Stažení (~2.9 MB)

Transkript

Stažení (~2.9 MB)
!"#$%&'()"%*Č'"+(%,*-."%,/'"000
1",#('$*(%2(3)456$*(%75*585
™
7Ĥ)%#(%95)':0
;,(%,<$65)6(*=>%*Č8'=%4%"<Ĝ?.'=0
;,(%,(6'=>%@"3)4<6'=%4%*/'46-A4*=0
7/6$%<$#ČB5'?.%#Č%*/3)$*:*4#0
;5%84@$,#%<$A$8$*4#>%+4&%,5%8$A*?+?%#*Ĥ+%*=+(.5þ'=%9(*$#0
7"@"%#Č%'4*9@/%.(6$*4#>%,/'"000
!!!!"#$%&
!
"#$Č%#&'()
U.
!!*! +,-./0þ(,!11111111111111111111111111111111111111111111111111111
*
!!2! 34.!/.5#&'(!! 1111111111111111111111111111111111111111111111111111
J
!!6! 7,8!7#9:!;#8Č<0()/!! 111111111111111111111111111111111111111111
*F
!!=! >$9?50(.!8?%#&)@!-?A)!-4/0!!111111111111111111111111111111111111
2J
!!B! C'80! (?! 8#D! 1111111111111111111111111111111111111111111111111111
=6
!!E! C#A! %! ;#8Č<#&'()! 111111111111111111111111111111111111111111111
B*
!!F! C.5#48! ?! ;G?&$?! 11111111111111111111111111111111111111111111111
EB
!!H! +! (#&#48.! I.&#8?! 1111111111111111111111111111111111111111111111
H6
!!J! K&?8#48! 111111111111111111111111111111111111111111111111111111111
JF
*L! M.%$N! (0/.(#:8! 11111111111111111111111111111111111111111111111 ***
**!
OG'5#&48&)!P0&(.8Ĝ!1111111111111111111111111111111111111111111111 *2*
*2! "Ĝ)48:;!
*=*
*6!
*BF
*F!
111111111111111111111111111111111111111111111111111111111
M?$!5.$4%Q!A9';'()! 11111111111111111111111111111111111111111111
K%:80þ('!&)G?!-0!(0#$RN8('!111111111111111111111111111111111111
ý0/:!(?45#:A9'80S!111111111111111111111111111111111111111111111
TČ504(#48.! 111111111111111111111111111111111111111111111111111111
7#I)! ./;0G.'5()! &5'$?! 11111111111111111111111111111111111111111
!
"Ĝ)5#9?
2E*
*=!
*B!
*E!
*FJ
*JJ
226
2=F
'()ü*(+,-.
/
Q!(0-95:R<)!:P('()!;?8Ĝ)111
V.401!CQ!WI?4(Q!/?(I05A0@!%80G'!-0!/,/!(0-50;<)/!;Ĝ)8050/@!/.X
5:-)A)@!4%&Č5#:!/?8%#:@!/Ĥ-!(0-&ČG(Č-<)!;#$;#G#&?805!?!/,/!4;#5:;G?X
A#&()%0/!&0!45:IRČ1!34.!;G#!/Č!.!;G#!309#!/.5#&?(#:!A)G%0&!4%:80þ(,/!
7#I)/!$?G0/1!C.5:-.!?!&'I)/!4.!8Č1!
C,/!þ8NĜ0/!4N(Ĥ/@!Y$$.4#(#&.@!Y:48.(#&.@!Y50U?($G#&.!?!YG$0(#X
&.1!+<.A9(.!-480!;G#!/Č!#RG#&4%,/!;#8Č<0()/1!O?I$,!P!&'4!-0!;G#!/Č!
P&5'<8()/!;#%5?$0/1!ZČ%:-.!&'/!(0-0(!P?!&?<0!;#&PR:P#&'()@!?50!.!P?!
&?<.!;#/#A1!+?<0!#$/Č(?!-0!&05.%'D
[?/Č48(?(AĤ/!?!þ50(Ĥ/!G?$N!C0440(\0G!](80G(?8.#(?51!ZČ%:-.!&'/!
P?!&?<.!(0#A9&Č-(#:!;#/#A!?!&ČG(#481!30!/.!;#8Č<0()/!;G?A#&?8!4!&'/.!
?!&'I)/!4.!8#9#@!I0!/ĤI0/0!4;#50þ(Č!45#:I.8!7#9:1!3'!.!V.4?!%?I$Q9#!
P!&'4!&05.A0!/.5:-0/01!
+<0/!(?<./!;#þ08(,/!;Ĝ'805Ĥ/!;#!A05Q/!4&Č8Č1!O&Ĥ5.!(0$#48?8%:!
/)48?!&'4!(0/#9:!&<0A9(N!&N-/0(#&?81!ZČ%:-.!P?!&?<0!;#P&'()!?!P?!8:!
þ048!9#&#Ĝ.8!?!45#:I.8!&0!&?<.A9!4R#G0A9!?!(?!%#(^0G0(A)A91!"?48#Ĝ.!?!45:X
I0R()A.@!%80Ĝ)!&ČG(Č!45#:I)80!7#9:@!/.5:-.!&'41!
T#/#&.!_.(80G#&.! ?! K80&:! `#RR#&.1! ZČ%:-.! P?! &?<0! ;#&PR:P#&'()!
?!&)G:!&!8#@!I0!&!/Q/!4G$A.!9#Ĝ)!7#I)!;#40548&)1!
7G:A0!MN\G0(#&.1!ZČ%:-.!P?!8&Q!0$.þ()!4A9#;(#48.!&!8#/8#!;G#-0%8:1!
Y&<?%!P0!&<09#!(0-&)A0!$Č%:-.!P?!8&#:!;#$;#G:1!
+<0/!P?/Č48(?(AĤ/!&0!_?80G7G##%!C:58(#/?91!ZČ%:-.!P?!;#$;#X
G:!8#9#8#!;#40548&)!?!P?!&?<.!;G#^04.#('5()!?!5?4%?&#:!;#/#A1!3480!4%&Č5,!
8,/1
Y!8#!(0-$Ĥ50I.8Č-<)@!/Ĥ-!:;Ĝ)/(,!$)%!;?8Ĝ)!/Q/:!"'(:1!30!/#I(Q!$#X
48?80þ(Č!45#&N!&N-'$Ĝ.8!&<0@!A#!;G#!/(0!?!;G#!T&Ĥ-!5.$!$Č5'<S!C.5:-.!TČ!
95:R#A0@!&)A@!(0I!45#&?!/#9#:!Ĝ)A81
U.
0
123456ì-2
7
#! #%#! (0&.$Č5#! ?! :A9#! (045N<05#! ?! (?! 5.$4%Q! 4G$A0! (0&48#:;.5#@!
7Ĥ9!;Ĝ.;G?&.5!8Č/@!%$#!a#!/.5:-)1b!c*1!O#G.(84%,/!2@Jd
T?8#! 45#&?! &N%G045:-)! #RG'P0%! -?%Q9#4.! (0;Ĝ0$48?&.805(Q9#! ?! &,-.X
/0þ(Q9#!I.&#8?@!I.&#8?@!%80G,!I'$(,!4/G805()%!(.%$N!?(.!P'R504%0/!(0X
;#P(?5!?(.!(0P?%:4.51!C#I('!-480!8?8#!45#&?!:I!45N<05.!?!;Ĝ0$48?&.5.!-480!
4.!?I!45'&:!&!(0R.1!Y&<?%!&0!4%:80þ(#48.!RN5?!:Gþ0(?!:I!;G#!I.&#8!8?$N!
?!80ćD!Y;#<8#5!"?&05!8#8.I!$'50!;#%G?þ:-0@!eCN!8N8#!&ČA.!&<?%!&)/0@!(0X
R#Ģ!7Ĥ9!('/!-0!4%GP0!K&Q9#!Z:A9?!P-0&.5b!c*1!O#G.(84%,/!2@*Lf!MVTd1
"?&05@!%80G,!I.5!&!$#RČ!;#þ'8%Ĥ!A)G%&0@!/Č5!4%GP0!(?$;Ĝ.G#P0(Q!P-0&0X
()!#$9?5.8!8#@!A#!RN5#!$Ĝ)&0!(?<./!#þ)/@!:<)/!?!;Ĝ0$48?&'/!4%GN8#1!K&Q!
I.&#8()!;#45'()!8?%Q!;#;4?5!&!('450$:-)A)A9!&0G<)A9g
C,/!W%#50/!-0!#$9?5.8!?!:þ.(.8!-?4(,/!8#@!A#!7Ĥ9@!-0(I!(?!;G&()/!
/)48Č!8#8#!&<0A9(#!48&#Ĝ.5@!;#!A05#:!$#R:!#$!&Č%Ĥ!$Č5?5!&!8?-(#48.!?!P?!
4AQ(#:1!K%GP0!('450$#&()%N!30I)<0@!%80G,/.!-480!.!&N@!49G#/'I$Č()!
&!A)G%&.@!-0!80(8#!*=+(.5þ'=!7#I)!;5'(!#P(?/#&'(!?!&N95?<#&'(!.!/0P.!
?($Č5ND!ch^0P4%,/!6@J!i!*L@!;#$50!?(\5.A%Q9#!;Ĝ0%5?$:d1
!
M?$0!&<0/.!#48?8()/.!0U.48:-0!30$(?!>4#R?@!%80G'!8#:I)!;#!8#/@!?RN4!
8?$N!I.5!&,-./0þ(,!I.&#81!30!8#!>80A@!%80G,!40!480-(Č!-?%#!%?I$,!$#RG,!
#80A!G?$:-0!P!;#8Č<0()!?!W4;ČA9Ĥ!K&,A9!$Č8)1!309#!-/Q(#!-0!7Ĥ9D!Y!(.A!
a#!(0;#8Č<)!&)A!(0I!8#@!%$NI!&.$)@!I0!-480!&N:I.5.!&?<.A9!4A9#;(#48)!(?!
/?U./:/1
7#I)!-0$.(0þ(,!;5'(!-0!&.$.805(,@!%$NI!/N!I.-0/0!&,-./0þ(,!I.&#81!
"#-ć/0!40!80$N!$#!8#9#!4;#50þ(Č!;:48.8@!?Ģ4.!/?-)!?($Č5Q!#!þ0/!;#&)$?8D
*
+j3]ChýMj
+j3]ChýMj
C=+(.5þ'=D'5$E/þ5+'=0%kI!-0(!%$NI!8#8#!WI?4(Q!45#&#!:45N<)80@!&N&48?(0!
&0!&'4!8#:9?!;Ĝ0%G#þ.8!48?($?G$@!;G#5#/.8!40!P0!4#:þ?4(Q9#!K8?8:4!l:#@!
80$N!48?&:!&ČA)1!Z0!!(.A0!45#&?!&,-./0þ(,!-0-!;#;.4:-0!-?%#!(ČA#@!A#!-0!
eP?! 9G?(.A)! #R&N%5Q9#@! &,-./0þ(Q@! ;Ĝ0%G?þ:-)A)! #R&N%5#:! /)G:1b! 30$X
(#45#&('!4N(#(N/?!-4#:!<$A$8")$@'=>%F94,'=>%<$@(*")$@'=%?!'5<Ĝ5@G
,#4*(#56'=0!YRN480! /#95.! ;#A9#;.8! W;5(,! &,P(?/! 8#9#8#! .(4;.G:-)A)9#!
45#&?@!P?/N45080!40!(?$!-09#!?(8#(N/Ng!$E*/&6=>%'$8.:6'?%?!EČ9'=0
`9';080S! >;?%! (0#RNþ0-(Q9#! -0! '$8.:6'?D! CN45)/@! I0! R:$0/0X5.!
:;Ĝ)/()@!&<.A9(.!RNA9#/!A98Č5.@!?RN!('<!I.&#8!RN5!(ČA#!&)A@!(0I!A#!-4/0!
$#;#4:$!&.$Č5.!?!;#P(?5.1!+!%?I$Q/!P!('4!-0@!;#%:$!(0()!;#85?þ#&'(?@!
&G#P0('!8#:9?!;#&P(Q48!40!(?$!#RNþ0-(#481!ZNA98)/0!;#!(Čþ0/!(0#RNX
þ0-(Q/1
M0-#R5)R0(Č-<)!P!;#;:5'G()A9!!!5/Ĥ@!%80GQ!P)4%?5N!;#P#G(#48!?!4G$A0!
$.&'%Ĥ@!#R4?9:-)!&,-./0þ(Qm(0#RNþ0-(Q!4A9#;(#48.1!H<(@58G24'>%H"<58G
.4'>%I5"*ČĜ(#56'=%J"6&>%H#48%K48,%,:L4>%#8(6$L(5%M:'%<8,#5'Ĥ>%N5#$<(,/%
I48'(5>%24#8(O>%P4'#4,#(3&:%þ#/Ĝ&4>%Q94,Ė:&$*(>%RG25'>%J488/%M$##58>%
M(8:#(%S48(E(&"@!?!8#!P$?50%?!(0-4#:!&<0A9(N1!"Ĝ.$0-80!4.!%!8Q950!4(Ĥ<X
A0!-0<8Č!!!5/N!4!(0#RNþ0-(,/.!9G$.(N@!%80Ĝ)!%#(?-)!;#P#G:9#$(Q!4%:8%N!
?! I.-)! &,-./0þ(Q! I.&#8N@! ;#48?&N! -?%#! 7?8/?(@! ]G#(! C?(@! ]($.?(?! 3#X
(04@![#GG#@!_.55.?/!_?55?A0@!n#R.(!a##$@!K;?G8?%:4@!ý08?Ĝ!o#G%@!?RNA9!
P/)(.5!-0(!(Č%#5.%!P!(.A91!+!G#A0!2LLJ!;?8Ĝ.5#!P!;Č8?$&?A08.!(0-50;<)A9!
!!5/Ĥ!&<0A9!$#R!40$/('A8!$#!8ČA98#!%?80\#G.)1!T#!-0!8Q/ČĜ!40$/$04'8!
;G#A0(8@! ?! G#P<)Ĝ)80X5.! &#5R:! (?! ;?$04'8! (0-50;<)A9@! R:$#:! 40! ;G#A0(8?!
5.<.8!-0(!/.(./'5(Č1!
3?%!P?-)/?&Q@!I0!&0!4%:;.(Č!(0-;#;:5'G(Č-<)A9!!!5/Ĥ!&<0A9!$#R!(0X
-4#:!G#/?(8.A%Q!;Ĝ)RČ9N@!$080%8.&%N@!<;.#('I()!?(.!&'50þ(Q!!!5/N@!4%:X
80þ(Q! ;Ĝ)RČ9N@! !!5/N! P0! 4;#G8#&()9#! ;G#48Ĝ0$)@! p0480G(#&%N@! ;#5.A0-()!
;Ĝ)RČ9N@!$G?/?8?!#!;Ĝ'80548&)@!G#$.((Q!!!5/N!(0R#!;Ĝ)RČ9N!#!I.&#8Č!#R0AX
(Č1!M01!M?!<;.þA0!-4#:!!!5/N@!%80GQ!40!P?/ČĜ:-)!(?!(0#RNþ0-(Q!;#48?&N@!
2
+j3]ChýMj
%80GQ!%#(?-)!;#P#G:9#$(Q!4%:8%N!?!P!(.A9I!&05%'!&Č8<.(?!&5?48()!(?$5.$X
4%Q!4A9#;(#48.!(0R#!(0:&ČĜ.805(#:!4)5:1!"G#þS!"G#8#I0!;G#!e(0#RNþ0-(Qb!
-4/0!RN5.!48&#Ĝ0(.1!7N5#!8#!#$!;#þ'8%:!7#I)/!;5'(0/1!
" ě h Z K TY+ o ! > ! O ě h K ġ Y M K T + q
M?(0<8Č48)!7#I)!;5'(!?!-09#!5.$4%Q!:4%:80þ(Č()!(0-4#:!/(#9$N!8#8#I(Q1!
30$()/!P!95?&()A9!$Ĥ&#$Ĥ@!;G#þ!-40/!40!/(#9#!508!%Ĝ04Ģ?(48&)!&N9,R?5@!
RN5?!/#-0!;Ĝ0$48?&?!#!(Č/1!K80-(Č!-?%#!/(#P)!-40/!&.$Č5!7#I)!/:I0!-?%#!
%G.8.%N!/5'8)A)!$G:9Q!7.R5)@!%80Ĝ)!GNA950!#$4:P#&?5.!A9NRN!$G:9,A9!5.$)1!
Y(0R#!RN5.!;?4.&()@!P;'80þ(.þ8)!?!;G./.8.&()1!M.%$N!RN!/Č!(0(?;?$5#@!I0!
RN!%Ĝ04Ģ?(Q!/#95.!R,8!;GĤ%#;()%N@!%80Ĝ)!RN!I.5.!?!/N4505.!/./#!r(#G/'5r@!
?!-0$(?5.!(0#RNþ0-(,/!P;Ĥ4#R0/1!Y!%Ĝ04Ģ?(4%Q!I0(NS!M#@!4!8Č/.!8#!RN5#!
-0<8Č!9#G<)1!+.$Č5!-40/!-0!8?%@!I0!&!$Ĥ50I.8,A9!P'50I.8#480A9!(0/Č5N!I'$(Q!
45#&#@!(0/#$0G(Č!40!#R5Q%?5N!?!P?(0$R'&?5N!4&Ĥ-!&P950$1!k!PR#I(Q!I0(N!
RN5#!(0;Ĝ);:48(Q@!?RN!P?4?9#&?5?!P?!9G?(.A0!4&,A9!$#/'A)A9!;#&.((#48)@!
?! (?;G#48#! (0/N45.805(Q@! ?RN! A#%#5.! ?! -?%%#5.! &0$5?1! 3?%#! /5?$,! /:I!
-40/! (0A98Č5@! ?RN! /#-0! /?(I05%?! (04/Č5?! ;Ĝ0/,<508! ?! (04/Č5?! 40! %0!
/(Č!;Ĝ.;#-.8!&!I.&#8()A9!$#RG#$G:I48&)A91!M0A98Č5!-40/!/?(I05%:@!%80G'!
RN!RN5?!:<5';5'1!T#:I.5!-40/!;#!I0(Č!;5(Q!I.&#8?D
+()/?5!-40/!%Ĝ04Ģ?(48&)!-?%#!(ČA#!R0P!I.&#8?1!K8'8!40!&ČĜ)A)/!;G#!
/Č! P(?/0(?5#! P8G?8.8! 4&#:! #4#R(#48! ?! $#4?&?$()! 8&#Ĝ.&#48@! &,80þ(#48!
?!(?$<0()@!?!4A9#;(#48!R,8!W4;Č<(,/!(?!8G9:@!&0!4;#G8:@!&!;#5.8.A0@!&P$ČX
5'()!?!#48?8()A9!#R5?480A9!/Q9#!I.&#8?1!T09$N!-40/!8#!-0<8Č!(0&Č$Č5@!?50!
/Q!809$0-<)!('P#GN!RN5N!;Ĝ04(,/!#;?%0/!8#9#@!;G#!-?%,!I.&#8!('4!7Ĥ9!
48&#Ĝ.5@!;G#8#I0!8:!8#:9:!;#!(Čþ0/!(0#RNþ0-(Q/!$#!('4!&$0A95!>(!4'/1!
"#450A9(Č80!4.@!A#!Ĝ)%'g!
e]!Ĝ0%5!7Ĥ9g!kþ.Ė/0!þ5#&Č%?!%!(?<0/:!#RG?P:@!-?%#!(?<.!;#$#R:@!
?RN!;?(#&?5.!(?$!/#Ĝ4%,/.!GNR?/.@!(?$!(0R04%,/!;8?A8&0/@!(?$!
6
+j3]ChýMj
$#RN8%0/!?!(?$!A05#:!P0/)!.!(?$!&<0/.!;5?PN!;#9NR:-)A)/.!40!(?!
P0/.1!7Ĥ9!48&#Ĝ.5!þ5#&Č%?!%0!4&Q/:!#RG?P:@!48&#Ĝ.5!9#!%!#RG?P:!
7#I)/:@!48&#Ĝ.5!-0!/:I0!?!I0(:1!7Ĥ9!-./!;#I09(?5!?!Ĝ0%5!-./g!"5#ć80!
40!?!/(#I80!40!?!(?;5Ė80!P0/.@!;#$/?Ė80!4.!-.111b!cs0(04.4!*@2E!i!2Hd1
7N5.! -4/0! 48&#Ĝ0(.! %! 8#/:@! ?RNA9#/! #$G'I05.! 7#I)! A9?G?%80G1! 7Ĥ9!
;G#/5:&.5!%!/:IĤ/!.!%!I0('/!?!Ĝ0%5!-./g!e+P%&Q80-80D!C(#I80!40D!M?X
;5Ė80! P0/.D! "?(:-80Db! "G&()! þ5#&Č%!Y$?/! ;#-/0(#&?5! &<0A9(N! $G:9N!
P&)Ĝ?8! (?! P0/.D! c340/! 4.! -.48@! I0! RN! -09#! I0(?! RN5?! 8?%Q! P?;#-0(?@! -0X
(#/I0!-0<8Č!(0RN5?!48&#Ĝ0(?Dd!7Ĥ9!;Ĝ.&0$5!P&)Ĝ?8?!%!Y$?/#&.!?!$?5!/:!
P#$;#&Č$(#48! $'8! -./! -/Q(?1! M?! P0/.! 0U.48:-0! &)A0! (0I! -0$0(! /.5.t(!
P&)Ĝ0A)A9!$G:9Ĥ1!Y!Y$?/!(0-0(I0!RN5!4A9#;0(!-0!&<0A9(N!;#-/0(#&?8@!
?50!/Č5!.!%?;?A.8:!4.!-0!;?/?8#&?81!7N5!8#!(0#RNþ0-(,!/:I!?!$Č5?5!;#P#X
G:9#$(Q!4%:8%ND
C#I('!40!P0;8'80g!eY50!A#!%$NI!8N8#!4A9#;(#48.!RN5N!$)%N!Y$?/#&Č!
(0;#45:<(#48.!;#!-09#!;'$:!P8G?A0(NSb!M0RN5N1!30I)<!8#8.I!(?;G?&.5!;G#!
5.$48&#!8#@!A#!Y$?/!P;?A%?51!"?&05!(?;4?5g!
eY!8?%!80$N!&!%#48A0g!-?%#!4%GP0!;G#&.(Č()!-0$(#9#!þ5#&Č%?!;Ĝ.<5#!(?!
&<0A9(N!5.$.!#$4#:P0()!4/G8.!?!9Ĝ)A9:@!8?%!4%GP0!4;G?&0$5.&,!þ.(!-0$(#9#!
þ5#&Č%?!-0!P!8#9#!5.$48&#!&0(%:1!Y!(0-0(!I0!('4!$#48?5!P!;G#R5Q/Ĥ@!?50!
;Ĝ.(045!('/!8?%Q!I.&#8Db!cě)/?(Ĥ/!B@*H!;#$50!?(\51!;Ĝ1d1
K5#&#!9(*$#!40!(08,%'!;#:P0!(?<09#!;Ĝ0R,&'()!&!(0R.1![(?/0('!8?%Q!
e8?$N!?!80ćb1!30I)<!(0-0(I0!#R(#&.5!8#@!A#!Y$?/!P8G?8.5@!?50!;#4%N85!-0<8Č!
/(#90/!&)A!i!;#80(A.'5!;G#!(0#RNþ0-(,!I.&#8D
"G?&$?!-0!8?%#&'@!I0!7Ĥ)%'5+5'%#$"9?%<$%#$.>%4E/,#5%9(6(%'5$E/þ5+'=%
9(*$#>%4%#4&-%*:,%*/E4*(6>%4E/,#5%#4&%.$)6(%9?#0%T?8#!45#&?!(.%$N!(0P?;#X
/0Ė801!+GN-80!4.!-0!$#!4G$A01!"#P#G:9#$(,@!WI?4(,!?!(0#RNþ0-(,!I.&#8!
(0()!&,9G?$(Č!;G#!:Gþ.8Q!-0$(#85.&A0!(0R#!;G#^0401!M0P'50I)!(?!8#/@!%$#!
-480!(0R#!-?%!45#:I)801!3480X5.!:þ.8050/@!#RA9#$()%0/@!&5'$()/!;Ĝ0$48?X
&.8050/@! I0(#:! &! $#/'A(#48.@! ?85080/@! $Č5()%0/! &! 8#&'G(Č@! %?$0Ĝ(.A)@!
48:$0(80/!þ.!;?48#G0/!c?!8?%!$'50!?I!$#!(0%#(0þ(?d@!-0!8#!-0$(#@!;G#8#I0!
=
+j3]ChýMj
-480!RN5.!48&#Ĝ0(.!%!8#/:@!?RN480!&0!4&Q/!;#48?&0()!$#4?9#&?5.!(0#RNX
þ0-(,A9!W4;ČA9Ĥ1!K)5?!%#(?8!;#P#G:9#$(Q!4%:8%N!?!I)8!&,-./0þ(,!I.&#8!
(0()!P'&.45'!(?!;#&#5'()@!(,RGI!(?!48?&:!4G$A01!T#8#!(0()!-0(!7#I)!&Ĥ5)@!
-0!8#!309#!#RG#&4%,/!;#8Č<0()/1!
a#55Np##$@!('R#I0(<8)!5.$Q!?!(?<0!%:58:G?!&N%G045.5.!;G#!/Č!P$0^#GX
/#&?(,!?!#/0P0(,!#RG?P!#!7#I)/!5.$:1!"G#þ!-40/!/Č5!8?%8#!;#%Ĝ.&0(,!
#RG?PS!7Ĥ9@!&N!.!-'!/'/0!4;#50þ(Q9#!(0;Ĝ)8050@!%80G,!40!-/0(:-0!K?8?(!
?!-0!(?P,&'(!e&5'$A0/!8#9#8#!4&Č8?b@!e%()I080/!(?$P0/4%,A9!/#A(#48)b!
?!eR#90/!8#9#8#!4&Č8?b1!>&5'$'!4&Č8#&Q!4N48Q/N!?!#&5.&Ė:-0!/N45!8ČA9@!
%80Ĝ)!(0;?8Ĝ)!7#9:1!+5?48()!/.5.?G$N!;?$5,A9!?($Č5Ĥ!?!$Q/#(Ĥ@!%80Ĝ)!&N%#X
('&?-)!-09#!&05%#50;,!;5'(1!30!&<?%!4/:8(#:!4%:80þ(#48)@!I0!A)G%0&!;Ĝ)5.<!
þ?48#!#/0P.5?!K?8?(#&:!95?&()!48G?80\..!-0(!(?!:Gþ.8,!$G:9!A9#&'()@!(?;Ĝ)X
%5?$!(?!4(?9:!;Ĝ./Č8!5.$.!;)8!?5%#9#5!(0R#!450$#&?8!(0þ.48Q!40U:'5()!4AQ(N!
&0!!!5/0A91!K?8?(!-0!/(#90/!4A9#;(Č-<)!(0I!8#8#!?!;#:I)&'!<.G#%#:!<%'X
5:!('48G?9!?!5Qþ0%1!CN!-4/0!/.(:5.!-09#!95?&()!P'/ČG1!>(!40!8#8.I!(0-&)A0!
R#-)!8#9#@!I0!%Ĝ04Ģ?(Q!#R-0&)@!;G#!A#!-0!7Ĥ9!48&#Ĝ.5!i!?RN!RN5.!(0#RNþ0-(,X
/.!5.$/.!40!4A9#;(#48/.!;G#!&N%#('&'()!;#P#G:9#$(,A9!?!(0#R&N%5,A9!
4%:8%Ĥ1!Y!8?%8#!RN!/Č5?!%Ĝ04Ģ?(N!&.$Č8!4;#50þ(#481!
M?!G#P$)5!#$!4#:þ?4(Q!G0;:8?A0!%Ĝ04Ģ?(Ĥ@!-0$()/!P!(0-&Č8<)A9!;G#X
R5Q/Ĥ@!%80GQ/:!/:405?!þ05.8!;G&#8()!A)G%0&@!RN5#!;Ĝ04&Č$þ.8!5.$.@!I0!&ČX
Ĝ)A)!(0RN5.!I'$(,/.!4:;0G!9G$.(N!(0R#!R#9N1!O#G(Q5.:4@!;Ĝ)45:<()%!-0$(Q!
P!(0-/#A(Č-<)A9!?G/'$!(?!4&Č8Č@!40!4%5#(.5!;Ĝ0$!"08G0/!?!-09#!4;#50þ()X
%N@!?RN!-0!:A8)&?51!>9G#/0(,!"08G!#%?/I.8Č!#$;#&Č$Č5g!e+48?Ė@!&I$NĢ!
.!-'!-40/!-0(!þ5#&Č%b!cK%:8%N!*L@2Ed1
+0!/Č48Č!-/Q(0/!VN48G?!:I?45Q!P'48:;N!%Ĝ.þ05N!5N%?#(4%Ng!e7#9#&Q!40!
;Ĝ.;#$#R(.5.!5.$0/!?!4048#:;.5.!%!('/Db!"?&05!-0!#48Ĝ0!(?;#/0(:5g!eC:I.@!
A#!8#!$Č5'80S!]!/N!-40/!5.$Q!480-(Q!;Ĝ.G#P0(#48.!-?%#!&NDb!cK%:8%N!*=@!**1!*Bd1
!!!O$NI!"?&05!(?!C?58Č!4R)G?5!$Ĝ0&#@!:<8%5!9#!-0$#&?8,!9?$1!"?&05!9?$?!
408Ĝ'45!?!#RN&?805Q!#48G#&?!#þ0%'&?5.@!I0!P0/Ĝ01!eO$NI!&<?%!$5#:9#!þ0X
%?5.!?!&.$Č5.@!I0!40!4!()/!(.A!P5Q9#!(0$Č-0@!P/Č(.5.!4&Ĥ-!('P#G!?!Ĝ)%?5.@!I0!
-0!8#!RĤ9b!cK%:8%N!2H@Ed1
B
+j3]ChýMj
M0&ČĜ)A)!#!;G&#8()!A)G%&.!Ĝ)%?5.g!eT.@!%80Ĝ)!;#R#:Ĝ.5.!A05,!4&Č8@!;Ĝ.<5.!
8?%Q!40/111!cK%:8%N!*F@Ed1!T09$0-<)!4;#50þ(#48!/Č5?!%Ĝ04Ģ?(N!&!WA8Č1!30!
P?P(?/0('(#@! -?%,! ;#48#-! /Č5! %0! %Ĝ04Ģ?(Ĥ/! A05,! 30G:P?5Q/g! e%?I$,!
%!(./!/Č5!95:R#%#:!WA8:b!cK%:8%N!B@*6f!MVTd1!OQI!RNA9#/!&<.A9(.!I.5.!
8?%@!?RN!RN5?!8?8#!WA8?!%!A)G%&.!P(#&:!#R(#&0(?1!
` h K TY
+!('450$:-)A)A9!48G'(%'A9!40!;:48)/0!(?!A048:@!%80G'!('/!;#/ĤI0!;#X
A9#;.8@! -?%! 80(! (0#RNþ0-(,! I.&#8! /'/0! ;#$50! 7#I)! &Ĥ50! I)81! `9A.! &'4!
;#I'$?8@!?RN480!þ085.!$Ĥ450$(Č!?!4#:&.450!?!(0;Ĝ04%?%#&?5.!80U8@!;G#8#I0!
%?I$'!%?;.8#5?!48?&)!(?!8Q!;Ĝ0$0<5Q1!
M0A98Č5!RNA9@!?RN!40!&'/!48?5#!8#@!A#!40!48?5#!(Č%#5.%G'8!/(Č@!%$NI!
-40/!$#4;)&?51!ý?4!#$!þ?4:!-40/!40!&G'8.5!$#/Ĥ!:;G#48Ĝ0$!(Č-?%Q9#!!!5X
/:@! %80G,! (?<0! G#$.(?! ;G'&Č! 450$#&?5?1! 30$(#9#! &0þ0G?! -40/! &48#:;.5!
$#!8050&.P()!/)48(#48.@!%$0!;G'&Č!%#(þ.5!_048!K.$0!K8#GN1!a5?&()!?%8QG!
:/)G?5!?!Ĝ)%?5!4&'!;#450$()!$#-0/('!45#&?1!C#-0!/?8%?@!#80A@!4048GN!.!-'!
-4/0!4;#50þ(Č!RN5.!4&Č$%N!8Q8#!4AQ(N@!?&<?%!(?!/Č!:$Č5?5?!W;5(Č!G#P$)5X
(,!$#-0/1!M0/#95!-40/!;#A9#;.8@!;G#þ!/#-0!/?8%?!?!/Q!4048GN!;5'þ#:1!
Z#%#(A0! .! /Ĥ-! #80A! &N;?$?5! 4/:8(Č! ?! P?4/:<.501! 3'! &<?%@! ;#(Č&?$I!
-40/!;Ĝ.<05!;#P$Č@!-40/!4.!/N4505g!T%3$%#4@/%+@5U!T?!4?/'!4AQ(?@!%80G'!
/Q!G#$.þ0!?!4048GN!$#-?5?@!40!/(#:!&ĤR0A!(09(:5?@!;G#8#I0!-40/!4!(./.!
(0;G#I.5!A05,!80(!!!5/1!
C#A!RNA9!4.!;Ĝ'5@!?RN!40!&'/!:!;#40548&)!8Q8#!%(.9N!(048?5#!8#!4?/Q1!
30! 8#! ;G#\G04.&()! P-0&0()@! %80GQ! /'! /#A! &'4! (?&I$NA%N! #4&#R#$.8! #$!
#RNþ0-(#48.1! C5:&)/! P0! 4&Q! &5?48()! P%:<0(#48.@! ;G#8#I0! %$NI! -40/! ;Ĝ.!
;4?()!8Q8#!%(.9N!950$?5!7#9?@!P%#:/?5@!;4?5!?!/#$5.5!40!(?$!()@!RN5!-40/!
(?&I$N!;G#/Č(Č(D
+N$'80X5.!40!40!/(#:!(?!8:8#!A048:@!;#A9#;)80!(0-0(!8#@!I0!-480!RN5.!
48&#Ĝ0(.!;G#!(0#RNþ0-(,!I.&#8@!?50!R:$080!8?%Q!#;G?&$:!&Č$Č8@!-?%!8?%#X
E
+j3]ChýMj
&,!I.&#8!I)81!M0I!P?þ(0/0@!;#-ć/0!40!4;#50þ(Č!;#/#$5.8@!?RN!&'/!7Ĥ9!
P-0&.5!4&#:!8#:9:!?!8:!&?<.!?RN!G#P()8.51!
V84)=%7$95>%<8$,?.>%4E/%.Č%!*Ĥ+%H*4#=%V"3)%<Ĝ(%þ#5'?%#-#$%&'()/%
*/"þ$*460%2$@6?.%,5>%4E/3)%.$)6%<$3)$<(#>%+4&-%+5%E$)4#,#*?%4%*5G
6(&$,#%<$*$6:'?>%&#58-%+,(%*6$9(6%'4%.Ĥ+%9(*$#0%W)3(%#4&-%A':#%#"%.$3>%
&#58$"%+,(%.(%@46>%4E/3)%.$)6%#$#$%<$*$6:'?%'4<6'(#%4%<Ĝ('-,#%#4&%,6:*"%
!*-."%;.-'"%4%84@$,#%!*-."%,8@3(0%;5%#$%!*:%*Ĥ65>%95%+,5.%A@5%'4%
A5.(%<8:*Č%*%#-#$%@$EČ0%2$@6?.%,5>%4E/%.Č%#$#$%<$,56,#*?%*/,#8$+(6$%
&%'4<6'Č'?%*B53)%#Č3)%F94,'=3)%,&"#&Ĥ>%&#58-%+,(%<8$%.Č%A@5%'4%A5.(%
<Ĝ(<84*(60%X:@:.%!Č%*5%+.-'"%;59?B5%S8(,#40%1.5'0%
F
8
9$4!54:(+,-
/
#-0!I0(?!V.4?!?!-'!/'/0!þ8NĜ.!4N(N@!%80Ĝ)!-4#:!&!$#RČ@!%$N!8:8#!
%(.9:!;)<:@!&0!&Č%:!#$!þ8G('A8.!$#!$&??$&?A08.!5081!"Ĝ0$!(Č%#5.X
%?!508N!-40/!;Ĝ.!-0$(#/!(?<0/!4;#50þ(Q/!-)$50!:þ.(.5!8#8#!;G#95'<0()g!
eO5:A.@!&N!(0/ĤI080!:$Č5?8!&ĤR0A!(.A!;G#!8#@!?RNA9#/!&'4!-'!(0R#!&?<0!
/?8%?!/.5#&?5.!&)A@!(0I!&'4!:I!/.5:-0/01!Y!(?#;?%@!(0/ĤI080!?(.!:$Č5?8!
(.A@!%&Ĥ5.!þ0/:!RNA9#/!&'4!/.5#&?5.!/Q(Č@!(0I!&'4!/.5:-0/0!80ć1b
3?4(Č!-40/!&.$Č5@!-?%!-0!/#-0!45#&?!;#8Č<.5?!?!:;0&(.5?!-0-.A9!;#A.8!
R0P;0þ)1!O$#!RN!(0A98Č5!R,8!4&#:!/?8%#:!?!4&,/!#8A0/!/.5#&'(S!T#@!A#!
-40/!&<?%!Ĝ0%5!;?%@!-0!;#Ĝ'$(Č!;Ĝ0%&?;.5#g!eY50!&N!-480!P#$;#&Č$()!P?!
8#@!-0485.!P!&'4!R:$0/0!/)8!.!;#8Č<0()1b!30-.A9!G#PP'Ĝ0(Q!8&'Ĝ0!P&'I(Č5N1!
k&Č$#/.5.!4.@!I0!(?<0!;#8Č<0()!P!(.A9!(0()!(?!G#P$)5!#$!(?<)!5'4%N!R0PX
;#$/)(0þ(Q@!?50!-0!P'&.45Q!(?!-0-.A9!A9#&'()1!
C#I('@!I0!8#!;G#!&'4!R:$0!8G#A9:!<#%:-)A)!P;G'&?@!?&<?%!8#!4?/Q!;5?8)!
.!#!(?<0/!&P8?9:!4!7#90/1!M0/ĤI0/0!:$Č5?8!(.A!;G#!8#@!?RN!('4!7Ĥ9!
/.5#&?5!&)A@!(0I!:I!('4!/.5:-0@!?!(?#;?%@!(0/ĤI0/0!:$Č5?8!(.A@!?RN!('4!
/.5#&?5!/Q(Č1!CĤI0!&<?%!P!('4!/)8!.!;#8Č<0()S!T#!:I!-0!(ČA#!-.(Q9#1
+!;#450$()A9!5080A9!-4/0!9#$(Č!45N<05.!#!7#I)!R0P;#$/)(0þ(Q!5'4A0!
i!RN5?!8#!&05/.!$Ĥ50I.8'!?!(0PRN8('!$0R?8?1!C(#9#!5.$)!;?%!?50!;#$&ČX
$#/Č!$#<5#!%!P'&ČG:@!I0!-0485.I0!-0!7Ĥ9!/.5:-0@!-0!-./.!8?%Q!;#8Č<0(1!T#!
&<?%!(0()!&ĤR0A!;G?&$?1!
T?%I0! A#! 8#! 80$N! P(?/0('! R,8! 7#9:! ;#8Č<0()/S! 3'! &ČĜ)/@! I0! /N!
&<.A9(.!A9A0/0!$Č5?8!7#9:!G?$#48@!480-(Č!-?%#!(#G/'5()!$Č8.!8#:I)!$Č5?8!
G?$#48!4&,/!G#$.þĤ/1!kI!A05'!$0408.508)!40!:4.5#&(Č!/#$5)/g!e>8þ0@!A9A.!
8.!$Č5?8!G?$#48!8?%@!-?%!-0!8#!-0(!&!5.$4%,A9!4.5'A9!/#I(Q1b!T?8#!/#$5.8R?!
-0!&!4#:5?$:!4!8)/@!A#!%?I$Q/:!&ČĜ)A)/:!(?;4?5!?;#<8#5!"?&05g!
J
+j3]ChýMj
e"G#8#! 40! .! 9#G5.&Č! 4(?I)/0@! ?RNA9#/! 40! C:! 5)R.5.@! ?Ģ! PĤ48'&'/0!
$#/?!(0R#!#$A9'P)/0b!c21!O#G.(84%,/!B@Jd1
!O5)þ#&#:!^G'P)!-0!e?RNA9#/!40!C:!5)R.5.b!c;#$50!?(\51!;Ĝ0%5?$:!e?RNX
A9#/!C:!RN5.!4;G'&(,/!;#8Č<0()/bd1!`#!/'/0!$Č5?8@!?RNA9#/!7#9:!
RN5.!(0-0(!e;#8Č<0()/b@!?50!$#%#(A0!e4;G'&(,/!;#8Č<0()/bS!Y!-?%!7Ĥ9!
G0?\:-0!(?!8#@!%$NI!30-!8?%8#!;#8Č<:-0/0S
>$;#&Č$)/! (?! 8N8#! #8'P%N! &Č(:-.! &05%#:! þ'48! 8Q8#! %(.9N1! M0-;G&0!
40!&<?%!:-.48)/0@!I0!A9';0/0!8:!#9G#/:-)A)!95#:R%:!7#I)!5'4%N!%!('/1!
!a(0$!8#!&N4&Č85)/1
7ģa!OYuZva>![!MwK!7h[">ZCqMhýMċ!C]Vk3h
7#I)!5'4%?!%!('/!-0!R0P;#$/)(0þ('!?!(0P/Č(.805('1!CĤI0/0!8#!-?4(Č!
&.$Č8!(?!30I)<#&Č!/#$5.8RČ!8:!(#A!;Ĝ0$!309#!:%Ĝ.I#&'()/g!
e111?!?RN!4&Č8!;#P('&?5@!I0!8N!c7Ĥ9!>80Ad!-4.!C(0!c30I)<0!OG.48?d!;#X
45?5!?!/.5:-0<!-0!8?%@!-?%#!/.5:-0<!C(0!c3?(!*F@26f!P'&#G%N!;Ĝ.$'(Nd1
+<./5.!-480!4.!8#9#S!7Ĥ9!&'4!/.5:-0!F<6'Č%,#5+'Č!-?%#!/.5:-0!30I)<0D!
T#!-0!(ČA#!;G#!('4!-0(!8ČI%#!;#A9#;.805(Q9#1!
C#I('! 4.! /N45)80g! 30I)<! :Gþ.8Č! /N4505! -0(! 8N! :þ0$()%N@! %80Ĝ)! 4! ()/!
40$Č5.!:!48#5:!;Ĝ.!"#450$()!&0þ0Ĝ.!?!%80Ĝ)!;Ĝ0A0!G#P<)Ĝ.5.!0&?(\05.:/!;#!
A05Q/!809$N!P('/Q/!4&Č8Č!?!&<.A9(.!%G#/Č!-0$(#9#!;G#!4&#:!&)G:!P0X
/Ĝ05.! /:þ0$(.A%#:! 4/G8)1! 30X5.! 8#! 8?%@! ;#8#/! Ĝ)%'80@! I0! -0! 7#I)! 5'4%?!
;#$/)(Č(?! (?<)/! A9#&'()/1!Y50! 8#! (0()! ;G?&$?1! 309#! 5'4%?! %! ('/! -0!
(?;G#48#!(0P'&.45'!(?!8#/@!A#!;G#!MČ9#!$Č5'/01!
Z?5<)!('/.8%#:!;G#8.!8#/:8#!$G:9:!5'4%N!/ĤI0!R,8!('450$:-)A)g!7Ĥ)%
,(%*/E846%#"#$%,&"<('"%,<53(:6'?3)%."9Ĥ%<8$%"8þ(#$"%@$E"%'4%#$.#$%,*ČG
#Č>%4E/%+5%.(6$*46%*?35%'59%AE/#5&%6(@,#*40%T#8#!-0!(?;G#48#!/./#@!;G#8#X
I0!&!8Q!4?/Q!/#$5.8RČ!30I)<!8?%Q!Ĝ0%5g!eM0;G#4)/!-0(#/!P?!(Č@!?50!.!P?!
&<0A9(N!8N@!%80Ĝ)!%$N!R:$#:!4%GP0!-0-.A9!4&Č$0A8&)!&ČĜ.8!&0!C(0b!c3?(!
*F@2L!;#$50!?(\51!;Ĝ1d1
*L
3K]!C]V>+wM
30485.I0!&ČĜ)80!&!30I)<0!OG.48?@!&ČĜ)80!?Ģ!;Ĝ)/#!þ.!(0;Ĝ)/#!4%GP0!4&ČX
$0A8&)! 8ČA98#! :þ0$()%Ĥ1!T.8#! /:I.! P?;4?5.! 45#&?! M#&Q! K/5#:&N! ?! &N!
-480!4.!-0!R:ć!4?/.!;Ĝ0þ085.@!(0R#!-480!-0!45N<05.!4%GP0!8#9#@!%$#!4!&'/.!
4$)505!0&?(\05.:/1!70P!8#9#8#!4&Č$0A8&)!RN480!(0/#95.!&ČĜ.8!&!30I)<0!
OG.48?1!
3.('!RČI('!('/.8%?!%!#RG#&.8#48.!7#I)!5'4%N!-0g!Y(#@!/#I('!/#9:!
:&ČĜ.8! 8#/:@! I0! /Č! 7Ĥ9! %$N4.! /.5#&?5! 8#:8#! R0P;#$/)(0þ(#:! 5'4%#:@!
?50!#$!8Q!$#RN!-40/!(?$Č5?5!8#5.%!<;)(N@!I0!:I!/Č!80ć!(0/ĤI0!/.5#&?8!
8?%@!-?%#!/Č!/.5#&?5!(?!P?þ'8%:1!
Z?5<)!50ID!")4/#!-?4(Č!Ĝ)%'@!I0!7#I)!5'4%?g!e+<0A9(#!4('<)@!&<0/:!
&ČĜ)@!&0!&<0!$#:^'@!&<0A9(#!&N$GI)1!V'4%?!(.%$N!(0P?(.%(0!c(0P045'R(0@!
(0P?48?G'!(0R#!(04%#(þ)db!c*1!O#G.(84%,/!*6@!FXH@!P'&#G%?!;Ĝ.$'(?!;#$X
50!?(\51!;Ĝ0%5?$:d1!309#!5'4%?!%!&'/!(.%$N!(0P045'R(0!(0R#!(0P?48?G'1!
M0()!8#!;G#48Č!/#I(Q@!;#(Č&?$I!309#!5'4%?!%!&'/!(0()!;#$/)(Č(?!&?X
<)/!A9#&'()/@!?50!&NA9'P)!P!309#!A9?G?%80G:!?!309#!&ČG(#48.1!
309#! 5'4%?!-0!8?%!<.G#%#X#R4'95'@!I0! -0-)! P'RČG! -0$(#$:<0! (05P0! ;#X
A9#;.81!"#-ć/0!4.!49G(#:8!(Č%80G'!^?%8?!#!8Q8#!5'4A01!7Ĥ9!;#45?5!30I)<0@!
?RN!P?!('4!P0/Ĝ05@!-0<8Č!%$NI!-4/0!RN5.!309#!(0;Ĝ'805Q!c&.P!ě)/?(Ĥ/!
B@*Ld1!Y;#<8#5!"?&05!;)<0g!eM0R#Ģ!8?%!7Ĥ9!/.5:-0!4&Č8!c80R0!?!/(0d@!I0!
$?5!4&Q9#!-0$.(Q9#!KN(?@!?RN!I'$(,@!%$#!&!MČ9#!&ČĜ)@!(0P?9N(:5@!?50!
/Č5!I.&#8!&Čþ(,b!c3?(!6@*Ed1!"G#þ!7Ĥ9!@46!30I)<0S!>$;#&Čć!-0!-0$(#$:X
A9'g!?RN!('4!(?P;Č8!&N%#:;.51!O$NI!('<!;G?#80A!Y$?/!&!P?9G?$Č!h$0(!
;#450A95!K?8?(?@!&N$?5!4'/!40R0!?!('450$(Č!.!A05Q!4&Q!;#8#/48&#!c&þ08(Č!
80R0! .! /(0d! 8#/:8#! (#&Q/:! ;'(:1!Y$?/! #80&Ĝ0(Č! (0:;#450A95! 7#9?!
?!8)/!#$$Č5.5!40R0!.!4&Q!;#8#/48&#!#$!4&Q9#!K8&#Ĝ.80501!
Y&<?%! 7Ĥ9! 8?%! /#A! 4&Q! 5.$48&#! /.5:-0@! I0! ('4! (0A98Č5! &N$?8! 480-X
(Q/:!#4:$:@!-?%,!;Ĝ.;G?&.5!;G#!K?8?(?!?!-09#!?($Č50!c8#8.I!;0%5#!(0R#!
#9(.&Q! -0P0G#d1!"Ĝ.;G?&.5!80$N!;5'(@!-?%!&N%#:;.8!(?<.!4&#R#$:1!"#45?5!
30I)<0!OG.48?@!$G:9#:!#4#R:!7#I)!8G#-.A0@!P;5#P0(Q9#!P!Z:A9?!K&?8Q9#!
?!(?G#P0(Q9#!P!;?((N1!30I)<!RN5!;5(Č!þ5#&Č%0/!?!P'G#&0Ė!7#90/!?!I.5!
$#%#(?5,!I.&#8!c-?%#!-0$.(,!þ5#&Č%@!%80G,!%$N!(?!P0/.!A9#$.5!(?;G#48#!
**
+j3]ChýMj
R0P!9Ĝ)A9:d1!x05!(?!%Ĝ)I!?!P?;5?8.5!A0(:!P?!(?<.!(0;#45:<(#48!&Ĥþ.!7#9:1!
+P?5!(?!40R0!('<!8G048@!?RNA9#/!-0-!(0/:405.!(Q48!/N1!
M.A!-.(Q9#!('4!(0/#95#!&N%#:;.8@!;G#8#I0!7Ĥ9!Ĝ)%'g!eK;#5Q9?-)!(?!
4&Ĥ-!/?-080%f!A95:R)!40!4&,/!&05%,/!R#9?848&)/1!M.%$#!(0&N%#:;)!?(.!
RG?8G?@! þ5#&Č%! 7#9:! P?! 40R0! (0$'! &,%:;(Q1! `0(?! P?! -09#! $:<.! -0! 8?%!
&N4#%'!i!(.%$N!(?!(.!(0R:$0!/)8b!cu?5/!=J@FXJd1!`0(?!P?!(?<.!$:<.!-0!
8?%! &05.%'@! I0! ('4! (0/#95#! &N%#:;.8! (.A! -.(Q9#! (0I! 4'/! 30I)<1! ")4/#!
Ĝ)%'g!e7N5.!-480!;Ĝ0A0!%#:;0(.!P?!&05.%#:!A0(:111b!c*1!O#G.(84%,/!E@2Ld1!
Y!P(#&:!-0!&!(Č/!P?P(?/0('(#@!I0!>80A!e-0!8?%!R#9?8,!&!/.5#4G$0(48&)@!
I0!(?<.!4&#R#$:!&N%#:;.5!4%GP0!%G0&!4&Q9#!KN(?b!ch^0P4%,/!*@Ff!MVTd1!
u'$(,!þ5#&Č%!?(.!I'$('!&ČA!(0()!;G#!7#9?!&P'A(Č-<)!(0I5.!30I)<1!"Ĝ0X
48#!-4/0!;G#!MČ9#!/Č5.!480-(#:!9#$(#8:@!-?%#!8#@!þ09#!4.!A0()!(0-&)A01!
Y!8#950!-0!8?!WI?4('!;G?&$?g!O$NRN!4.!('4!7Ĥ9!A0(.5!-0(!#!9?5QĜ!/Q(Č@!
(0I!4.!A0()!30I)<0@!(0%#:;.5!RN!4.!('4@!;G#8#I0!7Ĥ9!(.%$N!(0:$Č5'!(0&,X
9#$(,!#RA9#$1!7Ĥ9!(0$Č5'!<;?8(Q!%#:;Č!c&P;#/0Ė80!4.!(?!&,<0!:&0$0(,!
&0G<!e7N5.!-480!;Ĝ0A0!%#:;0(.!P?!&05.%#:!A0(:bd1!x;?8('!%#:;Č!-0@!%$NI!
$'80!(ČA#!&)A0!9#$(#8(Q9#!P?!(ČA#@!A#!/'!/0(<)!A0(:1!+!7#I)A9!#þ)A9!
/'80!480-(#:!A0(:!-?%#!30I)<D
+.$)80@!-?%!-480!;G#!7#9?!$Ĥ50I.8)S!"G#8#!40!30I)<!/#$5)g!e111!?!/.5:-0<!
-0!8?%@!-?%#!/.5:-0<!/(0b!c3?(!*F@26d1!T#8#!-0!(0#RNþ0-('!5'4%?D
3 h u q x > +Y ! V w K O Y ! O ! T > 7 ċ
M0$5#:9#!;#!8#/@!A#!-40/!$?5!4&Ĥ-!I.&#8!OG.48:@!-40/!/Č5!^?4A.(:-)A)!
G#P9#&#G!4!"'(0/1!M045N<05!-40/!I'$('!?%:48.A%'!45#&?@!?50!RN5!-40/!
;Ĝ0/#I0(! ;#40548&)/@! %80GQ! G0P#(#&?5#! &! /Q/! 4G$A.g! C?B% #/>% 95% ,(% #Č%
35'?.%*?3%'59%H5E5U
Z#&0$080!4.!-.48Č!;Ĝ0$48?&.8@!-?%!/Č!8?8#!45#&?!&N;5?<.5?1!7N5!8#!(0X
;Ĝ)805@!%80G,!40!;#%#:<05!P?4)8!$#!/Q9#!4G$A0!$#/,<5.&#:!(0R#!:G'I0-)A)!
/N<50(%:S!3?%!RN!;Ĝ0A0!/#95!T0(@!%$#!48&#Ĝ.5!A05,!&04/)G!?!&<0@!A#!-0!
*2
3K]!C]V>+wM
&!(Č/@!Ĝ)%?8!/(Č@!;#:9Q/:!45:I0R()%#&.@!I0!4.!/Č!A0()!&)A!(0I!K0R0S!
K%#G#! -40/! Ĝ0%5g! e3$.! #$0! /Č@! K?8?(0@! -4.! :G'I%#:Db! MČ%$0! 95:R#%#!
&!/Q/!$:A9:!-40/!&<?%!&Č$Č5@!I0!8#!RN5!30I)<Ĥ&!95?41!M.A/Q(Č!/:405!
-40/!40!#!8#/!:-.48.8@!;G#8#I0!.!-?%#!þ0G48&,!&ČĜ)A)!-40/!&Č$Č5@!I0!7#I)!
45#&#!('/!;Ĝ.%?P:-0!eP%#:/?8!$:A9Nb!c*1!3?(Ĥ&!=@*d1!
K! 8#:8#! /N<50(%#:! -40/! #$;#&Č$Č5g! e"?(0@! 8#/:! ;G#48Č! (0/#9:!
:&ČĜ.8@! ;#%:$! /.! (0$'<! -?%#! $Ĥ%?P! 8Ĝ.! &0G<0! P! M#&Q! 4/5#:&N1b! TĜ'45!
-40/!40!;Ĝ.!8#/@!?&<?%!&Č$Č5!-40/@!I0!A#!$Č5'/@!-0!4;G'&(Q1!Y!8?%Q!-40/!
RGPN!;#A)8.5!&0!4&Q/!4G$A.@!I0!"'(!(0/'!4!/#:!#8'P%#:!I'$(,!;G#R5Q/1!
+0!4%:80þ(#48.!-40/!A)8.5@!I0!-0!/#:!I'$#48)!;#8Č<0(1!
>$;#&Č$Č5!/.!8Q/ČĜ!#%?/I.8Čg!W$%Ĝ?&:%P(6(<,&=.%Y>ZU
[(?5!-40/!80(8#!&0G<!(?P;?/ČĢ@!?!8?%!-40/!C:!9#!#$Ĝ)%?5g!eM.A!(0X
$Č50-80! P! Ĝ0&(.&#48.! ?(.! P! -0<.8(#48.@! (,RGI! &! ;#%#Ĝ0! ;#%5'$0-80! -0$0(!
$G:9Q9#!P?!;Ĝ0$(Č-<)9#!(0I!40R01b
!4@/%.:B%<8*'?%*58B>!#P('/.5!/.!"'(1
nNA950!-40/!#$;#G#&?5g!eM0@!"?(0@!"?&05!(0/5:&.5!#!T#RČD!>(!&N:X
þ#&?5!&ČĜ)A)!&0!y.5.;0A9@!?RN!$G:9Q!;#%5'$?5.!P?!;Ĝ0$(Č-<)!(0I!40R01!>(!
8?/!(0/5:&.5!#!8#/@!-?%!40!A9#&'<!%0!/(Č!?!-?%!4.!A0()<!/(01b
>$;#&Čć!;Ĝ.<5?!#%?/I.8Čg!3'!(0Ĝ)%'/!4&,/!$Č80/@!?RN!$Č5?5N!(ČA#@!
A#!3'!4'/!(0$Č5'/1!
J4[!T#!/.!&NG?P.5#!$0A91!"'(!&<?%!/Č5!;#%G?þ#&'()1!
T#950!-0!;G#R5Q/0/!&!8#5.%?!G#$.('A9@!;#%G?þ#&?51!n#$.þ0!Ĝ)%?-)!$ČX
80/@!?RN!$Č5?5N!&ČA.@!%80GQ!4?/.!(0$Č5?-)@!(0R#!-./!P?%?P:-)!8#@!A#!#(.!
4?/.!$Č5?-)1!C(#P)!G#$.þ0!Ĝ)%?-)!$Č80/@!?RN!40!(09'$?5N@!;Ĝ048#!4?/.!40!
;Ĝ0$! (./.! ;G?&.$05(Č! ;Ĝ#:1! "#8#/! 40! $.&)@! I0! 40! -0-.A9! $Č8.! 9'$?-)1! 3'!
8?%#&,!(0-40/1!ZČ5'/!8#@!A#!Ĝ)%'/@!?RN!$Č5?5N!/Q!$Č8.1!
]!80ć!-40/!RN5!8G#<%:!;#$0PĜ)&?&,!?!Ĝ0%5!-40/g!eT#!-0!-0(!-0$0(!&0G<1!
"#8Ĝ0R:-.!-0<8Č!$&?!$?5<)1b
"?%!-40/!:45N<05!&0!4&Q/!4G$A.!#8'P%:g!S@$%*(,56%'4%&Ĝ?9(>%#/%'5E$%
;:U
[Ĥ48?5!-40/!#9G#/0(1
*6
+j3]ChýMj
+.405!-40/!(?!8#/!%Ĝ)I.!?!(045!8&Q!9Ĝ)A9N@!(0/#A.@!45?R#48.@!R)$:!?!#$X
4#:P0()!?!(?%#(0A!-40/!P0/Ĝ05@!?!8#!&<0!;G#8#@!I0!8Č!;#%5'$'/!P?!;Ĝ0$X
(Č-<)9#!K0R01!
M?;?$5?!/(0!"08G#&?!45#&?g!e>(!4'/!&0!4&Q/!8Č50!&N(045!(?<0!9Ĝ)X
A9N!(?!$Ĝ0&#!%Ĝ)I0b!c*1!"08GĤ&!2@2=d1!MN()!-40/!-.I!:&ČĜ.5@!I0!%0!/(Č!
/5:&.5!7Ĥ91!K%:80þ(Č!/Č!;#&?I:-0!P?!;Ĝ0$(Č-<)9#!K0R01!3.(?%!RN!(0&P?5!
/Ĥ-!8G048!?!(0P0/Ĝ05!RN!/)48#!/Č1!
+Č$Č5!-40/@!I0!P'&ČG0þ(Q!;#8&GP0()!-0!(?!A048Č!?!R0P!$?5<)9#!;8?()!
-40/! &0! 4&Q/! 4G$A.! :45N<05g!TĜ08)/! &0G<0/! -0g! e+G#:A(Č! 40! (?&P'-0/!
/.5:-80!RG?8G4%#:!5'4%#:@!&!;G#%?P#&'()!WA8N!;Ĝ0$A9'P0-80!-0$0(!$G:9QX
9#!cě)/?(Ĥ/!*2@*Ld1!3'!-40/!;G&#G#P0(,!P!/(#9?!RG?8Ĝ)!c&.P!ě)/?(Ĥ/!
H@2Jd! ?! &! 5'4A0! $'&'/! ;Ĝ0$(#48! 4&,/! RG?8GĤ/! ?! 4048G'/! ;Ĝ0$! K0R#:@!
P?%#(þ.5!8#!"'(1!
](^#G/?A0@! %80G#:! -40/! #R$GI05@! 4?/#PĜ0-/Č! ;5?8)! ;G#! %?I$Q! 7#I)!
$)8Č@!-0!80$N!;G?&$#:!.!;G#!&'41!7Ĥ9!('4!$#45#&?!;#&?I:-0!P?!;Ĝ0$(Č-<)!
K0R0D!T#!-0!(0#RNþ0-('!5'4%?@!/#I('!?I!;Ĝ)5.<!WI?4('!(?!8#@!?RNA9#/!-.!
;#A9#;.5.1!M0-0(!I0!8Č!>80A!/.5:-0!480-(Č@!-?%#!/.5:-0!30I)<0@!?50!30I)<!8Č!
/.5:-0!480-(Č!8?%@!?!$#%#(A0!-0<8Č!&)A!(0I!K0R0D
Z k ` a ! K +YT j
TĜ08)!#4#R?!7#I)!8G#-.A0@!Z:A9!K&?8,@!&'4!/.5:-0!W;5(Č!480-(#:!5'4%#:@!
;G#8#I0!>(!-0!T)/@!%$#!$#!&?<.A9!4G$A)!&N5.5!7#I)!5'4%:@!%$NI!-480!$?5.!
4&Ĥ-!I.&#8!30I)<.!OG.48:!c&.P!ě)/?(Ĥ/!B@Bd1!"G#8#!"?&05!Ĝ)%'g!e"G#4)/!
&'4@!RG?8Ĝ.@!4%GP0!(?<09#!"'(?!30I)<0!OG.48?!?!4%GP0!5'4%:!Z:A9?b!cě)X
/?(Ĥ/!*B@6Ld1!+<./(Č80!4.@!I0!&!8#/8#!&0G<.!-0!5'4%?!Z:A9?!K&?8Q9#!
%!('/!.$0(8.!!%#&'(?1!30!$Ĥ&#$0/@!;G#þ!4!('/.!R:$0!>(!(?&Č%N!;Ĝ0X
R,&?81!309#!5'4%?!%!('/!P;Ĥ4#R:-0@!I0!4!('/.!PĤ48'&'1!>(!-0!Z:A90/!
5'4%N@!(0R#Ģ!7Ĥ9!-0!5'4%?1!
7#I)! 5'4%?! %! 8#RČ! .! %0! /(Č! -0! $##;G?&$N! R0P;#$/)(0þ('@! (0/Č(X
*=
3K]!C]V>+wM
('!?!&Čþ('1!O?I$Q9#!P!('4!-0$(#85.&Č!/.5:-0!480-(Č@!-?%#!/.5:-0!30I)<0!
OG.48?1!30!8#!?I!8?%!WI?4(Q@!I0!-0!8ČI%Q!8#/:!;#G#P:/Č8@!?50!-0!8#!;G?&$?@!
;G#8#I0!7Ĥ9!(0/ĤI0!59'81!O$N%#5.&!40!R:$080!A)8.8!(0/.5#&?()@!#P(?þ80!
80(8#!;#A.8!(0R#!8:8#!/N<50(%:!-?%#!50I@!#$/)8(Č80!-.!?!;Ĝ.;#/0Ė80!4.!8:!
#RG#&4%#:!A0(:@!%80G'!RN5?!P?;5?A0(?!P?!8#@!?RN480!/#95.!R,8!(?&G'A0(.!
$#!>8A#&N!('G:þ01!>(!;#!&'4!8#:I)!(.%$N!(0%#(þ)A)!5'4%#:1!
`98Č5!RNA9@!?RN480!(.%$N!(?!8:8#!5'4%:!(0P?;#/(Č5.!?(.!#!()!(0;#X
A9NR#&?5.1!M0()!;#$/)(0þ('!i!P?5#I0('!(?!&?<.A9!&,%#(0A9!(0R#!&P#GX
(Q/!A9#&'()1!30!8#!%#(48?(8()!5'4%?@!%80G'!(.%$N!(0P045'R(0!?(.!(04%#(X
þ)1!CČ5?!RN!40!48'8!P'%5?$0/!&?<09#!I.&#8?!&!OG.48:1!
™
!"#$%&'#&()*+%þ),'*-&.)/0+ČĜ)80!4%:80þ(Č@!I0!&'4!7Ĥ9!/.5:-0!R0P;#$/)(0þ(ČS!"G#þ!?(#!(0R#!;G#þ!
(0S
!!
30485.I0!8#/:!(0&ČĜ)80@!-0!80$N!&?<0!&)G?!P?5#I0(?!(?!;#A.80A9!(0R#!(?!
8#/@! A#! Ĝ)%'! 7Ĥ9S! 30X5.! P?5#I0(?! (?! ;#A.80A9@! &ČĜ)80! 8#/:@! I0! ;#A.8N!
/#9#:!R,8!(04;G'&(QS
kþ.Ė80!;0&(Q!G#P9#$(:8)@!I0!R:$080!7#I)/:!K5#&:!&ČĜ.8!&)A0!(0I!4&,/!
;#A.8Ĥ/1!Y!80ć!$0-80!7#9:!A9&'5:!?!$)%N!P?!309#!;#P#G:9#$(#:!5'4%:D
*B
;
<2=!<(&>!?(=ü@6-.5
"
#48?&.5.!-4/0!7#I)!5'4%:!-?%#!P'%5?$N!?!(N()!40!80$N!;#-ć/0!;#4:X
(#:8!$'50!?!;G#RG?8@!-?%!/ĤI0/0!R,8!7#9:!;#8Č<0()/1![#;?%:-.!8#@!
A#!-40/!-.I!(?;4?5!$Ĝ)&0g!M0/ĤI0/0!:$Č5?8!&ĤR0A!(.A!;G#!8#@!?RN!('4!
7Ĥ9!/.5#&?5!&)A@!(0I!('4!:I!/.5:-0@!?!(?#;?%@!(0/ĤI0/0!(.-?%!P;Ĥ4#R.8@!
?RN!('4!/.5#&?5!/Q(Č1!Y&<?%!-?%!:I!-40/!Ĝ0%5!4&,/!þ8NĜ0/!4N(Ĥ/@!./%
+,.5%A$@<$*Č@'?%A4%#$>%A@4%@Č6:.5%7$)"%84@$,#0%309#!;#8Č<0()!P!('4!-0!
P'&.45Q! (?! (?<.A9! I.&#8()A9! G#P9#$(:8)A91! T#! -0! $Ĥ&#$0/@! ;G#þ! "?&05!
4! W;5(#:! -.48#8#:! ;)<0g! eY! 8?%! -4/0! :þ.(.5.! (?<)/! A:.Č85.@! ?RNA9#/!
a#%':659(#Č%<$#ČB$*46(DE/6(%."%,<8:*'=.%<$#ČB5'?.!zb!c21!O#G.(84%,/!
B@Jf!;#$50!?(\51!;Ĝ0%5?$:d1!
"#-ć/0!40!(?!"?&5#&?!45#&?!;#$)&?8!;#$G#R(Č-.1!K5#&#!A:.Č8!-0$X
(#$:<0!P(?/0('!eA)5b1!M0p!](80G(?8.#(?5!+0G4.#(!&0!4%:80þ(#48.!A.8:-0!
80(8#!&0G<!8?%8#g!eY!8?%!-4/0!:þ.(.5.!(?<)/!A)50/111b!`)50/!(?<09#!I.&#8?!
-?%#!7#I)A9!$Č8)!RN!/Č5#!R,8!$Č5?8!&05%#:!G?$#48!(?<0/:!>8A.D
K5#&#! <$#ČB5'?! ;#A9'P)! P! Ĝ0A%Q9#! 45#&?! 5"485,#$,0! K8G#(\#&?! %#(X
%#G$?(A0!-0!$0!!(:-0!;Ĝ04(Č!8?%@!-?%!-0!.!;Ĝ0%5'$'(#g!e;Ĝ)-0/(Q!;#8Č<0X
()b1!K5#&#@!%80GQ!"?&05!;#:I.5@!(0P(?/0('!-0(!<$#ČB5'?@!(,RGI!;Ĝ)-0/(Q%
<$#ČB5'?0%M0/Č5.!RNA9#/!40!4;#%#-.8!4!8)/@!I0!R:$0/0!;G#!7#9?!e;GĤX
/ČG(,/b!;#8Č<0()/1!M?<)/!A)50/!RN!/Č5?!R,8!&'<(.&'!8#:9?!;Ĝ.('<08!
C:!;5(Q!;#8Č<0()1!
"#-ć/0!;G#P%#:/?8!"?&5#&?!45#&?!;#$50!T90!C044?\0!#$!h:\0(?!
a1!"080G4#(?g!eK!G?$#48)!$Č5?8!7#9:!;#8Č<0()!-0!8#!95?&()!&!(?<0/!I.&#8Č!
?!(?<)/!A)50/@!(0P'&.450!(?!;#$/)(%'A9@!&0!%80G,A9!40!(?A9'P)/01b!C.X
5:-.!&,G?P!#$%)64*'?0!CČ5!RN!R,8!9NR(#:!/#8.&?A)!&!I.&#8Č!%?I$Q9#!P!('41!
M.A!-.(Q9#!RN!(0/Č5#!R,8!;G#!('4!;Ĝ0$(Č-<)/1!30485.I0!:þ.()/0!80(8#!A)5!
*F
+j3]ChýMj
%G.8QG.0/!;G#!('<!$?5<)!I.&#8@!48?(#:!40!$&Č!&ČA.g!<Ĝ5)$+':%84@$,#%?!@$G
&$'46-%'4<6'Č'?0
CN! -?%#! 5.$4%Q! RN8#48.! /'/0! &G#P0(#:! 8#:9:! $Č5?8! 4&,/! G#$.þĤ/!
G?$#481!T?8#! 8#:9?!-0!&<?%!-0(!#$G?P0/!(?<)! 4%:80þ(Q!8#:9N@!%80G#:!-0!
$Č5?8!G?$#48!(?<0/:!(0R04%Q/:!>8A.1!T?8#!8#:9?!;G?/0()!P!(?<)!5'4%N!
%!MČ/:1!C.5:-0/0!a#@!;G#8#I0!>(!;G&()!/.5#&?5!('4!?!(?;5(.5!(?<0!4G$X
A0!4&#:!5'4%#:1!"G#!;G?&Q!7#I)!$)8Č!RN!/Č5#!R,8!(0-&Č8<)/!:4;#%#-0()/@!
%$NI!&)@!I0g!7Ĥ)%,5%A5%.Č%84@"+50
ZG:9#:!&,9#$#:!('450$#&'()!8#9#8#!A)50!-0!8#@!I0!$#48?(0/0!&05.%#:!
#$/Č(:1![$'!40!&'/!8#!;#$0PĜ05Q!i!/#I('!4#R0A%QS!Y!;Ĝ048#!-0!&05.%'!
#$/Č(?!;G#!"?&5?!-?4(,/!$Ĥ&#$0/@!;G#þ!('4!&NR)P)@!?RNA9#/!40!7#9:!
5)R.5.1!+!('450$:-)A)/!&0G<.!8#!;#8#/!&N4&Č85:-0@!?50!(0I!40!(?!(Č-!;#$)X
&'/0@!&G'8)/0!40!(0-$Ĝ)&0!%!;Ĝ0$A9#P)/:!&0G<.@!?RNA9#/!&Č$Č5.@!%#/:!
&5?48(Č!"?&05!;)<0g!
e34/0!;5(.!$Ĥ&ČGN!?!G?$Č-.!A9A0/0!#$0-)8!P!8#9#8#!8Č5?!?!;Ĝ.-)8!$#/Ĥ!
%!"'(:b!c21!O#G.(84%,/!B@Hd1
[!8#9#8#!&0G<0!&)/0@!I0!"?&05!(0/5:&)!%!A05Q/:!5.$48&:@!?50!;#:P0!
%!&ČĜ)A)/!&!30I)<0!OG.48?@!;G#8#I0!þ5#&Č%@!%80G,!40!(0&N$?5!;?(48&)!30X
I)<0!OG.48?!?!#;:48)!80(8#!4&Č8!^NP.A%#:!4/G8)@!#(!(0R#!#(?!'5'?%&!7#I)!
;Ĝ)8#/(#48.@!?50!&!;0%501!7#I)!45#&#!8#!Ĝ)%'!&05.A0!-?4(Čg!-4#:!;#:P0!$&Č!
/)48?@!%?/!þ5#&Č%!;#!#;:<8Č()!4&Q9#!^NP.A%Q9#!8Č5?!/ĤI0!;Ĝ.-)8!i!(0R0!
(0R#!;0%5?1!M00U.48:-0!I'$(,!G'-!;?(0(@!#þ.480A@!;G'P$(#8?@!G0.(%?G(?A0@!
&N<<)!RN8)!?!;#$#R(Č1!30!-0(#/!&05.A0!4%:80þ(Q!(0R0!(0R#!&05.A0!4%:X
80þ(Q!;0%5#1!
O$NI!8#8#!Ĝ)%'/@!(0/)()/!R,8!%G:8,!(0R#!#$4:P:-)A)@!;#:P0!#P(?/:X
-.!^?%8?1!C:4)/0!4.!;?/?8#&?8@!I0!30I)<!Ĝ0%5g!e+I$NĢ!7Ĥ9!(0;#45?5!4&Q9#!
KN(?!(?!4&Č8@!?RN!4&Č8!#$4#:$.5@!?50!?RN!4%GP0!(Č-!RN5!4&Č8!P?A9G'(Č(b@!
;#(Č&?$I!4&Č8!e:I!RN5!#$4#:P0(b!c3?(!6@*F1*Hd1!Z)%N!7#9:D!30I)<!('4!
P?A9G'(.5!P!8#9#@!%!þ0/:!-4/0!40!4?/.!:I!#$4#:$.5.1!
*H
7jT!7>ak!">TċxhMqC
+)/@!I0!40!/(#9#!5.$)!8G';)!#8'P%#:g!e"G#þ!RN!/.5:-)A)!7Ĥ9!;#4)5?5!
/:I0!?!I0(N!$#!;0%5?Sb!>$;#&Čć!/'!(Č%#5.%!?4;0%8Ĥ1![?!;G&Q@!;?/?X
8:-80!4.@!I0!;0%5#!(0RN5#!48&#Ĝ0(#!;G#!5.$.@!?50!;G#!K?8?(?!?!-09#!%#/;5.X
A01!30I)<!8#!Ĝ0%5!-?4(Č@!%$NI!9#&#Ĝ.5!%!8Č/@!%$#!;G#!MČ9#!(0I.5.g!e3$Č80!
#$0!/(0@!;G#%508)@!$#!&Čþ(Q9#!#9(Č@!%80G,!-0!;Ĝ.;G?&0(!;G#!Ć'R5?!?!-09#!
?($Č5NDb!cC?8#:<!2B@=*d1!T?$N!-0!-?4(,!$Ĥ&#$@!;G#þ!('4!7Ĥ9!/:405!&NX
%#:;.81!7Ĥ9!-0!5'4%?@!?50!-0!8?%Q!4;G?&0$5.&,1!M.%$N!(05I0@!?(.!4.!8?%Ĝ)X
%?-)A!(0:;G?&:-0!P'%#(N1!O$NRN!8#!$Č5?5@!(0/#95!RN!R,8!&)A0!7#90/@!
;G#8#I0!7Ĥ9!e(0/ĤI0!59'8b!cT.8#&.!*@2d1
ý5#&Č%!RN5!50\'5(Č!#$4#:P0(!;G#!;0%5#@!;G#8#I0!40!&!P?9G?$Č!h$0(!
4&Q&#5(Č! #RG'8.5! %! ;'(:! 9Ĝ)A9:@! K?8?(#&.1! K8?5! 40! 8?%! #8G#%0/! 9Ĝ)A9:!
?!RN5!#$4#:P0(!%!-09#!$Ĥ450$%Ĥ/!i!%0!480-(Q/:!#4:$:!-?%#!-09#!(#&,!
;'(1!O$NRN!7Ĥ9!P/)G(.5!þ5#&Č%:!8G048!P?!9Ĝ)A9@!(0RN5!RN!4;G?&0$5.&,!?(.!
þ048(,!%!K?8?(#&.1!K?8?(!RN!;#8#/!/#95!;G'&0/!#R&.(.8!7#9?!P!:;G?X
&#&'()! P'%#(Ĥ! ;G#! 5.$48&#! ?! 80$N! P! (04;G?&0$5.&Q9#! -0$('()1! 7Ĥ9! (0X
/ĤI0!(.%#/:!;Ĝ.!4#:$:!48G?(.8@!;G#8#I0!8#!-0!P'%5?$0/!309#!A9?G?%80G:1!
+,450$%0/!-0@!I0!5.$48&#!/:405#!;Ĝ.-/#:8!480-(Q!#$4#:P0()!-?%#!K?8?(!
?!-09#!?($Č5Q1!
[!8#9#8#!$Ĥ&#$:!/:405!7Ĥ9!;Ĝ.-)8!4!;5'(0/@!-?%!&N4&#R#$.8!5.$48&#!
P!8#9#@!A#!P;Ĥ4#R.5#!4#RČ!?!4&,/!;#8#/%Ĥ/1!"G#8#!/:405!P?!('4!30I)<!
P0/Ĝ)81!30I)<!40!(?G#$.5!-?%#!48#;G#A0(8()!7Ĥ9@!?!8?%!(0RN5!;#$!;G#%50X
8)/!9Ĝ)A9:1!"G#8#I0!40!&<?%!8?%Q!(?G#$.5!-?%#!48#;G#A0(8()!þ5#&Č%@!/#95!
P?;5?8.8!A0(:!P?!#RG#&4%,!9Ĝ)A9!þ5#&Č%?!;G#8.!7#9:1!30(!-.(,!þ5#&Č%!('4!
/#95!$#48?8!P!#$4#:P0()@!%80GQ!-4/0!4.!(?!40R0!4?/.!:&?5.5.1!"G#8#!30I)<@!
%$NI!40!48?5!(?!%Ĝ)I.!9Ĝ)A90/@!&N%Ĝ.%5g!e7#I0!/Ĥ-@!7#I0!/Ĥ-@!;G#þ!-4.!/(0!
#;:48.5Sb!cC?8#:<!2F@=Ed1!+P?5!('<!8G0481!M0A9?5!40!/)48#!('4!#$4#:$.81
T?%I0@!4%GP0!-0$(#9#!þ5#&Č%?@!Y$?/?@!;Ĝ.<05!(?!A05Q!5.$48&#!9Ĝ)A9@!
?50!4%GP0!-0$(#9#!þ5#&Č%?@!30I)<0!OG.48?@!40!P'A9G?(?!#$!8Q8#!4/G8.!48?5?!
$#48:;(#:!;G#!&<0A9(N1!")4/#!8#!-?4(Č!Ĝ)%'g!
eY!8?%!80$Ng!-?%#!4%GP0!;G#&.(Č()!-0$(#9#!þ5#&Č%?!;Ĝ.<5#!(?!&<0A9(N!
*J
+j3]ChýMj
5.$.!#$4#:P0()@!8?%!.!4%GP0!4;G?&0$5.&,!þ.(!-0$(#9#!þ5#&Č%?!;Ĝ.<5#!(?!
&<0A9(N!5.$.!#4;G?&0$5(Č()!%!I.&#8:b!cě)/?(Ĥ/!B@*Hd1
O$NI!80$N!/:I.!.!I0(N!;#$$?-)!4&'!4G$A0!?!4&Q!I.&#8N!30I)<.!OG.48:@!
K?8?(#&#!50\'5()!&5?48(.A8&)!-0!PG:<0(#!?!G#P4:$0%!;G#8.!(./!-0!:!7#9?!
PA05?!PG:<0(1!7Ĥ9!>80A!('/!/ĤI0!4;G?&0$5.&Č!:$Č5.8!&48:;!$#!309#!%G'X
5#&48&)!?!(0#9G#P)!8)/!4&#:!R0PW9#((#481!3?%,!(0#RNþ0-(,!;5'(!;Ĝ.;G?X
&0(,!(?<)/!WI?4(,/!7#90/D
+N$?5.!-480!4&Ĥ-!I.&#8!30I)<.!OG.48:!-?%#!"'(:S!30485.!(0!?!A98Č5.!RN480!
8?%!(N()!:þ.(.8@!#RG?Ģ80!;G#4)/!(?!48G?(:!2BJ@!%$0!(?-$080!.(48G:%A0@!-?%!
8#8#!G#P9#$(:8)!:$Č5?8!i!-0!8#!(0-$Ĥ50I.8Č-<)!G#P9#$(:8)!&?<09#!I.&#8?1!
K>kZ!+ċěq`q`a
MN()!40!&G'8)/0!%!$.4%:P.!#!8#/@!;G#þ!('/!7.R50!Ĝ)%'@!I0!40!/'/0!7#9:!
5)R.81!+)/0!P!"?&5#&,A9!45#&@!I0!/5:&)!%!8Č/@!%$#!-4#:!4%GP0!&)G:!&!30I)X
<0!OG.48?!7#I)/.!$Č8/.@!(.%#5.&!%!A05Q/:!5.$48&:1!")<0g!
e"G#8#!40!.!9#G5.&Č!4(?I)/0@!?RNA9#/!40!C:!5)R.5.@!?Ģ!PĤ48'&'/0!
$#/?!(0R#!#$A9'P)/01!M0R#Ģ!/N!&<.A9(.!40!/:4)/0!#R-0&.8!;Ĝ0$!
4#:$(#:!48#5.A)!OG.48#&#:@!?RN!%?I$,!;Ĝ.-?5!#$;5?8:!P?!8#@!A#!&N%#(?5!
&!8Č50@!?Ģ!:I!8#!RN5#!$#RGQ!(0R#!P5Qb!c21!O#G.(84%,/!B@!JX*Ld1
"?&05! ('/! G?$)@! ?RNA9#/! 40! 7#9:! 5)R.5.@! ;G#8#I0! -0$(#9#! $(0! ('4!
R:$0!4#:$.81!C#I('!40!P0;8'80g!eY50!-'!-40/!4.!/N4505@!I0!;G'&Č!#$!8#9#X
8#!/Č!30I)<!P?A9G'(.5Sb!Y(#@!-0485.I0!-480!a#!;Ĝ.-?5.!-?%#!4&Q9#!"'(?@!-0!
&?<)/!K;?4.8050/@!?&<?%!-0$(#:!;Ĝ0$!M)/!R:$080!48'8!-?%#!;Ĝ0$!K#:$X
A0/1
C(#P)!5.$Q!(0&Č$)@!I0!;Ĝ.-$0!$0(@!%$N!R:$0!%?I$,!&ČĜ)A)!#4#R(Č!48'8!
;Ĝ0$!4#:$(#:!48#5.A)!OG.48#&#:@!%$0!40!R:$#:!G#P$'&?8!#$/Č(N!P?!8#@!A#!
2L
7jT!7>ak!">TċxhMqC
%?I$,!P!(.A9!$Č5?5!P?!80(!%G'8%,!þ?4!8?$N!(?!P0/.1!T#$?Nr4!h(\5.49!+0GX
4.#(!;Ĝ0%5'$'!$04'8,!&0G<!8?%8#g!eO?I$,!P!('4!$#48?(0!8#@!A#!4.!P?45#:I)1b
M0R:$0/0!4#:P0(.!P?!4&Q!9Ĝ)A9N@!(0R#Ģ!30I)<#&?!%G0&!#$48G?(.5?!&ČþX
(,!8G048!P?!9Ĝ)A91!3?%#!&ČĜ)A)!&!30I)<0!OG.48?!$#48?(0/0!;#$50!(?<)!;G'A0!
#$/Č(:!?(0R#!:8G;)/0!<%#$:1!+0!4&Q/!;G&()/!$#;.40!A)G%&.!&!O#G.(8:!
"?&05! &N4&Č85:-0g! eM0R#Ģ! (.%$#! (0/ĤI0! ;#5#I.8! -.(,! P'%5?$! (0I5.! 80(@!
%80G,!-0!-.I!;#5#I0(@!?!8)/!-0!30I)<!OG.48:4b!c*1!O#G.(84%,/!6@**d1!>;Č8!
8:!9#&#Ĝ)!;#:P0!%!8Č/@!%$#!-4#:!7#I)/.!$Č8/.@!;G#8#I0!A05,/!P'%5?$0/!
I.&#8?! %Ĝ04Ģ?(Ĥ! -0! 30I)<! OG.48:41!+! -.(Q/! 5.48Č! "?&05! ;)<0g! eO$NI! -480!
80$N!;Ĝ.-?5.!OG.48?!30I)<0@!"'(?@!;?%!4!M)/!I.-80!&!-0$(#8Č@!/Č-80!%#Ĝ0(N!
cP'%5?$Nd!95:R#%#!&!MČ/!?!R:$:-80!4&Q!I.&#8N!(?!MČ/@111b!cO#5#4%,/!
2@EXF!;#$50!?(\51!;Ĝ1d1!K&Ĥ-!I.&#8!/'/0!E"@$*4#!(?!30I)<.1!
T#8#!80$N!/Č-80!(?!;?/Č8.!?!þ8Č80!$'50g!
e30485.I0!(Č%$#!48?&)!(?!8#/8#!P'%5?$Č!P0!P5?8?@!48Ĝ)RG?@!$G?9,A9!
%?/0(Ĥ@!$Ĝ0&?@!40(?!(0R#!45'/N@111b!c*1!O#G.(84%,/!6@*2d1
[5?8#@!48Ĝ)RG#!?!$G?9Q!%?/0(N!G0;G0P0(8:-)!&ČA.@!%80GQ!/?-)!&Čþ(#:!
9#$(#8:1! ZĜ0&#@! 40(#! ?! 45'/?! G0;G0P0(8:-)! &ČA.@! %80GQ! -4#:! $#þ?4(Q!
?!$5#:9#!(0&N$GI)1!O?I$,!$0(@!%?I$#:!9#$.(:!?!%?I$#:!A9&.5%:!40!/ĤX
I080!G#P9#$(#:8g!R:ć!R:$080!E"@$*4#!4&Ĥ-!I.&#8!P!&Čþ(,A9!&ČA)@!(0R#!
P!&ČA)!$#þ?4(,A91!30!8#!(?!&'41!
T?8#!;?4'I!$'50!;#%G?þ:-0g!
eZ)5#!%?I$Q9#!40!48?(0!P-0&(,/1!T0(!$0(!-0!:%'I0@!(0R#Ģ!40!P-0&)!
&!#9(.@!?!#90Ė!&NP%#:<)!$)5#!%?I$Q9#@!-?%Q!-01111b!
c*1!O#G.(48%,/@!&0G<!*6d1
!
Z'80X5.!$#!#9(Č!$Ĝ0&#@!40(#!(0R#!45'/:@!#90Ė!-0!.9(0$!;#958)!?!:I!
(0R:$#:1!30485.I0!&<?%!$'80!$#!#9(Č!P5?8#@!48Ĝ)RG#!(0R#!$G?9Q!%?/0(N@!
R:$#:!;G#þ.<8Č(N!?!&N$GI)1!Y!$'50g!
2*
+j3]ChýMj
e30485.I0!(Č%$#!(?!8#/8#!P'%5?$Č!&N48?&)!$)5#!?!#(#!/:!PĤ48?(0@!
$#48?(0!#$/Č(:@!-0485.I0!/:!-09#!$)5#!49#Ĝ)@!:8G;)!<%#$:f!4'/!40!4.A0!
P?A9G'()@!?50!-?%#!4%GP0!#90Ėb!c&0G<0!*=X*Bd1
+<./(Č80!4.!45#&!$@.Č'4%?!B&$@41!+P;#/)('/!4.@!I0!%$NI!-40/!þ085!
8N8#!&0G<0!;#;G&Q@!RN5!-40/!#8Ĝ040(1!+ĤR0A!40!(049#$#&?5N!4!8)/@!A#!/.!
Ĝ)%?5.!#48?8()1!u.5!-40/!&!$#/(Č()@!I0!/N!&<.A9(.!;Ĥ-$0/0!$#!(0R0!?!$#X
48?(0/0!&<.A9(.!480-(#:!#$/Č(:!P?!8#@!A#!;G#!('4!30I)<!:$Č5?51!M045N<05!
-40/@!I0!8?8#!#$/Č(?!-0!P'&.45'!(?!(?<.A9!4%:8A)A91!
+NG#485!-40/!&!$0(#/.(?A.@!%$0!4.!/(#P)!/N4505.@!I0!('4!4;?4)!(?<0!
$#RGQ!4%:8%N1!"#!8Q@!A#!-40/!$?5!4&Ĥ-!I.&#8!30I)<.@!-40/!RN5!/#A!<Ģ?48(,@!
%$NI!-40/!P-.48.5@!I0!(0/:4)/!-)8!%&Ĥ5.!4&,/!9Ĝ)A9Ĥ/!$#!#þ.48A0@!?RNA9!
P?!(Č!P?;5?8.51!7N5!-40/!4;?40(!-0(#/!$)%N!30I)<#&Č!;G#5.8Q!%G&.1!K;?40()!
RN5#!7#I)/!$?G0/!?!(0RN5#!P'&.45Q!(?!/,A9!4%:8A)A9!?(.!(?!$#$GI#&'()!
309#!P'%#(?1!
M0G#P5.<.5!-40/!&<?%!4;?40()!#$!&Čþ(Q!#$/Č(N!(0R#!P8G'8N1!CČ5!-40/!
8N8#!&ČA.!P?!8#8#I(Q@!P?8)/A#!")4/#!-0!#$!40R0!G#P5.<:-01!+)80@!I0!"?&05!
;)<0@!I0!R:$#:!5.$Q@!%80Ĝ)!R:$#:!7#I)!/.5#48)!4%:80þ(Č!4;?40(.@!;G#8#I0!
;Ĝ.-?5.!30I)<0!OG.48?!-?%#!"'(?!?!K;?4.8050@!?50!;Ĝ048#!40!$#48?(#:!;Ĝ0$!
4#:$!?!P8G?8)!&<0A9(N!#$/Č(N@!%80GQ!-./!7Ĥ9!8#:I.5!$'81!T.8#!4&?8)!(0P8G?X
8)!(0R0@!P8G?8)!4&Q!#$/Č(N1!"G#þS!")4/#!$'&'!#$;#&Čćg!<8$#$95%A&8:#&4%
'5@Č646(%#$>%3$%,5%7$)"%6?E?0%
")4/#!8?%Q!:%?P:-0@!I0!-4#:!.!8?A)@!%80Ĝ)!$#48?(#:!&05.%#:!#$/Č(:!P?!
8#@!-?%!R:$#&?5.!4&Q!I.&#8N!(?!30I)<.!OG.48:!?!$Č5?5.!8#@!A#!40!7#9:!5)R)1!
30-.A9!#A0(Č()!R:$0!$#%#(A0!8?%!&05.%Q@!I0!R:$#:!(?!&Č%N!&Č%Ĥ!&5'$X
(#:8!4!30I)<0/!OG.480/1!{I?4(QD
n#P4:$%N@!%80GQ!30I)<!#!4#:$(Q/!$(:!&N(040!(?$!(?<./.!I.&#8N@!-4#:!
(?P&'(N!e*Čþ'=%4#:$b!c&.P!a0RG0Ĥ/!E@*X2d@!A#I!P(?/0('@!I0!:I!(.%$N!
(0R:$#:!#;G?&0(N@!$#;5Ė#&'(N!?(.!/Č(Č(N1!309#!G#P9#$(:8)!R:$#:!;5?X
8.8!-0$(#:!;G#&I$ND![?48?&80!40!?!;Ĝ0/,<50-80g!;5@'$@"3)=%4%<84*@(*=%
A:*Č8% A% #$)$% +5>% 95% A#% "@Č6:.5% ,% &Ĝ?95.% 8$A)$@'5% $% #$.>% &@5% *Čþ'$,#%
22
7jT!7>ak!">TċxhMqC
,#8:*?.50%1*B4&%$%#$.>%-?%!+(%,#8:*?.5>%8$A)$@'5%A<Ĥ,$E>%-?%,/!E"@5.5%
A@5%+4&$%*ČĜ?3?%9?#0%
O$NI!/5:&)/!&0!4R#G0A9!;#!A05Q/!4&Č8Č@!-40/!#9G#/0(!i!#RP&5'<Ģ!
&!P';?$()A9!%:58:G'A9!X!%#5.%!%Ĝ04Ģ?(Ĥ!8N8#!;G?&$N!&ĤR0A!(0P('1!"Ĝ.8#/!
8#8#!;#P('()!-0!&!7.R5.!;#;.4#&'(#!-?%#!e;#þ'80þ()b!:þ0()!#!OG.48:!c&.P!
u.$Ĥ/!E@*X2d1
[?/N450/0!40!A9&)5.!(?$!45#&0/!<$þ:#5þ'?1!30!$0!!(#&'(#!-?%#!eP?X
9G(:-)A)!(0R#!#R4?9:-)A)!;#:P0!8N!(0--0$(#$:<<)!?!P'%5?$()!^?%8?!(0R#!
;G.(A.;N1b!3.(#:!$0!!(.A)!&0!45#&()%:!-0!e8,%?-)A)!40!P'%5?$()!<%#5N1b!`#!
40!(?:þ)80!&!P'%5?$()!<%#50S!['%5?$Ĥ/!;G#!&<0A9(#!&?<0!$?5<)!&P$Č5'X
()!i!-?%!þ)48@!;4'8@!4þ)8?8@!#$þ)8?8@!?8$1!Z#%'I080!4.!;Ĝ0$48?&.8@!I0!RN480!
48:$#&?5.!48Ĝ0$()!(0R#!&N4#%#:!<%#5:@!?(.I!RN480!:/Č5.!þ)48@!;4'8!(0R#!
4þ)8?8!?!#$þ)8?8S!T#!RN!RN5#!(?;G#48#!(0/#I(Q1!Y!;Ĝ048#!40!8#5.%!&ČĜ)A)A9!
;#%#:<)!R:$#&?8!4&Ĥ-!%Ĝ04Ģ?(4%,!I.&#8!R0P!8Q8#!;#þ'80þ()!(0R#!P'%5?$()!
P(?5#48.! 30I)<0! OG.48?1! M0()! $.&:@! I0! $(0<()! A)G%0&! 40! ;Ĝ)5.<! (0;#$#R'!
A)G%&.@!%80G#:!&.$)/0!&!%(.P0!K%:8%Ĥ1!M0()!$.&:@!I0!(0I.-0/0!&,-./0þ(Č1!
>ZCċĕ>+wMq!MYx]`a!ZċTq
[-.48.5! -40/@! I0! A#! 40! 8,þ0! #$/Č(! &Čþ(#48.@! /?-)! /(#P)! &ČĜ)A)! -?%#:4.!
^?50<(#:!;#%#G:1![Ĥ48'&?-)!&!;#48#-.!&$Čþ(#48.!P?!4;?40()@!A#I!-0!$#RGQ!
?!4;G'&(Q@!?&<?%!/N<50(%?@!I0!RN!/Č5.!:4.5#&?8!#!7#I)!#$/Č(:@!40!-./!
P$'!;Ĝ)5.<!8G#:^?5'1!"G?&$?!-0!?50!-.('1!"Ĝ0þ8Č80!4.@!A#!#!8#/8#!8Q/?8:!Ĝ)%'!
?;#<8#5!3?(!i!?!(0P?;#/0Ė80@!I0!4%GP0!(Č-!%!('/!/5:&)!7Ĥ9g!eZ'&0-80!
4.!;#P#G@!?RN480!(0;Ĝ.<5.!#!8#@!(?!þ0/!-4/0!;G?A#&?5.@!?50!?RN480!$#48?5.!
;5(#:!#$/Č(:b!c21!3?(Ĥ&!*@Hd1
7#I)!8#:9?!(0()@!?RNA9#/!/Č5.!-0(!#$/Č(:@!(,RGI!e;5(#:!#$/Č(:bD!
3'! ?! V.4?! -4/0! (?<./! þ8NĜ0/! 4N(Ĥ/! ;Ĝ0$%5'$?5.! GĤP(Q! W%#5N! ?! 45)R.5.!
-4/0!-./!P?!-0-.A9!;G'A.!;Č%(Q!#$/Č(N1!C'/!G?$#48@!%$NI!40!$#!8#9#!
;:48)!?!(?;5()!/Ĥ-!;#I?$?&0%1!"#8Q!4.!:I)&'/!8#@!%$NI!-0!/#9:!P?!-0-.A9!
26
+j3]ChýMj
&,%#(N!#$/Č(.81!MČ%$N!-40/!&<?%!RN5!P%5?/?(,@!;G#8#I0!(0:$Č5?5.@!#þ!
-40/!-0!;#I'$?5@!?!8:$)I!-40/!-0!(0/#95!('50I.8Č!#$/Č(.81!`98Č5!-40/@!
?50!(0/#95!-40/@!;G#8#I0!G#$.þ0@!%80Ĝ)!#$/ČĖ:-)!4&Q!$Č8.@!?(.I!RN!4.!8#!
P?45#:I.5N!(0R#!;G#!8#!(ČA#!:$Č5?5N@!-./!R0G#:!/#8.&?A.@!?!/#8.&?A0!-0!
$#RG'!&ČA1
CĤ-! (0-48?G<)! 4N(!Y$$.4#(! P?%#(þ.5! 48Ĝ0$()! <%#5:! 4! &NP(?/0('()/!
?!RN5!;Ĝ.-?8!(?!-0$(:!P!(0-50;<)A9!:(.&0GP.8!&!Y/0G.A01!"'G!8,$(Ĥ!;Ĝ0$!
#$-0P$0/!(?!:(.&0G4.8:!/Č!&<?%!<#%#&?5!#8'P%#:g!eT?8.@!/:4)/!;Ĝ)<8)!
/Č4)A!$#!8Q!<%#5N!-08Sb
>;G?&$:!-40/!(0&Č$Č5@!A#!-.(Q9#!Ĝ)A8@!(0Ig!eY!;G#þ!RN4!8?/!(0A98Č5!-)8Sb
eT?8.@!-'!RNA9!#;G?&$:!A98Č5!;G?A#&?8!&0!45:IRČ!(?!;5(,!W&?P0%!?!;#X
/'9?8!8#RČ!?!/?/.(A0!<)Ĝ.8!K5#&#@!%80GQ!&'/!7Ĥ9!4&ČĜ.5@b!#$;#&Č$Č51!
`#!-40/!/Č5!Ĝ)A8S!e3.48Č@!4N(%:@b!P?G0?\#&?5!-40/1!
Y$$.4#(!;Ĝ.-?5!('48:;()!;#P.A.!?!?4.!;#!<048.!/Č4)A)A9!/.!P?&#5?5!('<!
Ĝ0$.805!#4#R()9#!#$$Č50()!?!(?&G95!/.@!-0485.!RN!/#95!Y$$.4#(!R,8!-/0X
(#&'(!/?(?I0G0/!-0$(#9#!$Ĥ50I.8Q9#!#$$Č50()1!
CČ5!-40/!8G#A9:!;#A9NR(#48.1!e30!#;G?&$:!8?%!4A9#;(,!(0R#!8#!$Č5'<!
-0(!;G#8#@!I0!-0!8#!('<!4N(Sb
e3#9(0@!8&Ĥ-!4N(!-0!&Ĥ$A0@b!#$;#&Č$Č5!/.1!
"#8Q@!A#!Y$$.4#(!;Ĝ0&P?5!8#!#$$Č50()@!P?þ?5!;Ĝ.A9'P08!4!(#&,/.!P;ĤX
4#RN@!-?%!/#8.&#&?8!4&Ĥ-!8,/!?!P&,<.8!0^0%8.&.8:!-0-.A9!0&?(\05.P?þ()9#!
;Ĥ4#R0()1!+! 50$(:! /Č! -0$(#9#! $(0! &! %?(A05'Ĝ.! $#48?5! 4&,/! $#8?P0/g!
eT?8.@!A#!RN4!$Č5?5@!%$NRNA9#/!508#4!P$&#-('4#R.5.!;G#$:%8.&.8:!#;G#8.!
/.(:5Q/:!G#%:Sb
TQ/ČĜ!-40/!40!P?4/'5!-09#!.$0?5.48.A%Q/:!;Ĝ0/,<50()@!?50!(?<8Č48)!
-40/!40!#&5'$51!+!;Ĝ0$A9#P)/!G#A0!:$Č5?5#!8#8#!#$$Č50()!#RG#&4%,!%:4!
;G'A0@!8?%I0!/)Ĝ.5!&05/.!&N4#%#@!A#I!-40/!#R$.&#&?5@!?50!-09#!A)5!40!P$'5!
(?;G#48#! (0G0'5(,1! "G#8#I0! -09#! ('&G9! RN5! 8?%! e(0$#4?I.805(,b@! ;5'A5!
-40/!&05/.!&N4#%#:!#$/Č(:@!;G#8#I0!-40/!4.!RN5!-.48@!I0!-.!(0R:$:!/:408!
4;5(.81!eKN(:@b!Ĝ0%5!-40/!G#P9#$(Č@!e-0485.I0!8#950!$#%'I0<@!&0P/:!80R0!
?!A05,!8&Ĥ-!8,/!(?!40$/.$0(()!;5?&R:!(?!#A0'(1b
2=
7jT!7>ak!">TċxhMqC
!Y$$.4#(!40!:4/'51!eK%&Č5Q@!8?8.@b!Ĝ0%5!?!#$0<051!
M0:&Č$#/.5! -40/! 4.! 8#8.I@! I0! -09#! &.P0! ?! &)G?! &! 8Q8#! #R5?48.! $?50A0!
;Ĝ0&N<#&?5N!/Q1!T#9#!G#%:!/.!þ?48#!&#5?5!?!I'$?5!#!/#$5.8RN@!?RN!-09#!
;0G4#('5!P&5'$5!4;0A.!!A%Q!/Č4)þ()!A)501!T?%I0!-4/0!40!4;#5:!/#$5.5.!?!-'!
-40/! 4.! &<./5@! I0! -09#! 40! #$$Č50()! G#PGĤ48'1! "#! <048.! /Č4)A)A9! -40/! 4.!
:&Č$#/.5@!I0!RN!8#!/#95.!$#%'P?81!7N5!-40/!&!<#%:!c-?%!4/:8(Q!P!/Q!
48G?(Nd1!
M?%#(0A@!;#!$&?('A8.!/Č4)A)A9@!40!$)%N!W4.5)!Y$$.4#(#&?!#$$Č50()!
&,450$%N!#;G#8.!;Ĝ0$0<5Q/:!G#%:!8Q/ČĜ!A#8$+':,$E(6/1!7N5!-40/!&!WI?4:!
(?$!8)/@!A#!7Ĥ9!:$Č5?51!"#$?5.!(0#RNþ0-(,!&,%#(1!
M?!%#(A.!G#%:!-4/0!4!V.4#:!&P?5.!A05,!8,/!(?!45)R0(#:!;5?&R:1!CČ5!
-40/!#RG#&4%#:!G?$#48@!I0!/#9:!Y$$.4#(?!.!%?I$Q9#!þ50(?!-09#!#$$Č50X
()!#$/Č(.8!P?!-0-.A9!:4.5#&(#:!;G'A.1!7N5#!8#!&)8ČP48&)!(?!&<0A9!^G#(8'A91!
"G&()/!?!(0-$Ĥ50I.8Č-<)/!&)8ČP48&)/!RN5#!8#@!I0!#!48?8.4)A0!&)A!5.$)!45NX
<05#!7#I)!45#&#1!O#5.%!RN5#!4%GP0!7#I)!45#&#!?!309#!/#A!P?A9G'(Č(,A9!
I.&#8Ĥ@! #R(#&0(,A9! /?(I0548&)@! ;#4)50(,A9! 4R#GĤ! ?! :P$G?&0(,A9! 5.$)D!
Y!8#!&<0!RN!40!(048?5#@!%$NRN!Y$$.4#(!?!-09#!8,/!(0<5.!P?!4&,/!A)50/1!
ZG:9,/!&)8ČP48&)/!RN5#@!I0!40!Y$$.4#(!4;#5:!4!#48?8()/.!P!8,/:!/#9X
5.!:I)&?8!:4;#%#-0()!P!8#9#@!I0!-0-.A9!W4.5)!;Ĝ.4;Č5#!%!;G#/Č('/!/(#X
9,A9!I.&#8Ĥ!?!;Ĝ.(045#!&Čþ(Q!#&#A01!M?!8Q!;5?&RČ!4.!8?%Q!4;#50þ(Č!:I.5.!
4;#:48:!50\G?A0!?!P'R?&N!?!R:$#:!/)8!(?!(.!%G'4(Q!&P;#/)(%N1!TĜ08)/!
&)8ČP48&)/!RN5#@!I0!-40/!4.!-'!/#95!:I)8!8#9#@!I0!-0!/#9:!#$/Č(.81!CČ5.!
-4/0!4!V.4#:!&05%Q!;#8Č<0()@!%$NI!-4/0!40!$)&?5.@!-?%!4.!:I)&?-)!#&#A0!
4&Q! ;G'A01! "#Ĝ'$! 40! -0$0(! $G:9Q9#! ;8?5.g! ek&Č$#/:-0<! 4.@! #! %#5.%! &)A!
5.$)!45N<05#!7#I)!45#&#!$)%N!8#/:@!I0!-4/0!&ČĜ.5.!?!<5.!P?!8)/Sb!7N5!-40/!
#9G#/0(!-0-.A9!PG?5#48)1!kI)&?5.!4.!;5?&R:@!?50!(0P8G'A05.!P0!PĜ08050@!#!A#!
8:!&5?48(Č!$##;G?&$N!<5#1!
Y(.!(N()@!;#!(Č%#5.%?!5080A9@!(0P8G?8.5.!4&Q!P?()A0()!?!48'50!/Č!I'$?-)!
#!&N4#%Q!A)50@!?!;?%!P?!(./.!A05,/!4G$A0/!-$#:1!+Č$)@!I0!þ)/!&)A0!R:X
$#:!/)8!W4;ČA9Ĥ@!8)/!&)A0!I.&#8Ĥ!R:$0!;G#/Č(Č(#!;G#!&Čþ(#481!T#!-0!;G#!
('4!&<0A9(N!8?!(0-&Č8<)!#$/Č(?1!
2B
+j3]ChýMj
7>uq!`qVh!"n>!+wx!u]+>T
`#!/'!8#8#!$#!þ.(Č()!4!(?<)/!&P8?90/!4!(0R04%,/!>8A0/S!7Ĥ9!48?(#&.5!
;G#!I.&#8!%?I$Q9#!P!('4!:Gþ.8Q!A)501!+0!4%:80þ(#48.!-0!P?;4?5!$#!4&Q!%(.9N!
:I!;Ĝ0$!48&#Ĝ0()/!4&Č8?1!Z?&.$!;)<0g
eT&Q!#þ.!/Č!&.$Č5N!&!P'G#$%:@!
&<0A9(#!RN5#!P?;4'(#!&!8&Q!%(.P0g
!$(N!8?%@!-?%!40!&N8&'Ĝ05N@!
$Ĝ)&!(0I!-0$.(,!P!(.A9!(?48?51b!cu?5/!*6J@*Ef!`h"d
M0()!8#!^0(#/0('5()S!+Č$Č5.!-480@!I0!#!&'4!RN5?!(?;4'(?!%(.9?S!u.X
&#8#;.4N!40!(0;)<)!-0(!#!8ČA9!45?&(,A91!+'<!;Ĝ)RČ9!-0!P?P(?/0('(!8?%Q!
?!?:8#G0/!(0()!(.%$#!-.(,!(0I!4'/!7Ĥ91!T:!%(.9:!(?;4?5!$#%#(A0!-0<8Č!
;Ĝ0$!&?<)/!;#þ08)/1!3?%!#9G#/:-)A)!/N<50(%?!i!-0&!()!P?;4'(!%?I$,!$0(!
&?<09#!I.&#8?1!Y!-0<8Č!;Ĝ0%&?;.&Č-<)!-0!8#@!I0!8?/!(0()!-0(#/!%?I$,!$0(@!
?50!.!%?I$,!#%?/I.%1!
K80-(Č! -?%#! /Ĥ-! (0-48?G<)! 4N(! :4.5#&?5! 4;5(.8! 4;0A.!!A%,! W%#5@! %80G,!
-40/!4A9&'5.5@!.!7Ĥ9!;G#!&'4!&0!4&Q!%(.P0!(?;5'(#&?5!:Gþ.8Q!4%:8%N1!Y(#@!
-0! 8#! 8?%1! 7Ĥ9! ;G#! &'4! 48?(#&.5! A)501!Y;#<8#5! "?&05! 8?%Q! #$9?5:-0@! I0!
&<0A9(N!(?<0!4%:8%N!RN5N!P?P(?/0('(N!;Ĝ0$0/g!
e+I$NĢ!-4/0!$)5#!7#I)A9!G:%#:@!48&#Ĝ0(.!P(#&:!&!OG.48:!30I)<.!|P(#X
&:!PG#P0(.}!%!$#RG,/!4%:8%Ĥ/@!%80GQ!;G#!('4!7Ĥ9!;Ĝ0$0/!;Ĝ.;G?&.5@!
?RNA9#/!&!(.A9!/#95.!I)8b!ch^0P4%,/!2@*L!;#$50!?(\51!;Ĝd1
7Ĥ9!&?<0!A048N!(?;5'(#&?5!:I!;Ĝ0$0/@!?&<?%!&<./(Č80!4.@!I0!"?&05!
;)<0g!e?RNA9#/!&!(.A9!/#95.!9?#b1!Z:A9!K&?8,!(0Ĝ0%5!4%GP0!"?&5?g!e?RNX
A9#/!&!(.A9!9(6(0\!T#!-0!8#8.I!#RG#&4%,!G#P$)51!T?$N!G#P9#$:-0!4&#R#$('!
&Ĥ50@!;G#8#I0!4;5(Č()!8ČA98#!4%:8%Ĥ!(0()!?:8#/?8.A%Q1!+NI?$:-0!8#!(?<.!
4;#5:;G'A.1! 7Ĥ9! 48?(#&.5! A)50@! ?50! (?! ('4! -0@! ?RNA9#/! 4%GP0! /#$5.8R:@!
2E
7jT!7>ak!">TċxhMqC
þ80()!309#!K5#&?!?!#48?8()!$:A9#&()!;G#48Ĝ0$%N!#R-0&#&?5.@!A#!-0!;G#!('<!
I.&#8!P?;4'(#1!Y!;#8#/!8#!R:$0/0!$)%N!309#!/.5#48.!(?;5Ė#&?81![!8#9#X
8#!$Ĥ&#$:!40!"?&05!/#$5)g!
e"G#8#!.!/N@!#$!8#9#!$(0@!%$N!-4/0!8#!:45N<05.@!(0;Ĝ048'&'/0!40!P?!
&'4!/#$5.8!?!&N;G#<#&?8@!?RN480!RN5.!(?;5(Č(.!;#P('()/!309#!&Ĥ50!&0!
&0<%0GQ!/#:$G#48.!?!$:A9#&()/!;#A9#;0()@!?RN480!&0$5.!I.&#8!9#$(,!
"'(?!?!&0!&<0/!C:!RN5.!;#8Č<0()/@!?RN480!(045.!#&#A0!&!%?I$Q/!$#X
RGQ/!4%:8%:!?!G#485.!&!;#P('()!7#9?b!cO#5#4%,/!*@JX*L!;#$50!?(\51!;Ĝd1
7:$0/0X5.!P('8!7#I)!&Ĥ5.!;G#!(?<0!I.&#8N@!R:$0/0!4A9#;(.!C:!R,8!
&I$NA%N! ;#8Č<0()/1! "Ĝ.;G?&.5! ;G#! ('4! (0#RNþ0-(Q! A)50@! %80G,A9! (0()!
/#I(Q!$#4'9(#:8!R0P!/#$5.8RN@!&)GN!?!:4.5#&(Q!;G'A01!"G#8#!-4/0!(?X
P&'(.! e7#I)/.! 4;#5:;G?A#&()%Nb! c*1! O#G.(84%,/! 6@Jd1! C:4)/0! 950$?8!
(?<0! #4#R()! W%#5N! ?! -)8! P?! (./.@! 480-(Č! -?%#! 8#! :$Č5?5!Y$$.4#(! ?! -09#!
#$$Č50()1!O$NRN!40!(0/#$5.5.@!(0&ČĜ.5.!?!;.5(Č!(0;G?A#&?5.@!(.%$N!RN!40!
-./!8#!(0;#$?Ĝ.5#1!
MČ%80Ĝ)!5.$Q!(0-4#:!G'$.@!%$NI!-./!Ĝ)%'/!#!7#I)A9!A)50A91!30-.A9!;Ĝ0$X
48?&?! #! %Ĝ04Ģ?(4%Q/! I.&#8Č! -0g! eR0G! 8#@! -?%! 8#! ;Ĝ.-$0! ?! I.-! (0-5);@! -?%!
:/)<b@! /)48#! 8#9#@! ?RN! 40! 4(?I.5.! (?;5Ė#&?8! 7#I)! 4;0A.!!A%,! ;5'(! ;G#!
-0-.A9! I.&#81! 30-.A9! /N<50()! -0g! ]'$*"A8$@(6% ,5,>% 3)$@?B% @$% ,E$8">% +5@G
':B%@$EĜ5%,%6(@.(>%<843"+5B>%+@5B%@$%@Ĥ3)$@">%".Ĝ5B%'4%'Č+4&$"%'5.$3%
4%+@5B%@$%'5E50%>!A#!&<?%!8.8#!/.5)!4&?8)!4!8#:8#!/0(8?5.8#:!;Ĝ.A9'P0-)S!
30! 8?%! 4/:8(Q@! I0! &N/Č()! 4&Ĥ-! 7#90/! (?;5'(#&?(,! #4:$! P?! 8?%#&#:!
4&Č84%#:!0U.480(A.D
")4/#!8&G$)@!I0!%?I$,!#%?/I.%!(?<09#!I.&#8?!-0!;Ĝ0$0/!(?;5'(#&'(1!
`#!%$NRN!8#!/Ĥ-!4N(!RG?5!8?%@!-?%!8#!;G#48Č!;Ĝ.-$0S!Y(.!#(!?(.!-09#!8,/!
RN!(.%$N!(0P?%:4.5.!G?$#48!P!$#4?I0()!&N4#%Q9#!A)501!M'<!>80A!&,45#&(Č!
Ĝ)%'g!e+I$NĢ!3'!P('/!W/N45N@!%80GQ!4!&'/.!P?/,<5)/@!-0!a#4;#$.(Ĥ&!
&,G#%1!{/N45N!#!;#%#-.!?!(0!#!P5:@!?RNA9!&'/!$?5!R:$#:A(#48!?!(?$Č-.b!
c30G0/-'<!2J@**d1!7Ĥ9!#þ0%'&'@!I0!R:$0/0!950$?8!?!(?A9'P08!309#!&Ĥ5.!
2F
+j3]ChýMj
;G#!(?<0!I.&#8N1!"?&05!;)<0g!e"G#8#!(0R:ć80!(0G#P:/()@!?50!G#P:/Č-80@!
A#! -0! "'(#&?! &Ĥ50b! ch^0P4%,/! B@*Fd1! 3.(,! ;Ĝ0%5?$! -0! &)A0! R0P! #R?5:g!
eM0R:ć80!95#:;)1!n?$Č-.!P-.48Č80@!A#!"'(!A9A0@!?RN480!$Č5?5.b!c`h+d1
M0()! 4(?$! 4%&Č5Q! &Č$Č8@! I0! 7Ĥ9! (0(?;5'(#&?5! ;#:P0! I.&#8N! 7.55NX
9#!sG?9?/?@!>G?5?!n#R0G840@!YRG?9?/?!V.(A#5(?@!`#GG.0!80(!7##/#&Q!
?!-.(,A9!45?&(,A9!5.$)S!M?;5'(#&?5!480-(Č!8?%!.!&'<!I.&#8!i!%?I$,!$0(@!
%?I$#:!9#$.(:@!%?I$,!#%?/I.%!X!?!P?;4?5!8#!$#!%(.9N1!T&Ĥ-!I.&#8!-0!-0$.X
(0þ(,!?!4;0A.'5()!?!&!I'$(Q/!;Ĝ);?$Č!(0()!-0(!('9#$?!?(.!(0()!P8G?A0(,!
/0P.!48Ĝ);%N!I.&#8Ĥ!#48?8()A9!e#RNþ0-(,A9b!5.$)1!M.%$#!(0()!#RNþ0-(,!
(0R#!;#$Ĝ?$(,1!+<.A9(.!-4/0!RN5.!48&#Ĝ0(.!;G#!-0$.(0þ(#:!A048:@!8:!&,X
-./0þ(#:1!
™
!"#$%&'#&12,34)þ'*-&.)/03?%!&0!4&Q/!4#:þ?4(Q/!I.&#8Č!$Č5'80!7#9:!G?$#48S!3?%!RN480!a#!/#95.!
;#8Č<#&?8!&)AS
!!
3?%Q!/N45)80@!I0!-4#:!7#I)!4;0A.!!A%Q!;5'(N!;G#!&'4S
2H
A
")&%:6-4!=%*(+.B!3%C.!3$56
Y
I! R:$0/0! 48'8! ;Ĝ0$! 4#:$(#:! 48#5.A)! OG.48#&#:@! (0R:$0! 8#! ;#:P0!
(?<0! ;G'A0@! þ.! 4%:8%N! ?! 45#&?@! %80G'! -4/0! &NĜ%5.@! A#! R:$0! 30I)<!
;G#&ČĜ#&?81! "G#&0$0! 8?%Q! $Ĥ%5?$(Q! &N<08Ĝ0()! (?<09#! (0-&(.8Ĝ(Č-<)9#!
-'@! &þ08(Č! (?<.A9! (0-8?-(Č-<)A9! /N<50(0%@! /#8.&Ĥ@! P'/ČGĤ! ?! W/N45Ĥ1!
T#!/)48#@!%$0!(0-;G&0!?!(0-&)A0!7#9?!;#8Č<:-0/0@!40!(?A9'P)!95:R#%#!
:&(.8Ĝ!('4!4?/#8(,A9@!?!-?%!P-.48)/0!&!('450$:-)A)A9!%?;.8#5'A9@!&!(?<0/!
(0-(.80G(Č-<)/!RN8)!8?%Q!P?þ)('!80(!&,-./0þ(,!I.&#81
>950$(Č!&ČĜ)A)A9!þ80/0!&!")4/:g!e"G#8#!(.A!(04:ć80!;Ĝ0$þ?4(Č@!$#X
%:$!(0;Ĝ.-$0!"'(@!%80G,!#4&)8)!.!*Č3(%,&8/#-!&0!8/Č!?!P-0&)%F./,6/%,8@3?0!
Y! 809$N! 40! %?I$Q/:! $#48?(0! ;#A9&?5N! #$! 7#9?b! c*1! O#G.(84%,/! =@Bf!
%:GP)&?!;Ĝ.$'(?d1![?/N450/0!40!(?$!45#&N!*Č3(%,&8/#-%?!F./,6/%,8@3?1!
30!8#!-?4(Q!i!(.A!(0()!4%GN8Q9#@!A#!-0$(#:!(0R:$0!#$9?50(#1!+0!4&Č850!
8ČA98#! 45#&! 4.! -0<8Č! -0$(#:! ;#450A9(Č/0! 7#I)! 45#&#! #! 4#:$:! &ČĜ)A)A9@!
80(8#%G'8!;#$50!Y/;5.!!0$!7.R50g!
eM0:48'50!:4.5:-0/0!?!#;G?&$#&Č!40!4(?I)/0@!?RNA9#/!a#!8Č<.5.1!
M0R#Ģ!40!&<.A9(.!/:4)/0!#R-0&.8!?!/:4)/0!R,8!$@)465'(!#4&$*?>%+43?%
+,.5@!;Ĝ0$!4#:$(#:!48#5.A)!OG.48#&#:@!?RN!%?I$,!;Ĝ.-?5!|4&#:!#$;5?8:}!
;#$50!8#9#@!A#!&N%#(?5!&!8Č50@!?Ģ!:I!8#!RN5#!$#RGQ!(0R#!P5Q!|;#$50!
-09#!A:.Č8Ĥ%4%/#8.&Ĥ!?!8#9#@!þ09#!$#4'95@!þ)/!40!P?R,&?5!?!þ0/:!$?5!
40R0!.!4&#:!;#P#G(#48}b!c21!O#G.(84%,/!B@JX*Lf!YC"d1
+<./(Č80!4.!45#&!$@)465'(!#4&$*?>%+43?%+,.51!+<0A9(N!5.$4%Q!RN8#48.!
/?-)!8Ĝ.!./?\0g!&NP?Ĝ#&?(,%./?\0@!*'?.4'=%./?\0!?!4?/#PĜ0-/Č!,&"G
#5þ'=%./?\01!+'<!&NP?Ĝ#&?(,%./?\0!-0!8#@!-?%!8#:I)80@!?RN!&'4!#48?8()!
2J
+j3]ChýMj
&.$Č5.1!+'<!*'?.4'=%./?\0!-0!8#@!-?%!&'4!#48?8()!&.$)1!+'<!,&"#5þ'=%./?\0!
-0!8#@!%,/!$##;G?&$N!-4801!
"#$)&0-/0! 40! (?! 30I)<01! C(#P)! 30-! #$/)85.@! /#A()! a#! ;#/5#:&?5.@!
&5'$A.!#!MČ/!/5:&.5.!5I.&Č!?!('R#I0(<8)!&Ĥ$A.!a#!;#&?I#&?5.!P?!90G08.%?!
(0R#!$#%#(A0!P?!$Q/#(.P#&?(Q9#1!309#!*'?.4'=%./?\0!(0RN5!&!#þ)A9!
/(#9,A9! 5.$)@! #RP&5'<Ģ! 8ČA9! &,P(?/(,A9@! &ĤR0A! ;Ĝ)P(.&,1! "Ĝ048#! RN5!
309#! ,&"#5þ'=% ./?\0! (?;G#48#! #$5.<(,@! (0R#Ģ! ")4/#! ;G#95?<:-0@! I0! -0!
&N-'$Ĝ0()/!;#$48?8N!c?(\51!./?\0d!>8A0!c&.P!u.$Ĥ/!*@6d1!"Ĝ.!"#450$()!
&0þ0Ĝ.!&,45#&(Č!Ĝ0%5g!eO$#!&.$Č5!/(0@!&.$Č5!>8A0b!c3?(!*=@Jd1
C(#P)!P!8ČA9@!%$#!40!8Č<.5.!&'I(#48.!(0R#!/Č5.!&5.&@!40!P?/ČĜ.5.!(?!8#@!
-?%!#(.!*'?.46(%./?\0!30I)<0@!P?8)/A#!7Ĥ9!&.$Č5!-0(!309#!,&"#5þ'=%./?X
\01![!8#9#8#!$Ĥ&#$:!&)A!(0I!-0$(#:!+<0/#9#:A)!;G#!$G:9Q!45N<.805(Č!
Ĝ0%5g!eT#8#!-0!/Ĥ-!/.5#&?(,!KN(@!&!(Č/I!-40/!(?50P5!P?5)R0()b!cC?8#:<!
6@*Ff!*F@Bf!21!"08GĤ&!*@*Fd1!
"Ĝ.!;G&()!P!8ČA98#!;Ĝ)50I.8#48)!(0RN5#!7#I)!P?5)R0()!P?5#I0(#!(?!30X
I)<#&,A9!þ.(0A9@!;G#8#I0!-0<8Č!(0&N%#(?5!?(.!-0$.(,!4%:80%!45:IRN!c&.P!
C?8#:<! 6@*Fd1! >8A#&#! ;G#95'<0()! ;G?/0(.5#! P0! 4%:80þ(#48.@! I0! 30I)<!
PĤ48?5! &ČG(,/! 8#/:@! %,/! RN5@! /)48#! 8#9#@! ?RN! ;#$5095! ;#%:<0()! 48'8!
40!e(Č%,/b1!"Ĝ0/,<50-80!#!8#/!i!-09#!(0&5?48()!RG?8Ĝ.!?!4048GN!;G?&$ČX
;#$#R(Č!&Č$Č5.@!%$#!30I)<!$##;G?&$N!-0@!:I!$'&(#!;Ĝ0$!P-0&0()/!309#!
/#A.!;Ĝ.!3?(#&Č!%Ĝ8:1!309#!/?8%?!.!(0&5?48()!#80A!%?I$,!P?I.5.!?($Č54%#:!
('&<8Č&:!?!;G?&$Č;#$#R(Č!#!8#/!&N;G'&Č5.!.!#48?8()/!P!G#$.(N1!340/!4.!
-.48@!I0!RN5!30I)<!;G#('450$#&'(!4&,/.!4#:G#P0(A.g!eM#!8?%@!30I)<.@!:$ČX
50-!(ČA#!WI?4(Q9#Db!Z#%#(A0!.!;#!8Q@!A#!RN5!;#%Ĝ8Č(@!a#!RG?8Ĝ.!85?þ.5.@!
?RN!I.5!&NP?Ĝ#&?(,!./?\01!"#<Ģ:A9#&?5.!9#g!e>$0-$.!#$8:$!?!-$.!$#!3:$X
4%?@!?RN!8?%Q!8&#-.!:þ0$()A.!:&.$Č5.!8&Q!P'PG?%N@!%80GQ!þ.()<1!+I$NĢ!(.%$#!
(0$Č5'!(.A!&0!4%GN8:@!A9A0X5.!R,8!P('/!(?!&0Ĝ0-(#48.1!ý.()<X5.!8N8#!&ČA.@!
:%?I! 40! 4&Č8:b! c3?(! F@6X=d1! 30485.I0! a#! 8?%8#! ;#R)P05.! -?%#! $#4;Č5Q9#@!
$#%'I080!4.!;Ĝ0$48?&.8@!-?%!40!%!(Č/:!A9#&?5.!-09#!4#:40$Q!?!#48?8()!5.$Q!
;Ĝ0$!8)/@!(0I!RN5!&0!8Ĝ.A08.!5080A9!;#&#5'(!$#!45:IRNS
")4/#!&<?%!(0P$ĤG?PĖ:-0!30I)<Ĥ&!*'?.4'=%./?\0@!?50!4;)<!$'&'!$ĤX
6L
> Z a Y V h M ] ! TY O > + q @ ! 3 Y ` q ! 3 K C h
G?P! (?! 8#@! %,/! $##;G?&$N! -01! 30485.I0! &.$)80! 30I)<0@! &.$)80! >8A01! "G#8#!
Ĝ0%5! 30I)<! y.5.;#&.g!eT?%!$5#:9#!-40/!4! &'/.@! y.5.;0@! ?! 8N! -4.! C(0! (0X
;#P(?5Sb!c3?(!*=@Jd1!30I)<!RN5!þ048(,!þ5#&Č%!i!RN5!480-(,!&Ĥþ.!5.$0/@!40!
%80G,/.!40!408%'&?5@!-?%#!RN5!&Ĥþ.!>8A.1!M04(?I.5!40!&N50;<#&?8!4.!G0;:X
8?A.!?(.!(0950$?5!:P('()!?(.!;#A9&?5:!#$!5.$)1!K8?G?5!40!-0(!#!8#@!A#!RN5#!
$Ĥ50I.8Q!;G#!309#!>8A01!Y!/N!RNA9#/!(0/Č5.!R,8!-.()1!CČ5.!RNA9#/!R,8!
-?%#!30I)<1!T#8#!-0!7#I)!P'/ČG!;G#!('4!?!/Č5#!RN!8#!R,8!8?%Q!(?<)/!A)50/1!
"G#!/(#9#!%Ĝ04Ģ?(Ĥ!-0!8#!&<?%!-0-.A9!*'?.4'=%./?\0@!(?!þ0/!-./!P'X
50I)1!30$(#$:<0!Ĝ0þ0(#@!-0-.A9!G0;:8?A0!-0!;G#!(Č!$Ĥ50I.8Č-<)!(0I!#;G?&$#X
&Q!/#8.&N!-0-.A9!4G$A01!T#!P;Ĥ4#R:-0@!I0!40!;G0P0(8:-)!8?%@!-?%!8#:I)!R,8!
&()/'(.!#48?8()/.1!30-.A9!W4.5)!-0!P?/ČĜ0(#!(?!-0-.A9!&P950$@!;#48?&0()@!
P?A9#&'()!4.!8&'Ĝ0@!8.8:5N@!$Ĥ50I.8#48@!?8$1!C:4)/0!4.!?50!:&Č$#/.8@!I0!8#!
(0R:$0! ?(.! ('<! &NP?Ĝ#&?(,! ?(.! ('<! &()/?(,! ./?\0@! A#! R:$0! #$9?50(#!
;Ĝ0$!A05,/!(0R04%,/!49G#/'I$Č()/1!>$9?50(!R:$0!('<!,&"#5þ'=%./?\0@!
(?<0!W/N45N!?!#;G?&$#&Q!/#8.&N!(?<.A9!4G$A)1![#;?%:-/0!4.!"?&5#&?!45#X
&?g!eM0R#Ģ!40!&<.A9(.!/:4)/0!#R-0&.8!?!/:4)/0!R,8!$@)465'(!#4&$*?>%+43?%
+,.5@!;Ĝ0$!4#:$(#:!48#5.A)!OG.48#&#:b!c21!O#G.(84%,/!B@*Lf!YC"d1
7 k Z h T h ! K V > k u ] T ! T > C k @! O > a > ! K h ! 7 > 3 q T h
Y!;G#8#!"?&05!.9(0$!;#!8#/@!A#!('4!.(^#G/:-0!#!4#:$(Q!48#5.A.!OG.48#&Č@!
;)<0!g!
eT#!;G#8#!8?%!:4.5#&(Č!;G?A:-0/0@!I0!P('/0!4&?8#:!R'P0Ė!7#I)b!
c21!O#G.(84%,/!B@**f!MVTd
+<./(Č80!4.!"?&5#&,A9!45#&g!e4&?8#:!R'P0Ė!7#I)b1!7'P0Ė!;Ĝ0$!a#4X
;#$.(0/! ('4! :$GI:-0! &! %#(8?%8:! 4! (?<)/! ,&"#5þ'=.! ./?\01!Y! ;5?8)! 8#!
.!(?#;?%g!þ)/!/Q(Č!R'P(Č!;Ĝ0$!a#4;#$.(0/!/'/0@!8)/!&)A0!40!4;#5QX
9'/0!(?!('<!*/A4Ĝ$*4'=%./?\01!
6*
+j3]ChýMj
7:$080!45#:I.8!8#/:@!%#9#!40!R#-)801!7#-)80X5.!40!7#9?@!R:$080!45#:I.8!
7#9:1!7#-)80X5.!40!þ5#&Č%?@!R:$080!(?%#(0A!-0$(?8!;#$50!5.$4%,A9!;Ĝ'()1!
ý?48#!-0!;G#!('4!/(#90/!8ČI<)!:G?P.8!5.$.@!%80GQ!/'/0!;Ĝ0$!#þ./?@!#RX
P&5'<8Č!%$NI!8#:I)/0!;#!-0-.A9!5'4A0!(0R#!;Ĝ'80548&)@!(0I!T#9#@!%80GQ9#!
(0&.$)/01!
Y;#<8#5! "?&05! /Č5! R'P0Ė! ;Ĝ0$! 7#90/1! "G#8#! 40! 48?G?5! &)A! #! 4&Ĥ-!
,&"#5þ'=% ./?\0@! %80G,! &.$)! 7Ĥ9@! (0I! #! 4&Ĥ-! &NP?Ĝ#&?(,! ./?\01!T#! 9#!
:$GI#&?5#!&!;#45:<(#48.!OG.48:@!$#%#(A0!.!809$N@!%$NI!40!/:!#$!-.(,A9!
$#48'&?5#!-0(!P%5?/'()@!(04#:95?4:!(0R#!#$/)8(:8)1!")<0g!e[)4%'&'/!4.!
80ć!5.$.@!(0R#!7#9?S!ý.!40!4(?I)/!5)R.8!5.$0/S!O$NRNA9!40!A98Č5!-0<8Č!
5)R.8!5.$0/@!(0RN5!RNA9!OG.48Ĥ&!#8G#%b!cs?5?84%,/!*@*Ld1
340/!4.!-.48@!I0!"?&5#&#!G#P#9(Č()@!&0!%80GQ/!;4?5!8N8#!45#&?@!;#$()8.X
5#!8#@!A#!40!/:!%G'8A0!;Ĝ0$!8)/!;Ĝ.9#$.5#@!(0R#Ģ!&0!$G:9Q!%?;.8#50!8#9#8#!
$#;.4:!;)<0!#!%#(^G#(8?A.!4!"08G0/!?!(Č%#5.%?!$?5<)/.!?;#<8#5Ng!
eY50!%$NI!;Ĝ.<05!"08G!$#!Y(8.#A9.0@!;#48?&.5!-40/!40!;G#8.!(Č/:!
8&'Ĝ)!&!8&'Ĝ@!(0R#Ģ!4.!P?45#:I.5!#$4#:P0()1!M0I!8#8.I!;Ĝ.<5.!(Č%80Ĝ)!#$!
3?%:R?@!-)$'&?5!4;#50þ(Č!4!;#9?(N1!O$NI!&<?%!;Ĝ.<5.@!P?þ?5!A#:&?8!
?!#$$Č5#&?8!40@!;G#8#I0!40!R'5!8ČA9@!%80Ĝ)!RN5.P!#RĜ)P%N1!Y!4;#5:!4!()/!
:;?$5.!$#!;#%GN80A8&)!.!#48?8()!u.$Q@!8?%I0!.!7?G(?R'<!RN5!48GI0(!-0-.A9!
;#%GN80A8&)/1!O$NI!-40/!&<?%!:&.$Č5@!I0!(0-$#:!G#&(Č!;#$50!;G?&$N!
0&?(\05.?@!Ĝ0%5!-40/!"08G#&.!;Ĝ0$0!&<0/.g!e30485.I0!8N@!?þ!-4.!u.$@!I.-0<!
;#9?(4%N@!?!(0!I.$#&4%N@!-?%!8#@!I0!(:8)<!;#9?(N@!?RN!I.5.!-?%#!u.$QSb!
cs?5?84%,/!2@**X*=d1
"?/?8:-80! 4.@! R:$080! 45#:I.8! 8#/:@! %#9#! 40! R#-)801! "08G! 40! R'5! 4&,A9!
%#(P0G&?8.&()A9! ;Ĝ'805! P! 30G:P?5Q/?1! a5:R#A0! 8#:I.5! ;#! :P('()! 3?%:R?!
?!#48?8()A9!&0$#:A)A9@!?!8#!9#!&0$5#!%!;#%GN80A%Q/:!-0$('()1![?/ČĜ.5!40!
(?!4&Ĥ-!*/A4Ĝ$*4'=!./?\0@!;G#8#I0!8?%!(?5Q9?&Č!8#:I.5!;#!8#/@!?RN!-09#!
*'?.4'=!./?\0!RN5!&!-0-.A9!#þ)A9!;Ĝ)P(.&,1!"G#8#!('/!%(.9?!"Ĝ)45#&)!Ĝ)%'g!
e30!(0R0P;0þ(Q!P?R,&?8!40!8)/@!A#!4.!#!8#RČ!/N45)!$G:P)!c"Ĝ)45#&)!2J@2Bd1
62
> Z a Y V h M ] ! TY O > + q @ ! 3 Y ` q ! 3 K C h
"?&05!80(!;G#R5Q/!:&.$Č5!?!/Č5!#$&?9:!"08G?!8&'Ĝ)!&!8&'Ĝ!(?;#/0(#:8!
?!4!()/!.!7?G(?R'<0!?!#48?8()@!%80Ĝ)!;#$5095.!85?%:!#%#5)1!ě0%5!"08G#&.@!I0!
$#%:$!4!()/!(0RN5.!%#(P0G&?8.&()!I.$#&<8)!&Ĥ$A.@!I.5!&!;G?&$Č@!8P(1!&0!
4&Q/!,&"#5þ'-.%./?\01!"G#8#!RN5!"08G!P/#A(Č(!R,8!4%GP0!5'4%:@!;Ĝ.-08)!
?!;Ĝ'80548&)!4%:80þ(,/!;Ĝ0$48?&.8050/!30I)<0!OG.48?!:!8ČA98#!þ0G48&Č!#RX
G'A0(,A9!&ČĜ)A)A9!;#9?(Ĥ1!3?%/.50!40!&<?%!#R-0&.5.!5.$Q@!(?!%80GQ!A98Č5!
:$Č5?8!$#-0/@!;Ĝ04:(:5!40!$#!4&Q9#!*/A4Ĝ$*4'-)$%./?\01!T?%#&Q!A9#&'X
()!RN5#!;G#!(#&Q!&ČĜ)A)!P!;#9?(Ĥ!<;?8(,/!;Ĝ)%5?$0/!?!7#9:!40!(05)R.5#1!
+)/0!$#RĜ0@!-?%!4&?8,/!"08G!RN5@!?!I0!-0!(N()!&!(0R.1!309#!A9#&'()!
?!-09#!<;?8(Q!/#8.&N!&!8#/8#!;Ĝ);?$Č!R:$#:!&<?%!;Ĝ0$!4#:$(#:!48#5.A)!
;G#P%#:/'(N1!"08G!40!R:$0!/:408!P?!80(8#!.(A.$0(8!P#$;#&)$?8@!480-(Č!
-?%#!40!/N!R:$0/0!/:408!P#$;#&)$?8!P?!%?I$,!;Ĝ);?$@!%$N!-4/0!40!(0X
A9?5.!#&5'$(#:8!48G?A90/!P!8#9#@!-?%!('4!R:$#:!&.$Č8!#48?8()1!
MN()!4.!;#P#G(Č!;Ĝ0þ8Č80!8?8#!45#&?!P!%(.9N!u.$Ĥ/g
eM0R#Ģ!45#&#!7#I)!-0!I.&Q!?!þ.((Q@!-0!#48Ĝ0-<)!(0I!-?%,%#5.!$&#:40þ(,!
/0þf!;G#(.%'!?I!$#!G#P$Č50()!$:<0!?!$:A9?@!%5#:RĤ!?!/#G%:@!?!-0!
4A9#;(Q!G#P4#:$.8!/N<50(%N!?!;#48#-0!4G$A01!Y!I'$(Q!48&#Ĝ0()!(0()!
;Ĝ0$!M)/!4%GN8Qf!&<0!-0!(?9Q!?!#$%GN8Q!;Ĝ0$!#þ./?!T#9#@!30/:I!40!
R:$0/0!P#$;#&)$?8b!cu.$Ĥ/!=@*2X*6d1
T#!-0!4.5(Q@!A#S!30485.I0!-480!8N8#!&0G<0!;Ĝ04%#þ.5.@!;G#8#I0!:I!-480!-0!
(Č%$N!þ085.@!&G?Ģ80!40!P;'8%N!?!;#/?5:!40!P?/N45080!(?$!%?I$,/!;G#X
95'<0()/1!
+<./(Č80!4.@!I0!45#&#!7#I)!;G#(.%'!95:R#%#!$#!(?<.A9!(0-&(.8Ĝ(Č-X
<)A9!/N<50(0%!?!I'$#48)1!k%?P:-0!('4@!-?A)!$##;G?&$N!-4/0@!(.%#5.&!-?X
%,/.! 40! ;G0P0(8:-0/0@! I0! -4/01! 30485.I0! -4/0! 7#I)/:! 45#&:! ;#45:<(.!
?!;#$Ĝ.P:-0/0!40!/:@!#A9G?Ė:-0!('4!;Ĝ0$!#%5?/'()/1!
"#45:<(#48!7#I)/:!45#&:!:$GI:-0!&!(?<.A9!4G$A)A9!?%8.&()!R'P0Ė!;Ĝ0$!
7#90/1! k$GI:-0! ('4! &! ;5(Q/! &Č$#/)! 8#9#@! I0g! eI'$(Q! 48&#Ĝ0()! (0()!
;Ĝ0$!()/!4%GN8Qf!&<0!-0!(?9Q!?!#$%GN8Q!;Ĝ0$!#þ./?!8#9#@!-0/:I!40!R:$0X
66
+j3]ChýMj
/0!P#$;#&)$?81b!O$NI!8#8#!45N<)80!?!G#P:/)80!8#/:@!/ĤI080!(N()!/(#X
90/!&)A!A9';?8@!;G#þ!Z:A9!K&?8,!&#5'g!eCĤ-!4N(:@!-0485.I0!;Ĝ.-/0<!/Q!
Ĝ0þ.!?!:A9#&'<!:!40R0!/Q!;Ĝ)%?PN@!:þ.()<!4&Q!:A9#!&()/?&Q!;G#!/#:$X
G#48!?!(?%5#()<!4&Q!4G$A0!%!G#P:/(#48.@!-0485.I0!P?&#5'<!(?!;#G#P:/Č()!
?!;#P&0$(0<!4&Ĥ-!95?4!%!G#P:/(#48.@!-0485.I0!-.!R:$0<!950$?8!-?%#!48Ĝ)RG#@!
;'8G?8! ;#! ()! -?%#! ;#! 4%GN8,A9! ;#%5?$0A9@! 809$N! ;#G#P:/)<! R'P(.! ;Ĝ0$!
a#4;#$.(0/!?!P)4%'<!;#P('()!7#9?b!c"Ĝ)45#&)!2@*XBd1
30485.I0! R:$0/0! :A9#&'&?8! 309#! 45#&#! &! (?<.A9! W8G#R'A9! -?%#! (0-X
&P'A(Č-<)!;#%5?$!(?!4&Č8Č!?!R:$0/0!:4.5#&?8!#!P('/#48!309#!A048@!-?%#!
RN!(0RN5#!I'$(Q!&N<<)!#$/Č(N!(0R#!&Č8<)9#!;#8Č<0()@!;#8#/!R:$0/0!
P('8!R'P0Ė!;Ĝ0$!7#90/1!M0R:$0/0!4?/.!40R0!#%5?/'&?8!4&,/!&NP?Ĝ#X
&?(,/!./?\0/@!?50!R:$0/0!I)8!&!;G?&$Č1!
` > ! 3 h ! T > ! 7 w [ h ĕ ! " ě h Z !7 > a h C S
T?%I0!A#!8?!R'P0Ė!;Ĝ0$!7#90/!&5?48(Č!-0S![?!;G&Q!?!;Ĝ0$0&<)/!8#!(0()!
/)8!P!7#9?!9GĤP:1!3?%!RNA9#/!/#95.!/)8!$Ĥ&ČG(,!&P8?9!4!(Č%,/@!%#9#!
40!$Č4)/0S!7#I)!8#:9#:!;Ĝ0A.!-0@!/)8!4!('/.!R5)P%,!&P8?91!
O$NI! C#-I)<! &0$5! 5.$.! P! h\N;8?@! ;Ĝ.&0$5! -0! ;Ĝ)/#! %! 9#Ĝ0! K.(?-@! $#!
#R5?48.@!%$0!40!/:!7Ĥ9!P-0&.5!&!9#Ĝ)A)/!%0Ĝ.1!C(#9#!5.$)!/'!P?!8#@!I0!
C#-I)<#&,/! A)50/! RN5?! P?45)R0('! P0/Č1!T#! &<?%! (0()! ;G?&$?1! C#-I)<!
Ĝ0%5!(Č%#5.%G'8!^?G?#(#&.@!I0!7#I)!45#&#!RN5#g!e"G#;:4Ģ!/Ĥ-!5.$@!?Ģ!/(0!
&!;:48.(Č!:A8)&'Db!chU#$:4!F@*E@!;#$50!?(\51!;Ĝ1d1!"G#þ!RN!C#-I)<!A98Č5!
#$&Q48!5.$!$#!P?45)R0(Q!P0/Č!;Ĝ0$!8)/@!(0I!-0!;Ĝ0$48?&)!T#/:@!%$#!-./!
8#!P?45)R0()!$?5S
3'!&.$)/!;#P#G:9#$(,!%#(8G?48!/0P.!C#-I)<0/!?!5.$/.@!%80GQ!&0$51!
]PG?05A.!I.5.!&!h\N;8Č!&!%G:8,A9!;#$/)(%'A9!i!P(0:I)&'()@!R.8)@!&G?I$Č()!
-0-.A9! 4N(Ĥ@! A05#I.&#8()! #8G#A%'! ;G'A0! ;Ĝ.! 48?&RČ! 0\N;84%Q9#! $Č$.A8&)@!
I.&#8!&!A9:$.(4%Q!#R5?48.@!:R#9'!48G?&?@!A9?8G(Q!#R50þ0()1!"Ĝ048#!4.!&<?%!
;#!#;:<8Č()!h\N;8?!48'50!(?!(ČA#!48ČI#&?5.!?!A98Č5.!40!8?/!&G'8.8D
6=
> Z a Y V h M ] ! TY O > + q @ ! 3 Y ` q ! 3 K C h
"#8#/! -40/! 40! ;#$)&?5! (?! C#-I)<0g! I.5! &! $#/Č! (0-R#9?8<)9#! /:I0!
(?!4&Č8Č@!-)$?5!(0-&NRG?(Č-<)!-)$5?@!(#4.5!(0-%&?5.8(Č-<)!?!(0-;#450$(Č-<)!
/t$()!#R50þ0()@!/Č5!%!$.4;#P.A.!#4#R()9#!45:9:@!%80G,!;Ĝ.RČ95!(?!;#:9,!
;#%N(!þ.!P?&#5'()@!?!$#48?5#!40!/:!8#9#!(0-50;<)9#!&P$Č5'()1!Y!;Ĝ048#!
&N<05!P!h\N;8?!?!(.%$N!(0;#I'$?5!#!8#@!?RN!40!/#95!&G'8.8D!"G#þ!80(!G#PX
$)5S!C#-I)<!P?I.5!#4#R()!408%'()!4!7#90/!:!%0Ĝ01!]PG?05AĤ/!RN5#!(?R)$X
(:8#!8#!4?/Q@!?&<?%!#(.!#$/)85.1!7Ĥ9!(?R)$5@!I0!4048#:;)!(?!9#G:!?!;Ĝ0$X
48?&)!40!]PG?05AĤ/@!?!8Ĝ.!$(N!(?8#!8?%!:þ.(.51!30(I0!5.$@!/)48#!?RN!;Ĝ.&)8?5!
309#!;Ĝ)8#/(#48@!#$!7#9?!:80%51!O$NI!8#!C#-I)<!:&.$Č5@!Ĝ0%5!]PG?05AĤ/g!
eI5E$+#5%,5@!;G#8#I0!7Ĥ9!;Ĝ.<05@!?RN!&'4!&NP%#:<05!?!?RN!'4%*:,%E/64%
E:A5Ė%<Ĝ5@%I?.@!?RN480!(09Ĝ0<.5.b!chU#$:4!2L@2Lf!%:GP)&?!;Ĝ.$'(?d1
3.(,/.!45#&Ng!eI5E$+#5%,5@!;G#8#I0!7Ĥ9!;Ĝ.<05@!?RN!P-.48.5@!-0485.%.:#5%
<Ĝ5@%I?.%E:A5Ė1b!CĤI0!8#!&N;?$?8@!-?%#!RN!4.!C#-I)<!;G#8.Ĝ0þ.5@!?50!#(!
&0!4%:80þ(#48.!:%?P#&?5@!I0!-0!G#P$)5!/0P.!@Č,(#%,5%7$)4%(0R#!/)8!<Ĝ5@%
I?.%"3#(*$"%E:A5Ė0!n#P$)5!-0@!I0!þ5#&Č%@!%80G,!40!@Č,?%7$)4>%/'!(ČA#@!
A#!/:4)!;Ĝ0$!M)/!4A9#&'&?8!i!(?;Ĝ)%5?$!P;Ĥ4#R@!-?%,/!Y$?/!4!h&#:%
-0$(?5.!&!P?9G?$Č!h$0(@!%$NI!(0;#450A95.!7#9?1!KA9#&?5.!40!;Ĝ0$!M)/@!
;#(Č&?$I!P9Ĝ0<.5.!?!/N4505.!4.@!I0!a#!8)/!#<'5)1!
ý5#&Č%@!%80G,!/'!E:A5Ė%<Ĝ5@%7$)5.@!(0/:4)!;Ĝ0$!M)/!(.A!4%G,&?81!
M?#;?%@! 8?%#&,! þ5#&Č%! 40! $Č4)! 8#9#@! I0! RN! RN5! #$! 7#9?! $?50%#1! OG'5!
Z?&.$! /Č5! 4&?8#:! R'P0Ė! ;Ĝ0$! a#4;#$.(0/@! ?50! ;Ĝ048#! RČI05! %! MČ/:!
?!Ĝ0%5g!e"G#P%#:/0-!/Č@!7#I0@!?!;#P(0-!/Q!4G$A0@!;G#&ČĜ!/Č!?!;#P(0-!
/Q!/N<50()1!k%?I!(?!A#%#5.&@!A#!TČ!;#9#G<:-0b!cu?5/!*6J@26X2=!;#$50!
?(\51!;Ĝ1d1
3?%! &.$)80@! eR'P0Ė! ;Ĝ0$! 7#90/! -0! #R4'95Q! 8Q/?@! %80GQ! (0()! P'/ČX
G0/!8Q8#!%(.9N@!;G#8#!40!#!(Č/!P/)()/!;#:P0!48G:þ(Č1!cM?;4?5!-40/!(?!
8#8#!8Q/?!$&Č!%(.9N!X!7'P0Ė!;Ĝ0$!a#4;#$.(0/!m;Ĝ05#I0(#!$#!þ0<8.(Nm!
?!a0?G84!YR5?P0!ma#Ĝ)A)!4G$A0@!-0<8Č!(0()!;Ĝ05#I0(#m!X!%$NRN480!40!A98Č5.!
$#&Č$Č8!&)A01d!C)8!R'P0Ė!P(?/0('!G04;0%8#&?8!7#9?@!?&<?%!-0<8Č!&)A0!
6B
+j3]ChýMj
(0I!-0(!8#1![(?/0('!8#!$'8!C:!45'&:@!þ048@!WA8:@!$)%N@!A9&'5:!?!;Ĝ0$(#48@!
%80GQ!-0!9#$0(1!T:8#!;#P.A.!C:!$'/0@!%$NI!/'/0!7#9?!?!309#!;Ĝ'()!P?!
;Ĝ0$(Č-<)!(0I!(?<0!&5?48()!I'$#48.!(0R#!#48?8()!5.$.1!7:$0/0!(0('&.$Č8!
8#@!A#!(0('&.$)!>(@!?!/.5#&?8!8#@!A#!>(!/.5:-01!+0!4&Q/!(.8G:!&'<(.&Č!
950$'/0!;G?&$:1!K&?8'!R'P0Ė!40!;G#-0&:-0!(?<)!R0P;#$/)(0þ(#:!;#45:<X
(#48)!7#9:@!?Ģ!:I!8#/:@!A#!$Č5'@!G#P:/)/0!(0R#!(01!
30485.I0!/'/0!#;G?&$#&#:!R'P0Ė!;Ĝ0$!7#90/@!&)/0@!I0!;Ĝ0$!4&,/!
K8&#Ĝ.8050/!(0/ĤI0/0!&ĤR0A!(.A!4%G,8!?!I0!-0$(#:!R:$0/0!48'8!;Ĝ0$!"'X
(0/!8?%#&)@!-?A)!-4/0@!(.%#5.&!8?%#&)@!-?%,/.!;Ĥ4#R)/0!(?&0(0%1!Y!&,X
450$0%!-0!;#(Č%:$!;Ĝ0%&?;.&,g!W?#?.5%,5%*56.(%E5A<5þ'Č0%
Mh7h["hýq!>OVYCwMq
M0R0P;0þ)/! &!I.&#8Č! ;#$50! &NP?Ĝ#&?(Q9#@! (?/)48#! 4%:80þ(Q9#! ./?\0!
-0@!I0!/ĤI0/0!R,8!#%5?/'(.D!Y!#%5?/'()!/'!-0$0(!#RG#&4%,!;G#R5Q/g!
-0!&64.'-0%>%5?/?()!5.$Q!P!A05Q9#!4G$A0!&ČĜ)@!I0!/?-)!;G?&$:@!.!%$NI!&0!
4%:80þ(#48.!-.!(0/?-)1!T#!-0!$Č4.&QD!3?%:R!('/!Ĝ)%'g!
e7:ć80!&<?%!8Č/.@!%$#!45#&#!þ.()@!(0R:ć80!;#:P0!;#45:A9?þ.@!%80Ĝ)!
4?/.!40R0!%5?/#:1!M0R#Ģ!-0X5.!(Č%$#!;#45:A9?þ0/!45#&?@!?!(0!8)/@!
%$#!-0!þ.()@!80(!40!;#$#R'!/:I.@!%80G,!&!PGA?$50!;#P#G:-0!4&#:!
;Ĝ.G#P0(#:!8&'Ĝf!;#$)&?5!40!8#8.I!(?!40R0!?!#$0<05@!?!9(0$!P?;#/(Č5@!
-?%,!RN51!O$#!40!&<?%!P?950$)!$#!$#%#(?5Q9#!P'%#(?!4&#R#$N!?!&NX
8G&'@!%$#!40!(048?(0!P?;#/(Č85.&,/!;#45:A9?þ0/@!(,RGI!þ.(.8050/!
4%:8%:@!80(!R:$0!R5?9#45?&0(,!&0!4&Q/!-0$('()b!c3?%:RĤ&!*@22X2Bd1
30485.I0!7#I)!45#&#!;#:P0!45N<)/0@!?(.I!RNA9#/!/:!$#&#5.5.!;G#(.%X
(#:8!95:R#%#!$#!(?<09#!4G$A0@!?RN!G#P4#:$.5#!(?<0!/N<50(%N@!;#48#-0@!
;Ĝ0$48?&N@!W/N45N!?8$1@!?!('450$(Č!P/Č(.5#!(?<0!A9#&'()@!%5?/0/0!4?/.!
40R01!30485.I0!7#I)!45#&#!(0;G#(.%(0!$#!(?<09#!(0-95:R<)9#!(.8G?@!R:$0X
6E
> Z a Y V h M ] ! TY O > + q @ ! 3 Y ` q ! 3 K C h
/0!/)8!/0(8'5()!;#P('()!7#9?!?!309#!A048@!?50!-0(#/!&!8Q!A9&)5.!c%$NI!
40!$)&'/0!$#!PGA?$5?d1!O$NI!4.!&<?%!(0R:$0/0!?%8.&(Č!&Č$#/.!4&Q!&)GN!
c-?%/.50!#$!PGA?$5?!#$0-$0/0d@!(?<0!-0$('()!R:$0!#;?%0/!8#9#@!A#!8&GX
$)/01
Z'/!&'/!;Ĝ)%5?$1!M?<0!G#$.(?!48G'&.5?!&!:;5N(:5,A9!;?8('A8.!5080A9!
%?I$,!G#%!8,$0(!;G'P$(.(!(?!a?&?-.1!C#95.!-4/0!4.!8#!$#&#5.8@!;G#8#I0!
-4/0!4!V.4#:!(?49G#/'I$.5.!$)%N!(?<0/:!þ?48Q/:!A048#&'()!4;#:48:!50X
80(%#&,A9!?!9#805#&,A9!R#$Ĥ@!8?%I0!8#!&N<5#!&05.A0!50&(Č1!
30$(#:!P!&,9#$@!%80G#:!4.!(?!a?&?-.!:I)&'/@!-0@!I0!/#-0!R.#5#\.AX
%Q!9#$.(N!-$#:!;#$50!;0&(.(4%Q9#!þ?4:@!A#I!P(?/0('@!I0!8?/!&48'&'/!
&05/.! RGPN!?!/'/!;Ĝ0$!P?þ'8%0/!$(0! &)A!þ?4:!(?!/#$5.8R:1!C#A!G'$!
A9#$)/!þ?4(Č!G'(#!;#!;5'I.!?!:I)&'/!4.!#R0A0(48&)!4!Z:A90/!K&?8,/1!
+P;#/)('/! 4.@! I0! -40/! ;Ĝ.! -0$(Q! 8?%#&Q! ;G#A9'PA0! ;#8%?5! (Č-?%QX
9#! þ5#&Č%?@! %80G,! RN5! 8?%Q! &P9ĤG:! %&Ĥ5.! þ?4#&Q/:! G#P$)5:1! 7N5! &05/.!
4;#50þ0(4%,!?!8?%!/.!(?$<0(Č!&N;G'&Č5!#!a?&?-.!?!#!8#/@!-?%!/#A!/.5:X
-0!&,9#$N!8#9#8#!#48G#&?1!`95:R.5!40!$)&%?/.@!40!%80G,/.!40!8?/!4A9'X
P05@!&N%5'$?5!#!4%&Č5,A9!&0þ)GA)A9!?8$1!O?I$'!-09#!&Č8?!RN5?!;5('!%50()!
?!4;G#48,A9!45#&1!"#!(Č%#5.%?!#8'P%'A9!-40/!%0!4&Q/:!4/:8%:!P-.48.5@!I0!
-0!I0(?8,!?!/'!$&Č!$A0GN1!
O$NI!:I!RN5!/Ĥ-!4#:%G#/,!þ?4!4!"'(0/!;Ĝ0G:<0(@!G#P9#$5!-40/!40!
4$)508! 40! 4! ()/! #! 30I)<.! ?! þ0%?5! -4/0! (?! 4;G'&(,! #%?/I.%1! [0;8?5! 40!
/Č@!þ)/!40!I.&)/@!?!-'!-40/!#$;#&Č$Č5@!I0!45#:I)/!7#9:!-?%#!45:I0R()%!
0&?(\05.?1!
3?%/.50!-40/!8#950!Ĝ0%5@!-09#!8&'Ĝ!40!G#PP'Ĝ.5?!?!#(!Ĝ0%5!-0<8Č!(?$<0(ČX
-.g!eT#!-0!WI?4(QD!3'!-40/!P(#&:PG#P0(,!%Ĝ04Ģ?(!?!A9#$)/!$#!4%&Č5Q9#!
4R#G:! &! M0p!o#G%:1b! C5:&.5! #! 4&Q/! ;?48#G#&.! ?! 4$Č5.5! /.@! I0! -0! 8?%Q!
þ50(0/!-0$(Q!P0!4R#G#&,A9!45:I0R(#48)1!7N5!(0:&ČĜ.805(Č!<Ģ?48(,@!I0!40!
408%?5!40!45:I0R()%0/!0&?(\05.?@!?!$#(0%#(0þ(?!9#&#Ĝ.5!#!e4&Q!&)Ĝ0b1
3?%! /5:&.5@! P$GA0(Č! -40/! ;Ĝ0/,<505! #! 8#/@! -?%! #%5?/?(,! -0! 80(8#!
/:I1!kI!(0/5:&.5!G#:9?&Č!#!&0þ)GA)A9!?!$)&%'A9@!(N()!40!$)&?5!$#!ePGX
A?$5?b1![(?5!%Ĝ04Ģ?(4%#:!9?(8,G%:@!:/Č5!A.8#&?8!&0G<0!P!")4/?!?!/5:&.8!
6F
+j3]ChýMj
P?()A0(Č!#!7#9:1!O$NRNA9!/:!&<?%!(0(?48?&.5!PGA?$5#!8)/@!I0!-40/!/:!
Ĝ0%5@!A#!$Č5'/@!/#95!RNA9!4!()/!%5.$(Č!/5:&.8!480-(Č!#;5P50!?!(0A9:8(Č1!
C#95!RNA9!4!()/!%5)8!?!&ĤR0A!RN!8#!4!()/!(09(:5#1!K;)<!RN!8#!&!(Č/!
-0(#/!G#P$/,A9?5#!-09#!8Č504(Q!&'<(Č1!M0A)8.5!I'$(Q!:4&Č$þ0()g!7#I)!
45#&#!(0G#P4:P#&?5#!-09#!(0-4%GN8Č-<)!W/N45N@!&'<(Č!?(.!/N<50(%N1!
! 3?%/.50! 40! $)%N! ;#&)$'()! #! 4&Q! e&)Ĝ0b! ?! 4&Q/! 4R#G:! ;#$)&?5! $#!
e%Ĝ04Ģ?(4%Q9#! PGA?$5?b@! &Č$Č5@! -?%! &N;?$'1! +0! A9&)5.@! %$N! #$! PGA?$5?!
#$0<05@!#R-0&.5!40!-09#!4%:80þ(,!#RG?P1!30!&05/.!;G?&$Č;#$#R(Q@!I0!(0X
P(?5!#;G?&$#&Č!30I)<0!OG.48?@!-?%!RN5#!0&.$0(8()!;#$50!-09#!#&#A0!c&.P!
C?8#:<!F@2LX26d1!O$NI!40!408%?5!4!-.(,/!%Ĝ04Ģ?(0/@!*/A4Ĝ$*46%./?\0@!
%,/!4.!/N4505@!I0!-0@!(.%#5.&!%,/!-0!,&"#5þ'Č1!
T0(8#! ;Ĝ);?$! -0! $#A05?! 0U8GQ/()@! ?50! $#%#(?50! .5:48G:-0! 8#@! A#! ('/!
4$Č5:-0!3?%:R1!T0(!4?/,!;G.(A.;!;5?8)!.!;G#!-.(Q!WG#&(Č1!O#5.%!5.$)!(0X
:48'50!R#-:-0!?!9'$'!40@!/5:&)!9G:RČ!40!4&#:!G#$.(#:@!&0$0!(0/#G'5()!
I.&#8!?!I.-0!;G#!4&Q!;#8Č<0()!?!;G#!P.4%!i!;#8#/!-$#:!$#!4R#G:!?!(?4?$)!
&NP?Ĝ#&?(,! ./?\0! /.5:-)A)A9@! 5?4%?&,A9@! þ048(,A9! ?! PR#I(,A9! RG?8GĤ!
?!40480GS!+!A)G%&.!-0!P!(.A9!W;5(Č!-.(,!$G:9!5.$)!c%$NI!-4#:!;Ĝ0$!PGA?X
$50/d@!(0I!;#!PRN80%!8,$(01!C#95.!RN!R,8!#;G?&$:!4&?8)@!?&<?%!P?R,&?-)!
40!&)A!4&,/!&NP?Ĝ#&?(,/!(0I!4&,/!4%:80þ(,/!./?\0/1!T?%Q!#(.!-4#:!
#%5?/'(.!?!;Ĝ0$!4#:$(#:!48#5.A)!OG.48#&#:!R:$#:!&05/.!;Ĝ0%&?;0(.1!
"h+Mv!n>[a>ZMkTq!KnZ`h
K/:8(#:! ;G?&$#:! -0@! I0! G#P9#$(0/0X5.! 40! 4#:48Ĝ0$.8! 40! (?! 4&Ĥ-! &NP?X
Ĝ#&?(,! ./?\0@! ;Ĝ.-$0/0! #! ;#I09('()! R,8! ;G#/ČĖ#&'(.! $#! ;#$#RN! 30X
I)<0! OG.48?1! 7:$0/0! #%5?/'(.! ?! (0R:$0/0! 4A9#;(.! 5)R.8! 40! 7#9:! ?(.!
I)8!&,-./0þ(,!I.&#81!C:4)/0!4.!;#5#I.8!#8'P%:g!X(+(%#4&>%4E/3)%<Ĝ(':B56%
7$)"%84@$,#%'5E$%4E/3)%E/6%$E6?E5'=%.5A(%6(@.(U!C:4)/0!R,8!;Ĝ.!4&Q/!
G#P9#$#&'()!:;Ĝ)/()1!7#9?!(0/ĤI0/0!#%5?/?8!8)/@!I0!4.A0!;#&GA9(Č!
&NP('/0@!I0!5)R.8!40!7#9:!-0!$Ĥ50I.8Q@!?50!-?%/.50!8#!R:$0!(0&,9#$(Q@!
6H
> Z a Y V h M ] ! TY O > + q @ ! 3 Y ` q ! 3 K C h
GNA950!#$!8#9#!:;:48)/01!M?<0!G#P9#$(:8)!/:4)!R,8!;0&(Q!?!(0/Č((Q@!
;#(Č&?$I! (?! (Č/! P'&.4)@! P$?! R:$0/0! 4A9#;(.! GĤ48! $#! ;#$#RN! 30I)<0!
OG.48?!(0R#!;#G#480/0!$#!(Čþ09#@!A#!R:$0!4.A0!/)8!%Ĝ04Ģ?(4%#:!^#G/:@!
?50!R:$0!$?50%#!#$!7#I)9#!4G$A01
T?%950!-0$(#$:A9Q!8#!-01!CĤI080!þ)48!4;#:48N!%Ĝ04Ģ?(4%,A9!%(.9@!;#X
45#:A9?8!(04þ08('!;#40548&)!(?!`Z!(0R#!Z+Z@!(?&<8Č&#&?8!%?I$#:!R#X
9#45:IR:!&0!&?<0/!%G?-.@!þ?48#!40!408%'&?8!4!&ČĜ)A)/.!?!8Ĝ0R?!40!.!Wþ?48X
(.8!0&?(\05.P?þ()A9!?%A)1!30485.I0!&<?%!(0/'80!#;G?&$#&#:!R'P0Ė!;Ĝ0$!
7#90/!?!-$0!&'/!&)A!#!&?<.!G0;:8?A.@!R:$080!GĤ48!$?50%#!#$!MČ9#1!"G#8#!
('/!")4/#!Ĝ)%'g!
!"#þ'80%!/#:$G#48.!-0!R'P0Ė!;Ĝ0$!a#4;#$.(0/@111b!cu?5/!***@*Ld1
Y!P(#&:g
eK!8Č/.@!%$#!40!a#!R#-)@!/'!a#4;#$.(!$Ĥ&ČG(,!&P8?9@!$'&'!-./!;#PX
(?8!4&#:!4/5#:&:b!cu?5/!2B@*=d1
7Ĥ9!(0P-0&)!K0R0!?(.!K&#:!;G?&#:!/#:$G#48!8Č/@!%$#!(0/?-)!4&?8#:!
R'P0Ė1!>(!/:4)!R,8!&!I.&#8Č!þ5#&Č%?!(?!;G&()/!/)48Č1!M0!;#:P0!45#&(Č!
?(.! ;#$#R#:@! ?50! G#P9#$(:8)/! P! 95#:R.! 4G$A0g! eCĤ-! I.&#8! /.! (0;?8Ĝ)@!
;?8Ĝ)!/Q/:!"'(:@!30I)<.!OG.48:1b
30$(#:!P!&05%,A9!8G?\Q$.)!&!P';?$()!A)G%&.!-0@!I0!(?R)P)/0!5.$0/!;#X
I09('()!/#A.!&P%Ĝ)<0()@!?&<?%!&N(0A9'&'/0!;#45:<(#48@!%80G'!%0!%Ĝ)I.!
;?8Ĝ)1!C(#P)!&0$#:A)!;.5(Č!;Ĝ.('<05.!30I)<0!-?%#!K;?4.8050@!?&<?%!(.%#5.!
-?%#!"'(?!&!I.&#8Č!þ5#&Č%?1!M0$Č5.!P?!(0$Č5)!-4#:!&0!4R#G0A9!;Ĝ.('<0(?!
;#40548&)!#!e$#RGQ/!I.&#8Čb@!P?5#I0('!(?!R.R5.A%,A9!;G.(A.;0A9@!%80G'!
&<?%!/5þ)!#!40R0P?;Ĝ0()!;#I?$#&?(Q/!;G#!<)Ĝ0()!0&?(\05.?1!
C(#9#!;?48#GĤ!40!&)A0!4#:48Ĝ0ć:-0!(?!8#!R,8!;#G?$A.!;G#!P;Ĥ4#R!I.X
&#8?! (0I! 4%:80þ(,/.! 45:I0R()%N! P! ;?80G?! 45:I0R(#48)1! 30-.A9! ;#40548&)!
-4#:!4048?&#&'(?!;#$50!40%:5'G()A9!;G.(A.;Ĥ!&0$0()!þ.!;4NA9#5#\.0@!$#X
6J
+j3]ChýMj
;5(Č('!&0G<.!P!")4/?@!%80GQ!/?-)!8N8#!('P#GN!;#8&G$.81!M?/)48#!-0$(#$:X
A9Q!?!;G#I.8Q!&)GN!&!8#@!A#!Ĝ)%'!7.R50@!-4#:!8N8#!-.(Q!.(^#G/?A0!&4#:&'(N!
$#!7.R50!-?%#!P'%5?$N!&)GN1!30<8Č!-0$(#:!4.!;#450A9(Č80!8?!/#A('!45#&?g!
eM0R#Ģ!45#&#!7#I)!-0!;5(Q!I.&Q!/#A.@!-0!#48Ĝ0-<)!(0I!-?%,%#X
5.!$&#:40þ(,!/0þf!%80G,!;G#(.%'!?I!$#!(0-&(.8Ĝ(Č-<)A9!/N<50(0%!
?!8:I0R1!>$9?5:-0!('4!8?%#&Q@!-?A)!-4/0b!cu.$Ĥ/!=@*2!;#$50!?(\51!;Ĝ1d1
+05.A0!;#$#R(Č!-?%#!PG:þ(,!A9.G:G\@!;G#(.%'!;G?&Q!7#I)!45#&#!95:X
R#%#!$#!(?<.A9!(0-95:R<)A9!/N<50(0%!?!I'$#48)!?!#$9?5:-0!48?&!(?<09#!
4G$A0@!?RNA9#/!/#95.!R,8!;Ĝ0$!7#90/!4%:80þ(Č!P$G?&)1!K5,A9'/0!&!(?X
<.A9!P';?$()A9!4R#G0A9!%'P'()!;#$50!8#9#8#!%G.8QG.?S!30485.!(0@!;#45#:X
A9'/0! #;G?&$#&Q! 7#I)! 45#&#S!+NA9'P)! P! (?<.A9! %?P?8050(! ;G?&'! 7#I)!
/#:$G#48S!
"#5#I.5.!-4/0!4.!(Č%$N!:;Ĝ)/(Č!#8'P%:@!;G#þ!-0!&!(?<.A9!4R#G0A9!8#5.%!
4#R0A8&)!?!P'&.48.S!M0/#95#!RN!8#!R,8!(0$#48?8%0/!R'P(Č!;Ĝ0$!7#90/S!
3?%:R!40!;8'!þ50(Ĥ!4R#G:g!eO$#!-0!/0P.!&'/.!/#:$G,!?!G#P:/(,Sb!c3?X
%:RĤ&!6@*6d1!3'$G0/!8Q8#!#8'P%N!-0g!eO$#!P!&'4!/'!#;G?&$#&#:!R'P0Ė!
;Ĝ0$!7#90/Sb!cC#:$G#48!(0/ĤI0!R0P!7#I)!R'P(Č!0U.48#&?81d!"#8#/!;#X
%G?þ:-0g!
eYĢ!:%'I0!$#RG,/!P;Ĥ4#R0/!I.&#8?!4&Q!4%:8%N!&!/#:$GQ!8.A9#48.1!
C'80X5.!&<?%!&!4G$A.!9#Ĝ%#:!P'&.48!?!4&'G5.&#48@!(0A95:R80!40!?!(05I080!
;G#8.!;G?&$Č1!T#!(0()!/#:$G#48!4048:;:-)A)!49ĤGN!cR'P0Ė!;Ĝ0$!7#90/d@!
?50!;#P0/4%'@!$:<0&()@!$Q/#(4%'b!c3?%:RĤ&!6@*6X*B@!P'&#G%?!;Ĝ.$'(?d1
7#I)!45#&#!('4!R:$0!#A9G?Ė#&?8!;Ĝ0$!;?48/.!%5?/:!i!?Ģ!:I!;Ĝ0$!;#X
40548&)/.@!%80G'!-4#:!8?%#&'@!?RN!40!5)R.5?!5.$0/@!(0R#!;Ĝ0$!;#40548&)/.@!
%80G'!-4#:!/.5#:!9:$R#:!;G#!(?<0!:<.1!"Ĝ)45#&)!2J@2B!('/!Ĝ)%'g!eK8G?A9!
P!5.$)!-0!(0R0P;0þ('!;?48b!cMVTd1!M?!;?48.!-0!$Č4.&Q!8#@!I0!P-.48)80@!I0!-480!
&!()@!?I!%$NI!:I!-0!;Ĝ)5.<!;#P$Č1!u'$(,!;8'%!?(.!P&)Ĝ0!RN!$#!;?48.!(.%$N!
=L
> Z a Y V h M ] ! TY O > + q @ ! 3 Y ` q ! 3 K C h
(0&48#:;.5.@!%$NRN!#!()!&Č$Č5.1!"Ĝ)45#&)!-?4(Č!:%?P:-0@!I0!4#:48Ĝ0$.8!40!
(?!('<!*/A4Ĝ$*4'=!./?\0!-0!;?48@!?!(0P-.48)80@!I0!-480!&!()@!$#%:$!(0R:$0!
;Ĝ)5.<!;#P$Č1!
"Ĝ.!/Q/!(0$'&(Q/!;Ĥ48:@!&#5?5!Z:A9!K&?8,!&!/Q/!4G$A.g!S@5%+,$"%
6(@->%&#5Ĝ?%E"@$"%,#4#5þ'Č%A4,#:*4#%<84*@"%'4%A5.(U!c&.P!30G0/-'<!J@6d1!
`)8.5!-40/!7#I)!4/:80%!P!8#9#@!I0!/(#9#!(?<.A9!P';?$()A9!4R#GĤ!4%5#:PX
5#!$#!;?48.!48G?A9:!;Ĝ0$!5.$/.!?!P8G?8.5#!8?%!(?$<0()!;G#!7#I)!45#&#1!
`)8)/!309#!4/:80%!%&Ĥ5.!%Ĝ04Ģ?(4%,/!&0$#:A)/@!%80Ĝ)!(0R:$#:!%#(X
^G#(8#&?8!P8G?A0(Q@!?RN!/#95.!R,8!P?A9G'(Č(.1!+!R:$#&'A9!P?!/(#9#!/.X
5.t(Ĥ!$#5?GĤ!-4#:!:/)48Č(N!4A9G'(%N!(Č%$0!&P?$:@!%?/!/#9#:!950$?-)A)!
&5#I.8!%?G8.þ%:@!I0!/?-)!P'-0/!48'8!40!%Ĝ04Ģ?(N1!T#!-0!;G#8#@!?RN!40!(.%$#!
;Ĝ.!G#P9#$#&'()!;G#!OG.48?!(0A)8.5!(0;#9#$5(Č!(0R#!P&,G?P(Č(1!`9A0/0!
e-0!#;?8G(Č!?!R0P!G#P;?%Ĥ!$#&Q48!%!&)Ĝ0b1!Y50!P?;#/(Č5.!-4/0!(?!&,G#%!
(?<09#!"'(?g!eM0R#Ģ!%$#!RN!40!48N$Č5!P?!C(0!?!P?!8#!-?%!&'4!&0$:@!P?!
8#9#!40!R:$0!-0<8Č!&)A0!48N$Č8!KN(!þ5#&Č%?@!?I!;Ĝ.-$0!&!45'&Č!K&Q!.!>8A#X
&Č!?!4&?8,A9!?($Č5Ĥb!cV:%'<!J@2Ed1
30!80(8#!P;Ĥ4#R!45:IRN!&!-0$(#8Č!4!8)/@!-?%!8#!$Č5?5!30I)<S!"#$)&0-/0!
40! (?;Ĝ)%5?$! (?! 8#9#! R#9?8Q9#! /5'$0(A01! "Ĝ.<05! %! 30I)<.! 4! #RG#&4%#:!
8#:9#:! R,8! 4;?40(! ?! $Č5?5! &<0A9(#! ;G#! 8#@! ?RN! 40! $#48?5! $#! (0R0! c&.P!
C?G0%!*L@*Fd1!30I)<!/:!Ĝ0%5@!?RN!;G#$?5!&<0@!A#!/'@!G#P$?5!8#!A9:$,/@!
&P?5!4&Ĥ-!%Ĝ)I!?!('450$#&?5!a#1!3?%'!4.5('!45#&?!;G#!8#9#8#!950$?-)A)9#D!
Y!-?%,!RN5!&,450$0%S!T0(8#!R#9?8,!/:I@!%80G,!RN5!(?$<0(,!;G#!P)4%'()!
4;?40()@! #;:48.5! 30I)<0! 40! 4/:8%0/1! "#! 8#/@! A#! 45N<05! 7#I)! 45#&#@! e40!
P'G/:8%0/b!#$0<05!c&0G<!22d1!7#I)!45#&#!;G#(.%5#!$#!-09#!4G$A0!?!G#PX
4#:$.5#!-09#!/N<50(%N!?!W/N45N1!Y!#(!8#8#!;G#P%#:/'()!4&Q9#!I.&#8?!
(0:(0451!
"#P#G(Č!40!(?$!8)/!P?/N45080g!80(!/:I!;Ĝ.<05!9#G5.&,!?!;#!30I)<#&,A9!
45#&0A9!#$0<05!P?G/#:A0(,1!34#:!(?<0!$(0<()!/#$0G()!P';?$()!/08#$N!
0&?(\05.P?A0! 4G#&(?805(QS! T#/:! /5?$)%#&.! (0(?R)$5.! %?G8.þ%:@! ?RN! -.!
&N;5(.5!?!&9#$.5!$#!%G?R.A0@!%80G#:!C?8#:<!(0451!M0@!#(!RN5!%#(^G#(8#X
&'(!;G?&$#:!?!#$!()!40!(0:48#:;.5#@!.!%$NI!(0RN5?!;Ĝ.-?8?!;Ĝ)P(.&Č1!
=*
+j3]ChýMj
30I)<! Ĝ0%5! #48?8()/@! -?%! -0! 8ČI%Q! &48#:;.8! $#! 7#I)9#! %G'5#&48&)g!
eK(?P<)!-0@!?RN!&05R5#:$!;G#<05!:A90/!-095N@!(0I!?RN!R#9?8,!&0<05!$#!
%G'5#&48&)!7#I)9#b!cC?G0%!*L@2Bd1!Z?5#!RN!40!8?%Q!Ĝ)A8g!eY!480-(Č!8ČI%Q!
-0!&48#:;.8!$#!7#I)9#!%G'5#&48&)!;G#!/:I0!?!I0(N@!%80Ĝ)!$Ĥ&ČĜ:-)!4&Q/:!
*/A4Ĝ$*4'-."%4%*'?.4'-."%./?\01b!7#9?848&)/@!&0!%80GQ!$#:^?-)@!(0X
-4#:!;0()P0@!?50!8#@!-?%!-0!5.$Q!&.$)1!
3?%!RN!?4.!30I)<!:4;Č5!-?%#!9#48:-)A)!%?P?805!&!(Č%80GQ/!P!8ČA9!4R#GĤ@!
%80GQ!/?-)!&!P?$()!þ'48.!4'5:!4A9G'(%N!4!%?G8.þ%?/.S!3?%!RN!$#;?$5!&0!
4R#G0A9@!%80GQ!;Ĝ.('<0-)!;#:P0!;#&PR:$.&'!?!;Č%('!45#&?@!-0I!;#/'9?-)!
5.$0/!(?!-0-.A9!A048Č!I.&#80/S!`#!RN!$Č5?5.!&0$#:A)!8ČA98#!4R#GĤ@!%$NRN!
/(#9#!5.$)!;#!8Q@!A#!RN!-0!30I)<!%#(^G#(8#&?5!4!-0-.A9!4#R0A%,/!I.&#8()/!
48N50/!?!&NP&?5!-0!%!&N$?(Q/:!I.&#8:@!#$0<5#!P!-0-.A9!R:$#&!4/:8(,A9!
?!P?G/#:A0(,A9S
Z#RG'!P;G'&?!-0@!I0!-0<8Č!(0()!;#P$Č@!-0<8Č!40!/ĤI0/0!P/Č(.81!"#X
&48?Ė80@! &0$#:A)D! "#&48?Ė80! %Ĝ04Ģ?(QD! 7Ĥ9! ('4! &#5'@! ?RNA9#/! &! (?<)!
\0(0G?A.!:$Č5?5.!P'4?$()!P/Č(:D!34/0!;#&#5'(.@!?RNA9#/!%#(^G#(8#&?5.!
$:A9?!8#9#8#!&Č%:@!$:A9?@!%80G,!;Ĥ4#R)!&!4N(0A9!(0;#45:<(#48.@!$:A9?!
8#9#8#!4&Č8?1!34/0!;#&#5'(.@!?RNA9#/!;Ĝ.(045.!(0R0!(?!P0/D
™
!"#$%&'#&12,34)þ'*-&.)/0+!-?%,A9!#R5?480A9!4&Q9#!I.&#8?!&.$)80!(?;Č8)!/0P.!&?<)/!&NP?Ĝ#&?(,/!
./?\0!?!&?<)/!4%:80þ(,/!./?\0S!
3?%! RN! /#95#! ;Ĝ04(Č-<)! ;#A9#;0()! eR'P(Č! ;Ĝ0$! 7#90/b! P50;<.8! &'<!
&P8?9!4!7#90/S
=2
D
/,=6!-%!=(E
O
$NI!;Ĝ.-$0!(?!;#8Č<#&'()!7#9?@!&N&48?(0!&05%'!#8'P%?g!eC'/0!(?!
8#Sb!34/0!4A9#;(.!C:!;Ĝ.('<08!G?$#48S!CĤI0/0!/N@!%80Ĝ)!I.-0/0!
&!(0$#%#(?5Q/!4&Č8Č@!;Ĝ.('<08!;#8Č<0()!$#%#(?5Q/:!7#9:S!
!"G&()!G#%N!/Q!45:IRN!RN5N!P?/ČĜ0(N!(?!800(?\0GN1!3?%#!;?48#G!/5'X
$0I0!-40/!40!/#95!&05/.!/(#9#!(?:þ.8!#!G#$.þ#&48&)!?!^:(\#&'()!G#$.X
(N1!>;?%#&?(Č!-40/!&N;#P#G#&?5!-0$(:!&ČA@!%80G'!/.!P5#/.5?!4G$A0@!8#X
8.I!8#@!-?%!(Č%80Ĝ)!/5?$)!5.$Q!;G#48Č!(.%$N!(0/#95.!:$Č5?8!4&,/!G#$.þĤ/!
G?$#481!YĢ!$Č5?5.!A#%#5.&@!?Ģ!40!40R0&)A!4(?I.5.@!480-(Č!(0$#%'P?5.!4;5(.8!
#þ0%'&'()!4&,A9!G#$.þĤ!c(0-þ?48Č-.!4&,A9!#8AĤd1!
7GPN! -40/! P-.48.5! :Gþ.8#:! <?R5#(:1! T.8#! ^G:48G#&?()! /5?$)! 5.$Q! 40!
#;G?&$:! 4(?I.5.@! ?&<?%! (?%#(0A! 8#! ;#! #;?%#&?(,A9! (0W4;Č<)A9! &P$?5.!
?! ;G#;?$?5.! 40! $#! 59#480-(Q9#! ?! (0;#Ĝ'$(Q9#! I.&#8?1! 7N5.! G#Pþ?G#&'()!
?!A)8.5.!40!R0P(?$Č-(Č1!O$NRN!G#$.þ0!$'&?5.!4&,/!$Č80/!;#&PR:$.&Č-<)!
#$0P&:@!(0/:405#!RN!$#A9'P08!%!8#5.%?!P8G#4%#8?(,/!#4:$Ĥ/1!
Y! A#! 80$N! ('<! (0R04%,! >80AS! CĤI0/0! 40! P?5)R.8! MČ%#/:@! %$#! -0!
R0PA9NR(,S!"#450A9(Č80!4.!?;#<8#5?!"08G?g
e309#!R#I4%'!/#A!('/!$?G#&?5?!&<0A9(#@!þ09#!-0!8Ĝ0R?!%!I.&#8:!
?!PR#I(#48.!4%GP0!;#P('()!T#9#@!%80G,!('4!;#&#5?5!&5?48()!45'&#:!
?!/#A)b!c*1"08GĤ&!*@6d1
T?$N!/'/0!#$;#&Čćg!/'/0!&<0A9(#@!A#!-0!8Ĝ0R?!%!I.&#8:@!%80G,!40!
(?<0/:!(0R04%Q/:!>8A.!5)R)1!T#8#!4.!9(0$!(?!P?þ'8%:!:48?(#&80!&!4G$A.!
?!(0$#&#580@!?RN!40!P!(Č-!8#8#!;#P('()!(Č%?/!&N8G?8.5#1!T?8#!45#&?!Ĝ0%5!
4%GP0!"08G?!4'/!7Ĥ91!309#!45#&#!-0!;G?&$.&Q!?!(0P/Č(.805(Q1!M.%$N!(0X
=6
+j3]ChýMj
4/)80!;Ĝ.-/#:8!8:!50I@!I0!(0/'80!8#@!A#!-0!P?;#8Ĝ0R)!%!8#/:@!?RN480!/#95.!
R,8!;#8Č<0()/!;G#!7#9?1!"G?&$#:!-0@!I0!8#!/'80D
C(#9#! &ČĜ)A)A9! 40! $)&'! (?! :Gþ.8Q! %Ĝ04Ģ?(N@! #RP&5'<Ģ! (?! &05.%Q! &0X
$#:A)! #4#R(#48.@! ?! /N45)! 4.@! I0! 40! -./! (.%$N! (0/#9#:! G#&(?8! (0R#! I0!
(.%$N!(0/#9#:!R,8!&!7#I)A9!#þ)A9!8?%!('$90G()!-?%#!?;#<8#5!3?(@!?;#<X
8#5!"?&05@!7.55N!sG?9?/@!>G?5!n#R0G84@!C?8%?!T0G0P?!(0R#!%$#%#5.!-.(,@!
%#9#!#(.!#R$.&:-)1!"G?&$#:!&<?%!-0@!I0!(.%$#!-.(,!(0/'!&Č8<)!4A9#;(#48!
5)R.8!40!7#9:!(0I!;G'&Č!&ND
Z'50! A9A.@! ?RN480! (.%$N! (0P?;#/(Č5.! ?(.! ('450$:-)A)! ;G#95'<0()g!
#;G?&$:!/'80!4A9#;(#48!5)R.8!40!7#9:@!?50!-0!-0(!(?!&'4@!-0485.!8:!/#A!
&N:I.-080!?!R:$080!4!()!?!;#$50!()!I)81
C'/0!4!V.4#:!þ8NĜ.!4N(N1!M'<!8Ĝ08)!4N(!Y50U?($G!/Č5!&05%Q!;G#R5QX
/N!4!#R0A(,/!&P$Č5'&'()/1!+5?48(Č!/Č5!(Č%#5.%!508!4;0A.'5()!&,:%:1!
Y50U?($G!-0!RG.5?(8()!/5?$,!/:I@!%80G,!/'!(0;#A9NR(Č!;#80(A.'5!;Ĝ0$X
þ.8!&,%#(N!4&,A9!G#$.þĤ1!30!(04/)G(Č!%G0?8.&()@!;Ĝ0/,<5)!/./#!G'/0A!
(#G/'5:@!/'!#9G#/:-)A)!(';?$N!?!-0!4A9#;0(!#!(.A9!.(805.\0(8(Č!%#(X
&0GP#&?81!M.A/Q(Č!&0!<%#50!R#-#&?5!40!þ80()/@!;G#8#I0!-0!&0!4&Q/!/N<X
50(%#&Q/!?!:þ0R()/!;G#A04:!&)A0!&.P:'5()1!
309#! 48?G<)!RG?8G!Y$$.4#(!-0!&!#R0A(Q/! &P$Č5'&'()! /./#Ĝ'$(Č! (?X
$?(,1!30!4A9#;0(!;Ĝ0þ)48!;Č8.40848G'(%#&#:!%(.9:!P?!þ8&G8.(:!þ?4:@!(0I!
RNA9!-.!;Ĝ0þ085!-'@!?!-0-)!.(^#G/?A0!;?%!$#%'I0!;Ĝ04(Č!P;G?A#&?8!?!A.8#&?8!
A#!þ0851!
>R?!4N(#&Q!/?-)!&<0@!?RN!8#!/#95.!&!I.&#8Č!$?50%#!$#8'9(#:8@!?!-'!
-40/!(?!%?I$Q9#!P!(.A9!&05/.!9G$,1!
O$NI!-0<8Č!#R?!$&?!A9#$.5.!$#!<%#5N@!(?:þ.5.!-4/0!40!4!V.4#:!/)8!(?!
%?I$Q9#!P!(.A9!G#P$)5(Q!#þ0%'&'()1!+P;#/)('/!4.!(?!8#@!-?%!/Č5!Y$$.X
4#(!;#!/(#9#!40/048GĤ!(?!&N4&Č$þ0()!4?/Q!-0$(.þ%N1!30(!PĜ)$%?!-4/0!
/:! ;Ĝ.! 48:$.:! /:405.! ;#/'9?81! >R&N%50! ;.5(Č! ;G?A#&?5@! $#%:$! 40! &<0!
(0(?:þ.5@!?!;#8#/!;Ĝ.!P%#:<%'A9!0UA05#&?51!7N5.!-4/0!-)/!;#8Č<0(.1!
+!8Q!$#RČ!RN5!Y50U?($G!(?!48Ĝ0$()!<%#50!?!/N!-4/0!4!()/!/Č5.!#;G?&X
$:!8ČI%,!þ?41!ý?48#!P?;#/)(?5!:$Č5?8!$#/'A)!W%#5N!?!-09#!W5#9N!%80GQ!
==
CwTh!MY!T>D
$#%#(þ.5!RN5N!;#$;GĤ/ČG(Q1!M?!&N4&Č$þ0()!;Ĝ.(045!þ8NĜ%N!?!;Č8%N1!T0(X
8#!40/048G!-4/0!4!-09#!&,%#(0/!(0RN5.!&ĤR0A!;#8Č<0(.1!
"#!(Č%#5.%?!40/048G0A9!Y50U?($G!#RG'8.5!?!P?þ?5!;.5(Č!;G?A#&?81!M.%$N!
(0P?;#/0(:!(?!80(!#%?/I.%@!%$NI!-40/!#80&Ĝ05!-09#!&N4&Č$þ0()!?!(?X
/)48#!þ8NĜ0%!?!;Č80%!-40/!:&.$Č5!$&#-%N!?!8G#-%N1!7N5.!-4/0!8?%!;#8Č<0(.D!
]!%$NI!40!-09#!P('/%N!(0&NG#&(?5N!Y$$.4#(#&,/@!&Č$Č5.!-4/0!4!V.4#:@!
I0!;G?A#&?5!:4.5#&(Č1![(#&:!?!P(#&:!-4/0!9#!A9&'5.5.!P?!-09#!;G'A.1!Y!#(!
&Č$Č5!R0P!-?%Q%#5.!;#A9NR(#48.@!I0!-09#!G#$.þ0!P!(Č-!/?-)!G?$#481!Y!(?%#X
(0A!40!P!(Č9#!$)%N!:4.5#&(Q!;G'A.!48?5!-0$(.þ%'Ĝ!?!$&#-%?Ĝ!8?%Q1!
3.(,!40/048G!;Ĝ.(045!Y$$.4#(!$#/Ĥ!-0$(.þ%N!?!$&#-%N1!CN!-4/0!G?X
$#48!(0/Č5.!i!(0!;G#8#@!I0!(0;Ĝ.(045!4?/Q!-0$(.þ%N@!?50!;G#8#@!I0!-4/0!
4.!&<./5.@!I0!40!;#450$()!$#R#:!&)A0!P?/ČĜ.5!(?!%?/?G'$N!?!4;#50þ0(X
4%Q!:$'5#48.!(0I!(?!:þ0()1!]!%$NI!/Č5!48'50!50;<)!&,450$%N!(0I!Y50U?($G!
4!-09#!$&#-%?/.!?!8G#-%?/.@!&Č$Č5.!-4/0@!I0!P0!40R0!(0&N$?5!&<0A9(#1!
cT#8#!40!48?5#!;#:P0!-0$(#:1!Y$$.4#(!;G#/#&?5!4!&N4#%,/!&NP(?/0('X
()/!?!-0!48'50!&0!&<0A9!#R5?480A9!I.&#8?!;.5(,!;G?A#&()%1d
3$0!#!8#@!I0!7Ĥ9!#$!('4!#þ0%'&'@!I0!R:$0/0!&ČG()!&!8#/@!A#!('/!$?5@!
?! >(! (0$'&'! %?I$Q/:! 4&Q/:! $)8Č8.! W;5(Č! 480-(Č1! 3?%! 4%&Č5Q! RN! RN5#@!
%$NRN!&ČĜ)A)!8:8#!;G?&$:!4%:80þ(Č!;#A9#;.5.D!30!-?4(Č!:%'P'(?!(?!;#$#X
R0(48&)!#!8?50(80A91!30$0(!45:I0R()%!$#48?5!;Č8!8?50(8Ĥ@!$G:9,!$&?!?!8Ĝ08)!
-0$0(1!")4/#!&,45#&(Č!Ĝ)%'@!I0!-4#:!('/!4&ČĜ0(N!$?GN@!e%?I$Q/:!;#$50!
-09#!4A9#;(#48)b!cC?8#:<!2B@*Bd1!K80-(Č!-?%#!(?<.!4N(#&Q!.!%?I$,!45:X
I0R()%!&!;#$#R0(48&)!/Č5!G#P$)5(Q!WG#&(Č!4A9#;(#48)1!+!8Q8#!4#:&.45#48.!
(04/)/0!P?;#/)(?8!(?!"?&5#&?!45#&?g!
eO$#!8Č!þ.()!&,P(?þ(,/S!`#!P!8#9#@!A#!/'<@!-4.!(0$#48?5!#$!7#9?S!
Y!%$NI!-4.!8#!$#48?5@!-?%8#I0!40!A95:R)<@!-?%#!RN4!8#!(0$#48?5!$?G0/Sb!
c*1!O#G.(84%,/!=@F!;#$50!?(\51!;Ĝ1d1
+I$NA%N!/:4)/0!$'&?8!;#P#G!(?!8#@!A#!-4/0!$#48?5.!#$!7#9?1!KA9#;X
(#48!;4'8@!:þ.8@!%'P?8@!P;)&?8@!4%5'$?8!9:$R:@!;G#-0%8#&?8@!Ĝ)$.8@!#G\?(.X
=B
+j3]ChýMj
P#&?8@!&Q48@!$#RĜ0!-0$(?8!4!5.$/.!?8$1!-4#:!$?GN@!%80GQ!$'&'!7Ĥ91!30485.I0!
(?!8:8#!4%:80þ(#48!(0R:$:!P?;#/)(?8@!R:$0!/Č!48Ĝ0I.8!#$!4/G8)A)!;?48.!
;,A9N!?!P'&.48.!i!;,A9N!(?!8#@!I0!-40/!50;<)!(0I!#48?8()@!?!P'&.48.@!%$NI!
$NA98)/!;#!8#/@!A#!/'!(Č%$#!-.(,1!
+G'8)/0!40!%!(?<0/:!;#$#R0(48&)!#!8?50(80A91!C:I@!%80G,!$#48?5!;Č8!
8?50(8Ĥ@!:4.5#&(Č!;G?A#&?5!?!(?%#(0A!-.A9!/Č5!$04081!C:I!40!$&Č/?!8?X
50(8N!;G?A#&?5!480-(Č!:4.5#&(Č@!?&<?%!4%#(þ.5!-0(!40!þ8NĜ/.1!]!%$NI!;G&()!
/:I!/Č5!(?%#(0A!#!<048!8?50(8Ĥ!&)A!(0I!80(!$G:9,!c8P(1!/Č5!/(#90/!&Č8X
<)!W4;ČA9d@!#R?!RN5.!#$/Č(Č(.!480-(Č1!CĤI080!45N<08!8#!;#8Č<0()!&!95?4:!
-0-.A9!;'(?g
e309#!;'(!/:!Ĝ0%5g!Z#RĜ0@!#8G#%:!$#RG,!?!&ČG(,@!(?$!/'50/!-4.!
RN5!&ČG(,@!:48?(#&)/!8Č!(?$!/(#9,/f!&0-$.!&!G?$#48!4&Q9#!;'(?b!
cC?8#:<!2B@2*!(0R#!26d1
+<./(Č80! 4.! P&5'<8()9#! #$%?P:! i! *58B% Y^% '5E$% YZ0! TN8#! $&?! &0G<0!
-4#:!W;5(Č!480-(Q1!+ČĜ)/@!I0!8#!(0()!('9#$?1!7Ĥ9!8)/!P$ĤG?PĖ:-0!&05/.!
$Ĥ50I.8#:! &ČAg! &0G<! 2*! -0! ;G#! /:I0@! %80G,! P)4%?5! $0408f! &0G<! 26! -0! ;G#!
/:I0@! %80G,! 4%#(þ.5! 40! þ8NĜ/.@! 8-1! 4! /Q(Č! (0I! ;#5#&.(#:! 8#9#@! A#! /Č5!
80(!;G&()1!"Ĝ048#!/Č5!-0-.A9!;'(!P!#R#:!W;5(Č!480-(#:!G?$#481!30I)<!Ĝ)%'g
e>$!%?I$Q9#@!%#/:!RN5#!9#$(Č!$'(#@!R:$0!8?%Q!9#$(Č!&NI'$'(#@!
?!%#/:!4&ČĜ.5.!9#$(Č@!#$!8#9#!R:$#:!I'$?8!&)A0b!cV:%'<!*2@=Hd1
7:$080X5.!40!4G#&('&?8!4!#R$.&#&?(,/!&0$#:A)/@!40!þ50(0/!&?<)!G#X
$.(N!(0R#!4!;Ĝ)8050/@!8?%!40!/:!/#I('!(0&NG#&('801!30!/#I(Q@!I0!7Ĥ9!
$?5!8#/:!þ5#&Č%:!&)A!$?GĤ@!&)A!4A9#;(#48.!?!&)A0!8?50(8Ĥ!(0I!&'/1!"#X
450A9(Č80!4.!"?&5#&?!45#&?g!
a#&#Ĝ)/!%!&'/!P!95:R#%Q!&$Čþ(#48.!P?!&<0@!A#!/.!7Ĥ9!$?G#&?5@!?!95?&(Č!
;G#8#@!I0!/'/!P?!&'4!P#$;#&Č$(#481!T?%@!-?%!I.-080!&!þ.48Q!/.5#48.@!-0!
=E
CwTh!MY!T>D
$Ĥ50I.8Q@!?RN480!40!(0A9#&?5.!8?%@!-?%#!RN480!8:8#!/.5#48!;Ĝ.('<05.!7#9:!
&N1!M.%#5.&@!-0!8#!7Ĥ9@!%$#!&'/!8#8#!&<0!$'&'1!30$.(,!4;G'&(,!P;Ĥ4#R@!
-?%!/ĤI0/0!4?/.!4#RČ!;#G#P:/Č8@!-0!4%GP0!;#P('()!8#9#@!-?%,!-0!7Ĥ9!
?!A#!;G#!('4!$Č5'@!?!(.%#5.!4%GP0!8#@!-?A)!-4/0!/N!?!A#!;G#!MČ9#!$Č5'/01
Y!8?%!-0!8#!4!('/.!-?%#!4!G#P/?(.8,/.!W$N!5.$4%Q9#!8Č5?1!O?I$,!W$!R0G0!
4&Ĥ-!&,P(?/!#$!8Č5?!-?%#!A05%:@!?!(0!-.(?%1!T#!8Č5#@!#!%80GQ/!9#&#Ĝ)/0@!
-0!OG.48#&#!8Č5#!309#!&N&#50(Q9#!5.$:1!O?I$,!P!('4!/'!4&Ĥ-!&NP(?/!
?!4&#:!^:(%A.!-?%#!4#:þ'48!309#!8Č5?1!Y&<?%!-?%#!:40%(:8,!;G48!(0R#!
:Ĝ)P(:8,!;?50A!RNA9#/!(0RN5.!%!(.þ0/:@!-0!8#!8?%S!"G#8#!80$N@!-0485.I0!
-4/0!RN5.!P?þ50(Č(.!$#!&<0A9!8ČA98#!WI?4(Č!48&#Ĝ0(,A9!?!;#P#G:9#$(Č!
^:(\:-)A)A9!þ'48)!OG.48#&?!8Č5?@!;#-ć/0!R,8!8Č/.@!%,/!-4/0!RN5.!
:þ.(Č(.@!?(.I!RNA9#/!40!P'&.48.&Č!þ.!;#&,<0(Č!-0$0(!4!$G:9,/!4G#&X
('&?5.@!(0R#!40!4(?I.5.!R,8!(Čþ)/@!þ)/!&ĤR0A!(0-4/01!
cě)/?(Ĥ/!*2@6!i!Ef!;#$50!?(\5.A%Q9#!;Ĝ0%5?$:d
!
7Ĥ9!&'4!(?;G#48#!$#%#(?50!48&#Ĝ.5!;G#!7#I)!%G'5#&48&)!?!/'80!#R$?X
G#&'()! ?! 4A9#;(#48! (?;5(.8! &?<0! 4;0A.!!A%Q! ;#&#5'()1! "G#8#! 4! #950$0/!
(?!8#@!A#!/'/0@!(0/ĤI0/0!4G#&('&?8!(?<0!&,450$%N!4!#48?8()/.1!Y&<?%!
;#$50!8#9#@!A#!"@Č6:.5!4!8)/@!A#!-4/0!$#48?5.@!R:$0/0!-0$(#:!4#:P0(.@!
?!&!8#/8#!8?%Q!R:ć!;Ĝ.('<)/0!(0R#!(0;Ĝ.('<)/0!;#8Č<0()!(?<0/:!(0R04X
%Q/:!>8A.1!
Z#&#580!/.!8#!Ĝ)A.!-0<8Č!-.(?%1!O$NRN!80(!45:I0R()%!40!$&Č/?!8?50(8N!
4G#&(?5!4&Q!$&?!$?GN!4!8)/@!%$#!-.A9!/Č5!;Č8@!(0:4;Č5!RN1!>R?!45:I0R()A.!
&<?%!P$&#-('4#R.5.!8#@!4!þ)/!P?þ?5.1!7N5.!480-(Č!&ČG()!&!8#/@!A#!$#48?5.@!
?!480-(Č!8?%Q!;#8Č<.5.!4&Q9#!;'(?1!
">Z>7Mv!">Z>7hMKT+q!K!>ZV]xMjC!ZģnY[hC
MN()!40!;#$)&'/0!(?!;#$#R(Q!;#$#R0(48&)@!%80GQ!&<?%!P$ĤG?PĖ:-0!(ČA#!
W;5(Č!#$5.<(Q9#1!+!;#$#R0(48&)!#!$0408.!9Ĝ.&('A9!c&.P!V:%'<!*J@**X2Ed!
=F
+j3]ChýMj
-0$('!30I)<!(?/)48#!8Ĝ0A9!45:I0R()%Ĥ!4!$0408.1!O?I$,!P!(.A9!$#48?5!-0$(:!
9Ĝ.&(:1!aĜ.&(?!8?$N!(0;Ĝ0$48?&:-0!GĤP(Q!WG#&(Č!(?<09#!;#&#5'()!(0R#!
P&5'<8()A9!#R$?G#&'()@!-?%!8#/:!RN5#!4!8?50(8N1![('P#GĖ:-0!/.5#48@!P'X
%5?$()!&)G:@!7#I)!5'4%:!?!#48?8()!$?GN@!%80GQ!7Ĥ9!G#&(,/!$)50/!G#P$'&'!
&<0/!&ČĜ)A)/1!
+N4&Č85)/!&'/!8#!(?!;Ĝ)%5?$:1!30485.I0!7Ĥ9!&,45#&(Č!(Č%#9#!;#&#X
5'@! ?RN! &0$5! P'48:;N! 5.$)! $#! 7#I)! ;Ĝ)8#/(#48.! 4%GP0! A9&'5:! ?! :A8)&'()@!
$'! 8?%#&Q/:! þ5#&Č%:! 9:$0R()! (?$'()1!T#8#! #R$?G#&'()! &<?%! ;Ĥ-$0! P?!
9G?(.A.!;Ĝ.G#P0(Q!4^QGN@!(0R#Ģ!$)%N!(Č/:!R:$#:!&ČĜ)A)!:&'$Č(.!$#!7#I)!
;Ĝ)8#/(#48.1!
k;Ĝ)/(Č!40!;Ĝ.P('&'/@!I0!-'!-40/!8#8#!#R$?G#&'()!(0$#48?51!"#%?IX
$Q@!%$NI!40!;#%:4)/!;Ĝ0$!/#:!G#$.(#:!P;)&?8@!-0!8#!%?8?48G#^?1![?þ(#:!
40!4/'8@!#$A9'P)!P!;#%#-0!(0R#!;#!/(Č!I0G80/!(ČA#!9#$)!i!?!#;G'&(ČX
(Č1!M0RN5#!RN!#$0!/Č!8:$)I!/#:$GQ!:A9'P08!40!&!(?<0/!4R#G:!#!/)48#!
&0$#:A)9#!A9&?51!>R$?G#&'()@!%80G'!/.!7Ĥ9!4&ČĜ.5@!?RNA9!/#95!(?;5(.8!
8#@!%!þ0/:!/Č!;#&#5?5@!40!(?A9'P0-)!&!-.(,A9!#R5?480A9@!-?%#!(?;Ĝ)%5?$!
%'P'()@!;4?()!?!&0$0()1!O?I$,!P!('4!/'/0!#R$?G#&'()@!%80G'!#$;#&)$?-)!
(?<./!4;0A.!!A%,/!W%#5Ĥ/1!
M.A/Q(Č!&!P'%5?$()A9!#R5?480A9!(?<09#!I.&#8?!-4/0!&<.A9(.!$#48?5.!
G#&(,/!$)50/1!")4/#!('/!Ĝ)%'@!I0!%?I$,!P!('4!/'!/N45!OG.48#&:@!7#I)!
PRG#-@!-/Q(#!30I)<@!P'%5?$()!&)G:@!7#I)!P?45)R0()@!7#I)!5'4%:!i!80(8#!40X
P(?/!/ĤI0!;#%G?þ#&?8!$'5!?!$'51!"Ĝ)RČ9!#!9Ĝ.&('A9!40!8,%'!&<0A9!8ČA98#!
$?GĤ1!+!8#/8#!;#$#R0(48&)!;G&()!45:I0R()%!G#P/(#I.5!4&#:!9Ĝ.&(:!$0X
408%G'81!M?!4#:$:!RN5!<8Č$Ĝ0!#$/Č(Č(!?!$#48?5!?:8#G.8:!(?$!$0408.!/Č48N1!
ZG:9,!45:I0R()%!G#P/(#I.5!4&#:!9Ĝ.&(:!;Č8%G'81!309#!#$/Č(?!RN5?!(.IX
<)@!$#48?5!?:8#G.8:!(?$!;Č8.!/Č48N1!TĜ08)!4&#:!9Ĝ.&(:!P?%#;?5@!RN5!;Ĝ)4(Č!
;#%'G'(!P?!4&#:!50(#48!?!(0$#48?5!I'$(#:!#$/Č(:1!
T?8#!$&Č!;#$#R0(48&)!#$9?5:-)@!I0!7Ĥ9!('4!&!(#G/'5()A9!I.&#8()A9!
4.8:?A)A9!#R$?G#&'&'!G#&(#A0((Č!c;#$#R0(48&)!#!$0408.!9Ĝ.&('A9d@!P?X
8)/A#!&!#R5?480A9!4;0A.!!A%,A9!;#&#5'()!(0R#!W%#5Ĥ!-4/0!&NR?&0(.!G#PX
$)5(Č!c;#$#R0(48&)!#!8?50(80A9d1!"#!PRN80%!8Q8#!%(.9N!40!R:$:!P?R,&?8!
=H
CwTh!MY!T>D
8)/@!A#!7Ĥ9!$?5!%?I$Q/:!P!('4!G#&(,/!$)50/1!TN8#!&ČA.!-4#:!&<?%!8?%Q!
$Ĥ50I.8,/!P'%5?$0/!;G#!8#@!?RNA9#/!/#95.!W4;Č<(Č!&N%#('&?8!.!(?<0!
4;0A.!!A%Q!W%#5N1!
ZĤ50I.8Qg! (.%$N! (0/ĤI080! $#4'9(#:8! 4&Q9#! ;5(Q9#! ;#80(A.'5:! X! I)8!
&,-./0þ(,!I.&#8!X!-0485.I0!(0R:$080!/)8!P-0&0()!8#9#@!#!þ0/!R:$:!$'50!
9#&#Ĝ.81!
™
!"#$%&'#&12,34)þ'*-&.)/03?%'!#R$?G#&'()!/N45)80@!I0!&'/!7Ĥ9!$?5@!?RN480!/#95.!&N%#('&?8!;G'A.!
(?!7#I)/!%G'5#&48&)S
30!(ČA#@!;#%:$!8#!8?%!-0@!A#!&'/!P?RG?Ė:-0@!?RN480!/#95.!;5(Č!;#:I)&?8!
&?<0!#R$?G#&'()!?!(?$'()!;G#!<)Ĝ0()!7#I)9#!%G'5#&48&)S!`#!8#!-0S
=J
F
/(C!*!?(=ü@(+,-.
C
#I('!40!&'/!8#!R:$0!P$'8!PRN80þ(Q@!?&<?%!480-(Č!RNA9!A98Č5!-0<X
8Č!-0$(#:!P$ĤG?P(.8!95?&()!/N<50(%:!;Ĝ0$A9#P)!%?;.8#5N@!;G#8#I0!
-0485.I0! &N! .! -'! 8:8#! ;G?&$:! $#%#(?50! (0:A9#;)/0@! R:$#:! (?<0! I.&#8N!
;#:P0!;5(Q!;#A9NR(#48)@!^G:48G?A0!?!/?G(Q9#!R#-01!
+N!.!-'!/'/0!&<0!;#8Ĝ0R(Q!;G#!8#@!?RNA9#/!/#95.!$Č5?8!(?<0/:!(0X
R04%Q/:!>8A.!&05%Q!;#8Č<0()1!CKs!Ĝ)%'g!e['PG?þ(Č!-4/0!$#48?5.!&<0A9X
(#@! A#! &0$0! %! I.&#8:@! %80G,! 7#9?! 8Č<)b! c21"08GĤ&! *@6d1! `h+! ;Ĝ0%5'$'!
80(8#!&0G<!8?%8#g!
eC'/0!&<0A9(#@!A#!;#8Ĝ0R:-0/0@!?RNA9#/!/#95.!I)8!I.&#8@!%80G,!
7#9?!8Č<)1!T#!&B53)'$%':.%E/6$%@:'$%,&8A5%;5)$%*64,#'?%.$30\
+)/@! -?%'! -0! $?5<)! #8'P%?g! e`#! -0! 8#:! .$3?@! %80G#:! -4/0! P'PG?þ(Č!
$#48?5.!?!%80G'!('4!:4A9#;Ė:-0@!?RNA9#/!7#9?!;#8Č<#&?5.Sb!>$;#&Čć!
-0g!e309#!/.5#481b
2(6$,#0!+!;#450$()!$#RČ!40!#!/.5#48.!/(#9#!9#&#Ĝ.5#@!;Ĝ048#!-.!8#5.%!
5.$)!;5(Č!(0A9';01!C.5#48!-0!R0P;#A9NRN!-0$(#:!P!(0-&)A0!$Ĥ50I.8,A9@!(0X
5.!(0-$Ĥ50I.8Č-<)!;G?&$#:!M#&Q!4/5#:&N@!%80G#:!RN!/Č5!&ČĜ)A)!:A9#;.8@!
;G#8#I0!-0!W;5(,/!P'%5?$0/!(?<09#!,<4,5'?!?!9(*$#4%&!OG.48:1!
`#!40!8,þ0!,<4,5'?@!-4/0!4?/#PĜ0-/Č!P?A9G'(Č(.!/.5#48)1!K;?40()!-0!
80(!(0-&Č8<)!$?G@!%80G,!%$N!5.$48&#!$#48?5#1!+P8?9!4!7#90/!(0P)4%'/0!
$#$GI#&'()/!309#!P'%#(Ĥ@!;G#8#I0!;#8#/!RN!RN5#!/#I(Q!4.!4;?40()!&NX
45#:I.8!?!RN5#!RN!P?45#:I0(Q1!C.5#48!-0!&<?%!(0P?45#:I0('!7#I)!;Ĝ)P0Ė1!
")4/#!('/!Ĝ)%'g!
B*
+j3]ChýMj
eM0R#Ģ!/.5#48)!c(0P?45#:I0(#:!7#I)!;Ĝ)P()d!-480!P?A9G'(Č(.!c#$!4#:X
$:!?!48?5.!40!8?%!Wþ?48()%N!OG.48#&?!4;?40()d!4%GP0!&)G:f!?!8?!P'A9G?(?!
(0()!P!&'4!c;G#!8#@!A#!$Č5'80@!P!&?<09#!W4.5)d!X!-0!8#!7#I)!$?Gf!(0()!(?!
P'%5?$Č!4%:8%Ĥ!c(?;5Ė#&'()!;#I?$?&%Ĥ!['%#(?d@!?RN!40!(.%$#!(0A95:X
R.51!cM0()!P?5#I0(#!(?!5.$4%Q/!%#('()@!8?%I0!(?!8#!(0/ĤI0!R,8!(.%$#!
;N<(,!?(.!4.!P?!8#!RG'8!45'&:1d!ch^0P4%,/!2@Hf!P'&#G%N!;Ĝ.$'(N!;#$50!
YC"d1
T)/8#! -0! &! %#48A0! 49G(:8#! 0&?(\05.:/1! C.5#48)! 30I)<0! OG.48?! RN5N!
(?<0! 9Ĝ)A9N! &N/?P'(N! ?! (?&I$N! &P$'50(N@! -?%#! -0! &P$'50(! &,A9#$! #$!
P';?$:1!YI!R:$0/0!48'8!;Ĝ0$!4#:$(#:!48#5.A)!?!7Ĥ9!40!P0;8'@!;G#þ!RNX
A9#/! /Č5.! &48#:;.8!$#!309#!%G'5#&48&)@!:Gþ.8Č! 8#! (0R:$0! $)%N! (?<0/:!
$#RGQ/:!A9#&'()@!;G?&.$05(Q!Wþ?48.!(?!49G#/'I$Č()A9@!:4.5#&(Q!;G'A.@!
&ČG(Q!45:IRČ!?(.!I'$(Q/:!-.(Q/:!%5?$:!P!(?<)!48G?(N1!7Ĥ9!('4!;Ĝ.-/0!
%&Ĥ5.!8#/:@!I0!;Ĝ0$!$&Č/?!8.4)A.!508N!30I)<!(?!%Ĝ)I.!;G#5.5!4&#:!&5?48()!
%G'5#&4%#:!%G0&@!P0/Ĝ05!48G?<5.&#:!4/G8)!?!;#!8Ĝ0A9!$(0A9!RN5!&P%Ĝ)<0(!
;G#!(?<.!4&#R#$:1!>(!-0!8)/!7#I)/!&,%:;(,/@!P?;5?A0(,/!;G#8#@!?RNX
A9#/!/#95.!R,8!&N4&#R#P0(.!P!#8G#A8&)1!M.A!-.(Q9#!('4!(0/#95#!#4&#X
R#$.8D! 30485.I0! &ČĜ)/0! 30I)<#&Č! #RČ8.! ?! ;#$Ĝ)$)/0! C:! 4&Ĥ-! I.&#8! -?%#!
"'(:@!/ĤI0/0!40!4!$Ĥ&ČG#:!;#48?&.8!;Ĝ0$!7#9?1!
C]V>KT!O!u]+>Tk
3?%#:!G#5.!&<?%!/.5#48!9G?-0!#$!8Q!A9&)50@!%$N!-4/0!;Ĝ.-?5.!4;?40()@!?I!
$#!/#/0(8:@!%$N!R:$0/0!48'8!;Ĝ0$!(?<)/!OG'50/S![?!;G&Q!(04/)/0!
(.%$N! P?;#/0(#:8@! I0! .(6$,#% &% 9(*$#"! -0! 48'50! 7#I)! ;Ĝ)P()@! %80G#:! 4.!
(05P0!P?45#:I.81!T#8#!40!(0P/Č()!?(.!;#!8Q@!A#!-4/0!&48#:;.5.!$#!&P8?9:!
4!7#90/1!
C(#9#!5.$)!40!(?(0<8Č48)!$)&'!(?!4&Ĥ-!I.&#8!&!OG.48:!;#!4&Q/!#RG'X
A0()!4%GP0!þ#þ%N!P'%#(?1!C)48#!8#9#@!?RN!40!4;#5Q9?5.!(?!7#I)!/.5#48@!
B2
C>`!O!">Tċx>+wMq
I0! R:$#:! $#48'&?8! 309#! ;Ĝ)P0Ė! ?! ;#I09('()@! 4;#5Q9?-)! (?! 4&Q! &5?48()!
W4.5)!?!4%:8%N1!"?&05!40!P%5?/?(Č!;8'g!eT#!-480!8?%!;#<08.5)S![?þ?5.!-480!
I)8!P!Z:A9?!7#I)9#@!?!80ć!4;#5Q9'80!4?/.!(?!40R0Sb!cs?5?84%,/!6@6f!
`h"d1
"#P$Č-.!8#!"?&05!8#/:!4?/Q/:!4R#G:!P$ĤG?PĖ:-0!-0<8Č!#48Ĝ0-.g!e[R?X
&.5.!-480!40!OG.48?@!&N@!%80Ĝ)!950$'80!#4;G?&0$5(Č()!&!['%#(Čf!&N;?$5.!-480!
P!/.5#48.b!cs?5?84%,/!B@=d1!30485.I0!40!4(?I)/0!$GI08!4.!4&#:!4;G?&0$5X
(#48!;Ĝ0$!7#90/!$#$GI#&'()/!P'%#(Ĥ@!;G?&.$05!?!;#I?$?&%Ĥ!K8?GQ9#!
P'%#(?@!G.4%:-0/0!P8G'8:!(?<09#!4;#50þ0(48&)!4!OG.480/!?!&,9#$N!309#!
/.5#48.D! T#! -0! %! &N48Ĝ)P5.&Č()1!+I$N! 4.! /:4)/0! ;Ĝ.;#/)(?8@! I0! /.5#48)!
-4/0!4;?40(.!?!/.5#48)!8?%Q!$'50!;Ĝ.-)/'/0!&,9#$N!P0!4;?40()1!
[!8#9#8#!$Ĥ&#$:!;)<0!"?&05!&!8Q/ČĜ!&<0A9!4&,A9!$#;.40A9g!C.5#48!
"'(?!30I)<0!OG.48?!4!&'/.1b!k&Č$#/80!4.@!I0!-09#!$#;.4N!RN5N!(?;4'(N!
/:IĤ/!?!I0('/@!%80Ĝ)!:I!RN5.!4;?40(.@!(.%#5.&!P8G?A0(,/!5.$0/@!%80Ĝ)!
;#8Ĝ0R#&?5.!/.5#48!%0!,<4,5'?1!
Y;#<8#5!3?(!(?;4?5!&ČĜ)A)/g!eZ'&'!('/!&)A!?!&)A!/.5#48.1b!c3?%:RĤ&!
=@Ef!YC"d1!3.(,/.!45#&N@!%!$.4;#P.A.!-0!-0<8Č!&)A!/.5#48.@!(0I!:I!/'/0D
"08G!8#!48?&)!-0<8Č!(?!-.(#:!WG#&0Ė@!%$NI!;)<0g!eC.5#48!?!;#%#-!%QI!40!
&'/!G#P9#-()!&!;#P('()!7#9?!?!30I)<0!OG.48?@!(?<09#!"'(?b!c21"08GĤ&!
*@2d1!T#950!-0!-0<8Č!50;<)!P;G'&?g!(0-0(I0!/ĤI0!R,8!/.5#48!%!(?<0/:!I.X
&#8:!;Ĝ.$'(?@!/ĤI0!R,8!.!G#P/(#I0(?D!30485.I0!?;#<8#5#&Q!8#:I.5.!;#!&)A!
/.5#48.!?!:4.5#&(Č!40!P?!8#!/#$5.5.@!/:4)!8#!R,8!%5)þ#&Q!;G#!('<!%?I$#X
$0(()!I.&#8!&!OG.48:!8?%Q1!
Y!;G#8#!;G#!('<!I.&#8!&!OG.48:!;5?8)@!I0!/.5#48)!-4/0!(0-0(!(?!P?þ'8%:!
4;?40(.@!?50!/.5#48!('4!8?%Q!4;?40(,/.!:$GI:-01!+)/@!I0!/(#9#!&ČĜ)A)A9!
R#-:-0!4!/N<50(%?/.@!I0!;#!8Q@!A#!40!&N$?5.!30I)<.!OG.48:@!(?$Č5?5.!8#5.%!
<;)(N@!I0!7Ĥ9!-./!:I!?4.!-0-.A9!4;?40()!&P?51!Y50!8#!(0()!;G?&$?D!7.R50!
('/!Ĝ)%'g!
e30485.I0!4&Q!9Ĝ)A9N!&NP('&'/0@!>(!-0!&ČG(,!?!4;G?&0$5.&,@!?RN!('/!
9Ĝ)A9N!#$;:48.5!?!#þ.48.5!('4!#$!%?I$Q!(0;G?&#48.b!c*13?(Ĥ&!*@Jd1
B6
+j3]ChýMj
+<./(Č80!4.@!I0!80(8#!&0G<!(0Ĝ)%'!*Č#B('/%(0;G?&#48)1!30I)<#&?!%G0&!
#þ.<Ģ:-0!#$!&49@-%(0;G?&#48.1!7Ĥ9!('/!#$;#:<8)!&<0A9(#!?!#þ.<Ģ:-0!('4!
#$!&<09#@!A#!RN!('4!#$$Č5#&?5#!#$!309#!;Ĝ)8#/(#48.1!
>(! -0! *Č8'=! ?! ,<84*5@6(*=@! ?RN! ('/! #$;:48.5! ?! #þ.48.5! ('41! CČ8'=!
P(?/0('!;#%?I$Qf!,<84*5@6(*=!P(?/0('@!I0!&I$NA%N!PĤ48?(0!;G?&$.&,!
&!P?45)R0()A9!K&Q!4/5#:&N1!M.%$N!(0Ĝ0%(0g!e>$;:48)/!-.(,/!-0-.A9!(0X
;G?&#48.@!?50!8#RČ!(01b
K8'50!-0<8Č!(0-480!;Ĝ04&Č$þ0(.S!CN45)80!4.g![9Ĝ0<.5!-40/!8#5.%G'8@!I0!:I!
/.!(0/ĤI0!#$;:48.81!kI!-40/!&Nþ0G;?5!309#!/.5#4G$0(48&)S
M0@! ")4/#! Ĝ)%'g! e`9&'5:! &P$0-80! a#4;#$.(:@! ;G#8#I0! -0! $#RG,! i!
&I$NĢ!309#!/.5#4G$0(48&)!-0!&Čþ(QDb!cu?5/!*6E@*d1!309#!/.5#4G$0(48&)!
-0!&Čþ(Q!?!-0!(0&Nþ0G;?805(Q1!+I$NĢ!8#8#!P?45)R0()g!e309#!/.5#4G$0(48&)!
-0!&Čþ(Qb!-0!-0(!&!8#/8#!I?5/:!<048?$&?A08%G'8D
30485.I0!R#-:-080!4!#RG#&.8#48)!7#I)9#!#$;:<8Č()@!-480!&!$#RGQ!4;#50þX
(#48.1!Z#%#(A0!.!?;#<8#5!"08G!/Č5!;G#R5Q/!8#!;#A9#;.8@!;G#8#I0!-0$(#9#!
$(0!;Ĝ.<05!P?!30I)<0/!4!#8'P%#:g!e"?(0@!%#5.%G'8!/'/!#$;:48.8!4&Q/:!
RG?8G:@!%$NI!;G#8.!/(Č!P9Ĝ0<)S!YI!40$/%G'8Sb!cC?8#:<!*H@2*d1!"08G!4.!
/N4505@!I0!-09#!e40$/%G'8b!-0!<50A908(Q@!;G#8#I0!K8?G,!P'%#(!48?(#&.5!
e#%#!P!#%#b!c&.P!hU#$:4!2*@26X2=d1!"08G!RN5!P&N%5,@!I0!5.$Q!P?!4&Q!A9NX
RN@!9Ĝ)A9N!?!;Ĝ048#:;0()!/:405.!P?;5?8.81!
30I)<#&?!#$;#&Čć!9#!<#%#&?5?g!e"G?&)/!8.@!(0!40$/%G'8@!?50!?I!40X
$/$04'8!%G'8!40$/%G'8b!cC?8#:<!*H@22d1!T#!-0!þ8NĜ.!48?!$0&?$04'8%G'8D!
T)/! &<?%! 30I)<! (0(?P(?þ#&?5@! I0! #$;:<8Č()! -0! #/0P0(#! 8)/8#! þ)450/@!
;G#8#I0!&!V:%'<#&Č!0&?(\05.:!Ĝ)%'g!eCČ-80!40!(?!;#P#G:1![9Ĝ0<)X5.!8&Ĥ-!
RG?8G@!;#%'G0-!9#@!?!:P('X5.!4&#:!&.(:@!#$;:4Ģ!/:1!Y!P9Ĝ0<)X5.!;G#8.!8#RČ!
40$/%G'8!P?!$0(!?!40$/%G'8!40!%!8#RČ!#RG'8)!40!45#&Ng!~kP('&'/!4&#:!
&.(:@!#$;:4Ģ!/.r@!#$;:48)<!/:b!cV:%'<!*F@6X=d1
"Ĝ.%'P'()!P()@!I0!%?I$,!$0(!/'/0!?I!40$/%G'8!#$;:48.81!30485.I0!&<?%!
(Č%$#!P9Ĝ0<)!40$/%G'8!$0((Č!;#!&)A!(0I!40$/$04'8!$()@!R:$0!8#!&)A!(0I!
þ8NĜ.!48?!$0&?$04'8%G'81!T?%I0!%$NRNA9#/!/#95.!P9Ĝ0<.8!;#:P0!þ8NĜ.!48?!
$0&?$04'8%G'8@!?RN!('/!RN5#!#$;:<8Č(#@!Ĝ0%5!RN!30I)<!&!V:%'<#&Č!0&?(X
B=
C>`!O!">Tċx>+wMq
\05.:!e?I!þ8NĜ.!48?!$0&?$04'8%G'8b1!T#!?50!(0Ĝ0%51!ě0%5!40$/%G'8!P?!$0(!
?!(0Ĝ0%5@!I0!8#!-0!48G#;1!O$NI!(Č%$#!9Ĝ0<)!;#!;GĤ/ČG(,A9!#4/$04'8!508!
&Č%:!40$/%G'8!P?!$0(@!$?5#!RN!8#!2L=!=LL!%G'8D!T#!-0!/(#90/@!/(#90/!
&)A!(0I!þ8NĜ.!48?!$0&?$04'8%G'81
30I)<!('/!A9A0!Ĝ)A8@!I0!(?<0!#$;:<8Č()!/'!R,8!(0&Nþ0G;?805(QD!Y!;G#þ!
/'! R,8! (0&Nþ0G;?805(QS!"G#8#I0!/'!:%?P#&?8@! -?%! 7Ĥ9!#$;#:<8)!('/@!
?!/N!/'/0!;Ĝ)%?Pg!e>$;#:<8Č-80!4.!(?&P'-0/@!-?%#!.!7Ĥ9!&!OG.48:!#$X
;:48.5!&'/b!ch^0P4%,/!=@62d1
T?%I0!/'80X5.!;G#48Č!;#A.8@!I0!-480!:I!&Nþ0G;?5.!7#I)!#$;:<8Č()@!(?X
45#:A9'80!8)/!-0(!4&,/!;#A.8Ĥ/!;Ĝ);?$(Č!5I)/@!%80GQ!(0-4#:!&!4#:5?$:!
4!7#I)/!45#&0/1!30485.I0!P9Ĝ0<)80@!#/5:&)80!40!?!þ.()80!;#%'()!c#RG'8)80!
40!-.(,/!4/ČG0/@!;#P(1!(?%51d@!;?%!-0!&'/!#$;:<8Č(#1!Y!&ČA!-0!:P?&Ĝ0(?1!
K! 8#:8#! $#RG#:! P;G'&#:! &'4! &<?%! A9A.! &?G#&?8@! ?RN480! 40! &N9(:X
5.!W/N45(Q/:!9Ĝ0<0()1!30485.I0!4.!Ĝ0%(080g!e340/!4;?40(!/.5#48)@!8?%I0!
-40/! %GN8,! ?! (0P'50I)@! -?%! I.-:1! M0/:4)/! 40! #&5'$?8! ?! R:$:! I)8! I.&#8!
P'R?&N! ?! G#P%#<0b@! GNA950! 40! P?48?&80@! -480! (?! (0R0P;0þ(Q! ;Ĥ$Č1! 3480!
#%5?/'(.D!M0:G?I80!40!;G#4)/@!?50!/:4)80!4.!;#5#I.8!8:8#!#8'P%:g!e340/!
&ĤR0A! 4;?40(Sb! "?&05! 8:8#! &ČA! Ĝ0<)! ;G#95'<0()/g! e`#! 80$N! Ĝ0%(0/0S!
C'/0!PĤ48'&?8!&!9Ĝ)A9:@!?RN!40!G#P9#-(.5?!/.5#48S!M?;G#48#!(0D!3?%!RNX
A9#/!/N@!%80Ĝ)!-4/0!9Ĝ)A9:!P0/Ĝ05.@!&!(Č/!/#95.!-0<8Č!I)8Sb!cě)/?(Ĥ/!
E@*X2d1!+0!4%:80þ(#48.!"?&05!%Ĝ04Ģ?(N!&?G:-0g!
e30!PĜ0-/Q@!-?%,!I.&#8!-0!&,450$%0/!(?<)!4(?9N!48'50!4.!A9#$.8!
4&#:!&5?48()!A048#:g!#;?%#&?(,@!50&(,!40U!R0P!5'4%Nf!P?;'A9?-)A)!
9G#/?$Č()!/0(8'5()9#!?!0/#A.#('5()9#!#$;?$:@!9#G0þ(?8'!?!(0G?X
$#48('!9#(R?!P?!<8Č48)/f1111!R0P#950$(Q!4#:;0Ĝ0()f!&<0!;#95A:-)A)!
?!;Ĝ048#!(.%$N!(0:4;#%#-0(Q!A98)þ0f!RG:8'5()!('5?$Nf!(04A9#;(#48!
/.5#&?8!(0R#!R,8!/.5#&'(f!G#P$Č50(Q!$#/#&N!?!G#PR.8Q!I.&#8Nf!/?X
5#/N45('!9#(R?!P?!(.þ)/f!P&G'A0(,!P&N%!#$#4#RĖ#&'()!%?I$Q9#!$#!
G.&?5?f!(0%#(8G#5#&?(Q!?!(0%#(8G#5#&?805(Q!P'&.45#48.111!Y!8?%!RNA9!
/#95!;#%G?þ#&?81!
BB
+j3]ChýMj
+)80@!I0!8#8#!(0()!;#;G&Q@!A#!&'4!&?G:-.1!30485.I0!R:$080!4&#:!4&#R#$:!
;#:I)&?8!8?%#&,/8#!P;Ĥ4#R0/@!(0R:$080!$Č$.A.!7#I)9#!%G'5#&48&)b!
cs?5?84%,/!B@*JX2*f!CKsd1
30! -?4(Q@! I0! 4%GP0! 7#I)! /.5#48! /'/0! 4&#R#$:1!T:8#! 4&#R#$:! &<?%!
(04/)/0! P(0:I)&?8! %! W/N45(Q/:! 9Ĝ)A9:1! >;G?&$#&Č! 4;?40(,! þ5#&Č%!
/'!7#I)!4G$A0!?!(0Ĝ)%'!4.g!eO#5.%!/ĤI:!9Ĝ0<.8@!?RN!/.!8#!-0<8Č!;G#<5#Sb!
>;G?&$#&Č! P(#&:PG#P0(,! &ČĜ)A)! (?#;?%! Ĝ)%'g! e3'! (0A9A.! 9Ĝ0<.8@! ;#(ČX
&?$I!8#!PG?Ė:-0!4G$A0!T#9#@!%80G,!P0/Ĝ05!P?!/Č!.!P?!&<0A9(N@!%80GQ!/.5:X
-01b!Y50!Ĝ)%'/!P(#&:@!-0485.I0!(Č%$#!P9Ĝ0<)@!.!%$NRN!8#!RN5#!40$/%G'8!P?!
$0(@!?!:þ.()!#;G?&$#&Q!;#%'()@!7Ĥ9!/:!#$;:48)1!
CM>ahC!+q`!Mhu!>Z"kxTċMq
!
T#!-0!;G#48Č!WI?4(Q!i!-4/0!4;?40(.!?!:$GI#&'(.!&0!4;?40()!$)%N!/.5#48.1!
Y&<?%!-0!-0<8Č!/(#90/!&)AD!C.5#48!-0!/(#90/!&)A!(0I!-0(!#$;:<8Č()1!
C.5#48!-0!7#I)/!A.$3'Č'?.1!"G#8#!/ĤI0/0!I)8!8?%@!-?%#!I.5!30I)<1!
"Ĝ0þ8Č80! 4.! ;#P#G(Č! ('450$:-)A)! 45#&?g! eO$#! Ĝ)%'@! I0! &! MČ/! PĤ48'&'@!
/:4)!4'/!8?%Q!I)8!8?%@!-?%!I.5!>(b!c*13?(Ĥ&!2@Ed1!+<./(Č80!4.@!I0!?;#<8#5!
(0Ĝ)%'! .Č6% E/@! ?50! .",?1! CN! .",?.5! I)8! 8?%@! -?%#! I.5! 30I)<D!T#! (0()! -0(!
('&G9!(0R#!(Č-?%,!A)5f!-0!8#!;Ĝ04(Č!8#@!A#!7Ĥ9!#þ0%'&'1!Z#RG#:!P;G'&#:!
-0@!I0!7Ĥ9!(.%$N!&!M#&Q!4/5#:&Č!(0$'!;Ĝ)%?P@!?(.I!RN!8?%Q!(0;#4%N85!/#A!
%!-09#!$#$GI#&'()1!"G#8#!/N!/ĤI0/0!I)8!-?%#!30I)<!4%GP0!/#A!309#%.(6$,#(0%
"#450A9(Č80!4.!"?&5#&#!4&Č$0A8&)!(?!8#8#!8Q/?g!e+N!.!4'/!7Ĥ9!-480!4&Č$X
%N@!-?%!-4/0!40!4&?8Č@!4;G?&0$5.&Č!?!R0PW9#((Č!%!&'/!&ČĜ)A)/!A9#&?5.f!?!-?%!
8?%Q!&)80@!-0$(#9#!%?I$Q9#!P!&'4!-4/0!(?;#/)(?5.@!;#&PR:P#&?5.!?!P?&?P#X
&?5.!-?%#!#80A!&5?48()!$Č8.@!?RN480!A9#$.5.@!-?%!-0!@Ĥ,#$+'-%7$)4@!%80G,!&'4!
;#&#5'&'!$#!K&Q9#!%G'5#&48&)!?!45'&Nb!c*1!T04?5#(.A%,/!2@*LX*2d1!"?&05!
;Ĝ.%?P#&?5!&ČĜ)A)/@!?RN!A9#$.5.!8?%@!-?%#!A9#$.5!#(@!e+4&%+5%@Ĥ,#$+'-%7$)4bD!
Y!8#!-0!;G#!(Č9#!.!;G#!('4!/#I(Q!4%GP0!P/#A(Č()!309#!/.5#48)1!
BE
C>`!O!">Tċx>+wMq
30!8#!;G'&Č!80(8#!?4;0%8!/.5#48.@!%80G,!/(#P)!;Ĝ095)I0-)@!&Č8<.(#:!;G#8#@!
I0!#!(Č/!(0()!&N:þ#&'(#!40!480-(,/!$ĤG?P0/1![!8#9#8#!$Ĥ&#$:!/(#P)!
&ČĜ)A)!P';?4)!&0!4&Q/!A9#P0()!4!7#90/@!?!;G#8#!(0I.-)!&,-./0þ(,!I.&#81!
M0-;G&0!40!;#-ć/0!;#$)&?8!(?!&,P(?/!45#&?!.(6$,#!&!;Ĥ&#$()/!-?X
PNA0@! &! Ĝ0þ8.(Č1! M0-;#:I)&?(Č-<)/! Ĝ0A%,/! 45#&0/! ;G#! .(6$,#! &! M#&Q!
4/5#:&Č!-0!3)48(,@!%80GQ!40!8?/!#R-0&:-0!P9G:R?!48#!;?$04'8%G'81!M0-X
#R&N%50-<)/!&,P(?/0/!45#&?!3)48(,!-0!e;Ĝ)P0Ė@!:þ.(Č('!R0P!#þ0%'&'X
()! #$;5?8Nb1! 30! 8#! (?;G#48#! R0P;5?8(Q! &N-'$Ĝ0()! 7#I)! /.5:-)A)! $#RG#8N!
%!('/1!30!8#!PA05?!(0P?45#:I0('!;Ĝ)P0Ė1!
+0P/0/0X5.!8:8#!;#þ'80þ()!$0!!(.A.!.(6$,#(!?!4;#-)/0!-.!4!&NRG?(,/.!
&0G<.@!%80GQ!"?&05!(?;4?5!#950$(Č!4;?40()!#$!9Ĝ)A9:!?!&Čþ(Q9#!P?8G?A0()!
&!5.480A9!h^0P4%,/@!s?5?84%,/@!ě)/?(Ĥ/!?!$?5<)A9@!$#48?(0/0!$0!!(.X
A.!/.5#48.@!%80G#:!P('!&Č8<.(?!%Ĝ04Ģ?(Ĥ1!Y&<?%!8#8#!;#A9#;0()!P?9G(:-0!
;#:P0!.$#(*%?!*=,65@5&!8#9#8#!$?G:@!?50!(0$0!!(:-0!(N(Č-<)!<$*4)"!/.X
5#48.1! 3.(,/.! 45#&N@! :%?P:-0! /.5#48! -?%#! $?G@! %80G,! ('4! P?A9G?Ė:-0! ;G#!
R:$#:A)!I.&#8@!?50!(0$0!!(:-0!-09#!/#A!;G#!I.&#8!(N(Č-<)1!
[Y`anwMċM!ZqOo!"kx`h
n'$! RNA9! &'/! .5:48G#&?5! #;G?&$#&,! &,P(?/! 45#&?! /.5#48! (?! ?50\#G..!
#!;:<A01!"#-ć/0!40!&G'8.8!#!(Č%#5.%!408!508!P;'8%N@!$#!G#%:!*F*F1!>!G#%!
;#P$Č-.!RN5?!&N(?50P0(?!;G&()!48Ĝ05('!PRG?Ė1!k;G#48Ĝ0$!#A0'(:!P8G#4%#X
8?5?!5#ć!?!/:I@!%80GQ/:!R:$0/0!Ĝ)%?8!T,#8$*4'>%:&'P5!-0$.(,!(?!#;:<8ČX
(Q/!#48G#&Č!:;G#48Ĝ0$!#A0'(:1!
+0!&(.8G#P0/)!#48G#&?!;Ĝ0&5'$'!(#G/'5()!8G#;.A%Q!;#þ?4)@!?&<?%!;#X
RĜ0I)!-0!$)%N!(Č-?%,/!(0#RNþ0-(,/!;#$/)(%'/!(0:48'50!P?9?50(#!9:4X
8#:!/59#:1!>48G#&!-0!/./#!(#G/'5()!5#$()!8G?4N@!?!.!%$NRN!40!$#!-09#!
R5)P%#48.!P?8#:5?5?!(Č-?%'!5#ć@!(.%$#!RN!%&Ĥ5.!8Q!/5P0!#48G#&!(0&.$Č51
>48G#&!/'!$#48?80%!þ0G48&Q!&#$N!?!(Č-?%#:!P&)Ĝ0(:@!&þ08(Č!&N4#%Q!P&ČX
Ĝ0!?!$.&#þ'%Ĥ1!30!8?/!9#-(Č!%#%#4#&,A9!#Ĝ0A9Ĥ@!?50!8N!&.4)!(?!&N4#%,A9!
;?5/'A91!
BF
+j3]ChýMj
>48G#&?(!40!&N;5?&.5!:I!;Ĝ0$!40$/.!$(N!?!/'!#RG#&4%,!95?$@!;G#8#X
I0!&<0A9(N!-09#!;#%:4N!&N48#;#&?8!?!:5#&.8!P&)Ĝ0!P8G#4%#8?5N1![%#:<05!
&NG#R.8!#<8Č;N!P!&Č8&)@!?&<?%!(0$#%'P?5!-0!9#$.8!8?%!4.5(Č@!?RN!;GA9?-)X
A)!P&)Ĝ0!PG?(.5N1!"Ĝ0/,<505@!I0!4.!&NG#R)!&05.%,!;G?%@!?50!(0(?<05!I'$(,!
05?48.A%,!/?80G.'51!3?%#!;#450$()!/#I(#48!P%#:<05!-050(N!?!$.&#þ'%N!9#X
(.8!?!9'P08!;#!(.A9!&05%Q!%?/0(N@!?&<?%!P?40!R0P&,450$(Č1!
>48G#&?(!8?%Q!P%:4.5!&N<;59?8!(?!&N4#%Q!;?5/N!?!(?8G9?8!%#%#4#&Q!
#Ĝ0A9N@! ?50! &<0@! A#! P! 8#9#! /Č5@! RN5N! P?%G&'A0(Q! (#9N! ?! ;#9/#I$Č(Q!
$5?(Č!i!?!#Ĝ0A9N!I'$(Q1!
YRN! 8#9#! (0RN5#! /'5#@! /:4)! R,8! 80(8#! #4?/Č5,! 8G#40þ()%! (0:48'50!
&05/.!#48G?I.8,!%&Ĥ5.!$?5<)/!#RN&?805Ĥ/!#48G#&?!i!$.&#%,/!?!548.&,/!
/0$&Č$Ĥ/1!M.%$N!(0&)@!-0485.!(0-4#:!(?!R5)P%:@!?!/:4)!R,8!48'50!&0!48Ĝ0X
9:@!;#(Č&?$I!40!P$'@!I0!;#!(Č/!-$#:1!K!(?$Č-)!(?!P'A9G?(:!(?<05!#RG#&X
4%,!R?5&?(!&05.%#48.!/?5Q9#!$#/%:@!(?!%80G,!RN!/0$&Č$.!;G?&$Č;#$#RX
(Č!(0&N<;59?5.1!K048G#-.5!4.!;G#&.P#G()!I0RĜ)%@!&N50P5!(?!R?5&?(!?!I0RĜ)%!
&N8'95!P?!40R#:1!>48G#&?(!40!80ć!A)8)!G05?8.&(Č!&!R0P;0þ)@!?&<?%!P'G#&0Ė!
:&ČP(Č(,!i!;#!&Č8<.(:!$(0!?!(#A.!:;#:8?(,!(?!4%'50@!?RN!RN5!A9G'(Č(,!
;Ĝ0$!8Č/.8#!95?$#&,/.!;G0$'8#GN1!kI!(0()!-0(!95?$#&,@!-0!8?%Q!&05.A0!&NX
þ0G;?(,!P!(0$#48?8%:!;#%#-(Q9#!4;'(%:@!(0R#Ģ!9GR#5?8,!;#&GA9!R?5&?(:!
-0!(?!50I0()!&05/.!(0;#9#$5(,1!
+!8Q8#!A9&)5.!-0!80(8#!(0<Ģ?48(,!/:I!(04/)G(Č!&Nþ0G;?(,!?!^G:48G#&?X
(,@!?!A#!9ĤĜ@!-0!R0P(?$Č-(,1!Z#<5#!/:@!-?%!P#:^?5'!-0!&0!4%:80þ(#48.!-09#!
4.8:?A0g!R:ć!P0/Ĝ0!95?$N!(0R#!G#P8G9'()/!/0$&Č$0/1!
M'950! 40! &<?%! -?%#RN! #$(.%:$! #R-0&)! /:I1! 30! 8#! A048#&?805! &! þ?40!
P!$G:9Q!;#5#&.(N!$&?A'8Q9#!;G&()9#!48#508)1!Z)%N!80A9(.A%,/!&N('50X
PĤ/!/Č5!4A9#;(#48!$)&?8!40!P;Č8!$#!/.(:5#48.!?!&.$Č5!(?<09#!>48G#&?(?1!
"#A9#;.5@!&!-?%Q/!$.50/?!40!>48G#&?(!(?A9'P05@!?!P!5'4%N!?!4#:A.8:!49G#X
/'I$.5!.(^#G/?A0!?!&NR?&0()!;#8Ĝ0R(Q!%!-09#!P'A9G?(Č!?!$)%N!48G#-.!þ?4:!
40!$#48'&'!(?!#48G#&@!?RN!9#!P?A9G'(.51!309#!-/Q(#!-0!"#4051
"#405!#P('/)!(?$<0(Q/:!>48G#&?(#&.@!I0!;Ĝ04(Č!P?!<0$04'8!-0$(?!$()!
;Ĝ.;5:-0!$#!R5)P%#48.!#48G#&?!5#ć1!Z'50!9#!&?G:-0@!I0!8#!R:$0!-09#!-0$.('!
BH
C>`!O!">Tċx>+wMq
<?(A0! $#48?8! 40! $#/Ĥ@! ;G#8#I0! %$NI! ;'8G?5! &! þ?40@! P-.48.5@! I0! $?5<)! 5#ć!
;#;5:-0!%#50/!#48G#&?!?I!P?!(Č%#5.%!$0408.508)1!"#405!/:!4$Č5)!;Ĝ04(#:!
9#$.(:@!%$N!5#ć!;#;5:-0@!?!&NG#R)!45:(0þ()!9#$.(N@!?RN!>48G#&?(!&Č$Č5@!
%#5.%!-0!9#$.(1!eYI!R:$0!5#ć!A#!(0-R5)I!%!#48G#&:@!:45N<)<!P?8G#:R0()1b
"#8Q!"#405!#80&Ĝ0!;#$.&(Č!&N;?$?-)A)!;#:P$G#@!%80GQ!;Ĝ.(045!4!40R#:!
?!%80GQ!#R4?9:-0!(0P('/Q!&ČA.1!30$(#:!P!(.A9!-0!48Ĝ05('!PRG?Ė@!%80G#:!
>48G#&?(!4?/#PĜ0-/Č!(.%$N!;Ĝ0$!8)/!(0&.$Č51!+ĤR0A!(0A9';0@!A#!8?950!
40$/./.5./08G#&'!;:<%?!$#%'I01!
"#405! /:! (?$<0(Č! #P(?/:-0g! eT#8#! 40! (?P,&'! ;:<%?! ?! P?A9G'()! 8.!
I.&#8Db
`9&.5%:! ;#þ%'@! -?%! R:$0! >48G#&?(! G0?\#&?8@! ?! ;#8#/! ;#%G?þ:-0g!
eO$NI!40!8?950!PRG?Ė!(?R.-0!?!48.4%(0!40!8?8#!4;#:<Ģ@!P;Ĥ4#R)!&05/.!95?X
4.8,!P&:%1b!"#405!4'9(0!$#!;#:P$G?!?!&N8'9(0!$?5<)!;#$.&(#:!&ČA@!('R#-@!
&5#I)!-0-!$#!%#/#GN@!P?/)Ĝ)!%!(0R.!?!48.4%(0!4;#:<Ģ1!>48G#&?(!;Ĝ.!*=,#Ĝ5G
6"!;#&N4%#þ)1!
e[&:%! 8Q8#! PRG?(Č! R:$0! ;#! &#$Č! 45N<08! (?! /)50! $?50%#@b!Ĝ)%'! "#4051!
eO$NI!%?;.8'(!5#$Č!:45N<)!*=,#Ĝ56@!#$&'I)!40!&-08!$#!/59N!?!#R-0&)!&,A9#$X
()!;#RĜ0I)!8#9#8#!#48G#&?1!CČ5!RN4!;?%!&N48Ĝ05.8!-0<8Č!(Č%#5.%G'8@!-?%/.50!
8:!5#ć!:&.$)<1!>R-0&)!8Č@!&0P/#:!(?!;?5:R:!?!R0P;0þ(Č!8Č!#$&0P#:!$#/Ĥ1b
>48G#&?(!-0!:!&N8GI0()!?!P?9G(:-0!"#45?!$)%N1
en'$#! 40! 48?5#@b! #$;#&)$'! "#405@! e?50! -0! 8#9#! &)A@! A#! /:4)<! &Č$Č81!
T?8#!PRG?Ė!(0-0(I0!$Č5'!G'/:4@!?50!8?!%:5%?!&N48Ĝ05)!P!95?&(Č!&N4#%#:!
GNA95#48)!?!$#%'I0!P?R)8!-?%Q9#%#5.!/0$&Č$?@!-050(?!(0R#!$.&#þ'%?!(?!
8#/8#!#48G#&Č1!T?%I0!:I!(0R:$0<!/:408!I)8!&0!48G?A9:@!I0!8Č!P?R.-0!(ČX
-?%,!/0$&Č$1!Y!(0-50;<)!P0!&<09#!-0@!I0!R:$0<!/)8!$#48?80%!;#8G?&N@!(0I!
5#ć!;Ĝ.-0$01!7:$0<!/)8!$#48?80%!-050()9#!?!%?(þ)9#!/?4?@!?!(?&)A!R:$0<!
4A9#;0(!4.!-?%#!$#;5(Č%!48G?&N!4048Ĝ05.8!%#%#4#&Q!#Ĝ0A9N!P0!48G#/Ĥ1!
"#405!;#8#/!:%'I0!>48G#&?(#&.@!-?%!;:<%:!;#:I)&?8@!?!P?þ(#:!8GQX
(#&?81! "#8#/@! A#! (Č%#5.%G'8! &N48Ĝ05)! (?! GĤP(Q! A)50@! 40! >48G#&?(! P50;<)!
&!/)Ĝ0()1!eC'<!8#Db!:4/)&'!40!"#405!?!;#8#/!(?$<0(Č!;#%G?þ:-0g!eY!-0!
-0<8Č!&)ADb
BJ
+j3]ChýMj
[;'8%N! (?! ;5'I.! &0$0! >48G#&?(?! $#! -04%N(Č! 4! ;)4%#&#:! ;#$5?9#:1!
>48G#&?(!-.!#R-0&.5!(0$5#:9#!;#!4&Q/!&N;5?&0()!(?!#48G#&!?!/#A!8#:X
I.5!&!()!4;'8@!?&<?%!#R'&?5!40@!I0!RN!9#!&!(#A.!/#95.!(?;?$(#:8!/0$X
&Č$.1!
"#405!;#&)$'g!e7:$0<!/#A8!P?%G,8!&A9#$!$#!-04%N(Č!-050()/.!%ĤI0X
/.1!CĤI0<!4;'8!(?!/Č%%Q/!;)4%:@!?!?I!P?R.-0<!;'G!/0$&Č$Ĥ@!/#95!RN4!
;#:I)8!-0-.A9!%ĤI0!-?%#!/?8G?A.!?!;Ĝ.%G,&%:1![?!A95?$(,A9!(#A)!8.!R:$0!
80;5#!?!-04%N(Č!8.!8?%Q!;#4%N8(0!;Ĝ)48Ĝ0<0%!;Ĝ.!;G:$%,A9!$0<8)A91b
"#405!#80&Ĝ0!;#:P$G#!?!:%'I0!P'4#R:!('R#-Ĥ1!34#:!-.A9!8?/!48#&%N1!
eC:(.A.!;#:I)&0-!/#:$Ĝ0@b!&?G:-0!9#@!e?50!/Č5!RN4!/)8!&)A!(0I!$#48!(?!
8ČA9!<0$04'8!-0$(?!$()1b
>48G#&?(!-0!&!8:8#!A9&)5.!;Ĝ0/#I0(!&$Čþ(#48)1!M?-0$(#:!9#!&<?%!(?X
;?$(0!$Ĥ50I.8'!/N<50(%?!?!#;?8G(Č!40!P0;8'g!e"#450@!?!A#!8.!/'/!P?!8:!
PRG?Ė!$'8Sb
"#405!4!W4/Č&0/!#$;#&)g!e+)/@!I0!(0/'<!;0()P0@!8?%I0!4.!-.!(0/ĤI0<!
%#:;.8@! ?! .! %$NRN4! /Č5@! (0:$Č5?5! -40/! 8#! %&Ĥ5.! #$;5?8Č1!+.$Č5! -40/! 8Č!
$)%N!48G#-.!þ?4:!?!A98Č5!-40/!8.!;#/#A81!T?8#!PRG?Ė!(0()!(?!;G#$0-@!;G#48Č!
4.! -.! &0P/.1! OG#/Č! 8#9#! /.! -.! ;G#! 80R0! $?5! /Ĥ-! P?/Č48(?&?805@! &05/.!
R#9?8,!/:I!&!/Q/!4&Č8Č@!%80G,!&0!4%:80þ(#48.!48G#-!þ?4:!&5?48()1!3'!-40/!
/Č5!8#!;#8Č<0()@!I0!-40/!8.!-09#!$?G!/#95!$#G:þ.81b
e! $Č%:-.@! $Č%:-.Db! >48G#&?(! -0! (04/)G(Č! &$Čþ(,! ?! <#%#&?(,! P'X
-/0/!?!<8Č$G#48)!"#45?!.!-09#!P?/Č48(?&?80501!"Ĝ.-)/'!PRG?Ė!?!5?4%?&,!
A.P.(0A!RČ90/!(Č%#5.%?!40%:($!P/.P)1!>48G#&?(!-0!P?(0A9'(!40!PRG?()@!
%80G'!/:!P?A9G'()!I.&#8!?!P'G#&0Ė!/:!;#/ĤI0!;#9#$5(Č!I)8!;#!PR,&?-)A)!
$&?!/Č4)A0!(?!#48G#&Č1!30!P?A9G'(Č(D
3?%!:I!-480!?4.!;#A9#;.5.@!"#405!&!8Q8#!?50\#G..!;Ĝ0$48?&:-0!45:I0R()%?!
30I)<0!OG.48?@!%80G,!Ĝ0%(0!>48G#&?(#&.!#!A048Č!%0!4;?40()1!CĤI0!8#!R,8!
0&?(\05.48?@! ;?48#G@! þ50(! G#$.(N@! ;Ĝ)805! (0R#! W;5(Č! A.P)! þ5#&Č%1! "#45Ĥ&!
P?/Č48(?&?805!;Ĝ0$48?&:-0!"'(?@!%80G,!&N45?5!"#45?!(?!P'A9G?(#:!/.4.1!
[RG?Ė!;Ĝ0$48?&:-0!7#I)!/.5#48@!309#!(0P?45#:I0(,!$?G1!['A9G?(?!;Ĝ0$!
48G?<5.&#:!4/G8)!(?!#48G#&Č!;Ĝ.<5?!(.%#5.&!$)%N!>48G#&?(#&Č!W4.5)@!(,RGI!
EL
C>`!O!">Tċx>+wMq
4%GP0!$?G!#$!"#45#&?!P?/Č48(?&?80501![R,&?-)A)A9!<0$04'8!-0$(?!$()!(?!
#48G#&Č!;Ĝ0$48?&:-0!>48G#&?(Ĥ&!PR,&?-)A)!I.&#8!P$0!(?!P0/.!?!5#ć@!%80G'!
9#!#$&0P0@!;Ĝ0$48?&:-0!-09#!#$A9#$!P!8Q8#!P0/Č!$#!(0R01!
`ao7q!3hZMY!ZģVhu]Tw!KOkThýM>KT
MN()! &'/! 80(8#! ;Ĝ)RČ9! ;#&)/! -0<8Č! -0$(#:@! ?50! P/Č()/! &! (Č/! -0$0(!
$Ĥ50I.8,!;G&0%!?!:&.$)80!80(!G#P$)51!
+!8Q8#!$G:9Q!&0GP.!40!#R-0&)!"#405!?!#P('/)!>48G#&?(#&.@!I0!/:!8?!
PRG?Ė!P?A9G'()!I.&#81!3?%#!&!;Ĝ0$A9#P)/!;Ĝ)RČ9:!Ĝ0%(0@!I0!&,48Ĝ05!P!;:<X
%N! -0! -0$.(,! P;Ĥ4#R@! -?%! 40! /ĤI0! %?;.8'(! 5#$.! $#&Č$Č8@! I0! P?! 8#:! /5X
9#:!(Č%$#!-01!"#405!8?%Q!(?/)Ĝ)!;:<%:!%!(0R.!?!&N48Ĝ05)@!?!;#8#/!(0A9'!
>48G#&?(?!PRG?Ė!(?R)8!?!&N48Ĝ05.8!$#!&P$:A9:!(Č%#5.%!G?(1!K80-(Č!-?%#!
&!;G&()!&0GP.!-0!8#!-0$.('!A048?!%!P'A9G?(Č!P!#48G#&?1!
T0(8#%G'8!&<?%!"#405!#;#/0(0!>48G#&?(#&.!Ĝ)A8!#!8#/@!A#!;:<%?!-0<8Č!
$#%'I01!M0&N4&Č85)!/:@!I0!%G#/Č!95?4.8Q9#!&,48Ĝ05:!8?%Q!&N-$0!P!95?&(Č!
8&G$,!#A05#&,!('R#-!8?%#&#:!GNA95#48)@!I0!$#%'I0!P?R)8!P&)Ĝ0!?!;#4%N8X
(#:8!8?%!;#8G?&:@!#A9G?(:!?!80;5#1!"#405!/N5(Č!;Ĝ0$;#%5'$'@!I0!>48G#X
&?(!&)@!A#!;:<%?!$#%'I01![?;#/0(0@!I0!80(8#!8G#40þ()%!I.-0!&!$#RČ!;Ĝ0$!
&N('50P0/! 48Ĝ05(Q! PRG?(Č1! 3?%#! &! ;G&()/! ;Ĝ)RČ9:! >48G#&?(! ;#$Č%:-0!
"#45#&.!P?!$?G!?!"#405!40!&G'8)!$#!4&Q!$#RN1!>48G#&?(!PĤ48'&'f!P('!A048:!
%!P'A9G?(Č@!?&<?%!(0/'!.(^#G/?A0@!%80GQ!;#8Ĝ0R:-0@!?RN!/#95!W4;Č<(Č!
;Ĝ0I)8!;Ĝ)<8)A9!<0$04'8!-0$(?!$()!(?!#48G#&Č1!
+!8#/8#!;Ĝ)RČ9:!&<?%!;#!"#45#&Č!('95Q/!P/.P0()!>48G#&?(!PĤ48'&'!
40!4/)<0(,/.!;#A.8N1!30!<Ģ?48(,@!I0!&)!#!P;Ĥ4#R:@!-?%!40!P!#48G#&?!$#48?8@!
?50!8?%Q!4.!:&Č$#/:-0@!I0!9#!þ0%'!&05%,!P';?41!`#!R:$0!$?5<)A9!<0$04'8!
-0$(?!$()!-)48S!CĤI0!;Ĝ0I)8!8?%!$5#:9#!R0P!;#8G?&NS!+<0A9(N!-09#!;#%:X
4N!P?R)8!-0$.(Q!P&)Ĝ0!(?;G#48#!4059?5N1!C'!(:5#&#:!<?(A.!&N9(#:8!40!$#!
;Ĝ)-0P$:!5#$.!&N95?$#&Č()!(0R#!W8#%:!/0$&Č$Ĥ!?!48'50!(0/'!/)48#@!%$0!
RN!40!/#95!&!(#A.!$#RĜ0!&N4;?8@!?(.!(0/'!I'$(#:!#A9G?(:!;Ĝ0$!;G:$%,X
E*
+j3]ChýMj
/.!$0<8.!?!A95?$(,/.!(#A0/.1![&5'$(0!8#S!>48G#&?(?!;Ĝ0/'9'!48G?A9!P0!
4%:80þ(#48.@!I0!RN!(0/:405!8N!$&?!/Č4)A0!$#!;Ĝ)-0P$:!5#$.!&N$GI081!
[(#&:!;G#;?$'!P#:^?548&)1!TG#40þ()%!(0&)!#!;#80(A.'5:@!%80G,!&5?48X
()1!3?%!/#95!80(!5?4%?&,!/:I@!%80G,!/:!;#4%N85!A048:!P!#48G#&?@!P?;#X
/0(#:8!$'8!/:!;#8Ĝ0R(Q!.(^#G/?A0@!?RN!/#95!PR,&?-)A)!þ?4!(?!#48G#&Č!
W4;Č<(Č!;Ĝ0I)8S
Y!(N()@!%?/!80$N!8Č/.8#!$&Č/?!&0GP0/.!-0$(Q!?50\#G.0!/)Ĝ)/S!C(#X
9,/!P!('4!RN5#!Ĝ0þ0(#@!I0!/.5#48!-0!(0P?45#:I0(,!$?G!?!I0!$)%N!(.!-4/0!
$#48?5.!&Čþ(,!I.&#8!&!(0R.1!`#!&<?%!-0!&!/(#9,A9!0&?(\05.%'5()A9!%G:X
P)A9! #;#/0(:8#@! -0! ;#G#P:/Č()! 8#/:@! -?%! /.5#48! ;#4%N8:-0! /#A! I)8! i!
*=+(.5þ'Č!i!W4;Č<(,!I.&#8@!%80G,!7#9?!;#8Č<:-0@!-0<8Č!<Ĝ5@%$@3)$@5.%
'4%*Čþ'$,#0!K9G(:8)g!M0#P('/.5.!-4/0@!A#!8?!ePRG?Ėb!$#%'I0!-0<8Č!;Ĝ0$!
;Ĝ)-0P$0/!5#$.1!O&Ĥ5.!8#/:8#!(0$#48?8%:!;#P('()!#!/.5#48.@!I.-0!#RG#&X
4%Q!/(#I48&)!5.$)!G05?8.&(Č!480-(Č@!-?%#!I.5.!;Ĝ0$!4;?40()/@!?!&!/(#9?!
#R5?480A9!4&Q9#!I.&#8?!;G#9G'&?-)1!
7>uq![C>`MċMq!"n>!u]+>T
MN()! 40! ;#$)&'/0! (?! 45#&#! .(6$,#! -0<8Č! -.(?%1! K8G#(\Ĥ&! Ĝ0A%,! 45#&X
()%!#R-?4Ė:-0!/#A!/.5#48.!c3)48(,d!8)/@!I0!-.!$0!!(:-0!-?%#!e&5.&!P!(0R0!
(?!4G$A0!?!-09#!#$G?P!&!I.&#8Čb1!+<./(Č80!4.!45#&!e#$G?P!&!I.&#8Čb1!30!
PĜ0-/Q@!I0!&,P(?/!45#&?!/.5#48!40!(0#/0P:-0!;#:P0!(?!P?45)R0()!(0R01!
[!8Q8#!$0!!(.A0!RN!40!/#95#!P$'8@!I0!-0!&(Č-<)!G#P5.<0()!/0P.!8)/@!%$#!
/.5#48!/'!?!%$#!-.!(0/'1!3.(,/.!45#&N@!/.5#48!40!#$G'I)!(0R#!-.!6A5%*(@Č#!
(?!I.&#8Č!&ČĜ)A)9#1!+.$)/0!8#!&!%(.P0!K%:8%Ĥg
e[;G'&?!#!(.A9!40!$#(045?!%!45:A9:!A)G%&0!&!30G:P?5Q/Č@!.!&N45?5.!
7?G(?R'<0@!?RN!;G#<05!?I!$#!Y(8.#A9.01!O$NI!8?/!;Ĝ.<05!?!:&.$Č5!8:!
.(6$,#%7$9?@!P?G?$#&?5!40!?!;#&PR:P#&?5!&<0A9(N@!?RN!4!G#P9#$(,/!
4G$A0/!PĤ48'&?5.!:!"'(?fb!cK%:8%N!**@22X26f!%:GP)&?!;Ĝ.$'(?d1
E2
C>`!O!">Tċx>+wMq
7?G(?R'<!:&.$Č5!&(Č-<)!$Ĥ%?PN!#!7#I)!/.5#48.!(?!I.&#80A9!&ČĜ)A)A9@!
40!%80G,/.!40!408%?5!&!Y(8.#A9..1!"Ĝ0%5?$!MVT!-0!-0<8Č!-?4(Č-<)g!eO$NI!
;Ĝ.-05!?!&.$Č5!80(8#!$Ĥ%?P111b!C.5#48!30I)<0!OG.48?!RN5?!:5#I0(?!&!-0-.A9!
4G$A)A9!?!7?G(?R'<!/#95!8#9#!&.$Č8!$Ĥ%?P!i!&(Č-<)!#$G?P1!
[#($0G&?(#&?!_'3/36$<5@(4%$`%7(E65%K$8@,%Ĝ)%'g!eT?8#!/.5#48!-0!$NX
(?/.A%#:!4.5#:@!%80G'!#&5.&Ė:-0!(?<0!;#48?&0()!;Ĝ0$!7#90/!8)/@!I0!('/!
:$Č5:-0!4;G?&0$5(#481!C.5#48!#&5.&Ė:-0!.!(?<0!P%:<0(#48.1!C.5#48!&I$NAX
%N! P(?/0('@! I0! 7Ĥ9! &! ('4! P;Ĥ4#R:-0! P/#A(Č()@! %80GQ! ('/! :/#IĖ:-0!
;Ĝ0%#('&?8!(?<.!R0P/#A(#481b!T?8#!$0!!(.A0!-0!-.48Č!;#$;#Ĝ0(?!('450$:X
-)A)/!R.R5.A%,/!&0G<0/!P!M#&Q9#!['%#(?g!
e"G#8#I0!;Ĝ.-)/'/0!(0#8Ĝ04.805(Q!%G'5#&48&)@!/Č-/0!/.5#48@!4%GP0!
%80G#:!/ĤI0/0!;Ĝ.-?805(Č!45#:I.8!7#9:!cu.$Ĥ/!*2@2Hf!MO3d1
30!(';?$(Č!-?4(Q@!I0!/.5#48!('/!$'&'!/#A!45#:I.8!7#9:!;Ĝ.-?805(Č1!
Y/;5.!!0$!7.R50!45#&#!;Ĝ.-?805(Č!G#P<.Ĝ:-0!?!Ĝ)%'g!e"#-ć/0!80$N!1111!(?X
R)$(#:8!7#9:!;#8Č<:-)A)!45:IR:b1!T#@!A#!RN5#!&!(?<.!&5?48()!4)50!(0/#IX
(Q@!I)8!;Ĝ.-?805(,!?!7#9:!/.5,!I.&#8@!-0!(N()!/#I(Q@!?!/.5#48!('4!%!8#/:!
:4A9#;Ė:-01!34/0!P/#A(Č(.!;Ĝ0%#('&?8!4&Q!(0$#48?8%N1!
ě0A%Q!45#&#!e3)48(,\>%;#:I.8Q!&!u.$Ĥ/!*2@2H@!40!(?A9'P)!.!&!h^0PX
4%,/!2@Hg!eM0R#Ģ!/.5#48)!c3)48(,a!-480!P?A9G'(Č(.!4%GP0!&)G:f!?!8?!P'X
A9G?(?! (0()! P! &'4! X! -0! 8#! 7#I)! $?G1b!T?%I0! 480-(Q!Ĝ0A%Q! 45#&#@! ;#:I.8Q!
&0!&0G<.@!%80G,!(0--?4(Č-.!.$0(8.!!%:-0!('<!$?G!4;?40()@!-0!8?%Q!;#:I.8#!&0!
&0G<.@!%80G,!('/!:%?P:-0@!I0!('4!P/#AĖ:-0!I)8!I.&#8@!%80G,!R:$0!(0-0(!
;G#!7#9?!;Ĝ.-?805(,@!?50!%80G,!a#!R:$0!8?%Q!;#8Č<#&?81!
C.5#48!(0()!-0(!7#I)!;Ĝ)P()@!%80G#:!4.!(05P0!P?45#:I.81!30!8?%Q!7#I)!
P/#AĖ:-)A)!;Ĝ)8#/(#48)@!%80G'!('/!$'&'!4A9#;(#48!$Č5?8!8#@!A#!a#!(?X
$A9(01!C.5#48!('/!$'&'!/#A!;Ĝ04'9(#:8!(?<0!&5?48()!4A9#;(#48.1!Z'&'!
('/!4A9#;(#48!I)8!&,-./0þ(ČD
C(Č!40!8#!P$'!&PG:<:-)A)D!M0-0(I0!('4!7Ĥ9!P?A9G'(.5f!>(!('4!8?%Q!
P/#A(.5! %! 8#/:@! ?RNA9#/! &! 8#/8#! 4&Č8Č! /#95.! I)8! W4;Č<(,! I.&#81! >(!
E6
+j3]ChýMj
(0A98Č5! $Č8.@! %80GQ! RN! /Č5N! 8.8:5! 4;G?&0$5(#48.@! ?50! (0/Č5N! 4A9#;(#48!
;Ĝ0%#('&?8!9Ĝ)A9N!?!45?R#48.@!%80GQ!('4!;#5?;.5N!-?%#!;G&()1!M0@!>(!48&#X
Ĝ.5!4;?40()!-?%#!%#/;508()!A050%!i!8G.:/^'5()!I.&#8!&!8#/8#!4&Č8Č@!480-(Č!
-?%#!.!&!8#/!R:$#:A)/1!
™
!"#$%&'#&12,34)þ'*-&.)/0"Ĝ0/,<505.!-480!(Č%$N!#!8#/@!I0!-480!/#I('!&N;?$5.!P!7#I)!/.5#48.S!"G#þ!
-0!8?%#&'!/N<50(%?!8?%!<;?8('!?!(0R0P;0þ('S
3?%'!þ'48!?50\#G.0!#!"#45#&.!(0-&)A0!(?;#/'9'!&?<0/:!;#A9#;0()!/.X
5#48.S
E=
G
/4:($=!%!?H%+)%
Y
;#<8#5! "08G! &0! 4&Q! ;#450$()! 0;.<8#50! P'/ČG(Č! P$ĤG?PĖ:-0! -0$(:!
&ČA@! %80G'! $5#:9#! $#R:! :(.%?5?! /Q! ;#P#G(#48.1! ý085! -40/! 80(8#!
5.48!/(#9#%G'8@!?&<?%!(.%$N!-40/!4.!-09#!P'/ČG(Q!48G?80\.0!(0&<./51!"#X
450A9(Č80!4.@!A#!Ĝ)%'g!
e"G#8#!&'/!9#$5'/!8N8#!&ČA.!48'50!<Ĝ(<$.?'4#@!?þ%#5.&!#!(.A9!&)80!
?!-480!:8&GP0(.!&!;Ĝ)8#/(Q!;G?&$Čb!c21!"08GĤ&!*@*2d1
+<./(Č80!4.!45#&?!<Ĝ(<$.?'4#1!"08G!;#P(?/0(?5@!I0!-09#!þ80('Ĝ.!-.I!
45N<05.!8#@!#!þ0/!-./!;)<0@!?!I0!;0&(Č!48#-)!&!;G?&$Č@!?&<?%!8G&?5!(?!8#/@!
I0!-./!8#!R:$0!48'50!<Ĝ(<$.?'4#1!+!$?5<)/!&0G<.!8#!Ĝ)%'!P(#&:g!e"#&?X
I:-.!&<?%!P?!4;G'&(Q!;G#R#:P08!&'4!8)/@!I0!-0!<Ĝ(<$.?':.@!$#%:$!-40/!
&!8#/8#!48?(:!4&Q9#!8Č5?b!c&0G<!*6d1!"G#95?<:-0@!I0!-0!8)/!(.%$N!(0;Ĝ0X
48?(0!#8G?&#&?8D
Y!"08G!4!e;Ĝ.;#/)('()/b!-0<8Č!(04%#(þ.5g!
e+N(?4(?I)/!40@!?RN480!4.!/#95.!.!;#!/Q/!#$A9#$:!8#8#!&<0A9(#!
;#%?I$Q!<Ĝ(<$.?'4#1b!c&0G<!*Bd1
[(#&:! 8#! 45#&#! <Ĝ(<$.?'4#[! "08G! 8?$N! ;G#95?<:-0@! I0! P?-.48)@! ?RN! 4.!
/#95.!&I$NA%N!i!?(#@!&I$NA%N!i!<Ĝ(<$.?'4#!8#@!A#!-./!;G'&Č!(?;4?5@!$#X
%#(A0!.!;#!-09#!#$A9#$:!P!8#9#8#!4&Č8?1!MVT!;Ĝ0%5'$'g!e7:$:!:4.5#&(Č!
;G?A#&?8!(?!8#/@!?RN!&'/!8N8#!&ČA.!RN5N!-?4(Q1b
!T#9#!$(0!-40/!4.!/(#90/!4.5(Č-.!:&Č$#/.5!$Ĥ50I.8#48!;4?(Q9#!7#I)X
EB
+j3]ChýMj
9#!K5#&?1![$'!40@!I0!/(#9#!$(0<()A9!%'P'()!;#48G'$'!P-0&0()!?!;#A9#;0X
()!")4/?1![('/!4;#:48N!4#:þ?4(,A9!%Ĝ04Ģ?(4%,A9!%(.9@!%80GQ!#R4?9:-)!
-0(!/'5#!&950$:!$#!7.R501!O$NI!þ8:!4;.4N!G?(,A9!A)G%0&()A9!#8AĤ@!&.$)/!
&!(.A9!(04þ08(Q!#$%?PN!(?!;4?(Q!7#I)!45#&#!i!48#&%N@!(Č%$N!$#%#(A0!8.X
4)A0!;#P('/0%!&08%?(,A9!$#!-0-.A9!80U8Ĥ1!30$0(!P!G?(,A9!#8AĤ@!O50/0(8!
P!Y50U?($G.0@!I.5!;Ĝ.R5.I(Č!&!5080A9!*BL!i!2*B!;#!OG1!7N5!&0$#:A)/!4R#G:!
&!Y50U?($G..!&!h\N;8Č!?!/Č5!(?!48?G#48.!<%#5:!;G#!(#&Č!:&ČĜ.&<)1!3#49!
CAZ#p055!&0!4&Q!%(.P0!e_*(@5'35%&#58:%*/94@"+5%8$A,"@5&\%b_*(@5'35%
!)4#%V5.4'@,%4%C58@(3#a!:;#P#GĖ:-0!(?!-0$(:!#9G#/:-)A)!4%:80þ(#48g!
+0!4&,A9!4;.40A9!;#:I.5!O50/0(8!(?!2!=LL!A.8?A)!P0!&<0A9!%(.9!M#&Q!
4/5#:&N@!%G#/Č!8Ĝ0A91!"G#þ!-0!80$N!8?%#&,!%#(8G?48!&!$ĤG?P0!(?!")4/#!
/0P.!(Č%#5.%?!;G&()/.!48#508)/.!?!(N(Č-<%0/S!"#(Č&?$I!G?(()!#8A#&Q!
P(?5.!$Ĥ50I.8#48!;Ĝ.;#/)('()!7#I)9#!45#&?1!
Z0&?80('A8!508!4&Q9#!I.&#8?!-40/!RN5!þ50(0/!$0(#/.(?A0@!&0!%80GQ!
/Č!:þ.5.@!-?%!40!/#$5.8!%!/G8&,/@!P?;?5#&?8!4&)þ%N!;G#8#@!?RN!40!5.$Q!
$#48?5.!GNA950-.!P!#þ.48A0@!&ČĜ.8@!I0!C?G.0!-0!#4#R?@!P?!%80G#:!/'/0!-)8@!
?RNA9#/!$#48?5.!#$!30I)<0!;Ĝ)P(.&#:!#$;#&Čć!(?!(?<0!/#$5.8RN@!?!/(#X
9#!-.(,A9!;#$.&(,A9!&ČA)@!%80GQ!&!7.R5.!(05P0!(?-)81!O$NI!-40/!A9#$.5!$#!
8Q8#!A)G%&0@!A)8.5!-40/!5)8#48!4!8Č/.@!%$#!A9#$.5.!$#!-.(,A9!$0(#/.(?A)@!
;G#8#I0!/N!-4/0!/Č5.!8:!;G?&$:!?!#(.!(01!
O$NRNA9!&!8Q!$#RČ!P0/Ĝ05@!(0<05!RNA9!$#!(0R0@!;G#8#I0!-40/!(0G#X
P:/Č5! 4;?40()1! OG'8A0! ;#8#/@! A#! -40/! ;Ĝ.-?5! 30I)<0! OG.48?! -?%#! 4&Q9#!
"'(?@!-40/!4.!:&Č$#/.5@!I0!-40/!/(#9#!^?5P.!!%'8Ĥ!;#&?I#&?5!P?!;G?&$N1!
7N5! -40/! /N5(Č! &N:þ#&'(! ?! 8?%Q! &0$0(1! "#48?&.5! -40/! 4&Ĥ-! I.&#8! (?!
8#/@!A#!5.$Q!&N:þ#&?5.!;#$50!4&,A9!&5?48()A9!$#-/Ĥ@!/)48#!?RN!40!-0$X
(#$:<0!$GI05.!8#9#@!A#!7Ĥ9!Ĝ)%'!&0!K&Q/!K5#&Č1!CN45)80!4.@!I0!40!/#-0!
R,&?5'! $0(#/.(?A0! #$! :Gþ.8,A9! ;G?&$! ")4/?! #$%5#(.5?! ('950S! kGþ.8Č!
(01!+<0A9(N!þ5#&Č%0/!&N8&#Ĝ0(Q!$#%8G)(N!#R&N%50!P?þ)(?-)!;#48:;(,/!
#$R#þ#&'()/@!%80GQ!(?%#(0A!4%#(þ)!$?50%#!#$!;G?&$N1!
M0$5#:9#!;#!8#/@!A#!-40/!;Ĝ.-?5!30I)<0!?!RN5!-40/!&N4&#R#P0(!P!R5:X
$:@!/Č!:A9&'8.5!80(8#!&0G<g!
EE
C ] V > K T ! Y ! " n Y+ Z Y
e+0<%0GQ!")4/#!-0!&$0A9(:8Q!7#90/!c$'(#!$50!309#!&(:%(:8)d!?!-0!
:I.80þ(Q!%!:þ0()@!%!;#%'G'()!4!:4&Č$þ#&'()!P!9Ĝ)A9:@!%!(?;G?&#&'()!
A9NR!4!A&.þ0()!&!;#45:<(#48.@!|4}!%!&,A9#&Č!&0!4;G?&0$5(#48.!c4&?X
8Q/:!I.&#8:@!;#$Ĝ)P0()!40!7#I)!&Ĥ5.!&!/N<50()@!P'/ČG:!?!4%:8A)A9db!
c21T./#80#&.!6@*E!;#$50!?(\51!;Ĝ1!YC"d1
+0<%0GQ!")4/#!-0!&$0A9(:8Q!7#90/1!"#450A9(Č80!4.!P(#&:!8?8#!45#&?g!
e+0<%0GQ!")4/#b!X!(0-0(#/!(Č%80GQ!/N<50(%N!P!")4/?@!(0-0(#/!(Č%80GQ!
þ'48.!")4/?@!?50!356-!")4/#!-0!.(4;.G#&?(Q!7#90/1
7GPN!;#8Q!-40/!#R-0&.5@!I0!30I)<!Ĝ0%5g!eM0R0!?!P0/Č!;#/.(#:@!?50!C'!
45#&?! (0;#/.(#:b! cC?G0%! *6@6*d1! "G#þ! /#9#:! (0R0! .! P0/Č! ;#/.(#:8@!
?50!e-0$.(Q!(0-/0(<)!;)4/0(%#!?(.!-0$(?!þ'G%?b!309#!45#&?!(0!cC?8#:<!
B@*HdS!"G#8#I0!eK&,/!/#A(,/!45#&0/!:$GI:-0!4&Č8!;#9G#/?$Čb!cu.$Ĥ/!
*@6!`h+d1
7Ĥ9!4.!$?5!&05/.!P'50I08!(?!8#/@!?RN!40!309#!45#&#!%!('/!$#48?5#@!
8?%!;G#þ!-0!/N!R0G0/0!(?!509%#:!&'9:!?!(0$'&'/0!(?!(Č!&Č8<)!$ĤG?PS!
"G#þ!40!4(?I)/0!309#!(0#/N5(Q!K5#&#!;Ĝ0%G#:8.8!8?%@!?RN!;#8&GP#&?5#!
('<!48N5!I.&#8?!þ.!4;#50þ0(4%#:!&G48&:!(0R#!(?!(Č!;?4#&?5#@!/)48#!8#9#@!
?RNA9#/!/:!$#&#5.5.!8&?G#&?8!(?<0!I.&#8NS
T#!-0@!;G#þ!"08G!Ĝ)%'g!e[(#&:!&'/!8#!R:$:!;Ĝ.;#/)(?8@!R:$:!&'/!8#!
48'50!;Ĝ.;#/)(?8@!$#%:$!R:$:!I.&@!?!P(#&:!4.!8#!R:$080!;Ĝ.;#/)(?8@!?I!
#$0-$:!P!8#9#8#!4&Č8?1b!O$NI!40!(?$!-09#!45#&N!P?/N45)80@!:&Č$#/)80!40!
$Ĥ50I.8#48!")4/?@!P&5'<8Č!8#9#@!A#!(?;4?5!;Ĝ0$!8)/8#!;G#95'<0()/1!
"#-ć/0!PĤ48?8!4!;4?(,/!7#I)/!45#&0/1!30!(0;#/)-0-)A)@!&Čþ(Q!?!(.X
%$N!-0-!(05P0!:;G?&.8!?(.!P/Č(.81!30!8#!4%'5?@!(?!%80GQ!/'/0!;0&(Č!48'8!
?!;#48?&.8!(?!()!(?<0!I.&#8N1!
![(#&:!&'/!80$N!;Ĝ.;#/0(:@!A#!"08G!(?;4?51!kI!-40/!4.A0!8N8#!&0G<0!
A.8#&?5@! ?50! -0! P?-)/?&Q@! I0! -4#:! 8#! 4;0A.!!A%'! 45#&?@! %80G'! "08G! (.%$N!
(0;Ĝ048?5!;G&()/!%Ĝ04Ģ?(Ĥ/!;Ĝ.;#/)(?81!T?%I0!$'&0-/0!$#RG,!;#P#Gg!
eC'/0!&<0@!A#!;#8Ĝ0R:-0/0!%!8#/:@!?RNA9#/!I.5.!I.&#8@!%80G,!7#9?!
EF
+j3]ChýMj
;#8Č<:-01!7N5#!('/!8#!&<0!$'(#!4%GP0!7#I)!/#A1111!"G#8#!&'/!9#$5'/!
8N8#!&ČA.!48'50!;Ĝ.;#/)(?8@111!"#&?I:-.!8#!P?!4;G'&(Q@@!;Ĝ.;#/)(?8!&'/!
8#@!$#%:$!(0#;:48)/!8#8#!8Č5#111!+N(?4(?I)/!40@!?RN480!4.!%?I$,!P!&'4!
.!;#!/Q/!#$A9#$:!8#8#!&<0A9(#!P?;?/?8#&?5.!c21!"08GĤ&!*@6f!*2X*6f!
*B!;#$50!?(\51!;Ĝ1!`h+d1
30!$Ĥ50I.8Q@!?RNA9#/!8#@!A#!(?;4?5@!:A9#&'&?5.!&0!4&Q!/N45.@!?!;0&(Č!
8#/:!&ČĜ.5.1!O$NRNA9#/!8:8#!;G?&$:!P8G?8.5.@!RN5#!RN!8#!;G#!('<!I.&#8!
&!OG.48:!P9#:R(Q1!T#8#!('/!/:4)!R,8!(?;G#48#!-?4(Q@!(0I!R:$0/0!;#X
%G?þ#&?81![(#&:!#;?%:-.@!:I!/'80!&<0@!A#!;#8Ĝ0R:-080@!?RN480!/#95.!I)8!
I.&#8@! %80G,! 7#9?! ;#8Č<:-01! 7N5#! &'/! 8#! $'(#! 4%GP0! 309#! /#A@! ?! 8#:!
/#A)!(0()!(.A!-.(Q9#!(0I!7#I)!WI?4('!/.5#48D
a V Y+ M q ! n > [ Z q V
`05'! 48?508)! ;Ĝ0$! 8)/@! (0I! 30I)<! ;Ĝ.<05! (?! P0/@! P0/Ĝ05! (?! %Ĝ)I.! ?! &48?5!
P!/G8&,A9@!/#95.!5.$Q@!%80Ĝ)!;#!8#/!8#:I.5.@!/)8!&P8?9!4!7#90/@!-0(#/!
4%GP0!['%#(1!a5?&()/!P'/ČG0/!['%#(?@!%80G,!7Ĥ9!$?5!4%GP0!C#-I)<0@!
RN5#!$#%'P?8!/:IĤ/!?!I0('/@!I0!P0!4&,A9!&5?48()A9!4.5!(.%$N!(0R:$#:!
4A9#;(.!7#9?!;#8Č<#&?81!['%#(!#$9?5.5!45?R#48.!?!(0$#48?8%N!5.$48&?1!
`#!&<?%!['%#(!(0$#%'P?5@!8#8.I!:4A9#;(.8!('4!%!I.&#8:@!%80G,!7#9?!
;#8Č<:-0@! -0! ;G#! ('4! (N()! /#I(Q! 4%GP0! 309#! /.5#481! +P;#/0Ė80! 4.@! I0!
('/!-0!-?4(Č!Ĝ0þ0(#g!eO$#!Ĝ)%'@!I0!&!MČ/!PĤ48'&'@!/:4)!4'/!8?%Q!I)8!
8?%@!-?%!I.5!>(b!c*1!3?(Ĥ&!2@Ed1!30!8#!;Ĝ)%?P@!(.%#5.&!('&G9!(0R#!$ĤG?P(Q!
$#;#G:þ0()1!Y!/N!-0-!/ĤI0/0!(?;5(.8!-0(!?!-0(!4%GP0!/.5#481!+0!4&Q/!
0&?(\05.:!3?(!;)<0g!
e[!309#!;5(#48.!-4/0!/N!&<.A9(.!$#48?5.!/.5#48!P?!/.5#48)1!M0R#Ģ!
['%#(!RN5!$'(!4%GP0!C#-I)<0@!/.5#48!?!;G?&$?!40!48?5?!4%GP0!30I)<0!
OG.48?b!c3?(!*@*EX*Fd1
EH
C ] V > K T ! Y ! " n Y+ Z Y
+!8ČA98#!$&#:!&0G<)A9!-0!8#9#!8#5.%!#R4?I0(#@!I0!-0!/:4)/!;0þ5.&Č!
G#P0RG?81!"G#4)/@!&N$GI80!40!/(#:!(Č%#5.%!$?5<)A9!48G?(!i!8#!$G?9#A0((Q!
;#P('()@!%80GQ!P!(.A9!P)4%'/0@!48#-)!P?!8#1!"G&()!&Č8?!Ĝ)%'g!
e[!309#!;5(#48.!-4/0!/N!&<.A9(.!$#48?5.1b
!
M?! A9&.5%:! 40! P?48?&80! ?! (0A980! &,P(?/! 8ČA98#! 45#&! &4'%(#:81! [?X
/ČĜ80!40!(?!45#&?!eP!309#!;5(#48.b1!Z#48?5.!-4/0!F<6'$,#!30I)<0!OG.48?D!
M.%#5.&!;5(#48!;G0/.QG?@!;G0P.$0(8?@!A050RG.8N@!G#A%#&Q!9&ČP$N@!&05%Q9#!
?8508?!(0R#!&Č$A0@!?50!A05#:!#R4'95#48!4?/#8(Q9#!30I)<0!OG.48?1!30485.I0!
8#950!4%:80þ(Č!45N<)80@!:I!(.%$N!(0R:$080!I'$(Q/:!/:I.!?(.!I0(Č!P'&.X
$Č81!2:#5%*%,$EČ%356$"%<Ĝ(8$A5'$,#%;59?B5%S8(,#4[
"#$)&0-/0!40!P(#&:!(?!"08G#&?!45#&?g!
eC'/0!&<0A9(#@!A#!;#8Ĝ0R:-0/0!%!8#/:@!?RNA9#/!I.5.!I.&#8!%80G,!
;#8Č<:-0!7#9?!T#8#!&<0!('/!RN5#!$'(#!4%GP0!4?/#8(#:!7#I)!/#A!
c/.5#48d11111!7Ĥ9!:$Č5?5!&05%'!?!/#A('!P?45)R0()@@!?RN480!40!4%GP0!(Č!
48?5.!Wþ?48()%N!7#I)!<Ĝ(8$A5'$,#(111!c21!"08GĤ&!*@6X=!;#$50!?(\51!;Ĝ1d1
!309#!<Ĝ(8$A5'$,#([!CĤI0/0!R,8!Wþ?48()%N%7$9?%<Ĝ(8$A5'$,#(\0
3?%!WI?4(,@!8Q/ČĜ!(0;#A9#;.805(,!$?G!i!309#!c7$9,&:%<Ĝ(8$A5'$,#\0%
K5#&#%<Ĝ(8$A5'$,#!-0!$0!!(#&'(#!-?%#!e&G#P0(Q!(0R#!P'%5?$()!&5?48(#48.!
(0R#!A9?G?%80G!#4#RN1b!"Ĝ0þ8Č80!4.@!A#!-0<8Č!"08G!;)<0g!
e+I$NĢ!-480!40!P(#&:!(?G#$.5.!(0!P!;#/)-.805(Q9#!,5.5'5@!(,RGI!
P!(0;#/)-.805(Q9#@!4%GP0!I.&Q!?!(?!&Čþ(#48!PĤ48'&?-)A)!45#&#!7#I)b!
c*1!"08GĤ&!*@26f!%:GP)&?!;Ĝ.$'(?d1
H5.5'$!/'!&<0A9(N!&G#P0(Q!&5?48(#48.!4&Q!/?80þ(Q!G#485.(N!i!-0!8#!
#;G?&$#&'!G#485.(?!&0!4%#Ĝ';A0@!48&#Ĝ0('!;#$50!#RG?P:!8#9#@!%$#!-.!:8&#X
Ĝ.51!"#$50!"08G?!8#!40/0(#@!%80GQ!RN5#!$#!&'4!P?408#@!-0!7#I)!45#&#1!
EJ
+j3]ChýMj
30! $Ĥ50I.8Q! 4.! P?;?/?8#&?8@! I0! 30I)<! OG.48:4! -0! I.&Q! 7#I)! 45#&#1! 30!
(?P,&'(!e8)/!K5#&0/b1!3?(!#!MČ/!;)<0g!eM?!;#þ'8%:!RN5#!K5#&#@!?!8#!
K5#&#!RN5#!:!7#9?@!?!8#!K5#&#!RN5#!7Ĥ9111!Y!K5#&#!40!48?5#!8Č50/!?!;Ĝ0X
R,&?5#!/0P.!('/.b!c3?(!*@*f*=d1!+!*1!5.48:!3?(#&Č!-0!(?P,&'(!eK5#&0/!
I.&#8?b1
Y!?:8#G!5.48:!u.$Ĥ/!P?40!;G#95?<:-0g
eM0R#Ģ!45#&#!7#I)!-0!I.&Q!?!þ.((Q@!-0!#48Ĝ0-<)!(0I!-?%,%#5.!$&#:40þ(,!
/0þf!;G#(.%'!?I!$#!G#P$Č50()!$:<0!?!$:A9?@!%5#:RĤ!?!/#G%:@!?!-0!
4A9#;(Q!G#P4#:$.8!/N<50(%N!?!;#48#-0!4G$A01!Y!I'$(Q!48&#Ĝ0()!(0()!
;Ĝ0$!M)/!4%GN8Qf!&<0!-0!(?9Q!?!#$%GN8Q!<Ĝ5@%$þ(.4!T#9#@!;5."9!40!
R:$0/0!P#$;#&)$?8b!cu.$Ĥ/!=@*2X*6d1
O$NRN480!(?;4?5.!8N8#!&0G<0!;Ĝ.!9#$.(Č!/?80Ĝ4%Q9#!-?PN%?@!&'<!:þ.805!
RN!&'/!8#!#P(?þ.5!P?!A9NR(Q1!K;G'&(Č!RN!40!/Č5#!8#8.I!(?;4?8g!e&<0!-0!
(?9Q!?!#$%GN8Q!;Ĝ0$!#þ./?!8#9#@!þ5."%c(0!;5."9a!40!R:$0/0!P#$;#&)X
$?81b!Y&<?%!8?%!8#!&!5.48:!u.$Ĥ/!(?;4?(Q!(0()1!")4/#!&,45#&(Č!;G#95?X
<:-0g!e309#!#þ.b1!30I)<!-0!I.&Q!7#I)!45#&#1!
T)/!40/0(0/@!%80GQ!RN5#!$#!&'4!P?408#!?!4%GP0!%80GQ!-480!RN5.!P(#&:!
48&#Ĝ0(.@!(0()!(.%$#!-.(,!(0I!4'/!OG.48:41!T#8#!40/0(#!-0!(0;#G:<.805(Q1!
CN!-4/0!&!OG.48:@!>(!-0!&!('4!?!/N!/'/0!;5(#48!309#!;Ĝ.G#P0(#48.1!T#!
40/0(#@!%80GQ!RN5#!$#!('4!P?408#@!%$NI!-4/0!40!P(#&:PG#$.5.@!#R4?9:-0!
&<0@!A#!$Č5'!OG.48?!8)/@!%,/!-01!T#!-0!WI?4(QD!+!8#/8#!4&Č8Č!/'/0!W;5X
(#48!309#!;Ĝ.G#P0(#48.D!kI!&'/!8?950!4%:80þ(#48!$#<5?S
3?(!8#!Ĝ)%'!('450$#&(Čg!e-?%,!-0!>(@!8?%#&)!-4/0!.!/N!&!8#/8#!4&Č8Čb!
c*1!3?(Ĥ&!=@*Fd1!T#5.%!&ČĜ)A)A9!4.!/N45)@!I0!-0$(#:@!&!(0R.@!R:$0/0!8?%#X
&)@!-?%,!-0!>(@!?50!80ć!(?!P0/.!-4/0!-0(!P';?4)A)!9Ĝ)<()A.@!%80G,/!RN5#!
#$;:<8Č(#1! T#! -0! &<?%! #RG#&.8'! 50I@! %80G'! 5.$.! :$GI:-0! &0! 4;#:8?(#48.!
?!?(:5:-0!/#A!309#!/.5#48.!&!-0-.A9!I.&#80A91!
]!;Ĝ048#@!I0!-0!8?8#!;G?&$?!8?%!WI?4('@!$'&'!;5(,!4/N451!7.R50!('/!
Ĝ)%'@! I0! -4/0! -09#! ;#8#/%Ng! eC.5#&?()@! '/'?! -4/0! $Č8.! 7#I)f! c*13?X
FL
C ] V > K T ! Y ! " n Y+ Z Y
(Ĥ&!6@2d1!M.%#5.&!&!R:$#:A(#48.@!?50!'/'?1!30485.I0!-4/0!'/'?%(?G#P0(.!
P!7#9?@!'/'?%-4/0!309#!$Č8.!(0R#!;#8#/48&#@!;#8#/!-0!5#\.A%Q@!I0!:I!
'/'?%/'/0!309#!95?&()!&5?48(#48.1!K80-(Č!-?%#!%ĤĖ!(0/ĤI0!;#G#$.8!þ0G&?!
?(.!50&!5.<%:@!8?%!.!/N@!-0485.I0!-4/0!(?G#P0(.!P0!4?/#8(Q9#!7#9?@!(0/ĤX
I0/0!&5?48(.8!<;?8(Q!&G#P0(Q!&5?48(#48.1!309#!;Ĝ.G#P0(#48!-0!(N()!&!('41!
Y!-0!8#!-0<8Č!50;<)D!30485.I0!C:!8#!$#&#5)/0@!R:$0!I)8!4%GP0!('4D!3?%!
$'50!:&.$)/0@!8#!-0!8?!/#A!309#!/.5#48.1!C?8%?!5&.A0!(0/ĤI0!I)8!4%GP0!
I.&#8!4&Q9#!5&)þ080@!?&<?%!OG.48:4!&!('4!I.-01!"?&05!;)<0g!eM0I.-.!:I!-'@!
?50!I.-0!&0!/(Č!OG.48:4b!cs?5?84%,/!2@2Ld1!Y!#;Č8g!eM0R#Ģ!-480!P0/Ĝ05.!
?!&'<!I.&#8!-0!:%GN8!4!OG.480/!&!7#9:b!cO#5#4%,/!6@6d1!3?%!$#%#(?5Q!
4;?40()!('/!7Ĥ9!$?5D
MN()!;#-ć/0!;#%G?þ#&?8!&!;#$G#R(Q/!48:$.:!8#9#@!A#!;)<0!?;#<8#5!
3?(g!
[!309#!;5(#48.!-4/0!/N!&<.A9(.!$#48?5.!/.5#48!P?!/.5#48)b!c3?(!*@*Ed1
T?$N! -0! 8#@! A#! $(04! 8#5.%! &ČĜ)A)A9! %&Ĥ5.! (0W;5(Q/:! &N:þ#&'()! ;#X
48G'$'g!3?(!4;#-:-0!;Ĝ.-)/'()!;5(#48.!7#I)9#!A9?G?%80G:!4!/.5#48)1!30!8#!
(0P?45#:I0(,!$?G!i!$?G@!%80G,!('4!(0-0(!P?A9G'(.5!#$!&Čþ(Q9#!P?8G?A0()@!
?50!$?5!('/!8?%Q!309#!A9?G?%80G#&Q!&5?48(#48.1!>R?!?4;0%8N!/.5#48.!-4#:!
480-(Č!#;G?&$#&Q!?!$#48?5.!-4/0!-0!&!8:!A9&)5.@!%$N!-4/0!RN5.!4;?40(.1!
+<./(Č80!4.@!I0!3?(!;#:I)&'!^G'P.!e/.5#48!P?!/.5#48)b1!C'/!;Ĝ)8050!
ě0%?@!%80G,!I.-0!&!Y8Q('A91!30!8#!45:I0R()%@!%80G,!(0-0(I0!/5:&)!Ĝ0A%N!
-?%#!4&#:!/?80Ĝ<8.(#:@!?50!8?%Q!48:$#&?5!48?G#:!Ĝ0þ8.(:1!ě0%5!/.@!I0!?;#X
<8#5!&0!4%:80þ(#48.!(?;4?5@!I0!7Ĥ9!('/!$?5!e(0-R#9?8<)!9#-(#48!/.5#48.b1!
>;G?&$:D
ý?48#!-40/!4.!/N4505g!T#!RN!RN5#!^?%8!;G)/?@!%$NRN!('4!7Ĥ9!48&#Ĝ.5!
-?%#! -0$(#9#! P! 309#! ?($Č5Ĥ! (0R#! ('4! (0A9?5! -?%#! 9Ĝ)<()%N! i! ?50! #/.X
5#48(Č(Q! 9Ĝ)<()%N@! %80Ĝ)! RN! 4! M)/! 48G'&.5.! &Čþ(#481! 3?%'%#5.&! P! 8ČA98#!
/#I(#48)!RN!RN5?!R,&?5?!/(#90/!50;<)!(0I!8#@!P!þ09#!-4/0!&N<5.1!30(I0!
>(!('/!(0-0(!#$;:48.5@!?50!$#%#(A0!('4!:þ.(.5!K&,/.!4N(N!?!$A0G?/.!
F*
+j3]ChýMj
?!&5#I.5!$#!('4!K&#:!7#I4%#:!?!$#%#(?5#:!;Ĝ.G#P0(#481!T?%#&'!(0P?X
45#:I0('!/.5#48!-0!&,-./0þ('D
T#! -0! $Ĥ&#$@! ;G#þ! &ČĜ)/@! I0! 3?(! ;#:I.5! &,G?P! e(0-R#9?8<)! 9#-(#48!
/.5#48.b1!u.5!;#$!C#-I)<#&,/!P'%#(0/!?!P(?5!-09#!#/0P0()1!+Č$Č5@!I0!
P'%#(!(0/'!/#A!P/Č(.8!-09#!;Ĝ.G#P0(#48f!P'%#(!-0(#/!#$9?5#&?5!-09#!
45?R#48.!?!(0$#48?8%N1!+Č$Č5@!I0!P'%#(!9#!/ĤI0!-0(!:$GI#&?8!&!:Gþ.8,A9!
/0P)A9@! ?&<?%! (0/ĤI0! P/Č(.8! -09#! &(.8Ĝ()9#! þ5#&Č%?1! "G#8#! 9(0$! ;#!
4&Q/!;G#95'<0()!#!;Ĝ.-08)!30I)<#&N!;Ĝ.G#P0(#48.!4%GP0!/.5#48!;#%G?þ#&?5!
4%:80þ(#48)@!I0!P'%#(!RN5!$'(!4%GP0!C#-I)<0@!?&<?%!/.5#48!?!;G?&$?!40!
48?5?!4%GP0!30I)<0!OG.48?1!"#$)&0-80!40!(?!-09#!45#&?!-0<8Č!-0$(#:g!
e[!-09#!;5(#48.!-4/0!/N!&<.A9(.!$#48?5.!/.5#48!P?!/.5#48)1!M0R#Ģ!
['%#(!RN5!$'(!4%GP0!C#-I)<0@!/.5#48!?!;G?&$?!40!48?5?!4%GP0!30I)<0!
OG.48?b!c3?(!*@*EX*Fd1
"#-ć/0!40!(?!80(!G#P$)5!;#$)&?8!;#$G#R(Č-.g!
3 h u q x > +Y ! K n > + M w M q
YRNA9#/!/#95.!;#A9#;.8!;5(#:!$Ĥ50I.8#48!/.5#48.@!;#$)&'/0!40!(?!4G#&X
('()@!%80G'!30I)<!;#:I)&'!&!C?8#:<#&.@!B1!%?;.8#50@!%$0!#;?%#&?(Č!Ĝ)%'g!
eK5N<05.!-480@!I0!RN5#!Ĝ0þ0(#!;Ĝ0$%Ĥ/111!3'!&'/!&<?%!;G?&)/111b!
c&0G<!2*X22d
eK5N<05.!-480@!I0!RN5#!Ĝ0þ0(#111!3'!&<?%!&'/!;G?&)/@111!c&0G<0!2FX2Hd
eT?%Q!RN5#!Ĝ0þ0(#111!Y50!-'!&'/!;G?&)/@!z!c&0G<0!6*X62d
eZ'50!-480!45N<05.@!I0!RN5#!Ĝ0þ0(#!;Ĝ0$%Ĥ/111!3'!&<?%!&'/!;G?&)/111!
c&0G<0!66X6=d
F2
C ] V > K T ! Y ! " n Y+ Z Y
eK5N<05.!-480@!I0!RN5#!Ĝ0þ0(#111!3'!&<?%!&'/!;G?&)/@111!
c&0G<0!6HX6Jd!
eK5N<05.!-480@!I0!RN5#!Ĝ0þ0(#111!3'!&<?%!&'/!;G?&)/111
!c&0G<0!=6X==d
30I)<!48?&)!;G#8.!4#RČ!I.&#8!;#$!P'%#(0/!cI.&#8!$Ĝ)&0@!(0I!$#!('4!RN5?!
&5#I0(?!309#!;Ĝ.G#P0(#48d!?!I.&#8!;#$!P/#AĖ:-)A)!/.5#48)1!`.8:-0!;#I?X
$?&%N! C#-I)<#&?! P'%#(?! 45#&N! -?%#g! eK5N<05.! -480@! I0! RN5#! Ĝ0þ0(#111@b!
?!;#8#/!;Ĝ.('<)!309#!A048:!i!<84*@"!i!;#$!P/#AĖ:-)A)!/.5#48)!45#&Ng!e3'!
&<?%!&'/!;G?&)/111b1
30I)<!8?$N!:%?P:-0!(?!8:!$./0(P.!/.5#48.@!%80G'!$#!('4!&5#I)!7#I)!4A9#;X
(#48.!?!#4&#R#$)!('4!#$!R0P/#A(,A9!;G?&.$05!['%#(?1!T#!;G&()!RN5#!-0(!
&(Č-<)/!#/0P0()/@!%$0I8#!8#!$G:9Q!-0!#$G?P0/!&(.8Ĝ()!;G#/Č(N1!
ý?48#!45N<)/!45:I0R()%N!?!-.(Q!&ČĜ)A)@!-?%!(?Ĝ)%?-)!(?$!8&G$,/.!;#I?X
$?&%N!P'%#(?!?!-?%!40!-./!;#8#/!:50&)@!%$NI!4.!:&Č$#/)@!I0!-4#:!;#$!/.X
5#48)!?!(.%#5.!;#$!8?%!;Ĝ)4(#:!$.4A.;5)(#:1!3'!/'/!8?%Q!#RG#&4%#:!G?$#48@!
I0!:I!(0-40/!;#$!P'%#(0/@!?&<?%!(0P(?/0('!8#@!I0!RN!%0!/(Č!7Ĥ9!RN5!
(N()!49#&)&?&Č-<)1!"G'&Č!(?#;?%!i!;G?&$#:!-0@!I0!309#!#þ0%'&'()!-4#:!
;#$!P/#AĖ:-)A)!/.5#48)!&N<<)D!Y!;#-ć/0!;'8G?8!-0<8Č!95#:RČ-.g
eH6/B56(%+,#5>%95%E/6$%Ĝ5þ5'$%<Ĝ5@&Ĥ.g!~M0R:$0<!&G?I$.81r!O$#!RN!
P?&G?I$.5@!;G#;?$(0!4#:$:1!3'!&'/!&<?%!;G?&)/@!I0!%?I$,@!%$#!40!
9(Č&'!(?!4&Q9#!RG?8G?!R0P!;Ĝ)þ.(N@!;G#;?$(0!4#:$:1!O$#!RN!Ĝ0%5!
4&Q/:!RG?8G:g!~a5:;'%:r@!;G#;?$(0!&050G?$Č1!O$#!RN!Ĝ0%5g!~75'P(0r@!
;G#;?$(0!#9(.&Q!s090((Čb!cC?8#:<!B@2*X22f!%:GP)&?!;Ĝ.$'(?d1
30I)<! Ĝ0%5@! -0485.I0! (Č%#9#! ;#;?$(0! 8?%#&,! &P80%@! I0! (?P&0! 4&Q9#!
RG?8G?!R5'P(0/@!;G#;?$(0!#9(.&Q/:!;0%5:1!K5#&#!E6:A5'!P(?/0('!eR0PX
R#I()%b!ce75'P0(!4.!&!4G$A.!Ĝ)%'g!7Ĥ9!(0()1b!X!u?5/!*=@*d1!M?P&?8!RG?8G?!
R5'P(0/! RN5#! &'I(Q! #R&.(Č()1!T?%#&#:! &ČA! RN! Ĝ0%5! -0(! þ5#&Č%@! -09#I!
9(Č&!RN!:I!;Ĝ0<05!&!(0('&.481!
F6
+j3]ChýMj
+0! K8?GQ/! P'%#(Č! RN480! RN5.! &.((.! &G?I$#:@! ;#%:$! RN480! (Č%#/:!
&P?5.! ^NP.A%,! I.&#81! MN()! 7Ĥ9@! ;#$! P/#AĖ:-)A)! /.5#48)@! P-0&:-0! K&Ĥ-!
4%:80þ(,!48?($?G$!i!<84*@"%i%8?%#&#:!-?%'!RN5?!&I$N@!(0!-0(!#/0P0()!
;G#!45?R#48!(?<09#!4G$A01!7Ĥ9!P-0&:-0@!I0!&!309#!#þ)A9!-0!(0('&.$Č8!4&QX
9#!RG?8G?!G#&(#!&G?I$ČD!K80-('!/N<50(%?!40!#R-0&:-0!.!&!*1!5.48:!3?(#&Č!
6@*Bg!eO?I$,@!%$#!(0('&.$)!4&Q9#!RG?8G?@!-0!&G?9f!?!&)80@!I0!I'$(,!&G?9!
(0/'!I.&#8!&Čþ(,@!%80G,!RN!&!(Č/!;Ĝ0R,&?51b!
70P!#R?5:!Ĝ0þ0(#@!;#$!P'%#(0/!-480!RN5!#P(?þ0(!P?!&G?9?!&!;Ĝ);?$Č@!
I0!-480!(Č%#/:!&G?P.5!(ĤI!$#!I0R0G1!MN()@!&!$#RČ!M#&Q!4/5#:&N@!%$N!
/'/0!P/#AĖ:-)A)!/.5#48@!%$NI!#$/)8(080!#$;:48.8!(0R#!/'80!&Ĥþ.!(Č%#X
/:!&P80%5#:!P?:-?8#48!(0R#!-?%#:%#5.!-.(#:!^#G/:!(0('&.48.@!-0!8#!$Ĥ%?X
P0/@!I0!&0!&'4!(0;Ĝ0R,&'!7#I)!&Čþ(,!I.&#81!3480!&G?9D!T?%#&'!-0!<84*@41
+!$(0<()!$#RČ!&.$)!%&Ĥ5.!P;Ĥ4#R:!&N:þ#&'()!?!(0;#A9#;0()!/(#9#!
%Ĝ04Ģ?(Ĥ!/.5#48!-?%#!e+05%#:!;Ĝ.%G,&%:b1!`#!/N45)/!45#&N!e+05%'!;Ĝ.X
%G,&%?bS!K5N<05.!-480!(Č%$N!(Č%#9#!Ĝ)%?8g!e3'!&)/@!I0!(0I.-.!8?%@!-?%!RNA9!
/Č5@!?50!$)%N!7#9:!P?!309#!/.5#48Db!T#950!-0!&<?%!(?;G#48,!#;?%!8#9#@!
-?%!#!.(6$,#(!:þ)!M#&'!K/5#:&?1!Y(#@!/.5#48!;Ĝ.%G,&'@!?&<?%!(?&)A!8?%Q!
#&5.&Ė:-0! (?<0! 4G$A0! P9ĤGN! ?! (?! (?<0/! I.&#8Č! 40! ;?%! #$G'I)! -0-)! /#A1!
Z'&'!('/!4A9#;(#48!I)8!&!<84*@Č0
T?%I0!40!;8'/@!;#;.4:-0!30I)<!/.5#48!-?%#!e+05%#:!;Ĝ.%G,&%:b!(0R#!-.!
P-0&:-0!-?%#!/#A!309#!;Ĝ.G#P0(#48.@!%80G'!('4!:4A9#;Ė:-0!I)8!I.&#8@!%80G,!
;#8Č<:-0!7#9?!>8A0S!
"#-ć/0!80ć!;G#P%#:/?8!-.(Q!4G#&('()g!
eH6/B56(%+,#5>%95%E/6$%Ĝ5þ5'$g!~M0PA.P#5#I)<1r!3'!&<?%!&'/!;G?&)/@!I0!
%?I$,@!%$#!950$)!(?!I0(:!8?%@!?RN!;#!()!P?8#:I.5@!-.I!4!()!PA.P#5#I.5!&0!
4&Q/!4G$A.b!cC?8#:<!B@2FX2Hd1
"#$50!K8?GQ!4/5#:&N!RN5!þ5#&Č%!&.(0(@!-0485.I0!4%:80þ(Č!^NP.A%N!PA.X
P#5#I.51!+!M#&Q!4/5#:&Č!&<?%!30I)<!:þ)@!I0!/:I!R:$0!#P(?þ0(!P?!A.P#X
5#I()%?@!-0485.I0!40!(?!I0(:!;#$)&'!8?%@!I0!4!()!R:$0!A98)8!/)8!;#95?&()!
F=
C ] V > K T ! Y ! " n Y+ Z Y
48N%1!30$(#$:<0!Ĝ0þ0(#@!;#$!P'%#(0/!RN480!8#!/:405.!4%:80þ(Č!:$Č5?8f!
;#$!M#&#:!4/5#:&#:!/.5#48.!48?þ)@!?RN480!8#!:$Č5?8!3)#Č6(D!K#:95?4)!80(X
8#!;Ĝ)4(Č-<)!&,P(?/!A.P#5#I48&)!4!8)/@!-?%!&!Y/0G.A0!/.5#48!&N:þ:-0/0!
?!I.-0/0S!M0A9?5.!-4/0!40!#<'5.8!e+05%#:!;Ĝ.%G,&%#:b!(0R#!G#P:/)/0!
/.5#48.!-?%#!7#90/!$?(Q!4A9#;(#48.!I)8!8?%@!-?%#!I.5!30I)<S
C ] V > K T ! Y ! " n Y+ Z Y
M0I!40!;:48)/0!$#!$?5<)9#!4G#&('()!K8?GQ!?!M#&Q!4/5#:&N@!;#$)&'/0!40!
-0<8Č!-0$(#:!(?!3?(?!*@*EX*Fg
e[!-09#!;5(#48.!-4/0!/N!&<.A9(.!$#48?5.!/.5#48!P?!/.5#48)1!M0R#Ģ!
['%#(!RN5!$'(!4%GP0!C#-I)<0@%.(6$,#%4%<84*@4!40!48?5?!4%GP0!30I)<0!
OG.48?1b!
K%:80þ(#48)!-0@!I0!<84*@4%;Ĝ.<5?!4!/.5#48)1!"G#þ!8#8#!3?(!P$ĤG?PĖ:-0S!
"G#þ!(0()!;G?&$?!;Ĝ.Ĝ?P0(?!.!%!P'%#(:S!T?$N!(?A9'P)/0!$?5<)!$Ĥ50I.8,!
%5)þ!%!8Č/8#!('/.!P%#:/?(,/!$&Č/?!&0G<Ĥ/f!?!80(!%5)þ!-0!&!('450$:-)X
A)/!4G#&('()g
30I)<!Ĝ)%'g!e!4&-%E/6$%Ĝ5þ5'$g!~O$#!;G#;:48)!4&#:!I0(:@!?Ģ!-)!$'!G#PX
5:%#&,!5.481r!165%+:%*:.%<84*?.@!z1!cC?8#:<!B@6*X62d1!"G#!309#!#$;#X
&Čć!;Ĥ-$:!8G#A9:!$'5!$#!%(.9N!C?8#:<0@!%$0!8#!#R-?4Ė:-0!&)A0!$#!95#:RX
%N1!+0$#:A)!;Ĝ.<5.!P?!30I)<0/!?!P0;8?5.!40!a#@!P$?!-0!$#&#50(#@!?RN!/:I!
;G#;:48.5!4&#:!I0(:!P!-?%Q9#%#5.!$Ĥ&#$:1!30I)<!-./!#$;#&Č$Č5g!
eM0þ085.!-480@!I0!T0(@!%80G,!48&#Ĝ.5!þ5#&Č%?!#$!;#þ'8%:@!~:þ.(.5!-0!-?%#!
/:I0!?!I0(:rS!Y!Ĝ0%5g!~"G#8#!#;:48)!þ5#&Č%!#8A0!.!/?8%:!?!;Ĝ.5(0!%0!4&Q!
I0(Č@!?!8.!$&?!R:$#:!-0$(#!8Č5#r@!8?%I0!-.I!(0-4#:!$&?@!?50!-0$(#!8Č5#1!`#!
80$N!7Ĥ9!4;#-.5@!?Ģ!þ5#&Č%!(0#$$Č5:-0Db!cC?8#:<!*J@=XEd1
y?G.P0#&Q!C:!(?!8#!Ĝ0%5.g!e"G#þ!80$N!C#-I)<!(?Ĝ)$.5!$'8!I0(Č!G#P5:X
%#&,!5.48!?!;G#;:48.8!-.Sb!c&0G<!Fd1!"#450A9(Č80!4.@!A#!30I)<!#$;#&Č$Č5g!
FB
+j3]ChýMj
e"G#!#*8@$,#%*4B(3)%,8@3)!&'/!2$+9?B!$#&#5.5!;G#;:48.8!&?<0!I0(N@!#$!
;#þ'8%:!&<?%!8#/:!8?%!(0RN5#1!M84*?.%*:.@!I0!%$#!RN!;G#;:48.5!4&#:!
I0(:@!;#%:$!RN!8#!(0RN5#!(?!P'%5?$Č!4/.548&?@!?!#I0(.5!40!4!-.(#:@!
A.P#5#I)f!?!%$#!RN!40!4!;G#;:<8Č(#:!#I0(.5@!A.P#5#I)b!c&0G<0!HXJd!1
+<./(Č80! 4.! 309#! 45#&g! e#$! ;#þ'8%:! &<?%! 8#/:! 8?%! (0RN5#b1! 30I)<!
#P(?/:-0!;G?&$:@!?!8?!40!(.%$N!(0/Č()1!30!480-('!&þ0G?@!$(04!.!(?&Č%N1!
Y&<?%!%$NI!-0-.A9!4G$A0!(0RN5?!;#$!#/0P0()/.!P'%#(?!-0<8Č!(?;5(Č(?!
7#I)! ;Ĝ.G#P0(#48)@! (0RN5.! 4A9#;(.! I)8! &! ;G?&$Č! ?(.! &! 8Q8#! #R5?48.@! ?(.!
&!8ČA9!#48?8()A91!"G#8#!7Ĥ9!$#&#5.5!C#-I)<#&.@!?RN!(?;4?5!:Gþ.8Q!&ČA.@!
%80GQ!(0RN5N!8)/!7#I)/!e(0-50;<)/b1!
Y&<?%!-?%/.50!/.5#48!;Ĝ.<5?@!-?%/.50!RN5?!7#I)!$#%#(?5'!;Ĝ.G#P0(#48!
$#!('4!&5#I0(?@!?!-?%/.50!RN5?!(?<0!P?8&GP05'!4G$A0!(?9G?P0(?!40/0(0/!
7#I)A9!&G#P0(,A9!&5?48(#48)@!/N!(N()!/'/0!4A9#;(#48!I)8!8?%@!-?%!/Č5#!
;#$50!7#I)9#!;5'(:!5.$48&#!I)8!#$!4?/Q9#!;#þ'8%:!i!&,-./0þ(Č1!MN()!
/ĤI0/0!I)8!80(8#!I.&#8!-?%#!4N(#&Q!?!$A0GN!7#I)@!;#$50!309#!#RG?P:@!
309#!;#$#RN@!?!4%GP0!/.5#48!/)8!309#!4A9#;(#48.D
"#$!P'%#(0/!RN480!40!40!4&#:!I0(#:!/#95.!G#P&Q48!.!P!-.(,A9!$Ĥ&#X
$Ĥ!(0I!-0(!%&Ĥ5.!40U:'5()!(0þ.48#8Č1!Y&<?%!;#$!/.5#48)!40!P(#&:!48'&'!
4%:80þ(#48)!<84*@4@!%80G'!RN5?!#$!;#þ'8%:!7#I)!8#:9#:1!2(6$,#%4%<84*@4!
40!408%'&?-)@!?RN!/:I.!.!I0(N!/#95.!I)8!?!R,8!4&Č850/!;G#!8:8#!(0þ048(#:!
?!P&G'A0(#:!\0(0G?A.1!C'/0!&!4#RČ!7#I)!;Ĝ.G#P0(#48f!/ĤI0/0!80$N!I)8!
P;Ĥ4#R0/@!%80G,!309#!;#8Č<:-01!
"ěqKYao!MYanY[hMo!ýhKTM>KTq
M'450$:-)A)!4G#&('()!$'50!#R-?4Ė:-0!4;#-0()!/.5#48.!?!;G?&$N1!30I)<!Ĝ)%'g!
eZ'50!-480!45N<05.@!I0!RN5#!Ĝ0þ0(#!;Ĝ0$%Ĥ/g!~M0R:$0<!%Ĝ.&Č!;Ĝ)4?9?8@!
?50!4;5()<!"'(:!4&Q!;Ĝ)4?9N1r!3'!&<?%!&'/!;G?&)/@!?RN480!(0;Ĝ)4?9?5.!
FE
C ] V > K T ! Y ! " n Y+ Z Y
&ĤR0Af111!YĢ!-0!80$N!&?<0!45#&#!~?(#@!?(#r!X!~(0@!(0rf!A#!-0!(?$!8#@!
-0!P0![5Q9#1!c;#$50!?(\51!;Ĝ0%5?$:g!30485.I0!4&Ĥ-!45.R!/:4)80!;#4)5.8!
;Ĝ)4?9#:@!-0!8#!$Ĥ%?P0/@!I0!(ČA#!-0!<;?8(Č1d!cC?8#:<!B@66X6=1!6Fd1
O$NI!(Č%$#!;#$!P'%#(0/!A98Č5!:%'P?8@!I0!8#@!A#!Ĝ0%5@!A9A0!#;G?&$:!
:$Č5?8@!45#I.5!;Ĝ)4?9:!(0R#!45?&(#48()!45.R1!]!8?$N!7Ĥ9!Ĝ0%5!C#-I)<#&.@!
?RN! 8#! 8?%8#! P?;4?5@! ;#(Č&?$I! /:I.! ?! I0(N! (0/Č5.! OG.48#&:! ;Ĝ.G#P0X
(#48!?!-0-.A9!4G$A0!RN5?!8&G$'1![(#&:!RN5?!4%GP0!P'%#(!:$Č5'(?!#/0P0()@!
&! 8#/8#! ;Ĝ);?$Č! ;G#8#@! ?RN! RN5#! /#I(Q! #$5.<.8! #;G?&$#&Q! P'&?P%N! #$!
8ČA9@!%80GQ!(0RN5N!/)(Č(N!&'I(Č1
Y&<?%!(N()@!%$NI!-4/0!;#$!/.5#48)!?!/'/0!;Ĝ.G#P0(#48!30I)<0!OG.48?@!
-4/0!4A9#;(.!(0:48'50!I)8!*%<84*@Č0%C'/0!(N()!&G#P0(:!þ048(#48!?!;#X
A8.&#481!34/0!:4A9#;(Č(.!R,8!/:I.!?!I0(?/.@!%80Ĝ)!-4#:!480-(Č!-?%#!7Ĥ9!
4A9#;(.!Ĝ)%?8@!A#!4.!/N45)@!?!/N4508!&'I(Č!8#@!A#!Ĝ)%?-)!?!4A9#;(.!I)8!þ048X
(Č!;#$50!4&,A9!45#&@!(0R#Ģ!-0-.A9!4G$A0!RN5?!4%GP0!309#!(0;#G:<.805(Q!
40/0(#!#R(#&0(?!?!#þ.<8Č(?1!"G#8#!-0!('/!Ĝ0þ0(#g!eM?;#$#R:-80!80$N!
7#9?!-?%#!/.5#&?(Q!$Č8.b!ch^0P4%,/!B@*d1
ý5#&Č%@!%80G,!(0I.-0!þ048(Č@!;#;)G'!7#I)!;Ĝ.G#P0(#48@!%80G#:!/'!&5#X
I0(:!$#!4&Q9#!(.8G?1!3?%!RN!/#95!(Č%$#@!%$#!$#48?5!8?%!(0:&ČĜ.805(#:!
/.5#48@!A98)8!I)8!#;?þ(Č!(0I!-0!309#!A9?G?%80GS!k!þ5#&Č%?@!%80G,!(0:48'50!
&N%?P:-0! (0$#48?80%! þ048(#48.@! -0! 4;#G(Q@! $#%#(A0! (0-.48Q@! RN5X5.! $##X
;G?&$N!4;?40(!/.5#48)@!(0R#Ģ!-09#!#&#A0!:%?P:-0@!I0!(0/'!7#I)!;Ĝ.G#X
P0(#481!30I)<!8#!-?4(Č!Ĝ)%'g!eY!8?%!-0!;#P('80!;#!-0-.A9!#&#A.1b!cC?8#:<!
F@2Ld1!T?%8#!/ĤI0/0!;#P(?8!þ5#&Č%?@!%80G,!-0!#;G?&$:!4;?40(!/.5#48)1!
MN()!40!;:48)/!$#!;#450$()9#!4G#&('()@!%80GQ!30I)<!&!8Q8#!%?;.8#50!
Ĝ0%51!T0(8#%G'8!-0!R:$:!A.8#&?8!;#$50!CKs@!;G#8#I0!-0!8?$N!%G'4(Č!:%'X
P'(?!;G?&$?g!
e[('80!48?GQ!;Ĝ.%'P'()g!eC.5:-!R5.I()9#!4&Q9#b!?!-09#!(0;4?(Q9#!
$G:9?g!eM0('&.ć!4&Q9#!(0;Ĝ)80501b!3'!4!8)/!(04#:95?4)/1!3'!&'/!
Ĝ)%'/g!C.5:-80!4&Q!(0;Ĝ'80501!YĢ!$)%N!(./!:%'I080!8#!(0-50;<)@!(.%#5.&!
FF
+j3]ChýMj
8#!(0-9#G<)@!A#!&0!&'4!-01!30485.I0!8.!(Č%$#!P8ČI:-0!I.&#8@!P?9GĖ!9#!
/#$5.8R?/.@%<8$#$95%#4&%+5@':B%A5%,*-)$%<84*-)$%+:>%A%#$)$%+:>%&#58-%
,#*$Ĝ(6%7Ĥ)0!7Ĥ9!8#!$Č5'!8?%Q!8?%1!Z'&'!8#!(0-50;<)!i!45:(A0@!?RN!9Ĝ'5#@!
?!$Q<Ģ@!?RN!P?5Q&?5!i!%?I$Q/:!R0P!#950$:!(?!8#@!-0X5.!$#RG,!(0R#!
<;?8(,@!/.5,!(0R#!P5,b!cC?8#:<!B@=6X=B!CKsd1
+!8#/8#!4G#&('()!-0!%5)þ#&,/!;G#95'<0()!e;G#8#I0!8?%!-0$('<!P0!4&QX
9#! ;G?&Q9#! -'@! P! 8#9#! -'@! %80GQ! 48&#Ĝ.5! 7Ĥ91b! M?<0! ;G?&Q! -'! ;#! (#&Q/!
(?G#P0()@!%$N!-4/0!$#48?5.!/.5#48!P?!/.5#48)@!P?9G(:-0!;Ĝ.G#P0(#48!?!A9?X
G?%80G.48.%N!4?/#8(Q9#!7#9?1!C:4)/!8#!P#;?%#&?8g!M0-4/0!-0(!#/.5#48X
(Č(,/.!9Ĝ)<()%N1!34/0!4N(#&Q!?!$A0GN!7#I)!?!&5?48()/0!309#!;Ĝ.G#P0(#48!
?!-4/0!&NR)P0(.!%!8#/:@!?RNA9#/!RN5.!309#!(?;#$#R.805.!c./.8'8#GNd1!
M?%#(0A!30I)<!P?&G<)!4&'!4G#&('()!?!(?Ĝ)P0()!;G#95'<0()/g!
e7:ć80!80$N!@$&$'46?@!-?%#!-0!@$&$'46=!&'<!(0R04%,!>80A1b!
cC?8#:<!B@=Hd
C'/0!R,8!@$&$'46?@!-?%#!-0!$#%#(?5,!7Ĥ9!>80AD!ZĜ)&0!-40/!PG?%0/!
;Ĝ0-)I$Č5!8#!45#&#!@$&$'46?!?!4(?I.5!40!4'/!40R0!;Ĝ04&Č$þ.8@!I0!30I)<!8?$N!
;Ĝ0$!('4!;#48?&.5!A)5@!%80GQ9#!-4/0!:Gþ.8Č!(0/#95.!$#4'9(#:8f!/Č5.!-4/0!
$Č5?8!;#:P0!8#!(0-50;<)@!A#!$#%'I0/01!
"#P$Č-.! -40/! 4.! /N4505g! eI$>% .$9':% Ĝ?&:>% 95% #4&$*?% E"@5.5>% 49% ,5%
@$,#4'5.5%@$%'5E51b!T#!40!/.!P$'5#!50;<)@!;G#8#I0!;Ĝ0$48?&?@!I0!RNA9#/!
40!/Č5.!4(?I.8!R,8!A9?G?%80G#&Č!480-(Č!$#%#(?5)!-?%#!7Ĥ9@!40!P$'5?!;Ĝ)5.<!
^?(8?48.A%'!?!(0;#A9#;.805('1!
O$NI!&<?%!;G?&$.&Č!;G#P%#:/'/0@!A#!30I)<!Ĝ)%'@!-0!8#!WI?4(Q1!ě0A%Q!
45#&#!;G#!@$&$'46=!-0!P$0!#565($,0%3#40;9!a1!T9?N0G!8#8#!45#&#!$0!!(:-0!
-?%#!e:P?&Ĝ0(#@!$#%#(þ0(#f!(0PR,&'!(.A!$?5<)9#!%!W;5(#48.f!$#%#(?5Q1b!
Y/;5.!!0$!7.R50!8:8#!$0!!(.A.!&N4&Č85:-0g!e+N!;G#8#!/:4)80!R,8!$#%#(?5)!
cGĤ48!$#!$#%#(?5Q!PG?5#48.!&0!PR#I(#48.@!&!/N<50()!?!A9?G?%80G:@!$#4'9(#:8!
4;G'&(Q!WG#&(Č!A8(#48.!?!þ048(#48.d@!-?%#!-0!$#%#(?5,!&'<!(0R04%,!>80A1b
FH
C ] V > K T ! Y ! " n Y+ Z Y
+<./(Č80!4.!45#&!e/:4)80!R,8b1!M0()!8?/!(?;4'(#!e/Č5.!RN480!R,8b1!
+!")4/:!-4#:!-?%!e/Č5.!RN480!R,8b!8?%!.!e/:4)80!R,8b1!30!/#:$GQ@!?RNX
A9#/! P(?5.! ?! :;#450A95.! e/Č5.! RN480! R,8b1! 30! ;#<08.5Q@! ?RNA9#/! RG?5.!
e/:4)80!R,8b!(?!509%#:!&'9:1!
O$NI!;G#P%#:/'/0!-.(Q!;Ĝ0%5?$N!7.R50@!(0(?-$0/0!(.A!-.(Q9#1!M0X
/ĤI0/0!;Ĝ095)I08!309#!(?Ĝ)P0()1![(#&:!#;?%:-.@!(0()!8#!('&G9@!$#;#G:X
þ0()!?(.!(0$#4?I.805(,!A)51!30!8#!;Ĝ)%?P1!
"G#8#! "?&05! ;)<0g! e[-0&.5?! 40! 8#8.I! 7#I)! /.5#48@! %80G'! ;Ĝ.('<)! P'X
A9G?(:!&<0/!5.$0/!?!&NA9#&'&'!('4@!?RNA9#/!40!#$Ĝ0%5.!R0PR#I(#48.!
?!4&Č84%,A9!I'$#48)!?!G#P&'I(Č@!4;G?&0$5.&Č!?!PR#I(Č!I.5.!&!8#/8#!&Č%:b!
cT.8#&.!2@**X*2d1
C.5#48!('/!(0-0(!;Ĝ.%?P:-0@!?50!8?%Q!('4!P/#AĖ:-0!%!8#/:@!?RNA9#/!
I.5.!(?$!('<!5.$4%,!;#80(A.'5!i!&,-./0þ(Č1![(#&:PG#$.5.!-4/0!40@!-4/0!
PRG:4:!(#&)!5.$Q@!-4/0!7#I)!4N(#&Q!?!$A0GN1!
"n>ý!Cq3qCh!`qVS
"Ĝ.;G?&#&?5!-40/!40!(?!-0$(:!/0P.('G#$()!8050&.P()!8?5%X49#p@!%$0!-40/!
/Č5!R,8!9#480/1!O$NI!-40/!40!;Ĝ0$!;G#\G?/0/!/#$5.5!&0!4&Q/!9#80X
5#&Q/!;#%#-.@!&#5?5!-40/!%!7#9:!?!;8?5!-40/!40!a#@!;G#þ!-0!&!A)G%&.!8?%!
#RG#&4%,! /#G'5()! W;?$0%1! e7#I0@! ;G#þ! 8#5.%! 5.$)@! $#%#(A0! &0$#:A)A9@!
:;?$'!$#!8Č504(,A9!$G:9Ĥ!9Ĝ)A9ĤSb
K5N<05!-40/@!-?%!/.!Z:A9!K&?8,!Ĝ)%'g!e;5%#$%&*Ĥ6(%#$.">%3$%+,#5%*/"G
þ$*46(0\!c`)8.5!-40/@!I0!309#!&,8%?!40!(08,%'!-0(!/Č@!?50!&P8?9#&?5?!40!
(?!A05%#&Q!&0$0()!A)G%&0d1!Z'50!/.!:%'P?5@!I0!45#&?!-4#:!40/0(?@!?!I0!
%?I$Q!40/0(#!&I$N!;5#$)!;#$50!4&Q9#!$G:9:1!T#!-0!4?/#PĜ0-/,!P'%#(!
i!-0485.I0!P?4?$)80!-'$G#!-?R5%?@!(0&NG#480!&'/!P!(Č-!-?&#G1![?4?$)80X5.!
;0A%:!/?(\?@!(0R:$0!P!()!R?&5()%1![0!40/0(0!&NG#480!8#@!A#!-0!&!-09#!
;Ĝ.G#P0(#48.1!
7:$0/0X5.!&N:þ#&?8!?!%'P?8!;#40548&)@!%80G'!-4#:!&!G#P;#G:!4!7#I)/!
FJ
+j3]ChýMj
45#&0/@! -?%#! (?;Ĝ)%5?$g! eM0-4/0! -.()! (0I! 9Ĝ)<()A.1! 30(#/! -0! ('/! #$X
;:<8Č(#b@!5.$Q!;#8#/!(0R:$#:!4A9#;(.!-0$(?8!&!/#A.!309#!;Ĝ.G#P0(#48.!
i!&!/#A.!/.5#48.1!+P;#/0Ė80!4.@!I0!4%GP0!&05%'!?!&P'A('!P?45)R0()!c40X
/0(?d!-4/0!40!48?5.!Wþ?48()%N!309#!7#I4%Q!;Ĝ.G#P0(#48.1!Z?G!P/#AĖ:-)A)!
/.5#48.!-0!;Ĝ0('<0(!4%GP0!,6$*41!>;?%!-0!8?%Q!;G?&$#:!i!PR?&.8!/#A.!-0!
8?%Q!/#I(Q!4%GP0!45#&?!c40/0(?d1!K5#&?!;Ĝ.A9'P0-)A)!P!(?<.A9!%?P?8050(@!
%(.9@!`Z!?!#4#R()A9!G#P9#&#GĤ!R:$#:!;5#$.8!;#$50!4&Q9#!$G:9:@!-4#:!8#!
40/0(?D!+!$(0<()!$#RČ!/'/0!/(#9#!5.$)@!%80Ĝ)!(?/)48#!I.&#8?!&!;5(#48.!
7#I)!;Ĝ.G#P0(#48.!I.-)!&0!45?R#48.!4&Q!8Č504(#48.1!+!;#$48?8Č!-4/0!8#!(0X
;#G:<.805(Q!40/0(#!PR?&.5.!-09#!/#A.1!
C#I('!4.!/N45)80g!M#@!3#9(0@!80ć!:I!-4.!8#!;Ĝ09(?5D!3?%!/ĤI0<!&ČĜ.8!
8#/:@! I0! RN! 5.$4%Q! :þ0()! /#95#! PR?&.8! Wþ.((#48.! /#A! 7#I)9#! -0$('()!
&!I.&#8Č!þ5#&Č%?S!
>$;#&Čć!(?A9'P)/!&!30I)<#&,A9!45#&0A91!>(!Ĝ0%5!809$0-<)/!&0$#:X
A)/!(ČA#!&05/.!;#$#R(Q9#!8#/:@!A#!Ĝ0%5!/(Č!&!8#/!9#805#&Q/!;#%#-.g!
en:<)80!7#I)!45#&#!c4"#$8(#"%7$9?)$%,6$*4a!&?<)!8G?$.A)@!%80G#:!;Ĝ0$'X
&'80@!?!8?%#&,A9!;#$#R(,A9!&ČA)!þ.()80!/(#9#1b!cC?G0%!F@*6f!P'&#G%?!
;Ĝ.$'(?!$50!?(\51!;Ĝ0%5?$:d1!
eY:8#G.8?! 7#I)9#! 45#&?b@! #! %80GQ! 30I)<! /5:&)@! ;Ĝ0$48?&:-0! /#A! %0!
P/Č(Č!I.&#8?!þ5#&Č%?1!Y!8?8#!/#A!/ĤI0!R,8!PG:<0(?@!PR?&0(?!Wþ.((#48.D!
O$NI! 40! (?$! 8)/! P?/N45)80@! -0! 8#! #9G#/:-)A)1! a&ČP$N@! ;#$50! %80G,A9!
;#!A05Q!\0(0G?A0!('/#Ĝ()A.!Ĝ)$)!4&Q!A048N@!45:(A0@!%80GQ!$'&'!;#!8.4)A0!
508!(?<)!?8/#4^QĜ0!4&Č85#!?!80;5#@!4#:9&ČP$)@!P'Ĝ)A)!(?!(0R.!$Q50@!(0I!4.!
5.$48&#! $#%'I0! ;?/?8#&?8@! 8#! &<0! /ĤI0! ;#9?4(#:8! ?! P?(.%(#:8@! ?&<?%!
7#I)! 45#&#! (0405I01! 7#I)! 45#&#! -0! 8?%! /#A(Q@! I0! $GI)! ;#9G#/?$Č! A05Q!
48&#Ĝ0()D!Y!-0!8?%!/#A(Q@!I0!7Ĥ9!-0!&N&,<.5!$#%#(A0!(?$!K&Q!-/Q(#!c&.P!
u!*6H@2d1!Y!;Ĝ048#!0U.48:-0!-0$(?!&ČA@!%80G'!$#%'I0!PG:<.8!/#A!7#I)9#!
45#&?@!?!8#:!-4#:!:þ0()!&!4G$A)A9!5.$)@!%80G'!;G#8.Ĝ0þ)!;G?&$ČD
C#A!7#I)9#!45#&?!RN5?!&!I.&#80A9!5.$)!PG:<0(?!;G#8.%5?$(,/.!:þ0()X
/.!?!%#(A0;8N!P?4Q&?(,/.!$#!-0-.A9!/N45)1!30!-./!RG'(Č(#@!?RN!40!48?5.!
$#4;Č5,/.@! -?%#! -0! $#%#(?5,! -0-.A9! (0R04%,! >80A1! M?<0! 8G?$.A0@! (?<0!
HL
C ] V > K T ! Y ! " n Y+ Z Y
þ5#&Č%0/! &N/N<50('! :þ0()@! %80G'! -4#:! &! ;G#8.%5?$:! %! ")4/:@! P?$GI:-)!
$:A9#&()!GĤ481!30I)<!P?;5?8.5!8?%!#RG#&4%#:!?!;5(#:!A0(:!P?!(?<0!$#%#X
(?5Q! 4;?40()@! ?! ;Ĝ048#! /ĤI0! 0&?(\05.%'5()! 8G?$.A0! /#A! 8#9#8#! 4;?40()!
PG:<.81!
3480!-0$0(!P!/(#9?@!%80Ĝ)!40!(?!4&Q!A048Č!4!7#90/!A)8)!R0P/#A()@!P?X
48G?<0()!?!/?5#/N45()S!`)8)80!40@!-?%#!RN!&'<!R5)P%,!&P8?9!4!7#90/!RN5!
(Č-?%!#$$Č50(,S!"Ĝ0/,<5)80!(Č%$0!95:R#%#!&0!4&Q/!4G$A.g!e"Ĝ0A0!/:4)!
R,8!&)AbS!30!/#I(Q@!I0!&'/!4;G'&(Č!Ĝ0%5.@!I0!-0!&'/!#$;:<8Č(#!?!-480!
P?A9G'(Č(!#$!&Čþ(Q9#!P?8G?A0()@!?&<?%!-.(?%!4%5)P)80!&,450$0%!;#G:<.805X
(,A9@!þ5#&Č%0/!.(4;.G#&?(,A9!40/0(@!P?408,A9!$#!&?<09#!4G$A0!?!&?<)!
/N45.1!Y:8#G.8?!7#I)9#!45#&?!RN5?!&0!&?<0/!I.&#8Č!PG:<0(?D
30485.!40!8#!8,%'!;G'&Č!&'4@!/'/!WI?4(#:!P;G'&:1!+'<!I.&#8!40!$)%N!
/#A.! 309#! /.5#48.! /ĤI0! #8#þ.8! #! 48#! #4/$04'8! 48:;ĖĤ1! +?<0! WG#$?! 40!
(N()!P/Č()@!;G#8#I0!-)80!7#I)!45#&#@!(.%#5.&!8G?$.A0!5.$)1![R#I(,!I.&#8!
;#$50!")4/?!P?þ)('!&ČĜ0()/!4;G'&(,/!&ČA0/1!30485.I0!-4#:!&?<0!P'%5?X
$N!<;?8(Q@!(0/Č5.!-480!(?!þ0/!48?&Č81!309#!K5#&#!8#!P/Č()1!"Ĝ.;G?&80!40!
(?!&,-./0þ(QD
™
!"#$%&'#&12,34)þ'*-&.)/0CN45)80!4.@!I0!-480!4%GP0!(04;G'&(Q!&N:þ#&'()!(0R#!-.(,/.!P;Ĥ4#RN!;Ĝ.X
-?5.!;#G:<.805(Q!40/0(#S!30485.I0!?(#@!A#!-0!8)/!(0;#G:<.805(,/!40/0X
(0/!i!7#I)/!45#&0/!i!%80G,/!-0!8Ĝ0R?!8#!<;?8(Q!40/0(#!(?9G?$.8S
`#! /ĤI080! #$! (N(Č-<%?! $Č5?8@! ?RN480! P?-.48.5.@! I0! &'<! I.&#8! R:$0! 48'50!
&)A0!(?;5Ė#&'(!$#RG,/.!40/0(NS
H*
I
1!-(+($=4!J4+(=%!
3
?%/.50!-40/!#R-0&.5@!I0!/.5#48!(0P(?/0('!;#:P0!7#I)!WI?4(Q!#$;:<X
8Č()!?!P?45)R0()!(0R0@!?50!8?%Q!309#!P/#A(Č()@!/Ĥ-!I.&#8!40!P'4?$(Č!
P/Č(.51!"Ĝ0$8)/!-40/!R#-#&?5!4!9Ĝ)A90/@!;#&?I#&?5!/(#9#!7#I)A9!;Ĝ)X
%?PĤ!P?!;Ĝ)5.<!8ČI%Q@!?RNA9!-0!$#%'P?5!4;5(.8@!;#8,%?5!-40/!40!4!;#A.80/!
/Q(ČA0((#48.!?!()P%,/!40R0&Č$#/)/!?!;Ĝ0/,<505!-40/@!;G#þ!-0!&!/Q/!
I.&#8Č!8?%!/'5#!#&#A0!&Čþ(#48.1!3?%/.50!-40/!4.!&<?%!:&Č$#/.5@!I0!(N()!
/'/! 309#! ;Ĝ.G#P0(#48@! /Ĥ-! I.&#8! 40! 48?R.5.P#&?5@! ;#I09('()! ;G#:$.5?@!
?!8?%Q!40!P&Č8<.5!/Ĥ-!&5.&!8,%?-)A)!40!%G'5#&48&)!(?!#48?8()!þ50(N1!
T:8#!;G#/Č(:!RNA9!/#95!.5:48G#&?8!(?!/Q!P%:<0(#48.!4!/,/!;G&()/!
(#80R##%0/1!+P;#/)('/!4.@!-?%!-40/!9#!P?;(:5!?!;#8#/!-40/!%:GP#G0/!
-0P$.5!;#!GĤP(,A9!;G#\G?/0A9@!?50!(.A!/#A!-40/!(0:$Č5?51!
!"#!(Č-?%Q!$#RČ!-40/!4.!%!(Č/:!40$5!4;#50þ(Č!4!-0$()/!;#þ)8?þ#&,/!
0U;0G80/!?!#(!/.!P?þ?5!:%?P#&?8@!A#!40!(?!(Č/!$'!$Č5?81!>9G#/0(!8)/@!
A#!-40/!&.$Č5@!P?48?&.5!-40/!9#!?!P0;8?5!40g!eTN!A9A0<!Ĝ)A8@!I0!8#950!/ĤI:!
$Č5?8Sb
ekI!-4.!8#!/#95!$Č5?8!$'&(#@b!#$;#&Č$Č51
"?%! ;G#&0$5! &! -.(Q/! ;G#\G?/:! $?5<)! WI?4(,! %#:40%! ?! -'! 40! P0;8?5!
P(#&:g!eY!8#950!8?%NSb
ekI!-4.!8#!/#95!$Č5?8!$'&(#@b!#;'þ.5!4!W4/Č&0/1
`#!8:!&NA9'P05#!(?-0&#S!T0(8#!þ5#&Č%!/.!;#:P0!#$9?5#&?5!4A9#;(#4X
8.!/Q9#!;#þ)8?þ0@!%80GQ!8?/!RN5N!A05#:!8:!$#R:@!?50!;G#!/Č!RN5N!4A9#&?X
(Q@!$)%N!(0$#48?8%:!;#P('()1!7Ĥ9!Ĝ)%'g!eY!8?%!R:$0!/Ĥ-!5.$!&N48Č9#&'(!
c;Ĥ-$0!$#!P?-08)!i!;#$50!?(\51!;Ĝ0%5?$:d!;G#!(0$#48?80%!;#P('()b!c]P?-'<!
B@*6d1!C(#P)!-4#:!P?-?8A.!?!;G#9G'&?-)!&!I.&#8Č@!-?%#!-40/!;G#9G'&?5!-'@!
;G#8#I0!(0/?-)!;#P('()!/#A.!/.5#48.!&0!4&,A9!I.&#80A91!30!8#!W;5(Č!480-X
H6
+j3]ChýMj
(Q!-?%#!('<!8G#40þ()%!(?!#;:<8Č(Q/!#48G#&Č1!CČ5!&<0@!A#!;#8Ĝ0R#&?5@!?RN!
W4;Č<(Č!;Ĝ0I.5!('450$:-)A)!$&?!/Č4)A0@!?50! (0&Č$Č5!#!-0$(Q!P!95?&()A9!
^:(%A)!48Ĝ05(Q!PRG?(Č1!
M0P(?5#48!7#I)9#!45#&?!/ĤI0!&N;G#$:%#&?8!-0<8Č!(ČA#!9#G<)9#!(0I!
-0!P?-08)g!eCĤ-!5.$!9N(0!;G#!(0$#48?80%!;#P('()b!c>P0'<!=@Ed1!O#5.%!5.$)!
P8G#4%#8?5#!&0!&)Ĝ0!;#!8#/@!A#!40!4(?I.5.!P?5)R.8!40!7#9:!P0!4&,A9!&5?48X
()A9! 4.5! ?! 4A9#;(#48)S! +,450$0%g! %Ĝ04Ģ?(Q! (?! 4&Q! A048Č! 4! 7#90/! (0X
&P%&Q8?-)@!?50!9N(#:@!;G#8#I0!/)48#!8#9#@!?RN!P%#:/?5.@!A#!7Ĥ9!&0!K&Q/!
;4?(Q/!45#&Č!Ĝ)%'@!:&ČĜ.5.!8#/:@!A#!-0!5.$Q!:þ.5.!(?!P'%5?$Č!8G?$.A@!4&QX
&#5(#48.!(0R#!.(8050%8:'5()9#!%Ĝ04Ģ?(48&)1!>!;G&()A9!&ČĜ)A)A9!&!70G#-.!
40!Ĝ)%?5#@!I0!RN5.!e:<50A98.50-<)!(0I!8.!&!T04?5#(.A0g!;Ĝ.-?5.!K5#&#!40!&<)!
$NA98.&#48)!?!$0((Č!;0þ5.&Č!P%#:/?5.!")4/?@!P$?5.!-0!8#/:!8?%b!cK%:8%N!
*F@**d1! M0p! ](80G(?8.#(?5! +0G4.#(! ;Ĝ0%5'$'g! e70G#-<8)! RN5.! *A'5B5'Č+G
B?%<$*4)/b1!"?&05!;Ĝ.(045!8Č/8#!5.$0/!7#90/!$?(Q!P-0&0()@!?50!#(.!-0!
(0;Ĝ.-?5.!-0(!8?%1!".5(Č!48:$#&?5.!")4/?@!?RN!4.!#&ČĜ.5.!8#@!A#!&N:þ#&?5@!
?!7Ĥ9!Ĝ0%5@!I0!RN5.!e*A'5B5'Č+B?)$%3)484&#58"\0
k&Č$#/:-.! 4.@! I0! 7Ĥ9! #R$?G#&?(,/! :þ.805Ĥ/@! %80Ĝ)! a#! ;.5(Č! 950X
$?-)@! $'&'! P-0&0()1! M.A/Q(Č! ?Ģ! -0! -0-.A9! &N:þ#&'()! -?%%#5.! &PG:<:-)A)@!
/Č5.!RNA9#/!-0-!4?/.!;G#48:$#&?8@!?RNA9#/!P-.48.5.@!P$?!4#:95?4)!4!8)/@!
A#!Ĝ)%'!")4/#1![Wþ?48(.5!-40/!40!R#9#45:I0R!&!#RG#&4%,A9!?!;#;:5'GX
()A9!4R#G0A9!?!45N<05!-40/!;#8G95'!;G#95'<0()!8N;:g!eM0$Č50-80!4.!;Ĝ)5.<!
48?G#48.!4!8)/@!-?%Q!&#5RN!&!I.&#8Č!/'80!:þ.(.8f!.!%$NI!8N8#!&#5RN!(0R:X
$#:!4;G'&(Q@!(?%#(0A!P?&0$#:!&?<0!I.&#8N!$#!7#I)!&Ĥ50@!;G#8#I0!>(!4.!
&'4!&I$NA%N!(?-$01b!M0R#g!eCN!%Ĝ04Ģ?(Q!-4/0!48'50!9Ĝ)<()%N@!?50!4%GX
P0! /.5#48! -0! ('/! #$;:<8Č(#1b! +Č8<.(?! 5.$)! &0! 49G#/'I$Č()! 40! :4/)&'!
?!4#:95?4(Č!;Ĝ.%N&:-0f!;#%5'$?-)!8#!P?!4?/#PĜ0-/Q@!;G#8#I0!8#!5#\.A%N!
$'&'!4/N451!"#8#/!40!&<?%!$.&)@!;G#þ!&0!4&Q/!I.&#8Č!/:4)!8#5.%!R#-#&?81!
`#;?%!(.%$N!(0þ085.!7#I)!&,P&:g!eM04;#5Q90-!40!(?!4&#-.!G#P:/(#48b!
c"Ĝ)45#&)!6@BdS
+!-0-.A9!4G$A)A9!RN5?!P?408?!;#G:<.805('!40/0(?@!;G#8#I0!8?8#!45#&?!
-4#:!&!G#P;#G:!4!8)/@!A#!7Ĥ9!&!")4/:!Ĝ)%'1!M?&P$#GN!8#/:!-0!&<?%!;Ĝ.X
H=
+! M > + > K T ] ! u ] + > TY
-)/?-)!-?%#!0&?(\05.:/1!M0P%#:/?-)!7#I)!45#&#@!95?&(Č!M#&#:!4/5#:X
&:@!?RN!P-.48.5.@!I0!&ČĜ)A)!(0-4#:!P';?4)A)/.!9Ĝ)<()%N@!A9#$)A)/.!;#!(0X
4;G'&(,A9!A048'A9@!%80Ĝ)!-0(!$)%N!/.5#48.!&I$N!4%#(þ)!8?/@!%$0!4;G'&(Č!
/?-)1!M0&P;#/0(#:!4.!(?!7#I)!45#&?g!e`#!þ5#&Č%!P?40-0@!8#!8?%Q!4%5.$)b!
cs?5?84%,/!E@Fd1!75#:$)@!;G#8#I0!(0950$?-)!;G?&$:@!8#8.I!I0!'/'?!-4/0!
7#I)/.!$Č8/.@!?!-?%,!-0!>(@!8?%#&)!-4/0!.!/N!&!8#/8#!4&Č8ČD
7:ć/0!-?%#!8.!&ČĜ)A)!&!70G#-.@!?Ģ!:I!%'I0/0@!(0R#!%'P'()!;#45#:A9'X
/01!3'!4'/@!(0I!40!;#48?&)/!P?!%?P?805(:@!:-.48)/!40@!I0!-40/!(?$!/,/!
;#40548&)/!$Ĥ%5?$(Č!G#P-)/?5@!?RN!RN5#!&!4#:5?$:!4!A05,/!7#I)/!45#X
&0/1!C)&'/!&!(Č/!#R&N%50!/(#9#!&0G<Ĥ@!?&<?%!&I$NA%N!(0-/Q(Č!$&?!
(0R#!8Ĝ.!%0!%?I$Q/:!/Q/:!;G#95'<0()1!"G#þ!RNA9!/Č5!A98)8!;Ĝ0%G:A#&?8!
7#9?!?!;Ĝ0$!309#!4#:$(#:!48#5.A)!;?%!&N$'&?8!;#þ08!P!8#9#@!I0!-40/!%5?X
/?5!309#!5.$!(0R#!/:!P(0/#IĖ#&?5!;Ĝ.-)/?8!309#!P/#A(Č()S
O$NI! þ8080! %(.9:! (0R#! ;#45#:A9'80! (Č-?%Q! &N:þ#&'()@! ;Ĝ0/,<50-80!
#!8#/@!þ0/:!40!8)/!:þ)801!30!8#!&!4#:5?$:!4!")4/0/!c?!(0-0(#/!4!-0$()/!
(0R#!40!$&Č/?!-0$(#85.&,/.!&0G<.@!?50!4!A05#:!G?$#:!7#I)9#!45#&?dS!M0X
;Ĝ.-)/0-80!?:8#/?8.A%N!&<0A9(#!-0(!;G#8#@!I0!8#!Ĝ0%5!;?48#G1![%#:/0-80!
8#D!Y!-?%/.50!P-.48)80@!I0!-0!8#!;G?&$?@!A9N8(Č80!40!8#9#!?!(0P;#A9NRĖ:-80!
8#1!Z0-80!8#/:!4&Ĥ-!I.&#81!7Ĥ9!Ĝ)%'@!I0!%$#!8#950!$Č5'@!-0!:<50A98.5,!?!$#X
%#(A0!e&P(0<0(Q!;#&?9Nb1
MYZ+VwZY!aěq`ak!3h![V>ChMY
[(#&:!4.!;#450A9(Č80@!A#!;G#95?<:-0!;.4?805!5.48:!u.$Ĥ/g!eCČ-/0!80$N!
/.5#48@! 40! %80G#:! /ĤI0/0! 7#9:! 45#:I.8! ;Ĝ.-?805(Čb! c*2@2H! ;#$50! ?(\51!
;Ĝ1d1!C.5#48!-0!R0P;5?8(,!$?G@!%80G,!('4!P/#AĖ:-0@!?RNA9#/!/#95.!45#:X
I.8!7#9:!P;Ĥ4#R0/!30/:!;Ĝ.-?805(,/@!P;Ĥ4#R0/@!%80G,!40!C:!5)R)1!C.X
5#48!('4!;#P&0$'!$#!&,-./0þ(Q9#!I.&#8?1!
T#8#!P/#A(Č()!5P0!(?!;G&()/!?!(0-$Ĥ50I.8Č-<)/!/)48Č!&.$Č8!(?!(?<)!
RN8#48.@!%80G'!$#48?5?!30I)<#&N!&G#P0(Q!&5?48(#48.1!")4/#!;G#95?<:-0@!I0!
HB
+j3]ChýMj
7Ĥ9!('4!#R(#&.5@!P(#&:!48&#Ĝ.5@!e?RNA9#/!RN5.!P^#G/#&'(.!$#!#RG?P:!
309#!KN(?!c?!&(.8Ĝ(Č!4$)505.!309#!;#$#R:db!cě)/?(Ĥ/!H@2Jf!YC"d1!3.('!
&0GP0!;Ĝ0%5'$'!e?RNA9#/!40!48?5.!8?%#&,/.@!+4&$%+5%;5)$%*64,#'?%H/'@!8?%!
?RN!309#!KN(!RN5!;G&#G#P0(,/!P!/(#9?!$Č8)b!c`h+d1!+!(?<0/!&(.8Ĝ()/!
þ5#&Č%:!-4/0!40!P(#&:PG#$.5.!$#!;Ĝ04(Q9#!#RG?P:!?!;#$#RN!30I)<0!OG.4X
8?f!;G#8#!-0!30I)<!(?P&'(!;G&#G#P0(,/!/0P.!/(#9?!RG?8GN!?!4048G?/.1!
M0$'&(#!-40/!40!(Č%#5.%!$()!;#48.5!?!/#$5.5!&!9#G'A9!&!`#5#G?$:1!
"Ĝ'805Q! /Č! (0A9?5.! RN$508! &! -0-.A9! 4G:R:@! %80G,! RN5! :;G#48Ĝ0$! ;:48.(N1!
>%#5#!/Č!RN5?!-0(!$.&#þ.(?!?!-0-)!('$90G?1!
!"Ĝ.!8#/8#!;Ĥ48:!-40/!&0!4&Q/!$:A9:!48'50!45N<05g!M$@?*5+%,5%'4%ě?G
.4'Ĥ.%d0%C:4)/!%0!4&Q!5)8#48.!;Ĝ.P(?8@!I0!/.!"'(!/:405!8?8#!45#&?!(ČX
%#5.%G'8!;Ĝ.;#/0(#:8@!(0I!-40/!4.!#;G?&$:!40$5!?!;Ĝ0þ085!4.!8#1!]9(0$!(?!
/Č!&N4%#þ.5!80(8#!&0G<g!
eaĜ)A9!(?$!&'/.!(0R:$0!;?(#&?8f!&I$NĢ!(0-480!;#$!P'%#(0/@!?50!;#$!
/.5#48)b!cě)/?(Ĥ/!E@*=d1!
!"G#þ!RN!(?$!('/.!(0/Č5!9Ĝ)A9!;?(#&?8S!"G#8#I0!:I!(0/'/0!9Ĝ)<(#:!
;Ĝ.G#P0(#48@!%80G'!I.-0!;#:P0!&!/0P)A9!#/0P0()1!Z#48?5.!-4/0!30I)<#&:!
;Ĝ.G#P0(#48!?!&48#:;.5.!-4/0!;#$!7#I)!P/#A(Č()1!
34/0! 4&#R#$()! #$! /#A.! 9Ĝ)A9:D! "Ĝ0þ8Č80! 4.! 80(! &0G<! -0<8Č! -0$(#:@!
;G#8#I0!-0!8#!WI?4('!P;G'&?D!C044?\0!7.R50!9#!&N4&Č85:-0g!eaĜ)A9!&'/!
(0/ĤI0!Ĝ)%?8@!-?%!/'80!I)81b!7#I)!45#&#@!<84*@4@!;G#95?<:-0@!I0!;#/5:X
&N@! :G'I%N! ?! 5I.! :I! (?$! &'/.! (0/#9#:! &5'$(#:81! `.P#5#I48&)@! /./#X
/?(I054%,!40U@!9#/#40U:?5.8?@!;#G(#\G?!!0!?(.!I'$('!-.('!(0þ.48#8?!:I!
(?$!&'/.!(0/ĤI0!;?(#&?81!M0('&.48@!9#Ĝ%#48@!(0#$;:<8Č()@!;Ĝ0$4:$%N!
?!P'&.48!:I!&'4!(0#&5'$'1!M0#&5?$?805(,!9(Č&@!P:Ĝ.&#48!?!P'A9&?8N!P5#48.!
:I!&0!&?<0/!I.&#8Č!(0/?-)!I'$(#:!?:8#G.8:1!OG'$0I0@!P(0:I)&'()!;G'<%Ĥ!
?!?5%#9#5.4/:4!(0-4#:!:I!&?<./.!;'(N1!M0;#45:<(#48!?:8#G.8'/@!8&G$#X
95?&#48!?!(0;#$$?-(#48!P8G?8.5N!(?$!&'/.!&5'$:1!Y!8?%!$'50@!80(8#!40P(?/!
/ĤI0!;#%G?þ#&?81!kI!40!(0/:4)80!;#$$'&?8!8?%#&,/8#!9Ĝ)A9Ĥ/@!;G#8#X
I0!(N()!-480!/.5#48)!P/#A(Č(.!%!8#/:@!?RN480!-./!(045#:I.5.1!
HE
+! M > + > K T ] ! u ] + > TY
"#$)&0-/0!40!(?!8#!8?%8#g!O$N4.!-480!RN5.!4%GP0!4&#:!&5?48()!;Ĝ.G#P0X
(#48!&ČP(.!(Č%80G,A9@!(0X5.!&<0A9!8ČA98#!&ČA)@!?!(0RN5.!-480!4A9#;(.!I)8!
PR#I(,!I.&#81!30I)<!;Ĝ.<05!?!G#PG?P.5!$#!<.G#%?!$&0Ĝ0!8#9#8#!&ČP0()1!+P?5!
/#A(Q!(?$&5'$Č!9Ĝ)A9:!%5)þ0!?!&N!/ĤI080!(N()!P!&ČP0()!&N-)81!kI!(0-480!
#8G#%N!9Ĝ)A9:1!3480!4&#R#$()!?!-480!7#I)/.!$Č8/.D
"n>ý!MċOThěq!KTwVh!7>3k3qS
!
T?%";G#þ!80$N!8#5.%!&ČĜ)A)A9!&!8ČA98#!#R5?480A9!9Ĝ)A9:!48'50!R#-:-0!?!-4#:!
-./.!$#%#(A0!#&5'$'(.S!"G#þ!(0-4#:!#$!(.A9!4&#R#$()S!>$;#&)/!(?!8N8#!
$Ĥ50I.8Q!#8'P%N!;#P$Č-.!&!8Q8#!%(.P0@!?50!;G#!P?þ'80%!;G#P%#:/'/0@!A#!
('/!#$9?5:-0!E1!%?;.8#5?!ě)/?(Ĥ/g
e`#!80$N!Ĝ0%(0/0S!C'/0!PĤ48'&?8!&!9Ĝ)A9:@!?RN!40!G#P9#-(.5?!/.X
5#48S!M?;G#48#!(0D!3?%!RNA9#/!/N@!%80Ĝ)!-4/0!9Ĝ)A9:!P0/Ĝ05.@!&!(Č/!
/#95.!-0<8Č!I)8S!`#I!(0&)80@!I0!/N!&<.A9(.@!%80Ĝ)!-4/0!RN5.!;#%Ĝ8Č(.!
&!OG.48?!30I)<0@!RN5.!-4/0!;#%Ĝ8Č(.!&!-09#!4/G8Sb!c&0G<0!*X6d
! O$NI! þ8080! 45#&?! e-4/0! RN5.! ;#%Ĝ8Č(.b@! (0/N45080! -0(! (?! %Ĝ048! &0!
&#$Č1!K5#&#!&Ĝ5,#!;#A9'P)!P!Ĝ0A%Q9#!45#&?!E4<#(A$0!30!$0!!(#&'(#!-?%#!
e;#(#Ĝ.8@!;#8#;.8f!PA05?!;#%G,8!c;Ĝ0/#A8db1!+!")4/:!40!E4<#(A$!(0-þ?48ČX
-.!;#:I)&'!%!#P(?þ0()!%Ĝ8:!&#$#:1!34#:!&<?%!.!-.(Q!;Ĝ);?$N@!%$N!E4<#(A$!
;Ĝ0$48?&:-0!;#(#Ĝ0()!$#!(Čþ09#!-.(Q9#1!T#!-0!-?4(Č!&.$Č8!&!5.48:!u.$Ĥ/@!
%$N! ;.4?805! 9#&#Ĝ)! #! e:þ0()! #! %Ĝ80A9b! cE@2d1! T?$N! -0! PĜ0-/Q@! I0! /:4)!
R,8!&)A!(0I!-0$0(!%Ĝ048!c(0R#!;#(#Ĝ0()d1!M?;Ĝ)%5?$g!-0!P$0!%Ĝ048!&!Z:X
A9:!4&?8Q/!c&.P!V:%'<!6@*Ed@!%Ĝ048!$#!TČ5?!OG.48#&?!c&.P!*1!O#G.(84%,/!
*2@*6d!?!%Ĝ048!:8G;0()1!30I)<!Ĝ0%5!3?%:R#&.!?!3?(#&.g!eCĤI080111!R,8!;#X
%Ĝ8Č(.! %Ĝ80/@! %80G,/! -'! -40/! %Ĝ8Č(Sb! cC?G0%! *L@6Hd1! M0/5:&.5! #! %Ĝ8:!
&#$#:@!%80G,!:I!;#$48#:;.5@!?50!#!%Ĝ8:!c;#(#Ĝ0()d!&N$'()!K&Q9#!I.&#8?!
&!P'-/:!%G'5#&48&)1!
HF
+j3]ChýMj
O$NI! 80$N! (N()! &)80@! I0! 45#&#! %Ĝ048! /'! (Č%#5.%! &,P(?/Ĥ@! ;Ĝ0þ8Č80!
4.! -0<8Č! -0$(#:! &,<0! :&0$0(Q! &0G<0! ?! (?9G?ć80! 45#&#! <$&Ĝ#Č'(% 45#&0/!
<$'$Ĝ5'(0%K8?5.!-4/0!40!-0$(#!4!OG.480/!8)/@!I0!-4/0!$#!MČ9#!RN5.!;#(#X
Ĝ0(.1!30I)<!8#8#!4-0$(#A0()!;#;.4:-0!8?%8#g!e3'!&!(.A9!?!#(.!&0!C(Č@!?RN!
RN5.!;Ĝ.&0$0(.!%!$#%#(?5Q!-0$(#8Čb!c3?(!*F@26d1!TN!?!30I)<!:I!(0-480!$&?@!
?50!-0$0(1!K80-(Č!-?%#!(0/ĤI080!#$$Č5.8!&.((#:!GQ&:!#$!-0-)!&Č8&0@!(0/ĤX
I080!?(.!#$$Č5.8!40R0!#$!4&Q!-0$(#8N!4!OG.480/1!MN()!-4/0!/G8&)!9Ĝ)A9:@!
;G#8#I0!-4/0!&!OG.48:!?!/'/0!309#!;Ĝ.G#P0(#481!ý8Č80!$'5g!
e7N5.!-4/0!4;#5:!4!()/!4%GP0!%Ĝ048!;#9ĜR0(.!&0!4/G8@!?RNA9#/!.!/N@!
8?%!-?%#!RN5!OG.48:4!4%GP0!45'&:!>8A0!&P%Ĝ)<0(!P!/G8&,A9@!*,#$"<(6(%'4%
35,#"%'$*-)$%9(*$#4b!cě)/?(Ĥ/!E@=d1
C'/0! /#A! I)8! (#&,! I.&#8D!Y/;5.!!0$! 7.R50! Ĝ)%'g! eYRNA9#/! .! /N!
/#95.!I)8!c(?&N%(#:8!4.d!?!-0$(?8!&!(#&#48.!I.&#8?b1!"Ĝ0/,<50-80!#!8#/!
8?%8#g! 3?%/.50! -480! -0$(#:! $?5.! 4&Ĥ-! I.&#8! 30I)<.@! $:A9#&(Č! -480! 4! M)/!
P0/Ĝ05.!?!RN5.!4!M)/!;#9ĜR0(.@!?!-?%#!>(!RN5!7#I)!/#A)!&P%Ĝ)<0(!P!/G8X
&,A9@!RN5.!-480!8#:8QI!/#A)!(?;5(Č(.!30I)<#&#:!&P%Ĝ)<0(#:!;Ĝ.G#P0(#48)1!
T#8#!&<0!40!48?5#!4%GP0!7#I)!P'PG?þ(#:!/#AD!O$NRN480!40!;#%:4.5.!
;#A9#;.8!8#!4&,/!;Ĝ.G#P0(,/!G#P:/0/@!RN5#!RN!8#!480-(Č!#R8)I(Q@!-?%#!
40!4(?I.8!;#G#P:/Č8!8#/:@!-?%!40!/:I!?!I0(?!;#!4&?8RČ!$#45#&?!48?(#:!
-0$()/!8Č50/1!"G#!(?<0!5.$4%Q!A9';'()!-0!8#!&05.%Q!8?-0/48&)1!30(I0!-0!8#!
4%:80þ(#481! 3480! $#45#&?! ;#(#Ĝ0(.! e$#! OG.48?b1! kI! (0&5?48()80! 9Ĝ)<(#:!
;Ĝ.G#P0(#48f!(N()!/'80!;Ĝ.G#P0(#48!OG.48#&:1!"G#8#!/ĤI0/0!I)8!&!(#&#4X
8.!I.&#8?1!"#45#:A90-80!8?8#!<Ģ?48('!45#&?g
eY!&)/0@!I0!('<!48?G,!þ5#&Č%!RN5!4;#5:!4!M)/!:%Ĝ.I#&'(@!?RN!8Č5#!
9Ĝ)A9:!RN5#!PR?&0(#!4.5!?!/N!:I!9Ĝ)A9:!(0#8G#þ.5.1!+I$NĢ!80(@!%$#!
P0/Ĝ05@!-0!P;G#<8Č(!9Ĝ)A9:b!cě)/?(Ĥ/!E@EXFd1
!34/0!#4&#R#P0(.!P!/#A.!9Ĝ)A9:D!kI!('4!(0$GI)1!kI!(0/'/0!9Ĝ)<X
(#:!;Ĝ.G#P0(#48f!/'/0!(0R04%#:!;Ĝ.G#P0(#48D!cT#8#!;G#95'<0()!P'/ČG(Č!
HH
+! M > + > K T ] ! u ] + > TY
;G?&.$05(Č!#;?%:-.@!?RN!;G#!&'4!(0RN5#!-0(!/N<50(%#:@!?50!;0&(Č!40!&'/!
:%#8&.5#!&!/N45.1d!aĜ)A9!P8G?8.5!(?$&5'$:!(?$!(?<./.!I.&#8ND
eT?%!.!&N!40!;#&?I:-80!P?!/G8&Q!9Ĝ)A9:@!?50!P?!I.&Q!7#9:!&!OG.48:!
30I)<.@!(?<0/!"'(:1!YĢ!80$N!9Ĝ)A9!(0&5'$(0!&0!&?<0/!4/G805(Q/!8Č50@!
8?%!?RN480!;#45#:A9?5.!-09#!I'$#48.f!?(.!(0;G#;Ĥ-þ:-80!9Ĝ)A9:!4&Q!W$N!
P?!('48G#-0!(0;G?&#48.@!?50!&N$0-80!4?/.!40R0!7#9:!-?%#!8.@!%80Ĝ)!RN5.!
/G8&)@!?!#I.5.@!?!4&Q!W$N!&N$0-80!7#9:!P?!('48G#-0!4;G?&0$5(#48.1!aĜ)A9!
(?$!&'/.!(0R:$0!;?(#&?8f!&I$NĢ!(0-480!;#$!P'%#(0/@!?50!;#$!/.X
5#48)b!c&0G<!**X*=d1
aĜ)A9! :I! (0()! (?<)/! ;'(0/@! &I$NĢ! -4/0! $#48?5.! (#&,! I.&#8D! 30I)<!
#80&Ĝ05!$&0Ĝ0!&ČP0()1!MN()!-4/0!4&#R#$()@!?RNA9#/!/#95.!I)8!309#!&,-.X
/0þ(,!I.&#8@!;G#8#I0!/.5#48!('4!P/#A(.5?!309#!;Ĝ.G#P0(#48)1!
%C(@?#5%"9>%+4&$"%.:%.(6$,#%.$3U
+>V7Y!3h!YVh!MY!MwK
"Ĝ0$!8)/@!(0I!-4/0!RN5.!&!OG.48:@!RN5.!-4/0!#8G#%N!9Ĝ)A9:!?!(0/Č5.!-4/0!
(?$!()/!/#A1!T0ć!:I!-.!/'/01!CĤI0/0!40!G#P9#$(#:8@!P$?!40!/:!;#$X
&#5)/0!(0R#!P$?!R:$0/0!-0$(?8!&!/.5#48.@!80$N!&0!4&#R#$Č!#$!9Ĝ)A9:1!
"G#8#!-0!(0(#G/'5()@!?RN!%Ĝ04Ģ?(!9Ĝ0<.5@!P?8)/A#!;G#!þ5#&Č%?@!%80G,!(.X
%$N! (0;Ĝ.-?5! 30I)<0! OG.48?! -?%#! "'(?@! (.%#5.&1! OĜ04Ģ?(Q! /?-)! (?$! 9Ĝ)X
A90/!/#A@!;G#8#I0!/?-)!30I)<#&:!;Ĝ.G#P0(#481!M04;?40(,!þ5#&Č%!-0$('!
;#:P0!(?!P'%5?$Č!4&Q!&5?48()!9Ĝ)<(Q!;Ĝ.G#P0(#48.1![!8#9#8#!$Ĥ&#$:!7Ĥ9!
Ĝ)%'!%Ĝ04Ģ?(Ĥ/!4%GP0!?;#<8#5?!"?&5?g
eT0$N!;G#8#@!I0!-4/0!4&#R#$(.!#$!48?GQ9#!8NG?(48&)@!P(?/0('!8#@!I0!
/ĤI0/0!I)8!;#$50!48?G,A9!P;Ĥ4#RĤ@!-?%!40!('/!P5)R)S!"G#8#I0!/'/0!
4&#R#$:!&!309#!4&#R#$Č@!/ĤI0/0!$Č5?8!A#%#5.&!('/!;Ĝ.-$0!(?!/N45S
HJ
+j3]ChýMj
M?;G#48#!(0D!+)80!;Ĝ0A0!P!&5?48()A9!P%:<0(#48)@!I0!+,$"%'Č&#58-%,&"#&/%
#4&A*4'Č%*5%,*$E$@Č>%465%,*$E$@"%'(þ?1!"#$$0-80!40!9Ĝ)A9:@!?!R:$0!
8#!&'<!;#450$()!4&#R#$(,!4%:80%1!Y50!;#$$0-80!40!R#I)/!P;Ĥ4#RĤ/!
?!A048'/@!?!4&#R#$?!&'4!(0#;:48)1b!cě)/?(Ĥ/!E@*BX*Ef!CKs!;#$50!
?(\51!;Ĝ1d1
7Ĥ9!&'4!(0#4&#R#$.5!#$!9Ĝ)A9:!;G#8#@!?RN480!9Ĝ0<.5.!$'5!?!RN5#!&'/!
P(#&:!?!P(#&:!#$;#:<8Č(#!i!R0P!8#9#@!?RN480!(045.!('450$%N1!M0@!8.4)AX
%G'8!(0D!7Ĥ9!&'4!#4&#R#$.5!#$!9Ĝ)A9:!;G#8#@!?RN480!#$!(Č9#!RN5.!#;G?&$:!
4&#R#$()!?!/#95.!480-(Č!-?%#!30I)<!I)8!&0!4&?8#48.1!
`)50/! #;G?&$#&Q9#! &ČĜ)A)9#! -0! '5)Ĝ5B(#1! ;5,#6(95! &<?%! P9Ĝ0<)/0!
c&<./(Č80!4.@!I0!-40/!Ĝ0%5!e-0485.I0b@!(.%#5.&!e?Ibd@!&!309#!9#-(Q!/.5#48.!
-0!;G#!('4!&I$N!#$;:<8Č()1!3?(!;)<0g!eC#-0!$G?9'!$)8%?@!8#8#!&'/!;)<.@!
4E/,#5%'5)Ĝ5B(6(f!?!-0485.I0!RN!(Č%$#!P9Ĝ0<.5@!/'/0!:!>8A0!"Ĝ)/5:&A0@!
30I)<0!OG.48?@!%80G,!7#9?!$#%#(?50!;#8Č<:-0b!c*1!3?(Ĥ&!2@*f!;#$50!?(\51!
;Ĝ1@!%:GP)&?!;Ĝ.$'(?d1!+.$)80@!-?%!Ĝ)%'g!e?RN480!(09Ĝ0<.5.bS!CĤI0!8#!R,8!
Ĝ0þ0(#!-?4(Č-.S
M0I!-480!40!P(#&:PG#$.5.@!/#95#!R,8!&?<)/!A)50/!(09Ĝ0<.8@!?&<?%!4;5X
(.8! 9#! RN5#! (0/#I(Q@! ;G#8#I0! 9Ĝ0<.8! RN5#! 4#:þ'48)! &?<09#! A9?G?%80G:1!
MN()! -480! $)%N! 309#! A9?G?%80G:! ?! 309#! ;Ĝ.G#P0(#48.! P/#A(Č(.! I)8! 4&#X
R#$(.!#$!9Ĝ)A9:1!30485.I0!40!&<?%!;Ĝ048#!G#P9#$(080!;G?%8.%#&?8!9Ĝ)A9@!
R:$080!4%5)P08!('450$%N!P8G'8N!&?<)!4&#R#$N1!"#450A9(Č80!4.!-0<8Č!-0$(#:@!
A#!"?&05!Ĝ)%'!%Ĝ04Ģ?(Ĥ/g!
e`#I!(0&)80@!I0!%#/:!40!;G#;Ĥ-þ:-080!-?%#!#8G#A.!%!;#45:<(#48.@!%#9#!
;#45#:A9'80@! 8#9#! -480! #8G#%Ng! R:ć! 9Ĝ)A9:@! %80G,! &0$0! %0! 4/G8.@! (0R#!
;#45:<(#48.@!%80G'!&0$0!%0!4;G?&0$5(#48.S!Z)%N!7#9:@!I0!-480!4.A0!RN5.!
#8G#%N!9Ĝ)A9:@!?50!48?5.!-480!40!P0!4G$A0!;#45:<(,/.!&P#G:!:þ0()@!-0/:I!
-480! RN5.! 4&ČĜ0(.1! 7N5.! -480! #4&#R#P0(.! #$! 9Ĝ)A9:! ?! 48?5.! -480! 40! #8G#%N!
4;G?&0$5(#48.b!cě)/?(Ĥ/!E@*EX*Hd1
C.5#48!('4!P/#AĖ:-0!%!8#/:@!?RNA9#/!/#95.!7#9?!;#8Č<#&?8@!?!?RNX
A9#/!/#95.!I)8!&,-./0þ(,!I.&#8D!30(#/I0!G#P9#$(0/0X5.!40!(0I)8!;#$50!
JL
+! M > + > K T ] ! u ] + > TY
(?<)!(#&Q!;Ĝ.G#P0(#48.!?!R:$0/0!40!(0:48'50!;#$$'&?8!9Ĝ)A9:@!&P$'&'/0!
40! 8)/! 4&Q! 4&#R#$N! ?! 48'&'/0! 40! #;Č8! P?-?8A.1!+! ;#$48?8Č! -4/0! ;Ĝ.-?5.!
7#I)!/.5#48!'4@48.$0!"?&05!;G#4.5g!e3?%#!7#I)!4;#5:;G?A#&()A.!&'4!8?%Q!
(?;#/)('/0@! ?RN480! 7#I)! /.5#48! (0;Ĝ.-?5.! '4@48.$b! c21! O#G.(84%,/!
E@*f! %:GP)&?! ;Ĝ.$'(?d1! "Ĝ.-/#:8! (ČA#! (?$?G/#! P(?/0('! (0&N:I)8! -09#!
;5(,! ;#80(A.'51! O$NRN! RN5?! /.5#48! -0(! ;Ĝ.%G,&%?@! ;#8#/! 8#@! A#! "?&05!
8?$N!(?;4?5@!RN!&ĤR0A!(0$'&?5#!I'$(,!4/N451!30485.I0!&<?%!/.5#48.!G#P:X
/)/0!þ)/!$##;G?&$N!-0@!80$N!i!7$9?.%'5A4,6$"95'=.%A.$3'Č'?.>%&#58-%
':.%@:*:%,3)$<'$,#%@Č64#%#$>%3$%<$%':,%<84*@4%*/94@"+5%e!/ĤI0/0!8?%Q!
;#A9#;.8@!-?%!/ĤI0!R,8!/.5#48!R0P!&,450$%Ĥ!?(.!(0/)8!#&#A0!%&Ĥ5.!8#/:@!
I0!RN5?!;Ĝ.-?8?!(?$?G/#1!
>;?%:-.@! -0! 8#! ;Ĝ04(Č! 8#@! A#! "?&05! Ĝ)%'! ě)/?(Ĥ/g! e`#I! (0&)80@! I0!
%#/:!40!;G#;Ĥ-þ:-080!-?%#!#8G#A.!%!;#45:<(#48.@!%#9#!;#45#:A9'80@!8#9#!
-480!#8G#%Ng!R:ć!9Ĝ)A9:@!%80G,!&0$0!%0!4/G8.111Sb!cě)/?(Ĥ/!E@*Ed1!T#8#!
-4#:!&05.A0!4.5('!45#&?!%0!%Ĝ04Ģ?(Ĥ/1!M0;Ĝ09'(Č5!8?$N!"?&05S!>$;#&Čć!
-0@!(?;G#48#!(0@!;G#8#I0!&!8#/!4?/Q/!$#;.40!#!(ČA#!$'50!Ĝ)%'g!
eM:I0!80$N@!RG?8Ĝ.@111!-0485.I0!I.-080!;#$50!8Č5?@!-0!&'/!4#:P0(#!
P0/Ĝ)8f111b!cě)/?(Ĥ/!H@*2X*6d
T?$N! -0! #;Č8! (?;G#48#! PĜ0-/Q@! I0! /5:&)! %0! %Ĝ04Ģ?(Ĥ/! c&.P! 45#&#!
eRG?8Ĝ.bd1!`#!"?&05!80$N!/)()!45#&Ng!e-0!&'/!4#:P0(#!P0/Ĝ)8bS!>$;#X
&Č$)!40!R:$:!P?R,&?8!;#P$Č-.@!?50!;G#!80ć!('/!48?þ)@!%$NI!4.!:&Č$#X
/)/0@!I0!&!4#:&.45#48.!4!8)/@!A#!-4/0!4.!;G'&Č!;Ĝ0þ085.@!8#!P(?/0('@!I0!
/ĤI0/0!:;?$(#:8!P;'8%N!$#!#8G#A8&)!9Ĝ)A9:1!30!(Č%$#@!%$#!RN!;#!8#/!
8#:I.5S
">OwMq
C#I('!&!8Q950!A9&)5.!A)8)80!48G?A9!?!Ĝ)%'80!4.g!eM#!-#@!?50!-'!-40/!8#!:$ČX
5?5D! >;?%#&?(Č! -40/! 9Ĝ0<.5Db!+P;#/0Ė80! 4.! (?! $#RG#:! P;G'&:@! %80G#:!
J*
+j3]ChýMj
-40/!&'/!4$Č5.5!&!-0$(Q!;Ĝ0$A9#P)!%?;.8#50g!e30485.I0!4&Q!9Ĝ)A9N!&NP('X
&'/0@!>(!-0!&ČG(,!?!4;G?&0$5.&,@!?RN!('/!9Ĝ)A9N!#$;:48.5!?!#þ.48.5!('4!
#$!%?I$Q!(0;G?&#48.b!c*1!3?(Ĥ&!*@Jd1!+NP('&?8!9Ĝ)A9N!(0P(?/0('@!I0!-0(!
8?%!509A0!&N45#&)/0g!e[9Ĝ0<.5!-40/1!"G#/.Ė1!"G#4)/@!#$;:4Ģ!/.1b!O$NI!
48:$:-080!")4/#@!(?50P(080!-.(,!%5)þ!i!<$&:'?1!
"#%'()!&!M#&Q!4/5#:&Č!-0!(ČA#!-.(Q9#!(0I!;#%'()!&0!K8?GQ/!P'%#X
(Č1!V.$Q!4.!8?/!4N;?5.!;#;05!(?!95?&:!#R50þ0(.!&!;N85#&.(Č@!?RN!:%'P?5.!
-0-.A9!:;Ĝ)/(#481!7N5?!8#!?50!&(Č-<)!^#G/?!;#%#Ĝ0()!40@!;Ĝ.%'P?('!%&Ĥ5.!
8&G$#48.! -0-.A9! 4G$A01! "#%'()! &! M#&Q! 4/5#:&Č! -0! #! <84*@Č! ?! P(?/0('!
W;5(#:!P/Č(:!/N45.!(0R#!4G$A01!30!8#!48?&@!%$N!-0!('/!95:R#A0!5)8#@!I0!
-4/0!PG?(.5.!7#I)!4G$A0@!?!G#P9#$:-0/0!40!R,8!&!8Q8#!#R5?48.!;#45:<(,/.!
309#!8:IR'/1!
"?&05! /:405! #48Ĝ0! (?;#/0(#:8! &ČĜ)A)! &! O#G.(8:@! ?! 8)/! -./! P;Ĥ4#X
R.5!95:R#%,!P'G/:80%1!"Ĝ0þ8Č80!4.@!A#!-./!(?;4?5!#950$(Č!&ČA)!Ĝ0þ0(,A9!
&!-09#!;Ĝ0$A9#P)/!$#;.40g!
e340/!G'$@!I0!-40/!9#!;#45?5@!(0!;G#8#@!I0!&'4!P?G/#:8.5@!?50!;G#8#I0!
8?!R#5048!A<Ĥ,$E(64%"%*:,%6?#$,#%4%A.Č'(6(%+,#5%,*-%3)$*:'?!c21!O#G.(84X
%,/!F@Jf!MVTd1
"?&05!RN5!&05.A0!;Ĝ)4(,!?!(0(0A9?5!-0-.A9!9Ĝ)A9!R0P!;#&<./(:8)!?!('X
;G?&N! A9NR1!Y&<?%! &<./(Č80! 4.@! I0! -0-.A9! 95:R#%'! 5)8#48! P;Ĥ4#R.5?@! I0!
P/Č(.5.!4&Q!P;Ĥ4#RN1!T#!RN5#!8#!;G?&Q!;#%'()!i!P/Č(?!4G$A0!?!G#P9#$X
(:8)@!I0!:I!(0R:$#:!;#45#:A9?8!8#@!A#!-./!&05)!-0-.A9!8Č504(#48@!?50!R:$#:!
('450$#&?8!4&#:!(#&#:!;Ĝ.G#P0(#48!30I)<0!OG.48?1!"#450A9(Č80!4.@!A#!"?X
&05!8?%Q!Ĝ)%'!8Č/8#!&ČĜ)A)/g!
e7Ĥ9!A9A0@!?RN!-09#!5.$!/Č5!8?%#&,!P'G/:80%111!"G#8#I0!7Ĥ9!/ĤI0!
;#:I)8!P'G/:80%!&!(?<.A9!I.&#80A9!%!8#/:@!?RN!('/!;#/#95!#$&G'8.8!
40!#$!9Ĝ)A9:!?!950$?8!4;?40()1!M.%$N!(0R:$0/0!8#9#8#!P'G/:8%:!5.8#X
&?81!Y&<?%!P'G/:80%!R0P!;#%'()!;Ĥ4#R)!4/G8b!c&0G<0!JX*Lf!MVTd1
J2
+! M > + > K T ] ! u ] + > TY
"?&05! P$0! Ĝ)%'g! eY&<?%! P'G/:80%! R0P! ;#%'()! ;Ĥ4#R)! 4/G8b1! [(#&:!
8?$N!;#:I)&'!45#&#!,.8#!&!4#:&.45#48.!4!%Ĝ04Ģ?(N@!%80Ĝ)!(0-0$(?5.!;#$50!
4&Q!&(.8Ĝ()!;Ĝ.G#P0(#48.@!?50!('450$#&?5.!4&#:!8Č504(#481!
"?&05!8?$N!P$ĤG?PĖ:-0@!I0!$?5<)!%5)þ#&#:!;Ĝ)4?$#:!;G#!&ČĜ)A)9#@!%80G,!
;#! #;G?&$#&Q/! &NP('()! 9Ĝ)A9Ĥ! 8#:I)! ;#! 4&#R#$Č! (?/)48#! &G?A0()! 40!
P;Č8!$#!#8G#A8&)!9Ĝ)A9:@!-0!;#%'()!i!#;G?&$#&'!P/Č(?!4G$A01!
+?<0!$?5<)!#8'P%?!/ĤI0!R,8g!30485.I0!"?&05!/5:&)!%0!%Ĝ04Ģ?(Ĥ/@!;G#þ!
80$N!Ĝ)%'g! e7Ĥ9!/ĤI0!;#:I)8!P'G/:80%!&!(?<.A9!I.&#80A9!%!8#/:@!?RN!
('/!;#/#95!#$&G'8.8!40!#$!9Ĝ)A9:!?%)65@4#%,<4,5'?\U!K5#&#!,<4,5'?!P$0!
(0P(?/0('!e(?G#$.8!40!P(#&:b1!ě0þ8.(?!P$0!;#:I)&'!45#&#!,$#58(4@!%80GQ!
-0!$0!!(#&'(#!-?%#!eP?A9G'(.8@!&N4&#R#$.8@!R0P;0þ)!?!P$G?&)b1![?/ČĜ)/0!
40!(?!&,P(?/!e&N4&#R#$.8b@!%80G,!-?4(Č!Ĝ)%'@!I0!"?&05!8Č/8#!%Ĝ04Ģ?(Ĥ/!
(0#P(?/#&?5@!I0!$#48'&?-)!(#&#:!&48:;0(%:!$#!(0R01!ě)%?5!-./@!I0!-0X
-.A9!95:R#%,@!PR#I(,!P'G/:80%!-0!&0$5!%!#;G?&$#&Q/:!;#%'()!cP/Č(Č!
4G$A0!?!/N45.d@!%80GQ!-0!*/,*$E$@(6$!P!#8G#A8&)!9Ĝ)A9:1!
>4&#R#P0()!P!(?$&5'$N!9Ĝ)A9:!&NI?$:-0!-?%!&NP('()@!8?%!;#%'()1
C]V>KnZhMKT+q!+hnKkK!C]V>KT
".4?805!%(.9N!"Ĝ)45#&)!8#8#!;#8&GP:-0g!
eO$#!;Ĝ.%G,&'!;Ĝ048#:;0()!4&'@!(0;#&0$0!40!-0/:!<Ģ?48(Čf!?50!%$#I!-0!
&NP('&'!?!#;#:<8)@!/.5#4G$0(48&)!$Ĥ-$01
c"Ĝ)45#&)!2H@*6f!Od
T?$N! P(#&:! &.$)/0@! I0! (048?þ)! -0(! &NP('()@! ?50! -0! 8Ĝ0R?! &NP('()!
?!#;:<8Č()!c#;G?&$#&Q!;#%'()d@!%80GQ!;Ĝ.('<)!W4;ČA9!?!4&#R#$:1!
+<./(Č80! 4.@! I0! -0! P$0! ;#:I.8#! 45#&#! .(6$,8@5',#*?>! (.%#5.&! .(6$,#0!
n#P$)5!/0P.!8Č/.8#!45#&N!5P0!4(?$(#!&N4&Č85.8g!
J6
+j3]ChýMj
C.5#48!-0@!%$NI!$#48?(0/0!8#@!A#!4.!(0P?45#:I)/01
C.5#4G$0(48&)!-0@!%$NI!(0$#48?(0/0!8#@!A#!4.!P?45#:I)/01!
C.5#4G$0(48&)!40!;G#-0&:-0!&!;Ĝ);?$Č@!%$N!(0$#48?(0/0!4;G?&0$5.&,!
8G048!P?!('<!9Ĝ)A91!C.5#48!-0!(?#;?%!&5#I0('!/#A@!%80G#:!4.!(0P?45#:I)/0!
?!%80G'!('4!&N4&#R#P:-0!P!8NG?(.0!9Ĝ)A9:1!
Z#RG,/! ;Ĝ)%5?$0/! &! 0&?(\05.)A9! RN! /#95?! R,8! 8?! I0(?! ;Ĝ.48.I0('!
;Ĝ.! A.P#5#I48&)1! M'R#I0(<8)! ^?(?8.A.! -.! ;Ĝ.&50%5.! ;Ĝ0$! 30I)<0! (?! ('$&#Ĝ)!
A9G'/:@!?RN!a#!&0Ĝ0-(Č!P?9(?5.!$#!WP%,A91!"#$50!P'%#(?!/Č5?!R,8!:%?X
/0(#&'(?1!>(.!&Č$Č5.@!I0!30I)<!%'I0!#$;:<8Č()!?!$#:^?5.@!I0!&!309#!:þ0()!
#$9?5)!8G95.(:1!
30I)<!#$;#&)$'g!eZ#RG'@!:%?/0(:-80!-.1!Y50!?Ģ!;G&()!9#$)!%'/0(!8.@!
%$#! (.%$N! (0P9Ĝ0<.5.b! c3?(! H@Ff! MVTd1! 3?%! /#A! RNA9! 4.! ;Ĝ'5! 8?/! R,8!
?!&.$Č8@!-?%!40!8.950!&Ĥ$A#&Q!;#/?5:!P?þ?5.!&N8G'A08@!-0$0(!;#!$G:9Q/@!
;#þ)(?-0!(0-48?G<)/@!$#%:$!;Ĝ0$!30I)<0/!(0PĤ48?5?!-0(!8?!I0(?1!
eu0(#@!%$0!-4#:!8&#-.!I?5#RA.S!Y(.!-0$.(,!P!(.A9!8Č!(0#$4#:$.5Sb!P0X
;8?5!40!30I)<1!
>(?!Ĝ0%5?g!eM.%$#@!"?(01b
"G#þ!a#!(?P&?5?!e"'(0/bS!3'!#4#R(Č!&ČĜ)/@!I0!%$NI!40!(?!MČ9#!;#X
$)&?5?!?!:&.$Č5?!#þ.!4&Q9#!7#9?!K8&#Ĝ.8050!&!8Č50@!-0-)!4G$A0!RN5#!/#A(Č!
P?4?I0(#!?!#(?!&!MČ9#!:&ČĜ.5?1!
30I)<!Ĝ0%5g!eY(.!3'!8Č!(0#$4:P:-.1!b!c&0G<0!*LX**d1
"G#8#I0!RN5!30I)<!R0P!9Ĝ)A9:@!/Č5!/#A!-.!#$4#:$.8!?!/#95!(?!/)48Č!
&N%#(?8! 4;G?&0$5(#48! ?! :%?/0(#&?8! -.1!Y&<?%! /.5#4G$0(48&)! P&)8ČP.5#g!
eY(.!3'!8Č!(0#$4:P:-.1b
30I)<!;?%!Ĝ0%5g!e3$.!?!:I!(09Ĝ0<b!c&0G<!**d1!T?8#!;#450$()!45#&?!;Ĝ0X
$?5?! 309#! /.5#48@! 8?%I0! 80ć! RN5?! 8?! I0(?! P/#A(Č(?1! +! V:%'<#&.! 8#8.I!
þ80/0g!eM0R#Ģ!(0R:$0!45#&?!#$!7#9?!R0P!/#A.!(0R#!/#I(#48.!-0-!(?;5X
(.8b!c*@6Ff!;#$50!?(\51!;Ĝ1d1!30I)<#&?!45#&?g!e3$.!?!:I!(09Ĝ0<b!(045?!/#A!
%! -0-.A9! (?;5(Č()1! 309#! 45#&?! -)! $?5?! 4A9#;(#48! &N%#(?8! -0-.A9! :Gþ0()1!
C.5#48!-)!$?5?!8#@!A#!4.!(0P?45#:I.5?1!
J=
+! M > + > K T ] ! u ] + > TY
T?%I0! -0<8Č! -0$(#:g! .(6$,#! P(?/0('! $#48?8! 8#@! A#! 4.! (0P?45#:I)/0@!
P?8)/A#! .(6$,8@5',#*?% P(?/0('! (0$#48?8! 8#@! A#! 4.! P?45#:I)/01! C(#9#!
%Ĝ04Ģ?(Ĥ!4;#-.5#!8?8#!$&Č!45#&?!$#9G#/?$N!?!;Ĝ.$Č5.5.!#RČ/?!480-(,!&,X
P(?/1!"Ĝ09'()/!(0R#!-0!8#!-0(!,-.4'#(&4U%cKQ/?(8.%?!Ä!(?:%?!#!&,X
P(?/:!45#&!?!-0-.A9!4#:&.45#480A91!;#P(1!(?%51d!+ĤR0A!(01!CĤI080!4.!8#!
;Ĝ0$48?&.8!8?%8#g!Z0-/0!8#/:@!I0!RN480!9G'5.!^#8R?5!?!R?4%08R?5!;#$50!^#8X
R?5#&,A9!;G?&.$051!y#8R?5!RN!<05!$#RĜ0@!?&<?%!:!R?4%08R?5:!RN480!&0$50!
(?4R)G'()!4;#:48N!PG?(Č()!8?%Q!;Ĝ.<5.!#!-0$.(0þ(#48!8#9#8#!4;#G8:1!"Ĝ.<5.!
-4/0! #! /#A!.$0(8.8N!/.5#48.@!;G#8#I0!-.! /(#P)! %#/R.(:-)! 4! /.5#4G$0(X
48&)/1!['G#&0Ė!-4/0!4.!;Ĝ.&#$.5.!/(#9#!PG?(Č()!8)/@!I0!-4/0!9G'5.!/.5#48!
;#$50!;G?&.$05!/.5#4G$0(48&)1!
!T#!-0!$Ĥ&#$0/@!;G#þ!;.4?805Q!M#&Q!4/5#:&N!þ?48#!P?þ)(?-)!4&Q!$#X
;.4Ng!eC.5#48@!/.5#4G$0(48&)!?!;#%#-!#$!7#9?!>8A0!(?<09#!?!OG.48?!30I)X
<0@!"'(?!(?<09#111b!c&.P!*1!T./#80#&.!*@2f!21!T./#80#&.!*@2f!T.8#&.!*@=f!
21!3?(Ĥ&!*@6d1
T.8#!.!-.()!;.4?805Q!#$5.<:-)!/.5#48!#$!/.5#4G$0(48&)@!?RNA9#/!(0;Ĝ.X
A9'P05.! #! WI?4(#:! ;G?&$:! ?! -0$.(0þ(#48! %?I$Q! P! (.A91! 30(! $)%N! 8#/:!
/ĤI0/0!I)8!/#A)!(?;5(Č(,!I.&#8!?!4&#R#$(,!#$!#$4#:P0()1!C.5#48!('/!
$'&'! /#A! I)8! ?! /.5#4G$0(48&)! ('/! $'&'! 4&#R#$:! #$! &.(N@! #$4#:P0()!
?!9?(RN@!#$!&ČA)@!%80GQ!40!48'50!4(?I)!48'9(#:8!('4!P;Č8!$#!4;'GĤ!9Ĝ)A9:1!
"#-ć/0!4.!8#!80ć!;#8&G$.8!4%GP0!")4/#1!>950$(Č!/.5#4G$0(48&)!30I)<!
Ĝ)%'g! eO$NRN480! &Č$Č5.@! A#! P(?/0('g! ~C.5#4G$0(48&)! A9A.@! ?! (0! #RČĢr@!
'5$@,$"@(6(!RN480!(0&.((Qb!cC?8#:<!*2@Fd1!+.$)80@!I0!/.5#4G$0(48&)!('4!
#4&#R#P:-0!#$!#$4#:P0()!?!:509þ:-0!(?<0/:!4&Č$#/)!#$!G#P4:$%:@!%80X
G,!4.!P?45#:I)/01!30!('/!Ĝ0þ0(#g!eMN()!80$N!(0()!I'$(Q9#!#$4#:P0()!;G#!
8N@!%80Ĝ)!-4#:!&!OG.48:!30I)<.b!cě)/?(Ĥ/!H@*d1!3?%!WI?4(Q!/.5#4G$0(48&)!
('/!7Ĥ9!;G#%?P:-0D!Y!(?#;?%@!;#$)&0-/0!40@!-?%!")4/#!#$5.<:-0!/.5#48g!
e"Ĝ.48:;:-/0!80$N!4!$Ĥ&ČG#:!%!8GĤ(:!/.5#48.@!?RNA9#/!;Ĝ.-?5.%.(G
6$,8@5',#*?!?!(?50P5.!.(6$,#%%:!;#/#A.!&!;G?&,!þ?4b!cu.$Ĥ/!=@*Ef!
%:GP)&?!;Ĝ.$'(?d1
JB
+j3]ChýMj
C.5#4G$0(48&)! $#48'&'/0! ;G#! (?<0! 4059'()@! (?<0! 9Ĝ)A9N@! P0! %80G,A9!
-4/0!þ.(.5.!;#%'()1!C.5#48!-0!('/!&<?%!$'(?!%:!;#/#A.@!$'&'!('/!P/#AX
(Č()1!3?%!WI?4(Q!4;?40()!('/!>80A!$'&'!i!$#%#(?5Q!?!;5(Č!$#48?80þ(QD
™
!"#$%&'#&12,34)þ'*-&.)/0+5?48()/.!45#&N!;#;.<80!G#P$)5!/0P.!.(6$,8@5',#*?.%4%.(6$,#?0%
e>4&#R#P0()!P!(?$&5'$N!9Ĝ)A9:!&NI?$:-0!-?%!&NP('()@!8?%!;#%'()b!c&.P!
48G1!J6d1!34#:!&0!&?<0/!I.&#8Č!#R5?48.@!&0!%80G,A9!R#-:-080@!%80GQ!&NI?X
$:-)!-?%!:;Ĝ)/(Q!*/A':'?@!8?%!95:R#%,!P'G/:80%!?!;G#/Č(:!4G$A0!4%GP0!
<$&:'?S
JE
K
L+%=($=
3
0!8#!7#I)!/.5#48@!%80G'!('/!#$;#:<8)!&<0A9(N!(?<0!9Ĝ)A9N@!P?A9G?Ė:-0!
('4!#$!&Čþ(Q9#!P?8G?A0()@!$'&'!('/!$Č$.A8&)!&!(0R.@!þ.()!('4!-0$(#!
4!OG.480/@!&%5'$'!$#!('4!309#!R#I4%#:!;Ĝ.G#P0(#48@!$'&'!('/!309#!Z:X
A9?!?!I09('!('/!%?I$,/!$:A9#&()/!;#I09('()/1!
e"#I09(?(,!7Ĥ9!?!>80A!(?<09#!"'(?!30I)<0!OG.48?@!%80G,!('/!
;#I09(?5!&0<%0G,/!$:A9#&()/!;#I09('()/!&!(0R04%,A9!&ČA0A9!
&!OG.48:111!%0!A9&'50!45'&N!309#!/.5#48.@!%80G#:!('4!#R$?Ĝ.5!&0!K&Q/!
/.5#&?(Q/!KN(:b!ch^0P4%,/!*@61Ed1
O?I$Q! ;#I09('()! -0! &,450$%0/! 309#! (0P?45#:I0(Q! ;Ĝ)P(Č! i! 45'&N!
309#!/.5#48.1!M?<0!4;?40()!-0!(?;G#48#!$#%#(?5QD!M0;#(0A9?5!(.A!(0$#X
%#(þ0(Q9#1
30! PA05?! -?4(Q@! I0! /.5#48! -0! 7#I)! (0P?45#:I0(,! $?G@! %80G,! ;#A9'P)!
P!309#!;Ĝ09#-(Q!5'4%N!?!;Ĝ)P(Č1!>!8#/8#!8Q/?8:!RN!/#95N!R,8!(?;4'(N!
A05Q!4&?P%N@!?&<?%!8?8#!%(.9?!40!P?/ČĜ:-0!(?!8#@!-?%!('4!/.5#48!P/#AĖ:X
-01!"#-ć/0!40!:þ.8!$'51!
K +YT > K T ! 3 h ! Z ģ V h u ] T w
30$()/! P! #&#A0! /.5#48.! -0! 4&?8#48@! #! %80GQ! 40! &! 4#:þ?4(Q! A)G%&.! ;Ĝ)5.<!
(09#&#Ĝ)1!+ČĜ)/@!I0!8#!/'!$&?!$Ĥ&#$N1![?!;G&Q@!-0!8#!&.(#:!P5,A9!(0R#!
P'%#(.A%,A9!%?P?805Ĥ@!%80Ĝ)!P(0:I)&?-)!8N@!%$#!A98Č-)!#;G?&$#&Č!;#8Č<#X
&?8!7#9?1!T.8#!^?(?8.A.!PG0$:%#&?5.!4&?8#48!(?!P;'80þ(.A%,!I.&#8()!48N5!
JF
+j3]ChýMj
?!40RG?5.!5.$0/!G?$#48!P0!I.&#8?1!T#8#!-0!4?/#PĜ0-/Č!7#I)/:!4G$A.!&P$'X
50(Q1!Z)%N!7#9:!RN5.!P!8Q8#!8NG?(.0!/(#P)!#4&#R#P0(.@!?&<?%!(.%#5.!R0P!
('450$%Ĥ1!30$()/!P!(0-(.þ.&Č-<)A9!$Ĥ450$%Ĥ!-0!8#@!I0!40!8.8#!5.$Q!(N()!;Ĝ.!
P/)(A0!#!4&?8#48.!R#-)!?!#$8?9:-)1!
"Ĝ)45#&)!e>;?Ĝ0('!%#þ%?!40!R#-)!48:$0(Q!&#$Nb!.5:48G:-0!8#@!I0!-?%/.X
50!-4#:!5.$Q!(Čþ)/!;#;'50(.@!R:$#:!40!R'8!þ09#%#5.@!A#!40!&05/.!;#$#R'!
8#/:@!A#!-0!;#;'5.5#1!30!8#!8G?\.A%Q@!?&<?%!-0!8#!;Ĝ04(Č!80(!;Ĝ);?$!8#5.%?!
5.$)@!%80Ĝ)!RN5.!;#;'50(.!P'%#(.A%#:!e4&?8#48)b1!T.!40!(N()!R#-)!.!#;G?&$#X
&Q!4&?8#48.@!%80G'!-0!&05.A0!;G#4;Č<('1!
[?!$G:9Q@!(N()!P!W;5(Č!#;?þ(Q9#!%#(A0@!4%:80þ('!4&?8#48!&NI?$:-0!
8?%Q!W4.5)!(?!(?<)!48G?(Č@!%80GQ!/(#P)!(0-4#:!#A9#8(.!#RČ8#&?81!305.%#I!
/:4)/0! 4;#5:;G?A#&?8! 4! 7#I)! /.5#48)@! ?RNA9#/! (045.! #&#A0! 4&?8#48.@!
/(#P)! 45:I0R()A.! 40@! ?Ģ! :I! (0&Č$#/%N! (0R#! P'/ČG(Č! 8#/:8#! 8Q/?8:!
&0! 4&,A9! %'P'()A9! &N9,R?-)@! ?RN! -0-.A9! 0&?(\05.:/! (0P8G?8.5#! (?! ;Ĝ.X
8?I5.&#48.1!C(#9#!P';?ć?(Ĥ!$'&'!;Ĝ0$(#48!-0$(#$:A9Q/:!R0P;G?A(Q/:!
0&?(\05.:!;Ĝ0$!0&?(\05.0/!#;G?&$#&,/1!"#$)&0-/0!40!;G?&$Č!$#!#þ)g!
$#!8?%#&Q9#!I.&#8?@!-?%,!I.5!OG.48:4@!(05P0!-0(!8?%!(#(<?5?(8(Č!&;5#:81!
"?&05!Ĝ)%'@!eI0!/:4)/0!4%GP0!/(#9'!4#:I0()!&0-)8!$#!%G'5#&48&)!7#I)9#b!
cK%:8%N!*=@22d1
>;G?&$#&'!4&?8#48!-0!&05/.!;Ĝ.8?I5.&Q!?!$Ĥ50I.8Q!8Q/?1!30I)<!40!(0X
&G'8)!;G#!P(0þ.<8Č(#:!?!4&Č84%#:!A)G%0&@!?50!;G#!A)G%0&@!e%80G'!RN!(0/Č5?!
;#4%&G(N!?(.!&G'4%N!?(.!þ09#%#5.&!8?%#&Q9#b1!`)G%0&!R:$0!e4&?8'!?!R0PX
W9#(('b!ch^0P4%,/!B@2Fd1!T?%I0!/'X5.!40!30I)<!&G'8.8!;G#!4&?8#:!A)G%0&@!
;?%!A9A.!G#P9#$(Č!&Č$Č8!#!4&?8#48.!W;5(Č!&<0A9(#1!
30!('/!8?%Q!Ĝ0þ0(#@!I0!R0P!4&?8#48.!(.%$#!(0:&.$)!"'(?!c&.P!u.$Ĥ/!
*2@*=d1!"G#þ!-0!4&?8#48!8?%!$Ĥ50I.8'!(0-0(!&!R:$#:A)/!I.&#8Č@!?50!.!&!8#/!
(N(Č-<)/S!30$()/!P!/,A9!#R5)R0(,A9!7#I)A9!P?45)R0()!&!")4/:!-0@!I0!
8.@!%$#!P&)8ČP)@!e:&.$)!309#!8&'Ĝb1!{I?4(QD!]!C#-I)<#&.!8#!RN5#!#$0;Ĝ0(#@!
?50!/N!R:$0/0!/)8!;G.&.50\.:/!950$Č8!(?!MČ9#!;Ĝ0$!309#!8GĤ(0/1!
+!8#/8#!I.&#8Č!-4/0!;Ĝ08&'Ĝ0(.!&!#RG?P!30I)<0!OG.48?!#$!45'&N!%!45'X
&Č@!%$NI!(?!MČ9#!950$)/0!c&.P!21!O#G.(84%,/!6@*Hd1!30485.I0!(?!MČ9#!
JH
K +YT > K T
(N()! &! (?<0/! 4G$A.! (0950$)/0@! (0/ĤI0/0! R,8! ;Ĝ08&'Ĝ0(.! $#! 309#! ;#X
$#RN@!?!-?%!;Ĝ.R,&?-)!(?<0!&Č$#/#48.@!48'&'/0!40!&!;#$48?8Č!48'50!&)A0!
('R#I0(4%,/.1!"Ĝ.-)/?8!&Č$#/#48.!R0P!;G#/Č(N!-0!(0R0P;0þ('!%#/R.X
(?A01!3'!4!8)/!(0A9A.!/)8!(.A!4;#50þ(Q9#1!
K h Å k w V M q ! ý ] K T > TY
K5N<80!"?&5#&#!$ĤG?P(Q!(?;#/0(:8)g
eM?%#(0A!&'4@!RG?8Ĝ.@!I'$'/0!?!&NP,&'/0!&!"'(:!30I)<.@!?RN480!40!
-0<8Č!&)A0!G#P9#-Ė#&?5.!&!8#/@!A#!-480!#$!('4!;Ĝ0&P?5.!?!A#!:I!8?%Q!
þ.()80!X!8#8.I!-?%!/'80!I)8@!?RN480!,5%6?E(6(%7$)"1!+I$NĢ!&)80@!%80GQ!
;Ĝ)%?PN!-4/0!&'/!&N$?5.!4%GP0!"'(?!30I)<01%I5E$Ģ%#$#$%+5%*Ĥ65%7$9?>%
*4B5%<$,*Č35'?>%4E/,#5%,5%A@89$*46(%,.(6,#*4!c*1!T04?5#(.A%,/!=@*X6f!
%:GP)&?!;Ĝ.$'(?d1!
7$)"%,5%6?E?@!%$NI!I.-0/0!4&?8Č@!#RP&5'<8Č!&!#R5?48.!(?<)!40U:?5.8N1!30!
8#!#R5?48@!&0!%80GQ!40!#R&N%50!(?&0(0%!;G#-0&)!;G#R5Q/@!%80G,!-0!(Č%$0!
95:R#%#!:&(.8Ĝ!þ5#&Č%?1!O$NRN480!/#95.!(?95Q$(#:8!$#!4G$A0!þ5#&Č%?@!
%80G,! 40! ;#&?I:-0! P?! %Ĝ04Ģ?(?@! %80G,! -0! P#8G#þ0(! 4/.548&0/@! A.P#5#IX
48&)/@! ;#G(#\G?!!)! (0R#! -.(#:! 40U:'5()! (0þ.48#8#:@! 4! (0-&Č8<)! ;G?&$ČX
;#$#R(#48)!RN480!8?/!#R-0&.5.!(Č-?%,!95:R<)!;G#R5Q/1!C#95?!RN!8#!R,8!
;,A9?@!&P;#:G?@!8#:9?!;#!/#A.@!9#Ĝ%#48@!P'&.48!(0R#!-.(,!9Ĝ)A9@!?&<?%!
8?%!-?%#!8?%!R:$0!&I$NA%N!%#Ĝ0(0/!(0$#48?80%!#;G?&$#&Q!R'P(Č!;Ĝ0$!
7#90/1!
Yþ%#5.&!40U:'5()!þ.48#8?!(0()!W;5(#:!$0!!(.A)!4&?8#48.@!40U:'5()!(0X
þ.48#8?!PA05?!:Gþ.8Č!:%?P:-0!(?!-0-)!(0$#48?80%1![!8#9#8#!$Ĥ&#$:!"?&05!
;G#95?<:-0@!I0!40!/'/0!+5B#Č%*?35%8$A)$+Ė$*4#!&!40U:'5()!þ.48#8Č1!C'/0!
40!&N48Ĝ)9?8!-?%Q%#5.!^#G/N!40U:'5()!(0þ.48#8N@!$#%#(A0!40!%!()!(0/'/0!
?(.!;Ĝ.R5.I#&?81!T?%#&'!(0þ.48#8?!-0!&0!4%:80þ(#48.!8?%!#9?&('@!I0!"?&05!
JJ
+j3]ChýMj
;)<0! ě)/?(Ĥ/g! e34#:! (?;5(Č(.! &0<%0G#:! (0;G?&#48)@! 8Č504(#:! (0þ.48#X
8#:111! !Yþ%#5.&! ;#P(?5.! 7#I)! :48?(#&0()@! I0! 8.@! %$#! $Č5?-)! 8?%#&Q! &ČA.@!
-4#:!9#$(.!4/G8.@!(0-0(I0!-0!þ.()!4?/.@!?50!$#%#(A0!8#!4A9&?5:-)!.!-.(,/@!
%80Ĝ)! -0! $Č5?-)b! c*@2J162d1!T#8#! &'I(Q! &?G#&'()! (0()! -0(! ;G#! 8N@! %$#! 40!
(0/#G'5()9#!A9#&'()!Wþ?48()@!?50!.!;G#!8N@!%$#!-./!8#!,3)*46"+?D
+0$#:A)!þ.(.805Q!RN!(?!8#8#!/Č5.!;?/?8#&?8@!%$NI!$Č5?-)!GĤP('!G#PX
9#$(:8)@!#Rþ?(4%Q!P'%#(N!(0R#!-.('!;G?&.$5?!;G#!8N@!%80GQ!&0$#:g!4A9&?X
5#&?8@!;Ĝ095)I08!(0R#!#/5#:&?8!(0/#G'5()!A9#&'()!-0!#9?&(#:!:G'I%#:!
7#9?!c&.P!*1!K?/:05#&?!6f!*1!O#G.(84%,/!Bd1!M?!$G:9Q!48G?(Č!RN!&0$#:X
A)!/Č5.!R,8!GNA95)!%!#$;#:<8Č()!?!8G;Č5.&Č!;#/'9?8!&!#R(#&Č!8Č/@!%$#!
#;G?&$#&Č!þ.()!P!(0/#G'5(#48.!;#%'()1!
30485.I0!&ČĜ)A)!-$0!;G#8.!OG.480/!$?G#&?(Q!;Ĝ.G#P0(#48.!?!48?(0!40!#8X
G#%0/!40U:'5()!(0þ.48#8N@!-0!8#!&'I(,!;Ĝ048:;0%1!"?&05!#!8#/!Ĝ)%'!&)A!&0!
4&Q/!$#;.40!T04?5#(.A%,/1!>P(?/:-0@!A#!7Ĥ9!:$Č5'!%Ĝ04Ģ?(Ĥ/@!%80Ĝ)!
I.-)!&!40U:'5()!(0þ.48#8Čg!
eM0R#Ģ!8#8#!-0!&Ĥ50!7#I)@!&?<0!;#4&ČA0()@!?RN480!40!P$GI#&?5.!
4/.548&?@111!;G#8#I0!"'(!-0!/48.8050/!&!8ČA9!&<0A9!&ČA0A9@!-?%!-4/0!
&'/!8?%Q!;Ĝ0$0/!Ĝ0%5.!?!;5(Č!$#4&Č$þ.5.!c(0R#!@Ĥ84A'Č%*:,%*48$*46(!
i!;#$50!?(\51!;Ĝ0%5?$:d1!M0R#Ģ!7Ĥ9!('4!(0;#&#5?5!%!(0þ.48#8Č@!(,RGI!
%!8#/:@!?RNA9#/!I.5.!&!;#4&ČA0()1!"G#8#!%$#!8#8#!#$/)8'@!(0#$/)8'!
þ5#&Č%?@!?50!7#9?@!%80G,!8?%Q!$#!&'4!$?5!K&Q9#!K&?8Q9#!Z:A9?!c*1!T0X
4?5#(.A%,/!=@6f!EXHd1
"G#þ!8#8#!&'I(Q!&?G#&'()!P!(?<.A9!%?P?8050(!(0P$ĤG?PĖ:-0/0S!C'/!
;Ĝ)8050@!;?48#G?!#RG#&4%Q9#!4R#G:@!-0(I!P?5#I.5!&)A!(0I!$&Č!48Č!;?$04'8!
$?5<)A9!4R#GĤ!;#!A05Q/!4&Č8Č1!+!$#RČ@!%$N!-40/!;4?5!8:8#!%(.9:@!-4/0!
4;#5:!;##RČ$&?5.!?!9#&#Ĝ.5.!-4/0!#!8#/@!-?%!40!$(0<()!A)G%0&!#$A9,5.X
5?!#$!40U:'5()!þ.48#8N1!+N;G'&Č5!/.!#!;#þ08(,A9!;Ĝ);?$0A9!(045:<(#48.@!
%80GQ!/:405!#(!?!-09#!&0$#:A)!Ĝ0<.8@!?50!-0$0(!;Ĝ)RČ9!P!(.A9!&Nþ()&?51!
C?(I05%?! 8#9#8#! ;?48#G?! (0$'&(#! ;#Ĝ'$?5?! &! -0-.A9! 4R#G:! %#(^0G0(A.!
*LL
K +YT > K T
;G#!I0(N@!RČ90/!()I!&N:þ#&?5?!#!&P8?9:!/0P.!/?(I05N1!"#!49G#/'I$Č()!
P?!()!;Ĝ.<5?!-0$(?!('&<8Č&(.A0!?!:;Ĝ)/(Č!40!4!()!4$)505?g!eCĤ-!;Ĝ)805!40!
/(#:!;#450$()!$#R#:!&ĤR0A!(0/Č5!40U1!"#!8#/@!A#!-40/!45N<05?!&?<0!
&N:þ#&'()@!-40/!4.!:&Č$#/.5?@!A#!-40/!&!(?<0/!&P8?9:!$Č5?5?!<;?8(Č1!
k$Č5'/!(0PRN8(Q!P/Č(N!?!-40/!4.!-.48?@!I0!:I!40!/(#:!P?40!R:$0!A98)8!
4;'81!340/!&Čþ('!7#9:!P?!8#@!A#!-480!Ĝ)%?5?Db
T?8#!e%Ĝ04Ģ?(%?b!40!-0$(#$:<0!$#/()&?5?@!I0!40!8#8#!&N:þ#&'()!8,%'!
-0-)9#!(0P'%#((Q9#!&P8?9:!4!-0-)/!;Ĝ)8050/1!+ĤR0A!(0RN5?!:4&Č$þ0(?!P0!
4/.548&?@!;G#8#I0!;G#!(.!RN5#!(#G/'5()/!4#A.'5()/!A9#&'()/1!
K80-(,!;Ĝ);?$!40!48?5!-0$(Q!I0(Č@!%80G#:!P('/!P0!45:IRN1!7N5?!(?!('X
&<8Č&Č!:!-0$(Q!450þ(N@!%80G'!&ČG(Č!A9#$)!$#!-0$(#9#!P!&Č8<)A9!0&?(\0X
5.%'5()A9! 4R#GĤ! &! -0-)/! 48'8Č1! "Ĝ.! ;G#95)$A0! $#/:! &48#:;.5.! $#! 5#I(.A0!
?!8?!$'/?!:%?P#&?5?!/Q!P('/Q!-0-)!<?8(:!?!<?8(:!-0-)9#!;Ĝ)80501!+ĤR0A!
(0:;?$5?! $#! G#P;?%Ĥ@! %$NI! &N<5#! (?-0&#@! -?%! I.-01! Z#%#(A0! 40! P/)(.X
5?!#!8#/@!-?%!-)!A9NR)!4;'8!&0$50!4&Q9#!;Ĝ)8050@!%$NI!#(!-0!(?!45:I0R()!
A048Č1!7N5#!;G#!(.!(?;G#48#!;Ĝ.-?805(Q@!I0!I.-)!4;#5:!?!(0-4#:!4&#-.1!>R?!
A05Q!G#%N!(?&<8Č&#&?5.!80(8#!#RG#&4%,!0&?(\05.%'5()!4R#G!?!&ĤR0A!(0RNX
5.!:4&Č$þ0(.!P0!4&Q!40U:'5()!(0þ.48#8N1!`#!40!80$N!&!8#/8#!;#;:5'G()/!
4R#G:!&N:þ:-0S
"Ĝ);?$Ĥ!45:I0R()%Ĥ@!%80Ĝ)!:;?$5.!$#!40U:'5()!(0/#G'5(#48.@!-0!/(#9#1!
T?8#!(0þ.48#8?!þ?48#!#&5.&()!&)A!(0I!-0(!-0$(:!G#$.(:!?!8.@!40!%80G,/.!#(.!
4/.5(.5.@! A.P#5#I.5.! (0R#! /Č5.! 9#/#40U:'5()! ;#/ČG@! ;#8#/! #$;?$5.! #$!
7#9?! (0R#! $:A9#&(Č! #A95?$5.1! "G#8#! "?&05! &! 8#/! 4?/Q/! $#;.40! ;G#X
95?<:-0g!e?!?RN!(.%$#!(0;Ĝ0%G?þ#&?5!/0P0!?!(0%5?/?5!&!8Q8#!&ČA.!4&Q9#!
RG?8G?@!;G#8#I0!"'(!-0!/48.8050/!&!8ČA9!&<0A9!&ČA0A9@!zb!c*1!T04?5#(.AX
%,/!=@Ed1
>$A9N5:-0/0!40!$?50%#!#$!7#I)9#!4G$A0@!;#(Č&?$I!-4/0!8#5.%!#&5.&X
Ė#&'(.!(?<)!4;#50þ(#48)1!+!8#5.%?!&ČA0A9!40!A)G%0&!48?5?!4;)<!e4:R%:58:X
G#:b! (0I! 8)/@!þ)/! -0! ;#&#5'(?! R,8! X! e;G#8.%:58:G#:b1! O'I0! 40! (0W;5(Q!
0&?(\05.:/!#!#$;:<8Č()!?!$Č$.A8&)!(0R04%,A9!&ČA)@!/)48#!%#/;508()9#!
0&?(\05.?@!%80GQ!Ĝ)%'@!I0!-4/0!8?%Q!#4&#R#P0(.!P!(?$&5'$N!9Ĝ)A9:1!Y!8?%!
*L*
+j3]ChýMj
40!4(?$(#!;Ĝ.P;Ĥ4#R:-0/0!4&Č8:@!%$0!-0!#R&N%5Q@!I0!/:I!?!I0(?!I.-)!(?!
9G#/'$A0@!/?-)!40U!/./#!/?(I0548&)!(0R#!40!480-(,/!;#95?&)/@!?!G#PX
&'$Č-)!40!?!P(#&:!40!I0()!?!&$'&?-)!P!-.(,A9!$Ĥ&#$Ĥ!(0I!%&Ĥ5.!(0&ČĜ01!
Y! 8N8#! ;G?%8.%N! 40! 48'&?-)! 48'50! #R&N%50-<)/.! .! /0P.! %Ĝ04Ģ?(N@! ;G#8#I0!
A)G%0&!(0&N:þ:-0@!P!þ09#!('4!30I)<!&N4&#R#$.51!
"?&05!(?;4?5!&05/.!#48GQ!&?G#&'()!4R#G:!&!O#G.(8:@!%80G,!40!&!/(#X
9Q/!;#$#R?5!$(0<()!P';?$()!A)G%&.1!MČ%80Ĝ)!-09#!þ50(#&Q!RN5.!(?/#þ0(.!
&!40U:'5()!(0þ.48#8Č!?!"?&05!$#!8#9#!Ĝ)P51!M0-$Ĝ)&0!-./!&N;G'&Č5!#!;#$#RX
(#48.! /0P.! ]PG?05A.! ('450$:-)A)A9! C#-I)<0! ?! (#&#P'%#(()/.! %Ĝ04Ģ?(N1!
"#8#/!-0!&?G#&?5g
eY50!&0!&Č8<.(Č!P!(.A9!(0/Č5!7Ĥ9!P?5)R0()f!&I$NĢ!RN5.!;#R.8.!&!8Q!
;:48.(Č1!TN8#!&ČA.!40!48?5N!;Ĝ)%5?$0/!;G#!('4@!?RNA9#/!(0RN5.!
I'$#48.&.!P5,A9!&ČA)@!-?%#!#(.!RN5.!I'$#48.&)1!M0R:ć80!?(.!/#$5'Ĝ.!-?%#!
(Č%80Ĝ)!P!(.A9f!-?%!-0!(?;4'(#g!~V.$!40!;#4?$.5@!?RN!-0$5!?!;.5@!?!;#8#/!
&48?5.@!?RN!40!G#P;:48.50!R?&.5.1r!Y(.!'5,.(6'Č.5>%+4&$%'Č&#5Ĝ?%A%'(3)%
,.(6'(6(>%4%<4@6$%+(3)%A4%+5@5'%@5'%#Ĝ(4@*435#%#(,?3f!?(.!(0;#%#:<0-/0!
OG.48?@!-?%#!(Č%80Ĝ)!P!(.A9!;#%#:<05.@!?!9N(:5.!#$!9?$)9#!:<8%(:8)f!?(.!
(0G0;80-80@!-?%#!(Č%80Ĝ)!P!(.A9!G0;8?5.@!?!RN5.!P?9:R0(.![9#:RA0/1!TN8#!
&<0A9(N!&ČA.!40!-./!48?5N!-?%#!;Ĝ)%5?$N!;G#!('4!?!RN5#!8#!P?;4'(#!
%!(?;#/0(:8)!('/@!%80GQ!P?48.95#!$#%#('()!&Č%Ĥ1!Y!8?%!%$#!4.!/N45)@!
I0!48#-)@!?Ģ!950$)@!?RN!(0;?$5b!c*1!O#G.(84%,/!*L@BX*2d1
T#@! A#! A9A.! P! 8ČA98#! 7#90/! .(4;.G#&?(,A9! 45#&! P$ĤG?P(.8@! -0! 7#I)!
;#9#G<0()!(?$!-0-.A9!40U:'5()!(0þ.48#8#:1!TĜ.?$&?A08!8.4)A!-.A9!P0/Ĝ05#!
&! -0$0(! $0(! i! 8#! -0! /?5Q! /Č48#1! 30! 8#! &?G#&(Q! P(?/0()! ;G#! ('4@! ?RNX
A9#/!(0#;?%#&?5.!-0-.A9!;'$1!Z)%N!e;Ĝ.%G,&A0b!/.5#48.!(0-0(I0!(0-4/0!
A9G'(Č(.!;Ĝ0$!480-(,/!;'$0/!-?%#!#(.@!?50!;#$50!30I)<0!/'/0!$#%#(A0!
I)8!;#$50!&N<<)!(#G/N!c&P;#/0Ė80!4.!(?!C?8#:<0!Bd1!"G#þ!G:<)/0!/#A!
4%:80þ(Q! /.5#48.! 8)/@! I0! 4%5#:P'&'/0! P;Č8! $#! 8?%#&Q9#! A9#&'()S! M0X
P(?5.!-4/0!;G?&$:@!8#8.I!I0!/.5#48!('4!P/#AĖ:-0!%!8#/:@!?RNA9#/!'5E/6(!
*L2
K +YT > K T
(0þ.48)!&0!4&Q/!4G$A.@!&0!4&Q!/N45.!?(.!&0!4&Q/!8Č501!30$.(Q@!A#!/:4)/0!
$Č5?8@!-0!;Ĝ0A0!4;#5:;G?A#&?8!4!(?<)!(#&#:!;Ĝ.G#P0(#48)1!
+0$#:A)!?;#<8#5#&Q!-0$(#8(Č!(?;4?5.!&<0/!&ČĜ)A)/@!I0!/?-)!#950$(Č!
?R48.(0(A0!$'&?8!;#P#G!(?!þ8NĜ.!&ČA.1!TĜ.!P!(.A9!40!8,%?5N!-)$5?@!%80GQ!P?X
%?P#&?5!C#-I)<Ĥ&!P'%#(f!;Ĝ.$?5.!&<?%!-0<8Č!þ8&G8#:@!%80G'!;5?8.5?!480-(Č!
;G#!u.$N!.!;G#!;#9?(N1!+0!4&Q/!$#;.40!?;#<8#5#&Q!(?;4?5.g!eM0R#Ģ!8?%!
:4#:$.5!Z:A9!K&?8,!.!/N@!I0!(0R:$0/0!(?!&'4!%5'48!I'$(Q!-.(Q!RĜ0/0X
(#!(0I!8N8#!(0PRN8(#48.g!P$GI#&?8!40!/?4?!#RČ8#&?(Q9#!/#$5'/@!%G&0@!
/?4?!P?G$#:<0(,A9!P&)Ĝ?8!?!,.(6,#*41!30485.I0!40!8ČA98#!&ČA)!R:$080!A9G'X
(.8@! $#RĜ0! :$Č5'801! 7:ć80! P$G'&.b! cK%:8%N! *B@2HX2Jd1! 3?%! P&5'<8()@! I0!
(0P/)(.5.!8?%Q!%G'$0I0@!59?()@!&G?I$N@!I'$#48.&#48!(0R#!-.(Q!&ČA.@!%80GQ!
P/.Ė:-0!P'%#(1!30$.(Q@!A#!P$ĤG?P(.5.@!-0!40U:'5()!(0þ.48#8?1!
7 k Ć T h ! K +YT q @! M h 7 > ġ !7 ģ a ! 3 h ! K +YT j
MN()!4.!;#P#G(Č!;Ĝ0þ8Č80!"08G#&?!45#&?!?!;?/?8:-80!4.@!I0!/5:&)!;#:P0!%0!
%Ĝ04Ģ?(Ĥ/@!(.%#5.&!%!A05Q/:!5.$48&:g
!
e"G#8#!;Ĝ0;'40-80!R0$G?!4&Q!/N45.@!R:ć80!48Ĝ)P5.&)@!$#%#(?50!:;(Č80!
4&#:!(?$Č-.!%!/.5#48.@!%80G'!-0!&'/!;Ĝ.('<0(?!&0!P-0&0()!30I)<0!
OG.48?1!3?%#!;#45:<(Q!$Č8.!40!(0;Ĝ.P;Ĥ4#R:-80!$Ĝ)&Č-<)/!I'$#480/@!
-?%#!%$NI!-480!RN5.!&!(0&Č$#/#48.@!?50!;#$50!8#9#!K&?8Q9#@!%80G,!&'4!
;#&#5?5@!.!&N!40!48?Ė80!,*4#=.(%*%356-.%,*-.%A<Ĥ,$E"%9(*$#41!+I$NĢ!
-0!(?;4'(#g!~7:$080!4&?8)@!'5E$Ģ%;:%+,5.%,*4#=1r30485.I0!&P,&'80!-?%#!
>8A0!8#9#@!%$#!(048G?((Č!4#:$)!%?I$Q9#!;#$50!-09#!4%:8%Ĥ@!;G#I.-80!
&!R'P(.!þ?4!4&Q9#!;Ĝ0R,&'()!&!A.P.(Čb!c*1!"08GĤ&!*@*6X*Fd1!
"#450A9(Č80!4.!-09#!45#&?!i!(%*/%,5%,#4Ė#5%,*4#=.(%*%356-.%,*-.%A<ĤG
,$E"%9(*$#4000%'5E$Ģ%;:%+,5.%,*4#=0!]!8?$N!(0()!(?;4'(#!.Č6(%E/,#5%E=#@!
?50!-0!8#!;Ĝ)%?Pg!E"@5#50!C'/0!R,8!4&?8)@!(0R#Ģ!7Ĥ)%+5%,*4#=1!M0()!I'$X
*L6
+j3]ChýMj
('!-.('!/#I(#48@!?!;#$50!"08G?!R:$0/0!#950$(Č!8#9#8#!;Ĝ)%?P:!-0$(#:!
#$4#:P0(.!(0R#!#$/Č(Č(.1!>;?%:-.@!-?%!Ĝ0%5!30I)<@!/'/0!R,8!$#%#(?5)!
-?%#!-0!$#%#(?5,!('<!>80A1!
"#$)&0-/0!40!(?!45#&#!,*4#=0%"#A9'P)!P!Ĝ0A%Q9#!45#&?!)4L($,1!MČX
%80GQ!-09#!$0!!(.A0!-4#:!$@@Č65'=%?%<$,*Č35'=@!$'50!þ(,#=%?!.$8:6'Č%E5A%
*('/0! ['%5?$()! &5?48(#48.! 4&?8#48.! -4#:! #$$Č50()@! ;#4&ČA0()! ?! #$$?(#48!
45:IRČ! 7#9:@! /)8! ;#$)5! (?! 309#! 4&?8#48.! ?! P$GI#&?8! 40! #$! ;#4%&G(Č()!
4&Č80/1!
+0!K8?GQ/!P'%#(Č!RN5!7#I)!5.$!$#45#&?!#$$Č50(!-?%#!('G#$1!u.$Q!40!
(04/Č5.!4-0$(#A#&?8!4!;#9?(N!&!I'$(,A9!#R5?480A9!I.&#8?1!MN()!&<?%@!
&!M#&Q!4/5#:&Č@!/N!&ČĜ)A)!I.-0/0!?!/'/0!&P8?9N!4!5.$/.@!%80Ĝ)!(0/?-)!
&P8?9!4!7#90/@!?&<?%!/'/0!40!#$$Č5#&?8!#$!P5?1!C'/0!-)8!$#!4&Č8?!-?%#!
4&Č85#@! ?50! (0/'/0! R,8! ;#<;.(Č(.! 4&Č80/1! M0/'/0! 40! ;Ĝ.P;Ĥ4#R#&?8!
P;Ĥ4#RĤ/! 8#9#8#! 4&Č8?@! ?50! &N<<)/:! 48?($?G$:! i! -.(?%! :I! (0/ĤI0/0!
R,8!4&Č850/1!
7Ĥ9!Ĝ)%'g!eCQ!W/N45N!(0-4#:!W/N45N!&?<0!?!&?<0!A048N!(0-4#:!A048N!
C#-0@!-0!&,G#%!a#4;#$.(Ĥ&1!3?%#!-4#:!(0R04?!&N<<)!(0I!P0/Č@!8?%!;Ĝ0X
&N<:-)!A048N!CQ!A048N!&?<0!?!W/N45N!CQ!W/N45N!&?<0b!c]P?-'<!BB@HXJf!
`h"d1!O$NI!7Ĥ9!Ĝ)%'g!e7:ć80!4&?8)@!(0R#Ģ!3'!-40/!4&?8,@b!&0!4%:80þX
(#48.!Ĝ)%'g!e3'!(0/N45)/@!(0/5:&)/!?(.!(0I.-.!-?%#!&N@!8?%I0!/:4)80!&NX
48#:;.8!(?!C#:!I.&#8()!WG#&0Ė1b!O$NI!8#!Ĝ0%(:!8G#<%:!(0#804?(Č@!Ĝ0%5g!
e"G#þ!40!A9A080!;#85#:%?8!;#!$&#Ĝ0!?!I)8!-?%#!%GĤ8N@!%$NI!3'!-40/!&'4!
;#&#5?5@!?RN480!40!&P('<05.!-?%#!#G5.S!3'!-40/!&'4!;#&#5?5!%!&,-./0þ(QX
/:!I.&#8:Db
309#! 4&?8#48! 8#8.I! P(?/0('! &)A! (0I! -0(! #$$Č50()! ?! þ.48#8:1! O$NRN!
4&?8#48!RN5?!P'&.45'!;#:P0!(?!þ.48#8Č@!;#8#/!RN!^?G.P0#&Q!RN5.!4&?8)@!;G#X
8#I0!I.5.!(?&0(0%!R0PW9#((,!I.&#81!"Ĝ048#!30I)<!-0-.A9!4?/#4;G?&0$5(#48!
#$4#:$.51!O$NRN!4&?8#48!P(?/0(?5?!-0(!#$$Č50()!40@!RN5.!RN!9.;;)4!<0X
$04'8,A9!508!&05/.!4&?8)1!M0-$0!-0(!#!þ.48#8:!?!(0-$0!-0(!#!#$$Č50()!401!
Y(.!8#!(0()!4;#-0()!þ.48#8N!?!#$$Č50()1!30!8#!(?$;Ĝ.G#P0('!þ.48#8?!?!#$X
$Č50(#481!30!8#!;#&#5'()!%!eI.&#8:!(?!&N4#%Q!WG#&(.b1!30!8#!;#&#5'()!$#!
*L=
K +YT > K T
&,-./0þ(#48.D![(?/0('!8#!I)8!8?%@!-?%!I.-0!>(@!(?;#$#R#&?8!7#9?!-?%#!
309#!$G?9Q!$Č8.1!
O$NI! R:$0/0! /N4508! 8?%@! -?%#! /N45)! 7Ĥ9@! /5:&.8! -?%#! 30I)<! cĜ)%?8!
8#@!A#!Ĝ)%'!>80Ad!?!(?;#$#R#&?8!30I)<Ĥ&!I.&#8()!48N5@!(0R:$0/0!I)8!-?%#!
5.$Q! 8#9#8#! 4&Č8?1!TČ504(Q! I'$#48.! ?! 8#:9N! ('4! (0R:$#:! /#A.! #&5'$?81!
7:$0/0!%G0?8.&()@!;#%G#%#&)!?!/#G'5(Č!þ.48)!?!R:$0/0!G#P$'&?8!I.&#81!
7:$0/0!8Č/.@!%$#!#&5.&Ė:-)!4&Č8!%#50/!40R0@!?!80(8#!4&Č8!('/!R:$0!P'X
&.$Č8@!;G#8#I0!$#%'I0/0!/N4508!?!-0$(?8!(?!&N<<)!WG#&(.1!
V.$Q@!%80Ĝ)!I.-)!;G#!#;.548&)@!P&G'A0(Q!40U:'5()!:4;#%#-#&'()@!(0(?X
4N8(#48@! G#P%#<0@! ;#48?&0()@! P'&.48@! #$;5?8:@! ;,A9:! ?8$1@! I.-)! (?! ()P%Q@!
;#P0/4%Q@! $Q/#(.A%Q! WG#&(.! i! 8#! $#%'I0! %?I$,1! 70P! P/#A(Č()! 7#I)!
/.5#48)!(0/#9#:!I)8!&,-./0þ(Č1!30-.A9!9Ĝ)A9!-./!/ĤI0!;Ĝ.('<08!;#/)-.&Q!
;#8Č<0()@!?&<?%!P?(0$5#:9#!40!;G#!(Č!48?(0!(0R0P;0þ(Q!?!$048G:%8.&()1!
309#!&,450$%0/!(0R#!e#48(0/b!-0!R#5048!?!4/G81!
u)8! &! #;G?&$#&Q! 4&?8#48.! P(?/0('! P?%#:<08! #4&#R#P0()! ?! 4&#R#$:!
(?!8Q!(0-&N<<)!WG#&(.1!30!8#!P$G?&Q!?!;#P.8.&(Č!8#!#&5.&()!%?I$#:!#R5?48!
(?<09#!I.&#8?1!
>ý]KġCh!Kh
"?&05!;)<0!A)G%&.!&!O#G.(8Čg!
eO$NI!80$N!/'/0!8?8#!P?45)R0()@!/.5#&?()@!#þ.4Ģ/0!40!#$!%?I$Q!
;#4%&G(N!8Č5?!.!$:A9?@!$#%#('&?-)A0!4&Q!;#4&ČA0()!&!R'P(.!7#I)b!
c21!O#G.(84%,/!F@*d1
ě)%'!('/!"?&05@!I0!40!/'/0!40!#þ.48.8!#$!(Č%#5.%?!(0þ.48#8S!`#!8Ĝ0R?!
:/,8! JBÇ! <;)(NS! M0@! /'/0! 40! #þ.48.8! #$! %?I$Q! 4%G&(%N@! #$! 8#9#@! A#!
-0!;#$50!7$9?3)%,#4'@48@Ĥ!(0þ.48#8#:@!P0&(.8Ĝ!.!P&0(%:1![0&(.8Ĝ!8#!-4#:!
;#48#-0g!9#Ĝ%#48@!P'&.48@!I'G5.&#48@!9'$%N@!(0#$;:<8Č()@!A9?/8.&#48@!G#PX
*LB
+j3]ChýMj
%#<0!?;#$1![&0(%:!RN!8#!RN5N!4%:8%Ng!%G'$0I0@!59?()@!;#/5:&N@!:G'I%N@!
40U:'5()! (0þ.48#8?@! ;#$&#$N@! #;.548&)@! $G#\#&'! P'&.45#48@! &?($?5.4/:4@!
^NP.A%Q!('4.5)!?!/(#9Q!$?5<)1!
O$NI!-40/!-0$(#:!80(8#!&0G<!þ085@!(?-0$(#:!Z:A9!K&?8,!P;Ĥ4#R.5@!I0!
(?!/Č!8?!45#&?!$þ(,Ģ.5%,5%$@%&49@-%<$,&*8'/!;Ĝ)/#!&N4%#þ.5?!P!7.R501!
7N5!-40/!#9G#/0(!8)/@!I0!8?/!(0()!(?;4'(#!e7Ĥ9!('4!#þ.48)b@!?(.!e30I)X
<#&?!%G0&!('4!#þ.48)b1!7.R50!Ĝ)%'@!I0!40!.:.5%$þ(,#(#%./0
"G#4)/@!(0;#A9#;80!8#!<;?8(Čg!30I)<#&?!%G0&!('4!#;G?&$:!#þ.<Ģ:-0!#$!
%?I$Q9#!9Ĝ)A9:1!Y&<?%!/0P.!#4;G?&0$5(Č()/!c4;?40()/!#$!&Čþ(Q!4/G8.d!
?!;#4&ČA0()/!c4&?8#48)d!-0!#RG#&4%,!G#P$)51!>4;G?&0$5(Č(.!-4/0!&0!A9&)X
5.@!%$N!;Ĝ.-/0/0!30I)<0!OG.48?!-?%#!4&Q9#!"'(?!?!K;?4.80501!+!8#/!#%?X
/I.%:!(?<0!48?GQ!-'!P0/Ĝ05#!?!/N!-4/0!40!48?5.!W;5(Č!(#&,/!48&#Ĝ0()/@!
&0!%80GQ/!I.-0!30I)<#&?!;Ĝ.G#P0(#481!+!7#I)A9!#þ)A9!-4/0!RN5.!#%?/I.8Č!
#4;G?&0$5(Č(.!?!&<0A9(?!(04;G?&0$5(#48!RN5?!P!(?<09#!$:A9?!&N/?P'(?1!
M.A!-4/0!;G#!8#!(0:$Č5?5.1!M0&N45#:I.5.!-4/0!4.!8#@!?(.!-4/0!8#!(0P)4%?5.!
4&#:!e$#RG#8#:b1!Z#48?5.!-4/0!8#!P?$?G/#!$)%N!7#I)!/.5#48.1!
M.A/Q(Č!&!/#/0(8Č@!%$N!-4/0!40!P(#&:PG#$.5.@!P?þ?5#!$)5#!(?<09#!
;#4&ČA0()!c4&?8#48.d1!T#!P(?/0('@!I0!8#@!A#!40!48?5#!:&(.8Ĝ@!&!(?<0/!$:X
A9:@!4.!P?þ?5#!G?P.8!A048:!(?!;#&GA9@!$#!(?<09#!-0$('()1!"?&05!8#!&N-?X
$Ĝ:-0!8?%8#g!e4!R'P()!?!A9&Č()/!:&'$Č-80!&0!4%:80þ(#48!4&#:!P'A9G?(:b!
cy.5.;4%,/!2@*2d1!M04/)/0!P?;#/0(#:8@!I0!.!;#4&ČA0()!c4&?8#48d!-0!$?X
G0/!7#I)!/.5#48.1!Y&<?%!80(8#%G'8!40!8#9#8#!;G#A04:!Wþ?48()/0!?!;#8Ĝ0X
R:-0/0!4;#5:;G?A#&?81!Z?G!7#I)!/.5#48.!('/!$'&'!%!#þ.<Ģ#&'()!/#A!?50!
/N!/:4)/0!$G9(#:8D!"#450A9(Č80!4.!?:8#G#&?!45#&?!-0<8Č!-0$(#:g
eCČ-/0!80$N!/.5#48@!4%GP0!(.I!/ĤI0/0!45#:I.8!7#9:!;Ĝ.-?805(Č!
4!:A8.&#48)!?!7$9?%E:A'?1b!cu.$Ĥ/!*2@2Hf!MO3d1
C.5#48!('4!(0-0(!#4;G?&0$5(.5?f!8?%Q!('4!P/#AĖ:-0!%!8#/:@!?RNA9#/!
7#9:!45#:I.5.!;Ĝ.-?805(Č!?!40%,*4#$"%E:A'?1!Yþ%#5.&!-0!80$N!/.5#48!7#I)/!
$?G0/@!/:4)/0!4;#5:;G?A#&?8!4!-0-)/!P/#A(Č()/@!?RNA9#/!&0!4&,A9!
*LE
K +YT > K T
I.&#80A9!(045.!#&#A0!4&?8#48.1!"#-ć/0!;G#8#!80ć!;G#P%#:/?8@!A#!"?&05!
Ĝ)%'!O#G.(84%,/!-0<8Č!;Ĝ0$!4&,/!;Ĝ)%?P0/!e#þ.4Ģ/0!40bg!
e3?%#!7#I)!4;#5:;G?A#&()A.!&'4!8?%Q!(?;#/)('/0@!?RN480!&N@!%80Ĝ)!
-480!;Ĝ.-?5.!7#I)!/.5#48!-.!'5<8$.48'(6(%b'5*/"9(6(ab!c21!O#G.(84%,/!E@*!
;#$50!?(\51!;Ĝ1d1
3?%!:I!-40/!Ĝ0%5!$Ĝ)&0@!;#%:$!&.$)/0!/.5#48!-?%#!e+05%#:!;Ĝ.%G,&X
%:b@! (.%$N! (0R:$0/0! 4A9#;(.! 8Č/8#! 45#&Ĥ/! ;#G#P:/Č81! 3?%! /ĤI0/0!
<8$.48'(#%(0R#!(0&N:I)8!;#80(A.'5!/.5#48.@!%80G'!40!8,%'!;#:P0!#$;:<X
8Č()!?!#!%80GQ!40!8#5.%?!5.$/.!&N:þ:-0S!"#%:$!&<?%!G#P:/)80!/.5#48.!8?%@!
þ)/!$##;G?&$N!-0!i!7$9?.%'5A4,6$"95'=.%A.$3'Č'?.>%&#58-%':.%@:*:%
,3)$<'$,#% @Č64#% #$>% 3$% $@% ':,% <84*@4% */94@"+5>% 4E/3)$.% '5,6(% $*$35%
,*4#$,#(!i!;#8#/!/ĤI080!;#A9#;.8@!-?%!/ĤI0/0!/.5#48!;G#/?G(.81!
+G?Ģ/0! 40! P(#&:! %! ;Ĝ)RČ9:! >48G#&?(?! :&ČP(Č(Q9#! (?! #;:<8Č(Q/!
#48G#&Č1!"#405!/:!;#$G#R(Č!&N4&Č85.5@!-?%!PRG?Ė!^:(\:-0!?!-?%!9#!/ĤI0!
P?A9G'(.8!i!-?%!(?%#(0A!$#%'I0!:;#P#G(.8!%?;.8'(?!5#$.@!?RN!>48G#&?(!
/#95!R,8!P?A9G'(Č(1!T?%Q!>48G#&?(?!:;#P#G(.5@!I0!/ĤI0!;:<%#:!P?R)8!
-?%Q%#5.!P&)Ĝ0@!?Ģ!:I!%!#RI.&Č!(0R#!&!40R0#RG?(Č@!?!I0!4.!/ĤI0!$#%#(A0!
4048Ĝ05.8!%#%#4#&Q!#Ĝ0A9N!P!;?5/N1![?&0$5!>48G#&?(?!$#!-04%N(Č!?!Ĝ0%5!
/:@!I0!/ĤI0!P?R)8!&N4#%#:!P&ČĜ!?!;#:I)8!%ĤI0!-?%#!$&0Ĝ0!(?!#A9G?(:!
;Ĝ0$!W8#%0/!/0$&Č$?1!Y!I0!/0$&Č$)!%ĤI0!/ĤI0!45#:I.8!-?%#!&05/.!;#X
9#$5('!/?8G?A0!?!80;5'!;Ĝ.%G,&%?!P?!A95?$(,A9!(#A)1!
"#405!40!;#8#/!&G'8)!P;Č8!$#!4&Q!$#RN!(?!%#(A.!-0$(?$&?A'8Q9#!48#X
508)1!Z?5<)9#!$(0!40!40!4&,/!P?/Č48(?&?8050/!G#P9#$(#:!;#$)&?8!40!(?!
>48G#&?(?!4%GP0!48G#-!þ?4:1!O!-0-.A9!;Ĝ0%&?;0()!40!&<?%!(?!-09#!P;Ĥ4#R:!
I.&#8?!&ĤR0A!(.A!(0P/Č(.5#1!Y(.!-0$(#:!(0&N48Ĝ05.5!(?!-050(N!(0R#!$.X
&#%'!;G?4?8?1!K8'50!40!4(?I)!A9N8.8!P&ČĜ!$#!;?48)!(0R#!-0!9#()!4!%?/0(N!
(0R#!4!#<8Č;N!&NG#R0(,/.!P!%5?A%Ĥ1!>48G#&?(!-0!R0P/#A(,!?!PRČ$#&?X
(,1!"#405!40!G#P;?þ.8Č!P0;8'!4&Q9#!P?/Č48(?&?8050g!e"G#þ!(0;#:I)&'!8:!
;:<%:Sb
*LF
+j3]ChýMj
"#8#/!8.!$&?!;#4:(#:!48G#-!þ?4:!$#;Ĝ0$:@!?RN!P-.48.5.@!-?%!4.!>48G#&?(!
&0$0!-0$0('A8Q9#!$(0!;#!"#45#&Č!('&<8Č&Č1!K/:8(Č!;#P#G:-)@!I0!;#Ĝ'$!
4;)!(0;#9#$5(Č!(?!4%'50@!#R%5#;0(,!(Č%#5.%?!%?/0(N!(?!#A9G?(:!;Ĝ0$!
/0$&Č$N1! 30! &05/.! 9:R0(,@! P?! $&?! 8,$(N! 95?$#&Č()! P(?805(Č! ;#9:R51!
"?$'!48:$0(,!$Q<Ģ@!>48G#&?(!40!4.5(Č!8Ĝ040!?!"#405!.!P?/Č48(?&?805!/?-)!
48G?A9@!I0!/:!9G#P)!;#$A95?P0()1!K5N<)!9#@!-?%!;G#%5)('!4&#:!/.P0G(#:!
4.8:?A.!.!4&Ĥ-!I.&#81!
K8G#-! þ?4:! -0! ;#4:(:8! (?! 8Ĝ.('A8,! $0(1! "#405! ?! -09#! P?/Č48(?&?805!
-4#:!;#&PR:P0(.@!%$NI!&.$)!>48G#&?(?!40!PRG?()!&!G:A0@!-?%!48#;:-0!-050X
(?1![?/Č48(?&?805!Ĝ)%'g!eCN45)/@!I0!-.!%#(0þ(Č!;#:I.-0Db!Y&<?%!9GĤP#:!
;#4%#þ)@!%$NI!&.$)@!-?%!>48G#&?(!(0&Č$#/%N!;G#A9'P)!#%#5#!/0$&Č$)9#!
RG5#9:1!C0$&Č$.A0!.!-0-)!/5'ć?8?!-4#:!:&(.8Ĝ@!?!%$NI!45N<)!95:%@!&P80%50!
&NG?P)! &0(! ?! P?W8#þ)! (?! >48G#&?(?1!T0(! -0! 9GĤP#:! R0P! 40R0@! ?50! /)48#!
8#9#@! ?RN! /0$&Č$.A.! P?48Ĝ05.5@! P&0$(0! ;:<%:! ?! &N48Ĝ05)! (Č%#5.%! G?(! $#!
&P$:A9:!&!(?$Č-.@!I0!8)/!95:%0/!G#PP:Ĝ0(Q9#!/0$&Č$?!P?I0(01!O$NI!
/0$&Č$.A0!95?4.8,!&,48Ĝ05!.\(#G:-0!?!$'5!9#!;G#('450$:-0@!P&0$(0!>48G#X
&?(!%'/0(!?!9#$)!-)!9#!$#!8&'Ĝ01!T#!-.!4?/#PĜ0-/Č!(0P?48?&)!?!I0(0!40!
(?!(Č9#1!>48G#&?(!P?9#$)!;:<%:@!#8#þ)!40!?!&!9GĤP0!;GA9'1!"#!(Č%#5.%?!
/#9:8(,A9!4%#A)A9!9#!/0$&Č$.A0!$#48.9(0!?!G#P8G9'1!
3?%'!R:$0!G0?%A0!"#45?!?!-09#!P?/Č48(?&?8050!(?!8#@!þ09#!RN5.!;G'&Č!
4&Č$%NS!C(#9#!$#!8#9#8#!/:I0!.(&048#&?5.@!þ?4!.!;G#48Ĝ0$%N1!"#405!48G'X
&.5!/(#9#!$()!;Ĝ);G?&?/.@!?RN!>48G#&?(#&.!;Ĝ.(045!4;G'&(Q!.(^#G/?A0!
?!&NR?&0()!i!?!;#:I.8)!48G#-0!þ?4:!48'5#!/.5.t(N!$#5?GĤ1!3?%!8#!&<0A9(#!
/#95!>48G#&?(!8?%!;G#/?G(.8S!3?%!/#95!P?9#$.8!8?%!#RG#&4%,!$?GS!30X
-.A9!4%:80%!5'4%N!?!-0-.A9!#RČĢ!RN5N!/?G(Q1!
30-.A9!;#þ'80þ()!G0?%A)!(?!>48G#&?(#&:!&#5R:!RN5!(0-;G&0!#RG#&4%,!
4/:80%!(?$!P8G'8#:!-09#!I.&#8?@!%80G,!;#8#/!&N48Ĝ)$?5#!P(?þ(Q!P%5?/'()!
?!^G:48G?A01!70P/#A(Č!40!(?!40R0!;#$)&?5.!?!(?Ĝ)%?5.g!eZ?5.!-4/0!8#5.%@!
?50! (0RN5#! 8#! &ĤR0A! %! (.þ0/:1! >(! (0;#:I.5! 8#@! A#! /:! /Č5#! P?A9G'(.8!
I.&#8f!('<!$?G!<8$.48'(61b
*LH
K +YT > K T
['&ČGg!>48G#&?(!(0$#%'P?5!;5(Č!;Ĝ.-/#:8!?!4;#5:;G?A#&?8!4!WI?4(,/!
$?G0/@!%80G,!P?$?G/#!$#48?51!C.(:5!40!A)501!
T#!RN!RN5!&05.A0!4/:8(,!0;.8?^!;G#!%#9#%#5.&g!C.(:5!40!A)501!Z)%N!
7#I)!/.5#48.!8?%#&Q8#!4/:8(Q!;G#95'<0()!(.%$N!(0/:4)!R,8!;#;.40/!I.X
&#8?!4&?8,A91!+!('450$:-)A)!%?;.8#50!40!$#P&)/0!;G#þ1!
™
!"#$%&'#&12,34)þ'*-&.)/07N5#!?I!$#!8Q8#!A9&)50!&?<0!A9';'()!4&?8#48.!;#P.8.&()S!"G#þ!?(#!?!;G#þ!
(0S!
3?%!RN480!A98Č5.@!?RN!P(Č5!&'<!0;.8?^S
*LJ
0M
N4*)O!-654-(>=
C
'/!;G#!&'4!R'-0þ(#:!P;G'&:g!7Ĥ9!('/!$?5!;G#48Ĝ0$%N@!%80GQ!;#8Ĝ0X
R:-0/0@!?RNA9#/!/#95.!I)8!8?%@!?RNA9#/!a#!;#8Č<#&?5.D!M.%$N!
40!(0/:4)/0!/.(#:8!A)501!"#$)&0-80!40@!A#!('/!Ĝ)%'!?:8#G!%(.9N!u.$Ĥ/g!
ek4.5:-80111!#!4&?8#48@!R0P!()I!(.%$#!(04;?8Ĝ)!"'(?1!ZR0-80!(?!8#@!?RN!
(Č%$#!(0/.(:5!7#I)!/.5#48@111b!c*2@*=X*Bd1
!
T#!95?&()!-0!8?$N!-?4(Qg!;#8Ĝ0R:-0/0!7#I)!/.5#48@!?RNA9#/!/#95.!I)8!
&!#;G?&$#&Q!4&?8#48.1!Y!P(#&:!RNA9#/!40!/#95.!P0;8?8g!e`#!80$N!P(?X
/0('!e/.(#:8!7#I)!/.5#48b!&!8#/8#!&0G<.@!%$NI!-4/0!RN5.!&N:þ#&'(.@!I0!
/.5#48!40!8,%'!-0(!#$;:<8Č()Sb!ě0A%Q!45#&#!P$0!-0!)",#585$1!K8G#(\#&?!
%#(%#G$?(A0!-0!$0!!(:-0!-?%#g!e7,8!;#$Ĝ?$(,@!P?#48'&?8!cR,8!(0$#48?80þX
(,d@!PĤ48'&?8!;#P?$:@!R,8!R0P!;G#48Ĝ0$%Ĥ@!4059?81!T9?N0GĤ&!V0U.%#(!-$0!
-0<8Č!95#:RČ-.!?!;G#95?<:-0@!I0!&,P(?/!8#9#8#!45#&?!-0!ePĤ48?8!&!P'&#$Č!
;#P?$:!?!(0$#RČ9(#:8!;G#8#!$#!A)50@!(0$#4;Č8!$#!%#(A0b1
>48G#&?(! PĤ48?5! ;#P?$:! ?! (0$#%'P?5! $#4'9(#:8! A)50@! 4&#R#$N@! %80X
G#:!/:!"#45Ĥ&!P?/Č48(?&?805!P?$?G/#!;#4%N851!`)5!RN5!;G#!(Č9#!4(?$(#!
$#4?I.805(,@!#(!&<?%!;G#/?G(.5!8#@!A#!/:!RN5#!$'(#!?!$#!A)50!(0$#RČ951!
K&?8#48!-0!;G#!W4;Č<(Q!P?%#(þ0()!(?<09#!P'&#$:!(?;G#48#!%5)þ#&'1!"#X
450A9(Č80!4.!45#&?!;G#G#%?!]P?-'<0g
e7:$0!8?/!4.5(.A0!?!A048?
?!8?!40!R:$0!(?P,&?8!A048#:!4&?8#:1
M0R:$0!40!;#!()!:R)G?8!(0þ.48,@!
R:$0!-0(!;G#!5.$!7#I)1!
***
+j3]ChýMj
O$#!;Ĥ-$0!;#!8Q8#!A048Č@!
(0PR5#:$)@!.!%$NRN!8#!RN5.!;#<08.5A.1
M0R:$0!8?/!50&@!$G?&'!P&ČĜ!(?!(.!(0&48#:;)@
&ĤR0A!40!8?/!(0&N4%N8(0@
(,RGI!;Ĥ-$#:!8:$N!&N%#:;0()1
T.@!P?!(ČI!a#4;#$.(!P?;5?8.5@!40!&G'8)1!
"Ĝ.-$#:!(?!K.-t(!4!;504'()/
?!&Čþ('!G?$#48!R:$0!(?!-0-.A9!95?&'A91!
Z#-$#:!&0405)!?!G?$#48.@
!(?!W8Č%!40!$?-)!48?G#48.!?!('Ĝ0%b!c]P?-'<!6B@HX*Ld
M0I! R:$:! ;#%G?þ#&?8@! A9A.! :%'P?8! (?! -0$(:! 8G95.(:! &! (?<)! ?50\#G..!
#!>48G#&?(#&.1!O$NRN!40!80(8#!;Ĝ)RČ9!4%:80þ(Č!&!(?<0/!4&Č8Č!48?5@!0U.4X
8#&?5?!RN!48'50!.!8?!/#I(#48@!I0!RN!/0$&Č$!>48G#&?(?!P?R.5@!.!%$NRN!#(!
PRG?Ė!#;G?&$:!;#:I.51!30!4;#:48?!/#I(,A9!4AQ('ĜĤ!i!/0$&Č$!/#95!(?X
;Ĝ)%5?$!;Ĝ0%&?;.8!>48G#&?(?!8?%@!I0!RN!(048?þ.5!PRG?Ė!P&0$(#:8!?!&N48Ĝ0X
5.81!M0R#!/#95!&N48Ĝ05.8@!?50!/.(:51!Y!(0R#!RN!%:5%?!/0$&Č$?!-0(#/!PG?X
(.5?@!?50!(0P?R.5?@!?!80(!RN!;?%!&0!450;Q!P:Ĝ.&#48.!>48G#&?(?!P?G$#:4.51!
7Ĥ9! &<?%! Ĝ)%'@! I0! -0485.I0! A9#$)/0! &! /#A.! 309#! /.5#48.! ?! (040/0!
#;G?&$#&Q!#&#A0!4&?8#48.@!-4/0!$)%N!MČ/:!(0;#G?P.805()1!]P?-'<!Ĝ)%'@!I0!
('4!(0R:$0!/#A.!$#48?8!I'$(Q!$G?&Q!P&)Ĝ0@!?(.!/0$&Č$!?(.!50&D!c+þ08(Č!
(?<09#!W95?&()9#!(0;Ĝ)8050@!K?8?(?@!%80G,!#RA9'P)!%#50/!-?%#!eĜ*$"3?%
65*!?!950$'@!%#9#!RN!;#958.5b!X!*1!"08GĤ&!B@H1d!T?%I0!(?!G#P$)5!#$!>48G#X
&?(?!(0/'/0!I'$(,!$Ĥ&#$!(0:4;Č8@!-0485.I0!4%GP0!/#A!7#I)!/.5#48.!(0X
40/0!#&#A0!4&?8#48.!i!(.%#5.&!$)%N!('/@!?50!$)%N!MČ/:1!!$#$%A4,6?E5'?%
*B4&%'5<64#?%<8$%*ČĜ?3?>%&#5Ĝ?%'59(+?%*%<84*-%,*4#$,#(0%"#450A9(Č80!4.@!A#!
#!8#/!Ĝ)%'!"08Gg
eO$#!&<?%!8N8#!&5?48(#48.!(0/'@!-0!450;,@!%G'8%#PG?%,f!P?;#/(Č5@!I0!
RN5!#þ.<8Č(!#$!4&,A9!48?G,A9!9Ĝ)A9Ĥ1!"G#8#@!RG?8Ĝ.@!8)/!&)A0!40!4(?I80!
:;0&Ė#&?8!4&#-0!;#&#5'()!?!&N&#50()f!(0R#Ģ!R:$080X5.!8#!þ.(.8@!'(&@/%
**2
M]OZo!MhC]M>kT
'5<4@'5#50!T?%!&'/!R:$0!R#9?8Č!&NR?&0(!&48:;!$#!&Čþ(Q9#!%G'5#&48X
&)!(?<09#!"'(?!?![?A9G'(A0!30I)<0!OG.48?b!c21!"08GĤ&!*@JX**f!%:GP)&?!
;Ĝ.$'(?d1
"08G!Ĝ)%'@!I0!'(&@/%'5A4&$<'5.5%4'(%'5$@<4@'5.50!34/0!(0;#G?P.X
805()@!(.%#5.!%&Ĥ5.!(?<./!&5?48()/!4A9#;(#480/@!?50!$)%N!4A9#;(#480/@!
%80GQ!('/!;#4%N8:-0!/.5#481!+!;#$48?8Č!('/!80$N!/.5#48!$'&'!/#A!A9#X
$.8!;#!A048Č!4&?8#48.@!%80G'!('4!R0P;0þ(Č!&0$0!&!P?45)R0()@!I0!P'&#$!$#RX
Ĝ0!$#%#(þ)/01!`9G'()!('4!;Ĝ0$!P8G#4%#8'()/!&0!&)Ĝ0!?!;Ĝ0$!(0W4;ČA90/1!
"08G!/5:&)!.!#!$G:9Q!48G?(Č1!T.@!%$#!(0A9#$)!&!/#A.!/.5#48.@!(0$#%'I)!
G#P&.(#:8!&5?48(#48.!4&?8#48.1!+,450$%0/!-0!450;#8?!?!P?;#/0(:8)!(?!8#@!
I0!-0!7Ĥ9!#þ.48.5!#$!-0-.A9!48?GQ9#!9Ĝ)<(Q9#!I.&#8?1!O&Ĥ5.!8Q8#!450;#8Č!-0!
;G#!(Č!&05.A0!8ČI%Q@!8Q/ČĜ!(0/#I(Q@!?RN!PĤ48?5.!(?!WP%Q!A048Č!4&?8#4X
8.1!Z#A05?!4(?$(#!4%5#:P'&?-)!P;'8%N!$#!48N5:!I.&#8?@!%$0!&5'$(0!9Ĝ)A9!
c?!&05/.!þ?48#!48'50!&ČĜ)@!I0!-4#:!;Ĝ.%GN8.!?!A9G'(Č(.!7#I)!/.5#48)d1!"#PX
$Č-.!&0!4&Q/!$#;.40!(?Ĝ)%'!"08G!(?$!-0-.A9!&#5R#:g!
e30485.I0!8#8.I!8.@!%80Ĝ)!:(.%5.!;#4%&G('/!4&Č8?!;#P('()/!(?<09#!"'(?!
?![?A9G'(A0!30I)<0!OG.48?@!40!P(#&:!$#!(.A9!P?;508#:!?!;#$509(#:!-./!
c,#4'$"%,5%A'$*"%$#8$&/%)Ĝ?3)"!i!;#$50!?(\51!;Ĝ0%5?$:d@!-4#:!-0-.A9!
;#450$()!&ČA.!9#G<)!(0I!;G&()1!7N5#!RN!;G#!(Č!5Q;0@!%$NRN!(0RN5.!;#PX
(?5.!A048:!4;G?&0$5(#48.@!(0I!%$NI!-.!;#P(?5.@!?!#$&G'8.5.!40!#$!4&?8Q9#!
;Ĝ.%'P'()@!%80GQ!-./!RN5#!;Ĝ0$'(#1!"Ĝ.9#$.5#!40!-./!8#@!A#!Ĝ)%'!8#8#!
;G?&$.&Q!;Ĝ)45#&)g!~"04!40!&G'8.5!%!&5?48()/:!&,&G?8%:r!?!:/N8'!4&.(Č!
40!#;Č8!&'5)!&!R?9(Čb!c2@2LX22d1
!
T#!-0!&'I(Q1!"Ĝ.;#/)('!/.!8#!P(#&:!45#&?@!%80G'!?;#<8#5!"?&05!(?X
;4?5!%Ĝ04Ģ?(Ĥ/g!e`#I!(0&)80@!I0!%#/:!40!;G#;Ĥ-þ:-080!-?%#!#8G#A.!%!;#X
45:<(#48.@!%#9#!;#45#:A9'80@!8#9#!-480!#8G#%Ng!E"ć%)Ĝ?3)">%&#58=%*5@5%&5%
,.8#(000b!cě)/?(Ĥ/!E@*Ed1!O$NI!$#RG#&#5(Č!?!#;?%#&?(Č!('450$:-0/0!
9Ĝ)<(Q! 8#:9N@! P?;5Q8'/0! 40! $#! (.A9! ?! P(#&:! 40! 48'&'/0! -0-.A9! #8G#%N1!
**6
+j3]ChýMj
+ČĜ)A)!/ĤI0!P?9N(#:8!W;5(Č!480-(Č!-?%#!('<!>48G#&?(1!"G#8#!('4!"?&05!
&?G:-0g! eM:I0! 80$N@! RG?8Ĝ.@! -4/0! $5:I()%N@! ?50! (0! 8Č5?@! ?RNA9#/! ;#$50!
8Č5?!I.5.1!30485.I0!I.-080!;#$50!8Č5?@!-0!&'/!4#:P0(#!P0/Ĝ)8f111b!cě)/?(Ĥ/!
H@*2X*6d1!
T0ć!40!/#I('!$.&)80@!-?%!/ĤI0!?;#<8#5!"?&05!(?;4?8!%Ĝ04Ģ?(Ĥ/@!I0!
P0/Ĝ#:1!Y;#<8#5!3?(!;#$#R(,/!P;Ĥ4#R0/!;Ĝ.%?P:-0g!ek&.$Č5X5.!RN!(ČX
%$#!4&Q9#!RG?8G?@!I0!9Ĝ0<)!9Ĝ)A90/@!%80G,!(0()!%!4/G8.@!?Ģ!P?!(Č-!;#;G#4)!
?!7Ĥ9!/:!$'!I.&#81!Y50!-0!9Ĝ)A9@!%80G,!&0$0!%0!,.8#(b!c*1!3?(Ĥ&!B@*Ed1!
>!-?%Q/!$G:9:!4/G8.@!%80G'!/ĤI0!#&5.&(.8!RG?8G?!(0R#!4048G:!&!OG.48:@!
8?$N! /5:&)S! 30! 8#! 480-('! 4/G8@! #! -?%Q! ;)<0! ?;#<8#5! "?&05S! 30! 8#! 480-('!
4/G8@!;Ĝ0$!%80G#:!RN5!&?G#&'(!Y$?/S!C5:&)!;#:P0!#!^NP.A%Q!4/G8.S!
Y;#<8#5!3:$?!;)<0!#!5.$0A9@!%80Ĝ)!40!#$!7#I)!/.5#48.!#$&G'8.5.!%!#;5PX
5#480/!?!;#:I)&?-)!-.!-0(!-?%#!;Ĝ.%G,&%:!-0-.A9!(0/#G'5()9#!48N5:!I.&#8?1!
Yþ%#5.&!;G?&.$05(Č!(?&<8Č&:-)!4R#G#&'!49G#/'I$Č()@!3:$?!&?G:-0g!e34#:!
-?%#! 48G#/N! R0P! #&#A0! &! $#RČ! 4%5.P(Č1! M0-4#:! -0(! .8#*?>% ?50! @*4&8:#%
.8#*?@!(0R#Ģ!RN5.!&N%#Ĝ0(Č(.b!c3:$Ĥ&!*@*2f!MVTd1!T?$N!-4#:!5.$Q@!%80Ĝ)!
^NP.A%N!I.-)@!(?&<8Č&:-)!4R#G#&'!49G#/'I$Č()@!?&<?%!-4#:!(?P&'(.!(0-0(!
e/G8&,/.b@!?50!e$&?%G'8!/G8&,/.b1!3?%,/!P;Ĥ4#R0/!-4#:!80$N!.8#*?U!
>! &,P(?/:! 8#9#8#! &0G<0! 40! &0$#:! /(#9Q! 80#5#\.A%Q! $0R?8N@! -'! 40!
&<?%!P0;8'/g!e"G#þ!40!#!8#/!$#9?$#&?8Sb!+I$NĢ!;Ĝ0A0!(.%$#!P!('4!(0X
A9A0!R,8%+4&=.&$6(%P;Ĥ4#R0/!/G8&,1!M'450$%N!4/G8.!(.%$N!(0-4#:!$#RGQ!
(0R#!;0G4;0%8.&()1!O#(0A%#(AĤ@!(.%$#!P!('4!4.!(0A9A0!&NP%#:<08!4/G8@!
?Ģ!:I!-0!-0-)!&,P(?/!-?%,%#5.1!3'!(?&G9:-.@!?RNA9#/!40!$#48?5.!8?%!$?50%#!
#$!:/)G'()@!-?%!-0(!8#!-$0@!?!PĤ48'&?5.!&!7#I)!/.5#48.@!?RNA9#/!/#95.!I)8!
&,-./0þ(Q!I.&#8N1!
[(#&:!Ĝ)%'/@!I0!8?!R'-0þ('!(#&.(?!-0@!I0!('/!7Ĥ9!4%:80þ(Č!$?5!K&#:!
/.5#481!Z#48?5.!-4/0!;Ĝ.G#P0(#48!30I)<0!OG.48?!?!RN5.!-4/0!&N4&#R#P0(.!
P!(?$&5'$N!9Ĝ)A9:D!3?%!RN!/#95!(Č%$#@!%$#!RN5!#4&#R#P0(!#$!8NG?(.0!
9Ĝ)A9:@!8#:I.8!?!#$&'I.8!40!&G'8.8!40!$#!P?-08)!?!"!.G8#&?8!40!4/G8)S
T?%I0@!/.5,!;Ĝ)805.@!(0R#-:-!P?!4&Q!;G'&#!I)8!&!(?&N%5Q/!9Ĝ)A9:@!?!;Ĝ.X
8#/!%G'þ08!$#!(0R01!T?%950!40!(?!I.&#8!;#95)I08!(0$'1!n?$Č-.!4.!:&Č$#/@!
**=
M]OZo!MhC]M>kT
I0!8.!7Ĥ9!$?5!WI?4(,!$?G!i!,*$E$@"D!kI!(0/:4)<!9Ĝ0<.81![!þ09#!-4.!40!
$Ĝ)&0!(0/#95!4'/!&N4&#R#$.8f!#$!8#9#!(N()!/ĤI0<!I)8!4&#R#$(Č@!$)%N!
/#A.!309#!WI?4(Q!/.5#48.D
C ] V > K T ! > " n Y+ Z k ! y k M s k 3 h
"Ĝ.-?5!-40/!30I)<0!OG.48?!-?%#!4&Q9#!"'(?!&!G#A0!*JFJ1![?%:4.5!-40/!4%:X
80þ(#48! 30I)<#&N! (#&Q! ;Ĝ.G#P0(#48.@! ?! 8#! P/Č(.5#! /Ĥ-! I.&#81! >%?/I.8Č!
-40/!P8G?8.5!8#:9:!;#!?5%#9#5:@!?!?þ%#5.&!-40/!;Ĝ0$8)/!%505!-?%#!#;.5,!
('/#Ĝ()%@!/#-0!Ĝ0þ!RN5?!:P$G?&0(?1!Z?5<)!/#-0!9Ĝ)<(Q!P;Ĥ4#RN!;#48:;X
(Č!&N/.P05N@!þ)/!&)A0!-40/!þ085!7#I)!45#&#@!/0$.8#&?5!(?$!()/!?!&NP('X
&?5!-0!(?$!/,/!I.&#80/1!
7N5?!&<?%!-0$(?!#R5?48@!%80GQ!-40/!40!8?%!4(?$(#!(0PR?&.51!7#-#&?5!
-40/!4!A98)þ0/!?!40!P'&.45#48)!(?!;#G(#\G?!!.1!3?%/.50!-40/!(Č%$0!:&.$Č5!
;#G(#\G?!!A%Q!#RG'P%N@!RN5!-40/!;Ĝ0/#I0(!?!;Ĝ.&'R0(1!C)&?5!-40/!:Gþ.X
8'!#R$#R)!4&#R#$N@!?50!;#!þ?40!/Č!8#!&I$N!P(#&:!;Ĝ.8'95#!P;Č81![%G'8%?@!
A98)þ!$GI05!/#:!$:<.!;0&(Č!&0!4;'G0A91
+!G#A0!*JHB!/.!-0$0(!þ5#&Č%!(?R)$5!4&Ĥ-!RN8@!?RNA9!40!8?/!(?!(Č-?%#:!
$#R:!/#95!:A9,5.8!%!/#$5.8R'/1!M?!%#(A.!þ8NĜ$0(()9#!;Ĥ48:@!E1!%&Č8(?!
*JHB@! -40/! RN5! ;#! :4.5#&(Q! R.8&Č! &! /#$5.8R'A9! #4&#R#P0(! P! ;0&(#48.!
;#G(#\G?!!0!?!A98)þ01!Y!$)%N!7#9:!?!309#!/.5#48.!-40/!4&#R#$(,!$#$(041!
Yþ%#5.&!-40/!RN5!&N4&#R#P0(!P0!4;'GĤ!;#G(#\G?!!0@!48'50!-40/!/:405!
#$#5'&?8!8Q!8#:P0!40!P(#&:!P?;#-.81!"Ĝ0$!<048,/!%&Č8(0/!8#!&N;?$?5#@!
I0!8Q8#!8#:P0!(.%$N!(0R:$:!4A9#;0(!#$#5?81!"#!<048Q/!%&Č8(:!-40/!-)!
#$#5'&?8!/#95@!/:405!-40/!&<?%!4;#5:;G?A#&?8!4!/.5#48)@!?RNA9!;Ĝ0/#95!
(?5Q9?&Q!(:8%'()!40!(?!;#G(#\G?!!.!;#$)&?81!30-)!/#A!RN5?!;#!;#48:!?!.(X
80(P.&()A9!/#$5.8R'A9!&!/Q/!I.&#8Č!P5#/0(?@!/:405!-40/!?50!&N8G&?50!
#$#5'&?8!-0-)!;Ĝ.8?I5.&#48.1!
"#! (Č-?%Q! $#RČ@! %$NI! -40/! ;#%G?þ#&?5! &! /#$5.8R'A9! ?! 4N8.5! 4&#:!
/N45!7#I)/!45#&0/@!-40/!4.!-0$(#9#!$(0!&<./5@!I0!40!/#-0!8#:9N!P/ČX
**B
+j3]ChýMj
(.5N1!kI!-40/!40!(0/:405!(:8.8!#$&G?A08!40!#$!;#G(#\G?!!0@!(?#;?%@!#$X
;:P#&?5?!/Č1!O$NI!-40/!%$0%#5.&!P?95Q$5!40U:'5()!#RG'P0%@!&.$Č5!-40/!
8:!&N48?&0(#:!I0(:!-?%#!(Čþ)!/?5#:!9#5þ.þ%:1!7N5!-40/!P?G/#:A0(,@!I0!
80(8#!&P'A(,!I.&#8@!5.$4%'!RN8#48@!48&#Ĝ0(?!;#$50!7#I)9#!#RG?P:!?!%!309#!
;#$#RČ@!RN5?!PG0$:%#&'(?!(?!;#:9,!%:4!/?4?1!7#I)!/.5#48!/(0!PA05?!
P/Č(.5?! P0&(.8Ĝ! &0(1! 7N5! -40/! #R(#&0(! (?! $:A9:! 4&Q! /N45.! ?! $#48?5!
-40/!W;5(#:!4&#R#$:1!C#-0!4/N45N!RN5N!/#A)!309#!/.5#48.!;G#/Č(Č(N1!
".4?805!5.48:!u.$Ĥ/!;#;.4:-0!8:8#!R5?I0(#48g
!
eM0R#Ģ!%?I$,@!%$#!;#8Ĝ0R:-0!/5Q%#@!-0!(0P%:<0(,!&0!45#&Č!4;G?&0$5X
(#48.@!;G#8#I0!-0!-0<8Č!(0/5:&(Č1!"G#!$#%#(?5Q!-0!&<?%!8:9,!;#%G/@!
;G#!8N@!%$#!/?-)!4/N45N!('&N%0/!&NA&.þ0(N!%!G#P4:P#&'()!$#RGQ9#!
?!P5Q9#b!cu.$Ĥ/!B@*6X*=d1
k&Č$#/.5! -40/! 4.@! I0! 7#I)! 45#&#@! %80GQ! -40/! (0:48'50! þ085@! &NP('X
&?5@!;G#/,<505!?!48:$#&?5@!;Ĝ.&0$5#!/#-0!4/N45N!?!$:<0&()!4A9#;(#48.!
$#! -0$(#8N! 4! 7#I)/.! 8#:9?/.! ?! 309#! /N<50()/1! "?/?8:-80! 4.@! 4&?8#48!
P(?/0('! /N4508@! /5:&.8! ?! I)8! -?%#! >(1! [(?/0('! 8#! &N48#:;.8! (?! 309#!
WG#&0Ė!RN8)1
T#!-0!;Ĝ04(Č!80(!$Ĥ&#$@!;G#þ!&!/Q/!4G$A.!9#Ĝ)!8#:9?!;4'8!8:8#!%(.X
9:g!8#5.%!7#I)A9!$Č8)!I.-0!(?!/5Q%:1!M0Ĝ)%'!40!-./@!I0!7Ĥ9!$#!(.A9!$?5!
K&#:!R#I4%#:!;Ĝ.G#P0(#481!M0$Č5.!A#!(0$Č5.!45N<)@!I0!-4#:!9Ĝ)<()A.@!%80X
G,/! RN5#! #$;:<8Č(#@! ?! I0! /N! &<.A9(.! /'/0! 45?R#48.@! ?50! I0! 40! (Č-?%!
;G#%#:<0/0! %! A)5#&Q! þ'Ĝ0! (?<09#! I.&#8?1! T#8#! 4;#50þ0(4%N! ;Ĝ.-?805(Q!
0&?(\05.:/!&<?%!(0;Ĥ4#R)!/#A!&!-0-.A9!I.&#80A91!30-.A9!I.&#8Ĥ/!8#8.I!
(0&5'$(0!-0-.A9!&)G?@!(,RGI!-0-.A9!4/N45N!?!;#A.8N1
C:4)/0!4.!P?;?/?8#&?8@!I0!(?<0!8Č504('!;Ĝ.G#P0(#48!/ĤI0!R,8!&NA&.X
þ0(?@!?50!I0!/.5:-0!P?&0$0(Q!P&N%N1!"G#8#!5.$Q!þ?48#!(0/?-)!G'$.!P/Č(N1!
Z#RG#:!P;G'&#:!-0@!I0!480-(Č!8?%@!-?%#!/ĤI0/0!&NA&.þ.8!(?<.!8Č504(#48!
%! (04;G?&0$5(#48.@! /ĤI0/0! -.! &NA&.þ.8! .! %0! 4;G?&0$5(#48.1! ".4?805! 5.48:!
u.$Ĥ/!8#8#!$#%5'$'g!e;G#!8N@!%$#!/?-)!4/N45N!('&N%0/!|;G?U)}!&NA&.X
**E
M]OZo!MhC]M>kT
þ0(N!%!G#P4:P#&'()!$#RGQ9#!?!P5Q9#b!cu.$Ĥ/!B@*=d1!K%GP0!/#A!/.5#48.!
/ĤI0/0!(?$!(?<)!/N45)!?!8Č504(#48)!;Ĝ0&P)8!&5'$:!?!;Ĝ0<%#5.8!(?<0!$:X
<0&()!&5?48(#48.!?!4/N45N!;#$50!7#I)9#!45#&?1!M?<0!8Č504(#48!G0?\:-0!(?!
8#@!þ)/!-0!%G/0(?1!
Yþ%#5.&! /Č! 7#I)! /.5#48! #4&#R#$.5?@! /#95! -40/! 40! %0! 450$#&'()!
;#G(#\G?!!0!&G'8.81!O$NRNA9!8#!;#!(Č-?%#:!$#R:!$Č5?5!#;?%#&?(Č@!R0P!
#;G?&$#&Q9#!;#%'()!&!4G$A.@!RN5!RNA9!#;Č8!A9NA0(!$#!;?48.!?!48?5!40!P'X
&.45,/1!Y!RN5!RNA9!(?!8#/!9ĤĜ0@!(0I!;Ĝ0$8)/1!Y50!/#-0!G#P9#$(:8)!-0@!I0!
8#!(0:$Č5'/@!?!$Ĥ&#$0/!-0!5'4%?!%!7#9:!?!R'P0Ė!;Ĝ0$!M)/1!
309#!/.5#48!-0!&)A0!(0I!$#48?80þ('D!30!8#!WI?4(QD
] M T h n+ ] h _ @! O T h n v ! > T h + ě h V > ! > ý ]
"Ĝ0$!(Č%#5.%?!508N!-40/!;#4%N85!G#P9#&#G!-0$(Q!G#P95?4#&Q!48?(.A.!&!-0$X
(#/!&05%Q/!/Č48Č!(?!-.9:1!C5:&.5!-40/!#!4;G?&0$5(#48.!?!#!;#$/?Ė#X
&'()!8Č5?1!M0Ĝ0%5!-40/!(.A!#!/Q/!&N4&#R#P0()!P!;#G(#\G?!!0@!4;)<0!-40/!
P$ĤG?PĖ#&?5!$Ĥ50I.8#48!#;G?&$#&Q!4&?8#48.!&!I.&#8Č!&ČĜ)A)9#1!
! "#! P9G:R?! 8Ĝ.A08.! /.(:8'A9@! /#$0G'8#G! P;Ĝ)48:;(.5! 5.(%N! %! 8050^#X
(.A%,/!$#8?PĤ/1!"G&()/!&#5?-)A)/!RN5!(Č-?%,!G#Pþ.50(,!þ5#&Č%@!%80G,!
40!$#!/Č!;:48.5g!e3?%!/ĤI080!/N4508!&'I(Č!8#@!A#!Ĝ)%'80S!`#!/'!$Č5?8!
þ5#&Č%@!%80G,!/'!&0!4&Q/!I.&#8Č!4&'P?(#48.!(0R#!P'&.45#48.S!`9A080!/.!
4(?$!Ĝ)A8@!I0!/)Ĝ)!$#!4/G8.Sb
e"?(0@!8#950!(0Ĝ)%'/!-'@b!#$;#&Č$Č5!-40/1!eT#!Ĝ)%'!7#I)!45#&#1b!"#X
8#/!-40/!40!9#!P0;8?5g!eC#95!RN480!/.!8G#A9:!#R-?4(.8!8#@!A#!Ĝ)%'80Sb
eY(#Db!K8'50!-0<8Č!RN5!&05/.!(?<8&?(,1
eT?%I0! 40! &'4! P0;8'/! ;Ĝ)/#@b! Ĝ0%5! -40/1! e+N! 80$N! 8&G$)80@! I0! -4#:!
9Ĝ)A9N@!P0!%80G,A9!('4!30I)<#&?!%G0&!?!7#I)!/.5#48!#4&#R#$.8!/#9#:@!?50!
I0!0U.48:-)!.!-.(Q@!e4;0A.'5()b!9Ĝ)A9N@!;Ĝ)5.<!/#A(Q!(0R#!4.5(Q!(?!8#@!?RN!
-0!7#I)!/.5#48!;Ĝ0/#95?S!30!8#!8?%Sb
T#!-0-!(?;G#48#!:/5þ05#1!M?-0$(#:!:&.$Č5!R5'9#&#48!-09#!?G\:/0(8Ĥ1
M?%#(0A! -40/! ;G#5#/.5! 8#! 8.A9#g! e"?(0@! -'! -40/! RN5! 4;#:8'(! 40U:X
**F
+j3]ChýMj
'5()/! A98)þ0/! ?! 7#I)! /.5#48! /Č! &! G#A0! *JHB! &N4&#R#$.5?1! M0/ĤI080!
/Č!;Ĝ04&Č$þ.8@!I0!0U.48:-)!P'&.45#48.!(0R#!4;#:8?(#48.@!(?!%80GQ!RN!7#I)!
/.5#48!(048?þ.5?1!3'!-40/!RN5!W;5(Č!4&'P'(@!?!80ć!-40/!&#5(,1b
!
TċuOv!ýYKo
Y;#<8#5! "?&05! &! $#;.40!T./#80#&.! ;)<0! #! $#RČ@! &0! %80GQ! (N()! I.-0/0g!
eT#8#!&<?%!&ČP@!I0!&!;#450$()A9!$(0A9!(?48?(#:!8ČI%Q!þ?4Nb!cR:$0!8ČI%Q!
R,8!%Ĝ04Ģ?(0/!X!;#$50!?(\51!;Ĝ0%5?$:f!21!T./#80#&.!6@*d1!u.-0/0!&!;#X
450$()A9! $(0A91! >! 8#/! (0()! ;#A9NR@! ;G#8#I0! &<0A9(N! ;G#G#A%Q! &0G<0!
:%?P:-)@!I0!40!30I)<!RGP#!&G'8)1!"?&05!;Ĝ0$&)$?5@!I0!R,8!%Ĝ04Ģ?(0/!&!(?<)!
$#RČ!R:$0!P0!&<0A9!þ?4Ĥ!(0-8ČI<)1!"G#þS
"?&05!&0!4&Q!$#RČ!P?%#:<05!&05%Q!;G#8.&0(48&)1!"Č8%G'8!P?I.5!RG:8'5()!
R.þ#&'()@!;#%?I$Q!$#48?5!$0&Č8?8Ĝ.A08!G?(!R.þ0/1!TĜ.%G'8!RN5!PR.8!9#50X
/.1!30$(#:!%?/0(#&'(1!Y!48G'&.5!A05Q!G#%N!&0!&ČP0()1!O?/%#5.!40!#RG'X
8.5@!þ05.5!9G#P(Q/:!;G#('450$#&'()1!Y!;Ĝ048#!(?;4?5@!I0!&!(?<)!$#RČ!R:$0!
-0<8Č!/(#90/!8ČI<)!R,8!%Ĝ04Ģ?(0/D!T?$N!-4#:!-09#!$Ĥ&#$Ng
eV.$Q!8#8.I!R:$#:!4?/#5.R)@!/.5:-)A)!;0()P0@!&NA95#:R?þ()@!;N<()@!
G#:9?&)@!(0;#45#:A9?-)A)!G#$.þ0@!(0&$Čþ()@!R0PR#I()@!R0PA.8()@!
(04/.Ĝ.805()@!;#/5#:&?þ()@!(0P$GI0(5.&)@!9G:R)@!(0;Ĝ'805Q!$#RG?@!PG'$X
A.@!:%&?;0()@!(?$:8)@!/.5:-)A)!G#P%#<0!&)A0!(0I!7#9?b!c21!T./#80#&.!
6@2X=d1
]! %$NI! 4.! 8#8#! ;Ĝ0þ8080@! /ĤI080! 40! ;#Ĝ'$! -0<8Č! $.&.8@! ;G#þ! 4.! "?&05!
/N4505@!I0!(?<0!$(N!R:$#:!#$5.<(Q1!V.$Q!&!-09#!$#RČ!;Ĝ0A0!/Č5.!&<0A9(N!
480-(Q!&5?48(#48.!i!/.5#&?5.!40R0!?!;0()P0@!RN5.!R0PR#I()@!(0/.5#4G$()@!
?8$1!>!V08(.A)A9!"08G!Ĝ0%5g!e[?A9G?Ė80!40!P!8#9#8#!P&G'A0(Q9#!;#%#50()Db!
cK%:8%N!2@=Ld1!T?%!;G#þ!"?&05!8&G$)@!I0!R,8!%Ĝ04Ģ?(0/!;G#!(?<.!\0(0G?A.!
R:$0!(0-8ČI<)!&!A05Q!9.48#G..S!+N4&Č85:-0!8#!9(0$!&!$?5<)/!&0G<.g!
**H
M]OZo!MhC]M>kT
e7:$#:!/)8!&(Č-<)!P;Ĥ4#R!PR#I(#48.@!?50!PĜ0%(#:!40!-0-)!/#A.b!c21!T.X
/#80#&.!6@Bd1
T#! -0! #(#! i! I.-0/0! &! $#RČ! c?! 8#! ;#8&GP:-)! .! /(#9Q! $?5<)! #$%?PN!
&!M#&Q!4/5#:&Čd@!%$N!/(#9#!5.$)!8&G$)@!I0!-4#:!4;?40(.!/.5#48)!?!-4#:!
P(#&:PG#P0()@!?&<?%!4!7#I)!/.5#48)!(04;#5:;G?A:-)!(?!8#/@!?RN!/#95.!&0!
4&,A9!I.&#80A9!R:$#&?8!OG.48#&N!&5?48(#48.1!K8'50!&ČĜ)@!I0!-4#:!4;?40(.!
/.5#48)@!?!;Ĝ.8#/!,5%AĜ?&4+?%-0-)!/#A.@!%80G'!RN!-0!/#95?!:þ.(.8!4&?8,/.1!
K8'50!/?-)!4&Q!I.&#8N!&0!&5?48()A9!G:%#:!?!I.-)!4.@!-?%!40!-./!5)R)@!?(.I!RN!
40!;#$$?5.!7#9:!-?%#!"'(:1!T.8#!e&ČĜ)A)b!-4#:!(0R0P;0þ()@!;G#8#I0!4&,/!
I.&#8()/!48N50/!4$Č5:-)!(0;G?&Q!0&?(\05.:/!30I)<0!OG.48?1!"G#8#!"?&05!
Ĝ)%'g!e>$!8?%#&,A9!40!#$&G?A0-b!c21!T./#80#&.!6@Bd1
3'!&ČĜ)/@!I0!(0-8ČI<)!R#-0@!%80GQ!/:405.!;G&()!#8A#&Q!&Q48@!RN5N!;G#8.!
P'%#(.A8&)1!C(#9#!5.$)!40!4(?I.5#!$#48?8!(#&Q!&ČĜ)A)!P;'8%N!;#$!P'%#(@!
/)48#!8#9#!?RN!$Ĥ&ČĜ#&?5.!4;?40()!P!7#I)!/.5#48.1!"#!&)A0!(0I!;Č8?$&?A08.!
5080A9!&0!45:IRČ!(?!;5(,!W&?P0%!-40/!$#4;Č5!%!('P#G:@!I0!(?<)!(0-&Č8<)!
R.8&#:!$(04!-0!R0PP'%#((#48!i!5.$Q!&!A)G%&.@!%80Ĝ)!&ČĜ)@!I0!/#9#:!R,8!4;?X
40(.@!?(.I!RN!I.5.!-.(?%!(0I!5.$Q!P0!4&Č8?1!M0;#$Ĝ.P:-)!40!7#I)!?:8#G.8Č1!
30I)<!('4!#950$(Č!;#450$()A9!$(Ĥ!&?G:-0g!
eY!;G#8#I0!&PG#480!R0PP'%#((#48!c9Ĝ)A9!R:$0!R:-08!X!;#$50!MVTd@!#A9X
5?$(0!5'4%?!/(#9,A91!O$#!&<?%!&N8G&'!$#!%#(A0@!R:$0!P?A9G'(Č(b!
cC?8#:<!2=@*2X*6d1
30485.I0!&!30I)<#&Č!$#RČ!9Ĝ)A9!R:-05!8?%Q@!;G#þ!-0!80$N!(?<0!$#R?!8?%!
#$5.<('S! x#%:-)A)! -0@! I0! %$NI! 30I)<! 9#&#Ĝ)! #! (?<.A9! þ?40A9@! (0/5:&)!
#! 4;#50þ(#48.! &<0#R0A(Č@! ?50! #! 8ČA9@! %$#! 8&G$)@! I0! a#! ('450$:-)1! 30I)<!
Ĝ)%'@!I0!&!(?<)!$#RČ!R:$0!9Ĝ)A9!R:-08!/0P.!*/A':*4+?3?.(%&Ĝ5,Ģ4'/1!"G#þ!
RN!-.(?%!P?%#(þ.5!4&Q!;G#95'<0()!45#&N!eO$#!&<?%!&N8G&'!$#!%#(A0@!R:$0!
P?A9G'(Č(bS! M0&ČĜ)A)/:! þ5#&Č%:! ;Ĝ0A0! (0Ĝ0%(080g! e30485.I0! $#%#(þ)<!
P'&#$@! R:$0<!P?A9G'(Č(@b!;G#8#I0!80(!I'$(,! P'&#$! ?(.! (0P?þ?51!T#950!
RN480!Ĝ0%5.!8#/:@!%$#!:I!-0!&0!&)Ĝ0@!%$#!:I!RČI)1!
**J
+j3]ChýMj
K9G(:8)!-0!80$N@!I0!A9#$.8!&!#;G?&$#&Q!4&?8#48.!-0!&!$(0<()!$#RČ!$Ĥ50X
I.8Č-<)!(0I!%$N%#5.!-.($N@!;G#8#I0!30I)<!Ĝ0%5@!I0!&!(?<.A9!þ?40A9!R:$0!R:X
-08!9Ĝ)A9@!$)%N!-09#!%5?/(Q!;#$48?8Č1!>9G#/:-)A)!$#RG#:!P;G'&#:!&<?%!
-0@! I0! 7Ĥ9! ('/! 4%GP0! /.5#48! $?5! /#A! I)8! 4&?8,/! I.&#80/! .! :;G#48Ĝ0$!
8?%#&Q9#!W;?$%:1!
34#:!$&?!$Ĥ&#$N@!;G#þ!/'/0!R,8!&!8ČA98#!80/(,A9!$(0A9!4&Č850/g!P?!
;G&Q!%&Ĥ5.!('/!4?/#8(,/@!P?!$G:9Q!%&Ĥ5.!P8G?A0(,/1!T#5.%!5.$)!&!8#/X
8#!4&Č8Č!&#5'@!I0!A98Č-)!;#P(?8!7#9?1!CN!-4/0!%#48.!P!309#!%#48)!?!8Č5#!
P!309#!8Č5?@!;#-ć/0!80$N!(?;#$#R#&?8!7#9?!-?%#!309#!$G?9Q!$Č8.@!?RN!
4&Č8!/#95!&.$Č8!309#!4&Č85#1!
C'/0!8#@!A#!-0!%!8#/:!8Ĝ0R?1!M?P,&'!40!8#!/.5#481!"#-ć/0!80$N!%G'X
þ08!&!309#!(0#RNþ0-(Q!/#A.D
™
!"#$%&'#&12,34)þ'*-&.)/034#:!&0!&?<0/!I.&#8Č!#R5?48.@!%80GQ!;#8Ĝ0R:-)!#þ.48.8S!3?%Q!8#!-4#:S
"G#þ!-0!(0/#I(Q!I)8!4&?8,!I.&#8!R0P!7#I)!/.5#48.S
*2L
00
PH,:(+$=+.!Q6+-4=ĥ
C
.5#48!('4!:4A9#;Ė:-0!45#:I.8!7#9:!8?%@!-?%!40!C:!5)R)1!"G&()!?!(0-X
$Ĥ50I.8Č-<)!-0@!I0!-4/0!P/#A(Č(.!I)8!&0!4&?8#48.1!>;G?&$#&'!4&?X
8#48!P?9G(:-0!40U:'5()!þ.48#8:@!?50!P(?/0('!-0<8Č!/(#90/!&)A1!7,8!4&?8,!
8?%@!-?%#!-0!4&?8,!7Ĥ9@!&NI?$:-0!I)8!-?%#!30I)<@!A9#$.8!8?%@!-?%#!(?!8Q8#!
P0/.!A9#$.5!>(@!?!(Q48!8#!4?/Q!#&#A01!30I)<!8#!Ĝ0%5!-?4(Čg!
eM0!&N!-480!4.!&NRG?5.!C(0@!?50!3'!-40/!4.!&NRG?5!&'4!?!:48?(#&.5!-40/!
&'4@!?RN480!&N<5.!?!(045.!#&#A0!?!&?<0!#&#A0!?RN!PĤ48'&?5#b!c3?(!
*B@*Ed1
>!-?%Q/!#&#A.@!%80GQ!/'!PĤ48'&?8@!8?$N!30I)<!9#&#Ĝ)S!309#!&5?48(#48.!
#$9?5.5!RČ90/!G#P9#&#G:!;Ĝ.!"#450$()!&0þ0Ĝ.g
eY/0(@!?/0(@!;G?&)/!&'/g!S@$&$6(!&ČĜ)!&0!C(0@!.!#(!R:$0!þ.(.8!
4%:8%N@!%80GQ!3'!þ.()/@!?!R:$0!þ.(.8!+5B#Č%*Č#B?!111b!c*=@*2d1
;5B#Č%*Č#B?%,&"#&/U!30I)<!(0Ĝ0%5g!e+N!?;#<8#5#&Q@!%80Ĝ)!&ČĜ)80111b@!?50!
(?;G#48#!4;0A.!!A%N!;G#95?<:-0g!eS@$&$6(!&ČĜ)111b1!O$NRN!8#950!Ĝ0%5!%$#X
%#5.!-.(,!(0I!30I)<@!/Č5!RNA9!;G#R5Q/!8#/:!&ČĜ.81!Y&<?%!8#8#!;#P#G:9#$X
(Q!;G#95'<0()!&N<5#!;Ĝ)/#!P!309#!W48@!?!309#!45#&#!-0!4;#5095.&QD!CN@!
%80Ĝ)!-4/0!RN5.!;Ĝ.-?8.!$#!309#!G#$.(N@!:þ.(Č(.!4!M)/!-0$(#!?!$#48?5.!309#!
;Ĝ.G#P0(#48!?!309#!Z:A9?@!(0-0(I0!/'/0!$Č5?8!8N!WI?4(Q!4%:8%N@!%80GQ!
$Č5?5!>(@!?50!/ĤI0/0!þ.(.8!4%:8%N!-0<8Č!&Č8<)D!3?%!-0!8#!/#I(QS!MN()!:I!
8:!#$;#&Čć!P('80!i!@?&/%;5)$%.(6$,#(0
C.5#48!('4!P/#AĖ:-0!%!8#/:@!?RNA9#/!<5.!P?!9G?(.A0!(?<.A9!;Ĝ.G#P0X
*2*
+j3]ChýMj
(,A9!4A9#;(#48)1!T#!('4!;Ĝ.&'$)!$#!#R5?48)!&,-./0þ(Q9#1!"#450A9(Č80!4.!
45#&?!?;#<8#5?!"?&5?g
eY!7Ĥ9!-0!/#A0(!8$A)$+'(#!<Ĝ(%*:,%&49@=%@48%.(6$,#(>!?RN480!/Č5.!
&I$NA%N!*5%*B5.%F<6'=%@$,#4#5&!?!/Č5.!9#-(#48!;G#!%?I$,!$#RG,!,&"G
#5&\!c21!O#G.(84%,/!J@Hf!%:GP)&?!;Ĝ.$'(?d1
+!8ČA98#!&0G<)A9!"?&05!/5:&)!4;0A.!!A%N!#!!!(?(A)A9!?!$'&'()@!?&<?%!
80(8#! ;G.(A.;! ;5?8)! ;G#! &<0A9(N! #R5?48.! I.&#8?1! 30! 8Ĝ0R?! P$0! P$ĤG?P(.8!
(Č%#5.%!%5)þ#&,A9!45#&1![?!;G&Q@!"?&05!Ĝ)%'g!c<Ĝ(%*:,%&49@=%@48%.(6$,G
#(\1! M0! <:8% @48Ĥ% /.5#48.@! ?50! *B53)'/0! +! OG.48:! 30I)<.! /'/0! &<0A9(?!
$:A9#&()!;#I09('()!c&.P!h^0P4%,/!*@6d1!"G#8#!Z:A9!K&?8,!;G#95?<:-0!
4%GP0! "?&5?g! eY! 8?%! ?Ģ! 40! (.%$#! (0A95:R)! A#! &<0! 5.$Q! P/#9#:1!+I$NĢ!
&<0A9(#! &'/! ;?8Ĝ)111! &N! ;?%! ;?8Ĝ)80! OG.48:! ?! OG.48:4! 7#9:! c*1! O#G.(8X
4%,/!6@2*126!;#$50!?(\51!;Ĝ1d1
"?&05!$'50!Ĝ)%'@!I0!&I$NA%N!i!(0-0(!;Ĝ.!:Gþ.8,A9!;Ĝ)50I.8#480A9@!?50!
*9@/3&/!i!R:$080!*5%*B5.%.?#%F<6'=%@$,#4#5&@!?RN480!/Č5.!9#-(#48!;G#!
%?I$,!$#RG,!,&"#5&1!30I)<!;G#95?<:-0@!I0!%?I$,!P!('4!R:$0!þ.(.8!-0<8Č!&Č8X
<)!,&"#&/1!309#!;Ĝ08Q%?-)A)!?!P/#AĖ:-)A)!/.5#48!('/!$'&'!(?;G#48,!?!W;5X
(,!$#48?80%!;G#!(?;5(Č()!%?I$Q!(?<)!;#8Ĝ0RN@!?Ģ!-0!-?%'%#5.&D!M00U.48:-0!
(.A!P!(0R04%Q9#!P?#;?8Ĝ0()@!A#!RN!('/!A9NRČ5#@!(0R#Ģ!309#!/.5#48!-.I!
;#4%N85?!W;5(Č!&<0A9(#1!
OnwV>+KT+q!3h!k+M]Tě
O$NI!30I)<!:þ.5!4&Q!:þ0$()%N@!-?%!40!/#$5.8@!:þ.(.5!;#P#G:9#$(Q!;G#95'X
<0()g!e"Ĝ.-ć!8&Q!%G'5#&48&)1!7:ć!&Ĥ50!8&'!-?%#!&!(0R.@!8?%!.!(?!P0/.b!cV:X
%'<!**@2d1!"G#!:þ0$()%N!8#!RN5?!^:8:G.48.A%'!/#$5.8R?@!?&<?%!;G#!30I)<0!
(.%#5.&1!Y!;G#!('4!8?%Q!(0()!^:8:G.48.A%'@!;G#8#I0!8?8#!;G?&$?!-0!?%8:'5()!
;G'&Č!(N()1!Z#&#580!/.!8#!&N4&Č85.81!M?5Q9?&Č!&'4!I'$'/@!?RN480!('450X
*22
OnwV>+KT+q![h+M]Tě
$:-)A)A9!(Č%#5.%!48G?(!þ085.!&05/.!;#P#G(Čf!-0485.I0!8#8.I!;5(Č!;#A9#;)80@!
A#!A9A.!Ĝ)A8@!&'<!I.&#8!40!W;5(Č!;G#/Č()1!
y?G.P0#&Q!/Č5.!4!30I)<0/!;G#R5Q/@!;G#8#I0!(0;Ĝ.<05!$#!$Č-0!8?%@!-?%!
#þ0%'&?5.1! "#$50! 48?G#P'%#(()A9! ;G#G#A8&)! þ0%?5.! /04.'<4%Q9#! %G'501!
]P?-'<!(?;4?5g
eM0R#Ģ!40!('/!(?G#$)!$)8Č@
R:$0!('/!$'(!4N(@!
(?!-09#I!G?/0(.!4;#þ.(0!&5'$?!
?!R:$0!/:!$'(#!-/Q(#g
eZ.&:;5(,!G'$A0@!C#A(,!7Ĥ9@!
>80A!&Čþ(#48.@!+5'$A0!;#%#-01b
309#!&5?$?Ĝ4%'!/#A!;#G#480!
;5)$%&8:6$*,#*?!R:$0!*9@/!&5'$(#:8!;#%#7:$0!&5'$(#:8!-?%#!Z?&.$Ĥ&!('450$#&()%@
k;0&()!4&#:!/#A!;G'&0/!?!4;G?&0$5(#48)
#$!8#9#!þ?4:!?I!(?&Č%N1!
+<0/#A(,!a#4;#$.(!-0!G#P9#$(:8!8#8#!&<0!:þ.(.8b
cJ@BXEf;#$50!?(\51!;Ĝ1d
T.8#!&0$#:A)!&Č$Č5.@!I0!C04.'<!/'!;Ĝ.-)8!&!-0-.A9!$#RČ1!+P;#/0Ė80!4.!
(?! /:$GA0!P!&,A9#$:1!['%#()A.!(0RN5.! ;Ĝ0%&?;0(.@!%$NI!-./!a0G#$04!
(?Ĝ)$.5@!?RN!P-.48.5.@!%$0!40!/'!OG'5!(?G#$.81!
M?!P'%5?$Č!]P?-'<#&,A9!45#&!^?G.P0#&Q!&ČĜ.5.@!I0!C04.'<!/ĤI0!;Ĝ.-)8!
;#:P0!-?%#!R#-#&()%!?!%G'5!$#RN&?805@!%80G,!-0!&N4&#R#$)!P;#$!(?$&5'$N!
?!W8.4%:!ě)/?(Ĥ1!"Ĝ0$;#%5'$?5.@!I0!#%?/I.8Č!:40$(0!(?!Z?&.$Ĥ&!8GĤ(!
&!30G:P?5Q/Č!?!R:$0!&5'$(#:8!(?&Č%N1!
O$NI!40!&<?%!30I)<!#R-0&.5!i!M?P?G0-0A@!#RNþ0-(,!/:I@!804?Ĝ!P!A9:$Q!
G#$.(N!?!;Ĝ)805!;G#48.8:80%!?!/?!!0!c&,RČGþ)!$?()!RN5.!809$0-<)/.!/?!!'X
(Nd@!#(.!a#!P?!C04.'<0!(0&P?5.1!"Ĝ048#I0!/(#9#!#RNþ0-(,A9!5.$)!30I)<0!
-?%#!C04.'<0!;Ĝ.-?5#@!&0$#:A)!8#!#$/)85.@!;G#8#I0!30I)<!(0&N9#&#&?5!-0X
-.A9!;Ĝ0$48?&'/!#!C04.'<#&,A9!&5?48(#480A91!
*26
+j3]ChýMj
Y!8?%!^?G.P0#&Q!30I)<0!%#(^G#(8#&?5.g!eM#!$#RG'@!-0485.I0!8N!-4.!C0X
4.'<@!%$0!/'<!8#!%G'5#&48&)@!%80GQ/:!/'<!;#$50!]P?-'<0!&5'$(#:8S!"G#þ!
('/!8?$N!48'50!&5'$(#:!ě)/?(QSb
30I)<!-./!#$;#&Č$Č5g!
eOG'5#&48&)!7#I)!(0;Ĝ.A9'P)!8?%@!?RN480!9#!/#95.!;#P#G#&?8f!?(.!
(0Ĝ0%(#:g!~a50@!-0!8:r!(0R#!~-0!8?/r1!M0R#Ģ!950@!&8:6$*,#*?%7$9?%+5%
"*'(#Ĝ%*:,\!cV:%'<!*F@2LX2*f!%:GP)&?!;Ĝ.$'(?d1
eOG'5#&48&)111! -0! :&(.8Ĝ! &'4bS! +)/0@! I0! e&'4b! 40! (08,%?5#! ^?G.P0Ĥ@!
;G#8#I0!30I)<!-./!Ĝ0%5g!e+N!-480!P!#8A0!Ć'R5?b!c3?(!H@==d1!30I)<!/5:&.5!
#!8ČA9@!%$#!40!P(#&:!(?G#$)!?!R:$#:!(?;5(Č(.!309#!Z:A90/1!"Ĝ0$8)/!
45)R.5!8Č/@!%$#!a#!/.5:-)g!eM0R#-!40@!/?5Q!48'$0þ%#@!(0R#Ģ!&?<0/:!>8A.!
40!P?5)R.5#!$'8!&'/!%G'5#&48&)b!cV:%'<!*2@62d1
O$N!80$N!/Č5#!8#!%G'5#&48&)!;Ĝ.-)8S!309#!:þ0$()A.!8:8#!G,;?&#:!#8'PX
%:!30I)<#&.!;#5#I.5.!;#!309#!P/G8&,A9&48'()1![%:480!40!$#!(.A9!&A)8.81!
O#(0þ(Č!-0!&<0A9(#!-?4(Qg![$G?&,!?!I.&,!30I)<!48#-)!;Ĝ0$!K&,/.!&ČG(,/.!
('450$#&()%N! i! #;G?&$#&,! OG'5@! #! %80GQ/! ]P?-'<! ;G#G#%#&?5@! I0! R:$0!
&5'$(#:8!(?!Z?&.$#&Č!8GĤ(Č!i!?50!%$0!-0!8#!%G'5#&48&)S!K8'50!-0<8Č!RN5.!
&!8#/8#!P/?80(.!.!8Č4(Č!;Ĝ0$!30I)<#&,/!(?(0R0&48#:;0()/g!
eO$NI!40!80$N!40<5.@!8'P?5.!40!9#g!e"?(0@!&!8#/8#!þ?40!#R(#&)<!
%G'5#&48&)!;G#!]PG?05Sb!cK%:8%N!*@Ed1
T?%Q!#(.!þ0%?5.@!I0!40!%G'5#&48&)!;G#-0&)!.!^NP.A%N@!480-(Č!-?%#!8#!R:$0!
&!80(!$0(@!%$N!40!30I)<!&G'8)!(?!P0/!(?!R)5Q/!%#(.!4!e$0408.8.4)A.!K&,A9!
4&?8,A9b!c&.P!3:$Ĥ&!*@*=X*Bf![-0&0()!*J@**X*Ed1![?8)/A#!950$?5.!80(8#!
$#45#&(,! 8GĤ(! (?! P0/.@! PA05?! P?;#/(Č5.! (?! 309#! 45#&?g! eOG'5#&48&)111!
-0! :&(.8Ĝ! &'4b1!Y! 480-(Č! 8?%@! -?%#! ;#%'G?5! ^?G.P0-0@! (?;G?&.5! .! /N<50()!
:þ0$()%Ĥg!
*2=
OnwV>+KT+q![h+M]Tě
eě0%5!-./g!eM0;Ĝ)45:<)!&'/!;#P(?8!þ?4N!?!59Ĥ8N@!%80GQ!>80A!:5#I.5!
&0!4&Q!&5?48()!;G?&#/#A.!c:48?(#&0()!309#!^NP.A%Q9#!%G'5#&48&)!;Ĝ.!
309#!('&G?8:d@!?50!R:$080!(?;5(Č(.!/#A)!Z:A9?!K&?8Q9#@!%80G,!(?!&'4!
;Ĝ.-$0!c%G'5#&48&)!P0&(.8Ĝdb!cK%:8%N!*@FXHf!40!P'&#G%?/.!;#$50!?(\51!
;Ĝ0%5?$:d1
7:$080!e(?;5(Č(.!/#A)b!Z:A9?!4&?8Q9#!%!þ0/:S!S%B?Ĝ5'?%&8:6$*,#*?[!
T#!(0;5?8.5#!-0(!;G#!(Č@!;5?8)!8#!.!;G#!('4@!;G#8#I0!"08G!&N95?<#&?5!P'X
48:;Ĥ/g!eM0R#Ģ!8#!P?45)R0()!c(?;5(Č()!/#A)!Z:A9?!4&?8Q9#d!;5?8)!;G#!
&'4!?!&?<0!$Č8.!.!&<0/@!%80Ĝ)!-4#:!$?50%#!?!%80GQ!4.!;#&#5'!"'(@!('<!7Ĥ9b!
cK%:8%N!2@6Jf!P'&#G%?!;Ĝ.$'(?d1!+!8#/!-4/0!4!-.48#8#:!P?9G(:8.!-'!.!&N1!
"G#8#!"?&05!('/!&<0/!;)<0g!eM0R#Ģ!7#I)!%G'5#&48&)!(04;#þ)&'!&!Ĝ0þ.@!
?50!&!/#A.b!c*1!O#G.(84%,/!=@2Ld1!3?%/.50!Z:A9!K&?8,!;Ĝ.<05@!?RN!;Ĝ0X
R,&?5!&!5.$48&:@!%G'5#&48&)!?!&0<%0G'!309#!/#A!-0!:&(.8Ĝ!('4D!MN()!&5?48X
()/0!.$3!<)Ĝ.8!%G'5#&48&)!&!4G$A)A9!?!I.&#80A9!#48?8()A91!"G#8#!7#I)!45#X
&#!;G#95?<:-0g!e+I$NĢ!%G'5#&48&)!7#I)!(0()!;#%G/!?!(';#-@!(,RGI!4;G?X
&0$5(#48@!;#%#-!?!G?$#48@!%80GQ!$'&'!Z:A9!K&?8,b!cě)/?(Ĥ/!*=@*F@!;#$X
50!?(\51!;Ĝ1d1!
30I)<! 80$N! &! ;#$48?8Č! ?;#<8#5Ĥ/! (?! -0-.A9! #8'P%:! #$;#&Č$Č5! i! (0!
&<?%!#!&(Č-<)/!:48?(#&0()!%G'5#&48&)@!(,RGI!#!:48?(#&0()!&(.8Ĝ()/@!%80X
GQ!4?/#PĜ0-/Č!#&5.&()!5.$4%Q!I.&#8N!(?&0(0%1!{I?4(#:!;G?&$#:!-0@!I0!
;Ĝ.!<)Ĝ0()!%G'5#&48&)!(N()!/ĤI0/0!$Č5?8!480-(Q!4%:8%N@!-?%#!$Č5?5!30I)<@!
?!$#%#(A0!-0<8Č!*Č#B?1!30<8Č!-0$(#:!4.!;Ĝ.;#/0Ė/0!309#!45#&?g!"Ĝ.-ć!T&Q!
%G'5#&48&)!c8#!:I!-0!(N()!8?$Nd1!7:ć!&Ĥ50!T&'!-?%#!&!(0R.@!8?%!.!(?!P0/.b1
3 Y O > ! + ! M h 7 ] @! TY O ! ] ! M Y ! [ h C ]
MN()!;G#R0G0/0!P;Ĥ4#R@!-?%,/!30I)<!;Ĝ.('<05!(0R0!(?!P0/1!309#!;#45'X
()@!P-0&.8!7#I)!%G'5#&48&)@!RN!/#95#!R,8!;#;4'(#!-0$()/!45#&0/g!,<84G
*5@6'$,#0!")4/#!Ĝ)%'g!e+I$NĢ!%G'5#&48&)!7#I)!(0()!;#%G/!?!(';#-@!(,RGI!
*2B
+j3]ChýMj
,<84*5@6'$,#@111b! cě)/?(Ĥ/! *=@*Fd1! 30I)<! ('/! Ĝ)%'@! ?RNA9#/! 950$?5.!
e(0-;G&0!%G'5#&48&)!7#I)!?!309#!,<84*5@6'$,#\%bC?8#:<!E@66d1!"#!4&Q/!
#$A9#$:!Ĝ0%5!:þ0$()%Ĥ/@!I0!Z:A9!K&?8,!;Ĝ.-$0!?!e;Ĝ.(040!4&Č8:!$Ĥ%?P!
#!,<84*5@6'$,#(@!;G#8#I0!#$A9'P)/!%!>8A.b!c3?(!*E@H1*Ld1
ě0A%Q!45#&#@!%80GQ!-0!;G#!,<84*5@6'$,#%&!M#&Q!4/5#:&Č!(0-þ?48Č-.!;#X
:I)&'(#@!-0!@(&4($,/'51!_O<$,(#$8/%V(3#($'48/%$`%7(E65%K$8@,!#$9?5:-0@!
I0!&0!&,P(?/:!8#9#8#!45#&?!(0()!I'$('!<0$'!#R5?48g!e#P(?þ:-0!48?&!RN8)!
c0U.480(A0d@!%80G,!-0!&!%?I$Q/!#950$:!;G#!7#9?!;Ĝ.-?805(,b1!30$(#$:<0!
Ĝ0þ0(#@!,<84*5@6'$,#!P(?/0('!e4;G'&(,!&!7#I)A9!#þ)A9b1
")4/#!-0!&!8#/!-?4(Q!-?%#!$0(g!eM0()!4;G?&0$5.&Q9#@!(0()!?(.!-0$X
(#9#b!cě)/?(Ĥ/!6@*Ld1!"#%:$!40!þ5#&Č%!(0(?G#$)!P(#&:!P!(0;#G:<.805X
(Q9#!40/0(0!4%GP0!7#I)!45#&#@!(0()!/#I(Q@!?RN!RN5!4;G?&0$5.&,!(0R#!
&! 7#I)A9! #þ)A9! ;Ĝ.-?805(,1! "?&05! W;5(Č! 480-(Č! -?4(Č! ;G#95?<:-0g! e3?%#!
40! 4%GP0! (0;#45:<(#48! -0$(#9#! þ5#&Č%?! /(#P)! 48?5.! 9Ĝ)<(,/.@! 8?%! 40!
8?%Q!4%GP0!;#45:<(#48!-0$(#9#!48?(#:!/(#P)!4;G?&0$5.&,/.b!cě)/?(Ĥ/!
B@*Jd1!K8'&'/0!40!4;G?&0$5.&,/.!(N()@!(0R#!40!8#!48?(0@!?I!%$NI!;Ĝ.-$0X
/0!$#!(0R0S!"#$50!8#9#@!#!þ0/!-4/0!/5:&.5.!&!;Ĝ0$A9#P)A9!%?;.8#5'A9@!
:I!P('/0!#$;#&Čć1!7#I)!45#&#!;G#95?<:-0g!
eT#9#@!%80G,!9Ĝ)A9!(0;#P(?5@!P?!('4!:þ.(.5!9Ĝ)A90/@!?RNA9#/!40!/N!
48?5.!7#I)!4;G?&0$5(#48)!&!MČ/b!c21!O#G.(84%,/!B@2*d1
Y!P(#&:g
e+N!&<?%!-480!P!MČ9#!&!OG.48:!30I)<.@!-0(I!40!('/!48?5111!4;G?&0$5X
(#48)@111b!c*1!O#G.(84%,/!*@6Ld1
Z)%N!8#/:@!A#!30I)<!:$Č5?5@!-4/0!(N()!;G#!7#9?!;5(Č!;Ĝ.-?805()1![(#X
&:!#;?%:-.@!8#8#!40!8,%'!(?<09#!#4;G?&0$5(Č()@!(.%#5.!(?<09#!A9#P0()!&0!
4&?8#48.1!K;G'&(Q!;#48?&0()!c48?8:8d!;Ĝ0$!7#90/!&ĤR0A!(0P'50I)!(?!(?X
<0/!W4.5)@!(,RGI!-0!P?5#I0(#!(?!WI?4(Q/!7#I)/!$)50!4%GP0!OG.48?1!30!&05X
*2E
OnwV>+KT+q![h+M]Tě
/.!4/:8(Q!;#45#:A9?8@!%$NI!#!4#RČ!%Ĝ04Ģ?(Q!/5:&)!-?%#!#!;#P0/4%,A9!
þ0G&0A9!(0R#!:R#9,A9!9Ĝ)<()A)A9@!%80G,/!RN5#!;#:P0!#$;:<8Č(#1!O$NI!
45N<)/!(Č%#9#!8?%950!/5:&.8@!5'/0!/.!8#!4G$A01!+I$NĢ!8?!#RG#&4%'!A0(?!
RN5?!P?;5?A0(?!(0-0(!P?!8#@!?RN!('/!RN5#!#$;:<8Č(#!?!P?!(?<0!#4&#R#X
P0()@!?50!8?%Q!?RNA9#/!RN5.!P(#&:!48&#Ĝ0(.!;#$50!#RG?P:!?!;Ĝ.G#P0(#4X
8.!30I)<0!OG.48?1!
M0-;G&0! ?! ;Ĝ0$0&<)/@! %G'5#&48&)! P0&(.8Ĝ! /5:&)! #! R#I4%Q! c(0R04%Qd!
;Ĝ.G#P0(#48.@! %80G'! ('4! P/#AĖ:-0! %! I.&#8:! &0! 4&?8#48.! ?! ;5#$(#48.! -.I!
&!8#/8#!4&Č8Č1!T?8#!/#A!-0!(0-5Q;0!&.$.805('!(?!30I)<#&Č!I.&#8Č1!>(!:%'X
P?5@!;G#!-?%,!$G:9!I.&#8?!RN5#!5.$48&#!48&#Ĝ0(#!i!(.%#5.&!;G#!I.&#8!4&'X
P?(,! 4;?5:-)A)/.! &'<(Č/.! ;?$5Q! 8Č504(#48.@! (,RGI! ;G#! I.&#8! /#8.&#&?X
(,!4;G?&0$5(#48)@!;#9'(Č(,!/#A)!Z:A9?!4&?8Q9#!X!80$N!&!5'4A0@!G?$#4X
8.!?!;#%#-.!i!9#-(,!&!#$;:<8Č()@!:P$G?&0()@!#R(#&0()!?!;#P&0$'()!$G:X
9,A9!8?%Q!$#!8ČA98#!#R5?48)1!T#8#!-0!%G'5#&48&)!i!(0()!8#!-0(!I)8!4&?8,!I.X
&#8@!?50!8?%Q!;Ĝ.('<08!(?<0/:!P8G?A0(Q/:!?!:/)G?-)A)/:!4&Č8:!(0R04%,!
P;Ĥ4#R!I.&#8?1!
T#8#! -0! 8?%#&,/! 49G(:8)/! 30I)<#&?! I.&#8?! i! -0! 4(?$(Q! &.$Č8! 309#!
8#:9:!$'&?8@!:P$G?&#&?8@!#4&#R#P#&?8!?!P-0&#&?8!/#:$G#48!;G#!W4;Č<(,!
?!4/N45:;5(,!I.&#81!O$NI!þ80/0!0&?(\05.?@!&.$)/0@!-?%!-0!K&Č850/!;G#!
8N@!%$#!-4#:!&0!8/Č@!u.&#80/!;G#!/G8&Q@!k8Č<.8050/!;G#!P8G';0(Q@!Z&0ĜX
/.! %0! 4&#R#$Č@! `048#:! ;G#! P8G?A0(Q@! "G?&$#:! ;G#! P/?80(Q@! "?48,Ĝ0/!
;G#!P(?&0(Q!$:<0@![?A9G'(A0/!;G#!R0P/#A(Q@!+N%:;.8050/!;G#!P?-?8X
A0!i!80(8#!&,þ08!/ĤI0!;#%G?þ#&?8!$'5!?!$'51!30I)<!;Ĝ.(045!(0R0!(?!P0/@!
(0R#Ģ!Ĝ0%5g!eO$#!&.$Č5!C(0@!&.$Č5!>8A0b!c3?(!*=@Jd1!Y!('/!;Ĝ.%?P:-0g
e3?%#!C(0!;#45?5!>80A@!.!3'!;#4)5'/!&'4b!c2L@2*d1
T#! -0! ;G#95'<0()D! C'/0! ;Ĝ.('<08! (0R0! (?! P0/! 480-(Č@! -?%#! 8#! $ČX
5?5! >(1! T#! -0! $Ĥ&#$@! ;G#þ! 30I)<! #;?%#&?(Č! Ĝ)%'@! eZ0-80! 4.! P'50I08@! ?Ģ!
8#/:!G#P:/)80g!O$NI!;Ĝ.-/080!(Č%#9#@!%#9#!3'!;#<5:@!-0!480-(Q!-?%#!;Ĝ.X
-/#:8! C(0@! ?! %$#! ;Ĝ.-)/'! C(0@! ;Ĝ.-)/'! 8#9#@! %80G,! C(0! ;#45?5b! c3?(!
*2F
+j3]ChýMj
*6@2L!;#$50!?(\51!;Ĝ1d1!T?%950!RN!8#!&!;#$48?8Č!/Č5#!R,8g!&.$Č8!-0$(#9#!
P! #;G?&$#&,A9! ('450$#&()%Ĥ! OG.48?! P(?/0('! &.$Č8! 30I)<0@! 480-(Č! -?%#!
&.$Č8!30I)<0!P(?/0(?5#!&.$Č8!>8A01!
3?%'!#RG#&4%'!P#$;#&Č$(#48!i!?!;Ĝ)50I.8#48!i!;G#!%?I$Q9#!P!('4D
eT Y Z o b! + ! " n > T ] O V Y Z k ! O !e 7 V q [ O >
+!0&?(\05.)A9!&.$)/0!P'R504%N!8Q8#!4%:80þ(#48.!&!4#:&.45#48.!4!:þ0$()%N@!
.! %$NI! 8#! RN5#! -0<8Č! ;Ĝ0$! 8)/@! (0I! %G'5#&48&)! ;Ĝ.<5#! $#&(.8Ĝ1! k&Č$#/X
80!4.!(?;Ĝ)%5?$@!-?%,/!P;Ĥ4#R0/!:þ0$()A.!45#:I.5.!$G:9,/g!e[?&#5?5!4.!
4&,A9!$&?('A8!:þ0$()%Ĥ!?!@46%+(.%<84*$.$3%(?$!(0þ.48,/.!$:A9N@!?RN!-0!
&N9'(Č5.!?!:P$G?&#&?5.!%?I$#:!(0/#A!.!%?I$#:!45?R#48b!cC?8#:<!*L@*f!
%:GP)&?! ;Ĝ.$'(?d1! O$NI! -./! 30I)<! $?5! 8:8#! P&5'<8()! 4A9#;(#48! c/.5#48d@!
;Ĝ.%'P?5!-./g
e`048#:!95'40-80g!~MĜ(E6?9(6$%,5!%G'5#&48&)!M0R041r!M0/#A(Q!:P$G?&:-X
80@!/G8&Q!;G#R#:P0-80@!/?5#/#A(Q!#þ.<Ģ:-80@!$Q/#(N!&N9'(Č-80f111b!
c&0G<0!FXHf!%:GP)&?!;Ĝ.$'(?d1
CČ5.!&N95?<#&?8!%G'5#&48&)1!7#I)!&Ĥ50!/Č5?!R,8!:þ.(Č(?!(?!P0/.@!8?%!
-?%#!(?!(0R.1!7N5?X5.!&!I.&#8Č!þ5#&Č%?!#R5?48@!%80G'!(0#$;#&)$?5?!(0R04X
%Q/:!48?($?G$:@!/Č5?!R,8!P/Č(Č(?1!V.$Q!&!(0R.!(0-4#:!/:þ0(.!$Q/#(N1!
V.$Q!&!(0R.!(08G;)!/?5#/#A0(48&)/!?(.!-.(,/.!A9#G#R?/.1!V.$Q!&!(0R.!
(0-4#:!(0/#A()1!V.$Q!&!(0R.!(0/?-)!95?$1!C#A@!%80G#:!?;#<8#5#&Q!$#X
48?5.@!/Č5?!P/Č(.8!8#@!A#!RN5#!(?!P0/.!-.(?%!(0I!-0!8#!&!(0R.D!`9';080!8#S!
Y!8?%!#(.!<5.!?!&N9'(Č5.!$Q/#(N@!:P$G?&#&?5.!&<0A9(N!(0/#A.!?!A9#G#X
RN@!%G/.5.!?!#R5Q%?5.!A9:$Q@!$#%#(A0!%Ĝ)4.5.!/G8&QD
`#! 40! 8,þ0! (?;5(Č()! ^NP.A%,A9! ;#8Ĝ0R@! $?5! 30I)<! 4&,/! :þ0$()%Ĥ/!
WI?4(#:! ;Ĝ)50I.8#48! -0$(?8! &! 8Q8#! /#A.@! ?&<?%! #(.! -.! ;G#;'45.1! 7N5.! (?!
#;:<8Č(Q/!/)48Č@!$?50%#!#$!&04(.A!?!/Č48@!?!(0/Č5.!$#48?80%!-)$5?1!+<0@!
*2H
OnwV>+KT+q![h+M]Tě
A#!(?<5.@!RN5#!;Č8!A950RĤ!?!$&Č!GNRN@!?!%#50/!(.A9!;Č8!8.4)A!95?$#&,A9!
/:IĤ1! kþ0$()A.! 30I)<0! ;G#4.5.@! ?RN! 8N! P'48:;N! 5.$)! ;#45?5! ;G#! -)$5#! $#!
#%#5()A9!&04(.A1!30I)<!&<?%!#$;#&Č$Č5g!
e+N!4?/.!-./!$0-80!(?-)48b!cC?G0%!E@6Fd1
309#!;Ĝ'()/!RN5#@!?RN!:þ0$()A.!;#:I.5.!/#A!/.5#48.!%!8#/:@!?RN!(?X
;5(.5.!;#8Ĝ0RN!8ČA98#!5.$)1!M0/Č5!8?/!R,8!I'$(,!(0$#48?80%@!480-(Č!-?%#!
(0()!I'$(,!(0$#48?80%!&!(0R.1!kþ0$()A.!&<?%!(0&ČĜ.5.@!I0!-0!8#!/#I(Q@!
?!8?%!#$;#&Č$Č5.g!eM?%#:;.8!-)$5#!;G#!8N8#!$?&N!RN!48'5#!A05Q!-/Č()Db!
c&0G<! 6Ff! MVTd1! K8'50! -0<8Č! -0$(?5.! ;#$50! 4&,A9! &5?48()A9! 4A9#;(#48)@!
(.%#5.!P!&,-./0þ(#48.!i!R0P;5?8(Q9#!$?G:!/.5#48.@!%80G,!/Č5.!%!$.4;#P.A.1!
30I)<!/:405!P%G'8%?!-0$(?8!&!8Q8#!/#A.!4'/!?!P'48:;N!(?%G/.81!
`#!40!8,þ0!A9#G#R@!(0/#A)!?!#4&#R#P#&'()!5.$)!P!W85?%:@!&!8#/!RN5.!
:þ0$()A.!(?!%#(.1!30$(#:!40!&G'8.5.!P!A048N@!;Ĝ.!%80GQ!45#:I.5.!5.$0/!?!95'X
4.5.g!e"?(0@!.!$Q/#(.!40!('/!;#$$'&?-)!&0!8&Q/!-/Q(:b!cV:%'<!*L@*Fd1!
>A9#Ĝ05)!.!(0/#A()!RN5.!:P$G?&0(.f!P?-?8)!#4&#R#P0(.!i!;Ĝ04(Č!8?%@!-?%!
Ĝ0%5!30I)<@!I0!8#!R:$01!
30!&<?%!$Ĥ50I.8Q!4.!&<./(#:8!c&.P!C?8#:<!*L@Fd@!I0!:þ0$()A.!/Č5.!&NX
95?<#&?8@!I0!%G'5#&48&)!-0!E6?A&$1!Y!;Ĝ0A0!%$NI!;Ĝ.<05!$0(!V08(.A@!:I!(0X
RN5#!$'50!-0(!E6?A&$@!?50!#4@/[
OG'5#&48&)! -0! (N()! &! 4G$A)A9! P(#&:PG#P0(,A9! /:IĤ! ?! I0(@! (?;5(ČX
(,A9! Z:A90/! K&?8,/@! 480-(Č! -?%#! RN5#! &! 30I)<.@! %$NI! A9#$.5! ;#! 8Q8#!
P0/.@!?!P-0&#&?5#!40!4%GP0!MČ9#1!"Ĝ.!"#450$()!&0þ0Ĝ.!8#!30I)<!Ĝ0%5!&05X
/.!-?4(Č@!%$NI!/5:&.5!#!Z:A9:!4&?8Q/g!e+N!-0-!P('80@!(0R#Ģ!:!&'4!PĤX
48'&'!?!&0!&'4!c;#P$Č-.d!R:$0b!c3?(!*=@*F!P'&#G%?!;Ĝ.$'(?!;#$50!?(\51!
;Ĝ1d1! O$NI! &! 0&?(\05.)A9! þ80/0@! I0! ?;#<8#5#&Q! &N<5.@! ?RN! (045.! #&#A0@!
RN5!Z:A9!K&?8,!;#:P0!,%(./.!?!%G'5#&48&)!RN5#!;#:P0!E6?A&$0!30I)<!&<?%!
:%?P:-0@!I0!?I!%G'5#&48&)!;Ĝ.-$0@!Z:A9!K&?8,!R:$0!&!('4!i!"*'(#Ĝ0%T#!-0!
$Ĥ&#$@!;G#þ!('/!8Č4(Č!;Ĝ0$!K&,/!(?(0R0&48#:;0()/!;Ĝ.%?P#&?5g!e3?%#!
C(0!;#45?5!>80A@!.!3'!;#4)5'/!&'4!c2L@2*d1!f*'(#Ĝ!('4!-0!/#A@!$)%N!%80GQ!
*2J
+j3]ChýMj
/ĤI0/0!<)Ĝ.8!7#I)!%G'5#&48&)!&!4G$A)A9!?!I.&#80A9!5.$)!W;5(Č!480-(Č@!-?%#!
8#!$Č5?5!30I)<f!?!8#!&<0A9(#!-0!$)%N!309#!WI?4(Q!/.5#48.D
>7n>+KOw!C]V>KT
"#-ć/0!80ć!%G'8A0!;G#P%#:/?8@!A#!40!:%?P:-0!&!%(.P0!K%:8%Ĥ@!-?%/.50!
$#!4G$A)!7#I)9#!5.$:!;Ĝ.-$0!%G'5#&48&)1!>!V08(.A)A9!e&<.A9(.!RN5.!(?;5(ČX
(.!Z:A90/!K&?8,/b!cK%:8%N!2@=d1
T.@! %80Ĝ)! RN5.! (?;5(Č(.@! RN5#! 48#! $&?A08! 30I)<#&,A9! &ČG(,A9! ('450X
$#&()%Ĥ!i!/:IĤ@!I0(!?!&05/.!;G?&$Č;#$#R(Č!.!$Č8)!i!?!8#9#!$(0!;Ĝ.-?5.!
%G'5#&48&)1!MČ%80Ĝ)!P!(.A9!RN5.!?;#<8#5#&Q@!;G#G#A.@!0&?(\05.48Q@!;?48,Ĝ.!
?!:þ.805Q1!Y&<?%@!&Č8<.(?!P!(.A9@!RN5.!-0$(#$:<0!30I)<#&.!:þ0$()A.1!
T#9#!$(0!&<0A9!8ČA98#!48#!$&?A08!5.$)!/5:&.5#!A.P)/.!-?PN%N@!%80G,/!
40!(.%$N!(0:þ.5.1!+N95?<#&?5.!WI?4(Q!7#I)!4%:8%N1!T#8#!P/#A(Č()!P;ĤX
4#R.5#@!I0!40!A05Q!P'48:;N!P?48?&#&?5N!?!;#45#:A9?5N@!-?%!8.8#!;G#48)!5.$Q!
;G#/5#:&?-)! 7#I)! 45#&#! &! -0-.A9! G#$(,A9! -?PNA)A91! "Ĝ.95)I0-)A)! 40! ;?%!
;8?5.g! e`#! 8#! /'! P(?/0(?8Sb! c&0G<! *2d1! ZĤ450$%0/! 8Q8#! /.5#48.! M#&Q!
4/5#:&N!RN5#@!I0!$#!%G'5#&48&)!;Ĝ.<5#!8Ĝ.!8.4)A0!5.$)1!
Z'50! þ80/0g! eK%GP0! G:A0! ?;#<8#5Ĥ! 40! $'5#! /0P.! 5.$0/! /(#9#! P(?X
/0()!?!$.&Ĥb!cB@*2d1!30$0(!P'PG?%!RN5!#RP&5'<Ģ!;Ĥ4#R.&,1!"08G!?!3?(!<5.!
$#!A9G'/:!?!R5)P%#!&A9#$:!:&.$Č5.!A9G#/Q9#!/:I0@!%80G,!%?I$,!$0(!(?!
480-(Q/!/)48Č!I0RG?5!#!?5/:I(:1!T?%Q!-0!;G#4.5!#!!!(?(þ()!;#/#A@!?&<?%!
"08G!/:!#$;#&Č$Č5g!eK8Ĝ)RG#!?!P5?8#!(0/'/@!465%3$%.:.>%#$%#(%@:.g!&0!
-/Q(:!30I)<0!OG.48?!M?P?G084%Q9#!&48?Ė!?!A9#ćDb!c6@Ef!%:GP)&?!;Ĝ.$'(?d1!
`#!"08G!/Č5S!>$;#&Čć!-0!-0$(#$:A9'g!%G'5#&48&)1!"08G!RN5!:4A9#;(Č(!
;Ĝ.(Q48!;G#!(0R0!(#G/'5()!I.&#8()!;#$/)(%N!$#5Ĥ!(?!P0/.1!
T0(8#!/:I@!A9G#/,!:I!P!5Ĥ(?!4&Q!/?8%N@!40!;#48?&.5!?!P?þ?5!A9#$.8@!
4%'%?8! ?! A9&'5.8! 7#9?1! O$NI! 5.$Q! :&.$Č5.! (?! 8#/8#! þ5#&Č%:! ;Ĥ4#R0()!
7#I)9#!%G'5#&48&)@!404%:;.5.!40!#%#5#!"08G?!?!3?(?!?!P?(0$5#:9#!;#8Q!40!
OG'5#&48&)!G#P<)Ĝ.5#!#!;Č8!8.4)A!5.$)@!%80Ĝ)!;Ĝ.-?5.!30I)<0!OG.48?1!
*6L
OnwV>+KT+q![h+M]Tě
"08G!4!3?(0/!RN5.!;?%!:&ČP(Č(.1!Y!80(8,I!"08G@!%80G,!RN5!;Ĝ0$!30I)X
<#&,/!:%Ĝ.I#&'()/!P?48G?<0(!-0$(#:!45:I0R(#:!?!8Ĝ.%G'8!30I)<0!P?;Ĝ05@!
(N()!48#-)!;Ĝ0$!&050G?$#:!?!(0#9G#I0(Č!&N95?<:-0@!I0!30I)<!-0!"'(1!+0X
$#:A)! -4#:! -09#! 4/Č5#48)! ;Ĝ0%&?;0(.@! ?50! ;G#8.! -09#! 45#&Ĥ/! (0/#9#:!
Ĝ)A.!&ĤR0A!(.A@!;#(Č&?$I!80(!/:I@!;#!/(#9#!508!A9G#/,@!(N()!;Ĝ0$!(./.!
48#-)!i!P$G?&,1!M?%#(0A!-4#:!"08G!?!3?(!;G#;:<8Č(.1!
"#! 8Q8#! :$'5#48.! 40! &ČĜ)A)! /#$5.5.! ?! R:$#&?! 40! P?8Ĝ'45?! 7#I)! /#A)1!
Z'50!þ80/0g!
eY;#<8#5#&Q!&N$'&?5.!*56(&$"%.$3?!4&Č$0A8&)!#!P/G8&,A9&48'()!"'(?!
30I)<0!OG.48?!?!*56(&:%.(6$,#%RN5?!(?!(.A9!&<0A9b!cK%:8%N!=@66f!%:GP)&?!
;Ĝ.$'(?d1
+<./5.!-480!4.@!-?%!-0!&!8#/8#!&0G<.!4;#-0(?!*56(&:%.$3%,!*56(&$"%.(G
6$,#?U%T?$N!-0!/.5#48!P(#&:!;#;4'(?!-?%#!7#I)!P/#A(Č()!;G#!<)Ĝ0()!OG'X
5#&48&)D!
C.5#48!(0()!80$N!-0(#/!$?G0/!#$;:<8Č()@!$?G0/!309#!;Ĝ0$?(Q!;Ĝ.G#X
P0(#48.!?!P/#A(Č()/!%0!4A9#;(#48.!I)8!4&?8,!I.&#8f!-0!8?%Q!7#I)/!P/#AX
(Č()/!%!<)Ĝ0()!309#!%G'5#&48&)D!C.5#48!#$!7#9?!('4!P/#AĖ:-0@!?RNA9#/!
$Č5?5.!8#@!A#!$Č5?5!30I)<!i!?!$#%#(A0!-0<8Č!&)A1![/#AĖ:-0!('4@!?RNA9#/!
I.5.!&,-./0þ(Č1!
[;#þ'8%:!4.!/(#P)!&!A)G%&.!/N4505.@!I0!7#I)!P/#A(Č()!RN5#!:Gþ0(#!
-0(!;G#!?;#<8#5N!?!(.%#5.&!;G#!&<0A9(N!&ČĜ)A)@!-?%!8#!30I)<!-?4(Č!Ĝ0%5!;Ĝ.!
"#450$()!&0þ0Ĝ.1!T#8#!/N5(Q!A9';'()!40!&<?%!(?%#(0A!P/Č(.5#@!A#I!/ĤX
I0/0!P?95Q$(#:8!&0!K%:8A)A9!B1!MN()!:I!8#!(0RN5!-0(!"08G@!%$#!$#RG#:!
P;G'&:!;Ĝ.('<05f!4%GP0!P/#AĖ:-)A)!/.5#48!P?þ?5.!<)Ĝ.8!%G'5#&48&)!&<.A9(.!
&ČĜ)A)1!eO?I$,!$0(!&!A9G'/Č!?!;#!$#/0A9!(0;Ĝ048'&?5.!:þ.8!?!P&Č48#&?8!
OG.48?!30I)<01b!c&0G<!=2d1!M0()!/#I(Q@!?RN!"08G!$#%'P?5!&!-0$(#/!$(.!
%'P?8!&!%?I$Q/!$#/Č!&!30G:P?5Q/Č1!T050&.P0!?!G'$.#!(00U.48#&?5N@!8?%!
-?%!8#!RN5#!/#I(QS
30$(#$:A9'!#$;#&Čć!-0@!I0!&!8Q8#!/.5#48.!-0$(?5.!?!45#:I.5.!&<.A9(.!
&ČĜ)A)1!Z?5<)!&0G<!Ĝ)%'g!e+!8ČA9!$(0A9@!%$NI!40!8$A.'$9$*46!;#þ08!:þ0$X
()%Ĥ@111b! cE@*d1! T?$N! 40! ;#;G&Q! &N4%N8:-0! 45#&#! 8$A.'$9$*461! +! $#RČ!
*6*
+j3]ChýMj
;Ĝ0$8)/@!%$N!&!7#I)!/.5#48.!45#:I.5.!;#:P0!?;#<8#5#&Q@!45N<)/0!-0(#/!
45#&#!<Ĝ(@4#1![$0!-0!(Č%#5.%!;Ĝ)%5?$Ĥg!e111!?!RN5#!<Ĝ(@:'$!8#9#!$(0!?4.!8Ĝ.!
8.4)A0!$:<)b!c2@=*df!?!P(#&:g!eY!"'(!$0((Č!<Ĝ(@:*46!%!-0-.A9!4;#50þ0(48&)!
8N@!%80Ĝ)!RN5.!P?A9G?Ė#&'(.!c2@=Fdf!?!$?5<)g!eY!-0<8Č!&)A0!&ČĜ)A)A9!RN5#!<Ĝ(G
@:*:'$!"'(:b!cB@*=d1
3?%/.50! &<?%! P?þ?5.! &<.A9(.! &ČĜ)A)! -0$(?8! &! 7#I)! /.5#48.@! #R-0&)! 40!
(0-0(!45#&#!8$A.'$9$*4#@!?50!8?%Q!*56.(%G#P/(#I#&?8g%eK5#&#!7#I)!40!
<)Ĝ.5#!?!;#þ08!:þ0$()%Ĥ!&!30G:P?5Q/Č!&05/.!G#485!c&!?(\51!;Ĝ1!G#P/(#I#X
&?5db!cE@Fd1!
C0P.!<Ĝ(@:*:'?.%?!*56&=.%8$A.'$9$*:'?.%-0!#RG#&4%,!G#P$)51!O$NX
RN!&!$(0<()!$#RČ!(Č-?%,!45:I0R()%!8N;:!?;#<8#5?!"08G?!P?4?9#&?5!/Č4)þX
(Č!$0408!8.4)A!5.$)!?!;Ĝ.&'$Č5!-0!$#!%G'5#&48&)@!;?%!P?4'9(#:8!A05,!4&Č8!RN!
8G&?5#!;?$04'8!8.4)A!508@!&!;Ĝ);?$Č@!I0!RN!40!RČ90/!8ČA98#!;?$04'8.!8.4)A!508!
:I!(.%$#!(0(?G#$.5!?!(.%$#!(0P0/Ĝ051!T#!-0!4?/#PĜ0-/Č!(0G0'5(Q1!
`#!%$NRN!(Č-?%,!0&?(\05.48?!P?4'95!;Ĥ5!/.5.#(:!5.$)!P?!/Č4)AS![?X
4'9(#:8!A05,!4&Č8!RN!8?%!8G&?5#!8.4)A!5081!"G#!&?<.!;Ĝ0$48?&:@!-?%!$5#:9'!
$#R?!8#!-0@!40!&G?Ģ80!40!#!8.4)A!508!P;'8%N@!%$N!-0<8Č!(0RN5N!I'$(Q!K;#X
-0(Q!48'8N1!OGN<8#^?!O#5:/R?!(.%$#!(0P('@!;G#8#I0!40!-0<8Č!(0(?G#$.5@!
(0(?G#$.5.!40!-0<8Č!?(.!^G?(A#:P4%,!%G'5!V:$&)%!Å]+!?(.!?(\5.A%,!%G'5!
n.A9?G$!V&)!4G$A01!T.4)A!508!-0!&05/.!$5#:9'!$#R?@!?!;G'&Č!8?%!$5#:9#!RN!
8G&?5#!P?4'9(#:8!A05,!4&Č8!i!P?!;Ĝ0$;#%5?$:@!I0!RN!&!8#/!8.4)A.508)!(.%$#!
(0P0/Ĝ05!?!(.%$#!RN!40!(0(?G#$.51!+.$)80@!I0!-0!(0/#I(Q@!?RN!-0$0(!þ5#X
&Č%!P0&?(\05.P#&?5!A05,!4&Č8@!$#%#(A0!?(.!?RN!P?4'95!;Ĥ5!/.5.#(:!5.$)!
P?!-0$0(!/Č4)A1!
Y! 80ć! 40! ;#$)&0-/0@! A#! RN! 40! 48?5#@! %$NRN! -0$0(! þ5#&Č%! -0$(?5!
&!/#A.!/.5#48.!?!RČ90/!-0$(#9#!/Č4)A0!P?4'95!-0$(#9#!$?5<)9#!þ5#&Č%?!
?! ;Ĝ.&0$5! 9#! $#! OG'5#&48&)1! "#8#/! RN! 8.950! $&?! RČ90/! ('450$:-)A)9#!
/Č4)A0!P?4'95.!%?I$,!$&?!$?5<)f!;Ĝ)<8)!/Č4)A!RN!8.950!þ8NĜ.!P?40!P?4'95.!
%?I$,!$&?f!;Ĝ)<8)!/Č4)A!RN!8ČA98#!#4/!P?4'95#!%?I$,!$?5<)!$&?!?!480-(,/!
P;Ĥ4#R0/!RN!8#!;#%G?þ#&?5#!/Č4)A!P?!/Č4)A0/1!"#$50!8#9#8#!;G#A04:!
('4#R0()!RN!P?!-0$0(!G#%!?!$0408!/Č4)AĤ!/#95!R,8!P?4?I0(!%?I$,!þ5#X
*62
OnwV>+KT+q![h+M]Tě
&Č%!&0!K;#-0(,A9!48'80A9D!Y!%$NI!RN!8#!8?%8#!;#%G?þ#&?5#!$'5@!8G&?5#!
RN!-0(!$&?!G#%N!?!$0&Č8!/Č4)AĤ!;Ĝ.&Q48!A05,!4&Č8!$#!7#I)9#!%G'5#&48&)D!
"Ĝ0/,<50-80!#!8#/!i!.!%$NRN!(.%$#!(0P?4'95!&)A!(0I!$&?!5.$.!P?!/Č4)A@!
356:%A5.Č&$"65%RN!R0P!;#/#A.!8050&.P0@!G'$.?!?!.(80G(08:!45N<05?!0&?(X
\05.:/!P?!/Q(Č!(0I!8Ĝ.!G#%ND!T#950!-0!*56&-%8$A.'$9$*:'?%?!(0()!8ČI%Q!
9#!$#4'9(#:8D
Y!;Ĝ04(Č!8#8#!40!$Č5#!.!&!;G&()!A)G%&.1!"G#8#!8?%Q!þ80/0g!
e111"?&05!#$0<05@!#$$Č5.5!:þ0$()%N@!%80GQ!&P?5!4!40R#:!?!$0((Č!G#P/X
5#:&?5!&!TNG?((#&Č!:þ0R(Č1!T#!8G&?5#!$&?!G#%N@!$#%:$!&<.A9(.!#RN&?X
805Q!;G#&.(A.0!Y4.0!(0:45N<05.!"'(#&#!45#&#@!u.$Q!.!;#9?(Qb!cK%:8%N!
*J@J!;#$50!?(\51!;Ĝ1d1
+<.A9(.!#RN&?805Q!Y4.0!45N<05.!"'(#&#!45#&#!RČ90/!;#:9,A9!$&#:!
508D!O$NI!40!(?$!8)/!P?/N45)80@!-0!8#!(ČA#!WI?4(Q9#1!S49@=%þ6$*Č&[!OG'8X
A0!40!(?$!8)/8#!8&GP0()/!;#P?48?&)/01!")4/#!(0/ĤI0!&!(.þ0/!<Ĝ5):'Č#1!
"Ĝ09'(Č()!-0@!%$NI!;G#95?<:-0/0!(ČA#@!A#!-0!&)A0!(0I!4%:80þ(#481!O$NI!
40! &G'8)/! P! GNR#5#&:! ?! Ĝ0%(:g! e`9N8.5! -40/! &<0A9(N! GNRN! &! GNR()A0b@!
A9A.!8)/!;#:P0!4$Č5.8@!I0!-40/!/Č5!&05.A0!W4;Č<(,!$0(1!Y&<?%!(0()!&ĤR0A!
;G?&$?@!I0!RNA9!#;G?&$:!A9N8.5!%?I$#:!GNR:!&!8#/!GNR()A01!T#8#!-0!;Ĝ0X
9'(Č()@!P&05.þ#&'()1!k;Ĝ)/(Č!Ĝ0þ0(#@!-0!8#!50I!i!?&<?%!")4/#!(0/ĤI0!
59'8! ?(.! ;Ĝ09'(Č81! T?%I0! -0485.I0! 8?8#! P;G'&?! Ĝ)%'@! I0! RČ90/! $&#:! 508!
45N<05.!7#I)!45#&#!&<.A9(.@!;?%!8#!P(?/0('!*B(3)'(D
"?&05!&N:þ#&?5!&!8Q!-0$(Q!<%#50!%?I$,!$0(!?!(0()!?R4#5:8(Č!/#I(Q@!
?RN! &49@=% $E/*4#56% 356-% $E64,#(% 1,(5! RČ90/! 8#9#! #R$#R)! ;G#<05! 8#:8#!
/?5#:!<%#5#:1!"#;:5?A0!809$0-<)!C?5Q!Y4.0!-0!#$9?$#&'(?!(?!&)A!(0I!
-0$0('A8!/.5.#(Ĥ!5.$)D!"?&5#&?!%'P'()!(0RN5?!;Ĝ0('<0(?!;Ĝ04!4?805.8!(0R#!
%?R05#&%:1!M0&N4)5?5.!-0!I.&Č!&!G'$.:1!T?%!-?%!40!8#!80$N!/#95#!48'8S!>$X
;#&Čć!-0!-?4('g!+ČĜ)A)!GNA950!;#A9#;.5.@!I0!(0$#48?5.!#$!7#9?!/.5#48!-0(!
;G#8#@!?RN!RN5.!4;?40(.!?!I.5.!4&?8,!I.&#8@!?50!8?%Q!;G#8#@!?RN!<)Ĝ.5.!7#I)!
%G'5#&48&)1!Y!8?%!8#!$Č5?5.D
*66
+j3]ChýMj
3hZM>Zkxh!+ċěq`q
O$NI!R:$080!#$!<048Q!%?;.8#5N!K%:8%Ĥ!450$#&?8!&ČĜ)A)@!%80Ĝ)!(0RN5.!?;#<X
8#5N@!;G#G#%N@!0&?(\05.48N@!;?48,Ĝ.!?(.!:þ.805.@!P-.48)80@!I0!.!#(.!80ć!A9#$.5.!
&0!&,-./0þ(:!i!P-0&#&?5.!P;Ĥ4#RN!7#I)9#!%G'5#&48&)!(?!8Q8#!P0/.1!30485.I0!
RN5N!&!I.&#80A9!5.$)!4.8:?A0@!%80GQ!RN5N!&!G#P;#G:!4!(0R04%,/.!P;Ĥ4#RN@!
/Č5.!8.8#!&ČĜ)A)!/.5#48!-0!P/Č(.81!YĢ!:I!8#!RN5#!&N95?<#&'()!4&#R#$N!?!&NX
4&#R#P#&'()! 5.$)! 4%GP0! 4;?40()@! :P$G?&#&'()! (0/#A(,A9@! A9#G,A9! (0R#!
$Q/#(.P#&?(,A9@! þ.! ;G#48Q! :&#5Ė#&'()! (0R04%Q! /#:$G#48.! /0P.! ;?$5#:!
4;#50þ(#48@!8.8#!('450$#&()A.!30I)<0!8#!;G#48Č!$Č5?5.!i!<)Ĝ.5.!7#I)!%G'5#&48&)D
x8Č;'(@!&ČG(,!þ50(!4R#G:!&!30G:P?5Q/Č@!;G?A#&?5!&!G'/A.!45:IRN!&!-)X
$05(Č1!7N5!8#!#RNþ0-(,!&ČĜ)A)@!%80G,!#R45:9#&?5!:!48#5Ĥ1!"#450A9(Č80!4.@!
A#!#!(Č/!Ĝ)%'!")4/#g!
ex8Č;'(@!;5(,!.(6$,#(!?!/#A.@!þ.(.5!/0P.!5.$0/!&05.%Q!$.&N!?!P(?/0()b!
cK%:8%N!E@Hd1
C56&:% .(6$,#! %! <)Ĝ0()! %G'5#&48&)! (0RN5?! -0(! (?! ?;#<8#50A9@! ?50! 8?%Q!
(?!#RNþ0-(,A9@!Ĝ?$#&,A9!þ50(0A9!A)G%&01!7N5#!8#!7#I)!&Ĥ5)!809$N@!-0!8#!
7#I)!&Ĥ5)!$(04!?!R:$0!8#!7#I)!&Ĥ5)!(?&I$NA%ND!x8Č;'(!(0RN5!&0!4&Q/!
4R#G:! ?;#<8#5@! ;G#G#%@! 0&?(\05.48?@! ;?48,Ĝ! ?(.! :þ.8051! 7N5! #RNþ0-(,/!
:þ0$()%0/!30I)<0!OG.48?!?!(.þ)/!40!(05.<.5!#$!80R0!(0R#!/Č1!"Ĝ048#!-0$X
(?5!&0!&05.%Q!/#A.!i!7#I)!/.5#48.!i!?!þ.(.5!/0P.!5.$/.!WI?4(Q!P'PG?%N1!
['PG?%N!(0RN5N!-0$.(#:!P&5'<8(#48)@!%80G'!9#!$#;G#&'P05?f!RN5!8?%Q!
&05/.!/#:$G,1!MČ%80Ĝ)!('R#I0(<8)!^?(?8.A.!P0!4N(?\#\N!4!()/!P?þ?5.!$0X
R?8#&?8!?!#(!4%GP0!7#I)!/.5#48!/5:&.5!;G?&$:!4!RG.5?(A)g!eY50!(0/#95.!
#$#5?8! /#:$G#48.! ?! Z:A9:@! &! MČ/I! /5:&.5b! c&0G<! *Ld1! x8Č;'(! P! 8#9#!
/#95!&05.A0!4(?$(#!&NA#:&?8!?!Ĝ)A8g!ea#<.@!-'!(0-40/!I'$(,!80#5#\!?(.!
?;#<8#51!>!8#/!4.!/:4)80!;G#/5:&.8!4!/,/!;?48#G0/1b!>(!8#!&<?%!(0/Č5!
P?;#8Ĝ0R)@!;G#8#I0!/Č5!/.5#48!i!7#I)!P/#A(Č()!%!8#/:@!?RN!(?;5(.5!&!80(!
/#/0(8!(:8(#:!;#8Ĝ0R:@!80$N!#$;#&Č$Č8!4;G'&(Č1!
*6=
OnwV>+KT+q![h+M]Tě
`98Č5!RNA9!&'/!;Ĝ.;#/0(#:8!"?&5#&?!45#&?@!%80G'!-4/0!þ085.!P0!P?X
þ'8%:!8Q8#!%?;.8#5Ng!eY!7Ĥ9!-0!/#A0(!8$A)$+'(#%<Ĝ(%*:,%&49@=%@48%.(6$,#(@!
?RN480!/Č5.!*9@/3&/%*5%*B5.%F<6'=%@$,#4#5&%?!/Č5.!9#-(#48!;G#!%?I$,!
$#RG,!,&"#5&b!c21!O#G.(84%,/!J@Hf!%:GP)&?!;Ĝ.$'(?d1!"?&05!8?$N!(0Ĝ)%'@!
I0!R:$0/0!/)8!/.5#48.!c7#I)9#!P/#A(Č()d!8?%!4#8&?!?%#G'8@!(,RGI!-0-)!
9#-(#48!;G#!%?I$#:!4.8:?A.@!%$0!/?-)!R,8!(0R04%Q!P;Ĥ4#RN!;Ĝ.(040(N!$#!
I.&#8Ĥ!5.$)!8?$N!(?!P0/.D!Y!8#8#!P?45)R0()!;5?8)!;G#!&<0A9(N!&ČĜ)A)1!
x8Č;'(! 40! (.%$N! (048?5! &0$#:A)/! 4R#G:@! ?(.! (0RN5! 45:I0R()%0/! (?!
;5(,! W&?P0%@! -?%! 8#/:! G#P:/)/0! $(041! 7N5! 8#! #RNþ0-(,! &ČĜ)A)@! %80G,!
P!7#I)!/.5#48.!4&Ĥ-!P'&#$!P(?/0(.8Č!$#%#(þ.51!309#!;#450$()!45#&?!;Ĝ0$!
8)/@!(0I!#$0<05!$#!(0R0@!RN5?g!
e>(.!&<?%!&N%Ĝ.%5.!&05.%,/!95?40/@!P?A;?5.!4.!:<.!?!4;#50þ(Č!40!
(?!(Č9#!&G95.1!+N9(?5.!9#!&0(!P!/Č48?!?!%?/0(#&?5.111!Y!%?/0(#X
&?5.!x8Č;'(?@!%80G,!&P,&?5!"'(?!?!Ĝ)%?5g!e"?(0!30I)<.@!;Ĝ.-/.!/Q9#!
$:A9?1b"?%!%5045!(?!%#50(?!?!P&#5?5!&05.%,/!95?40/g!e"?(0@!
(0;#þ)80-!-./!80(8#!9Ĝ)A91b!O$NI!8#!Ĝ0%5@!:4(:5b!cK%:8%N!F@BFXELd1
!{I?4(Q1!T0(8#!45:I0R()%!P!-)$05(N!RN5!%?/0(#&'(@!?!#(!;Ĝ048#!/Č5!
/.5#48!4&#R#$(Č!4&,/!&G?9Ĥ/!#$;:48.8@!480-(Č!-?%#!30I)<!#$;:48.5!8Č/@!
%$#! a#! P?R.5.1! Z#%'P?5! 8#@! ;G#8#I0! &! (0R.! (0()! I'$(Q! (0#$;:<8Č()! i!
%G'5#&48&)! -0! "*'(#Ĝ1! x8Č;'(! &N:þ#&?5@! $Č5?5! #9G#/(Q! P'PG?%N@! -0$(?5!
&! A9?G?%80G:! 30I)<0! OG.48?! ?! <)Ĝ.5! 7#I)! %G'5#&48&)! i! ?! 8#! &<0A9(#! $)%N!
7#I)!WI?4(Q!/.5#48.D!Y!;Ĝ048#!RN5!-0(!#RNþ0-(,/!('450$#&()%0/!30I)<0!
OG.48?1!
T#!4?/Q!;5?8.5#!#!;G#48Q/!/:I.@!%80G,!40!-/0(#&?5!Y(?(.'<1!")4/#!
#!(Č/!Ĝ)%'g!e+!Z?/?<%:!RN5!-0$0(!:þ0$()%@!-/Q(0/!Y(?(.'<b!cK%:8%N!
J@*Ld1! M.%$0! (0()! P?P(?/0('(#@! I0! RN! RN5! &! A)G%&.! ?;#<8#50/@! ;G#G#X
%0/@! 0&?(\05.48#:@! ;?48,Ĝ0/! (0R#! :þ.8050/1! 7N5! 4! (0-&Č8<)! ;G?&$Č;#X
$#R(#48)! ;#$(.%?805@! #RA9#$()%@! :þ.805! &0! <%#50@! WĜ0$()%@! 9#5.þ! (0R#!
(ČA#!;#$#R(Q9#1!"Ĝ048#!-0!#!(Č/!(?;4'(#g!
*6B
+j3]ChýMj
eY(?(.'<!#$0<05@!&48#:;.5!$#!8#9#!$#/:@!&5#I.5!(?!(Č9#!G:A0!?!Ĝ0%5g!
e7G?8Ĝ0!K?:50@!"'(@!30I)<@!%80G,!40!8.!:%'P?5!(?!A048Č@!;#!()I!-4.!<05@!/Č!
;#45?5@!?RN4!#;Č8!&.$Č5!?!RN5!(?;5(Č(!Z:A90/!K&?8,/1b!Y!9(0$!-?%#!
RN!/:!4!#þ)!4;?$5N!<:;.(N@!P?40!&.$Č5@!&48?5!?!RN5!;#%Ĝ8Č(b
c&0G<0!*FX*Hd1
T0(8#!#RNþ0-(,!&ČĜ)A)@!#!%80GQ/!:I!&!A05Q!M#&Q!4/5#:&Č!(0()!(.A!
&)A!(?;4'(#@!;#45:<(Č!;Ĝ.-$0@!&5#I)!G:A0!(?!"?&5#&N!#þ.!?!"?&5Ĥ&!PG?%!
-0! #R(#&0(1! 3?%! WI?4(QD!Y(?(.'<! (0/Č5! I'$(Q! 4;0A.'5()! #R$?G#&'()@!
?(.!(0/Č5!&!A)G%&.!;#&Č48!þ.(.8050!P'PG?%Ĥ1!"#8Ĝ0R#&?5!-0(#/!4'9(#:8!
;G#! .(6$,#! (0PRN8(#:! %! &N%#('()! -09#! 4;0A.!!A%Q/:! W%#5:! ;Ĝ.! <)Ĝ0()!
%G'5#&48&)1!T:8#!/.5#48!/'/0!&<.A9(.f!$#48?5.!-4/0!-.!P?$?G/#!&!OG.48:!
30I)<.1!
30I)<!8#!þ.()!(?;G#48#!-?4(,/1!3?%/.50!-0!%G'5#&48&)!:&(.8Ĝ!('4@!/ĤX
I0/0!-0!<)Ĝ.8@!R0P!#950$:!(?!8#@!P$?X5.!-4/0!;#$(.%?805@!I0(?!&!$#/'AX
(#48.@!$#%8#G@!;G#^04#G@!/0A9?(.%@!48:$0(8@!;#5.8.%@!.(&048#G!(0R#!G0?5.8()!
/?%5QĜ! i! (?! (?<0/! P?/Č48('()! (0P'50I)1! >(! %?I$Q9#! P! ('4! ;#&ČĜ:-0@!
?RNA9#/!<)Ĝ.5.!7#I)!%G'5#&48&)g
e3$Č80!$#!A05Q9#!4&Č8?!?!&N95?<80!0&?(\05.:/!&<0/:!48&#Ĝ0()1!O$#!
:&ČĜ)!?!R:$0!;#%Ĝ8Č(@!R:$0!P?A9G'(Č(1!O$#!(0:&ČĜ)@!R:$0!#$4#:P0(1!CČG
Ĝ?3?.%R:$0!$'(?!/#A!%!þ.(Č()!P'PG?%Ĥg!+!/Q/!-/Q(:!R:$#:!&N9'(Č8!
$Q/#(N@!R:$#:!/5:&.8!(#&,/.!-?PN%N@!R:$#:!RG'8!9?$N!$#!G:%#:!?!&N;.X
-)X5.!(ČA#!4/G805(Q9#@!(.-?%!-./!8#!(0:R5)I)1!M?!(0/#A(Q!R:$#:!&P%5'$?8!
G:A0!?!8.!40!:P$G?&)b!cC?G0%!*E@*BX*Hf!Th+d1!
+<./(Č80! 4.@! I0! 30I)<! &,45#&(Č! Ĝ)%'@! I0! *ČĜ?3?.! R:$0! $'(?! /#A@! 8?!
4?/'!/#A@!(0R#!e/.5#48b@!&0!%80GQ!x8Č;'(!%#(?5!eWI?4(Q!P'PG?%Nb!P?!
Wþ050/!<)Ĝ0()!7#I)9#!%G'5#&48&)1!3.(,!;Ĝ0%5?$!8?8#!45#&?!;Ĝ.('<)!8?%8#g!
eO?I$,@!%$#!&ČĜ)!&0!/(0@!R:$0!4A9#;0(!$Č5?8!;#$.&:9#$(Q!&ČA.b!c&0G<!
*Ff! `h+d1! 30I)<! (0Ĝ)%'! e-0(! ?;#<8#5#&Q! (0R#! 45:I0R()A.! (?! ;5(,! W&?X
P0%b1!T?8#!/#A!-0!;G#!&<0A9(N!&ČĜ)A)!i!-?%#!RN5?!;G#!x8Č;'(?@!Y(?(.'<0@!
y.5.;#&N!þ8NĜ.!$A0GN!c&.P!K%:8%N!2*@Jd@!&ČĜ)A)!&!30G:P?5Q/Č@!&ČĜ)A)!&!Y4..!
*6E
OnwV>+KT+q![h+M]Tě
i!80(8#!40P(?/!;#%G?þ:-0!?I!%0!/(Č!?!%!8#RČ!?!%0!&<0/@!%$#!&ČĜ)!&!30I)X
<0!OG.48?!-?%#!"'(?!?!K;?4.8050!?!-4#:!(?;5(Č(.!309#!Z:A90/1!
Z#:^'/@!I0!-0!&'/!8#!-0<8Č!&)A0!-?4(Č-<)1!C.5#48!-0!7#I)!P/#AĖ:-)A)!
;Ĝ)8#/(#48@!%80G'!('/!$'&'!4A9#;(#48!I)8!PR#I(Č!(N()!?!$Č5?8!8#@!A#!-0!
8Ĝ0R?@! ?RN! 40! 7#I)! %G'5#&48&)! <)Ĝ.5#1! C.5#48! ('/! $'&'! P/#A(Č()! -)8! P?!
9G?(.A0!(?<.A9!&5?48()A9!4A9#;(#48)1!7Ĥ9!Ĝ0%5!"?&5#&.g!eK8?þ)!8.!/'!/.X
5#48@!(0R#Ģ!/'!/#A!40!$#%#('&'!&0!45?R#48.1b!3?%/.50!8#8#!"?&05!;#A9#X
;.5@!/#95!<Ģ?48(Č!;G#95'4.8g!e+05/.!G'$!40!80$N!R:$:!A95:R.8!4;)<0!4&,/.!
45?R#48/.@!?RN!(?!/(Č!4;#þ.(:5?!/#A!c/.5#48d!OG.48#&?b!c21!O#G.(84%,/!
*2@Jf!P'&#G%?!;Ĝ.$'(?!;#$50!?(\51!;Ĝ0%5?$:d1!
2(6$,#% ':.% @:*:% ,3)$<'$,#% +?#% A4% )84'(35% '4B(3)% *64,#'?3)% ,3)$<G
'$,#?% *% &49@-% $E64,#(% '4B5)$% 9(*$#4@! ?RNA9#/! 7#9?! ;#8Č<#&?5.@! ?RNX
A9#/!I.5.!&,-./0þ(Č1!ZĤ&#$@!;G#þ!8#!7Ĥ9!8?%8#!(?48?&.5@!-0!-0$(#$:A9,g!
+<0A9(:!45'&:!$#48?(0!>(@!(0!/N1!
"#$)&0-80!40!(?!C?%0$#(4%Q1!M0/Č5.!/#A!;0(ČP!(?!G#P$'&'()@!?50!
(04;#5Q9?5.!40!(?!4&Q!/#I(#48.1!"#450A9(Č80!4.@!-?%!40!"?&05!A95:R)!-0-.A9!
P'&.45#48)!(?!7#I)!/.5#48.g
!
e>P(?/:-0/0!&'/@!RG?8Ĝ.@!7#I)!/.5#48@!%80G'!RN5?!$'(?!4R#GĤ/!
&!C?%0$#(..g!+0!&05.%Q!P%#:<A0!4#:I0()/!40!G#P9#-(.5?!-0-.A9
;Ĝ0%N;:-)A)!G?$#48!?!-0-.A9!95:R#%'!A9:$#R?!$#!R#9?848&)!
<8Č$G#48.1!Z#4&Č$þ:-.@!I0!$?5.!;#$50!4&Q!/#I(#48.@!E4%(%'4@%.$9'$,#b!
c21!O#G.(84%,/!H@*X6f!%:GP)&?!;Ĝ.$'(?d1
C?%0$#(<8)!&ČĜ)A)!$?5.!8#5.%@!%#5.%!/#95.1!Y&<?%!:!8#9#!40!(0P?48?&.5.!
?! $)%N! /#A.! 7#I)! /.5#48.! $?5.! &05.%,! $?G! '4@% +5+(3)% .$9'$,#(1!Y! 7Ĥ9!
$#48?5!&<0A9(:!45'&:D
C.5#48!('/!$'&'!/#A!-)8!P?!9G?(.A0!(?<.A9!/#I(#48)1!"G#8#!/ĤI0/0!
I)8!&,-./0þ(,!I.&#81!+.$Č5!-40/!8#!8#5.%G'8!(?!/Q/!&5?48()/!I.&#8Č!.!(?!
I.&#80A9!/(#9,A9!5.$)1!Z&?A08!508!A048:-.!&0!45:IRČ!(?!;5(,!W&?P0%@!(Č%$N!
-40/!48G'&.5!$#/?!-0(!8Ĝ.!$(N!&!/Č4)A.1!M?<0!$Č8.!-4#:!80ć!-?%!$#4;)&?-)A)!
*6F
+j3]ChýMj
8?%!$#4;Č5Q!?!&<0A9(N!/.5:-)!7#9?!?!45#:I)!C:!A05,/!4G$A0/1!K!/#-)!I0X
(#:!-4/0!(.%$N!(0RN5.!$#!40R0!8?%!P?/.5#&?()!-?%#!$(04!?!(?<0!/?(I0548&)!
-0!;0&(Q!-?%#!4%'5?1!V.$Q!40!/Č!þ?48#!;8?-)g!e3?%!8#!$Č5'<S!"G#A048:-0<!&)A!
(0I!$&Č!48Č!8.4)A!/.5!G#þ(Č@!;)<0<!%(.9N@!-4.!48'50!4&ČI)!?!&'<!G#$.((,!I.&#8!
-0!P$G?&,Sb!+I$NA%N!40!-0(!:4/)&'/!?!Ĝ)%'/g!e[!7#I)!/.5#48.Db
[('/! 4&Q! 45?R#48.! ?! &)/@! -?%! -40/! R0P! 309#! /.5#48.! (0;#:I.805(,1!
O$NI!-40/!40!G#P9#$5!#;:48.8!4&#:!%?G.QG:!&!.(I0(,G48&)!?!-)8!$#!45:IRN!
"'(:@!/#-0!&5?48()!/?/.(%?!/.!Ĝ0%5?g!e3#9(0@!-'!/N45)/@!I0!-0!8#!$?5<)!
&,48Ĝ050%1![?!;'G!508!8#9#!(0A9'<@!480-(Č!-?%#!-4.!(0A9?5!&<0A9!8ČA9!&ČA)@!
%80GQ!-4.!$#4:$!$Č5?5Db!Y:D!Y50!8G0!!5?!$#!þ0G(Q9#!i!;Ĝ0$!8)/@!(0I!-40/!
;#P(?5!7#I)!WI?4(#:!/.5#48@!-40/!#;G?&$:!(0A9?5!8Q/ČĜ!&<09#@!A#!-40/!
%$N! P%:4.51!T0(8#! (0$#48?80%! &N8G&?5#48.! P?4?9#&?5! .! $#! /,A9! &P8?9Ĥ@!
8?%I0!%$NI!-40/!40!%#(0þ(Č!#I0(.5@!/Č5!-40/!48G?A9@!I0!/Č!/'!/?(I05%?!
#/GP)!?!-'!-.!R:$:!A98)8!#;:48.81!"Ĝ048#@!#;?%!-0!;G?&$#:1!K&#:!I0(:!$(04!
/.5:-.!&)A@!(0I!%$NI!-4/0!40!;Ĝ0$!8Ĝ.A08.!508N!RG?5.1!Z#!45:IRN!-40/!$(04!
&)A!P?;'50(,@!(0I!;Ĝ0$!&)A0!(0I!;Č8?$&?A08.!508N@!%$NI!-40/!$#!()!;#;G&Q!
&48#:;.51!3?%!-0!8#!/#I(QS!a5:R#%#!&!4G$A.!-40/!;#A9#;.5@!I0!(.%$N!(0X
4/)/!P?;#/0(#:8!(?!4&Q!45?R#48.!$#!#R$GI0()!309#!/.5#48.1!Z#48?5!-40/!
-.!P?$?G/#!;G#8#@!?RNA9!(N()!/#95!$Č5?8!8#@!A#!RN!-.(?%!RN5#!(0/#I(Q1!
Z)%N!7#I)!/.5#48.!/#9:!-)8!P?!9G?(.A0!4&,A9!5.$4%,A9!4A9#;(#48)!?!%#X
(?8!&,-./0þ(Q!&ČA.!i!?!-0(!;G#!309#!45'&:D
30! &05/.! 4/:8(Q@! I0! 7#I)! /.5#48! RN5?! &! /(#9?! %Ĝ04Ģ?(4%,A9! %G:X
P)A9!PG0$:%#&'(?!(?!;G#48Q!e;#-.<8Č()!;G#!;Ĝ);?$!;#I'G:b1!M0D!C.5#48!-0!
7#I)!$?G@!%80G,!('/!$'&'!#$;:<8Č()@!$'&'!('/!4;?40()@!8&#Ĝ)!('4!(#&,/.!
?!P/#AĖ:-0!('4!%0!4A9#;(#48.!I)8!4&?8,!I.&#81!Y!$)%N!()!8?%Q!/ĤI0/0!-)8!
P?!9G?(.A0!(?<.A9!&5?48()A9!/#I(#48)!?!<)Ĝ.8!8?%!7#I)!%G'5#&48&)!P0&(.8Ĝ!
&0(1!K80-(Č!-?%#!('4!/.5#48!P?A9G?Ė:-0!#$!&Čþ(Q!4/G8.@!$'&'!('/!.!/#A!
I)8!&,-./0þ(Č!&0!&<0A9!#R5?480A9!I.&#8?1!
Y! 80ć! 40! $#48'&'/0! %! (0-$Ĥ50I.8Č-<)! #8'PA0! 8Q8#! %(.9Ng! "G#þ! (0I.-)!
&<0A9(N!7#I)!$Č8.!&!/#A.!8Q8#!WI?4(Q!/.5#48.S!"Ĝ.;G?&80!40!(?!#$;#&Čć1!
T#950!8#8.I!4%:80þ(Č!48#-)!P?!8#D
*6H
OnwV>+KT+q![h+M]Tě
™
!"#$%&'#&12,34)þ'*-&.)/07N5#! ;G#! &'4! 8ČI%Q! &ČĜ.8! 8#/:@! I0! -?%#! &ČĜ)A)! /ĤI080! $Č5?8! -0<8Č! &Č8<)!
4%:8%N@!(0I!$Č5?5!30I)<S!ě0%(Č80!;G#þ1!
+0!%80G,A9!45?R#480A9!;#8Ĝ0R:-080!7#I)!/.5#48!(0-&)A0S
3?%,/!P;Ĥ4#R0/!/N45)80@!I0!&'4!30I)<!;#&#5?5@!?RN480!<)Ĝ.5.!309#!%G'X
5#&48&)S
*6J
08
'ĥ.$=>?
C
.5#48! -0! 7#I)! $?G! ;G#! %?I$Q9#! P! ('41! M05P0! 4.! -.! &N45#:I.8! (0R#!
P?;5?8.8!i!-0!/#I(Q!-0(!$#48?8!-.!P?$?G/#1!M0-50;<)!P0!&<09#!-0@!I0!
8?!480-('!/.5#48@!#!%80GQ!-4/0!/5:&.5.!&!;Ĝ0$A9#P)!%?;.8#5'A9@!-0!$#48:;X
('!;G#!&<0A9(N1!"G#4)/@!(.%$N!(0&ČĜ80!8#/:!R5:$:@!I0!-0!:Gþ0(?!-0(!;G#!
4;0A.'5()!-0$(#85.&A0f!-0!8#8.I!$#48:;('!&<0/D
30X5.!8#!8?%@!/:4)/0!4.!80$N!;#5#I.8!#8'P%:g!eO$0!-0!80$N!8#!G#P;#-0X
()S!"G#þ!8#5.%!%Ĝ04Ģ?(Ĥ!I.-0!4%#G#!480-(Č@!-?%#!I.5.!;Ĝ0$!8)/@!(0I!-0!7#I)!
/.5#48!#4&#R#$.5?S!"G#þ!-0!#!8Q8#!P/#AĖ:-)A)!/.5#48.!8?%!/'5#!$Ĥ%?PĤSb!
Y;#<8#5!"?&05!/'!(?!8#!-?4(#:!#$;#&Čćg
eO$NI!-4/0!80$N!RN5.!#4;G?&0$5(Č(.!P!&)GN@!/'/0!;#%#-!4!7#90/!
4%GP0!(?<09#!"'(?!30I)<0!OG.48?1!K%GP0!MČ9#!+,.5%*?8$"%A?,&46(%
<Ĝ?,#"<%&%#-#$%.(6$,#(@!&!()I!48#-)/0!?!A95:R)/0!40!&!(?$Č-.!7#I)!
45'&Nb!cě)/?(Ĥ/!B@*X2f!%:GP)&?!;Ĝ.$'(?d1!
O5)þ#&,/! &! 8#/8#! &0G<.! -0! 45#&#! <Ĝ?,#"<1! ě0A%Q! 45#&#! -0! <8$,4L$G
L5@!%80GQ!-0!;#$50!(Č%#5.%?!Ĝ0A%,A9!45#&()%Ĥ!$0!!(#&'(#!-?%#!e;Ĝ)48:;b1!
K5E,#58h,%c45#&()%d!-0!$0!!(:-0!-?%#!e4A9#;(#48@!;G'&#!(0R#!;#&#50()!%0!
&48:;:@!%!;Ĝ)48:;:@!G#P9#&#G:!4!(Č%,/!(0R#!%!;#:I)&'()b1!30$(#45#&(Q!
4N(#(N/:/!-0!*,#"<0
"Ĝ0/,<50-80! #! GĤP(,A9! P;Ĥ4#R0A9@! -?%,/.! 8#8#! 45#&#! ;#:I)&'/01!
K(?I)80!40!P)4%?8!P!;#þ)8?þ0!$Ĥ50I.8#:!.(^#G/?A.@!?&<?%!<Ĝ?,#"<!-0!P?/)8X
(:8@!;#(Č&?$I!(0P('80!9045#1!T#:I)80!40!$#48?8!$#!7)5Q9#!$#/:@!?RN480!
&.$Č5.! ;G0P.$0(8?@! ?50! *,#"<% -0! &'/! P?/)8(:8@! ;G#8#I0! (0/'80! R0P;0þX
(#48()! ;G#&ČĜ0()1! 3480! %?;.8'(0/! R?40R?5#&Q9#! 8,/:! (?! 48Ĝ0$()! <%#50!
*=*
+j3]ChýMj
?!;#8Ĝ0R:-080!(Č-?%#:!&,48G#-!(?!8GQ(.(%1!T?!-0!P?/þ0(?!&0!4%5?$:@!%?/!
&<?%!(0/'80!<Ĝ?,#"<1!`#!/:4)80!80$N!:$Č5?8S!M?-)8!8G0(QG?@!%80G,!/'!%5)þ@!
?!8)/!P)4%'80!<Ĝ?,#"<!%!;#8Ĝ0R(Q/:!&NR?&0()1
+,P(?/!8#9#8#!45#&?!40!$'!.5:48G#&?8!-0<8Č!$?5<)/!P;Ĥ4#R0/g!Ĝ0%(ČX
/0@!I0!&05.A0!(:8(Č!;#8Ĝ0R:-080!P)4%?8!;.8(#:!&#$:@!;G#8#I0!&?<0!48:$(?!
&N4A95?1!+0!/Č48Č!-0!%#:40%!#$!&'4!#RG#&4%'!&#$'G(?@!&0!%80GQ!-4#:!/.X
5.#(N"\?5#(Ĥ!;.8(Q!&#$N1!3?%#!#Rþ?(!8#9#8#!/Č48?!/'80!;G'&#!/)8!P!8Q8#!
&#$'G(N! 8#5.%! &#$N@! %#5.%! ;#8Ĝ0R:-080@! ?&<?%! &N! %! ()! (0/'80! <Ĝ?,#"<1!
>%#5#!&?<09#!$#/:!&0$0!95?&()!;#8G:R)@!%80G,/!80þ0!(0#/0P0(Q!/(#IX
48&)!8Q8#!&#$N1!T?%I0!A#!/:4)80!:$Č5?8S!30$(#$:<0!-)8!(?!WĜ?$!?!P)4%?8!
;#&#50()!(?;#-.8!40!(?!95?&()!;#8G:R)1!3?%/.50!-0!/'80@!-$080!$#!/)48()X
9#!#RA9#$:!?!%#:;)80!"+`!9?$.A.1!"Ĝ04!&'<!;#P0/0%!&N%#;080!;Ĝ)%#;!
?!8#:8#!9?$.A)!40!(?;#-)80!(?!95?&()!;#8G:R)1!Y!8?%!&#$?!;G#:$)!$#!&?<09#!
$#/:@!;G#8#I0!(N()!/'80!<Ĝ?,#"<1!
30$(#$:<0! Ĝ0þ0(#@! &)G?! -0! ;#8G:R)/! ;G#! /.5#481! "#450A9(Č80! 4.! -0<X
8Č!-0$(#:!"?&5#&?!45#&?g!eK%GP0!(Č9#!-4/0!&)G#:!P)4%?5.!;Ĝ)48:;!%!8Q8#!
/.5#48.@!&!()I!48#-)/0b1!YRNA9!8#!&N-'$Ĝ.5!$#48?80þ(Č!-?4(Č@!&5#I)/!$#!
8#9#8#!&0G<0!45#&?!P!/Q!&#$#&#$()!.5:48G?A0g!eK%GP0!(Č9#!-4/0!;#8G:X
R)/!&)GN!P)4%?5.!<Ĝ?,#"<!%!8?%#&Q/:!/(#I48&)!&#$N!/.5#48.@!-?%Q!;#8Ĝ0X
R:-0/0b1
+)G?!-0!G#P9#$:-)A)/!^?%8#G0/!;G#!8#@!-0485.!+,.5%(0R#!'5+,.5%Wþ?48X
()%N! /.5#48.1! T#! P(?/0('@! I0! ;Ĝ)48:;! %! /.5#48.@! #! %80GQ! -4/0! 8?%! ;#X
$G#R(Č! /5:&.5.! &! ;Ĝ0$A9#P)A9! %?;.8#5'A9@! (0()! /#I(,! I'$(,/! -.(,/!
P;Ĥ4#R0/!(0I!4%GP0!&)G:D!O!8#/:!&'/!P#;?%:-.!8:8#!$Ĥ50I.8#:!;G?&$:g!
C.5#48!-0!P/#A(Č()/!%!8#/:@!A#!;#8Ĝ0R:-0/0@!?RNA9#/!40!5)R.5.!7#9:1!
"G#8#!('/!")4/#!Ĝ)%'g!
e70P!&)GN!&<?%!(0()!/#I(Q!P?5)R.8!40!7#9:b!cu.$Ĥ/!**@Ef!`h"d
Y/;5.!!0$!7.R50!;G#95?<:-0g!e70P!&)GN!(0()!/#I(Q!40!C:!P?5)R.8!?!R,8!
;G#!MČ9#!;Ĝ.-?805()b1!"G#þS!70P!&)GN!(0/'/0!I'$(Q!;#8G:R)@!?!8:$)I!(0X
*=2
"ěqKTk"
/'/0!<Ĝ?,#"<!%!/.5#48.@!%80G'!('/!:/#IĖ:-0!5)R.8!40!7#9:1!+P;#/0Ė80!
4.@!I0!7#9?!(0/ĤI0/0!;#8Č<#&?8!4%GP0!(?<0!4A9#;(#48.@!?50!-0(#/!4%GP0!
/.5#481!
K V > + > !3 h a > ! C ] V > K T ]
+<0@!A#!&!8#/8#!I.&#8Č!;#8Ĝ0R:-0/0@!-0!#R4?I0(#!&!7#I)/!45#&Č1!+)/0!
8#!P!"08G#&?!;#450$()9#!5.48:g!
e309#!7#I4%'!/#A!c/.5#48d!('/!$?G#&?5?!&<0A9(#@!þ09#!-0!8Ĝ0R?!
%!I.&#8:!?!PR#I(#48.111!T)/!('/!RN5?!$?G#&'(?!*A:3':%4%*56(&:%
A4,6?E5'?@!?RN480!40!4%GP0!(Č!48?5.!Wþ?48()%N!7#I4%Q!;Ĝ.G#P0(#48.111b!
c21!"08GĤ&!*@6X=f!P'&#G%?!?!%:GP)&?!;Ĝ.$'(Nd1
T?$N!&.$)/0!$&Č!$Ĥ50I.8Q!;G?&$N1![?!;G&Q@!&<0@!A#!;#8Ĝ0R:-0/0!%!I.X
&#8:!i!&,-./0þ(Q/:!I.&#8:!i!40!(?A9'P)!&0!&P'A(,A9!P?45)R0()A9!309#!
45#&?1![?!$G:9Q@!&<0@!A#!-0!8Ĝ0R?!%0!PR#I(Q/:!I.&#8:@!-0!49G(:8#!&!-0X
$.(Q/!45#&Č!i!.(6$,#0%+!;#$48?8Č!RN!40!80$N!$?5#!Ĝ)A8@!I0!7#I)!/.5#48!-0!
#R4?I0(?!&!309#!45#&Č1!>!&ČĜ)A)A9!þ80/0g!eK8G'&.5.!8?/!80$N!P(?þ(,!þ?4@!
#80&Ĝ0(Č!/5:&.5.!#!"'(:@!%80G,!$#4&Č$þ#&?5!45#&#!K&Q!/.5#48.111b!cK%:8X
%N!*=@6d1!".4?805!&,45#&(Č!;#:I)&'!&,G?P!e45#&#!K&Q!/.5#48.b1!"#P$Č-.!
&0!K%:8A)A9!&.$)/0!"?&5#&#!;#450$()!;#&PR:P0()!;G#!4&Q!/.5#&?(Qg
eY!(N()!&'4!4&ČĜ:-.!7#9:!?!45#&:!309#!/.5#48.@!%80GQ!/'!/#A!&'4!PR:X
$#&?8!?!$'8!&'/!$Č$.A8&)!/0P.!&<0/.!;#4&ČA0(,/.b!c2L@62d1
>;Č8!40!8:!#R-0&:-0!e45#&#!309#!/.5#48.b1!3.(,/.!45#&N@!&0<%0G'!/.X
5#48!i!7#I)!P/#A(Č()!%!;Ĝ.-08)!%?I$Q9#!$:A9#&()9#!;#I09('()!i!-0!A05'!
:%GN8?!&!309#!K5#&Č1!"G#8#!þ80/0@!I0!30I)<!e(040!&<0A9(#!45#&0/!K&Q!
/#A.b!cu.$Ĥ/!*@6d1!M0()!8?/!(?;4'(#!e/#A)!K&Q9#!45#&?b@!?50!&,45#&(Č!
*=6
+j3]ChýMj
;G#95?<:-0!e45#&0/!K&Q!/#A.b1!O$NRN!8#!8?/!RN5#!(?;4'(#!8)/!;G&()/!
P;Ĥ4#R0/@!P(?/0(?5#!RN!8#!-0(@!I0!309#!45#&#!-0!/#A(Q1!Y&<?%!Z:A9!
K&?8,!8#!(?;4?5!8?%@!I0!-0!(?;G#48#!-?4(Q@!I0!&0<%0G'!309#!/#A@!&0<%0G'!
309#!/.5#48!-0!#R4?I0(?!&!309#!45#&ČD
!7Ĥ9!('/!/.5#48!(0$?5!;G#8#@!I0!RNA9#/!RN5.!9#$()@!(0R#!I0!a#!/.X
5:-0/0@!(0R#!;G#8#I0!(Č%$0!:4.5#&(Č!45#:I)/0@!(0R#!I0!40!a#!:;Ĝ)/(Č!
4(?I)/0! ;#8Č<.8@! (0R#! %&Ĥ5.! 8#/:@! I0! 40! ;#9NR:-0/0! /0P.! 4;G'&(,/.!
5.$/.@!?(.!%&Ĥ5.!(.þ0/:!-.(Q/:1!+0<%0G'!309#!/.5#48!-0!#R4?I0(?!&!309#!
K5#&Č@!?!?RNA9#/!/#95.!%!8Q8#!R0P;5?8(Q!/.5#48.!P)4%?8!;Ĝ)48:;@!/:4)/0!
&!(Č!&ČĜ.8g
e+I$NĢ!8?%Q!('/!RN5?!#P('/0(?!G?$#48('!P&Č48@!480-(Č!-?%#!.!-./1!
K5#&#@!%80GQ!45N<05.@!-./!&<?%!(0;G#4;Č5#@!;G#8#I0!(0RN5.!4;#-0(.!&)G#:!
4!8Č/.@!%80Ĝ)!45N<05.b!cu.$Ĥ/!=@2d1
T0(8#!&0G<!/5:&)!#!5.$:!]PG?0501!>RG?P(Č!Ĝ0þ0(#@!#%#5#!-0-.A9!$#/:!
;G#:$.5?!;5(#48!(0R04%Q9#!;#I09('()@!?&<?%!#(.!4.!(0;Ĝ.;#-.5.!4&#:!"+`!
9?$.A.!&)GN1![!8#9#!$Ĥ&#$:!(0$#48?5.!8?!WI?4('!;#I09('()@!%80G'!-./!7Ĥ9!
;Ĝ.;G?&.5!;G#8#@!?RN!/#95.!I)8!&,-./0þ(,/!I.&#80/@!;G#8#I0!P%G'8%?!(0X
&ČĜ.5.1!
7.R5.A%,! ;.4?805! P$0! ;Ĝ.G#&('&'! ]PG?05! %! ('/1! ]! /N! -4/0! ;#I09(?X
()!8)/@!I0!#%#5#!(?<.A9!$#/Ĥ!;G#:$)!/.5#48!i!?!$#%#(A0!4!-0<8Č%*Č#B?.(%
P?45)R0()/.@!(0I!%80G'!/Č5.!]PG?05A.1!30485.I0!&<?%!(0;Ĝ.;#-)/0!(?<0!;#X
8G:R)!&)GN@!?(.!/N!(0R:$0/0!/)8!P!/.5#48.!:I.80%@!;G#8#I0!%!()!(0R:$0X
/0!/)8!;Ĝ)48:;1!
[ w ` a n Y M Y ! > Z ! K C nT ]
+0! 4&Č850! 8ČA98#! 4%:80þ(#48)! 40! (N()! ;#-ć/0! ;#$)&?8! (?! (Č%80GQ! ?4;0%X
8N!/.5#48.@!#!%80G,A9!-4/0!-.I!9#&#Ĝ.5.1!")4/#!Ĝ)%'g!eM0R#Ģ!8?%!7Ĥ9!/.5:X
*==
"ěqKTk"
-0!4&Č8@!I0!$?5!K&Q9#!-0$.(Q9#!KN(?@!?RN!I'$(,@!%$#!&!MČ9#!&ČĜ)@!(0P?9NX
(:5@!?50!/Č5!I.&#8!&Čþ(,b!c3?(!6@*Ed1!7Ĥ9!$?5!30I)<0!-?%#!&,%:;(Q!P?!%?IX
$Q9#!þ5#&Č%?!(?!A05Q/!4&Č8Č1!"08G!8#!$'50!:;Ĝ04Ė:-0g!e"'(111!/'!4!('/.!8GX
;Č5.&#48@!;G#8#I0!4.!(0;Ĝ0-0@!?RN!(Č%$#!P?9N(:5@!?50!A9A0@!?RN!&<.A9(.!$#X
4;Č5.!%!;#%'()b!c21!"08GĤ&!6@Jf!`h"d1!M0-0(I0!7#I)!/.5#48!:/#I(.5?!4;?X
40()!4%GP0!30I)<0!OG.48?@!?50!7#I)!8#:9#:!-0!.!8#@!?RN!4;?40()!%?I$,!þ5#&Č%!
;Ĝ.-?51!309#!8#:9#:!?!&Ĥ5)!-0@!?RN!&<.A9(.!RN5.!P?A9G'(Č(.!#$!&Čþ(Q!4/G8.1!
y?%80/!&<?%!-0@!I0!&<.A9(.!4;?40(.!(0R:$#:1!30I)<!$#%#(A0!Ĝ)%'@!I0!
$#!P?8G?A0()!;Ĥ-$0!&Č8<.(?!5.$48&?g!e+0-$Č80!8Č4(#:!RG?(#:@!;G#8#I0!<.X
G#%'!-0!RG'(?!?!;G#48#G('!A048?@!%80G'!&0$0!$#!P'9:RNf!?!.'$)$!-0!8ČA9@!
%80Ĝ)!-)!&A9'P0-)1!3?%!8Č4('!-0!RG'(?!?!PWI0('!A048?@!%80G'!&0$0!$#!I.&#8?@!
?!.:6$!-0!8ČA9@!%$#!-.!(?5QP?-)Db!cC?8#:<!F@*6X*=d1
"G#þ!$#!(0R0!;Ĥ-$0!-0(!/0(<.(?!?!&Č8<.(?!5.$)!R:$0!(?&Č%N!&!;0%X
50S!"G#þ!8?%!/'5#!5.$)!(?50P(0!8:!4;G'&(#:!A048:@!%$NI!P?!8#!30I)<!OG.4X
8:4!&!(04/)G(Q!R#5048)!?!:8G;0()!P?;5?8.5!8?%!#RG#&4%#:!#RČĢS!7#I)!K5#X
&#!-./!(0R:$0!;G#4;Č<(Q@!;G#8#I0!(0R:$0!4/)A9'(#!4!&)G#:1!+P;#/0Ė80!
4.!(?!45#&?!&!3?(#&.!6@*Eg!e?RN!I'$(,@!%$#!&!(Č9#!*ČĜ?@!(0P?9N(:5b1!70P!
*?8/!(0()!/#I(Q!&ČĜ.81!"#450A9(Č80!4.!45#&?!?;#<8#5?!"?&5?g!
eM0R#Ģ!/.5#48)!-480!P?A9G'(Č(.!4%GP0!&)G:f!?!8?!P'A9G?(?!(0()!P!&'4!X!
-0!8#!7#I)!$?Gb!ch^0P4%,/!2@Hd1
C.5#48!-0!7#I)!&Čþ(,!$?Gf!-0!8#!-0$.(,!P;Ĥ4#R@!-?%!/ĤI0/0!(?-)8!#$X
;:<8Č()@!48'8!40!(#&,/.!5.$/.!?!$#-)8!$#!(0R01!M.A/Q(Č!-0!-?4(Q@!I0!/.X
5#48!/ĤI0/0!P)4%?8!;#:P0!4%GP0!;#8G:R)!&)GNg!eK#:$)/0!8#8.I@!I0!þ5#&Č%!
-0!#4;G?&0$5Ė#&'(!&)G#:!R0P!4%:8%Ĥ!['%#(?b!cě)/?(Ĥ/!6@2Hd1!70P!8#X
9#8#!;#8G:R)!40!%!/.5#48.!(05P0!$#48?8@!;Ĝ048#I0!-0!9#-(Č!%!$.4;#P.A.1!
"?&05!Ĝ)%'g!eY50!-?%!/#9#:!5.$Q!/)8!&)G:!&!"'(?!?!;#I'$?8!a#!#!4;?X
40()@! %$NI! #! MČ/! (.%$N! (045N<05.S!Y! -?%! /#9#:! 45N<08@! -0485.! #! MČ/!
(.%$#! (0/5:&)Sb! cě)/?(Ĥ/! *L@*=! ;#$50! ?(\51! ;Ĝ1d1! V.$Q! /:4)! 45N<08!
e45#&#!309#!/.5#48.b@!?RN!/#95.!/)8!&)G:!%0!4;?40()1!
*=B
+j3]ChýMj
K5N<08!(?<./?!^NP.A%,/?!:<./?!-0!&<?%!-0(#/!P?þ'80%@!;G#8#I0!"?&05!
;#%G?þ:-0g!eY50!(0!&<.A9(.!:&ČĜ.5.!0&?(\05.:b!c&0G<!*E!;#$50!?(\51!;Ĝ1d1!
"G#þ!(0!%?I$,@!%$#!45N<)@!&ČĜ)S!30!;G#!8#!/(#9#!$Ĥ&#$Ĥ@!?&<?%!"?&05!80(!
95?&()!:&'$)!9(0$!&!('450$:-)A)/!&0G<.g!
e+)G?!-0!80$N!P0!45N<0()@!?!45N<0()!4%GP0!45#&#!7#I)b!c&0G<!*Fd1
"?&05! P$ĤG?PĖ:-0! $&?! $G:9N! 45N<0()1! "G&()! -0! 4%GP0! (?<0! ;Ĝ.G#P0(Q!
:<.f!$G:9,!4%GP0!(?<0!4G$A01!30I)<!(0:48'50!#;?%:-0g!eO$#!/'!:<.!%!45NX
<0()@! 45N<b! cC?8#:<! **@*Bf! *6@J1! =6f! C?G0%! =@J1! 26f! F@*Ef! V:%'<! H@Hf!
*=@6Bd1!O?I$,@!%0!%#/:!/5:&.5@!/#95!^NP.A%N!45N<08@!?&<?%!30I)<!/5:&.5!
#!45N<0()!4G$A0/@!;#(Č&?$I!4G$A0!-0!4)$50/!&)GN1!
M?<0!4G$A0!R:$0!45N<08@!%$NI!R:$0!:<50A98.5Q@!95?$#&Q!?!#A9#8(Q!#$X
;#&Č$Č8! c&.P! V:%'<! H@*Bd1! 30(! &! 8?%#&Q/! ;Ĝ);?$Č! 4%:80þ(Č! :45N<)/0@!
%$NI!40!R:$0!%'P?8!45#&#!/.5#48.@!;G#8#I0!R:$0!/#A.!;G#(.%(#:8!$#!(?X
<09#!(.8G?g!eM0R#Ģ!45#&#!7#I)!-0!I.&Q!?!þ.((Q@!-0!#48Ĝ0-<)!(0I!-?%,%#5.!
$&#:40þ(,!/0þf!;G#(.%'!?I!$#111!4G$A0b!cu.$Ĥ/!=@*2d1!M8$'(&'$"#!P(?X
/0('!(Čþ)/!;G#-)8!?!$#4'9(#:8!8#:I0(Q9#!A)501!30(!7#I)!45#&#!-0!4A9#;X
(#!;G#(.%(#:8!(?<)!&Č$#/#:!/N45)@!.(8050%80/!(0R#!;#A.8N!?!P?4'9(#:8!
(?<0!W;5(Q!(.8G#@!%$0!40!G#$)!#;G?&$#&'!&)G?1!O$NI!8#8#!&)/0@!/ĤI0/0!
4.!:&Č$#/.8@!-?%!$Ĥ50I.8Q!-0!/5:&.8!7#I)!45#&#!i!(.%#5.&!8G?$.A.@!;G.(A.;N!
&0$0()@!!!5#P#!!A%Q!/N<50(%N@!;Ĝ0$48?&N!#!7#9:@!?8$1!30$.(Č!7#I)!H6$*$!
$#%'I0!;G#(.%(#:8!?!&N;Ĥ4#R.8!#;G?&$#&#:!&)G:1!
Z ģ O Y [ o ! + q no
K5N<08! 4G$A0/! -0! (?;G#48#! %5)þ#&Q@! ;G#8#I0! (0-4/0! 4;?40(.! ?(.! G#P:X
/#&,/!:&Č$#/Č()/@!?(.!;Ĝ)-0/(,/.!;#A.8N@!?!$#%#(A0!?(.!$:<0&()/!
4#:95?40/1! 30! 8#! 8?%8#g! eKG$A0/! 40! &ČĜ)! %! 4;G?&0$5(#48.b! cě)/?(Ĥ/!
*L@*Ld1!"G?&'!&)G?!P?þ)('!&!(?<0/!(.8G:1!30!8#!&05.A0!-0$(#$:A9Q@!.!%$NI!
*=E
"ěqKTk"
8#!/(#P)!P%#/;5.%#&?5.1!+)G?!95:R#A0!&ČĜ)@!I0!7Ĥ9!:$Č5'!8#@!A#!Ĝ0%(0@!
?!$Ĥ450$%0/!&)GN!-0!45#&()!4#:95?4!4%4%:8%N!;#45:<(#48.1!>$;#&)$?-)A)!
45#&?!?!4%:8%N!-4#:!-0$(#$:<0!@Ĥ&4A5.@!I0!(?<0!4G$A0!:A9#;.5#!8#@!A#!
7Ĥ9!Ĝ0%51!T#Ģ!-0!&<0@!;G#48Q!?!-0$(#$:A9Q@!?!;Ĝ048#!;G#!/(#9Q!5.$.!8?%!
8ČI%#!;#A9#;.805(Q1
MN()!48G:þ(Č!;G#R0G0/0!45#&?!?!4%:8%N@!%80GQ!4#:&.40-)!4!&)G#:@!(0X
R#Ģ!4;#50þ(Č!;Ĝ0$48?&:-)!@Ĥ&4A%8#9#@!I0!þ5#&Č%!P)4%?5!;Ĝ)48:;!%!/.5#48.1!
[?!;G&Q@!&)G?!/'!-?PN%1!"?&05!;)<0g!eY&<?%!4;G?&0$5(#48!P?5#I0('!(?!
&)Ĝ0!/5:&)!8?%8#b!cě)/?(Ĥ/!*L@Ed1!Y!#;Č8g!e111;#$50!8#9#@!A#!-0!(?;4'X
(#g!~k&ČĜ.5!-40/@!;G#8#!-40/!/5:&.5r!.!/N!&ČĜ)/0@!;G#8#!8?%Q!/5:&)/0b!
c21!O#G.(84%,/!=@*6d1!>;G?&$#&'!&)G?!80$N!/5:&)!:Gþ.8,/!P;Ĥ4#R0/1
!30I)<!Ĝ)%'g
eCČ-80!&)G:!&!7#9?1!Y/0(@!;G?&)/!&'/@!I0!%$#!RN!Ĝ5&6!8Q8#!9#Ĝ0g!
~[&0$(.!40!?!&G9(.!40!$#!/#Ĝ0r!?!(0P?;#A9NR#&?5!RN!&0!4&Q/!4G$A.@!
?50!*ČĜ(6%E/@!I0!A#!Ĝ?&:@!40!48?(0@!R:$0!/)8@!8#!A#!Ĝ0%5b!
cC?G0%!**@22X26f!;#$50!?(\51!;Ĝ1@!%:GP)&?!;Ĝ.$'(?d1
+<./(Č80!4.@!I0!30I)<!P$ĤG?PĖ:-0!8#@!I0!;G?&'!&)G?!&!7#9?!R:$0!/5:X
&.8!&!4#:5?$:!4!8)/@!þ0/:!&ČĜ)f!80$N!-?PN%0/!&)GN1!K5#&#!Ĝ?3(!40!&!8#/X
8#! -0$.(Q/! &0G<.! #;?%:-0! 8Ĝ.%G'8@! P?8)/A#! 45#&#! *ČĜ(#! -0! P/)(Č(#! ;#:X
P0!-0$(#:1!30I)<!$'&'!(?!-?PN%!&)GN!&05.%,!$ĤG?P1!K%:80þ('!&)G?!/5:&)!
&!-0$(#8Č!4!8)/@!þ0/:!&ČĜ)@!(0R#Ģ!30I)<!Ĝ)%'g!eý)/!4G$A0!;Ĝ08Q%'@!8#!W48?!
/5:&)b!cC?8#:<!*2@6=d1!ZĤ%?P0/!(?<)!&)GN!(0()@!I0!Ĝ0%(0/0!8#@!#!þ0/!
&)/0@!I0!-0!4;G'&(Q1!K;)<0!4;#(8'((Č!Ĝ)%'/0!8#@!þ0/:!:I!&ČĜ)/01!3?%#!
;)<0!I?5/.48?g!ek&ČĜ.5!-40/@!;G#8#!/5:&)/b!c**E@*Ld1!"G&()!;Ĝ.A9'P)!&)G?!
?!-0!('450$#&'(?!&NP('()/!W48N1!"?&05!8&G$)g!e.!/N!&ČĜ)/0@!;G#8#!8?%Q!
/5:&)/0b1!34/0X5.!;#$!85?%0/!(0R#!/5:&)/0!R0P!;Ĝ0/,<50()@!&NA9'P)!
P(?<.A9!W48!8#@!þ0/:!#;G?&$:!&ČĜ)/01!Y!8#!-0!$Ĥ%?P0/!(?<)!&)GN@!?(0R#!
(?#;?%!-0-)9#!(0$#48?8%:1!
T?8#!;G?&$?!-0!I.&Č!&N#RG?P0(?!&0!P%:<0(#48.@!%80G#:!/Č5.!:þ0$()A.!
*=F
+j3]ChýMj
4!30I)<0/1!`05,!$0(!&N:þ#&?5!#!;G.(A.;0A9!7#I)9#!45#&?!?!&)GN1!"#8#/!
40!:þ0$()%Ĥ!P0;8?5g!en#P:/Č5.!-480!8#/:!&<0/:Sb
eY(#@!"?(0@b!P(Č5?!-0-.A9!#$;#&Čć!cC?8#:<!*6@B*d1!YĢ!:I!8#/:!G#X
P:/Č5.!(0R#!(0@!-0-.A9!&)G?!/Č5?!R,8!P'9N!;G#P%#:<0(?1!Z:A9!K&?8,!8#8.I!
&5#I.5!$#!30I)<#&?!4G$A0!;#%N(@!?RN!;Ĝ0<05!(?!$G:9#:!48G?(:!s?5.50-4%QX
9#! /#Ĝ0@! ;G#8#I0! 8?/! 7Ĥ9! A98Č5! #4&#R#$.8! -0$(#9#! $Q/#(.P#&?(Q9#1!
30I)<!80$N!Ĝ0%5g!e"Ĝ0-$Č/0!(?!$G:9#:!48G?(:b!cC?G0%!=@B*d1
kþ0$()A.@!P!(.A9I!(Č%80Ĝ)!RN5.!P%:<0(,/.!GNR'Ĝ.!?!(?!8#/8#!/#Ĝ.!40!
:I! ;5?&.5.! (04þ08(Č%G'8@! (?48#:;.5.! $#! 5#$.! ?! &N$?5.! 40! (?! /#Ĝ01! 30I)<@!
&Nþ0G;?(,!;#!('G#þ(Q/!$(.@!:4(:5!(?!P'$.1!
M?-0$(#:! 40! ;Ĝ.9(?5?! #RG#&4%'! R#:Ĝ0! $#;G#&'P0('! 4.5(,/! &Č8G0/1!
Z#! þ5:(:! 40! P?þ?5?! &?5.8! &#$?! ?! RĜ09! RN5! &! (0$#950$(:1! T.8#! P%:<0()!
('/#Ĝ()A.!:4#:$.5.@!I0!8#!-0!-0-.A9!%#(0A1!
Y!80ć!40!;#$)&0-80!(?!-0-.A9!G0?%A.g!ea#G0þ(Č!30-!&PR:$.5.@!?!%Ĝ.þ05.g!
C.48Ĝ0@!-0!8.!-0$(#@!I0!P?9N(0/0Sb!cC?G0%!=@6Hf!;#$50!?(\51!;Ĝ1d1!OĜ.X
þ05.!P!9#-(#48.!-0-.A9!4G$A01!C5:&.5.!-?PN%0/!4&,A9!;Ĝ.G#P0(,A9!4/N45Ĥ!
(?/)48#! -?PN%0/! &)GN@! ;G#8#I0! I'$(#:! (0/Č5.1!TG?\.A%Q! (?! 8#/! &<0/!
RN5#@!I0!-./!30I)<!Ĝ0%5g!e"Ĝ0-0ć/0!(?!$G:9#:!48G?(:b1!M0Ĝ0%5g!eT?%!9#<.@!
&50P80!$#!5#$.@!$#-0$0/0!$#!;Ĥ5%N!?!;?%!40!;#8#;)/0b1!
kþ0$()A.!45N<05.!309#!45#&#!4&,/?!;Ĝ.G#P0(,/?!:<./?@!(.%#5.&!:<.X
/?! -0-.A9! 4G$A)1! "G#8#! 30I)<! &48?5! ?! ;Ĝ.%'P?5! &Č8G(Q! R#:Ĝ.g! eC5þ@! R:ć!
P8.A9?Db!c&0G<!6Jd1!"#8#/!40!#8#þ.5!%!(./!?!Ĝ0%5g!e"G#þ!-480!8?%!:48G?<0()S!
30<8Č!(0/'80!&)G:Sb!c&0G<!=Ld1!30I)<!&Č$Č5@!I0!'5.4+?%*?8">%;G#8#I0!;#$!
8)/!85?%0/!(0&N<05!P!-0-.A9!W48!I'$(,!#$;#&)$?-)A)!-?PN%!&)GN1!C5:&.5.!
P!9#-(#48.!-0-.A9!4G$A)!?!R0P!&)GN!(0/Č5.!;Ĝ)48:;!%!/.5#48.!;#8Ĝ0R(Q!%!;Ĝ0X
%#('()!/#Ĝ01!C:405.!8:$)I!-0$(?8!;#:P0!P!5.$4%Q!4)5N@!&N$'(.!(?;#4;?4!
(0;Ĝ'8054%,/!?!;G#!(Č!(0;Ĝ0%#(?805(,/!#%#5(#480/@!(?/)48#!8#9#@!?RN!
40!;#&P(045.!(?$!#RNþ0-(Q!?!&!7#I)!/#A.!-0$(?5.!&0!&,-./0þ(Q/1!
[?%#(þ0()! 8#9#8#! ;Ĝ)RČ9:! -0! ;#P#G:9#$(Q1! kþ0$()A.! ;Ĝ0$8)/! Ĝ0%5.@!
I0!G#P:/)!?!&ČĜ)!&<0/:@!A#!30I)<!8#9#!$(0!&N:þ#&?51!Y&<?%!%$NI!RN5.!
;#$!85?%0/@!&N<5#!(?-0&#!8#@!A#!RN5#!#;G?&$:!&!-0-.A9!4G$A)A91!+!R#:Ĝ.!
*=H
"ěqKTk"
;G#/5:&.5.@!?&<?%!(.%#5.&!-?PN%0/!&,-./0þ(Q9#@!?50!-?PN%0/@!-?%,/!RN!
P?!8ČA98#!#%#5(#48)!9#&#Ĝ.5.!#RNþ0-()!5.$Q1!
> Z " > + q Z Y 3 q ` q ! K O k T O o ! + q no
Y;#<8#5!3?%:R!9#&#Ĝ)!#!4%:8A)A9!&)GN!(?;G#48#!-?4(Čg!eM0/ĤI0<!/.!:%'X
P?8! 4&Q! 4%:8%N! R0P! &)GN@! 8?%! -?%#! -'! 8.! (0:%'I:! 4&#:! &)G:! R0P! 4%:8%Ĥb!
c3?%:RĤ&!2@*H!;#$50!?(\51!;Ĝ1d1!+G'8)/!40!#;Č8!%0!4&Q!&#$#&#$()!.5:48G?X
A.@!?RNA9!&'/!$'50!&N4&Č85.5!-09#!45#&?1!ZĤ%?P0/!8#9#@!I0!-4/0!;#8G:R)!
4%:80þ(Č!(?.(48?5#&?5.!?!;Ĝ.;#-.5.@!-0!8#@!I0!('/!P!%#9#:8%:!80þ0!&#$?1!
CĤI080! 48'8! &! %:A9N(.! :! $Ĝ0P:! ?! 4/Č50! ;G#95?<#&?8@! I0! -480! &?<.! $#X
/'A(#48!;Ĝ.;#-.5.!%!95?&()/:!&#$#&#$:1!O$NI!&<?%!#8#þ)80!%#9#:8%0/!
?!I'$('!&#$?!(080þ0@!-0!-?4(Q@!I0!%0!P$G#-.!;Ĝ.;#-0(.!(0-4801!
T#!4?/Q!;5?8)!.!#!/.5#48.!?!&)Ĝ01!CĤI080!#;?%#&?(Č!;G#95?<#&?8g!e340/!
4;?40(,!/.5#48)b@!A95:R.8!40!7#I)!$#RG#8#:@!&N;G'&Č8!#!5'4A0!?!;#:I)&?8!
$?5<)!%Ĝ04Ģ?(4%'!%5.<Q1!"#%:$!&<?%!(0R:$#:!(?!&'4!&.$Č8!#$;#&)$?-)A)!
4%:8%N! i! 80$N! 48N5! I.&#8?@! %80G,! 40! 7#9:! 5)R)! i! -0! &?<0! &)G?! ;G'P$(,/!
85?A9'()/1!T#!-0!;Ĝ04(Č!80(!$Ĥ&#$@!;G#þ!30I)<!Ĝ)%'g!eY!8?%!-0!;#P('80!;#!
-0-.A9!#&#A.!c48N5:!I.&#8?db!cC?8#:<!F@2Lf!P'&#G%?!;Ĝ.$'(?!;#$50!?(\51!
;Ĝ0%5?$:d1!Y;#<8#5!3?%:R!4&'!45#&?!-0<8Č!;#4.5:-0g!
e`#!-0!;5?8(Q@!/#-.!RG?8Ĝ.@!Ĝ)%'X5.!(Č%$#@!I0!/'!&)G:@!?50!(0/'!4%:8X
%NS!CĤI0!9#!8?%#&'!&)G?!P?A9G'(.8S!MČ%$#!&<?%!Ĝ0%(0g!~TN!/'<!&)G:!
?!-'!/'/!4%:8%N1r!k%?I!/.!8:!4&#:!&)G:!R0P!4%:8%Ĥ!?!-'!8.!:%'I:!4&#:!
&)G:!(?!4&,A9!4%:8A)A91!TN!&ČĜ)<@!I0!-0!-0$0(!7Ĥ91!Z#RĜ0!þ.()<1!T?%Q!
$Q/#(.!8#/:!&ČĜ)@!?&<?%!A9&Č-)!401!`9A0<!&<?%!;#P(?8@!t!;G'P$(,!
þ5#&Čþ0@!I0!&)G?!R0P!4%:8%Ĥ!-0!(0Wþ.(('S!`#I;?%!('<!#80A!YRG?9?/!
(0RN5!#4;G?&0$5(Č(!P0!4%:8%Ĥ@!%$NI!(?!#58'Ĝ.!#RČ8#&?5!4&Q9#!4N(?!]P'X
%?S!+.$)<@!I0!&)G?!;Ĥ4#R.5?!4;#5:!4!-09#!4%:8%N!?!I0!P0!4%:8%Ĥ!40!48?5?!
&)G?!$#%#(?5#:1!+.$)80@!I0!P0!4%:8%Ĥ!-0!þ5#&Č%!#4;G?&0$5Ė#&'(@!?!(0!
*=J
+j3]ChýMj
-0(!P!&)GN1!M0R#Ģ!-?%#!-0!8Č5#!R0P!$:A9?!/G8&Q@!8?%!-0!/G8&'!.!&)G?!R0P!
4%:8%Ĥb!c3?%:R!2@*=f!*HX22f!2=f!2Ed1
T#! -4#:! 4.5('! 45#&?f! ;Ĝ048#! -./! &<?%! /:4)/0! &Č(#&?8! ;#P#G(#481!
V.48!3?%:RĤ&!-0!.(4;.G#&?(#:!%(.9#:!M#&Q!4/5#:&N@!W;5(Č!480-(Č!-?%#!
s?5?84%,/@! ě)/?(Ĥ/! (0R#! #48?8()! 5.48N! ?! 0&?(\05.?1! 3?%:R! ('4! A9G'X
()! ;Ĝ0$! ;#:9,/! G#P:/#&,/! 4#:95?40/@! %80G,! &0$0! %0! %Ĝ04Ģ?(4%Q/:!
I.&#8:!R0P!/#A.@!?!A#!-0!(0-9#G<)!P0!&<09#@!%!#%5?/'()1!>A9G?Ė:-0!('4!
;Ĝ0$!4#:95?40()/!4!7#I)/!45#&0/!P!.(8050%8:@!R0P!;Ĝ.;#-0()!$#!95?&()9#!
P$G#-0!0(0G\.0!i!/.5#48.1!K80-(Č!-?%#!-0!5.$4%Q!8Č5#!/G8&Q!R0P!$:A9?@!-0!
/G8&'@!(0R#!(0;G?&'@!.!&)G?@!-0485.I0!(0(040!&!I.&#8Č!þ5#&Č%?!#&#A0!4&?X
8#48.!?!4;G?&0$5(#48.1!T#!(0()!#;G?&$#&'!&)G?!P0!4G$A01
3?%:R! /5:&)! #! YRG?9?/#&.@! %80G,! -0! (?P,&'(! e#8A0/! ('4! &<0A9b!
cě)/?(Ĥ/! =@*Ed@! #8A0/! &)GN1!YRG?9?/! $#48?5! 45.R@! I0! R:$0! /)8! 4N(?@!
?&<?%!8G&?5#!/:!A05Q!G#%N@!(0I!8#/:!#;G?&$:!:&ČĜ.51!"Ĥ&#$(Č!40!-/0(#X
&?5!YRG?/1!3?%/.50!&<?%!:&ČĜ.5@!I0!7Ĥ9!/ĤI0!:$Č5?8!&<0A9(#@!A#!45)R.5@!
YRG?/!40!;#$!7#I)/!&0$0()/!P?þ?5!(?P,&?8!YRG?9?/0/@!A#I!P(?/0('!
e#80A!/(#9,A9b1!
Z#%'I080!4.!;Ĝ0$48?&.8@!A#!4.!5.$Q!#!YRG?9?/#&.!/N4505.S!+!$0&Č8?X
$0&?$04'8.!5080A9!Ĝ0%5g!eV.$.@!:I!40!(0-/0(:-.!YRG?/f!#$!80ć!-40/!e>80A!
/(#9,A9b1!kGþ.8Č!40!/:!4/'5.!?!/N4505.!4.@!I0!4.!-09#!&Č%!&NRG?5!4&#:!
$?Ė1!eK8?G0-!YRG?/!40!R:ć!;#/'85@!(0R#!4.!(ČA#!(0;Ĝ.;#:<8)1b!Y&<?%!(?!
8#/@! A#! 4.! #48?8()! /N4505.! (0R#! Ĝ)%?5.@! (0P'50I05#@! ;#(Č&?$I!YRG?9?/!
&ČĜ.5!&0!4&Q/!4G$A.1!"G#8#!-09#!4%:8%N!#$;#&)$?5N!-09#!45#&Ĥ/1!
"Ĝ0$!8)/@!(0I!40!P?45)R0(Q!$)8Č!(?G#$.5#@!YRG?9?/!Ĝ)%?5!8#@!þ0/:!&ČĜ.5@!
?!48?5!40!8)/@!A#!Ĝ)%?51!7N5?!8#!-09#!45#&?!&)GN!$#;5(Č('!4%:8%N@!A#!:;0&(.5#!
&!-09#!I.&#8Č!/#A!/.5#48.1!"#P#G(Č!4.!;Ĝ0þ8Č80@!A#!('/!#!(Č/!Ĝ)%'!")4/#g!
e3?%!-0!;4'(#g!~:48?(#&.5!-40/!8Č!P?!#8A0!/(#9,A9!('G#$Ĥr1!30!(?<)/!
#8A0/!;Ĝ0$!8&'Ĝ)!8#9#@!&!(Č-I!:&ČĜ.5@!;Ĝ0$!7#90/@!%80G,!$'&'!I.&#8!
/G8&,/!?!;#&#5'&'!&!RN8)!8#@!A#!(0()1!>(!:&ČĜ.5!?!/Č5!(?$Č-.@!%$0!
*BL
"ěqKTk"
:I!(?$Č-0!(0RN5#f!8)/!40!48?5!~#8A0/!/(#9,A9!('G#$Ĥr!;#$50!45#&?g!
~8?%!þ08(Q!R:$0!8&Q!;#8#/48&#r1!M0#A9?R5!&0!&)Ĝ0@!.!%$NI!;#/N45.5!
(?!4&Q!-.I!(0;5#$(Q!8Č5#!X!&I$NĢ!/:!RN5#!?4.!48#!508!X!.!(?!8#@!I0!K'G?!
-.I!(0/ĤI0!/)8!$)8Čf!(0;G#;?$5!;#A9NR(#48.!#!7#I)/!P?45)R0()@!?50!
;#4)50(!&)G#:!&P$?5!þ048!7#9:!&!;0&(Q!-.48#8Č@!I0!7Ĥ9!-0!/#A0(!:þ.(.8@!
A#!P?45)R.5b!cě)/?(Ĥ/!=@*FX2*f`h"d1
+.$)/0@!I0!YRG?9?/#&N!4%:8%N!:%?P#&?5N!8#@!I0!&ČĜ.51!M0-0$(?5!8?X
%#&,/! P;Ĥ4#R0/@! ?RN! 4'/! 40R0! .! #48?8()! ;Ĝ04&Č$þ.5@! I0! /'! &)G:1! M0@!
;G&()!;Ĝ.<5?!&)G?@!('450$#&?('!#$;#&)$?-)A)/.!45#&N!?!4%:8%N1!
! kRČ95N! G#%N! ?!YRG?9?/! /Č5! P(#&:! ;Ĝ)50I.8#48! $#%'P?8! 4&#:! &)G:1!
7Ĥ9!/:!;Ĝ.%'P?5@!?RN!<05!$#!P0/Č!CtG.-?!?!]P'%?!8?/!#RČ8#&?51!Z#&0X
$080!4.!;Ĝ0$48?&.8@!-?%!(04/)G(Č!8ČI%,!/:405!R,8!80(8#!W%#5S!Z&?A08!;Č8!
508!þ0%?5!YRG?9?/!(?!P?45)R0(Q9#!4N(?@!%80GQ9#!&05.A0!/.5#&?5@!?!(N()!
/:! 7Ĥ9! Ĝ)%'@! ?RN! 8#9#8#! 4N(?! P?R.5S! "Ĝ048#! -0! (?;4'(#g! e]4% þ4,'-)$%
+(#84!#40$5?5!80$N!YRG?9?/!#45?@!&P?5!4!40R#:!$&?!4&Q!45:I0R()%N!?!4&QX
9#!4N(?!]P'%?@!(?<8);?5!$Ĝ)&)!%!P';?5(Q!#RČ8.!?!&N$?5!40!%!/)48:@!#!(Č/I!
/:!7Ĥ9!;#&Č$Č5b!cs0(04.4!22@6f!`h"d1!T#!-0!WI?4('!&)G?D!YRG?9?/!40!
(0G#P;?%#&?5@!?(.!(0P?&'9?5f!&NG?P.5!9(0$!$?5<)9#!G'(?1!3?%!/#95!A98)8!
8?%!GNA950!P?R)8!8#@!A#!/:!RN5#!8?%!$G?9QS!"G#þ!8,$(N!(0R#-#&?5!40!4&,/.!
;#A.8N!?!80;G&0!;#8#/!%?;.8:5#&?5!?!&N$?5!40!(?!A048:S!>$;#&Čć!(?A9'X
P)/0!;Ĝ)/#!&!-09#!&5?48()A9!45#&0A9g
eO$NI!40!YRG?9?/!8Ĝ08)9#!$(0!G#P95Q$5!?!4;?8Ĝ.5!&!$'5A0!8#!/)48#@!Ĝ0%5!
45:I0R()%Ĥ/g!e"#þ%0-80!8:!4!#450/@!-'!4!A95?;A0/!;Ĥ-$0/0!$'50@!&P$'X
/0!;#A8:!7#9:!?!;?%!40!%!&'/!&G'8)/01b!cs0(04.4!22@=f!`h"d1
"G#þ!YRG?9?/!Ĝ)%'g!e+G'8)/0!40!%!&'/Sb!30485.I0!/Č5!]P'%?!P?R)8@!-?%!
/#95!Ĝ)A.!e&G'8)/0bS!309#!&)G?!8#8.I!/5:&.5?1!+)G#:!40!YRG?9?/!$GI05!7#X
I)9#!P?45)R0()@!I0!4%GP0!]P'%?!;#&48?(0!&05.%,!('G#$1!"G#8#!$#<05!%!P'&ČG:@!
I0!7Ĥ9!(Č-?%!&P%Ĝ)4)!]P'%?!P!;#;05?!#RČ8.1!".4?805!5.48:!u.$Ĥ/!('/!Ĝ)%'g!
*B*
+j3]ChýMj
e+)G#:!YRG?9?/!#RČ8#&?5!]P'%?@!%$NI!RN5!P%#:<0(f!80(@!%80G,!;Ĝ.-?5!8?!P?X
45)R0()@!#RČ8#&?5!-0$.(Q9#!4N(?@!#!%80GQ/!RN5#!Ĝ0þ0(#g!~[!]P'%?!R:$0!;#X
&#5'(#!8&Q!4)/Č1r!k4#:$.5@!I0!7Ĥ9!-0!/#A0(!%Ĝ)4.8!.!P!/G8&,A9b!c**@*FX*Jd1
YRG?9?/!&NR:$#&?5!#58'Ĝ@!4&'P?5!]P'%?@!;#5#I.5!9#!(?!#58'Ĝ!?!;#P$&.X
95!4&Ĥ-!(ĤI!i!;Ĝ.;G?&0(!9#!4%:80þ(Č!P?R)81!7Ĥ9!(?!(Č9#!P!(0R0!P?&#5?5g!
eM0&P8?9:-!(?!A95?;A0!G:%:@!(.A!/:!(0$Č50-D!"G'&Č!80ć!-40/!;#P(?5@!I0!-4.!
R#9?R#-(,@!(0R#Ģ!-4.!/.!(0#$0;Ĝ05!4&Q9#!-0$.(Q9#!4N(?b!cs0(04.4!22@*2f!
`h"d1!YRG?9?/Ĥ&!#$;#&)$?-)A)!4%:80%!;#45:<(#48.!RN5!$Ĥ%?P0/@!I0!/'!
4%:80þ(#:!R'P0Ė!;Ĝ0$!7#90/!?!I0!;5)$%,6$*"%*ČĜ?%(?$0!&<0A%#1!309#!4%:8X
%N!RN5N!-?4(,/!$Ĥ%?P0/!-09#!&)GN1!
"G#8#!3?%:R!#!YRG?9?/#&.!Ĝ)%'g!
e+.$)<@!I0!&)G?!;Ĥ4#R.5?!4;#5:!4!-09#!4%:8%N!?!I0!P0!4%:8%Ĥ!40!48?5?!&)G?!
$#%#(?5#:1!]!(?;5(.5#!40!")4/#@!%80GQ!;G?&)g!~k&ČĜ.5!YRG?9?/!7#9:@!
?!RN5#!/:!8#!;#þ80(#!P?!4;G?&0$5(#48r!?!RN5!(?P&'(!7#I)/!;Ĝ)8050/1!+.X
$)80@!I0!P0!4%:8%Ĥ!-0!þ5#&Č%!#4;G?&0$5Ė#&'(@!?!(0!-0(!P!&)GNb!c2@22X2=d1
!
7Ĥ9! 4.! &NRG?5!YRG?9?/Ĥ&! ;Ĝ)RČ9@! ?RN! ('4! (?:þ.5! (#&#P'%#(()! &)Ĝ01!
[!8#9#8#!$Ĥ&#$:!;)<0!?;#<8#5!"?&05g!eY50!(0()!8#!-0(!YRG?9?/@!(,RGI!8?%Q!
/NDb!cě)/?(Ĥ/!=@26X2=!;#$50!?(\51!;Ĝ1d1
"G#!('4!;5?8)!8N!4?/Q!;G.(A.;N@!;#(Č&?$I!#;G?&$#&'!&)G?!(0-0(!/5:&)@!
?50!8?%Q!-0$('@!?!8?%!P-0&:-0!/#A!/.5#48.1
MwKVhZk3Ch!Y7nYaYCY
+G?Ģ/0!40!-0<8Č!-0$(#:!%!(?<0/:!&#$#&#$()/:!;#8G:R)1!T#@!A#!$##;G?&X
$N!950$'/0@!(0()!;#8G:R)!&)GN@!?50!&#$?!/.5#48.@!%80G'!;G#:$)!P!%#9#:8%:1!
"#8G:R)!-0!;#:P0!A048?@!%80G'!;Ĝ.('<)!8#@!A#!-0!4%:80þ(Č!;#8Ĝ0R(Q1!T?%I0!
#;?%:-.@!%#(0þ(,/!A)50/!(0()!&)G?@!?50!-0-)!&,450$0%@!%80G,/!-0!/.5#481!
Z)%N! ()! -0! ('/! #$;:<8Č(#@! 4%GP0! (.! -4/0! ;G#/ČĖ#&'()! &! 309#! #RG?P!
*B2
"ěqKTk"
?!P/#AĖ#&'(.!%0!4;G?&0$5.&Q/:!I.&#8:!?!;Ĝ.('<0()!(0R0!(?!P0/1![%G'8%?@!
$)%N!/.5#48.!/ĤI0/0!I)8!&,-./0þ(,!I.&#8@!%80G,!7#9?!;#8Č<:-01!
T.@!%80Ĝ)!I.5.!;#$!P'%#(0/!?!%80GQ!"?&05!/:405!(0:48'50!%#(^G#(8#&?8@!
&N:þ#&?5.@!I0!4;G?&0$5(#48!5P0!P)4%?8!P0!4%:8%Ĥ1!O$NI!R:$0/0!$Č5?8!$#RGQ!
4%:8%N@! R:$0/0! $#$GI#&?8! C#-I)<#&?! ;Ĝ.%'P'()! ?! (0R:$0/0! ;#G:<#&?8!
7#I)!P'%#(N@!P)4%'/0!&48:;!$#!309#!%G'5#&48&)1!305.%#I!&<?%!8#8#!(.%$#!
%G#/Č!30I)<0!(0/ĤI0!$#%'P?8@!#%G'$?5#!8#8#!:þ0()!5.$.!#!4&#R#$:!?!/#A1!
K80-(Q!/N<50()!40!/ĤI0!.(!!58G#&?8!.!$#!I.&#8?!%Ĝ04Ģ?(Ĥ1!V.$Q!/#9#:!&ČX
Ĝ.8@!I0!7#I)!/.5#48)!:(.%5.!;0%5:@!(?!$G:9#:!48G?(:!&<?%!/N5(Č!&ČĜ)@!I0!;#X
I09('()!/#9#:!$#48?8!-0(!809$N@!R:$#:X5.!P!&5?48()A9!4.5!$#$GI#&?8!&<0A9(?!
309#!;Ĝ.%'P'()1!T?%8#!40!&<?%!P(#&:!$#48'&?-)!(?!40$?$5#!Ĝ.$.þ0@!;G#8#I0!8#!
&N;?$'@!I0!;#I09('()!40!$'!&N45#:I.8!;#:P0!4%GP0!&5?48()!W4.5)!?!$#RG#8:1!
T#8#! -0! P'%#(.A%Q! /N<50()@! %80GQ! ('4! R:$0! #$$Č5#&?8! #$! #;G?&$#&Q!
&)GN! ?! /#A.! /.5#48.1! 30! 8#! (?;G#48,! #;?%! 8#9#@! A#! -4/0! ;G'&Č! P%#:/?5.!
:!YRG?9?/?1!>(!(0-;G&0!:&ČĜ.5!?!;#8#/!('450$#&?5!I.&#8!&!/#A.1!"?&05!
(?;4?5!5.$0/!A9NA0(,/!&!;?48.!P'%#(.A8&)g!eT#!-480!8?%!(0G#P:/()S![?þ?5.!
-480!Z:A90/@!?!(N()!$#%#(þ:-080!8Č50/Sb!cs?5?84%,/!6@6d1!
"G?&'!&)G?!&)@!I0!PR#I(#48!-0!#&#A0/!/.5#48.@!%0!%80GQ!/ĤI0/0!P)4%?8!
;Ĝ)48:;@!;#:P0!%$NI!:&ČĜ)/0!8#/:@!A#!7Ĥ9!Ĝ)%'!c309#!P-0&0(Q/:!K5#&:d1!
+ČĜ)/0X5.@!-4/0!('450$(Č!P/#A(Č(.@!?!$#%:$!R:$0/0!G#P9#$(:8.!PĤ48'&?8!
&!Z:A9:@!%$0!-0!/.5#48@!?!(.%#5.&!I)8!;#$50!(?<)!8Č504(#48.@!;#8#/!40!R:$0!
('<!I.&#8!7#9:!5)R.8!?!;#I09('()!R:$#:!R0P!;Ĝ0%'I%N!;G#:$.81!Z#48?80%!-0!
#$!7#9?@!(.%#5.&!P!(?<09#!5.$4%Q9#!4(?I0()1!+)/0@!I0!/'/0!P/#A(Č()@!
?!-4/0!(?!(Č/!P'&.45)1!+)/0@!I0!/'/0!4A9#;(#48.@!%80GQ!8.@!%$#!I.-)!R0P!
&)GN@!(0/?-)1!
Cv!+VYKTMq!7>3h
O$NI!-40/!RN5!/?5,!%5:%@!&P?5!/Č!/Ĥ-!#80A!(?!!!5/!V5,4#58$%<Ĝ(&:A:G
'?!4!`9?G58#(0/!a048#(0/!&!95?&()!G#5.1!7Č90/!8#9#8#!!!5/:!-40/!RN5!
*B6
+j3]ChýMj
95:R#A0!:4&Č$þ0(1!7N5!-40/!&P;:G(,!800(?\0G!?!&0$5!-40/!R0PR#I(,!I.X
&#8f!80(8#!!!5/!&<?%!#$9?5.5!/Ĥ-!9Ĝ)A91!O$NI!-40/!450$#&?5@!-?%!40!P0/Č!
#80&Ĝ05?!?!P?I.&?!;#958.5?!Z'8?(?!?!-09#!&P;:G(Q!;Ĝ'8050@!RN5!-40/!&NX
$Č<0(1!
M?! A048Č! P! %.(?! -40/! -?%#! R5'P0(! þ.(.5! ;#%'()! P0! &<0A9! 4&,A9! ;#X
þ08(,A9!9Ĝ)A9Ĥ1!k$Č5?5!-40/!;0&(Q!G#P9#$(:8)@!I0!#$!8Q!A9&)50!R:$:!I)8!
þ.48,/!?!PR#I(,/!I.&#80/1!Y!/Ĥ-!I.&#8!40!P/Č(.5!i!?4.!8?%!(?!8,$0(1!
"#8#/!-40/!:;?$5!P;'8%N!$#!4&Q9#!48?GQ9#!A9#&'()1!"G#þ!-40/!(0$#%'X
P?5!I)8!8?%@!-?%!-40/!A98Č5S!>$;#&Čć!-0!-0$(#$:A9'!i!M0RN5!-40/!P/#AX
(Č(!/.5#48)1!"#%'()!-40/!/Č5@!?&<?%!/.5#48!(.%#5.&@!;#(Č&?$I!-40/!4&Ĥ-!
I.&#8!(0$?5!30I)<.!*?8$"0!"G#8#!-40/!48'50!/Č5!4&#:!9Ĝ)<(#:!;Ĝ.G#P0(#481!
>! (Č%#5.%! 508! ;#P$Č-.! -40/! ;Ĝ.-?5! 30I)<0! OG.48?! -?%#! 4&Q9#! "'(?1!
>;G?&$#&Č! -40/! :&ČĜ.5! ?! ;Ĝ0$?5! -40/! C:! 4&Ĥ-! I.&#81! T0ć! :I! -40/! &0!
4&Q/!I.&#8Č!.!4&Q/!A9#&'()!&.$Č5!:Gþ.8Q!P/Č(N1!M.A/Q(Č!&!/(#9?!#RX
5?480A9! -40/! I.5! R0P/#A(,/! %Ĝ04Ģ?(4%,/! I.&#80/@! ;G#8#I0! -40/! (0X
&Č$Č5@!A#!/'/!:&(.8Ĝ1!M0&Č$Č5!-40/!&ĤR0A!(.A!#!4&Q!(#&Q!;Ĝ.G#P0(#48.!
?!#!8#/@!-?%!-40/!RN5!&!OG.48:!:þ.(Č(!7#I)!4;G?&0$5(#48)1!+Č$Č5!-40/!
-0(#/@!I0!/.!RN5#!#$;:<8Č(#!?!I0!:I!(0;Ĥ-$:!$#!;0%5?!?(.!$#!#þ.48A01!
[?(0$5#:9#! -40/! 40! $#P&Č$Č5! #! $Ĥ50I.8#48.! I)8! PR#I(,/! ?! 4&?8,/!
I.&#80/1!+0! 4&Q! 9#G5.&#48.! 5)R.8! 40! 7#9:! -40/! 80$N! P?þ?5! -?%! (?! 4#RČ@!
8?%!(?!#48?8()A9!&NI?$#&?8!4&?8,!I.&#8()!48N51!7N5!P!8#9#!-0(!A9?#4!?!8G'X
;0()1!C#-.!(0-R5.I<)!40!A)8.5.!(0;Ĝ)-0/(Č!?!(Č%80Ĝ)!40!/.!$#%#(A0!P?þ?5.!
&N9,R?81! 7N5! -40/! 8&G$,@! P'%#(.A%,! ?! (0/Č5! -40/! 4#:A.81! [?þ?5! -40/!
&!Z:A9:@!?&<?%!(N()!-40/!40!4(?I.5!$#-)8!$#%#(?5#48.!P0!4&Q!&5?48()!4)5N1!
"#48:;0/!þ?4:!/.!7Ĥ9!4%GP0!K&Q!45#&#!:%'P?5!8#@!#!þ0/!-40/!;4?5!
&!8Q8#!%?;.8#501!>R-0&.5!-40/@!I0!4)5?!?!$#48?80%!-4#:!$@%IČ)$@!(.%#5.&!P0!
/Č1!3?%#!-40/!(0/#95!PR#I(Č!I)8!;#!495Q$(:8)!!!5/:!V5,4#58$%<Ĝ(&:A:'?@!
8?%!?(.!-?%#!&ČĜ)A)!-40/!(0/#95!45#:I.8!7#9:!;Ĝ.-?805(Č@!?(.I!RNA9!P)4%?5!
&)G#:!;Ĝ)48:;!%!309#!/.5#48.1!30$(#$:<0!Ĝ0þ0(#!i!4(?I.5!-40/!40!I)8!PR#IX
(,!I.&#8!R0P!/#A.!/.5#48.@!?!8#!;G#48Č!(0-$01!
7Ĥ9! &0! K&Q/! 45#&Č! Ĝ)%'@! I0! 309#! 5.$! 9N(0! (0R#! -$0! $#! P?-08)! ;G#!
*B=
"ěqKTk"
e(0$#48?80%! ;#P('()b! c>P0'<! =@Ef! ]P?-'<! B@*6d1! M0/Č5! -40/! ;#P('()!
#! P/#A(Č()! /.5#48.@! ;G#8#I0! 8#! (0RN5?! G0?5.8?! &! /Q/! 4G$A.@! ?! -'! -40/!
%! 8Q! WI?4(Q! /#A.@! %80G#:! -40/! 8?%! P#:^?50! ;#8Ĝ0R#&?5@! (0/Č5! ;Ĝ)48:;1!
70P!&)GN!-40/!(0RN5!4A9#;0(!I)8!I.&#8@!%80G,!RN!7#9?!;#8Č<#&?5@!?þ%#5.&!
-40/! &ČĜ.5@! I0! /Č! 30I)<#&?! %G0&! #þ.48.5?! #$! %?I$Q9#! 9Ĝ)A9:! ?! I0! R:$:!
;Ĝ.-?8!$#!(0R01!3?%#!/(#P)!5.$Q!&!$(0<()!$#RČ!.!-'!-40/!&Č$Č5@!I0!-40/!
%Ĝ04Ģ?(!4;?40(,!/.5#48)@!?&<?%!I.5!-40/!&05/.!#RNþ0-(,/@!?!&!(Č%80G,A9!
#R5?480A9!$#%#(A0!.!;#G?I0(0A%,/!I.&#80/1!
"G?&$?@!%80G#:!/:4)/0!;Ĝ.-/#:8@!-0!8?%#&'@!I0!P!&5?48()A9!4A9#;(#48)!
(0-4/0!4A9#;(.!I)8!PR#I(Č@!?(.!(0$#%'I0/0!P!&5?48()!4)5N!R,8!7#9:!;#X
8Č<0()/1!M04/)/0!P?;#/)(?8!(?!YRG?9?/Ĥ&!;Ĝ)%5?$g!G#P9#$5!40@!I0!(0X
R:$0!I)8!;#$50!8#9#@!A#!/:!$.%8#&?5N!;Ĝ.G#P0(Q!#%#5(#48.@!I0!(0-$0@!?50!
;#$50!8#9#@!A#!7Ĥ9!Ĝ0%5@!I0!$Č5?8!/'1!YRG?9?/!&ČĜ.51!T#!-0!-0$.(Q@!A#!
/#95!$Č5?8@!?!&5?48(Č!-0!8#!&)A!(0I!$#481!K80-(Č@!-?%#!RN5#!(0/#I(Q@!?RN!
40!-0/:!?!K'Ĝ0!(?G#$.5!P?45)R0(,!;#8#/0%@!8?%!?(.!/N!(0/ĤI0/0!(?;5X
(.8!7#I)!;5'(!;G#!('<!I.&#8!P0!4&,A9!&5?48()A9!4A9#;(#48)1!30$.(,/!Ĝ0<0X
()/!-0!;#%#Ĝ.8!40!?!&ČĜ.81!O$NI!8#!$Č5'/0@!þ0G;'/0!P!OG.48#&N!#RG#&4%Q!
/#A.!-0(!;G#8#@!I0!-0$(#$:<0!&ČĜ)/01!T#!-0!8#@!A#!#$5.<:-0!þ5#&Č%?@!%80G,!
&)8ČP)!(?$!40&Ĝ0()/!4&Č8?@!#$!8#9#@!%80G,!-0!4&Č80/!48'50!-0<8Č!:&ČP(Č(g!
80(!;G&()!/'!&)G:f!80(!$G:9,!-.!(0/'1!
70P!&)GN!(0()!/#I(Q!7#9?!;#8Č<#&?81!70P!&)GN!4!/.5#48.!I.-0/0!#RNX
þ0-(Č@!(.%#5.&!&,-./0þ(Č1!
!
™
!"#$%&'#&12,34)þ'*-&.)/0[?%:4.5.!-480!&0!4&Q/!I.&#8Č!/#A!7#I)9#!45#&?S!k&0ć80!(Č%#5.%!;Ĝ)%5?$Ĥ1
3?%!/N45)80@!I0!RN480!G0?\#&?5.@!%$NRN480!RN5.!&!8Q!5#$.!RČ90/!8Q!9G#P(Q!
R#:Ĝ0!(?!s?5.50-4%Q/!/#Ĝ.S
*BB
+j3]ChýMj
3?%,/!P;Ĥ4#R0/!/ĤI080!#80&Ĝ)8!&0!4&Q/!I.&#8Č!;#8G:R)!&)GN@!?RN%!&'/!
/#95?!7#I)!/.5#48!4('P0!;G#:$.8S
*BE
0;
N%)!:4)$*R!C&,?,-.
]!
%$NI! -4/0! /.5#48! $#48?5.! P?$?G/#@! /'/0! %! ()! ;Ĝ)48:;! ;#:P0! 4%GP0!
&)G:@! ?! 8?%Q! &)G#:! þ0G;'/0! P! -0-)9#! R#9?848&)1! 30485.I0! 4.! 8:8#! ;G?&X
$:!$#%'I080!:;0&(.8!&!4G$A.!?!&!/N45.@!&N9(080!40!#%5?/'()!4%GP0!4&Q!
&5?48()! (04;G'&(Q! ;#A.8N@! ;G#8.%5?$(Q! #%#5(#48.! (0R#! 5I.! #$! M0;Ĝ)80501!
[%G'8%?@!(0-$0!#!8#@!-?%!-4/0!9#$()@!9#G5.&)@!:;Ĝ)/()!(0R#!?%8.&()f!+@5%
+5'%$%#$>%-?%!&ČĜ)/0!7#I)/:!45#&:1!
eT?8#!Z#RG'!P;G'&?!('/!Ĝ)%'@!-?%!('4!7Ĥ9!&0!4&,A9!#þ)A9!:þ.()!
4;G?&0$5.&,/.1!VP0!8#9#!$#4'9(#:8!$@%A4þ:#&"%49%@$%&$'35%*?8$"\!
cě)/?(Ĥ/!*@*Ff!MVTd1
+ČĜ.8!7#I)/:!45#&:!&)A0!(0I!8#/:@!A#!&.$)/0@!45N<)/0!(0R#!;G#I)X
&'/01!;5'%$%#$!&!A05Q/!(?<0/!%Ĝ04Ģ?(4%Q/!I.&#8Č!+@5!#$!A9&)50@!%$N!
-4/0!;Ĝ.-?8.!$#!7#I)!G#$.(N@!?I!$#!#%?/I.%:@!%$N!a#!:PĜ)/0!8&'Ĝ)!&!8&'Ĝ0%
+<./(Č80!4.@!I0!48'50!#;?%:-.!e#!8#!-$0b1!>;G?&$:!8#8.I!+@5%+5'%$%*?8">%(0X
;Ĝ09'()/1!"G#8#!('/!")4/#!Ĝ)%'g!e/Ĥ-!4;G?&0$5.&,!P!&)GN!R:$0!I)8b!cu.X
$Ĥ/!*L@6Hd1
7 ģ a ! Z w + w ! " > O > n M j C ! C ] V > K T!
C#I('!40!P0;8'80g!eY!A#!;#%#G?S!`#;?%!7.R50!(0Ĝ)%'g!~7Ĥ9!111!;#%#GX
(,/!$'&'!/.5#481rb!c3?%:R!=@Ed1!3.48ČI0!$'&'f!%$#!&<?%!-0!;#%#G(,@!(0X5.!
80(@!%$#!&ČĜ)!7#9:!?!-0!;#45:<(,!309#!&Ĥ5.!&)A@!(0I!A#!A)8)@!A#!4.!/N45)!
(0R#!$#%#(A0!;#!þ0/!8#:I)S!")4/#!('/!Ĝ)%'g
*BF
+j3]ChýMj
a50@!80(@!%$#!-0!</B'=@!
-09#!$:<0!(0()!:;Ĝ)/('@!
?50!4;G?&0$5.&,!R:$0!I)8!P!&)GNb!cYR?%:%!2@=f!MO3+d
"#$50!")4/?!-0!#;?%0/!&)GN!;,A9?1!T0(8#!&0G<!RN!/#95!R,8!(?;4'(!
.!8?%8#g!ea50@!80(@!%$#!(0()!;#%#G(,@!-09#!$:<0!(0()!;Ĝ)/'@!?50!4;G?&0$X
5.&,!R:$0!I)8!P!&)GNb1!30!PĜ0-/Q@!I0!<$&$84%?!*?84%-$#:!G:%:!&!G:A0f!8#!
4?/Q!;5?8)!.!#!<=B5!?!'5*?Ĝ50!M0&ČĜ.8!7#9:!P(?/0('!Ĝ)%?8@!I0!8#!&)/0!5Q;0!
(0I!>(!?!I0!4&Q/:!W4:$%:!$Ĥ&ČĜ:-0/0!&)A!(0I!309#1!M0&)G?!(0()!(.þ)/!
-.(,/!(0I!/?4%#&?(#:!;,A9#:1!
Z#&#580! /.! :%'P?8! &'/! 8#! (?! ;Ĝ)%5?$:1! O$NI! ]PG?05! ;Ĝ.<05! ;#:<8)!
%!P0/.@!%80G#:!-./!7Ĥ9!P?45)R.5@!RN5.!&N45'(.!P&Č$#&Q@!?RN!-.!;G#P%#:X
/?5.1!a#4;#$.(!;G#/5:&.5!%!C#-I)<#&.g!e"#<5.!/:I0@!?RN!;G#P%#:/?5.!
%0(??(4%#:!P0/.@!&#58$"%@:*:.%iA84563Ĥ.b!cM:/0G.!*6@2f!`h"d1
7N5#!&N45'(#!$&?('A8!&0$#:A)A9!c%?I$,!P?48:;#&?5!-0$0(!.PG?054%,!
%/0(df!$0408!P!(.A9!RN5#!&05.A0!;#%#G(,A9!?!$&?!RN5.!&05.A0!;N<()!cI0GX
8:-.d1!"#!þ8NĜ.A08.!$(0A9!40!;GĤP%:/()A.!&G'8.5.!P0!P?45)R0(Q!P0/Č1!Z0408!
;#%#G(,A9!/:IĤ!40!;G#/5:&.5#!-?%#!;G&()g!e"G#P%#:/?5.!-40/!8:!P0/.!
?!P-.48.5.!-4/0@!I0!-0!8#!#;G?&$:!P0/Č!#;5,&?-)A)!/5Q%0/!?!/0$0/1!30(!40!
;#$)&0-80@!-?%Q!-4/0!8?/!#$8:$!;Ĝ.(045.!#&#A0D!Y&<?%!8?%Q!-4#:!8?/!4.5(Q!
?G/'$N@!&!%80G,A9!-4#:!#RĜ.@!40!%80G,/.!RNA9#/!40!/:405.!:8%?8f!-4#:!8#!
P%:<0()!&'50þ()A.!?!/?-)!/(#90/!50;<)!PRG?(Č!(0I!/N1!Y!/NS!30!8Ĝ0R?!
40!$)&?8!(?!^?%8?1!+I$NĢ!-4/0!-0(!9#:^!(0$'&(#!#4&#R#P0(,A9!#8G#%Ĥ1!
C:4)/0!/N4508!(?!(?<0!I0(N!?!$Č8.1!3?%!RNA9#/!/#95.!&N$?8!(?<0!/.X
5#&?(Q!-.48,/!%G:8#480/@!/#I(Q/:!/:þ0()@!P('4.5Ė#&'()!?!-.48Q!4/G8.S!
C:4)/0!R,8!$#RG,/.!#8A.!?!/?(I05N@!?!8?%!(?<)!G0?5.48.A%#:!P;G'&#:!-0g!
$#R,8!8:8#!P0/.!-0!(0/#I(Qb!c&.P!M:/0G.!*6X*=d1
Z?&!(?$<0()/!P!;#%#GN!?!e/#:$G#48.b!8ČA98#!/:IĤ!$#%#(A0!8504%?51!
340/! 4.! -.48@! I0! &Č8<.(?! #8AĤ! ?! /?80%@! %80Ĝ)! 45N<05.! -0-.A9! P;G'&:@! RN5.!
&$Čþ()!P?!-0-.A9!;#%#G(Q!A9#&'()1!]PG?05A.!4.!4!W50&#:!Ĝ)%?5.g!eT#!-4/0!
G'$.@!I0!;Ĝ0$!('/.!<5.!8.8#!/:I.1!34#:!8#!?50!4%&Č5)!&0$#:A)f!(0$#&#5.5.!
*BH
MYZ!V]ZKOv!`aw"wMq
-0-.A9! 0\:@! ?RN! :$Č5?5.! <;?8(Q! G#P9#$(:8)@! %80GQ! RN! ('4! ;?%! &N48?&.5#!
(0R0P;0þ)1!`#!RN!4!('/.!RN5#@!%$NRN!(0/Č5.!P$G?&,!G#P:/Sb
M'950! -4#:! &<?%! ;Ĝ0G:<0(.! &,%Ĝ.%0/! 8ČA9! $&#:! e;N<(,A9b! &0$#:X
A)A9@!O'50R?!?!3#P:?g!
e"#þ%0-80D! `#! 8#! 8?$N! $Č5'80S! C:4)/0! -)8! ?! P?RG?8! 8:! P0/.! i! ?! 8#!
9(0$1!Z#%'I0/0!8#D!+I$NĢ!/'/0!45#&#!#$!7#9?@!I0!('/!8:!P0/.!$?51!
"#-ć/0Db
Z#&0$080!4.!;Ĝ0$48?&.8@!-?%!(?!O'50R?!?!3#P:?!G0?\#&?5#!8ČA9!$0408!
&0$#:A)A9S!e>!þ0/!8#!8:!/5:&)80S![/5%(Č80@!&N!0\#.48.þ8)!/?(.?A.D!`#X
;?%!-480!40!PR5'P(.5.S!+<.A9(.!-4/0!;Ĝ0A0!&.$Č5.!8?!&#-4%?!i!-4#:!8#!P%:X
<0()!&'50þ()A.1!34/0!-0(#/!9#:^!#8G#%Ĥ!?!(04?9'/0!-./!?(.!;#!%#8()%N1!
+ĤR0A!&'/!(0P'50I)!(?!(?<.A9!I0('A9!?!$Č80A9!?!$#RG#!(?<09#!('G#$?1!
3480!?G#\?(8()@!P8Ĝ0<8Č()!?!.$0?5.48.þ8)!R5'P(.Db
['48:;!4.!#$$0A9(0g!ek^@!$)%N!7#9:@!I0!8.!/#:$Ĝ0-<)!-4#:!4.5()!?!(0X
(0A9?-)!40!#$G?$.81!C'/0!8?%#&Q!<8Č48)@!I0!&Č8<.(?!P!8ČA9!$&?('A8.!-4#:!
;#%#G()!?!;G#P)G?&)1!30(!4.!;Ĝ0$48?&80@!-?%!RNA9#/!$#;?$5.@!%$NRN!&<.A9X
(.!RN5.!0\#.48Q!-?%#!O'50R!?!3#P:01b
+8#/!&<?%!$#!8#9#!&48#:;)!7Ĥ9!?!Ĝ0%(0g!e3?%!$5#:9#!/Č!R:$0!80(8#!
5.$!P(0&?I#&?8S!3?%!$5#:9#!/.!(0R:$0!*ČĜ(#011Sb!cM:/0G.!*=@**f!`h"d1!
30!-?4(Q@!I0!P!(.A9!(0/'!G?$#481!T#@!A#!P(Č5#!-?%#!;#%#G?@!(0RN5#!&ĤR0A!
;#%#G(Q1!+0!4%:80þ(#48.!RN5?!-0-.A9!(0&)G?!;,A9#:1!+<0A9(N!4&Q!%?5%:X
5?A0!P?%5'$?5.!-0(!(?!4&Q!&5?48()!4)501!7Ĥ9!(?!-.(Q/!/)48Č!Ĝ)%'!4%GP0!;G#X
G#%?!30G0/-'<0g!e"G#%508.!-4#:!8.@!%80Ĝ)!4;#5Q9?-)!(?!;#:9Q9#!þ5#&Č%?111!
Y50!;#I09(?()!-4#:!8.@!%80Ĝ)!4;#5Q9?-)!(?!a#4;#$.(?@!?!:þ.(.5.!a#!-0-.A9!
(?$Č-)!?!-.48#8#:b!c30G0/-'<!*F@B1F!;#$50!?(\51!;Ĝ1d1!Z0408!P&Č$Ĥ!&.$Č5#@!
-?%!-4#:!8.!#RĜ.!&05A)@!?!4&Ĥ-!W4;ČA9!&!R.8&Č!;#4:P#&?5.!;#$50!5.$4%Q!4)5N1!
O'50R!?!3#P:0!&<?%!&.$Č5.@!-?%!-0!&05.%,!7Ĥ9!&0!4G#&('()!4!(0;Ĝ)8050/@!
?!4&Q!#$9?$N!P?5#I.5.!PA05?!(?!7#I)!4)501!T.8#!$&?!/:I.!(?%#(0A!P)4%?5.!
;#I09('()@!#48?8()A9!$0408!;G#%508)1!T?%I0@!%80Ĝ)!&0$#:A)!RN5.!4%:80þ(Č!
;#%#G()!?!%80Ĝ)!;N<()S!+!7#I)A9!#þ)A9!RN5#!;N<(,A9!8ČA9!$0408!?!;#%#G()!
RN5.!-0(!8.!$&?1!
*BJ
+j3]ChýMj
+ČĜ.8!7#9:!&NI?$:-0!#;G?&$#&#:!;#%#G:@!;G#8#I0!/:4)80!W;5(Č!4;#X
5Q9?8!(?!309#!4A9#;(#48.@!?!(.%#5.&!(?!8N!4&#-01!T#!-0!$Ĥ&#$@!;G#þ!7Ĥ9!
Ĝ)%'g!ea50@!80(@!%$#!-0!</B'=@!-09#!$:<0!(0()!;Ĝ)/'@!?50!4;G?&0$5.&,!R:$0!
I)8!P!*?8/b1
k"h+MċM]!+h!+qěh
30!$Ĥ50I.8Q@!?RNA9#/!%?I$,!P!('4!RN5.!e:;0&(Č()!&0!&)Ĝ0b!cO#5#4%,/!
2@Fd1!7:$0/0X5.!;0&()!&0!4&Q!&)Ĝ0@!(0R:$0!/#I(Q!('4!8?%!4(?$(#!#$%5#X
(.8!#$!7#I)9#!4G$A0!?!309#!P'/ČGĤ1!"?&5#&,/!W%#50/!;G#!8N@!%0!%80G,/!
RN5!;#45'(@!?!/N!:Gþ.8Č!;?8Ĝ)/0!/0P.!(Č@!RN5#!e$#;5(.8!(0$#48?8%N!&?<)!
&)GNb!c*1!T04?5#(.A%,/!6@*Ld1!3.(,!;Ĝ0%5?$!P?P(?/0('&'!"?&5#&?!45#&?!
-?%#!e#;G?&.8!?!&N50;<.8!&<0@!A#!-0!&0!&?<)!&)Ĝ0!(0$#%#(?5Q!?!A9NRČ-)A)b!
cYC"d1! [0! 480-(Q9#! $Ĥ&#$:! ;)<.! 8:8#! %(.9:g! ZĤ%5?$(Č! &'4! ;G#&'$)/!
(#&#P'%#(()/.!P-0&0()/.!#!8#/@!%$#!-4/0!?!A#!('/!RN5#!&!OG.48:!$'(#!
%!$.4;#P.A.1!O$NI!4N480/?8.A%N!þ8080!8#8#!#$9?5#&'()!/.5#48.@!#R-0&:-080!
4&#:!;G?&#:!.$0(8.8:@!?!&ČĜ)/@!I0!&?<0!&)G?!40!:;0&Ė:-01!
YRNA9!&'/!8#!$#48?80þ(Č!#R-?4(.5@!:%'I.!&'/!8#!(?!;Ĝ)%5?$Č1!"Ĝ0$X
48?&80!4.@!I0!-480!40!(?G#$.5!-?%#!4N(!%G'50@!?!-?%#!$Č$.A!8GĤ(:!-480!;Ĝ0$:GX
þ0(!&5'$(#:8!%G'5#&48&)1!Y&<?%!#%?/I.8Č!;#!&?<0/!(?G#P0()!&'4!(Č%$#!
:(040!?!4A9#&'!&'4!%?/4.!(?!&0(%#&@!$?50%#!#$!;?5'A01!O$NI!&'4!8.8#!
R)$'A.!&NA9#&'&?-)@!(0:48'50!&'/!&<8Č;:-)@!I0!-480!40!(?G#$.5!&!A9:$#RČ!
?!-480!95:;'%@!4/#5?Ĝ@!?!A#!-0!(0-$Ĥ50I.8Č-<)@!#8G#%1!3?%,!R:$0!&,450$0%S!
"Ĝ048#I0!-480!40!(?G#$.5!-?%#!4N(!%G'50@!R:$080!I)8@!-0$(?8@!/5:&.8!?!/N4X
508!-?%#!#8G#%1!
OG'5@!&'<!#80A@!A05Q!G#%N!(0:48'50!&N4)5'!P'A9G?((Q!4%:;.(N@!?RN!&'4!
(?<051!30$(#9#!$(0@!;#!8Q/ČĜ!$&?A08.!5080A9!:4.5#&(Q9#!;G#þ04'&'()!%G'X
5#&48&)@! &'4! -0$(?! P! ;'8G?A)A9! 4%:;.(! (?50P(0@! #4&#R#$)! &'4! ?! ;Ĝ.&0$0!
$#/Ĥ@!$#!;?5'A01!O#('!40!#RG#&4%'!45?&(#48@!(0R#Ģ!40!$Č$.A!8GĤ(:!&G'8.5!
(?!4&Q!/)48#1!
*EL
MYZ!V]ZKOv!`aw"wMq
Yþ%#5.&!-480!(N()!8?/@!%$0!/'80!&0!4&Q/!I.&#8Č!R,8@!R:$080!40!/:X
408!;#$G#R.8!.(80(P.&()/:!&N:þ#&'()!?!;Ĝ0;G#\G?/#&'()@!?RN480!40!$'50!
(0A9#&?5!-?%#!#8G#%@!(,RGI!-?%#!$Č$.A!8GĤ(:1!Z#&0$080!4.!;Ĝ0$48?&.8!&'<!
;G&()!$0(!&!;?5'A.S!+48?(080!P!;#48050!?!P?/)Ĝ)80!4.!8#!G#&(#:!$#!%G'5#&X
4%Q!P?9G?$N!?!$#!48'-)!409(?8!4.!(ČA#!%!4()$?(.1!O$NI!40!4!;5(#:!('G:þ)!
#&#A0@! P050(.(N! ?! þ0G48&Č! (?$#-0(Q9#! /5Q%?! &G'8)80! P;'8%N! $#! ;?5'A0@!
;8?-)!40!&'4!&?<.!45:9#&Qg!e`#!8#!$Č5'80@!;?(0Sb
e30(#/!-40/!4.!;Ĝ.(045!4()$?(.@b!#$;#&)801
e+I$NĢ! (?! 8#! /'80! ;Ĝ0A0! 45:I0R(.A8&#@b! Ĝ0%(#:! &'/@! e&þ08(Č! %G'X
5#&4%Q9#!<Q^%:A9?Ĝ0@!%80G,!:/)!:&?Ĝ.8!(0-50;<)!-)$5?!&!A05Q!P0/.1b!7GPN!
(?8#!40!&G'8)80!$#!4&Q9#!;#%#-0@!:4805080!4.!;#4805@!;#%5.$)80!?!&N;0G080!4.!
&0!&?(Č!#R50þ0()1![(#&:!40!&'4!&?<.!45:9#&Q!;8?-)g!e"?(0@!A#!8#!$Č5'80Sb
ek%5)P)/!4.!;#%#-!?!;0G:!4.!#R50þ0()1b
eY50!(?!;G?()!?!:%5)P0()!/'80!9#4;#$N(.@b!#$;#&)!#(.1!
O$NI!-480!RN5!&!P?-08)@!(0/Č5!-480!&!8ČA98#!P'50I.8#480A9!-.(#:!&#5R:f!
RN5! 8#! -0$.(,! P;Ĥ4#R@! -?%,/! -480! 4/Č5! I)81! "Ĝ.(:8.5.! &'4@! ?RN480! 4&,/!
%G:8,/!;'(Ĥ/!#R48?G'&?5!-)$5#@!-0$5!-480!PRN8%N!?!;G?5!-0-.A9!#$Č&N!i!(0X
/5:&Č!#!&?<.A91!7N5!-480!(:P(,/!#8G#%0/!&!%?I$Q/!#950$:1!
+?<0!A9#&'()!&!;?5'A.!8#9#!;G&()9#!$(0!RN5#!0U8GQ/()@!?&<?%!(0RN5#!
8ČI%Q!-0!P/Č(.81!7N5#!509%Q!&'4!;Ĝ04&Č$þ.8@!?RN480!&?Ĝ0()!?!:%5)P0()!(0X
A9?5!(?!45:I0R(.A8&:1!C(#90/!8ČI<)!RN5#!$#48?8!40!%!8#/:@!A#!RN5#!A05'!
5Q8?!&<8Č;#&'(#!$#!&?<)!#4#R(#48.1!7N5#!(:8(Q!;G#(.%(#:8!95#:RČ-.!$#!
;G#A04:!&?<09#!/N<50()1!7N5#!P?;#8Ĝ0R)!%#(^G#(8#&?8!?!P/Č(.8!P;Ĥ4#R!
&?<09#!;Ĝ0/,<50()@!-0$('()!4!5.$/.!?!G#P9#$#&'()1!+?<0!/0(8?5.8?!#8G#X
%?!/:405?!R,8!;#48:;(Č!45#:;'(?!&G48&:!;#!&G48&Č!?!(?9G?P0(?!/0(8?5.X
8#:!;G.(A01!M?&P$#GN!8#/:@!I0!-480!$Č$.A0/!8GĤ(:@!(?!/(#9?!WG#&()A9!
RN480!$'5!I.5!P;Ĥ4#R0/@!-?%,/!-480!RN5!&NA9#&'(1!30485.I0!/'80!;Ĝ0/,<X
508! -?%#! ;G.(A@! -0! ;#8Ĝ0R?! ;Ĝ0;G#\G?/#&?8! &?<0! ;#$&Č$#/)1! C:4)80! 40!
(?:þ.8@!-?%'!-0!&?<0!(#&'!.$0(8.8?!?!A#!P(?/0('!R,8!;G.(A0/!?!/)8!-09#!
P$G#-01!Y!8#!&NI?$:-0!W4.5)!?!þ?41!
Y!;Ĝ04(Č!8#8#!;G#95?<:-0!"?&051!CN!&<.A9(.!-4/0!40!(?G#$.5.!-?%#!#8X
*E*
+j3]ChýMj
G#%N!8#9#!e#RNþ0-(Q9#b1!MN()!/:4)/0!R,8!#4&#R#P0(.@!?RNA9#/!/N4X
505.! ?! &ČĜ.5.! e&,-./0þ(Čb1! "?&5#&#:! 8#:9#:! -0! e#;G?&.8! ?! &N50;<.8! &<0@!
A#!-0!&0!&?<)!&)Ĝ0!(0$#%#(?5Q!?!(0$#48?80þ(Qb!c*1!T04?5#(.A%,/!6@*Lf!
YC"d1!30485.I0!&ČĜ)/0@!I0!40!(05.<)/0!#$!8ČA9@!%80Ĝ)!(0RN5.!#4&#R#P0(.!
7#I)! /.5#48)@! R:$0/0! I)8! 8?%! -?%#! #(.! i! #RNþ0-(Č1! 7:$0/0! I)8! ;#$50!
8#9#@!-?%!-4/0!RN5.!&NA9#&'(.@!-?%#!P?-?8A.!4N48Q/:!8#9#8#!4&Č8?1!3048X
5.I0!&<?%!$#&#5)/0!7#I)/:!45#&:@!?RN!P/Č(.5#!P;Ĥ4#R@!-?%,/!&.$)/0!
4?/.!40R0@!?!4%:80þ(Č!8#/:!&0!4&Q/!4G$A.!:&ČĜ)/0@!;#8#/!P?þ(0/0!I)8!
-?%#!þ50(#&Q!(0R04%Q!%G'5#&4%Q!G#$.(N!i!&!#R5?48.!&,-./0þ(Q9#D
7Ĥ9!;Ĝ0$Č5'&'!(?<0!&()/'()!40R0!4?/,A9@!%80GQ!-0!95:R#%#!&!(?<0/!
(.8G:1!309#!45#&#!Ĝ)%'g!e+N!&<?%!-480!~G#$!&N&#50(,@!%G'5#&4%Q!%(ČI48&#@!
('G#$!4&?8,@!5.$!:Gþ0(,!%!7#I)/:!&5?48(.A8&)@!?RN480!G#P95'4.5.!/#A(Q!
4%:8%Nr!T#9#@!-0(I!&'4!;#&#5?5!P0!8/N!$#!4&Q9#!;#$.&:9#$(Q9#!4&Č85?!
c*1!"08GĤ&!2@Jd1!Y!$'50!('/!-0!Ĝ0þ0(#g!eT#/:@!-0(I!('4!/.5:-0!?!4&#:!%G&)!
('4!G#P&'P?5!P!(?<.A9!9Ĝ)A9Ĥ!?!:þ.(.5!('4!%G'5#&48&)/b!c[-0&0()!*@BXEd1!
Y! P(#&:g! eK'/! 80(! Z:A9! 4&Č$þ)! 4;#5:! 4! (?<)/! $:A90/@! I0! -4/0! $Č8.!
7#I)1!34/0X5.!&<?%!$Č8.@!-4/0!.!$Č$.A#&Q!X!$Č$.A#&Q!7#I)!?!4;#5:$Č$.A#X
&Q!OG.48#&.b!cě)/?(Ĥ/!H@*EX*Fd1!
3480!$Č$.A#&Q!OG'50!&04/)G:D!3480!þ50(N!%G'5#&4%Q!4;#50þ(#48.1!3480!
#$$Č50(.!-?%#!7#I)!&5'$(#:A)!8Ĝ)$?!4N(Ĥ!?!$A0G1!C:4)/0!8#!&Č$Č8!?!&ČĜ.8!
8#/:!&0!4&,A9!4G$A)A9@!;G#8#I0!-0$.(Č!8?%!/ĤI0/0!/)8!;Ĝ)48:;!%!/#A.!
7#I4%Q!;Ĝ.G#P0(#48.!?!;Ĝ.('<08!45'&:!(?<0/:!>8A.!&!(0R04)A91!
+<0A9(#!-0!8#!-0(!#!8#/@!I0!/:4)/0!&ČĜ.8!8#/:@!%,/!$##;G?&$N!-4/0@!
;G#8#I0!-0485.!8#/:!(0&ČĜ)/0@!(0/'/0!;Ĝ)48:;!%!8Č/!WI?4(,/!P$G#-Ĥ/!
&!/.5#48.!(?<09#!7#9?1!
+ h V ] O > K T !3 h a > ! C > ` ]
"#-ć/0!40!R5)I0!;#$)&?8@!-?%#:!G#5.!9G?-0!&)G?!&!/#A.@!%80G'!-0!4#:þ'48)!
(?<)! (#&Q! ;Ĝ.G#P0(#48.@! ?! 8?%Q! -?%! &)G?! ;Ĝ.('<)! (0R04%Q! P?#;?8Ĝ0()! (?!
*E2
MYZ!V]ZKOv!`aw"wMq
P0/1!"?&05!4/Č50!;G#95?<:-0g!e7#I)!/.5#48)!-40/!8#@!A#!-40/b!c*1!O#G.(8X
4%,/!*B@*Ld1!T#!-0!&,G#%D!ě)A.!e-40/!8#b!P(?/0('@!I0!;0&(Č!&)80@!%$#!
-4801! T?%#&,/! -?PN%0/! 9#&#Ĝ)! &)G?! i! R0P! ;#A9NR#&'()@! R0P! (0-.48#8N!
?!8';'()1!C5:&)80!4!$Ĥ&ČG#:@!;G#8#I0!&0!4&Q/!(.8G:!-?4(Č!&)80@!I0!-0!8#!
;G?&$?1!+0! 45#&0A9! e-40/! 8#b! -0! :Gþ.8'! $0!!(.8.&(#481! ě)%'80! 8)/! #48?8X
()/g!eCĤI080!/.!Ĝ)%?8@!A#!A9A080@!/ĤI080!/Č!#4#þ#&?8!%&Ĥ5.!/Q!#;#&GX
I0()9#$(Q!/.(:5#48.!(0R#!/(#:!;#9G$?8!%&Ĥ5.!/Q!R0P&,P(?/(Q!G#$.(Č@!
$#%#(A0!/ĤI080!Ĝ)%?8@!I0!-40/!#$4#:P0(!%!(0W4;ČA9:1!M.A!P!8#9#!/Č!
(0/ĤI0!G#P9#$.8@!;G#8#I0!-'!&)/@!%$#!-40/1!M0I.-.!P!8#9#@!A#!-40/!:$Č5?5!
(0R#!A#!4.!P?45#:I)/1!"Ĝ.-?5!-40/!8#!&)G#:!?!-40/!-0$(#!4!30I)<0/!i!8#!
&<0A9(#!$)%N!7#I)!/.5#48.Db
"?&05! (0-0(I0! I.5! 4'/! &! /#A.! 8#9#8#! ;#P('()@! ?50! 8?%Q! 40! :4.5#&(Č!
/#$5.5@!?RN!8#!4?/Q!RN5#!;0&(Č!&!4G$A)A9!&<0A9!%Ĝ04Ģ?(Ĥ1!u'$?5!7#9?@!
?RN!('/!$?5g
e#4&)A0(Q!#þ.!4G$A0@!?RN480!&Č$Č5.@!-?%'!-0!(?$Č-0!&!309#!;#&#5'()@!
-?%Q!-0!R#9?848&)!45'&N!309#!$Č$.A8&)!&0!4&?8,A9!?!-?%!(04/)G('!-0!
&05.%#48!309#!.$3(!&Ĥþ.!('/@!%80Ĝ)!*ČĜ?.5!&!4#:5?$:!4!;Ĥ4#R0()/!
;Ĝ0&?9N!309#!4)5N1!T:!:;5?8(.5!&!OG.48:@!%$NI!30-!&P%Ĝ)4.5!P!/G8&,A9!
?!;#4?$.5!;#!4&Q!;G?&.A.!&!(0R04)A9b!ch^0P4%,/!*@*HX2Ld1
T#8#!-4#:!4.5('!45#&?1!"?&05!Ĝ)%'@!I0!&!('4@!%80Ĝ)!&ČĜ)/0@!-0!(0#/0P0X
('!?!(0P/ČĜ.805('!/#A1!O5)þ0/!-0!45#&#!*ČĜ?.51!3.(,/.!45#&N@!8?8#!/#A!
-0!%!$.4;#P.A.!;#:P0!;G#!8N@!%$#!/?-)!&)G:1!"?&05!40!&!;#$48?8Č!/#$5)g!
e"G#4)/!7#9?@!?RN!&'/!:$Č5.5!4A9#;(#48!&Č$Č8@!%$#!&!7#I)!/.5#48.!-4801!
"G#þS!YRN480!/Č5.!*?8">%&#58:%<Ĝ5.Ĥ95%*6(*%4%.$3%,*Č#40\
3?(!$#!8#9#!;Ĝ.('<)!-0<8Č!&)A!4&Č85?g
e111f!?!309#!;Ĝ.%'P'()!(0-4#:!8ČI%'1!M0R#Ģ!&<0@!A#!40!(?G#$.5#!P!7#9?@!
;Ĝ0/'9'!4&Č81!Y!8#!-0!8#!&)8ČP48&)@!%80GQ!;Ĝ0/#95#!4&Č8g!(?<0!*?84b!
c*1!3?(Ĥ&!B@6d1
*E6
+j3]ChýMj
ZĤ&#$0/@!;G#þ!;G#!('4!7#I)!;Ĝ.%'P'()!(0-4#:!RĜ0/0(0/!(0R#!;Ĝ)5.<!
8ČI%,/.@!-0@!I0!-4/0!4%GP0!/.5#48!$#48?5.!4A9#;(#48!-0!$#$GI#&?81!7#I)!
P'%#(N!:I!('4!(0#9G?(.þ:-)@!(0R#!(0#/0P:-)@!-?%#!8#/:!RN5#!&!$#R'A9!
K8?GQ9#!P'%#(?1!MN()!-4/0!P/#A(Č(.!%!8#/:@!?RN!RN5!I.&#8!;#$50!309#!
&Ĥ50!;G#!('4!P'G#&0Ė!.!;#8Č<0()/1!Y!%!8Q8#!4A9#;(#48.!/'/0!;Ĝ)48:;!;#:X
P0!4%GP0!&)G:1!"G#8#!3?(!;G#95?<:-0@!I0!e&)G?b!-0!&)8ČP48&)@!%80GQ!;Ĝ0/'9'!
4&Č8!$GI)A)!&<0A9(N!(0&ČĜ)A)!&!#8G#A8&)!9Ĝ)A9:1!Y!;G#8#!-0!('/!Ĝ0þ0(#@!I0!
eA9#$)/0!&)G#:@!(0!8)/@!A#!&.$)/0b!c21!O#G.(84%,/!B@Fd1!3.(,/.!45#&N@!
I.-0/0!;#$50!8#9#@!þ0/:!&ČĜ)/0@!(.%#5.&!;#$50!8#9#@!A#!&.$)/0@!45N<)/0@!
#A9:8('&'/0@!A)8)/0!(0R#!þ09#!40!$#8,%'/01!+<0A9(#@!A#!-$0!;G#8.!7#X
I)/:!K5#&:@!R:$0!P/Č(Č(#1!30(#/!309#!45#&#!-0!&Čþ(Q@!?!;G#8#!40!Ĝ)$)X
/0!8)/@!A#!7Ĥ9!Ĝ)%'@!?!(.%#5.&!48'50!40!/Č()A)/.!#%#5(#48/.1!
3$0!&<?%!-0<8Č!#!/(#90/!&)A!(0I!-0(!#!&N4&#R#P0()!P!#8G#A8&)1!"?&05!
40!8?%Q!40!P';?50/!/#$5)@!?RNA9#/!e&Č$Č5.!?!G#P:/Č5.@!-?%'!-0!(?$Č-0!
&!309#!;#&#5'()@!-?%Q!-0!R#9?848&)!45'&N!309#!$Č$.A8&)!&0!4&?8,A9!c&!8ČA9@!
%80GQ!4.!#$$Č5.5d1!C#$5)!40@!?RNA9#/!4.!:&Č$#/.5.!(0-0(!8#@!I0!-4/0!RN5.!
#4&#R#P0(.!P!#8G#A8&)!9Ĝ)A9:@!?50!8?%Q!8#@!I0!-4/0!40!48?5.!$Č$.A.!P!(0R04X
%Q9#!%G'5#&48&)1!T#!-0!$Ĥ&#$@!;G#þ!8?%Q!;#P$Č-.!;G#95?<:-0@!I0!480-('!(0X
#/0P0('!?!(04/)G('!/#A@!%80G'!&P%Ĝ)4.5?!30I)<0!P!/G8&,A9@!RN5?!&5#I0(?!
.!$#!('41!M0()!8#!WI?4(QS
ě0A%Q!45#&#!;G#!.$3!-0!@"'4.(,0!30!$0!!(#&'(#!-?%#!4)5?@!4A9#;(#48!
?!/#A1!!)4/58Ĥ*%Ĝ53&$G4'L6(3&=%65O(&$'!8#8#!45#&#!$0!!(:-0!-?%#!e/#A!
;Ĝ0R,&?-)A)!&!(Č-?%Q!&ČA.!;#$50!-0-)!;Ĝ.G#P0(#48.b1!T?8#!$0!!(.A0!;Ĝ04(Č!
4#:95?4)!4!8)/@!P?!A#!40!/#$5.5!"?&051!30!8#!4;-?8'!/#A1!+P;#/0Ė80!40!
(?!3?(#&#!0&?(\05.:/g!e[!-09#!;5(#48.!-4/0!/N!&<.A9(.!$#48?5.!/.5#48!
P?! /.5#48)b! c*@*Ed1! 7#I)! /.5#48! ('/! $?5?! (#&#:! ;Ĝ.G#P0(#48@! %80G'! /'!
&<0A9(:!309#!;5(#48@!?!&(.8Ĝ()!/#A!8Q8#!;Ĝ.G#P0(#48.!-0!8?!4?/'!/#A@!%80X
G'!&P%Ĝ)4.5?!30I)<0!P!/G8&,A91!T#!-0!8?%!4%&Č5Q@!I0!-0!?I!8ČI%Q!8#!;Ĝ.-/#:8D
T?!480-('!/#A@!%80G'!&P%Ĝ)4.5?!30I)<0!P!/G8&,A9@!;Ĝ0R,&'!.!&!('41!"G#X
8#! 40! $Q/#(.! 8#5.%! #R'&?-)@! I0! P-.48)80@! A#! $#! &'4! /.5#48! &5#I.5?1! "G#8#!
40! M0;Ĝ)805! :4.5#&(Č! 4(?I)! PG0$:%#&?8! /.5#48! (?! ;#:9Q! e;#-.<8Č()! ;G#!
*E=
MYZ!V]ZKOv!`aw"wMq
;Ĝ);?$! ;#I'G:b! (0R#! (?! e&05%#:! ;Ĝ.%G,&%:b1! 30485.I0! P-.48)80@! %$#! $#X
#;G?&$N!-480@!;#&48?(080!?!R:$080!;G#!-09#!$)5#!&05.%#:!9G#PR#:1!7:$080!
I)8!&,-./0þ(Č!?!R:$080!;Ĝ.('<08!&05%Q!;#8Č<0()!4&Q/:!(0R04%Q/:!>8A.1!
T0ć!:I!G#P:/)80@!;G#þ!30I)<!Ĝ)%'g!e111R:$0!þ.(.8!4%:8%N@!%80GQ!-'!þ.()/@!
?!R:$0!þ.(.8!-0<8Č!&Č8<)!(0I!8N8#b!c3?(!*=@*2dS!ě)%'!('/g!e[Ĥ48?(080X5.!
&0!C(Č!?!PĤ48?(#:X5.!CQ!&,G#%N!&0!&'4@!;#I'$0-80@!#þ!A9A080@!?!48?(0!40!
&'/1!T)/!R:$0!#45?&0(!CĤ-!>80A@!%$NI!;#(04080!9#-(Q!#&#A0111b!c*B@FX
Hd1!7Ĥ9!-0!#45?&0(!809$N@!I.-0/0X5.!8?%@!-?%#!I.5!30I)<f!(0#45?&)!a#!8#@!
%$NI!8G;)/0!$)%N!(?<./!45?R#480/!c(04A9#;(#48!(ČA#!:$Č5?8d@!P?!%80GQ!
30I)<!P?;5?8.5!8?%!&N4#%#:!A0(:@!?RN!('4!P!(.A9!&N4&#R#$.51!7N5.!-4/0!
48&#Ĝ0(.!%!8#/:@!?RNA9#/!&!I.&#8Č!&5'$5.!i!?(#@!4E/3)$.%*%9(*$#Č%<4'$G
*46(1!"#450A9(Č80!4.!"?&5#&?!45#&?g!
e111@8)/!4;)<0!8.@!%80Ĝ)!;Ĝ.-)/?-)!)$+'$,#%.(6$,#(!?!$?G!4;G?&0$5(#48.@!
R:$#:!*6:@'$"#%*%9(*$#Č!4%GP0!8#9#!-0$(#9#@!30I)<0!OG.48?b!cě)/?(Ĥ/!
B@*Ff!%:GP)&?!;Ĝ.$'(?d1!
[(?/0('!8#@!I0!40!/:4)/0!;#P&0$(#:8!(?$!(#G/'5!8#9#@!A#!-0!RČIX
(Q1!kI!(0I.-0/0!48?8:4!É:#1!MN()!-4/0!8Č/.@!%$#!#&5.&Ė:-)@!(.%#5.&!8Č/.@!
%$#!('450$:-)1!30485.I0!-480!:þ.8050/@!/Č5!RN480!;Ĝ.A9'P08!4!(0-8&#Ĝ.&Č-X
<)/.! ?! (0-;#%G#%#&Č-<)/.! P;Ĥ4#RN@! -?%! 4$Č5#&?8! ;#P('()! ?! /#:$G#481!
>48?8()! :þ.805Q! RN! /Č5.! R,8! #9G#/0(.! &?<)! &N(?5QP?&#48)1! 3480X5.! ('&GX
9'Ĝ@!/Č5.!RN480!;Ĝ0%N;#&?8!8&#Ĝ.&,/.@!þ0G48&,/.!?!&N4#A0!;#%G#%#&,/.!
(';?$N1!CČ5.!RN480!R,8!&Ĥ$þ)!#4#R#:!&0!&?<0/!#R#G:1!3?%#!;#$(.%?805!
(0R#!;#$(.%?805%?@!RN480!/Č5.!;Ĝ.A9'P08!4!&N(?5QP?&,/.!(';?$N!?!$ĤX
&8.;(#:! /?G%08.(\#&#:! 48G?80\.)@! %80G'! R:$0! &I$N! (?;Ĝ0$1! CČ5.! RN480!
G#P;#P(?8@!A#!-0!P.4%#&Q!?!A#!(01!7:$080!&Č$Č8@!%$N!%:;#&?8!?!%$N!;G#X
$'&?81!>48?8()!&!RG?(I.!40!R:$#:!$GR?8!(?!95?&Č!;Ĝ.!8#/@!-?%!40!R:$#:!
4(?I.8!&N%#:/?8@!;G#þ!-480!8?%!W4;Č<()1!
3480X5.! I0(#:! &! $#/'A(#48.@! /Č5?! RN480! R,8! (0-(';?$.8Č-<)@! (0-4#:X
A.8(Č-<)!?!(0-/#:$Ĝ0-<)!&0!&?<0/!#%#5)1!T.@!%80Ĝ)!(0-4#:!4;?40(.!/.5#48)@!
*EB
+j3]ChýMj
&'4!R:$#:!I'$?8!#!G?$:1!O$NI!R:$#:!-0-.A9!$Č8.!(0/#A(Q@!R:$080!(?!(Č!
&%5'$?8!G:A0@!-?%#!8#!$Č5?5!30I)<@!?!#(N!40!:P$G?&)1!3?%#!8.@!%80Ĝ)!&5'$(#:!
&!I.&#8Č@!R:$0/0!(?;5Ė#&?8!;#8Ĝ0RN!5.$)!$)%N!8Q!0U8GQ/(Č!(0#RNþ0-(Q!
/#A.@!%80G'!-0!&!('41!T#!-0!8#!&)8ČP48&)@!%80GQ!;Ĝ0/'9'!4&Č8@!$)%N!%80GQ/:!
&!I.&#8Č!&5'$(0/0!i!'4B5%*?84D
"G#þ!8#/:!-0$(#$:<0!(0&ČĜ)/0S!"G#þ!-0!(?<0!&)G?!8?%!45#I.8'S!"G#þ!
4.! (0:I)&'/0! 8#9#! &)8ČP(Q9#! ?! PR#I(Q9#! I.&#8?@! W4;Č<(Q9#! (?! &<0A9!
WG#&()A9! 4;#50þ(#48.@! -?%#! (0-8&#Ĝ.&Č-<)@! (0-(';?$.8Č-<)@! (0-;Ĥ&?R(Č-X
<)!?!(0-/#:$Ĝ0-<)!5.$Q!(?!P0/.S!"G#þ!4;5(.!4#:A.8:!(0:P$G?&:-0/0!(0X
/#A(Q!?!(0&N4&#R#P:-0/0!P?-?8QS!ZĤ&#$0/@!;G#þ!40!"?&05!/#$5.5!8:8#!
/#$5.8R:@! -0@! ?RNA9#/! $#48?5.! P-0&0()! 8Q8#! WI?4(Q! /#A.@! %80G'! -0! ('/!
%!$.4;#P.A.@!-0(!%$NI!/'/0!&)G:1!"G#8#!"?&05!$'50!;G#95?<:-0g!
eT#/:!;?%@!%$#!-0!.$35'%<$@65%,?6/>%&#58$"%<Ĥ,$E?%*%':,>!:þ.(.8!@465G
&$%*?35!(?$0!&<0A9(#@!A#!I'$'/0!(0R#!A#!4.!/ĤI0/0!;#/N4508@!30/:!
R:ć!45'&?!&!A)G%&.!?!&!OG.48:!30I)<.!;#!&<0A%?!;#%#50()!&Čþ(#48.!
&Č%ĤD!Y/0(b!ch^0P4%,/!6@2LX2*f!%:GP)&?!;Ĝ.$'(?d1!
`9';080!8#S!>(!-0!e.$35'%:þ.(.8!@465&$%*?35!(?$0!&<0A9(#@!A#!I'$'X
/0!(0R#!A#!4.!/ĤI0/0!;#/N4508b1!K5N<)80@!-?%,/.!45#&N!"?&05!;#;.4:-0!
&05.%#48!8#9#@!A#!4%GP0!('4!?!;G#!('4!/ĤI0!7Ĥ9!:þ.(.8S!Y!-0!8#!-0<8Č!/(#X
90/!50;<)D!T:8#!/#A!8#8.I!(0$#48'&'/0!-0(!þ?4!#$!þ?4:!P!8GĤ(()9#!4'5:!
(0R#!4%GP0!?($Č5N!;Ĝ.!#-0$.(Č5,A9!;Ĝ)50I.8#480A91!Y(.!8#!(0()!4;0A.!!A%'!
/#A@!%80G'!RN!RN5?!(?!?;#<8#50A9@!%$NI!-0!30I)<!;#45?5!:P$G?&#&?8!(0/#AX
(Q!?!%Ĝ)4.8!/G8&Q1!M0@!-0!8#!;5)$%.$3>%%80G'!;Ĥ4#R)!*%':,>%?%%80G'!&!('4!
;Ĝ0R,&'1!7N5?!4%GP0!309#!Z:A9?!&5#I0(?!$#!(?<)!;Ĝ.G#P0(#48.1!O$NI!40!
8#8#!P-0&0()!$#48?(0!$#!(?<09#!4G$A0@!R:$0/0!&5'$(#:8!&!I.&#8Č!?!&)8ČP.8!
(?$! /#A(#48/.! ?! &5.&0/! 4&Č8?1! M0R:$0/0! ;#G?I0()@! #$4#:P0()! ?! R0P!
#&#A01!"#(040/0!9#-(Q!#&#A0!?!R:$0/0!8Č/.@!%$#!(?;#$#R:-)!7#9?!-?%#!
309#!/.5#&?(Q!$Č8.1
"#$50!Y/;5.!!0$!7.R50!-4#:!"?&5#&?!45#&?!-0<8Č!4.5(Č-<)g!
*EE
MYZ!V]ZKOv!`aw"wMq
eY!30/:@!%$#111/#A)!c30-)/!4%:8%0/d@!%80G'!&!('4!-0$('@!-0!,3)$<5'!
c;G#&Q48!K&Ĥ-!P'/ČG!?d!:þ.(.8!(?$RN80þ(Č!&)A0@!$?50%#!&)A0!4%(?$0!
&<0A9(#@!#!A#!c4.!8G#:^(0/0!;#I'$?8d!I'$'/0!(0R#!A#!4.!/ĤI0/0!
;#/N4508!c(0%#(0þ(Č!&)A!(0I!(?<0!(0-8G#:^?50-<)!/#$5.8RN@!8#:9N@!
/N<50(%N@!(?$Č-0!(0R#!4(Nd!i!30/:!R:ć!45'&?1b
M0-4#:!8?!45#&?!WI?4('S!>(!-0!4A9#;0(!:þ.(.8!(0-0(!@465&$%*?35@!?50!
(?$RN80þ(Č! &)A0@! (0I! #! A#! $#%'I0/0! ;#I'$?8! (0R#! A#! 4.! /ĤI0/0! ;#X
/N4508D! 30485.I0! &'/! 8#950! -0<8Č! (048?þ)@! "?&05! ;#%G?þ:-0g! e(0%#(0þ(Č!
&)A!(0I!(?<0!(0-8G#:^?50-<)!/#$5.8RN@!8#:9N@!/N<50(%N@!(?$Č-0!(0R#!4(NbD!
M?!A9&.5%:!40!P?48?&80!?!;Ĝ0/,<50-80!(?$!8)/1!I5&$'5þ'Č%*?3!-0!P?!9G?X
(.A0!(?<09#!5.$4%Q9#!;#G#P:/Č()f!-0!8#!&,-./0þ(QD!T?%!;G#þ!(0&.$)/0!
8:8#!/#A!4%GP0!%Ĝ04Ģ?(N!;Ĥ4#R.8S
7ģa!3h!K`a>"hM
>$;#&Čć!40!(?A9'P)!&!-0$(#/!/?5Q/!45#&Č@!%80GQ!"?&05!P$ĤG?PĖ:-0g!.$G
35'1!"#%:4)/!40!&'/!8#!#;Č8!.5:48G#&?8!(?!;Ĝ)RČ9:1!ě0%(Č/0@!I0!40!&?X
<)/!/Č480/!;Ĝ09(?5!9:G.%'(1![;Ĥ4#R.5!8?/!#RG#&4%#:!4;#:<Ģ@!(0^:(\:-0!
050%8Ĝ.(?1!Y!(0-9#G<)!-0@!I0!(0()!I'$('!;.8('!&#$?1!
YG/'$?!GNA950!$#$'!#RG#&4%Q!A.480G(N!4!;.8(#:!&#$#:1!30!&N95'<0(#@!
I0!-4#:%,3)$<'(!$'8!&'/!8#5.%!&#$N@!%#5.%!:(040801!+<0@!A#!/:4)80!:$Č5?8@!
-0!;Ĝ.(Q48!4.!;G'P$(Q!('$#RN!?!#(.!-0!(?;5()1!
7N5#!RN!P?-)/?&Q!&.$Č8@!-?%!(?!8#!5.$Q!P?G0?\:-)1!30$0(!/:I!;Ĝ.-$0!
%! A.480G(Č! 4! &05.%,/! %05)/%0/! #$! 5./#('$N@! %80G#:! 4.! ;Ĝ0$! R#:Ĝ%#:!
%#:;.5!&!/)48()/!R:^08:1!>$('<)!4.!5.8G!&#$N1!3.(,!;Ĝ.-$0!4!%#(&)!#$!/5QX
%?!?!#$('<)!4.!8Ĝ.!?!;Ĥ5!5.8G:!&#$N1!Z?5<)!4.!;Ĝ.(040!#RG#&4%Q!&Č$G#!?!#$X
A9'P)!4!#4/('A8.!5.8GN1!M?%#(0A!;Ĝ.-)I$)!þ5#&Č%!?!(?!('%5?ć'%:!/'!&?(:f!
#$-0$0!40!48#!;?$04'8.!5.8GN!;.8(Q!&#$N1!
`95?;)%!4!&?(#:!;Ĝ.-0$0!$#/Ĥ1!3?%!40!:%'I0@!-09#!$Ĥ/!4#:40$)!4!$#X
*EF
+j3]ChýMj
/0/!8#9#!/:I0@!A#!4.!(?!&#$:!;Ĝ.(045!%05)/0%1!T0(@!%$NI!4.!:&Č$#/)@!I0!
4.!-09#!4#:40$!;Ĝ.(045!$#/Ĥ!48#!;?$04'8!%G'8!&)A!&#$N!(0I!#(@!40!G#PP:Ĝ)1!
K8ČI:-0!4.!4#:40$Ĥ/@!(?!/Č48Č!?!(?%#(0A!.!:!?G/'$Ng!e"G#þ!-40/!(0$#X
48?5!&)A!&#$NS!3?%!8#@!I0!/Ĥ-!4#:40$!$#48?5!8#5.%Sb
ZĤ48#-()%! P#$;#&Č$(,! P?! 8:8#! ?%A.! /:! $'! -0$(#$:A9#:! #$;#&Čćg!
e](^#G/#&?5.!-4/0!&'4@!I0!-4/0!,3)$<'(!&'/!$'8!8#5.%!&#$N@!%#5.%!:(0X
40801!"G#þ!-480!4.!(0;Ĝ.(045!&Č8<)!('$#R:Sb
Y!8#950!('/!A9A0!"?&05!4$Č5.81!K%GP0!/#A@!%80G#:!$#!('4!7Ĥ9!&5#I.5@!
-0!,3)$<5'!:$Č5?8!'4@E/#5þ'Č>%@465&$%*?35%'4@5%*B53)'$>!#!A#!I'$'/0!
(0R#!A#!4.!/ĤI0/0!;#/N45081!T?%I0!(?<)!('$GI)!-0!8#@!(?!A#!;#/,<5)/0!
(0R#!#!%#5.%!I'$'/0@!?!-0!8#!8?%Q!4?/#PĜ0-/Č!8#@!þ0/:!4%:80þ(Č!&ČĜ)/0!
&0!4&Q/!4G$A.1!M0P'50I)!(?!8#/@!-?%!&05.%Q!-4#:!&ČA.@!(?!%80GQ!;#/,<5)80@!
?(.!-?%!#RG#&4%Q!-0!8#@!#þ!I'$'80f!309#!/#A!+5%,3)$<':%:þ.(.8!*?30!T#@!A#!
#/0P:-0!7#I)!/#A@!%80G'!&!('4!;Ĝ0R,&'@!-0!&!;#$48?8Č!-0(!(?<0!/N<50()1!
YA9@! -?%! ;#$A0Ė:-0/0! 309#! 4A9#;(#48.D! "G#þ! -0(! (0;Ĝ0/,<5)/0@!
(04()/0!?!(0/#$5)/0!40!&0!&05%Q/S!>$;#&Čć!-0!-0$(#$:A9'g!;G#8#I0!
(?<0!&)G?!(0()!G#P&.(:8'1!M0P%#:/'/0!309#!4/5:&()!P?45)R0()!?!(0&ČX
Ĝ)/0!-./!-0(!8?%1!>&5.&(Č(.!4&Č80/!-4/0!/(#90/!&)A0!;#9'(Č(.!4&,/.!
;#A.8N@!W&?9?/.!?!P%:<0(#48/.!(0I!.(4;.G?A)!P!309#!45#&?1!
"G#þ!P!(?<.A9!%?P?8050(!P?P()&'!8?%!#RNþ0-('@!$#%#(A0!;#G?I0(0A%'!
#P&Č(?@!%$NI!('/!7Ĥ9!4%GP0!&)G:!$?G#&?5!8#5.%!/.5#48.S!M0;Ĝ)805!R#-:-0!
P0!&<0A9!4.5!?!R0P!;Ĝ048'()!#!8#@!?RN!('/!P?8?-.5!;G?&$:!#!/.5#48.1!+N:I.5!
&<0A9!4&,A9!4A9#;(#48)@!?RN!;Ĝ04&Č$þ.5!%?P?8050@!45:I0R()%N@!4;.4#&?80X
50@!;?48#GN!?!#48?8()!%Ĝ04Ģ?(N@!?RN!;G#/5#:&?5.!(?!P'%5?$Č!4&Q9#!&5?48X
()9#!;#G#P:/Č()@!#4#R()A9!P%:<0(#48)!(0R#!;Ĝ)%5?$Ĥ!-.(,A9@!%80Ĝ)!I.5.!
$?50%#!;#$!WG#&()!8#9#@!A#!P$Č$.5.1!T.8#!5.$Q!&N95?<#&?5.!?!&N:þ#&?5.!8#@!
A#!$'&'!4/N45!5.$4%Q/:!G#P:/:@!?!48?&)!(?!;G#I.8A)A9!P!/.(:5#48.1!
T#950!-0!?50!W;5(Č!<;?8(ČD!CN!;Ĝ0A0!G#480/0!#$!45'&N!%!45'&Č!$#!7#I)!
;#$#RND!30485.I0!('4!M0;Ĝ)805!/ĤI0!$GI08!&!P?-0()!(?<.A9!/.(:5,A9!P%:X
<0(#48)@!/)48#!8#9#@!?RNA9#/!&ČĜ.5.!?!þ.(.5.!8#@!A#!;G#95?<:-0!7#I)!45#&#@!
;#8#/!40!K?8?(#&.!;#$?Ĝ)!P?RG'(.8@!?RNA9#/!40!48?5.!/#A(,/.!?!#&#A0!
*EH
MYZ!V]ZKOv!`aw"wMq
(04#:A)/.!5.$/.1!T?%Q!/ĤI0!RG'(.8!A)G%&.@!?RN!P?%#:<05?!45'&:@!%80G#:!
;G#!(.!7Ĥ9!/'1!
Z(0<()! A)G%0&! ;Ĝ)5.<! þ?48#! &N;?$'! /(#90/! &)A0! -?%#! 4;#50þ0(4%,!
%5:R@!(0I!?RN!/Č5?!&Č8<)!/#A!(0I!A)G%0&@!%80G#:!;#;.4:-0!%(.9?!K%:8X
%Ĥ1!+!8?%#&Q/!%5:R:@!.!%$NI!-4#:!8#!5.$Q@!%80Ĝ)!#;G?&$#&Č!8#:I)!;#/'X
9?8!#48?8()/@!/#9#:!8?%!þ.(.8!;#:P0!P0!4&,A9!&5?48()A9!4.51!M0()!8#!480-X
(Q!-?%#!8ČA9!$0408!P&Č$ĤS!>(.!8?%Q!8#:I.5.!;#!7#I)!&Ĥ5.@!?&<?%!/N450X
5.!4.@!I0!-)!$#4'9(#:!4%GP0!4&Q!&5?48()!4A9#;(#48.1!"#$50!4&Q9#!('P#G:!-.!
;G#95'4.5.!P?!(0:4%:80þ(.805(#:!?!#&5.&(.5.!8)/!48#&%N!8.4)A!5.$)1!Z)%N!-0X
-.A9!(0$#48?8%:!&)GN!(.%$N!(0&48#:;.5.!$#!7#I)!&Ĥ50@!;Ĝ.;G?&0(Q!;G#!-0X
-.A9!I.&#8N1![0/Ĝ05.!&0!&)Ĝ0!&!7#9?@!?(.I!RN!&<?%!$#4'95.!A)5Ĥ@!%80G,!;G#!
(Č!7Ĥ9!(?;5'(#&?51!
C(#9#%G'8!40!A98Č5.!:þ0$()A.!P?;#-.8!$#!8#9#@!A#!30I)<!%#(?5!i!(?4NX
A0()!8.4)AĤ@!;#/#A.!PG?(Č(,/!(0R#!:P$G?&#&'()!(0/#A(,A91!M0A98Č5.!
P?9N(#:8!&!R#:Ĝ.@!%$NI!-0-.A9!C.48G!4;?5!(?!P'$.!þ5:(:1!Y&<?%!(0:48'X
50!4059'&?5.@!;#(Č&?$I!4.!(0$#%'P?5.!;Ĝ0$48?&.8!(.A!-.(Q9#@!(0I!(?R)P08!
4&#:! ;#/#A! P0! 4&,A9! &5?48()A9! 4.51! +! 8#/@! A#! ;G#! (Č! RN5#! 30I)<#&#:!
&Ĥ5)@!(0:4;Č5.1!M.A/Q(Č!;#!8Ĝ0A9!?!;Ĥ5!5080A9!48G'&0(,A9!4!30I)<0/!40!8#!
&<0A9(#!P/Č(.5#1!
+ j C V k + o @! " n > ý ! C w C h ! M h Z > K TYT h O ! C > ` ]
ý50(#&Q! G?((Q! A)G%&0! (0R#-#&?5.! 4! :&ČĜ0()/! 8#/:@! I0! /?-)! &05.%#:!
/#A1! kI! -4/0! 9#&#Ĝ.5.! #! #RNþ0-(,A9! &ČĜ)A)A9@! -?%#! RN5! x8Č;'(@! %80G,!
R0P!P'RG?(!-0$(?5!&!7#I)!/.5#48.1!>!x8Č;'(#&.!-0!(?;4'(#g!ex8Č;'(@!;5(,!
/.5#48.!?!/#A.@!þ.(.5!/0P.!5.$0/!&05.%Q!$.&N!?!P(?/0()b!cK%:8%N!E@Hd1!
M0RN5!?(.!?;#<8#50/@!$#%#(A0!?(.!;?48#G0/1!7N5!-0(!(#G/'5()/!þ50(0/!
4R#G:@!%80G,!RN5!P?/Č48('(!-?%#!þ)<()%!&!G048?:G?A.1!
30485.I0!G?(('!A)G%0&!I.5?!8?%#&,/!P;Ĥ4#R0/@!;G#þ!/N!$(04!8#5.%!R#X
-:-0/0S!>$;#&Čć!(0()!&ĤR0A!45#I.8'!i!/Č5.!30I)<0!-?%#!&P#G1!+.$Č5.@!A#!
*EJ
+j3]ChýMj
$#%'I0@!8?%I0!K?8?(!(0/#95!7#I)!5.$!;Ĝ04&Č$þ.8@!I0!309#!/#A!P045'R5?!
(0R#!P/.P05?1!M0/Č5.!I'$(Q!A9NR(Q!/N<50(%N!(0R#!P%:<0(#48.!5.$)@!%80X
GQ!RN!R#-#&?5N!;G#8.!-0-.A9!&)Ĝ01!>(.!-0$(#$:<0!&ČĜ.5.1!
!CN!-4/0!&<?%!&!(?<)!$#RČ!$#&#5.5.@!?RN!8#@!A#!4.!5.$Q!/N45)!?!A#!Ĝ)%?X
-)@!(?9G?$.5#!;G?&$:1!+!$(0<()!$#RČ!45N<)/0!(0:48'50!8?%#&Q8#!&,G#%Ng!
eZČ$?! "0;?! RN5! %?P?805! ?! /#$5.5! 40! P?! (Č%#9#@! ?RN! RN5! :P$G?&0(@!
?!80(!þ5#&Č%!:/Ĝ051b
eT08?!nĤI?!;G#4.5?!7#9?@!?RN!P?A9G'(.5!-0-)!$)8Č@!?!;#8G?8.5?1b
eCĤ-!%?/?G'$!K8?($?!;G#4.5!7#9?@!?RN!/:!:P$G?&.5!P'$?@!?!#(!/'!
.!;#!$&?A08.!5080A9!R#5048.1b
"#45#:A9'/0!8N8#!;Ĝ)RČ9N!?!$#A9'P)/0!%!P'&ČGĤ/@!%80GQ!&<?%!&!")4X
/:!(0(?-$0/0@!;G#þ!/#A!/.5#48.!(0()!;G#!%?I$Q9#!&ČĜ)A)9#!(0R#!;G#þ!
:I!(0()!%!$.4;#P.A.1!T?8#!&N4&Č850()!('/!/#I('!;Ĝ.(04#:!W50&:@!?&<?%!
-4#:!<;?8('1!T?%I0!/)48#!8#9#@!?RNA9#/!-0$(?5.!4/Č50!&0!&)Ĝ0@!G?$Č-.!(0X
R:$0/0!7#9?!I'$?8!#!?I!8?%!/#A@!;G#8#I0!(0A9A0/0!P?%#:<08!P%5?/'()1!
M8$þ%#$%*ĤE53%A&$"B5#>%&@/9%*5%,&"#5þ'$,#(%'5þ5&:.5>%95%#$%@$,#4'5.5U%
O$NI!&<?%!(?48?(0!4.8:?A0@!%$N!:I!48#-)/0!;Ĝ.85?þ0(.!%0!P$.@!8?%!:I!%#X
(0þ(Č!;#I'$'/0@!?50!4;)<!P0!P#:^?548&)!(0I!P!&)GN1!
"G&()! :þ0$()A.! 4.! 8?%#&Q! &,/5:&N! (0/#95.! $#&#5.81! 30485.I0! 4059?5.!
&0!&)Ĝ0@!30I)<!;G#95'4.5!(ČA#!-?%#g!e+N!/?5Q!&)GNb@!(0R#!$#%#(A0g!e+N!
R0P!&)GNb1!
O$NI!30I)<!#$0<05!$#!(0R0@!/Č5.!:þ0$()A.@!-?%#!(?;Ĝ)%5?$!"08G@!/(#X
9#!þ0G48&,A9!P%:<0(#48)1!+I$NĢ!-0(!;Ĝ0$!G#%0/!(0R#!$&Č/?!&.$Č5!30I)<0!
%G'þ08!;#!&#$Č!?!P&#5?5g!e"?(0@!-4.X5.!8#!8N@!;#G:þ!/.@!?RNA9!;Ĝ.<05!%!8#RČ!
;#!&#$'A9Db!cC?8#:<!*=@2Hd1!30I)<!8?%!:þ.(.5!?!"08G!%G'þ05!;#!&#$Č!8?%Q1!
3?%/.50!&<?%!:&.$Č5!4.5(,!&)8G!?!#$&G'8.5!PG?%!#$!30I)<0@!&N$Č4.5!40!?!P?X
þ?5!40!8#;.81!30I)<!9#!P?A9G'(.5!?!Ĝ0%5g!eTN!/?5Q!&)GN@!;G#þ!-4.!P?;#A9NR#X
&?5Sb!c&0G<!6*@!;#$50!?(\51!;Ĝ1d1
C(#9#!5.$)!8&G$)@!I0!"08G!(?;G#48#!4059?5@!?50!-'!4!8)/!(04#:95?4)/1!T#!
8.!#48?8()!:þ0$()A.!;G#;'45.!#RG#&4%#:!;Ĝ)50I.8#48@!;G#8#I0!(0/Č5.!*?8">!
PĤ48?5.!40$Č8!&!5#$.!?!-0(#/!40!$)&?5.1!"08G!/Č5!?504;#Ė!%:G'I!-)8!;#!&#$Č!
*FL
MYZ!V]ZKOv!`aw"wMq
?504;#Ė!(?!/?5#:!A9&.5%:!4!e8G#<%#:!&)GNb1!Y50!.!8?%!RN5!4&,/!C.48G0/!
;#%'G'(@!I0!(0/Č5!&)GN!$#48?80%1!
T?8#!50%A0!&)GN!RN5?!;G#!"08G?!þ0G48&#:!&P;#/)(%#:@!480-(Č!-?%#!/N!
4.!;?/?8:-0/0@!A#!-4/0!$Č5?5.!;Ĝ0$!G#%0/!(0R#!$&Č/?!#!$#&#50(Q1!`#!
RN!40!48?5#!$(04S!O#5.%!P!('4!-0!48'50!-0<8Č!&!5#$.!?!R#-)!40!Ĝ)A8g!e30485.!
8?950!G.4%?(8()!;#/#A!$G:9,/!-0!#$!T0R0@!"?(0@!;#G:þ!/.@!?RNA9!;Ĝ.<05b1!
K8?5#!40!&)A0%G'8@!I0!30I)<!;Ĝ)4(Č!(?;#/0(:5!K&Q!:þ0$()%N!P?!(0&)G:1!
30$(#:!4048#:;.5!4!9#GN!?!8:!30-!P?48?&.5!-0$0(!#80A!?!;8?5!40@!;G#þ!:þ0$()X
A.!(0/#95.!:P$G?&.8!-09#!4N(?!P!0;.50;4.01!"#450A9(Č80!4.@!A#!30I)<!4&,/!
:þ0$()%Ĥ/!Ĝ0%5g!eYA9@!;#%#50()!(0&ČĜ)A)!?!P&G'A0(QD!3?%!$5#:9#!-0<8Č!
R:$:!4!&'/.S!3?%!$5#:9#!&'4!/'/!4('<08S!"Ĝ.&0ć80!9#!40/!%0!/(ČDb!
cC?8#:<!*F@*Fd1!T?%950!8&G$Č!;G#/5:&.5!30I)<!%0!8Č/@!%80Ĝ)!C:!;?8Ĝ.5.@!
K&,/! :þ0$()%Ĥ/1! Z#&0$080! 4.! ;Ĝ0$48?&.8@! I0! RN! 40! (?! &'4! 30I)<! $)&?5!
?!Ĝ)%?5g!e3?%!$5#:9#!/'/!-0<8Č!4('<08!8&#-.!(0&)G:Sb!30I)<!40!;#!-0-.A9!
(?;#/0(:8)!;?%!#RG'8.5!%!A95?;A.@!:P$G?&.5!9#!?!&G'8.5!9#!#8A.1!
kþ0$()A.!8)/!RN5.!P/?80(.@!?!8?%!;Ĝ.<5.!P?!30I)<0/!?!P0;8?5.!40!a#@!
;G#þ! A95?;A0! (0$#%'P?5.! :P$G?&.8! #(.1! 30I)<! -0$(#$:<0! Ĝ0%5g! e"G#! &?<.!
/?5#:!&)G:Db!c&0G<!2Ld1!"G#8#I0!RN5!30I)<!^NP.A%N!/0P.!(./.@!(0/#95.!40!
:þ0$()A.!&N8?4.8!4!;Č%(,/!$:A9#&()/!&N4&Č850()/!-?%#g!eM#@!8?$N!(?!
80(!;Ĝ);?$!40!7#I)!/.5#48!(0$'!/#A!:;5?8(.8@!;G#8#I0!7Ĥ9!('/!(Č%80GQ!
(0/#A.!(0A9'&'@!?RN!('4!/#95!(ČA#!(?:þ.81b!K/Č<(Q@!A#S!O$NRNA9#/!
#;G?&$:!&ČĜ.5.@!I0!('4!7Ĥ9!A9A0!4%GP0!(Č-?%#:!;Ĝ)<0G(#:!(0/#A!(Čþ0/:!
(?:þ.8@!;G#þ!80$N!$'5!A9#$)/0!%!$#%8#GĤ/!?!R0G0/0!5Q%NS!"Ĝ0A.!(0;ĤX
-$0/0!;G#8.!7#9:S!30485.I0!('4!80$N!8?%8#!&N:þ:-0@!8?%!8Q!&,:A0!;Ĝ0A0!
(0R:$0/0!RG'(.8!8)/@!I0!;Ĥ-$0/0!P?!$#%8#G0/@!?RN!('4!:P$G?&.51!+.$)80@!
-?%!-0!8#8#!/N<50()!?R4:G$()S
7Ĥ9! 8#! Ĝ0%5! -?4(Čg! eC.5#&?(,@! /#$5)/! 40@! ?RN4! &0! &<0/! ;G#4;)&?5!
?!RN5!P$G'&@!8?%!-?%#!;G#4;)&'!8&'!$:<0b!c61!3?(Ĥ&!*@2d1!u?5/!*L6@2i6!
('/! -?4(Č! Ĝ)%'g! eZ#RG#Ĝ0þ@! /'! $:<0@! a#4;#$.(:@! ?! (0P?;#/)(0-@! A#!
&<0!&N%#(?51!>(!#$;#:<8)!&<0A9(N!8&Q!&.(N@!>(!"A@84*"+5%*B53)'/%#*-%
'5.$3(b1!+0!480-(Q!&Č8Č@!&0!%80GQ!þ80/0@!I0!7Ĥ9!#$;#:<8)!(?<0!9Ĝ)A9N@!
*F*
+j3]ChýMj
40!8?%Q!Ĝ)%'@!I0!:P$G?&:-0!&<0A9(N!c(.%#5.&!(Č%80GQd!(?<0!(0/#A.1!"G#þ!
(0Ĝ0%(0/0g!eM#@!7Ĥ9!/Č!8)/@!I0!/.!(0#$;:48)!80(8#!9Ĝ)A9@!A9A0!(ČA#!
(?:þ.8@!8?%I0!/Č!P!(Č9#!(0&N4&#R#P:-0bS!3?%!?R4:G$()D!O$NRN!30I)<!48'5!
/0P.!('/.@!480-(Č!-?%#!RN5!/0P.!:þ0$()%N@!&N4&Č85.5!RN!('/@!-?%!4/Č<(Q!
-0!&ČĜ.8!8#/:@!I0!7Ĥ9!(0A9A0@!?RNA9#/!RN5.!P$G?&)1!
kþ0$()A.!(0RN5.!4A9#;(.!A95?;A0!:P$G?&.8@!?!30I)<!-0!(?;#/0(:51!M0X
/#95.!C:!Ĝ)A8g!e+)<@!/Ĥ-!48G,þ0%!yG0$@!A#!RN5!;?48#G@!8?%!80(!/.!Ĝ0%5@!I0!
;G#!('4!(0;5?8)!:P$G?&0()!^NP.A%Q@!?50!-0(#/!$:<0&()b1!VČ6:#5%,(%65L84G
3(U!"#!8?%#&Q/!;G#95'<0()!RN!40!(?!(Č!30I)<!;#$)&?5!?!P?W;Č5!RNg!e3?%!
$5#:9#!&'4!/'/!-0<8Č!4('<08Sb
M?!P'%5?$Č!-0-.A9!P%:<0(#48)!(0/#95.!:þ0$()A.!PG:<.8!;5?8(#48!/#A.!
/.5#48.1!CČ5.!$#%#(A0!30I)<0@!?RN!-./!;Ĝ.;#/)(?5g!
Ñ!eO$0!-0!&?<0!&)G?Sb!cV:%'<!H@2Bd
Ñ!e30<8Č!(0/'80!&)G:Sb!cC?G0%!=@=Ld
Ñ!e3?%!/?5#:!&)G:!/'80b!cC?8#:<!E@6Ld
Ñ!e"G#þ!-480!:48G?<0()@!&N!/?5Q!&)GNSb!cC?8#:<!H@2Ed
Ñ!eTN!/?5Q!&)GN@!;G#þ!-4.!P?;#A9NR#&?5Sb!cC?8#:<!*=@6*d
"#!-.(Q!;Ĝ)9#$Č@!%80G'!#$9?5.5?!-0-.A9!(0$#48?80%!&)GN@!-0!30I)<!(?P&?5!
eP?%G45,/.!&ČĜ)A)/.b!cC?8#:<!*E@Hf!CKsd1!M#!80$?1!>(!40!(04;#%#-.5!
4!8?%#&,/.!5?-$'A%,/.!&,/5:&?/.@!%80GQ!-4/0!4.!&!$(0<()!$#RČ!&N/N4X
505.1!C.5#&?5!K&Q!:þ0$()%N!8?%!/#A@!I0!-0!A98Č5!:A9G'(.8!;Ĝ0$!-?%,/.%#5.!
(04;G'&(,/.!/N<50(%?/.@!%80GQ!RN!(.þ.5N!-0-.A9!&)G:1!
C:4)/0!4.!:&Č$#/.8@!I0!-4/0!40!(0A9?5.!#&5.&(.8!4;#:48N!&N:þ#&'X
()!?!80#G.)@!%80GQ!('4!#5#:;.5N!#!(?<.!&)G:1!`#!RN!30I)<!Ĝ0%5@!%$NRN!RN5!
&! $(0<()A9! ?/0G.A%,A9! 4R#G0A9S! C#I('! 4.! a#! ;Ĝ0$48?&:-080@! -?%! 40!
Wþ?48(Č!?!5?4%?&Č!$)&'!(?!&'<!(0$#48?80%!&)GN1!30(I0!;G?&$?!-0!8?%#&'@!
I0!e30I)<!OG.48:4!&þ0G?!.!$(04!-0!80(8,I@!.!(?!&Č%Nb!cu.$Ĥ/!*6@Hd1!>(!40!
(0P/Č(.5!?(.!#!;:(8)%!?!#!(0$#48?8%:!&)GN!RN!$(04!9#&#Ĝ.5!W;5(Č!480-(Č!
4/Č50@!-?%#!#!(Č/!9#&#Ĝ.5@!%$NI!RN5!8?$N!(?!P0/.1!
*F2
MYZ!V]ZKOv!`aw"wMq
Z:A9!K&?8,!-0!8?$N!$(04@!?&<?%!309#!95?4!/ĤI0!R,8!4(?$(#!;Ĝ0%Ĝ.X
þ0(1!30!8?$N@!(.%#5.&!?RN!/5:&.5!K'/!P0!K0R0@!?50!?RN!:%?P#&?5!(?!8#@!A#!
Ĝ)%'!30I)<1!"G#R5Q/0/!-0@!I0!-05.%#I!8?$N!/0P.!('/.!30I)<!(0()!^NP.A%N!
;Ĝ)8#/0(@!/ĤI0/0!.\(#G#&?8!309#!4/Č5Q!&,G#%N!#!;G?&$Č@!%80GQ!%!('/!
9#&#Ĝ)!Z:A9!K&?8,1!3?%!$Č4.&QD!7:ć/0!:;Ĝ)/()1!34/0!95:<)!%!309#!45#X
&Ĥ/S! K5#:I)/0! 4! 30I)<0/! 480-(Č! -?%#! ;G&()! A)G%0&S! TČ/8#! $Ĥ50I.8,/!
#8'P%'/!40!(0/ĤI0/0!&N9,R?81
+ q n Y ! + !3 h a > ! 3 C v M >
"G&()!A)G%0&!(0/Č5?!8:!&N/#I0(#48!&N/,<508!4.!&,/5:&N@!%80GQ!RN!%Ĝ04X
Ģ?(N! #%G'$?5N! #! &)G:1! kI! -40/! 80(8#! ;Ĝ)RČ9! P/)(.5! $Ĝ)&0@! ?50! -0! /#A!
$#RGQ!40!(?!(Č-!;#$)&?8!-0<8Č!-0$(#:1!+P;#/)('80!4.!(?!A9G#/Q9#!/:I0@!
%80G,!I0RG?5!#!;0()P0!:!A9G'/#&Q!RG'(NS
eO$NI!:&.$Č5!"08G?!?!3?(?@!-?%!40!A9N48?-)!&0-)8!$#!A9G'/:@!;G#4.5!
#!?5/:I(:1!"08G!4!3?(0/!40!(?!(Č-!:;Ĝ0(Č!P?$)&?5!?!Ĝ0%5g!e"#950ć!(?!
('4Db!"#P#G(Č!-0!450$#&?5!?!#þ0%'&?5@!I0!#$!(.A9!(ČA#!$#48?(01!"08G!
&<?%!Ĝ0%5g!eK8Ĝ)RG#!?!P5?8#!(0/'/@!?50!A#!/'/@!8#!8.!$'/b!
cK%:8%N!6@6XEd1
!
"08G!(0/Č5!;N805!;0(ČP@!?&<?%!/Č5!(ČA#!/(#90/!50;<)9#!i!7#I)!/.X
5#481!"#$)&0-80!40@!A#!"08G!:$Č5?5!;#8#/g
e+0!-/Q(:!30I)<0!OG.48?!M?P?G084%Q9#!&48?Ė!?!A9#ćDb!kA9#;.5!9#!P?!
;G?&#:!G:%:!?!;#P$&.95!-0-1!]9(0$!40!P;0&(.5N!-09#!(#9N!?!%5#:RN1!
"#48?&.5!40@!&N4%?%#&?5!?!A9#$.51!+0<05!4!(./.!$#!A9G'/:@!A9#$.5@!
4%'%?5!?!A9&'5.5!7#9?b!c&0G<0!EXHd1
30I)<!Ĝ0%5!"08G#&.!?!#48?8()/!:þ0$()%Ĥ/@!I0!?I!;Ĝ.-$0!7#I)!%G'5#&48&)@!
*F6
+j3]ChýMj
R:$0!309#!&Ĥ50!(?!P0/.@!-?%#!-0!&!(0R.1!"08G!&Č$Č5@!I0!&!(0R.!(0-4#:!I'$X
()!A9G#/)@!8?%I0!&0!4&Q/!(.8G:!950$?5!7#I)!&0$0()!?!A)8.5@!I0!7Ĥ9!4.!;Ĝ0X
-0!8#9#!/:I0!:P$G?&.81!M?45#:A9?5!Z:A9:!4&?8Q/:1!O#5.%G'8!40!48?5#@!I0!
40!('4!Z:A9!K&?8,!;#%#:<05!&Q48!%!8#/:@!?RNA9#/!45#:I.5.!(Č%#/:!;#X
8Ĝ0R(Q/:@!?!/N!-4/0!(0;#45#:A9?5.S!
!O$NI!80(!/:I!P?þ?5!A9#$.8!?!4%'%?8@!49G#/'I$.5!40!%#50/!$?&!5.$)1!
"08G!-./!#P('/.5@!-?%!RN5!80(8#!/:I!:P$G?&0(g!
eY!8#9#8#!/:I0@!%80GQ9#!&.$)80!?!P('80@!(?!P'%5?$Č!*?8/%*%;59?B$*$%
+.-'$!8#8#!-/Q(#!:;0&(.5#!?!&)G?@!%80G'!-0!4%GP0!MČ-@!/:!$?5?!8#8#!
;5(Q!P$G?&)!;Ĝ0$!#þ./?!&'4!&<0A9b!c&0G<!*Ed1
7#I)!/.5#48!-0!%!$.4;#P.A.!4%GP0!-/Q(#!30I)<1!+I$NĢ!4%GP0!8#8#!-/QX
(#!-4/0!4;?40(.g!eY!(0()!&!(.%#/!-.(Q/!P'A9G?(?f!(0R#Ģ!(0()!;#$!(0X
R0/!-.(Q9#!-/Q(?!$?(Q9#!5.$0/@!&!(Č/I!RNA9#/!/Č5.!R,8!P?A9G'(Č(.b!
cK%:8%N!=@*2d1!7#I)!/.5#48!-0!('/!$'(?!4%GP0!?:8#G.8:!309#!-/Q(?@!?!8#!
4?/Q!;5?8)!.!;G#!#48?8()!#R5?48.!/.5#48.1!T#@!A#!8#9#8#!/:I0!:P$G?&.5#@!
(0RN5#!-0(!-/Q(#!30I)<@!?50!&,45#&(Č!&)G?!&0!-/Q(#!30I)<1!M?;#-.8!40!(?!
/#A!/.5#48.!&NI?$#&?5#!&)G:1!"#$)&0-/0!40@!-?%!"08G#&?!45#&?!;Ĝ0%5'$'!
CKsg!eY(#@!&)G?@!4%'(3%'59%*?84>!$?5?!8#/:8#!/:I.!;5(Q!P$G?&)!;Ĝ0$!#þ.X
/?!&'4!&<0A9b!c6@*Ed1!>;?%:-.@!&)G?!-0!8)/!;#8G:R)/@!%80GQ!('4!;Ĝ.;#-:-0!
%!/.5#48.@!%80G#:!#$!7#9?!;#8Ĝ0R:-0/01!
['%5?$()/!;G#R5Q/0/!-0@!I0!-4/0!4?/.!40R0!#$Ĝ)P5.!#$!;G#:$:!/.X
5#48.1! C#I('! /'/0! &)G:! &ČĜ.8@! I0! ('/! 7#I)! /.5#48! #$;:48.5?! &<0A9(N!
(?<0!9Ĝ)A9N!?!P?A9G'(.5?!('4!#$!&Čþ(Q9#!P?8G?A0()!&!;0%50@!?&<?%!4;?40()!
P?9G(:-0!-0<8Č!$?5<)!#R5?48.@!-?%#!/#A!(?<)!(#&Q!;Ĝ.G#P0(#48.@!/#A!A9#$.8!
&0!4&?8#48.!?!/#A!;Ĝ.('<08!7#I)!&Ĥ5.!P!(0R0!(?!P0/@!?RN!/#95N!R,8!(?X
;5Ė#&'(N!;#8Ĝ0RN!5.$)1!
k%'I.!&'/!(?!.5:48G?A.@!A#!A9A.!Ĝ)A81!ě0%(Č/0@!I0!-0!Ĝ0%?@!%80G'!;G#X
8Q%'!;Ĝ04!(Č%#5.%!;#5)@!?!%?I$Q!P!(.A9!#R$Č5'&'!-.(,!9#4;#$'Ĝ1!C?-.805!
;#5)@!%80G,!-0!P'G#&0Ė!.!48?G#48#:!A05Q!8Q!#R5?48.@!-0!8Č/8#!9#4;#$'ĜĤ/!
*F=
MYZ!V]ZKOv!`aw"wMq
;G#(?-)/'1!+!8Q8#!#R5?48.!-0!&05/.!4:A9Q!;#$(0R)@!8?%I0!&#$?!P!8Q8#!Ĝ0%N!
-0!PA05?!(0PRN8('!%!8#/:@!?RN!8?/!A#%#5.&!/#95#!GĤ481!O?I$,!P!9#4;#X
$'ĜĤ!;Č48:-0!-.(#:!;5#$.(:@!-?%!8#!&.$)80!(?!#RG'P%:!()I01!
3?%! &.$)80@! -0$0(! G#5()%! ;Č4X
8:-0! ;<0(.A.@! $?5<)! 4#-#&Q! R#RN@!
$?5<)! -0þ/0(@! ?! 8?%! $'501!Y&<?%!
;#:P0! -0$.(,! P! (.A9! RN5! (?8#5.%!
/#:$G,@!I0!#$!Ĝ0%N!;Ĝ.;#-.5!;#X
8G:R)!(?!-09#!;#P0/0%!?!(?.(48?X
5#&?5! G#P;G?<#&?þ0! (?! P?5Q&'()!
4&Q!WG#$N1!>48?8()!9#4;#$'Ĝ.!40!
(?! Ĝ0%:! (0;Ĝ.;#-.5.1! 3?%,! R:$0!
&,450$0%S![?&5?I#&'(#!-0!;#:P0!
;#50!4!;<0(.A)!?!8?%!;#!þ?40!;G#X
$:%:-0! ?! ;Ĝ.('<)! WG#$:1! >48?8()!
;#50!&<?%!(0;G#$:%:-)!?!;Ĥ$?!(?!
(.A9!(?%#(0A!&N;G?9(01
K8?G#48?!A05Q!#R5?48.!;#!þ?40!
;Ĝ.A9'P)!P%#(8G#5#&?8!-0$(#85.&'!
;#501!"#A9&'5)!9#4;#$'Ĝ0@!%80G,!
;Ĝ.;#-.5!4&Q!;#50!%!Ĝ0A01!>48?8()!
&<?%!;#%'G'!P?!8#@!I0!;G#/?G(.X
5.!;Ĥ$:@!%80G#:!-./!4&ČĜ.51!e"G#þ!
-480! 8?%Q! (0;Ĝ.;#-.5.! 4&'! ;#50!
%!Ĝ0A0S!"G#þ!-480!/#:!;Ĥ$:!;G#X
/?G(.5.Sb
Y! (N()! ('<! #RG'P0%! 8G#A9:!
;#P/Č()/01!M?/)48#!;#5)!4!;<0X
(.A)@! 4#-#&,/.! R#RN@! %:%:Ĝ.A)!
?8$1! /'/0! ;#50! (?P&?('! e>$;:<8Č()! 9Ĝ)A9Ĥb@! eK&?8,! I.&#8b@! ekP$G?X
&0()b!c(0R04%Q!P$G?&)d@!e[$G#-0!;G#!(?;5(Č()!;#8Ĝ0R!5.$)b!?!e"?(#&'()!
*FB
+j3]ChýMj
&!I.&#8Čb1!34#:!.!-.('!;#50@!?50!8#8#!('/!;G#!;#A9#;0()!;#48?þ)1!C)48#!
#R5?48.!4!(Č%#5.%?!9#4;#$'Ĝ.!(N()!/'/0!4G$A0!&ČĜ)A)9#@!-?%!8#!&.$)80!(?!
('450$:-)A)!.5:48G?A.1!
+! 8Q8#! &?G.?(8Č! -0! %! Ĝ0A0!
/.5#48.! ;Ĝ.;#-0(#! 4%GP0! ;#X
8G:R)! &)GN! #;Č8! -0(! -0$(#!
;#50@!e>$;:<8Č()!9Ĝ)A9Ĥb1!30!
8#! 8:$)I! -0$.(Q! ;#50! &! 4G$A.!
8#9#8#! &ČĜ)A)9#@! %80G'! -0! P?X
&5?I#&'(#1!Y!P(#&:@!-0(!8?8#!
#R5?48! ;G#$:%:-0@! P?8)/A#!
#48?8()! A9Ĝ?$(#:! ?! (0(04#:!
WG#$:1!`#!-0!.!8?$N!G#P9#$:X
-)A)/! ^?%8#G0/! ;G#! G#P$)5(Q!
&,450$%NS! "G#þ! ;G#$:%:-0!
-0(! 8#! -0$(#! ;#50@! P?8)/A#!
#48?8()! 50I)! 5?$0/! i! .! ;Ĝ04X
8#@! I0! ;Ĝ)/#! :! (.A9! ;G#8Q%'!
Ĝ0%?S! n#P9#$:-)A)/! ^?%8#X
G0/! -0! ;#8G:R)! &)GN1! Z)%N! 8Q!
4?/Q! &#$Č! /.5#48.! P0! 480-(Q!
Ĝ0%N! RN! /#95?! &<0A9(?! 8?!
;#50! &P%&Q8?8@! ?&<?%! ;#:P0!
-0$.(Q!4.!%!()!PĜ)$.5#!;Ĝ)48:;1!
O?I$Q! ;#50! ;Ĝ0$48?&:X
-0! -.(#:! #R5?48! I.&#8?@! %80GQ!
&<0A9(N!/.5#48!#&5.&Ė:-0!?!;G#/ČĖ:-01!T0(8#!%Ĝ04Ģ?(!#80&Ĝ05!4&Q!4G$A0!
;G#! -0$(:! #R5?48! /.5#48.! X! e>$;:<8Č()! 9Ĝ)A9Ĥb@! ?&<?%! %&Ĥ5.! 4&Q! (0&)X
Ĝ0! #$Ĝ)P5! /.5#48! &! -.(,A9! #R5?480A9! I.&#8?@! %80GQ! 8?%Q! ;#8Ĝ0R#&?5N! -0-)!
P/#A(Č()1!`9NR)!/:!;Ĝ.;#-0()!4%GP0!&)G:!%0!4&?8#48.@!:P$G?&0()@!P$G#X
-Ĥ/!%!(?;5(Č()!;#8Ĝ0R!5.$)@!&5'$(:8)!&!I.&#8Č!?!$?5<)/1!
*FE
MYZ!V]ZKOv!`aw"wMq
3?%Q!8#!R:$0!#!4#:$(Q/!$(:@!?I!30I)<!;Ĝ.-$0!P%#(8G#5#&?8!;#50!(?<.A9!
I.&#8ĤS!3?%!C:!&N4&Č85)/0@!I0!-4/0!40!/)48#!7#I)/:!45#&:!G#P9#$5.!$ĤX
&ČĜ#&?8! &)A0! &,/5:&'/@! %80GQ! PR?&.5N! Wþ.((#48.! /#A! 309#! /.5#48.S! 3?%!
C:!&N4&Č85)/0@!I0!-4/0!(095'4?5.!;5(#:!/#A!/.5#48.@!?RN!R,&?5.!8.@!%80Ĝ)!
('/!(?45#:A9?-)@!/#95.!R,8!;5#$(Č-<)/.S!`#!Ĝ0%(0/0!T#/:@!%$#!40!P0;8'g!
eTN!/?5Q!&)GN@!;G#þ!-4.!P?;#A9NR#&?5Sb!cC?8#:<!*=@6*!;#$50!?(\51!;Ĝ1d1
30I)<! -?4(Č! ;G#95?<:-0g! eY! %$#! :45N<)! C'! 45#&?! ?! (0&ČĜ)! -./@! 8#9#!
3'!(04#:$)/111!K5#&#@!%80GQ!-40/!;#&Č$Č5@!8#!9#!R:$0!4#:$.8!&!;#450$()!
$0(b! c3?(! *2@=FX=H! ;#$50! ?(\51! ;Ĝ1d1! "G#þ! /N45)80@! I0! Z:A9! K&?8,! $?5!
$#! ")4/?! 8#5.%! ;Ĝ)%5?$Ĥ! 8#9#@! -?%! 30I)<! %'G'! K&Q! ('450$#&()%N! P?! (0X
$#48?80%!&)GN!#950$(Č!:P$G?&0()@!(?;5Ė#&'()!;#8Ĝ0R!P'48:;Ĥ!5.$)@!8.<0()!
R#:Ĝ)!?!/(#9?!$?5<)A9!4.8:?A)S!M?<0!4%:8%N!R:$#:!;Ĝ0$!4#:$(#:!48#5.A)!
;#4:P#&'(N! (?! P'%5?$Č! 309#! &5?48()A9! 45#&1! >! 8#/@! A#! ('/! $.%8#&?5N!
(?<0!&5?48()!P%:<0(#48.!(0R#!P%:<0(#48.!808.þ%N!C.5:<%N@!48G,þ%?!T#/?!
þ.!%?/?G'$?!O:RN@!40!(0R:$0!;Ĝ0$!4#:$(#:!48#5.A)!&ĤR0A!9#&#Ĝ.81!T?/!
R:$#:!(?<0!&)G?!?!(?<0!4%:8%N!;#4:P#&'(N!;#$50!&Čþ(Q9#!7#I)9#!45#&?!
/.5#48.1!3?%!-0!(?;4'(#g!
e`#!80$N@!%$NI!(Č%80Ĝ)!(0&ČĜ.5.S!M0PG:<)!-0-.A9!(0&)G?!&ČG(#48!
7#I)S!M?;G#48#!(0D!Y50!?Ģ!-0!7Ĥ9!;G?&$.&,!?!%?I$,!þ5#&Č%!59'Ĝb!
cě)/?(Ĥ/!6@6X=!;#$50!?(\51!;Ĝ1d1
M0R:ć/0! 5.$/.@! %80Ĝ)! ;#A9NR:-)@! 5.$/.@! %80Ĝ)! (0&ČĜ)! 8#/:@! A#! 7Ĥ9!
Ĝ)%'1!7:ć/0!5.$/.!&)GN1!M0R#Ģ!")4/#!Ĝ)%'g!e+<0A%#@!A#!(0()!P!&)GN@!-0!
9Ĝ)A9b!cě)/?(Ĥ/!*=@26d1!OG#/Č!8#9#@!&ČĜ.8!7#I)/:!45#&:!;Ĝ0A0!(0()!
&ĤR0A!#R8)I(Q@!&I$NĢ!-?%!RN!>(!/#95!(Č%$N!Ĝ)%?8!(ČA#!<;?8(ČS
!
*FF
+j3]ChýMj
™
!"#$%&'#&12,34)þ'*-&.)/0"G#þ!-4#:!&)G?!?!;,A9?!;G#8.%5?$NS
"G#þ!/N45)80@!I0!8#5.%!%Ĝ04Ģ?(Ĥ!I.-0!R0P/#A(Č!cR0P!/#A.!i!;#P(1!(?%51dS
3?%,/!;G#R5Q/Ĥ/!/:4)80!þ05.8@!%$NI!A9A080!;0&(Č!:A9#;.8!;G?&$:@!I0!
e7Ĥ9!-0!4A9#;0(!c/#A0(dbS
*FH
0A
L*>=6ì-,!+.H%!36!-6()#O=-,
M
.%$N!(0P?;#/0(:!(?!-0$(#!408%'()!4!7#90/@!%80GQ!/.!P/Č(.5#!I.&#81!
7N5! -40/! %Ĝ04Ģ?(0/! 80;G&0! ;'G! 508@! RN5! -40/! 4&#R#$(,! ?! I.5!
-40/! &! -0$(#/! RN8Č! &! K0&0G()! O?G#5)(Č1! 30$(Q! (#A.! -40/! 40! ;G#R:$.5!
P!95:R#%Q9#!4;'(%:!?!P-.48.5!-40/@!I0!&N4%?%:-.!P!;#48050!?!%Ĝ.þ)/g!e3'!
;G#48Č!950$'/!(Č%#9#@!%$#!RN!&ČĜ.5Db
"G#8Ĝ05!-40/!4.!#þ.!?!;#$)&?5!-40/!40!(?!R:$)%!i!:%?P#&?5!þ8NĜ.!9#$.(N!
G'(#1!`9&)5.!/.!8G&?5#@!(0I!-40/!4.!&P;#/(Č5@!%$0!-40/!?!A#!40!&5?48(Č!
$Č-01!n#P4&)8.5!-40/!5?/;.þ%:!:!;#48050!?!P-.48.5!-40/@!I0!/#-0!;#&50þ0()!
-0!W;5(Č!;G#;#A0(Q1!+Č$Č5!-40/@!I0!?50!(0/'/!9#G0þ%:!?(.!(0-40/!(0X
/#A(,1!7N5!-40/!#9G#/0(!?!(?;5(Č(!R'P()g!k&Č$#/.5!-40/!4.@!I0!;G'&Č!
4%GP0!/'!W48?!;G#/5:&.5!7Ĥ91!O$NI!/.!8#!W;5(Č!$#<5#@!RN5#!/#:!$?5<)!
/N<50(%#:g!M8$þ%#$%<$,56,#*?%'5E/6$%)6"EB?U%;:%<Ĝ535%*?.>%95%)65@:%6(@(>%
&#5Ĝ?%"*ČĜ?0!7N5!-40/!48'50!&05/.!#4;?5,f!P9?45!-40/!80$N!4&Č85#@!;?$5!$#!
;#48050!?!#%?/I.8Č!-40/!#;Č8!:4(:51!
O$NI!-40/!40!G'(#!&PR:$.5@!8?!45#&?!48'50!P(Č5?!&!/Q/!(.8G:g!;:%<8$,G
#Č%)65@:.%'Č&$)$>%&@$%E/%*ČĜ(6000;:%<8$,#Č%)65@:.%'Č&$)$>%&@$%E/%*ČĜ(6000
;:%<8$,#Č%)65@:.%'Č&$)$>%&@$%E/%*ČĜ(6000!Y4.!8?%!&!*L!$#;#50$(0@!%$NI!
-40/!<05!;Ĝ04!;G'P$(Q!;?G%#&.<8Č@!/.!8#!P-0&0()!(?-0$(#:!$#<5#1!+N%Ĝ.%5!
-40/g!e"'(.D!T#!-0!95:R#%QDb
>$!8Q!A9&)50!-40/!P?þ?5!;Ĝ0/,<508!#!$&#:!&ČA0A9!#950$(Č!30I)<#&?!
;#RN8:!8?$N!(?!P0/.g!W$%;59?B5%'5+*?35%8.$"#(6$U%?!W$%2"%@Č646$%'5+G
*Č#B?%84@$,#U
Z#<05! -40/! %! P'&ČG:@! I0! /Č5! (0-&Č8<)! 84@$,#@! %$NI! 5.$Q! -0$(#$:<0!
&ČĜ.5.@!?!(0-&)A0!a#!G/#:8.5#@!%$NI!5.$Q!(0&ČĜ.5.@!I0!:$Č5'!8#@!A#!Ĝ0%51!30$X
(#$:<0!Ĝ0þ0(#@!30I)<0!95:R#A0!P?G/:A#&?5!-0-.A9!(0$#48?80%!&)GND!+)G?!
*FJ
+j3]ChýMj
&ČĜ)@!I0!8#@!A#!7Ĥ9!Ĝ)%'@!/N45)!&'I(Č@!?!8?%Q!/N45)!&'I(Č!8#@!A#!Ĝ)%'1!7Ĥ9!
(0()!þ5#&Č%@!?RN!59?5f!K&Q!45#&#!\?G?(8:-0!A8)!K&Q9#!-/Q(?1!"Ĝ)4?9'!4'/!
;Ĝ.!K#RČ@!;G#8#I0!:I!(.%$#!&N<<)!(0I!>(!(00U.48:-01!T?%I0!%$NI!#!MČ/!
;#A9NR:-0/0@!:G'I)/0!309#!þ0481!
7ģa!>Z">+qZw!MY!MYx]!+qnk
+<0@!A#!#$!7#9?!$#48'&'/0@!;Ĝ.-)/'/0!&)G#:1!>R-0&.5!-40/!-0$(:!;G?&X
$:@!#!%80GQ!/(#9#!%Ĝ04Ģ?(Ĥ!(0&)g!7Ĥ)%'5$@<$*?@:%'4%'4B(%<$#Ĝ5E"j%T'%
$@<$*?@:%'4%'4B(%*?8"[!k&0$:!&'/!%!8#/:!-0(!(Č%#5.%!;Ĝ)%5?$Ĥ!P!7.R50@!
?þ%#5.&!-0!-.A9!8?/!/(#9#1!30$(#9#!$(0!30I)<!#$A9'P05!40!4&,/.!:þ0$X
()%N!P!30G.A9?@!('450$#&'(!#RG#&4%,/!P'48:;0/1!k!A048N@!;#!%80GQ!<5.@!
40$Č5!450;,!þ5#&Č%@!-/Q(0/!7?G8./0:41!O$NI!:45N<05@!I0!%#50/!;G#A9'P)!
30I)<@! P?þ?5! (?! MČ9#! &#5?81! V.$Q@! %80Ĝ)! 48'5.! #%#5#@! 9#! P?þ?5.! 9:R#&?8!
?!;Ĝ.%?P#&?8!/:@!?RN!RN5!P8.A9?@!?RN!kþ.8050!(0#8G?&#&?51!Y50!7?G8./0:4!
%Ĝ.þ05!-0<8Č!95?4.8Č-.1!"#$)&0-80!40@!A#!40!48?5#!$)%N!-09#!(0#$RN8(Q!&)Ĝ0g
e30I)<!40!P?48?&.5b!cC?G0%!*L@=Jd1
{I?4(QD!30I)<!40!4!G#P9#$(#48)!&N$?5!$#!30G:P?5Q/?@!?RN!&N%#(?5!8#@!
;G#þ!RN5!;#45'(@!8?%I0!RN5!;5(Č!4#:48Ĝ0$Č(!(?!4&Ĥ-!W%#51!>R%5#;#&?5N!
a#!P'48:;N!5.$)!?!-40/!4.!-.48@!I0!/(#P)!P!(.A9!/Č5.!;#8Ĝ0RN1!"Ĝ048#!8#!
(0RN5N! -0-.A9! ;#8Ĝ0RN@! A#! P;Ĥ4#R.5#@! ?RN! 40! 30I)<! P?48?&.5! ?! (?! A9&)5.!
;#P?48?&.5!K&#:!/.4.1!Y&<?%!80(8#!450;0A!(?!MČ9#!%Ĝ.þ05!?!I'$(Q!;G#8.X
&0(48&)!9#!(0/#95#!:/5þ081!7N5!8#!-09#!95?4@!?!(.%#5.&!8.A9#!#48?8()A9@!
A#!P;Ĥ4#R.5#@!I0!40!C.48G!P?48?&.51!
30I)<!;#8#/!;Ĝ.%'P?5g
ee[?&#50-80!9#1b!+#5?-)!80$N!8#9#!450;Q9#!?!Ĝ)%?-)!/:g!e+PA9#;!40@!
&48?Ė@!&#5'!8ČDbb!c&0G<!=Jd1
*HL
KOkThýMw!+qnY!3h!Mh>Z7oTMw
30!PĜ0-/Q@!I0!5.$Q@!%80Ĝ)!7?G8./0?!#R%5#;#&?5.@!9#!(0;#$;#G#&?5.@!(?X
#;?%!RN5.!;G#8.!-09#!;#I?$?&%:1!T#!-0-!&<?%!(0&N&0$5#!P!/)GN@!;G#8#I0!
40!&0!4&Q!&)Ĝ0!(0(0A9?5!P?48?&.81!>$9#$.5!4&Ĥ-!I0RG'A%,!;5'<Ģ@!&N4%#þ.5!
?!;Ĝ.4;ČA9?5!4!/?5#:!;#/#A)!#48?8()A9!%!30I)<.1!"#450A9(Č80!4.@!A#!30I)<!
Ĝ0%5g!
e`#!A9A0<@!?RNA9!8.!:þ.(.5Sb!c&0G<!B*d1
ZČ5'80!4.!50\G?A.S!`#!-0!8#!P?!#8'P%:S!K50;A0@!%80GQ9#!/:405.!%!30X
I)<.! ;Ĝ.&Q48@! ;G#8#I0! (0&.$)! (?! A048:@! 40! P0;8'@! A#! ;#8Ĝ0R:-01!+I$NĢ! -0!
8#!;Ĝ0A0!PĜ0-/Q@!8?%!;G#þ!40!9#!;#8Ĝ0R:-0!30I)<!;8'8S!`#;?%!(0&.$)!-09#!
;#8Ĝ0R:S!`9A0!9#!4(?$!30I)<!:G?P.8!(0R#!P04/Č<(.8S!K?/#PĜ0-/Č@!I0!(01!
30I)<!A9A0!&.$Č8!$Ĥ%?P!7?G8./0#&N!&)GN1!+P;#/0Ė80!4.@!I0!&)G?!/5:&)1
!O$NRN!7?G8./0:4!Ĝ0%5g!e3'!&)/@!I0!I'$?8!#!PG?%!-0!;Ĝ)5.<!/(#9#@!?50!
/#95!RN4!/.!;G#4)/!:P$G?&.8!G0&/?!&!G:A0Sb@!;?%!RN!;Ĝ04(Č!8#950!$#48?51!
+)/@!I0!-0!8#!;G?&$?@!;#$50!8#9#@!A#!30I)<!Ĝ0%5@!%$NI!40!7?G8./0#&N!#þ.!
#80&Ĝ05Ng
e3$.@!8&'!&)G?!8Č!:P$G?&.5?b!c&0G<!B2d1
!309#!&)G?!9#!4;#-.5?!4!7#I)!/.5#48)1!C0P.!5.$/.!&!P'48:;:!RN5N!.!-.(Q!
;#8Ĝ0RN@! ?&<?%! 8?8#! -0$.('! RN5?! (?;5(Č(?1! 309#! &)G?! ;G#/5:&.5?! ?! -09#!
&)G?!8?%Q!$#48?5?!#$!7#9?!8#@!A#!I'$?5?1!
+P;#/)('/!4.!(?!-0$(#!49G#/'I$Č()@!%$0!-40/!40!/#$5.5!P?!(Č%#5.%!
/5?$,A9! 5.$)1! 7N5#! 8#! &! ;'80%! &0þ0G! ?! $#;Ĝ0$:! ;Ĝ.<5#! /(#9#! 5.$)! ;G#!
/#$5.8R:1!"8?5!-40/!40!%?I$Q9#!P!(.A9@!;G#þ!;Ĝ.<05!;G#!/#$5.8R:@!?!(0X
:48'50!-40/!45N<05!480-(#:!#$;#&Čćg!e`9A.!&)A!7#9?1b![?!(Č%80GQ!-40/!
40!A9&.5%:!/#$5.5@!?&<?%!A)8.5!-40/@!I0!-0!/'5#!/#A.!?!7#I)!;Ĝ)8#/(#48.1!
MČA#! (0RN5#! &! ;#Ĝ'$%:1! [?48?&.5! -40/! 40! ?! A)8.5! -40/@! I0! Z:A9! K&?8,!
#;G?&:-0! P;Ĥ4#R@! -?%,/! -40/! 45#:I.5@! ?! &0$0! /Č@! ?RNA9! %#(^G#(8#&?5!
&<0#R0A(#48!8ČA98#!/#$5.80R1
*H*
+j3]ChýMj
"Ĝ.48#:;.5!$?5<)!þ5#&Č%@!/5?$,!/:I@!?!;#I'$?5!#!8#!4?/Qg!e`9A.!&)A!
7#9?b1! K80-(Č! -?%#! #48?8()! /Č5! (?! 8&'Ĝ.! &,G?P! #$9#$5'()@! %80G,! -?4(Č!
Ĝ)%?5g!e30X5.!8#!(:8(Q@!R:$:!40!%5.$(Č!/#$5.8!A05#:!(#Ab1!M0RN5#!8ČI%Q!
#$9?5.8@!I0!/#8.&N!8#9#8#!/5?$)%?!-4#:!þ.48Q1!Y&<?%!.Ĥ95.5%.?#%"<Ĝ?.G
'-%,8@35>%4%<Ĝ5,#$%'5E=#%*5%*?Ĝ50
[0;8?5!-40/!40!9#g!eCĤI0<!;Ĝ04(Č-.!4;0A.!!%#&?8@!A#!/N45)<!8)/g!A9A.!
&)A! 7#9?S! Z#%:$! (0R:$0<! 4A9#;0(! ;Ĝ04(Č! .$0(8.!!%#&?8@! A#! #$! MČ9#!
A9A0<@!(0R:$:!40!4!80R#:!/#$5.81b
+,G?P!-09#!8&'Ĝ0!40!#%?/I.8Č!P/Č(.51!+N;?$?5!P/?80(Č!?!(0&Č$Č5@!A#!
Ĝ)A81![?þ?5!4.!:&Č$#/#&?8@!-?%!-0!;Ĝ0$!7#90/!-09#!I'$#48!(0:Gþ.8'1!
"#-ć/0!8#!(N()!4G#&(?8!4!8)/@!A#!-4/0!&.$Č5.!(?!;Ĝ)RČ9:!7?G8./0?1!
+<.A9(.!8.!5.$Q@!%80Ĝ)!RN5.!8#9#!$(0!%#50/!30I)<0@!A98Č5.!&)A!7#9?1!"G#8#!
30-!&N950$?5.!?!('450$#&?5.@!?&<?%!-0(#/!80(8#!450;0A!$#48?5!4&Ĥ-!PG?%1!
"#8#/! -40/! 8#/:! /5?$Q/:! /:I.! Ĝ0%5g! e[Ĥ48?Ė! 8?$N! ?! ;Ĝ0/,<50-@!
?!%$NI!R:$0<!/)8!(ČA#!;Ĝ04(Č-<)9#@!A#!#$!7#9?!I'$'<@!R:$:!40!;?%!4!80X
R#:!/#$5.81b!T#!4?/Q!-40/!:$Č5?5!4!(Č%#5.%?!#48?8()/.1!
"#!A9&)5.!%0!/(Č!8.8#!/:I.!?!I0(N!P(#&:!;Ĝ.48#:;.5.!40!4;0A.!!A%,/.!
I'$#48/.1!Y!(?-0$(#:!RN5?!7#I)!;Ĝ)8#/(#48!?!309#!/#A!&05.A0!4.5('1!30X
-.A9!;#8Ĝ0RN!RN5N!(?;5Ė#&'(N@!?!(?&)A!P)4%'&?5.!8.8#!950$?-)A)!&Č8<)!;#G#X
P:/Č()!7#I)A9!P;Ĥ4#RĤ1!T?!G0?5.8?!e&)A!7#9?b!RN5?!4%:80þ(Č!(?;5(Č(?1!
"Ĝ048#I0! RN5.! 8.8#! 950$?-)A)! 8#5.%! (?$<0()! ?! 95?$#&)! ;#! 8#/@! ?RN! 40!
7#9:!5)R.5.@!4%5#:P5.!$#!(0;5#$(,A9!/#$5.80R@!;G#8#I0!-0-.A9!&)G?!(0RN5?!
P?/ČĜ0(?!(?!4;0A.!!A%,!;#I?$?&0%1!"#!8#/!:;Ĝ04(Č()@!40!P?þ?5.!A9#&?8!
&)A0!-?%#!7?G8./0:4@!%80G,!;Ĝ04(Č!&Č$Č5@!A#!;#8Ĝ0R:-0@!?!80$N!Ĝ)%?5!8#@!
þ0/:!&ČĜ.51!3?%!7?G8./0:4@!8?%!8.8#!/5?$)!5.$Q!#$A9'P05.!4!95:R<)/!;#X
P('()/!7#9?!(0I!#48?8()!P!$?&:1!
Z +Y M w ` T ! V h T ! O n+ w ` h M q
"#-ć/0!80ć!;G#P%#:/?8!-.(,!R.R5.A%,!;Ĝ)%5?$1!30$(?!I0(?!/0P.!5.$/.@!
*H2
KOkThýMw!+qnY!3h!Mh>Z7oTMw
%80Ĝ)!$#;G#&'P05.!30I)<0@!$&?('A8!508!%G&'A05?1!C(#9#!5Q%?ĜĤ!40!-)!4(?I.X
5#!;#/#A.@!?&<?%!RN5#!8#!48'50!9#G<)1
!
eO$NI!:45N<05?!#!30I)<.@!;Ĝ.<5?!&!P'48:;:!P0P?$:!?!$#8%5?!40!309#!
<?8:1!M0R#Ģ!Ĝ)%?5?g!e30485.I0!40!$#8%(:!8Ĝ0R?!-0(!309#!<?8Ĥ@!R:$:!
:P$G?&0(?b!cC?G0%!B@2FX2Hd1
+<./(Č80!4.@!I0!#!30I)<.!:45N<05?1!C#9:!4!-.48#8#:!$#4&Č$þ.8@!I0!RN!
8?/!%5.$(Č!/#95#!R,8!(?;4'(#g!ek45N<05?!&0!4&Q/!4G$A.!#!30I)<.b@!;#X
(Č&?$I! 4G$A0! -0! I.&(#:! ;Ĥ$#:! &)GN1! O$NI! ;#/#A! &<0A9! 5Q%?ĜĤ! 4059?X
5?@! ;#8Ĝ0R#&?5?! :45N<08! &0! 4&Q/! (.8G:1! >(?! :45N<05?! ?! /Č5?! 8?%Q! &)G:!
%!:P$G?&0()1!Y!8?%!;G#/5:&.5?!;#$50!4&Q!&)GN1!e30485.I0!40!$#8%(:!8Ĝ0R?!
-0(!309#!<?8Ĥ@!R:$:!:P$G?&0(?b1!M?!G#P$)5!#$!8ČA9!/5?$,A9!5.$)!(?!8#/!
49G#/'I$Č()!RN5?!-0-)!45#&?!&05.A0!;Ĝ04('1!Y!;#$)&0-80!40@!A#!40!48?5#g
!
eY!9(0$!&N4A95!;G?/0(!-0-)!%G&0!?!;#A)8.5?!(?!8Č50@!I0!-0!:P$G?&0(?!
P!8#9#!8G';0()b!c&0G<!2Jd1
K8?5#!40!;Ĝ04(Č!8#@!A#!;G#/5:&.5?!-0-)!&)G?1!T#!-0!$Ĥ&#$@!;G#þ!8.!/5?$)!
5.$Q!(?-0$(#:!P?þ?5.!8#9#!;'80þ()9#!&0þ0G?!;Ĝ.-)/?81!+ČĜ.5.@!RN5.!;Ĝ04()@!
;G#/5:&.5.!4&#:!&)G:!?!;Ĝ.-?5.1!Y!80ć!4.!;#450A9(Č80!$#%#(þ0()!8#9#!WI?4X
(Q9#!;Ĝ)RČ9:g
e30I)<!9(0$!&!4#RČ!G#P;#P(?5!8:!/#A@!%80G'!P!MČ9#!&N<5?@!#8#þ.5!40!
&!P'48:;:!?!Ĝ)%?5g!eO$#!40!$#8%5!/,A9!<?8ĤSb
309#!:þ0$()A.!/:!Ĝ)%?5.g!e+.$)<@!-?%!40!(?!80R0!P'48:;!85?þ)@!?!Ĝ)%'<g!
O$#!40!/(0!$#8%5Sb
30I)<!40!G#P95)I05@!?RN!4;?8Ĝ.5!8:@!%80G'!8#!:þ.(.5?b!c&0G<0!6LX62d
!
30I)<!(0&Č$Č5@!I0!4.!8?8#!I0(?!;Ĝ.<5?!;G#!:P$G?&0()@!$#%:$!P!MČ-!(0X
&N<5?!/#A1!M0RN5?!8#!309#!&)G?@!309#!.(.A.?8.&?!(0R#!309#!&Ĥ50!(?-)8!8:8#!
*H6
+j3]ChýMj
I0(:!?!:P$G?&.8!-.1!O?I$,!%#:4)þ0%!8Q8#!:$'5#48.!RN5!.(.A.#&'(!?!;G#&0X
$0(!8#:8#!I0(#:@!?(.I!RN!>(!#!8#/!A#%#5.&!&Č$Č5D!"G#8#!40!#8#þ)!?!950$'!
-.@!?!-?%/.50!-.!(?-$0@!Ĝ0%(0g
eZA0G#@!8&'!&)G?!8Č!P?A9G'(.5?1!3$.!&!;#%#-.!?!R:ć!:P$G?&0('!P0!4&Q9#!
8G';0()b!c&0G<!6=d1
[ChxOYMw!"ěqVhu]T>KT
+!0&?(\05.)A9!#;?%#&?(Č!&.$)/0@!I0!7Ĥ9!#$;#&)$'!(?!&)G:1!"Ĝ.!-.(Q!;Ĝ)X
50I.8#48.!30I)<!&N:þ#&?5!&!-0$(#/!$#/Č@!%$0!40!40<5.!I.$#&<8)!&Ĥ$A#&Qg
eY!RN5?!8?/!"'(#&?!/#A@!?RN!-0!:P$G?&#&?5b!cV:%'<!B@*Fd1
C#A!40!/.!5)R)@!-?%!('/!")4/#!&,45#&(Č!Ĝ)%'@!I0!8?/!RN5?!"'(#&?!
/#A@! ?RN! 8.8#! &Ĥ$A#&Q! /#95.! R,8! :P$G?&0(.1! +)/0@! I0! :! 7#9?! (.%$N!
(.A! (0;Ĝ.-$0! (?P/?G1! "Ĝ)%5?$0/! RN! /#95! R,8! ;Ĝ)RČ9! #! 8#/@! -?%! 30I)<!
40RG?5!PRN8%N!-)$5?!;G#!(?4NA0()!þ8NĜ!?!;Č8.!8.4)AĤ@!;G#8#I0!7Ĥ9!;#:I.-0!
&<0A9(#1! [! 8#9#! 80$N! /ĤI0/0! R0P;0þ(Č! &N&#$.8@! I0! -0485.I0! 8?/! RN5?!
"'(#&?!/#A@!?RN!8N!&0$#:A)!:P$G?&#&?5@!RN5!/0P.!(./.!(0-/Q(Č!-0$0(!
c?!;G?&$Č;#$#R(Č!-.A9!RN5#!&)Ad@!%$#!;#8Ĝ0R#&?5!(Č-?%Q!^NP.A%Q!:P$G?X
&0()@!?!;Ĝ048#!-0!(.%$#!(0$#48?51!"G#þS!"G#8#I0!(.%$#!P!(.A9!(0/Č5!&)G:!
-0!;Ĝ.-/#:81!
Y&<?%!-0<8Č!(0RN5#!&<0!P8G?A0(#@!(0R#Ģ!;#!(Č-?%Q!A9&)5.!;Ĝ.(045?!4%:X
;.(%?!/:IĤ!%!$#/:!#A9G(:8Q9#!/:I0!(?!(#4)8%'A91!7N5#!8?/!&<?%!8#5.%!
5.$)@!I0!40!(0/#95.!$#48?8!$#&(.8Ĝ1!Y!8?%!&N(045.!8#9#!/:I0!(?!48Ĝ0A9:@!
:$Č5?5.!&!()!#8&#G!?!(?!5?(0A9!4;:48.5.!(#4)8%?!;Ĝ)/#!;Ĝ0$!30I)<0g
eO$NI!"*(@Č6%+5+(3)%*?8"@!Ĝ0%5g111!eT#RČ!;G?&)/@!&48?Ė@!&0P/.!4&'!
(#4)8%?!?!-$.!$#!4&Q9#!$#/:1b!Y!80(!9(0$!;Ĝ0$!(./.!&48?5@!&P?5!8#@!(?!
þ0/!50I05@!?!#45?&:-0!7#9?!#$0<05!$#!4&Q9#!$#/:1!+<0A9!40!P/#AX
*H=
KOkThýMw!+qnY!3h!Mh>Z7oTMw
(.5!WI?4!?!#45?&#&?5.!7#9?f!RN5.!(?;5(Č(.!R'P()!?!Ĝ)%?5.g!eZ(04!-4/0!
:&.$Č5.!(0þ0%?(Q!&ČA.1b!cV:%'<!B@2Lf!2=X2Ed1
30I)<! :&.$Č5! -0-.A9! &)G:1! O$NI! 45#:I)80! 7#I)/! 45#&0/@! -0! &I$NA%N!
WI?4(Q!&.$Č8!&)G:!&!8ČA9@!%80Ĝ)!950$?-)@!?!-0!;#&PR:P:-)A)!450$#&?8!-0@!-?%!
;Ĝ.-)/?-)!7#I)!/.5#481!C:4)/!&<?%!Ĝ)A.@!I0!;Ĝ)5.<!þ?48#!I'$(#:!&)G:!(0X
&.$)/1!C(#9#%G'8!&P0PĜ0()!þ5#&Č%?!Ĝ)%'!&<0@!(0R#Ģ!8#@!A#!&.$)80!&!-09#!
#þ)A9@!&N-?$Ĝ:-0!8#@!A#!40!$Č-0!&!-09#!4G$A.1!3?%!Ĝ)%'!30I)<@!4&Č850/!þ5#X
&Č%?!-0!-09#!#%#1!
T0(!#A9G(:8,@!480-(Č!-?%#!-09#!(#4.þ.@!&Č$Č5@!I0!"'(!-0!&ČG(,!&0!4&Q/!
K5#&Č1!K!(0-&Č8<)!;G?&$Č;#$#R(#48)!&Č$Č5.@!A#!;G#95?<:-0!7#I)!4/5#:&?g!
eY! (0P?;#/)(0-@! A#! &<0! &N%#(?51! >(! #$;#:<8)! &<0A9(N! 8&Q! &.(N@! >(!
:P$G?&:-0!&<0A9(N!8&Q!(0/#A.b!cu?5/!*L6@2X6d1!+)G?!8#9#8#!;#48.I0(QX
9#!/:I0!?!-09#!;Ĝ'805!RN5?!;#48?&0(?!(?!7#I)/!45#&Č1!
M?#;?%! 8.! &0$#:A)! RN5.! #9G#/0(.@! %$NI! &.$Č5.@! -?%! RN5! 80(! #A9G(:X
8,!:P$G?&0(@!?!$#%#(A0!A9&'5.5!7#9?1!"Ĝ048#!&<?%!I'$(,!P!(.A9!(0;Ĝ.X
-?5!:P$G?&0()@!;G#8#I0!(.%$#!P!('4!(0/ĤI0!A#%#5.&!P)4%?8!-.(?%!(0I!&)X
G#:@!.!%$NI!K'/!7Ĥ9!8#:I)!;#!8#/@!?RNA9#/!8#!/Č5.1!+Ĥ5)!>8A0!;G#!8N8#!
(0/#A(Q!&Ĥ$A0!RN5#@!?RN!;Ĝ.-?5.f!;Ĝ048#!8#!(0:$Č5?5.D!7Ĥ9!#$;#&)$'!(?!
(?<.!&)G:@!%80G'!40!;G#-0&)!(?!(?<.A9!4%:8A)A9!?!45#&0A9!&)GN1!
[ q K O YT ! T > @! ` > ! 7 o V > ! " ģ + > Z M ċ ! > Z h " ě h M >
30$0(!P!(0-WI?4(Č-<)A9!P'PG?%Ĥ!/.5#48.@!%80G,!40!&!0&?(\05.)A9!48?5@!40!8,X
%?5!-0$(Q!Ĝ0A%Q!I0(N1!"Ĝ.<5?!%!30I)<.!?!#;?%#&?(Č!9#!I'$?5?@!?RN!:P$G?&.5!
-0-)!$A0G:@!;Ĝ048#g
e>(!-)!(0#$;#&Č$Č5!?(.!45#&#b!cC?8#:<!*B@26d1
O#5.%!P!('4!RN!8#!8?$N!&P$?5#!?!;G#;?$5#!P#:^?548&)@!9(Č&:!(0R#!;#X
*HB
+j3]ChýMj
A.8:! :R5)I0(#48.S!T?8#! I0(?! ;G#4.5?! #! I.&#8! 4&Q! $A0GN@! ;Ĝ048#! 40! P$'5#@!
I0! -.! 30I)<! .\(#G#&?51!Y&<?%! 8?8#! I0(?! (0/Č5?! R,8! #$/)8(:8?@! ?! 8?%! &0!
&)Ĝ0!$'50!30I)<0!;G#4.5?1!T0(!40!(?%#(0A@!%$NI!40!48'50!(0&P$'&?5?@!%!()!
#RG'8.5!?!Ĝ0%5g!
eM0-$Ĝ)&0!RNA9!/Č5!(?4N8.8!&5?48()!G#$.(:@!u.$N1!M0()!4;G'&(Q!&P)8!
A95QR!$Č8)!?!9#$.8!-0-!;4Ĥ/b!cC?G0%!F@2F!;#$50!?(\51!;Ĝ1d1
CĤI080! 40! (?! 8#! $)&?8! P! %80GQ%#5.&! 48G?(N@! ?&<?%! ;G?&$#:! -0@! I0! -.!
(?P&?5!;40/1!C#95?!40!:G?P.8@!#R&.(.8!a#!P!G?4#&Q!(0('&.48.!?!G#PP:Ĝ0(Č!
#$0-)81! >(?! &<?%! P(?5?! -09#! A9?G?%80G@! ?! #%?/I.8Č! #$;#&Č$Č5?g! eY(#@!
"?(0@! ?50! &I$NĢ! .! ;4.! -0$)! P! $G#R8Ĥ@! %80GQ! ;?$?-)! 40! 48#5:! -0-.A9! ;'(Ĥb!
cC?8#:<!*B@2Fd1
+Č$Č5?@!I0!-0!&!;Ĝ)8#/(#48.!7#I)9#!KN(?@!P(?5?!309#!$#RG#8:!?!&ČĜ.5?@!
I0!>(!/'!(?$RN80%!/#A.1!7N5?!;0&(Č!G#P9#$(:8?!?!&Č$Č5?@!I0!-0$.(Q@!A#!
/:4)!:$Č5?8@!-0!&N8G&?8f!;?%!(0R:$0!#$/)8(:8?1![Ĥ48?5?!&0!&)Ĝ0@!?!;G#8#!
30I)<!Ĝ)%'g!
e!I0(#@!8&'!&)G?!-0!&05.%'1!K8?Ė!40!8.@!-?%!A9A0<b!c&0G<!2Hd1
O$NI!40!&G'8.5?!$#/Ĥ@!(?<5?!4&#:!$A0G:!W;5(Č!P$G?&#:1!M04/)!('/!
:(.%(#:8@! A#! 40! 8?$N! &5?48(Č! 48?5#1! T#@! A#! 30I)<! OG.48:4! i! 7Ĥ9! P-0&0X
(,!&!8Č50!i!8Q8#!I0(Č!(0-$Ĝ)&0!#$/)85!$'8@!;G#8#I0!(0RN5?!$A0G#:!;#$50!
4/5#:&N@!-)!$)%N!-0-)!&N8G&?5#48.!;#8#/!$?G#&?51!30I)<!8?$N!#;Č8!#$;#&ČX
$Č5!(?!&)G:!?!(.%#5.&!(?!;#8Ĝ0R:@!;#(Č&?$I!;#þ'80þ()!;G#4R?!8Q8#!I0(N!
RN5?!&N45#&0(?!%&Ĥ5.!-0-)!;#8Ĝ0RČ@!?&<?%!-0-)!#$;#&Čć!(?!309#!#$/)8(:8)!
RN5?!G#P()A0(?!-0-)!&)G#:1!
+ q n Y ! 3 h ! O V q ý h C @! Y 7 o ` a > C ! C > a V ] ! " ě ] 3 C > k T ! + x h
30!&'/!-?4(Q@!;G#þ!5.$Q!(0$#48'&?-)!8#@!A#!:I!-./!/.5#48!;#4%N85?S!"G#þ!
*HE
KOkThýMw!+qnY!3h!Mh>Z7oTMw
(0I.-)! &,-./0þ(ČS! 3?%:R! R0P! #R?5:! Ĝ)%'g! eZĤ&#$@! ;G#þ! (0/'80! 8#@! A#!
A9A080@!-0@!I0!#!8#!7#9?!(0I'$'80b!c3?%:R!=@2f!MVTd1!M05P0!8#!Ĝ)A.!-?4(ČX
-.1!3?%:R!(0/5:&)!#!(0G#P9#$(,A9!;G#4R'A9@!(,RGI!#!;G#4R'A9!&!G#P9#$X
(Q!&)Ĝ0@!-?%#!-4/0!8#!&.$Č5.!(?!&,<0!:&0$0(,A9!;Ĝ)%5?$0A91!
T0(8#!7#I)!;G.(A.;@!8#8.I!I0!7Ĥ9!#$;#&)$'!4;)<0!(?!(?<.!&)G:!(0I!(?!
;#8Ĝ0R:@!;5?8)!;G#!&<0A9(N!#R5?48.!I.&#8?@!?Ģ!:I!-0!8#!4A9#;(#48!A9#$.8!&0!
4&?8#48.@!I)8!8&#Ĝ.&,!I.&#8@!P)4%'()!/#:$G#48.!þ.!\0(.'5()A9!(';?$Ĥ@!(0R#!
P)4%'()!:P$G?&0()!(0R#!&N4&#R#P0()!P!('&N%#&Q9#!A9#&'()!i!P%G'8%?@!
;Ĝ.-/#:8!&<0A9(#@!A#!(0R0!;#4%N8:-0!;G#!('<!I.&#8@!(0R#!A#!-0!-0<8Č!$ĤX
50I.8Č-<)@!;G#!P?4?I0()!4&Č8?!0&?(\05.0/1!M0/ĤI0/0!0^0%8.&(Č!45#:I.8@!
-0485.I0!(045#:I)/0!&0!&)Ĝ01!3?%:R!4!#$&?9#:!;G#95?<:-0@!I0!%$NI!%&Ĥ5.!
þ0/:%#5.!;Ĝ.A9'P)/0!P?!7#90/@!/:4)/0!8?%!þ.(.8!
e&0!&)Ĝ0!?!(.A!(0;#A9NR:-01!M0R#Ģ!%$#!;#A9NR:-0@!;#$#R'!40!/#Ĝ4%Q!
&5(Č@!9(?(Q!?!P/)8?(Q!&Č8G0/1!YĢ!4.!8?%#&,!þ5#&Č%!(0/N45)@!I0!A#%#5.!
#$!"'(?!$#48?(0b!c*@EXF!;#$50!?(\51!;Ĝ1d1
"#$)&0-/0!40!(?!8?8#!45#&?!-0<8Č!-0$(#:@!;G#8#I0!-4#:!#;G?&$:!$Ĥ50I.X
8'g!eYĢ!4.!8?%#&,!þ5#&Č%!(0/N45)@!I0!3$&$6(!#$!"'(?!$#48?(0b1!I5@$,#4G
'5%'(30%30!8#!(?;G#48#!-?4(Q@!I'$('!(0:8G'5()!;Ĥ$?@!I'$(Q!&,-./%N1!7Ĥ9!
P?-.48.5@!?RNA9#/!8#!$#48?5.!-?4(Č!þ0G(Q!(?!R)5Q/g!>$;#&)$'!(?!&)G:@!(?!
(.A!-.(Q9#1
ěhOMċTh!a>ěh
+!G#A0!2LL2!RN5!&!`#5#G?$:!(0-9#G<)!504()!;#I'G!&!9.48#G..!8#9#8#!48'X
8:1!Z#48?5!-/Q(#!a?N/?(!y.G0!?!P;Ĥ4#R.5?!9#!I0(?@!%80G'!;'5.5?!$#;.4!
#$!4&Q9#!R,&?5Q9#!/?(I05?!&!Pt(Č@!%$0!-0!P?%'P'(#!G#P$Č5'&?8!#90Ė1!
7Č90/!-0$(#9#!/Č4)A0!;#$5095#!;#I'G:!&)A!(0I!*6L!LLL!?%GĤ1!7N5?!8#!
%?8?48G#^?!#RG#&4%,A9!G#P/ČGĤ1!
*HF
+j3]ChýMj
7Č90/!(0-9#G<)9#!#R$#R)!8#9#8#!;#I'G:@!%$N!-09#!P&5'$(:8)!&N;?$?X
5#!R0P(?$Č-(Č@!-40/!RN5!(?!8,$0(!/./#!48'8!?!45,A9?5!-40/!&0!P;G'&'A9@!
I0!40!#90Ė!;#48:;(Č!;Ĝ.R5.I:-0!%!(?<0/:!$#/:!?!(?<)!%?(A05'Ĝ.1!M0()!
8Ĝ0R?! Ĝ)%?8@! I0! -40/! RN5! (0$#þ%?&,@! ?RNA9! :I! RN5! $#/?@! (0R#Ģ! &! (?<)!
þ'48.! /Č48?! :I! RN5?! &N95'<0(?! $#RG#&#5('! 0&?%:?A01! ]9(0$! ;#! ;Ĝ)508:!
-40/!P?/)Ĝ.5!$#!(?<)!%?(A05'Ĝ4%Q!R:$#&N1!>9G#/.5!/(0!;#950$!(?<)!:5.A)!
&0$#:A)!%!R:$#&Č1!O?(A05'Ĝ0!48#-)!&!R5)P%#48.!W;?8)!;#9#Ĝ)!yG#(8!n?(\0@!
A#I!-0!Ĝ?$?!(.I<)A9!&GA9#5%Ĥ!&0$#:A)!#$!40&0G:!%!-.9:@!%80G'!#P(?þ:-0!
P?þ'80%!P('/,A9!K%?5.48,A9!9#G1!Y!;Ĝ)/#!P?!yG#(8!n?(\0@!?4.!;Ĥ5!/)50!
(?! P';?$! #$! (?<)! R:$#&N@! 40! (?4%,8?5! $Č4.&,! ;#950$g! %! (0R.! 40! &?5.5?!
#RG#&4%'!#R5?%?!%#:Ĝ0!?!4?P)!?!(?!þ05()!4%5#!/Q9#!&#P:!40!4('<05!;#;051!
"Ĝ.;?$?5!-40/!4.@!-?%#!%$NI!&-)I$)/!(?!&'50þ(Q!WP0/)1!
O$NI!-40/!#$R#þ.5!(?!;?G%#&.<8Č@!:&.$Č5!-40/@!-?%!&Č8<.(?!(?<.A9!P?X
/Č48(?(AĤ!&N('<)!&ČA.!P!(?<.A9!%?(A05'Ĝ)!$#!48Č9#&'%:@!P?;?G%#&?(Q9#!
:!P?$()A9!$&0Ĝ)1!+<0A9(N!(?<0!%(.9N!?!/?80G.'5N!P0!4%5?$:!RN5N!(?G#&X
('(N! (?! ;?508'A9! (?! P?$()/! ;?G%#&.<8.@! 4;#5:! 4! %?G8#8Q%?/.@! ;#þ)8?þ.@!
('RN8%0/!?!#48?8()/.!&ČA/.1!
"Ĝ048Č9#&?5.!-4/0!(?<.!45:IR:!$#!`#5#G?$?!80;G&0!;Ĝ0$!G#%0/@!8?%X
I0!/(#9#!(?<.A9!P?/Č48(?(AĤ!RN5#!(?-?8#!&!`#5#G?$:1![-.48.5!-40/@!I0!
&<.A9(.!&'<(.&Č!/.5:-)!7#9?!?!I.-)!$#RG,/!I.&#80/@!?&<?%!&Č8<.(?!P!(.A9!
;#%:59'&?5?!&!#R5?48.!;Ĝ.-)/'()!#$!7#9?1!O&Ĥ5.!-0-.A9!(0$#48?8%Ĥ/!&0!
&)Ĝ0!-40/!-0!RČ90/!(?<09#!;G&()9#!4;#50þ(Q9#!G#%:!-0$(#:!8,$(Č!&N:X
þ#&?5!#!P'%5?$()A9!;G?&$'A9!%Ĝ04Ģ?(48&)1!
[?;?G%#&?5!-40/!?:8#!?!&N$?5!-40/!40!(?-)8!Ĝ0$.8050!(?<09#!;0G4#('X
5:@!%80G,!RN5!8?%Q!(?-?8!&!`#5#G?$:1!7N5!8#!#(@!%$#!G#P9#$5@!I0!40!R:$0!
0&?%:#&?81! 3?%/.50! -40/! 9#! (?<05@! Ĝ0%5! -40/! /:g! e"Ĝ048?Ė80! (?%5'$?8!
?!4&#50-80!&<0A9(N!P?/Č48(?(A0!$#!P?40$?þ%N@!A9A.!4!(./.!/5:&.81b
[?8)/A#! 40! /)48(#48! ;5(.5?! 5.$/.@! P-.48.5! -40/! (#&Q! P;G'&N! #! 48?&:!
#9(Č!?!-?%,!-0!?%8:'5()!0&?%:?þ()!;5'(1![-.48.5!-40/@!I0!:!('4!-0!0&?%:?A0!
P?8)/!-0<8Č!$#RG#&#5('1!ý05#!;#I'G:@!%80G,!(0%#(8G#5#&?805(Č!Ĝ'$.5!&!9#X
G'A9!P';?$(Č!#$!('4@!RN5!(N()!<048!/.5!#$!4.5(.A0!n?/;?G8!n?(\0!n#?$@!
*HH
KOkThýMw!+qnY!3h!Mh>Z7oTMw
-0(#/!40$/!/.5!#$!(?<)!%?(A05'Ĝ01!+0$0()!/Č48?!#P('/.5#@!I0!-?%/.50!
RN!;#I'G!;Ĝ0%G#þ.5!8:8#!4.5(.A.@!&N$?-)!;Ĝ)%?P!%!;#&.((Q!0&?%:?A.!;G#!('<!
#%G40%1!>90Ė@!9(?(,!P';?$()/!&Č8G0/@!40!R5)I.5!%!(?<)!R:$#&Č!GNA95#48)!
-0$(:!/)5.!P?!9#$.(:1!O&Ĥ5.!4/ČG:!&Č8G:@!;#%:$!RN!40!(048?5!P'PG?%@!RN!
40!A05,!('<!#%G40%!"?5/0G!V?%0!P?(0$5#:9#!#A.85!&!;5?/0(0A9@!A#I!RN!
;#$50! #$9?$Ĥ! #$R#G()%Ĥ! /Č5#! R,8! ;#P$Č-.! 8#9#! $(01! Z&Č! %Ĝ04Ģ?(4%Q!
#G\?(.P?A0!&!(?<)!R5)P%#48.!RN5N!0&?%:#&'(N!:I!;Ĝ0$A9#P)9#!$(01!
O$NI!40!(?<.!P?/Č48(?(A.!49G#/'I$.5.!&!P?40$?A)!/)48(#48.@!#80&Ĝ05!
-40/!4&#:!7.R5.!(?!C?G%#&Č!0&?(\05.:!?!(?;4?5!-40/!(?!/?\(08.A%#:!
8?R:5.!8N8#!8Ĝ.!&0G<0g
eCČ-80!&)G:!7#I)1!Y/0(@!;G?&)/!&'/@!I0!%$#!RN!Ĝ0%5!8Q8#!9#Ĝ0g!~[&0$(.!
40!?!&G9(.!40!$#!/#Ĝ0r!?!(0P?;#A9NR#&?5!RN!&0!4&Q/!4G$A.@!?50!&ČĜ.5!RN@!
I0!A#!Ĝ)%'@!40!$Č-0@!R:$0!/:!8#!$'(#1!"G#8#!&'/!;G?&)/@!&<0A9(#!P?!A#X
%#5.&!40!/#$5)80!?!A#!I'$'80@!&ČĜ80@!I0!-480!$#48?5.@!?!R:$0!&'/!8#!$'(#b!
c**@22X2=!;#$50!?(\51!;Ĝ1d1
"G&()@!A#!-40/!Ĝ0%5!RN5#g!e[?/Č48(?(A.@!8?8#!45#&?!-4#:!&!(?<)!7.R5.!
(?;4'(?!þ0G&0(Č1!T#!P(?/0('@!I0!-0!Ĝ0%5!30I)<!i!?!(.%#5.&!(Č-?%,!:þ.805!
(0R#! %?P?805! P! $(0<()! $#RN! þ.! $#%#(A0! P! /.(:5#48.1!T?%I0! 4.! /:4)/0!
P?;?/?8#&?8@!I0!&NA9'P0-)!;Ĝ)/#!P!7#I)A9!W48b1
Z?5!-40/!-./!A9&.5%:@!?RN!8#!/#95.!48G'&.8@!?!P0;8?5!-40/!40g!eě0%5!
30I)<@!I0!/'/0!;#;G#4.8!7#9?@!?RN!;#9(:5!8#:!9#G#:@!(0R#!/'/0!/5:&.8!
;Ĝ)/#!%!()Sb
eC'/0!/5:&.8!;Ĝ)/#!%!()Db!#$;#&Č$Č5.1!nNA950!-40/!-./!;Ĝ.;#/(Č5@!
I0!-.(Q!&0G<0!&!M#&Q!4/5#:&Č!('/!Ĝ)%?-)@!I0!8#!/'/0!þ.(.8!&!30I)<#&Č!
-/Q(:@!?&<?%!-0!(?<)!P#$;#&Č$(#48)!/5:&.8!%!;G#R5Q/:1!
e`#! &0$5#! 30I)<0! %! 8#/:8#! ;G#95'<0()Sb! ;#%G?þ#&?5! -40/1! k%'P?5!
-40/!-./!&!7.R5.!;Ĝ)RČ9@!%80G,!40!:$'5!$0(!;Ĝ0$8)/@!%$N!30I)<!950$?5!#&#X
A0!(?!-0$(#/!^)%#&()%:1!u'$(Q!(0(?<05@!-0(!5.48N@!?!8?%!e/:!Ĝ0%5g!eOQI!
-.I!(.%$N!&!8#/8#!&Č%:!P!80R0!(.%$#!(0-)!#&#A01bb!c&0G<!*=d1!30!8#!-?4(Qg!
30I)<!/5:&.5!<Ĝ?.$!%!8#/:!48G#/:1
*HJ
+j3]ChýMj
M'450$:-)A)9#!$(0@!%$NI!30I)<!?!$?5<)!%#50/!8#9#8#!48G#/:!;G#A9'X
P05.@!:&.$Č5.!-0(!:4A95,!%/0(!?!9#5Q!&Č8&01!"08G!4.!&P;#/(Č5@!A#!40!$0(!
;Ĝ0$8)/!48?5#!?!P&#5?5g!en?RR.@!950ć@!80(!^)%#&()%@!%80G,!-4.!;G#%505@!-0!
:4A95,b!c&0G<!2*d1!30I)<#&#:!#$;#&Č$)!RN5?!45#&?@!%80G'!-40/!(?;4?5!(?!
8?R:5.1!
+N;G'&Č()! 8Q8#! :$'5#48.! &! C?8#:<#&Č! 0&?(\05.:! :%?P:-0! -0<8Č! 5Q;0@!
-?%!30I)<!(?!"08G#&:!P&Č$?&#48!#$;#&Č$Č5g
!
eY/0(@!;G?&)/!&'/@!R:$080X5.!/)8!&)G:!?!(0P?;#A9NR:-080X5.@!:þ.()80!
(0-0(!8#@!A#!-40/!:þ.(.5!4!^)%#&()%0/@!?50!%$NRN480!.!8Q8#!9#Ĝ0!Ĝ0%5.g!
~[$&.9(.!40!?!&G9(.!40!$#!/#Ĝ0r@!48?(0!40!8#b!cC?8#:<!2*@2*d1
[0;8?5!-40/!40!4&,A9!P?/Č48(?(AĤg!e`9';080!8#S!"#450A9(Č80!4.!P(#X
&:!309#!45#&?g!~111@:þ.()80!(0-0(!8#@!A#!-40/!:þ.(.5!4!^)%#&()%0/@!?50!%$NX
RN480! .111r1! 30I)<! &! ;#$48?8Č! Ĝ)%'g! ~`95?;.@! 480-(Č! -?%#! -40/! 40! ;#48?&.5!
?!;G#/5:&.5!%!R#:Ĝ.!?!;Ĝ.%'P?5!-)@!?RN!40!:8.<.5?@!?!#(?!8#!:$Č5?5?f!480-(Č!
-?%#!-40/!;G#/5:&.5!%!8#/:!^)%#&()%:!?!;Ĝ.%'P?5@!?RN!P0/Ĝ05@!?!48?5#!40!
8?%f!8?%!.!CQ!$Č8.!/?-)!$Č5?8!8#!4?/QDrb
+<.A9(.!;#P#G(Č!(?45#:A9?5.@!.!%$NI!A)8.5.!%#:Ĝ!P!#9(Č!?!&.$Č5.@!-?%!(?!
#%(0A9!/)48(#48.!:40$'!;#;051!"#%G?þ#&?5!-40/g!eM0-0(I0!/'/0!;G#4.8!
7#9?@!?50!8?%Q!/:4)/0!4?/.!/5:&.8!;Ĝ)/#!%!8#/:8#!;G#8.&0(48&)1!34/0!
-0$(#! 4! OG.480/@! -4/0! 309#! 4;#5:$Č$.A#&Q@! &5'$(0/0! &! 8#/8#! I.&#8Č!
$)%N!9#-(#48.!309#!/.5#48.!?!&!8Q8#!?:8#G.8Č!/:4)/0!/5:&.81!"#$)&0-/0!
40!(?!u?5/!Hg
ekþ.(.5!34.!('4!-0(!/?5.þ%#!()I0!(0I!7Ĥ9@!%#G:(:-0<!('4!45'&#:!
?!$Ĥ48#-(#48)1!K&ČĜ:-0<!('/!&5'$:!(?$!&0<%0G,/!$)50/!4&,A9!G:%#:@!
&<0A9(#!;#$!(?<)!?:8#G.8:!%5?$0<b!cEXFf!`h"d1
e3?%#!309#!&05&N45?(A.!-4/0!48&#Ĝ0(.!-0(!#!/'5#!/0(<)/.@!(0I!-0!7Ĥ9!
4'/@! ?! /'/0!;Ĝ.('<08!80(!I.&#8@!-?%,!-0!&!(0R.@!40/!(?!P0/Db!+!(0R.!
*JL
KOkThýMw!+qnY!3h!Mh>Z7oTMw
I'$(Q!$#/N!(09#Ĝ)!(?!;#;051!"G#8#!(0()!7#I)!&Ĥ5)@!?RN!8?8#!R:$#&?@!%80X
G#:!('/!$?5@!4%#(þ.5?!&!;5?/0(0A91!30I)<!-?4(Č!Ĝ)%'g!e[5#$Č-!;Ĝ.A9'P)@!
-0(!?RN!%G?$5@!P?R)-05!?!9:R.5f!-'!-40/!;Ĝ.<05@!?RN!/Č5N!I.&#8!?!/Č5N!9#!
9#-(#48b! c3?(! *L@*Ld1!T?$N! -0! 8?! -?4('! 9G?(.A0! &0! &<0A9! P'50I.8#480A91!
30485.I0!-$0!#!P?R)-0()@!%G'$0I0!(0R#!(.þ0()@!-0!8#!('<!(0;Ĝ)805f!-0X5.!8#!
&<?%!&!4#:5?$:!4!(0R04%,/!48N50/!I.&#8?!i!&!;5(#48.!I.&#8?!i!;?%!-0!8#!
#$!7#9?1b
eT0(8#!;#I'G!(0()!#$!7#9?@b!;#%G?þ#&?5!-40/1!e309#!(.þ0()!(0()!#$!
7#9?1!T0(8#!;#I'G!G#P()8.5!P5#$Č-@!80/(#8?1!Y!/N!P!(Č9#!-0(!8?%!(0:80X
þ0/0!?!(0(0A9'/0!(?<0!/Č48#!?!(?<.!R:$#&:!49#Ĝ08!(?!;#;051!"#48?&)/0!
40!?!;Ĝ.%'I0/0!/:@!?RN!40!P?48?&.5Db
"#P#G#&?5!-40/@!-?%!40!/Č()!&,G?P!(?!8&'Ĝ)A9!/,A9!P?/Č48(?(AĤ!i!
48G?A9! :48:;#&?5! ?! (?! /)48#! (Č9#! ;Ĝ.A9'P05#! (?$<0()1! +.$Č5! -40/@! -?%!
-0-.A9!&)G?!G#480@!;G#8#I0!-./!RN5#!48'50!-?4(Č-<)@!A#!#!8?%#&,A9!4.8:?A)A9!
Ĝ0%5!30I)<1
eZ#RG'@b! Ĝ0%5! -40/@! e:$Č5'/0! 4.! 40P(?/! 8#9#@! A#! 40! 48?(0! ?! A#! 40!
(048?(0@!?!;#8#/!;Ĝ04(Č!8#!Ĝ0%(0/0!?!;Ĝ.%'I0/01b![?þ?5!-40/!40P(?/!
;4'8!(?!8?R:5.1!e[?!;G&Q@!49#$(0/0!40!(?!8#/@!I0!40!(?<)!R:$#&N!#90Ė!
?(.! (0$#8%(01! Z'50@! RN5#! RN! <;?8(Q! &ČĜ.8@! I0! 7Ĥ9! A9A0! P?A9G'(.8! (?<.!
R:$#&:@!?!;#8#/!40!$)&?8@!-?%!8G;)!(?<.!4#:40$Q1!OG#/Č!8#9#@!(0P?;5?8.5.!
-4/0!&N4#%#:!A0(:!P?!80(8#!('$90G(,!;#P0/0%!4!&,950$0/!(?!8N!;Ĝ0X
%G'4(Q!9#GN@!/?50R(Q!/Č48#!?!%G'4(#:!;Ĝ)G#$:@!?RNA9#/!8#!&<0!(0A9?5.!
;G#/Č(.8!&0!4;'50(.<8Č1!T?%I0!80(950!#90Ė!40!(0$#8%(0!-0$.(Q9#!/)480þX
%?@!%80GQ9#!%#50/!(?<)!%?(A05'Ĝ0!/ĤI0/0!$#95Q$(#:81b!T#8#!RN5!$G:9,!
R#$!(?<09#!40P(?/:1!
"#8#/!-40/!Ĝ0%5g!eM0R:$0/0!;5,8&?8!þ?40/@!0(0G\.)!?!;0(ČP.@!%80GQ!
RNA9#/!;#8Ĝ0R#&?5.!(?!;Ĝ048Č9#&'()!P!(?<)!R:$#&N@!P&5'<Ģ!%$NI!RNA9#/!
8N8#! &P'A(#48.! /#95.! &N:I)8! ;G#! 45:IR:! 5.$0/1! Z#&0$080! 4.! ;Ĝ0$48?&.8@!
-?%!#R8)I(Q!R:$0!;G?A#&?8!0^0%8.&(Č!&!(Č-?%Q!;G#P?8)/()!R:$#&Č@!%$NI!
R:$0/0! 0&?%:#&'(.S! T?%I0! 8Ĝ08)/! R#$0/! (?! 40P(?/:! R:$0@! I0! #90Ė!
(0;Ĝ0%G#þ)!:5.A.!n?/;?G8!n?(\0!n#?$1!h&?%:?A0!(0R:$0!(:8('1b
*J*
+j3]ChýMj
K8'5!-40/!;Ĝ0$!8?R:5)!4!!!U0/!&!G:A0!?!;#%G?þ#&?5!-40/g!eT?%Q!;#X
8Ĝ0R:-0/0@!?RN!40!P/Č(.5!&)8G1!"#8Ĝ0R:-0/0@!?RN!^#:%?5!#$!&,A9#$:!(?!
P';?$1b!7#$!þ)45#!þ8NĜ.!(?!40P(?/:1!
"0G4#('5!:I!RN5!PA05?!P?;#-0(1!kI!8#!(0RN5.!5.$Q!4!&N48G?<0(,/!?!;#X
G?I0(0A%,/! &,G?P0/f! (N()! -40/! &.$Č5! &! -0-.A9! 8&'Ĝ)A9! (#&#:! 0(0G\..!
?! G#P9#$(#481! 30$0(! (?&G95@! I0! RNA9#/! ;#8Ĝ0R#&?5.@! ?RN! ;Ĝ.<05! 4.5(,!
$Q<Ģ@! %80G,! RN! #90Ė! :9?4.51! "#I'G! 8G&?5! :I! 8Ĝ.! 8,$(N! ?! 9?4.þ.! 9#! P?8)/!
(0$#%'P?5.!%&Ĥ5.!(0$#48?8%:!$0<8Č!?!4.5(Q/:!&Č8G:!:9?4.81!K9#$5.!-4/0!
40@!I0!5.-'%!R:$0!;'8,/!R#$0/!(?!(?<0/!40P(?/:1!
x048,/!?!;#450$()/!R#$0/!RN5#@!I0!80(8#!;#I'G!&N9?4(01!"Ĝ.%'I0/0!
/:@! ?RN! 4%#(þ.5@! ?Ģ! :I! 8#! R:$0! %&Ĥ5.! (0$#48?8%:! %N45)%:@! ;?5.&?! (0R#!
:9?<0()/!&#$#:1!"G#48Č!,&$'þ?D
"Ĝ.! 8#/8#! 408%'()! -40/! ;#&PR:P#&?5! 4&Q! P?/Č48(?(A0! 480-(Č@! -?%#!
%$NI! ^#8R?5#&,! 8G0(QG! /#8.&:-0! 4&Ĥ-! 8,/! ;Ĝ0$! $Ĥ50I.8,/! P';?40/1!
+! 8#/8#! #%?/I.%:! :I! RN5.! 8?%! (?$<0()@! I0! 40! (0/#95.! $#þ%?8@! ?I! :I!
R:$#:! 48'8! (?! ;?G%#&.<8.! ?! ;Ĝ.%?P#&?8! #9(.1! 7N5#! P'R?&(Q! ;#P#G#&?8@!
-?%! -./! P'Ĝ)! #þ.@! -?%! -0-.A9! G#48#:A)! &)G?! &N85?þ:-0! P! -0-.A9! 8&'Ĝ)! 48G?A9!
?!#R?&N1!
eZ#RG'@b!Ĝ0%5!-40/@!e-0<8Č!/:4)/0!;G#-0$(?8!-0$(:!&ČA1!O$N!$#48?X
(0/0!8#@!#þ!I'$'/0Sb
M.%$#!(0Ĝ0%5!?(.!45#&#1!V#\.A%#:!#$;#&Č$)!RN!RN5#g!eYI!#90Ė!:9?4X
(01b!30(#/I0!(?<.!5.$Q!-4#:!RN48Ĝ)!?!(Č-?%!A9';?5.@!I0!8?8#!#$;#&Čć!(0()!
4;G'&('1!n#P9#48.5#!40!/0P.!(./.!('95Q!8.A9#@!?&<?%!&!I'$(Q/!;Ĝ);?$Č!
(0:48:;#&?5.!&0!4&Q!G#48#:A)!&)Ĝ01!]!&!-0-.A9!/5þ0()!RN5#!A)8.8!-0-.A9!(#&Č!
(?50P0(#:!4)5:1!
"#!A9&)5.!-40/!;G#5#/.5!8.A9#!?!(?$<0(Č!-40/!Ĝ0%5g!e"#$)&0-80!40!-0<8Č!
-0$(#:!(?!&0G<!(?!8?R:5.g!"G#8#!&'/!;G?&)/@!&<0A9(#!P?!A#%#5.&!40!/#$X
5)80!?!A#!I'$'80@!&ČĜ80@!I0!-480!;Ĝ.-?5.@!?!R:$0!&'/!8#!$'(#1b!"#8#/!-40/!
-./!480-(,!&0G<!;Ĝ0þ085!P!;Ĝ0%5?$:!M0p!O.(\!3?/04g
eO$NI!40!/#$5)80@!&ČĜ80@!I0!8#!/'801b
*J2
KOkThýMw!+qnY!3h!Mh>Z7oTMw
eV.$.@! 30I)<! 8#! Ĝ)%'! -?4(Čg! &0! 480-(Q/! #%?/I.%:@! %$N! 40! /#$5)/0!
?!;Ĝ.%'I0/0@!?Ģ!40!8#!48?(0@!8?%Q!&ČĜ)/0!?!;Ĝ.-)/'/0@!#!A#!I'$'/01!T?%I0!
&!(?<0/!;Ĝ);?$Č!40!8#!48?(0!&!8Q!A9&)5.@!%$N!&NĜ%(0/0!8ČA98#!<048!R#$Ĥ1!
M0P'50I)!(?!8#/@!A#!:&.$)!(?<0!#þ.!(0R#!A#!('/!R:$#:!Ĝ)%?8!(?<0!4/N4X
5Nf!/N!&ČĜ)/0!/(#90/!$Ĥ&ČGN9#$(Č-<)!P;G'&Č!i!K5#&:!(?<09#!7#9?1b
"#8#/!-40/!-0!(?4/ČG#&?5!(?!8#@!A#!Ĝ0%5!"?&05!O#G.(84%,/g!e%$NI!
(0950$)/0!(?!&ČA.!&.$.805(Q@!?50!(?!(0&.$.805(Q!|7#I)!45#&#}1!`#!-0!&.X
$.805(Q@! ;Ĝ08G&'! -0(! %G'8A0@! ?50! A#! (0()! &.$.805(Q@! 8#! ;Ĝ08G&'! (?&Č%Nb!
c21!O#G.(84%,/!=@*Hf!P'&#G%?!;Ĝ.$'(?!;#$50!?(\51!;Ĝ1d1!M0P?/ČĜ)/0!40!
(?!#90Ė@!%80G,!&.$)/01![?/ČĜ)/0!40!;#:P0!(?!8#@!;G#!A#!-4/0!40!G#P9#$5.!
&!8Q8#!/)48(#48.!?!A#!;Ĝ.%'I0/0!&0(%:!(?!;?G%#&.<8.1!"G#8#I0!8#@!A#!-0!
&.$Č8@!40!/:4)!P/Č(.81b
>8#þ.5!-40/!40!%!Ĝ0$.805.!?!Ĝ0%5!/:@!?RN!4$Č5.5!48Č9#&?A)!4;#50þ(#48.@!
I0!-0-.A9!45:IRN!(0R:$0/0!;#8Ĝ0R#&?81!"#8#/!-40/!#P('/.5!P?/Č48(?(X
AĤ/@!I0!-?%/.50!R:$0/0!9#8#&.!4!;Ĝ.%?P#&'()/!#9(.@!40R0G#:!&<0A9(N!
&ČA.!49G#/'I$Č(Q!(?!;?G%#&.<8.!?!(?(#4)!-0!P;'8%N!$#!R:$#&N1!
eT?%I0@!-480!;Ĝ.;G?&0(.!;G#/5:&.8!%!#9(.Sb
eY(#Db!P(Č5?!-0-.A9!(?$<0('!#$;#&Čć1
+N<5.! -4/0! (?! ;?G%#&.<8Č1! "#8#/! -4/0! 40! /#$5.5.! ;Ĝ.R5.I(Č! 8?%8#g!
e>8þ0@!$Č%:-0/0!T.@!I0!-4.!('/!$?5!8:8#!%G'4(#:!R:$#&:@!?RNA9#/!/#95.!
45#:I.8!T&Q/:!5.$:1!ZČ%:-0/0!T.@!I0!-4.!('/!;#I09(?5!8#:8#!('$90G(#:!
%G?-.(#:1!"G#4)/0!TČ@!?RN!(.A!P!8#9#!(0RN5#!P8G?A0(#@!?RN!#90Ė!(04;'5.5!
?(.!%#:40%!P!(?<)!R:$#&N!?(.!(.A!P!8#9#@!A#!&.$)/0!%#50/!('4!i!#48?8()!
R:$#&N!?(.!G#485.(N1!C#$5)/0!40@!?RNA9#/!40!(0/:405.!0&?%:#&?8!?!?RN!
40!P/Č(.5!&)8G!?!^#:%?5!#$!&,A9#$:!(?!P';?$1!Y!(?%#(0A!I'$'/0@!?RN!
;Ĝ.<05!5.-'%!?!:9?4.5!80(!#90Ė1!>!8#!I'$'/0!&0!-/Q(:!30I)<01b
T0ć!(?48?5!þ?4!;G#/5:&.8!%!#9(.g!eZ:A9:!K&?8,@!$Č%:-0/0!8.@!I0!('4!
;#8&GP:-0<@! %$NI! 48#-)/0! &! ?:8#G.8Č! -/Q(?! 30I)<! ?! /5:&)/0! %! 8#/:8#!
;G#8.&0(48&)1b!+<.A9(.!-4/0!(?/)Ĝ.5.!;G48N!%!#RG#&4%,/!45#:;Ĥ/!%#:X
Ĝ0!?!$,/:@!48#:;?-)A)/!(?$!9#G?/.!;Ĝ)/#!(?!P';?$Č1!"Ĝ0$Ĝ)%'&?5!-40/!
?!#48?8()!;#!/(Č!-0$(#95?4(Č!#;?%#&?5.1!OĜ.þ05.!-4/0g!e>9(.@!/5:&)/0!
*J6
+j3]ChýMj
%!8#RČ!&0!-/Q(:!30I)<0!OG.48?1!M04;'5)<!(?<)!R:$#&:@!(04;'5)<!(?<0!/Č4X
8#!?!(04;'5)<!I'$(Q!G#485.(48&#@!(?!%80GQ!40!$)&'/01!"Ĝ.%?P:-0/0!8.@!?RN!
404!P?48?&.5@!(0;Ĝ0%G#þ)<!n?/;?G8!n?(\0!n#?$1!C:4)<!:9?4(#:8D!C5:&)X
/0!%!8#RČ@!&Č8Ĝ0@!&0!-/Q(:!30I)<0!i!/:4)<!P/Č(.8!4/ČG1!"Ĝ.%?P:-0/0!8.@!
?RN4!&'5!#$!&,A9#$:!(?!P';?$1!T?%Q!;#&#5'&'/0!4.5(,!$Q<Ģ@!?RN!8Č!P?5.5!
&#$#:1!T#!;G#95?<:-0/0!&0!-/Q(:!30I)<0!OG.48?Db
O?I$,!40!/#$5.5!40!P';?50/@!;G#8#I0!&!(?<.A9!4G$A)A9!&PG#485?!&)G?1!
7N5.!-4/0!&!(?;G#48Q!-0$(#8Č@!/Č5.!-4/0!-0$(:!/N45@!-0$0(!A)5!?!(.A!('4!
(0/#95#!P?48?&.81!+Č$Č5.!-4/0@!I0!P?!('/.!48#-)!(0R01
M'950!40!P/Č(.5!&)8G1!7Ĥ9!.!/#-.!P?/Č48(?(A.!-4#:!8#9#!4&Č$%ND!"#!
/(#9#!$()!&'5!4.5(,!P';?$()!&)8G1!Y!80ć@!-?%#!5:4%(:8)/!;G48Ĥ@!&'5!48?R.5X
(Č!#$!&,A9#$:!(?!P';?$1!;5%#$%,5'U!/N4505.!4.!(Č%80Ĝ)!P!('41!2Č6(%+,.5%
,(35%*?8">%95%,5%#$%,#4'5>%465%*9@/Ģ%+,.5%+5B#Č%'5,&$'þ(6(%,%.$@6(#E$"U
+!#%?/I.%:@!%$N!-4/0!40!$#/#$5.5.@!(?-0$(#:!&NRČ95?!P!$#/:!(?<0!
G0A0;þ()@!%80G'!PĤ48?5?!:&(.8Ĝ!?RN!RG?5?!8050^#(N@!?!%Ĝ.þ05?g!e[/Č(.5!40!
&)8GDb!"Ĝ.RČ95?!G#&(#:!%0!/(Č!?!Ĝ0$.805.!;0G4#('5:!?!Ĝ0%5?g!ea?4.þ.!-4#:!
(?$<0()f!95'4)@!I0!40!&)8G!('950!P/Č(.5!?!^#:%'!#$!&,A9#$:!(?!P';?$Db!
CČ5?!(?!W48Ĝ0$(Č!G'$.#@!(?5?$Č(Q!(?!^G0%&0(A.!9?4.þĤ1!`05,!$0(!;#45#:X
A9?5?!P;G'&N!#!4.8:?A.!?!;G'&Č!:45N<05?@!-?%!&!G'$.:!(?$<0(Č!%Ĝ.þ)!9?4.þ.!
#! (0:&ČĜ.805(Q! P/Č(Č! &Č8G:@! %80G'! ;G'&Č! (?48?5?1!+Č$Č5.@! I0! 8#! P?48?&)!
;#48:;!;#I'G:!%!A.&.5.P?A.1!
+<.A9(.!-4/0!4;#(8'((Č!P?þ?5.!%Ĝ.þ08g!eZ)%N@!>8þ0D!34.!8?%!WI?4(,D!
34.!8?%!&ČG(,Db
T:!(#A!-40/!48'5!(?!P?$()!80G?40!(?<09#!$#/:!?!RN5!-40/!4&Č$%0/!
$?5<)9#!-0&:1!M'<!$Ĥ/!48'5!(Č%#5.%!/.5!&,A9#$(Č!#$!(?<.A9!%?(A05'Ĝ)1!
+)8G!&'5!48'50!#$!&,A9#$:@!?!%$NI!-40/!40!;#$)&?5!4/ČG0/!%0!%?(A05'X
Ĝ)/@!4;?8Ĝ.5!-40/@!-?%!40!#$!P';?$:!R5)I)!R#:Ĝ01![?&#5?5!-40/!4&#:!I0(:!
?!Ĝ0%5!-40/!-)g!eV.4#@!-?%!-0!/#I(Q@!I0!#$!P';?$:!;Ĝ.A9'P)!R#:Ĝ0@!.!%$NI!
&)8G!&?(0!#$!&,A9#$:Sb!ZQ<Ģ!RN5!4.5(,!?!RČ90/!(Č%#5.%?!$()!RN5!#90Ė!
W;5(Č!:9?<0(1!T#950!RN5!#;G?&$:!P'PG?%1!
>$!8#9#8#!8,$(0!RN5.!P!(?<.A9!P?/Č48(?(AĤ!W;5(Č!-.()!5.$Q1!O$NI!;Ĝ.X
*J=
KOkThýMw!+qnY!3h!Mh>Z7oTMw
A9'P0-)!$#!8GĤ(()9#!4'5:!%!/#$5.8R'/@!-4#:!4/Č5)!?!4;0A.!!þ8)1!a5:R#%#!
&0! 4&Q/! (.8G:! &Č$)@! I0! e&05%#:! /#A! /'! &G#:A)! /#$5.8R?! 4;G?&0$5.&QX
9#b!c3?%:RĤ&!B@*Ef!`h"d1!Y/;5.!!0$!7.R50!Ĝ)%'@!I0!4;G?&0$5.&'!/#$5.8R?!
e:þ.()!$#48:;(#:!#9G#/(#:!/#A!c4!/#A(,/.!&,450$%Ndb1!C'/0!&!(?<)!
P?40$?A)!/)48(#48.!#RG#&4%#:!/?\(08.A%#:!8?R:5.@!(?!%80GQ!-4#:!4;0A.X
!!A%Q!I'$#48.!%?I$Q9#!#$$Č50()!(?<)!#G\?(.P?A01!Z#!(?<.A9!%?(A05'Ĝ)!;Ĝ.X
A9'P)! RČ90/! G?(()A9! /#$5.80R! (?<09#! ;0G4#('5:! /(#9#! ('&<8Č&()%Ĥ1!
34#:!.(4;.G#&'(.!&)G#:!?!(?$<0()/@!4!-?%,/!40!('<!8,/!/#$5)1!
C#-0!#8'P%?!P()g!eO#5.%!8#9#!(0P)4%'&'/0!;G#!(?<0!I.&#8N@!?(0R#@!
A#I!-0!-0<8Č!$Ĥ50I.8Č-<)@!;Ĝ.!;#/'9'()!#48?8()/!&!#R5?48.!(?<09#!&5.&:@!-0(!
;G#8#@!I0!(0I.-0/0!&)G#:Sb
M?%#5.%! -0! (?<0! %Ĝ04Ģ?(48&)! ;#9'(Č(#! ;#A.8N@! 0/#A0/.! (0R#! .(80X
50%8:'5(Č! P;G?A#&'&?(,/.! .(^#G/?A0/.@! %80GQ! P?R)-0-)! (?<.! 4A9#;(#48!
&ČĜ.8S!34/0!-?%#!8?!Ĝ0A%'!I0(?@!%80G'!(0?%A0;8#&?5?!(0!-?%#!#$;#&Čć@!
?þ%#5.!RN5?!(0-;G&0!#$/)8(:8?S!34/0!-?%#!7?G8./0:4@!%80G,!40!(0$?5!#$X
G?$.8@! ;Ĝ048#I0! /:! -09#! #%#5)! Ĝ)%?5#@! ?RN! 40! :%5.$(.5@! ;Ĝ.-?5! 4&Ĥ-! 48?&@!
RN5! G#P:/(,! ?! -0$(?5! -?%#! #(.S! 34/0! -?%#! 8.! /:I.@! A#! ;Ĝ.<5.! 40! 4&,/!
A9G#/,/! ;Ĝ)8050/@! (0/#95.! 40! $#48?8! %! 30I)<.@! ?&<?%! $)%N! 4&Q/:! #$X
9#$5'()!40!&N<;59?5.!(?!48Ĝ0A9:!?!:$Č5?5.!$#!()!#8&#G@!?RN!/#95.!#$!7#9?!
;Ĝ.-/#:8!:P$G?&0()S!34/0!-?%#!8?!I0(?@!%80G'!Ĝ0%5?g!eZ#8%(:X5.!40!?4;#Ė!
-09#!<?8:b@!?!;G#85?þ.5?!40!$?&0/@!.!%$NI!40!/:405?!;5?P.8!&!;G?A9:!/0P.!
(#9?/?!8ČA9!&!$?&:@!?RN!P?A9N8.5?!?504;#Ė!50/!-09#!#$Č&:S
+!-?%Q!&)Ĝ0!-0$('/0S!34/0!G#P9#$(:8.!;Ĝ.-)/?8!?!$#48'&?8S!34/0!(0X
#A9&Č-()!&0!4&Q/!950$'()S!M0R#!-4/0!P045'R5)!?!8#50G:-0/0!8#@!P!þ09#!
('4!30I)<!:I!&N4&#R#$.5!P?;5?A0()/!8?%!&N4#%Q!A0(NS!34/0!8#:!\0(0G?A)@!
%80GQ!40!30I)<!;8?5g!eY50!%#5.%!P!8Q!&N8G&?5Q!?!#$9#$5?(Q!&)GN!(?50P(0!KN(!
þ5#&Č%?@!?I!40!&G'8)!(?!P0/.Sb!cV:%'<!*H@H!;#$50!?(\51!;Ĝ1d1
" > + K T w +Y 3 q ` q @! M ] O > V ] + ! O V h K Y 3 q ` q D
]P?-'<!P?95Q$5!45?&(#:!A)G%0&@!;G#!%80G#:!40!30I)<!&G'8)1!M?;4?5g!
*JB
+j3]ChýMj
e"#&48?Ė@!G#P-?4(.!40@!;G#8#I0!8.!&P0<5#!4&Č85#@
!&P0<5?!(?$!80R#:!a#4;#$.(#&?!45'&?1
a50@!80/(#8?!;Ĝ.%G,&'!P0/.@!4#:/G?%!('G#$N@!
?50!(?$!80R#:!&P0-$0!a#4;#$.(!
?!:%'I0!40!(?$!80R#:!-09#!45'&?1
O!8&Q/:!4&Č85:!;Ĝ.-$#:!;G#('G#$N!
?!%G'5#&Q!%!-?4:@!-0(I!(?$!80R#:!&P0-$01
n#P95Q$(.!40!%#50/!?!&.P@
!8.8#!&<.A9(.!40!49G#/'I$)!?!;Ĝ.-$#:!%!8#RČf!
P$?50%?!;Ĝ.-$#:!8&)!4N(#&Q!
?!$A0GN!8&Q!R:$#:!&!8&Q/!('G:þ)!A9#&'(N1
YI!8#!4;?8Ĝ)<@!G#PP'Ĝ)<!40@!
8&Q!4G$A0!40!G?$#48(Č!G#PR:<)@!
(0R#Ģ!9#-(#48!/#Ĝ0!8Č!P?9G(0!4&,/.!$?GN@!
;Ĝ.-$0!%!8#RČ!R#9?848&)!;#9?(Ĥ!c(0&ČĜ)A)A9d1
c]P?-'<!EL@*XB!;#$50!?(\51!;Ĝ1d
]P?-'<!;#;4?5!80(!&,-./0þ(,!I.&#8@!%0!%80GQ/:!7Ĥ9!K&#-.!A)G%0&!;#X
&#5?51!M.A/Q(Č!P?!8?!5Q8?!/Q!45:IRN!"'(:!-40/!;#8%?5!;Ĝ)5.<!/(#9#!5.$)@!
%80Ĝ)!/?-)!&0!&)Ĝ0!80(!;#48#-@!I0!7Ĥ9!-0$(#9#!$(0!;?$(0!(?!A)G%0&!4!&05.X
%,/!;G#R:P0()/1!+N;?$'!8#@!-?%#!RNA9#/!þ0%?5.!(?!MČ9#@!?I!40!(?-0$X
(#:!;G#R:$)@!;#&48?(0!?!;Ĝ.(040!(?!A)G%0&!;#P#G:9#$(Q!&N5.8)!4&Q!/#A.1!
"#!/(#9#!5080A9!;Ĝ0/,<50()!?!/0$.8?A)!(?$!8)/8#!-40/!$#<05!%!P'&ČX
G:@!I0!-0!8#!>(@!%$#!þ0%'!i!(?!('4D%T'%<8$,#Č%)65@:%L5'5843(>%&#58:%E"@5%
*ČĜ(#0!]P?-'<!;G#95?<:-0@!I0!7#I)!45'&?!(?!('4!R:$0!8?%!4.5('@!I0!P8G?A0()!
R:$#:!;Ĝ.A9'P08!$#!(?<09#!4&Č85?1!Z?&N!R:$#:!;Ĝ.A9'P08!?!$#!309#!&ČþX
(Q9#!%G'5#&48&)!R:$0!;Ĝ.&0$0(?!#RG#&4%'!4%5.P0Ė!$:<)1!
309#!45'&?!?!/#A!&<?%!(04048#:;)1!"#$)&0-80!40@!A#!Ĝ)%'!]P?-'<g!e&P0X
<5?!(?$!80R#:!a#4;#$.(#&?!45'&?b1!K5'&?!(04048:;:-0!4!(0R0@!4;)<0!&NX
48:;:-0!P!(?<09#!(.8G?1!30!/#I(Q@!I0!-?%#!A)G%0&!4:($'/0!8#!&)þ%#!?!P?X
þ(0/0! %#(0þ(Č! &ČĜ.8S! 30! /#I(Q@! I0! R:$0/0! /)8! 8?%#&#:! &)G:@! -?%#:!
/Č5?!;G&()!A)G%0&@!?!$#%#(A0!-0<8Č!&Č8<)S!7:$0/0!4%:80þ(Č!&ČĜ.8!8#/:@!
*JE
KOkThýMw!+qnY!3h!Mh>Z7oTMw
A#! 30I)<! Ĝ)%'@! ?! ;Ĥ-$0/0! P?! 8)/! 4! (0W48:;(#:! &)G#:S! CN45)/@! I0! 7Ĥ9!
(?!('4!þ0%'D!>(!&.$Č5@!I0!R:$0!\0(0G?A0@!%80G'!8#!%#(0þ(Č!;#A9#;)@!I0!
e4;G?&0$5.&)!I.-)!&)G#:b!?!%#(0þ(Č!;Ĝ.-/0!?!:%'I0!8:!(0#RNþ0-(#:!45'&:@!
%80G'!RN5?!%!$.4;#P.A.!&<0/!/.(:5,/!\0(0G?A)/@!%80GQ!-.!&<?%!/.(:5N!
-0(!%&Ĥ5.!8#/:@!I0!(0&ČĜ.5N1
`9';080!(N()@!-?%!-0!&)G?!$Ĥ50I.8'S!kI!&.$)80@!;G#þ!('/!7.R50!Ĝ)%'@!I0!
R0P!()!(0()!/#I(Q!40!7#9:!5)R.8!c&.P!u.$Ĥ/!**@EdS!34/0!;#&#5'(.!%!&,X
-./0þ(Q/:! I.&#8:@! ?50! R0P! (0W48:;(Q! &)GN! 9#! (0/ĤI0/0! $#4'9(#:8D!
"#-ć/0!408Ĝ'48!8N!48?GQ!P;Ĥ4#RN1!M0-4/0!P!8#9#8#!4&Č8?f!-4/0!%G'5#&4%Q!
%(ČI48&#@!4&?8'!\0(0G?A0@!#$5.<(,!$G:9!5.$)1!C'/0!R#I4%#:!;Ĝ.G#P0(#48@!
-4/0!4N(#&Q!?!$A0GN!4&Č85?!?!:&(.8Ĝ!('4!8Ĝ)/'!(04/)G('!/#A1!
O?/! 40! ć'R05! 9G?R0! (?! 45?&(#:! A)G%0&@! #! %80GQ! ]P?-'<! ;G#G#%#&?5S!
"G#þ!P?!8)/@!A#!30I)<.!;?8Ĝ)@!(0-$0/0!4!R0P/0P(#:!&N8G&?5#48)S!M'G#$N!
-4#:!309#!$Č$.A8&)/@!;G#8#I0!P?!-0-.A9!4&#R#$:!P?;5?8.5!&N4#%#:!A0(:1!
Z?5! ('/! K&#:! ?:8#G.8:@! ?RNA9#/! <5.! ?! ;Ĝ.&'$Č5.! P8G?A0(Q! %0! 4;?40()!
?!:þ.5.!-0@!-?%!I)8!-?%#!>(1!30I)<!('/!Ĝ)%'g!
e7N5?!C.!$'(?!&0<%0G'!;G?&#/#A!(?!(0R.!.!(?!P0/.1!3$Č80!80$N!
?!:þ.Ė80!C,/.!:þ0$()%N!&<0A9(N!('G#$N@!%Ĝ8Č80!-0!&0!-/Q(#!>8A0!
.!KN(?!.!Z:A9?!K&?8Q9#!?!:þ80!-0!P?A9#&'&?8!&<0A9(#@!A#!-40/!&'/!
;Ĝ.%'P?51!Y!950@!3'!-40/!4!&'/.!;#!&<0A9(N!$(N!?I!$#!4%#('()!8#9#8#!
&Č%:b!cC?8#:<!2H@*HX2Ld1
T?8#! 30I)<#&?! 45#&?! ;5?8)! ;G#! &'4! .! ;G#! /Č1! +0<%0G'! ;G?&#/#A! (?!
(0R.!.!(?!P0/.!-0!$'(?!30/:@!?50!>(!9(0$!(?8#!Ĝ)%'g!e3$Č80!80$N111b!"Ĝ0X
$?5!4&#:!;G?&#/#A!('/!?!#þ0%'&'@!I0!;Ĥ-$0/0!?!:48?(#&)/0!8#@!P?!A#!
P?;5?8.51!MN()!/N!/'/0!-)8!309#!-/Q(0/@!/)48#!MČ9#@!&!309#!?:8#G.8Č@!
;G#8#I0!-4/0!4!M)/!-0$(#!?!e-?%,!-0!>(@!8?%#&)!-4/0!.!/N!&!8#/8#!4&ČX
8Čb!c*1!3?(Ĥ&!=@*Fd1!`9';080@!-?%!/(#9#!('/!4&ČĜ.5S!C'/0!-)8!&N8G&?50!
&;Ĝ0$!?!;Ĝ.('<08!(0R0!(?!P0/!i!&!(?<.A9!&5?48()A9!I.&#80A9!.!&0!4&Č8Č@!
%80G,!-0!&!(?<0/!$#4?9:1!
*JF
+j3]ChýMj
"#&48'&'! &?<0! &)G?S! "G#4)/@! G#P:/Č-80@! I0! &)G:! (0/ĤI0! (.A! -.(Q9#!
?(.!(.%$#!-.(,!P?$GI08@!;Ĝ0/#A.!?(.!;#G?P.81!+N!-480!8.!-0$.()@!%$#!8#!/ĤI0!
&P$'81!u'$('!4)5?!80/(#8N!(0/ĤI0!&?<.!&)G:!P?48?&.8D!30I)<!Ĝ)%'g!ea50@!
$?5! -40/! &'/! ;G?&#/#A! (?$! &0<%0G#:! 4.5#:! M0;Ĝ)8050@! ?! (?;G#48#! (.A!
&'/!(0:R5)I)b!cV:%'<!*L@*Jd1!Z?5!('/!K&#:!;G?&#/#A!c?:8#G.8:d!?!(.A!
&N<<)9#! :I! (00U.48:-01! K&ČĜ.5! ('/! -.! ?! -?4(Č! Ĝ)%'g! e(?;G#48#! (.A! &'/!
(0:R5)I)b1
30!þ?41!T0ć!-0!80(!þ?4!i!?(.!P?!$0408!508@!$#%#(A0!?(.!P?!G#%1!T0ć!-0!
80(!þ?4@!?RN!A)G%0&!;#&48?5?!?!%G'þ05?!&,-./0þ(Č@!&!/#A.!/.5#48.!4%GP0!
&N8G&?5#:!&)G:1!"Ĝ048?Ė80!40!4#:48Ĝ0$.8!(?!4&Q!4A9#;(#48.!?!P?/ČĜ80!40!(?!
309#!?:8#G.8:@!309#!4A9#;(#48.!?!309#!/#A@!%80G'!-0!&0!&'41!Z?5!('/!8?%!
/(#9#D!T#9#@!A#!/ĤI0/0!$Č5?8@!?RNA9#/!;#/'9?5.!5.$0/!&48:;#&?8!$#!
;5(#48.!I.&#8?@!-0!PA05?!R0P/0P(Č1!
!
™
!"#$%&'#&12,34)þ'*-&.)/0>$;#&)!7Ĥ9!(?!&?<0!;#8Ĝ0RN!(0R#!(?!&?<.!&)G:S!K&#:!#$;#&Čć!P$Ĥ&#$X
(Č801
"G#þ!/N45)80@!I0!-0!(?<0!&)G?!;G#!7#9?!8?%!$Ĥ50I.8'S
34#:! &0! &?<0/! I.&#8Č! e9#GNb@! %0! %80G,/! RN480! /Č5.! &0! -/Q(:! 30I)<0!
e;G#/5:&.8bS!kþ.Ė80!8#!;G'&Č!80ć!&!309#!/#A(Q/!3/Q(:D
*JH
0D
ê65>!-%$:(>C&,=6S
"
#-ć/0! 4.! 49G(#:8! (Č%80GQ! &ČA.@! #! %80G,A9! -4/0! $#;#4:$! 9#&#Ĝ.5.1!
a5?&()/!A)50/!(?<09#!I.&#8?!&ČĜ)A)A9@!-0!7#9?!;#8Č<#&?8g!8#:9#:!
%?I$Q9#!#;G?&$#&Q9#!&ČĜ)A)9#!-0!;Ĥ4#R.8!(?$<0()!(0R04%Q/:!>8A.1!T?X
%#&,!/#8.&!&<?%!:!eG'$#RNb!&ČĜ)A)9#!(0(?-$080@!(0R#Ģ!8?%#&,!þ5#&Č%!
&.$)!PR#I(#48!-0(!-?%#!;G#48Ĝ0$0%!%!#4#R()/:!P.4%:1!T?%#&Q!;Ĝ0%G#:X
A0(Q!P'/ČGN!(05P0!:!8ČA9@!%$#!-4#:!&,-./0þ()@!(?5QP8@!;#(Č&?$I!(0-4#:!
P?8)I0(.!40R05'4%#:!(0R#!4(?9#:!#!40R0P'A9#&:1!V.$Q@!%80Ĝ)!I.-)!/.5#4X
8)!P/#A(Č(,/.!I.&#8N@!(0-4#:!9('(.!#4#R()/!P.4%0/@!#%'P?5,/!48N50/!
I.&#8?!(0R#!I'$#48.&#48)1!TČ/@!%80GQ!#&5.&Ė:-)@!;Ĝ.('<0-)!8&#Ĝ.&#48@!-0$.X
(0þ(#48@!&950$!$#!&ČA)@!P$G#-0!?!-.(Q!$#RG#$.()!?!7#I)!/#A1!"Ĝ.!(?;5Ė#X
&'()!;#8Ĝ0R!8#9#8#!(0P$G?&Q9#!5.$48&?!4?/.!;Ĝ.G#P0(Č!&P%&Q8?-)!&0!&<0A9!
?4;0%80A9!-0-.A9!#4#R()9#!I.&#8?1!
TČ<.8!7#9?!P!(?<.A9!&5?48()A9!4A9#;(#48)!-0!&<?%!(04;5(.805(,!W%#51!
eC'/0!&<0@!þ09#!-0!('/!8Ĝ0R?!%!I.&#8:@!%80G,!40!7#9:!5)R)1!T#!&<0!('/!
$?G#&?5?!309#!R#I4%'!/#Ab!c21!"08GĤ&!*@6f!`h+d@!Y!8?8#!/#A!(0()!(.A!
-.(Q9#!(0I!309#!WI?4('!/.5#481![-.48.5.!-4/0@!I0!/.5#48!-0!&)A!(0I!-0(!#$X
;:<8Č()!9Ĝ)A9Ĥf!-0!8#!8?%Q!7#I)!P/#AĖ:-)A)!;Ĝ)8#/(#48@!%80G'!('4!:4A9#;X
Ė:-0!$Č5?8!8#@!A#!#$!('4!I'$'!;G?&$?1!"?&05!8#8#!;#8&GP:-0g!eM0R#Ģ!-0!8#!
7Ĥ9@!%80G,!&0!&'4!;Ĥ4#R)@!I0!A9A080!.!þ.()80@!A#!40!C:!5)R)b!cy.5.;4%,/!
2@*6f!`h"d@!?!8#@!I0!I.-0/0!&,-./0þ(,/!I.&#80/@!C:!;Ĝ.('<)!#RG#&4%Q!
;#8Č<0()1!
7Ĥ9!8#!(0-;G&0!:$Č5?5!8)/@!I0!('/!$?5!(#&#:!;Ĝ.G#P0(#481!M0-0(I0!-0!
('/!#$;:<8Č(#@!?50!8?%Q!-4/0!:þ.(Č(.!PRG:4:!(#&,/.!48&#Ĝ0()/.@!7#I)X
/.!$Č8/.@!;Ĝ04(Č!;#$50!#RG?P:!?!;#$#RN!4?/#8(Q9#!30I)<01!MN()@!$)%N!
/#A.! 8Q8#! (#&Q! ;Ĝ.G#P0(#48.! ?! &! -0$(#8Č! 4! Z:A90/! K&?8,/@! /ĤI0/0!
*JJ
+j3]ChýMj
I)8!-?%#!30I)<!i!4&?8,/@!/#A(,/!?!&,-./0þ(,/!I.&#80/@!/ĤI0/0!þ.(.8!
4%:8%N@!%80GQ!þ.(.5!>(@!?!(Q48!-0<8Č!9#-(Č-<)!#&#A01
"Ĝ)48:;!%!&0<%0GQ!8Q8#!WI?4(Q!/.5#48.!-0!4%GP0!&)G:@!?!(00U.48:-0!-.(,!
P;Ĥ4#R@! -?%! 40! %! ()! $#48?81! +)G?! -0! ;#8G:R)/@! %80GQ! ;Ĝ.&'$)! /.5#48! $#!
(?<.A9!I.&#8Ĥ1!30485.!/'/0!&)G:!-0(!(?!8#@!I0!('/!RN5N!#$;:<8Č(N!9Ĝ)X
A9N@!;#8#/!R:$0/0!I)8!&05.A0!(0;5#$(Q!?!;#G?I0(0A%Q!I.&#8N1!C'/0X5.!
&)G:!-0(!(?!8#@!I0!('/!RN5N!#$;:<8Č(N!9Ĝ)A9N!?!I0!/ĤI0/0!$#4'9(#:!
PR#I(#48.@!;#8#/!R:$0/0!I)8!4&?8,/!I.&#80/@!?&<?%!(0R:$0/0!4A9#;(.!
;Ĝ0%#('&?8! ;Ĝ0%'I%N! ?! ;G#8.&0(48&)@! A#I! ('/! P?RG'()! ;#/'9?8! 5.$0/@!
%80Ĝ)!;#8Ĝ0R:-)!P?%:4.8!4%:80þ(#:!/#A!%G'5#&48&)1!30485.I0!&<?%!&ČĜ)/0@!
I0!('/!RN5#!#$;:<8Č(#@!I0!/ĤI0/0!I)8!4&?8,/!I.&#80/!?!I0!/ĤI0/0!
;Ĝ.-/#:8!&0<%0GQ!$:A9#&()!;#I09('()@!%80GQ!('/!7Ĥ9!&!OG.48:!$?5@!;#X
8#/!/ĤI0/0!4;5(.8!8#@!%!þ0/:!-4/0!RN5.!&NP&'(.@!8#8.I!eI)8!8?%@!-?%#!I.5!
30I)<!OG.48:4b!c*1!3?(Ĥ&!2@Ef!Th+d@!?!;Ĝ.('<08!(?$Č-.!?!Ĝ0<0()!8Č/@!%$#!
8#!;#8Ĝ0R:-)1!
C:4)/0!4.!;?/?8#&?8@!I0!30I)<!8?$N!I.5!%&Ĥ5.!4;0A.!!A%Q/:!;#45'()f!
;Ĝ.<05!(?!P0/!4!%#(%GQ8()/!P'/ČG0/!?!4!%#(%GQ8()/!W%#50/1!M0;Ĝ.<05@!
?RN! -0(! 8?%! ;G#;5#:&?5! I.&#80/! ?! 40/! 8?/! ;#45#:I.5! (Č-?%,/! 5.$0/@!
%$NI! 40! (?4%N85?! ;Ĝ)50I.8#481! "#450A9(Č80! 4.! 309#! 45#&?! ?! #RP&5'<8Č! 4.!
&<./(Č80!45#&!&*Ĥ6(%?!<8$#$g!e"#-ć/0!-.(?/@!$#!4#:40$()A9!/Č480þ0%@!
?RNA9!.!8?/!95'4?5!0&?(\05.:/@!(0R#Ģ!&*Ĥ6(!8#/:!-40/!&N<05b!cC?G0%!
*@6Hd1!Y! #;Č8g! e3'! -40/! 40! <8$#$! (?G#$.5! ?! <8$#$! -40/! ;Ĝ.<05! (?! 4&Č8@!
?RNA9!&N$?5!4&Č$0A8&)!;G?&$Čb!c3?(!*H@6Fd1!3?(!#!MČ/!Ĝ)%'g!eM8$#$!40!
P-0&.5! KN(! 7#I)@! ?RN! P/?Ĝ.5! 4%:8%N! Ć'R5#&Nb! c*1! 3?(Ĥ&! 6@Hdf! %:GP)&?!
;Ĝ.$'(?1
"Ĝ)/#! ;Ĝ0$! K&,/! (?(0R0&48#:;0()/! 30I)<! ;?%! :þ.()! ;G#! %?I$Q9#!
P!('4!#9G#/:-)A)!;G#95'<0()g!
e3?%#!/(0!;#45?5!>80A@!.!3'!;#4)5'/!&'4b!c3?(!2L@2*d1
>(!%?I$Q/:!P!('4!Ĝ)%'g!e3?%#!3'!-40/!;Ĝ.<05!%&Ĥ5.!?!;G#8#!i!?RNA9!;Ĝ.X
2LL
ýhCk!MYKV>k`awThS
(045!4&Č$0A8&)!#!;G?&$Č@!?RNA9!(045!8G&?5Q!#&#A0!?!?RNA9!P/?Ĝ.5!ć'R5#&N!
4%:8%N!i!8?%!;#4)5'/!.!&'41b!K!8)/8#!&Č$#/)/!4.!;#450A9(Č80@!-?%!7?G(?X
R'<!4.5(Č!;#&PR:P#&?5!%?I$Q9#!þ50(?!A)G%&0!&!Y(8.#A9..g!eO$NI!8?/!;Ĝ.<05!
?!:&.$Č5!8:!7#I)!/.5#48@!P?G?$#&?5!40!?!&<0A9(N!;#&PR:P#&?5@!?RN!4!$@G
@4'=.!4G$A0/!PĤ48'&?5.!&ČG()!"'(:1b!cK%:8%N!**@26f!f!%:GP)&?!;Ĝ.$'(?d1
30485.I0!(0/'/0!&)G:!;G#!;Ĝ)48:;!%!7#I)!/.5#48.@!?RNA9#/!/#95.!I)8!
&,-./0þ(,/!I.&#80/@!(0R:$0/0!/)8!4A9#;(#48!(Q48!8G&?5Q!#&#A0!?!/?X
Ĝ.8! 4%:8%N! ć'R5?1! M0R:$0/0! 4A9#;(.! ;5(Č! $#4'9(#:8! (?<09#! A)501! 3?%!
;#8#/!/ĤI0/0!R,8!7#9:!;#8Č<0()/S
" ě ] Z h 3 ! M w C ! + q no
[! 8#9#8#! $Ĥ&#$:! ('/! 7.R50! $ĤG?P(Č! Ĝ)%'g! eM.%$#! 40! (0/ĤI0! P?5)R.8!
7#9:!R0P!&)GNb!cu.$Ĥ/!**@Ef!Th+d1!3.(,!;Ĝ0%5?$!Ĝ)%'g!e70P!&)GN!&<?%!-0!
'5.$9'-!40!C:!P?5)R.8b!cMO3+d1!+<./5.!-480!4.!45#&?!'5.$9'-S!T?$N!-0!
8?!;#$48?8?g!I'$('!&)G?!P(?/0('!I'$(,!;Ĝ)48:;!%!/.5#48.!?!I'$(#:!4A9#;X
(#48! R,8! 7#9:! ;#8Č<0()/f! /?5'! &)G?! P?-.<Ģ:-0! /?5,! ;Ĝ)48:;! %! /.5#48.!
?!/?5#:!4A9#;(#48!R,8!7#9:!;#8Č<0()/@!?!&05%'!&)G?!P(?/0('!9#-(#48!
/.5#48.!?!&05%Q!;#8Č<0()!;G#!7#9?1!+<0!8#!P?þ)('!:!&)GN1!kþ0$()%Ĥ/!8#!
(Č-?%#:!$#R:!8G&?5#@!(0I!8:8#!4%:80þ(#48!;5(Č!;#A9#;.5.1!3?%/.50!8#!&<?%!
/Č5.@!-0-.A9!(0$#48?80%!RN5!P&,G?P(Č(!?!#(.!%#(0þ(Č!/Č5.!-?4(#!&!8#/@!
;G#þ!30I)<!8?%!(04('<05!-0-.A9!P?%G45#:!&)G:1!Y!8?%!(?%#(0A!&#5?5.g
!
e"#8Ĝ0R:-0/0!&)A!&)GNf!Ĝ0%(.!('/@!-?%!8#!:$Č5?8b!cV:%'<!*F@Bf!MVTd
3.('! &0GP0! ;Ĝ0%5'$'g! e"Ĝ.$0-! ('/! &)GNb! cMO3+d1!Y;#<8#5#&Q! 4.! %#X
(0þ(Č!:&Č$#/.5.!-0-)!$Ĥ50I.8#48!?!-'!4.!$#&0$:!;Ĝ0$48?&.8@!-?%Q!;#8Č<0()!
8#!;Ĝ.(045#!:<)/!-0-.A9!"'(?1!C:I.@!40!%80G,/.!G#%N!8G;Č5.&Č!;G?A#&?5@!
%#(0þ(Č!I'$?5.!#!8#@!A#!-0!(0PRN8(Q!;G#!W4;Č<(,!I.&#8!&!%G'5#&48&)1!T#8#!
-0!30I)<#&?!#$;#&Čćg
2L*
+j3]ChýMj
eO$NRN480!/Č5.!&)G:!-?%#!PG(#!9#Ĝþ.A0@!Ĝ0%5.!RN480!8Q8#!/#G:<.g!
~+N%#Ĝ0Ė!40!?!;Ĝ04?ć!40!$#!/#Ĝ0r@!?!;#450A95?!RN!&'4b!c&0G<!Ed1
+<./(Č80!4.@!I0!30I)<!9#&#Ĝ)!#!9#Ĝþ.þ(Q/!PG(%:@!%80GQ!-0!8?%!/?5.(%Q@!
I0!/'!&!;GĤ/ČG:!-0(!$&?!/.5./08GN1!T#!-0!P9G:R?!&05.%#48!PG(%?!/'%:!
(0R#!80þ%N!:$Č5?(Q!!!U0/!(?!%:4:!;?;)G:1!30I)<!8)/!A9A0!4$Č5.8@!I0!&)G?!
;#A9'P)!P!(Čþ09#@!A#!40!P$'!(?;G#48#!R0P&,P(?/(Q1!T#!-0!$Ĥ&#$@!;G#þ!
8#!8#5.%!5.$)!/.(01!a50$?-)!&,-./0þ(Q!(?!5#\.A%,A9!/)480A9!i!&!(Čþ0/!
$Ĥ50I.8Q/1!M0:&Č$#/:-)!4.@!I0!&,-./0þ(Q!P?þ)('!4%GP0!309#!K5#&#@!%80GQ!
-0!40/)(%0/1!
[YKhTv!+!MYx]`a!KnZ`q`a
O5)þ0/! -0! $#48?8! 309#! K5#&#! $#! (?<09#! (.8G?g! eKG$A0/! 40! &ČĜ)! b! cě)X
/?(Ĥ/!*L@*Ld1!KG$A0!-0!4)$50/!(?<)!&)GN!?!8?/!8?%Q!/:4)!R,8!40/0(#!
P?4Q&'(#1!30I)<!#!8Q8#!48ČI0-()!;G?&$Č!9#&#Ĝ)!&!;#$#R0(48&)!#!G#P4Q&?þ.1!
"#G#P:/Č()!8#/:8#!;G.(A.;:!-0!&0!4%:80þ(#48.!8?%!%5)þ#&Q@!I0!30I)<!;G#X
95?<:-0g!
e30485.I0!(0G#P:/)80!8#/:8#!;#$#R0(48&)f!8?%!(0R:$080!G#P:/Č8!
I'$(Q/:!-.(Q/:b!cC?G0%!=@*6!;#$50!?(\51!;Ĝ1d1
30$(#$:<0! Ĝ0þ0(#@! 8#8#! ;#$#R0(48&)! .5:48G:-0! P'%5?$()! ;G.(A.;! &)GN@!
?!%$#!8#/:!(0;#G#P:/)@!;G#!8#9#!PĤ48?(#:!#48?8()!;G.(A.;N!%G'5#&48&)!
8?-0/48&)/1!
7.R50!8#8#!;#$#R0(48&)!&N;G'&)!8?%8#g!30$0(!^?G/'Ĝ!&N<05!(?!4&Q!;#50!
P?4)8!40/0(?1!3?%!-0!G#P9?P#&?5@!(Č%80G'!;?$5?!(?!A048:@!%$0!RN5?!P?<5?X
;'(?!?!40P#R?5.!-0!;8'A.1!3.('!40/0(?!;?$5?!(?!%?/0(.8#:!;Ĥ$:!?!GNA950!
&P0<5?@!?&<?%!G#485.(%N!;?%!:4A95N@!;G#8#I0!(0/Č5N!;0&(Q!%#Ĝ0(N1!Z?5<)!
40/0(?!;?$5?!$#!8G()@!%$0!&P0<5?!?!G#485?@!?&<?%!8G()!G#485#!4!(./.!?!(?X
2L2
ýhCk!MYKV>k`awThS
%#(0A!-0!:$:4.5#1![RN5'!40/0(?!&<?%!;?$5?!$#!WG#$(Q!;Ĥ$N!?!;Ĝ.(045?!
#RG#&4%#:!WG#$:!?!4%5.P0Ė1!
O$NI!:þ0$()A.!;#P$Č-.!PĤ48?5.!4!30I)<0/!4?/.@!P0;8?5.!40!a#@!A#!8#8#!
;#$#R0(48&)!P(?/0('1!30I)<!-./!#$;#&Č$Č5g!eT#8#!;#$#R0(48&)!P(?/0X
('g!K0/0(#!-0!7#I)!45#&#b!cV:%'<!H@**d1!T#8#!-0!&05/.!$Ĥ50I.8Q1!O$NI!
8#8.I!30I)<!Ĝ)%'g!eO$NRN480!/Č5.!&)G:!-?%#!PG(#!9#Ĝþ.A0b@!/'!8)/!(?!/N45.!
45#&#@!%80GQ!Z:A9!K&?8,!Ĝ)%'!$#!(?<09#!4G$A0@!?Ģ!:I!P!")4/?!(0R#!P0!
P$G#-Ĥ@!%80GQ!-4#:!4!()/!&!4#:5?$:1!3?%!:I!-40/!Ĝ0%5!$Ĝ)&0@!40/0(#!#R4?X
9:-0!&<0A9(#!%!8#/:@!?RN!/#95#!(?;5(.8!4&Ĥ-!P'/ČG1!30$.(Q@!A#!;#8Ĝ0R:X
-0!%!I.&#8:!?!GĤ48:@!-0!;Ĥ$?@!?!-?%!$'50!:&.$)/0@!8#:!;Ĥ$#:!-0!(?<0!4G$A01!
7Ĥ9!8#:I)!;#!8#/@!?RN!40!(?!8Q8#!P0/.!;G#-0&#&?5#!309#!%G'5#&48&)@!
?RN!$#!4&Č8?!8/N!/#95#!;Ĝ.-)8!(0R04%Q!;#I09('()1!"Ĝ048#!-0!5./.8#&'(!
8)/@!A#!/ĤI0!$Č5?8!4%GP0!8Č5#!OG.48#&#!i!80$N!&!-?%Q/!48?&:!-4#:!4G$X
A0! &ČĜ)A)A91! O$NI! 30I)<! A9#$.5! ;#! 8Q8#! P0/.@! (?;G#48#! &ČĜ.5! >8A#&,/!
45#&Ĥ/1!+)G?!C:!(0A9NRČ5?@!?!;G#8#!-0!#!MČ/!(?;4'(#g!ea50@!8:!-40/!
X!&!4&.8%:!%(.9N!-0!(?;4'(#!#!C(Č!X!?RNA9!&N%#(?5@!7#I0@!&Ĥ5.!T&#:b!
cu.$Ĥ/!*L@Fd1!30I)<!(?;5(.5!7#I)!&Ĥ5.!$#%#(?501!Y&<?%!;#8#/!40!&G'8.5!
%!>8A.!?!(0A9?5!(?!('4@!?RNA9#/!$#%#(þ.5.!8#@!A#!>(!P?þ?51!T)/!7#I)!
&Ĥ50!i!;Ĝ.('<08!4&Č$0A8&)!#!;G?&$Č!?!/?Ĝ.8!4%:8%N!ć'R5?!i!/ĤI0!R,8!(N()!
(?;5(Č(?@!(.%#5.&!-0(!4%GP0!-0$(#9#!ý5#&Č%?@!30I)<0!OG.48?@!(,RGI!4%GP0!
A05Q!309#!8Č5#@!%80G,/!-0!&05%Q!/(#I48&)!&ČĜ)A)A91!30$.(#:!;#$/)(%#:!
-0@!I0!/:4)/0!4;#5:;G?A#&?8@!?!&<0!8#!P?þ)('!&!4G$A.1!
MN()!R:$0/0!;#%G?þ#&?8!&!30I)<#&Č!&N4&Č850()!8#9#8#!(0-P'4?$(Č-X
<)9#!;#$#R0(48&)g!
e"#$Q5!A048N!-4#:!8.@!%80Ĝ)!:45N<05.@!?!;?%!;Ĝ.A9'P)!Ć'R05!?!R0G0!K5#&#!
P!-0-.A9!4G$A0@!?RN!(0:&ČĜ.5.!?!(0RN5.!P?A9G'(Č(.b!cV:%'<!H@*2d1
K5N<)!K5#&#@!?&<?%!;Ĝ.A9'P)!ć'R05!?!R0G0!-0!P!-0-.A9!4G$A0!4!-0$.(,/!
P'/ČG0/g! (0A9A0@! ?RN! K5#&:! :&ČĜ.5.@! (0R#Ģ! &)G?! (.þ)! -09#! $)5#1!T?%I0!
5#\.A%#:! #8'P%#:@! %80G#:! 4.! /:4)/0! ;#5#I.8@! -0g! e3?%! ć'R05! R0G0! 7#I)!
2L6
+j3]ChýMj
K5#&#Sb! 309#! (0-4.5(Č-<)/.! PRG?(Č/.! -4#:! P%:<0(#48.@! %80GQ! ;Ĝ.(045N!
P%5?/'()@!e%Ĝ04Ģ?(4%Qb!8G?$.A0!&N8&'Ĝ0(Q!þ5#&Č%0/@!5.$4%Q!P$Ĥ&#$Ė#X
&'()@!A9NR('!:þ0()!&)GN@!%80G,A9!40!$GI)/0@!?!$?5<)!i!RN5!RN!8#!$5#:9,!
40P(?/1!C:4)/0!4.!P?;?/?8#&?8@!I0!ć'R05!(0;Ĝ.-$0!4!&.$50/.@!#A?40/!
?! G#9N! 40! 45#&Ng! e3'! -40/! ć'R05! ?! -$:! :%G'48! 7#I)! K5#&#b1! O$NRN! 8#!
:$Č5?5@!&Č8<.(?!5.$)!RN!40!/:!;0&(Č!;#48?&.5?!?!&ČĜ.5?!RN!-0<8Č!&)A!8#/:@!
A#!;Ĝ0$8)/!45N<05.1!Y&<?%!")4/#!Ĝ)%'@!I0!K?8?(!-0!P'5:$(,!?!548.&,1!309#!
48G?80\.0!;Ĥ4#R)!(?;G#48#!;Ĝ.G#P0(Č@!8?%I0!-0!&05.A0!#R8)I(Q!#$9?5.8@!I0!
-0!8#!#(1!309#!A)50/!-0!P;Ĥ4#R.8@!?RN!7#I)!K5#&#!&N;?$?5#!(0(#G/'5(Č@!
?!-09#!/#:$G#48!?RN!40!-0&.5?!-?%#!(#G/'5()1!Y!8#!-0!K?8?(#&?!(0-Wþ.(X
(Č-<)!48G?80\.0D
"#450A9(Č80!4.!30I)<#&#!;G#95'<0()!-0<8Č!-0$(#:g!e?!;?%!;Ĝ.A9'P)!Ć'X
R05!?!R0G0!K5#&#!P!-0-.A9!,8@35@!?RN!(0:&ČĜ.5.!?!(0RN5.!P?A9G'(Č(.b1!30!
8#!;#40548&)!P?4?P0(Q!&!4G$A)A9@!(.%#5.&!&!/N45)A9@!%80GQ!-0!;G#!80/(#8:!
9G#PR#:1!O$NI!30I)<!Ĝ)%'g!eO$NRN480!/Č5.!&)G:!-?%#!PG(#!9#Ĝþ.A0b@!(0X
/N45)!8)/@!7#I)!K5#&#&!(?<.A9!/N45)A9@!(,RGI!&!(?<.A9!4G$A)A91!Z#&#580!
/.!P#;?%#&?8g!eKG$A0/!40!&ČĜ)!b!cě)/?(Ĥ/!*L@*Ld1!K8Ĝ0$0/!;#P#G(#48.!
8#9#8#!;#$#R0(48&)!(0()!40/0(#@!?50!48?&!;Ĥ$N@!(0R#5.!4G$A01!3?%!R:$0X
/0!G#P0R)G?8!8#8#!;#$#R0(48&)!$'5@!R:$0!8#!-0<8Č!-?4(Č-<)1!
30I)<!;#%G?þ:-0g!
eT.!~(?!4%'50r@!%$NI!:45N<)@!4!G?$#48)!;Ĝ.-)/?-)!K5#&#1!"G#8#I0!&<?%!
(0/?-)!%#Ĝ0(@!&ČĜ)!-0(!;#!:Gþ.8#:!$#R:!?!&!þ?4!P%#:<%N!#$;?$?-)b!
cV:%'<!H@*6d1
O5)þ#&,/!4$Č50()/!-0!8?$N!e(0/?-)!&<?%!%#Ĝ0(b@!(0R#!;#$50!-.(Q9#!
;Ĝ0%5?$:g! eY&<?%! (0;G#(.%5#! 95:R#%#! $#! (.A9b! cTh+d1! n?$#48(Č! 45NX
<)! ;#40548&)! ?! 4&#:! /N45)! -0! ;Ĝ.-)/?-)@! ?! /#I('! $#! :Gþ.8Q! /)GN! .! 4&,/!
4G$A0/@!?50!(0(0A9?-)!-0!P?;:48.8!95:R#%Q!%#Ĝ0(N@!?!;G#8#!R:$0!;G#!(Č!
;Ĝ.G#P0(,!4&Č8!G0'5(Č-<)!(0I!7#I)!45#&#1!3?%/.50!&N&48?(#:!(Č-?%'!;G#8.X
&0(48&)@!A#%#5.&@!A#!-0!&!G#P;#G:!4!7#I)/!K5#&0/@!8?%#&)!5.$Q!A#:&(#:@!
2L=
ýhCk!MYKV>k`awThS
?!8)/!-0!-0-.A9!/Č5%'!&)G?!-0$(#$:<0!#$9?50(?1!T?%#&#:!&)G:!5P0!509A0!
&N8G9(#:8!.!4!%#Ĝ0(N1!
"Ĝ.A9'P)! %0! /(Č! 4;#:48N! 5.$)@! %80Ĝ)! Ĝ)%?-)g! e3#9(0@! &ČĜ.5! -40/! 7#I)X
/:!K5#&:@!?50!(0^:(\#&?5#!8#1!7Ĥ9!(?!/#:!/#$5.8R:!(0#$;#&Č$Č51b!30!
#;G?&$:!4(?$(Q!G#P;#P(?8@!A#!40!-./!;Ĝ.9#$.5#1!ý?48,/!-0&0/!-0!:Gþ.8Q!
#R$#R)@!%$N!;Ĝ.-/0/0!&)G#:!(ČA#!4;0A.!!A%Q9#@!?!/:4)/0!&ČĜ.8!;#!A05#:!
8:!$#R:@!(0I!-0!8#8#!$)5#!$#%#(þ0(#!(0R#!P-0&0(#1!M?P,&'/!8#8#!#R$#R)!
e%G.8.A%Q!#R$#R)!&)GNb1!30!8#!#R$#R)@!%$N!8#@!eP?!A#!&ČĜ)80b@!&.4)!(?!&?X
9'A9f!/ĤI0!8#!-)8!(?!8:!þ.!#(:!48G?(:@!?!&<0!8#!P'&.4)!(?!&?<)!&)Ĝ01!V.$0/@!
%80Ĝ)!40!/Č!;8?-)@!;G#þ!-0!7Ĥ9!e(0&N45N<05b@!#$;#&)$'/g!eMČ%$0!RČ90/!
%G.8.A%Q9#!#R$#R)!&)GN!-480!:&ČĜ.5.!&)A0!;G#8.&0(48&)/!(0I!7#I)/:!K5#X
&:b1!
+)/@!I0!&'/!8?8#!#$;#&Čć!/ĤI0!;Ĝ.;?$?8!8&G$'!?!I0!%5?$0!;Ĝ)5.<!&05X
%#:!P#$;#&Č$(#48!(?!&)G:!-0$(#85.&A01!CN45)/!&<?%@!I0!&!")4/:!-0!&05%Q!
/(#I48&)!$Ĥ%?PĤ@!%80GQ!80(8#!/Ĥ-!('P#G!;#$;#G:-)1!
+P;#/0Ė80! 4.! (?;Ĝ)%5?$@! -?%! "08G! (0-$Ĝ)&0! :&ČĜ.5! 30I)<#&Č! ;Ĝ)%?P:g!
e"#-ć!?!-$.!;#!&#$Čb1!MČ-?%#:!$#R:!"08G!&ČĜ.5!?!#;G?&$:!<05!;#!&#$Č1!
"Ĝ0/,<50-80!#!8#/g!-0485.I0!(?48#:;)80!$#!5#$.@!$#;5:-080!$#;G#48Ĝ0$!&05X
/.!%5.$(Q9#!-0P0G?!?!&N48#:;)80@!:Gþ.8Č!(0R:$080!A9#$.8!;#!&#$Č!i!;#8#X
;)80!40D!"08G!&<?%!<051!"#8#/!40!?50!P?/ČĜ.5!(?!;G#8.&0(48&)@!?!#%?/I.8Č!
40!P?þ?5!;#8';Č81!30I)<!;#P$Č-.!Ĝ0%5@!I0!"08G!/Č5!e/?5#:!&)G:b1!M0Ĝ0%5@!
I0! 80(8#! 309#! :þ0$()%! e(0/Č5! I'$(#:! &)G:b@! ?50! I0! -09#! &)G?! (0/Č5?!
95:R#%Q!%#Ĝ0(N1!
C(#P)! 5.$Q! -4#:! (?! 8#/! 480-(Č1! M?! ;#þ'8%:! #;G?&$:! &ČĜ)@! -?%/.50!
&<?%!;Ĝ.-$0!(Č-?%Q!;G#8.&0(48&)@!:%'I0!40@!-?%!-0!-0-.A9!&)G?!/Č5%'1!C:4)X
/0!&ČĜ.8!95:R#A01!"#45#:A90-80!30I)<Ĥ&!;#;.4!;#450$()!;Ĥ$N!c%&Ĥ5.!4&QX
/:!P'/ČG:!-40/!;Ĝ04%#þ.5!8Ĝ08)!$G:9!;Ĥ$Ndg
e~K0/)(%?@!%80G'!;?$5?!$#!$#RGQ!;Ĥ$N@!8#!-4#:!8.@!%80Ĝ)@!%$NI!:45N<05.!
K5#&#@!&!:<50A98.5Q/!?!;#45:<(Q/!4G$A.!-0!;0&(Č!$GI)!?!*/#8*4+)!$#%:$!
(0(04#:!#&#A0b!cV:%'<!H@*B!;#$50!?(\51!;Ĝ1d1
2LB
+j3]ChýMj
+<./(Č80!4.!309#!45#&g!e*/#8*4+)!$#%:$!(0(04#:!#&#A0b1!O$NI!95:R#X
A0!&ČĜ)80@!&N8G&'80@!4(04080!8ČI%#48.!?!;G#-$080!-?%,/%#5.!;G#8.&0(48&)/@!
%80GQ! 48#-)! ;G#8.! 8#/:@! A#! &'/! 7Ĥ9! P-0&.51! "G#8#! -0! 8?%! $Ĥ50I.8Q! 45N<08!
P! ")4/?! 309#! 95?4! &! (?<.A9! 4G$A)A91!Y! -?%/.50! 45N<)/0@! /Č5.! RNA9#/!
&!8#/!408G&'&?8@!G#P&?I#&?8@!4#:48Ĝ0$.8!40!(?!8#@!-?%,!8#!/?5:-0!#RG?P@!
?!;?%!#!8#/!9#&#Ĝ.81!
K V > +Y ! C Y V k 3 q ! > 7 n Y [ o
30!$Ĥ50I.8Q!;#G#P:/Č8!8#/:@!I0!45#&?!/?5:-)!#RG?PN1!C(#P)!40!$#48?80þX
(Č!$5#:9#!(0P?48?&.5.@!?RN!40!(?$!8)/!P?/N4505.1!ě0%(:X5.!eP';?$!45:(X
A0b@!#%?/I.8Č!&'/!&!/N45.!(?4%#þ)!('$90G('!4A0(QG.01!C.5:-080X5.!#A0'(!
?! /'80! ;Č%(Q! &P;#/)(%N! (?! $#&#50(#:! :! /#Ĝ0@! ?4.! &'/! ;Ĝ0$! #þ./?!
&N&48?(0!45:(A0!:%5'$?-)A)!40!$#!#9(.&,A9!/G?%Ĥ!(?$!&#$#:1!M0R#!-0485.!
I.-080!&!YG.P#(Č@!/ĤI080!4.!;Ĝ0$48?&.8!G:$#:!#9(.&#:!%#:5.!4048:;:-)A)!
(?!&N;G?95#:!;#:<Ģ1!u.-080X5.!&!`#5#G?$:@!/#I('!:&.$)80!45:(A0!/.P)A)!
P?! #48GQ! &GA9#5%N! K%?5.48,A9! 9#G@! %80GQ! 40! &N;)(?-)! /0P.! ('$90G(,/.!
^#G/?A0/.!P!/G?%Ĥ@!#$G'I0-)A)A9!A05Q!4;0%8G:/!R?G0&1!"#$#R(,/!P;ĤX
4#R0/!.!7#I)!K5#&#!&N8&'Ĝ)!&!(?<)!;Ĝ0$48?&.&#48.!#RG?PN@!;G#8#I0!7Ĥ9!
&)@!-?%!-4/0!48&#Ĝ0(.1!
+0P/Č80!4.!(?;Ĝ)%5?$@!A#!7Ĥ9!:$Č5?5!4!YRG?9?/0/!|YRG?/0/}1![-0X
&.5!40!/:!?!Ĝ0%5g!eM0R#-!40@!YRG?/0@!-'!8Č!#A9G'()/@!8&'!R:$0!;Ĝ09#-('!
#$/Č(?b!cs0(04.4!*B@*!;#$50!?(\51!;Ĝ1d1!k/)80!4.!8#!;Ĝ0$48?&.8S![-0&)!40!
&'/!7Ĥ9!?!;G#95'4)!(ČA#!8?%#&Q9#D!{I?4(QD
30(I0!YRG?9?/#&?!#$;#&Čć!RN5?!4%0;8.A%'g!eO!þ0/:!-4#:!/.!&<0A9X
(?!8&'!;#I09('()@!%$NI!(0/'/!?(.!4N(?S111!M0$?5!-4.!/.!$Č8.@!8?%I0!/,/!
$Č$.A0/! R:$0! -0$0(! P! /,A9! 45:I0R()%Ĥb! c&0G<0! 2X6f! MVTd1!YRG?9?/!
:I!(0/Č5!I'$(#:!(?$Č-.!(?!4N(?@!;#(Č&?$I!-09#!I0(?!:I!RN5?!$'&(#!&0!
&Č%:@!%$N!(0/#95?!/)8!$Č8.1!30$.(,/!#RG?P0/!&!-09#!4G$A.!RN5#!8#@!A#!
/:! I.&#8! (?/?5#&?51! 3?%! P%:<0(#48.@! 8?%! ;#P('()! /:! &N%G045#&?5N@! I0!
2LE
ýhCk!MYKV>k`awThS
-?%/.50!I0(?!;Ĝ0%G#þ)!:Gþ.8,!&Č%@!;Ĝ048?(0!-0-)!/0(48G:?þ()!AN%5:4!?!:I!
(0()!/#I(Q@!?RN!/Č5?!$Č8.1!K'G?!:I!8:8#!9G?(.A.!;Ĝ0%G#þ.5?!;Ĝ0$!/(#9?!
508N@!8?%I0!YRG?9?/#&?!#$;#&Čć!$'&?5?!&!;Ĝ.G#P0(Q!4^QĜ0!4/N451!7Ĥ9!
&<?%!/ĤI0!;Ĝ.G#P0(#:!4^QG:!P(0;5?8(.8@!(0R#Ģ!:!MČ9#!-0!/#I(Q!&<0A9(#1!
YRG?9?/!(0RN5!#4&)A0(@!8?%I0!?þ%#5.&!40!/:!7Ĥ9!P-0&.5!?!Ĝ0%5g!eT&'!#$X
/Č(?!R:$0!&05.%'@b!(0P(?/0(?5#!8#!&!#þ)A9!48?GQ9#!/:I0!;Ĝ)5.<!/(#9#@!
(0R#Ģ!480-(Č!&<0A9(#!-0$(#:!$#48?(0!-09#!45:I0R()%1!
MN()!450$:-80@!A#!:$Č5'!7Ĥ9g!e+N&0$5!9#!&0(!?!;G?&.5g!e"#950ć!(?!
(0R0!?!40þ8.!9&ČP$N@!$#%'I0<X5.!-0!4;#þ)8?81bb!c&0G<!Bf!`h"d1!
340/!4.!-.48@!I0!40!80(8#!G#P9#&#G!#$09G'5!RGPN!(?&0þ0G1!+Č$A.!8&G$)@!I0!
P?!;Ĝ)P(.&,A9!#%#5(#48)!-0!/#I(Q!5.$4%,/!#%0/!P?95Q$(#:8!;Ĝ.R5.I(Č!#4/!
8.4)A!9&ČP$1!Y&<?%!(?!48?G#&Č%Q/!K8Ĝ0$()/!+,A9#$Č@!%$0!(0RN5#!I'$(Q!
P(0þ.48Č()!&P$:A9:@!&59%#48!?(.!#4&Č850('!/Č48?@!RN5!;#þ08!#%0/!&.$.805X
(,A9! 9&ČP$! /(#90/! &N<<)1! Z#%'I080! 4.! ;Ĝ0$48?&.8@! -?%,! W%#5!YRG?9?/!
$#48?5S!340/!4.!-.48@!I0!;#þ)8?5!A05Q!9#$.(N!?!(?%#(0A!&Nþ0G;'()/!:4(:51!
340/! 4.! -.48@! I0! %$NI! 40! ;Ĝ)<8)9#! G'(?! ;G#R:$.5@! 7Ĥ9! RN5! :! (Č9#1!TQ/ČĜ!
45N<)/@!-?%!40!;8'g!eT?%@!YRG?9?/0@!4;#þ)8?5!-4.!-0!&<0A9(N!&þ0G?!&0þ0GSb
eZČ5'<!4.!50\G?A.Sb!P(Č5?!/#I('!YRG?9?/#&?!#$;#&Čć1!e+!I'$(Q/!
;Ĝ);?$Č1!T#!-0!(0/#I(Q1!30!-.A9!(04;#þ081b
Y!(?!8#!7Ĥ9!Ĝ0%5g!eT&,A9!;#8#/%Ĥ!R:$0!PG#&(?!8#5.%!i!;Ĝ)5.<!/(#9#@!
?RN!-0!RN5#!/#I(Q!4;#þ)8?8Db!7Ĥ9!(?/?5#&?5!#RG?P!(?!;5'8(#!YRG?9?/#X
&N!;Ĝ0$48?&.&#48.1!>$!8Q!A9&)50@!%$N%#5.&!YRG?9?/!;Ĝ0/,<505!#!7#I)/!
P?45)R0()!#950$(Č!-09#!;#8#/%Ĥ@!40!/:!;Ĝ0$!#þ./?!#R-0&.5?!(#þ()!#RX
5#9?!4!(04;#þ08(,/!/(#I48&)/!9&ČP$!1!Y!&!-09#!;Ĝ0$48?&'A9!40!(?-0$X
(#:!8N8#!9&ČP$N!;G#/Č(.5N!&!$Č84%Q!8&'Ĝ0!?!&<0A9(N!%Ĝ.þ05Ng!eT?8)(%:!
YRG?9?/0Db
7Ĥ9!8?%Q!;#:I.5!;G#!&N4&Č850()!8Q8#!;G?&$N!YRG?9?/#&.!#RG?P!;)4%:g!
e3.48#8(Č!8.!;#I09('/!?!8&Q!;#8#/48&#!-.48#8(Č!G#P/(#I)/!-?%#!(0R04%Q!
9&ČP$N!?!-?%#!;)40%!(?!/#Ĝ4%Q/!RĜ09:b!cs0(04.4!22@*Ff!`h"d1!+05%'!
þ'48!YRG?9?/#&?!;:8#&'()!&0$5?!;#$Q5!/#Ĝ0@!8?%I0!4.!/N45)/@!I0!/Č5!
/#Ĝ0!G'$1!"G?&$Č;#$#R(Č!4.!&P;#/)(?5@!-?%!80;5,!;)40%!9Ĝ0-0!$#!(#9#:1!
2LF
+j3]ChýMj
+I$NĢ!-0!$#A05?!$#RĜ0!/#I(Q@!I0!4.!YRG?9?/!(0$5#:9#!;Ĝ0$!4&,/!G#PX
9#&#G0/!4!7#90/!;#/N4505g!!$6(&%<?,&"%e%&$6(&%+5%#"%4,(%A8'5&U%!$%"8þ(G
#Č%'5'?%.$9'-%,<$þ?#4#[!+!YRG?9?/#&Č!4&Č8Č!;Ĝ0$48?&:-)!9&ČP$N!?!;)40%!
(0;#þ.8?805(#48@!?!;G#8#!-0!7Ĥ9!;#:I.5!-?%#!;Ĝ)%5?$1!
O$NRN!I.5!YRG?9?/!&!$(0<()!$#RČ!?!RN5!R.#5#\0/@!7Ĥ9!RN!PĜ0-/Č!
Ĝ0%5g!eT&,A9!;#8#/%Ĥ!R:$0!8#5.%@!-?%#!-0!R:(Č%!&!5.$4%Q/!8Č501b
30I)<!4$Č5#&?5!7#I)!K5#&#!W;5(Č!480-(,/!P;Ĥ4#R0/1!nNR'ĜĤ/!&N;G'X
&Č5! ;Ĝ)RČ9N! #! GNR'A9@! ^?G/'ĜĤ/! #! ^?G/?Ĝ0()@! #RA9#$()%Ĥ/! #! #RA9#$:!
?!!!(?(A)A9!?!P'48:;Ĥ/!&N;G'&Č5!#!4&?8R'A9@!G#$.((,A9!&P8?P)A9!?!-.(,A9!
&ČA0A9!%?I$#$0(()9#!I.&#8?1!ZČ5?5!8#!;G#8#@!?RN!4.!%?I$,!/#95!;G?&$:!
;Ĝ0$48?&.8!(?!(Čþ0/!%#(%GQ8()/!P!-0-.A9!%?I$#$0(()A9!P%:<0(#48)1!]!$(04!
8#!7Ĥ9!$Č5'!480-(Č!4!80R#:!.!40!/(#:!i!;#:I)&'!45#&?@!?RN!(?!;5'8(Č!(?<)!
;Ĝ0$48?&.&#48.!(?/?5#&?5!#RG?PN1!Y!;#(Č&?$I!.!M0;Ĝ)805!4#:;0Ĝ)!4!7#90/!
#!;5'8(#!(?<09#!4G$A0@!-0!8#8#!;5'8(#!$:A9#&()/!R.80&()/!;#50/@!;G#8#I0!
8#@!A#!-0!(?!8#/8#!;5'8(Č!(?/?5#&'(#!?!/N!8#/:!&ČĜ)/0@!8#!40!8?%Q!&!(?X
<0/!I.&#8Č!48?(01!K5#&?@!%80G'!%?I$,!$0(!45N<)/0!?!%80G,/!&Č(:-0/0!;#X
P#G(#48@!R:$#:!(?!;5'8(Č!(?<09#!4G$A0!/?5#&?8!#RG?PN1!T#!-0!$Ĥ&#$@!;G#þ!
30I)<!Ĝ)%'g!e+Č(:-80!;#P#G(#48!8#/:@!A#!45N<)80b!cC?G0%!=@2=d1
K?8?(!;G#/5#:&'!$#!(?<)!/N45.!45#&?!4059'()@!;#G'I%N@!A9:$#RN@!(0X
/#A.@!R0P(?$Č-0@!(04A9#;(#48.!;#/'9?8!#48?8()/!i!80(8#!40P(?/!(0/'!
%#(A01!C'!;#8Č<0()!P!8#9#@!I0!4?/.!40R0!;#&?I:-080!P?!#RNþ0-(Q!?!(0X
4A9#;(Q!P?%:4.8!7#I)!;G#/Č(:1!K8G?A9!?!#R?&N!-4#:!-09#!(0-4.5(Č-<)/!
('48G#-0/@!(0R#Ģ!-4#:!;G#8.%5?$0/!&)GN1!K8G?A9!(?!;5'8(Č!(?<09#!4G$A0!
/?5:-0!#RG?P@!$#%#(A0!;G#/)8'!!!5/@!-0<8Č!;Ĝ0$!8)/@!(0I!40!A#%#5.&!48?X
(01!T#@!þ09#!40!R#-)80@!&Q&#$)!(?!&?<0/!;5'8(Č1
7Ĥ9!$Č5'!;Ĝ04(,!#;?%1!"G#/5#:&'!45#&?@!%80G'!&N8&'Ĝ)!#RG?PN!(?$Č-01!
"G#8#!")4/#!Ĝ)%'!#!YRG?9?/#&.g
e>(!;G#8.!(?$Č-.!(?!P'%5?$Č!(?$Č-0!:&ČĜ.5@!I0!40!48?(0!#8A0/!/(#9,A9!
('G#$Ĥ!;#$50!8#9#@!A#!-0!Ĝ0þ0(#g!~T?%!R:$0!8&Q!;#8#/48&#1rb!
cě)/?(Ĥ/!=@*Hd1
2LH
ýhCk!MYKV>k`awThS
T?8#! 45#&?! 7Ĥ9! Ĝ0%5! 8Č4(Č! ;#! 8#/@! A#!YRG?9?/! (0$#%'P?5! 4;#þ)8?8!
9&ČP$N1! MN()! RN5! &! -09#! 4G$A.! (?/?5#&'(! #RG?P! (?$Č-0@! 80$N! P'48:;:!
-09#! ;#8#/%Ĥ1!Y! 80(8#! #RG?P! (?9G?$.5!YRG?9?/Ĥ&! ;Ĥ&#$()! #RG?P! (0X
;5#$(#48.!-09#!I0(N!?!-09#!45:I0R()%?!-?%#!-0$.(Q9#!$Č$.A01!
"G#þ!"?&05!(?;4?5!#!YRG?9?/#&.g!e>(!;G#8.!(?$Č-.!(?!P'%5?$Č!(?$ČX
-0!:&ČĜ.5bS!"G&()!(?$Č-0!-0!(?$Č-0!;Ĝ.G#P0('1![0!4&Q!P%:<0(#48.!4.!YRX
G?9?/!/N4505@!I0!:I!(0/'!I'$(#:!<?(A.!/)8!40!K'G#:!$)8Č1!30!&<?%!-0<8Č!
-0$(?!(?$Č-0!i!(?$Č-0!#$!7#9?@!A#I!-0!8?!$G:9'!(?$Č-0@!#!%80GQ!/5:&)!
"?&051!CN!-4/0!?50!PG0$:%#&?5.!45#&#!'4@Č+5!(?!;#:9Q!e/#I('!?(#b1!
O$NI!Ĝ0%(0/0!eZ#:^'/@!I0!?(#b@!&0!4%:80þ(#48.!8)/!/N45)/0!e"G?&X
$Č;#$#R(Č!40!8#!(048?(0@!?50!/#I('!RN!40!8#!48'8!/#95#b1!T?%8#!&<?%!
7.R50! (?$Č-.! (0&.$)1! +! 7.R5.! -0! 45#&#! '4@Č+5! $0!!(#&'(#! -?%#! e;0&(Q!
#þ0%'&'()b1!YRG?9?/!:&ČĜ.5!&!(?$Č-.@!;#$50!#RG?P:@!%80G,!7Ĥ9!(?/?X
5#&?5!(?!;5'8(#!-09#!4G$A01![!&)GN!40!YRG?9?/!(?P&?5!e#8A0/!/(#9,A9!
('G#$Ĥb!-0<8Č!;Ĝ0$!8)/@!(0I!40!-./!4N(!4%:80þ(Č!(?G#$.51!+ČĜ.5@!I0!40!8#!
-.I!48?5#@!;G#8#I0!7Ĥ9!(0/ĤI0!59'81!T#8#!&N4&Č85:-0@!;G#þ!;.4?805!5.48:!
u.$Ĥ/!Ĝ)%'g!
e+)G?!-048!;#$48?8?!&ČA)@!&!(ČI!$#:^'/0b!cu.$Ĥ/!**@*d1
M?$Č-0! -0! #RG?P! (?/?5#&?(,! 7#I)/! K5#&0/! (?! ;5'8(#! (?<09#! 4G$X
A0!?!&)G?!/:!$'&'!;#$48?8:@!(0R#5.!9#!:4%:80þĖ:-01!ZĤ&#$0/@!;G#þ!8#X
5.%!5.$)!R#-:-0!4!&)G#:@!-0@!I0!(0/?-)!(?$Č-.1!30485.I0!(0/'80!(?$Č-.@!&)G?!
(0/'!þ0/:!$'&?8!;#$48?8:1!
CĤI0/0!8#!&N-'$Ĝ.8!-0<8Č!-.(?%g!(?$Č-0!-0!;5'(!?!&)G?!-0!48?&0R()!/?X
80G.'51!CĤI080!/)8!8:(N!9Ĝ0R)%Ĥ@!$Ĝ0&?@!8&'G(.A@!#%0(@!<.($050@!&#$#&#$X
()A9!8G:R0%@!?8$1!30485.I0!&<?%!(0/'80!;5'(@!(0/ĤI080!;#48?&.8!(.A1!MČX
%$#!/ĤI0!#$;#G#&?8g!eM0!(0@!-'!RNA9!8#!$#%'P?5f!48?&Č5!RNA9!8#!;G#48Č!
P!95?&Nb1!Y(#@!/#I('!RN480!8#!$#%'P?5@!?50!480-(Č!RN480!/:405!/)8!&0!4&Q!
/N45.!;Ĝ0$48?&:!8#9#@!-?%!RN!/Č5!$Ĥ/!&N;?$?8f!?!8#!:I!-0!;5'(1!
T?%I0@!#;?%:-.@!-0485.I0!(0/'80!&0!4&Q/!4G$A.!(?$Č-.!i!&.P.@!#RG'P0%@!
2LJ
+j3]ChýMj
;Ĝ0$48?&:@!;5'(!i!(0/'!&?<0!&)G?!þ0/:!R,8!;#$48?8#:1!"G#8#!"?&05!%Ĝ04X
Ģ?(Ĥ/!&!ě)/Č@!%80Ĝ)!P?%#:<05.!#RG#&4%Q!;G#('450$#&'()@!;)<0g
eC#$5)/!40@!?RN!&'4!7Ĥ9@!%80G,!$'&'!(?$Č-.@!(?;5(.5!&0<%0G#:!G?$#48)!
?!;#%#-0/!&0!&)Ĝ01!Y!%QI!&'4!/#A!Z:A9?!4&?8Q9#!(?;5()!(?$Č-)1b!
cě)/?(Ĥ/!*B@*6f!`h+d1
T#8#!-0!#9G#/(,!&0G<!i!-0$0(!P!/,A9!#R5)R0(,A9!i!8?%I0!40!;#$)&'X
/0!.!(?!-.(Q!;Ĝ0%5?$N1!M]+!;Ĝ0%5'$'!c480-(Č!.!þ04%Q!;Ĝ0%5?$N!i!;#P(1!;Ĝ0X
%5?$?8050dg!eYĢ!&'4!7Ĥ9!(?$Č-0111b!+.$)80!8#S!30!(?P,&'(!e7#90/!(?$ČX
-0bD!ý?4!48G'&0(,!4!M)/!&N8&'Ĝ)!(?$Č-.!?!&.P.1!Th+!;Ĝ0%5'$'g!eOQI!&'4!
7Ĥ9@! A@8$+% '4@Č+5@! (?;5()! &0<%0G#:! G?$#48)! ?! ;#%#-0/! 4%GP0! &?<.! &)G:!
&! MČ-@! 8?%! ?RN! &?<0! (?$Č-0! $'50! G#485?! /#A)! Z:A9?! K&?8Q9#b1! +.$)80@!
-?%!(?$Č-0!?!&)G?!;G?A:-)!4;#50þ(Č@!?RN!$'&?5N!G?$#48@!;#%#-!?!;#8Č<0()S!
Y!&.$)80!8?%Q@!#$%:$!(?$Č-0!;#A9'P)S!"#A9'P)!P!/#A.!Z:A9?!4&?8Q9#1!>(!
-0!8#:!#4#R#:!7#I)!TG#-.A0@!%$#!8#:I)!&!(?<.A9!4G$A)A9!/?5#&?8!#RG?PN!
;G?&$N@!?!$Č5'!8#!4%GP0!45#&?@!%80G'!%!('/!;G#/5#:&'1!
>;?%:-.@! 8#8#! -0! /)48#@! %$0! 40! #$09G'&'! #RG#&4%'! R.8&?1! 3?%! Z:A9!
K&?8,@!8?%!M0;Ĝ)805!8#:I)!P)4%?8!;Ĝ)48:;!%!8#/:!;5'8(:!;Ĝ0$48?&.&#48.!&0!
&?<0/!4G$A.1!30485.I0!40!M0;Ĝ)805.!;#$?Ĝ)@!?RN480!:&ČĜ.5.!#RG?PĤ/!(0W4;ČX
A9:@!;#G'I%N@!A98)þ0@!;,A9N@!(0/#A.@!4/G8.@!R0P/#A.@!$048G:%A0!?!$?5<)!
i!&<0A9(N!P!(.A9!/?5:-0!4&,/?!5I./?!X!;?%!&'4!$#48?51!+)G?!-0!;#$48?8#:!
&ČA)@! &0! %80GQ! $#:^'/0@! ?&<?%! 48G?A9! -0! ;#$48?8#:! (?<.A9! 48?G#48)1! 3tR!
Ĝ0%5g!eý09#!-40/!40!8#5.%!48G?A9#&?5@!8#!/Č!;#48.95#@!$#5095#!(?!/Č!8#@!
þ09#!-40/!40!50%?5b!c6@2Bf!`h"d1
O$NI!/.!RN5#!(ČA#!;Ĝ04!$&?A08@!%G'8A0!;#!/Q/!#RG'A0()@!;G#A9'P05!
-40/!(04/)G(,/.!R.8&?/.1!+!/N45.!-40/!&.$Č5!#RG?PN!40U:'5()!;0G&0GP0@!
?!8#!4?/Q!-40/!/Č5!.!&0!4(0A91!TN8#!#RG?PN!RN5N!;#4.5#&'(N!;#45#:A9'X
()/!8#9#@!#!þ0/!/5:&.5.!#48?8()@!450$#&'()/!!!5/Ĥ!?!8050&.P()A9!;G#\G?X
/Ĥ@!?!4%GP0!G0%5?/N1!Y&<?%!(0-þ?48Č-.!/Č!8N8#!#$;#G(Q!#RG?PN!P?4?9#X
&?5N!P!þ.48?!-?4(?1!7N5!-40/!/:þ0(!8Č/.8#!/N<50(%?/.!?!48G?A9!/Č!/Č5!
2*L
ýhCk!MYKV>k`awThS
;0&(Č! &! G:%#:1! "Ĝ0/,<505! -40/g! e7:$:! -'! (Č%$N! 4A9#;0(! /)8! P$G?&,!
40U:'5()!&P8?9!40!I0(#:@!%80G#:!4.!-0$(#:!&0P/:S!7:$:!40!(Č%$N!/#A8!
;#$)&?8!(?!I0(:!40!4;G'&(,/.!/N<50(%?/.S!3?%!/#9:!45#:I.8!#48?8()/@!
%$NI!/'/!8?%#&,!9Ĝ)A9S!340/!(0(#G/'5()Sb
30$(#9#!$(0!-40/!P-.48.5@!I0!7#I)!K5#&#!Ĝ)%'g!eM0R#Ģ!?þ%#5.!I.-0/0!
&! 8Č50@! (0R#-:-0/0! ;#$50! 8Č5?1! [RG?(Č! (?<09#! R#-0! (0-4#:! 8Č504(Q@! ?50!
/?-)! #$! 7#9?! 4)5:! R#Ĝ.8! #;0&(Č()b! c21! O#G.(84%,/! *L@6X=d1! >! -?%Q/!
#;0&(Č()!8?$N!"?&05!9#&#Ĝ)S!309#!#$;#&Čćg
e7#Ĝ)/0!;Ĝ0$48?&N!?!%?I$#:!;#&,<0(#48@!%80G'!40!;#P&0$'!;G#8.!;#PX
('()!7#9?1!k&'$)/0!$#!P?-08)!%?I$#:!/N<50(%:@!?RN!RN5?!;#45:<(?!
OG.48?b!c21!O#G.(84%,/!*L@Bf!MVTd1
"G&()!-0!8:!P/)(Č(#!45#&#!<Ĝ5@,#4*/@!(0R#5.!#RG?PN!(?/?5#&?(Q!(?!
;5'8(Č! (?<)! ;Ĝ0$48?&.&#48.1! Z?5<)! ;Ĝ.A9'P)! A9NR(Q! ;#P('()! ?! (?%#(0A!
<;?8(Q!/N<50(%N!c8N8#!$&Č!&ČA.!R:$:!;G#R)G?8!;#P$Č-.!&!8Q8#!%?;.8#50d1!
"?&05!-?4(Č!Ĝ)%'@!I0!;0&(#48.!-4#:!4#:þ'48)!$:A9#&()!R.8&N@!(.%#5.&!R.8&N!
8Č504(Q1!O!8#/:@!?RNA9#/!/#95.!4&G9(#:8!<;?8(Q!;Ĝ0$48?&N!?!(?9G?$.8!
-0!7#I)!(?$Č-)@!-0!8Ĝ0R?!/#A(Q!PRG?(Č!i!/0þ0!Z:A9?!4&?8Q9#!X!%80G,/!
-0!7#I)!K5#&#1
3?%/.50! -40/! 8#950! #R-0&.5@! /Č5! -40/! &0! 4&Q! R.8&Č! (?&GA91! +Č$Č5!
-40/@!I0!/'/!R:$#:A(#48!P?-.<8Č(#:1![?þ?5!-40/!R#-#&?8!;#/#A)!7#I)X
9#!K5#&?1!C5:&.5!-40/!<Ĝ?.$%%!8Č/!#RG?PĤ/!?!;Ĝ.%'P?5!-./@!?RN!P/.P05N!
&0!-/Q(:!30I)<0!OG.48?@!?!(?$!/,/!40U:'5()/!I.&#80/!-40/!&NP('&?5!8#@!
A#!;G#95?<:-0!7#I)!K5#&#1!7N5?!8#!5)8'!R.8&?@!?&<?%!-'!-40/!&Č$Č5@!I0!8?8#!
;0&(#48!/:4)!;?$(#:8!?!R,8!(?9G?P0(?!P$G?&,/.!#RG?PN1!
3?%/.50!-40/!&!8Q8#!R.8&Č!P&)8ČP.5@!/:405!-40/!þ05.8!$?5<)/1![;#þ'8%:!
40!&Č8<.(?!/,A9!R#-Ĥ!8,%?5?!/Q9#!#4#R()9#!I.&#8?1!3?%!-40/!$#4;)&?5@!
;Ĝ04:(:5N!40!$#!#R5?48)!&5.&:!(?!#%#5)1!T#8#!-4#:!(0-$Ĥ50I.8Č-<)!R.80&()!
;#50@! %80G'! A9A0! M0;Ĝ)805! #&5'$(#:8@! (0R#Ģ! 40! 8,%?-)! &?<09#! &5.&:! (?!
#48?8()!5.$.1!30I)<!;#95Q$5!(?!"08G?!?!Ĝ0%5g
2**
+j3]ChýMj
ex./#(0@!x./#(0@!950@!K?8?(!4.!&'4!&NI'$?5@!?RN!&'4!&N8Ĝ)R.5!-?%#!
;<0(.A.1!3'!-40/!&<?%!;#;G#4.5!P?!80R0@!?RN!(0P?(.%5?!8&'!&)G?1!Y!8N@!
?I!40!#RG'8)<@!;#4.5(.!4&Q!RG?8GNb!cV:%'<!22@6*X62d1
"Ĝ.!-0$(Q!/Q!45:IRČ!&0!^?G/'Ĝ4%Q!#R5?48.!/.!-0$0(!;?48#G!;#/#95!;#X
A9#;.8@!A#!30I)<!x./#(#&.!c"08G#&.d!Ĝ)%?51!Z#P&Č$Č5!-40/!40@!I0!-0485.I0!
-0!;<0(.þ(Q!PG(#!8Ĝ)R0(#!&!(04;G'&(,!þ?4@!/ĤI0!R,8!8?%!;#(.þ0(#@!I0!(0X
R:$0!4A9#;(Q!G0;G#$:%A01!O$NI!-40/!:45N<05!8#8#!&N4&Č850()@!:&Č$#/.5!
-40/!4.@!I0!30I)<!"08G#&.!Ĝ0%5g!eK?8?(!8.!A9A0!40RG?8!4A9#;(#48!G0;G#$:%A0!
i!4A9#;(#48!(Q48!#&#A0b1
M0;Ĝ)8050!4%:80þ(Č!;Ĝ)5.<!(0P?-)/'@!-0485.!I.-080!;#9#$5(,/!%Ĝ04Ģ?(X
4%,/! I.&#80/@! &N$Č5'&'80! 4;#:48N! ;0(ČP@! :I)&'80! 4.! 4&Q9#! R5?9#RN8:!
?!-0$(#9#!$(0!-$080!$#!(0R01!aGĤP:!/:!(?9'()!8#@!I0!40!R:$080!G#P/(#X
I#&?81!3?%/.50!$#!8Q8#!?GQ(N!&48#:;)80@!þ0%'!&'4!(05)8#48(,!P';?41
C#95! RNA9! (?;4?8! A05#:! %(.9:! #! $:A9#&()A9! R#-)A9@! %80G,/.! -4/0!
4!V.4#:!RČ90/!(?<)!45:IRN!;G#<5.@!?!480-(Č!8?%!.!%?I$,@!%$#!;Ĝ.!P'A9G?X
(Č!$:<)!48#-)!&!;Ĝ0$()!5.(..1!+P;#/)('/!4.@!-?%!40!(?!/Č!V.4?!-0$(#9#!
&0þ0G?!G#%:!*JHH@!8Ĝ.!/Č4)A0!;#8Q@!A#!-4/0!P?þ?5.!%'P?8!(?!;5(,!W&?P0%@!
;#$)&?5?!?!4!;#$G'I$Č(#48)!Ĝ0%5?g!eM0&Č$Č5?!-40/@!I0!$Q/#(.!/#9#:!R,8!
?I!8?%950!#RG#&<8)Db
7.8&N@! %80G,/! þ05)/0@! -4#:! (Č%$N! %G:8Q! ?! PA05?! #80&Ĝ0(Q@! -.($N! &)A0!
4%GN8Q!?!-0/(Č-<)1!"#&)/!&'/!;Ĝ)RČ9!#!-0$(Q!8?%#&Q!4%GN8Q!R.8&Č@!%80G,!
90P%N!.5:48G:-0!8#@!#!þ0/!-40/!9#&#Ĝ.5!#950$(Č!;5'8(?!(?<)!;Ĝ0$48?&.&#48.1
K O no T j ! " > O k K ! > ! T ě q 7 h M q
+!G#A0!*JJ2!%0!/(Č!7Ĥ9!-0$(#9#!G'(?!;G#/5:&.5!?!Ĝ0%5!/.@!?RNA9!(?;4?5!
%(.9:1!7N5#!8#!-0$(#!P!8ČA9!7#I)A9!(?&<8)&0()@!(?!%80GQ!40!(0P?;#/)('1
+0!<%#50!-40/!?(\5.þ8.(:!(0('&.$Č5!?!;G#;?$5!-40/!:!;Ĝ.-)/?A)A9!P%#:X
<0%!&!-?PN%#&Q!þ'48.@!A#I!-0!$Ĥ&#$@!;G#þ!-40/!48:$#&?5!80A9(.%:1!T?%I0!
2*2
ýhCk!MYKV>k`awThS
%$NI!/.!7Ĥ9!Ĝ0%5@!I0!/'/!;4'8@!/Č5!-40/!#;#$48?8(Č(Č!P?!8#@!I0!4.!%!8#/:!
&NRG?5!(04;G'&(#:!#4#R:1!Z0408!/Č4)AĤ!-40/!RN5!(0;#45:<(,!?!(0(?;4?5!
-40/!?(.!þ'G%:1!"#8#/@!RČ90/!$&#:!8,$(Ĥ@!P?!/(#:!;Ĝ.<5N!(0P'&.450!(?!
4#RČ!$&Č!I0(N!?!;Ĝ0$?5N!/.!(?;G#48#!480-(Q!45#&#g!e3#9(0!70&0G0@!-0485.I0!
(0(?;)<0<@!8#@!A#!8.!7Ĥ9!Ĝ0%5@!I0!/'<!(?;4?8@!$'!K&Q!;#40548&)!(Č%#/:!-.(QX
/:@!?!8N!R:$0<!4#:P0(!P?!4&#:!(0;#45:<(#48b1!O$NI!/.!8#8#!Ĝ0%5?!8?!$G:9'!
I0(?@!;?$5?!(?!/Č!7#I)!R'P0Ė!?!%#(0þ(Č!-40/!&P?5!;?;)G!?!;0G#1!
M?;4?5!-40/!4&#:!;G&()!%(.9:@!?&<?%!(0:48'50!-40/!R#-#&?5!4!/N<50(X
%#:g!S@$%#$)65%*/@:U!M0RN5!-40/!P('/,@!%'P?5!-40/!-0(!&0!P9G:R?!48#X
þ50((,A9!4R#G0A9!?!RN5!-40/!R,&?5,/!;?48#G0/!/5'$0I0@!%80G,!&NG#485!
&!8Ĝ)8.4)A#&Q/!/Č48Č!(?!K8Ĝ0$#P';?$Č1!M0$#%'P?5!-40/!4.!;Ĝ0$48?&.8@!-?%!
RN!/#-0!%(.9?!/#95?!R,8!&ĤR0A!&N$'(?!?!-?%!RN!40!/#95?!$#48?8!(?!&0X
Ĝ0-(#481!M.A/Q(Č!7Ĥ9!;G#/5:&.5@!?!8?%!-40/!;#%G?þ#&?51!
"Ĝ0$?5! -40/! 4&Ĥ-! ;G&()! G:%#;.4! -0$(#/:! %Ĝ04Ģ?(4%Q/:! (?%5?$?805X
48&)@!%80GQ!RN5#!&0!/Č48Č@!%$0!-40/!PG#&(?!RN$5051!`05Q!8,$(N!40!(.%$#!
(0#P,&?51!M?%#(0A!-40/!8?/!P?&#5?51!MČ-?%,!þ5#&Č%!P!95?&()9#!&0$0()!
/.!Ĝ0%5g!eM0A9A0/0!&?<.!%(.9:!&N$?8@!;G#8#I0!-0!;Ĝ)5.<!%'P?A)b1!30485.!8#X
950!(0RN5?!$#48?80þ('!G'(?@!8?%!P?!(Č%#5.%!$()!4.!%(.9:!;Ĝ0þ085!-0$0(!/Ĥ-!
;Ĝ)805!?!Ĝ0%5g!e3#9(0@!;#:I)&'<!;Ĝ)5.<!/(#9#!&0G<Ĥb1
7#-#&?5!-40/!4!#$G?P0()/1!K5#&?!#R#:!/:IĤ!(?%G045.5?!$#!/Q!;Ĝ0$X
48?&.&#48.! #RG?P! (0W4;ČA9:1! T09$N! -40/! 8#/:! W;5(Č! (0G#P:/Č5@! ?&<?%!
$(04!&)/@!I0!8#!RN5!W%5?$!M0;Ĝ)8050@!?RNA9!40!(0/#95!G0;G#$:%#&?81!K?X
8?(!/Č!A98Č5!8Ĝ)R.81!30(I0!%0!/(Č!/5:&.5!7Ĥ9!?!-'!-40/!A)8.5@!I0!8?!%(.9?!
P?4'9(0! 4;#:48N! 5.$)1! K8'5! -40/! ;Ĝ0$! G#P9#$(:8)/g! $#&#5)/@! ?RN! 45#&?!
8ČA9!$&#:!&5.&(,A9!5.$)!(?/?5#&?5?!$#!/Q9#!4G$A0!#RG?P!4059'()@!(0R#!40!
R:$:!;0&(Č!$GI08!(?$Č-0@!P)4%?(Q!P0!45#&@!%80G'!%0!/(Č!;G#/5:&.5!7Ĥ9S!
n#P9#$5!-40/!40!&ČĜ.8!7#9:!?!R#-#&?5!-40/!;G#8.!e#RG?PĤ/!(0W4;ČA9:b!
8)/@!I0!-40/!-0!;Ĝ0/Č(#&?5!&NP('&'()/!7#I)9#!45#&?!1!+Č8<.(?!8ČA98#!
R.80&!40!#$09G'5?!&!/,A9!/#$5.80R()A9!A9&)5)A9!?!8?%Q!4!5.$/.@!%80Ĝ)!80(8#!
7#90/!$?(,!P'/ČG!;#$;#G#&?5.1!T#:!(0-&Č8<)!#;#G#:!/.!RN5?!/#-0!I0(?1
[%#(8?%8#&?5!-40/!-.(Q9#!&N$?&?8050!?!RN5!-40/!#;Č8!#$/)8(:81!"G#X
2*6
+j3]ChýMj
8#I0!:I!-40/!40!G#P9#$5@!I0!8#!(0&P$'/@!?!I'$(,!&N$?&?805!/Ĥ-!G:%#;.4!
(0A98Č5@!(?%#(0A!-4/0!%(.9:!&N$?5.!4?/.1!
Z?5<)!G#%!-40/!-.!;G#$'&?5!&!/0(<)A9!4R#G0A9@!%$0!-40/!%'P?5@!?&<?%!
/Q!;#40548&)!40!48'50!(0$#48'&?5#!%!P'48:;Ĥ/1!M.A/Q(Č!-40/!(?;4?5!$?5X
<)!%(.9:!?!P?40!-4/0!4.!-.!&N$?5.!4?/.1!T#!4?/Q!40!#;?%#&?5#!$?5<)!G#%1!
M'450$:-)A)9#!G#%:@!8Ĝ.!G#%N!;#!8Q@!A#!%0!/(Č!7Ĥ9!;#;G&Q!;G#/5:&.5@!
-40/!;5'(#&?5!$?5<)!%(.9:1!CČ5?!R,8!#!8#/@!-?%!;Ĝ0%#('&?8!:G'I%N1!7N5!
-40/!;Ĝ.;G?&0(!(?!$5#:9,!þ?4!;4?()!?!;5'(#&?5.!-4/0!P?40!&N$?8!-.!4?/.1!
7N5!-40/!G#P9#$(:8@!I0!R:$:!;#45:<(,!R0P!#950$:!(?!4%:80þ(#48@!I0!40!
/,A9!%(.9!;G#$?5#!-0(!&05/.!/'5#1!7Ĥ9!/.!Ĝ0%5@!I0!/'/!;4'8!?!I0!/Q!
%(.9N!R:$#:!þ)48!$?&N1!M0$#&#5.5!-40/@!?RN!/Q!(?$Č-0!RN5N!:/5þ0(N1!
MČ%$N!&!8Q!$#RČ!-40/!RN5!;#P&'(!(?!#RČ$!4!/,/!;Ĝ)8050/!?!-0$()/!
-09#! ;Ĝ)8050/! i! %80G,/! RN5! ('9#$#:! (#&,! Ĝ0$.805! (?%5?$?80548&)@! %80X
GQ! 809$N! #$/)85#! &N$?8! /#:! ;G&()! %(.9:1! "#! &P'-0/(Q/! ;Ĝ0$48?&0()!
?!RČI(Q!4;#50þ0(4%Q!%#(&0GP?A.!40!/Č!(?%5?$?805!P0;8?5!(?!(?<.!45:IR:1!
+N;G'&Č5!-40/!/:@!-?%!4!V.4#:!A048:-0/0!?!/5:&)/0!&0!4R#G0A91!T?%Q!
-40/!40!P/)(.5@!I0!-40/!&N$?5!$&Č!%(.9N1!
T#! ;#$()8.5#! -09#! P&Č$?&#48! ?! P0;8?5! 40@! -0485.! ;5'(:-.! (?;4?8! $?5<)!
%(.9:1!ě0%5!-40/!/:@!I0!;G?A:-.!(?!8Ĝ08)@!?!#(!40!/Č!P0;8?5@!þ09#!40!8,%'1!
O$NI!-40/!/:!(ČA#!#!()!;#&Č$Č5@!;#5#I.5!/.!-0<8Č!(Č%#5.%!#8'P0%1!M?X
%#(0A!Ĝ0%5g!e+N$'&'/0!;#:P0!$&?A08!þ8NĜ.!%(.9!G#þ(Č!?!8Q/ČĜ!&<0A9(N!
-4#:!#$!P?&0$0(,A9!?:8#GĤ!(0R#!P('/,A9!45:I0R()%Ĥ@!8?%I0!8&#:!%(.9:!
#;G?&$:!(0/#9:!&N$?81!Y50!8#!;#40548&)!40!/.!/#A!5)R)Db
eT#!-0!&!;#Ĝ'$%:@b!Ĝ0%5!-40/!?!$'5!-4/0!#!8#/8#!8Q/?8:!&0$5.!$.4%:4.1!
M?%#(0A! (?$<0(Č! Ĝ0%5g! eT:950! %(.9:! A9A.! &N$?8@! ?50! /:4)/! P)4%?8!
4&#50()!/?-.8050!4;#50þ(#48.@!;G#8#I0!8#!(0()!&!4#:5?$:!4!(?<)/!#R&N%X
5,/!;#48:;0/b1
T?8#!4;#50þ(#48!4%:80þ(Č!/#:!%(.9:!&N$?5?!;#$!('P&0/!H4#4'$*4%
':*'4@41
7Č90/!;G&()A9!<048.!/Č4)AĤ!40!;G#$'&?5?!&05.A0!/'5#!?!&N;?$?5#!8#@!
I0!8#!R:$0!;G#;?$'%1!7#-#&?5!-40/!4!/N<50(%?/.@!;G#þ!-40/!48G'&.5!8Ĝ.!
2*=
ýhCk!MYKV>k`awThS
48?!9#$.(!(?$!%?I$#:!P0!4&,A9!%(.9@!%$NI!-0!þ80!-0(!9G48%?!5.$)1!K(?I.5!
-40/!40!:8Č<.8!8)/@!I0!e%$NRN!4%GP0!(Č!RN5!P?A9G'(Č(!;G#!&Čþ(#48!-0$0(!
-0$.(,!I.&#8@!/Č5#!8#!A0(:b1!"Ĝ048#!-40/!P';?4.5!4!#$G?P0()/!?!#RG?PN!
(0W4;ČA9:1!30(I0!-40/!40!;Ĝ0$8)/!G#P9#$5@!I0!R:$:!7#9:!4!(?$Č-)!;G#8.!
R0P(?$Č-.!&ČĜ.81!M0$#&#5.5!-40/@!?RN!8N!#$G?P:-)A)!/N<50(%N!&N85?þ.5N!8#@!
A#!/.!Ĝ0%5!7Ĥ91!CČ5!-40/!#RG?P!8#9#@!-?%!/Q!%(.9N!þ8#:!5.$Q!;#!A05Q/!
4&Č8Č@!?!80(8#!#RG?P!(?!/Q!;5'8(#!(?/?5#&?5!4'/!7Ĥ91!
T#:!$#R#:!%0!/(Č!;Ĝ.<05!-0$0(!;?48#G!?!Ĝ0%5!/.g!e3#9(0@!7Ĥ9!/.!:%'X
P?5@!I0!;G#$'<!48#!8.4)A!8&,A9!%(.9b1!C#I('!4.!/N45)80@!I0!/Č!8#!(?$A95#@!
;G#8#I0!-40/!$#;#4:$!;G#$?5!-0(!(Č%#5.%!8.4)A@!?50!(0(?$A95#1!7N5!-40/!
-09#!#RG?P0/!G#P9(Č&'(@!(0R#Ģ!-'!-40/!/Č5!#RG?P!.(6($'Ĥ!;G#$?(,A9!
%(.91!"G#48Č!-40/!40!(0&P$'&?5!4&Q!(?$Č-01!
[?(0$5#:9#! -40/! RN5! ;#P&'(@! ?RNA9! RN5! 9#480/! (?! -0$(Q! ('G#$()!
%Ĝ04Ģ?(4%Q! 8?5%! 49#p1! CČ5! -40/! /)8! ;Č8?$&?A08./.(:8#&,! G#P9#&#G!
4! 9#48.8050/! ?! -09#! I0(#:! #! /Q/! I.&#8Č@! 45:IRČ! ?! H4#4'$*Č% ':*'4@Č1!
30(I0!%!I'$(Q/:!G#P9#&#G:!&ĤR0A!(0$#<5#1![?þ?5!-40/!/5:&.8!?!9#48.805!
40!4&#:!I0(#:!R0P0!45#&?!;#45#:A9?5.1!+N;?$?5#!8#@!-?%#!RN!48:$.#!#&5'$5!
7Ĥ91!ý8NĜ.A08!/.(:8!-40/!R0P!-0$.(Q9#!;Ĝ0G:<0()!9#&#Ĝ.5!#!e:G'I%'A9b1
M'450$:-)A)9#! $(0! RN5?! %(.9?! &! %?I$Q/! %(.9%:;0A8&)! &! Y/0G.A0!
W;5(Č!&N;G#$'(?!?!$#!%#(A0!8,$(0!(0/Č5!&N$?&?805!?(.!-0$.(#:!?!/Č5!
#R-0$('&%N!(?!$&?A08!8.4)A!&,8.4%Ĥ1!7N5!#!(Č!R#-1!+!$#RČ@!%$N!;)<:!8:8#!
%(.9:@! RN5N! /Q! %(.9N! ;Ĝ05#I0(N! $#! &)A0! (0I! <0$04'8.! -?PN%Ĥ! ?! ;#þ08!
;G#$?(,A9!&,8.4%Ĥ!-$0!$#!/.5.#(Ĥ1!K8#-)/!&!WI?4:@!?&<?%!-40/!4.!&)A!(0I!
%$#!-.(,!&Č$#/!8#9#@!%$#!-0!-0-.A9!4%:80þ(,/!?:8#G0/!i!Z:A9!K&?8,1!
C#-0!-/Q(#!-0!(?!(.A9!-0(!;G#8#@!I0!-40/!;G&()/@!%$#!-0!/#95!þ)48D
O$NI!40!#95Q$(:!P;Č8@!-40/!#9G#/0(!8)/@!-?%!40!M0;Ĝ)805!(0W(?&(Č!
4(?I.5!8Ĝ)R.8!/Č!-?%#!;<0(.A.@!?&<?%!&05.A0!4%GN8,/!P;Ĥ4#R0/1!Z#$'&?5!
/.!8#5.%!#$G?P:-)A)A9!/N<50(0%!?!45#&@!%80GQ!/#95N!&05.A0!4(?$(#!&N8&#X
Ĝ.8!8?%!4.5(,!4%5.þ:-)A)!#RG?P@!I0!RNA9!(?%#(0A!;Ĝ048?5!;4'81!7Ĥ9!/.!$?5!
#RG?P!P'48:;Ĥ!5.$)@!%80Ĝ)!&0!&<0A9!%#:80A9!4&Č8?!þ8#:!;#40548&)@!%80GQ!/.!
4&ČĜ.51!Y!>(!-0!8?%Q!8)/@!%$#!-0-!:4%:80þ(.5D
2*B
+j3]ChýMj
ýhCk!MYKV>k`awThS
Z#&#580! /.! P#;?%#&?8! X! %5)þ0/! -0! $#48?8! 7#I)! K5#&#! $#! (?<09#! (.8G?g!
eKG$A0/! 40! &ČĜ)! %! 4;G?&0$5(#48.b! cě)/?(Ĥ/! *L@*Ld1! "G#8#! ('4! "?&05!
$ĤG?P(Č!&NP,&'@!?RNA9#/!4!.(.A.?8.&#:!eR#Ĝ.5.!;Ĝ0$48?&N!?!%?I$#:!;#X
&,<0(#48@!%80G'!40!;#P&0$'!;G#8.!;#P('()!7#9?!?!:&'$Č5.!$#!P?-08)!%?IX
$#:!/N<50(%:@!?RN!RN5?!;#45:<(?!OG.48?b!c;#$50!21!O#G.(84%,/!*L@=XBd1!
+<./(Č80!4.@!I0!(0/5:&)!-0(!#!;Ĝ0$48?&'A9@!?50!8?%Q!#!;#P('()!?!/N<50(X
%'A9@!;#(Č&?$I!#R#-)!/ĤI0!&!(?<.A9!4G$A)A9!&N8&'Ĝ08!(04;G'&(Q!#RG?PN1!
Y!/:4)/0!4.!;?/?8#&?8@!I0!4G$A0!-0!4)$50/!(?<)!&)GN@!%?/!/:4)!R,8!P?X
408#!40/0(#1!"G#8#!('/!")4/#!Ĝ)%'g!e+)A0!(0I!A#%#5.&!-.(Q9#!48Ĝ0I!4&Q!
4G$A0@!;G#8#I0!P!(Č-!&NA9'P0-)!;G?/0(N!I.&#8?b!c"Ĝ)45#&)!=@26d1
"?&05!('/!Ĝ)%'@!?RNA9#/!R#Ĝ.5.!%?I$#:!;#&,<0(#48@!%80G'!40!;#P&0$'!
;G#8.!7#I)/:!K5#&:1!K&'!4G$A0!48Ĝ0I)/0!8?%@!I0!$'&'/0!;#P#G!(?!8#@!A#!
;Ĝ.A9'P)!$#!(?<)!/N45.@!(0R#Ģ!(?<0!4G$A0!(0/ĤI0!4;G'&(Č!&ČĜ.8@!-0485.I0!
(?<.!/N45!(0%G/)/0!4;G'&(,/!;#P('()/1!T#!-0!$Ĥ&#$@!;G#þ!30I)<!Ĝ)%'!
4&Q&#5(,/!&Ĥ$AĤ/!309#!$#RNg!
e7Č$?!&'/!P'%#()%Ĥ/@!;G#8#I0!-480!&P?5.!&6?þ%<$A':'?f!4?/.!-480!
(0&0<5.@!?!8Č/@!%80Ĝ)!&48#:;.8!A98Č5.@!-480!&!8#/!P?RG'(.5.b!cV:%'<!
**@B2f!%:GP)&?!;Ĝ.$'(?d1
+<./(Č80! 4.@! I0! ;#P('()! -0! %5)þ0/! %! &)Ĝ01! 7:$0/0X5.! 40! %G/.8! (0X
4;G'&(,/!;#P('()/@!&NG#480!('/!(04;G'&('!&)G?@!%80G'!P?RG'()!$#4?I0X
()!I'$?(,A9!&,450$%Ĥ1!
K08%'&'/! 40! 4! /(#9?! i! /N45)/! 8)/! #;G?&$:! &05%,/! /(#I48&)/! X!
%Ĝ04Ģ?(Ĥ@! %80Ĝ)! -4#:! &05/.! :;Ĝ)/()@! ?&<?%! &0! 4&Q! &)Ĝ0! -4#:! &0$501! 30X
-.A9!A9#P0()!4!7#90/!-0!&)A0!(0I!(?!4;G'&(Q/!;#P('()!7#I)9#!K5#&?!
P?5#I0(#!(?!5.$4%Q/!W4:$%:@!4%:;.(#&,A9!W&?9'A9@!(?!8#/@!A#!-0!;G#!
5.$4%#:! /N45! ;Ĝ.G#P0(Q@! (?! /.(:5,A9! P%:<0(#480A9! (0R#! 0/#A)A91! 30!
$Č4.&Q! ;#8%'&?8! 5.$.@! %80Ĝ)! #$! 8#9#@! A#! -0! (?;G#48,/! #;?%0/! A05%#&Q!
2*E
ýhCk!MYKV>k`awThS
G?$N!7#I)9#!K5#&?@!(0-0(!(0:48:;:-)@!R?!$#%#(A0!P?!8#!R#-:-)1!ZČ5?-)!8#@!
;G#8#I0!:;Ĝ)/(Č!&ČĜ)!^?50<(Q/:1!k8Č<:-)!40!W&?9?/.!-?%#g!I5.$)"%+?#%
B<4#'Č>%<8$#$95%+,5.%"<Ĝ?.'=1!Y&<?%!;G?&$#:!-0@!I0!/ĤI080!R,8!&!4G$A.!
:;Ĝ)/(,@!?50!&!/N45.!W;5(Č!/./#1!T#:!?5?G/:-)A)!;G?&$#:!-0@!I0!3)/E'-%
./B65'&/%*:.%A4E8:'?%A?,&4#%<84*@">%<$%&#58-%#$"9?%*4B5%,8@350
u.$Q!$Č5?5.!8#!4?/Q1!"?&05!;G#!(Č!(?Ĝ)%'g
eM0R#Ģ!-./!&N$'&'/!4&Č$0A8&)@!I0!/?-)!9#G5.&#48!;G#!7#9?@!?50!(0!
;#$50!;G?&Q9#!<$A':'?b!cě)/?(Ĥ/!*L@2d1
ě)%'@!I0!e/?-)!9#G5.&#48!;G#!7#9?b@!(.%#5.&!e/?-)!9#G5.&#48!;G#!40R0b!
?(.! e/?-)! 9#G5.&#48! ;G#! 5.$48&#b@! $#%#(A0! ?(.! e/?-)! 9#G5.&#48! ;G#! 4&Q!
('R#I0(48&)b1!M0@!RN5.!95:R#A0!#$$'(.!7#9:@!7#9:!(?<09#!"'(?!30I)<0@!
%80G,!48&#Ĝ.5!(0R0!.!P0/.1!+!-.(Q!&0GP.!"?&05!Ĝ)%'g!e+)/@!-?%Q!P?()A0()!
/?-)!;G#!7#9?b!cMVTd1!M0()!;#A9NR!#!8#/@!I0!7#9?!/.5#&?5.!?!RN5.!#$X
$'(.!45:IRČ!;G#!MČ-f!-0-.A9!9#G5.&#48!?!:;Ĝ)/('!8#:9?!&<?%!(0RN5?!e;#$50!
;G?&Q9#!;#P('()b1!
u.$Q@! #! %80G,A9! "?&05! ;)<0@! (0/Č5.! %5)þ! ;#P('()! &0! 4&,A9! /N45)A9!
?!%&Ĥ5.!8#/:!(0/#95.!;#G#P:/Č8!40/0(Ĥ/!&0!4&,A9!4G$A)A91!M0/Č5.!8:X
$)I!4;?4.805(#:!&)G:@!R0P!%80GQ!(0/#95.!/)8!;Ĝ)48:;!%0!4;?4.805(Q!/.5#48.1!
"#450A9(Č80! 4.! P(#&:! -09#! 45#&?! 4;#-0()/! $&#:! ;Ĝ0%5?$Ĥg! e+)/@! -?%Q!
P?()A0()!/?-)!;G#!7#9?@!?&<?%!(0()!8#!4;G'&('!9#G5.&#48!|MVT}@!+5+(3)%
)$86(*$,#%'5'?%A46$95'4%'4%<$A':'?%|M]+}111!C)48#!8#9#!40!4(?I)!$GI08!40!
4&,A9!&5?48()A9!A048b!|MVT}!cě)/?(Ĥ/!*L@2X6d1
T)/@! I0! 5;Č5.! (?! 4&,A9! &5?48()A9! A048'A9@! /.(:5.! ;G?&#:! &)G:1! M0X
4;G'&(Q!;#P('()!-./!P?&Ĝ05#!A048:!%0!OG.48#&:!&05%#50;Q/:!P?#;?8Ĝ0()1!
T#! 4?/Q! ;5?8)! .! ;G#! ('41! ]! /N! /ĤI0/0! /.(#:8! OG.48#&#! P?#;?8Ĝ0X
()@! %$NI! (0/'/0! 40/0(#! &)GN@! #! %80GQ/! 30I)<! /5:&)! i! ?! 8#! -0(! %&Ĥ5.!
(04;G'&(Q/:! ;#P('()1! T#! -0! $Ĥ&#$@! ;G#þ! "?&05! P?;'50(Č! ;)<0g! e"G#8#!
.! /N111! (0;Ĝ048'&'/0! 40! P?! &'4! /#$5.8! ?! &N;G#<#&?8@! ?RN480! RN5.! (?;5X
(Č(.!<$A':'?.!309#!&Ĥ50!&0!&0<%0GQ!/#:$G#48.!?!$:A9#&()/!;#A9#;0X
2*F
+j3]ChýMj
()@!?RN480!&0$5.!I.&#8!9#$(,!"'(?!?!&0!&<0/!40!C:!5)R.5.@!?RN480!(045.!
#&#A0!&!%?I$Q/!$#RGQ/!4%:8%:b!cO#5#4%,/!*@JX*Lf!%:GP)&?!;Ĝ.$'(?d1!
K;G'&(Q!;#P('()!&!(?<)!/N45.!P(?/0('@!I0!;?%!$#!(?<.A9!4G$A)!;Ĝ.X
-$#:! 4;G'&(Q! .(^#G/?A01! "G#8#! ('4! 30I)<! &?G:-0g! e+Č(:-80! ;#P#G(#48!
8#/:@!A#!45N<)80111!M0R#Ģ!%$#!/'@!8#/:!R:$0!$'(#@!?!%$#!(0/'@!.!8#@!A#!
/'@!R:$0!#$!(Č9#!&P?8#b!cC?G0%!=@2=d1!3?%!/ĤI0!R,8!$#!(?<09#!4G$A0!
&5#I0(#!40/0(#!&)GN@!-0485.I0!(?45#:A9'/0!5.$4%Q/:!W4:$%:@!G#P:/#X
&'()!(0R#!P%:<0(#480/@!%80GQ!#$;#G:-)!(04059'&?-)A)/:!7#I)/:!K5#&:S
MhK"nw+Mj!+OVYZ!+hZh!O!Mh`aTċMjC!+jKVhZOģC
k%'I.!&'/!(?!.5:48G?A.@!-?%!8#8#!;G#;#-0()!/0P.!/N45)!?!4G$A0/!^:(\:X
-01!ě0%(Č/0@!I0!-480!/?-.8050/!8.4)A0!?%GĤ!;Ĥ$N1!30$(#9#!$(0!40!G#P9#$X
(080@!I0!(?!4&Q/!;#P0/%:!&NR:$:-080!#RG#&4%Q!:/Č5Q!-0P0G#@!$#!%80GQX
9#!(?4?$)80!/?5#W48Q!#%#:(N!c4/?55/#:89!R?44!i!$G:9!#%#:(?@!&!K0&0GX
()!Y/0G.A0!&05/.!#R5)R0(,!i!;#P(1!;Ĝ0%5?$?8050d1!+?<)/!4(0/!-0!(0A9?8!
#%#:(N!&NGĤ48@!?!-?%/.50!40!8#!48?(0@!%?I$,!G#%!;?%!:4;#Ĝ'$'80!(?!4&Q/!
-0P0Ĝ0!&05%#:!GNR'Ĝ4%#:!4#:8ČI1
O$NI!-0!-0P0G#!;Ĝ.;G?&0(#@!&NR0G080!8:!(0-50;<)!GNR'Ĝ4%#:!!!G/:!&0!
&?<)!#R5?48.1!30$080!(?!&0$0()!4;#50þ(#48.!?!%#:;)80!P?!&05%Q!;0()P0!$#X
48?80þ(Q!/(#I48&)!8ČA98#!#%#:(Ĥ1!Y&<?%!&0!!!G/Č!;G?A:-0!-0$0(!(#&,!P?X
/Č48(?(0A@!%80G,!40!$#;:48)!P'4?$()9#!#/N5:!i!/)48#!#%#:(Ĥ!$#G:þ)!$#!
&?<09#!-0P0G?!4:/0þ%N1!
ý8NĜ.! G#%N! þ0%'80@! ?I! &?<.! #%#:(.! ;5(Č! $#4;Č-)1!Y! (N()! (?$0<05! 80(!
#%?/I.%!i!&'<!40(!4.!&NI'$?5!8#5.%!þ?4:@!W4.5)!?!;0(ČP1!kGþ)80!$?8:/!4#:X
8ČI0!?!G#P0<5080!#P('/0()1!M0-&Č8<)/!5'%?$50/@!%80GQ!þ.()!&?<.!4#:8ČI!
&05.A0!;Ĝ.8?I5.&#:@!-0@!I0!&?<0!-0P0G#!-0!#4?P0(#!;#:P0!8Č/.8#!I'$?(,X
/.!#%#:(N1!3.(Q!GNRN!8?/!(0-4#:@!;#(Č&?$I!-480!#4#R(Č!$#95)I05!(?!A05,!
;G#A041!Y!;G#8#I0!-0!8#!:/Č5Q!-0P0G#!R0P!;Ĝ)8#%Ĥ@!(0()!/#I(Q@!?RN!&0!&?X
<.A9!&#$'A9!I.5N!-.(Q!(0I'$#:A)!GNRN1!
2*H
ýhCk!MYKV>k`awThS
"?%!;Ĝ.-$0!$0(!4#:8ČI01!Z)%N!&?<./!&,-./0þ(,/!;#$/)(%'/!40!4-)I$Č-)!
5.$Q!P!A05Q9#!#%#5)@!?!(Č%80Ĝ)!$#%#(A0!:-0$#:!.!48#&%N!/.5@!?RN!/#95.!:!&'4!
P'&#$.81!M?$<0(Č!;#P#G:-080@!-?%!&<.A9(.!Wþ?48()A.!(?40$?-)!$#!5#$Č%!?!&NX
;5#:&?-)!(?!-0P0G#1!M0/ĤI080!40!$#þ%?8@!?I!:&.$)80@!-?%!&?<.!#%#:(.!&NG#485.1!
k;5N(0! (0A05'! 9#$.(?1! [/?80(Č! 40! $)&'80@! -?%! 40! þ5:(N! ;Ĝ0$þ?4(Č!
&G?A0-)1! T&'Ĝ0! GNR'ĜĤ! (0P'Ĝ)! G?$#48)@! 4;)<0! &.$)80! P%5?/'()@! 9(Č&@! $#X
%#(A0!P:Ĝ.&#481!`#!40!48?5#S!"G&()!4#:8ČI)A)@!%80Ĝ)!40!&N5#$.5.!(?!RĜ09@!
P(0A9:A0(Č!P&0$(#:!4:/0þ%N1!eT#!RN5!;#$&#$Db!%Ĝ.þ)1!eT&G$.5!-480@!I0!
&!8#/950!-0P0Ĝ0!-4#:!-0(!#%#:(.1!M0-0(I0!8?$N!(0()!?(.!-0$.(,@!?50!(?&)A!
&<0@!A#!40!8:!$?5#!A9N8.8@!-4#:!8.950!4/Č<()!4:/0þA.Db!Y!I'$?-)@!?RN480!
-./!&G'8.5!;0()P01!K8'5#!&'4!8#!(Č%#5.%!508!:4.5#&(Q!;G'A0@!?!(N()!-0!&<0!
P8G?A0(#1!CN4505!-480!8#!$#RĜ0@!RN5!-480!:;Ĝ)/(,@!?&<?%!(0$?5!-480!$#RG,!
;#P#G!(?!8#@!A#!$#!&?<09#!-0P0G?!;Ĝ.<5#1
K! (?<)! &)G#:! -0! 8#! 480-(Q1! `9A0/0! I)8! I.&#80/@! %80G,! 40! 7#9:! 5)R)@!
A9A0/0!/)8!&)G:@!%80G'!P?4'9(0!('<!P8G?A0(,!?!:/)G?-)A)!4&Č81!Y!;Ĝ048#!
&<0A9(#@!A#!4.!:%5'$'/0!$#!/N45.@!-0!5.$4%'!5#\.%?@!(04;G'&(Q!G#P:/#X
&'()@!P?5#I0(Q!(?!(?<.A9!/.(:5,A9!P%:<0(#480A9!þ.!(?!.(4;.G?A.!P!/?X
(:'5:!;G#!&0$#:A)@!(0R#!(048'5Q!0/#A.#('5()!P'&ČGN!P?5#I0(Q!4;)<0!(?!
(0&)Ĝ0!(0I!(?!4;G'&(Q/!;#P('()!7#I)9#!K5#&?1!M?<0!-0P0G#!i!(?<0!/N45!
i!-0!(?;ČA9#&?('!4:/0þ%N1!T?%!P!þ09#!;?%!/'!þ0G;?8!(?<0!4G$A0S
C:4)/0!4.!;#5#I.8!8N8#!#8'P%Ng!3?%'!40/0(?!-4#:!P?4Q&'(?!$#!(?<0X
9#! I.&#8?S! 3?%,! $G:9! ;#P('()! -0! $#! ('4! &%5'$'(S! 3?%Q! &N:þ#&'()! ;#X
45#:A9'/0S! 30! 8#! 9#$(#8(,! /?5#W48,! #%#:(! (0R#! (0A98Č(,! 4:/0þ0%S!
3?%,!4/N45!/'!(?<0!%Ĝ04Ģ?(48&)@!%$NI!30I)<!I.5!8?%!;5#$(Č!?!&,-./0þ(Č@!
?;#<8#5#&Q! PG#&(?! 8?%@! ?! ;Ĝ048#! /N! -?%#! A)G%0&! I.-0/0! 8?%! #RNþ0-(Č@!
?!P!8#9#@!A#!('/!RN5#!$'(#@!(040/0!8?%!/'5#!&Čþ(Q9#!#&#A0S!7:$0/0X
5.!:;Ĝ)/()@!(0()!('/!8?8#!#8'P%?!PG#&(?!;Ĝ)-0/('1!]!%$NI!48'50!A9#$)/0!
$#!A)G%&0@!8'9(0!('4!8#!P;Č8@!(?<0!4G$A0!:I!40!&P$?5#!(?$Č-0@!I0!R:$0/0!
I)8!-?%#!I.5.!30I)<!?!;G&()!A)G%0&1!C'/0!^#G/:!PR#I(#48.!?!-4/0!:;Ĝ)/()@!
?&<?%!A9NR)!('/!/#A1!Y!8#!&<0A9(#!;G#8#@!I0!(0;#45#:A9'/0!;G?&$:!
?!8)/!$#!(?<.A9!4G$A)!(0-4#:!P?4Q&'(?!40/0(?!&)GN1!
2*J
+j3]ChýMj
Z#RG'!P;G'&?!-0@!I0!8#!8?%!(0/:4)!PĤ48?81!30I)<!OG.48:4!-0!480-(,!&þ0G?!
c&0!K&Q!45:IRČ!?!&!;G&()!A)G%&.d@!$(04!c&!(?<)!$#RČd!?!(?&Č%N!c;G#!&<0A9X
(N!R:$#:A)!\0(0G?A0d1!TG;Č5.&Č!þ0%'@!?I!A)G%0&!;#&48?(0!?!48?(0!40!8Č50/!
OG.48#&,/!(?!P0/.1!>(!8#!(.%$N!(0&P$?5@!?!(.%$N!8#!(0&P$'1!7N5?!$#!('4!
&5#I0(?! (0R04%'! ;Ĝ.G#P0(#48D! Z.4;#(:-0/0! &,-./0þ(,/! ;#80(A.'50/D!
C:4)/0!&<?%!$#!(?<.A9!/N45)!&%5'$?8!4;G'&(Q!;#P('()@!%80GQ!;?%!R:$0!
:5#I0(#!&!(?<.A9!4G$A)A9@!?!/N!/:4)/0!95:R#A0!&ČĜ.81!"#8#/!/ĤI0/0!
Ĝ)A.!-?%Q/:%#5.&!;G#8.&0(48&)g!e7:ć!&N8GI0(#!.!4!%#Ĝ0(0/b!?!48?(0!40!8#1!
]!%$NI!8#!(0()!%#(0þ(,!&,450$0%@!P?þ)('!8#!8)/@!þ)/!;5()/0!4&#:!/N451!
"G#8#!"?&05!$ĤG?P(Č!;G#95?<:-0g
eM0R:ć80!-?%#!5.$Q!8#9#8#!4&Č8?@!?50!$#&#580!7#9:!?RN!P/Č(.5!P;Ĥ4#R!
&?<09#!/N<50()1!"?%!R:$080!P('8@!-?%!$Č5?8!&<0A9(#!8?%@!?RN!8#!RN5#!
$#RGQ!?!7#9?!8#!8Č<.5#b!cě)/?(Ĥ/!*2@2!;#$50!?(\51!;Ĝ1d1
"Ĝ0/,<50-80!#!45#&0A9!eP/Č(.5!P;Ĥ4#R!&?<09#!/N<50()b1!V.$Q!8#9#8#!
4&Č8?!-0$(?-)!(?!P'%5?$Č!;#P('()@!%80GQ!-./!$'&'!%()I0!/#A(#48.!&P$:X
A9:@! 80(@! %$#! e;Ĥ4#R)! &! 4N(0A9! (0;#45:<(#48.b! ch^0P4%,/! 2@2d1! K?8?(!
(0A9A0@!?RN480!&Č$Č5.@!%$#!-480!&!OG.48:@!;G#8#I0!-09#!P'/ČG0/!-0@!?RN!
&'<!%Ĝ04Ģ?(4%,!I.&#8!RN5!(0;5#$(,1!M0A9A0@!?RN480!4.!RN5.!&Č$#/.!e4)5N@!
%80G#:!;Ĥ4#R)!&!('4b!ch^0P4%,/!6@2Ld1
C:4)/0!4.!;?/?8#&?8@!I0!8N!4?/Q!/#A(#48.@!%80GQ!#&5.&Ė#&?5N!u.$N!
P?!$(Ĥ!?;#<8#5?!"?&5?@!?RN!(0/#95.!;#P(?8!(.A!P!8#9#@!A#!;G#!(Č!OG.4X
8:4!&N$#RN5@!;Ĥ4#R)!.!$(04!?!4(?I)!40!P?RG'(.8!A)G%&.!4;G'&(Č!&ČĜ.81!TN8#!
P5Q!/#A(#48.!40!R#-)!40/0(?!&)GN@!8?%I0!;#$?Ĝ)X5.!40!-./!$#4'9(#:8!8#9#@!
?RN!&?<0!/N45!RN5!(?;5Ė#&'(?!;Ĝ)-0/(,/.!('R#I0(4%,/.!/N<50(%?/.!
?!%Ĝ04Ģ?(4%,/!:þ0()/!R0P!/#A.@!P?RG'()!&'/!8)/@!?RN480!-./!(.þ.5.!-0X
-.A9!WP0/)1!"#450A9(Č80!4.!"?&5#&?!45#&?!;#$50!Th+g!eM0;Ĝ.P;Ĥ4#R:-80!
40!(#G/'/!8#9#8#!4&Č8?@!?50!(0A980!7#9?@!?RN!&'4!A5*'(#Ĝ!;G#/ČĖ#&?5!
4%GP0!W;5(#:!;Ĝ0/Č(:!&?<.A9!/N45)b1!
O$NI!40!(?<0!/N45!4-0$(#8)!4!7#I)/!K5#&0/@!þ?40/!40!4!()/!4-0$(#8)!
22L
ýhCk!MYKV>k`awThS
.!(?<0!&(.8Ĝ()!&)G?1!3.(Q/:!4R#G:!"?&05!4/Č50!;)<0g!e>R(#&:-80!40!;?%!
Z:A90/!4&Q!/N45.!?!#R5Q%(Č80!8#9#!(#&Q9#!þ5#&Č%?@!%80G,!RN5!48&#Ĝ0(!
;#$50!7#9?!&0!4;G?&0$5(#48.!?!4&?8#48.!;G?&$Nb!ch^0P4%,/!=@26X2=d1!+N!
.!-'!-4/0!RN5.!48&#Ĝ0(.!;#$50!7#9?D!C'/0!a#!(?;#$#R#&?8!c&.P!h^0PX
4%,/!B@*dD!+<0!8#!P?þ)('!:!4;G'&(Q9#!/N<50()f!A05,!;G#A04!-0!&<?%!W;5X
(,@!?I!%$NI!40!(?<0!/N<50()!4-0$(#8)!4!7#I)/!K5#&0/!?!;#8#/!-0!-?%#!
40/0(#!P?408#!$#!(?<09#!4G$A0!?!;0&(Č!P?;:48)!%#Ĝ0(N1!
"G#8#!40!/:4)80!e#R(#&#&?8!$:A90/!4&Q!/N45.b!ch^0P4%,/!=@26dD!
™
!"#$%&'#&12,34)þ'*-&.)/0`#!40!(0;Ĝ)805!4(?I)!(?/?5#&?8!(?!;5'8(#!&?<)!;Ĝ0$48?&.&#48.S
+!-?%,A9!#R5?480A9!I.&#8?!;#8Ĝ0R:-080!&)A!(?$Č-0S
3?%!/ĤI080!$#!4&Q9#!4G$A0!$#48?8!&)A!7#I)9#!$#RGQ9#!40/0(?!cK5#&?dS
22*
0F
Tü:6$-($=
Y
I!$#!8Q8#!A9&)50!-40/!40!#!8Č504(#48.!P/.Ė#&?5!-0(!&05/.!/'5#1!7N5#!
8#! Wþ05#&Q@! (0R#Ģ! /(#9#! &ČĜ)A)A9! P?þ(0! -0-.A9! (0$#48?80%! &)GN!
(0R#!-0-.A9!?R40(A.!PR#I(#48.!GNA950!4&?5#&?8!(?!45?R#48!8Č5?1!M?$&5'$Č!
8Č504(#48.!;Ĝ.4:P:-)!?I!;Ĝ)5.<!&05%#:!/#A1!+!8Q8#!%?;.8#50!:&.$)/0@!-?%!
(.þ.&Q!-0!8#8#!/N<50()!&!4#:&.45#48.!4!&,-./0þ(,/!I.&#80/1!
M0-;G&0!40!?50!;#-ć/0!;#$)&?8!(?!8#@!-?%!-0!þ5#&Č%!48&#Ĝ0(1!V.$Q!RN5.!
48&#Ĝ0(.! ;#$50! 7#I)! ;#$#RN1! `#! 40! 8,þ0! R#I48&)@! -0$.(,! 7Ĥ9! -0! ;G&()!
?! (0-$Ĥ50I.8Č-<)1! 30I)<! Ĝ)%'g! e"G&()! P0! &<0A9! ;Ĝ.%'P'()! -0g! ~K5N<@! ]PG?0X
5.@! "'(@! ('<! 7Ĥ9@! "'(! -0$0(! -048rb! cC?G0%! *2@2Jd1! "?&05! 8#! ;#8&GP:-0g!
e+I$NĢ!-0!;Ĝ0A0!-0$0(!7Ĥ9b!cě)/?(Ĥ/!6@6Ld1
Yþ%#5.&!-0!-0$0(!7Ĥ9@!7#I)!TG#-.A.!8&#Ĝ)!8Ĝ.!-0$.(0þ(Q!#4#RN1!"Ĝ.!48&#X
Ĝ0()!þ5#&Č%?!eĜ0%5!#;Č8!7Ĥ9g!fþ(Ė.5!þ5#&Č%?!%!#RG?P:!'4B5."b!cs0(0X
4.4!*@2Ef!Od1!+<./(Č80!4.!45#&!"þ(Ė.5!?!'4B5."1!"08G!$#4&Č$þ:-0@!e-?%!
7Ĥ)!;#/?P?5!V"3)5.%H*4#=.!?!/#A)!;59?B5@!8#9#!P!M?P?G08?b!cK%:8%N!
*L@6Hf!%:GP)&?!;Ĝ.$'(?d1!>80A@!KN(!?!Z:A9!K&?8,!-4#:!8?$N!-?4(Č!#$5.<0X
(.1!T#!-0!&N-?4(Č(#!.!;Ĝ.!30I)<#&Č!%Ĝ8:g!eO$NI!RN5!;59?B!;#%Ĝ8Č(@!&N48#:X
;.5!9(0$!P!&#$N1!Y!950@!#80&Ĝ05?!40!C:!(0R04?!?!4;?8Ĝ.5!V"3)4%7$9?)$@!
-?%!4048:;:-0!-?%#!9#5:R.A0!?!;Ĝ.A9'P)!(?!MČ-1!Y!950@!#P&?5!40!95?4!|7$)4%
T#35}!P!(0R04@!%80G,!Ĝ)%?5g!eT#8#!-0!/Ĥ-!KN(@!/.5#&?(,@!&!(Č/I!-40/!(?X
50P5!P?5)R0()b!cC?8#:<!6@*EX*Ff!%:GP)&?!?!P'&#G%?!;Ĝ.$'(Nd1!]!8?$N!-4#:!
>80A@!KN(!?!Z:A9!K&?8,!-0$.(0þ(Č!;#8&GP0(.1!
`#!40!8,þ0!R#I48&)!%?I$Q9#!P!(.A9@!7Ĥ9!>80A!-0!R0P;#A9NRN!7Ĥ91!>(!
4'/!;G#95?<:-0g!e3'!-40/!a#4;#$.(@!?!(0()!I'$(Q9#!&)A0@!%G#/Č!C(0!
(0()!I'$(Q9#!7#9?b!c]P?-'<!=B@Bf!Od1
+)/0@!I0!30I)<!-0!7Ĥ9@!(0R#Ģ!"?&05!;)<0g!eI0!7Ĥ9!P-0&0(!-048!&!8Č50@!
226
+j3]ChýMj
#4;G?&0$5(Č(!&!Z:A9:@!:%'P?5!40!?($Č5Ĥ/@!%'P'(!-048!;#9?(Ĥ/@!:&ČĜ0X
(#!30/:!(?!4&Č8Č@!&P9ĤG:!;Ĝ.-?8!-048!&0!45'&:b!c*1!T./#80#&.!6@*Ef!Od1!
3?(!$'&'!-0<8Č!$?5<)!;#8&GP0()!#!309#!R#I48&)g!eM?!;#þ'8%:!RN5#!K5#&#!
?! 8#! K5#&#! RN5#! :! 7#9?! ?! #$% H6$*$% E/6$% 7Ĥ)000%1% H6$*$% ,5% ,#46$% #Č65.%
4%<Ĝ5E=*46$%.5A(%':.(b!c3?(!*@*1*=f!%:GP)&?!;Ĝ.$'(?d1
Y!$#!8Ĝ08.A0!&)/0@!I0!.!Z:A9!K&?8,!-0!7Ĥ9@!;#(Č&?$I!>(!-0!eZ:A9!7#X
I)b!c*1!O#G.(84%,/!2@*=!?!/(#9#!$?5<)A9!&0G<Ĥd1!")4/#!;G#95?<:-0g!ekþ.X
(.5!/Č!Z:A9!7#I)@!;Ĝ.!I.&#8Č!/Č!P?A9#&'!$0A9!+<0/#9#:A)9#b!c3tR!66@=d1!
"#$#R(,/@!(.%#5.&!&<?%!480-(,/!P;Ĥ4#R0/!-4#:!.!5.$Q!8Ĝ.!&!-0$(#/1!
]!%$NI!(0-4/0!8Ĝ.!#$5.<(Q!#4#RN!&!-0$(#/@!-4/0!$:A9@!&5?48()/0!$:<.!?!I.X
-0/0!&0!^NP.A%Q/!8Č501!CĤI0/0!8#!-?4(Č!&.$Č8!(?!"?&5#&,A9!45#&0A9g!
eK'/!7Ĥ9!;#%#-0!?Ģ!&'4!80$N!;5(Č!;#4&Č8)!?!P?A9#&'!A05Q9#!&?<09#!
$:A9?@!$:<.!.!8Č5#!R0P!W9#(N!%!;Ĝ)A9#$:!(?<09#!"'(?!30I)<0!OG.48?b!
c*1!T04?5#(.A%,/!B@26d1
"?&05! ;#;.4:-0! þ5#X
&Č%?! -?%#! $:A9?@! $:<.!
?! 8Č5#1! "G#! -0$(#$:<X
<)! ;#A9#;0()! /ĤI0/0!
5.$4%#:! RN8#48! P('P#GX
(.8! -?%#! 8Ĝ.! 4#:48Ĝ0$(Q!
%G:I(.A01!+(Č-<)!&G48&?!
;Ĝ0$48?&:-0! (?<0! 8Č5#@!
48Ĝ0$()!&G48&?!(?<.!$:<.!
?! &(.8Ĝ()! %G:9! (?<09#!
$:A9?!c&.P!#RG'P0%d1
+(Č-<)! %G:9@! (?<0!
8Č5#@!-0!þ'48)!(?<)!RN8#4X
8.@!%80G'!-0!4%GP0!(?<.A9!
;Č8! 4/N45Ĥ! &! %#(8?%8:!
22=
TċVhKM>KT
4!;Ĝ.G#P0(,/!4&Č80/1!K8Ĝ0$()!&G48&?!P('P#GĖ:-0!(?<.!$:<.1!MČ%80Ĝ)!5.$Q!
%&Ĥ5.!P-0$(#$:<0()!#/0P.5.!$:<.!;#:P0!(?!/N45@!&Ĥ5.!?!0/#A01!30!;G?&$?@!
I0!8N8#!?8G.R:8N!-4#:!-0-)!4#:þ'48)@!?&<?%!$:<0!-0!/(#90/!&)A0!%#/;50UX
()1!V.$4%'!$:<0!-0!8#@!A#!þ.()!%?I$Q9#!þ5#&Č%?!-0$.(0þ(,/@!A#!9#!A9?G?%X
80G.P:-0!?!#$5.<:-0!#$!#48?8()A91!
+(.8Ĝ()!%G:9!;Ĝ0$48?&:-0!(?<09#!$:A9?1!M'<!$:A9!-0!P$G#-0/!(?<09#!
I.&#8?1!30X5.!$:A9!þ5#&Č%?!#$Ė?8!P!-09#!8Č5?@!8#8#!8Č5#!40!P9G#:8)1!O$NI!
7Ĥ9!48&#Ĝ.5!þ5#&Č%?@!&P?5!þ'480þ%N!P0/Č@!%80G#:!;Ĝ0$8)/!48&#Ĝ.5@!?!&NX
8&#Ĝ.5!8Č5#1!"#8#/!e&$0A95!/:!&!A9Ĝ);)!@53)%9(*$#41!T?%!40!48?5!þ5#&Č%!
I.&,/!8&#G0/b!cs0(04.4!2@Ff!`h"d1!M'<!$:A9@!P('P#G(Č(,!&(.8Ĝ()/!%G:X
90/@!-0!4)$50/!(?<09#!I.&#8?1!
T#! (0-$Ĥ50I.8Č-<)@! A#! 8#8#! P('P#G(Č()! :%?P:-0@! -0@! I0! -?%! (?<0! 8Č5#!
c&(Č-<)!%G:9d@!8?%!('<!$:A9!c&(.8Ĝ()!%G:9d!/#9#:!#&5.&Ė#&?8!(?<.!$:<.!
c48Ĝ0$()!%G:9d1!"#A9#;0()!8Q8#!4%:80þ(#48.!-0!;G#!&,-./0þ(,!I.&#8!(?;G#X
48#!P'4?$()@!(0R#Ģ!(?<0!$:<0!G#P9#$:-0@!%80G,/!4/ČG0/!40!$'/01!7GPN!
#!8#/!;#$G#R(Č-.!;#9#&#Ĝ)/1
"#%:$!-$0!#!(04;?40(Q9#!þ5#&Č%?@!-0!-09#!$:A9!/G8&,1!M0P(?/0('!
8#@!I0!(00U.48:-0@!?50!4;)<!I0!-0!&N;(:8,!?!(0/'!I'$(,!%#(8?%8!4!7#90/@!
(0R#Ģ!-0!&!;?$5Q/!48?&:1!M04;?40()!5.$Q!-4#:!8:$)I!PA05?!#&5.&Ė#&'(.!-0X
-.A9!8Č50/!?!;5(Č!#&5'$'(.!/N45)@!%80G'!-0!#$$Č50('!$#!7#9?1!7#I)!A048N!
-4#:!;G#!(Č!A.P)f!-4#:!8#8.I!#;G?&$:!&0!8/Č1!
3?%/.50!40!&<?%!þ5#&Č%!P(#&:PG#$)@!/'!PRG:4:!(#&Q9#!$:A9?@!%80G,!
#I.5! 8?%Q! &! 7#9:1! K%GP0! (Č-! (N()! /ĤI0! ;G#:$.8! $:A9#&()! %#/:(.%?A0!
4!7#90/1!")4/#!Ĝ)%'g!eZ:A9!þ5#&Č%?!-0!5?/;#:!#$!a#4;#$.(?b!c"Ĝ)45#&)!
2L@2Fd1!Y!8?%Qg!eZ:A9!/ĤI0!R,8!;#P('&'(!;#:P0!$:A90/!i!7#I)!Z:A9!
?!('<!$:A9!-4#:!&!#80&Ĝ0(Q/!4;#50þ0(48&)b!c*1!O#G.(84%,/!2@*=f!CKsd1!
OĜ04Ģ?(Q!-4#:!4%GP0!4&Q9#!$:A9?!&!;Ĝ)/Q/!%#(8?%8:!4!7#90/@!?&<?%!
-0!8#!-0-.A9!$:<0@!%$#!G#P9#$:-0!#!8#/@!%#/:!R:$#:!(?45#:A9?8!i!R:ć!
4&Q/:!8Č5:@!(0R#!4&Q/:!$:A9:1!
K!#950$0/!(?!;Ĝ0$A9#P)!%?;.8#5N!(N()!5#\.A%N!&N&48'&'!-0$(?!#8'PX
%?g!1%3$%,8@35U%S@5%#$%,5%'43):A?%'4%'4B(3)%#Ĝ53)%&8"A?3)U!>$;#&Čć!(?!
22B
+j3]ChýMj
8:8#!#8'P%:!('/!(?<.!.5:48G?A.!:þ.()!-0<8Č!4%:80þ(Č-<)@!(0R#Ģ!8N8#!8Ĝ.!%G:X
9N!;Ĝ)5.<!P-0$(#$:<:-)!9G?(.A.!/0P.!$:A90/!?!$:<)1!"#P#G(Č!4.!;Ĝ0þ8Č80!
('450$:-)A)!&0G<0g!
cM0R#Ģ!45#&#!7#I)!-0!I.&Q!?!þ.((Q@!-0!#48Ĝ0-<)!(0I!-?%,%#5.!$&#:40þ(,!
/0þf!;G#(.%'!?I!$#!8$A@Č65'?%$:<0!?!$:A9?@!%5#:RĤ!?!/#G%:@!?!-0!
4A9#;(Q!G#P4#:$.8!/N<50(%N!?!;#48#-0!,8@35\%cu.$Ĥ/!=@*2f!%:GP)&?!
;Ĝ.$'(?d1!
Y:8#G!8?$N!9#&#Ĝ)!#!#R5?48.@!&0!%80GQ!40!$:<0!?!$:A9!408%'&?-)!-?%#!
,8@351!Z:A9!?!$:<0!-4#:!8?%!WPA0!;G#;5080(Q@!I0!-0(!7#I)!K5#&#!$#%'I0!
8#:8#!$Č5.A)!þ?G#:!;G#(.%(#:81!Y/;5.!!0$!7.R50!8#!;Ĝ04(Č!8?%!;Ĝ0%5'$'g!
e;G#(.%'!?I!%!$Č5.A)!þ'Ĝ0111!|(0-95:R<)A9!þ'48)!(?<)!;Ĝ.G#P0(#48.}!?!#$9?X
5:-0@!8Ĝ)R)@!?(?5NP:-0!?!G#P4:P:-0!/N<50()!?!P'/ČGN!4G$A0b1
"#!9#$.('A9!48:$.?!?!;Ĝ0/,<50()!(?$!")4/0/!#4#R(Č!&ČĜ)/@!I0!4G$A0!
-0! #R5?48@! %$0! 40! $:<0! ?! $:A9! 4;#-:-)f! #R#-)! 80$N! $#! (Č-! ;?8Ĝ)1! >950$X
(Č!$:<0!-4#:!8#!(?<0!
(0-95:R<)! ./B65'&/>%
*% 3$% *ČĜ?.5>% A:.Č8/%
?! .$#(*/f! #950$(Č!
$:A9?! -4#:! 8#! ;#$50!
/)(Č()! /(#9,A9! ('G
#"(35% ?! <$@*Č@$.?1!
T?%I0! %$NRNA9#/!
/Č5.!4G$A0!:/)48.8!$#!
(?<09#! #RG'P%:@! &ČX
Ĝ)/@! I0! RN! 8#! &N;?X
$?5#!('450$#&(Č1
Z:A9!?!$:<0!-4#:!
4#:þ'48)!#R5?48.@!%80X
G#:!-40/!(?!#RG'P%:!
22E
TċVhKM>KT
#P(?þ.5!-?%#!,8@351!"G'&Č!8?$N!40!(?&P'-0/!;G#5)(?-)!?!#$$Č5.8!-0!$#%'X
I0!;#:P0!7#I)!K5#&#1!_0N/#:89Ĥ&!;Ĝ0%5?$!Ĝ)%'g!e"G#8)('!$#%#(A0!?I!
%!#$$Č50()!$:<0!#$!$:A9?1!Z?5<)!W&?9#:@!%80G'!80(8#!('P#G!;#$;#G:-0@!
-0!G0?5.8?!4/G8.1!3?%/.50!8Č5#!P0/Ĝ0@!$:A9!4;#5:!4!$:<)!#$A9'P)!$#!4&Q9#!
&Čþ(Q9#!$#/#&?1!"#$#R(Č!%$NI!"?&05!(?&<8)&.5!(0R0@!RN5#!8#!4%GP0!-09#!
$:A9?! ?! $:<.1! `#! 40! 8,þ0! 8Č5?@! #! 8#/! "?&05! (0/5:&)! -?4(Č1! "#$50! -09#!
&5?48()A9! 45#&g! e-0485.! 8#! RN5#! &! 8Č50! (0R#! /./#! 8Č5#@! (0&)/b! c21! O#X
G.(84%,/! *2@2d1! "Ĝ.! 8Q8#! P%:<0(#48.! RN5?! -09#! $:<0! ;G#;5080(?! 4! -09#!
$:A90/@!-09#!8Č5#!&<?%!(.%#5.&1!
K "Y K h M q ! + x h ` a ! T ě q ! K > k ý w K T q
M0I! R:$0/0! ;G#R)G?8@! -?%! 40! 8Č5#@! $:<0! ?! $:A9! &P'-0/(Č! #&5.&Ė:X
-)@!RN5#!RN!$#RGQ!(0-$Ĝ)&0!:%'P?8!7#I)!;5'(!(?!4;?40()!%?I$Q!P!8ČA98#!
4#:þ'48)1![?þ(0/0!$:A90/@!;#8#/!&0P/0/0!$:<.!?!(?%#(0A!;G#R0G0/0!
8Č5#1!
3?%! -40/! ;#$G#R(Č-.! ;G#R)G?5! :I! $Ĝ)&0! &! 8Q8#! %(.P0@! 48'&'! 40! $:A9!
þ5#&Č%?!&0!A9&)5.@!%$N!RN5!30I)<!;Ĝ.-?8!-09#!"'(0/@!PRG:4:!(#&,/1!Z:A9!
þ5#&Č%?!-0!&!8:!A9&)5.!;G#/Č(Č(!;#$50!309#!;#$#RN1!"#8&GP:-0!8#!3?(#&#!
;G#95'<0()g!e-?%,!-0!>(@!8?%#&)!-4/0!.!/N!*%#$.#$%,*Č#Čb!c*1!3?(Ĥ&!=@*Fd1!
3?(! -?4(Č! 9#&#Ĝ)! #! &ČĜ)A)A9@! %80Ĝ)! -4#:! -0<8Č! P$0! (?! 8Q8#! P0/.@! (.%#5.&!
#!8ČA9@!%80Ĝ)!-.I!#$0<5.!P?!4&#:!#$;5?8#:1!ý5#&Č%@!%80G,!40!4%:80þ(Č!P(#X
&:PG#$)!4%GP0!Z:A9?!7#I)9#@!-0!(N()!?!8?$N!&!$:A9:!:þ.(Č(!$#%#(?5,/1
+0!A9&)5.@!%$N!40!48?(0/0!7#I)/!$)8Č80/@!P?þ)('!;G#A04!4;?40()!(?<)!
$:<01!M?<0!$:<0!-0!4;?40('@!(0R#!;G#/ČĖ#&?('!7#I)/!K5#&0/!?!(?<)!
;#45:<(#48)!-0/:1!Y;#<8#5!3?%:R!;)<0g!
e+)80!8#@!.$+(%.(6$*4'?%E84#Ĝ(111!"G#8#!#$5#I80!&0<%0G#:!(0þ.48#8:!
?!;Ĝ0/)G:!<;?8(#48.!?!&!8.A9#48.!;Ĝ.-/Č80!A4,5#-%,6$*$@!%80GQ!/'!/#A!
A43)8:'(#%*4B5%@"B51!7:ć80!&<?%!8Č/.@!%$#!45#&#!þ('?@!(0R:ć80!;#:P0!
22F
+j3]ChýMj
;#45:A9?þ.@!%80Ĝ)!4?/.!40R0!%5?/#:b!c3?%:RĤ&!*@*J1!2*X22f!%:GP)&?!
;Ĝ.$'(?d1
30!$Ĥ50I.8Q!&<./(#:8!4.@!I0!3?%:R!#950$(Č!4;?40()!$:<)!/5:&)!%!E84#G
Ĝ?.@!(.%#5.&!%!(0&ČĜ)A)/1!309#!45#&?!:%?P:-)@!I0!$:<0!&ČĜ)A)A9!(0()!;Ĝ.!
-0-.A9!#RG'A0()!:þ.(Č(?!$#%#(?5#:@!-?%#!-0!8#/:!4!-0-.A9!$:A90/1!"Ĝ.-)8!
(?!8#!(0()!I'$('!&Č$?f!%$NRN!8#8.I!RN5?!(?<0!$:<0!8?%Q!$#%#(?5'@!(0/Č5.!
RNA9#/!&!A)G%&.!8#5.%!;G#R5Q/Ĥ1!M?!(?<.A9!$:<)A9!40!?50!-0<8Č!;G?A:-0D
3?%:R!P$ĤG?PĖ:-0@!I0!;G#!;G#A04!P'A9G?(N!$:<0!-0!$Ĥ50I.8'!-?%!408R?@!
8?%!;#45:<(#48!7#I)/:!K5#&:1!Z:<0!-0!-0$.('!þ'48!(?<)!RN8#48.@!&0!%80X
GQ!#&5.&Ė:-0/0!GNA95#48!-0-)9#!4;?40()1!K%GP0!45N<0()@!&)G:!?!;#45:<(#48!
/'/0!;#$)5!(?!8#/@!-0485.!40!80(8#!;G#A04!PGNA95:-0@!(0R#!(?#;?%!P;#X
/?5:-01!"G#/Č(?!(?<)!$:<0!-0!(?;G#48#!%5)þ#&'!;G#!&,-./0þ(,!I.&#8!P$0!
(?!P0/.@!480-(Č!-?%#!;G#!$#RGQ!$#%#(þ0()!(?<09#!RČ9:1!]!80(8#!?4;0%8!
4;?40()!-4/0!:I!;#$G#R(Č!;G#R)G?5.!$Ĝ)&0@!8?%I0!;Ĥ-$0/0!$'51!
"#450$()!þ'48)!4;?40()!-0!(?<0!8Č5#1!"#P#G(Č!4.!;Ĝ0þ8Č80@!-?%!-0!;#;.X
4:-0!"?&05g!
e+)/0!8#8.I@!I0!R:$0X5.!48?(!(?<09#!;#P0/4%Q9#!;Ĝ0R,&'()!PR#Ĝ0(!i!
?I!P0/Ĝ0/0!?!#;:48)/0!8#8#!8Č5#!X!/'/0!;Ĝ)RN80%!&!(0R.@!&Čþ(Q!8Č5#@!
%80GQ!;G#!('4!:$Č5?5!7Ĥ9@!(.%#5.&!5.$4%'!G:%?1!+!8#/8#!8Č50!-4/0!45?R)!
?!8#:I)/0!;#!$(.@!%$N!4.!-?%#!(#&,!#$Č&!#R5Q%(0/0!(?<0!(0R04%Q!
8Č5#1!M0R#Ģ!(0R:$0/0!$:A9N!R0P!8Č5@!?50!#R5Q%(0/0!4.!(#&'!(0R04%'!
8Č5?b!c21!O#G.(84%,/!B@*X6f!MVTd1
T?8#! 45#&?! ;Ĝ.('<)! 4)5:! ?! (0:&ČĜ.805(#:! (?$Č-.1! 3?%:R! 40! 8?$N! 8)/@!
I0! R:$0/0! /)8! &Čþ('! 8Č5?@! $EB?8'Č% A4E=*:>% (0()! 8#! -0(! 508/'! P/)(%?1!
M?!-.(Q/!/)48Č!;G#95?<:-0!?;#<8#5!"?&05g!eM0R#Ģ!8#8#!;#G:<.805(Q!8Č5#!
/:4)!#R5QA.!(0;#G:<.805(#48!?!8#8#!4/G805(Q!/:4)!#R5QA.!(04/G805(#48b!
c*1!O#G.(84%,/!*B@B6d1!M?<0!8Č5#!R:$0!W;5(Č!480-(Q!-?%#!30I)<#&#@!(0R#Ģ!
")4/#!Ĝ)%'g!e-.48Č!C:!R:$0/0!;#$#R(.!.!&!P/G8&,A9&48'()b!cě)/?(Ĥ/!
22H
TċVhKM>KT
E@Bd1!Y!#;Č8g!eC.5#&?()@!(N()!-4/0!$Č8.!7#I)f!?!-0<8Č!40!(0:%'P?5#@!A#!
R:$0/01!+)/0!&<?%@!I0!?I!40!P-0&)@!R:$0/0!C:!;#$#R(.@!;G#8#I0!a#!
:&.$)/0!8?%#&Q9#@!-?%,!-0b!c*1!3?(Ĥ&!6@2d1!
M'P(?%!8#9#@!-?%!8#8#!8Č5#!R:$0!&N;?$?8@!/ĤI0/0!P)4%?8!;Ĝ.!;#P#X
G#&'()!30I)<#&?!8Č5?!;#!309#!&P%Ĝ)<0()g!&<0A9(N!309#!^NP.A%Q!&5?48(#48.!
R:$0!/)8!.!(?<0!(#&Q!8Č5#1!T?%I0!40!(?!(Č!%G'8A0!;#$)&'/01!O$NI!30I)<!
&48?5!P!/G8&,A9@!:%'P?5!40!K&,/!:þ0$()%Ĥ/!?!Ĝ0%5g!
e"G#þ!-480!8?%!G#PG:<0(.!?!;G#þ!&N48:;:-)!;#A9NR(#48.!&0!&?<0/!4G$X
A.S!"#$)&0-80!40!(?!CQ!G:A0!?!(?!CQ!(#9N@!I0!-40/!8#!3'1!Z#8%(Č80!40!
C(0!?!;#$)&0-80!40g!$:A9!(0/'!/?4#!?!%#48.@!-?%#!8#!&.$)80!(?!C(Čb!
cV:%'<!2=@6HX6Jd1
!
C'!/?4#!?!%#48.D!Y&<?%!&<./(Č80!4.@!I0!&ĤR0A!(0P/.Ė:-0!%G0&1!30!8#!
;G#8#@!I0!309#!%G&)!RN5?!;#%G#;0(?!45.8#&(.A0!7#I)!c&)%#!?GA9N!W/5:&Nd1!
309#! I.5?/.! (N()! ;G#:$)! 7#I)! 45'&?1! ]! /N! R:$0/0! /)8! /?4#! ?! %#48.@!
?&<?%!&ČĜ)/@!I0!I.&#80/!(?<09#!8Č5?!(0R:$0!480-(Č!-?%#!:!30I)<0!%G0&@!
(,RGI!7#I)!45'&?D
30I)<Ĥ&! &P950$! 40! (.þ)/! (05.<.5! #$! (#G/'5()9#! þ5#&Č%?1! M0&N;?$?5!
-?%#!(Č-?%,!/./#P0/<Ģ?(!P0!4A.X!!!!!5/:1!C?G.0!a#!;#&?I#&?5?!P?!P?X
9G?$()%?!c&.P!3?(!2L@*=X*Bd!?!309#!:þ0$()A.!4.!a#!(?!A048Č!$#!h/?:4!
4;5085.! 4! #RNþ0-(,/! ;#:8()%0/! c&.P! V:%'<! 2=@*6X6Bd1! CČ5! 8Č5#! &05/.!
;#$#R(Q!8#/:!(?<0/:@!;Ĝ048#!&<?%!RN5#!(0;#G:<.805(Q!?!$#%#(?5Q1!
30I)<! 8?%Q! /#95! -)48! 4%:80þ(Q! -)$5#@! (0R#Ģ! ;#I'$?5! 4&Q! :þ0$()%Ng!
eeC'80!8:!(ČA#!%!-)$5:Sb!"#$?5.!/:!%:4!;0þ0(Q!GNRN!?!;5'48!/0$:1!+P?5!
4.! ?! ;Ĝ0$! (./.! ;#-0$5b! cV:%'<! 2=@=*X=6d1!Y! -0$5! 4! (./.! -0<8Č! ;Ĝ.! $?5X
<)A9!$&#:!;Ĝ)50I.8#480A9g!-0$(#:!&!$#/Č!/:IĤ@!%80GQ!;#8%?5!(?!A048Č!$#!
h/?:4@!?!;#!$G:9Q@!%$NI!:!/#Ĝ0!;Ĝ.;G?&.5!4()$?(.!;G#!-0$0('A8!:þ0$()%Ĥ!
c&.P!3?(!2*1*X*=d1!TČ<)!/Č@!I0!&'/!/#9:!#P('/.8@!I0!&!(?<.A9!&Čþ(,A9!
8Č50A9!R:$0/0!4A9#;(.!-)48D
30I)<! RN5! &0! 4&Q/! #45?&0(Q/! 8Č50! 4A9#;0(! /5:&.8@! P;)&?8@! $GI08!
22J
+j3]ChýMj
;Ĝ0$/Č8N!?8$1!-?%#!(#G/'5()!þ5#&Č%1!T?%Q!?50!$#%'P?5!;G#A9'P08!P$/.!
?!&!#%?/I.%:!P/.P08D
eO$NI!RN5!&0þ0G!8Q9#I!$(0@!;G&()9#!$(0!8,$(0@!?!:þ0$()A.!RN5.!P0!
48G?A9:!;Ĝ0$!u.$N!P?!P?/þ0(,/.!$&0Ĝ/.@!30I)<!40!(?-0$(#:!#R-0&.5X
/0P.!(./.!?!Ĝ0%5!-./g!e"#%#-!&'/1b!c3?(!2L@*J!;#$50!?(\51!;Ĝ1d1
"Ĝ.!8#/8#!408%'()!;#I'$?5!30I)<!T#/'<0@!?RN!$?5!;G48N!$#!309#!G:%#:!
?!G:%:!&!309#!R#%1!]!8#8#!;#8&GP:-0@!I0!/Č5!8Č5#!?!%#48.1!Y!-?%!GNA950!40!
#R-0&.5@!8?%!480-(Č!/#95!.!P/.P081!"#!5'/'()!A950R?!4!/:I.@!%80GQ!;#8%?5!
(?!A048Č!$#!h/?:P@!þ80/0g!
e+8#/!40!-./!#80&Ĝ05N!#þ.!?!;#P(?5.!a#f!?50!>(!-./!P/.P05!;Ĝ0$!
#þ./?b!cV:%'<!2=@6*!;#$50!?(\51!;Ĝ1d1
YI!R:$0/0!/)8!&P%Ĝ)<0(Q!8Č5#@!R:$0/0!8?%Q!/)8!4A9#;(#48!(?!-0$(#/!
/)48Č!P/.P08!?!('950!40!#R-0&.8!W;5(Č!-.($01!T#!8?%Q!&N4&Č85:-0@!-?%!R:X
$0/0!/#A8!&!(#&Q/!(0R.!?!(#&Q!P0/.!A048#&?8!(?!#RG#&4%Q!&P$'50(#48.1!
"Ĝ0/,<50-80!#!8#/!i!M#&,!30G:P?5Q/@!('<!&Čþ(,!$#/#&@!R:$0!þ8G('A8!8.4)A!
/.5!$5#:9,!.!<.G#%,1!3?%!8?/!R:$0/0!A048#&?8S!M0R:$0!8?/!?(.!I050P(.A0@!
?(.!508?$5?1!7:$0/0!;#:I)&?8!/0P.;5?(08'G()!%#4/.A%Q!5#$ČS!TČI%#1!M?<0!
8Č5#!(0R:$0!#/0P0(#!?(.!þ?40/!?(.!&P$'50(#48)1!T#!R:$0!P'R?&?D
YI!#;:48)/0!(?<0!4/G805(Q!8Č5#@!A05'!(?<0!RN8#48!i!$:A9@!$:<0!?!8Č5#!
i!R:$0!;5(Č!&N%#:;0('!?!$#%#(?5'1!YI!;#8#/!R:$0/0!:A8)&?8!7#9?!;Ĝ0$!
309#!8GĤ(0/@!(0R:$#:!(?<0!8Č5?!:(?&0('@!(0R:$#:!;#8Ĝ0R#&?8!;Ĝ048'&X
%:@!4&?þ.(:@!#$;#þ.(0%!?(.!4;'(0%@!;#%:$!8#!4?/.!(0R:$0/0!A98)81!7:$0X
/0!$.4;#(#&?8!(0#/0P0(#:!0(0G\.)!?!(0:&ČĜ.805(,/.!^NP.A%,/.!4A9#;X
(#48/.1
Y!(0-50;<)!P0!&<09#!-0@!I0!R:$0/0!4A9#;(.!&.$Č8!7#9?1!T#@!A#!%&Ĥ5.!
45?R#48.!;?$5Q9#!5.$4%Q9#!8Č5?!RN5#!#$0;Ĝ0(#!C#-I)<#&.@!R:$0/0!&!(?X
<0/! (#&Q/! 8Č50! 4A9#;(.! 4(?$(#! P?%:4.81! 30! (?;4'(#@! I0! eR:$#:! &.$Č8!
309#! 8&'Ĝb! c[-0&0()! 22@=dD! 309#! 45'&?! ('4! (04G?P)! %! P0/.@! -?%#! 40! 8#!
26L
TċVhKM>KT
48?5#!3?(#&.!(?!#48G#&Č!"?8/#4!(0R#!"?&5#&.!(?!A048Č!$#!Z?/?<%:1!30!
8#!&PG:<:-)A)!/N<50(%?D
T h M @! O Z > ! n > [ a > Z k 3 h
Y50!A#!(?<0!8Č5#!8?$N!?!80ćS!30!PĜ0-/Q@!I0!(?<0!(N(Č-<)!8Č5#!(0()!&N%#:X
;0(#@!?50!-0!48'50!;#G:<.805(Q1!M.A/Q(Č!:I!(0-4/0!#8G#%N!(?<.A9!8:I0R@!
A98)þĤ@! ;,A9N! ?! -.(,A9! &5?48(#48)! ;?$5Q! ;Ĝ.G#P0(#48.@! ;#%:$! 40! %! 8#/:!
$#RG#&#5(Č! (0G#P9#$(0/01! CĤI0/0! þ0G;?8! P0! 4)5N! (?<)! (#&Q! ;Ĝ.G#P0X
(#48.! ?! I)8! ;#$50! ()! ?! (.%#5.&! ;#$50! 8Č504(#48.1! kGþ:-)A)/! ^?%8#G0/! -0!
(?<0!$:<0@!;G#8#I0!-0!8#:!þ'48)!(?<)!#4#R(#48.@!%80G'!G#P9#$:-01!T#8#!-0!
80(!%#:40%!P!8Q!4%5'$?(%N@!%80GQ/:!/(#P)!(0G#P:/)1!
CĤI0/0!40!(?!8#!;#$)&?8!('450$#&(Čg!"Ĝ0$48?&80!4.@!I0!-480!&'50þ(,!
P?-?80A@!;#!5Q8?!M0;Ĝ)8050/!P?&Ĝ0(,!&0!&ČP0Ė4%Q!A0501!3/Q(#!&?<)!A05N!
-0! e70PR#I(Q! I'$#48.! 8Č5?b1! "#! (Č-?%Q/! þ?40! &'<! %G'5! P&)8ČP)! &! R.8&Č!
#!&?<0!#4&#R#P0()1!"Ĝ.A9'P)!-0$0(!P!-09#!45:I0R()%Ĥ!?!#8&)G'!$&0Ĝ0!A05N1!
MN()!48#-)80!;Ĝ0$!G#P9#$(:8)/g!&N-$080!(?!4&#R#$:@!%80G#:!&'/!&N$#RN5!
&'<!&05.%,!&Ĥ$A0@!(0R#!PĤ48?(080!(?!/)48Č@!(?!%80GQ!-480!;#!8ČA9!5080A9!
:I! P&N%5,S!+'<!%G'5!-0!\0(850/?(!?!%!#;:<8Č()!A05N!&'4!(0R:$0!(:8.81!
n#P9#$(:8)!-0!(?!&'41!
M0I!40!$&0Ĝ0!&?<)!A05N!#80&Ĝ05N@!(0/Č5!-480!(?!&,RČG1!MN()!/ĤI080!
8:8#!A05:!e70PR#I(Q!I'$#48.!8Č5?b!#;:48.81!C'80!PĤ48?8!&!P?-08)@!?þ%#5.&!
-0!&'5%?!P?!&?<.!4&#R#$:!&N9G'(?S!Z:<0!-0!8#:!þ'48)!(?<)!#4#R(#48.@!%80G'!
G#P9#$:-0!#!8#/@!P$?!&N-$0/0!P!&ČP0()!(0R#!PĤ48?(0/0!4&'P?()1!T?8#!
.5:48G?A0! ('/! ;#/'9'! ;#A9#;.8@! -?%! 4/:8(Q! -0@! %$NI! &N%#:;0(,! /:I!
(0R#!I0(?!.!(?$'50!I.-0!;G#!I'$#48.!8Č5?1!
"#-ć/0!40!(N()!4!8)/8#!(?!/N45.@!&G'8.8!%!(?<./!%G:9Ĥ/1!3?%!:I!-40/!
Ĝ0%5@! &(Č-<)! %G:9! c8Č5#d! -0! 8#:! þ'48)! (?<)! #4#R(#48.@! %80G'! %#/:(.%:-0!
4!;Ĝ.G#P0(,/!4&Č80/f!&(.8Ĝ()!%G:9!c$:A9d!-0!#&5.&Ė#&'(!Z:A90/!K&?X
8,/1!"?&05!;)<0g!eO$#!40!&<?%!;Ĝ.;#-:-0!%!"'(:@!-0!4!M)/!-0$0(!$:A9b!
c*1!O#G.(84%,/!E@*Fd1![?/N45080!40!A9&)5.!(?$!8Č/.8#!45#&N!i!-4/0!$#X
26*
+j3]ChýMj
45#&?! -0$(#! 4! 7#I)/! Z:A90/1! "G#8#! ('/! ")4/#! Ĝ)%'g! e(.%$#! (0/ĤI0!
Ĝ)A.g!~30I)<!-0!"'(~!-0$.(Č!&!Z:A9:!K&?8Q/b!c*1!O#G.(84%,/!*2@6!;#$50!
?(\51!;Ĝ1d1!70P!Z:A9?!K&?8Q9#!(0/ĤI0/0!I)8!&,-./0þ(Č1!T#!&<?%!(0()!
I'$(,! ;G#R5Q/@! ;G#8#I0! #$! MČ9#! (0-4/0! #$$Č50(.@! (,RGI! -4/0! 4! M)/!
-0$(#1![!8#9#!4;#-0()!;#A9'P)!(?<0!R#I4%'!;Ĝ.G#P0(#48D!Z#:^'/@!I0!A9'X
;080!#R4'95#48!8Q8#!$Ĥ50I.8Q!4%:80þ(#48.1!30I)<!Ĝ0%5g!eM0;G#4)/!-0(#/!P?!
(Č@!?50!.!P?!8N@!%80Ĝ)!R:$#:!4%GP0!-0-.A9!45#&#!&ČĜ.8!&0!C(0111!?RN!.!#(.!
*%I:,%E/6(%+5@'$b!c3?(!*F@2LX2*d1!Z#!8ČA9!eM'4b!;?8Ĝ)/0!.!8N!?!-'D
30I)<!(0RN5!-.(,1!"#450A9(Č80!4.@!A#!Ĝ)%'!#!K&Q!-0$(#8Č!4!Z:A90/!K&?X
8,/g!eKN(!(0/ĤI0!K'/!#$!K0R0!þ.(.8!(.Ab!c3?(!B@*Jd1!Y!$'50g!e?RN480!
;#P(?5.!?!$'50!;#P('&?5.@!I0!>80A!-0!&0!C(Č!?!3'!&!>8A.b!c*L@6Hd1!Y!#;Č8g!
e>80A@!%80G,!&0!C(Č!;Ĝ0R,&'@!þ.()!K&Q!4%:8%Nb!c*=@*Ld1
>8'P%?g!O$#!-0!80(!>80A@!%80G,!;Ĝ0R,&'!&!30I)<.S!M0/ĤI0!8#!R,8!7Ĥ9!
>80A@!;G#8#I0!30I)<!40!/#$5.5g!e>8þ0!('<@!%80G,!-4.!&!(0R04)A9b!cC?8#:<!
E@Jd1!30!P$0!-?4(Q@!I0!7Ĥ9!>80A!-0!&!(0R04)A9@!8?%I0!30I)<!8:!9#&#Ĝ)!#!T#/@!
%$#!30-!;#þ?5@!#!Z:A9:!K&?8Q/1!Z:A9!K&?8,!-0!8#:!>4#R#:!7#I)!TG#-.A0@!
%$#!$#!C?G..(?!5Ĥ(?!&5#I.5!R#I4%Q!40/0(#1!+P;#/0Ė80!4.@!A#!Ĝ0%5!3#40^#X
&.!?($Č5g!e(0R#Ģ!A#!&!()!RN5#!;#þ?8#@!-0!P!Z:A9?!K&?8Q9#b!cC?8#:<!*@2Ld1!
7Ĥ9!>80A!e;#45?5b!30I)<0!?!7#I)!Z:A9!-0!>80A@!%80G,!&!MČ/!e;Ĝ0R,&?5b1!
30I)<!;G#95?<:-0g!e3'!?!>80A!-4/0!-0$(#b!c3?(!*L@6Ld1!K80-(Č!-?%#!-0!30I)<!
-0$(#! 4! Z:A90/! K&?8,/@! -4/0! 4! M)/! -0$(#! .! /N@! (0R#Ģ! eO$#! 40! &<?%!
;Ĝ.;#-:-0!%!"'(:@!-0!4!M)/!-0$0(!$:A9b!c*1!O#G.(84%,/!E@*Fd1
[ w O > M ! M Y x h a > ! M > + v a > ! u ] + > TY
"Ĝ.<05! þ?4! (?! %G'8%Q! 49G(:8)1! M?<0! $:<0! -0! (?! (?<0/! #RG'P%:! 4! %G:9N!
:/)48Č(?! /0P.@! ;G#8#I0! 40! /ĤI0! G#P9#$(#:8@! R:$0X5.! ('450$#&?8! 8Č5#!
(0R#! $:A9?1! M0P?;#/0Ė80@! I0! .(^#G/?A0! #$! 8Č5?! ;#A9'P0-)! P! ;Ĝ.G#P0X
262
TċVhKM>KT
(Q9#!4&Č8?@!P?8)/A#!('<!$:A9!-0!#&5.&Ė#&'(!Z:A90/!K&?8,/1!+0!4&Č8X
50!8Q8#!;G?&$N!40!(N()!P?/ČĜ)/0!(?!W48Ĝ0$()!%?;.8#5:!"?&5#&?!5.48:!ě)X
/?(Ĥ/1!T?/!þ80/0g!
eMN()!80$N!(0()!I'$(Q9#!#$4#:P0()!;G#!8N@!%80Ĝ)!-4#:!&!OG.48:!
30I)<.111!+I$NĢ!P'%#(!Z:A9?!I.&#8?!&!OG.48:!30I)<.!|P'%#(!(?<09#!
(#&Q9#!þ5#&Č%?}!/Č!#4&#R#$.5!#$!P'%#(?!9Ĝ)A9:!?!4/G8.!b!
cě)/?(Ĥ/!H@*X2f!P'&#G%?!;Ĝ.$'(?!;#$50!?(\51!;Ĝ0%5?$:d1!
e['%#(!(?<09#!(#&Q9#!þ5#&Č%?b!c(?<)!(#&Q!;Ĝ.G#P0(#48.d!('4!#4&#X
R#$.5!#$!P'%#(?!9Ĝ)<(Q!;Ĝ.G#P0(#48.@!%80G'!;Ĝ0<5?!(?!5.$48&#!4%GP0!Y$?X
/Ĥ&!9Ĝ)A91!+<./(Č80!4.@!I0!"?&05!9#&#Ĝ)!#!$&#:!GĤP(,A9!P'%#(0A91!k%'X
I:!&'/!8#!(?!;Ĝ)%5?$:1
M?! P0/.! ;5?8)! ;Ĝ.G#P0(,! P'%#(! P0/4%Q! ;Ĝ.8?I5.&#48.1! V?.A%N! Ĝ0þ0(#@!
-0! 8#! ;Ĝ.8?I5.&'! 4)5?@! %80G#:! P0/Č! ;Ĥ4#R)! (?! -?%,%#5.&! ;Ĝ0$/Č8! (?! -0-)/!
;#&GA9:!(0R#!&!-09#!R5)P%#48.1!M0R#!-0<8Č!('P#G(Č-.@!-0485.I0!&N48#:;)80!
(?!48Ĝ0A9:!<0$04'8.;?8G#&Q9#!/G?%#$G?;:!?!(0/#:$Ĝ0!:$Č5'80!%G#%!$#5Ĥ@!
4508)80!#RG#&4%#:!GNA95#48)!(?!A9#$()%1!T#!;5?8)!#!%?I$Q/!^NP.A%Q/!;Ĝ0$X
/Č8:1!"#$!#/0P0()/!8#9#8#!P'%#(?!-4#:!&<0A9(N!5.$4%Q!RN8#48.1!
hU.48:-0!&<?%!-0<8Č!-.(,!P'%#(@!#R-0&0(,!Z?(.050/!70G(#:55./!&!*H1!
48#508)@!(?P,&?(,!P'%#(0/!&P85?%:1!30$(#$:<0!Ĝ0þ0(#@!80(8#!P'%#(!$'&'!
508?$5:!4A9#;(#48!5Q8?81!M?48#:;)80X5.!$#!8GN4%#&Q9#!508?$5?!?!;#:I.-080!
8?I(#:!4)5:!/#8#GĤ@!8?%!;Ĝ.!;Ĝ0%G#þ0()!48?G8#&?A)!GNA95#48.!40!#4&#R#$)80!
#$!\G?&.8?þ()9#!P'%#(?!?!&P(04080!40!&N4#%#!$#!&P$:A9:1!['%#(!&P85?X
%:!&'4!8)/!&N4&#R#$)!#$!P'%#(?!P0/4%Q!;Ĝ.8?I5.&#48.1
T#8#!-0!('P#G(,!;Ĝ)%5?$!8#9#@!A#!;G#!('4!:þ.(.5!P'%#(!Z:A9?!I.&#8?!
cP'%#(!(?<09#!(#&Q9#!þ5#&Č%?d!#950$(Č!P'%#(?!9Ĝ)A9:!?!4/G8.1!"Ĝ0$!8)/@!
(0I!-4/0!;Ĝ.-?5.!(#&#:!;Ĝ.G#P0(#48@!-4/0!(0/Č5.!I'$(Q!508?$5#@!%80GQ!RN!
('4!&N(045#!(?!;Ĝ)-0/(#:!#R5#9:!?!&N4&#R#$.5#!('4!8?%!#$!P'%#(?!9Ĝ)A9:!
?!4/G8.1!3?%/.50!-4/0!&<?%!;#P(?5.!7#9?@!(?48#:;.5.!-4/0!$#!508?$5?!/.X
5#48.!?!4%GP0!8?I(#:!4)5:!&)GN!-4/0!&N508Č5.!$#!4&#R#$N1!MN()!:I!(0/:4)X
266
+j3]ChýMj
/0!I)8!-?%#!$Ĝ)&@!4&'P'(.!R0P:P$(,/.!?!R0PR#I(,/.!I'$#48/.!8Č5?1!C'/0!
4&#R#$:!PĤ48'&?8!&!508?$50!(?<)!P(#&:PG#P0(Q!;Ĝ.G#P0(#48.!?!I)8!&,-./0þX
(Č1!ě0%(:!8#!P(#&:!i!:I!(0/:4)/0!I)8!;#$50!8Č5?1!34/0!4&#R#$()D
"Ĝ0$48?&/0!4.!&<?%@!I0!40!&0!&,<A0!-0$0('A8.!%.5#/08GĤ!G#P9#$(:!&NX
;(#:8!/#8#GN!?!(Č-?%!508?$5#!P?48?&.8!#$!;#9NR:!&;Ĝ0$1!a'$0-80@!A#!40!
48?(0S!"Ĝ.8?I5.&#48!48'50!0U.48:-01![(#&:!-40/!;#$!-0-)!&5'$#:!?!&05.%#:!
GNA95#48)!;?$'/!%!P0/.1!"Ĝ.8?I5.&#48!(0P/.P05?@!.!%$NI!-40/!RN5!#$!()!
#4&#R#P0(1!70G(#:55.9#!P'%#(!-.!(0PG:<.5@!;#:P0!#$48G?(.5!-0-)!&5.&1!
K! (?<)! 8Č504(#48)! 8#! (0()! #! /#A! G#P$)5(Q1! 30485.I0! 40! $:<0! &ČĜ)A)9#!
#;?%#&?(Č! G#P9#$(0! ;#45#:A9?8! 8Č5#! (?/)48#! (#&Q! ;Ĝ.G#P0(#48.@! %80G'!
-0!;#$!&5.&0/!Z:A9?!K&?8Q9#@!(0R:$0!8#!$5#:9#!8G&?8!?!8Č5#!R:$0!#;Č8!
&5'$(#:81!T0(8#!&ČĜ)A)!:I!(0R:$0!4A9#;0(!7#9?!;#8Č<#&?81!"#450A9(Č80!
4.@!A#!"?&05!Ĝ)%'!%Ĝ04Ģ?(Ĥ/!&!ě)/Čg!
eT.@!%$#!-4#:!I.&.!;#$50!8Č5?@!/?-)!'4%./,6(!&ČA.!8Č5?f!?50!8.@!%$#!-4#:!
I.&.!;#$50!Z:A9?@!./,6?!(?!&ČA.!Z:A9?1!2/B65'?!8Č5?!P(?/0('!4/G8@!
./B65'?!Z:A9?!I.&#8!?!;#%#-b!cě)/?(Ĥ/!H@BXEd1
+0! 4&Č850! 8ČA98#! &0G<Ĥ! 40! &G'8)/0! %! (?<./! %G:9Ĥ/1! T.@! %$#! :;(#:!
4&#:! /N45! i! 4&#:! $:<.! i! %! &ČA0/! 8Č5?@! R:$#:! ;#$50! 8#9#! I)81! 7:$#:!
&N$'(.!(?;#4;?4!I'$#480/@!A98)þĤ/!?!&'<()/!8#9#8#!;?$5Q9#!4&Č8?@!;G#X
8#I0!-0-.A9!$:<0!R:$0!þ0G;?8!P!(04;G'&(Q9#!P$G#-01!Y&<?%!8.@!%$#!:;(#:!
4&#:!/N45!(?!8#@!A#!-./!$'&'!-0-.A9!$:A9@!R:$#:!I)8!&!;5(#48.!?!;#%#-.1
eCN<50()!8Č5?!-0!8#8.I!&!(0;Ĝ'80548&)!&Ĥþ.!7#9:@!(0R#Ģ!40!(0;#$Ĝ.P:-0!
7#I)/:!P'%#(:@!R?!?(.!(0/ĤI01!T.@!%80Ĝ)!-4#:!&!8Č50@!40!7#9:!5)R.8!
(0/#9#:b!c&0G<0!FXHd1
30485.I0!(?<0!/N45!þ0G;'!P!(?<09#!8Č5?!(?/)48#!P!(?<09#!$:A9?@!;?%!
(0/ĤI0/0!I)8!&!#R5?48.!P'%#(?!Z:A9?!I.&#8?@!;#(Č&?$I!-4/0!48'50!;Ĝ.X
;#:8'(.!%!P'%#(:!9Ĝ)A9:!?!4/G8.1!]!%$NI!-0!.$9'-@!I0!?I!-0$(#:!:/Ĝ0/0@!
26=
TċVhKM>KT
$#!(0R0!40!$#48?(0/0@!?&<?%!PĤ48'&'/0!48'50!;#$!P'%#(0/@!%80G,!('4!
4&?P#&?5@!%$NI!-4/0!-0<8Č!RN5.!(0&ČĜ)A)1![Ĥ48?5.!-4/0!8)/!&!(?<)!&ČP0Ė4%Q!
A050@!(0R#!-4/0!40!$#!()!P?40!&G'8.5.1!
T#8#! &N4&Č85:-0@! ;G#þ! 8#5.%! 5.$)! &! A)G%&.! I.-0! W;5(Č! 480-(Č! -?%#! 8.! &0!
4&Č8Čg!G#P&'$)/0!40@!9'$'/0!40@!4&'Ĝ)/0!?!I.-0/0!&!9'$%'A9!?!9#Ĝ%Q/!
(0#$;:<8Č()f!8)9(0/0!%!(0-0$(#8(,/!48G?('/f!-4/0!P'&.45)!(?!;#G(#\G?!!.!
(0R#!(?!$G#\'A9f!-4/0!95:<)!%!('Ĝ%:!A9:$,A9@!&$#&!?!4.G#8%Ĥ1!30!8#!(0%#X
(0þ(,!40P(?/1!M0()!8#!P?-)/?&Q@!I0!"?&05!Ĝ)%'@!I0!8.@!%$#!þ0G;?-)!P!8Č5?@!40!
7#9:!5)R.8!(0/#9#:!?!-4#:!48'50!;#$!eP'%#(0/!9Ĝ)A9:bS!Y!;?%!;#%G?þ:-0g!
eM:I0!80$N@!RG?8Ĝ.@!-4/0!$5:I()%N@!?50!(0!8Č5?@!?RNA9#/!;#$50!8Č5?!
I.5.1!30485.I0!I.-080!;#$50!8Č5?@!-0!&'/!4#:P0(#!P0/Ĝ)8f!-0485.I0!&<?%!
Z:A90/!:4/GA:-080!þ.(N!8Č5?@!R:$080!I)8b!c&0G<0!*2X*6d1
30!(?;G#48#!-?4(Q@!I0!"?&05!8:!(0/5:&)!%!(0&ČĜ)A)/@!(,RGI!%0!%Ĝ04Ģ?X
(Ĥ/@!;G#8#I0!-0!#45#&:-0!E84#Ĝ(1!T?%I0!-'!40!;8'/@!-?%!/#9#:!&ČĜ)A)!8?%!
509%#&'I(Č!Ĝ)%?8g!eM#@!8#!-40/!-0(!-0$(?5!8Č504(ČDb!30!8#!(?#;?%!&05/.!
P'&?I(Q@!(0R#Ģ!"?&05!Ĝ)%'@!I0!-0485.I0!I.-0/0!;#$50!8Č5?@!P0/Ĝ0/0D!3?%!
:I!-40/!Ĝ0%5!$Ĝ)&0@!(0A9'/!(?!&'4@!?RN480!&NP%#:/?5.@!A#!45#&#!A5.Ĝ?#!
P(?/0('1!M.A/Q(Č!%$N%#5.&!&!A05Q/!")4/:!7Ĥ9!Ĝ0%5@!I0!(Č%$#!P0/Ĝ0@!
(0P(?/0(?5#!8#!<Ģ?48(,!(0R#!&N8#:I0(,!%#(0A1!Y$?/#&.!Ĝ0%5g!eM0R#Ģ!
&!$0(@!%$N!RN4!P!(Č9#!;#-0$5@!-.48Č!P0/Ĝ0<b!cs0(04.4!2@*Fd1!Y$?/!^NP.AX
%N!P0/Ĝ05@!?&<?%!48?5#!40!8#!?I!/(#9#!508!;#!-09#!&P;#:Ĝ0!&Ĥþ.!7#9:1!
"Ĝ048#!7Ĥ9!Ĝ0%5@!I0!P0/Ĝ0!*%@5'@!%$N!#&#A0!4()1!`#!40!48?5#S!3?%'!4/G8!
(?!(Č9#!;Ĝ.<5?!8#9#!$(0@!%$N!RN5!&0!&P;#:Ĝ0S
> u ] + h M q ! M Y x h a > ! K C nT h V M v a > ! T ċ V Y
MN()! &N&48'&'! #8'P%?g! 3?%! /ĤI0/0! P?RG'(.8! 8#/:@! ?RNA9#/! RN5.! ;Ĝ.X
8?9#&'(.!%!(?<)!8Č504(Q!/N45.S!3?%!/ĤI0/0!;Ĝ0%#(?8!(:8%'()!('450$#X
26B
+j3]ChýMj
&?8!8#@!%!þ0/:!('4!&0$0!8Č5#S!"?&05!('/!$'&'!$&#-('4#R(#:!#$;#&Čć1!
+!;G&()!Ĝ?$Č!8Č504(#48.!#$#5'&'/0!4%GP0!/#A@!%80G#:!$#!(?<09#!$:A9?!
&5#I.5!Z:A9!K&?8,1![?!$G:9Q@!&N:I)&'/0!WI?4(Q9#!&5.&:!Z:A9?!K&?8Q9#!
(?!(?<0!4/G805('!8Č5?1!"?&05!Ĝ)%'g
e30X5.!&<?%!OG.48:4!&0!&'4@!-0!4.A0!8Č5#!/G8&Q!%&Ĥ5.!9Ĝ)A9:@!?50!$:A9!
-0!I.&,!%&Ĥ5.!4;G?&0$5(#48.1!30485.I0!&0!&'4!;Ĝ0R,&'!Z:A9!8#9#@!%80G,!
&P%Ĝ)4.5!30I)<0!P!/G8&,A9@!;?%!80(@!%80G,!&P%Ĝ)4.5!30I)<0!OG.48?!P!/G8X
&,A9@!#I.&)!.!&?<0!4/G805('!8Č5?!4%GP0!4&Q9#!Z:A9?@!%80G,!&0!&'4!
;Ĝ0R,&'b!cě)/?(Ĥ/!H@*LX**d1
T#8#!-0!:Gþ.8Č!8)/!(0-&)A0!#4&#R#P:-)A)/!;G#95'<0()/!&!5.48:!ě)/?X
(Ĥ/1!"#450A9(Č80!4.!-0!-0<8Č!-0$(#:!;#$50!CKsg!eO$NI!&0!&'4!;Ĝ0R,&'!
309#!Z:A9@!R:$0!&?<0!8Č5#!8?%!I.&Q@!-?%#!-0!8Č5#!OG.48#&#bD!Y!-0<8Č!;#$50!
MVTg!e>(!4%GP0!480-(Q9#!Z:A9?@!%80G,!&0!&'4!;Ĝ0R,&'@!$'!&?<0/:!4/GX
805(Q/:!8Č5:!I.&#8b1!Z:A9!K&?8,!(0-0(#/!P(#&:!48&#Ĝ)!?!P/#A()!(?<09#!
5.$4%Q9#!$:A9?@!(,RGI!8?%Q!$#!(?<09#!4/G805(Q9#!^NP.A%Q9#!8Č5?!(?5.-0!
I.&#8D!"G#þ!40!#!8#/!/(#90/!&)A!(095'4'S
O$NI! -40/! ;Ĝ.-?5! OG.48?@! P-.48.5! -40/@! I0! R0PR#I(Q! 8#:9N! /Q! 8Č504X
(#48.!P/.P05N!(0-0(!$)%N!;Ĝ.G#P0(#48.!OG.48?@!&5#I0(Q!$#!/Q9#!$:A9?@!
?50!8?%Q!8#/:@!-?%!Z:A9!K&?8,!#&5.&Ė#&?5!/Q!^NP.A%Q!8Č5#1!aĜ)A9!P8G?8.5!
4&#:!;Ĝ.8?I5.&#481!ZĜ)&0!-40/!9#$(Č!%505!?!(?$'&?51!Y&<?%!(0$5#:9#!;#!
/Q/!#RG'A0()!-40/!4.!:&Č$#/.5@!I0!:I!(0(?$'&'/1!"Ĝ0$!8)/@!(0I!-40/!
;#P(?5!OG.48?@!-40/!/.5#&?5!/0-$?(N!?!#;.548&)1!u.5!-40/!;G#!8N!;'80þ()!
?!&)%0($#&Q!&0þ)G%N!4!%?/?G'$N!(0R#!(?!%#50-.1!"#8#/!&<?%!/#-0!8#:9?!
;#!9,Ĝ0()!?!#;.5#48.!P/.P05?1!`9#$.5!-40/!$#!(?<)!4;#50þ0(4%Q!/)48(#48.!
(0R#! (?! -?%#:%#5.&! (#þ()! ;?G8N! ?! ;#P#G#&?5! -40/! %5:%N@! -?%! -$#:! ;#!
9#5%'A9@!;.-)!$#!(Č/#8N!?!$Č5?-)!P0!40R0!R5'P(N1!M?;?$?5#!/Čg!;4&%,5%.(%
#$)65%'Č&@/%.$)6$%6?E(#>%+4&%+,5.%<8$%#$%.$)6%9?#%4%.(6$*4#%#$U
O$NI!-40/!40!48?5!-0$(#!4!Z:A90/!K&?8,/@!48?5#!40!4%:80þ(#48)@!I0!
-0485.I0!-40/!P9Ĝ0<.5@!(05)R.5#!40!/.!8#@!P?8)/A#!;Ĝ0$!4;?40()/!-40/!/Č5!
26E
TċVhKM>KT
9Ĝ)A9!G'$1!7N5!8#!$Ĥ450$0%!P/#A(Č()!Z:A9?!K&?8Q9#!?!(#&Q9#!I.&#8?@!
%80G,! &5#I.5! $#! /Q9#! 4/G805(Q9#! 8Č5?1! CĤ-! &(.8Ĝ()! þ5#&Č%! RN5! #I.&0(1!
"Ĝ0$!4;?40()/!RN5N!/Q!8Č504(Q!I'$#48.!;#4.5#&'(N!9Ĝ)<(#:!;Ĝ.G#P0(#48)!
/Q9#! $:A9?1! C'! (#&'! ;Ĝ.G#P0(#48! &<?%! (0/Č5?! 9Ĝ)A9! &ĤR0A! &! #R5.RČ1!
MN()!-40/!(0('&.$Č5!8#@!;#!þ0/!-40/!$Ĝ)&0!$NA98.51!CĤ-!$:A9!A98Č5!('X
450$#&?8!&0$0()!Z:A9?!K&?8Q9#1!T#:I.5!-40/!;#!309#!4;#50þ0(48&)@!A04X
8'A9!?!/#:$G#48.1!"G#8#!"?&05!;#%G?þ:-0g
eZ:A9!K&?8,!&#5'g!34#:!&ČA.@!%80GQ!-0!8Ĝ0R?!:$Č5?8@!?!/)48?@!(?!%80G'!
-0!8Ĝ0R?!-)8D!T0(8#!&P%Ĝ)<0(,!I.&#8@!%80G,!-480!#$!7#9?!$#48?5.@!(0()!
R'P5.&,!?!8G:A95.&,1!30!;5(,!$#RG#$G:I(Q9#!#þ0%'&'()@!&)8?-)A)!7#9?!
4!$Č84%,/g!eT?%!A#!$'5@!T?8.Sb!cě)/?(Ĥ/!H@*=X*Bf!CKsd1
u.&#8!&!OG.48:!-0!$#RG#$G:I(,@!&PG:<:-)A)!?!;5(,!#þ0%'&'()1!30$()/!
45#&0/!i!&,-./0þ(,D!MN()!-4/0!4&#R#$()!#$!P'%#(?!9Ĝ)A9:!?!4/G8.@!%80X
G,!('4!%$N4.!P#8G#þ#&?51!kI!(0/:4)/0!$Q50!('450$#&?8!8N!8Č504(Q!;?$5Q!
8#:9N1!M'<!$:A9!-0!4;#5:!4!(?<)/!8Č50/!#&5.&Ė#&'(!(?<)/!(#&,/!I.&#X
80/!&!OG.48:1!M0()!8#!4;?40()!;G#48Č!WI?4(QS
">+>VwM]!Oh!K+>7>Zċ
>!8#/8#!#9G#/:-)A)/!&N4&#R#P0()!#$!8Č504(#48.!;)<0!"?&05!.!&0!4&Q/!$#X
;.40!s?5?84%,/g!eO!8Q!4&#R#$Č!('4!OG.48:4!#4&#R#$.51!K8Ĥ-80!80$N111b!cB@*d1!
34/0!#4&#R#P0(.!#$!P'%#(?!9Ĝ)A9:!?!4/G8.@!;G#8#I0!/'/0!W;5(Č!(#&Q9#!
$:A9?!?!(?<0!8Č5#!-0!;#4.5#&'(#!/#A)!7#I)9#!Z:A9?1!"0&(Č!40!$GI/0!8#9#@!
A#!-4/0!$#48?5.@!?!I.-/0!&0!&,<%'A9!&!(?<0/!508?$50!/.5#48.@!;#4.5#&'(.!
&)G#:!?!4&#R#$(.!#$!#8G#A8&)@!%80GQ!$GI)!$Č8.!80/(#8N1!"?&05!&?G:-0g!
e7N5.!-480!;Ĝ0A0!;#&#5'(.!$#!4&#R#$N@!RG?8Ĝ.1!30(!?RN!40!&'/!8?!4&#X
R#$?!(048?5?!P'/.(%#:!;G#!8Č5#1b!c&0G<!*6d
26F
+j3]ChýMj
T?8#!45#&?!RN!/Č5?!R,8!P?()A0(Č!&N95?<#&'(?!&!(?<.A9!4R#G0A91!"?&X
5#&#!&?G#&'()!RN!40!$?5#!;Ĝ.G#&(?8!%!þ5#&Č%:@!%80G,!-0!G0A.$.&.48#:!c#;?X
%#&?(,/! P5#þ.(A0/d1! u.5! &! A9:$#RČ@! ?! ?RN! /#95! ;Ĝ0I)8@! P?þ?5! %G'481!
O&Ĥ5.!4&,/!(0:48'5,/!P5#$Č-('/!48G'&.5!G#%N!&0!&ČP0()!i!RČ90/!$&?X
A08.!508!RN5!;Č8%G'8!#$4#:P0(@!;#%?I$Q!P?!#PRG#-0(#:!5#:;0I!&!#RA9#$X
()/!$#/Č1!3?%/.50!RN5!;G#;:<8Č(@!RN5!%&Ĥ5.!4&Q!P'&.45#48.!(?!%G?$0()!RČX
90/!(Č%#5.%?!8,$(Ĥ!P?40!P;'8%N1!Y!(N()!RN5!;G#!#;?%#&?(Q!P5#þ.(N!#$X
4#:P0(!(?!$#I.&#8)1!
30$(#9#!$(0!(Č-?%,!5Q%?Ĝ!&N(?50P(0!G0&#5:þ()!5Q%@!%80G,!8#9#8#!P5#X
þ.(A0! &N5Qþ)! P! (:8%?&Q! 8#:9N! %G'481! ['G#&0Ė! -0$0(! &N4#A0! ;#48?&0(,!
&5'$()! þ.(.805! $'! (?<0/:! þ5#&Č%:! /.5#48! ?! P)4%'! ;G#! (Č9#! ?PN5! &! -.(Q!
P0/.@!?RN!/#95!P?þ)8!P(#&:1!+!8Q8#!(#&Q!P0/.!/:!(Č-?%,!#RA9#$()%!$'!
$#RG#:!;G'A.@!%$0!4.!R:$0!/#A8!&N$Č5?8!$#48!;0(ČP@!?RN!/#95!P?;5?8.8!
('-0/!?!(?%#:;.8!4.!-)$5#@!#R50þ0()!?!#48?8()!(0PRN8(#48.1!T0(8#!R,&?5,!
&ČP0Ė!R:$0!/)8!$#%#(A0!$#48!;0(ČP!(?!8#@!?RN!4.!/#95!;#Ĝ)$.8!.!5:U:4()!
&ČA.1!MN()!-0!$#%#(?50!4&#R#$(,@!(0-0(!P!$#I.&#8()9#!8G048:@!?50!.!#$!
(0#&5?$?805(Q!8#:9N!%G'481!
"'G!508!8#!-$0!&<0A9(#!$#RĜ01!"#8#/!40!&<?%!(Č%#5.%!-09#!48?G,A9!;Ĝ'X
805!P!&ČP0()!$#P&)@!%$0!I.-0@!;Ĝ.-0$#:!P?!()/!?!4(?I)!40!9#!P5'%?81!+Ĥ$X
A0!\?(\:!Ĝ0%(0g!e3'!?!/)!%'/#<.!-4/0!P-.48.5.@!-?%!40!&5#:;?8!$#!(0-&Č8X
<)!R?(%N!&!8#/950!/Č48Č!?!P)4%?8!P5?8,!;#%5?$1!7:$0/0!4.!/#A8!I)8!&!R?X
&5(A0!?!;#9#$5)!?I!$#!%#(A0!I.&#8?D!3$0<!$#!8#9#Sb!
"Ĝ0$48?&?!;Ĝ0;NA9#&Q9#!I.&#8?!R0P!;G'A0!40!/:!/#A!5)R)1!"Ĝ0/,<5)g!
!4&)65%,#8:*(#%AE/#5&%9(*$#4%E/%E/6$%F94,'-[!Y!8?%!40!%!8Č/8#!%G./.('5X
()%Ĥ/!;Ĝ.;#-)1!
[?!(Č%#5.%!8,$(Ĥ!8#!;G#&0$#:@!?&<?%!;Ĝ)<8)9#!$(0!-4#:!&<.A9(.!;#5?X
;0(.!?!#$4#:P0(.!(?!$#I.&#8)1!M'<!A95?;)%!RN5!(?;G#48#!4&#R#$(,@!?&<?%!
4&#:!4&#R#$:!;#:I.5!(?!8#@!?RN!40!&G'8.5!%0!4&Q/:!48?GQ/:!P;Ĥ4#R:!-0$X
('()@!?!8?%!#!(.!;Ĝ.<051!"#450A9(Č80!4.!"?&5#&?!45#&?!-0<8Č!-0$(#:g!e30(!4.!
$0-80!;#P#G@!?RN480!8:8#!4&#R#$:!(0;#:I.5.!-?%#!P'/.(%:!;G#!8#@!A#!I'$'!
&?<0!8Č5#@!?!4&#:!4&#R#$:!8?%!(0P(.þ.5.b!c;#$50!CKsd1!"Ĝ04(Č!8#8#!:$ČX
26H
TċVhKM>KT
5?5!80(8#!/:I1!Y!;Ĝ04(Č!8#!$Č5?-)!(Č%80Ĝ)!&ČĜ)A)@!?!;G#8#!(0I.-)!&,-./0þ(Č1!
[(#&:! -4#:! P#8G#þ0(.! 4&#:! 8Č504(#48)1! "G#8#! ('4! "?&05! ;Ĝ)4(Č! (?R'$'g!
en?$Č-.!4&#:!4&#R#$#:!45:I80!-0$(.!$G:9,/!&!5'4A0f!8#!-0!P;Ĥ4#R@!-?%!
4&#R#$?!G#480b!c&0G<!*6f!CKsd1
u.-0/0X5.!5'4%#:@!(05P0!('4!#$5'%?8!#$!PR#I(#48.1!"Ĝ0R,&'/0!&0!4^QX
Ĝ0!7#9?@!%80G,!-0!5'4%?1!K;#5:;G?A:-0/0!4!309#!Z:A90/!?!(?<0!4&#R#$?!
G#4801!70P!&5.&:!Z:A9?!K&?8Q9#!R:$0!(?<0!8Č5#!8)9(#:8!%!4#R0A8&)@!40R0X
P'A9#&Č@!40R05'4A0@!?!-.(,/!(0Ĝ0480/1!T#!-0!$Ĥ&#$@!;G#þ!"?&05!;#%G?þ:-0g!
eě)%'/!&<?%g!Z:A90/!A9#ć80!cR:ć80!(?!MČ-!A.85.&)@!(0A980!40!&Q48!
?!%#G.\#&?8d!?!I'$#48!8Č5?!c5.$4%Q!;Ĝ.G#P0(#48.!R0P!7#9?d!(0$#X
%#('801!TČ5#!I'$'!;G#8.!Z:A9:!c-09#!8#:9Nd!?!Z:A9!cK&?8,d!;G#8.!8Č5:!
cR0PR#I(Q!5.$4%Q!;Ĝ.G#P0(#48.d@!(0R#Ģ!48#-)!(?&P'-0/!;G#8.!4#RČ@!?RNX
480!(0þ.(.5.!8#@!A#!RN480!A98Č5.b!c&0G<0!*EX*Ff!P'&#G%N!;Ĝ.$'(N!;#$50!
?(\51!;Ĝ0%5?$:d1
O$NI!-0$('/0!;#$50!(?<09#!$:A9?@!%80G,!-0!.(4;.G#&'(!Z:A90/!K&?X
8,/@!(0R:$0/0!;#$5Q9?8!I'$#480/!?!8#:9'/!(?<)!eR0PR#I(Q!5.$4%Q!;Ĝ.X
G#P0(#48.b1!"#$)&0-80!40!-0<8Č!-0$(#:!(?!;Ĝ0$A9'P0-)A)!&0G<g!eR0PR#I('!
5.$4%'!;Ĝ.G#P0(#48b!-0!8?%Q!(?P,&'(?!e5.$4%#:!;Ĝ.G#P0(#48)!R0P!7#9?b1!
30(I0!./%'5+,.5%E5A%7$)4>%<8$#$95%T'%9(+5%*%':,[%[#;?%:-.@!A#!"?&05!
ě)/?(Ĥ/!Ĝ)%'g!7:$0/0X5.!$:A9#&()!i!-0$(?8!;#$50!(?<09#!$:A9?!i!R:$0!
Z:A9!K&?8,!$'&?8!(?<0/:!4/G805(Q/:!8Č5:!I.&#81!M?<0!8Č5#!-0!(N()!(?X
;5(Č(#!I.&#80/D!30!8#!(ČA#!W;5(Č!-.(Q9#@!(0I!:!þ5#&Č%?@!%80G,!-0!eR0P!
7#9?b!?!-0!#&5'$'(!4&#:!8Č504(#48)1
M?!8#/8#!/)48Č!40!&G'8)/!%!W&#$()/:!;G#95'<0()!8Q8#!%?;.8#5Ng!&05%Q!
/(#I48&)!&ČĜ)A)A9!;Ĝ.4:P:-0!(?$&5'$Č!-0-.A9!8Č504(#48.!;Ĝ)5.<!&05%#:!/#A1!
30$.(,/! $Ĥ&#$0/! /ĤI0! R,8! 8#@! I0! (0;G#48:$#&?5.! ")4/#! (?8#5.%@! ?RN!
#R-0&.5.!?!95:R#%#!&0!4&Q/!(.8G:!;Ĝ.-?5.!8N8#!;G?&$N@!%80GQ!('/!;.4?80X
5Q!M#&Q!4/5#:&N!#$9?5.5.1!M0;#A9#;.5.@!I0!7#I)!Z:A9!&5#I.5!$#!-0-.A9!
/G8&Q9#!8Č5?!I.&#8!?!$?5!-./!8?%!4A9#;(#48!A9#$.8!&!$#%#(?5Q!4&#R#$Č1!
26J
+j3]ChýMj
Y!-4/0!P?40!P;'8%N!:!&)GN1!30485.I0!&ČĜ)/0@!I0!-0!8Č5#!$#/.(?(8()@!;?X
(#&?þ(Q!?!/'!/#A@!?!80$N!I0!-4/0!/:!&N$'(.!(?!;#4;?4@!R:$0/0!;#$50!
8#9#! 4%5)P081! 30485.I0! &<?%! &ČĜ)/0! 7#I)/:! K5#&:@! %80GQ! Ĝ)%'@! I0! Z:A9!
7#I)!&5Q&'!I.&#8!$#!(?<09#!4/G805(Q9#!8Č5?@!%80GQ/:!:I!(0-4/0!;#$$'(.@!
;?%!40!('/!48?(0!;#$50!(?<)!&)GND!>;Č8!&.$)/0@!;G#þ!")4/#!;G#95?<:-0g!
e70P!&)GN!&<?%!(0()!/#I(Q!40!C:!P?5)R.8b!cu.$Ĥ/!**@Ed1!
+I$NA%N!4.!/:4)/0!;?/?8#&?8@!I0!,<8:*':%*?84%<6$@?%,<8:*'=%9(*$#0%
>;?%!-0!8?%Q!;G?&$#:g!B<4#':%*?84%<6$@?%B<4#'=%9(*$#1!"?&05!P!8#9#!&NX
&#P:-0g
!
e"#(Č&?$I!-4/0!4.!P&#5.5.!80(8#!$G:9!I.&#8?@!I.&#8!&!Z:A9:@!;#-ć/0!
P?-.48.8@!?RN!8#!(0PĤ48?5#!;#:9#:!/N<50(%#:!&!(?<)!95?&Č!(0R#!;#A.X
80/!&!4G$A.@!(,RGI!;#-ć/0!&!%?I$Q!þ'480þA0!(?<.A9!I.&#8Ĥ!;G?A#&?8!
(?!-09#!(?;5(Č()b!cs?5?84%,/!B@2Bf!CKsd1
M05P0!8#!Ĝ)A8!5Q;0f!-0!8#!$#%#(?5Q!49G(:8)!8#9#@!A#!-4/0!;G#R)G?5.!&!;#X
450$()A9!$&#:!%?;.8#5'A91!M0/ĤI0/0!I)8!&,-./0þ(,/!I.&#80/@!-0485.I0!
;G#!('4!R:$0!7#I)!K5#&#!-0(!(Č-?%,/!.$0'50/!(0R#!40(8./0(8'5()/!;#X
A.80/!&!4G$A.1!30(!$)%N!(0&)Ĝ0@!(0/ĤI0/0!$#4'9(#:8!&N-)/0þ(Q9#1!T#!-0!
;G#!/(#9Q!(0;Ĝ0%#(?805(#:!;Ĝ0%'I%#:@!?!;Ĝ.8#/!-0!8#!8?%!-0$(#$:A9Q@!
I0!8#!.!$)8Č!$#%'I0!;#A9#;.81!
+!;Ĝ0$A9'P0-)A)/!&0G<.!"?&05!;)<0g!eT.@!%$#!;?8Ĝ)!OG.48:!30I)<.@!:%Ĝ.X
I#&?5.!8Č5#!4!-09#!&'<(Č/.!?!I'$#48/.b!c&0G<!2=d1!M?<0!R0PR#I(Q!&'<(Č!
%Ĝ.I:-0/0!/#A)!Z:A9?!K&?8Q9#1!Y!&<0A9(?!45'&?!('50I)!7#9:@!(.%#5.&!
('/1!T#! -0<8Č! &)A0! #R-?4Ė:-0! "?&5#&?! 45#&?g! eM0I.-.! :I! -'@! ?50! I.-0! &0!
/(Č!OG.48:41!u.&#8@!%80G,!(N()!I.-.!&!8Č50@!I.-.!*5%*?Ĝ5!&!KN(?!7#I)9#b!
cs?5?84%,/!2@2Ld1![?/ČĜ80!40!(?!45#&?g!eI.-.!*5%*?Ĝ5!&!KN(?!7#I)9#b1!
C.5#48@!%80G'!P/#AĖ:-0!(?<0!8Č5#@!-0!$#4?I.805('!&)G#:!&!Z:A9?!OG.48#&?!
;Ĝ0R,&?-)A)9#!&!('41!kI!(0-4/0!4;#:8'(.!#Č65,'$,#?>$@@Č65'(%$@%7$9?)$%
9(*$#41!MN()!I.-0/0!,&8A5%*?8"%*%.$3%!$)$>%&#58=%*%':,%<Ĝ5E=*:1!34/0!
4&#R#$()!?!/ĤI0/0!I)8!&,-./0þ(ČD
2=L
TċVhKM>KT
` a > Z ] T ! Z k ` a h C!
C'/0!I)8!?%8.&(Č@!(.%#5.!;?4.&(Č1!+,-./0þ(,!I.&#8!;G#:$)!P!#^0(P.&()9#@!
(.%#5.&!$0^0(P.&()9#!P;Ĥ4#R:!/N<50()1!"#450A9(Č80!4.!P(#&:!"?&5?g!e-048X
5.I0!&<?%!Z:A90/!:4/GA:-080!þ.(N!8Č5?@!R:$080!I)8b!cě)/?(Ĥ/!H@*6d1!309#!
45#&?! -4#:! ;G#?%8.&()1! 7:$0/0X5.! þ0G;?8! P! (?<09#! $:A9?@! .(4;.G#&?(Q9#!
Z:A90/!K&?8,/@!48?(#:!40!R0PR#I(Q!8#:9N!(?<09#!8Č5?!#$;:$.&,/.1!7:X
$0/0!8?%!P?/.5#&?()!$#!;G?&Q9#!I.&#8?@!I0!4/G8!P8G?8)!4&Ĥ-!;Ĥ&?R1
Z#RG#:!.5:48G?A)!RN!RN5!/:I@!%80G,!?%8.&(Č!A9G'()!4&Q!/N<50(%N@!;#X
48#-0!?!4&#:!5'4%:!%0!4&Q!I0(Č1!M0$#;:48)@!?RN!$#!-09#!/N45.!&48#:;.5?!
-?%'%#5.!(0\?8.&()!(0R#!%G.8.A%'!/N<50(%?1!+,450$0%g!;0&(Č!&ČĜ)@!I0!40!
#I0(.5!4!(0-?8G?%8.&(Č-<)@!(0-/#:$Ĝ0-<)@!(0-/.50-<)!?!(0-%G'4(Č-<)!I0(#:!
(?!;#&GA9:!P0/Č1!30485.I0!R:$0!$#!4&Q!I0(N!P?/.5#&'(!8)/8#!P;Ĥ4#R0/!
?!(Č-?%'!-.('!I0(?!40!;#%:4)!9#!4&Q48@!&!$:A9:!40!P?4/Č-0!?!;#/N45)!4.g!
I5.:.%'5+.5'B?%A:+5.%,%#5E$"%3(A$6$9(#j%@$.4%.:.%#"%'5+65<B?1!T#8#!-0!
#^0(P.&()!/N<50()1!
"Ĝ04(,/! #;?%0/! -0! ('R#I0(48&)! (0R#! P'%#(.A8&)1! K;)<! (0I! (?! 80(!
WI?4(,!I.&#8@!%80G,!&'/!RN5!P$?G/?!$'(@!40!P?/ČĜ:-0!(?!8#@!A#!/)8!(0X
/ĤI0801!Z#48?5.!-480!80(!(0-50;<)!/#I(,!I.&#8@!;Ĝ048#!P'%#(.A8&)!#$&'$)!
&?<.!;#P#G(#48!%0!<;)(Č@!P0!%80GQ!-480!&N<5.1!M0:48'50!#;?%:-0g!en?$Č-.!
RN4!(0/Č5!9Ĝ0<.8f!%!8Č/!R0PR#I(,/!&ČA0/@!%80GQ!-4.!$Č5?5!;Ĝ0$!#RG'A0X
()/@!40!(04/)<!?(.!;Ĝ.R5)I.8b1
30! 4/:8(#:! ;G?&$#:@! I0! (N()! -4/0! #&5'$'(.! P'%#(.A%,/! %Ĝ04Ģ?(X
48&)/@!%80GQ!48'50!Ĝ)%'!e(04/)<b!?!%80GQ!&ĤR0A!%Ĝ04Ģ?(48&)/!(0()1!30485.X
I0!40!:A9,5)/0!P;'8%N!%!#/0P:-)A)/!P'%#(Ĥ/@!;#4)5)/0!8)/!8Č504(#48@!
(0R#Ģ!P'%#(!&PR:$)!&!(?<0/!8Č50!8#:9:!I)8!P(#&:!&!G#P;#G:!4!7#90/D!
"?&05!&?G:-0g!e/#A)!9Ĝ)A9:!-0!['%#(b!c*1!O#G.(84%,/!*B@BEd1!
Z'/! &'/! ;Ĝ)%5?$1! TĜ.! G#%N! -40/! ;G?A#&?5! -?%#! ;G#^04.#('5()! 80(.X
4#&,! 8G0(QG! &! 4#:%G#/Q/! %5:R:1! TG'&.5! -40/! ;Č8?$&?A08! 9#$.(! 8,$(Č!
(?!%:G80A9!?!8GQ(#&?5!/5'$0I!.!$#4;Č5Q1!"Ĝ.!&,:A0!48#&%N!80(.48Ĥ@!-40/!
#R-0&.5!-0$(:!P?-)/?&#:!&ČAg!%$NI!-40/!4&Q/:!I'%#&.!#;?%#&?(Č!Ĝ)%?5@!
2=*
+j3]ChýMj
?RN!(ČA#!'5@Č646@!-0(#/!8#!;#4)5.5#!-09#!('A9N5(#48!$Č5?8!8#!$'51!M?;Ĝ)X
%5?$@!P?þ'80þ()A.!/?-)!þ?48#!;Ĝ.G#P0(#:!80($0(A.!P?%5'(Č8!40!?!;Ĝ0(Q48!
&'9:!(?!P?$()!(#9:@!P&5'<8Č!%$NI!-0!;Ĝ.A9'P0-)A)!/)þ!&05/.!4.5(,1!M0X
P%:<0(#48!-./!Ĝ)%'@!I0!-./!8?8#!8?%8.%?!$'!&)A0!þ?4:!(?!8#@!?RN!80(!W$0G!
&NRG?5.1! T0(8#! /?(Q&G! &<?%! &I$NA%N! P;Ĥ4#R)! ;Ĝ)5.<! %G'8%,! /)þ@! %80G,!
4!(0-&Č8<)!;G?&$Č;#$#R(#48)!4%#(þ)!&!4)8.1![-.48.5!-40/@!I0!%$NI!-40/!;#!
%G'8%Q/!W$0G:!#;?%#&?(Č!4&,/!48:$0(8Ĥ/!Ĝ)%?5g!eM0;Ĝ0('<0-!&'9:!(?!
P?$()!(#9:@b!(0&N9(:805(Č!8#!:$Č5?5.!P(#&:1
O$NI!-40/!-./!&<?%!Ĝ0%5g!eZ#RG'@!A9A.@!?RN!4.4!&!/N45.!;Ĝ0$48?&.5@!
-?%! (?! 80(! /)þ! W8#þ)<1! 3$.! ?\G04.&(Č! ;G#8.! (Č/:f! (0(0A9! 9#! $#508Č8! ?I!
%!8#RČ@!8N!-$.!%!(Č/:1b!O$NI!-40/!8#!(Č%#5.%G'8!P#;?%#&?5@!P-0$(#$:<.5!
-40/!/Ĥ-!;#%N(!?!&NR)$5!-40/!-0g!e3$.!(?!(Č-Db!(0R#!e[?W8#þDb!Y!#(.!40!
;Ĝ0%&?;.&Č!;Ĝ048?5.!P?%5'(Č8@!&N%G#þ.5.!;G#8.!/)þ.!?!P?W8#þ.5.!(?!(Č-1!
+0!4&Č850!8#9#8#!;Ĝ)%5?$:!4.!-0<8Č!-0$(#:!;#450A9(Č80!"?&5#&?!45#&?g
eě)%'/!&<?%g!Z:A90/!A9#ć80!?!I'$#48!8Č5?!(0$#%#('80b!
cs?5?84%,/!B@*Ed
+.$)80@!I0!-09#!45#&?!-4#:!;G#?%8.&()1!aĜ)<(Q!I'$#48.!:4/GA:-0/0!8)/@!
I0!-0$('/0!;#$50!(?<09#!$:A9?@!%80G,!-0!#&5.&Ė#&'(!Z:A90/!K&?8,/1!
T?%!R:$0/0!PĤ48'&?8!&!P'%#(Č!I.&#8?1!Y!8?%!8?%Q!;Ĥ-$0/0!?!PĤ48?(0/0!
&!#R5?48.!&,-./0þ(Q9#1!
Y!(N()!A9A.!P$ĤG?P(.8!-0$(:!$Ĥ50I.8#:!&ČA1!3?%#!.(48G:%8#G!80(.4:!-40/!
4&,/!48:$0(8Ĥ/!&N4&Č85#&?5@!;G#þ!(0()!/#:$GQ!48'8!(?!P?$()!(#P01!+?G#X
&?5!-40/!-0@!I0!('450$%0/!8#9#!R:$0!%G'8%,!/)þ@!%80G,!-0!R:$0!48'8!R#$1!
C,/!P'/ČG0/!RN5#@!?RN!8#/:!;#G#P:/Č5.1!>R&N%50!-40/!8#!&<?%!Ĝ0%5!-0(!
-0$(#:!(0R#!$&?%G'81!"G#?%8.&()!G0?%A.!-40/!(?#;?%!(Č%#5.%G'8!P$ĤG?P(.5!
i!e3$Č80!;G#8.!/)þ.!?!P?W8#þ80!(?!(Č-1b!7N5!8#!#RG?P@!%80G,!/Č5.!/)8!&!/N45.1
"?&05!.!-.()!;.4?805Q!M#&Q!4/5#:&N!$ĤG?P(Č!&?G#&?5.!;Ĝ0$!('450$%N!
(?&G'A0()!40!P;'8%N!%!8Č504(#48.1!ZČ5?5.!8?%!;G#8#@!?RNA9#/!8#/:!G#P:X
/Č5.@!(0R#Ģ!7#I)!R'P0Ė!-0!;#þ'80%!/#:$G#48.!?!;#P('()1!T.!4?/)!;.4?805Q!
2=2
TċVhKM>KT
&<?%! $'&?5.! 95?&()! $ĤG?P! (?! ;G#?%8.&()! I.&#8! &! Z:A9:1! "#450A9(Č80! 4.!
P(#&:!8?8#!;G#?%8.&()!45#&?g!eM0R#Ģ!&<.A9(.!8.@!%$#!-4#:!&0$0(.!Z:A90/!
7#I)/@!-4#:!7#I)!4N(#&Qb!cě)/?(Ĥ/!H@*=d1
" Y+ V > + > ! K a n M k T q
"#8Q@!A#!?;#<8#5!"?&05!#R<)G(Č!;G#RG?5!GĤP(Q!?4;0%8N!4;?40()@!$:A9?@!$:<.!
?!8Č5#@!&<0A9(#!8#!49G(:5!('450$#&(Čg!
e+NR)P)/!&'4!80$N@!RG?8Ĝ.@!4%GP0!/.5#4G$0(48&)!7#I)@!?RN480!*/@46(%
,*:%#Č64!&!#RČĢ!I.&#:@!4&?8#:!?!;Ĝ)-0/(#:!7$)"f!8#!-0!&?<0!G#P:/('!
45:IR?!7#9:1!Y!(0;Ĝ.;#$#RĖ:-80!40!8#/:8#!&Č%:@!(,RGI!<8$.ČĖ"+#5%
,5%$E'$*$"%,*-%./,6(@!?RN480!/#95.!P%#:/?8@!A#!-0!7#I)!&Ĥ50@!A#!-0!
$#RGQ@!;Ĝ.-?805(Q!?!$#%#(?5Qb!cě)/?(Ĥ/!*2@*X2f!%:GP)&?!;Ĝ.$'(?d1
>P(?þ.5!-40/!$&Č!;G#95'<0()g!e*/@46(%,*:%#Č64!7$)"\%?!e<8$.ČĖ"+#5%
,5% $E'$*$"% ,*-% ./,6(\1! >RČ! &! ;#$48?8Č! 49G(:-)! 8#@! A#! RN5#! ;G#RG'(#!
&!;#450$()A9!$&#:!%?;.8#5'A91!30I)<!&N%#(?5!&<0@!8#!$#%#(?5Q!$)5#@!P?X
;5?8.5!;5(#:!A0(:!P?!(?<.!4&#R#$:1!T?%I0!A#!/'/0!$Č5?8!/NS!T#!&<0!-0!
&!;#$48?8Č!#R4?I0(#!&!8ČA98#!$&#:!;G#95'<0()A91!
[?!;G&Q@!-?%!80$N!;G?%8.A%N!e$'&'/0!(?<0!8Č5?!7#9:!-?%#!I.&#:!?!4&?X
8#:!#RČĢbS!O$NI!$'/0!7#9:!#RČĢ@!;?8Ĝ)!&,9G?$Č!30/:1!3.(,/.!45#&N@!
-?%/.50! -0! $'(?@! :I! 4.! -.! (0/ĤI0/0! &P)8! P;Č8@! (0R#Ģ! :I! ('/! (0;?8Ĝ)1!
30485.I0!$'/!&0!4R)GA0!7#9:!!!(?(þ()!$?G@!(0#$&'I.5!RNA9!40!P?&#5?8!$#!
8#9#!4R#G:!(0R#!#G\?(.P?A.!?!;#I'$?8@!?RN!/.!8N!;0()P0!&G'8.5.@!;G#8#I0!
:I!(0-4#:!/#-01!Y!;Ĝ04(Č!8#!/'/0!:$Č5?8!4!(?<)/!8Č50/!i!$'8!-0!-?%#!
#RČĢ1! M?<0! #RČĢ! &<?%! (0()! (0I.&'@! -?%#! (?;Ĝ)%5?$! ;0()P01! 30! 8#! #RČĢ!
I.&'@!?!-0485.I0!P?!(?<.!4&#R#$:!RN5?!P?;5?A0(?!8?%!#RG#&4%'!A0(?@!I'$'!
40!4(?$!#$!('4!;Ĝ)5.<!/(#9#S!TČ5#@!&0!%80GQ/!I.-0/0@!RNA9#/!(0/Č5.!
;#&?I#&?8! P?! (?<0@! (,RGI! P?! 309#1!T#! P(?/0('@! I0! (N()! @$)6?9?.5! (?!
2=6
+j3]ChýMj
(ČA#@!A#!;?8Ĝ)!(Č%#/:!-.(Q/:@!?!;#:I)&'/0!8#@!A#!;?8Ĝ)!30/:@!?RNA9#/!
(?;5(.5.!309#!8#:9N1!3?%!&<?%!/ĤI0/0!&Č$Č8@!;#!þ0/!>(!8#:I)S!>$;#X
&Č$)!-0g!eM0(?;#$#R:-80!A9#&'()!?!P;Ĥ4#RN!8#9#8#!4&Č8?@!(,RGI!(0A980!
7#9?@! ?RN! &'4! A.Č'$"% *4B5)$% ./B65'?! ;G#/Č(.5! $#! (#&Q9#! þ5#&Č%?1!
"?%! R:$080! &Č$Č8@! A#! ;#! &'4! 7Ĥ9! A9A0b! cě)/?(Ĥ/! *2@2f! ;#$50! ?(\51!
;Ĝ1d1! 3?%! /ĤI0/0! $Č5?8! 8#@! A#! 40! C:! 5)R)@! -0485.I0! (0(?45#:A9'/0@! A#!
Ĝ)%'! 309#! K5#&#@! ?(.! 8#/:! (0&ČĜ)/0S! 3?%! /ĤI0/0! PĤ48'&?8! &! $:A9:@!
-0485.I0!-0!(?<0!/N45!48'50!;#$!&5.&0/!8#9#@!-?%!;Ĝ0/,<5)!#RNþ0-()!5.$QS!
3?%!/ĤI0/0!;Ĝ0/,<508!$:A9#&(Č@!-0485.I0!48'50!;Ĝ0/,<5)/0!480-(Č!-?%#!
;Ĝ0$!#RG'A0()/S
[;Ĥ4#R!(?<09#!/N<50()!?!('<!;#950$!(?!I.&#8!40!/:4)!W;5(Č!;G#/ČX
(.81! C:4)/0! 48:$#&?8! 309#! K5#&#@! ?RNA9#/! P)4%?5.! 309#! ('950$@! -.(?%!
R:$0/0!48'50!;5#:8!&!;G#:$:!8#9#8#!4&Č8?1!
[0!P%:<0(#48.!&)/@!I0!%$NI!þ8:!7.R5.!4!-?4(#:!/N45)!?!þ.48,/!4G$A0/@!
/Ĥ-!$:A9!/'!&#5(#:!A048:!#&5.&Ė#&?8!/#:!$:<.1!30!8#@!-?%#!RN!RN5!#80X
&Ĝ0(!;GĤA9#$!P!/Q9#!$:A9?!$#!/Q!$:<0@!?RNA9!/#95!45N<08!;#%N(N!Z:X
A9?!K&?8Q9#1![-.48.5!-40/@!I0!-?4(Č-.!&.$)/@!5Q;0!;Ĝ0/,<5)/!?!/Q!8Č5#!/'!
&)A0!I.&#8?!?!P/#A(Č()1!30485.I0!(045N<)/!7#I)!K5#&#@!?Ģ!:I!4%GP0!;G#X
48Q!þ80()!7.R50@!(0R#!/#$5.8RN@!;#45#:A9'()!7#90/!.(4;.G#&?(,A9!%'X
P'()@!þ80()!;#/?P?(,A9!%(.9@!?8$1@!P$'!40@!-?%#RN!40!&%G'$?5!&5.&!4&Č8?!
?!-'!P-.<Ģ:-.@!I0!40!&)A0!;Ĝ.P;Ĥ4#R:-.!P&N%Ĥ/!?!P;Ĥ4#RĤ/!8#9#8#!4&Č8?1!
k;Ĝ)/(Č!4.!/N45)/@!I0!;#$A0Ė:-0/0!8#@!-?%!$Ĥ50I.8Q!-0!45N<08!7#I)!
K5#&#!?!eP?-.48.8@!?RN!8#!(0PĤ48?5#!;#:9#:!/N<50(%#:!&!(?<)!95?&Č!(0R#!
;#A.80/! &! 4G$A.@! (,RGI! &! %?I$Q/! %#:4)þ%:! (?<.A9! I.&#8Ĥ! ;G?A#&?8! (?!
-09#!(?;5(Č()b!cs?5?84%,/!B@2Bf!CKsd1!T#8#!P?(0$R'&'/0!?!;#8#/!40!
$.&)/0g!M8$þ%'5.$)"%9?#%F,<ČB'=.%&Ĝ5,Ģ4',&=.%9(*$#5.U%M8$þ%+5%*=+(G
.5þ'=%9(*$#%'5@$,49(#56'=U%M8$þ%+5%.:%#Č65,'$,#%#4&%@$.('4'#'?U%M8$þ%
'5.$)"% @Č64#% *Č3(>% <$% &#58=3)% #$"9?.U% M8$þ% *ČĜ?3?% *% &'(A5% H&"#&Ĥ% 9(6(%
$%#$6(&%+('4&%'59%+:U%")4/#!('/!Ĝ)%'@!;G#þg!e+I$NĢ!-?%!&!$:A9:!c&!4G$A.d!
:&?I:-0@!8?%#&,!#;G?&$:!-0b!c"Ĝ)45#&)!26@Ff!P'&#G%?!;Ĝ.$'(?!;#$50!?(\51!
;Ĝ0%5?$:d1!"?&05!('4!$ĤG?P(Č!(?;#/)('g!
2==
TċVhKM>KT
eu0!8#8.I!/'80!#$5#I.8!8#9#!48?GQ9#!þ5#&Č%?@!%80G,!I.-0!;#$50!$Ĝ)&Č-<)9#!
P;Ĥ4#R:!I.&#8?!?!9N(0!&!%5?/(,A9!I'$#480A9@!#R(#&#&?8!40!$:A90/!
4&Q!/N45.!?!#R5Q%(#:8!8#9#!(#&Q9#!þ5#&Č%?@!%80G,!RN5!48&#Ĝ0(!;#$50!
7#9?!&0!4;G?&0$5(#48.!?!4&?8#48.!;G?&$Nb!ch^0P4%,/!=@22X2=d1
K8?GQ!P;Ĥ4#RN!#$5#I)/0!;G#/Č(#:!4&Q!/N45.!i!$:A90/!4&Q!/N45.1!
M0-8&#Ĝ.&Č-<)@! (0-;#%G#%#&Č-<)@! (0-/#A(Č-<)! ?! (0-/#:$Ĝ0-<)! 7N8#48! (?!
4&Č8Č!-0!4!('/.!(N()!4;#-0(?1!T?8#!4%:80þ(#48!40!;G#!('4!/:4)!48'8!G0X
'5(Č-<)!(0I!P0/Č@!;#!%80GQ!A9#$)/0@!?!&#$?@!%80G#:!;.-0/01!M0()!8#!-0(!
G#P:/#&,!4#:95?4!4!8)/@!A#!#!('4!7Ĥ9!;G#95?<:-0f!P(?/0('!8#!$#45#&?!
&48#:;.8!$#!7#I)9#!P;Ĥ4#R:!/N<50()1!+.$)/0!40R0!8?%@!-?%!('4!&.$)!>(1!
kI! (0I.-0/0! P0! 4&,A9! &5?48()A9! 4A9#;(#48)@! (,RGI! 4! -.48#8#:! &)/0@! I0!
4%GP0! ('4! I.-0! Z:A9! OG.48?1! T#/:! &ČĜ)/0! A05#:! 4&#:! RN8#48)1! >R5Q%5.!
-4/0!e(#&Q9#!þ5#&Č%?b1
Y!-0485.I0!-480!8#8#!:þ.(.5.@!&ĤR0A!(0P'50I)!(?!8#/@!A#!&'/!Ĝ)%?-)!#%#5X
(#48.@! 4&Č8@! ;Ĝ'805Q! &! $#RGQ/! W/N45:@! ?(.! (04;?40()! ;Ĝ'805Q1! +)80! R0P!
-?%Q%#5.! ;#A9NR(#48.@! I0! -480! (N()! &,-./0þ(,/! þ5#&Č%0/! ?! I0! -0! 7Ĥ9!
4%GP0!&'<!I.&#8!#45?&0(1!
™
!"#$%&'#&12,34)þ'*-&.)/0M?<0! $:<0! i! #&5.&Ė#&?('! R:ć! (?<)/! $:A90/@! (0R#! (?<)/! 8Č50/! i! -0!
8)/@!%$#!G#P9#$:-0@!-?%!R:$0/0!I)81!+!-?%Q/!48?&:!-0!(N()!&?<0!$:<0S!
](%5.(:-0!%!7#I)/!&ČA0/!(0R#!%0!P;Ĥ4#RĤ/!8#9#8#!4&Č8?S!
+!-?%,A9!#R5?480A9!I.&#8?!40!4(?I)80!:(.%(#:8!#8G#A8&)!9Ĝ)A9:!?!P?%:4.8!
7#I)!4&#R#$:S!
+!-?%,A9!;Ĝ);?$0A9!/ĤI080!&0!4&Q/!I.&#8Č!;Ĝ0-)8!$#!#^0(P)&N!i!R,8!;G#X
?%8.&()!&!Z:A9:S!
2=B
0G
<(J.!45?6H4,:-.!+:,)%
+!
8Q8#!;#450$()!%?;.8#50!40!-0<8Č!-0$(#:!&G'8)/0!%0!P('/,/!45#&Ĥ/!
/#$5.8RN!"'(Čg!
e>8þ0!('<@!%80G,!-4.!&!(0R04)A9@!R:ć!;#4&ČA0(#!8&Q!-/Q(#1!"Ĝ.-ć!8&Q!
%G'5#&48&)1!K8?Ė!40!8&'!&Ĥ50!-?%#!&!(0R.@!8?%!.!(?!P0/.b!cC?8#:<!E@JX*Ld1
30$(#9#!$(0!-40/!4.!:&Č$#/.5!-0$(:!&ČAg!;59?B%þ4,#$%.6"*(6%$%&8:6$*G
,#*?1!O$NI!-40/!;#8#/!þ085!0&?(\05.?@!#9G#/.5#!/Č@!-?%!þ?48#!40!#!%G'X
5#&48&)!P/.Ė:-01!+0!4%:80þ(#48.!40!8#8#!45#&#!&!0&?(\05.)A9!#R-0&:-0!&)A!
(0I!48#%G'81!
3?%! :I! -40/! 40! P/)(.5! &! *L1! %?;.8#50@! %$NI! 30I)<! 9#&#Ĝ)! #! 7#I)/!
%G'5#&48&)@!&0!4%:80þ(#48.!/'!(?!/N45.!e7#I)!&5'$:b1!ě0A%'!45#&?@!(0-X
þ?48Č-.! ;#:I)&?('! &! M#&Q! 4/5#:&Č! ;G#! 7#I)! %G'5#&48&)@! -4#:! E4,(65(4%
#$"%!)5$,0%!)5$,!P(?/0('!7Ĥ9!?!E4,(65(4%-0!$0!!(#&'(#!-?%#!e/?-048'8@!
&5'$?@!%G?5#&'()b1!74,(65(4!-0!#$&#P0(#!#$!Ĝ0A%Q9#!45#&?!;G#!eP'%5?$b!
(0R#!eP'%5?$(:b1!MČ%80Ĝ)!:þ0(A.!$'&?-)!8Q8#!$0!!(.A.!;Ĝ0$(#48@!;G#8#I0!
05./.(:-0!P'/Č(:!40!45#&0/!e/#(?GA9.0b@!?!&ČĜ)@!I0!(0-50;<)/!;Ĝ0%5?X
$0/!-0!e7#I)!./;0G.'5()!&5'$?b!(0R#!e7#I)!;?(48&)b1!
V)R)! 40! /.! 45#&#! (.<58(:6'?1! 30$(#:! P! -09#! $0!!(.A)! -0! e4&GA9#&?X
(Č!/#A(,b1!309#!4N(#(N/?!P?9G(:-)g%&8:6$*,&=>%.4+5,#:#'?>%*56&$65<=>%
*A'5B5'=%4%':@)58'=0!YI!:&.$)80!$'50!45#&#!(.<58(:6'?@!&P;#/0Ė80!4.!(?!
8N8#!&,G?PN1
30I)<!$#45#&?!4$Č5:-0g!eM'<!(0R04%,!>8þ0@!+<0/#9#:A)!7#I0@!?Ģ!;Ĝ.X
-$0!T&'!./;0G.'5()!&5'$?@!?Ģ!40!$Č-0!T&'!&Ĥ50!-?%#!&!(0R.@!8?%!.!(?!P0/.b1!
7#I)! %G'5#&48&)! ;Ĝ.<5#D! M.%#5.&! -0<8Č! ^NP.A%N! (?! P0/.@! -?%! ;G#G#%#&?5!
2=F
+j3]ChýMj
]P?-'<!i!I0!&!R:$#:A(#48.!R:$0!30I)<!&5'$(#:8!(?&Č%N!?!(?&I$N!?!K?8?X
(Ĥ&!&5.&!R:$0!W;5(Č!#$48G?(Č(1!7#I)!%G'5#&48&)!-0!:&(.8Ĝ!('4@!309#!5.$:@!
?!/N!/'/0!309#!;?(48&)!<)Ĝ.8!&<:$0@!%$0!-4/01!+0!4&Č850!8Q8#!4%:80þ(#48.!
40!;#-ć/0!-0<8Č!-0$(#:!;#$)&?8!(?!"?&5#&?!45#&?!ě)/?(Ĥ/g!
eT)/!4;)<0!8.@!%80Ĝ)!;Ĝ.-)/?-)!)$+'$,#%.(6$,#(!?!$?G!4;G?&0$5(#48.@!R:$#:!
*6:@'$"#%*%9(*$#Č!4%GP0!8#9#!-0$(#9#@!30I)<0!OG.48?b!cě)/?(Ĥ/!B@*Fd1
a5:R<)!;#G#P:/Č()!/#$5.8RN!"'(Č!#950$(Č!e7#I)!./;0G.'5()!&5'$Nb!
;Ĝ.('<)!"?&5#&?!45#&?!e&5'$(#:8!&!I.&#8Čb!(?!(#&#:!WG#&0Ė1!M]+!-0!;Ĝ0X
%5'$'!e;?(#&?8!&!I.&#8Čbf!_0N/#:89!P?40!e&5'$(#:8!&!I.&#8Č!-?%#!%G'X
5#&Qb1!3?%#!%G'5#&Q!(0R#!%G'5#&(ND
3?%!4;#5:!8N8#!$&?!%5)þ#&Q!&0G<0!4#:&.40-)S!C:4)/0!/)8!(?!;?/Č8.@!
I0!ea#4;#$.(#&?!-0!P0/Čb!cu?5/!2=@*d@!?&<?%!>(!4&#:!&5'$(#:A)!?:8#X
G.8:!$050\#&?5!5.$0/1!u?5/.48?!;)<0g!eM0R04?!-4#:!(0R04?!a#4;#$.(#&?@!
?&<?%!P0/.!$'&'!(?!48?G#48!('/b!cu?5/!**B@*Ef!CKsd1!Y$?/!8#!;#%?X
P.5f!$?5!&5'$:!K?8?(#&.1!30I)<!-?%#!þ5#&Č%!-.!&<?%!P)4%?5!P;Č81!MN()!-0!%#X
(0þ('!?:8#G.8?!8?/@!%$0!/Č5?!;Ĥ&#$(Č!;#$50!7#I)9#!;5'(:!R,8!i!&!G:%#:!
309#!/:IĤ!?!I0(1!Y&<?%!-0!(?!('4@!?RNA9#/!8:8#!?:8#G.8:!&N%#('&?5.1!
30485.I0!8#!(0$Č5'/0@!PĤ48'&'!&0!4;'G0A9!8#9#!P5Q9#1!
30!9#5#:!4%:80þ(#48)@!I0!R#9?R#-()!/:I.!?!R#9?R#-(Q!I0(N!G#P9#$:-)!
#!8#/@!-0485.!40!7#I)!&Ĥ50!(?!8:8#!P0/.!$#48?(0@!(0R#!(.%#5.1!T:8#!;G?&$:!
$#%5'$?-)!&<0A9(?!0&?(\05.?1!30$0(!$Ĥ%?P!&'/!:&0$:g!/:405!8#!R,8!30X
I)<@!þ5#&Č%@!%$#!40!&0!þ5:(:!;#48?&.5!?!(?;#/0(:5!I.&#8:!(0R0P;0þ(#:!
R#:Ĝ.!(?!s?5.50-4%Q/!-0P0Ĝ01!7Ĥ9!(0A98Č5@!?RN!30I)<!?!#48?8()!/:I.!P0X
/Ĝ05.@!;Ĝ048#!R#:Ĝ.!(0:8.<.5!(?$;Ĝ.G#P0(Č@!P?8)/A#!30I)<!4;?51!"#8Ĝ0R#&?5!
30I)<0@!þ5#&Č%?@!?RN!40!;#48?&.5!?!;Ĝ0&P?5!(?$!()!?:8#G.8:1!
"Ĝ)%5?$N!8#9#8#!;G.(A.;:!(?A9'P)/0!$#%#(A0!.!&0!K8?GQ/!P'%#(Č1!h5)<?!
Ĝ0%5!.PG?054%Q/:!%G'5.@!?RN!:$0Ĝ.5!<);N!#!P0/@!?RN!#P(?þ.5!7#I)!P'A9G?(:!
;Ĝ0$!YG?/0-A.1!OG'5!&<?%!:$0Ĝ.5!-0(#/!8Ĝ.%G'81!h5)<?!40!G#P9(Č&?5!?!Ĝ0%5!
/:g!CČ5!-4.!:$0Ĝ.8!;Č8%G'8!(0R#!<048%G'81!T?%!RN4!PA05?!;#R.5!YG?/0-A01!
2=H
7>uq!]C"hn]wVMq!+VwZY
MN()!;#R.-0<!YG?/0-A0!8Ĝ.%G'8b!c21!OG'5#&4%'!*6@*Jd1!7Ĥ9!A98Č5@!?RN!]PG?05!
YG?/0-A0!P(.þ.5@!?&<?%!-09#!;5'(!(0RN5!(?;5(Č(@!(0R#Ģ!a#!þ5#&Č%!#/0P.51
+!u?5/:!FH@=*!#;Č8!þ80/0@!I0!]PG?05!e#/0P.5!T#9#!K&?8Q9#b!cMO3d1!
30!8#!#9G#/:-)A)!/N<50(%?1!7Ĥ9!-0!&<?%!þ048(,@!?!;G#8#!#/0P.5!4&Q!%#('X
()@!(0R#Ģ!(0&0P/0!P;Č8!?:8#G.8:@!%80G#:!$050\#&?51!K0P(?/!;Ĝ)%5?$Ĥ!-0!
(0%#(0þ(,1!
e>&<0/@!"?(#&()%!a#4;#$.(!'5þ('?%'(3@!?(.I!RN!P-0&.5!4&Q!8?-0/48&)!
;G#G#%Ĥ/@!4&,/!45:I0R()%Ĥ/b!cw/#4!6@Ff!`h"d1
+<./(Č80!4.!45#&g!e(0þ.()!(.Ab1!`#!40!48?5#@!%$NI!&!$#R'A9!K8?GQ9#!
P'%#(?! 7Ĥ9! P-0&.5! K&Ĥ-! ;5'(S! 7:ć! (Č-?%,! ;G#G#%@! (0R#! (Č%$#@! %#9#!
80(!;G#G#%!;#&ČĜ.5@!#P('/.5!(0R#!&N%#(?5!7#I)!&Ĥ5.1!M0P?;#/0Ė80@!I0!
&!8ČA9!$#R'A9!8#!RN5.!;G#G#A.@!%#/:!7Ĥ9!4&#:!&Ĥ5.!P-0&#&?51!M.A/Q(Č!
&!þ?40!M#&Q!4/5#:&N!Ĝ0%5!30I)<@!I0!3?(!OĜ8.805!RN5!?I!$#!8ČA9!$(Ĥ!(0-&Č8X
<)/!;G#G#%0/1!a(0$!(?8#!&<?%!;Ĝ0%&?;.&Č!;#%G?þ:-0@!I0!.!#5'%'5+.5'B?%
*%&8:6$*,#*?%I5E5,%-0!&Č8<)!(0I!3?(!c&.P!C?8#:<!**@**d1!3?%!-0!8#!/#I(QS!
"G#8#I0! (N()! -0! %G'5#&48&)! :&(.8Ĝ! ('4D! 3?%#! 7#I)! 4N(#&Q! ?! $A0GN! (N()!
/ĤI0/0!45N<08!7#I)!;5'(N!?!&N%#('&?8!309#!&Ĥ5.!(?!P0/.1!CN!-4/0!8Č/.!
&,-./0þ(,/.!5.$/.@!%80Ĝ)!&!OG.48:!30I)<.!&5'$(#:!&!8#/8#!I.&#8Č1!
O$NI!8#8#!&<0!(N()!4;#-)/0!$#9G#/?$N@!/#95?!RN!/#$5.8R?!"'(Č!P()8!
('450$#&(Čg!e>8þ0!('<@!-0(I!-4.!(?!(0R04)A9@!+<0/#9#:A)!7#I0@!?Ģ!;Ĝ.X
-$0!T&'!./;0G.'5()!&5'$?@!?Ģ!-0!(?!P0/.!T&'!4&GA9#&?('!&Ĥ50f!;?(#&'()!
T&Q9#! %G'5#&48&)! -0! :48?(#&0(Q! 4%GP0! T&Q! 4&?8Q@! &5'$(#:A)! $)%N! T&Q!
;Ĝ09#-(Q!/.5#48.b1!Y!8#!-0!4%:80þ(Č!*=+(.5þ'-D
[ 3 h + > +YT ! M h 7 h K O > k ! + V w Z k
"#-ć/0!:$Č5?8!48G:þ(,!;Ĝ0950$!(?<)!A048N1!M?<)/!(0-&N<<)/!A)50/!-0!7#9?!
;#8Č<#&?8@! ;Ĝ048#! &<?%! (0/'/0! 4A9#;(#48! $Č5?8! 8#! &5?48()! 4.5#:1! 3?%! :I!
2=J
+j3]ChýMj
-4/0! &<?%! ;#$G#R(Č! ;G#RG?5.@! %Ĝ04Ģ?(Q! (0/?-)! 4;#5Q9?8! (?! 4&Q! &5?48()!
4A9#;(#48.@!(0R#Ģ!-4/0!$#48?5.!7#I)!;Ĝ09#-(#:!/.5#481!C.5#48!(0P(?/0('!
-0(!#$;:<8Č()!9Ĝ)A9Ĥ@!(,RGI!P?9G(:-0!/(#90/!&)A1![?A9G'(.5?!('4!P!#8G#AX
8&)!(?<)!/G8&Q!9Ĝ)<(Q!;Ĝ.G#P0(#48.!?!P;Ĥ4#R.5?!8#@!I0!-4/0!40!(?G#$.5.!P(#&:!
?!&5?48()/0!$#%#(?5#:!30I)<#&:!;Ĝ.G#P0(#481!+,450$0%g!(0-0(I0!/ĤI0/0!
I)8!þ.48,/!?!PR#I(,/!I.&#80/@!?50!/ĤI0/0!8?%Q!(Q48!480-(Q!#&#A0@!-?%#!
(045!>(!i!;Ĝ.('<08!(0R04%#:!./;0G.'5()!&5'$:!8#/:8#!80/(Q/:!4&Č8:1
30I)<!&5'$5!&!I.&#8Č1!CN!/'/0!$Č5?8!8#!4?/QD
kI!&'4!;5(,!$Ĥ450$0%!8Q8#!;G?&$N!;5(Č!P?4?9:-0S!3?%#!þ5#&Č%!&P?5!
P;Č8!30I)<!OG.48:4!&<0@!A#!Y$?/!&!P?9G?$Č!;Ĝ0;:48.5!K?8?(#&.1!T#8#!(?X
%#(0A!&N&GA9#5)@!?I!R:$#:!A05'!P0/Č!?!-0-)!#RN&?805Q!#R(#&0(.!%!$#%#X
(?5#48.1!M0I!40!8#!&<?%!48?(0@!-0!%G'5#&48&)!;5(Č!:!/#A.!&!4G$A)A9!?!I.&#X
80A9!7#I)9#!5.$:1!+<0@!A#!/'/0!$Č5?8@!-0!45N<08@!&ČĜ.8!?!-0$(?8!&!7#I)!/.X
5#48.@!?!:48?(#&#&?8!8?%!309#!%G?5#&'()1!
30I)<! ;Ĝ.('<05! (0R04%#:! ./;0G.'5()! &5'$:! $#! &<0A9! #R5?48)! I.&#8?@!
?!/N!/'/0!$Č5?8!;Ĝ04(Č!8#!4?/Q1![$0!-0!-0(!(Č%#5.%!;Ĝ)%5?$Ĥg!
Ñ!x./#(!/Č5!;#8)I0!&0!4&Q/!;#$(.%:!4!GNR?/.@!;Ĝ048#!40!-0$.(Q!408%'()!
4!30I)<0/!?!-0$0(!$0(!(0W4;Č<(Q9#!5#&:!#RG'8.5N!&!(0-&Č8<)!W5#&0%!
-09#!I.&#8?1
Ñ!K&?8R?!&!O'(Č!40!/'50/!(0P$?Ĝ.5?f!30I)<!-.!(0-0(!P?A9G'(.5@!?50!$#X
%#(A0!-.!;#P&0$51
Ñ!K8'8!(0/:405!;Ĝ0&P)8!;Qþ.!#!R0P/#A(#:!I0(:!&0!/Č48Č!M?./@!%$NI!
30I)<! &P%Ĝ)4.5! P! /G8&,A9! -0-)9#! -0$.(Q9#! 4N(?1! 30-)! $Ĥ48#-(#48! ?! -0-)!
G#$#&Q!$Č$.A8&)!RN5N!P?A9#&'(N1!
Ñ!3?%/.50!40![?A90:4!408%?5!4!30I)<0/@!4;#50þ(#48!40!48?5?!R0P;0þ(Č-<)!
?!R#9?8<)f!P/.P05#!P5#$Č-48&)!?!A9:$#R?@!(0R#Ģ!;G#/Č(Č(,!P5#$Č-!:I!
$'50!(0#%G'$?5!4&Q!%5.0(8N1!Y!(0PĤ48?5#!-0(!:!8#9#!i!&<0/!#<.P0(,/!
RN5#!&G'A0(#!=LL!;G#A0(8@!A#I!;#4)5.5#!0%#(#/.%:1!
Ñ!"Ĝ.!-.(Q!;Ĝ)50I.8#48.!RN5!#4?/#A0(,!<)50(0A!&N4&#R#P0(!P0!4&Q9#!&ČX
P0()!?!(N()!&N95?<#&?5!8:!45?&(#:!P;G'&:@!G#P<)Ĝ.5!7#I)!%G'5#&48&)!$#!
$0408.!/Č48!?!I.5!;5#$(,/!I.&#80/1!
2BL
7>uq!]C"hn]wVMq!+VwZY
Y!8?%!RNA9#/!/#95.!;#%G?þ#&?8@!$#%#(A0!.!$'50@!(0I!-0(!A#!-0!P?P(?X
/0('(#!&!0&?(\05.)A9@!(0R#Ģ!3?(!Ĝ)%'@!I0!RN!%(.9N!(?!A05Q/!4&Č8Č!(0#RX
4'95N!&<0A9(N!&,-./0þ(Q!4%:8%N@!%80GQ!30I)<!&N%#(?51!>(!P-0&.5!7#I)!;5'(!
;Ĝ.('<0()!(0R04%Q!&5'$N!(?!8:8#!P0/1!k%'P?5!('/@!-?%!&!I.&#8Č!&5'$(#:81!
M0/'! 8#! ;G#! ('4! R,8! -0(! &P#G0/@! (,RGI! (?<)/! ;#45'()/1! M0-4/0!
&<.A9(.!;?48#Ĝ.!(0R#!:þ.805Q@!;G#8#I0!%?I$,!P!('4!/'!G#P$)5(Q!$?GN!?!#RX
$?G#&'()1!Y&<?%! ?Ģ! :I! -4/0! (?! ?GQ(Č! 8#9#8#! I.&#8?! :/)48Č(.! %$0%#5.&@!
/Č5.!RNA9#/!;G#$:%#&?8!8#!&,-./0þ(Q1!M?<0!;#$(.%'()!RN!/Č5#!&P%&Q8?8!
.!809$N@!%$NI!#48?8()!:;?$?-)1!M?<0!4;#50þ0(48&)!RN!/Č5N!R,8!R0P;0þ(Č-<)@!
;Ĝ)-0/(Č-<)!?!&P%&Q8?-)A)!;#!&<0A9!48G'(%'A91!CČ5.!RNA9#/!R,8!W4;Č<(,/.!
&!P?/Č48('()1!M?<0!9:$R?!RN!/Č5?!R,8!þ0G48&'!?!#G.\.('5()@!%80G#:!R:$#:!
40%:5'G()!9:$0R()A.!(?;#$#R#&?81!K80-(Q!RN!8#!/Č5#!R,8!.!4!(?<./.!&,8&?GX
(,/.!?!?GA9.80%8#(.A%,/.!;G#-0%8N1!M?<0!8&#Ĝ.&#48!RN!/Č5?!R,8!I'$?('!(?!
&<0A9!WG#&()A9!?!.(4;.G#&?8!#48?8()1!M?<0!&,%#(N@!?Ģ!:I!&!?8508.A0@!P'R?&Č@!
:/Č()@!/Q$.)A9!?!%$0%#5.&!-.($0@!RN!/Č5N!&N(.%?8!(?$!#48?8()1!M?<0!/Č4X
8?@!48'8N!?!('G#$N!RN!/Č5N!&P%&Q8?8@!&5'$(#:X5.!4;G?&0$5.&)1!M?<0!<%#5N!RN!
/Č5N!0UA05#&?8@!&N:þ:-)X5.!(?!(.A9!4;G?&0$5.&)1!+!;#$48?8Čg!O$0%#5.&!-4#:!
P?;#-0(.!&,-./0þ()!5.$Q@!/Č5?!RN!R,8!9#-(#48!8&#Ĝ.&#48.@!;5#$(#48.@!;#%#-0@!
A.85.&#48.!?!&N(?5QP?&#48.1!+<0@!A#!-0!&!(0R.@!RN!/Č5#! R,8! P-0&#&'(#! (?!
P0/.1!C'/0!R,8!4%:80þ(Č!8Č/.!4&Č85N!&!8#/8#!80/(Q/!4&Č8Č1!
+.$)/0!8#9#!:%'P%N!&!/(#90/!/0(<)/!/ČĜ)8%:!.!&0!K8?GQ/!P'%#(Č1!
3#40^! ;G#<05! $)%N! (0('&.48.! 4&,A9! RG?8GĤ! &05.%,/! :8G;0()/1! "Ĝ048#! 40!
#!(Č/!.!P?!-09#!#8G#A8&)!/(#9Q!$#P&)$'/01
eK!3#40^0/!&<?%!RN5!a#4;#$.(@!8?%I0!9#!;G#&'P05!P$?Gf!RN5!&!$#/Č!
4&Q9#!0\N;84%Q9#!;'(?1!309#!;'(!&.$Č5@!I0!-0!4!()/!a#4;#$.(!?!I0!
&<0/:@!A#!#(!þ.()@!$#;Ĝ'&'!a#4;#$.(!P$?G:1!3#40^!;G#8#!P)4%?5!-09#!
;Ĝ)P0Ė!?!;#45:9#&?5!/:1!"#8)^?G!9#!:48?(#&.5!4;G'&A0/!4&Q9#!$#/:!
?!4&ČĜ.5!/:!&<0A9(#@!A#!/Č51!Y!#$!8Q!A9&)50@!A#!9#!h\N;Ģ?(!:48?(#&.5!
&0!4&Q/!$#/Č!(?$0!&<)/@!A#!/Č5@!I09(?5!a#4;#$.(!-09#!$#/:!%&Ĥ5.!
3#40^#&.b!cs0(04.4!6J@2XBf!`h"d1
2B*
+j3]ChýMj
"#8)^?G! 40! &05.A0! G#P/#95! $)%N! 8#/:@! I0! ;G#! (Č9#! 3#40^! ;G?A#&?5@!
.!%$NI!(.%#5.!-?%#!&N4#A0!A0(Č(,!P?/Č48(?(0A@!(,RGI!-?%#!#8G#%D
Z#%#(A0!.!%$NI!RN5!^?50<(Č!#R&.(Č(!?!&9#P0(!$#!&ČP0()@!PĤ48?5!3#X
40^!;#I09(?(,@!?!P(#&:!40!$#RĜ0!$?Ĝ.5#!.!-09#!#%#5)1!M?%#(0A!$#48?5!(?!
48?G#48!&<0A9(N!&ČP(Č!?!þ80/0!#!(Č/g!e+05.805!;0&(#48.!(0$#95)I05!(?!
(.A@!A#!/:!4&ČĜ.5@!;#(Č&?$I!4!3#40^0/!RN5!a#4;#$.(f!*B5.">%3$%þ('(6>%
@$<Ĝ:*46%J$,<$@('%A@48"b!c&0G<!26f!%:GP)&?!;Ĝ.$'(?d1!+,-./0þ(,!I.&#8!
$#;G#&'P05!3#40^?@!%$0%#5.&!RN5@!$#%#(A0!.!&0!&ČP0Ė4%Q!A050D
Z?5<)/!48?G#P'%#(()/!;Ĝ)%5?$0/!RN5!Z?(.05!?!-09#!8Ĝ.!;Ĝ'805Q1!7N5.!
(?-?8.!(?!;G'A.!;G#!&5'$A0!7?RN5t(?@!(0-/#A(Č-<)9#!('G#$?!4&Č8?1!7N5.!
A.P.(A.!R0P!-?%Q%#5.!$Ĝ.&Č-<)!&,:%N1!"Ĝ048#!&05.805!;#!G#P9#&#G0A9!4!(./.!
4950$?5@!I0!-4#:!e$0408%G'8!50;<)b!(0I!&<.A9(.!#48?8()!%G'5#&.!G'$A.!c&.P!
Z?(.05!*@2Ld1!"Ĝ.<5.!4!(#&,/.!/08#$?/.!?!;#48:;N@!%80GQ!RN5N!&!Ĝ)<.!GNA9X
50!;Ĝ.-?8N1!7N5.!8Č/.!&,-./0þ(,/.1
C#95!RNA9!:&Q48!.!-.(Q!;Ĝ)%5?$N@!-?%#!Z?&.$?@!3'%#R?@!nW8@!h480G@!30X
G0/-'<0!?!8?%!$'501!30485.I0!8#!RN5#!&!/0(<)/!/ČĜ)8%:!/#I(Q!:!5.$)@!%80Ĝ)!
RN5.! ;#:P0! R5)P%#! %G'5#&48&)@!þ)/! &)A! RN! 8#! /Č5#! R,8! (#G/'5()! ;G#! 8N@!
%$#!/?-)!%G'5#&48&)!:&(.8ĜS!CN!-4/0!(?$Č-)!;G#!4&Č8@!4#5)!P0/Č1!C'/0!
&5'$(#:!&!I.&#8Č!4%GP0!9#-(#48!/.5#48.1!C'/0!I)8!&,-./0þ(ČD
[YZnuk3q`q!C>`
C#I('! 40! P0;8'80g! e>þ0%'&'! 7Ĥ9@! I0! $#45#&?! #&5'$(0/0! 4&Č8! i! &5'$()!
4N48Q/N@!&,A9#&:@!P'R?&:@!!!(?(A0@!/Q$.?!?!#RA9#$!i!?RN!30I)<!/#95!;Ĝ.!
4&Q/!('&G?8:!&48#:;.8!$#!8#9#@!A#!-4/0!;G#!MČ-!;Ĝ.;G?&.5.Sb!M0@!8#950!(0()!
8#@!A#!")4/#!:þ)1!M#&'!4/5#:&?!-?4(Č!&N4&Č85:-0@!I0!;Ĝ0$!30I)<#&,/!('X
&G?80/!R:$#:!4&Č8#&Q!4N48Q/N!&!80/(#8Č@!;G#4'%5Q!R0PP'%#((#48)1!T#8#!
(?;4?5!"?&05!A)G%&.&!T04?5#(.A0!#950$(Č!$G:9Q9#!;Ĝ)A9#$:!30I)<0g
eYĢ!&'4!(.%$#!I'$(,/!P;Ĥ4#R0/!(04&0$0@!;G#8#I0!8#!(0(?48?(0@!
2B2
7>uq!]C"hn]wVMq!+VwZY
$#%:$!(?;Ĝ0$!(0;Ĝ.-$0!#$;?$(:8)!?!(0R:$0!P-0&0(!80(!þ5#&Č%!R0PP'X
%#((#48.@!4N(!P9#:RN@!%80G,!40!;G#8.&)!;G#8.!&<0/:!?!;N<(Č!40!;#P&0$'!
(?$0!&<0A%#@!þ0/:!40!Ĝ)%'!7Ĥ9!(0R#!;#4&'8(#48@!8?%I0!4'/!:40$(0!
-?%#!7Ĥ9!$#!7#I)!4&?8N(Č!?!R:$0!40!&N$'&?8!P?!7#9?1!M0&P;#/)('80!
4.@!I0!-40/!&'/!8#8#!Ĝ)%?5@!-0<8Č!%$NI!-40/!RN5!:!&'4S!T?%Q!&)80@!A#!9#!
(N()!P$GI:-0@!?RN!RN5!P-0&0(!?I!&0!4&Ĥ-!þ?4b!c21!T04?5#(.A%,/!2@6XEd1
TN8#!?!/(#9Q!$?5<)!&0G<0!:%?P:-)@!I0!4&Č8#&,!4N48Q/!R:$0!8Č4(Č!;Ĝ0$!
30I)<#&,/! ;Ĝ)A9#$0/! &! G#P%5?$:1! 30I)<! ('450$(Č! P(.þ)! 7#I)! (0;Ĝ'8050!
?!:48?(#&)!K&#:!^NP.A%#:!&5'$:!(?!P0/.!c&.P![-0&0()!*J@**X2L@Ed1!+.$)X
/0!&<?%@!I0!(ČA#!eP?$GI:-0b!8#9#!þ5#&Č%?@!%80G,!-0!P8Č504(Č()/!;5(#48.!
&P;#:GN!&Ĥþ.!7#9:1!O$NI!R:$0/0!þ)48!$'5@!P-.48)/0@!I0!8#!(0()!-0(!?(8.X
%G.48@!%$#!-0!A4@89$*:'f!$GI0('!-0!8?%N!&<0#R0A('!R0PP'%#((#48g!
eM0R#Ģ!8?-0/48&)!8Q8#!R0PP'%#((#48.!c4%GN8Q9#!;G.(A.;:!&P;#:GN!;G#8.!
:48?(#&0(,/!?:8#G.8'/d!-.I!;Ĥ4#R)f!-0(!þ0%'@!$#%:$!80(@!%$#!-0!(N()!
P$GI:-0@!(0R:$0!P!;G#48Ĝ0$%:!&P?8b!c&0G<!F@!P'&#G%?!;Ĝ.$'(?!$50!?(\51!;Ĝ1d1
"?&5#&?!45#&?!(0#P(?þ:-)!;#:P0!þ?4!?(8.%G.48?@!?50!P?9G(:-)!&<0A9(N!
$(N!M#&Q!4/5#:&N@!80$N!-.48#-.48Č!.!$(0<0%1!T?%I0!?Ģ!:I!40!?(8.%G.48!#RX
-0&)!508#4!(0R#!P?!;?$04'8!508@!8?8#!45#&?!:Gþ.8Č!;5?8)!;G#!(N(Č-<0%1!MČ%$#!
P?$GI:-0!R0PP'%#((#48@!?&<?%!%$#!8#!-0(#/!-0S
"G&()!5#\.A%,!;Ĝ0$;#%5?$!RN!RN5!Z:A9!K&?8,1!"Ĝ048#!8#!>(!R,8!(0/ĤX
I0@!;G#8#I0!RČ90/!&5'$N!e4N(?!P9#:RNb!R:$0!/(#9#!8ČA9@!%$#!$?-)!4&Q!
I.&#8N!30I)<.!OG.48:@!?!")4/#!:%?P:-0@!I0!(.%$#!(0/ĤI0!;Ĝ.-)8!%!30I)<.@!
(0;Ĝ.8'9(0X5.!9#!Z:A9!K&?8,@!?!(.%$#!(0/ĤI0!Ĝ)A.!e~"'(!30I)<~@!-0$.(Č!
&!Z:A9:!K&?8Q/b!c*1!O#G.(84%,/!*2@6d1!T)/!;'$0/!Z:A9!K&?8,!(0/ĤX
I0!R,8!e8)/@!%$#!P?$GI:-0b1
[R,&'!-0(!-0$.('!/#I(#48@!?!8#:!(0()!(.%$#!-.(,!(0I!8Č5#!OG.48#&#1!
YI!"'(!;Ĝ.-$0!;G#!K&Q!#;G?&$#&Q!&ČĜ)A)!i!;G#!K&#:!A)G%0&!c&.P!*1!T0X
4?5#(.A%,/!=@*EX*F!?!*1!O#G.(84%,/!*B@B*XB2d!X!e#(b!R:$0!#$48G?(Č(1!
2B6
+j3]ChýMj
>!30I)<.!OG.48:!40!(.%$N!(09#&#Ĝ.5#!&!I0(4%Q/!G#$Č@!8?%I0!-0!-?4(Č!/:I1!
O$NI!/5:&)/0!#!309#!&5'$(#:A)/!e8Č50b@!/:4)!R,8!;Ĝ)&5?48%N!&!/:IX
4%Q/!G#$Č1!M?!$G:9Q!48G?(Č@!#950$(Č!(?<09#!&P8?9:!%!30I)<.@!-4/0!e(0X
&Č48#:! OG.48#&#:b! c&.P! h^0P4%,/! B@2BX62d@! 8:$)I! &.$Č(.! -?%#! I0(?1!
Y&<?%!#950$(Č!?:8#G.8N!-0!e8Č5#!OG.48#&#b!&!G#$Č!/:I4%Q/1!
+5'$(#:A)!8Č5#!OG.48#&#!ce#(bd!/ĤI0!P?$GI#&?8!R0PP'%#((#48@!480-(Č!
-?%#!8#!$Č5?5!30I)<!8)/@!I0!&5'$5!&!309#!I.&#8Č1!M'<!"'(!Ĝ0%5g!e"#%:$!-40/!
(?!4&Č8Č@!-40/!4&Č85#!4&Č8?b!c3?(!J@Bd1!30!30I)<!OG.48:4!48'50!(?!4&Č8ČS!
>$;#&Čć!-0!?(#@!?50!(0()!8:!309#!95?&?@!(,RGI!309#!8Č5#!i!?!#$%+,.5%./0%
M.%$0!&!")4/:!(0()!Ĝ0þ0(#@!I0!Z:A9!K&?8,!-0!4&Č85#!4&Č8?1!30I)<!Ĝ)%'g!
e3'!-40/!4&Č85#!4&Č8?b!c3?(!H@*2d1!Y&<?%!8?%Q!('/!Ĝ)%'g!e+N!-480!4&Č85#!
4&Č8?b!cC?8#:<!B@*=d1!+<.A9(.!-4/0!-0$(#!i!>(!-0!95?&?!?!/N!-4/0!309#!
8Č5#1!Y!480-(Č!-?%#!30I)<!.!/N!-4/0!4&Č850/!4&Č8?1
K&Č85#!P?$GI:-0!80/(#8:@!(.%#5.!(?#;?%1!M.%$N!-480!(045N<05.!#!eP'X
R504%:!8/Nb@!&I$NA%N!#!eP'R504%:!4&Č85?b@!(0R#Ģ!80/(#8?!(0/ĤI0!4&Č8X
5#!;Ĝ0/#A.@!%$0I8#!4&Č85#!8/:!P?$GI:-01!O$NRNA9!/Č5!;5(#:!;#45:A9'GX
(:!5.$)!?!%?I$Q/:!$?5!5?/;:!4!<0$04'8.!p?88#&#:!I'G#&%#:@!;#45:A9'G(?!
RN!RN5?!-?4(Č!#4&)A0(?1!O$NRN!&<?%!8:8#!5?/;:!/Č5#!-0(!(Č%#5.%!5.$)@!
;#45:A9'G(?!RN!RN5?!#4&)A0(?!-0(!45?RČ1!Yþ%#5.&!RN!8/?!'(&@/%(0/#95?!
4&Č85#!P?$GI08@!RN5#!RN!%&Ĥ5.!/?5Q/:!;#þ8:!5?/;.þ0%!<0G#1
K80-(,/!P;Ĥ4#R0/!-0!8#!4!8Č50/!OG.48#&,/1!30485.I0!4.!;#:P0!/?5'!
þ'48!309#!8Č5?!:&Č$#/)@!%$#!-4#:!&!OG.48:!30I)<.@!?!-0(!8ČA9!(Č%#5.%!A9#X
$)!&!/#A.!/.5#48.@!4&Č8!-0!;#8Q!&!<0G:1!Y!&!8?%#&Q/!48?&:!:I!-4/0!;Ĝ)5.<!
$5#:9#!i!-0(!45?RČ!#4&ČA:-0/0!4&Č81!Y50!8?%!8#!(0/:4)!PĤ48?8D!C'/!40(D!
+!8#/!4(:!&.$)/!8Č5#!OG.48#&#!;5(Q!4&Č85?@!P?9G(:-)A)!5.$.!%?I$Q9#!&Č%:@!
/:I0!.!I0(N@!&0!%80G,A9!40!;G#R#:P)!8#@!A#!7Ĥ9!4%GN5!&!-0-.A9!(.8G:@!?!%80X
Ĝ)!;#&48'&?-)!&!309#!45'&Č!?!/#A.1!T.8#!&ČĜ)A)!R:$#:!I)8!8?%!&,-./0þ(,/!
P;Ĥ4#R0/@! I0! A05Q! P'48:;N! R:$#:! ;Ĝ.8?9#&'(N! $#! 7#I)9#! %G'5#&48&)1!
Y! (0R:$0! 8#! -0(! $)%N! 8#/:@! A#! R:$#:! %'P?8@! ?50! $)%N! ;Ĝ04&Č$þ.&Q/:!
P;Ĥ4#R:!I.&#8?!?!;#P#G:9#$(,/!4%:8%Ĥ/@!%80GQ!R:$#:!%#(?81!+ČĜ)/@!I0!
80(8#!40(!/.!$?5!7Ĥ9@!;#(Č&?$I!]P?-'<!;G#G#%#&?5g!
2B=
7>uq!]C"hn]wVMq!+VwZY
e"#&48?Ė@!G#P-?4(.!40@!
;G#8#I0!;Ĝ.<5#!8&Q!4&Č85#
?!&P0<5?!(?$!80R#:!a#4;#$.(#&?!45'&?1!
M0R#Ģ!950@!8/?!;Ĝ.%GN-0!P0/.
?!9:48'!80/(#8?!('G#$N@!
?50!(?$!80R#:!P?P'Ĝ)!a#4;#$.(!
?!R:$0!(?$!80R#:!&.$Č8!309#!45'&?1!
Y!('G#$N!;Ĥ-$#:!%0!8&Q/:!4&Č85:
?!%G'5#&Q!%!P'Ĝ.!8&Q9#!4&)8'()
c]P?-'<!EL@*X6d
+<./(Č80!4.@!I0!4&Č8!R:$0!&!80/(#8Č!?!5.$Q!&!95:R#%Q!80/(#8Č!i!?&<?%!
4&Č85#!;Ĝ.-$0D!"Ĝ0$48?&80!4.!8:!;#45:A9'G(:@!-?%!<0G#!:48:;:-0@!?!þ)/!&)A0!
5.$)!G#P4&ČA:-0!4&Q!<0$04'8.!p?88#&Q!I'G#&%N@!8)/!-?4(Č-.!-0!#4&Č850(?1!
+<./(Č80!4.@!I0!]P?-'<!;G#G#%:-0@!I0!"'(#&?!45'&?!(?!('4!<$*,#4'5@!
(.%#5.!,5,#$"<?0!T#5.%!%Ĝ04Ģ?(Ĥ!&N95)I)!&05%#50;Q!&N5.8)!7#I)9#!Z:A9?!(?!
A)G%0&@!%80GQ!4;:48)!#RG#&4%Q!;G#R:P0()1!M01!3'!&ČĜ)/@!I0!7Ĥ9!þ0%'@!?I!
/N!40!;G#R:$)/0@!?I!4.!:&Č$#/)/0@!%,/!('4!:þ.(.5@!?!?I!P?%8.&:-0/0!8:!
/#A@!%80G#:!$#!('4!&5#I.51!3?%/.50!8#/:!#;G?&$#&Č!:&ČĜ)/0!?!P?þ(0/0!
;#$50!8#9#!-0$(?8@!R:$0/0!(0:&ČĜ.805(Č!-?4(Č!P'Ĝ.8!?!#4&Č85)/0!8/?&#:!
;#45:A9'G(:!4&Č8?1!M0&ČĜ)A)!R:$#:!;Ĝ.8?9#&'(.!$#!(?<09#!&,-./0þ(Q9#!
I.&#8?1!3?%!&PG:<:-)A)!-0!þ?4@!&0!%80GQ/!I.-0/0D
Y! ` > ! [ O > k x O o S
3?%!$#!8#9#8#!4AQ('Ĝ0!P?;?$?-)!P%#:<%N!?!:8G;0()S!+)/0@!I0!40!408%'/0!
4!;G#8.&0(48&)/!i!7.R50!8#!Ĝ)%'1![(?/0('!&<?%!;G#8.&0(48&)!8#@!I0!40!P?X
48?&)!/#A!;G#!&,-./0þ(,!I.&#8S!M.%#5.&@!8?%8#!40!&,-./0þ(,!þ5#&Č%!(?!
:8G;0()!(0$)&'1!"G#8.&0(48&)!-0!8Ĝ0R?!;#&?I#&?8!P?!;Ĝ)50I.8#481!3#40^#&#!
:8G;0()!RN5#!A048#:!%!-09#!&,P(?/(Q/:!;#&#5'()1!C#-I)<#&N!P%:<0(#4X
2BB
+j3]ChýMj
8.!4!A9#&0/!#&A)!&!;#:<8.!-0-!;Ĝ.;G?&.5N!(?!;?48#G?þ()!&0$0()!.PG?054%Q9#!
('G#$?1!3?%#!^?G?#(Ĥ&!4N(!40!(?:þ.5!:/Č()!&Q48@!?&<?%!;#8Ĝ0R#&?5!/)8!
.!;?48,Ĝ4%Q!4G$A0@!?RN!40!/#95!48?G?8!#!-09#!('G#$!P:R#I0(,A9!#8G#%Ĥ1!
Z?&.$?!?!-09#!&Ĥ$A0!P?40!;G#8.&0(48&)!;Ĝ.;G?&.5#!(?!;?(#&'()!&05%Q/:!
('G#$:1!Y!8?%!RNA9!/#95!;#%G?þ#&?8!$'5!?!$'51!
"?&05! Ĝ0%5! ;G&()! A)G%&.@! eI0! /:4)/0! 4%GP0! /(#9'! 4#:I0()! &0-)8! $#!
%G'5#&48&)!7#I)9#b!cK%:8%N!*=@22d1!O$NI!&5#I)/0!$#!8#9#8#!&0G<0!$0!!X
(.A0@!%80GQ!-4/0!40!&!8Q8#!%?;.8#50!(?:þ.5.@!R:$0!P()8!8?%8#g!eC:4)/0!4%GP0!
/(#9'!4#:I0()!;#&48?8!?!&48#:;.8!$#!7#I)!./;0G.'5()!&5'$Nb13.(,/.!45#X
&N@!R0P!#$;#G:!(0/ĤI0/0!&!8#/8#!I.&#8Č!&48#:;.8!$#!&5'$A#&48&)!i!I)8!
&,-./0þ(,!I.&#81
M0()X5.! R.8&?@! (0()! ?(.! &)8ČP48&)1! M0()X5.! #$;#G@! (05P0! P?RG?8! (#&Q!
WP0/)1!]!"?&05!/Č5!#R$#R)@!%$N!(?!8:8#!#R5?48!I.&#8?!;#95)I05!(04;G'&(Č1!
"#405! K?8?(Ĥ&! RN5! ;#45'(@! ?RN! 9#! 85#:%5@! ?! "?&05! 8Ĝ.%G'8! ;G#4.5! 7#9?@!
?RN!80(8#!;G#R5Q/!#$!(Č9#!&P?51!7Ĥ9!/:!(?!8#!#$;#&Č$Č5g!eK8?þ)!8.!C'!
/.5#48@!(0R#Ģ!C'!/#A!40!$#%#('&'!&0!45?R#48.b!c21!O#G.(84%,/!*2@Jd1!
"?&5#&#:!45?R#48)!RN5?!-09#!(04A9#;(#48!8Č504(Č!;Ĝ0/#A.!K?8?(#&#!;G#X
8.&0(48&)1!Y!7Ĥ9!-0$(#$:<0!Ĝ)%'g!e`#;?%!4.!(0:&Č$#/:-0<@!I0!&,-./0þ(,!
I.&#8!P?þ)('!&!#%?/I.%:@!%$N!5.$4%Q!4A9#;(#48.!(048?þ)S!T09$N!(?48:;:X
-0!C#-0!/.5#48!c/#Ad@!?RN!%#(?5?1!T?%!;G#þ!RNA9!/Č5!#$;#G!#$48G?Ė#X
&?8S!>$48G?(.8!?!P(.þ.8!9#!/'<!8N@!4%GP0!C#:!/.5#48Db
O$NI!8#!"?&5#&.!$#<5#@!(?;4?5!;#P$Č-.g
!
e+05/.!G'$!40!80$N!R:$:!A95:R.8!4;)<0!4&,/.!45?R#48/.@!?RN!(?!/(Č!
4;#þ.(:5?!/#A!c/.5#48d!OG.48#&?1!"G#8#!/'/!P'5.R:!&0!45?R#480A9@!&0!
P5Q/!P?A9'P0()@!&!8)4()A9@!&!;G#('450$#&'()A9!?!WP%#480A9!;G#!OG.48?1!
M0R#Ģ!%$NI!-40/!45?R,!|&!/,A9!5.$4%,A9!4A9#;(#480A9}@!809$N!-40/!
/#A(,!c&!7#I)!/.5#48.db!c21!O#G.(84%,/!*2@JX*Lf!P'&#G%N!;Ĝ.$'(N!$50!
?(\51!;Ĝ0%5?$:d1
3?%'!P/Č(?!;#48#-0D!"Ĝ0<05!#$!e;G#4)/@!&0P/.!8#!#$0!/Čb!%!e(N()!40!
P!8Q8#!#;#P.A0!G?$:-.b1!"?&05!#R-0&.5!/#A!/.5#48.D
2BE
7>uq!]C"hn]wVMq!+VwZY
T#!-0!$Ĥ&#$@!;G#þ!#!(Č%#5.%!508!;#P$Č-.!(?;4?5g!eO$#!('4!#$5#:þ)!#$!
5'4%N! OG.48#&NS! K#:I0()! (0R#! WP%#48@! ;G#('450$#&'()! (0R#! 95?$@! (?X
9#8?@!(0R0P;0þ)!(0R#!/0þS111!Y50!&!8#/8#!&<0/!-4/0!&)A0!(0I!&)8ČP#&Q!
4%GP0!8#9#@!%80G,!4.!('4!P?/.5#&?5b!cě)/?(Ĥ/!H@6B16F!;#$50!?(\51!;Ĝ1d1!
M0-4/0!-0(!&)8ČP#&Q@!-4/0!*?3!(0I!&)8ČP#&QD!3.(,/.!45#&N@!&!#þ)A9!8ČA9@!
%$#!&5'$(#:!&!I.&#8Č@!40!%?I$Q!;G#8.&0(48&)!48'&'!;Ĝ)50I.8#48)1
">KVhZMq!KV>+>
C,/!;#450$()/!45#&0/!R:$0!&?G#&'()@!(?;#/0(:8)1!"?&05!(?;4?5!O#X
G.(84%,/g! eY! %$NRNA9! /Č5! ;G#G#A8&)! ?! P(?5! &<0A9(?! 8?-0/48&)! ?! /Č5!
&<0A9(#!;#P('()!?!%$NRNA9!/Č5!&0<%0G#:!&)G:@!8?%I0!RNA9!;Ĝ0/.4Ģ#&?5!
9#GN@!?50!5'4%:!RNA9!(0/Č5@!(.A!(0-40/b!c*1!O#G.(84%,/!*6@2d1!30485.I0!
#R-0&)/0@!%$#!&!7#I)!/.5#48.!-4/0@!?!-?%'!(0;Ĝ0$48?&.805('!/#A!&!('4!
;Ĝ0R,&'@!?&<?%!(?<)!/#8.&?A)!(0R:$0!4#:A.8!?!:;Ĝ)/('!5'4%?@!;?%!(0-4/0!
%!(.þ0/:@!?!(0-0(!/N@!?50!;G#!8N@!(?!%80GQ!/'/0!&5.&1!
30I)<!RN5!;#9(:8!4#:A.80/1!K#:A.8!RN5!9(?A)!4.5#:!P?!309#!&)G#:!?!/.X
5#48)1!+NP,&'/!&'4@!?RN480!;G#P%#:/?5.!0&?(\05.?!#950$(Č!4#:A.8:!?!-?%!
þ?48#!;#$50!(Č9#!30I)<!-0$(?51!30!('/!&05.A0!-?4(Č!Ĝ0þ0(#@!I0!e&!OG.4X
8:!30I)<.!(.A!(0P(?/0('!#RĜ)P%?!?(.!(0#RĜ)P%?@!?50!*?84%<Ĥ,$E?3?%,&8A5%
6:,&"b!cs?5?84%,/!B@Ed1!"?&05!&!8#/8#!$#;.40!48?&)!;G#8.!4#RČ!#RĜ)P%:!
?!(0#RĜ)P%:@!(0R#X5.!I.&#8!;#$!P'%#(0/!;G#8.!I.&#8:!&!Z:A9:1!"G#!(?<0!
Wþ05N!RNA9#/!/#95.!80(8#!&0G<!A.8#&?8!8?%8#g!
eM0R#Ģ!R0P!5'4%N!&!OG.48:!30I)<.!(.A!(0P(?/0('!#RNþ0-(,!?(.!
&,-./0þ(,!I.&#8@!?&<?%!(0-&,<0!;G#4;Č<('!-0!&)G?!;Ĥ4#R)A)!4%GP0!5'4%:1
!
")4/#!&05.A0!-?4(Č!:%?P:-0@!I0!4(?I.8!40!(?;5(.8!7#I)!4%:8%N!P!(?<.A9!
&5?48()A9!4A9#;(#48)!-0!R5'P(#&48&)1!3?%!/(#9#!5.$)!40!;Ĝ048#!4(?I)!5)R.8!
7#9:!P!5.$4%Q!4)5N@!R0P!&)GNS
2BF
+j3]ChýMj
M?!$G:9Q!48G?(Č@!.!%$NRN480!;5(Č!:A9#;.5.!P-0&0()@!%80GQ!-40/!&'/!RČX
90/!(?<)!4;#50þ(Q!A048N!;Ĝ0$5#I.5@!?!;#%:4.5.!40!I)8!&,-./0þ(Č@!?&<?%!R0P!
5'4%N@!R:$0!8#!W;5(Č!480-(Q!R5'P(#&48&)1!Y&<?%!I)8!&!/#A.!/.5#48.@!4%GP0!
&)G:@!(?!P'%5?$Č!4#:A.8:!?!:;Ĝ)/(Q!5'4%N!R:$0!/)8!&05.%#:!A0(:!&!7#X
I)A9!#þ)A9!.!:!5.$)1!OQI!RN480!40!48?5.!&!(?<)!\0(0G?A.!8Č/.!&,-./0þ(,/.D!
30!;#8Ĝ0R?@!?RN480!;#&48?5.@!P?P'Ĝ.5.!?!P-0&.5.!309#!./;0G.'5()!&5'$:!?!&05X
%#50;Q!;?(#&'()1!
MN()!8#/:@!%$#!-0!4A9#;0(!&'4!$GI08!#$!;'$:@
?!;#48?&.8!R0PW9#((Q!4!-'4#80/!;Ĝ0$!309#!45'&:@
7#9:@!(?<0/:!4;?4.805.@
O80G,!-0$.(,!-0!/#:$G,!
30/:!R:ć!45'&?@!&050R(#48@!
&5'$?!.!;G?&#/#A
(N()@!.!;#!&<0A9(N!&Č%N!&Č%Ĥ1!Y/0(1
c3:$Ĥ&!*@2=X2B!;#$50!?(\51!;Ĝ1d1
™
!"#$%&'#&12,34)þ'*-&.)/0[?/N45080!40!(?$!8)/8#!;G#95'<0()/g!e[R#I()!/:I.!?!I0(N!G#P9#$:-)@!
P$?!40!7#I)!&Ĥ50!(?!8Q8#!P0/.!48?(0@!þ.!(.%#5.&b1!K048?&80!40P(?/!;Ĝ)%5?X
$Ĥ@!(?!%80GQ!-480!;Ĝ.!þ80()!;Ĝ.<5.1!
+!-?%,A9!#R5?480A9!&?<09#!I.&#8?!A9A080!(N()!e&5'$(#:8!&!I.&#8Č!4%GP0!
OG.48?bS
`#!&'/!RG'()!R,8!&,-./0þ(,/.S
3?%,/.!P;Ĥ4#RN!9#$5'80!&48#:;.8!$#!&,-./0þ(Q9#!I.&#8?S!
2BH
C#A!G'$.!RNA9#/!#$!&'4!45N<05.1
"#$Č580!40!4!('/.!#!&'<!;Ĝ)RČ9!(?
ppp1hU8G?#G$.(?GN>(5.(01#G\1
'ĥ.:(&%
C > Z V ] T 7 Y ! O ! [ Y a w 3 h M q ! + j 3 ] C h ý M v a > ! u ] + > TY
3?%!&,-./0þ(,!I.&#8!P?þ)('S!+!;G&Q!Ĝ?$Č!8#!(0/'!(.A!4;#50þ(Q9#!4!&'/.@!
?50!4!8)/@!A#!<8$%*:,!:þ.(.5!30I)<!OG.48:41!+N$?5!P?!&'4!4&Ĥ-!%G'5#&4%,!
I.&#8@!&!$#%#(?5Q!(0&.((#48.@!?RN480!/#95m?!R,8!;Ĝ.&0$0(m?!P;Č8!%0!4&QX
/:!K8&#Ĝ.805.@!7#9:!>8A.1!309#!4/G8!(?!%Ĝ)I.!-0!-0$.('!A0(?@!%80G'!/#95?!
%#:;.8!&'<!&Čþ(,!I.&#81!
+ĤR0A! (0P'50I)! (?! &?<0/! ;#95?&)@! &Č%:@! 4;#50þ0(4%Q/! ;#48?&0()@!
G?40@!('R#I0(48&)@!/.(:5#48.!?(.!-.(,A9@!&!#þ)A9!5.$)!;Ĝ)P(.&,A9!þ.!(0;Ĝ)X
P(.&,A9!&ČA0A9f!48'8!40!7#I)/!$)8Č80/!-0!P;Ĥ4#R.5,!W;5(Č!%?I$,1!7#I)!
8#:9#:!?!;Ĝ'()/!-0@!?RN480!40!48?5m?!þ50(0/!309#!G#$.(N1!CĤI080!8#!:$ČX
5?8! 8?%@! I0! -0$(#$:<0! &NP('80! -?%#! 9Ĝ)A9! 8#@! I0! -480! I.5m?! (0P'&.450! (?!
MČ/@! ?! &N$'80! 4&Ĥ-! I.&#8! 30I)<.! OG.48:! -?%#! 4&Q/:! 4%:80þ(Q/:! "'(:1!
3?%/.50!8?%!:þ.()80@!$#45#&?!40!P(#&:!(?G#$)80!?!:I!(0R:$080!#8G#%0/!
80/(#8N1!M?G#$.5m?!-480!40!P(#&:!-?%#!PRG:4:!(#&,!4N(!(0R#!$A0G?!7#I)1!
")4/#!;G#95?<:-0g
e+NP('<X5.!4&,/.!W48N!"'(?!30I)<0!?!:&ČĜ)<X5.!&0!4&Q/!4G$A.@!I0!9#!
7Ĥ9!&P%Ĝ)4.5!P!/G8&,A9@!R:$0<!P?A9G'(Č(1!KG$A0/!40!&ČĜ)!%!4;G?&0$5X
(#48.!?!W48N!40!&NP('&'!%!P'A9G?(Čb!cě)/?(Ĥ/!*L@JX*Ld1
T?%I0!-0485.!&ČĜ)80@!I0!30I)<!OG.48:4!P?!&'4!P0/Ĝ05@!?!A9A080!C:!$'8!
4&Ĥ-!I.&#8!i!(0I)8!:I!$Q50!-0(!;G#!40R0!i!P!:;Ĝ)/(Q9#!4G$A0!Ĝ)%0-80!8:8#!
/#$5.8R:!?!48?(080!40!7#I)/!$)8Č80/g
2E*
+j3]ChýMj
7$95%'4%'5E5,?3)>%<Ĝ(A':*:.>%95%+,5.%)Ĝ?B'?&%4%+,5.%@465&$%$@%!*-%
,<84*5@6'$,#(0%]4,6$"9?.%,(%A4%,*Ĥ+%)Ĝ?3)%*Čþ'-%A4#8435'?0%VČ&"+(%!(>%
95%+,(%.'5%'5'53)46%*%#$.#$%,#4*">%<8$#$95%*ČĜ?.>%95%+,(%<$,646%;59?B5%
S8(,#4>%H*-)$%+5@'$8$A5'-)$%H/'4>%&#58,%,5%'48$@(6%A%<4''/%248(5>%
4E/%A4%.'5%A5.Ĝ56%4%*A46%.-%$@,$"A5'?%'4%&Ĝ?90%CČĜ?.>%95%E/6%#Ĝ5#?)$%
@'5%*A&Ĝ?B5'%A%.8#*=3)%4%'/'?%,5@?%+4&$%.Ĥ+%M:'%4%H<4,(#56%<$%!*-%
<84*(3(0%1%#4&%*%#5'#$%@5'>%kkkkkkkk%Ykkkkk>%<$@@:*:.%,*Ĥ+%356=%
I.&#8!"'(:!30I)<.1!
;59?B(>%*/A':*:.%!Č%+4&$%,*-)$%M:'4>%H<4,(#565%4%S8:650%MĜ(+ć%@$%
.-)$%9(*$#4%,&8A5%V"3)4%H*4#-)$%4%<8$.ČĖ%.Č%@$%7$9?)$%@?#Č#50%
]Ĝ?&:.%,5%*B53)%*Č3?%#5.'$#/>%&#58=3)%+,5.%,5%@Ĝ?*5%@8956>%4%$@%#$)$#$%
@'5%"9%'5E"@"%9?#%<8$%,5E5>%'=E89%<8$%!5E5>%&#58=%;,(%,:.%H5E5%A4%.'5%
*/@46>%4E/3)%.$)6%9?#%'4*Č&/0%
VČ&"+(%!(>%M4'5j%.Ĥ+%9(*$#%+5%'/'?%'4<8$,#$%*5%!*=3)%8"&$"0%1%<$@65%
!*-)$%H6$*4%"9%'(&@/%'5E"@"%A4)4'E5'0%2$@6?.%,5%*5%+.-'"%;59?B50%
1.5'0%
T?%@!?!(N()!-480!4;?40(,m'f!3480!7#I)!$)8ČD!`05Q!(0R0!40!&!8:8#!A9&)5.!
4!&'/.!G?$:-0D!+)80-80!&!7#I)!G#$.(ČD!n'$!RNA9!&'/!(?&G95!8Ĝ.!:I.80þ(Q!
%G#%N@!%80GQ!RN480!/Č5.!#%?/I.8Č!;#$(.%(#:8g!
*1!"#$Č580!4.!#!8#@!A#!-480!;G'&Č!:$Č5?5.@!4!(Č%,/@!%$#!:I!-0!&ČĜ)A)1!")4/#!
Ĝ)%'@!I0!-0$()/!P!;G#48Ĝ0$%Ĥ@!-?%,/!;#G'I)/0!80/(#8:@!-0!(?<0!4&Č$0AX
8&)!c[-0&0()!*2@**d1![&:!&'4@!?RN480!%#(8?%8#&?5m?!(?<.!45:IR:!C0440(X
\0G!](80G(?8.#(?5!(?!/0440(\0G.(80G(?8.#(?51#G\1!n'$.!#$!&'4!:45N<)/01
21!"Ĝ.;#-80!40!%0!4R#G:@!%80G,!&N:þ:-0!7#I)!K5#&#1!K8?Ė80!40!-09#!þ50(0/!
?!P?;#-80!40!$#!$Č()!&!(Č/1!n#$.þ0!(0;#48?&)!4&Q!/./.(%#!&!$0(@!%$N!
40!(?G#$)@!(?!:5.A.!?!(0Ĝ0%(#:g!e"Ĝ0I.-Db!MN()!-480!/./.(%0/!&!OG.48:f!
+'<!(0R04%,!>80A!&'/!$'&'!G#$.(:@!%80G'!&'/!;#/ĤI0!&NGĤ481!M?P,&'!
40!/)48()!(#&#P'%#(()!4R#G1!
61!M0A980!40!;#%Ĝ8)8!&0!&#$Č1!"Ĝ048#I0!7#I)/!$)8Č80/!-.I!-480@!%Ĝ048!-0!
&0Ĝ0-(,/!&NP('()/!;G#!$:A9#&()!.!;Ĝ.G#P0(,!4&Č8@!I0!-480!4%GP0!30I)<0!
2E2
"ěqV>aY
OG.48?!$?5m?!4&Ĥ-!I.&#8!7#9:1!30!8#!8?%Q!4%:80%!;#45:<(#48.@!(0R#Ģ!30I)<!
Ĝ)%'@!I0!/'/0!(#&Q!&ČĜ)A)!%Ĝ8)8!e&0!-/Q(:!>8A0!.!KN(?!.!Z:A9?!K&?8QX
9#b!cC?8#:<!2H@*Jd1
"Ĝ0-.!&'/!&0!&?<0/!(#&Q/!I.&#8Č!&!OG.48:!8#!(0-50;<)1!7:$0/0!40!P?!
&'4!&!(?<)!#G\?(.P?A.!;G?&.$05(Č!/#$5.81!+)80-80!(?!;#þ'8%:!&,-./0þ(QX
9#!I.&#8?D
2E6

Podobné dokumenty

EEE I AE IgИЙ И *3ЙИ И И И ЙgE ИEИiИЙИ

EEE I AE IgИЙ И *3ЙИ И И И ЙgE ИEИiИЙИ LÒloLoroLotr)LoLoLo|l)ro|r)torort)|r)()LorotJlloroltr,roroLorl)rotf)lotf)rf)torf)tf)'r) r r r r r - - r r r r - r r r r r r r r r r r r r r r r r r r r r r r r r r s r r r r r r r r r r r r t r r r...

Více

hudební léto na střekově xindl x

hudební léto na střekově xindl x mnohem více. Stylově se podání písní liší se složením kapely, ale dalo by se shrnout jako kombinace folku, popu, rocku až punku. www.bandzone.cz/WillEifell Póža ([email protected])

Více

machine and bench vises

machine and bench vises ■■ Ocelové výměnné čelisťové vložky, které byly vyvinuty dle požadavků zákazníků, jsou indukčně kalené a přesně broušené. Zajištují tak dlouhodobou opakovatelnou přesnost ■■ Těleso a pohyblivá če...

Více