*)! G3472$)&! Z%P.,,! ;4*! #-$*K! +$! c%P.,,>! $&! *)! 4*&3$! ,$,&-+$! ZPJdI! ;4*! #-$*K! +$! cPJdI>A! ,*-%! #4! eP
%5'35&4%$!64!#-@53$3!#$!G3472$)&!.ZMPXN!$&!9*-!$%&!,4&1(75)-9*$>?!!
JdI!E!JP&$32-)4#!G3472$)&!
.,,!E!.2O#(/+!,3$'*3%%(3!,3(&$-)A!3$&3(*65$!4*!)-6$4*!+$!#4!%O)4,%$!$&!:(*$!*)!3f#$!+4)%!#4!,#4%&-'-&5!
)$*3()4#!$&!#4!)$*3(&34)%2-%%-()?!!
g)!3$&3(*6$!#$%!,#49*$%!+4)%!#4!&(&4#-&5!+*!'$36$4*!$&!)(&422$)&!4*!)-6$4*!+$!#4!%*@%&4)'$!73-%$!+*!
'(3&$K!'535@34#$?!d38%!,$*!$)!+(24-)$!(''-,-&4#!$&!,43-5&4#?!!
L$%!+575)53$%'$)'$%! )$*3(G-@3-##4-3$%!;d4)7#$%! $)!4)7#4-%>!%$! G(32$)&!4*! )-6$4*!+$!#B4K()$! 46$'!#$%!
2-'3(&*@*#$%!+$!#B4K()$?!L4!,3(&5-)$!d4*!:(*$!*)!3f#$!,1O%-(#(7-9*$!+4)%!#4!%&4@-#-%4&-()!+$%!hdA!+4)%!
#4! %-&*4&-()! ,4&1(#(7-9*$A! -#! O! 4! '#-647$! +$! #4! ,3(&5-)$! d4*! ,43! +$%! '4%,4%$%! %*3! #$! 35%-+*%! XNM!
;$)0O2$%! ,3(! 4,(,&(&-9*$%>A! *)$! G(-%! '#-65$A! $##$! 64! ,3$)+3$! *)$! '()G(324&-()! hJM! 46$'! *)!
3$,#-$2$)&!$&!64!,(*6(-3!%B47357$3!46$'!+B4*&3$%! d4*!'#-65$!(*!)4&-6$%?!L$%!h.D! i-)4%$%!6()&!1O,$3!
,1(%,1(3O#$3! #$%! ,3(&5-)$%! &4*! $&! +5&4'1$2$)&! +$! '$%! ,3(&5-)$%! d4*! !!+5%(374)-%4&-()! +$%! hd! $&!
+()'! +5%(374)-%4&-()! +*! &34)%,(3&! 4K()4#! $&! #$%! ,3(&5-)$%! d4*! 6()&! %B47357$3! ,(*3! G(32$3! +$%!
G-#42$)&%! $)! ,4-3$! 15#-'(/+4#$?! Q*3! *)$! '(*,$! +$! '$36$4*! ()! ,$*! 6(-3! +$%! G(32$%! &3-4)7*#4-3$%! 9*-!
'(33$%,()+$)&!F!'$!,15)(28)$?!"##$%!)$!%()&!9*$!#('4#-%5$%!4*!)-6$4*!+$!#B1-,,('42,$!$&!56(#*&-()!
$)%*-&$!F!&(*&!#$!'(3&$K!4%%('-4&-G!;0()$!(''-,-&4#$!$&!4-3$!G3()&4#$!2(&3-'$!5,437)5$%>?!!
L$%! ,#49*$%! 42O#(/+$%! Z! $)&34-)$! #4! G(324&-()! +$%! '4%,4%$%! 9*-! $)&34-)$! #4! +575)53$%'$)'$!
)$*3(G-@3-##4-3$?!!
g)! 4! 4*%%-! *)$! 4&3(,1-$! '(3&-'4#$! '1$0! #$%! ,4&-$)&%! 4&&$-)%! +$! #4! 24#4+-$! !! +-2-)*&-()! +$! &4-##$! $&!
,(-+%!+*!'$36$4*!+$!j!F!MUV!$)!MU4)%!;N!4)%!'1$0!#$%!%4-)%>?!JB$%&!#4!)$*3(&34)%2-%%-()!'1(#-)$37-9*$!
9*-!$%&!4&&$-)&$!,3-)'-,4#$2$)&!4*!)-6$4*!+$!#B1-,,('42,$A!42O7+4#$%A!'(3&$K!$)&(31-)4#?!!
!
=! 25+-'42$)&%! %*3! X! %()&! +$%! -)1-@-&$*3%! +$! #B4'5&O#! '1(#-)$! $%&534%$?! T#%! %()&! @4%5%! %*3! #4! &15(3-$!
'1(#-)$37-9*$!+$!#4!24#4+-$!+B.#01$-2$3?!D3$2-83$2$)&!-#!O!4!+5'#-)!'(7)-&-G!4%%('-5!F!*)$!4&&$-)&$!+$!
#4!&34)%2-%%-()!'1(#-)$37-9*$A!%$'()+4-3$2$)&!#$%!6(-$%!)$*3()4#$%!%()&!,35%$)&$!+4)%!#B1-,,('42,$!
$&! $##$%! :(*$)&! *)! 3f#$! +4)%! #B4,,3$)&-%%47$! $&! #4! 252(3-%4&-()! ;%&4+$! %5683$A! +5G-'-&! '1(#-)$37-9*$!
4&&$-)&! ]UV>A! &3(-%-82$2$)&! @4-%%$! +$%! 35'$,&$*3%! )-'(&-)-9*$%! +4)%! #4! 24#4+-$! +B.#01$-2$3A!
9*4&3-82$2$)&A! #$%! 25+-'42$)&%! 4)&-'1(#-)$37-9*$%! ()&! +$%! $GG$&%! +5#5&83$%! %()&! +$%! G()'&-()%!
'(7)-&-6$%!;"K!E!k-,$3-+$)$!*&-#-%5!,(*3!D43i-)%()>?!!
!
Q-7)$%!'#-)-9*$%!E!
d3(*@#$%! '(7)-&-G!E! 2)5%-9*$%! ;252(-3$>! 9*-! $%&! #4! ,3$2-83$! 4#$3&$! +*! ,4&-$)&A! 4,14%-9*$! ;+-GG-'*#&5!
+4)%!#$!#4)747$!,43!4,,4*63-%%$2$)&!$&!3$2,#4'$2$)&!+$!2(&!,43!+B4*&3$%!,(*3!,4#-$3!4*K!+5G-'-&!+$!
252(-3$! !! &3(*@#$%! +$! '(2,351$)%-()! !! 2*&-%2$>A! 4,34K-9*$%! ;&3(*@#$%! +4)%! #B$K5'*&-()! +$%!
2(*6$2$)&A!G4-@#$%!4*!+5@*&!$&!+-GG-'*#&5!F!G4-3$!+$%!7$%&$%!+*!9*(&-+-$)%!9*4)+!464)'5>A!47)(%-9*$%!
;-)'4,4'-&5! 4! 3$'())4l&3$! (@:$&%! $&! ,$3%())$%>A! 6-%*(P%,4&-4*K! ;+5%(3-$)&4&-()! %,4&-4#$>A! $K5'*&-G%!
;,#*%!+$!'4,4'-&5!+B4@%&34'&-()A!+B4)&-'-,4&-()A!+B-)-&-4&-()a,#4)-G-'4&-()!+$%!&4'1$%>!$&!+$!:*7$2$)&?!
T#!O!4!4*%%-!+$%!&3(*@#$%!,%O'1(P'(2,(3&$2$)&4*K!E!473$%%-6-&5A!+5,3$%%-()A!4)K-5&5A!14##*'-)4&-()A!$&'?!!!
!
T#!O!4!=!,14%$%!+4)%!#4!24#4+-$!E!
D35P'#-)-9*$!;MU!F!N<!%4)%!%$)%4&-()!+$!+5G-'-&>?!
D35P+52$)&-$##$!;'B$%&!#4!9*$!#$!,4&-$)&!%$!3$)+!'(2,&$!+$%!&3(*@#$%!+$!#4!252(-3$>?!
D14%$!+52$)&-$##$!;%*36-$!'(*3&$!+$!^!F!j!4)%>?!!
!
N! '#4%%$%! +$! 25+-'42$)&%!E! -)1-@-&$*3%! +$! #B4'5&O#'1(#-)$$%&534%$! $&! #$%! 4)&47()-%&$%! +*! 35'$,&$*3!
_hC.!+*!7#*&424&$!;h524)&-)$>?!
D3$2-83$! '#4%%$!E! d4'3-)$! ,#*%! '(22$3'-4#-%5?! L$! +()$,$0-#! $%&! *)$! ,-,53-+-)$A! 3-64%&-72-)$! G42-##$!
+$%!'43@424&$!$&!74#4)&42-)$!$%&!*)!4#'4#(/+$!$K&34-&!+$!m4#4)&1*%!n(3()(n--!;D$3'$P)$-7$%!Y!4*%%-!
&3(*65!+4)%!#$%!)43'-%%$%>?!.'1"!`!4'5&O#'1(#-)$$%&534%$!,(*3!#4!0()$!'$)&34#$!+$!#4!#-4-%()!%O)4,&-9*$!
$&!F!#4! ,53-,153-$!3f#$!4%%*35!,43!#4!@*&O3O#'1(#-)$%&534%$?!L$!+()$,$0-#!$%&! *)!-)1-@-&$*3! %5#$'&-G!+$!
#B.'1"!$&!9*-!4*72$)&$!#B4'&-6-&5!+$!#BcP%5'35&4%$!;6(-$!)()!42O#(/+(75)-9*$>?!L4!3-64%&-72-)$!5&4@#-$!
*)$!#-4-%()!'(64#$)&$!46$'!#B.'1"!! ,43!%()&!73(*,$2$)&!'43@424&$!$&! 64!$)&34-)$3!*)$!#-4-%()!9*4%-!
-3356$3%-@#$! 46$'! #B.'1"A! 24-%! $##$! )B$%&! ,4%! %5#$'&-6$! +$! #B.'1"A! $##$! -)1-@$! 4*%%-! #4!