(! 9GG4M*+23.! -*:IMC,9-;f! 89GM*!+&84,(!+*'9!=I+>A*#!1U*AB+;!-*:IMC,9-;!
)D9I!8T.8*?+4+;!>!-9N8,;M9?J3I!'M9>I!89G!<`c#!
!
%&! ?2D,I8I! GCM>9?JB9! +&8C)*+(! N&).U}I)*! :*+*-C,9-! 89,T*';! 8939A+JB9! +9D+JB9! D.:+CMI! &! D;D,J3I!
Z]F^_`#!
!
<9).D,>&!5f$E!o!8T.8*?+4+C!>!9')(3A*!&!?M9P*+C!G9!$0!1!?D,I8I!AB-C+(!+&8C)*+(!8-9,.!NC34+4!89M&-.,#!
!
`*MJ! T(N*+(! +&8C)*+(! M9:.>9I! )*! N&).U,4+9! 9'?9G;! ]D8iF]! W8-9:-&39?&,*M+C! M9:.>&X! D! ! $OOO! B-&GM;f! >,*-C!
>93I+.>I)*!D!3.>-98-9A*D9-*3#!%&8C)*+(!+*3SP*!8-&A9?&,f!+*+(pM.!8T.89)*+9!>!3.>-98-9A*D9-I#!
!
12D,I8!GCM>9?JB9!+&8C)*+(!)*!AB-C+4+!8-9,.!8T*,(P*+(3!&!N>-&,S3#!m*!,&>J!AB-C+4+!8-9,.!8T.89)*+(!>!?+4)U(3!
D,*)+9D34-+23! +&84,(3!3*N.!uEO188!&!EO188!?@*,+4!+*'9!D,T(G&?J3I!+&84,(!D!3&|.3*3!5E1!*=*>,.?+(!
B9G+9,;#!
!
*QZBO,,@HbRD\,HQJb[\,@b[D\,HEZ,[W[A,VETE,FW,VAM^A,@OL[,NE,THKlEH\,BU^NA@OMA,HQJUREH\i,
,
<9-IAB&!GCM>9?J!+&8C)*+(!89!89IP.,(!?+4)U(B9!+&84,(!?4,U(B9!+*P!9AB-&+&!+*+(!D&39NT*)34!>-;,&!NC-I>9I#!
!
61
aG;P!D*!D8ID,(!GCM>9?J!+&8C)*+(!9')*?(!D*!N8-C?&!kFgVR[!`]R`j][!R^YV[^!<V{^R!Fj<<itk!WH>-&,!+&!
GCM>9?J3!+&8C)*+(Xf!.!>G;P!>*!?D,I8I!8T(D,-9)*!+*+(!+.A!8T.89)*+9#!,!
!!!!
!hhihidn,f')*%,7/=,-#*9:79:/'):9!,
,
V'?9G!3.>-98-9A*D9-I!)*!?*!D,T*GI!8T(D,-9)*#!
!
F>MCGC!D*!N!3.>-98-9A*D9-I!H.M9:!H/"`!$E!&!9'?9GS!D!8-9:-&39?&,*M+9I!M9:.>9I!]D8iF]!i&,,.A*!50EKof!D*!
$$OO!B-&GM;#!
!
`*)AB9?&A(! G&,&! 8T(D,-9)*! -/12%, ! )D9I! ?! A*MJ3! >938M*|I! IM9P*+&! &! )D9I! ?! 8&34,.! RoYf! &M*! ,&>J! ?!
8&34,*AB!0^0<RVYf!?;D>;,+*pM.!D*!8-9'MJ3!+&!8&34,.!RoY#!
!
Z*D>&!3.>-98-9A*D9-I!9'D&BI)*!,J34T!QO• !?*U>*-J!M9:.>;!8T(D,-9)*#!
!
<&34}!^<RVYf!>,*-C!9'D&BI)*!8-9:-&3;!8T(D,-9)*!-/12%,!)*!8T.8*?+4+&!>!NCDI?A*!&!3SP*!D*!D*!N34+9I!
D9=,d&-I!34+.,#!
!
<-9:-&3!$0!8T(D,-9)*!-/12%,!3SP*!>9+,-9M9?&,!L-9?*h!W?*-N.X!D9=,d&-I#!
,
hhihi1n,f')*%,),%.%(:{:$+-#,:=$:fx,
,
o%oiVwV1n! 9'?9G;! )D9I! +&! G*DA*! <`c! D! ,.U,4+23.! 9'?9G;! D*! "! ?-D,?&3.f! &';! D*! N&).D,.M&! )&>9D,!
NC>M&G+(AB!8MC+S#!
!
V'D&BI)*!,.U,4+2!9'?9G!?D,I8I!&,*+IC,9-I!?!8&+AJT9?J!D>T(+.f!89N*3+(!&!D&,*M.,+(!M&G.A(!9'?9G;f!34T.A(!@CD,!
D.:+CMI!&!G*39GIM&@+(!@CD,#![;,9!G?4!@CD,.!)D9I!AB-C+4+;!8&+AJT*3!D!>9?9?23!?(>*3#!
!
1U*AB+;!8T(>&N;!8T.ABCN*)(!N!9'?9GI!3.>-98-9A*D9-I!&!?U*AB+&!34T*+(!&!G*39GIM&A*!)D9I!8T*+CU*+;!+&!
D,*)+2!9'?9G#!
!
hhihiCn,f')*%,%&'.!t&:9!,
,
mG*!9!G*D>I!7R"!/\$O!D!,.U,4+23.!9'?9G;!>!N&).U,4+(!?;-9?+&+2AB!.38*G&+A(#!
!
V'D&BI)*!A*M9I!?D,I8+(!@CD,!8T(D,-9)*!-/12%f!N*D.M9?&@*!&!N*DM&'9?&@*#!
!
m*!.+D,&M9?C+&!?*!D?J!D>T(+.!&!8T.89)*+&!>!o%oiVwV1qY!9'?9GS3#!
!
f}('"#&~p!
,
a&PG2! 8T(D,-9)! -/12%, ! )*! A*)AB9?C+! .+G.?.GICM+4! +&! :*+*-C,9-I! YoR`V%]! ,;8I! 0O0"f! >,*-2! >93I+.>I)*!
&I,93&,.A>;!D!-/12%!8T*D!D'4-+.A.!RF050#!`*)AB9?C+(!D*!8-9?CG(!8-9!>&PG9I!=-*>?*+A.!&!L-9?*h!D.:+CMI#!
`*M>9?C!G9'&!A*)AB9?C+(!8T(D,-9)*!)*!NB-I'&!$!B9G.+&!5O!3.+I,#!
!
•G&)*!9!A*)AB9?C+(!)D9I!IM9P*+;!?!8&34,.!RoY!&!,&>J!?!8&34,*AB!0!^0<RVY!8-9!8T(8&G!?N+.>I!8-9'MJ3S!D!
8&34,(!RoY#!
!
<T.!D?J!@.++9D,.!-/12%,BM*GC!?*!D?J!8&34,.!RoY!8&-&3*,-;!>&PGJ!=-*>?*+A*!&!D>I,*@+9I!L-9?*h!D.:+CMI!
9G89?(G&)(A(!>&PGJ!?D,I8+(!L-9?+.#!
!
[*+,9!89D,I8!I39PhI)*!M*8U(!8T*D+9D,!=-*>?*+A*!&!,9!8-9!A*M2!-9ND&Bf!>,*-2!+&'(N(!8T(D,-9)!-/12%i,,
,
62
<-9!IG-P*+(!D?J!8T*D+9D,.!?2U*!I?*G*+J!"!G*D>;!)D9I!+*-9N89).,*M+J!&!+*+(!39P+J!?;34+.,!)*G+I!N!+.ABf!
&+.P!';!D*!8T*A*)AB9?&M!A*M2!8T(D,-9)#!!
,
hhihiSn,f')*%,74'f.5>:,7%.'(!,
,
m*!,9!G*D>&!<`cf!>,*-C!9'D&BI)*!?U*AB+&!3*AB&+.A>C!,M&@(,>&!WaFoXI3(D,4+C!89G!8T*G+(3!8&+*M*3!D89MI!
D*!D?(,.?23.!G.9G&3.!i^Z#!
!
V'D&BI)*!,&>J!G.D8M*)!D!,*>I,23.!>-;D,&M;!Wi`ZX!D*!0!TCG>;!&!$K!N+&>;#!
!
hhihijn,74'75.%/5,f')*%,,
,
[&,9! G*D>&! <`c! 8T.8*?+4+C! >! ! 8T*G+(3I! 8&+*MI! 8T(D,-9)*! D*! D>MCGC! N*! "! 89M9B9?JB9! 8T*8(+&@*!
?;8+I,9\N&8+I,9\+&'()*+(!&!@(DM.A9?2!>9GJ-#!V'D&BI)*!,&>J!G.9G;f!>,*-J!AB-C+(!?D,I8;!GCM>9?JB9!+&8C)*+(!&!
+&'()*+(#!
!
hhihiun,f')*%,7:&'./#:-'&9!,
,
[&,9!G*D>&!<`c!8T.8*?+4+C!>!8T*G+(3I!8&+*MI!8T(D,-9)*!9'D&BI)*!5!89,*+A.93*,-;!8-9!8T(>&N;!39+.,9-I#,
,
hhihi]n,f')*%,&$,,
,
[1!39+.,9-!+*+(!?;-C'4+!=.-39I!7^i^`#!m*!,9!*|,*-+(!39+.,9-!N&@M*+4+2!G9!8T(D,-9)*!-/12%i,!
!
hhidn,)WL[OVA@O,TJ_U@W,
,
-bXKl, KH[EHTK[W, JA^E, -/12%, )*! 8T(D,-9)! T(N*+2! 3.>-98-9A*D9-*3#! <-9,9! )*! )*B9! =.M9D9=.(! @.++9D,.! =.M9D9=.*!
89@(,&@*#!
!
<T.!>&PGJ3!>-9>I!@.++9D,.!8-9?CG(!3.>-98-9A*D9-!I-@.,9I!T&GI!>9+,-9M!&!+&!G.D8M*).!D*!39B9I!D*!N9'-&N9?&,!
N8-C?;#!
!
[&,9!>&8.,9M&!)*!?4+9?C+&!-SN+23!D;D,J39?23!N8-C?C3f!>,*-J!D*!39B9I!9')*?.,!+&!9'-&N9?A*#!
,
hhidihn,7AYZK[\,, ,
,
,
hhidihih,)JYD[bH\,JX\L[_ARE,
,
kAB*A>!3*39-;k!
!
yAB*A>!3*39-;z!
[*D,!D9I?.DM9D,.!8&34,.!8T.!D8IU,4+(!
zd&.,!$!D*A###z!
<&-&3*,-;f!>,*-J!D*!,*D,I)(!)D9Ie!
p!>938&,.'.M.,&!?*-N*!D9=,d&-I!
p!>9+,-9M+(!D9I@*,!8&34,.!RoY!
p!N34+&!?*-N*!D9=,d&-I!
zFV7[{oR^!1^RF]V%z!
<9IP(?&+C! ?*-N*! 8&34,.! RVY! +*+(! >938&,.'.M+(! D! RVY! ?*-N(!
y%V[!`VY<o[]ci^z!
89IP(?&+9I!8-9!A*)AB9?C+(#!
]G*+,.=.>&@+(!>lG!D9=,d&-I!+*+(!8M&,+2#!
zFtF!cVV[!{oR%]%wz!
F;D,J39?J!8&-&3*,-;!&!G&,&!A*)AB9?C+(!D*!'IG9I!N+9?I!N&?CG4,#!
yjF^!Y^YV![V!Rj%z!
F;D,J39?J!8&-&3*,-;!'IG9I!N&34+4+;!B9G+9,&3.!?!RVY#!
Z9!G&,!A*)AB9?C+(!'IG9I!N&?*G*+;!B9G+9,;!N!8&34,.!^^<RVY!
!
H8-C?&!D*!N9'-&N(!+&!G.D8M*).!8T*G!N&?*G*+(3!+9?2AB!B9G+9,#!
63
zR*D,9-*!G&,&z!
yd&.,!0O!D*A###z!
`BA*,*pM.!89>-&@9?&,!?*!D8IU,4+(!&!NC34+4!B9G+9,f!D,.D>+4,*!Y*39#!
F;D,J3!D*!3SP*!N+9?I!N&?JD,f!)*D,M.P*e!
p!>9+,-9M+(!DI3;!RoY!+*9G89?(G&)(!
p!?*-N*!D9=,d&-I!?!RVY!)*!9GM.U+C!
p!8T.!D8IU,4+(!)*!D,.D>+I,9!,M&@(,>9!Y*39#!
V'+9?*+(!G&,!A*)AB9?C+(f!8T.!+9?J3!N&?CG4+(!D;D,J3I!G9!8&34,.!D*!
G9! RoY! N&?CG4)(! N! ^^<RVY! D;D,J39?J! .+=9-3&A*! ! !&!IP.?&,*MD>C!
,&'IM>&!>&+CMS#!
`<j!+*+(!39P+9!D8ID,.,f!8-9,9P*!+*+(!N+C3!-*P.3!+&8C)*+(#!
%*+(!+&'()*A(f!'&,*-.9?2!&+.!*|,*-+(#!
`<j!+*+(!39P+9!D8ID,.,f!8-9,9P*!+&8C)*A(!+&84,(!)*!8T(M.U!+(N>J#!
zA&++9,!D,&-,z!
yj+>9+d+!39G*z!
z`&++9,!D,&-,z!
yFI88M;!,99!M9dz!
yM9&G!D;D,*3z!
F8IU,4+(!D;D,J3I!!?!+&'()*A(3!-*P.3I#!
yAB&-:*!39G*z!
yM9&G!D;D,*3z!
F8IU,4+(!D;D,J3I!?!*|,*-+(3!-*P.3I#!
y*|,*-+&M!39G*z!
yM9&G!D;D,*3z!
F8IU,4+(!D;D,J3I!?!'&,*-.9?J3!-*P.3I#!
y'&,,*-;!39G*z!
yA&M.'-&,.9+!•••z!
`*)AB9?C+(! 8T(D,-9)*! +*+(! G9>9+@*+9#! `BA*,*pM.! 89>-&@9?&,! ?*!
yjD*!3*39!,9!-I+z!
D8IU,4+(!D,.D>+4,*!Y*39#!
,
hhididn,*AVJQ[KFK^K[Q,LAm[zQ_Y,
,
$$#0#0#$\!]G*+,.=.>&A*!D9=,d&-I!
1.G.,*M+2!T*,4N*A!$K!';,Se!kiVweY`5$#&'#AAGGk!
F>-;,2!T*,4N*A!0!';,Se!BB!
,
&e!
]G*+,.=.>C,9-!,;8I!8&34,.!
m*G+9!8(D3*+9!NC?.D(!+&!G-IBI!8&34,.e!
p`e!A*)AB9?C+(!
pje!89IP.,(!
pYe!&>,I&M.N&A*!IP.?&,*MD>J!,&'IM>;!>&+CMS!
'e!
]G*+,.=.>C,9-!?*-N*#!
b(DM9!9G!$!G9!Q!9N+&@I)(A(!?*-N.!?!-C3A.!,;8I!
AAe!
]G*+,.=.>C,9-!G(M@(!?*-N*#!
b(DM9!?!G*D(,>9?J!D9ID,&?4!9G!OO!G9!QQ!I-@I)(A(!G(M@(!?*-N.!?!-C3A.!,;8I!
&!?*-N*#!
GGe!
]G*+,.=.>C,9-!,*D,I!?*-N*#!
b(DM9! ?! G*D(,>9?J! D9ID,&?4! 9G! OO! G9! QQ!I-@I)(A(!?*-N.!,*D,I!?!-C3A.!
,;8If!!?*-N.!&!G(M@(!?*-N.#!
BBe!
]G*+,.=.>C,9-!>938&,.'.M.,;!8&34,.#!
<(D3*+9! &! @(DM9! 9G! $! G9! Q! W?.N! &'X#! b(DM9! 9G89?(GC! :*+*-.A>J3I!
.G*+,.=.>C,9-I!?*-N*#!!
H*! N&@C,>I! ,*+,9! .G*+,.=.>C,9-! 89D>;,I)*! 8&34}! 8T.! N&?CG4+(! G9!
8&34,.#!
<(D3*+9! 8-9,9! 'IG*! 3ID*,! '2,! y`zf!8-9,9P*!8&34}!)*!A*)AB9?&A(B9!
,;8I#!
<-9!9D,&,+(!,;8;!8&34,.!3ID(!'2,!,9,9!8(D3*+9!,&>J!y`zf!8-9,9P*!,*D,!
>938&,.'.M.,;!)*!8-9?CG4+!D!89IP.,(3!,9B9,9!.G*+,.=.>C,9-I#!
,
$$#0#0#0#\!a938&,.'.M.,&!89IP.,(!8&34,.,
,
64
<9IP.,(! 8&34,.! 3SP*! 8-9'(B&,! ! +&! 8T(D,-9).! )*+! ,*BG;f! >G;P! )*B9! .G*+,.=.>C,9-! >938,&'.M.,;! )*! ,9,9P+2! D!
.G*+,.=.>C,9-*3!8&34,.!89IP(?&+23!8T.!A*)AB9?C+(#!
<(D3*+9!>938&,.'.M.,;!)*!k`k#!
]G*+,.=.>C,9-!?*-N*!3ID(!'2,!D,*)+2f!)&>9!.G*+,.=.>C,9-!A*)AB9?C+(!8&34,.#!
,
<9IP.,(!
`*)AB9?C+(!
!
iVweY`5$#j$#||||!
iVweY`5$#`$#||||!!>938&,.'.M+(!
iVweY`5$#j$#||||!
iVweY`5$#`$#||||!!+*>938&,.'.M+(!
!
7AYZK[\,Q,GERGMA@UH\,B\^l\,@E_TE,[OZE,@E_TE,VYL\,FI[,NAVJQ[KFK^H\i,
,
m*D,M.P*!89!N34+4!B&-Gd&-If!89!8-&A9?+(AB!+*'9!A*)AB9?&A(AB!89D,I8*AB!+*'IG*!39P+9!,I,9!>938&,.'.M.,I!
N&).D,.,f!@(DM9!?*-N*!D*!3ID(!N34+.,#!
1!8T(8&G4f!>G;P!?*-N*!+*)D9I!>938&,.'.M+(f!+&!G.D8M*).!D*!N9'-&N(!N8-C?&!
!
kFV7[{oR^!1^RF]V%k!
k%V[!`VY<o[]ci^k!
!
&!8T(D,-9)!N&D,&?(!D?9I!@.++9D,#!
!
a!)*B9!D8IU,4+(!3ID(,*!N&D,&?*+2!8T(D,-9)!?;8+9I,!&!?M9P.,!G9!8T(D,-9)*!).+9If!>938&,.'.M+(!8&34}#,
,
hhidi1n,)JAYD[bG\,BKQc_QV,TQX\TEH\,-/12%,, , , , , , , ,
,
]+A.&M.N&A*!D;D,J3I!
!
!
m*!D9=,d&-*!>938&,.'.M+(•!
+*! zFV7[{oR^!1^RF]V%!y!
y%V[!`VY<o[]ci^z!
m*!>9+,-9M+(!D9I@*,!RoY!?!89TCG>I•!
+*! zFtF!cVV[!{oR%]%wz!
yjD*!3*39!,9!-I+z!
H34+.M&!D*!?*-N*!D9=,d&-I•!
&+9! m*!89IP.,9!,M&@(,>9!Y*39•!
m*!89IP.,9!,M&@(,>9!Y*39•!
&+9! V'+9?.,!A*)AB9?&A(!LG&)*!
V'+9?.,!,9?C-+(!8&-&3*,-;!
R*P.3!+&8C)*+(!
+*! y`o%%V[!F[oR[z!
?+4)U(\'&,*-.9?2\+&'()*+•!
yj%a%V{%!YVZ^z!
!
!
!
!!!!!!!!&+9!
!
R*P.3!+&8C)*+(!
?+4)U(\'&,*-.9?2\+&'()*+(•!
!
!
!
m*!+&8C)*A(!+&84,(!?!89TCG>I•!
+*! y`o%%V[!F[oR[z!
yFj<<it![VV!iV{z!
!
!
m*!+&8C)*A(!+&84,(!?!89TCG>I•!
!
!
!
m*!8-9?*G*+9!A*)AB9?C+(•!
!
z`&M.'-&,.9+•••z!
yjD*!Y*39!,9!-I+z!
!
!
!
!
!
m*!89IP.,9!,M&@(,>9!Y*39•!
!
!
!!!!!!!!!!!!&+9!
a9+*A!N&?CG4+(!G9!8&34,.!
!
!
F,&+G&-G+(!G.D8M*)!
,
,
,
65
,
,
e##,kU_YNQ, , , , , , , , , , , , , , , , , , , , , , , ,
,
7.-3&,%.&'/>,LJA^i,L,_iAi,D*,I!?&U*B9!8T(D,-9)*!N&-I@I)*!N&!?&G+J!D9I@CD,.!&!AB;'+J!8-9?*G*+(!89!G9'I!
$0!34D(AS!9G!8-9G*)*f!&!,9!D!?2).3>9I!9'-&N9?>;!&!'&,*-.*f!>,*-J!3&)(!K!34D(@+(!NC-I>I#!
!
7.-3&!o%[^`g!D89M#!D!-#9#!D*!N&?&NI)*f!P*!98-&?(!8T(D,-9)!N&!+CDM*GI)(A(AB!89G3(+*>f!)*D,M.P*!'4B*3!NC-I@+(!
G9';!?N+.>+9I!)&>J>9M.!8-9'MJ3;!>?SM.!NC?&G+J!D9I@CD,.!+*'9!AB;'+J!?2-9'4#,
,
,
,
hdih,7ABV\HNW,TU_YNW,
,
$X!HC-I@+(!D*-?.D!)*!8M&,+2!)*+!89!8T*GM9P*+(!8S?9G+(!=&>,I-;!8-9G*)A*!D!I?*G*+(3e!
p&X!)3J+&!&!&G-*D;!>I8I)(A(B9!
p'X!)3J+&!&!&G-*D;!8-9G*)A*!
pAX!,;8I!&!?2-9'+(B9!@(DM&!8T(D,-9)*!!
pGX!G&,&!+C>I8I!
!
m*D,M.P*!'IG9I!,;,9!LG&)*!89N34+4+;f!8T*U>-,+I,;!+*'9!?;3&NC+;f!'IG*!NC-I>&!89?&P9?C+&!N&!+*8M&,+9I#!
!
0X!HC-I>&!+*89>-2?C!+CDM*GI)(A(!8-?>;e!
!
&X!%&D,&?9?C+(!&!8*-.9G.A>J!>9+,-9M;f!LG-P'I!&!?234+I!D9I@CD,(!?!GSDM*G>I!+9-3CM+(B9!989,T*'*+(!,
,
'X!<T*8-&?+(!?2G&)*!&!-.N.>&!W8T(D,-9)!)*!?PG;!8T*?CP*+!+&!-.N.>9!NC>&N+(>&X!
!
H8C,*@+(!89U,9?+J!N&8M&,(!NC>&N+(>#!
!
AX!HC?&G;!+*N8SD9'*+J!NC?&G+9I!D9I@CD,(!+*'9!AB;'+23!8-9?*G*+(3e!
!
p!<9IP.,(!?!-9N89-I!D!89>;+;!8-9!9'DMIBI!&!LG-P'I!
p!`B;'+J!89IP.,(f!N&+*G'C+(f!+CB9G+J!89-IU*+(f!NM2!L3;DM!
p!<9IP.,(!).+Jf!+*P!8-9!>,*-J!)*!8T(D,-9)!I-@*+!
p!%*B9G&!+*'9!)&>C>9M.!?+4)U(!IGCM9D,!)&>9!LG*-;!'M*D>If!NC8M&?;f!89PC-!&,G#!
p!%*G9D,&,*@+C!?*+,.M&A*!
p!•8-&?;!?2-9'>I!+*'9!98-&?;!8-9?*G*+J!+*98-C?+4+23!,*AB+.>*3!
!
5X![&,9!ID,&+9?*+(!+*3&)(!?M.?!+&!NC>9++C!8-C?&!NC>&N+(>&!&+.!+&!8-C?&!>I8I)(A(B9!?NBM*G*3!>!8-9G*)A.!?!
GSDM*G>I! 8-9G*)+(! D3M9I?;! 3*N.! ,43.,9! G?43&! D,-&+&3.#! %*?D,9I8(pM.! ?! 8M&,+9D,! ).+C! +C-9G+(! NC>9++C!
98&,T*+(f! 8-C?&! NC>&N+(>&! )D9I! 93*N*+&! +&! D9I@&D+9I! NC-I>I#! 7.-3&! o%[^`g! D89M#! D! -#9#! +*3SP*!3(,!
PCG+9I!).+9I!N9G89?4G+9D,!+*P!,If!>,*-C!)*!D89)*+&!D!89G3(+>&3.!,J,9!NC-I>;#!
66