B>B>EFO#!FO;LH>;V#$'#B,+.# /! ./5+/36!'A&B.65,&*0&! 1A%*! .5)T&+!/%! X/',?! @,(/*+!R! '%++&5!
0)*+5&! 'A,*:&5+,',+6! 1%! ()'! /:,*! 1&! .5)-)%@),5! '/! (60%5,+6! /',-&*+/,5&!#! 2++.#GGHHHI/:5,0/J
/1/.+I*&+G.5)T&0+(G"pLGI! !!! !!!
#
>(,$%'#H,#$"#+,#B,'2.*,)."#
N!O&(! &::&+(! 1&(! 02/*3&-&*+(! 0',-/+,4%&(! (%5! '&(! .&+,+(! .5)1%0+&%5(! /:5,0/,*(! ()*+!
0)*(,165/F'&(?! -/'2&%5&%(&-&*+! 0&(! .5)1%0+&%5(! *7)*+! ./(! 1&! 056*&/%! .)%5! .)5+&5! '&%5(!
@),B!/%.5;(!1&(!160,1&%5(!.)',+,4%&(I!Q&!5q'&!1&!.)5+&J./5)'&!5&@,&*+!R!*)%(?!()0,6+6!0,@,'&?!&+!
*)%(!&(+,-)*(!4%7,'!:/%+!.'%(!1&!:)*1(!17/1/.+/+,)*?!4%,!1),@&*+!a+5&!1&(+,*6(!&*!.5,)5,+6!/%B!
.&+,+(!.5)1%0+&%5(?!@%!'&%5!5q'&!1/*(!'/!(60%5,+6!/',-&*+/,5&!1&!*)(!./P(!9I!
!
H"WI"*#H"+,X#$=M*7.%3."#
N!O&!02/*3&-&*+!0',-/+,4%&!&(+!&::&0+,:!&+!/!16TR!%*!,-./0+!*63/+,:!(%5!'7/35,0%'+%5&!:/-,',/'&I!!
O&(!&::&+(!F,).2P(,4%&(!&+!()0,)J60)*)-,4%&!1&(!/'6/(!0',-/+,4%&(!+&'(!4%&!'A,5563%'/5,+6!1&(!
.560,.,+/+,)*(?! ,*)*1/+,)*(?! (602&5&((&(?! 5/@/3&%5(! &+! .56@/'&*0&! 1&(! -/'/1,&(! )*+!
/%3-&*+6! /%! 0)%5(! 1%! +&-.(I! O/! .'%./5+! 1&(! /35,0%'+&%5(! -,35&*+?! )%! (7&*3/3&*+! 1/*(!
1A/%+5&(! /0+,@,+6(! *)*! /35,0)'&(! .)%5! *)%55,5! '&%5! :/-,''&! ./50&! 4%&! '&! 0',-/+! *A&(+! .'%(!
.5).,0&! &+! .56@,(,F'&! .)%5! '7/35,0%'+%5&I! Q&'/! ,-.',4%&! 4%&! 1/*(! %*! :%+%5! .5)02&! ,'! P! /%5/!
F&/%0)%.! 1&! 56:%3,6(! 0',-/+,4%&(! (,! 1&(! /0+,)*(! 1A/1/.+/+,)*! *&! ()*+! ./(! -&*6&(!
-/,*+&*/*+I! \&! *)-F5&%B! -60/*,(-&(! 1A/1/.+/+,)*! R! '/! @/5,/F,',+6! &+! /%! 02/*3&-&*+!
0',-/+,4%&! &B,(+&*+?! ! 0&.&*1/*+! ()*+J,'(! /((&e! &::,0/0&(! .)%5! '&(! 6'/53,5! &+! ,*+&*(,:,&5!8!\&(!
5&02&502&(!(%..'6-&*+/,5&(!()*+!./5!0)*(64%&*+!!*60&((/,5&(!1/*(!0&!1)-/,*&9I!
!
T>PO>KV#BDO;>#$'#B,+,W.#
!N!O/! */..&! .256/+,4%&! 1/*(! '/! e)*&! )o! *)%(!).65)*(! &(+! 1&@&*%&! :/,F'&! &+! '&(! :)5/3&(!
&B,(+/*+(! *&! 1)**&*+! .'%(! /((&e! 1A&/%! &*! 5/,()*! 1&! .'%,&(! ,5563%',;5&(! &+! ,*(%::,(/*+&(I! O&(!
:&--&(!*&!.)%@/,&*+!./(!63/'&-&*+!.5)1%,5&!/((&e!1&!:5%,+(?!1&!-/l(?!1&!-/*,)0?!&+0I!.)%5!
(%F@&*,5!R!'&%5(!F&(),*(?!/,*(,?!&''&(!*&!.)%@/,&*+!./(!()5+,5!1&!'/!./%@5&+6I!9!
!
P%,7#C,(4,#$"#+,#Q,(4."#
N!O&(!.&+,+(!&B.'),+/*+(!/35,0)'&(!&*!r/-F,&!*&!.&%@&*+!.'%(!16()5-/,(!.56@),5!'&!16F%+!)%!'/!
:,*! 1&(! .'%,&(I! Q&++&! (,+%/+,)*! /! 5&*1%! '&%5! .5)1%0+,)*! /35,0)'&! &*! 36*65/'! ,*0&5+/,*! &+!
0)*+5/,*+! ./5! '/! (602&5&((&! 17%*&! ./5+?! &+! '&(! ,*)*1/+,)*(! 17/%+5&! ./5+I! Y)@&-F5&! &(+!
*)5-/'&-&*+! %*! -),(! .'%@,&%B?! -/,(! 1&! :/=)*! 36*65/'&! '/! r/-F,&! 5&(+&! (;02&! T%(4%AR! -,J
*)@&-F5&I! ^/*(! 1)%+&! '&(! .&+,+(! /35,0%'+&%5(! )*+! F&(),*! 1&! (A/1/.+&5! R! 'A%+,',(/+,)*! 1A%*&!
,55,3/+,)*!0)-.'6-&*+/,5&!(,!'A/35,0%'+%5&!1&-&%5&!'7).+,)*!1&!F/(&I!!
`'!/! @%!1&(!0)--%*/%+6(! /%B!5&(()%50&(! 16TR!',-,+6&(!&B.)(6(! R!1&(! &B+5a-&(!0',-/+,4%&(!
(%..'6-&*+/,5&(?! '&(! 5&*1/*+! &*0)5&! .'%(! @%'*65/F'&(! /%B! 0/.5,0&(! 1&! '/! @,&I! Q&! (&5/,+! %*&!
2)*+&! (,! \%5F/*! *7/55,@/,+! ./(! R! 5&-&++5&! 1&! 'A&(.),5! /%! -,',&%! 1&! +)%+&(! 0&(! :5%(+5/+,)*(!
05),((/*+&(!1%&(!/%B!/'6/(!0',-/+,4%&(!9!
!
G+,$0%)#B(,I%W,#$'#B,+,W.! !!!
N!O&(!.&+,+(!./P(/*(!:)*+!1&!'A/35,0%'+%5&!.'%@,/'&!&+!,'(!:)*+!:/0&!R!1&!:564%&*+&(!.65,)1&(!1&!
(602&5&((&!.5&(4%7R!02/4%&!(/,()*!1&(!.'%,&(I!O&(!/35,0%'+&%5(!@,@&*+!0&(!.26*)-;*&(!.'%(!
:564%&--&*+! -/,*+&*/*+! 4%&! T/-/,(! /%./5/@/*+I! \/*(! 0&5+/,*&(! 563,)*(?! '&(! 0%'+%5&(!
0)--&!'&!-/l(!(;02&*+!/@/*+!17/55,@&5!R!-/+%5/+,)*I!!O&(!/35,0%'+&%5(!(A/1/.+&*+!1&!.'%(!&*!