"##$%&'()$#$*%+,(-($."/0*,"),"1+((/-
+$2#+&'($- +,&'()"0*,"+,1++$
+$ "0*,"# + *"3$#"++$ #%+11"#% 451"( +$ $#6"% "17(89-)# +$ 9 ) (:%$*&'( +( ;%1( +$$#%$ $- +,&'( ) "0*," <=$ +$ (*,$*%&'(> *#"*(+$"0*,"#?9#(:("$*%&'(+(@AB A"C$%$"6"C+$317(B
5 $!"#$%&"'()$")"*##($'*!+ )$"(*"'(!,!*)$")$"!(**" -"$#."'()$"-(**"$(*/50112
345-
2$(#'"$6/7(#(0 2$87'(&$.9"
'**($#%&" :0(*#$'"; ± 8.($*''( (*#+
'3*# <!''('(&,!*%$
011=
3 <"$%&"'()$"-(**"$(* 0 &,!±(*+
#'"((*" > $"$?'(#($'*!)$'"
!"9(!(#"('!%&" 4 &""#($"±&@+
!($ , 8.($*''((*#'3*# <!'+
'('(&,!* ,, 7A#"
"##$%&'( )$#$*%+ ,(-( $."/0*," ),"1 +( (/- +$ 2#+&'(
$-+,&'( )"0*," +,1++$ +$"0*,"# +*"3$#"++$ #%+11"#%
451"(+$$#6"%"17(89-)#+$9)(:%$*&'(+(;%1(+$$#%$B
*, .-"*+(>
$#"+$*%$>(@BB"C$%$"6"C+$317(
*#%"%"&'(> (/-+$2#+&'($- +,&'()"0*,"D
"%1>(@BB$E*$("(*
*#%"%"&'(> *"3$#"++$ #%+1+$(*%(##(*%(##D
"%1>(@BB*"+$*++$1+$"
*#%"%"&'(> (/-+$2#+&'($- +,&'()"0*,"D
F
)(3$"%($#%$-(-$*%()/+$,$6$1$#6$#$@"C$-)$#$*%$#$"-)(%*%$#
*$##,-"*7+B
-"*7-'$$-"*7#"-'#"13"$(*")$1(,"*7(9"*,$*%"3($)("("*,(*+","(*"#B
-"*7("$*%+((@BB"C$%$"6"C+$317(96$-"%($#)$"%($ +-"(9)$1#:$+("9+$+",&'($),"0*,",(-6$-$,(*+C"*$##,-"*7+B
((+$*+(+((/-+$2# !+&'((@BB*"+$*++$
1+$"9)$1()("(9,(-)$$*#'($,(*%":"&'(,(-(-$%:17(B
(@BB"$E*$("(*)$1#31"(##,(*%":"&H$#B
(#@*,"(*I"(#+2# /+&'($-#+,&'()"0*,"9$-$#)$,"1*5,"
!"E("3$11"$*+$##$$C#%(B
%(+(#(#(@$##($#+((/-+$2# /+&'(6$9+$@(-+"$%("*+"$%9
,(*%":;-)-"*7@(-&'(B
"13*)$1,(*@"*&$--"-+$)(#"%+BBB
((/-+$$-*+(,"1+#%((+$*&'(+$)$@$"&(-$*%(+$
$##(1+$&;3$1)$"(9)$1'(1#,(*,$+"+B
(
JKLKL
MN !
"#$%&9'1"*B
BOPQ@B"##$%&'(<$#%+( $-+,&'()"0*,"?,1++$+$"0*,"#9 !"#9$9B
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
- $,9 .1"*B + W
+ B OPQ @B#%$/# %7$#"# "* ","$*,$+,%"(*,1++$+$"0*,"#9 !"#9$9B
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
3
,)04-,)BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB\ )5-),!0("BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBP #]5-)BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB^ -" (BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBQ )$"0-)0BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB )#-"!0)6_(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBO
,!0-( 67(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOP !(##(,*%$$##$,*","1>)(-&'(+$#(@$##($#BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOP (*#%"%"&'(+(#(:1$-+$#$#6"#BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBO` R$#%'(+$#$#6"#BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOa
,) )67()(-)67(#-(""(-"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB\ OBOBO+,&'(0+","(*1$+,&'(-*,")+(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBP OBOB"I1(/(,(-((*+"&'(+$#(##":"1"++$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB OBB\*&'("(,"1+(#(@$##(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB\ OB)(-&'(+$#(@$##($#BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB\P OBBO;%",#-(+$1(##(:$(-&'((,$*%$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB\P OBB(+$1(#;%",(#+$(-&'((,$*%$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB\` OB\(#!$,*%$+"#,")1"*"++$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBPO OB\BO ("$*%&H$# +(# #S-$%(# ",1$# !,"(*"# ) ( *#"*( %+"( #!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBPO OB\B,*%$+"#,")1"*"++$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBP^
B$%(+(1(/"+$)*I1"#$+(#+(#BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB^\ BBO#$##)(#%(#0$2",(#>)*I1"#$+$(*%$5+(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB^\ BB$#,"&'(+#@#$#+$)*I1"#$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB^P B\((*E*%(+$+(#BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB^^
,,,)!=8,"(")("BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB^ \BO"-$*#H$#$%$/("#+$)*I1"#$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB^ \BOBO(3"-$*%(#,*%$*,"(*"#+(##(@$##($#BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB^ \BOB-$#1%+(#+(#(3"-$*%(#,*%$*,"(*"#BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB^` \BOBBO(-)(-"##(+(##(@$##($#BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB^` \BOBB)%(*(-"+(##(@$##($#BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB^a \BOBB\,*%$+"#,")1"*"++$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBQ \B)*I1"#$+(#)"#2+"(#BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBQ
R*+( $*%$" ) /+&'( $-8",$*,"% $-;#",9 * *"3$#"++$
#%+1 +$%(5(##( +("1 < "?9 *'( %"*7$1-$*%$ )$*#+( $- -$ %(*
)(@$##(B)@1%+$()&'(@(")"*,")1-(%"3&'()$#,(17+(,#(+$;#",9
-3$C6$ *"3$#"++$#(-$*%$(@$$,"+("#,#(#*(%*(#>8",$*,"%$-;#",
$"0*,"#+(-)%&'(B
###+(#+("#*(#*/+&'($$*@$*%+(#"*5-$(#(:#%I,1(#c)"-$"
%-+$-,#($,%-"*/+(9@1%+$)(@$##($#9@1%+$1:(%2"(#9-+*&#
,(*#%*%$#*/+$,",1c)##$"-$"*%$$##)($+,&'(9+$-@(-/$19$
)$1( $*#"*( +$ @;#", $ +$ ,"0*,"#9 +$ @(- )%",1B013$C ( -$ /(#%( )$1 1$"%
%$*7 "*@1$*,"+( $## $#,(17B#(%-9 #$- +53"+ *$*7-9 -"( -(%"3&'( )%"
+#1# +$"+I%", ++,&'(9 (*+$ $- +$:%"+# "*5-$# 6$#%H$#$1%"3#'
+,&'(B - "*@10*," "-)(%*%$ @(" +$- +(# )(@$##($#9 6$ $9( -$#-(
%$-)(9,((+$*+(+(,#($-$("$*%+(*(0:17(+$(*,1#'(+$#(<0?B
$ @%(9 $1$ *'( )$+$ *$*7- ()(%*"++$ ) +$-(*#% ( 6*%(,$+"%3 *
61"++$+(-$%:17(B
(-$,$")$,$:$6$73"-*$/&'(+-"*7)%$)$*%$-#1
+$196$,(-$&3%*#@(-&#$$--$+(>-$+(+$$*@$*%(#+$#@"(#"*$$*%$#
')(@"##'(9+$-$$.)(9+$*'(4+,(*%89+$*'(#:$4+189+$*'(#:$1"+
,(-(#1*(#B
)(@"-+/+&'(9$,7$/+7(+$$*,()(:1$-+$@$*%$9)("#
(-( )(,# $-#1# $ )(,(# $- (#1*(#9 1(/( )+$ )$,$:$ 6$ +1#
4*'( $ %'( +"@;,"1##"-8B*%$%*%(9 %"*7 ,(*#,"0*," +# -"*7# +$@","0*,"#9 +#
@17#+/+&'($#$*%"6$)$,"#3-$17(B
"*%$ +( /*+$ "*,$*%"3( +( -$ ("$*%+( +$0 ) "*/$## *(
-$#%+(9$#,(17"4(-&'(+$#(@$##($#8,(-(I$+$"*%$$##$9+$*%(+(*#"*(+$
"0*,"#9,(-(--*$"+$)(+$%$*%#)$(#$*%3$#9#*/5#%"#$(#-$+(#
6$)$-$3--"*7)I%",B$@%(9,(-("*/$##(*(-$#%+($-+,&'()
"0*," + !"#9 ,-)# +$$9 3"#1-:$" ()(%*"++$ +$ )(+$ #)$ %"#
+"@",1++$#B
!"*%(+&'(+$##+"##$%&'(9+$#$*7-(#(6+(/$1$-6$)$#6"#
$#%I"*#$"+B))$#$*%-(#E#%"@",%"3#)#$#,(17#6$@"C$-(#*(6$#$$@$$'
+$1"-"%&'( +$/"'( +$ "*6%"%(9' -$%(+(1(/" +$ )$#6"# $(#%($#(# 6"#
$,($-(# ,(-($@$0*," %$2",9 %(-*+( #$-)$ ( ,"++( $- +$". ,1 *(##
"*%$*&'($-*(#)(#","(*-(##$/*+(-$*@(6$,;%",($-+,&'(9)(6$*(#
:#$-(#)"*,")1-$*%$$-#1($"$B
!)"-$")%$9)$#$*%-(#*(###$@$0*,"#%$2",#9+"#,($*+(#(:$
)$#6"## *( S-:"%( $+,,"(*19 ## %$*+0*,"# $ )$#)$,%"3#B*%-(# *( S-:"%( +
@(-&'(+(,$*%$9 $.)(*+(1/*#-(+$1(#+$@(-&'(B!%$,$")%$9)$#$*%-(#
*(##( (:E$%"3( +$ )$#6"#> (-( - )(,$##( 6$ ,(-)$$*+$ )()(#% $ (
+$#$*3(13"-$*%(+$-)(E$%($+,,"(*1+$"0*,"#96$)%"+,(-)1$."++$+$-,#($1 +$ ,S*,$ +$ ,(1(%$"*(9 $- :#, + +$@"*"&'( +(# ,(*%$5+(# ,"$*%;@",(#
)$%"*$*%$#9,(*#%"%"&#$,(-(-"*#%S*,"+$@(-&'(+$)(@$##($#d
!#$/*+)%$+"*%(+&'(9+$#,$3$-(##"%&'(+$*(##("*/$##(*(
,#( -$#%+(9 6*+( @(-(#)$#$*%+#- )()(#% +$ "*3$#%"/&'(>*1"#
-+$;#",9-+$R;-",$-+$$"(1(/"$9%-:%-#1#-"*"#%+#)($##$#
)(@$##($#- %- + %$,$" #%"$ +(*#"*(%+"( +$- $#,(1 $#%+1 +(
"*%$"( )1"#%9 +*%$ (*( 1$%"3( +$\B!( )"-$"( #$-$#%$9 $##$# )(@$##($#
$*3(13$-&#$*()1*$E-$*%($9*(#$-$#%$#$/"*%$9*$1"C&'(,(1$%"3+$1#+$
,"0*,"# 6$ %"*7- ,(-( (:E$%"3( "*%(+&'( +$;#",(+$* *(*#"*(%+"(9 +$
@(-,(*%$.%1"C+9)%"*+(+,(-)1$."++$+$-,#(+$%%-$*%(+"(%$I)",(B
(-( -(%"3&'( )"*,")1 +$#%$ %:17( @(" )$*# @(-&'( +$
)(@$##($#$-#@(-,(*,$%9(#$E9+$@(-,(*$,%+,(-#%&'(+$*%(
+(#1"-"%$#+$-#1+$1+$"0*,"#9)$,"#I3-(#+$-$@$$*,"1%$2",(6$
*(#+$##$#)(%$*$##$ +$#@"(B!$##$#$*%"+(9+#)(##":"1"++$#$#%"-)$#$*%$#>
,(*,$)&'()I%",$,(*,$)&'(,;%",+$@(-&'(+(,$*%$B)()&'()(-,(*,$)&'(
,;%",*(#@$C:#,#)(%$*#1$"%#+#(:#+$#1($"$<Oa`TOaaQ$Q?$
$"$$"7(<Oa`Q?B
!( )"-$"( ,);%1(9 $.)(-(# # 3"#H$# %$2",# ,(- # 6"# *(#
"+$*%"@",-(#B1$#$+"3"+$$-%0#)%$#B!)"-$")%$)$#$*%-(#(#,(*,$"%(#+$
$-*,")&'( 7-* $ $+,&'( +"12/",(&)(:1$-%"C+( + (: +$#1($"$B
!$19 %$,$-(#1/-#$@1$.H$# #(:$ ,(*%)(#"&'( $*%$+,&'(0+","(*1 $
+,&'( -*,")+(B )1%- +"##(9 +"#,($-(# #(:$ +,&'( "12/",(&
)(:1$-%"C+( $ #(:$ *&'( "(,"1 +( )(@$##( +$*%( +$ - )$#)$,%"3
$-*,")+($,;%",B!#$/*+)%$9%$,$-(#1/-#$@1$.H$##(:$@(-&'(+$
)(@$##($#9(*+$)(,-(#+$1"*$*$,$##"++$+$#)$&'(+$1/-#,(*,$)&H$#
+$ @(-&'( +(,$*%$ <-,"(*1"++$#0%,*", $#I%",? $- @3(- ,(*,$)&'( -"#
,;%", $ $-*,")+( <-,"(*1"++$;%",?B! %$,$" )%$)$#$*%-(## *(3#
$@(-# +( *#"*( %+"(9 )()(#% )$1(# #S-$%(# ",1$# !,"(*"# $
!(#$/*+(,);%1(9)$#$*%-(#*(##-$%(+(1(/"+$)$#6"#B1$+"3"+$&
#$$-%0#)%$#>*)"-$")%$)$#$*%-(#-$%(+(1(/"+$,(*#%"%"&'(+(#++(#
+)$#6"#9)(6$*(#:#$-(#*)*I1"#$(,-$*%19$9*#$/*+9-$%(+(1(/"
+$ *I1"#$9 ) ( 6$ *(# :#$-(# * )*I1"#$ +$ (*%$5+(T * %$,$" )%$9
)$#$*%-(# ( ,(*E*%( +$ ++(# +( 61%"1"C-(# * *I1"#$B( "%$-$@$$*%$'
-$%(+(1(/" +$ ,(*#%"%"&'( +$ ++(# +"3"+$&#$ $-> )$##)(#%(# %$2",(# + )*I1"#$
(,-$*%1T ++(# + )$#6"# +$- @(- /$1T #E$"%(# + )$#6"#T *%$C +(#
++(#,(*#%"%;+(#*)$#6"#B
( "%$-$@$$*%$'*I1"#$ +$ ++(#9 +"3"+$&#$ $-> )$##)(#%(# %$2",(# +
)*I1"#$+$(*%$5+(T@#$#+*I1"#$B!(6$#$$@$$(,(*E*%(+$++(#%"1"C+(#*
)$#6"#9)$#$*%-(#-$#-(+(#$)"#2+"(#6$#$$*,(*%-1"#%+(#*(6+(,B
( %$,$"( ,);%1(9$@$$*%$'*I1"#$ +"3"+$&#$ $- +# )%$#B! )"-$"
)%$)$#$*%-(##+"-$*#H$#$#,%$/("# +$*I1"#$B!#$/*+9)$#$*%-(#
*I1"#$ $@$%"39 6$ #$ ,(-)H$ + +$#,"&'( $ "*%$)$%&'( +(# $)"#2+"(#$%"+(# +(#
,(*E*%(#+$++(#B
! "*%(+&'(9 +$#$*7-(# ( 6+( /$1 $- 6$ )$#6"# $#%I "*#$"+9
:#,*+()$#$*%# E#%"@",%"3# )# $#,(17# 6$ @"C$-(# *( 6$ #$$@$$'
+$1"-"%&'( +$/"'( +$ "*6%"%(9' -$%(+(1(/" +$ )$#6"# $(#%($#(# 6"#
$,($-(# ,(-($@$0*," %$2",9 %(-*+( #$-)$ ( ,"++( $- +$". ,1( *(##(
)(#","(*-$*%( #$/*+(- $*@(6$ ,;%",( $-+,&'(9 1$3*+( $- ,(*#"+$&'(#
+"#%(&H$# $ ()$##H$# 6$ (#%($# #(,""# <1*(# $ )(@$##($#? $#%'( #:-$%"+(# $
6$9)%"+;9)##-,(-)$$*+$$3"3$-$17(#1":$++$+$)$*#-$*%($&'(
)%"+$##)2)"#1$"%#+$-*+(B
! )"-$" )%$9 )$#$*%-(# *(### $@$0*,"# %$2",#9 @1*+( +#
)$#6"##*(S-:"%($+,,"(*19##%$*+0*,"#$)$#)$,%"3#B*%-(#*(S-:"%(+
@(-&'( +(,$*%$9 #$# -(+$1(# +$ @(-&'( %%,*",(9 )I%",( $ ,;%",(B #( @"-9
)$#$*%-(#*(##((:E$%"3(+$)$#6"#B!#$/*+)%$9+$#,$3$-(#-*$")$1
61 *(#)()"-(# +(# $1$-$*%(# + *(## )$#6"#9 )%" +$- )"-$"( ,(*%%(
,(--)()(#%+$"*3$#%"/&'(6$EI$#%3$-*+-$*%(*(/)(+$)$#6"#B
:
!(###*/5#%"# "*",""#9 *$##$ %:17(9 1$3-&*(# $- :#, +$ 3I"(#
%($#9+$*%(+I$+$"*%$$##$6$*(#%(.$(-$#%+(9@(-&'(+$)(@$##($#9
!(# 51%"-(#*(#9 -"%( #$ %$- +"#,%"+(9 %*%( *( S-:"%( ++,&'(
$-/$1 ,(-( *+,&'( $-"0*,"#(-&'( +$#(@$##($#9%3%# +$ "*5-$#
):1",&H$#$-)$"2+",(#$)$#$*%&H$#$-,(*/$##(#B##)$(,)&'(*'(+%+$
$#%+(#$,$*%$#*$##I$9-#,(-)H$-I$+$)$#6"#6$3$-#(@$*+("*5-$#
%*#@(-&H$#9 1%$&H$#9 $&$1:(&H$#9 6$ 30- ##,"%*+( ,(*@1"%(# +$ 31($#9
31("C&'(+)(@"##'(+(,$*%$9,(*#(1"+*+()I%",#$"+$(1(/"#B
) ,$#,$*%$ "*%$*#"@",&'( +# )$#6"## $ $#%+(#9 *$## I$9 $@$$&#$ '
@(-&'("*","1$,(*%;*+$)(@$##($#9'*I1"#$+#)I%",#)$+/2/",#$+(,$*%$#9$
'# (/*"C&H$# $#,(1$# $ ,",1$#B)# ,(*%":"&H$# +$(*1+",7e* <!4*()9
OaaT#,!0)99^T#-,-)9? $ (%(# )$#6"#+($# %"3$- /*+$
+"@#'(*$##$,(*%$.%(9#$*+()()"+#$-)1"+#$-+"3$#(#)(/-#+$$@(-#
,",1$#$-+,&'(%*%(!,"(*16*%(,*%$*,"(*1-$*%$B
## )$#)$,%"3)(*% *$,$##"++$ +$ #$ @(- )(@"##"(*"# ,)C$# +$
%$- $- #"%&H$# #"*/1$#9 $-- %$$*( ,,%$"C+( )( "*,$%$C#9 ,(*@1"%(#9
,7(6$ +$ 31($#9 +"1$-#9 $.)$,%%"3#9 $*@"-- %$$*( "*,$%( $ #"*/1B1$-$*%(#
$#%$#6$+$%$-"*-#"*/1"++$+($*#"*($(,,%$"C,(-(-)I%",#(,"16$
#$+$#$*3(13$$-,(*%$.%(#7"#%(",-$*%$,(*#%"%;+(#<#,!0)9^?B
"$/*+(0+"@ <?9 *$,$##"++$ +$$)$*# @(-&'( +$ )(@$##($#9
1$3*+( $- ,(*#"+$&'( (# #:$$# +(# )(@$##($# $#$1"++$# $#)$,;@",# +$ #$
%:17(,(%"+"*(9,(*@"/+*#$@(-#$+,%"3#+(#51%"-(#+$C*(#9
;BBB< $.)$## 3(*%+$ +$ $*,(*%9 *(# ,#(# +$ @(-&'( +$ )(@$##($#9 -*(3%",1&'($-*(3($6"1;:"($*%$(#,(*7$,"-$*%(#)(+C"+(# )$1#*"3$#"++$#$#)$"%( +( $*#"*( $ (# #:$$# +$#$*3(13"+(# )$1(# )(@$##($#$-##)I%",#,(%"+"*#<0)-,99)B\?B
!$##$ ,$*I"(9 *(3# 6$#%H$# #'( ,(1(,+# $- +"#,##'(9 %"# ,(-( ( ))$1
+(# ,;,1(# $ +# $@(-# ,",1$# *( )(,$##( +$ @(-&'( +$ )(@$##($#9
##,"%*+( (%# 6$#%H$# +$ ,I%$ (/*"C,"(*1 $ $#%%1 6$ $-$/$- +$#%$
,$*I"(9,((:(*+(*(3#-(+"@",&H$#*-*$",(-(#$,(*,$:$@(-&'("*","1$
,(*%;*+$)(@$##($#B
1$-(-&'(+$#(@$##($#%$-#$,(*#%"%;+(-+(#+$#@"(#)
+,&'(9 $- $#)$,"1 ) (*#"*( +$"0*,"#B) 1"%$% *$## I$)(*% *(3(#
,-"*7(#9)I%",#$,(*,$)&H$#,(-$1&'($#%$)(,$##(B(-$*%(+#)$#6"##$-*#"*( +$"0*,"# *($#"1 $ # ,(*#(1"+&'( ,(-( "-)(%*%$ I$ ,+0-",
@"C$-$-$/"+"3$#(#/)(#+$)$#6"#+($#%*%$#+#+"3$##I$#,",1$#9
$-"*5-$#"*#%"%"&H$#+$*#"*(")$"(+();#<!)-,9^?B
!$##$ ,$*I"(9 $-$/$- #"/*"@",%"3(# %:17(# $1%"3(# ( )(,$##( +$
(-&'(,*","1 $(*%"*+ +$#(@$##($#B"$/*+(",7*$%C1$ <OaaQ? <,"%+( )(
-(")$"U!0f8-\9)B?94@(-&'(,(*%"*++$)(@$##($#8E#%"@",&#$
)(%0#CH$#>
;BBB<*$,$##"++$+$,(*%;*()"-(-$*%()(@"##"(*1$+$$@1$.H$#,;%",# #(:$)2)")I%",)$+/2/",9)("#$@$%"3-$17("+()(,$##($*#"*(& )$*+"C/$-#2,(*%$,$)$1&'(+()(@$##(T
;BBB<*$,$##"++$+$#$#)$(+"#%*,"-$*%($*%$,(*%":"&H$#+)$#6"# $+,,"(*1$#%"1"C&'()-$17("+#1+$19"-)1",*+(6$( )(@$##(#$E%-:%-)$#6"#+(+$#)2)")I%",T
;BBB< $- /$19 (# )(@$##($# %0-- 3"#'( #"-)1"#% +%"3"++$ +(,$*%$9( ,(*,$:$$- 6$ ) $*#"* :#% ,(*7$,$ ( ,(*%$5+( $%"1"C1/-# %%,*",#)$+/2/",#<-(")$"U!0f8-\9)B?B
)#)$#6"##*I$+$*#"*(+$"0*,"#$9)"*,")1-$*%$*(6$,(*,$*$
'(-&'(+$#(@$##($#9#$/*+(!$%($#,7$,(<P?9
0(+3"9 #$I ( )(@$##( 6$-9 $- 51%"- "*#%S*,"9 "*#%1I ( )(,$##( %*#@(-+(+$&'(&$@1$.'(&&'(9%(**+(&#$##"-()2)"()$#6"#+(+$ #$1"++$<!0($#)U(9P9)Ba?B
8$3*+( $- ,(*#"+$&'( %E$%2" +# )$#6"## #(:$ @(-&'( +$
)(@$##($#9 "*5-$(# %:17(#)(*%- ) *$,$##"++$ +$ #)$&'( +( -(+$1( +$
@(-&'( +(,$*%$ :#$+( * ,(*,$)&'( )(#"%"3"#% + "0*,"9 ( #$E9 (# -(+$1(#
:#$+(#*-,"(*1"++$0%,*",B"$/*+(1"%$%9(-,"(*1"#-("$*%;@",(9@%(
+$-,($*%$@"1(#2@",9+$@$*+"+)()/#%((*%$$+$*(-"*++$)(#"%"3"#-(9#
,"0*,"##(,""#9#%$("#$)I%",#$+,%"3#9+$3$"-%$,(-()$##)(#%(#(#-$#-(#
6$ @(- $-)$/+(#'#"0*,"#!%"#B( #$E9 6$# %$("# $# "*3$#%"/&H$#
,"$*%;@",# @(##$- -(+$1+# ' )%" +$ +# #)(#"&H$# :I#",#9 +$@$*+"+# )$1(
-,"(*1"#-("$*%"@",((#(#"%"3"#-(96"##$E9
O?6$#(-$*%$($*@(6$,"$*%;@",(+$+,&'(/*%""-#(1&'(,"(*1 '#6$#%H$#$+,,"(*"#T
?6$#(-$*%$#6$#%H$#"*#%-$*%"#9$1%"3#(#-$"(#$+,%"3(#9)(+"-#$,(*+C"+#-#(1&'(,"$*%;@",<)--$=,"9Oa`Q9)B`Q?B
"$/*+($##$-(+$1(9()(@$##(,:$())$1+$9
;BBB< ,(*@(-"++$ )##"3 ,(- # $,(-$*+&H$# )I%",# +(# %$2",(# $ "*3$#%"/+($# + $+,&'(B !'( #$ ,(*#"+$ 6$ (# +(,$*%$# #$E-)(@"##"(*1-$*%$$#)(*#I3$"#*$1:(&'(+$+$,"#H$#$E;C(#*$##-%%"9 #$*'(*",-$*%$ + $@",I," ,(- 6$ "-)1*%-# +$,"#H$#,$, +$ ,(-( -$17( )I%", $+,%"39 )()(#%# )$1(# %$2",(# + $+,&'(9 @*+-$*%+#$-#$#,(*7$,"-$*%(#,"$*%;@",(#<)--$=,"9Oa`Q9)B `Q?B
$*%(+$##)$#)$,%"39()(@$##(% ,(*#"+$+(,(-(--$()1",+(
+$ %%,*",# )$+/2/",#9 $1:(+# +$*%( +# *"3$#"++$#9 )( $#)$,"1"#%#B )(
,(*%I"(+(6$"*%$)$%-(#,$,+())$1+()(@$##(9,$+"%-(#6$()(@$##(9
-"%(-"#+(6$1$,"(*(4+1#8<%*#@$",(*7$,"-$*%(#?9)(##"-@*&'(
))(+&'(+(,(*7$,"-$*%((#,(*#%&'(<-,-9OaaQ?B(#$E9(#E$"%(
)## )(+C" ,(*7$,"-$*%( 6*+( "*/$## *- -(3"-$*%( +"*S-",( $- 6$ #$
)()",(*#,"$*%$-$*%$#$1"++$))(+$%*#@(-I&1B
>
R*+( "*/$##-(# *( -$#%+(9 ,(- ( "*%$$##$ +$ %:17 * I$ +$
(-&'( +$#(@$##($#9 @(-(# )$#$*%+#' )()(#% +$ + ,(*%"*"++$
-%:17(+$*I1"#$+$++(#6$3"*7#$*+(+$#$*3(13"+(*(/)(+$)$#6"#+(61
)##-(# @C$ )%$B!( ,(-$&( 7(3$ ,$%)$$*#'( + *(## )%$ ,(- ( @%( +$
%:17 ,(- ++(# 6$ EI %"*7- #"+( ,(1$%+(#9 6$ *2# @(- )()(#%(# ,(-(
4+(,-$*%(#8 #$$-*1"#+(#9 )("#9( *(# +$)-(# ,(-1/( 6$ )$," 4EI
)(*%(89 %"3$-(# $,$"( +$ 4*'( #$ ("/"*18B !( $*%*%(9 (# )(,(# @(-(#
,(-)$$*+$*+( 6$ ("/"*1"++$ 6$ #$ $*,$ * )$#6"# +(,-$*%1 ,(*#"#%$
E#%-$*%$*(+$#@"(9,(1(,+(()$#6"#+(9+$$1:(-*(3((17)%"3"++$#
$1"C+#)((%#)$##(#>-4(17$.%$*(8B
)##"-9( *(#)(@*+-(# * -$%(+(1(/" +$## -(+1"++$ +$ )$#6"#9
)+$-(#$,(*7$,$ 31"++$ +(# $#@(&(# +$ #$ :#,9 )( $## 3"9 ,(-)$$*+$ (
,(-)1$.(*"3$#(+#1+$19(#,-"*7(#$(#+$#,-"*7(#+$+,&'(B
) )()(#% *2# ,(1(,+ ,(*#"#%" **I1"#$ +$- )I%", $+,%"3 6$
%"*7 ,(-( )(*%( +$ )%"+- $*%$3"#% ,(-- @;#",(&-%+",( #(:$ ,#(#$"# +$
,S*,$*(,(1(+(5%$(B0%3&#$+$-)(E$%((*+$%0#)(@$##($#9-+$;#",9-+$ R;-", $- +$$"(1(/"9 $*3(13$-&#$ *( )1*$E-$*%(9 $-- #$-$#%$9 $ *
$1"C&'( ,(1$%"39 *( #$-$#%$ #$/"*%$9 +$1# +$"0*,"# $-- #1 +$1 +$
(+$* *(*#"*(%+"(9 +$ @(- ,(*%$.%1"C+9 )%"*+( + ,(-)1$."++$ +$
-,#(+$%%-$*%(+"(%$I)",(BU3"+("#%")(#+$$/"#%(#+)()(#%>/3&H$#+$
$*"H$##$-*"#$*%$(#%0#)(@$##($#9(,("+#+*%$%(+((*(1$%"3(+$\T$
/3&H$#+$1#-"*"#%+#)($1$#9)1*(#+(*#"*(%+"(9(,("+##(-$*%$
+*%$ ( #$/*+( #$-$#%$ +$#%$ -$#-(*( 1$%"3( +$\B-:(*"$" <P?O EI
%"3$##$*1"#+()%$+$##$#++(#<6$1$#,(1$%+(#*()"-$"(#$-$#%$?9)()(#%
6$*(#@("@$"%$+$$*"%(+(#(#+(,-$*%(#$@$$*%$#()(E$%($,(*#"+$I&1(#
#(:-*(3()(*%(+$3"#%96$$E#%-$*%$6$1$6$*(#"*%$$##3>(-&'(+$
#(@$##($#B
> >
# $.)$## *(## 6$#%'( +$ )$#6"#9 )(,-(# )"-$"-$*%$##$*%
-+$@"*"&'(+$4@(-&'(8+61)(##-(#)%"B
#07$(+()+(*( <)+(-R ,f) +$)-*)8U(9^?9 @(-%
)()"&#$#:E$%"3-$*%$+,1%B#$1$9$##)()"&'(*'()(+$#$+#$*'(
+$*%(+)11"++$+$-(3"-$*%(#+%(%1"++$#(,"19(6$#"/*"@",6$$@1$.'(
#(:$ ( #$*%"+( $ # @"*1"++$# + @(-&'( $#%I *( ,$*$ +( )2)"( ,(*,$"%(B
*,(*%-(#-$##(*S*,"++$@"*"&'(+$)+(*($-7;<\?B#$##%(9
)()"&'( + ,1% "-)1", -$1&'( ,(- ( %$-)(9 ( 6$ #"/*"@", 6$ %
*$,$##I"(6$(@(-*+(#$E+$#)$%+())(:1$-%"C#"%&'()$#$*%$)%"
+()##+(+$#,1%$91%-+"##(9$*@$*%$##$#6$#%"(*-$*%(#+$-(+(9*(
@"*1+()(,$##(9##$*%-*(3(,(*7$,"-$*%(B!#)13#+$19@(-%>
;BBB< "*%(+C"1/%-( )##+( +$ # ,1% <*( #$*%"+(*%()(12/",( +( %$-(9 "#%(%9 ,(-( (+$- #"-:21", ( +$$1&'( ,(- (#$*%$?9% +$#)$% 1/%-)#6$#%H$#6$$##$)##+($*/$*+9$%$#%"-1)##/$-+( "*#%"%;+(("*#%"%"*%$B;BBB<#(+$-(#+"C$6$7I @(-&'( 6*+(7I(:+$ )$*#-$*%($6$7I(:+$)$*#-$*%(6*+(()$#$*%$%)$$*+"+(,(-( 6"1(6$$."/$+$*2#(%:17(+"*%$(/&'(9+$@1$.'($+,;%",9+$%1 -*$" 6$ *(# %(*-(# ,)C$# +$ $1$3( )1*( +( ,(*,$"%( ( 6$ @(" $.)$"-$*%+(,(-(6$#%'(9)$/*%9)(:1$-9+"@",1++$<U) ]9\9)B O?B
)##"-9$*%$*+$-(#6$-)(,$##(+$@(-&'(+(,$*%$)$##)H$91%-+$
-,(*%$5+(#$)$$*+"+()$1(@(-*+(9-%"%+$)$##(19)()%$+$1$9@$*%$
- (:E$%( +$ ,(*7$,"-$*%(B#%$ (:E$%(9 *( $*%*%(9 *'( )(+$ +$". +$ #$ )$,$:"+(
#$*'(+$*%(+,(-)1$."++$+$-#"%&'(#2,"(&,1%1$)(1;%",9+"*%$+61$1$
%,7-+(#$)(#","(*B
$"$ <OaaQ? $@$$&#$ $#)$,"@",-$*%$ ' (-&'( +$ #(@$##($#9 6$9
#$/*+($1$9,(*#"#%$$-"*,$*%"3)()"&'(+(##:$$#9)$1(#)(@$##($#9-('
%(*(-"9$$-1$3I&1(#-)I%",,;%",(&$@1$."396$:*/$3"+,(%"+"*+
$#,(1$(##:$$#+$"3+(#+$.)$"0*,"+(,$*%$B$"$<OaaQ?/-$*%6$>
;BBB< * @(-&'( )$-*$*%$ +(# )(@$##($#9 ( -(-$*%( @*+-$*%1% ( + $@1$.'(,;%",#(:$)I%",Bg)$*#*+(,"%",-$*%$)I%",+$7(E$(+$ (*%$-6$#$)(+$-$17()2."-)I%",<-,-9OaaQ9)B\a?B
# $1$9 @(-&'(% ,(*,$:"+ ,(-($@1$.'(9 )$#6"#9&'(9 +$#,(:$%9
(/*"C&'(B)$@1$.'( #/$ + ,"(#"++$ #(:$ )I%", +(,$*%$9 $% ( -(3"-$*%(
$1"C+($*%$(@C$$()$*#9$*%$()$*#$(@C$9*-$.$,;,"(,(*#%*%$$-6$
,"(#"++$3"#$%*#@(-*+($-,;%",B
(-"1"%*%$9(%"3"#%,;%",(9*($*#"*(($-616$(%(1/9$.-"*%% -$#-( # )2)" )I%",9 *'( #$ ,$"%*+( ,(-( )(*%( $ ,:+(9 $"*3$*%*+(&#$'-$+"+6$$"*3$*%#(,"$++$<-,-$"U(-9Oa`Q9)B Q^?B
)@(-&'(*)$#)$,%"3+$#1($"$ $#%I"*%"--$*%$$1,"(*+
,(-%("++$ $ ,(- 1":$++$ ,(- 6$ (# )(@$##($# ,(*+C$- (%( $+,%"3(B)
%("++$ "-)1", %$ ,(*7$,"-$*%( ,"$*%;@",(9 +(-;*"( +(# -%%(+(#9 +# @(-# +(
,(*7$,"-$*%($+$,(-((:%$(,(*7$,"-$*%($1":$++$+"C$#)$"%(+$#)&()
6$(#E$"%(+)$*+"C/$-)(##,"9$,"9$*@"-#$,"%"3(B
R*+(@(-&'(#$+I%3%#+31("C&'(+(#,(*7$,"-$*%(#,"$*%;@",(#
$%%,*",(#9#"/*"@",-%$*%%"3+$4#,1"C,1%89(#$E9,1%%(*&#$1/(
$.%$*((#$7-*($#$-616$$@$0*,",(-3"++#)$##(#<)(-!(9^
)+(-R ,f)+$)-*)8U(9^?B
#( (%( 1+(9 6*+( @(-&'( #$ +I%3%# + 31("C&'( + )I%",9
)$+$&#$ "*%$&'( ,(- ( ,(*7$,"-$*%( 7"#%(",-$*%$ ,(*#%;+( *( -*+(9
#"/*"@",*+( - 41"6"+&'( + ,1%8 <)(-!(9 ^ )+ (-R ,f) +$
)-*)8U(9^?B
( "*+"3;+( #$ @(- )%" + )()"&'(D"*%$*1"C&'( + ,1%
,(*7$,"-$*%( 7"#%(",-$*%$ ,(*#%;+( )$1 7-*"++$B##)()"&'( *'( )(+$ #$
+ #$*'(%3%# +$@1$.'( #(:$ ( 6$ $#%I )(%$*,"1-$*%$ )$#$*%$ *( -*+( $ 6$
"*+*'(#$$1"C(B(#$E9)%"+"*%$&'(,(-(,(*7$,"-$*%(6$@(")(+C"+(9
*- )$#)$,%"3 +$ 6$#%"(*-$*%( ,(*#%*%$9 ,(- 6$ )(+$ #$ )(%$*,"1-$*%$
$1"CI3$1B
!$##$ #$*%"+( 6$ @(-&'( %(*&#$- -(3"-$*%( ,(*%;*( +$)$$*#'(
#"-)1$#-$*%$ 4@(-&#$89 ( #$E9 @(- *'( #$$#-$'? @A
BC D<-,-9OaaQ9)B
\?B1)$##)H$--(3"-$*%(+"*S-",($-6$(#E$"%(#$)()",(*#,"$*%$-$*%$
+$#$1"++$))(+$%*#@(-I&1B
$#%$ -(+(9 @1 $- @(-&'( +$ )(@$##($# "-)1", "+$*%"@",-(#1/*#
$1$-$*%(# $##$*,""#' $##$ )(,$##(>)()"&'( ,(*#,"$*%$ + ,1% )$1( "*+"3;+(9
$@1$.'(,;%",#(:$$1"++$<,),"++$+$"1%-+("-$+"%-$*%$(:#$3I3$1(
+-$+$#,"&'(+(#@$*V-$*(#?T&'(,(*#,"$*%$#(:$$1"++$,E()()2#"%($#%I
* %*#@(-&'( +(# #E$"%(# <)(@$##($# $1*(#? $ + )2)"$1"++$ <$*%(*(
#(,"1?T
!$##+"$&'(9*(##6$#%'(+$)$#6"#%>
(-(- )(,$##( 6$ ,(-)$$*+$ )()(#% $ ( +$#$*3(13"-$*%( +$
-)(E$%($+,,"(*1"*%$+"#,")1"*+$"0*,"#96$)%"+,(-)1$."++$+$-,#(+$
,S*,$ +$ ,(1(%$"*(9 $- :#, + +$@"*"&'( +(# ,(*%$5+(# ,"$*%;@",(# )$%"*$*%$#9
,(*#%"%"&#$,(-(-"*#%S*,"+$(-&'(+$#(@$##($#d
"# $#)$,"@",-$*%$9*I1"#$ 6$ $-)$$*+$-(#% *( #$*%"+( +$9 )(
-1+(9 "+$*%"@", ( /*7( $@$%"3( +$- )(E$%( ,(-( $#%$9 # ,(*%":"&'( )
@(-&'( +(#1*(# $ )(@$##($# $*3(13"+(#9 $9 )( (%(9 +$ 1$3*% "*+;,"(# +$
E
?(FJFJC FJ)
CG
D
H CIJK*C LJM
(-( -(%"3&'( )"*,")1 +$#%$ %:17( @(" )$*# (-&'( +$
#(@$##($# $- # @(- ,(*,$%9 ( #$E9 +$ -*$" ,(*$,%+ ,(- #%&'(
+$*%(+(#1"-"%$#+$-#1+$1+$"0*,"#9)$,"#I3-(#+$-$@$$*,"1%$2",(
6$*(#+$##$#)(%$*$##$+$#@"(B!$##$#$*%"+(9+#)(##":"1"++$#$#%"-)$#$*%$#>
,(*,$)&'( )I%", $ ,(*,$)&'( ,;%", +$ @(-&'( +(,$*%$B ) ()&'( )(
-,(*,$)&'(,;%",*(#@$C:#,#)(%$*#1$"%#+#(:#+$#1($"$<Oa`TOaaQ
$Q?$$"$$"7(<Oa`Q?B
)##"-9 *$#%$ ,);%1(9 $.)(-(# # 3"#H$# %$2",# ,(- # 6"# *(#
"+$*%"@",-(#B1$#$+"3"+$$-%0#)%$#B
! )"-$" )%$ )$#$*%-(# (# ,(*,$"%(# +$ $-*,")&'( 7-* $
$+,&'( +"12/",(&)(:1$-%"C+( + (: +$#1($"$B!$19 %$,$-(#1/-#
$@1$.H$# #(:$ ,(*%)(#"&'( $*%$+,&'(0+","(*1 $+,&'(-*,")+(B
)1%-+"##(9+"#,($-(##(:$+,&'("12/",(#(:1$-%"C+($#(:$*&'(
"(,"1+()(@$##(+$*%(+$-)$#)$,%"3$-*,")+($,;%",B
!#$/*+)%$9%$,$-(#1/-#$@1$.H$##(:$@(-&'(+$)(@$##($#9
+(,$*%$ <-,"(*1"++$#0%,*", $#I%",? $- @3( - ,(*,$)&'( -"# ,;%", $
$-*,")+(<-,"(*1"++$;%",?B
!%$,$")%$%%-(#+(+$#$*3(13"-$*%(+$)()(#%#$+,%"3#)%"
+)$#)$,%"3,*%$+"#,")1"*B
++
!$#%$ "%$-)$#$*%-(# ,(*,$)&'( +$ $+,&'( $-*,")+( $-#1(
$"$B(%( ,(*,$:$ $+,&'( ,(-(- )(+$(#( "*#%-$*%( +$ $-*,")&'( $
1":$%&'(+(#E$"%(96$*#,$+#(:#$3&H$#$$@1$.H$#+(#)2)"(##E$"%(##(:$
#$1"++$$6$,1-"*$-&'(%*#@(-+(<)I."#?B
$"$<Oa`?()H$&#$
(6$,7-+$$+,&'(%+","(*1(4:*,I"89$-6$"+$*%"@",,(-("*#%-$*%(+$+(-"*&'(9()$##'($1"$*&'(B,#%()(6$$@%
616$%$*%%"3+$+(-"*&'(+($+,+(#(:$($+,*+(B!$+,&'(:*,I"9(#
7(-$*# #'( 3"#%(# ,(-( #$$# +)%I3$"#9 E#%I3$"# '# *$,$##"++$# "-)(#%# )$1
#(,"$++$B9'-$+"+6$"*/$*-$*%$#$+)%-9)%"+($.$,;,"(+$)(#"%I"(+(
#:$$+()$*+$9-$*(##$'(,)C$#+$+$#$*3(13$,(*#,"0*,",;%",+$#$1
)%",")&'(*(-*+($+(#$$1)(%$*,"1%*#@(-+(9(#$E9*'(+$#$*3(13$'(
,),"++$ ,;%", 6$ (# ,(1(," ,(-( #E$"%(# +$ # $.)$"0*,"9 +$ # )2)"
7"#%2"B
)( +-"*"#% - $+,&'( :*,I" (# ()"-"+(#9 (# ()$##($#
%*#@(--#-$*%1"++$9-$17(+)%*+(&(#(#$@1#(7-*"#-(9("*3%#+$
%*#@(- ( ," ,(*+"&H$# ) 6$ #$ %*#@(-$ #"%&'(( 61 #:-$%$ (#
"*+"3;+(#',(*+"&'(+$()"-"+(#B
"'(,#(#"*+"3"+"#9-$(#N-/"*1"C+(#/6$+"#,$)-+@"#"(*(-"/$1 + #(,"$++$BN#%% :(9 (/*"C+ $ E#%B(# ()"-"+(#9 ,(-( ,#(# "*+"3"+"#9#'()%(1(/"+#(,"$++$#'96$)$,"#9)("#%(-$#-(9E#%&1(# $19-+*+(&17$#-$*%1"++$+$7(-$*#"*$)%(#$)$/"&(#(#/<-,-9 Oa`9)BQ?B
$*%(+$##)$#)$,%"39(#7(-$*#4($,$:$$-(-*+(6$*$1$#$*%9EI
#'(#$$#)##"3(#89,:$*+(4'$+,&'()##"3I&1(#-"#"*+$+)%I&1(#(-*+(8B
( #$E9 46*%( -"#+)%+(#9 ) ,(*,$)&'(N:*,I"/9 %*%( -"#N$+,+(#/
)(6$+$6+(#(-*+(8<-,-9Oa`9)BQ\?B
#% ,(*,$)&'( +$ $+,&'(9 "*,*#3$1-$*%$ ,"%",+ )($"$9 %$- ,(-(
(:E$%"3( )"*,")19 ( +$ +"@",1% ( )$*#%0*%",(9- 3$C 6$ $1$ )(+$ %(*&#$
"*#%-$*%(+$1":$%&'($%*#@(-&'(+##"%&H$#6$()"-$-(#"*+"3;+(#B
)$+,&'(4,(-()I%",+$+(-"*&'(89)$%$*+$9(-*%$"*/$*"++$
+(# $+,*+(#9 4"*+(%"*I&1(# *( #$*%"+( +$ #,(-(+&'(( -*+( + ()$##'(8
<-,-9Oa`9)BQQ?B
(6$*(#)$,$"*+"#,%;3$1%6$9#$)$%$*+$-(#1":$%&'(+(#7(-$*#*'( )(+$-(#,(-$&)(1"$*I&1(#(-*%0&1(#1"$*+(#B)1":$%&'(%0*%",9 6$%7-*"C&'($-)(,$##(9*'(%-,("#6$#$+$)(#"%*(#7(-$*#B !'(%- )13 -"#9 (,9 -"%"@",*%$B g )I."#9 6$ "-)1",&'( $ $@1$.'(+(#7(-$*##(:$(-*+()%*#@(-I&1(<-,-9Oa`9)BQ?B
),(*,$)&'(N:*,I"/*$/+"1(/","++$,(-($##0*,"+$+,&'($#$@C *%"+"12/",T)$1"C#)$&'(9$+,&'()(:1$-%"C+(#"%&'( /*(#"(12/",@"-+"1(/","++$$#$@C+"12/",<-,-9Oa`9)BQ`?B
($+,+(9,(-#*%"39,(*+C(#$+,*+(#'-$-("C&'(-$,S*",
+(# ,(*%$5+(#B ( #$E9 (# $+,*+(# #'( %*#@(-+(# $- ?D #$$*
?D)$1(#$+,+($#B
R*%( -"# 3IN$*,7$*+(/ (#$,")"$*%$# ,(- #$#N+$)2#"%(#/9 %*%( -$17( $+,+( #$IB R*%( -"# #$ +$".$- +(,"1-$*%$ N$*,7$/9 %*%( -$17($# $+,*+(##$'(<-,-9Oa`9)B^`?B
)##"-9(,(*7$,"-$*%()###$-+(&'(+(#+"%(##I:"(#(#6$E1/-*+#:$B4(&'(6$#$@*+*-+#-*"@$#%&H$#"*#%-$*%"#+"+$(1(/"+
()$##'(:#(1%"C&'(+"/*(S*,"96$,(*#%"%"(6$,7--(#+$1"$*&'(+
"/*(S*,"9#$/*+((61$#%#$$*,(*%#$-)$*((%(8<-,-9Oa`9)B^`?B-(%#)13#9
( ,(*7$,"-$*%(% ++((# $#%+*%$# ,(-(- ,+I3$ +$ "*@(-&'( -,()( -(%( +$ ,(*7$,"-$*%( $ *'(- ,(*$.'( 3"3 ,(-$1"++$ +$1$# <-,-$"U(-9Oa`Q9)BO^?B
))("-(&*(#$-$"$$*(6$$1$$*%$*+$)(,(*7$,"-$*%(>
( ,(*7$,"-$*%( $."/$- )$#$*& ,"(# +( #E$"%( $- @,$ +( -*+(B -$6$ #&'( %*#@(-+( #(:$$1"++$B$-*+- :#, ,(*#%*%$B,-)1",$-"*3$*&'($$-$"*3$*&'(B-$,1-$@1$.'(,;%",+$ ,+-#(:$(%(-$#-(+$,(*7$,$9)$1(61#$$,(*7$,$,(*7$,$*+($9 ( $,(*7$,$&#$ ##"-9 )$,$:$ ( 4,(-(8 +$ #$ ,(*7$,$ $ (# ,(*+","(*-$*%(# 6$ $#%I #:-$%"+( #$%( <-,-9 Oa`\9)B9)+ ,(!9OaaQ9)BQ^?B
#%-(#@1*+(+(,(*7$,"-$*%(6$$-$/$*(S-:"%($#,(196$1$6$%
,(*#%;+( )%" +(# $*%$*+"-$*%(# #(:$$1"++$ $#,(19 **I1"#$ ,;%", +
)I%",9 * @(- ,(-( (#1*(# )$*#-9 30$- $ "*%$)$%- # )2)"$1"++$B
(*7$,"-$*%( $#%$ 6$ $**," "*%$$##$# ,"(*"#9 %%",(#9 6$ )(+$- #"*1"C
-+*&##"/*"@",%"3#*$+,&'(B$$-,(-(+(,(*7$,"-$*%(,"$*%;@",(9#"#%$-I%",
$7"#%(",-$*%$,(*#%;+(*#I$#+$"0*,"#!%"#B
!$##$)(*%(9%"-)(%*%$@C$-(#-+"@$$*,"&'(+(6$$*%$*+$-(#)(
,(*7$,"-$*%($)(#:$B(*7$,"-$*%($#%I1"/+(')(+&'(,"$*%;@",#"#%$-%"C+$
,-1+( 7"#%(",-$*%$9 6$ +"C$9 ( ,(*7$,"-$*%(,-1+( 7"#%(",-$*%$ )$1
":$9 $#%I 1"/+( - -(+( +$ ,(*7$,$D#:$9 "*%$)$% -"# +"*S-",(9 -$*(#
#"#%$-%"C+(("/((#($-"#%",1+((%#@(-#+$#:$$@C$$1%"3(#'
)I%",9*'()(##"*+(*(-#;/"+#@(-"#+$31"+&'(<,(!9T,(-!0,!,9
$%1B9Oaa`?B
($+,+(9*,(*,$)&'(:*,I"+$+,&'(9("*3%#+$,(-*",&#$,(-(# $+,*+($+,+(9*,(*,$)&'(:*,I"+$+,&'(9("*3%#+$,(-*",&#$,(-(#9 @C ,(-*",+($+,+(9*,(*,$)&'(:*,I"+$+,&'(9("*3%#+$,(-*",&#$,(-(# $ +$)2#"%($+,+(9*,(*,$)&'(:*,I"+$+,&'(9("*3%#+$,(-*",&#$,(-(# 6$ ($+,+(9*,(*,$)&'(:*,I"+$+,&'(9("*3%#+$,(-*",&#$,(-(# $+,*+($+,+(9*,(*,$)&'(:*,I"+$+,&'(9("*3%#+$,(-*",&#$,(-(# (3$-9 -$-("C- $
$)$%$-B(#$E945*",-/$-+$&'(6$#$(@$$,$(#$+,*+(#%+$$,$:$$-(# +$)2#"%$)$%$-B(#$E945*",-/$-+$&'(6$#$(@$$,$(#$+,*+(#%+$$,$:$$-(#9 /+&1$)$%$-B(#$E945*",-/$-+$&'(6$#$(@$$,$(#$+,*+(#%+$$,$:$$-(# $ 6"3&1(#8B <-,-9 Oa`9 )B ^`? #% ,(*,$)&'( +$
$+,&'(%,(*#"+$+-%(+$+$)(#"%9%*#@$"9%*#-"%"31($#$,(*7$,"-$*%(#B
+,+($#$$+,*+(##$6"3-*-$+"+$-6$9*$#%+"#%(,"+3"#'( +$+,&'(9*'(7I,"%"3"++$9*'(7I%*#@(-&'(9*'(7I#:$B"2$."#%$ #:$*"*3$*&'(9*$"*3$*&'(9*:#,"*6"$%9"-),"$*%$9)$-*$*%$9 6$ (# 7(-$*# @C$- *( -*+(9 ,(- ( -*+( $ ,(- (# (%(# <-,-9 Oa`9)B^`?B
"$/*+(5"(. <Oaa?9#1($"$ $- # 4%$(" $+,,"(*18 ,(-:"*
1"*//$- + ,;%", ,(- 1"*//$- + )(##":"1"++$B !$##$ #$*%"+(9 $+,&'(
$.)$## *$,$##"++$ +(# $+,+($# $- 4%(* ( )(1;%",( -"# )$+/2/",(89 ( #$E9
4%(*$@1$.'( $&'( ,;%", )%$# @*+-$*%"# +$- )(E$%( #(,"18 6$ )##$
+$#$*3(13$ 4- @% )(@*+ $ )$-*$*%$ * 1% ) 7-*"C )2)" 3"+8
<5,-( b9Oaa9)BOP?B
!$##$#$*%"+(9$*%$*+$-(#6$$+,&'(1":$%+(+$3,(*@"/&#$,(-(
-#"%&'(*611*(#$)(@$##($##$E-/$*%$#,;%",(#+(%(+$,(*7$,$9#$E-
,)C$#+$$,(*7$,$&#$,(-(#E$"%(#+)$*+"C/$-$%($##(,""#6$#(*7-,(--$"*3$*&'(D$,(*#%&'(+#(,"$++$B
#1($"$ $ # +$@$# "*%*#"/$*%$ +(# +"$"%(# 7-*(#9 + $6"++$9 + 1":$++$"*#%"/3(#$+,+($#:#"1$"(#"*#"#%"*-)I%",$+,,"(*1 +"1(/1,(-(,(-)(*$*%$$##$*,"1+()(,$##(+$,(*#%&'(+$-(,I%",B;BBB< $%"*7-@(%$)$1(-$*/E-$*%(*1%)$11":$++$<$-!!)!9 O9)BO?B
# $"$9 ( +"I1(/(9 $+,&'( +"12/",(&)(:1$-%"C+( #$ ,(*#%"%"
,(-($##0*,")-? BD<-,-9Oa`9)B?B
"$/*+( $1$9 6*+( #$ @1 $- +"I1(/(9 #/$ ,(-( ,(*+"&'( ) $#%$9
)13B*:#,)(#$#,(*#%"%"*%$#$*,(*%&#$+#+"-$*#H$#>&'($$@1$.'(B
!'( 7I )13 3$++$" 6$ *'( #$E )I."#B; 6$ +"C$ )13 3$++$"#$E%*#@(-(-*+(<-,-9Oa`9)B?B
? <
? <
O
hBO-
))133$++$"+$#%"%;++$##+"-$*#H$#>&'( $
$@1$.'(#$%(*-)13$"9 )13# (,#9 :1I :1I :1I9 -$(%"3"#-(B#("# 6$ *'( 7I- 3$++$"
+$**,"+(-*+(9-3$++$"(,(-)(-"##(+$%*#@(-&'(B
(- )13 3$++$"9 (# 7(-$*# %0- )(##":"1"++$ +$ )(**," (
-*+(9 +$ %*#@(- ( -*+(9 +$ -(+"@",I&1(9 $##"- %*#@(- #" )2)"(#B g
)%"+(+"I1(/(6$(#E$"%(%$#%"-1+()$*#$$)$*#()$*#-$*%(+((%(9
%*#@(-*+(&#$$-#$$#,"%",-$*%$,(-*",%"3(#<-,-$"U(-9Oa`Q?B
4!'(%*(#"10*,"(6$(#7(-$*##$@C$-9-#*)139*(%:17(9*&'(& $@1$.'(8<-,-9Oa`9)B`?B
( +"I1(/(9 *$##$ #$*%"+(9 #$ "-)H$ ,(-( ,(*+"&'(@9 ) 6$ (#
7(-$*# )(##- 4)(**,"8 ( -*+(9 +"C$ 4)13 3$++$"8 $##"- )(+$
%*#@(-I&1(B
#("#%(9(+"I1(/(%-$."/0*,"$."#%$*,"1B#$$1$%($*,(*%($-6$#$ #(1"+"C- ($@1$%" $ (/" +$ #$# #E$"%(# $*+$$&+(#( -*+( #$ %*#@(-+($7-*"C+(9*'()(+$$+C"&#$-%(+$+$)(#"%"+%"#+$ - #E$"%( *( (%(9 *$- %-)(,( %(*&#$ #"-)1$# %(, +$ "+%"# #$$-,(*#-"+#)$1(#)$-%*%$#<-,-9Oa`9)Ba?B
"$/*+($"$9*'()(+$73$+"I1(/(#$*'(7(3$7-"1++$9(#$E9#$
$*6*%(+"1(/91"$*&#$"/*(S*,"9#$$*.$/#(-$*%$*((%(T#$#$,(*#"+$(
(%( #(-$*%$- 4"#%(8 (- 46"1(8 *( 61 *'($,(*7$,$ (%(# 4$#8T #$ #$
,(*#"+$+"@$$*%$94)%",")*%$+$-/$%(+$7(-$*#)(#8$%(+(#(#(%(#,(-(
4$## /$*%$8 ( 4*%"3(# "*@$"($#8T #$ *'( #$,$"%9 (@$*+$&#$ $ #$ @$,7 *%$ '
,(*%":"&'(+(#(%(#T("*+9
(-()(##(+"1(/9#$)%(+$6$N)(**,"/+(-*+(%%$@+$7(-$*# #$1$%(# $ 6$ )$#$*& +#-### * 7"#%2"% #"*1 +$ # +$%$"(&'( 6$ +$3($3"%d<-,-9Oa`9))B`&`O?B
;BBB<*'(7I+"I1(/(3$++$"(#$*'(7I*(##$##E$"%(#-)$*#3$++$"(B #$*#,;%",(B#$*#6$9*'(,$"%*+(+",(%(-"-*+(&7(-$*#9$,(*7$,$ $*%$$1$#-"*6$:*%I3$1#(1"+"$++$<-,-9Oa`9)B`?B
(# ()$##($# *$/-(# ()"-"+(# ( +"$"%(( +"I1(/(9' -*"@$#%&'( +
)139 "-)(*+(&17$# ( #"10*,"(9 #:-"##'(9 ,(*+C"*+(&(# #$-)$( ,-"*7( 6$
-"#"*%$$##'#(,"$++$()$##(B
( +"I1(/( ,(-( 3$;,1( ) )(**," )13 3$++$"9% ( -$"( )$1(
61 (# 7(-$*# )(+$- %*#@(- ( -*+(B1$%9##"-9- 4$."/0*," $."#%$*,"18B
!'()(+$*+(9)(%*%(9#$#+(,(-("*#%-$*%(+$%*#-"##'((+$)2#"%(+$"+%"#
))()(#%)$#$*%+)($"$%+$-)$+/(/"6$E+$(#()"-"+(#
#$3$$-*#"%&'(+$()"-"+(#$6$9(-$#-(%$-)(9,(*#%,(-$1$##:#$#+$
-#(,"$++$*(396$#)$$3$17(+$-$"*#%$E#%"&#(,"1B
(:#$3&#$ $*%'(9 6$ ( +"I1(/(9 $+,&'( +"12/",9 ( )$*# ,;%",(9
3$++$"(9#$,(*#%"%",(-(,(*+"&'($##$*,"1)6$(#7(-$*#)(##-:#,#$&
-"#9,"9$,"9@C$9$@C$9)(**,")133$++$"9-(+"@",$%*#@(-( -*+-"#9,"9$,"9@C$9$@C$9)(**,")133$++$"9-(+"@",$%*#@(-(B( #$E9 4+$#$*3(13$ -$,*"#-(# +$&'( 7-* ,)C$# +$ )(-(3$
$-*,")&'($%*#@(-&'(#(,"18<$-!!)!9O9)B?B
!$##$#$*%"+(9
;BBB<)I%",$+,%"3+"12/",)()(#%)($"$%-,-"*7(@$,*+() ( +$#$*3(13"-$*%( +$ &H$# 6$ %$*7- ,(-( )()2#"%( 6$: ( ,",1( +(-"*+(+$+,&'(:*,I"(*+$$.-"*(31"+3$++$#,(-)$%$ #E$"%(# "*+"3"+"# +(%+(# +$C'( $ ,-"*7 )&H$# 6$ )"3"1$/"$- &'( +$ #E$"%(# /)"# ,)C$# +$ "*%$/" $ ,(-*",&#$ <$-!!)!9 O9)BP?B
! $+,&'( +"12/",(&)(:1$-%"C+( (# )(@$##($# ##-$- #
%("++$9 ("*+ +( ,(*7$,"-$*%( #$- +$#%" ,"%"3"++$ $ 1":$++$ +(#
)$*+"C$#9*,(*3",&'(+$6$%%3%#+$-)(#%,;%",$)%",")%"36$$##$#
)(+$-,(*#%"9/+%"3-$*%$9#%(*(-"<-,-$"U(-9Oa`Q?B
( +"I1(/(9 )(%*%(9$)$#$*% - $-:%$ ,(*#%*%$ $*%$%("++$9 *'(
%("%I"9+3"*+ +( ,(*7$,"-$*%( $ 1":$++$ ) ( +$#$*3(13"-$*%( ,;%",( $
,"&'(+$*(3(##:$$#9%*%(+(#)$*+"C$#,(-(+(#)(@$##($#B
!(+"I1(/(,+)$##(%$#%"-1+)$*#$$)$*#()$*#-$*%(+((%(B 1$)$%$*,$'*%$C+(#$7-*(9$*6*%(#$+,(-*",&'(B(+"I1(/( #$1 (%( +$)$*+$9 6$ **,% "*+"3"+19 $-:( %$*7- +"-$*#'( "*+"3"+1<-,-$"U(-9Oa`Q9)BOP?B
+P
( ))$1 +( )(@"##"(*1 + $+,&'(9 *(# +"#%"#9 )$,"# #$$)$*#+(9
)##*+( +$- @(-&'( $#%"%-$*%$ )$+/2/", $ %%,*",9 )- @(-&'( -"#
7-*9#(,"1$)(1;%",9$-6$()(@$##(#$##--)(@"##"(*16$,$+"%$6$
1% )$1 %*#@(-&'( +# $#%%# ()$##"3# + #(,"$++$B)##"-9 (# )(@$##($#
)##- %$ - ))$19 #(:$%+( )(1;%",(9 (*+$ )(##- )(:1$-%"C $+,&'(9
:#,*+(#$-)$()(60$()60+(%($+,%"3(B
"(:$#%$)(*%(+$3"#%9$*%$*+$-(#6$$+,&'(*'(%*$%9$1%(%(+$
+)13'6$1$#6$*$,$##"%-9'6$1$#,E#(,"$++$()"-$B
#$"$ )(+&'( + %(*(-" #$ ,(*#%"%" ,(-( - )(##":"1"++$
)$+/2/", ,)C +$ % ,(- #(,"$++$ *( #$*%"+( +$ #)$ # ,(*,$)&H$#
+(-"**%$#6$#$)$#$*%-,(-(1%$*%"3#5*",#$$/1+(#%*%(+#$1&H$#+(#
#$$#7-*(#9,(-(++$@"*"&'(+(#$#)&(#)$-"%"+(#)($.$,;,"(+,"++*"B
*%$*+$-(# 6$ @*&'( #(,"1 +( )(@$##( $#%I $1,"(*+ ,(-
$#)(*#:"1"++$%%",*($.$,;,"(++(,0*,"9(#$E9@(-&'(,"$*%;@",9,),"++$+$
3"3$ $ +$)$*+$ ,(- ( +"@$$*%$9 ,),"++$ +$##-"&#$ ,(-( #E$"%( %-:%- +
)(+&'(+(#:$9,(*3$*,$*+(&#$6$4$*#"**'(%9-#,"
#)(##":"1"++$#)#)(+&'((#,(*#%&'(<-,-9OaaQ9)B?B
*#"* *'(% %*#@$" ,(*7$,"-$*%(#9 ,(*%$5+(#9 *$- @(-%&'( )$1 61 -#E$"%(,"+(+I@(-9$#%"1((1--,()("*+$,"#($,(-(++(B;BBB< R$- $*#"*)$*+$( $*#"* $ 6$-)$*+$ $*#"*()$*+$ <-,-9 OaaQ9)B\?B
(-)(-"##(,(-$1"++$#(,"1*(61)I%",$+,%"3#$
$1"CT
,-)(%S*,"+()(E$%($+,%"3())(+&'(+%(*(-"+(#
)$*+"C$#T
#(+&'(+$-)$+/(/"$-*,")+(T
-$1&'($."#%$*%$$*%$()(E$%($+,%"3($#(,"$++$1-$E+)$1(#
$+,+($#B
(*,(+-(# ,(-$"$ $"7( <Oa`Q?9 6*+( $1$#@"-- 6$ ( ,;,1(
)+'(9-"#)$,"#-$*%$(,;,1(:#$+(*%*#@$0*,"+$,(*7$,"-$*%(,(*#%"%"&
#$ ,(-(- @(- -$,*"C+ $%("%I" +$ (/*"C- )(/- +$ $*#"*(B##
@(-+$)$*#"-)1",*-$.%$-@1%+$,(*@"*&*,"%"3"++$+(#$#%+*%$#$
*,),"++$+(#)(@$##($#B
*%$%*%(9(#$#%+*%$#$#%'(%'(,(#%-+(#(:$+$,$$#%%3"/$*%$
<6$$#%:$1$,$#1$"%##$$-@$"%#96*%#)(3#+$3$-#$-"*"#%+#$$-6$
"*%$31(# +$ %$-)(9 6"# ,(*%$5+(# +$3$- #$ $*#"*+(#9 $%,B? 6$ *'($,(*7$,$- *
)$+/(/"1":$%+((#$"/(9#31"++$B
R*+( $#%+*%$# $ )(@$##($# #'( ,7-+(# 3"3$*," - $+,&'(
+"12/",9,7- $#%*7(9 *$/-&#$ $19 6$#%"(**+( #$"/( $ # 31"++$B
-(%#)13#9
;BBB<( )$*# $-1/( +"@$$*%$9 6$ (# $#%+*%$# $ (# E(3$*# )(@$##($# $#%'( ,7-*+( +$N$+,&'( +"12/",/ (N$+,&'( 1":$%+(/ $1$# $#%'( %'( ,(#%-+(# (:$+$,$ (+$*# 6$ *'( #:$- ,(-( #$$#)(*#I3$"# )$1 )2)"@(-&'(B!'()$*+$-,(-((/*"C#)2)"1$"%+$1"++$ $ +(# 1"3(#9 $*%$*+$*+( ( 6$ 10$- ,"%",-$*%$B#( #$$- +$)$*+$*%$# + %("++$ ) $#%% #$ +$#$*3(13"-$*%(9%(-%",-$*%$ )$*#- 6$ $+,&'(1":$%+((+"12/",%
"/((#9)($."/"+$1$#6$)%",")$-+)2)"@(-&'(<-,-$"U(-9Oa`Q9)Ba?B
# -"%(# $#%+*%$# $ )(@$##($# ( "/( +# )I%",# %+","(*"# $#%I
,(*+","(*+( )$1(%("%"#-( +# $#%%# +(-"**%$#9 ( #$E9 5*", +$@"*"&'( +$
"/( 6$ $#%'(,(#%-+(#% #"*V*"-( +$%("%"#-(B#$"$ $"7( <Oa`Q?9 (
"/(*+%$-$-,(--,(-(%("%"#-(9(,(*%I"(9
("/( ,(- 1":$++$9 )$,"# +$ 1":$++$B!'( )(##( $*%$*+$ ,(-(%
)(##;3$1#$"/((#(#$-#$,"%"3(B#-"-9%-"%(+"@;,"1#$,"%"3(#$*'( $."#%$1":$++$B"$-1":$++$#2)(##($)$%"(6$-$%+"%(<-,-$"U(-9 Oa`Q9)Ba`?B
("/(,"%"3(9*$+,&'(+"12/","-)1",*(#%(*-(#1/(-"#96*+(
-+-(#()$*+$9(,(*7$,$$$-(:#$3C'(+$#$+#,("##B"$3(,0*'(
-+96*+($#%I,(*7$,$*+(((:E$%(+$$#%+(93(,0*'($#%I#$*+("/((#(<-,-$
"U(-9Oa`Q?B
R*%(-"#-"*7(:#$3&'(3"1%-+$--$+$#,"&'((()"*"'(#(:$( (:E$%($,7$/(-$#%I/"($-6$,(-$&(,(*7$,$C'(+$#$6$$.)1",( (:E$%(9%*%(-"#$#("/((#(<-,-$"U(-9Oa`Q9)BOP?B
*%$%*%(9()(@$##(9($+,+(1":$%+(%-"#$.)$"$*%$**I1"#$,;%",
+ #(,"$++$9 -"# "*@(-+( $ -"# ,(-)(-$%"+( ,(-- #(*7( )(1;%",( +$ -+*&
#(,"1$+"@$$+(#1*(#*'(#(-$*%$)$1#@(-&'(9-#)(6$1"+$-)(,$##(
+$ %*#@(-&'( 6$ *'( #$ %(*" )(##;3$1 )( #" #29 -# )(6$ $#%$ %$-- ))$1
+"$%"3($*$,$##I"(*()(,$##(+$,(*7$,"-$*%(B(#$E9$1$#:$-"%(#(:$((:E$%(
+$ ,(*7$,"-$*%( #$ $#%++(9 $ $#%I @-"1""C+( ,(- *I1"#$ ,(*,$"%1 #$
$-)$$*+"+B1$%$--+$#%"*(9
$"$ <OaaQ?\ #"*%$%"C $##$# 1/*# +(-;*"(# ( +"-$*#H$# +( @C$
)$+/2/",(9 6$ #'( @%(# +"#,%"+(# $- %(+ # (:9 +$- -*$" #$-)$
%1"C+9,;%",9)(3(,%"3$,"(#B
))"-$"+$##%$#$#+"C$#)$"%((6$9+$#+$("*;,"(+$*(##(%:17(9
3"-(#+$:%$*+(96$#%'(+$6$4$*#"**'(%+8B()(@$##(9
*'(%--$($)(+%(D%*#-"##(+$,(*7$,"-$*%(#)(+C"+(#)($#)$,"1"#%#B)(
,(*%I"(9 $*#"* % 4," )(##":"1"++$# ) # )(+&'( ( # ,(*#%&'(8
<-,-9OaaQ9)B?B
!$##$#$*%"+(94$*#"**'(%%*#@$",(*7$,"-$*%(#9,(*%$5+(#9*$-%&'( )$1 61- #E$"%( ,"+( +I @(-9 $#%"1( (1-- ,()( "*+$,"#( $
,(-(++(8 <-,-9 OaaQ9 )B\?B( #$E9 46$- $*#"*)$*+$( $*#"* $
6$-)$*+$$*#"*()$*+$8B
- #$/*+ %$#$9 +$@$*+"+ )($"$ <OaaQ?9% +$ 6$ $*#"* $."/$
)$#6"#B*%$%*%(9)$#6"#*'(+$3$#$-,(-)1$-$*%('%"3"++$+(,$*%$9
-61"++$ (- @(- +$%B"$ )$#6"#+(% %$ #$-)$-%"%+$ +$ :#,
)$-*$*%$T-%"%+$"*+/%"39,"(#@$*%$'$1"++$9(-*+(Bg)$,"#(6$(
)(@$##($-#@(-&'()$-*$*%$4#$)$,$:$#$##-9)(6$)(@$##(9,(-(
)$#6"#+(8<-,-9OaaQ9)Ba?B
- %$,$" %$#$ +$@$*+"+ )$1(%(% +$ 6$ (%( +$ $*#"* $."/$
$@1$.'(,;%",#(:$)I%",9(#$E94$*3(13$(-(3"-$*%(+"*S-",(9+"1%%",(9$*%$(
@C$$()$*#$()$*##(:$(@C$8<-,-9OaaQ?B
g )%" +$@1$.'( ,;%", #(:$ # )2)"# )I%",# 6$ ( #E$"%( 3"
,(*#%"*+(,(*7$,"-$*%(,;%",(9%(**+()(##;3$1(+$#3$1-$*%($(-$17(-$*%(+#
\!$##$ %:17(9 ,"%$-(#)$*#1/*# +$##$# #:$$# *$,$##I"(#9 )(E1/ 6$ 1$"% -"*,"(# $
)I%",##$/"*%$#B!'(:#%($+,+(#$$@1$."3(B)$@1$.'()$,"#%$#$*%"+(9#$
#:#%*%"3 $ ,;%",9- 3$C 6$ $1 )## #$ "*#%-$*%( 6$ ,(*@$$ #$*%"+(' #
)(@"##'(B
##$"%$-%+"3"+"+($-+#)%$#B!)"-$")$#$*%-(#,;%",#1/*#
-(+$1(# #(:$ @(-&'( +(,$*%$9 6$ $,(*7$,$-(# * 1"%$%9 $9 * #$/*+9
+$#,$3$-(#)$#)$,%"36$+(%-(#*$##$%:17(B
+Q
,*5-$#)$#6"##*(S-:"%($+,,"(*1)(*%-,(-(-+(#,-"*7(#'
-+*& ++,&'( #)$&'( +(# -(+$1(# :#$+(# *-,"(*1"++$0%,*", $
#I%",+@(-&'(+(,$*%$B
!)$#)$,%"3+(#-(+$1(#:#$+(#*-,"(*1"++$0%,*",9(#)(:1$-#
$+,,"(*"##'(3"#%(#,(-()(:1$-#%%,*",(#$)##;3$"#+$#(1&H$#"*#%-$*%"#9(
6$ #"/*"@", 6$ )(+$- #$$#(13"+(# (:E$%"3-$*%$ )%" +(#( +$ )(,$+"-$*%(#
,"(*"#+,"0*,"<#-,-)9O?B!$##)$#)$,%"39)I%",$+,%"3:#$"&#$*
#"-)1$#)1",&'(+(,(*7$,"-$*%(,"$*%;@",(B
)--$=,"<Oa`Q?9@"--6$9+$*%(+$##)$#)$,%"39()(@$##(
)##%$-%"%+$+$,(*@(-"++$)##"3*%$'#? D)$#$*%+#
)$1(# $#)$,"1"#%# $- $+,&'(B - (%# )13#9 4( )(@$##(% 3"#%( ,(-(
-%%,*",(9- $#)$,"1"#% 6$ "/((#-$*%$ )H$ $- )I%",#$/# ,"$*%;@",# $D(
(%(-(+$1(+$@(-&'(+$)(@$##($#6$3$-$,$:$*+("*5-$#,;%",#
%(-(+$1(:#$+(*-,"(*1"++$#I%",9,E#,$*#'($#%I*(,(*,$"%(+$4#(@$##(
-$@1$."3(8B!$##$-(+$1(9)$#+$)##(,)-1/-"#)"3"1$/"+(+(6$*(
-(+$1( %%,*",(9 ( )(@$##("*+ *'( %$-- -$$,"+ 31("C&'( +( #$ %:17(B
"$/*+( 3I"# ,;%",#9 ( ,(*,$"%( +$#(@$##(-$@1$."3( )##( )(- )(,$##( +$
:*1"C&'( $ $#3C"-$*%( +( #$$1 ))$1 $)"#%$-(12/",( *# )I%",# $+,%"3#B
!$##$#$*%"+(931$,"%#"-$*%<^?>
;BBB< )()"&'( /$*$1"C+ + )$#)$,%"3 + $@1$.'(9 *# $@(-# $+,,"(*"#+(#/(3$*(#*$(1":$"#9%*#@(-()(@$##($@1$."3( $-- -$(%$-(9$.)$##'(+$- -(+9' -$+"+$-6$(+$#)$+$# )(%$*,"1+"-$*#'()(1;%",(&$)"#%$-(12/",96$#$%+C""$--$+"+#) $@$%"3$1$3&'(+($#%%%( +)(@"##"(*1"++$+(,$*%$ $) -$17("+# ,(*+"&H$#$#,(1$#<#,!0)9^9)BP^?B
)#,;%",#@$"%#(,(*,$"%(+$)(@$##($@1$."3()(*%-9#$/*+(#"-$*%
<^?91/*#)(:1$-#$##)$#)$,%"3>
;BBB<("*+"3"+1"#-(+$@1$.'(9#0*,"+$,"%%"(#$.%$*(#)(%$*,"+($# +$-$@1$.'( ,;%",9 $.,$##"3 <$ -$#-( "*,1#"3? 0*@#$ *# )I%",#9 "*3":"1"++$ + "*3$#%"/&'( *(# $#)&(# $#,(1$# $$#%"&'( +$#% *$##$ ,(*%$.%(<#,!0)9^9)BP\?B
*I"# ,;%",# $## )$#)$,%"3 $+,,"(*19 6$#%"(*- ( %")( +$
,(*7$,"-$*%( 6$% )(+C"+( )( $##$# +(,$*%$# $- ## #1 +$1B#1/*#
,;%",(#9(6$(#)(@$##($#)(+C$-,(-#$#6$#%"(*-$*%(#$$.)$"-$*%&H$#$-#1 +$1%)$*#- ,(*7$,"-$*%( )I%",( #(:$# -$17($# @(-# +$ ,(*+C" (
$*#"*(B(%(#%($#6$#%"(*-("/($31"++$+#-$%(+(1(/"#+$###)$#6"##
<")!0("9?B
"*%(#<?@"-6$%*$,$##I"(,(*#"+$*(3#)$#)$,%"3#)$##
$,(*7$,"-$*%(+$6$(##:$$#+$.)$"0*,"$+$@1$.'(,;%",%$-))$1"-)(%*%$
*( -$17(-$*%( +# )I%",#T 31("C- ( )(@$##(9%":"*+(&17$- ))$1%"3( *(
+$#$*3(13"-$*%()(@"##"(*1B-(%#)13#9
) 0*@#$ *$##$ %")( +$ @(-&'( $#%I *( +$#$*3(13"-$*%( +$- ) )( )%$ +( )(@$##(9 +$%$,%*+( )(:1$-#9 )(,*+(9 * 1"%$%$+,,"(*19*%(,+$$.)$"0*,",(-(#,(1$/#$*%"1"C&'(+$ +"@$$*%$#$,#(#9#(1&H$#)$*,(*%@(-#+$$#)(*+$(#+$#@"(#+ )I%",9"*+$)$*+$*%$-$*%$+$#$%":"(*'((2%1(+$)$#6"#$##$%")( +$%"3"++$<")!0("99)BP95"@(#+(%(?B
#)$&#$+(#)(@$##($#6$##--+$@(-,(-)$%$*%$$$#)(*#I3$1
# %$@ +$ $*#"*9 ,(1:(*+( ) 6$ #$#1*(# +$#$*3(13-- %"3"++$
"*%$1$,%1#"/*"@",%"3B
"$/*+()*+%<O?9%",1)$#6"#,(-$*#"*(%-%$@+"@;,"19I+
$$."/$*%$B#(-1+(9)(6$)"-$"$."/$-%:17(
"/((#($#"#%$-I%",(9$-6$ ( )$#6"#+( %"1"C&#$ +$ - %$2",(9 3(,:1I"( )2)"(9 ,(*,$"%(# $
7")2%$#$#$#)$,;@",(#9(6$+$-*+%$-)($$#)&()#$1"C&'(B
#( (%( 1+(9 #$/*+ $."/"" +( )(@$##( 6$1%- +$ #$ $."/$*%$
%:17(+"I"(+$#1+$19#$#)(:1$-#$+$#@"(#9%"3$##$-%-:%-6$,-)"
,(-%(+(#(#$6"#"%(#)(+$#$*3(13"-$*%(+$-)$#6"#B
-:(9$1$#$%(*$-)$#6"#+(+$#)I%",9#$@C*$,$##I"(6$7E
*( )(@$##( ( +$#$E( +$ 6$#%"(*9 "*+/9 "#%(%9- )$+"#)(#"&'( )$##(1 )
"*3$#%"/B R$ $1$ %$*7 - @(-&'(+$6+ $ 6$ (."1"$ * @(-1&'( +$
)(:1$-# $ 7")2%$#$#T 6$ #": #$1$,"(* -%%(+(# $ "*#%-$*%(# +$ (:#$3&'( $
*I1"#$B(*+"&H$#$#%#9-;*"-#$*$,$##I"#)6$()(@$##()(##+$#$*3(13$-:(-%:17(+$)$#6"#B
)$#(+#+$-*+#+(%:17(+(,$*%$,(%"+"*($9)((%(9(#$6"#"%(#) -%:17(,"$*%"@",(+$61"++$<)!-g9O9)BQ?B
!-$+"+$-6$()(@$##()$*#4,(1:(8*)1",&'(+$-)()(#%
$+,,"(*1$D(*,(1$%+$"*@(-&H$##$$-*1"#+#)$1()$#6"#+(,+0-",(
($#)$,"1"#%9()(%$*,"1$-*,")+(+$#)I%",,(-("*#%-$*%(+$%*#@(-&'(
+# ,(*#,"0*,"#9%*1+( *( +$,($ +( +$#$*3(13"-$*%( +( )(,$##( $+,%"3(B(
#$E9*$##$)(,$##(9()(@$##(4)$+$8-)%$@*+-$*%1+ BO9$*%$*+"+$#%
,(-(&'("*@(-+$,(-)(-$%"+,(--+*&#$31($##(,""#B
"$/*+(0+"@<?94(#)(@$##($#(,)--)(#"&'($#%%%/",8+$*%(
+#,(-)1$.#$1&H$# $*%$#(,"$++$$(##:$$#6$$#%)(+C$-(:"1"CB!$##$
#$*%"+(9 ( +$#$*3(13"-$*%( +(# #:$$# 4%$" #"+( $ #$""*+ "*,(*,$:;3$1 #$-
-+$#$*3(13"-$*%(,($#)(*+$*%$+(#$,#(#$+,%"3(#89:$-,(-(94+$,()(#+(,$*%$#
$+$@(-+($#8<0)-,99)B\\?B
Q
"$/*+( )$#)$,%"3 +$$"$ <OaaQ?9 @(-&'(% ,(*,$:"+ ,(-(
-)(,$##(,(*%;*($)$-*$*%$+$+$#$*3(13"-$*%()(@"##"(*1+()(@$##(9$-6$
@(-&'("*","196$,($#)(*+$()$;(+(+$)$*+"C+(*#"*#%"%"&H$#@(-+(#$9
,(*%"*+96$,($#)(*+$')$*+"C/$-$-#$3"&(9-$+"*%$&H$#+$*%($@(+
#1 +$19% ,(-)(#% +$ @(- "*%$&%",1+B)##"-9 @(-&'( +$ )(@$##($#9
+$3$""*,$*%"3)()"&'(+(##:$$#)$1(#)(@$##($#9-('%(*(-"9$1$3
-)I%",,;%",(&$@1$."39:*/$*+(3"+,(%"+"*+$#,(1$(##:$$#+$"3+(#
$"$ <OaaQ?/-$*% 6$ 4* @(-&'( )$-*$*%$ +(# )(@$##($#9 (
-(-$*%( @*+-$*%1% ( +$@1$.'( ,;%", #(:$ )I%",B g )$*#*+( ,"%",-$*%$
)I%",+$7(E$(+$(*%$-6$#$)(+$-$17()2."-)I%",8<OaaQ9)B\a?B#
$1$9 $1 +$3$ #$ ,(*,$:"+ ,(-($@1$.'(9 )$#6"#9&'(9 +$#,(:$%9 (/*"C&'(B)
$@1$.'(9#/$+,"(#"++$#(:$)I%",+(,$*%$9$%(-(3"-$*%($1"C+($*%$(
@C$$()$*#9$*%$()$*#$(@C$9*-$.$,;,"(,(*#%*%$$-6$,"(#"++$3"
#$%*#@(-*+($-,;%",B
( +$ 6$ #$ )$,"#% )(##":"1"%9 6$9 3(1%*+(&#$ #(:$ #" -$#-9%3%# + $@1$.'( #(:$ )I%",9 ,"(#"++$ "*/0*9 )$,$:$*+(&#$ ,(-( %19 #$ 3I %(**+(,;%",<-,-9OaaQ9)B\a?B
( -"1"%*%$9%"3"#% ,;%",(9 *( $*#"*( ( $- 616$ (%( 1/9 $.-"*%% -$#-( # )2)" )I%",9 *'( #$ ,$"%*+( ,(-( )(*%( $ ,:+(9 $"*3$*%*+(&#$'-$+"+6$$"*3$*%#(,"$++$<-,-$"U(-9Oa`Q9)B Q^?B
)@(-&'(*)$#)$,%"3+$#1($"$ $#%I"*%"--$*%$$1,"(*+
,(-%("++$ $ ,(- 1":$++$ ,(- 6$ (# )(@$##($# ,(*+C$- (%( $+,%"3(B)
%("++$ "-)1", %$ ,(*7$,"-$*%( ,"$*%;@",(9 +(-;*"( +(# -%%(+(#9 +# @(-# +(
,(*7$,"-$*%($+$,(-((:%$(,(*7$,"-$*%($1":$++$+"C$#)$"%('+$#)&()
6$(#E$"%(+)$*+"C/$-)(##,"9$,"9$*@"-#$,"%"3(B
*%$*+$-(#6$9+$*%(+$##)$#)$,%"39*'(#$)(+$+"##(,"D#$)%$("
+&'( )I%",9- 3$C 6$ $#%# ,(*#%"%$-$1"++$# "*#$)I3$"#9 )("# *'( $."#%$
%$("#$-)I%",$*$-)I%",#$-%$("B(#$E94)$,$:$%$("$)I%",,(-(
+("# 1+(# +$- -$#-( (:E$%(% "-)$#,"*+;3$1 ) #$ ,(-)$$*+$ ( )(,$##( +$
,(*#%&'(+(,(*7$,"-$*%(8<5 ,!9^9)BO\\?B
" #$)&'( ,(*#%"%"&#$&I * *$/&'( + "+$*%"++$ 7-*B- (%#
6"1(6$%(*((#$7-*()(##;3$1>$@1$.'("*#%+)$1)$/*%8<5 ,!9
^9)BO\\?B
"$/*+( (%(9% *$1&'( $*%$ %$(" $ )I%", 6$ ( #:$ +(,$*%$%
,(*#%;+(B## ,(*#%&'( +( ,(*7$,"-$*%( #$ %(*I )(##;3$1 * -$+"+ $- 6$ (
)(@$##(+(%$-)(#%,;%",@$*%$'###)2)"#$.)$"0*,"#B(6$
$6$-$@1$.'(,$,+(#,(*%$5+(#$+#@(-#,(-(#'(%:17+(#T#)(#%$-$1&'(
(#1*(#9(#"#%$-#(,"19)(1;%",(9$,(*V-",(9,1%19$%,B<5 ,!9?B!$##$
#$*%"+(9()(@$##(*'(-"#$3"#%(,(-(-%*#-"##(D$)(+%(+$,(*7$,"-$*%(
+(#$#)$,"1"#%#9-##"-9$1$)2)"(#$%(*-$#)$,"1"#%$-#$@C$9+6""*+(
-"(%(*(-"@$*%$'#)I%",B#(+$*+(9)(%*%(9
;BBB< )(##":"1"%%0*%", $-*,")&'( +(# $+,*+(#9 *'( #$*+( -"# -/$*%$@(-+(+$-'(&+$&(:)(-$,+(9-#(6"%$%(+$-*(3 #(,"$++$91"3$$,(*#,"$*%$+$#$)(E$%()(1;%",(<5 ,!9^9)BO\^?B
"$/*+(5"(.<Oaa?9
(,(*7$,"-$*%(%(*&#$"-)(%*%$*-$+"+$-6$E+(##$$#7-*(# ,(-)$$*+$$-*'()$*###)(#"&H$#$-:%"+#$-#@(-$,(*%$5+(9 -# %-:%- (# )(,$##(#%3%# +(# 6"# $1$% )(+C"+(9)()"+( $ %*#@(-+( +$*%( +$-:"$*%$# #(,""# $ 7"#%2",(# $#)$,;@",(# <5,-( b9 Oaa9)B\a?B
g +$*%( +$## )$#)$,%"3 6$ 5"(. <Oaa? )$#$*% ( ,(*,$"%( +$
4#(@$##($#,(-(,*%$1$,%"#0*#@(-+($#86$+$3$"-$#%,(-)(-$%"+(#,(->
*#"*(,(-()I%",$-*,")+(T
"&'(+$$#,(1#,(-($#@$#)5:1",#+$-(,I%",#T
-$#%&'( +$ - ,(-*"++$ +$ 31($# )(/$##"#%#
,(-)%"17+(#T
(-$*%&'( +$- +"#,#( )5:1",( ,(-- 1"/+((# "-)$%"3(#
+$-(,I%",(#+$"/1++$$E#%"&#(,"1B
;BBB<+$3$-#$,)C$#+$-(1+(#-(+(#*(#6"#(%$-)(9$#)&(9%"3"++$$ ,(*7$,"-$*%((/*"C-(,(%"+"*(*#$#,(1#B;BBB<,(-:"*'($@1$.'($&'( *( "*%$$##$ +$ @(%1$,$$- (# $#%+*%$# ,(-# 7:"1"++$# $ ,(*7$,"-$*%(# *$,$##I"(# ) :(+$- # "*E#%"&# $ +$ #$$- %*%$# ,;%",(# ,(-)(-$%"+(# ,(- ( +$#$*3(13"-$*%( +$ - -*+( 1"3$ + ()$##'( $ $.)1(&'(<5,-( b9Oaa9)Ba?B
) +"#,##'( $ ( +$:%$,$, +# )I%",#9 +# )$#6"## $ +(# +"#,#(# #'(
,(*#"+$+#9 )( -"%(# )$#6"#+($#9 @(*%$#",# ) <$? #"/*"@",9$&$1:( $
%*#@(-#%$("#)(+C"+#+$*%(+$+,&'(B
( $*@(6$ ,;%",( * $+,&'(9 )("+( * 0$(" ;%", + #,(1 +$
*Y@%9)()H$)$#6"#$-#1+$1,(-(@(-+$#)$#+",(%(-"#$*%$
)(@$##( $ )$#6"#+(9 %$(" $ )I%",9 ,E( (:E$%"3( 3(1%&#$ ' ,(*#%&'( +(
,(*7$,"-$*%(,;%",(B
)Q;"-)1",+$#%I1"/+-@(##(6$$."#%$)$-*$*%$-$*%$$*%$( +$()9+#+"-$*#H$#,(-)1$%-$*%$+"#%"*%#+3"+7-*96$ @(*$,$"- ( @*+-$*%( )$1&'( $*%$ %$(" $ )I%",B <(-R ,f) +$ )-*)8U(9^9)BP9/"@(#+(%(?B
),(*#%&'(+(,(*7$,"-$*%(,;%",(9#$/*+("(*<?$6$"*3$*&'(
+$- )()(#% $+,,"(*1 $ 6$ *$#% )()(#% ,(*%$*7-&'(B)*I1"#$ +$##
&'(+$3$()$*(#$*%"+(+$$1"C-$@1$.'(%$2",($,(*#%&'(,"(*1+
&'(B
!$##$ )(,$##(9 ( )(@$##(+6"$ $ "*,()(?D +$ )$#6"#+(9 *
-$+"+ $- 6$ 4$1:(9 +$#$*3(13$ $31" - )()(#% +$ $*#"*(&)$*+"C+(8B
<,(!99 )B^?B R*+( ( )(@$##( )## #$%( $%( +$ # )()(#% +$
%:17(9 $1$ %$- *# -'(# "*#%-$*%(# ,)C$# +$ %(- )I%", ,(-( (:E$%( +$
,(*#%",(*7$,"-$*%(,;%",(B(-$17(+"C$*+(9%*#@(-#)I%",)$+/2/",
$- BO!$##$-(-$*%(9()(@$##(+6"$+$)$#6"#+(B
P
##$ "%$- #$ +"3"+$ $- +# )%$#> * )"-$" $#:(&-(# *(## 1$"% +(#
#S-$%(#",1$#!,"(*"#)(*#"*(%+"(9)($*%$*+$6$$#%$+(,-$*%(
(@","1)(*%*(3(#,-"*7(#)(%:17()$+/2/",($#$+"$,"(*-$*%((%:17(
"*%$+"#,")1"* $9 * #$/*+ %$,$-(#1/-# ,(*#"+$&H$# #(:$ $)"#%$-(1(/" $
)I%","*%$+"#,")1"*B
P+ R S .
(##S-$%(#",1$#!,"(*"##!i <$-)",89? ,(-(
-+(,-$*%( +$ ("$*%&'( $+,,"(*1 ,(-)1$-$*%9 $.)1","% %",1&'( +$
,(-)$%0*,"# /$"# 6$ #$ +$#$E )(-(3$ ,(- (# ,(*7$,"-$*%(# +"#,")1"*$# $
)$#$*%-,(*E*%(+$#/$#%H$#+$)I%",#$+,%"3#$+$(/*"C&'(+(#,;,1(#
6$9,($$*%$,(-%1%",1&'(9$#%:$1$,$%$-#$#%%+($#+($*#"*(+"#,")1"**#
3I"#I$#+(,(*7$,"-$*%(B
"$/*+((##S-$%(#",1$#<$-)",89Oaaa9)BO^?@(-&'(+(1*(
)$##)H$46"#"&'(+$,(*7$,"-$*%(#:I#",(#9)$)&'(,"$*%;@",$,),"++$+$
%"1"C#+"@$$*%$#%$,*(1(/"#$1%"3#'#I$#+$%&'(8B"$/*+($##("$*%&'(9(
,),"++$# +$ )$#6"#9 :#, "*@(-&H$#9*1"#I&1#9 ,),"++$ +$)$*+$9 ,"9
@(-19("*3%#+(#"-)1$#$.$,;,"(+$-$-("C&'(B
)8$" +$"$%"C$# $$#$# ++,&'(!,"(*1 <8$" a\aPDaQ? $#%:$1$,$
,(-( ,I%$ /$1 ) ( *#"*(%+"(9 @(-&'( /$19 :#$+ *6"#"&'( +$
,(*7$,"-$*%(# :I#",(#9 ) $#)(*+$ +$#@"(# "-)(#%(# )( )(,$##(# /1(:"#9 *
%"1"C&'(+$+"@$$*%$#%$,*(1(/"#9*(+$#$*3(13"-$*%(+$,),"++$#+$)$#6"#9$6$
+$%$-"*(*#"*(%+"(,(-($%),(*,1#"3+$+,&'(:I#",$*'(-"##(-$*%$
-)$)&'()(%$%)$#,(1()($.$,;,"()(@"##"(*1B
!$##$#$*%"+(9
;BBB<(*(3($*#"*(-%+"(+$".+$#$9)(%*%(9#"-)1$#-$*%$)$)%2"()( $*#"*(#)$"(($#%"%-$*%$)(@"##"(*1"C*%$9)##-"*$,$##"-$*%$ $#)(*#:"1"++$ +$ ,(-)1$% $+,&'( :I#",B - 616$ +$ ## -(+1"++$#9 "##( #"/*"@", )$) ) 3"+9 61"@", ) ,"++*" $ ,),"% ) ( )$*+"C+( )$-*$*%$9 $- $3$*%1 )(##$/"-$*%( +(# $#%+(#(+"$%-$*%$*(-*+(+(%:17(<$-)",899)B`?B
))%"+()%"/(\Q+8$!a\aPDaQ9(*#"*(%+"(#$,(*@"/,(-(
$%)@"*1+$+,&'(:I#",B,#%(#"/*"@",-*(3("$*%&'()9
;BBB<##$/%(+(#(#,"++'(#()(%*"++$+$,(*#(1"+$)(@*+(# ,(*7$,"-$*%(#+6""+(#*(*#"*(*+-$*%1T)"-(($+,*+(,(-( )$##( 7-*T )(##":"1"% ( )(##$/"-$*%( +(# $#%+(#T /*%" )$)&'( :I#", ) ( %:17( $ ,"++*"T +(% (# $+,*+(# +(# "*#%-$*%(# 6$ ( )$-"%- N,(*%"* )$*+$*+(/9 %$*+( $- 3"#% ( +$#$*3(13"-$*%( + ,(-)$$*#'( +(#N@*+-$*%(# ,"$*%;@",(# $ %$,*(12/",(# +(#)(,$##(#$+,%"3(#/<$-)",89Oaaa9)B?B
- #;*%$#$9 8$" $#%:$1$,$ - )$#)$,%"3 +$ $+,&'( $6"1":+9
%",1+9+$-*$"6$>