La formación del
profesorado en el siglo XXI:
Propuestas ante los cambios
económicos, sociales y culturales
Coord.:
Javier J. Maquilón Sánchez
La formación del profesorado en el siglo XXI
Propuestas ante los cambios económicos, sociales y culturales
Javier J. Maquilón Sánchez (Coord.)
Asociación Universitaria de Formación del Profesorado
Universidad de Murcia
1ª Edición, 2011
© Asociación Universitaria de Formación del Profesorado, 2011
© Universidad de Murcia, Servicio de Publicaciones, 2011
ISBN: 978­84­694­2841­2
Diseño de portada: Ana Belén Mirete Ruiz
!
"#!$%&'#()*+!,-"!.&%$-/%&#,%!-+!-"!/)0"%!11)2!
.3456789:8!:;97!<48!=:>?@48!7=4;A>@=48B!84=@:<78!C!=6<963:<78!
!
Coordinado por Javier J. Maquilón Sánchez
!
ÍNDICE
"#$%&'&!
!"#$"%$&'()*+(&,$))-(&
()"(#*(+,*-.!!/(!0&#1-,*$+!!(!!*++&2-,*$+!!(+!(/3,-,*$+!*+0-+4*%5!"#*1-#*-!6!
.(,3+/-#*-!
./%0&1-)"2"3-4&!5-"4(667766677666776667766677666776667766677666776667766&
7!
%-.!4*,!,&1&!8(##-1*(+4-.!"-#-!!%-!*++&2-,*$+!/&,(+4(!(+!%-!3+*2(#.*/-/!
89&:(4&:)-"3-0&;0<%"$0(66776667766677666776667766677666776667766677666776&
!
97!
%-!&#*(+4-,*$+!(+!4*(1"&.!/(!,-1:*&!
:%=()&8()#+"-4&,=()-06666677666776667766677666776667766677666776667766677&
!
;<!
*++&2-,*&+(.! &#*(+4-/-.! -%! (((.=! %-.! ,&1"(4(+,*-.! 6! .3! (2-%3-,*$+! ,&1&!
(%(1(+4&.!/(!"%-+*0*,-,*$+!(+!(%!1-#,&!/(%!(((.!
8()%&:(4&'()*+(&>("466776667766677666776667766677666776667766677666776667&
!
@A3*B+! 8-! 0-%4-/&! 8&6! -! ,%-.(CD! %-.! 1(4&/&%&'E-.! -,4*2-.! (+! (%! 4E43%&! /(!
'#-/&!/(!(/3,-,*$+!*+0-+4*%!
8?"%*(&@(==-A$&B/%4667766677666776667766677666776667766677666776667766677&
(2-%3-,*$+!/(!%-!1&4*2-,*$+!8-,*-!(%!-"#(+/*G-H(!/(!%&.!(.43/*-+4(.!/(!%&.!
,*,%&.!0&#1-4*2&.!/(!0&#1-,*$+!"#&0(.*&+-%!
C(D%-)&C7&8(E/%=?"&>2"*F-4666667766677666776667766677666776667766677666776&
!
>?!
!
F7!
!
I<!
%-! (.4*13%-,*$+! .(+.&#*&1&4#*G! (+! %-! 0&#1-,*$+! /(! %&.! 1-(.4#&.! A3(!
-4*(+/(+!-!%-!/*2(#.*/-/!
8()+(&C$0G&8()#+"-4&>-H/)(667766677666776667766677666776667766677666776667&
!
77I!
%-!(/3,-,*$+!*+4(#,3%43#-%!(+!(."-J-!
1-"()&B$3)+H/-4&I(D())$&6677666776667766677666776667766677666776667766677&
!
7?<!
%&.! "-/#(.! -+4(! %&.! "%-+(.! /(! ,&+2*2(+,*-! (.,&%-#! (+! %&.! ,(+4#&.! /(!
(/3,-,*$+!"#*1-#*-!6!.(,3+/-#*-!/(!%-!#('*$+!/(!13#,*-!
J/-"0("#(&,-)-4$&B(K+)-466666776667766677666776667766677666776667766677&
!
7<7!
(+.(J-+G-! 6! -"#(+/*G-H(=! "(#."(,4*2-.! /*0(#(+4(.! (+! :3.,-! /(! %-! ,-%*/-/!
/(%!#(+/*1*(+4&!-,-/B1*,&!
J/-"0("#(&1-)"2"3-4&:%"(6677666776667766677666776667766677666776667766677&
!
7><!
(/3,-,*$+!"-#-!(%!/(.-##&%%&5!"-"(%!*1"#(.,*+/*:%(!/(!%-!3+*2(#.*/-/!
8()#%"&B$3)+H/-4&B$A$667766677666776667766677666776667766677666776667766&
!
7F<!
0&#1-,*$+!/(%!"#&0(.&#-/&!6!'B+(#&!
B$*+$&!"H/%#(&8()#+"-46666677666776667766677666776667766677666776667766&
!
7II!
"(A3(J-.! %(,,*&+(.! K"#&2*.*&+-%(.L! #(."(,4&! /(! %-! 0&#1-,*$+! "-#-! %-!
*+2(.4*'-,*$+!(/3,-4*2-!6!.&,*-%!
;3/()3$&J-)"2"3-4&B$3)+H/-4667766677666776667766677666776667766677666776&
9MI!
0-1*%*-!6!(/3,-,*$+D!/*1(+.*&+(.!"-#-!(%!-+N%*.*.!/(%!,&+4()4&!0-1*%*-#!
C$(E/+"&:())(&8()#+"-4667766677666776667766677666776667766677666776667766&
!
9<I!
(2-%3-,*$+5! #(,&+&,*1*(+4&! 6! -,#(/*4-,*$+! /(! %&.! -"#(+/*G-H(.! +&!
0&#1-%(.! (! *+0&#1-%(.! (+! (%! N1:*4&! 3+*2(#.*4-#*&D! (%(1(+4&.! "-#-! (%!
/(:-4(!
L=D()$&B-#$)#%==$&M0/"(6666677666776667766677666776667766677666776666766&
!
9F7!
&#'-+*G-,*$+!6!'(.4*$+!3+*2(#.*4-#*-!6!/(#(,8&.!831-+&.!
C/("&N-"%#$&8()#+"-4667766677666776667766677666776667766677666776667766677&
!
9I?!
(/3,-#!/(./(5!(+!6!"-#-!%&.!,%-#&.,3#&.!/(!%-!2(H(G!
J-)"("3$&!=5/-)"-&.?<-466776667766677666776667766677666776667766677666776&
!
?7O!
!
!
!
"#!$%&%!'(!)*%!#%+(#,%--(.*!!/#-&(0(&!/#+%#!12*/%#!!$%&%!$&/#/*+%&!/!(*3(+%&1/#!%!
1%! 1/-+)&%! 4/1! $&/#/*+/! 1(0&56! "*! 71! #/! &/-58/! )*%! %'$1(%! 9! 3%&(%4%! 3(#(.*! 4/! 1%!
,5&'%-(.*!4/1!$&5,/#5&%45!/*!/1! #(815!::;!9!#)!1/-+)&%!/#+<!&/-5'/*4%4%!+%*+5!$%&%!
%-%47'(-5#! 9! $&5,/#(5*%1/#=! -5'5! $%&%! (*3/#+(8%45&/#! 9! ,5&'%45&/#=! /4)-%45&/#! 9!
/#+)4(%*+/#! 4/! +545#! 15#! <'0(+5#! ! 4/! 1%#! >(/*-(%#! 4/! 1%! "4)-%-(.*! 9! ')9!
/#$/-(%1'/*+/! %! 15#! ?)/! +&%0%@%'5#! ! /*! /1! -%'$5! 4/! 1%! A5&'%-(.*! ;*(-(%1! 9!
B/&'%*/*+/! 4/1! B&5,/#5&%45! 4/! "4)-%-(.*! ;*,%*+(1=! B&('%&(%=! C/-)*4%&(%! 9!
D*(3/&#(+%&(%6!
E%! -&/-(/*+/! $&/5-)$%-(.*! $5&! 1%! ,5&'%-(.*! 4/! $&5,/#5&%45! *5! #)$5*/! ?)/!
+545! -5*+(*F/! (8)%1! 5! $/5&! ?)/! G%-/! %18)*%#! 47-%4%#6! E5#! $&5,)*45#! $&5-/#5#! 4/!
-%'0(5#! #5-(%1/#=! /-5*.'(-5#! 9! -)1+)&%1/#! &/8(#+&%45#! /*! /#+%#! F1+('%#! 47-%4%#! 9! 1%!
/*5&'/!+&%*#,5&'%-(.*!4/!15#!#(#+/'%#!/4)-%+(35#!G%*!$1%*+/%45!$&501/'%#!*)/35#!
9!?)/!G%9!?)/!+/*/&15#!')9!/*!-)/*+%!/*!1%!,5&'%-(.*!4/1!$&5,/#5&%456!!"*!&/%1(4%4=!
1%#! $&5$)/#+%#! 4/! -%'0(5! 4/0/*! (*+/8&%&! 15#! &/#)1+%45#! 4/! 1%#! 'F1+($1/#!
(*3/#+(8%-(5*/#! /! (**53%-(5*/#! /4)-%+(3%#! ?)/! #/! /#+<*! &/%1(H%*45! /*! +545#! 15#!
-5*+/I+5#!/4)-%+(35#!9!#5-(%1/#6!!!!
E5#! $&5,/#(5*%1/#! 4/! 1%! /4)-%-(.*! /#+%'5#! $%#%*45! $5&! )*%! #(+)%-(.*! -&2+(-%!
4/! 1%! ?)/! *5! $54/'5#! *(! ?)/&/'5#! 4/#/*+/*4/&*5#6! "#! '<#=! 4/#/%'5#! ?)/! #/!
%81)+(*/*! /#,)/&H5#=! $&5$)/#+%#! 4/! #51)-(5*/#! ! 9! ,)/*+/#! 4/! %$595! ! $%&%! 11/3%&! %! 1%!
$&<-+(-%!1%#!'<#!-5*3/*(/*+/#!$%&%!15#J1%#!$&5,/#(5*%1/#!4/!-%4%!-5*+/I+5!/4)-%+(356!!
E%! ,5&'%-(.*! 4/1! $&5,/#5&%45! -5'$&/*4/! +545! )*! -5*@)*+5! 4/! $&5-/#5#=! %!
+&%37#!4/!15#!-)%1/#!15#!$&5,/#5&/#!%$&/*4/*!%!%$&/*4/&!9!%!-5'$&/*4/&=!%!%*%1(H%&!9!
&/,1/I(5*%&!/*!#)!1%05&!4(%&(%!9=!#(*!4)4%=!%!/*#/K%&6!"#!4/!3(+%1!('$5&+%*-(%!$%&%!)*%!
'/@5&%! 4/1! $&5-/#5! /4)-%+(35=! ?)/! /#+<! /*! )*! -5*+(*)5! -%'0(5! L/351)-(.*M=! ! ?)/!
*5#5+&5#!-5'5!45-/*+/#!+/*8%'5#!1%!501(8%-(.*!$&5,/#(5*%1!9!#5-(%1!4/!(&!%4?)(&(/*45!
*)/3%#!4/#+&/H%#!9!-5*5-('(/*+5#!?)/!5$+('(-/*!*)/#+&5!?)/G%-/&!4(%&(5!/*!/1!%)1%6!!!
N/#)1+%! ,)*4%'/*+%1! (1)'(*%&! 1%! &/,1/I(.*! +/.&(-%! #50&/! 15#! $&58&%'%#! 4/!
,5&'%-(.*!(*(-(%1!9!$/&'%*/*+/!4/1!$&5,/#5&%456!E%!+%&/%!*5!G%!+/&'(*%45=!%$/*%#!G%!
-5'/*H%456!O)-G5#!#5*!15#!%#$/-+5#!#50&/!15#!-)%1/#!G%9!?)/!/#+)4(%&!9!&/,1/I(5*%&=!
)*5! 4/! /115#! /#! #(*! 4)4%! /1! &/,/&(45! %1! %1-%*-/! 4/1! +&%0%@5! 45-/*+/! 9! 1%! -5*#(8)(/*+/!
-5*-/$+)%1(H%-(.*! 4/1! $&5,/#5&6! B%&/-/! -1%&5! ?)/! G%9! ?)/! +/*/&! ')9! /*! -)/*+%! /1!
-5*+/I+5! #5-(%1=! G(#+.&(-5! 9! -)1+)&%1! /*! ?)/! #/! /@/&-/! 1%! 45-/*-(%! $%&%! 1%!
%)+5&&/%1(H%-(.*!9!,5&'%-(.*!4/1!$&5,/#5&6!
O/@5&%&! 1%! ,5&'%-(.*! (*(-(%1! 9! $/&'%*/*+/! 4/1! $&5,/#5&%45! 4/! /4)-%-(.*!
(*,%*+(1=! $&('%&(%=! #/-)*4%&(%! ?)/! -5*#+(+)9/! )*! &/?)(#(+5! /#/*-(%1! $%&%! 15#! 158&5#!
/4)-%+(35#!4/1!#(815!::;=!&/#)1+%!(*%1-%*H%01/!#(!*5!#/!(*-5&$5&%!1%!,5&'%-(.*!(*(-(%1!9!
$/&'%*/*+/!4/1!$&5,/#5&%45!)*(3/&#(+%&(56!B&5$5*/'5#!)*%!,5&')1%-(.*!'<#!%'$1(%!
?)/!%0%&?)/!1%!,5&'%-(.*!(*(-(%1!9!$/&'%*/*+/!4/1!$&5,/#5&%45!4/!+545#!15#!*(3/1/#6!
E%! )*(3/&#(4%4! #)/1/! #/&! 4/@%4%! 4/! 1%45! -)%*45! #/! G%01%! 4/! 1%! ,5&'%-(.*! (*(-(%1! 9!
$/&'%*/*+/!4/1!$&5,/#5&%456!
P5! 4/0/'5#! 513(4%&! ?)/! 1%! ,5&'%-(.*! 4/0/! (&! /*! $%&%1/15! -5*! /1! %3%*-/! 9! 15#!
*)/35#! -%'0(5#! #5-(%1/#=! /-5*.'(-5#=! -)1+)&%1/#! 9! +/-*51.8(-5#=! ,)*4%'/*+%1'/*+/!
$5&?)/!*5!$54/'5#!(&!/*!-5*+&%!4/!1%#!*/-/#(4%4/#!?)/!*5#!'%&-%!1%!#5-(/4%4!%-+)%1!
9! /*! #/8)*45! 1)8%&=! $5&?)/! #(! ?)/&/'5#! ,5&'%&! %1)'*5#J%#! 9! $&5,/#5&/#! ! $%&%! )*%!
$5#+/&(5&!(*+/8&%-(.*!/*!1%!#5-(/4%4!*5!*5#!$54/'5#!513(4%&!4/!15#!*)/35#!-%'0(5#!
#5-(%1/#! /*#/K<*451/#! %$&/*4/&! %! %$&/*4/&=! %! $/*#%&=! %! &/,1/I(5*%&! 9! -&(+(-%&!
-5*#+&)-+(3%'/*+/6!!
E%! */-/#(4%4! 4/! #)#+(+)(&! 1%#! +7-*(-%#! 9! /#+&%+/8(%#! 4/! +&%*#'(#(.*Q&/-/$-(.*!
$5&!5+&%#!?)/!5&(/*+/*!/1!%$&/*4(H%@/!-5'5!)*%!+%&/%!4/!(*4%8%-(.*!/!(*3/#+(8%-(.*=!
?)/! ,%35&/H-%! 1%! $%&+(-($%-(.*! 4/! 15#! /#+)4(%*+/#! /*! 1%! &/-5*#+&)--(.*! 4/! 15#!
-5*5-('(/*+5#=! -5*-(+%! G59! )*! -5*#/*#5! 8/*/&%16! C%0/'5#! ! ?)/! /#! */-/#%&(5!
(*+&54)-(&! 5&(/*+%-(5*/#! 0%#%4%#! /*! 1%! (*4%8%-(.*! L(*?)(&9Q0%#/4! C-(/*-/! "4)-%+(5*!
L;RC"M=! 4/#$1%H%*45! /1! +&%4(-(5*%1! S-G%1T! %*4! +%1TU=! 1%#! (*3/#+(8%-(5*/#! 9! 15#!
*)'/&5#5#!/@/'$15#!4/!/I$/&(/*-(%#!-5*+&51%4%#!-5*!7I(+5!%#2!15!%$&)/0%*6!
V$(*(5*/#! #('(1%&/#! ,)/&5*! +%'0(7*=! 9%! G%-/! '<#! 4/! 4(/H! %K5#=! /1! $)*+5! 4/!
$%&+(4%!4/!15#!P%-(5*%1!C-(/*-/!"4)-%+(5*!C+%*4%&4!/*!DCW=!-)95!-%$2+)15!-)%&+5!/#+<!
4/#+(*%45! %1! 4/#%&&5115! $&5,/#(5*%1! 4/! 15#! $&5,/#5&/#! $%&%! G%-/&! $5#(01/! 1%!
(*+&54)--(.*!4/!1%#!*)/3%#!/#+&%+/8(%#!/*!/1!!%$&/*4(H%@/!-5'5!(*3/#+(8%-(.*Q%--(.*6!
X/#4/!*)/#+&5!$)*+5!4/!3(#+%!9!4/*+&5!!4/!1%!,5&'%-(.*!+/.&(-%!9!4/!1%#!+7-*(-%#!
9! /#+&%+/8(%#! 4/! ,5&'%-(.*! 4/1! $&5,/#5&%45=! $%&+(/*45! 4/! 1%! $&/'(#%! ?)/! +545! /1!
$&5,/#5&%45! /#+<! '5+(3%45! $5&! %$&/*4/&! /! (*-5&$5&%&#/! %! 15#! *)/35#! -%'0(5#!
#5-(%1/#!3/'5#!-5'5!%4/-)%45!1%!,5&'%-(.*!-/*+&%4%!/*!1%!45-/*-(%!4(%&(%6!
W$/*%#!/#!4(#-)+(45!/*!1%!%-+)%1(4%4!?)/!)*!$&5,/#5&!*/-/#(+%!)*%!$&/$%&%-(.*!
4/!-%&<-+/&!$&5,/#(5*%16!O54/#+%'/*+/!$/*#%'5#!?)/!4(-G%!$&/$%&%-(.*!%)'/*+%&2%!
#)!/,(-%-(%!#(!#/!$5#(0(1(+%&%!-5*!'<#!/I$/&(/*-(%#!$&<-+(-%#!/*!-/*+&5#!/4)-%+(35#6!
E%#!D*(3/&#(4%4/#!G%0&<*!4/!4(1)-(4%&!/*!)*!,)+)&5!$&.I('5!1%!&/'54/1%-(.*!
4/!1%!,5&'%-(.*!(*(-(%1!9!$/&'%*/*+/!4/1!$&5,/#5&%45!4/!/4)-%-(.*!!(*,%*+(1=!$&('%&(%=!
#/-)*4%&(%! 9! )*(3/&#(+%&(%6! E%#! D*(3/&#(4%4/#! ")&5$/%#! 1%! G%&<*! 4/! %-)/&45! %! 1%!
*5&'%+(3%! ?)/! /I(8/! 1%! >5*3/&8/*-(%! ")&5$/%! 9! ?)/! 9%! #/! G%! (*(-(%45! /*! ')-G%#!
D*(3/&#(4%4/#6!
E5#! 4(/-(#(+/! -%$2+)15#! ?)/! -5*,(8)&%*! /1! $&/#/*+/! 1(0&5! #/! G%*! /#-&(+5! -5*! 1%!
$&/+/*#(.*! 4/! 4%&! )*! 0&/3/=! $/&5! 4/*#5! &/-5&&(45! $5&! 15#! 50@/+(35#! 9! -5*+/*(45#!
*/-/#%&(5#!$%&%!1%!,5&'%-(.*!4/1!$&5,/#5&%45=!4/!#)#!&/,1/I(5*/#!9!?)/!7#+%*!1/#!11/3/*!
%!/@/&-/&!1%!&/#$5*#%0(1(4%4!?)/!#)$5*/!#/&!45-/*+/!/*!/1!C(815!::;6!
!
!
!
!"#$%&'(&)($*+",-+$.(""/+$
0"/1)2/&'/$2/$3+$%1(,)+,)4&$5&)6/"1)'+")+$2/$7("8+,)4&$2/3$0"(9/1("+2($
:/;$%57<0=$>>>#+?9(@#,(8$
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
I CONGRESO INTERNACIONAL VIRTUAL
DE FORMACIÓN DEL PROFESORADO
LA FORMACIÓN DEL PROFESORADO EN EL SIGLO XXI:
PROPUESTAS ANTE LOS CAMBIOS ECONÓMICOS, SOCIALES Y CULTURALES
!
!
"#$"%&"'(&)*!!+"!,-%.)(&/'!!"!!&''-0)(&/'!!"'!"+1()(&/'!
&',)'2&34!$%&.)%&)!5!*"(1'+)%&)!
!
!
3678!9:;<=<>:?!)@:<?A!
#$%&'()%*+*!*'!,-(.%+!
!
%"*1."'!
/0! .1$2'321! +.2-+0! *'! 0+! '$)'4+$5+6! .+(+.2'(%5+*1! 71(! 01)! %871(2+$2')! .+89%1)! '!
%$$1&+.%1$')! ('+0%5+*+)! :02%8+8'$2'6! *'8+$*+! *'0! 7(1;')1(+*16! .181! '0'8'$21!
;-$*+8'$2+0!*'0!.+89%1!'*-.+2%&16!-$+)!7+-2+)!*'!+..%<$!=!-$!(10!>-'!.1$2(%9-=+$!
+! 7('7+(+(! +! 0+)! +0-8$+)! =! +0-8$1)! 7+(+! .187('$*'(! 0+! )1.%'*+*! '$! ! 0+! >-'! )'!
*')'$&-'0&'$6! +)?! .181! +! *')+((100+(! 0+! .+7+.%*+*! *'! +$+0%5+(! .(?2%.+8'$2'! )-!
'$21($1@! A+(+! '001! ')! %871(2+$2'! 7(1.-(+(6! *')*'! 0+! ').-'0+6! >-'! +.1$2'5.+! -$+!
%$2'(+..%<$!)%B$%;%.+2%&+!.1$!)-!&%*+6!'37'(%'$.%+)!=!'$21($1!.12%*%+$1@!!
/$!')2'!)'$2%*1!)'!*')+((100+$!'$!')2+!71$'$.%+!&+(%1)!70+$2'+8%'$21)6!.181!C7+(+!
>-D!)'!'*-.+!+!-$+!7'()1$+!+!01!0+(B1!*'!0+!'$)'4+$5+!%$;+$2%0!=!190%B+21(%+E6!C.<81!
'$)'4+(!'0!.1$2'$%*1!7+(+!>-'!'0!+0-8$+*1!01!+7('$*+!)%B$%;%.+2%&+8'$2'E!1!C>-D!
;1(8+.%<$! *'9'! *'! +*>-%(%(! '0! 7(1;')1(+*1! *'! '*-.+.%<$! 190%B+21(%+! 7+(+!
(')71$*'(!+!01)!70+$2'+8%'$21)!+$2'(%1(')E@!F$2'((1B+$2')!.-=+!(')7-')2+!$1)!&+!+!
7'(8%2%(! (';0'3%1$+(! )19('! 0+)! '37'(%'$.%+)! *'! ;1(8+.%<$! '! %$$1&+.%<$! '$!
'*-.+.%<$!%$;+$2%0!=!190%B+21(%+@!
$ABA@;A8! (BAC:G! ;1(8+.%<$! *'0! 7(1;')1(+*1H! '*-.+.%<$! $1! -$%&'()%2+(%+H!
%$$1&+.%<$!!
!
!
"#$"%&"'("*!-,!,-%.)2&-'!)'+!&''-0)2&-'!&'!&',)'2&3"4!$%&.)%5!
)'+!*"(-'+)%5!"+1()2&-'!
!
)D*2%)(2!
IJ'!.-(('$2!.1$2'32!1;!'*-.+2%1$6!.J+(+.2'(%5'*!9=!8+K1(!.J+$B')!+$*!%$$1&+2%1$)!
8+*'!0+2'0=6!8+L')!2'+.J'()!+)!2J'!L'=!21!'*-.+2%1$+0!.J+$B'6!J+&'!+!(10'!2J+2!M%00!
J'07! 7('7+('! )2-*'$2)! 21! -$*'()2+$*! 2J'! )1.%'2=! %$! MJ%.J! 2J'=! 17'(+2'@! F$! 2J%)!
!
!
"!
('B+(*6! M'! *'&'017! %$! 2J%)! 7+7'(! )'&'(+0! +77(1+.J')6! MJ=! '*-.+2'! +! 7'()1$! %$!
.J%0*J11*!+$*!.187-0)1(=!'*-.+2%1$6!J1M!21!2'+.J!.1$2'$2!)1!2J+2!)2-*'$2)!0'+($!
)%B$%;%.+$20=E! 1(! MJ+2! L%$*! 1;! 2(+%$%$B! 1;! 2'+.J'()! )J1-0*! +.>-%('! 21! 8''2! 2J')'!
$''*)@! F))-')! )-.J! +)! 2J'! (')71$)'! M%00! +001M! -)! 21! (';0'.2! 1$! 2J'! '37'(%'$.')! 1;!
2(+%$%$B!+$*!%$$1&+2%1$!%$!$1$O-$%&'()%2=!'*-.+2%1$@!
E:FGH;>8G!I'+.J'(!2(+%$%$B6!$1$O-$%&'()%2=!'*-.+2%1$6!%$$1&+2%1$!!
!
IJ!&'2%-+1((&/'!
/0!.1$2'321!B'$'(+0!*'!0+!'$)'4+$5+!'$!'0!>-'!')2+81)!%$8'()1)6!.+(+.2'(%5+*1!71(!
01)! %871(2+$2')! .+89%1)! '! %$$1&+.%1$')! ('+0%5+*+)! :02%8+8'$2'6! 2+$21! '$! 01)!
.1$2'$%*1)! .181! '$! 0+! ')2(-.2-(+.%<$! *'! 01)! *%&'()1)! $%&'0')! '*-.+2%&1)6! =! 8P)!
.1$.('2+8'$2'! '$! 0+! '2+7+! *'! '*-.+.%<$! 190%B+21(%+6! *'8+$*+! *'0! 7(1;')1(+*16!
.181!'0'8'$21!;-$*+8'$2+0!*'0!.+89%1!'*-.+2%&16!-$+)!7+-2+)!*'!+..%<$!=!-$!(10!
>-'! .1$2(%9-=+$! +0! +7('$*%5+K'! )%B$%;%.+2%&1! *'! 01)! .1$2'$%*1)6! +)?! .181! +!
712'$.%+(!=!;+&1('.'(!'0!7(12+B1$%)81!('+0!*'!01)!+0-8$1)!=!+0-8$+)!'$!'0!7(1.')1!
*'!.1$)2(-..%<$!*'!*%.J1!+7('$*%5+K'@!FB-+08'$2'6!=!.181!8'2+!8P)!B'$'(+06!*'9'!
.1$2(%9-%(!+!7('7+(+(01)!7+(+!.187('$*'(!0+!)1.%'*+*!'$!!0+!>-'!)'!*')'$&-'0&'$6!
+)?!.181!+!*')+((100+(!0+!.+7+.%*+*!*'!+$+0%5+(!.(?2%.+8'$2'!)-!'$21($1@!
#$! ('>-%)%21! %871(2+$2'! 7+(+! >-'! 01)! +0-8$1)! =! +0-8$+)! )'! '89+(>-'$! ! '$! ')2+!
0?$'+! *'! +..%<$! '*-.+2%&+! ')! '0! *'! 7(1.-(+(6! *')*'! 0+! ').-'0+6! >-'! +.1$2'5.+! -$+!
%$2'(+..%<$!)%B$%;%.+2%&+!.1$!)-!&%*+6!'37'(%'$.%+)!=!'$21($1!.12%*%+$16!*'!2+0!;1(8+!
>-'!'0!7(1.')1!*'!'$)'4+$5+!'$!'0!+-0+!)'!%$%.%'!=!*')+((100'!.1$2%$-+8'$2'!*')*'!
=!+!2(+&D)!*'!')+!%$2'(+..%<$6!.0+(%;%.+$*1!=!7(1;-$*%5+$*1!'$!21*1)!01)!'0'8'$21)!
=! +)7'.21)! >-'! 0+! &+$! .+(+.2'(%5+$*1@! /$! ')2'! )'$2%*16! ')! %$2'(')+$2'! (';0'3%1$+(!
9('&'8'$2'! )19('! 0+! %$2'(+..%<$! *'! 01)! '0'8'$21)! J-8+$1)! =! 01)! 7(1.')1)! >-'!
+.1$2'.'$! '$! '0! +-0+6! *'! 2+0! ;1(8+! >-'! 71*'81)! .1$)%*'(+(! D)2+! .181! -$! )%)2'8+!
+.2%&1! =! *%$P8%.1! .1$)2%2-%*1! 71(! 2(')! '0'8'$21)! ;-$*+8'$2+0')G! '0! .1$2'$%*1!
19K'21! *'! '$)'4+$5+6! '0! +0-8$1! =! '0! 7(1;')1(6! >-'! %$2'(+..%1$+$! ! '$2('! )?! '$! -$!
.1$2'321!!)1.%1'*-.+2%&1!*'2'(8%$+*1!Q;%B-(+!"R@!
S+! %$2'(+..%<$! 8P)! '&%*'$2'! >-'! )'! *+! '$! '0! +-0+! ')! '$2('! 7(1;')1(! =! +0-8$1)6!
+7+(2'! *'! 0+! %$2'(+..%<$! '$2('! 01)! 7(17%1)! +0-8$1)! >-'! $1! +7+('.'! *%('.2+8'$2'!
(';0'K+*+!'$!'0!2(%P$B-01!%0-)2(+2%&1@!S1)!7(1.')1)!%870%.+*1)!'$!*%.J+!%$2'(+..%<$!
)1$! 01)! *'! '$)'4+$5+! Q;0'.J+! >-'! &+! *'! 7(1;')1(! +! +0-8$1R6! 8P)! &%)%90'! =!
8+$%;%')216! =! '0! 7(1.')1! *'! +7('$*%5+K'! Q;0'.J+! >-'! &+! *'! +0-8$1! +! 7(1;')1(R6!
7(1.')1! %$2'($1! 7+(+! '0! >-'! $'.')%2+81)! ')2(+2'B%+)! *'! '&+0-+.%<$! 7+(+! )+9'(!
.181!&+!2(+$).-((%'$*1@!A+(+!.187('$*'(!0+)!12(+)!%$2'(+..%1$')!QT!=!UH!A!=!UR6!2+0!
&'5!$1!2+$!'&%*'$2')6!.1$)%*'('81)!01)!)%B-%'$2')!70+$2'+8%'$21)G!
V! A0+$2'+8%'$21! "G! CA+(+! >-D! )'! '*-.+! +! -$+! 7'()1$+! +! 01! 0+(B1! *'! 0+! '$)'4+$5+!
%$;+$2%0!=!190%B+21(%+E!
!
!
N!
!
!
!"#$%&$"'(")*"%+,)-$*."!
!
!
C
!
!
!
!
!
!
AULA
!
!
!
A
P
!
!
G!7(1.')1)!>-'!+.1$2'.'$!;(-21!*'!0+!%$2'(+..%<$!'$2('!01)!'0'8'$21)!TG!+0-8$1)H!AG!
7(1;')1(H!UG!.1$2'$%*1!19K'21!*'!'$)'4+$5+!=!*'!+7('$*%5+K'!
/*0,1-'2'
!
I1*+)!0+)!.1$)%*'(+.%1$')!'$!21($1!+!')2+!.-')2%<$!7+(2%.%7+$6!'$!-$!$%&'0!B'$'(+06!
*'!0+!+;%(8+.%<$!*'!>-'!+!0+!7'()1$+!)'!0'!'*-.+!'$!')2+!'2+7+!7+(+!)'(!;1(8+*1!'!
%$2'B(+*1! .181! .%-*+*+$1! '$! -$! 8+(.1! .-02-(+0! 7('&%+8'$2'! 1(B+$%5+*1! QU1006!
"XYZ!R@!A+(+!+2'$*'(!+!')2'!;%$!2+$!;-$.%1$+0!J'81)!*'!710+(%5+(!+0!8%)81!21*1)!01)!
19K'2%&1)! B'$'(+0')! *'! 01)! *%)2%$21)! $%&'0')! '*-.+2%&1)6! +)?! .181! 01)! .1$2'$%*1)! =!
+.2%&%*+*')! 70+$2'+*+)! '$! 0+)! *%;'('$2')! P('+)! *'! .1$1.%8%'$21! =! *%).%70%$+)!
%870%.+*+)! '$! '0! 8+(.1! 1;%.%+0! *'! 0+! '*-.+.%<$! 190%B+21(%+@! [')*'! '0! %$%.%1! *'! )-!
;1(8+.%<$!.181!7(1;')1(6!'0!7(1;')1(+*1!*'!')21)!$%&'0')!*'9'!*'!2'$'(!7(')'$2'!
')2+! ;%$+0%*+*6! 7+(+! '&%2+(! +)?! >-'! .+%B+! '$! 0+! %*'+! '>-%&1.+*+! *'! >-'! 2%'$'! >-'!
;1(8+(! +! 7'>-'41)! 8+2'8P2%.1)6! B'<B(+;1)6! 0%$B\%)2+)6! .%'$2?;%.1)! 1! 2'.$<01B1)6!
)%$1! >-'! +)-8+! .0+(+8'$2'! '0! ;%$! 8P)! 17'(+2%&1! =! 8+(.1! *'! 0+! '$)'4+$5+!
190%B+21(%+G! ;1(8+(! ;-2-(1)! .%-*+*+$1)! >-'! )'+$! +-2<$181)! =! .+7+.')! *'!
.1$2(%9-%(!+!8'K1(+(!0+!)1.%'*+*!'$!0+!>-'!')2P$!%$8'()1)@!
['!+.-'(*1!.1$!')2+!;%$+0%*+*6!+*>-%'('!)'$2%*1!>-'!-$+!%$2'(+..%<$!*')'+90'!>-'!
+.1$2'5.+!'$!'0!+-0+!')!'$2('!'0!+0-8$1!=!'0!.1$2'$%*1!*'!'$)'4+$5+!Q%$2'(+..%<$!
'$2('!T!=!UR6!*'!2+0!;1(8+!>-'!+!01!0+(B1!*'!21*+!0+!'*-.+.%<$!190%B+21(%+!'0!+0-8$1!
7-*%'(+! 7'(*'(! B(+*-+08'$2'! 0+! *'7'$*'$.%+! *'0! 7(1;')1(! '$! )-! 7(1.')1! *'!
+7('$*%5+K'! =! 01B(+(+! '$! 01! 71)%90'! +*>-%(%(! 01)! 8'.+$%)81)! >-'! 0'! 7'(8%2+$!
+7('$*'(! *'! ;1(8+! .+*+! &'5! 8P)! +-2<$18+6! %$2'(+..%1$+$*1! *%('.2+8'$2'! .1$! '0!
.1$2'$%*1!19K'21!*'!+7('$*%5+K'@!]9K'2%&1!2+0!&'5!*'8+)%+*1!+89%.%1)1!7'(1!>-'!'0!
)%870'! J'.J1! *'! 7('*%)71$'(! +0! +0-8$1! '$! ')+! *%('..%<$6! 7-'*'! .1$2(%9-%(! *'!
;1(8+!$12+90'!+!.1$)'B-%(01@!
A0+$2'+8%'$21! N! C^-D! 2%'$'$! >-'! +7('$*'(! 0+)! 7'()1$+)! '$! ;1(8+.%<$! )19('! '0!
.1$2'$%*1!19K'21!!*'!'$)'4+$5+E@!!
/$! ')2'! )'$2%*1! =! ('0+.%1$+$*1! ')2'! 70+$2'+8%'$21! .1$! 0+! 7('B-$2+! *'0!
70+$2'+8%'$21!"6!2'$*(?+81)!>-'!2'$'(!.0+(1!>-D!*'9'!)+9'(!-$!_.%-*+*+$1!8'*%1`!
!
!
W!
)19('!'0!.1$2'$%*1!19K'21!*'!'$)'4+$5+@!F$*'7'$*%'$2'8'$2'!*'!0+)!.+(+.2'(?)2%.+)!
*'0! .1$2'$%*1! '$! .-')2%<$6! .(''81)! >-'! )'! *'9'(?+! (')10&'(! )-! +7('$*%5+K'!
+91(*+$*1!01)!)%B-%'$2')!$%&'0')!*'!+*>-%)%.%<$G!
O!b1(8+.%<$!.-02-(+0!9P)%.+!)19('!'0!.1$2'$%*1@!
O! A(190'8+)! ('+0')6! '$! '0! '$21($1! .12%*%+$16! ('0+.%1$+*1)! .1$! '0! .1$2'$%*1! +!
+7('$*'(@!
O! /$2'$*'(! 0+)! $12%.%+)! *'! 01)! 8'*%1)! *'! .18-$%.+.%<$! )19('! 2'8P2%.+)!
('0+.%1$+*+)!.1$!'0!.1$2'$%*1@!
A0+$2'+8%'$21! WG! CU<81! '$)'4+(! '0! .1$2'$%*1! 7+(+! >-'! '0! +0-8$+*1! 01! +7('$*+!
)%B$%;%.+2%&+8'$2'E!Q('0+.%1$+*1!.1$!0+!%$2'(+..%<$!'$2('!!T!=!AR!!
A-')21! *'! 8+$%;%')21! 0+! 7(190'8P2%.+! )19('! '0! )'$2%*1! *'! 0+! '$)'4+$5+! =! >-D!
'$)'4+(! '$! ')21)! $%&'0')6! 12(1! 7(190'8+! 8P)! .12%*%+$1! '$! )-! ;1(8+.%<$! ')! '0!
*')+((1001!*'!-$!7(1.')1!*'!'$)'4+$5+!>-'!('+08'$2'!)'+!';%.+5!!=!>-'!')2D!+.1(*'!
.1$! '0! 7(1.')1! *'! +7('$*%5+K'! *'! 01)! +0-8$1)@! /)! %$2'(')+$2'! 19)'(&+(! >-'! ')2+!
7(190'8P2%.+6! ('0+.%1$+*+! .1$! 0+! .-')2%<$! C.<81! '$)'4+(E6! +)?! .181! 01)! 71)%90')!
('.-()1)! 7+(+! )10-.%1$+(0+6! $1! ')! +.2-+0! =! +.187+4+! +0! )%)2'8+! '*-.+2%&1! *')*'!
J+.'!2%'8716!')2+$*1!2+89%D$!7(')'$2'!'$!0+)!(';1(8+)!'*-.+2%&+)!>-'6!*'!;1(8+!
)-.')%&+!'$!'0!2%'8716!J+$!+.1$2'.%*1!'$!01)!*%&'()1)!7+?)')!*'0!8-$*1@!c+)2+!.%2+(!
>-'!=+!d'$'6!'$!'0!+41!"XN"6!!*'.?+!>-'!_')!*'!)'$2%*1!.18:$!>-'!7+(+!'*-.+(!J+!
*'!')2-*%+()'6!8P)!>-'!0%9(1)6!0+!#-$,1-3%4-!*'0!'*-.+$*1e=!>-'!7+(+!01B(+(!>-'!'0!
$%41! >-%'(+! 01! >-'! *'! D0! >-'('81)6! ')! 8'$')2'(! >-'! .18'$.'81)! 71(!%#$%#+%1! =!
1;('.'(0'!01!>-'!D0!>-%'('`@!I(+)0+*+*1)!+!-$+!D71.+!8P)!('.%'$2'6!')2+!8%)8+!%*'+!
')! '37(')+*+! 71(! T-)-9'0! Q"XZaR! '$! '0! )'$2%*1! *'! >-'! J+=! >-'! '$)'4+(! '$!
.1$)'.-'$.%+'+!.<81!'0!+0-8$1!+7('$*'@!
/0!7(190'8+!7+(+!'0!7(1;')1(!)'!.1$.('2+!7-')!'$!>-'!+0B-%'$!0'!'$)'4'!+!'K'(.'(!0+!
.+7+.%*+*!*'!*').%;(+(!'!%$.1(71(+(!'$!)-!*1.'$.%+!')+!%*'+!.0+&'!*'!_'$2'$*'(!0+!
$+2-(+0'5+! ! *'0! '*-.+$*1e`! =! ! _'$)'4+(! '$! .1$)'.-'$.%+e`6! ! =6! )19('! 21*16! >-'!
2'$B+! )%'87('! 7(')'$2'! >-'! 7+(+! *')+((100+(! '$! '0! +-0+! '0! 7(1.')1! *'! '$)'4+$5+!
.1$! ')+)! .+(+.2'(?)2%.+)6! $-$.+! J+9(P! -$+! _('.'2+`! :$%.+! =! .18:$! 7+(+! 00'&+(01! +!
.+916! )%$1! >-'! *'7'$*'(P! *'0! .1$2'321! %$%.%+0! .1$! '0! >-'! )'! '$.-'$2('! '$! )-!
'$21($1!'*-.+2%&1!=!*'0!_7'(;%0`!*'!%*'+)!=!*'!'37'(%'$.%+)!7('&%+)!*'!)-)!+0-8$1)@!
A1(!21*1!'001!-$+!7(%8'(+!.1$.0-)%<$!%$%.%+0!7+(+!'87'5+(!+!2(+9+K+(!'$!'00+6!)'(?+!
0+! *'! 7'$)+(! >-'! '0! +7('$*%5+K'! 8P)! %871(2+$2'! >-'! '0! 7(1;')1(+*1! *'9'(?+!
+*>-%(%(! '$! )-! ;1(8+.%<$! %$%.%+0! ')! '0! *'! )+9'(! 'K'(.'(! 0+! .+7+.%*+*! *'! 218+! *'!
*'.%)%1$')!'$!=!*-(+$2'!)-!!;-2-(+!7(P.2%.+!'*-.+2%&+@!
A0+$2'+8%'$21! aG! C^-D! ;1(8+.%<$! *'9'! *'! +*>-%(%(! '0! 7(1;')1(+*1! *'! '*-.+.%<$!
190%B+21(%+! 7+(+! (')71$*'(! +! 01)! 70+$2'+8%'$21)! +$2'(%1(')E! Q('0+.%1$+*1! .1$! 0+!
%$2'(+..%<$!'$2('!U!=!ARO!
/$! '0! %$%.%1! *'! 0+! )'B-$*+! *D.+*+! *'0! )%B01! ffF! ! ')! '&%*'$2'! ! 01)! .+89%1)!
'.1$<8%.1)6! )1.%+0')! =! .-02-(+0')! >-'! ')2P$! +.1$2'.%'$*1! =! '$! 01)! >-'! (')+02+! '0!
.('.%8%'$21! '371$'$.%+0! '$! 0+! B')2%<$! =! *%;-)%<$! *'! 0+! %$;1(8+.%<$! =! *'0!
.1$1.%8%'$216!+)?!.181!01)!7-$21)!*'!%$;0'3%<$!2+$21!'$!0+!'.1$18?+!8-$*%+0!.181!
'$!'0!81*'01!*'!)1.%'*+*!*')'+90'@!/)2'!7(1.')1!*%$P8%.1!*'!.+89%1!B'$'(+0%5+*1!
('7'(.-2'!)%B$%;%.+2%&+8'$2'!'$!0+!;1(8+!=!.+0%*+*!*'!&%*+!*'!0+)!7'()1$+)!71(!01!
>-'!)'!J+.'!$'.')+(%1!%$2'B(+(01!'$!'0!)%)2'8+!'*-.+2%&1!*'!0+!)1.%'*+*!'$!0+!>-'!
&%&'$!=6!71(!.1$)'.-'$.%+6!'$!!0+!;1(8+.%<$!*'0!7(1;')1(+*1!*'!01)!*%&'()1)!$%&'0')!
!
!
a!
'*-.+2%&1)6! ')7'.%+08'$2'! '$! '0! P89%21! *'! 0+! ;1(8+.%<$! *'0! 7(1;')1(+*1! *'!
'*-.+.%<$!190%B+21(%+@!
b('$2'! +! ')2+! '&10-.%<$! .1$2%$-+! *'! 0+! )1.%'*+*6! ! '$! 0+! >-'! 2+$! %871(2+$2'! ')! 0+!
+*>-%)%.%<$!!*'!.187'2'$.%+)!7(1;')%1$+0')!=!J+9%0%*+*')!7+(+!*')'$&10&'()'!'$!'0!
8-$*1! .12%*%+$1! +.2-+0! .181! +*>-%(%(! 0+! .+7+.%*+*! =! *%)71$%9%0%*+*! 7+(+! %(0+)!
81*%;%.+$*1! '$! '0! 2%'8716! '0! )%)2'8+! '*-.+2%&1! =! '0! 7(1;')1(+*1! '$! B'$'(+0! $1!
7-'*'$!7'(8+$'.'(!+K'$1)!=!J+$!*'!')2+(!)%'87('!7('7+(+*1)!7+(+!%$.1(71(+(!+0!
+-0+! 0+)! .+(+.2'(?)2%.+)! 8P)! %871(2+$2')! *'! ')+! .1$)2(-..%<$! *%$P8%.+! *'! 0+!
)1.%'*+*!=!*'0!!8-$*1!'$!'0!>-'!.1$&%&'$!2+$21!'001)!.181!)-)!+0-8$1)@!!
/)21)! $-'&1)! ('21)! '$! 0+! '$)'4+$5+6! J+.'$! 7'$)+(! '$! 0+! $'.')%*+*! *'! -$+!
;1(8+.%<$!%$%.%+0!*'0!7(1;')1(+*1!>-'!+=-*'!+!01)!;-2-(1)!7(1;')1(')!+!+;(1$2+(!.1$!
D3%21! *%.J1)! ('21)! =! +! )+9'(! 218+(! *'.%)%1$')! )19('! 0+! '$)'4+$5+! *'! 71)%90')!
$-'&+)! .187'2'$.%+)! .%-*+*+$+)! >-'! 2+0! &'5! $1! '3%)2?+$! '$! '0! 2%'871! *'! )-!
;1(8+.%<$!%$%.%+06!.1$!01!>-'!0+!)'B-$*+!.1$.0-)%<$!'$!0+!>-'!*'9'(?+81)!'87'5+(!
+! 2(+9+K+(6! ')! >-'! '0! +7('$*%5+K'! =! 0+! ;1(8+.%<$! )1$! *1)! 2+('+)! >-'! J+$! *'!
('+0%5+()'!*'!;1(8+!.1$2%$-+*+!*-(+$2'!21*+!$-')2(+!&%*+!7(1;')%1$+06!*'!2+0!81*1!
>-'!+!0+!;1(8+.%<$!%$%.%+0!*'9'!)'B-%(!-$+!;1(8+.%<$!.1$2%$-+!>-'!(')71$*+!+!0+)!
8%)8+)! '3%B'$.%+)! '$! .-+$21! +! 01)! ('21)! 70+$2'+*1)6! 7'(1! +2'$*%'$*1! +! 0+)!
*%;'('$.%+)!')7'.?;%.+)!>-'!%870%.+!.+*+!2%71!*'!;1(8+.%<$@!
h'(?+! %$2'(')+$2'! (')-8%(! 9('&'8'$2'! 0+)! (')7-')2+)! *'! %$)2%2-.%1$')! =! +B'$2')!
'*-.+2%&1)! ;('$2'! +! 21*+)! ')2+)! 7(190'8P2%.+)! ('0+.%1$+*+)! .1$! 0+! ;1(8+.%<$! *'0!
7(1;')1(+*1G!
!
V!d')7-')2+!*'0!8+(.1!1;%.%+0G!
-
['0!.-((?.-01!*'!'*-.+.%<$!190%B+21(%+G!h-.')%&+)!(';1(8+)!'*-.+2%&+)6!8P)!1!
8'$1)! *%;'('$2')! '$! '0! ;1$*1! =! '$! 0+! ;1(8+6! 2(+2+$*1! *'! (')71$*'(! '$!
7(%$.%7%1! 71)%2%&+8'$2'! +! 0+)! 7(190'8P2%.+)! *'! 0+! '$)'4+$5+! 7'(1! '$! 0+)! >-'!
)%'87('! J+! 7(%8+*1! '0! .1871$'$2'! 710?2%.1! *%;'('$.%+*1! ;('$2'! +0! .1$)'$)1!
'*-.+2%&1!$'.')+(%1!7+(+!0+!;1(8+.%<$!*'!0+)!7'()1$+)@!
-
['0! 70+$! *'! ')2-*%1)! *'! 2%2-0+.%1$')! )19('! ;1(8+.%<$! *'0! 7(1;')1(+*1G! /$!
B'$'(+06! 70+$')! *'! ')2-*%1! 7+(+! 0+)! 2%2-0+.%1$')! )19('! ;1(8+.%<$! *'0!
7(1;')1(+*1!.1$!(';'('$2')!.18-$')!+!$%&'0!$+.%1$+0!7'(1!$1!)-;%.%'$2')!7+(+!
'&%2+(! 0+! *%&'()%*+*! *'! 70+$')! *'! ')2-*%1! 7+(+! -$+! 8%)8+! 2%2-0+.%<$6! .1$!
+)7'.21)!*%;'('$2')!'$!01)!.1$2'$%*1)!.-((%.-0+(')!=!'$!0+!8'21*101B?+!7+(+!)-!
'$)'4+$5+6!'$!;-$.%<$!*'!0+!-$%&'()%*+*!'$!0+!>-'!)'!%87+(2'@!
V!d')7-')2+!*'0!7(1;')1(+*1G!
!O!A(1;')1(')!=!.'$2(1)!*'!'*-.+.%<$!190%B+21(%+G!d'.'721(')6!K-$21!+!)-)!+0-8$1)6!
*'!0+)!)-.')%&+)!(';1(8+)6!'$!.-=1)!*%)'41)!$1!)-'0'$!2'$'(!7(12+B1$%)81!+0B-$1!
7'(1! )%! 01! 2%'$'$! '$! 0+)! +70%.+.%1$')! *'! 0+)! 8%)8+)6! 7(1.')1! '$! '0! >-'! )-;('$!
*%('.2+8'$2'!0+)!0+B-$+)!=!&+.?1)6!$1(8+08'$2'!'3%)2'$2')6!'$2('!'0!8+(.1!2'<(%.1!
*'!0+!(';1(8+6!_%87'.+90'`!)%'87('!'$!)-!.1$2'$%*16!!=!'0!8+(.1!('+0!*'!+70%.+.%<$!
*'!0+!8%)8+@!
S+! ;-'(5+! '! %0-)%<$! *'! )-! &1.+.%<$! =! ;1(8+.%<$! )-'0'! %$%.%+(! -$! .+8%$1!
%$&'()+8'$2'! 7(171(.%1$+0! +! 0+)! *%;%.-02+*')! =! 7(190'8+)! '$.1$2(+*1)! '$! )-!
*1.'$.%+!
!
!
g!
!O! A(1;')1(')! *'! .'$2(1)! *'! ;1(8+.%<$! *'0! 7(1;')1(+*1G! /0! *%)'41! *'0! 70+$! *'!
')2-*%1)! *'! -$+! 2%2-0+.%<$! *'! ;1(8+.%<$! *'0! 7(1;')1(+*1! *'! -$+! -$%&'()%*+*!
*'2'(8%$+*+!)'!.1$;%B-(+!$1(8+08'$2'!'$!;-$.%<$!*'!0+)!(';'('$.%+)!')2+90'.%*+)!
+!$%&'0!$+.%1$+0!=!2'$%'$*1!'$!.-'$2+!0+)!$'.')%*+*')!')7'.?;%.+)!*'!;1(8+.%<$!*'0!
7(1;')1(+*1! *'! '*-.+.%<$! 190%B+21(%+6! +-$>-'! 9%'$! ')! &'(*+*! >-'! '0! .(%2'(%1!
)-9K'2%&1! =! *%;'('$.%+*1! *'! 0+)! *%&'()+)! P('+)! *'! .1$1.%8%'$21! *'! 0+! 2%2-0+.%<$!
218+!')7'.%+0!('0'&+$.%+!+!0+!J1(+!*'!.1$.('2+(!'0!*%)'41!;%$+0!*'0!70+$!*'!')2-*%1)@!
/$! '0! .+)1! *'! 0+! ;1(8+.%<$! *'0! 7(1;')1(+*1! *'! '*-.+.%<$! )'.-$*+(%+! ')! '&%*'$2'!
>-'!0+!7(190'8P2%.+!')!8P)!7('1.-7+$2'!=!*'!$+2-(+0'5+!*%;'('$2'!+!0+!;1(8+.%<$!
*'!8+')2(1)!*'!%$;+$2%0!=!7(%8+(%+@!
V!d')7-')2+!*'0!+0-8$+*1!!
-
d')7-')2+! *'! +0-8$1)! ! *'! ;1(8+.%<$! %$%.%+0! *'0! 7(1;')1(+*1G! h-'0'$!
'&%*'$.%+(! 0+)! .+('$.%+)! '$.1$2(+*+)! *-(+$2'! )-! ;1(8+.%<$! %$%.%+06! +! &'.')!
%$.0-)1!0+)!70+$2'+$!.1$!'0!%$2'(D)!*'!.1$2(%9-%(!+!)10-.%1$+(0+)6!7'(1!2+89%D$!
')!&'(*+*!>-'!7('&+0'.'!'$!'001)!)19('!21*1!'0!%$2'(D)!71(!+7(19+(!0+!8+2'(%+!=!
'&%2+(!>-'!%$;0-=+!'$!'001!0+)!71)%90')!.1$)'.-'$.%+)!*'!0+)!8+$%;')2+.%1$')!*'!
')2+)! *';%.%'$.%+)@! A1(! 12(1! 0+*16! ')2'! %$2'(D)! .+)%! '3.0-)%&1! 71(! +7(19+(6!
+)1.%+*16!'$!+0B-$1)!.+)1)6!+!-$+!&1.+.%<$!71.1!*';%$%*+6!J+.'!>-'!)'!B'$'('!
-$!B(-71!+7('.%+90'!*'!;-2-(1)!7(1;')1(')!>-'6!%$*'7'$*%'$2'!*'!)-!B(+*1!*'!
;1(8+.%<$!=!01)!('.-()1)!*%)71$%90')!7+(+!)-!*1.'$.%+6!!.1$2(%9-='$!'$!71.+!
8'*%*+!+!0+!;1(8+.%<$!%$2'B(+0!*'!01)!$%41)!=!$%4+)@!
-
d')7-')2+! *'! +0-8$1)! *'! '*-.+.%<$! 190%B+21(%+G! $1! 2%'$'$! 71(>-'! *+(!
(')7-')2+6! )1$! 01)! *')2%$+2+(%1)! )-;(%*1(')! 1! +;1(2-$+*1)! *'! 0+)! 8%)8+)@! S+!
.0+&'! ')! 7('B-$2+($1)! *'! >-'! ;1(8+! 71*(?+$! +=-*+($1)! +! 8'K1(+(! $-')2(+)!
(')7-')2+)!+!0+!7(190'8P2%.+!*'!0+!!'$)'4+$5+@!h'B-(1!>-'!7-'*'$!+=-*+($1)!
=!>-'!')2P$!*')'+$*1!J+.'(01@!
!
KJ! 1'! .-+"3-! +&').&(-! +"! ,-%.)(&/'! +"3! $%-,"*-%)+-L!
"#$"%&"'(&)*!+"!&''-0)(&/'!5!,-%.)(&/'!
FF@"@!/$!9-).+!*'0!81*'01!*'!7(1;')1(!*')'+90'!!
#$+! *'! 0+)! 7(190'8P2%.+)! 8P)! '&%*'$2')! '$! 0+! ;1(8+.%<$! %$%.%+0! *'0! 7(1;')1(+*16!
2+$21! *')*'! '0! 8+(.1! *'! 0+! %$&')2%B+.%<$! '*-.+2%&+! .181! *')*'! '0! 8+(.1! ('+0! *'!
+.2-+.%<$!*1.'$2'6!!')!'0!*'!.1$;%B-(+(!-$!81*'01!*'!;1(8+.%<$!>-'!)'+!';%.+56!>-'!
.1$2'870'!01)!*%&'()1)!P89%21)!*'!+*>-%)%.%<$!*'!.1$2'$%*1)6!>-'!2'$B+!'$!.-'$2+!
'0! .1$2'321! ('+0! *'! +.2-+.%<$! =! >-'6! '$! *';%$%2%&+6! (')71$*+! +! 0+)! *'8+$*+)!
B'$'(+*+)! 71(! 0+)! .187'2'$.%+)! *')'+90')! 7+(+! '0! 7(1;')1(+*1! *'! '*-.+.%<$!
190%B+21(%+@!!
S+!;1(8+.%<$!*'0!7(1;')1(!+!01!0+(B1!*'!0+!J%)21(%+!J+!%*1!'&10-.%1$+$*1!.181!01!J+$!
J'.J1! 01)! .1$.'721)! *'! ').-'0+6! *'! '$)'4+$5+6! *'! .-((?.-016! 01)! 8'*%1)! *'!
.18-$%.+.%<$! =! '0! )%)2'8+! '*-.+2%&1@! I1*1)! ')21)! ;+.21(')6! K-$21! +! 12(1)6! J+$! *+*1!
0-B+(! +0! *')+((1001! *'! 7'(;%0')! 7(1;')%1$+0')! *'! 0+! ;-$.%<$! *1.'$2'@! T)?6! )'! J+90+! *'0!
7(1;')1(! .181! .18-$%.+*1(6! .181! 2(+$)8%)1(! *'! .1$1.%8%'$21)6! 70+$%;%.+*1(6!
2D.$%.1@@!6!7'(;%0')!'$!01)!>-'!)-9=+.'6!'$!.+*+!-$1!*'!'001)6!-$+!.1$.'7.%<$!*'!').-'0+!
=! *'! '$)'4+$5+! *%;'('$2'@! A1(! '0016! -$! 81*'01! *'! ;1(8+.%<$! *'0! 7(1;')1(+*1! ')!
*'7'$*%'$2'!*'!0+!7(17%+!'&10-.%<$!*'!0+!)1.%'*+*!Q['9'))'6!"XYjR!
!
!
i!
S+)! 7(17-')2+)! *'! ;1(8+.%<$! %$%.%+0! *')+((100+*+)! 7+(+! 0+! +*>-%)%.%<$! *'! 0+)!
.187'2'$.%+)!7(1;')%1$+0')!'$!0+!*1.'$.%+!*'!')21)!$%&'0')6!J+$!)%*1!*%)'4+*+)6!'$!
)-!8+=1(?+6!=!1(%'$2+*+)!71(!0+!;1(8-0+.%<$!*'!0+!.-')2%<$!C^-D!2%71!*'!7(1;')%1$+0!
*')'+81)! ;1(8+(E6! +)?! .181! '0! .1$2'$%*1! *'! *%.J+)! 7(17-')2+)! J+! &'$%*1!
*'0%8%2+*1!71(!0+!(')7-')2+!+!*%.J+!.-')2%<$@!
S+! (';0'3%<$! +0! (')7'.21! 7'(8%2'! 70+$2'+(! +0B-$+)! .+(+.2'(?)2%.+)! >-'! *'9'(?+$!
.1$;%B-(+(! '0! 81*'01! *')'+90'! *'! 7(1;')1(! *'! ')21)! $%&'0')6! '370%.%2+$*1! 01)!
P89%21)! >-'! *'0%8%2+$! *%.J+! ;1(8+.%<$! =! 0+)! 7(%$.%7+0')! %$2'(+..%1$')! >-'! )'!
*'9'$! *'! *+(! '$2('! '001)! Qk'($P$*'5! T9'$5+6! "XXWH! ,'00+*16! "XXXR6! 2'$%'$*1! '$!
.-'$2+! >-'! *')*'! '0! %$%.%1! *'! 0+! ;1(8+.%<$! *'0! 7(1;')1(+*16! ')21)! P89%21)! =! )-)!
%$2'(+..%1$')! )1$! 71.1! .1$)%)2'$2')! =! J+=! >-'! *+(0')! )'$2%*1! =! *12+(01)! *'!
.1$2'$%*1)! +! 01! 0+(B1! *'! 0+! ;1(8+.%<$! *'! 01)! ;-2-(1)! 7(1;')1(')! *'! '*-.+.%<$!
190%B+21(%+!Q;%B-(+!NRG!
!!
bA!
!
!
!
!
!
!
!
!!!!!!!!5%16*3'*#*)*-3'
'
'
'
'
'
'
'''''-3,7#"'+%'6"17-)*8#!
!
!
!
!!!!!bU! !
!
!!!!!b[!
'
'
'
'
'
'+')+((1001!*'!0+!!7(17-')2+!*'!
!
!
!
!
!
!;1(8+.%<$!*'0!7(1;')1(+*1'
!
bA!
!
!
!
!
!
!
!!!!!!!!9"+%3"'+%'
'
'
'
'
''''''':1"6%("1'+%(%-;3%!
!
!
!
!!!!!bU! !
!
'
'
!!!!!b[!
!
</!=>'/"17-)*8#'(";1%'%3')"#$%#*+"?'</@=>'/"17-)*8#'+*+A)$*)-?'</5=>'/"17-)*8#'%#'%3'A7;*$"'
:1"6%(*"#-3'
'
'
>'B#$%1-))*"#%('C':1")%("('%#$1%'3"('$1%('A7;*$"('+%'6"17-)*8#'
/*0,1-'D'
'
/0! .1$K-$21! *'! ')2+)! .+(+.2'(?)2%.+)! %$&%2+! +! 7'$)+(! '$! -$+! ;1(8+.%<$! >-'!
7+(2%.%7'! *'! *%&'()1)! P89%21)6! .1$! -$+! 7(17-')2+! *%).%70%$+(! >-'! .1$2'870'! 0+!
;1(8+.%<$! )19('! '0! .1$2'$%*16! 0+! ;1(8+.%<$! *%*P.2%.+! =! 0+! ;1(8+.%<$! '$! '0! P89%21!
7(1;')%1$+0@! /K'870%;%.+$*1! .1$! -$! .1$2'$%*1! .1$.('216! .181! 7-'*'! )'(! ! _0+!
.1$2+8%$+.%<$!*'0!+B-+`6!*'9'(?+81)!*'!7'$)+(!'$!-$+!7(17-')2+!*%).%70%$+(!>-'!
!
!
Z!
+9+(>-'! '0! .1$1.%8%'$21! *'! .1$2'$%*1)! Q.1$.'721)6! 7(1.'*%8%'$21)! =! +.2%2-*')R!
('0+.%1$+*1)! .1$! '0! 2'8+! *'! .1$2+8%$+.%<$! Q;1(8+.%<$! )19('! '0! .1$2'$%*1R6! '0!
.1$1.%8%'$21! *'! ')2(+2'B%+)6! 70+$2'+8%'$21! *'! 19K'2%&1)6! +.2%&%*+*')! =! ('.-()1)!
*%*P.2%.1)! 7+(+! )-! '$)'4+$5+! Q;1(8+.%<$! *%*P.2%.+R! =6! ;%$+08'$2'6! *+(0')! 0+!
171(2-$%*+*! *'! .1$1.'(! .181! )'! '$)'4+! '$! 0+! ').-'0+! +)7'.21)! )19('!
.1$2+8%$+.%<$! *'! (?1)! =! +B-+)! '$! B'$'(+06! +)?! .181! *'! >-'! '37'(%8'$2'$!
7'()1$+08'$2'! 0+)! *%;%.-02+*')! =! 7(190'8P2%.+)! >-'! +7+('.'$! '$! 0+! '$)'4+$5+! =!
+7('$*%5+K'!*'!*%.J1)!.1$2'$%*1)!Q;1(8+.%<$!'$!'0!P89%21!7(1;')%1$+0R@!
/$! 9+)'! +! ')2'! 81*'01! B'$'(+0! *'! ;1(8+.%<$! *')'+90'! *'0! 7(1;')1(+*1! *'!
'*-.+.%<$!190%B+21(%+6!=!8P)!.1$.('2+8'$2'!'$!;-$.%<$!*'0!B(+*1!*'!7(%1(%*+*!>-'!
)'!0'!J+!+)%B$+*1!+!0+)!*%&'()+)!%$2'(+..%1$')!'$2('!01)!2(')!P89%21)!*'!;1(8+.%<$!
.%2+*1)6! J+$! )-(B%*16! *'! -$+! ;1(8+! -! 12(+6! 0+! 8+=1(?+! *'! 0+)! ! 7(17-')2+)! *'!
;1(8+.%<$! +! 01! 0+(B1! *'! D)2+)! :02%8+)! *D.+*+)6! +-$>-'! 01)! (')-02+*1)! >-'! )'!
192%'$'$!)1$!8-=!*%&'()1)!'$!;-$.%<$!*'!0+)!&+(%+90')!.1$.('2+)!>-'!+.1$2'.'$!'$!
'0! .1$2'321! ('+0! '$! '0! >-'! )'! +70%.+! '0! 81*'01! *'! ;1(8+.%<$G! B(+*1! *'! 7(%1(%*+*!
710?2%.+! '$! 0+! ;1(8+.%<$! *'! .%-*+*+$1)6! ('.-()1)! *%)71$%90')! 7+(+! ')+! ;1(8+.%<$6!
.187'2'$.%+)!*'!01)!;1(8+*1(')!=!)-)!.(''$.%+)!1!01)!%$2'(')')!=!812%&+.%<$!7+(+!
-$+!0+91(!';%.%'$2'!'$!0+!;1(8+.%<$!%$%.%+0!*'0!7(1;')1(+*16!'$2('!12(+)@!
S+)! 7(17-')2+)! *'! ;1(8+.%<$! %$%.%+0! *')+((100+*+)! +! $%&'0! %$2'($+.%1$+0! =! '$! 01)!
*%&'()1)! .'$2(1)! *'! ;1(8+.%<$! '3%)2'$2')! )1$! &+(%+*+)! '$! )-! ')2(-.2-(+.%<$! =!!
2+89%D$!'$!)-!.1$2'$%*16!*'!2+0!;1(8+!>-'!'0!D3%21!*'!0+)!8%)8+)!J+!*'7'$*%*1!*'0!
+.%'(21!'$!0+!218+!*'!*'.%)%1$')6!*'!0+!';%.%'$.%+!'$!0+!+70%.+.%<$!*'!0+)!8%)8+)!=6!
)19('!21*16!*'0!8+(.1!*'!(';'('$.%+!'0'B%*1!Q&+(%+90')!.%2+*+)!+$2'(%1(8'$2'R!7+(+!
0+!218+!=!+70%.+.%<$!*'!0+)!*'.%)%1$')!8P)!%*<$'+)@!
T)?!'$!'0!.+)1!*'!/)7+4+6!'$!0+!;1(8+.%<$!*'0!7(1;')1(+*1!*'!'*-.+.%<$!%$;+$2%0!=!*'!
7(%8+(%+! J+! J+9%*1! -$+! .0+(+! 1(%'$2+.%<$! J+.%+! -$! 81*'01! *'! %$2'B(+.%<$! *'! 01)!
2(')! .1$2'$%*1)! *'! ;1(8+.%<$! ! Q.%'$2?;%.16! *%*P.2%.1! =! 7(1;')%1$+0R! +-$>-'! .1$!
'&%*'$2')! 0+B-$+)! '$! 0+! %$2'(+..%<$! bU! =! bA6! ! *'9%*1! +! -$+! ;1(8+.%<$! 7(1;')%1$+0!
$1(8+08'$2'!+.12+*+!'$!-$+!*%).%70%$+!Q7(P.2%.+)!').10+(')R!+%)0+*+!*'!0+)!*'8P)!
*%).%70%$+)!=!!.1$!').+)+!(')7-')2+!*'0!7(1;')1(+*1!*'!0+!b+.-02+*!*'!/*-.+.%<$6!'$!
.-+$21! +! 7(17-')2+)! *'! 8'K1(+! *'! 0+)! +.2-+.%1$')! +-2<$18+)! ('+0%5+*+)! '$! 0+!
/).-'0+! 71(! 01)! +0-8$1)! *'! ;1(8+.%<$! %$%.%+0! Q! k'($P$*'5! T9'$5+6! NjjY! R@! /$!
.-+$21! +0! '>-%0%9(%1! *')'+90'! '$! 0+! %$2'(+..%<$! ;1(8+.%<$! .%'$2?;%.+! O! ;1(8+.%<$!
*%*P.2%.+6! J+=! >-'! ('.1$1.'(! >-'! )-'0'! ')2+(! 9+)2+$2'! ! .1$*%.%1$+*1! 71(! 0+)!
.(''$.%+)!=!.1$.'7.%1$')!*'0!7(1;')1(!*'!b+.-02+*@!
/)! '&%*'$2'! >-'! 0+! (';1(8+! *'! 01)! .-((?.-0-8! 1;%.%+0')! *'! ;1(8+.%<$! *'0!
7(1;')1(+*1! +! 01! 0+(B1! *'! 01)! :02%81)! +41)! J+! )-7-')216! '$2('! 12(1)! .+89%1)!
%871(2+$2')6! .('+(! -$! ')7+.%1! *%).%70%$+(! .18:$! 7+(+! '0! *')+((1001! *'! 01)!
.1$2'$%*1)! .%'$2?;%.1)! =! *%*P.2%.1)! =6! '$! 712'$.%+6! 2+89%D$! 7+(+! 01)! *'0! P89%21!
7(1;')%1$+06!+-$>-'!D)21)!:02%81)!)%B-'$!2'$%'$*1!0+)!7(P.2%.+)!*'!'$)'4+$5+!.181!
+)%B$+2-(+! %$*'7'$*%'$2'! 7+(+! )-! *')+((1001@! /)2+! $-'&+! .1$;%B-(+.%<$! J+! *+*1!
0-B+(!+!81*'01)!*'!;1(8+.%<$!*%&'()1)6!)'B:$!'0!8+(.1!*'!+.2-+.%<$6!'$!01)!>-'!0+)!
%$2'(+..%1$')!'$2('!01)!2(')!.1$2'$%*1)!*'!;1(8+.%<$!)1$6!'$!B'$'(+06!8P)!&%+90')!=!
.1$!-$!B(+*1!*%&'()1!*'!';%.+.%+!7+(+!0+!;1(8+.%<$!*'0!7(1;')1(+*1@!!
/)!%871(2+$2'!8+$%;')2+(!'$!')21)!818'$21)!'0!)%B$%;%.+*1!>-'!7+(+!0+!;1(8+.%<$!
*'0! 7(1;')1(+*1! &+! +! 2'$'(! 0+! :02%8+! (';1(8+! '87('$*%*+! +! $%&'0! '-(17'16! >-'!
%870%.+6!$1!)101!'0!.+89%1!'$!01)!2?2-01)6!)%$1!2+89%D$!'0!71*'(!*')'$&10&'()'!'$!-$!
!
!
Y!
8+(.1! ! Q/)7+.%1! /-(17'1! *'! /*-.+.%<$! h-7'(%1(R! %$2'(')+$2'6! .1$! -$! 70+$! *'!
')2-*%1)!('.1$1.%*1!71(!01)!*%&'()1)!7+?)')!=!>-'!)-71$'81)!+71(2+(P6!*'!;1(8+!
B(+*-+06! -$+! '*-.+.%<$! -$%&'()%2+(%+! *'! .+0%*+*! =! +0! +0.+$.'! *'! 21*1)@! #$! $-'&1!
70+$!>-'!)-71$'6!'$!'0!.+)1!*'!0+!;1(8+.%<$!%$%.%+0!*'!8+')2(1)6!'0!')2+90'.%8%'$21!
*'! -$! B(+*1! .1$! -$! +41! 8P)! *'! ')2-*%1)6! +)7'.21! >-'! ;+&1('.'! 0+! %$2'(+..%<$! =!
7(1;-$*%5+.%<$! '$2('! 01)! 2(')! P89%21)! *'! ;1(8+.%<$6! 0+! 71)%9%0%*+*! *'! J+.'(! -$!
8+)2'(! )19('! '*-.+.%<$! ! =! 2+89%D$! 0+! ('+0%5+.%<$! *'! -$! 7'(%1*1! *'! %$&')2%B+.%<$!
7+(+!'0+91(+(!0+!2')%)!*1.21(+0!Q')2-*%1)!*'!71)2B(+*1R@!!!
/)2+!(';1(8+!')2(-.2-(+0!*'9'!%(!+!7+(+0'0+6!=!'$!')2'!)'$2%*1!)'!')2P!2(+9+K+$*16!+!
-$!.+89%1!8'21*10<B%.1!71(!7+(2'!*'!01)!.'$2(1)!*'!;1(8+.%<$!*'0!7(1;')1(+*16!+!
$%&'0!*'!+.2%&%*+*')!*'!%$$1&+.%<$!7+(+!0+!'$)'4+$5+!=!7+(+!0+!'&+0-+.%<$6!+)?!.181!
-$! .+89%1! *%$P8%.1! '$! 0+! -2%0%5+.%<$! *'! $-'&1)! ')7+.%1)! QB(-71! *'! .0+)'6!
)'8%$+(%1)6! 2-21(?+)6@@R! =! *'! 8+2'(%+0')! =! ('.-()1)! %$$1&+*1(')! Q-)1! *'! $-'&+)!
2'.$101B?+)6! 7%5+((+! *%B%2+06! 70+2+;1(8+)! &%(2-+0')6! K-'B1)! *'! )%8-0+.%<$6! ('.-()1)!
*'0!'$21($1!.12%*%+$16@@R!
S+! )%2-+.%<$! '$! /)7+4+! *'! 0+! ;1(8+.%<$! *'0! 7(1;')1(+*1! *'! '*-.+.%<$! )'.-$*+(%+!
')2P6! +0! .1$2(+(%1! *'! '*-.+.%<$! %$;+$2%0! =! 7(%8+(%+6! .0+(+8'$2'! ;1.+0%5+*+! '$! -$+!
;1(8+.%<$!.%'$2?;%.+!'$!0+!*%).%70%$+!*'!7(1.'*'$.%+!=!.1$!').+)+)!%$2'(+..%1$')!.1$!
0+! ;1(8+.%<$! *%*P.2%.+! =! 7(1;')%1$+0@! ['! 2+0! ;1(8+! >-'! -$! 0%.'$.%+*1! '$! k%)21(%+!
7-'*'! )'(! 7(1;')1(! 2(+)! 0+! ('+0%5+.%<$! *'! -$! .-()1! *'! +72%2-*! 7'*+B<B%.+!
Q+.2-+08'$2'! 2(+$);1(8+*1! '$! 8+)2'(! *'! )'.-$*+(%+R6! .-()1! >-'! $-$.+! J+!
2'(8%$+*1! *'! +)'B-(+(! )-! ;1(8+.%<$! %$2'B(+*+! =! ';%.+5! ! 7+(+! )-! 0+91(! .181!
*1.'$2'! '$! ')2'! $%&'0! '*-.+2%&1! =6! ! 8P)! 7('1.-7+$2'! 21*+&?+6! $1! 7+('.'!
%$.('8'$2+(!0+!812%&+.%<$!=!)-!&1.+.%<$!.181!7(1;')1(6!)%$1!8P)!9%'$!+0!.1$2(+(%1@!
T-$>-'!0+!%870+$2+.%<$!!*'0!8+)2'(!*'!)'.-$*+(%+!$1!*'K+!*'!)'(!-$!B(+$!+&+$.'6!
.(''81)! >-'! &+! +! )'(! *%;?.%0! >-'! .1$2(%9-=+! +! (')10&'(! ')2+! 7(190'8P2%.+6! 7-')! 0+!
812%&+.%<$!=!0+!&1.+.%<$!.181!7(1;')1(!*'9'(?+$!*'!+7+('.'(!8-.J1!+$2')!*'!>-'!
'0! +0-8$1! 2'(8%$'! )-! B(+*-+.%<$! '$! 0+! 8+2'(%+! *%).%70%$+(6! ! )%! >-'('81)! 2'$'(!
('+08'$2'!7(1;')1(')!%0-)%1$+*1)6!.('+2%&1)!=!.+7+.')@!!
k+.%'$*1! -$+! 9('&'! (';0'3%<$! *'! 0+! )%2-+.%<$! *'! 0+! ;1(8+.%<$! *'0! 7(1;')1(+*1! +!
$%&'0! %$2'($+.%1$+06! 0+! ;1(8+.%<$! *'! 7(1;')1(')! ')! -$1! *'! 01)! 2'8+)! >-'!
+.2-+08'$2'! 8P)! )'! *'9+2'! '$! '0! P89%21! '*-.+2%&16! 2+$21! '$! 01)! 7+?)')! '-(17'1)!
.181! '$! 01)! 7+?)')! 0+2%$1+8'(%.+$1)@! ,-.J1)! 7+?)')! J+$! %$%.%+*1! 1! &+$! +! %$%.%+(!
(';1(8+)! >-'! +;'.2+$! +! 0+! 1(B+$%5+.%<$! *'! 0+! ;1(8+.%<$! %$%.%+0! =! .1$2%$-+! *'0!
7(1;')1(+*16! '87('$*%*+)! '$! '0! .+)1! '-(17'1! 9+K1! 0+! %$;0-'$.%+! *'0! A(1.')1! *'!
c101$%+@!/$!T0'8+$%+6!F2+0%+6!d'%$1!#$%*1!Ql+0')R!=!d-8+$?+6!0+)!:02%8+)!(';1(8+)!
00'&+*+)!+!.+916!1!0+)!>-'!+:$!')2P$!'$!.-()16!7('2'$*'$!('*';%$%(!01)!19K'2%&1)!=!'0!
.1$2'$%*1! *'! 0+! ;1(8+.%<$! %$%.%+0! 1! .1$2%$-+! *'0! 7(1;')1(+*16! 7(1;-$*%5+$*1! '$!
-$+! $-'&+! .1$;%B-(+.%<$! *'! 01)! $%&'0')! *'! .-+0%;%.+.%<$! 1! ! .187'2'$.%+)! >-'! 01)!
*1.'$2')! *'9'$! 71)''(! +0! ;%$+0%5+(! )-! ;1(8+.%<$@! /)2+! :02%8+! 2'$*'$.%+! )'! ')2P!
'32'$*%'$*1!.+*+!&'5!8P)!71(!/-(17+@!I1*1)!')21)!7+?)')!J+$!')2+90'.%*1!1!2%'$'$!
7('&%)21! %$2(1*-.%(! 7(1.'*%8%'$21)! ')7'.%+0')! *'! '&+0-+.%<$! +! ')2'! (')7'.21@! /$!
b(+$.%+6!*')*'!J+.'!-$1)!2(')!+41)!)'!J+!*+*1!-$!7+)1!%871(2+$2'!'$!0+!;1(8+.%<$!
*'0!7(1;')1(+*1!.1$!0+!%$.1(71(+.%<$!*'!01)!F$)2%2-21)!#$%&'()%2+(%1)!*'!b1(8+.%<$!
*'!,+')2(1)!QF#b,R!+!0+)!-$%&'()%*+*')6!0+!(';1(8+!*'!01)!7(1B(+8+)!*'!;1(8+.%<$!
=! '0! .+89%1! '$! 0+)! .1$*%.%1$')! *'! )'0'..%<$! *'0! 7'()1$+0! *1.'$2'! QS+71)2100'! =!
UJ'&+%00%'(6!NjjXR@!/$!'0!.+)1!*'!F$B0+2'((+6!'3%)2'!-$!8+(.1!1;%.%+0!.1$!-$1)!.+-.')!
*'!)'0'..%<$!*'0!+0-8$+*16!-$1)!.1$2'$%*1)!.-((%.-0+(')!2'<(%.1)!=!7(P.2%.1)6!=!-$+!
!
!
X!
%$2'(+..%<$! 8'21*10<B%.+! .1$! 01)! ')2-*%+$2')6! >-'! *'(%&+$! '$! -$+! +.'72+90'!
;1(8+.%<$!%$%.%+0!*'0!7(1;')1(+*1!*'!01)!$%&'0')!*'!'*-.+.%<$!190%B+21(%+@!h'!2(+2+!
*'! -$! 81*'01! .'$2(+*1! '$! 0+! 7(1;')%<$! *1.'$2'! =! 9+)2+$2'! %$2'B(+*1(! *'0! *190'!
+)7'.21!2'1(?+O7(P.2%.+!Q,1$B'!=!,'$2'(6!"XXZR@!
/$! '0! .+)1! *'! b%$0+$*%+6! )-! )%)2'8+! '*-.+2%&1! *')2+.+! *'! ;1(8+! '3.'7.%1$+0! '$!
21*1)! 01)! %$*%.+*1(')! %$2'($+.%1$+0')! Q]U[/6! F/TR6! ')7'.%+08'$2'! 71(! 0+!
'32(+1(*%$+(%+! .+0%*+*! *'! )-! '$)'4+$5+! =! 01)! (')-02+*1)! .1$)'B-%*1)! '$! )-)!
+0-8$1)@! S+)! '&%*'$.%+)! .%'$2?;%.+)! 7(-'9+$! >-'! 0+! ;1(8+.%<$! *'0! 7(1;')1(+*1! *'!
'*-.+.%<$!7(%8+(%+!=!)'.-$*+(%+!Q>-'!%$.0-='!0+!)'0'..%<$!7('&%+!+!0+!-$%&'()%*+*6!
0+!;1(8+.%<$!2'<(%.+!-$%&'()%2+(%+!=!0+!;1(8+.%<$!'$!7(P.2%.+)R!')!0+!&+(%+90'!.(?2%.+!
7+(+! '370%.+(! '0! '3.'0'$2'! ('$*%8%'$21! *'! 01)! +0-8$1)! ;%$0+$*')')! Q,'0B+('K16!
NjjiR@!/)2+!+02+!.187'2'$.%+!*'0!7(1;')1(+*16!K-$21!+!-$+!710?2%.+!'*-.+2%&+!!J'.J+!
.1$!*'2'(8%$+.%<$6!.181!71(!'K'8701!+870%+(!0+!;1(8+.%<$!*'0!7(1;')1(+*1!J+)2+!
'0!2?2-01!*'!8+)2'(!Q.1$!7(1B(+8+)!*'!.%$.1!+41)R!=!0+!.1$.'7.%<$!*'0!7(1;')1(+*1!
.181!7(1;')%1$+0')!>-'!2%'$'$!*'('.J1!=!190%B+.%<$!*'!*')+((100+(!)-!0+91(!'$!01)!
.'$2(1)! '*-.+2%&1)6! 7+('.'$! )'(! 01)! (')71$)+90')! *'! ')21)! 9-'$1)! (')-02+*1)@! S+!
')2(-.2-(+!=!01)!.1$2'$%*1)!*'!0+!;1(8+.%<$!*'!21*1)!01)!7(1;')1(')6!%$.0-='$*1!01)!
7(1;')1(')! *'! '$)'4+$5+! )'.-$*+(%+6! 7('2'$*'! .'$2(+()'! '$! 0+! %$&')2%B+.%<$! =! '$!
-$+! 1(%'$2+.%<$! 9+)+*+! '$! 0+)! '&%*'$.%+)@! /)21! )%B$%;%.+! >-'! 01)! 7(1;')1(')!
+7('$*'$! +! +7(13%8+()'! +! )-! 2(+9+K1! *'! -$+! ;1(8+! +$+0?2%.+! =! +9%'(2+6! 00'B+$! +!
.1$.0-)%1$')! 9+)+*+)! '$! )-)! 19)'(&+.%1$')! =! '37'(%'$.%+)! =! *')+((100+$! )-)!
'$21($1)!*'!'$)'4+$5+!=!+7('$*%5+K'!*'!-$+!;1(8+!)%)2'8P2%.+@!Qk+$$'0'!=!d%2&+6!
NjjXR@!
/$!'0!.+)1!*'!T8D(%.+!0+2%$+6!J%)2<(%.+8'$2'!0+!7(%1(%*+*!J+!')2+*1!'$!0+!'$)'4+$5+!
7(%8+(%+! =! '$! 0+! '*-.+.%<$! -$%&'()%2+(%+@! h'! J+! )-9')2%8+*1! +! 0+! '*-.+.%<$!
)'.-$*+(%+! =! )-! 7+7'0! .'$2(+0! 7+(+! 7(181&'(! '0! *')+((1001! =! '0'&+(! 0+! .+0%*+*! *'!
&%*+! 01)! .%-*+*+$1)@! m! ')21! B-+(*+! ')2('.J+! ('0+.%<$! .1$! 0+! 7(190'8P2%.+! '$! 0+!
;1(8+.%<$!*'!7(1;')1(')!>-'!*')+;1(2-$+*+8'$2'!$1!J+!)%*1!19K'21!*'!(';1(8+)!'!
%$$1&+.%1$')!)%)2'8P2%.+)!=!)-)2+$2%&+)!Qn+%00+$26!NjjXR@!/$!!-$!')2-*%1!.187+(+*1!
QhP$.J'5!AD('56!NjjaR6!*'!0+!;1(8+.%<$!*'0!7(1;')1(+*1!'$!.-+2(1!*'!')21)!7+?)')!
QT(B'$2%$+6! U1)2+! d%.+6! UJ%0'! =! ,D3%.1R6! )'! .1$.0-='! >-'! 0+! ;1(8+.%<$! *1.'$2'! ')!
-$1! *'! 01)! 7(%$.%7+0')! ;+.21(')! >-'! %$.%*'$! '$! '0! 8'K1(+8%'$21! *'! 0+! .+0%*+*!
'*-.+2%&+6! *'! 2+0! ;1(8+! >-'! )'! J+$! '87('$*%*1! -$+! )'(%'! *'! (';1(8+)! '$! 0+!
;1(8+.%<$! %$%.%+0! *'! 8+')2(1)6! .1$.('2+*+)! '$! ;-$*+8'$2+(! 0+! $1(8+2%&%*+*! >-'!
)-)2'$2+!+!0+!;1(8+.%<$!*1.'$2'6!7(181&'(!%$%.%+2%&+)!2'$*'$2')!+!.1$;1(8+(!-$+!
710?2%.+! %$2'B(+0! *'! *')+((1001! 7(1;')%1$+0! *'! 01)! 8+')2(1)! =! +71=+(! +..%1$')! *'!
%$$1&+.%<$! '$! 0+)! 7(17-')2+)! .-((%.-0+(')! 7+(+! '0'&+(! 0+! .+0%*+*! *'! 0+! ;1(8+.%<$!
*1.'$2'! %$%.%+0@! /)2'! 7(1.')1! *'! (';1(8+! )'! 1(%'$2+6! '$! B'$'(+06! +! ;1(8+(! -$!
7(1;')%1$+0! 8P)! +-2<$1816! .+7+5! *'! (';0'3%1$+(! .(?2%.+8'$2'! )19('! )-! 7(P.2%.+!
.12%*%+$+6! .1$! '0! ;%$! *'! 8'K1(+(! .1$2%$-+8'$2'! )-! *')'87'41! 7(1;')%1$+0@! /)2'!
7(1.')1! *'! 8'K1(+! ('>-%'('! *'! 0+)! %$)2%2-.%1$')! ;1(8+*1(+)! *'! *1.'$2')! >-'! )'!
%870%>-'$!2+89%D$!'$!'0!*')+((1001!*'!7(1B(+8+)!*'!;1(8+.%<$!7+(+!01)!8+')2(1)!
=! 8+')2(+)! '$! 'K'(.%.%16! +)7'.21! >-'! .(''81)! 9+)2+$2'! %$2'(')+$2'6! *'! 2+0! ;1(8+!
>-'! +! 7+(2%(! *'! 0+)! 7(190'8P2%.+)! '&%*'$.%+*+)! 71(! 01)! *1.'$2')! '$! )-! 7(P.2%.+!
.12%*%+$+6! )'! %*'$2%;%>-'$! 0+)! P('+)! >-'! ('>-%'('$! .+89%1)! '$! '0! .-((?.-0-8! =! )'!
+*'.-'$!+)?!01)!7(1.')1)!*'!;1(8+.%<$!7+(+!01)!;-2-(1)!*1.'$2')@!
/$! *';%$%2%&+6! 0+)! '37'(%'$.%+)! *'! %$$1&+.%<$! =! ;1(8+.%<$! *'0! 7(1;')1(+*1!
*')+((100+*+)! '$! B'$'(+0! 71(! 0+! 8+=1(?+! *'! 01)! 7+?)')6! ! .1$*-.'$! +! 0+! 7'(.'7.%<$!
!
!
"j!
*'0! 7(1;')1(+*1! .181! '0! 7%0+(! ;-$*+8'$2+0! 7+(+! .1$)'B-%(! -$+! '*-.+.%<$! *'!
.+0%*+*6! *'! 2+0! ;1(8+! >-'! )-! ;1(8+.%<$! *'9'! *'! (')71$*'(! +! 0+)! *'8+$*+)! =!
$'.')%*+*')! >-'! &+=+$! +.1$2'.%'$*1! '$! -$+! )1.%'*+*! '$! .1$)2+$2'! '&10-.%<$@! /0!
7'(;%0!B019+0!.181!8+')2(1!>-'!)'!>-%'('!.1$)'B-%(!')!'0!*'!-$+!7'()1$+!.-02+6!>-'!
.189%$'! '0! .1$1.%8%'$21! '>-%0%9(+*1! '$! 01)! P89%21)! *%).%70%$+(6! *%*P.2%.1! =!
7(1;')%1$+0! =! >-'! )'+! .+7+5! *'! -2%0%5+(! ('.-()1)! =! 218+(! *'.%)%1$')! 7+(+!
2(+$);1(8+(!')'!.1$1.%8%'$21!'$!'0'8'$21)!*'!+7('$*%5+K'@!FB-+08'$2'6!>-'!2'$B+!
.1$.%'$.%+! )1.%+0! =! .+7+.%*+*! +;'.2%&+! 7+(+! '*-.+(! '$! &+01(')! *'81.(P2%.1)! +!
.%-*+*+$1)!.1$!-$+!&%)%<$!.(?2%.+!*'!0+!)1.%'*+*!'$!0+!>-'!)'!*')'$&-'0&'$@!I+$21!
01)!7(1.')1)!*'!(';1(8+!'87('$*%*1)!'$!'0!.1$2%$'$2'!+8'(%.+$1!.181!'$!'0!.+)1!
*'! /-(17+6! '$! '0! 8+(.1! *'0! /)7+.%1! /-(17'1! *'! /*-.+.%<$! h-7'(%1(6! &+$! '$! ')2'!
)'$2%*1@!!
!
FF@N@!h19('!'0!81*'01!*'!7(1;')1(!('+08'$2'!.1$)'B-%*1!
h%!2'$'81)!'$!.-'$2+!0+)!%*'+)!!.0+&')!*')+((100+*+)!'$!'0!+7+(2+*1!+$2'(%1(!)19('!
0+!'&10-.%<$!'$!0+!;1(8+.%<$!*'0!7(1;')1(+*1!=!0+!9:)>-'*+!*'0!81*'01!*'!7(1;')1(!
*')'+90'6! J'81)! *'! .1$.0-%(! >-'! )'! J+! 2(+9+K+*1! B019+08'$2'! *'! ;1(8+! )<0%*+! =!
2'$+5! '$! ')2+! 2+('+! .1$! (')-02+*1)! >-'! '&%*'$.%+$! 9+)2+$2')! +)7'.21)! 71)%2%&1)6!
7'(1! '0! +$P0%)%)! ')7'.?;%.1! *'! ')1)! 8%)81)! (')-02+*1)! 2+89%D$! *'K+$! '$2('&'(!
7(190'8P2%.+)! .1$! .+('$.%+)! =! *';%.%'$.%+)! ('+08'$2'! '$.1$2(+*+)6! )19('! 21*1! +0!
.187+(+(! 01)! ('.-()1)! *'! 7+(2%*+Q7'(;%0! %$%.%+0! *'0! +0-8$+*1R! =! 01)! (')-02+*1)! +0!
;%$+0! *'! 0+! ;1(8+.%<$! %$%.%+0! *'0! 7(1;')1(+*16! .187(19+$*1! >-'! $1! )'! 00'B+$! +!
.1$)'B-%(!0+!8+=1(?+!*'!01)!19K'2%&1)!7'()'B-%*1)@!
S1)!(')-02+*1)!*'!0+!'&+0-+.%<$!*'!01)!.'$2(1)!=!7(1B(+8+)!*'!'*-.+.%<$!)-7'(%1(6!
('+0%5+*1)!'$!+0B-$1)!7+?)')!'-(17'1)6!J+$!81)2(+*1!>-'!')!%$)-;%.%'$2'!0+!.+0%*+*!
*'!*'2'(8%$+*1)!7(1B(+8+)!*'!;1(8+.%<$!7+(+!01)!;-2-(1)!*1.'$2')6!*'!2+0!;1(8+!
>-'!'0!7(1;')1(+*1!'$!'K'(.%.%1!+)-8'!'$!8-.J1)!.+)1)!')2+!;+02+!*'!;1(8+.%<$!=!
*'8+$*+! -$+! ;1(8+.%<$! .1$2%$-+*+! >-'! (')-'0&+! ';%.+58'$2'! 01)! 7(190'8+)!
'$.1$2(+*1)! '$! )-! +.2-+.%<$! *1.'$2'@! T)?! 01! (';0'K+! 01)! (')-02+*1)! *'! 0+! '$.-')2+!
ITSFh! ! >-'! ')! -$! %$;1(8'! )19('! '0! *')+((1001! 7(1;')%1$+0! *'! 01)! 7(1;')1(')! '$!
/-(17+6!7-90%.+*1!71(!0+!U18%)%<$!/-(17'+!=!0+!]U[/!=!>-'!1;('.'!71(!7(%8'(+!&'5!
*+21)! .187+(+90')! +! $%&'0! %$2'($+.%1$+0! )19('! '0! *')+((1001! 7(1;')%1$+0! *'! 01)!
7(1;')1(')@!h'!2(+2+!*'!0+!7(%8'(+!'$.-')2+!%$2'($+.%1$+0!1(%'$2+*+!+0!'$21($1!*'0!
+7('$*%5+K'! =! 0+)! .1$*%.%1$')! *'! 2(+9+K1! *'! 01)! *1.'$2')! '$! )-! .'$2(1! *'!
'$)'4+$5+@! T*'8P)6! ')2P! .'$2(+*+! '$! 01)! 7(190'8+)! >-'! +;'.2+$! +0! 7(1;')1(+*1! =!
)-!('$*%8%'$216!2+$21!*')*'!'0!7-$21!*'!&%)2+!*'!01)!*%('.21(')!*'!01)!.'$2(1)!.181!
*'!01)!7(17%1)!7(1;')1(')@!A+(+!('+0%5+(0+!)'!)'0'..%1$+(1$!+0!+5+(!Njj!.'$2(1)!*'!
'$)'4+$5+!*'!.+*+!-$1!*'!01)!NW!7+?)')!>-'!+9+(.<!0+!'$.-')2+@!!
S1)!(')-02+*1)!*'!0+!'$.-')2+!ITSFh!(';0'K+$!7(%$.%7+08'$2'!0+)!+$)%+)!*'!+7('$*'(!
=! *'! 8'K1(+(! >-'! 2%'$'$! 01)! 7(1;')1(')@! /0! YXo! *'! 01)! 7(1;')1(')! J+! +)%)2%*1! +!
+0B-$+! +.2%&%*+*! 7+(+! )-! *')+((1001! 7(1;')%1$+0! '$! 01)! :02%81)! 8')')! =! 8P)! *'! 0+!
8%2+*! )'4+0+! 0+! $'.')%*+*! *'! -$! +-8'$21! *'! +.2%&%*+*')! *'! ')2'! 2%71@! /)! &'(*+*!
>-'! '0! *')+((1001! 7(1;')%1$+0! *'! 01)! *1.'$2')! 1;('.'! B(+$*')! 71)%9%0%*+*')! *'!
8'K1(+! *'! 0+! '$)'4+$5+6! )%$! '89+(B1! 01)! *1.'$2')! )'! >-'K+$! *'! >-'! 0+! ;+02+! *'!
2%'871! '$! '0! 2(+9+K1! 7+(+! )-! ;1(8+.%<$! ')! '0! 7(%$.%7+0! 7(190'8+! +! 0+! J1(+! *'!
7+(2%.%7+(!'$!0+)!+.2%&%*+*')!*'!*')+((1001!7(1;')%1$+0@!k+9(?+!7-')!>-'!;18'$2+(!
8'K1(+)!'$!'0!P89%21!'*-.+2%&1!*')2%$+*+)!+!%$2'B(+(!'0!*')+((1001!7(1;')%1$+0!*'!
!
!
""!
01)! *1.'$2')! '$! '0! .1$K-$21! *'! )-! +.2%&%*+*! 0+91(+0! =! '$! '0! ;-$.%1$+8%'$21! *'! 01)!
.'$2(1)! >-'! 0')! +.1B'$@! /0! %$;1(8'! ITSFh! %$*%.+! 2+89%D$! >-'! -$+! 710?2%.+! ').10+(!
'$!0+!>-'!)'!%$;1(8'!+!01)!*1.'$2')!)19('!)-!('$*%8%'$21!')2P!;-'(2'8'$2'!0%B+*+!+!
)-! *')+((1001! 7(1;')%1$+0@! T)?! 8P)! *'! -$! Ngo! *'! 01)! 7(1;')1(')! *'! F(0+$*+! =!
A1(2-B+0!+;%(8+$!>-'!$1!)'!0')!J+.'!00'B+(!$%$B:$!.18'$2+(%1!)19('!)-!2(+9+K16!-$+!
.%;(+! >-'! +-8'$2+! J+)2+! +0.+$5+(! '0! ago! '$! /)7+4+! =! '0! ggo! '$! F2+0%+@! T*'8P)6!
)'B:$!0+!'$.-')2+6!2(')!*'!.+*+!.-+2(1!7(1;')1(')!)%'$2'$!>-'!0+)!;+02+$!%$.'$2%&1)!
7+(+!8'K1(+(!0+!.+0%*+*!*'!)-!2(+9+K1!7'*+B<B%.1@!/$!cD0B%.+6![%$+8+(.+6!F(0+$*+!=!
p1(-'B+6!8P)!*'!-$!Xjo!*'!7(1;')1(')!+;%(8+(1$!$1!')7'(+(!$%$B-$+!('.187'$)+!
71(! 8'K1(+(! 0+! .+0%*+*! *'! )-! 2(+9+K1! 7'*+B<B%.1@! S1)! 7(1;')1(')! )1$! 8'$1)!
7')%8%)2+)! '$! c-0B+(%+! =! A101$%+6! +-$>-'! .+)%! 0+! 8%2+*! *'! '001)! $1! )'! )%'$2'$!
%$.'$2%&+*1)!7+(+!8'K1(+(@!
/)! $'.')+(%1! 7-')! ;18'$2+(! 0+! ('+0%5+.%<$! *'! '37'(%'$.%+)! ;1(8+2%&+)! '$! '0!
7(1;')1(+*1!7'(1!')!2+89%D$!%871(2+$2'!-$!9-'$!+89%'$2'!'$!01)!.10'B%1)!7+(+!'0!
9-'$! *')'87'41! *'! )-! 0+91(@! h'B:$! 01)! (')-02+*1)! *'! ')2+! '$.-')2+6! '0! 8+0!
.1871(2+8%'$21!*'!01)!+0-8$1)!'$!0+)!+-0+)!+;'.2+!)'(%+8'$2'!+!0+!'$)'4+$5+!'$!
2(')!*'!.+*+!.%$.1!.'$2(1)!').10+(')@!U181!8'*%+6!01)!7(1;')1(')!7+)+$!-$!"Wo!*'!
)-!2%'871!*'!'$)'4+$5+!%$2'$2+$*1!8+$2'$'(!'0!1(*'$!'$!.0+)'@!T*'8P)6!2+89%D$!
7'(K-*%.+$! 0+! 0+91(! *1.'$2'! '0! +9)'$2%)81! ').10+(! QaioR6! 01)! ('2(+)1)! *'! 01)!
+0-8$1)!QWXoR!=!0+!!&%10'$.%+!&'(9+0!'$2('!01)!7(17%1)!')2-*%+$2')!QWgoR@!k+=!-$+!
7'(.'7.%<$!B019+0!'$!')2'!)'$2%*16!'$!'0!P89%21!)1.%1'*-.+2%&16!>-'!+7-$2+!+!>-'!'0!
81*'01! *'! '*-.+.%<$! .187('$)%&+! '$! '0! >-'! ')2+81)! %$8'()1)6! .-=1!
70+$2'+8%'$21!7(P.2%.1!+;%(8+!>-'!'32'$*'(!01)!.1$1.%8%'$21)!')!8P)!%871(2+$2'!
>-'!7(1;-$*%5+(!'$!'001)!Q'37'(%'$.%+!)1.%+0!*'0!B(-71!.0+)'!;('$2'!+!.+0%*+*!'$!0+!
'$)'4+$5+R6! ! $1! ')2P! *+$*1! 9-'$1)! (')-02+*1)! '$! 0+)! ').-'0+)! =! >-'! 0+! 7'*+B1B?+!
>-'!')2+81)!-2%0%5+$*1!$1!7+('.'!)'(&%(!+!0+!)1.%'*+*@![+!0+!)'$)+.%<$!*'!>-'!$1)!
')2+81)! +0'K+$*1! *'0! 1(%B'$! *'! 0+! *'.%)%<$! )1.%+0! *'! 2'$'(! ').-'0+)! 7:90%.+)! 7+(+!
$-')2(1)!;-2-(1)!.%-*+*+$1)6!1(%B'$!.'$2(+*1!'$!'0!+7('$*%5+K'!=!'$!0+!+*>-%)%.%<$!
*'!.1$1.%8%'$21@!
/$!01!>-'!(')7'.2+!+!/)7+4+6!0+!212+0%*+*!*'!01)!7(1;')1(')!')7+410')!*'!)'.-$*+(%+!
'$.-')2+*1)! +;%(8+! J+9'(! ('.%9%*1! ;1(8+.%<$! '$! 01)! :02%81)! "Y! 8')')6! )%$!
'89+(B16!')2+!8'*%*+!$1!J+!2'$%*1!.181!(')-02+*1!-$!+-8'$21!*'!0+!.+0%*+*!*'!0+!
'$)'4+$5+! =! '0! 7(1;')1(+*1! )%B-'! 81)2(P$*1)'! %$)+2%);'.J1@! A1(! -$! 0+*16! 01)!
*1.'$2')!*'8+$*+$!7+(2%.%7+(!'$!+.2%&%*+*')!*'!;1(8+.%<$!7'(1!D)2+)!$1!7+('.'$!
2'$'(! '0! (')-02+*1! ')7'(+*1@! /0! ijo! *'! 01)! 7(1;')1(')! '$.-')2+*1)! )'! 8-')2(+$!
%$)+2%);'.J1)!=!)'4+0+$!0+!$'.')%*+*!*'!2'$'(!-$+!8+=1(!1;'(2+!7+(+!+-8'$2+(!)-!
;1(8+.%<$@!!
h'B:$!,%.J+'0![+&%*)1$6!.11(*%$+*1(!*'!0+!'$.-')2+6!0+)!+.2%&%*+*')!>-'!)'!1;('.'$!
+0!7(1;')1(+*1!$1!)1$!0+)!8P)!+*'.-+*+)!=!J+=!-$+!;+02+!*'!*%P01B1!.1$!'0!.'$2(1!+!
0+! J1(+! *'! '&+0-+(! 01)! 01B(1)! =! 0+)! $'.')%*+*')@! /$! ')2'! )'$2%*1! )'! %$)%)2'! '$! 0+!
$'.')%*+*!*'!>-'!.+*+!.'$2(1!)-7'(&%)'!0+!';%.+.%+!*'!01)!7(1B(+8+)!'*-.+2%&1)!=!0+!
0+91(!*'!01)!7(1;')1(')6!.1$!-$+!710?2%.+!').10+(!'$!0+!>-'!)'!%$;1(8'!+!01)!*1.'$2')!
)19('! )-! ('$*%8%'$21@! /)! .-(%1)16! '$! ')2'! )'$2%*16! >-'! '0! 7(1.')1! *'! '&+0-+.%<$!
')7+410!')!'0!8'$1(!*')+((100+*1!*'!01)!NW!7+?)')!'-(17'1)!>-'!)'!J+$!')2-*%+*1@!
]2(+! '$.-')2+! %$2'(')+$2'! ')! 0+! ('+0%5+*+! 71(! 0+! ;-$*+.%<$! b-J'86! %$)2%2-.%<$!
7(%&+*+!'!%$*'7'$*%'$2'!>-'!2(+9+K+!71(!0+!.1$)2(-..%<$!*'!-$+!)1.%'*+*!8P)!K-)2+!
=! )10%*+(%+@! h'! 2(+2+! *'! -$+! '$.-')2+! )19('! ;1(8+.%<$! =! *')+((1001! 7(1;')%1$+0! *'!
01)!*1.'$2')!'$!/)7+4+@!/0!7(1;')1(+*1!7+(2%.%7+$2'!'$!')2'!')2-*%1!')!.(?2%.1!.1$!
!
!
"N!
0+! .+0%*+*! *'! 0+! ;1(8+.%<$! %$%.%+0! >-'! J+)2+! +J1(+! )'! &'$?+! %87+(2%'$*1! '$! '0!
)%)2'8+!'*-.+2%&1!')7+410@!F$.0-)1!'$!0+)!'2+7+)!>-'!8'K1(!)'!&+01(+$6!$1!00'B+!+!0+!
8%2+*!*'!01)!'$.-')2+*1)!>-%'$')!0+!.1$)%*'(+$!;,%#-'"'7,C';,%#-E'
/)2+! &+01(+.%<$! $'B+2%&+! 8-')2(+! $1! 19)2+$2'! %871(2+$2')! *%;'('$.%+)!
*'7'$*%'$*1! *'! 0+! '2+7+! 71(! 0+! >-'! )'! 7('B-$2+@! /$! '0! .+)1! *'! 01)! ')2-*%1)! *'!
,+B%)2'(%16! )'! .1$)%*'(+$! 01)! *'! 8P)! .+0%*+*@! ,'('.'! 0+! 7'$+! 00+8+(! 0+! +2'$.%<$!
)19('! '0! J'.J1! *'! >-'! )'+$! 01)! ')2-*%1)! *'! ,+B%)2'(%1! 01)! >-'! 8'K1(! &+01(+.%<$!
('.%9'$! .-+$*16! 71(! 12(+! 7+(2'6! +! 8'$-*1! )1$! 01)! >-'! )1.%+08'$2'! 8'$1)! )'!
&+01(+$@!/$!.+89%16!0+!;1(8+.%<$!%$%.%+0!*'0!7(1;')1(+*1!*'!'*-.+.%<$@!)'.-$*+(%+!
('.%9'! -$+! &+01(+.%<$! $'B+2%&+@! I+$! )<01! -$1! *'! .+*+! 2(')! *1.'$2')! '$.-')2+*1)!
7%'$)+!>-'!)'!2(+2+!*'!-$+!'*-.+.%<$!+*'.-+*+@!!
S+)!(')7-')2+)!+!0+!7('B-$2+!+.'(.+!*'!0+!%871(2+$.%+!*'!01)!*%)2%$21)!.1$2'$%*1)!
>-'!)'!%$.0-='$!'$!0+!;1(8+.%<$!%$%.%+0!(';0'K+!-$+!.1$.'7.%<$!21*+&?+!8-=!+$.0+*+!
'$! 0+! %*'+! *'! >-'! 7+(+! )'(! 9-'$! 7(1;')1(! 01! %871(2+$2'! )1$! 01)! .1$1.%8%'$21)!
*%).%70%$+(')@! p%$B:$! '$;1>-'! 2'<(%.1! 8?$%8+8'$2'! (%B-(1)1! $%'B+! J1=! '$! *?+! 0+!
%871(2+$.%+! *'! )'(! '37'(21! '$! '0! *18%$%1! *'0! .1$1.%8%'$21! '$! '0! >-'! )'! %87+(2'!
*1.'$.%+6!7'(1!%B-+08'$2'!)'!)+9'!>-'!)<01!')2'!.1$1.%8%'$21!')!%$)-;%.%'$2'@!/)2+!
%*'+! )%B-'! ')2+$*1! 8P)! +)'$2+*+! .-+$*1! )'! 7('B-$2+! 71(! 0+! ;1(8+.%<$! *'0!
7(1;')1(+*1! *'! )'.-$*+(%+@! d')7'.21! +! ! 0+)! 7(P.2%.+)! >-'! 01)! ')2-*%+$2')! *'!
,+B%)2'(%1!=!*'0!UTA!J+.'$!+0!;%$+0!*'!)-)!')2-*%1)6!)1$!&+01(+*+)!.181!'0!'0'8'$21!
8'$1)! %871(2+$2'! *'! 0+! ;1(8+.%<$! %$%.%+06! $1! 2+$21! 71(>-'! $1! &+01('$! 0+!
%871(2+$.%+!*'!0+!('+0%5+.%<$!*'!7(P.2%.+)!').10+(')6!)%$1!2+0!&'5!71(>-'!7'(.%9+$!
$1! 8-=! +*'.-+*+! 0+! .+0%*+*! *'! 0+)! 7(P.2%.+)! >-'! J+)2+! +J1(+! J+$! &'$%*1!
('+0%5+$*1@!S+!&+01(+.%<$!*'0!7(1;')1(+*1!*'!)'.-$*+(%+!')!8P)!$'B+2%&+!>-'!0+!>-'!
J+.'$!01)!*1.'$2')!*'!7(%8+(%+!'$!')2'!+)7'.21!*'0!7(+.2%.-8@!!
d')7'.21!+!/-(17+!=!'0!7(1.')1!*'!(';1(8+!'87('$*%*1!'$!'0!8+(.1!*'0!///h6!')!
7(1$21! 7+(+! &+01(+(! 01)! (')-02+*1)! >-'! )'! ')2P$! 192'$%'$*1! Q8P)! +:$! '$! '0! .+)1!
')7+410R6!+-$>-'!=+!)'!'&%*'$.%+$!*%;%.-02+*')!('0+.%1$+*+)!.1$!0+!(+2%1!+0-8$1)O
7(1;')1(! Q&+(%+90'! &%2+0! 7+(+! 71*'(! 2(+9+K+(! .1$! +..%1$')! %$$1&+*1(+)R! =! .1$! 0+!
')2(-.2-(+.%<$!Q*%;'('$2'!'$!$:8'(1!*'!+41)R!*'!B(+*1!=!71)2B(+*1!+*172+*+!71(!
01)! *%&'()1)! 7+?)')@! ! T)?6! '$! T0'8+$%+! J+=! ;-'(2')! .(?2%.+)! 71(! 0+)! *%;%.-02+*')! *'!
+70%.+.%<$! '$! 0+)! ('7:90%.+)! ;'*'(+*+)! Q)19('.+(B+! *'! 2(+9+K1R@! /$! b(+$.%+! '0!
7(1.')1! *'! +*+72+.%<$! ')2P! *%;%.-02+*1! 71(! 0+! *')812%&+.%<$! *'0! 7(1;')1(+*1!
-$%&'()%2+(%1! Q)19('! 21*1! 71(>-'! '$2%'$*'$! >-'! '0! ///h! J+! +;'.2+*1!
$'B+2%&+8'$2'!+!)-)!.1$*%.%1$')!0+91(+0')R@!/$!.-+$21!+0!7(1;')1(+*1!%2+0%+$16!)'!
>-'K+$! *'! >-'! ')2+! (';1(8+! J+! 7(1*-.%*1! 8'$1)! 2(+9+K1! =! -$+! ('*-..%<$! *'! 0+!
%$&')2%B+.%<$@!!
/$!*';%$%2%&+6!)'!J+.'!$'.')+(%1!')2+90'.'(!7(1.')1)!'&+0-+2%&1)!*'!)'B-%8%'$21!'$!
0+!;1(8+.%<$!*'0!7(1;')1(+*1!7+(+!&+01(+(!0+!.1((')71$*'$.%+!'$2('!'0!81*'01!*'!
7(1;')1(! *'! '*-.+.%<$! 190%B+21(%+! >-'! 7('2'$*'81)! .1$)'B-%(! =! '0! 81*'01! *'!
7(1;')1(!>-'!2'(8%$+!)-!;1(8+.%<$!%$%.%+0@!!!
!
FF@W@!/37'(%'$.%+)!*'!;1(8+.%<$!'!%$$1&+.%<$!7+(+!*'0%8%2+(!-$!81*'01!*'!7(1;')1(!
';%.%'$2'!=!17'(+2%&1@!
I'$%'$*1!'$!.-'$2+!0+)!%*'+)!.0+&')!+71(2+*+)!'$!01)!+7+(2+*1)!+$2'(%1(')6!&'81)!
.181! +..%<$! 7(%1(%2+(%+! '$! 0+! ;1(8+.%<$! *'0! 7(1;')1(+*1! 0+! ('+0%5+.%<$! *'! -$+!
!
!
"W!
'&+0-+.%<$! ';%.%'$2'! =! .1$2%$-+*+! *'! 01)! 70+$')! *'! ')2-*%1! =! *'! 0+)! +..%1$')!
8'21*10<B%.+)!*')+((100+*+)!+!01!0+(B1!*'!*%.J+!;1(8+.%<$!%$%.%+0@!/)21)!.1$2'$%*1)!
*'! ;1(8+.%<$6! +)?! .181! 0+! 8'21*101B?+! 7+(+! '$)'4+(01)6! *'9'(?+$! *'! ')2+(! '$! -$!
8+(.1!*%$P8%.1!=!+.2-+0%5+*1!*'!%$$1&+.%<$!=6!+0!8%)81!2%'8716!*'9'(?+$!*'!')2+(!
;-$*+8'$2+*1)! '$! '0! 81*'01! *'! %$2'B(+.%<$! *'! .1$2'$%*1)! *'! ;1(8+.%<$! >-'!
'&%*'$.%P9+81)! '$! '0! +7+(2+*1! FF@"! =! >-'! +J1(+! 71*'81)! 2'(8%$+(! *'! *'0%8%2+(!
Q;%B-(+!WRG!
!
,1*'01!%$2'B(+*1!*'!.1$2'$%*1)!*'!;1(8+.%<$!
!
!
!
!
!
!
!
!
U1$2'321!*'!;1(8+.%<$!
!
bA!
!
!
!
!
!
!
!!81*'01!!
!
!
!
!
!
!!7(1;')1(!
!
!
!
!
!
!!*')'+90'!
!
!
!
!
bU!
!
!
!!!!!b[!!
!
!
!
</!=>'/"17-)*8#'(";1%'%3')"#$%#*+"'
</@=>'/"17-)*8#'+*+A)$*)-'
</5=>'/"17-)*8#'%#'%3'A7;*$"':1"6%(*"#-3''
'
'
'
'
'
>'B#$%1-))*"#%('C':1")%("('%#$1%'3"('$1%('A7;*$"('+%'6"17-)*8#'
<!"#$%&$"'+%'6"17-)*8#=>'F3'(*($%7-'-,3-'+%'6"17-)*8#G')"#'3"('%3%7%#$"('C'3-('*#$%1-))*"#%('
H,%'(%'+-#'%#'I3G'%($A#'380*)-7%#$%'$"+"(')"#+*)*"#-+"(':"1'%3')"#$%&$"')"#)1%$"'%#'%3'H,%'(%'
+%(-11"33-' 3-' -))*8#' 6"17-$*.-' J%#$"1#"' %+,)-$*."G' )1%%#)*-(' +%3' :1"6%("1' +%' 6"17-)*8#G'
)-1-)$%1K($*)-('+%'3"('-3,7#"('+%'6"17-)*8#G'7%+*"('+*(:"#*;3%(GEELE'
b%B-(+!W!
!
k+=!>-'!;18'$2+(6!*')+((100+(!=!.1$.('2+(!+..%1$')!*'!%$$1&+.%<$!>-'!.1$2(%9-=+$!
+!;+&1('.'(!';%.+58'$2'!+!0+)!*%&'()+)!%$2'(+..%1$')!*'!01)!P89%21)!*'!;1(8+.%<$!=6!
'$! *';%$%2%&+6! +! *+(! )10%*'5! +! ')2'! 81*'01! *'! %$2'B(+.%<$! *'! .1$2'$%*1)! *'!
;1(8+.%<$@!
T0B-$1)!'K'8701)!*'!'37'(%'$.%+)!*'!;1(8+.%<$!'!%$$1&+.%<$!>-'!&+$!'$!')2+!0?$'+!
+7+('.'$!'$!0+!;%B-(+!a6!>-'!%$.0-='!*%&'()1)!7(1='.21)!*'!%$$1&+.%<$!('+0%5+*1)!'$!
*%;'('$2')! -$%&'()%*+*')! ')7+410+)6! ! ! 7(1='.21)! ! >-'! J'81)! .+2'B1(%5+*1! '$!
;-$.%<$!*'0!P89%21!1!+B'$2'!-$%&'()%2+(%1!'$!'0!>-'!J+$!(')-02+*1!8P)!;-$.%1$+0')!
=!17'(+2%&1)!Q_+0-8$1)`6!!_7(1;')1(+*1`!_['7+(2+8'$21)`6!e!R!
!
!
"a!
EXPERIENCIAS DE FORMACIÓN E INNOVACIÓN SOBRE FORMACIÓN DEL PROFESORADO
CALIDAD DEL PROCESO E/A
a través de
CAMBIOS EFICIENTES
ESTRUCTURAL
de tipo
CURRICULAR
mediante experiencias de innovación
con implicaciones a nivel de
ALUMNADO
PROFESORADO
como
MO
-DEDICACIÓN REAL RECONOCIDA
DEPARTAMENTO
como
MO
-PLANIFICACIÓN REAL
-ACTIVIDADES DE.ENSEÑANZA
Y DE EVALUACIÓN VARIADAS
E INNOVADORAS
- APRENDIZAJES MÁS EFICACES Y
FUNCIONALES
E J E M P L O S
.EDUCLICK
.ACCIÓN
TUTORIAL
METODOLÓGICO
D E
como
MO
- COORDINACIÓN FRUCTÍFERA
como
MO
COORDINACIÓN ENTRE
- ACTIVIDADES, ESPACIOS Y RECURSOS
ALTERNATIVOS
PROFESORES DE
TITULACIÓN
E X PERIENCIAS
. GUÍAS
DOCENTES
. PORTAFOLIOS
DE
!
FORMACION
E
. ABP interdisciplinar
"#!
UNIVERSIDAD
INTERCAMBIO
EXPERIENCIAS
ENTRE
UNIVERSIDADES
INNOVACIÓN
. WEB-HOME
. SEPI
. ABP
Figura 4
!
TITULACIÓN
CONGRESOS
SOBRE
FORMACIÓN
como
MO
$%&'()*&%+!*,-.(%+!/'!',,%+0!
123$45$60! 78%9':)%! /'! (.';*+! )':(%,%-<*+! =*8*! =%/'8! 8'*,>?*8! .(! ';*,.*:>@(!
:%()>(.*/*!/',!*,.&(*/%!9A!*,!&>+&%!)>'&=%A!'+)>&.,*(/%!+.!=*8)>:>=*:>@(!/>*8>*!9!
+.!&%)>;*:>@(!=%8!,*!*+>-(*).8*B!
C1750! C'&>(*8>%! /'! =8%D'+%8'+! 9! =8%D'+%8*+! /'! .(! &>+&%! 2'=*8)*&'()%! E.'!
:%&'()*(A!!8'D,'F>%(*(!9!:%&=*8)'(!'+)8*)'->*+!9!&*)'8>*,'+!:%&.('+!=*8*!=%/'8!
+'8! .)>,>?*/%+! '(! ,*+! />;'8+*+! *+>-(*).8*+! E.'! >&=*8)'! ',! 2'=*8)*&'()%!
G*+>-(*).8*+!/'!.(*!&>+&*!)>).,*:>@(!9!/'!/>D'8'()'!)>).,*:>@(HB!
I1JKLMN10! 8'*,>?*:>@(! /'! .(*! O'P! /'! ,*! *+>-(*).8*! E.'A! /'! D%8&*! >()'8*:)>;*! A!
='8&>)'!',!+'-.>&>'()%!'D>:*?!/'!,*!&>+&*!=%8!=*8)'!/'!!,%+!*,.&(%+!/'+/'!',!>(>:>%!
/',!:.8+%B!
QJ7! 9! QJ7! >()'8/>+:>=,>(*80! *::>@(! &')%/%,@->:*! E.'! :%(+>+)'! '(! ',! *=8'(/>?*R'!
P*+*/%! '(! ,*! 8'+%,.:>@(! /'! =8%P,'&*+A! P>'(! =,*()'*/%+! 'F:,.+>;*&'()'! /'+/'! ,*!
*+>-(*).8*! %A! &S+! >()'8'+*()'! )%/*;<*A! =,*()'*/%+! /'+/'! ;*8>*+! />+:>=,>(*+! E.'!
:%&=*8)'(! :%()'(>/%+! :%&=,'&'()*8>%+! 9! (':'+*8>%+! =*8*! *D8%()*8! ,*! 8'+%,.:>@(!
/',! =8%P,'&*B! 1+)*! &')%/%,%-<*! D*:>,>)*! /'! D%8&*! 'D>:*?! ,*! (':'+*8>*! :%%8/>(*:>@(!
'()8'!',!=8%D'+%8*/%!/'!.(*!&>+&*!)>).,*:>@(B!!
4*! $%(D'8'(:>*! /'! 2':*(%+! /'! ,%+! :'()8%+! /'! D%8&*:>@(! /',! =8%D'+%8*/%! /'! ,*+!
.(>;'8+>/*/'+!'+=*T%,*+!+%,>:>)*P*A!'(!.(!'(:.'()8%!8':>'()'A!E.'!,*+!Q-'(:>*+!/'!
1;*,.*:>@(! 9! /'! $%()8%,! /'! ,*! $*,>/*/! =8>%8>:'(A! '()8'! ,%+! :8>)'8>%+! =*8*! ,*!
*:8'/>)*:>@(! /',! =8%D'+%8*/%! .(>;'8+>)*8>%A! ',! 8':%(%:>&>'()%! 9! ;*,%8*:>@(! /'!
*:)>;>/*/'+!/'!>((%;*:>@(!/%:'()'B!
U%;%*!GVWWXHA!:%(:8')*!.(*!+'8>'!/'!!=8%=.'+)*+!/'!)8*P*R%!E.'!/'P'8<*(!>(+=>8*8!
,%+!=8%-8*&*+!/'!D%8&*:>@(!/'!=8%D'+%8'+0!!
"B! Q+.&>8! .(! D.'8)'! :%&=%('()'! =8S:)>:%A! :'()8*/%! '(! ',! *=8'(/>?*R'! /'! ,%+!
*,.&(%+! 9! '(! ',! '+)./>%! /'! :*+%+! :%(:8')%+A! )'(>'(/%! :%&%! 8'D'8'(:>*! ',! )8*P*R%!
'+:%,*8Y!!
VB! Z'*,>?*8+'! /'+/'! /'()8%! /'! ,*! =8%D'+>@(A! P*+S(/%+'! '(! ,*! */E.>+>:>@(! /'! .(*!
:.,).8*! =8%D'+>%(*,! 9! :%(:'/>'(/%! *! ,%+! =8%D'+%8'+! :%(! &S+! 'F='8>'(:>*! .(! =*=',!
:'()8*,!'(!,*!D%8&*:>@(!/'!,%+!&S+!R@;'('+Y!
[B! 2'/>:*8! .(*! *)'(:>@(! '+=':>*,! *! ,*+! />&'(+>%('+! ='8+%(*,'+! /'! ,*! =8%D'+>@(!
/%:'()'A! )8*P*R*(/%! '+*! :*=*:>/*/! /'! 8',*:>@(! 9! /'! :%&.(>:*:>@(! E.'! /'D>('! ',!
)*:)%!
='/*-@->:%Y!!
\B!]*,%8*8!',!)8*P*R%!'(!'E.>=%!9!',!'R'8:>:>%!:%,':)>;%!/'!,*!=8%D'+>@(A!8'D%8?*(/%!,*!
>&=%8)*(:>*!/'!,%+!=8%9':)%+!'/.:*)>;%+!/'!'+:.',*Y!
^B! $*8*:)'8>?*8+'! =%8! .(! =8>(:>=>%! /'! 8'+=%(+*P>,>/*/! +%:>*,A! D*;%8':>'(/%! ,*!
:%&.(>:*:>@(! =_P,>:*! 9! ,*! =*8)>:>=*:>@(! =8%D'+>%(*,! '(! ',! '+=*:>%! =_P,>:%! /'! ,*!
'/.:*:>@(B!!
M)8*+! ! =8>%8>/*/'+! /'! *:).*:>@(! =*8*! ,*! :%(+':.:>@(! /'! .(! &%/',%! /'! =8%D'+%8!
'D>:>'()'!9!%='8*)>;%!+'8<*(!,*+!+>-.>'()'+0!
`*:>,>)*8!,*!>(:%8=%8*:>@(!/'!&*'+)8%+!9!=8%D'+%8'+!/',!+>+)'&*!'/.:*)>;%!'(!
*=%9%!*!*+=':)%+!'+=':<D>:%+!/'!,*!/%:'(:>*!'(!,%+!)<).,%+!/'!,*!D%8&*:>@(!>(>:>*,!/',!
=8%D'+%8*/%B! 1+)*! '+! .(*! ,<('*! /'! *:).*:>@(! >&=%8)*()'A! *;*,*/*! )*&P>a(! =%8! ,*!
$%(D'8'(:>*!/'!2':*(%+!9!:>)*/*!'(!,*+!:%(:,.+>%('+!/'!/>;'8+%+!:%(-8'+%+!+%P8'!
!
!
"#!
>((%;*:>@(! /%:'()'A! /'! )*,! D%8&*! E.'! :%()8>P.9'! *! ,%-8*8! .(*! D%8&*:>@(! 'D>:*?! 9!
E.'!:%(':)*!:%(!,*+!(':'+>/*/'+!8'*,'+!/'!,*!'/.:*:>@(!%P,>-*)%8>*B!
`%&'()*8! )*8'*+! /'! :%%8/>(*:>@(! +>+)'&S)>:*! '()8'! ',! =8%D'+%8*/%! /'! .(*!
&>+&*! )>).,*:>@(! /'! '/.:*:>@(! =*8*! ,%-8*8! .(*! D%8&*:>@(! 'D>:*?A! 8'()*P,'! 9!
*)8*:)>;*! =*8*! ',! *,.&(*/%A! =.'+! =%/8S(! ='8:>P>8! E.'! +'! ,'+! %D8':'! *=8'(/>?*R'+!
=8S:)>:%+! =*8*! +%,.:>%(*8! =8%P,'&S)>:*+! /'! '(+'T*(?*! :%&.('+B! c*&P>a(! +'8<*!
>()'8'+*()'! '(! '+)'! +'()>/%A! :%&%! =8%=%('! ,*! $%(D'8'(:>*! /'! 2':*(%+A!
>()'8:*&P>*8! >(D%8&*:>@(! +%P8'! ,*+! 'F='8>'(:>*+A! /'! ,*+! />D'8'()'+! .(>;'8+>/*/'+A!
8',*:>%(*/*+!:%(0!,*!=8%-8*&*:>@(!/'!&*)'8>*+!:%&.('+!:%(!%)8%+!)<).,%+!/'!-8*/%Y!
+%P8'! ',! =8*:)>:.&Y! +%P8'! 'F='8>'(:>*+! 9! =8%9':)%+! 8',*:>%(*/%+! :%(! ',! c8*P*R%!
`>(*,! /'! d8*/%! 9A! D>(*,&'()'A! +%P8'! ,%+! =8%:'/>&>'()%+! 9! *::>%('+! %8-*(>?*)>;*+!
=*8*!,*!:%%8/>(*:>@(!'!>((%;*:>@(!/%:'()'B!
C'8<*! >()'8'+*()'! ='(+*8! '(! ,*! =%+>P>,>/*/! /'! :8'*8! .(*! )>).,*:>@(! :%&_(!
=*8*! ',! :%(R.()%! /'! ,%+! /%:'()'+! /'! '(+'T*(?*! (%! .(>;'8+>)*8>*A! :%(! .(! _(>:%!
:'()8%!/'!D%8&*:>@(B!4*!D%8&*:>@(!/',!=8%D'+%8*/%!)>'('A!/'+/'!'/.:*:>@(!>(D*()>,!!
e*+)*!,*!'/.:*:>@(!+':.(/*8>*A!.(!:.'8=%!/'!:%(%:>&>'()%+!9!.(*+!=8%P,'&S)>:*+!
:%&.('+! E.'! 8'+%,;'8A! >(/'='(/>'()'&'()'! /'! ,*! ,@->:*! />D'8'(:>*:>@(! '+=':<D>:*!
/'! :*/*! (>;',A! =8%P,'&S)>:*+! E.'! (':'+>)*(! /'! .(*! 8'+=.'+)*! >()'-8*/*! 9!
:,*8>D>:*/%8*B!
1+!(':'+*8>%!'()'(/'8!,*!D%8&*:>@(!/'!=8%D'+%8'+!'(!.(!+'()>/%!&S+!*&=,>%!
E.'!',!)8*/>:>%(*,A!'(D*)>?*(/%!'(!,*!(':'+>/*/!/'!/'+*88%,,*8!.(*!+@,>/*!D%8&*:>@(!
-'('8*,! :%(! :%&=%('()'+! e.&*(<+)>:%+A! :>'()<D>:%+A! )':(%,@->:%+! 9! /'! :*8S:)'8!
:%()'F).*,>?*/%!G]*>,,*()A!VWWXH!
!!
"#!$%&'()*+,$(%&*'!-(&,.*'!
5((%;*8! '(! '/.:*:>@(! +>-(>D>:*! )8*(+D%8&*8! (.'+)8*! =8S:)>:*! '/.:*)>;*! /'! D%8&*!
:8'*)>;*! 9! :%(! 8'+.,)*/%+! 'D>:*:'+B! 1(! :%(+':.'(:>*A!,*! *::>@(! /'! >((%;*:>@(! /'P'!
>&=,>:*8!*,!8':.8+%!.)>,>?*/%!G8':.8+%!>((%;*/%8HA!!*!,*!>()'8*::>@(!/',!=8%D'+%8!:%(!
/>:e%! 8':.8+%! G>()'8*::>@(! :8'*)>;*! '! >((%;*/%8*HA! 9! *! ,%+! 8'+.,)*/%+! %P)'(>/%+!
G*=8'(/>?*R'!'D>:>'()'!9!D.(:>%(*,HB!1(!'+)'!+'()>/%!/'P'8<*&%+!/'!)'('8!:,*8%!E.'!
.(*! *:)>;>/*/! >((%;*/%8*! +'! =.'/'! ,%-8*8! .)>,>?*(/%A! =%8! 'R'&=,%A! .(*! =>?*88*!
:,S+>:*! /'! )>?*! 9! P%88*/%8A! =%)'(:>*(/%! ,*! :8'*)>;>/*/! '(! ,*! >()'8*::>@(! :%(! '+'!
8':.8+%!G)*8'*+!>((%;*/%8*+H!9!'(!',!=*=',!/',!=8%D'+%8!9!,%+!*,.&(%+B!2'!,*!&>+&*!
D%8&*A!.(*!=>?*88*!/>->)*,!(%!>&=,>:*!(':'+*8>*&'()'!.(*!>((%;*:>@(!>()'-8*,!'(!,*!
*:)>;>/*/! /'! '(+'T*(?*A! +%P8'! )%/%! +>! ,*! >()'8*::>@(! :%(! ',! 8':.8+%! 9! :%(! ,%+!
*,.&(%+! G)*8'*+! >&=,>:*/*+H! ! '+! +.='8D>:>*,! 9! =%:%! :8'*)>;*B! 1(! /'D>(>)>;*A! %)8*!
:%(:,.+>@(! >()'8'+*()'! +'8<*! E.'! /'P'&%+! /'! :%(%:'8! )%/%+! ,%+! &*)'8>*,'+! 9!
8':.8+%+! (.';%+! E.'! (%+! =.'/*(! *9./*8! '(! (.'+)8*! ,*P%8! /%:'()'! ='8%A! +%P8'!
)%/%A! +>'&=8'! /'P'&%+! +'8! :8'*)>;%+! '! >((%;*/%8'+! '(! ,*! >()'8*::>@(! :%(! ,%+!
*,.&(%+!9!:%(!,%+!&'/>%+!E.'!/>+=%('&%+!=*8*!E.'!*=8'(/*(B!!
1,! '+:8>)%8! 9! />;.,-*/%8! :>'()<D>:%! 1/.*8/%! 7.(+')! GVW"WHA! '(! .(*! '()8';>+)*!
8':>'()'! '(! .(*! 8';>+)*! /'! 1/.:*:>@(A! e*:'! ,*! +>-.>'()'! *D>8&*:>@(0! f1(! ,%+!
=8@F>&%+!:>(:.'()*!*T%+A!,*!:*88'8*!/'!&*'+)8%!+'8S!.(*!:*88'8*!:%(!.(!:%()'(>/%!
&S+!=8%D'+>%(*,!9!:%&=,'R%!E.'!:.*,E.>'8!%)8*A!:%(!/%+!=8>(:>=>%+!PS+>:%+0!E.'!,%+!
&*'+)8%+! )'(/8S(! E.'! *=8'(/'8! *! -'+)>%(*8! ,*! />;'8+>/*/! /'! '+)'! &.(/%!
-,%P*,>?*/%! 9! ',! %)8%! =8>(:>=>%! +'8S! D%8&*8! *! ,%+! &*'+)8%+! *! -'+)>%(*8! ,*+!
!
!
"b!
'&%:>%('+!=%+>)>;*+!9!('-*)>;*+!E.'!+%(!:%&.('+!*!)%/%+!,%+!>(/>;>/.%+!9!=8';>*+!
*!,%+!:%()'(>/%+!*:*/a&>:%+!*/E.>8>/%+hB!!
Q()'!'+)*!'F=':)*)>;*!+%P8'!',!D.).8%!/',!&%/',%!/'!=8%D'+%8*/%A!e':e*!'(!',!VW"W!
=*8*! ,%+! *T%+! VW^Wi#WA! 8'+.,)*! '+=':>*,&'()'! >()'8'+*()'! 8':%8/*8! ,%! E.'! 7,*)@(!
/':<*!e*:'!VBVWW!*T%+!8'+=':)%!*!'+)'!)'&*0!f4*!/>+=%+>:>@(!'&%:>%(*,!/',!*,.&(%!
/')'8&>(*!+.!e*P>,>/*/!=*8*!*=8'(/'8hB!2'P'&%+!/'!)'('8!:,*8%!E.'!,*+!:,*;'+!&S+!
/')'8&>(*()'+! =*8*! 8'+%,;'8! :%(! aF>)%! ,*! '/.:*:>@(! 9! D%8&*:>@(! /'! ,*+! ='8+%(*+!
'+)S(! =,*()'*/*+! 9! /'+:8>)*+! /'+/'! e*:'! 9*! P*+)*()'! )>'&=%B! 4*+! 'F='8>'(:>*+! /'!
>((%;*:>@(! e*(! /'! :%(:8')*8+'A! (%! '(! '+%+! =8>(:>=>%+! ='/*-@->:%+! E.'! )'('&%+!
E.'! )'('8! :,*8%+! 9! :%(+'(+.*/%+A! +>(%! '(! ',! />+'T%! 9! *=,>:*:>@(! /'! =8%=.'+)*+!
D,'F>P,'+! 9! 'D>:>'()'+! =*8*! ,*! D%8&*:>@(! /'! D.).8%+! :>./*/*(%+A! =*8*! ,%! :.*,! '+!
(':'+*8>%!.(!:.'8=%!>()'-8*/%!9!'+)8':e*&'()'!:%%8/>(*/%!/'!D%8&*/%8'+!/'!'+)'!
=8%D'+%8*/%!E.'A!/'+/'!,*+!/>;'8+*+!/>+:>=,>(*+!>&=,>:*/*+!G7'/*-%-<*A!7+>:%,%-<*A!
2>/S:)>:*+! '+=':>*,'+A! S8'*+! /'! :%(%:>&>'()%! '+=':<D>:*+BBHA! :%()8>P.9*(! *!
:%(D>-.8*8! '+)'! &%/',%! /'! =8%D'+%8! 'D>:>'()'A! ! %='8*)>;%! 9! ! :%()>(.*&'()'!
*/*=)*/%! *! ,*! ';%,.:>@(! /'! ,*! +%:>'/*/A! /'! )*,! D%8&*! E.'! *=%8)'! +>'&=8'! .(*!
8'+=.'+)*! 'F>)%+*! *! ,*+! (':'+>/*/'+! 9! 'F=':)*)>;*+! /'! ,%+! (>T%+! 9! (>T*+! '(!
D%8&*:>@(A! ,%+! :.*,'+! +'! =8'+)*(A! +>(! e*P'8! +>/%! :%(+.,)*/%+A! *! +'8! D%8&*/%+! '!
>(+)8.>/%+!=*8*!.(*!+%:>'/*/!'(!:.9*!%8-*(>?*:>@(!9!;*,%8'+!!(%!e*(!>()'8;'(>/%B!
1+='8*&%+! 9! /'+'*&%+! :%()8>P.>8! )%/%+! *! ',,%A! /'+/'! ,*! 'D>:*:>*A! /'+/'! ',!
>()'8:*&P>%!/'!>/'*+A!/'+/'!,*!>,.+>@(!9A!+%P8'!)%/%A!/'+/'!,*!e.&>,/*/B!
!
/(/.(%0+,-1,!
Q.+.P',A!2BjB!G"XbgHB!!"#$%&%'()*+,-$).#/)0*12*3-2.%*,+*/#".)*$%'2%"$#.#/%0*1/B!c8>,,*+B!
NaF>:%B!
$%,,A!$B!G"XgbHB!f!"#$%&%'()*4*$-55($-&-670!1/B!4*>*B!J*8:',%(*!
2'P'++'A!NBA!G"XgWHB!8)*9-2$#:2*$-+".#%2),)B!1/B!M>k%+ic*(B!J*8:',%(*!
L'8(S(/'?!QP'(?*A!4BNB!G"XX[HB!lc*8'*+!/'!=,*(>D>:*:>%(!/',!&@/.,%!4*!1('8-<*!9!
,%+! Z':.8+%+! 1('8-a)>:%+! '(! ',! &*8:%! /'! ,*! `%8&*:>@(! /',! 78%D'+%8*/%lB! ;+/0*
<2"+=)2>)*,+*&)"*?#+2$#)"@!""!G[HA!==B!V\biV^\B!
L'8(S(/'?! QP'(?*A! 4BNB! GVWWgHB! 4*! '(+'T*(?*! /'! ,*! '('8-<*! /'+/'! ,*! @=)>:*! /'! ,*!
:%(;'8-'(:>*! '.8%='*0! 3(*! =8%=.'+)*! =*8*! ,*! D%8&*:>@(! /',! =8%D'+%8*/%! /'!
1/.:*:>@(!78>&*8>*B!A#,B$.#$)*,+*&)"*?#+2$#)"*<C3+5#6+2.)&+"*4*D%$#)&+"0*EF*GG@*GHIJ
GKG*
N',-*8'R%! 28*='8A! j*;>'8! GVWW#HB! 4*! +','::>@(! 9! D%8&*:>@(! /',! =8%D'+%8*/%0! :,*;'!
=*8*! :%&=8'(/'8! ',! 'F:','()'! (>;',! /'! :%&=')'(:>*! ,':)%8*! /'! ,%+! *,.&(%+!
D>(,*(/'+'+B! ;+/#".)* ,+* <,-$)$#:2A! (m! 'F)8*%8/>(*8>%! G>(D%8&'! 75CQY! N>(>+)'8>%! /'!
1/.:*:>@(H!
N',,*/%A]B! G"XXXHB! f4*! >(;'+)>-*:>@(! +%P8'! ,*! D%8&*:>@(! /',! =8%D'+%8*/%! /'!
$>'(:>*+! 1F='8>&'()*,'+hB! <2* 8)* A#,B$.#$)* ,+* &)"* ?#+2$#)"0* L+2,+2$#)"* )$.-)&+"0!
C'8;>:>%!/'!!-M&#$)$#%2+"0*12#/+5"#,),*,+*&)*?%5-=)0**
N%(-'! N>-.',A! j.*(! jB! 9! N'()'8A! 5*(! G"XXbHB! `%8&*:>@(! >(>:>*,! /'! ,%+! &*'+)8%+! '(!
1+=*T*! '! 5(-,*)'88*B! Q(S,>+>+! :%&=*8*)>;%! /'! ,%+! =,*('+! /'! '+)./>%! /'! ,*+!
.(>;'8+>/*/'+! /'! $*()*P8>*! 9! /',! I'+)! %D! 1(-,*(/B! ;+/#".)* +&+$.5:2#$)*
N2.+5-2#/+5"#.)5#)*,+*O%56)$#:2*,+&*!5%9+"%5),%@*IPQR0*
!
!
"g!
7.(+'()A!1B!GVW"WHA!'()8';>+)*!'(!8';>+)*!/'!'/.:*:>@(!/'!!QU71A!(m!^[VA!*P8>,!VW"WA!
==BVViV^B!N*/8>/B!
Z'('+A! QB! G"XV"HB! 4'</%A! ;>+)%! 9! +%T*/%! *! ,*! +%&P8*! /',! Q;'iN*8<*! /'! d8*(*/*B!
C';>,,*0!<"$-+&)"*!5%90*D)&+"#)2)!
CS(:e'?! 7a8'?A! L>/*,>*! GVWW\HB! 8)* 9%56)$#:2* #2#$#)&* ,+* &%"* S)+".5%"* ,+* <,-$)$#:2*
!5#6)5#)T* -2* )2B&#"#"* $%63)5).#/%* ,+* &)"* 35%3-+".)"* ,+* 9%56)$#:2* ,%$+2.+* +2*
U5'+2.#2)@*?%".)*;#$)@*?V#&+*4*SWC#$%0*c'+>+!=*8*!',!-8*/%!/'!N*'+)8*B!3(>;'8+>/*/!
5P'8%*&'8>:*(*B!N'F>:%B!
]*>,,*()A! 2'(+'! ! ! GVWWXH! ! `%8&*:>@(! /'! =8%D'+%8'+! /'! 1/.:*:>@(! C':.(/*8>*0!
8'*,>/*/'+! 9! />+:.8+%+! ;+/#".)* ,+* +,-$)$#:2* PS#2#".+5#%* ,+* <,-$)$#:2R0* Um! [^W! B!
N*/8>/B!1+=*T*!
!
!
!
"X!
!
!
VW!
!
!
!
!
!
.,'!2($!$%3%!4*++,3(*&2,'!5,+,!!.,!(&&%6,$(7&!)%$*&2*!
*&!.,!8&(6*+'(),)!
!
!
39!5:;!5<=>?=@!*@AB>C@:!
3(>;'8+>/*/!/'!N.8:>*!
!
!
4*+! c5$! +%(! '(! ,*! *:).*,>/*/! .(%! /'! ,%+! 'R'+! E.'! :%(D>-.8*(! :.*,E.>'8! =%,<)>:*!
.(>;'8+>)*8>*! 9! E.'! D%8&*(! =*8)'! >&=%8)*()'! /',! :%(:'=)%! /'! >((%;*:>@(! '(!
(.'+)8%! +>+)'&*! /'! '(+'T*(?*! +.='8>%8B! c*&P>a(! '(! ,*! 3(>;'8+>/*/! /'! N.8:>*! +'!
=%('!/'!&*(>D>'+)%!'+)*!;%,.()*/!/'!*(*,>?*8!9!:%()'&=,*8!,*+!=%+>P>,>/*/'+!/'!,*+!
)':(%,%-<*+!:%&%!','&'()%+!=*8*!',!:*&P>%!9!,*!:*,>/*/!/'!,*!>(+)>).:>@(!)*()%!'(!',!
=,*(%!/%:'()'!:%&%!'(!,*!>(;'+)>-*:>@(!9!,*!*/&>(>+)8*:>@(B!
1(! '+)'! /%:.&'()%! 8'D,'R*&%+! *,-.(%+! *+=':)%+! >()'8'+*()'+! *! ,*! e%8*! /'!
:%()'&=,*8! ',! .+%! /'! ,*+! c5$! '(! ,%+! :%()'F)%+! .(>;'8+>)*8>%+! =*8*! *! :%()>(.*:>@(!
/'+:8>P>8! *,-.(%+! =8%9':)%+! E.'! e*(! 8'+.,)*/%! 'F>)%+%+! '(! (.'+)8*! .(>;'8+>/*/!
-8*:>*+! *! ,*! :%,*P%8*:>@(! /',! ]>:'88':)%8*/%! /'! 5((%;*:>@(! 9! $%(;'8-'(:>*!
1.8%='*!:%(!',!]>:'88':)%8*/%!/'!1:%(%&<*!'!5(D8*'+)8.:).8*+A!=.'+!/'+/'!*&P%+!
+'! e*! >&=.,+*/%! 9! :%%8/>(*/%! )%/%! '+)'! )8*P*R%B! U%! E.'88<*! %,;>/*8! )*&=%:%! *!
%)8%+! =8%)*-%(>+)*+! /'! )%/%! '+)'! =8%:'+%0! ',! 'E.>=%! /'! nc5$QA! ',! ='8+%(*,! /'! ,*!
MD>:>(*! /'! $%(;'8-'(:>*! 1.8%='*! 9! )%/%+! &>+! :%&=*T'8%+! /',! d8.=%! /'!
5(;'+)>-*:>@(! /'! c':(%,%-<*! 1/.:*)>;*B! `>(*,>?*&%+! ',! /%:.&'()%! :%()'&=,*(/%!
*,-.(%+! *+=':)%+! E.'! :%(+>/'8*&%+! 8',';*()'+! =*8*! ',! D.).8%! /'! ,*+! c5$! '(! ,*+!
.(>;'8+>/*/'+B!
!
D#!5%+!E8F!.,'!2($!*&!.,!8&(6*+'(),)#!
C%(! (.&'8%+*+! ,*+! 8'D'8'(:>*+! )'@8>:*+! E.'! =%/8<*&%+! 8';>+*8! 9! :>)*8! '(! '+)'!
*=*8)*/%!=*8*!R.+)>D>:*8!,*!(':'+>/*/!/',!.+%!/'!c5$!'(!,*!.(>;'8+>/*/B!C>(!E.'8'8!
'F)'(/'8(%+! '(! :>)*+A! +<! e'&%+! E.'8>/%! 8':%-'8! *,-.(*+! E.'! (%+! =*8':'(! /'!
'+=':>*,!+>-(>D>:*:>@(B!o!'()8'!a+)*+A!,*!/'!J8>:*,,!G"XXbHA!E.>'(!e*:'!e>(:*=>a!'(!,*!
:*=*:>/*/! /'! */*=)*:>@(! /'! ,*+! .(>;'8+>/*/'+! :%&%! 8*+-%! :,*;'! /'! *E.',,*+!
.(>;'8+>/*/'+!E.'!&*8:*8S(!',!D.).8%0!
!
!f! pBBBq! ,*+! 3(>;'8+>/*/'+! +%(! ,*+! >(+)>).:>%('+! &S+! *()>-.*+! /'! 1.8%=*B!
1+)%! +>-(>D>:*! E.'! ,*+! 3(>;'8+>/*/'+! )>'('(! )8*/>:>%('+! E.'!
:%88'+=%(/'(!*!='8>%/%+!&.9!/>+)>()%+B!4*!*.)%(%&<*!'+!&'/>';*,B!7'8%!
'+)*! )8*/>:>@(! )*(! *()>-.*! ;*! .(>/*! *! %)8*+! )8*/>:>%('+! E.'! e*(! >/%! /'!
!
!
V"!
*,-.(*! D%8&*! 8';>+)>'(/%! (.'+)8*! 3(>;'8+>/*/! /'! ','&'()%+!
>&=8'+:>(/>P,'+! %A! '(! )%/%! :*+%A! 8'(%;*P,'+B! C@,%! ,*+! >(+)>).:>%('+! E.'!
+'! */*=)*(! +%(! :*=*:'+! /'! 8'+>+)>8! 9! :8'%! E.'! '+)*! (':'+>/*/! /'!
*/*=)*:>@(!'+!/':>+>;*!=*8*!,*+!3(>;'8+>/*/'+A!'(!,%+!=8@F>&%+!*T%+hB!!
!
M)8*! 8'D'8'(:>*! /'! >()'8a+! '+! ',! *8)<:.,%! "V! /'! ,*! f2':,*8*:>@(! N.(/>*,! +%P8'! ,*!
1/.:*:>@(! C.='8>%8! '(! ',! C>-,%! rr5h! G"XXgH"A! /%:.&'()%! '(! ',! :.*,! +'! /'/>:*!
'+=':>*,! *)'(:>@(! *,! =%)'(:>*,! 9! /'+*D<%+! /'! ,*! )':(%,%-<*! '(! ',! S&P>)%! /'! ,*!
'(+'T*(?*!+.='8>%8B!c'F).*,&'()'!+'!*D>8&*0!
!
G,<HIJKLC!DM#!*L!ACH=>JB:L!N!LC@!?=@:OIC@!?=!L:!H=J>CLCPI:#!
4%+! 8S=>/%+! =8%-8'+%+! /'! ,*+! (.';*+! )':(%,%-<*+! /'! ,*! >(D%8&*:>@(! 9! ,*!
:%&.(>:*:>@(! +'-.>8S(! &%/>D>:*(/%! ,*! D%8&*! /'! ',*P%8*:>@(A! */E.>+>:>@(! 9!
)8*(+&>+>@(! /'! ,%+! :%(%:>&>'()%+B! c*&P>a(! '+! >&=%8)*()'! +'T*,*8! E.'! ,*+!
(.';*+! )':(%,%-<*+! P8>(/*(! =%+>P>,>/*/'+! /'! 8'(%;*8! ',! :%()'(>/%! /'! ,%+!
:.8+%+! 9! ,%+! &a)%/%+! ='/*-@->:%+A! 9! /'! *&=,>*8! ',! *::'+%! *! ,*! '/.:*:>@(!
+.='8>%8B! psq,B! 4%+! '+)*P,':>&>'()%+! /'! '/.:*:>@(! +.='8>%8! e*(! /'! /*8! ',!
'R'&=,%!'(!&*)'8>*!/'!*=8%;':e*&>'()%!/'!,*+!;'()*R*+!9!',!=%)'(:>*,!/'!,*+!
(.';*+! )':(%,%-<*+! /'! ,*! >(D%8&*:>@(! 9! ,*! :%&.(>:*:>@(A! psqA! =%8! ,%+!
+>-.>'()'+!&'/>%+0!
*H! :%(+)>).>8! 8'/'+A! 8'*,>?*8! )8*(+D'8'(:>*+! )':(%,@->:*+A! D%8&*8! 8':.8+%+!
e.&*(%+A! ',*P%8*8! &*)'8>*,! />/S:)>:%! '! >()'8:*&P>*8! ,*+! 'F='8>'(:>*+! /'!
*=,>:*:>@(!/'!'+)*+!)':(%,%-<*+!*!,*!'(+'T*(?*A!,*!D%8&*:>@(!9!,*!>(;'+)>-*:>@(A!
='8&>)>'(/%!*+<!*!)%/%+!',!*::'+%!*,!+*P'8Y!
PH! :8'*8! (.';%+! '()%8(%+! ='/*-@->:%+A! E.'! ;*(! /'+/'! ,%+! +'8;>:>%+! /'!
'/.:*:>@(! *! />+)*(:>*! e*+)*! ,%+! '+)*P,':>&>'()%+! 9! +>+)'&*+! l;>8).*,'+l! /'!
'(+'T*(?*!+.='8>%8!psqY!
:H! *=8%;':e*8! =,'(*&'()'! ,*+! )':(%,%-<*+! /'! ,*! >(D%8&*:>@(! 9! ,*!
:%&.(>:*:>@(!:%(!D>('+!'/.:*)>;%+A!psqY!
/H! */*=)*8! '+)*+! (.';*+! )':(%,%-<*+! *! ,*+! (':'+>/*/'+! (*:>%(*,'+! 9! ,%:*,'+A!
;',*(/%! =%8! E.'! ,%+! +>+)'&*+! )a:(>:%+A! '/.:*)>;%+A! >(+)>).:>%(*,'+! 9! /'!
-'+)>@(!,*+!*=%9'(Y!psq!
DH! +'-.>8! /'! :'8:*! ,*! ';%,.:>@(! /'! ,*! +%:>'/*/! /',! :%(%:>&>'()%! *! D>(! /'!
-*8*()>?*8!',!&*()'(>&>'()%!/'!.(!(>;',!*,)%!/'!:*,>/*/!9!/'!8'-,*+!/'!*::'+%!
'E.>)*)>;*+Y!
-H! )'(>'(/%! '(! :.'()*+! ,*+! (.';*+! =%+>P>,>/*/'+! *P>'8)*+! =%8! ',! .+%! /'! ,*+!
)':(%,%-<*+!/'!,*!>(D%8&*:>@(!9!,*!:%&.(>:*:>@(A!'+!>&=%8)*()'!%P+'8;*8!E.'!
*()'! )%/%! +%(! ,%+! '+)*P,':>&>'()%+! /'! '/.:*:>@(! +.='8>%8! ,%+! E.'! .)>,>?*(!
'+*+! )':(%,%-<*+! =*8*! &%/'8(>?*8! +.! )8*P*R%! '(! ,.-*8! /'! E.'! a+)*+!
1
!"#$%&'&$()*+,-*.(&%+/01'#+%&+2.-$&$()*+3-4#'(0'+#*+#%+3(5%0+667+8+,&'$0+.#+9$$()*+:'(0'(;&'(&+4&'&+#%+
<&=1(0+8+#%+"#/&''0%%0+.#+%&+2.-$&$()*+3-4#'(0'>?+!"#$%&%#'()*+,#-().*/"0&%*.)*1-,')'(2#*3,4%&("&@+AB6B
CAAD?+2*+E;;4FGGHHH?$'-#?0'5G.I-*#/$0?E;=?+J&+K#'/()*+0'(5(*&%+#*F+
E;;4FGG-*#/.0$?-*#/$0?0'5G(=&5#/GLLCMGLLCMCAGCMCANO#?4.I?++
!
!
VV!
)8*(+D%8&'(!*!'+)*P,':>&>'()%+!8'*,'+!'(!'()>/*/'+!;>8).*,'+hB!
!
7%8! +.! =*8)'! $%8)>(*! GVWW"H! :>)*! /%+! 'F='8>'(:>*+! =>%('8*+! /',! :*&P>%! '(!
>(+)>).:>%('+!/'!'/.:*:>@(!+.='8>%8!:,S+>:*+0!,*!/',!N5c!GN*++*:e.++')+!5(+)>).)'!%D!
c':e(%,%-90! e))=0ttOOOB&>)B'/.tH! 9! ,*! /',! U5jc! GU'O! j'8+'9! 5(+)>).)'! %D!
c':e(%,%-90! e))=0ttOOOB(R>)B'/.t24tHA! +>'(/%! *&P*+! 'F='8>'(:>*+! )*&P>a(!
'R'&=,*8'+! =%8! +.! :*=*:>/*/! /'! .+%! /'! ,*+! c5$! :%&%! 8':.8+%+! /%:'()'+! 9! /'!
;>+>P>,>/*/!=*8*!,*!=8%=>*!>(+)>).:>@(B!o!*T*/'!,*!*.)%8*0!!
!
f4*! 8';%,.:>@(! )':(%,@->:*! E.'! '+)S! 'F='8>&'()*(/%! ,*! 1/.:*:>@(!
C.='8>%8! '+)S! &%/>D>:*(/%! ,%+! '+E.'&*+! :,S+>:%+! /'! D%8&*:>@(! 9!
'(+'T*(?*B! 4%+! /%:'()'+! (%! =.'/'(! >&=*8)>8! +.+! :,*+'+! *! '+=*,/*+! /'!
,*+! (.';*+! )':(%,%-<*+! /'! ,*! >(D%8&*:>@(A! ',! *,.&(*/%! )>'('! E.'!
D%8&*8+'!'(!,*+!(.';*+!)':(%,%-<*+A!9!&S+!E.'!*:.&.,*8!:%(%:>&>'()%!
'+!:*/*!;'?!&S+!>&=%8)*()'!:%(%:'8!/%(/'!+'!'(:.'()8*!,*!>(D%8&*:>@(B!
7'8%A!*/'&S+A!,*!3(>;'8+>/*/A!'(!)*()%!E.'!>(+)>).:>@(!=8'+'(:>*,A!/'P'!
+*P'8!*=8%;':e*8!,*+!%=%8).(>/*/'+!E.'!,*+!(.';*+!)':(%,%-<*+!%D8':'(A!
=*8*!*&=,>*8!&'8:*/%!+%P8'!,*!P*+'!/'!.(*!(.';*!%D'8)*hB!
!
1(!',!:%()'F)%!'+=*T%,!'(:%()8*&%+!)*&P>a(!8'D'8'(:>*+!+%P8'!,*!+>).*:>@(!/'!,*+!
.(>;'8+>/*/'+!:%(!8'+=':)%!*!,*+!c5$B!!1()8'!',,*+A!C*,>(*+!G"XXXH!*D>8&*0!!
!
f,*! +%:>'/*/! /'&*(/*! +>+)'&*+! '/.:*)>;%+! &S+! D,'F>P,'+! 9! *::'+>P,'+A!
&'(%+! :%+)%+%+! 9! *! ,%+! E.'! =.'/*! >(:%8=%8*8+'! *! ,%! ,*8-%! /'! ,*! ;>/*B!
7*8*!8'+=%(/'8!*!'+)%+!/'+*D<%+!)*()%!,*+!>(+)>).:>%('+!'F>+)'()'+A!:%&%!
*E.',,*+! E.'! '+)S(! (*:>'(/%! 'F! =8%D'+%! /'P'(! 8';>+*8! +.+! 8'D'8'()'+!
*:).*,'+! 9! =8%&%;'8! 'F='8>'(:>*+! >((%;*/%8*+! '(! ',! :*&=%! /'! ,%+!
=8%:'+%+! /'! '(+'T*(?*i*=8'(/>?*R'! *=%9*/%+! '(! ,*+! c5$B! 14! a(D*+>+! +'!
/'P'! e*:'8! '(! ,*! /%:'(:>*A! '(! ,%+! :*&P>%+! /'! '+)8*)'->*+! />/S:)>:*+! /'!
,%+! =8%D'+%8'+A! '(! ,%+! +>+)'&*+! /'! :%&.(>:*:>@(! 9! />+)8>P.:>@(! /'! ,%+!
&*)'8>*,'+!/'!*=8'(/>?*R'A!'(!,.-*8!/'!'(D*)>?*8!,*!/>+=%(>P>,>/*/!9!,*+!
=%)'(:>*,>/*/'+!/'!,*+!)':(%,%-<*+hB!
!
$%>(:>/'! ',! *.)%8! :%(! ',! >(D%8&'! /'! ,*! $%(D'8'(:>*! /'! Z':)%8'+! /'! 3(>;'8+>/*/'+!
1+=*T%,*+!G$Z31A!"XXbH!:.*(/%!'(!a,!+'!+'T*,*!E.'0!
!
l'(! ,*! 3(>;'8+>/*/! ,*+! *:)>;>/*/'+! ,>-*/*+! *! ,*+! c':(%,%-<*+! /'! ,*!
5(D%8&*:>@(! 9! ,*+! $%&.(>:*:>%('+! 9! ,*! /%:'(:>*! e*(! +>/%!
:*8*:)'8<+)>:*&'()'! 8'*,>?*/*+! =%8! =8%D'+%8'+! '().+>*+)*+A! E.'! e*(!
:%(+'-.>/%! /%)*8+'! /'! ,%+! 8':.8+%+! (':'+*8>%+! =*8*! 'F='8>&'()*8B! 7%8!
)*()%A! (%! 'F>+)'! '(! ',! %8-*(>-8*&*! /'! ,*+! 3(>;'8+>/*/'+! .(*! .P>:*:>@(!
:,*8*! /'! ,*! 8'+=%(+*P>,>/*/! /'! ,%+! 8':.8+%+! /'! c5$! =*8*! ,*! /%:'(:>*A! (>!
.(! :*(*,! '+)*P,':>/%! =*8*! +.! D>(*(:>*:>@(A! -'+)>@(! 9! /'+*88%,,%B! 4%+!
$'()8%+! /'! $S,:.,%! %! C'8;>:>%+! /'! 5(D%8&S)>:*! e*(! =%/>/%! '(! *,-.(%+!
!
!
V[!
:*+%+! /*8,'+! :>'8)%! +%=%8)'A! ='8%! +>(! ,*! >&=8'+:>(/>P,'! =,*(>D>:*:>@(!
/%:'()'!9!:%(D>-.8*:>@(!='/*-@->:*lB!!
!
Q.(E.'! ,*! :>)*! '+! /'! "XXbA! :8''&%+! E.'! a+)*! +>-.'! +>'(/%! '(! ,*! *:).*,>/*/! ,*!
8'*,>/*/! /'! (.&'8%+*+! .(>;'8+>/*/'+A! +>).*:>@(! E.'! 'F>-'! .(! *(S,>+>+! /')'(>/%!
=*8*! .(! =,*()'*&>'()%! /'! +%,.:>%('+! -,%P*,'+B! $%(! =%+)'8>%8>/*/A! '(! ',! >(D%8&'!
8'*,>?*/%! =%8! ,*! $Z31! '(! VWW#A! 8)"* LN?* +2* +&* D#".+6)* 12#/+5"#.)5#%* <"3)=%&A! +'!
8':%-'! .(*! :,*+>D>:*:>@(! E.'! &*(>D>'+)*! ,*! 'F>+)'(:>*! /'! :.*)8%! -8.=%+! /'!
.(>;'8+>/*/'+!/>D'8'()'+!'(!D.(:>@(!/'!,*!>(:%8=%8*:>@(!E.'!:*/*!.(*!/'!',,*+!e*:'!
/'! ,*+! c5$B! 4%+! :.*)8%! -8.=%+! /'! .(>;'8+>/*/'+! =.'/'(! =8'+'()*8+'! /'()8%! /'! .(!
:%()>(..&A!E.'!;*!/'+/'!,*+!.(>;'8+>/*/'+!3-2.+5)"!GE.'!/'+)*:*(!:,*8*&'()'!=%8!
+.! >(:%8=%8*:>@(! /'! ,*+! c5$! :%&%! .(*! =8S:)>:*! e*P>).*,! /'! ,%+! /%:'()'+A! -8*(!
>()'8a+!*!(>;',!/>8':)>;%!9*!E.'!',!/'+*88%,,%!'(!'+)'!S&P>)%!=8%:'/'!/'!,*+!=8%=>*+!
.(>;'8+>/*/'+! 9! =%8! )*()%! .(*! *:)>)./! =%+>)>;*! =%8! =*8)'! /',! =8%D'+%8*/%H! *! ,*+!
.(>;'8+>/*/'+! )-.%"-9#$#+2.+"! G'(! ,*+! E.'! )%/*+! ,*+! ;*8>*P,'+! '+)./>*/*+! )>'('(!
=%:*! =8'+'(:>*A! .(*! '+:*+*! >(:%8=%8*:>@(! /'! c5$A! =%:%! >()'8a+! =%8! =*8)'! /'! ,*!
/>8'::>@(! 9! /',! =8%D'+%8*/%AsHB! 2'()8%! /'! '+)%+! /%+! 'F)8'&%+! '(:%()8*&%+! ,*+!
.(>;'8+>/*/'+!$%%3+5)2.+"A!E.'!+'!/>D'8'(:>*(!/'!,*+!=.()'8*+!=%8E.'!*_(!(%!e*(!
*,:*(?*/%!.(!!(>;',!',';*/%!'(!,*!D%8&*:>@(!:%()>(.*!/'!+.+!=8%D'+%8'+!9!*,-.(%+!
/'! '+)%+! =8'+'()*! :>'8)%! '+:'=)>:>+&%! *! ,*! >(:%8=%8*:>@(! /'! ,*+! )':(%,%-<*+! '(! ',!
*.,*Y!',!_,)>&%!-8.=%!D%8&*/%!=%8!,*+!.(>;'8+>/*/'+!+"$W3.#$)"A!+'!:*8*:)'8>?*!=%8!
'+)*8!*)8*+*/%!'(!)%/%+!,%+!*+=':)%+!*(*,>?*/%+0!.(*!&'(%8!%!(.,*!>()'-8*:>@(!/'!
c5$A!-8*(!'+:'=)>:>+&%!=%8!=*8)'!/',!=8%D'+%8*/%!9!P*R%!>()'8a+!9!=*8)>:>=*:>@(!/'!
,*!/>8'::>@(B!
!
c*P,*!"0!$.*)8%!&%/',%+!/'!.(>;'8+>/*/'+B!
!
c'F).*,&'()'!',!>(D%8&'!,%!'F=,>:*!/'!'+)'!&%/%0!!
!
!
V\!
GD#!8>BQ=<@B?:?=@!AK>H=<:@#!
4*+!.(>;'8+>/*/'+!=.()'8*+!%!95%2.J5-22+5"*G"#uH!+%(!*E.',,*+!>(+)>).:>%('+!
E.'! /'+)*:*(! :,*8*&'()'! '(! ,*! >()'-8*:>@(! /'! ,*+! c5$! /'()8%! /'! ,%+! S&P>)%+!
'/.:*)>;%+!9!%8-*(>?*:>%(*,'+A!:%&%!=*8)'!/'!,*!=8S:)>:*!/%:'()'!e*P>).*,A!*+<!
:%&%!/'!,*!D%8&*:>@(!:%()>(.*A!)*()%!*:*/a&>:*!:%&%!*/>:>%(*,A!*!)8*;a+!/'!
,*!>(:%8=%8*:>@(!/'!:.8+%+!+J&+)52#2'B!C.!/'+*88%,,%!'(!',!S8'*!c5$!=8%:'/'!/'!
,*+!=8%=>*+!.(>;'8+>/*/'+A!,%!E.'!>(/>:*!.(!>()'8a+!=8>%8>)*8>%!/'+/'!',!(>;',!
/>8':)>;%A!*!)8*;a+!/'!'+)8*)'->*+!'F=,<:>)*+B!C%(!>(+)>).:>%('+!/'!)*&*T%+!&.9!
/>D'8'()'+!9!E.'!+%P8'+*,'(!'(!,*!:%%='8*:>@(!:%(!%)8*+!.(>;'8+>/*/'+!9!:%(!
%)8%+! *-'()'+! G'&=8'+*+! =8>;*/*+HB! Q/'&S+A! ',! '+)./>%! &.'+)8*! E.'! '+)*+!
.(>;'8+>/*/'+! =8%P*P,'&'()'! >(:8'&'()*8S(! +.! 8>)&%! 9! +.! ,>/'8*?-%! '(! ',!
'()%8(%! '.8%='%! /'()8%! /'! ,%+! =8@F>&%+! *T%+A! *.&'()*(/%! +.+! ,*?%+! /'!
:%%='8*:>@(!:%(!%)8%+!*:)%8'+!=_P,>:%+!9!=8>;*/%+!*!)8*;a+!/',!>(:8'&'()%!/'!
+.!%D'8)*!/'!*:)>;>/*/'+!9!/'!:.8+%+!+J&+)52#2'B!
M#!8>BQ=<@B?:?=@!JCCA=<:>H=@#!
4*+! .(>;'8+>/*/'+! :%%='8*()'+! %! $%%3+5).#2'* -2#/+5"#.#+"* G[[uH! '+)S(!
P*+)*()'! *;*(?*/*+! '(! )a8&>(%+! /'! >()'-8*:>@(! /'! ,*+! c5$A! +%P8'! )%/%! '(! ',!
S&P>)%! %8-*(>?*:>%(*,A! *.(E.'! +'! &*()>'('(! *,'R*/*+! /'! ,*+! .(>;'8+>/*/'+!
=.()'8*+B! 1+)*+! .(>;'8+>/*/'+! e*(! ,%-8*/%! .(*! >()'-8*:>@(! *;*(?*/*! /'! ,*+!
c5$!'(!,*+!*:)>;>/*/'+!/%:'()'+!e*P>).*,'+A!='8%!&'(%8!*!(>;',!/'!D%8&*:>@(!
:%()>(.*!*:*/a&>:*!9!*/>:>%(*,B!4*+!*:)>)./'+!/'!,*!/>8'::>@(!9!/'!,%+!*,.&(%+!
e*:>*! ,*+! c5$! +%(! =%+>)>;*+A! *.(E.'! )%/*;<*! +'! /')':)*! .(*! >&=%8)*()'!
=8%=%8:>@(! /'! =8%D'+%8'+! '+:a=)>:%+B! c>'(/'(! *! '+)*P,':'8! ,*?%+! /'!
:%%='8*:>@(!:%(!%)8*+!>(+)>).:>%('+!'/.:*)>;*+A!9!+.+!=8%:'+%+!/'!>()'-8*:>@(!
/'! ,*+! c5$! +.','(! '+)*8! D>(*(:>*/%+! =*8:>*,&'()'! :%(! D%(/%+! =_P,>:%+B! 1,!
e':e%! /'! E.'! ,*+! c5$! +'*(! :%(+>/'8*/*+! '(! +.! '+)8*)'->*! :%&%! *,-%!
>&=%8)*()'! *()'+! E.'! .(*! =8>%8>/*/! e*:'! E.'! (%! =.'/*(! *,:*(?*8! *! ,*+!
.(>;'8+>/*/'+! =.()'8*+! '(! ,%+! =8@F>&%+! *T%+B! 78%P*P,'&'()'! +'! '(D%E.'(!
e*:>*! ',! /'+*88%,,%! /'! ,*+! e*P>,>/*/'+! )':(%,@->:*+! /',! =8%D'+%8*/%A! /',!
>(:8'&'()%! /'! +.! %D'8)*! /'! :.8+%+! 'i,'*8(>(-! 9! /'! ,*?%+! :%(! %)8*+!
>(+)>).:>%('+!'/.:*)>;*+A!*.(E.'!(%!*+<!:%(!%)8*+!'()>/*/'+!=8>;*/*+B!
"#!8>BQ=<@B?:?=@!:KHC@KOBJB=>H=@#!
4*+! .(>;'8+>/*/'+! *.)%+.D>:>'()'+! %! "+&9J"-99#$#+2.* -2#/+5"#.#+"* G',! -8.=%! /'!
&*9%8! )*&*T%A! .(! [#uH! =8'+'()*(! .(! ='8D>,! +>&>,*8! *! ,*+! .(>;'8+>/*/'+!
:%%='8*()'+!'(!8',*:>@(!*!,*!>()'-8*:>@(!/'!,*+!c5$!9!*!,*+!*:)>)./'+!=%+>)>;*+!
e*:>*! ,*+! (.';*+! )':(%,%-<*+B! C>(! '&P*8-%A! :.'()*(! :%(! .(*! &*9%8!
=8%=%8:>@(!/'!=8%D'+%8'+!'+:a=)>:%+!*()'!,*!>()'-8*:>@(!/'!,*+!c5$A!*+<!:%&%!
.(*!&'(%8!=8%='(+>@(!*,!'+)*P,':>&>'()%!/'!,*?%+!/'!:%%='8*:>@(!:%(!%)8%+!
*-'()'+B!C'!=.'/'!8'+'T*8!E.'!.(*!-8*(!=8%=%8:>@(!/'!'+)'!-8.=%!GVguH!+%(!
>(+)>).:>%('+!/'!-8*(!)*&*T%A!:%(!&S+!/'!VWBWWW!*,.&(%+B!1(!',!D.).8%!'+)*+!
.(>;'8+>/*/'+! =8%P*P,'&'()'! ,%-8'(! .(*! >()'-8*:>@(! /'! ,*+! c5$! /'+/'! .(!
=.()%! /'! ;>+)*! >()'8(%A! *.(E.'! +.! /'+*88%,,%! e*:>*! ',! 'F)'8>%8! 9! ',!
'+)*P,':>&>'()%!/'!,*?%+!/'!:%%='8*:>@(!=*8':'!*,-%!&S+!/>D<:>,B!
R#!8>BQ=<@B?:?=@!=@JSAHBJ:@#!
4*+! .(>;'8+>/*/'+! '+:a=)>:*+! %! "$+3.#$)&* -2#/+5"#.#+"* G',! -8.=%! /'! &'(%8!
)*&*T%A! .(! "^uH! '+)S(! 8'?*-*/*+! '(! :*+>! )%/%+! ,%+! *+=':)%+! *(*,>?*/%+0!
!
!
V^!
&'(%8! >()'-8*:>@(! /'! ,*+! c5$! '(! =8%:'+%+! /%:'()'+A! (>;','+! /'! :%%='8*:>@(!
P*R%+A!'+:'=)>:>+&%!/'+/'!',!=8%D'+%8*/%!9!,*!/>8'::>@(A!*+<!:%&%!D>(*(:>*:>@(!
/'! ,*+! c5$! /'='(/>'()'! /',! -%P>'8(%! 9! /'! ,*! 31V^B! 4*! &*9%8! =*8)'! /'! '+)'!
-8.=%! G\^uH! '+)S! D%8&*/%! =%8! .(>;'8+>/*/'+! ='E.'T*+A! :%(! &'(%+! /'!
"WBWWW! *,.&(%+B! C.! /'+*88%,,%! D.).8%! '(! ',! S8'*! c5$! =8%P*P,'&'()'! +'!
=8%/.?:*! /'! .(! &%/%! ,'()%A! :%(! .(! '(D%E.'! '(! ,*! *:).*,>?*:>@(! /'! ,*!
>(D8*'+)8.:).8*!)':(%,@->:*A!*+<!:%&%!.(*!D%8&*:>@(!/',!=8%D'+%8*/%!9!/'!,%+!
*,.&(%+!'(!',!S8'*!c5$Bh!
!
M#!-,$2%+*'!E8*!(&$()*&!*&!*.!8'%!)*!2*$&%.%01,'#!
M)8%! /'! ,%+! *+=':)%+! 8',';*()'+! *! ,*! e%8*! /'! *(*,>?*8! ,%+! =8%:'+%+! /'! >((%;*:>@(!
'/.:*)>;*! :%(! c5$! '+! :%()'&=,*8! ,%+! D*:)%8'+! E.'! >(:>/'(! '(! ',! .+%! /'! ,*+!
)':(%,%-<*+B!!1(!.(!>()'8'+*()'!'+)./>%!/'!]'(k*)'+e!')!*,B!+'!>(;'+)>-@!,*!8',*:>@(!
'()8'!/>+)>()%+!D*:)%8'+!E.'!:*8*:)'8>?*(!*!,%+!=8%D'+%8'+!G+'F%A!'/*/A!'F='8>'(:>*!9!
;%,.()*/!/'!.+%H!9!,%+!*+=':)%+!E.'!>(D,.9'(!)*()%!'(!,*!>()'(:>@(!/'!>((%;*8!:%&%!
'(! ',! .+%! 8'*,! /'! ,*+! c5$! =*8*! >((%;*8! G*=*8':'(! 8'D,'R*/%+! '(! ,*! >,.+)8*:>@(A! *! ,*!
>?E.>'8/*0! 'F=':)*)>;*+! /'! 8'+.,)*/%+A! 'F=':)*)>;*+! /'! '+D.'8?%A! =8'+>@(! +%:>*,! 9!
D*:>,>/*/'+!=*8*!8'*,>?*8!,*!>((%;*:>@(HB!
C>!%P+'8;*&%+!',!'+E.'&*A!+'!:%(:,.9'!E.'!=*8*!:%(+'-.>8!E.'!,*!>((%;*:>@(!:%(!
c5$! +'*! .(*! 8'*,>/*/! '+! (':'+*8>*! )*()%! ,*! >()'(:>@(! /'! >((%;*8! G*! +.! ;'?!
:%(/>:>%(*/*! =%8! ,*+! 'F=':)*)>;*+! 9! ,*! =8'+>@(! +%:>*,H! :%&%! ,*+! D*:>,>/*/'+! =*8*!
,,';*8! *! :*P%! ,*! >((%;*:>@(B! C%P8'! '+)'! _,)>&%! D*:)%8! i,*+! D*:>,>/*/'+! =*8*! >((%;*8!
:%(! c5$i! ,*+! :*8*:)'8<+)>:*+! /',! =8%D'+%8*/%! &S+! /')'8&>(*()'+! +%(! ,*! '/*/! 9! ,*!
'F='8>'(:>*B!Z'+.,)*!:.8>%+%!',!/*)%!8'+=':)%!*!,*!;%,.()*/!/'!.+%A!E.'!=*8':'!'+)*8!
8',*:>%(*/*! _(>:*&'()'! :%(! ,*! =8'+>@(! +%:>*,! E.'! +'! 'R'8:'! +%P8'! ',! =8%D'+%8*/%!
=*8*! E.'! >((%;'(! :%(! c5$A! ,%! :.*,! :%(/>:>%(*! ,*! >()'(:>@(! /'! >((%;*8! ='8%! (%!
:%(/>:>%(*!,*!>((%;*:>@(!8'*,B!
!
"#$%&'(')*(!+%!
,%-./'(+0!(!
102-%3.)4!
"#$%&'(')*(!+%!
"-5.%460!!!
(!72*%4')4!
72'%2&)92!+%!
7220*(4!
!
84%-)92!:0&)(/!
>-0!,"?@!
+%!/(!
)220*(&)92!
;(&)/)+(+%-!$(4(!
//%*(4!(!&(<0!/(!
)220*(&)92!
:%#0!
"+(+!
"#$%4)%2&)(!
=0/.2'(+!
+%!>-0!
!
`>-.8*!"0!5((%;*:>@(!:%(!c5$!+'-_(!]'(k*)'+e!')!*,B!GVWW[HB!
7%/'&%+!/':>8A!/'!D%8&*!-'('8*,A!E.'!)%/%+!,%+!*.)%8'+!:%>(:>/'(!'(!,*!(':'+>/*/!
!
!
V#!
/'! :*&P>%! '(! ,*+! >(+)>).:>%('+! /'! '(+'T*(?*! +.='8>%8A! .(! :*&P>%! E.'! *=*8':'!
'+)8':e*&'()'! ,>-*/%! *,! :%(:'=)%! /'! *=8'(/>?*R'! *! ,%! ,*8-%! /'! ,*! ;>/*! 9! *,! .+%! /'!
)':(%,%-<*+! /'! ,*! >(D%8&*:>@(! 9! ,*! :%&.(>:*:>@(B! 1(! =*,*P8*+! /'! $*P'8%A!
J*,,'+)'8%+!9!4@='?!GVWW\HA!f5()'8(')!+'!;*!:%(;>8)>'(/%A!>('F%8*P,'&'()'A!'(!.(*!
'+=':>'! /'! )'R>/%! ('8;>%+%! E.'! +'! ;*! /'+*88%,,*(/%! 8S=>/*&'()'! '(! (.'+)8*+!
+%:>'/*/'+! 9! +'! ='8D>,*! :%&%! .(*! e'88*&>'()*! .(>;'8+*,! =*8*! ,*! P_+E.'/*A! ',!
>()'8:*&P>%! /'! >(D%8&*:>@(! 9! /'! &.,)>)./! /'! 'F='8>'(:>*+! D%8&*)>;*+hB! 1+)*!
8'*,>/*/!'F>-'!.(!&%/',%!.(>;'8+>)*8>%!D,'F>P,'!9!*/*=)*P,'!*!/>+)>()*+!+>).*:>%('+B!!
Q+<!=.'+A!!+'-_(!8':%(%:'(!Q-.*/'/!9!$*P'8%!GVWWVH0!
!
f+'! '+)S! =*+*(/%! /'! .(*! :%(:'=:>@(! /'! ,%! '/.:*)>;%! :%&%! .(! +>+)'&*!
*>+,*/%!9!:'88*/%!'(!+<!&>+&%A!E.'!+@,%!*D':)*!*!*,-.(%+!>(/>;>/.%+A!'(!
:>'8)%+!)'&*+!9!/.8*()'!.(!='8<%/%!,>&>)*/%!/'!+.!;>/*A!*!.(!:%(:'=)%!
*P>'8)%!E.'!'()>'(/'!,*!'/.:*:>@(!:%&%!*,-%!:%(+)*()'&'()'!=8'+'()'!
'(! )%/%+! ,%+! *+=':)%+! /'! ,*! ;>/*! /'! ,*+! +%:>'/*/'+! &%/'8(*+B! 7%8! ,%!
)*()%A! ',! =8%:'+%! /'! D%8&*:>@(! e*9! E.'! :%(+>/'8*8,%! :%&%! *,-%!
='8&*('()'! *! ,%! ,*8-%! /'! ,*! ;>/*! /'! ,*! &*9%8<*! /'! ,*+! ='8+%(*+A! 9! ,%!
+.D>:>'()'&'()'! D,'F>P,'! :%&%! =*8*! */*=)*8+'! )*()%! *! ,*+! :*&P>*()'+!
/'&*(/*+!:%&%!*!,*+!/>;'8+*+!+>).*:>%('+!/'!,%+!E.'!e*(!/'!*=8'(/'8hB!
!
"#!5,+,!E8F!.,'!2($!*&!.,!8&(6*+'(),)T!*.!$,'%!)*!.,!8&(6*+'(),)!)*!
38+$(,!
4*! 3(>;'8+>/*/! /'! N.8:>*! +'! :%(':)*! *! ,*! 8'/! '(! ',! *T%! "XX"A! :%(+)>).9a(/%+'! ,*!
8'/!=8%=>*!/'(%&>(*/*!3(>&.8U')B!2'+/'!'()%(:'+!e*+)*!e%9!&.:e%!e*!:*&P>*/%!
(.'+)8*!8'*,>/*/!)':(%,@->:*A!='8%!,*!8'*,>/*/!/%:'()'!(%!e*!>/%!)*(!8S=>/*B!2'+/'!
',! =.()%! /'! ;>+)*! /'! ,%+! /'+*88%,,%+! )a:(>:%+! e'&%+! >/%! %P+'8;*(/%! :@&%! ,*+!
>(D8*'+)8.:).8*+! /'! )',':%&.(>:*:>%('+! e*(! >/%! &'R%8*(/%! 9! *&=,>*(/%! +.+!
=%+>P>,>/*/'+0!,*+!8'/'+!>(*,S&P8>:*+A!',!*::'+%!*!8'/!/'+/'!,*+!*.,*+A!)','D%(<*!=%8!
57A! ;>/'%:%(D'8'(:>*A! :*&=.+! ;>8).*,As! ! ]'*&%+! '(! ,*! +>-.>'()'! )*P,*V! *,-.(%+!
,%-8%+! '(! ',! =,*(%! )':(%,@->:%! 9! /'! D%8&*! *+%:>*/*! *,-.(*+! >(>:>*)>;*+! /'! )8*P*R%!
:%(!,%+!=8%D'+%8'+B!
2
!
J&+(*I0'=&$()*+/01'#+#%+.#/&''0%%0+;#$*0%)5($0+E&+/(.0+I&$(%(;&.&+40'+P&'$Q&+J&R@+,?P?+STU7<9VW+%0/+.&;0/+
/01'#+&$$(0*#/+4&'&+#%+4'0I#/0'&.0@+40'+%&+&-;0'&+.#+#/;#+;#R;0?
!
Vb!
!
c*P,*!V0!4*+!c5$!'(!,*!3(>;'8+>/*/!/'!N.8:>*B!
!
!
"#D#!.,!*U5*+(*&$(,!)*!8'%!)*.!$,358'!6(+28,.!
1(! ,*! +>-.>'()'! )*P,*! 9! ',! -8SD>:%! +'! &.'+)8*(! *,-.(%+! /*)%+! 8',*)>;%+! *,! .+%! /'!
C3NQ! '(! +.:'+>;%+! *T%+A! +%(! /*)%+! D*:>,>)*/%+! =%8! ',! d8.=%! /'! C%=%8)'! /'! C3NQ!
G2',!Z'9!$*88>@(A!QBA!VWWgHB!
!
c*P,*![0!!1;%,.:>@(!/',!.+%!/'!,*!=,*)*D%8&*!C3NQ!/'+/'!',!:.8+%!VWWVtW[B!
,VC!,J:?SWBJC!
VWWVtVWW[!
VWW[tVWW\!
VWW\tVWW^!
!
5<CO=@C<:?C!
X>Y!ZM[[[\!
#^\!G[[uH!
"BVbg!G#\uH!
"B\b\!Gb\uH!
!
,LKW>:?C!
X>Y!ZM]#[[[\!
gB[g"!G["uH!
"bBXW"!G##uH!
V"BX#X!Gg"uH!
5,'!
X>Y!Z^[[\!
^^#!G#VuH!
#\#!GbguH!
b#g!Gg^uH!
Vg!
VWW^tVWW#!
VWW#tVWWb!
VWWbtVWWg!
X)".)*+&*GY*,+*2%/*
"B#\"GgVuH!
"BbXW!GgXuH!
"B^#[!GbguH!
VVBgX#!Gg^uH!
V#BX#X!G"WWuH!
V\BgWX!GXVuH!
gW\!GgXuH!
XWW!G"WWuH!
#V#!GbWuH!
!
120%
100%
2002-2003
80%
2003-2004
60%
2004-2005
40%
2005-2006
20%
2006-2007
0%
2007-2008
PDI
Alumnos
PAS
!
d8SD>:%!"0!1;%,.:>@(!/',!.+%!/'!,*!=,*)*D%8&*!C3NQ!/'+/'!',!:.8+%!VWWVtW[B!
!
1(!VWWXA!:%(!,*!>&=,*()*:>@(!/'!,*!(.';*!;'8+>@(!/',!:*&=.+!;>8).*,!C3NQ!VBW!+'!
:%(+>-.'!,,'-*8!*,!"WWu!/'!=%8:'()*R'!/'!.+%!=%8!=*8)'!/'!)%/%+!,%+!-8.=%+!/'!,*!
:%&.(>/*/! .(>;'8+>)*8>*A! +>'(/%! ',! 8'+.,)*/%! /'! .(*! :*&=*T*! /'! />D.+>@(! 9!
D%8&*:>@(! E.'! )*&P>a(! e*! :%(,,';*/%! :%&%! 8'+.,)*/%! .(! &.9! P*R%! (_&'8%! /'!
>(:>/'(:>*+!8',*:>%(*/*+!/>8':)*&'()'!:%(!',!:*&P>%!/'!;'8+>@(!G*!='+*8!/'!E.'!,%+!
:*&P>%+!e*(!+>/%A!:>'8)*&'()'A!+>-(>D>:*)>;%+A!9!'+=':>*,&'()'!8',';*()'+!'(!:.*()%!
*!>()'8D*?!/'!.+%!/'!,*!=,*)*D%8&*HB!
7'8%!*()'+!/'!:%&'(?*8!*!=,*()'*8!,*!(':'+>/*/!/'!.(!:*&P>%!'(!,*!=,*)*D%8&*!/'!
:*&=.+! ;>8).*,A! +'! e*:'! .(*! '(:.'+)*! *,! =8%D'+%8*/%! /'! ,*! .(>;'8+>/*/B! ! $%(! ',,*!
)8*)*&%+! /'! :%(%:'8! (%! +@,%! ,*! %=>(>@(! /'! ,%+! =8%D'+%8'+! +%P8'! C3NQA! +>(%!
)*&P>a(! :%(%:'8! +>! ,%+! =8%D'+%8'+! .+*P*(! ,*+! e'88*&>'()*+! c5$! :%&%! 8':.8+%+!
/%:'()'+A! '+! /':>8A! +>! ,*+! :%(+>/'8*P*(! =*8)'! *:)>;*! /',! :.'8=%! /'! e'88*&>'()*+!
/>+=%(>P,'+! =*8*! :8'*8! (.';*+! />(S&>:*+! &')%/%,@->:*+! '(! ',! *.,*! 9! '(! ,*!
'(+'T*(?*B!!
1,! :.'+)>%(*8>%! +'! =.P,>:@! '(! 8'/! 9! +'! +%,>:>)@! ,*! :%,*P%8*:>@(! /',! =8%D'+%8*/%! *!
)8*;a+!/'!.(!&'(+*R'!=%8!&'/>%!/'!.(*!,>+)*!%D>:>*,!/'!/>+)8>P.:>@(!E.'!,,'-*!*!,%+!
:%88'%+!',':)8@(>:%+!/'!,%+!/%:'()'+!/'!,*!.(>;'8+>/*/!'(!',!&'+!/'!/>:>'&P8'!/'!
VWWgA!>(;>)S(/%,'+!*!,*!=*8)>:>=*:>@(B!2'!,%+!V"W"!=8%D'+%8'+!:%(!,%+!E.'!:.'()*!,*!
3(>;'8+>/*/A! D>(*,&'()'! ).;>&%+! .(*! &.'+)8*! =*8)>:>=*()'! /'! "g^! =8%D'+%8'+A! '+!
/':>8A! .(%! /'! :*/*! ""! *=8%F>&*/*&'()'B! 2'! '+)*! '(:.'+)*! +'! 'F)8*'(! *,-.(*+!
:%(:,.+>%('+!E.'!8'+.&>&%+!*!:%()>(.*:>@(B!
1(! =8>&'8! ,.-*8! )'('&%+! .(*! ,':).8*! '&>('()'&'()'! %=)>&>+)*! +'-_(! ,*! :.*,!
=%/'&%+! /':>8! E.'! (.'+)8%+! =8%D'+%8'+! +%(! ='8&'*P,'+! *! ,*+! *::>%('+!
>(+)>).:>%(*,'+! '(! )%8(%! *! ,*! >&=,'&'()*:>@(! /'! e'88*&>'()*+! )','&S)>:*+! /'!
'(+'T*(?*i*=8'(/>?*R'! G.(! ggu! /'! (.'+)8%+! =8%D'+%8'+! .+*! C3NQ! *! &'(./%HB!
Q/'&S+A! ,*+! e'88*&>'()*+! E.'! )>'('(! .(*! ;>-'(:>*! )'&=%8*,! &*9%8! 9! E.'! +'! e*(!
:%(+%,>/*/%! :%&%! :*(*,'+! /'! :%&.(>:*:>@(! '()8'! )%/%+! ,%+! &>'&P8%+! /'! (.'+)8*!
+%:>'/*/! GD%8%+A! :%88'%! ',':)8@(>:%! 9! ,>+)*+! /'! />+)8>P.:>@(HA! )>'('(! 9*! .(*!
=8'+'(:>*! &*9%8>)*8>*! '(! ',! .+%! /'! ,%+! /%:'()'+! '(! ',! *.,*B! C%(! ,*+! e'88*&>'()*+!
!
!
VX!
:8'*/*+!/'+/'!e*:'!.(!&*9%8!)>'&=%!9!=%8!)*()%!',!=8%D'+%8*/%!e*!)'(>/%!&*9%8'+!
=%+>P>,>/*/'+!/'!D*&>,>*8>?*8+'!:%(!+.!.+%!9!*/':.*8,*+!'!>(:%8=%8*8,*+!*!+.!,*P%8!
/%:'()'!
1(!'+)*!&>+&*!,<('*!/'!%=)>&>+&%A!'+!>&=%8)*()'!+'T*,*8!E.'A!'(!,%!E.'!8'+=':)*!*!
,*+!(.';*+!e'88*&>'()*+!/'!=*8)>:>=*:>@(!'(!8'/!v',!,,*&*/%!C%D)O*8'!C%:>*,!%!I'P!
VBWiA!,%+!P,%-+!9!,*+!O>k>+!9*!:.'()*(!:%(!.(!(_&'8%!>()'8'+*()'!/'!/%:'()'+!E.'!+'!
e*(!f*)8';>/%h!:%(!',,*+A!9!=8':>+*&'()'!:%>(:>/'(!'(!+'8A!/'()8%!/'!'+)*!:*)'-%8<*A!
,*+! e'88*&>'()*+! E.'! ,,';*(! +>'(/%! =8%&%;>/*+! &S+! )>'&=%! '(! ',! =*(%8*&*!
/%:'()'B!
2'+/'! %)8%! '(D%E.'A! :%(+>/'8*&%+! E.'! (%! '+! .(! /*)%! +*)>+D*:)%8>%! ',! E.'! 8';',*!
E.'!.(*!+>-(>D>:*)>;*!=8%=%8:>@(!/',!=8%D'+%8*/%!.(>;'8+>)*8>%!(%!.+'!(.(:*!'(!+.!
*::>@(!/%:'()'!,*+!e'88*&>'()*+!&S+!PS+>:*+!/'!,*!=,*)*D%8&*!;>8).*,!:%&%!+%(!',!
:%88'%! ',':)8@(>:%A! ,*+! ,>+)*+! /'! />+)8>P.:>@(! %! ,%+! D%8%+B! C'! )8*)*! /'! e'88*&>'()*+!
E.'! 'F>+)'(! /'+/'! *()'+! /'! E.'! 'F>+)>'8*! ,*! I'P! 9! E.'! +%(! :*(*,! D.(/*&'()*,! /'!
*::>@(!'!>()'8:*&P>%!+%:>*,!)*()%!'(!',!&.(/%!*:*/a&>:%!:%&%!D.'8*!/'!a,B!!
Z'+=':)%! *! %)8*+! e'88*&>'()*+! =*8)>:>=*)>;*+! /'! >()'8'+*()'+! .+%+! '/.:*)>;%+!
GP,%-+A!O>k>+A!'i=%8)D%,>%A!8'/'+!+%:>*,'+HA!',!/*)%!&S+!/'+)*:*P,'!(%+!&.'+)8*!E.'!
,*!>(&'(+*!&*9%8<*!/',!=8%D'+%8*/%!*_(!(%!,*+!e*!.+*/%!(.(:*B!
Q/'&S+A! :%(! ,%+! /*)%+! %P)'(>/%+! +'! '&=8'(/>@! ,*! 8'D%8&*! +.+)*(:>*,! /'! ,*!
e'88*&>'()*! C3NQA! /'! &*('8*! E.'! +'! >()'-8*+'A! )*()%! ,*! %=>(>@(! /'! ,%+! /%:'()'+!
+%P8'! ,*+! />D'8'()'+! e'88*&>'()*+! /'! C3NQA! :%&%! ,*+! )'(/'(:>*+! /'! .+%! /'! %)8*+!
e'88*&>'()*+!/'!:%&.(>:*:>@(A!=.P,>:*:>@(!'!>()'8:*&P>%!'(!8'/B!7*8*!=8%:'/'8!*!
'+)'!:*&P>%!+'!/>+'T@!.(!=,*(!E.'!>(:,.<*!.(*!=8.'P*!=>,%)%A!*::>%('+!/'!/>D.+>@(!
G:*8)','+! 9! />+)8>P.:>@(! /'! >(D%8&*:>@(! '(! 8'/H! 9! *::>%('+! /'! D%8&*:>@(! GD%,,')%A!
)*,,'8'+A!:%(D'8'(:>*+!9!,'::>%('+!&'(+.*,'+!*!)8*;a+!/'!,*!,>+)*!/'!/>+)8>P.:>@(!/',!
=8%D'+%8*/%HB!
4*!=8.'P*!=>,%)%!/'!,*+!(.';*+!D.(:>%(*,>/*/'+!/'!C3NQ!VBW!+'!,,';@!*!:*P%!:%(!.(!
-8.=%! /'! =8%D'+%8'+! E.'! ;%,.()*8>*&'()'! *::'/>'8%(! *! ',,%! '(! ',! +'-.(/%!
:.*)8>&'+)8'! /',! :.8+%! VWWgtVWWX! =*8*! =%/'8! D>(*,&'()'! =8%:'/'8! *! +.!
>&=,*()*:>@(! .(>;'8+*,! '(! ',! :.8+%! VWWXtVW"W! G'F*:)*&'()'! ',! /<*! "\! /'!
+'=)>'&P8'!/'!VWWX!+'!=8%/.R%!',!:*&P>%!/'!;'8+>@(HB!!
4*!-.<*!>&=8'+*!E.'!+'!'(;>@!*!)%/%!',!=8%D'+%8*/%!)*&P>a(!+'!=.P,>:@!'(!;'8+>@(!
',':)8@(>:*A!
=.'/'!
:%(+.,)*8+'!
'(!
e))=+0tt+.&*B.&B'+t+.&*t+.&*;Vt-.>*8*=>/*C.&*B=/DB!!Q/'&S+!/.8*()'!',!:.8+%!
*:).*,! :*/*! ;>'8('+! +'! '(;<*! *! ,%+! =8%D'+%8'+! .(*! f,'::>@(! P8';'! /'! C3NQ! VBWh!
.+*(/%! =*8*! ',,%! ,*! ,>+)*! /'! />+)8>P.:>@(! %D>:>*,! /'! 725! G)%/*+! ,*+! ,'::>%('+! +'!
=.P,>:*(!)*&P>a(!'(!,*!O'PHB!4*+!,'::>%('+!'+)S(!P*+*/*+!'(!,*!>/'*!/'!'F=,>:*8!9!
D*:>,>)*8! ',! .+%! /'! ,*+! (.';*+! e'88*&>'()*+! ='8%! +>'&=8'! /'! &%/%! ;>+.*,! 9! &.9!
+'(:>,,%B!
!
!
[W!
!
`>-.8*!VB!4'::>@(!P8';'!/'!C3NQ!VBW!
!
2'! D%8&*! =*8*,',*! +'! e*! '+)*/%! )8*P*R*(/%! '(! ',! '+)./>%! /'! =%+>P,'+! *,)'8(*)>;*+!
=*8*!.(!&'/>%!9!,*8-%!=,*?%A!+>'&=8'!:%(!,*!>/'*!/'!.)>,>?*8!.(!1]1Q!/'!+%D)O*8'!
,>P8'B!1(!R.,>%!/'!VWWX!+'!:%(:,.9@!.(*!>(;'+)>-*:>@(!D>(*(:>*/*!=%8!',!N5$5U!9!+'!
=.P,>:@! ',! >(D%8&'! :%&=,')%! E.'! 8':%-'! )%/%+! ,%+! 8'+.,)*/%+! /'! ,*! >(;'+)>-*:>@(!
,,';*/*! *! :*P%! 9! E.'! /'! D%8&*! &.9! '+:.')*! =%/'&%+! 8'+.&>8! '(! ,*+! +>-.>'()'+!
>/'*+!GOOOB.&B'+t:*&=.+;>8).*,'+H0!
B
,*!=,*)*D%8&*!/'!+%D)O*8'!,>P8'!&S+!'F)'(/>/*!'(!',!:%()'F)%!.(>;'8+>)*8>%!
'+=*T%,!'+!N%%/,'A!+>'(/%!,*!=8'+'(:>*!/'!%)8*+!*,)'8(*)>;*+!&.9!'+:*+*Y!
B
+.! .+%! )*(! -'('8*,>?*/%! +'! R.+)>D>:*! =%8! +'8! .(*! /'! ,*+! =8>&'8*+! E.'! +'!
/'+*88%,,@! 9! =%8! ',! 'D':)%! fP%,*! /'! (>';'h! G/'! >&>)*:>@(! /'! ,*! *,)'8(*)>;*! *+.&>/*!
=%8!%)8%+HY!
B
&.9!=%:*+!.(>;'8+>/*/'+!e*(!=.P,>:*/%!>(D%8&'+!/'!';*,.*:>@(!=8';>%+!*!,*!
)%&*!/'!/':>+>@(!+%P8'!,*!e'88*&>'()*!/'!+%=%8)'!/',!*.,*!;>8).*,Y!
B
/'+/'! .(*! ='8+=':)>;*! ='/*-@->:*! 9! '(! %=>(>@(! /'! ,%+! 'F='8)%+! )%/*+! ,*+!
e'88*&>'()*+! =8'+'()*(! .)>,>/*/'+! +>&>,*8'+A! =%8! ,%! :.*,! (%! '+! ,*! ';*,.*:>@(!
='/*-@->:*!,*!/')'8&>(*()'!'(!(.'+)8%!=8%:'+%!/'!)%&*!/'!/':>+>@(Y!
B
)a:(>:*&'()'!,*!*,)'8(*)>;*!&S+!:%(;'(>'()'!'+!,*!&S+!*R.+)*/*!*!(.'+)8*+!
*:).*,'+!%=:>%('+A!=.'+!'+%!(%+!='8&>)>8S!/*8!:%()>(.>/*/!*,!*.,*!;>8).*,Y!
B
'+! >&=%8)*()'! E.'! )8*+! ,*! =,*)*D%8&*! /'! +%D)O*8'! ,>P8'! +'! '(:.'()8'! .(*!
:%&.(>/*/!+@,>/*!9!/'!:*8S:)'8!>()'8(*:>%(*,!E.'!*+'-.8'!',!D.).8%!/'!,*!&>+&*!9!
+.!';%,.:>@(B!
c8*+!'+)*+!:%(:,.+>%('+!+'!/':>/'!E.'!,*!&'R%8!*,)'8(*)>;*!=*8*!,*+!(':'+>/*/'+!9!
:%()'F)%! /'! .+%! /'! ,*! 3(>;'8+>/*/! /'! N.8:>*! '+! ,*! =,*)*D%8&*! /'! +%D)O*8'! ,>P8'!
C*k*>B!1F=%('&%+!*!:%()>(.*:>@(! /'!D%8&*!P8';'!,%+!=8>(:>=*,'+!*8-.&'()%+!E.'!
+.+)'()*(!)*,!/':>+>@(0!
!
!
["!
B
'+)S!/'+*88%,,*/*!:%(!R*;*A!*,!>-.*,!E.'!C3NQY!
B
+.!:%&.(>/*/!'+!>()'8(*:>%(*,A!+@,>/*!9!'(!=8%:'+%!/'!:%()>(.%!:8':>&>'()%A!
'+)*(/%!>()'-8*/*+!'(!',,*!.(>;'8+>/*/'+!/'!)%/%+!,%+!:%()>('()'+!9!/'!>&=%8)*()'!
=8'+)>->%!E.'!*+'-.8*(!+.!;>*P>,>/*/!9!+.!D.).8%Y!
B
+.! '+)8.:).8*! '+)S! P*+*/*! '(! '+)S(/*8'+! *P>'8)%+A! ,%! E.'! +>&=,>D>:*! ,*!
>()'-8*:>@(!:%(!%)8%+!+'8;>:>%+!%!e'88*&>'()*+Y!
B
='8&>)'! (%! +@,%! %8-*(>?*8! '+=*:>%+! /%:'()'+! ;>8).*,'+! +>(%! >-.*,&'()'!
)8*P*R%!'(!-8.=%Y!
B
9! */'&S+! =%8! _,)>&%! e'&%+! /'! 8'+'T*8! E.'! '+! .(! =8%9':)%! />8':)*&'()'!
,>-*/%! *! %)8%! 9*! :%(+%,>/*/%! '(! ,*! 3(>;'8+>/*/! /'! N.8:>*! :%&%! '+! ',! M$I! GM='(!
$%.8+'!I*8'H!E.'!e'&%+!:%&'()*/%!'(!'+)'!&>+&%!:*=<).,%B!
1,!%PR')>;%!'+!>&=,*()*8!CQ6Q5!:%&%!(.';*!=,*)*D%8&*!/'!*.,*!;>8).*,!>(+)>).:>%(*,!
=*8*! +.+)>).>8! ',! *:).*,! &@/.,%! /%:'()'! /'! C3NQB! 1+)*! /':>+>@(! e*! +>/%! 9*!
*=8%P*/*!=%8!$%(+'R%!/'!d%P>'8(%!G'('8%!/'!VW"WH!)8*+!',!>(D%8&'!',*P%8*/%!=%8!
',! ]>:'88':)%8*/%! /'! 5((%;*:>@(! 9! $%(;'8-'(:>*! 1.8%='*! '(! :%,*P%8*:>@(! :%(! ',!
]>:'88':)%8*/%!/'!1:%(%&<*!'!5(D8*'+)8.:).8*+B!
!
"#M#!5+%_*$2%!'7$+,2*'#!
M)8%!=8%9':)%!E.'!:8''&%+!e*!+>/%!/'!-8*(!>()'8a+!/'+/'!',!=.()%!/'!;>+)*!/'!,%+!
/%:'()'+! e*! +>/%! ',! /'(%&>(*/%! f78%9':)%! C@:8*)'+h! %8-*(>?*/%! /'+/'! Qc5$Q!
Gn8'*!/'!c':(%,%-<*+!/'!,*!5(D%8&*:>@(!9!$%&.(>:*:>%('+!Q=,>:*/*+HA!'(!;>8)./!/',!
:.*,!+'!e*(!'E.>=*/%!,*+!*.,*+!/'!%8/'(*/%8'+!:%(':)*/%+!*!8'/!v9!:%(':)*/%+!*,!
'E.>=*&>'()%! *./>%;>+.*,! /',! *.,*i! *! )8*;a+! /'! ,%+! :.*,'+! +'! *::'/'! *! .(! '+=*:>%!
;>8).*,! '(! ',! E.'! ',! =8%D'+%8*/%! /'=%+>)*! )%/*! ,*! >(D%8&*:>@(! (':'+*8>*! =*8*!
>&=*8)>8! +.! :,*+'B! Q,! 78%9':)%! C@:8*)'+! +'! .('! ',! 78%9':)%! 7,*)@(A! :%(! .(!
=,*()'*&>'()%! +>&>,*8! ='8%! '(D%:*/%! *! *,.&(%+A! =.'+! ',,%+! )*&P>a(! />+=%('(! /'!
.(!'+=*:>%!;>8).*,!*,!:.*,!=.'/'(!*::'/'8!/'+/'!:.*,E.>'8!%8/'(*/%8!:%(':)*/%!*!
,*! 8'/B! 1(! ',! -8SD>:%! E.'! &%+)8*&%+! *! :%()>(.*:>@(! +'! ;>+.*,>?*! ,*! ';%,.:>@(! /',!
78%9':)%!C@:8*)'+!'(!:.*()%!*!>(+)*,*:>@(!/'!'E.>=*&>'()%+!'(!,*+!*.,*+!G%P)'(>/%!
/'!,*!$%&>+>@(!C':)%8>*,!/'!c':(%,%-<*+!/'!,*!5(D%8&*:>@(!9!,*+!$%&.(>:*:>%('+H[0!
!
d8SD>:%!V0!1;%,.:>@(!/'!,*+!Q.,*+!C@:8*)'+B!
X
+"0$-=#*;0+!Y,B3)$'&;#/+4%-/>?+2*+%&+!"5(/(2#*3%'6"&().*-%*7%'#"."89)/*-%*.)*:#$"&5)'(2#*;*.)/*
!"5,#(')'("#%/?+<ZY2?+2*+E;;4FGG$'-#B
;($?-[(?#/G(*.#R?4E4\04;(0*]$0=^'#=0/(;0'8_7;#=(.]OD_I-*$]/#%#$;_(.]A?++
!
!
[V!
"#"#!)%$*&$(,!6(+28,.!
7%8!%)8*!=*8)'!.(%!/'!,%+!=8%9':)%+!+>-(>D>:*)>;%+!'(!:.*()%!*,!.+%!/'!c5$!=*8*!,*!
/%:'(:>*! e*! +>/%! ',! =8%9':)%! /'! /%:'(:>*! ;>8).*,! E.'! *88*(:*! '(! ',! :.8+%!
VWW\tVWW^!*,!*=8%P*8+'!=%8!=8>&'8*!;'?!'(!(.'+)8*!.(>;'8+>/*/!,*!=%+>P>,>/*/!/'!
:.8+*8! *+>-(*).8*+! '(! &%/*,>/*/! ;>8).*,B! 1(! ,*! 8'-,*&'()*:>@(! E.'! 8'-.,*! '+)*!
=%+>P>,>/*/! +'! '+=':>D>:*! E.'! +@,%! =%/8S(! +'8! *+>-(*).8*+! %=)*)>;*+! 9t%! /'! ,>P8'!
:%(D>-.8*:>@(B!4*+!*+>-(*).8*+!>&=*8)>/*+!'(!'+'!=8>&'8!*T%!'(!&%/*,>/*/!;>8).*,!
D.'8%(0!
!
c*P,*!\0!78>&'8*!%D'8)*!/'!*+>-(*).8*+!'(!&%/*,>/*/!;>8).*,!GVWW\tVWW^HB!
,@BP>:HK<:@!
-:JKLH:?!
1:%,%-<*!/'!*-.*+!:%()>('()*,'+!
J>%,%-<*!GVH!
1:%,%-<*!c'88'+)8'!
2>8'::>@(!/'!8':.8+%+!e.&*(%+!
C%:>%,%-<*!/'!,*!%=>(>@(!=_P,>:*!
1:%(%&<*!G[H!
C%:>%,%-<*!/',!:%(+.&%!
2>+'T%!9!';*,.*:>@(!/'!&*)'8>*,!/>/S:)>:%!
78%-8*&*+!/'!D%8&*:>@(!,*P%8*,!'(!'()%8(%+!;>8).*,'+!
Q(S,>+>+!/',!=%/'8!
1/.:*:>@(!GVH!
`>,%+%D<*!GVH!
`>,%+%D<*!/'!,%+!;*,%8'+!
L>+)%8>*!/'!,*!,'(-.*!d8>'-*!
4')8*+!GVH!
4>(-w<+)>:*!*=,>:*/*!*,!>(-,a+!
`>+>%,%-<*!/'!,*!:%&.(>:*:>@(!5()8*:',.,*8!
N'/>:>(*!GVH!
L*:>*!.(*!+*,./!=*8*!)%/%+!'(!Crr5!
$%&=,'&'()%+!/'!&*)'&S)>:*+!
2>+'T%!-8SD>:%!/'!+>&.,*:>%('+!:>'()<D>:*+!9!)a:(>:*+!
x.<&>:*!GVH!
!
1(!,*!';*,.*:>@(!8'*,>?*/*!/'!'+*!=8>&'8*!'F='8>'(:>*!G78'(/'+!9!$*+)*T'/*A!VWW^Y!
$*+)*T'/*A! VWWbH! +'! &%+)8@A! '()8'! %)8*+! :%(:,.+>%('+A! E.'! ,*! &*9%8! E.'R*! /'! ,%+!
=8%D'+%8'+!D.'!,*!D*,)*!/'!*=%9%!>(+)>).:>%(*,B!c*&P>a(!,*!';*,.*:>@(!&%+)8@!:>'8)*+!
:*8'(:>*+!'(!,*!D%8&*:>@(!='/*-@->:*!/'!,%+!=8%D'+%8'+!=*8*!*P%8/*8!.(*!+>).*:>@(!
/'!'(+'T*(?*!'(!,<('*B!4%+!&%/',%+!>&=,'&'()*/%+!D.'8%(0!
!
!
!
[[!
c*P,*!^0!N%/',%+!>&=,'&'()*/%+!'(!,*!=8>&'8*!%D'8)*!;>8).*,B!
!
c*P,*!#0!MD'8)*!/'!*+>-(*).8*+!;>8).*,'+!=*8*!VWWgtVWWXB!
!
!
[\!
7*8*!',!:.8+%!VWWgtVWWX!,*!%D'8)*!e*!*.&'()*/%!:%(+>/'8*P,'&'()'A!e*+)*!.(!)%)*,!
/'!["!*+>-(*).8*+!9!.(!&*+)'8!%D>:>*,!G'(!',!S8'*!/'!$$B!/'!,*!C*,./H\B!
!
"#R#!5+%_*$2%!)*!282%+1,!*.*$2+7&($,#!
J*R%! ',! :%(:'=)%! /'! 1(+'T*(?*! ]>8).*,! '(! ,*! *:).*,>/*/! +'! >()'-8*(! (%! +@,%! ,*+!
+>).*:>%('+! /'! '(+'T*(?*! E.'! '(! +.! )%)*,>/*/! +'! /'+*88%,,*(! :%(! ',! *=%9%! /'! ,*+!
)':(%,%-<*+!/'!,*!>(D%8&*:>@(!9!,*!:%&.(>:*:>@(A!+>(%!>-.*,&'()'!,%+!=8%:'+%+!/'!
'(+'T*(?*!E.'!+'!'(&*8:*(!'(!',!:%(:'=)%!/'!+'&>=8'+'(:>*,>/*/!G,%!E.'!'(!>(-,a+!
+'! /'(%&>(*! fP,'(/'/i,'*8(>(-hHB! o! '+! ,*! +'&>=8'+'(:>*,>/*/! ',! &%/',%! e*:>*! ',!
:.*,!(%+!:%(/.:'!',!1+=*:>%!1.8%='%!/'!1/.:*:>@(!C.='8>%8A!=.'+!+'!=%)'(:>*!',!8%,!
).)%8>*,! /'! ,%+! /%:'()'+! .(>;'8+>)*8>%+! 9! +'! ='8-'T*! .(! &%/',%! ='/*-@->:%! '(! ',!
:.*,! .(*! /'! ,*+! ,*P%8'+! /%:'()'+! '+! ,*! +.='8;>+>@(! 9! +'-.>&>'()%! /'! ,*! *:)>;>/*/!
*.)@(%&*!/'!,%+!*,.&(%+B!
1(! '+)'! &*8:%! E.'! :%(D>-.8*! ',! &%/',%! /'! '(+'T*(?*! +.='8>%8A! e*:>*! ',! :.*,!
:*&>(*(! )%/*+! ,*+! .(>;'8+>/*/'+! '+=*T%,*+A! ,*+! c5$! e*(! /'! R.-*8! .(! =*=',!
D.(/*&'()*,! +>! :%(+>/'8*&%+! +.+! =%+>P,>/*/'+! =*8*! D,'F>P>,>?*8! ,%+! :%()'F)%+! /'!
*:).*:>@(!9!=*8*!=%/'8!*/*=)*8(%+!*!,*+!(':'+>/*/'+!>(/>;>/.*,'+!/'!,%+!*,.&(%+!
*+<! :%&%! *+'-.8*8! .(! &*9%8! *R.+)'! '()8'! ,*! D%8&*:>@(! .(>;'8+>)*8>*! 9! ',! &.(/%!
=8%D'+>%(*,!9!/'!'&=,'%!*,!:.*,!+'!'(D8'()*8S(!(.'+)8%+!*,.&(%+B!
Q.(E.'! ',! &%/',%! /'! ).)%8<*! ',':)8@(>:*! '+)S! 9*! >&=,*()*/%! /'! D%8&*! %D>:>*,! '(!
*,-.(*+!.(>;'8+>/*/'+!'+=*T%,*+!G$S/>?A!j*.&'!5!/'!$*+)',,@(A!C';>,,*As!9!*e%8*!'(!
N.8:>*HA! '(! :*+>! )%/*+! ,*+! .(>;'8+>/*/'+! v>(:,.>/*! ,*! (.'+)8*i! &.:e%+! =8%D'+%8'+!
/'!D%8&*!e*P>).*,!8'+=%(/'(!:%(+.,)*+!*!)8*;a+!/'!,*!8'/!:%(!e'88*&>'()*+!:%&%!',!
:%88'%! ',':)8@(>:%A! ',! :e*)! %! ,*! ;>/'%:%(D'8'(:>*B! 1(! *,-.(*+! .(>;'8+>/*/'+!
'+=*T%,*+!:.'()*(!9*!:%(!.(!=,*(!=*8*!,*!=8%&%:>@(!/'!,*!).)%8<*!',':)8@(>:*!E.'!
'+)S! D.(:>%(*(/%! :%(! *,)%+! <(/>:'+! /'! +*)>+D*::>@(! )*()%! =%8! =*8)'! /'! =8%D'+%8'+!
:%&%!/'!*,.&(%+B!
1+)'! =8%9':)%A! =%8! )*()%A! (%! +@,%! =8%&.';'! .(*! =8%=.'+)*! /'! >()'8a+! =*8*! ,*!
.(>;'8+>/*/!+>(%!E.'!8'+=%(/'!/'!D%8&*!'D':)>;*!*!,*!(':'+>/*/!/'!8':%(%:>&>'()%!
%D>:>*,!/'!,*+!>(>:>*)>;*+!E.'!,%+!=8%D'+%8'+!&S+!>((%;*/%8'+!9*!'+)S(!=%(>'(/%!'(!
&*8:e*B! 2'! >-.*,! &%/%! 8'+=%(/'! *! .(*! 'F>-'(:>*! /'! (.'+)8%! *,.&(*/%! E.'! :%(!
:*/*! ;'?! &*9%8! D8':.'(:>*! 8':.88'! *,! :%88'%! ',':)8@(>:%! =*8*! e*:'8! *,-.(*+!
:%(+.,)*+! =.().*,'+! E.'! (%! 'F>-'(! /'! ,*! :%&.(>:*:>@(! =8'+'(:>*,! 9! ,'+! ';>)*!
/'+=,*?*&>'()%+!*!;':'+!>((':'+*8>%+B!
L*! /'! E.'/*8! :,*8%! E.'! (%! +'! =8')'(/'! ,*! ',>&>(*:>@(! /'! ,*! ).)%8<*! )8*/>:>%(*,! v!
=8'+'(:>*,i! +>(%! _(>:*&'()'! ,*! :%&=*)>P>,>/*/! /'! a+)*! :%(! &%/',%+! *! />+)*(:>*!
*=%9*/%+! '(! ',! .+%! /'! c5$! 9! +@,%! =*8*! *E.',,%+! =8%D'+%8'+! E.'! ,%! :%(+>/'8'(! /'!
>()'8a+A! '(! (>(-_(! :*+%! :%&%! >&=%+>:>@(! *! ,*! )%)*,>/*/! /',! =8%D'+%8*/%! G*,-%! E.'!
=%/8<*! :%(+>/'8*8+'! +@,%! :%&%! %=:>@(! *! &'/>%! %! ,*8-%! =,*?%A! ='8%! (%! '(! ,*!
*:).*,>/*/HB!
4*!=8%=.'+)*!+'!:%(:8')*!'(!,%+!+>-.>'()'+!*+=':)%+B!
"B!MJj1c5]M0!
5&=,'&'()*8!.(!&%/',%!&>F)%!/'!8'*,>?*:>@(!/'!,*!*::>@(!).)%8>*,!=%8!=*8)'!/',!
M
!
+"&;0/+I&$(%(;&.0/+40'+#%+`($#''#$;0'&.0+.#+2/;-.(0/?+
!
[^!
=8%D'+%8*/%! /'! ,*! .(>;'8+>/*/! E.'! ;%,.()*8>*&'()'! +'! */+:8>P*! *! '+)'!
=8%9':)%B! 2'! D%8&*! +>&=,'! :%(+>+)'! '(! ,*! 8'/.::>@(! /'! ,*+! e%8*+! /'! ).)%8<*!
=8'+'(:>*,! +>! ',! =8%D'+%8! +'! :%&=8%&')'! *! 8'*,>?*8! ).)%8<*+! *! )8*;a+! /'!
e'88*&>'()*+!)','&S)>:*+B!
!
VB! 5U$1Uc5]M! 7QZQ! 14! 7ZM`1CMZQ2M0! Z123$$5yU! 214! LMZQZ5M!
7Z1C1U$5Q4!21!c3cMZzQB!
U.'+)8*! =8%=.'+)*! :%(+>+)'! '(! .(*! 8'/.::>@(! /',! ^Wu! /',! e%8*8>%! =8'+'(:>*,!
/'!*)'(:>@(!*!*,.&(%+!+>!+'!*+.&'!',!:%&=8%&>+%!/'!8'+=%(/'8!,*+!:%(+.,)*+!
/'! ,%+! *,.&(%+! 8'*,>?*/*+! *! )8*;a+! /'! ,*! e'88*&>'()*! /'! f).)%8<*h! E.'! '+)S!
>(:,.>/*!'(!(.'+)8*!=,*)*D%8&*!C3NQB!1+%!D*:>,>)*8S!',!:%()8%,!/'!,*!*:)>;>/*/!9!
:%()8>P.>8S! *,! .+%! /'! %)8*+! e'88*&>'()*+! /'! ,*+! E.'! />+=%('&%+! '(! ,*!
=,*)*D%8&*!:%&%!,%+!D%8%+!%!',!:e*)B!!
Q+<! =.'+A! ,*! =8%=.'+)*! +'! :%(:8')*! /',! +>-.>'()'! &%/%0! ,%+! =8%D'+%8'+! E.'! +'!
:%&=8%&')*(! *! 8'*,>?*8! ).)%8<*+! *! )8*;a+! /'! C3NQ! 8'/.:>8S(! +.! e%8*8>%!
=8'+'(:>*,!/'!*)'(:>@(!*!*,.&(%+!.(!^WuB!1(!',!:*+%!&S+!e*P>).*,!E.'!'+!',!/'!
,%+!=8%D'+%8'+!*!)>'&=%!:%&=,')%!',!e%8*8>%!=8'+'(:>*,!/'!*)'(:>@(!*!*,.&(%+!
+'8S!/'![!e%8*+!G'(!,.-*8!/'!,*+!#!*:).*,'+HB!
!
[B!$MN7ZMN5CM!214!7ZM`1CMZQ2MB!
4%+! =8%D'+%8'+! E.'! *+.&*(! '+)'! :%&=8%&>+%! '+)*8S(! %P,>-*/%+! *! 8'+=%(/'8!
*/':.*/*&'()'! )%/*+! ,*+! :%(+.,)*+! 8'*,>?*/*+! =%8! ,%+! *,.&(%+! *! )8*;a+! /'! ,*!
e'88*&>'()*!/'!f).)%8<*h!/'!(.'+)8*!=,*)*D%8&*!C3NQ!'(!.(!=,*?%!&SF>&%!/'!
\g! e%8*+! '(! ',! &*8-'(! /'! ,.('+! *! ;>'8('+! '(! ',! ='8>%/%! ,':)>;%B! $%&%! '+!
';>/'()'A!',!:%&=8%&>+%!(%!>(:,.9'!D>('+!/'!+'&*(*!(>!='8>%/%+!;*:*:>%(*,'+B!
!
\B!7ZM$125N51UcMB!
4%+! =8%D'+%8'+! /'P'8S(! >(/>:*8! *,! 2'=*8)*&'()%! +.! />+=%(>P>,>/*/! =*8*! ,*!
8'*,>?*:>@(!/'!).)%8<*+!',':)8@(>:*+B!1(!',!&%&'()%!/'!e*:'8!=_P,>:%!',!e%8*8>%!
/'! *)'(:>@(! *! *,.&(%+! +>-.>'(/%! ,%+! =8%:'/>&>'()%+! e*P>).*,'+! '(! :*/*!
D*:.,)*/!G=.'8)*!/',!/'+=*:e%A!)*P,@(!/'!*(.(:>%+A!=S->(*!O'PAsHA!+'!>(/>:*8S!
/'! D%8&*! 'F=,<:>)*! )*()%! ',! e%8*8>%! =8'+'(:>*,! :%&%! ,*! />+=%(>P>,>/*/! /'! ,*!
).)%8<*!',':)8@(>:*!*!)8*;a+!/'!C3NQB!
Q,! :%(:,.>8! ',! :.8+%A! /'+/'! nc5$Q! +'! =%/8S(! D*:>,>)*8! ,*+! '+)*/<+)>:*+! /'! ,%+!
=8%D'+%8'+!E.'!e*9*(!.)>,>?*/%!'+)'!+>+)'&*B!C'8S!*:%(+'R*P,'!E.'!,*!3(>/*/!/'!
$*,>/*/! >(:%8=%8'! .(! <)'&! /'! ';*,.*:>@(! 8'D'8>/%! *! '+)'! *+=':)%! '(! +.+!
:.'+)>%(*8>%+!=*8*!,*!';*,.*:>@(!/%:'()'B!
!
1(! ',! :.8+%! VWWXtVW"W! '(! ',! :.*,! e*! :%&'(?*/%! *! =%('8+'! '(! &*8:e*! '+)*!
>(>:>*)>;*! +'! e*(! */e'8>/%! *,! =8%9':)%! &S+! /'! gWW! =8%D'+%8'+A! ,%! E.'! +>-(>D>:*! .(!
=%8:'()*R'!:'8:*(%!*,!^Wu!/',!)%)*,!/'!=8%D'+%8*/%!/'!,*!3(>;'8+>/*/B!Q/'&S+!+'!
e*!'/>)*/%!.(*!-.<*!/'!:%(+'R%+!9!%8>'()*:>%('+!=*8*!,*!8'*,>?*:>@(!/'!,*+!).)%8<*+B!
C'! */&>(>+)8@! .(! :.'+)>%(*8>%! :.9%+! 8'+.,)*/%+! &%+)8*8%(! *,)%+! <(/>:'+! /'!
+*)>+D*::>@(!:%(!'+)'!&%/',%!/'!).)%8>?*:>@(!/',!*,.&(*/%A!*+<!:%&%!',!>()'8a+!/',!
!
!
[#!
=8%D'+%8*/%!'(!:%()>(.*8!',!:.8+%!=8@F>&%B!
!
"#`#!5%+2,.!%$a!
1,!=8%9':)%!M71U!$M3ZC1!IQZ1!)>'('!+.!%8>-'(!'(!',!N*++*:e.++')+!5(+)>).)'!%D!
c':e(%,%-9! G'(! :%,*P%8*:>@(! :%(! ,*! `.(/*:>@(! I>,,>*&! *(/! `,%8*! L'O,'))! 9! ,*!
`.(/*:>@(! Q(/8'O! IB! N',,%(HB! 1(! *P8>,! /'! VWW"! '+)'! 5(+)>).)%! =8%&.';'! ,*! >/'*!
/',!*::'+%!,>P8'!*!,*!>(D%8&*:>@(!'()'(/>/*!:%&%!:.8+%+!*::'+>P,'+!'(!8'/!P*R%!',!
(%&P8'! /'! M='(! $%.8+'! I*8'! GM$IHB! 1+! .(! 'R'&=,%! &S+! /'! ,*+! (.&'8%+*+!
>(>:>*)>;*+! E.'! P*R%! ',! :%(:'=)%! /'! ,*! O'P! VBW! =8%&.';'(! ',! .+%! :%&=*8)>/%! /'!
8':.8+%+A! ',! ,>P8'! *::'+%! *! 8':.8+%+A! ,*! 8'.)>,>?*:>@(! /'! >(D%8&*:>@(! 9! ,*!
:%,*P%8*:>@(!*!)8*;a+!/'!,*+!8'/'+B!
Q+<!=.'+A!',!%PR')>;%!>(>:>*,!/',!=8%9':)%!'+!f=8%=%8:>%(*8!.(!*::'+%!,>P8'A!+'(:>,,%!9!
:%e'8'()'! *! ,%+! &*)'8>*,'+! /%:'()'+! =*8*! '/.:*/%8'+! /',! +':)%8! (%! ,.:8*)>;%A!
'+)./>*()'+! 9! *.)%/>/*:)*+! /'! )%/%! ',! &.(/%hA! *! ,%! E.'! +'! *T*/'! .(! +'-.(/%!
%PR')>;%!:'()8*/%!'(!,*!(':'+>/*/!/'!f:8'*8!.(!&%;>&>'()%!D,'F>P,'!P*+*/%!'(!.(!
&%/',%!'D>:>'()'!E.'!%)8*+!.(>;'8+>/*/'+!=.'/*(!'&.,*8!*!,*!e%8*!/'!=.P,>:*8!+.+!
=8%=>%+! &*)'8>*,'+! ='/*-@->:%+! -'('8*(/%! +>('8->*+! 9! '+=*:>%+! /'! :%,*P%8*:>@(h!
Ge))=0tt%:OB.(>;'8+>*B(')t'+t:%(:'=)%B=e=HB! 7*8*! &S+! >(D%8&*:>@(! +%P8'! ',! M$I!
+'!=.'/'(!;>+>)*8!,*!O'P!/',!N5ciM$I!Ge))=0tt%:OB&>)B'/.H!9!/',!M$I!$%(+%8:>%!
Ge))=0tt%:O:%(+%8)>.&B%8-H!B!
1,!=8%9':)%!)>'('!:*8S:)'8!&.,)>/>+:>=,>(*8A!=%8!,%!:.*,!=.'/'(!'(:%()8*8+'!:.8+%+!
/'!:.*,E.>'8*!/'!,*+!S8'*+!/'!:%(%:>&>'()%!9!:%(!/>;'8+%+!D%8&*)%+B!
4*! 3(>;'8+>/*/! /'! N.8:>*A! */e'8>/*! *,! :%(+%8>%! 3(>;'8+>*iM$I! /'+/'! VWWbA! '(!
VWWg! >(>:>@! ,*! =8'=*8*:>@(! /'! +.! =%8)*,! M$I! E.'! D>(*,&'()'! +'! =.P,>:@! '(!
+'=)>'&P8'! /'! '+'! &>+&%! *T%B! 1,! =8%9':)%! '(! (.'+)8*! .(>;'8+>/*/! '+! :%%8/>(*/%!
/'+/'! ',! ]>:'88':)%8*/%! /'! 5((%;*:>@(! 9! $%(;'8-'(:>*! 1.8%='*! 9! :.'()*! :%(! ',!
*=%9%!/'!nc5$Q!Gn8'*!/'!c':(%,%-<*+!/'!,*!5(D%8&*:>@(HB!
1(! .(*! =8>&'8*! D*+'! /'! )8*P*R%! +'! >()'-8*8%(! ,%+! =8%D'+%8'+! P'('D>:>*8>%+! /'! ,*!
*9./*!/'!,*!f$%(;%:*)%8>*!=*8*!,*!78%/.::>@(!/'!N*)'8>*,'+!=*8*!',!2'+*88%,,%!/',!
$*&=.+!]>8).*,!/'!,*!3N3h!*+<!:%&%!,%+!=8%D'+%8'+!;%,.()*8>%+!/'!*+>-(*).8*+!/'!
,*!%D'8)*!;>8).*,!9!*+>-(*).8*+!'(!>(-,a+B!1,!=8%:'+%!/'!>(:%8=%8*:>@(!*,!M$I!'F>-'!
8';>+*8!,%+!:%()'(>/%+!=*8*!-*8*()>?*8!,*!=8%=>'/*/!>()',':).*,!/'!,%+!8':.8+%+!*+<!
:%&%!+.!%=)>&>?*:>@(!=*8*!-*8*()>?*8!+.!:*,>/*/!:>'()<D>:*A!)a:(>:*!9!='/*-@->:*B!C.!
=.P,>:*:>@(!+'!8'*,>?*!:%(!,>:'(:>*!$8'*)>;'!$%&&%(+!9!+'!D%8&*,>?*!:%(!,*!D>8&*!/'!
.(!:%()8*)%!'()8'!,%+!=8%D'+%8'+!9!',!Z':)%8!/'!,*!.(>;'8+>/*/A!:%()8*)%!'(!',!:.*,!
+'!*.)%8>?*!,*!=.P,>:*:>@(!9!+'!*+.&'!,*!*.)%8<*!/',!&*)'8>*,!/%:'()'B!
c8*+!.(*!=8>&'8*!:%(;%:*)%8>*!/'!8'*,>?*:>@(!/'!&*)'8>*,'+!'(!',!:.8+%!VWWbiVWWgA!
',!=%8)*,!/'!,*!3(>;'8+>/*/!+'!e*!>/%!:%(+%,>/*(/%!/'!D%8&*!=8%-8'+>;*!e*+)*!,,'-*8!
e*+)*! ,*+! &S+! /'! #W! :%(! E.'! :.'()*! '(! ,*! *:).*,>/*/A! e*P>'(/%! +>/%! )%/*+! ',,*+!
';*,.*/*+! *()'+! /'! +.! =.P,>:*:>@(! =*8*! -*8*()>?*8! .(%+! &<(>&%+! /'! :*,>/*/! '(!
)%/%+!,%+!:%()'(>/%+!=.P,>:*/%+!'(!(.'+)8%!=%8)*,!M$IB!
!
!
!
[b!
!
`>-.8*![B!7%8)*,!M$I!3(>;'8+>/*/!/'!N.8:>*!Ge))=0tt%:OB.&B'+H!
!
o! '+)*! :*,>/*/! e*! +>/%! 8':%(%:>/*! /'+/'! >(+)*(:>*+! +.='8>%8'+A! =.'+! /'! ,*+!
*+>-(*).8*+!E.'!+'!>(:%8=%8*8%(!*,!=%8)*,!'(!'+*!=8>&'8*!:%(;%:*)%8>*A!/%+!/'!',,*+!
%P).;>'8%(! =8'&>%+! '(! ,*! :%(;%:*)%8>*! /',! N>(>+)'8>%! /'! $>'(:>*! '! 5(;'+)>-*:>@(!
GN5$55UHB!C'!/':,*8@!d*(*/%8!/'!,*!55!1/>:>@(!/',!78'&>%!N5$5UUi3U5]1ZC5Q!*!,*!
>(>:>*)>;*!M$I!*!,*!3(>;'8+>/*/!/'!N.8:>*!=%8!,*!*+>-(*).8*!fNa)%/%+!Q,)'8(*)>;%+!
*!,*!1F='8>&'()*:>@(!Q(>&*,hA!:%%8/>(*/*!=%8!',!=8%D'+%8!2>'-%!Z%&'8%!d*8:<*A!9!
*/'&S+! +'! %P).;%! .(! Q::a+>)! =%8! ',! S8'*! /'! :%(%:>&>'()%! /'! $>'(:>*+! =%8! ,*!
*+>-(*).8*! f1:%,%-<*! /'! Q-.*+! $%()>('()*,'+hA! :%%8/>(*/*! =%8! ,*! =8%D'+%8*! N*8<*!
4.>+*!C.S8'?!Q,%(+%B!
!
!
`>-.8*!\B!7%8)*/*!*+>-(*).8*!Na)%/%+!Q,)'8(*)>;%+!*!,*!1F='8>&'()*:>@(!Q(>&*,!
GVWWgHA!78>&'8!78'&>%!N5$5UUi3U5]1ZC5Q!VWWgB!
!
!
[g!
1(!,*+!:%(;%:*)%8>*+!+>-.>'()'+!/',!=8%9':)%!+'!e*(!>/%!>(:%8=%8*(/%!*+>-(*).8*+!
'()'8*+! '(! D%8&*)%! P>,>(-w'A! *+<! :%&%! *+>-(*).8*+! /'! )'&*+! )8*(+;'8+*,'+! 9! ,*!
=%+>P>,>/*/! /'! /'+*88%,,*8! :%()'(>/%+! :%(! =8%D'+%8'+! /'! +':.(/*8>*B! Q+<A! '(! ,*!
:%(;%:*)%8>*! /'! VWWX! =*8*! =8%9':)%+! *! ,,';*8! *! :*P%! '(! ',! :.8+%! VWWXiVW"W! +'!
>(:,.9'(! /%+! :*)'-%8<*+! /'! =8%9':)%! :%&=,'&'()*8>*+! *! ,%+! =8>&'8%+! =*+%+! /',!
=%8)*,0!
*H 1(! =8>&'8! ,.-*8! ,*! =.P,>:*:>@(! '(! ',! =%8)*,! /'! :.8+%+! E.'! +>8;*(! /'!
=.'()'! '()8'! ',! J*:e>,,'8*)%! 9! ,*! '(+'T*(?*! .(>;'8+>)*8>*! G*! &%/%! /'!
:.8+%+! /'! >()8%/.::>@(! %! f:.8+%+! WhHB! 2'! '+)'! &%/%A! ,%+! :%()'(>/%+!
=.P,>:*/%+! =%/8S(! +'8;>8! *! ,%+! *,.&(%+! .(>;'8+>)*8>%+! :%&%! 8'=*+%! %!
:%&%!>()8%/.::>@(!*!*+>-(*).8*+!/'!+.!=,*(!/'!'+)./>%+!.(>;'8+>)*8>%B!1(!
'+)'! :*+%A! ',! 'E.>=%! /'! /'+*88%,,%! /'! ,%+! &*)'8>*,'+! /'P'8S! :%&=.'+)%!
=%8! =8%D'+%8*/%! /'! *&P%+! (>;','+! GJ*:e>,,'8*)%! 9! 3(>;'8+>/*/HA!
/'P>'(/%!+'8!:%%8/>(*/%!=%8!.(!=8%D'+%8!.(>;'8+>)*8>%B!
PH o!'(!+'-.(/%!,.-*8!',!/'+*88%,,%!/'!&*)'8>*,!*./>%;>+.*,!=%8!=*8)'!/'!,%+!
/%:'()'+! =*8*! ',! /'+*88%,,%! /'! .(*! *+>-(*).8*A! =./>'(/%! ','->8! ,*!
=%+>P>,>/*/! /'0! *H! -8*P*:>@(! '(! />8':)%! /'! :,*+'+Y! PH! -8*P*:>@(! '(!
'+)./>%Y! %! P>'(! :H! :%&P>(*8! *&P*+! =%+>P>,>/*/'+B! 4*! '+)8.:).8*! /'!
:%()'(>/%+! D>(*,! +'! =.P,>:*8S! '(! ',! =%8)*,! M$I! 9! /'+/'! *e<! +'! '(,*?*8S!
:%(! ,*! >(D%8&*:>@(! *./>%;>+.*,! E.'! '+)*8S! *,&*:'(*/*! v'! >-.*,&'()'!
*::'+>P,'i!'(!',!=%8)*,!c]!Ge))=0tt);B.&B'+HB!
Q/'&S+!/'!,%+!=8'&>%+!%)%8-*/%+!=%8!',!N5$5UA!(.'+)8*!.(>;'8+>/*/!:.'()*!:%(!+.!
=8%=>%! =8'&>%! =*8*! ',! :.*,! +'! +%,>:>)*! ,*! =*8)>:>=*:>@(! /'! =8%D'+%8'+! :%(!
'F='8>'(:>*!'(!,*!=.P,>:*:>@(!'(!',!=%8)*,!M$IB!1,!78'&>%!/'!,%+!:.8+%+!=.P,>:*/%+!
'(!VWWX!e*!:%88'+=%(/>/%!*!,*!*+>-(*).8*!fQ:)>;>/*/!`<+>:*!=*8*!,*!C*,./hA!/'!7'/8%!
n(-',!4@='?!N>T*88%!GS8'*!/'!$>'(:>*+!C%:>*,'+HA!+>'(/%!:%(:'/>/%!.(!*::a+>)!*!,*!
*+>-(*).8*! /'! U>:%,S+! 3P'8%! :%(! ',! )<).,%! /'! f2>;'8+>/*/! Q(>&*,h! GS8'*! /'!
$>'(:>*+HB!
!
U*6%,%*,+*$%2$&-"#:2Z*
Q! ,%! ,*8-%! /'! '+)%+! _,)>&%+! *T%+! /'+/'! ',! ]>:'88':)%8*/%! /'! 5((%;*:>@(! 9!
$%(;'8-'(:>*!1.8%='*!+'!e*(!/'+*88%,,*/%!/>;'8+%+!=8%9':)%+!E.'!8'+.&>&%+!'(!
',! +>-.>'()'! '+E.'&*! GD>-.8*! ^HB! 7*8*! ',,%! e'&%+! :%()*/%! :%(! ,*! ! >&=8'+:>(/>P,'!
:%,*P%8*:>@(! /'! nc5$Q! 9! )*&P>a(! :%(! ,*! :%,*P%8*:>@(! /'! %)8%+! :%&=*T'8%+! E.'!
e*(! )8*P*R*/%! :%(! (%+%)8%+! '(! ,*+! />D'8'()'+! >(>:>*)>;*+! E.'! e'&%+! '&=8'(/>/%A!
/'+)*:*(/%!*E.<!*,!j'D'!/'!,*!3(>/*/!/'!`%8&*:>@(!*!2>+)*(:>*!/',!5$1A!*,!2>8':)%8!
/',! 2'=*8)*&'()%! 2M1! 9! *,! d8.=%! /'! 5(;'+)>-*:>@(! /'! c':(%,%-<*! 1/.:*)>;*A! *+<!
:%&%!(.&'8%+%+!=8%D'+%8'+!E.'!*!)<).,%!>(/>;>/.*,!e*(!:%,*P%8*/%!'(!,*+!/>+)>()*+!
>(>:>*)>;*+B
!
!
[X!
!
!
!
!
!
!
\W!
R#!3,+$%!)*!)*',++%..%!)*!.,!*&'*b,&c,!6(+28,.T!5+%58*'2,'!
7*8*! :%(+'-.>8! E.'! ,*! 3(>;'8+>/*/! /'! N.8:>*! +'! >(;%,.:8'! '(! .(! =8%:'+%! 8'*,! /'!
:*&P>%! '(! :.*()%! *,! .+%! /%:'()'! /'! ,*+! c5$! '+! (':'+*8>%! *8)>:.,*8! .(! =,*(! /'!
*:).*:>%('+!'(!',!E.'!(':'+*8>*&'()'!+'!e*!/'!:%()*8!:%(!/>D'8'()'+!+'8;>:>%+!9!+'!
e*(! /'! :%%8/>(*8! :%&=')'(:>*+! E.'! *:).*,&'()'! +'! '(&*8:*(! '(! />+)>()%+!
;>:'88':)%8*/%+B! C'! e*! /'! *+.&>8! ,*! =8%&%:>@(! /'! ,*! '(+'T*(?*! ;>8).*,!:%&%!.(%!
/'!,%+!%PR')>;%+!:,*;'+!/',!=,*(!'+)8*)a->:%!/'!,*!.(>;'8+>/*/!9!+'!e*!/'!'()'(/'8!
E.'! .(! *=%9%! 'F=,<:>)%! 'F>-'! ',! />+'T%! /'! .(*! =%,<)>:*! P*+*/*! '(! ,*! :%,*P%8*:>@(!
/%:'()'!9!,*!:%%8/>(*:>@(!>(+)>).:>%(*,A!*+<!:%&%!.(!:*=<).,%!'+=':<D>:%!/'!D%(/%+!
/'+)>(*/%+!*!',,%B!
1,! *(S,>+>+! /'! ,*! >()'-8*:>@(! /'! c5$! '(! ,*! '(+'T*(?*! 'F:'/'A! =.'+A! ,%+! *+=':)%+!
'F:,.+>;*&'()'! /%:'()'+B! 1(! =*,*P8*+! /'! Q/',,! G"XXbH0! f,*! &*)'8>*,>?*:>@(! /'!
*,-.(*+! /'! ,*+! =%+>P>,>/*/'+! E.'! +'! ;>+,.&P8*(! '(! ,*+! (.';*+! )':(%,%-<*+!
/'='(/'8S(!&S+!/'!/':>+>%('+!=%,<)>:*+!9!/'!:%&=8%&>+%+!>(+)>).:>%(*,'+!E.'!/'!
*;*(:'+!)':(%,@->:%+!%!/'!,*!/>+=%(>P>,>/*/!/'!&'/>%+B!4*+!>(+)>).:>%('+!'/.:*)>;*+!
)>'('(!.(*!e>+)%8>*!&.9!,*8-*!9!.(!:%(R.()%!&.9!*+'()*/%!/'!=8S:)>:*+B!Q!,%!,*8-%!
/'! +>-,%+! +'! e*(! :%(+%,>/*/%! .(*! +'8>'! /'! D%8&*+! /'! e*:'8! ,*+! :%+*+! E.'! +%(!
/>D<:>,'+! /'! :*&P>*8! *! :%8)%! =,*?%B! 1(! )'8&>(%,%-<*! D<+>:*A! />8<*&%+! E.'! ,*! &*+*!
>('8:>*,! /'! ,*+! >(+)>).:>%('+! '+! '(%8&'! 9! E.'! +'! 8'E.>'8'! .(*! -8*(! :*()>/*/! /'!
'('8-<*!=*8*!e*:'8,*!:*&P>*8!/'!/>8'::>@(!%!*:','8*8!+.!&*8:e*hB!
o! (%! +@,%! -8*(! :*()>/*/! /'! '('8-<*A! :%&%! :>)*! Q/',,A! +>(%! )*&P>a(! .(*! =%,<)>:*!
>(+)>).:>%(*,! :,*8*! '(! ,*! :.*,! +'! :%%8/>('(! ,%+! />+)>()%+! ]>:'88':)%8*/%+! :%(!
:%&=')'(:>*+!'(!/%:'(:>*!;>8).*,A!=.'+!'+!.(*!>((%;*:>@(!E.'!+'!;'!>(D,.>/*!)*()%!
=%8!:.'+)>%('+!/'!>(D8*'+)8.:).8*!:%&%!=%8!*+=':)%+!/'!>((%;*:>@(!'/.:*)>;*A!/'!
=,*('+!/'!'+)./>%+A!/'!(%8&*)>;*+A!/'!=%,<)>:*+!/'!>(:'()>;%+A!/'!8':.8+%+!/'!*=%9%!
G&*)'8>*,'+!9!e.&*(%+HAs!1(!,*!=8%=.'+)*!E.'!*8)>:.,*&%+A!=,*()'*&%+!',!*(S,>+>+!
/'! />+)>()%+! ','&'()%+! >&=,>:*/%+! '(! '+)'! :*&P>%A! ='8%! :8''&%+! E.'!
%8-*(>?*)>;*&'()'!/*8<*!+'()>/%!*!'+)'!=8%9':)%!.(!+'8;>:>%!'+=':<D>:%!/'!*=%9%!*!
,*!/%:'(:>*!*=%9*/*!'(!c5$!/'+/'!',!:.*,!+'!:%%8/>(*+'0!
B
',!)8*P*R%!/'!,%+!'E.>=%+!)a:(>:%+!9!',!)8*P*R%!/'!,%+!-8.=%+!/'!*=%9%!=*8*!,*!
=8%/.::>@(!/'!8':.8+%+Y!
B
,*! >(;'+)>-*:>@(! 9! ',! +'-.>&>'()%! /'! ,*+! 'F='8>'(:>*+! /'! /%:'(:>*! '(! 8'/!
G)*()%!/'!-8*/%!:%&%!/'!=%+)-8*/%HY!
B
';*,.*:>@(! /',! .+%! /'! ,*+! c5$! '(! (.'+)8*! .(>;'8+>/*/! G(%! +@,%! =*8*! ,*!
/%:'(:>*!'(!8'/!+>(%!/'!D%8&*!-'('8*,>?*/*A!%P+'8;*(/%!+.!.+%!)*()%!'(!',!&*8:%!
/'!.(!&%/',%!+'&>=8'+'(:>*,!:%&%!'(!,*+!:,*+'+!)8*/>:>%(*,'+HY!
B
,*+!(%8&*)>;*+!+%P8'!/%:'(:>*!'(!8'/!/'!,*!3(>;'8+>/*/!E.'!*D':)*(!)*()%!*!
:.'+)>%('+! */&>(>+)8*)>;*+! :%&%! %8-*(>?*)>;*+! G,*! '+)8.:).8*! */&>(>+)8*)>;*! 9!
%8-*(>?*)>;*! /'! (.'+)8*! .(>;'8+>/*/! 8'+=%(/'! *! .(! &%/',%! )8*/>:>%(*,! /'!
'(+'T*(?*!=8'+'(:>*,A!=%8!,%!E.'!>(:%8=%8*8(%+!*!&%/',%+!>((%;*/%8'+!'F>->8S!.(!
'+D.'8?%! >&=%8)*()'! /'! */*=)*:>@(! /'! (.'+)8%+! +>+)'&*+! /'! -'+)>@(! *:*/a&>:*! 9!
(%8&*)>;*+A! *+<! :%&%! ,*! */&>(>+)8*:>@(! 9! ,*! %8-*(>?*:>@(! /%:'()'0! =8%9':)%+!
&.,)>/>+:>=,>(*8'+A! -8.=%+! D,'F>P,'+A! 8%,'+! /%:'()'+! 9! ).)%8>*,'+A! =8%9':)%+!
>()'8.(>;'8+>)*8>%+AsHY!!
B
=,*('+! =*8*! >(:'()>;*8! ',! .+%! /'! ,*+! c5$! G-8.=%+! :%,*P%8*)>;%+! =*8*! ,*!
=8%/.::>@(! /'! &*)'8>*,! />->)*,A! 8'=%+>)%8>%+! /'! 8':.8+%+! '/.:*)>;%+A! ).)%8<*!
!
!
\"!
',':)8@(>:*AsHY!
B
!%! )*&P>a(! ',! />+'T%! 9! /'+*88%,,%! /'! =,*('+! '+=':<D>:%+! /'! D%8&*:>@(! /',!
=8%D'+%8*/%! =*8*! ',! .+%! /'! c5$A! )*()%! /'+/'! ,*! ='8+=':)>;*! /'! ,*! D%8&*:>@(!
='8&*('()'!:%&%!/'+/'!,*!(':'+>/*/!/'!D%8&*:>@(!>(>:>*,!/',!=8%D'+%8*/%!(%;',B!
3(!+'8;>:>%A!'(!/'D>(>)>;*A!E.'!'(!'+)8':e*!:%,*P%8*:>@(!:%(!nc5$QA!=.'/*!*-,.)>(*8!
,%+! />+)>()%+! *+=':)%+! E.'! e*(! /'! :%(D,.>8! '(! .(*! *.)a()>:*! *=.'+)*! =%8! ,*!
8'(%;*:>@(! /%:'()'! /'! ,*! 3(>;'8+>/*/! /'! N.8:>*! *=%9*/*! '(! ',! .+%! /'! ,*+!
)':(%,%-<*+!/'!,*!>(D%8&*:>@(!9!,*!:%&.(>:*:>@(!'(!',!:%()'F)%!/'!.(*!+%:>'/*/!/',!
:%(%:>&>'()%!9!/'!.(!+>+)'&*!/'!'(+'T*(?*!+.='8>%8!E.'!&>8*!e*:>*!',!D.).8%B!1+)'!
+'8;>:>%! =%/8<*! +'-.>8! ',! &%/',%! /'! %)8*+! .(>;'8+>/*/'+! /%(/'! 9*! +'! e*!
:%(+%,>/*/%A!
:%&%!
',!
$1Uc!
/'!
,*!
3(>;'8+>/*/!
j*>&'!
5!
Ge))=0ttOOOB.R>B'+t=8%R':)'+t)>:t:'()tH!%!',!CQ]!/'!,*!3(>;'8+>/*/!/'!C';>,,*B!
2'! D%8&*! &S+! :%(:8')*A! >(:,.>&%+! *! :%()>(.*:>@(! .(! '+E.'&*! /'! *+=':)%+! E.'!
/'P'8<*(! >(:,.>8+'! '(! .(! =,*(! -,%P*,! /'! *:).*:>%('+! =*8*! =8%&%;'8! ,*! '(+'T*(?*!
;>8).*,!'(!,*!3N3B!Q+<A!+'!/'P'8<*(!)8*P*R*8!*+=':)%+!8',*:>%(*/%+!:%(0!
*H!>(D8*'+)8.:).8*!)':(%,@->:*!9!'E.>=*&>'()%+!
!
e'88*&>'()*+!)','&S)>:*+!
!
'E.>=*&>'()%+!/'!*.,*+!9!'+=*:>%+!
!
=%,<)>:*!/'!'E.>=*&>'()%+!/'!='8+%(*,!/%:'()'!'!>(;'+)>-*/%8!
!
8'=%+>)%8>%+!/'!8':.8+%+!'/.:*)>;%+!/>->)*,'+!GM1ZH!
PH!=8%D'+%8*/%!
!
=,*('+! /'! D%8&*:>@(! =*8*! ',! .+%! /'! c5$! G:%(! *)'(:>@(! '+=':<D>:*! *! ,*!
D%8&*:>@(!/'!=8%D'+%8*/%!(%;',H!
!
=,*(!/'!>(:'()>;%+!=*8*!',!.+%!/',!:*&=.+!;>8).*,!
!
=,*(!/'!=8%&%:>@(!/'!,*!).)%8<*!',':)8@(>:*!
!
!
-8.=%+! :%,*P%8*)>;%+! 9! &.,)>/>+:>=,>(*8'+! /'! =8%/.::>@(! /'! 8':.8+%+!
/>->)*,'+!
8'/'D>(>:>@(! /'! 8%,'+! =8%D'+>%(*,'+! )'(>'(/%! '(! :.'()*! ,*+! (':'+>/*/'+!
/'!.(!'+=*:>%!;>8).*,!/'!'(+'T*(?*!G:%%8/>(*/%8'+A!=8%D'+%8'+A!).)%8'+A!
)a:(>:%+A!*/&>(>+)8*/%8'+AsH!
:H!8':.8+%+!e.&*(%+!
!
*=%9%!)a:(>:%!'+=':<D>:%!=*8*!/%:'()'+!
!
*=%9%!/%:'()'!=*8*!',!.+%!/'!,*!=,*)*D%8&*!
!
'E.>=%+! )a:(>:%+! =*8*! ,*! =8%/.::>@(! *./>%;>+.*,! '! >(D%8&S)>:*! =*8*!
*=%9%!*!,*!/%:'(:>*!
/H!8':.8+%+!%8-*(>?*)>;%+!9!*/&>(>+)8*)>;%+!
"B 8'/'D>(>:>@(! /'! *+=':)%+! (%8&*)>;%+! /'! ,*! 3N3! :%(! 8'+=':)%! *!
+>).*:>%('+!/'!'(+'T*(?*!'(!,<('*!G%!'(+'T*(?*!;>8).*,H!
VB 8'>)'8*&%+! '(! '+)'! =.()%! ,*! (':'+>/*/! /'! ,*! :8'*:>@(! /'! .(! +'8;>:>%!
'+=':<D>:%!E.'!:%%8/>('!,*+!>(>:>*)>;*+!'(!)%8(%!*!,*!'(+'T*(?*!;>8).*,!*,!
!
!
\V!
'+)>,%!/'!%)8%+!+'&'R*()'+!'(!/>;'8+*+!.(>;'8+>/*/'+!'+=*T%,*+!
[B =8%-8*&*+! /'! >(:'()>;%+! 9! 8':%(%:>&>'()%! /'! ,*! >((%;*:>@(! /%:'()'! 9!
)*&P>a(!'+=':<D>:*&'()'!/'!,*!>((%;*:>@(!/%:'()'!*=%9*/*!'(!c5$!
\B D,'F>P>,>?*:>@(! *:*/a&>:*! 9! 8'/'D>(>:>@(! /'! -8.=%+! 9! e%8*8>%+! '(!
+>).*:>%('+!;>8).*,'+!
Z'+.&>&%+! '+)*! '+)8.:).8*! /'! *+=':)%+! *! :%(+>/'8*8! G)%/%+! ',,%+! <()>&*&'()'!
8',*:>%(*/%+H!'(!',!+>-.>'()'!'+E.'&*B!
!
!
`>-.8*!#0!Q+=':)%+!*!:%(+>/'8*8!'(!.(*!=%,<)>:*!>()'-8*/*!/'!*::>%('+!=*8*!
=8%&%;'8!,*!'(+'T*(?*!;>8).*,!'(!,*!3(>;'8+>/*/!/'!N.8:>*B!
!
1(! /'D>(>)>;*A! ,*! >(:%8=%8*:>@(! /'! ,*+! c5$! '(! ,*+! >(+)>).:>%('+! /'! '(+'T*(?*!
+.='8>%8! '+)S! +.=%(>'(/%! .(! :*&P>%! /'! a+)*+! )*()%! '(! ,%! E.'! 8'+=':)*! *! +.+!
&%/',%+!/%:'()'+!:%&%!'(!',!S&P>)%!/'!,*!>(;'+)>-*:>@(!9!,*!*/&>(>+)8*:>@(B!7'8%!
'+)%+! :*&P>%+! (%! e*(! e':e%! &S+! E.'! '&='?*8A! '+)*&%+! *P8>'(/%! .(! :*&>(%! E.'!
(%!+*P'&%+!:%(!'F*:)>)./!=%8!/@(/'!(%+!:%(/.:>8SA!='8%!:%(%:'&%+!:%(!:'8)'?*!,*!
&')*0!',!D.).8%B!
!
/(/.(%0+,-1,T!
Q/',,A! jB! G"XXbH0! fc'(/'(:>*+! '(! '/.:*:>@(! '(! ,*! +%:>'/*/! /'! ,*+! )':(%,%-<*+! /'! ,*!
>(D%8&*:>@(hB! <A1L<?T* ;+/#".)* <&+$.5:2#$)* ,+* L+$2%&%'()* <,-$).#/)B! Um! bB! 1(!
e))=0ttOOOB.>PB'+t/'=*8)t-)'t'/.)':i't8';',':bt8';',':bBe)&,B!
Q/',,A! jB! G"XXgH0! fZ'/'+! 9! 1/.:*:>@(hB! 1(! 2'! 7*P,%+A! jB! 9! j>&a('?A! jB! G1/+BH! E-+/)"*
L+$2%&%'()"@*$%6-2#$)$#:2*)-,#%/#"-)&*4*+,-$)$#:20!J*8:',%(*0!$'/':+B!
Q/',,A!jB!GVWW\H0!f5()'8(')!'(!,*!1/.:*:>@(hB!1(!?%6-2#$)$#:2*4*!+,)'%'()0*;+$-5"%"*
A#,B$.#$%"B!Um!VVWB!!
Q-.*/'/A! jB5B! 9! $*P'8%A! jB! GVWWVHB! <,-$)5* +2* 5+,T* #2.+52+.* $%6%* 5+$-5"%* 3)5)* &)*
!
!
\[!
+,-$)$#:2B!NS,*-*0!Q,R>P'B!
J8>:*,,! N*+>=A! jBNB! G"XXbH0! f4*! 3(>;'8+>/*/A! *,! D>(*,! /',! &>,'(>%hB! 1(!
e))=0ttOOOB:8.'B%8-t=P8>:*,,Be)&!
$*P'8%A! jBY! J*,,'+)'8%+! 9! 4@='?! GVWW\H0! f{$@&%! &'R%8*8! ,*! =8S:)>:*! =8%D'+>%(*,! /'!
,%+! /%:'()'+! .(>;'8+>)*8>%+|! Q,-.(%+! 8':.8+%+! 9! .)>,>/*/'+! )','&S)>:*+Bh! !#C+&* [#.T*
;+/#".)*,+*S+,#%"*4*<,-$)$#:2B!Um!VVB!!
$*+)*T'/*A! 4B! GVWWbH0! l5&=,'&'()*:>@(! /'! &*)'8>*,'+! '(! 8'/! '(! :%()'F)%+!
.(>;'8+>)*8>%+!=8'+'(:>*,'+B!4*!='8+=':)>;*!/',!*,.&(*/%lB!+8+)52#2'*!)3+5"A!(%B!\B!
5CCU!"ggbi"^\VB!!
$%8)>(*! $.(>,,A! NBQB! GVWW"H0! f4*+! (.';*+! )':(%,%-<*+A! %=%8).(>/*/! 9! 8')%! =*8*! ,*!
'/.:*:>@(! +.='8>%8hB! [%&+.(2* ,+* <,-$)$#:2* D-3+5#%50! $Z31B! 1(!
e))=0ttOOOB:8.'B%8-tP%,')K'/.:K1C7VBe)&B!
$Z31! GVWW#H0! f4*+! c5$! '(! ',! +>+)'&*! 3(>;'8+>)*8>%! 1+=*T%,0! 3(! *(S,>+>+!
'+)8*)a->:%hB!2%:.&'()%!'(!,<('*!'(!e))=0ttOOOB:8.'B%8-t3U5]1ZC5c5$VWW#tB!
`.&'8%A!QB!}!Z%:*A!dB!GVWWbH0!\+M*G0QB!N*/8>/0!`.(/*:>@(!M8*(-'B!
78'(/'+A! NB7B! GVWW[H0! fQ=8'(/'&%+! $%%='8*(/%! %! $%,*P%8*(/%B! 4*+! :,*;'+! /',!
&a)%/%hB!1(!N*8)<('?A!`B!;+,+"*,+*?%6-2#$)$#:2*+2*&)*<2"+=)2>)B!J*8:',%(*0!7*>/@+!
78'(/'+A!NB7B!9!$*+)*T'/*A!4BjB!GVWW^H!fN%/',%+!+'&>=8'+'(:>*,'+!'(!*,!S&P>)%!/'!
,*! '(+'T*(?*! +.='8>%8B! 4*! 'F='8>'(:>*! /'! ,*! 3(>;'8+>/*/! /'! N.8:>*h! 1(!
?%6-2#$)$#:2*4*!+,)'%'()!]%,B!VW\!Ggi"VHB!
78'(/'+A! NB7B! 9! CS(:e'?A! NBNB! GVWWgH0! f7%8)*D%,>%! 1,':)8@(>:%0! 7%+>P>,>/*/'+! =*8*!
,%+!/%:'()'+hB!1(!!(C+&*[#.@*;+/#".)*,+*S+,#%"*4*?%6-2#$)$#:2B!Um![VB!V"i[\!
78'(/'+A! NB7BY! $*+)*T'/*A! 4B! 9! Z%/8<-.'?A! NBcB! GVWWgH0! l1()%8(%+! )','&S)>:%+!
=*8)>:>=*)>;%+!:%&%!e'88*&>'()*+!/%:'()'+!'(!,*!1/.:*:>@(!C.='8>%8B!1,!$*+%!/'!,*!
3(>;'8+>/*/!/'!N.8:>*lB!$%&.(>:*:>@(!=8'+'()*/*!'(!NN*]%52),)"*E)$#%2)&+"*LN?*4*
<,-$)$#:2B!c5$1N3Z!VWWgB!!!
C*,>(*+A! jB! G"BXXXH0! fZ%,! /',! =8%D'+%8*/%! .(>;'8+>)*8>%! *()'! ,%+! :*&P>%+! /'! ,*! '8*!
/>->)*,hB! !+59+$$#%2)6#+2.%* N2.+'5)&* ,+&* !5%9+"%5* 12#/+5"#.)5#%@* !5#6+5* <2$-+2.5%*
NM+5%)6+5#$)2%B!3(>;'8+>/*/!$'()8*,!/'!]'('?.',*B!$*8*:*+B!j.,>%!"BXXXi"Wi"gB!1(!
e))=0ttOOOB.>PB'+t/'=*8)t-)'t8%,Be)&,B!!
]'(k*)'+eA! ]BY! N%88>+A! NBY! 2*;>+A! dB! }! 2*;>+A! `B! GVWW[H0! f3+'8! *::'=)*(:'! %D!
>(D%8&*)>%(! )':e(%,%-90! c%O*8/! *! .(>D>'/! ;>'OhB! N5C! x.*8)'8,9A! VbG[HA! \V^i\bgB!!
Z')8>';'/!M:)%P'8!V^A!VWWgA!D8%&!QJ5t5U`MZN!d,%P*,!/*)*P*+'B!
!
!
\\!
!
!
!
!
!!.,!%+(*&2,$(7&!*&!2(*35%'!)*!$,3/(%!
!
!
5BL:<!3:<HI>=;!$L:<=@!
3(>;'8+>/*/!/'!N.8:>*!
!
+*'83*&!
]>;>&%+! '(! .(! )>'&=%! /'! :*&P>%+A! ;'8+S)>,! 9! ,,'(%! /'! >(:'8)>/.&P8'+A! '(! ',! E.'!
e'&%+! /'! 8'D,'F>%(*8! +%P8'! ',! =*=',! E.'! e*! /'! /'+'&='T*8! ,*! '/.:*:>@(! 9! ,*!
%8>'()*:>@(! '(! :.*,E.>'8! /'+*88%,,%! %8-*(>?*:>%(*,! G9*! +'*! '(! .(! :%()'F)%!
'/.:*)>;%A!+%:>*,!%!=8%/.:)>;%H!9!8'=,*()'*8(%+!',!8%,!/',!%8>'()*/%8B!Q:).*,&'()'A!
=%8! ,*+! :*8*:)'8<+)>:*+! '+)8.:).8*,'+! /'! ,*! +%:>'/*/A! :*/*! ;'?! &*+! =,.8*,! 9!
e')'8%-a('*A! ,*! %8>'()*:>@(! )>'('! E.'! +'8! &*+! D,'F>P,'! 9! :%&=8'(+>;*! 9! ',!
%8>'()*/%8!/'P'!+'8!.(!&'/>*/%8A!D*:>,>)*/%8!'!>(:,.+%!=8%;%:*/%8!'!>(:'()>;*/%8!
/'! ,%+! :*&P>%+! %! )8*(+D%8&*:>%('+! (':'+*8>*+! =*8*! ',! /'+*88%,,%! <()'-8%! /'! ,*!
='8+%(*!9!)*&P>a(!/'!,*!+%:>'/*/Y!',!%8>'()*/%8!/',!+>-,%!rr5!)>'('!E.'!+'8!*-'()'!
/'!:*&P>%!'!>((%;*:>@(!9!D*;%8':'8!.(*!%8>'()*:>@(!*!,%!,*8-%!9!*(:e%!/'!,*!;>/*A!
:%(!-*8*()<*+!/'!:*,>/*/!9!'E.>/*/B!
5:L:d<:@! JL:Q=T! %8>'()*:>@(Y! :*&P>%Y! )8*(+D%8&*:>@(Y! %8>'()*:>@(! *! ,%! ,*8-%! /'! ,*!
;>/*Y!*-'()'!/'!:*&P>%Y!>((%;*:>@(Y!:*,>/*/Y!/'+*88%,,%!='8+%(*,!'!>()'-8*,!9!+%:>*,!
!
!
24*!%+(*&2,2(%&!(&!2(3*'!%-!$4,&0*!
!
,/'2+,$2!
I'!,>;'!>(!*!)>&'!%D!:e*(-'A!;'8+*)>,'!*(/!D.,,!%D!.(:'8)*>()>'+A!>(!Oe>:e!O'!8'D,':)!
%(! )e'! 8%,'! =,*9'/! P9! )e'! '/.:*)>%(! *(/! -.>/*(:'! *)! *(9! %8-*(>?*)>%(*,!
/';',%=&'()! G'>)e'8! >(! *(! '/.:*)>%(*,! :%()'F)A! +%:>*,! %8! =8%/.:)>;'H! *(/! 8')e>(k!
)e'! :%.(+',%8~+! 8%,'B! $.88'(),9A! D%8! )e'! +)8.:).8*,! :e*8*:)'8>+)>:+! %D! +%:>')9A! &%8'!
*(/! &%8'! =,.8*,! *(/! />;'8+'A! )e'! -.>/*(:'! e*+! )%! P'! &%8'! D,'F>P,'! *(/!
.(/'8+)*(/>(-! *(/! )e'! :%.(+',%8! &.+)! P'! *! &'/>*)%8A! D*:>,>)*)%8! *(/! ';'(!
=8%;%:*)>;'!*(/!>(+=>8>(-!:e*(-'+!(':'++*89!D%8!D.,,!/';',%=&'()!%D!)e'!>(/>;>/.*,!
*(/! +%:>')9A! )e'! :%.(+',%8! %D! )e'! rr5! :'().89! e*+! )%! P'! *(! *-'()! %D! :e*(-'! *(/!
>((%;*)>%(! *(/! '(:%.8*-'! *! -.>/*(:'! )e8%.-e%.)! ,>D'A! O>)e! -.*8*()''+! %D! E.*,>)9!
*(/!'E.>)9B!
!
!
\^!
e=N! aC<?@T! %8>'()*)>%(Y! :e*(-'Y! )8*(+D%8&*)>%(Y! -.>/*(:'! )e8%.-e%.)! ,>D'Y! *-'()!
%D!:e*(-'Y!>((%;*)>%(Y!E.*,>)9Y!='8+%(*,!*(/!:%&=8'e'(+>;'!/';',%=&'()!
!
(&2+%)8$$(7&!
]>;>&%+! '(! .(! )>'&=%! /'! >(:'8)>/.&P8'A! /'! &%;>&>'()%+! 9! :*&P>%+! ':%(@&>:%+A!
=%,<)>:%+A! ,*P%8*,'+A! '/.:*)>;%+A! +%:>*,'+AsE.'! (%+! %P,>-*(! *! 8'/'D>(>8! *,-.(%+! /'!
,%+! =8>(:>=*,'+! 8')%+! %! /'+*D<%+! /'! ,*! %8>'()*:>@(! 9! /',! %8>'()*/%8A! *+<! :%&%!
8'=,*()'*8(%+!,%+!=8>(:>=*,'+!%P+)S:.,%+!9!*&'(*?*+!:%(!,*+!E.'!a+)'!+'!'(:.'()8*!
*()'! ,*+! (.';*+! (':'+>/*/'+! 9! 8'*,>/*/'+! /'! ,*! +%:>'/*/! 9! ,*! '/.:*:>@(! /',! +>-,%!
rr5B!!
Q()'! ,*! ;'8)>->(%+*! =8':>=>)*:>@(! /'! ,%+! :*&P>%+! E.'! :*8*:)'8>?*(! *! (.'+)8*!
+%:>'/*/! *:).*,A! /'+/'! ',! :*&=%! E.'! e%9! (%+! %:.=*A! /'P'&%+! +'8! +'(+>P,'+! 9!
:%(+:>'()'+!+%P8'!,*!>&=%8)*(:>*!/',!=*=',!E.'!'+)S!,,*&*/*!*!R.-*8!,*!'/.:*:>@(!9!
,*! %8>'()*:>@(! '(! '+)%+! )>'&=%+B! L*9! :'8)'?*! /'! E.'! *&P%+! =8%:'+%+! :%(+)>).9'(!
&'/>%+!&.9!;*,>%+%+!=*8*!*9./*8!*!,*+!D.).8*+!-'('8*:>%('+!*!*/*=)*8+'!*!/>:e%+!
:*&P>%+!=*8*!=%/'8!,,'-*8!*!+'8!&>'&P8%+!*:)>;%+!9!:%&=8%&')>/%+!/'()8%!/'! ,*!
+%:>'/*/!E.'!(%+!8%/'*A!!,*!+%:>'/*/!!/',!:%(%:>&>'()%B!!
1(! ,*! =8>&'8*! /a:*/*! /'! '+)'! +>-,%! E.'! *:*P*! /'! :%&'(?*8A! ,%+! )a8&>(%+! :*,>/*/A!
'E.>/*/! %! 'D>:*:>*! :%(+)>).9'(! .(! 8'D'8'()'! 8',';*()'A! )*()%! =*8*! ,*! 8'D,'F>@(!
)'@8>:*! /'! ,*+! =%,<)>:*+! '/.:*)>;*+! 9! +%:>*,'+A! :%&%! /'! ,*! =8S:)>:*! /'! ,*! =8%=>*!
*::>@(!+%:>%'/.:*)>;*!9!%8>'()*/%8*B!
L*(! =*+*/%! VW! *T%+! /'+/'! E.'! +'! *=8%P*8*! ,*! 4'9! M8-S(>:*! d'('8*,! /',! C>+)'&*!
1/.:*)>;%! G4MdC1A! "XXWH! 9! :%(! ',,*! /'! ,*! 8'-.,*:>@(! )%)*,! /'! ,*! %8>'()*:>@(! '(! ',!
+>+)'&*! '/.:*)>;%Y! =*+*/%! '+)'! )>'&=%A! '+! e%8*! /'! /')'('8(%+! *! ='(+*8! +%P8'! ,*!
8'*,>/*/! '/.:*)>;*! 9! +%:>*,! E.'! ;>;>&%+! =*8*! :%(+)*)*8! ,%! E.'! '+)S! =*+*(/%! 9A! '(!
D.(:>@(! /'! ',,%A! 8'=,*()'*8(%+! %! 8'/>&'(+>%(*8! ',! 8%,! /'! ,*! %8>'()*:>@(! 9! ',!
%8>'()*/%8t*! '(! ,*! +%:>'/*/! *:).*,B! $%(! />:e%! %PR')>;%A! =*8)>&%+! /',! :%(+'(+%!
'F>+)'()'! '(! %)%8-*8! *! ,*! %8>'()*:>@(! .(! 8%,! &.9! +>-(>D>:*)>;%! '(! ',! ,%-8%! /'! ,%+!
=%+>P,'+!'D':)%+!=%+>)>;%+!GZ%/8<-.'?!1+=>(*8A!VWW#H!*+<!:%&%!/'!,*!:%(+>/'8*:>@(!
/'! ,*! %8>'()*:>@(! G9A! '(! :%(+':.'(:>*A! /'! ,*! ).)%8<*H! :%&%! .(! D*:)%8! /'! :*,>/*/! 9!
'E.>/*/!'(!,*!'/.:*:>@(A!)*,!9!:%&%!&S+!*/',*()'!*(*,>?*8'&%+B!
1(!',!8':>'()'!/%:.&'()%!vD8.+)8*/%!E.>?S!&S+!=%8!>()'8'+'+!=.8*&'()'!=%,<)>:%+!
9! ='8+%(*,'+! E.'! (')*&'()'! '/.:*)>;%+v! +%P8'! f7*:)%! +%:>*,! 9! =%,<)>:%! =%8! ,*!
'/.:*:>@(h!GVW"WH!=8%=.'+)%!=%8!',!N>(>+)'8>%!/'!1/.:*:>@(!+'!*=.()*!E.'0!
!^P000R!3)5)*5+"3%2,+5*)*&%"*2-+/%"*5+.%"*,+*&)*"%$#+,),*,+&*"#'&%*__N@*)*&%"*2-+/%"*5+.%"*
,+* &)* "%$#+,),* ,+&* $%2%$#6#+2.%@* +"* #635+"$#2,#M&+* 6%,+52#>)5* 2-+".5%* "#".+6)*
+,-$).#/%@*`-+*2%"*9#a+6%"*-2%"*%Ma+.#/%"*+"3+$(9#$%"*3)5)*+".)*,W$),)*`-+*5+"3%2,)2*
)* &)"* 2+$+"#,),+"* `-+* .#+2+2* .)2.%* &%"* a:/+2+"* +2* +,),* +"$%&)5* $%6%* &)* 3%M&)$#:2*
),-&.)* 3)5)* ,#"3%2+5* ,+* &%"* #2".5-6+2.%"* 2+$+")5#%"* 3)5)* "-* ,+")55%&&%* 3+5"%2)&* 4*
35%9+"#%2)&70*
*
1D':)>;*&'()'A!'(!'+)'!+>-,%!E.'!+'!>(>:>*!)'('&%+!&.:e%+!+.'T%+!'!>,.+>%('+A!='8%!
)*&P>a(!e*9!+%&P8*+A!v,*!*&'(*?*()'!:8>+>+!':%(@&>:*!9!,*!8'D%8&*!,*P%8*,A!'()8'!
,*+! &S+! +%P8'+*,>'()'+v! E.'! (%+! *D':)*! *! )%/%+! 9! E.'! +'! 8'D,'R*(! '(! ,*! 8'*,>/*/!
!
!
\#!
'/.:*)>;*!9!+%:>*,!/'!:*/*!/<*A!'(!,*+!=8%=>*+!*.,*+A!'(!',!/<*!*!/<*!/'!,*!;>/*!/'!,%+!
:'()8%+!'/.:*)>;%+A!:'()8%+!:*/*!;'?!&S+!:%&=,'R%+!9!e')'8%-a('%+A!9!'+!/'+/'!,*!
%8>'()*:>@(! /%(/'! =%/'&%+! 9! /'P'&%+! )'('8! .(! =*=',! *:)>;%! 9! )8*(+D%8&*/%8A!
*+.&>'(/%!:%&%!8%,!D.(/*&'()*,!'(!'+)%+!)>'&=%+!',!/'!*-'()'!/'!:*&P>%B!!
Q)'(/>'(/%! *! ,*+! (':'+>/*/'+! *:).*,'+A! ,*! %8>'()*:>@(! /'P'! +'8! '()'(/>/*! '(! ',!
+'()>/%! &S+! *&=,>%! =%+>P,'A! +>(! :%(+)8'T>8,*! *! .(! :%()'F)%! 9! &%&'()%!
/')'8&>(*/%A! +>(%! :%()'&=,*8,*! /'+/'! .(*! ='8+=':)>;*! e%,<+)>:*A! :%&=8'+>;*A!
':%,@->:*! 9! :8>)>:*! 9A! '+! '(! '+)'! +'()>/%A! E.'! ,*! /'D>(>&%+! :%&%! -2* ^35%$+"%* ,+*
)$$#:2* $%2.#2-%@* ,#2B6#$%@* #2.+'5)&* +* #2.+'5),%5@* ,#5#'#,%* )* .%,)"* &)"* 3+5"%2)"@* +2*
.%,%"* &%"* B6M#.%"@* 9)$+.)"* 4* $%2.+C.%"* )* &%* &)5'%* ,+&* $#$&%* /#.)&@* 4* $%2* -2* $)5B$.+5*
9-2,)6+2.)&6+2.+* "%$#)&* 4* +,-$).#/%h! GN*8)<('?! $,*8'+A! VWWV0V\HB! 2'+/'! '+)*!
:%(:'=:>@(! '()'(/'&%+! E.'! ,*! %8>'()*:>@(! (%! +@,%! '+! .(! =8%:'+%! /'! *9./*! E.'!
>()'8;>'('! %:*+>%(*,&'()'A! +>(%! &S+! P>'(! :%&%! .(! =8%:'+%! /'! &'/>*:>@(A!
:*(*,>?*:>@(A! >()'88',*:>@(! 9! D*:>,>)*:>@(! /'! />+)>()%+! =8%:'+%+! /'! )8*(+D%8&*:>@(!
9t%!:*&P>%!+%:>*,!*!,%!,*8-%!/'!,*!;>/*B!
1(!'+)'!)8*P*R%!+'!8'D,'F>%(*!+%P8'!.(*!%8>'()*:>@(!*!,%!,*8-%!9!*(:e%!/'!,*!;>/*A!+'!
:%(+>/'8*! *,! %8>'()*/%8t*A! 9! /'&S+! *-'()'+! +%:>*,'+! E.'! /'+'&='T*(! ,*P%8'+! /'!
%8>'()*:>@(A! :%&%! *-'()'+! /'! :*&P>%! '! >((%;*:>@(! 9A! D>(*,&'()'A! *(*,>?*&%+! ,*!
(':'+>/*/!/'!-*8*()>?*8!,*!:*,>/*/!'(!,*!%8>'()*:>@(!:%&%!;*,%8!*T*/>/%A!)*,!9!:%&%!
/'D>'(/'!Z%/8<-.'?!1+=>(*8!GVWW#A!VWWbHB!!!
!
!.,!%+(*&2,$(%&!,!.%!.,+0%!_!,&$4%!)*!.,!6(),!
4*! D>(*,>/*/! /'! ,*! '/.:*:>@(! 9! ,*! %8>'()*:>@(! +%(! :%>(:>/'()'+B! Q&P%+! =8%:'+%+!
='8+>-.'(! ',! /'+*88%,,%! >()'-8*,! 9! ='8+%(*,! /',! >(/>;>/.%! *! ,%! ,*8-%! 9! *(:e%! /'! ,*!
;>/*B! c*()%! ,*! '/.:*:>@(! :%&%! ,*! %8>'()*:>@(! +%(! *::>%('+! :%(! =8%9'::>@(! /'!
D.).8%!9!)>'('(!'(!:.'()*!',!/'+*88%,,%!*!,%!,*8-%!/',!)>'&=%!G/',!:>:,%!;>)*,H!='8%!
)*&P>a(! '(! ,%+! />+)>()%+! '+:'(*8>%+! %! :%()'F)%+! /%(/'! =8%9':)*&%+! (.'+)8%!
/'+*88%,,%!=8%D'+>%(*,!9!/'!;>/*A!=%8!'+%!e*P,*&%+!/'!.(*!'/.:*:>@(!9!%8>'()*:>@(!
*!,%!,*8-%!9!*(:e%!/'!,*!;>/*B!
1(! ',! >(>:>%! /',! ^!5%4+$.%* "%M5+* +&* 9%5.)&+$#6#+2.%* ,+* &)"* 3%&(.#$)"@* "#".+6)"* 4*
35B$.#$)"* +2* 6).+5#)* ,+* %5#+2.)$#:2* 3+56)2+2.+* +2* <-5%3)7! '(! ,*! Z'+%,.:>@(! /',!
$%(+'R%! 9! /'! ,%+! Z'=8'+'()*()'+! /'! ,%+! d%P>'8(%+! /'! ,%+! 1+)*/%+! &>'&P8%+!
8'.(>/%+!'(!$%(+'R%!/'()8%!/',!:%()'F)%!/'!*=8'(/>?*R'!='8&*('()'!+'!*D>8&*!E.'!
G$1A!VWW\0VH0!
"B 4*! %8>'()*:>@(! e*:'! 8'D'8'(:>*! *! .(*! -*&*! /'! *:)>;>/*/'+! E.'! >(:,.9'(! ,*!
>(D%8&*:>@(! 9! ',! *+'+%8*&>'()%A! ,%+! :%(+'R%+A! ,*! ';*,.*:>@(! /'! :%&=')'(:>*A! ,*!
).)%8<*A!,*!8':%&'(/*:>@(A!,*!'(+'T*(?*!/'!,*!)%&*!/'!/':>+>%('+!9!,*+!:*=*:>/*/'+!
/'! -'+)>@(! /'! :*88'8*BBB! E.'! :*=*:>)*! *! ,%+! :>./*/*(%+! /'! :.*,E.>'8! '/*/! 9! '(!
:.*,E.>'8! &%&'()%! /'! +.+! ;>/*+! *! /')'8&>(*8! +.+! :*=*:>/*/'+! '! >()'8'+'+A! *!
*/%=)*8! /':>+>%('+! '/.:*)>;*+A! /'! D%8&*:>@(! 9! /'! '&=,'%A! 9! *! -'+)>%(*8! +.!
*=8'(/>?*R'! 9! ,*! )8*9':)%8>*! >(/>;>/.*,! /'! +.+! ;>/*+! '(! :.*()%! *,! *=8'(/>?*R'A! ',!
)8*P*R%!9!%)8*+!:.'+)>%('+!'(!,*+!E.'!+'!*/E.>'8'(!%!+'!.)>,>?*(!:%&=')'(:>*+h!G$1!
VWW\0!VHB!
VB 4*! D*:>,>)*:>@(! /'! %8>'()*:>@(! '(! ',! &*8:%! /'! ,%+! +>+)'&*+! /'! '/.:*:>@(! 9!
D%8&*:>@(A! '+=':>*,&'()'! '(! ,%+! :'()8%+! '+:%,*8'+! %! *! (>;',! '+:%,*8A! )>'('(! .(*!
D.(:>@(! '+'(:>*,! E.'! /'+'&='T*8! =*8*! -*8*()>?*8! E.'! ,*+! /':>+>%('+! >(/>;>/.*,'+!
!
!
\b!
8',*:>%(*/*+! :%(! ,*! '/.:*:>@(! 9! ,*! :*88'8*! />+=%(-*(! /'! .(*! P*+'! +@,>/*A! 9! =*8*!
*9./*8,'+!*!/'+*88%,,*8!.(*!*.)%-'+)>@(!'D>:*?!/'!+.+!)8*9':)%8>*+!/'!*=8'(/>?*R'!9!
/'! :*88'8*B! 1+! )*&P>a(! .(! >(+)8.&'()%! :,*;'! =*8*! ='8&>)>8! *! ,*+! >(+)>).:>%('+! /'!
'/.:*:>@(!9!D%8&*:>@(!&'R%8*8!,*!:*,>/*/!9!%D'8)*!/'!,*!'(+'T*(?*B!
[B 4*!%8>'()*:>@(!='8&*('()'!:%()8>P.9'!*,!,%-8%!/'!,%+!%PR')>;%+!/'!/'+*88%,,%!
':%(@&>:%A!'D>:*:>*!/',!&'8:*/%!/'!)8*P*R%!9!&%;>,>/*/!-'%-8SD>:*!9!=8%D'+>%(*,!/'!
,*!3(>@(!1.8%='*A!&'R%8*(/%!,*!'D>:*:>*!/'!,*!>(;'8+>@(!'(!'/.:*:>@(!9!D%8&*:>@(!
=8%D'+>%(*,A!/'!,*!D%8&*:>@(!='8&*('()'!9!/',!/'+*88%,,%!/',!:*=>)*,!e.&*(%!9!,*!
&*(%!/'!%P8*B!
\B 3(*!%8>'()*:>@(!'D>:*?!/'+'&='T*!.(*!&>+>@(!D.(/*&'()*,!=*8*!D%&'()*8!,*!
>(:,.+>@(! +%:>*,A! ,*! 'E.>/*/! +%:>*,A! ,*! >-.*,/*/! '()8'! ,%+! +'F%+! 9! .(*! :>./*/*(<*!
*:)>;*!D%&'()*(/%!9!*=%9*(/%!,*!=*8)>:>=*:>@(!/'!,*+!='8+%(*+!'(!,*!'/.:*:>@(!9!
D%8&*:>@(!9!+.!','::>@(!/'!:*88'8*+!8'*,>+)*+!9!,,'(*+!/'!+'()>/%B!
^B 1(! ,%+! 1+)*/%+! &>'&P8%+! /'! ,*! 3(>@(! 1.8%='*! ,*! %8>'()*:>@(! +'! D*:>,>)*!
&'/>*()'!.(*!-8*(!;*8>'/*/!/'!'+)8.:).8*+A!8'-<&'('+!/'!=8'+)*:>@(!9!=8S:)>:*+!'(!
)%/%+! ,%+! S&P>)%+! /'! ,*! '/.:*:>@(A! ,*! D%8&*:>@(A! ',! '&=,'%A! ',! /'+'&=,'%! 9! ,%+!
+':)%8'+!=8>;*/%!9!*+%:>*)>;%B!1+)*!/>;'8+>/*/!%D8':'!.(*!P*+'!Da8)>,!=*8*!:%%='8*8!
9!*=8'(/'8!,%+!.(%+!/'!,%+!%)8%+B!!
#B 4*! %8>'()*:>@(! =.'/'! *=%8)*8! .(! *=%9%! +>-(>D>:*)>;%! *! ,*+! ='8+%(*+! '(! +.!
)8*(+>:>@(!'()8'!(>;','+!9!+':)%8'+!/'!,%+!+>+)'&*+!/'!'/.:*:>@(!9!D%8&*:>@(!9!/'!,*!
'+:.',*!*!,*!;>/*!*/.,)*!9!=8%D'+>%(*,Y!*!,%+!R@;'('+!E.'!8'*(./*(!+.!'/.:*:>@(!%!
D%8&*:>@(! =8%D'+>%(*,! )8*+! e*P'8! /'R*/%! =8%()%! ,*! '+:.',*Y! *! ,*+! ='8+%(*+! E.'! +'!
8'>()'-8*(!'(!',!&'8:*/%!/'!)8*P*R%!/'+=.a+!/'!='8<%/%+!/',!/'+'&=,'%!;%,.()*8>%!
%! >(;%,.()*8>%A! %! /'! )8*P*R%! '(! ',! e%-*8Y! *! ,%+! )8*P*R*/%8'+! *! E.>'('+! ,*!
8''+)8.:).8*:>@(! +':)%8>*,! ,'+! 'F>R*! :*&P>*8! ',! )>=%! /'! '&=,'%Y! *+<! :%&%! *! ,%+!
)8*P*R*/%8'+!/'!'/*/!*;*(?*/*!9!*!,%+!&>-8*()'+B!
bB 4*!=8'+)*:>@(!/'!.(*!%8>'()*:>@(!='8&*('()'!/'!*,)*!:*,>/*/!'+!.(!','&'()%!
:,*;'!/'!,*+!'+)8*)'->*+!/'!'/.:*:>@(A!,*!D%8&*:>@(!9!,*!'&=,'*P>,>/*/!=*8*!,%-8*8!',!
%PR')>;%! '+)8*)a->:%! /'! E.'! 1.8%=*! +'! :%(;>'8)*! '(! ,*! +%:>'/*/! /',! :%(%:>&>'()%!
&S+!/>(S&>:*!/',!&.(/%!'(!VW"WB!
1+!=%8!,%!*()'8>%8A!E.'!=%/'&%+!*D>8&*8!E.'A!=*8*!e*P,*8!/'!.(*!%8>'()*:>@(!*!,%!
,*8-%!9!*(:e%!/'!,*!;>/*A!a+)*!/'P'!/'+*88%,,*8+'!(%!+@,%!'(!',!:%()'F)%!'/.:*)>;%!%!
'+:%,*8! +>(%! )*&P>a(A! /'! D%8&*! =8>&%8/>*,A! '(! ',! '+:'(*8>%! :%&.(>)*8>%! 9! '(! ',!
=8%/.:)>;%B!4*!%8>'()*:>@(!'(!',!:%()'F)%!/'!,*!D%8&*:>@(!*!,%!,*8-%!/'!,*!;>/*!)>'('!
E.'!*=%+)*8!=%8!.(!&%/',%!>()'-8*,!9!:%&=8'(+>;%!9!/'+)'88*8!+.!.+%!'F:,.+>;%!'(!
&%&'()%+!=.().*,'+!%!8'+)8>(->/*!*!.(!(.&'8%!8'/.:>/%!/'!:%,':)>;%+A!=*8*!=%/'8!
e*P,*8!/'!%8>'()*:>@(!/'!:*,>/*/!9!)*&P>a(!/'!'E.>/*/B!
2'+/'! '+)*! ='8+=':)>;*A! /'D'(/'&%+! ,*! %8>'()*:>@(! :%&%! .(! =8%:'+%! :%()>(.%! 9!
/>(S&>:%A!=%8E.'!+'!=8%/.:'!*!,%!,*8-%!/'!,*!;>/*A!:%(+>/'8*!*!,*!='8+%(*!:%&%!.(!
*-'()'! *:)>;%! /'! +.! =8%:'+%A! (%! :%&%! +.R')%! =*+>;%! .! %PR')%! /'! ,*! *::>@(!
%8>'()*/%8*A! +>(%! :%&%! =*8)<:>='! *:)>;%! '(! +.! =8%=>%! =8%:'+%! /'! %8>'()*:>@(A!
='8&>)>a(/%,'A! D*:>,>)S(/%,'! %! *9./S(/%,'! '(! ,*! )8*(+D%8&*:>@(! %! :*&P>%! /'! +.!
:%()'F)%! %! 8'*,>/*/B! 1+! /':>8A! *:)_*! :%&%! *-'()'! /'! :*&P>%A! '+! :*=*?! /'! :8'*8!
:%(%:>&>'()%+!9!*::>%('+!*!=*8)>8!/'!+.!'F='8>'(:>*A!/'!/':>/>8!'(!D.(:>@(!/'!',,*+!
9!/'!'&=8'(/'8!*::>%('+!:%,':)>;*+!E.'!='8&>)*(!,*!)8*(+D%8&*:>@(!/'!,*!8'*,>/*/A!
D*:>,>)*(/%!,*!D>(*,>/*/!&>+&*!/'!,*!%8>'()*:>@(A!'+!/':>8A!+.!/'+*88%,,%!='8+%(*,!'!
>()'-8*,B!
N*()'('&%+A!*+>&>+&%A!E.'!,*!%8>'()*:>@(!'+!>()'-8*,!'!>()'-8*/%8*A!=%8E.'!'(!',,*!
!
!
\g!
+'!>(:,.9'(!)%/%+!,%+!*+=':)%+A!D*:')*+!9!/>&'(+>%('+!E.'!&'/>*)>?*(!'!>(D,.9'(!/'!
D%8&*! :%(+:>'()'! '! >(:%(+:>'()'! ,*! */E.>+>:>@(! =%8! =*8)'! /',! >(/>;>/.%! /'!
:%&=')'(:>*+A! 8%,'+! 9! D.(:>%('+! (':'+*8>*+! =*8*! E.'A! /'! D%8&*! >()'-8*/%8*A! +'!
=%+>P>,>)'! ',! :*&P>%A! D*;%8':>'(/%! ',! :%(%:>&>'()%! /'! +<! &>+&%A! *+<! :%&%! +.!
/'+*88%,,%! ='8+%(*,! 9! +%:>*,A! ,%! E.'! +@,%! =.'/'! :%(+'-.>8+'! /'+/'! .(! &%/',%! /'!
%8>'()*:>@(!E.'!+'*!:%&=8'(+>;%!9!:%e'8'()'!:%(!/>:e%!:*8S:)'8!&.,)>/>&'(+>%(*,B!
4*! %8>'()*:>@(! /'P'! />8>->8+'! *! )%/*+! ,*+! ='8+%(*+A! 9! (%! +@,%! *! *E.',,*+! :%(!
=8%P,'&*+A! />D>:.,)*/'+! %! eS(/>:*=+A! =%8E.'! ,*! %8>'()*:>@(! '+! 9! /'P'! +'8! =*8*!
)%/%+A! '+! .(! =8%:'+%! -8.=*,A! :%,':)>;%A! D.(/*&'()*,&'()'! =8%*:)>;%A! *()>:>=*/%8A!
*.(E.'! ';'().*,&'()'! =.'/*! )'('8! .(! :*8S:)'8! *+>+)'(:>*,! %! )'8*=a.)>:%A! 9! '(!
)%/%+! ,%+! :%()'F)%+A! &*8:%+! 9! '+:'(*8>%+! '(! E.'! +'! /'+'(;.',;'! ,*! ='8+%(*A!
/'+*88%,,*(/%! />+)>()%+! *=8'(/>?*R'+B! 1+! =%8! ',,%! E.'! /'P'&%+! :%(+>/'8*8! *! ,*!
%8>'()*:>@(!/'+/'!.(*!='8+=':)>;*!:%,*P%8*)>;*A!:%%='8*)>;*A!':%,@->:*!9!:8<)>:*B!
o! D>(*,&'()'! /'D'(/'&%+! E.'! ,*! %8>'()*:>@(! )>'('! .(! :*8S:)'8! '/.:*)>;%! 9! +%:>*,!
=%8E.'!'+)S!:%&=8%&')>/*!:%(!',!:*&P>%!9!)8*(+D%8&*:>@(!/'!,*!8'*,>/*/!+%:>*,!'(!
+.!:%(R.()%B!1()'(/'&%+!,*!'/.:*:>@(!'(!.(!+'()>/%!*&=,>%A!(%!+@,%!8'+)8>(->/*!*,!
:%()'F)%! '+:%,*8! %! >(+)>).:>%(*,! +>(%! >()'-8*/*! '(! :.*,E.>'8! '+:'(*8>%! %! :%()'F)%!
=8%/.:)>;%A!:%&.(>)*8>%!%A!'(!/'D>(>)>;*A!+%:>*,!.!%8-*(>?*)>;%B!
c8*+!'+)*+!:%(+>/'8*:>%('+A!'+!DS:>,!:%&=8'(/'8!E.'!,*!C%:>'/*/!/',!$%(%:>&>'()%!
(%+!%P,>-.'!*!8'=,*()'*8(%+!',!:%(:'=)%A!',!+'()>/%!9!',!:*&=%!/'!*:).*:>@(!/'!,*!
%8>'()*:>@(A! '+! /':>8! +.! =8%=>*! =8*F>+A! =*8*! 'F)'(/'8,*! *! )%/*! ,*! =%P,*:>@(! 9! '(!
:.*,E.>'8! &%&'()%A! D*+'! %! '+:'(*8>%! /'! +.! /'+*88%,,%! =8%D'+>%(*,! 9! ;>)*,A! '(! ',!
:%()'F)%!/'!+.!D%8&*:>@(!*!,%!,*8-%!/'!,*!;>/*B!
1+)'! :*&P>%! /'! '(D%E.'! 8'E.>'8'A! :%&%! &*(>D>'+)*! 1:e';'88<*! GVWWgHA! =%8! .(*!
=*8)'A! 'F)'(/'8! :%(+>/'8*P,'&'()'! ',! *::'+%! *! ,*! %8>'()*:>@(A! =*8*! e*:'8,*!
*+'E.>P,'!*!)%/*+!,*+!='8+%(*+!/.8*()'!)%/*!,*!;>/*!9!*/':.*8,*!'(!D%8&*A!,.-*8!/'!
=8'+)*:>@(!9!='8>%/>:>/*/A!*!,*!:8':>'()'!/>;'8+>/*/!/'!(':'+>/*/'+!/'!,%+!.+.*8>%+B!
oA! /'! %)8*A! 'F>-'! */'&S+! *+.&>8! E.'! ',! %PR')%! D.(/*&'()*,! /'! ,*! >()'8;'(:>@(!
%8>'()*/%8*! '+! ',! /'+*88%,,%! /'! :%&=')'(:>*+! /'! -'+)>@(! *.)@(%&*! /'! ,*!
)8*9':)%8>*!=8%D'+>%(*,A!,%!E.'!;*!&S+!*,,S!/'!,*!)%&*!/'!/':>+>%('+!'(!&%&'()%+!
=8':>+%+!/'!,*!;>/*!/'!:*/*!='8+%(*B!
7*8*! '+)'! *.)%8! G1:e';'88<*A! VWWg0! [gXHA! ',! -8*(! 8')%! +"* ^3)")5* ,+* -2* +29%`-+*
M)"),%* +2* &)* )4-,)* )* &)* .%6)* ,+* ,+$#"#%2+"* #26+,#).)"* +2* 6).+5#)* ,+* %3$#%2+"*
+,-$).#/)"*%*35%9+"#%2)&+"@*)*-2*+29%`-+*6B"*'&%M)&@*`-+*35%6-+/)*&)*$)3)$#,),*,+*
&)"* 3+5"%2)"* 3)5)* '+".#%2)5* "-* 35%3#)* .5)4+$.%5#)* 35%9+"#%2)&T* ,+")55%&&)5*
$%63+.+2$#)"* +2* 6).+5#)* ,+* 3&)2#9#$)$#:2* 35%9+"#%2)&* 4* ,+* $)3)$#,),* ,+* #2"+5$#:2*
35%9+"#%2)&7B! o! '+)'! :*&P>%! +.=%('! ^+2$%2.5)5* 6+,#%"* 5+2.)M&+"* ,+* +C.+2,+5* +&*
)$$+"%*)*&)*%5#+2.)$#:2*35%9+"#%2)&*)*&%*&)5'%*,+*.%,)*&)*/#,)7!GM$21!VWW\0!"\#HB!
C>! (%+! :'()8*&%+! '(! ',! :%()'F)%! =.8*&'()'! '/.:*)>;%! G:%&.(>/*/! '+:%,*8H! 9! (%+!
/')'('&%+!'(!',!:.*/8%!/'!:*8*:)'8<+)>:*+!E.'!(%+!=8'+'()*P*(!e*:'!9*!/>'?!*T%+!
n,;*8'?! 9! Z%/8<-.'?A! GVWWWHA! ;'&%+! :@&%! ,*! %8>'()*:>@(! *! ,%! ,*8-%! 9! *(:e%! /'! ,*!
;>/*! +'! ,,'(*! /'! +'()>/%! 9! +>-(>D>:*/%A! =.'+! ,*! 8'*,>/*/! E.'! =8'+'()*P*(! '+)%+!
*(*,>+)*+! '+! D>',! *! ,%! E.'! '+)*! +.:'/>'(/%! '(! ,*! *:).*,>/*/A! '(! ,*+! *.,*+! 9! :'()8%+!
'/.:*)>;%+!/'!e%9A!*+<!:%&%!'(!.(!D.).8%A!:*/*!/<*!&*+!=8';>+>P,'!9!:'8:*(%B!!
7*8*! '+)%+! *.)%8'+! Gn,;*8'?! d%(?S,'?! 9! Z%/8<-.'?! 1+=>(*8A! VWWW! 9! Z%/8<-.'?!
VWW#0"WH! ,*+! :*8*:)'8<+)>:*+! /',! +>+)'&*! '/.:*)>;%! E.'! e'&%+! /'! :%()'&=,*8!
!
!
\X!
E.'/*(! &'/>*)>?*/*+! =%8! ,%+! :*&P>%+! '+)8.:).8*,'+! *:%()':>/%+! '(! ',! +>+)'&*!
'/.:*)>;%!'+=*T%,A!8'+.&>a(/%+'!'(!,*+!+>-.>'()'+0!!
•
!
!
•
!
!
!
•
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
•
4*!=8%,%(-*:>@(!/'!,*!'+:%,*8>/*/!%P,>-*)%8>*A!E.'!+'!:*8*:)'8>?*8S!=%80!
N*9%8! e')'8%-'('>/*/t;*8>*P>,>/*/! '(! ,*! )>=%,%-<*! /'! '()8*/*! /'! ,%+!
*,.&(%+!'(!,*!')*=*!)'8&>(*,B!!
Q=*8>:>@(!t!>(:8'&'()%!/'!:>'8)*+!:%(/.:)*+!=8%P,'&S)>:*+!:%(!8',*:>@(!*0!
- *P+'()>+&%!
- *P*(/%(%!/'!,%+!'+)./>%+!
- :%(/.:)*+!*()>+%:>*,'+!G>(/>+:>=,>(*A!*-8'+>;>/*/A!*/>::>%('+BBBH!
5(:8'&'()%!/'!.(*!8'*,>/*/!&.,)>:.,).8*,!E.'!8':,*&*0!
Q)'(:>@(!*!,*!:%&=8'(+>@(!9!*:).*:>@(!'(!,*!/>;'8+>/*/!
U':'+>/*/!/'!/'+*88%,,*8!*:)>)./'+!/'!:%e'+>@(!9!+%,>/*8>/*/!
Q+.(:>@(! /'! ,%+! =8>(:>=>%+! /'! >()'8;'(:>@(! +%:>*,! 9! 9%5.)&+$#6#+2.%*
3+5"%2)&B!
2>;'8+>D>:*:>@(!/'!,*!%D'8)*!'/.:*)>;*!=%+)+':.(/*8>*!:%(0!
5(:8'&'()%!/'!,*!:%&=,'R>/*/!9!*+>/.>/*/!/'!,%+!=8%:'+%+!/'!','::>@(!'(!
8',*:>@(!*!,*!:%(D>-.8*:>@(!/',!=8%=>%!:.88<:.,.&B!
U':'+>/*/!/'!&*9%8!>(D%8&*:>@(B!
U.';*+! D%8&*+! 9! '+)8*)'->*+! '(! ,*! =8'=*8*:>@(! 9! />D.+>@(! /'! ,*!
>(D%8&*:>@(B!
`,'F>P>,>/*/!/'!,%+!=8%-8*&*+!/'!D%8&*:>@(B!
N%;>,>/*/!'()8'!=8%-8*&*+!9!:'()8%+!/'!D%8&*:>@(B!
Q,)'8(*(:>*!)8*P*R%i'+)./>%B!
Z':%(%:>&>'()%!/'!,*+!'F='8>'(:>*+!:%&%!:8a/>)%+!*:*/a&>:%+B!
2'+*88%,,%! /'! e*P>,>/*/'+! /'! =,*(>D>:*:>@(! =*8*! *D8%()*8! ,*! >(+'8:>@(!
+%:>%,*P%8*,B!
U.';*+!D%8&*+!v;<*+!/'!*=8'(/>?*R'!
3+%!&*+>;%!/'!,*+!c5$!
588.=:>@(! /'! .(*! (.';*! 8',*:>@(! '()8'! '(+'T*(?*! 9! *=8'(/>?*R'! D.'8*! /',!
'+=*:>%!9!)>'&=%!8'*,B!
5(:8'&'()%!/',!'+)./>%!>(/'='(/>'()'!
U.';*!8',*:>@(!=8%D'+%8i*,.&(%!
U.';%+!'+=*:>%+!/'!.+%!/'!,%+!8':.8+%+!/'!*=8'(/>?*R'!9!/'!+%:>*,>?*:>@(!
'()8'!,%+!E.'!*=8'(/'(!
$*&P>%+!'(!',!)>'&=%!/'!.+%!9!D.(:>%('+!/'!,%+!:'()8%+!'/.:*)>;%+!!
Z'*,!,>/'8*?-%!/'!,*!>(+)>).:>@(!'+:%,*80!
!
2>+&>(.:>@(! /',! :%(D%8&>+&%A! *(%(>&*)%! 9! &*(/*)%! */&>(>+)8*)>;%! =%8!
/','-*:>@(!
!
1F>+)'(:>*!/'!.(!=8%-8*&*!/'!*::>@(!-'('8*/%!*!,*!,.?!/'!.(!78%9':)%!/'!
$'()8%B!
!
$%,*P%8*:>@(!/'!)%/%+!,%+!*-'()'+!'/.:*)>;%+!'(!',!=8%-8*&*B!
1F>-'(:>*!+%:>*,!/'!8'(/>8!:.'()*+!/'!,*!>(;'8+>@(!'/.:*)>;*!*!)8*;a+!/'0!
•
!
4*!';*,.*:>@(!/'!=8%-8*&*+!9!+'8;>:>%+!'/.:*)>;%+B!
!
Z'D.'8?%!/'!,*!:8'/>P>,>/*/!/'!,%+!=8%D'+>%(*,'+!/'!,*!'/.:*:>@(B!
!
!
!
^W!
L*!=*+*/%!.(*!/a:*/*!/'+/'!E.'!+'!e>:>'8*!'+)'!=8%(@+)>:%!9!:%(+)*)*&%+!E.'A!)*,!
9!:%&%!e'&%+!/>:e%!*()'8>%8&'()'A!'+!'+)*!,*!8'*,>/*/!E.'!'+)*&%+!;>;>'(/%!'(!,%+!
:'()8%+! '/.:*)>;%+A! )*()%! '(! ,*+! =8>&'8*+! ')*=*+! G>(D*()>,! 9! =8>&*8>*HA! :%&%! '(!
+':.(/*8>*A! P*:e>,,'8A! D%8&*:>@(! =8%D'+>%(*,! '! >(:,.+%! '/.:*:>@(! +.='8>%8B! 4*!
8'*,>/*/A! =.'+A! (%+! %P,>-*! *! 8'D,'F>%(*8! E.'! '(! .(! &.(/%! /'! :*&P>%+A! f:*&P>%+!
&.,)>/>&'(+>%(*,'+h!:%&%!,%+!,,*&*!$*+)',,!GVWW#HA!'+!(':'+*8>%!8'=,*()'*8(%+!,%+!
+>+)'&*+!D%8&*)>;%+!9!%8>'()*/%8'+!:%&%!=8%:'+%+!:,*;'!=*8*!D*:>,>)*8!9!D*;%8':'8!
,*! */*=)*:>@(! 9! D,'F>P>,>/*/! 'F>->/*! =%8! ',! &.(/%! =8%/.:)>;%! 9! %8-*(>?*)>;%! =*8*!
/'+'&='T*8!/>+)>()%+!8%,'+A!D.(:>%('+!9!:%&=')'(:>*+B!
4*!=8'%:.=*:>@(!*:).*,!+'!:'()8*!'(!*+.&>8!E.'!,*!8'D,'F>@(!+%P8'!'+)*+!'F>-'(:>*+!
'+! .(*! =>'?*! :,*;'! '(! ,*! -'('8*:>@(! /'! */':.*/*+! />8':)8>:'+! >(+)>).:>%(*,'+! 9!
=8%D'+>%(*,'+!+%P8'!,*!=8%=>*!=8S:)>:*!%8>'()*/%8*B!
!
*.!%+(*&2,)%+!$%3%!,0*&2*!)*!$,3/(%!!
4*! 8'*,>/*/! '(! ,*! E.'! +'! &.';'! ',! %8>'()*/%8! '+! .(*! 8'*,>/*/! -,%P*,A! />(S&>:*! 9!
e')'8%-a('*A!=%8!'+)*8!'(!:%()>(.%!&%;>&>'()%!9!)8*(+D%8&*:>@(A!*!:%(+':.'(:>*!
/'!)%/%+!'+%+!&%;>&>'()%+!f&.,)>/>&'(+>%(*,'+h!*!,%+!E.'!9*!e'&%+!*,./>/%B!1+)*!
'+!,*!8*?@(!D.(/*&'()*,!=%8!,*!E.'!',!%8>'()*/%8!'(!,*!+%:>'/*/!/',!+>-,%!rr5!)>'('!
E.'!+'8!.(!f*-'()'!/'!:*&P>%hA!)*()%!'(!',!:%()'F)%!'/.:*)>;%!:%&%!'(!:.*,E.>'8!
'+:'(*8>%!%8-*(>?*)>;%!/%(/'!/'+*88%,,'!+.!*::>@(A!=%8E.'!',!:*&P>%!9*!(%!'+!.(*!
=%+>P>,>/*/A! (>! +>E.>'8*! .(*! (':'+>/*/A! +>(%! .(*! 8'*,>/*/A! :%&%! +'T*,*(! d*>8<(! 9!
N.T%?A! GVWWg0"gXH! 735%6-+/+2* 4* )"3#5)2* )&* $)6M#%* .)2.%* &%"* "#".+6)"* $%6%* &)"*
#2".#.-$#%2+"* 4* 2%* "%2* )a+2%"* )* W&* .%,%"* &%"* 35%9+"#%2)&+"* `-+* +2* +&&)"* )$.b)20* c".%"*
6-$V)"*/+$+"*&%"*)3&#$)2*3+5%*$),)*/+>*6B"*&%"*#63-&")2*4*$%29%56)2*)*3)5.#5*,+*"-"*
#2#$#).#/)"*4*$%635%6#"%"70*
1,!%8>'()*/%8A!+'*!:.*,!D.'8'!',!:%()'F)%!/%(/'!/'+*88%,,'!+.!*::>@(A!'+)S!+>'&=8'!
/'()8%! /'! .(! :%()'F)%! %8-*(>?*)>;%A! 9! :%&%! )*,! )>'('! E.'! D*;%8':'8A! -'('8*8! '!
>(:,.+%! =8%;%:*8! ',! :*&P>%B! C'8! *-'()'! /'! :*&P>%! '+! +'8! D*:>,>)*/%8A! &'/>*/%8! 9!
D*;%8':'/%8!/'!,*!%8>'()*:>@(!9!'/.:*:>@(!*!,%!,*8-%!/'!;>/*B!
1(!',!555!1(:.'()8%!U*:>%(*,!/'!M8>'()*/%8'+!:','P8*/%!'(!*8*-%?*!'(!',!VWWbA!',!
:%&>)a! :>'()<D>:%! 8':%-'! '()8'! +.+! :%(:,.+>%('+0! f+&* %5#+2.),%5* ,+M+* "+5* -2* )'+2.+*
,+* $)6M#%@* -2* '+".%5* ,+&* $%2%$#6#+2.%* 4* -2* 35%6%.%5* ,+* &)* W.#$)* %5')2#>)$#%2)&@*
35#6)2,%* &)* /#"#:2* '&%M)&@* &#,+5)2,%* 4* 2%* ":&%* '+".#%2)2,%@* )$.-)2,%@* )2)&#>)2,%* 4*
)35+2,#+2,%*,+*&)*35B$.#$)7B!
d*>8>(! GVWWbH! +'T*,*! E.'! ',! %8>'()*/%8! +'! :%(+>/'8*! :%&%! *-'()'! /'! :*&P>%!
=%8E.'!+.!>()'8;'(:>@(A!'+!/':>8A!+.!*::>@(A!/'P'!>&=.,+*8!9!=8%&%;'8!=8%:'+%+!/'!
:*&P>%! =*8*! /*8! 8'+=.'+)*! *! +>).*:>%('+! >(+*)>+D*:)%8>*+A! =%8! ,%! E.'! ,*! -'+)>@(! /'!
=8%:'+%+! 9! /',! ! :%(%:>&>'()%! =.'/'(! +'8! e'88*&>'()*+! _)>,'+! =*8*! :%(+'-.>8! ',!
:*&P>%!/'+'*/%B!
1,!8%,!/'!*-'()'!/'!:*&P>%!+'!/'8>;*!/',!2'+*88%,,%!M8-*(>?*:>%(*,A!/'+*88%,,%!E.'!
P.+:*!,%-8*8!.(!:*&P>%!=,*('*/%!/'!,*!%8-*(>?*:>@(!/'!*:.'8/%!*!,*+!(':'+>/*/'+A!
'F>-'(:>*+! %! /'&*(/*+! /'! ,*! =8%=>*! %8-*(>?*:>@(B! 2'! '+)*! D%8&*A! +>-.>'(/%! *!
7*.:e*8/!L*D'&*((!GVWW#0VBH!f&)*).+2$#:2*"+*3-+,+*$%2$+2.5)5*+2*&)"*6%,)&#,),+"*
,+* )$$#:2* ,+* ,+.+56#2),%"* '5-3%"* P4* "-* +9#$#+2$#)000R@* +2* 6+a%5)5* &)"* 5+&)$#%2+"*
V-6)2)"@* +2* &%"* 9)$.%5+"* +$%2:6#$%"* 4* ,+* $%".%"* PM)&)2$+* $%".%"JM+2+9#$#%"R@* +2* &)"*
5+&)$#%2+"* +2.5+* '5-3%"@* +2* +&* ,+")55%&&%* ,+* &%"* +`-#3%"* V-6)2%"@* +2* &)* $%2,-$$#:2*
!
!
^"!
P&#,+5)>'%R000* <"* ,+$#5@* $)"#* "#+635+* "%M5+* &%"* /)&%5+"@* )$.#.-,+"@* 5+&)$#%2+"* 4* $&#6)*
%5')2#>)$#%2)&0*<2*"-6)@*"%M5+*&)"*3+5"%2)"*6B"*`-+*"%M5+*&%"*%Ma+.#/%"@*+".5-$.-5)*4*
.W$2#$)"*,+*&)*%5')2#>)$#:27B!
U*/>'!:.'+)>%(*!*:).*,&'()'!',!8%,!/',!%8>'()*/%8!:%&%!*-'()'!/'!:*&P>%A!=.'+!+>!
+'! :%(+>/'8*! ,*! %8>'()*:>@(! :%&%! .(! =8%:'+%! />8>->/%! *! ,%-8*8! .(! /')'8&>(*/%!
:*&P>%! /'! ,*! 8'*,>/*/! '(! E.'! +'! /'+*88%,,*A! (%! :*P'! %P;>*8! '+)'! 8%,A! =.'+!
e*,,S(/%(%+! >(&'8+%+! '(! .(*! 8'*,>/*/! :*&P>*()'A! E.'! ';%,.:>%(*! 9! =8%-8'+*! /'!
D%8&*!:%()>(.*A!:%88'+=%(/'!*,!%8>'()*/%8!,*!)8*+:'(/'()*,!D.(:>@(!/'!=8%&%;'8!,*!
*::>@(!E.'!+'!/>8>R*!*!,*!)8*(+D%8&*:>@(t:*&P>%!='8+%(*,A!+%:>*,!9!%8-*(>?*)>;%B!!
1,!%8>'()*/%8A!:%&%!*-'()'!/'!:*&P>%A!)>'('!E.'!';>)*8!,*+!;>+>%('+!8'/.::>%(>+)*+!
9! &'8*&'()'! /'+:8>=)>;*+! /'! ,*! %8-*(>?*:>@(! %! >(+)>).:>@(A! =%)'(:>*(/%! +.!
:*=*:>/*/!=*8*!>&=.,+*8!=8%:'+%+!/'!:*&P>%!'!>((%;*:>@(B!2'!'+)*!D%8&*A!',!*=%9%!
/',! %8>'()*/%8! *,! /'+*88%,,%! %8-*(>?*:>%(*,! /'P'8S! )8*)*8! /'! +.='8*8! *::>%('+!
=.().*,'+! 9! :'()8*/*+! '(! =8%:'+%+! :%(:8')%+! %P;>*(/%! E.'! +@,%! ,*! =8%&%:>@(!
=*8*,',*!/'!:*&P>%+!%8-*(>?*)>;%+!=.'/'!*9./*8!*!+'/>&'()*8!,%+!&>+&%+!Gd*>8<(!9!
N.T%?A!VWWgHB!
7*8*!Z%/8<-.'?!1+=>(*8!G"XX^A!"XXgH!,*!:%(+>/'8*:>@(!/',!%8>'()*/%8!:%&%!*-'()'!
/'!:*&P>%!+.=%('!8':%(%:'8,'!D.(:>%('+!E.'!8'='8:.)'(!'(!,*!&'R%8*!/'!,*!:*,>/*/!
/'!,*!%8-*(>?*:>@(A!9!,*+!8'+.&'!'(!,*+!+>-.>'()'+0!
•
78%&.';'!,*!:%&.(>:*:>@(!>()'8='8+%(*,!'(!,*!%8-*(>?*:>@(B!
•
$8'*!.(!:,>&*!/'!:%(D>*(?*B!
•
!`*:>,>)*!',!)8*P*R%!'(!'E.>=%!
•
!Q+.(:>@(!/',!,>/'8*?-%!
•
!C'!*/%=)*(!'+)8.:).8*+!/'!8'+%,.:>@(!/'!=8%P,'&*+!
•
!5(:,.9'!,*!';*,.*:>@(!/'!,*!>()'8;'(:>@(!
•
!5&=,>:*:>@(!'(!,*!)%&*!/'!/':>+>%('+!
•
!2>(*&>?*!,*!:.,).8*!/'!,*!:*,>/*/!'!>&=,>:*:>@(!/',!.+.*8>%!'(!+.!,%-8%!
1(! '+)'! &>+&%! +'()>/%! 7%()! 9! c'>F>/%8! GVWWV0bWH! /'+:8>P'(! ,*+! :%&=')'(:>*+!
-'('8*,'+! E.'! +'! =.'/'(! :%()'&=,*8! '(! .(! *-'()'! /'! :*&P>%A! ,*+! :.*,'+! e*:'(!
8'D'8'(:>*!*0!
$%&=')'(:>*! =*8*! :%&=8'(/'8! ,*! :%&=,'R>/*/! /',! +'8! e.&*(%A! +.!
='8:'=:>@(A!8'*::>%('+!:%-(>)>;*+!9!'&%)>;*+!D8'()'!*,!:*&P>%!9!+.+!&%)>;*:>%('+!
='8+%(*,'+!9!=8%D'+>%(*,'+B!
•
$%&=')'(:>*! =*8*! *:).*8! '(! ',! &*8:%! /'! .(%+! ;*,%8'+! a)>:%+! :%(! ;>+)*+! *! ,*!
=8%&%:>@(!/',!:*&P>%B!
•
$%&=')'(:>*! =*8*! :%(%:'8! 9! :%&=8'(/'8! >/'%,%-<*+A! :%()'F)%A! )8*/>:>%('+A!
:.,).8*+A!:8''(:>*+!9!;*,%8'+!/'!,*+!%8-*(>?*:>%('+!9!/'!,*+!='8+%(*+!*D':)*/*+!=%8!
',!:*&P>%B!
•
•
$%&=')'(:>*!=*8*!,>/'8*8!9!=*8*!>(D,.>8!'(!,%+!'E.>=%+A!&%)>;*8!*!,*+!='8+%(*+!
9! /'+:.P8>8! +.! =%)'(:>*,A! /'+*88%,,*8! :,>&*! /'! :%(D>*(?*! 9! :8'*8! +'()>&>'()%+! /'!
>&=,>:*:>@(!=8%*:)>;*B!
!
!
^V!
$%&=')'(:>*!=*8*!,*!=,*(>D>:*:>@(!9!/'+*88%,,%!/'!'+)8*)'->*+!=*8*!*:).*8!'(!
,*!:%&=,'R>/*/!9!,>/'8*8!.(!:*&P>%!=,*(>D>:*/%B!
•
•
$%&=')'(:>*!=*8*!'D':).*8!',!+'-.>&>'()%!9!,*!>()'-8*:>@(!/',!:*&P>%B!
C*P'&%+!E.'!',!%8>'()*/%8!(%!=.'/'!*:).*8!/'!D%8&*!*>+,*/*!*()'!,*!%8-*(>?*:>@(!9!
',! =8%=>%! :*&P>%! =%8E.'! )%/%! =8%:'+%! /'! )8*(+D%8&*:>@(! 'F>-'! ,*! >&=,>:*:>@(! /'!
/>D'8'()'+! =8%D'+>%(*,'+A! E.'! =.'/'(! *:).*8! :%&%! />(*&>?*/%8'+! /',! :*&P>%! %!
:%&%!/'+)>(*)*8>%+!/',!&>+&%B!7'8%!d*>8<(!GVWWb0#H!,'+!*)8>P.9'!.(!=*=',!:'()8*,!%!
(.:,'*8!'(!/>:e%!=8%:'+%0!f6B"*)&&B*,+*&)*2+$+")5#)*#63&#$)$#:2*,+*.%,%"*&%"*+9+$.#/%"*
,+* &)* %5')2#>)$#:2@* 35+$#")6%"* ,+* -2)* 9#'-5)* `-+* "+)* $)3)>* ,+* $)2)&#>)5* .%,)* &)*
#29%56)$#:2* `-+* "+* 35%,-$+@* $%2%>$)* +&* "#".+6)* %5')2#>)$#%2)&@* &%"* -6M5)&+"* ,+*
.%&+5)2$#)@* &)"* )&#)2>)"* 9%56)&+"* 4* $%2+C#%2+"@* &)* $5+,#M#&#,),* ,+* &)* 6)4%5*
+C3+5#+2$#)*4*)-.%5#,),*4*%.5%"*9)$.%5+"*,+$#"#/%"*+2*&%"*35%$+"%"*,+*$)6M#%70!
5-.*,&'()'A!d%(?S,'?!GVWW^0g^HA!:*8*:)'8>?*!*,!*-'()'!/'!:*&P>%!:%(!,%+!+>-.>'()'+!
8*+-%+0!
]>+>@(!:,*8*!/'!,*!8*?@(!/'!+'8!%!/'!,*+!D.(:>%('+!*!/'+*88%,,*8A!*+<!:%&%!/'!,%!
E.'!+'!/'P'!+'8!'(!',!D.).8%!9!/'!,%+!D*:)%8'+!:,*;'!=*8*!*,:*(?*8!',!aF>)%B!
•
•
]>+>@(!'&=8'(/'/%8*!/'!:@&%!+'8S!,*!%8-*(>?*:>@(!'(!',!D.).8%A!P.+:*(/%!',!
:*&P>%!:8'*)>;%!9!,*!&'R%8*!:%()>(.*!/'!,*!%8-*(>?*:>@(B!
$%&.(>:*:>@(!/'!,*!;>+>@(!*:'8:*!/'!,*!%8-*(>?*:>@(A!*+<!:%&%!/'!,*!&>+>@(!9!
;*,%8'+!/'!,*!&>+&*B!
•
•
$%(:>'(:>*:>@(A!:%&=8%&>+%!'!>&=,>:*:>@(!'(!',!/'+*88%,,%!/'!.(*!:.,).8*!/'!
,*! 'F:','(:>*A! P*+*/*! '(! .(%+! ;*,%8'+! /'! +'8;>:>%! =_P,>:%A! P_+E.'/*! :%()>(.*! /',!
P>'('+)*8!+%:>*,!9!=8>(:>=>%+!a)>:%+B!
•
N%)>;*:>@(A! *=%9%! 9! 8':%(%:>&>'()%! /'! ,%+! 'E.>=%+! 9! ='8+%(*+! 9!
=*8)>:>=*:>@(!/'!)%/%!',!='8+%(*,B!
d*8*()>?*8! ',! /'+*88%,,%A! >&=,*()*:>@(! 9! &'R%8*! :%()>(.*! /',! +>+)'&*! /'!
-'+)>@(!/'!,*!%8-*(>?*:>@(B!
•
5&=,>:*:>@(! :%(! .+.*8>%+A! :%,*P%8*/%8'+t*,>*/%+! 9! 8'=8'+'()*()'+! /'! ,*!
+%:>'/*/B!
•
7%8!)*()%A!,*!'/.:*:>@(!9!,*!%8>'()*:>@(!(%!+@,%!/'P'(!*/*=)*8+'!*!,%+!:*&P>%+A!+>(%!
*/',*()*8+'! *! ',,%+! 9A! *! ;':'+A! =8%;%:*8,%+B! $%&%! +'T*,*! d*8:<*! U>')%! G"XXXHA! ',!
%8>'()*/%8! /'P'! *:'=)*8! 9! */*=)*8+'! *! '+)*! +>).*:>@(! :*&P>*()'B! 1(! '+)'! +'()>/%A!
U>,'+!G"XX[H!*D>8&*!E.'!'+!(':'+*8>%!=8'=*8*8!*!,%+!=8%D'+>%(*,'+!/'!,*!%8>'()*:>@(!
=*8*! E.'! +'! ,'+! /%)'! /'! e*P>,>/*/'+! /'! >()'8;'(:>@(! '(! ,%+! (.';%+! '()%8(%+!
:.,).8*,'+!9!+>).*:>%('+!+%:>%'/.:*)>;*+!:%(!.(*!&*9%8!=8%9'::>@(!>((%;*/%8*!/'!
:*=*:>/*/'+! /'! :*&P>%! ='/*-@->:%A! :.,).8*,! 9! +%:>*,B! 4*! D%8&*:>@(! 9! /'+*88%,,%!
=8%D'+>%(*,! /'! %8>'()*/%8'+! /'P'! *P%8/*8! '+)*+! :%&=')'(:>*+! :%(! =8%D.(/>/*/! 9!
8>-%8A! )*()%! '(! ,%+! =8%-8*&*+! /'! D%8&*:>@(! >(>:>*,! :%&%! '(! ,%+! /'! D%8&*:>@(!
:%()>(.*!*!,%!,*8-%!/'!,*!;>/*B!
2')'(>a(/%(%+!.(!=%:%!&S+!'(!'+)'!8%,A!5+**:+!GVWW\0"bgH!+'T*,*!:>(:%!:.*,>/*/'+!
PS+>:*+! =*8*! *E.',,*+! ='8+%(*+! E.'! 'R'8:'(! D.(:>%('+! />8':)>;*+! 9! *+.&'(!
=8%:'+%+!/'!:*&P>%A!:.*,>/*/'+!E.'!=%/'&%+!*/*=)*8!=*8*!,%+!%8>'()*/%8'+!:%&%!
*-'()'+!/'!:*&P>%B!L*:'(!8'D'8'(:>*!*0!G*/*=)*:>@(!/'!4'>)eO%%/!9!Z>'e,A!VWW[H!
!
!
^[!
`%8)*,'?*A! =*8*! *+.&>8! +>).*:>%('+! =8%P,'&S)>:*+! %! />D<:>,'+! 9! =8%9':)%+!
(':'+*8>%+!E.'!:%()8>P.9'(!*!,*!%=)>&>?*:>@(!9!/'+*88%,,%!/'!,*!>(+)>).:>@(B!
•
•
Z'+=%(+*P>,>/*/A! =*8*! */',*()*8+'! *! ,*+! :%(+':.'(:>*+! /'! ,*+! /':>+>%('+!
)%&*/*+!9!*+.&>8!,*+!:%(+':.'(:>*+!/'!,*+!&>+&*+B!
•
C'(:>,,'?A!=*8*!'+)*P,':'8!8',*:>%('+!+@,>/*+!:%(!,%+!/'&S+B!
$%8/>*,>/*/A!=*8*!8',*:>%(*8+'!:%(!,%+!/'&S+!9!*+<!=%/'8!'+)*P,':'8!;<(:.,%+!
:%(!,%+!%)8%+!G'(!*&P*+!/>8'::>%('+HB!
•
•
M=)>&>+&%A! =*8*! &'R%8*8! 9! *=8%;':e*8! *,! &SF>&%! :*/*! +>).*:>@(A! '(! .(!
=8%:'+%!:%()>(.%!/'!8')8%*,>&'()*:>@(B!
C*(?!9!C%P8*/%!G"XXgY\gHA!(%+!%D8':>'8%(!e*:'!.(%+!*T%+!.(*!+'8>'!/'!*:)>;>/*/'+!
=8%D'+>%(*,'+! E.'A! '(! +.! %=>(>@(A! /'P'8<*! *+.&>8! ',! %8>'()*/%8! :%&%! *-'()'! /'!
:*&P>%A!/'+)*:*(/%A!'()8'!',,*+A!,*+!+>-.>'()'+0!
C.='8*8! ',! &%/',%! )8*/>:>%(*,! /'! :*8S:)'8! :,<(>:%i)'8*=a.)>:%! /%(/'!
=8'/%&>(*!.(*!%8>'()*:>@(!=+>:%,%->+)*!/'!:%&.(>:*:>@(!>(/>;>/.*,B!
•
•
1&=,'*8! (.';%+! 8':.8+%+! &.,)>&'/>*! 9! )':(%,%-<*+! >((%;*/%8*+! '(! ',!
/'+*88%,,%!/'!+.+!)*8'*+B!
1+)*P,':'8!:%('F>%('+!:%(!,%+!*-'()'+!+%:>*,'+A!,*P%8*,'+A!,%:*,'+BBB!9!8'*,>?*8!
.(*! */':.*/*! :%&.(>:*:>@(! '()8'! %)8%+! %8>'()*/%8'+A! >(+)>).:>%('+! .!
%8-*(>?*:>%('+B!
•
5(:8'&'()*8! +.+! D.(:>%('+! =8%D'+>%(*,'+! /'! )8*P*R%! '(! 'E.>=%! :%(! %)8%+!
-8.=%+!/'!8'D'8'(:>*A!/'+'(;%,;>a(/%+'!.(!8%,!/'!*(>&*/%8!9!D%8&*/%8B!
•
•
5()'8;'(>8!/'!*:.'8/%!*!.(!=8%-8*&*!/'!%8>'()*:>@(!>()'-8*/%!'(!.(!=,*(!/'!
*::>@(!-'('8*,!/'!,*!>(+)>).:>@(!.!%8-*(>?*:>@(B!
2'!,*!&>+&*!&*('8*A!+>!(%+!:'()8*&%+!'(!',!:'()8%!'/.:*)>;%A!,*+!*=%8)*:>%('+!E.'!
=.'/'!8'*,>?*8!.(!%8>'()*/%8A!:%&%!*-'()'!/'!:*&P>%A!+%(!Gd*8:<*!U>')%A!"XXXH0!
Q9./*8! *! :%&=8'(/'8! ,*+! P*+'+! >/'%,@->:*+A! =+>:%,@->:*+! 9! +%:>%,@->:*+! i,*!
D>,%+%D<*!/'!P*+'i!+%P8'!,*+!E.'!+'!*+>'()*!',!:.88<:.,.&!*:).*,B!
•
Q(*,>?*8! :8<)>:*&'()'! 9! '(! :%(R.()%! :%(! ,%+! /'&S+! /%:'()'+A! ,*+! P*+'+A!
%PR')>;%+!9!D>(*,>/*/'+!/'!,*!(.';*!'/.:*:>@(!E.'!+'!='8+>-.'B!
•
$.*,>D>:*8!9!*:).*,>?*8!*,!=8%D'+%8*/%!&'/>*()'!,*!=8%-8*&*:>@(!/'!:.8+%+!9!
D%8&*+!/'!='8D'::>%(*&>'()%!=8%D'+>%(*,B!!
•
•
Q9./*8! *! *8)>:.,*8! ,*! %=:>%(*,>/*/! 9! %=)*)>;>/*/! /'8>;*/*! /'! .(! :.88<:.,.&!
*P>'8)%A!D,'F>P,'A!=,.8*,!9!/>;'8+>D>:*/%B!
$%()8>P.>8! *! :%&=*->(*8! ,*! :%&=8'(+>;>/*/! :%(! ,*! />;'8+>/*/! /',! *,.&(*/%!
/'!,%+!:'()8%+B!
•
•
$%%8/>(*8!,*!8'/!).)%8>*,!9!,%+!=8%-8*&*+!/'!%8>'()*:>@(!/'!,%+!:'()8%+B!
•
$%,*P%8*8!:%(!,%+!@8-*(%+!/>8':)>;%+!9!',!=8%D'+%8*/%!'(!*+=':)%+!)a:(>:%+!9!
D%8&*,'+!
1(! -'('8*,A! =*8*! d*>8<(! GVWWb0bH! ,%+! :8>)'8>%+! -'('8*,'+! E.'! -.<*(! ,*! *:).*:>@(! %!
>()'8;'(:>@(!/',!*-'()'!/'!:*&P>%A!+%(!)8'+!E.'!e*:'(!8'D'8'(:>*!*0!
!
!
^\!
!"
5<BW:<!L:!QB@Bf>!PLCd:LT!fD+*35+$#")2*/#"#%2+"*'&%M)&+"*P&)*$)&#,),*+".B*+2*+&*
.%.)&*4*2%*":&%*+2*&)"*3)5.+"R@*$%635%6#"%"*'+2+5)&+"*4*,#2B6#$)"*,+*/#"#:2*'&%M)&0*8)*
+".5).+'#)* ,+* ,#/#,#5* 4* '+".#%2)5* &%"* $+2.5%"* +,-$).#/%"* 3%5* ^.5%$#.%"7* 4)* 2%* .#+2+*
"+2.#,%0* !-+,+* "+5/#5* 3)5)* '+".#%2)5* P"#5/+* 3)5)* $%2"%&#,)5* 4* $%2.5%&)5@* $-63&#+2,%*
)"(* "-* 6#"#:2R@* 3+5%* 2%* 3)5)* )/)2>)5000* V)4* ,#9+5+2$#)"* ,+* %5#'+2@* ,+* $-&.-5)* 4* ,+*
#2.+5+"+"@*`-+*a-".#9#$)2*+&*V)M&)5*4*.5)M)a)5*+2*&)*&(2+)*,+*)"-6#5*&)*,#/+5"#,),*$%6%*
-2* M#+2* ,+"+)M&+* 4* '+".#%2)M&+0* D+* .5).)@* +2* +".+* $%2.+C.%@* ,+* )35+$#)5* &)"* "#2+5'#)"*
$-&.-5)&+"@*,+*)"-6#5*&)*,#/+5"#,),*,+*3&)2.+)6#+2.%"@*,+*35%6%/+5*&)*$%6-2#$)$#:2*
4*,+*35)$.#$)5*$%6%*35%3-+".)*&)*$%&)M%5)$#:2*#2.+53+5"%2)&70#
MR
.B?=<:<!N!>C!@CLC!P=@HBC>:<0!fBBB*V)$+5*95+2.+*)*&)*$%63&+a#,),*,+")55%&&)2,%*
&%"* $%635%6#"%"* ,+* 6)2+5)* ),+$-),)d* "+* .5).)* ,+* 3%2+5* -2* .%`-+* ,+* %5,+2* 4*
$%V+5+2$#)* )* "-* ,+")55%&&%d* +".%* +"@* ,+* '+".#%2)50* <&* &#,+5)>'%@* 3%5* +&* $%2.5)5#%@* "+*
%$-3)*,+&*$)6M#%*4*`-#>B*3%5*+".%*"+*V)*V+$V%*#63%5.)2.+*+2*-2)*W3%$)*,+*$%2.#2-)"*
4*+/%&-.#/)"*5+)&#,),+"*A%"*9-2$#%2+"*.)2*,#9+5+2.+"*$%6%*&)"*6+2$#%2),)"*e%$-3)5"+*
,+* &)* ,#9#$-&.),* 4* %$-3)5"+* ,+&* $)6M#%J* ,+.+56#2)2* &)"* )$.#/#,),+"* .(3#$)"* 4*
,#9+5+2$#),)"* ,+* &)* '+".#:2* 4* ,+&* &#,+5)>'%0* U"(@* &)* '+".#:2* .5).)@* 6+,#)2.+* &)*
3&)2#9#$)$#:2* 4* "-* ,+")55%&&%* ,+* %5')2#>)5* &)* 35B$.#$)* 4* ')5)2.#>)5* "-* +a+$-$#:20* <&*
&#,+5)>'%@* 3%5* +&* $%2.5)5#%@* ,+M+* ,+* +63+>)5* 3%5* 35%6%/+5* -2)* /#"#:2* $%63)5.#,)@*
M)"+* 3)5)* &)* ,+9#2#$#:2* ,+* &)"* +".5).+'#)"* 2+$+")5#)"* `-+* 3+56#.)2* )/)2>)5* +2* +")*
,#5+$$#:20* D#* +2* +&* 35#6+5* $)"%* "%2* #63%5.)2.+"* &%"* 35%$+"%"* %5')2#>).#/%"* $&B"#$%"*
P,+&+')$#:2* ,+* .)5+)"@* "-3+5/#"#:2* 4* $%2.5%&R@* +2* +&* "+'-2,%* "+5B* 9-2,)6+2.)&* &)*
3%.+2$#)$#:2*4*,+")55%&&%*,+*-2*2-+/)*$-&.-5)*4*$%2*+&&)*&)*).+2$#:2*,+*&)"*+6%$#%2+"@*
4*"+2.#6#+2.%"*,+*.%,%"*&%"*#63&#$),%"70*
$R
,JHK:<g! :>:LB;:<! N! :A<=>?=<! ?=! L:! A<hJHBJ:T! fBBB&)* $%2"#,+5)$#:2* ,+* &%"*
%5#+2.),%5+"* $%6%* )'+2.+"* ,+* $)6M#%* "-3%2+* .)6M#W2* #2.+2"#9#$)5* "-* &)M%5* ,+*
)"+"%5)6#+2.%* 4* )3%4%* )* &)* )$$#:2* 000* /#2$-&),)"* )* &%"* 35%$+"%"* ,+* ,#2)6#>)$#:2@*
)3%4%*4*5+9-+5>%*,+*)$.-)$#%2+"000*)2)&#>)5*&%"*+9+$.%"*,+*&)*)$$#:2*4*)35+2,+5*,+*&)*
35%3#)*35B$.#$)000*
000* $%2"+'-#5* -2* 2#/+&* ,+* #63&#$)$#:2@* ,+")55%&&%* 4* $%635%6#"%* ,+* &%"* %5#+2.),%5+"*
$%6%* )'+2.+"* ,+* $)6M#%* 2%* 3-+,+* "%"&)4)5* +&* $%2"#,+5)5* )* &)* 35B$.#$)* 35%9+"#%2)&*
$%6%*+&*6)5$%*),+$-),%*3)5)*+&*)35+2,#>)a+*+C3+5#+2$#)&000*8)*$%63+.+2$#)*3)5)*+&*
+a+5$#$#%*35%9+"#%2)&*":&%*3-+,+*),`-#5#5"+*3%2#+2,%*+2*a-+'%*&)"*$)3)$#,),+"*+2*-2*
$%2.+C.%* ,+* 35B$.#$)* 35%9+"#%2)&0* 12)* 35B$.#$)* 5+9&+C#/)* %* ,#5#'#,)* )* 6+a%5)5* 4*
35%'5+")5* )* .5)/W"* ,+* &)* 35B$.#$)* +C#'+* V)M#&#,),* 3)5)* 5+9&+C#%2)5* +2* +&* $-5"%* ,+* &)*
)$$#:20* <&* $%2%$#6#+2.%* +2* &)* )$$#:2* #2$&-4+* .)2.%* +&* $%2%$#6#+2.%* 3bM&#$%* %*
35%3%"#$#%2)&*#2.+52)&#>),%@*9B$#&6+2.+*5+$%2%$#M&+*+2*-2*35%$+"%*,+*5+9&+C#:2*"%M5+*
&)*)$$#:2@*$%6%*+&*$%2%$#6#+2.%*35%$+"),%*+C3+5#+2$#)&@*`-+*"+*-.#&#>)*#2.-#.#/)6+2.+*
4*`-+*+"*,#9($#&6+2.+*%Ma+.#/)M&+0*
000* +&* 35%$+"%* ,+* $)6M#%* )* 35%6%/+5* ,+M+* $%2"#,+5)5* &)"* )$.-)$#%2+"* ,#5#'#,)"* )*
)-.%55+'-&)5* +&* 35%$+"%* 4* &)"* %5#+2.),)"* )* ,#"6#2-#5* &%"* 35%$+"%"* ,+* 5+"#".+2$#)* * )&*
$)6M#%0* <29).#>)5* +2* &%"* 35%$+"%"* #29%56).#/%"@* 35%6%/+5* &)* 3)5.#$#3)$#:2@* )$.-)5*
'5),-)&6+2.+@* M-"$)5* +&* $%2"+2"%* ,+* &)"* 3+5"%2)"* $&)/+@* 2+'%$#)5@* ).+2,+5* &%"*
35%$+"%"* 9%56).#/%"@* +/#.)5* $%2.5),#$$#%2+"* -* %.5)"* )$.-)$#%2+"* 3-+,+2* )4-,)5* )*
+&#6#2)5*3)5.+*,+*&)"*5+"#".+2$#)"*4*3+56#.#5*)/)2>)5*+2*&%"*35%3:"#.%"*+".)M&+$#,%"7**
1(! /'D>(>)>;*A! +>! +'! =8')'(/'! :%(+'-.>8! .(*! %8>'()*:>@(! E.'! 8'_(*! %! :.&=,*! :%(!
:8>)'8>%+!/'!:*,>/*/!9!'E.>/*/A!/'P'8S(!8':%(+>/'8*8+'!'+)%+!:8>)'8>%+!/'!*:).*:>@(A!
9!/'P'8S!',!%8>'()*/%8!='8&*(':'8!'+)8':e*&'()'!;>(:.,*/%!%!8',*:>%(*/%!:%(!,*!
!
!
^^!
>((%;*:>@(A! =*8*! :%()8>P.>8! *! ,*! :%(+)8.::>@(! 9! ',! &*()'(>&>'()%! /'! 8',*:>%('+!
'()8'! )%/%+! ,%+! =8%D'+>%(*,'+! ,,*&*/%+! *! >()'8;'(>8! '(! ',! =8%:'+%! %8>'()*/%8A!
=8%=%8:>%(*8! :%(%:>&>'()%+! 9! /'+)8'?*+A! 8':%-'8! >(D%8&*:>@(A! .)>,>?*8! +.!
*.)%8>/*/! D%8&*,A! )'('8! )8*)%! />8':)%! :%(! ,%+! .+.*8>%+A! *+>+)>8! 9! *9./*8! *! ,%+!
=8%D'+>%(*,'+! '(! +.+! )*8'*+! :%)>/>*(*+A! D*:>,>)*8! ,*+! :%&.(>:*:>%('+! /'()8%! /'! ,*!
>(+)>).:>@(A! =8%=%8:>%(*8! >(D%8&*:>@(A! D*:>,>)*8! ,*! 8',*:>@(! '()8'! ',! :'()8%! 9! ,*!
:%&.(>/*/A! '+)*P,':'8! %PR')>;%+! 9! =8>%8>/*/'+! '(! ,*! =,*(>D>:*:>@(! '+)8*)a->:*A! %!
'+)*P,':'8! &':*(>+&%+! /'! *.)%';*,.*:>@(A! '()8'! %)8*+! :.'+)>%('+A! )*,! 9! :%&%!
+'T*,*(!4'>)eO%%/!9!N%()-%&'89!G"Xg#HB!!
C>!',!*-'()'!/'!:*&P>%!'+!f)`-+&*35%9+"#%2)&*$%2*$)3)$#,),*3)5)*#29&-#5*+2*&)*'+2.+*4*
3)5)*35%6%/+5*+&*$)6M#%@*`-+*,+M#,)6+2.+*35+3)5),%*)$.-)5B*"%M5+*+&*+2.%52%*3)5)*
$%2,-$#5* 4* 3%"#M#&#.)5* &)* #63&)2.)$#:2* ,+&* $)6M#%* 3&)2#9#$),%7* G7%()! 9! c'>F>/%8A!
VWWV0! bWH! =%/'&%+! :%(:,.>8! E.'A! '(! ,*! *:).*,>/*/A! ',! %8>'()*/%8! '+)S! ,,*&*/%! *!
*+.&>8! '+)*! D.(:>@(! :%&%! +.! 8%,! =8>(:>=*,A! =*8*! +'8! :*=*?! /'! =%+>P>,>)*8! :%(! +.!
D.(:>@(!%8>'()*/%8*!,*+!)8*(+D%8&*:>%('+!(':'+*8>*+!*!,%!,*8-%!/'!,*!;>/*B!
!
$,.(),)!)*!.,!%+(*&2,$(7&!,!.%!.,+0%!)*!.,!6(),!
$%&%!+'!/>R%!*()'8>%8&'()'A!/'+/'!,*!:%(+>/'8*:>@(!E.'!;'(>&%+!/'D'(/>'(/%!/'!
,*! %8>'()*:>@(! v:%&%! ',! :%(R.()%! /'! *::>%('+! E.'! ='8&>)'(! *! )%/*+! ,%+! ='8+%(*+!!
>/'()>D>:*8!'(!:.*,E.>'8!&%&'()%!/'!+.!;>/*!+.+!*=)>)./'+A!:*=*:>/*/'+!'!>()'8'+'+A!
*/%=)*8! /':>+>%('+! >&=%8)*()'+! '(! &*)'8>*! /'! '/.:*:>@(A! D%8&*:>@(! 9! '&=,'%! 9!
-'+)>%(*8! +.! )8*9':)%8>*! ;>)*,! >(/>;>/.*,! '(! ',! *=8'(/>?*R'A! ',! )8*P*R%! 9! %)8%+!
'()%8(%+! '(! ,%+! E.'! +'! */E.>'8'(! %! .)>,>?*(! />:e*+! :*=*:>/*/'+! %! *=)>)./'+! *! ,%!
,*8-%!/'!,*!;>/*!9!*!',!%8>'()*/%8!:%&%!',!*-'()'!+%:>*,!E.'!D*;%8':'!9!D*:>,>)*!'+%+!
:*&P>%+v! '+! (':'+*8>%! *P%8/*8! ,*! %8>'()*:>@(! /'+/'! .(*! ='8+=':)>;*! /'! :*,>/*/! 9!
'E.>/*/B!
7*8*! ',,%! '+! =8':>+%! /')'('8(%+! '(! ,%+! %PR')>;%+! E.'! ='8+>-.'! ,*! %8>'()*:>@(! *! ,%!
,*8-%! /'! ,*! ;>/*A! )*,! 9! :%&%! D.'8%(! 8':%->/%+! '(! ',! >(D%8&'! /'! ,*! $121`M7!
GVWW#0"VH! fN'R%8*(/%! ,*+! =%,<)>:*+! 9! +>+)'&*+! /'! %8>'()*:>@(! :%()>(.*hA! '(! ,*!
D%8&*!E.'!+>-.'0!
•
$*=*:>)*8! *! ,%+! :>./*/*(%+! =*8*! -'+)>%(*8! 9! =,*(>D>:*8! +.+! >)>('8*8>%+! /'!
*=8'(/>?*R'! 9! ,*P%8*,'+! :%(! *88'-,%! *! +.+! %PR')>;%+! ;>)*,'+A! 8',*:>%(*(/%! +.+!
:*=*:>/*/'+! '! >()'8'+'+! :%(! ,*! '/.:*:>@(A! ,*! D%8&*:>@(A! ,*+! %=%8).(>/*/'+! /'!
'&=,'%!9!',!*.)%'&=,'%A!9!:%()8>P.9'(/%!*+<!*!+.!8'*,>?*:>@(!='8+%(*,B!
•
Q9./*8! *! ,*+! >(+)>).:>%('+! /'! '/.:*:>@(! 9! D%8&*:>@(! *! :%()*8! :%(! *,.&(%+A!
'+)./>*()'+! 9! *=8'(/>:'+! &%)>;*/%+! E.'! *+.&*(! ,*! 8'+=%(+*P>,>/*/! /'! +.! =8%=>%!
*=8'(/>?*R'!9!D>R'(!+.+!=8%=>%+!%PR')>;%+!'(!+.+!8'+.,)*/%+B!
•
Q9./*8! *! ,*+! '&=8'+*+! 9! %8-*(>?*:>%('+! *! :%()*8! :%(! ='8+%(*,! &%)>;*/%! 9!
*/*=)*P,'A! :*=*?! /'! *::'/'8! 9! P'('D>:>*8+'! /'! ,*+! %=%8).(>/*/'+! /'! *=8'(/>?*R'!
%D8':>/*+!'(!',!,.-*8!/'!)8*P*R%!9!D.'8*!/'!a,!!
•
MD8':'8!*!,%+!8'+=%(+*P,'+!=%,<)>:%+!.(!&'/>%!>&=%8)*()'!=*8*!:%(+'-.>8!.(!
*&=,>%!:%(R.()%!/'!%PR')>;%+!/'!>()'8a+!=_P,>:%B!
•
Q=%9*8!,*+!':%(%&<*+!,%:*,'+A!8'->%(*,'+A!(*:>%(*,'+!9!'.8%='*+!*!)8*;a+!/',!
/'+*88%,,%! 9! ,*! */*=)*:>@(! /'! ,%+! )8*P*R*/%8'+! *! ,*+! /'&*(/*+! ':%(@&>:*+! 9! ,*+!
:>8:.(+)*(:>*+!+%:>*,'+!:*&P>*()'+B!
!
!
^#!
•
Q9./*8! *! '+)*P,':'8! +%:>'/*/'+! '(! ,*+! E.'! ,%+! :>./*/*(%+! :%()8>P.9*(!
*:)>;*&'()'!*!+.!/'+*88%,,%!+%:>*,A!/'&%:8S)>:%!9!+%+)'(>P,'B!
7*8*!',!/'+*88%,,%!/'!'+)%+!%PR')>;%+!+'8S!>&=8'+:>(/>P,'!E.'!,%+!=8>(:>=>%+!PS+>:%+!
/'! ,%+! +'8;>:>%+! /'! %8>'()*:>@(A! +'! :'()8'(! '(! ',! P'('D>:>*8>%A! '(! ,*! :*=*:>)*:>@(! *!
,%+!:>./*/*(%+A!'(!&'R%8*8!',!*::'+%!/',!:>./*/*(%!*!,*!%8>'()*:>@(!9!'(!-*8*()>?*8!
,*!:*,>/*/!/'!,*!%8>'()*:>@(!:%&%!+'8;>:>%!*,!:>./*/*(%B!G$121`M7!VWW#0"[H!
2'! '+)*! D%8&*! +'! =8')'(/'! E.'! ,*! %8>'()*:>@(! *! ,%! ,*8-%! /'! ,*! ;>/*! *9./'! *! ,%+!
8'+=%(+*P,'+! =%,<)>:%+! '.8%='%+! *! :%(+'-.>8! .(*! +'8>'! /'! %PR')>;%+! :%&.('+! /'!
>()'8a+!=.P,>:%!E.'!e*:'(!8'D'8'(:>*!*0!G$121`M7!VWW#0"^H!
!
N2/+5"#:2* +9#$)>* +2* +,-$)$#:2* 4* 9%56)$#:20! Q.&'()*8! ,*+! )*+*+! /'!
=*8)>:>=*:>@(! 9! D>(*,>?*:>@(! /'! ,%+! '+)./>%+! 9! ,*! D%8&*:>@(! *R.+)*(/%! &'R%8! ,%+!
>()'8'+'+!9!,*+!:*=*:>/*/'+!>(/>;>/.*,'+!*!,*+!%=%8).(>/*/'+!/'!*=8'(/>?*R'B!
!
<9#$)$#)*,+&*6+5$),%*&)M%5)&0!N'R%8*8!,*!&%)>;*:>@(!9!',!8'(/>&>'()%!,*P%8*,A!
9!,*+!)*+*+!/'!:%(+'8;*:>@(!/',!'&=,'%A!9!8'/.:>8!',!)>'&=%!-*+)*/%!'(!,*!P_+E.'/*!
/'! '&=,'%! 9! ',! )>'&=%! /'! /'+'&=,'%! *R.+)*(/%! &'R%8! ,*+! :*=*:>/*/'+! 9! ,%+!
>()'8'+'+!/'!,*+!='8+%(*+!*!,*+!%=%8).(>/*/'+!,*P%8*,'+!9!/'!/'+*88%,,%!=8%D'+>%(*,A!
*.&'()*(/%! ',! :%(%:>&>'()%! /'! ,*+! =%+>P>,>/*/'+! *:).*,'+! 9! D.).8*+! /'! '&=,'%! 9!
*=8'(/>?*R'A!>(:,.9'(/%!',!*.)%'&=,'%!9!,*!>(>:>*)>;*!'&=8'+*8>*,A!9!D%&'()*(/%!,*!
&%;>,>/*/!-'%-8SD>:*!9!,*P%8*,B!
!
U35+2,#>)a+* )* &%* &)5'%* ,+* &)* /#,)0! `*:>,>)*8! ',! /'+*88%,,%! ='8+%(*,! 9! ,*!
'&=,'*P>,>/*/! /'! )%/%+! ,%+! :>./*/*(%+! -8*:>*+! *! ,*! =*8)>:>=*:>@(! :%()>(.*! '(! ,*!
'/.:*:>@(! 9! ,*! D%8&*:>@(A! *9./S(/%,'+! *! '(:%()8*8! +.! =8%=>%! :*&>(%! '()8'! .(%+!
>)>('8*8>%+!/'!*=8'(/>?*R'!:*/*!;'?!&S+!/>;'8+>D>:*/%+A!='8%!8',*:>%(*/%+!'()8'!+<A!
*9./S(/%,'+! *! >/'()>D>:*8! +.+! :.*,>D>:*:>%('+! )8*(+D'8>P,'+! 9! *! ;*,>/*8! +.!
*=8'(/>?*R'!(%!D%8&*,!'!>(D%8&*,B!
!
N2$&-"#:2* "%$#)&0! Q=%9*8! ,*! >(+'8:>@(! 9! ,*! 8'>(+'8:>@(! '/.:*)>;*A! +%:>*,! 9!
':%(@&>:*!/'!)%/%+!,%+!:>./*/*(%+!9!-8.=%+!G>(:,.>/%+!,%+!/'!)'8:'8%+!=*<+'+A!'(!
=*8)>:.,*8! ,%+! E.'! )>'('(! />D>:.,)*/'+! =*8*! *::'/'8! 9! :%&=8'(/'8! ,*! >(D%8&*:>@(!
+%P8'!*=8'(/>?*R'!9!)8*P*R%H!=*8*!D%&'()*8!,*!>(:,.+>@(!+%:>*,A!,*!:>./*/*(<*!*:)>;*!
9!,*!8'/.::>@(!/',!/'+'&=,'%!/'!,*8-*!/.8*:>@(!9!,%+!:>:,%+!/'!=%P8'?*B!
!
N'-)&,),* "%$#)&0! Q9./*8! *! ,%+! :>./*/*(%+! *! +.='8*8! ,%+! %P+)S:.,%+! *,!
*=8'(/>?*R'!9!',!)8*P*R%!=%8!8*?%('+!/'!'/*/A!+'F%A!%8>-'(!a)(>:%A!%!/>+:*=*:>/*/A!%!
>(+)>).:>%(*,'+B!
!
A+")55%&&%*+$%2:6#$%0!Q=%9*8!',!*.&'()%!/'!,*+!)*+*+!/'!=*8)>:>=*:>@(!'(!',!
'&=,'%! 9! 8'D%8?*8! ',! /'+*88%,,%! /'! ,*+! *=)>)./'+! 9! :.*,>D>:*:>%('+! /'! ,%+!
)8*P*R*/%8'+!'(!,*!':%(%&<*!9!,*!+%:>'/*/!/',!:%(%:>&>'()%B!!
2',!&>+&%!&%/%A!,%+!:8>)'8>%+!E.'!-*8*()>?*(!,*!:*,>/*/!=*8*!)%/%+!,%+!+'8;>:>%+!/'!
%8>'()*:>@(! *! ,%! ,*8-%! /'! ,*! ;>/*A! +%(! *(*,>?*/%+! =%8! ,*! $121`M7! '(! .(! '+)./>%!
8'*,>?*/%!:%(!,%+!&>'&P8%+!/',!d8.=%!/'!1F='8)%+!/'!,*!$%&>+>@(!1.8%='*!+%P8'!
M8>'()*:>@(!*!,%!,*8-%!/'!,*!;>/*B!1+)%+!:8>)'8>%+!f"-3%2+2*-2)*M)"+*$%6b2*)*,#/+5"%"*
6)5$%"*,+*')5)2.()*,+*$)&#,),*+C#".+2.+"*-.#&#>),%"*3)5)*&%"*"+5/#$#%"*,+*%5#+2.)$#:2*
4* "-"* 35%,-$.%"@* )"(* $%6%* %.5%"* `-+* +&* f5-3%* ,+* <C3+5.%"* $%2"#,+5+* $%2/+2#+2.+*
#2$&-#5* +2* ,#$V%"* 6)5$%"* ,+* 5+9+5+2$#)0* !-+,+2* -.#&#>)5"+* 3)5)* &)* )-.%+/)&-)$#:2* 4*
,+")55%&&%* ,+* &%"* )$.-)&+"* "#".+6)"* ,+* ')5)2.()* ,+* &)* $)&#,),* 4* $%6%* -2* +29%`-+*
$%6b2*3)5)*+&*,+")55%&&%*,+*2-+/%"*"#".+6)"7*G$121`M7A!VWW#0"XHB!
!
!
^b!
7%/8'&%+! e*P,*8! /'! :*,>/*/! /'! ,*! %8>'()*:>@(! +>! ,%+! :8>)'8>%+! '+)*P,':>/%+! =*8*!
';*,.*8,*!e*:'(!8'D'8'(:>*!*0!
*H
5:<HBJBA:JBf>! ?=L! JBK?:?:>C! N! K@K:<BCB! 4%+! +>+)'&*+! /'! -*8*()<*! /'! ,*!
:*,>/*/!/'P'8<*(0!
5(:,.>8! >(D%8&*:>@(! =*8*! ',! .+.*8>%! 8',*)>;*! *! +.+! /'8':e%+! G=%8! 'R'&=,%A! *!
)8*;a+! /'! Ä:*8)*+! /',! .+.*8>%ÅH! 9! )'('8! '(! :.'()*! ',! )8*P*R%! /'! ,*+! *+%:>*:>%('+!
(*:>%(*,'+! 9! '.8%='*+! /'! :%(+.&>/%8'+! '(! ,%+! =8%:'+%+! /'! =8%)'::>@(! /'! ,%+!
:%(+.&>/%8'+!9!8':,*&*:>@(B!
•
•
d*8*()>?*8! E.'! +'! :%(+.,)'! ='8>@/>:*&'()'! *! ,%+! .+.*8>%+! +%P8'! +.!
+*)>+D*::>@(!:%(!',!+'8;>:>%!9!+.!'F='8>'(:>*!:%(!a,B!
1F>->8! *! ,%+! E.'! %D8':'(! '+)%+! +'8;>:>%+! E.'! .)>,>:'(! +>+)'&S)>:*&'()'! ,*+!
:%(:,.+>%('+!%P)'(>/*+!/'!/>:e*+!:%(+.,)*+B!
•
5&=,>:*8!*!,%+!.+.*8>%+!'(!',!/>+'T%A!,*!-'+)>@(!9!,*!';*,.*:>@(!/'!,%+!+'8;>:>%+!
9!=8%/.:)%+!/'!%8>'()*:>@(B!
•
PH
$CWA=H=>JB:!A<CO=@BC>:LB!4%+!+>+)'&*+!/'!-*8*()<*!/'!,*!:*,>/*/!/'P'8<*(0!
1F>->8! E.'! ,%+! =8%D'+>%(*,'+! />+=%(-*(! /'! ,*! :*=*:>/*/! (':'+*8>*! =*8*!
8'*,>?*8!,*+!)*8'*+!/'!%8>'()*:>@(!E.'!/'P'(!/'+'&='T*8B!
•
•
1F>->8! E.'! ,%+! =8%D'+>%(*,'+! /'! ,*! %8>'()*:>@(! )'(-*(! %! */E.>'8*(!
:.*,>D>:*:>%('+! E.'! -*8*()>:'(! E.'! />+=%('(! /'! ,*+! :*=*:>/*/'+! (':'+*8>*+! =*8*!
/'+'&='T*8!,*+!)*8'*+!/'!%8>'()*:>@(!'F>->/*+B!
•
5(:,.>8! ',! :%()8%,! %! ,*! ';*,.*:>@(! /',! )8*P*R%! /'! ,%+! =8%D'+>%(*,'+! /'! ,*!
%8>'()*:>@(!:%(!8'+=':)%!*!,%+!8'+.,)*/%+!/'!,*+!>()'8;'(:>%('+!/'!%8>'()*:>@(!E.'!
'+)S!=8';>+)%!E.'!8'*,>:'(B!
•
1F>->8!.(!/'+*88%,,%!=8%D'+>%(*,!9!.(*!&'R%8*!/',!+'8;>:>%!:%()>(.%+B!
•
5(:,.>8!*!)%/*+!,*+!*+%:>*:>%('+!=8%D'+>%(*,'+!='8)>('()'+!'(!',!/'+*88%,,%!/'!
(%8&*+!9!=8%:'/>&>'()%+!/'!-*8*()<*!/'!,*!:*,>/*/B!
:H
3=iC<:!?=L!@=<QBJBCB!4%+!+>+)'&*+!/'!-*8*()<*!/'!,*!:*,>/*/!/'P'8<*(0!
5(:,.>8!(%8&*+!/'!+'8;>:>%!:,*8*&'()'!/'D>(>/*+A!*,-.(*!D%8&*!/'!:%()8%,!/'!
+>!',!+'8;>:>%!:.&=,'!/>:e*+!(%8&*+!9A!/'!(%!+'8!*+<A!.(!=8%:'/>&>'()%!*!+'-.>8!=*8*!
*,:*(?*8!',!(>;',!(':'+*8>%B!
•
•
5(:,.>8! *,-.(*! D%8&*! /'! :%()8%,*8! 9! ';*,.*8! +>! ,*! *::>@(! '&=8'(/>/*! =*8*!
&'R%8*8! ,%+! +'8;>:>%+! 9! ,*! >(D%8&*:>@(! *9./*! '(! 'D':)%! *! :.&=,>8! ,*+! (%8&*+!
'+=':>D>:*/*+!9!:%()8>P.9'!*!,*!&'R%8*!:%()>(.*B!
•
5(:,.>8!*,-.(*!D%8&*!/'!/>D'8'(:>*8!9!:%()8%,*8!,*!%D'8)*!/'!,%+!+'8;>:>%+!:%(!
*88'-,%!*!,*+!(':'+>/*/'+!/'!,%+!/>+)>()%+!-8.=%+!/'+)>(*)*8>%+B!
1F>->8!*!,%+!+'8;>:>%+!E.'!'+)*P,'?:*(!8',*:>%('+!9!%D8'?:*(!*9./*!*!-8.=%+!9!
%8-*(>+&%+! E.'! D*:>,>)*(! %8>'()*:>@(! >(D%8&*,! G=%8! 'R'&=,%! ,%+! =*/8'+A! ,*+!
%8-*(>?*:>%('+!/'!;%,.()*8>*/%!9!,%+!%8-*(>+&%+!8',*:>%(*/%+!:%(!,*+!*:)>;>/*/'+!
/'!%:>%HB!
•
•
]',*8! =%8! E.'! ,%+! &*)'8>*,'+! .)>,>?*/%+! G=%8! 'R'&=,%A! ,*+! e'88*&>'()*+! /'!
';*,.*:>@(H! :.&=,*(! ,*+! '+=':>D>:*:>%('+! )a:(>:*+! '(! &*)'8>*! /'! -*8*()<*! /'!
:*,>/*/B!
!
!
^g!
/H
$Cj=<=>JB:B!4%+!+>+)'&*+!/'!-*8*()<*!/'!,*!:*,>/*/!/'P'8<*(0!
5(:,.>8!'(,*:'+!=*8*!=8%&%;'8!8',*:>%('+!/'!)8*P*R%!'D>:*:'+!'(!,%+!+'8;>:>%+!
/'!,*!*/&>(>+)8*:>@(!8'+=%(+*P,'+!/'!,*!-*8*()<*!/'!,*!:*,>/*/!'(!,*!%8>'()*:>@(!9!
'()8'!',,%+B!
•
]',*8!=%8!E.'!(%!e*9*!:%(D,>:)%+!'()8'!,%+!/>+)>()%+!+>+)'&*+!/'!-*8*()<*!/'!,*!
:*,>/*/!E.'!+'!*=,>:*(!'(!,%+!/>D'8'()'+!+':)%8'+!/'!,*!%8>'()*:>@(!%!'(!8',*:>@(!:%(!
,%+!/>;'8+%+!-8.=%+!/'+)>(*)*8>%+B!
•
5(:,.>8!D%8&*+!/'!:%()8%,*8!,*!.)>,>?*:>@(!9!,*!.)>,>/*/!/'!,%+!'(,*:'+!'()8'!,%+!
%8-*(>+&%+!E.'!%D8':'(!%8>'()*:>@(B!
•
4*! P_+E.'/*! /'! ,*! :*,>/*/! 9! ,*! 'E.>/*/! '(! ,*! %8>'()*:>@(! '+! .(*! /'! +.+! +'T*+! /'!
>/'()>/*/!9A!:%&%!+'T*,*!Z%/8<-.'?!1+=>(*8!GVWW#A!VWWbHA!.(%!/'!,%+!'(D%E.'+!&*+!
>/@('%+! =*8*! :%()'&=,*8,*! '+! :%&%! +*)>+D*::>@(! /',! .+.*8>%A! /'+/'! ',! :.*,! ,*!
:*,>/*/! '+! >/'()>D>:*/*! :%(! ,%+! =,*()'*&>'()%+! /'! ,*! :*,>/*/! )%)*,B! 2'+/'! '+)*!
='8+=':)>;*! +'! :%(+>/'8*! E.'! ',! :8>)'8>%! /'! :*,>/*/! 8'+>/'! '(! ',! -8*/%! '(! E.'! ,%+!
+'8;>:>%+! %D'8)*/%+! G'(! (.'+)8%! :*+%! +'8;>:>%+! /'! %8>'()*:>@(H! +*)>+D*:'(! ,%+!
8'E.'8>&>'()%+! 9! 'F=':)*)>;*+! /'! ,%+! .+.*8>%+! G)*()%! *:).*,'+! :%&%! =%)'(:>*,'+HB!
Q/%=)*8!'+)'!'(D%E.'!8'=8'+'()*!.(!;'8/*/'8%!8')%!=*8*!,%+!/>D'8'()'+!*-'()'+!/'!
,*!>()'8;'(:>@(!%8>'()*/%8*B!!
4*!=8'%:.=*:>@(!/'!,*!$%&>+>@(!1.8%='*!=%8!',!)'&*!/'!,*!:*,>/*/!9!,*!'E.>/*/!'+!
&*(>D>'+)*B!1(!.(*!:%&.(>:*:>@(!*,!$%(+'R%!9!7*8,*&'()%!1.8%='%!G$$1A!VWW#H!+'!
+'T*,*!E.'!,*+!=%,<)>:*+!'/.:*)>;*+!=%8!+<!+%,*+!(%!=.'/'(!=*,>*8!,*+!/'+>-.*,/*/'+!
'(!,*!'/.:*:>@(Y!3(*!+'8>'!:%&P>(*/*!/'!D*:)%8'+!='8+%(*,'+A!+%:>*,'+A!:.,).8*,'+!9!
':%(@&>:%+!,>&>)*!,*+!%=%8).(>/*/'+!'/.:*)>;*+!9!:%(+':.'()'&'()'!%8>'()*/%8*+B!
4%+! =,*()'*&>'()%+! >()'8+':)%8>*,'+! +%(! >&=%8)*()'+! =*8*! '+)*P,':'8! ;<(:.,%+!
'()8'! ,*+! =%,<)>:*+! /'! '/.:*:>@(! 9! D%8&*:>@(A! ,*+! 8',*:>%(*/*+! :%(! ',! '&=,'%A! ,*!
':%(%&<*A! ,*! >(:,.+>@(! +%:>*,A! ,*! R.;'()./A! ,*! +*,./A! ,*! R.+)>:>*A! ,*! ;>;>'(/*! 9! ,%+!
+'8;>:>%+!+%:>*,'+B!
7'8%! *! 1.8%=*! )*&P>a(! ,'! =8'%:.=*! ,*! 'E.>/*/A! /'! D%8&*! &*(>D>'+)*! '(! />;'8+%+!
>(D%8&'+! 9! /%:.&'()%+! /'! ,*! $%&>+>@(! 1.8%='*B! o! *+'-.8*8! ,*! 'E.>/*/! /'! ,%+!
+>+)'&*+! +>-(>D>:*! ;',*8! =%8E.'! ,%+! 8'+.,)*/%+! 9! ,*+! ;'()*R*+! /'! ,*! '/.:*:>@(A! ,*!
D%8&*:>@(! 9! ,*! %8>'()*:>@(! +'*(! >(/'='(/>'()'+! /'! ,*! +>).*:>@(! +%:>%':%(@&>:*! 9!
/'!%)8%+!D*:)%8'+!E.'!=.'/*(!-'('8*8!/'+;'()*R*+!'/.:*)>;*+B!
1,!*::'+%!*!,%+!+>+)'&*+!e*!/'!'+)*8A!=.'+A!*P>'8)%!*!)%/%+!9!',!)8*)%!e*!/'!*/*=)*8+'!
*! ,*+! (':'+>/*/'+! '+=':<D>:*+! /'! *=8'(/>?*R'! /'! ,*+! ='8+%(*+! '(! :.'+)>@(B! 4*!
>(;'+)>-*:>@(! =%('! /'! &*(>D>'+)%! E.'! (%! e*9! =%8! E.a! '+)*P,':'8! .(*! />+9.()>;*!
'()8'! 'D>:*:>*! 9! 'E.>/*/A! =.'+! *&P%+! *+=':)%+! +%(! >()'8/'='(/>'()'+! 9! +'!
8'D.'8?*(!&.).*&'()'A!+'-_(!Z%/8<-.'?!1+=>(*8A!GVWWbHB!
1+)'!*.)%8!GVWW#A!VWWbH!e*!*P%8/*/%!,*!)'&S)>:*!/'!,*!:*,>/*/!/'+/'!,*!='8+=':)>;*!
%8>'()*/%8*! '(! '/.:*:>@(B! 2'D>'(/'! ,*! :%(+>/'8*:>@(! /',! ;*,%8! *T*/>/%! '(!
'/.:*:>@(! G'(! ,*! &'/>/*! E.'! =8%/.:'! )8*(+D%8&*:>%('+! '(! ',! *,.&(*/%H! :%&%!
:%(+)>).)>;%!/'!.(*!/'!,*+!/>&'(+>%('+!&S+!+>-(>D>:*)>;*+!/'!,*!:*,>/*/!'/.:*)>;*B!
4*! ;'8/*/'8*! :*,>/*/! /'! .(*! >(+)>).:>@(! 8*/>:*! '(! +.! :*=*:>/*/! =*8*! ,%-8*8! ',!
&*9%8!/'+*88%,,%!=%+>P,'!/'!+.+!&>'&P8%+!G*,.&(*/%!9!=8%D'+%8*/%HA!'+!/':>8A!'(!
:%(+'-.>8!',!&SF>&%!;*,%8!*T*/>/%B!2>:e%!;*,%8!*T*/>/%!'+!'()'(/>/%!)*()%!:%&%!
,%+!/>D'8'(:>*,'+!/',!-8*/%!/'!/'+*88%,,%!>()',':).*,A!*D':)>;%A!='8+%(*,!9!+%:>*,!/'!
!
!
^X!
,%+! *,.&(%+! *,:*(?*/%! /'+/'! ',! >(>:>%! *,! D>(*,! /'! +.+! '+)./>%+A! :%&%! ',! /'! ,%+!
=8%D'+%8'+!G)*()%!'(!+.!/>&'(+>@(!='/*-@->:*!:%&%!*:*/a&>:*HB!
1+!';>/'()'!E.'!,*!%8>'()*:>@(!*+.&'!:%&%!&')*!=8>&'8*!9!=8>%8>)*8>*!D*;%8':'8!',!
/'+*88%,,%! ='8+%(*,! '! >()'-8*,! /'! ,*! ='8+%(*B! U%! e*9! /./*A! =%8! )*()%A! /'+/'! ,*!
='8+=':)>;*! /'! ,*! %8>'()*:>@(! '/.:*)>;*A! E.'! (>;',! /'! :*,>/*/! /'! ,*! '/.:*:>@(! '+!
+>(@(>&%! /'! (>;',! /'! /'+*88%,,%! *,:*(?*/%! =%8! :*/*! .(%! /'! ,%+! '+)./>*()'+B! NS+!
*_(A!,%+!'+)./>*()'+A!'(!)*()*+!%:*+>%('+!;%?!+>,'(:>%+*!%!*:)%8'+!=*+>;%+A!/'P'(!+'8!
=8%)*-%(>+)*+! '(! ',! =8%:'+%! /'! -'('8*:>@(! /',! +'()>/%! /'! ,*! :*,>/*/! /'! +.!
'/.:*:>@(A!%!&'R%8!/>:e%A!/'!'F=,>:>)*8!+.!=8%=>*!/>&'(+>@(!/'!:*,>/*/B!
1(!/'D>(>)>;*A!+.+:8>P>&%+!,*+!=*,*P8*+!/'!Z%/8<-.'?!1+=>(*8!:.*(/%!*D>8&*!E.'!,*!
:*,>/*/! '+! ^V)$+5* M#+2* &%* $%55+$.%7! %! e*:'8! :%88':)*&'()'! *E.',,%! E.'! e*! /'!
e*:'8+'B!1+!/'+/'!'+)*!='8+=':)>;*!/'+/'!/%(/'!)'('&%+!E.'!+'-.>8!:%(+)8.9'(/%B!
!
/(/.(%0+,-(,!
n,;*8'?A!NB!o!Z%/8<-.'?A!C!GVWWWHB!?)6M#%"*"%$#%+,-$).#/%"*4*%5#+2.)$#:2*+2*+&*D#'&%*
__NT* E-+/)"* +".5-$.-5)"@* 5%&+"* 4* 9-2$#%2+"0! 1(0! QQB]]B! _NN* ?%2'5+"%* E)$#%2)&* 4* N*
NM+5%)6+5#$)2%* ,+* !+,)'%'()0! C%:>'/*/! 1+=*T%,*! /'! 7'/*-%-<*B! N*/8>/A! VWWW!
Gc%&%!5B!7=B#[bi#g#HB!
n,;*8'?A!NB!G2>8BH!GVWW#HB!4*!Q::>@(!c.)%8>*,0!+.!:%(:'=:>@(!9!+.!=8S:)>:*B!N*/8>/0!
N>(>+)'8>%!/'!1/.:*:>@(!9!$>'(:>*B!
1:e';'88<*A! JY! 5+.+A! CY! N*8)<('?A! 7! 9! C*8*+%,*A! 4! GVWWWgHB! g5#+2.)$#:2* 35%9+"#%2)&B!
1/>)%8>*,!3M$B!3(>;'8+>)*)!MP'8)*!/'!$*)*,.(9*B!
$1! GVWW\HB! !5%4+$.%* "%M5+* 9%5.)&+$#6#+2.%* ,+* &)"* 3%&(.#$)"@* "#".+6)"* 4* 35B$.#$)"* +2*
6).+5#)* ,+* %5#+2.)$#:2* 3+56)2+2.+* +2* <-5%3)B! Z'+%,.:>@(! /',! $%(+'R%! 9! /'! ,%+!
Z'=8'+'()*()'+!/'!,%+!d%P>'8(%+!/'!,%+!1+)*/%+!/'!J8.+',*+B!!!
$121`M7!GVWW#HB!S+a%5)2,%*&)"*3%&(.#$)"*4*"#".+6)"*,+*%5#+2.)$#:2*$%2.#2-)0*<&*-"%*
,+* V+55)6#+2.)"* ,+* 5+9+5+2$#)* $%6-2+"* +2* <-5%3)B! 4.F'&P.8-%0! MD>:>(*! /'!
7.P,>:*:>%('+!MD>:>*,'+!/'!,*+!$%&.(>/*/'+!1.8%='*+B!
d8*:>*!4@='?A!jBNB!GVW"WHB!<&*)'+2.+*,+*$)6M#%*%5')2#>)$#%2)&T*"-*5%&*4*35%3:"#.%"!B!
1(!
$%()8>P.:>%('+!
*!
,*!
1:%(%&<*!
G/>+=%(>P,'!
'(!
e))=0ttOOOB'.&'/B(')t:'tVW"W*tH!
d%(?S,'?A! `B! GVWW^HB! 8#,+5)>'%@* 6%.#/)$#:2* 4* $)6M#%* +2* &)* +"$-+&)B! 1(! d%(?S,'?A! `!
G2>8BH! d'+)>@(! /'! :*,>/*/! '(! ,*! %8-*(>?*:>@(! 9! />8'::>@(! /'! :'()8%+! '+:%,*8'+B!
N*/8>/B!N>(>+)'8>%!/'!1/.:*:>@(!9!$>'(:>*A!+':8')*8>*!d'('8*,!ca:(>:*B!
d*8:<*!U>')%A!UB!G"XXXHB!!5%4+$.%*,%$+2.+*+*#2/+".#'),%5d*A#)'2:".#$%*+2*+,-$)$#:2*4*
%5#+2.)$#:2* 35%9+"#%2)&B! N*/8>/0! 3(>;'8+>/*/! $%&=,.)'(+'! /'! N*/8>/B! 2%:.&'()%!
5(a/>)%B!
d*>8>(! C*,,S(A! j! GVWWbHB! U"3+$.%"* #2".#.-$#%2)&+"* ,+* &)* %5#+2.)$#:2B! 7%('(:>*!
=8'+'()*/*! '(! ',! $%(-8'+%! 5()'8(*:>%(*,! /'! M8>'()*:>@(! '/.:*)>;*! 9! =8%D'+>%(*,A!
$*+)',,@(A!(%;>'&P8'!/',!VWWbB!
d*>8<(A! jB! 9! N.T%?A! jB4B! GVWWgHB! 1,! *-'()'! /'! :*&P>%! '(! ',! /'+*88%,,%! /'! ,*+!
%8-*(>?*:>%('+B!1(+'T*(?*!}!c'*:e>(-0!Z';>+)*!>()'8.(>;'8+>)*8>*!/'!/>/S:)>:*B!Um!
V#B!==B!"gbiVW#B!
!
!
#W!
5+**:+A! 2B! GVWW\HB! g$V%* $-+".#%2+"* +"+2$#)&+"* +2* &)* ,#5+$$#:2* ,+* $+2.5%"* +,-$).#/%"B!
U*;*88*A!1.(+*!Q+)8%,*P>%B!
4'>)eO%%/!A!6B!9!N%()-%&'89A!2B!G"Xg#HB!N635%/#2'*.V+*35#2$#3)&*+99+$.#/+2+""T*LV+*
35#2$#3)&*35%9#&+0!c%8%()%A!M5C1!78'++B!
4'>)eO%%/A!6B!9!Z>'e,A!$B!GVWW[HB!Ie*)!/%!O'!*,8'*/9!k(%O!*P%.)!+.::'++D.,!+:e%%,!
,'*/'8+e>=|B! 7*='8! =8'=*8'/! D%8! )e'! U<;U* A#/#"#%2* U* L)"h* O%5$+* %2* A+/+&%3#2'*
;+"+)5$V*#2*<,-$).#%2)&*8+),+5"V#3*
N*8)<('?! $,*8'+A! 7! GVWWVH! 4*! %8>'()*:>@(! =+>:%='/*-@->:*0! N%/',%+! 9! '+)8*)'->*+!
/'!>()'8;'(:>@(B!N*/8>/0!1MCB!
N1$! G"XXWHB! 8+4* g5'B2#$)* ,+* g5,+2)$#:2* f+2+5)&* ,+&* D#".+6)* <,-$).#/%! G4MdC1HB!
N*/8>/0!Q.)%8!
N1$!GVWW#HB!4'9!%8-S(>:*!/'!'/.:*:>@(!G4M1HB!JM1!/',!#!/'!&*9%B!N*/8>/0!Q.)%8B!
N>(>+)'8>%! /'! 1/.:*:>@(! GVW"WHB! !)$.%* D%$#)&* 4* 3%&(.#$%* 3%5* &)* +,-$)$#:2B!
2%:.&'()%!/'!/>;.,-*:>@(B!
U>,'+A! `B! G"XX[HB! 5++.'+! >(! &.,)>:.,).8*,! :%.(+',%8! '/.:*)>%(B! ]%-52)&* %9*
S-&.#$-&.-5)&*?%-2"+&#2'*)2,*A+/+&%36+2.@!V"A!==!"\iV"!
M$21!GVWW\HB!g5#+2.)$#:2*35%9+"#%2)&*4*3%&(.#$)"*3bM&#$)"0*?:6%*)$%5.)5*,#".)2$#)"B!
7*8>+!9!N*/8>/0!N>(>+)'8>%!/'!1/.:*:>@(!9!$>'(:>*B!
7*.:e*8/! L*D'&*((A! L! GVWW#HB! 1,! /'+*88%,,%! %8-*(>?*:>%(*,0! +.+! ;'()*R*+! 9!
=8%:'/>&>'()%+!
!
G/>+=%(>P,'!
'(!
e))=0ttOOOB8',*:>%('+i
e.&*(*+B(')t/'+*88%,,%%8-*(>?*:>%(*,Be)&,H!
7%()A! 1B! 9! c'>F>/%8A! NB! GVWWVHB! <&* $)6M#%* 3&)2#9#$),%* 3)5)* &)* )$.#/)$#:2* ,+&* 5%&*
)-.:2%6%B! c'>F>/%8A! NB! G1/BH0! 78%9':)%! /'! D%8&*:>@(! =*8*! ,*! >&=,*()*:>@(! /'!
:.>/*/%+!'(!',!&*8:%!/',!&%/',%!:%(:'=).*,!/'!]>8->(>*!L'(/'8+%(!'(!,%+!:'()8%+!
/'! *)'(:>@(! =8>&*8>*! /',! 5(+)>).)! :*)*,S! /'! ,*! +*,.)B! J*8:',%(*A! `.(/*:>@(! f4*!
$*>F*hB!!
Z%/8<-.'?! 1+=>(*8A! CB! GVWW#HB! O-2$#:2* L-.%5#)&* 4* $)&#,),* ,+* &)* +,-$)$#:2B! 1(!
n,;*8'?A! N! G2>8BHB! 4*! Q::>@(! c.)%8>*,0! +.! :%(:'=:>@(! 9! +.! =8S:)>:*B! N*/8>/0!
N>(>+)'8>%!/'!1/.:*:>@(!9!$>'(:>*B!
Z%/8<-.'?!1+=>(*8A!CB!GVWWbHB!8)*%5#+2.)$#:2*+,-$).#/)*+2*-2)*+,-$)$#:2*,+*$)&#,),@*
+2* +`-#,),0* * Q:)*+! /',! 5! $%(-8'+%! 5()'8(*:>%(*,! /'! M8>'()*:>@(! 1/.:*)>;*! /'!
Q(/*,.:<*B! ]%,B! 5! ==B"^Xi"gXB! j.()*! /'! Q(/*,.:<*B! $%(+'R'8<*! /'! 1/.:*:>@(0!
2>8'::>@(!d'('8*,!/'!7*8)>:>=*:>@(!9!C%,>/*8>/*/!$>./*/*(*B!
C*(?A! ZB! 9! C%P8*/%A! 4B! G"XXgHB! Z%,'+! 9! D.(:>%('+! /'! ,%+! %8>'()*/%8'+B! ;+/#".)* ,+*
N2/+".#')$#:2*<,-$).#/)0!]%,B!"#A!Um!VA!V^i^bB!
!
!
!
!
#"!
!
!
#V!
!
!
!
!
!
!
(&&%6,$(%&*'!%+(*&2,),'!,.!***'!
.,'!$%35*2*&$(,'!_!'8!*6,.8,$(7&!$%3%!*.*3*&2%'!)*!
5.,&(-($,$(7&!*&!*.!3,+$%!)*.!***'!
!
!
3:<B!5:;!0:<JI:!':>;!
3(>;'8+>/*/!/'!N.8:>*!
!
+*'83*&!
4%+! =,*()'*&>'()%+! /'D'(/>/%+! =%8! ',! 1+=*:>%! 1.8%='%! /'! 1/.:*:>@(! C.='8>%8!!
:%(,,';*(!.(*!8'D,'F>@(!>(/>;>/.*,!9!:%(R.()*!8'+=':)%!*!,*+!)8'+!)*8'*+!D.(/*&'()*,'+!
'! >()'88',*:>%(*/*+! /'! ,*! >()'8;'(:>@(! '/.:*)>;*0! ,*! =,*(>D>:*:>@(A! ,*! 'R':.:>@(! /'! ,*!
'(+'T*(?*!9!,*!';*,.*:>@(B!!
1(! '+)*! *=%8)*:>@(! (%+! ;*&%+! *! :'()8*8! '(! *,-.(%+! *+=':)%+! /'! ,*! =8>&'8*! /'! '+)*+!
)*8'*+0! ,*! =,*(>D>:*:>@(! '/.:*)>;*B! $%(:8')*&'()'! e'&%+! D%:*,>?*/%! ',! '+)./>%! '(! ,*!
D%8&.,*:>@(!/'!:%&=')'(:>*+!9!'(!,*!';*,.*:>@(!/'!a+)*+!:%&%!','&'()%+!*!>(:,.>8!'(!
,*+!-.<*+!/%:'()'+!/'!,*+!*+>-(*).8*+!.(>;'8+>)*8>*+!/'!d8*/%!9!7%+)-8*/%B!
1,!)8*P*R%!+'!'(&*8:*!/'()8%!/'!.(!&%/',%!:%&=')'(:>*,A!'(!',!E.'A!:%&%!+.!=8%=>%!
(%&P8'!>(/>:*A!',!:'()8%!/',!=8%:'+%!/'!'(+'T*(?*i*=8'(/>?*R'!+%(!,*+!:%&=')'(:>*+!
E.'! )>'('! E.'! *,:*(?*8! ',! '+)./>*()'A! '+)*(/%! ',! 8'+)%! /'! ','&'()%+! /'! :.88<:.,%! '(!
D.(:>@(!/'!/>:e*+!:%&=')'(:>*+B!3(%!/'!'+)%+!','&'()%+!'+!,*!';*,.*:>@(A!=%8!,%!E.'!
a+)*! e*! /'! '+)*8! %8>'()*/*! *! /'&%+)8*8! ,*! */E.>+>:>@(! /'! :%&=')'(:>*+! 9! *! &'R%8*8!
:.*,>)*)>;*!9!:.*()>)*)>;*&'()'!,%+!=8%:'+%+!'/.:*)>;%+B!
5:L:d<:@!$L:Q=T!=,*(>D>:*:>@(Y!'+=*:>%!'.8%='%!/'!'/.:*:>@(!+.='8>%8Y!-.<*!/%:'()'Y!
:%&=')'(:>*+Y!';*,.*:>@(B!
!
!
(&&%6,2(%&'!%+(*&2,2*)!2%!24*!***'!
24*!$%35*2(2(%&'!,&)!4('!*6,.8,2(%&!.(e*!*.*3*&2'!%-!5.,&&(&0!(&!
24*!-+,3*!%-!24*!***'!
!
,/'2+,$2!
ce'! =8'+'()*)>%(+! /'D'(/'/! P9! )e'! 1.8%='*(! C=*:'! %D! L>-e! 1/.:*)>%(! >&=,9! *(!
>(/>;>/.*,! *(/! :%&P>('/! 8'D,':)>%(! O>)e! 8'-*8/! )%! )e'! )e8''! D.(/*&'()*,! *(/!
!
!
#[!
>()'88',*)'/! )*+k+! %D! )e'! '/.:*)>%(*,! >(;%,;'&'()0! )e'! =,*((>(-A! )e'! 'F':.)>%(! %D!
)e'!'/.:*)>%(!*(/!)e'!';*,.*)>%(B!!
5(!)e>+!*8)>:,'!O'!*8'!-%>(-!)%!:'()8'!%(!+%&'!*+=':)+!%D!)e'!D>8+)!%D!)e'+'!)*+k+0!)e'!
'/.:*)>%(*,!=,*((>(-B!C=':>D>:*,,9!O'!*8'!D%:.+>(-!)e'!+)./9!%(!)e'!D%8&.,*)>%(!%D!
:%&=')'(:'! *(/! %(! )e'! ';*,.*)>%(! %D! )e'+'! *+! ','&'()+! )%! >(:,./'! >(! )e'!
'/.:*)>%(*,!-.>/'+!%D!)e'!.(>;'8+>)9!+.PR':)+!%D!2'-8''!*(/!7%+)!/'-8''B!
ce'! O%8k! >+! D8*&'/! >(! *! :%&=')'(:>*,! &%/',A! >(! )e*)A! *+! >)+! (*&'! +.--'+)+A! )e'!
:'()'8!%D!)e'!=8%:'++!%D!'/.:*)>%(i,'*8(>(-!>+!)e'!:%&=')'(:'!)e*)!)e'!+)./'()!e*+!
)%!8'*:eA!)e'8'D%8'!)e'!8'+)!%D!)e'!','&'()+!%D!)e'!:.88>:.,.&!/'='(/!%(!)e'!*P%;'!
&'()>%('/!:%&=')'(:'B!M('!%D!)e'+'!','&'()+!>+!)e'!';*,.*)>%(A!)e'8'D%8'!>)!e*+!)%!
P'! %8>'()*)'/! )%! /'&%(+)8*)'! )e'! *:E.>+>)>%(! %D! :%&=')'(:'! *(/! )%! >&=8%;'! )e'!
E.*,>)9!*(/!)e'!E.*()>)9!%D!)e'!'/.:*)>%(*,!=8%:'++'+B!
e=N! aC<?@T! =,*((>(-Y! '.8%='*(! +=*:'! %D! e>-e! '/.:*)>%(Y! '/.:*)>%(*,! -.>/'Y!
:%&=')'(:'+Y!';*,.*)>%(B!
!
(&2+%)8$$(7&!
C>!P>'(!=.'/'!/':>8+'!E.'!',!1+=*:>%!1.8%='%!/'!1/.:*:>@(!C.='8>%8!G111CH!+>)_*!+.!
:%&>'(?%! '(! ',! *T%! "XXX! :%(! ,*! /'(%&>(*/*! 2':,*8*:>@(! /'! J%,%(>*A! '(! ,*+!
.(>;'8+>/*/'+! '+=*T%,*+A! *! ='+*8! /'! E.'! ',! )<).,%! r555! /'! ,*! 4'9! M8-S(>:*! /'!
3(>;'8+>/*/'+! G4M3A! VWW"H! '+)S! /'/>:*/%! *! ,*! >()'-8*:>@(! /'! '+)'! (.';%! 111CA! ',!
=8%:'+%!/'!$%(;'8-'(:>*!1.8%='*!(%!'&=>'?*!*!'+:.:e*8+'!/'!D%8&*!-'('8*,>?*!e*+)*!
',!*T%!VWW[A!/'!,*!&*(%!/'!,*!>&=,*()*:>@(!/'!(%8&*)>;*!:%&%!',!=8%:'/>&>'()%!=*8*!
,*! 'F='/>:>@(! =%8! ,*+! 3(>;'8+>/*/'+! /',! C.=,'&'()%! 1.8%='%! *,! c<).,%! GZB2B!
"W\\tVWW[HA!%!',!Z'*,!2':8')%!=%8!',!E.'!+'!'+)*P,':'!',!+>+)'&*!'.8%='%!/'!:8a/>)%+!
9! ',! +>+)'&*! /'! :*,>D>:*:>%('+! '(! ,*+! )>).,*:>%('+! .(>;'8+>)*8>*+! ! GZB2B! ""V^tVWW[HB! Q!
'+)*!(%8&*)>;*!,'->+,*)>;*A!,'!+'-.>8S!%)8*!+%P8'!',!&>+&%!)'&*!/.8*()'!,%+!*T%+!VWW^!
9!VWW#B!C>(!'&P*8-%A!/'P>/%!'()8'!%)8*+!8*?%('+!*!.(*!*.+'(:>*!/'!,>/'8*?-%!=%,<)>:%A!
',! -8*(! :*)*,>?*/%8! =*8*! ,*! >&=,*()*:>@(! /',! /'(%&>(*/%! 78%:'+%! /'! J%,%(>*A! '(! ,*!
1/.:*:>@(!C.='8>%8!'+=*T%,*!(%!,,'-@!e*+)*!,*!=8%&.,-*:>@(!/',!D*&%+%!Z'*,!2':8')%!
"[X[tVWWbA! =%8! ',! E.'! +'! '+)*P,':'! ,*! %8/'(*:>@(! /'! ,*+! '(+'T*(?*+! .(>;'8+>)*8>*+!
%D>:>*,'+!9!'(!',!E.'!+'!+'T*,*!:%&%!=,*?%!&SF>&%!=*8*!,*!>&=,*()*:>@(!/'!d8*/%+!',!
:.8+%!VW"WiVW""B!
4*+!+.:'+>;*+!/':,*8*:>%('+!/'!N>(>+)8%+!'.8%='%+A!,*!,'->+,*:>@(!'+)*)*,!9!8'->%(*,!9!
,*+!&.:e*+!=.P,>:*:>%('+A!j%8(*/*+!9!$%(-8'+%+!E.'!+'!e*(!;'(>/%!8'*,>?*(/%!/'+/'!
e*:'! &S+! /'! .(*! /a:*/*A! e*(! =.'+)%! /'! &*(>D>'+)%! E.'! ,*! >(:%8=%8*:>@(! /'! ,*+!
.(>;'8+>/*/'+! '+=*T%,*+! *,! 111C! +.=%('! .(*! 8'D%8&*! '(! =8%D.(/>/*/! E.'! *D':)*! *,!
S&P>)%! '+)8.:).8*,A! :.88>:.,*8! 9! %8-*(>?*)>;%! GN*)'%A! VWWWHA! /%(/'! ',! &%/',%!
'/.:*)>;%!E.'!+'!/'D>'(/'!'+)S!:'()8*/%!'(!',!*=8'(/>?*R'!/'!:%&=')'(:>*+!=%8!=*8)'!
/',! '+)./>*()'A! /'! &*('8*! E.'! )%/%+! ,%+! *+=':)%+! :.88>:.,*8'+! 9! %8-*(>?*)>;%+! +'!
/'D>('(!'(!)%8(%!*!,*+!:%&=')'(:>*+!E.'!)>'('!E.'!*/E.>8>8!',!*,.&(%!GJ>--+A!VWW^HB!!
1+)'! (.';%! &%/',%! f:%&=')'(:>*,h! +.+)>).9'! *! .(*! '(+'T*(?*! )8*/>:>%(*,&'()'!
:'()8*/*! '(! ,*! )8*(+&>+>@(! /'! :%(%:>&>'()%+! 9! :%(,,';*! E.'! ',! =8%D'+%8*/%!
.(>;'8+>)*8>%! +'! 8'=,*()''! +.! *:).*:>@(! :%&%! /%:'()'B! Ç+)'! (':'+>)*! .(*! +@,>/*!
D%8&*:>@(! ='/*-@->:*! E.'! ,'! ='8&>)*! :%&'(?*8! '(! ,*! />8'::>@(! */':.*/*! ,*!
>&=,*()*:>@(! /'! d8*/%+! 9! 7%+)-8*/%+B! 7*8*! ',,%A! )'(/8S! E.'! /%)*8+'! /'! .(*! +'8>'! /'!
:%&=')'(:>*+!G*P*,*A!VWW[Y!Z%/8<-.'?!1+=>(*8A!VWW[Y!7'88'(%./A!VWW\Y!d*,S(A!VWWbA!
!
!
#\!
'):BH! =*8*A! *! +.! ;'?A! =%/'8! :%(/.:>8! *,! '+)./>*()'! e*:>*! ',! /'+*88%,,%! /'! +.+!
:%&=')'(:>*+! *:*/a&>:*+! 9! =8%D'+>%(*,'+B! C'! e*:'! =.'+! (':'+*8>*! .(*! 8'D,'F>@(A! (%!
+%,%! >(/>;>/.*,A! +>(%! )*&P>a(! :%(R.()*! '(! ,%! E.'! +'! 8'D>'8'! *! ,*+! )8'+! )*8'*+!
D.(/*&'()*,'+! '! >()'88',*:>%(*/*+! /'! ,*! >()'8;'(:>@(! '/.:*)>;*0! ,*! =,*(>D>:*:>@(A! ,*!
'R':.:>@(!/'!,*!'(+'T*(?*!9!,*!';*,.*:>@(B!
4*! =8>&'8*! /'! ',,*+A! ,*! =,*(>D>:*:>@(A! :%(+)>).9'! .(! D*:)%8! D.(/*&'()*,! /'! :*,>/*/!
/'!,*!*::>@(!/%:'()'!/',!=8%D'+%8!.(>;'8+>)*8>%!9!'+!(':'+*8>%!'()'(/'8,*!:%&%!.(*!
:%&=')'(:>*!*,)*&'()'!'+=':>*,>?*/*!E.'!)>'('!E.'!=%+''8!',!=8%D'+%8!9!E.'!'F>-'!
.(!'+D.'8?%!(%)*P,'!GZ%/8<-.'?!2>'-.'?A!VWW\HB!C'!)8*)*!/'!.(*!)*8'*!/'!8'D,'F>@(!
E.'!(%!+%,*&'()'!+'!:'()8*!'(!',!:@&%A!+>(%A!,%!E.'!'+!&S+!>&=%8)*()'A!'(!',!=%8!
E.a!9!',!=*8*!E.aB!2'!*:.'8/%!:%(!38'T*A!]*,,a+!9!Z.>?!GVWWXHA!,*!=,*(>D>:*:>@(!(%!
-*8*()>?*!',!aF>)%A!='8%!+<!D*:>,>)*!9!='8&>)'!*()>:>=*8+'!*!=%+>P,'+!=8%P,'&*+B!7%8!,%!
)*()%A!&'/>*()'!.(!)8*P*R%!:%,*P%8*)>;%A!,%+!/%:'()'+A!*!)8*;a+!/'!.(*!,*P%8!>()8*!'!
>()'8/'=*8)*&'()*,! e*(! /'! />*,%-*8A! /'P*)>8! 9! ('-%:>*8A! e*+)*! '(:%()8*8! ',!
:%(+'(+%!*:'8:*!/'!:.S,!'+!',!='8D>,!/',!'+)./>*()'!E.'!+'!E.>'8'!D%8&*8!9!8'D,'R*8,%!
'(! ,*! =,*(>D>:*:>@(B! Ç+)*! =%/8<*! '()'(/'8+'! :%&%! .(*! /'! ,*+! +'T*+! /'! >/'()>/*/!
=8%D'+>%(*,B! C'! )8*)*! /'! 8'*,>?*8! .(! =8%9':)%! :%&_(! '(! ',! E.'! +'! 'F=,>:>)'(! ,%+!
*=8'(/>?*R'+! E.'! +'! =8')'(/'! E.'! ,%+! *,.&(%+! */E.>'8*(! /'()8%! /'! .(*!
/')'8&>(*/*!)>).,*:>@(A!:@&%!*/E.>8>8,%+!9!:@&%!';*,.*8,%+B!7*8*!',,%A!'+!(':'+*8>%!
E.'! +'! =8%/.?:*! '(! ,*! .(>;'8+>/*/! .(*! 8'(%;*:>@(! ='/*-@->:*! E.'! ;*9*! /'R*(/%!
*)8S+! ,*! :.,).8*! >(/>;>/.*,>+)*! /',! =8%D'+%8*/%! 9! ,*! &*,! '()'(/>/*! f,>P'8)*/! /'!
:S)'/8*hA!:%(!&S+!a(D*+>+!'(!,*!=,*(>D>:*:>@(A!,*!:%%8/>(*:>@(!/'!,*+!'(+'T*(?*+!9!',!
)8*P*R%! :%(R.()%A! :*=*?! /'! :%(;'8)>8! *,! '+)./>*()'! '(! ',! =8%)*-%(>+)*! /'! ,*! *::>@(!
'/.:*)>;*!9!'(!',!=8>(:>=*,!D%:%!/',!:*&P>%B!2'!*:.'8/%!:%(!d%T>!GVWW^HA!(%!'+!'+*!
,>P'8)*/! ,*! E.'! +'! />+:.)'! +>(%! ,%+! ,<&>)'+! '(! ,%+! E.'! ,*! &>+&*! :%,>+>%(*! :%(! ',!
/'8':e%! E.'! )>'('(! ,%+! '+)./>*()'+! *! 8':>P>8! .(*! D%8&*:>@(! :%e'8'()'! 9! P>'(!
'+)8.:).8*/*! 9! :%(! ',! /'8':e%! E.'! )>'('! ,*! +%:>'/*/! *! :%(%:'8! 9! =%/'8! ;*,%8*8! ,*!
%D'8)*! '/.:*)>;*! E.'! ,*! .(>;'8+>/*/! =8%=%('! '(! ',! &*8:%! /'! ,*+! (':'+>/*/'+!
+%:>*,'+!9!=8%D'+>%(*,'+B!
!
.,!081,!)%$*&2*!
4*! -.<*! /%:'()'! %! />/S:)>:*! /'! .(*! *+>-(*).8*! '+! .(%! /'! ,%+! ','&'()%+! /'!
=,*(>D>:*:>@(!'/.:*)>;*!E.'!=.'/'!/'D>(>8+'!:%&%!,*!e'88*&>'()*!E.'!;*!*!%8>'()*8!
9! -.>*8! ',! =8%:'+%! /'! '(+'T*(?*i*=8'(/>?*R'! /'! />:e*! *+>-(*).8*B! 4*! -.<*! '+! .(!
>(+)8.&'()%! >&=8'+:>(/>P,'! =*8*! ',! '+)./>*()'A! 9*! E.'! ,*! &>+&*! ,'! ;*! *! D*:>,>)*8!
>(D%8&*:>@(! +%P8'! *+=':)%+! &.9! 8',';*()'+! =*8*! +.! =8%:'+%! /'! *=8'(/>?*R'A!
='8&>)>a(/%,'!'(!:*/*!&%&'()%!+*P'8!/@(/'!+'!'(:.'()8*B!c*&P>a(!,%!'+!=*8*!',!
=8%D'+%8A!E.>'(A!*!)8*;a+!/'!,*!&>+&*!+'8S!:*=*?!/'!=8*:)>:*8!.(*!'(+'T*(?*!&S+!
+>+)'&S)>:*! 9! :%(%:'8! e*+)*! E.a! =.()%! +.! =,*(>D>:*:>@(! +'! '+)S! */*=)*(/%! *! ,*+!
(':'+>/*/'+!/',!:%()'F)%!'(!',!E.'!+'!*=,>:*B!4*!-.<*!/%:'()'!:%(+)>).9'!,*!:*8)*!/'!
=8'+'()*:>@(!/'!,*!*+>-(*).8*!9!/',!=8%D'+%8!%!=8%D'+%8'+!E.'!,*!>&=*8)'(A!=%8!,%!
)*()%! e'&%+! /'! />+'T*8,*! :%(! '+=':>*,! *)'(:>@(A! :.>/*(/%! E.'! a+)*! :.&=,*! )%/*+!
+.+!D.(:>%('+B!2'!*:.'8/%!:%(!Z.a!GVWWbHA!,*+!-.<*+!/%:'()'+!+%(!*,-%!&S+!E.'!,%+!
)8*/>:>%(*,'+! =8%-8*&*+! /'! *+>-(*).8*+A! 9*! E.'! (%! +'! )8*)*! _(>:*&'()'! /'!
&*()'('8! >(D%8&*/%! *,! *,.&(%! +%P8'! *+=':)%+! 8'D'8>/%+! *! ,*! &*)'8>*A! +>(%! /'!
%8>'()*8,'! /'+/'! ',! =8>&'8! &%&'()%! /'! +.! D%8&*:>@(! *:'8:*! /'! ,*+! />;'8+*+!
=%+>P>,>/*/'+! /'! /'+*88%,,*8! +.! )8*P*R%B! 2'! *e<! E.'! />:e*! >(D%8&*:>@(! /'P*! +'8!
:%&=,')*A!+>()a)>:*!9!:%&=8'(+>P,'!=*8*!,%+!'+)./>*()'+B!C'!)8*)*!/'!.(*!-.<*!=*8*!
!
!
#^!
,*!=8%=>*!*::>@(B!
C>(! S(>&%! /'! e*:'8! /'! '+)*! *=%8)*:>@(! .(! f8':')*8>%hA! /'+/'! ',! ie*+)*! e*:'! .(%+!
&'+'+i!]>:'88':)%8*/%!/'!5((%;*:>@(!9!$%(;'8-'(:>*!1.8%='*!/'!,*!3(>;'8+>/*/!/'!
N.8:>*A!:%(!*9./*!/'!.(*!:%&>+>@(!',*P%8*/*!*,!'D':)%A!+'!e*!',*P%8*/%!.(!&%/',%!
/'! -.<*! /%:'()'! iE.'! '(! ,*! *:).*,>/*/! +'! :.&=,>&'()*! &'/>*()'! .(*! *=,>:*:>@(!
>(D%8&S)>:*i!E.'!>()'-8*!,%+!+>-.>'()'+!','&'()%+!Gd*8:<*!C*(?A!VWWgH0!
"B 5/'()>D>:*:>@(B!
"B"B 5/'()>D>:*:>@(!/'!,*!*+>-(*).8*B!
"BVB 5/'()>D>:*:>@(!/',!=8%D'+%8*/%!
VB 78'+'()*:>@(B!
[B $%(/>:>%('+!/'!*::'+%B!
R# $CWA=H=>JB:@#!
R#D# $CWA=H=>JB:@!H<:>@Q=<@:L=@#!
\BVB $CWA=H=>JB:@!=@A=JIOBJ:@!?=!:@BP>:HK<:#!
^B $%()'(>/%+B!
#B Q:)>;>/*/'+!=8S:)>:*+B!
bB N')%/%,%-<*!9!'+)>&*:>@(!/'!;%,.&'(!/'!)8*P*R%!/',!'+)./>*()'B!
gB $8%(%-8*&*B!
^# *Q:LK:JBf>#!
^#D# *Q:LK:JBf>!?=L!:A<=>?B;:i=#!
XBVB 1;*,.*:>@(!/'!,*!/%:'(:>*B!
"WB J>P,>%-8*D<*B!
"WB"B J>P,>%-8*D<*!PS+>:*B!
"WBVB J>P,>%-8*D<*!:%&=,'&'()*8>*B!
!
$%&%! +'! =.'/'! *=8':>*8A! ,*! D%8&.,*:>@(! /'! :%&=')'(:>*+! 9! ,*! ';*,.*:>@(! /',!
*=8'(/>?*R'!/'!,%+!'+)./>*()'+!P*+*/%!'(!,*+!&>+&*+!:%(+)>).9'(!/%+!','&'()%+!/'!
,*!-.<*!/%:'()'!*!,%+!E.'!(%+!;*&%+!*!8'D'8>8!&%(%-8SD>:*&'()'!'(!'+)*!*=%8)*:>@(B!
!!
$%&$*528,.(c,$(7&!)*!.,'!$%35*2*&$(,'!
$%&%! 9*! +'! e*! &'(:>%(*/%A! .(%! /'! ,%+! -8*(/'+! 8')%+! '(! ',! =8%:'+%! /'!
$%(;'8-'(:>*!1.8%='*!'+!',!)8S(+>)%!e*:>*!.(!&%/',%!/'!/%:'(:>*!&*+!:'()8*/%!'(!
,%+! =8%:'+%+! /'! *=8'(/>?*R'! /'! ,%+! '+)./>*()'+! 9! E.'! D*:>,>)'! ',! /'+*88%,,%! /'!
:%&=')'(:>*+A!,%!:.*,!;*!&S+!*,,S!/'!,*!*+>&>,*:>@(!=%8!=*8)'!/',!*,.&(*/%!/'!.(*!
&.,)>)./! /'! :%(%:>&>'()%+! /'! ,*! E.'! (%! +'! '(:.'()8*! .(*! .)>,>/*/! &S+! *,,S! /'! +.!
=*+%! =%8! ,*! .(>;'8+>/*/B! 1(! '+)'! +'()>/%A! ,*+! :%&=')'(:>*+! =8%=>*+! /'! :*/*! ='8D>,!
=8%D'+>%(*,! '(! -8*/%+! 9! =%+)-8*/%+! '+)S(! +>'(/%! ',! &*8:%! /'! 8'D'8'(:>*! =*8*! ,*!
',*P%8*:>@(! /'! ,*+! D>:e*+! )a:(>:*+! /'! :*/*! )>).,*:>@(! 9! ,*+! *+>-(*).8*+! E.'! ,*+!
:%(D>-.8*(B!!
!
!
##!
!
!
!
!
!
TAMAÑO GRUPO
Contexto
disciplinar
ACT. FORMATIVA
COMPETENCIAS
!
!
!
!
EVALUACIÓN
Contexto institucional
!
`>-.8*!"B!N%/',%!:%&=')'(:>*,!G*/*=)*/%!/'!2'!!N>-.',A!VWW#H!!
!
4*!D>-.8*!"!&.'+)8*!E.'!',!)*&*T%!/',!-8.=%!/'!*,.&(%+A!,*!*:)>;>/*/!D%8&*)>;*!E.'!
+'! ;*9*! *! 8'*,>?*8! 9! ,%+! =8%:'/>&>'()%+! /'! ';*,.*:>@(! E.'! +'! .)>,>?*8S(! '+)*8S(! '(!
D.(:>@(! /'! ,*+! :%&=')'(:>*+! E.'! )'(-*! E.'! ,%-8*8! ',! '+)./>*()'A! E.>'(! =*8)>:>=*!
*:)>;*&'()'!'(!+.!=8%:'+%!/'!*=8'(/>?*R'A!*:).*(/%!',!=8%D'+%8!:%&%!*+'+%8A!-.<*!9!
D*:>,>)*/%8!/'!/>:e%!*=8'(/>?*R'B!!
2'! *:.'8/%! :%(! '+)'! '+E.'&*A! ,*+! :%&=')'(:>*+! +'! :%(;>'8)'(! '(! ,*+! ;'8/*/'8*+!
=8%)*-%(>+)*+! *! ,*! e%8*! /'! />+'T*8! ',! :.88<:.,.&B! 5&=%8)*/*+! /'! ! &%/',%+! /'!
/'+*88%,,%! =8%D'+>%(*,A! ,*! */E.>+>:>@(! /'! :%&=')'(:>*+! =.'/'! e*:'8! ;>*P,'! ,*!
=8%D'+>%(*,>?*:>@(! /',! '+)./>*()'! &'/>*()'! ,*! :*=*:>)*:>@(! 9! :.*,>D>:*:>@(! E.'!
*:).*,&'()'!/'&*(/*!,*!+%:>'/*/!'&'8-'()'!GL'8(S(/'?!7>(*A!N*8)<('?!$,*8'+A!2*!
`%(+':*!Z%+*8>%!9!Z.P>%!1+=<(A!VWW^HB!!
1+)'!&%/',%!:%&=')'(:>*,!=.'/'!'(:*8(*8!.(!-8*;'!=',>-8%!+>!:%(+>/'8*&%+!E.'!,*!
*/E.>+>:>@(! /'! :%&=')'(:>*+! +.=%('! .(! =8%:'+%! &'8*&'()'! %='8*:>%(*,B! U%! +'!
)8*)*!_(>:*&'()'!/'!+*P'8!e*:'8!P>'(!,*+!:%+*+A!+>(%!/'!:%&=8'(/'8!'!>()'8>%8>?*8!
=%8!E.a!,*+!e*:'&%+!9!=*8*!E.aB!
Z'+=':)%!*,!:%(:'=)%!/'!:%&=')'(:>*A!(%!'+!DS:>,!,,'-*8!*!.(*!/'D>(>:>@(!'F*:)*!/',!
)a8&>(%A!/'P>/%!=8>(:>=*,&'()'!*,!:%&=%('()'!&.,)>/>&'(+>%(*,!/'!,*!&>+&*A!9*!
E.'!'(!',,*!>()'8*:)_*(!','&'()%+!*=)>)./>(*,'+A!:%&=%8)*&'()*,'+A!:%()'F).*,'+!9!
+%:>*,'+!G$%,S+A!VWW^HA!*!,%+!E.'!+'!,'!.('!,*!=8%=>*!'F='8>'(:>*!/'!,*!='8+%(*B!
1(! ,%! E.'! +<! :%>(:>/'(! ,*! &*9%8<*! /'! ,%+! *.)%8'+! E.'! '+)./>*(! ',! :%(:'=)%! /'!
:%&=')'(:>*! G4'! J%)'8DA! VWW"Y! 4a;9i4'P%9'8A! VWW[Y! J.(kA! "XX\Y! 2',%8+A! "XX#Y!
4*+(>'8A!VWWWY!1:e';'88<*A!VWWVY!$*R>/'A!VWW\Y!$%,S+A!VWW^Y!QU1$QA!VWW^Y!*P*,*!9!
Q8(*.A!VWWgA!'):BH!'+!E.'!'(!',!&>+&%!+'!:%&P>(*!',!+*P'8A!:%(!',!+*P'8!e*:'8!9!',!
+*P'8!+'8!9!'+)*8!/'!,*!='8+%(*!E.'!+'!+.=%('!=%+''!.(*!/')'8&>(*/*!:%&=')'(:>*!
GD>-.8*!VHB!!
!
!
#b!
!
!
!
!
!
Saber
hacer
Saber
COMPETENCIA
!
!
!
Saber ser y estar
!
`>-.8*!VB!2'D>(>:>@(!'+E.'&S)>:*!/'!,*!:%&=')'(:>*!
!
2'! *:.'8/%! :%(! L'8(S(/'?! 7>(*! GVWW#HA! ,*! D%8&*:>@(! P*+*/*! '(! :%&=')'(:>*+!
=8')'(/'! +'8! :%&=8'(+>;*A! D,'F>P,'A! &%)>;*/%8*A! >()'-8*/*! 9! /'! :*,>/*/A! /%(/'! ,%!
&S+!>&=%8)*()'!'+!,%!E.'!*=8'(/'(!,%+!'+)./>*()'+A!*+<!:%&%!=*8*!E.a!,%!*=8'(/'(!
9! :@&%! ,%! *=8'(/'(B! 1(! '+)'! +'()>/%A! /'+/'! ,*! .(>;'8+>/*/! )'('&%+! ,*!
8'+=%(+*P>,>/*/! /'! -*8*()>?*8! '(! (.'+)8%+! *,.&(%+! ',! /'+*88%,,%! /'! ,%+! />+)>()%+!
:%&=%('()'+!/'!,*+!:%&=')'(:>*+A!'+!/':>8A!',!+*P'8A!',!+*P'8!e*:'8!9!',!+*P'8!+'8!9!
'+)*8B! 1,! f+*P'8h! ,,';*8S! *,! '+)./>*()'! *,! /%&>(>%! /'! ,%+! :%(%:>&>'()%+! )'@8>:%+! 9!
=8S:)>:%+!E.'!=%+)'8>%8&'()'!8':,*&*8S!+.!/'+*88%,,%!=8%D'+>%(*,B!1,!f+*P'8!e*:'8h!
+.=%('! ,*! *=,>:*:>@(! =8S:)>:*! 9! %='8*)>;*! /',! :%(%:>&>'()%! 9! :%(,,';*! ,*!
*/E.>+>:>@(! /'! .(*! +'8>'! /'! e*P>,>/*/'+A! /'+)8'?*+A! =8%:'/>&>'()%+! 9! eSP>)%+! E.'!
-*8*()>:'! +.! :*,>/*/! =8%/.:)>;*! *,! '()8'&'?:,*8+'! :%(! ,%+! +*P'8'+B! 7%8! _,)>&%A! ',!
f+*P'8! +'8! 9! '+)*8h! :%(,,';*! ',! /'+*88%,,%! /'! *=)>)./'+! ='8+%(*,'+A! *:)>)./'+A!
:%&=%8)*&>'()%+A! (%8&*+! 9! ;*,%8'+A! :%(:'P>/%+! :%&%! .(*! D%8&*! /'! ='8:>P>8! 9!
;>;>8A! E.'! ,'! ='8&>)>8S(! >()'-8*8+'! '(! +.! =.'+)%! /'! )8*P*R%! =%(>'(/%! '(! =8S:)>:*!
e*P>,>/*/'+!+%:>*,'+!9!*+.&>'(/%!8'+=%(+*P>,>/*/'+B!
c'(>'(/%! '(! :.'()*! E.'A! /'! &*('8*! -,%P*,>?*/*A! ',! +*P'8! +'! 8'D>'8'! *! ,%+!
:%(%:>&>'()%+A!',!+*P'8!e*:'8!*!,*+!e*P>,>/*/'+!9!',!+*P'8!+'8!9!'+)*8!*!,*+!*:)>)./'+A!
=%/'&%+! /'D>(>8! ,*! :%&=')'(:>*! :%&%! ,*! :*=*:>/*/! =*8*! +','::>%(*8! 9! &%;>,>?*8!
:%(%:>&>'()%+A! e*P>,>/*/'+! 9! *:)>)./'+! =*8*! 8'+=%(/'8! :%(! aF>)%! *! .(*!
/')'8&>(*/*!+>).*:>@(!=8%D'+>%(*,B!1(!=*,*P8*+!/'!$%,,>(+!GVWWbH0!^&)*$%63+.+2$#)*
+"*&)*#2.+'5)$#:2*,+*$%2%$#6#+2.%"@*V)M#&#,),+"*4*)$.#.-,+"*,+*9%56)*`-+*2%"*$)3)$#.+*
3)5)*)$.-)5*,+*6)2+5)*+9+$.#/)*4*+9#$#+2.+7B!7%8!,%!)*()%A!,*!:%&=')'(:>*!=%+''!.(!
'(D%E.'!>()'-8*/%8A!(%!,>('*,B!U%!'+!_(>:*&'()'!.(!:%(%:>&>'()%A!(>!.(*!e*P>,>/*/A!
(>! .(*! *:)>)./A! +>(%! E.'! +.=%('! ',! .+%! /'! %='8*:>%('+! &'()*,'+! :%&=,'R*+! '(! ,*+!
E.'! +'! =8%/.:'! .(*! :%&P>(*:>@(! />(S&>:*! /'! *)8>P.)%+! E.'! R.()%+! ='8&>)'(!
/'+'&='T*8! 'D>:*?&'()'! .(*! )*8'*! *,! )>'&=%! E.'! +'! '+! :%(+:>'()'! /'! =%8! E.a! 9!
=*8*!E.a!+'!e*:'B!4*!:%&=')'(:>*!+.=%('!.(*!>()'-8*:>@(!>()'8*:)>;*!/'!,*+!=8%=>*+!
:*8*:)'8<+)>:*+! /'! ,*! ='8+%(*A! /'! +.! D%8&*:>@(! 9! /'! +.! 'F='8>'(:>*B! 7*8*! N*)'%!
GVWWbHA!*/E.>8>8!.(*!:%&=')'(:>*!'+!*,-%!&S+!E.'!=%+''8!.(*!e*P>,>/*/!8'+=':)%!*!
.(!/%&>(>%!:%(:8')%A!>&=,>:*!8'-.,*:>@(A!&%(>)%8>?*:>@(!9!:*=*:>/*/!/'!>(>:>*)>;*!
'(! ',! .+%! 9! /'+*88%,,%! /'! />:e*! e*P>,>/*/! 9! +%P8'=*+*! +.! *=,>:*:>@(! &':S(>:*A! 9*!
E.'! :%(,,';*! >()'8*::>@(A! &'/>*:>@(! 9! -'+)>@(! '()8'! ',! :%(%:>&>'()%! 9! ,*! 8'*,>/*/!
D<+>:*A! +%:>*,! 9! :.,).8*,! /',! :%()'F)%! '(! ',! E.'! +'! *:)_*B! 7%8! ,%! )*()%A! ',! /'+*88%,,%!
!
!
#g!
:%&=')'(:>*,!+.=%('!:%(R.-*8!:%()'(>/%+!:.88>:.,*8'+!:%(!:%()'F)%+!/'!8'*,>/*/!9A!
+@,%!/'!,*!>()'8*::>@(!'()8'!*&P%+A!+'!-'('8*!+.!.+%!D.(:>%(*,B!!
4*+! :%&=')'(:>*+! +'! />D'8'(:>*(! :%(:'=).*,&'()'! /'! ,%+! %PR')>;%+! '(! E.'A!
&>'()8*+! E.'! a+)%+! :%(+)>).9'(! .(*! >()'(:>@(A! ,*+! =8>&'8*+! +%(! 8'+.,)*/%+! /'!
*=8'(/>?*R'B!1(!:.*()%!*!+.!D%8&.,*:>@(A!.(!%PR')>;%!=.'/'!'F=8'+*8!,*!*/E.>+>:>@(!
/'! +@,%! .(! :%(:'=)%A! .(*! e*P>,>/*/! %! .(*! *:)>)./A! &>'()8*+! E.'! ,*! :%&=')'(:>*A!
:%&%!e'&%+!+'T*,*/%!*()'8>%8&'()'A!>()'-8*!',!+*P'8!:%(!',!+*P'8!e*:'8!9!',!+*P'8!
+'8!9!'+)*8B!2'P'(!8'/*:)*8+'!/'!D%8&*!:,*8*!9A!=*8*!*+'-.8*8!+.!;>*P>,>/*/A!e*(!/'!
+'8!:%e'8'()'+!:%(!,*!/.8*:>@(!/'!,*!*+>-(*).8*B!
4*+!:%&=')'(:>*+!='8&>)'(A!D.(/*&'()*,&'()'A!E.'!,*!='8+%(*!E.'!,*+!=%+''!+'*!
:*=*?!/'!'R':.)*8!.(*!*::>@(!:%(:8')*!:%(!.(%+!'+)S(/*8'+!/')'8&>(*/%+A!,%!E.'!,'!
='8&>)'!/'+*88%,,*8!.(*!*:)>;>/*/!%!=8%D'+>@(!GQ,%(+%A!`'8(S(/'?!9!U9++'(A!VWWXHB!!
1(!'+)'!+'()>/%A!',!&%/',%!:%&=')'(:>*,!*,!E.'!'+)*&%+!*,./>'(/%A!:%88'!',!8>'+-%!
/'! :'()8*8! ',! *=8'(/>?*R'! .(>;'8+>)*8>%! _(>:*&'()'! '(! )%8(%! *! ,%+! =8%/.:)%+!
D%8&*)>;%+! E.'! /'&*(/*! ',! &'8:*/%! ,*P%8*,A! '(! /')8>&'()%! /'! ,*+! :*=*:>/*/'+!
>()',':).*,'+! 9! +%:>%&%8*,'+! =8%=>*+! /'! ,*! D%8&*:>@(! :.,).8*,! /'! ,*! ='8+%(*B! 7*8*!
';>)*8!'+)'!8'/.::>%(>+&%A!+'!/'P'(!&*()'('8!:>'8)%+!:%(%:>&>'()%+!/>+:>=,>(*8'+!
9!:>'()<D>:%+!'(!,*+!=8%-8*&*:>%('+!/%:'()'+!9*!E.'A!:%&%!+'!e*!&'(:>%(*/%A!,%+!
:%(%:>&>'()%+!:%(+)>).9'(!>(-8'/>'()'+!&.9!>&=%8)*()'+!=*8*!',!/'+*88%,,%!/'!,*+!
:%&=')'(:>*+B!U%!%P+)*()'A!e*9!E.'!)'('8!'(!:.'()*!E.'!*,&*:'(*8!.(*!&.,)>)./!
/'! :%(%:>&>'()%+A! (%! -*8*()>?*! E.'! =.'/*(! &%;>,>?*8+'! 'D>:*?&'()'! *! ,*! e%8*! /'!
*D8%()*8! )*8'*+! *:*/a&>:*+! %! =8%D'+>%(*,'+! '(! />;'8+*+! +>).*:>%('+A! =%8! ,%! E.'! ,%!
>&=%8)*()'!(%!'+!)*()%!,*!=%+'+>@(!/'!.(*!+'8>'!/'!:%(%:>&>'()%+!:%&%!',!.+%!E.'!
+'! e*-*! /'! ',,%+! )8*+! +.! =*+%! =%8! ,*! .(>;'8+>/*/B! 2'! *E.<! ,*! >&=%8)*(:>*! /'! ,*!
8'*,>?*:>@(! /'! *:)>;>/*/'+! =8S:)>:*+! '(! ',! =8%:'+%! /'! D%8&*:>@(! /',! *,.&(*/%!
/'()8%! /'! '+)'! (.';%! &%/',%! :%&=')'(:>*,A! 9*! E.'! ,*+! &>+&*+! :%(+)>).9'(! .(*!
%=%8).(>/*/!=*8*!:%(':)*8!',!:%(%:>&>'()%!:%(!,*!8'*,>/*/!9A!:.*(/%!'+)%!%:.88'A!
/>:e*!8'*,>/*/!'+!>,.&>(*/*!9!+'!=8%/.:'!.(*!;>+>@(!&S+!:%&=,')*!9!=8%D.(/*!/'!,*!
&>+&*! GN*)'%A! VWWbHB! 7%8! ',,%A! =*8*! E.'! ,%+! '+)./>*()'+! *=8'(/*(! *! +'8!
:%&=')'()'+!'(!.(!/')'8&>(*/%!:*&=%A!,*+!*:)>;>/*/'+!*!8'*,>?*8!/'P'(!+'8!,%!&S+!
8'*,>+)*+!=%+>P,'!9!=,*()'*8!+'&'R*()'!(>;',!/'!/>D>:.,)*/!E.'!)'(/8<*(!'(!:%()'F)%+!
*.)a()>:%+A! =.'+! +@,%! *+<! +'! -*8*()>?*! ,*! D*:>,>)*:>@(! /'! ,*! >(:%8=%8*:>@(! /',!
*,.&(*/%!*,!S&P>)%!,*P%8*,B!2'!*:.'8/%!:%(!`'8(S(/'?!Z%/8<-.'?!GVWWXHA!+'!)8*)*!
/'! *8)>:.,*8! 9! *8&%(>?*8! ,%+! *=8'(/>?*R'+! :%(! ,*+! '+)8.:).8*+! /',! &.(/%! /',!
'+)./>*()'A! 9*! E.'! +@,%! /'! '+)*! &*('8*! ,%+! +*P'8'+! =8%D'+>%(*,'+! =%/8S(! )'('8!
;*,%8!+>-(>D>:*)>;%!=*8*!',!&>+&%B!
7%8! %)8*! =*8)'A! ',! :%(:'=)%! /'! :%&=')'(:>*! '+! >(/>+%:>*P,'! *,! /'+*88%,,%! /'! ,*!
='8+%(*B! $%(! ',,%! E.'8'&%+! /':>8! E.'! &.:e*+! ;':'+! (%+! 8'+>+)>&%+! *! D%&'()*8!
:>'8)%+!*=8'(/>?*R'+!'(!(.'+)8%+!'+)./>*()'+!=%8E.'!='(+*&%+!E.'!a+)%+!9*!)'(<*(!
E.'! e*P'8! +>/%! */E.>8>/%+! '(! *()'8>%8'+! ')*=*+! '/.:*)>;*+B! $>'8)*&'()'! )'('&%+!
8*?@(!+>!:%(!',,%!(%+!'+)*&%+!8'D>8>'(/%!*!(>;','+!>()'8&'/>%+A!='8%!(%!%,;>/'&%+!
E.'! .(*! :%&=')'(:>*! :%&=,'R*! (%! )'8&>(*! /'! /'+*88%,,*8+'! (.(:*A! =%8! ,%! E.'!
+>'&=8'! +'! =.'/'! *,:*(?*8! .(! (>;',! &S+! *,)%! /'! */E.>+>:>@(! *! ,%! ,*8-%! /'! )%/*! ,*!
;>/*B! 7%8! ',,%A! /'P'&%+! >(:,>(*8(%+! =%8! *E.',,*+! >(>:>*)>;*+! ='/*-@->:*+! E.'!
:%(+>/'8*(!E.'!,*!D%8&*:>@(!>(>:>*,!P*+*/*!'(!:%&=')'(:>*+!=.'/'!9!/'P'!>(>:>*8!',!
/'+*88%,,%!=8%D'+>%(*,!/'!,%+!D.).8%+!)>).,*/%+!GN*8)<(!9!2'!j.*(*+A!VWWXHA!',!:.*,!
E.'!+'!>8S!:%(+%,>/*(/%!:%(!,*!'F='8>'(:>*!9!,*!D%8&*:>@(!='8&*('()'B!
!
!
!
#X!
$.,'(-($,$(7&!)*!.,'!$%35*2*&$(,'!
1(!,*!*:).*,>/*/!+%(!&_,)>=,'+!,*+!:,*+>D>:*:>%('+!'+)*P,':>/*+!'(!)%8(%!*,!)a8&>(%!
:%&=')'(:>*A!*)'(/>'(/%!*!;*8>'/*/!/'!:8>)'8>%+!GZ%/8<-.'?!N%8'(%A!VWW#HB!1(!,%!
E.'! 8'+=':)*! *! ,%+! '+)./>%+! .(>;'8+>)*8>%+A! ,*+! :%&=')'(:>*+! '+)*P,':>/*+! '(! ',!
/>+'T%! /'! d8*/%+! 9! 7%+)-8*/%! +'! '+)S! 8'*,>?*(/%! /'! *:.'8/%! :%(! ,*! :,*+>D>:*:>@(!
+'T*,*/*!'(!',!78%9':)%!c.(>(-!Gd%(?S,'?!9!I*-'(**8A!VWW[HA!',!:.*,!>(:,.9'!/%+!
)>=%+! /'! :%&=')'(:>*+0! ,*+! -'(a8>:*+! %! )8*(+;'8+*,'+A! :%&.('+! *! )%/*+! ,*+!
)>).,*:>%('+A!9!,*+!'+=':<D>:*+A!:%88'+=%(/>'()'+!*!:*/*!)>).,*:>@(B!4*+!:%&=')'(:>*+!
-'(a8>:*+! %! )8*(+;'8+*,'+A! :%&%! +.! =8%=>%! (%&P8'! >(/>:*A! *D':)*(! *! )%/*+! ,*+!
/>+:>=,>(*+!9!(%!+%(!'F:,.+>;*+!/'!(>(-.(*!/'!',,*+B!4*+!:%&=')'(:>*+!'+=':<D>:*+!+<!
E.'! ,%! +%(! /'! .(! :*&=%! /'! '+)./>%! /')'8&>(*/%A! />+)>(-.>'(/%! '()8'! ,*+!
:%&=')'(:>*+! '+=':<D>:*+! /'! ,*! )>).,*:>@(! 9! ,*+! :%&=')'(:>*+! '+=':<D>:*+! /'! :*/*!
*+>-(*).8*!GD>-.8*![HB!
!
!
!
!
COMPETENCIAS GENÉRICAS O TRANSVERSALES
(comunes a todas las titulaciones)
!
!
COMPETENCIAS ESPECÍFICAS DE LA TITULACIÓN
(específicas del Grado)
!
!
COMPETENCIAS ESPECÍFICAS DE LA ASIGNATURA
(propias de la asignatura)
!
`>-.8*![B!U>;',!/'!:%(:8':>@(!/'!,*+!:%&=')'(:>*+!
!
2'! *:.'8/%! :%(! N%()*('8%! 9! %)8%+! GVWW#HA! ',! />+'T%! :.88>:.,*8! /'! .(*! )>).,*:>@(!
/'P'!=*8)>8!/'!,*!/',>&>)*:>@(!/'!,%+!='8D>,'+!*:*/a&>:%+!9!=8%D'+>%(*,'+!/'!/>:e*!
)>).,*:>@(!9!/'!,*!:%(:8':>@(!/'!.(*!+'8>'!/'!:%&=')'(:>*+!E.'!',!*,.&(*/%!/'P'!
/'+*88%,,*8! *! ,%! ,*8-%! /'! +.! :*88'8*B! 7%8! ,%! )*()%A! ',! =,*(! /'! '+)./>%+! /'P'!
;>(:.,*8+'! *! .(! :%()'F)%! =8%D'+>%(*,A! '+! /':>8A! *,! )>=%! /'! =8%D'+>%(*,'+! E.'!
/'&*(/*! ',! +>+)'&*! =8%/.:)>;%! 9! ,*! +%:>'/*/! '(! -'('8*,B! Q+>&>+&%A! e*(! /'! +'8!
=8%+=':)>;%+A!*:%8/'+!:%(!,%+!:%(+)*()'+!:*&P>%+!)':(%,@->:%+!9!=8%D'+>%(*,'+!/',!
&'8:*/%!/'!)8*P*R%A!'+=':>*,&'()'!'(!,%+!_,)>&%+!:.8+%+!/'!,*!)>).,*:>@(B!
1(! '+)*! )*8'*! '+! D.(/*&'()*,! ',! )8*P*R%! :%,*P%8*)>;%! '()8'! )%/%+! ,%+!
/'=*8)*&'()%+! >&=,>:*/%+! '(! ,*! ',*P%8*:>@(! /',! =,*(! /'! '+)./>%+! 9*! E.'A! */'&S+!
/'! /'R*8! :,*8%! :.S,'+! +%(! ,*+! &')*+! :%&.('+! /'! ,*! )>).,*:>@(A! _(>:*&'()'! *+<! +'!
';>)*8S(! ,*-.(*+! 9! +%,*=*&>'()%+! /'8>;*/%+! /'! ,*! '+:*+*! :%%8/>(*:>@(! /',!
=8%D'+%8*/%!'(!(%!=%:*+!:*88'8*+!.(>;'8+>)*8>*+B!
1+! &.9! >&=%8)*()'A! =.'+A! E.'! *! ,*! e%8*! /'! D%8&.,*8! ,*+! :%&=')'(:>*+! /'! ,*!
*+>-(*).8*!)'(-*&%+!'(!:.'()*!E.'!,*!D>(*,>/*/!/',!=8%:'+%!/'!'(+'T*(?*!'+!E.'!',!
'+)./>*()'!/'+*88%,,'!,*+!:%&=')'(:>*+!/'!,*!)>).,*:>@(A!=*8*!,%!:.*,!',!=8%D'+%8*/%!
+'! +>8;'! /'! ,*+! />+)>()*+! *+>-(*).8*+! =*8*! :%()8>P.>8! *! ,*! */E.>+>:>@(! /'! )*,'+!
:%&=')'(:>*+!GD>-.8*!\HB!
!
!
bW!
!
!
!
PERFIL DE FORMACIÓN DE LA TITULACIÓN
!
PLAN DOCENTE DEL GRADO
!
!
!
!
GD1
GD2
GD3
GD4
GD5
¡COORDINACIÓN!
!
`>-.8*!\B!$%%8/>(*:>@(!'()8'!*+>-(*).8*+!
!
7%8! ,%! )*()%A! '(! ,*+! -.<*+! /%:'()'+! /'! ,*+! *+>-(*).8*+A! */'&S+! /'! '+=':>D>:*8! ,*+!
:%&=')'(:>*+!-'(a8>:*+!9!'+=':<D>:*+!/'!*+>-(*).8*!E.'!',!*,.&(*/%!e*!/'!*/E.>8>8!
&'/>*()'! ',! =8%:'+%! /'! '(+'T*(?*i*=8'(/>?*R'A! '+! :%(;'(>'()'! 'F=,>:>)*8! ,*!
8',*:>@(! 'F>+)'()'! '()8'! ,*+! '+=':<D>:*+! /'! ,*! )>).,*:>@(! 9! ,*+! '+=':<D>:*+! /'!
*+>-(*).8*B!2'!'+)'!&%/%A!)*()%!'+)./>*()'+!:%&%!=8%D'+%8'+!=%/'&%+!8'D,'F>%(*8!
e*+)*! E.a! -8*/%! +'! '+)S! :%()8>P.9'(/%! /'+/'! .(*! /')'8&>(*/*! *+>-(*).8*A! *!
/'+*88%,,*8!,*+!:%&=')'(:>*+!E.'!:%(+)>).9'(!',!='8D>,!/'!,*!)>).,*:>@(B!
!
*6,.8,$(7&!)*!.,'!$%35*2*&$(,'!
$%&%!;'(>&%+!>(:>/>'(/%A!',!+>+)'&*!/'!'(+'T*(?*!9!*=8'(/>?*R'!E.'!/'D>'(/'!',!
111C! +'! '(&*8:*! '(! ! .(! &%/',%! :'()8*/%! '(! ',! /'+*88%,,%! /'! :%&=')'(:>*+B! 7%8!
',,%A! )%/%+! ,%+! ','&'()%+! /',! :.88<:.,.&! ! e*(! /'! =,*(>D>:*8+'! 9! /'+*88%,,*8+'!
>()'8*:)>;*&'()'! '(! D.(:>@(! /',! )>=%! /'! :%&=')'(:>*+! E.'! E.'8*&%+! E.'!
*/E.>'8*(!(.'+)8%+!'+)./>*()'+B!
4*!';*,.*:>@(!'+!.(%!/'!,%+!','&'()%+!:,*;'!/',!:.88<:.,.&A!=%8!,%!E.'A!'(!:%()>(.*!
>()'88',*:>@(! :%(! ',! 8'+)%A! /'P'! >8! '(:*&>(*/*! *! =%('8! /'! &*(>D>'+)%! ',! ,%-8%! /'!
:%&=')'(:>*+! =8';>*&'()'! /')'8&>(*/*+B! 7%8! ',,%A! *,! =,*(>D>:*8! ,*+! :%&=')'(:>*+!
E.'! E.'8'&%+! E.'! /'+*88%,,'(! (.'+)8%+! '+)./>*()'+A! (%! +@,%! /'P'&%+! ='(+*8! '(!
:@&%!'(+'T*8,*+A!+>(%!)*&P>a(!'(!:@&%!';*,.*8,*+B!
4*!';*,.*:>@(!,*!'()'(/'&%+!:%&%!.(!=8%:'+%!+>+)'&S)>:%A!>()'(:>%(*,!9!:%()>(.%!
/'! 8':%->/*! /'! >(D%8&*:>@(A! *(S,>+>+A! >()'8=8')*:>@(! 9! ;*,%8*:>@(! /'! ,*! &>+&*A! '(!
P*+'! *! :8>)'8>%+A! E.'! :%(/.?:*(! *! .(*! )%&*! /'! /':>+>%('+! '(! 8',*:>@(! *,! %PR')%!
';*,.*/%B! Ç+)*! (%! :%(+)>).9'! .(*! )*8'*! *! 8'*,>?*8! *,! &*8-'(! /'! ,%+! =8%:'+%+!
'/.:*)>;%+A!+>(%!E.'!'+!.(*!*:)>;>/*/!>()'-8*/*!'(!,*!&>+&*!*::>@(!/%:'()'!E.'!+'!
,,';*! *! :*P%! /'()8%! /'! .(! :>:,%! *,! E.'! /'(%&>(*&%+! ^?#$&%* ,+* #2.+5/+2$#:2*
+,-$).#/)7A! '(! ',! E.'! +'! :%&P>(*(! )*8'*+! /'! =,*(>D>:*:>@(A! 'R':.:>@(! 9! ';*,.*:>@(!
Gd*8:<*!C*(?A!VWW[HB!
!
!
b"!
!
!
Contexto ecológico
!
!
!
!
!
!
!
Evaluación de
necesidades
Metaevaluación
Ciclo de
intervención
socioeducativa
Diseño del
programa
Resultados
Pto. partida
Eval. sumativa
Evaluación
inicial
Aplicación
Eval. formativa
`>-.8*!^B!$>:,%!/'!>()'8;'(:>@(!'/.:*)>;*!
!
$%&%! +'! =.'/'! *=8':>*8! '(! ,*! D>-.8*! ^A! ,*! ';*,.*:>@(! '+)S! =8'+'()'! '(!
=8S:)>:*&'()'!)%/*+!,*+!D*+'+!/'!'+)'!:>:,%!/'!>()'8;'(:>@(!'/.:*)>;*!E.'A!*=,>:*/%!
*,!S&P>)%!.(>;'8+>)*8>%A!:%&>'(?*!=%8!.(*!';*,.*:>@(!/'!(':'+>/*/'+A!'(!,*!E.'!+'!
*(*,>?*(! ,*+! :*8'(:>*+! /'! D%8&*:>@(! /'! .(! /')'8&>(*/%! :%()'F)%! 9! ',! ='8D>,!
=8%D'+>%(*,! /',! )>).,*/%! E.'! +'! E.>'8'! D%8&*8B! C'-.>/*&'()'! +'! ',*P%8*! ',! =,*(!
/%:'()'! /'! ,*! )>).,*:>@(! i-.<*! /'! ,*! )>).,*:>@(iA! '(! ',! E.'! +'! >(:,.9'(! ,*+! -.<*+!
/%:'()'+! /'! )%/*+! ,*+! *+>-(*).8*+B! Q()'+! /'! :%&'(?*8! *! >&=*8)>8! a+)*+A! +'! /'P'!
8'*,>?*8!.(*!';*,.*:>@(!>(>:>*,A!'(!,*!E.'!+'!*(*,>?*!,*!>/%('>/*/!/',!/>+'T%!/'!,*+!
-.<*+!9!',!(>;',!/'!:%(%:>&>'()%+!=8';>%+!/'!,%+!'+)./>*()'+B!2.8*()'!',!/'+*88%,,%!
/'! ,*+! *+>-(*).8*+! +'! 8'*,>?*! .(*! ';*,.*:>@(! D%8&*)>;*A! '(! ,*! E.'! +'! ;*(!
&%/>D>:*(/%A!&'/>*()'!=8%:'+%+!/'!8')8%*,>&'()*:>@(A!)%/%+!*E.',,%+!*+=':)%+!E.'!
(%!'+)S(!D.(:>%(*(/%B!$%(:,.>/*!,*!*+>-(*).8*A!+'!8'*,>?*!.(*!';*,.*:>@(!+.&*)>;*!
'(!,*!E.'!+'!'+)./>*(!,%+!8'+.,)*/%+!%P)'(>/%+B!`>(*,&'()'A!=.'/'!8'*,>?*8+'!,%!E.'!
+'! /'(%&>(*! ,*! &')*';*,.*:>@(! /'! ,*! &*)'8>*A! &'/>*()'! ,*! :.*,! +'! ,,';*! *! :*P%! ,*!
';*,.*:>@(! /'! )%/%! ',! =8%:'+%! ';*,.*)>;%! '&=8'(/>/%! 9A! )%/%! ',,%A! )'(>'(/%! '(!
:.'()*! ,%! E.'! /'(%&>(*&%+! ',! :%()'F)%! ':%,@->:%! '(! ',! E.'! +'! /'+*88%,,*! ,*!
>()'8;'(:>@(! '/.:*)>;*A! '+! /':>8! ,*+! :%(/>:>%('+! +%:>*,'+A! :.,).8*,'+A! ':%(@&>:*+A!
=%,<)>:*+A!'):BA!E.'!'(;.',;'(!,%+!=8%:'+%+!'/.:*)>;%+B!
2'!*:.'8/%!:%(!N*)'%!GVWWbHA!'(!',!(.';%!&%/',%!E.'!=8%=.-(*!,*!$%(;'8-'(:>*!
1.8%='*A! ',! =8%:'+%! ';*,.*)>;%! /'P'! *=%8)*8! >(D%8&*:>@(! =8%;'(>'()'! /'! ,*+!
%P+'8;*:>%('+! />8':)*+! /'! ,*+! 'R':.:>%('+! 8'*,>?*/*+! =%8! ,%+! '+)./>*()'+! 9! e*! /'!
'+)*8!%8>'()*/%A!(%!*!,*!8'=8%/.::>@(!/'!,*!8'+=.'+)*A!+>(%!*!,*!:%(+)8.::>@(!/'!,*!
&>+&*!&'/>*()'!8*?%('+!E.'!'F=,>E.'(!',!=%8!E.a!/'!/>:e*!8'+=.'+)*B!7*8*!',,%A!,*+!
*:)>;>/*/'+!';*,.*)>;*+!/'P'(!8'D,'R*8!*E.',,%+!:%()'(>/%+!+.R')%+!*!';*,.*:>@(!E.'!
+%(! ;'8/*/'8*&'()'! >&=%8)*()'+! =*8*! ',! *=8'(/>?*R'! /',! *,.&(*/%A! '+! /':>8A! ,%+!
E.'! =%('(! /'! &*(>D>'+)%! ,*! */E.>+>:>@(! /'! :%&=')'(:>*+A! *! ,*! ;'?! E.'! /'P'(!
:%(+)>).>8!.(*!e'88*&>'()*!/'!&'R%8*!/',!=8%=>%!*=8'(/>?*R'!9!/'!*=%9%!*,!=8%:'+%!
/'! '(+'T*(?*B! C'! )8*)*! /'! =*+*8! /'! .(*! ';*,.*:>@(! f/',! *=8'(/>?*R'h! *! .(*!
';*,.*:>@(!f=*8*!',!*=8'(/>?*R'h!G4@='?!7*+)%8A!VWWXHB!
7*8*! ,*! ';*,.*:>@(! 8'D'8>/*! *,! *=8'(/>?*R'! /'! ,%+! '+)./>*()'+! '+! (':'+*8>%! .)>,>?*8!
.(*! -8*(! ;*8>'/*/! /'! >(+)8.&'()%+! /'! 8':%->/*! /'! >(D%8&*:>@(! 9*! E.'A! :%&%!
e'&%+! &'(:>%(*/%A! ,*! &>+&*! (%! =.'/'! 8'/.:>8+'! *! :%&=8%P*8! .(*! +>&=,'!
8'=8%/.::>@(!/'!:%(%:>&>'()%+A!+>(%!E.'!e*!/'!+'8!:*=*?!/'!;*,%8*8!',!/'+*88%,,%!
!
!
bV!
/'!,*+!:%&=')'(:>*+!'F=,>:>)*/*+!9A!=%8!,%!)*()%A!=%('8!/'!&*(>D>'+)%!E.a!+*P'(!,%+!
*,.&(%+A!E.a!+*P'(!e*:'8!9!:@&%!+*P'(!+'8!9!'+)*8B!1(!'+)'!+'()>/%A!',!'F*&'(!(%!
=.'/'! :%(+)>).>8! ',! _(>:%! &'/>%! =*8*! ;*,%8*8! ',! *=8'(/>?*R'A! +>(%! E.'! a+)'! =.'/'!
:%(;>;>8!:%(!%)8%+!=8%:'/>&>'()%+B!1,,%!:%()8>P.>8S!*!E.'!,%+!'+)./>*()'+A!*/'&S+!
/'! =%('8! /'! &*(>D>'+)%! ,%! E.'! e*(! *=8'(/>/%A! ,%! /'&.'+)8'(! /'! &%/%! 'D>:>'()'B!
5-.*,&'()'A! '+! D.(/*&'()*,! E.'! ',! *,.&(%! 8'D,'F>%('! *:'8:*! /'! ,%! E.'! e*!
*=8'(/>/%! &'/>*()'! =8%:'+%+! &')*:%-(>)>;%+! i:%(%:>&>'()%! /',! :%(%:>&>'()%i!
E.'!,'!='8&>)*(!)%&*8!:%(:>'(:>*!/'!,%!E.'!+*P'!9!/'!,%!E.'!+*P'!e*:'8B!!
7%8!%)8*!=*8)'A!'+!*:%(+'R*P,'!,*!.)>,>?*:>@(!/'!=8%:'/>&>'()%+!/'!*.)%';*,.*:>@(A!
';*,.*:>@(! 8':<=8%:*! '()8'! '+)./>*()'+! ! 9! :%';*,.*:>@(! '()8'! =8%D'+%8*/%! 9!
*,.&(*/%B!c%/%!',,%!8'D'8>/%!)*()%!*,!)8*P*R%!>(/>;>/.*,!:%&%!-8.=*,B!
C'*(! :.*,'+! D.'8'(! ,%+! =8%:'/>&>'()%+! /'! ';*,.*:>@(! *! .)>,>?*8A! '(! ,*+! -.<*+!
/%:'()'+! /'! ,*+! *+>-(*).8*+! )>'('! E.'! 'F=,>:>)*8+'! ,*! =%(/'8*:>@(! /'! :*/*! .(%! /'!
,%+! >(+)8.&'()%+! /'! ';*,.*:>@(A! '+! /':>8A! (%! '+! +.D>:>'()'! :%(! +'T*,*8! E.'! *! ,%+!
'+)./>*()'+! +'! ,'+! ;*! *! ';*,.*8! :%(! .(! 'F*&'(! 9! E.'! .(! /')'8&>(*/%! )8*P*R%A!
>(:,.+%! ,*! *+>+)'(:>*! 9! =*8)>:>=*:>@(! '(! :,*+'A! =.'/'! +.P>8! %! P*R*8! ,*! :*,>D>:*:>@(B!
Z':%8/'&%+!E.'!,%+!'+)./>*()'+!_(>:*&'()'!)8*P*R*(!9!;*,%8*(!*E.',,%!E.'!+*P'(!
E.'!,'+!;*!*!8'='8:.)>8!/'!.(*!D%8&*!'F=,<:>)*!'(!+.!';*,.*:>@(!D>(*,B!5-.*,&'()'A!',!
=8%D'+%8*/%! /'P'8S! '+=':>D>:*8! :,*8*&'()'! '(! '+)'! *=*8)*/%! /'! ';*,.*:>@(! /'! ,*+!
-.<*+!/%:'()'+!:.S,'+!+%(!,%+!:8>)'8>%+!/'!:*,>/*/!E.'!+'!;*(!*!)%&*8!:%&%!=.()%!
/'!8'D'8'(:>*!/'()8%!/'!:*/*!>(+)8.&'()%!/'!';*,.*:>@(!=*8*!;*,%8*8!',!/'+*88%,,%!
/'! ,*+! :%&=')'(:>*+! '(! ,%+! '+)./>*()'+B! 1+! :%(;'(>'()'! E.'! />:e%+! :8>)'8>%+! /'!
:*,>/*/! +'*(! :%(+'(+.*/%+! '()8'! =8%D'+%8'+! 9! *,.&(%+A! /'P'(! '+)*8! :,*8*&'()'!
D%8&.,*/%+! 9! 8':%-'8! /'! D%8&*! ;S,>/*! 9! D>*P,'! *E.',,%+! *+=':)%+! E.'A! /'! D%8&*!
8',';*()'A! +%(! :*=*:'+! /'! =%('8! /'! &*(>D>'+)%! ,*! :*()>/*/! 9! :*,>/*/! /'! ,%+!
*=8'(/>?*R'+!E.'!+'!e*(!*/E.>8>/%!'(!8',*:>@(!:%(!,*+!:%&=')'(:>*+!*!/'+*88%,,*8B!
4%+! :8>)'8>%+! /'! :*,>/*/! ;*(! *! -.>*8! *,! =8%D'+%8! '(! ',! =8%:'+%! /'! ';*,.*:>@(! /',!
*,.&(*/%A! ='8%! ',! =*=',! &S+! >&=%8)*()'! ,%! */E.>'8'(! '(! ,*! &'/>/*! E.'! ,%+!
'+)./>*()'+!;*(!*!+*P'8!'(!P*+'!*!E.a!;*(!*!+'8!';*,.*/%+A!,%!:.*,!;*!*!*9./*8!'(!',!
=8%:'+%! /'! *.)%';*,.*:>@(! 9! ';*,.*:>@(! 8':<=8%:*! *! ,%+! E.'! (%+! e'&%+! 8'D'8>/%!
*()'8>%8&'()'B!
1(! ,*! D>-.8*! #! +'! =8'+'()*(! *,-.(*+! )a:(>:*+! '! >(+)8.&'()%+! /'! 8':%->/*! /'!
>(D%8&*:>@(! E.'! 8'+.,)*(! */':.*/%+! =*8*! ';*,.*8! ',! ,%-8%! /'! />D'8'()'+! )>=%+! /'!
:%&=')'(:>*+B!
!
!
!
!
Portafolios
!
!
Simulaciones
Trabajos
Exposiciones
(Escalas observación)
Instrumentos
de recogida de
información
Entrevistas
(Registros)
(Escalas observación)
!
!
Pruebas físicas
Examen
(Escalas observación)
!
`>-.8*!#B!5(+)8.&'()%+!=*8*!,*!';*,.*:>@(!
!
!
b[!
*.!*U,3*&!
1,!'F*&'(!'+!',!>(+)8.&'()%!/'!';*,.*:>@(!&S+!:%(%:>/%!9!.)>,>?*/%!=*8*!';*,.*8!
',! *=8'(/>?*R'! /'! ,%+! '+)./>*()'+! '(! ,*! .(>;'8+>/*/! '(! +.+! />+)>()*+! &%/*,>/*/'+0!
%8*,!%!'+:8>)%A!*P>'8)%!%!:'88*/%!9!)'@8>:%!%!=8S:)>:%B!4*!:%(;'8-'(:>*!'.8%='*!(%!
>&=,>:*!,*!/'+*=*8>:>@(!)%)*,!/'!'+)'!=8%:'/>&>'()%!/'!';*,.*:>@(A!='8%!',!'F*&'(!
'+! .(! >(+)8.&'()%! .)>,>?*/%! D.(/*&'()*,&'()'! =*8*! ';*,.*8! :%(:'=)%+! 9! *,-_(!
=8%:'/>&>'()%A! =%8! ,%! E.'! ,*+! :%&=')'(:>*+! :%(! .(! *,)%! :%&=%('()'! '(!
e*P>,>/*/'+A! /'+)8'?*+! 9t%! *:)>)./'+! e*(! /'! ';*,.*8+'! :%(! %)8%+! >(+)8.&'()%+! /'!
8':%->/*!/'!>(D%8&*:>@(B!
!
5+8*/,'!)*!*k*$8$(7&!5+l$2($,!
C%(!=8%:'/>&>'()%+!*!)8*;a+!/'!,%+!:.*,'+!,%+!'+)./>*()'+!/'&.'+)8*(!/'!&*('8*!
=8S:)>:*! ',! ,%-8%! /'! :%&=')'(:>*+! &'/>*()'! ,*! 8'*,>?*:>@(! /'! .(*! /')'8&>(*/*!
*:)>;>/*/! %! )*8'*B! Q! )8*;a+! /'! ,*+! &>+&*+! +'! ';*,_*(! e*P>,>/*/'+! 9! /'+)8'?*+!
&*(.*,'+A!)':(%,@->:*+A!D<+>:*+A!*8)<+)>:*+A!:>'()<D>:*+A!'):BA!9!+'!*=,>:*(!=*8*!/')':)*8!
,*!'D>:*:>*!'(!',!/'+*88%,,%!/'!*:)>;>/*/'+!8'*,'+B!1+)'!)>=%!/'!=8.'P*+!=8%&.';'(!,*!
:%(+)8.::>@(!/',!:%(%:>&>'()%!'(!,.-*8!/'!,*!8'=')>:>@(A!*+<!:%&%!,*!8'+%,.:>@(!/'!
=8%P,'&*+!9!,*!:8'*)>;>/*/B!
4*! :%&=8%P*:>@(! /',! (>;',! /'! :%&=')'(:>*! *,:*(?*/*! =*8*! 'R':.)*8! .(*!
/')'8&>(*/*! )*8'*! e*! /'! )'('8! '(! :.'()*! )*()%! ',! =8%:'+%! %! +':.'(:>*! /'! =*+%+!
(':'+*8>%! =*8*! 8'*,>?*8,*A! :%&%! ',! =8%/.:)%! D>(*,! E.'! +'! %P)>'('A! )'(>'(/%! '(!
:.'()*! E.'! (%! 'F>+)'! .(*! _(>:*! D%8&*! /'! 8'+%,.:>@(! 9! E.'! ,%+! 8'+.,)*/%+! =.'/'(!
+'8!'+)*P,'+!'(!',!)>'&=%!%!/'!*=8':>*:>@(!&%&'()S('*B!
!
.%'!2+,/,k%'!
4%+! )8*P*R%+! ;*8>%+! i/'! >(;'+)>-*:>@(A! /'! 8'D,'F>@(A! =8%9':)%+A! >(D%8&'+A! '):Bi!
:%(+)>).9'(!.(!=8%:'/>&>'()%!&.9!*/':.*/%!=*8*!=%('8!'(!=8S:)>:*!,%!E.'!+'!e*!
*=8'(/>/%A! '+! /':>8! 8'D,'R*(! P*+)*()'! *:'8)*/*&'()'! ',! +*P'8! e*:'8! /'! ,%+!
'+)./>*()'+B!Q/'&S+A!+>!',!)8*P*R%!+'!8'*,>?*!'(!='E.'T%+!-8.=%+!9!+'!+%,>:>)*!.(*!
*.)%';*,.*:>@(! -8.=*,! /',! )8*P*R%A! *+<! :%&%! .(*! *.)%';*,.*:>@(! >(/>;>/.*,A! '(!
D.(:>@(!/'!,*!*=%8)*:>@(!/'!:*/*!*,.&(%A!9!.(*!';*,.*:>@(!8':<=8%:*!8'*,>?*/*!=%8!
:*/*!&>'&P8%!/',!-8.=%!/>8>->/*!*,!8'+)%A!,*!8'*,>?*:>@(!/',!)8*P*R%!'(!:.'+)>@(!;*!*!
='8&>)>8!';*,.*8!)*&P>a(!',!+*P'8!+'8!9!'+)*8!/'!,%+!'+)./>*()'+A!9*!E.'!,*!'R':.:>@(!
/'! />:e%! )8*P*R%! *+<! '()'(/>/*! =%('! /'! &*(>D>'+)%! ',! /'+*88%,,%! /'! *,-.(*+!
:%&=')'(:>*+! :%(! .(! *,)%! :%&=%('()'! *:)>)./>(*,! '! >(:,.</*+! /'()8%! /'! ,*+!
:%&=')'(:>*+! -'(a8>:*+! %! )8*(+;'8+*,'+! :%&%! +%(0! ,*+! 8',*:>%('+! >()'8='8+%(*,'+A!
',! )8*P*R%! '(! 'E.>=%A! ,*! :*=*:>/*/! /'! >()'-8*:>@(A! ,*! 8'+%,.:>@(! /'! =8%P,'&*+A! ,*!
)%&*!/'!/':>+>%('+A!',!:%&=8%&>+%!a)>:%A!,*!>(>:>*)>;*!9!',!'+=<8>).!'&=8'(/'/%8A!,*!
:*=*:>/*/!:8<)>:*!9!*.)%:8<)>:*A!'):B!
!
.,'!*U5%'($(%&*'!
4*+! 'F=%+>:>%('+! >(/>;>/.*,'+! %! -8.=*,'+! :%(+)>).9'(! .(! */':.*/%! :%&=,'&'()%!
/'!,%+!)8*P*R%+!'+:8>)%+B!1(!',,*+!,%+!'+)./>*()'+!=.'/'(!/'&%+)8*8!+.!:*=*:>/*/!/'!
:%&.(>:*:>@(!%8*,A!*/'&S+!/'!,*!'+:8>)*!9*!=.'+)*!/'!&*(>D>'+)%!'(!,*!8'/*::>@(!/',!
)8*P*R%B! N'/>*()'! ,*+! 'F=%+>:>%('+A! ',! *,.&(*/%! /'&.'+)8*! +.! :*=*:>/*/! =*8*!
!
!
b\!
e*P,*8! '(! =_P,>:%A! ;'(:>'(/%! +.! )>&>/'?! 9! &>'/%! *,! 8>/<:.,%B! Q/'&S+A! :%(+)>).9'(!
.(*!%=%8).(>/*/!=*8*!,%+!'+)./>*()'+!=*8*!=%('8!/'!&*(>D>'+)%!+.!:%&=')'(:>*!'(!
',! &*('R%! /'! ,*+! c5$A! *+<! :%&%! ,*! :*=*:>/*/! /'! =,*(>D>:*:>@(! 9! %8-*(>?*:>@(! /',!
)>'&=%B! 1+! &.9! :%(;'(>'()'! E.'! )8*+! ,*! 'F=%+>:>@(! /'! :*/*! *,.&(%! %! -8.=%! /'!
*,.&(%+A!+'!%)%8-.'!.(!)>'&=%!=*8*!E.'A!)*()%!',!=8%D'+%8!:%&%!',!8'+)%!/'!,*!:,*+'!
=.'/*(! 8'*,>?*8! =8'-.()*+! %! :.*()*+! :%(+>/'8*:>%('+! E.>'8*(! 'D':).*8! *:'8:*! /',!
)8*P*R%! 'F=.'+)%B! 1,,%! ='8&>)>8S! ';*,.*8! )*&P>a(! ,*! :*=*:>/*/! /'! 8'+=.'+)*! /'!
E.>'('+! 'F=%('(! i=%(>'(/%! /'! &*(>D>'+)%! +.! -8*/%! /'! =8%D.(/>?*:>@(! '(! ,%+!
:%()'(>/%+! 'F=.'+)%+i! *+<! :%&%! ,*! :*=*:>/*/! /'! *:'=)*:>@(! /'! ,*+! :8<)>:*+!
'D':).*/*+B!
!
.,'!'(38.,$(%&*'!
4*+! +>&.,*:>%('+! =.'/'(! .)>,>?*8+'! )*()%! :%&%! '+)8*)'->*! &')%/%,@->:*! =*8*! ',!
*=8'(/>?*R'! :%&%! )a:(>:*! =*8*! ,*! ';*,.*:>@(B! $%(+)>).9'(! ',! =8%:'/>&>'()%! &S+!
*/':.*/%!=*8*!*/E.>8>8!.(!:%&=8%&>+%!/>8':)%!:%(!,*!>/'()>/*/A!/'+*88%,,%!9!a)>:*!
=8%D'+>%(*,B!1(!',!S&P>)%!/'!,*!'/.:*:>@(!+.','(!*=,>:*8+'!&'/>*()'!.(!8%,i=,*9>(-!
'(!/%(/'A!:%&%!+.!=8%=>%!(%&P8'!>(/>:*A!:*/*!.(%!/'!,%+!=*8)>:>=*()'+!*/E.>'8'!
.(! 8%,! E.'! +'! :%88'+=%(/'! :%(! ,*! ;>/*! =8%D'+>%(*,! 8'*,B! Z'*,>?S(/%+'! /'! &%/%!
=*8':>/%! *! :%&%! +'! e*! &'(:>%(*/%! '(! ,*+! 'F=%+>:>%('+A! ,*+! +>&.,*:>%('+! =.'/'(!
*9./*8! *! */E.>8>8! 9! *! =%('8! /'! &*(>D>'+)%! ',! /'+*88%,,%! /'! :*+>! )%/*+! ,*+!
:%&=')'(:>*+! &'(:>%(*/*+A! 8'*,>?*(/%! .(! &*9%8! *:'8:*&>'()%! *,! E.'e*:'8!
:%)>/>*(%!=8%D'+>%(*,!8'*,B!
L*9! E.'! )'('8! '(! :.'()*! E.'! ',! 'F*&'(! 9! ,%+! )8*P*R%+! +%(A! =%8! +<! &>+&%+A!
>(+)8.&'()%+!/'!8':%->/*!/'!>(D%8&*:>@(!=*8*!,*!';*,.*:>@(A!='8%!,*+!=8.'P*+!/'!
'R':.:>@(!=8S:)>:*A!,*+!'F=%+>:>%('+!9!,*+!+>&.,*:>%('+!+%(!)a:(>:*+!E.'!(':'+>)*(!
/'!*,-_(!)>=%!/'!8'->+)8%!=*8*!=,*+&*8!,*!>(D%8&*:>@(!E.'!=8%=%8:>%(*(B!Q/'&S+!
/'!,*+!-8*P*:>%('+A!=*8*!8'->+)8*8!/>:e*!>(D%8&*:>@(!'+!&.9!'D>:*?!',*P%8*8!*,-_(!
>(+)8.&'()%!>(:,.>/%!/'()8%!/'!,*+!)a:(>:*+!/'!%P+'8;*:>@(!/'!(*).8*,'?*!:'88*/*!
:%&%!=.'/'!+'8!.(*!,>+)*!/'!:%()8%,!%!.(*!'+:*,*!/'!'+)>&*:>@(!(.&a8>:*!%!-8SD>:*B!!
!
.,!*&2+*6('2,!
4*+! '()8';>+)*+! >(/>;>/.*,'+! %! -8.=*,'+! :%(+)>).9'(! .(*! )a:(>:*! &.9! ! */':.*/*!
=*8*!.)>,>?*8!:%(!,%+!'+)./>*()'+!'(!,*!(.';*!&%/*,>/*/!/'!+'+>@(!>()8%/.:>/*!=%8!
,*! :%(;'8-'(:>*! '.8%='*0! ,*! ).)%8<*! *:*/a&>:*! =8'+'(:>*,B! 1(! ,*+! '()8';>+)*+! ',!
=8%D'+%8! :%(;'8+*! :*8*! *! :*8*! :%(! ,%+! '+)./>*()'+A! /'! D%8&*! >(/>;>/.*,! %! '(!
='E.'T%+! -8.=%+A! :%(! .(*! /')'8&>(*/*! >()'(:>@(B! c'(>'(/%! '(! :.'()*! E.'! ,*!
).)%8<*! *:*/a&>:*! +'! 8'*,>?*! D.(/*&'()*,&'()'! =*8*! 8'*,>?*8! .(! +'-.>&>'()%! /',!
)8*P*R%! 9! ',! *=8'(/>?*R'! */E.>8>/%! =%8! ,%+! '+)./>*()'+A! ,*! >(D%8&*:>@(! 8':%->/*!
&'/>*()'! ,*+! '()8';>+)*+! ;*! *! ='8&>)>8A! &'/>*()'! =8%:'+%+! /'! 8')8%*,>&'()*:>@(A!
8'%8>'()*8! ',! )8*P*R%! 8'*,>?*/%A! D*:>,>)*(/%! :%(! ',,%! ',! *=8'(/>?*R'! 9A! =%8! )*()%A! ',!
/'+*88%,,%!/'!:%&=')'(:>*+B!!
Q,!>-.*,!E.'!&'(:>%(SP*&%+!*,!8'D'8>8(%+!*!,*+!=8.'P*+!/'!'R':.:>@(!=8S:)>:*A!,*+!
'F=%+>:>%('+! 9! ,*+! +>&.,*:>%('+A! ,*! '()8';>+)*! (':'+>)*! /'! .(! >(+)8.&'()%! E.'!
='8&>)*! 8':%-'8! ,*! >(D%8&*:>@(! -'('8*/*! /.8*()'! ,*! &>+&*B! 7.'/'! .)>,>?*8+'! ,*!
-8*P*:>@(!'(!*./>%!%!'(!;>/'%A!='8%!'+)%!(%!+>'&=8'!'+!=%+>P,'A!=%8!,%!E.'!)*&P>a(!
'(!'+)'!:*+%!+'!e*:'!(':'+*8>*!,*!',*P%8*:>@(!=8';>*!/'!.(*!,>+)*!/'!:%()8%,!%!.(*!
!
!
b^!
'+:*,*! /'! '+)>&*:>@(! i=%8! 'R'&=,%i! =*8*! 8'->+)8*8! /'! D%8&*! +>+)'&S)>:*! ,*!
>(D%8&*:>@(!=8%=%8:>%(*/*!'(!P*+'!*!,*!D>(*,>/*/!/'!,*!'()8';>+)*B!1(!,*!D>-.8*!b!+'!
=8'+'()*!.(!'R'&=,%!+'(:>,,%!/'!8'->+)8%!/'!'()8';>+)*B!
!
!
!
!
!
!
!
REGISTRO DE ENTREVISTA
Fecha: ...................................
Estudiante/grupo: ...................................................................
Temática ...................................................................
Objetivos conseguidos:
1. .............................................
2. .............................................
Objetivos por conseguir:
1. .............................................
2. .............................................
!
Dificultades encontradas: ...............................................
Observaciones: ...............................................................
!
`>-.8*!bB!1R'&=,%!8'->+)8%!/'!'()8';>+)*!
!
*.!5%+2,-%.(%'!
1,! =%8)*D%,>%+! '+! :%(+>/'8*/%! :%&%! ,*! e'88*&>'()*! /'! -'+)>@(! >()'-8*,! &S+!
>&=%8)*()'! /'! ,*! E.'! />+=%('&%+! '(! ,%+! :%()'F)%+! '/.:*)>;%+! '(! ,*! *:).*,>/*/!
GN*)'%A!VWWbHB!7%8!,%!)*()%A!/'!)%/%+!,%+!>(+)8.&'()%+!&'(:>%(*/%+A!:%P8*!'+=':>*,!
8',';*(:>*!=*8*!+'8!.)>,>?*/%!'(!'+)'!(.';%!'+=*:>%!/'!'/.:*:>@(!+.='8>%8B!7.'/'!
/'D>(>8+'! :%&%! ',! :%(R.()%! /'! )8*P*R%+! 'D':).*/%+! =%8! ',! '+)./>*()'! /.8*()'! +.!
=8%:'+%! /'! *=8'(/>?*R'! :%(! ,%+! E.'! =.'/'! >/'()>D>:*8A! 'F=8'+*8! 9! ';*,.*8! +.+!
/>D>:.,)*/'+A! /'+)8'?*+A! e*P>,>/*/'+! 9! :*8'(:>*+A! /'&%+)8*(/%! ,%+! *=8'(/>?*R'+!
*/E.>8>/%+B! 2'! *:.'8/%! :%(! N*8)<('?! C'-.8*! GVWWXHA! :%(+)>).9'! .(! >&=%8)*()'!
;<(:.,%!:%&.(>:*)>;%!'()8'!=8%D'+%8*/%!9!*,.&(*/%A!=%)'(:>*!',!=8%)*-%(>+&%!/'!
a+)'A! :%()8>P.9'! *,! /'+*88%,,%! /'! :%&=')'(:>*+! 9! =8%=>:>*! ',! =*=',! /'! -.<*! /',!
=8%D'+%8*/%B!!
1,! =%8)*D%,>%+A! .)>,>?*/%! /'! D%8&*! &*(.*,! %! />->)*,A! :%(+)>).9'! =.'+! .(*!
e'88*&>'()*!(%!+@,%!=*8*!,*!';*,.*:>@(!+>(%!)*&P>a(!=*8*!',!*=8'(/>?*R'A!/%(/'!,%+!
'+)./>*()'+! +.','(! >(:,.>8A! */'&S+! /'! ,*! D':e*A! ',! )<).,%! /'! ,*! *:)>;>/*/! 9! ,%+!
:%&=%('()'+! /',! -8.=%A! ,%+! :%(%:>&>'()%+! =8';>%+! E.'! )>'('(! +%P8'! ,*! &>+&*A! ,*!
=8%=>*!'R':.:>@(!/'!,*!*:)>;>/*/A!.(*!;*,%8*:>@(!/'!,*!&>+&*A!8'D,'F>%(*(/%!*:'8:*!
/'! ,*+! *=%8)*:>%('+! 9! ,*+! />D>:.,)*/'+! '(:%()8*/*+! 9! ',! )>'&=%! /'! 8'*,>?*:>@(! /'!
/>:e*! *:)>;>/*/B! 7%8! ,%! )*()%A! ,*! .)>,>?*:>@(! /',! =%8)*D%,>%+! 8'E.>'8'! ,*! ',*P%8*:>@(!
/'! .(! =,*(! /'! *:)>;>/*/'+! ='8D':)*&'()'! &%/.,*/*+! /'! *:.'8/%! :%(! ,*+!
:%&=')'(:>*+!*!/'+*88%,,*8!/'()8%!/'!,*!*+>-(*).8*B!
!
$%&$.8'(%&*'!
7*8*! :%(:,.>8! '+)*! *=%8)*:>@(A! E.>'8%! 8'+*,)*8! ,*! >&=%8)*(:>*! /'! .(*! */':.*/*!
=,*(>D>:*:>@(! /'! ,%+! =8%:'+%+! '/.:*)>;%+! 9! /'! E.'! a+)*! +'! 8'*,>:'! /'! &*('8*!
:%%8/>(*/*B! 2'+=.a+! /'! ,*! :%(:>'(:>*:>@(A! a+)'! =.'/'! +'8! ',! =8>&'8! =*+%! =*8*! ,*!
>((%;*:>@(B!4*!=,*(>D>:*:>@(!'Fe*.+)>;*!/'!,%!E.'!;*&%+!*!e*:'8!'(!8',*:>@(!*!.(*!
*+>-(*).8*! *9./*! )*()%! *,! =8%D'+%8*/%! :%&%! *,! *,.&(*/%! *! +*P'8! /@(/'! (%+!
!
!
b#!
'(:%()8*&%+!'(!:*/*!&%&'()%A!=%8!E.a!9!=*8*!E.a!+'!8'*,>?*(!*+<!,*+!:%+*+!9!/'!
E.a! &*('8*! +'! ;*(! *! ,%-8*8! ,%+! %PR')>;%+! 9! :%&=')'(:>*+! =8';>+)*+B! Q+>&>+&%A!
e*:'8!e>(:*=>a!'(!',!(.';%!&%/',%!:%&=')'(:>*,!'(!',!E.'!)%/%+!,%+!','&'()%+!/',!
:.88<:.,.&!->8*(!'(!)%8(%!*,!/'+*88%,,%!/'!:%&=')'(:>*+!=%8!=*8)'!/',!'+)./>*()'!9!
E.'! a+)'! =*+*! *! +'8! ',! ;'8/*/'8%! =8%)*-%(>+)*! '(! ,*! :%(+)8.::>@(! /'! +.+!
*=8'(/>?*R'+B!7%8!',,%!)'('8!:,*8%!',!:%(:'=)%!/'!:%&=')'(:>*A!,%+!/>+)>()%+!)>=%+!9!
+*P'8! D%8&.,*8,*+! :%(+)>).9'! ',! =8>&'8! =*+%! =*8*! =%/'8! ,,';*8! *! :*P%! .(*!
'(+'T*(?*! /'! :*,>/*/B! 2',! &>+&%! &%/%A! /'+)*:*8! E.'! ,*! ';*,.*:>@(! /'! ,%+!
'+)./>*()'+!e*!/'!'+)*8!%8>'()*/*!*!/'&%+)8*8!',!,%-8%!/'!:%&=')'(:>*+A!(%!+@,%!/'!
:%(%:>&>'()%+B! 1(! '+)'! +'()>/%A! e*9! E.'! :%(%:'8! 9! .)>,>?*8! ;*8>'/*/! /'!
>(+)8.&'()%+!/'!8':%->/*!/'!>(D%8&*:>@(A!'+)*P,':'8!,%+!:8>)'8>%+!/'!:*,>/*/!=*8*!
:*/*!.(%A!*+<!:%&%!+.!=%(/'8*:>@(A!/'!&*('8*!E.'!,%+!'+)./>*()'+!+'=*(!'(!P*+'!*!
E.a! +'! ,'+! ;*! *! ';*,.*8! 9! ',! ='+%! /'! :*/*! =8%:'/>&>'()%! '(! D.(:>@(! /'! ,*+!
:%&=')'(:>*+!*/E.>8>/*+B!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
/(/.(%0+,-1,!
Q,%(+%A!4B1BA!`'8(S(/'?A!$BjB!9!U9++'(A!jBNB!GVWWXHB!<&*,+M).+*"%M5+*&)"*$%63+.+2$#)"0*
12)* #2/+".#')$#:2* $-)&#.).#/)* +2* .%52%* )* &)* +,-$)$#:2* "-3+5#%5* 4* +&* 6+5$),%* ,+*
.5)M)a%*+2*<"3)=)0*N*/8>/0!QU1$QB!
QU1$Q! GVWW^HB! 8#M5%* [&)2$%* ,+&* .(.-&%* ,+* f5),%* +2* !+,)'%'()* 4* <,-$)$#:2* D%$#)&B!
e))=0ttOOOB*(':*B'+t*:)>;>(t/%:+t,>P8%P,*(:%K='/*-%->*"KW[W^B=/DB!
J>--+A!jB!GVWW\HB!?)&#,),*,+&*)35+2,#>)a+*-2#/+5"#.)5#%0*N*/8>/0!U*8:'*B!
J.(kA! dB7B! G"XX\HB! 4*! )8*(+&>+>@(! /'! ,*+! :%&=')'(:>*+! '(! ,*! D%8&*:>@(! 9!
='8D'::>%(*&>'()%! =8%D'+>%(*,'+! /'! ,*! Z`QB! ;+/#".)* <-5%3+)* ,+* O%56)$#:2*
!5%9+"#%2)&@*"A!gi"\B!
$*R>/'A!jB!GVWW\HB!?)&#,),*-2#/+5"#.)5#)*4*+63&+%0*N*/8>/0!29k>(+%(A!CB4B!
$%,S+A!7B!GVWW^HB!4*!D%8&*:>@(!.(>;'8+>)*8>*!'(!P*+'!*!:%&=')'(:>*+B!1(!7B!$%,S+!9!jB!
/'! 7*P,%+B! 8)* 12#/+5"#,),* +2* &)* 12#:2* <-5%3+)0* <&* <"3)$#%* <-5%3+%* ,+* <,-$)$#:2*
D-3+5#%5*4*"-*#63)$.%*+2*&)*,%$+2$#)0*G==B!"W"i"V[HB!NS,*-*0!Q,R>P'B!
$%,,>(+A!JB!GVWWbHB!7'8+=':)>;*+!/'!/>++'(9!*!,É!'/.:*)>@!='8!:%&=')'(:>*+B!7%('(:>*!
=8'+'()*/*! '(! ',! C>&=%+>%! 5()'8(*:>%(*,! %8-*(>?*/%! =8%! $5235A! J*8:',%(*0!
3(>;'8+>/*/!7%,>)a:(>:*!/'!$*)*,.T*B!
2',%8+A! jB! G"XX#HB! 8)* +,-$)$#:2* +2$#+55)* -2* .+"%5%0* N29%56+* )* &)* 1E<D?g* ,+* &)*
?%6#"#:2* N2.+52)$#%2)&* "%M5+* &)* <,-$)$#:2* 3)5)* +&* D#'&%* __N0!
e))=0ttOOOB.('+:%B%8-t!'/.:*)>%(t=/Dt214MZCKCB72`;B!
1:e';'88<*A!JB!GVWWVHB!d'+)>@(!/'!,*!:%&=')'(:>*!/'!*::>@(!=8%D'+>%(*,B!;+/#".)*,+*
N2/+".#')$#:2*<,-$).#/)*P;N<RA!VWG"HA!bi\[B!
`'8(S(/'?! Z%/8<-.'?A! 1B! GVWWXHB! Q=8'(/>?*R'! 'F='8>'(:>*,A! >(;'+)>-*:>@(i*::>@(! 9!
:8'*:>@(! %8-*(>?*:>%(*,! /'! +*P'8B! 4*! D%8&*:>@(! :%(:'P>/*! :%&%! .(*! ?%(*! /'!
>((%;*:>@(! =8%D'+>%(*,B! ;+/#".)* +&+$.5:2#$)* #2.+5-2#/+5"#.)5#)* ,+* 9%56)$#:2* ,+&*
35%9+"%5),%!
G;<NOg!RA!
"V!
G[HA!
[Xi^bB!
e))=0ttOOOB*.D%=B:%&t*.D%=t.=,%*/'/KD>,'+t*8)>:.,%+t!"V^\WWggVgB=/D!
d*,S(A! QB! GVWWbHB! <&* 3+59#&* ,+&* 35%9+"%5* -2#/+5"#.)5#%0* D#.-)$#:2* )$.-)&* 4* 5+.%"* ,+*
9-.-5%B!N*/8>/0!1/>:>%('+!1(:.'()8%B!
!
!
bb!
d*8:<*! C*(?A! NB7B! GVWW[HB! 8)* +/)&-)$#:2* ,+* 35%'5)6)"* +2* &)* #2.+5/+2$#:2*
"%$#%+,-$).#/)B!N.8:>*0!2BNB!
d*8:<*! C*(?A! NB7B! GVWWgHB! d.<*+! /%:'()'+! /'! *+>-(*).8*+! /'! d8*/%! '(! ',! 111CB!
M8>'()*:>%('+!=*8*!+.!',*P%8*:>@(B!N.8:>*0!1/>).&B!
d%(?S,'?A! jB! 9! I*-'(**8A! ZB! GVWW[HB! L-2#2'* <,-$).#%2)&* D.5-$.-5+"* #2* <-5%3+B!
3(>;'8+>/*/!/'!2'.+)%0!J>,P*%B!
d%T>A! jBNB! GVWW^HB! <&* +"3)$#%* +-5%3+%* ,+* +,-$)$#:2* "-3+5#%5@* -2* 5+.%* 3)5)* &)*
-2#/+5"#,),B!J*8:',%(*0!1/>:>%('+!M:)*'/8%B!
L'8(S(/'?!7>(*A!`B!GVWW#HB!$%&=')'(:>*+!9!*=8'(/>?*R'B!7%('(:>*!=8'+'()*/*!'(!',!
N* ?%2'5+"%* N2.+52)$#%2)&* ,+* !"#$%3+,)'%'()T* i6M#.%"* ,+* N2.+5/+2$#:2* ,+&*
!"#$%3+,)'%'%0!N',>,,*B!*
L'8(S(/'?!7>(*A!`BA!!N*8)<('?!$,*8'+A!7BA!!2*!`%(+':*!Z%+*8>%A!7B!9!Z.P>%!1+=<(A!NB!
GVWW^HB!U35+2,#>)a+@*$%63+.+2$#)"*4*5+2,#6#+2.%*+2*<,-$)$#:2*D-3+5#%5B!N*/8>/0!4*!
N.8*,,*B!
4BMB3B!GVWW"HB!8+4*g5'B2#$)*,+*12#/+5"#,),+"0*JM1!/'!V\!/'!/>:>'&P8'!/'!VWW"B!
4*+(>'8B!`B!GVWWWHB!;W-""#5*&)*9%56).#%2*3)5*$%63W.+2$+"0!N%()8'*,0!d.a8>(B!
4'!J%)'8DA!dB!GVWW"HB!N2'+2#+5()*,+*&)"*$%63+.+2$#)"0*J*8:',%(*0!d'+)>@(!VWWWB!
4a;9i4'P%9'8A! $B! GVWW[HB! f+".#:2* ,+* &)"* $%63+.+2$#)"0* ?:6%* )2)&#>)5&)"@* $:6%*
+/)&-)5&)"@*$:6%*,+")55%&&)5&)"0*J*8:',%(*0!d'+)>@(!VWWWB!
4@='?! 7*+)%8A! ]B! GVWWXHB! `.(/*&'()*:>@(! )'@8>:*! 9! 8';>+>@(! /',! '+)*/%! /'! ,*!
:.'+)>@(B! 1(! ]B! 4@='?! 7*+)%8! G:%%8/BHB! </)&-)$#:2* 9%56).#/)* 4* $%63)5.#,)* +2*
<,-$)$#:2*D-3+5#%5!G==B!\^i#\HB!N*/8>/0!U*8:'*B!
N*8)<(A! ZB! 9! 2'! j.*(*+A! QB! GVWWXHB! 4*! D%8&*:>@(! >(>:>*,! '(! :%&=')'(:>*+! ;*,%8*/*!
=%8! ,%+! &*'+)8%+! '(! *:)>;%B! ;+/#".)* +&+$.5:2#$)* #2.+5-2#/+5"#.)5#)* ,+* 9%56)$#:2* ,+&*
35%9+"%5),%!
G;<NOg!RA!
"V!
G[HA!
^Xi#XB!
e))=0ttOOOB*.D%=B:%&t*.D%=t.=,%*/'/KD>,'+t!*8)>:.,%+t"V^\\[^bXXB=/D!
N*8)<('?!C'-.8*A!NBjB!GVWWXHB!$%()'F).*,>?*:>@(!9!.+%!/',!=%8)*D%,>%+B!1(!N*8)<('?!
C'-.8*A! NBjB! G'/BHB* <&* 3%5.)9%&#%"* 3)5)* +&* )35+2,#>)a+* 4* &)* +/)&-)$#:2! G==B! V"i\gHB!
N.8:>*0!1/>).&B!
N*)'%A!jB!GVWWWHB!8)*+/)&-)$#:2*+,-$).#/)@*"-*35B$.#$)*4*%.5)"*6+.B9%5)"0*J*8:',%(*Y!
5$1i!L%8+%8>B!
N*)'%A! jB! GVWWbHB! 5()'8=8')*(/%! ,*! 8'*,>/*/A! :%(+)8.9'(/%! (.';*+! D%8&*+! /'!
:%(%:>&>'()%0!',!/'+*88%,,%!:%&=')'(:>*,!9!+.!';*,.*:>@(B!;+/#".)*,+*N2/+".#')$#:2*
<,-$).#/)*P;N<R@!V^!GVHA!^"[i^["B!
N%()*('8%A! NBA! N*)'%+A! ]B4BA! d@&'?A! ]B! 9! Q,'R%A! ZB! GVWW#HB! g5#+2.)$#%2+"* 3)5)* &)*
+&)M%5)$#:2* ,+&* 3&)2* ,%$+2.+* ,+* -2)* )"#'2).-5)B! 3(>;'8+>/*/! /'! 1F)8'&*/.8*B!
C'8;>:>%!/'!7.P,>:*:>%('+B!
7'88'(%./A!7B!GVWW\HB!A#+>*2-+/)"*$%63+.+2$#)"*3)5)*+2"+=)50*J*8:',%(*0!d8*%B!
Z'*,!2':8')%!"W\\tVWW[!/'!"!/'!*-%+)%B!GVWW[HB!JM1!/'!""!/'!+'=)>'&P8'!/'!VWW[B!
Z'*,!2':8')%!""V^tVWW[!/'!^!/'!+'=)>'&P8'B!GVWW[HB!JM1!/'!"g!/'!+'=)>'&P8'!/'!
VWW[B!
!
!
bg!
Z'*,!2':8')%!"[X[tVWWb!/'!VX!/'!%:).P8'B!GVWWbHB!JM1!/'!VX!/'!%:).P8'!/'!VWWbB!
Z%/8<-.'?! 2>a-.'?A! jB4B! GVWW\HB! 8)* 35%'5)6)$#:2* ,+* &)* +2"+=)2>)0* <&* ,#"+=%* 4* &)*
35%'5)6)$#:2*$%6%*$%63+.+2$#)"*,+&*35%9+"%5B!NS,*-*0!Q,R>P'B!
Z%/8<-.'?! 1+=>(*8A! CB! GVWW[HB! U.';%+! 8')%+! 9! '(D%E.'+! '(! ,*! D%8&*:>@(! /',!
=8%D'+%8*/%!.(>;'8+>)*8>%B!;+/#".)*,+*<,-$)$#:2A![["A!!#biXXB!
Z%/8<-.'?!N%8'(%A!NB4B!GVWW#HB!1;*,.*:>@(A!P*,*(:'!9!D%8&*:>@(!/'!:%&=')'(:>*+!
,*P%8*,'+!)8*(+;'8+*,'+B!J*8:',%(*0!4*'8)'+!1/.:*:>@(B!
Z.aA! jB! GVWWbHB! <2"+=)5* +2* &)* 12#/+5"#,),0* <&* <<<D* $%6%* 5+.%* 3)5)* &)* +,-$)$#:2*
"-3+5#%5B!N*/8>/0!U*8:'*B!
38'T*A!UBA!]*,,a+A!$B!9!Z.>?A!1B!GVWWXHB!4*!8'+=.'+)*!/',!*,.&(*/%!'(!,%+!=8%:'+%+!/'!
';*,.*:>@(! D%8&*)>;*! 9! :%&=*8)>/*B! 1(! ]B! 4@='?! 7*+)%8! G:%%8/BHB! </)&-)$#:2*
9%56).#/)*4*$%63)5.#,)*+2*<,-$)$#:2*D-3+5#%5!G==B!"W^i"VbHB!N*/8>/0!U*8:'*B!
*P*,*A! QB! 9! Q8(*.A! 4B! GVWWbHB! ""! >/'*+! :,*;'B! ?:6%* )35+2,+5* 4* +2"+=)5*
$%63+.+2$#)"0!J*8:',%(*0!d8*@B!
*P*,?*A!NBQB!GVWW[HB!?%63+.+2$#)"*,%$+2.+"*,+&*35%9+"%5),%*-2#/+5"#.)5#%0*?)&#,),*4*
,+")55%&&%*35%9+"#%2)&0*N*/8>/0!U*8:'*B!
!
!
!
!
!
bX!
!
!
gW!
!
!
!
!
!
mE8(F&!4,!-,.2,)%!4%_!,!$.,'*nT!.,'!3*2%)%.%01,'!
,$2(6,'!*&!*.!2128.%!)*!0+,)%!)*!*)8$,$(7&!(&-,&2(.!
!
!
3f>BJ:!6:LL=iC!+KB;!
3(>;'8+>/*/!/'!N.8:>*!
!
(&2+%)8$$(7&!
Q! )8*;a+! /'! '+)'! )8*P*R%A! e'&%+! )'(>/%! ,*! %=%8).(>/*/! /'! /',>P'8*8! +%P8'! ,*+!
D.(:>%('+!'&'8-'()'+!/'!=8%D'+%8*/%A!E.'!e*!=*+*/%!/'!+'8!.(!>(D%8&*()'!:,*;'A!
=*8*! :%(;'8)>8+'! '(! .(! &'/>*/%8A! .(! -.<*! %A! :%&%! />:'! j.,>%! 7*8/>,,*! '(! ',! P',,%!
=%'&*! /',! Je*-*;*/i->)*A! .(*! '+=':>'! /'! -.8_! E.'! %PR')*! /'! ,*! >(+)8.::>@(! /',!
:%(%:>&>'()%! *! D*;%8! /'! />+'T*8! (.';*+! +>).*:>%('+! /'! '(+'T*(?*i*=8'(/>?*R'! 9!
D*:>,>)*8!*!,%+!*,.&(%+!',!=8%:'+%!/'!%8-*(>?*:>@(!9!&*('R%!/',!:%(%:>&>'()%B!
Q/'&S+!/'!.(!=,*()'*&>'()%!)'@8>:%!+%P8'!'+)*!(.';*!8'*,>/*/!/%:'()'A!+'!*=%8)*(!
/*)%+!'F)8*</%+!/'!*,.&(%+!/',!=8>&'8!:.8+%!/',!d8*/%!/'!1/.:*:>@(!5(D*()>,!/'!,*!
3(>;'8+>/*/! /'! N.8:>*A! =8':>+*&'()'! =%8! e*P'8! +>/%! a+)'! ',! =8>&'8! *T%! '(!
>&=,*()*8+'! '+)'! (.';%! =,*(! /'! '+)./>%+A! +%P8'! ,*! .)>,>?*:>@(! /'! ,*+! &')%/%,%-<*+!
*:)>;*+!9!+.!='8:'=:>@(!+%P8'!,*+!&>+&*+B!
!
!
(&2+%)8$$(7&!
!
E),)*$)6M#)5B*+2*+,-$)$#:2@*
*2#*"#`-#+5)*$%2*.+$2%&%'()@*
*"#*35+/#)6+2.+*2%*"+*6%,#9#$)2*
*&%"*35%$+,#6#+2.%"*3+,)':'#$%"0*
[+&.5B2*8&+5B*
!
4*! *=*8'()'! 8';%,.:>@(! *:).*,! &%)>;*/*! =%8! ',! .+%! /'! (.';*+! &')%/%,%-<*+!
/%:'()'+A! =*8':'! (*:'8! :%(! ,*! >&=,*()*:>@(! /',! 1+=*:>%! 1.8%='%! /'! 1/.:*:>@(!
C.='8>%8! G111CHB! C>! P>'(! '+)*! *D>8&*:>@(! =./>'8*! =*8':'8! :%88':)*A! (%! '+! /',! )%/%!
:>'8)*B!o*!'(!',!*T%!"XX^A!',!>(D%8&'!2'*8>(-!G"XX^H!e*P,*!/',!+>-,%!rr5!:%&%!',!/'!
,*! +%:>'/*/! /',! *=8'(/>?*R'! :%()>(.%A! /%(/'! ,*! '(+'T*(?*! +.='8>%8! +'! e*P8<*! /'!
8'D%8?*8! -8*:>*+! *! ,%+! =,*('+! /'! :*,>/*/A! =./>'(/%! *+<! :%()8>P.>8! *,! /'+*88%,,%! /'!
.(*!+%:>'/*/!/'!*=8'(/>?*R'!'!>(;'+)>-*:>@(B!7%+)'8>%8&'()'A!'(!'+)*!&>+&*!,<('*A!
!
!
g"!
',! >(D%8&'! J8>:*,,! GVWWWH! =,*()'*! )8'+! D*:')*+! D.(/*&'()*,'+! '(! '+)*! &>+&*! ,<('*!
G:%(%:>&>'()%A!>((%;*:>@(!9!:*=*:>/*/!/'!*=8'(/>?*R'HB!1(!:%(:8')%A!'+)'!>(D%8&'!
8':%-'! E.'! +&* )-6+2.%* ,+&* 2b6+5%* ,+* /()"* ,+* )$$+"%* )* 2-+/%"* $%2%$#6#+2.%"*
$%,#9#$),%"* 4* +&* )-6+2.%* ,+* &)"* 6%,)&#,),+"* ,+* )35+2,#>)a+* P6-$V)"* ,+* +&&)"* )b2*
3%$%* +C3&%5),)"R* +"@* +2* +".+* $%2.+C.%* ,+* $)6M#%@* -2* 3%.+2$#)&* )* .+2+5* +2* $-+2.)*
G=B"WHB!
1+)*!8'*,>/*/!&*(>D>'+)*A!=,*()'*!,*!(':'+>/*/!/'!/'+*88%,,*8!:*&P>%+!=8%D.(/%+!9!
'+)8.:).8*,'+! '(! ,*+! >(+)>).:>%('+! '/.:*)>;*+A! =%(>'(/%! '(! :.'+)>@(! ',! &%/',%!
:,S+>:%! /'! >(+)>).:>@(! '+:%,*8A! +.+! D>('+A! +.+! &'/>%+A! +.+! :.88<:.,%+! 9! ,%+! 8%,'+!
/'+'&='T*/%+A!e*+)*!',!&%&'()%A!=%8!/%:'()'+!9!*,.&(%+B!
1(! '+)%! =8%:'+%! /'! :*&P>%A! ,*! 3(>@(! 1.8%='*! =,*()'*A! =%8! ;'?! =8>&'8*A! E.'! ',!
:.88<:.,%! >(:,.9*! .(*+! $%63+.+2$#)"* MB"#$)"! =*8*! D*:>,>)*8! ',! *=8'(/>?*R'!
='8&*('()'B!4*!4M1!G4'9!M8-S(>:*!VtVWW#!/'!1/.:*:>@(!v/'![!/'!&*9%H!'+)*P,':'!
E.'! /'+/'! ,*+! />+)>()*+! S8'*+! +'! /'P'! :%()8>P.>8! *! ,*! */E.>+>:>@(! 9! /'+*88%,,%! /'!
%:e%!:%&=')'(:>*+!PS+>:*+B!1+)*!>/'*!+'!'+)*P,':'!/'+/'!.(!'(D%E.'!>()'-8*/%8!'!
>()'8/>+:>=,>(*8A! E.'! :%()8>P.9'! *! )8*(+D%8&*8! ',! :%(:'=)%! )8*/>:>%(*,! /'!
'(+'T*(?*!P*+*/%!'(!,*!*/E.>+>:>@(!,>('*,!/'!:%(%:>&>'()%+A!e*:>*!',!:*&P>%!=%8!
.(! :%(:'=)%! /'! *=8'(/>?*R'! P*+*/%! '(! ,*! :*=*:>/*/! /',! =8%=>%! *,.&(%! =*8*!
8'+%,;'8! +>).*:>%('+! *! ,%! ,*8-%! /'! ,*! ;>/*B! 1+)*+! :%&=')'(:>*+* e*(! =*+*/%! *! +'8!
','&'()%+! >()'-8*()'+! /'! ,%+! (.';%+! :.88<:.,*! 9! *D':)*8S(! *! ,%+! />+)>()%+!
','&'()%+! E.'! :%(D%8&*(! ',! =8%:'+%! /'! '(+'T*(?*i*=8'(/>?*R'A! )*()%! '(! ,*!
=,*(>D>:*:>@(! :%&%! '(! ',! /'+*88%,,%! /'! ,*! =8S:)>:*! /%:'()'! /'! :*/*! .(*! /'! ,*+!
&*)'8>*+A! 9*! E.'! '+! '(! :*/*! .(*! /'! ',,*+! /%(/'! ',! *,.&(%! )>'('! E.'! */E.>8>8! ',!
/'+*88%,,%!/'!/>:e*+!:%&=')'(:>*+!*()'+!/'!D>(*,>?*8!,*!'(+'T*(?*!%P,>-*)%8>*B!Q+<A!
,*! >()8%/.::>@(! /'! .(! *=8'(/>?*R'! P*+*/%! '(! :%&=')'(:>*+! e*! :%&=,>:*/%! ,*+!
D.(:>%('+! &S+! )8*/>:>%(*,'+! /',! =8%D'+%8*/%A! /'+/'! ',! &%&'()%! '(! ',! E.'! /'P'(!
:%(+>/'8*8! ,*! (':'+>/*/! /'! >8! =*+*(/%! /'! .(*! '(+'T*(?*! :'()8*/*! i/'! D%8&*!
'F:,.+>;*i! '(! ,*! )8*(+&>+>@(! /'! :%(%:>&>'()%+A! *! %)8*! *8)>:.,*/*! *! )8*;a+! /',!
*=8'(/>?*R'!*:)>;%!/',!*,.&(%B!3(!*=8'(/>?*R'!E.'!D*;%8'?:*!',!/'+*88%,,%!&SF>&%!
/'! +.+! :*=*:>/*/'+! 9A! =%8! ,%! )*()%A! .(*! &'R%8*! '(! +.! =8%:'+%! /'! :8':>&>'()%! 9!
/'+*88%,,%!>()'-8*,!G6*,,>%>('(A!VW"WHB!!
$%&%!+*P'&%+A!',!&%/',%!/'!'(+'T*(?*!=%8!:%&=')'(:>*+!+.8-'!:%(!',!%PR')>;%!/'!
,%-8*8! .(*! &*9%8! :%e'+>@(! 9! .(>/*/! '()8'! ,%+! =*<+'+! E.'! :%(D%8&*(! ,*! 3(>@(!
1.8%='*B! 2>:e%! &%/',%! +.=%('! .(! ->8%! :%='8(>:*(%! +%P8'! ,*! :%(:'=:>@(! /',!
=8%:'+%! /'! '(+'T*(?*! 9! *=8'(/>?*R'A! *,! '()'(/'8! ,*+! :%&=')'(:>*+! '/.:*)>;*+!
:%&%!.(!:%(R.()%!/'!/'+)8'?*+A!:%(%:>&>'()%+A!e*P>,>/*/'+A!*:)>)./'+A!'&%:>%('+!
9!;*,%8'+!a)>:%+!*/':.*/%+!*,!:%()'F)%!'(!',!E.'!',!*,.&(%!e*!/'!/'+'(;%,;'8!+.!
=8%=>%! =8%:'+%! /'! /'+*88%,,%A! 8'*,>?*:>@(! ='8+%(*,! '! >()'-8*:>@(! +%:>*,B! 4*!
>(:,.+>@(! /'! ,*+! :%&=')'(:>*+! PS+>:*+! '(! ',! :.88<:.,%! )>'('! ;*8>*+! D>(*,>/*/'+A!
/'+/'! ',! &%&'()%! '(! ',! E.'! ='8&>)'! *,! *,.&(%! ,%-8*8! .(*! 8'*,>?*:>@(! ='8+%(*,A!
'R'8:'8! .(*! :>./*/*(<*! *:)>;*! '! >(:%8=%8*8+'! *! ,*! ;>/*! */.,)*! /'! &*('8*!
+*)>+D*:)%8>*A!+>'(/%!:*=*?!/'!/'+*88%,,*8!.(!*=8'(/>?*R'!='8&*('()'B!!
1(!'+)'!:%()'F)%A!,*!'/.:*:>@(!9*!(%!+'!8'+)8>(-'!*!,*+!*.,*+A!+>(%!E.'!+'!'(&*8:*!
'(! .(! &*8:%! &S+! *&=,>%! /%(/'! ',! *=8'(/>?! &%;>,>?*! ',! :%(%:>&>'()%! =*8*!
*/*=)*8,%!*!(.';*+!+>).*:>%('+B!Q+<A!)*,!9!:%&%!'+)*P,':>@!1+)';'!GVWW[HA!',!*,.&(%!
(':'+>)*! &*(>=.,*8! ',! :%(%:>&>'()%A! =%('8,%! *,! /<*A! +','::>%(*8! ,%! E.'! '+!
*=8%=>*/%! =*8*! .(! :%()'F)%! '+=':<D>:%A! *=8'(/'8! ='8&*('()'&'()'A! '()'(/'8! ,%!
E.'! *=8'(/'! 9A! )%/%! ',,%A! /'! .(! &%/%! )*,! E.'! ,'! ='8&>)*! */*=)*8,%! *! +>).*:>%('+!
!
!
gV!
E.'! +'! )8*(+D%8&*(! 8S=>/*&'()'B! 1+)*! *&=,>*! :%(:'=).*,>?*:>@(! /'! ,*! '/.:*:>@(A!
:%(,,';*!,*!:%(+%,>/*:>@(!/'!(.';*+!:%(:'=:>%('+!9!'(D%E.'+!9A!+%P8'!)%/%A!/'!.(*!
(.';*!=8S:)>:*!='/*-@->:*B!!
Q,! >-.*,! E.'! +.:'/>'8*! '(! ',! =*+*/%! :%(! %)8%+! :*&P>%+! +.8->/%+! *! =*8)>8! /'!
>(+)*(:>*+!'F)'8(*+!*,!:.'8=%!/%:'()'!G4MdC1A!4M$1HA!(%!=%/'&%+!%,;>/*8!E.'!,*!
>()8%/.::>@(!/',!&%/',%!/'!:%&=')'(:>*+!'(!,*!'(+'T*(?*!)*&P>a(!:%88'!',!8>'+-%!
/'! E.'/*8+'A! 'F:,.+>;*&'()'A! '(! .(! +>&=,'! :*&P>%! +'&S()>:%! %! '(! .(*!
8'D%8&.,*:>@(!/'!,%!;>;>/%A!*/':.*(/%!_(>:*&'()'!',!,'(-.*R'!='8%!&*()'(>'(/%!
,*! &>+&*+! =8S:)>:*+A! '+)8.:).8*+! 9! &%/*,>/*/'+! %8-*(>?*)>;*+B! 1+! /':>8A!
)8*(+D%8&S(/%+'! '(! .(! &'8%! 'R'8:>:>%! /'! *R.+)'! (%8&*)>;%iP.8%:8S)>:%! +>(!
)8*+:'(/'(:>*!*,-.(*!'(!,*!=8S:)>:*!'/.:*)>;*B!1(!'+)'!+'()>/%A!E.'8'&%+!/'+)*:*8!
E.'! &.:e*+! /'! ,*+! =8')'(/>/*+! >((%;*:>%('+! ;>;>/*+! =%8! (.'+)8%! v*e%8*! D8S->,i!
+>+)'&*!'/.:*)>;%!e*(!+>/%!>&=.'+)*+A!%,;>/*(/%!,%!E.'!*(.(:>*P*!N.8>,,%!:.*(/%!
*D>8&*P*!E.'!&%"*$)6M#%"*#63-+".%"*.#+2+2*3%$)@*3%5*2%*,+$#5*2#2'-2)@*#2$#,+2$#)*+2*
&)"*%5')2#>)$#%2+"*+,-$).#/)"!GVWWbA!^HB!$>'8)*&'()'A!=*8*!E.'!,%+!:*&P>%+!)'(-*(!
.(*! >(:>/'(:>*! 8'*,! '(! ,*! ;>/*! /'! ,*+! >(+)>).:>%('+! '/.:*)>;*+! 9A! =%8! ,%! )*()%A!
)*&P>a(!'(!,*!/'!+.+!*,.&(%+A!e*(!/'!-'('8*8+'!/'+/'!+.!8'*,>/*/A!:*=*:>)*(/%!*+<!
=*8*!',!/'+*88%,,%!/'!.(*!:.,).8*!>((%;*/%8*!=8%=>*!E.'!>(:>/*!'(!+.!%8-*(>?*:>@(!
9!=8%D'+>%(*,>?*:>@(B!C@,%!:%()'&=,*(/%!,*+!;%:'+!9!;%,.()*/'+!/'!E.>'('+!;>;'(!
'(! ',! :%()'F)%! %PR')%! /',! :*&P>%A! E.'! =%/8'&%+! &'R%8*8! +.! >&=,>:*:>@(! '(! .(!
*(S,>+>+!:*/*!;'?!&S+!8'D,'F>;%!/'!+.!=8%D'+>@(B!
!
4,$(,!8&!&8*6%!3%)*.%!*)8$,2(6%!
Q.)%8'+!:%&%!N*8E.a+!GVWW"HA!>/'()>D>:*(!:,*8*&'()'!)%/%!',!=8%:'+%!/'!:*&P>%!
;>;>/%!=%8!,*!1/.:*:>@(A!*!)8*;a+!:.*)8%!&%/',%+!/>/S:)>:%+!D.(/*&'()*,'+0!
"B
S%,+&%* ,#,B$.#$%* +C3%"#.#/%0! L*+)*! ,*! *=*8>:>@(! /'! ,*! >&=8'()*! G"\\WH! 9! ,*!
/>D.+>@(!/'!,%+!,>P8%+A!',!_(>:%!=8%;''/%8!/'!,*!>(D%8&*:>@(!'+!',!/%:'()'B!1(!'+)'!
='8>%/%! ',! *=8'(/>?*R'! +'! P.+:*P*! *! )8*;a+! /'! ,*! &'&%8>?*:>@(! /',! +*P'8! E.'!
)8*(+&>)<*!',!&*'+)8%!/'!&*('8*!+>+)'&S)>:*A!'+)8.:).8*/*!9!/>/S:)>:*B!
VB
S%,+&%*,#,B$.#$%*#2".5-$.#/%0!1,!=8%D'+%8A!*!='+*8!/'!,*!/>D.+>@(!/'!,%+!,>P8%+!
9! ,*! :8'*:>@(! /'! (.';*+! P>P,>%)':*+A! :%()>(_*! +>'(/%! ',! &SF>&%! /'=%+>)*8>%! /'! ,*!
>(D%8&*:>@(!E.'!/'P<*(!:%(%:'8!,%+!*,.&(%+B!2',!&>+&%!&%/%A!,*!&'&%8>?*:>@(!
)*&P>a(! :%()>(_*! :%&%! 'R'! :'()8*,! /',! *=8'(/>?*R'A! '(! :%()8*! /'! ,*+! >/'*+! /'!
='(+*/%8'+!:%&%!$%&'(>.+!%!Z%.++'*.B!
[B
S%,+&%* ,#,B$.#$%* ,+&* )&-62%* )$.#/%0! C.8-'! ,*! >/'*! /'! ,*! '+:.',*! *:)>;*!
GN%()'++%8>A! `8'>(')H! E.'! :%(+>/'8*! E.'! ',! *,.&(%! (%! /'P'! '+)*8! =*+>;%! *()'! ,*!
>(D%8&*:>@(! (>! )*&=%:%! &'&%8>?*8,*A! +>(%! E.'! ,*! P*+'! /'! ,*! '(+'T*(?*! /'P'!
=8%=%8:>%(*8!'()%8(%+!/'!*=8'(/>?*R'!8>:%+!'(!8':.8+%+!'/.:*)>;%+!'(!,%+!E.'!,%+!
'+)./>*()'+! =.'/*(! /'+*88%,,*8! =8%9':)%+! 9! *:)>;>/*/'+! E.'! ,'+! ='8&>)*(!
/'+:.P8>8A!*=,>:*8!9!/'+*88%,,*8!',!:%(%:>&>'()%B!
\B
S%,+&%*,#,B$.#$%*$%&)M%5).#/%T!1(!',!&*8:%!/'!,*!+%:>'/*/!/',!:%(%:>&>'()%A!
+.8-'! .(! (.';%! =*8*/>-&*! /'! ,*! '(+'T*(?*! /'(%&>(*/%! '(+'T*(?*! *P>'8)*A!
e'8'/'8*!/'!,%+!=8>(:>=>%+!PS+>:%+!/'!,*!'+:.',*!*:)>;*A!+'-_(!,*!:.*,!:*&P>*(!,%+!
8%,'+!/',!=8%D'+%8A!8'/.:>'(/%!*,!&<(>&%!+.!=*=',!:%&%!)8*+&>+%8!/'!>(D%8&*:>@(!
9!:%(;>8)>a(/%+'!'(!.(!&'/>*/%8!/'!,%+!*=8'(/>?*R'+B!
!
!
g[!
$'()8S(/%(%+! '(! ,*! 1/.:*:>@(! C.='8>%8A! ,*! *+.(:>@(! /'! '+)'! (.';%! &%/',%!
'/.:*)>;%! )'(/8<*! />D'8'()'+! :%(+':.'(:>*+! G1+)'P*(A! VWW^HB! 1(! =8>&'8! ,.-*8A! ',!
8'=,*()'*&>'()%!/'!,*!:.,).8*!=8'/%&>(*()'!P*+*/*!'(!,*!,@->:*!*:*/a&>:*!/'!,*+!
/>+:>=,>(*A! 9! ',! )8S(+>)%! e*:>*! .(*! ;>+>@(! )8*(+/>+:>=,>(*8A! :%(+>/'8*(/%! ,%+!
/>D'8'()'+! (>;','+! /'! :%(+)8.::>@(! /',! :%(%:>&>'()%B! 1+! /':>8A! .(! =8>&'8! (>;',!
PS+>:%! /'! D.(/*&'()*:>@(! 9A! =%8! +.! (*).8*,'?*! G=%,>;*,'()'! 9! D,'F>P,'HA! 9! .(!
+'-.(/%! (>;',! &S+! '+=':>*,>?*/%! :%(! %8>'()*:>%('+! *:*/a&>:*+! 9! =8%D'+>%(*,'+A!
+%P8'! )%/%! '(! ,%+! =%+)-8*/%+B! 1+)*! :%(+':.'(:>*! +.=%(/8<*! ,*! */%=:>@(! /'! .(!
&%/',%! >()'-8*/%8! 9! :%(+)8.:)>;%A! *P*(/%(*(/%! ',! &%/',%! *:.&.,*)>;%! 9!
D8*::>%(*/%! /'! ,*+! '(+'T*(?*+B! 1+)'! &%/',%! >()'-8*/%8! '+! ',! E.'! ;*! *! ='8&>)>8!
D%8&*8!=8%D'+>%(*,'+!8'D,'F>;%+A!:8'*)>;%+!9!:%(!.(*!+@,>/*!P*+'!/'!:%(%:>&>'()%+!
:>'()<D>:%+! 9! )a:(>:%+B! $%&%! _,)>&*! :%(+':.'(:>*A! *! /'+)*:*8A! +'8<*! ',!
:.'+)>%(*&>'()%! /',! &%/%! /'! :%(:'P>8! ,*! 8',*:>@(! )'%8<*i=8S:)>:*A! P.+:*(/%!
'+=*:>%+!:.88>:.,*8'+!/'!>()'-8*:>@(!E.'!=8%=>:>'(!.(!*:'8:*&>'()%!*!,*!8'*,>/*/!
=8%D'+>%(*,!:%&%!;<*!=*8*!:%(+'-.>8!.(!*=8'(/>?*R'!+>-(>D>:*)>;%B!
2'! &%/%! +>()a)>:%A! ,%+! 8*+-%+! =8>(:>=*,'+! /',! (.';%! &%/',%! '/.:*)>;%! *!
/'+*88%,,*8! +'! :*8*:)'8>?*8<*(! =%8! '(D%:*8! ',! =8%:'+%! /'! '(+'T*(?*i*=8'(/>?*R'!
:%&%! .(! )8*P*R%! :%%='8*)>;%! '()8'! /%:'()'+! 9! *,.&(%+A! %8>'()*(/%! '(! ',!
*=8'(/>?*R'!*.)@(%&%!/',!'+)./>*()'!*!)8*;a+!/'!,*!>()'-8*:>@(!/',!:%(%:>&>'()%A!
'F>->'(/%! v=%8! ,%! )*()%i! .(*! (.';*! /'D>(>:>@(! /'! ,*+! *:)>;>/*/'+! 9! )*8'*+!
/>/S:)>:*+B!7%8!%)8*!=*8)'A!+.=%('!)*&P>a(!.(*!=8%=.'+)*!%8-*(>?*)>;*!/',!=8%:'+%!
/>/S:)>:%A! =,*()'*(/%! ,*! (':'+>/*/! /'! .(*! ';*,.*:>@(! *.)a()>:*! :%&%! :8>)'8>%!
+','::>%(*/%8!'!>(/.:)%8!/',!)>=%!/'!*=8'(/>?*R'+!E.'!8'*,>?*(!,%+!*,.&(%+A!R.()%!
:%(! ',! :8>)'8>%! :%(/>:>%(*()'! /'! ,*+! &')%/%,%-<*+! '&=,'*/*+! '(! ',! *.,*! 9! /',! .+%!
E.'A!/'!)*,'+!&')%/%,%-<*+A!8'*,>?*!',!=8%D'+%8*/%!Gj%8P*!9!C*(&*8)<A!"XX#Y!N%,>(*!
'!5,,S(A!VWWgHB!
c%/%+! '+)%+! 8*+-%+! 'F>-'(! ',! /'+*88%,,%! /'! .(! ='8D>,! =8%D'+>%(*,! />D'8'()'A! R.()%!
:%(!',!*=8'(/>?*R'!/'!.(%+!8%,'+!9!.(*+!*:)>;>/*/'+!/>D'8'()'+!*!,*+!>()'8=8')*/*+!
)8*/>:>%(*,&'()'! =%8! '+)./>*()'+! 9! =8%D'+%8'+! G;a*+'! $%8(.A! VWW"Y! `.,,*(A! "XX[Y!
I*k'A!29+)e'!9!NR',+)*/A!VWWbHB!1+)'!(.';%!'+:'(*8>%!>&=,>:*!,*!8'D%8&.,*:>@(!/'!
%PR')>;%+! 9! /'! :%()'(>/%+! /'! *=8'(/>?*R'A! /'D>(>'(/%! e*P>,>/*/'+! '+=':<D>:*+! 9!
)8*(+;'8+*,'+! 9! 8'=,*()'*&>'()%! ,*! &')%/%,%-<*! 9! ,*! %8-*(>?*:>@(! /%:'()'A! R.()%!
:%(! ',! />+'T%! 9! ,*! :%(:8':>@(! /'! ,*+! )*8'*+A! '()'(/>/*+! e*+)*! *e%8*! :%&%! (_:,'%!
:'()8*,!/',!=8%:'+%!'/.:*)>;%B!L*+)*!)*,!=.()%!'+)%!e*!+>/%!*+<A!E.'!,*!=8%&%:>@(!G%!
(%H! /',! *,.&(*/%! e*! '+)*/%! &*8:*/*! =%8! ,*! +.='8*:>@(! D>(*,! /'! .(*! +'8>'! /'!
:%()'(>/%+!G%!)*8'*+HA!*:'().*(/%!',!:*8S:)'8!=8%='/a.)>:%!/'!,*!';*,.*:>@(!/'!.(!
=8%/.:)%!9!(%A!=%8!,%!)*()%A!:'()8*/%!'(!,*!';*,.*:>@(!/'!.(!=8%:'+%!D>(*,!P*+*/%!
'(!,*!:%(+':.:>@(!/'!e*P>,>/*/'+!9!/'+)8'?*+!'(!:%()'F)%+!8'*,'+B!
!
,.08&,'!+*5*+$8'(%&*'!3*2%)%.70($,'!
1,!&%/',%!'/.:*)>;%!=,*()'*/%!'(!,*!*:).*,>/*/A!(%+!%P,>-*!*!.(!8'=,*()'*&>'()%!
&')%/%,@->:%A! +>'(/%! a+)'! .(%! /'! ,%+! D%:%+! /'! *)'(:>@(! &S+! >(/*-*/%+! '(! '+)%+!
_,)>&%+!*T%+B!3(!'R'&=,%!/'!',,%!'+!,*!>(-'()'!=8%/.::>@(!'+=*T%,*!E.'!e*!+.8->/%!
'(! )%8(%! *! ,*! 1/.:*:>@(! C.='8>%8! G2'! N>-.',A! VWW^A! VWW#Y! Z%/8<-.'?! 5?E.>'8/%A!
VWWgY! d*88%)'A! VWWgY! ]*,,'R%! 9! Q,D*-'&'A! VWWXHB! Q! ='+*8! /'! *,-.(*+!
:%()8*/>::>%('+! :%(:'=).*,'+! '(:%()8*/*+! '(! ,*! /',>&>)*:>@(! /'! )a8&>(%+! :%&%!
&a)%/%! /'! '(+'T*(?*A! &%/',%! />/S:)>:%A! )a:(>:*+! %! '+)8*)'->*+! /'! *=8'(/>?*R'A! +<!
!
!
g\!
'+! .(S(>&'! ,*! ='8:'=:>@(! /'! E.'! )%/%+! ',,%+! /'P'(! /'! /*8! =8%)*-%(>+&%! *! ,%+!
*,.&(%+A!'(D*)>?*(/%!',!*=8'(/>?*R'!'(!.(*!=%+>:>@(!:'()8*,!9!=8>;>,'->*/*!D8'()'!
*,!=8%:'+%!/'!'(+'T*(?*B!
1(!'+)'!*=*8)*/%A!'(!,.-*8!/'!8':%-'8!.(!+>(D<(!/'!&')%/%,@->:*+!*:)>;*+!/'+:8>)*+A!
/>+'T*/*+!9!'F='8>&'()*/*+!/'+/'!/>D'8'()'+!S&P>)%+!/'!,*!'(+'T*(?*A!GQ&P*++*A!
VWW#Y!Ie>)'(*8:k!9!1,,>(-)%(A!VWWXY!`'88aA!4@='?!9!$*88'T%A!VW"W!%!Z>))!9!C)'O*8)A!
VW"WHA!:'()8*8'&%+!(.'+)8%!>()'8a+!'(!/')'8&>(*8!,*!>/%('>/*/!9!:%(;>;'(:>*!/'!
)%/*+!',,*+B!1(!'+)'!+'()>/%A!:%>(:>/>&%+!:%(!'+)%+!*.)%8'+!'(!E.'!(>(-_(!&a)%/%!
'+!.(>;'8+*,!9!*/':.*/%!=*8*!)%/*+!,*+!+>).*:>%('+!/'!'(+'T*(?*i*=8'(/>?*R'A!+>(%!
E.'!:*/*!.(%!+'8S!;S,>/%!'(!D.(:>@(!/'!.(*!8'*,>/*/!'/.:*)>;*!:%(:8')*B!Q+>&>+&%A!
,*!.)>,>?*:>@(!/'!.(!_(>:%!&a)%/%!(%!:%()8>P.9'!*!:%(+'-.>8!,*!/>;'8+>/*/!/'!D>('+!
9!%PR')>;%+!E.'!/%:'()'+!9!*,.&(%+!='8+>-.'(!'(!,*!'/.:*:>@(!*:).*,B!
2'! .(! &%/%! -'(a8>:%A! />8<*&%+! E.'! (%! e*9! &a)%/%+! P.'(%+! %! &*,%+A! +>(%! E.'!
/'='(/>'(/%! /'! ,*! D>(*,>/*/! E.'! =8')'(/*&%+! 9! /'! ,*+! :%(/>:>%('+! :%(:8')*+! /',!
=8%:'+%!'/.:*)>;%A!'+:%-'8'&%+!.(%!.!%)8%B!4%!E.'!/'P'&%+!)'('8!'(!:.'()*!=*8*!
,*! ','::>@(! '+A! D.(/*&'()*,&'()'! G:%&%! +'T*,*! `'8(S(/'?! N*8:eA! VWW#HA! ',! D>(! .!
%PR')>;%+!E.'!='8+>-*&%+B!1+!/':>8A!,*!*::>@(!'/.:*)>;*!/'P'!+'8!:%e'8'()'!:%(!,%+!
%PR')>;%+! =,*()'*/%+A! 8'+=%(/>'(/%! *! >()'(:>%('+! 'F=,<:>)*+! :%&%! +%(! ,*+!
:%&=')'(:>*+! E.'! ',! *,.&(%! /'P'! */E.>8>8! %! /'+*88%,,*8! '(! ',! =8%:'+%! /'!
'(+'T*(?*!9!*=8'(/>?*R'!*!)8*;a+!/'!,%+!:%()'(>/%+!/'!,*+!&*)'8>*+B!7'8%!(%!+@,%!
'+%A!+>(%!E.'!)*&P>a(!/'P'!+'8!*/':.*/*!*!,*!8'*,>/*/!/',!*,.&(%A!=*8)>'(/%!/'!+.!
/'+*88%,,%!:%-(>)>;%!9!=8%&%;>'(/%!'+'!*=8'(/>?*R'!+>-(>D>:*)>;%!/',!E.'!e*P,*8*!
Q.++.P',B! 1+)*! &>+&*! *.)%8*! =,*()'*! E.'! ,*! ','::>@(! /'='(/'8SA! )*&P>a(A! /'! ,*!
:%(:'=:>@(!/'!*=8'(/>?*R'!E.'!)'(-*!',!/%:'()'!9!/'!,*!D.(:>@(!E.'!*/E.>'8*!'(!',!
=8%:'+%!'/.:*)>;%!G*+=':)%!9*!:%&'()*/%!*()'8>%8&'()'HB!
Q+<A! =*8*! ','->8! ,%+! &a)%/%+! /'! '(+'T*(?*! :*P'! :%(+>/'8*8! *,-.(*+! ;*8>*P,'+!
>(>:>*,'+!G78a-'()A!"XXWH0!,%+!/>D'8'()'+!(>;','+!/'!,%+!%PR')>;%+!:%-(>)>;%+!=8';>%+A!
,*!:*=*:>/*/!/'!.(!&a)%/%!=*8*!=8%=>:>*8!.(!*=8'(/>?*R'!*.)@(%&%!9!:%()>(.%A!',!
-8*/%! /'! :%()8%,! 'R'8:>/%! =%8! ,%+! '+)./>*()'+! +%P8'! +.! *=8'(/>?*R'A! ',! (_&'8%! /'!
*,.&(%+! *! E.>'('+! ;*! /'+)>(*/%! ',! &a)%/%! 9A! =%8! _,)>&%A! ',! (_&'8%! /'! e%8*+! /'!
=8'=*8*:>@(! G&%&'()%+! /'! '(:.'()8%A! :%88'::>%('+s! '):BH! E.'! +'! e*:'(!
(':'+*8>%+B! 1(! P*+'! *! '+)*+! ;*8>*P,'+A! '+)'! *.)%8! >/'()>D>:*! )8'+! -8*(/'+!
&')%/%,%-<*+! '(! ,*! '(+'T*(?*! +.='8>%80! ,*! +C3%"#$#:2! 6)'#".5)&A! ,*! ,#"$-"#:2! %!
.5)M)a%! +2! '5-3%! 9! ',! )35+2,#>)a+! #2,#/#,-)&B* 7%8! ,%! E.'! 8'+=':)*! *,! =8>&'8%A!
/>D'8'(:>*!/%+*)>=%+!/'!'F=%+>:>%('+!&*->+)8*,'+0!,*+!'F=%+>:>%('+!D%8&*,'+!G:%&%!
,**:%(D'8'(:>*A!'(!*.+'(:>*!/'!>()'8;'(:>@(!/',!=_P,>:%HA!9!,*+!'F=%+>:>%('+!&'(%+!
D%8&*,'+A* :%&%! ,*! :,*+'! &*->+)8*,! .(>;'8+>)*8>*! G='8&'*P,'! *! .(*! P8';'!
=*8)>:>=*:>@(HB!1,!(>;',!/'!D%8&*,>/*/!/'!'+)*!_,)>&**/'='(/'!/'!,%+!=8%D'+%8'+!9A!
)*&P>a(A! /'! ,*! )'&S)>:*A! ;*8>*(/%! ,*! =*8)>:>=*:>@(! '(! D.(:>@(! /'! *&P*+! ;*8>*P,'+B!
1(! )%8(%! *! '+)*! _,)>&*! >/'*A! :*P'! :.'+)>%(*8(%+! +>! 8'*,&'()'! +'8S(! *_(! a+)*+! ,*+!
&')%/%,%-<*+!&S+!.)>,>?*/*+!'(!,*!1/.:*:>@(!C.='8>%8!%A!=%8!',!:%()8*8>%A!*+>+)>&%+!
*!.(!*;*(:'!>&=%8)*()'!'(!'+)*!)'&S)>:*B!
!7*8*! 8'+%,;'8! '+)'! >()'88%-*()'A! /.8*()'! ',! =8'+'()'! :.8+%! *:*/a&>:%!
GVWWXtVW"WH!e'&%+!8':%->/%!,%+!/*)%+!E.'!*E.<!=8'+'()*&%+A!:.9%+!>(D%8&*()'+!
:,*;'! e*(! +>/%! ,%+! *,.&(%+! /'! =8>&'8! :.8+%! /'! 1/.:*:>@(! 5(D*()>,! /'! ,*!
3(>;'8+>/*/! /'! N.8:>*A! =8':>+*&'()'! =%8! e*P'8! +>/%! a+)'! ',! =8>&'8! *T%! '(!
>&=,*()*8+'!'+)'!(.';%!=,*(!/'!'+)./>%+B!
!
!
g^!
),2%'!*351+($%'!)*!(&2*+F'!
4%+!/*)%+!*=%8)*/%+!e*(!+>/%!8':%->/%+!*!=*8)>8!/'!.(!:.'+)>%(*8>%!%8-*(>?*/%!'(!
)%8(%! *! .(*! '+:*,*! GD.(/*&'()*,&'()'! /'! )>=%! 4>k'8)HA! />8>->/%! *! .(*! &.'+)8*! /'!
""g! *,.&(%+! Gb"! &.R'8'+! 9! \b! e%&P8'+HB! 1,! :.'+)>%(*8>%! '+)*P*! D%8&*/%! =%8!
=8'-.()*+! :'88*/*+! 9! )*&P>a(! *P>'8)*+B! 7%8! %)8*! =*8)'A! */'&S+! /'! :.'+)>%(*8>%+A!
)*&P>a(! 8'*,>?*&%+! '()8';>+)*+! *! :.*)8%! =8%D'+%8'+! 9! /%+! *,.&(*+A! :%(! ',! D>(! /'!
'(8>E.':'8!,%+!/*)%+!9!8':%-'8!.(*!>(D%8&*:>@(!&S+!=8':>+*!+%P8'!,*!>(D%8&*:>@(!
:.*()>)*)>;*! *=%8)*/*B! 7*8*! ',! )8*)*&>'()%! /'! ,%+! /*)%+! :.*()>)*)>;%+! %P)'(>/%+A!
)8*+! ,*! *=,>:*:>@(! /'! +'(/%+! :.'+)>%(*8>%+A! +'! e*! .)>,>?*/%! ',! =*E.')'! '+)*/<+)>:%!
C7CCA! ;'8+>@(! "^! 9! ,*! >(D%8&*:>@(! /'! ,%+! /*)%+! :.*,>)*)>;%+! e*! +>/%! *(*,>?*/*!
&'/>*()'!:.*)8%!=*+%+0!8'/.::>@(A!/'+:8>=:>@(A!:%&=*8*:>@(!'!>()'8=8')*:>@(B!
4%+! 8'+.,)*/%+! %P)'(>/%+! (%+! 8';',*(! E.'! ,*! &*9%8<*! /'! ,%+! *,.&(%+! )>'('(! .(!
$%2%$#6#+2.%*+"$)"%!+%P8'!,%+!(.';%+!=,*('+!/'!'+)./>%+!.(>;'8+>)*8>%+!G^[AbguHA!
D8'()'! *! .(*! >&=*:)*()'! &>(%8<*! E.'! *D>8&*! )'('8! .(! $%2%$#6#+2.%* 35%9-2,%! /'!
/>:e%+! =,*('+! G"B#guHB! Ç+)'! '+! .(! *+=':)%! *! )'('8! '(! :.'()*! G9! 8'+.,)*! &.9!
+>-(>D>:*)>;%HA!9*!E.'!,%+!=8%=>%+!*,.&(%+!E.'!'+)S(!&*)8>:.,*/%+!'(!,%+!)<).,%+!/'!
d8*/%! *='(*+! :%(%:'(! '+)*! (.';*! 8'*,>/*/B! 1+*! '+:*+*! >(D%8&*:>@(! ,*! e*(!
*/E.>8>/%!*!)8*;a+!/'!/>;'8+*+!D.'()'+A!8'+.,)*(/%!+'8!',!35%9+"%5),%!,*!D.'()'!E.'!
&S+! e*! >(D%8&*/%! *! '+)%+! +.R')%+! GVVA#guHA! &.9! +'-.>/%! /'! +.+! $%63)=+5%"!
GV"Ag\uHB! Q+>&>+&%A! :*P'! /'+)*:*8! E.'! ',! =*=',! /'! ,%+! &'/>%+! /'! :%&.(>:*:>@(A!
:%(D'8'(:>*+! %! ,':).8*! /'! /%:.&'()%+! '(:*&>(*/%+! *! =8%=%8:>%(*8! >(D%8&*:>@(A!
e*(!8'+.,)*/%!+'8!/'!'+:*+*!8',';*(:>*B!
C>(! '&P*8-%A! 9! *! ='+*8! /'! E.'! ,%+! *,.&(%+! '()8';>+)*/%+! &*(>D>'+)*(! )'('8! .(!
:%(%:>&>'()%!'+:*+%!+%P8'!,%+!=,*('+!/'!'+)./>%+!E.'!'+)S(!:.8+*(/%A!.(!\^A[bu!
;*,%8*!'+)'!(.';%!'(D%E.'!/'!,*!'(+'T*(?*!9!+.!&')%/%,%-<*!:%&%!M-+2)@!D8'()'!*,!
"A#gu! E.'! ,*! ;*,%8*! :%&%! 6-4* 6)&)B! 1,,%! (%+! /*! *! '()'(/'8! E.'A! *! ='+*8! /'! +.!
'+:*+%! :%(%:>&>'()%! +%P8'! ',! =*8)>:.,*8A! +'-.8*&'()'! *! =*8)>8! /'! ,*! 'F='8>'(:>*!
;>;>/*!'(!=8>&'8*!='8+%(*A!,%+!*,.&(%+!=8'D>'8'(!'+)'!(.';%!'+:'(*8>%!9!D%8&*!/'!
)8*P*R*8B!
c*&P>a(! ='/>&%+! *! (.'+)8%+! >(D%8&*()'+! :,*;'! E.'! :.*()>D>:*+'(! ',! .+%! /'! ,*+!
/>D'8'()'+! &')%/%,%-<*+B! 1(! '+)'! <)'&A! ,%+! *,.&(%+! :%(+>/'8*8%(! E.'! ,*+! $&)"+"*
6)'#".5)&+"!:%()>(_*(!+>'(/%!&.9!.)>,>?*/*+!GVgA^buHB!1(!:.*()%!*!,%+!"+6#2)5#%"@!
,*!&*9%8<*!/'!,%+!*,.&(%+!*D>8&*!(%!e*P'8!8'*,>?*/%!(>(-.(%!G\\A^[uHY!',!.5)M)a%*
+2*+`-#3%!+'!.)>,>?*!P*+)*()'!G\\A^[uHA!+'-.>/%!/',!)8*P*R%!>(/>;>/.*,A!)*&P>a(!&.9!
.)>,>?*/%! G[XB\XuHB! Z'+.,)*! ,,*&*)>;%! E.'! ',! )35+2,#>)a+* M)"),%* +2* 35%4+$.%"! +'*!
'+:*+*&'()'! .)>,>?*/%! =*8*! '+)%+! *,.&(%+! G\VAW"uHA! *,! >-.*,! E.'! +.:'/'! :%(! ,*+!
.-.%5()"!G\XA^buH!E.'!)*&P>a(!e*(!+>/%!=%:%!.)>,>?*/*+A!)*,!9!:%&%!,%!&*(>D>'+)*(!
'+)%+!*,.&(%+B!1+)'!e*,,*?-%!8'+.,)*!>(.+>)*/%A!*.(E.'!)*&P>a(!'F=,>:*)>;%A!/'P>/%!
*! ,*! +>).*:>@(! =8':*8>*A! '(! )a8&>(%+! ':%(@&>:%+A! :%(! ,*! E.'! +'! e*(! '+)S(!
>&=,*()*(/%! ,%+! (.';%+! d8*/%+! '(! )%/*+! ,*+! .(>;'8+>/*/'+! '+=*T%,*+! 9A!
:%(:8')*&'()'A!'(!,*!3(>;'8+>/*/!/'!N.8:>*B!!
7'8%!,%!&>+&%!%:.88'!:%(!',!.+%!/'!,%+!+".-,#%"*,+*$)"%"A!,%+!:.*,'+!+%(!=%:%!%!(*/*!
.)>,>?*/%+A! :%(! .(! *:.'8/%! /',! bWA^gu! /',! *,.&(*/%B! C>(! '&P*8-%A! ',! .5)M)a%*
)-.:2%6%! '+!.(*!/'!,*+!&')%/%,%-<*+!8':%(%:>/*!=%8!,%+!*,.&(%+!:%&%!P*+)*()'!
.)>,>?*/*A!*+<!,%!>(/>:*!',!VbAb[u!/'!,%+!*,.&(%+B!2'!e*P'8!%P)'(>/%!%)8%+!/*)%+!*!
'+)'!8'+=':)%A!=%/8<*&%+!='(+*8!E.'!(%!+'!'+)*8<*!D%&'()*(/%!.(%!/'!,%+!%PR')>;%+!
9!P*+'+!/',!(.';%!&%/',%!'/.:*)>;%0!E.'!',!*,.&(%!)8*P*R'!/'!&*('8*!*.)@(%&*!
!
!
g#!
'(! +.! =8%:'+%! /'! *=8'(/>?*R'A! P*R%! ,*! %8>'()*:>@(! /',! =8%D'+%8A! D*:>,>)*(/%! ',!
)8S(+>)%! /'! .(*! *:)>)./! *:)>;*! *()'! ,*! D%8&*:>@(! 9! ',! :%(%:>&>'()%B! 1(! :.*()%! *,!
$%2.5).%* ,+* )35+2,#>)a+@! ,*! &*9%8<*! /'+:%(%:<*! '+)*! &')%/%,%-<*A! =%8! ,%! E.'! ,%+!
8'+.,)*/%+! /'! +.! ;*,%8*:>@(! +%(! *P+%,.)*&'()'! ('-*)>;%+! G["BX[uA! VgB^bu! 9!
V[B^Vu!i&.9!=%:%A!=%:%!9!*,-%A!8'+=':)>;*&'()'HB!
!Q! :%()>(.*:>@(A! =8'+'()*&%+! .(*! )*P,*! 8'+.&'(! /'! ,*+! 8'+=.'+)*+! *D>8&*)>;*+!
G*,-%! .)>,>?*/*A! P*+)*()'! .)>,>?*/*! 9! &.9! .)>,>?*/*H! +%P8'! ,*! .)>,>?*:>@(! /'! ,*+!
/>D'8'()'+!&')%/%,%-<*+0!!
!
c*P,*! "B! Z'+=.'+)*+! *:.&.,*)>;*+! /',! .+%! /'! />D'8'()'+! &')%/%,%-<*+! '(! ,*!
1/.:*:>@(!C.='8>%8!
$%&'(')'*+!,#
-%,./%,&!,#!0123!&14!,#
$,*+'+!&*->+)8*,'+!
##AX^u!
c8*P*R%!'(!'E.>=%!
X#A#"u!
c8*P*R%!*.)@(%&%!
bgAg"u!
C'&>(*8>%+!
VWA[\u!
Q=8'(/>?*R'!%8>'()*/%!*!=8%9':)%+!
#\A\"u!
c.)%8<*+!
\bA\#u!
1+)./>%+!/'!:*+%!
V[Ab[u!
$C>H<:HC!?=!:A<=>?B;:i=!
\WA#gu!
!
$%&%!=%/'&%+!:%&=8%P*8A!'(!'+)*!)>).,*:>@(!G+'-_(!,*!;*,%8*:>@(!/',!*,.&(*/%H!
,*+!/>+)>()*+!&')%/%,%-<*+!=*8*!D%&'()*8!,*!>()'8*::>@(!:%(!,%+!/'&S+!9!,*!*:)>)./!
/'!,%+!*,.&(%+!/'!&*('8*!*:)>;*A!(%!+'!'+)S(!,,';*(/%!*!:*P%!:%88':)*&'()'B!4*+!
:,*+'+!&*->+)8*,'+!+>-.'(!+>'(/%!.(*!/'!,*+!&')%/%,%-<*+!:%(!&*9%8!=8'+'(:>*!'(!
'+)*!)>).,*:>@(A!)8*+!',!)8*P*R%!'(!'E.>=%!9!',!)8*P*R%!*.)@(%&%!/',!*,.&(%B!1(!,*+!
'()8';>+)*+! 8'*,>?*/*+A! )*()%! ,%+! /%:'()'+! :%&%! ',! *,.&(*/%! :%(D'+*8%(! E.'! ,*!
&')%/%,%-<*! +'-.>/*! (%! e*P<*! :*&P>*/%! /'&*+>*/%A! /'P>/%! *,! e':e%! /'! E.'! *_(!
=8'/%&>(*(!,*+!:,*+'+!&*->+)8*,'+!G9!+'-.8*&'()'!)*&P>a(!,*+!>/'*+A!,*+!=8S:)>:*+!
9! ,*+! :%(;>::>%('+! E.'! ,*! *:%&=*T*(HB! C'-_(! ,%+! /%:'()'+A! ',! e':e%! /'! )'('8! E.'!
>&=*8)>8! ,*+! :,*+'+! +'-_(! ',! (.';%! &%/',%A! ,'+! e*! e':e%! :*&P>*8! ,*! &')%/%,%-<*A!
:'()8S(/%+'! *e%8*! '(! ',! =*8*/>-&*! /',! *=8'(/>?*R'! &S+! E.'! '(! ,*! '(+'T*(?*A!
:%(:'/>a(/%,'! *+<! .(! &*9%8! =8%)*-%(>+&%! *,! *,.&(%A! *.(E.'! )%/%! ',,%! &*)>?*/%!
=%8!:>8:.(+)*(:>*!:%&%0!.(!'F:'+>;%!(_&'8%!/'!*,.&(%+!=%8!*.,*A!,>&>)*:>%('+!/'!
'+=*:>%+! 9! 8':.8+%+! %! .(*! '+)8.:).8*! 8<->/*! /'! e%8*8>%A! D.(/*&'()*,&'()'B!
Q+>&>+&%A! :%(+>/'8*(! E.'! ,*! =*8)'! =8S:)>:*! (%;'/%+*! :%(+>+)'! '(! ,*! /'(%&>(*/*!
)$.#/#,),* )$),W6#$)* ,#5#'#,)@* +'-_(! ,*! :.*,! ,%+! *,.&(%+! 8'*,>?*(! .(*! +'8>'! /'!
*:)>;>/*/'+! %! =8S:)>:*+! E.'! ',,%+! &>+&%+! +.='8;>+*(B! 7*8*! ,%+! =8%D'+%8'+! /'!
(.'+)8%!'+)./>%A!,*!D%8&*!'(!,*!E.'!+'!'+)S!,,';*(/%!*!:*P%!,*!>&=,*()*:>@(!/'!,%+!
(.';%+!)<).,%+!/'!d8*/%!(%!'+!,*!*/':.*/*A!+%P8'!)%/%!)'(>'(/%!'(!:.'()*!,*!D*,)*!
/'! D%8&*:>@(! /'! ,%+! =8%D'+%8'+! +%P8'! ,%+! *+=':)%+! />/S:)>:%+! 9! &')%/%,@->:%+! *!
:*&P>*8A!,*!'+:*+*!>(D%8&*:>@(!+%P8'!:@&%!9!E.a!';*,.*8A!,*!D*,)*!%!>(*/':.*:>@(!/'!
,%+!8':.8+%+!'!>(+)*,*:>%('+!9!,*!+'(+*:>@(!/'!D*,)*!/'!+'8>'/*/!/'!,*!*/&>(>+)8*:>@(!
'(! ,*! */':.*:>@(! *,! =8%:'+%! /'! :*&P>%B! C'-_(! (.'+)8%! =8%D'+%8*/%A! ',! =8%P,'&*!
!
!
gb!
8*/>:*! '(! ,*! =8':>=>)*/*! >&=,*()*:>@(! /'! '+)'! =8%:'+%! 9! ,*! :%(+>-.>'()'! D*,)*! /'!
8'D,'F>@(!+%P8'!',!&>+&%B!5(:,.+%!/'+)*:*(!E.'!'(!,*!',*P%8*:>@(!/'!,%+!=,*('+!/'!
'+)./>%+A!',!'R'!;'8)'P8*/%8!(%!e*!+>/%!',!*,.&(%A!.(*!D%8&*:>@(!/'!:*,>/*/!9!'(!,*!
8'*,! */E.>+>:>@(! /'! :%&=')'(:>*+A! +>(%! E.'! e*(! =8>&*/%! %)8%+! :8>)'8>%+! P>'(!
*,'R*/%+!/'!,*!:*,>/*/!/'!,*!/%:'(:>*B!
7%8! =*8)'! /'! ,*+! *,.&(*+! '()8';>+)*/*+A! *&P*+! :%>(:>/'(! '(! *D>8&*8! E.'! ,*+!
).)%8<*+!:%(+>+)<*(!D.(/*&'()*,&'()'!'(!=8'-.()*8!/./*+!+%P8'!,%+!'FS&'('+!G%!
,*! &*)'8>*! v%PR')%! /'! ,%! E.'! '+! *:).*,&'()'! ,*! *)'(:>@(! /'! *,.&(%+HB! 5(:,.+%!
*D>8&*P*(! E.'! :.*(/%! *:./<*(! =*8*! ,*! *)'(:>@(! *! *,.&(%+A! ,%+! /%:'()'+! (%! +'!
'(:%()8*P*(!'(!+.+!8'+=':)>;%+!/'+=*:e%+!G'(!,*!*:).*,>/*/A!,*!*/&>(>+)8*:>@(!(%!
=*8':'! '+)*8! =8'%:.=*/*! =%8! '+)'! e':e%A! /'+:%(%:>'(/%! E.>a('+! :.&=,'(! 9!
E.>a('+!(%HB!Q/'&S+A!*D>8&*(!E.'!,*+!&')%/%,%-<*+!E.'!+'!=8')'(/<*(!,,';*8!*!:*P%!
'(!'+'!:.8+%A!)*,!9!:%&%!,'+!'F=,>:*8%(!*,!:%&>'(?%!/',!&>+&%A!(%!+'!'+)S(!,,';*(/%!
*!:*P%A!=.'+)%!E.'!=8'/%&>(*(!,*+!:,*+'+!&*->+)8*,'+!*()'!,*+!/'&S+!&')%/%,%-<*+B!
2'+)*:*!=%+>)>;*&'()'!,*!:%(+>/'8*:>@(!+%P8'!,*+!:,*+'+!=8S:)>:*+A!=.'+!*!='+*8!/'!
+'8! '+:*+*+A! (.'+)8*+! '()8';>+)*/*+! />:'(! E.'! e*(! 8'+.,)*/%! &S+! *&'(*+! 9!
'(8>E.':'/%8*+!E.'!%)8*+!&')%/%,%-<*+B!
M)8%! /'! ,%+! <)'&+! /',! :.'+)>%(*8>%A! e*:'! 8'D'8'(:>*! )* `-+* &)"* 6+.%,%&%'()"* `-+* "+*
+".B2* ,+")55%&&)2,%* "%2* &)"* 6B"* 9)/%5)M&+"* 3)5)* +&* )35+2,#>)a+* ,+&* )&-62%B! Q! '+)'!
8'+=':)%A! &S+! /'! ,*! &>)*/! /'! ,%+! '(:.'+)*/%+! e*(! =.().*/%! :%(! ;*,%8'+!
>()'8&'/>%+! G'()8'! =%:%! /'! *:.'8/%! 9! &.9! /'! *:.'8/%0! ^WA\VuHB! M)8%! *+=':)%!
>()'8'+*()'A!:%&%!:%(+':.'(:>*!/'!+.!.+%!'F:'+>;%A!'+!+>!&)*&+$$#:2*6)'#".5)&*+"*-2)*
6+.%,%&%'()*3%$%*).5)$.#/)A!/%(/'!)*(!+@,%!.(!bA^#u!/'!,%+!*,.&(%+!'(:.'+)*/%+!
/>:'(!'+)*8!=%:%!/'!*:.'8/%B!1+)*!;*,%8*:>@(!:.*()>D>:*/*!=%8!,%+!+.R')%+A!+'!.('!*!
,*! ;*,%8*:>@(! /'! E.'! :*+>! ,*! &>)*/! /'! ,%+! '(:.'+)*/%+! G\VAW"uH! :%(+>/'8*! E.'! ,*!
,'::>@(!&*->+)8*,!8'+.,)*!*)8*:)>;*B!
4*+! :,*+'+! =8S:)>:*+! +%(! .(! *+=':)%! >&=%8)*()'! '(! ,*! >&=,*()*:>@(! /'! ,*+!
&')%/%,%-<*+! /',! 111CA! 9*! E.'! ,*! =*8)>:>=*:>@(! *:)>;*! /',! *,.&(%! =8>&*! *()'!
*:)>)./'+! =*+>;*+B! 7*8*! +*P'8! +>! ,%+! *,.&(%+! ,*! :%(+>/'8*P*(! >&=%8)*()'! =*8*! +.!
*=8'(/>?*R'A! >()8%/.R>&%+! .(*! +'8>'! /'! <)'&+! '(! 8',*:>@(! :%(! '+)%B! 3(%! /'! '+%+!
<)'&+!D.'!:%(%:'8!+>!+2*&)"*$&)"+"*35B$.#$)"*+"*,%2,+*"+*-.#&#>)2*&)"*6+.%,%&%'()"*+2*
&)"* `-+@* 35#2$#3)&6+2.+@* #2.+5/#+2+2* &%"* )&-62%"0! 4%+! 8'+.,)*/%+! /'! '+)'! <)'&! +%(!
,,*&*)>;%+A! /'P>/%! *! E.'! ',! WAg\u! /'! ,%+! *,.&(%+! '(:.'+)*/%+! '+)S(! =%:%! /'!
*:.'8/%A!9!.(!"\AVgu!/>:'(!'+)*8!&.9!/'!*:.'8/%B!7%8!,%!)*()%A!E.'/*!/'&%+)8*/%!
:%(!'+)%+!/*)%+!E.'!(%!e*9!.(!(_&'8%!+>-(>D>:*)>;%!E.'!/'&.'+)8'!E.'!,*+!:,*+'+!
=8S:)>:*+! D*;%8':'(! ,*! >()'8;'(:>@(! /'! ,%+! *,.&(%+A! >(:,.+%! *! ='+*8! /'! E.'! .(!
\[A#Xu! e*9*! =.().*/%! '+)'! >(/>:*/%8! :%(! .(*! ;*,%8*:>@(! /'! \! G'+)*(/%! /'!
*:.'8/%!'(!E.'!'+*+!:,*+'+!=8%=>:>*(!,*!>()'8;'(:>@(HB!
M)8%! /'! ,%+! <)'&+! E.'! ='8&>)'! +*P'8! +<! ,%+! *,.&(%+! )>'('(! .(*! *:)>)./! *:)>;*! '(!
:,*+'! 9! +'! 8',*:>%(*(! :%(! ,%+! /'&S+! '+! ',! <)'&! +>-.>'()'0* $%2"#,+5%* #63%5.)2.+* &)*
5+)&#>)$#:2* ,+* .5)M)a%"* +2* +`-#3%@* 4)* `-+* 6+* )4-,)* )* #2.+5)$$#%2)5* $%2* &%"*
$%63)=+5%"@* /%(/'! ,*! &*9%8<*! e*(! =.().*/%! *! D*;%8! /'! '+)*! &')%/%,%-<*B! 3(!
[VAbbu!/'!,%+!'(:.'+)*/%+!e*(!.)>,>?*/%!.(*!;*,%8*:>@(!/'!\A!&.9!+'-.>/%!/'!.(!
VgA^bu! E.'! />:'(! '+)*8! &.9! /'! *:.'8/%! G^HB! c*(! +@,%! .(! \AVWu! e*(! :%()'+)*/%!
'+)*8!=%:%!/'!*:.'8/%!:%(!'+)*!&')%/%,%-<*B!1+)'!8'+.,)*/%!8';',*!E.'!,%+!*,.&(%+!
:%(+>/'8*(!*=8%=>*/%!.(%!/'!,%+!*+=':)%+!E.'!',!(.';%!111C!E.>'8'!D%&'()*8!'(!
)%/*+!,*+!.(>;'8+>/*/'+!'+=*T%,*+B!
!
!
gg!
4*+! ).)%8<*+! +%(! (':'+*8>*+! =*8*! ,,';*8! ',! +'-.>&>'()%! /',! *,.&(%0! &>'()8*+! a+)'!
:%(+)8.9'!+.!=8%:'+%!/'!*=8'(/>?*R'A!',!/%:'()'!)>'('!E.'!%8>'()*8,'!9!-.>*8,'B!4*+!
).)%8<*+!D%8&*(!=*8)'!/'!%)8%!/'!,%+!*+=':)%+!(%;'/%+%+!'(!,%+!=,*('+!/'!'+)./>%A!9!
-8*:>*+! *! ,*! '(:.'+)*! =%/'&%+! +*P'8! +>! 8'*,&'()'! +'! '+)S(! ,,';*(/%! *! :*P%!
:%88':)*&'()'!G9!',!&%/%!'(!',!E.'!+'!'+)S(!%D8':>'(/%HB!3(%!/'!,%+!<)'&+!'8*!',!
+>-.>'()'0!&)"*.-.%5()"*"%2*-2)*6+.%,%&%'()*V)M#.-)&*+2*+".+*$-5"%A!:.9%+!8'+.,)*/%+!
%P)'(>/%+! (%+! e*(! ,,*&*/%! ,*! *)'(:>@(A! 9*! E.'A! +>'(/%! %P,>-*)%8>*+A! )*(! +@,%! ',!
"VA#Wu! /'! ,%+! '(:.'+)*/%+! />:'(! E.'! '+)S(! &.9! /'! *:.'8/%! :%(! E.a! +'! '+)S(!
8'*,>?*(/%B!C>(!'&P*8-%A!,*!&*9%8<*!G[gA!#^uH!e*(!&*8:*/%!',!;*,%8![!/'!,*!'+:*,*Y!
'+!/':>8A!(%!'+)S(!(>!&.9!/'!*:.'8/%!(>!=%:%!/'!*:.'8/%B!!
1(!',!<)'&!f&)"*.-.%5()"*"#5/+2*3)5)*"%&-$#%2)5*,-,)"*4j*%*5+9%5>)5*&%*)35+2,#,%7A!,*!
&*9%8<*! e*(! =.().*/%! *! D*;%8A! &*8:*(/%! ,*! ;*,%8*:>@(! \! .(! [\A\^u! /'! ,%+!
'(:.'+)*/%+A! +'-.>/%+! /'! .(! VbAb^u! E.'! *D>8&*(! '+)*8! &.9! /'! *:.'8/%! :%(! ,*!
.)>,>/*/!/'!,*+!).)%8<*+B!7%8!)*()%A!,*+!).)%8<*+!(%!+%(!e*P>).*,'+!='8%A!+>(!'&P*8-%A!
,*+!8'*,>?*/*+A!+>8;'(!*,!*,.&(*/%!*!+%,.:>%(*8!+.+!/./*+!%!*!8'D%8?*8!*E.',,%!E.'!
e*(!*=8'(/>/%B!
4*! :%&P>(*:>@(! )'%8<*! 9! =8S:)>:*! '+! %)8%! /'! ,%+! *+=':)%+! :,*;'! /',! (.';%! &%/',%!
'/.:*)>;%A! :%(! ,*! D>(*,>/*/! /'! >8! 8'/.:>'(/%! ,*+! :,*+'+! )'@8>:*+! G'(! ,*+! E.'! ',!
*,.&(%! +@,%! '+:.:e*HA! =*8*! >8! *.&'()*(/%! ,*+! :,*+'+! =8S:)>:*+! 9! i:%(! ',,%i! ,*!
=*8)>:>=*:>@(!/'!,%+!*,.&(%+!'(!,*+!:,*+'+B!$%(!8'+=':)%!*!'+)%A!+'!>()8%/.R%!',!<)'&!
f$%2"#,+5%*6B"*6%.#/),%5)"*&)"*$&)"+"*,%2,+*"+*)&.+52)*.+%5()*4*35)$.#$)7A!=*8*!+*P'8!
,*!%=>(>@(!/'!,%+!'(:.'+)*/%+B!1,!8'+.,)*/%!D.'!E.'!=*8*!,*!&*9%8<*!'+*!*,)'8(*(:>*!
+<! '+! &%)>;*/%8*A! /%(/'! .(! \gAb[u! /'! ,%+! '(:.'+)*/%+! &*(>D>'+)*(! '+)*8! /'!
*:.'8/%!9!.(!V"Ag\u!*D>8&*(!'+)*8!&.9!/'!*:.'8/%B!7%8!,%!)*()%A!*,)'8(*8!)'%8<*!9!
=8S:)>:*!&%)>;*!*!,%+!*,.&(%+A!e*:>'(/%!E.'!,*+!:,*+'+!9*!(%!+'*(!)*(!&%(@)%(*+A!9!
/%(/'!',!*,.&(%!=%('!'(!=8S:)>:*!,%!E.'!*=8'(/'B!o!'+)%!E.'/*!8'*D>8&*/%!:%(!,*!
%=>(>@(! /'! ,*+! *,.&(*+! '()8';>+)*/*+A! E.>'('+! >(/>:*P*(! E.'! ',! )'('8! :,*+'+!
=8S:)>:*+!e*:'!E.'!+.!*=8'(/>?*R'!+'*!&S+!'(8>E.':'/%8!9A!=%8!,%!)*()%A!,*+!:,*+'+!
8'+.,)*(!&S+!*&'(*+B!
7*8*!D>(*,>?*8A!E.'8'&%+!+.P8*9*8!%)8%!*+=':)%!E.'!+'!e*!:.'+)>%(*/%!&.:e%!:%(!
,*! >&=,*()*:>@(! /'! ,*+! (.';*+! &')%/%,%-<*+A! E.'! (%! '+! %)8*! :%+*! E.'! ,*! :*8-*!
'F:'+>;*! /'! )8*P*R%! E.'! +'! ,'! *+>-(*! *,! *,.&(%B! 7*8*! ',,%! +'! >()8%/.R%A! '(! '+)*!
'(:.'+)*A!',!+>-.>'()'!<)'&0!$%2"#,+5%*+C$+"#/)*&)*$)5')*,+*.5)M)a%*`-+*"+*)"#'2)*)&*
)&-62),%* +2* &)"* $&)"+"* 35B$.#$)"@! :.9%+! 8'+.,)*/%+! /'+;',*(! E.'A! :*+>! ,*! &>)*/! /'!
,%+!'(:.'+)*/%+!=*8':'(!'+)*8!/'!*:.'8/%!:%(!'+'!'(.(:>*/%B!1(!'+)'!+'()>/%A!.(!
[XA\Xu!/'!,%+!'(:.'+)*/%+!e*(!=.().*/%!'+)'!<)'&!:%(!.(!\A!&>'()8*+!E.'!)*(!+@,%!
.(!"A#gu!*D>8&*(!'+)*8!=%:%!/'!*:.'8/%B!
!
$%&$.8'(%&*'!
4@->:*&'()'A!(%+!=8'%:.=*!+%P8'&*('8*!E.'!,%+!*,.&(%+A!'(!+.!&*9%8<*A!*D>8&'(!
/'+:%(%:'8!',!=,*(!/'!'+)./>%+!E.'!'+)S(!:.8+*(/%!G^[AbguHB!C>!*!'+)%!,'!*T*/>&%+!
E.'! .(*! /'! +.+! =8>(:>=*,'+! D.'()'+! /'! >(D%8&*:>@(! G:*+>! :%&=*8*P,'! *,!
=8%D'+%8*/%H! '+! ',! =8%=>%! -8.=%! /'! :%&=*T'8%+! GE.'! 8':%8/'&%+! +'! 8':%(%:'!
:%&%!/'+>(D%8&*/%HA!.(>/%!*,!'+:*+%!G%!(.,%H!>&=*:)%!/'!,*!>(D%8&*:>@(!%D8':>/*!
=%8!,*!>(+)>).:>@(!.(>;'8+>)*8>*!9!+.+!:*.:'+!%D>:>*,'+A!'+)%!+.=%('A!/'!D%8&*!/>8':)*A!
E.'! ',! /'+:%(%:>&>'()%! /',! =,*(A! ,*+! &*)'8>*+! 9! +.+! :%&=')'(:>*+! =8')'(/>/*+A!
+'-.8*&'()'! ,,';'! *=*8'R*/*! v)*&P>a(i! .(*! /'+>(D%8&*:>@(! :%(! 8',*:>@(! *! ,*+!
!
!
gX!
+*,>/*+! 9! :*.:'+! =8%D'+>%(*,'+! =*8*! 9! )8*+! ,*! %P)'(:>@(! /',! )<).,%! G'F='/>'()'!
*:*/a&>:%A! P*8'&*:>@(A! (>:e%+! /'! '&=,'%A! %=%+>:>%('+! *! ,*! '(+'T*(?*! =_P,>:*s!
'):BHB! 78':>+*&'()'! '(! '+)'! *=*8)*/%! '()8*8<*! '(! R.'-%! .(*! >(D%8&*:>@(!
*P+%,.)*&'()'! ;*,>%+*! 9A! '(! %:*+>%('+A! (*/*! :%(+>/'8*/*! *! ,*! e%8*! /'! ','->8! .(!
)<).,%!*!:.8+*80!',!(_&'8%!/'!*,.&(%+!*/&>)>/%+!:*/*!*T%A!',!(_&'8%!/'!*,.&(%+!
'-8'+*/%+!=%8!*T%A!9!',!(_&'8%!/'!*,.&(%+!E.'!+%(!:%()8*)*/%+!'+'!&>+&%!*T%!'(!
,*!8'->@(!'(!,*!E.'!+'!.P>:*!,*!.(>;'8+>/*/!'(!:.'+)>@(B!
U%+!,,*&*!=%/'8%+*&'()'!,*!*)'(:>@(!E.'!.(!-8*(!(_&'8%!/'!*,.&(%+!G\\A^[uH!
*D>8&'(!(%!e*P'8!8'*,>?*/%!(>(-_(!+'&>(*8>%A!+%P8'!)%/%!)'(>'(/%!'(!:.'()*!E.'!
'(!,*+!-.<*+!/%:'()'+!/',!)<).,%!*=*8':'A!/'!D%8&*!=_P,>:*A!,*!>()8%/.::>@(!/'!'+)'!
)>=%! /'! &')%/%,%-<*! 9A! *! )*,! 'D':)%A! *+<! '+! *=8%P*/*! '(! $%(+'R%! /'! 2'=*8)*&'()%A!
j.()*!/'!`*:.,)*/!9!$%(+'R%!/'!d%P>'8(%!/'!:*/*!3(>;'8+>/*/B!1+)'!e':e%!=%('!/'!
&*(>D>'+)%!,*!/aP>,!*8)>:.,*:>@(!/'!,*!'+)8.:).8*!.(>;'8+>)*8>*!E.'A!=%8!',!&%&'()%A!
:%()>(_*! +>'(/%! ;'8)>:*,A! />D>:.,)*(/%! ,%+! :*(*,'+! =*8*! ,*! :%%8/>(*:>@(! /%:'()'! 9A!
)*,!;'?!,%!&S+!>&=%8)*()'A!,*!+.='8;>+>@(!/',!)8*P*R%!/.8*()'!+.!8'*,>?*:>@(!G9!(%!
)*()%! )8*+! +.! D>(*,>?*:>@(HB! 1+! /':>8A! E.'! '+)*&%+! *()'! /%+! :*8*+! /'! .(*! &>+&*!
&%('/*0! =%8! .(*! =*8)'! )'('&%+! *E.',! D*&%+%! &a/>:%! G'(! (.'+)8%! 'R'&=,%! ',!
/%:'()'H! E.'! *D>8&*! e*P'8! *:'8)*/%! '(! ',! />*-(@+)>:%A! '(! ,*! =8'+:8>=:>@(! /',!
DS8&*:%!9!'(!,*!/%+>+!*/':.*/*Y!9!=%8!%)8*!)'('&%+!,*!;>+>@(!/',!=*:>'()'!G'(!'+)'!
:*+%! (.'+)8%! *,.&(*/%! v)*,! ;'?! >(:,.+%! '(D'8&%! *()'! )*()*! >(:%(-8.'(:>*HA! E.'!
/':,*8*! +'()>8+'! &*,! *! ='+*8! /'! ,*+! *D>8&*:>%('+! P'(';%,'()'+! /',! D*:.,)*)>;%B!
C'-_(! ,*! >(D%8&*:>@(! E.'! *88%R*(! ,%+! /*)%+! *(*,>?*/%+A! ,%! +.:'/>/%! :%(! ,%+!
+'&>(*8>%+!(%!8';>+)'!:.'8=%!/'!:*+%!*>+,*/%A!+>(%!E.'!>-.*,&'()'!+.:'/'!:%(!,*+!
).)%8<*+!G\XA^buHA!&.9!=%:%!.)>,>?*/*+!+'-_(!(.'+)8%+!*,.&(%+!*!='+*8!/'!'+)*8!v
>-.*,&'()'i!8':%->/*+!'(!,*!-.<*!/%:'()'B!7%8!,%!)*()%A!:*P8<*!>(D'8>8!E.'!*!='+*8!/'!
'F>+)>8!.(!:*&P>%!DS:)>:%A!P>'(!=*8':>'8*!+'8!D.(/*&'()*,&'()'!+'&S()>:%!G9!'(!+.!
D%8&*)%!>&=8'+%HA!=.'+!(%!&.'+)8*!',!>&=*:)%!'+='8*/%!/'+/'!',!&%&'()%!'(!E.'!
,%+!*,.&(%+!:8.?*(!',!.&P8*,!E.'!,'+!+'=*8*!/',!=*+>,,%A!&%&'()%!'(!',!:.*,!',!*.,*!
+'! :%(;>'8)'! '(! .(! f*-.R'8%! ('-8%h! '(! ',! E.'! :*P8<*! '+='8*8! /'! )%/%0! /'+/'! ',!
:.&=,>&>'()%! /'! ,%! =.P,>:*/%! '(! ,*! -.<*! /%:'()'! e*+)*! )%/%! ,%! :%()8*8>%B!
C.&a&%+,'!*!'+)*!+>).*:>@(!',!>(:.&=,>&>'()%!/'!,*!*/&>(>+)8*:>@(!=%8!8'/.:>8!,*+!
8*)>%+! /'! *,.&(%+! G)*,! 9! :%&%! +'! '+)*P,':'! /'+/'! ',! =*:)%! /'! J%,%(>*HA! =%8!
*:%(/>:>%(*8! ,*+! *.,*+A! =%8! D%8&*8! *,! =8%D'+%8*/%A! =%8! '+)*P,':'8! &':*(>+&%+! /'!
:%()8%,!/'!,*!:*,>/*/!/',!=8%:'+%s!'):B!o!*T*/S&%+,'!.(!*.&'()%!8'*,!/'!,*!8*)>%!/'!
*,.&(*/%A! .(! *:%(/>:>%(*&>'()%! =8')'(/>/*&'()'! -8*/.*,! /'! ,*+! *.,*+! :%(!
'E.>=*&>'()%! v'(! %:*+>%('+i! *()>:.*/%A! .(*! /'+=8'%:.=*:>@(! *P+%,.)*! =%8! ,*!
D%8&*:>@(! /',! =8%D'+%8*/%! .(>;'8+>)*8>%! G+*,;%! /'! D%8&*! ;%,.()*8>*H! 9! .(*!
*.+'(:>*! )%)*,! /',! :%()8%,! /'! ,*! :*,>/*/! /',! =8%:'+%! G='8%! +<! =8'%:.=*:>@(! Da88'*!
=%8! ,*! :*,>/*/! /',! =8%/.:)%A! :%&%! +>! D.'+'(! ;*8>*P,'+! >(/'='(/>'()'+! '()8'! +<HB!
j.()'! ',! ,':)%8! *&P%+! *8-.&'()%+! 9! %P)'(/8S! :%&%! 8'+.,)*/%! .(! +*P8%+%! :@:)',!
E.'! ',! -8*(! 4.>+! J.T.',! ,,';*8<*! v! +>(! /./*i! *! ,*! -8*(! =*()*,,*0! .(>;'8+>/*/'+! /',!
+>-,%!r5rA!=8%D'+%8'+!/',!rr!9!*,.&(%+!/',!rr5B!
7*8*! (.'+)8%! 'E.>=%! /'! >(;'+)>-*:>@(A! 8'+.,)*! -8*;'! .(*! >/'*! E.'! (.'+)8%!
=8%D'+%8*/%! /'(.(:>*! )S:>)*&'()'0! ,*! =8':>=>)*/*! >&=,*()*:>@(! /',! =8%:'+%! /'!
*/':.*:>@(!*,!111C!9!,*!D*,)*!/'!8'D,'F>@(!+%P8'!',!&>+&%B!1(!&%&'()%+!:%&%!,%+!
*:).*,&'()'!;>;>/%+A!'(!,%+!E.'!R.()%!:%(!d8':>*!=*8':>a8*&%+!'+)*8!*,!D>(*,!/'!.(*!
,*8-*! ,>+)*! /'! =*<+'+! '(! =',>-8%! /'! P*(:*88%)*A! 8'+.,)*! 'F)8*T%! :%&=8%P*8! E.'! *!
='+*8! /'! )%/%+! ,%+! 8':%8)'+A! '(! &*)'8>*! /'! :*,'(/*8>%! '/.:*)>;%! +<! '+)*&%+!
!
!
XW!
:.&=,>'(/%!(.'+)8*!>(:%8=%8*:>@(!*!,*!=*8!E.'!%)8%+!=*<+'+!E.'!':%(@&>:*&'()'!
+<! e*(! ;'(>/%! e*:>'(/%! +.+! /'P'8'+B! 1+)%A! ,@->:*&'()'A! '(:>'88*! ,*+! 'F=,>:*:>%('+!
E.'! )%/%+! =%/'&%+! >&*->(*8A! '()8'! ,*+! :.*,'+! (.'+)8%+! =8%D'+%8'+! /'+)*:*(! ',!
e':e%! /'! (%! e*P'8! )'(>/%! '(! :.'()*A! '(! *P+%,.)%A! *,! *,.&(*/%! =*8*! ',! />+'T%! /'!
'+)%+! (.';%+! =,*('+! /'! '+)./>%B! C'-.8*&'()'! e'&%+! *+>+)>/%! *! .(*! %=%8).(>/*/!
_(>:*!/'!:*&P>*8!,%+!=,*('+!'/.:*)>;%+!/'!.(!=*<+B!c*,!;'?!(%!;%,;*&%+!*!8'=')>8!
'+)*!%:*+>@(!e*+)*!/'()8%!/'!*,-.(%+!*T%+B!o!*!='+*8!/'!)%/%!',,%A!E.>'('+!e'&%+!
='8&*(':>/%!'(!'+*!'+)8.:).8*!;'8)>:*,A!:%&%!.(!'+,*P@(!&S+!/'!'+)*!/aP>,!:*/'(*A!
e'&%+! =%/>/%! :%&=8%P*8! E.'! ,%+! :8>)'8>%+! E.'! e*(! >&='8*/%! '(! ,*! (.';*!
:%(D>-.8*:>@(!/'!*E.',,%+!)<).,%+!E.'!E.'8<*&%+!:*&P>*8!G)*,!;'?!=%8!'(:%()8*8,%+!
,'R*(%+!*,!&.(/%!'&=8'+*8>*,A!*!,*+!+*,>/*+!=8%D'+>%(*,'+!8'*,'+A!*!,%+!(.';%+!8')%+!
9!/'+*D<%+!'(.(:>*/%+!=%8!.(*!+%:>'/*/!/>->)*,HA!e*(!+>/%A!=8':>+*&'()'A!,%+!/'!,*!
+%:>'/*/! *(*,@->:*A! *E.',,*! *()'8>%8! *! ,*! *:).*,B! $8>)'8>%+! E.'! (%! e*(! e':e%! +>(%!
=8%88%-*8!,*!=8'+'(:>*!/',!&>+&%!;>8.+!'(/a&>:%!'F>+)'()'!e*+)*!',!+>-,%!=*+*/%!9!
E.'A! :%&%! +'! /'+:8>P'! '(! *E.',,*! =',<:.,*! /'! Z>/,'9! C:%.)! GQ,>'(HA! e*! ='8;>;>/%!
e*+)*! '+)'! +>-,%! :%&%! ',! %$.)/%* 3)")a+5%! =%8! )%/%+! :%(;>/*/%B! C@,%! *+<! +'! 'F=,>:*!
E.'!'(!,%+!)<).,%+!8',*:>%(*/%+!:%(!+*,>/*+!=8%D'+>%(*,'+!;>(:.,*/*+!v/>8':)*&'()'i!
*! ,*! /%:'(:>*A! ,*+! &*)'8>*+! 8',*:>%(*/*+! :%(! ,*! />/S:)>:*! 9t%! ,*! =,*(>D>:*:>@(!
G-8*(/'+! *+>-(*).8*+! ='(/>'()'+! /'! (.'+)8%! +>+)'&*! /'! '/.:*:>@(! )*()%! '(!
78>&*8>*!:%&%!'(!C':.(/*8>*HA!+'!e*9*(!%8E.'+)*/%!/'+/'!.(*!/>+)8>P.:>@(!/'!,*!
:*8-*!e%8*8>*!(*:>/*!*!=*8)>8!/'!.(!8'=*8)%!>-.*,>)*8>%!'()8'!,*+!/>D'8'()'+!S8'*+!/'!
:%(%:>&>'()%!'F>+)'()'+!'(!,*+!`*:.,)*/'+!/'!1/.:*:>@(A!/'+/'!',!'()'(/>&>'()%!/'!
E.'!v+'-.8*&'()'i!8'=*8)>8!,*!)*8)*!*!=*8)'+!>-.*,'+!-'('8*8S!',!:%()'()%!/'!)%/%+!
,%+!:%&'(+*,'+B!c*,!;'?!+'*!'+'!',!-8*(!'88%8A!9!(%+!'(:%()8'&%+!*()'!.(*!&'+*!'(!
,*!E.'!e*9!.(%+!*!E.>'('+!,'+!+%P8*!:*+>!)%/*!,*!=%8:>@(A!%)8%+!E.'!:%(+>-.'(!+*:>*8!
+.! *=')>)%! 9A! D>(*,&'()'A! %)8%+! E.'! P>'(! (':'+>)*8<*(! ;*8>*+! R%8(*/*+!
>(>()'88.&=>/*+!=*8*!/*8!=%8!?*(R*/*!+.!>(-'+)*B!
`>(*,&'()'A!E.'8'&%+!/'+)*:*8!E.'!,%+!/*)%+!*E.<!%P)'(>/%+!(%!+'!*,'R*(!(*/*!/'!
,%+!=8'+'()*/%+!=%8!78a-'()!'(!',!*T%!"XX^B!$%&%!e'&%+!=%/>/%!:%&=8%P*8A!,*+!
&')%/%,%-<*+! .)>,>?*/*+! '(! 1/.:*:>@(! C.='8>%8! GE.>(:'! *T%+! /'+=.a+HA! :%()>(_*(!
+>'(/%! ,*+! &>+&*+A! *.(E.'! '(! />D'8'()'! %8/'(! /'! >&=%8)*(:>*! %A! )*,! ;'?A! /'!
=8'+'(:>*,>/*/B! 1+)'! e':e%! /'P'8<*! e*:'8(%+! 8'D,'F>%(*8! +%P8'! E.a! :*&P>%+!
'+)8.:).8*,'+! 9! :.,).8*,'+! e'&%+! E.'! +'-.>8! />+'T*(/%! 9A! =%+)'8>%8&'()'A!
>&=,'&'()*(/%!=*8*!:%(+'-.>8!.(*!D%8&*:>@(!+.='8>%8!*/*=)*/*!*!,*+!(':'+>/*/'+!
/'!,*!+%:>'/*/!*:).*,B!Q!='+*8!/'!,*!>(D%8&*:>@(!/'+=8'(/>/*!/'!(.'+)8%+!/*)%+A!'+!
(.'+)8%!/'+'%!8':%8/*8!E.'!(%+!'(:%()8*&%+!*,!>(>:>%!/'!.(!>&=%8)*()'!='8>%/%!/'!
:*&P>%!'(!,*!'+)8.:).8*!.(>;'8+>)*8>*B!1(!'+)'!+'()>/%A!/'P'&%+!)'('8!=8'+'()'!E.'!
,%+!=8%:'+%+!/'!:*&P>%!:%(,,';*(!'+)*/>%+!/'!>(:'8)>/.&P8'!9!*&P>;*,'(:>*A!R.()%!
:%(!&%&'()%+!/'!8'D,'F>@(!E.'!='8&>)*(!;%,;'8!*!D%:*,>?*8!,%+!%PR')>;%+!*!*,:*(?*8B!
1+='8*&%+!E.'!',!,':)%8!=.'/*!+'-.>8!,*!e.',,*!/'!(.'+)8%+!=*+%+!=%8!'+)'!+'(/'8%A!
9! '(:%()8*8(%+! (.';*&'()'! '(! .(! D.).8%! :'8:*(%! '(! ',! :.*,! =%/'8! %D8':'8!
/>D'8'()'+!/*)%+!*,!8'+=':)%A!&.:e%!&S+!*&P>:>%+%+!9!8'=8'+'()*)>;%+!/',!=8%:'+%!
/'!>&=,*()*:>@(!)%)*,!/'!,%+!(.';%+!-8*/%+!/'!1/.:*:>@(!5(D*()>,B!
!
!
X"!
/(/.(%0+,-1,!
Q&P*++*A! $B! GVWW#HB! Q,-.(*+! =8'%:.=*:>%('+! />/S:)>:*+! 9! &')%/%,@->:*+! '(! ,*!
'(+'T*?*! /'! ,>)'8*).8*! '(! :,*+'! /'! 14B! ;+/#".)* +&+$.5:2#$)* ,+* A#,B$.#$)* <8<@* kB!
2>+=%(>P,'!
'(0!
e))=0ttOOOB'/.:*:>%(B'+t8'/','t8';>+)*gt$Q&P*++*B=/DB!
$%(+.,)*/%0!Vg!/'!R.,>%!/'!VW"WB!
2'! N>-.',A! NB! GVWW^H! G$%%8/BHB! S%,)&#,),+"* ,+* <2"+=)2>)* $+2.5),)"* +2* +&*
,+")55%&&%* ,+* ?%63+.+2$#)"T* %5#+2.)$#%2+"* 3)5)* 35%6%/+5* +&* $)6M#%* 6+.%,%&:'#$%*
+2*+&*<"3)$#%*<-5%3+%*,+*<,-$)$#:2*D-3+5#%5B!78%9':)%!1QVWW^iW""gB!
$%8(.A! JB! GVWW"HB! \#2,"* %9* ?V)2'+* #2* .V+* L+)$V#2'* !5%9+""#%2B! 7*8>+0! `8'(:e!
U*)>%(*,!$%&&>++>%(!D%8!3U1C$MB!
2'!N>-.',A!NB!GVWW#HB!S+.%,%&%'()"*,+*+2"+=)2>)*4*)35+2,#>)a+*3)5)*+&*,+")55%&&%*
,+* $%63+.+2$#)"T* %5#+2.)$#%2+"* 3)5)* +&* 35%9+"%5),%* -2#/+5"#.)5#%* )2.+* +&* +"3)$#%*
<-5%3+%*,+*<,-$)$#:2*D-3+5#%5B!N*/8>/0!1/>)%8>*,!Q,>*(?*B!
1+)'P*(! ]B! GVWW^HB! <&* <"3)$#%* <-5%3+%* ,+* <,-$)$#:2* D-3+5#%5B! ]*,'(:>*0!
7.P,>:*:>%('+!/'!,*!3(>;'8+>/*/!7%,>)a:(>:*!/'!]*,'(:>*B!
1+)';'A! jB! NB! GVWW[HB! 8)* .+5$+5)* 5+/%&-$#:2* +,-$).#/)0* 8)* <,-$)$#:2* +2* &)* D%$#+,),*
,+&*?%2%$#6#+2.%B!J*8:',%(*0!7*>/@+B!
`'8(S(/'?! N*8:eA! QB! GVWW#HB! S+.%,%&%'()"* )$.#/)"* 3)5)* &)* 9%56)$#:2* ,+*
$%63+.+2$#)"B!<,-$).#%*D#'&%*__N@*GHA![^i[#B!
`'88'A! QB! jBA! 4@='?A! jB! QB! 9! $*88'T%A! QB! GVW"WHB! Q/*=)*:>@(! 9! /'+*88%,,%! /'! ,*!
*+>-(*).8*! N%)%8'+! 9! &SE.>(*+! /'! ,*! )>).,*:>@(! /'! 5(-'(>'8%! ca:(>:%! Q-8<:%,*! '(!
5(/.+)8>*+!Q-8*8>*+!9!*,>&'()*8>*+!*()'!',!1+=*:>%!1.8%='%!/'!1/.:*:>@(!C.='8>%8B!
;+/#".)* ,+* O%56)$#:2* +* N22%/)$#:2* <,-$).#/)* 12#/+5"#.)5#)* P;<ON<A1R@* l! G[H! "\"i
"^"B!
`.,,*(A! NB! G"XX[HB! ?V)2'+* O%5$+"T* !5%M#2'* .V+* A+3.V"* %9* <,-$).#%2)&* ;+9%56B!
4%(/8'+0!ce'!`*,&'8!78'++B!
d*88%)'A! 2B! GVWWgHB! U.';%+! 8')%+! '/.:*)>;%+0! ',! &%/',%! /%:'()'! '(! ',! '+=*:>%!
'.8%='%B!?%2.+C.%"*+,-$).#/%"@*IIA!V\#B!
j%8P*A!jB!9!C*(&*8)<A!UB!G"XX#HB!<2"+=)5@*)35+2,+5*4*+/)&-)5T*-2*35%$+"%*,+*5+&)$#:2*
$%2.#2-),)B!N*/8>/0!N1$B!
6*,,>%>('(A! MB! GVW"WHB! 2'D>(>(-! :%&=*8>(-! -'('8>:! :%&=')'(:>*+! >(! L>-e'8!
1/.:*)>%(B!<-5%3+)2*<,-$).#%2)&*;+"+)5$V*]%-52)&@*PYR!"A!^#i#gB!
N%,>(*A! jB! '! 5,,S(A! UB! GVWWgHB! <,-$)5* 3)5)* &)* ,#/+5"#,),* +2* &)* +"$-+&)* )$.-)&T* -2)*
+C3+5#+2$#)*35B$.#$)*,+*#2.+'5)$#:2*$-55#$-&)5B!NQ20!C';>,,*B!
N.8>,,%A! 7B! GVWWbHB! U.';*+! D%8&*+! /'! )8*P*R*8! '(! ,*! :,*+'0! &')%/%,%-<*+! *:)>;*+! 9!
:%,*P%8*)>;*+B! 1(! `B! J,*(:%! G2>8HB! <&* ,+")55%&&%* ,+* $%63+.+2$#)"* ,%$+2.+"* +2* &)*
9%56)$#:2*,+&*35%9+"%5),%B!N*/8>/0!NB1B$i!$%,'::>@(!$%(%:>&>'()%!1/.:*)>;%B!!
x.>(E.'8A!2B!GVWW[HB!{x.a!'+)%9!'+)./>*(/%|!{x.a!*=8'(/'8a!'(!'+)*!,'::>@(|!U-&)*
,+*N22%/)$#:2*<,-$).#/)A!IGmA!"[i"^B!
78a-'()A! ZB! G"XXWHB! 8)* 35+3)5).#%2* ,n-2* $%-5"B! N%()8a*,0! 1/>:>%('+! /'!
,Ñ1:%,'7%,9)':e(>E.'!/'!N%()8a*,B!
Z>))A! 4B! 9! C)'O*8)A! JB! GVW"WHB! 5((%:*)>;'! +)8*)'->'+! D%8! )'*:e>(-! Q(*)%&9! *(/!
!
!
XV!
7e9+>%,%-9B!L+$VL5+2,*PIRA!\"i\VB!
Z%/8<-.'?! 5?E.>'8/%A! ZB! NÖB! GVWWgHB! 3(! &%/',%! /'! D%8&*:>@(! P*+*/%! '(! ,*+!
:%&=')'(:>*+0!e*:>*!.(!(.';%!=*8*/>-&*!'(!,*!'(+'T*(?*!.(>;'8+>)*8>*B*?%2.+C.%"*
+,-$).#/%"@*IIA!"["i"\gB!
]*,,'R%A!NB!9!Q,D*-'&'A!NÖ!JB!GVWWXHB!Q(!>(+)8.&'()!D%8!)e'!';*,.*)>%(!%(!)'*:e>(-B!
LV+*N2.+52).#%2)&*]%-52)&*%9*8+)52#2'@*Io!G[HA!"[bi"^WB!
I*k'A! jB! 2BA! 29+)e'A! MB! 9! NR',+)*/A! CB! GVWWbHB! U'O! *(/! $e*(->(-! c'*:e'8! Z%,'+! >(!
L>-e'8!1/.:*)>%(!>(!*!2>->)*,!Q-'B!<,-$).#%2)&*L+$V2%&%'4*p*D%$#+.4@*IQ!G"HA!\Wi^"B!
Ie>)'(*8:kA! jB! IB! 9! 1,,>(-)%(A! QB! jB! GVWWXHB! N*)e'&*)>:+! +=':>*,>+)+Ñ! )'*:e>(-! *(/!
,'*8(>(-!*P%.)!O8*:)>%(+B!LV+*]%-52)&*%9*S).V+6).#$"*)2,*D$#+2$+@*IIA!"WXi"V#B!
!
!
!
!
X[!
!
!
X\!
!
!
!
!
!
*6,.8,$(7&!)*!.,!3%2(6,$(7&!4,$(,!*.!,5+*&)(c,k*!)*!.%'!
*'28)(,&2*'!)*!.%'!$($.%'!-%+3,2(6%'!)*!-%+3,$(7&!
5+%-*'(%&,.!
!
!
k:QB=<!k#!3:oKBLf>!'h>Jj=;!
2'=*8)*&'()%!/'!Na)%/%+!/'!5(;'+)>-*:>@(!9!2>*-(@+)>:%!'(!1/.:*:>@(B!
3(>;'8+>/*/!/'!N.8:>*!
!
!
(&2+%)8$$(7&!
4*! `%8&*:>@(! 78%D'+>%(*,! e*! =*+*/%! /'! +'8! .(*! *,)'8(*)>;*! =*8*! *E.',,%+!
'+)./>*()'+!E.'!(%!)'(<*(!(>;',!+.D>:>'()'!=*8*!:.8+*8!!P*:e>,,'8*)%A!*!:%(;'8)>8+'!
'(!.(*!%=:>@(!/'!D%8&*:>@(!=8%D'+>%(*,>?*/%8*!/'!:*,>/*/!9!:%(!',';*/%+!<(/>:'+!
/'!'&=,'*P>,>/*/B!2'P>/%!*!'+)*!';%,.:>@(!'(!,%+!_,)>&%+!*T%+A!,*!D%8&*!/'!*D8%()*8!
,*+!/>D'8'()'+!+>).*:>%('+!/'!*=8'(/>?*R'!=%8!=*8)'!/'!,%+!'+)./>*()'+!/'!D%8&*:>@(!
=8%D'+>%(*,!'+)S!+>'(/%!%PR')%!/'!'+)./>%!'!>(;'+)>-*:>@(B!Q(*,>?*8!,*+!&%)>;*:>%('+!
9!'+)8*)'->*+!E.'!.)>,>?*(!,%+!*,.&(%+t*+!=*8*!'+)./>*8!9!*=8'(/'8!(%+!;*!*!+'8!/'!
-8*(!.)>,>/*/!*!,*!e%8*!/'!'+)*P,':'8!'+)8*)'->*+!/'!>()'8;'(:>@(!=*8*!:%(+'-.>8!:%(!
',,%! ,*! &'R%8*! /'! ,*! :*,>/*/! /',! *=8'(/>?*R'! /'! ,%+! '+)./>*()'+B! 2'+/'! '+)*!
='8+=':)>;*!+.8-'!',!=8'+'()'!)8*P*R%!'(!',!E.'!;*&%+!*!.)>,>?*8!/%+!>(+)8.&'()%+A!
',!:.'+)>%(*8>%!/'!=8%:'+%+!/'!'+)./>%!G$71iZiV`H!9!',!:.'+)>%(*8>%!/'!=8%:'+%+!/'!
*=8'(/>?*R'! G$7QHA! ,%+! :.*,'+! '+)S(! %8>'()*/%+! *! '+)./>*()'+! /'! D%8&*:>@(!
=8%D'+>%(*,!:>:,%!+.='8>%8!9!/'!:>:,%!&'/>%A!8'+=':)>;*&'()'B!1(!'+)*!>(;'+)>-*:>@(!
;*&%+! *! 8'*,>?*8! .(! *(S,>+>+! /'! ,*+! &%)>;*:>%('+A! '+)8*)'->*+! 9! '(D%E.'+! /'!
*=8'(/>?*R'! E.'! '&=,'*(! ,%+! '+)./>*()'+! /'! D%8&*:>@(! =8%D'+>%(*,A! '(! :>:,%+!
D%8&*)>;%+!/'!*&P%+!-8*/%+B!
1,! >(D%8&'! +'! '+)8.:).8*! '(! /%+! P,%E.'+A! .(! =8>&'8! P,%E.'! '(! ',! E.'! 8'*,>?*&%+!
.(*! 8';>+>@(! )'@8>:*! +%P8'! ,%+! *+=':)%+! PS+>:%+! 8',*:>%(*/%+! :%(! ,*! )'&S)>:*!
*P%8/*/*A! '(! ,*! :.*,! R.+)>D>:*&%+! ,*! (':'+>/*/! /',! )8*P*R%! 8'*,>?*/%! 9! 8'*,>?*&%+!
.(*!*&=,>*!8';>+>@(!/'!,*+!D.'()'+B!o!.(!+'-.(/%!P,%E.'A!,*!*=%8)*:>@(!'&=<8>:*A!'(!
',! E.'! +'! *P%8/*(! &'/>*()'! .(! />+'T%! /'! >(;'+)>-*:>@(! :.*()>)*)>;%! /'+:8>=)>;%!
.(*!+'8>'!/'!%PR')>;%+!'(!)%8(%!*!,*!/'+:8>=:>@(!/'!,*+!'+)8*)'->*+!9!&%)>;*:>%('+!
E.'!'&=,'*(!,%+!'+)./>*()'+!/'!`%8&*:>@(!78%D'+>%(*,B!
!
D#p!*.!'('2*3,!)*!-%+3,$(7&!5+%-*'(%&,.!*'5,b%.!
C'-_(! ,*! 4'9! M8-S(>:*! VtVWW#! /'! '/.:*:>@(A! /',! [! /'! &*9%A! =.P,>:*/*! '(! ',! JM1!
/',! \! /'! &*9%! /'! VWW#A! ,*! D%8&*:>@(! =8%D'+>%(*,! '+)S! :%(+)>).>/*! =%8! /%+! :>:,%+!
!
!
X^!
D%8&*)>;%+A! .(%! /'! -8*/%! &'/>%! 9! %)8%! /'! -8*/%! +.='8>%8! :%(! ,*! D>(*,>/*/! /'!
=8'=*8*8! *! ,%+! *,.&(%+! 9! *,.&(*+! =*8*! ',! /'+'&='T%! :.*,>D>:*/%! /'! ,*+! />;'8+*+!
=8%D'+>%('+A!',!*::'+%!*,!'&=,'%!9!,*!=*8)>:>=*:>@(!*:)>;*!'(!,*!;>/*!+%:>*,A!:.,).8*,!9!
':%(@&>:*B!1+)*!4'9!>()8%/.:'!.(*!&*9%8!D,'F>P>,>/*/!'(!',!*::'+%!*!,*!`%8&*:>@(!
78%D'+>%(*,A! :%(! ,%! :.*,A! +'! '+)*P,':'(! />;'8+*+! :%('F>%('+! '()8'! ,*! '/.:*:>@(!
-'('8*,!9!,*!D%8&*:>@(!=8%D'+>%(*,!:%&%!+'!=.'/'!'F)8*'8!/',!*('F%!5B!!
1+!=%+>P,'!*::'/'8!*!,*!`%8&*:>@(!78%D'+>%(*,!+>(!)'('8!,%+!8'E.>+>)%+!*:*/a&>:%+!
'+)*P,':>/%+A!9*!E.'!+'!e*!*8)>:.,*/%!.(*!=8.'P*!/'!*::'+%!=*8*!',!-8*/%!&'/>%!*!
,%+!&*9%8'+!/'!"b!*T%+!9!%)8*!=*8*!',!*::'+%!*,!-8*/%!+.='8>%8!=*8*!,%+!&*9%8'+!/'!
"X! *T%+! @! "g! *T%+! '(! :*+%! /'! =%+''8! ',! )<).,%! /'! )a:(>:%! 8',*:>%(*/%! :%(! ,*!
'+=':>*,>/*/!*!:.8+*8B!
1(!',!:*=<).,%!]A!*8)<:.,%![X!/'!,*!:>)*/*!4'9A!+'!'+)*P,':'(!,%+!+>-.>'()'+!=8>(:>=>%+!
-'('8*,'+!/'!,*!D%8&*:>@(!=8%D'+>%(*,0!
!
4*!`B7!>(:,.9'!,*+!'(+'T*(?*+!=8%=>*+!/'!,*!D%8&*:>@(!=8%D'+>%(*,!>(>:>*,A!,*+!
*::>%('+! /'! >(+'8:>@(! 9! 8'>(+'8:>@(! ,*P%8*,! /'! ,%+! )8*P*R*/%8'+A! *+<! :%&%! ,*+!
%8>'()*/*+!*!,*!D%8&*:>@(!:%()>(.*!'(!,*+!'&=8'+*+A!E.'!='8&>)*(!,*!*/E.>+>:>@(!9!
*:).*,>?*:>@(!='8&*('()'!/'!,*+!:%&=')'(:>*+!=8%D'+>%(*,'+B!!
4*!`B7!'(!',!+>+)'&*!'/.:*)>;%A!)>'('!=%8!D>(*,>/*/!=8'=*8*8!*!,%+!*,.&(%+!9!
,*+!*,.&(*+!=*8*!,*!*:)>;>/*/!'(!.(!:*&=%!=8%D'+>%(*,!9!D*:>,>)*8!+.!*/*=)*:>@(!*!
,*+!&%/>D>:*:>%('+!,*P%8*,'+!E.'!=.'/'(!=8%/.:>8+'!*!,%!,*8-%!/'!+.!;>/*A!*+<!:%&%!
:%()8>P.>8!*!+.!/'+*88%,,%!='8+%(*,!9!*,!'R'8:>:>%!/'!.(*!:>./*/*(<*!/'&%:8S)>:*B!
4*!`B7!'(!',!+>+)'&*!'/.:*)>;%!:%&=8'(/'!.(!:%(R.()%!/'!:>:,%+!D%8&*)>;%+!
:%(!.(*!%8-*(>?*:>@(!&%/.,*8A!/'!/.8*:>@(!;*8>*P,'!9!:%()'(>/%+!)'@8>:%i=8S:)>:%+!
*/':.*/%+!*!,%+!/>;'8+%+!:*&=%+!=8%D'+>%(*,'+B!
4%+! :>:,%+! D%8&*)>;%+! +'8S(! /'! -8*/%! &'/>%! 9! /'! -8*/%! +.='8>%8! 9! '+)*8S(!
8'D'8>/%+!*,!$*)S,%-%!U*:>%(*,!/'!$.*,>D>:*:>%('+!78%D'+>%(*,'+B!
4%+! '+)./>%+! /'! `B7B! 8'-.,*/%+! '(! '+)*! 4'9! =%/8S(! 8'*,>?*8+'! )*()%! '(! ,%+!
:'()8%+! '/.:*)>;%+A! E.'! '(! ',,*! +'! 8'-.,*(A! :%&%! '(! ,%+! :'()8%+! >()'-8*/%+! 9! /'!
8'D'8'(:>*!(*:>%(*,!*!,%+!E.'!+'!8'D>'8'!',!*8)<:.,%!""!/'!,*!4'9!M8-S(>:*!^tVWWVA!/'!
"X!/'!R.(>%A!/'!,*+!$.*,>D>:*:>%('+!9!/'!,*!`%8&*:>@(!78%D'+>%(*,B!
1,!d%P>'8(%A!=8';>*!:%(+.,)*!*!,*+!$%&.(>/*/'+!Q.)@(%&*+A!'+)*P,':'8S!,*+!
)>).,*:>%('+!:%88'+=%(/>'()'+!*!,%+!'+)./>%+!/'!`B7BA!*+<!:%&%!,%+!*+=':)%+!PS+>:%+!
/',!:.88<:.,%!/'!:*/*!.(*!/'!',,*+B!
!
4*! '+)8.:).8*! /'! ,*! D%8&*:>@(! =8%D'+>%(*,! '(! 1+=*T*! +'! />;>/'! '(! V#! D*&>,>*+!
=8%D'+>%(*,'+!Gc*P,*!"H!9!/%+!-8*/%+!G&'/>%!9!+.='8>%8HB!
!
!
X#!
!
_!0+,)%!'85*+(%+!
0+,)%!3*)(%!!
-,3(.(,'!5+%-*'(%&,.*'!
Q:)>;>/*/'+!D<+>:*+!9!/'=%8)>;*+B!
Q/&>(>+)8*:>@(!9!-'+)>@(B!
5(/.+)8>*+!*,>&'()*8>*+B!
5(/.+)8>*+!'F)8*:)>;*+B!
Q-8*8>*B!
Q8)'+!-8SD>:*+B!
Q8)'+!9!*8)'+*(<*+B!
5(D%8&S)>:*!9!:%&.(>:*:>%('+B!
5(+)*,*:>@(!9!&*()'(>&>'()%B!
N*/'8*A!&.'P,'!9!:%8:e%B!
$%&'8:>%!9!&*8k')>(-B!
1/>D>:*:>@(!9!%P8*!:>;>,B!
1,':)8>:>/*/!9!',':)8@(>:*B!
N*8<)>&%i='+E.'8*B!
x.<&>:*B!
C'-.8>/*/!9!&'/>%!*&P>'()'B!
1('8-<*!9!*-.*B!
`*P8>:*:>@(!&':S(>:*B!
L%+)','8<*!9!).8>+&%B!
C'8;>:>%+!+%:>%:.,).8*,'+!*!,*!:%&.(>/*/B!
C*(>/*/B!
c'F)>,A!:%(D'::>@(!9!=>',B!
5&*-'(!='8+%(*,B!
5&*-'(!9!+%(>/%B!
c8*(+=%8)'!9!&*()'(>&>'()%!/'!;'e<:.,%+B!
]>/8>%!9!:'8S&>:*B!
c*P,*!"Bi!`*&>,>*+!=8%D'+>%(*,'+!/'!,*!`%8&*:>@(!78%D'+>%(*,!
!
!
Z'+.,)*! %P;>%! E.'A! >(/'='(/>'()'&'()'! /'! ,*! D*&>,>*! =8%D'+>%(*,! *! ,*! E.'! ,%+!
'+)./>*()'+! =.'/*(! */+:8>P>8+'A! =*8*! =%/'8! ;*,%8*8! ,*+! :*8*:)'8<+)>:*+! /'! ,%+!
*=8'(/>?*R'+!/'!,%+!&>+&%+!'+!(':'+*8>%!';*,.*8!,%+!'(D%E.'+!/'!*=8'(/>?*R'!/'!,%+!
'+)./>*()'+! ='8&>)>a(/%(%+! %P)'('8! .(*! >(D%8&*:>@(! :,*8>D>:*/%8*! '(! )%8(%! *! ,*+!
'+)8*)'->*+! 9! &%)>;*:>%('+! E.'! &.';'(! *! />:e%+! '+)./>*()'+! *! *P%8/*8! /'! .(!
/')'8&>(*/%!&%/%!+.+!+>).*:>%('+!/'!*=8'(/>?*R'B!!
!
M#p!!.%'!*&-%E8*'!)*!,5+*&)(c,k*!
4*!>(;'+)>-*:>@(!/',!*=8'(/>?*R'!/'!,%+!'+)./>*()'+!'+)S!+>'(/%!%PR')%!/'!'+)./>%!'!
>(;'+)>-*:>@(! =%8! &_,)>=,'+! &%)>;%+A! =%8! .(! ,*/%A! ',! ',';*/%! (>;',! /'! D8*:*+%!
'+:%,*8!E.'!'(!,%+!_,)>&%+!)>'&=%+!+'!e*!/')':)*/%!'(!,*!'/.:*:>@(!'(!-'('8*,A!9!',!
<(/>:'! /'! *P*(/%(%! '+:%,*8! E.'! +'! '+)S! =8%/.:>'(/%! '(! ,%+! :>:,%+! D%8&*)>;%+B!
2'+/'! ,*+! >(+)>).:>%('+! '/.:*)>;*+! +'! =,*()'*! :%&%! %PR')>;%! =8>%8>)*8>%! /'!
>()'8;'(:>@(!%D8':'8!.(*!'/.:*:>@(!9!D%8&*:>@(!=8%D'+>%(*,!/'!:*,>/*/A!*/'&S+!/'!
=,*)'*8! +%,.:>%('+! 8'*,'+! *! ,%+! =8%P,'&*+! /'! D8*:*+%! 9! *P*(/%(%A! *.(E.'! ,*+!
8'D%8&*+! '/.:*)>;*+! 8'*,>?*/*+! /'+/'! ,%+! *T%+! %:e'()*! +>-.'(! +>(! /*8! .(*!
8'+=.'+)*!+*)>+D*:)%8>*!*!'+)'!=8%P,'&*!G$*8*P*T*A!VWW\HB!!
4*+! >((%;*:>%('+! =8%=.'+)*+! /'+/'! ',! 1+=*:>%! 1.8%='%! /'! 1/.:*:>@(! G111H!
=8')'(/'(A!'()8'!%)8%+!%PR')>;%+A!=8%&%;'8!',!^)35+2,+5*)*)35+2,+57!/',!'+)./>*()'!
9!D*:>,>)*8,'!,*!:%&=')'(:>*!%8>'()*/*!*,!*=8'(/>?*R'!*!,%!,*8-%!/'!,*!;>/*A!'+!=%8!',,%!
E.'!+'!R.+)>D>:*!.(*!*&=,>*!>(;'+)>-*:>@(!'(!)%8(%!*!,%+!'(D%E.'+!/'!*=8'(/>?*R'!/'!
,%+!'+)./>*()'+!/'!,%+!:>:,%+!D%8&*)>;%+!/'!D%8&*:>@(!=8%D'+>%(*,B!$%(!',!=8'+'()'!
)8*P*R%!>()8%/.:>&%+!.(%+!P8';'+!*=.()'+!/'!,*+!/>8':)8>:'+!E.'!=%/8<*(!%8>'()*8!
.(*!>(;'+)>-*:>@(!&.:e%!&S+!*&=,>*!9!'Fe*.+)>;*!+%P8'!'+)*!)'&S)>:*B!!
1,! )a8&>(%! '(D%E.'+! /'! *=8'(/>?*R'! G*==8%*:e'+! )%! ,'*8(>(-H! D.'! *:.T*/%!
>(>:>*,&'()'!=%8!N*8)%(!9!CÜ,Rá!=*8*!8'D'8>8+'!*!,*!*/*=)*:>@(!/'!,*+!'+)8*)'->*+!/'!
'+)./>%!E.'!8'*,>?*(!,%+!*,.&(%+t*+!=*8*!*D8%()*8!,*+!/>;'8+*+!)*8'*+!*!,%!,*8-%!/'!
!
!
Xb!
+.!;>/*!/'!'+)./>*()'+B!
1()O>+),'!9!Z*&+/'(!G"Xg[H!=,*()'*(!',!'(D%E.'!/'!*=8'(/>?*R'!:%&%!.(*!D%8&*!
/'! *P%8/*8! ',! :%()'(>/%! /',! *=8'(/>?*R'! :%(+':.'(:>*! /'! ,*! >()'(:>@(! =*8)>:.,*8!
E.'!)'(-*!',!'+)./>*()'!'(!',,%B!
1,! '(D%E.'! /'! *=8'(/>?*R'! +'! e*! /'D>(>/%! :%&%! ',! =8%:'+%! /'! *=8'(/>?*R'! E.'!
'&'8-'! /'! ,*+! ='8:'=:>%('+! E.'! ,%+! '+)./>*()'+! )>'('(! /'! ,*! )*8'*! *:*/a&>:*A!
>(D,.>/*! =%8! +.+! :*8*:)'8<+)>:*+! /'! )>=%! ='8+%(*,! 9! /',! :%()'F)%! '/.:*)>;%! GJ>--+A!
"XggHA! ='8%! ,*! >()'8*::>@(! /'! ','&'()%+! ='8+%(*,'+! '! >(+)>).:>%(*,'+! /')'8&>(*(!
,%+!)>=%+!/'!'(D%E.'!/'!*=8'(/>?*R'!*/%=)*/%+!=%8!,%+!'+)./>*()'+!=*8*!+.='8*8!,*+!
/'&*(/*+! *:*/a&>:*+! +%,>:>)*/*+! =%8! ,*! >(+)>).:>@(! '/.:*)>;*! GL'8(S(/'?! 7>(*A!
"XX[Y!!L'8(S(/'?!7>(*A!d*8:<*!C*(?!9!N*E.>,@(!CS(:e'?A!VWWWY!N*E.>,@(!CS(:e'?A!
VW"WHB!
L*:>*! ',! *T%! "Xb#A! ,*+! >(;'+)>-*:>%('+! />8>->/*+! =%8! N*8)%(! 9! CÜ,Rá! G"Xb#*A! PH!
:%(+>+)<*(! '(! ',! *(S,>+>+! /'! ,%+! *+=':)%+! E.'! ,%+! '+)./>*()'+! :%(+>/'8*P*(! &S+!
>&=%8)*()'+!*,!,''8!.(!*8)<:.,%!/'!>(;'+)>-*:>@(B!Q!=*8)>8!/'!'+)*+!>(;'+)>-*:>%('+!
+'! .)>,>?*P*! ',! )a8&>(%! '(D%E.'! =8%D.(/%A! =*8*! 8'D'8>8+'! *! ,%+! '+)./>*()'+! E.'!
)'(/<*(!*!P.+:*8!',!+>-(>D>:*/%!/',!*8)<:.,%!'F*&>(*(/%!,%+!*8-.&'()%+!/',!*.)%8A!
'(!',!+>-(>D>:*/%!/'!,%!E.'!*=8'(/<*(A!9!=%8!%)8%!,*/%A!',!'(D%E.'!+.='8D>:>*,!=*8*!
8'D'8>8+'! *! *E.',,%+! '+)./>*()'+! E.'! )8*)*P*(! /'! &'&%8>?*8! ,*! >(D%8&*:>@(! E.'!
:%(+>/'8*8*(!>&=%8)*()'!'(!,.-*8!/'!P.+:*8!',!+>-(>D>:*/%!-,%P*,!/',!*8)<:.,%B!
2.8*()'! ,%+! _,)>&%+! ;'>()>:>(:%! *T%+A! ,*+! >(;'+)>-*:>%('+! +%P8'! '(D%E.'+! /'!
*=8'(/>?*R'! e*(! /*/%! ,.-*8! *! .(! :%(R.()%! /'! '+)./>%+A! '+=':>*,&'()'! '(! d8*(!
J8')*T*A! C.':>*! 9! Q.+)8*,>*A! 9! *! .(! :%8=.+! /'! >(;'+)>-*:>@(! /'(%&>(*/%! CQ4!
GC)./'()! Q==8%*:e'+! )%! 4'*8(>(-HB! 1+)'! S8'*! /'! >(;'+)>-*:>@(! :%&P>(*! ',! '+)./>%!
/',! :%()'F)%! '/.:*)>;%A! ,*! ='8:'=:>@(! /'! ,%+! '+)./>*()'+! 9! ,*! &')%/%,%-<*! /'! ,*!
=+>:%,%-<*! :%-(>)>;*B! 1,! >(D%8&'! D.-,+2.* U335%)$V+"* .%* 8+)52#2'* GM$21A! VWW[H!
:%(:,.9'! :%(! ,*! /'&%+)8*:>@(! '&=<8>:*! /'! ,*+! 8',*:>%('+! '()8'! ,%+! '(D%E.'+! /'!
*=8'(/>?*R'! 9! 8'+.,)*/%+! *:*/a&>:%+! '(! ,%+! =*<+'+! /'! ,*! M$21A! *! ='+*8! /'! ,*+!
/>D'8'(:>*+! :.,).8*,'+! 9! /'! ,%+! />D'8'()'+! +>+)'&*+! '/.:*)>;%+A! '+! =%8! ',,%! E.'!
:%(+>/'8*&%+! E.'! ,*+! 8'D%8&*+! '/.:*)>;*+! /'P'(! 8'%8>'()*8! ,%+! +>+)'&*+!
'/.:*)>;%+! =*8*! E.'! ',! =8%D'+%8*/%! D%8&'! *! ,%+! '+)./>*()'+! =*8*! */%=)*8!
/')'8&>(*/*+! '+)8*)'->*+! /'! *=8'(/>?*R'! E.'A! :%(! .(*! =8S:)>:*! */':.*/*A! +'!
)8*(+D%8&*8S(! '(! e*P>,>/*/'+! /'! *=8'(/>?*R'B! 1+)'! =,*)'*&>'()%! 8'E.>'8'! E.'! ,*!
D%8&*:>@(! '(! e*P>,>/*/'+! /'! *=8'(/>?*R'! +'! >()'-8'(! /'()8%! /'! ,%+! :%()'(>/%+!
)8*(+;'8+*,'+!/'!,*+!S8'*+!/'!:%(%:>&>'()%!>(:,.>/*+!'(!:.*,E.>'8!(>;',!'/.:*)>;%B!
`*;%8':>'(/%A!D>(*,&'()'A!,*!&%/>D>:*:>@(!/'!,*+!'+)8*)'->*+!9!&%)>;*:>%('+!/'!,%+!
'+)./>*()'+A! %! ,%! E.'! '+! ,%! &>+&%A! E.'! ,%+! '+)./>*()'+! *=8'(/*(! *! */*=)*8! +.+!
'(D%E.'+!/'!*=8'(/>?*R'!*!,*+!/'&*(/*+!/'!,*+!>(+)>).:>%('+!'/.:*)>;*+B!
1,! :%(:'=)%! /'! '(D%E.'! >&=,>:*! ','&'()%+! ='8+%(*,'+! '! >(+)>).:>%(*,'+! E.'! *,!
>()'8*::>%(*8! /')'8&>(*(! ',! )>=%! /'! '(D%E.'! /'! *=8'(/>?*R'! */%=)*/%! =%8! ',!
'+)./>*()'! GL'8(S(/'?! 7>(*A! "XX[A! VWW^HB! 4%+! '(D%E.'+! /'+:8>P'(! :@&%! +'!
8',*:>%(*(! ,%+! '+)./>*()'+! :%(! ,*! '(+'T*(?*i*=8'(/>?*R'B! C%(! =8%:'+%+! E.'!
'&'8-'(! /'! ,*! ='8:'=:>@(! >(/>;>/.*,! ! E.'! :*/*! '+)./>*()'! )>'('! /'! ,*! )*8'*!
*:*/a&>:*A!>(D,.>/%!=%8!',!:%()'F)%!/'!,*!'(+'T*(?*B!1,!&%/',%![7!/'!*=8'(/>?*R'A!
/'+:8>P'! ,*+! )8'+! />&'(+>%('+! E.'! 8',*:>%(*(! 9! 'F=,>:*(! ,%+! '(D%E.'+! 9! +.!
>(D,.'(:>*!'(!,*!:*,>/*/!9!8'+.,)*/%+!/',!*=8'(/>?*R'B!
!
!
!
Xg!
M#D#p!*.!3%)*.%!"5!)*!,5+*&)(c,k*!
1,!*=8'(/>?*R'!:%&%!*+=':)%!&.,)>/>+:>=,>(*8!9!&.,)>8',*:>%(*,!(%!)>'('!,.-*8!'(!',!
;*:<%A! +>(%! E.'! '+)S! :%&=.'+)%! /'! .(*+! ;*8>*P,'+! <()>&*&'()'! ,>-*/*+! E.'! +'!
*=,>:*(! '(! .(! &%&'()%! 9! *()'! .(*! /'&*(/*! '+=':<D>:*B! 2.(k>(! 9! J>/,'! G"Xb\H!
'+)*P,':>'8%(! .(! &%/',%! E.'! /'+:8>P<*! ',! =8%:'+%! /'! *=8'(/>?*R'! 9! ',!
D.(:>%(*&>'()%!/',!*.,*!'(!)8'+!D*+'+!/>D'8'()'+!G=8'+*->%A!=8%:'+%!9!=8%/.:)%H0!
!
4*!;*8>*P,'!A<=@:PBC!+'!8'D>'8'!*!,%+!*+=':)%+!:%()'F).*,'+!G/',!'+)./>*()'!9!
/'! ,*! '(+'T*(?*H! =8';>%+! *! ,*! *::>@(! '/.:*)>;*B! Ç+)*! >(D,.9'! +%P8'! ,*! ;*8>*P,'!
=8%:'+%B!
!
4*!;*8>*P,'!A<CJ=@C!+'!8'D>'8'!*!,*!/>(S&>:*!/'!'(+'T*(?*i*=8'(/>?*R'!!E.'!
+'!*=,>:*!/.8*()'!,*!>()'8*::>@(!'(!',!*.,*!9!E.'!/*!,.-*8!*!,*!D*+'!/'!=8%/.:)%B!
!
4*!;*8>*P,'!A<C?KJHC!'+!',!8'+.,)*/%!*:*/a&>:%A!E.'/*(/%!:%(/>:>%(*/*!*!
,*!>()'8*::>@(!'()8'!,*!;*8>*P,'!=8'+*->%!9!=8%/.:)%B!
!
QT%+!&S+!)*8/'A!J>--+!G"Xgb*A!"XX[*H!D%8&.,@!',!N%/',%!d'('8*,!/'!Q=8'(/>?*R'!
GN%/',%! [7H! E.'! 8'=8'+'()*! ,*! ='8+=':)>;*! /'! ,%+! '+)./>*()'+! '(! ',! =8%:'+%! /'!
'(+'T*(?*i*=8'(/>?*R'B! 1,! &%/',%! [7! /'! J>--+! G`>-.8*! "H! 8'=8'+'()*! .(! +>+)'&*!
D%8&*/%!=%8![!:%&=%('()'+!=8>(:>=*,'+!E.'!:%&>'(?*(!=%8!,*!,')8*!f7h0!78'+*->%A!
78%:'+%!9!78%/.:)%B!1+)'!&%/',%!:%()'&=,*!,*+!:*8*:)'8<+)>:*+!/',!'+)./>*()'!9!',!
:%()'F)%! /'! '(+'T*(?*! G;*8>*P,'+! /'! 78'+*->%HA! ,%+! '(D%E.'+! /'! *=8'(/>?*R'!
G;*8>*P,'+! /'! 78%:'+%H! 9! ,%+! 8'+.,)*/%+! /',! *=8'(/>?*R'! G;*8>*P,'+! /'! 78%/.:)%HB!
4%+! )8'+! :%&=%('()'+! /',! &%/',%! )>'(/'(! *! '+)*8! 'E.>,>P8*/%+! =%8! ,%! E.'! .(!
:*&P>%!'(!*,-.(%!/'!',,%+!>(D,.9'!'(!,*!'+)*P>,>/*/!/',!+>+)'&*B!
!
4%+!'(D%E.'+!/'!*=8'(/>?*R'!=.'/'(!>()'8=8')*8+'!/'!/>+)>()*!&*('8*!+'-_(!,*!D*+'!
/',!&%/',%0!!
"
,!>BQ=L!?=!A<=@:PBC!=.'/'(!/'+:8>P>8!:@&%!/>D>'8'(!,%+!>(/>;>/.%+!/'()8%!
/'! .(! :%()'F)%! /'! '(+'T*(?*! '+=':<D>:%! G'(D%E.'! =8'D'8>/%HB! 1,! D*:)%8! =8'+*->%!
'F>+)'! =8';>*&'()'! *,! =8%:'+%! /'! '(+'T*(?*i*=8'(/>?*R'! '! >(:,.9'! ,*+!
:*8*:)'8<+)>:*+! >(/>;>/.*,'+! /'! ,%+! '+)./>*()'+! E.'! ,,'-*(! *,! :'()8%! :%(! .(*+!
/')'8&>(*/*+!:%&=')'(:>*+!:%-(>)>;*+A!:%(%:>&>'()%+!=8';>%+A!&%)>;*:>@(!=*8*!',!
'+)./>%s! 9! ,%+! *+=':)%+! 8',*:>%(*/%+! :%(! ',! :%()'F)%! /'! ,*! '(+'T*(?*A! :%&%! ,*!
:.,).8*! '/.:*)>;*! /'! ,*! >(+)>).:>@(A! &a)%/%+! /'! '(+'T*(?*A! 'F='8>'(:>*! /'! ,%+!
/%:'()'+!GZ*&+/'(A!"XggHB!
"
,! >BQ=L! ?=! A<CJ=@C! =.'/'(! /'+:8>P>8! :@&%! +'! &*('R*(! ,*+! )*8'*+!
'+=':<D>:*+! G'(D%E.'! '(! =8%:'+%HB! 1+)*! ;*8>*P,'! +'! 8'D>'8'! *,! :%&=,'R%! '()8*&*/%!
/',!*=8'(/>?*R'A!',!:.*,!'+)S!>()'-8*/%!=%8!,*!&%)>;*:>@(!9!'+)8*)'->*+!E.'!'&=,'*(!
,%+! '+)./>*()'+! '(! ',! =8%:'+%! /'! '(+'T*(?*i*=8'(/>?*R'B! 4*! &%)>;*:>@(! 9!
'+)8*)'->*+! .)>,>?*/*+! +'! *-8.=*(! '(! D.(:>@(! /'! ,%+! )8'+! '(D%E.'+! /'! *=8'(/>?*R'!
G+.='8D>:>*,A!=8%D.(/%!9!/'!*,)%!8'(/>&>'()%H!E.'!'(!,*!*:).*,>/*/!+'!e*(!8'/.:>/%!
*!/%+A!+.='8D>:>*,!9!=8%D.(/%B!
"
,! >BQ=L! ?=! A<C?KJHC! =.'/'(! /'+:8>P>8! :@&%! ,%+! :%()'F)%+! /'! *=8'(/>?*R'!
=.'/'(! />D'8>8! .(%! /'! %)8%! G'(D%E.'! :%()'F).*,HB! 1+)*! ;*8>*P,'! '+! /'='(/>'()'! 9!
'+)S!:%(/>:>%(*/*!=%8!,*+!;*8>*P,'+!/'!=8'+*->%!9!=8%:'+%!E.'!8',*:>%(*(!,*!)*8'*!
/'!*=8'(/>?*R'!:%(!',!'(D%E.'!9!',!8'(/>&>'()%!*:*/a&>:%!GJ>--+A!"XgXHB!
!
!
XX!
!
`>-.8*!"Bi!N%/',%![7!/'!*=8'(/>?*R'!GJ>--+A!"XX[PA!"XX#H!
!
3%)*.%!"5!)*!,5+*&)(c,k*!*'$%.,+!
PRESAGIO
PROCESO
PRODUCTO
Feed-back
ESTUDIANTE.
* Conocimiento previo
* Habilidades
* Modos preferentes de aprender
* Valores, expectativas
Meta-aprendizaje
Efecto directo
(e.g. habilidad)
Feed-back
Percepciones
del estudiante
Percepciones
del profesor
PROCESAMIENTO
DE LA TAREA
Feed-back
CONTEXTO DOCENTE.
* Currículum
* Métodos de enseñanza
* Ambiente de clase
* Evaluación
Meta-enseñanza
NATURALEZA DEL
RENDIMIENTO
Estructura
Detalle
Efecto directo
(e.g. tiempo)
!
Feed-back
!
!
M#M#p!.,!3%2(6,$(7&!*&!*.!,5+*&)(c,k*!
1,! )a8&>(%! 6%.#/)$#:2* )>'('! +.! %8>-'(! '(! ,*! =*,*P8*! ,*)>(*! f&%).+h! E.'! +>-(>D>:*!
&%;>&>'()%!9!8'D'8>/%!*,!e%&P8'A!*->)*:>@(!/',!'+=<8>).!9!+*:./>/*A!'+!=%8!)*()%A!.(!
:%(+)8.:)%! e>=%)a)>:%! .+*/%! =*8*! 'F=,>:*8! ',! >(>:>%A! />8'::>@(A! >()'(+>/*/! 9!
='8+>+)'(:>*!/'!,*!:%(/.:)*!/>8>->/*!e*:>*!.(!%PR')>;%!Gd%%/!9!J8%=e9A!"XXWHB!
7')8>!G"XX"H!+'!8'D>8>@!*!,*!&%)>;*:>@(!:%&%!',!)a8&>(%!E.'!+'!=.'/'!.)>,>?*8!=*8*!
'F=,>:*8!,*+!/>D'8'(:>*+!'(!,*!>()'(+>/*/!/'!,*!:%(/.:)*A!'+!/':>8A!E.'!*!&S+!(>;',!/'!
&%)>;*:>@(!&S+!(>;',!/'!>()'(+>/*/!'(!,*!:%(/.:)*B!
4*! &%)>;*:>@(! '+! ',! &%)%8! E.'! &.';'! )%/*! :%(/.:)*A! ,%! E.'! ='8&>)'! =8%;%:*8!
:*&P>%+! )*()%! *! (>;',! '+:%,*8! :%&%! '(! ,*! ;>/*! '(! -'('8*,B! 7'8%! ',! &*8:%! )'@8>:%i
'F=,>:*)>;%!/'!:@&%!+'!=8%/.:'!,*!&%)>;*:>@(A!E.a!;*8>*P,'+!,*!/')'8&>(*(A!:@&%!
+'! =.'/'! &'R%8*8! /'+/'! ,*! =8S:)>:*! /%:'()'s! +%(! :.'+)>%('+! E.'! /'='(/'(! /'! ,*!
:%(:'=).*,>?*:>@(!)'@8>:*!E.'!+'!*/%=)'B!Q!='+*8!/'!,*+!/>+:8'=*(:>*+!'F>+)'()'+!'(!
,*+! )'%8<*+! /'! ,*! &%)>;*:>@(A! ,*! &*9%8<*! /'! ,%+! '+=':>*,>+)*+! :%>(:>/'(! '(! ,*!
/'D>(>:>@(!/'!&%)>;*:>@(!:%&%!',!:%(R.()%!/'!=8%:'+%+!>&=,>:*/%+!'(!,*!*:)>;*:>@(A!
/>8'::>@(!9!='8+>+)'(:>*!/'!,*!:%(/.:)*!GJ',)8S(A!"XX[*Y!N:$,',,*(/A!"XgXY!'):BHB!
4*! &%)>;*:>@(A! +'-_(! 2'! 4*! `.'()'! 9! j.+)>:>*! GVWW\HA! '+! .(*! ;*8>*P,'! &.9!
>&=%8)*()'!9*!E.'!(%!e*9!.(!&%/',%!/'!*=8'(/>?*R'!E.'!(%!>(:%8=%8'!.(*!)'%8<*!
/'!,*!&%)>;*:>@(!+'*!>&=,<:>)*!%!'F=,<:>)*&'()'B!!
c8*+,*/S(/%(%+!*,!:%()'F)%!'+:%,*8!9!)'(>'(/%!'(!:.'()*!',!:*8S:)'8!>()'(:>%(*,!/'!
,*! :%(/.:)*! e.&*(*A! '+! ';>/'()'! E.'! ,*+! *:)>)./'+A! ='8:'=:>%('+A! 'F=':)*)>;*+! 9!
8'=8'+'()*:>%('+!E.'!)'(-*!',!'+)./>*()'!/'!+<!&>+&%A!/'!,*!)*8'*!*!8'*,>?*8!9!/'!,*+!
&')*+!E.'!=8')'(/'!*,:*(?*8!:%(+)>).9'(!D*:)%8'+!E.'!-.<*(!9!/>8>-'(!,*!:%(/.:)*!
/',!'+)./>*()'!'(!',!S&P>)%!*:*/a&>:%B!7'8%!)*&P>a(!e*9!E.'!)'('8!'(!:.'()*!,*+!
;*8>*P,'+! 'F)'8(*+! =8%:'/'()'+! /',! :%()'F)%! '(! ',! E.'! +'! /'+'(;.',;'(! ,%+!
!
!
"WW!
'+)./>*()'+A!*+=':)%!E.'!,'+!>(D,.9'B!
C>! *(*,>?*&%+! ,*+! =8>(:>=*,'+! )'%8<*+! +%P8'! &%)>;*:>@(A! )'%8<*! *)8>P.:>%(*,! /'! ,*!
&%)>;*:>@(! /'! ,%-8%! /'! I'>('8A! )'%8<*! /'! ,*+! &')*+! /'! *=8'(/>?*R'! /'! 2O':kA! ,*!
)'%8<*!/'!U>:e%,,+A!'):B!Gd*8:<*!9!2%&a(':eA!VWW^HA!+%(!,*+!;*8>*P,'+!='8+%(*,'+!,*+!
E.'! ;*(! *! /')'8&>(*8A! '(! -8*(! &'/>/*A! ,*! &%)>;*:>@(! '+:%,*8A! +>'(/%! 8'D'8'(:>*!
%P,>-*/*!/'!)%/%!=8%D'+%8!E.'!/'+''!>(:>/>8!'(!,*!&%)>;*:>@(!/'!+.+!'+)./>*()'+0!
*L! :KHCJC>J=AHC! '+! ',! 8'+.,)*/%! /'! .(! =8%:'+%! /'! *(S,>+>+A! ;*,%8*:>@(! '!
>()'-8*:>@(! /'! ,*! >(D%8&*:>@(! /'8>;*/*! /'! ,*! =8%=>*! 'F='8>'(:>*! 9! /'! ,*!
8')8%*,>&'()*:>@(! /'! ,%+! %)8%+! +>-(>D>:*)>;%+! :%&%! :%&=*T'8%+A! =*/8'+! 9!
=8%D'+%8'+B!C'!8'-.,*!,*!:%(/.:)*!&'/>*()'!.(!=8%:'+%!/'!*.)%';*,.*:>@(!/'!&%/%!
E.'! ',! :%&=%8)*&>'()%! /'! .(! '+)./>*()'! '(! .(! &%&'()%! /')'8&>(*/%! '+)S!
:%(/>:>%(*/%!=%8!',!*.)%:%(:'=)%B!
.C@! A:H<C>=@! ?=! :H<BdKJBf>! J:K@:L! '+)S(! /')'8&>(*/%+! .+.*,&'()'! =%8!
,*+!:%(+':.'(:>*+!*D':)>;%i'&%:>%(*,'+!/'8>;*/*+!/'!,*!8'*,>?*:>@(!/'!,*!)*8'*A!*+<!
:%&%!/'!,%+!aF>)%+!9!D8*:*+%+!%P)'(>/%+!/'!,*!&>+&*B!
.:@! W=H:@! ?=! :A<=>?B;:i=! +%(! ,%+! %PR')>;%+! E.'! =8')'(/'! :%(+'-.>8! ',!
'+)./>*()'A!/'='(/>'(/%!/'!',,*+!*=*8':'(!&%/%+!/>D'8'()'+!/'!*D8%()*8!,*+!)*8'*+!
*:*/a&>:*+!9!/>+)>()%+!=*)8%('+!&%)>;*:>%(*,'+B!!
!
Q,-.(%+! *.)%8'+! />+)>(-.'(! '()8'! &')*+! /'! *=8'(/>?*R'! 9! &')*+! /'! 'R':.:>@(! %!
8'(/>&>'()%! G1,,>%)! 9! 2O':kA! "XggHB! 1+! =%8! ',,%! E.'! +'! '+)*P,'(! /%+! )>=%+! P>'(!
/>D'8'(:>*/%+!/'!&%)>;*:>@(A!,*!>()8<(+':*!9!,*!'F)8<(+':*B!1+)*+!&%)>;*:>%('+!;*(!*!
'+)*8! <()>&*&'()'! 8',*:>%(*/*+! :%(! ',! .+%! =8'D'8'()'! /'! .(*+! /')'8&>(*/*+!
'+)8*)'->*+!/'!*=8'(/>?*R'A!E.'!*!+.!;'?!:%(/>:>%(*8S(!',!'(D%E.'!/'!*=8'(/>?*R'A!9!
=%8!'(/'A!,%+!8'+.,)*/%+!*:*/a&>:%+!/'!,%+!'+)./>*()'+!'()'(/>/%+!'(!)a8&>(%+!/'!
8'(/>&>'()%!'+:%,*8B!
!
M#M#D#p!3%2(6,$(7&!(&2+1&'*$,!
4*! &%)>;*:>@(! >()8<(+':*! +'! /'D>('! :%&%! *E.',,*! &%)>;*:>@(! E.'! =8%:'/'! /',!
=8%=>%! +.R')%A! E.'! '+)S! P*R%! +.! :%()8%,! 9! )>'('! :*=*:>/*/! =*8*! *.)%i8'D%8?*8+'B!!
N*+,%OA! '(! +.+! >(;'+)>-*:>%('+! /'! &%)>;*:>@(A! :%(+>/'8*! E.'! +>! ',! +'8! e.&*(%!
+*)>+D*:'! +.+! (':'+>/*/'+! =8>&*8>*+! GP>%,@->:*+A! +'-.8>/*/! 9! ='8)'('(:>*H! 9! +.+!
(':'+>/*/'+! +':.(/*8>*+! G8':%(%:>&>'()%! 9! '+)>&*H! ,,'-*! *! ,*! *.)%88'*,>?*:>@(!
='8+%(*,A! E.'! '+! ,%! E.'! 8'*,&'()'! P.+:*(! ,*+! ='8+%(*+! :%(! &*9%8! (>;',! /'!
&%)>;*:>@(!>()8<(+':*B!
4*! &%)>;*:>@(! >()8<(+':*! +'! e*! '+)./>*/%! *&=,>*&'()'! =%8! ,%+! =+>:@,%-%+!
'/.:*)>;%+!/'+/'!,%+!*T%+!"XbWA!'(:%()8*(/%!E.'!/>:e*!&%)>;*:>@(!!'+)S!*+%:>*/*!
:%(!*,)%+!,%-8%+!'/.:*)>;%+!=%8!=*8)'!/'!,%+!'+)./>*()'+B!
4*!&%)>;*:>@(!>()8<(+':*!+'!-'('8*!'(!&.:e%+!>(/>;>/.%+!*)8*</%+!=%8!',!>()'8a+!'(!
:%(%:'8!',!&.(/%!%!'F=,>:*8!D'(@&'(%+B!1,!aF>)%!'(!,*!+.='8*:>@(!/'!,%+!8')%+!'+!
.(%! /'! ,%+! >(-8'/>'()'+! =8>(:>=*,'+! /'! ,*! &%)>;*:>@(! >()8<(+':*A! :%(! ,%! :.*,! '+)S!
&.9!,>-*/*!*,!'(D%E.'!=8%D.(/%!/'!*=8'(/>?*R'!9!*!.(*!f%8>'()*:>@(!:%&=')>)>;*!/'!
*.)%+.='8*:>@(h!/',!'(D%E.'!/'!*,)%!8'(/>&>'()%B!
!
!
!
"W"!
M#M#M#p!3%2(6,$(7&!*U2+1&'*$,!
4*!&%)>;*:>@(!'F)8<(+':*!+'!/'D>('!:%&%!%=.'+)*!*!,*!>()8<(+':*A!:%&%!*E.',,*!E.'!
=8%:'/'! /'! D.'8*! 9! E.'! :%(/.:'! *! ,*! 'R':.:>@(! /'! ,*! )*8'*B! c%/*+! ,*+! :,*+'+! /'!
'&%:>%('+! 8',*:>%(*/*+! :%(! 8'+.,)*/%+! +'! *+.&'! E.'! >(D,.9'(! '(! ,*! &%)>;*:>@(!
'F)8<(+':*!e*:>*!,*+!)*8'*+B!
7*8*! Ck>(('8! G"X\gH! +@,%! ,*+! :%(/>:>%('+! 'F)'8(*+! *,! %8-*(>+&%! 8'D.'8?*(! %!
'F)>(-.'(! ,*! :%(/.:)*B! 4*! :%(/.:)*! =.'/'! )'('8! ,.-*8! '(! )a8&>(%+! /'! 8'D.'8?%!
=%+>)>;%! G8':%&='(+*H! %! /'! 8'D.'8?%! ('-*)>;%! G:*+)>-%+HB! 4%+! 8'D.'8?%+! =%+>)>;%+!
*T*/'(!*,-%!*!,*!+>).*:>@(!'F>+)'()'!9!,%+!8'D.'8?%+!('-*)>;%+!',>&>(*(!*,-%!/'!.(*!
+>).*:>@(!/')'8&>(*/*B!!
1(! ',! :%()'F)%! '/.:*)>;%A! Ck>(('8! /'D'(/<*! E.'! ',! .+%! /'! ,*+! 8':%&='(+*+! 9!
8'D.'8?%+!=%+>)>;%+!/'!,*!:%(/.:)*!:%88':)*!'8*A!='/*-@->:*&'()'A!&S+!'D>:*?!E.'!
.)>,>?*8!',!:*+)>-%!=*8*!)8*)*8!/'!:*&P>*8!.(*!:%(/.:)*!(%!/'+'*/*B!QT%+!&S+!)*8/'A!
'(!>(;'+)>-*:>%('+!8',*:>%(*/*+!:%(!',!*=8'(/>?*R'A!+'!/'&%+)8@!E.'!,*!*=,>:*:>@(!
/'!8'D.'8?%+!=%+>)>;%+!D%&'()*!',!'(D%E.'!+.='8D>:>*,!/'!*=8'(/>?*R'!'(!',!E.'!,%+!
'+)./>*()'+! )8*)*(! /'! f+*,>8! /',! =*+%h! *()'! ,*+! /'&*(/*+! *:*/a&>:*+! =*8*! ! ';>)*8!
:*+)>-%+! %! 8':>P>8! 8':%&='(+*+! G=8'&>%+! &*)'8>*,'+HA! ,%! :.*,! 8'+.,)*! =%:%! _)>,! %!
>(*/':.*/%B!
!
4%+!8'D.'8?%+!+'!=.'/'(!:,*+>D>:*8!'(0!
#
5C@BHBQCT! '+)<&.,%! E.'! *.&'()*! ,*! =8%P*P>,>/*/! /'! E.'! +'! =8%/.?:*! .(*!
:%(/.:)*B!
#
&=P:HBQCT! '+)<&.,%! E.'! *,! +'8! 8')>8*/%! *.&'()*! ,*! =8%P*P>,>/*/! /'! E.'! +'!
=8%/.?:*!,*!:%(/.:)*B!
#
*qHB>JBf>T!:.*(/%!.(!'+)<&.,%!E.'!8'D%8?*P*!.(*!:%(/.:)*!/'+*=*8':'B!
#
$:@HBPCT!+>&>,*8!*!,*!'F)>(:>@(A!='8%!D.(:>%(*!=*8*!8'/.:>8!,*!:%(/.:)*B!
#
3rLHBAL=T!*=,>:*:>@(!/'!/%+!%!&S+!=8%-8*&*+!/>D'8'()'+B!
#
$CWAK=@HCT! 8'D.'8?%! /'! .(*! +%,*! 8'+=.'+)*! :%(! /%+! %! &S+! =8%-8*&*+!
/>D'8'()'+B!
#
$C>JK<<=>H=T!8'D.'8?%!/'!/%+!%!&S+!8'+=.'+)*+!:%(!.(%!%!&S+!=8%-8*&*+B!
!
C>! 8',*:>%(*&%+! ,%+! 8'D.'8?%+! :%(! ,%+! '(D%E.'+! /'! *=8'(/>?*R'A! =%/'&%+!
:%(+>/'8*8!E.'!,*!8':%&='(+*!'+!,%!E.'!+'!%D8':'!/'+=.a+!/'!,*!8'*,>?*:>@(!/'!.(*!
/')'8&>(*/*!:%(/.:)*A!*.&'()*(/%!,*!=%+>P>,>/*/!/'!E.'!/>:e*!:%(/.:)*!+'!;.',;*!
*! =8%/.:>8! '(! ',! =8%:'+%! '/.:*)>;%! -8*:>*+! *! ,*! 8':%&='(+*B! 7%8! %)8%! ,*/%A! ',!
:*+)>-%! '+! .(! %PR')%! *&P>'()*,! (%! *)8*:)>;%! E.'! )>'('! ,.-*8! /'+=.a+! /'! .(!
:%&=%8)*&>'()%! =%:%! */':.*/%! 9! 8'/.:'! ,*! =8%P*P>,>/*/! /'! E.'! />:e%!
:%&=%8)*&>'()%!+'!;.',;*!*!/*8!'(!.(!D.).8%B!1,!>(:'()>;%!'+!,%!E.'!e*:'!E.'!.(!
'+)./>*()'! 8'*,>:'! .(*! :%(/.:)*A! :%(+>/'8*/*! */':.*/*A! '(! ',! =8%:'+%! /'!
'(+'T*(?*i*=8'(/>?*R'B!Q!/>D'8'(:>*!/'!,%+!*()'8>%8'+A!',!>(:'()>;%!+'!/*!*()'+!/'!
E.'!+'!=8%/.?:*!,*!:%(/.:)*!9!=.'/'!)'('8!.(*!:%(+':.'(:>*!=%+>)>;*!%!('-*)>;*B!
C'! e*(! 8'*,>?*/%! (.&'8%+*+! >(;'+)>-*:>%('+! GJ>--+A! "Xgb*Y! ! 1()O>+),'A! "XgbY!
L'8(S(/'?!7>(*A!VWW"A!VWWVY!N*E.>,@(A!VWW"A!VW"WHA!=*8*!8',*:>%(*8!,*!>(D,.'(:>*!
!
!
"WV!
E.'!)>'('!,*!&%)>;*:>@(!/'!,%+!'+)./>*()'+!'(!,%+!'(D%E.'+!/'!*=8'(/>?*R'A!=8'&>+*!
E.'!e*!E.'/*/%!*;*,*/*!=%8!/>:e*+!>(;'+)>-*:>%('+!9!,*!E.'!=8'+'()*&%+!'(!'+)'!
)8*P*R%B!
1+! >(';>)*P,'! e*:'8! 8'D'8'(:>*! *! ,*+! '+)8*)'->*+! /'! *=8'(/>?*R'! :.*(/%! )8*)*(! ,%+!
'(D%E.'+!/'!*=8'(/>?*R'A!='8%!/*/*!,*!,>&>)*:>@(!/'!'+)'!)8*P*R%!,*+!*P%8/*8'&%+!
&.9!+%&'8*&'()'!9*!E.'!,*!=8>%8>/*/!/'!,*!>(;'+)>-*:>@(!+'!:'()8*!'(!',!*(S,>+>+!
/'!,*+!&%)>;*:>%('+!/'!,%+!'+)./>*()'+B!
1(!',!=8%:'+%!/'!'(+'T*(?*i*=8'(/>?*R'A!=*8*!E.'!,%+!*,.&(%+t*+!,,';'(!*!:*P%!,*+!
)*8'*+! /'! '+)./>%! '+! =8':>+%! E.'! /'+*88%,,'(A! '()8'! %)8%+! )>=%+! /'! &':*(>+&%+!
:%-(>)>;%+! :%&=,'R%+A! *E.',,*+! e*P>,>/*/'+! '+=':<D>:*+! E.'! -'('8'(! '+)8*)'->*+! 9!
)a:(>:*+! /'! *=8'(/>?*R'B! 1+! /':>8A! E.'! =*8*! ,,';*8! *! :*P%! ,*+! />D'8'()'+! )*8'*+! /'!
'+)./>%!',!'+)./>*()'!/'P'!*/E.>8>8A!=8%:'+*8A!8':.='8*8!9!)8*(+D'8>8!:%(!'D>:*:>*!,*!
>(D%8&*:>@(A! +>'(/%! /'! -8*(! *9./*! =*8*! ',,%A! ,*! *=,>:*:>@(! /'! '+)8*)'->*+! /'!
*=8'(/>?*R'B!!
4*! /'D>(>:>@(! 9! :*)'-%8>?*:>@(! /'! ,*+! '+)8*)'->*+! /'! *=8'(/>?*R'! e*! +>/%! *P%8/*/*!
=%8!/>;'8+%+!*.)%8'+A!'()8'!,%+!E.'!:*P'!/'+)*:*8A!Z%&S(!9!d*,,'-%A!"XXbY!J',)8S(A!
"XX[Y! 7%?%A! "XXWA! '):B! c'(>'(/%! '(! :.'()*! *! '+)%+! *.)%8'+! ,*+! '+)8*)'->*+! /'!
*=8'(/>?*R'!+%(!*E.',,%+!&':*(>+&%+!/'!:%()8%,!/'!,%+!E.'!/>+=%('!',!+.R')%!=*8*!
/>8>->8! +.+! &%/%+! /'! =8%:'+*8! ,*! >(D%8&*:>@(! 9! D*:>,>)*8! ,*! */E.>+>:>@(! /'!
>(D%8&*:>@(A!',!*,&*:'(*&>'()%!9!8':.='8*:>@(!/'!,*!>(D%8&*:>@(B!
2'!*:.'8/%!:%(!J',)8S(!G"XX[HA!',!:%(:'=)%!/'!'+)8*)'->*!=%('!/'!8',>';'!/%+!(%)*+!
>&=%8)*()'+0! =%8! .(! ,*/%! ,*+! '+)8*)'->*+! +'! )8*)*(! /'! *:)>;>/*/'+! .! %='8*:>%('+!
&'()*,'+!E.'!8'*,>?*!',!'+)./>*()'!=*8*!&'R%8*8!',!*=8'(/>?*R'A!9!=%8!%)8%!,*/%A!,*+!
'+)8*)'->*+! )>'('(! .(! :*8S:)'8! >()'(:>%(*,! %! =8%=%+>)>;%! '! >&=,>:*(A! =%8! )*()%A! .(!
=,*(!/'!*::>@(B!
C'-_(! $*+)',,@! 9! N%('8'%! GVWWWH! .(*! '+)8*)'->*! /'! *=8'(/>?*R'! '+! .(*! /':>+>@(!
:%(+:>'()'! '(! D.(:>@(! /'! ,*! /'&*(/*! /'! ,*! )*8'*! *! 8'*,>?*8! 9! /'! ,*+! :%(/>:>%('+!
='8+%(*,'+A!'(!'+=':>*,!/',!:%(%:>&>'()%!/'!,%+!=8%=>%+!8':.8+%+!:%(!E.'!:.'()*!',!
'+)./>*()'!=*8*!*D8%()*8!/>:e*!/'&*(/*B!
1+! >&=%8)*()'! =8%&%;'8! '(! ,*+! *.,*+! ,*+! '+)8*)'->*+! /'! *=8'(/>?*R'A! =.'+)%! E.'!
'+)S! :%&=8%P*/%! E.'! ,*! &*9%8<*! /'! ,%+! '+)./>*()'+! (%! .)>,>?*(! '+)8*)'->*+!
*/':.*/*+! =*8*! ,%-8*8! .(! *=8'(/>?*R'! +>-(>D>:*)>;%! Gd@&'?A! N%(:*9%! 9! `.'()'+A!
VWW[HB!
1F>+)'(!&_,)>=,'+!:,*+>D>:*:>%('+!/'!,*+!'+)8*)'->*+!/'!*=8'(/>?*R'A!=8'+'()*&%+!,*!
=8%=.'+)*!E.'!e*:'!MFD%8/!G"XXWH!'(!,*!E.'!+'!/>+)>(-.'!'()8'!'+)8*)'->*+!/>8':)*+!
'!>(/>8':)*+0!
!
!
!
!
"W[!
!
*'2+,2*0(,'!)(+*$2,'T!
!
o
*@H<:H=PB:@! ?=! W=WC<B:0! *9./*(! *! ,%+! '+)./>*()'+! *! -.*8/*8! 9! 8':.='8*8!
>(D%8&*:>@(! :.*(/%! ,%! (':'+>)'(B! 5&=,>:*(! ,*! :8'*:>@(! /'! ('F%+! &'()*,'+!
G.P>:*:>@(! /'! (.';*+! =*,*P8*+! '(! .(! :%()'F)%HA! ,*! *=,>:*:>@(! /'! >&S-'('+! 9!
+%(>/%+s!
o
*@H<:H=PB:@!JCP>BHBQ:@0!+%(!,*+!'+)8*)'->*+!E.'!.)>,>?*(!,%+!'+)./>*()'+!=*8*!
E.'!+.!*=8'(/>?*R'!+'*!+>-(>D>:*)>;%B!
o
*@H<:H=PB:@! ?=! JCWA=>@:JBf>0! +%(! ,*+! E.'! *9./*(! *! ,%+! '+)./>*()'+! *!
',>&>(*8! ,%+! ;*:<%+! /'! :%(%:>&>'()%! 9! =%/'8! /*8! :%()>(.>/*/! *! ,*! :%&.(>:*:>@(A!
:%&%!=%8!'R'&=,%!',!.+%!/'!+>(@(>&%+B!
!
*'2+,2*0(,'!(&)(+*$2,'T!
!
o
*@H<:H=PB:@! W=H:JCP>BHBQ:@0! *9./*(! *! ,%+! '+)./>*()'+! *! />8>->8A! =,*(>D>:*8A!
8'-.,*8!9!*.)%';*,.*8!+.!*=8'(/>?*R'B!
o
*@H<:H=PB:@!:O=JHBQ:@0!)>'('(!8',*:>@(!:%(!,*!=*8)'!'&%)>;*!/',!'+)./>*()'A!
,'+!='8&>)'(!:%()8%,*8!+.+!+'()>&>'()%+A!&%)>;*:>%('+!9!*:)>)./'+!8',*:>%(*/*+!:%(!
',!*=8'(/>?*R'B!
o
*@H<:H=PB:@!@CJB:L=@0!*=%9*(!*!,%+!'+)./>*()'+!'(!+.!>()'8*::>@(!:%(!%)8%+!9!
:%&=8'(/'(!,*!D%8&.,*:>@(!/'!=8'-.()*+A!,*!:%%='8*:>@(!:%(!%)8%+!9!,*!'&=*)<*B!
!
$%&%!9*!e'&%+!*()>:>=*/%A!'F>+)'(!'+)./>%+!=8';>%+!E.'!8',*:>%(*(!,*!&%)>;*:>@(!9!
,*+! '+)8*)'->*+! :%(! ,%+! '(D%E.'+! /'! *=8'(/>?*R'! GL'8(S(/'?! 7>(*A! N*E.>,@(! 9!
L'8(S(/'?! $*()'8%A! VWWXHA! *,! >-.*,! E.'! +'! e*! 8',*:>%(*/%! ,%+! '(D%E.'+! /'!
*=8'(/>?*R'! :%(! ',! 8'(/>&>'()%! *:*/a&>:%A! ='8%! '(! ',! :%()'F)%! /'! ,*! D%8&*:>@(!
=8%D'+>%(*,! (%! e'&%+! '(:%()8*/%! =8':'/'()'+A! /'! *e<! E.'! >(>:>'&%+! '+)*! (.';*!
,<('*B!
7*8)>&%+!/'!,*!'F>+)'(:>*!/'!.(*!:%(-8.'(:>*!'()8'!,%+!&%)>;%+!E.'!&.';'(!*!.(*!
='8+%(*! =*8*! '+)./>*8! 9! ,*+! '+)8*)'->*+! E.'! .)>,>?*! =*8*! ,%-8*8! +.+! %PR')>;%+!
*:*/a&>:%+B!7*8*!J>--+!G"XgbH!'+)*!:%(-8.'(:>*!)>'('!/%+!;'8)>'()'+0!
$%&=8%P*8! +>! ,%+! '+)./>*()'+! :%(! .(*! /')'8&>(*/*! &%)>;*:>@(! .)>,>?*(! ,*+!
'+)8*)'->*+!&S+!*D>('+B!
1+)./>*8! +>! ,%+! &%)>;%+i'+)8*)'->*+! &S+! :%(-8.'()'+! +%(! &S+! 'D>:*:'+! E.'!
,%+!(%!:%(-8.'()'+B!
!
L*9! E.'! )'('8! '(! :.'()*! E.'! ',! :%()'F)%! '/.:*)>;%! '! >(:,.+%! ',! =8%D'+%8! =.'/'!
>(D,.>8! %! :%(/>:>%(*8! ',! '(D%E.'! /'! *=8'(/>?*R'! E.'! '&=,''! ',! '+)./>*()'! =*8*!
:%(+'-.>8! +.+! %PR')>;%+A! :%&%! =%8! 'R'&=,%! ',! =8%:'/>&>'()%! /'! ';*,.*:>@(!
'&=,'*/%!'(!.(*!*+>-(*).8*A!+.!:.88<:.,%A!',!:,>&*!E.'!-'('8'!'(!',!*.,*A!'):B!
!
!
"W\!
1(! >(;'+)>-*:>%('+! =8';>*+! 8'*,>?*/*+! '(! ',! :%()'F)%! /'! ,*! 3(>;'8+>/*/! /'! N.8:>*!
GL'8(S(/'?!7>(*!9!%)8%+A!VWWVH!!+'!e*!%P+'8;*/%!E.'!',!'(D%E.'!&S+!:%(-8.'()'!'+!
',! '(D%E.'! =8%D.(/%A! +'-.>/%! /',! '(D%E.'! +.='8D>:>*,B! 7%8! 'R'&=,%A! .(! '+)./>*()'!
:%(! P*R*! &%)>;*:>@(! =%8! ',! *=8'(/>?*R'! .)>,>?*! .(*+! =%P8'+! '+)8*)'->*+! /'!
*=8'(/>?*R'!G'+)./>*8!/%+!/<*+!*()'+!/'!.(!'F*&'(HB!1,!'(D%E.'!&S+!>(:%(+>+)'()'!
'+! ',! '(D%E.'! /'! *,)%! 8'(/>&>'()%! 9*! E.'! '+)%+! *,.&(%+t*+! .)>,>?*(! .(*+! P.'(*+!
'+)8*)'->*+!/'!*=8'(/>?*R'!E.'!:%88',*:>%(*(!:%(!',!'(D%E.'!=8%D.(/%!='8%!)>'('(!
.(*! >(*/':.*/*! &%)>;*:>@(! G=%8! 'R'&=,%A! ,%+! '+)./>*()'+! /'! '+)'! )>=%! E.>'8'(!
+%P8'+*,>8! /',! 8'+)%! /'! :%&=*T'8%+t*+! =*8*! &'R%8*8! +.! *.)%'+)>&*! 9! (%! =*8*!
:%&=')>8!:%(!+.+!=8%=>%+!,<&>)'+HA!E.'!:%88',*:>%(*!:%(!',!'(D%E.'!+.='8D>:>*,!9!,%+!
P*R%+!8'+.,)*/%+!*:*/a&>:%+A!E.'!+'!*P%8/*(!'(!',!+>-.>'()'!*=*8)*/%B!
!
"#p!*.!+*&)(3(*&2%!,$,)F3($%!
1+!%=%8).(%!9!(':'+*8>%!8',*:>%(*8!,%+!'(D%E.'+!/'!*=8'(/>?*R'!:%(!',!8'(/>&>'()%!
*:*/a&>:%B!2'!U*)*,'!G"XXWH!9*!/'D>('!',!8'(/>&>'()%!*:*/a&>:%!:%&%!',!:%(R.()%!
/'! e*P>,>/*/'+A! /'+)8'?*+A! eSP>)%+A! >/'*,'+A! *+=>8*:>%('+A! >()'8'+'+A! >(E.>')./'+! 9!
8'*,>?*:>%('+!E.'!*=,>:*!',!'+)./>*()'!=*8*!*=8'(/'8B!1,!8'(/>&>'()%!*:*/a&>:%!9*!
+'! :%(+>/'8*! :%&%! ',! >(/>:*/%8! /',! (>;',! /'! *=8'(/>?*R'! E.'! e*! *,:*(?*/%! ',!
'+)./>*()'B!
4*!';%,.:>@(!:%(:'=).*,!e*:'!E.'!',!8'(/>&>'()%!*:*/a&>:%!=*+'!*!/'D>(>8+'!:%&%!
',! 8'+.,)*/%! /',! '+D.'8?%! 9! ,*! :*=*:>/*/! /'! )8*P*R%! E.'! e*! )'(>/%! ',! '+)./>*()'!
/.8*()'!',!=8%:'+%!/'!'(+'T*(?*i*=8'(/>?*R'B!1+)'!8'+.,)*/%!+'!&*(>D>'+)*!:%(!,*!
'F=8'+>@(! /'! +.+! :*=*:>/*/'+! :%-(%+:>)>;*+! %! :%&=')'(:>*+! */E.>8>/*+! *! ,%! ,*8-%!
/',!=8%:'+%!/'!'(+'T*(?*i*=8'(/>?*R'!GN*(?*(%A!VWWbHB!
1,!&%/',%![7!/'!*=8'(/>?*R'!/'!J>--+A!E.'!+'!=8'+'()*P*!&S+!*88>P*A!e*:'!&'(:>@(!
*!,%+!:%&=%('()'+!/',!8'(/>&>'()%!*:*/a&>:%!>(/>:*(/%!E.'!>()'8;>'('(!;*8>*P,'+!
'F)'8(*+! *,! '+)./>*()'A! )*,'+! :%&%0! ,*+! *=)>)./'+! /',! /%:'()'A! ',! :,>&*! /'! :,*+'A! ,*!
D*&>,>*A! =8%:'/>&>'()%+! /'! ';*,.*:>@(A! ;*8>*P,'+! =+>:%,@->:*+! %! >()'8(*+A! :%&%! ,*!
*:)>)./! e*:>*! ,*! *+>-(*).8*A! ,*! 'F='8>'(:>*A! ,%+! :%(%:>&>'()%+! =8';>%+A! ,*!
&%)>;*:>@(A!'):B!1(!8'+.&'(A!=%/8<*!*D>8&*8+'!E.'!=*8*!';*,.*8!',!(>;',!9!'(D%E.'!
/'! *=8'(/>?*R'! /'! ,%+! '+)./>*()'+! e*9! E.'! )'('8! '(! :.'()*! E.'! ',! 8'(/>&>'()%!
*:*/a&>:%! /',! *,.&(%t*! )*&P>a(! /'='(/'! /'! +.! +>).*:>@(! ':%(@&>:*A! D*&>,>*8A!
+%:>*,A!='8+%(*,A!&*)'8>*,A!*D':)>;*A!+%:>*,A!'):B!
2'!,*+!>(;'+)>-*:>%('+!E.'!8',*:>%(*(!,%+!'(D%E.'+!/'!*=8'(/>?*R'!9!',!8'(/>&>'()%!
*:*/a&>:%! GQ,%(+%! 9! d*,,'-%A! "XX\Y! L'8(S(/'?! 7>(*A! "XXXY! J.'(/<*! 9! M,&'/%A!
VWW[Y! '):BHA! +'! /'+=8'(/'! E.'! ,*! :*,>/*/! /',! *=8'(/>?*R'! /'! ,%+! '+)./>*()'+! '+)S!
8',*:>%(*/*!:%(!,*!:*,>/*/!/'!'(+'T*(?*!/',!=8%D'+%8B!1(!:%(:,.+>@(A!,%+!=8%D'+%8'+!
E.'!+%(!:%(+:>'()'+!/'!+.+!'(D%E.'+!/'!'(+'T*(?*!G>()'(:>%('+!9!'+)8*)'->*+H!9!,%+!
'&=,'*(!'(!+.+!+>).*:>%('+!/'!'(+'T*(?*!*/'&S+!/'!)'('8!'(!:.'()*!,%+!'(D%E.'+!
/'! *=8'(/>?*R'! /'! +.+! '+)./>*()'+A! %P)>'('(! &'R%8'+! 8'+.,)*/%+! *:*/a&>:%+!
GN*E.>,@(A!VW"WHB!
d8SD>:*&'()'!+'!=8'+'()*(!*!:%()>(.*:>@(!*,-.(*+!;*8>*P,'+!E.'!>(D,.9'(!+%P8'!,%+!
8'+.,)*/%+!/'!*=8'(/>?*R'!/'!,%+!'+)./>*()'+B!!
!
!
!
"W^!
!
!
!
1(! ',! &%&'()%! E.'! ',! 8'(/>&>'()%! /'! ,%+! '+)./>*()'+! (%! *,:*(?*! .(%+! &<(>&%+!
'+)*P,':>/%+!=8';>*&'()'!+'!=,*()'*!',!D8*:*+%!'+:%,*8t*:*/a&>:%A!9*!E.'!+'!)8*)*!
/'!.(*!;*8>*P,'!E.'!;*!*!'+)*8!/')'8&>(*/*!=%8!,%+!8'+)*()'+!*+=':)%+!E.'!>(D,.9'(!
'(!',!*=8'(/>?*R'!9!E.'!9*!e*(!+>/%!=8'+'()*/%+B!
5(>:>*,&'()'! ',! aF>)%! 9! ',! D8*:*+%! '+:%,*8! :%(+)>).9'(! .(! =8%P,'&*! /'!
'F)8*%8/>(*8>*! >&=%8)*(:>*! /'()8%! /',! +>+)'&*! '/.:*)>;%! *:).*,B! 4*! +>).*:>@(! /'!
D8*:*+%! =.'/'! =8%;%:*8! .(*! +'8>'! /'! =8%P,'&*+! 9! )'(+>%('+! '&%:>%(*,'+! E.'!
8'='8:.)'(! '(! ',! /'+*88%,,%! ='8+%(*,! /'! ,%+! :>./*/*(%+! 9! :>./*/*(*+A! =./>'(/%!
,,';*8!*!.(*!/'D>:>'()'!>()'-8*:>@(!+%:>*,!/'!,%+!&>+&%+B!
1,!:%(:'=)%!/'!D8*:*+%!'+:%,*8!(%!e*!+>/%!/'D>(>/%!'(!+.!)%)*,>/*/!=%8!(>(-.(%!/'!
,%+! >(;'+)>-*/%8'+! /'! '+)*! ,<('*A! /'P>/%! *! ,*! :%&=,'R>/*/! /'! D*:)%8'+! E.'!
>()'8;>'('(! '(! +.! *=*8>:>@(! 9! /'+*88%,,%A! *.(E.'! ,*! +%:>'/*/! ,%! /')'8&>(*! '(!
D.(:>@(!/'!,%+!8'+.,)*/%+!*:*/a&>:%+B!1,!D8*:*+%!'+:%,*8!'+!',!e':e%!/'!(%!D>(*,>?*8!
.(*! /')'8&>(*/*! ')*=*! '/.:*)>;*! '(! .(! :'()8%! '+:%,*8B! 4*+! (%)*+A! E.'! 8'D,'R*(! ',!
8'+.,)*/%! /',! )8*P*R%! /',! '+)./>*()'A! +'! :%(;>'8)'(! '(! ',! />:)*&'(! /',! aF>)%! %!
D8*:*+%!/',!&>+&%B!
4*!'F=8'+>@(!/'!D8*:*+%!'+:%,*8!e*!+>/%!:8>)>:*/*!=%8!,%+!:S(%('+!E.'!+'!,'!*+>-(*(!
GN*8:e'+>A! VWW[Y! $.(:e>,,%+! 9! Z%/8<-.'?A! VWW\HB! 7%8! .(! ,*/%A! ,*! =*,*P8*! fD8*:*+%h!
)>'('!.(*!*,)*!:*8-*!('-*)>;*A!8'&>)'!*!,*!>/'*!/'!='8/'/%8A!/'!D8.+)8*:>@(A!9!=.'/'!
!
!
"W#!
:%()8>P.>8! )*()%! *! &'8&*8! ,*! *.)%'+)>&*! /'! E.>'('+! (%! %P)>'('(! ',! )<).,%! :%&%! *!
-'('8*8! .(! '+)>-&*! +%:>*,B! 7%8! %)8%! ,*/%A! >(+>(_*! E.'! ',! _(>:%! 8'+=%(+*P,'! '+! ',!
'+)./>*()'A!,%!:.*,!'+!>(:%88':)%!9*!E.'A!:%&%!e'&%+!=8'+'()*/%A!+%(!&_,)>=,'+!,%+!
D*:)%8'+!*!)'('8!'(!:.'()*!'(!',!D8*:*+%!'+:%,*8!*,!:%(+>/'8*8+'!:%&%!',!8'+.,)*/%!
/'! .(! =8%:'+%! '(! ',! E.'! >()'8;>'('! ',! :%()'F)%! +%:>%:.,).8*,! /',! *,.&(%t*A! ,*!
D*&>,>*A!,%+!&%/',%+!/>/S:)>:%+A!,*!,*P%8!/%:'()'A!,*!=%,<)>:*!+%:>*,A!'):B!
$.*(/%!P.+:*&%+!,*+!:*.+*+!/',!D8*:*+%!'+:%,*8!+'!*=.()*!e*:>*!,%+!=8%-8*&*+!/'!
'+)./>%A!,*!&*+>D>:*:>@(!/'!,*+!*.,*+A!,*!D*,)*!/'!8':.8+%+!/'!,*+!>(+)>).:>%('+!9!8*8*!
;'?!',!=*=',!/'!,%+!=*/8'+B!7%8!+.!=*8)'A!,%+!=8%D'+%8'+!'(!,*!P_+E.'/*!/'!+%,.:>@(!
*,! =8%P,'&*! +'! =8'%:.=*(! =%8! /'+*88%,,*8! .(*! &%)>;*:>@(! '(! +.+! '+)./>*()'+! f,*!
&%)>;*:>@(!=*8*!*=8'(/'8hA!,*!:.*,!:%(+)*!/'!&.:e%+!','&'()%+A!'()8'!,%+!E.'!+'!
>(:,.9'(0! ,*! =,*(>D>:*:>@(A! :%(:'()8*:>@(! '(! ,*! &')*A! :%(:>'(:>*! &')*:%-(%+:>)>;*!
/'!,%!E.'!+'!=8')'(/'!*=8'(/'8!9!:@&%!+'!=8')'(/'!*=8'(/'8,%A!P_+E.'/*!*:)>;*!/'!
(.';*!>(D%8&*:>@(A!+*)>+D*::>@(!=%8!',!,%-8%!9!(>(-.(*!*(+>'/*/!%!)'&%8!*,!D8*:*+%!
GN*E.>,@(!CS(:e'?A!VW"WHB!
4*! +%,.:>@(! *()'! ',! ,,*&*/%! ÄD8*:*+%! '+:%,*8Å! '+! :%&=,>:*/*A! ='8%! =%+>P,'B! 1+!
(':'+*8>%A!.(!&*9%8!=8'+.=.'+)%!=*8*!,*!'/.:*:>@(!=%8!=*8)'!/'!,*!Q/&>(>+)8*:>@(A!
/'! D%8&*! E.'! ,%+! :'()8%+! />+=%(-*(! /'! ,%+! +.D>:>'()'+! &'/>%+! ':%(@&>:%+A!
e.&*(%+!9!&*)'8>*,'+!=*8*!,%-8*8!,%+!(>;','+!/'!:*,>/*/!*/':.*/%+B!Q+>&>+&%A!,%+!
=%/'8'+! =_P,>:%+! e*(! /'! e*:'8! .(*! ';*,.*:>@(! :%()>(.*! 9! +'8>*! /',! +>+)'&*! =*8*!
/')':)*8! *+<! ,%+! =8%P,'&*+! &S+! *:.:>*()'+! '! >()'()*8! =*,>*8,%+B! c*&P>a(! e*9! E.'!
>(:'()>;*8! .(*! &*9%8! =*8)>:>=*:>@(! /'! ,%+! =*/8'+! 9! &*/8'+! '(! ,*! *:)>;>/*/!
'/.:*)>;*B! 4*! 8',*:>@(! /'! a+)%+! :%(! ,%+! =8%D'+%8'+! '+! '+'(:>*,! =*8*! ',! =8%=>%!
/'+*88%,,%!/',!*,.&(%t*B!N'R%8*8!,*!D%8&*:>@(!/',!=8%D'+%8*/%A!',!:.*,!/'P'!'+)*8!
=8'=*8*/%! =*8*! >&=.,+*8! .(*! (.';*! D%8&*! /'! '(+'T*8A! &S+! *:)>;*A! ,>-*/*! *,!
'()%8(%!9!*!,*!8'*,>/*/A!9!E.'!+'*!:*=*?!/'!/'+*88%,,*8!'(!)%/%+!,%+!'+)./>*()'+!',!
/'+'%!/'!*=8'(/'8A!E.'!+'-.8*&'()'!/'P'8<*!=*8)>8!/'!.(!*(S,>+>+!=8';>%!/',!^,+"+%*
4*$%63+.+2$#)*3%5*+2"+=)570!
$%&%! 9*! *()>:>=SP*&%+A! ,*+! :*8*:)'8<+)>:*+! /'! ,*+! &%)>;*:>%('+! 9! ,*+! '+)8*)'->*+!
E.'! '&=,'*(! ,%+! '+)./>*()'+! e*(! +>/%! *(*,>?*/*+! '(! 1/.:*:>@(! 78>&*8>*A! '(!
1/.:*:>@(! C':.(/*8>*! 9! &.9! *&=,>*&'()'! '(! ,*! 3(>;'8+>/*/A! ='8%! :*8':'&%+! /'!
>(D%8&*:>@(!+%P8'!'+)'!)'&*!:%(!,%+!'+)./>*()'+!/'!,%+!$>:,%+!`%8&*)>;%+!/'!d8*/%!
N'/>%!9!C.='8>%8!/'!`%8&*:>@(!78%D'+>%(*,B!
78'+'()*&%+!*!:%()>(.*:>@(!,%+!8'+.,)*/%+!%P)'(>/%+!'(!:.*()%!*!,*!&%)>;>*:>@(!/'!
,%+!'+)./>*()'+!/'!'+)%+!$>:,%+!`%8&*)>;%+!:%(!.(!-8.=%!8'/.:>/%!/'!=*8)>:>=*()'+!
9*! E.'! ,*! D>(*,>/*/! /'! '+)'! '+)./>%! (%! '+! -'('8*,>?*8! ,%+! 8'+.,)*/%+! *! %)8%+!
:%()'F)%+!%!*!.(!(_&'8%!&S+!',';*/%!/'!'+)./>*()'+A!+>(%!'+)*P,':'8!,*+!P*+'+!/'!
'+)*! :%88>'()'! >(;'+)>-*/%8*A! >/'()>D>:*(/%! %PR')>;%+A! />+'T%! '! >(+)8.&'()%+! E.'!
/'P'8<*(! +'8! '&=,'*/%+! =*8*! /*8! 8'+=.'+)*! *! ,*+! :.'+)>%('+! 8',*:>%(*/*+! :%(! ,%+!
'+)./>*()'+! 9! ',! 8':%(%:>&>'()%! E.'! /'P'8<*! )'('8! ,*! `%8&*:>@(! 78%D'+>%(*,! '(!
(.'+)8%!=*<+B!
!
R#p!3F2%)%!
4%+!8'+.,)*/%+!E.'!=8'+'()*&%+!+'!'(&*8:*(!'(!.(*!>(;'+)>-*:>@(!&S+!*&=,>*!E.'!
)>'('! =%8! D>(*,>/*/! ',! *(*,>?*8! ,%+! '(D%E.'+! /'! *=8'(/>?*R'! /'! ,%+! '+)./>*()'+! /'!
:>:,%+!D%8&*)>;%+!=8%D'+>%(*,'+!G-8*/%!&'/>%!9!-8*/%!+.='8>%8H!'(!D.(:>@(!/'!.(*!
!
!
"Wb!
+'8>'!/'!;*8>*P,'+!:%&%0!-8*/%A!:.8+%A!:'()8%A!+'F%A!(>;',!/'!'+)./>%+!/',!=*/8'!9!/'!
,*!&*/8'B!78'+'()*&%+!=*8)'!/'!'+)%+!8'+.,)*/%+!'(!'+)'!)8*P*R%B!
!
L'&%+!:%(+>/'8*/%!:%&%!%PR')>;%+!'+=':<D>:%+0!!
%di=HBQC! A<BW=<C#p! 2'+:8>P>8! ,%+! '(D%E.'+! /'! *=8'(/>?*R'! /'! ,%+! '+)./>*()'+! /'!
D%8&*:>@(! =8%D'+>%(*,! '(! :>:,%+! D%8&*)>;%+! /'! -8*/%! &'/>%! 9! -8*/%! +.='8>%8! :%(!
,%+!>(+)8.&'()%+!$7Q!9!$71iZiV`B!
%di=HBQC! @=PK>?C#p! Q(*,>?*8! ,*! :%(-8.'(:>*! '()8'! ,*+! &%)>;*:>%('+! 9! ,*+!
'+)8*)'->*+!'&=,'*/*+!=%8!,%+!'+)./>*()'+!/'!D%8&*:>@(!=8%D'+>%(*,B!
!
)('*b%!
1,! />+'T%! +'-.>/%! '(! ,*! >(;'+)>-*:>@(! =.'/'! +'8! :*)*,%-*/%! :%&%! :.*()>)*)>;%! (%!
'F='8>&'()*,A! :%(:8')*&'()'! .(! />+'T%! /'! :%8)'! /'+:8>=)>;%B! 1+)'! &a)%/%!
=8')'(/'! /'+:8>P>8! .(! D'(@&'(%A! *(*,>?*(/%! +.! '+)8.:).8*! 9! ,*+! *+%:>*:>%('+!
'F>+)'()'+!'()8'!,*+!:*8*:)'8<+)>:*+!E.'!/'D>('(!/>:e%!D'(@&'(%B!!
!
5,+2($(5,&2*'!
$%()*&%+!:%(!,*!=*8)>:>=*:>@(!/'!Xb!'+)./>*()'+!:%(!'/*/'+!:%&=8'(/>/*+!'()8'!
"\! 9! V[! *T%+A! E.'! '+)S(! &*)8>:.,*/%+! '(! ,%+! :>:,%+! D%8&*)>;%+! /'! `%8&*:>@(!
78%D'+>%(*,!/'!/%+!:'()8%+A!.(%!+>).*/%!'(!',!&.(>:>=>%!/'!N*?*88@(!9!%)8%!+>).*/%!
'(! ',! &.(>:>=>%! /'! `.'()'! n,*&%A! *&P%+! /'! ,*! =8%;>(:>*! /'! N.8:>*! G1+=*T*HB! 4*!
D*&>,>*! =8%D'+>%(*,! *! ,*! E.'! :%88'+=%(/'(! +%(0! Q/&>(>+)8*:>@(! 9! -'+)>@(! 9A!
',':)8>:>/*/!9!',':)8@(>:*B!1,!V\Bb\u!+%(!:e>:%+!9!',!b^BV#u!+%(!:e>:*+B!1,!^\B#\u!
'+)S(!&*)8>:.,*/%+!'(!-8*/%!&'/>%!9!',!\^B[#u!'(!-8*/%!+.='8>%8B!
!
(&'2+83*&2%'!
4%+! >(+)8.&'()%+! E.'! e'&%+! '&=,'*/%! +%(! ',! $.'+)>%(*8>%! /'! 78%:'+%+! /'!
Q=8'(/>?*R'!G$7QH!9!',!$.'+)>%(*8>%!/'!78%:'+%+!'(!',!1+)./>%!G$71iZiV`HB!
1,! $B7BQ! '+! .(*! */*=)*:>@(! /',! 4'*8(>(-! 78%:'++! x.'+)>%((*>8'! GJ>--+A! "XgbPHA!
8'*,>?*/*! =%8! ,*! =8%D'+%8*! `.'(+*()*! L'8(S(/'?! 7>(*! G"XX\HA! %8>'()*/*! *!
'+)./>*()'+! :%(! '/*/'+! :%&=8'(/>/*+! '()8'! ,%+! "\! 9! ,%+! "g! *T%+! /'! '/*/B! 1+)'!
>(+)8.&'()%! e*! +>/%! *=,>:*/%! *! ,%+! '+)./>*()'+! &*)8>:.,*/%+! '(! ',! :>:,%! /'!
D%8&*:>@(!=8%D'+>%(*,!/'!-8*/%!&'/>%B!!
1,!$B7B1B!=8%=.'+)%!=%8!J>--+!G"XXXH!9!8';>+*/%!'(!',!*T%!VWW"!G$71iZiV`HA!e*!+>/%!!
*/*=)*/%! *! (.'+)8%! :%()'F)%! =%8! ',! -8.=%! /'! >(;'+)>-*:>@(! />8>->/%! =%8! ,*!
=8%D'+%8*! `.'(+*()*! L'8(S(/'?! 7>(*! GVWW"HB! 1+)'! :.'+)>%(*8>%! +'! .)>,>?*! =*8*!
>/'()>D>:*8! ,%+! '(D%E.'+! /'! *=8'(/>?*R'! /'! ,%+! '+)./>*()'+! .(>;'8+>)*8>%+! %! :%(!
'/*/'+!+.='8>%8'+!*!,%+!"g!*T%+A!=%8!,%!)*()%A!e*!+>/%!',!>(+)8.&'()%!*=,>:*/%!*!,%+!
'+)./>*()'+!/',!:>:,%!D%8&*)>;%!/'!-8*/%!+.='8>%8B!!
!
!
!
"Wg!
`#p!,&l.('('!_!+*'8.2,)%'!
Q()'+!/'!/*8!8'+=.'+)*!*!,%+!%PR')>;%+!=,*)'*/%+!'(!'+)'!'+)./>%!+'!e*!8'*,>?*/%!.(!
*(S,>+>+! /'! ,*+! =8%=>'/*/'+! =+>:%&a)8>:*+! /'! *&P%+! >(+)8.&'()%+A! %P)'(>a(/%+'!
E.'!,*!D>*P>,>/*/A!:*,:.,*/*!:%(!',!<(/>:'!/',!Q,D*!/'!$8%(P*:eA!/',!$7Q!'+!/'!Bg"XA!
>()'8=8')*/*!:%&%!P*+)*()'!*,)*B!7*8*!',!$71iZiV`A!,*!D>*P>,>/*/!%P)'(>/*!'+!/'!B#XA!
>()'8=8')*/*! :%&%! *,)*! 9! &.9! =8@F>&*! *! ,%+! ;*,%8'+! %P)'(>/%+! =%8! ,%+!
:.'+)>%(*8>%+! /'! '(D%E.'+! /'! *=8'(/>?*R'! =*8*! '+)./>*()'+! .(>;'8+>)*8>%+! 9! /'!
+':.(/*8>*!G'()8'!Bb"!9!BbXH!'(!>(;'+)>-*:>%('+!=8';>*+B!!
!
7*+*(/%! *! ,%+! 8'+.,)*/%+A! '(! ',! A<BW=<! Cdi=HBQC! '(! ',! E.'! +'! /'+:8>P'(! ,%+!
'(D%E.'+! /'! *=8'(/>?*R'! /'! ,%+! '+)./>*()'+! /'! D%8&*:>@(! =8%D'+>%(*,! '(! :>:,%+!
D%8&*)>;%+!/'!-8*/%!&'/>%!9!-8*/%!+.='8>%8B!
1+)*P,':'&%+! E.'! ,%+! '(D%E.'+! +%(! >()'8=8')*/%+! '(! )a8&>(%+! /'! &'/>*! 9! *! (>;',!
=%8:'().*,A!:%(!',!=8>&'8%!;*,%8*&%+!,*!>()'(+>/*/!%!-8*/%!/'!*D>*(?*&>'()%!/'!.(!
'(D%E.'!/'()8%!/'!.(!-8.=%B!7*8*!',,%!)'('&%+!'(!:.'()*!E.'!=*8*!',!$7QA!',!;*,%8!
&<(>&%!9!&SF>&%!/'!:*/*!'(D%E.'!'+)S!'()8'!"V!9!#W!=.()%+!8'+=':)>;*&'()'B!C'-_(!
(.'+)8%!:8>)'8>%A!)%/%+!,%+!;*,%8'+!E.'!+.='8'(!,%+![W!=.()%+!/'!&'/>*!+'!:%(+>/'8*(!
'(D%E.'+! P>'(! *D>*(?*/%+A! :%(! ,%! =%+>)>;%! 9! ('-*)>;%! E.'! ',,%! =.'/*! *:*88'*8B! 1(!
:.*()%! *,! $71A! ',! ;*,%8! &<(>&%! 9! &SF>&%! /'! :*/*! '(D%E.'! '+! "W! 9! ^W! =.()%+!
8'+=':)>;*&'()'B!C'-_(!(.'+)8%!:8>)'8>%A!)%/%+!,%+!;*,%8'+!E.'!+.='8'(!,%+!V^!=.()%+!
/'!&'/>*!+'!:%(+>/'8*(!'(D%E.'+!P>'(!*D>*(?*/%+B!
Q,!>()'8=8')*8!,%+!'(D%E.'+!'(!)a8&>(%+!/'!=%8:'()*R'!G`>-.8*!VHA!/>+=%('&%+!/'!.(*!
;>+>@(!-,%P*,!/'!,*!:%(D>-.8*:>@(!/'!,%+!-8.=%+!9!',!.+%!=8'/%&>(*()'!/'!.(!'(D%E.'!
D8'()'!*!%)8%B!
1(!:.*()%!*!,%+!'+)./>*()'+!/',!:>:,%!D%8&*)>;%!-8*/%!&'/>%A!'(!,*!)*P,*!V!+'!%P+'8;*!
E.'!',!'(D%E.'!+.='8D>:>*,!GCQH!'+!',!&S+!*D>*(?*/%!9!',!&S+!'&=,'*/%!G^XuH!=%8!,%+!
'+)./>*()'+A! +'-.>/%! /',! '(D%E.'! =8%D.(/%! G2QH! 9! *,)%! 8'(/>&>'()%! GQQHB! C>!
:%(+>/'8*&%+!',!'(D%E.'!=8%D.(/%!9!',!/'!*,)%!8'(/>&>'()%!:%&%!fP.'(%+!'(D%E.'+h!
=%/8<*&%+!>()'8=8')*8!E.'!',!\"u!/'!,%+!'+)./>*()'+!'&=,'*!.(!'(D%E.'!*/':.*/%!*!
,*+!/'&*(/*+!/'!,*!>(+)>).:>@(B!1+)%+!/*)%+!+%(!+>&>,*8'+!*!,%+!%P)'(>/%+!*,!8'*,>?*8!
'+)'!&>+&%!*(S,>+>+!:%(!'+)./>*()'+!/'!_,)>&%!:.8+%!/'!P*:e>,,'8!'(!',!E.'!',!\^u!/'!
,%+! '+)./>*()'+! '&=,'*P*! =8'/%&>(*()'&'()'! .(! '(D%E.'! +.='8D>:>*,! '(! +.+! )*8'*+!
/'!*=8'(/>?*R'B!
!
!
!
!s!@?!
t!
0.%/,.!p!$5,!
',!
),!
,,!
[gB"X!t!bBWb! [VBbX!t!bBb^! "^BX\!t!\B^X!
^X!
V#!
"^!
c*P,*!VBi!N'/>*!9!=%8:'()*R'!/'!,%+!'(D%E.'+!/'!*=8'(/>?*R'!*!(>;',!-,%P*,!
!
!
!
!
"WX!
`>-.8*!VBi!2>+)8>P.:>@(!=%8:'().*,!/'!,%+!'(D%E.'+!v!dZQ2M!N125M!
!
!
1(! :.*()%! *! ,%+! '+)./>*()'+! /',! :>:,%! D%8&*)>;%! -8*/%! +.='8>%8A! '(! ,*! )*P,*! [! +'!
%P+'8;*! E.'! ,%+! '(D%E.'+! +.='8D>:>*,! GCQH! 9! ! =8%D.(/%! G2QH! '+)S(! *D>*(?*/%+! =%8!
=*8)'!/'!,%+!'+)./>*()'+A!9*!E.'!+.+!;*,%8'+!/'!&'/>*!'+)S(!&.9!=8@F>&%+!*!,%+!V^!
=.()%+!'+)*P,':>/%+!:%&%!:8>)'8>%B!1(!)a8&>(%+!/'!=%8:'()*R'!G`>-.8*![HA!',!'(D%E.'!
&S+!'&=,'*/%!'+!',!+.='8D>:>*,!G^#uHA!+'-.>/%!=%8!',!=8%D.(/%!G\[uHB!7'+'!*,!:*&P>%!
/'! :>:,%A! =%/'&%+! %P+'8;*8! .(! =%8:'()*R'! +>&>,*8! /'! *,.&(%+! :%(! '(D%E.'+!
+.='8D>:>*,!'(!*&P%+!:>:,%+!D%8&*)>;%+!G^Xu!i!-8*/%!&'/>%!9!^#u!i!-8*/%!+.='8>%8HA!
:%(!,%+!:%(+>-.>'()'+!8'+.,)*/%+!*:*/a&>:%+!('-*)>;%+!E.'!',!.+%!=8'/%&>(*()'!/'!
'+)'!'(D%E.'!)>'('!'()8'!,%+!'+)./>*()'+B!
!
!
0.%/,.!u!$5*p+pM-!
!
',!
),!
V\B\^!t!bB\\!
V^B\g!t!bB\g!
^#!
\[!
!s@?!
t!
!
c*P,*![Bi!N'/>*!9!=%8:'()*R'!/'!,%+!'(D%E.'+!/'!*=8'(/>?*R'!*!(>;',!-,%P*,!
!
!
!
!
""W!
`>-.8*![Bi!2>+)8>P.:>@(!=%8:'().*,!/'!,%+!'(D%E.'+!v!dZQ2M!C371Z5MZ!
!
!
1,! @=PK>?C! Cdi=HBQC! *(*,>?*! ,*! :%(-8.'(:>*! 'F>+)'()'! '()8'! ,%+! &%)>;%+! 9! ,*+!
'+)8*)'->*+!E.'!:%(D>-.8*(!,%+!'(D%E.'+!/'!*=8'(/>?*R'!'(!,%+!:>:,%+!/'!D%8&*:>@(!
=8%D'+>%(*,B!!
!
!
c*P,*!\Bi!$%(-8.'(:>*!'()8'!&%)>;%+!9!'+)8*)'->*+!G$7QH!
!
1(! ,*! )*P,*! \! 9! ^! +'! +>()')>?*(! ,*+! :%88',*:>%('+! 'F>+)'()'+! '()8'! ,*+! +.P'+:*,*+!
G&%)>;%! 9! '+)8*)'->*+H! /'! :*/*! .(%! /'! ,%+! '(D%E.'+! /'! *=8'(/>?*R'! '(! D.(:>@(! /',!
!
!
"""!
>(+)8.&'()%!G$7Q!;+!$71iZiV`HB!C'!>(/>:*!',!-8*/%!/'!+>-(>D>:*:>@(A!'+!/':>8A!+>!'F>+)'(!
/>D'8'(:>*+! +>-(>D>:*)>;*+! G&*8:*/*+! :%(! à! @! ààH! '()8'! ,*+! ;*8>*P,'+! :8.?*/*+B!
$%(+>/'8*&%+! =*8*! *(*,>?*8! ,*! :%(-8.'(:>*! '()8'! ,%+! &%)>;%+! 9! ,*+! '+)8*)'->*+! ,%+!
;*,%8'+!%P)'(>/%+!*,!8'*,>?*8!,*!:%88',*:>@(!/'!7'*8+%(!'()8'!,%+!&>+&%+!'(!D.(:>@(!
/',!'(D%E.'!*,!E.'!='8)'(':'(B!
!
!
c*P,*!^Bi!$%(-8.'(:>*!'()8'!&%)>;%+!9!'+)8*)'->*+!G$71iZiV`H!
!
!
1(! ,*! D>-.8*! \! 9! ^! =8'+'()*&%+! -8SD>:*! 9! (.&a8>:*&'()'! ,*! :%(-8.'(:>*!
'F>+)'()'!'()8'!,*+!+.P'+:*,*+!/'!:*/*!'(D%E.'!/'!*=8'(/>?*R'B!
!
`>-.8*!\Bi!$%(-8.'(:>*!'()8'!&%)>;%+!9!'+)8*)'->*+!/'!,%+!'(D%E.'+!'(!',!$7Q!
!
!
!
!
!
!
""V!
`>-.8*!^Bi!!$%(-8.'(:>*!'()8'!&%)>;%+!9!'+)8*)'->*+!/'!,%+!'(D%E.'+!'(!',!$71iZiV`!
!
!
!
$%&%! =.'/'! %P+'8;*8+'! '(! *&P%+! :.'+)>%(*8>%+! ,*! '+:*,*! &'(%+! :%(+>+)'()'! '+! ,*!
'+:*,*! +.='8D>:>*,A! *.(E.'! '(! ',! $71iZiV`! +.! (>;',! /'! :%(+>+)'(:>*! +'*! &'/>%i*,)%B!
1+)%+! 8'+.,)*/%+! (%! />D>'8'(! /'! ,%+! '(:%()8*/%+! '(! )%/%+! ,%+! '+)./>%+! 8'*,>?*/%+!
+%P8'! '+)*! )'&S)>:*A! )*()%! *! (>;',! (*:>%(*,! :%&%! >()'8(*:>%(*,B! 4*+! +.P'+:*,*+! /',!
'(D%E.'!=8%D.(/%!+%(!&S+!:%(+>+)'()'+!=*8*!*&P%+!>(+)8.&'()%+!GBbW#!$7QH!9!GBbg"!
$71iZiV`HA!=./>'(/%!;*,%8*8+'!'+)*!:%(-8.'(:>*!:%&%!*,)*B!!
`>(*,&'()'A! '(! ',! $7QA! ,*! +.P'+:*,*! '(D%E.'! /'! *,)%! 8'(/>&>'()%! 8'+.,)*! =%:%!
:%(+>+)'()'A! 9*! E.'! ,*+! '+)8*)'->*+! 9! ,*+! &%)>;*:>%('+! /'! *,)%! 8'(/>&>'()%!
:%88',*:>%(*(! =%+>)>;*&'()'! :%(! ,*+! +.P'+:*,*+! /',! '(D%E.'! =8%D.(/%! G&%)>;%+! 9!
'+)8*)'->*+HA!*=%8)*(/%!/*)%+!+>&>,*8'+!*!,%+!E.'!'&=,'*8%(!J>--+A!6'&P'8!9!4'.(-!
GVWW"H! =*8*! R.+)>D>:*8! .(*! 8';>+>@(! /',! $71! *! V! D*:)%8'+A! '+! /':>8A! =*+*8! /'! .(!
:.'+)>%(*8>%! E.'! >/'()>D>:*! )8'+! '(D%E.'+! /'! *=8'(/>?*R'! GCQA! 2Q! 9! QQH! *! .(!
>(+)8.&'()%!E.'!%='8*)>;>:'!/%+!'(D%E.'+A!',!=8%D.(/%!9!',!+.='8D>:>*,B!4*!8';>+>@(!/'!
'+)'! >(+)8.&'()%! =%/8<*! /'(%&>(*8+'! $7QiZiV`A! ='8%! =*8*! =%/'8! ,,';*8,*! *! :*P%!
(':'+>)*8<*&%+!.(*!&.'+)8*!&.:e%!&S+!',';*/*!/'!=*8)>:>=*()'+B!
!
v#p!$%&$.8'(%&*'#!(35.($,$(%&*'!*)8$,2(6,'!_!)*!(&6*'2(0,$(7&!
1,! '+)./>%! /'! ,*+! :*8*:)'8<+)>:*+! /',! *=8'(/>?*R'! /'! ,%+! '+)./>*()'+! '(! ,%+! :>:,%+!
D%8&*)>;%+! '+! .(! )'&*! E.'! :%(! *()'8>%8>/*/! (%! e*P<*! +>/%! *P%8/*/%! /'+/'! ,*!
='8+=':)>;*! /'! ,%+! '(D%E.'+! /'! *=8'(/>?*R'A! */'&S+! /'! ,*! >&=%8)*(:>*! E.'! ,%+!
*=8'(/>?*R'+!*/E.>8>/%+!'(!'+)*!')*=*!)'(/8S(!=*8*!,%+!'+)./>*()'+!'(!+.!*:)>;>/*/!
=8%D'+>%(*,!9!+.!:*=*:>/*/!/'!*=8'(/>?*R'!*!,%!,*8-%!/'!,*!;>/*B!
$%(+>/'8*&%+! E.'! .(! '+)./>*()'! '(! D%8&*:>@(A! ;*! *! *D>*(?*8! ,*+! e*P>,>/*/'+! 9!
/'+)8'?*+!/'!'+)./>%!E.'!e*!*/E.>8>/%!*!,%!,*8-%!/'!+.+!*T%+!/'!1/.:*:>@(!78>&*8>*!
=*8*A! =%+)'8>%8&'()'A! '&=,'*8,*+! '(! 1/.:*:>@(! C':.(/*8>*A! J*:e>,,'8*)%! %! $>:,%!
`%8&*)>;%A!d8*/%A!NS+)'8A!2%:)%8*/%A!'):B!1+!/'P'8!/'!)%/%+!,%+!8'+=%(+*P,'+!/'!,*!
'/.:*:>@(!/'/>:*8!)>'&=%!9!'+D.'8?%!+.D>:>'()'!=*8*!E.'!,%+!*,.&(%+!9!*,.&(*+!/'!
'+)'!(>;',!'/.:*)>;%!'&=>':'(!*!:%(;'8)>8+'!'(!eSP>,'+!'+)./>*()'+A!+'!,'+!D*:>,>)'!,*!
*/E.>+>:>@(!/'!,*+!'+)8*)'->*+!PS+>:*+!/',!'+)./>%A!E.'!:%()8>P.9*(!*,!/'+*88%,,%!/'!
.(!*/':.*/*!&%)>;*:>@(!9!'+)8*)'->*+!/'!*=8'(/>?*R'A!*()'+!/'!E.'!+.!8'(/>&>'()%!
=%)'(:>*,!+'!;'*!&'8&*/%!=%8!',!/'+:%(%:>&>'()%!%!,*!D*,)*!/'!*=,>:*:>@(!/'!/>:e*+!
'+)8*)'->*+!9!&%)>;*:>%('+B!
c8*/>:>%(*,&'()'! ,*+! >(;'+)>-*:>%('+! +%P8'! *=8'(/>?*R'! +'! e*(! :'()8*/%! '(!
'F:,.+>;>/*/! '(! ,*! ='8+=':)>;*! /',! '+)./>*()'A! ='8%! ,%+! :%&=,'R%+! &%/',%+!
!
!
""[!
'/.:*)>;%+!*:).*,'+!>()'-8*(!&.,)>)./!/'!;*8>*P,'+!*!)'('8!'(!:.'()*B!3(*!/'!',,*+!
'+!,*!:%(:'=:>@(!%!',!'(D%E.'!E.'!',!=8%D'+%8*/%!)>'('!+%P8'!+.!'(+'T*(?*B!1(!.(*!
D.).8*! >(;'+)>-*:>@(! +'8<*! >()'8'+*()'! />,.:>/*8! ,*+! :*8*:)'8<+)>:*+! /'! '+)%+!
'(D%E.'+! /',! =8%D'+%8*/%! /'! ,%+! :>:,%+! D%8&*)>;%+A! 9*! E.'! 8'+=%(+*P>,>?*8!
_(>:*&'()'! *! ,%+! '+)./>*()'+! /'! ,%+! 8'(/>&>'()%+! 9! 8':%(%:>&>'()%+! E.'! 8':>P'(!
,%+! :>:,%+! D%8&*)>;%+A! (%+! =*8':'A! *,! &'(%+A! >(R.+)%B! 1+)'! )'&*! +'! =,*()'*! :%&%!
>&=,>:*:>@(! D.).8*! /'! >(;'+)>-*:>@(! 9*! E.'! *! %)8%+! (>;','+! '/.:*)>;%+! 9*! (%+!
'(:%()8*&%+!/'+*88%,,S(/%,*B!
Q! (>;',! /'! 8'+.,)*/%+A! :%(:,.>&%+! E.'! +'>+! /'! :*/*! />'?! '+)./>*()'+! /'! ,%+! :>:,%+!
D%8&*)>;%+! '&=,'*(! =8'/%&>(*()'&'()'! '(D%E.'! +.='8D>:>*,A! ,%! :.*,! 8'='8:.)'!
&.9! ('-*)>;*&'()'! '(! +.+! 8'+.,)*/%+! *:*/a&>:%+B! 4%+! '(D%E.'+! =8%D.(/%+! 9! /'!
*,)%! 8'(/>&>'()%! +%(! ,%+! &'(%+! '&=,'*/%+B! Q! =8>%8>! ,%+! '+)./>*()'+! +.='8D>:>*,'+!
+%(! :*)*,%-*/%+! :%&%! f&*,%+h! '+)./>*()'+A! :%(! >(*/':.*/*+! &%)>;*:>%('+! 9!
'+)8*)'->*+!=*8*!+.='8*8!,*+!/'&*(/*+!E.'!+'!,'+!=.'/*!8'*,>?*8!*!,%!,*8-%!/'!+.+!
'+)./>%+A! ='8%! =*8*! =%/'8! e*:'8! '+)*! )*R*()'! *D>8&*:>@(! /'P'8<*&%+! +*P'8! +>! ',!
=8%:'+%!/'!'(+'T*(?*!9!,%+!:%()'(>/%+!E.'!+'!*P%8/*(!'(!,*+!*+>-(*).8*+!(%!'+)S(!
:%(/>:>%(*(/%! E.'! ,%+! '+)./>*()'+! +'! */*=)'(! *! ,*+! /'&*(/*+! '&=,'*(/%! .(!
'(D%E.'! +.='8D>:>*,B! 1+! /':>8A! E.'! ',! +'8! +.='8D>:>*,'+! +'*! &S+! .(*! '+)8*)'->*! E.'!
.(*!&%)>;*:>@(A!9*!E.'!'+!,%!/'&*(/*/%!=%8!,%+!=8%D'+%8'+!'(!+.+!:,*+'+B!
`>(*,&'()'A!:%&%!>&=,>:*:>@(!D.).8*!/'!>(;'+)>-*:>@(!9!=*8)>'(/%!/'!,%+!/*)%+!/'!,*!
:%(+>+)'(:>*!>()'8(*!/',!$7QA!/'P'8<*!,,';*8+'!*!:*P%!.(*!*=,>:*:>@(!/',!&>+&%!*!.(*!
&*9%8! '+:*,*! =*8*! =%/'8! 8'*,>?*8! .(*! 8';>+>@(! =%8! ,*! D*,)*! /'! :%(+>+)'(:>*! /'! ,*+!
+.P'+:*,*+! /',! '(D%E.'! /'! *,)%! 8'(/>&>'()%A! E.'! e*(! 8'+.,)*/%! '+)*8! &S+!
8',*:>%(*/*+! :%(! +.P'+:*,*+! /',! '(D%E.'! =8%D.(/%! E.'! '()8'! +<B! 78%=%('&%+! .(*!
8';>+>@(!/'!/>:e%!>(+)8.&'()%!*!/%+!D*:)%8'+A!)*,!9!:%&%!'(!+.!/<*!+'!8'*,>?@!:%(!',!
$.'+)>%(*8>%!/'!78%:'+%+!/'!1+)./>%!G$71HB!
c*&P>a(! %=>(*&%+! E.'! =8%D.(/>?*8! '(! ,*+! '+)8*)'->*+! /'! '+)./>%A! *=8'(/>?*R'! 9!
'(+'T*(?*A! *+<! :%&%! '(! ,*+! &%)>;*:>%('+! /'! ,%+! '+)./>*()'+! '! >()'(:>%('+! /',!
=8%D'+%8*/%A! =.'/'! +'8! /')'8&>(*()'! '(! ',! >(:8'&'()%! /'! ,*! :*,>/*/! /'! ,*!
'/.:*:>@(A!*+<!:%&%!.(*!e'88*&>'()*!;S,>/*!9!D>*P,'!=*8*!8'/.:>8!',!D8*:*+%!'+:%,*8!
*!'+)'!(>;',!'/.:*)>;%B!!
1+)*&%+! >(&'8+%+! '(! ,*! 8'*,>/*/! /',! 1+=*:>%! 1.8%='%! /'! 1/.:*:>@(! G111HA! E.'!
*P*8:*!)%/%+!,%+!(>;','+!'/.:*)>;%+!(%!+%,%!',!3(>;'8+>)*8>%A!:%&%!*,-.(%+!*.)%8'+!
)8*)*(!/'!e*:'8(%+!;'8A!,*+!/'&*(/*+!E.'!,*!C%:>'/*/!8'*,>?*!*!,*!1/.:*:>@(!/'P'(!
+'8! *)'(/>/*+! /',! &%/%! &S+! 'D>:>'()'! =%+>P,'B! 3(*! C%:>'/*/! E.'! ';%,.:>%(*!
8S=>/*&'()'!:.9*+!(':'+>/*/'+!;*(!:*&P>*(/%!/<*!*!/<*A!E.'!)>'('!E.'!P8'-*8!:%(!
.(*! 1/.:*:>@(! /'+:%()'F).*,>?*/*! 9! :%(! -8*(/'+! ,>&>)*:>%('+! 9! :*8'(:>*+B!
$%(+>/'8*&%+! E.'! e*9! E.'! />+'T*8! >()'8;'(:>%('+! E.'! /'P'(! +'8! ,,';*/*+! *! ,*!
=8S:)>:*A! =*8*! E.'! ,%+! -8*(/'+! =>,*8'+! /'! ,*! 1/.:*:>@(! G1+)./>*()'+i78%D'+%8'+i
5(+)>).:>@(H!=.'/*(!>8!)%&*(/%!:%(:>'(:>*!/'!+.+!:*8'+)<*+!9!=.'/*(!&'R%8*8+'!/'!
:*8*!*!+.+!(':'+>/*/'+!*:).*,'+!9!D.).8*+B!3(!eSP>,!'+)./>*()'A!-'+)%8!/'!+.!=8%=>%!
*=8'(/>?*R'A! &%)>;*/%A! :8<)>:%A! :*=*?! /'! *.)%88'-.,*8+'! /'='(/>'(/%! /'! ,*+!
/'&*(/*+! ='8+%(*,'+A! /'! ,*! >(+)>).:>@(! 9! /',! =8%D'+%8*/%A! +'! :%(;'8)>8S! '(! ',!
:>./*/*(%! E.'! '+)*! C%:>'/*/! /',! +>-,%! rr5! (':'+>)*! 8'*,&'()'! =*8*! +.='8*8! ,*+!
+>).*:>%('+!:8<)>:*+!'!>(:>'8)*+!E.'!'+)*&%+!=*/':>'(/%!'(!,*!*:).*,>/*/B!
!
!
!
!
""\!
+*-*+*&$(,'!
Q,%(+%A! $B! 9! d*,,'-%A! 2B! G"XX\HB! <".#&%"* ,+* U35+2,#>)a+B! 1(! `B! Z>;*+! G'/BHA! N*(.*,! /'!
Q+'+%8*&>'()%!9!M8>'()*:>@(!]%:*:>%(*,!G^#igXHB!N*/8>/0!1/>)%8>*,!C<()'+>+B!
J',)8S(A!jB!G"XX[HB!!5%$+"%"@*+".5).+'#)"*4*.W$2#$)"*,+*)35+2,#>)a+B!N*/8>/0!C<()'+>+B!
J>--+A! jBJB! G"Xgb*HB! D.-,+2.* )335%)$V+"* .%* &+)52#2'* )2,* ".-,4#2'0* N',P.8('0!
Q.+)8*,>*(!$%.(:>,!D%8!1/.:*)>%(*,!Z'+'*8:eB!
J>--+A! jBJB! G"XgbPHB! D.-,4* !5%$+""* q-+".#%22)#5+* PD!qR* S)2-)&0* N',P.8('0!
Q.+)8*,>*(!$%.(:>,!D%8!1/.:*)>%(*,!Z'+'*8:eB!
J>--+A!jBJB!G"XggHB!Q==8%*:e'+!)%!,'*8(>(-!*(!)%!'++*9!O8>)>(-B!1(!C:e&':kA!ZB!G1/BHA!
8+)52#2'*".5).+'#+"*)2,*&+)52#2'*".4&+"B!U'O!o%8k0!7,'(.&!78'++B!
J>--+A! jBJB! G"XgXHB! Q==8%*:e'+! )%! )e'! '(e*(:'&'()! %D! )'8)>*89! )'*:e>(-B! X#'V+5*
+,-$).#%2*;+"+)5$V*)2,*A+/+&%36+2.@*kA!"A!biV^B!
J>--+A! jBJB! G"XX[HB! Ie*)! /%! >(;'()%8>'+! %D! +)./'()+~! ,'*8(>(-! =8%:'++'+! 8'*,,9!
&'*+.8'|! Q! )e'%8')>:*,! 8';>'O! *(/! :,*8>D>:*)>%(B! [5#.#"V* ]%-52)&* %9* <,-$).#%2)&*
!"4$V%&%'4A!ol@![i"XB!
J>--+A! jB! G"XX#HB! Q++'+>(-! 4'*8(>(-! x.*,>)90! 8':%(:>,>(-! >(+)>).)>%(*,A! +)*DD! *(/!
'/.:*)>%(*,!/'&*(/+B!U""+"6+2.*)2,*+/)&-).#%2*#2*X#'V+5*<,-$).#%2@*GI*G"HA!^i"^B!
J>--+A!jB!JB!G"XXXHB!L+)$V#2'*9%5*q-)&#.4*8+)52#2'*#2*12#/+5"#.40*J.:k>(-e*&0!C%:>')9!
D%8!Z'+'*8:e!>(!L>-e'8!1/.:*)>%(!*(/!M='(!3(>;'8+>)9!78'++B!
J>--+A!jB!GVWW"HB!ce'!Z'D,':)>;'!5(+)>).)>%(0!Q++.8>(-!*(/!1(e*(:>(-!)e'!x.*,>)9!%D!
c'*:e>(-!*(/!4'*8(>(-B!X#'V+5*<,-$).#%2@*HI!G[HA!VV"iV[gB!
J>--+A!jBJBY!6'&P'8A!2B!9!4'.(-A!2BoB7B!GVWW"HB!ce'!8';>+'/!)O%iD*:)%8!C)./9!78%:'++!
x.'+)>%((*>8'0!ZiC7xiV`0*[5#.#"V*]%-52)&*%9*+,-$).#%2)&*!"4$V%&%'4@*mIA!"[[i"\XB!
J.'(/<*A! 4B! 9! M,&'/%A! 1BNB! GVWW[HB! 1+)./>%! )8*(+:.,).8*,! /'! ,%+! '(D%E.'+! /'!
*=8'(/>?*R'!'(!1/.:*:>@(!C.='8>%8B!;+/#".)*,+*N2/+".#')$#:2*<,-$).#/)@*GI*GVHA![b"i
[g#B!
$*8*P*T*A! jB! GVWW\HB! E#* .)2* '5)2,+@* 2#* .)2* '5)/+@* 2#* .)2* 9B$#&* ,+* )55+'&)5T* ,).%"* 4*
5)>%2+"*"%M5+*+&*95)$)"%*+"$%&)50!N*/8>/0!5(D%8&*:>@(!$%&'8:>*,!1+=*T%,*B!
$*+)',,@A! NB! }! N%('8'%A! $B! GVWWWHB! 4*+! :%(:'=:>%('+! /'! ,%+! =8%D'+%8'+! +%P8'! ,*!
'(+'T*(?*!/'!,*+!'+)8*)'->*+!/'!*=8'(/>?*R'B!<2")4%"*4*<C3+5#+2$#)"@*o@*l@*bgiXVB!
$.(:e>,,%+A! $! 9! Z%/8<-.'?A! `B! GVWW\HB! <&* 95)$)"%* +"$%&)5@* "-* $-)2.#9#$)$#:2* 4* "-*
,#".5#M-$#:2*"%$#)&*+2*&)*$%6-2#,),*,+*S),5#,0!N*/8>/0!$BQB!/'!N*/8>/B!
2'! 4*! `.'()'A! j! }! j.+)>:>*A! `B! GVWW\HB! Z'-.,*:>@(! /'! ,*! '(+'T*(?*! =*8*! ,*!
*.)%88'-.,*:>@(!/',!*=8'(/>?*R'!'(!,*!3(>;'8+>/*/0*U-&)*)M#+5.)@*kG@!"#"i"bX0!
2'! U*)*,'A! NB! G"XXWHB! Z'(/>&>'()%! '+:%,*8B! 1(! `,%8'+A! dBY! 2ÉQ:*>+! 9! d.)>a88'?A! 5B!
A#$$#%2)5#%*,+*?#+2$#)"*,+*&)*<,-$)$#:20!N*/8>/0!7*.,>(*+B!
2.(k>(A!NBjB!}!J>//,'A!JBjB!G"Xb\HB!LV+*".-,4*%9*.+)$V#2'0*U'O!o%8k0!L%,)A!Z>('e*8)!9!
I>(+)%(B!
1,,>%)A! 1BCBA! }! 2O':kA! $BCB! G"XggHB! d%*,+0! Q(! *==8%*:e! )%! &%)>;*)>%(! *(/!
*:e>';'&'()B!]%-52)&*%9!!+5"%2)&#.4*)2,*D%$#)&*!"4$V%&%'4@*KH@*^i"VB!
1()O>+),'A!UB!G"XgbHB!D.4&+"*%9*&+)52#2'*)2,*.+)$V#2'0*I>,'90!$e>:e'+)'8B!
!
!
""^!
1()O>+),'A!UB!G"XggHB!8)*$%635+2"#:2*,+&*)35+2,#>)a+*+2*+&*)-&)0*J*8:',%(*0!7*>/@+B!
1()O>+),'A!UB!9!Z*&+/'(A!7B!G"Xg[HB!12,+5".)2,#2'*".-,+2.*&+)52#2'0!4%(/%(0!$8%%&!
L',&B!
d*8:>*A!NB!9!2%&'(':eA!2B!GVWW^HB!N%)>;*:>@(A!*=8'(/>?*R'!9!8'(/>&>'()%!'+:%,*8B!
;<S<0*;+/#".)*+&+$.5:2#$)*,+*6%.#/)$#:2*4*+6%$#:2@*IA!^^i#^B!
d@&'?A! 4B! $BA! N%(:*9%A! jB! }! `.'()'+A! dB! GVWW[HB! 8)* #63%5.)2$#)* ,+* 35%6%/+5* +2* +&*
)-&)* +".5).+'#)"* ,+* )35+2,#>)a+* 3)5)* +&+/)5* +&* 2#/+&* )$),W6#$%* +2* &%"* +".-,#)2.+"B!
$.P*0!$'()8%!3(>;'8+>)*8>%!j%+a!N*8)<!7a8'?!
d%(?S,'?A!NB$B!9!c%.8@(A!jB!G"XXVHB!U-.%$%2$+3.%*4*5+2,#6#+2.%*+"$%&)50!7*&=,%(*0!
13UCQBbg#!
d%%/A!cB!4B!9!J8%=e9A!jB!1B!G"XXWHB!<,-$).#%2)&*3"4$V%&%'4T*U*5+)&#".#$*)335%)$V0!G\)e!
1/HB!Ie>)'!7,*>(+A!Uo0!4%(-&*(!
L'8(S(/'?!7>(*A!`B!G"XX[HB!4%+!'(D%E.'+!/'!*=8'(/>?*R'!'(!*,.&(%+!.(>;'8+>)*8>%+B!
3(! '+)./>%! '&=<8>:%B! !5%4+$.%* ,+* #2/+".#')$#:2* 3)5)* +&* )$$+"%* )* ?B.+,5)B! N.8:>*0!
3(>;'8+>/*/!/'!N.8:>*B!
L'8(S(/'?!7>(*A!`B!G"XXXHB!U35+2,+5*)*U35+2,+50*J*8:',%(*0!M:a*(%B!
L'8(S(/'?! 7>(*A! `B! GVWW"HB! 4*! $*,>/*/! /'! ,*! 1(+'T*(?*! 9! ',! Q=8'(/>?*R'! '(!
1/.:*:>@(!C.='8>%8B!;+/#".)*,+*#2/+".#')$#:2*+,-$).#/)@0*IY*GVH@*\#^i\gXB!
L'8(S(/'?!7>(*A!`B!GVWWVHB!2%:'(:>*!'!>(;'+)>-*:>@(!'(!1/.:*:>@(!C.='8>%80*;+/#".)*
,+*N2/+".#')$#:2*<,-$).#/)A*GQA!VA!Vb"i[W"B!
L'8(S(/'?!7>(*A!`BY!d*8:<*!C*(?A!NB7B!9!N*E.>,@(!CS(:e'?A!jBjB!GVWWWHB!8%"*+29%`-+"*
,+* )35+2,#>)a+* +2* +".-,#)2.+"* -2#/+5"#.)5#%"* +2* 9-2$#:2* ,+* "-* .#.-&)$#:2B! N*/8>/0!
Q:)*+! /',! r55! $%(-8'+%! U*:>%(*,! '! 5P'8%*&'8>:*(%! /'! ='/*-%-<*B! L*:>*! ',! )'8:'8!
&>,'(>%0!$*&P>%!'/.:*)>;%!9!'/.:*:>@(!=*8*!',!:*&P>%B!
L'8(S(/'?! 7>(*A! `BY! N*E.>,@(iCS(:e'?A! jBjB! 9! L'8(S(/'?i$*()'8%A! NB$B! GVWWXHB! 8%"*
+29%`-+"* ,+* )35+2,#>)a+* +2* <".-,#)2.+"* ,+* <,-$)$#:2* !5#6)5#)T* !5%3-+".)* ,+&*
?-+".#%2)5#%* ?0<0U0!0D0! L.',;*0! Q:)*+! /',! r5]! $%(-8'+%! U*:>%(*,! /'! N%/',%+! /'!
5(;'+)>-*:>@(!1/.:*)>;*!GQ52571HB!
L'8(S(/'?! 7>(*A! `BY! N*8)<('?! $,*8'+A! 7BY! 2*! `%(+':*A! 7B! 9! Z.P>%! 1+=<(A! NB! GVWW^HB!
U35+2,#>)a+@*$%63+.+2$#)"*4*5+2,#6#+2.%*+2*+,-$)$#:2*"-3+5#%50!N*/8>/0!4*!N.8*,,*B!
j%e(+%(A! 2B! }! j%e(+%(A! ZB! G"Xg^HB! N%)>;*)>%(*,! =8%:'++'+! >(! :%%='8*)>;'A!
:%&=')>)>;'A! *(/! >(/>;>/.*,>+)>:! ,'*8(>(-! +>).*)>%(+B! Q&'+A$B! }! Q&'+A! ZB! G1/+BH0*
;+"+)5$V*%2*6%.#/).#%2*#2*+,-$).#%2B!]%,B!V0!ce'!:,*++8%%&!&>,>'.!GV\XiVg#HB!U'O!
o%8k0!Q:*/'&>:!78'++B!
j.+)>:>*A!`B!G"XX#HB!N')*:%-(>:>@(!9!:.88<:.,.&B!1(!jB!J',)8S(!9!$B!d'(%;*8/!G1/+BHA!
!"#$%&%'()* ,+* &)* #2".5-$$#:2* N0* r)5#)M&+"* 4* 35%$+"%"* MB"#$%"! G[^Xi[g"HB! N*/8>/0!
C<()'+>+B!
41o!MZdnU5$Q!VtVWW#A!21![!21!NQoMA!2'!1/.:*:>@(B!
N*(?*(%A!NB!!GVWWbHB!<".#&%"*,+*)35+2,#>)a+@*+".5).+'#)"*,+*&+$.-5)*4*"-*5+&)$#:2*$%2*
+&*5+2,#6#+2.%*)$),W6#$)*+2*&)*"+'-2,)*&+2'-)B!d8*(*/*0!3(>;'8+>/*/!/'!d8*(*/*B!!
N*E.>,@(! CS(:e'?A! jBjB! GVWW"HB! 4%+! '(D%E.'+! /'! *=8'(/>?*R'! '(! '+)./>*()'+! /'!
7'/*-%-<*B!L+"#"*,+*8#$+2$#).-5)0*N.8:>*0!3(>;'8+>/*/!/'!N.8:>*B!
!
!
""#!
N*E.>,@(! CS(:e'?A! jBjB! GVW"WHB! A#"+=%* 4* +/)&-)$#:2* ,+&* ,#"+=%* ,+* -2* 35%'5)6)* ,+*
#2.+5/+2$#:2* 3)5)* &)* 6+a%5)* ,+* &)"* V)M#&#,),+"* ,+* )35+2,#>)a+* ,+* &%"* +".-,#)2.+"*
-2#/+5"#.)5#%"0!N.8:>*0!125c3NB!
N*8:e'+>A!QB!GVWW[HB!<&*95)$)"%*+"$%&)5*+2*<"3)=)0!N*/8>/0!`.(/*:>@(!*,)'8(*)>;*+B!
N*8)%(A! `B! 9! CÜ,RáA! ZB! G"Xb#*HB! M(! E.*,>)*)>;'! />DD'8'(:'+! >(! ,'*8(>(-0! "B! M.):%&'!
*(/!=8%:'++B![5#.#"V*]%-52)&*%9*<,-$).#%2)&*!"4$V%&%'4@!HoA!\i""B!
N*8)%(A! `B! 9! CÜ,RáA! ZB! G"Xb#PHB! 4'*8(>(-! =8%:'++! *(/! +)8*)'->'+B! [5#.#"V* ]%-52)&* %9*
<,-$).#%2)&*!"4$V%&%'4@*HoA!""^i"VbB!
N::,',,*(/A!2B$!G"XgXHB!<".-,#%*,+*&)*6%.#/)$#:2*V-6)2)0*N*/8>/0!U*(:'*B!
M$21! GVWW[HB! 8+)52+5"* 9%5* 8#9+* J* D.-,+2.* U335%)$V+"* .%* 8+)52#2'0!
e))=0ttOOOB%':/B%8-t!i!$%(+.,)*/*0!W\iW^iVW"WB!
MFD%8/A!ZB!G"XXWHB!8)2'-)'+*8+)52#2'*D.5).+'#+"T*\V).*</+54*L+)$V+5*DV%-&,*s2%tB!
J%+)%(0!L'>(,'!}!L'>(,'!7.P,>+e'8+B!
7')8>A! LB4B! G"XX"HB! S%.#/).#%20* LV+%54@* ;+"+)5$V@* )2,* U33&#$).#%2"B! J',&%()A!
$*,>D%8(>*0!I*/+O%8)e!7.P,>+e>(-!$%&=*(9B!
7>()8>:eA! 7B! 9! 2'! d8%%)A! QB! G"XXWHB! N%)>;*)>%(*,! *(/! +',Di8'-.,*)'/! ,'*8(>(-!
:%&=%('()+! %D! :,*++8%%&! *:*/'&>:! ='8D%8&*(:'B! ]%-52)&* %9* <,-$).#%2)&*
!"4$V%&%'4@*kGA![[i\WB!
7%?%A! jB! 5B! G"XXWHB! 1+)8*)'->*+! /'! *=8'(/>?*R'B! 1(! $B! $%,,A! jB! 7*,*:>%+! 9! QB! N*8:e'+>!
G$%%8/BHA! A+")55%&&%* 3"#$%&:'#$%* 4* +,-$)$#:2* NN0* !"#$%&%'()* ,+* &)* <,-$)$#:2* G#biXVHB!
N*/8>/0!Q,>*(?*B!
Z*&+/'(A!7B!G"XggHB!N635%/#2'*&+)52#2'd*E+t*3+5"3+$.#/+"0!4%(/%(0!6%-*(!7*-'B!
Z%&S(A! jBNB! 9! d*,,'-%A! CB! G"XXbHB! U?;UT* <"$)&)"* ,+* <".5).+'#)"* ,+* U35+2,#>)a+0*
N*/8>/0!c1QB!
Ck>(('8A!JB`B!G"X\gHB!\)&,+2*Lt%0*U'O!o%860!N*:&>,,*(B!
]*,,'!Q8>*+A!QBY!$*P*(*:eA!ZB!dBY!U_T'?A!jB!9!d%(?S,'?i7>('/*A!jB!QB!G"XXgHB!!]*8>*P,'+!
:%-(>)>;%i'&%:>%(*,'+A! '(D%E.'+! /'! *=8'(/>?*R'! 9! 8'(/>&>'()%! *:*/a&>:%B!!
!"#$%.V+6)@*IQ@*VA![X[i\"VB!
I'>(+)'>(A!$B!1B!9!N*9'8A!ZB!1B!G"Xg#HB!LV+*.+)$V#2'*%9*&+)52#2'*".5).+'#+"0*<2*S0*?0*
\#..5%$h*P<,R0*X)2,M%%h*%9*5+"+)5$V*%2*.+)$V#2'0!U'O!o%8k0!N:!N>,,*(B!
!
!
!
""b!
!
!
""g!
!
!
!
!
!
.,!*'2(38.,$(7&!'*&'%+(%3%2+(c!*&!.,!-%+3,$(7&!)*!.%'!
3,*'2+%'!E8*!,2(*&)*&!,!.,!)(6*+'(),)!!
!
!
3:<I:!kC@S!3:<HI>=;!'=PK<:!
`*:.,)*/!/'!1/.:*:>@(B!3(>;'8+>/*/!/'!N.8:>*!
!
+*'83*&!
1+)'!)8*P*R%!)>'('!.(!/%P,'!=8%=@+>)%B!78>&'8%A!+'!:'()8*!'(!,*!D%8&*:>@(!>(>:>*,!/'!
,%+!&*'+)8%+!E.'!*)>'(/'(!*!,*!/>;'8+>/*/!/',!*,.&(*/%!:%(!(':'+>/*/'+!-8*;'+!9!
='8&*('()'+B! C'-.(/%A! )8*)*! /'! /'+)*:*8! ,*! >&=%8)*(:>*! /'! ,*! 1+)>&.,*:>@(!
C'(+%8>%&%)8>?! '(! ,*! >()'8;'(:>@(! '/.:*)>;*! /'! ,%+! (>T%+! :%(! =,.8>/>+:*=*:>/*/!
-8*;'!9!='8&*('()'B!
1(! 8',*:>@(! :%(! ,*! D%8&*:>@(! /',! =8%D'+%8*/%A! :8''&%+! E.'! ,*! '+)>&.,*:>@(!
+'(+%8>%&%)8>?! /'P'! '+)*8! =8'+'()'! '(! ,*! D%8&*:>@(! >(>:>*,A! =*8*! E.'! />:e%!
=8%D'+%8*/%!=.'/*!>()'8;'(>8!:%(!',!*,.&(*/%!E.'!*:./'!*!,%+!$'()8%+!1+=':<D>:%+!
/'!1/.:*:>@(!1+=':>*,B!
$'()8S(/%(%+! '(! ,*! 8'+=.'+)*! '/.:*)>;*! *! ,*+! (':'+>/*/'+! /'! ,%+! *,.&(%+! :%(!
-8*;'! />+:*=*:>/*/A! :8''&%+! E.'! />:e*! '+)>&.,*:>@(! =.'/'! +'8! .(! &%/%!
>&=%8)*()'!/'!>()'8;'(>8!'/.:*)>;*&'()'B!7%8!',,%!+'!/'+)*:*(!*,-.(*+!>/'*+!+%P8'!
S8'*+!/'!'+)>&.,*:>@(A!=8>(:>=>%+!/'!*:).*:>@(A!)>=%+!/'!*:)>;>/*/'+A!'):B!$%(!)%/%!
',,%!+'!=8')'(/'!%D8':'8!.(!:.88<:.,%!'+=':<D>:%!E.'!*9./'!*,!/'+*88%,,%!-,%P*,!/'!
'+)%+!*,.&(%+B!
5:L:d<:@! JL:Q=T!
=,.8>/>+:*=*:>/*/B!
'+)>&.,*:>@(!
+'(+%8>%&%)8>?Y!
D%8&*:>@(!
=8%D'+%8*/%Y!!
!
!
24*!'2(38.,2(%&!'*&'%+(%3%2+(c!(&!24*!-%+3,2(%&!%-!24*!
2*,$4*+'!a4%!,22*&)!2%!24*!)(6*+'(2_!
!
,/'2+,$2!
ce>+! O%8k! e*+! *! /%.P,'! >()'()>%(B! ce'! D>8+)! %('A! >)! >+! :'()'8'/! >(! )e'! +)*8)>(-!
)'*:e'8+! )8*>(>(-! Oe%! )*k'! :*8'! %D! )e'! />;'8+>)9! %D! )e'! =.=>,+! O>)e! +'8>%.+! *(/!
='8&*('()! (':'++>)>'+B! C':%(/,9A! >)! )8>'+! )%! '&=e*+>?'! )e'! >&=%8)*(:'! %D! )e'!
C'(+%89&%)%8! C)>&.,*)>%(! >(! )e'! '/.:*)>;'! >()'8;'()>%(! %D! )e'! :e>,/8'(! O>)e!
+'8>%.+!*(/!='8&*('()!&.,)>/>+*P>,>)9B!
!
!
""X!
QP%.)! )e'! )'*:e'8! )8*>(>(-A! O'! )e>(k! )e*)! )e'! +'(+%89&%)%8! +)>&.,*)>%(! &.+)! P'!
=8'+'()!>(!)e'!+)*8)>(-!)8*>(>(-A!+%!)e>+!)'*:e>(-!+)*DD!:*(!)*k'!=*8)!O>)e!)e'!=.=>,+!
Oe%!-%!)%!)e'!C=':>D>:!$'()'8+!%D!C=':>*,!1/.:*)>%(B!
7.))>(-! /'! D%:.+! %(! )e'! '/.:*)>;'! *(+O'8! )%! )e'! (':'++>)>'+! %D! )e'! +)./'()+! O>)e!
+'8>%.+!/>+*P>,>)9A!O'!*8'!:%(;'(:'/!)e*)!)e'!+)>&.,*)>%(!:*(!P'!*(!>&=%8)*()!O*9!
)%!)*k'!=*8)!>(!)e'>8!'/.:*)>%(!'DD':)>;',9B!`%8!)e*)!O'!+)*(/!%.)!>(!8',>'D!+%&'!>/'*+!
*P%.)! +)>&.,*)>%(! *8'*+A! =8>(:>=,'+! %D! ='8D%8&*(:'A! )9='+! %D! *:)>;>)>'+A! '):B! 5)! >+!
)8>'/!9')!)%!%DD'8!*!+=':>D>:!:.88>:.,.&!)e*)!e',=+!)e'!-,%P*,!/';',%=&'()!%D!)e'+'!
+)./'()+B!
e=NwC<?@T!+'(+%89&%)%8!+)>&.,*)>%(Y!)'*:e'8!)8*>(>(-Y!&.,)>/>+*P>,>)9B!
!
D#!(&2+%)8$$(7&!
L*P,*8! /'! #2$&-"#:2* +,-$).#/)A! +.=%('! :8''8! '(! .(*! '+:.',*! :.9%! =8%=@+>)%! '+!
^$%2"+'-#5*-2)*+,-$)$#:2*3)5)*.%,%"@*9-2,)6+2.),)*+2*&)*#'-)&,),@*&)*3)5.#$#3)$#:2*
4* &)* 2%* ,#"$5#6#2)$#:2* +2* +&* 6)5$%* ,+* -2)* "%$#+,),* /+5,),+5)6+2.+* ,+6%$5B.#$)7!
GQ8(*>?A!VWW[0"\VHB!1+)%+!=,*()'*&>'()%+!+'!'(:.'()8*(!'(8*>?*/%+!'(!',!5(D%8&'!
I*8(%k! G"XbgHB! 1(! />:e%! >(D%8&'! +'! e*P,*P*! /'! #2.+'5)$#:2* +,-$).#/)! :%&%!
/'8':e%! /'! )%/*+! ,*+! ='8+%(*+B! C'! '()'(/<*(! ,*+! (':'+>/*/'+! '/.:*)>;*+! :%&%! .(!
:%()>(.%! 9! /'()8%! /'! a+)'! ,*! *)'(:>@(! '/.:*)>;*! '+=':>*,! /'P<*! )'('8! .(! :*8S:)'8!
*/>:>%(*,!9!+.=,'&'()*8>%A!(%!>(/'='(/>'()'B!
2'!'+)'!&%/%A!,%+!(>T%+!9!(>T*+!E.'!=8'+'()*(!(':'+>/*/'+!'/.:*)>;*+!'+=':>*,'+!
:%(D>-.8*(! .(! -8.=%! e')'8%-a('%! E.'! =8':>+*! .(*! 8'+=.'+)*! '/.:*)>;*! &.9!
;*8>*/*! 9! e')'8%-a('*B! 1+)%! ;*! *! +.=%('8! ',! .+%! /'! */*=)*:>%('+! :.88>:.,*8'+! 9!
*9./*+! ='/*-@->:*+! +>-(>D>:*)>;*+! E.'! ,'+! ='8&>)*(! *=8%;':e*8! *,! &SF>&%! +.+!
=%)'(:>*,>/*/'+!+%:>*,'+!9!+.!*.)%(%&<*!='8+%(*,B!1(!:.*,E.>'8!:*+%A!>(:,.+%!'(!,*+!
+>).*:>%('+! &S+! 'F)8'&*+! /'8>;*/*+! /'! .(*! -8*;'! =,.8>/>+:*=*:>/*/A! /'P'&%+! >8!
&S+! *,,S! /'! ,%! *+>+)'(:>*,! 9! =8%=%8:>%(*8! *! '+)*+! ='8+%(*+! .(*! >()'8;'(:>@(!
'/.:*)>;*A! =%(>'(/%! '(! R.'-%! ,%+! &'/>%+! ='8+%(*,'+! 9! &*)'8>*,'+! E.'! +'*(!
=8':>+%+B! d'('8*,&'()'A! ',! )>=%! /'! >(+)>).:>@(! '/.:*)>;*! '(! ',! E.'! '+)*+! ='8+%(*+!
=.'/'(! %P)'('8! ,*! *)'(:>@(! '/.:*)>;*! E.'! 8'E.>'8'(! '+! ',! $'()8%! 1+=':<D>:%! /'!
1/.:*:>@(!1+=':>*,B!
1(! 8',*:>@(! *,! =%8:'()*R'! /'! *,.&(*/%! '+:%,*8>?*/%! '(! $'()8%+! 1+=':<D>:%+! /'!
1/.:*:>@(! 1+=':>*,A! +'-_(! .(! >(D%8&'! :%&=*8*)>;%! ',*P%8*/%! *! =*8)>8! /'! .(!
'+)./>%! 8'*,>?*/%! '(! />+)>()%+! =*<+'+! /'! 1.8%=*! G4@='?vc%88>R%A! VWWXH! +'! +'T*,*!
E.'! *.(E.'! ,*! )*+*! /'! >(:>/'(:>*! /'! ,*+! />+:*=*:>/*/'+! -8*;'+! 9! ='8&*('()'+! e*!
>/%!/>+&>(.9'(/%!=8%-8'+>;*&'()'!'(!,*!3(>@(!1.8%='*A!e*+)*!E.'/*8!'(!.(!WA^u!
/'!,*!=%P,*:>@(A!,*!)*+*!/'!=8';*,'(:>*!e*!>/%!*.&'()*(/%!/'P>/%!*!.(*!&'R%8*!'(!
,*+!'F=':)*)>;*+!/'!;>/*!/'!'+)*+!='8+%(*+B!2'!>-.*,!&%/%A!+'!:>)*!'(!',!&'(:>%(*/%!
'+)./>%A! E.'! ,%+! *,.&(%+! :%(! />+:*=*:>/*/'+! -8*;'+! 9! ='8&*('()'+! +.=%('(! .(!
^A^u! /',! )%)*,! /'! *,.&(%+! '+:%,*8>?*/%+! '(! ,*! 3(>@(! 1.8%='*B! 7%8! %)8*! =*8)'A! ,%+!
*,.&(%+! E.'! =8'+'()*(! />+:*=*:>/*/'+! -8*;'+! 9! ='8&*('()'+A! 9! E.'! =%8! ',,*+!
/'P'(!+'8!'+:%,*8>?*/%+!'(!$'()8%+!1+=':<D>:%+!/'!1/.:*:>@(!1+=':>*,A!+.=%('(!.(!
VA"gu!/',!)%)*,!/',!*,.&(*/%B!
4%+!/*)%+!'F=.'+)%+!(%+!,,';*(!*!:'()8*8(%+!'(!,*!(':'+>/*/!/'!>()8%/.:>8!:*&P>%+!
'(! ,*! D%8&*:>@(! /'! ,%+! /%:'()'+! E.'! ;*(! *! *)'(/'8! *! ,*! />;'8+>/*/BA! 1+)%+! D.).8%+!
/%:'()'+!=.'/'(!,,'-*8!*!'R'8:'8!+.!,*P%8!'(!$'()8%+!1+=':<D>:%+!:%(!.(!*,.&(*/%!
!
!
"VW!
/'! :*8*:)'8<+)>:*+! &.9! =*8)>:.,*8'+A! 9! (':'+>)*(! '+)*8! =8'=*8*/%+! =*8*! ',,%B! Q+<A!
/'P'(! +'8! :%(%:'/%8'+! /'! '+)8*)'->*+! /'! >()'8;'(:>@(! E.'! /'(! .(*! 8'+=.'+)*!
'/.:*)>;*! *! *,.&(%+! E.'A! '(! &.:e%+! :*+%+A! +@,%! +'! ,'+! =8%=%8:>%(*P*! .(!
)8*)*&>'()%!*+>+)'(:>*,B!U%+!'+)*&%+!8'D>8>'(/%!*!,*!(':'+>/*/!/'!:%(%:'8!'(D%E.'+!
9!'+)8*)'->*+!8',*:>%(*/*+!:%(!,*!1+)>&.,*:>@(!J*+*,!9!C'(+%8>%&%)8>?!:%&%!&%/%!
/'! >()'8;'(>8! :%(! ',! *,.&(*/%! E.'! =8'+'()*! (':'+>/*/'+! -8*;'+! 9! ='8&*('()'+!
/'8>;*/*+!/',!=*/':>&>'()%!/'!=,.8>/'D>:>'(:>*!:%(!-8*;'!*D':)*:>@(B!
U.'+)8*! 'F='8>'(:>*! '(! ',! :*&=%! /'! ,*! U.+2$#:2* )* &)* A#/+5"#,),! 9! '(! ',! /'! ,*!
O%56)$#:2*,+&*!5%9+"%5),%A!(%+!,,';*!*!+'T*,*8!E.'!,*!D%8&*:>@(!>(>:>*,!/'!D.).8%+!
/%:'()'+! E.'! ;*9*(! *! /'/>:*8+'! *! /*8! 8'+=.'+)*! *! ,*+! (':'+>/*/'+! '/.:*)>;*+!
'+=':>*,'+! /'8>;*/*+! /'! ,*! =8'+'(:>*! /'! -8*;'+! =,.8>/'D>:>'(:>*+A! /'P'! >(:,.>8!
(':'+*8>*&'()'! :%&=')'(:>*+! E.'! D*;%8'?:*(! ',! /'+*88%,,%! 9! .+%! /'! =8S:)>:*+! /'!
1+)>&.,*:>@(! =*8*! =%/'8! /*8! 8'+=.'+)*! '/.:*)>;*! *! *,.&(%+! E.'! E.'/*P*(! D.'8*!
/',!:.88<:.,%!>(:,.+%!:%(!*/*=)*:>%('+!'+=':<D>:*+!&.9!+>-(>D>:*)>;*+B!
2'! *:.'8/%! :%(! ,%! *()'8>%8! 9! *=%9S(/%(%+! '(! )8*P*R%+! =8';>%+! GN*8)<('?iC'-.8*A!
VWW"A! VWW\A! VWW^Y! N*8)<('?iC'-.8*! 9! d*8:<*iCS(:e'?A! VWWVA! VWW#A! VWWbHA!
E.'8'&%+!e*:'8!.(*!=8%=.'+)*!/'!.+%!/'!,*!1+)>&.,*:>@(!C'(+%8>%&%)8>?!=*8*!/*8!
8'+=.'+)*!*!,*+!(':'+>/*/'+!'/.:*)>;*+!E.'!=8'+'()*!,*!=%P,*:>@(!/'!*,.&(%+!:%(!
-8*;'! />+:*=*:>/*/B! 2'! >-.*,! &%/%A! :%(+>/'8*&%+! (':'+*8>%! ',! :%(%:>&>'()%! /'!
=8%=.'+)*+!+%P8'!'+)>&.,*:>@(!C'(+%8>%&%)8>?!=%8!=*8)'!/'!,%+!D.).8%+!&*'+)8%+A!
:%&%!=*8)'!>()'-8*()'!/'!+.!D%8&*:>@(!>(>:>*,B!1+)%+!/%+!=8%=@+>)%+!(%+!;*(!*!-.>*8!
'(!,*!',*P%8*:>@(!/'!'+)'!)8*P*R%B!
!
M#!*.!5+%-*'%+,)%!E8*!,2(*&)*!,!.,!)(6*+'(),)#!
C>'&=8'! E.'! =8')'(/*&%+! :'()8*8(%+! '(! ,*! D%8&*:>@(! >(>:>*,! /'! ,%+! /%:'()'+A! '+!
=8':>+%!E.'!8'D,'F>%('&%+!+%P8'!,*!(':'+*8>*!8',*:>@(!'()8'!/>:e*!D%8&*:>@(!9!,*+!
/'&*(/*+!E.'!,*!+%:>'/*/!'+)S!=>/>'(/%!*!'+)'!D.).8%!=8%D'+>%(*,!'(!',!/'+'&='T%!
/'! +.! =8%D'+>@(B! 1(! '+)'! +'()>/%A! Na8>/*! GVWWXH! +'T*,*! E.'! ,*! D%8&*:>@(! /'P'!
8'+=%(/'8!*!,*+!/'&*(/*+!E.'!,*!)*8'*!'/.:*)>;*!-'('8*B!1+)%!+.=%('!E.'!/'+/'!,*!
.(>;'8+>/*/! +'! /'P'! :,*8>D>:*8! :%(! 8'*,>+&%! ,*! >/'()>/*/! /'! ,*! *:)>;>/*/! E.'! ',!
D.).8%! /%:'()'! ;*! *! 8'*,>?*8! 9! '(:*&>(*8! +.! D%8&*:>@(! =*8*! E.'! +'*(! :*=*:'+! /'!
8'+=%(/'8!*!,%!E.'!+'!'+='8*!/'!',,%+B!
7%8! %)8*! =*8)'A! +%&%+! :%(+:>'()'+! /'! E.'! ,*! 8'*,>?*:>@(! /'! *:)>;>/*/'+! =8S:)>:*+!
:%&%!=*8)'!/'!,*!D%8&*:>@(!/'!,%+!D.).8%+!/%:'()'+!'+!.(!','&'()%!D.(/*&'()*,!'(!
,*! D%8&*:>@(! /'! ,%+! &>+&%+B! $'()8S(/%(%+! '(! ,*! 2>=,%&*).8*A! *! 'F)>(-.>8A! /'!
N*'+)8%! '+=':>*,>+)*! '(! 1/.:*:>@(! 1+=':>*,A! ,*+! *:)>;>/*/'+! /'! '(+'T*(?*! '(!
'()%8(%+! '/.:*)>;%+! 8'*,'+! =8%=%8:>%(*(! P.'(*+! %=%8).(>/*/'+! =*8*! :%(%:'8! ,*!
/>;'8+>/*/!/'!*,.&(*/%!'(!,%+!:'()8%+A!',!8%,!9!D.(:>%('+!/',!&*'+)8%!'+=':>*,>+)*!9!
=*8*! *=8'(/'8! *! '(+'T*8! G$%8/.8*+! ')! *,A! VWWXHB! 1(! '+)%+! :*+%+A! ,%+! D.).8%+!
/%:'()'+! (%! :%(%:<*(! ,*! 8'*,>/*/! /'! ,%+! $'()8%+! 1+=':<D>:%+! (>! ',! .+%! /'! ,*+!
=8S:)>:*+! /'! '+)>&.,*:>@(! +%P8'! *,.&(%+! :%(! =,.8>/'D>:>'(:>*! 9! -8*;'! *D':)*:>@(!
e*+)*!E.'!*:./<*(!*!'+)%+!:%()'F)%+!'+:%,*8'+!*!8'*,>?*8!+.+!=8S:)>:*+B!4*!D%8&*:>@(!
*:*/a&>:*! =8';>*A! -'('8*,&'()'A! (%! e*P<*! >(:>/>/%! '(! '+)%+! *+=':)%+! 9! '+)%!
,>&>)*P*!',!*=8%;':e*&>'()%!E.'!,%+!*,.&(%+!%P)'(<*(!/'!,*+!78S:)>:*+B!
1(!',!&%&'()%!*:).*,!/'!:*&P>%!'(!,*!.(>;'8+>/*/A!'()8'!,%+!(.';%+!)<).,%+!'F>+)'!
',! d8*/%! /'! N*'+)8%! /'! 78>&*8>*! 9! '(! a,! +'! =.'/'(! 8'*,>?*8! .(%+! :8a/>)%+! E.'!
!
!
"V"!
=8%=%8:>%(*(!.(*!:>'8)*!'+=':>*,>?*:>@(!'(!',!S&P>)%!/'!Q)'(:>@(!*!,*!2>;'8+>/*/B!
U%+! 8'D'8>&%+! *! N'(:>%('+! :%&%! ,*+! +>-.>'()'+! G'(! ',! :*+%! /'! ,*! 3(>;'8+>/*/! /'!
N.8:>*! +%(! )8'+H0! N'(:>@(! /'! U':'+>/*/'+! 1+=':<D>:*+! /'! Q=%9%! 1/.:*)>;%A!
N'(:>@(! /'! 1/.:*:>@(! 5()'8:.,).8*,! 9! 2>D>:.,)*/'+! /'! Q=8'(/>?*R'A! 9! N'(:>@(! /'!
Q=%9%! 1/.:*)>;%! '(! Q./>:>@(! 9! 4'(-.*R'B! 1(! ',! :*+%! /'! '+)%+! (.';%+! -8*/%+A! ,*!
8'*,>?*:>@(!/'!,*+!78S:)>:*+!1+:%,*8'+A!)*&P>a(!:%(+)>).9'!.(*!=*8)'!>&=%8)*()'!/'!
,*!D%8&*:>@(!9!:*=*:>)*:>@(!/',!D.).8%!/%:'()'B!7'8%!*e%8*A!.(!'(D%E.'!:.88>:.,*8!
%8>'()*/%! =%8! :%&=')'(:>*+! 9! 8'+.,)*/%+! /'! *=8'(/>?*R'A! ;*! *! ='8&>)>8! ,*!
*/E.>+>:>@(! /'! ='8D>,'+! =8%D'+>%(*,'+! &S+! '+=':<D>:%+! 9! .(*! &'R%8! *8)>:.,*:>@(!
'()8'!,*!D%8&*:>@(!9!',!)8*P*R%!=8%D'+>%(*,!/',!&*'+)8%B!2'!>-.*,!&%/%A!.(*!&*9%8!
'+=':>D>:>/*/! /'! ,*! *)'(:>@(! *! ,*! />;'8+>/*/A! %8-*(>?*/*! 9! :%(:8')*/*! '(! />+)>()*+!
&'(:>%('+A! )*&P>a(! :%()8>P.9'! *! .(*! &'R%8*! /'! ,*! :*,>/*/! /'! ,*+! =8S:)>:*+! /'!
'(+'T*(?*!9!/'!,%+!8'+.,)*/%+!*,:*(?*/%+!=%8!,%+!*,.&(%+B!GN*8)<('?iC'-.8*!')!*,BA!
VWWXHB!
2'!*:.'8/%!:%(!,%!*()'8>%8A!9!:'()8S(/%(%+!'(!,*!D%8&*:>@(!/'!,%+!D.).8%+!/%:'()'+!
E.'! *)'(/'8S(! *! ,*! 2>;'8+>/*/A! *! =*8)>8! /'! +.+! '+)./>%+! /'! -8*/%! /'! N*'+)8%! '(!
1/.:*:>@(! 78>&*8>*A! R.+)>D>:*&%+! ,*! (':'+>/*/! /'! D%8&*8,'+! '(! *+=':)%+!
8',*:>%(*/%+!:%(!,*!1+)>&.,*:>@(!C'(+%8>%&%)8>?A!=*8*!E.'!=.'/*(!8'+=%(/'8!*!,*+!
(':'+>/*/'+! '/.:*)>;*+! E.'! ;*(! *! '(:%()8*8! '(! ,%+! :'()8%+! '/.:*)>;%+A! )*()%!
:.*(/%! *+>+)*(! *! 8'*,>?*8! +.+! =8S:)>:*+! '+:%,*8'+! :%&%! :.*(/%! )'(-*(! E.'!
/'+'&='T*8!+.!D.(:>@(!/%:'()'B!
$.*(/%! (%+! 8'D'8>&%+! *,! /'+'&='T%! /'! ,*! ,*P%8! /%:'()'A! 'F>+)'(! (.&'8%+%+!
)8*P*R%+! G7'88'(%./A! VWW\Y! 1+:*&>,,*A! VWWgY! *P*,*! 9! Q8(*.A! VWWbY! $*(%A! VWW^H!
E.'! e*P,*(! /'! ,*! >&=%8)*(:>*! /'! /'+*88%,,*8! :%&=')'(:>*+! '(! '+)%+! =8%D'+>%(*,'+!
E.'! ,'+! *9./'(! *,! /'+'&='T%! /'! )*8'*+! E.'! ,'! +%(! =8%=>*+B! 1()8'! />:e*+!
:%&=')'(:>*+A! 7'88'.(%/! GVWW\HA! (%+! +'T*,*! ,*! /'! ^<&)M%5)5* 4* V)$+5* +/%&-$#%2)5*
,#"3%"#.#/%"*,+*,#9+5+2$#)$#:27B!1(!'+)'!+'()>/%!'()'(/'&%+!E.'!',!/%:'()'!/'P'!+'8!
:*=*?!/'!+>).*8!*,!*,.&(%!'(!+>).*:>%('+!/'!*=8'(/>?*R'!@=)>&*+!=*8*!',!/'+*88%,,%!
/'! +.+! =%)'(:>*,>/*/'+B! Q+<A! )%/%! *,.&(%A! )%/*! ='8+%(*A! =.'/'! =8%-8'+*8! '(! +.+!
*=8'(/>?*R'+B! 1+)*+! >/'*+! +%(! ;S,>/*+! =*8*! :.*,E.>'8! +>).*:>@(! /'! *=8'(/>?*R'! 9!
:.*,E.>'8!)>=%!/'!*,.&(%A!='8%!&.:e%!&S+!=*8*!*E.',,%+!*,.&(%+!E.'!=8'+'()*(!
.(*+!(':'+>/*/'+!'/.:*)>;*+!&.9!'+=':>*,'+B!
C>! ',! /%:'()'! '+! :*=*?! /'! />+'T*8! .(*+! &')*+! /'! *=8'(/>?*R'! */':.*/*+! *! ,*+!
:*=*:>/*/'+!9!=%+>P>,>/*/'+!/',!(>T%A!:'()8S(/%+'!'(!,%!E.'!a+)'!Cz!=.'/'!e*:'8Y!+>!
/>+'T*! .(*+! *:)>;>/*/'+! /'! *=8'(/>?*R'! E.'! ='8&>)*(! ',! /'+*88%,,%! 9! ,*! ';%,.:>@(!
/'! '+'! *,.&(%Y! 9! +>! '+! :*=*?! /'! =8':>+*8! 9! />+'T*8! .(*+! =*.)*+! :,*8*+! 9! %PR')>;*+!
=*8*!,*!';*,.*:>@(!/'!,*+!&')*+!=8';>+)*+A!'+)*8S!=%+>P>,>)*(/%!,*!+*)>+D*::>@(!/'!,*+!
(':'+>/*/'+! E.'! ',! (>T%! )>'('B! Q,! &>+&%! )>'&=%A! :%(+'-.>8S! E.'! '+)*! ='8+%(*!
';%,.:>%('! 9! &'R%8'! 8'+=':)%! *! +.! '+)*/%! >(>:>*,A! 8'*,>?*(/%! :%(! ',,*! .(*!
>()'8;'(:>@(! /'! :*8S:)'8! '/.:*)>;%! G'(! ,*! E.'! ',! (>T%! '+! .(! +'8! *:)>;%! :%(!
>(/'='(/'(:>*! /'! +.+! ,>&>)*:>%('+HB! 1+)*&%+! :%(;'(:>/%+! /'! E.'! ,*+! -8*;'+!
/>+:*=*:>/*/'+! /'! *,-.(%+! (>T%+! (%! +%(! +.D>:>'()'! 8*?@(! =*8*! *=*8)*8,'+! /'! .(*!
>()'8;'(:>@(! '/.:*)>;*! :'()8S(/%+'! 'F:,.+>;*&'()'! '(! ',! :*&=%! /'! ,%! *+>+)'(:>*,!
G'(! ',! E.'! ',! (>T%! +'! :%&=%8)*! /'! &%/%! =*+>;%! *()'! ,*! >()'8;'(:>@(HB! $.*,E.>'8!
='8+%(*! )>'('! /'8':e%! *! .(*! >()'8;'(:>@(! '/.:*)>;*! :%(! >(/'='(/'(:>*! /'! ,*+!
:*8*:)'8<+)>:*+! ='8+%(*,'+! E.'! =.'/*! =8'+'()*8B! oA! =%8! %)8*! =*8)'A! /'+/'! ,*!
>(+)>).:>@(! '+:%,*8! +>'&=8'! +'! /'P'! %D8':'8! .(! )8*)*&>'()%! '/.:*)>;%A! 9! (%!
*+>+)'(:>*,B!
!
!
"VV!
1(! %:*+>%('+! *,-.(%+! =8%D'+>%(*,'+! E.'! )8*P*R*(! :%(! ='8+%(*+! *D':)*/*+! =%8!
&_,)>=,'+! />+:*=*:>/*/'+A! +'T*,*(! :%(! /'+'+='8*(?*! E.'! (%! +'! =.'/'! e*:'8! (*/*!
'/.:*)>;%!:%(!'+'!(>T%A!E.'!+'!'(:.'()8*!*(:,*/%!%!E.'!(%!=.'/'!';%,.:>%(*8!&S+B!
1(!'+)%+!:*+%+A!,*!/>+:*=*:>/*/!E.'!,>&>)*!(%!'+)S!'(!',!(>T%!+>(%!'(!',!/%:'()'A!E.'!
(%! '+! :*=*?! /'! />+'T*8! .(*! >()'8;'(:>@(! -,%P*,! E.'! /'+*88%,,'! *,! &SF>&%! ,*+!
=%)'(:>*,>/*/'+!/'!/>:e%!(>T%B!1+)S!:,*8%!E.'!'(!'+)*+!+>).*:>%('+!)*(!=*8)>:.,*8'+!
',!*,.&(%!(%!;*!*!=%/'8!+'-.>8!',!:.88<:.,%!%8/>(*8>%A!(>!+>!E.>'8*!.(*!*/*=)*:>@(!
/',! &>+&%B! 7%8! ',,%! ',! /%:'()'! )'(/8S! E.'! =,*()'*8! :.88<:.,%+! *,)'8(*)>;%+! E.'!
P*+*/%+!'(!',!/'+*88%,,%!/'!:%&=')'(:>*+!PS+>:*+!8',*:>%(*/*+!:%(!,*!='8:'=:>@(A!
:%&.(>:*:>@(! '! >()'8*::>@(! :%(! ',! '()%8(%A! ='8&>)*(! *,! (>T%! 8'*,>?*8! *;*(:'+!
=8%-8'+>;%+!9!:%()8>P.9*(!*!+.!/'+*88%,,%!*8&@(>:%!9!-,%P*,!:%&%!='8+%(*B!1(!'+)'!
+'()>/%A! =*8)>'(/%! /'! ,*! 1+)>&.,*:>@(! J*+*,! G`8áe,>:eA! VWWWH! :%&%! D>,%+%D<*! %!
'(D%E.'!PS+>:%!E.'!='8&>)'!>()'8;'(>8!:%(!,*+!='8+%(*+!-8*;'&'()'!*D':)*/*+!'(!
+.! /'+*88%,,%! +'(+%8>%&%)8>?A! =%/8<*&%+! -'('8*8! ',! &*8:%! :%(:8')%! =*8*!
/'+*88%,,*8! '+'! )>=%! /'! :.88<:.,%+! *,)'8(*)>;%+! E.'! -.>*8*(! ,*! >()'8;'(:>@(!
'/.:*)>;*!:%(!'+)%+!(>T%+B!
!
"#! .,'! &*$*'(),)*'! *)8$,2(6,'! )*! .,'! 5*+'%&,'! $%&! 0+,6*!
5.8+()('$,5,$(),)#!
2'()8%! /'! ,*! />;'8+>/*/! /'! *,.&(*/%!
E.'! 8'E.>'8'! .(*! *)'(:>@(! '+=':>*,A! (%+!
'(:%()8*&%+! :%(! (>T%+! E.'! =8'+'()*(!
-8*;'! =,.8>/'D>:>'(:>*! :%(! -8*;'!
*D':)*:>@(! /'8>;*/*! /'! :*.+*+! />;'8+*+!
G:%(-a(>)*+A! ('%(*)*,'+! %! =%+)(*)*,'+HB!
1+)*+! ='8+%(*+! )>'('(! .(*! *P+%,.)*!
/'='(/'(:>*! /'P>/%! *! ,*! -8*(! :*()>/*/!
/'! ,>&>)*:>%('+! =+<E.>:*+A! ='8:'=)>;*+A!
*D':)>;%+s:%(!,*+!E.'!/'P'(!:%(;>;>8B!!
!
Ilustración 1: Comparación del desarrollo mental
alcanzado.
1(! ,*! N&-".5)$#:2* I! 8'*,>?*&%+! .(*!
:%&=*8*:>@(!
-8SD>:*!
'()8'!
,*+!
*/E.>+>:>%('+! ';%,.)>;*+! E.'! /')'8&>(*(! ',! <(/>:'! /'! '/*/! &'()*,! '(! />+)>()*+!
)>=%,%-<*+!/'!(>T%+B!Qe<!+'!=.'/'!*=8':>*8!E.'!',!(>;',!';%,.)>;%!E.'!*,:*(?*(!,%+!
(>T%+! :%(! =,.8>/'D>:>'(:>*! 9! -8*;'! *D':)*:>@(! '+! ',! &S+! P*R%! /'! )%/%+A! ,%! E.'!
:%(,,';*!*!.(*!'+:*+*!*/E.>+>:>@(!/'!/'+)8'?*+!';%,.)>;*+B!
Q+<A! .(! (>T%! :%(! -8*;'! =,.8>/>+:*=*:>/*/! ;*! *! &%+)8*8! .(*+! :*8*:)'8<+)>:*+! E.'!
/')'8&>(*(! /'! &*('8*! )%)*,! ,*! >()'8;'(:>@(! '/.:*)>;*! *! 8'*,>?*8! :%(! a,B! 1()8'! ,%+!
8*+-%+!&S+!/'+)*:*/%+!E.'!=8'+'()*!=%/'&%+!+'T*,*80!4*!>(:*=*:>/*/!/'!8'*,>?*8!
&%;>&>'()%+! E.'! ,'! -*8*()>:'(! .(*! :>'8)*! *.)%(%&<*! 9! ,*! +*)>+D*::>@(! /'! +.+!
(':'+>/*/'+! PS+>:*+A! .(*! 8'/.:>/*! :*=*:>/*/! :%&.(>:*)>;*! :%(! ',! '()%8(%A! +.!
='8:'=:>@(! '+)S! &.9! ,>&>)*/*! 9! +.! :*=*:>/*/! /'! 8'*::>@(! '+)S! =%:%! /'+*88%,,*/*B!
2'! '+)'! &%/%A! ,*+! (':'+>/*/'+! '/.:*)>;*+! '+=':>*,'+! E.'! =8'+'()*(! '+)'! )>=%! /'!
*,.&(*/%!+'!;*(!*!:'()8*8!'(!',!/'+*88%,,%!/'!,%+!B6M#.%"*$%'2#.#/%@*6%.%5@*"%$#)&!9!
$%6-2#$).#/%B!
1(! ',! B6M#.%* $%'2#.#/%A! ,*! ='8:'=:>@(! /'! '+)'! )>=%! /'! (>T%+! +'! '(:.'()8*! .(>/*! *,!
!
!
"V[!
&%&'()%!=8'+'()'A!',,%!,'+!/>D>:.,)*!8'*,>?*8!*P+)8*::>%('+!=%8!+'(:>,,*+!E.'!+'*(B!
7%8! ',,%! ,*+! (':'+>/*/'+! E.'! =8'+'()*(! =*8*! *,:*(?*8! .(! /'+*88%,,%! :%-(>)>;%!
*:%8/'!*!+.+!=%+>P>,>/*/'+!;*(!*!>8!.(>/*+!*!,*!:%&.(>:*:>@(!9!*,!/'+*88%,,%!&%)8>?B!
7>*-')! G7>*-')Y! 5(e',/'8A! "Xg[H! +'T*,*! ,*! >&=%8)*(:>*! /'! ,*! 'F='8>'(:>*! &%)8>?! 9!
='8:'=)>;*! :%&%! .(! *+=':)%! /':>+>;%! E.'! >(D,.9'! '(! ',! /'+*88%,,%! :%-(>)>;%B! 2'!
>-.*,! &%/%! 4.8>*! 9! ]>-%+)k9! G]>-%+)k9A! "X#\H! +'! 8'D>'8'(! *! ,*! >&=%8)*(:>*! E.'!
)>'('(! ,*! :%&.(>:*:>@(A! ,*! &'/>*:>@(! ,>(-w<+)>:*! 9! ,*! >()'8*::>@(! /',! (>T%! :%(! ,*+!
='8+%(*+!/'!8'D'8'(:>*!=*8*!',!/'+*88%,,%!:%-(>)>;%B!
1(! ',! B6M#.%* 6%.%5A! +>! )'('&%+! '(! :.'()*! E.'! '+)%+! (>T%+! =8'+'()*(! .(*! -8*(!
*D':)*:>@(! E.'! ,'+! >&=>/'! /'+=,*?*8+'! /'! &%/%! *.)@(%&%A! (%! )>'('(! .(! .+%!
D.(:>%(*,! /'! ,*+! &*(%+! 9! /'='(/'(! /'! ,*! *9./*! /'! ,%+! */.,)%+! =*8*! 8'*,>?*8!
*::>%('+! ','&'()*,'+! G:%&'8A! ;'+)>8+'A! *+'*8+'HA! '(:%()8*&%+! E.'! +.+! &*9%8'+!
(':'+>/*/'+!=*8*!',!/'+*88%,,%!/',!S&P>)%!&%)%8!+'!:'()8*(!'(!,*!'F='8>&'()*:>@(!
/',! &%;>&>'()%B! 2'P'&%+! )'('8! '(! :%(+>/'8*:>@(! E.'! )%/%+! ,%+! &%;>&>'()%+! +'!
*=8'(/'(! +%P8'! ,*+! +'(+*:>%('+! /'! &%;>&>'()%! /'! 'F='8>'(:>*+! =8';>*+B! 2'! '+)'!
&%/%A! ,*+! 'F='8>'(:>*+! &%)8>:'+! E.'! %D8'?:*&%+! *,! (>T%! ;*(! *! /*8! ,.-*8! *! .(*+!
+'(+*:>%('+! /'! &%;>&>'()%! E.'! +%(! ='8:>P>/*+! 9! *! +.! ;'?! ,'! '+)>&.,*(! *! 8'*,>?*8!
(.';%+!&%;>&>'()%+B!
1(! ',! B6M#.%* "%$#)&A! '(:%()8*&%+! E.'! ,*+! />+:*=*:>/*/'+! E.'! *:%&=*T'(! *! '+)*+!
='8+%(*+! ,'+! ,>&>)*(! P*+)*()'! '(! ,*! 8',*:>@(! :%(! %)8*+! ='8+%(*+! '! >(:,.+%! :%(!
>-.*,'+B! 7%8! ',,%A! '+)'! )>=%! /'! (>T%+! (':'+>)*(! E.'! +'! ,'+! %D8'?:*! ,*! =%+>P>,>/*/! /'!
'+)*P,':'8!:%()*:)%+!:%(!='8+%(*+!/>+)>()*+!'(!/>D'8'()'+!:%()'F)%+B!2'!'+)'!&%/%A!
,*+! ='8+%(*+! /'! 8'D'8'(:>*! E.'! )8*P*R*(! 9! :%(;>;'(! :%(! '+)%+! (>T%+! /'P'(!
'+)*P,':'8! .(*! :%&.(>:*:>@(! :%(+)*()'! 9! *D':).%+*! :%(! ',,%+! 9! D*;%8':'8! ',!
:%()*:)%!9!,*!>()'8*::>@(!:%(!%)8%+!(>T%+B!
7%8!_,)>&%A!(%+!:'()8*&%+!'(!',!B6M#.%*$%6-2#$).#/%!:%(+>/'8*&%+!E.'!:%(+)>).9'!
.(!'R'!)8*(+;'8+*,!/'!*:).*:>@(!/*/*!+.!(%)*P,'!>(D,.'(:>*!'(!',!8'+)%!/'!S&P>)%+!
G:%-(>)>;%A! &%)%8! 9! +%:>*,HB! 7%8! %)8*! =*8)'A! (.'+)8*! 'F='8>'(:>*! (%+! e*! &%+)8*/%!
:%&%! '+)'! )>=%! /'! (>T%+! (%! )>'('(! ,*! =%+>P>,>/*/! /'! ,,'-*8! *! .(! ,'(-.*R'! %8*,!
*8)>:.,*/%A! (>! +>E.>'8*! =.'/'(! +'8! .+.*8>%+! /'! .(! +>+)'&*! *,)'8(*)>;%! /'!
:%&.(>:*:>@(!'(!,*!&*9%8<*!/'!,%+!:*+%+B!7%8!',,%A!+.!=8>(:>=*,!(':'+>/*/!+'!:'()8*!
*,:*(?*8! .(! :@/>-%! :%&=*8)>/%! G=%8! +'(:>,,%! E.'! a+)'! +'*H! E.'! ,'! =%+>P>,>)'! ,*!
>()'8*::>@(!:%(!,*+!='8+%(*+!/'!+.+!'()%8(%+!&S+!=8@F>&%+B!
c'(>'(/%!'(!:.'()*!,*+!(':'+>/*/'+!E.'!=8'+'()*(!,%+!(>T%+!-8*;'&'()'!*D':)*/%+!
:%&%!:%(+':.'(:>*!/'!,*!=,.8>/>+:*=*:>/*/!9!=*8)>'(/%!/'!)8*P*R%+!=8';>%+!'(!'+)'!
:*&=%! GN*8)<('?iC'-.8*A! VWW"A!
VWW\A! VWW^Y! N*8)<('?iC'-.8*! 9!
d*8:<*iCS(:e'?A! VWWVA! VWW#A!
VWWbHA!
:%(+>/'8*&%+!
,*!
>()'8;'(:>@(! '/.:*)>;*! :%(! '+)'!
)>=%! /'! =%P,*:>@(! /'P'! )'('8!
=8'+'()'! ,*+! *:).*:>%('+! '(! ',!
:*&=%! /'! ,*! <".#6-&)$#:2A! :.9*!
8'D'8'(:>*!
/'!
%8>-'(!
+'!
'(:.'()8*! '(! ,%+! )8*P*R%+!
Q(/8'*+! `8áe,>:e! G"XX\A! VWWWH!
:%&%!=%)'(:>*/%8!/'!'+)'!:*&=%B!
1(!,*!N&-".5)$#:2*G!/'+)*:*&%+!,*+!
Ilustración 2: Intervención educativa en personas con
plurideficiencia
y grave afectación.
!
!
"V\!
>/'*+! D.(/*&'()*,'+! E.'! 8',*:>%(*(! ,%+! '+)*/%+! /'! =,.8>/'D>:>'(:>*! :%(! ,*!
>()'8;'(:>@(!'/.:*)>;*!'(!',!:*&=%!/'!,*!1+)>&.,*:>@(!C'(+%8>%&%)8>?B!
$%&%! 9*! e'&%+! />:e%! '(! %)8*+! =*8)'+! /'! '+)'! )8*P*R%A! ,*! >()'8;'(:>@(!
+'(+%8>%&%)8>?!E.'!(%+%)8%+!=8%=%('&%+!:%&%!8'+=.'+)*!'/.:*)>;*!*,!*,.&(*/%!
E.'!=8'+'()*!=,.8>/>+:*=*:>/*/!9!-8*;'!*D':)*:>@(!+'!*=%9*!'(!,%+!)8*P*R%+!=8';>%+!
8'*,>?*/%+!'(!',!:*&=%!/'!,*!1+)>&.,*:>@(!J*+*,!G`8áe,>:eA!L*.=)A!"XgVY!`8áe,>:eA!
"XX\A!VWWW!HB!2',!'+)./>%!/'!'+)%+!)8*P*R%+!/'+)*:*&%+!*,-.(%+!*+=':)%+!E.'!e*(!
)'(>/%!(%)*P,'!>(D,.'(:>*!'(!',!/>+'T%!/'!,*!>()'8;'(:>@(!'/.:*)>;*!:%(!'+)'!)>=%!/'!
(>T%+0!
$
1+!>&=%8)*()'!)'('8!'(!:.'()*!,*+!=*.)*+!';%,.)>;*+!E.'!+>-.'!',!(>T%!'(!',!
/'+*88%,,%!(%8&*,A!9*!E.'!/>:e*+!=*.)*+!(%+!/*(!.(*!+':.'(:>*!%8/'(*/*!/'!:@&%!
+'!e*(!:%(+'-.>/%!'+%+!,%-8%+B!
$
7*8*!+','::>%(*8!,%+!'+)<&.,%+!&S+!*/':.*/%+!E.'!D*;%8'?:*(!',!/'+*88%,,%!
/',! (>T%A! )'('&%+! E.'! :%(R.-*8! '(! E.a! &%&'()%! /'! ,*! '+:*,*! ';%,.)>;*! +'!
'(:.'()8*! ',! e>)%! *! *,:*(?*8! 9! :.S,! '+! ,*! +>).*:>@(! /',! (>T%! 8'+=':)%! *! />:e*!
*/E.>+>:>@(B!
$
U>(-_(!S&P>)%!/'!/'+*88%,,%!=.'/'!';%,.:>%(*8!/'!&*('8*!*>+,*/*B!2'!'+)'!
&%/%! +<! +'! 8'*,>?*(! =8%=.'+)*+! *>+,*/*+! 9! =*8:>*,'+! /'! '+)>&.,*:>@(A! (%!
:%(+'-.>8'&%+!.(!/'+*88%,,%!-,%P*,!/'!,*!='8+%(*B!
$
2'P'&%+!*=%9*8!9!'+)>&.,*8!',!/'+*88%,,%!/',!(>T%!*!=*8)>8!/',!&%&'()%!'(!
',!E.'!a,!(%!=.'/'!:%()>(.*8!/'+*88%,,S(/%+'!+>(!*9./*B!
$
U%!/'P'&%+!'+)>&.,*8!*!,*+!='8+%(*+!:%(!=,.8>/>+:*=*:>/*/!:%&%!+>!D.'8*(!
+>'&=8'!P'Pa+A!/'P'&%+!/'!)'('8!'(!:.'()*!+.!'/*/!:8%(%,@->:*!=*8*!8'*,>?*8!.(*!
*/':.*/*!+','::>@(!/'!'+)<&.,%+!'(!,*!>()'8;'(:>@(!E.'!,,';'&%+!*!:*P%B!
$
1+! >&=%8)*()'! :%&'(?*8! :%(! .(! />*-(@+)>:%! =8';>%! :%&%! =*8)'! /'! ,*!
>()'8;'(:>@(!E.'!;*&%+!*!8'*,>?*8!'(!'+*!1+)>&.,*:>@(!C'(+%8>%&%)8>?B!
$
7'8:>P>8!'!>()'8=8')*8!,*+!&*(>D'+)*:>%('+!/',!(>T%!-8*;'&'()'!*D':)*/%!'+!
*,-%! E.'! =.'/'! 8'+.,)*8! &.9! />D<:>,A! ='8%! *! ,*! ;'?! '+! /'! ;>)*,! >&=%8)*(:>*! =*8*!
8'*,>?*8! .(*! @=)>&*! >()'8;'(:>@(! '/.:*)>;*! '(! ',! :*&=%! /'! ,*! '+)>&.,*:>@(!
+'(+%8>%&%)8>?B!
Q! =*8)>8! /'! ,*! /'+:8>=:>@(! /'! ,*+! :*8*:)'8<+)>:*+! E.'! =8'+'()*(! ,*+! ='8+%(*+!
-8*;'&'()'!*D':)*/*+A!,*+!(':'+>/*/'+!E.'!+'!/'8>;*(!/'!'+)*!=,.8>/>+:*=*:>/*/!9!
)'(>'(/%! '(! :.'()*! ,%+! =,*()'*&>'()%+! /',! :*&=%! /'! ,*! '+)>&.,*:>@(! P*+*,! 9!
(.'+)8*!'F='8>'(:>*!=8';>*!'(!1+)>&.,*:>@(!C'(+%8>%&%)8>?A!;*&%+!*!%D8':'8!.(*+!
,<('*+! /'! *::>@(! E.'! =.'/'(! +'8! /'! *9./*! =*8*! -.>*8! ,*! *:).*:>@(! /'! ,%+! D.).8%+!
=8%D'+>%(*,'+!D%8&*/%+!'(!',!:*&=%!/'!*)'(:>@(!*!,*!/>;'8+>/*/B!
!
R#! $%35*2*&$(,'! /l'($,'! ,! )*',++%..,+! *&! &(b%'! 0+,6*3*&2*!
,-*$2,)%'!E8*!5+*'*&2,&!5.8+()('$,5,$(),)!'*&'%+(%3%2+(c#!
$.*(/%! /'+/'! ',! )'88'(%! '/.:*)>;%! (%+! =8%=%('&%+! 8'*,>?*8! .(*! '(+'T*(?*!
P*+*/*! '(! ',! /'+*88%,,%! /'! :%&=')'(:>*+A! '+)*&%+! :%()8>P.9'(/%! *,! =,'(%!
/'+*88%,,%!/'!,*!='8+%(*B!2'!>-.*,!&%/%A!,*!=.'+)*!'(!=8S:)>:*!/'!=8%-8*&*:>%('+!
/'/>:*/*+!*,!/'+*88%,,%!/'!:%&=')'(:>*+!*9./*8S!*,!/%:'()'!*!/',>&>)*8!/'!&*('8*!
:%e'8'()'!','&'()%+!&S+!:%(:8')%+!E.'!-.<'(!+.!>()'8;'(:>@(A!:%&%0!:%()'(>/%+A!
!
!
"V^!
&*)'8>*,'+A! )a:(>:*+A! 'F='8>'(:>*+! /'! '(+'T*(?*i*=8'(/>?*R'! 9! :8>)'8>%+! =*8*! ,*!
';*,.*:>@(B! Q+<A! /'+/'! .(! &%/',%! /'! '(+'T*(?*! :.9*! =8>%8>/*/! '+! ',! /'+*88%,,%!
'E.>,>P8*/%! /',! *,.&(%A! +'! /'P'! %8>'()*8! *! ,*! =%)'(:>*:>@(! /'! :*=*:>/*/'+! /'!
/>+)>()%! )>=%A! +>'(/%! ',! /%:'()'! ',! &'/>*/%8! E.'! D*;%8'?:*! ,*! :%(+)8.::>@(! /'!
/>:e*+!:*=*:>/*/'+B!
Q_(!'(!',!:*+%!/'!*,.&(%+!E.'!=8'+'()*(!-8*;'+!/>+:*=*:>/*/'+!*!(>;',!+'(+%8>*,A!
&%)8>?! 9! :%-(>)>;%A! ',! e':e%! /'! E.'! +.! /'+*88%,,%! +'! +>)_'! '(! '+)*/%+! ';%,.)>;%+!
PS+>:%+A!(%!;*!*!+'8!.(!%P+)S:.,%!=*8*!.)>,>?*8!:%&%!8'D'8'()'!/'!=*8)>/*!',!,>+)*/%!
/'!:%&=')'(:>*+!/'+)>(*/*+!*!,*!'+:%,*8>?*:>@(!/'!,*!1)*=*!JS+>:*B!Q+<A!'(!',!)8*P*R%!
/'! 1+:*&>,,*! GVWWgH! +'! /'D>('(! .(*+! :%&=')'(:>*+! *! *,:*(?*8! 9! +'! &*)>?*! /'! E.a!
&%/%! />:e*+! :%&=')'(:>*+! +'! =.'/'(! /'+*88%,,*8! *! )8*;a+! /'! />+)>()*+! &*)'8>*+!
='8)'(':>'()'+! *! />D'8'()'+! (>;','+! '/.:*)>;%+! /'! 1/.:*:>@(! 5(D*()>,A! 78>&*8>*! 9!
C':.(/*8>*B!Q!:%()>(.*:>@(!=8'+'()*&%+!',!,>+)*/%!/'!/>:e*+!:%&=')'(:>*+B!
!
!
GQ/*=)*/%!/'!1+:*&>,,*A!VWWgH!
!
Q! =*8)>8! /'! '+*! :%()'F).*,>?*:>@(! -'('8*,! /'! ,*! '(+'T*(?*! %8/>(*8>*A! ;*&%+! *!
'F)8*'8! ,*+! :%&=')'(:>*+! *! /'+*88%,,*8! '(! ,%+! (>T%+! :%(! -8*;'! />+:*=*:>/*/B! 7*8*!
',,%! +','::>%(*&%+! ,*+! +>-.>'()'+! :%&=')'(:>*+0! 4>(-w<+)>:*i:%&.(>:*)>;*A! /'!
>()'8*::>@(! :%(! ',! &'/>%A! 9! +%:>*,B! 1+)*+! :%&=')'(:>*+! e*(! +>/%! 'F)8*</*+! :%&%!
=*8)'!/'!,*!=8%=.'+)*!E.'!%D8':'!1+:*&>,,*!GVWWgH!=*8*!)8*P*R*8!/'+/'!',!:.88<:.,%!
%8/>(*8>%B!
!
!
Q! :%()>(.*:>@(! ;*&%+! *! /',>&>)*8! 9! /'D>(>8! :*/*! .(*! /'! '+)*+! :%&=')'(:>*+! E.'A!
=*8)>'(/%!/'!,%+!=,*()'*&>'()%+!*!*,:*(?*8!:%(!,*!&*9%8<*!/'!*,.&(%+A!)8*)*(!/'!
/*8! 8'+=.'+)*! *! .(*! &>(%8<*! '+=':<D>:*A! ='8%! :%&=*8)>'(/%! .(*+! />8':)8>:'+!
:%&.('+B!
!
!
"V#!
5'3.%&%671!#)16*8+,&17'97'3/617!&14!:!1+!.(*!:%&=')'(:>*!)8*(+;'8+*,!:%(!-8*(!
;*,%8!>(+)8.&'()*,!E.'!+>8;'!/'!P*+'!=*8*!=%)'(:>*8!',!8'+)%!/'!:%&=')'(:>*+B!7*8*!
+.!/'+*88%,,%!+'!/'P'!=*8)>8!/'!=8%=.'+)*+!-,%P*,'+!E.'!*,!&>+&%!)>'&=%!D*;%8':'(!
,*! :%&.(>:*:>@(A! =%+>P>,>)*(! ',! /'+*88%,,%! 9! ,*! :%(+)8.::>@(! /',! ='(+*&>'()%B! 1,!
/'+*88%,,%! /'! '+)*! :%&=')'(:>*A! '+)*8S! :%(/>:>%(*/%! =%8! ,*! *.+'(:>*! /'! ,'(-.*R'!
%8*,A! =%8! ',,%! '+! =8':>+%! :%(+>/'8*8! ',! ,'(-.*R'! :%(! .(! +'()>/%! &S+! *&=,>%! E.'!
>(:,.9*! 8':.8+%+! (%! ;'8P*,'+! :%&%! -'+)%+A! &>8*/*+A! =%+).8*+A! ;%:*,>?*:>%('+! 9!
'&>+>%('+! +%(%8*+B! C>! *! )%/%+! '+)%+! ','&'()%+! ,'+! %)%8-*&%+! .(! +'()>/%!
:%&.(>:*)>;%!'+)*8'&%+!:%()8>P.9'(/%!*!/'+*88%,,*8!'+)*!:%&=')'(:>*!,>(-w<+)>:%i
:%&.(>:*)>;*A!E.'!+'8;>8S!=*8*!)8*(+&>)>8!+'()>&>'()%+A!'+)*/%+!/'!S(>&%A!/'+'%+!9!
(':'+>/*/'+B!
5'3.%&%671!# (%# 16&%2!771;6# 7'6# %)# 3%(1':! 4*! 8',*:>@(! :%(! ',! &'/>%! D<+>:%!
:%()8>P.9'! )*&P>a(! *! -'('8*8! :%(%:>&>'()%! '(! ',! (>T%B! 4*! ='8:'=:>@(! /'!
+'(+*:>%('+! ,'! ;*! *! *9./*8! *! *()>:>=*8! 9! =8'/':>8! 8'+=.'+)*+A! *! >()'8=8')*8!
+>).*:>%('+! :%)>/>*(*+! '(! ,*+! E.'! +'! =.'/*! ;'8! >(&'8+%B! 1,! /'+*88%,,%! /'! '+)*!
:%&=')'(:>*A! ;*! *! +.=%('8! E.'! ',! (>T%! (%! +'! ;*! *! :%&=%8)*8! :%&%! .(! &'8%!
8':'=)%8! =*+>;%! /'! ,%+! '+)<&.,%+! E.'! ,'! ,,'-*(! /',! &'/>%B! 7'8:>P>8! +>-(>D>:*! .(*!
>()'(:>%(*,>/*/A!.(*!*::>@(A!=%8!=*8)'!/',!+.R')%!E.'!,'!;*!*!*9./*8!*!:%(+'-.>8!.(*!
8'=8'+'()*:>@(!&S+!'+)*P,'!9!:%(+>+)'()'!/',!&'/>%!D<+>:%!E.'!,'!8%/'*B!1(!',!:*+%!
/'! ,%+! (>T%+! :%(! -8*;'! *D':)*:>@(A! =*8':'! %=%8).(%! 8'*,>?*8! >()'8;'(:>%('+! E.'!
=%)'(:>'(! ',! /'+*88%,,%! /'! ,%+! =8>(:>=*,'+! :*(*,'+! +'(+%8>*,'+A! *+<! :%&%! ,*!
*/E.>+>:>@(!/'!e*P>,>/*/'+!:%&='(+*)%8>*+!'()8'!',,%+!GN*8)<('?iC'-.8*A!VWW\HB!!
5'3.%&%671!#,'71!)B!$%(!',!=8%=@+>)%!/'!D*;%8':'8!/'!D%8&*!*:)>;*!,*!>()'-8*:>@(!
'(!',!:%()'F)%!+%:>*,!&S+!=8@F>&%!'+!:%&%!=%/'&%+!R.+)>D>:*8!,*!=8'+'(:>*!/'!'+)*!
:%&=')'(:>*! +%:>*,B! 7*8*! +.! /'+*88%,,%! +'! /'P'! =*8)>8! /',! :%(%:>&>'()%! /'! .(%!
&>+&%! =*8*! =%/'8! />D'8'(:>*8+'! /',! 8'+)%! /'! ='8+%(*+! E.'! >()'-8*(! ',! :%()'F)%!
+%:>*,! =8@F>&%B! 1+)*! :%&=')'(:>*! >(:,.9'! ','&'()%+! +%:>%'&%:>%(*,'+! E.'! +'!
'(:.'()8*(! &.9! 8',*:>%(*/%+! :%(! ,*! :%&=')'(:>*! :%&.(>:*)>;*B! 1()8'! ,*+!
/>&'(+>%('+! *! /'+)*:*8! =*8*! D*;%8':'8! ',! /'+*88%,,%! /'! '+)*! :%&=')'(:>*!
'(:%()8*&%+! ,*! '&>+>@(! /'! '&%:>%('+! 9! +'()>&>'()%+A! 9! ,*! >()'8*::>@(!
>()'(:>%(*/*! :%(! ,*+! ='8+%(*+! =8@F>&*+! =*8*! :%(+'-.>8! +*)>+D*:'8! (':'+>/*/'+! %!
/'+'%+!=8';>*&'()'!>/'()>D>:*/%+B!
1+)*+!:%&=')'(:>*+!)>'('(!+'()>/%!/'()8%!/'!.(!'(D%E.'!*&=,>%!E.'!'(-,%P*!*!,*!
)%)*,>/*/!/'!,*!='8+%(*B!Q+<!+'!>()'-8*(!&%;>&>'()%+A!+'(+*:>%('+!9!='8:'=:>%('+!
E.'! +'! /'8>;*(! /'! .(*! +C3+5#+2$#)* $%53%5)&Y! :%&P>(*/%+! :%(! +.+! =8%=>%+!
+'()>&>'()%+!9!:%-(>:>%('+!E.'!'+)S(!8',*:>%(*/%+!:%(!,*!+C3+5#+2$#)*"%$#)&Y!9A!=%8!
_,)>&%!,*!$%6-2#$)$#:2!E.'!+'!&*()>'('!:%&%!;<(:.,%!'()8'!,%+!S&P>)%+!='8+%(*,!9!
+%:>*,B!
!
`#! 8&,! 5+%58*'2,! )*! $8++1$8.%! 5,+,! ,2*&)*+! ,! .%'! ,.83&%'! $%&!
0+,6*!5.8+()('$,5,$(),)#!
4%+!*,.&(%+!:%(!(':'+>/*/'+!'/.:*)>;*+!'+=':>*,'+!-8*;'+!9!='8&*('()'+!=8':>+*(!
.(*!*)'(:>@(!'+=':>*,!E.'!,'+!='8&>)*!*/*=)*8+'!*,!&'/>%!9!:%(+'-.>8!.(*!;>/*!:%(!
,*! &*9%8! >(/'='(/'(:>*! =%+>P,'! G4@='?ic%88>R%A! VWWXHB! 2'! '+)'! &%/%A! ,%+!
:.88<:.,%+!/'!'+)*+!='8+%(*+!/'P'8<*(!:%()'&=,*8!/'!&%/%!=8>%8>)*8>%!.(!'(D%E.'!
D.(:>%(*,B!
!
!
"Vb!
c*&P>a(! '+! >&=%8)*()'! )'('8! '(! :.'()*! E.'! ',! /'+*88%,,%! e.&*(%! '+! *,-%!
:%&=,'R%A! 8'E.>'8'! .(! (>;',! =8';>%! /'! &*/.8*:>@(! ('.8%,@->:*A! 9! ,*+! *::>%('+!
'+)>&.,*/%8*+!/'+'&='T*(A!*!+.!;'?A!.(!=*=',!D.(/*&'()*,!'(!,*!&*/.8*:>@(!/',!
C>+)'&*! U'8;>%+%! $'()8*,! 9*! E.'! =.'/'(! %=)>&>?*8! />:e%! /'+*88%,,%! *! )8*;a+! /'!
.(*!>()'8*::>@(!:%(!',!&'/>%!E.'!+'*!,%!+.D>:>'()'&'()'!8>:*!9!'E.>,>P8*/*B!2'!'+)'!
&%/%A!,*!'+)>&.,*:>@(A!:%&%!D.'()'!-'('8*/%8*!/'!>(D%8&*:>@(!+'(+%8>*,!9!&%)8>?A!
D*;%8':'! ,*! *:)>;*:>@(! /'! ,%+!
/>+)>()%+! :*(*,'+! +'(+%8>*,'+B! 1+)%!
e*:'!*/%=)*8!.(!=*=',!&S+!*:)>;%!*,!
(>T%A! 9*! E.'! :%(+>-.'! )8*(+D%8&*8!
,%+! '+)<&.,%+! E.'! ='8:>P'! '(!
='8:'=:>%('+! :*=*:'+! /'! +'-.>8!
/'+*88%,,*(/%! 9! *:)>;*(/%! ',!
D.(:>%(*&>'()%! /'! +.! =8%=>%!
C>+)'&*! U'8;>%+%B! c%/*+! '+)*+!
=8S:)>:*+! '+)>&.,*/%8*+! /'P'(!
=8%:'/'8!
/'!
,%+!
:%()'F)%+!
>(&'/>*)%+! *,! (>T%A! 9! /'! *e<! ,*!
>&=%8)*(:>*! /'! ,*+! ='8+%(*+! /'!
8'D'8'(:>*B! 1(! ',! :*+%! /',! :%()'F)%!
'+:%,*8A! />:e*! ='8+%(*! /'! 8'D'8'(:>*! Ilustración 3: Factores que determinan el desarrollo de
la persona.
'+! ',! /%:'()'A! E.'! *! )8*;a+! /'! .(!
=,*(>D>:*/%!9!*/*=)*/%!=8%9':)%!/'!'+)>&.,*:>@(A!:%(+>-.'!=*8)>8!/'!,%+!(>;','+!/',!
(>T%!9!',';*8,%+!/'()8%!/'!+.!=8%=>%!/'+*88%,,%B!Q/'&S+A!,*!>()'8*::>@(!/',!*,.&(%!
:%(! ',! '()%8(%! *! =*8)>8! /'! '+)*+! ='8+%(*+! /'! 8'D'8'(:>*! /'P'! )'('8! =8'+'()'! E.'!
)%/%! (>T%! %! R%;'(! :%(! =,.8>/>+:*=*:>/*/! &*()>'('! :*=*:>/*/'+! :%&.(>:*)>;*+A!
='8%! '+! (':'+*8>%! *;'8>-.*8! :.S,'+! +%(! *E.',,%+! :*(*,'+! :%&.(>:*)>;%+! &S+!
+>-(>D>:*)>;%+!'(!:*/*!:*+%B!!
Q+<A! ',! /%:'()'! /'P'! :'()8*8+'! '(! ,*! ='8+%(*! E.'! =8'+'()*! -8*;'! *D':)*:>@(! 9!
*:%&=*T*8,*!'(!.(!:*&>(%!E.'!=%)'(:>*!+.!/'+*88%,,%A!)'(>'(/%!'(!:.'()*!'(!)%/%!
&%&'()%! +.! +>).*:>@(! 9! +.+! (':'+>/*/'+A! =*8*! :%(+)8.>8! *! =*8)>8! /'! ',,*+! ,*!
>()'8;'(:>@(! '/.:*)>;*! E.'! ='8&>)*! *,:*(?*8! ',! &SF>&%! /'+*88%,,%! -,%P*,! 9!
*8&@(>:%!=%+>P,'B!
$%(+:>'()'+! /'! ,*! >&=%8)*(:>*! E.'! ,*! '+)>&.,*:>@(! )>'('! '(! ',! /'+*88%,,%! /'! ,*+!
='8+%(*+!:%(!(':'+>/*/'+!'/.:*)>;*+!-8*;'+!9!='8&*('()'+A!9!/'!,*!='8)>('(:>*!/'!
)%&*8!'(!:%(+>/'8*:>@(!'+)%+!*+=':)%+!=*8*!/>+'T*8!.(*!>()'8;'(:>@(!'/.:*)>;*A!'(!
)8*P*R%+! =8';>%+A! e'&%+! ',*P%8*/%! .(! /'+*88%,,%! :.88>:.,*8! =*8*! ,*! 1+)>&.,*:>@(!
J*+*,! GN*8)<('?! C'-.8*A! VWW"HB! Q+<! &%+)8SP*&%+! ,*+! &')*+A! :%()'(>/%+!
G:%(:'=).*,'+A! =8%:'/>&'()*,'+! 9! *:)>)./>(*,'+H! 9! :8>)'8>%+! /'! ';*,.*:>@(! E.'!
*9./*8*(!*!8'*,>?*8!.(*!>()'8;'(:>@(!'/.:*)>;*!'(!(>T%+!/'!*)'(:>@(!)'&=8*(*B!2'!
>-.*,! &%/%A! '(! %)8%+! )8*P*R%+! %D8':>&%+! =*.)*+! E.'! *9./*8*(! *! 8'*,>?*8! .(*!
=,*(>D>:*:>@(! /'! ,*! '+)>&.,*:>@(! +'(+%8>*,! :'()8*/*! '(! ,*! =%)'(:>*:>@(! /'! ,*! ;>+)*A!
%</%! 9! )*:)%! GN*8)<('?iC'-.8*! 9! d*8:<*iCS(:e'?A! VWWVHB! 1(! '+)*! &>+&*! ,<('*! /'!
*::>@(A!>(:%8=%8*&%+!,*+!c':(%,%-<*+!/'!,*!5(D%8&*:>@(!9!,*!$%&.(>:*:>@(!Gc5$H!*,!
/'+*88%,,%! ='8:'=)>;%! /'! ,%+! S&P>)%+! +'(+%8>*,'+! *()'+! :%&'()*/%+B! Q+<! :%(! ,*!
',*P%8*:>@(! /'! ,*! L'88*&>'()*! N.,)>&'/>*! =*8*! ,*! 1+)>&.,*:>@(! C'(+%8>%&%)8>?!
GLN1CH! GN*8)<('?iC'-.8*A! VWW^Y! N*8)<('?iC'-.8*! 9! d*8:<*iCS(:e'?A! VWW#A! VWWbHA!
)8*)*&%+!/'!>()'-8*8!,%+!=8>(:>=>%+!/'!,*!1+)>&.,*:>@(!J*+*,A!:%(!,*+!=%+>P>,>/*/'+!
!
!
"Vg!
)a:(>:*+! E.'! %D8':<*! ',! %8/'(*/%8A! )%/%! ',,%! /'()8%! /'! .(*! '+)8.:).8*/*!
%8-*(>?*:>@(! :.88>:.,*8! E.'! D*;%8':>'8*A! .(*! 8'+=.'+)*! '/.:*)>;*! *! ,%+! (>T%+! :%(!
-8*;'!/>+:*=*:>/*/B!
Q=%9S(/%(%+!'(!(.'+)8*!'F='8>'(:>*!=8';>*!9!:'()8S(/%(%+!'(!,*!>&=%8)*(:>*!E.'!
=*8*! D.).8%+! /%:'()'+! )>'('! D%8&*:>@(! +%P8'! '+)>&.,*:>@(A! ;*&%+! *! /'+*88%,,*8!
.(*+!>/'*+!+%P8'!S&P>)%+!*!'+)>&.,*8A!=8>(:>=>%+!&')%/%,@->:%+!E.'!-.<*(!',!.+%!/'!
,*!'+)>&.,*:>@(!9!+>).*:>%('+!/'!*.,*!'(!,*+!E.'!+'!=.'/'!8'*,>?*8!.(*!>()'8;'(:>@(!
'/.:*)>;*!P*+*/*!'(!,*!'+)>&.,*:>@(!+'(+%8>%&%)8>?B!
7*8)>'(/%! /'! ,*! -,%P*,>/*/! /',! (>T%A! ',! /%:'()'! /'P'! %D8':'8,'! +>).*:>%('+! 9!
:%()'F)%+!>()'8*:)>;%+!9!D.(:>%(*,'+!E.'!+'!+>)_'(!/'()8%!/'!,*!?%(*!/'!/'+*88%,,%!
=8@F>&%! /',! &>+&%A! ,%! E.'! ,'+! :%(D>'8'! .(*! -8*(! +>-(>D>:*:>@(B! Q! )8*;a+! /'! '+)*+!
%D'8)*+A! ',! (>T%! +'! :%(;>'8)'! '(! .(! *-'()'! *:)>;%! *,! :%(+)8.>8! +.+! =8%=>*+!
='8:'=:>%('+! *! =*8)>8! /'! ,*+! +'(+*:>%('+! 8':>P>/*+B! C>-.>'(/%! *! Q(/8'*+! `8áe,>:e!
GVWWWH! :%&=*8)>&%+! E.'! +'! /'P'! =*8)>8! /'! ,%+! <3=1&',# .%27%.&14',! +%&S)>:%A!
;'+)>P.,*8! 9! ;>P8*)%8>%! =*8*! >(>:>*8! ,*! 16&%24%671;6# %(/7!&14!# %6# %,&13/)!71;6B!
2>:e%+! S&P>)%+! +%(! ';%,.)>;*&'()'! ,%+! =8>&'8%+! '(! *:)>;*8+'! =*8*! :%()8>P.>8! *,!
/'+*88%,,%! /'! ,*! ='8+%(*A! '(:%()8S(/%+'! 9*! *:)>;%+! *! (>;',! >()8*.)'8>(%B! 7*8*!
'+)*P,':'8!,*!.P>:*:>@(!/'!:*/*!.(%!/'!'+)%+!S&P>)%+A!:%&'(?*(/%!=%8!',!"%6B.#$%A!
=%/'&%+! )%&*8! *,! :.'8=%! '(! +.! :%(R.()%! :%&%! @8-*(%! ='8:'=)>;%! 9!
=8>(:>=*,&'()'! ,*! =>',A! E.'! '+)*P,':'! ',! ,<&>)'! '()8'! ,*! >()'-8>/*/! :%8=%8*,! 9! ',!
&'/>%!:>8:.(/*()'B!Q!(>;',!/+".#M-&)5A!',!%</%!>()'8(%!R.'-*!.(!=*=',!=8>(:>=*,!'(!',!
/'+*88%,,%!/',!'E.>,>P8>%!E.'!'+!D.(/*&'()*,!=*8*!,*!%8>'()*:>@(!'(!',!'+=*:>%B!4*!
'+)>&.,*:>@(! /#M5).%5#)! =8')'(/'! /'+*88%,,*8! .(*! 'F='8>'(:>*! >()'8(*! /'!
='8:'=:>@(!/',!=8%=>%!:.'8=%A!=*8*!',,%!,%+!e.'+%+!9!%)8*+!:*R*+!/'!8'+%(*(:>*!+%(!
,%+! '(:*8-*/%+! /'! =%+>P>,>)*8! ,*! *+>&>,*:>@(! /'! ,*+! %(/*+! +%(%8*+! E.'! ,,'-*(! '(!
D%8&*!/'!;>P8*:>%('+B!
1(! 8',*:>@(! :%(! ',! 8'+)%! /'! ='8:'=:>%('+! *! /'+*88%,,*8A! ,*! '+)>&.,*:>@(! /'P'!
:'()8*8+'! '(! ,%+! />D'8'()'+! +'()>/%+! G;>+)*A! -.+)%A! %,D*)%A! %</%! 9! )*:)%HA! '(! )%/%+!
'+)%+! :*+%+! ',! =8%=@+>)%! /'! ,*! &>+&*! +'8S! ',! /'! *:)>;*8! ,%+! />D'8'()'+! :*(*,'+!
+'(+%8>*,'+B!7'8%!',!e':e%!/'!:%()'&=,*8!,*!'+)>&.,*:>@(!'(!/>+)>()%+!S&P>)%+A!(%!
/'P'!,,';*8(%+!*!/>+'T*8!%D'8)*+!9!;>;'(:>*+!=*8:',*/*+!9*!E.'!+'!/'P'!=*8)>8!/'!,*!
-,%P*,>/*/! /',! (>T%! =*8*! %D8':'8,'! =8%=.'+)*+! )*&P>a(! -,%P*,'+B! 1,! :%()'&=,*8!
:*/*!.(%!/'!,%+!S&P>)%+!=%8!+'=*8*/%A!+@,%!(%+!;*!*!8'+.,)*8!_)>,!*!(>;',!:.88>:.,*8A!
=*8*! /'D>(>8! .(*+! S8'*+! /'! >()'8;'(:>@(! '(! ,*! E.'! +'! )'(-*! =8'+'()'! )%/%+! ,%+!
*+=':)%+! 9! &*)>:'+! E.'! =.'/'(! +'8! _)>,'+! *,! />+'T*8! />:e*+! S8'*+! G%PR')>;%+! E.'!
='8+>-.'(A! :%()'(>/%+! *! )8*P*R*8A! =8%:'/>&>'()%+! .)>,>?*/%+A! *:)>)./'+! *!
/'+*88%,,*8A! :8>)'8>%+! =*8*! ';*,.*8! ',! /'+*88%,,%! %P)'(>/%sHB! 1+! =8':>+%! E.'! ',!
/%:'()'!8'*,>:'!.(!*(S,>+>+!'Fe*.+)>;%!9!=%8&'(%8>?*/%!'(!',!/>+'T%!/'!:*/*!S8'*!
=*8*! E.'! ,.'-%! =.'/*! /'+*88%,,*8! .(*! >()'8;'(:>@(! '/.:*)>;*! D.(/*&'()*/*A!
*.(E.'!/>:e*!>()'8;'(:>@(!+'!,,';'!*!,*!=8S:)>:*!*!)8*;a+!/'!*:)>;>/*/'+!-,%P*,'+!'(!
,*+! E.'! +'! >()'-8'(! />+)>()%+! S&P>)%+! *! '+)>&.,*8A! )'(>'(/%! +>'&=8'! =8'+'()'! ',!
','&'()%!:%&.(>:*)>;%!:%&%!'R'!)8*(+;'8+*,!/'!/>:e*!>()'8;'(:>@(B!
1(! 8',*:>@(! :%(! ,*! :%&.(>:*:>@(! E.'! +'! '+)*P,':'! '()8'! ',! */.,)%! 9! ',! (>T%! '+!
=8':>+%! )'('8! '(! :.'()*0! ,*! %P+'8;*:>@(! *)'()*! /',! (>T%A! ,*! >/'()>D>:*:>@(! /'!
:.*,E.>'8! +>-(%! :%&.(>:*)>;%! =%8! +.)>,! E.'! =.'/*! 8'+.,)*8A! /*8! +>-(>D>:*/%! *! :*/*!
.(%! /'! />:e%+! +>-(%+A! *:%+).&P8*8! *! =8'-.()*8! 9! '+='8*8! 8'+=.'+)*! )'(>'(/%! '(!
:.'()*!',!)>'&=%!E.'!a+)*!=8':>+*A!e*P,*8,'!/'!&%/%!:,*8%!9!+'(:>,,%A!e*:'8!=*.+*+!
'(! (.'+)8*! >()'8;'(:>@(! =*8*! */':.*8(%+! *! ,%+! 8>)&%+! /',! (>T%! 9! (.(:*! /'P'&%+!
!
!
"VX!
=8':>=>)*8(%+!'(!,*!>()'8=8')*:>@(B!
7%8! %)8*! =*8)'A! '+! >&=%8)*()'! /'+)*:*8! E.'! &'(!# 16&%24%671;6# %6# %,&13/)!71;6#
,%6,'21'3'&21># (%=%# &%6%2# .2%,%6&%# /6!# ,%21%# (%# .21671.1',! E.'! *+'-.8'(! E.'!
/>:e*! >()'8;'(:>@(! +'! '+)S! 8'*,>?*(/%! /'! .(! &%/%! -,%P*,B! Q! =*8)>8! /'! ,*+! >/'*+!
+'T*,*/*+!=%8!2.:e!9!7a8'?!G"XX^HA!/'+)*:*&%+!,%+!+>-.>'()'+!=8>(:>=>%+0!
•
!5#2$#3#%* ,+* #2,#/#,-)&#>)$#:2B! C'! 8'E.>'8'! .(! )8*P*R%! >(/>;>/.*,>?*/%! 9!
'+=':<D>:%!=*8*!*:).*8!:%(!,%+!(>T%+!:%(!=,.8>/>+:*=*:>/*/B!1,,%!(%+!%P,>-*!*!=*8)>8!
/'!,*!=8%P,'&S)>:*!9!,*+!(':'+>/*/'+!=*8)>:.,*8'+!/'!:*/*!(>T%B!
•
!5#2$#3#%*,+*#2.+5)$$#:2*3+5"%2)&B!1,!/%:'()'A!:.*(/%!>()'8;'(-*A!/'P'!'+)*8!
&%)>;*/%A! :'()8*/%! 9! &*()'(>'(/%! .(*! *:)>)./! D*;%8*P,'! e*:>*! ',! (>T%A! E.'! ,'+!
='8&>)*!+'()>8!E.'!+%(!:%&=*T'8%+!'(!.(!;>*R'!:%&_(B!1+)%!,'!*9./*8S!*!+.='8*8!
,%+!/'+S(>&%+!E.'!'(!%:*+>%('+!=.'/'(!+.8->8!*()'!,*!D*,)*!/'!8'+=.'+)*!/',!(>T%B!
c*&P>a(!;*!*!D*;%8':'8!E.'!',!(>T%!'(:.'()8'!&'/>%+!/'!'F=8'+>@(B!
•
!5#2$#3#%* ,+* $%2.5)".+B! 2.8*()'! ,*! >()'8;'(:>@(! +>'&=8'! +'! /'P'(! %D8':'8!
=8%=.'+)*+!:%()8*+)*/*+A!9*!E.'!'+)*+!;*(!*!D*;%8':'8!.(*!&'R%8!='8:'=:>@(!/'!,%+!
'+)<&.,%+B! 7%8! 'R'&=,%! '+! &S+! DS:>,! ='8:>P>8! ',! +%(>/%! :.*(/%! +'! *,)'8(*! :%(! ',!
+>,'(:>%A!%!,*!,.?!+>!'+)S!:%&P>(*/*!:%(!,*!%+:.8>/*/B!2'!>-.*,!&%/%A!=*8*!='8:>P>8!',!
&%;>&>'()%! /'P'&%+! *:%&=*T*8,%! /'! +>).*:>%('+! /'! 8'=%+%A! 9! *+<! .(! ,*8-%!
'):a)'8*!/'!='8:'=:>%('+B!
•
!5#2$#3#%* ,+* &).+2$#)B! 1+! &.9! >&=%8)*()'! E.'! ',! */.,)%! +'=*! '+='8*8! ,*+!
8'+=.'+)*+! /',! (>T%A! +>(! %,;>/*8! E.'! +.+! 8>)&%+! /'! *::>@(! +%(! />+)>()%+! *! ,%+!
(.'+)8%+B! c'(-*&%+! '(! :.'()*A! E.'! '(! %:*+>%('+! ,*+! 8'+=.'+)*+! +%(! />D<:>,'+! /'!
*=8':>*8! '! >()'8=8')*8! /'P>/%! *! ,*! D*,)*! /'! &'/>%+! E.'! )>'('! ',! (>T%! =*8*! +.!
'F=8'+>@(B! Q+<A! )*&P>a(! +'8S! :%(;'(>'()'! *9./*8! *,! (>T%! *! '(:%()8*8! '+*+! D%8&*+!
/'!'F=8'+>@(B!
•
!5#2$#3#%* ,+* "#6+.5()B! 2'P'&%+! )'('8! '(! :.'()*! E.'! ',! (>T%! :%(! -8*;'!
/>+:*=*:>/*/! :%(+)8.9'! +.! >&*-'(! :%8=%8*,! *! =*8)>8! /'! ,*+! 'F='8>'(:>*+! E.'! ,'!
%D8'?:*&%+B! 7%8! ',,%! /'P'&%+! =8%=>:>*8,'! 'F='8>'(:>*+! E.'! ,'! )8*(+&>)*(! .(*!
>&*-'(!/'!+.!:.'8=%!,%!&S+!:%&=,')*!=%+>P,'B!
•
!5#2$#3#%* ,+* 5#.6%B! 7*8)>'(/%! /'! ,%+! 8>)&%+! P>%,@->:%+! &S+! >(&'/>*)%+A!
/'P'&%+! >8! *&=,>*(/%! *! %)8%+! E.'! *9./'(! *,! (>T%! *! +>).*8+'! '(! ',! *&P>'()'A!
*()>:>=*(/%!*:%()':>&>'()%+!9!+>).*:>%('+!E.'!=.'/*(!+'8!+>-(>D>:*)>;%+!=*8*!a,B!
•
!5#2$#3#%* ,+* +`-#&#M5#%B! 4*+! +>).*:>%('+! E.'! =8'+'()'&%+! *,! (>T%! /'P'!
e*:'8+'!+>'&=8'!/'!D%8&*!'+)8.:).8*/*B!2'P'&%+!';>)*8!*P8.&*8,%!:%(!'F:'+>;%+!
'+)<&.,%+!/'!&%/%!+>&.,)S('%B!
•
!5#2$#3#%*,+*2).-5)&#,),B!2'P'&%+!+'-.>8!,*+!=*.)*+!/'!/'+*88%,,%!(*).8*,!9!
*:).*8!+>'&=8'!/'+/'!,*!-,%P*,>/*/!+>(!8'*,>?*8!+'-&'()*:>%('+!'(!+.!='8+%(*B!
1(!:%(:,.+>@(A!,*!>()'8;'(:>@(!E.'!,%+!/%:'()'+!8'*,>:'(!=*8*!'+)>&.,*8!*!(>T%+!:%(!
-8*;'! />+:*=*:>/*/A! /'P'(! '+)*8! P>'(! D.(/*&'()*/*+! 9! &*()'('8! +>'&=8'! .(*!
'+)8.:).8*:>@(!9!.(*!%8-*(>?*:>@(!'(!,%+!'+)<&.,%+!%D8':>/%+B!U%!/'P'(!='8/'8!/'!
;>+)*!,*!-,%P*,>/*/!/'!,*!='8+%(*!9!/'P'(!%D8':'8!.(!)>=%!/'!*:)>;>/*/'+!9!:%()'F)%+!
E.'!+'*(!D.(:>%(*,'+!=*8*!',!(>T%!9!E.'!=8'+'()'(!.(!*,)%!-8*/%!/'!+>-(>D>:*)>;>/*/!
)*&P>a(B!
7*8*! 8'*,>?*8! ,*! >()'8;'(:>@(! '/.:*)>;*! '(! '+)>&.,*:>@(! G/'()8%! /',! :%()'F)%!
!
!
"[W!
=8%=>:>*/%! =%8! .(! $'()8%! 1+=':<D>:%! /'! 1/.:*:>@(! 1+=':>*,H! /'P'&%+! )'('8! '(!
:.'()*! E.'! a+)*! /'P'! :%(+)>).>8! ,*! P*+'! /',! )8*P*R%! '/.:*)>;%! E.'! ;*9*&%+! *!
8'*,>?*8! :%(! '+)'! )>=%! /'! *,.&(*/%B! 1+)*! >()'8;'(:>@(! +'! =.'/'! 8'*,>?*8! '(!
*:)>;>/*/'+! -8.=*,'+! 9! '(! %)8*+! >(/>;>/.*,'+A! )*&P>a(! +'! =.'/'! e*:'8! :%(! ,*!
=*8)>:>=*:>@(! />8':)*! /',! /%:'()'! %! /'! &%/%! >(/>8':)%B! Q! :%()>(.*:>@(! %D8':'&%+!
*,-.(*+!>/'*+!+%P8'!,*!16&%24%671;6#%(/7!&14!#%6#%,&13/)!71;60!
"
<".)M&+$#6#+2.%* ,+* 5#.-)&+"0! C>'&=8'! E.'! +'! ;*! *! 8'*,>?*8! .(! :*&P>%! /'!
*:)>;>/*/! %! +>).*:>@(! '(! ',! :'()8%! G'()8*/*A! +*,>/*A! 8':8'%A! *,&.'8?%A! 8',*R*:>@(sH!
'+! =8':>+%! E.'! ',! (>T%! +'*! =*8)<:>='! 9! :%(%:'/%8! /'! ,%+! &>+&%+B! 7*8*! ',,%A! ,%+!
8>).*,'+! =%+>P>,>)*(! ,*! =*8)>:>=*:>@(! f*:)>;*h! /',! (>T%A! 8'D%8?*(/%! +.! >/'()>/*/A!
(%&P8'!9!',!,.-*8!E.'!',!%:.=*!/'()8%!/',!-8.=%B!1,!8'+)%!/'!:%&=*T'8%+!/',!*.,*A!
+'!*:'8:*(!*!a,A!,%!)%:*(A!,%!(%&P8*(!%!>/'()>D>:*(!+'-_(!+.+!=%+>P>,>/*/'+B!1+)'!)>=%!
/'!8>).*,'+A!:.*(/%!+%(!8'*,>?*/%+!/'!.(!&%/%!+>+)'&S)>:%!9!:%()>(.*/%A!*9./*(!*,!
(>T%!*!%8-*(>?*8!+.!;>/*A!+*,>'(/%!/',!:*%+!;>;'(:>*,!'(!',!E.'!*!;':'+!'+)S!>(&'8+%B!
Q/'&S+A! %D8':'(! +>-(>D>:*)>;>/*/! *,! &'/>%! 9! e*:'! E.'! +.+! >()'8*::>%('+! :%(! ',!
*&P>'()'! +'*(! :*/*! ;'?! &S+! D.(:>%(*,'+B! $.*(/%! e*:'&%+! .(*! >()'8;'(:>@(!
'/.:*)>;*! '+)8.:).8*/*! 9! -,%P*,! '+)*&%+! *9./*(/%! *! &'R%8*8! ,*! '+)*P>,>/*/!
'&%:>%(*,!9!*D':)>;*!/',!(>T%A!*,!&>+&%!)>'&=%!E.'!+'!,'!*+'-.8*!,*!*()>:>=*:>@(!/'!
+>).*:>%('+!E.'!;*(!*!+.:'/'8B!
"
U$.#/#,),+"*'5-3)&+"*5+9+5#,)"*)*-2*.:3#$%*%*$+2.5%*,+*#2.+5W"0*c%&*(/%!:%&%!
=.()%! /'! =*8)>/*! .(! :'()8%! /'! >()'8a+! G1R'&0! :.*,E.>'8! '+)*:>@(! /',! *T%A! ';'()%!
:*8*:)'8<+)>:%0! U*;>/*/A! $*8(*;*,sHA! +'! =.'/'(! %8-*(>?*8! />D'8'()'+! *:)>;>/*/'+!
E.'! =%(>'(/%! '(! R.'-%! ,*! ,%+! D.(/*&'()%+! G%PR')>;%+A! :%(:'=)%+A! *:)>)./'+A!
=8%:'/>&>'()%+sH! /'! />+)>()%+! S&P>)%+! /'! 1+)>&.,*:>@(! C'(+%8>%&%)8>?A! *=%8)'(!
.(*! >(D%8&*:>@(! '+=':<D>:*! +%P8'! />:e%! )@=>:%B! 2>:e*+! *:)>;>/*/'+! +'! ;*(!
8'*,>?*(/%! =%8! )>'&=%+A! :%(! :*/*! .(%! /'! ,%+! *,.&(%+A! 9! +.=%('(! .(*! *:).*:>@(!
/>8':)*!/',!*/.,)%!/'!8'D'8'(:>*!e*:>*!',!(>T%B!
"
U$.#/#,),+"* ,+* ).+2$#:2* #2,#5+$.)0! 1+)'! )>=%! /'! *:)>;>/*/'+! +'! 8'*,>?*(!
/.8*()'!,*+!+'+>%('+!/'!)8*P*R%!-8.=*,A!:.*(/%!',!=8%D'+%8!+'!'(:.'()8*!*:).*(/%!
:%(! *,-_(! (>T%! '(! =*8)>:.,*8A! 9! +'! .+*(! =*8*! ';>)*8! E.'! ',! 8'+)%! /'! (>T%+! +'!
'(:.'()8'(!/'+*)'(/>/%+!9!:%(!.(*!*:)>)./!=*+>;*B!1(!'+)%+!&%&'()%+!+'!%D8':'!*,!
(>T%! .(! &*)'8>*,! /'! '+)>&.,*:>@(! G=B! 'B! f/.:e*+! +':*+hH! E.'! =%+>P>,>)*(! :8'*8! .(*!
8',*:>@(! /'! >()'8*::>@(! (>T%i'()%8(%A! +.='8;>+*/*! =%8! ',! */.,)%! 9! =%+>P>,>)*(! ,*!
*:).*:>@(!*:)>;*!/',!=8%=>%!(>T%B!
"
D+"#%2+"* #2,#/#,-)&+"* ,+* +".#6-&)$#:20! 1+)*+! +'+>%('+! +'! 8'*,>?*(! '(! .(!
)>'&=%! 9! .(! '+=*:>%! E.'! +@,%! '+! :%&=*8)>/%! =%8! ',! (>T%! 9! ',! */.,)%B! 1,! =8%=@+>)%!
'+'(:>*,! /'! '+)*+! +'+>%('+! '+! ',! /'! =%)'(:>*8! .(! >()'8:*&P>%! :%&.(>:*)>;%! 9!
D*;%8':'8! .(*! >()'8*::>@(! &.).*B! C.! /.8*:>@(! '+! *=8%F>&*/*&'()'! /'! [WÑA! /'! ,%+!
:.*,'+! .(%+! VWÑ! +'! %:.=*(! :%(! ,*! >()'8*::>@(A! /'R*(/%! ',! )>'&=%! 8'+)*()'! =*8*!
8'*,>?*8! %P+'8;*:>%('+! 9! ;*,%8*:>%('+B! 7*8*! '+)*+! +'+>%('+! +'! =.'/'(! =,*(>D>:*8!
'()8'! /%+! 9! )8'+! *:)>;>/*/'+! E.'! *P%8/'(! ,*! -,%P*,>/*/! /',! (>T%B! 4*! >(D%8&*:>@(!
.)>,>?*/*! =*8*! ',! />+'T%! /'! ,*+! *:)>;>/*/'+! =8%:'/'8S! /',! =,*(! >(/>;>/.*,! %!
*/*=)*:>@(!:.88>:.,*8!'+=':<D>:*!/',!(>T%B!2'!'+)'!&%/%A!'(!:.*,E.>'8!&%&'()%!+'!
'+)*8S!8'+=%(/>'(/%!*!,*+!(':'+>/*/'+!E.'!a+)'!=8'+'()'B!1+!:%(;'(>'()'!E.'!*()'+!
/'!,*!+'+>@(!)'(-*&%+!/>+'T*/*!.(*!e%R*!/'!8'->+)8%!'(!,*!E.'!8':%R*&%+!/>D'8'()'+!
>(D%8&*:>%('+!G8'+=.'+)*!*,!8>).*,!/'!>(>:>%A!)%(%!&.+:.,*8A!'+)*/%!/'!+*,./A!8>)&%!
!
!
"["!
8'+=>8*)%8>%A! ;%:*,>?*:>%('+A! '&>+>@(! /'! +%(>/%+A! &>8*/*+A! 8'+=.'+)*+! :%8=%8*,'+A!
'):BH!E.'!(%+!D*:>,>)'(!+.!8':%->/*!9!=%+)'8>%8!';*,.*:>@(B!
"
U$.#/#,),+"*,+*&)*/#,)*$%.#,#)2)0!1+!(':'+*8>%!E.'!'(!:.*,E.>'8!*:)>;>/*/!E.'!
',! (>T%! +'! ;'*! >(;%,.:8*/%! Ge>->'('A! *,>&'()*:>@(A! =*+'%A! ;'+)>/%sH! +'! )'(-*(!
+>'&=8'! =8'+'()'+! ,%+! =8>(:>=>%+! /'! '+)>&.,*:>@(B! 1+)%! ;*! *! +.=%('8! .(*!
*/':.*:>@(! *! ,%+! 8>)&%+! /',! (>T%! 9! .(! *:%&=*T*&>'()%! '(! ,*! 8'*,>?*:>@(! /'!
:.*,E.>'8!*:)>;>/*/A!'(!,.-*8!/'!/>8>->8,'!,*!;>/*B!
Q! ,%! ,*8-%! /'! '+)'! *=*8)*/%! e'&%+! =8')'(/>/%! D.(/*&'()*8! ,*! =%+>P>,>/*/! /'!
8'*,>?*8! .(*! >()'8;'(:>@(! '/.:*)>;*A! /'+/'! .(! :%()'F)%! '/.:*)>;%A! */*=)*/*! *! ,*+!
:*8*:)'8<+)>:*+! 9! (':'+>/*/'+! E.'! .(! (>T%! :%(! />+:*=*:>/*/! -8*;'! 9! ='8&*('()'!
=.'/*!=8'+'()*8B!
!
v#!$%&$.8'(%&*'!
4*! D%8&*:>@(! >(>:>*,! /'! ,%+! &*'+)8%+! E.'! *)>'(/'(! *! ,*! 2>;'8+>/*/! G*,.&(%+! :%(!
U':'+>/*/'+! 1+=':<D>:*+! /'! Q=%9%! 1/.:*)>;%HA! /'P'! :%()'&=,*8! :%(%:>&>'()%+! 9!
D.(/*&'()%+! )'@8>:%+! */':.*/%+! *! ,*+! />D'8'()'+! 8'*,>/*/'+! E.'! '+)%+!
=8%D'+>%(*,'+! ;*(! *! '(:%()8*8! '(! ',! *.,*B! 2'! '+)'! &%/%! ,*! D%8&*:>@(! /',!
=8%D'+%8*/%!/'P'!+'8!*:%8/'!:%(!,%!E.'!,*!+%:>'/*/!'+)S!/'&*(/*(/%B!
2'()8%!/'!,*!2>;'8+>/*/!/'!*,.&(*/%A!'+)S(!>(:,.>/%+!*E.',,%+!*,.&(%+!:%(!-8*;'!
9! ='8&*('()'! =,.8>/>+:*=*:>/*/! E.'! *:./'(! *! ,%+! $'()8%+! 1+=':<D>:%+! /'!
1/.:*:>@(!1+=':>*,A!'(!,%+!E.'!+'!,'+!/'P'!%D8':'8!.(*!>()'8;'(:>@(!'/.:*)>;*!9!(%!
*+>+)'(:>*,B!!
4%+!D.).8%+!&*'+)8%+!E.'!;*9*(!*!*)'(/'8!*!,*!2>;'8+>/*/!/'!*,.&(*/%!/'P'(!+'8!
:*=*:'+! /'! /*8! .(*! 8'+=.'+)*! '/.:*)>;*! *! ,*+! (':'+>/*/'+! E.'! ,%+! *,.&(%+! :%(!
-8*;'! *D':)*:>@(! =.'/*(! )'('8B! 4*+! =8S:)>:*+! /'! 1+)>&.,*:>@(! C'(+%8>%&%)8>?!
:%(+)>).9'(!.(*!8'+=.'+)*!'/.:*)>;*!*!,*!>()'8;'(:>@(!:%(!',!*,.&(*/%!:%(!-8*;'!
/>+:*=*:>/*/B! o! '+)*+! /'P'(! +'8! :%(%:>/*+! =%8! ',! =8%D'+%8*/%! '(! +.! D%8&*:>@(!
>(>:>*,B!
Q!=*8)>8!/'!,%+!D.(/*&'()%+!/'!1+)>&.,*:>@(!J*+*,!9!1+)>&.,*:>@(!C'(+%8>%&%)8>?A!
+'! =.'/'! -'('8*8! .(! :.88<:.,%! '+=':<D>:%! E.'! +>8;*! =*8*! /*8! 8'+=.'+)*! *! ,%+!
*,.&(%+!:%(!-8*;'!/>+:*=*:>/*/B!2>:e%!:.88<:.,%!'+)*8S!>()'-8*/%!=%8!.(*+!S8'*+A!
'(! ,*+! E.'! +'! /'+*88%,,'(! .(%+! :%()'(>/%+A! =*8*! *,:*(?*8! .(%+! %PR')>;%+! 9!
'+)*P,':>'(/%!.(%+!:,*8%+!:8>)'8>%+!=*8*!,*!';*,.*:>@(B!c%/%!',,%!+'!D.(/*&'()*8S!
'(!.(%+!=8>(:>=>%+!/'!*:).*:>@(!E.'!=*8)>'(/%!/'!,*!-,%P*,>/*/!/',!(>T%A!=%+>P>,>)'(!
+.!/'+*88%,,%A!*:'8:*&>'()%!'!>()'8*::>@(!:%(!',!&'/>%!D<+>:%!9!+%:>*,!E.'!,'!8%/'*B!
!
/(/.(%0+,-1,!
QZUQ5A!7B!GVWW[HB!8)*+,-$)$#:2*#2$&-"#/)T*-2)*+"$-+&)*3)5)*.%,%"0*NS,*-*0!Q,R>P'B*
$QUMA!1B!GVWW^HB!?:6%*6+a%5)5*&)"*$%63+.+2$#)"*,+*&%"*,%$+2.+"0!J*8:',%(*0!d8*@B!
$MZ23ZQCA! jBY! ]Q44CA! NB! jBY! Z5J1CA! ZBY! NQZC144ÇCA! NB! QBY! jM]ÇA! dB! }! Qd344yA! NB! jB! GVWWXHB!
Q:)>;>/*/'+! =*8*! ,*! D%8&*:>@(! /'! =8%D'+>%(*,'+! 8'D,'F>;%+! '(! ,*! *::>@(0! .(*!
=8%=.'+)*! /'! /'+*88%,,%! /'! :%&=')'(:>*+! /'+/'! ,%+! :8a/>)%+! =8S:)>:%+! '(! ,%+!
'+)./>%+! /'! N*'+)8%! /'! 1/.:*:>@(! 1+=':>*,B! ;<NOg!A! "V! GVHA! b[vg[B! G1(,*:'! O'P0!
e))=0ttOOOB*.D%=B:%&!$%(+.,)*/*!'(!D':e*!GV\t\tVW"WHB!
!
!
"[V!
23$LA! ZBY! 7ÇZ1A! $B4B! G"XX^HB! 4*! *)'(:>@(! *! (>T%+! =,.8>/'D>:>'()'+! =8%D.(/%+0!
*=%8)*:>%('+! /'+/'! .(! &%/',%! /'! 1+)>&.,*:>@(! J*+*,B! 1(! 4B! Q8P'*! 9! %)8%+A! &)*
).+2$#:2* ,+* )&-62%"* $%2* 2+$+"#,),+"* +,-$).#/)"* '5)/+"* 4* 3+56)2+2.+"B! U*;*88*0!
C'8;>:>%!/'!78'(+*A!7.P,>:*:>%('+!9!Z',*:>%('+!C%:>*,'+B!
1C$QN544QA!QB!GVWWgHB!4*+!:%&=')'(:>*+!PS+>:*+B!J*8:',%(*0!d8*@B!
`ZâL45$LA! QB! G"XX\HB! 3(! '+=*:'! =%.8! ;>;8'i.(! '+=*:'! =%.8! 8ä;'8B! 1(! QB! `8áe,>:eY!
QBNB!J'++'Y!2B!I%,D!G1/+BH!A+"*+"3)$+"*3%-5*/#/5+0*<,-$).#%2*+.*)$%63)'2)6+2.*,+"*
3+5"%22+"*3%&4V)2,#$)3W+"*+2*<-5%3+0!4.:'8(*0!CLtC7$B!
`ZâL45$LA!QB!GVWWWHB!8)*".#6-&).#%2*M)")&+T*&+*$%2$+3.0!4.?'8(0!1/>)>%(!CLt$C7CB!
`ZâL45$LA! QBY! LQ37cA! 3B! G"XgVHB! <".#6-&)$#:2* 3)5)* +&* ,+")55%&&%* ,+* 2#=%"* 6-4*
,+9#$#+2.+"*Gc8*/.::>@(!>(a/>)*H!BN*>(?0!;B!L*+'!9!6á,'8B!
`ZâL45$LA! QBY! LQ37cA! 3BY! NQZcoiJM3]QZ2A! $B!G"Xg#HB<$V+&&+*,n+/)&-).#%2*3%-5*+29)2."*
3%&4V)2,#$)3W"*35%9%2,0*4.:'8('0!Q+=':)+!V[B!
4y71icMZZ5jMA!NB!GVWWXHB!4*!>(:,.+>@(!'/.:*)>;*!/'!,%+!*,.&(%+!:%(!/>+:*=*:>/*/'+!
-8*;'+!9!='8&*('()'+!'(!,*!3(>@(!1.8%='*B!;<8N<r<@*/0*IKA!(B!"A!"iVWB!G1(,*:'!O'P0!
e))=0ttOOOB.;B'+tZ1451]1t;"^("tZ1451]1;"^("K^Be)&B! $%(+.,)*/%! '(! D':e*!
/',!^t^tVW"WHB!
NQZczU1iC1d3ZQA!NBj!o!dQZ$zQ!CnU$L1A!`BQB!GVWWVHB!7,*(>D>:*:>@(!/'!,*!1+)>&.,*:>@(!
C'(+%8>*,! =*8*! (>T%+! :%(! -8*;'! *D':)*:>@(B! ;+/#".)* ,+* U.+2$#:2* L+635)2)@* K@* 2FI!
G==B!VXi[bHB!
NQZczU1iC1d3ZQA! NBj!o! dQZ$zQ! CnU$L1A! `BQB!GVWW#HB!4*!'+)>&.,*:>@(!/'!,%+!+'()>/%+!
*! )8*;a+! /'! .(*! e'88*&>'()*! &.,)>&'/>*B! ?%6-2#$)$#:2* 4* !+,)'%'()A! GIl* G==B"bi
VVHB!
NQZczU1iC1d3ZQA!NBj!o!dQZ$zQ!CnU$L1A!`BQB!GVWWbHB!L'88*&>'()*!N.,)>&'/>*!=*8*!,*!
1+)>&.,*:>@(!C'(+%8>%&%)8>?B!E%/+,),+"*<,-$).#/)"A!(m"Xg*G==Bg[ig^HB!
NQZczU1iC1d3ZQA! NBjB! GVWW"HB4*! '+)>&.,*:>@(! P*+*,! '(! Q)'(:>@(! c'&=8*(*0!
2'+*88%,,%!:.88>:.,*8B!;+/#".)*,+*U.+2$#:2*L+635)2)@*H@*2FI!G==B!\i"WHB!
NQZczU1iC1d3ZQA! NBjB!GVWW\HB!c':(%,%-<*+!9!'+)>&.,*:>@(!+'(+%8>%&%)8>?!'(!(>T%+!
:%(! =,.8>/'D>:>'(:>*B! 1(! `BjB! C%)%! 9! jB! Z%/8<-.'?! ]S?E.'?B! L+$2%&%'()@* <,-$)$#:2* 4*
A#/+5"#,),T* ;+.%"* 4* ;+)&#,),+"* ,+* &)* N2$&-"#:2* A#'#.)&B! N.8:>*0! $%(+'R'8<*! /'!
1/.:*:>@(!9!$.,).8*!G==Bb[ig\H!
NQZczU1iC1d3ZQA! NBjB!GVWW^HB!c':(%,%-<*+!=*8*!,*!'+)>&.,*:>@(!+'(+%8>%&%)8>?B!1(!
NB2B! L.8)*/%! 9! `BjB! C%)%! G$%%8/+BHA! 8)* #2.+'5)$#:2* $-55#$-&)5* ,+* &)"* .+$2%&%'()"* ,+*
)4-,)*+2*$%2.+C.%"*+"$%&)5+"0*N.8:>*0!$%(+'R'8<*!/'!1/.:*:>@(!9!:.,).8*B!G==B#[ig\H!
NQZczU1iC1d3ZQA! NBj#A! L1ZZ1ZQid3c5ÇZZ1A! 1BA! dMNQZ5! ]5$1Uc1A! NBQBA! 21! LQZM!
ZM2Zzd31A! ZBA! 4y71! NQZczU1A! MB! o! NQZczU1! QJ144nUA! ZB! GVWWXHB! Q)'(:>@(! *! ,*!
/>;'8+>/*/0!/'!,*!2>=,%&*).8*!*,!d8*/%B!1(!7B!Q8(*>?!9!%)8%+!G$%%8/+BH!Nr*]%52),)"*
E)$#%2)&+"* "%M5+* +&* <<<DT* u<&* <<<D* +2* +&* V%5#>%2.+* GQIQuB! N.8:>*0! 125cB3N! G==B"i
"\HB!
NÇZ52QA! Z! GVWWXHB! U':'+>/*/'+! *:).*,'+! '(! ,*! D%8&*:>@(! >(>:>*,! /'! ,*+! &*'+)8*+! 9!
&*'+)8%+B!;<NOg!A!"V!GVHA![Xv\bB!G1(,*:'!O'P0!e))=0ttOOOB*.D%=B:%&!$%(+.,)*/%!
'(!D':e*!GV\t\tVW"WHB!
71ZZ1UM32A!7B!GVWW\HB2>'?!(.';*+!:%&=')'(:>*+!=*8*!'(+'T*8B!J*8:',%(*0!d8*@B!
!
!
"[[!
75Qd1cA! jBY! 5UL1421ZA! JB! G"Xg[HB! 4*! )'%8<*! /'! 7>*-')B! ;+/#".)* N29)2$#)* 4* )35+2,#>)a+0*
S%2%'5)9()*2FG@*N*/8>/A!==B"[i^\B!
cL3ZNQUA! CB!GVWW^HB!ÄI>)e%.)!O%8/+i&'*(>(-D.,!>(D%8&*)>%(!D%8!='%=,'!O>)e!e>-e!
>(/>;>/.*,!:%&&.(>:*)>%(ÅB![5#.#"V*]%-52)&*%9*8+)52#2'*,#")M#&#.#+"@*/%&0*ll0!(m!V!G==B!
g[igXHB!
]5dMCc6oA!4B!G"X#\HB!!+2")6#+2.%*4*8+2'-)a+0!J.'(%+!Q>8'+0!4*.)*8%B!
IQZUM$6A! NB!G"XbgHB!D3+$#)&*<,-$).#%2)&*E++,"0*;+3%5.*%9*$%6#.+*%9*+2`-#54*#2.%*.V+*
+,-$).#%2*%9*V)2,#$)33+,*$V#&,5+2*)2,*4%-2'*3+%3&+0*4%(/%(0!LNCMB!c8*/.:>/%!*,!
'+=*T%,!'(!,*!8';>+)*!D#'&%*?+5%@*IlQA!"Vi!V\0!5(D%8&'!+%P8'!(':'+>/*/'+!'/.:*)>;*+!
'+=':>*,'+B!
QJQ4QA! QBY! QZUQ3A! 4B! GVWWbHB! ""! >/'*+! :,*;'B! $@&%! *=8'(/'8! 9! '(+'T*8!
:%&=')'(:>*+B!J*8:',%(*0!d8*@B!
!
!
!
!
!
"[\!
!
!
!
!
!
.,!*)8$,$(7&!(&2*+$8.28+,.!*&!*'5,b,!
!
!
4=>:<!+C?<IPK=;!&:Q:<<C!!
3(>;'8+>/*/!/'!]*,,*/%,>/!
!
+*'83*&!
$%(+>/'8*&%+! >()'8'+*()'! ;>+>P>,>?*8! ,*+! =8S:)>:*+! '+:%,*8'+! E.'! +%P8'!
>()'8:.,).8*,>/*/! +'! e*(! 8'*,>?*/%! '(! ,%+! :'()8%+! '/.:*)>;%+! '+=*T%,'+! '(! ,*+!
_,)>&*+! /a:*/*+B! 1&='?*&%+! '+)'! '+:8>)%! *! )8*;a+! /'! .(! 8'=*+%! /'! ,*+! =%,<)>:*+!
'/.:*)>;*+! E.'! e*(! /*/%! :%P'8).8*! *! )*,'+! *:).*:>%('+! =*8*! /'+:8>P>8!
=%+)'8>%8&'()'! ,*+! :*8*:)'8<+)>:*+! :%(:8')*+! /'! ,*! =8S:)>:*! '+:%,*8B! 4*+! ,<('*+! /'!
*(S,>+>+! E.'! ;'8)'P8*(! '+)*+! *::>%('+! ,*+! e'&%+! +>()')>?*/%! '(0! 5B! 4%+! =,*('+! /'!
*:%->/*A! 55B! 4*! *)'(:>@(! *! ,*! />;'8+>/*/! ,>(-w<+)>:*! 9! :.,).8*,A! 555B! 4*+! '+)8.:).8*+!
'+:%,*8'+! :%%='8*)>;*+A! 5]B! 4*! =*8)>:>=*:>@(! /'! ,*! :%&.(>/*/! '/.:*)>;*A! ]B! 4*!
&'/>*:>@(! >()'8:.,).8*,! 9! ,*! 8'+%,.:>@(! /'! :%(D,>:)%+A! ]5B! 4*! `%8&*:>@(! /'!
78%D'+%8*/%A! ]55B! 4%+! %P+'8;*)%8>%+! /'! ,*+! />D'8'()'+! :%&.(>/*/'+B! 7%/'&%+!
'()'(/'8! )%/*+! '+)*+! *:).*:>%('+! /'+/'! /%+! '(D%E.'+! />D'8'(:>*/%+Y! .(%! &S+!
8',*:>%(*/%! :%(! ,*! '/.:*:>@(! >(:,.+>;*! 9! %)8%! E.'! *:)_*! /'+/'! ,*! '/.:*:>@(!
:%&='(+*)%8>*B!Z',*:>%(*&%+!*,!D>(*,!,*+!*::>%('+!/'!,*!>()'8:.,).8*,>/*/!'/.:*)>;*!
:%(!,%+!=8>(:>=>%+!PS+>:%+!/'!,*+!:%&.(>/*/'+!/'!*=8'(/>?*R'A!:%(+>/'8S(/%,*+!.(!
+%=%8)'! /'+/'! ',! E.'! /*8! :%P'8).8*! *! ,*+! *::>%('+! '/.:*)>;*+! =8';>*&'()'!
/'+:8>)*+B!
5:L:d<:@! JL:Q=T! '/.:*:>@(! >()'8:.,).8*,Y! =%,<)>:*+! '/.:*)>;*+Y! *)'(:>@(! *! ,*!
/>;'8+>/*/Y!:%&.(>/*/'+!/'!*=8'(/>?*R'B!
!
!
D#p!5,&%+,3,!0*&*+,.!
c*()%! /'+:8>P>8! :%&%! *(*,>?*8! ,*! =8S:)>:*! '/.:*)>;*! (%! '+! .(*! )*8'*! DS:>,A! +>!
'()'(/'&%+!,*!=8*F>+!:%&%!*,-%!&S+!E.'!.(*!*:)>;>/*/!&*)'8>*,i;>+>P,'A!+>!;*&%+!
&S+!*,,S!/'!,*!=.()*!/',!>:'P'8-!9!,*!:%&=8'(/'&%+!:%&%!.(*!8',*:>@(!/>*,a:)>:*!
'()8'!,*+!>/'%,%-<*+A!,*+!=%,<)>:*+!9!,*+!*::>%('+!/'!,%+!+.R')%+B!
1+! >(';>)*P,'! =%8! )*()%A! e*:'8! .(! 8':%88>/%! =8';>%! *! ,*+! =%,<)>:*+! '/.:*)>;*+! /'!
(.'+)8%!=*<+!=*8*!=%/'8!'()'(/'8!,*+!*::>%('+!E.'!+%P8'!>()'8:.,).8*,>/*/!+'!e*(!
,,';*/%!*:*P%!'(!,*+!_,)>&*+!/%+!/a:*/*+B!
2'+/'! ,%+! 2'8':e%+! L.&*(%+! /',! "X\g! e*+)*! ,*! 4'9! M8-S(>:*! /'! 1/.:*:>@(A! /'!
&*9%! /',! VWW#A! e*! 'F>+)>/%! .(*! :%()>(.*! 8'D'8'(:>*! 'F=,<:>)*! *! ,*! >-.*,/*/! /'!
!
!
"[^!
%=%8).(>/*/'+! >(/'='(/>'()'&'()'! /'! ,*! (*:>%(*,>/*/! /'! %8>-'(! 9! '+)%! e*!
+.=.'+)%! .(*! :%P'8).8*! R.8</>:*! >()'8'+*()'! =*8*! '&='?*8! *! ,,';*8! *! :*P%!
*:).*:>%('+!:%(:8')*+!*,!8'+=':)%B!
1(!,*!*:).*,>/*/A!,*!,'9!*:).*,!/'!1/.:*:>@(!G4M1A!VWW#HA!'()>'(/'!,*!*)'(:>@(!*!,*!
/>;'8+>/*/!:%&%!=8>(:>=>%!PS+>:%!/',!+>+)'&*!'/.:*)>;%A!D.(/*&'()*,&'()'!;'&%+!
:%&%! +'! >(+>+)'! '(! *:).*:>%('+! E.'! :%&='(+'(! /'D>:>'(:>*+! 9! *+<! -*8*()>?*8! ,*!
>-.*,/*/! /'! %=%8).(>/*/'+B! 1,! *8)<:.,%! bVA! =.()%! [A! 'F=,>:*! E.'0! &%"* $+2.5%"*
$%2.)5B2* $%2* &)* ,+M#,)* %5')2#>)$#:2* +"$%&)5* 4* 5+)&#>)5B2* &)"* ),)3.)$#%2+"* 4*
,#/+5"#9#$)$#%2+"* $-55#$-&)5+"* 35+$#")"* 3)5)* 9)$#&#.)5* )* .%,%* +&* )&-62),%* &)*
$%2"+$-$#:2* ,+* &%"* 9#2+"* +".)M&+$#,%"0* 1,! *+=':)%! /'! $%63+2")$#:2A! '+! .(! '(D%E.'!
&.9! =8'+'()'! '(! ,*+! ,'9'+! '/.:*)>;*+! 9! ;'8'&%+! E.'! )*&P>a(! ,%! '+)*8S! '(! ,*+!
*::>%('+! '+:%,*8'+B! 1(D%E.'! E.'! =%+>P>,>)*(! &%/',%+! /'! *:).*:>@(A! '(! ,%+! ! E.'! +'!
)8*P*R*!*!=*8)>8!/'!,*!/>D'8'(:>*!/'!/')'8&>(*/%+!:%,':)>;%+!9!(%!/'!,*!>(:,.+>@(!/'!
:*/*! .(%! /'! ,%+! >(/>;>/.%+A! :%(! +.+! />D'8'(:>*+! 9! (':'+>/*/'+! ='8+%(*,'+! :%&%!
=.'/'(!+'8!,%+!&%/',%+!/'!,*+!:%&.(>/*/'+!/'!*=8'(/>?*R'B!
1(! ,*! +>-.>'()'! )*P,*! e'&%+! 8':%->/%! *,-.(*+! /'! ,*+! *=%8)*:>%('+! E.'! *,-.(%+!
/%:.&'()%+A!,'9'+!'/.:*)>;*+A!@8/'('+!9!8'*,'+!/':8')%+!e*(!8'*,>?*/%!'(!&*)'8>*!
/'!>()'8:.,).8*,>/*/B!
!
)%$83*&2%'!
.*_*'!
0*&*+,.*'!
"X\g0!22LL!
!
$%(;'(:>@(! /'! ,%+!
2'8':e%+! L.&*(%+!
/',!U>T%!GMU3A!"XgXH!
"X##i!
7*:)%!
5()'8(*:>%(*,!
/'!
2'8':e%+! ':%(@&>:%+A!
+%:>*,'+! 9! :.,).8*,'+!
GMU3H!
"XbgB!
$%(+)>).:>@(!
'+=*T%,*!
!
!
!
+*,.*'!)*$+*2%'!
,5%+2,$(%&*'!
!
Q8)B! VgB! 2'8':e%! *! ,*!
'/.:*:>@(! %P,>-*)%8>*!
+>(!
/>+)>(:>%('+!
P*+*/*+! '(! ',! %8>-'(!
(*:>%(*,A! a)(>:%! %!
8*:>*,B!
!
!
!
Q8)B! "[B! `*;%8':'8! ,*!
:%&=8'(+>@(!
'()8'!
)%/%+! ,%+! -8.=%+!
8*:>*,'+A! +%:>*,'+! %!
a)(>:%+B!
2'P'!
D%&'()*8+'!
,*!
'/.:*:>@(!
D.(/*&'()*,!
=*8*!
*E.',,*+! ='8+%(*+! E.'!
(%! e*9*(! 8':>P>/%! %!
)'8&>(*/%! ',! :>:,%!
:%&=,')%!
/'!
>(+)8.::>@(!=8>&*8>*B!
!
!
Q8)B! "\! 9! XBVBi!
78>(:>=>%+! /'! >-.*,/*/!
D%8&*,! '! >-.*,/*/!
+%:>*,B!
"XgWB! 4'9! %8-S(>:*! /'! !
d*8*()>?*! ',! /'8':e%!
,>P'8)*/!8',>->%+*!
*,! *,.&(*/%! *! 8':>P>8!
'(+'T*(?*! /'! +.+!
8'+=':)>;*+!8',>->%('+B!
!
"Xg[BZZ22!
78%-8*&*!
/'!
""b\t"Xg[! /'! Vb! /'! '/.:*:>@(!
*P8>,! +%P8'! 1/.:*:>@(! :%&='(+*)%8>*!
'(!
$%&='(+*)%8>*!
P'('D>:>%! /'! *E.',,*+!
!
"[#!
!
"XXWB! 4'9! %8-S(>:*! !
"t"XXW! /'! [! /'!
%:).P8'!/'!%8/'(*:>@(!
-'('8*,! /',! +>+)'&*!
'/.:*)>;%!G4MdC1H!
!
"XXVB! 4'9! %8-S(>:*! !
VXt"XX! /'! %:).P8'! /'!
:%%='8*:>@(! :%(! ,!
:%&>+>@(! >+,S&>:*! /'!
1+=*T*B!
!
"XX^B! 4'9! %8-S(>:*! /'! !
,*! 7*8)>:>=*:>@(A! ,*!
';*,.*:>@(!
9!
',!
d%P>'8(%!
/'!
,%+!
:'()8%+!
/%:'()'+!
G4M71dH!
!
!
!
VWWWB! 4'9! M8-S(>:*! !
\tVWWW! /',! ""! /'!
'('8%! /'! ,%+! /'8':e%+!
9! ,>P'8)*/'+! /'! ,%+!
'F)8*(R'8%+! '(! 1+=*T*!
9!+.!5()'-8*:>@(!C%:>*,!
G&%/>D>:*/*! =%8! ,*! ,'9!
!
!
"XX#B!
ZZ22!
VXXt"XX#! 21! Vg! /'!
`'P8'8%! /'! M8/'(! /'!
,*+! Q::>%('+! />8>->/*+!
*! ,*! $%&='(+*:>@(! /'!
/'+>-.*,/*/'+!
'(!
1/.:*:>@(B!
G$%&=,'&'()*!
*,!
ZZ22! *()'8>%8! +%P8'!
1/.:*:>@(!
$%&='(+*)%8>*H!
?%(*+! -'%-8SD>:*+! %!
-8.=%+! /'! =%P,*:>@(!
E.'!=%8!+.+!'+=':>*,'+!
:*8*:)'8<+)>:*+!
8'E.>'8'(!
.(*!
*)'(:>@(!
'/.:*)>;*!
=8'D'8'()'B!
Z':%(%:>&>'()%!
=%+>)>;%!
/'!
,*!
/>;'8+>/*/! /'()8%! /'!
,*+! *.,*+B! 1()8'! +.+!
D>('+!
'/.:*)>;%+0!
:%(%:>&>'()%! /'! ,*+!
:.,).8*+! ! =8%=>*+! /'!
,%+!*,.&(%+B!
2'8':e%! *! ,*! D*,)*! /'!
*+>+)'(:>*! *! :,*+'! '(!
:*+%!
/'!
D>'+)*+!
8',>->%+*+A! )'('8! .(!
e%8*8>%!
/>+)>()%!
/.8*()'! ,*+! &>+&*+! %!
,*!','::>@(!/'!.(!&'(_!
'+:%,*8! '(! D.(:>@(! /'!
+.+!:8''(:>*+B!
Z'*D>8&*! ,*! -*8*()<*!
/'! '+:%,*8>?*:>@(! /'!
(>T%+!
E.'!
+'!
'(:.'()8*(!
'(!
f+>).*:>%('+! +%:>*,'+! %!
:.,).8*,'+!
/'+D*;%8':>/*+!
N'(:>%(*!
'F=,<:>)*&'()'! *! ,*+!
f&>(%8<*+! a)(>:*+h! %!
:.,).8*,'+!
'(!
+>).*:>%('+!+%:>*,'+!/'!
/'+;'()*R*! ! G*8)! [BPH! 9!
+'! =8%=%('! &*()'('8!
9! />D.(/>8! ,*+! :.,).8*+!
9! ,'(-.*+! ! =8%=>*+! /'!
'+%+!-8.=%+A!D*;%8':'8!
',!/'+*88%,,%!9!8'+=')%!
/'!
,*!
>/'()>/*/!
:.,).8*,! /',! *,.&(*/%!
G*8)B"WBVHA! *+<! :%&%!
:%()8*88'+)*8!
,%+!
=8%:'+%+! /'! 'F:,.+>@(!
+%:>*,!
D*;%8':>'(/%!
*:)>)./'+!
/'!
:%&.(>:*:>@(!
9!
8'+=')%! &.).%! G*8)B!
\BV!9!\B[H!!
Q8)B! XB\B! 2'8':e%! 9!
/'P'8!
/'!
,%+!
>(&>-8*()'+! *! ,*!
'/.:*:>@(! PS+>:*! 9! *!
,*+!:%(/>:>%('+!=*8*!,*!
'/.:*:>@(!
=%+)i
%P,>-*)%8>*B! fZ':>P>8!
"[b!
%8-S(>:*!gtVWWWH!
!
VWWVB! 4'9! M8-S(>:*! !
"WtVWWV! /'! V[! /'!
/>:>'&P8'!
/'!
,*!
$*,>/*/!
1/.:*)>;*!
G4M$1H!
!
VWW#B! 4'9! M8-S(>:*! !
[tVWW#! /'! [! /'! N*9%A!
/'!'/.:*:>@(!G4M1H!
.(*!'(+'T*(?*!=*8*!+.!
&'R%8!
>()'-8*:>@(!
+%:>*,A!
:%(!
8':%(%:>&>'()%!
9!
8'+=')%! ! +.! >/'()>/*/!
:.,).8*,B!
Z'*D>8&*! ,*! '/.:*:>@(!
%P,>-*)%8>*!!=*8*!)%/%+!
'(!
>-.*,/*/!
/'!
:%(/>:>%('+A!
*,./>'(/%!
'F=8'+*&'()'!
*,!
*,.&(*/%!>(&>-8*()'B!
$%&='(+*:>@(!
/'!
2'+>-.*,/*/'+! '(! ,*!
'/.:*:>@(B! 78>(:>=>%+!
f',! e*:'8! 'D':)>;%! ',!
=8>(:>=>%! /'! >-.*,/*/!
'(! ',! 'R'8:>:>%! /'!
/'8':e%!*!,*!'/.:*:>@(!
/'+*88%,,*(/%!
*::>%('+! /'! :*8S:)'8!
:%&='(+*)%8>%!
'(!
8',*:>@(!
:%(!
,*+!
='8+%(*+A! -8.=%+A! 9!
S&P>)%+! )'88>)%8>*,'+!
E.'! +'! '(:.'()8'(! '(!
+>).*:>%('+!
/'+D*;%8*P,'+!
=*8*!
';>)*8! /'+>-.*,/*/'+!
/'8>;*/*+! /'! D*:)%8'+!
+%:>*,'+A! ':%(@&>:%+A!
:.,).8*,'+B!
d'%-8SD>:%+A! a)(>:%+A! %!
/'!%)8*!<(/%,'hB!
c*P,*!"B!7%,<)>:*!'/.:*)>;*!'(!&*)'8>*!/'!>()'8:.,).8*,>/*/!
!
1+)'! =*(%8*&*! ,'->+,*)>;%! %D8':'! .(*! :%P'8).8*! -'('8*,! '(! :.*()%! *! ,*!
%P,>-*)%8>'/*/! /'! >&=,*()*8! &'/>/*+! >()'8:.,).8*,'+! '(! ,%+! :'()8%+! '/.:*)>;%+B!
c%/%+! ,%+! :'()8%+! '/.:*)>;%+A! /'! )%/*+! ,*+! :%&.(>/*/'+! '+=*T%,*+! :%(+)*)*(! ',!
e':e%!/'!,*!,,'-*/*!/'!&.:e%+!'+)./>*()'+!/'!%)8%+!=*<+'+!'(!,*+!_,)>&*+!/a:*/*+A!
)*&P>a(!,%+!'+)./>%+!/'!>(;'+)>-*:>@(!/'!'+)'!D'(@&'(%A!;a*+'Y!GU*;*88%!C>'88*!9!
L.-.')!$*(*,<+A!VWW#H!:%(D>8&*(!E.'!:*/*!*T%!',!(_&'8%!/'!*,.&(*/%!>(&>-8*()'!
'(!,*+!*.,*+!*.&'()*!/'!D%8&*!=8%-8'+>;*B!
Q()'! '+)'! &*8:%! :*/*! :%&.(>/*/! *.)@(%&*! %8-*(>?*! 9! -'+)>%(*! :%(D%8&'! *! +.+!
'+=':>D>:>/*/'+B! 2'! D%8&*! -'('8*,! =%/'&%+! /':>8! E.'! )%/*+! ,*+! *.)%(%&<*+!
:%(+>/'8*(!,*!>()'8:.,).8*,>/*/!:%&%!.(!D'(@&'(%!=%+>)>;%!9!/'!'(8>E.':>&>'()%!
/'!,*!:%(;>;'(:>*A!+>!P>'(!'+!:>'8)%!E.'!*!='+*8!/'!'+)*+!/':,*8*:>%('+A!&.:e*+!/'!
,*+! *::>%('+! '+:%,*8'+! ,,';*/*+! *! :*P%A! +'! 8'*,>?*(! /'+/'! ,*! :%&='(+*:>@(A! /'+/'!
/aD>:>)+! *! +%,;'()*8A! *,! >-.*,! E.'! &'(:>%(SP*&%+! *()'8>%8&'()'! '(! ',! S&P>)%!
(*:>%(*,B!!
1(! :.*()%! *! ,*+! />D'8'(:>*+! /'! '(D%E.'+! /'+/'! ,%+! E.'! +'! )8*P*R*! ,*! '/.:*:>@(!
>()'8:.,).8*,A!+>-.>'(/%!,%+!'+)./>%+!8'*,>?*/%+!=%8!',!$521!GVWW\HA!=%/'&%+!/':>8A!
!
!
"[g!
E.'! &.:e*+! :%&.(>/*/'+! GQ(/*,.:<*A! 78>(:>=*/%! /'! Q+).8>*+A! 5+,*+! J*,'*8'+A!
$*(*8>*+A!$*+)>,,*!9!4'@(A!$*)*,.T*A!1F)8'&*/.8*A!d*,>:>*A!7*<+!]*+:%!%!$%&.(>/*/!
]*,'(:>*(*H! :%(+>/'8*(! E.'! /'P'! >(:,.>8+'! 9! /'+*88%,,*8+'! '(! ,*+! 35%'5)6)$#%2+"*
$-55#$-&)5+"! /'! ,%+! :'()8%+B! C'! :%(+>/'8*! )*&P>a(! E.'! ,*! &'R%8! '+)8*)'->*! '+!
>()8%/.:>8!'+)*+!&'/>/*+!/'()8%!/',!&*8:%!/',!!&)2*,+*U.+2$#:2*)*&)*A#/+5"#,),!/'!
,%+! :'()8%+! '+:%,*8'+A! '+)'! '+! ',! :*+%! /'! G1,! 78>(:>=*/%! /'! Q+).8>*+A! $*(*8>*+A!
$*()*P8>*A!$*+)>,,*i4*!N*(:e*A!N*/8>/!9!$%&.(>/*/!`%8*,!/'!U*;*88*HB!c*&P>a(!+'!
>&=.,+*(!=.'+)*+!'(!&*8:e*!/'!+,-$)$#:2*$%63+2").%5#)A!'(!:%(:8')%A!,%!e*:'(!,*+!
:%&.(>/*/'+!:%&%!',!78>(:>=*/%!/'!Q+).8>*+A!$*+)>,,*!9!4'@(A!$*+)>,,*i4*!N*(:e*A!
d*,>:>*A! N*/8>/A! Z'->@(! /'! N.8:>*A! $%&.(>/*/! `%8*,! /'! U*;*88*A! 4*! Z>%R*A! 7*<+!
]*+:%A! $'.)*! 9! N',>,,*B! C'! ',*P%8*(! 3&)2+"* ,+* )$%'#,)* '&%M)&+"* =*8*! ',! *,.&(*/%!
>(&>-8*()'! /'+/'! +.+! =8%=>*+! */&>(>+)8*:>%('+! 9! %)8*+! +>(! '&P*8-%A! :%(+>/'8*(!
E.'!',*B6M#.%*"%$#%*e*$%6-2#.)5#%!)*&P>a(!/'P'!>&=,>:*8+'!'(!',!)8*)*&>'()%!*!,*!
/>;'8+>/*/B! 1(! '+)'! _,)>&%! :*+%! ,*+! +>-.>'()'+! :%&.(>/*/'+! )>'('(! =,*('+! '(!
:%%8/>(*:>@(! :%(! %)8%+! *-'()'+! +%:>*,'+0! Q(/*,.:<*! G7,*(! 5()'-8*,! =*8*! ,*!
5(&>-8*:>@(HA! Q8*-@(! G7,*(! 5()'-8*,! =*8*! ,*! 5(&>-8*:>@(HA! $*(*8>*+! G7,*(! $*(*8>%!
/'! 5(&>-8*:>@(HA! $*+)>,,*i4*! N*(:e*! G7,*(! /'! 5-.*,/*/! '(! ,*! 1/.:*:>@(HA!
1F)8'&*/.8*!G7,*(!5()'-8*,!/'!5(:,.+>@(!C%:>*,HA!N*/8>/!G7,*(!:%()8*!,*!1F:,.+>@(!
C%:>*,!9!7,*(!5()'-8*,!/'!Q9./*!*!,*!`*&>,>*HA!Z'->@(!/'!N.8:>*!G7,*(!Z'->%(*,!/'!
C%,>/*8>/*/! '(! 1/.:*:>@(H! %! 78>(:>=*/%! /'! Q+).8>*+! 9! d*,>:>*A! $*)*,.T*! G7,*('+!
1/.:*)>;%+!/'!1()%8(%HB!
!
Z'+.&>'(/%A!=%/'&%+!/':>8A!)%&*/%!:%&%!P*+'!,%+!'+)./>%+!/',!N>(>+)'8>%!
G$521A! VWW\H! E.'! ,*+! />D'8'(:>*+! '()8'! *.)%(%&<*+! )%&*/*+! =*8*! *)'(/'8! *! ,*!
>(&>-8*:>@(!'(!,%+!:'()8%+!'/.:*)>;%+A!=%8!)*()%!e*:'8!8'D'8'(:>*!*0!
7,*('+! /'! *)'(:>@(! *! ,*! />;'8+>/*/! /'! D%8&*! -'('8*,A! +>(! '+=':>D>:*8!
:%,':)>;%+!9!/'()8%!/'!'+)'A!+'!/>D'8'(:>*8<*(0!
•
4%+!E.'!,%+!>(:%8=%8*(!'(!,%+!=8%9':)%+!:.88>:.,*8'+B!
•
4%+!E.'!,%!>(:%8=%8*(!'(!',!7,*(!/'!Q)'(:>@(!*!,*!2>;'8+>/*/B!
•
4%+!E.'!,%!>()'-8*(!'(!,%+!7,*('+!/'!$%&='(+*)%8>*B!
7%8!%)8%!,*/%A!+'!'(:.'()8*(!,%+!E.'!'(D%:*(!,*+!*::>%('+!/'()8%!/'!=,*('+!
-,%P*,'+!:%(:8')%+!=*8*!,*!>(&>-8*:>@(B!
7%8! _,)>&%! ,%! E.'! >(:%8=%8*(! ,*+! *::>%('+! '/.:*)>;*+! /'()8%! /'! .(! =,*(!
+%:>%i:%&.(>)*8>%B!
1(! -'('8*,! ,%+! :8>)'8>%+! /'! *:).*:>@(! E.'! 8'-.,*(! ,*+! *::>%('+! +%P8'!
>()'8:.,).8*,>/*/! '(! ,%+! :'()8%+! )>'('! E.'! ;'8! :%(0! ,*! (%8&*,>?*:>@(A! ,*! *::>@(!
=%+>)>;*A! ,*! >()'-8*:>@(! )'88>)%8>*,! 9! +':)%8>*,A! ,*! =*8)>:>=*:>@(! +%:>*,A! ,*!
:%%8/>(*:>@(A!',!:*8S:)'8!>()'-8*,!/'!,*+!*:).*:>%('+!9!,*!';*,.*:>@(!:%()<(.*!G]'-*!
N%8'(%A!VWWbH!
!
M#p! $,+,$2*+1'2($,'! 0*&*+,.*'! )*! .,'! 3*)(),'! '%/+*! .,! *)8$,$(7&!
(&2*+$8.28+,.!
7*8*! =%/'8! +'-.>8! /'+:8>P>'(/%! ,*+! &'/>/*+! /'! >()'8;'(:>@(! '(! '/.:*:>@(!
>()'8:.,).8*,A! (':'+>)*&%+! )%&*8! *,-.(%+! 'R'+! :%&.('+! E.'! 8'+.&'(! ,*+!
:*8*:)'8<+)>:*+! /'! ,*+! >()'8;'(:>%('+B! 4%+! e>,%+! :%(/.:)%8'+! E.'! *)8*;>'+*(! )%/*+!
!
!
"[X!
'+)*+! >()'8;'(:>%('+A! ,*+! e'&%+! +>()')>?*/%! '(0! 5B! 4%+! =,*('+! /'! *:%->/*A! 55B! 4*!
*)'(:>@(! *! ,*! />;'8+>/*/! ,>(-w<+)>:*! 9! :.,).8*,A! 555B! 4*+! '+)8.:).8*+! '+:%,*8'+!
:%%='8*)>;*+A! 5]B! 4*! =*8)>:>=*:>@(! /'! ,*! :%&.(>/*/! '/.:*)>;*A! ]B! 4*! &'/>*:>@(!
>()'8:.,).8*,!9!,*!8'+%,.:>@(!/'!:%(D,>:)%+A!]5B!4*!`%8&*:>@(!/'!78%D'+%8*/%A!]55B!4%+!
%P+'8;*)%8>%+!/'!,*+!/>D'8'()'+!:%&.(>/*/'+B!58'&%+!8'=*+*(/%!:*/*!.(*!/'!',,%+B!
!
M#D#p!.C@!5L:>=@!?=!,JCPB?:!
1+)%+!=,*('+!/'!*:%->/*!/'!,%+!:'()8%+!+%(!8':%&'(/*/%+!=%8!,*!,'->+,*:>@(!*:).*,!
G4M1A!VWW#H!9!D.(/*&'()*,&'()'!+'!/>D'8'(:>*(!=%8!',*P%8*8,%!)'(>'(/%!'(!:.'()*!
*!)%/*!,*!=%P,*:>@(!(.';*!%!+@,%!*!,%+!:%,':)>;%+!/'!>(&>-8*()'+B!1+!/':>8A!+'!;.',;'!
*! ;'8! ,*! />D'8'(:>*! E.'! &'(:>%(SP*&%+! *()'8>%8&'()'! '()8'! 8'+=.'+)*!
-'('8*,>?*/*!%!'+=':>*,>?*/*!'(!',!:%,':)>;%!/'!>(&>-8*()'+A!9!*,-.(*+!:%&.(>/*/'+!
:.'()*(!:%(!+.+!=8%=>%+!=,*('+!*.)%(@&>:%+!:%(!,%+!E.'!8'*,>?*8!,*!*:%->/*A!%)8%+!
/'+*88%,,*(!,*!*:%->/*!/'()8%!/'!,%+!7,*('+!/'!Q)'(:>@(!*!,*!2>;'8+>/*/!9!%)8%+!+%(!
=8%-8*&*+! />8>->/%+! '+=':>*,&'()'! *,! :%,':)>;%! /'! >(&>-8*()'+B! 1F>+)'(! )*&P>a(!
*.,*+! /'! *:%->/*! +%:>%i,>(-w<+)>:*! 9! ='8+%(*,! '+=':<D>:%! =*8*! *=%9*8! '+)'! *+=':)%A!
:%&%! +%(! ,%+! ).)%8'+! /'! *:%->/*! '(! Q8*-@(! 9! $*()*P8>*! %! ,%+! &'/>*/%8'+!
>()'8:.,).8*,'+A!'(!&.:e*+!:%&.(>/*/'+B!
7%8! ,%! -'('8*,A! *(*,>?*/%! />D'8'()'+! 7,*('+! /'! Q:%->/*! /'! ;*8>%+! :'()8%+! 9!
8':%->/%+! />:e%+! *(S,>+>+! '(! )8*P*R%+! :%&%! ,%+! /'! GZ%/8<-.'?! U*;*88%A! Z')%8)>,,%!
M+.(*! VWW#Y! ]'-*! N%8'(%A! VWWbH! '(:%()8*&%+! E.'! '(! ',,%+! *=*8':'! =8'D>R*/*! ,*!
*:).*:>@(! :%(! ,%+! )8'+! S&P>)%+! E.'! :%&=%('(! ,*! :%&.(>/*/! '/.:*)>;*! 9! E.'!
*D':)*(!*!'+)*+!&>(%8<*+0!=8%D'+%8*/%A!=*/8'+!!9!*,.&(*/%B!C.+!*::>%('+!=*+*(!=%8!
)8'+!D*+'+0!,*!>(D%8&*)>;*A!,*!/'!*:%->/*!'(!',!:'()8%!9!'(!',!*.,*!9!,*!/'!*:%->/*!'(!,*!
:%&.(>/*/! '/.:*)>;*B! 1+)%+! &%&'()%+! +'! 8'*,>?*(! &'/>*()'! 8'.(>%('+! :%(! ,*+!
D*&>,>*+! 9! :%(! ',! *,.&(*/%A! '(! :,*.+)8%+! /',! =8%D'+%8*/%! 9! &'/>*()'! ,*!
%8-*(>?*:>@(!/'!*=%9%+!=%8!=*8)'!/'!,%+!/%:'()'+!/'!:%&='(+*)%8>*B!!
1(! -'('8*,A! =%/8<*&%+! /':>8! E.'! 'F>+)'! .(*! =8'%:.=*:>@(! '(! ,%+! :'()8%+! =%8! ',!
)'&*!/'!,*!>()'-8*:>@(!/'!,%+!(.';%+!'+:%,*8'+!E.'!=8%;>'('(!/'!%)8%+!=*<+'+B!4%+!
/>+'T%+!(%+!=*8':'(!>()'8'+*()'+!9!:*8-*/%+!/'!/')*,,'+!E.'!=.'/'(!*9./*8!&.:e%!
*!,*!>()'-8*:>@(!/'!,%+!(>T%+!9!(>T*+!8':>a(!,,'-*/%+B!
C>(!'&P*8-%A!+.!*=,>:*:>@(!=.'/'!/>D.&>(*8+'!:.*(/%!+'!,,'-*!*,!(>;',!/',!/')*,,'B!
1,! 8>)&%! />*8>%! /'! ,*+! :,*+'+Y! ,*! *)'(:>@(! *! &.,)>)./! /'! =8%P,'&*+! :%)>/>*(%+! =%8!
=*8)'!/'!,%+!&*'+)8%+!9!&*'+)8*+Y!%!',!',';*/%!(_&'8%!/'!'+:%,*8'+!*!,%+!E.'!)>'('!
E.'!*)'(/'8!:*/*!/%:'()'!9!E.'!(%!='8&>)'!/'/>:*8+'!/')'(>/*&'()'!*!:*/*!:*+%A!
+.=%('(!/>+)%8+>%('+!*!,*!*=,>:*:>@(!:%)>/>*(*!/',!=,*(B!7%8!%)8*!=*8)'A!;'&%+!E.'!
',! ='+%! /'! ,%+! :%()'(>/%+! )8*/>:>%(*,'+! G,':)%i'+:8>).8*A! &*)'&S)>:*+sHA! *+<! :%&%!
,*+!'F>-'(:>*+!D.).8*+!GE.'!,,'-.'(!:%(!(>;',!*!C':.(/*8>*H!'(:%8+')*(!,*+!=8S:)>:*+!
9!/')'8&>(*(!,*+!=8>%8>/*/'+!/',!+>+)'&*B!c%/%!',,%!/'&*(/*!%!P>'(!.(!:*&P>%!'(!
,*! +'(+>P>,>/*/! /',! =8%D'+%8*/%! e*:>*! '+)%+! )'&*+! )8*(+;'8+*,'+! %! P>'(! &S+!
/%:'()'+!E.'!;>->,'(!'+)%+!=8%:'+%+!='8+%(*,'+B!!
1(:%()8*&%+A! */'&S+A! *,-.(*+! ,>&>)*:>%('+! '(! '+)%+! =,*('+A! 8'D'8>/*+! *! ,*!
/>D>:.,)*/!/'!e*:'8!,,'-*8!+.+!>()'(:>%('+!9!+.!;*,%8!*!,*+!D*&>,>*+!/'!,%+!'+:%,*8'+!
&S+!(':'+>)*/*+!/'!'+)*!8',*:>@(!D*&>,>*i'+:.',*B!{$@&%!e*:'8!;'8!,*!>&=%8)*(:>*!
/'! >8! *! ,*+! 8'.(>%('+! *! '+)*+! D*&>,>*+! E.'! (%! *:./'(! *! ',,*+|A! {:@&%! ,,'(*8,*+! /'!
:%()'(>/%+!E.'!,'+!>()'8'+'(|A!{:@&%!e*:'8,'+!;'8!',!;*,%8!/'!,*!'+:%,*8>?*:>@(|!C%(!
!
!
"\W!
=8'-.()*+! E.'! /'D>('(! .(! :*&=%! +%P8'! ',! E.'! +'-.>8! e*P>,>)*(/%! '+)8*)'->*+! E.'!
=%+>P,'&'()'! *! ;':'+! +.='8'(! ,*+! :%&=')'(:>*+! /',! :'()8%! '+:%,*8B! N>-.',! n(-',!
1++%&P8*! G"XXXA! "^H! '+)*P,':'! '(! +.! 8':>'()'! ,>P8%! ,*+! P*+'+! =*8*! ,*!
)8*(+D%8&*:>@(! e*:>*! .(! =,*(! /'! *:%->/*! E.'! 8':%R*! .(! :.88<:.,%! >()'8:.,).8*,B!
1+)*+!P*+'+!)'(/8<*(!E.'!;'8!&S+!:%(!*+=':)%+!:.*,>)*)>;%+A!/%(/'!+'!=8%/.?:*!.(*!
;'8/*/'8*!)8*(+D%8&*:>@(!/'!,*!(*).8*,'?*!')(%:a)8>:*!=8';>*!/'!+.+!:%()'(>/%+!9!
.(*! =*8)>:>=*:>@(! 9! :%&=,>:>/*/! /',! :%(R.()%! /'! ,*! :%&.(>/*/! '/.:*)>;*! /',!
:'()8%B! 4*+! :%&.(>/*/'+! /'! *=8'(/>?*R'! ;'8'&%+! &S+! */',*()'! :%&%! =.'/'(!
%D8':'8!.(!&*8:%!/>*,@->:%!9!:%&.(>)*8>%!/'+/'!',!E.'!*D8%()*8!'+)*+!*:).*:>%('+B!
!
M#M#p!.:!:H=>JBf>!:!L:!?BQ=<@B?:?!LB>PxI@HBJ:!N!JKLHK<:L!
4*! ,'(-.*! '+! .(! *+=':)%! :,*;'! =*8*! ,*! >()'-8*:>@(! /',! *,.&(*/%! =8%:'/'()'! /'!
%)8%+! =*<+'+A! +%P8'! )%/%! :%&%! ;'e<:.,%! =*8*! *::'/'8! *,! :.88<:.,%B! 4%+! :'()8%+!
'+:%,*8'+!+.','(!)'('8!8':%->/%!'(!+.+!=,*('+!/'!*:%->/*!8'+=':)>;%+A!,*+!&'/>/*+!
,>(-w<+)>:*+! *! /'+*88%,,*8B! 1+)*+! *:).*:>%('+! +'! 8'*,>?*(! (%! +@,%! :%&%! *=8'(/>?*R'!
/'!,*!(.';*!,'(-.*!+>(%!:%&%!=8%:'+%!)8*(+>)%8>%A!/'!*/*=)*:>@(!*,!(.';%!'()%8(%!
9! /'! :%(%:>&>'()%! *! ,%+! :@/>-%+! :.,).8*,'+! /'! ,*! '+:.',*! GZ%/8<-.'?! U*;*88%! 9!
d*8:<*!N%(-'A!VWW#Y!VWWXHB!
7%8! '+%! )%/%+! ,%+! :%,'->%+! :%(! *,.&(*/%! >(&>-8*()'! '+:%,*8>?*/%! )>'('(! :%&%!
%PR')>;%!=8>%8>)*8>%!,*!'(+'T*(?*!/',!'+=*T%,!9!'(!+.!:*+%A!/'!,*!,'(-.*!=8%=>*!/'!,*!
:%&.(>/*/! *.)@(%&*B! Q/'&S+! +'! :.'()*! :%(! =8%D'+%8*/%! '+=':<D>:%! =*8*! )*,!
:%&')>/%B! N.:e*+! :%&.(>/*/'+! :.'()*(! :%(! .(! 7,*(! *.)%(@&>:%! /'! Q)'(:>@(!
4>(-w<+)>:*!9!:.,).8*,!:%&%!$*(*8>*+A!$*+)>,,*!9!4'@(A!$*)*,.T*A!1F)8'&*/.8*A!7*<+!
]*+:%!9!N',>,,*B!$*+>!)%/*+!,*+!*.)%(%&<*+!:.'()*(!:%(!*.,*+!/'!*=%9%!,>(-w<+)>:%!
=*8*! )%/%! ',! *,.&(*/%! /'! :%&='(+*)%8>*! 9! %)8*+! )%&*(! &'/>/*+! '+=':<D>:*+! :%(!
78%-8*&*+!=*8*!',!*=8'(/>?*R'!9!/'+*88%,,%!/'!,*!,'(-.*!9!:.,).8*+!&*)'8(*+A!:%&%!
Q(/*,.:<*A! Q8*-@(A! 78>(:>=*/%! /'! Q+).8>*+A! 1F)8'&*/.8*A! N*/8>/! 9! $%&.(>/*/!!
]*,'(:>*(*! G$521A! VWW\HB! 1F>+)'(! /'! (.';%A! *::>%('+! %8>'()*/*+! /'+/'! ,*!
:%&='(+*)%8>*! :%&%! =.'/'(! +'80! ,*+! Q.,*+! /'! 5(&'8+>@(! 4>(-w<)>:*A! Q.,*+! /'!
1(,*:'A! Q.,*+! Q45CMA! ,%+! 78%-8*&*+! 7ZMQ! '(! N*/8>/A! '(! $*+)>,,*! 9! 4'@(A! '(! ,*!
78%;>(:>*!/'!Q+).8>*+A!$*+)>,,*!,*!N*(:e*A!'):Y!9!%)8*+!E.'!8':%(%:'(!,*!'F>+)'(:>*!
/'! />;'8+*+! 8'D'8'(:>*+! :.,).8*,'+A! '()8'! ',,*+0! 1,! 7,*(! /'! ,*! 4'(-.*! 9! ,*! $%e'+>@(!
C%:>*,!GJ'+*,_!9!]>,*A!VWWbHA!'(!',!E.'!',!=,*()'*&>'()%!'/.:*)>;%!=8')'(/'!:8'*8!9!
/>(*&>?*8!'()%8(%+!:%%='8*)>;%+!E.'!/'(!8'+=.'+)*!*!,*+!&_,)>=,'+!(':'+>/*/'+!/'!
,*! +%:>'/*/! :%,*P%8*(/%! :%(! 8'/'+! +%:>*,'+A! D%8&*,'+! '! >(D%8&*,'+A! /%(/'! +'!
>()'-8'! *,! *,.&(*/%! /'()8%! /'! +.! :%&.(>/*/B! Q&P*+! &'/>/*+! +%+)>'('(!
=,*()'*&>'()%+!/'!=*8)>/*!/>D'8'()'+!9!='8&*(':'(!'(!%:*+>%('+!'()8'&'?:,*/*+!
'(! ',! />+:.8+%! GU*;*88%! C>'88*! 9! L.-.')! $*(*,<+A! VWW#H! 9! ,*+! $%&.(>/*/'+! /'!
Q=8'(/>?*R'!E.'!)8*P*R*(!',!)'&*!/'!,*!>()'8:.,).8*,>/*/!:%&%!*,-%!>()'-8*/%!'(!.(!
&*8:%!-'('8*,!/'!/>;'8+>/*/!9!/>S,%-%!:%(!',!E.'!:%(+)8.>8!:.,).8*!!G2<'?!7*,%&*8!
9!`,':e*!d*8:<*A!VW"WHB!
4*! '(+'T*(?*! /',! P>,>(-w>+&%! )8*/>:>%(*,! +'! e*! ='(+*/%! =*8*! .(! *,.&(%! &'/>%A!
E.'! (%! 'F>+)'A! =*8*! .(! -8.=%! /'! '+)./>*()'+! e%&%-a('%A! +>(! '&P*8-%! ,%+! (.';%+!
=,*()'*&>'()%+! /'! '(+'T*(?*! /'! ,*! ,'(-.*! ,%! e*:'(! /'+/'! .(! '(D%E.'!
:%&.(>:*)>;%! 9! =%8! )*()%! '+)*! ='8+=':)>;*! +'! *:'8:*! &S+! *! &')%/%,%-<*+!
>()'8*:)>;*+A! />*,@->:*+A! /%(/'! ',! >(/>;>/.%! D%8&*! =*8)'! /'! .(*! :%&.(>/*/! G]>,*A!
VWW#HB! 1;>/'()'&'()'! *+=':)%+! :%&%! ,*+! *:)>)./'+! *()'! ,*! ,'(-.*! GU*;*88%! 9!
!
!
"\"!
4*=8'+)*A! VWWbHA! ,*+! %8-*(>?*:>%('+! 9! *-8.=*&>'()%+! '+:%,*8'+! G2<*?! Q-.*/%A!
"XX#Y!VWW#HA!+%(!*+=':)%+!>&=,<:>)%+!*!,*+!'(+'T*(?*!/'!,*+!,'(-.*+!/'+/'!'+)'!)>=%!
/'!'(D%E.'!:%&.(>:*)>;%B!
!
M#"#p!*@H<KJHK<:@!JCCA=<:HBQ:@!=@JCL:<=@!
3(*!/'!,*+!&'/>/*+!E.'!+'!)>'('(!'(!:.'()*!*!,*!e%8*!/'!*)'(/'8!*!,*!/>;'8+>/*/!'(!
,*+!'+:.',*+!'+!',!8'D'8>/%!*!,%+!*-8.=*&>'()%+!9!%8-*(>?*:>@(!/'!,%+!-8.=%+!*!(>;',!
/'!:'()8%!9!/'!*.,*B!C'!/'D>'(/'!.(*!e')'8%-'('>/*/!'(!+.!:%&=%+>:>@(!G+%P8'!)%/%!
'(! :.*()%! *! =*<+! /'! %8>-'(! 9! (>;',! :.88>:.,*8HB! 2'+/'! ',! '(D%E.'! /'! ,*!
:%&='(+*)%8>*A!9!!(>;',!/'!:'()8%A!+'!%8-*(>?*(!,%+!-8.=%+!)'(>'(/%!'(!:.'()*!,*+!
&'/>/*+! %8/>(*8>*+! 9! 'F)8*%8/>(*8>*+B! Q,-.(*+! /'! ',,*+! +'! 8'D>'8'(! *! ,*+!
*/*=)*:>%('+!:.88>:.,*8'+A!*/*=)*:>%('+!/'!,*+!=8%-8*&*:>%('+!/>/S:)>:*+!9!-8.=%+!
/'!*=%9%!'(!,%+!E.'!+'!>&=*8)'(!:.88>:.,.&+!*/*=)*/%+!%!*=8'(/>?*R'+!PS+>:%+B!1(!
:.*()%! *! ,*+! &'/>/*+! 'F)8*%8/>(*8>*+A! *,-.(%+! :'()8%+! )*&P>a(! =%('(! '(! &*8:e*!
)*,,'8'+!>()'8:.,).8*,'+!%!=8%-8*&*+!'+=':<D>:%+!=*8*!)8*P*R*8!,*!>()'8:.,).8*,>/*/B!
4*+!*:)>;>/*/'+!'F)8*'+:%,*8'+!+'!.)>,>?*(!'(!%:*+>%('+!:%&%!'(-*(:e'+!*!)8*;a+!/'!
,%+!E.'!>()8%/.:>8!*!,%+!>(&>-8*()'+!'(!,*!;>/*!/',!:'()8%B!Q,!&>+&%!)>'&=%!*,-.(*+!
:%&.(>/*/'+!GQ+).8>*+A!]*,'(:>*A!1F)8'&*/.8*!9!N*/8>/H!:.'()*(!:%(!+.+!:'()8%+!
'+:%,*8'+!/'!*)'(:>@(!'/.:*)>;*!=8'D'8'()'!G$521Y!VWW\HB!
2'()8%!/'!,*+!*.,*+A!,*+!%8-*(>?*:>%('+!9!&')%/%,%-<*+!.)>,>?*/*+!=*8*!)8*P*R*8!'(!
'+)*! ,<('*! +.','(! /'(%&>(*8+'! :%%='8*)>;*+A! :%,*P%8*)>;*+A! >()'8*:)>;*+! %!
/>*,@->:*+B!c%/*+!',,*+!e*:'(!8'D'8'(:>*!*!,*!>()'8*::>@(!'()8'!'+)./>*()'+!/>;'8+%+!
=*8*! :%(+)8.>8! GD8.)%! /'! '+*+! >()'8*::>%('+H! :.,).8*! :%&_(B! 1(! ,*! )*P,*! +>-.>'()'!
;>+>P>,>?*&%+! *,-.(*+! 'F='8>'(:>*+! GP.'(*+! =8S:)>:*+H! ,,';*/*+! *! :*P%! '(! (.'+)8%!
=*<+! 9! E.'! +%(! .(! 8'D,'R%! /'! ,*+! D%8&*+! '(! ,*+! E.'! ,*! '/.:*:>@(! >()'8:.,).8*,! '+)S!
)%&*(/%!D%8&*!'(!(.'+)8%!=*<+B!
!
,0+85$(%&*'!-.*U(/.*'!
0+85%'!(&2*+,$2(6%'p!
!
$%%5*+,2(6%'p!
$%.,/%+,2(6%'#!
;+%5')2#>)2,%*
&)"*
)-&)"*
+2* 8%"* '5-3%"* #2.+5)$.#/%"* -2)* 9%56)* ,+*
)'5-3)6#+2.%* 9&+C#M&+"T* -2)* 5+"3-+".)* .5)M)a)5* &)* ,#/+5"#,),* ,+2.5%* ,+&* )-&)!
)* &)* 5+)&#,),* ,+* &%"* $+2.5%"* +"$%&)5++! GL31C$QH!
GNQ2Z52H!
L%,%* +&* 35%9+"%5),%* 2%"* $%2"#,+5)6%"* 8)"* $%6-2#,),+"* ,+* )35+2,#>)a+* #2.+'5)2*
,+* $%63+2").%5#)* 4* V)$+6%"* 5+9-+5>%* ,#/+5"#,),*,+2.5%*,+&*)-&)!GL31C$QH!
+"$%&)5* ,+2.5%* ,+* &)"* $&)"+"!
G]Q41U$5QH!
78%-8*&*! Q,P'8! />8>->/%! *! )%/%! ',! 8)"* $%6-2#,),+"* ,+* )35+2,#>)a+* #2.+'5)2*
:'()8%! =*8*! ,*! */E.>+>:>@(! /'! ,*+! ,#/+5"#,),* )&* )&-62),%* 3)5.#+2,%* ,+* &)*
e*P>,>/*/'+! PS+>:*+! /'! *::'+%! *,! 5#`-+>)*,+*&)*V+.+5%'+2+#,),*GC1]544QH!
:.88<:.,%A! '(D%:*/%! /'+/'! ,*!
&')%/%,%-<*! =%8! =8%9':)%+! 9! E.'!
:%()'&=,*! *-8.=*&>'()%+! D,'F>P,'+!
!
!
"\V!
=%8! (>;',! 9! =%8! :>:,%+A! '(! .(*! '+:.',*!
:%(! .(! ',';*/%! (_&'8%! /'! *,.&(%+!
>(&>-8*()'+B! 1+:.',*! 7_P,>:*! 78<(:'=!
/'!]>*(*A!'(!4,'>/*B^!
!
?%63+2")6%"* &)"* ,+"#'-)&,),+"* 4*
9)/%5+$+6%"* +&* $%2%$#6#+2.%* ,+* &)"*
,#9+5+2.+"*$-&.-5)"*GM]512MH!
!
O%56)$#:2* ,+&* !5%9+"%5),%* +2* $%63+.+2$#)*
"%$#)&T* ^+".%* +"* $%6%* +&* M5#$%&)'+@* "#*
)35+2,+"* )* V)$+5&%* .b* 6#"6%@* ")M+"* `-W*
V)$+5* +2* +&* 6%6+2.%* `-+* .+2')"* )/+5()7!!
GNÇZ52QtJQ2QjMH!
!
?%2*&)*?%6-2#,),*,+*U35+2,#>)a+*"+*,)*-2)*
$%2/#/+2$#)* 6)4%5* +2.5+* +&* )&-62),%@* "+*
6+>$&)2* 2)$#%2)&#,),+"@* 2#/+&+"* 4* "+C%"!
GQZQdMQH!
c*P,*!VB!1R'&=,%+!/'!P.'(*+!=8S:)>:*+!8',*:>%(*/*+!:%(!'+)8.:).8*+!:%%='8*)>;*+#!!
!
c%/*+! '+)*+! 'F='8>'(:>*+! 8'*,>?*/*+! '(! ,*! _,)>&*! /a:*/*! '(! 1+=*T*A! =8')'(/'(!
)8*P*R*8! ,*! :%&=')'(:>*! +%:>*,! 9! /'! '+)'! &%/%! &*F>&>?*8! ,*+! %=%8).(>/*/'+! /'!
*=8'(/>?*R'! /',! *,.&(*/%! :.,).8*,&'()'! />;'8+%B! 1+! /':>8A! *,-.(%+! :'()8%+! e*(!
/':>/>/%! *P%8/*8! ,*! />;'8+>/*/! :.,).8*,! *! =*8)>8! /',! :.>/*/%! /'! ,*+! '+)8.:).8*+!
:%%='8*)>;*+B!!
!
M#`#p!.:!W=?B:JBf>!B>H=<JKLHK<:L!N!+=@CLKJBf>!?=!JC>OLBJHC@!
M)8%!/'!,%+!*+=':)%+!:,*;'+!/'!,*!'/.:*:>@(!>()'8:.,).8*,!'+A!)*()%!,*!D>-.8*!:%&%!',!
:%(:'=)%! /'! 6+,#)$#:2* #2.+5$-&.-5)&0* 7%/'&%+! /'D>(>8,*! :%&%! ,*! ;<*! '(! ,*! E.'! +'!
>()'()*!E.'!,*+!/>D'8'()'+!=*8)'+!/'!,*!:%&.(>/*/!'/.:*)>;*!:%&=*8)*(!=.()%+!/'!
;>+)*! +%P8'! ,*! 8'*,>/*/! /',! *,.&(*/%! =*8*! E.'! +'! )8*P*R'(! '/.:*)>;*&'()'! ,*+!
'+=':>D>:>/*/'+!/'!:*/*!'+)./>*()'B!1+)*!>/'*!+'!e*!+>/%!)8*/.:>'(/%!'(!,%+!:'()8%+!
*,!:8'*8!D>-.8*+!6+,#),%5)"Y!*!;':'+!D*&>,>*+!/'!>(&>-8*()'+!;')'8*(%+!'(!',!:'()8%A!
%)8*+!;':'+!D>-.8*+!/'!*+%:>*:>%('+!/'!>(&>-8*()'+!9!:*/*!;'?!&S+!+%(!,%+!:'()8%+!
E.'!%=)*(!=%8!/*8!8'+=%(+*P>,>/*/!*!,%+!=8%=>%+!'+)./>*()'+!/'!:.8+%+!+.='8>%8'+!9!
:%(!',!&>+&%!=*<+!/'!=8%:'/'(:>*B!C%(!',,%+!,%+!E.'!*9./*(!'(!,*!,*P%8!/'!*:%->/*!*!
,%+!(.';%+!'+)./>*()'+B!
!
1,! :%(:'=)%! /'! 8'+%,.:>@(! /'! :%(D,>:)%+! '(! )a8&>(%+! /'! >()'8:.,).8*,>/*/!
'+)S! />8':)*&'()'! 8',*:>%(*/%A! )*()%! :%(! ,*! &'/>*:>@(A! *,! +'8! *+.()%+! E.'! +'!
)8*P*R*(!/'+/'!'+)*!='8+=':)>;*A!:%&%!:%(!,%+!7,*('+!/'!$%(;>;'(:>*B!!1+)*+!D>-.8*+!
G&'/>*/%8*+!9!/'!8'+%,.:>@(!/'!:%(D,>:)%+H!+'!=8%&%;>'8%(!/'!D%8&*!&S+!*:)>;*!*!
=*8)>8!/'!,*!*=*8>:>@(!/'!/>:e%+!=,*('+B!
5
6
!
Jové, G. (Coord.) (2006). Desig d’alteritat. Lleida: Pagès Editors.
Experiencias prácticas extraídas de: http://www.aulaintercultural.org
!
"\[!
Q! :%()>(.*:>@(! =8'+'()*&%+! .(*! +'8>'! /'! 'F='8>'(:>*+! E.'! )8*P*R*(! ,*!
>()'8:.,).8*,>/*/!=%(>'(/%!',!D%:%!/'!*)'(:>@(!'(!,*!&'/>*:>@(!9!'(!,*!8'+%,.:>@(!
/'!:%(D,>:)%+B!
!
3*)(,$(7&!(&2*+$8.28+,.!
+*'%.8$(7&!)*!$%&-.($2%'!
8)* 6+,#)$#:2* #2.+5$-&.-5)&@* -2* +"9-+5>%* 8)* $%2/#/+2$#)* 4* &)* 5+"%&-$#:2* ,+*
3%5* 5+&)$#%2)5* )* ,%$+2.+"@* )&-62),%* 4* $%29&#$.%"@* -2* )"-2.%* ,+* .%,)* &)*
9)6#&#)"0!GN3Z$5QH!
$%6-2#,),*+,-$).#/)!GN3Z$5QH!
<&*.5)M)a%*,#5+$.%*4*$+5$)2%*$%2*3),5+"*4*
6),5+"@*$&)/+*+2*+&*WC#.%*,+&*35%4+$.%*
+,-$).#/%!GUQ]QZZMH12)*#2/+".#')J
)$$#:2*$%&)M%5).#/)*3)5)*#2$+2.#/)5*&)*
3)5.#$#3)$#:2*,+*&)"*9)6#&#)"*6#'5)2.+"*
+2*&)*/#,)*+,-$).#/)GdQ45$5QH!
L5)M)a)5* $%2* &)* 9)6#&#)* +"* &%* 6B"*
#63%5.)2.+@@&%"* 2#=%"* 5+35%,-$+2* +&*
6%,+&%* `-+* /+2* +2* $)")! GCQU! jQ]51ZB!
N3Z$5QH!
8)* 5#`-+>)* ,+* &)* ,#/+5"#,),* +2* +&* !
35%4+$.%*N2.+'5)v.!GQ45$QUc1H!
c*P,*![B!J.'(*+!=8S:)>:*+!+%P8'!&'/>*:>@(!9!8'+%,.:>@(!/'!:%(D,>:)%+!
!
M#v#p!-C<W:JBf>!?=!5<CO=@C<:?C!
4*+! */&>(>+)8*:>%('+! '/.:*)>;*+! e*(! */%=)*/%! &'/>/*+! *()'! ,*! ,,'-*/*! /'!
*,.&(*/%! :%(! />D'8'()'+! =8%:'/'(:>*+! *! ,*+! '+:.',*+B! C'! e*(! =8%=%8:>%(*/%!
/>D'8'()'+! D%8&*)%+! =*8*! *+'-.8*8! E.'! +'! =8%/.?:*! '+)*! D%8&*:>@(! 9! '(! :%(:8')%!
'(! )'&*+! 8'D'8>/%+! *! >()'8:.,).8*,>/*/B! Q+<! =%8! 'R'&=,%A! '(! ,*! ,<('*! /'! D%8&*:>@(!
:%()<(.*A!+'!8'*,>?*(A!'(!:%,*P%8*:>@(!:%(!,%+!$`51+!G$7Z+A!$Z7A+A!$17+AsHA!:%(!,%+!
*+'+%8'+A!:%(!,*+!/>8'::>%('+!=8%;>(:>*,'+A!>(:,.+%!:%(!*+%:>*:>%('+!/'!>(&>-8*()'+A!
/>D'8'()'+! )*,,'8'+A! +'&>(*8>%+A! :.8+%+! /'! =%+-8*/%+A! D%8&*:>@(! '(! :'()8%+B!
c*&P>a(! 'F>+)'(! :.8+%+! +%P8'! '+)*! &*)'8>*A! /'+)>(*/%+! /'! D%8&*! '+=':<D>:*! *! ,%+!
'E.>=%+! />8':)>;%+A! =*8*! )8*P*R*8! ,*+! />D'8'()'+! D%8&*+! /'! %8-*(>?*:>@(! /'! ,%+!
:'()8%+!9!/'!*:).*:>%('+!E.'!/'+'!+.!@8-*(%!/'!-%P>'8(%!=.'/'(!8'*,>?*8B!
L*P8<*! E.'! 8'+*,)*8A! ,*! >&=%8)*(:>*! /'! -'('8*8! '(! '+)%+! '+=*:>%+! 8'/'+! 9!
:%,*P%8*:>%('+!:%(!,*+!3(>;'8+>/*/'+!E.'!>&=*8)'(!+.+!'(+'T*(?*+!'(!N*->+)'8>%!
=*8*!E.'!,*!D%8&*:>@(!>(>:>*,!).;>'8*!.(!)'R>/%!&S+!:%(+>+)'()'B!
!!
M#R#p!5:<HBJBA:JBf>!?=!L:!JCWK>B?:?!=?KJ:HBQ:!
L'&%+!/'R*/%!'+)'!*+=':)%!=*8*!',!D>(*,!=%8!+'8!',!E.'!&S+!*+=':)%+!>()'8:.,).8*,'+!
'(-,%P*!9!=%8!'+)*8!8',*:>%(*/%!:%(!,*+!&'/>/*+!*()'8>%8'+B!7%/8<*&%+!/':>8!E.'!
'(D*)>?*8! ,*! =*8)>:>=*:>@(! :%&.(>)*8>*! '+:%,*8A! *9./*! *! -'('8*8! 9! &*()'('8!
'+)8.:).8*+! :%%='8*)>;*+! 9! />*,@->:*+A! *! 8'+%,;'8! :%(D,>:)%+A! *! *)'(/'8! ,*! ,'(-.*A! *!
8'*,>?*8!.(*!*:%->/*!/'!D%8&*!-,%P*,B!!
1(!'+)'!+'()>/%!,*!=*8)>:>=*:>@(!+'!P.+:*!/'()8%!/'!,*!D*&>,>*A!/',!=8%D'+%8*/%!9!/'!!
/>D'8'()'+! *-'()'+! +%:>*,'+B! 2'+/'! ',! S&P>)%! D*&>,>*8A! ,*+! :%&.(>/*/'+! e*(!
=8%=%8:>%(*/%! /%+! ;<*+! />D'8'()'+! =*8*! />(*&>?*8! '+)*! =*8)>:>=*:>@(0! *! )8*;a+! /'!
%D8':'8!>(D%8&*:>@(!+%P8'!',!+>+)'&*!'/.:*)>;%!9!D*:>,>)*8!',!*::'+%!*,!&>+&%!9!,*+!
!
!
"\\!
E.'!/>8>-'(!+.+!'+D.'8?%+!'(!>()'-8*8!9!D%&'()*8!,*!=*8)>:>=*:>@(!/'!,*+!D*&>,>*+!'(!
,%+! :'()8%+! '(! ,%+! E.'! *:./'(! +.+! e>R%+A! :%&%! =%8! 'R'&=,%0! =8%=%8:>%(*8! .(!
+'8;>:>%!/'!>()a8=8')'+!/'!,*!,'(-.*!E.'!,'+!*9./'!:%(!,%+!)'&*+!P.8%:8S)>:%+!9!/'!
>(D%8&*:>@(! '/.:*)>;*! PS+>:*B! Q,-.(*+! :%&.(>/*/'+! G$*)*,.T*A! N*/8>/A! ]*,'(:>*H!
:.'()*(! :%(! *:.'8/%+! '+=':<D>:%+! '()8'! ,%+! 2'=*8)*&'()%+! /'! 1/.:*:>@(! 9! ,*+!
*+%:>*:>%('+! /'! >(&>-8*()'+A! =8%=%8:>%(*/%! %D>:>(*+! /'+)>(*/*+! *! ,*! *)'(:>@(! /',!
*,.&(*/%! >(&>-8*()'! 9! +.+! D*&>,>*+A! )*&P>a(! 'F>+)'(! )',aD%(%+! -8*).>)%+! :%(!
>()a8=8')'+!/'!:*+>!)%/%+!,%+!=*<+'+!E.'!*9./*(!*!8'+%,;'8!=8%P,'&*+!:%(!,%+!E.'!+'!
'(:.'()8'(!'+)%+!:%,':)>;%+A!+%P8'!,%+!=8>&'8%+!&'+'+!/'!+.!,,'-*/*B!
C'! e*(! 8'*,>?*/%! :%('F>%('+! >()'8'+*()'+! )*&P>a(! '()8'! ,*+! */&>(>+)8*:>%('+! 9!
*,-.(*+!MUd+!=*8*!',*P%8*8!>(+)8.&'()%+!9!&*)'8>*,'+!'+=':<D>:%+!=*8*!*=%9*8!,*!
)8*9':)%8>*!'+:%,*8!/',!*,.&(*/%!:%(!%8>-'(!'F)8*(R'8%B!
78'+'()*&%+!*!:%()>(.*:>@(!.(*!)*P,*!:%(!'R'&=,%+!/'!:'()8%+!'/.:*)>;%+!E.'!e*(!
D%:*,>?*/%A!'(!,*!=*8)>:>=*:>@(!:%&.(>)*8>*A!+.!*::>@(!>()'8:.,).8*,B!
!
5,+2($(5,$(7&!)*!.,'!
-,3(.(,'!
5,+2($(5,$(7&!)*.!
,.83&,)%!
5,+2($(5,$(7&!
,0*&2*'!'%$(,.*'!
N2.+'5)$#:2*
,+*
&)*
,#/+5"#,),* $-&.-5)&* +2* &)"*
$&)"+"*,+*$%2%$#6#+2.%*,+&*
6+,#%@* 5+&#'#:2@* 6b"#$)* 4*
+,-$)$#:2*
9("#$)0**
!),5+"@*6),5+"@*9)6#&#)5+"*
4* )&&+'),%"* ,+&* )&-62),%*
"+* $%2/#+5.+2* +2* &%"* 4* &)"*
,%$+2.+"*,+*+".)"*6).+5#)"!
G7QN74MUQH!
!
8-$+"@*?B6)5)000*wx*U$$#:2y**
12*
35%4+$.%*
,+*
$%6-2#$)$#:2* )-,#%/#"-)&*
9%6+2.)*
&)*
#2.+5$-&.-5)&#,),* +2* +&*
$+2.5%* 4* &)* 3)5.#$#3)$#:2*
,+&*)&-62),%*6#'5)2.+*
!
8)* $%2/#/+2$#)* 4* &)*
5+"%&-$#:2* ,+* $%29&#$.%"@*
-2* )"-2.%* ,+* .%,)* &)*
$%6-2#,),*
+,-$).#/)!
GN3Z$5QH!
<&*.5)M)a%*,#5+$.%*4*
$+5$)2%*$%2*3),5+"*4*
6),5+"@*$&)/+*+2*+&*WC#.%*
,+&*35%4+$.%*+,-$).#/%*
q-+5+6%"* ,+6%".5)5* )*
<&*,()*,+*&)*S-a+5*+&*
.%,%* +&* 6-2,%* `-+* "+* #2".#.-.%*"+*.5)2"9%56)@*&)*
3-+,+*$%2/#/#5*"#2*'-+.%"u** +2"+=)2>)*"+*5+/%&-$#%2)0*
8+$$#%2+"*3)5)*#2.+'5)5*&)*
!
#2.+5$-&.-5)&#,),*4*+&*
GN3Z$5QH!
'W2+5%*,+*9%56)*
3)5.#$#3).#/)*+2*-2*
#2".#.-.%*
!!!
GUQ]QZZQH!
GJQZ$14MUQH!
GNQ2Z52H!
1,!/<*!/'!,*!N.R'8!',!
>(+)>).)%!+'!)8*(+D%8&*A!,*!
'(+'T*(?*!+'!
8';%,.:>%(*B!4'::>%('+!
=*8*!>()'-8*8!,*!
>()'8:.,).8*,>/*/!9!',!
-a('8%!/'!D%8&*!
=*8)>:>=*)>;*!'(!.(!
>(+)>).)%!GNQ2Z52H*
!
8%* 35#6+5%* `-+* &&)6)* &)*
8)"*?%6-2#,),+"*,+*
).+2$#:2* +"* /+5* `-+* `-#+2* U35+2,#>)a+*#2.+'5)2*&)*
,)* &)* $V)5&)* .#+2+* .-* ,#/+5"#,),*,+&*)&-62),%*
6#"6)*+,),*
3)5.#+2,%*,+*&)*5#`-+>)*,+*
&)*V+.+5%'+2+#,),**
GNQ2Z52H!
GC1]544QH!
!
"\^!
?)5.)*4*+2$-+".)*+2/#),)*
)*&)"*9)6#&#)"*3%5*+&*US!U*
,+2.5%*,+&*35%4+$.%*v<&*
5#2$:2*,+*&)"*$-&.-5)"*
G41yUH*
<63%,+5)6#+2.%* ,+* &)"*
$V#$)"*
),%&+"$+2.+"@**
-2*)56)*3)5)*$%6M).#5*+&*
)M"+2.#"6%*+"$%&)5*
GNQ2Z52H!
12)*
#2/+".#')J)$$#:2*
$%&)M%5).#/)*
3)5)*
#2$+2.#/)5*&)*3)5.#$#3)$#:2*
,+* &)"* 9)6#&#)"* 6#'5)2.+"*
+2*&)*/#,)*+,-$).#/)*
GdQ45$5QH!
<&* $%&+'#%* +"* &)* $)")* ,+*
.%,%"j)"@* -2* +"3)$#%*
,%2,+* .%,%"* )3%5.)2* )&'%*
4*.%,%"*)35+2,+2*)&'%*
GNQ44MZ$QH!
D+* )4-,)* )&* )&-62),%* !
2-+/%* ,+* -2)* 6)2+5)*
+"3%2.B2+)* 4* 2).-5)&@* 4*
+")* +"* &)* M)"+* ,+* .%,%u**
8)* $%2$+3$#:2* #2.+'5)&* ,+*
&)* $%6-2#$)$#:2* +"* &)*
+"3#2)* ,%5")&* ,+* -2)*
6+.%,%&%'()* #22%/),%5)*
`-+*9)/%5+$+*&)*,#/+5"#,),*
4*&)*$%2/#/+2$#)*
!GcMZZ14Q]1dQB!
$QUcQJZ5QH!
!
!
?%2*
)&-62%"*
`-+* !
V)M&)M)2* %.5%"* #,#%6)"*
V+6%"* .5),-$#,%* )&'-2%"*
,%$-6+2.%"* ,+&* !&)2* ,+*
U$%'#,)@* "%M5+* .%,%* )&*
B5)M+@* )&* 3%&)$%* 4* )&*
5-6)2%!GN3Z$5QH!
*
<&*-"%*,+&*/(,+%*+2*&)*
#2"+5$#:2*&)M%5)&@**
-2)*V+55)6#+2.)*,+*
)2B&#"#"*4*,+*
+63%,+5)6#+2.%*
!
!!!!!!!!!!!!!!!GC1]544QH!
c*P,*!\B!J.'(*+!=8S:)>:*+!+%P8'!=*8)>:>=*:>@(!/'!,*!:%&.(>/*/!'+:%,*8B!
!
M#y#p!.C@!Cd@=<Q:HC<BC@!?=!L:@!?BO=<=>H=@!JCWK>B?:?=@!
M)8%!8':.8+%!8',*:>%(*/%!:%(!,*!>(&>-8*:>@(!E.'!)>'('!+.!>(:>/'(:>*!'(!,*+!'+:.',*+!
'+! ',! /'! ,%+! MP+'8;*)%8>%+B! N.:e*+! :%&.(>/*/'+! e*(! :8'*/%! +.+! =8%=>%+!
%P+'8;*)%8>%+!:%()'F).*,>?*(/%!,*+!&'/>/*+!'(!D.(:>@(!/'!,*+!:*8*:)'8<+)>:*+!/'!,*!
=%P,*:>@(!&*9%8>)*8>*!/'!+.!'()%8(%B!!
78'+'()*&%+! *! :%()>(.*:>@(! /'! D%8&*! 8'+.&>/*! ,%+! %P+'8;*)%8>%+! 'F>+)'()'+! 9! ,*!
=8>(:>=*,!D>(*,>/*/!/'!,%+!&>+&%+B!
!
!
"\#!
!
%/'*+6,2%+(%!
-(&,.(),)!-8&),3*&2.!
MP+'8;*)%8>%!d*,'-%!/*!5(&>-8*:>@(!'!
Z':%-'!/'!/*)%+A!*(S,>+>+!9!'+)./>%!
/*!4%>)*!:%()8*!%!Z*:>+&%!'!*!r'(%D%P>*! /'!,*!8'*,>/*/!/',!D'(@&'(%!
>(&>-8*)%8>%A!*+<!:%&%!,*!%P)'(:>@(!/'!
>(D%8&*:>%('+!
:%&=*8*)>;*+!:%(!,%+!S&P>)%+!'.8%='%!
9!(*:>%(*,!+%P8'!,%+!D'(@&'(%+!/',!
8*:>+&%!
9!,*!F'(%D%P>*B!
MP+'8;*)%8>%!/'!,*!$%&.(>/*/!/'!
N*/8>/!:%()8*!',!Z*:>+&%!9!,*!
5()%,'8*(:>*!
Z'->+)8*!9!*(*,>?*!
,*+!>(D%8&*:>%('+!8',*)>;*+!*!
*:)>;>/*/'+!8*:>+)*+!'!>()%,'8*()'+A!
D*:>,>)*!,*!:%%='8*:>@(!
>()'8*+%:>*)>;*!9!D%8&.,*!=8%=.'+)*+!/'!
*:).*:>%('+!E.'!=.'/*(!:%()8>P.>8!*!
,>&>)*8!,*+!&*(>D'+)*:>%('+!/'!8*:>+&%!'!
>()%,'8*(:>*!
MP+'8;*)%8>%!
]*,'(:>*(*!
/'!
,*!
$%&.(>/*/! 2'+)>(*/%!*!,*!/')'::>@(!/'!
,*+!(':'+>/*/'+!'/.:*)>;*+!/',!
*,.&(*/%!'F)8*(R'8%!>(&>-8*()'A!:.9%+!
/*)%+!+'!
*:).*,>?*(!)8>&'+)8*,&'()'B!
!
MP+'8;*)%8>%! ='8&*('()'! /'!
>(&>-8*:>@(!'(!$*+)>,,*!9!4'@(!
,*! `*,)*!
MP+'8;*)%8>%! /'! ,*! >(&>-8*:>@(! '(! `*,)*!
C';>,,*!
MP+'8;*)%8>%!
d8*(*/*!
/'!
>(&>-8*:>@(!
'(! `*,)*!
MP+'8;*)%8>%! ! /'! ,*! 5(&>-8*:>@(! '(! 7*8*!/*8!8'+=.'+)*!*!,*+!(':'+>/*/'+!/'!
$*)*,.T*!
>(D%8&*:>@(A!
*:).*,>?*:>@(!
9!
:%(%:>&>'()%!
:8<)>:%!
/'!
,*+!
='8+%(*+!
e))=0ttOOB&>-8*:*)B:*)!
E.'! )8*P*R*(! '(! ',! S&P>)%! /'! ,*!
>(&>-8*:>@(B!
c*P,*!^B!Q,-.(%+!MP+'8;*)%8>%+!'(!1+=*T*!
!
!
!
!
!
!
"\b!
"#p! ,5%+2,$(%&*'! -(&,.*'T! +=L:JBC>:?C! L:@! :JJBC>=@! =?KJ:HBQ:@! @Cd<=!
?BQ=<@B?:?!N!L:@!JCWK>B?:?=@!?=!:A<=>?B;:i=#!
Q:).*,&'()'A!',!'(D%E.'!:%&.(>:*)>;%!9!/>*,@->:%!E.'!%D8':'(!,*+!:%&.(>/*/'+!/'!
*=8'(/>?*R'! G2<'?! 7*,%&*8! 9! `,':e*A! VW"WH! =*8':'(! +'8! ,*! '+)8.:).8*! &S+!
:%>(:>/'()'! :%(! ,%+! =>,*8'+! E.'! /'! D%8&*! *>+,*/*! +'! e*(! ;'(>/%! )8*P*R*(/%! '(! ,%+!
:'()8%+!8'+=':)%!*!,*!/>;'8+>/*/!:.,).8*,B!C>!*(*,>?*&%+!,%+!=>,*8'+!D.(/*&'()*,'+!
E.'!,*+!/'D>('(A!;'8'&%+!:%&%!'F>+)'!.(!+%,*=*&>'()%!'()8'!'+)*+!9!,*+!E.'!e'&%+!
;'(>/%! /'+:8>P>'(/%! *()'8>%8&'()'B! 1+)%+! +%(! *,-.(%+! /'! ,%+! =>,*8'+! PS+>:%+! E.'!
+.P9*:'(!'(!,*+!'F='8>'(:>*+!:>)*/*+!'(!'+)'!)'F)%!9!E.'!/'D>('(!,*+!$%&.(>/*/'+!
/'!Q=8'(/>?*R'0!5B!Q=8'(/>?*R'!/>*,@->:%B!55B!d8.=%+!>()'8*:)>;%+A!555B!]%,.()*8>'/*/A!
5]B!Q&=,>*8!',!)>'&=%!/'!*=8'(/>?*R'A!]B!`%8&*:>@(!9!=*8)>:>=*:>@(!/'!D*&>,>*+A!]5B!
N%/',%!/>*,@->:%!/'!=8';'(:>@(!/'!:%(D,>:)%+A!]55B!4':).8*!/>*,@->:*B!
Q.(E.'!.(*!/'!,*+!=8>%8>/*/'+!/'!,*+!$%&.(>/*/'+!+'*!',!*,.&(*/%!/'+D*;%8':>/%!
9! /'()8%! /'! ',,*+A! ,*+! &>(%8<*+! a)(>:*+A! (%! +'! %D8':'! .(! &%/',%! />D'8'()'! /'!
'/.:*:>@(A! +>(%! E.'! +'! =,*()'*(! >()'8;'(>8! :%(! ,%+! &'R%8'+! &'/>%+A! %=)>&>?*(/%!
,%+! 8':.8+%+! 9! &*F>&>?*(/%! ,*+! =%+>P>,>/*/'+! /'! *=8'(/>?*R'B! 7*8*! ',,%! +'!
*.&'()*(! ',! (_&'8%! /'! :%,':)>;%+! E.'! =*8)>:>=*! '(! ,*+! *::>%('+! '/.:*)>;*+! /',!
:'()8%!GD*&>,>*+A!*+%:>*:>%('+A!;%,.()*8>%+A!;>'R%+!'+)./>*()'+HA!/'!'+)*!&*('8*!(%!
+@,%! +'! ;'(! 8':%->/%+! ,%+! >()'8'+'+! /'! '+)%+! :%,':)>;%+A! +>(%! E.'! *.&'()*(! ,%+!
'+=*:>%+!9!)>'&=%+!/'!*=8'(/>?*R'!=*8*!,%+!'+)./>*()'+B!
$%(!'+)*!8'D,'F>@(A!(%!E.'8<*&%+!&S+!!E.'!e*:'8!;'8!E.'!)%/*+!'+)*+!*:).*:>%('+!
(*:>%(*,'+!E.'!+'!'+)S(!,,';*(/%!*!:*P%!:%(D%8&*(!',!=*(%8*&*!+%P8'!,*!=8S:)>:*!
>()'8:.,).8*,!'(!,*+!'+:.',*+A!E.'!+%(!&.:e%+!,%+!>()'()%+!E.'!+'!8'*,>?*(!'(!=8%!/'!
.(*!&'R%8*!/'!,*!:*,>/*/!/'!'(+'T*(?*!'(!'()%8(%+!:.,).8*,&'()'!/>;'8+%+!9!E.'!
E.>?S! +'! (':'+>)'! /'! .(*! '+)8.:).8*! E.'! *_('! ,*+! 'F='8>'(:>*+! >(/>;>/.*,'+! =*8*!
/*8,*+!.(!+%=%8)'!-'('8*,!'(!)%/%+!,%+!:'()8%+B!!
4*+! $%&.(>/*/'+! /'! *=8'(/>?*R'! e*(! /'&%+)8*/%! e*+)*! *e%8*! E.'! =.'/'(! +'8,%B!
$*/*! ;'?! +%(! &S+! ,*+! 'F='8>'(:>*+! E.'! '+)S(! )8*(+D%8&*(/%! +.+! :'()8%+! '(!
:%&.(>/*/'+! /'! *=8'(/>?*R'! 9! '(:.'()8*(! &'R%8*+! '(! ,*! :*,>/*/! /',! *=8'(/>?*R'!
=*8*! )%/%+B! 1+)'! '(D%E.'! '+)S! &S+! :'8:*(%! *! ,*! :%&=8'(+>@(! /'! ,*! *)'(:>@(! *! ,*!
/>;'8+>/*/! :%&%! *+=':)%! >(:,.+%8A! &S+! E.'! :%&='(+*/%8A! *)'(/>'(/%! *! :*/*!
'+)./>*()'!/'!D%8&*!/>D'8'(:>*/*!>(/'='(/>'()'&'()'!/',!:%,':)>;%!+%:>*,!/',!E.'!
=8%;'(-*!%!/',!E.'!+'!,'!e*9*!:*)*,%-*/%B!
Q,-.(%+!:%,'->%+!='8)'(':>'()'+!*!,*+!:%&.(>/*/'+!/'0!Q(/*,.:<*A!Q8*-@(A!$*+)>,,*!
,*! N*(:e*A! $*+)>,,*! 9! 4'@(A! $*)*,.T*A! 1.+k*/>A! 1F)8'&*/.8*A! N.8:>*A! N*/8>/A!
]*,'(:>*!9!U*;*88*A!e*(!=.'+)%!'(!&*8:e*!)*,'+!>(>:>*)>;*+!'(!+.+!:'()8%+!9!=%:%!*!
=%:%!;*(!)8*(+D%8&*(/%!9!'+)8.:).8*(/%!,*+!*::>%('+!'/.:*)>;*+!+%P8'!/>;'8+>/*/!
=*8*!>(:,.>8,*+!/'()8%!/',!=8%9':)%!/'!,*+!:%&.(>/*/'+!/'!*=8'(/>?*R'B!
!
/(/.(%0+,-1,T!
J1CQ4ãA!rY!]54QA!5B!GVWWbH0!8)*M-+2)*+,-$)$#:2T*8#M+5.),*+*N'-)&,),*+2*&)*+"$-+&)*
,+&*D#'&%B!N*/8>/B!N>(>+)'8>%!/'!1/.:*:>@(!9!$>'(:>*B!
$521A! VWW\B! 8)* ).+2$#:2* )&* )&-62),%* #26#'5)2.+* 2-+/%* +2* +&* "#".+6)* +,-$).#/%* +2*
<"3)=)B!N*/8>/B!N>(>+)'8>%!/'!1/.:*:>@(!9!$>'(:>*B!!
2z1! 7Q4MNQZ! o! `41$LQ! dQZ$zQ! GVW"WHB! $%&.(>/*/'+! /'! Q=8'(/>?*R'B! ;+/#".)*
!
!
"\g!
N2.+5-2#/+5"#.)5#)*,+*O%56)$#:2*,+*!5%9+"%5),%B!#bGV\A"HB!*8*-%?*B!
2zQvQd3Q2MA!NBjB!G"Xg#H0!<&*3)3+&*,+*&)*#2.+5)$$#:2*+2.5+*#'-)&+"*+2*&)*),)3.)$#:2*
+"$%&)5*4*+&*,+")55%&&%*"%$#)&0!N*/8>/B!$521B!
2zQvQd3Q2MA! NBjB! GVWW#H0! <,-$)$#:2* #2.+5$-&.-5)&* 4* )35+2,#>)a+* $%%3+5).#/%0!
N*/8>/B!7>8S&>/'B!
1CCMNJZQA!NB!9!%)8%+!G"XXXH0!?%2".5-#5*&)*+"$-+&)*#2.+5$-&.-5)&0*J*8:',%(*Y!d8*%B!!
4M1A!VWW#B!8+4*g5'B2#$)*,+*<,-$)$#:2B!
UQ]QZZM! C51ZZQA! jB4B! 9! L3d31c! $QUQ45CA! QB! GVWW#HB! 5(&>-8*:>@(! 9! 8'+.,)*/%+!
'+:%,*8'+0!,%!E.'!/>:'!,*!>(;'+)>-*:>@(B!?-&.-5)*4*<,-$)$#:20!]%,B"g!GVHA!""bi"VVB!
UQ]QZZM! C51ZZQA! jB4B! 9! 4Q7Z1CcQ! Z1oA! $B! GVWWbHB! d,%P*,>)?*:>@B! 1+:%,*! >!
>&&>-8*:>@0!=8%R':)'+!>!'F='8>å(:>'+!'(!',!:%()'F)!/',!$*(*/çB!!+5"3+$.#/)*<"$%&)5B!
Um[VWA!#^ib"B!
ZM2Zzd31A! LB! 9! Z1cMZc544MA! QB! GVWW#HB! 1,! =8'R.>:>%! '(! ,*! '+:.',*0! .(! '+)./>%!
+%P8'! ',! :%&=%('()'! :%(/.:).*,! /',! =8'R.>:>%! a)(>:%! '(! *,.&(%+! /'! E.>()%! /'!
=8>&*8>*B!;+/#".)*N2.+5-2#/+5"#.)5#)*,+*O%56)$#:2*,+&*!5%9+"%5),%A!!Um!^#A!"[[i"^WB!
ZM2Zzd31!UQ]QZZMA!LB!9!dQZ$zQ!NMUd1A!QB!GVWWgHB!78%:'+%!/'!>()'-8*:>@(!/'!
)8'+! *,.&(%+! >(&>-8*()'+! (.';%+! *! )8*;a+! /',! *(S,>+>+! /'! ,*+! 8',*:>%('+! +%:>*,'+!
'+)*P,':>/*+!=%8!,%+!>-.*,'+B!;+/#".)*!+,)':'#$)*L)M)2`-+B!Um!V"A!"g"i"X"B!!
ZM2Zzd31!UQ]QZZMA!LB!9!dQZ$zQ!NMUd1A!QB!GVWWXHB!Q+>&>,*:>@(!/'!:@/>-%+!/'!
-a('8%! '(! ,*+! *:)>;>/*/'+! /',! 8':8'%! '+:%,*8B! ;+/#".)* N2.+5-2#/+5"#.)5#)* ,+*
O%56)$#:2*,+&*!5%9+"%5),%0!Um!#\A!^XibVB!
]1dQ! NMZ1UMA! NB$B! GVWWbHB! !&)2+"* ,+* U$%'#,)* +* #2.+'5)$#:2* +"$%&)5J"%$#)&* ,+*
)&-62%"*,+*6#2%5()"*W.2#$)"B!N*/8>/B!$*,*&*8!1/>:>%('+B!
!
!
!
!
"\X!
!
!
"^W!
!
!
!
!
!
.%'!5,)+*'!,&2*!.%'!5.,&*'!)*!$%&6(6*&$(,!*'$%.,+!*&!.%'!
$*&2+%'!)*!*)8$,$(7&!5+(3,+(,!_!'*$8&),+(,!)*!.,!
+*0(7&!)*!38+$(,7!
!
!
8
-K=>@:>H:!$=<=;C!+:WI<=; !
3(>;'8+>/*/!/'!N.8:>*!
!
+*'83*&!
4%+! =8%P,'&*+! /'! :%(;>;'(:>*! '+:%,*8! 9! '+=':<D>:*&'()'! ',! P.,,9>(-A! +'-_(! ,%+!
'+)./>%+!)'&=%8*,'+!8':>'()'+!G$'8'?%A!VWWXY!d*8*>-%8/%P>,!9!MT'/'88*A!VWWgHA!(%!
=*8':'(!&%+)8*8!.(*!8':'+>@(!+>-(>D>:*)>;*B!c*()%!'(!=8>&'8!>(D%8&'!/',!2'D'(+%8!
/',!7.'P,%!GQQB]]B!VWW#HA!:%&%!'(!',!+'-.(/%!GQQB]]BA!VWWbH!+'!e*:'!.(*!,,*&*/*!
*!,*!(':'+>/*/!/'!>&=,>:*8!*,!:%(R.()%!/'!,*!:%&.(>/*/!'/.:*)>;*!=*8*!>(:>/>8!'(!,*!
+%,.:>@(B! 1,! ':%! /'! '+)*! ,,*&*/*! D.'! 8':%->/%! =%8! ,*! )%)*,>/*/! /'! ,%+! -%P>'8(%+!
8'->%(*,'+B! 1(! ,*! Z'->@(! /'! N.8:>*A! ,*! =8%&.,-*:>@(! /'! ,*! (%8&*)>;*! +%P8'!
:%(;>;'(:>*! '+:%,*8! G$%(+'R'8<*! /'! 1/.:*:>@(! 9! $.,).8*! /'! ,*! Z'->@(! /'! N.8:>*B!
2>8'::>@(! d'('8*,! /'! M8/'(*:>@(! Q:*/a&>:*! GVWW^tW#HB! E%56).#/)* "%M5+*
$%2/#/+2$#)*+"$%&)5!e*!=8%=>:>*/%!E.'!)%/%+!,%+!:'()8%+!'+:%,*8'+!e*9*(!',*P%8*/%!
,%+!,,*&*/%+!!&)2+"*,+*$%2/#/+2$#)*+"$%&)50!Q_(!*+<A!,%+!<(/>:'+!+>-.'(!+>'(/%!&.9!
',';*/%+B! 7%/'&%+! ='(+*8! E.'A! *,-%! (%! '+)S! D.(:>%(*(/%! :%88':)*&'()'B! 4*+!
(%8&*)>;*+A!+'!D.(/*&'()*(!'(!.(!=8>(:>=>%!PS+>:%0!+'!'()>'(/'!E.'!,*!&'R%8*!/',!
:,>&*! '/.:*)>;%! '+! :%&=')'(:>*! /'! )%/%+! ,%+! &>'&P8%+! /'! ,*! :%&.(>/*/! '+:%,*80!
=8%D'+%8*/%A! *,.&(*/%! 9! =*/8'+B! 1,! )8*P*R%! E.'! *E.<! =8'+'()%A! =*8)'! /'! .(*!
>(;'+)>-*:>@(! &S+! *&=,>*! :%D>(*(:>*/*! =%8! ,*! $%(+'R'8<*! /'! 1/.:*:>@(A! $>'(:>*! '!
5(;'+)>-*:>@(!/'!,*!Z'->@(!9!,*!3(>;'8+>/*/!/'!N.8:>*BA!)>'('!=%8!%PR')>;%!=8>(:>=*,!
:%(%:'8! e*+)*! E.a! =.()%! ,%+! =*/8'+! '+)S(! :%(D%8&'+! :%(! ,*! (%8&*)>;*A! :.S,'+!
:8''(!E.'!+%(!,*+!=8>(:>=*,'+!:*.+*+!/'!,%+!=8%P,'&*+!9!:.*,'+!/'!,*+!&'/>/*+!,'+!
=*8':'(!&S+!*:'8)*/*+A!/'+)*:*(/%!+.!-8*/%!/'!8'+=%(+*P>,>/*/!'(!,*!&'R%8*!/'!,*!
:%(;>;'(:>*! '+:%,*8B! C'! .)>,>?@! .(! :.'+)>%(*8>%! ',*P%8*/%! ),* V%$A! G`Q$M1Ci55A!
$'8'?%A! ')B! *,! VWWXHB! 4*! &.'+)8*! '+).;%! D%8&*/*! =%8! "[Vb! +.R')%+A! */.,)%+! 9!
*,.&(%+!/'!78>&*8>*A!C':.(/*8>*!9!J*:e>,,'8*)%A!/'!,%+!:.*,'+!"V^!'8*(!=*/8'+!/'!
7
8
!
5(;'+)>-*:>@(!=8%=>:>*/*!=%8!$%(;'(>%!/'!:%%='8*:>@(!'()8'!,*!$%(+'R'8<*!/'!1/.:*:>@(A!$>'(:>*!'!
5(;'+)>-*:>@(!/'!,*!Z'->@(!/'!N.8:>*!9!,*!3(>;'8+>/*/!/'!N.8:>*!'(!&*)'8>*!/'!:%%='8*:>@(!'(!,*!
D%8&*:>@(! >(>:>*,! 9! ='8&*('()'! /'! =8%D'+%8*/%A! /'()8%! /',! 78%-8*&*! 5A! E.'! )8*)*! /'! ,*!
',*P%8*:>@(!/'!'+)./>%+!'!>(D%8&'+!:>'()<D>:%+!8',*)>;%+!*,!/'+*88%,,%!9!&'R%8*!/'!,*!'/.:*:>@(!'(!
,*!Z'->@(!/'!N.8:>*!G*('F%!=*8*!',!*T%!VWWgHB
Colaboradores: Manuel Ato, Rafael Rabadán, Francisca Martínez, Pedro J. Orenes, Ángel R. Calvo,
María Ruiz y Rosa Bernal
!
"^"!
,%+! *,.&(%+B! 1,! :.'+)>%(*8>%A! =8';>%! :%()*:)%! :%(! ,%+! =*/8'+! 9! ;<*! 5()'8(')A! D.'!
:%()'+)*/%!/'!&*('8*!*(@(>&*B!1(!)8*P*R%+!*()'8>%8'+!G$'8'?%!')!*,A!VWWgY!$'8'?%!
9! J'8(*,A! VW"WHA! =./>&%+! :%(:,.>8! E.'! ,%+! =*/8'+! 8':%(%:'(A! '(! +.! :%(R.()%A! E.'!
(%! '+)S(! +.D>:>'()'&'()'! >(D%8&*/%+B! 4%+! 8'+.,)*/%+! *:).*,'+! *P.(/*(! '(! '+)'!
+'()>/%!9!=%('(!/'!&*(>D>'+)%!E.'A!,*+!&'/>/*+!D>R*/*+!=%8!,%+!:'()8%+A!'(!:.*()%!*!
+*(:>%('+!*()'!,*+!D*,)*+!-8*;'+!/'!/>+:>=,>(*A!(%!+%(!=,'(*&'()'!:%&=*8)>/*+!9!*!
+.!;'?A!8':%(%:'(!,*!(':'+>/*/!/'!.(*!&*9%8!>&=,>:*:>@(!9!!:%,*P%8*:>@(!D*&>,>*i
'+:.',*B!
5:L:d<:@! JL:Q=T! $%(;>;'(:>*! '+:%,*8A! D*&>,>*! 9! :%(;>;'(:>*! '+:%,*8B! C*(:>%('+!
'+:%,*8'+B!
!
!
24*!5,+*&2'!/*-%+*!24*!5.,&'!%-!'$4%%.!$%&6(6(,.(2_!(&!24*!
$*&2*+'!%-!5+(3,+_!,&)!'*$%&),+_!*)8$,2(%&!%-!24*!+*0(%&!%-!
38+$(,!
!
,/'2+,$2!
!
$%'F>+)'(:'!=8%P,'&+!>(!+:e%%,+!*(/!+=':>*,,9!P.,,9>(-A!e%O!8':'()!+)./>'+!
+e%O!G$'8'?%A!VWWXY!d*8*>-%8/%P>,!9!MT'/'88*A!VWWgHA!+''&+!)e*)!)e'9!*8'!(%)!>(!*!
+>-(>D>:*(:'! 8':'++>%(B! ce'! D>8+)! M&P./+&*(! 8'=%8)! GQQB]]A! VWW#H! *(/! *,+%! )e'!
+':%(/! %('! GQQB]]BA! VWWbH! =*>/! *))'()>%(! )%! )e'! (':'++>)9! )e*)! *,,! )e'! '/.:*)>;'!
:%&&.(>)9! O'8'! >(;%,;'/! >(! )e'! +%,.)>%(B! ce'! :*,,! O*+! )*k'(! D%8! *,,! )e'! 8'->%(*,!
-%;'8(&'()+B! 5(! N.8:>*! Z'->%(A! )e'! 1/.:*)>%(! *(/! $.,).8'! $%.(+',,%8!
=8%&.,-*)'/! )e'! (%8&*)>;'! *P%.)! ?%2/#/+2$#)* +"$%&)5* ! G2>8'::>@(! d'('8*,! /'!
M8/'(*:>@(! Q:*/a&>:*! GVWW^tW#HB! ce*)! >(>)>*)>;'! ->;'+! 8>+'! )%! *,,! +:e%%,+! )%!
',*P%8*)'!)e'>8!%O(!!&)2+"*,+*$%2/#/+2$#)*+"$%&)50!J.)!.(D%8).(*)',9A!,';',+!*8'!+)>,,!
;'89!e>-eB!5)!+''&+!)e*)!+%&')e>(-!>+!(%)!O%8k>(-!=8%='8)9B!Q,,!)e%+'!8'-.,*)>%(+!
*8'!P*+'/!%(!*!P*+>:!=8>(:>=,'0!D%8!)e'!>&=8%;'&'()!%D!)e'!'/.:*)>;'!'(;>8%(&'()!
*,,! )e'! +:e%%,! :%&&.(>)9! &'&P'8+! &.+)! P'! >&=,>:*)'/0! )'*:e'8+A! =.=>,+! *(/!
=*8'()+B!ce'!O%8k!)e*)!5!=8'+'()!(%OA!>+!=*8)!%D!*!;'89!&.:e!O>/'!>(;'+)>-*)>%(!:%i
D>(*(:'! P9! )e'! $%(+'R'8<*! /'! 1/.:*:>@(A! $>'(:>*! '! 5(;'+)>-*:>@(! /'! ,*! Z'->@(! *(/!
)e'!3(>;'8+>)9!%D!N.8:>*B!5)!e*+!*+!=8>(:>=*,!%PR':)>;'!)%!k(%O!e%O!'F)'(/!=*8'()+!
*-8''! O>)e! )e'! 8'-.,*)>%(+A! Oe>:e! %('+! *8'! )e'! &%+)! >&=%8)*()! :*.+'! %D! )e'!
=8%P,'&+! *(/! Oe>:e! *8'! )e'! &%+)! *==8%=8>*)'! >(! %8/'8! )%! >&=8%;'! )e'! +:e%%,!
:%'F>+)'(:'A! e*;>(-! *::%.()! )e'>8! %O(! 8'+=%(+>P>,>)9B! I'! .+'/! *(! ),* e%:!
E.'+)>%((*>8'! G`Q$M1Ci55A! $'8'?%A! ')! *,A! VWWXHB! C*&=,'! O*+! :%&=%+'/! P9! "[Vb!
+.PR':)+A!*/.,)+!*(/!=.=>,+!D8%&!78>&*89A!C':%(/*89!*(/!J*:e',%8!,';',+A!"V^!O'8'!
=*8'()+B! ce'! E.'+)>%((*>8'! O*+! 8'+=%(/'/! P9! 5()'8(')! %8! %8/>(*89! &*>,! >(!
*(%(9&%.+! O*9B! 5(! =8';>%.+! +)./>'+! G$'8'?%! ')! *,A! VWWgY! $'8'?%! 9! J'8(*,A! VW"WHA!
O'!D%.(/!)e*)!=*8'()+!)e>(k!)e*)!)e'9!*8'!(%)!E.>)'!>(D%8&'/B!ce'!=8'+'()!8'+.,)+!
*8'!%(!)e>+!,>('A!9!)*k'!)%!)e'!D%8'!)e*)A!=*8'()+!/%!(%)!:%&=,')',9!*-8''!O>)e!+:e%%,!
8'-.,*)>%(+A!*P%.)!e%O!)%!>&=%+'!+*(:)>%(+!D%8!+'8>%.+!/>+:>=,>('!D%.,+!*(/!>(!)e'!
+*&'!O*9A!)e'!*O*k'!D8%&!)e'!(':'++>)9!%D!*!&*9%8!>&=,>:*)>%(!*(/!:%,,*P%8*)>%(!
*&%(-!D*&>,>'+!*(/!+:e%%,B!!
e=NwC<?@T!+:e%%,!:%'F>+)'(:'Y!D*&>,9!*(/!+:e%%,!:%'F>+)'(:'Y!+:e%%,!='(*,)>'+!
!
!
"^V!
!
k8'2(-($,$(7&!
2'+=.a+! /'! :.*)8%! *T%+! /'! *=,>:*:>@(! /'! ,*! (%8&*)>;*! +%P8'! :%(;>;'(:>*! '+:%,*8A!
/%(/'!,*!:%&.(>/*/!'/.:*)>;*A!'(!+.!:%(R.()%A!/'P'!'+)*8!>&=,>:*/*A!'(:%()8*&%+!
E.'A! ,%+! =8%D'+%8'+! &*(>D>'+)*(! .(*! E.'R*! -'('8*,>?*/*! +%P8'! ,*! D*,)*! /'!
:%,*P%8*:>@(! =%8! =*8)'! /'! ,*+! D*&>,>*+A! 9! *! +.! ;'?A! ,%+! =*/8'+! :%(D>'+*(! E.'! ,%+!
=8%D'+%8'+! (%! ,'+! >(D%8&*(! :%(;'(>'()'&'()'! G$'8'?%! 9! J'8(*,A! VW"WHB! 1,!
=8%P,'&*! E.'! +'! /'8>;*! *()'! '+)*! +>).*:>@(A! )>'('! .(*! 8',*:>@(! />8':)*! :%(! ,*!
/>D>:.,)*/!=*8*!+%,;'()*8!,%+!=8%P,'&*+!/'!:%(;>;'(:>*!G$*,;%!9!J*,,'+)'8A!VWWbHA!9*!
E.'! (%! '(:.'()8*(! .(*! +%,.:>@(! :%(+'(+.*/*! 9! ;>*P,'A! *! ,*! ;'?! E.'! *.&'()*! ,*!
/'+&%8*,>?*:>@(!/',!=8%D'+%8*/%A!E.'!;'!:%&%!+.+!>()'()%+!=%8!e*:'8!/',!*.,*!.(!
,.-*8!/'!+%:>*,>?*:>@(!=%+>)>;*!G$'8'?%A!VWWXHA!+%(!'+:*+*&'()'!+':.(/*/%+!=%8!,%+!
=*/8'+! 9! '+=':>*,&'()'! =%8! ,%+! =8%=>%+! *,.&(%+B! c*()%! '+! *+<! E.'A! '(! %:*+>%('+A!
=%/'&%+! ='+*8! E.'! +'! )8*)*! /'! :%,':)>;%+! /'+:%('F%+! *()'! .(! )'&*! E.'! /'P'8<*!
*.(*8! >()'8'+'+! 9! '+D.'8?%+B! 1+=':>*,&'()'A! :.*(/%! '+)%+! :%(D,>:)%+! /*(! .(! +*,)%!
:.*,>)*)>;%!9!=%/'&%+!:*,>D>:*8,%+!/'!;>%,'(:>*!%!&*,)8*)%!'+:%,*8A!+'!e*:'!';>/'()'!
,*!*.+'(:>*!/'!*:.'8/%!'()8'!,*!'+:.',*!9!,*!D*&>,>*A!E.'!%=)*A!:*/*!;'?!:%(!&*9%8!
*+>/.>/*/!=%8!!=8'+'()*8!/'(.(:>*+!R./>:>*,'+A!*=*8)S(/%+'!*+<!/'!,*!=8>&'8*!;<*!/'!
+%,.:>@(! E.'! /'P'8<*(! '(:%()8*8! /'()8%! /',! :%()'F)%! '(! ',! E.'! =8%/.:'(B! 4*+!
*/&>(>+)8*:>%('+! =_P,>:*+! +>'(/%! :%(+:>'()'+! /'! ,*! (':'+>/*/! /'! =8%=%8:>%(*8!
'+)8*)'->*+! =*8*! E.'A! /'+/'! ,*+! >(+)>).:>%('+! '/.:*)>;*+A! +'! *:)_'! /'! &*('8*!
:%%8/>(*/*! *()'! ,%+! :*+%+! &*(>D>'+)%+! /'! ;>%,'(:>*! '+:%,*8A! e*(! =8%&.,-*/%!
/>;'8+%+! /':8')%+B! 1(! ,*! Z'->@(! /'! N.8:>*! '(! &*)'8>*! /'! $%(;>;'(:>*! 1+:%,*8!
:%()*&%+!:%(!/>;'8+*+!=8%=.'+)*+!>(+)>).:>%(*,'+0!/'+/'!',!2':8')%!""^tVWW^A!/'!
V"!/'!%:).P8'A!=%8!',!E.'!+'!'+)*P,':'(!,*+!(%8&*+!/'!:%(;>;'(:>*!'(!,%+!:'()8%+!
/%:'()'+Y! :%(:8')*/%! '(! ,*! M8/'(! /'! VW! /'! D'P8'8%! /'! VWW#A! =%8! ,*! E.'! +'!
'+)*P,':'(!&'/>/*+!8',*)>;*+!*!,*!&'R%8*!/'!,*!:%(;>;'(:>*!'+:%,*8!9!,*!Z'+%,.:>@(!
/'!\!/'!*P8>,!/'!VWW#A!=%8!,*!E.'!+'!/>:)*(!>(+)8.::>%('+!'(!8',*:>@(!:%(!+>).*:>%('+!
/'! *:%+%! '+:%,*8! '(! ,%+! :'()8%+! /%:'()'+! +%+)'(>/%+! :%(! D%(/%+! =_P,>:%+B! 1+)%+!
/%:.&'()%+A! />:)*(! ,*+! (%8&*+! E.'! /'P'(! 8'->8! '(! ,%+! :'()8%+! '+:%,*8'+! 9! e*:'(!
*,.+>@(! 'F=8'+*! *! ,*! =*8)>:>=*:>@(! D*&>,>*8B! 3(*! ;'?! /')'8&>(*/*! ,*! D*,)*! /'!
:%&.(>:*:>@(!'()8'!D*&>,>*!9!'+:.',*A!G$'8'?%!')!*,A!VWWgHA!*e%8*!(%+!=,*()'*&%+!
*(*,>?*8! e*+)*! E.a! =.()%! ,*+! D*&>,>*+! '+)S(! :%(D%8&'+! :%(! ,*+! *:).*:>%('+!
:%(:8')*+! *()'! ,%+! =8%P,'&*+! -8*;'+! /'! />+:>=,>(*A! '(! ,%+! :'()8%+! '+:%,*8'+! *! ,%+!
E.'!*:./'(!+.+!e>R%+Y!:.S,'+!:8''(!E.'!+%(!,*+!=8>(:>=*,'+!:*.+*+!/'!,%+!=8%P,'&*+!
/'!:%(;>;'(:>*!'+:%,*8!9!:.*,'+!+%(!+.+!=8>(:>=*,'+!=8%=.'+)*+!/'!&'R%8*B!
4*! >(;'+)>-*:>@(! :%&'(?@A! '(! .(*! =8>&'8*! D*+'A! ',*P%8*(/%! .(! =8>&'8! '+)./>%i
>(D%8&'A! /.8*()'! ',! :.8+%! '+:%,*8! VWW#tWbA! +%P8'! ',! (>;',! /'! :%(%:>&>'()%! '!
>&=,>:*:>@(! '(! )*,'+! (%8&*)>;*+A! />8>->/%! *! ,%+! 8'=8'+'()*()'+! >(+)>).:>%(*,'+0!
'E.>=%+! />8':)>;%+A! %8>'()*/%8'+A! =8%D'+%8'+! 9! =*/8'+! E.'! ).;>'8*(! *,-.(*!
>&=,>:*:>@(!'(!)*8'*+!/'!:%(;>;'(:>*!G$'8'?%!')!*,A!'(!=8'(+*HB!3(*!;'?!:%(+)*/*!,*!
='8:'=:>@(! /'! '+)%+! *-'()'+! '/.:*)>;%+A! '()'(/>&%+! ,*! (':'+>/*/! /'! 8'*,>?*8! .(!
'+)./>%!&*+!*&=,>%!'(!',!E.'!E.'/*8*(!8'D,'R*/*+!,*+!%=>(>%('+!/'!,%+!*/.,)%+!'(!
-'('8*,!G=8%D'+%8*/%!9!=*/8'+H!'!>(:,.9'8*!)*&P>a(!,*!/'!,%+!*,.&(%+A!'()'(/>'(/%!
E.'!,*!&'R%8*!/'!,*!:%(;>;'(:>*!'(!,%+!:'()8%+!'+:%,*8'+!+%,%!'+!=%+>P,'!:.*(/%!+'!
>&=,>:*! ',! :%(R.()%! /'! ,*! :%&.(>/*/! '/.:*)>;*0! =8%D'+%8*/%A! *,.&(*/%! 9! ! D*&>,>*!
GdS?E.'?Y! $*(-*+Y! 7*/>,,*Y! $*(%! 9! 7a8'?A! VWW^Y! 7a8'?A! o.+)'A! 4.:*+! 9! `*R*8/%A!
VWWgHB! 1+)'! '+)./>%! ='8&>)>@! :%(%:'8! E.'A! '(! %=>(>@(! /'! ,%+! =*/8'+A! :*+>! ',! XWu!
!
!
"^[!
:%(+>/'8*!E.'!:%(%:'!+.D>:>'()'&'()'!,*+!(%8&*+!/'!:%(;>;'(:>*!/',!:'()8%!*,!E.'!
*:./'(!+.+!e>R%+!G$'8'?%!9!J'8(*,A!VW"WHB!Qe%(/*(/%!'(!'+)'!+'()>/%A!'+!(':'+*8>%!
:%(%:'8!e*+)*!E.'!=.()%!,%+!=*/8'+!'+)S(!/'!*:.'8/%!:%(!,*+!(%8&*+!'+)*P,':>/*+!9!
:.*,'+!+%(!,*+!E.'A!*!+.!R.>:>%A!+'8<*(!&*+!:%(;'(>'()'+B!
!
MPR')>;%+!
$
Q(*,>?*8! ,*! ='8:'=:>@(! /',! :%(R.()%! /'! =*/8'+! /'! ,*! :%&.(>/*/! '/.:*)>;*!
+%P8'!,*!:%(;>;'(:>*!'+:%,*8B!
$
$%&=8%P*8!',!-8*/%!/'!*:.'8/%!:%(!,*+!&'/>/*+!*/%=)*/*+A!=8%=.'+)*+!=%8!
,*! */&>(>+)8*:>@(! ,%:*,A! 8':%->/*+! '(! ,%+! 7,*('+! /'! $%(;>;'(:>*! /'! ,%+!
:'()8%+!'+:%*,8'+A!'(!&*)'8>*!/'!:%(;>;'(:>*!'+:%,*8B!
$
$%(%:'8! ,*! %=>(>@(! /'! ,%+! =*/8'+! /'! *,.&(%+! +%P8'! ,*+! =%+>P,'+! :*.+*+! /'!
,%+!=8%P,'&*+!/'!:%(;>;'(:>*!'+:%,*8B!
$
Q;*(?*8! '(! ,*! =8%=.'+)*! /'! &'/>/*+! =*8*! ,*! &'R%8*! /'! ,*! :%(;>;'(:>*!
'+:%,*8!D%8&.,*/*+!=%8!,%+!=*/8'+B!
!
3*2%)%.%01,!
!5%$+,#6#+2.%B!
!
1,!'+)./>%!+'!,,';@!*!:*P%!/.8*()'!',!:.8+%!'+:%,*8!VWWbtVWWg!'!>(:,.9@!,%+!
+>-.>'()'+! &%&'()%+0! 78'+'()*8! *! ,*! $%(+'R'8<*! /'! 1/.:*:>@(! /'! ,*! Z'->@(! /'!
N.8:>*!',!=8%9':)%!/'!>(D%8&'!9!*:%8/*8!+.!8'*,>?*:>@(Y!$%()*:)*8!:%(!,%+!:'()8%+!*!
)8*;a+! /'! ,*! $%(+'R'8<*! /'! 1/.:*:>@(B! Q:%&=*T*8! /'! :*8)*! /'! =8'+'()*:>@(!
:%(R.()*! $%(+'R'8<*i3N3Y! 1,*P%8*8! ',! :.'+)>%(*8>%! `Q$M1Ci55! G$'8'?%! 9! J'8(*,A!
VW"WHA! *! =*8)>8! /'! .(%! =8';>%! G`Q$M1Ci5A! $'8'?%A! ')! *,A! VWWgHB! 1,*P%8*8! .(!
:*,'(/*8>%! /'! '()8'-*! 9! 8':%->/*! /'! '(:.'+)*+! '(! ,%+! :'()8%+! +','::>%(*/%+Y!
1()8'-*8!,%+!:.'+)>%(*8>%+!*!)8*;a+!/'!,%+!/>8':)>;%+!9t%!).)%8'+!*!,%+!*/.,)%+!R.()%!
:%(! +%P8'! D8*(E.'*/%B! 3(*! ;'?! 8':>P>/%+A! +'! =8%:'/>@! *,! *(S,>+>+! '+)*/<+)>:%! 9! ,*!
',*P%8*:>@(!/'!:%(:,.+>%('+B!
!
S-+".5)*
Z'=8'+'()*)>;*!+'-_(!,*!*/+:8>=:>@(!/'!$'()8%+!*!,%+!/>D'8'()'+!$7Z+!/'!,*!Z'->@(!
/'!N.8:>*B!1,!:%(R.()%!/'!,*!&.'+)8*!'+)S!D%8&*/*!=%8!"V^!=*/8'+!/'!*,.&(%+!/'!
"W! :'()8%+! '+:%,*8'+! /'! 1/.:*:>@(! 78>&*8>*! 9! C':.(/*8>*! /'! :'()8%+! =_P,>:%+! 9!
=8>;*/%+!:%(:'8)*/%+B!
!
N2".5-6+2.%0**
*
7*8*!,*!8':%->/*!/'!>(D%8&*:>@(!+'!.)>,>?@!',!:.'+)>%(*8>%0!f`*&>,>*i$'()8%!9!
+.! >(D,.'(:>*! '(! ,*! :%(;>;'(:>*! '+:%,*8h! G`Q$M1Ci55HA! ',*P%8*/%! *! =*8)>8! /',!
:.'+)>%(*8>%!`Q$M1Ci5!G$'8'?%!')!*,A!VWWgHB!$%()>'('!\\!<)'&+!/'!&%/*,>/*/!4>k'8)A!
/'!8'+=.'+)*!'+:*,*/*!'(!:.*)8%!(>;','+B!C.!:%()'(>/%!+'!*8)>:.,*!'(!)%8(%!*!/*)%+!
/'&%-8SD>:%+! 9! *+=':)%+! &S+! 8',';*()'+! /'! ,*+! />+)>()*+! (%8&*)>;*+! +%P8'!
:%(;>;'(:>*!'+:%,*8!*-8.=*/%+!'(!)8'+!P,%E.'+A!+>'(/%A!J,%E.'!"0!$%(%:>&>'()%!/'!
,*! (%8&*)>;*! '! >&=,>:*:>@(Y! J,%E.'! V0! 7%+>P,'+! :*.+*+! /'! ,%+! =8%P,'&*+! /'!
!
!
"^\!
:%(;>;'(:>*! '+:%,*8! 9! J,%E.'! [0! N'/>/*+! =*8*! ,*! &'R%8*! /'! ,*! :%(;>;'(:>*B! 1,!
:.'+)>%(*8>%!*88%R*!.(*!D>*P>,>/*/A!&'/>/*!*!)8*;a+!/',!)&9)*/'!$8%(P*:eA!/'!WBgWB!!
!
+*'8.2,)%'!
1,!'+)./>%!E.'!=8'+'()*&%+!'(!'+)'!)8*P*R%!8':%-'!,%+!8'+.,)*/%+!:%88'+=%(/>'()'+!
*!,%+!P,%E.'+!V!9![!/',!:.'+)>%(*8>%!/'+/'!,*!='8+=':)>;*!/'!,%+!=*/8'+!/'!*,.&(%+B!
7*8*!',,%!+'!e*!=8%:'/>/%!*!'+)*P,':'8!,%+!=%8:'()*R'+!/'!8'+=.'+)*!9!:S,:.,%!/'!$e>!
:.*/8*/%! :%(! 8'+=':)%! *! ,*! &'/>*! -'('8*,A! E.'! >(:,.9'! %)8%+! /%+! :%,':)>;%+0!
=8%D'+%8'+! 9! *,.&(%+B! Q(S,>+>+! D*:)%8>*,! /'! ,%+! <)'&+! :%88'+=%(/>'()'+! *! :*/*!
P,%E.'! /',! :.'+)>%(*8>%0! :*.+*+! /'! ,%+! =8%P,'&*+! /'! :%(;>;'(:>*! '+:%,*8! 9!
=8%=.'+)*+! /'! &'R%8*B! c%/%+! ,%+! *(S,>+>+! +'! e*(! 8'*,>?*/%! &'/>*()'! ',! =8%-8*&*!
'+)*/<+)>:%!C7CC!"^BW!
7*8*! ',! :S,:.,%! /'! ,%+! ;*,%8'+A! +'! e*(! *-8.=*/%! ,*+! 8'+=.'+)*+! /'! &*('8*!
/>:%)@&>:*A! +>'(/%! =*8*! ,*+! 8'+=.'+)*+! *D>8&*)>;*+0! `8':.'()'&'()'A! C>'&=8'! %!
$*+>!+>'&=8'!9!=*8*!,*+!('-*)>;*+0!U.(:*!%!Q,-.(*+!;':'+B!
!
A#".5#M-$#:2* 3%5$+2.-)&* ,+* 5+"3-+".)"* +2* +&* M&%`-+* NNT* !%"#M&+"* $)-")"* ,+* &%"*
35%M&+6)"*,+*$%2/#/+2$#)*+"$%&)50!
$%&%! =.'/'! *=8':>*8+'! '(! ,*! c*P,*! "A! ,*! &*9%8<*! /'! ,%+! =*/8'+! /'+)*:*! '()8'! ,*+!
=%+>P,'+!:*.+*+!/'!,%+!=8%P,'&*+A!'(!=8>&'8!,.-*8A!:%(!;*,%8'+!+.='8>%8'+!*,!bWu0!
,*! '+:*+*! /'/>:*:>@(! /'! ,%+! =*/8'+! *! ,*! '/.:*:>@(! /'! ,%+! e>R%+A! ,*! D*,)*! /'!
:%&.(>:*:>@(! :%(! ,%+! e>R%+A! ,%+! &%/',%+! E.'! 8'D,'R*(! ,%+! &'/>%+B! Q! :%()>(.*:>@(A!
+'T*,*(A!:%(!;*,%8'+!'(!)%8(%!*,!#Wu0!!,*!/'+=8'%:.=*:>@(!/'!,%+!=*/8'+!=%8!,%!E.'!
+.+! e>R%+! e*:'(! '(! ',! :'()8%A! ,%+! &%/',%+! '/.:*)>;%+! D*&>,>*8'+A! ,*! '+:*+*!
>(D%8&*:>@(!/'!,%+!=*/8'+!+%P8'!,%!E.'!/'P'8<*(!e*:'8!'(!,%+!:*+%+!/'!=8%P,'&*+!
/'! :%(;>;'(:>*! '+:%,*8A! *+<! :%&%! ,*! '+:*+*! D%8&*:>@(! /'! +.+! =8%=>%+! e>R%+! =*8*!
8'+%,;'8!'+)%+!=8%P,'&*+B!7%8!_,)>&%A!'()8'!',!^W!9!',![^uA!+'T*,*(!:%&%!*-'()'+!
=8%=>:>*/%8'+! =*8*! ,%+! =8%P,'&*+! /'! :%(;>;'(:>*! ',! :%(%:>&>'()%! >(+.D>:>'()'! /'!
,%+! =8%D'+%8'+i).)%8'+! +%P8'! ,%+! =8%P,'&*+! /'! ,%+! *,.&(%+! G\XBguH! 9! ,*! '+:*+*!
D%8&*:>@(! 9! /'/>:*:>@(! '+=':<D>:*! /',! =8%D'+%8*/%! +%P8'! (%8&*+! /'! :%(;>;'(:>*!
G[^uHB!!
4*+! 8'+=.'+)*+! /',! :%,':)>;%! /'! =*/8'+! D8'()'! *,! 8'+)%! /'! ,*! &.'+)8*! =8'+'()*!
/>D'8'(:>*+!'+=':<D>:*+!'(!:*+>!)%/%+!,%+!<)'&+!G$e>!:.*/8*/%!é!BWWWHA!,%!E.'!>(/>:*!
E.'! />D>'8'(! +.+)*(:>*,&'()'! /',! 8'+)%! /'! ,*! &.'+)8*! GM)8%+HA! :%&=.'+)*! =%8!
=8%D'+%8*/%!9!*,.&(*/%B!
!
c*P,*!"B!2>+)8>P.:>@(!=%8:'().*,!/'!8'+=.'+)*!*D>8&*)>;*!'(!',!P,%E.'!55!9!;*,%8!/'!
=8%P*P>,>/*/!*+%:>*/*!$e>i:.*/8*/%!G7H!
!
r!7Q2Z1C!
7!
VWB! 4*! '+:*+*! /'/>:*:>@(! /'! ,%+! =*/8'+! *! ,*!
^bB[!
'/.:*:>@(!/'!+.+!e>R%+B!!
b^Bg!
BWWW!
V"B! 4*! D*,)*! /'! :%&.(>:*:>@(! /'! ,%+! e>R%+! :%(!
^bB\!
+.+!=*/8'+B!
b\B\!
BWWW!
!
r!McZMC!!
!
"^^!
!
r!McZMC!!
r!7Q2Z1C!
7!
VVB!2'+=8'%:.=*:>@(!/'!,%+!=*/8'+!=%8!,%!E.'!
^[B#!
e*:'(!+.+!e>R%+!'(!',!:'()8%B!
#\BW!
BWWW!
V[B! 2')'8&>(*/%+!
D*&>,>*8'+B!
#[BW!
!
!
V\B! $%(%:>&>'()%! >(+.D>:>'()'! /'! ,%+!
=8%D'+%8'+i).)%8'+!+%P8'!,%+!=8%P,'&*+!/'!,%+! \XBg!
*,.&(%+B!
!
!
V^B! 1+:*+*! D%8&*:>@(! 9! /'/>:*:>@(! '+=':<D>:*!
/',!!
VXBV!
=8%D'+%8*/%!+%P8'!(%8&*+!/'!:%(;>;'(:>*B!
[^BW!
BW"b!
V#B!1+:*+*!>(D%8&*:>@(!/'!,%+!=*/8'+!+%P8'!,%!
E.'! /'P'8<*(! e*:'8! '(! :*+%! /'! =8%P,'&*+! /'! bbB\!
:%(;>;'(:>*!'+:%,*8B!
^gB\!
BWWW!
VbB! 1+:*+*! D%8&*:>@(! /',! *,.&(*/%! +%P8'!
bbBV!
(%8&*+!/'!!:%(;>;'(:>*B!
#WBW!
BWWW!
VgB! 1,! =8%D'+%8*/%! '&=,'*! ,*! ).)%8<*! :%&%!
&'/>%!=*8*!!*D8%()*8!9!)8*)*8!,%+!=8%P,'&*+!/'! #\B"!
:%(;>;'(:>*!'+:%,*8B!
#VBX!
BW[\!
bWBV!
BWWW!
&%/',%+!
'/.:*)>;%+!
VXB!4*!=8'+'()*:>@(!/'!&%/',%+!/'!>()'8*::>@(!
>(*/':.*/%+! *! )8*;a+! /'! ,%+! &'/>%+! /'! #[BX!
:%&.(>:*:>@(B!
!
7%8!%)8*!=*8)'A!,%+!;*,%8'+!/'!'+)%+!/*)%+A!:%&=*8*/%+!:%(!,*!&'/>*!/',!)%)*,!/'!,*!
&.'+)8*! /'! ,*! >(;'+)>-*:>@(A! *88%R*! .(*! e')'8%-'('>/*/! '(! ,*! />+)8>P.:>@(! /'! ,%+!
:%,':)>;%+A!'F:'=)%!'(!',!<)'&!V[!9!V\B!$*P'!/'+)*:*8!,*!*,)*!8'+=.'+)*!=%+>)>;*!'(!
,%+!<)'&+!VWA!V"A!VV!9!VXB!
1+)%+! 8'+.,)*/%+! >(/>:*(! E.'A! ,*+! =%+>P,'+! :*.+*+! /'! ,%+! =8%P,'&*+! /'! ,*!
:%(;>;'(:>*! '+:%,*8A! =*8*! ',! :%(R.()%! /'! ,*! &.'+)8*A! '+)S(! 8',*:>%(*/*+! :%(! ,*!
'+:*+*!>(D%8&*:>@(!/'!=*/8'+!9!*,.&(%+Y!:%(!',!)8*P*R%!/'!,*!).)%8<*!,%+!&%/',%+!
E.'! )8*(+&>)'(!,%+!&'/>%+!/'!:%&.(>:*:>@(!9!=%8!_,)>&%A!/')'8&>(*/%+!&%/',%+!
'/.:*)>;%+! D*&>,>*8'+! G'(! )%/%+! ,%+! :*+%+! +.='8*(/%! ',! #[u! /'! 8'+=.'+)*!
*D>8&*)>;*HB! $%&=*8*/%! :%(! ,*+! %=>(>%('+! /'! ,%+! =*/8'+A! :*P'! +'T*,*8! E.'! a+)%+!
/'+)*:*(! *+=':)%+! E.'! )>'('(! 8',*:>@(! />8':)*! :%(! +.+! *:).*:>%('+A! *+<A! ,*! '+:*+*!
/'/>:*:>@(!*!,*!'/.:*:>@(!/'!!+.+!e>R%+!Gb^BguHY!,*!D*,)*!/'!:%&.(>:*:>@(!=*/8'+i
e>R%+! Gb\B\uH! 9! ,*! /'+=8'%:.=*:>@(! /'! ,%+! =*/8'+! =%8! +.+! e>R%+! G#\uHB! 7%8! %)8*!
=*8)'! :%>(:>/'(! :%(! ',! 8'+)%! /'! ,*! &.'+)8*A! '(! +'T*,*8! ,*! >&=%8)*(:>*! /'! ,%+!
&%/',%+!>(*/':.*/%+!E.'!%D8':'(!,%+!&'/>%+!/'!:%&.(>:*:>@(!8'+.,)*(!/',!&>+&%!
&%/%! +>-(>D>:*)>;%+! GbWBVuHB! N>'()8*+! E.'! 'F:.,=*(! *,! =8%D'+%8*/%A! E.'! ;*,%8*(!
:%(!:*.+*()'+!/'!,%+!=8%P,'&*+!'(!&.9!P*R%!=%8:'()*R'B!
!
A#".5#M-$#:2*3%5$+2.-)&*,+*5+"3-+".)"*+2*+&*M&%`-+*NNNT*S+,#,)"*3)5)*&)*6+a%5)*,+*&)*
$%2/#/+2$#)**+"$%&)5B!!1(! '+)'! *+=':)%A! /'! (.';%! ,%+! =*/8'+! =8'+'()*(! %=>(>%('+!
!
!
"^#!
+>-(>D>:*)>;*&'()'! />D'8'()'+A! =%8! +'8! &S+! +'T*,*/*+A! *,! 8'+)%! /'! ,%+! :%,':)>;%+B!
G]a*+'!c*P,*!VH!2'+)*:*(A!'(!=8>&'8!,.-*8A!,*!(':'+>/*/!/'!'+)*8!>(D%8&*/%+0!fC>!.(!
*,.&(%! '+! +*(:>%(*/%! =%8! >(D8>(->8! *,-.(*! (%8&*! /'! :%(;>;'(:>*A! ,%+! =*/8'+!
/'P'8S(! :%(%:'8! :%(! 'F*:)>)./! ,%! E.'! +.:'/>@! 9! :%%='8*8! '(! ,*+! &'/>/*+!
:%88':)%8*+! E.'! +'! *=,>E.'(h! 9! ',! 8'+=')%! *! ,*+! (%8&*+! /'! :%(;>;'(:>*0! fL*:'8!
'F=,<:>)*+! 9! 8'+=')*8! ,*+! (%8&*+! /'! :%(;>;'(:>*! '(! )%/*+! ,*+! :,*+'+hB! Q&P*+!
+'T*,*/*+!=%8!,*!=8S:)>:*!)%)*,>/*/!/'!,*!&.'+)8*!GX#BguHB!Q!:%()>(.*:>@(A!+'T*,*/*!
=%8!&*+!/',!XWu!/'!,%+!=*/8'+A!,*!(':'+>/*/!/'!D%&'()*8!,%+!:%()*:)%+!D8':.'()'+!
=*/8'+i=8%D'+%8'+! G*,! &'(%+! .(*! ;'?! *,! )8>&'+)8'H! 9! =8%=>:>*8! ,*! *9./*! '()8'! ,%+!
'+:%,*8'+B! $%(! ;*,%8'+! +.='8>%8'+! *,! gguA! /'+)*:*(0! Q=,>:*8! ,*+! (%8&*+! 9! ',!
=8%:'/>&>'()%A! ',! *+'+%8*&>'()%! =+>:%='/*-@->:%A! e*:'8! 'F=,>:>)%! ',! 8'D.'8?%! /'!
,*+!P.'(*+!:%(/.:)*+!9!P.+:*8!*=%9%+!'F)'8(%+!*,!:'()8%B!Q!:%()>(.*:>@(!+'T*,*(0!
Z'*,>?*8! )*8'*+! '/.:*)>;*+! D.'8*! /',! e%8*8>%! ,':)>;%! =*8*! 8'=*8*8! ',! /*T%!:*.+*/%!
'(! ,*+! >(+)*,*:>%('+B! 4'! +>-.'A! :%(! .(! ;*,%8! /'! 8'+=.'+)*! *D>8&*)>;*! /',! bgB\uA!
D%&'()*8!,*!:%,*P%8*:>@(!/'!,%+!=*/8'+!'(!,%+!!&)2+"*,+*$%2/#/+2$#)!/'!,%+!:'()8%+B!
1,!b\B^!/'!,%+!=*/8'+!:%(+>/'8*!*:'8)*/*!,*!+.+='(+>@(!/',!/'8':e%!*!,*!*+>+)'(:>*!
/'! :,*+'! :%(! 8'*,>?*:>@(! /'! )*8'*+! '/.:*)>;*+! +.='8;>+*/*+! =%8! ',! =8%D'+%8B! C>(!
'&P*8-%A!&'/>/*+!:%&%!',!:*&P>%!/'!-8.=%!*='(*+!'+!*=%9*/*!=%8!',!^^Bbu!/',!
:%,':)>;%! =*/8'+A! *.(E.'! +.=%('! .(*! &*9%8! :%(D%8&>/*/! E.'! %)8%+! :%,':)>;%+!
G=8%D'+%8'+!9!*,.&(%+H!9!)%/*;<*!'(!&'(%8!&'/>/*!',!:*&P>%!/'!:'()8%A!+':.(/*/*!
=%8!.(!\WB#uB!
!
c*P,*!VB!2>+)8>P.:>@(!=%8:'().*,!/'!8'+=.'+)*!*D>8&*)>;*!'(!',!J,%E.'!555!9!;*,%8!/'!
=8%P*P>,>/*/!*+%:>*/*!$e>i:.*/8*/%!G7H!
!
7Q2Z1C!
7!
[WB! `%&'()*8! ,*! :%,*P%8*:>@(! ! /'! ,%+! =*/8'+! '(!
#bBb!
,%+!=,*('+!/'!$%(;>;'(:>*B!
bgB\!
BWWW!
["B! J.+:*8! +%,.:>%('+! *! ,%+! =8%P,'&*+! /'!
:%(;>;'(:>*! E.'! ! ;*9*(! &S+! *,,S! /',! S&P>)%! \^Bb!
*:*/a&>:%!G+*(>/*/A!=%,>:<*sHB!
g[BV!
BWWW!
[VB! C>! .(! *,.&(%! '+! +*(:>%(*/%! =%8! >(D8>(->8!
*,-.(*! (%8&*! /'! ! :%(;>;'(:>*A! ,%+! =*/8'+!
/'P'8S(!:%(%:'8!:%(!'F*:)>)./!,%!E.'!+.:'/>@!9! X[BW!
:%%='8*8! '(! ,*+! &'/>/*+! :%88':)%8*+! E.'! +'!
*=,>E.'(B!
X#Bg!
BW"[!
[[B! Z':%(%:'8! =_P,>:*&'()'! ,*+! P.'(*+!
bgBX!
:%(/.:)*+!/'!,%+!!*,.&(%+B!
ggBg!
BWWW!
[\B!78%=>:>*8!*9./*!'()8'!,%+!'+:%,*8'+B!
!
!
[^B! `%&'()*8! ,%+! :%()*:)%+! D8':.'()'+! =*/8'+i
b#BV!
=8%D'+%8'+!G*,!&'(%+!.(*!;'?!*,!)8>&'+)8'HB!
XVBb!
BWWW!
[#B! Q=,>:*8! ,*+! (%8&*+! /'! :%(;>;'(:>*! 9! ',!!
=8%:'/>&>'()%! /'! >()'8;'(:>@(! *()'! =8%P,'&*+! #bB"!
/'!*:%+%!'+:%,*8!'+)*P,':>/%!=%8!,*!$%(+'R'8<*!/'!
1/.:*:>@(A! $>'(:>*! '! 5(;'+)>-*:>@(! /'! ,*! Z'->@(!
gXBW!
BWWW!
!
cMcQ4ir!
X"B"!
!
"^b!
!
cMcQ4ir!
7Q2Z1C!
7!
X#Bg!
BWWW!
ggBb!
BWWW!
[XB! 5(D%8&*8! +%P8'! ,*! 8'+=%(+*P>,>/*/! ='(*,! /'!
,%+!
g[BW!
&'(%8'+!>(D8*:)%8'+B!!
!
!
\WB!4*!+.+='(+>@(!/',!/'8':e%!*!,*!*+>+)'(:>*!/'!
:,*+'! :%(! ! 8'*,>?*:>@(! /'! )*8'*+! '/.:*)>;*+! b\B^!
+.='8;>+*/*+!=%8!',!=8%D'+%8B!
!
!
\"B! Z'*,>?*8! )*8'*+! '/.:*)>;*+! D.'8*! /',! e%8*8>%!
,':)>;%! =*8*! 8'=*8*8! ',! /*T%! :*.+*/%! '(! ,*+! bbBX!
>(+)*,*:>%('+B!
gVB"!
BWWg!
\VB! C.+='(+>@(! /',! /'8':e%! *! =*8)>:>=*8! '(!
#bB#!
*:)>;>/*/'+!'F)8*'+:%,*8'+!%!:%&=,'&'()*8>*+B!
bWBV!
BWWV!
\[B!1,!:*&P>%!/'!-8.=%B!
\[B^!
^^Bb!
BWW"!
\\B!1,!!:*&P>%!/'!:'()8%B!
\WB#!
!
!
/'!N.8:>*B!
[bB! L*:'8! 'F=,<:>)*+! 9! 8'+=')*8! ,*+! (%8&*+! /'!
b#BV!
:%(;>;'(:>*!'(!)%/*+!,*+!:,*+'+B!
[gB1,!*+'+%8*&>'()%!/',!1E.>=%!/'!M8>'()*:>@(!
1/.:*)>;*!
9!
7+>:%='/*-@->:*!
2'=*8)*&'()%!/'!M8>'()*:>@(B!
%!
/',! ^gB#!
!
1(! '+)'! P,%E.'! +'! *=8':>*! .(! &*9%8! *:.'8/%! '()8'! ,%+! />+)>()%+! :%,':)>;%+! '(! ,%+!
<)'&+! [\A! [XA! \W! 9! \\A! /',! &>+&%! &%/%A! +'! %P+'8;*! .(*! *,)*! )*+*! /'! 8'+=.'+)*!
*D>8&*)>;*!'(!,%+!<)'&+![VA![\!9![XB!
C%P8'! ,*+! &'/>/*+! =*8*! ,*! &'R%8*! /'! ,*! :%(;>;'(:>*A! ',! :%(R.()%! /'! ,*! &.'+)8*!
+'T*,*! ,*! (':'+>/*/! /'! :%(%:'8! ,*! :*.+*! /'! ,*! +*(:>@(! 9! :%%='8*8! '(! ,*+! &'/>/*+!
:%88':)%8*+! GX[uH! 9! =8%=>:>*8! ,*! *9./*! '()8'! '+:%,*8'+! GX"uHA! *+<! :%&%! ,*!
:%(;'(>'(:>*! /'! >(D%8&*8! +%P8'! ,*! 8'+=%(+*P>,>/*/! ='(*,! /',! &'(%8! Gg[uHB!
N'/>/*+! :%&%! ,*! +.+='(+>@(! /'! *:)>;>/*/'+! 'F)8*'+:%,*8'+! 9! ,*! +.+='(+>@(! /',!
/'8':e%!*!*+>+)'(:>*!*!:,*+'!:%(!8'*,>?*:>@(!/'!)*8'*+!'/.:*)>;*+!+.='8;>+*/*+!=%8!
',!=8%D'+%8!'+!+'T*,*/%!=%8!&S+!/',!b^u!/'!,*!&.'+)8*B!4*+!&'/>/*+!/'!:*&P>%!/'!
-8.=%! 9! /'! :'()8%A! +%,%! +%(! ;*,%8*/*+! =%+>)>;*&'()'! =%8! *,-%! &S+! /',! \Wu! /'! ,*!
&.'+)8*B!
4%+! =*/8'+! /'+)*:*(! '(! =8>&'8! ,.-*8! ',! 8'+=')%! *! ,*+! (%8&*+! /'! :%(;>;'(:>*! 9! ',!
:%(%:>&>'()%! /'! ,*! :*.+*! /'! ,*! +*(:>@(A! *+<! :%&%! ,*! (':'+>/*/! /'! D%&'()*8! ,%+!
:%()*:)%+! '()8'! =*/8'+! 9! =8%D'+%8'+! G'(! )%/%+! ,%+! :*+%+! :%(! .(*! )*+*! +.='8>%8! *,!
X[uHB!
4%+!*(S,>+>+!D*:)%8>*,'+!*88%R*(!>&=%8)*()'+!*-8.=*:>%('+!/'!8'+=.'+)*+B!1,!*(S,>+>+!
=%8!P,%E.'+!/'!:%()'(>/%+!=8'+'()*!,%+!+>-.>'()'+!8'+.,)*/%+0!
*
U2B&#"#"* 9)$.%5#)&* 3)5)* (.+6"* ,#$%.%6#>),%"* ,+&* M&%`-+* NN0* !%"#M&+"* $)-")"* ,+*
!
!
"^g!
35%M&+6)"*,+*$%2/#/+2$#)*+"$%&)50! 7*8*! :%(%:'8! E.a! /'+)*:*(! '+=':>*,&'()'! ,%+!
=*/8'+!'(!',!P,%E.'!55!+'!8'*,>?@!.(!*(S,>+>+!D*:)%8>*,!*,!E.'!+'!*=,>:@!',!:8>)'8>%!/'!
6*>+'8B!C','::>%(*&%+!,%+![!:%&=%('()'+!:%(!+#'+2/)&%5è"BWA!E.'!'F=,>:*(!'(!)%)*,!
.(!^gu!/'!,*!;*8>*(?*A!+.+!8'+.,)*/%+!+'!'F=%('(!',!,*!c*P,*![B!
!
c*P,*![B!5)'&+!=%8!:%&=%('()'+!J,%E.'!55!
Z%)*)'/!$%&=%('()!N*)8>F!
!
$%&=%('()!
!
"!
V!
[!
VWB!4*!'+:*+*!/'/>:*:>@(!/'!,%+!=*/8'+!*!,*!'/.:*:>@(!/'!+.+!AWg#!
e>R%+B!
Ag#\!
iAWg\!
V"B!4*!D*,)*!/'!:%&.(>:*:>@(!/'!,%+!e>R%+!:%(!+.+!=*/8'+B!
AWXX!
Ag[\!
A"VX!
VVB! 2'+=8'%:.=*:>@(! /'! ,%+! =*/8'+! =%8! ,%! E.'! e*:'(! +.+!A^VV!
e>R%+!'(!',!:'()8%B!
A^"X!
A[#g!
V[B!2')'8&>(*/%+!&%/',%+!'/.:*)>;%+!D*&>,>*8'+B!
AV["!
A^"\!
A\[V!
V\B! $%(%:>&>'()%! >(+.D>:>'()'! /'! ,%+! =8%D'+%8'+i).)%8'+!A^g[!
+%P8'!,%+!=8%P,'&*+!/'!,%+!*,.&(%+B!
AVV\!
A"b"!
V^B! 1+:*+*! D%8&*:>@(! 9! /'/>:*:>@(! '+=':<D>:*! /',!A#b#!
=8%D'+%8*/%!+%P8'!(%8&*+!/'!:%(;>;'(:>*B!
A"[V!
iA"XX!
V#B!1+:*+*!>(D%8&*:>@(!/'!,%+!=*/8'+!+%P8'!,%!E.'!/'P'8<*(! A#X^!
AW#V!
AW#V!
AW^^!
A"#g!
VgB! 1,! =8%D'+%8*/%! '&=,'*! ,*! ).)%8<*! :%&%! &'/>%! =*8*!iA[[[! AVWV!
*D8%()*8!9!)8*)*8!,%+!=8%P,'&*+!/'!:%(;>;'(:>*!'+:%,*8B!
A^[\!
e*:'8!'(!:*+%!/'!=8%P,'&*+!/'!:%(;>;'(:>*!'+:%,*8B!
VbB! 1+:*+*! D%8&*:>@(! /',! *,.&(*/%! +%P8'! (%8&*+! /'!Ab[X!
:%(;>;'(:>*B!
VXB!4*!=8'+'()*:>@(!/'!&%/',%+!/'!>()'8*::>@(!>(*/':.*/%+!A["g!
*!)8*;a+!/'!,%+!&'/>%+!/'!:%&.(>:*:>@(B!
iAW\g! Ab#\!
c%)*,!/'!;*8>*(?*!'F=,>:*/*B!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!V[Bg"u!!VWBX\u!
"[B"^u!
!
1,! *(S,>+>+! /'! :%()'(>/%! /'! ,%+! <)'&+! *-8.=*/%+A! :%(! .(*! :*8-*! +>-(>D>:*)>;*!
G=8%=BêëWA^WH!/'!<)'&+!=%8!:%&=%('()'+A!8'+.,)*(!,%+!+>-.>'()'+0!
-
$%&=%('()'!"0!<)'&+!VVA!V\A!V^A!V#!9!VbB!U':'+>/*/!/'!D%8&*:>@(B!
-
$%&=%('()'!0!<)'&+!VWA!V"A!VV!9!V[B!Z',*:>%('+!=*/8'+ie>R%+B!
-
$%&=%('()'![0!<)'&+!Vg!9!VXB!5(+)8.&'()%+B!
!
1,! *(S,>+>+A! :%&%! +'! =.'/'! *=8':>*8A! =%('! /'! &*(>D>'+)%! E.'! ,%+! =*/8'+! /'+)*:*(!
:%&%!=%+>P,'+!:*.+*+!/'!,%+!=8%P,'&*+!/'!:%(;>;'(:>*0!,*!(':'+>/*/!/'!D%8&*:>@(!
!
!
"^X!
/'! ,%+! )8'+! :%,':)>;%+A! ,*! 8',*:>@(! =*/8'+ie>R%+A! ,%+! >(+)8.&'()%+! %! *::>%('+! /'!
=8';'(:>@(!9!,*!>(D,.'(:>*!/'!,%+!&'/>%+!/'!:%&.(>:*:>@(!
!
U2B&#"#"*9)$.%5#)&*3)5)*(.+6"*,#$%.%6#>),%"*,+&*M&%`-+*NNN0*S+,#,)"*3)5)*&)*6+a%5)*,+*
&)* $%2/#/+2$#)* +"$%&)50! 7*8*! :%(%:'8! E.a! /'+)*:*(! '+=':>*,&'()'! ,%+! =*/8'+! '(! ',!
P,%E.'! 555! +'! 8'*,>?@! .(! *(S,>+>+! D*:)%8>*,! *,! E.'! +'! *=,>:@! ',! :8>)'8>%! /'! 6*>+'8B!
C','::>%(*&%+! ,%+! ^! :%&=%('()'+! :%(! +#'+2/)&%5è"BWA! E.'! 'F=,>:*(! '(! )%)*,! .(!
#[u!/'!,*!;*8>*(?*!:.9%+!8'+.,)*/%+!+'!'F=%('(!',!,*!c*P,*!\B!
!
c*P,*!\B!5)'&+!=%8!:%&=%('()'+!J,%E.'!555!
Z%)*)'/!$%&=%('()!N*)8>F!
!
$%&=%('()!
!
"!
V!
[!
[WB!`%&'()*8!,*!:%,*P%8*:>@(!!/'!,%+!=*/8'+!AWV#!
'(!,%+!=,*('+!/'!$%(;>;'(:>*B!
AW\[!
iAW\X! AbgV!
AWgW!
["B! J.+:*8! +%,.:>%('+! *! ,%+! =8%P,'&*+! /'!A\[\!
:%(;>;'(:>*!E.'!;*9*(!!&S+!*,,S!/',!S&P>)%!
*:*/a&>:%!G+*(>/*/A!=%,>:<*sHB!
iA""W!
AVgg!
A""X!
[VB!C>!.(!*,.&(%!'+!+*(:>%(*/%!=%8!>(D8>(->8!Ag"#!
*,-.(*! (%8&*! /'! :%(;>;'(:>*A! ,%+! =*/8'+!
/'P'8S(! :%(%:'8! :%(! 'F*:)>)./! ,%! E.'!
+.:'/>@! 9! :%%='8*8! '(! ,*+! &'/>/*+!
:%88':)%8*+!E.'!+'!*=,>E.'(B!
A"^X!
iAWg\! A"\"!
iA"^b!
[[B! Z':%(%:'8! =_P,>:*&'()'! ,*+! P.'(*+!AWWV!
:%(/.:)*+!/'!,%+!*,.&(%+B!
A"""!
A"[b!
A"gX!
Ag#^!
[\B!78%=>:>*8!*9./*!'()8'!,%+!'+:%,*8'+B!
AVWb!
A\Wb!
AWb"!
A#X\!
iAW\"!
[^B! `%&'()*8! ,%+! :%()*:)%+! D8':.'()'+!Abg\!
=*/8'+i=8%D'+%8'+! G*,! &'(%+! .(*! ;'?! *,!
)8>&'+)8'HB!!
A"b\!
iAWbW! AWg\!
AWWb!
[#B! Q=,>:*8! ,*+! (%8&*+! /'! :%(;>;'(:>*! 9! ',!!AVb#!
=8%:'/>&>'()%! /'! >()'8;'(:>@(! *()'!
=8%P,'&*+!/'!*:%+%!'+:%,*8!'+)*P,':>/%!=%8!
,*! $%(+'R'8<*! /'! 1/.:*:>@(A! $>'(:>*! '!
5(;'+)>-*:>@(!/'!,*!Z'->@(!/'!N.8:>*B!
A#X^!
AWWg!
AWg^!
[bB! L*:'8! 'F=,<:>)*+! 9! 8'+=')*8! ,*+! (%8&*+!A^g#!
/'!:%(;>;'(:>*!'(!)%/*+!,*+!:,*+'+B!
A"X\!
iAWg"! iAVbX! A\##!
[gB! 1,! *+'+%8*&>'()%! /',! 1E.>=%! /'!A"W#!
M8>'()*:>@(! 1/.:*)>;*! 9! 7+>:%='/*-@->:*! %!
/',!2'=*8)*&'()%!/'!M8>'()*:>@(B!
A^#V!
A"X"!
[XB!5(D%8&*8!+%P8'!,*!8'+=%(+*P>,>/*/!='(*,!iAWb"! Ab""!
/'!,%+!&'(%8'+!>(D8*:)%8'+B!
!
!
\!
A\#[!
A"Vg!
A"gg!
iAWW^! A"b[!
^!
iA[W"!
AW#X!
"#W!
Z%)*)'/!$%&=%('()!N*)8>F!
!
$%&=%('()!
!
"!
V!
[!
\!
^!
\WB!4*!+.+='(+>@(!/',!/'8':e%!*!,*!*+>+)'(:>*!A"gb!
/'! :,*+'! :%(! ! 8'*,>?*:>@(! /'! )*8'*+!
'/.:*)>;*+!+.='8;>+*/*+!=%8!',!=8%D'+%8B!
A#V^!
A""W!
iAVW"! AV"\!
\"B! Z'*,>?*8! )*8'*+! '/.:*)>;*+! D.'8*! /',!A^W#!
e%8*8>%!,':)>;%!=*8*!8'=*8*8!',!/*T%!:*.+*/%!
'(!,*+!>(+)*,*:>%('+B!
iAW""!
A[gb!
AV"g!
\VB!!C.+='(+>@(!/',!/'8':e%!*!=*8)>:>=*8!'(!AW\\!
*:)>;>/*/'+!!
A\"#!
A\\"!
iA"X\! AVX#!
\[B!1,!:*&P>%!/'!-8.=%B!
iAWV[! AW[^!
Aggg!
A"W[!
\\B!1,!:*&P>%!/'!:'()8%B!
iAW#b! A"V#!
Ag^V!
iAWV[! A"V^!
AV^W!
'F)8*'+:%,*8'+!%!:%&=,'&'()*8>*+B!
iAWgW!
c%)*,!/'!]*8>*(?*!'F=,>:*/*!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"\BXgu!!!!!!"\B\bu!!!!
"[B^bu!!!!!!""B"u!!!!!gBggu!
!
!
$*8-*!+>-(>D>:*)>;*!G=8%=BêëWA\WëH!/'!<)'&+!=%8!:%&=%('()'+0!
-
$%&=%('()'! "0! <)'&+! ["A! [VA! [^A! [b! 9! \"Y! 7*8)>:>=*:>@(! 9!
:%&.(>:*:>@(B!
-
$%&=%('()'!V0!<)'&+![#A![gA!\W!9!\VY!C*(:>%('+!9!*+'+%8*&>'()%B!
-
$%&=%('()'![0!<)'&+!\VA!\[!9!\\Y!1F:,.+>@(!9!:*&P>%!
-
$%&=%('()'!\0!<)'&+![WA!["!9![\Y!$%,*P%8*:>@(!9!*9./*B!
-
$%&=%('()'!^0!<)'&+![[!9![bB!Z'+=')*8!,*+!(%8&*+B!
!
4%+!8'+.,)*/%+!/'!a+)'!*(S,>+>+!D*:)%8>*,!=%('(!/'!&*(>D>'+)%!E.'A!'(!%=>(>@(!/'!,%+!
=*/8'+A! ,*+! &'/>/*+! =*8*! ,*! &'R%8*! /'! ,*! :%(;>;'(:>*! '+:%,*8! :%&>'(?*(! =%8! ,*!
=*8)>:>=*:>@(! 9! :%&.(>:*:>@(! D*&>,>*i'+:.',*A! +'-.>/*! /'! ,*! *=,>:*:>@(! /'! (%8&*+!
'(! :.*()%! *! +*(:>%('+! 9! *+'+%8*&>'()%A! *! :%()>(.*:>@(! /'+)*:*(! &'/>/*+! /'!
+*(:>@(!9!:*&P>%!/'!-8.=%!%!:'()8%A!+'-.>/%!/'!:%,*P%8*:>@(!9!*9./*!'()8'!,%+!)8'+!
:%,':)>;%+A! 9! '(! _,)>&%! ,.-*8A! e*:'8! 'F=,<:>)*+! ,*+! (%8&*+! 9! 8':%(%:'8! ,*+! P.'(*+!
=8S:)>:*+B!
!
$%&$.8'(%&*'!
Q.(E.'!+'!%P+'8;*(!:>'8)*+!/>D'8'(:>*+!'()8'!,%+!)8'+!:%,':)>;%+A!,*!&*9%8<*!/'!,%+!
'(:.'+)*/%+! +'T*,*! ,*! (':'+>/*/! /'! .(*! >(D%8&*:>@(! &*9%8! 9! &S+! D>*P,'! :%&%!
=8>(:>=*,!:*.+*!/'!'+)%+!=8%P,'&*+B!4%+!=*/8'+!/'+)*:*(!,*!D*,)*!/'!:%&.(>:*:>@(!
:%(! +.+! e>R%+B! 1(! %=>(>@(! /'! =*/8'+! 9! =8%D'+%8'+! ,%+! &'/>%+! /'! :%&.(>:*:>@(!
D*:>,>)*(!,*!*/E.>+>:>@(!/'!:%(/.:)*+!;>%,'()*+B!4%+!&%/',%+!+%:>*,'+!%D8':>/%+!=%8!
!
!
"#"!
a+)%+!+%(!.(*!-8*(!=8'%:.=*:>@(!=*8*!,%+!*/.,)%+B!!
C%P8'! ,*+! &'/>/*+! =*8*! ,*! &'R%8*! /'! ,*! :%(;>;'(:>*! '+:%,*8A! ',! :%(R.()%! /'! ,*!
&.'+)8*! +'T*,*! :%&%! =8>(:>=*,! &'/>/*! ',! =8%=>:>*8! ,*! *9./*! '()8'! '+:%,*8'+A!
+'T*,*(/%!,*!=8';'(:>@(!:%&%!,*!D%8&*!&S+!*/':.*/*B!c*&P>a(!,*!>(D%8&*:>@(!/'!
,*! 8'+=%(+*P>,>/*/! ='(*,! /',! &'(%8A! +'-.>/*! /'! &'/>/*+! :*.)',*8'+! :%&%! ,*!
+.=8'+>@(! /',! /'8':e%! *! *+>+)'(:>*! *! :,*+'! +>'&=8'! *:%&=*T*/%! /'! ,*! 8'*,>?*:>@(!
/'! )*8'*+! '/.:*)>;*+! +.='8;>+*/*+! =%8! ',! =8%D'+%8B! 2',! &>+&%! &%/%! +'T*,*(! ,*!
(':'+>/*/!/'!8'+=')*8!,*+!(%8&*+!/'!:%(;>;'(:>*BB!4%+!=*/8'+!*=.()*(!*+>&>+&%A!,*!
:%(;'(>'(:>*! /'! P.+:*8! *=%9%! &S+! *,,S! /',! S&P>)%! *:*/a&>:%B! 7%8! %)8*! =*8)'A! ,*!
*=,>:*:>@(! /',! =8%:'/>&>'()%! /'! >()'8;'(:>@(! 9! ,*+! (%8&*+! '+)*P,':>/*+! *()'!
=8%P,'&*+! /'! *:%+%! '+:%,*8! =%8! ,*! $%(+'R'8<*! /'! 1/.:*:>@(! +%(! ;*,%8*/*+! &.9!
=%+>)>;*&'()'!=%8!,%+!=*/8'+A!'F:'=)%!=8%=%('8!',!:*&P>%!/'!:'()8%!*!,%+!'+:%,*8'+!
E.'!=8'+'()'(!=8%P,'&*+!/'!:%(;>;'(:>*B!
1(!+.!:%(R.()%A!+'!=.'/'!*=8':>*8!E.'!,*+!:.'+)>%('+!8',*)>;*+!*!,*+!=8%=.'+)*+!/'!
&'R%8*! /'! ,*! :%(;>;'(:>*! =8'+'()*(! &*9%8! =%8:'()*R'! /'! 8'+=.'+)*! E.'! ,*+!
8'D'8>/*+! *! ,*+! :*.+*+! /'! ,%+! =8%P,'&*+B! $*P8<*! >()'8=8')*8! E.'! ,%+! =*/8'+! '+)S(!
&S+! =8'%:.=*/%+! =%8! P.+:*8! +%,.:>%('+! *! ,*+! +>).*:>%('+! E.'! *! =,*()'*8+'! +.!
%8>-'(B!3(!/*)%!,,*&*!,*!*)'(:>@(A!*.(E.'!=*8':'!E.'!',!=8%D'+%8*/%!>()'8=8')*!E.'!
(%!'+!;*,%8*/%!=%+>)>;*&'()'!=%8!,%+!=*/8'+A!'+)'!'+)./>%!;>'('!*!=%('8!/'!8',>';'!
R.+)*&'()'! ,%! :%()8*8>%A! 9*! E.'! :.*(/%! )8*)*(! /'! 'F=,>:*8! ,*+! :*.+*+! /'! ,%+!
=8%P,'&*+! /'! :%(;>;'(:>*A! *()'=%('(! *+=':)%+! ='8+%(*,'+! 9! D*&>,>*8'+! *! ,%+!
*:*/a&>:%+B! 1+)'! +'8<*! .(! P.'(! +<()%&*! =*8*! *:%8)*8! ,*! />+)*(:>*! '()8'! =*/8'+! 9!
=8%D'+%8'+B!7%8!%)8*!=*8)'!,%+!=*/8'+!8':,*&*(!&*9%8!>(D%8&*:>@(!9!:%(%:>&>'()%!
/'! ,*! (%8&*)>;*A! ,%! E.'! =%/8<*! +'8! *=8%;':e*/%! =%8! ,%+! />8':)>;%+! /'! ,%+! :'()8%+!
'+:%,*8'+!=*8*!'+)*P,':'8!,%+!=.'()'+!(':'+*8>%+B!
!
/(/.(%0+,-1,!
QQB]]B! GVWW#HB! r#%&+2$#)* +"$%&)5T* +&* 6)&.5).%* +2.5+* #'-)&+"* +2* &)* +,-$)$#:2*
"+$-2,)5#)* %M&#').%5#)B! C'8;>:>%! /'! =.P,>:*:>%('+! /'! ,*! %D>:>(*! /',! 2'D'(+%8! /',!
7.'P,%B!
QQB]]B! GVWWbHB! r#%&+2$#)* +"$%&)5T* +&* 6)&.5).%* +2.5+* #'-)&+"* +2* &)* +,-$)$#:2*
"+$-2,)5#)* %M&#').%5#)B! C'8;>:>%! /'! =.P,>:*:>%('+! /'! ,*! %D>:>(*! /',! 2'D'(+%8! /',!
7.'P,%B!
$*,;%A! QB! ZB! 9! J*,,'+)'8A! `B! GVWWbHB! U$%"%* +"$%&)5T* !5%$+,#6#+2.%"* ,+* N2.+5/+2$#:20!
N*/8>/B!1MCB!
$'8'?%A! `B! GVWWXHB! J.,,9>(-B! Q(S,>+>+! /'! ,*! +>).*:>@(! '(! ,*+! *.,*+! '+=*T%,*+B!
5()'8(*)>%(*,!j%.8(*,!%D!7+9:e%,%-9!*(/!7+9:e%,%->:*,!!ce'8*=9B!XG[H![g[i[X\B!
$'8'?%A!`B!9!J'8(*,A!ZB!GVW"WHB!7'8:'=:>@(!/'!,%+!=,*('+!/'!:%(;>;'(:>*!'+:%,*8!'(!
,%+!:'()8%+!/'!'/.:*:>@(!=8>&*8>*!9!+':.(/*8>*!/'!,*!Z'->@(!/'!N.8:>*B!2>D'8'(:>*+!
'()8'! =*/8'+A! *,.&(%+! 9! '/.:*/%8'+B! $%&.(>:*:>@(! =8'+'()*/*! *,! 55! $%(-8'+%!
5()'8(*:>%(*,!/'!$%(;>;'(:>*!1+:%,*8B!Q,&'8<*!"#A!"bA!"g!9!"X!/'!N*8?%!VW"WB!U$.)"*
,+&*$%2'5+"%B!
$'8'?%A! `BY! $*,;%A! QB! ZBY! Q)%A! NBY! Z*P*/S(A! ZBY! N*8)<('?A! `BY! M8'('+A! 7B! jBY! Z.>?A! NB! 9!
J'8(*,A! ZB! GVWWgHB! 4*! =*8)>:>=*:>@(! D*&>,>*8! '(! ,%+! =,*('+! /'! :%(;>;'(:>*! '+:%,*80!
='8:'=:>@(! /'! =8%D'+%8'+! 9! =*/8'+B! $%&.(>:*:>@(! ! =8'+'()*/*! *,! ]! $%(-8'+%!
!
!
"#V!
5()'8(*:>%(*,! /'! 7+>:%,%-<*! 9! 1/.:*:>@(0! 4%+! 8')%+! /',! D.).8%B! M;>'/%B! U$.)"* ,+&*
$%2'5+"%B!
$%(+'R'8<*! /'! 1/.:*:>@(! 9! $.,).8*! /'! ,*! Z'->@(! /'! N.8:>*B! 2>8'::>@(! d'('8*,! /'!
M8/'(*:>@(!Q:*/a&>:*!GVWW^tW#HB!E%56).#/)*"%M5+*$%2/#/+2$#)*+"$%&)5B!!
2>8'::>@(!d'('8*,!/'!M8/'(*:>@(!Q:*/a&>:*!2':8')%!""^tVWW^A!/'!V"!%:).P8'A!=%8!
',!E.'!+'!'+)*P,':'(!,*+!(%8&*+!/'!:%(;>;'(:>*!'(!,%+!:'()8%+!/%:'()'+B!
!i!Z'+%,.:>@(!/'!\!/'!QP8>,!/'!VWW#!=%8!,*!E.'!+'!/>:)*(!>(+)8.::>%('+!'(!8',*:>@(!
:%(! ,*! +>).*:>@(! /'! *:%+%! '+:%,*8! '(! ,%+! :'()8%+! /%:'()'+! +%+)'(>/%+! :%(! D%(/%+!
=_P,>:%+!E.'!>&=*8)'(!'(+'T*(?*+!'+:%,*8'+B!
i! M8/'(! /'! VW! D'P8'8%! /'! VWW#A! =%8! ,*! E.'! +'! '+)*P,':'(! &'/>/*+! 8',*)>;*+! *! ,*!
&'R%8*!/'!,*!:%(;>;'(:>*!'+:%,*8B!
d*8*>-%8/%P>,A! NB! 9! ! MT'/'88*A! jB! QB! GVWWgHB! 1+)./>%+! '=>/'&>%,@->:%+! +%P8'! ,*!
>(:>/'(:>*! /',! *:%+%! '+:%,*8! '! >&=,>:*:>%('+! '/.:*)>;*+B! ;+/#".)* ,+* N29%56)$#:*
!"#$%&:'#$)@YH@*IHJlK*
dS?E.'?A! jBjBY! $*(-*+A! QBjY! 7*/>,,*A! 2BY! $*(%A! QB! 9! 7a8'?A! 7BjB! GVWW^HB! Q++'++&'()! P9!
7.=>,+A! c'*:e'8+! *(/! 7*8'()+! %D! C:e%%,! $%'F>+)'(:'! 78%P,'&! >(! C=*>(A! `8*(:'A!
Q.+)8>*! *(/! L.(-*890! d,%P*,! 7+9:e%&')8>:! 2*)*B! N2.+52).#%2)&* ]%-52)&* %9*
!"4$V%&%'4*)2,*!"4$V%&%'#$)&*LV+5)34@*K*PGR@*"W"i""VB!
7a8'?A! NB$BY! o.+)'A! UBY! 4.:*+A! `B! 9! `*R*8/%A! NB5B! GVWWgHB! 4%+! =*/8'+! D8'()'! *! ,*!
;>%,'(:>*!'+:%,*8B!<-5%3+)2*]%-52)&*%9*<,-$).#%2*)2,*!"4$V%&%'4@*IPl@![Xi\b!
!
!
!
"#[!
!
!
"#\!
!!
!
!
!
!
*&'*b,&c,!_!,5+*&)(c,k*!
5*+'5*$2(6,'!)(-*+*&2*'!*&!/8'$,!)*!.,!$,.(),)!)*.!
+*&)(3(*&2%!,$,)F3($%!
!
!
-K=>@:>H:!4=<>h>?=;!5B>:!
3(>;'8+>/*/!/'!N.8:>*!
!
!
(&2+%)8$$(7&!
1,! >()'8a+! =%8! ,*! '(+'T*(?*! 9! ',! *=8'(/>?*R'! *! ,%! ,*8-%! /'! ,*+! _,)>&*+! /a:*/*+! e*!
)%&*/%! 8.&P%+! />D'8'()'+! 9! (%;'/%+%+! ! *()'! ,%+! =,*()'*&>'()%+! /',! =8%:'+%! /'!
J%,%(>*B! 4*! *&=,>*! ,>)'8*).8*! +%P8'! ',! )'&*! e*! =8%/.:>/%! .(! :%8=.+! /'!
:%(%:>&>'()%+A! &%/',%+A! )'%8<*+! 9! 8'+.,)*/%+! /'! >(;'+)>-*:>@(! E.'! '+)S(!
='8&>)>'(/%!'()'(/'8!&'R%8!:.*,'+!+%(!,%+!D*:)%8'+!E.'!:%()8>P.9'(!*!.(*!&'R%8!
:%&=8'(+>@(! /'! ,*! '(+'T*(?*! 9! /',! *=8'(/>?*R'! 9A! =%8! )*()%A! *! .(*! &'R%8! :*,>/*/!
/',!8'(/>&>'()%!/'!,%+!'+)./>*()'+B!
1(!'+)'!&%&'()%!:%(;>;'(!,<('*+!/'!>(;'+)>-*:>@(!>()'8'+*()'+!E.'!*P%8/*(!/'+/'!
)'%8<*+! 9! &%/',%+! />D'8'()'+! :@&%! +'! =8%/.:'! ',! *=8'(/>?*R'! 9! ,*! '(+'T*(?*! 9!
:@&%! ,*+! %=:>%('+! */%=)*/*+! =%8! +.+! =8%)*-%(>+)*+! :%()8>P.9'(! *! :*,>/*/'+!
/>D'8'()'+! /'! 8'(/>&>'()%! *:*/a&>:%B! QE.<! +@,%! (%+! ;*&%+! *! 8'D'8>8! *! ,*+!
:%(:'=:>%('+! /'! ,*! '(+'T*(?*! 9! ',! *=8'(/>?*R'! 9! *! ,*+! :8''(:>*+! +%P8'! ',!
:%(%:>&>'()%!9!',!*=8'(/>?*R'B!!
1(!'+)*!=%('(:>*!;*&%+!*!+>()')>?*8!,%+!*+=':)%+!&S+!8',';*()'+!/'!'+)*+!,<('*+!9!
+.!>(:>/'(:>*!'(!,*!:*,>/*/!/'!,%+!8'+.,)*/%+!/',!*=8'(/>?*R'B!Q+<!&>&%A!(%+!;*&%+!
8'D'8>8!*!*,-.(%+!/'!,%+!8'+.,)*/%+!%P)'(>/%+!'(!,%+!)8*P*R%+!/'!>(;'+)>-*:>@(!E.'!
e'&%+! ;'(>/%! 8'*,>?*(/%! *! ,%! ,*8-%! /'! ,*+! _,)>&*+! /a:*/*+B! c%/*+! '+)*+! ,<('*+! /'!
>(;'+)>-*:>@(! (%! +%(! (.';*+! *.(E.'! ',! '+:'(*8>%! /',! 78%:'+%! /'! J%,%(>*! ,*+! e*!
=.'+)%! /'! *:).*,>/*/! +>'(/%! &.:e%+! ,%+! >(;'+)>-*/%8'+! E.'! '+)S(! 8'/>8>->'(/%!
(.';%+! =,*()'*&>'()%+! E.'! *88%R'(! ,.?! +%P8'! .(! =8%P,'&*! )*(! (.';%! :%&%! ;>'R%!
:%&%!'+!/'!E.a!/'='(/'!,*!:*,>/*/!/',!8'(/>&>'()%!/'!,%+!'+)./>*()'+B!!
1,! /'+*88%,,%! 'F=%('(:>*,! /'! ,*! >(;'+)>-*:>@(! '(! '+)'! :*&=%! '+)S! =8%/.:>'(/%!
:%(%:>&>'()%+! 9! +.-'8'(:>*+! *! ,%+! =8%D'+%8'+! 9! *! ,%+! 8'+=%(+*P,'+! *:*/a&>:%+!
+%P8'!E.a!e*:'8!=*8*!=8%&%;'8!&*9%8!:*,>/*/!'(!',!*=8'(/>?*R'!/'!,%+!'+)./>*()'+B!
N*8)%(A! C*,R%A! J>--+A! 1()O>+),'A! c8>-O',,A! 78%++'8A! C:e%&&'8A! Z*&+/'(A! '):B! e*(!
',*P%8*/%! 9! =8%=.'+)%! &%/',%+A! )'%8<*+A! ;*8>*P,'+A! '):B! E.'! *9./'(! *! '()'(/'8!
:@&%! +'! =8%/.:'(! ,*! '(+'T*(?*! 9! ',! *=8'(/>?*R'! /'+/'! ,*! ='8+=':)>;*! /'! ,%+!
=8%)*-%(>+)*+A! ',! :%()'F)%! /'! ,*+! =8S:)>:*+! '(! ',! *.,*! 9! ,*+! />+)>()*+! />+:>=,>(*+B!
!
!
"#^!
7%/'&%+!'&='?*8!*!/':>8!E.'!9*!:%()*&%+!:%(!';>/'(:>*+!+.D>:>'()'+!E.'!*=%9*(!
,*! >/'*! /'! E.'! ,%+! '+)./>*()'+! 9! ',! =8%D'+%8*/%! )>'(/'(! *! %8-*(>?*8+'! 9! *:).*8! /'!
*:.'8/%! :%(! +.+! :%(:'=:>%('+! /'! ,*! '(+'T*(?*! 9! ',! *=8'(/>?*R'A! +.+! :8''(:>*+!
+%P8'!',!:%(%:>&>'()%!9!,*!'(+'T*(?*A!*+<!:%&%!+.+!'(D%E.'+!/'!!*=8'(/>?*R'!9!/'!
'(+'T*(?*B!U>!E.'!/':>8!)>'('!E.'!,*!>(;'+)>-*:>@(!/'P'!:%()>(.*8!='8%!E.'8'&%+!
+'T*,*8! E.'! *,-.(%+! /'! ,%+! 8'+.,)*/%+! *,:*(?*/%+! /'P'8<*(! >(>:>*8! ,*! 8.)*! /'! ,*!
)8*(+D'8'(:>*!*!,*+!=8S:)>:*+!*:%,*8'+!!9!:%()8>P.>8!*,!:%(%:>&>'()%!(':'+*8>%!=*8*!
,*! &'R%8*! :%()>(.*! 9! ='8&*('()'! /',! *=8'(/>?*R'! /'! ,%+! '+)./>*()'+! 9! +.!
8'(/>&>'()%! *:*/a&>:%B! Q! :%()>(.*:>@(! '+P%?*&%+! :*/*! .(*! /'! '+)*+! ,<('*+! /'!
>(;'+)>-*:>@(!>(/>:*/*+!&S+!*88>P*B!
!
.,'!$+**&$(,'!*5('2*3%.70($,'!
4*! >(;'+)>-*:>@(! +%P8'! ,*+! :8''(:>*+! 9! ,*+! :%(:'=:>%('+! /',! *=8'(/>?*R'! 9! /'! ,*!
'(+'T*(?*! >(/>:*! E.'! ,*! ='8+=':)>;*! '=>+)'&%,@->:*! 9! ',! D'(%&'(%-8SD>:*! +%(!
/>+)>()*+! ='8%! (%! >(:%&=*)>P,'+! 9*! E.'! e*9! .(*! '+)8':e*! 8',*:>@(! '()8'! ,*+!
:8''(:>*+! +%P8'! ',! :%(%:>&>'()%! 9! ,*+! :%(:'=:>%('+! +%P8'! ',! *=8'(/>?*R'! 9! ,*!
'(+'T*(?*B! 1(! ,*! ,>)'8*).8*! *=*8':'(! :%&%! ,<('*+! /'! >(;'+)>-*:>@(! +'=*8*/*+!
*.(E.'! *,-.(%+! )8*P*R%+! '+)*P,'?:*(! :%('F>%('+! >&=%8)*()'+B! 1(! '+)'! )8*P*R%! ,*+!
=8'+'()*&%+!/'!D%8&*!+'=*8*/*B!
4*!,<('*!/'!>(;'+)>-*:>@(!+%P8'!,*+!:8''(:>*+!+%P8'!',!:%(%:>&>'()%!9!',!*=8'(/>?*R'!
'+)S! =8%&%;>'(/%! 8'+.,)*/%+! >()'8'+*()'+! +%P8'! ,*! )>=%,%-<*! /'! :8''(:>*+! E.'! ,%+!
'+)./>*()'+! ;*(! /'+*88%,,*(/%! *! ,%! ,*8-%! /'! ,%+! />+)>()%+! :>:,%+! '/.:*)>;%+! 9! ,*!
>(:>/'(:>*!E.'!)*,'+!:8''(:>*+!)>'('!+%P8'!,%+!8'+.,)*/%+!/'!/>:e%!*=8'(/>?*R'B!4*+!
:8''(:>*+!'=>+)'&%,@->:*+!+%(!:8''(:>*+!*:'8:*!/'!,*!(*).8*,'?*!/',!:%(%:>&>'()%!9!
:%&%! +'! =8%/.:'! ',! *=8'(/>?*R'B! 4*+! >(;'+)>-*:>%('+! &S+! 8',';*()'+! +'! >(>:>*(! '(!
,%+! *T%+! "XgW! :%(! C:e%&&'8iQ>k>(+A! *.(E.'! /'+/'! ,%+! *T%+! "X#W! '(:%()8*&%+!
8'+.,)*/%+! >()'8'+*()'+! E.'! ;>(:.,*(! ,*+! :8''(:>*+! :%(! ',! *=8'(/>?*R'! G2.',,! 9!
C:e%&&'8iQ>k>(+A! VWW"H! :%&%! +%(! ,%+! )8*P*R%+! /'! L*&&'8! G"XX\HA! L%D'8! 9!
7>()8>:e! G"XXbHA! C:e%&&'8! 9! I*,k'8! G"XXbHB! Q! =*8)>8! /'! '+)'! &%&'()%! +%(!
(_&'8%+! ,%+! '+)./>%+! 8'*,>?*/%+! E.'! e*(! =8%/.:>/%! 8'+.,)*/%+! +%P8'! ,*!
>&=%8)*(:>*! /'! ,*+! :8''(:>*+! +>-.'(! ! )'(>'(/%! +%P8'! ',! *=8'(/>?*R'! GC:e%&&'8A!
"XXWA! "XX[HB! $%&%! 2.',,! 9! C:e%&&'8! GVWW"H! +'T*,*(! :.*()%! &S+! +>&=,'A!
&*('R*P,'A! :>'8)%! 9! /'='(/>'()'! /'! ,*! *.)%8>/*/! :%(+>/'8*! ',! '+)./>*()'! '+! ',!
:%(%:>&>'()%! &S+! =8%P*P>,>/*/! e*9! /'! E.'! +>&=,>D>E.'! ,*+! >(D%8&*! *.(E.'! +'*!
:%&=,'R*A! +.! *:).*:>@(! '(! ,%+! 'FS&'('+! +'*! =%P8'A! +>&=,>D>E.'! :.*,E.>'8!
:%(:,.+>@(! 9! *=.'+)'! =%8! 8'+=.'+)*+! +>&=,'+! *,,<! /%(/'! +'*! (':'+*8>*! .(*! &*9%8!
',*P%8*:>@(!/'!,*+!8'+=.'+)*+B!!
1,!:%(:'=)%!'=>+)'&%,%-<*!)>'('!+.!%8>-'(!'(!,*!D>,%+%D<*A!+>(!'&P*8-%A!,%+!'+)./>%+!
'D':).*/%+!*!,%!,*8-%!/'!,*+!_,)>&*+!/a:*/*+!e*(!/'&%+)8*/%!E.'!,*+!:8''(:>*+!E.'!
,%+! =8%)*-%(>+)*+! /'! ,*! '(+'T*(?*! 9! ',! *=8'(/>?*R'! )>'('! >(D,.9'(! 9! &%/',*(! ,*!
:%&=8'(+>@(!E.'!)>'('(!/',!&.(/%!E.'!,'+!8%/'*!!GL%D'8A!VWW"HB!2'!*:.'8/%!:%(!
'+)'! *.)%8A! ,%+! D>,@+%D%+! /'D>('(! ,*! '=>+)'&%,%-<*! :%&%! ',! %8>-'(A! (*).8*,'?*A!
,<&>)'+A!&a)%/%+!9!R.+)>D>:*:>@(!/',!:%(%:>&>'()%!e.&*(%B!2'!*:.'8/%!:%(!L%D'8!9!
7>()8>:e! G"XXbH! ,*+! :8''(:>*+! '=>+)'&%,@->:*+! +%(! :%(+)8.::>%('+! +%:>*,'+! 9! +'!
D%8&*(!*!)8*;a+!/'!,*!>()'8*::>@(!:%(!',!:%()'F)%!'/.:*)>;%B!
4%+! =8%D'+%8'+! e*(! :%&=8%P*/%! '(! *,-_(! &%&'()%! E.'! ,%+! '+)./>*()'+! =.'/'(!
/'&*(/*8! 8'+=.'+)*+! +>&=,'+! *! =8'-.()*+! :%&=,'R*+B! 1+)'! )>=%! /'! 8'+=.'+)*+!
!
!
"##!
=.'/'! +.=%('8! .(*! /':'=:>@(! '(! ',! '+)./>*()'! :.*(/%! ',! =8%D'+%8! 8'+=%(/'! :%(!
.(*! 'F=,>:*:>@(! *&=,>*! 9! 8',*)>;*B! 7*8*! '+%+! '+)./>*()'+! E.'! '+='8*(! ,*!
+>&=,>D>:*:>@(! '(! ,*+! 8'+=.'+)*+! ,*! /':'=:>@(! '+)S! *+'-.8*/*! 9! ,*! :%(D.+>@(! =%8!
=*8)'! /',! =8%D'+%8! )*&P>a(! +'! e*:'! =*)'()'B! 4*+! >(;'+)>-*:>%('+! ,,';*/*+! *! :*P%!
+%P8'! ,*+! )'%8<*+! 9! &%/',%+! E.'! 'F=,>:*(! ,*+! 'F=':)*)>;*+! 9! ,*+! 8'+=.'+)*+! e*(!
,,';*/%!*!.(*!&'R%8*!:%&=8'(+>@(!+%P8'!,*+!;>+>%('+!E.'!+%P8'!',!:%(%:>&>'()%!9!
',! *=8'(/>?*R'! /'! ,%+! '+)./>*()'+! +'! )>'('! 9! +.+! >&=,>:*:>%('+! '(! ,*! ;>/*! />*8>*!
/'()8%!/',!*.,*B!
4*+!*=%8)*:>%('+!&S+!>&=%8)*()'+!;>'('(!/'!,*!)'%8<*!=8%=.'+)*!=%8!7'889!G"X#gHB!
1+)'!*.)%8!D.'!.(%!/'!,%+!=8>&'8%+!'(!,,*&*8!,*!*)'(:>@(!+%P8'!,*!>(D,.'(:>*!E.'!,*+!
:8''(:>*+!)>'('(!+%P8'!,*+!'F='8>'(:>*+!'/.:*)>;*+B!C.+!'+)./>%+!;'8+*8%(!+%P8'!,*!
>(D,.'(:>*!E.'!,*+!:8''(:>*+!)>'('(!+%P8'!,%+!'(D%E.'+!/'!*=8'(/>?*R'B!C.+!)8*P*R%+!
P*+*/%+!'(!,*!'()8';>+)*!8';',*8%(!E.'!,%+!'+)./>*()'+!;'<*(!',!:%(%:>&>'()%!:%&%!
;'8/*/'8%! %! D*,+%! 9! E.'! '+)'! :%(%:>&>'()%! +'! /'8>;*P*! /'! ,*! *.)%8>/*/A! =*/8'+! %!
=8%D'+%8'+B! C.! =8%=.'+)*! +.->'8'! E.'! ,*+! ='8+%(*+! =*+*(! =%8! (.';'! ')*=*+! /'!
:8''(:>*+! E.'! ;*(! /'+/'! .(*! +>&=,'! *! %)8*! &S+! :%&=,'R*A! /'! D%8&*! =8%-8'+>;*A!!
,>('*,!9!R'8S8E.>:*B!!
7%+)'8>%8&'()'!e*(!+.8->/%!%)8*+!=8%=.'+)*+!8'/'D>(>'(/%!,*!)'%8<*!/'!7'889!:%&%!!
'+! ,*! E.'! =8%;>'('! /'! 6>):e'('8! 9! 6>(-! G"Xg"HB! 1+)%+! *.)%8'+! ,*! /'(%&>(*8%(!
&%/',%! /'! R.>:>%+! 8'D,'F>;%+A! P*+*/*! )*&P>a(! '(! ')*=*+! E.'! >P*(! /'+/'! ,*! (*>;'!
O*9+! %D! ;>'O>(-! ',! :%(%:>&>'()%! e*+)*! .(! (>;',! &S+! 8'D,'F>;%B! 4*+! ^! =8>&'8*+!
')*=*+!+'!P*+*(!'(!,*!*.)%8>/*/!9!,*+!/%+!8'+)*()'!'(!,*+!';>/'(:>*+B!4*!';%,.:>@(!
/'!,*+!=8>&'8*+!')*=*+!*!%)8*+!&S+!*;*(?*/*+!+'!/'P'!*!,*!'/*/!9!,*!'F=%+>:>@(!*!,*!
'/.:*:>@(B! 2*/%! E.'! 7'889! P*+@! +.! >(;'+)>-*:>@(! +%,%! :%(! e%&P8'+! J','(k9A!
$,>(:e9!9!d%,/P'8-'8!G"Xg#H!,,';@!*:*P%!.(!'+)./>%!:%(!&.R'8'+!=*8*!;'8!:@&%!+'!
=8%/.:<*!+.+!&%/%+!/'!:%(%:'8!'+)*P,':>'(/%!!:>(:%!D*+'+0!+>,'(:>%A!:%(%:>&>'()%!
8':>P>/%A! :%(%:>&>'()%! +.PR')>;%A! :%(%:>&>'()%! =8%:'/>&'()*,! 9! :%(%:>&>'()%!
:%(+)8.>/%B! J*F)'8! G"XXVH! =%8! +.! =*8)'! e*:'! ,*! =8%=.'+)*! /'! .(! &%/',%! /'!
8'D,'F>@(!'=>+)'&%,@->:*!!=*8*!;'8!:@&%!,%+!+.=.'+)%+!'=>+)'&%,@->:%+!*D':)*(!*!,*!
>()'8=8')*:>@(!/'!,*+!'F='8>'(:>*+!'(!',!*.,*B!!
4*! =8%=.'+)*! /'! C:e%&&'8iQ>k>(+! G"XXWA! "XXbA! VWW\H! )*&P>a(! +'! e*! ;>+)%!
>(D,.'(:>*/*! =%8! ,%+! )8*P*R%+! /'! 7'889B! 1+)*! *.)%8*! ! *P%-*! =%8! .(! +>+)'&*! /'!
:8''(:>*+!&S+!%!&'(%+!>(/'='(/>'()'B!$%&%!,*!&>+&*!*.)%8*!>(/>:*A!'+!.(!+>+)'&*!
=%8E.'! e*9! &S+! /'! .(*! :8''(:>*! 9! '+! &S+! %! &'(%+! >(/'='(/>'()'! =%8E.'! .(*!
='8+%(*!=.'/'!)'('8!*,!&>+&%!)>'&=%!.(*+!:8''(:>*+!*!.(!(>;',!+%D>+)>:*/%!9!%)8*+!
*! .(! (>;',! &.9! +>&=,'! 9! /'! D%8&*! *+>(:8@(>:*B! 1(! +.! )'%8<*! C:e%&&'8iQ>k>(+!
GVWW\H!=8'+'()*!:>(:%!!/>&'(+>%('+!'(!,*+!:8''(:>*+!>(/'='(/>'()'+!'()8'!+<A!)8'+!
8'D'8>/*+!*,!:%(%:>&>'()%!9!/%+!8'D'8>/*+!*,!*=8'(/>?*R'0!
!
!
"#b!
!
$<==>JB:@!
1+)*P>,>/*/!/',!:%(%:>&>'()%!
1+)8.:).8*!/',!:%(%:>&>'()%!
`.'()'!/',!:%(%:>&>'()%!
!
]',%:>/*/!/',!*=8'(/>?*R'!!
!
L*P>,>/*/!=*8*!*=8'(/'8!
&C!@COB@HBJ:?C!
!
$>'8)%!'!>(:*&P>*P,'!
Q>+,*/%A!=>'?*+!:%(':)*/*+B!
C>&=,'!
78%:'/'()'!/'!,*!*.)%8>/*/!
'COB@HBJ:?C!
ZS=>/%!%!(%!
d8*/.*,!
L*P>,>/*/!>((*)*!
5&=8%P*P,'!
c'()*)>;%!
$%(:'=)%+!>()'-8*/%+!
78%:'/'()'!/'!,*!8*?@(!
!
4*!'+)*P>,>/*/!/',!:%(%:>&>'()%!+'!8'D>'8'!*,!-8*/%!/'!:'8)'?*!/',!:%(%:>&>'()%!E.'!
;*!/'+/'!',!(>;',!/'!E.'!'+!>(;*8>*()'!e*+)*!',!(>;',!/'!E.'!+.!:*&P>%!'+!:%()>(.%B!!
4*!'+)8.:).8*!/',!:%(%:>&>'()%!+'!8'D>'8'!*!,*!*)%&>?*:>@(!%!(%!/',!:%(%:>&>'()%B!
4*! D.'()'! /',! :%(%:>&>'()%! '+)S! '(! ,*! *.)%8>/*/! %! '(! ,*! ';>/'(:>*! '&=<8>:*! 9! ',!
8*?%(*&>'()%B! 4*! ;',%:>/*/! /',! :%(%:>&>'()%! =.'/'! +'8! 8S=>/%! e*+)*! -8*/.*,B!
L*P>,>/*/! =*8*! *=8'(/'8! ! =8%;>'('! /'! ,*! -'(a)>:*! %! +'! -*(*! *! )8*;a+! /'! ,*!
'F='8>'(:>*!9!',!)>'&=%!E.'!'&=,''!,*!='8+%(*B!
4*+!:8''(:>*+!+%D>+)>:*/*+!;>'('(!*;*,*/*+!=%8!.(!(>;',!*,)%!/'!='(+*&>'()%!:8<)>:%A!
:8'*)>;>/*/! 9! *=,>:*:>@(! /',! :%(%:>&>'()%B! 4*+! (%! +%D>+)>:*/*+! =%8! .(! (>;',! /'!
*=8'(/>?*R'!P*R%!9!,*!&'&%8>?*:>@(!/'!e':e%+B!4*!*.)%8*!+'T*,*!E.'!.(*!;'?!E.'!
.(*!='8+%(*!e*!/'+*88%,,*/%!.(*+!:8''(:>*+!+%D>+)>:*/*+!=%/8<*!!.+*8!:8''(:>*+!(%!
+%D>+)>:*/*! '(! %)8*+! )*8'*+B! Q+<! =%8! 'R'&=,%A! .(! '+)./>*()'! =%/8<*! +%+)'('8! .(*!
:8''(:>*! +%P8'! ,*! :%&=,'R>/*/! /',! :%(%:>&>'()%! 9! *,! &>+&%! )>'&=%! E.'! />:e%!
:%(%:>&>'()%! '+! D>R%! %! (%! :*&P>*P,'B! M)8%+! *.)%8'+! :8''(A! +>(! '&P*8-%A! E.'! ',!
/'+*88%,,%! /'! ,*+! :8''(:>*+! '+! +>(:8@(>:%A! '+! /':>8! ',! +.R')%! ;*! =8%-8'+*(/%!
,>('*,&'()'!/'!:8''(:>*+!=%:%!+%D>+)>:*/*+!%!+>&='+!*!%)8*+!&S+!:%&=,'R*+B!!
3(%! /'! ,%+! 8')%+! +%P8'! ,*+! :8''(:>*+! e*! +>/%! ,*! =%+>P>,>/*/! /'! :8'*8! >(+)8.&'()%+!
E.'!='8&>)*(!/'!.(*!&*('8*!%PR')>;*!+.!&'/>:>@(B!C:e%&&'8A!'(!+.!8';>+>@(!+%P8'!
,*+! :8''(:>*+! ',,*! >()8%/.R%! ',! '(D%E.'! :.*()>)*)>;%! =*8*! &'/>8! />:e*+! :8''(:>*+! *!
=*8)>8! /'! .(! :.'+)>%(*8>%B! ! e*! +>/%! .(*! /'! ,*+! *.)%8*+! E.'! ,%! e*! >()'()*/%! :%(!
(%)*P,'! aF>)%! *.(E.'! :%&%! ',,*! &>+&*! >(/>:*! +.! $.'+)>%(*8>%! +%P8'! $8''(:>*+!
1=>+)'&%,@->:*+! '+! .(! >(+)8.&'()%! '(! ='8&*('()'! 8';>+>@(! '(! :%()'F)%+!
'/.:*)>;%+! />D'8'()'+B! 7*8*! .(*! 8';>+>@(! /'! ,%+! >(+)8.&'()%+! ',*P%8*/%+! e*+)*!
VWW"!;a*+'!',!*8)<:.,%!/'!2.',,!9!C:e%&&'8iQ>k>(+!GVWW"HB!1+)*!8';>+>@(!='8&>)'!
;'8! :%(! ='8+=':)>;*! e>+)@8>:*! ,*+! :8''(:>*+! /'+/'! ,*! =8%=.'+)*! >(>:>*,! /'! 7'889B!
C:e%&&'8iQ>k>(+!G"XXWH!',*P%8@!.(!:.'+)>%(*8>%!/'!#[!<)'&+!/'!*:.'8/%!:%(!,*+!^!
/>&'(+>%('+! &'(:>%(*/*+! &S+! *88>P*B! 4*! *.)%8*! '(:%()8@! E.'! e*9! .(*! 8',*:>@(!
'()8'! ,*+! :8''(:>*+! 9! ,%+! 8'+.,)*/%+! /',! *=8'(/>?*R'B! 1+)'! :.'+)>%(*8>%! e*! +>/%!
*/*=)*/%! ',! '+=*T%,! 9! *=,>:*/%! *! '+)./>*()'+! /'! &*->+)'8>%! '(! $e>,'! GJ'.:e*)!
Z'>:e*8/)A!VW"WY!J'.:e*)!Z'>:e*8/)!9!L'8(S(/'?!7>(*A!VW"WHB!
4*! )'%8<*! /'! 7'889! 9! ,*+! =8%=.'+)*+! +.P+>-.>'()'+! )>'('(! ',! ;*,%8! /'! e*P'8!
'+)*P,':>/%! .(*! 8',*:>@(! '()8'! ,*+! :8''(:>*+A! ',! *=8'(/>?*R'! 9! ,*! *:).*:>@(!
*:*/a&>:*B!!2>;'8+*+!>(;'+)>-*:>%('+!e*(!&%+)8*/%!E.'!,*+!:8''(:>*+!+%(!.(!D*:)%8!
>&=%8)*()'! '(! ',! *=8'(/>?*R'! >(D,.9'(/%! '(! ',! 8*?%(*&>'()%! 9! .(*! >&=,>:*:>@(!
/>8':)*!'(!,*!'(+'T*(?*!GL%D'8A!VWW"HB!3(!:%(%:>&>'()%!=%8!=*8)'!/',!=8%D'+%8*/%!
+%P8'! :.S,'+! +%(! ,*+! :8''(:>*+! /'! +.+! '+)./>*()'+! =%/8<*! +'8! /'! -8*(! ;*,%8! =*8*!
!
!
"#g!
:%&=8'(/'8!*,-.(*+!/'!,*+!:%(/.:)*+!/'!,%+!'+)./>*()'+!9!*:).*8!'(!:%(+':.'(:>*B!!
C:e%'(D',/! +'T*,*P*! ,*! >&=%8)*(:>*! /'! ,*+! :8''(:>*+! '(! ,*! &%/',*:>@(! /'! ,*!
:%-(>:>@(!>(:,.+%!*.(E.'!(%!+'!+'*!:%(+:>'()'!/'!,*+!:8''(:>*+A!+'T*,*!E.'!*E.',,%+!
'+)./>*()'+! :%(! .(! P*R%! 8'(/>&>'()%! '(! &*)'&S)>:*+! )>'('(! ,*! :8''(:>*! E.'! ,*!
;',%:>/*/! /',! *=8'(/>?*R'! '+! 8S=>/*! %! (%B! 1+! /':>8A! E.'! .(! =8%P,'&*! /'!
&*)'&S)>:*+!+'!8'+.',;'!'(!,%+!"W!=8>&'8%+!&>(.)%+!%!'+!*,-%!8'+'8;*/%!=*8*!,%+!
&.9! :*=*:'+B! C:e%&&'8! G"XXWH! +'T*,*! ,*! 8',*:>@(! '()8'! ,*+! :8''(:>*+! 9! ',!
*=8'(/>?*R'B! C'-_(! ,*! *.)%8*! :.*()%! &S+! :8''! ',! *,.&(%! E.'! ',! *=8'(/>?*R'! +'!
=8%/.:'! 8S=>/%! ! %! (%! +'! =8%/.:'! '+! &S+! =8%P*P,'! E.'! +.+! :%(:,.+>%('+! +'*(!
+>&=,'+B! $.*()%! &S+! :8''! ',! '+)./>*()'! '(! ,*! :'8)'?*! /',! :%(%:>&>'()%! &S+!
=8%P*P,'!'+!E.'!,,'-.'!*!:%(:,.+>%('+!*P+%,.)*+B!$.*()%!&S+!:8''!',!'+)./>*()'!E.'!
',!*=8'(/>?*R'!+'!=8%/.:'!8S=>/%!%!(%+!+'!=8%/.:'!+.!*:).*:>@(!'(!,*+!=8.'P*+!/'!
8'(/>&>'()%! '+! )*&P>a(! &S+! =%P8'A! *+<! :%&%! ,*! :%&=8'(+>@(! /'! )'F)%+B! 1(! %)8%!
'+)./>%!,,';*/%!*!:*P%!'(!"XXb!=%8!,*!&>+&*!*.)%8*!'(:%()8@!E.'!:.*()%!&S+!:8''!
',! '+)./>*()'! E.'! ,*! e*P>,>/*/! =*8*! *=8'(/'8! &'R%8*! :%(! ',! )>'&=%A! &S+!
=8%P*P>,>/*/! e*9! E.'! ;*,%8*! ,*! '/.:*:>@(! 9! '(! ,*! :%(+)*(:>*! '(! ',! '+)./>%! :%&%!
-*8*()<*!/',!aF>)%!!*:*/a&>:%!GC:e%&&'8!9!I*,k'8A!"XXbHB!
c%,e.8+)!GVWWbH!*(*,>?@!,*+!:8''(:>*+!'=>+)'&%,@->:*+!/'!,%+!'+)./>*()'+!/'&%+)8@!
E.'! :.*()%! &S+! +%D>+)>:*/*+! '8*(! ,*+! :8''(:>*+! &'R%8'+! '8*(! ,%+! 8'+.,)*/%+! '(! ',!
8'(/>&>'()%! *:*/a&>:%B! 3(! :*&P>%! '(! ,*! '+)8.:).8*! /',! :.88<:.,%! &'R%8*P*! ,*+!
:8''(:>*+!e*:>*!(>;','+!&*+!+%D>+)>:*/%+B!
Q.(E.'! ,%+! '+)./>%+! '(! '+)*! ,<('*! /'! >(;'+)>-*:>@(! +>-.'(! '(! :.8+%A! '+)%+!
8'+.,)*/%+!>(/>:*(!,*!)'(/'(:>*!*!E.'!e*9!.(*!8',*:>@(!9!=%+>P,'!>(D,.'(:>*!/',!)>=%!
/'!:8''(:>*+!E.'!)>'('(!,%+!'+)./>*()'+!9!+.!8'(/>&>'()%!*:*/a&>:%B!
!
.,'!$%&$*5$(%&*'!)*!.,!*&'*b,&c,!_!)*.!,5+*&)(c,k*#!
4*! >(;'+)>-*:>@(! +%P8'! ,*+! :%(:'=:>%('+! /',! *=8'(/>?*R'! 9! /'! ,*! '(+'T*(?*! >(/>:*!
E.'! ,*! ='8+=':)>;*! '=>+)'&%,@->:*! 9! ',! D'(%&'(%-8SD>:*! +%(! />+)>()*+! ='8%! (%!
>(:%&=*)>P,'+A! 9*! E.'! e*9! .(*! '+)8':e*! 8',*:>@(! '()8'! ,*+! :8''(:>*+! +%P8'! ',!
:%(%:>&>'()%! 9! ,*+! :%(:'=:>%('+! /',! *=8'(/>?*R'! 9! ,*! '(+'T*(?*B! 1(! ,*! ,>)'8*).8*!
*=*8':'(! :%&%! ,<('*+! /'! >(;'+)>-*:>@(! +'=*8*/*+! *.(E.'! *,-.(%+! )8*P*R%+!
'+)*P,'?:*(!*,-_(!)>=%!/'!:%('F>@(B!1(!'+)'!)8*P*R%!,*+!e'&%+!=8'+'()*/%!/'!D%8&*!
+'=*8*/*B!
4*+!>(;'+)>-*:>%('+!8'*,>?*/*+!+%P8'!:%(:'=:>%('+!+'!e*(!,,';*/%!*!:*P%!/'+/'!,*!
='8+=':)>;*! /'! ,%+! =8%)*-%(>+)*+! G,*! :%88>'()'! D'(%&'(%-8SD>:*! /'! N*8)%(A!
2*,,ÉQ,P*!9!J'*)9A!"XX[HB!1(!'+)*+!>(;'+)>-*:>%('+!+'!e*(!*(*,>?*/%!,*!;*8>'/*/!/'!
+>-(>D>:*/%+!E.'!',!*=8'(/>?*R'!9!,*!'(+'T*(?*!)>'('(!=*8*!+.+!=8%)*-%(>+)*+!!9!,%+!
&%/%+! />D'8'()'+! /'! :@&%! *=8'(/'(! 9! '(+'T*(A! .)>,>?*(/%! =*8*! ',,%! &a)%/%+!
:.*,>)*)>;%+B! Q! :%()>(.*:>@(! +>()')>?*&%+! ,*+! :%(:'=:>%('+! /'! ,*! '(+'T*(?*! 9! /',!
*=8'(/>?*R'! *! =*8)>8! /'! ,%+! *.)%8'+! E.'! &*9%8! *=%8)*:>@(! e*(! 8'*,>?*/%+! =*8*! ,*!
:%(D>-.8*:>@(!/'!,*+!&>+&*+B!!
!
$%&$*5$(%&*'!)*!.,!*&'*b,&c,!
4*+! >(;'+)>-*:>%('+! ,,';*/*+! *! :*P%! +%P8'! ,*+! :%(:'=:>%('+! /'! ,*! '(+'T*(?*! 9! ',!
*=8'(/>?*R'! e*(! ='8&>)>/%! :8'*8! .(! :%8=.+! /'! :%(%:>&>'()%! +%P8'! ,*+! />D'8'()'+!
!
!
"#X!
:%(:'=:>%('+! &*()'(>/*+! )*()%! =%8! ',! =8%D'+%8*/%! :%&%! =%8! ,%+! '+)./>*()'+!
G2*,,ÑQ,P*A!"XXWY!`%FA!"Xg[Y!2.(k>(A!"XXWY!c8>-O',,!')!*,BA!"XX\Y!N*8)>(!*(/!J*,,*A!
"XXWY! 2.(k>(! *(/! 78':>*(A! "XXVY! d%O! *(/! 6'&P'8A! "XX[A! N*8)>(! *(/! Z*&+/'(A!
"XXVY!78%++'8!')!*,BA!"XX\Y!C*&.',%O>:?!*(/!J*>(A!"XXVHB!3(*!/'!,*+!:%(:,.+>%('+!
&S+!8',';*()'+!'+!E.'!',!=8%D'+%8*/%!=.'/'!!'(D%:*8!+.!'(+'T*(?*!:'()8S(/%+'!'(!
,*! &*)'8>*! %! '(! +<! &>+&%! :%(! ',! %PR')>;%! /'! )8*(+&>)>8! >(D%8&*:>@(! *! ,%+!
'+)./>*()'+A! %! P>'(A! '(D%:*8,*! +%P8'! ',! '+)./>*()'! :%(! ',! %PR')>;%! /'! :*&P>*8! %!
/'+*88%,,*8! ,*! :%&=8'(+>@(! E.'! ',! '+)./>*()'! )>'('! /',! ! &.(/%! E.'! ,'! 8%/'*!
G78%++'8!')!*,!GVWW^HB!!!
4*+! :8''(:>*+A! :%&%! 9*! e'&%+! +'T*,*/%! &S+! *88>P*A! =*8':'(! R.-*8! .(! =*=',!
8',';*()'!'(!,*+!/':>+>%('+!E.'!,%+!=8%D'+%8'+!)%&*(!*:'8:*!/'!,*!8',';*(:>*!/'!,%+!
:%(%:>&>'()%+! E.'! '(+'T*(! G7*R*8'+A! "XXVHB! 1+)'! *.)%8! e*! =%/>/%! '+)*P,':'8! ,*!
8',*:>@(! E.'! 'F>+)'! '()8'! ,*+! :8''(:>*+! '=>+)'&%,@->:*+! /'! ,%+! =8%D'+%8'+! 9! +.+!
:%(:'=:>%('+! +%P8'! :%&%! /'P'8! +'8! ,*! '(+'T*(?*B! 3(! =8%D'+%8! E.'! &*()>'('! .(*!
'=>+)'&%,%-<*!+>&=,>+)*!:8''!E.'!',!:%(%:>&>'()%!'+!+>&=,'A!:,*8%!9!'+=':>D>:%!9!,*!
e*P>,>/*/! =*8*! *=8'(/'8,%! '+! >((*)*! 9! '+)S! '+)*P,':>/%! =8';>*&'()'B! 7%8! ',!
:%()8*8>%A! .(! =8%D'+%8! E.'! +%+)>'('! .(*! :8''(:>*! +%D>+)>:*/*! /',! :%(%:>&>'()%!
*+.&>8S! E.'! a+)'! '+! :%&=,'R%A! >(:>'8)%! 9! )'()*)>;%! 9! =.'/'! +%,%! :%(+)8.>8+'! /'!
D%8&*! -8*/.*,! =%8! ',! '+)./>*()'B! L%D'8! 9! 7>()8>:e! G"XXbH! 9! 78*O*)! G"XXVH! e*(!
&%+)8*/%!.(!>()'8a+!=%8!:%&=8'(/'8!:@&%!,*+!:%(:'=:>%('+!!/',!=8%D'+%8!*D':)*(!
*!+.+!=8S:)>:*+!/'()8%!/',!*.,*B!
Z';>+*(/%!*,-.(%+!)8*P*R%+!=.P,>:*/%+!*!,%!,*8-%!/'!,*+!/%+!_,)>&*+!/a:*/*+!Gd%O!
9!6'&P'8A!"XX[Y!78%++'8A!c8>-O',,!+.*)&A!"XX\Y!C*&.',%O>:?!9!J*>(A!"XXVY!c8>-O',,!
')! *,! "XX\Y! N.88*9! 9! N*:/%(*,/A! "XXbY! 2*,,ÉQ,P*A! "XXWY! 2.(k>(A! "XXWY! 2.(k>(! 9!
78':>*(A!"XXVY!`%FA!"Xg[Y!d%O!9!6'&P'8A!"XX[Y!N*8)>(!9!Z*&+/'(A!"XXVY!78*O*)A!
"XXVY! 78%++'8! +.* )&A! "XX\HA! %P+'8;*&%+! =8%=.'+)*+! )*F%(@&>:*+! ! +%P8'!
:%(:'=:>%('+! E.'! e*(! =8%=.'+)%! :*)'-%8<*+! %8-*(>?*/*+! R'8S8E.>:*&'()'B!
5(/'='(/>'()'&'()'!/',!(_&'8%!/'!:*)'-%8<*+!=8%=.'+)*+!,*!%8>'()*:>@(!/'!)*,'+!
:*)'-%8<*+! +'! :'()8*! %! P>'(! '(! ',! =8%D'+%8! %! P>'(! '(! ',! '+)./>*()'B! 4*! &*9%8<*! /'!
'+)%+!'+)./>%+!e*(!+>/%!,,';*/%+!*!:*P%!'(!=*<+'+!:%(!.(!'()%8(%!+%:>%':%(@&>:%!
+>&>,*8! 9! '(! &*)'8>*+! &S+! 8',*:>%(*/%+! :%(! ,*+! :>'(:>*+! E.'! :%(! +%:>*,'+! ! 9!
e.&*(*+B!
1(!:.*()%!*,!(_&'8%!/'!:*)'-%8<*+!,*+!=8%=.'+)*+!;*8<*(!/'+/'!,%+!*P%-*(!=%8!/%+!
:*)'-%8<*+! Gd%O! 9! 6'&P'8A! "XX[HA! e*+)*! ,%+! E.'! =8%=%('(! +>')'! GC*&.',%O>:?! 9!
J*>(A!"XXVHB!Q.(E.'!,*!)'8&>(%,%-<*!=*8*!8'D'8>8+'!*!',,*+!'+!/>D'8'()'!+.!+'&S()>:*!
'+! +>&>,*8B! 1+! /':>8A! ,*+! :*)'-%8<*+! =.'/'(! 8'D'8>8+'! *! ,*! )8*(+&>+>@(! /',!
:%(%:>&>'()%!9!,*!>(D%8&*:>@(!%!*!,*!:%(+)8.::>@(!9!/'+*88%,,%!/',!'+)./>*()'B!!
1(! ,%! E.'! 8'+=':)*! *! ,*! 8',*:>@(! '()8'! ,*+! :*)'-%8<*+! e*9! :%>(:>/'(:>*! '(! +'T*,*8!
E.'! />:e*! 8',*:>@(! '+! R'8S8E.>:*! *.(E.'B! 7*8*! .(%+! '+! 'F:,.+>;*! 9! =8%-8'+>;*!
G2*,,ÉQ,P*A! "XX"Y! N*8)>(! 9! J*,,*A! "XX"H! 9! =*8*! %)8%+! :%&%! C*&.',%O>:?! ! ,*!
R'8*8E.>?*:>@(!'+!>(:,.+>;*!'(!',!+'()>/%!/'!E.'!:*/*!:*)'-%8<*!>(:,.9'!,%+!*+=':)%+!
,*+!:*)'-%8<*+!*()'8>%88'+B!
4*+! :*)'-%8<*+! :%(! .(*! %8>'()*:>@(! :'()8*/*! '(! ',! =8%D'+%8! )>'('(! :%&%!
:*8*:)'8<+)>:*!&S+!>&=%8)*()'!E.'!,*!'(+'T*(?*!'+!;>+)*!:%&%!.(*!)8*(+&>+>@(!/'!
:%(%:>&>'()%+B!4%+!=8%D'+%8'+!'(!'+)*!%8>'()*:>@(!+'!:'()8*8<*(!'(!',!:%()'(>/%!/'!
,*+! &*)'8>*+! 9! '(! ,%! E.'! '+)S(! '(+'T*(/%A! :@&%! %8-*(>?*8<*(A! '+)8.:).8*8<*! 9!
=8'+'()*8<*(!,%+!:%()'(>/%+!/'!,%!E.'!'(+'T*(!=*8*!e*:'8!&S+!DS:>,!',!*=8'(/>?*R'!
!
!
"bW!
/'! ,%+! '+)./>*()'+B! 1(! :*&P>%A! ,*+! :*)'-%8<*+! :%(! .(*! %8>'()*:>@(! :'()8*/*! '(! ',!
'+)./>*()'! =,*()'*8<*(! ,*! '(+'T*(?*! :%&%! .(! *=%9%! *,! *,.&(%! =*8*! 8'*,>?*8!
:*&P>%+! :%(:'=).*,'+B! 4%+! =8%D'+%8'+! +'! :%()8*8<*(! '(! ,%-8*8! E.'! ,%+! *,.&(%+!
:%(+)8.9'8*(! +.! =8%=>%! :%(%:>&>'()%! 9! +.! :%&=8'(+>@(! 9! ,*! =8%&%:>@(! /'! +.!
=8%=>*!:%(:'=:>@(!GC*&.',%O>:?!9!J*>(A!"XXVA!VWW"Y!78%++'8!+.*)&!"XX\Y!c8>-O',,!9!
78%++'8!"XX#HB!
1()8'! '+)*+! /%+! :%(:'=:>%('+! 'F)8'&*! +'! e*,,*8<*! .(*! :*)'-%8<*! >()'8&'/>*A! *,-%!
&'(%+! /'D>(>/*! ='8%! E.'! )8*)*8<*! /'! =8%&%;'8! ',! *=8'(/>?*R'! GN*8)>(! 9! J*,,*A!
"XX"H! %! D*:>,>)*8<*! ,*! :%&=8'(+>@(! GC*&.',%O>:?! 9! J*>(A! "XXVH! %! *9./*8<*! *! ,%+!
'+)./>*()'+!*!/'+*88%,,*8!(.';%+!:%(:'=)%+!G78%++'8!+.*)&A!"XX\HB!1(!:.*,E.>'8!:*+%!
=*8':'!E.'!*:'=)*/*!%!(%!'+)*!:*)'-%8<*!>()'8&'/>*!,*!%8>'()*:>@(!=.'/'!'+)*8!'(!
',!=8%D'+%8!%!'(!',!*,.&(%B!
3(%! /'! ,%+! *8)<:.,%+! E.'! =%/'&%+! :%(+>/'8*8! +'&>(*,'+! '(! '+)*! ,<('*! /'!
>(;'+)>-*:>@(! '+! ',! )8*P*R%! =.P,>:*/%! =%8! 6'&P'8! '(! "XXbB! 1+)'! *.)%8! e*:'! .(!
*(S,>+>+! /'! ,*! &*9%8! =*8)'! /'! ,%+! )8*P*R%+! G"[! '(! )%)*,H! ,,';*/%+! *! :*P%! e*+)*! '+*!
D':e*! +%P8'! :%(:'=:>%('+! /'! ,*! '(+'T*(?*B! 1(! ,*! +<()'+>+! /'! +.+! *(S,>+>+! 6'&P'8!
=8%=%('!:>(:%!:*)'-%8<*+0!
2%+! :'()8*/*+! '(! ',! =8%D'+%8! :%&%! +%(! ,*! 5&=*8)>:>@(! /'! ,*! >(D%8&*:>@(! 9!
)8*(+&>+>@(! /'! ,%+! :%(%:>&>'()%+! /'! D%8&*! '+)8.:).8*/*B! M)8*! /'(%&>(*/*!
5()'8&'/>*! :%&%! '+! ,*! ! >()'8*::>@(! =8%D'+%8i'+)./>*()'! G*==8'()>:'+e>=HB! o! %)8*+!
/%+!:'()8*/*+!'(!',!'+)./>*()'!:%&%!+%(!,*!D*:>,>)*:>@(!/'!,*!:%&=8'(+>@(!9!:*&P>%!
:%(:'=).*,!9!/'+*88%,,%!>()',':).*,B!1+E.'&S)>:*&'()'!+'8<*!G6'&P'8A!"XXbH0!
!
M8>'()*:>@(!:'()8*/*!'(!',!
=8%D'+%8!
5&=*8)>:>@(! /'! c8*(+&>+>@(!
,*!>(D%8&*:>@(! /'!
,%+!
:%(%:>&>'()%+!
/'!
D%8&*!
'+)8.:).8*/*B!
5()'8&'/>*!
M8>'()*:>@(!:'()8*/*!'(!',!
'+)./>*()'!
5()'8*::>@(!
`*:>,>)*:>@(! /'!
=8%D'+%8i
,*!
'+)./>*()'!
:%&=8'(+>@(!
G*==8'()>:'+e>
=H!
$*&P>%!
:%(:'=).*,! 9!
/'+*88%,,%!
>()',':).*,B!!
!
C*&.',%O>:?!9!J*>(!'(!+.!)8*P*R%!/'!"XXV!=8%=%(<*(!:>(:%!:%(:'=:>%('+!*!,*+!E.'!
*T*/>'8%(!/%+!(.';*+!:*)'-%8<*!'(!+.!)8*P*R%!=.P,>:*/%!'(!',!VWW"B!Z'+.,)*/%+!/'!
;*8>*+!!>(;'+)>-*:>%('+!>(/>:*(!E.'!)*,'+!:%(:'=:>%('+!+'!e*:'(!'F=,>:>)*+!*!)8*;a+!
/'!,%+!+>-(>D>:*/%+!E.'!+'!%)%8-*(!*!E.a!+'!'()>'(/'!=%8!*=8'(/'8B!Q+<!C*&.',%O>:?!
9! J8*>(! G"XXVA! VWW"H! >/'()>D>:*(! +>')'! :%(:'=:>%('+! /'! '(+'T*(?*B! 4*! '(+'T*(?*!
'+0! 5&=*8)>8! >(D%8&*:>@(A! c8*(+&>+>@(! /',! :%(%:>&>'()%A! `*:>,>)*8! ',! *=8'(/>?*R'A!
$*&P>*8! ,*+! :%(:'=:>%('+! /'! ,%+! '+)./>*()'+A! Q=%9*8! ',! *=8'(/>?*R'! /'! ,%+!
'+)./>*()'+A!U'-%:>*8!,%+!+>-(>D>:*/%+!9!78%&%;'8!,*!:8'*:>@(!/',!:%(%:>&>'()%B!4*+!
)8'+!=8>&'8*+!)>'('(!.(!:*8S:)'8!:.*()>)*)>;%A!',!8'+)%!:.*,>)*)>;%B!1(!,*!:%(:'=:>@(!
:.*()>)*)>;*! ',! =8%D'+%8! '+! ',! :'()8%! /',! *=8'(/>?*R'! =%8E.'! '+! ',! E.'! /':>/'!
:.S(/%!9!:@&%!',!*=8'(/>?*R'!)>'('!,.-*8B!1(!:*&P>%A!,*!:%(:'=:>@(!:.*,>)*)>;*!'+!
:%(:'=).*,>?*/*!:%&%!.(!:*&P>%!'(!,%+!'+)./>*()'+!'(!+.!D%8&*!/'!='8:>P>8!9!.+*8!
',! :%(%:>&>'()%B! 1,! =8%D'+%8! '+! .(! D*:>,>)*/%8! /',! *=8'(/>?*R'A! E.'! *9./*/! *!
>()'8=8')*8! ',! &.(/%! E.'! 8%/'*! *,! '+)./>*()'B! 2*,,ÉQ,P*A! "XX"! e*:'! )*&P>a(! .(*!
=8%=.'+)*! /'! +>')'! :%(:'=:>%('+A! ,*+! )8'+! =8>&'8*+! :'()8*/*+! '(! ',! =8%D'+%8! 9! ,*+!
!
!
"b"!
:.*)8%!8'+)*()'+!:'()8*/*+!'(!',!'+)./>*()'+B!4*!=8%=.'+)*!/'!`%FA!"Xg[!'+!+>&>,*8!
*! ,*! /'! 6'&P'8! 9! d%O! G"XX\H! 9! d*%! G"XXgH! E.>'(! )*&P>a(! =8%=.+%! :>(:%!
:%(:'=:>%('+B!
1(!+<()'+>+A!,*+!*=%8)*:>%('+!=*8':'(!>(/>:*8!E.'!e*9!/%+!:,*8*+!%8>'()*:>%('+!:%(!
+.P:*)'-%8<*+B! 4*! =8>&'8*! '+! .(*! %8>'()*:>@(! :'()8*/*! '(! ',! =8%D'+%8! :%(! .(!
'(D%E.'!'(!,*!:%&.(>:*:>@(!/'!,%+!:%(%:>&>'()%+!9!,%+!:%()'(>/%+!/'!,*+!&*)'8>*+B!
4*! +'-.(/*! %8>'()*:>@(! '+)S! :'()8*/*! '(! ',! '+)./>*()'! 9A! =%8! )*()%A! '(! ',!
*=8'(/>?*R'Y! '+)S! :'()8*/*! '(! ',! :%(%:>&>'()%! 9! (%! '(! ',! =8%D'+%8B! $*/*! .(*! /'!
'+)*+!/%+!%8>'()*:>%('+!+'!+.P/>;>/'!'(!/%+!:*)'-%8<*+!:%(!.(*!E.>()*!:%(:'=:>@(!
>()'8&'/>*! E.'! e*:'! /'! =.'()'! '()8'! *&P*+! %8>'()*:>%('+B! 4*+! :*)'-%8<*+! e*(!
E.'/*/%!/'D>'(/*+!=%8!6'&P'8!G"XXbH!/',!&%/%!+>-.>'()'0!
I0*N63)5.#$#:2*,+*&)*#29%56)$#:20*
1+!,*!:%(:'=:>@(!&S+!=.8*!/'!,*!;>+>@(!:'()8*/*!'(!',!=8%D'+%8B!1,!=8%=@+>)%!'+!,*!
=8'+'()*:>@(!/'!:%()'(>/%+!=%8!=*8)'!/',!=8%D'+%8B!1,!'+)./>*()'!'+!='8:>P>/%!:%&%!
.(! 8':'=)%8! =*+>;%! /'! ,%+! :%()'(>/%+! /'! ,*! &*)'8>*B! c8*+,*/*8! ,*! >(D%8&*:>@(! /',!
=8%D'+%8!*,!'+)./>*()'B!4*!'(+'T*(?*!+>-(>D>:*!>&=*8)>8!>(D%8&*:>@(!E.'!+'!'+='8*!
E.'! ',! '+)./>*()'! %P)'(-*! =%8! ',! +%,%! e':e%! /'! '+)*8! &*)8>:.,*/%! '(! ',! :.8+%! 9!
*+>+)>8!*!:,*+'!GC*&.',%O>:?!9!J*>(A!"XXVHB!1+)*!:%(:'=:>@(!/'+:8>P'!,*!'(+'T*(?*!
'(! P*+'! *! ,*! ,'::>@(! &*->+)8*,! 9! ,*+! (%)*+! E.'! ,%+! =8%D'+%8'+! +'! =8'=*8*(! =*8*!
>&=*8)>8! ,*! :,*+'B! c8>-O',,! +.* )&! G"XX\H! /'+:8>P'! '+)*! :%(:'=:>@(! /',! &%/%!
+>-.>'()'0! f,%+! =8%D'+%8'+! 'F=,>:*(! /'! )*,! D%8&*! E.'! ,%+! *,.&(%+! (%! )'(-*(! E.'!
/':>/>8!:.S(/%!)%&*8!(%)*+B!4'+!/>:)*!,%!E.'!'+!>&=%8)*()'B!4'+!e*:'!,%+!'+E.'&*+!
9!,'+!/*!,%+!*=.()'+!=*8*!E.'!',,%+!)'(-*!,%!>&=%8)*()'hB!
1+!.(!>()'()%!/'!,,'(*8!*!,%+!'+)./>*()'+!/'!>(D%8&*:>@(B!4%+!=8%D'+%8'+!:8''(!E.'!
,%+!*,.&(%+!(%!)>'('!>()'8a+!(>!-*(*+!/'!>&=,>:*8+'!'(!,%!E.'!'+)S!'F=,>:*(/%!Gd%O!
9!6'&P'8A!"XXWHB!
1,! D%:%! /'! >()'8a+! /'! '+)*! :%(:'=:>@(! '+)S! '(! ',! =8%D'+%8! 9! ',! :%()'(>/%! /'! ,*!
&*)'8>*! E.'! '(+'T*A! /'! *e<! E.'! +'! :%(+>/'8'! ,*! >&=%8)*(:>*! /'! E.'! ',! =8%D'+%8!
)'(-*! .(*! >(D%8&*:>@(! 9! :%(%:>&>'()%+! *:*/a&>:%+! >&=%8)*()'+! 9! ;S,>/%+B! 4%!
>&=%8)*()'! '+! ,%! E.'! +'=*! 9! :.S()%! +'=*! ='8%! (%! :@&%! ,%! '(+'T*B! C*P'8! &.:e%!
,,';*!>&=,<:>)%!+*P'8,%!'(+'T*8!G6'&P'8!9!d%OA!"XX\H!
`%F! .)>,>?*! ,*! &')SD%8*! +>-.>'()'0! f,*! '(+'T*(?*! '+! :%&%! ,*! +>'&P8*! *! P%,'%! /'! ,*!
+'&>,,*!+>(!)'('8!'(!:.'()*!/%(/'!/'P'!:*'8!:*/*!.(*!/'!',,*+B!1,!=8%D'+%8!,%!E.'!
/'P'!e*:'8!'+!+'&P8*8!+>(!='(+*8!*!/%(/'!;*!*!=*8*8!,%!E.'!'(+'T*hB!1,!'+)./>*()'!
'+!.(!;*+%!E.'!8':%-'!)%/%!,%!+'!,'!':e*B!N*8)>(!9!Z*&+/'(!G"XXVH!+'T*,*(!E.'!'+!
)*()%! :%&%! /':>8! E.'! '(+'T*8! '+! =%('8! ,*! >(D%8&*:>@(! '(! ,*! :*P'?*! /'! ,%+!
'+)./>*()'+B!
G0*L5)2"6#.#5*+&*$%2%$#6#+2.%*+".5-$.-5),%*
4*! +'-.(/*! :%(:'=:>@(! :%(+>/'8*! ,*! )8*(+&>+>@(! /',! :%(%:>&>'()%! :%&%! .(!
%PR')>;%! =8>%8>)*8>%! '(! ,*! '(+'T*(?*B! c*,! ;'?! ,%! e*:'! ,*! *()'8>%8! :%(:'=:>@(B!
1(+'T*8!+.=%('!E.'!',!:%(%:>&>'()%!)8*(+D'8>/%!'+)S!'+)8.:).8*/%!9!%8-*(>?*/%!/'!
*:.'8/%!:%(!,%+!:%(%:>&>'()%+!E.'!',!'+)./>*()'!9*!=%+''!:%(!',!D>(!/'!E.'!)'(-*!
&S+!:*,>/*/!*,!*T*/>8,%+!*!,%!E.'!9*!+*P'B!N*8)>(!9!Z*&+/'(!G"XXVH!+'T*,*P*(!E.'!
'(! '+)*! :%(:'=:>@(! ',! =8%D'+%8! =.'/'! ='8:>P>8! ,*! '(+'T*(?*! :%&%! .(! =8%:'+%! /'!
',*P%8*:>@(! /'! .(! :.*/8%B! 1,! *,.&(%! +%,%! )>'('! E.'! ;'8! ',! :.*/8%! /'! D%8&*!
*()>:>=*/*! =*8*! E.'! =.'/*! +*P'8! e*:>*! /@(/'! ;*B! 1,! =8%D'+%8! =8'+'()*! ,*! &*)'8>*!
!
!
"bV!
='8D':)*&'()'! '+)8.:).8*/*! =*8*! D*:>,>)*8! *,! *,.&(%! ',! =8%:'+%! /'! *+>&>,*:>@(! /'!
,%+! :%()'(>/%+B! 1,! *,.&(%! +'! ;'! :%&%! .(! 8':'=)%8! =*+>;%! /'! ,%! E.'! 8':>P'B! 4*!
'(+'T*(?*! +'! :%(;>'8)'! '(! .(*! )8*(+&>+>@(! /'! :%(:'=)%+! 9! e*P>,>/*/'+! E.'! ,%+!
'+)./>*()'+!/'P'(!*/E.>8>8!GC*&.',%O>:?!9!J*>(A!"XXVHB!
1,! *)8>P.)%! &S+! >&=%8)*()'! /',! =8%D'+%8! '+! +.! /%&>(>%! /'! ,%+! :%()'(>/%+! =*8*!
-*(*8! :*,>/*/! '(! ,*! =8'+'()*:>@(B! `%F! G"Xg[H! ,%! ;'! :%&%! .(*! )8*(+D'8'(:>*!
:%(+:>'()'B! 1,! =8%D'+%8! =*+*! &.:e%! )>'&=%! =8'=*8*(/%! ',! &*)'8>*,! /'! :,*+'! 9!
*+'-.8S(/%+'!/'!E.'!'+)S!=.'+)%!*,!/<*B!C'!=8'%:.=*!=%8!&'R%8*8!+.+!:%&=')'(:>*+!
=*8*!,*!=8'+'()*:>@(!/'!/>:e%+!&*)'8>*,'+!9!+'!*+'-.8*!/'!E.'!:%(!',,%+!)8*+,*/*!,*!
'+'(:>*! /'! ,*! &*)'8>*! *! ,*! :*P'?*! /'! ,%+! '+)./>*()'+B! QE.<! >&=%8)*! /'+)*:*8! ,*!
=8'+'()*:>@(! /'! ,%+! &*)'8>*,'+! 9! e*:'8,%! /'! ,*! &*('8*! &S+! :%&=8'(+>P,'! =*8*! ',!
'+)./>*()'B! `%F! G"Xg[H! .)>,>?*! ,*! *(*,%-<*! /'! ,*! *,>&'()*:>@(! >(D*()>,! '(! ,*! E.'! ,*!
&*/8'!+'!=8'%:.=*!/'!E.'!'(!',!*,>&'()%!+'!'(:.'()8'(!)%/%+!,%+!(.)8>'()'+!E.'!',!
P'Pa!(':'+>)*B!!
l0*N2.+5)$$#:2*35%9+"%5J)&-62%*
4*! :%(:'=:>@(! E.'! e*:'! /'! =.'()'! '()8'! ,*+! :%(:'=:>%('+! :.*()>)*)>;*+! 9! ,*+!
:.*,>)*)>;*+!G,*+!/%+!+>-.>'()'+H!+'!:*8*:)'8>?*!=%8!,*!8',';*(:>*!E.'!+'!%)%8-*!*!,*!
>()'8*::>%(*! =8%D'+%8i*,.&(%B! 6'&P'8! 9! d%O! G"XX\H! /'+:8>P'(! '+)*! :%(:'=:>@(!
:%&%! +>-.'0! f9%! e*P,%! G8'D>8>a(/%+'! *,! =8%D'+%8H! 9! ',,%+! G,%+! *,.&(%+H! '+:.:e*(B!
4.'-%!)8*)%!/'!E.'!e*P,'(!='8%!+>(!D%8?*8!/'&*+>*/%!+.+!>()'8;'(:>%('+!=%8E.'!'(!
8'*,>/*/!9%!+%9!+.!-.<*hB!
c8>-O',,! +.* )&! G"XX#0gWH! /'+:8>P'(! '+)*! :%(:'=:>@(! /',! &%/%! +>-.>'()'0! h9%! G',!
=8%D'+%8H!(%!E.>'8%!E.'!&>+!*,.&(%+!,%!)%&'(!)%/%!*,!=>'!/'!,*!,')8*B!N'!-.+)*!E.'!
=>'(+'(!9!E.'!>()'8=8')'(!*()'+!/'!E.'!9%!e*P,'B!C>!e*-%!.(*!/'&%+)8*:>@(A!(%!,'+!
/>-%! ',! 8'+.,)*/%! +>(%! E.'! ,'+! =8'-.()%! E.a! :8''(! '+! =8';>%! *! ,%+! =8>(:>=>%+!
'F=.'+)%+hB!1+)*!:%(:'=:>@(!+'!8',*:>%(*!:%(!,*!)8*(+&>+>@(!=.'+)%!E.'!',!=8%D'+%8!
e*:'! E.'! ',! *,.&(%! >()'8;'(-*! ='8%! =8';>*! =8'+'()*:>@(! /'! ,*+! ';>/'(:>*+A!
=8>(:>=>%+! 9! :%()'(>/%+! /'D>(>/%+! =%8! ',! =8%D'+%8B! 1+)*! :%(:'=:>@(! 8':%(%:'! ,*!
>&=%8)*(:>*! /',! *,.&(%! ='8%! /'+/'! ,*! ='8:'=:>@(! /'! ,%+! =8%D'+%8'+! %! /'+/'! ,*!
&%/.,*:>@(! E.'! e*:'! ',! =8%D'+%8! /',! *,.&(%B! 78*O*)! G"XXVH! ='8:>P'! '+)*!
:%(:'=:>@(! :%&%! ,*! D.+>@(! '()8'! ',! =8%D'+%8! 9! ',! :%()'(>/%! /'! ,*! &*)'8>*B! 1,!
=8%D'+%8! 8'=8'+'()*! ',! :%(%:>&>'()%! 9! ',! :%()'(>/%! E.'! ',! *,.&(%! )>'('! E.'!
*=8'(/'8B! 1(! '+)*! :%(:'=:>@(! +'! e*:'! e>(:*=>a! '(! ,*+! *:)>;>/*/'+! /',! *=8'(/>?*R'!
)*,'+! :%&%! ,%+! 'F='8>&'()%+A! ,*! +%,.:>@(! /'! =8%P,'&*+B! 2*,,ÉQ,P*! G"XX"H! ,,*&*! *!
'+)*!:%(:'=:>@(!f/'+*88%,,%!/'!:*=*:>/*/'+!=*8*!+'8!.(!'F='8)%hB!
H0*O)$#&#.),%5*,+*&)*$%635+2"#:2*
2'()8%!/'!'+)*!%8>'()*:>@(!:.*,>)*)>;*!e*9!/%+!%!)8'+!:%(:'=:>%('+!/'='(/>'(/%!/'!
*.)%8'+B!1(!:.*,E.>'8!:*+%!)%/%+!)>'('(!:%&%!','&'()%!:%&_(!E.'!)8*)*(!/'!;'8!,*!
'(+'T*(?*!:%&%!D*:>,>)*:>@(!/',!/'+*88%,,%!/'!,*!:%&=8'(+>@(!%!/',!:%(%:>&>'()%B!
C'! .)>,>?*! ,*! ')>E.')*! D*:>,>)*/%8! /',! *=8'(/>?*R'B! 1+)*! :%(:'=:>@(! )>'('(! :%&%!
=8%)*-%(>+)*!',!*=8'(/>?*R't',!'+)./>*()'B!1,!=8%)*-%(>+&%!+'!)8*+,*/*!/',!=8%D'+%8!
*,!'+)./>*()'B!1,!=*=',!/',!=8%D'+%8!'+!*9./*8!*,!'+)./>*()'!*!*=8'(/'8B!1,!a(D*+>+!+'!
=%('!'(!,%+!8'+.,)*/%+!/',!*=8'(/>?*R'!9!(%!'(!,*!/'D>(>:>@(!/'!:%()'(>/%+B!!
1,! =*=',! /',! =8%D'+%8! '+! 8':%(%:>/%! ='8%! :%&%! .(! D*:>,>)*/%8! /',! *=8'(/>?*R'B! 1,!
=8%D'+%8! /'P'! :8'*8! .(! *&P>'()'! /'! *=8'(/>?*R'A! -.>*8! *! ,%+! '+)./>*()'+! '(! +.+!
=8%:'+%+! /',! *=8'(/>?*R'B! $*/*! '+)./>*()'! '+! 8':%(%:>/%! :%&%! .(! *=8'(/>?!
!
!
"b[!
>(/>;>/.*,!9!(%!:%&%!.(*!*./>'(:>*B!1,!=8%D'+%8!=.'/'!8':%(%:'8!%!='8:>P>8!E.'!',!
'+)./>*()'!(%!>()'8=8')*!+>'&=8'!,%!E.'!'+)S!/>:>'(/%!'(!',!&%/%!E.'!a,!'+='8*B!C'!
>()'8'+*!=%8!,*!='8:'=:>@(!/'!,%+!'+)./>*()'+!+%P8'!,%!E.'!=*+*!'(!',!*.,*!GN*8)>(!9!
J*,,*A! "XX"HB! 1,! 8'+.,)*/%! /',! =8%:'+%! /'! '(+'T*(?*! '+! ,*! :%&=8'(+>@(! E.'! ',!
*,.&(%!&.'+)8*!*,!*=,>:*8!,%+!:%(%:>&>'()%+!E.'!*=8'(/'!'(!+>).*:>%('+!8'*,'+!9!,'!
/*!+'()>/%!*!,%!E.'!*=8'(/'!GC*&.',%O>:?!9!J*>(A!"XXVH!
K0*A+")55%&&%*#2.+&+$.-)&*4*$)6M#%*$%2$+3.-)&*
1+)*!:%(:'=:>@(!=8'+'()*!,*!'(+'T*(?*!:%(!',!%PR')>;%!/'+*88%,,*8!,*+!:%(/>:>%('+!
=*8*! E.'! ',! '+)./>*()'! =.'/*! ,%-8*8! +'8! &S+! *.)@(%&%! '! >(/'='(/>'()'! 9! =.'/*!
/'+*88%,,*8+'!!*!)8*;a+!/'!,*!*8-.&'()*:>@(!*:'8:*!/'!,*+!:%+*+A!,*!*=,>:*:>@(!/'!,*+!
>/'*+!9!:%(D8%()'!,%!E.'!+.:'/'!*!+.!*,8'/'/%8!:%(!,%!E.'!=>'(+*B!2'!,%!E.'!+'!)8*)*!
'(! '+)*! :%(:'=:>@(! '+! :%(D8%()*8! *,! '+)./>*()'! :%(! ,*+! >/'*+! =8':%(:'P>/*+! E.'!
)*(-*! /'! ,*+! :%+*+! 9! :%(! ,%! E.'! ',! =8%D'+%8! />:'B! 1+)*! :*)'-%8<*! '+)*8<*! '(!
:%(+%(*(:>*!:%(!,*!=8%D'+>%(*,>?*:>@(!/',!'+)./>*()'B!4*!D.(:>@(!/',!=8%D'+%8!+'8<*!
,*! /'! =8'+'()*8! ,*! >&*-'(! /'! ,*! =8%D'+>%(*,>?*:>@(! *! =*8)>8! /'! P.'(*+! =8S:)>:*+! 9!
'R'&=,%+!9!&%/',%+B!1+!/':>8A!:8'*8!'+=*:>%+!/'!=8%D'+>%(*,>?*:>@(!:%(!',!D>(!/'!E.'!
,%+! '+)./>*()'+! =>'(+'(! 9! *:)_'(! :%&%! =8%D'+>%(*,'+B! 1(! '+)*! :*)'-%8<*! ,%+!
=8%D'+%8'+!=*8':'(!&*()'('8!,*!>/'*!/'!E.'!,*!8',*:>@(!:%(!+.+!'+)./>*()'+!/'P'8!
+'8!=%+>)>;*!=*8*!D*:>,>)*8!,*!)8*(+D%8&*:>@(!/'!+.+!:%(%:>&>'()%+!9!,%+!=8%:'+%+!/'!
*=8'(/>?*R'!'(!',!(.';%!:%()'F)%!/',!*=8'(/>?*R'!=*8*!)%/*!,*!;>/*!9!',!/'+*88%,,%!
=8%D'+>%(*,!:%()>(.%B!1+)*!:%(:'=:>@(!'+)*8<*!'(!,*!,<('*!/',!'&=%/'8*&>'()%!E.'!
',!*=8'(/>?*R'!=.'/'!%)%8-*8!*,!'+)./>*()'B!
!
$%&$*5$(%&*'!)*.!,5+*&)(c,k*!
C%P8'!'+)*!,<('*!/'!)8*P*R%!,*!,>)'8*).8*!'+!&.:e%!&S+!*&=,>*!9!',!)>'&=%!/'/>:*/%!
*! +.! >(;'+)>-*:>@(! /*)*! /'! ,%+! *T%+! bWB! 4*! ='8+=':)>;*! '=>+)'&%,@->:*! P*+*! ,*!
>(;'+)>-*:>@(! .)>,>?*(/%! .(*! ! &')%/%,%-<*! /'! =8>&'8! %8/'(A! '+! /':>8A! ,*! 8'*,>?*/*!
/'+/'! ,*! ='8+=':)>;*! /'! ,%+! >(;'+)>-*/%8'+! GN*8)%(! ')! *,A! "XX[HB! 4*! :%88>'()'!
:%-(>)>;>+)*!/'+:8>P'!',!*=8'(/>?*R'!:%&%!.(!=8%:'+%!/'!*/E.>+>:>@(B!4*!:%88>'()'!
:%(+)8.:)>;>+)*! /*! .(! =*+%! &S+! 9! :%(:>P'! ',! :%(%:>&>'()%! :%&%! *,-%! E.'! +'!
:%(+)8.9'! 9! (%! :%&%! *,-%! E.'! +'! /'+:.P8'B! 1+)*! ='8+=':)>;*! *,! '+)./>*8! ',!
*=8'(/>?*R'! e*! *=%8)*/%! 8'+.,)*/%+! &.9! >&=%8)*()'+! E.'! e*(! ='8&>)>/%! ',!
/'+*88%,,%!/'!)'%8<*+!E.'!e*:'(!&S+!:%&=8'(+>;%!:@&%!+'!=8%/.:'!',!*=8'(/>?*R'B!
L%D'8! 9! 7>()8>:e! G"XXbH! +'T*,*(! E.'! 'F>+)'! .(*! 8',*:>@(! '()8'! ,*+! :8''(:>*+!
'=>+)'&%,@->:*+!*:'8:*!/',!:%(%:>&>'()%!9!,*+!:%(:'=:>%('+!/'!*=8'(/>?*R'B!
4%+!8'+.,)*/%+!/'!,*+!>(;'+)>-*:>%('+!=*8':'(!>(/>:*8!E.'!,%+!'+)./>*()'+!)*&P>a(!
/'+=,>'-*(!(>;','+!/'!/'+*88%,,%!/>D'8'()'+!'(!+.!D%8&*!/'!='8:>P>8!',!*=8'(/>?*R'!*!
,%! ,*8-%! /'! ,%+! (>;','+! '/.:*)>;%+! =%8! ,%+! E.'! ;*(! )8*(+>)*(/%B! 4*! '/.:*:>@(!
+.='8>%8!(%!'+!&'(%+!9A!=%8!)*()%A!,%+!=8%D'+%8'+!'(!+.!D%8&*!/>D'8'()'!/'!*:).*8!
>(D,.9'(! '(! ',! /'+*88%,,%! '=>+)'&%,@->:%! E.'! ,%+! '+)./>*()'+! =.'/'(! >8!
&*(>D'+)*(/%! '(! />+)>()*+! +>).*:>%('+! /'! *=8'(/>?*R'! GC:e%&&'8A! "XXbA! "XXgY!
7'889A!"Xg"HB!
3(%! /'! ,%+! )8*P*R%+! =>%('8%+! '(! ,*+! >(;'+)>-*:>%('+! +%P8'! '=>+)'&%,%-<*+! /'! ,%+!
'+)./>*()'+!e*!+>/%!',!/'!7'889!9!+.+!:%,*P%8*/%8'+!G"XbWA!"Xg"H!'(!,*!3(>;'8+>/*/!
/'! L*8;*8/B! C'-_(! 7'889! ',! '+)./>*()'! )8*(+>)*! /'+/'! .(*! :8''(:>*! +%P8'! ',!
:%(%:>&>'()%!+>&=,'!*!%)8*!&S+!:%&=,'R*B!$8''A!*/'&S+A!E.'!,%+!'+)./>*()'+!'(!,*!
!
!
"b\!
.(>;'8+>/*/! =*+*! /'! D%8&*! -8*/.*,! /'! .(*! :8''(:>*! /.*,>+)*! '(! ,*! E.'! ',!
:%(%:>&>'()%!'+!:%(:8')%!9!+.&>(>+)8*/%!=%8!',!=8%D'+%8A!*!%)8*!8',*)>;*!'(!,*!E.'!
',! '+)./>*()'! )>'('! E.'! ='(+*8! '! >()'8=8')*8! ,%+! +>-(>D>:*/%+B! M)8%+! *.)%8'+! =%8! ',!
:%()8*8>%!e*(!'(:%()8*/%!*,-.(*+!/>D>:.,)*/'+!*!,*!e%8*!/'!;>(:.,*8!,*+!:8''(:>*+A!
,*+! '=>+)'&%,%-<*+! 9! ,*! *:).*:>@(! *:*/a&>:*! *,! .)>,>?*8! ',! '+E.'&*! /'! 7'889!
GN*8)%(! 9! C*,R%! "Xg\Y! Z*&+/'(! G"XXVH! *,! e*P,*8! /'! ,*+! :%(:'=:>%('+! +'T*,*(! ,*!
%8>'()*:>@(! 8'=8%/.:)%8*! 9! ,*! %8>'()*:>@(! *,! :*&P>%B! 4*! =8>&'8*! +'! P*+*! '(! ,*!
&'&%8>*!9!,*!+'-.(/*!'(!,*!:%(+)8.::>@(!9!',!+>-(>D>:*/%B!C;'(++%(!G"Xg\H!,%!;'!'(!
)a8&>(%+! /'! :@&%! +'! %8-*(>?*! ,*! >(D%8&*:>@(0! />+:8')*! 9! +'-&'()*/*! %! :%&%! .(!
)%/%A! *)%&<+)>:*! .! e%,<+)>:*B! 2O':k! 9! 4'--'))! G"XggH! +'T*,*P*(! )*&P>a(! E.'! ,*+!
:8'/'(:>*+!'=>+)'&%,@->:*+!>(D,.9'(!'(!,*!*:).*:>@(!*:*/a&>:*B!!
1(! +<()'+>+A!
,%+! '+)./>%+! >(/>:*(! E.'! e*9! .(*! '+)8':e*! 8',*:>@(! '()8'! ,*+! :8''(:>*+!
'=>+)'&%,@->:*+!+%P8'!',!:%(%:>&>'()%!9!,*+!:%(:'=:>%('+!E.'!+'!/'+*88%,,*(!'(!',!
*=8'(/>?*R'B!C>!,%+!*,.&(%+!;'(!',!:%(%:>&>'()%!:%&%!*,-%!'+)S)>:%A!'()%(:'+!',,%+!
='8:>P>8S(! ',! *=8'(/>?*R'! :%&%! .(! =8%:'+%! /'! *:.&.,*:>@(! /'! >(D%8&*:>@(B! 1(!
:*&P>%! ,%+! E.'! ,%! :%(:>P'(! :%&%! *,-%! D,'F>P,'A! '()%(:'+! ='8:>P>8S! ',! *=8'(/>?*R'!
:%&%!*,-%!+>-(>D>:*)>;%!9!=%8!/'+:.P8>8B!!
CÜ,Rá! G"XbXH! D.'! .(%! /'! ,%+! =>%('8%+! '(! /'D>(>8! ,*+! :%(:'=:>%('+! /'D>(>'(/%! ^!
:*)'-%8<*+!*!,*+!E.'!N*8)%(!9!:%,*P%8*/%8'+!G"XX[H!*T*/>'8%(!.(*!+'F)*B!
!
1,!*=8'(/>?*R'!'+!*/E.>+>:>@(!:.*()>)*)>;*!/'!:%(%:>&>'()%+!
1,!*=8'(/>?*R'!'+!&'&%8>?*:>@(!
1,!*=8'(/>?*R'!'+!*/E.>+>:>@(!/'!e':e%+!9!=8%:'/>&>'()%+!=*8*!.)>,>?*8!:.*(/%!+'!
(':'+>)*(!
1,!*=8'(/>?*R'!+>8;'!=*8*!:%&=8'(/'8!%!'F)8*'8!+>-(>D>:*/%+!
1,!*=8'(/>?*R'!'+!.(!=8%:'+%!/'!>()'8=8')*:>@(!9!:*=)*:>@(!/'!,*!8'*,>/*/!!
1,!*=8'(/>?*R'!+>8;'!=*8*!:*&P>*8!*!,*!='8+%(*!
!
4*+! )8'+! =8>&'8*+! )>'('(! )*&P>a(! .(! :*8S:)'8! :.*()>)*)>;%! 9! ',! 8'+)%! :.*,>)*)>;%!
GI*)k>(+A! VWW"HB! 4*! &%/.,*:>@(! /'! '+)*+! :%(:'=:>%('+! ;*! *! /'='(/'8!
D.(/*&'()*,&'()'! /',! :%()'F)%! /%(/'! )'(-*! ,.-*8! ',! *=8'(/>?*R'B! 4*+!
:%(:'=:>%('+!/',!*=8'(/>?*R'!+>()a)>:*&'()'!E.'/*(!/'D>(>/*+!/',!&%/%!+>-.>'()'0!
)0*U,`-#"#$#:2*,+*$%2%$#6#+2.%"*
1+)*! :%(:'=:>@(! +'! :'()8*! '(! ,*! 8':'=:>@(! /'! :%(%:>&>'()%+! =%8! =*8)'! /'! ,%+!
'+)./>*()'+! 9! E.'! ',! ! =8%D'+%8! +'*! .(! 'F='8)%! '(! +.! &*)'8>*! =*8*! 8'*,>?*8! />:e%!
)8*+;*+'B! C'! 8'D>'8'! *! ,*! *:.&.,*:>@(! %! *P+%8:>@(! /'! ,%+! :%()'(>/%+! /'! ,*! &*)'8>*!
=%8!=*8)'!/',!'+)./>*()'B!1+)%!e*:'!E.'!',!'+)./>*()'!)'(-*!.(*!/'='(/'(:>*!)%)*,!
/',!=8%D'+%8B!1,!*,.&(%!'(!'+)*!:%(:'=:>@(!&*(>D>'+)*!E.'!',!=8%D'+%8!/'P'!+'8!.(!
P.'(! :%(%:'/%8! /'! ,*! &*)'8>*! 9! )8*(+&>+%8! /'! ,*! &>+&*B! 1+)*! :%(:'=:>@(! '+!
:.*()>)*)>;*! '(! +.! (*).8*,'?*! 9! ='8:>P'! ,%+! :%()'(>/%+! /'! ,*! &*)'8>*! :%&%! *,-%!
:%(:8')%A! +@,>/%A! *:.&.,*P,'! 9! &'/>P,'B! 4*! >(D%8&*:>@(! 9! ,%+! :%(%:>&>'()%+!
*/E.>8>/%+!+%(!,%!&S+!>&=%8)*()'!E.'!+'!=.'/'!e*:'8!'(!',!*=8'(/>?*R'B!1,!=*=',!
/',! '+)./>*()'! '+! =*+>;%! 9! ',! =8%)*-%(>+)*! '+! ',! =8%D'+%8A! E.'! +'! :%(+>/'8*! .(!
'F='8)%A!'(!,*!:*()>/*/!9!=8'+'()*:>@(!/'!,%+!:%()'(>/%+!)8*(+&>)>/%+B!
!
!
"b^!
M0* U,`-#"#$#:2* ,+* $%2%$#6#+2.%"* )* .5)/W"* ,+* 35%$+,#6#+2.%"* `-+* 3+56#.)2* &)*
$%635+2"#:20*
1+)*! :%(:'=:>@(! )*&P>a(! =*8)'! /'! ,*! >/'*! /'! E.'! ',! *=8'(/>?*R'! '+! 8':'=:>@(! /'!
:%(%:>&>'()%+! ='8%! /'! D%8&*! '+)8.:).8*/*! 9! DS:>,! /'! :%&=8'(/'8B! 1,! '+)./>*()'!
'+='8*!E.'!+.!=8%D'+%8!e*-*!.(*!P.'(*!=8'+'()*:>@(!/'!,*!&*)'8>*!:%(!/>*=%+>)>;*A!
'R'&=,%+A! (%)*+! '+)8.:).8*/*+! /'! ,%! E.'! ;*! /':>80! e':e%+A! :%(:'=)%A! )'%8<*+A!
&%/',%+A! '):B! 1,! '+)./>*()'! '+='8*! E.'! ',! =8%D'+%8! +'! ,%! /a! )%/%! P>'(! e':e%! 9!
'+)8.:).8*/%B! 2'! e':e%! ,%+! '+)./>*()'+! =.'/'(! E.'R*8+'! /',! =8%D'+%8! +>! a+)'! (%!
'F=%('!:%(!%8/'(A!:,*8>/*/A!(%!*()>:>=*!,*+!/>+=%+>)>;*+A!,*+!(%)*+A!'):B!C>!*!,%!,*8-%!
/'!,*!'F=,>:*:>@(!',!=8%D'+%8!*T*/'!*,-%!(%!=,*+&*/%!'(!,*+!(%)*+!9!/>*=%+>)>;*+A!',!
'+)./>*()'!'F=8'+*!+.!/'+:%()'()%B!4%+!'+)./>*()'+!+'!*R.+)*(!*!'+)%+!&*)'8>*,'+!9!
,%+! ,>P8%+! 8':%&'(/*/%+! =*8*! +.! ,':).8*! :%&=,'&'()*8>*! =*+*(! *! .(! +'-.(/%!
=,*(%B!1(!+<()'+>+A!'+)*!:%(:'=:>@(!/*!.(!-8*(!=8%)*-%(>+&%!*,!=8%D'+%8!E.'!'+!',!
E.'!'(!/'D>(>)>;*!/'P'!>&=*8)>8!,%+!:%()'(>/%+!/',!&%/%!&S+!'+)8.:).8*/%!=%+>P,'B!
$0*<&*)35+2,#>)a+*+"*),`-#"#$#:2*,+*V+$V%"*4*35%$+,#6#+2.%"*3)5)*-.#&#>)5*$-)2,%*"+*
2+$+"#.)2*
4%+! '+)./>*()'+! /'()8%! /'! '+)*! :%(:'=:>@(! ;'(! ',! *=8'(/>?*R'! :%&%! ,*!
&'&%8>?*:>@(! /',! :%(%:>&>'()%! 9! ,*! e*P>,>/*/! =*8*! 8'=8%/.:>8,%! *,,<! /%(/'! +'!
8'E.>'8*A! P>'(! +'*! '(! 'FS&'('+! .! %)8*+! +>).*:>%('+B! N'&%8>?*8! 9! '+)./>*8! +%(!
+>(@(>&%+B!1(!:.*()%!*!,%!E.'!,%+!'+)./>*()'+!;'(!:%&%!>&=%8)*()'!'(!',!=8%D'+%8!
'+!:.*(/%!a+)'!+'T*,*!:%&%!8',';*()'+!*,-.(%+!*=*8)*/%+!/'!,*!&*)'8>*B!1()%(:'+!
',,%+! :%(+>/'8*(! E.'! '+%! '+! ,%! E.'! )>'('(! E.'! *=8'(/'8! 9! (%! ',! 8'+)%B! 1(! '+)*!
:*)'-%8<*! %P+'8;*&%+! E.'! ',! =8%)*-%(>+)*! +>-.'! +>'(/%! ',! =8%D'+%8! E.'! '+! ,'! E.'!
&*8:*! ,%! >&=%8)*()'A! ,%! 8',';*()'A! ='8%! ',! '+)./>*()'! )>'('! ,*! 8'+=%(+*P>,>/*/! /'!
&'&%8>?*8!*E.',,%!/'+)*:*/%!=%8!',!=8%D'+%8B!1,!*,.&(%!+'!:%(;>'8)'!'(!.(!*:)>;%i
&'&%8>?*/%8A! .(! P.'(! 8'=8%/.:)%8! /'! ,%! '(+'T*/%B! o! )%/%! ',,%! =*8*! +.='8*8! ,%+!
'FS&'('+!:%(!',!&*9%8!aF>)%!=%+>P,'B!
,0*<&*)35+2,#>)a+*/#+2+*9)$#&#.),%*3%5*+&*35%9+"%50*
1(!'+)*!:*)'-%8<*!',!=8%D'+%8!)*&P>a(!)>'('!.(!:>'8)%!=8%)*-%(>+&%!='8%!'+)*!;'?!
:%&%! D*:>,>)*/%8! /',! *=8'(/>?*R'B! 4%+! '+)./>*()'+! +>-.'(! ='(+*(/%! '(! E.'! ',!
=8%D'+%8! )>'('! >&=%8)*(:>*! =*8*! ',! *=8'(/>?*R'! /'! ,*! &*)'8>*! ='8%! ,%! ;'! :%&%! .(!
&%/',%B!1,!=8%D'+%8!+'!:%(;>'8)'!'(!.(!&%/',%!*,!E.'!e*9!E.'!+>&.,*8Y!',!=8%D'+%8!
)>'('!,*!%P,>-*:>@(!/'!:%(+)8.>8!P.'(*+!=8S:)>:*+!9!8',*:>%('+!:%(!+.+!'+)./>*()'+B!
C.! ='8+%(*,>/*/! =.'/'! +'8! .(! 'R'&=,%! =*8*! &.:e%+! '+)./>*()'+A! *+<! :%&%! +.!
:*=*:>/*/! /'! =8%&%;'8! ,*! >()'8*::>@(! '()8'! *&P%+B! c>'('! E.'! *:).*8! :%(!
=8%D'+>%(*,>/*/B! 1+)*! :*)'-%8<*! +>-.'! )'(>'(/%! .(*! %8>'()*:>@(! :'()8*/*! '(! ',!
=8%D'+%8! ='8%! ',! '+)./>*()'! ,%! ;'! :%&%! .(! =8%D'+>%(*,! 9! )8*(+&>+%8! /'! ,%+!
:%(%:>&>'()%+!/'!,*!&*)'8>*B!
+0*<&*)35+2,#>)a+*"#'2#9#$)*+C3%2+5"+*)*&)"*)$.#/#,),+"*`-+*'+2+5)2*&)*$%635+2"#:2*,+*
&%"*$%2.+2#,%"*,+*&)*6).+5#)*4*+&*,+")55%&&%*,+*$%63+.+2$#)"*
1+)*! :%(:'=:>@(! +>-(>D>:*! .(! =*+%! /'! ,*! =*+>;>/*/! /',! '+)./>*()'! *! .(! &*9%8!
=8%)*-%(>+&%! '(! ',! *=8'(/>?*R'B! 1,! *=8'(/>?*R'! +>-(>D>:*! >()'8*::>%(*8A! =*8)>:>=*8!
*:)>;*&'()'!'(!,*!:,*+'!9!'(!,*+!)*8'*+!'+:%,*8'+B!C>-(>D>:*!/'+*88%,,*8!:%&=')'(:>*+!
=*8*! ,*! :%&=8'(+>@(! 9! *=,>:*:>@(! /'! ,*! >(D%8&*:>@(B! 1,! =8%D'+%8! *9./*! '(! ',!
/'+*88%,,%!/',!='(+*&>'()%!:8<)>:%!9!,*!:%&=8'(+>@(!/'!,%+!:%(:'=)%+!/'!,*!&*)'8>*B!
1,! %PR')>;%! '+! *&=,>*8! +.! :%&=8'(+>@(! /'! ,*! &*)'8>*! e*:>a(/%,'! =*8)>:>=*8! '!
!
!
"b#!
>&=,>:*8+'! '(! ,*+! )*8'*+! '+:%,*8'+! 9! +>! '+! =%+>P,'! :%()8>P.>8! *! ,*! :%(+)8.::>@(! /',!
:%(%:>&>'()%! 9! ,%+! +>(/>:*/%+! /'! ,%+! :%(%:>&>'()%+! */E.>8>/%+B! 2>+:.)>8! 9!
:%&=*8)>8!%=>(>%('+B!
90*<&*)35+2,#>)a+*"#5/+*3)5)*$)6M#)5*4*.5)2"9%56)5*)*&)**3+5"%2)*
1+)*! =%/8<*&%+! /':>8! E.'! '+! ,*! :%(:'=:>@(! =%8! 'F:','(:>*B! 4%+! '+)./>*()'+!
=*8)>:>=*(!*:)>;*&'()'!'(!+.!:%&=8'(+>@(!/'!,*!&*)'8>*!9!',!&.(/%!E.'!,'+!8%/'*B!!
4%+!:%()'(>/%+!/'!,*!&*)'8>*!+>8;'(!=*8*!*(*,>?*8!+.!&.(/%!=8%D'+>%(*,!9!:*&P>*8!
',!&%/%!'(!E.'!='8:>P'(!,%+!:*&P>%+!+%:>*,'+!E.'!+'!=8%/.:'(!'(!+.!'()%8(%B!7%8!
)*()%A! '+)*! :%(:'=:>@(! '+! ',! &'R%8! '+:'(*8>%! =*8*! :%(;'8)>8! ',! *=8'(/>?*R'! '(! ',!
&'/>%!=*8*!'&=%/'8*8!*,!'+)./>*()'!'(!,*+!)8*(+D%8&*:>%('+!+%:>%':%(@&>:*+!'(!
,*+! E.'! +'! ;'8S! %P,>-*/%! *! ;>;>8B! ! 1(! '+)*! :%(:'=:>@(! =8%=%('! E.'! ,*!
8'+=%(+*P>,>/*/! /'! ,*! '(+'T*(?*! 9! ',! *=8'(/>?*R'! +'*(! )*8'*+! /'! 8'+=%(+*P>,>/*/!
:%&=*8)>/*! '()8'! ',! =8%D'+%8! 9! ',! '+)./>*()'B! 1+)*! 8'+=%(+*P>,>/*/! :%&=*8)>/*!
=8%&.';'! ,*! *:)>;>/*/A! ,*! :%,*P%8*:>@(A! ,*! 8'+=%(+*P>,>/*/! 9! ',! &')*i*=8'(/>?*R'!
GI*)k>(+A!VWWVHB!4*!.(>;'8+>/*/!/',!+>-,%!rr5!9!/',!111C!'F>-'!.(!(.';%!:%()'F)%!
'(! ',! E.'! +'*! =%+>P,'! .(*! :%(:'=:>@(! /'! ,*! '(+'T*(?*! 9! /',! *=8'(/>?*R'!
'(8>E.':>/%! :%&%! ',! E.'! +'! =8%=%('! /'+/'! ',! '(D%E.'! :%i:%(+)8.:)>;>+)*B! 3(!
&%/',%!'(!',!E.'!',!:%()'F)%!*/%=)'!.(!(.';%!;*,%8!9!*+<!',!'+)./>*()'!*/E.>'8*!,*!
:*=*:>/*/!/'!='8:>P>8!,%+!=8%P,'&*+!/'+/'!='8+=':)>;*+!/>D'8'()'+A!E.'!*=8'(/*!*!
*(*,>?*8A! +>()')>?*8A! *! +'8! &S+! D,'F>P,'A! '):B! 1(! +<()'+>+A! E.'! *=8'(/*! ,*+!
:%&=')'(:>*+!-'(a8>:*+!E.'!,'!*9./'(!*!+'8!&S+!:%&=')'()'+B!1+!/':>8A!E.'!+'*(!
:*=*:'+A!(%!/'!=%/'8!:%(!',!&.(/%!E.'!,'!8%/'*!+>(%!/'!=8%+='8*8!9!+*P'8!;>;>8!',!
a,B!
!
.,!5*+'5*$2(6,!$8.28+,.!)*!.,'!$%&$*5$(%&*'!
4*!&*9%8!=*8)'!/'!,%+!'+)./>%+!+%P8'!:%(:'=:>%('+!+'!e*(!,,';*/%!*!:*P%!'(!=*<+'+!
:%(! .(! (>;',! +%:>%':%(@&>:%! &.9! +>&>,*8! :%&%! =%8! 'R'&=,%! C.':>*A! 7*<+'+! J*R%+A!
36A! Q.+)8*,>*A! 3CQA! $e>(*A! L%(-! 6%(-! 9! *e%8*! &S+! 8':>'()'&'()'! 7%8).-*,A! $e>,'A!
1+=*T*!'()8'!%)8%!=*<+'+!'.8%='%+!'!>P'8%*&'8>:*(%+B!d8*(!=*8)'!/'!,%+!'+)./>%+!
,,';*/%+!*!:*P%!:%>(:>/'(!'(!,*!)*F%(%&<*!9!,*!+'&S()>:*!=,*()'*/*A!%)8%+!/>D>'8'(!
>(D,.>/%+! =%8! ,%+! *+=':)%+! :.,).8*,'+B! 78*O*)! G"XXVH! +'T*,*! E.'! ,*+! :*)'-%8<*+!
'+)*P,':>/*+! =*8*! /'D>(>8! ,*+! :%(:'=:>%('+! )>'('(! .(*! :,*8*! >(D,.'(:>*! :.,).8*,A!
+%:>*,A! e>+)@8>:*! 9! ='8+%(*,! /'! +.+! =8%)*-%(>+)*+B! ! Q.(E.'! '+)%! =.'/'! +'8! ;'8/*/!
e*+)*! ',! &%&'()%! (%! e*9! /'&*+>*/%+! '+)./>%+! E.'! ='8&>)*(! /'&%+)8*8! E.'! ,*+!
/>D'8'(:>*+! '()8'! ,*+! :%(:'=:>%('+! /'! ,%+! =8%D'+%8'+! E.'! 'R'8:'(! '(! .(%+! =*<+'+!
:%&%! ,%+! %8>'()*,'+! 9! ,%+! %::>/'()*,'+! +'! /'P*(! 8'*,&'()'! *! &%)>;%+! :.,).8*,'+! 9!
;*,%8'+B!
I*)k>(+!G"XXbH!'+!/'!,%+!=%:%+!*.)%8'+!E.'!e*!8'*,>?*/%+!:%&=*8*:>%('+!'()8'!,%+!
'+)./>%+!,,';*/%+!*!:*P%!'(!,%+!=*<+'+!%8>'()*,'+!9!,%+!%::>/'()*,'+B!C.!:%(:,.+>@(!
'+!E.'!,*+!:%(:'=:>%('+!=,*()'*/*+!'(!,%+!'+)./>%+!'(!,%+!=*<+'+!%::>/'()*,'+!)>'('!
.(! :*8S:)'8! /'! .(>;'8+*,>/*/B! Q+<! =%8! 'R'&=,%A! ,*! :%(:'=:>@(! /'(%&>(*/*!
f)8*(+&>+>@(! /',! :%(%:>&>'()%h! =*8':'! E.'! +'! '(:.'()8*! )*()%! '(! ,%+! '+)./>%+!
%::>/'()*,'+! :%&%! ,%+! %8>'()*,'+A! ='8%! (%! %)8*+! :%(:'=:>%('+! %! &*)>:'+! /'! %)8*+!
:%(:'=:>%('+B!7*8*!,%+!=*<+'+!%8>'()*,'+!,*!=8%&%:>@(!/'!,*!:%(/.:)*!&%8*,!/'!,%+!
'+)./>*()'+!'+!.(!;*,%8!*!/'+)*:*8!'(!,*!'(+'T*(?*A!*+=':)%!(%!)*(!8',';*()'!'(!,%+!
'+)./>%+! %::>/'()*,'+B! 1+)%! '+! :.'+)>%(*P,'! *e%8*! +>! )'('&%+! '(! :.'()*! ',! (.';%!
=,*()'*&>'()%!'(!',!=8%:'+%!/'!J%,%(>*!E.'!=8%&.';*!,*+!:%&=')'(:>*!/',!+*P'8!
!
!
"bb!
+'8! 9! /',! +*P'8! '+)*8B! 1(! :.*,E.>'8! :*+%! )%/*;<*! '+)*! S8'*! /'! >(;'+)>-*:>@(! (':>)*!
&S+!'+)./>%+!9!*(S,>+>+A!'+=':>*,&'()'!'(!'()8'!=*<+'+!/',!111CB!
!
.,!5*+'5*$2(6,!)('$(5.(&,+!)*!.,'!$%&$*5$(%&*'!
Ce.',,!G"Xg#H!+'T*,*P*!,%!E.'!>&=%8)*()'!(%!'+!,%!E.'!e*:'!',!=8%D'+%8!+>(%!,%!E.'!
e*:'(!9!=>'(+*(!,%+!'+)./>*()'+B!7%8!+.!=*8)'!1()O>+),'!G"XgbH!)*&P>a(!*=.()*P*!
E.'!'+!(':'+*8>%!'+)./>*8!',!*=8'(/>?*R'!'(!',!:%()'F)%!/'!,*+!&*)'8>*+B!Z*&+/'(!
G"XggH! +'T*,*P*! E.'! ,*+! :%(:'=:>%('+! =.'/'(! +'8! />D'8'()'+! '(! D.(:>@(! /'! ,*+!
&*)'8>*+B! 1+)*! '+! .(! S8'*! E.'! (':'+>)*! &S+! >(;'+)>-*:>@(B! N'9'8! 9! 1,'9! G"XXXH!
:8''(! E.'! ,%+! '+)./>*()'+! =%/8<*(! */%=)*8! =*)8%('+! /'! *=8'(/>?*R'! />D'8'()'+! '(!
D.(:>@(!/',!)>=%!/'!&*)'8>*+B!L%D'8!GVWW"H!'+!=*8)>/*8>%!/'!e*:'8!&*+!'F=,>:>)*+!,%+!
+.=.'+)%+! '=>+)'&%,@->:%+! /'! ,*+! &*)'8>*+B! 1+! /':>8A! :@&%! +'! :%(+)8.9'! ',!
:%(%:>&>'()%! '(! .(*! &*)'8>*B! 1+)%! '+! =*8)'! >&=%8)*()'! '(! ,*! '(+'T*(?*! /'! ,*!
&*)'8>*B!1+!D.(/*&'()*,!/>+:.)>8!f,%!E.'!+*P'&%+h!='8%!)*&P>a(!f:%&%!:%(%:'&%+!
,%! E.'! +*P'&%+hB! 1,! )8*P*R%! /'! 6'&P'8! G"XXbH! e*! +>/%! :8>)>:*/%! =%8! *(*,>?*8! ,%+!
'(D%E.'+!/'!*=8'(/>?*R'!'(!)a8&>(%+!-'('8*,'+!9!(%!/>+:>=,>(*8'+B!N*9'8A!7*++%(!9!
2.(('! *(*,>?*8%(! ,%+! '(D%E.'+! /'+/'! ,*! ='8+=':)>;*! />+:>=,>(*8B! 7*8*! &.:e%+!
=8%D'+%8'+!,*!>/'()>/*/!*:*/a&>:*!'+)S!'+)8':e*&'()'!8',*:>%(*/*!:%(!,*!>/'()>/*/!
=8%D'+>%(*,B!!$e':e'8!9!c8%O,'8!GVWW"H!/'+)*:*(!,*!>/'*!/'!E.'!=*8*!',!/'+*88%,,%!
=8%D'+>%(*,!9!*:*/a&>:%!/'!,%+!'+)./>*()'+!'+!>&=%8)*()'!,*!:%(:>'(:>*!E.'!)*(-*+!
/'! ,*+! />+:>=,>(*+B! c8>-O',,! 9! Q+eO>(! GVWW#H! =%8! +.! =*8)'! +'T*,*(! E.'! ,*+!
:%(:'=:>%('+! */%=)*/*+! =%8! ,%+! '+)./>*()'+! /'='(/'(! /'! +.! ='8:'=:>@(! /',!
:%()'F)%B!4*!:%(:'=:>@(!/',!*=8'(/>?*R'!(%!'+!.(*!:%(:'=:>@(!=%8!+<!&>+&*A!+>(%!
E.'! ;>'('! /')'8&>(*/*! =%8! ,*! 'F='8>'(:>*B! 1+! ,%! E.'! +'! ,,*&*! .(*! :%(:'=:>@(!
+>).*/*! E.'! ;>'('! /'8>;*/*! =%8! ,*! 8'+=.'+)*! */%=)*/*! *()'! ',! :%()'F)%! /'!
*=8'(/>?*R'! ='8:>P>/%B! Q! ,*! ;>+)*! /'! ,%+! 8'+.,)*/%+! /'! *,-.(*+! /'! '+)*+!
>(;'+)>-*:>%('+A! ,*! :%(:,.+>@(! '+! E.'! e*9! E.'! e*:'8! &S+! >(;'+)>-*:>@(! +%P8'! ,*+!
:%(:'=:>%('+!'(!',!:%()'F)%!/'!,*!/>+:>=,>(*+B!
!
+*.,$(7&!*&2+*!.,'!$%&$*5$(%&*'!)*!*&'*b,&c,!_!.,'!$%&$*5$(%&*'!
)*.!,5+*&)(c,k*#!
L*9!*,-.(%+!)8*P*R%+!E.'!*=.()*!.(*!8',*:>@(!=%+>)>;*!'()8'!*&P*+!:%(:'=:>%('+B!
6'&P'8! G"XXbH! +'T*,*! E.'! e*9! .(*! 8',*:>@(! '()8'! :%(:'=:>@(! /'! '(+'T*(?*A!
'(D%E.'+! /'! '(+'T*(?*A! '(D%E.'+! /'! *=8'(/>?*R'! 9! :%(:'=:>%('+! /'! *=8'(/>?*R'B!
7%8!+.!=*8)'!d%O!9!6'&P'8!G"XX[H!&%+)8*8%(!'+)*!8',*:>@(!'()8'!:%(:'=:>%('+!/'!
'(+'T*(?*! 9! '(D%E.'! /'! *=8'(/>?*R'B! 6'&P'8! 9! d%O! G"XX\H! />:'(! E.'! ,*+!
%8>'()*:>%('+! %! :%(:'=:>%('+! /'! '(+'T*(?*! >(D,.>8<*(! /'! D%8&*! +>-(>D>:*)>;*! '(!
:@&%! ,%+! '+)./>*()'+! .)>,>?*(! +.+! '(D%E.'+! /'! *=8'(/>?*R'B! c8>-O',,! ')! *,! G"XX\HA!
c8>-O',,! 9! 78%++'8! G"XX#H! ;>'8%(! )*&P>a(! '+)*! 8',*:>@(! '()8'! >()'(:>%('+! /'! ,%+!
=8%D'+%8'+!9!+.+!'+)8*)'->*+!/'!'(+'T*(?*B!d%O!9!6'&P'8!G"XX[H!8',*:>%(*8%(!,*+!
:%(:'=:>%('+!/'!'(+'T*(?*!9!,%+!:*&P>%+!'(!,%+!'(D%E.'+!/'!*=8'(/>?*R'B!d>,P'8)!
G"XX"H!e>?%!.(!'+)./>%!*!(>;',!/'=*8)*&'()*,!9!'(:%()8@!E.'!',!/'+*88%,,%!/'!,*+!
:8''(:>*+! /'! ,%+! '+)./>*()'+! *:'8:*! /'! ,*! '+)8.:).8*! /',! :%(%:>&>'()%! /'! .(*!
&*)'8>*t/>+:>=,>(*!+'!;'<*!>(D,.'(:>*/%!=%8!,*+!)'%8<*+!/'!,*!'(+'T*(?*!E.'!)'(<*(!
,%+!=8%D'+%8'+!9!,*!='8:'=:>@(!/'!,%+!'+)./>*()'+!/',!:%()'F)%!/'!*=8'(/>?*R'B!4*+!
:8''(:>*+! /'! ,%+! '+)./>*()'+! *:'8:*! /',! :%(%:>&>'()%! )'(<*(! .(! >&=*:)%! '(! ,%+!
'(D%E.'+! /'! *=8'(/>?*R'B! 6'&P'8! 9! 6O*(! GVWWWH! '(:%()8*8%(! */'&S+! E.'! ,%+!
!
!
"bg!
8'+.,)*/%+! /',! *=8'(/>?*R'! +'! *+%:>*! *! ,*+! :%(:'=:>%('+! e*:e*+! 'F=,<:>)*+! '(! ,*+!
&*)'8>*+B! c8>-O',,A! 78%++'8! 9! 49%(+! G"XX\H! '(:%()8*8%(! E.'! ,%+! *,.&(%+! /'!
:>'(:>*+! E.'! */%=)*8%(! .(! '(D%E.'! =8%D.(/%! '8*(! =%8E.'! e*P<*(! )'(>/%!
=8%D'+%8'+! E.'! e*P<*(! .)>,>?*/%! '(D%E.'! /'! '(+'T*(?*! E.'! +'! =8%&%;<*! ,*!
:%&=8'(+>@(B!1(!:*&P>%A!:.*(/%!,%+!=8%D'+%8'+!.)>,>?*P*(!.(*!'(+'T*(?*!P*+*/*!
'(!,*!)8*(+&>+>@(!/',!:%(%:>&>'()%!=8%&%;<*(!.(!'(D%E.'!!+.='8D>:>*,!G78%++'8!9!
c8>-O',,A! "XX\HB! 7*)8>:k! G"XXgHA! )*&P>a(A! '(:%()8@! .(*! '+)8':e*! 8',*:>@(! '()8'!
'(D%E.'!/'!*=8'(/>?*R'!9!',!&%/%!'(!E.'!,%+!=8%D'+%8'+!'(+'T*(B!Q!=*8)>8!/'!'+)%+!
'+)./>%+! '+! ,'-<)>&%! >(;'+)>-*8! :%(+)8.:)%+! E.'! '+)*P,'?:*(! .(! =*8*,',>+&%! '()8'!
,*+!:%(:'=:>%('+!/'!'(+'T*(?*!9!,*+!:%(:'=:>%('+!/',!*=8'(/>?*R'B!!
2'()8%! /'! '+)*! ,<('*! /'! )8*P*R%! *:).*,&'()'! '+)*&%+! 8'*,>?*(/%! .(! '+)./>%! =*8*!
;'8!:.S,!'+!='8D>,!/'!:%(:'=:>%('+!/'!'+)./>*()'+!9!!=8%D'+%8'+!'(!,*!.(>;'8+>/*/B!
7*8)'!/'!,%+!=8>&'8%+!8'+.,)*/%+!%P)'(>/%+!e*(!+>/%!=8'+'()*/%+!'(!',!$%(-8'+%!/'!
1$1Zi]>'(*! VWWX! GL'8(S(/'?! 7>(*! ',! *,,A! VWWXHB! 1(! P*+'! *! ,*+! =8%=.'+)*+! /'! ,%+!
*.)%8'+! :>)*/%+! *()'8>%8&'()'! ',*P%8*&%+! 9! *=,>:*:>@(! /'! .(! :.'+)>%(*8>%! E.'!
)8*)*P*!/'!8':%-'8!,*+!-8*(/'+!:*)'-%8<*+!+%P8'!:%(:'=:>%('+!'F=.'+)*+!&S+!*88>P*!
9!E.'!8'/.:>&%+!!*!:.*)8%A!=%8!.(!,*/%!/%+!:%(:'=:>%('+!:'()8*/*+!'(!',!=8%D'+%8!9!
,*!&*)'8>*!9!%)8*+!/%+!:'()8*/*+!'(!',!*=8'(/>?*R'!9!',!'+)./>*()'B!C'!e>:>'8%(!/%+!
)>=%+! /'! :.'+)>%(*8>%! :%()'&=,*(/%! ,*+! &>+&*+! :*)'-%8<*+A! .(%! E.'! +'! *=,>:@! *!
=8%D'+%8'+! 9! %)8%! *! '+)./>*()'+B! 4%+! 8'+.,)*/%+! &S+! 8',';*()'+! >(/>:*(! E.'! ,%+!
:.'+)>%(*8>%+! )>'('(! .(*! D>*P>,>/*/! &.9! *:'=)*P,'! 9! +.! ;*,>/'?! /'! :%(+)8.:)%!
)*&P>a(! D.'! &.9! *:'=)*P,'! :%(! .(*! :,*8*! '+)8.:).8*! +%P8'! ,*+! :%(:'=:>%('+!
:.*,>)*)>;*!9!:.*()>)*)>;*B!7%8!=*8)'!/'!,%+!'+)./>*()'+!,*+!:%(:'=:>%('+!=%8!,*!E.'!
%=)*8%(!D.'A!'(!',!:*+%!/'!,*!'(+'T*(?*!*E.',,*!E.'!'+)*P,':'!E.'!/'P'!D*:>,>)*8!',!
*=8'(/>?*R'!9!'(!',!:*+%!/',!*=8'(/>?*R'!*E.',,*!E.'!/'+*88%,,'!:%&=')'(:>*+!E.'!
*9./'(! *! :%&=8'(/'8! 9! *=,>:*8! ,*! >(D%8&*:>@(A! :%(+)8.>8! '! >()'8=8')*8! ,%!
+>-(>D>:*/%+!/'!,%+!:%(%:>&>'()%+!*/E.>8>/%+B!
1(!:.*()%!*!,%+!=8%D'+%8'+!%=)*8%(!=%8!,*!:%(:'=:>@(!/'!,*!'(+'T*(?*!E.'!*9./'!*!
*/E.>8>8! ,%+! :%(%:>&>'()%+! *! )8*;a+! /'! .(*! P.'(*! =8'+'()*:>@(B! 1(! ',! :*+%! /',!
*=8'(/>?*R'! ,*! %=:>@(! D.'! ,*! E.'! e*:'! 8'D'8'(:>*! *! E.'! ',! *=8'(/>?*R'! /'P'8<*!
*9./*8! *! *+>&>,*8! ,%+! :%(:'=)%+! 9! *! :%&=8'(/'8! 9! &'&%8>?*8! ,%+! :%()'(>/%+A! *+<!
:%&%! 8',*:>%(*8,%+! :%(! ,%+! :%(%:>&>'()%+! =8';>%+B! 1(! ,*! 8',*:>@(! E.'! e>:>&%+!
+%P8'! ,*+! :%(:'=:>%('+! '()8'! '+)./>*()'+! 9! =8%D'+%8'+! %P+'8;*&%+! E.'! ,%+!
'+)./>*()'+!%=)*8%(!&S+!=%8!,*+!:%(:'=:>%('+!:.*,>)*)>;*+A!'+!/':>8!,*+!P*+*/*+!'(!
',! '+)./>*()'! 9! ,%+! =8%D'+%8'+! =%8! ,*+! :.*()>)*)>;*+A! '+! /':>8! ,*! P*+*/*! '(! ,*!
'(+'T*(?*B!Q.(E.'!,%+!/*)%+!(%!+%(!:%(:,.9'()'+!9!(':'+>)*(!.(*!=8%D.(/>?*:>@(!
:%(! .(*! &')%/%,%-<*! P*+*/*! '(! ,*! '()8';>+)*! (%+! *9./*(! *! :%&=8'(/'8! .(! =%:%!
&S+! ',! '+:'(*8>%! *:).*,! /'! E.'! '()>'(/'! ,%+! =8%D'+%8'+! 9! ,%+! '+)./>*()'+! '+! ,*!
'(+'T*(?*!9!',!*=8'(/>?*R'B!
1(! '+)*! P8';'! +<()'+>+! e'&%+! E.'8>/%! /'+)*:*8! ',! =8%)*-%(>+&%! />D'8'()'! E.'! +'!
=8'+'()*! '(! ,*+! *.,*+A! +%P8'! ,*+! D%8&*+! />+)>()*+! /'! ='8:>P>8! ,*! '(+'T*(?*! 9! ',!
*=8'(/>?*R'! 9! :@&%! :*/*! .(*! /'! ',,*+! ,,';*! *! *:).*:>%('+! />D'8'()'+! =%8! =*8)'! /'!
+.+! =8%)*-%(>+)*+B! 78%D.(/>?*8! '(! '+)%+! S&P>)%+! '+! (':'+*8>%A! *+<! :%&%! ,*!
)8*(+D'8'(:>*! /'! '+)%+! :%(%:>&>'()%+! *! '+)./>*()'+! 9! =8%D'+%8*/%! =%8! ,*!
8'='8:.+>@(! E.'! )>'('! '(! ,*! :*,>/*/! /'! ,*+! *:).*:>%('+! /'! +.+! =8%)*-%(>+)*+B! 4*+!
>(;'+)>-*:>%('+!+>-.'(!'(!:.8+%!9!*!',,%!(%+!+'-.>8'&%+!/'/>:*(/%!:%(!,*!>()'(:>@(!
/'!:%()8>P.>8!*!.(!&*9%8!:%(%:>&>'()%!/'!,%!E.'!+.:'/'!'(!,*+!*.,*+B!
!
!
!
"bX!
/(/.(%0+,-1,!
J*F)'8A! NBJB! G"XXVH! e>CwB>P! :>?! <=:@C>B>P! B>! JCLL=P=T! 0=>?=<p<=L:H=?!
A:HH=<>@!B>!@HK?=>H@z!(>H=LL=JHK:L!)=Q=LCAW=>H#!CB!`8*(:>+:%0!j%++'9!J*++B!
J','(k9!NB`!A!$,>(:e9A!JBN!9!d%,/P'8-'8A!UBZB!G"Xg#HB!aCW=>z@!w:N@!CO!{>CwB>P#!
UB!oB0!J*+>:!J%%k+!
J'.:e*)! Z'>:e*8/)A! NB! GVW"WHB! $%(:'=:>%('+! /'! *=8'(/>?*R'! '(! '+)./>*()'+! /'!
='/*-%-<*!PS+>:*B!2=@B@!?CJHC<:LB!3(>;'8+>/*/!/'!d8*(*/*B!
J'.:e*)! Z'>:e*8/)A! NB! 9! L'8(S(/'?! 7>(*A! `B! GVW"WHB! 1=>+)'&%,%->:*,! *(/! ,'*8(>(-!
P',>'D+!>(!>(>)>*,!)8*>(>(-!!D%8!='/*-%-9!,'*8(>(-!!>(!*!C*()>*-%!/'!$e>,'!3(>;'8+>)9B!
$CWK>BJ:JBf>!A<=@=>H:?:!:!*$*+A!L',+>(k>A!VW"WB!
2*,,ÑQ,P*A! dB! G"XXWHB! `%8'+e*/%O>(-! :%(:'=)>%(! %D! )'*:e>(-B! +=@=:<Jj! :>?!
)=Q=LCAW=>H!B>!4BPj=<!*?KJ:HBC>g!"[A!VX"iVXbB!
2*,,ÑQ,P*A! dB! G"XX"HB! `%8'+e*/%O>(-! :%(:'=)>%(+! %D! ,'*8(>(-B! +=@=:<Jj! :>?!
)=Q=LCAW=>H!B>!4BPj=<!*?KJ:HBC>A!"[g!VX[iVXbB!
2.',,! A! MB6B! 9! C:e%&&'8iQ>k>(+A! NB! GVWW"HB! N'*+.8'+! %D! 7'%=,'É+! J',>'D! *P%.)!
6(%O,'/-'!*(/!4'*8(>(-B!*?KJ:HBC>:L!5@NJjCLCPN!+=QB=wA!"[A!G\HA!\"Xi\\XB!
2.(k>(A!NB!jB!G"XXWHB!ce'!>(/.:)>%(!%D!*:*/'&>:!+)*DD!)%!*!.(>;'8+>)90!78%:'++'+!*(/!
=8%/.:)+B!4BPj=<!*?KJ:HBC>g!VWA!\bi##B!
2.(k>(A!NB!jB!9!78':>*(+!ZB7B!G"XXVHB!QO*8/iO>((>(-!.(>;'8+>)9!)'*:e'8+É!:%(:'=)+!
%D!)'*:e>(-B!4BPj=<!*?KJ:HBC>g!MRg!\g[i^WVB!
2O':kA!$B!CB!9!4'--'))A!1B4B!G"XggHB!Q!+%:>*,i:%-(>)>;'!*==8%*:e!)%!&%)>;*)>%(!*(/!
='8+%(*,>)9B!5@NJjCLCPBJ:L!+=QB=wg!^`g!V^#iVb[B!
1()O>+),'A! UBjB! G"XgbHB! Q! &%/',! %D! )e'! )'*:e>(-i,'*8(>(-! =8%:'++! /'8>;'/! D8%&!
8'+'*8:e! %(! +)./'()! ,'*8(>(-B! 1(! jB! Z>:e*8/+%(A! NB! 19+'(:k! 9! 2BIB! Q88'(i! 7>='8A!
G1/+BH! 'HK?=>H! L=:<>B>P! <=@=:<Jj! B>! =?KJ:HBC>! :>?! JCP>BHBQ=! A@NJjCLCPN#*!
4%(/%(0!3(>;'8+>)9!78'++!
`%FA!2B!G"Xg[HB!7'8+%(*,!)e'%8>'+!%D!)'*:e>(-B!'HK?B=@!B>!4BPj=<!*?KJ:HBC>g!yGVHA!
"^"i"#[B!
d*%A! LB! G"XXgHB! ,! @HK?N! CO! $jB>=@=! H=:Jj=<@#! $C>J=AHBC>@! CO! H=:JjB>PB! L.P',!
1/.:*)>%(!78'++A!$e>(*B!
d%OA!4BA!6'&P'8A!2B!G"XXWHB!2%'+!e>-e'8!'/.:*)>%(!=8%&%)'!>(/'='(/'()!,'*8(>(-|!
4BPj=<!*?KJ:HBC>g!"XA![Wbi[VVB!
d%OA! 4B! 9! 6'&P'8A! 2B! G"XX[HB! $%(:'=)>%(+! %D! )'*:e>(-! *(/! )e'>8! 8',*)>%(+e>=! )%!
+)./'()!,'*8(>(-B!/<BHB@j!kCK<>:L!CO!*?KJ:HBC>:L!5@NJjCLCPNg!#[A!VWi[[B!
L*&&'8A! 2B! G"XX\HB! 1=>+)'&%,%->:*,! P',>'D+! >(! >()8%/.:)%89! =e9+>:+B! $CP>BHBQ=!
(>@H<KJHBC>g!"VA!"^"i"g[!
L'8(S(/'?!7>(*A!`BA!d*8:<*!C*(?A!NB7BA!N*E.>,@(!CS(:e'?A!jBjBA!$.'+)*!CS'?!/'!c'R*/*A!
jB2B! 9! N%(8%9! L'8(S(/'?A! `B! GVWWXHB! 3(>;'8+>)9! *:*/'&>:É+! *(/! +)./'()!
:%(:'=)>%(+!%D!)'*:e>(-!*(/!,'*8(>(-!>(!L>-e'8!1/.:*)>%(B!!]>'(*A!*$*+!M[[^B!!
L%D'8A! JB6B! 9! 7>()8>:eA! 7BZB! G"XXbHB! ce'! /';',%=&'()! %D! '=>+)'&%,%->:*,! )e'%8>'+0!
J',>'D+! *P%.)! k(%O,'/-'! *(/! k(%O>(-! *(/! )e'>8! 8',*)>%(! )%! ,'*8(>(-B! +=QB=w! CO!
*?KJ:HBC>:L!+=@=:<JjA!#bA!ggi"\WB!
!
!
"gW!
L%D'8A!JB!6B!GVWW"HB!7'8+%(*,!'=>+)'&%,%-9!8'+'*8:e0!5&=,>:*)>%(+!D%8!,'*8(>(-!*(/!
)'*:e>(-B!kCK<>:L!CO!*?KJ:HBC>:L!5@NJjCLCPN!+=QB=wg!"[G\HB!
6'&P'8A!2BA!}!d%OA!4B!G"XXWHB!$.,).8*,!+=':>D>:>)9!%D! *==8%*:e'+! )%! +)./9B! /<BHB@j!
kCK<>:L!CO!*?KJ:HBC>:L!5@NJjCLCPNA!#WA![^#v[#[B!
6'&P'8A! 2B! 9! d%OA! 4B! G"XX\HB! M8>'()*)>%(+! )%! )'*:e>(-! *(/! )e'>8! 'DD':)! %(! )e'!
E.*,>)9!%D!+)./'()!,'*8(>(-B!kCK<>:L!CO!4BPj=<!*?KJ:HBC>g!#^G"HA!^gib\B!
6'&P'8A! 2B! G"XXbHB! Q! 8':%(:'=).*,>+*)>%(! %D! )e'! 8'+'*8:e! >()%! .(>;'8+>)9!
*:*/'&>:+B!:%(:'=)>%(+!%D!)'*:e>(-B!.=:<>B>P!:>?!(>@H<KJHBC>g!bG[HA!V^^iVb^B!
6>):e'('8A! 6BCB! 9! 6>(-A! 7BNB! G"Xg"HB! Z'D,':)>;'! R./-&'()0! :%(:'=)+! %D! R.+)>D>:*)>%(!
*(/! )e'>8! 8',*)>%(+e>=! )%! *-'! *(/! '/.:*)>%(B! kCK<>:L! CO! ,AALB=?! )=Q=LCAW=>H!
5@NJjCLCPNg!VA!gXi""#B!
N*8)>(A!1B!9!J*,,*A!NB!G"XX"HB!!$%(:'=)>%(+!%D!)'*:e>(-!*(/!>&=,>:*)>%(+!D%8!,'*8(>(-B!
+=@=:<Jj!:>?!)=Q=LCAW=>H!B>!4BPj=<!*?KJ:HBC>!"[g!VXgi[W\B!
N*8)>(A! 1B! 9! Z*&+/'(A! 7B! G"XXVHB! Q(! 'F=*(/>(-! *O*8'('++B! L%O! ,':).8'8+! :e*(-'!
)e'>8!.(/'8+)*(/>(-!%D!)'*:e>(-B!4BPj=<!*?KJ:HBC>g!"[A!VXgi[W\B!
N*8)%(A!`BA!2*,,ÑQ,P*A!dB!}!J'*)9A!1B!G"XX[HB!$%(:'=)>%(+!%D!,'*8(>(-B!(>H=<>:HBC>:L!
kCK<>:L!CO!*?KJ:HBC>:L!+=@=:<JjA!"X!G[HA!Vbbi[WWB!
N*8)%(A!`B!9!C*,R%A!ZB!G"Xg\HB!Q==8%*:e'+!)%!,'*8(>(-B!1(!`B!N*8)%(A!2B!L%.(+',,!*(/!
UBjB! 1()O>+),'! G'/+H! 2j=! *qA=<B=>J=! CO! .=:<>B>PB! 1/>(P.8-e0! C:%))>+e! Q:*/'&>:!
78'++B!
N'9'8A!jB!9!1,'9A!NB!G"XXXHB!ce'!/';',%=&'()!%D!*DD':)>;'!+.P+:*,'+!)%!;*8>*)>%(!>(!
+)./'()+B! 'F='8>'(:'+! %D! +)./9>(-! &*)e'&*)>:+! >(! e>-e'8! '/.:*)>%(B! 4BPj=<!
*?KJ:HBC>g![bA!"XbiV"#B!
N.88*9A!6B!9!N*:/%(*,/A!ZB!G"XXbHB!ce'!/>+R.(:)>%(!P')O''(!,':).8'8+B!:%(:'=)>%(+!
%D! )'*:e>(-! *(/! )e'>8! :,*>&'/! '/.:*)>%(*,! =8*:)>:'B! 4BPj=<! *?KJ:HBC>A! [[g! [["i
[\XB!
7*R*8'+A! NB! `B! G"XXVHB! c'*:e'8+B! P',>'D+! *(/! '/.:*)>%(! 8'+'*8:e0! $,'*(>(-! .=! *!
&'++9!:%(+)8.:)B!+=QB=w!CO!*?KJ:HBC>:L!+=@=:<Jjg!#[G[HA![Wbi[[VB!
7'889A! IBdB! G"X#gHB! 7*))'8(+! %D! /';',%=&'()! >(! )e%.-e)! ;*,.'+! %D! +)./'()+! >(! *!
,>P'8*,!*8)+!:%,,'-'0!Q!;*,>/*)>%(!%D!+:e'&'B!`>(*,!Z'=%8)B!L*8;*8/!3(>;'8+>)9B!
7'889A! IB! dB! G"XbWHB! -C<W@! CO! (>H=LL=JHK:L! :>?! *HjBJ:L! )=Q=LCAW=>H! B>! Hj=!
$CLL=P=!_=:<@#!U'O!o%8k0!L%,)A!Z'>(e*8)!*(/!I>(+)%(B!
7'889A!IB!dB!G"Xg"HB!$%-(>)>;'!*(/!')e>:*,!-8%O)e0!ce'!&*k>(-!%D!&'*(>(-B!1(0!QB!
IB! $e>:k'8>(-! G1/BH! 2j=! WC?=<>! ,W=<BJ:>! JCLL=P=#! C*(! `8*(:>+:%A! $QA! j%++'9i
J*++B!
78*O*)A!ZB!CB!G"XXVHB!c'*:e'8+!P',>'D+!*P%.)!)'*:e>(-!*(/!,'*8(>(-0!*!:%(+)8.:)>;>+)!
='8+=':)>;'B!,W=<BJ:>!kCK<>:L!CO!*?KJ:HBC>:L!5@NJjCLCPB@Hg!"WWG[HA![^\i[X^!
78%++'8A! NBA! 6B! c8>-O',,A! ')! *,B! G"XX\HB! Q! =e'(%&'(%-8*=e>:! +)./9! %D! *:*/'&>:+Ñ!
:%(:'=)>%(+! %D! +:>'(:'! ,'*8(>(-! *(/! )'*:e>(-B! .=:<>B>P! :>?! (>@H<KJHBC>g! \A! V"bi
V["B!
78%++'8A! NBA! 1B! N*8)>(A! ')! *,B! GVWW^HB! Q:*/'&>:+B! 'F='8>'(:'+! %D! .(/'8+)*(/>(-! %D!
)e'>8! +.PR':)! &*))'8! *(/! )e'! 8',*)>%(+e>=! %D! )e>+! )%! )e'>8! 'F='8>'(:'+! %D! )'*:e>(-!
!
!
"g"!
*(/!,'*8(>(-B!(>@H<KJHBC>:L!'JB=>J=A![[A!"[bi"^bB!
Z*&+/'(A! 7B! G"XggHB! $%()'F)! *(/! +)8*)'-90! +>).*)>%(*,! />DD'8'(:'+! >(! ,'*8(>(-B! 1(!
ZBZB!C:e&':k!G'/BH!.=:<>B>P!'H<:H=PB=@!:>?!.=:<>B>P!'HNL=@#!U'O!o%8k0!7,'(.&B!
Z*&+/'(A! 7B! G"XXVHB! .=:<>B>P! HC! H=:Jj! B>! 4BPj=<! *?KJ:HBC>B! 4%(/%(! *(/! U'O!
o%8k0!Z%.),'/-'B!
CÜ,RáA!ZB!G"XbXHB!4'*8(>(-!*P%.)!,'*8(>(-B!4BPj=<!*?KJ:HBC>g!gA!\\[i\^"#!
C*&.',%O>:?A! 6B! 9! J*>(A! jB! 2B! G"XXVHB! $%(:'=)>%(! %D! )'*:e>(-! e',/! P9! *:*/'&>:!
)'*:e'8+B!4BPj=<!*?KJ:HBC>A!V\A!X[i"""B!
C*&.',%O>:?A!6B!9!J8*>(A!jB!2B!GVWW"HB!Z';>+>(-!*:*/'&>:!P',>'D+!*P%.)!)'*:e>(!*(/!
,'*8(>(-B!4BPj=<!*?KJ:HBC>g!\"A!VXXi[V^B!
C:e%&&'8A! N! G"XXWHB! ce'! 'DD':)+! %D! P',>'D+! *P%.)! (*).8'! %D! k(%O,'/-'! %(!
:%&=8'e'(+>%(B!kCK<>:L!CO!*?KJ:HBC>:L!5@NJjCLCPNA!gVA!\Xgi^W\B!
C:e%&&'8A! NB! G"XX[HB! 1=>+)'&%,%->:*,! /';',%=&'()! *(/! *:*/'&>:! ='8D%8&*(:'!
*&%(-!+':%(/*89!+)./'()+B!kCK<>:L!CO!*?KJ:HBC>:L!5@NJjCLCPNg!g^A!\W#i\""B!
C:e%&&'8A! NB! G"XXbHB! 2j=! ?=Q=LCAW=>H! CO! =AB@H=WCLCPBJ:L! HKHC<B>PT! $:@=!
@HK?B=@#! 78'+'()'/! *)! )e'! *((.*,! &'')>(-! %D! )e'! Q&'8>:*(! 1/.:*)>%(*,! Z'+'*8:e!
Q++%:>*)>%(A!$e>:*-%A!54B!
C:e%&&'8iQ>k>(+A! NB! 9! I*,k'8A! 6B! G"XXbHB! 1=>+)'&%,%->:*,! J',>'D+! *(/! ;*,.>(-!
+:e%%,0! :%(+>/'8*)>%(+! D%8! :%,,'-'! */&>++>%(! *(/! 8')'()>%(B! +=@=:<Jj! B>! 4BPj=<!
*?KJ:HBC>A![gA!"b[i"g#B!
C:e%&&'8A! NB! G"XXgHB! ce'! >(D,.'(:'! %D! *-'! *(/! '/.:*)>%(! %(! '=>+)'&%,%->:*,!
P',>'D+B!/<BHB@j!kCK<>:L!CO!*?KJ:HBC>:L!5@NJjCLCPNg!#gA!^^"i^#VB!
C:e%&&'8iQ>k>(+A! NB! GVWW\HB! 1F=,*>(>(-! )e'! 1=>+)'&%,%->:*,! J',>'D! C9+)'&0!
5()8%/.:>(-! )e'! 1&P'//'/! C9+)'&>:! N%/',! *(/! $%%8/>(*)'/! Z'+'*8:e! Q==8%*:eB!
*?KJ:HBC>:L!5@NJjCLCPB@Hg![X!G"HA!"XiVXB!
Ce.',,A! cB! jB! G"Xg#HB! $%-(>)>;'! :%(:'=)>%(+! %D! ,'*8(>(-B! +=QB=w! CO! *?KJ:HBC>:L!
+=@=:<JjA!^#G\HA!\""i\[#B!
C;'(++%(A!4B!G"Xg\HB!Ck>,,!>(!,'*8(>(-B!`B!N*8)%(A!2B!L%.(+',,A!*(/!UB!1()O>+),'!G'/+HA!
2j=!=qA=<B=>J=!CO!L=:<>B>PA!1/>(P.8-e0!C:%))>+e!Q:*/'&>:!78'++B!
c8>-O',,A! 6BA! 78%++'8A! NB! ')! *,B! G"XX\HB! x.*,>)*)>;'! />DD'8'(:'+! >(! *==8%*:e'+! )%!
)'*:e>(-!D>8+)!9'*8!.(>;'8+>)9!+:>'(:'B!4BPj=<!*?KJ:HBC>A!VbA!g^iX[B!
c8>-O',,A! 6! 9! 78%++'8A! NB! G"XX#HB! $e*(->(-! *==8%*:e'+! )%! )'*:e>(-0! *! 8',*)>%(*,!
='8+=':)>;'B!'HK?B=@!B@!4BPj=<!*?KJ:HBC>A!V"A!Vb^iVg\B!
c8>-O',,A! 6B9! Q+eO>(A7B! GVWW#HB! Q(! 'F=,%8*)%89! +)./9! %D! +>).*)'/! :%(:'=)>%(+! %D!
,'*8(>(-!*(/!,'*8(>(-!'(;>8%(&'()+#!4BPj=<!*?KJ:HBC>g!^"A!V\[iV^gB!
I*)k>(+A! 2B! G"XXbHB! d%%/! )'*:e>(-0! Q! :8%++i:.,).8*,! ='8+=':)>;'B! 3(=.P,>+e'/!
&*(.+:8>=)A!)e'!3(>;'8+>)9!%D!L%(-!6%(-B!
I*)k>(+A! 2B! ! GVWW"HB! 4'*8(>(-! *P%.)! ,'*8(>(-! '(e*(:'+! ='8D%8&*(:'B! &:HBC>:L!
'JjCCL! (WA<CQ=W=>H! &=HwC<{! ! +=@=:<Jj! 3:HH=<@! &KWd=<! "[! G4%(/%(A!
5(+)>).)'!%D!1/.:*)>%(HB!
I*)k>(+A!2BA!$*8(',,A!1B!4%/-'A!$B!9!Ie*,,'9A!$B!GVWWVHB!1DD':)>;'!,'*8(>(-B!&:HBC>:L!
!
!
"gV!
'JjCCL!(WA<CQ=W=>H!&=HwC<{!+=@=:<Jj!3:HH=<@!&KWd=<!"b!G4%(/%(A!5(+)>).)'!
%D!1/.:*)>%(HB!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
"g[!
!
!
"g\!
!
!
!
!
!
*)8$,$(7&!5,+,!*.!)*',++%..%g!5,5*.!(35+*'$(&)(/.*!)*!
.,!8&(6*+'(),)!
!
!
3:<HB>!+C?<IPK=;!+CiC!
78%D'+%8!1&a8>)%!/'!,*!3(>;'8+>/*/!/'!]*,,*/%,>/!
!
(&2+%)8$$(7&!
x.'! :%()8>P.>8! *,! /'+*88%,,%! +'*! .(! 8%,! >&=8'+:>(/>P,'! /'! ,*! 3(>;'8+>/*/! +>-(>D>:*!
E.'! ,*! 3(>;'8+>/*/! (%! '+! 3(>;'8+>/*/! +>! =8'+:>(/'! /'! )8*P*R*8! =%8! 9! =*8*! ',!
/'+*88%,,%! e.&*(%! 9! +%+)'(>P,'! /'! ,*+! ='8+%(*+! 9! /'! ,%+! =.'P,%+! %! +%:>'/*/B!
]'8'&%+!E.a!'+!'+%!/'!e.&*(%!9!+%+)'(>P,'B!4%!:.*,!(%+!%P,>-*8S!*!/'+:8>P>8!:.S,!
'+!,*!_,)>&*!;'8+>@(!/'!/'+*88%,,%A!=.'+!(%!;*,'!:.*,E.>'8!+>-(>D>:*/%!/'!/'+*88%,,%!
'(!',!+>-,%!rr5B!L*+)*!*E.<A!.(*!=8>&'8*!=*8)'!G5HB!Q:,*8*/%+!,%+!)a8&>(%+!9!/*(/%!
=%8! *:,*8*/%! E.'! '+*! :%(:'=:>@(! +'! *:'=)*! :%&%! D>(*,>/*/! e*:>*! /%(/'! ,*!
3(>;'8+>/*/! /'P'8<*! )'(/'8A! ,%+! 8>','+! E.'! :%(/.:'(! *! />:e*! '+)*:>@(! 8':>P'(! ',!
(%&P8'! /'! 1/.:*:>@(! =*8*! ',! 2'+*88%,,%0! '(! :.*()%! *! '+)*! '+)8*)'->*! (%+!
=8'-.()*8'&%+!=8>&'8%!E.a!'F>+)'!'(!',!+'(%!/'!,*+!*.,*+!.(>;'8+>)*8>*+B!J*+)*()'!
8>E.'?*A! =%8! :>'8)%B! 7%8! _,)>&%A! =8'-.()*8a0! {9! )_A! E.a! &S+! =.'/'+! e*:'8A!
3(>;'8+>/*/A! :%(! 8'+=':)%! *! ,*! '/.:*:>@(! =*8*! ',! /'+*88%,,%! ! 9! =*8*! E.'! ! ,%+!
:%(/'(*/%+!/',!=,*(')*!=.'/*(!E.'/*8!,>P8'+!9!:*&>(*8!:%(!+.!=8%=>%!=>'|!G55HB!
!
!
D#!)*',++%..%!483,&%!_!'%'2*&(/.*g!5*&|.2(3,!6*+'(7&#!
2>-%!='(_,)>&*A!=%8E.'!(.(:*!e*P8S!.(*!_,)>&*!/'D>(>:>@(!/'!/'+*88%,,%A!9*!E.'!',!
/'+*88%,,%!e*:'!*,.+>@(!*!,*!='8+%(*!e.&*(*A!9*!+'*!:%(+>/'8*/*!:%&%!>(/>;>/.%A!
9*! +'*! :%&%! &>'&P8%! +%:>*,! /'! .(! ! :%,':)>;%A! 9*! +'*! :%(+>/'8*/*! ,*! =8%=>*!
:%,':)>;>/*/! '(! +.! :%(R.()%! %! e.&*(>/*/! -,%P*,B! o! 8'+.,)*! E.'! ,*! ='8+%(*! '(! +.+!
&_,)>=,'+! *:'=:>%('+! '+! />(S&>:*A! '(! ='8&*('()'! :*&P>%A! D8.)%! /'! ,*! >()'8*::>@(!
:%(! ,*! +%:>'/*/! 9! :%(! ,*! e>+)%8>*! E.'! )*&P>a(! +'! &.';'(B! 1,! />(*&>+&%! +%:>%i
e>+)@8>:%i='8+%(*,!>&=>/'!D>R*8!,%+!,<&>)'+!/',!/'+*88%,,%A!8'+.,)*(/%A!=%8!)*()%A!E.'!
a+)'! +>'&=8'! '+)*8S! '(! :%(+)*()'! 'P.,,>:>@(A! '(! :%e'8'(:>*! :%(! ,*! ';%,.:>@(! /',!
8>)&%!e.&*(%B!!
C>(! '&P*8-%! +<! =%/'&%+! e*P,*8! /'! ;'8+>@(! ='(_,)>&*A! 8'D>8>a(/%(%+! *! ,*! _,)>&*!
>()'8=8')*:>@(!E.'!,*+!>(;'+)>-*:>%('+!&S+!*:).*,'+!e*(!%)%8-*/%!*,!:%(:'=:)%!/'!
/'+*88%,,%B!Q+<A!/>8'&%+!E.'!,%+!'+)./>%+!+%P8'!/'+*88%,,%!e*(!/'R*/%!/'!e*P,*8!/'!
/'+*88%,,>+&%! =*8*! 8'D'8>8+'! *! /'+*88%,,%! e.&*(%! 9! _,)>&*&'()'! *! /'+*88%,,%!
+%+)'(>P,'B!L*+)*!*E.<!e'&%+!,,'-*/%!'(!',!=8'+'()'!+>-,%!9!*!,*!/'+:8>=:>@(!/'!'+)*!
!
!
"g^!
_,)>&*! *:'=:>@(! e>+)@8>:*! 9! ='(_,)>;*! /'D>(>:>@(! *()8%=%,@->:*! /'! /'+*88%,,%! &'!
;%9!*!/'/>:*8!'(!'+)'!*=*8)*/%B!!
7*8)%!/'!,*!*:'=)*:>@(!!/'!!,*+!:*)'-%8<*+!+%:>%,@->:*+!!>&='8*()'+A!+'-_(!',!D>,@+%D%!
jB! L*P'8&*+0! +>+)'&*! ;'8+.+! &.(/%! /'! ,*! ;>/*B! 1,! +>+)'&*! )>'('! ',! '(:*8-%! /'!
&*()'('8A! :%(+'8;*8! ',! f+)*).+! E.%hA! '(! '+)'! :*+%A! ,*! >/'*! /'! /'+*88%,,%! &S+!
:%(;'(>'()'! =*8*! +%+)'('8! >()*:)%! ',! ! %8/'(! +%:>*,! >&='8*()'! %! :*=>)*,>+&%!
(',>P'8*,i-,%P*,B!4%!:.*,!(%!E.>'8'!/':>8!E.'!',!=%/'8!>(+)>).:>%(*,!(%!+'*!:*=*?!/'!
+%,)*8! *! ,*+! D*.:'+! /'! ,%+! (>;'%+! %+%+! ! *,-.(%! /'! ,%+! &>'&P8%+! /'! +.! )8>('%! =*8*!
+*,;*8! ',! :%(R.()%! /'! +.! :%(+)8.:)%A! *.(E.'! )'(-*! E.'! ='8/'8! .(*! =>'?*! /',!!
'()8*&*/%! +%:>*,B! 1+! a+)*! ,*! 8*?@(A! ! ,*! /'! ='8/'8! -*(*(/%A! /'! :@&%! =.'/'(!
*=*8':'8! :>'8)*+! >(+)>).:>%('+! .! %8-*(>+&%+! E.'! &'R%8*(! ,*+! :%(:'=:>%('+! /',!
+>+)'&*A! +>(! ,,'-*8! *! =8'+'()*8! .(! =*8*/>-&*! *,)'8(*)>;%! *,! &>+&%B! N'! '+)%9!
8'D>8>'(/%! *! ,*! 'F>+)'(:>*! /'! ,*! MU3A! /'! ,*! 3U1C$MA! /',! 7U32! E.'! ,*;*(! ',! 8%+)8%!
/',!%8/'(!+%:>*,!('%,>P'8*,A!+>(!8%&='8!,*!'+)8.:).8*!'+'(:>*,!/'!+.!'(-8*(*R'B!
{x.>a('+! +%(A! '()%(:'+A! ,%+! *-'()'+! /'! :*&P>%! '(! ,*! :%(:'=).*,>?*:>@(! /',!
/'+*88%,,%|!1+!',!/'(%&>(*/%!f&.(/%!/'!,*!;>/*hA!'+!/':>8A!',!+.R')%!:%&.(>:*)>;%A!
,%+! e%&P8'+! 9! &.R'8'+! E.'! />*,%-*(! '()8'! +<A! :%(;'8+*(! */.:>'(/%! *8-.&'()%+A!
:%(+'(+_*(! 9! =8%=%('(! +*,>/*+! *! ,%+! =8%P,'&*+! E.'! '(:.'()8*(! '(! +.! :*&>(*8!
&.(/*(%B! ! ! C%(! :>'8)%+! =*8)>/%+! =%,<)>:%+A! &%;>&>'()%+! +%:>*,'+A! :%,':)>;%+A!
*+%:>*:>%('+!:.,).8*,'+!9t%!=8%D'+>%(*,'+A!:>'8)%+!&'/>%+!/'!:%&.(>:*:>@(!:8<)>:%+A!
,*+!MUd2!)*&P>a(!:8<)>:*+A!*,-.(%+!&>'&P8%+!/'!,*!*:*/'&>*A!/'!,*!3(>;'8+>/*/!%!
/'! ,*! :>'(:>*A! '):B! 1(! /'D>(>)>:*A! :.*,E.>'8! e%&P8'! %! &.R'8! E.'! +'*! :*=*?! /'!
*(*,>?*8A! 8'D,'F>%(*8! *! ,*! ,.?! /',! -8*(! ;*,%8! /'! ,*! R.+)>:>*! 9! E.'! '+)a! /':>/>/%! *!
,.:e*8!=%8!,*!)8*(+D%8&*:>@(!/',!'()%8(%B!!
{$.S,! e*! +>/%! ',! 8'+.,)*/%! /'! '+'! :*&P>%! :%(:'=).*,! 8'D'8>/%! *! ,*! >/'*! /'!
/'+*88%,,%|!2%9!=%8!:%(%:>/%!',!=8>&'8!)a8&>(%!/',!=8%:'+%A!8',*)>;%!*,!:%(:'=)%!
/'! /'+*88%,,%! :%&%! /'+*88%,,>+&%! %! ':%(%&<*! /'+*88%,,>+)*A! 9! =*+%! *! ,*+!
/'(%&>(*:>%('+!/'!/'+*88%,,%!e.&*(%!9!+%+)'(>P,'B!!1,!%8>-'(!/'!,*!)8*+&.)*:>@(!
+.8-'! /'! ,*! :8<)>:*! *! ,*! ':%(%&<*! >&='8*()'! E.'! +'! :%(D%8&*! :%(! e*P,*8! /'!
:8':>&>'()%A! 8'D>8>a(/%+'! ! +@,%! *! ,*! 8>E.'?*! &*)'8>*,! :%&%! &%)%8! 9! %PR')>;%! /',!
/'+*88%,,%! /'! ,%+! =.'P,%+! &'(%+! /'+*88%,,*/%+B! 1,! ->8%! /'! ,%+! =,*()'*&>'()%+!
/'+*88%,,>+)*+!8':%-'!/%+!:%%8/'(*/*+0!'F=*(+>@(!/'!,*+!:*=*:>/*/'+!='8+%(*,'+!'!
>&=%8)*(:>*! /',! +'8! e.&*(%B! ! 1,! /'+*88%,,%! e.&*(%! 9*! (%! +'! :'()8*! '(! ',!
>(:8'&'()%!/'!,%+!%PR')%+A!+>(%!'(!,*+!:*8*:)'8<+)>:*+!/',!+.R')%B!!C'!+.+)>).9'!.(*!
;>+>@(!/',!/'+*88%,,%!:'()8*/%!'(!,*!=8%/.::>@(!/'!P>'('+!=%8!%)8*A!:'()8*/*!'(!,*!
*&=,>*:>@(!9!+','::>@(!/'!,*+!:*=*:>/*/'+!/'!,*+!='8+%(*+!GJ%(>A!Q!9!7a8'?i`%-.')A!
QA!VWW#HB!
x.>'(! /*! *! :%(%:'8! '+)'! (.';%! =,*()'*&>'()%! '+! ',! 78%-8*&*! /'! ,*+! U*:>%('+!
3(>/*+!=*8*!',!2'+*88%,,%!G7U32HA!='8%!E.>'(!'+)S!'(!',!D%(/%!/',!(.';%!'(D%E.'!
+%(A! '()8'! %)8*+! ='8+%(*,>/*/'+A! ',! ':%(%&>+)*! 3,! L*E! 9! ',! =8'&>%! (%P',! '(!
':%(%&<*A!"XXgA!Q&*8)9*!C'(B!1,!=8>&'8%A!/'+=.a+!/'!:%()8*=%('8!*!,*!D@8&.,*!/'!
,%+!f=8%-8*&*+!/'!*R.+)'!'+)8.:).8*,hA!:*8*:)'8<+)>:*!/',!/'+*88%,,%!':%(%&>:>+)*A!,*!
/',! f*R.+)'! :%(! 8%+)8%! e.&*(%hA! &S+! :%e'8'()'! :%(! ',! (.';%! '(D%E.'A! =8%=%('! *,!
7U32!,*!>(>:>*)>;*!/'!=.P,>:*8!*(.*,&'()'!.(!>(D%8&'!+%P8'!',!2'+*88%,,%!L.&*(%A!
=8%=.'+)*! *:'=)*/*! =%8! ',! %8-*(>+&%! >()'8(*:>%(*,B! 4*! ! +'-.(/*! '+! ',! >(+=>8*/%8!
/',! f2'+*88%,,%! L.&*(%hA! :%&%! *,)'8(*)>;*! *,! '(D%E.'! )8*/>:>%(*,! /',! 2'+*88%,,%!
*:.&.,*)>;%A!=8%/.:)%8!%!':%(%&>:>+)*B!4*!=8'-.()*!E.'!+'!e*P<*!;'(>/%!e*:>'(/%!
f{:.S()%!=8%/.:'!.(*!(*:>@(h!*e%8*!=*+*!*!+'8!f{:@&%!'+)S!,*!-'()'h|B!1,!7U32!+'!
!
!
"g#!
:%(+)>).9'A! R.+)%! '+! 8':%(%:'8,%A! '(! '+)*(/*8)'! 9! -'('8*,! 8'D'8'()'! ! /'! ,%+!
*P*(/'8*/%+!&S+!=8%-8'+>+)*+!/',!2'+*88%,,%!L.&*(%B!$%(+:>'()'!/'!)*,!,%-8%A!',!
7U32! :%&>'(?*! +.! *(/*/.8*! /'! ,%+! >(D%8&'+! ',! *T%! "XXWA! +>'(/%! 9*! VW! ,%+!
/%:.&'()%+!=.P,>:*/%+A!e*+)*!',!VW"WB!4*!'+)8.:).8*!/'!,%+!&>+&%+!:%(+)*!/'!,*+!
+>-.>'()'+! =*8)'+0! i! .(! *(S,>+>+! ! /'+/'! ,*! ='8+=':)>;*! -,%P*,! /%(/'! +'! ';*,_*(! ,*+!
)'(/'(:>*+!/',!/'+*88%,,%!e.&*(%!'(!',!&.(/%!v!';*,.*:>@(!E.'!+'!e*:'!.)>,>?*(/%!
,%+!/>+)>()%+!<(/>:'+!/'!/'+*88%,,%!v!>(D%8&*:>@(!'+)*/<+)>:*!!E.'!+'!=8%=%8:>%(*!'(!
',!*('F%!D>(*,!v!-8SD>:%+!*P.(/*()'+!9!*)8*:)>;*&'()'!',*P%8*/%+!'!v!>(:%8=%8*:>@(!
/'!.(!/'P*)'!&%(%-8SD>:%!!+%P8'!*,-_(!)'&*!/'!'+=':>*,!>()'8a+B!C'!=8')'(/'!.(*!
/%P,'! D>(*,>/*/0! *H! )'@8>:*! 9! PH! =%,<)>:*B! 4*! )'@8>:*! +>'()*! ,*+! P*+'+! /',! (.';%!
'(D%E.'B! 4*! =%,<)>:*! =8%=%('! =8S:)>:*+! :%(:8')*+! =*8*! :%(+'-.>8! ,%+! %PR')>;%+! /',!
2'+*88%,,%! L.&*(%B! 4*! D%8&*! *&'(*! /'! 'F=%+>:>@(! 9! =8'+'()*:>@(A! R.()%! *! ,*!
','::>@(!/',!&>+&%!D%8&*)%!E.'!)>'('!,*!=.P,>:*:>@(!'+)8',,*!/',!J*(:%!N.(/>*,!+'!
:%(;>'8)'(A! >()'(:>%(*/*&'()'A! '(! +<&P%,%+! /'! .(*! ;>+>@(! *,)'8(*)>;*! *,! '(D%E.'!
:%(;'(:>%(*,! /'! '+)*! _,)>&*! >(+)>).:>@(A! /'! ,*! %8)%/%F>*! /'! J8'))%(! I%%/+! 9! /',!
`%(/%! N%(')*8>%A! 8%&=>'(/%A! *+<A! ',! &%(%=%,>%! E.'! '+)*+! %8-*(>?*:>%('+!
>()'8(*:>%(*,'+!%+)'()*P*(!'(!,*!%D'8)*!/'!,*+!'+)8*)'->*+!/'!/'+*88%,,%B!!
C':)%8'+! +>-(>D>:*)>;%+! /',! =_P,>:%! *:%->'8%(! '+)*! *=*8>:>@(! /',! 71U32! :%(! .(*!
+'(+*:>@(! /'! f/'+:.P8>&>'()%hA! E.'! &S+! )*8/'! '+)*8<*! +'-.>/*! =%8! %)8*! /'!
f'+)*:*&>'()%h! '(! .(! =%+>:>%(*&>'()%! E.'! =*8':>'8*A! *! />:e%+! +':)%8'+A! ',! f(%(!
=,.+! .,)8*h! /'! ,%+! *;*(:'+! >/'%,@->:%+B! ! 4%+! S&P>)%+! &S+! :8<)>:%+A! +>(! '&P*8-%A!
/'+)*=*8%(! *,-.(%+! ,<&>)'+! *! ,%+! >(D%8&'+! GQ8->P*9A! NB! 9! %)8%+A! "XXbY! Q8->P*9! 9!
$',%8>%A!dB!VWW^HB!Q+<!=%8!'R'&=,%0!+'!=8'+'()*!*,!D'(@&'(%!/'!,*!-,%P*,>?*:>@(!(%!
:%&%!.(!=8%:'+%!>&=.'+)%!=%8!'F>-'(:>*+!/'!,*+!(.';*+!)':(%,%-<*+A!+>(%!:%&%!.(!
8'E.>+>)%!/'!,*!':%(%&<*!('%,>P'8*,!E.'!>&=%('!.(*!/'+8'-.,*:>@(!/'!,%+!&'8:*/%+!
(*:>%(*,'+!'!>()'8(*:>%(*,'+!*,!+'8;>:>%!/'!:>'8)%+!*:)%8'+!E.'A!:%&%!:%(+':.'(:>*!
/'! .(*! >&=%+>:>@(! *! ,%+! 1+)*/%+! /'! (%! >()'8;'(:>@(! '(! ,%+! &*:8%('-%:>%+!
&'8:*()>,'+A!:*.+*(!/'+>-.*,/*/'+!+%:>*,'+!/'!/>D<:>,!R.+)>D>:*:>@(B!7'8%A!(%!8'+.,)*!
DS:>,!'()'(/'8!E.'A!.(*!;'?!+'T*,*/*!,*!*.+'(:>*!/'!:*8-*!a)>:*!'(!,%+!:%(:'=)%+!/'!
=%P8'?*! 9! /'+>-.*,/*/! /',! =*8*/>-&*! /'! I*+e>(-)%(A! +'! /'R'! +>(! +'T*,*8! *! ,%+!
8'+=%(+*P,'+! /'! )*,'+! *)8%:>/*/'+B! 4%+! :%%8/>(*/%8'+! /',! ,>P8%! f$%(+)8.>8! ,*!
:>./*/*(<*! -,%P*,! /'+/'! ,*! 3(>;'8+>/*/hA! Q,'R*(/8*! J%(>! 9! Q-.+)<(! 7a8'?i`%-.')!
GVWW#A!#WH!:%(:,.9'(!E.'!^6-$V%"*,+*&%"*,%$-6+2.%"*,+&*!E1A*,+$+3$#%2)2*$%6%*
+&+6+2.%"*,+*$%2".5-$$#:2*,+*-2*3)5),#'6)*)&.+52).#/%0*8)"*5)>%2+"*3)5)*V)$+5*+".+*
a-#$#%*"+*M)")2*+2*`-+*&)"*#,+)"*$&)/+*,+&*+29%`-+*2%*"+*.5),-$+2*+2*6+$)2#"6%"*,+*
)2B&#"#"* 4* 3%&(.#$%"* 35+$#"%"* 4* $&)5%"@* $%2* &%* `-+* &%"* $%2$+3.%"* "+* ,#&-4+2* 4* 3#+5,+2*
%3+5).#/#,),07* 7%/8<*&%+! *D>8&*8! E.'! ',! 7U32! 8':%-'! 9! /'D>'(/'! ;*8>*+! /'! ! ,*+!
8'>;>(/>:*:>%('+!/'!,%+!=*<+'+!'(!/'+*88%,,%A!:%(;>8)>a(/%+'!*+<!'(!.(!>(+)8.&'()%!
(':'+*8>%A!='8%!(%!+.D>:>'()'B!!
`>(*,>?*/*! '+)*! ='E.'T*! :8<)>:*! *! ,*! 8':%(%:>/*! ,*P%8! /',! 7U32A! P.'(%! +'8S! (%!
/'+='/>8(%+! /'! a,! +>(! *()'+! /'R*8! :%(+)*(:>*! /',! :%()'(>/%! /'! +.! +>-(>D>:*)>;*!
*=%8)*:>@(A! *e%(/*(/%! '(! +.! (%;'/%+%! =,*()'*&>'()%B! Q()'+! /'! =8'+'()*8! +.!
/'D>(>:>@(! /'! 2'+*88%,,%! L.&*(%A! '+! (':'+*8>%! /'R*8! :%(+)*(:>*! /'! ,*+!
8'>;>(/>:*:>%('+A! :%(:,.+>%('+! 9! /'+*D<%+! E.'! %)8%+! '()'+! =,*+&*8%(! *()'+! E.'! ',!
7U32B!`.'!'+)'!:*,/%!/'!:.,)>;%!/%(/'!+.8->@A!/'!&*('8*!:*+>!(*).8*,!9!,@->:*A! ,*!
=,*()*!/'!,*!(.';*!:8>*).8*!/',!2'+*88%,,%!L.&*(%A!*:%->/*!9!:.,)>;*/*!=%8!',!'()'!
*&=*8*/%! P*R%! ',! +'(%! /'! ,*! MU3B! L'! *E.<! ,%+! *()':'/'()'+! >(&'/>*)%+! /'! ,*!
/'D>(>:>@(!/',!2'+*88%,,%!L.&*(%A!/'D'(/>/*!=%8!',!7U32A!+.:>()*&'()'!8',*)*/%+!!
!
!
"gb!
9!'(!%8/'(!:8%(%,@->:%0!
"B
1(! ,*! /a:*/*! /'! ,%+! bW! +'! :%&=8.'P*! E.'! ,%+! ,%-8%+! /',! /'+*88%,,%!
':%(@&>:%!(%!)>'('(!8'='8:.+>@(!=*8*,',*!'(!,*!&'R%8*!/'!,%+!8'+.,)*/%+!+%:>*,'+B!
Z'*::>@(! :8<)>:*0! ,*! gNL* =8%=%('! ',! '&=,'%! :%&%! %PR')>;%! /',! /'+*88%,,%! 9! /'! ,*!
8'/.:>@(! /'! ,*! =%P8'?*B! 1,! &>+&%! [)2$%* S-2,#)&! =>'(+*! '(! ,*! D@8&.,*!
f8'/>+)8>P.:>@(! :%(! :8':>&>'()%hB! 8)* +"$-+&)* ,+* ^8)"* E+$+"#,),+"* [B"#$)+h!
GC)8'')'(H! >(:,.9'! :%&%! %PR')>;%+! '+=':<D>:%+! /',! /'+*88%,,%A! */'&S+! /',!
:8':>&>'()%!':%(@&>:%A!,*!+*)>+D*:>@(!/'!,*+!(':'+>/*/'+!e.&*(*+B!!
VB
4*! />*,a:)>:*! '=>+)'&%,@->:*! =.+%! +.! &SE.>(*! '(! 8%/*R'! 9! ,%+! >()'8'+'+! /'!
,%+! %8-*(>+&%+! >()'8(*:>%(*,'+! D>(*(:>'8%+! (%! =./>'8%(! 8'+>+)>8! ! ,*! %+*/<*! /'!
E.>'('+! )8*P*R*8%(! '(! ,*! /':*/*! *()'8>%8B! 2'! *e<! E.'! ,%+! *T%+! gW! =8%)*-%(>?*8*(!
.(*! ;.',)*! *)8S+B! 2'! (.';%A! ',! :8':>&>'()%! ':%(@&>:%! +'8<*! ',';*/%! *! :8>)'8>%!
+*,;<D>:%!/',!/'+*88%,,%!/'!,%+!=.'P,%+B!$%(:8':>@(0!+'!>&=.+>'8%(!,%+!=8%-8*&*+!/'!
*R.+)'!'+)8.:).8*,B!!!
[B
78>(:>=>%!/'!,%+!XWB!U*:'!.(*!+<()'+>+0!+>!',!*R.+)'!'+)8.:).8*,!'+E.>,&@!*!,*!
&*9%8<*!/'!,%+!!=.'P,%+!'(!;<*+!/'!/'+*88%,,%A!e*P8<*!E.'!='(+*8!'(!e.&*(>?*8!'+'!
8%+)8%! /',! *R.+)'! '+)8.:).8*,B! 1(! '+)*! :%()8*=8%=.'+)*! )8*P*R@! ',! ':%(%&>+)*! 3,!
L*EA! :%&%! 9*! e'&%+! >(+>(.*/%! *88>P*B! 1+! .(*! %:*+>@(! =8%=>:>*! =*8*! ',!
'(;*,'()%(*&>'()%! /',! 7U32A! E.'! =8'+'()@! .(*! *,)'8(*)>;*! *! ,*+! >(+)>).:>%('+!
J8'))%(!I%%/+A!!JN!9!`N5B!7%8!/'P*R%!/'!'+)*!/':>+>@(!'+)*P*!',!)8*P*R%!:*,,*/%!'!
>(+>(.*()'!/'!&.:e*+!MUd!9!!/'!;*8>%+!*:*/a&>:%+B!3(!='8+%(*R'!&.9!=8>(:>=*,0!QB!
C'(A!/'!(*:>%(*,>/*/!>(/>*!9!=8%D'+%8*!/'!,*!3(>;'8+>/*/!/'!$*&P8>:e-'B!!
\B
Q! =*8)>8! /'! "XXW! *=*8':'(! ,%+! >(D%8&'+! /',! 7U32! +%P8'! ',! 2'+*88%,,%!
L.&*(%B! 3(*! 8>*/*! /'! =8%=.'+)*+! 9! /'! (%;'/*/'+! =*8*! &.:e%+B! 7*8*! %)8%+A! .(*!
&*-(<D>:*! %:*+>@(! =*8*! =8%)'+)*8B! 4%+! =*<+'+! /%(*()'+A! =%8E.'! '8*(! =.'+)%+! '(!
8>/<:.,%A! *,! /')':)*8+'! ,*! >(:%e'8'(:>*! /'! +.+! =%,<)>:*+! :%(! ,%+! =8>(:>=>%+! /'! ,%+!
5(D%8&'+B!4%+!=*<+'+!8':'=)%8'+A!=%8E.'!;'<*(!!+.!+%P'8*(<*!=.'+)*!'(!'()8'/>:e%B!
1,! J*(:%! N.(/>*,A! :.*,! *;'! /'! 8*=>T*A! :%,*(/%! +.! *+).:>*! '()8'! ,*+! =S->(*+! /'! ,%+!
5(D%8&'+A!+'!*=%/'8@!/'!+.+!)a8&>(%+!=*8*!8'P*R*8!+.!:*8-*!:8<)>:*B!!
^B
Q9./*/%! =%8! '+)*+! :%,*P%8*:>%('+! />8':)*+! %! >(/>8':)*+A! ',! 7U32! *:.T@!
*>8%+%!+.!/'D>(>:>@(!/'!2'+*88%,,%!L.&*(%B!d8*:>*+!*,!*P%(%!/'!)*()*+!e':)S8'*+!/'!
)'88'(%A!',!S8P%,!'+)*,,@!'(!',!D8.)%!&*/.8%!/'!.(*!/'+:8>=:>@(!>&=8'+>%(*()'0!
*
^<&* A+")55%&&%* X-6)2%* +"* +&* 35%$+"%* ,+* )63&#)$#:2* ,+* &)"* %3$#%2+"* ,+* &)* '+2.+@*
)-6+2.)2,%*&)"*9-2$#%2+"*4*&)"*$)3)$#,),+"*V-6)2)"Z*;+35+"+2.)*-2*35%$+"%*)*&)*
/+>* `-+* -2* 9#20* <2* .%,%"* &%"* 2#/+&+"* ,+* ,+")55%&&%* &)"* .5+"* $)3)$#,),+"* +"+2$#)&+"*
$%2"#".+2* +2* `-+* &)* '+2.+* /#/)* -2)* /#,)* &)5')* 4* ")&-,)M&+@* .+2')* $%2$%$#6#+2.%"* 4*
)$$+"%* )* 5+$-5"%"* 2+$+")5#%"* 3)5)* -2* 2#/+&* ,+* /#,)* ,+$+2.+0* !+5%* +&* B6M#.%* ,+&*
A+")55%&&%*X-6)2%*/)*6B"*)&&BT*%.5)"*+"9+5)"*,+*%3$#%2+"*`-+*&)*'+2.+*$%2"#,+5)*+2*
)&.)*6+,#,)*#2$&-4+2*&)*3)5.#$#3)$#:2@*&)*"+'-5#,),@*&)*"%".+2#M#&#,),@*&)"*')5)2.()"*,+*
&%"*,+5+$V%"*V-6)2%"@*.%,)"*2+$+")5#)"*3)5)*"+5*$5+).#/%*4*35%,-$.#/%*4*3)5)*'%>)5*
,+* 5+"3+.%* 3%5* "(* 6#"6%@* 3%.+2$#)$#:2* 4* -2)* "+2")$#:2* ,+* 3+5.+2+$+5* )* -2)*
$%6-2#,),0*<2*,+9#2#.#/)@*+&*A+")55%&&%*X-6)2%*+"*+&*,+")55%&&%*,+*&)*'+2.+@*3)5)*&)*
'+2.+*4*3%5*&)*'+2.+70*PN29%56+*"%M5+*A+")55%&&%*X-6)2%*GQQQ@*ImR0**
*
!
!
"gg!
U2B&#"#"*,+*&)*,+"$5#3$#:2T*
1+!.(!=8%:'+%A!(%!.(!*:)%!)'8&>(*/%B!1&=>'?*A!+>-.'!9!(%!)'8&>(*A!=%8!+'8!
.(!D'(@&'(%!/>(S&>:%B!
-
x.'!*&=,<*!%=:>%('+A!D.(:>%('+!9!:*=*:>/*/'+B!
x.'! +'! :%(+)>).9'! '(! %PR')>;%! 9! D>(*,>/*/A! */'&S+! /'! =*+%! %! >(+)8.&'()%!
=*8*!,,'-*8!*!'+*!D>(*,>/*/!/'!*&=,>*:>@(!/'!:*=*:>/*/'+B!1+!:*&>(%!9!.)%=<*A!:%&%!
&')*!=8%,%(-*P,'B!!
$*=*:>/*/'+! '+'(:>*,'+0! ,%(-';>/*/A! +*,./A! :%(%:>&>'()%+A! 8':.8+%+!
G:8':>&>'()%! ':%(@&>:%HA! (%! =*8*! .(! :%(+.&%! /'88%:e*/%8! %! >(+%+)'(>P,'A! +>(%!
=*8*! ;>;>8! /':'()'&'()'A! '+! /':>8A! :%(! .(*! />-(>/*/! =8%=>*! /',! +'8! 8*:>%(*,0!
R.+)>:>*A!a)>:*!9!+%,>/*8>/*/B!!
M)8*+! :*=*:>/*/'+! %! '+D'8*+! E.'! :%(+)>).9'(! ',! S&P>)%! /',! 2'+*88%,,%!
L.&*(%0!=*8)>:>=*:>@(A!+'-.8>/*/A!+%+)'(>P>,>/*/A!-*8*()<*!/'!,%+!22B!LLB!!
4*! 8*?@(! %! R.+)>D>:*:>@(! /'! '+)*+! '+D'8*+! '+)8>P*! '(! ,*! (':'+>/*/! E.'! ,*!
='8+%(*!)>'('!/'!+'8!:8'*)>;*A!=8%/.:)>;*A!/'!-%?*8!:%(!',!8'+=')%!9!=%)'(:>*:>@(!/'!
+<!&>+&%A!9!:%(!,*!='8)'('(:>*!*!.(*!:%&.(>/*/B!!
C<()'+>+! /',! 2'+*88%,,%! L.&*(%0! +'8! &S+! =%8! &<! &>+&%A! =*8*! 9! =%8! ,%+!
/'&S+B!M!)*&P>a(0!+'8!:*=*?!/'!+'8!&S+!9%!G*.)%'+)>&*!9!+'-.8>/*/!='8+%(*,HA!&S+!
=*8*!,%+!%)8%+!G*='8).8*!*,!+'8H!9!'(!8*?@(!/',!%)8%!G9%!+%9!&S+!9%!:.*()%!&S+!)_!
+'*A!>()'8+.PR')>;>/*/!:%&.(>:*)>;*HB!!
!
4,'-*/%+!*!'+)'!&%&'()%A!+'!=.'/'!*D>8&*8!E.'!,*!(%:>@(!/'!2'+*88%,,%!L.&*(%!+'!
/>+)>(-.'! /'! %)8%+! :%(:'=)%+! *D>('+B! 1(! 'D':)%A! 2'+*88%,,%! L.&*(%! (%! '+!
J<=JBWB=>HC! =JC>fWBJC#! 2'! e':e%A! *,-.(*+! (*:>%('+! )>'('(! .(! *,)%! =8%/.:)%!
>()'8>%8! P8.)%! G75JH! 9A! +>(! '&P*8-%! ! '+)S(! &'(%+! /'+*88%,,*/*+A! e.&*(*&'()'A!!
E.'!%)8*+!:%(!&'(%8!75JB!1,!:8':>&>'()%!':%(@&>:%!'+!(':'+*8>%A!:>'8)*&'()'A!='8%!
(%!'+!+.D>:>'()'!=*8*!',!2'+*88%,,%!L.&*(%B!
c*&=%:%! /'P'&%+! :%(D.(/>8! 2'+*88%,,%! L.&*(%! :%(! D%8&*:>@(! /'! J:ABH:L!
jKW:>CA! =%8E.'! '+)'! :%(:'=)%! :%(:>P'! *,! +'8! e.&*(%! :%&%! .(! &'/>%! =*8*!
D%&'()*8! ,*! =8%/.::>@(! /'! P>'('+! /'! :%(+.&%A! &>'()8*+! E.'! ,*! ='8+%(*! '+! *,-%!
&S+!E.'!'+%B!1+!.(!D>(!'(!+<!&>+&*A!(%!+@,%!.(!>(+)8.&'()%!/'!8>E.'?*!&*)'8>*,B!!
M)8%!:%(:'=)%!'+!',!/'!dB=>=@H:<!@CJB:LB!c*&=%:%!>-.*,*!!*,!/'!2'+*88%,,%!L.&*(%A!
=%8E.'A! &>'()8*+! a+)'! 'F>-'! ,*! >/'*! /'! =*8)>:>=*:>@(! *:)>;*! '(! ',! =8%:'+%! 9!
:%(+)8.::>@(! /'! /'+*88%,,%A! *E.',! +@,%! :%(+>/'8*! *! ,%+! +'8'+! e.&*(%+! :%&%!
P'('D>:>*8>%+!=*+>;%+!/',!&>+&%B!!
`>(*,&'()'A! ,*! +*)>+D*::>@(! /'! ,*+! >=J=@B?:?=@! dh@BJ:@! )*&=%:%! *,:*(?*! ,*!
=,'(>)./! /'! />&'(+>%('+! E.'! +'! '(:>'88*(! '(! ',! :%(:'=)%! /'! 2'+*88%,,%! L.&*(%Y!
=%8E.'! ',! /'+*88%,,%! /'! ,*+! ='8+%(*+! 9! /'! ,%+! =.'P,%+! +'! *P8'! *! .(! *P*(>:%! /'!
=%+>P>,>/*/'+!E.'!+.='8*!*!,*!+*)>+D*::>@(!/'!,*!+>&=,'!+.P+>+)'(:>*B!!!
$%&%!+'!%P+'8;*8SA!:*/*!.(*!/'!'+)*+!*:'=:>%('+!'A!>(:,.+%A!,*!+.&*!/'!)%/*+!',,*+!
+%(! =*8)'! /',! 2'+*88%,,%! L.&*(%A! ',! :.*,! >()'-8*! *! )%/*+A! ='8%! */'&S+! +>-.'!
=8'-.()S(/%+'! =%8! ',! E.a! /'P'! )'('8A! +'8! 9! e*:'8! ',! +'8! e.&*(%! =*8*! E.'A! ! +>(!
'+)*(:*8+'!'(!,*+!&>(.:>*+!/'!,*!+.+P+>+)'(:>*A!+'!;'*!%P,>-*/%!*!:%88'8!)8*+!/'!+<!
&>+&%!'(!P.+:*!/',!>-(%)%!>(D>(>)%!9!/'!,*!.)%=<*!/'+:.P8>/%8*!G$',%8>%A!dB!9!4@='?!
!
!
"gX!
/'!N.(*>(A!QBA!VWWbY!U*9*-*8&'()*,A!VWW[HB!!
L'&%+! e*P,*/%! /',! 2'+*88%,,%! L.&*(%! :%&%! /'! .(*! />&'(+>@(! >&=%8)*()'! 9!
+.='8*/%8*!/',!+>&=,'!:8':>&>'()%!%!/'+*88%,,>+&%!':%(@&>:%A!='8%!*_(!(%+!D*,)*!
*T*/>8!%)8*!D*:')*0!,*!+%+)'(>P>,>/*/B!U%+!8'D'8>&%+A!=.'+A!*,!2'+*88%,,%!L.&*(%!9!
C%+)'(>P,'B!
4%!=8>&'8%!E.'!e*9!E.'!*;'8>-.*8!!'+!!+>!',!*/R')>;%!f+%+)'(>P,'h!*T*/'!*,-%!(.';%!%!
(%!*,!/'!fe.&*(%hB!!
L*P8S!E.'!/>+)>(-.>8A!=*8*!',,%A!!'()8'!+%+)'(>P>,>/*/!D.'8)'!9!P,*(/*B!4*!=8>&'8*!%!
&S+! 'F>-'()'! 8'E.>'8'! /'R*8! *! ,*+! D.).8*+! -'('8*:>%('+! ,%+! &>+&%+! 8':.8+%+!
(*).8*,'+! /'! E.'! +'! />+=%('! '(! ,*! *:).*,>/*/B! 4*! +'-.(/*A! &S+! +.*;'A! (%! 'F>->8<*!
/'R*8! ,%+! &>+&%+! 8':.8+%+A! =%8E.'! *! :*&P>%! /'! :'/'8<*(! *,! D.).8%! %)8%! )>=%! /'!
:*=>)*,A! :%&%! ,%+! :%(%:>&>'()%+! 9! 8':.8+%+! )':(%,@->:%+B! ! {QT*/'! *,-%! ,*!
+%+)'(>P>,>/*/A! +'*! a+)*! D.'8)'! %! P*(/*A! ! *,! */R')>;%! e.&*(%A! :.*(/%! e*P,*&%+! /'!
/'+*88%,,%|! C>! )%/%! ,%! E.'! *)*T'! *,! e%&P8'! '+! e.&*(%A! />8'&%+! E.'! ,*!
:%(+'8;*:>@(!/'!,*!)>'88*!*)*T'!*,!e%&P8'A!=%8!,%!)*()%!',!/'+*88%,,%!e.&*(%!:%(!
+@,%! +'8! e.&*(%! 9*! '+! +%+)'(>P,'A! =.'+! E.'88S! :%(+'8;*8! +>'&=8'! ,%! E.'! E.>'8'!
e%9A!E.'88S!-%?*8!&*T*(*!/'!,%!E.'!e%9!,'!=8%=%8:>%(*!.(!P>'(B!C>!',!*&%8A!*,!+'8!
/'+>()'8'+*/%A!!(%!)>'('!=8'+'()'!(>!=*+*/%!(>!D.).8%A!=%8E.'!E.>'(!*&*A!=8%:.8*!',!
P>'(! /',! %)8%! %! /'! ,%! %)8%! *()'+A! '(! 9! /'+=.a+! /'! E.'! ',! %PR')%! %! ,*! ='8+%(*! )'! ,%!
8':,*&'! *! -8>)%+A! ,*! +%+)'(>P>,>/*/! +'! '(:.'()8*! /'()8%! /',! *&%8! e.&*(%B! C>! ',!
/'+*88%,,%!e.&*(%!(%!)>'('!D>(!9!!=%8!(%!)'('8,%!*P*8:*!)%/%!,%!E.'!,'!=8%=%:>%(*!
8>E.'?*!9!+*)>+D*::>@(A!:%(:,.>8'&%+!E.'!(%!=%/8S!=8'+:>(/>8!/'!:.>/*8A!&'R%8*8!9!
)8*(+D%8&*8!=*8*!&*T*(*!,%!E.'!,'!/*!+.+)'()%!9!D',>:>/*/A!e%9A!:.*,!'+!!:%(+'8;*8A!!
&'R%8*8!9!!:*&P>*8!,*!(*).8*,'?*!e*:>*!&'R%8'+!:%(/>:>%('+B!!
C>(!'&P*8-%A!=%/'&%+!*D>8&*8!E.'!e*P,*8!/'!!+%+)'(>P>,>/*/!'E.>;*,'!*!8'+*,)*8!',!
D.).8%A!,*!='8&*('(:>*!/',!P>'(!=8'+'()'A!*+=':)%+!E.'!'(!',!,'(-.*R'!:%88>'()'!+'!
+.','(!=*+*8!=%8!*,)%A!+>(!D>R*8+'!E.'!(%!P*+)*!:%(!)'('8!=*(!=*8*!',!=8'+'()'!/<*!/'!
,*! *:).*,! -'('8*:>@(A! +>(%! E.'! )*&P>a(! (.'+)8%+! e>R%+! (':'+>*8S(! />+D8.)*8! /'! ,%+!
&>+&%+! P>'('+A! =%8! ,%! &'(%+A! /'! ,%+! E.'! (%+%)8%+! ).;>&%+! ,*! %=%8).(>/*/! /'!
/>+D8.)*8B! {x.a! =*/8'! +'! :%(D%8&*8S! :%(! =8%=%8:>%(*8! P>'('+)*8! *! +.+!
/'+:'(/>'()'+! +@,%! &>'()8*+! a,! ;>;'! 9! (%! /'+'*8<*! )*&P>a(! E.'! +.! =8%,'! +>-*!
/>+D8.)*(/%! /'+=.a+! /'! E.'! ',! =*/8'! &.'8*|! 1,! /'+*88%,,%! e.&*(%A! =.'+A! +>! '+!
*.)a()>:*&'()'!e.&*(%!:.>/*8S!/',!=8'+'()'!9!/',!D.).8%A!/'!,%+!:%')S('%+!!9!/'!
,%+! =%8! ,,'-*8B! 4%! :%()8*8>%! (%! +'8<*! /'+*88%,,%! e.&*(%A! +>(%! '-%>+)*B! Q/&>)*&%+A!
+>(! '&P*8-%A! E.'! (%! '+)S! &*,! .+*8! ,*! =*,*P8*! +%+)'(>P>,>/*/! =*8*! 8'+*,)*8! :>'8)*+!
:.*,>/*/'+! E.'! 9*! =%+''! ',! /'+*88%,,%! e.&*(%A! ='8%! E.'! =.'/'(! =*+*8!
/'+*='8:>P>/*+A!+>!(%!+'!,*+!+'T*,*!'(DS)>:*&'()'B!
1&='?*8%(! *! e*P,*8! /'! /'+*88%,,%! +%+)'(>P,'! N'*/%O+! 9! %)8%+A! '(! ! ',! *T%! "XbVA!
:.*(/%!'+)%+!*.)%8'+!=.P,>:*8%(!',!>(D%8&'!f4%+!,<&>)'+!/',!:8':>&>'()%hB!!1,!$,.P!
/'!Z%&*!e*!+>/%!.(*!/'!,*+!=8>(:>=*,'+!>(+)>).:>%('+!:%(!=8'%:.=*:>@(!*:'8:*!/',!
/'+*88%,,%!+%+)'(>P,'B!1(!"XXV!+'!:','P8@!,*!$.&P8'!/'!,*!c>'88*!%!$%(D'8'(:>*!/'!
U*:>%('+!3(>/*+!+%P8'!N'/>%!Q&P>'()'!9!2'+*88%,,%A!:','P8*/*!'(!Z<%!/'!j*('>8%A!
/%(/'!+'!*=8%P@!,*!Q-'(/*!V"!E.'!8':%-'!,%+!%PR')>;%+!&'/>%*&P>'()*,'+!*!(>;',!
&.(/>*,!=*8*!',!+>-,%!rr5B!!
1,! )a8&>(%! f/'+*88%,,%! +%+)'(>P,'h! +'! e*! >/%! 'F)'(/>'(/%A! (%! +>(! *,)>P*R%+A! (>! +>(!
/'P*)'+!*:'8:*!/'!,*!'F)'(+>@(!/',!&>+&%A!/'!,*!:%&=8'(+>@(!/'!:*/*!>/'*!'!>(:,.+%!
=*,*P8*A! (>! +>(! )8%=>'?%+! %8>->(*/%+! =%8! ,*! >/'%,%-<*! /'! ':%(%&>+)*+! %8)%/%F%+! 9!
!
!
"XW!
:8<)>:%+A! (>! +>(! *=%8)*:>%('+! &.9! />+)>()*+! *! ,*! e%8*! /'! >()'()*8! +%,.:>%(*8! ',!
=',>-8%! :,*8%! '! >(&>('()'A! ='8%! /'+:.>/*/%! .(*+! ;':'+A! )*=*/%! %)8*+! %!
&*(>D>'+)*&'()'! %:.,)*/%! =%8! >()'8'+'+! ':%(@&>:%+A! >(/.+)8>*,'+A! ;>*,'+A!
)':(%,@->:%+A!=%,<)>:%+A!'):BA!'):B!
1F>+)'(!>(>:>*)>;*+!/>-(*+!/'!>&>)*8+'A!:%&%!=%8!'R'&=,%0!
4*!:>./*/!/*('+*!/'!6%,.(P%8-A!E.'!*=8%;':e*!',!*-.*!:*,>'()'!/'!,*!:'()8*,!
)a8&>:*!=*8*!+.!=>+:>D*:)%8<*B!
4*!:>./*/!Q*,P%8-!G2>(*&*:*H!*=,>:*!,%+!=8>(:>=>%+!/'!,*!Q-'(/*!V"!9!&>,'+!
/'! &.(>:>=>%+! 9! 8'->%('+! '.8%='*+! +>-.'(! ,*! ,<('*! /'! =,*(>D>:*:>@(! ,%:*,! =*8*! ,*!
+%+)'(>P>,>/*/B!!
1()8'! ,*+! %PR':>%('+! &S+! :%&.('+! E.'! +'! ,*(?*(! :%()8*! ,*! +%+)'(>P>,>/*/! '+)S!
*E.',,*!E.'!+'!8'D>'8'!*!,*!=%+>P>,>/*/!/'!:%*8)*8!',!:8':>&>'()%!/'!,*+!':%(%&<*+!
/',!C.8A!E.'!)>'('(!-8*(/'+!:*8'(:>*+B!!
1()8'! ,*+! :*8*:)'8<+)>:*+! E.'! /'P'8<*! )'('8! ',! &%/',%! +%+)'(>P,'! =*8*! *;*(?*8! 9!
=%/'8!+.='8*8!,*+!/>D>:.,)*/'+!)*()%!D>,%+@D>:*+!:%&%!':%(@&>:*+!9!)':(%,@->:*+!+'!
:.'()*(!,*+!+>-.>'()'+0!
"B
`.+>@(! /'! /%+! %PR')>;%+! /'+'*P,'+! :%&%! +%(! ',! /'+*88%,,%! e.&*(%! 9! ,*!
+%+)'(>P>,>/*/!'(!.(!/'+*88%,,%!e.&*(%!+%+)'(>P,'B!
VB
1(! *&P%+! :*+%+! +'! =8':>+*! .(*! 8'/>+)8>P.:>@(! /'! ,%+! P>'('+! e*:>*! ,%+!
&*8->(*/%+!*:).*,'+!9!e*:>*!,*+!-'('8*:>%('+!D.).8*+B!!
[B
4%+!8':.8+%+!=*8*!,*!8'/>+)8>P:>@(!/'P'(!=*8)>8!/'!*E.',,%+!E.'!,%+!=%+''(A!
,*!&>(%8<*!&S+!D*;%8':>/*A!:*.+*()'!=8>:>=*,!/'!,%+!/')'8>%8%+!&'/>%*&P>'()*,'+B!!
\B
4*! &%/'8*:>@(! /',! :%(+.&%! /'! ,%+! &S+! 8>:%+! '+! >&=8'+:>(/>P,'! =*8*!
*:'8:*8+'!*!.(!/'+*88%,,%!e.&*(%!+%+)'(>P,'B!!!!!
!
]>+)%!'+)'!='E.'T%!8':%88>/%!*!)8*;a+!/'!!,%+!*;*)*8'+!=%8!/%(/'!e*!)8*(+:.88>/%!',!
/'+*88%,,%! e.&*(%! 9! +%+)'(>P,'A! *! (*/>'! +'! ,'! %:.88>8S! /./*8! E.'! =*8*! ,,'-*8! *! ,*!
:%(+)8.::>@(! /'! '+)'! =*8*/>-&*! /'! +%:>'/*/! ':%(@&>:*&'()'! /%)*/*A!!
'E.>)*)>;*&'()'! />+)8>P.</*A! =8%=>')*8>*! /'! .(! :%&'8:>%! R.+)%A! +%:>*,&'()'!
>-.*,>)*8>*A! (%! :%(+.&>+)*A! *,)*&'()'! :*=*:>)*/*A! =%+''/%8*! /'! .(%+! ;*,%8'+!
>()'-8*,&'()'! e.&*(%+A! ! >()'8:.,).8*,&'()'! :%+&%=%,>)*A! e.&*(*! 9! ':%,@->:*A! +'!
(':'+>)*(! :*P'?*A! :%8*?@(! ! 9! &*(%+B! 1+! /':>8A! +'! (':'+>)*! /'! .(*! '/.:*:>@(! E.'!
*P*8E.'! )8'+! -8*(/'+! />&'(+>%('+! 9! ,*+! )8'+! /':>/>/*&'()'! %8>'()*/*+! *! ,*!
:%(+':.:>@(! /',! &%/',%! /'! /'+*88%,,%! E.'! e'&%+! ;'(>/%! /'+:8>P>'(/%! :%&%!
e.&*(%! 9! +%+)'(>P,'B! 3(*! />&'(+>@(! :%-(>)>;*! G:%(%:>&>'()%! /'! .(! +>+)'&*! /'!
:%()'(>/%+! ! +%P8'! R.+)>:>*! 9! ':%,%-<*! e.&*(*HA! %)8*! />&'(+>@(! *:)>)./>(*,! /%(/'!
,%+! %PR')>;%+! +'! :'()8'(! '(! .(%+! ;*,%8'+! :%()8*:.,).8*,'+A! =%8! .(*! =*8)'A! ! 9! =%8!
%)8*A!;*,%8'+!:,S+>:%+!%!a)>:%+A!*E.',,%+!E.'!+>'&=8'!e*!:.,)>;*/%!,*!='8+%(*!R.+)*!9!
8*:>%(*,!:.*(/%!a+)*!+'!e*!'&='T*/%!'(!!!P.+:*8!',!P>'(!/'!,*!:%&.(>/*/!+%:>*,!9!
e*! :%()'&=,*/%! ,*! ;>/*! /'+/'! ,*! ;'()*(*! /'! ,*! %)8'/*/B! 3(*! )'8:'8*! />&'(+>@(!
/'P'8S! ! />8>->8+'! e*:>*! ,%+! =8%:'/>&>'()%+! E.'! ,%+! *,.&(%+! e*(! /'! */E.>8>8! =*8*!
+'8! :*=*:'+! /'! :*&P>*8! /',! :e>:! :%(+.&>+)*! *! %)8%! &S+! :%&.(>)*8>%A! :%()'F).*,A!
>()'8:%('F>%(*/%A! >()'8:.,).8*,! 9! :%&=8%&')>/%! :%(! ,%+! 'F:,.</%+! 9! 8'+=').%+%!
:%(!,*!/>;'8+>/*/!/'()8%!/'!,*!/'D'(+*!/'!,*!>-.*,/*/B!1+)%+!','&'()%+!P>'(!=.'/'(!
:%(+)>).>8!',!%PR')>;%!9!:.'8=%!+>+)a&>:%!/'!,%!E.'!*!:%()>(*:>@(!;*&%+!*!'+)./>*8!
!
!
"X"!
:%&%! 1/.:*:>@(! =*8*! ',! 2'+*88%,,%! G1=2HB! 1(! ,*! +>-.>'()'! +'::>@(A! =.'+A!
>()'()*8'&%+! 8'+=%(/'8! *,! =8%P,'&*! /'! :@&%! ',! /'+*88%,,%! e.&*(%! 9! +%+)'(>P,'!
(':'+>)*!/'!,*!'/.:*:>@(!=*8*!',!/'+*88%,,%!e.&*(%!9!+%+)'(>P,'B!!{L*!e':e%!*,-%!,*!
3(>;'8+>/*/! '(! '+)*! ,<('*! '/.:*)>;*! '(! P.+:*! /',! 2LC|! {x.a! &S+! =.'/'! +'-.>8!
e*:>'(/%|!GJ*+',-*A!7B!9!%)8%+A!VWW\Y!$',%8>%A!dBA!VWW"Y!5()'8&@(iMFD*&A!VWW\H!
!
M#!mE8F!4,!4*$4%!_!E8F!58*)*!4,$*+!.,!8&(6*+'(),)!5,+,!$%%5*+,+!
$%&!*.!)*',++%..%n!
$>'8)*&'()'! ,*! 3(>;'8+>/*/! e*! )'R>/%! 'F='8>'(:>*+! 9! e*! 8'*,>?*/%! e':e%+! +.',)%+!
E.'!&>8*(!e*:>*!',!/'+*88%,,%B!1F>+)'!:%(:>'(:>*!'(!P.'(*!=*8)'!/',!=8%D'+%8*/%!'A!
>(:,.+%A!/'!,*!&>+&*!>(+)>).:>@(!'(!+.!:%(R.()%!/'!E.'!,*!f*:*/'&>*hA!,*!:>'(:>*A!,*!
>(;'+)>-*:>@(A! )>'('(! E.'! =%('8+'! *,! +'8;>:>%! /'! ,*! e.&*(>/*/A! *,! +'8;>:>%! /'! ,*!
+%:>'/*/A! *,! +'8;>:>%! /',! '()%8(%B! 7*8*! '+%A! ,*! 3(>;'8+>/*/! =8'=*8*! =8%D'+>%(*,'+A!
>(;'()*! *=*8*)%+! )a:(>:%+A! :%(+)8.9'! ! )':(%,%-<*+! (.';*+A! :8'*! )'%8<*+!
/'+,.&P8*()'+A!'):B!U%!8'+.,)*!*;'().8*/%!*D>8&*8!E.'!,*!3(>;'8+>/*/!+>'&=8'!e*!
'+)*/%! *,! +'8;>:>%! /'! ,*! +%:>'/*/B! 2'! '+%! (%! e*9! /./*B! 4%! E.'! )'('&%+! E.'!
=8'-.()*8(%+! '+! %)8*! :%+*0! {*,! +'8;>:>%! /'! E.a! )>=%! /'! +%:>'/*/! )8*P*R*|! {C.+!
'+D.'8?%+! 9! +.+! =,*()'*&>'()%+! :.88>:.,*8'+! *! E.>a('+! D*;%8':'(|! {Q! ,%+!
'F:,.9'()'+! %! *! ,%+! 'F:,.</%+|! Z'+=%(/'&%+! E.'A! '(! -'('8*,A! ! D*;%8':'(! *,! =%/'8!
E.'!+%+)>'('!',!%8/'(!+%:>*,!>&='8*()'!'(!,*!+%:>'/*/!/%(/'!;>;'!,*!3(>;'8+>/*/B!1+!
',!&>+&%!=%/'8!+%:>%=%,<)>:%A!9!+%P8'!)%/%!':%(@&>:%A!!!',!E.'A!/'='(/>'(/%!/'!,%+!
=*<+'+! 9! /'! ,%+! ='8<%/%+! e>+)@8>:%+A! ! +'! '(:*8-*! /'! &*()'('8! %! (%! ,*! 'F>+)'(:>*! 9!
='8&*('(:>*! /'! ,*! 1('T*(?*! C.='8>%8B! C>! ,*+! '+)8*)'->*+! /'! ,*! 3(>;'8+>/*/! +'!
*:%&%/*(! *,! =8%9':)%! =%,<)>:%! />+'T*/%! /'+/'! ,*! :_=.,*! /'! &*(/%A! '()%(:'+! ,*+!
+.P;'(:>%('+! =*8*! ,*! >(;'+)>-*:>@(A! =*8*! ,*! >&=,*()*:>@(! /'! )<).,%+A! '):BA! :%88'8S(!
:%(! +%,).8*! U%! +'8S! *+<A! '(! :*+%! :%()8*8>%B! $%(%:>/*+! +%(! ,*+! 8'+)8>::>%('+!
':%(@&>:*+! '(! :>'8)%+! &%&'()%+! e>+)@8>:%+B! 5(:,.+%! (%! +%(! >(D8':.'()'+A! ,*+!
'F=.,+>%('+! 9! ',! 'F>,>%! /'! :*)'/8S)>:%+! 9! =8%D'+%8'+! 8'P',/'+! *()'! ',! +>+)'&*! %! /'!
:%&=%8)*&>'()%!=%,<)>:*&'()'!>(:%88':)%B!!C*,&'8@(A!d>('8!/'!,%+!Z<%+A!!!`'8(*(/%!
/'!,%+!Z<%+A!3(*&.(%A!c>'8(%!d*,;S(A!'):A!'):B!+%(!'R'&=,%+!:'8:*(%+A!'(!(.'+)8%+!
,*8'+B!4*!,.:e*!'()8'!/>:)*/.8*!9!/'&%:8*:>*A!'()8'!+.&>+>@(!9!*.)%(%&<*!'+!.(!'R'!
E.'! e*! ;'8)'P8*/%! ,*! :%,.&(*! ;'8)'P8*,! /'! (.'+)8*! e>+)%8>*! .(>;'8+>)*8>*B! 1,!
+'()>/%!:8<)>:%!9!',!.+%!/'!,*!,>P'8)*/!8'+=%(+*P,'!9!:%&=8%&')>/*!:%(!,*!;'8/*/A!'+!
/':>8A!:%(!',!P>'(!:%&_(!/'!,*+!&*9%8<*+!:*8'()'+!/'!'/.:*:>@(!9!/'!.(!P>'('+)*8!!!
*,:*(?*P,'A! +%(! ,*+! ,.:'+! E.'! >,.&>(*(! ,*! +*,>/*! e%(8%+*! /'! ,*! :>'(:>*! 9! ,*+! &')*+!
e*:>*!:.9*!:%(E.>+)*!(.(:*!=%/8S!=8'+:>(/>8!,*!3(>;'8+>/*/A!+>!E.>'8'!+'8!,*!:*+*!/'!
,*!+*P>/.8<*B!!
]'(-*&%+! *! ,*! :.'+)>@(! +%P8'! +>A! *! ='+*8! /'! )%/*+! ,*+! />D>:.,)*/'+! 9! -8*:>*+! *! ,*+!
=%:*+! &'()'+! E.'! +.','(! ;'8! :%(! &*9%8! :,*8>;>/'(:>*A! ! ! ,*! 3(>;'8+>/*/! e*! e':e%!
*,-%!'(!=8%!/',!2LCB!$>)*8a!/%+!'R'&=,%+0!
!
:\
*L! A<CP<:W:! ?=! L:! -=?=<:JBf>! *@A:VCL:! ?=! (>P=>B=<I:! 'B>! -<C>H=<:@!
X('-\#!
4*! MUd! f5C`h! :%(! VWWW! +%:>%+! '(! )%/*! 1+=*T*A! :%(! #WW! ;%,.()*8>%+! 9! :%(! .(!
=8'+.=.+)%! *(.*,! /'! .(%+! )8'+! &>,,%('+! 9! &'/>%! /'! '.8%+! e*! :%(D'::>%(*/%! .(!
=8%-8*&*! E.'! ;*! *=,>:*(/%! 'F>)%+*&'()'! '(! />+)>()*+! 3(>;'8+>/*/'+A!
!
!
"XV!
=8>(:>=*,&'('!'(!,*+!=%,>)a:(>:*+!/'!$*)*,.T*A!N*/8>/!9!]*,'(:>*B!Ç+)%+!+%(!,%+!'R'+!
D.(/*&'()*,'+!=%8!/%(/'!=*+*!,*!1/.:*:>@(!=*8*!',!2'+*88%,,%!G1=2H!/'!,*!E.'!!5C`!
e*!+>/%!.(%!/'!,%+!&*9%8'+!=8%&%)%8'+B!
"B
Q=%9%! *! ,*! >(:,.+>@(! /'! ,%+! =8>(:>=>%+! /'! ,*! 1=2! '(! ,*! D%8&*:>@(! /'!
5(-'(>'8<*B!
VB
78%&%:>%(!/',!;%,.()*8>*/%!9!,*!=*8)>:>=*:>@(!+%:>*,B!
[B
78S:)>:*+! '(! ',! 'F)8*(R'8%0! /'! .(*! /.8*:>@(! /'! /%+! %! /'! +'>+! *! "V! &'+'+A!
'+)*+!_,)>&*+!,>-*/*+!*!=8%9':)%+A!'+)./>%+!9!)'+>+!/'!>(;'+)>-*:>@(B!
\B
`%8&*:>@(!:%&=,'&'()*8>*!'(!',!%PR')>;%!/'!+*P'8!.(>8!,*!)':(%,%-<*!:%(!',!
/'+*88%,,%!e.&*(%!Gc2LHB!!C'!*=%9*!/>:e*!D%8&*:>@(!*!)8*;a+!/'!,*!%8-*(>?*:>@(!/'!
;*8>%+!&S+)'8!+%P8'!>(-'(>'8<*!9!):(%,%-<*!*=,>:*/*+!'(!:%%='8*:>@(!>()'8(*:>%(*,!
GM8)'-*A!NB!4BA!VWWbHB!
^B
Q=%9%!*!,*!>(;'+)>-*:>@(!/'!c2LB!7*8*!,%!:.*,!+'!'/>)*!,*!8';>+)*!$.*/'8(%+!
5()'8(*:>%(*,'+!/'!c2L!9!+'!:%%8/>(*!,*!'/>:>@(!/'!=8'&>%+!(*:>%(*,'+!*!=8%9':)%+!
/'!D>(!/'!:*88'8*!9!)'+>+!+%P8'!c2LB!!
!
d\!3(!+'-.(/%!'R'&=,%!/'!:@&%!,*+!3(>;'8+>/*/'+!'+)>&.,*(!,*!>()8%/.::>@(!/'!,*!
1=2! '(! +.+! :.88<:.,%+! '+! ',! 5<CP<:W:! ?=! OC<W:JBf>! ?=! 5<CO=@C<:?C! ?=! ('-g!
*@A:V:#!4*!5C`!=*8)'!/',!=8>(:>=>%!/'!E.'!=*8*!>&=,>:*8!*,!=8%D'+%8*/%!'(!',!2LC!
e*9!E.'!D%8&*8,'!'(!'+)*!,<('*B!1(!'+)'!+'()>/%A!,*!MUd!f5C`h!e*!%8-*(>?*/%0!
"B
3(!:.8+%!+'&>=8'+'(:>*,A!'(!',!*T%!VWW[A!)>).,*/%!f1/.:*(/%!'(!)':(%,%-<*!
=*8*! ',! /'+*88%,,%hB! g\! e%8*+! /'! /.8*:>@(A! '(! ',! :.*,! =*8)>:>=*8%(! #"! =8%D'++%8'+!
.(>;'8+>)*8>%+!/'!'+=':>*,>/*/'+!:>'()<D>:%)a:(>:*+B!!
VB
1(!VWW\A!+'!8'*,>?@!.(!)*,,'8!=8'+'(:>*,!/'!"V!e%8*+A!)>).,*/%!f4*!'/.:*:>@(!
'(! ;*,%8'+! '(! ',! S&P>)%! /'! ,%+! '+)./>%+! )a:(>:%+0! ',! 8')%! /',! 1+=*:>%! 1.8%='%! /'!
1/.:*:>@(!C.='8>%8hA!'(!',!E.'!=*8)>:>=*8%(!V^!='8+%(*+!.(>;'8+>)*8>*+B!!
[B
2.8*()'! ',! =8>&'8! +'&'+)8'! /'! VWW^iW#! +'! ,,';@! ! *! :*P%! .(! :.8+%!
+'&=8'+'(:>*,! f4*! 3(>;'8+>/*/A! >(+)8.&'()%! /'! +%,>/*8>/*/B! 4*! '(+'T*(?*i
*=8'(/>?*R'! =*8*! ',! /'+*88%,,%! e.&*(%! +%+)'(>P,'! '(! ,%+! '+)./>%+! :>'()<D>:%i
)a:(>:%+hA!/'!"V^!e%8*+!/'!/.8*:>@(!G^!1$cCH!9!*:8'/>)*/%!=%8!:>(:%!>(+)>).).)%+!/'!
$$B!/'!,*!1/.:*:>@(!/'!/>D'8'()'+!3(>;'8+>/*/'+B!!
!
Q!'+)%+!/%+!'R'&=,%+A!=.'/%!*T*/>8!%)8%!=8%9':)%A!',!/'!G-C<W:JBf>!A=<W:>=>H=!
?=!?CJ=>H=@!L:HB>C:W=<BJ:>C@}g!E.'!+'!'+)S!8'*,>?*(/%!'()8'!)8'+!.(>;'8+>/*/'+!
G]*,,*/%,>/A!M;>'/%!9!d*P8>',!Z'(a!N%8'(%!/'!C*()*!$8.?!/'!,*!C>'88*A!J%,>;>*H!9!,*!
`.(/*:>@(! fL%&P8'+! U.';%+hA! %8-*(>?*:>@(! E.'! +'! /'/>:*! *! ,*! =8%&%:>@(! /'! ,%+!
&*8->(*/%+A!=8>(:>=*,&'()'!'(!',!S&P>)%!'/.:*)>;%B!!$%(+>+)'!'(!,*!>&=*8)>:>@(!/'!
.(! 2>=,%&*/%! 9! )8'+! &*'+)8<*+! +%P8'! '/.:*:>@(! G>(D*()>,A! =8>&*8>*! 9! +':.(/*8>*H!
:%(!',!)<).,%!/'!fL*:>*!.(*!7'/*-%-<*!$8<)>:*!=*8*!',!2'+*88%,,%hB!!!L*(!=*8)>:>=*(/%!
"bW! =8%D'+%8'+! ! P%,>;>*(%+A! ='8)'(':>'()'+! *! ,%+! />+)>()%+! (>;','+! /'! '(+'T*(?*!
%P,>-*)%8>*! G>(>:>*,A! =8>&*8>*! 9! +':.(/*8>*H! *! ,%+! :.*,'+! )*&P>a(! +'! e*(! +.&*/%!
=8%D'+%8'+! /'! 1(+'T*(?*! C.='8>%8A! =')'(':>'()'+! *! 1+:.',*+! U%8&*,'+! /'!
`%8&*:>@(!/'!N*'+)8%+B!2.8*()'!,%+!:.8+%+!VWWgiVW"W!+'!8'*,>?@!.(!=8%-8*&*!/'!
/%:)%8*/%!:%(!',!)<).,%!/'!f1/.:*:>@(!=*8*!,*!>()'-8*:>@(!9!',!/'+*88%,,%!e.&*(%!9!
!
!
"X[!
+%+)'(>P,'hB!C'!e*(!&*)8>:.,*/%![W!*,.&(%+!='8)'(':>'()'+!*!,*+!3(>;'8+>/*/'+!/'!
d.*/*,*R*8*! GNaF>:%HA! C>&@(! J%,<;*8! G$%:e*P*&P*HA! Z'(a! N%8'(%! GC*()*! $8.?HA!
Q()%(>%! U*8>T%! GJ%-%)SHA! ! 2%&>(-%! C*P>%! GC*()*! $8.?HA! Q.)@(%&*! /'! M::>/'()'!
G$*,>HA! U*:>%(*,! /'! $.9%! GQ8-'()>(*H! 3(>;'8+>/*/! /'! C*,)*! GQ8-'()>(*HA! 4%+! 4*-%+!
GM+%8(%A! $e>,'HA! C.:8'! GJ%,>;*HA! U*:>%(*,! /',! 1+)'! G7*8*-.*9HB! 1(! ',! *T%! VWWX! +'!
>&=*8)>@! .(*! '+=':>*,>/*/! +%P8'! 5()'8:.,).8*,>/*/! 9! P>,>(-w>+&%B! 1(! ',! &'+! /'!
/>:>'&P8'! /'! '+)'! *T%A! VW"WA! +'! )'8&>(*8S! %)8*! '+=':>*,>/*/! +%P8'! 1/.:*:>@(!
1+=':>*,A! )'&*! /'! 8*P>%+*! .8-'(:>*! 9! (':'+>/*/! '(! J%,>;>*B! C>! ,*! Q1$52! (%+!
=8%=%8:>%(*! *9./*! :%&'(?*8'&%+A! *! :%()>(.*:>@(! /'! ,*! 1/.:*:>@(! 1+=':>*,A! .(*!
&*'+)8<*!+%P8'!1/.:*:>@(!C%:>*,B!1+!/'!8'+*,)*8!E.'!'+)'!=8%9':)%!'+)S!=*)8%:>(*/%!
=%8! ,*! j.()*! /'! $*+)>,,*! ! 4'@(! 9! ',! 78>(:>=*/%! /'! Q+).8>*+! 9A! */'&S+A! ,*! =8%=>*!
3(>;'8+>/*/!/'!]*,,*/%,>/!!(%!+@,%!!%)%8-*!',!)<).,%!/'!/%:)%8*/%!9!,*!Z'(a!N%8'(%A!
',! /'! &*'+)8<*Y! +>(%! E.'! ,*! 3]Q! +'! e*! e':e%! :*8-%! /',! gWu! /',! >&=%8)'! /'! ,*!
&*)8<:.,*B! c%/%! ',,%! '(! :%(:'=)%! /'! :%%='8*:>@(! *,! /'+*88%,,%B! 4*! %8-*(>?*:>@(!
*:*/a&>:*!/'!'+)*+!/%:'(:>*+!:%88'A!*:).*,&'()'A!*!:*8-%!/'!,*!`.(/*:>@(!=*8*!,*!
5(;'+)>-*:>@(! 9! ,*! `%8&*:>@(! '(! 5()'8:.,).8*,>/*/! 9! 1/.:*:>@(! =*8*! ',! 2'+*88%,,%!
G`5`512HA!.P>:*/*!'(!,*+!>(+)*,*:>%('+!/'!,*!3(>;'8+>/*/!/'!]*,,*/%,>/A!1+=*T*B!
1()'(/'&%+!E.'!'+)*+!'F='8>'(:>*+!=.'/'(!*P8>8!',!:*&>(%!*!,%!E.'!,*!3(>;'8+>/*/!
/'P'8<*! )%&*8! :%&%! .(*! >&=8'+:>(/>P,'! %P,>-*:>@(B! 1()>'(/%A! /'+/'! &>! ='8+%(*,!
8'+=%(+*P,>/*/A! E.'! ,*! 3(>;'8+>/*/! )>'('! "H! 3(*! D>(*,>/*/! >(+%+,*9*P,'0! ,*!
D%8&*:>@(!'/.:*)>;*B!1+)*!D>(*,>/*/!+'!P>D.8:*!'(!/%+!+'(/'8%+0!"B"B!1,!=8%D'+>%(*,!9!
"BVB! 1,! e.&*(%B! 4*! D%8&*:@(! =8%D'+>%(*,! =>;%)*! '(! )%8(%! *,! *=8'(/>?*R'! /'! ,*!
8'*,>/*/! :%(! E.'! ',! *,.&(%! /'P'! '(D8'()*8+'B! 4*! D%8&*:>@(! e.&*(*! )>'('! )8'+!
/>&'(+%('+! :%(+>+)'()+! '(0! *H! L*:'8+'! :*8-%! /'! ,*! 8'*,>/*/B! 7,*(%! :%-(>)>;%A! PH!
$*8-*8! :%(! *! 8'*,>/*/B! 7,*(%! *:)>)./>(*,! 9! :H! 1(:*8-*8+'! /'! ,*! 8'*,>/*/B! 7,*(%!
=8%:'/>&'()*,B! 7*+%! *! 'F=,>:*8! '+)'! '+E.'&*! E.'A! =8>&'8*&'()'A! ,%! =8'+'()%! '(!
.(*!)*P,*B!
!
`5UQ452Q2!21!4Q!
3U5]1ZC52Q2!
`MNQ$5yU!
123$Qc5]Q!
`%8&*8A! '/.:*(/%! =*8*! ',! 78%D'+>%(*,!
2LC!/'!,*+!='8+%(*+!9!/'!,%+!
9!e.&*(*!
=.'P,%+B!
`MZNQ$5yU!
7ZM`1C5MUQ4!
`MZNQ$5yU!L3NQUQ!
Q=8'e'(/'8!,*!8'*,>/*/! i!7,*(%!:%-(>)>;%0!
9!'(D8'(*8+'!:%(!',,*B!
L*:'8+'!:*8-%!/'!,*!
8'*,>/*/B!
i!7,*(%!*:)>)./>(*,0!
$*8-*8!:%(!,*!8'*,>/*/B!
i!7,*(%!=8%:'/>&'()*,0!
1(:*8-*8+'!/'!!,*!
8'*,>/*/B!
N%/',%!/'!3(>;'8+>/*/A!:%&=8%&')>/*!:%(!,*!1=2B!
!
1,!'+E.'&*!/*!=*8*!&.:e%B!$8'%B!1,!'+=*:>%A!+>(!'&P*8-%!'+)S!8'+)8>(->/%B!c'(-%!
E.'!8'/.:>8!,*!'F=,>:*:>@(A!=%8!)*()%A!:%(!,*!=8%&'+*A!%!=%8!,%!&'(%+!:%(!',!/'+'%A!
/'!E.'!'(!%)8%!,.-*8!e*,,*8S!'+)'!:%(+)8.:)%!.(!)8*)*&>'()%!&S+!*&=,>%B!
D#!1(!=8>&'8!,.-*8A!',!D>(!/'!,*!3(>;'8+>/*/!(%!'+!+@,%!D%8&*8A!(>!+@,%!>(+)8.>8B!1+)%!
'+! ,%! E.'! />:'(! ,%+! =%+>)>;>+)*+! /'! ,*! :>'(:>*B! 1+! ,%! E.'! -'('8*,&'()'! +'! =8*:)>:*B!!
7'8%!(%!'+!',!&%/',%!/'!.(*!3(>;'8+>/*/!=*8*!',!2LCA!(>!',!/'!.(*!3(>;'8+>/*/!!E.'!
.+*!,*!1=2!:%&%!.(!&'/>%!=*8*!:%()8>P.>8!*,!2LCB!!
!
!
"X\!
4*! 3(>;'8+>/*/! )>'('! E.'! D%8&*8! '! >(+)8.>8A! (%! :*P'! /./*B! 7'8%! '+*! D%8&*:>@(! '!
>(+)8.::>@(!)>'('(!E.'!+'8!'/.:*)>;*+B!C>!)%&*&%+!:%&%!'R'&=,%!,*+!'(+'T*(?*+!/'!
,*! MU3A! )%&'&%+! )*&P>a(! '+*+! &>+&*+! %8>'()*:>%('+! /'/>:*/*+! *! '+)'! =.()%!
8',*)>;%! *! ,*! D>(*,>/*/! /'! ,*! 1(+'T*(?*! C.='8>%8B! 4*! '/.:*:>@(! e*! /'! +'8!
='8&*('()'A! />:'! ,*! 3U1C$MB! {x.a! R%;'(! *! ,%+! VW! *T%+! =.'/'! /':>8! E.'! 9*! e*!
,%-8*/%! ',! /'+*88%,,%! /'! +.+! D*:.,)*/'+A! E.'! '+)S! =8'=*8*/%! =*8*! ,*! ;>/*A! E.'! e*!
*,:*(?*/%!,*+!:%&=')'(:>*+!9!;*,%8'+!E.'!(':'+>)*!=*8*!:*&P>*8!',!&.(/%|!C>!*!,%+!
gW!*T%+!e*9!E.'!+'-.>8!'/.:S(/%+'A!{=%8!E.a!(%!/.8*()'!',!)>'&=%!E.'!,*!='8+%(*!
='8&*(':'!'(!.(*!>(+)>).:>@(!.(>;'8+>)*8>*A!!/'/>:*/*!*!/':.P8>8!,*+!'()8*T*+!/'!,*!
&*)'8>*A!/'!,*!&'()'!9!/'!,*!+%,>/*8>/*/|!!i!7'8%!'+)*!'/.:*:>@(A!%PR')*8S(!*,-.(%+A!
+'! =.'/'! 9! +'! /'P'! e*:'8! '(! %)8%! ,.-*8! />+)>()%! *! ,*! 3(>;'8+>/*/B! v! 4%! (>'-%A!
8'+=%(/%B!7%8E.'!*,,<!/%(/'!+'!*,>&'()*!,*!&'()'!/'!:%(%:>&>'()%+A!'+!(':'+*8>%!!!
*,>&'()*8+'!/'!;*,%8'+B!NS+!*_(A!',!:%(%:>&>'()%!E.'!+'!)8*(+&>)'!'(!,*!:S)'/8*A!+>!
(%! '+)S! >&P.</%! /'! ;*,%8! a)>:%A! (%! '+! :%(%:>&>'()%! ;'8/*/'8%B! {Q:*+%! '+)S!
='8&>)>/%!'()8'-*8!*!,%+!*,.&(%+!-*)%!=%8!,>'P8'|!fJ%(.&!')!;'8.&!:%(;'8).().8hA!
/':<*(!,%+!'+:%,S+)>:%+B!U%!&'!/.','(!=8'(/*+!=%8!8'=')>8!'+'!=8>(:>=>%!E.'!(%!=%8!
+%(*8! *! ;>'R%+! 8':.'8/%+! /'R*! /'! +'8! &%/'8(%B! `8*+'! E.'! (%! =%8! '+)*8! D%8&.,*/*!
:%(!+>-(%+!E.'!e*(!+>/%A!-'('8*,&'()'A!;'e<:.,%!/'!8*(:>*+!)8*/>:>%('+A!*P*(/%(*!
,*!e'8&%+.8*!/'!,*!:,*8>/*/!(>!/'+/>:'!/'!,*!P',,'?*!/'!,%!R.+)%B!C>!(.'+)8*!+%:>'/*/!
/',! :%(%:>&>'()%! ! ! 8'(.(:>*! *! ,*! '+)a)>:*! /'! ,%+! ;*,%8'+A! D*,+%! :%(%:>&>'()%!
8'+.,)*8S!,%!E.'!+@,%!+'!E.'/'!'(!+>&=,'!9!/'+=8':>*P,'!>(D%8&*:>@(!%!=8%=*-*(/*B!!
Q+<!=.'+A!+%+)'(-%!E.'!,*!8>BQ=<@B?:?!C!=@!=?KJ:?C<:!C!>C!=@!8>BQ=<@B?:?#!!
!
M#!{o!:.*,!/'P'!/'!+'8!,*!&')*!/'!'+*!'/.:*:>@(|!{Q!/@(/'!(%+!/>8>->&%+!:%(!'+%+!
/)&%5+"|!!i!c'('&%+!E.'!=%('8!'+%+!;*,%8'+!*,!+'8;>:>%!/'!)%/%+A!/'!)%/%!',!e%&P8'!
v;*,%8'+!>()'-8*,'+i!9!/'!)%/%+!,%+!e%&P8'+!9!&.R'8'+!',!&.(/%B!C>!:.*,E.>'8!;*,%8!
(%!8';>'8)'!'(!P'('D>:>%!/'!)%/*!,*!e.&*(>/*/!/'R*!/'!+'8!.(>;'8+*,B!7%8!'R'&=,%A!+>!
,%! E.'! +'! ,,*&*! R.+)>:>*! (%! )>'('! '(! :.'()*! .(*! 8'/>+)8>P.:>@(! /'! ,%+! P>'('+! '()8'!
)%/%+! ,%+! e*P>)*()'+! /'! ,*! )>'88*! 9! +@,%! 8';>8)>'8*! '(! =8%;':e%! /'! .(%+! =%:%+A!
'F:,.9'(/%! *! &.:e%+A! ! )'(/8<*&%+! E.'! *D>8&*8! E.'! '+%! *! ,%! :.*,! +'! /'(%&>(*8*!
R.+)>:>*! +'8<*! >(R.+)>:>*! =%8E.'! (%! )'(/8<*! '(! :.'()*! *! )%/%+A! ='8/'8<*! ,*!
:*8*:)'8<+)>;*!/'!,*!.(>;'8+*,>/*/!9!/'R*8<*!/'!+'8!.(!;*,%8!.(>;'8+*,A!/'D'(/>P,'!9!
*:'=)*P,'!=%8!)%/%+B!Q+<!=.'+!A!&>8*8!=%8!',!P>'(!/'!)%/%+!9!/'!)%/%A!=%8!8'+=')%!*!,*!
f>()8>(+>:>/*/h! /'! ,%+! ;*,%8'+A! '+! >-.*,! *! &>8*8! =%8! ',! ?=@:<<CLLC! jKW:>C! N!
@C@H=>BdL=!/'!)%/*!,*+!='8+%(*+B!4*!&')*A!:%(+':.'()'&'()'A!/'!,*!'/.:*:>@(!=%8!
,*!E.'!,*!3(>;'8+>/*/!e*!/'!)8*P*R*8!'+!,*!:%()8>P.:>@(!*,!2LC!9!=*8*!:%()8>P.>8!*!
'+)'!/'+*88%,,%A!,*!3(>;'8+>/*/!/'P'!'/.:*8!=*8*!',!2LCB!!!
2>-*&%+A! *()'+! /'! *;*(?*8A! E.a! '()'(/'&%+! =%! 1=2B! U%+! =8'+)*! +.! /'D>(>:>@(!
Q,'R*(/8*! J%(>! Q8>+)>?SP*,! GVWW#A! \bH0! f78%:'+%! '/.:*)>;%! )8*(+D%8&*/%8A!
:%&=8%&')>/%!:%(!!,*!/'D'(+*!9!=8%&%:>@(!/'!,%+!/'8':e%+!e.&*(%+!/'!)%/*+!,*+!
='8+%(*+A! E.'! P.+:*! ;<*+! /'! *::>@(! '(! ',! S&P>)%! >(/>;>/.*,A! ,%:*,! 9! -,%P*,! =*8*!
*:*(?*8! .(! /'+*88%,,%! e.&*(%B! 78')'(/'! D%&'()*8! ,*! *.)%(%&<*! /'! ,*! ='8+%(*A! *!
)8*;a+!/'!.(!=8%:'+%!/'!'(+'T*(?*i*=8'(/>?*R'!P*+*/%!'(!',!/>S,%-%A!E.'!D%8&'!'(!
:%(%:>&>'()%+A!e*P>,>/*/'+!9!;*,%8'+A!9!E.'!=8%&.';*!.(!+'()>/%!/'!='8)'('(:>*!*!
.(*!:%&.(>/*/!&.(/>*,!/'!>-.*,'+hB!
!
"#! 1+)*! D%8&*:>@(! '/.:*)>;*! E.'! )>'('! :%&%! e%8>?%()'! ',! /'+*88%,,%! /'! ,%+! +'8'+!
!
!
"X^!
e.&*(%+A! *+.&>/*! =%8! ,*! 3(>;'8+>/*/! :%&%! &')*! :.88>:.,*8! +'! />;>/'! '(! /%+!
-8*(/'+! :*&=%+0! ,*! OC<W:JBf>! A<CO=@BC>:L! 9! ,*! e.&*(*B! 4*! =8>&'8*! )8*)*! /'!
*=8'e'(/'8!,*!8'*,>/*/!9!'(D8'()*8+'!:%(!',,*B!!Q=,>:*/%!'+)'!=8>(:>=>%!*,!'+)./>*()'!
.(>;'8+>)*8>%!!E.>'8'!/':>8!E.'!(.'+)8%+!.(>;'8+>)*8>%+!/'P'(!+*,>8!/'!,*!:*+*!&*/8'!
:%(!',!/%&>(>%!/'!.(*+!:%&=')'(:>*+!.!%PR')>;%+B!?%2%$+5!+&*6-2,%*,+!&%"*%Ma+.%"!%!
8'*,>/*/! &*)'8>*,A! D<+>:%iE.<&>:*A! +.+! :*8*:)'8<+)>:*+! 9! :.*,>/*/'+A! /@(/'! '+)S(!
.P>:*/%+!9!:.S,!e*!+>/%!+.!';%,.:>@(!e>+)@8>:*!G-'%-8*D<*!'!e>+)%8>*HA!:@&%!+'!e*(!
:%(+)>).>/%! *! ,%! ,*8-%! /'! +.! :%()>(.%! 8%/*R'! 9! :%()*:)%! 8',*:>%(*,! G:%+&%-%(<*HA!!
:@&%!+'!'F=8'+*(!G+>-(%+!,>(-.<+)>:%+A!-8*&S)>:*A!,>)'8*).8*A!>/>%&*+A!&*)'&S)>:*+A!
*8)'+!/>;'8+*+A!',!:.'8=%!:%&%!'F=8'+>@(sHB!1,!*,.&(%!)>'('!/'8':e%!*!!:%(%:'8!,*!
+>).*:>@(!/',!&.(/%A!:.S,!'+!,*!/>+)8>P.:>@(!/'!,%+!P>'('+!G+%:>%,%-<*HA!:@&%!+'!e*(!
=8%/.:>/%!9!=*8*!E.a!G':%(%&<*HA!E.a!:%(+':.'(:>*+!)>'('!,*!:*8'(:>*!9!8')'(:>@(!
'(!=%:*+!&*(%+!/'!,*!8>E.'?*!G/'+*88%,,%!':%(@&>:%!9!+%:>*,A!a)>:*HB!Q=8'e'(/'8!,*!
8'*,>/*/! +>-(>D>:*! )*&P>a(! =8%D.(/>?*8! (%! +@,%! '(! ,*! :%(+)>).:>@(! /'! ,%+! %PR')%+A!
+>(%!$%2%$+5*)&*"-a+.%*G7+>:%,%-<*HA!*,!+'8!8*:>%(*,!E.'!e*!%8-*(>?*/%!',!%8/'(!+%:>*,!
G=%,<)>:*HA! E.'! e*! ='(+*/%! +%P8'! ',! %8>-'(! /',! &.(/%! G8',>->%('+A! *()8%=%,%-<*A!
)8*/>::>%('+HA! E.'! e*! /'+)8.</%! 9! -'('8*/%! .(*! 9! &>,! ;':'+! ,*+! :>./*/'+! ! 9! ,%+!
:*&=%+! G*-8>:.,).8*A! .8P*(>+&%A! =%,'&%,%-<*A! )':(%,%-<*A! >(-'(>'8<*HA! ! E.'! e*!
+%T*/%! 9! ='(+*/%! +%P8'! ',! =,*(')*! G:%+&%,%-<*! 9! *+)8%(%&<*HA! E.'! e*!
8*:>%(*,>?*/%! 'F=,>:*:>%('+! 9! :8'*/%! )'%8<*+! GD>,%+%D<*A! -(%+'%,%-<*HB! 1+)%! 9! &S+!
>&=,>:*!*=8'e'(/'8!,*!8'*,>/*/B!n8'*+!/'!,*!8'*,>/*/!)*()%!>('8)'!:%&%!;>;*B!C%(!,%+!
:%()'(>/%+! /',! :%(%:>&>'()%A! E.'! :%(+)>).>8S! ',! :.'8=%! />(S&>:%! /'! ,*+! />+)>()*+!
)>).,*:>%('+!%!:*88'8*+!.(>;'8+>)*8>*+B!1+!&.9!>&=%8)*()'!E.'!,%+!R@;'('+!:%()*:)'(!
:%(! '+)*+! +>).*:>%('+! 9! D'(@&'(%+! =*8*! E.'A! .(*! ;'?! :%&=8'(/>/*+A! =.'/*(!
&*('R*8,*+A! 8'+=')*8,*+A! 8':8'*8,*+! 9! )8*(+D%8&*8,*+B! 1+! /':>8A! =*8*! E.'! .(!
'+)./>*()'A! D.).8%! =8%D'+>%(*,! 9! /.'T%! /'! .(! ('-%:>%! %! '&=8'+*A! =.'/*! +'8! _)>,! *!
+.+! +'&'R*()'+! 9! a,! &>+&%! */E.>'8*! ,%+! &'/>%+! +.D>:>'()'+! =*8*! :.>/*8! /'! +.!
'F>+)'(:>*!9!,*!/'!+.!D*&>,>*!)>'('!E.'!:%(%:'8!,*!8'*,>/*/B!C'8S!,*!_(>:*!&*('8*!/'!
=>O<=>H:<@=!<:JBC>:LW=>H=!*!,%+!e':e%+!9!,*+!:%+*+B!N>8*8,*+!:*8*!*!:*8*A!:%&%!.(!
+'8!;>;%!9!8'D,'F>;%!E.'!+'!'(:.'()8*!:%(!*,-%!/>+)>()%!*!+<!&>+&%A!='8%!+>&>,*8!'(!
,%+!_,)>&%+!','&'(%+!=8>&%8/>*,'+B!Ç,!'+!',!E.'!;'!9!&>8*B!Ç,!'+!',!+@,*&'()'!:*=*?!
/'! =8'-.()*8! 9! =8'-.()*8+'A! /'! =%('8+'! '(! D8'()'A! /',*()'! /'! ,*+! :%+*+A! 9! /'!
%8/'(*8,*+!%!/'+%8/'(*8,*+B!Ç,!=.'/'!:*&P>*8!',!->8%!/'!,%+!*:%()':>&>'()%+!9!/'!,*!
e>+)%8>*B!d8*;'!8'+=%(+*P>,>/*/B!
!
R#! 78':>+*&'()'A! '+)*! 8'+=%(+*P>,>/*/! %! :*=*:>/*/! /'! 8'+=%(/'8! =*8*! />8>->8! *,!
&.(/%! =%8! ,*! /'8':e*! %! =%8! ,*! >?E.>'8/*! '+! ',! D.(/*&'()%! /'! ,*! %8>'()*:>@(! E.'!
/'P'!=8%=%8:>%(*8!*!,*!>88*:>%(*,>/*/!/'!,%+!+'8'+!(%!e.&*(%+B!!1,!'(D%E.'!/'!'+)*!
%8>'()*:>@(!!/'!+>-(>D>:*/%!/'P'!:%(+>/'8*8!E.'!a,A!',!e%&P8'!9!',,*A!,*!&.R'8A!+%(!
>-.*,'+! %! +'&'R*()'+! *! ,*+! :%+*+! &*)'8>*,'+A! D<+>:%iE.<&>:*+! 9! *,! &>+&%! )>'&=%!
/>+)>()%+B! C%(! >-.*,'+! 9! +.='8>%8'+B! C%(! /',! &>+&%! P*88%A! ='8%! /'! '+)8.:).8*! &S+!
:%&=,'R*B! C%(A! =.'+A! /.'T%+! /',! R*8/<(! )*88SE.'%A! ='8%! (%! *P+%,.)*&'()'B! 2'P'(!
+*P'8!:@&%!%8/'(*8!,*+!=,*()*+!9!,*+!=>'/8*+B!2'P'(!*=8'(/'8!:@&%!+'!:%(+)8.9'!
.(!%8/'(!+%:>*,!E.'!8'+=')'!,*!>-.*,/*/!9!,*!/>D'8'(:>*B!!U%!'+!.(!DS:>,!:%&')>/%A!(>!
.(*! D.(:>@(! +'(:>,,*B! L*:'8+'! :*8-%! /'! ,*! 8'*,>/*/! 'F>-'! %P+'8;*:>@(A!
:%(%:>&>'()%+A! :>'(:>*A! ;*,'()<*A! /':>+>@(! 9! /')'8&>(*:>@(B! 4:J=<@=! J:<PC! ?=! L:!
<=:LB?:?!:d:<J:!J:<P:<!JC>!=LL:B!1,!=,*(%!:%-(>)>;%!E.'!e*!/';'(>/%!)$.#.-,#2)&A!
=%8! &%8! /'! ,*! 8'+=%(+*P>,>/*/! /',! +'8! e.&*(%A! (':'+>)*! /',! _,)>&%! =,*(%! E.'!
!
!
"X#!
e'&%+!/'(%&>(*/%!=8%:'/>&'()*,B!!
!
`#! 4%+! 35%$+,#6#+2.%"! %! )'8:'8*! />&'(+>@(! /'! ,*! D%8&*:>@(! e.&*(*! E.'! ,*!
3(>;'8+>/*/!/'P'!/'!=8%=%8:>:%(*8!*,!R%;'(!'+)./>*()'!+%(!',!:.'8=%!/'!.(!(.';%!
8'>(%! e.&*(%0! =L! =>J:<PC! ?=! L:! <=:LB?:?#! 3(! '(:*8-%A! :%(+':.'(:>*! /'! e*P'8+'!
e':e%!:*8-%!/'!,*+!:%+*+!*!)8*;a+!/',!:%(%:>&>'()%B!!L*:'8+'!:*8-%!/'!,*!8'*,>/*/!
:%(,,';@! '(:*8-*8+'! /'! .(! %D>:>%A! /'! .(*! %P,>-*:>@(A! ,*! /'! =%('8! ,*+! &*(%+! '(! ,*!
&*+*! 9! e*:'8! ',! =*(! =%+>P,'! :%(! '+*! e*8>(*A! .(! =*(! E.'! +'! =.'/*! 8'=*8)>8!
'E.>)*)>;*&'()'! =*8*! +'8! 8'+=').%+%! :%(! ,*+! :%+*+! E.'! (%! +%(! /'! (*/>'A! +>(%! /'!
)%/%+A!=.'+!+%(!=*8)'!/'!,*!_(>:*!&*)'8>*!E.'!:%(+)>).9'!,*!'+'(:>*!/'!:*/*!:.*,B!!oA!
=%8! D>(A! ',! V)$+5"+* $)5'%! ,+! ,*! 8'*,>/*/! G$%2%$+5HA! $)5'B2,%"+* $%2! ',,*! G)$.#.-,*
8'+=%(+*P,'HA! )8*R%! *,! e%&P8'! 9! *! ,*! &.R'8! ',! /'+)>(%! a)>:%! /'! +2$)5')5"+* ,+! ,*+!
:%(+':.'(:>*+!/'!,*!8'*,>/*/A!=*8*!,%!:.*,!',!P<='/%!e.&*(%!8'E.>'8'!>(+)8.&'()%+!
&')%/%,@->:%+! =*8*! ,,';*8! *! 'D':)%! +.! :%&')>/%! G35%$+,#6#+2.%"HB! 1()8'! ,%+!
=8%:'/>&>'()%+! (':'+*8>%+! =*8*! :*8-*8! :%(! ',! />-(%! 9! :%+)%+%! &%:e.',%! /'! ,*!
8'*,>/*/A!,*!3(>;'8+>/*/!'(!8'=8'+'()*:>@(!/'!,*!e.&*(>/*/!%!:%(R.()%!/'!+.R')%+!
,>P8'&'()'!%P,>-*/%+!*!)>8*8!/',!:*88%!/',!&.(/%!9!/'!,*!;>/*A!8'E.>'8'!/'!,*!1=2B!
1+)'!8'E.'8>&>'()%!;>'('!*!)'T>8!/'!.(!'(D%E.'!/')'8&>(*/%!*,!:%(%:>&>'()%A!*!,*+!
*:)>)./'+!/'!,%+!=8%D'+%8'+!9!/',!*,.&(*/%!9!*!,%+!=8%:'/>&>'()%+!%!)a:(>:*+!E.'!+'!
.+'(! '(! ,*! '(+'T*(?*A! '(! ,*! >(;'+)>-*:>@(! 9! '(! ,*! :%&.(>:*:>@(! /'! ,*! 1(+'T*(?*!
C.='8>%8! :%(! ,%+! e*P>)*()'+! /'! ,*! ?%(*! /%(/'! ,*! 3(>;'8+>/*/! *+>'()'! +.!
:*&=*&'()%! *:*/a&>:%B! Q+<A! /%:'(:>*A! >(;'+)>-*:>@(! 9! 'F)'(+>@(! .(>;'8+>)*8>*! %A!
&'R%8A! :%&.(>:*:>@(! /'! ,*! >(+)>).:>@(! :%(! ',! '()%8(%A! */E.>'8'(! .(! P*T%! /'!
/'+*88%,,%!e.&*(%!9!+%+)'(>P,'B!J*T%!%!)'&*!)8*(+;'8+*,!E.'!'&=*=*!)%/*!,*!;>/*!
>(+)>).:>%(*,! /'! ,*! 3(>;'8+>/*/A! /'+/'! +.+! %PR')>;%+! *! ,*! ';*,.*:>@(A! =*+*(/%! =%8!
:%()'(>/%+! :.88>:.,*8'+A! &')%/%,%-<*A! %8-*(>?*:>@(! '+:%,*8A! 9! 8':.8+%+! />/S:)>:%+!
e.&*(%+!9!&*)'8>*,'+B!!!
C>(! '+)'! )*,*()'! /'! =*:>D>:*:>@(! =*8*! ',! 2LC! '+! >&=%+>P,'! ='(+*8! '(! .(*!
3(>;'8+>/*/! /',! +>-,%! rr5A! R.+)*A! ':%,@->:*! 9! e.&*(*! GN'+*A! NBA! VWWWHB! 5&=%+>P,'!
,,';*8!*!'D':)%!,%+!:%&=8%&>+%+!*/E.>8>/%+!'(!$*8)*-'(*!/'!5(/>*+A!/',!/<*!\!*,!!#!
/'! R.(>%! /'! VWWgA! =%8! ,%+! :%&=8%&>+*8>%+! /'! )%/*! Q4$A! 8'.(>/%+! '(! ,*! $Z1C! %!
$%(D'8'(:>*!Z'->%(*,!/'!1/.:*:>@(!C.='8>%8B!5&=%+>P,'A!=%8E.'!+>(!.(!'+=<8>).!/'!
'/.:*:>@(!=*8*!',!/'+*88%,,%!e.&*(%!9!+%+)'(>P,'A!'+!/':>8A!+>(!.(*!D>8&'!;%,.()*/!
/'! ,,';*8! ,*! R.+)>:>*! +%:>*,! *! ,*! :*,,'! ! (%! +'! =%/8S! ',>&>(*8! ',! E.'! ,*! >(;'8+>@(! '(!
1/.:*:>@(!C.='8>%8!=*8*!Q,9$!+'*!VW!;':'+!&'(%8!E.'!'(!,%+!=*<+'+!/'+*88%,,*/%+B!
c*&=%:%! +'8S! =%+>P,'! :%(+'-.>8! ,*! >()'-8*:>@(! 8'->%(*,! /',! +.P:%()>('()'!
*&'8>:*(%A!(>!E.'!,*!3(>;'8+>/*/!+'*!:%(+>/'8*/*!:%&%!.(!P>'(!=_P,>:%A!(>!E.'!+'*!
.(! /'8':e%! +%:>*,! 9! .(>;'8+*,A! *! ='+*8! /'! E.'! ,*! &*)8<:.,*! .(>;'8+>)*8>*! +'! e*9*!
>(:8'&'()*/%! '(! .(! "\B#u! ! '(! ,%+! _,)>&%+! *T%+A! (>! +'! =%/8S! :%(+'-.>8A! +>(! 1=2A!
;*,>/*8! ',! =*=',! '+)8*)a->:%! /'! ,*! 3(>;'8+>/*/! '(! ,%+! =8%:'+%+! /'! /'+*88%,,%!
+.+)'()*P,'! /'! ,%+! =*<+'+! :*8>P'T%+! 9! ,*)>(%*&8>:*(%+A! (>! ';*,.*8! %! *:8'/>)*8! ,*+!
>(+)>).:>%('+A! ,*+! :*88'8*+A! ,%+! )<).,%+A! *! ,%+! *,.&(%+! (>! *! ,%+! =8%D'+%8'+! :%(! .(!
)*,*()'! +%,>/*8>%! 9! /'&%:8S)>:%! E.'! &>8'! &S+! =%8! ',! 8'+=')%! 9! /'+*88%,,%! /',!
/>;'8+%!a)(>:%!9!':%(@&>:%!E.'!=%8!,*!='8+%(*,!=8%&%:>@(!=8%D'+>%(*,B!C>(!1=2!(%!
e*P8S!:*,>/*/!(>!='8)>('(:>*A!)*&=%:%!>-.*,*/!'!>(:,.+>@(B!U%!+'!:%(+>/'8*8S(!,%+!
:%()'F)%+!,%:*,'+!9!-,%P*,'+B!U%!'F>+)>8S!-%P'8(*P>,>/*/!/'!,*+!>(+)>).:>%('+A!=%8E.'!
',!='?!-%8/%!:%&'8S!*,!&S+!='E.'T%A!(>!D>(*(:>*:>@(!R.+)*!(>!8'=*8)%!'E.>)*)>;%!/'!
,%+! 8':.8+%+! (':'+*8>%+! =*8*! :%(+'-.>8! ,%+! />'?! 'R'+! )'&S)>:%+! /'! ,*! $%(D'8'(:>*B!!
!
!
"Xb!
C>(!1=2A!>(D,.'(:>*(/%!=%+>)>;*!9!/':>/>/*&'()'!'(!,*!-'+)>@(!.(>;'8+>)*8>*A!(%!e*9!
3(;'8+>/*/!D.).8*B!C'-.>8'&%+!:%&%!'+)*&%+A!:%88%9'(/%!',!=8%-8'+%!e.&*(%!'(!
*8*+! /'! .(! &%/',%! &'8:*()>,>+)*A! :%&=')>)>;%! 9! +>(! ;*,%8'+! .(>;'8+*,'+B! 7%8! ',!
:%()8*8>%A! ,%+! VWX! &>,,%('+! /'! =%P8'+! :%()>(.*8S(! &.8>a(/%+'! /'! e*&P8'! '(! ,*!
8'->@(! ,*)>(%*&'8>:*(*! 9! ,*! P8':e*! />->)*,! +'-.>8S! ! *-./>?*(/%! ',! +.P/'+*88%,,%!
'F>+)'()'A! >&=>/>'(/%! ',! '+)*P,':>&>'()%! /'! .(*! +%,>/*8>/*/! 8'->%(*,!
>()'8.(>;'8+>)*8>*!E.'!'+)*P,'?:*!'!>(*.-.8'!,*!(':'+*8>*!:%%='8*:>@(!>()'8(*!C3Zi
C3Z!G$MUd21A!VWWWY!VWW^Y!N%(:,_+A!QBA!VWW"HB!!!
!
/(/.(%0+,-1,!
J%(>A! QB! 9! 7a8'?i`%-.')A! QB! GVWW#H0! $%(+8.>8! ,*! :>./*/*(<*! -,%P*,! /'+/'! ,*!
3(>;'8+>/*/B!J*8:',%(*0!5()'8&@(iMFD*&!'!5(-'(>'8<*!+%(!`8%()'8*+B!
7U32!GVWWWHB!5(D%8&'!+%P8'!2'+*88%,,%!L.&*(%!VWWWB!N*/8>/B!N.(/>i78'(+*B!
QZd5JQoA!NBA!$14MZ5MA!dB!9!$14MZ5MA!jB!jB!G"XXbH0!1/.:*:>@(!=*8*!',!2'+*88%,,%B!1,!
1+=*:>%!M,;>/*/%!/'!,*!$%%='8*:>@(B!$.*/'8(%+!/'!c8*P*R%A!(m!"XB!J>,P*%B!]>)%8>*B!
L'-%*B!!
QZd5JQoA! NB! 9! $14MZ5MA! dB! GVWW^H0! 4*! '/.:*:>@(! =*8*! ',! /'+*88%,,%B! ]>)%8>*i
d*+)'>?B!!C'8;>:>%!$'()8*,!/'!7.P,>:*:>%('+!/',!d%P>'8(%!]*+:%B!!
JQC14dQA! 7BA! `1ZZ1ZMA! dBA! JMU5A! QBA! MZc1dQA! NB4BA! N1CQA! NBA! U1JZ12QA! QBA!
$14MZ5MA! jBjB! 9! NMUc1Z21A! ZB! GVWW\H0! 4*! 1/.:*:>@(! =*8*! ',! 2'+*88%,,%! '(! ',!
n&P>)%!`%8&*,A!1+=*:>%!$%&_(!/'!,*!$%%='8*:>@(!9!,*!1/.:*:>@(B!78%=.'+)*+!=*8*!
.(*!1+)8*)'->*!/'!Q::>@(!5()'-8*/*B!]*,'(:>*B!3(>;'8+>/*/!7%,>)a:(>:*!/'!]*,'(:>*B!!
$14MZ5MA! dB! GVWW"H0! U.';%+! 8')%+! =*8*! ,*! +'(+>P>,>?*:>@(! +%P8'! /'+*88%,,%B!
$.*/'8(%+!J*k'*?A!VWW"A!(m!\^B!J*k'*?!GJ>,P*%HB!!
$14MZ5MA! dB! 9! 4y71! 21! N3UQ5UA! QB! GVWWbH0! 2>::>%(*8>%! /'! 1/.:*:>@(! =*8*! ',!
2'+*88%,,%B!J>,P*%B!]>)%8>*B!L'-%*B!
$%%8/>(*/%8*! /'! MUd2! /'! 1+=*T*! G$MUd21HB! ]%:*,<*! /'! 1/.:*:>@(! =*8*! ',!
2'+*88%,,%B! GVWWWH0! 3(*! &>8*/*! e*:>*! ',! D.).8%B! 7*(%8*&*! *:).*,! 9! /'+*D<%+! /'! ,*!
1/.:*:>@(!=*8*!',!2'+*88%,,%!'(!,*+!MUd2!/'!,*!$%%8/>(*/%8*B!N*/8>/B!$MUd21B!!
$%%8/>(*/%8*! /'! MUd2! /'! 1+=*T*! G$MUd21HB! ]%:*,<*! /'! 1/.:*:>@(! =*8*! ',!
2'+*88%,,%B!GVWW^H0!4*!'/.:*:>@(!=*8*!',!/'+*88%,,%B!3(*!'+)8*)'->*!/'!:%%='8*:>@(!
>&=8'+:>(/>P,'B!N*/8>/!0!$MUd21B!!
5()'8&@(iMFD*&! GVWW\H0! L*:>*! .(! :.88<:.,.&! =*8*! .(*! :>./*/*(<*! -,%P*,0!
78%=.'+)*+!/'!:%&=')'(:>*+!PS+>:*+B!J*8:',%(*B!!
N1CQA!NB!GVWWWH0!4*!'/.:*:>@(!=*8*!',!/'+*88%,,%B!1()8'!,*!:*8>/*/!9!,*!:>./*/*(<*!
-,%P*,B!7*=','+!/'!$.'+)>%('+!5()'8(*:>%(*,'+A!(%B!bWB!!
NMU$4ãC! QB! G:%%8/BH! GVWW"H0! 1/.:*:>@(! =*8*! ',! /'+*88%,,%! 9! :%%='8*:>@(!
>()'8(*:>%(*,B!N*/8>/B!1/>)%8>*,!$%&=,.)'(+'B!!
UQoQdQZN1U25Q4B!G:%%8/BH!GVWW[H0!4*!'/.:*:>@(!=*8*!',!/'+*88%,,%!'(!.(!&.(/%!
-,%P*,>?*/%B!18'>(Y!J>,P*%B!
MZc1dQA!NB4B!GVWWbH0!1+)8*)'->*!/'!1/.:*:>@(!=*8*!',!2'+*88%,,%!/'!,*!:%%='8*:>@(!
'+=*T%,*B!N*/8>/B!N>(>+)'8>%!/'!Q+.()%+!1F)'8>%8'+!9!/'!$%%='8*:>@(B!!!!
!
!
"Xg!
!
!
!
!
!
-%+3,$(7&!)*.!5+%-*'%+,)%!_!0F&*+%!
!
!
+CJIC!,>PKBH:!3:<HI>=;!
3(>;'8+>/*/!/'!]*,,*/%,>/!
!
+*'83*&!
4*! >-.*,/*/! /'! %=%8).(>/*/'+! '()8'! &.R'8'+! 9! e%&P8'+! e*! +>/%! 9! '+! .(! )'&*! /'!
=8'%:.=*:>@(! '(! ',! /'+*88%,,%! /'! ,%+! +>+)'&*+! '/.:*)>;%+! D%8&*,'+A! 9*! E.'! '+! .(!
','&'()%!:,*;'!/'!,*!'E.>/*/B!1(!(.'+)8%!=*<+A!,%+!*+=':)%+!&S+!;>+>P,'+!+%P8'!'+)*!
/'+>-.*,/*/! '+)S(! '(! 8':'+>@(A! ='8%! (%! *+<! %)8%+! ','&'()%+! ='8)'(':>'()'+! *,!
:.88<:.,.&! %:.,)%B! 4*! D%8&*:>@(! /'! =8%D'+%8'+! 9! =8%D'+%8*+! '+! .(*! /'! ,*+! :,*;'+!
=*8*! *:*P*8! :%(! '+)*+! /'+>-.*,/*/'+A! *.(E.'! )%/*;<*! />+)*! &.:e%! /'! +'8! .(!
','&'()%! :,*;'! (>! '(! ,*! D%8&*:>@(! >(>:>*,! 9! (>! '(! ,*! D%8&*:>@(! ='8&*('()'! /',!
=8%D'+%8*/%B!
5:L:d<:@!JL:Q=T!'/.:*:>@(Y!>-.*,/*/Y!:%'/.:*:>@(Y!D%8&*:>@(!/',!=8%D'+%8*/%!
!
!
2*,$4*+'!*)8$,2(%&!,&)!0*&)*+!
!
,/'2+,$2!
1E.*,! %==%8).(>)>'+! *&%(-! O%&'(! *(/! &'(! *8'! *(! >++.'! )e*)! :%(:'8(+! )e'!
/';',%=&'()!%D!D%8&*,!'/.:*)>%(!+9+)'&+A!Oe%!*8'!*(!>&=%8)*()!k'9!%D!'E.*,>)9B!5(!
%.8!:%.()89A!)e'!e>-e,>-e)!=%>()+!%D!-'(/'8!>('E.*,>)9!*8'!>(!8':'++>%(A!Oe>,'!%)e'8!
','&'()+!)e*)!P',%(-!)%!)e'!e>//'(!:.88>:.,.&!*8'!+)>,,!=8'+'()B!
ce'!)'*:e'8+Ñ!)8*>(>(-!>+!*!k'9!','&'()!)e*)!:%.,/!D>(>+e!O>)e!-'(/'8!>('E.*,>)>'+B!
L%O';'8A!(%O*/*9+!>+!+)>,,!D*8!*(/!>+!=*8)>*,!>&=,'&'()'/!>(!)e'!>(>)>*,!*(/!,>D',%(-!
)'*:e'8Ñ+!)8*>(>(-B!
e=N!wC<?@T!'/.:*)>%(Y!'E.>)9Y!:%'/.:*)>%(Y!)'*:e'8!'/.:*)>%(!
!
!
D#!(&2+%)8$$(7&!
!
!
"XX!
1+)*! =%('(:>*! =8')'(/'8! +'8! .(! &*8:%! /%(/'! =%/*&%+! /'P*)>8! (%! +@,%! ,*!
='8+>+)'(:>*! /'! ,*+! /'+>-.*,/*/'+! /'! -a('8%! *! ,%! ,*8-%! 9! *:e%! /'! (.'+)8%! +>+)'&*!
'/.:*)>;%! *! :%&>'(?%+! /',! +>-,%! rr5A! +>(%! )*&P>a(! E.a! =%,<)>:*+! /'! D%8&*:>@(! /',!
=8%D'+%8*/%A!>(>:>*,!9!='8&*('()'A!+'!'+)S(!,,';*(/%!*!:*P%!%!+'!/'P'8<*(!=%('8!'(!
&*8:e*!=*8*!*)*R*8!.(*!+>).*:>@(!E.'!:*/*!;'?!'+!&'(%+!='8:>P>/*!=%8!,*+!R@;'('+!
-'('8*:>%('+!/'!/%:'()'+B!
U%!%P+)*()'A!.(!=%)'()'!9!=>%('8%!&*8:%!,'-*,!/'+*88%,,*/%!'(!(.'+)8%!=*<+!'(!,%+!
_,)>&%+! *T%+X! e*! =.'+)%! +%P8'! ,*! &'+*! ,*! (':'+>/*/! /'! )8*P*R*8! +%P8'! ,*+!
/'+>-.*,/*/'+! '(! '+)'! S&P>)%! '/.:*)>;%! 9A! =%8! )*()%A! e*! :.'+)>%(*/%! /'! D%8&*!
>('E.<;%:*!,*!D%8&*:>@(!/',!=8%D'+%8*/%!E.'!+'!;'(<*!8'*,>?*(/%!e*+)*!',!&%&'()%!
+%P8'!'+)*!)'&S)>:*B!
!
M#!.,'!)*'(08,.),)*'!)*!0F&*+%!*&!.,!*)8$,$(7&#!
1(!*,-.(%+!,.-*8'+!*()'8>%8&'()'!e'!>/%!/'+-8*(*(/%!:%(!&S+!%!&'(%+!'F)'(+>@(!
*,-.(%+! /'! ,%+! ','&'()%+! D.(/*&'()*,'+! /'! ,*+! /'+>-.*,/*/'+! /'! -a('8%! '(! ,%+!
+>+)'&*+! '/.:*)>;%+A! :%(! '+=':>*,! >()'8a+! *! ,*! +>).*:>@(! /'! ,*+! &.R'8'+! :%&%!
*,.&(*+! 9! =8%D'+%8*+! /'()8%! /'! ,%+! &>+&%+! GQ(-.>)*! 9! Z%P,'+A! "XX\Y! Q(-.>)*A!
VWW[Y!2<'?A!c'88@(!9!Q(-.>)*A!VWW#H!9!:@&%!'+)S(!*D':)*(/%!,%+!:*&P>%+!+%:>*,'+!
:%(! ,*! >()8%/.::>@(! /'! ,*+! c5$+! *! ,*+! (>T*+! 9! &.R'8'+! ! GQ(-.>)*! 9! M8/S+A! VWWWY!
Q(-.>)*!9!Q,*8>%A!VWW"!9!VWW\HA!='8%!:8'%!E.'!'+)*+!8'D'8'(:>*+!9!8'D,'F>%('+!+%P8'!
,*+! /'+>-.*,/*/! /'! -a('8%! '(! ,*! '/.:*:>@(! +%(! ',! &*8:%! (':'+*8>%! =*8*! *P%8/*8!
/>:e*! =8%P,'&S)>:*A! 9*! E.'! (%+! +>)_*(! '(! ,%+! ','&'()%+! D.(/*&'()*,'+! E.'! +'!
=.'/'(! *P%8/*8! '(! ,*! D%8&*:>@(! /',! =8%D'+%8*/%! '(! .(! &%&'()%! =%+)'8>%8B! ! Q+<!
E.'! (%! &'! 8'+>+)%! *! 8'=*+*8! *,-.(%+! /'! ,%+! =8>(:>=*,'+! ','&'()%+! /'! '+)*!
/'+>-.*,/*/! E.'! e%9A! 9*! '(! =,'(%! +>-,%! rr5A! +>-.'(! &*(/*/%! *! ,*+! &.R'8'+!
&'(+*R'+!:%()8*/>:)%8>%+!'!G>(H'E.<;%:%+!+%P8'!+.!=*=',!'(!',!+>+)'&*!'/.:*)>;%!9!
'(!,*!+%:>'/*/!E.'!,'+!;*!)%:*8!:%(+)8.>8!9!;>;>8B!
Q,-.(%+!/'!'+)%+!','&'()%+!='8;>;'(!'(!,%+!*+=':)%+!&S+!';>/'()'+!9!'F=,<:>)%+!/',!
+>+)'&*!'/.:*)>;%A!*.(E.'!+%(!'(!'+)%+!*+=':)%+!/%(/'!+'!e*!=8%/.:>/%!.(!*;*(:'!
&S+!8',';*()'!'(!,*!',>&>(*:>@(!/'!,%+!','&'()%+!+'F>+)*+!'(!,%+!_,)>&%+![W!*T%+!'(!
(.'+)8%!=*<+B!1(.&'8*8a!*,-.(%!/'!',,%+!P8';'&'()'0!
$
1,! .+%! -'('8*,>?*/%! /'! .(! ,'(-.*R'! +'F>+)*0! E.'! '+)*P,':'! ',! -'(a8>:%!
&*+:.,>(%A! ,%! :.*,! +.=%('! .(*! =8>&*:<*! /',! -a('8%! &*+:.,>(%! '! >(;>+>P>,>?*! *! ,*+!
*,.&(*+!'(!+.!:%(R.()%0!
fQ()'+! /'! ,*+! ','::>%('+! +'! 8'*,>?*! .(*! :*&=*T*! ',':)%8*,! '(! ,*! E.'! ,%+!
:*(/>/*)%+!'F=,>:*(!+.+!=8%=.'+)*+!=*8*!&'R%8*8!,*!;>/*!'(!',!&.(>:>=>%B!c8*+!
,*+! ','::>%('+A! ,%+! :%(:'R*,'+! E.'! e*(! +>/%! ','->/%+! =%8! ,%+! :>./*/*(%+! +'!
8'_('(! 9! ',>-'(! *,! *,:*,/'h! G$%(%:>&>'()%! /',! N'/>%B! [m! 78>&*8>*A! 1/B! CBNBA!
VWWgH!
$%&%! :%(+':.'(:>*! /'! ',,%! f,*! &'()'! /',! *,.&(*/%! >/'()>D>:*! =%8! 8.)>(*! /'!
.(! &%/%! >(:%(+:>'()'! ,%! &*+:.,>(%! :%(! ,%! )%)*,A! *,! ;*8@(! :%(! ,*! ='8+%(*A!
=8%/.:>a(/%+'! ,*! %:.,)*:>@(! /'! ,*! 'F>+)'(:>*! 9! /'! ,*! =*8)>:>=*:>@(! /'! ,*+!
&.R'8'+! 9! /',! .(>;'8+%! +>&P@,>:%! D'&'(>(%h! G5(+)>).)%! /'! ,*! N.R'8tZ'/V!
9
!
Ley de Medidas de Protección Integral contra Violencia de Género (L.O. 1/2004 de 28 de Diciembre) y Ley para la
Igualdad Efectiva de Hombres y Mujeres (Ley 3/2007 de 22 de marzo)
!
VWW!
$%(+.,)%8'+A!VWW\A!"g"i"gVHB!!
$
N*)'8>*,'+! '/.:*)>;%+! 9! :.88<:.,.&! *(/8%:a()8>:%0! C'-_(! Q&=*8%! N%8'(%!
',!*(/8%:'()8>+&%!'+!!f.(*!)'%8<*!E.'!e*:'!8'D'8'(:>*!*!,*!=%+>:>@(!=8'/%&>(*()'!
/',!+'F%!&*+:.,>(%!=%8!%=%+>:>@(!*!,*!&.R'8A!='8%!(%!.(!e%&P8'!:.*,E.>'8*A!+>(%!
.(!;*8@(!*/.,)%A!P,*(:%A!%::>/'()*,A!/'!:,*+'!&'/>*!9!E.'!+'!=%('!'(!',!:'()8%!/'!
)%/*+! (.'+)8*+! ='8+=':)>;*+A! *+>&>,*(/%! ,%! e.&*(%! :%(! '+)'! )>=%! /'! ;*8@(! 9!
/'R*(/%!'(!,%+!&S8-'('+!*!',!8'+)%!/'!='8+%(*+!E.'!(%!)>'('(!'+*+!:*8*:)'8<+)>:*+B!
7%8! )*()%! (%! +@,%! '+! .(*! ;>+>@(! +'F>+)*! +>(%! )*&P>a(! :,*+>+)*! 9! 8*:>+)*h! GN%8'(%A!
"Xg#HB!1,!e.&*(>+&%!E.'!+'!=8%&%:>%(*!/'+/'!,*+!/>+:>=,>(*+!9!)'F)%+!'+:%,*8'+A!
=%8!)*()%A!(%!*P*8:*!*!)%/%+!,%+!+'8'+!e.&*(%+!+>(%!E.'!f;*,%8*!:%&%!+.='8>%8'+!
,%+! :%&=%8)*&>'()%+! e.&*(%+! %8>'()*/%+! *! 'R'8:'8! ',! /%&>(>%! /'! .(%+! =.'P,%+!
+%P8'! %)8%+h! GN%8'(%A! VWW#0! "VVHB! 4%+! :%()'(>/%+! /'! )%/*+! ,*+! &*)'8>*+! E.'! +'!
)8*P*R*(! '(! ,%+! :'()8%+! '+:%,*8'+! +'! P*+*(! '(! '+)'! +.=.'+)%! 9! *+<A! 'F>+)'! .(*!
:,*&%8%+*! *.+'(:>*! /'! :%()'(>/%+! 8'D'8>/%+! *! ,*! :.,).8*! /'! ,*+! &.R'8'+! 9! ,*+!
*=%8)*:>%('+!E.'!a+)*+!e*(!8'*,>?*/%!'(!)%/%+!,%+!:*&=%+!:>'()<D>:%+!9!+%:>*,'+!*!,%!
,*8-%!/'!,*!e>+)%8>*!9!'(!,*!*:).*,>/*/B!c%/%!',,%!)>'('!-8*;'+!:%(+':.'(:>*+!=*8*!,*+!
(>T*+!9!&.R'8'+!'(!',!+>+)'&*!'/.:*)>;%!GN%8'(%A!VWWWH!)*,'+!:%&%!!
o
',!.+%!9!*P.+%!/'!,%+!'+)'8'%)>=%+!/'!-a('8%!=*8*!/'D>(>8!*!='8+%(*+!9!
*::>%('+!8'*,>?*/*+!=%8!.(!+'F%!.!%)8%0!
fQ,P*! e*! e':e%! .(! :%,,*8! =*8*! +.! *&>-*! .)>,>?*(/%! "^! P%,*+! *?.,'+A! VW! P%,*+!
;'8/'+!9!V#!P%,*+!8%R*+!{:.S()*+!P%,*+!)>'('!',!:%,,*8|!
j*;>'8! =*-*! \g! '.8%+! *,! &'+! =%8! ',! =*8)>/%! /'! D_)P%,! :%&%! =*-%! =%8! ;>+>@(!
{:.S()%! -*+)*! *,! :*P%! /'! +'>+! &'+'+|h! GN*)'&S)>:*+A! [m! 1/B! 78>&*8>*B! 1/B!
Q(*9*A!VWWgH!
o
',! /'+'E.>,>P8>%! /'! ,%+! &*)'8>*,'+! E.'! +@,%! =8'+'()*(! .(! =.()%! /'!
;>+)*!9!%,;>/*(!%)8%+0!;*,%8*(!/'!D%8&*!/'+'E.>,>P8*/*!,*+!8',*:>%('+!/'!=%/'8!
=%,<)>:%A! ':%(@&>:%! +%:>*,! /'R*(/%! D.'8*! *! :%,':)>;%+! :%&%! ,*! >(D*(:>*A! ,*+!
&.R'8'+A! ,*+! ='8+%(*+! *(:>*(*+! %! ,*+! +%&')>/*+! *! '+:,*;>)./! 9! +%P8';*,%8*(!
,*+!*:)>;>/*/'+!8'*,>?*/*+!=%8!,%+!e%&P8'+Y!!
fQ()'+! /'! ,*+! ','::>%('+! +'! 8'*,>?*! .(*! :*&=*T*! ',':)%8*,! '(! ,*! E.'! ,%+!
:*(/>/*)%+!'F=,>:*(!+.+!=8%=.'+)*+!=*8*!&'R%8*8!,*!;>/*!'(!',!&.(>:>=>%B!c8*+!
,*+! ','::>%('+A! ,%+! :%(:'R*,'+! E.'! e*(! +>/%! ','->/%+! =%8! ,%+! :>./*/*(%+! +'!
8'_('(! 9! ',>-'(! *,! *,:*,/'h! G$%(%:>&>'()%! /',! N'/>%B! [m! 78>&*8>*A! 1/B! CBNBA!
VWWgH!
o
,*! +'(+*:>@(! /'! >88'*,>/*/! E.'! )>'('! ,*+! (>T*+! *,! ='8:>P>8! .(*!
>(D%8&*:>@(! +.=,'&'()*8>*! /'! ,%+! e%&P8'+! &>'()8*+! E.'! 8':>P'(! &.9! =%:*!
/'!,*!8'*,>/*/!D*&>,>*8A!+%:>*,!%!,*P%8*,!/'!,*+!&.R'8'+!*:).*,'+A!>-(%8*(/%!.!
%:.,)*(/%! &.:e*+! /'! +.+! *:)>;>/*/'+A! ,%! :.*,! )>'('! >&=%8)*()'+!
8'='8:.+>%('+A!+%P8'!)%/%!'(!,*!*.)%'+)>&*!/'!,*+!&>+&*+0!
f4*!=%P,*:>@(!+'!/>;>/'!'(!/%+!-8.=%+0!
à!7%P,*:>@(!*:)>;*0!'+!',!:%(R.()%!/'!='8+%(*+!E.'!'+)S(!'(!'/*/!9!+>).*:>@(!
/'! )8*P*R*8B! $.*(/%! .(*! ='8+%(*! /'! ,*! =%P,*:>@(! *:)>;*! (%! )>'('! )8*P*R%! +'!
/>:'!E.'!'+)S!=*8*/*!%!/'+'&=,'*/*B!
à! 7%P,*:>@(! (%! *:)>;*0! :%(R.()%! /'! ='8+%(*+! E.'! =%8! +.! '/*/! %! '+)*/%! /'!
+*,./! (%! =.'/'(! )8*P*R*8B! C%(! ,%+! (>T%+A! ,%+! R.P>,*/%+! 9! ,%+! '(D'8&%+h!
!
!
VW"!
G$%(%:>&>'()%!/',!N'/>%B![m!78>&*8>*A!1/B!CBNBA!VWWgH!
o
,*!D8*-&'()*:>@(!:%(!E.'!,*+!(>T*+!='8:>P'(!,*!8'*,>/*/A!9*!E.'!=%:%+!
)'F)%+!e*:'(!8'D'8'(:>*!*!,*+!*=%8)*:>%('+!e>+)@8>:*+!9!*:).*,'+!/'!,*+!&.R'8'+!
'(!)%/%+!,%+!:*&=%+!:>'()<D>:%+!9!:.*(/%!,%!e*:'(!'+!.(!*T*/>/%!>(:%('F%!9!
=.().*,!*,!)'F)%!PS+>:%B!
1,!=8%P,'&*!/'!,%+!&*)'8>*,'+!'+:%,*8'+!'+!E.'!'+)*&%+!'(!.(*!D*+'!/%(/'!
9*! e'&%+! /')':)*/%! ',! =8%P,'&*! GJ,*(:%A! VWWWHA! ='8%! ,*! >()'8;'(:>@(! '+!
&S+!P>'(!'+:*+*!9!f,*!'88*/>:*:>@(!/'!,%+!:%()'(>/%+!+'F>+)*+!'(!',!&*)'8>*,!
'+:%,*8! '(! 1+=*T*! />+)*! /'! +'8! .(*! &')*! *,:*(?*/*h! G5(+)>).)%! /'! ,*!
N.R'8tZ'/V!$%(+.,)%8'+A!VWW\A!"gVHB!
$
2>+)8>P.:>@(!'+)'8'%)>=*/*+!/'!,*+!(>T*+!9!&.R'8'+!'+)./>*()'+!'(!/>D'8'()'+!
8*&*+! 9! '+)./>%+! /',! +>+)'&*! '/.:*)>;%0! 1+! ,%! E.'! :%(! &.9! P.'(! :8>)'8>%! ,*!
=8%D'+%8*!7>,*8!J*,,*8<(!GVWWgH!e*!/'(%&>(*/%!f,*!:%8)>(*!/'!e.&%hA!.(*!>&*-'(!
E.'! (%+! ='8&>)'! ;>+.*,>?*8! E.'A! /'P>/%! *! ,*! &*9%8>)*8>*! =*8)>:>=*:>@(! /'! ,*+!
&.R'8'+!'(!,%+!+>+)'&*+!'/.:*)>;%+!G;a*+'!',!$.*/8%+!"!9!VHA!a+)'!&>+&%!'D':)%!(%+!
/>D>:.,)*!;'8!,*+!+>).*:>%('+!/'!/>+:8>&>(*:>@(!9!/'+>-.*,/*/!E.'!+.D8'(B!
!
$.*/8%! "B! Q,.&(*/%! E.'! +'! )>).,@! '(! ,%+! />D'8'()'+! (>;','+! /',!
+>+)'&*!'/.:*)>;%!(%!.(>;'8+>)*8>%B!$.8+%!VWW#tWbB!
,.83&,)%!E8*!2*+3(&7!.%'!*'28)(%'#!
$8+'%!M[[vs[]!!
2CH:L!
3Ki=<=@!
*)8$,$(7&!5+(3,+(,!
R[R#D^^!
0<:?K:?C!=>!*?KJ:JBf>!'=JK>?:<B:!p!*#'#%#!
"["#vy`!
/:JjBLL=<:HC!
D^^#[yR!
"X^B##^!XRy~Rt\!
"#VB"V"!
X`"~"yt\!
""\BWW[!
X`]~Mvt\!
-#!5#!p!$BJLC@!-C<W:HBQC@!0<:?C!3=?BC!
]"#]"R!
[gBXgg!X`M~y]t\!
-#!5#!p!$#-#!0<:?C!'KA=<BC<!X2SJ>BJC!'KA=<BC<\!
]`#M]^!
\WBV^"!X`"~Rvt\!
`.'()'0!N>(>+)'8>%!/'!1/.:*:>@(!9!$.,).8*B!
!
$.*/8%! VB! Q,.&(*/%! -8*/.*/%! '(! 78>&'8! 9! C'-.(/%! :>:,%! /'!
3(>;'8+>/*/B!$.8+%!VWWbtWgB!
!,LKW>:?C!P<:?K:?C!=>!D!N!M!
JBJLC!K>BQ=<@B?:?#!$K<@C![]s[y!
2CH:L!
!
7%,>)a:(>:*!/'!$*)*,.(9*!
7%,>)a:(>:*!/'!N*/8>/!
7%,>)a:(>:*!/'!]*,'(:>*!
!2%2,.!
Dv`#``"!
!!
\B[bW!!
[B#^"!!
\B"\"!!
!3Ki=<=@!
D[D#^"^!XvD~`^t\!!
"BVVX!GVgÑ"uH!!!
"BVgb!G[^ÑVuH!!
"BbV"!G\"Ñ^uH!!
`.'()'0!N>(>+)'8>%!/'!1/.:*:>@(!9!$.,).8*B!
!
Q!='+*8!/',!*::'+%!-'('8*,>?*/%!/'!(>T*+!9!&.R'8'+!*!)%/%+!,%+!S&P>)%+! 9!
8*&*+!/'!'+)./>%A!'+)%!(%!E.>'8'!/':>8!E.'!+'!e*9*!:%(+'-.>/%!,*!>-.*,/*/!
8'*,A! 9*! E.'! )%/*;<*! ,*! +%:>*,>?*:>@(! 9! ,%+! '+)'8'%)>=%+! e*:'(! E.'! ,*+!
&.R'8'+! (%! e*9*(! *::'/>/%! '(! ',! &>+&%! (>;',! E.'! ,%+! ;*8%('+! *! :>'8)%+!
'+)./>%+A! :%&%! '+! ',! :*+%! /'! &.:e%+! :>:,%+! D%8&*)>;%+! /'! ,*! `%8&*:>@(!
!
!
VWV!
78%D'+>%(*,! G]a*+'! $.*/8%! [H! %! /'! ,%+! '+)./>%+! 8',*:>%(*/%+! :%(! ,*+!
5(-'(>'8<*+! 9! ,*+! c':(%,%-<*+! /'! ,*! 5(D%8&*:>@(! 9! ,*! $%&.(>:*:>@(! '(! ,*!
3(>;'8+>/*/A! /%(/'! ,*+! '+)./>*()'+! (%! +.='8*(! ',! [Wu! /'! ,*! &*)8<:.,*! '(!
(>(-_(! :*+%A! ! +>'(/%! .(*! +>).*:>@(! +%+)'(>/*! '(! ',! )>'&=%! /'+/'! ,%+! *T%+!
gWA! 'F:'=).*(/%! ,%+! :*+%+! /'! ,*! 5(-'(>'8<*! Q-8<:%,*! 9! ,*! 5(-'(>'8<*! /'!
2>+'T%!5(/.+)8>*,B!!
!
$.*/8%![B!Q,.&(*/%!E.'!)'8&>(@!$>:,%+!`%8&*)>;%+!/'!d8*/%!N'/>%B!
$.8+%!VWW#tWbB!
2%2,.!
$($.%'!!
2%2,.!!
Q$c5]52Q21C!QdZQZ5QC!
Q$c5]52Q21C!`zC5$QC!o!217MZc5]QC!
Q$c5]52Q21C!NQZzc5NMi71Cx31ZQC!
Q2N5U5CcZQ$5yU!
QZc1C!dZn`5$QC!
$MN1Z$5M!o!NQZ61c5Ud!
$MN3U5$Q$5yUA!5NQd1U!o!CMU52M!
125`5$Q$5yU!o!MJZQ!$5]54!
141$cZ5$52Q2!o!141$cZyU5$Q!
`QJZ5$Q$5yU!N1$nU5$Q!
LMCc141ZzQ!o!c3Z5CNM!
5NQd1U!71ZCMUQ4!
5U23CcZ5QC!Q45N1UcQZ5QC!
5U`MZNnc5$Q!
NQ21ZQ!o!N31J41!
NQUc1U5N51UcM!o!C1Z]5$5MC!Q!4Q!
7ZM23$$5yU!
NQUc1U5N51UcM!21!]1Lz$34MC!
Q3cM7ZM734CQ2MC!
x3zN5$Q!
CQU52Q2!
C1Z]5$5MC!CM$5M$34c3ZQ41C!Q!4Q!
$MN3U52Q2!
c1rc54A!$MU`1$$5yU!o!7514!
]52Z5M!o!$1ZnN5$Q!
2CH:L! 4CWd<=@! 3Ki=<=@!
]"#]"R!! "R#]Rv!! "y#^yy!!
"B[^[!!
"B"^\!!
"XX!!
"B"gX!!
bg#!!
\W[!!
["[!!
VXV!!
V"!!
"bBbg\!!
[Bg[b!!
"[BX\b!!
b^V!!
\##!!
Vg#!!
[B#""!!
Xg\!!
VB#Vb!!
#X#!!
[[\!!
[#V!!
VV^!!
V"\!!
""!!
bBg^b!!
bBbV[!!
"[\!!
[BWV"!!
VBX#\!!
^b!!
[B"^^!!
"B#[X!!
"B^"#!!
^B^Wb!!
""V!!
^B[X^!!
[#\!!
"g"!!
"g[!!
[B\"^!!
VBX\X!!
\##!!
bX\!!
b^X!!
[^!!
VBb^"!!
VBbV^!!
V#!!
#B"[^!!
#BWb[!!
#V!!
g\V!!
"VB\g^!!
[VW!!
"B"VX!!
^VV!!
""B[^#!!
"B[#V!!
g\!!
"BVbg!!
XX!!
V"!!
^!!
"#!!
X\!!
^!!
!
$.*/8%! \B! 7%8:'()*R'! /'! &.R'8'+! &*)8>:.,*/*+! '(! ,%+! />D'8'()'+! '+)./>%+!
+.='8>%8'+!/',!S8'*!/'!5(-'(>'8<*B!
D^^^p
[[!
2%2,.!
MRgy]!
Q8E.>)':).8*!ca:(>:*!
[[AX"!
5(-B!ca:B!Q'8%(S.)>:*!
V\A[g!
5(-B!ca:B!Q-8<:%,*!
\[A"X!
5(-B!ca:B!2>+'T%!5(/.+)8>*,! [bAbV!
5(-B!ca:B!`%8'+)*,!
[bAbg!
5(-B!ca:B!5(/.+)8>*,!
"gA#V!
5(-B!ca:B!5(D%8&S)>:*!/'!
d'+)>@(!
V"Abg!
5(-B!ca:B!5(D%8&S)>:*!/'!
C>+)'&*+!
"#A"X!
$K<@C!,J:?SWBJC!
!
!
M[[vp
[]!
MRgv^!
[#A\X!
V[A"g!
\VAWX!
\#A\"!
[bAX"!
"gA^W!
VVAb\!
""AX"!
VW[!
5(-B!ca:B!N>('8*!
5(-B!ca:B!U*;*,!
5(-B!ca:B!c%=%-8SD>:*!
5(-B!ca:B!/'!MP8*+!7_P,>:*+!
5(-B!ca:B!/'!
c',':%&.(>:*:>@(!
N*8>(*!$>;>,!G2>=,BH!
V"Ab\!
"gA[[!
["A[W!
VbAXX!
V#A#[!
VVA^#!
[[AX[!
[WAX\!
"XA""! V"AXW!
"XAgW! "#A""!
!
Q! ',,%! e'&%+! /'! *T*/>8! E.'! ,%+! '+)'8'%)>=%+! +>-.'(! ;>-'()'+! =*8*! :e>:%+! 9!
:e>:*+! '(! ,*! ','::>@(! *:*/a&>:*! '(! ',! 8'+)%! /'! 8*&*+! 9! S8'*+! /'! '+)./>%+!
+.='8>%8'+! ! G;a*+'! ',! ',%:.'()'! $.*/8%! ^! :%(! ,*! +':.'(:>*! )'&=%8*,! /',!
=%8:'()*R'!/'!&*)8<:.,*!/'!,*+!&.R'8'+HB!
!
$.*/8%!^B!7%8:'()*R'!/'!&.R'8'+!&*)8>:.,*/*+!'(!,%+!/>D'8'()'+!'+)./>%+!/'!
/>=,%&*).8*!9!,>:'(:>*).8*!.(>;'8+>)*8>*B!!
$K<@C!,J:?SWBJC!
J>P,>%)':%(%&<*!9!
2%:.&'()*:>@(!
$:B!1&=8'+*8>*,'+!
1/.:*:>@(!C%:>*,!
1(D'8&'8<*!
1+)*/<+)>:*!
`>+>%)'8*=>*!
d'+)>@(!9!Q/&@(B!7_P,>:*!
4%-%='/>*!
N*'+)8%t*!
U.)8>:>@(!L.&*(*!9!
2>')a)>:*!
y=)>:*!9!M=)%&')8<*!
7%/%,%-<*!
Z',*:>%('+!4*P%8*,'+!
c'8*=>*!M:.=*:>%(*,!
c8*P*R%!C%:>*,!
c.8>+&%!!
Q/&@(B!9!2>8'::B!/'!
1&=8'+*+!
Q()8%=%,%-<*!C%:>*,!9!
$.,).8*,!
J',,*+!Q8)'+!
J>%E.<&>:*!
$:B!Q:)>;>/*/!`<+>:*!9!
2'=%8)'!
$:B!Q:).*8>*,'+!9!
`>(*(:>'8*+!
$:B!Q&P>'()*,'+!
$:B!J>%,@->:*+!
$:B!1:%(@&>:*+!9!
1&=8'+*8>*,'+!
$:B!`<+>:*+!
$:B!d'%,@->:*+!
$:B!N*)'&S)>:*+!
$:B!7%,<)>:*+!9!C%:>%,%-<*!
$:B!7%,<)>:*+!9!/'!,*!
Q/&@(B!
!
!
D^^^p
[[!
M[[vp
[]!
b"A"^!
^VAXW!
g\A\W!
g[Ag\!
^"A#^!
#\Ab#!
#[AX#!
X"AXW!
bVAbb!
#gAb"!
^[A^#!
gWAVb!
g[A#b!
^VA[^!
#^Ag\!
#WAb#!
XWA\^!
b\AW\!
g\A[W!
#^AX[!
#^A\V!
##A^W!
g^Ab"!
g^AbW!
b^Ab^!
g\A#g!
#XAgX!
##A#b!
##AWb!
ggA"X!
g"AgV!
b\A"b!
\XAXW!
^VAX[!
bWA"\!
#"A#b!
^gAg#!
##A\^!
#^A\X!
#\A["!
VbA"g!
V^A[^!
\bAV#!
#WAgW!
#[A\"!
^VAVb!
^bA"[!
#^A\X!
\\Abb!
VXA\^!
^WAg\!
^VAW#!
#WAgW!
^VA[W!
[WAWV!
^WA\V!
^WAWX!
\#AWW!
^[Ab^!
\bA^W!
VW\!
$:B!x.<&>:*+!
$:B!/'!,*!5(D%8&*:>@(!
$:B!/',!N*8!
$>'(:>*!9!c':B!Q,>&'()%+!
$>'(:>*+!9!ca:(>:*+!
1+)*/<+)>:*+!
$%&.(>:*:>@(!
Q./>%;>+.*,!
2'8':e%!
2%:.&'()*:>@(!
1:%(%&<*!
1(%,%-<*!
`*8&*:>*!
`>,%,%-<*!
`>,%+%D<*!
d'%-8*D<*!
L>+)%8>*!
L>+)%8>*!/',!Q8)'!
L>+)%8>*!9!$:B!/'!,*!N_+>:*!
L.&*(>/*/'+!
5(;'+)B!9!ca:B!/'!&'8:*/%!
4>(-.<+)>:*!
N'/>:>(*!
M/%()%,%-<*!
7'/*-%-<*!
7'8>%/>+&%!
7+>:%,%-<*!
7+>:%='/*-%-<*!
7.P,>:>/*/!9!Z',*:>%('+!
7_P,>:*+!
C%:>%,%-<*!
c'%8<*!/'!4>)B!9!4>)B!
$%&=*8*/*!
c8*/.::>@(!'!
5()'8=8')*:>@(!
]')'8>(*8>*!
^gA#"!
^[A^X!
^gA^b!
#bA\g!
#"AV^!
^VA\W!
##Agg!
bgAW^!
^\A["!
^\A"W!
^^AW#!
^^Ag[!
b"Ag^!
\#A\[!
\XA[\!
bVAb#!
b\A^X!
\VA""!
\"A""!
\bA#^!
bVA#X!
#VA#W!
#"A"V!
\XA[X!
b"Agg!
#^AgW!
#WAWg!
gWAgV!
#[A"\!
b^A[W!
gWAW[!
^gA##!
^^A[#!
bVA"\!
\^AXg!
\^AVg!
#XAgg!
b[A^\!
[XA[^!
[^A\^!
\[Abb!
b\AXg!
^bAV^!
#WAX^!
^"A^V!
bWA^b!
bWA[V!
#^AWX!
gVA^b!
#\A[g!
b#A[X!
g"AV#!
#XA\^!
#"AW\!
#XA#b!
^gAWb!
#XA[#!
#[A[W!
g"A\#!
#WAW"!
gWA#"!
#gA^g!
!
$
2>+)8>P.:>@(! '+)'8'%)>=*/*! /'! ,*+! =8%D'+%8*+! =%8! ,%+! />D'8'()'+! (>;','+! 9!
8*&*+!/',!+>+)'&*!'/.:*)>;%B!!$%(+)>).9'(!,*!>(&'(+*!&*9%8<*!/',!=8%D'+%8*/%!'(!
,%+! (>;','+! /'! '/.:*:>@(! >(D*()>,! 9! =8>&*8>*! 9! ,*! '(+'T*(?*! /'! >/>%&*+A! &>'()8*+!
E.'!'(!,*+!'(+'T*(?*+!)a:(>:*+!*='(*+!8'P*+*(!',![^u!G$.*/8%!#HB!
!
$.*/8%! #B! 2>+)8>P.:>@(! =%8! +'F%! /',! =8%D'+%8*/%! '(! (>;','+! (%!
.(>;'8+>)*8>%+B!$.8+%!VWWbtVWWg!
&BQ=L!?=!=>@=V:>;:!
t!3Ki=<=@!
N*'+)8*+t%+!
78%D'+%8*/%!C':.(/*8>*!
78%D'+%8*/%!ca:(>:%!`7!
cMcQ4!
b#Ñb!
^#Ñ[!
[gÑ"!
#gÑ#!
t!
4CWd<=@!
V[Ñ[!
\[Ñb!
#"ÑX!
["Ñ\!
`.'()'0!N>(>+)'8>%!/'!1/.:*:>@(!GVWWXH!
!
M)8%+!*+=':)%+!/'!,*!/>+:8>&>(*:>@(!/'!,*+!&.R'8'+!)>'('(!E.'!;'8!:%(!','&'()%+!
!
!
VW^!
&'(%+!';>/'()'+A!&S+!+.)>,'+!9A!=%8!',,%A!/>D<:>,'+!/'!/')':)*8A!9*!E.'!+'!:'()8*(!'(!
',! ! &*8:%! /'! ,*+! />+:8>&>(*:>%('+! '(! ',! )8*)%! *! ,*+! *,.&(*+! D8'()'! *! ,%+! *,.&(%+!
GC>&@(A!VWWW!9!VWWgH!9!,%+!=8%:'+%+!/'!8',*:>@(!'+)'8'%)>=*/%+!'(!D.(:>@(!/',!+'F%!
/%&>(*/%+! =%8! ,*! +%P8';*,%8*:>@(! 9! *:'=)*:>@(! *:8<)>:*! /'! ,*! :.,).8*! &*+:.,>(*!
)8*/>:>%(*,! GCS(:e'?! '! 5-,'+>*+A! VWWgH0! ,*! :%&=,'&'()*8>'/*/! /'! ,%+! +'F%+A! ',!
D%&'()%! 9! ,*! ='8&>+>;>/*/! *()'! .(! '+)8>:)%! :%&=%8)*&>'()%! +'F.*,! '+)'8'%)>=*/%!
GJ*,,*8<(A!VWWg0!"bWi"b"HB!
7%8!_,)>&%A!(%!=%/'&%+!%,;>/*8!E.'!e*9!','&'()%+!E.'!)%/*;<*!(%!e*(!'()8*/%!'(!
',!:.88<:.,.&!%D>:>*,!/'!(.'+)8*+!'+:.',*+!9!E.'!)>'('(!E.'!;'8!:%(!,*+!*=%8)*:>%('+!
/'! ,*+! &.R'8'+! *! ,*! :%(+)8.::>@(! /',! &.(/%A! )*,'+! :%&%! ,*! '/.:*:>@(! *D':)>;%i
+'F.*,A! ',! *=8'(/>?*R'! /',! &*('R%! /'! ,*+! *:)>;>/*/'+! 8'=8%/.:)>;*+! G:.>/*/%+! /'!
>(D*(:>*!9!*(:>*(%+!9!:%(%:>&>'()%+!/'!*.)%i+.D>:>'(:>*!9!8'+=%(+*P>,>/*/!D*&>,>*8!
:%&%!,*;*8A!:%:>(*8A!,>&=>*8AsHA!='8%!E.'!e*(!='8)'(':>/%!*,!&.(/%!/'!,%!=8>;*/%!9!
(%!,%-8*(!)'('8!:*)'-%8<*!/'!:%(%:>&>'()%+!8',';*()'+!=*8*!)%/*!,*!e.&*(>/*/!!(>!
=*8*!,*!D%8&*:>@(!/'!(.'+)8%+!(>T%+!9!(>T*+!GJ*,,*8<(A!VWWg0!"gVHB!
!
"#!.,!-%+3,$(7&!)*.!5+%-*'%+,)%!'%/+*!0F&*+%#!
4*!D%8&*:>@(!/',!=8%D'+%8*/%!+%P8'!,*+!/'+>-.*,/*/'+!/'!,*+!&.R'8'+!9!/'+/'!.(*!
='8+=':)>;*!/'!-a('8%!e*!+>/%!.(*!*+>-(*).8*!='(/>'()'!'(!(.'+)8%!=*<+A!)*()%!'(!
,%!8'D'8>/%!*!,*!D%8&*:>@(!>(>:>*,!:%&%!*!,*!D%8&*:>@(!='8&*('()'!9!',,%!/'P>/%!*!,*!
>(;>+>P>,>/*/!/'!'+)*!=8%P,'&S)>:*!=*8*!.(*!-8*(!=*8)'!/',!=8%D'+%8*/%!'(!'R'8:>:>%!
G5(+)>).)%!/'!,*!N.R'8tZ'/VAVWW\HB!!1(!'+)'!:*+%!+'!)8*)*!/'!.(!:<8:.,%!;>:>%+%!E.'!
+@,%! +'! =.'/'! 8%&='8! &'/>*()'! ,*! D%8&*:>@(0! (%! e*9! D%8&*:>@(! =%8E.'! (%! e*9!
/'&*(/*!/'!,*!&>+&*!9!(%!e*9!/'&*(/*!/'!D%8&*:>@(!=%8E.'!+>(!',,*!+'!>-(%8*!,*!
=8%P,'&S)>:*!9!+'!:8''A!'(!)a8&>(%+!-'('8*,'+A!E.'!,*!>-.*,/*/!'()8'!:e>:%+!9!:e>:*+!
e*!,,'-*/%!*!,*+!*.,*+B!
U%! %P+)*()'A! e*(! +.8->/%! &_,)>=,'+! >(>:>*)>;*+! /'+/'! ',! =8%D'+%8*/%! '(! 'R'8:>:>%!
',*P%8*(/%! 9! ,,';*(/%! *! :*P%! =8%9':)%+! /'! >((%;*:>@(! :'()8*/%+! '(! ,*!
:%'/.:*:>@(A!='8%!E.'!(%!e*(!)'(>/%!+.D>:>'()'!*=%9%!=*8*!/*8,'+!:%()>(.>/*/!'(!
',! )>'&=%! (>! ,*! />D.+>@(! :%&%! P.'(*+! =8S:)>:*+! '/.:*)>;*+! e*:>*! ',! 8'+)%! /'! ,*!
:%&.(>/*/! '/.:*)>;*B! 1+)'! 8*+-%! /'! (%! :%()>(.>/*/! e*(! )'(>/%! )*&P>a(! ,*+!
=%,<)>:*+! >(+)>).:>%(*,'+! E.'! +'! e*(! ,,';*/%! *! :*P%! '(! ',! &*8:%! /'! ,*! D%8&*:>@(!
='8&*('()'! 9! ,%+! :'()8%+! /'! =8%D'+%8*/%! *! ,%! ,*8-%! 9! *(:e%! /'! ,*! -'%-8*D<*!
'+=*T%,*A! )*()%! =%8! ,*+! */&>(>+)8*:>%('+! '/.:*)>;*+! :%&%! =%8! ,%+! >(+)>).)%+! /'! ,*!
&.R'8!'+)*)*,!9!*.)%(@&>:%+!G2<*?!/'!d8'T.A!VW"WHB!!
c%/*+!'+)*+!>(>:>*)>;*+!+%(!,%*P,'+A!='8%!+'!)%8(*(!'(!*(':/@)>:*+!'(!',!&*8:%!/'!,*!
D%8&*:>@(! /',! =8%D'+%8*/%A! *,! +'8! +.! :*8S:)'8! (%! %P,>-*)%8>%A! +>(! >&=,>:*:>%('+! /'!
)%/*!,*!:%&.(>/*/!'/.:*)>;*!9!+>(!:%()>(.>/*/A!:%&%!/':<*&%+!*()'8>%8&'()'B!U%+!
e*(!+'8;>/%!=*8*!)'('8!,%+!=8>&'8%+!&*)'8>*,'+!'/.:*)>;%+!(%!+'F>+)*!'(!&.:e*+!/'!
(.'+)8*+!&*)'8>*+!'+:%,*8'+!)8*/>:>%(*,'+!9!=*8*!&%+)8*8!E.'!'+!=%+>P,'!*P%8/*8!,*!
/'+>-.*,/*/! /'! -a('8%! /'+/'! ',! &*8:%! /'! (.'+)8*+! *.,*+! 9! :'()8%+A! ='8%! (%! =*8*!
:%(;'(:'8! *! )%/*! ,*! :%&.(>/*/! '/.:*)>;*! /'! ,*! (':'+>/*/! /'! +.! 'F)'(+>@(! 9!
-'('8*,>?*:>@(B!!
7%8! )%/%! ',,%A! +>-.'! +>'(/%! (':'+*8>%! =,*()'*8! .(*! D%8&*:>@(! /',! =8%D'+%8*/%!
8'-,*/*! /'+/'! ,*! ='8+=':)>;*! /'! -a('8%B! 1(! ',! :*&=%! /'! ,*! D%8&*:>@(! >(>:>*,!
)'('&%+!,*!%=%8).(>/*/!/'!=%('8!'(!&*8:e*!(.';%+!=,*('+!/'!'+)./>%!'(!',!&*8:%!
!
!
VW#!
/',!1+=*:>%!1.8%='%!/'!1/.:*:>@(!C.='8>%8!*=%9*/%+!'(!,*!4'9!/'!5-.*,/*/!'()8'!
N.R'8'+! 9! L%&P8'+! /'! VWWb! 9! :%(! .(*! />8':)8>?! :,*8*! '(! ,*! d.<*! 8'*,>?*/*! =%8! ,*!
Q-'(:>*! U*:>%(*,! /'! 1;*,.*:>@(! /'! ,*! $*,>/*/! 9! ,*! Q:8'/>)*:>@(! GQU1$QHA! E.'! +'!
%D8':'! *! ,*+! >(+)>).:>%('+! .(>;'8+>)*8>*+! :%&%! >(+)8.&'()%! /'! *=%9%! =*8*! ,*!
',*P%8*:>@(!/'!,*!&'&%8>*!/'!,%+!(.';%+!=,*('+!/'!'+)./>%!/'!d8*/%!9!7%+-8*/%B!
U%!%P+)*()'A!.(*+!>(/>:*:>%('+!-'(a8>:*+!9!=%:%!:,*8*+!(%+!'+)S(!,,';*(/%!*!E.'!,%+!
)'&*+!/',!)8*)*&>'()%!/'!,*!>-.*,/*/!'()8'!&.R'8'+!9!e%&P8'+!E.'/'!8','-*/%!*!+.!
)8*)*&>'()%! f/'! D%8&*! )8*(+;'8+*,h! 9! =%:%! 'F=,<:>)*! '(! ,%+! (.';%+! =,*('+! /'!
'+)./>%! /'! ,*+! )>).,*:>%('+! /'! &*'+)8*t%! 9! /'! =8%D'+%8*/%! /'! +':.(/*8>*! E.'! +'!
'+)S(! =%(>'(/%! '(! &*8:e*B! 2'! '+)*! D%8&*A! (*/>'! +'! e*:'! :*8-%! 'F=,<:>)*&'()'! /'!
)8*)*8! '+)%+! *+.()%+! 9! )%/%! E.'/*! '(! .(*! ('P.,%+*! />D<:>,! /'! :%(:8')*8! '(! ,%+!
:.88<:.,.&+! /'! ,*+! &*)'8>*+B! c*&=%:%! ,%+! &'/>%+! /'! :%&.(>:*:>@(! /'! :%8)'! &S+!
:%(+'8;*/%8!*9./*(!*!;>+.*,>?*8!'+)*!=8%P,'&S)>:*!:.*(/%!)8*)*(!'(!)%(%!/'!+%8(*!
,*+! 8':,*&*:>%('+! /'! ,*! N>(>+)8*! /'! 5-.*,/*/! '(! ',! 7*8,*&'()%! 1+=*T%,! ! GQJ$i!
V#tW[tVW"WY!14!N3U2Mi!V#tW[tVW"WHB!
4*!:,*;'!9!',!8')%!+>-.'(!'+)*(/%!'(!%D8':'8!*!,%+!(.';%+!=8%D'+%8'+!9!=8%D'+%8*+!
D%8&*:>@(! +.D>:>'()'! 9! /'! D%8&*! :%&=,')*! G7a8'?! $*88*:'/%A! VWW#H! =*8*! E.'!
'()>'(/*(!E.'!',!8')%!/'!,*!>-.*,/*/!'+!.(*!(':'+>/*/!+%:>*,!E.'!(%!='8&>)'!&S+!
*=,*?*&>'()%+!'(!',!:*&=%!'/.:*)>;%A!9*!E.'!/'+/'!'+'!:%()'F)%!=%/'&%+!>(D,.>8!
'(!,*+!;>/*+!9!,*+!;>+>%('+!/'!,*+!(.';*+!-'('8*:>%('+!/'!D%8&*!/'D>(>)>;*B!
!
/(/.(%0+,-1,!
QJ$! GVW"WH! fQ</%! E.>'8'! E.'! ',! D'&>(>+&%! +'*! .(*! *+>-(*).8*! %P,>-*)%8>*! '(! ,*!
3(>;'8+>/*/h!GV#tW[tVW"WH!
QUd35cQA! Z%:<%! G$%%8/BH! GVWW[HB! 8)"* 6-a+5+"* +2* &)* 12#/+5"#,),* ,+* r)&&),%&#,0!
]*,,*/%,>/0!C'8;>:>%!/'!7.P,>:*:>%('+!/'!,*!3B]*B!
QUd35cQA!Z%:<%!9!Q4QZ5MA!Q(*!5B!GVWW"HB!G4*+!&.R'8'+A!,*+!(.';*+!)':(%,%-<*+!9!,*!
'/.:*:>@(B! 3(! :*&>(%! ,,'(%! /'! %P+)S:.,%+hB! 1(0! Q8'*A! N*(.',! G1/BH! <,-$)5* +2* &)*
"%$#+,),*,+*&)*#29%56)$#:2B!J>,P*%0!2'+:,'a!!J8%.O'8A!==BV"^iV\gB!
QUd35cQA! Z%:<%! 9! Q4QZ5MA! Q(*! 5B! GVWW\HB! fN.R'8'+! 9! '/.:*:>@(! '(! ,*! '8*! />->)*,!
{(.';*+!%=%8).(>/*/'+!=*8*!,*!>-.*,/*/|h!;+,*A#'#.)&A!^B!
QUd35cQA!Z%:<%Y!MZ2nCA!1+)',*!GVWWWHB!f4*+!*,.&(*+!*()'!,%+!%8/'(*/%8'+!'(!,*+!
*.,*+hB!?%6-2#$)5A!"\A!V"giVV\B!
QUd35cQA!Z%:<%Y!ZMJ41CA!]>:)%8>*!G"XX\HB!N29%56+*,+*&)*35+"+2$#)*,+*&)"*)&-62)"*
,+*&)*12#/+5"#,),*,+*f5)2),)@*IYklJIYYG0*d8*(*/*0!C'8;>:>%!/'!7.P,>:*:>%('+!/'!,*!
3(>;'8+>/*/!/'!d8*(*/*B!$%,'::>@(!`'&>(*'B*
QUd35cQA! Z%:<%Y! cMZZ1dMA! 4.>+! NB! GVW"WHB! fda('8%A! '/.:*:>@(! 9! D%8&*:>@(! /',!
=8%D'+%8*/%0! 8')%+! 9! =%+>P>,>/*/'+hB! Z';>+)*! 5()'8.(>;'8+>)*8>*! /'! `%8&*:>@(! /',!
78%D'+%8*/%A!#\A!"biV#B!
!
!
VWb!
JQ44QZzUA! 7>,*8! GVWWgHB! fZ')%+! /'! ,*! '+:.',*! /'&%:8S)>:*h! 1(! Z%+*! $%P%! G1/BH!
<,-$)5*+2*&)*$#-,),)2()0*!+5"3+$.#/)"*9+6#2#".)"B!N*/8>/0!4%+!4>P8%+!/'!,*!$*)*8*)*A!
==B!"^"i"g#B!
J4QU$MA!U>';'+!GVWWWHB!<&*"+C#"6%*+2*&%"*6).+5#)&+"*+,-$).#/%"*,+*&)*<0D0g0!C';>,,*0!
5(+)>).)%!Q(/*,.?!/'!,*!N.R'8B!
2zQ!21!dZ1í3A!C%D<*!GVW"WH!A#"$5#6#2)$#:2*%*#'-)&,),0*8)*+,-$)$#:2*+2*+&*5+"3+.%*
)* &)* ,#9+5+2$#)* )* .5)/W"* ,+* &)* +2"+=)2>)* ,+* &)* X#".%5#)0* C'-%;>*0! c'+>+! 2%:)%8*,!
>(a/>)*B!3(>;'8+>/*/!/'!]*,,*/%,>/B!
2z1A!1(8>E.'Y!c1ZZyUA!1,%<(*Y!QUd35cQA!Z%:<%!GVWW#H!8)*$-&.-5)*,+*'W2+5%*+2*&)"*
%5')2#>)$#%2+"*+"$%&)5+"T*S%.#/)$#%2+"*4*%M".B$-&%"*3)5)*+&*)$$+"%*,+*&)"*6-a+5+"*)*
&%"*3-+".%"*,+*,#5+$$#:2B!J*8:',%(*0!M:)*'/8%B!
14! N3U2M! GVW"WH! fQ</%! E.>'8'! E.'! ',! D'&>(>+&%! +'*! &*)'8>*! )8%(:*,h!
GV#tW[tVW"WH!
5UCc5c3cM! 21! 4Q! N3j1Zt! Z12V! $MUC34cMZ1C! GVWW\HB! <".-,#%* 3)5)* $%2%$+5* &)*
"#.-)$#:2*)$.-)&*,+*&)*+,-$)$#:2*3)5)*&)*#'-)&,),*+2*<"3)=)B!N*/8>/0!5(+)>).)%!/'!,*!
N.R'8B!
p2>+=%(>P,'!
'(0!
e))=0ttOOOB'/.:*8'(>-.*,/*/B%8-t.=,%*/t2%:K"^K8'/V8'/B=/Dq!
N5U5Cc1Z5M! 21! 123$Q$5yU! GVWWXHB! A).%"* 4* $#95)"0* ?-5"%* +"$%&)5* GQQYjGQIQB!
p2>+=%(>P,'!
'(0!
e))=0ttOOOB'/.:*:>%(B'+t&':/t'+)*/>+)>:*+t'/.:*)>;*+t/::'t2*)%+K$>D8*+KO'PB
=/Dq!
NMZ1UMA!Q&=*8%!G"Xg#HB!<&*)5`-+.#3%*/#5#&*35%.)'%2#".)*,+*&)*V#".%5#)B!J*8:',%(*0!
4*C*,B!
NMZ1UMA!Q&=*8%!GVWW#HB!fNS+!*,,S!/',!-a('8%0!*=%8)*:>%('+!(%i*(/8%:a()8>:*+!*!
,*!:%(+)8.::>@(!/'!.(!e.&*(>+&%!=,.8*,hB!1(0!$*8&'(!Z%/8<-.'?!G$%&=BH!fW2+5%*4*
$-55($-&-6B!N*/8>/0!Qk*,A!==B!"W[i"[WB!
NMZ1UMA! 1&>,>*! GVWWWHB! f4*! )8*(+&>+>@(! /'! &%/',%+! +'F>+)*+! '(! ,*! '+:.',*hB! 1(0!
N>-.',!QB!C*()%+!G:%%8/BH!<&*V)5W2*3+,)':'#$%B!J*8:',%(*0!d8*@A!==B!""i[VB!
7ÇZ1! $QZZQ$12MA! 4%,*! GVWW#HB! f7%8! ,*! =,'(*! >()'-8*:>@(! /'! ,%+! '+)./>%+! /'! ,*+!
&.R'8'+A!D'&>(>+)*+!9!/'!-a('8%!'(!',!'+=*:>%!'.8%='%!/'!'/.:*:>@(!+.='8>%8hB!<&*
3+5#:,#$%* 9+6#2#".)@* IG* ,+* +2+5%* ,+* GQQoB! p$%(+.,)*/%! ',! "W! /'! R.,>%! /'! VW"W! '(0!
e))=0ttOOOB&.R'8'+'(8'/B(')t+=>=B=e=|*8)>:,'\^Xq!
CnU$L1! J144MA! Q(*Y! 5d41C5QC! dQ42MA! Q(*! GVWWgHB! f$.88<:.,.&! %:.,)%! '(! ',!
*.,*0! '+)'8'%)>=%+! '(! *::>@(hB! 1(0! Z%+*! $%P%! G1/BH! <,-$)5* +2* &)* $#-,),)2()0*
!+5"3+$.#/)"*9+6#2#".)"B!N*/8>/0!4%+!4>P8%+!/'!,*!$*)*8*)*A!==B!"V[i"^WB!
C5NMUA! NB! 1,'(*! GVWWWHB! fc>'&=%+! 9! '+=*:>%+! =*8*! ,*! :%'/.:*:>@(hB! 1(! N>-.',! QB!
C*()%+!G:%%8/BH!<&*V)5W2*3+,)':'#$%!G==B[[i^"HB!J*8:',%(*0!d8*@B!
C5NMUA! NB! 1,'(*! GVWWgHB! X#a)"* ,+* &)* #'-)&,),@* V+5+,+5)"* ,+* #2a-".#$#)"B! N*/8>/0!
U*8:'*B!
!
!
!
!
VWg!
!
!
!
!
!
5*E8*b,'!.*$$(%&*'!X5+%6('(%&,.*'\!+*'5*$2%!)*!.,!
-%+3,$(7&!5,+,!.,!(&6*'2(0,$(7&!*)8$,2(6,!_!'%$(,.!
!
!
*?K:<?C!-=<>h>?=;!+C?<IPK=;!
`*:.,)*/!/'!1/.:*:>@(!9!c8*P*R%!C%:>*,B!3(>;'8+>/*/!/'!]*,,*/%,>/!
!
+*'83*&!
1(!'+)*!:%&.(>:*:>@(!+'!=8')'(/'!/*8!.(*!+'8>'!/'!,%:*,>?*:>%('+!8'D,'F>;*+!*:'8:*!
/'!,*!D%8&*:>@(!=*8*!,*!>(;'+)>-*:>@(!'/.:*)>;*!9!+%:>*,B!7*8)>'(/%!/'!.(!:%()'F)%!
*:).*,A! '(! ',! E.'! ,*! >(;'+)>-*:>@(! +'! '(:.'()8*! +%&')>/*! *! ,*+! (':'+>/*/'+! 9!
/')'8&>(*:>%('+!/',!:*=>)*,>+&%!*:*/a&>:%A!,%!E.'!+'!=,*()'*!*E.<!'+!.(*!+'8>'!/'!
>()'88%-*()'+!E.'A!*!&%/%!/'!='E.'T*+!,'::>%('+A!(%+!+>8;*(!=*8*!;%,;'8!*!='(+*8!
,%!E.'!e*:'&%+!'(!,*!D%8&*:>@(!/'!>(;'+)>-*/%8'+!+%:>*,'+B!!
Q=*8':'(!:.'+)>%('+!8',*:>%(*/*+!:%(0!,*!'+%$-&.-5)!/',!>(;'+)>-*/%8i'&=8'+*8>%A!
',!/'+*88%,,%!/'!.(!:%(%:>&>'()%!P*+*/%!'(!',!=*8*/>-&*!/'!,*!$%&=,'R>/*/!9!,%+!
1+)./>%+!:.,).8*,'+A!,*!>(:%8=%8*:>@(!/',!+.R')%!=%+i=%+>)>;>+)*!*!,*!:%&=8'(+>@(!/'!
,%+!D'(@&'(%+!+%:>*,'+A!,*!8',*:>@(!/'!,*!>(;'+)>-*:>@(!+%:>*,!:%(!,*+!)'%8<*+!+%P8'!,*!
/'&%:8*:>*A!%!,*!(':'+*8>*!8';>+>@(!/'!,*!5(;'+)>-*:>@(!7*8)>:>=*)>;*B!!
1+)*+! :%+*+A! 9! &.:e*+! %)8*+A! /'P'(! D%8&*8! =*8)'! /'! .(! :.8+%! :'8%! 8'+=':)%! /',!
:*&=%A!)*(!;*8>*/%!9!:%(D,>:)>;%A!/'!,*!>(;'+)>-*:>@(!+%:>*,!9!'/.:*)>;*B!
5:L:d<:@! JL:Q=T! >(;'+)>-*:>@(! +%:>*,Y! D%8&*:>@(! =*8*! ,*! >(;'+)>-*:>@(! '/.:*)>;*! 9!
+%:>*,Y!>(;'+)>-*:>@(!=*8)>:>=*)>;*Y!'+)./>%+!/'!,*!:%&=,'R>/*/B!
!
!
.(22.*!X,&)!5+%6('(%&,.\!.*''%&'!,/%82!%-!24*!*)8$,2(6*!,&)!
'%$(,.!2+,(&(&0!
!
,/'2+,$2!
ce'!*>&!%D!)e>+!=*='8!>+!%DD'8>(-!*!+'8>'!%D!8'D,'F>;'!+>))>(-+!*P%.)!'/.:*)>%(*,!*(/!
+%:>*,! 8'+'*8:e! )8*>(>(-B! Q++.&>(-! )e*)! >(! )e'! :.88'()! :%()'F)A! )e'! 8'+'*8:e! >+!
+.P&>))'/! *)! (''/'/! *(/! /')'8&>(*)>%(+! %D! )e'! *:*/'&>:! :*=>)*,>+&A! )e'!
=8'+'()*)>%(! +.--'+)'/! *! +';'8*,! E.'+)>%(+A! *+! ,'++%(+A! >(! %8/'8! )%! ).8(! )e>(k>(-!
%.8!*:)>;>)9!>(!)e'!+%:>*,!8'+'*8:e'8Ñ+!'/.:*)>%(B!
Q=='*8+!&*))'8+!8',*)'/!)%0!'()8'='('.8+e>=i8'+'*8:e'8!-'%:.,).8'A!/';',%=&'()!
%D!)e'!k(%O,'/-'!P*+'/!%(!)e'!$%&=,'F>)9!7*8*/>-&!*(/!)e'!$.,).8*,!C)./>'+A!)e'!
!
!
VWX!
R%>(>(-!%D!)e'!=%+i=%+>)>;>+)!+.PR':)!*)!)e'!.(/'8+)*(/>(-!%D!)e'!+%:>*,!=e'(%&'(*A!
)e'! :%((':)>%(+! P')O''(! +%:>*,! 8'+'*8:e! *(/! )e'! /'&%:8*:9! )e'%8>'+A! %8! %('!
8';>'O!*P%.)!%D!)e'!7*8)>:>=*)%89!Z'+'*8:eB!
ce>+!&*))'8+!+.>)'!&*k'!.=!*(!>(>)>*,!:%.8+'!*+!8'-*8/+!)%!)e'!)8%.P,'!D>',/!%D!)e'!
+%:>*,!*(/!'/.:*)>;'!8'+'*8:eB!
e=N! wC<?@T! +%:>*,! 8'+'*8:eY! '/.:*)>;'! *(/! +%:>*,! 8'+'*8:e! )8*>(>(-Y! =*8)>:>=*)%89!
8'+'*8:eY!:%&=,'F>)9!+)./>'+B!
!
!
!
8)*#29)2$#)*+"*)b2*+&*,+5+$V%*)*"%=)5*
4*+&*,+5+$V%*)*"%=)5*)b20*
S#*3),5+*+5)*-2)*M-"$),%5*,+*%5%0*
8)*&B".#6)*+"*`-+*&%*+2$%2.5:!
4Ñ'(D*(:'A!j*:E.'+!J8',!G"Xb[H!
!
A+$#,(*2%*35+".)56+*6B"*).+2$#:2*)*6(*6#"6%T*
4*4)*+2*+"+*6%6+2.%*6+*,#"3+5"W*
L>+)%8>*!/',!,S=>?A!7')'8!L*(/k'!G"XgVH!
!
D#! (&2+%)8$$(7&#! )*.! $%&%$(3(*&2%! (&'2,.,)%! *&! 8&,! 2%++*! )*!
3,+-(.!,.!5+%/.*3,!)*!.,!Ä(.8'2+,$(7&!(&6*+2(),Å!
L*9! *,-.(*+! )8*/>:>%('+! /'! ='(+*&>'()%! .(>;'8+>)*8>%! E.'A! *(:,*/*+! '(! .(*!
='8+=':)>;*!&S+!P>'(!:,S+>:*A!'()>'(/'(!E.'!,%!E.'!e*:'!/'+*88%,,*8!.(*!+%:>'/*/!
'+!E.'!+.+!>(+)>).:>%('+!/'!>(;'+)>-*:>@(!=8%/.?:*(!.(!:%(%:>&>'()%!,>P8'!/'!)%/%!
>()'8a+!+%:>*,A!'+!/':>8A!*R'(%!*!:.*,E.>'8!)>=%!/'!/'&*(/*+!=8%;'(>'()'+!9*!(%!+@,%!
/'!,%+!&'8:*/%+!'&=8'+*8>*,'+A!+>(%!)*&P>a(!/'!-8.=%+!=*8)>:.,*8'+!9t%!:%,':)>;%+!
E.'! =8')'(/'(! /'! ,*! >(;'+)>-*:>@(! .(! '+=*:>%! *! =*8)>8! /',! :.*,! :%(+'-.>8! +.+!
%PR')>;%+B! 1+)*! )8*/>:>@(! v! E.'! =%/'&%+! /'(%&>(*8! :%&%! Ä>,.+)8*/*! %!
:%(+'8;*/%8*Å! v! (%! (%+! '+! *R'(*B! C%(! &.:e%+! 9! &.:e*+! E.>'('+! 8'>;>(/>:*(!
+'&'R*()'!*:)>)./!'(!,*!>(;'+)>-*:>@(B!4%!E.'!(%+!/>:'(!'+!E.'!,*!:>'(:>*A!*,'R*/*!/'!
>()'8'+'+!=*8)>/>+)*+A!=8%:.8*8S!.(>/>8'::>%(*,&'()'!',!P>'(!=_P,>:%A!,*!+*)>+D*::>@(!
/'! ,*+! (':'+>/*/'+! +%:>*,'+B! 4*! &>+>@(! /'! ,*! *:)>;>/*/! :>'()<D>:*! (%! /'P'! +'8! %)8*!
:%+*! E.'! ,*! /'! =8%:.8*8! *P8>8! :*&>(%+! 9! +'T*,*8! e%8>?%()'+! /'! >()',>->P>,>/*/A! 9!
:%88'+=%(/'! *! ,*! +%:>'/*/! G:%(! +.+! >(+)>).:>%('+H! e*:'8! P.'(! .+%! /'! *E.',,%+!
:%(%:>&>'()%+!E.'!e*(!+*,>/%!/'!,%+!)*,,'8'+!/'!,%+!Äe>R%+!/'!=8%&')'%ÅB!
N'!*+*,)*(!&.:e*+!/./*+!:%(!'+)'!)>=%!/'!=,*()'*&>'()%+A!'+='8%!=%/'8!*:,*8*8,*+!
:%(!P8';'/*/B!
1(! =8>&'8! ,.-*8A! ,*! >/'%,%-<*! :%(+'8;*/%8*! +>-.'! e*:>'(/%! -*,*! /'! .(*! ;>+>@(!
=8%-8'+>+)*! 9! R'8*8E.>?*/*! /'! ,*! +%:>'/*/B! $%88'+=%(/'! *! ,%+! >(;'+)>-*/%8'+A!
:>'()<D>:%+!9!D%8&*/%8'+A!=8%:.8*8!.(!:%(%:>&>'()%!E.'!v!*&=*8*/%!'(!',!&a)%/%!
!
!
V"W!
:>'()<D>:%! 9! '(! .(*! =%+>:>@(! /'! =8>;>,'->%! ,'->)>&*/*! +%:>*,&'()'! v+'! Ä/'88*&*Å!
=%8! )%/%! ',! '+=*:>%! +%:>*,B! 1+)%! +.'(*! P*+)*()'! =*8':>/%! *! ,*+! )'%8<*+! /',! :*=>)*,!
e.&*(%! =*8*! E.>'('+A! (%! ,%! %,;>/'&%+A! ',! /'+*88%,,%! +%:>*,! (%! +@,%! =*+*! =%8! .(*!
>(;'8+>@(!'(!:%(%:>&>'()%A!+>(%!)*&P>a(!G9!'+!*,-%!E.'!+'!%,;>/*!D8':.'()'&'()'H!
=%8! .(*! '+=':>'! /'! Ä*:)%! /'! D'Å! /'! E.'! />:e*! >(;'8+>@(! )'(/8S! :%&%! 'D':)%! E.'!
:%(%:>&>'()%A! :>'(:>*! 9! )':(%,%-<*! +'! 'F)'(/'8S(! *! )%/%! ',! %8P'! 9! '(! )%/%! ',!
'+=':)8%!+%:>*,A!>(/'='(/>'()'&'()'!/'!:,*+'A!-a('8%A!8*?*!%!(*:>@(B!!
1(!+'-.(/%!,.-*8A!,*!>/'%,%-<*!:%(+'8;*/%8*!=*8':'!E.'!=8')'(/'!%:.,)*8!/%+!:%+*+!
E.'A! *! &>! R.>:>%A! /'P'(! +'8! 'F*&>(*/*+! :.*(/%! +'! e*P,*! /'! .(*! )*8'*! /'!
>(;'+)>-*:>@(!9!D%8&*:>@(!=*8*!,*!>(;'+)>-*:>@(0!'F=,>:>)*8!',!,.-*8!/'!'(.(:>*:>@(!9!
*+.&>8!,*!(':'+>/*/!/'!:%&.(>:*:>@(!:%(!=%+>P,'+!*./>'(:>*+!E.'!8':>P*(!(.'+)8%!
/>+:.8+%B!
1(! ,%! :%(:'8(>'()'! *,! ,.-*8! /'! '(.(:>*:>@(A! (%! :*P'! /./*! /'! E.'! (%! )>'('(! ,*+!
&>+&*+!%=:>%('+!/'!+'8!'+:.:e*/%+!9!;*,%8*/%+!G,'->)>&*/%+H!E.>'('+!:%(+)8.9*(!
+.! />+:.8+%! '(! ,%+! =*<+'+! :'()8*,'+A! E.'! E.>'('+! ,%! e*-*(! '(! ,%+! =*<+'+! /'! ,*!
='8>D'8>*!G%!'(!,*!='8>D'8>*!/'!,%+!=*<+'+!:'()8*,'+HB!C'!*P8'A!=%8!)*()%A!.(*!&>8*/*!
-'%=%,<)>:*! *,! :%(%:>&>'()%! E.'A! &.:e*+A! ;':'+! '+! =*+*/*! =%8! *,)%! =%8! E.>'('+!
/'D>'(/'(!,*!)*8'*!*.)@(%&*!/'!,*!.(>;'8+>/*/!'(!,*!/>D.+>@(!/',!:%(%:>&>'()%B!!
7'8%! ,*! -'%=%,<)>:*! /',! ,.-*8! /'! '(.(:>*:>@(! )*&P>a(! +'! '+D.'8?*! =%8! :%()'&=,*8!
,*+!/>D'8'(:>*+!'(!D.(:>@(!/'!,*+!/>+:>=,>(*+!/'!:%(%:>&>'()%!'F>+)'()'+B!1+!+*P>/%!
E.'!'(!.(!=8>&'8!&%&'()%!D.'!',!/>+:.8+%!D>,%+@D>:%!E.>'(!-%?@!/'!,*+!&>','+!/',!
aF>)%! 9! ;*,%8*:>@(! +%:>*,B! 7%+)'8>%8&'()'A! *,! &'(%+! '(! M::>/'()'A! D.'! ',! />+:.8+%!
)'%,@->:%!E.>'(!D.'!&S+!:'8)'8%!'(!'+*+!)*8'*+B!$%(!,*!5,.+)8*:>@(!9!,*!&%/'8(>/*/!
+':.,*8!:%P8*!D%8&*!,*!>/'*!/'!.(!+*P'8!/'+-*R*/%!/'!)%/*!>&=,>:*:>@(!=%,<)>:*A!9!/'!
'()8'!,%+!/>+:.8+%+!D.'!',!:>'()<D>:%!G'()'(/>/%!'(!',!+'()>/%!&%/'8(%t('O)%(>*(%H!
E.>'(!+'!%:.=*8<*!*!=*8)>8!/'!*e%8*!=%8!/':>8!,*+!;'8/*/'+!/',!&.(/%B!4%!:.8>%+%!'+!
E.'!*E.',,*!P>=*8)>:>@(!G=%8!.(!,*/%!,%+!E.'!/>:'(!,*!;'8/*/A!&>'()8*+!E.'!=%8!%)8%!
'+)S(! E.>'('+! +'! %:.=*(! /'! ,%! P',,%! 9! ,%! P.'(%H! *_(! e%9! )>'('! .(! *P+%,.)%!
=8%)*-%(>+&%! '(! ,%+! &%/',%+! /'! *::'+%! *,! +*P'80! Ä=8>&'8%! %:.=a&%(%+! /'! ,*!
:>'(:>*A! '+! /':>8A! /'! ,*! ;'8/*/A! 9*! /'+=.a+! :%()'&=,'&%+! ,*+! /'&S+! :%+*+sÅB! C>!
'+)%! ,%! &>8*&%+! :%(! >(:8'/.,>/*/A! *:%(+'R%! E.'! +'! 'F*&>('(! :.S,'+! +%(! ,%+!
:%(%:>&>'()%+! '! >(;'+)>-*:>%('+! &*9%8&'()'! +.P;'(:>%(*/%+! /'+/'! '()>/*/'+!
=_P,>:*+0!(*(%)':(%,%-<*A!>(-'(>'8<*!-'(a)>:*A!D*8&*:%,%-<*A!'):B!c%/*+!',,*+!%:.=*(!
.(! =*=',! =8'/%&>(*()'! '(! ,*+! >(;'8+>%('+! 9! -*+)%+! 8'*,>?*/%+! =%8! ,*+!
.(>;'8+>/*/'+A!=%8!+.=.'+)%!)*&P>a(!/',!=8'+)>->%!/'!a+)*+B!
1(! )'8:'8! ,.-*8A! +>! &>8*&%+! ,*! :.'+)>@(! /'! ,*! 8':'=:>@(! /'! ,%+! />+:.8+%+! ,*! :%+*!
)*&P>a(!+'!:%&=,>:*!&.:e%!=*8*!E.>'('+!/'D>'(/'(!,*!*.)%(%&<*!.(>;'8+>)*8>*!G9!
/'! ,*! >(;'+)>-*:>@(HB! 1(! &.:e*+! %:*+>%('+A! ,%+! ;'8/*/'8%+! 8':'=)%8'+! /'! )*,'+!
/>+:.8+%+! (%! +%(! +>(%! ,*! =8%=>*! :%&.(>/*/! :>'()<D>:*A! *+<! E.'! ,%! -8*;'! (%! '+! E.'!
(.'+)8%+! >(;'+)>-*/%8'+! +'! e*9*(! E.'/*/%! ',.:.P8*(/%! '(! +.! )%88'! /'! &*8D>,A! ,%!
*P+%,.)*&'()'! =*)a)>:%! '+! E.'A! +*,;%! e%(8%+*+! 'F:'=:>%('+A! +'! e*(! :8'*/%! .(*!
+%:>'/*/!*!+.!&'/>/*!v!.(*!+%:>'/*/!/'!+*P>%+!v!E.'!e*:'!/'!D>,)8%!'!>&=>/'!)%/%!
:%()*->%!:%(!',!8'+)%!/'!,*!+%:>'/*/sìe*(!;.',)%!,%+!)>'&=%+!/'!,*!'.-'('+>*!9!',!
/*8O>(>+&%!+%:>*,î!
C>!E.'8'&%+!>&*->(*8!9t%!:%(+)8.>8!%)8%+!&%/',%+!/'!R.+)>:>*!+%:>*,A!(%!&'!=*8':'!
E.'!,%!&S+!>(/>:*/%!+'*!=8%&%;'8!.(!'+=*:>%!'(!',!E.'!.(%+!=%:%+!/>:)*&>('(!,%!
E.'! /'P'&%+! +'()>8te*:'8t='(+*8! '(! D.(:>@(! /'! .(*! +.'8)'! /'! #&-6#2)$#%2+"*
!
!
V""!
5)$#%2)&#".)"A!&S+!P>'(!'+!=8'D'8>P,'!='(+*8!'(!)a8&>(%+!/'!#&-6#2)$#%2+"*35%9)2)"A!
E.'! (%! 8'+)*(! >&=%8)*(:>*! *! ,*! P_+E.'/*! /'! &*8:%+! /'! >()',>->P>,>/*/! ='8%! :.9*!
P_+E.'/*!=*+*!=%8!+*,>8!/'!(.'+)8*!)%88'!/'!&*8D>,A!/'!(.'+)8%!='E.'T%!ÄR*8/<(!/'!
,*+!/',>:>*+ÅY!'+!=8':>+%!=*8)>8A!:%(%:'8!Ä*Å!9!Ä:%(ÅA!/'R*8+'!+%8=8'(/'8!=%8!%)8*+!
D%8&*+! /'! ='(+*&>'()%! 9A! =%8! +.=.'+)%A! =%('8+'! /',! ,*/%! /'! ,*+! ;<:)>&*+! /'! ,*!
=8':*8>'/*/! 9! ,*! 'F:,.+>@(! +%:>*,A! %! )*&P>a(! /'! E.>'('+! *_(! =>'(+*(! E.'! %)8%!
&.(/%!'+!=%+>P,'!B!!
c'8&>(%! '+)*! =*8)'! /'/>:*/*! *! ,*! >/'%,%-<*! :%(+'8;*/%8*! 9! *! E.>'('+! ;>;'(!
'(:'88*/%+!'(!+.!)%88'!/'!&*8D>,A!*,./>'(/%!*!.(!:.'()%!/'!C*()>*-%!Q,P*!Z>:%!E.'!
+'! )>).,*! <&* $-+2.%* $V#2%* ,+&* 35(2$#3+* "%&.+5%A! '(! /%(/'! +'! (%+! :.'()*! '()8'! %)8*+!
:%+*+!v!(%!'+!*e%8*!)>'&=%!/'!e*:'8!.(*!8'+'T*!,>)'8*8>*!v!,*!e>+)%8>*!/',!=8<(:>='!
L.*(vc>! E.>'(! )'(<*! .(! /'D':)%0! Ä(%! =%/<*! ;'8! (*/*! (.';%! +>(! E.'! ,'! 8':%8/*+'!
>(&'/>*)*&'()'!*!*,-%!E.'!9*!=%+'<*!'(!',!8':>()%!/'!+.!=*,*:>%ÅB!Q,-%!=*8':>/%!,'!
%:.88'!*!E.>'('+!;>;'(!'(!,*!)%88'!/'!&*8D>,!.(>;'8+>)*8>*A!+%(!>(:*=*:'+!/'!='(+*8!
E.'!=.'/*!'F>+)>8!D%8&*!/'!:%(%:>&>'()%!E.'!(%!+'!e*9*!',.:.P8*/%!9!=8%/.:>/%!
'(! ,%+! 8':>()%+! /'! ,*! .(>;'8+>/*/A! a+)'! '+! +>(! /./*! ',! ='%8! &*,! E.'! =*/':'(! ,%+!
:%(+'8;*/%8'+A! Ä+.! &%/'8(>/*/! +'! )%8(*! *()>v&%/'8(*A! '=>+)'&>:>/*A! =.'+! (>'-*!
)%/%!+*P'8!'(!,%+!9!,*+!/'&S+!9A!=%8!+.=.'+)%A!)%/*!=%+>P>,>/*/!/'!*8)>:.,*:>@(ÅB!
2'! E.>'('+! =8*:)>:*(! ',! 8'->%! *8)'! /',! +*P'8! )':(%:8S)>:%A! ,%! E.'! =.'/%! /':>8! ;*!
&.9!/'!,*!&*(%!/'!,*+!)'+>+!E.'!+%+)>'('!',!=8%D'+%8!/'!D>,%+%D<*!$*8,%+!`'8(S(/'?!
4>8>*! 8'+=':)%! /'! ,%! E.'! a,! /'(%&>(*! Ä5,.+)8*:>@(! >(;'8)>/*ÅB! 1+)*! :%(:'=:>@(!
>/'%,@->:*! +.=%('! ,*! %)8*! :*8*! /'! ,*! Ä'=>+'&>*! -'('8*,>?*/*Å! E.'! ;>;>&%+! '(! ,*!
.(>;'8+>/*/A!.(*!'+=':>'!/'!e'8&*(*!-'&',*!/'!,*!>/'%,%-<*!:%(+'8;*/%8*B!Qe%8*A!
+'! (%+! />:'! E.'! ,*! 8*?@(! /'P'&%+! P.+:*8,*! ,'R%+! /'! (.'+)8*! )%88'! /'! &*8D>,A! ,*!
;'8/*/! ,*! '(:%()8*8'&%+! '(! ,*+! /'&*(/*+! E.'! ,*! +%:>'/*/! e*:'! *,! &.(/%! /',!
:%(%:>&>'()%! .(>;'8+>)*8>%B! 7'8%A! */'&S+A! (%+! />:'(! E.>a('+! :%&=%('(! '+*!
+%:>'/*/!/'&*(/*()'0!,*!MN$A!',!J*(:%!N.(/>*,A!',!`N5A!,%PP9+!'&=8'+*8>*,'+A!,*!
3(>@(!1.8%='*A!%8-*(>?*:>%('+!P*(:*8>*+!9!'()>/*/'+!D>(*(:>'8*+A!'):a)'8*B!
J.'(%! *E.<! ,*! :%+*! +'! ;.',;'! &.:e%! &S+! :,*8>D>:*/%8*s*D%8).(*/*&'()'A! 9! =*8*!
&*,B!o!/>-%!'+)%!=%8E.'!8'>;>(/>:*8!,*!8*?@(!/',!,*/%!/'!.(*!+%:>'/*/!'&=8'+*8>*,A!
/>:'! &.:e%! /',! *:).*,! %8/'(! /'! ,*+! :%+*+! '(! ',! E.'! (%+! &%;'&%+! *! (>;',!
-'%:.,).8*,B! 1+)*! 8*?@(! '+! %P+:'(*&'()'! =%+&%/'8(*! =%8E.'! &.'+)8*A!
=8':>+*&'()'A! ,%! E.'! )*()%! ,'+! :.'+)*! 8':%(%:'8! *! ,%+! +':)%8'+! &S+! >,.+)8*/%+! 9!
:%(+'8;*/%8'+!/'!,*!.(>;'8+>/*/0!ÄE.'!',!:%(%:>&>'()%!+'!;>(:.,*!:%(!>()'8'+'+!/'!
=%/'8ÅA!9!E.'!a+)'!&*8>/*R'!/'D>('!',!Ä8a->&'(!/'!;'8/*/Å!G`%.:*.,)H!'(!',!E.'!(%+!
&%;'&%+B!!
o!/>-%!E.'!=*8*!&*,!=%8E.'A!'()8'!%)8*+!:%+*+A!/'!=%:%!(%+!+>8;'!E.'!,%+!>/'@,%-%+!
.,)8*v,>P'8*,'+! =%+&%/'8(%+! '(D*)>:'(! ',! :*8S:)'8! +>).*/%! 9! 8',*)>;%! /',!
:%(%:>&>'()%! +>! ,%! E.'! e*:'(A! D>(*,&'()'A! '+! ':e*8+'! *! ,%+! P8*?%+! /'! -8.=%+! 9!
:%,':)>;%+!:.9%+!>()'8'+'+!%+:>,*(!e*:>*!',!*.&'()%!/',!('-%:>%!'(!'.8%+!%!/@,*8'+A!
',! =8*-&*)>+&%! ':%(%&>:>+)*! /',! ,>P8'! &'8:*/%! 9! ,*! 'F)'(+>@(! /',! ='(+*&>'()%!
_(>:%B!`8'()'!*!'+)*!,*:8*!v!=%8E.'!,*+!:%+*+!/'P'(!/':>8+'!*+<!v!(%!(%+!E.'/*!&S+!
8'&'/>%!E.'!%=%('8(%+A!='8%!(%!=*8*!;%,;'8!*!.(*!'+=':>'!/'!'+)8*)'->*!/'D'(+>;*!
&%/'8(%t+':.,*8! E.'! '+! ,%! E.'! '+)S! /')8S+! /'! ,*! >/'%,%-<*! :%(+'8;*/%8*B! Q,!
:*8S:)'8! /'D%8&*()'! /'! ,*! ;'8/*/! v! *,-%! >(';>)*P,'! v! (%! /'P'&%+! %=%('8! .(*!
;'8/*/!Ä&*9%8!9!&'R%8Å!+>(%!.(*!;'8/*/!Ä/'D%8&*/*!=%8!',!:%&=8%&>+%!:%(!%)8*!
+%:>'/*/A!:%(!%)8%+!>()'8'+'+!*,'R*/%+!/'!,*+!%8-*(>?*:>%('+!'&=8'+*8>*,'+ÅA!=>'(+%!
E.'! +@,%! *+<! '+! =%+>P,'! *;*(?*8! 9! 8%&='8! :%(! ,*! '=>+'&>*! -'('8*,>?*/*! E.'!
!
!
V"V!
+.D8>&%+!'(!,%+!:'()8%+!/'!1/.:*:>@(!C.='8>%8B!!
C'! E.'! ,%! E.'! *E.<! +%+)'(-%! (%! '+! /',! *-8*/%! /'! *,-.(%+! E.'A! :%&%! ',! =8%D'+%8!
`'8(S(/'?! 4>8>*A! /'D>'(/'(! .(*! '+=':>'! /'! Ä&%/'8(>/*/! :8<)>:*ÅA! /'! Ä5,.+)8*:>@(!
+>(! :*=>)*,>+&%ÅB! $%&%! />:'! .(! P.'(! *&>-%! &<%! Ä9*! E.>+>'8*! 9%! E.'! e.P>'8*!
&.:e%+! 9! &.:e*+! :%&%! a,ÅA! =.'+! (%A! (%! ,%+t*+! e*9B! 1+! />-(*! /'! */&>8*:>@(! ,*!
/'(.(:>*!E.'!+'!'+)S!e*:>'(/%!/'!'+*!'+=':>'!/'!Ä5,.+)8*:>@(!>(;'8)>/*Å!'(!/%(/'!
,*! 8*?@(! (%! ;>'('! /',! ,*/%! /',! 'R'8:>:>%! 8'D,'F>;%! +>(%! /',! >()'8a+! '+=':.,*)>;%!
'&=8'+*8>*,B!C>(!'&P*8-%A!(%!&'!=*8':'!E.'!,*!*=.'+)*!+'*!;%,;'8!*!.(!'R'8:>:>%!/'!
8'D,'F>@(! :>'()<D>:*! E.'A! 9*! ,%! e'! />:e%A! =8%;%:*! ,*! >(;>+>P>,>?*:>@(! 9! ,*! (%v
*8)>:.,*:>@(! :%(! &%;>&>'()%+! 9! ='8+%(*+! :.9*+! D%8&*+! /'! :%(%:>&>'()%! =.'/'(!
=8%;%:*8! :*&P>%+! >('+='8*/%+! 9! =%+>)>;%+! /'! ,*! .(>;'8+>/*/! :*=>)*,>+)*! '(! ,*! E.'!
(%+!'(:%()8*&%+B!!
7%8!)*()%A!D8'()'!*!,*!'=>+'&>*!9!,*+!'+)8*)'->*+!'=>+)'&>:>/*+!v!;'(-*(!/',!,*/%!/'!
.(*! *:)>)./! /'! :>'()>D>:>+&%! /'+:*8(*/%! %! /',! 8*:>%(*,>+&%! ':%(@&>:%! v! ,%! E.'!
/'P'&%+! %=%('8! '+! .(! =8%9':)%! +%,>/*8>%! '(! ',! E.'! +'! )'R*(! 8'/'+! /'! +*P'8! E.'!
*8)>:.,'(! Ä,%! =8%D*(%Å! :%(! ',! :%(%:>&>'()%! 'F='8)%A! 8'/'+! E.'! +.8R*(! /'! ,*!
:%,*P%8*:>@(! &.).*! *! )8*;a+! /'! ,*! >(;'+)>-*:>@(! =*8)>:>=*)>;*A! ',! D,.R%! /'!
'F='8>'(:>*+!'!>/'*+!9!,*!)%&*!/'!/':>+>%('+!:%,':)>;*+B!!
!
M#! .*$$(7&! $*+%#! *.! G,.*54}! *&! +8(&,'T! $+('('! )*.! Ä5,&%52('3%! )*.!
'8k*2%!(&6*'2(0,)%+Å!
j%8-'! 4.>+! J%8-'+! (%+! =8'+'()*! ',! Q,'=e! /'! '+)*! D%8&*0! Äs.(%! /'! '+%+! 8*8%+!
,.-*8'+! '(! ,%+! E.'! '+)S(! +>(! :%(D.(/>8+'A! )%/%+! ,%+! ,.-*8'+! /',! %8P'A! ;>+)%+! /'+/'!
)%/%+! ,%+! S(-.,%+ÅsB1+! a+)*! .(*! :.'+)>@(! E.'! /'P>a8*&%+! 8'D,'F>%(*8! *()'+! /'!
>(>:>*8!:.*,E.>'8!=8%:'+%!/'!>(;'+)>-*:>@(B!$%&%!>(;'+)>-*/%8'+A!e'&%+!+%T*/%!G9%!
/>8<*A! +'-.>&%+! +%T*(/%H! :%(! ,*! =%+>P>,>/*/! /'! '(:%()8*8! .(! U&+3VA! .(! =.()%! E.'!
:%()>'('! )%/%+! ,%+! =.()%+A! .(*! '+=':>'! /'! -8*/%! :'8%A! *! =*8)>8! /',! :.*,A! )8*?*8! ',!
&*=*!'(!',!E.'!:%(;'8R*(!)%/%+!,%+!'+:'(*8>%+!9!)%/%+!,%+!&%&'()%+!=%+>P,'+B!!
1D':)>;*&'()'A!)%/*+!9!)%/%+!e'&%+!)'(>/%!,*!)'()*:>@(!/'!:*'8!'(!,%+!>(D>'8(%+!/',!
U&+3VB! 4*! .5),#$#:2* 6)5C#".)A! =%8! 'R'&=,%A! '(D*)>?@! ,*! ,.:e*! /'! :,*+'+! :%&%! _(>:*!
'F=,>:*:>@(! =%+>P,'! /',! /'+*88%,,%! e>+)@8>:%B! c*&P>a(! %:.88'! ,%! &>+&%! :%(! ',!
/>+:.8+%! :>;>,>?*/%8t>,.+)8*/%t8*:>%(*,>+)*! :%&%! D%8&*! +.=8'&*! /'! *::'+%! *! ,*!
8'*,>/*/A!9!+.!a(D*+>+!'(!,*!Ä&%/'8(>/*/ÅB!4*!.+%5()*,+*&)*+&+$$#:2*5)$#%2)&*G1,+)'8A!
"Xg\HA! =%8! +.! =*8)'A! e*! /*/%! D.(/*&'()%! G(*).8*,H! *! )%/%! :%&=%8)*&>'()%!
>(/>;>/.*,B!!
U%! %P+)*()'A! ',! =8%P,'&*! D.(/*&'()*,! (%! '+! )*()%! e*P'8! +.:.&P>/%! %! (%A! '+%! '+!
*,-%! E.'! ,,';*&%+! :%(! (%+%)8*+! '(! )*()%! *-'()'+! /'! ,*! e>+)%8>*B! 1,! =8%P,'&*! :%(!
8'+=':)%! *! ,*! )'()*:>@(! /',! U&+3V! '+! %)8%0! ,%! =%/'&%+! /'(%&>(*8! :%&%!
Ä=*(%=)>+&%!/',!+.R')%Å!Gd*))>A!"XXX0!\"!v!\VHB!{7%8!E.a!8',*:>%(%!,*!)'()*:>@(!/',!
U&+3V! :%(! ',! Ä=*(%=)>+&%! /',! +.R')%Å|! C*P'&%+! /'! ,*! %P+'+>@(! '(! (.'+)8*+!
+%:>'/*/'+! =%8! '(:%()8*8! .(*! =,*)*D%8&*! /'+/'! ,*! E.'! *=,>:*8! .(*! %P+'8;*:>@(!
:%88':)*! /'! ,*+! :%+*+B! U%+! *D*(*&%+! '(! e*,,*8! '+'! ,.-*8! 9A! .(*! ;'?! E.'! ,%!
'(:%()8*&%+! v! :%&%! P>'(! (%+! :.'()*! J%8-'+! v! (%! e*:'&%+! %)8*! :%+*! E.'! &>8*8!
/'+/'! '+'! =.()%! /'! ;>+)*! E.'! (%+! =8%=%8:>%(*! ',! U&+3VB! 1,! =8%P,'&*! :%&>'(?*!
:.*(/%!#'2%5)6%"*-*%&/#,)6%"*`-+*2-+".5)*^3&).)9%56)*,+*%M"+5/)$#:27*2%*"+*V)&&)*
)&* 6)5'+2* ,+* &%* V#".:5#$%@* ,+* &)"* 5+&)$#%2+"* "%$#)&+"@* #2".#.-$#%2)&+"@* $-&.-5)&+"@*
!
!
V"[!
3%&(.#$)"* 4* +$%2:6#$)"A! *! =*8)>8! /'! ,*+! :.*,'+A! -'('8*&%+! +'()>/%+! *! ,*+! :%+*+! E.'!
(%+!8%/'*(B!!
1,! Ä=*(%=)>+&%! /',! +.R')%Å! (%+! 8':.'8/*! ;*8>*+! :%+*+0! G>H! E.'A! '(! &.:e*+!
%:*+>%('+A! $%2* ',! Q,'=e! ;>'('! ',! %,;>/%A! '+)%! '+A! ,*! (*).8*,>?*:>@(! /'! (.'+)8*!
=%+>:>@(! Ge>+)@8>:*H! :%&%! %P+'8;*/%8'+! /'! ,*! 8'*,>/*/Y! G>>H! E.'! :%(! ,*!
(*).8*,>?*:>@(!;>'('!,*!>(;>+>P>,>?*:>@(!/'!/>:e*!=%+>:>@(A!,%!E.'!)>'('!:%&%!'D':)%!
,*! ('-*:>@(! /'! :.*,E.>'8! =8')'(+>@(! /'! :%()*:)%i=8%F>&>/*/! :%(! *E.',,%! E.'!
%P+'8;*&%+A!=.'+!'+)%!':e*8<*!=%8!)>'88*!(.'+)8*!=%+>:>@(!=8>;>,'->*/*!G9!'F)'8>%8HY!
G>>>H! =%8! _,)>&%A! 9! *,-%! &.9! >&=%8)*()'! +>! E.'8'&%+! :%&=8'(/'8! ,%+! 'D':)%+!
='8;'8+%+!/',!=*(%=)>+&%0!,%!E.'!%P+'8;*&%+A!,%!E.'!G(%+H!8'=8'+'()*&%+A!=%8!*+<!
/':>8,%A!ÄD.(/*!,%!;>+>P,'A!9!*!,*!;'?A!(>'-*t'F=.,+*!,%!>(;>+>P,'ÅB!1+!/':>8A!+@,%!'F>+)'!
*E.',,%!E.'!e*!+>/%!)%:*/%!=%8!',!f$)&#,%*&)>%h!/'!(.'+)8*!&>8*/*A!,%!/'&S+!'+!=.8%!
8.>/%A!('P.,%+*A!%A!'(!',!='%8!/'!,%+!:*+%+!G+%P8'!)%/%!=*8*!E.>'('+!(%!+%(!;>+)%+!
/'+/'!',!U&+3VH0!=*)%,%-<*B!
7%8! ,%! )*()%A! +@,%! ,%! E.'! '+! ;>+>P,'! +'! :%(%:'B! 4*+! :%+*+! 'F>+)'(! G=*8*! (%+%)8*+H!
=%8E.'! ,*+! e'&%+! ;>+)%B! 4%! E.'! +%&%+A! ,%! E.'! =%/'&%+! ,,'-*8! *! +'8A! ,%! E.'!
='(+*&%+!%!=%/'&%+!,,'-*8!*!='(+*8A!,%!E.'!=%/'&%+!%!(%!=%/'&%+!e*:'8Y!)%/%!
'+)%! 9*! '+)S! =8'+:8>)%! /'+/'! .(*! &>8*/*! %&(>=%)'()'A! %&(>*P*8:*/%8*! 9!
%&(>+:>'()'A!=*8*!E.>'(!,%!(%i;>+>P,'!:*8':'!/'!'+)*).)%!(>!,'->)>&>/*/!*,-.(*Y!(%!
E.'/S(/%,'! %)8*! %=:>@(! E.'A! %! P>'(A! */;'(>8+'! *,! :%P>R%! /'! />:e*! &>8*/*! :%(! +.+!
,'9'+! 8'-.,*/%8*+A! %! P>'(A! ='8&*(':'8! '(! ',! '+=*:>%! /'! ,%! =*)%,@->:%A! ,*!
=8%+:8>=:>@(!%!',!f"+5*6)&,#.%hA!:%(!)%/*!,*!:*8-*!=.(>)>;*!E.'!',,%!:%(,,';*B!
1+)*! &>8*/*! )%)*,>?*/%8*A! =*(@=)>:*A! '+! ,%! E.'! +'! :8>)>:*! /'+/'! Ä,*! >(;'+)>-*:>@(!
+%:>*,! /'! +'-.(/%! %8/'(ÅA! .(*! &>8*/*! E.'! (%! +'! :.'+)>%(*! +.+! =8%=>%+!
D.(/*&'()%+A!,*+!=8'&>+*+!/'!=*8)>/*!/'!,*+!E.'!=*8)'!9A!=%8!+.=.'+)%A!,%+!'D':)%+!
/'! '+'! +>+)'&*! %P+'8;*/%8B! c*&P>a(! ,*! :8<)>:*! *,! U&+3V! '+! 8'*,>?*/*A! *! +.! &*('8*A!
=%8! ',! +%:>@,%-%! D8*(:a+! 7>'88'! J%.8/>'.B! 7*8*! />:e%! *.)%8A! ,*! >(;'+)>-*:>@(! /'P'!
*/%=)*8! .(! =.()%! /'! ;>+)*! 8'D,'F>;%! E.'! =%(-*! '(! )',*! /'! R.>:>%! ',! =8>;>,'->%! /',!
+.R')%!:%(%:'/%8B!C.!=8%9':)%!/'!Ä%PR')>;*:>@(!/',!+.R')%!%PR')>;*()'Å!GJ%.8/>'.!9!
I*:E.*()A! "XX^H! (%! '+! &S+! E.'! ',! >()'()%! =%8! 'F*&>(*8! ,*+! :%(/>:>%('+! /'!
=%+>P>,>/*/! /',! f+.R')%h! :>'()<D>:%! G'(! ,%! E.'! '+)*&%+! e*P,*(/%A! /',! +.R')%!
%P+'8;*/%8HA!,*+!:%*::>%('+!G+%:>*,'+A!*:*/a&>:*+A!>(+)>).:>%(*,'+A!='8+%(*,'+H!E.'!
%='8*(!'(!+.!:%()8*A!+.&>a(/%,'!'(!.(*!&>8*/*!=*(@=)>:*B!!
7%/8<*&%+! 8':%8/*8A! *! &%/%! /'! 'R'&=,%A! /%+! :*+%+! '(! ,%+! E.'! ,*+! &>8*/*+!
=*(@=)>:*+! e*(! =8')'(/>/%! %P+'8;*8! .(*! 8'*,>/*/A! (%! )*()%! =*8*! /'+:8>P>8,*! +>(%!
:%(!',!%PR')>;%!/'!:,*+>D>:*8,*A!'+)./>*8,*A!=*8*!*+<!=%/'8!:%()8%,*8,*!&'R%80!
1,! =8>&'8%! /'! ',,%+! '+! ,*! .5),#$#:2* ,+* &%"* +".-,#%"* ,+* B5+)* )2.5%3%&:'#$%"* GE.'!
:%(%:>@! +.! *=%-'%! *! =*8)>8! /',! D>(*,! /'! ,*! +'-.(/*! -.'88*! &.(/>*,HB! 1(! '+)*+!
>(;'+)>-*:>%('+!=8%&%;>/*+!/'+/'!,*!*:*/'&>*!'+)*/%.(>/'(+'!+%P8'A!=%8!'R'&=,%A!
,%+!=.'P,%+!,*)>(%*&'8>:*(%+A!+'!>(;>+>P>,>?*P*!',!>()'8a+!/',!-%P>'8(%!/'!1133!=%8!
:%(%:'8! %)8*+! 8'*,>/*/'+! :.,).8*,'+! _(>:*&'()'! :%(! ',! %PR')>;%! /'! f=8'+'8;*8! ,*!
C'-.8>/*/!U*:>%(*,h!GN>-(%,%A!"XXgHB!!
1,!+'-.(/%!:*+%!/'!.(*!&>8*/*!=*(@=)>:*!,%!=%/'&%+!'(:%()8*8A!=%8!'R'&=,%A!'(!+&*
-"%* `-+* &)* #2/+".#')$#:2* "%$#)&* V)$+* ,+* &)"* &&)6),)"* +2$-+".)"* ,+* %3#2#:2* 3bM&#$)B!
1+)%+! >(+)8.&'()%+A! &S+! E.'! /'! >(;'+)>-*:>@(A! =%/'&%+! :%(:'P>8,%+! :%&%! /'!
*::>@(!=%,<)>:*A!'(!)*()%!,%!E.'!=8')'(/'(!'+!>&=%('8!,*!>,.+>@(!/'!E.'!'F>+)'!.(*!
%=>(>@(!=_P,>:*!=8';>*A!9*!'+)*P,':>/*A!'F)'8>%8!*,!>(;'+)>-*/%8A!E.>'(!,%!_(>:%!E.'!
!
!
V"\!
+'!,>&>)*!*!e*:'8!'+!8':%-'8,*!=%8!&'8*!*/>:>@(!/'!%=>(>%('+!=_P,>:*+!>(/>;>/.*,'+!
GJ%.8/>'.A!VWWWHB!!
4*!:%(:,.+>@(!E.'!=%/'&%+!+*:*8!'+!,*!+>-.>'()'0!)&*9#2)&@*&%*z)*5+35+"+2.)5{*`-+,)*
)&*6)5'+2@*4*+&*3)#")a+*+"*+&*6)3)B!4%!_(>:%!E.'!&>8*&%+i%P+'8;*&%+!'+!G/'+/'H!',!
U&+3VA! (.'+)8*! =,*)*D%8&*! /'! %P+'8;*:>@(! '+! *e%8*! ,%! _(>:%! %PR')>;%A! ,*! _(>:*!
8'*,>/*/! 'F>+)'()'B! 2'! '+)%! +*P'&%+! &.:e%! *! )8*;a+! /'! ,*! f)8S->:*h! e>+)%8>*! /',!
=%+>)>;>+&%0! *,! =8>(:>=>%A! P.+:*P*! '(! ,%! ;>+>P,'! *E.',,%! E.'! &'8':<*! +'8! />-(%! /'!
'+)./>%i%P+'8;*:>@(!G3%"#.#/#"6%*+63(5#$%HY!&S+!)*8/'!+@,%!,%!E.'!'8*!8'+.,)*/%!/'!
,*! &>8*/*! +'8<*! '+)./>*/%! .! %P+'8;*/%! G3%"#.#/#"6%* &:'#$%HB! 2'! '+)*! )8*(+>:>@(!
=%+>)>;>+)*! /'8>;*! .(*! :%(+':.'(:>*! D.(/*&'()*,! =*8*! ,%! E.'! *E.<! (%+! %:.=*0! ,*!
>(;'8+>@(! /'! ,*! ,@->:*! /'! ,*! 8'=8'+'()*:>@(0! Ä1,! )'88>)%8>%! 9*! (%! =8':'/'! *,! &*=*!
GsH!2'+/'!'()%(:'+A!'+!',!&*=*!E.>'(!=8':'/'!*,!)'88>)%8>%Å!Gd*))>A!"XXW0!\^HB!
2'+/'!.(!*(S,>+>+!-'%=%,<)>:%!=%/8<*&%+!;'8!,*+!>&=,>:*:>%('+!/'!'+)*!>(;'8+>@(!/'!
,*!8'=8'+'()*:>@(B!{U%!'+!*:*+%!,*!/>+)8>P.:>@(!/',!)'88>)%8>%!=,*(')*8>%!'(!Ä=8>&'8!
&.(/%ÅA! Ä+'-.(/%! &.(/%Å! 9! Ä)'8:'8! &.(/%ÅA! .(*! D%8&*! /'! >&=%('8! *! (>;',!
&.(/>*,!,*!,@->:*!/'!,*!&%/'8(>?*:>@(!9!',!/'+*88%,,>+&%|!{x.a!=%/'&%+!/':>8!/'!
,*!>(;>+>P,'!9!=%)'()<+>&*!G'(!)*()%!E.'!:8'*!.(!>&*->(*8>%!+%:>*,!/'!/%&>(*:>@(H!
,<('*!E.'!/>;>/'!(.'+)8%!=,*(')*!'(!=*<+'+!Ä/',!U%8)'Å!9!=*<+'+!Ä/',!+.8ÅH|!1(!:*/*!
.(%! /'! '+)%+! :*+%+! e*! e*P>/%! .(*! ;%,.()*/! /'! =%/'8A! .(! >()'8a+! -'%=%,<)>:%! =%8!
/',>&>)*8! ,%+! )'88>)%8>%+! *! =*8)>8! /'! .(*! :,*+>D>:*:>@(! =8';>*! E.'! ,%+! />;>/<*! 9A!
/'+-8*:>*/*&'()'A! ,%+! =%(<*! '(! +>).*:>@(! /'! /'='(/'(:>*A! :%,%(>*,>/*/! %!
+.P*,)'8(>/*/B!
4*!:.'+)>@(!'(!)*()%!>(;'+)>-*/%8'+!+%:>*,'+A!'+!,*!+>-.>'()'0!{=%/'&%+!+*,>8!/'!,*!
'+=>8*,! /',! Q,'=eA! /'! +.+! R'8*8E.<*+! /'! ;>+>P>,>?*:>@(A! >(;>+>P>,>?*:>@(|! N>'()8*+!
+>-*&%+! (*).8*,>?*(/%! (.'+)8%+! />+=%+>)>;%+! @=)>:%+! v! E.'! +%(! ,%+! E.'! '+)S(!
+>).*/%+!'(!,*+!:_+=>/'!/'!)%/%!*::'+%t+*P'8!+%P8'!,*!8'*,>/*/!v!+.=%(-%!E.'!(%B!
4*+!+*,>/*+!8'+=':)%!/',!U&+3V!+%(!%)8*+!%A!=%8!,%!&'(%+A!/'P'(!'+)*8!'+='8S(/%(%+!
'(!%)8%+!,.-*8'+B!!
7'8%! *_(! )'('&%+! &S+! =8%P,'&*+! /'8>;*/%+! /'! '+)*! ,@->:*! /'! 8'=8'+'()*:>@(!
=*(@=)>:*B! L*9! +*,>/*+A! %! D%8&*+! /'! '+:*=*8! *,! U&+3V! E.'! )*&P>a(! +%(! =',>-8%+*+!
=%8E.'!8'i=8%/.:'(!',!U&+3VA!,%!e*:'(!=8'+'()'!.(*!;'?!&S+B!Q()'!,*!:%(:>'(:>*!/'!
E.'! 'F>+)'(! :%+*+! (%! ;>+>P,'+! =*8*! (.'+)8*! &>8*/*A! ='8%! E.'! >(/./*P,'&'()'!
'F>+)'(A! =>'(+%! E.'! /'P'&%+! +"$)3)5* .)2.%* ,+* &)* )3-+".)* 3%5* &)* 6+.).+%5()! G'(! ,*!
E.'! ',! +.R')%A! *()'! ,*! :8>+>+! /'! ,%! ;>+>P,'A! +'! 8'=,>'-*! +%P8'! +<H! $%6%* ,+* &)*
4-C.)3%"#$#:2*,+*&%*#2/#"#M&+*+2*&%*/#"#M&+!G'(!,*!E.'!',!+.R')%A!*()'!',!/'+'E.>,>P8>%!
@=)>:%A!(%!e*:'!+>(%!:8'*8!&*=*+!:*/*!;'?!&S+!8'D>(*/%+!E.'!'(:*R'(!v!+'!*&%,/'(!
v!*!,*+!:*8*+!/'!,*!8'*,>/*/!(%i;>+>P,'!E.'!*()'+!E.'/*8%(!D.'8*!/',!:.*/8%B!!
1,! =8>&'8! :*+%A! ',! /',! 8'=,>'-.'! &')*)'@8>:%A! +'! e*,,*! /'&*+>*/%! =8'+'()'! '(! ',!
S&P>)%!/'!,*!>(;'+)>-*:>@(!+%:>*,B!C'8<*!*,-%!*+<!:%&%!,*!)'()*:>@(!/'!'+:*=*8(%+!/'!
,*+! :%(+':.'(:>*+! /8*&S)>:*+! /'! ,*! +%:>'/*/! /'! :%()8%,! ('%,>P'8*,A! *! )8*;a+! /',!
f:%(D%8)*P,'! 8'D.->%h! '(! ',! 8'D>(*&>'()%! )'@8>:%! /'+:%&=8%&')>/%A! '(! ,*+!
=.P,>:*:>%('+!)'@8>:*+A!'(!,*!+%:>'/*/!:%8)'+*(*!/'!,*!*:*/'&>*A!=*8*!E.>'(!,*!_(>:*!
8';%,.:>@(! ='(/>'()'! '+! ,*! /'! :.S()*+! :%&.(>:*:>%('+! %! :.S()%+! *8)<:.,%+! +'! e*(!
'+:8>)%A! 9! E.>a('+! +%(! ,%+! *.)%8'+! &S+! :>)*/%+B! 1(! +.&*A! 8'D.->*8(%+! '(! ,*!
&')*)'%8<*! (%! '+! &S+! E.'! ',! ;*(%! >()'()%! =%8! :%(+)8.>8! .(*! +%:>'/*/! *! (.'+)8*!
&'/>/*A!'(!,*!E.'!Ä>&=%8)*!&S+!,*!:>)*!E.'!,*!=8*F>+ÅB!
1,! +'-.(/%! :*+%! '+! .(! 'R'&=,%! /'! ,%! E.'! :%(+>/'8%! :%&%! Ä:*(>P*,>+&%!
!
!
V"^!
'=>+)'&%,@->:%ÅA! 9! /',! E.'! .(! P.'(! 'R'&=,%! ,%! :%(+)>).9'A! '(! ',! S&P>)%! /'! ,*!
'/.:*:>@(A! ',! :%(+)8.:)>;>+&%! ='/*-@->:%! 9! +.! )'(/'(:>*! *,! .+%! /'! &*=*+!
:%(:'=).*,'+A! +%! =8')'F)%! /'! E.'A! /'! '+)*! D%8&*A! +'! :%(%:'8<*! &'R%8! ',! &.(/%! /'!
;>/*!/'!,%+!9!,*+!'+)./>*()'+B!1+)%+!&*=*+A!+>!P>'(!=*8':'!E.'!=8')'(/'(!/*8!:.'()*!
/',!)'88>)%8>%!9!:%(%:'8!*!,%+!+.R')%+!E.'!/'*&P.,*(!=%8!D.'8*!/'!,*!&>8*/*iQ,'=e!
/',! '/.:*/%8! :%(+)8.:)>;>+)*A! ,%! :>'8)%! '+! E.'! '(! (>(-_(! &%&'()%! *P*(/%(*(! ',!
=8%=>%!&*=*!&'()*,!/',!'/.:*/%8A!&S+!P>'(!=*8':'(!&*=*!*:%&%/*)>:>%+!*!=*8)>8!
/'! ,%+! :.*,'+! ',! %! ,*! :%(+)8.:)>;>+)*! =.'/*! +'-.>8! ,,';*(/%! +.! ÄP.'(*! (.';*!
='/*-@->:*Å!GQ()',%A!"XXXHB!
N>!)'+>+!'+!E.'!/'P'&%+!';>)*8!&%;'8(%+!'(!,*!(*).8*,>?*:>@(!/',t%+!U&+3Vj"A!&S+!
P>'(A! :8'%! E.'! '+! =8':>+%! E.'! %PR')>;'&%+! ',! ,.-*8! /'+/'! ',! E.'! G/':>&%+H! E.'!
;'&%+! *! ,*! -'()'! e*:'8t/':>8t+'()>8! :%+*+B! $8'%! E.'! +@,%! /'+/'! .(*! Ä=%+>:>@(!
/'+(*).8*,>?*/%8*! 9t%! *()>=*(@=)>:*! /',! U&+3VÅ! =%/8'&%+! 8'*,&'()'! *8)>:.,*8!
=8%:'+%+!/'!)8*(+D%8&*:>@(!:%(!'+%G+H!%)8%G+H!E.'!G='(+*&%+H!+%(!>('F>+)'()'+Y!9!
/'!:.9*!:.'()*A!/'+-8*:>*/*&'()'A!_(>:*&'()'!:*'&%+!'(!',!&%&'()%!'(!E.'!e*:'!
:8>+>+!(.'+)8%!=8%:'+%!/'!>(;'+)>-*:>@(B!
!
"#! 5+(3*+,! .*$$(7&#! .,! $(*&$(,! &*%.(/*+,.T! *.! $%&2*U2%!
X4*0*37&($%\! *&! *.! E8*! '*! 38*6*! .,! (&6*'2(0,$(7&! *&! *.! '('2*3,p
38&)%!)*.!$,5(2,.('3%!,$,)F3($%!
4*+! =.-(*+! '(! )%8(%! *! ,%+! =8%:'+%+! /'! =8%/.::>@(A! *=8%=>*:>@(! 9! 8'-.,*:>@(! /',!
:%(%:>&>'()%A! R.'-*(! .(! =*=',! :*/*! ;'?! &S+! :'()8*,! '(! ,*+! )'(+>%('+! '()8'! ,*!
'F=*(+>@(!/'!,*!,@->:*!&'8:*()>,!*!)%/%+!,%+!S&P>)%+!/'!,*!;>/*A!:*8*:)'8<+)>:*+!/'!,*!
-,%P*,>?*:>@(! ('%,>P'8*,A! 9! ,*+! &_,)>=,'+! D%8&*+! /'! 8'+>+)'(:>*! 9! P_+E.'/*! /'!
*,)'8(*)>;*+!*!'+)'!%8/'(!-,%P*,B!!
7*8*! '&='?*8A! :%(;>'('! 8':%8/*8! *,-.(%+! :.'+)>%(*&>'()%+! E.'! +'! e*(! e':e%! *,!
&%/%! /'! =8%/.::>@(! :%(%:>/%! :%&%! :>'(:>*A! 9! )%/*+! +.+! =8')'(+>%('+! /'!
%PR')>;>/*/! 9! .(>;'8+*,>/*/B! L>+)@8>:*&'()'A! '+! *&=,>*! ,*! -*&*! /'! :%()8%;'8+>*+!
E.'! e*(! +.+:>)*/%! ,*+! =8')'(+>%('+! /'! ,*! :>'(:>*! /'! +'8! ,*! D%8&*! +.='8>%8! /',!
:%(%:>&>'()%!e.&*(%A!:8<)>:*+!D%8&.,*/*+!/'+/'!&.9!/>;'8+*+!8*<:'+!:.,).8*,'+!9!
%=:>%('+! ;*,%8*)>;*+A! *+<! :%&%! *! =*8)>8! /'! ;*8>*/*+! ='8+=':)>;*+! =%,<)>:*+! 9!
+%:>*,'+B!
1D':)>;*&'()'A! +'! e*! +'T*,*/%! "-* $%63&#$#,),* MB"#$)* $%2* +&* 35%$+"%* V#".:5#$%* ,+*
#63%"#$#:2* $%&%2#)&j#63+5#)&* ,+&* 6%,+&%* ,+* /#,)A! /'+*88%,,*(/%! .(! &%/',%! /'!
:%(%:>&>'()%! E.'! +.P%8/>(*! ,*! 'F='8>'(:>*! :.,).8*,! /',! 8'+)%! /'! =.'P,%+! /',!
=,*(')*!*!,*!/'!M::>/'()'A!8':e*?*(/%!,*!;*,>/'?!/'!,%+!+*P'8'+!/',!M)8%A!('-S(/%,'+!
:.*,E.>'8! /'8':e%! *! +.+! =8%=>*+! %=:>%('+! :.,).8*,'+A! &%/%+! /'! ;>/*! 9A! :%(!
D8':.'(:>*A!*!,*!;>/*!&>+&*!G4*(/'8A!VWWV*Y!$*+)8%id@&'?A!VWWWHB!
c*&P>a(! "+* e*! :.'+)>%(*/%* "-* 35+.+2,#,)* %Ma+.#/#,),* 4* 2+-.5)&#,),* /)&%5).#/)@* *+<!
:%&%* &%"* "-3-+".%"* $%"6%':2#$%"* 4* 35+J.+:5#$%"* MB"#$%"A! /'+)*:*(/%! E.'! ,*+!
+'=*8*:>%('+!'()8'!8*?@(!9!:.'8=%A!+.R')%!9!%PR')%A!:.,).8*!9!(*).8*,'?*!D.(:>%(*(!
:%&%! +.+)'()%+! (':'+*8>%+! /'! ,*+! (%:>%('+! /',! =8%-8'+%! 9! :%&%! 6+$)2#"6%"* ,+*
$%2.5%&j"%6+.#6#+2.%j+C3&%.)$#:2! /'! .(*! f(*).8*,'?*h! %PR')>;*/*! :%&%! %)8%!
f'F)'8(%h! *! ,*! 'F='8>'(:>*! e.&*(*A! E.'! (%+! :%(/.:'! '(! D%8&*! *:','8*/*! e*:>*! ,*!
/'+)8.::>@(! /'! ,*+! :%(/>:>%('+! E.'! e*:'(! =%+>P,'! ,*! ;>/*! '(! ',! =,*(')*! )>'88*A!
'F=8'+>@(!/'!.(*!:8>+>+!:>;>,>?*)%8>*!E.'!'+A!*()'!)%/%A!.(*!:8>+>+!/',!:%(%:>&>'()%!
!
!
V"#!
G4'DDA!VWW\HB!
Q+%:>*/%!*!'+)*+!='8+=':)>;*+A!+'!e*!/'+)*:*/%A!>-.*,&'()'A!,*+!#63&#$)$#%2+"*,+*"-*
$)5B$.+5*6+$)2#$#".)*4*,+.+56#2#".)*4*,+*"-*Mb"`-+,)*,+*$+5.#,-6M5+*+2*-2*6-2,%*
$)5)$.+5#>),%*3%5*&)*$%63&+a#,),*4*+&*$)%"!G78>-%->('A!"XXbHB!L*(!+>/%!&.:e%+!,%+!
/'P*)'+!%8>->(*/%+!*!=*8)>8!/'!,*+!>&=,>:*:>%('+!/'!.(!=*8*/>-&*!/'!:%(%:>&>'()%!
E.'!+'!+.+)'()*!'(!,*!+'=*8*:>@(!&%/'8(*!'()8'!,*+!'+D'8*+!/'!,*!8*?@(!G8*?@(!a)>:*A!
8*?@(! '+)a)>:*! 9! 8*?@(! >(+)8.&'()*,H! 9! ,*+! :%(+':.'(:>*+! /',! 5,.&>(>+&%! 9! /',!
/'+P%8/'!/'!,*!8*:>%(*,>/*/!>(+)8.&'()*,!GL%8ke'>&'8!9!Q/%8(%A!"XgVY!L*P'8&*+A!
"Xg\A!"XgbHB!
7*8*! ,*! ='8+=':)>;*! :8<)>:*! /'! ,*! '=>+)'&%,%-<*! D'&>(>+)*A! '+)'! &%/%! /'!
:%(%:>&>'()%! e*! +>/%! :*8*:)'8>?*/%! :%&%! =*)8>*8:*,A! /*/%! ',! :,*8%! 35+,%6#2#%* ,+*
&%"*
5)"'%"*
$%2".5-#,%"*
V#".:5#$%j$-&.-5)&6+2.+*
$%6%*
6)"$-&#2%"!
G8*?@(t:%()8%,t=%/'8t%PR')>;>/*/H!E.'!:%(/.:'A!'(!D%8&*!+>&.,)S('*!*!,*!(%:>@(!
P*:%(>*(*! /'! ,*! -.'88*! :%()8*! 9! =%8! ,*! /%&>(*:>@(! /'! ,*! (*).8*,'?*A! *,!
+%&')>&>'()%t+.P%8/>(*:>@(! /'! ,*+! &.R'8'+A! /'R*(/%! *! .(! ,*/%! ,%! :%8=%8*,! 9! ,%!
+.PR')>;%A! />&'(+>%('+! :%(+)>).)>;*+! +>(! ,*+! :.*,'+! (%! =.'/'! /*8+'! :.'()*! /'! ,*!
;>/*!GC)8*)e'8(A!"XgWY!L*8*O*9A!"XX^HB!C'!e*(!/'+)*:*/%!,%+!:%()8*+)'+!'()8'!'+)'!
&%/%!8'/.::>%(>+)*!/',!:%(%:'8!9!,*!+*P>/.8<*B!
7%8!_,)>&%A!+%(!&_,)>=,'+!,*+!='8+=':)>;*+!:8<)>:*+!E.'A!*!=*8)>8!/',!='(+*&>'()%!/'!
N*8FA!'(D*)>?*(!,*+!9%56)"*+2*&)"*$-)&+"*+".+*6%,%*,+*35%,-$$#:2*,+*$%2%$#6#+2.%*"+*
V)* )5.#$-&),%@* ,+* 9%56)* #2"+3)5)M&+@* $%2* &)"* 6%,)&#,),+"* ,+* %5')2#>)$#:2* ,+* &)*
35%,-$$#:2*+2*&)*"%$#+,),*$)3#.)&#".)A!+>8;>'(/%!/'!:'&'()%!+%:>*,!9!,'->)>&*(/%!+.+!
8',*:>%('+!/'!/%&>(*:>@(!9!'F=,%)*:>@(!G4*(/'8A!"XXWHB!
1(! /'D>(>)>;*A! 9! /*/%! ',! =*=',! :*/*! ;'?! &S+! *:'().*/%! E.'! R.'-*! ,*! :>'(:>*! :%&%!
:@/>-%!-'(a)>:%!'(!,*!:%(+)8.::>@(!/'!,%+!)'R>/%+!>(D8*'+)8.:).8*,'+!/'!,*!+%:>'/*/!
:%()'&=%8S('*A! 9! *! ='+*8! /'! )%/%+! ,%+! '+D.'8?%+! /'! ,*! )':(%:8*:>*! 9! /',!
:>'()>D>:>+&%! =%8! >&='/>8,%A! ,%+! *+.()%+! :>'()<D>:%+! 9! )':(%,@->:%+! *=*8':'(! .(*! 9!
%)8*! ;'?! :%&%! *+.()%+! *! =8%=@+>)%! /'! ,%+! :.*,'+! +'! =8%/.:'(! >()'(+%+! /'P*)'+! 9!
:%(D8%()*:>%('+!=%,<)>:*+B!
C>!P>'(!+%(!&.:e*+!,*+!:8<)>:*+A!'()%(:'+A!E.'!+'!e*(!e':e%!*,!&%/%!/'!=8%/.::>@(!
/'!:%(%:>&>'()%!/'(%&>(*/%!:%&%!:>'(:>*A!*()*T%!D.(:>%(*,!*,!+>+)'&*!:*=>)*,>+)*A!
,%! :>'8)%! '+! E.'! *&P%+! e*(! 8'+>+)>/%! ,%+! />D'8'()'+! '&P*)'+! /',! )>'&=%! e>+)@8>:%A!
=8%/.:>'(/%!(.';%+!'(+*&P,*R'+!:>'(:>*i:*=>)*,>+&%A!+%P8'!)%/%!*!D>(*,'+!/'!+>-,%!
rrB!!
1(!,%!E.'!+>-.'A!&'!;%9!*!:'()8*8!=8':>+*&'()'!'(!/',>&>)*8!:.S,'+!+%(!,*+!:,*;'+!
*:).*,'+! =%8! ,*+! E.'! )8*(+:.88'! ',! ='(+*&>'()%! :>'()<D>:%! '(! ,*! '8*! /'! ,*!
&'8:*()>,>?*:>@(!('%,>P'8*,A!+'T*,*(/%!*,-.(%+!/'!,%+!','&'()%+!D.(/*&'()*,'+!/'!
,%!E.'!=%/'&%+!/'(%&>(*8!:%&%!Ä:>'(:>*!('%,>P'8*,ÅA!*!+*P'80!G>H!',!=*8*/>-&*!/'!
,*!=8>;*)>?*:>@(!9!,*!:%&'8:>*,>?*:>@(!/',!:%(%:>&>'()%!'(!',!&*8:%!/'!,*!.)%=<*!/',!
&'8:*/%! )%)*,Y! G>>H! ,*+! >/'%,%-<*+! '&=8'+*8>*,'+! E.'! +.P9*:'(! *! ,*+! 8'D%8&*+! /',!
:*=>)*,>+&%! *:*/a&>:%B! `>(*,&'()'A! =8')'(/%! 'F*&>(*8! *,-.(*+! /'! ,*+!
>&=,>:*:>%('+! /',! &%/',%! /'! :>'(:>*! ('%,>P'8*,A! +%P8'! )%/%! '(! ,%! E.'! e*:'!
8'D'8'(:>*! *! ,*+! )8*(+D%8&*:>%('+! /',! &%/',%! /'! :>'(:>*! *:*/a&>:*! ,>P'8*,A!
+%&')>/*!*e%8*!*!,*!,@->:*!/'!,*!;*,%8>?*:>@(!&'8:*()>,!9!,*!8'()*P>,>/*/!':%(@&>:*B!!
8)*z-.%3()*,+&*6+5$),%*.%.)&{*
1+! ';>/'()'! E.'! .(%! /'! ,%+! *+=':)%+! :'()8*,'+! =%8! /%(/'! )8*(+:.88'! ',!
!
!
V"b!
='(+*&>'()%! :>'()<D>:%! ('%,>P'8*,! (%! '+! %)8%! E.'! ',! /'! ,*! :.'+)>@(! /'! ,*!
=8>;*)>?*:>@(! /',! :%(%:>&>'()%! 9! ,*! &'8:*()>,>?*:>@(! /',! +*P'8A! ='8%! *()'+! /'!
'()8*8!*!:%&'()*8!*,-.(*+!/'!,*+!/>&'(+>%('+!8',*:>%(*/*+!:%(!',,*!'+!:%(;'(>'()'!
'(&*8:*8!/>:e*!:.'+)>@(!/'()8%!/',!e%8>?%()'!>/'%,@->:%!E.'!,*!%8>->(*0!Ä&)*-.%3()*
,+&*6+5$),%*.%.)&{h!G4*(/'8A!VWWVPHB!
{x.a! =%/'&%+! '()'(/'8! =%8! .)%=<*! /',! &'8:*/%! )%)*,|! {$.S,'+! +'8<*(! +.+!
/>&'(+>%('+!PS+>:*+|!1(!=8>&'8!,.-*8A!,*!.)%=<*!/',!&'8:*/%!)%)*,!'+!',!>&*->(*8>%!
/'! *:.'8/%! :%(! ',! :.*,! ,%+! :8>)'8>%+! /'! *+>-(*:>@(! /'! 8':.8+%+! 9! /'! )%&*! /'!
/':>+>%('+!=%8!=*8)'!/',!&'8:*/%!:%(/.:'(!*,!&SF>&%!/'!P>'('+)*8!e.&*(%A!9!=%8!
,%!)*()%A!'+!/'+'*P,'A!*+<!:%&%!=%+>P,'A!8'%8-*(>?*8!)%/*+!,*+!*:)>;>/*/'+!e.&*(*+!
/'! *:.'8/%! :%(! ,*! ,@->:*! /',! &'8:*/%B! U%! +@,%! +'! )8*)*! /'! .(! >&*->(*8>%A! =.'+! e*!
,'->)>&*/%! />+'T%+! /'! :%(+)8.::>@(! /',! &.(/%! '(! ,*! ,,*&*/*! Ä'8*! /'! ,*!
-,%P*,>?*:>@(ÅB!4%!>&=%8)*()'!*!8')'('8!*E.<A!'(!'+)'!&%&'()%A!'+!E.'!(%!+'!)8*)*!
_(>:*&'()'!/'!.(!&%/',%!':%(@&>:%!G,%!E.'!+'!e*!/'(%&>(*/%!:%&%!+$%2%6()*,+*
6+5$),%H! +>(%! E.'! 8'=8'+'()*! ,*! 'F)'(+>@(! /'! ,*! ,@->:*! /'! ,*! 8*:>%(*,>/*/! /',!
&'8:*/%!*!)%/%+!,%+!S&P>)%+!/'!,*!;>/*!:%,':)>;*B!6*8,!7%,*(9>!,%!,,*&@!"%$#+,),*,+*
6+5$),%A!,%!E.'!+>-(>D>:*P*0!!
!
Äs(*/*!&'(%+!E.'!',!D.(:>%(*&>'()%!/'!,*!+%:>'/*/!+'!/*!:%&%!
.(! *=a(/>:'! /',! &'8:*/%B! 1(! ,.-*8! /'! '+)*8! ,*! ':%(%&<*!
'(&*8:*/*!'(!,*+!8',*:>%('+!+%:>*,'+A!,*+!8',*:>%('+!+%:>*,'+!'+)S(!
'(&*8:*/*+!'(!',!+>+)'&*!':%(@&>:%Å!G"X^b0!^bHB!
!
7'8%!,*!'F=,%+>@(!/'!,*!,@->:*!/'!&'8:*/%!'+!)*&P>a(A!'(!+'-.(/%!,.-*8A!.(!=8%:'+%!
/'! ='(')8*:>@(! 9! +.P%8/>(*:>@(! /'! )%/*+! ,*+! *:)>;>/*/'+A! 8':.8+%+A! )'88>)%8>%+! 9!
=%P,*:>%('+!E.'A!e*+)*!',!=8'+'()'A!(%!e*P<*(!'+)*/%!=,'(*&'()'!+%&')>/%+B!1+)%!
>&=,>:*!E.'!,%+!:8>)'8>%+!/'!&'8:*/%!G8'(/>&>'()%A!:%&=')>)>;>/*/A!'D>:*:>*A!9!+.+!
/>;'8+*+! 9! :*&P>*()'+! (%8&*+! /'! -'+)>@(! :%&%! ,*! Ä:*,>/*/! )%)*,ÅH! +'! 'F)>'(/'(!
=8%-8'+>;*&'()'A! e*+)*! :%(;'8)>8+'! '(! (%8&*+! :%(+>/'8*/*+! :%&%! ,'-<)>&*+! =*8*!
R.?-*8! ,*+! P%(/*/'+! 8',*)>;*+! /'! ,*+! /':>+>%('+! 9! *::>%('+! '(! :*/*! .(%! /'! ,%+!
S&P>)%+!/'!,*!;>/*!>(/>;>/.*,!9!:%,':)>;*B!Q!)8*;a+!/'!.(!&%/',%!:.,).8*,!)%)*,>?*()'!
9!)%)*,>)*8>%A!:*/*!.(*!/'!,*+!*:)>;>/*/'+!e.&*(*+!'+!)8*(+D%8&*/*!=8%D.(/*&'()'B!
Q+<!,%!'F=8'+*!`8*(?!L>(k',*&&'8)0!!
!
Ä$.*,E.>'8! *:)>;>/*/! e.&*(*! )>'('! E.'! +'8! )8*(+D%8&*/*! '(! .(*!
'+D'8*! /'! >(;'8+>@(! /',! :*=>)*,A! =*8*! E.'! ',! :*=>)*,! '+=':.,*)>;%!
=.'/*!;>;>8Y!,*+!'+:.',*+A!,%+!R*8/>('+!>(D*()>,'+A!,*+!.(>;'8+>/*/'+A!
,%+!+>+)'&*+!/'!+*,./A!,*+!:*88')'8*+A!,*!>(D8*'+)8.:).8*!'('8-a)>:*A!
,%+! D'88%:*88>,'+A! ',! :%88'%A! ,*+! )',':%&.(>:*:>%('+A! ,%+! %)8%+!
&'/>%+! /'! :%&.(>:*:>@(A! '):B! 5(:,.+>;'! ,*! =%,>:<*A! ,*! D.(:>@(!
,'->+,*)>;*! 9! ',! &>+&%! -%P>'8(%A! +'! =8')'(/'! )8*(+D%8&*8,%+! '(!
'+D'8*!/'!>(;'8+>@(!/'!'+)%+!:*=>)*,'+Å!GVWW"0!"^HB!
!
4*! .)%=<*!/',!&'8:*/%!)%)*,!+'!+.+)'()*A!/'+-8*:>*/*&'()'A!+%P8'!.(!:%(R.()%!/'!
&>)%,%-<*+!E.'!+'!e*(!;'(>/%!:%(;>8)>'(/%!'(!+'()>/%!:%&_(!'(!,*!&'/>/*!'(!E.'!
!
!
V"g!
',!:%(%:>&>'()%!:%,%(>*,!'.8%:a()8>:%!/'!,*+!:>'(:>*+!+%:>*,'+!e'-'&@(>:*+!+'!D.'!
>&=%(>'(/%!:%&%!,*!D%8&*!/'!:%(%:>&>'()%!=8')'(/>/*&'()'!.(>;'8+*,!GN>-(%,%A!
VWW"HB!]*&%+!*!/'+)*:*8!*,-.(*!/'!,*+!&S+!+>-(>D>:*)>;*+B!
1(! =8>&'8! ,.-*8! '+)S! Ä+&* 6#.%* ,+&* $5+$#6#+2.%* "#2* 9#2ÅB! C'! )8*)*! /'! .(*! ;'8+>@(!
:%()'&=%8S('*! /',! &>)%! =8%&')'>:%! /'! ,*! =%+>P>,>/*/! /'! :%()8%,*8! ,*! (*).8*,'?*!
=*8*! e*:'8! =%+>P,'! ',! :8':>&>'()%! +>(! ,<&>)'A! *+<! :%&%! ,*! >/'()>D>:*:>@(! /'! ,*!
D',>:>/*/!e.&*(*!:%(!.(!P>'('+)*8!&*)'8>*,!'(!='8&*('()'!'F=*(+>@(B!2'!*:.'8/%!
:%(! '+)'! &>)%A! (%! 'F>+)'(! ,<&>)'+! &*)'8>*,'+! =*8*! ,*! &*(>=.,*:>@(t'F=,%)*:>@(!
+>'&=8'!:8':>'()'!/'!,%+!8':.8+%+!9!/'!,*!:*=*:>/*/!/'!:*8-*!/',!=,*(')*!c>'88*B!oA!
'(!:*+%!/'!*=*8':'8!*,-.(*!)8*P*A!a+)*!+>'&=8'!=.'/'!+%,.:>%(*8+'!&'/>*()'!.(*!
8'+=.'+)*!)':(%,@->:*B!
C>(!'&P*8-%A!'+)'!&>)%!/',!:8':>&>'()%!+>(!D>(!(%!'+!+@,%!.(!>&*->(*8>%A!)*&P>a(!'+!
.(*! 'F>-'(:>*! '+)8.:).8*,! /',! D.(:>%(*&>'()%! /'! ,*! +%:>'/*/! /',! :*=>)*,A! .(*!
(':'+>/*/!E.'!)>'('!=%:%!E.'!;'8!:%(!,%+!(>;','+!/'!P>'('+)*8!9!/'!:%(+.&%!/'!,*!
=%P,*:>@(B!1(!:*/*!'+)*/>%!/'!:%(+.&%!/'!P>'('+!&*)'8>*,'+A!,*!,@->:*!'F=*(+>;*!/'!
,*!;*,%8>?*:>@(!/',!:*=>)*,!v!:%&%!:%(/>:>@(!/'!,*!=8%=>*!+.='8;>;'(:>*!v!'F>-'!&S+B!
U%!e*9!(>!=.'/'!e*P'8!=.()%!/'!,,'-*/*B!3(*!Ä':%(%&<*!/'!:8':>&>'()%!:'8%Å!+'!
:%(;>'8)'! '(! .(*! =8%D.(/*! '! >(+%+)'(>P,'! :8>+>+A! *_(! *! ='+*8! /'! E.'! e*9*! *,)%+!
(>;','+!/'!:%(+.&%!9!P>'('+)*8!&*)'8>*,A!,*!&*E.>(*8>*!/'!*:.&.,*:>@(!/'!:*=>)*,!
(%!=.'/'!(>!/'P'!=*8*8+'B!
4%!E.'!+'!>-(%8*!'(!',!&>)%!/',!:8':>&>'()%!+>(!D>(A!+%(!,%+!:%(/>:>%(*&>'()%+!E.'!
>&=%('(! ,%+! 8':.8+%+! (*).8*,'+! 9! ,*! :*=*:>/*/! /'! :*8-*! /',! =,*(')*B! o*! e'&%+!
+%P8'=*+*/%! ,*+! =%+>P>,>/*/'+! /'! 8'=%+>:>@(! (*).8*,! /'! ,%+! 8':.8+%+! (*).8*,'+! G9!
+%:>*,'+HA!9!'+)%!(%!+@,%!=*8*!*,-.(%+!':%+>+)'&*+!,%:*,'+!%!8'->%(*,'+A!+>(%!*!(>;',!
/',!+>+)'&*!':%,@->:%!=,*(')*8>%!-,%P*,B!
1,! +'-.(/%! &>)%! /'! ,*! .)%=<*! /',! &'8:*/%! )%)*,! '+! Ä+&* 6#.%* ,+* &)* 2).-5)&+>)*
V-6)2)ÅA!)*,!:%&%!e*!+>/%!:*8*:)'8>?*/*!=%8!',!='(+*&>'()%!,>P'8*,!:,S+>:%!9!*e%8*!
8*/>:*,>?*/%! =%8! ',! ('%,>P'8*,>+&%B! 1(! '+)*! :%(:'=:>@(A! ',! +'8! e.&*(%! '+A! =%8!
(*).8*,'?*A!'-%<+)*!'!>(/>;>/.*,>+)*0!',!&%)%8!/')'8&>(*()'!/'!+.!*::>@(A!'(!_,)>&*!
>(+)*(:>*A!'+!+>'&=8'!',!=8%=>%!P'('D>:>%B!U'-*(/%!',!:*8S:)'8!e>+)@8>:%v:.,).8*,!/'!
'+)'! &%/',%! /'! +.R')%! e.&*(%A! +'! *D>8&*! E.'! ,*! +%:>'/*/! /',! &'8:*/%! )%)*,! '+! ,*!
+%:>'/*/!E.'!&'R%8!'F=8'+*!,*!(*).8*,'?*!.(>;'8+*,!/'!,%!e.&*(%A!',!_(>:%!&%/',%!
/'! %8-*(>?*:>@(! +%:>*,! E.'! ='8&>)'! ',! /'+=,>'-.'! &SF>&%! /'! )%/%! ',! =%)'(:>*,! /'!
:8'*)>;>/*/!9!,>P'8)*/!e.&*(*B!
2'+/'! '+)*! ='8+=':)>;*A! +'! :%(+>/'8*! ,*! />D'8'(:>*! :.,).8*,! :%&%! .(! %P+)S:.,%! *!
+.='8*8A! 'F=8'+>@(! /'! ,%! =8>&>)>;%A! *)8*+*/%A! +.P/'+*88%,,*/%A! =%=.,>+)*A!
:%&.(>)*8>%Y! %P+)S:.,%+! E.'A! *D%8).(*/*&'()'A! ',! &'8:*/%! =%/8S! +.='8*8! +>! ,%!
/'R*(! %='8*8! +>(! )8*P*+B! 1,!V%6%* +$%2%6#$-"A! =8%/.:)%! e>+)@8>:%! /'! ,*! e'-'&%(<*!
/'!,*!8',*:>@(!+%:>*,!/',!:*=>)*,A!+'!:%(;>'8)'!'(!',!+.+)'()%!(*).8*,>?*/%8!PS+>:%!/'!
,*!.)%=<*!/',!&'8:*/%!)%)*,B!
3(!)'8:'8!&>)%!D.(/*:>%(*,!/'!,*!.)%=<*!/',!&'8:*/%!)%)*,!'+!Ä+&*6#.%*,+&*,+")55%&&%*
&#2+)&* 4* 35%'5+"#/%* ,+* &)* .+$2%&%'()ÅB! 1,! &%/',%! )':(%,@->:%! e'-'&@(>:%! /'! ,*!
+%:>'/*/! >(/.+)8>*,! /'! %::>/'()'A! '+! '()'(/>/%! :%&%! =8%/.:)%! /'! .(! /'+*88%,,%!
*+:'(/'()'! e*:>*! )':(%,%-<*+! :*/*! ;'?! &'R%8'+! 9! &S+! 'D>:>'()'+A! /'! :%()'(>/%!
=%,<)>:%!('.)8%A!D.(/*&'()%!&*)'8>*,!/'!,*!+%:>'/*/!/'!,*!*P.(/*(:>*B!C'!:%(;>'8)'!
'()%(:'+!*!,*+!)':(%,%-<*+A!'(!.(*!;*8>*P,'!>(/'='(/>'()'!E.'!:%(/>:>%(*!*,!8'+)%!
/'!,*+!/>&'(+>%('+!/'!,*!+%:>'/*/B!2'!'+)'!&%/%A!+'!e*:'!>((':'+*8>%!>(/*-*8!+%P8'!
!
!
V"X!
,*+!>&=,>:*:>%('+!/',!&%/',%!)':(%,@->:%A!=.'+!',!&'8:*/%!D.(:>%(*!'(!:%(/>:>%('+!
)':(%,@->:*+! /*/*+B! 1,! =8%P,'&*! '+! E.'! *,! (*).8*,>?*8! 9! %PR')>;*8! ',! &%/',%!
)':(%,@->:%A! +'! e*:'(! %=*:*+! '! >(;>+>P,'+! +.+! 8',*:>%('+! /'! =%/'8A! 9! )*&P>a(! +.!
=*=',!PS+>:%!'(!,*+!:%(/>:>%('+!/'!8'=8%/.::>@(!/'!,*+!8',*:>%('+!/'!/'+>-.*,/*/!9!
/%&>(>%!=8%=>*+!/'!,*!+%:>'/*/!:*=>)*,>+)*B!
Q+%:>*/%! *! ,%+! &>)%+! *()'8>%8'+! '+)S! Ä+&* 6#.%* ,+* &)* V#".%5#)* -2#/+5")&ÅA! ,*! (%:>@(!
+'-_(!,*!:.*,!,*!e>+)%8>*!=*88%E.>*,!/'!1.8%=*!M::>/'()*,!G9!/'!Q&a8>:*!/',!U%8)'HA!
'+! ',! =*)8@(! /'! 8'D'8'(:>*A! ,*! =,*()>,,*! .(>;'8+*,! *! =*8)>8! /'! ,*! :.*,! *P%8/*8! ',!
'+)./>%!/'!,*+!:*8'(:>*+!9!/'D>:>'(:>*+!/'!)%/*!%)8*!'F='8>'(:>*!e>+)@8>:*A!>(:,.>/*!,*!
'F='8>'(:>*!/'!;>/*!/'!)%/%!+'8!e.&*(%B!4*!+%:>'/*/!/',!&'8:*/%!)%)*,!'+A!'(!'+)'!
&')*88',*)%A!',!=.()%!/'!,,'-*/*!/'!,*!e>+)%8>*A!/'!)%/*!,*!e>+)%8>*A!/'!,*!e>+)%8>*!/'!
)%/%+!,%+!=.'P,%+!G`.k.9*&*A!"XXVHB!
M)8%! &>)%! +'8<*! Ä+&* ,+* &)* .%&+5)2$#)* 4* &)* ,#/+5"#,),* $-&.-5)&ÅB! 1(! ,*! +%:>'/*/! /',!
&'8:*/%! )%)*,A! ',! ,>P'8*,>+&%! +'8<*! ,*! &SF>&*! 'F=8'+>@(! /',! 8':%(%:>&>'()%! /',!
%)8%A! /'! ,*! )%,'8*(:>*! /'! ,*! />D'8'(:>*A! =*8*/>-&*! (':'+*8>%! =*8*! ,*! =%+>P>,>/*/!
&>+&*!/'!,*!/>;'8+>/*/!:.,).8*,B!C>(!'&P*8-%A!'(!,*!+%:>'/*/!/',!&'8:*/%!)%)*,!,*!
/>;'8+>/*/!:.,).8*,!+'!:%(;>'8)'!'(!.(!&>)%!'(!,*!&'/>/*!'(!E.'A!*_(!:','P8*(/%!,*!
/>D'8'(:>*A! ',! +%&')>&>'()%! /'! a+)*! *! ,*! ,@->:*! 'F=*(+>;*! /',! &'8:*/%! '+)*P,':'!
+';'8%+! ,<&>)'+! *! ,*! =%+>P>,>/*/! &>+&*! /'! ,*! =8'+'8;*:>@(! 9t%! :8'*:>@(! /'! %)8%+!
&%/%+!/'!;>/*!G$*+)8%!d@&'?A!VWWWHB!
oA! =%8! _,)>&%A! '+)S! Ä+&* 6#.%* ,+* -2)* "%$#+,),* "#2* #2.+5+"+"@* "#2* +".5).+'#)"@* "#2*
5+&)$#%2+"* ,+* 3%,+5@* "#2* "-a+.%"ÅB! 1(! '+)*! >(;>+>P>,>?*:>@(! /'! ,%+! +.R')%+! 9! +.+!
*::>%('+! '+)8*)a->:*+A! :%>(:>/'(! ',! ('%,>P'8*,>+&%! 9! ;'8)>'()'+! +>-(>D>:*)>;*+! /',!
='(+*&>'()%!=%+&%/'8(%B!1+!',!&.(/%!/',!D>(!/'!,*!7%,<)>:*A!/'!,*!L>+)%8>*A!9!/'!,*+!
%=%+>:>%('+! 9! :%(D,>:)%+! >/'%,@->:%+B! C>(! '&P*8-%A! '(! '+)'! >&*->(*8>%! +'! %P;>*! ',!
'F)8*%8/>(*8>%! =*=',! E.'! )>'('A! 9! +>'&=8'! e*! )'(>/%A! ',! 1+)*/%! '(! ,*! +%:>'/*/!
:*=>)*,>+)*B! 7'8%A! >-.*,&'()'A! />+)%8+>%(*! '(! D%8&*! 8*/>:*,! ,*! (*).8*,'?*! 9! ,%+!
&%/%+! /'! %='8*:>@(! /',! &'8:*/%! '(! ,*! +%:>'/*/! :%()'&=%8S('*A! '(! =*8)>:.,*8! ,%!
E.'! :%(+)>).9'! e%9! +.! />&'(+>@(! /'D>(>)%8>*0! +.! :*8S:)'8! %,>-%=@,>:%B! C>(! ,.-*8! *!
/./*+A! '+)'! Ä6#.%* ,+&* %5,+2* +"3%2.B2+%Å! )>'('! =%:%! E.'! ;'8! :%(! .(! &.(/%! '(! ',!
E.'!/'!,*+!"WW!&S+!-8*(/'+!':%(%&<*+!/',!&.(/%A!^"!+%(!:%8=%8*:>%('+!9!\X!+%(!
=*<+'+A!'F>+)>'(/%!*,)%+!-8*/%+!/'!:%8=%8*:>@(!%,>-%=@,>:*!'(!=8S:)>:*&'()'!)%/*+!
,*+! >(/.+)8>*+! &S+! >&=%8)*()'+A! E.>'('+! R.()%! :%(! ,%+! =*<+'+! &S+! 8>:%+! +%(! ,*+!
D.'8?*+! =8>(:>=*,'+! /')8S+! /',! />+'T%! /',! %8/'(! R.8</>:%! '! >(+)>).:>%(*,! /'! ,*!
-,%P*,>?*:>@(!('%,>P'8*,B!
U%!E.>+>'8*!:%(:,.>8!'+)*!:.'+)>@(!/'!,%+!&>)%+!*+%:>*/%+!*!,*!.)%=<*!/',!&'8:*/%!
)%)*,A! +>(! e*:'8! .(! P8';'! :%&'()*8>%! +%P8'! Ä&)"* 6#.%&%'()"* 2+%&#M+5)&+"* )"%$#),)"*
$%2*+&*3)3+&*,+&*<".),%*+2*&)*"%$#+,),*$)3#.)&#".)ÅA!9A!'(!=*8)>:.,*8A!8'+=':)%!/'!,%+!
&>)%+!*!=*8)>8!/'!,%+!:.*,'+!+'!:*8*:)'8>?*(!,*+!8',*:>%('+!'()8'!1+)*/%!9!&'8:*/%B!
2%+! +'8<*(! ,%+! &>)%+! :'()8*,'+! '(! )%8(%! *,! 1+)*/%! :*=>)*,>+)*0! G>H! Ä+&* 6#.%* ,+&*
,+")55%&&%* V#".:5#$%* +"3%2.B2+%* ,+* &)* "%$#+,),* ,+* 6+5$),%ÅA! :.*(/%! (%! e*9!
>()'8D'8'(:>*+!>,'-<)>&*+!=%8!=*8)'!/',!1+)*/%Y!9!G>>H!Ä+&*6#.%*,+*&)*,#"6#2-$#:2*,+&*
3)3+&*,+&*<".),%*+2*&)*"%$#+,),*'&%M)&*$%2.+63%5B2+)ÅB!
Z'+=':)%!/',!=8>&'8%A!=%/'&%+!/':>8!E.'!,*+!'F='8>'(:>*+!/'!/'+*88%,,%!:*=>)*,>+)*!
/',! :%()>('()'! '.8%='%A! '(! ,*! &*9%8! =*8)'! /'! ,*! e>+)%8>*! /'! 1+)*/%+! 3(>/%+A! /'!
j*=@(!9!/'!,%+!c>-8'+!Q+>S)>:%+A!(%!e*!+>/%!.(*!e>+)%8>*!/'!:*=>)*,>+&%!/'+8'-.,*/%B!
1,! ,>P8'! &'8:*/%A! ',! &)#""+>* 9)#5+A! :%(! =%:*! %! (>(-.(*! 8'-.,*:>@(A! +@,%! e*! 'F>+)>/%!
!
!
VVW!
e>+)@8>:*&'()'! '(! D%8&*! 'F:'=:>%(*,A! 9A! :.*(/%! ',,%! e*! %:.88>/%A! e*! +>/%! :%&%!
8'+.,)*/%!/'!.(!=8%9':)%!=%,<)>:%!'+)8*)a->:%!'(!',!:.*,!+'!e*!.)>,>?*/%!',!=%/'8!/',!
1+)*/%! =*8*! ,,';*8! *! :*P%! .(! =8%:'+%! /'! =8%D.(/*! >(-'(>'8<*! %! 8'/>+'T%! +%:>*,!
Gd8*9A!"XXgHB!
2*/%! ,%+! (>;','+! /'! >(+'-.8>/*/! E.'! =*8*! ,*! &*9%8<*! /'! ,*! =%P,*:>@(! -'('8*! .(!
&'8:*/%!(%!8'-.,*/%A!'+)'!.+%!/',!=%/'8!/',!1+)*/%!=*8*!:8'*8!,*+!:%(/>:>%('+!/'!
&)#""+>* 9)#5+! 8'E.>'8'! ,>&>)*:>%('+! *,! 'R'8:>:>%! /'! ,*! /'&%:8*:>*! =%8! =*8)'! /'! ,*!
&*9%8<*! /'! ,*! =%P,*:>@(B! 4*! *-'(/*! ('%,>P'8*,! P.+:*! ',! />+'T%! /'! .(! %8/'(!
>(+)>).:>%(*,! >()'8(*:>%(*,A! '(! ',! :.*,A! ',! D.(:>%(*&>'()%! /'! .(! ,>P8'! &'8:*/%A!
E.'/'! ,>P'8*/%! /'! ,%+! :%()8%,'+! /'&%:8S)>:%+B! 1(! ',! e%8>?%()'! /'! ,*! +%:>'/*/! /',!
&'8:*/%!)%)*,!'+)S!+.='8*8!,*+!)'(+>%('+!'()8'!',!>/'*,!/'!.(*!+%:>'/*/!/'!&'8:*/%!
9! ,*! 8'*,>/*/! /'! .(*! /'&%:8*:>*! f'F:'+>;*hB! 7%8! )*()%A! +'! e*! :%(+>/'8*/%!
>(/>+='(+*P,'!,*!8'/.::>@(!/',!S&P>)%!/',!'R'8:>:>%!/'!,*!/'&%:8*:>*A!'+)*P,':>'(/%!
D.'8)'+! P*88'8*+! =8%)'::>%(>+)*+! /',! &'8:*/%! D8'()'! *! )%/*! /'&*(/*! /'&%:8S)>:*!
/'! :%()8%,! 8'+=':)%! /',! &>+&%A! ,%! E.'! :%(;>'8)'! *,! &'8:*/%! '(! .(*! 8'*,>/*/!
#55+/+5"#M&+B!
4*! 'F=8'+>@(! &S+! (%)*P,'! /'! '+)'! =8%:'+%! /'! *.+'(:>*! /'! :%()8%,! /'&%:8S)>:%!
+%P8'! ,*! &'8:*()>,>?*:>@(! /'! ,*! ;>/*! +%:>*,A! ,*! '(:%()8*&%+! '(! ',! =%/'8! :*/*! ;'?!
&*9%8!/'!,%+!%8-*(>+&%+!D>(*(:>'8%+!&.,)>,*)'8*,'+!=*8*!/>+'T*8!,%+!8'-<&'('+!/'!
8'-.,*:>@(! 9! ,*+! =%,<)>:*+! =_P,>:*+! /'! ,%+! 1+)*/%+! &S+! /aP>,'+! G'(! ',! =,*(%!
&*:8%':%(@&>:%! 9! '(! ,%+! +':)%8'+! /'! ,*! *::>@(! '+)*)*,! :%&%! ,*! +*(>/*/A! ,*!
'/.:*:>@(!,*!,'->+,*:>@(!,*P%8*,A!,%+!+'8;>:>%+!=_P,>:%+!%!',!8a->&'(!/'!,*!+'-.8>/*/!
+%:>*,HB! c%/*+! '+)*+! 8'-.,*:>%('+! )>'('(! :%&%! %PR')>;%! -*8*()>?*8! (>;','+!
:8':>'()'+!/'!/'+8'-.,*:>@(A!=8>;*)>?*:>@(!9!*='8).8*!':%(@&>:*!'(!)%/%!',!&.(/%A!
*+'-.8S(/%+'!E.'!'+)*+!=%,<)>:*+!(%!=.'/*(!+'8!8';'8)>/*+B!
Z'+=':)%!/'!,*!+.=.'+)*!8'/.::>@(!/',!=*=',!/',!1+)*/%!'(!,*+!)'(/'(:>*+!*:).*,'+!
/'! ,*! -,%P*,>?*:>@(! ('%,>P'8*,A! )*&P>a(! /'P>a8*&%+! 8';>+*8! :@&%! %='8*(! ,*+!
'+)8.:).8*+! '+)*)*,'+! '(! ,*! +%:>'/*/! *:).*,B! 1+! ';>/'()'! E.'! ',! &%/',%! /'! %8/'(!
>()'8(*:>%(*,! /'! I'+)D*,>*! G%! +'*A! :*/*! (*:>@(! '+! +%P'8*(*! /'()8%! /'! +.+! =8%=>*+!
D8%()'8*+! :%(! )'88>)%8>%+! >(;>%,*P,'+H! (%! /*! :.'()*! /'! ,*+! *:).*,'+! 8',*:>%('+!
>()'8(*:>%(*,'+B!1D':)>;*&'()'A!',!&'8:*/%!:*=>)*,>+)*!=%+D%8/>+)*!8'E.>'8'!/'!.(*!
>(+)>).:>%(*,>/*/! =%,<)>:*! E.'! ,%! +.+)'()'B! 4*! &.(/>*,>?*:>@(! :8':>'()'! /'! ,%+!
&'8:*/%+! 'F>-'! ,*! *&=,>*:>@(! /'! +.! %8/'(*&>'()%! R.8</>:%! >(+)>).:>%(*,B! oA! =%8!
)*()%A! *! 8*<?! /',! *:).*,! =8%:'+%! /'! -,%P*,>?*:>@(! +'! '+)S(! :%(+)8.9'(/%! (.';*+!
&%/*,>/*/'+!/'!>(+)>).:>%(*,>/*/!'+)*)*,!)*()%!/'!%8/'(!8'->%(*,!:%&%!/'!:*8S:)'8!
-,%P*,B! 1,! :*+%! &S+! +>-(>D>:*)>;%! /'! ,*! :%(+)8.::>@(! /'! '+)8.:).8*+! '+)*)*,'+!
+.=8*(*:>%(*,'+! /'! :*8S:)'8! 8'->%(*,! ,%! :%(+)>).9'! ,*! 3(>@(! 1.8%='*B! C.+!
/>D'8'()'+! @8/'('+! R.8</>:%+A! >(+)>).:>%('+! 9! '+)8.:).8*+! /'! -%P>'8(%! G$%&>+>@(!
1.8%='*A!7*8,*&'()%A!J*(:%!$'()8*,!1.8%='%A!&%('/*!_(>:*A!9!=%,<)>:*+!'F)'8>%8'+!
9! &>,>)*8'+! :8':>'()'&'()'! :%&.('+H! /'+'&='T*(A! +>(! /./*A! D.(:>%('+!
=8%=>*&'()'!'+)*)*,'+B!
4*+! (.';*+! '+)8.:).8*+! '+)*)*,'+! )8*(+(*:>%(*,'+! +'! ;*(! :8'*(/%! &'/>*()'! ',!
'+)*P,':>&>'()%! /'! .(! %8/'(! >(+)>).:>%(*,! -,%P*,! '(! ,%+! )'88'(%+! R.8</>:%!
GÄ-,%P*,>?*:>@(! /',! /'8':e%ÅHA! D>(*(:>'8%A! :%&'8:>*,! 9! &>,>)*8A! E.'! +'! 'F=8'+*! '(!
>(+)>).:>%('+! :%&%! ,*! $%8)'! 5()'8(*:>%(*,! /'! j.+)>:>*A! ',! `%(/%! N%(')*8>%!
5()'8(*:>%(*,!G`N5HA!',!J*(:%!N.(/>*,!GJNHA!,*!M8-*(>?*:>@(!N.(/>*,!/'!$%&'8:>%!
GMN$H!9!,*!M8-*(>?*:>@(!/',!Q),S()>:%!U%8)'!GMcQUHB!!
!
!
VV"!
7%8!)*()%A!*()'!'+)*!=,.8*,>/*/!/'!%8/'(*&>'()%+!R.8</>:%+A!+'!/'+*88%,,*(!(.';*+!
D%8&*+! /'! 8',*:>@(! '()8'! ,*+! (%8&*+! 9! ,*! +%P'8*(<*! /'! :*/*! '+)*/%! 9! ',! %8/'(!
>()'8(*:>%(*,! '(! )%/%+! ,%+! S&P>)%+A! /'+/'! ',! :%&'8:>%! e*+)*! ',! /'! ,%+! /'8':e%+!
e.&*(%+A!9!E.'!;*8<*(!)*&P>a(!'(!D.(:>@(!/'!,*!R'8*8E.<*!E.'!%:.=*!:*/*!1+)*/%!
(*:>%(*,!'(!',!+>+)'&*!/'!8',*:>%('+!>()'8(*:>%(*,'+0!
!
Äs'+)*&%+!'()8*(/%!'(!.(!)'8:'8!='8<%/%A!E.'!+'!/>+)>(-.'!/'!,%+!
=8':'/'()'+! '(! E.'A! &>'()8*+! E.'! ',! /'P*)'! '(! a+)%+! ->8*P*!
*,8'/'/%8! /'! ,%+! %8/'(*&>'()%+! R.8</>:%+! ,%:*,'+A! >(D8*'+)*)*,'+A!
E.'! :%'F>+)<*(! /'()8%! /'! .(! &>+&%! '+=*:>%! 9! .(! &>+&%! )>'&=%!
(*:>%(*,'+A! '(! ',! ='8<%/%! *:).*,! ',! /'P*)'! +'! 8'D>'8'! *! ,%+!
%8/'(*&>'()%+! R.8</>:%+! +.=8*(*:>%(*,'+A! )8*(+(*:>%(*,'+! E.'!
:%'F>+)'(!'(!',!+>+)'&*!&.(/>*,A!)*()%!:%(!',!1+)*/%!:%&%!:%(!,%+!
%8/'(*&>'()%+!R.8</>:%+!>(D8*'+)*)*,'+Å!GC*()%+A!"XXg0!Vb!v!VgH!
!
1(! /'D>(>)>;*A! 9! =*8*! :%(:,.>8A! ',! Ä&#M5+* 6+5$),%Å! '+A! 9! +>'&=8'! e*! +>/%A! .(*!
:%(+)8.::>@(! =%,<)>:*B! 7%8! ',,%A! ,*+! 8',*:>%('+! '()8'! 1+)*/%! 9! &'8:*/%! (%! %='8*(!
:%&%! .(! ÄR.'-%! /'! +.&*! :'8%ÅA! '(! .(*! :%&=')'(:>*! '(! E.'! )%/%! D%8)*,':>&>'()%!
/',! &'8:*/%! +'! =8%/.:'! *! :%+)*! /',! /'P>,>)*&>'()%! /',! 1+)*/%B! U%! '+! D*,+*A!
'()%(:'+A! ,*! *D>8&*:>@(! /'! E.'! 'F>+)*(! (.';*+! ,>&>)*:>%('+! '(! ,*! :*=*:>/*/! /',!
1+)*/%! =*8*! D%8&.,*8! '! >&=,'&'()*8! =%,<)>:*+A! &S+! P>'(! ',! =8%P,'&*! '+)S! '(!
>/'()>D>:*8! />:e*+! ,>&>)*:>%('+! :%&%! *P+%,.)*+A! 8'=8'+'()*:>@(! /'! .(*! '+=':>'! /'!
ÄD>(!/'!,*!e>+)%8>*!/',!1+)*/%ÅA!'(!,.-*8!/'!;'8,*+!:%&%!'F=8'+>@(!/'!,*!e>+)%8>*!/',!
=8%:'+%!/'!,*+!*/*=)*:>%('+!/',!1+)*/%!*!8')%+!)*()%!'F)'8(%+!:%&%!>()'8(%+0!
!
Äs,*! ,,*&*/*! f-,%P*,>?*:>@(h! /'P'! +'8! ;>+)*! :%&%! .(! D'(@&'(%!
&S+! =%,<)>:*&'()'! E.'! )':(%,@->:*&'()'! >(/.:>/%B! 1+! =%,<)>:%A! '(!
=8>&'8! ,.-*8A! '(! ',! +'()>/%! -'('8*,! /'! E.'! ,*! *='8).8*! /'! ,%+!
&'8:*/%+! /'! :*=>)*,'+! e*! %:.88>/%! :%&%! 8'+.,)*/%! />8':)%! /'!
-%P>'8(%+! E.'A! ;%,.()*8>*! %! :%()8*! +.! ;%,.()*/A! e*(! :'/>/%! *! ,*+!
=8'+>%('+! /'! ,%+! >()'8'+'+! D>(*(:>'8%+A! >()'()*(/%! ';>)*8! :8>+>+!
>()'8(*:>%(*,'+A! ';>)*(/%! *+<! ',! '+)*P,':>&>'()%! /'! :%()8%,'+!
'D':)>;%+Å!GI'>++A!"XXg0!VWgHB!
!
S)5$%* #,+%&:'#$%* `-+* &+'#.#6)* &)* z$#+2$#)* 2+%&#M+5)&{T* 5)$#%2)&#"6%* +$%2:6#$%@*
$)3#.)&#"6%*$%'2#.#/%*)$),W6#$%*4*'+5+2$#)&#"6%*+635+")5#)&*
4*!=8'-.()*!+>-.>'()'!E.'!(%+!=%/'&%+!e*:'8A!.(*!;'?!e':e%!',!8'=*+%!=%8!*,-.(*+!
/'!,*+!&>)%,%-<*+!9!/>&'(+>%('+!PS+>:*+!/'!,*!+%:>'/*/!/'!&'8:*/%A!9!'(!8',*:>@(!*!
,*!:.'+)>@(!E.'!(%+!%:.=*!+'8<*!'+)*0!{:@&%!>(D,.9'!,*!.)%=<*!/',!&'8:*/%!)%)*,!'(!
,*!;>/*!>(;'+)>-*/%8*|!{$@&%!+'!*8)>:.,*!,*!,@->:*!/'!,*!8'()*P>,>/*/!&'8:*()>,!:%(!
,%+! =8%:'+%+! /'! =8%/.::>@(! /'! :%(%:>&>'()%! :>'()<D>:%|! 7*8*! 8'+=%(/'8! *! '+)%A!
/'P'&%+!'F*&>(*8!,*+!8'D%8&*+!.(>;'8+>)*8>*+!9!/'!,%+!!:'()8%+!/'!>(;'+)>-*:>@(A!*!
,*! ,.?! /',! *+:'(+%! /'! ,*+! (.';*+! >/'%,%-<*+! '&=8'+*8>*,'+! *+%:>*/*+! :%(! ,%! E.'!
e*P>).*,&'()'!+'!e*!/'(%&>(*/%!:%&%!ÄE+t*!-M&#$*S)2)'+6+2.ÅB!
!
!
!
VVV!
C'!e*!+'T*,*/%!E.'!,*!*:).*,!)8*(+D%8&*:>@(!/'!,*!1/.:*:>@(!C.='8>%8!+'!8',*:>%(*!
'+)8':e*&'()'!:%(!,*!'&'8-'(:>*!/'!.(*!':%(%&<*!P*+*/*!'(!',!:%(%:>&>'()%!'(!
,*! E.'A! '()8'! %)8*+! :%+*+A! +'! >(+>+)'! '(! >/'*+! )*,'+! :%&%! E.'! ,*! =8%/.:)>;>/*/!
/'='(/'!/',!/'+*88%,,%!/',!:%(%:>&>'()%!:>'()<D>:%!9!)':(%,@->:%A!/',!:%(%:>&>'()%!
:%&%!D*:)%8!/'!=8%/.:)>;>/*/!9!/'!,*!>(;'8+>@(!'(!:*=>)*,!e.&*(%!GC:e.-.8'(+k9A!
"XXX0! Vg^HB! 1(! '+)'! :%()'F)%A! ,*+! .(>;'8+>/*/'+! :%()>(_*(! +>'(/%! .(! +':)%8!
'+)8*)a->:%!=*8*!',!:*=>)*,>+&%!=%+D%8/>+)*B!C>(!'&P*8-%A!e*9!%)8*+!=%+>:>%('+!&S+!
='+>&>+)*+! E.'! *D>8&*(! E.'! ,*! .(>;'8+>/*/! E.'! e'&%+! :%(%:>/%! '+)S! *! =.()%! /'!
ÄD>8&*8!',!D>(>E.>)%Å!:%&%!:%(+':.'(:>*!/'!.(*!=a8/>/*!/'!+'()>/%!:,*8%!8'+=':)%!
/'!+.+!D>('+A!,%!E.'!+'!)8*/.:'!'(!.(*!=a8/>/*!/',!&%(%=%,>%!/'!,*!=8%/.::>@(!/'!
(.';%+!&*8:%+!/'!:%&=8'(+>@(!GJ*8('))A!VWWW0!"VWHB!
C>-.>'(/%! '+)*! _,)>&*! ,<('*! /'! *(S,>+>+A! />8<*&%+! E.'! ,*+! 8'D%8&*+! .(>;'8+>)*8>*+!
/',!:*=>)*,>+&%!*:*/a&>:%!(%!+'8<*(!&S+!E.'!',!8'D,'R%!'(!,*!=8S:)>:*!/'!.(!(.';%!
/>+:.8+%! +%:>*,! G9! .(*! (.';*! -.P'8(*&'()*,>/*/H! =*8*! ',! E.'! (%:>%('+! :%&%!
Ä;*,%8! &%(')*8>%Å! G/)&-+* 9%5* 6%2+4HA! Ä8'(/>:>@(! /'! :.'()*+Å! G)$$%-2.)M#&#.4HA!
Ä=,*(>D>:*:>@(! '+)8*)a->:*Å! G".5).+'#$* 3&)22#2'HA! Ä:%+)%i'D>:*:>*Å! G$%".J
+99+$.#/+2+""HA!ÄP.'(*!-'+)>@(Å!G'%%,*6)2)'+6+2.HA!Ä>(/>:*/%8'+!/'!8'(/>&>'()%Å!
G3+59%56)2$+* #2,#$).%5"HA! Ä*+'-.8*8! ,*! :*,>/*/Å! G`-)&#.4*)""-5)2$+H! 9! Ä8',';*(:>*Å!
G5+&+/)2$+HA! e*(! =*+*/%! *! .(! =8>&'8! =,*(%! '(! /')8>&'()%! /',! +.V%"* /'! ,*!
:%,'->*,>/*/!9!,*!:%&.(>/*/!>()',':).*,!Gd*8:<*!c%P<%!9!7*8/%!7a8'?A!VWW#0!"HB!!
!
1+)*! (.';*! '-M+52)6+2.)&#,),! %! :*&P>%! /'! =*8*/>-&*! +'! /'P'! *! ,*+! =8'+>%('+! '!
>(D,.'(:>*+! /'! *-'()'+! 'F)'8(%+A! +%P8'! )%/%! %8-*(>?*:>%('+! )8*(+(*:>%(*,'+! 9!
,%PP>'+! '&=8'+*8>*,'+! =*8*! E.>'('+! ,*! 8'D%8&*! /'! ,*! 1/.:*:>@(! C.='8>%8! 8'+.,)*!
.(*! :.'+)>@(! /'! ;>)*,! >&=%8)*(:>*B! C'! )8*)*A! '(! /'D>(>)>;*A! /'! .(! (.';%! />+:.8+%!
+%:>*,! P*+*/%! '(! .(*! &'(%8! /'='(/'(:>*! /',! =8'+.=.'+)%! =_P,>:%A! >(:%8=%8*(/%!
=%,<)>:*+!/'!&'8:*/%!E.'!='8&>)>'8*(A!*!,*!;'?A!.(*!/>+)8>P.:>@(!9!.)>,>?*:>@(!/'!,%+!
8':.8+%+! :%(! ',! %PR')%! /'! :%(+'-.>8! .(*! &*9%8! D>(*(:>*:>@(! =%8! &'/>%! /',!
8'(/>&>'()%!>(+)>).:>%(*,B!
C>(! '&P*8-%A! )%/*+! '+)*+! =%,<)>:*+! ('%,>P'8*,'+! /'! 8'D%8&*! /'! ,%+! +>+)'&*+! /'!
1/.:*:>@(!C.='8>%8!+.8-'(!/'!.(*!=,*(>D>:*:>@(!'+)8*)a->:*!:.9%!=.()%!/'!=*8)>/*!
(%! '+! %)8%! E.'! ',! '(+*&P,*R'! )'@8>:%! /'! .(*! +'8>'! /'! &*8:%+! >/'%,@->:%+! E.'!
+.+)'()*(! ',! :*&P>%! '(! ,*! ':%(%&<*i&.(/%! /',! :*=>)*,>+&%! *:*/a&>:%B! 1+)*+!
>/'%,%-<*+!;*(!*!+'8!',!8*:>%(*,>+&%!':%(@&>:%A!',!:*=>)*,>+&%!:%-(>)>;%!*:*/a&>:%!
9!',!-'8'(:>*,>+&%!'&=8'+*8>*,!G%!E+t*!-M&#$*S)2)')6+2.HB!
!
1,!8*:>%(*,>+&%!*:*/a&>:%!
4*!>/'%,%-<*!/',!8*:>%(*,>+&%!':%(@&>:%!D.'!D%8&.,*/*!=%8!N>:e*',!7.+'9!'(!.(*!
%P8*! )>).,*/*! Ä<$%2%6#$* ;).#%2)&#"6* #2* ?)2M+55)Å! G"XX"HB! 2>:e*! >/'%,%-<*!
:%(+)>).9@!.(*!D.'8?*!>&=%8)*()'!'(!,*+!8'D%8&*+!':%(@&>:*+!/',!+':)%8!=_P,>:%!'(!
Q.+)8*,>*! /.8*()'! ,*+! /a:*/*+! /'! ,%+! bW! 9! ,%+! gWB! 1,! Ä8*:>%(*,>+&%! ':%(@&>:%Å!
*=.()*P*! *! ,*! >()'(:>@(! /'! ,*+! */&>(>+)8*:>%('+! =_P,>:*+! =8%)%i('%,>P'8*,'+! /'!
',>&>(*8!',!/'+=>,D*88%!9!,*!>('D>:>'(:>*A!*e%88*8!/>('8%!=_P,>:%A!*/',-*?*8!',!+':)%8!
=_P,>:%A!9A!,%!&S+!>&=%8)*()'0!Äe*:'8!.(!+':)%8!=_P,>:%!:%&=')>)>;%!'(!+'&'R*(?*!
/'!,*+!'&=8'+*+!=8>;*/*+ÅB!
!
!
VV[!
1,! (_:,'%! /',! 8*:>%(*,>+&%! ':%(@&>:%! ,%! :%(+)>).9'(! )8'+! ','&'()%+!
=8>(:>=*,&'()'!GN*8->(+%(A!"XX[0!^#i^bHB!1,!=8>&'8%!/'!',,%+!+'8<*!E.'!',!/>+'T%!
/'! ,*+! =%,<)>:*+! =_P,>:*+! /'P'! '+)*8! =8'%:.=*/%! :'()8*,&'()'! =%8! ,*! =%,<)>:*!
':%(@&>:*B!7%8!)*()%A!,*!'/.:*:>@(!/'P'!:%(+>/'8*8+'!:%&%!.(*!8*&*!/'!,*!=%,<)>:*!
':%(@&>:*A!9!(%!.(*!'+=':>'!/'!&'?:,*!/'!=%,<)>:*!+%:>*,A!':%(@&>:*!9!:.,).8*,B!1,!
+'-.(/%! /'! ,%+! ','&'()%+! +'8<*! ',! E.'! '+)*! =%,<)>:*! =_P,>:*! /'P'! %8-*(>?*8+'! *! ,*!
,.?! /',! ')e%+! ,>P'8*,! ('%:,S+>:%! 9! /'! &'8:*/%B! 4*+! =%,<)>:*+! =_P,>:*+! ('%,>P'8*,'+!
/'P'(! '(D%:*8+'! '(! ,*! />8'::>@(! /',! '+)*/%! &>(>&*,>+)*! /',! &)#""+>J9)#5+B!
`>(*,&'()'A! ',! 8*:>%(*,>+&%! ':%(@&>:%! =%('! '+=':>*,! a(D*+>+! '(! ,*! 'D>:>'(:>*!
-'8'(:>*,A! 8''+)8.:).8*(/%! ',! 8%,! /',! '+)*/%! '(! 8',*:>@(! *! ,%+! +'8;>:>%+! =_P,>:%+!
+'-_(!/%+!'+)8*)'->*+!)<=>:*+0!G>H!=8>;*)>?*(/%!9!:%&'8:>*,>?*(/%!,%+!+'8;>:>%+Y!G>>H!
:%(;>8)>'(/%!',!+'8;>:>%!=_P,>:%!'(!.(*!'+=':>'!/'!$-)"#J6+5$),%A!=%8!&'/>%!/'!,*!
:%&=')'(:>*!=%8!',!D>(*(:>*&>'()%!)*()%!'(!,*+!*:)>;>/*/'+!/'!'(+'T*(?*!:%&%!/'!
>(;'+)>-*:>@(B!
!
1,!:*=>)*,>+&%!:%-(>)>;%!*:*/a&>:%!
4*! >/'%,%-<*! /',! :*=>)*,>+&%! :%-(>)>;%! *:*/a&>:%! )>'('! .(%! /'! +.+! =.()%+! /'!
*88*(E.'! '(! ',! ,>P8%! /'! C,*.-e)'8! 9! 4'+,>'! G"XXbH0! ÄU$),+6#$* ?)3#.)&#"6T* !%&#.#$"@*
!%&#$#+"* )2,* .V+* <2.5+3+2+-5#)&* 12#/+5"#.4ÅB! 1(! />:e%! )8*P*R%A! *8-.&'()*(! E.'! ,*!
-,%P*,>?*:>@(! /'+'+)*P>,>?*! ',! )8*P*R%! *:*/a&>:%A! :8'*(/%! (.';*+! '+)8.:).8*+A!
>(:'()>;%+!9!8':%&='(+*+!=*8*!,%+!*:*/a&>:%+B!Q!)8*;a+!/',!:*=>)*,>+&%!*:*/a&>:%!
,%! E.'! +'! :%(+)*)*! (%! '+! %)8*! :%+*! E.'! ,*! >&=,>:*:>@(A! :*/*! ;'?! &*9%8A! /'! ,*!
:%&.(>/*/! :>'()<D>:*! '(! ,*! &'8:*()>,>?*:>@(! /'! ,*! 1/.:*:>@(! C.='8>%8A! e*+)*! ',!
=.()%! /'! E.'A! *,! &'(%+! '(! ,*+! .(>;'8+>/*/'+! D>(*(:>*/*+! =_P,>:*&'()'A! +>'(/%!
'&=,'*/%+!/',!+':)%8!=_P,>:%!GD.(:>%(*8>%+HA!*:).*,&'()'!/'+'&='T*(!',!=*=',!/'!
:*=>)*,>+)*+! E.'! P.+:*(! 8':.8+%+! 'F)8*! =*8*! ,*+! >(+)>).:>%('+! '(! ,*+! E.'! )8*P*R*(B!
NS+! P>'(A! '()%(:'+A! ,*! :%&.(>/*/! :>'()<D>:*! .(>;'8+>)*8>*! +'! :%&=%8)*! :%&%! .(*!
&*E.>(*8>*!Ä'&=8'(/'/%8*Å!+.P+>/>*/*!=%8!',!'+)*/%!G"XXb0!giXHB!
1,!%8>-'(!/',!:*=>)*,>+&%!:%-(>)>;%!*:*/a&>:%!,%!=%/'&%+!+>).*8!'(!,*!Ä)'%8<*!/'!,*!
/'='(/'(:>*! /'! 8':.8+%+Å! G5+"%-5$+* ,+3+2,+2$4* .V+%54H! D%8&.,*/*! =%8! 7D'DD'8! 9!
C*,*(:>k! G"Xbg0! V^bHA! E.>'('+! &*()'(<*(! ,*! e>=@)'+>+! /'! E.'! *E.',,%+! E.'!
*=%8)*8*(!8':.8+%+!*!%8-*(>?*:>%('+!:%&%!,*+!.(>;'8+>/*/'+A!)'(/8<*(!,*!:*=*:>/*/!
/'!'R'8:'8!.(!-8*(!=%/'8!+%P8'!'+*+!>(+)>).:>%('+B!7%8!,%!)*()%A!'+)%!8%&='8<*!:%(!
,*!>/'*!v!)*(!;'(/>/*!/'+/'!,%+!*T%+!+')'()*!v!/',!=%/'8!/'!,*+!.(>;'8+>/*/'+!=*8*!
*.)%/>8>->8+'!:%(!',!%PR')%!/'!:%(+'-.>8!+.+!=8%=>%+!D>('+B!$%&%!/'&.'+)8*(!'+)%+!
*.)%8'+A!,*+!>(+)>).:>%('+!.(>;'8+>)*8>*+!+%(!%8-*(>?*:>%('+!e')'8%/>8>->/*+!E.'!+'!
>&=,>:*(!:%(+)*()'&'()'!'(!.(*!P*)*,,*!=%8!.(*!*.)%(%&<*!:.9%!=8':>%!(%!'+!%)8%!
E.'!',!/'!.(*!&*9%8!,>&>)*:>@(!9!:%()8%,!'F)'8(%B!!
c*()%!7D'DD'8!9!C*,*(:>k!9!C,*.-e)'8!9!4'+,>'A!+'T*,*(!:@&%!,*+!8'+)8>::>%('+!/'!,*!
D>(*(:>*:>@(!=_P,>:*!,,';*(!*!,*+!.(>;'8+>/*/'+!*!)%&*8!/':>+>%('+!'(!,*!,<('*!/'0!G>H!
:%&=')>8! =%8! (.';%+! D%(/%+! /'! >(;'+)>-*:>@(A! %P,>-S(/%,*+! *! 8'%8>'()*8! +.!
*:)>;>/*/! e*:>*! ,*! >(;'+)>-*:>@(! *=,>:*/*Y! G>>H! ',';*(/%! ,*+! )*+*+! *! ,%+! 9! ,*+!
'+)./>*()'+Y! G>>>H! *&=,>*8! ,*! ;'()*! /'! +'8;>:>%+! '/.:*)>;%+! :*/*! ;'?! &S+!
/>D'8'(:>*/%+!8'+=':)%!/'!%)8%+!=%+>P,'+!:%&=')>/%8'+Y!G>;H!,>&>)*8!',!:8':>&>'()%!
/',!(_&'8%!/'!=8%D'+%8*/%!*!D>(!/'!:%()8%,*8!,%+!:%+)%+!,*P%8*,'+A!e*+)*!',!=.()%!/'!
,,'-*8!*!/'+='/>8!*!*E.',,%+!.!*E.',,*+!E.'!(%!:.&=,*(!,%+!&<(>&%+!'F>->P,'+!'(!,%+!
>(/>:*/%8'+!/'!8'(/>&>'()%Y!G;H!>&=,>:*8+'!'(!('-%:>%+!E.'!-'('8'(!P'('D>:>%+A!*+<!
!
!
VV\!
:%&%!=%('8!'(!&*8:e*!'&=8'+*+!)':(%,@->:*+!G"3#2J%99"HB!
1(!/'D>(>)>;*A!:%(!,*!>/'%,%-<*!/',!:*=>)*,>+&%!:%-(>)>;%!*:*/a&>:%!,%!E.'!)'('&%+!
'+! ,*! Ä8*/>:*,! )8*(+D%8&*:>@(! /'! ,*! .(>;'8+>/*/! &%/'8(*! '(! .(*! />8>->/*! *!
'+)*P,':'8!.(*!:.,).8*!'&=8'(/'/%8*ÅA!*,!&'(%+!'(!:>(:%!:.'+)>%('+!G$,*8kA!"XXg0!
^!v!gH0!G>H!',!D%8)*,':>&>'()%!/',!(_:,'%!/>8':)>;%A!E.'!>(:,.9'!)*&P>a(!*!,*!-'+)>@(!
*:*/a&>:*! /'! ,%+! /'=*8)*&'()%+! *:*/a&>:%+Y! G>>H! ',! /'+*88%,,%! 'F=*(+>;%! /'! ,*!
='8>D'8>*0! &S+! *,,S! /'! ,%+! )8*/>:>%(*,'+! /'=*8)*&'()%+! /'! >(;'+)>-*:>@(A! *e%8*!
*=*8':'(! .(>/*/'+! />+)>()*+! :%&%! +%(! ,%+! :'()8%+! /'! >(;'+)>-*:>@(A! -8.=%+!
'F)'8(%+A! '):BY! G>>>H! ,*! />;'8+>D>:*:>@(! /',! D>(*(:>*&>'()%Y! G>;H! ,*! '+)>&.,*:>@(! *! ,%+!
*:*/a&>:%+! =*8*! =8%&%;'8! :*&P>%+! '! >((%;*:>%('+! '(! ,%+! /'=*8)*&'()%+A!
*=%8)*(/%!;<*+!*,)'8(*)>;*+!/'!>(-8'+%+Y!G;H!/'+*88%,,*8!.(*!:.,).8*!/'!)8*P*R%!E.'!
*+.&*!',!:*&P>%B!
!
1,!-'8'(:>*,>+&%!'&=8'+*8>*,!GÄU'O!7.P,>:!N*(*-'&'()ÅH!
4*!_,)>&*!>/'%,%-<*!E.'!*D':)*!*!,%+!*:).*,'+!:*&P>%+!/'!,*!1/.:*:>@(!C.='8>%8!'+!
E.>?S+!,*!&S+!>&=%8)*()'A!&'!8'D>'8%!*,!-'8'(:>*,>+&%!'&=8'+*8>*,!%A!:%&%!*,-.(%+!
/'(%&>(*(A! ',! ÄE+t* !-M&#$* S)2)'+6+2.Å! GU7NH! GL.-e'+A! "XXg0! ^VHB! 1(! .(*!
=8>&'8*!*=8%F>&*:>@(A!=%/'&%+!/':>8!E.'!,*!>/'%,%-<*!/',!-'8'(:>*,>+&%!+.=%('0!
Ä.(! '(D%E.'! /'! -'+)>@(! :'()8*/%! '(! ',! /'+'&='T%! >(+)>).:>%(*,A! ',';*(/%! +.!
:*=*:>/*/!=*8*!:%&=')>8!'(!',!&'8:*/%!=*8*!*/*=)*8+'!*!,*+!'F>-'(:>*+!/',!(.';%!
'()%8(%A! )%/%! ',,%! *! )8*;a+! /'! .(*! '(a8->:*! 8':%(D>-.8*:>@(! >()'8(*! /'! ,*+!
.(>;'8+>/*/'+! G-%P>'8(%! 9! -'+)>@(H! >(+=>8*/*! G'(! ',! :*+%! /'! ,*+! .(>;'8+>/*/'+!
=_P,>:*+H!'(!,%+!=8>(:>=>%+!/',!U'O!7.P,>:!N*(*-'&'()ÅB!
4*!D>,%+%D<*!/',!U7N!(%!'+!&S+!E.'!.(!'(+*&P,*R'!/'!;*8>*+!/%:)8>(*+!':%(@&>:*+A!
*! +*P'8! GZe%/'+A! "XX"0! "H0! .(*! '+)8*)'->*! /'! -%P>'8(%! :'()8*/*! '(! ,*! -'+)>@(A! ,*!
';*,.*:>@(! /',! 8'(/>&>'()%! 9! ,*! 'D>:>'(:>*Y! ,*! /'+*-8'-*:>@(! /'! ,*+! P.8%:8*:>*+!
=_P,>:*+!'(!*-'(:>*+!E.'!:%()8*)*(!'()8'!+<!+%P8'!,*!P*+'!/',!=*-%!*,!.+.*8>%Y!',!.+%!
/'!:.*+>i&'8:*/%+!9!/'!+>+)'&*+!/'!:%()8*)%+!=*8*!=8%&%;'8!,*!:%&=')>)>;>/*/Y!',!
8':%8)'! /'! -*+)%+Y! .(! '+)>,%! /'! -'+)>@(! P*+*/*! '(! ,*! >(:'()>;*:>@(! &%(')*8>*A! ,*!
,>P'8)*/!/'!-'+)>@(!9!E.'!D>R*!,%+!8'+.,)*/%+!/'!,%+!:%()8*)%+!*!.(!=,*?%!/'!)>'&=%!
,>&>)*/%B!
4%!E.'!8'*,&'()'!>&=%8)*!/',!*+:'(+%!/',!-'8'(:>*,>+&%!'(!,*!1/.:*:>@(!C.='8>%8!
'+A! +>(! ,.-*8! *! /./*+A! E.'! ',! P*,*(:'! /'! =%/'8! 9! /'! *.)%(%&<*! '+)S! :*&P>*(/%!
/'+/'! ,*! :%&.(>/*/! *:*/a&>:*! *! ,%+! -'+)%8'+! 9! *! ,*+! *-'(:>*+! 'F)'8(*+B! 1(! '+)'!
(.';%! =*8*/>-&*! /',! -'8'(:>*,>+&%! '&=8'+*8>*,! 9! /'! ,*! 8'>(-'(>'8<*! /'! ,*+!
.(>;'8+>/*/'+! +%(! ,%+! -'8'()'+! E.>'('+! :%()8%,*(! ,*! >(D%8&*:>@(A! *+.&'(! ,*!
8'+=%(+*P>,>/*/! /'! )%&*8! ,*+! /':>+>%('+! /'! :*8*! *! ,*! 8''+)8.:).8*:>@(! /'! ,*+!
>(+)>).:>%('+B! Q+<A! :.*(/%! ,*+! .(>;'8+>/*/'+! +'! ;>(:.,*(! :%(! ,%+! &'8:*/%+A! ,*+!
'F=':)*)>;*+! E.'! +'! )>'('(! +%P8'! ,%+! /'=*8)*&'()%+! 9! ',! =8%D'+%8*/%! +.D8'(! .(!
:*&P>%0! &S+! E.'! >()',':).*,'+! %! *:*/a&>:%+A! )>'('(! E.'! +'8! '&=8'(/'/%8'+! %!
'&=8'+*8>%+B!
4%! ;'8/*/'8*&'()'! >&=%8)*()'! /',! U7N! '+! E.'! ,*+! 8',*:>%('+! =8%D'+>%(*,'+!
:%,'->*/*+A! +'! ;'(! +'8>*&'()'! *&'(*?*/*+! :%&%! :%(+':.'(:>*! /',! >(:8'&'()%! /'!
,*! :%&=')>)>;>/*/! '()8'! 9! /'()8%! /'! ,*+! .(>;'8+>/*/'+! =%8! :*=)*8! '+)./>*()'+A!
8':.8+%+! 9! =8'+)>->%A! 9A! :%&%! :%(+':.'(:>*A! *! +.! ;'?A! /',! =8%-8'+>;%! *;*(:'! 9!
:%(+%,>/*:>@(!/'!'+)*!>/'%,%-<*!-'8'(:>*,>+)*B!4*!:%&.(>/*/!*:*/a&>:*A!=%8!)*()%A!
!
!
VV^!
)'(/8S!E.'!e*:'8!D8'()'!*!.(*!(.';*!+>).*:>@(!/'!Ä$%&+'#)&#,),*M)&$)2#>),)ÅA!=.'+!
,%+!'F='8)%+!9*!(%!P.+:*(!.(!:>'8)%!:%(+'(+%!:%&_(!'(!+.+!8'+=':)>;*+!S8'*+A!+>(%!
E.'A!*e%8*A!,*!>()'8*::>@(!+'!/*8S!&S+!P>'(!'(!=%:*+!%:*+>%('+A!=.'+!=8>&*!*e%8*!,*!
,.:e*! =%8! ,*! '+:*+'?! /'! 8':.8+%+! 9! ',! &*()'('8! .(*! =%+>:>@(! /'! =8>;>,'->%! '(! ,%+!
+>+)'&*+!/'!';*,.*:>@(!/',!8'(/>&>'()%!=8%D'+>%(*,B!
1(! /'D>(>)>;*A! :%(! ',! =*8*/>-&*! -'8'(:>*,>+)*! '(! ,*! .(>;'8+>/*/A! ,%! E.'! (%+!
'(:%()8*&%+! '+! .(*! (.';*! >/'()>/*/! .(>;'8+>)*8>*! :*8*:)'8>?*/*! =%8! .(! D.'8)'!
:%()8%,! 'R':.)>;%! 9! ,*! =8>&*:<*! /',! &'8:*/%A! )*&P>a(! ,*! >/'%,%-<*! /',! U7N!
:%(;>'8)'! ',! :%(%:>&>'()%! '(! .(*! &'8:*(:<*! +.+:'=)>P,'! /'! :%&'8:>*,>?*:>@(! 9!
;'()*B! oA! '(! _,)>&*! >(+)*(:>*A! :%(! ,*! */%=:>@(! /'! >(/>:*/%8'+! /'! 8'(/>&>'()%A! ,*!
:*,>/*/! /'! ,*! '/.:*:>@(! +'8S! ';*,.*/*! 9! R'8*8E.>?*/*! '(! D.(:>@(! /'! .(*! +'8>'! /'!
8*(k>(-+! E.'! ='8&>)>8S(! ,*! :%&=*8*:>@(! '()8'! ,*+! .(>;'8+>/*/'+! Gd*8:<*! c%P<%! 9!
7*8/%!7a8'?A!VWW#0!gHB!!
x.'/*!=%8!;'8A!+>!,*!=8')'(/>/*!&'R%8*!>(+)>).:>%(*,!/',!-'8'(:>*,>+&%!(%!)8*'!&S+!
P>'(! .(*! P.8%:8*)>?*:>@(! >(+)>).:>%(*,! /'! ,*! D.(:>@(! >()',':).*,! 9! .(*!
:%&'8:>*,>?*:>@(! /',! :%(%:>&>'()%! E.'A! '(! (>(-_(! :*+%A! +%(! +>(@(>&%+! /'! .(*!
&'R%8*!'(!',!/'+*88%,,%!:>'()<D>:%!9!)a:(>:%!=*8*!,%+!E.'!v!+'!+.=%('!v!/'P>'8*!'+)*8!
=8'=*8*/*!,*!:%&.(>/*/!.(>;'8+>)*8>*0!,*+!8'D%8&*+!.(>;'8+>)*8>*+!'(!,*!':%(%&<*i
&.(/%! /',! :*=>)*,>+&%! *:*/a&>:%! &S+! P>'(! =*8':'(! >8! '(! ,*! ,<('*! /'! =8%;%:*8! ,*!
*,>'(*:>@(! =8%D'+>%(*,A! ',! :%(+'8;*/.8>+&%! >()',':).*,! 9! ,*! :%&=')'(:>*! =%8!
8':.8+%+!&.9!*,'R*/%+!/',!/'+*88%,,%!'(!,%+!=8%:'+%+!/'!-'('8*:>@(!9!)8*(+&>+>@(!
/',!:%(%:>&>'()%B!
!
R#! '*08&),! .*$$(7&#! Ç+*5*2(3%'ÉÑ! ,.08&,'! $%&'*$8*&$(,'! )*.!
3%)*.%! )*! $(*&$(,! 3*+$,&2(.T! *.! '('2*3,! )*! 5,2*&2*'! _! .,!
$%3*+$(,.(c,$(7&!
)*.!
$%&%$(3(*&2%!
8&(6*+'(2,+(%!
XÄ.,!
0*%$8.28+,!)*.!(&6*'2(0,)%+p*35+*',+(%Å\!
N'! =*8':'! (':'+*8>%! :%&=,')*8! '+)*! +'::>@(! /'/>:*/*! *! ,*! '+%$-&.-5)* ,+&*
$)3#.)&#"6%* )$),W6#$%A! >/'()>D>:*(/%! *,-.(*+! ,>&>)*:>%('+! /',! &%/',%! /'! :>'(:>*!
('%,>P'8*,!E.'!=.'/'(!+'8;>8!/'!f*;>+%!=*8*!(*;'-*()'+h!+%P8'!)%/%A!8'+=':)%!/'!,%!
E.'! (%+! =%/'&%+! '(:%()8*8! :%&%! f=*(! /'! :*/*! /<*h! '(! ,*! .(>;'8+>/*/! /',!
:*=>)*,>+&%!*:*/a&>:%!+>!(%!,'!=%('&%+!8'&'/>%B!o!'+!E.'!',!'(+*&P,*R'!'()8'!,*!
.(>;'8+>/*/! 9! ,*! :>'(:>*! &'8:*()>,! G%! />:e%! /'! %)8%! &%/%A! ,*! *8)>:.,*:>@(! /'! /%+!
D*:)%8'+0! ',! /'+=,*?*&>'()%! /',! D>(*(:>*&>'()%! =_P,>:%! =%8! ',! :%8=%8*)>;%! 9! ,*+!
8',*:>%('+! &S+! '+)8':e*+! '()8'! .(>;'8+>/*/! '! >(/.+)8>*HA! e*! =8%/.:>/%!
)8*(+D%8&*:>%('+!=8%D.(/*+!'(!,*!:.,).8*!*:*/a&>:*!9!'(!',!')e%+!/'!,*!:>'(:>*B!!
1D':)>;*&'()'A! ',! &%/',%! /'! :>'(:>*! *:*/a&>:*! ,>P'8*,! e*! =*+*/%! *! ,*! e>+)%8>*! '(!
&.:e*+! />+:>=,>(*+A! +%P8'! )%/%! '(! ,*+! E.'! )>'('(! E.'! ;'8! :%(! ',! :*&=%! /'! ,*!
P>%&'/>:>(*! G+':)%8! =8>;>,'->*/%! /%(/'! ,%+! e*9*! /',! :*=>)*,>+&%! ('%,>P'8*,HB! 4*!
:.'+)>@(!D.(/*&'()*,!'+!E.'!',!/'+=,*?*&>'()%!:.,).8*,!/'!,*!.(>;'8+>/*/!&%/'8(*!
*!,*!.(>;'8+>/*/!'&=8'(/'/%8*A!e*!+.+)>).>/%!,*+!*()>-.*+!(%8&*+!9!;*,%8'+!/'!,*!
:>'(:>*! .(>;'8+>)*8>*! =%8! .(*! :8':>'()'! +.P%8/>(*:>@(! *! ,*! ,@->:*! &'8:*()>,A! '(! ,*!
:.*,A! :8':>'()'&'()'A! >(;'+)>-*/%8'+A! /'=*8)*&'()%+! 9! .(>;'8+>/*/'+! )>'('(! .(!
>()'8a+! ':%(@&>:%! />8':)%! '(! ,%+! 8'+.,)*/%+! /'! ,*! >(;'+)>-*:>@(! E.'! ,,';*(! *! :*P%!
:%(! =*)8%:>(>%! '&=8'+*8>*,! G,%! E.'! e'&%+! /'(%&>(*/%! :%&%! Ä$)3#.)&#"6%*
)$),W6#$%ÅHB!
!
!
VV#!
7%8! )*()%A! ,*+! .(>;'8+>/*/'+! +'! e*(! e':e%! :*/*! ;'?! &S+! /'='(/>'()'+! /'! ,*+!
:%8=%8*:>%('+!'(!,%!E.'!8'+=':)*!*,!=*)8%:>(>%!/'!+.!>(;'+)>-*:>@(A!9!,*+!'&=8'+*+!
+'! *=%9*(! :*/*! ;'?! &S+! '(! ,*! >(;'+)>-*:>@(! .(>;'8+>)*8>*! =*8*! ,*! :8'*:>@(! /'!
(.';%+! =8%/.:)%+! :%&'8:>*,'+B! 7%8! 'R'&=,%A! '(! ',! *T%! VWWWA! ,*+! ;'()*+! /'!
=8%/.:)%+! /'+*88%,,*/%+! *! =*8)>8! /'! >(;'(:>%('+! E.'! D.'8%(! )8*(+D'8>/*+! /'+/'!
:'()8%+!/'!>(;'+)>-*:>@(!.(>;'8+>)*8>%+!/'!,%+!1+)*/%+!3(>/%+A!=8%/.R'8%(!>(-8'+%+!
/'! *=8%F>&*/*&'()'! \V! &>,! &>,,%('+! /'! /@,*8'+! G3BCB! X%-"+* %9* ;+35+"+2.).#/#+"A!
VWW[HB!U%!'+!/'!'F)8*T*8!'()%(:'+!E.'A!*!,*!,.?!/'!+'&'R*()'!;%,.&'(!/'!P'('D>:>%A!
,*+!8'D%8&*+!.(>;'8+>)*8>*+!9!+.+!=8>(:>=*,'+!>(+=>8*/%8'+!G-8*(/'+!:%8=%8*:>%('+!
)8*(+(*:>%(*,'+H!+'*(!.(!%PR')>;%!:%&'8:>*,!=8>%8>)*8>%B!
o!/'!'()8'!)%/%+!,%+!:*&=%+!/',!:%(%:>&>'()%!e*9!.(%!/%(/'!'+)*!:.'+)>@(!+'!e*!
e':e%!'+=':>*,&'()'!*+.()%!/'!>()'8a+!-'%'+)8*)a->:%0!',!:*&=%!/'!,*!P>%&'/>:>(*B!
Q,-.(%+! >()'8'+'+! /'8>;*/%+! /',! :*&P>%! '(! '+)'! +':)%8! G)*&P>a(! =%/'&%+! /':>8!
*,-%! =*8':>/%! /'! ,*+! (*(%)':(%,%-<*+! 9! ,*! >(;'+)>-*:>@(! '(! )',':%&.(>:*:>%('+H!
+'8<*(! ,%+! +>-.>'()'+0! G>H! ,%+! (.';%+! /'+:.P8>&>'()%+! '(! P>%)':(%,%-<*! =.'/'(!
,,';*8! *! (.';%+! =8%/.:)%+! :%&'8:>*,>?*P,'+Y! G>>H! ,*! (':'+>/*/! /'! P.+:*8!
D>(*(:>*&>'()%! =8>;*/%! *()'! ,*! 8'/.::>@(! /',! *=%9%! =_P,>:%! *! ,*! >(;'+)>-*:>@(!
.(>;'8+>)*8>*Y!G>>>H!,*!'F>+)'(:>*!/'!(.';*+!(%8&*+!R.8</>:*+!E.'!='8&>)<*(!=*)'()*8!
:%(! D>('+! :%&'8:>*,'+! ,%+! =8%/.:)%+! /'! ,*! >(;'+)>-*:>@(! D>(*(:>*/*! :%(! 8':.8+%+!
=_P,>:%+!G*,-%!E.'!*()'+!(%!+@,%!(%!D%8&*P*!=*8)'!/',!+.V%"!.(>;'8+>)*8>%A!+>(%!E.'!
*/'&S+! '+)*P*! 'F=8'+*&'()'! =8%e>P>/%HY! 9! G>;H! =%8! +.=.'+)%A! ',! (.';%! :%()'F)%!
=%,<)>:%! v! >/'%,@->:%! '(! ',! :.*,! %='8*(! )%/%+! '+)%+! :*&P>%+! G',! :*=>)*,>+&%!
('%,>P'8*,A!,*!':%(%&<*!/',!:%(%:>&>'()%A!'):BHB!
C>(!/./*A!.(%!/'!,%+!:*&P>%+!D.(/*&'()*,'+!E.'!e*!)8*</%!:%(+>-%!,*!'F=*(+>@(!/',!
:*=>)*,>+&%! *:*/a&>:%! 8*/>:*! '(! ,*! *=*8>:>@(! G9*! ,%! e'&%+! />:e%H! /',!
Ä#2/+".#'),%5J+635+")5#%ÅB!1(!',!:*&=%!/'!,*!P>%&'/>:>(*A!=%8!'R'&=,%A!'+)*!D>-.8*!
e*! 'F='8>&'()*/%! .(! :8':>&>'()%! 'F=%('(:>*,B! 4*! :.'+)>@(! '+! E.'! &.:e%+!
:>'()<D>:%+! =*+*8%(! *! )'('8! >()'8'+'+! &%(')*8>%+! />8':)%+! '(! ',! aF>)%! /'!
/')'8&>(*/%+! =8%/.:)%+A! 9A! '(! :%()8*+)'! :%(! ,*+! +>).*:>%('+! =8':'/'()'+! '(! ,*+!
.(>;'8+>/*/'+A! ,%! :>'8)%! '+! E.'! e*(! +>/%! &.:e%+! ,%+! :>'()<D>:%+! E.'A! '(! ,*!
*:).*,>/*/A! )>'('(! >&=%8)*()'+! >(-8'+%+! D.'8*! /'! +.! *:)>;>/*/! .(>;'8+>)*8>*B!
Q/'&S+! /'! >(-8'+%+! =%8! :%(+.,)%8<*+! 9! /'! ,%+! :%()8*)%+! /'! D>(*(:>*&>'()%! /'!
>(;'+)>-*:>%('+A! :>'()<D>:%+A! /'=*8)*&'()%+! 9! .(>;'8+>/*/'+! =*+*8%(! *! )'('8!
=*8)>:>=*:>@(!':%(@&>:*!/>8':)*!'(!,*+!'&=8'+*+!P>%)':(%,@->:*+B!
]*,-*(!*,-.(%+!'R'&=,%+!E.'!=8')'(/'(!/*8!:.'()*!/'!,*!(%8&*,>/*/!:%(!,*!E.'!,*!
D>-.8*!/',!Ä>(;'+)>-*/%8i'&=8'+*8>%Å!e*!='(')8*/%!'(!,*!*:)>;>/*/!/'!,*!:%&.(>/*/!
:>'()<D>:*!.(>;'8+>)*8>*B!1,!=8>&'8%!/'!',,%+!'+!E.'!,%+!:>'()<D>:%+!E.'!>()8%/.:'(!,*!
&*9%8! :*()>/*/! /'! +%,>:>)./! /'! =*)'()'+A! +%(! ,%+! &S+! =8%,<D>:%+! /'! *:.'8/%! *! ,%+!
:8>)'8>%+! '+)S(/*8! /'! ,%-8%! =8%D'+>%(*,B! M)8%! 'R'&=,%A! ,%+! :>'()<D>:%+! &S+!
=8'+)>->%+%+! +%(! ,%+! E.'! )>'('(! &*9%8! 8',*:>@(! :%(! ,*! :>'(:>*! &'8:*()>,! GC).*8)! 9!
2>(-A!+tDHB!o!.(!'R'&=,%!&S+0!,*+!.(>;'8+>/*/'+!/'!&*9%8!=8'+)>->%!+%(!)*&P>a(!,*+!
E.'!)>'('(!,*+!8',*:>%('+!&S+!'+)8':e*+!:%(!,*+!'&=8'+*+!/'!P>%)':(%,%-<*B!
4*+!=8'%:.=*:>%('+!'(!)%8(%!*!,*!(.';*!:>'(:>*!&'8:*()>,!(%!&'!=*8':'!E.'!/'P*(!
e*:'8+'!='(+*(/%!'(!.(*!8'>;>(/>:*:>@(!(%+)S,->:*!/'!,*!.(>;'8+>/*/!:%&%!f)%88'!
/'! &*8D>,hB! NS+! P>'(A! ,*! :8<)>:*! /'P'! ->8*8! '(! )%8(%! *! ,%+! 'D':)%+! E.'! )>'('(! '+)*+!
'+)8':e*+! 8',*:>%('+! '()8'! .(>;'8+>/*/! '! >(/.+)8>*A! )*()%! '(! ,%! E.'! )>'('! E.'! ;'8!
:%(! ,*! >()'-8>/*/! /'! ,%+! 8'+.,)*/%+! =8%/.:>/%+! :%&%! /',! =*=',! E.'! /'P'! R.-*8! ,*!
:>'(:>*! '(! ,*! +%:>'/*/B! o! '+! E.'A! :%&%! P>'(! +'T*,*! 7'889! J*8,%O! G;+M+&#:2A!
!
!
VVb!
#tWbtWbH0! Ä',! :%=98>-e)! 9! ',! +>+)'&*! /'! =*)'()'+! '+! ,*! (.';*! D%8&*! *-8'+>;*! /'!
>&='8>*,>+&%! E.'! ',! :.*/8*()'! (%8%'+)'! /',! =,*(')*! .)>,>?*! =*8*! 8'-.,*8! ',!
='(+*&>'()%!e.&*(%Å!
]'*&%+! *,-.(*+! /'! ,*+! =8>(:>=*,'+! =8'%:.=*:>%('+! E.'! e*(! +.8->/%! *! 8*<?! /'! ,*!
'F=*(+>@(!/'!'+)'!(.';%!&%/',%!/'!:>'(:>*!&'8:*()>,!+%P8'!,*!P*+'!/'!.(*!(.';*!
D>-.8*! >()',':).*,0! ',! Ä>(;'+)>-*/%8! '&=8'+*8>%ÅB! C>(! /./*A! .(*! /'! ,*+! &*9%8'+!
:%()8%;'8+>*+! ->8*! *,8'/'/%8! /',! :%(D,>:)%! /'! >()'8'+'+! E.'! )>'('(! ,%+!
>(;'+)>-*/%8'+!G9!,*+!.(>;'8+>/*/'+H!:.*(/%!'+!:,*8%!',!>()'8a+!':%(@&>:%!/>8':)%!
'(! %P)'('8! /')'8&>(*/%+! 8'+.,)*/%+B! 1(! '+)'! +'()>/%A! +'! e*(! 'F*&>(*/%! 9!
:%(+)*)*/%!*,-.(%+!+'+-%+!=8%/.:>/%+!'(!',!/'+*88%,,%!/',!:%(%:>&>'()%!:>'()<D>:%!
:.*(/%!+%(!,%+!=*)8%:>(*/%8'+!/'!,*!>(;'+)>-*:>@(!E.>'('+!)>'('(!',!:%()8%,!+%P8'!
,%! E.'! +'! =.P,>:*! 9! ,%! E.'! (%! +'! =.P,>:*! G8')'(:>@(! /'! 8'+.,)*/%+! (%! D*;%8*P,'+! *!
+.+!=8%/.:)%+!9!8'+)8>::>%('+!*!,*!,>P8'!:>8:.,*:>@(!/'!>(D%8&*:>@(!'(!,*!:%&.(>/*/!
:>'()<D>:*!:%88'+=%(/>'()'HY!)*&P>a(!,%+!+'+-%+!E.'!+'!=.'/'(!=8%/.:>8!:.*(/%!',!
=*)8%:>(*()'! >(:>/'! '(! ',! />+'T%! /'! ,%+! 'F='8>&'()%+! %! :%()8%,*! ,%+! /*)%+! *! ,%+!
:.*,'+!,%+!>(;'+)>-*/%8'+!)>'('(!*::'+%B!
U%!&'!;%9!*!/')'('8!'(!,*+!>(;'+)>-*:>%('+!8'*,>?*/*+!v!E.'!,*+!e*9!v!'(!)%8(%!*!,%+!
=%+>P,'+! +'+-%+! E.'! '(! ',! :*&=%! /'! ,*! P>%&'/>:>(*! G8':.a8/'+'! E.'! '+)%9!
.)>,>?S(/%,%!:%&%!.(!'R'&=,%!=*8*/>-&S)>:%!/'!,%+!'D':)%+!/'!,*!:>'(:>*!&'8:*()>,H!
=.'/'!=8%/.:>8!',!=*)8%:>(>%!/'!,*!>(/.+)8>*!D*8&*:a.)>:*!!+%P8'!,%+!8'+.,)*/%+!/'!
,*+! >(;'+)>-*:>%('+! =.P,>:*/*+B! C>&=,'&'()'A! E.>+>'8*! +'T*,*8! E.'! '(! ',! :%()'F)%!
/',!:*=>)*,>+&%!*:*/a&>:%!9!/'!,*!;>(:.,*:>@(!'()8'!,*!.(>;'8+>/*/!9!,*!>(/.+)8>*A!,%!
E.'!(%+!'(:%()8*&%+!'+!:@&%!,*+!'&=8'+*+!=8%)'-'(A!:*/*!;'?!&S+A!+.!>(;'8+>@(!
&'/>*()'!:%()8*)%+!:%(!>(;'+)>-*/%8'+!9!:'()8%+!/'!>(;'+)>-*:>@(!G.(>;'8+>/*/'+A!
e%+=>)*,'+HA! '(! ,%+! :.*,'+! E.'/*! /',>&>)*/%! E.>'('+! =.'/'(! )'('8! *::'+%! *! ,*!
>(D%8&*:>@(A!8'+)8>(->'(/%!,*!=*8)>:>=*:>@(!/'!'+)./>*()'+!-8*/.*/%+!*!&'(%+!E.'!
D>8&'(!:%()8*)%+!/'!:%(D>/'(:>*,>/*/A!8'+'8;S(/%+'!=*8*!',,*+!',!/'8':e%!*!>&='/>8!
,*!/>;.,-*:>@(!/'!8'+.,)*/%+!(%!D*;%8*P,'+B!!
C>! '+)%! (%+! =*8':'! :>'(:>*iD>::>@(A! =%/'&%+! .)>,>?*8! /%+! 'R'&=,%+! =*8*/>-&S)>:%+!
/>+=%(>P,'+!'(!,*+!e'&'8%)':*+A!9!E.'!e*(!+.=.'+)%!)%/*!.(*!8';',*:>@(!*:'8:*!/'!
:@&%!D.(:>%(*!'+)*!(.';*!:>'(:>*!&'8:*()>,!9A!/'+/'!,.'-%A!/'!,%+!'D':)%+!('-*)>;%+!
'(!',!E.'e*:'8!/'!,*!:%&.(>/*/!.(>;'8+>)*8>*B!
1,! =8>&'8! 'R'&=,%! +'! +>)_*! '(! ,*! 3(>;'8+>/*/! /'! $*,>D%8(>*! '(! J'8k','9A! '(! .(!
:%()8*)%!D>8&*/%!'(!"XXg!=%8!/>:e*!.(>;'8+>/*/!:%(!,*!'&=8'+*!+.>?*!E%/)5.#"B!Q!
:*&P>%!/'!V^!&>,,%('+!/'!/@,*8'+!=*8*!+.!2'=*8)*&'()%!/'!J>%,%-<*!/'!7,*()*+!9!
/'! N>:8%P>%+A! ,*! .(>;'8+>/*/! ,'! %)%8-@! *! ,*! '&=8'+*! ',! /'8':e%! *! )'('8! =8>&'8!
*::'+%! *! ,*! ('-%:>*:>@(! /'! =*)'()'+! /'! *,8'/'/%8! /'! ,*! )'8:'8*! =*8)'! /'! ,%+!
/'+:.P8>&>'()%+! /',! /'=*8)*&'()%! G>(:,.>/%+! )%/%+! ,%+! 8'+.,)*/%+! /'!
>(;'+)>-*:>%('+! D>(*(:>*/*+! :%(! 8':.8+%+! '+)*)*,'+! %! D'/'8*,'+HB! E%/)5.#"! )*&P>a(!
'F>->@! '+)*8! 8'=8'+'()*/*! =%8! /%+! /'! ,%+! :>(:%! >()'-8*()'+! /',! :%&>)a! /'!
>(;'+)>-*:>@(! /',! /'=*8)*&'()%A! E.'! +%(! E.>'('+! /')'8&>(*(! :@&%! +'! -*+)*(! ,%+!
8':.8+%+B! 7%8! )*()%A! ,*! '&=8'+*! +.>?*! =*+@! *! )'('8! >(-'8'(:>*! />8':)*! '(! ,*!
/')'8&>(*:>@(!/'!)%/*!,*!*-'(/*!/'!>(;'+)>-*:>@(!/',!/'=*8)*&'()%!G1(-',,A!"XXgHB!
7'8%!'+A!+>(!/./*A!',!+'-.(/%!'R'&=,%A!',!E.'!&.'+)8*!&S+!*!,*+!:,*8*+!',!>&=*:)%!/'!
,*+! 8'+)8>::>%('+! E.'! +'! /'P'(! +%=%8)*8! '(! ,%+! :%()8*)%+! /'! D>(*(:>*&>'()%! /'! ,*!
>(;'+)>-*:>@(A! 9! ,*+! )8*(+D%8&*:>%('+! '(! ,*! a)>:*! /'! ,*! :%&.(>/*/! *:*/a&>:*!
/'8>;*/*+! /'! ,*+! (.';*+! 'F>-'(:>*+! /',! :*=>)*,>+&%! *:*/a&>:%! 9! .(%! /'! +.+!
!
!
VVg!
;S+)*-%+A!,*!:>'(:>*!&'8:*()>,B!QE.<!(%+!+>).*&%+!*()'!',!:*+%!/'!U*(:9!`B!M,>;>'8>A!
/'+)*:*/*!&a/>:*i>(;'+)>-*/%8*!/',!L%+=>)*,!/'!U>T%+!1(D'8&%+!/'!,*!3(>;'8+>/*/!
/'! c%8%()%B! 2.8*()'! .(*! >(;'+)>-*:>@(! +%P8'! .(*! /8%-*! E.'! ,*! '&=8'+*!
D*8&*:a.)>:*! U3%.+C! P.+:*P*! =*)8%:>(*8A! M,>;>'8>! ,,'-@! *! ,*! :%(:,.+>@(! /'! E.'! ,*!
/8%-*!(%!+'8S!'D':)>;*!=*8*!.(*!=8%=%8:>@(!+.+)*(:>*,!/'!,%+!9!,*+!=*:>'()'+A!9!E.'!
*/'&S+!=%/8<*!8'=8'+'()*8!+';'8%+!8>'+-%+!=*8*!+.!+*,./B!Q=',*(/%!*!.(*!:,*_+.,*!
/'!:%(D>/'(:>*,>/*/!/',!:%()8*)%A!,*!'&=8'+*!,*!*&'(*?@!,'-*,&'()'!=*8*!>&='/>8!
E.'!',,*!>(D%8&*+'!*!+.+!=*:>'()'+!9!*!,*!:%&.(>/*/!:>'()<D>:*A!*,-%!E.'!',,*!e>?%!/'!
)%/%+!&%/%+B!
7*8*! ,*! 3(>;'8+>/*/! /'! c%8%()%A! '+)*! +>).*:>@(! 8'=8'+'()@! .(! :,*8%! :%(D,>:)%! /'!
>()'8'+'+B!7%8!.(!,*/%A!,*!,>P'8)*/!*:*/a&>:*A!,*!a)>:*!/'!,*!>(;'+)>-*:>@(!9!,*!+*,./!
/'!,%+!=*:>'()'+Y!=%8!',!%)8%A!',!>()'8a+!'(!=8'+'8;*8!',!D>(*(:>*&>'()%!:%8=%8*)>;%A!
>(:,.9'(/%! .(! (.';%! :'()8%! /'! >(;'+)>-*:>@(! P>%&a/>:*! E.'! >P*! *! +'8! D>(*(:>*/%!
=%8! ,*! '&=8'+*A! '(! ,%! E.'! +'! ='(+*P*! >P*! *! +'8! ,*! /%(*:>@(! &S+! -8*(/'! '(! ,*!
e>+)%8>*!/'!,*!.(>;'8+>/*/B!C'!%=)@!=%8!,%!+'-.(/%B!U>!,*!.(>;'8+>/*/!(>!',!e%+=>)*,!,'!
P8>(/*8%(!*=%9%!*!,*!>(;'+)>-*/%8*!9A!=%8!',!:%()8*8>%A!,*!/'+)>).9'8%(!/'!+.!:*8-%!
:%&%!2>8':)%8*!/'!5(;'+)>-*:>@(!$,<(>:*!GC%&&'8;>,,'A!VWWVHB!
4%!E.'!/'P'&%+!*=8'(/'8!/'!'+*!)8*.&S)>:*!'F='8>'(:>*!/'!M,>;>'8>A!'+!E.'!a+)*!D.'!
=%+>P,'! :%&%! 8'+.,)*/%! /'! .(*! D>,%+%D<*! =%,<)>:*! E.'! '+)S! =8%/.:>'(/%! ,*!
:%&'8:>*,>?*:>@(!/'!,*+!.(>;'8+>/*/'+B!o!'+)%+!e':e%+!(%!+%(!*>+,*/%+A!=.'+!e*!+>/%!
/%:.&'()*/*! ,*! >(D,.'(:>*! /'! ,*+! '&=8'+*+! D>(*(:>*/%8*+! +%P8'! ,*+! =%,<)>:*+! /'!
:%()8*)*:>@(!/'!/%:'()'+!%!>(;'+)>-*/%8*+!'(!,*+!.(>;'8+>/*/'+A!:%&%!>(+)8.&'()%!
=*8*! *&'(*?*8! 9! +>,'(:>*8! *! ,*+! ='8+%(*+! :8<)>:*+! /'! ,*! >(/.+)8>*! D*8&*:a.)>:*!
GZ'(O>:kA!VWW\0!"XgHB!
U%!+@,%!'+)%!'+!.(!=8%P,'&*!8',*:>%(*/%!:%(!,*!>(;'+)>-*:>@(!*=,>:*/*A!=.'+!'(!',!
:*+%!/'!,*!>(;'+)>-*:>@(!PS+>:*A!'(!&.:e*+!%:*+>%('+!+'!;'!8')*8/*/%A!'(:*8':>/%!%!
>&=%+>P>,>)*/%! =%8! ,*+! (.';*+! :%(/>:>%('+! /'! ,*! :>'(:>*! &'8:*()>,! '(! ,*! :.*,! ',!
:%(%:>&>'()%! :>'()<D>:%! =*+*! /'! +'8! .(! P>'(! =_P,>:%! G$%66%2"H! *! +'8! =8%=>'/*/!
=8>;*/*B! o*! '+)S! :%(+)*)*/%! E.'! '(! &.:e%+! :*&=%+! />+:>=,>(*8>%+! '+! (':'+*8>%!
=*-*8!*!,%+!/.'T%+!/'!,*!=*)'()'A!=*8':'!E.'!9*!(%!e*9!'F:'=:>%('+B!
7%8!,%!)*()%A!9!:%&%!:%(:,.+>@(!D>(*,A!/'P'&%+!>()'88%-*8(%+!:.*(/%!&'(%+!*:'8:*!
/'!,*+!>&=,>:*:>%('+!E.'!=*8*!,*!+%:>'/*/!)>'('!'+)*!(.';*!:>'(:>*!&'8:*()>,0!Ä{q-W*
"+* #2/+".#')* 4* +2* 9-2$#:2* ,+* `-W* #2.+5+"+"|Å! Ä{q-#W2* ,+9#2+* &)* )'+2,)* ,+* &)*
#2/+".#')$#:2*)$),W6#$)|{*z}q-W*35+'-2.)"*"+*9%56-&)2|Å!Ä{!)5)*`-W*%*3)5)*`-#W2*
"+*9%56-&)2*+")"*35+'-2.)"|Å!Ä{q-W*#63&#$)$#%2+"*.#+2+*+2*+&*+".)M&+$#6#+2.%*,+*&)"*
35#%5#,),+"* ,+* &)* )'+2,)* ,+* #2/+".#')$#:2* +&* `-+* a-+'-+* -2* 3)3+&* ,+.+56#2)2.+* +&*
$B&$-&%* ,+* &%"* M+2+9#$#)5#%"* +$%2:6#$%"* 35+/#"#M&+"|Å! Ä{q-W* .+6)"* `-+,)2* "#2* "+5*
#2,)'),%"*3%5*"+5*&#6#.),%*"-*5+2,#6#+2.%*+$%2:6#$%*+"3+5),%@*)-2`-+*3-+,)2*"+5*
$%2"#,+5),%"* $%6%* 35#%5#.)5#%"* ,+",+* +&* 3-2.%* ,+* /#".)* "%$#)&|Å! Ä{q-W* .+6)"* ,+*
#2/+".#')$#:2* `-+,)2* +C35+")6+2.+* +C$&-#,%"* $%6%* $%2"+$-+2$#)* ,+* `-+* "-"*
5+"-&.),%"*3%,5()2*"+5*3+5a-,#$#)&+"*3)5)*&%"*#2.+5+"+"*+$%2:6#$%"*,+*&)"*+635+")"*,+*
&)"*$-)&+"*"+*,+3+2,+*3)5)*&%'5)5*9#2)2$#)6#+2.%|Å!Ä{q-W*$%29#)2>)*"+*3-+,+*.+2+5*
+2* &%"* 5+"-&.),%"* ,+* -2)* #2/+".#')$#:2* `-+* +".B* ,#"+=),)* 4* %5#+2.),)* $%2* 9#2+"* ,+*
&-$5%|Å! Ä{?:6%* `-+,)* +&* 35#2$#3#%* ,+* 35+$)-$#:2* $-)2,%* +2.5)* +2* $%29&#$.%* $%2* &%"*
#2.+5+"+"*$%6+5$#)&+"*,+&*#2/+".#'),%5*4*,+*&)*+635+")*3).5%$#2)2.+|Å!
!
!
VVX!
`#! 2*+$*+,! .*$$(7&#! 5*+%g! /8*&%É! m)*! $8l&2,'! 3,&*+,'! 5%)*3%'!
$%&%$*+n!*.!5+%_*$2%!)*!.%'!*'28)(%'!$8.28+,.*'!$%3%!*'2+,2*0(,!
)*!(&6*'2(0,$(7&!
4*! >(;'+)>-*/%8*! P8*+>,'T*! N*8>+*! ]%88*P'8! $%+)*! (%+! %D8':'! .(*! =*(%8S&>:*!
*:'8:*!/'!,%!E.'!+>-(>D>:*!',!=8%9':)%!/'!,%+!1+)./>%+!$.,).8*,'+!:%&%!:*&=%!=%+i
/>+:>=,>(*8>%0!
!
ÄC*P'8'+! (@&*/*+A! E.'! &>-8*(! /'! .(*! />+:>=,>(*! =*8*! %)8*A! /'!
.(*! :.,).8*! =*8*! %)8*A! E.'! 8':%88'(! =*<+'+A! -8.=%+A! =8S:)>:*+A!
)8*/>:>%('+A! 9! E.'! (%! +%(! :*=).8*/%+! =%8! ,*+! :*8)%-8*D<*+!
:%(+*-8*/*+! E.'! e*(! %8/'(*/%! ,*! =8%/.::>@(! /',! ='(+*&>'()%!
e.&*(%! v! '+! .(*! /'+:8>=:>@(! E.'! =*8':'! =8%;>+>%(*,&'()'!
*/':.*/*! =*8*! 8'D'8>8&'! *,! ')e%+! :%()>(-'()'! /'! ,%! E.'! +'! e*!
,,*&*/%! 1+)./>%+! $.,).8*,'+A! %! $.,).8*,! C)./>'+A! '(! +.! ;'8+>@(!
:%()'&=%8S('*Å!G"XXX0!"HB!
!
1+)'!(.';%!:*&=%!/'!'+)./>%+!+'!(%+!&.'+)8*A!*!:%&>'(?%+!/'!+>-,%!rr5A!:%&%!.(!
=8%9':)%! :%(':)*/%! :%(! ,*! =,.8*,>/*/! /'! :%(:'=:>%('+! 9! =8S:)>:*+! E.'! ;>'('(!
&*8:*(/%! ,%+! :%()'F)%+! *:).*,'+0! (.';*+! D%8&*:>%('+! :.,).8*,'+! 9! =%,<)>:*+!
+.=8*(*:>%(*,'+A! 8'%8-*(>?*:>@(! /'! ,*+! D8%()'8*+! (*:>%(*,'+A! (.';*+! D%8&*+! /'!
%8-*(>?*:>@(! /'! ,*! +%:>'/*/! :>;>,! 9! +.+! >()'8*::>%('+! :%(! ',! 1+)*/%A! (.';*+!
:%(D>-.8*:>%('+! /'! ,*+! :,*+'+! +%:>*,'+B! c%/*+! '+)*+! D%8&*:>%('+! +%:>*,'+!
:%()'&=%8S('*+A! :%(+)>).9'(! .(! (.';%! f$)&,%* ,+* $-&.#/%h! =*8*! ',! +.8->&>'()%! /'!
.(*! =%+i/>+:>=,>(*! E.'A! '()8'! %)8*+! &.:e*+! D.(:>%('+A! '(D*)>?*! ,*! ,.:e*! :%()8*! ',!
:*(%(A!,%+!&.8%+!*:*/a&>:%+!9!,*+!D8%()'8*+!/>+:>=,>(*8'+B!!
7.'/'!+'8!_)>,!E.'!e*-*&%+!.(*!P8';'!-'('*,%-<*!/'!,%!E.'!+.=%('!',!-8*(!:*&=%!
/>+:>=,>(*8!'(!',!E.'!+'!>(+'8)*(!,*+!:>'(:>*+!+%:>*,'+B!7*8*!',,%A!&'!;%9!*!+'8;>8!/'!
,*+!8'D,'F>%('+!/',!+%:>@,%-%!(%8)'*&'8>:*(%!5&&*(.',!I*,,'8+)'>(!GVWW#0!g\ig^HB!!
1()8'!"b^Wv"g^WA!,*!+>).*:>@(!'8*!&.9!:%(D.+*A!(%!)'(<*&%+!/>+:>=,>(*+!*/+:8>)*+!
*,!S&P>)%!/'!,*+!:>'(:>*+!+%:>*,'+B!1+!'()8'!"g^Wv"X\^!:.*(/%!+'!>(+)>).:>%(*,>?*(!
e>+)@8>:*&'()'! ,*+! :>'(:>*+! +%:>*,'+A! 8'/.:>a(/%+'! '+*! &.,)>=,>:>/*/! /'! =8%)%i
/>+:>=,>(*+! *! .(! ='E.'T%! -8.=%! C)*(/*8/A! />+)>(-.>a(/%+'! :,*8*&'()'! .(*+!
/>+:>=,>(*+! /'! %)8*+B! Q! =*8)>8! /'! "X\^A! +'! ;>;'! .(! =8%:'+%! /'! '8%+>@(! 8'+=':)%! /'!
'+)*+!+'=*8*:>%('+A!,%!:.*,!e*!*&=,>*/%!',!(_&'8%!/'!',,*+B!N'!=*8':'!>&=%8)*()'A!
'()%(:'+A!8'+*,)*8!;*8>*+!:.'+)>%('+0!!
• &)*"+$-&)5#>)$#:2*,+*&)*"%$#+,),!GE.'!e*!+>/%!.(%!/'!,%+!8*+-%+!&S+!;>+>P,'+!'(!',!
/'+*88%,,%! /',! +>+)'&*i&.(/%! :*=>)*,>+)*! &%/'8(%t:%,%(>*,HA! e*! /';'(>/%! '(! .(*!
'+)8.:).8*! /'! %8-*(>?*:>@(! /',! :%(%:>&>'()%! G*,! &'(%+! '()8'! "g^Wv"X\^H! E.'! +'!
:%(%:'! :%&%! Ä,@->:*! /'! ,*+! /%+! :.,).8*+Å0! ,*! `>,%+%D<*! G9! ,*+! e.&*(>/*/'+H! 9! ,*!
$>'(:>*! e*(! +>/%! :%(+>/'8*/*+! D%8&*+! /'! :%(%:>&>'()%! ;>8).*,&'()'! *()*-@(>:*+B!
4*!=8>&'8*A!+'!%:.=*8<*!/'!,*!P_+E.'/*!/'!,%!P.'(%!G9!/'!,%!P',,%HA!&>'()8*+!E.'!*!
,*!+'-.(/*!,'!:%88'+=%(/'!',!&%(%=%,>%!/'!,*!P_+E.'/*!/'!,%!;'8/*/'8%Y!!
• /'! '+)'! f/>;%8:>%! /'! ,*+! /%+! :.,).8*+h! +'! =,*()'*(! %)8%+! /%+! =8%P,'&*+!
*T*/>/%+B! 3(%A! E.'! E.>'(! *! =*8)>8! /'! '()%(:'+! /'P'8<*! '+)*8! *.)%8>?*/%! *! /':>/>8!
+%P8'! ,*! ;'8/*/! +'8<*! *! ,*! :%&.(>/*/! /'! :>'()<D>:%+B! 1,! %)8%! =8%P,'&*! '+! E.'A! '(!
!
!
V[W!
'+)'! =8%:'+%! e>+)@8>:%A! +.8->'8%(! *:*/a&>:%+! :%(+'8;*/%8'+! '&='T*/%+! '(!
='8=').*8!'+)*!+'=*8*:>@(!'+)8>:)*!'()8'!*&P*+!*:)>;>/*/'+!/'!:%(%:>&>'()%B!!
• 8')%&%! ,*! :.'+)>@(! /'! ,%+! 1+)./>%+! $.,).8*,'+B! j.()%! *! ,%+! '+)./>%+! /'! ,*!
:%&=,'R>/*/A! *&P%+! e*(! *)*:*/%! '+)*! Ä/>;>+>@(! )8>&%/*,! /',! :%(%:>&>'()%Å!
G$>'(:>*+! U*).8*,'+A! L.&*(>/*/'+! 9! $>'(:>*+! C%:>*,'+HB! 4*+! ,<('*+! D.(/*&'()*,'+!
/'!+.+!)8*P*R%+!+'!=.'/'(!8'+.&>8!'(!,%+!+>-.>'()'+!'R'+!/'!)8*P*R%0!G>H!)-"+2$#)*,+*
&#2+)&#,),*+2*+&*,+")55%&&%*,+*&%"*35%$+"%"*+/%&-.#/%"!G)*()%!'(!,%!E.'!+'!8'D>'8'!*!,%+!
':%+>+)'&*+!;>;>'()'+!:%&%!*,!:%(%:>&>'()%Y!G>>H!+C$+3$#%2)&#,),*,+*&)"*"#.-)$#%2+"*
,+* +`-#&#M5#%A! ,%+! =8%:'+%+! :*@)>:%+! +%(! :8'*)>;%+! G78>-%->('A! "XX#HY! G>>>H! ).)`-+*
$%2.5)* &%"* 3-2.%"* ,+* /#".)* P-2#/+5")&#".)"R* ,+* &%"* +".5).%"* ,%6#2)2.+"* ,+&* "#".+6)J
6-2,%B!MA!/>:e%!/'!%)8*!D%8&*A!',!8':%(%:>&>'()%!/'!E.'!',!:%(%:>&>'()%A!:%&%!,*!
':%(%&<*A! '+)S! %8-*(>?*/%! &'/>*()'! :'()8%+! /'! =%/'8! 9! 8'->%('+! +.P*,)'8(*+!
GN>-(%,%A! VWW"A! VWW[HB! 7%8! ,%! )*()%A! E.'! +&* $%2%$#6#+2.%* +".B* &%$)&#>),%* +2* $&)/+*
'+%3%&(.#$)B! oA! =%8! )*()%A! '+! =8':>+%! 'F*&>(*8! ',! :%()'F)%! +%:>*,! /'! =8%/.::>@(A!
/>+)8>P.:>@(! 9! 8':'=:>@(! /',! :%(%:>&>'()%Y! G>;H! :.'+)>%(*&>'()%! /',! 6%,+&%*
.5),#$#%2)&* ,+* &)* )$),+6#)A! ,*! :.*,! e*P<*! :%(D>8&*/%! ,%+! /)&%5+"* -2#/+5")&+"*
P$)2:2#$%"R*+2*+&*5+#2%*,+*&%*M-+2%@*,+*&%*M+&&%*4*,+*&%*/+5,),+5%Y!G;H!(':'+>/*/!/'!
)35+$#)5*&)*5)$#%2)&#,),*,+&*g.5%B!!
!
d1U1Q4MdzQ!214!$QN7M!25C$5745UQZ!21!4QC!$51U$5QC!CM$5Q41C!
!
Institucionaliza
ción y
separación
disciplinar
(lógica de las
dos cultu ras)
!
!
!
!
Ausencia de
linealidad y
excepcionalida
d del
equilibrio
No hay
disciplina
s
adsc ritas
al ámbito
de las
CC.SS.
!
!
!
Ataque a las
posiciones
unive rsalistas
del sistemamundo
Bifu rcación p roducida po r los
Estudios Cultu rales y los Estudios de
la Complejidad en las estructu ras de
conocimiento moderno/coloniales
!
Estructu ra
trimodal del
conocimiento
(Ciencias
Natu rales,
Ciencias
Sociales y
Humanidades)
!
!
!
Se cuestiona el
modelo t rimodal
t radicional de
conocimiento
!
Necesidad de
ap reciar la
racionalidad del
Ot ro
!
!
!
1750
!
1850
1945– 1960
!
3(*!+'-.(/*!:*8*:)'8<+)>:*!*!/'+)*:*8!'(!',!=8%9':)%!/'!,%+!1+)./>%+!$.,).8*,'+!'+!
',! Ä/>+,%:*&>'()%! 8'+=':)%! /',! :%(:'=)%! /'! :.,).8*ÅB! 4%+! 1+)./>%+! $.,).8*,'+!
!
!
V["!
:%(:>P'(!(.'+)8*+!+%:>'/*/'+!:*=>)*,>+)*+!>(/.+)8>*,>?*/*+A!:%&%!'+=*:>%+!+%:>*,'+!
'(!,%+!E.'!+'!=8%/.:'!.(*!/'+>-.*,!/>;>+>@(!'(!,%!E.'!+'!8'D>'8'!*!,*!')(>*A!',!+'F%A!',!
-a('8%!%!,*!:,*+'!+%:>*,B!4*!:.,).8*!8'=8'+'()*8<*A!'()%(:'+A!.(%!/'!,%+!=8>(:>=*,'+!
,.-*8'+!'(!/%(/'!+'!'+)*P,':'8<*(!9!8'=8%/.:>8<*(!)*,'+!/>;>+>%('+Y!*!,*!;'?!E.'A!'(!
+.!+'(%A!+'!%8>->(*(!,.:e*+!=%8!,*!+>-(>D>:*:>@(A!'(!/%(/'!,%+!-8.=%+!+.P%8/>(*/%+!
>()'()*(!8'+>+)>8!*!,*!>&=%+>:>@(!/'!+>-(>D>:*/%+!e'-'&@(>:%+!E.'!+%+)'(/8<*(!*!,%+!
-8.=%+!/%&>(*()'+B!!
1+! =%8! '+%! E.'! D8'()'! *! '+)S)>:*+! :%(:'=:>%('+! /'! ,*! :.,).8*A! )%&*/*+! )%/*+! ',,*+!
/',! S&P>)%! /'! ,*+! />+:>=,>(*+A! *! +*P'80! .(! $%2$+3.%* )2.5%3%&:'#$%! /'! ,*! :.,).8*!
G:%&%! :%(R.()%! f%8-S(>:%h! /'! ;*,%8'+A! ,'(-.*R'+A! &>)%+A! :8''(:>*+! )8*/>:>%(*,'+HA!
.(!$%2$+3.%*+$%2%6%$#".)!/'!,*!:.,).8*!G'(!)*()%!'D':)%!>/'%,@->:%!/'!,%+!=8%:'+%+!
E.'! %:.88'(! '(! ,*! P*+'! &*)'8>*,! /'! ,*! +%:>'/*/H! %! .(*! :%(:'=:>@(! /'! ,*! $-&.-5)*
)"%$#),)* )* &)"* X-6)2#,),+"! G:%&%! %PR')>;*:>@(! /',! '+=<8>).! /'! ,%+! -8*(/'+!
:8'*/%8'+!9!='(+*/%8'+HY!',!=8%9':)%!/'!,%+!1+)./>%+!$.,).8*,'+!:%(:>P'!',!'+)./>%!
+%P8'! ,*! :.,).8*! '(! .(! +'()>/%! =,'(*&'()'! =%,<)>:%A! '+! /':>8A! :%&%! .(! *(*,>?*/%8!
:%()'&=%8S('%! E.'! (%+! ='8&>)'! 8'D,'F>%(*8! *:'8:*! /',! :%(D,>:)>;%! :%(R.()%! /'!
=8S:)>:*+!/'!8'=8'+'()*:>@(!,>-*/*+!*!,%+!=8%:'+%+!/'!:%&=%+>:>@(!9!8':%&=%+>:>@(!
/'!,%+!-8.=%+!+%:>*,'+!'(!',!:*=>)*,>+&%!=%+)>(/.+)8>*,!G$*+)8%id@&'?A!VWW[0![\[i
[^\HB!
4%+! 1+)./>%+! $.,).8*,'+! &.'+)8*(! .(! >()'8a+! 8'(%;*/%! =%8! ,*+! :%('F>%('+! '()8'!
:.,).8*A! +>-(>D>:*:>@(A! >/'()>/*/! 9! =%/'8B! 4*! :.,).8*! *=*8':'A! '()%(:'+A! :%&%! .(!
:*&=%! /'! =8%/.::>@(! /'! +>-(>D>:*/%+A! /'()8%! /',! :.*,A! ,%+! />D'8'()'+! -8.=%+!
+%:>*,'+! ,.:e*(! =%8! >&=%('8! +.+! +>-(>D>:*/%+! '(! ,*! +%:>'/*/B! 1+)'! '+=*:>%! /'!
=8%/.::>@(!)>'('!.(!>&=*:)%!/':>+>;%!'(!,%!E.'!8'+=':)*!*!(.'+)8*+!+.PR')>;>/*/'+A!
,*+! :.*,'+! =8'+'()*(! G*! ,*! ,.?! /'! ,*+! ,.:e*+! e'-'&@(>:*+! =%8! ,*! >&=%+>:>@(! /'! ,%+!
+>-(>D>:*/%+H!.(!:*8S:)'8!'+:>(/>/%!=.'+!)%/*+!9!)%/%+!(*:'&%+!'(!',!,'(-.*R'A!'(!
,*+!=%,<)>:*+!8*:>*,'+A!/'!:,*+'A!/'!-a('8%!9!+'F.*,'+B!
4*! )'8:'8*! :*8*:)'8<+)>:*A! E.'! =%/8<*&%+! /'+)*:*8! '(! ',! =8%9':)%! /'! ,%+! 1+)./>%+!
$.,).8*,'+A!'+!+.!Ä:%&=8%&>+%!:%(!,*!8'=%,>)>?*:>@(!/',!+*P'8!9!,*!/'&%:8*)>?*:>@(!
/',!:%(%:>&>'()%ÅB!1+)'!:%&=8%&>+%!+'!&*(>D'+)*8<*!'(!.(*!/%P,'!/>&'(+>@(0!=%8!
.(! ,*/%A! *! )8*;a+! /',! *(S,>+>+! /',! P>(%&>%! =%/'8! :.,).8*,te'-'&%(<*+! /',!
:%(%:>&>'()%Y! =%8! %)8%A! &'/>*()'! ',! /'+*88%,,%! /'! .(! :%(%:>&>'()%! =,.8*,! E.'!
&*()'(-*! .(*! +%,>/*8>/*/! 'F)8*i/>+:>=,>(*8>*! :%(! D.'8?*+! +%:>*,'+! 9! &%;>&>'()%+!
:>./*/*(%+B!4%+!1+)./>%+!$.,).8*,'+!*=.'+)*(!=%8!.(*!8*?@(!:%+&%=%,>)*!%=.'+)*!*!
.(*! 8*?@(! &')%(<&>:*! E.'A! =8')'(/>'(/%! :%(;'8)>8+'! '(! ,*! _(>:*! 8*:>%(*,>/*/!
=%+>P,'A! e*! /'+='8/>:>*/%! .(*! -8*(! :*()>/*/! /'! 'F='8>'(:>*A! *! ,*! ;'?! E.'! +'! e*!
:%(+)>).>/%!'(!>/'%,%-<*!/'!.(!+>+)'&*!/'!/%&>(*:>@(!:%,%(>*,!E.'!*,-.(%+!*.)%8'+!
e*(!/*/%!'(!,,*&*8!Ä,*!:%,%(>*,>/*/!/',!=%/'8Å!Gx.>R*(%A!VWWWHB!!
1,! R.'-%! =8%=.'+)%! =%8! '+)*! 8*?@(! :%+&%=%,>)*! '+A! =8':>+*&'()'A! 8':.='8*8! '+*!
'F='8>'(:>*! ='8/>/*A! *! )8*;a+! /'! .(*! *&=,>*:>@(! /',! &.(/%! /'('-*/*A!
='8&*('()'&'()'A! =%8! ,*! &%/'8(>/*/! %::>/'()*,B! 2%+! +'8S(! ,*+! '+)8*)'->*+! /'! ,*!
8*?@(!:%+&%=%,>)*0!=%8!.(!,*/%A!,*!=8%,>D'8*:>@(!/'!)%)*,>/*/'+A!9*!E.'!(%!+'!)8*)*!
/'!*&=,>*8!,*!)%)*,>/*/!/'!,*!8*?@(!&')%(<&>:*t&%/'8(>/*/!%::>/'()*,!+>(%!/'!E.'!
a+)*! :%'F>+)*! :%(! %)8*+! )%)*,>/*/'+! %! &%/*,>/*/'+! /'! 'F>+)'(:>*B! 7%8! %)8%! ,*/%A!
&%+)8*8!E.'!:*/*!.(*!/'!,*+!=*8)'+!E.'!D%8&*(!,*!)%)*,>/*/A!)>'('(!.(*!'F>+)'(:>*!
=8%=>*!*,!&*8-'(!/'!/>:e*!)%)*,>/*/0!
!
!
!
V[V!
Ä4%! E.'! =8%=%(-%! '+! .(! =8%:'/>&>'()%! /'('-*/%! =%8! ,*! 8*?@(!
&')%(<&>:*0! ='(+*8! ,%+! )a8&>(%+! /'! ,*+! />:%)%&<*+! D.'8*! /'! ,*+!
*8)>:.,*:>%('+! 9! 8',*:>%('+! /'! =%/'8! E.'! ,%+! .('(A! :%&%! =8>&'8!
=*+%! =*8*! ,>P'8*8,%+! /'! />:e*+! 8',*:>%('+A! 9! =*8*! 8';',*8! %)8*+!
8',*:>%('+! *,)'8(*)>;*+! E.'! e*(! '+)*/%! %D.+:*/*+! =%8! ,*+!
/>:%)%&<*+!e'-'&@(>:*+B!7'(+*8!',!C.8!:%&%!+>!(%!e.P>'+'!U%8)'A!
='(+*8! ,*! &.R'8! :%&%! +>! (%! e.P>'+'! e%&P8'A! ='(+*8! ',! '+:,*;%!
:%&%!+>!(%!e.P>'+'!+'T%8Å!GC*()%+A!VWW^0!"^XHB!
!
1+)*! $%&%2#)&#,),* ,+&* 3%,+5! D%8&*! =*8)'! /'! .(! Ä=8%9':)%! /'! ->8%! /'+:%,%(>*,Å!
GN>-(%,%A! VWW#Y! 2.++',A! VWW"Y! 4*(/'8A! VWWWH! E.'! =8')'(/'! ',! ,+"35+2,#6#+2.%*
+3#".W6#$%! G,%! E.'! /'(%&>(a! P>(%&>%! =%/'8! :.,).8*,ie'-'&%(<*+! /',!
:%(%:>&>'()%H! 8'+=':)%! /'! ,*! &%/'8(>/*/! '.8%:a()8>:*! G+'*! '(! +.! ;'8+>@(!
>/'%,@->:*! :8>+)>*(*A! %! '(! ,*+! ;'8+>%('+! +':.,*8'+! ;>(:.,*/*+! *! ,*! >/'%,%-<*!
:>;>,>?*)%8>*! 9! *,! />+:.8+%! /'+*88%,,>+)*A! %! ,*! =*(*:'*! /'! ,*! >/'%,%-<*! /'! ,*!
-,%P*,>?*:>@(! /',! :*=>)*,>+&%! ('%,>P'8*,HA! *+<! :%&%! ',! ,+"35+2,#6#+2.%*
&#2'~(".#$%j5)$#)&j3%&(.#$%j+$%2:6#$%jj'W2+5%j"+C-)&j+"3#5#.-)&!E.'A!*!)8*;a+!/'!.(!
+>+)'&*! /'! R'8*8E.<*+! G':%(%&<*+! :'()8*,'+! /+5"-"! ':%(%&<*+! ='8>Da8>:*+A!
:8>+)>*(>+&%! /+5"-"! '+=>8>).*,>/*/'+! (%! :8>+)>*(*+A! '+)*/%+! :%,%(>*,'+! 9! ('%i
:%,%(>*,'+A! e%&P8'+! '.8%t(%8)'*&'8>:*(%+! /+5"-"! =.'P,%+! (%! %::>/'()*,'+A!
=8>;>,'->%!/'!,%+!&%/%+!e')'8%+'F.*,'+A!/>;>+>@(!>()'8(*:>%(*,!/',!)8*P*R%A!'):BH!e*!
.)>,>?*/%!,*!>/'%,%-<*!:%,%(>*,!:%&%!&':*(>+&%!/'!e%&%-'('>?*:>@(!'!>(:,.+>@(!'(!
',!+>+)'&*i&.(/%!&%/'8(%t:%,%(>*,!:*=>)*,>+)*t=*)8>*8:*,!G+>+)'&*!E.'A!'(!=*8)'A!
9A! *D%8).(*/*&'()'A! '+! 8':e*?*/%! =%8! :%,':)>;%+! 9! *-'()'+! E.'! /'+/'! '+)*! ,@->:*!
/'+:%,%(>*,!=8')'(/'(!/'+*88%,,*8!%)8*+!D%8&*+!/'!'F>+)'(:>*A!D.'8*!/'!,*!,@->:*!/'!
R'8*8E.<*+!/'!,*!:%,%(>*,>/*/!/',!=%/'8HB!
3(*!:.*8)*!:*8*:)'8<+)>:*!/'!,%+!1+)./>%+!$.,).8*,'+!(%+!,,';*!*!8';>+*8!.(%!/'!+.+!
*+=':)%+! &S+! :%()8%;'8)>/%+0! Ä+.! />+='8+>@(! )'@8>:*! 9! &')%/%,@->:*Å! GZ'9(%+%A!
VWWWHB! C>(! '&P*8-%A! ;%9! *! )%&*8! .(*! *:)>)./! &S+! =%+>)>;*! 8'+=':)%! *! '+)*!
=,.8*,>/*/! '=>+)'&%,@->:*! 9! &')%/%,@->:*B! 1(! ,%! E.'! +>-.'A! >()'()*8a! +'T*,*8! ,*+!
=%+>P>,>/*/'+! E.'! ',! =8%9':)%! /'! ,%+! 1+)./>%+! $.,).8*,'+! *P8'! '(! ,*! >(;'+)>-*:>@(!
+%:>*,A!',!+'()>/%!/'!,*!&>+&*A!9!'(!,%+!;*,%8'+!*!)8*(+&>)>8!'(!,*!D%8&*:>@(B!!
3(*!/'!,*+!=8>&'8*+!:%+*+!E.'!=%/'&%+!*=8'(/'8!/'!,%+!?-&.-5)&*D.-,#+"!A!'+!E.'!
a+)*! e*! /'! +'8! .(*! >(;'+)>-*:>@(! +%:>*,! E.'! (%! '()>'(/*! /'! e%8*8>%+! %! ,.-*8'+!
*:%)*/%+!=*8*!',!:%(%:>&>'()%B!1,!>(;'+)>-*/%8!/'P'!+'8!:%&%!.(!9&)2-5A!.(!,':)%8!
='8&*('()'!/'!+.!)>'&=%A!.(!e%&P8'!%!.(*!&.R'8!E.'!;>;'(!+.!)*8'*!=8%D'+>%(*,!
:%&%!.(*!*:)>;>/*/!E.'!,'+!'F>-'!.(*!8'D,'F>@(!='8&*('()'!8'+=':)%!*!+.!=%+>:>@(!
'(!',!&.(/%!*+<!:%&%!,*!/'!,*+!/'&S+!GN:4*8'(A!"XXgHB!$*+>!=%/8<*&%+!/':>8!E.'!
(%! )>'('! .(! e%8*8>%! '+)*P,':>/%! '(! ',! =8%:'+%! /'! :%(%:'8A! =.'+! +%(! &.:e*+! ,*+!
e%8*+! E.'! /'/>:*&%+! *! :%(+)8.>8! 9! 8':%(+)8.>8! ',! :%(%:>&>'()%B! 4*! >(;'+)>-*:>@(!
+%:>*,A!'()%(:'+A!/';>'('!'(!Q()8%=%,%-<*A!='8%!.(*!Q()8%=%,%-<*!E.'!+'!(.)8'!/'!
%P+'8;*:>%('+A! '+:.:e*+A! ,':).8*+! 8'+=':)%! /'! ,*+! :.*,'+! '+)*P,':'8! =8%:'+%+!
:%,':)>;%+!G'()8'!',!>(;'+)>-*/%8!9!%)8%+!*-'()'+!+%:>*,'+HB!
4*! >(;'+)>-*:>@(! +%:>*,! '(! )*()%! '+)./>%+! :.,).8*,'+! (%! =.'/'! /'8>;*8+'! /'! .(*! .!
%)8*!D.'()'!/'!='(+*&>'()%B!U.'+)8*+!=8%=.'+)*+!D%8&*)>;*+!e*(!/'!:%(:'P>8+'!9!
/'+*88%,,*8+'! :%&%! %P8*+! >(*:*P*/*+0! ,*! &*9%8! /'+-8*:>*! =*8*! .(*! =8%D'+>%(*,!
+'8<*!',!+.&'8->8+'!'(!=8S:)>:*+!/'!>(/*-*:>@(!E.'!:%(+)>).9*(!Ä,%+!,*/8>,,%+!/'!.(*!
!
!
V[[!
8.>(*Å!GJ*:kiN%8++A!"XX^HB!!
1+)*! Q()8%=%,%-<*! 3%&#9:2#$)! G'(! ,*! *+.(:>@(! /'! />D'8'()'+! D.'()'+! /'!
:%(%:>&>'()%HA! ,#)&:'#$)! G'(! ,*! 8':8'*:>@(! :%()>(.*! /'! (.'+)8%+! =8%:'+%+! /'!
>(;'+)>-*:>@(! *! =*8)>8! /'! ,*! :%(;'8+*:>@(A! ,*+! ;>;'(:>*+! :%&=*8)>/*+A! ,*!
)8*(+D%8&*:>@(!/'!,%+!='(+*&>'()%+!%!(.'+)8*+!D%8&*+!/'!+'8t'+)*8H!9!+6+5'+2.+!
G'(! )*()%! E.'! +>! P>'(! (%! *:*P*&%+! (.(:*! ,*! %P8*A! +>'&=8'! (%+! E.'/*8S(!
/>+=%(>P,'+! ,%+! ,*/8>,,%+HY! +'! *,'R*! /'! )%/*! =8')'(+>@(! 8*:>%(*,>+)*! *,! :%(+)8.>8!
='8&*('()'&'()'!.(!)8*P*R%!=8%D'+>%(*,!=%8!&'/>%!/'!,':).8*+!/>+='8+*+A!>(:,.+%!
*,! e*:'8! *(S,%-%+! ,*! )*8'*! /',! >(;'+)>-*/%8! :%(! ',! /'! .(! :%,'::>%(>+)*! E.'! (%!
'()>'(/'! /'! +.+:8>=:>%('+! *,>'(*()'+! *! )*,! %! :.*,! :%88>'()'! /'! ='(+*&>'()%A! +>(%!
E.'! :%(+)8.9'! :%,'::>%('+! e')'8%/%F*+A! :%&=,'R*+A! >&=8';>+)*+A! >(*:*P*/*+A!
*P8>'(/%! :%(! +.! >(;'+)>-*:>@(! =8%D'+>%(*,! +'(/'8%+! >('F=,%8*/%+! =%8! ,*+! :>'(:>*+!
+%:>*,'+B! 1(! :%(:,.+>@(! ,%+! 1+)./>%+! $.,).8*,'+! +.=%('(! .(! ,,*&*/%! *! ,*!
:%(+)8.::>@(! /'! .(*! *:)>;>/*/! E.'! +'! D.(/*&'()*! '(! ',! 'R'8:>:>%! /'! .(*! :>'(:>*!
,>P8'A! '(! ,*! :%(+)8.::>@(! /'! .(*! Ä>(;'+)>-*:>@(! +>(! &a)%/%Å! G8':.a8/'+'! *!
`'9'8*P'(/HB!
3(*! +'-.(/*! :.'+)>@(! E.'! &'! =*8':'! >()'8'+*()'! 8'+:*)*8! '(! ,%+! 1+)./>%+!
$.,).8*,'+!=*8*!,*!>(;'+)>-*:>@(!+%:>*,A!'+!,*!(':'+>/*/!/'!:%()'&=,*8!E.'!a+)*!(%!
+@,%! +'! P*+*! '(! ',! >()',':)%A! +>(%! )*&P>a(! '(! ,%+! :>(:%! +'()>/%+B! Q()'+! e'&%+!
*=.()*/%!,*!(':'+>/*/!/'!.(*!Q()8%=%,%-<*!=%,>D@(>:*A!/>*,@->:*A!'&'8-'()'B!7.'+!
P>'(A!'+!=8':>+%!*T*/>8!E.'!/>:e*!Q()8%=%,%-<*!+'!D.(/*&'()*!'(!,*!5+$%2"#,+5)$#:2*
,+&*3)3+&*,+*&)*6#$5%V#".%5#)*4*+&*6#$5%+/+2.%B!4*!>(;'+)>-*:>@(!+%:>*,A!'(!',!&*8:%!
/',! :*=>)*,>+&%! ('%,>P'8*,A! /'P'! '+)./>*8A! 8';',*8! 9! /*8! ;%?! *! ,*+! 'F='8>'(:>*+!
+.8->/*+! :%(! ,*+! D%8&*+! +%:>*,'+! =%+&%/'8(*+! G,*! 'F='8>'(:>*! /'! ,*! =8':*8>'/*/!
':%(@&>:*!'(!&.:e%+!:%,':)>;%+!+%:>*,'+A!',!>(/>;>/.*,>+&%!9!:%(D%8&>+&%!+%:>*,A!
,%+! '+)>,%+! /'! :%(+.&%A! ,*+! D%8&*+! /'! =*8)>:>=*:>@(! '(! ,*+! +%:>'/*/'+!
=%+)/>+:>=,>(*8'+A!,*+!D%8&*+!{=,.8*,'+|!/'!;>;>8!(.'+)8*!+'F.*,>/*/A!'):BHB!
4*!)'8:'8*!:.'+)>@(!E.'!;%9!*!:%&'()*8A!'+!,*!E.'!+'!8',*:>%(*!:%(!,*!D%8&*:>@(!/',!
>(;'+)>-*/%8!=*8*!/'+*88%,,*8!'+)*!ÄQ()8%=%,%-<*!'(:*8(*/*!'(!,*!'F='8>'(:>*!9!',!
>&*->(*8>%! /'! :%,':)>;%+! /'! ='8+%(*+! >(&'8+%+! '(! .(*! =,.8*,>/*/! /'! +.P+>+)'&*+!
+%:>*,'+ÅB!4%!=8>&'8%!E.'!=%/'&%+!/':>8!'+!E.'!(%!'F>+)'(!=8%)%)>=%+!%!&%/',%+!
_(>:%+B! QD%8).(*/*&'()'A! (%! e*9! )'%8<*+! _(>:*+! =*8*! '()'(/'8! ',! &.(/%A! (>!
=%+>P,'+! &%/',%+! .(>;'8+*,'+B! $.'+)>%('+! :%&%! >(;%,.:8*&>'()%A! *='8).8*A!
&.,)>/>+:>=,>(*8>'/*/A!/'P'(!'+)*8!=8'+'()'+!'(!.(*!&%/',%!/'!>(;'+)>-*:>@(!+%:>*,!
E.'!8%&=*!:%(!',!:*(%(!/>+:>=,>(*8!)8*/>:>%(*,B!!
!
Ä4*! 8'(%;*:>@(! /'! ,*! >(;'+)>-*:>@(! '(! ,*+! :>'(:>*+! +%:>*,'+! /'P'!
'&='?*8! =%8! .(*! 8';>+>@(! ,%! &S+! /'+=8'R.>:>*/*! =%+>P,'! /',!
E.'e*:'8! /',! >(;'+)>-*/%8B! $%(! .(*! &>8*/*! >(D*()>,A! /'P'&%+!
'&=8'(/'8! ,*! )*8'*! /'! 8'='(+*8! )%/%! ,%! ='(+*P,'A! /'&%,'8! ,%+!
'/>D>:>%+!E.'!-.*8/*(!,%+!D*,+%+!+':8')%+!/'!,%+!>(;'+)>-*/%8'+A!9!
*+.&>8!=%+>:>%('+!,>P8'+Å!GL>'8(*.FiU>:%,*+A!"XXX0!VX"H!
!
M)8%! *+=':)%! '(! ,*! >(;'+)>-*:>@(! +%:>*,A! /'P'! +'8! ',! 8':%(%:>&>'()%! /'! E.'! a+)*! (%!
=.'/'! ,,';*8+'! *! :*P%! +>(! ',! :%&=8%&>+%A! +>(! .(*! =*+>@(! =%8! ',! )'&*A! +>(! .(*!
*/*=)*:>@(!*,!:*+%B!2'!,%!E.'!*E.<!+'!)8*)*!'+!/'!/'+=,*?*8(%+!/',!:@&%/%!,.-*8!/'!,*!
!
!
V[\!
Ä>,.&>(*:>@(! 8*:>%(*,>+)*Å! E.'! :%(+)8.9'! :%(%:>&>'()%! '(! +.! f)%88'! /'! &*8D>,h!
G:%&%! />8<*! 7>'88'! J%.8/>'.H! =*8*! %='8*8! *! =*8)>8! /',! '+=*:>%! E.'! (%+! %D8':'! .(*!
Ä>,.&>(*:>@(! =8%D*(*ÅB! 1+)'! /'+=,*?*&>'()%! (%+! %P,>-*! *! *P%8/*8! ,%! E.'! N*8>+*!
]%88*P'8!$%+)*!GVWW"H!/'(%&>(*!Ä/>S,%-%!'()8'!,*!:>'(:>*!9!',!&.(/%ÅB!
4*! >,.&>(*:>@(! =8%D*(*! )>'('! +.! %8>-'(! '(! />;'8+%+! *(S,>+>+! :%()'&=%8S('%+!
/'+*88%,,*/%+! =%8! *.)%8'+! :%&%! L*(+id'%8-'! d*/*&'8A! J%*;'().8*! /'! C%.+*!
C*()%+A! 9-&.()! J*.&*(A! `8'/8>:! j*&'+%(A! I*,)'8! J'(R*&>(A! '):BA! E.>'('+! e*(!
=8%=%8:>%(*/%! 8'D,'F>%('+! =*8*! '+)*! :*&=%! =*8*/>-&S)>:%! %! ->8%! )8*(+/>+:>=,>(*8A!
=%8!'R'&=,%0!G>H!.(*!=8%D.(/*!+%+=':e*!/'!,%+!+>+)'&*+!:%&=8'(+>;%+A!,*+!;'8/*/'+!
'+)*P,':>/*+A!,*+!&')*(*88*)>;*+A!:%(!,*+!E.'!,*!e.&*(>/*/!e*!:%(;>;>/%!/.8*()'!,%+!
_,)>&%+! :>(:%! +>-,%+Y! G>>H! '+)*! :8>+>+! :.,).8*,A! '+)*! :8>+>+! /'! ,*+! :%+&%;>+>%('+! (%!
+.=%('(A! _(>:*&'()'A! .(*! 8*/>:*,! )8*(+D%8&*:>@(! /'! ,*+! D%8&*+! /'! ='(+*8A! +>(%!
)*&P>a(! '(! ,*+! D%8&*+! /'! %8-*(>?*:>@(! *! (>;',! =,*(')*8>%A! ,%+! &%/%+! /'! e*P>)*8,%B!
L*9! .(! /'+-*+)'! /'! ,*+! +.=8'&*:<*+! =%,<)>:*+! 9! :.,).8*,'+A! /'! ,%+! .(>;'8+*,>+&%+! 9!
,*+!)%)*,>/*/'+Y!G>>>H!'+)'!(.';%!=*(%8*&*A!'+)*!&.)*:>@(!'(!(.'+)8%+!&%/%+!/'!;>/*!
9!%8-*(>?*:>@(!+%:>*,A!*,!*P8>-%!/'!,*+!(.';*+!)':(%,%-<*+A!>&=,>:*!(.';*+!D%8&*+!/'!
+'8!e.&*(%+B!U.'+)8%!+'8!9!'+)*8!:%&%!&.R'8'+!.!e%&P8'+!+%(!9*!&.9!/>+)>()%+!/'!
*E.',,%+! E.'A! /.8*()'! +>-,%+A! e*P<*(! /'D>(>/%! ,%+! :%()%8(%+! /'! .(*! ;'8/*/'8*!
e.&*(>/*/B! 1(! )*()%! E.'! +.R')%+! >(+:8>)%+! '(! ,*! e>+)%8>*A! '+)*&%+! '(! ='8&*('()'!
8':%&=%+>:>@(!9!8'>(;'(:>@(!/'!(.'+)8*+!>/'()>/*/'+B!
1,! =8%9':)%! /'! ,%+! 1+)./>%+! $.,).8*,'+! 9A! =%8! *T*/>/.8*A! ,*! >(;'+)>-*:>@(! +%:>*,!
>(+=>8*/*!'(!',!&>+&%A!+'!/'D>(>8<*(!:%&%!Ä=8%:'+%+!/'!'(+'T*(?*i*=8'(/>?*R'!/'!,*!
:>'(:>*!=*8*!.(!&.(/%!/'(%&>(*/%!:%&%!=%+&%/'8(%ÅY!*:)>;>/*/'+!/'!D%8&*:>@(!
E.'! +'! :*8*:)'8>?*(! v! *! -8*(/'+! 8*+-%+! v! =%8! .(! /'+'(:*()%! %! /'+*:.'8/%! :%(! ,*+!
:%(:'=:>%('+!;>-'()'+!/'!,*!&%/'8(>/*/A!*!+*P'80!G>H!+.!>/'*!/'!.(!%8/'(!.(>;'8+*,Y!
G>>H! ,*! e'-'&%(<*! /'! .(! +.=.'+)%! &%/',%! /'! 8*:>%(*,>/*/! G%::>/'()*,HY! G>>>H! ,*!
>(;'(:>@(!/',!+.R')%!:*8)'+>*(%!:%&%!+.R')%!=%/'8%+%A!*.)@(%&%A!*.)%:'()8*/%Y!G>;H!
',!.+%!/'!&')*(*88*)>;*+!G:%&%!-8*(/'+!+>+)'&*+!'F=,>:*)>;%+!9!)%)*,>?*()'+HY!G;H!,*!
+.=8'&*:<*! /',! e%&P8'! G:%&%! '+=':>'A! :%&%! -a('8%A! :%&%! &'/>/*! /'! )%/*+! ,*+!
:%+*+HY! G;>H! ,*! :.,).8*! G%::>/'()*,H! :%&%! ,.-*8! =8>;>,'->*/%! *! =*8)>8! /',! :.*,! +'!
>(;'()*(!9!(%&P8*(!,*+!Ä%)8*+ÅB!
!
v#! $8,+2,! .*$$(7&#! ,.08&,'! /(-8+$,$(%&*'! 5%'p5%'(2(6('2,'! E8*!
5*+3(2*&! $%&$*/(+! .,! '8/k*2(6(),)! )*! 8&! 3%)%! &%p$.l'($%!
X+*5+*'*&2,$(%&,.('2,p-8&$(%&,.('2,\!
4*+! (.';*+! '+)8*)'->*+! =%+):*=>)*,>+)*+! GÄ%8-*(>?*:>@(! *.)%D%8&*)>;*ÅA!
Ä8':.='8*:>@(!/',!+*P'8!%P8'8%ÅA!>()'-8*:>@(!/',!Ä&.(/%!/'!,*!;>/*Å!:%&%!f/)&%5*
)'5+'),%h!/'!,*!=8%/.::>@(A!'):BH!)>'('(!:%&%!=>,*8!D.(/*&'()*,!,*!:%(+)>).:>@(!/'!
,*+!%8-*(>?*:>%('+!'(!)*()%!Ä+>+)'&*+!8'D,'F>;%+ÅB!
}q-W* +"* &%* `-+* $)5)$.+5#>)5()* -2* "#".+6)! 8'D,'F>;%|! 1(! =8>&'8! ,.-*8A! (%! '+! .(*!
'+)8.:).8*! /'D>(>/*! :%&%! 8'*,>/*/! +'=*8*/*! /',! +.R')%! E.'! ,*! :%(+>/'8*A! +>(%!
/'D>(>P,'! Ä'(! +.! 8',*:>@(Å! :%(! '+'! +.R')%B! 1(! +'-.(/%! ,.-*8A! .(! +>+)'&*! */E.>'8'!
:*8*:)'8<+)>:*+!8'D,'F>;*+!:.*(/%!+'!:%(+)>).9'!*!=*8)>8!/'!,*!ÄD,'F>@(!8':<=8%:*!/'!
,*!*:)>;>/*/!/',!+.R')%!+%P8'!,*!*:)>;>/*/!/',!+>+)'&*!=8'+.()*&'()'!%PR')>;%!=%8!a,!
/'D>(>/%ÅB! 7%8! )*()%A! +'! /*(! >()'8D'8'(:>*+! G8',*:>%('+A! *8)>:.,*:>%('+A!
&*,'()'(/>/%+A! '):BH! '()8'! ,*! )$.#/#,),* ,+&* "#".+6)* %Ma+.%! 9! ,*! )$.#/#,),*
%Ma+.#/#>),%5)* ,+&* "-a+.%B! 7%8! _,)>&%A! 9! '(! )'8:'8! ,.-*8A! *+.&>8! .(! =.()%! /'! ;>+)*!
!
!
V[^!
8'D,'F>;%! +>-(>D>:*! :%(+>/'8*8A! :%&%! =8%:'+%+! :%'F>+)'()'+0! Ä,*! *:)>;>/*/! /',!
"#".+6)* %Ma+.%! 9! ,*! *:)>;>/*/! %PR')>;>?*/%8*! /',! +.R')%! E.'! %P+'8;*A! &*(>=.,*A!
&%/',>?*! ,*! *:)>;>/*/! /',! "#".+6)J%Ma+.%ÅB! Q+.&>&%+! .(! =.()%! /'! ;>+)*! 8'D,'F>;%!
:.*(/%! '()'(/'&%+! G&'R%8! />:e%A! :%&=8'(/'&%+H! E.'! ,*+! :%(/>:>%('+! /'!
=%+>P>,>/*/!/',!+.R')%!9!/',!%PR')%!+%(!,*+!&>+&*+B!
C>(! ,.-*8! *! /./*+A! e*9! .(*! :.'+)>@(! E.'! +.P9*:'! *,! ='(+*&>'()%! P*+*/%! '(! ,*!
8'D,'F>;>/*/0! Ä&)* #2$%53%5)$#:2* ,+&* "-a+.%* %M"+5/),%5j$%2".5-$.%5j)$.%5* +2* &)*
$%2".5-$$#:2* ,+* &)* 5+)&#,),* `-+* 35+.+2,+* $%2%$+5ÅB! 1+)*! :.'+)>@(! (%+! ,,';*!
/>8':)*&'()'! *,! =>,*8! /'! ,%! E.'! +'! :%(%:'! :%&%! Ä>(;'+)>-*:>@(! +%:>*,! /'! +'-.(/%!
%8/'(Å!GN%8>(A!5PST'?A!78>-%->('A!N*).8*(*A!]%(!`%'8+)'8A!C'88'+A!]*8',*A!'):BHA!'+)%!
'+A!*E.',!='(+*&>'()%!E.'!+'!>()'88%-*!+%P8'!,*+!:%(/>:>%('+!/'!'&'8-'(:>*!9!/'!
'F>+)'(:>*! /',! ='(+*&>'()%! :%-(%+:'()'B! C'! )8*)*! /'! /'+*88%,,*8! .(*! =8S:)>:*! /'!
:%(%:>&>'()%! E.'! *+%:>'! ,*! /'+:8>=:>@(! /',! %PR')%! :%(! ,*! /'+:8>=:>@(! /'! ,*!
/'+:8>=:>@(!9!,*!/'+:8>=:>@(!/',!/'+:8>=)%8A!*!,*!;'?!E.'!*D>8&*!)*()%!',!=8>(:>=>%!/'!
*8)>:.,*:>@(! 9! /'! >()'-8*:>@(A! :%&%! ',! =8>(:>=>%! Ge*+)*! *e%8*! 8'('-*/%! =%8! ',!
=*8*/>-&*!:,S+>:%H!/'!,*!/>+)>(:>@(!9!,*!%=%+>:>@(B!1(!',!>()'8a+!=%8!/'+*88%,,*8!.(!
(.';%! ='(+*&>'()%! %! =*8*/>-&*! /'! ,*! :%&=,'R>/*/! 9! /'! ,*! 8'D,'F>;>/*/A! +'! ;*(! *!
R.()*8! :%(+)8.::>%('+! )'@8>:*+! :%&%! ',! :%(+)8.::>%(>+&%! +%:>*,A! ,*! +%:>%,%-<*! /',!
:%(%:>&>'()%A!,*!)'%8<*!/'!+>+)'&*+A!',!='(+*&>'()%!:>P'8(a)>:%A!'):a)'8*B!
C>!/':>&%+!E.'!,*+!'+)8*)'->*+!e')'8%/%F*+!/',!:*=>)*,>+&%!)*8/<%!;*(!'(!,*!,<('*!/'!
*+.&>8! .(! =.()%! /'! ;>+)*! 8'D,'F>;%A! /'! :%(:'P>8! ,*! %8-*(>?*:>@(! '(! )*()%! +>+)'&*!
*.)%iD%8&*)>;%! '+! =%8E.'! +'! =%('! '(! ',! :'()8%! ,*! (':'+>/*/! /'! :%(:'P>8! ,*+!
>()'8*::>%('+A!,*+!>()'8D'8'(:>*+A!,%+!'()8':*P*,-*&>'()%+A!'):B!4*+!>(+)>).:>%('+!/'!
D%8&*:>@(! 9A! '(! -'('8*,A! ,%+! :'()8%+! /'! )8*P*R%! +@,%! =.'/'(! +'8! :%(:'P>/%+A!
'()%(:'+A! *! ,*! ,.?! /',! )'R>/%! /'! 8',*:>%('+B! 7%8! )*()%A! 9! '+)*! +'8<*! .(*! /'! ,*+!
:*8*:)'8<+)>:*+! /',! ->8%! :.,).8*,! 9! %8-*(>?*:>%(*,! /',! )8*P*R%! =%+):*=>)*,>+)*A!
*+>+)>&%+!*,!(*:>&>'()%!/'!.(*!Ä%()%,%-<*!/'!,*!8',*:>@(Å!9!/'!,*!%8-*(>?*:>@(0!Ä+'!
)8*)*! /'! ='(+*8! ',! 'E.>,>P8>%! G'(! ',! +'(%! /',! '+=*:>%! '&=8'+*8>*,H! '(! ',!
&%;>&>'()%ÅA!Ä,*!'+)*P>,>/*/!'(!',!=8%:'+%ÅA!Ä',!+'8!'(!',!/';'(>8ÅB!1+)*!%()%,%-<*!
/'! ,*+! 8',*:>%('+A! /'! ,*! %8-*(>?*:>@(! 8%&='! :%(! ,*+! .+%5()"* $%2"+2"-)&#".)"J
9-2$#%2)&#".)"0!'(!',!+'(%!/'!,*+!%8-*(>?*:>%('+!'&=8'+*8>*,'+!9!/'!,*+!>(+)>).:>%('+!
D%8&*)>;*+A! >()'8*:)_*(! Ä+.R')%+i'+)8*)'-*+ÅA! 9! (%! Ä+.R')%+! +.R')*/%+Å! %!
(%8&*,>?*/%+!E.'!(%!;*(!&S+!*,,S!/'!,%+!8%,'+!E.'!)>'('(!*+>-(*/%+B!
1+)*!%2.%&%'()*,+*&)*5+&)$#:2!+'!/'8>;*!/'!,*+!(.';*+!=%+>:>%('+!=%+)&%/'8(*+!E.'!
,*! )'%8<*! %8-*(>?*:>%(*,! =*8':'! e*P'8! */%=)*/%! =*8*! e*:'8! D8'()'! *! ,%+!
>((.&'8*P,'+! :*&P>%+! /',! :*=>)*,>+&%! ('%,>P'8*,! =%+D%8/>+)*B! `8'()'! *! .(*!
%2.%&%'()* 6%,+52#".)! E.'! *+>-(@! .(! '+)*).+! =8>;>,'->*/%! *! >(/>;>/.%+! 9!
%8-*(>?*:>%('+! :%&%! '()>/*/'+! '+)*P,'+! 9! /',>&>)*/*+Y! e%9! +'! ,%+! :%(:>P'! 9*! (%!
:%&%! '()>/*/'+! =8%=>*&'()'! )*,A! +>(%! :%&%! =8%:'+%+! /'! %8-*(>?*&>'()%! 9! /'!
>(/>;>/.*,>?*:>@(B! $.*)8%! +'8<*(! ,*+! :*8*:)'8<+)>:*+! PS+>:*+! '(! ,*! Ä)'%8<*!
%8-*(>?*:>%(*,!=%+)&%/'8(*Å!GC>+)%!$*&=%+A!VWW"0!"V[!v!"[WH0!!
G>H
&)* $%2".#.-$#:2* 35%$+"-)&* ,+* &)* %5')2#>)$#:2* 4* +&* $-+".#%2)6#+2.%* ,+* &%*
+".)M&+! G,*+! %8-*(>?*:>%('+! :%(:'P>/*+! :%&%! =8%:'+%+! /'! %8-*(>?*&>'()%A!
=8':*8>%+A! 9! P*R%! ,*! D%8&*! /'! )'()*)>;%+! '(+*&P,*R'+! .! %8E.'+)*:>%('+! ,%:*,'+! /'!
8',*:>%('+HY!!
G>>H
+&*5++63&)>%*,+*&)*5)$#%2)&#,),*#2,#/#,-)&*3%5*&)*$%2".5-$$#:2*$%6-2)&*4*
"%$#)&*,+*&)*%5')2#>)$#:2!G',!a(D*+>+!+'!+>)_*!'(!,*+!*::>%('+!*!)8*;a+!/'!,*+!:.*,'+!+'!
!
!
V[#!
-'('8*(!'+*+!'+)*P>,>?*:>%('+!=8':*8>*+!9!)'&=%8*,'+B!4*!%8-*(>?*:>@(A!'()%(:'+A!+'!
:%(:>P'! :%&%! .(*! :%(+)8.::>@(A! D%8&*/*! &'/>*()'! *:)>;>/*/'+! +>-(>D>:*)>;*+! E.'!
8'*,>?*(! ,%+! />;'8+%+! *-'()'+! E.'! =*8)>:>=*(! /'! ,*! %8-*(>?*:>@(B! Q:).*8!
8*:>%(*,&'()'A! /'()8%! /'! ,*! %8-*(>?*:>@(! =%+)&%/'8(*A! (%! '+! ',! 'R'8:>:>%! /'! .(*!
%+:.8*! D.(:>@(! >()'8(*! /'! ='(+*&>'()%A! +>(%! =*8)>:>=*8! '(! .(*! D%8&*! :.,).8*,! /'!
;>/*HY!
G>>>H
"+* 5+6)5$)* &)* 9-2$#:2* "%$#%35B$.#$)* ,+&* &+2'-)a+* +2* &)* $%2".5-$$#:2*
$%6-2)&* ,+* &)* %5')2#>)$#:2! G/',! ,'(-.*R'! :%&%! 8'=8'+'()*:>@(! +'! =*+*! *! ,*!
:%(+>/'8*:>@(! /',! ,'(-.*R'! :%&%! .(*! *::>@(! +%:>*,B! 4*+! %8-*(>?*:>%('+!
=%+)D%8/>+)*+! +'! :%(:>P'(! :%&%! &SE.>(*+! +%:>*,'+0! 8'=8%/.:'(! 9! =8%/.:'(!
/>+:.8+%+A! '()'(/>/%+! a+)%+! :%&%! %8-*(>?*:>%('+! ,>(-w<+)>:*+! 9! +%:>*,'+! ;>;*+A!
D,.R%+! +>-(>D>:*)>;%+! E.'! :%(+)>).9'(! 8'*,>/*/'+! 9! +.R')%+A! R.+)>D>:*(/%! :>'8)%+!
@8/'('+!/'!8',*:>%('+!+%:>*,'+Y!!
G>;H
+&*-"%*,+*2-+/)"*6+.%,%&%'()"*3)5)*$%2$+M#5*&)*%5')2#>)$#:2*3%".9%5,#".)!
GP*+*/*+! '(! ,*! P_+E.'/*! /'! &a)%/%+! />*,@->:%+A! :'()8*/%+! '(! :@&%! &'/>*()'! ,*+!
8',*:>%('+! +%:>*,'+! +'! :%(+)>).9'(! :>'8)*+! 8'*,>/*/'+A! +.R')%+A! %8-*(>?*:>%('+A!
=%+>P>,>/*/'+A! 9! (%! %)8*+B! C'! :%(+)8.9'(A! '()%(:'+A! &')%/%,%-<*+! e'8&'(a.)>:*+! 9!
/':%(+)8.:)>;*+!=*8*!',!*(S,>+>+!%8-*(>?*:>%(*,A!,*+!:.*,'+!='8&>)'(!',!*(S,>+>+!/'!,*!
>()'8+.PR')>;>/*/!'(!)*()%!8'*,>/*/!+>-(>D>:*)>;*!E.'!+'!:%(+)8.9'!'(!,*!8',*:>@(HB!
!
Q/%=)*8!.(*!&>8*/*!:%&=,'R*!'(!,*!>(;'+)>-*:>@(!+%:>*,A!>&=,>:*!.(*!8',*:>@(!%.5)!
:%(! ',! &a)%/%A! :%(! ,*! :.'+)>@(! &')%/%,@->:*B! U%! +'! )8*)*A! '()%(:'+A! /'! 'R':.)*8!
:*&>(%+! 9*! =8''F>+)'()'+A! =.'+! a+)%+! ',>&>(*8<*(! ,%! E.'! /'! e>+)%8>*! ;>;*! )>'('! ',!
='(+*&>'()%!9!,%+!=8%:'+%+!'(!9!/'()8%!/'!,*+!%8-*(>?*:>%('+B!NS+!P>'(A!+'!)8*)*!/'!
='(+*8!'(!9!*!)8*;a+!/'!,*+!/>D>:.,)*/'+A!/'!,%+!'88%8'+A!/'!,*+!:%(D.+>%('+A!9!/'!,*+!
;<*+! &.'8)*+A! ,'R%+! /'! )8*?*/%+! />8':)%+A! ,>('*,'+! E.'! =8')'(/'(! 'F%8:>?*8! ,*!
:%&=,'R>/*/B! 3(*! &>8*/*! :%&=,'R*A! '(! /'D>(>)>;*A! (%! *()'=%('! ',! &a)%/%! *! ,*!
'F='8>'(:>*B! U%! =>'(+*! '(! .(! _(>:%! :*&>(%! %! '(! _(>:%! />+=%+>)>;%! */':.*/%! =*8*!
='(+*8A! 'F=,%8*8A! >(;'()*8! %! :%(%:'8B! 4*! &>8*/*! :%&=,'R*! +'! *88>'+-*! *! ,*!
&.,)>=,>:>/*/!/'!+>-(>D>:*/%+0!
!
Ä4*!+>&=,>:>/*/!/'!,%+!&*=*+!(%!'+!:%88',*)>;*!*!,*!/',!)'88>)%8>%0!
'+!.(*!*P+)8*::>@(!-'%&a)8>:*!E.'!/'+:*8)*!',!8',>';'!:%(:8')%A!',!
:,>&*!9!+.+!;*>;'('+A!,%+!=8'/*/%8'+!9!+.+!*D*('+A!,%+!=*()*(%+!9!
+.+! *,P.8'+A! ,*+! P>D.8:*:>%('+! 9! +.+! *:':e*(?*+Å! GU*R&*(%;>:eA!
VWW"0![HB!
!
2'+/'!'+)*!='8+=':)>;*!E.'!/*!,.-*8!*!,*!:%&=,'R>/*/A!',!+.R')%!(%!'+!&'8*&'()'!.(!
>(/>;>/.%A!S)%&%!+%:>*,!%!Ä+.&*)%8>%!/'!:a,.,*+Å!E.'!=*8)>:>=*!'(!,*!-'+)>@(!/'!,*+!
%8-*(>?*:>%('+B!Q()'+!E.'!+.+)*(:>*A!'+'(:>*!%!'+)8.:).8*A!;*!*!+'8!:%(:'P>/%!:%&%!
.(! /';'(>8! '(! ,*+! >()'8*::>%('+A! .(! '()8*&*/%! /'! e>+)%8>*+! 9! /'! ;<(:.,%+! E.'!
>&=,>:*(! (.';*+! D%8&*+! /'! *:).*8! 9! /'! :%(%:'8B! 4%! D.(/*&'()*,A! '()%(:'+A! '+!
8':%(%:'8!'(!',!+.R')%!.(*!%5')2#>)$#:2*+6+5'+2.+!A!E.'!+@,%!*/;>'('!:%&%!)*,A!'(!
,*! )8*&*! 8',*:>%(*,! /'! +.! +%:>'/*/! G/'! ,%+! =8%:'+%+! %8-*(>?*:>%(*,'+! '(! ,%+! E.'!
)8*(+:.88'!+.!'F>+)'(:>*HB!
!
!
V[b!
4*! &>8*/*! :%&=,'R*! 8'E.>'8'A! =%8! )*()%A! /'! .(*! 8*:>%(*,>/*/! *,)'8(*)>;*! E.'!
*P%8/'! )%/%+! '+%+! D'(@&'(%+! &*-&S)>:%+A! :%&=.'+)%+! /'! ','&'()%+! >()'8i
8',*:>%(*/%+A! *! ;':'+! ,>('*,&'()'! 9! %)8*+! /'! D%8&*! (%i,>('*,B! 1,'&'()%+! E.'A! *!
;':'+A!+'!/*(!'(!.(!&>+&%!=,*(%!9!%)8*+!(%B!1+)%!(%+!%P,>-*!*!(%!8'/.:>8!,*+!>()'8v
8',*:>%('+! *! .(*! ,@->:*! '+)S)>:*! '! >/'()>)*8>*B! 1+*+! >()'8i8',*:>%('+A! '()%(:'+A!
=8%/.:'(!&%&'()%+!/'!>&=8';>+>P>,>/*/A!,%!:.*,!e*:'!E.'!(%+!*P8*&%+!*!.(!(.';%!
=*8*/>-&*! E.'! (%+! D*:>,>)'! .(*! (.';*! &>8*/*! +%P8'! ',! f',! %PR')%h0! Ä',! %PR')%i
+>+)'&*ÅB!
1,! $%2%$#6#+2.%* 3%"J3%"#.#/#".)! +.=%('! ,*! :%(+%,>/*:>@(! /'! ,*+! :>'(:>*+! /'! ,*!
:8'*:>@(A!D8'()'!*!,*+!/'!,*!:%(+'8;*:>@(A!'+!/':>80!',!8.>/%A!',!*?*8A!',!%)8%A!'):BA!+%(!
D.'()'+!/'!(%;'/*/!8*/>:*,A!;<*+!=*8*!',!*.&'()%!/'!:%&=,'R>/*/!G9!/'!>(D%8&*:>@(!
_)>,! =*8*! ',! +>+)'&*H! 9! (%! &'8%+! f/'D':)%+! /'+=8':>*P,'+hB! 1,! Ä+.R')%! =%+i
=%+>)>;>+)*Å!(%!+'!:*8*:)'8>?*!+%,*&'()'!=%8!+.!+.PR')>;>/*/A!+>(%A!=%8!+'8A!*,!&>+&%!
)>'&=%A! :*=*?! /'! %PR')>;*8A! '+! /':>80! /'! :%(;'(>8A! /'! *:%8/*8! '(! ',! +'(%! /'! ,*!
:%&.(>/*/A! /'! =8%/.:>8! .(! >&*->(*8>%! :%&_(! 9A! =%8! )*()%A! /'! :%(+)8.>8! +.!
8'*,>/*/B!
Q/%=)*8! .(*! (.';*! &>8*/*A! />*,@->:*A! :%&=,'R*A! =%+i=%+>)>;>+)*A! '):BA! +.=%('! ',!
8''(:.'()8%! /',! +.R')%! :%(! +.! &>8*/*A! /'! D%8&*! E.'! +'! =8%/.?:*! .(*!
)8*(+D%8&*:>@(! /'! ,*! &>+&*A! '+)%! '+0! .(*! ;>+>@(! E.'! *:'=)'! ,*! >(:'8)>/.&P8'A! ,*!
8'+=%(+*P>,>/*/!'(!(.'+)8*+!','::>%('+A!',!+'+-%!/'!(.'+)8*+!&>8*/*+A!'):B!
!
Ä4*! )8*(+D%8&*:>@(! /'! (.'+)8*! &>8*/*A! E.'! '+)*&%+! ;>;>'(/%A!
>&=,>:*! =*+*8! /'! ,*! P_+E.'/*! /'! :'8)'?*+! *! ,*! *:'=)*:>@(! /'! ,*!
>(:'8)>/.&P8'A! /',! /'+)>(%! D>R*/%! *! ,*! 8'+=%(+*P>,>/*/! /'! ,*!
','::>@(A! /'! ,*+! ,'9'+! /'! ,*! e>+)%8>*! *! ,*! D.(:>@(! e>+)%8>?*()'A! /'!
.(*! _(>:*! ='8+=':)>;*! =8>;>,'->*/*! *,! +'+-%! /'! ,*! &>8*/*B! 1(! ',!
:*&>(%! (%+! '(:%()8*&%+! :%(! (%+%)8%+! &>+&%+! =8%D.(/*&'()'!
.(>/%+!*,!&.(/%!'(!.(*!>()'8*::>@(!:%&=,'R*!9!&.,)>/>&'(+>%(*,B!
1+'! 8'i'(:.'()8%! /',! +.R')%! :%(! +.! &>8*/*! e*! /'R*/%! *,!
/'+:.P>'8)%! (.'+)8*+! ,>&>)*:>%('+! 9! (.'+)8*+! =%+>P>,>/*/'+A! e*!
',>&>(*/%! ,*+! -*8*()<*+! )8*(E.>,>?*/%8*+! 9! (%+! e*! *P>'8)%! ,*+!
=.'8)*+! *,! ;a8)>-%! /'! ,*! :8'*:>@(! {C*P8'&%+! *:'=)*8! ',! /'+*D<%|Å!
GU*R&*(%;>:eA!VWW"0!""H!
!
]#! E8(&2,! .*$$(7&#! Gm_! 2|! )*! E8F! .,)%! *'2l'Én}! 5%'($(%&*'!
)('$8+'(6,'!*&!2%+&%!,!.,!(&6*'2(0,$(7&!*)8$,2(6,!_!'%$(,.!
8)*9-2$#:2*,+&*35%9+"#%2)&*,+*&)*#2/+".#')$#:2*$%6%*#2.+&+$.-)&*$)2:2#$%*/#2$-&),%*)&*
$%2%$#6#+2.%*5)$#%2)&*
U%! '(! =%:*+! %:*+>%('+A! /'P>a8*&%+! =8'-.()*8(%+! *:'8:*! /',! =*=',! /'! ,%+!
>()',':).*,'+!'(!,*+!>(+)>).:>%('+!/'!D%8&*:>@(!=*8*!,*!>(;'+)>-*:>@(B!Z'+=%(/'8!*!
'+)*!=8'-.()*A!:%&%!'+!%P;>%A!/'='(/'8S!/'!,*!=%+>:>@(!-'%=%,<)>:*!E.'!%:.='&%+!
'(!,*+!S8'*+!/'!=8%/.::>@(A!/>+)8>P.:>@(A!:>8:.,*:>@(!9!8':'=:>@(!/',!+*P'8B!L*P8S!
E.>'('+! +%+)'(-*(A! '()%(:'+A! E.'! ,%+! D%8&*/%8'+! (%! /'P'(! e*:'8! %)8*! :%+*! E.'!
=8%=%8:>%(*8! .(! :%(%:>&>'()%! *:*/a&>:%! :*(@(>:%A! *,'R*/%! /',! P.,,>:>%! /'! ,*!
:.,).8*! 8'>(*()'! D.'8*! /'! ,%+! &.8%+! .(>;'8+>)*8>%+! 9A! =%8! +.=.'+)%A!
/'+'()'(/>a(/%+'!/'!:.*,E.>'8!>()8%&>+>@(!/',!+*P'8!'(!=8%P,'&*+!+%:>%=%,<)>:%+B!*
!
!
V[g!
*
1,!ÄD%8&*/%8!=8%D'+>%(*,!:*(@(>:%Å!8'+=%(/'!G*.(E.'A!'+)%!(%!+>'&=8'!+'!:.&=,'H!
*! ,*! >/'*! /'! #2.+&+$.-)&* #&-".5),%B! Q! )8*;a+! /',! 'R'8:>:>%! 8*:>%(*,A! ',! >()',':).*,!
>,.+)8*/%! +'! +'=*8*! /',! :%()'F)%! +%:>*,! 9! :.,).8*,! '(! ',! E.'! '+)S! +.&'8->/%A! =*8*!
='(+*8! Ä,%! .(>;'8+*,! 9! (':'+*8>%Å0! />;.,-*8! =8>(:>=>%+A! /'8':e%+A! =8%:'/>&>'()%+A!
,'9'+! 9! ;*,%8'+B! C'! 8%&='! :%(! ,*! (%:>@(! /'! .(! +'()>/%! =*8)>:.,*8! G+'*! (%8&*)>;%A!
)'88>)%8>*,A! >/'()>)*8>%A! '):BHA! *P8>'(/%! ',! '+=*:>%! *! ,*! =%+>P>,>/*/! /'&%:8S)>:*! E.'!
(%! '()>'(/'! /'! &*(>D'+)*:>%('+! :.,).8*,'+A! (>! /'! *=',*:>%('+! *! ,%! =%=.,*8! %! ,*!
)8*/>:>@(B! 7*8*! ',! >()',':).*,! >,.+)8*/%! ,*! /'&%:8*:>*! '+)S! *+%:>*/*! *! ,*! >/'*! /'!
e*:'8! :>8:.,*8! '(! ',! '+=*:>%! =_P,>:%! .(*! +'8>'! /'! +*P'8'+! ;>(:.,*/%+! *! .(*!
/')'8&>(*/*!'+:.',*!:>'()<D>:*A!%!>(:.,:*8!,%+!&a)%/%+!*:*/a&>:%+!*/':.*/%+!=*8*!
'R'8:'8!,*!=8%D'+>%(*,B!*
1+)'!>()',':).*,!>,.+)8*/%!)>'('!:%&%!&>+>@(!=8>(:>=*,!,*!)8*(+&>+>@(!.(>;'8+*,!/'!
;*,%8'+! G.+%! /'! ,*! 8*?@(A! 8'*,>?*:>@(! /'! =8>(:>=>%+! .(>;'8+*,'+A! 8'+=')%! =%8! ,%+!
/'8':e%+! /',! +'8! e.&*(%A! >-.*,/*/! *()'! ,*! ,'9A! .(>;'8+*,>/*/! /',! /'8':e%HA! ,%+!
:.*,'+!'+)S(!,%:*,>?*/%+!'(!.(*!+'8>'!/'!:%()'('/%8'+!G,*+!/>+:>=,>(*+!*:*/a&>:*+HA!
E.'! >()'8:*&P>*! Ge*:'! :>8:.,*8H! '(! ',! '+=*:>%! =_P,>:%A! /'! D%8&*! E.'! ,%+! +.R')%+!
*::'/*(!*!,*!8*:>%(*,>/*/!.(>;'8+*,A!;'8/*/'8*!8*<?!/'!,*!/'&%:8*:>*B!4*!)*8'*!'(!,*!
D%8&*:>@(!=*8*!,*!>(;'+)>-*:>@(!+'8SA!=%8!)*()%A!,*!/'!)8*(+&>)>8!',!:%(%:>&>'()%A!,*!
:.,).8*! %! ,*! 8*?@(A! '(! ,*! D%8&*! '(! E.'! e*! +>/%! '+)*P,':>/*! =%8! ,*! :%&.(>/*/!
:>'()<D>:*B! C'! )8*)*A! '(! /'D>(>)>;*A! /'! .(*! D%8&*:>@(! =8%D'+>%(*,!
:>;>,>?*/%8*te.&*(>?*/%8*! '(! )%8(%! *! ,%+! ;*,%8'+! :'()8*,'+! /',! ,>P'8*,>+&%0!
Ä,>P'8)*/A! *.)%(%&<*A! >(/>;>/.*,>+&%A! >-.*,/*/A! =a8/>/*! /'! :%(D>*(?*! '(! ,*!
*.)%8>/*/! 9! ,*! )8*/>:>@(A! )%,'8*(:>*A! 8*:>%(*,>/*/! :8<)>:*A! :>'(:>*A! :8''(:>*! '(! ',!
=8%-8'+%Å!Gce>'++'(A!"XX[0![#HB*
2'+/'! ,*! )8*/>:>@(! ,>P'8*,i*:*/a&>:*A! +@,%! '+! =%+>P,'! *,:*(?*8! ,*! :%(/>:>@(! /'!
:>./*/*(%+A! 8'*,>?*8(%+! :%&%! +'8'+! e.&*(%+! 9! :%(+'-.>8! ,*! D',>:>/*/A! /'+/'! .(!
:%&=8%&>+%! :%(! ',! :%(%:>&>'()%! 8*:>%(*,B! 7%8! ,%! )*()%A! =%/'&%+! /':>8! E.'! ,*!
*/E.>+>:>@(! /'! .(! :%(%:>&>'()%! :>'()<D>:%A! 9! ,*! D%8&*:>@(! a)>:*! 9! =%,<)>:*A! +%(! ,*+!
/%+!:*8*+!/',!&>+&%!=8%:'+%B!7*8*!,*!:%(:'=:>@(!,>P'8*,A!Ä,*!D%8&*:>@(!=8%D'+>%(*,!
/'P'!%8>'()*8+'!*,!+'8;>:>%!/',!:%(%:>&>'()%!9!*,!/'+*88%,,%!/'!,*!8*?@(ÅB!1+%!'+!,%!
E.'!/'P'!e*:'8!.(!/%:'()'B*
M)8*! :.'+)>@(! '+! :@&%! /'+*88%,,*8! '+)'! :%(%:>&>'()%! :>'()<D>:%i8*:>%(*,! E.'!
='8&>)*!*/E.>8>8!',!'+)*).)%!/'!:>./*/*(<*!,*P%8*,B!7.'+!P>'(A!,*!'/.:*:>@(!,>P'8*,!
'(D*)>?*! ,*! :.'+)>@(! /'! ,*! ,>P'8)*/A! '(! ',! +'()>/%! /'! Ä,>P'8*8! /'ÅA! /'R*8! *)8S+! ,%+!
:%(/>:>%(*&>'()%+!/'!,*!)8*/>:>@(!9!/'!,*+!'+)8.:).8*+!*!=8>%8>B!4*!D%8&*:>@(!=*8*!
,*!>(;'+)>-*:>@(!(%+!/'P'!,,';*8!*!,>P'8*8(%+!/'!,%+!=8'R.>:>%+A!/'!,*+!:%(;'(:>%('+!
+%:>*,'+A!/'!,*!>-(%8*(:>*!9!,*!+.='8+)>:>@(B!1+!/'+/'!'+)'!Ä/'R*8!*)8S+Å!/'+/'!',!E.'!
=%/8S(!/'+*88%,,*8+'!)*()%!,%+!>(/>;>/.%+!:%&%!,*+!+%:>'/*/'+B!*
C>(!'&P*8-%A!,*!'/.:*:>@(!>,.+)8*/*!/',!>()',':).*,!:*(@(>:%!;*!/'!,*!&*(%!/'!%)8%!
:%(:'=)%! :,*;'! '(! ,*! )8*/>:>@(! '/.:*)>;*! ,>P'8*,0! &)* )-.%2%6()B! 7*8*! ,*! D%8&*:>@(!
,>P'8*,i*:*/a&>:*A! ',! %PR')>;%! /'P'! +'8! E.'! ',! +.R')%! +'*! :*=*?! /'! ','->8! =%8! +<!
&>+&%! +.! =8%=>%! =,*(! /'! ;>/*A! 9! '+)%! +@,%! '+! =%+>P,'! *! =*8)>8! /'! .(*! '/.:*:>@(!
*+'()*/*!'(!=8>(:>=>%+!.(>;'8+*,'+!/'!R.+)>D>:*:>@(!8*:>%(*,A!=8>(:>=>%+!E.'!'+:*=*(!
*! :%(/>:>%(*&>'()%+! +%:>*,'+A! :.,).8*,'+! %! e>+)@8>:%+B! 1+)*! '/.:*:>@(! ,>P'8*,A! '(!
)*()%! E.'! D%8&*:>@(! *.)@(%&*A! /'P'! ;>(:.,*8! ,*! ,>P'8)*/! *,! 'R'8:>:>%! /'! ,*!
8*:>%(*,>/*/A!',!'+:'=)>:>+&%!:8<)>:%!9!',!>(/>;>/.*,>+&%B!*
!
!
V[X!
1(! 8'+.&'(A! ,*! D%8&*:>@(! ,>P'8*,i*:*/a&>:*! :%(+>/'8*! E.'! ,*! '/.:*:>@(! /'P'!
E.'/*8! *,! &*8-'(! /'! =8'R.>:>%+A! /'D'(/>'(/%! E.'! ,%+! *+=>8*()'+! *! >(;'+)>-*/%8'+!
/'+*88%,,'(! .(*! *.)%(%&<*! &%8*,! 8'+=':)%! *! :.*,E.>'8! )>=%! /'! >&=%+>:>@(!
/%:)8>(*8>*!%!/%-&S)>:*B!4*!&%8*,>/*/!(%!;>'('!/'!,*/%!/'!,*!*.)%8>/*/!=*)'8(*A!',!
'+)*/%!%!,%+!/%:'()'+A!+>(%!/',!:.,)>;%!/'!,*!8*?@(A!/',!/'+*88%,,%!/'!,*+!:*=*:>/*/'+!
,@->:%i8*:>%(*,'+A!+@,%!*+<!=%/8'&%+!'+)*P,':'8!+%:>'/*/'+!&S+!R.+)*+B*
3(*! ;'8+>@(! =*8*,',*! /',! >()',':).*,! '(! )*()%! =%8)*/%8! /'! .(*! >/'%,%-<*! G/'! .(!
+>+)'&*! .(>;'8+*,! /'! ;*,%8'+HA! ,%! '(:%()8*&%+! 9*! (%! '(! '+)*! :%(:'=:>@(!
&%/'8(%t>,.+)8*/*A! +>(%! '(! ,*! Ä2%$#:2* 6%,+52%j6)5C#".)* ,+* #2.+&+$.-)&*
5+/%&-$#%2)5#%ÅB!7*8*!a+)*A!+@,%!,*!:,*+'!'F=,%)*/*!=.'/'!'(:*8(*8!;'8/*/'8*&'()'!
'+*!.(>;'8+*,>/*/!/',!/'8':e%!9!/'!,*!8*?@(B!1(!'+)'!+'()>/%A!+&*")M+5*)$),W6#$%*"+*
$%2$#M+* $%6%* 35)C#"A! '+)%! '+A! Ä.(! ='(+*&>'()%! E.'! +'! .('! *! ,*! *::>@(! =%,<)>:*A!
',>&>(*/%!,*+!:%(/>:>%('+!'F>+)'()'+!/'!'F=,%)*:>@(ÅB!1,!>()',':).*,!8';%,.:>%(*8>%A!
D8.)%! /',! ='(+*&>'()%! e>+)@8>:%! />*,a:)>:%A! +'! :%(:>P'! *! +<! &>+&%! :%&%!
>(+)8.&'()%! /',! =8%:'+%! e>+)@8>:%! /'! 8'*,>?*:>@(! /'! .(*! +%:>'/*/! +>(! :,*+'+B! 1,!
.(>;'8+*,>+&%A!'(!'+)'!:*+%A!9*!(%!;>'('!/'!,*!&*(%!/',!'R'8:>:>%!/'!,*!8*:>%(*,>/*/!
/'+:%8=%8*,>?*/*!9!*e>+)@8>:*A!+>(%!/',!.+%!/',!:%(%:>&>'()%!:%&%!D%8&*!/'!,.:e*!
*()>:*=>)*,>+)*A!.(>/%!*!.(*!)*8'*!.(>;'8+*,!/'!,>P'8*:>@(!/'!,*!'F=,%)*:>@(B*
8)*9-2$#:2*,+&*35%9+"#%2)&*,+*&)*#2/+".#')$#:2*$%6%*#2.+&+$.-)&*3bM&#$%*/#2$-&),%*)*&)*
$%635+2"#:2*"%$#%V#".:5#$)*,+*&%"*$%2%$#6#+2.%"**
Q/'&S+! /'! '+)*! :,*+'! /'! >()',':).*,! &%/'8(%A! )*&P>a(! '+)S(! *E.',,%+! 9! *E.',,*+!
:.9%! :%&=8%&>+%! :%(! ',! +*P'8! 9*! (%! +'! P*+*! '(! ,*! )8*(+&>+>@(! /'! .(%+! &%/%+!
.(>;'8+*,'+! /'! :%(%:>&>'()%! v! +'*(! ,%+! /',! 8*:>%(*,>+&%! >,.&>(>+)*! %! ,%+! /',!
&*)'8>*,>+&%! e>+)@8>:%t/>*,a:)>:%! v! ;>(:.,*/%+! *! .(*! a=%:*! -'%e>+)@8>:*! :.9%!
%8>-'(! ,%! '(:%()8*&%+! '(! ,%+! =8>(:>=>%+! /'! ,*! 8';%,.:>@(! `8*(:'+*A! 9! E.'! +'!
'F)'(/>@!e*+)*A!=%8!,%!&'(%+A!',!D>(*,!/'!,*!C'-.(/*!d.'88*!N.(/>*,B!1+!*!=*8)>8!/'!
D>(*,'+! /'! ,*! /a:*/*! /'! ,%+! +'+'()*A! :.*(/%! ;'&%+! '&'8-'8! .(*! :%(:'=:>@(! P>'(!
/>+)>()*!8'+=':)%!/',!+*P'8!G9!+.!)8*(+&>+>@(HB!*
1D':)>;*&'()'A! *=*8':'(! %)8*+! D>-.8*+! /'! :%&=8%&>+%! +%:>*,! 9! /'! ='(+*&>'()%A!
:.9%! %8>-'(! ,%! =%/'&%+! +>).*8! *,! &'(%+! '(! )8'+! D8'()'+0! G>H! ',! 3+2")6#+2.%*
,+"$%&%2#)&A! ;>(:.,*/%! *! ,*! D%8&*:>@(! /',! +>+)'&*i&.(/%! :*=>)*,>+)*!
&%/'8(%t:%,%(>*,!'()8'!,%+!+>-,%+!r]5vrr!9A!&S+!:%(:8')*&'()'A!*!,*+!'F='8>'(:>*+!
/'!('-*:>@(t>(;>+>P>,>?*:>@(t>(+.88'::>@(!v!Ä>()',':).*,!D8%()'8>?%Å!v!/'!.(*!+'8>'!
/'!+*P'8'+!'+=':<D>:%+A!=%8!=*8)'!/'!,*+!>/'%,%-<*+!&%/'8(>?*/%8*+!*+%:>*/*+!:%(!',!
:8>+)>*(>+&%A! ,*! :>;>,>?*:>@(! %::>/'()*,A! ,*! &%/'8(>?*:>@(! %! ',! /'+*88%,,>+&%A! ,*!
-,%P*,>?*:>@(! ('%,>P'8*,Y! G>>H! -2)* $%2$+3$#:2* ,+* &)* )$.#/#,),* 3%&(.#$)A! (%! 9*! :%&%!
*::>@(! >(+)8.&'()*,! :%(D%8&'! *! .(%+! D>('+! =8''+)*P,':>/%+A! +>(%! $%6%* )$.#/#,),*
3+59%56).#/)A!:8'*/%8*!/'!(.';*+!8'*,>/*/'+A!=8%/.:)%8*!/'!+*P'8'+!'+=':<D>:%+!v!
Ä>()',':).*,!'+=':<D>:%Å!v!E.'!=8')'(/'!)8*(+D%8&*8!,*+!:%%8/'(*/*+!/'!,%!=%+>P,'!
G9!,%!='(+*P,'HY!G>>>H!&)*9%56)$#:2*,+*-2)*"-Ma+.#/#,),*"%$#)&*e*.(*!Ä>()',':).*,>/*/!
/'! &*+*+Å! v! ,>-*/*! *! ,*! &*+>D>:*:>@(! /'! ,*+! :%&=')'(:>*+! >()',':).*,'+! '(! ,*!
+%:>'/*/!>(/.+)8>*,!*;*(?*/*!G:%(+':.'(:>*!/'!,*!'+:%,*8>?*:>@(!/'!&*+*+!9!/'!,*!
)8*(+D%8&*:>@(!)a:(>:%v:>'()<D>:*!/'!,*!=8%/.::>@(HA!,*!:.*,!=.'/'!*8)>:.,*8+'!'(!.(!
&%;>&>'()%!/'!)8*(+D%8&*:>@(!/',!=8%:'+%!+%:>*,A!(%!+@,%!/',!S&P>)%!/',!P'('D>:>%!
':%(@&>:%!=8>;*/%B*
2'! '+)'! ,*/%A! =%8! )*()%A! +'! +.P8*9*! ',! =*=',! E.'! =.'/'! R.-*8! ,*! ='/*-%-<*! 9! ,%+!
=8%:'+%+!/'!:*=*:>)*:>@(!=8%D'+>%(*,!'(!)*()%!=%,<)>:*!E.'!e*P>,>)'!(.';*+!D%8&*+!
!
!
V\W!
/'! (*88*8! ,*! D%8&*:>@(! /'! >(;'+)>-*/%8'+A! >()8%/.:>'(/%! '(! ',! *.,*! 9! '(! ',!
:.88<:.,.&! =8%P,'&*+! *+%:>*/%+! *! Ä)%/*! .(*! +'8>'! /'! :%(%:>&>'()%+! ;>(:.,*/%+!
:%(! ',! )8*P*R%! =8%D'+>%(*,! E.'! e*(! +>/%! >(;>+>P>,>?*/%+! %! +.P9.-*/%+! =%8! ,*+!
:%88>'()'+! /%&>(*()'+! /'! ,*! :>'(:>*! /'! ,*! :.*,>D>:*:>@(! =8%D'+>%(*,A! &S+!
=8'%:.=*/*! =%8! ,*! )8*(+&>+>@(! /',! :%(%:>&>'()%! ,'->)>&*/%! %D>:>*,&'()'ÅB! 7'8%!
*/'&S+!/'!+*:*8!*!,*!,.?!%)8%+!:%(%:>&>'()%+!*+%:>*/%+!:%(!,*!=8%D'+>@(A!)*&P>a(!
+'! =8')'(/'! e*P>,>)*8! *! ,%+! '+)./>*()'+! =*8*! '(&*8:*8! ',! *:).*,! :%()'F)%! /'! ,*!
D%8&*:>@(! >(;'+)>-*/%8*! '(! D.(:>@(! /'! ,*! ';%,.:>@(! E.'! e*! +'-.>/%! ',! +>+)'&*i
&.(/%! :*=>)*,>+)*B! 1(! '+)*! )8>=,'! ,<('*! +'! ;*! *! +>).*8A! :%&%! 9*! e'&%+! ;>+)%A! ,*!
9%56)$#:2* 3)5)* &)* #2/+".#')$#:2* $%6%* +".-,#%"* $-&.-5)&+"A! '(! /%(/'! ',! =*=',! /'!
8':8'*:>@(! '! >((%;*:>@(! :.,).8*,! /'! ,*! ='/*-%-<*! /'! ,*! >(;'+)>-*:>@(A! */E.>'8'! .(!
+>-(>D>:*/%!P*+)*()'!&S+!=8%&')'/%8!E.'!'(!',!/>+:.8+%!:*(@(>:%B*
Ç+)*+! +'8<*(! *,-.(*+! /'! ,*+! :.*,>/*/'+! E.'! /'D>(>8<*(! .(*! D%8&*:>@(! =*8*! ,*!
>(;'+)>-*:>@(A!=*8*!',!+>-,%!rr5A!/'+/'!'+)'!(.';%!=*8*/>-&*B!!
4*!=8>&'8*!:.*,>/*/!+'8<*!,*!/'!Ä'()'(/'8!,*!D%8&*:>@(!:%&%!.(*!*;'().8*ÅB!1+)%!
+.=%('! -.>*8(%+! =%8! +%+=':e*+A! >().>:>%('+A! ,':).8*+B! 4*! D%8&*:>@(! /'!
>(;'+)>-*/%8'+! =*8*! ',! &.(/%! =%+&%/'8(%! &S+! E.'! .(*! D%8&*:>@(! f,>P8'+:*h! '+!
.(*!D%8&*:>@(!/')':)>;'+:*!E.'!>(:%8=%8*!*,!/>+'T%!9!/'+*88%,,%!/'!,%+!=8%-8*&*+!
/'!D%8&*:>@(!',!'R'8:>:>%!/'!,*!:*8)%-8*D<*A!'(!)*()%!&*=*!*!)8*?*8!=%8!:*/*!.(%!/'!
,%+! =*8)>:>=*()'+! /'! />:e%+! =8%-8*&*+A! &*=*! E.'! +'! (.)8'A! =8':>+*&'()'A! /'! '+*+!
8.)*+! E.'! )>'('(! +.! %8>-'(! '(! ,*! +%+=':e*A! '(! ,*! ,':).8*! /'! ,%+! />D'8'()'+!
+.P+>+)'&*+! +%:>*,'+B! 1,! D%8&*/%8! /'P'! )8*?*8! (.';%+! :*&>(%+! E.'! ,%! ,,';'(! &S+!
,'R%+!/'!,%+!'+=*:>%+!/'!,*!P>P,>%)':*!G+'*!8'*,!%!;>8).*,HB*
4*!+'-.(/*!:.*,>/*/!)>'('!E.'!;'8!:%(!E.'!(.'+)8*+!:*8)%-8*D<*+!(.(:*!/'P'(!+'8!
.(!'R'8:>:>%!=8%D'+>%(*,!E.'!8')8*)'!.(*!;'8/*/!)%)*,!%!/'D>(>)>;*B!4*!D%8&*:>@(!'(!
,%!E.'!+'!8'D>'8'!*!,*!)8*(+&>+>@(!:.,).8*,!/'P'!+'8!=8'+'()*/*!:%&%!Ä',!8'+.,)*/%!
/'! .(*! >(;'+)>-*:>@(! +>'&=8'! =*8:>*,! 9! =8%;>+%8>*ÅB! 1(! 8'*,>/*/A! ,%! E.'! '+)*&%+!
/>:>'(/%! '+! E.'! ,*! D%8&*:>@(! v! '(! )*()%! E.'! >,.&>(*:>@(! =8%D*(*! %! ')(%-8*D<*!
=%,>D@(>:*t/>*,@->:*t'&'8-'()'A! 9! *! )8*;a+! /'! ,*! )*8'*! /'! >(;'+)>-*:>@(! :%,':)>;*!
=%8!=*8)'!/'!,%+!=*8)>:>=*()'+!'(!,%+!=8%-8*&*+!/'!D%8&*:>@(!v!+'!:%(+)>).9'!:%&%!
.(*! D%8&*! */':.*/*! /'! =8%=%8:>%(*8! (.';%+! 9*:>&>'()%+! /'! :%(%:>&>'()%A!
:%()8>P.9'(/%!*!,*!8'D%8&.,*:>@(!/'!,*!)'%8<*+!:%(+*-8*/*+!+%P8'!,*!>(;'+)>-*:>@(!
+%:>*,!9!'/.:*)>;*B*
4*! )'8:'8*! :.*,>/*/! '+! +.! :%(;'8+>@(! '(! .(*! *:)>;>/*/! e'8&'(a.)>:*! E.'!
)8*(+D%8&'!Ä,%!,'R*(%!'(!=8@F>&%!9!,%!'F)8*T%!'(!D*&>,>*8ÅB!1+)*!D%8&*:>@(!=*8*!,*!
>(;'+)>-*:>@(A! '(! )*()%! E.'! *:)>;>/*/! >()'8=8')*)>;*! =,.8*,A! />*,@->:*A! =%,>D@(>:*A!
'&'8-'()'!'+!,%!E.'!/'D>'(/'!',!+%:>@,%-%!=%8).-.a+!J%*;'().8*!/'!C%.+*!C*()%+!
*,! =8%=%('8! .(! Ä.(>;'8+*,>+&%! ('-*)>;%Å! P*+*/%! '(! ,*! >(:%&=,')./! /'! )%/*+! ,*+!
&%/*,>/*/'+! /'! 'F>+)'(:>*A! ,%! :.*,! (%+! ,,';*! (':'+*8>*&'()'! *,! />S,%-%! '()8'!
+*P'8'+A! =8S:)>:*+! 9! *-'()'+! +%:>*,'+A! :%&%! D%8&*! /'! 8'+%,.:>@(! G+>'&=8'!
=8%;>+>%(*,A!:%()>(-'()'A!'):BH!=%,<)>:*A!-(%+'%,@->:*A!&')%/%,@->:*s0!
!
Ä3(*! 8'D,'F>@(! e'8&'(a.)>:*! +'! (%+! ;.',;'A! *+<A! (':'+*8>*! =*8*!
)8*(+D%8&*8! ,*! :>'(:>*A! /'! .(! %PR')%! 'F)8*T%A! />+)*()'! '!
>(:%(&'(+.8*P,'! :%&%! (.'+)8*! ;>/*A! '(! .(! %PR')%! D*&>,>*8! 9!
=8@F>&%!E.'A!(%!e*P,*(/%!',!,'(-.*R'!/',!+'()>/%!:%&_(A!'+!:*=*?!
/'!:%&.(>:*8(%+!+.+!*8)>:.,*:>%('+!9!+.+!,<&>)'+A!%!+.+!%PR')>;%+!
!
!
V\"!
9! ,%+! E.'! 8'*,>?*! *! =*8)>8! 9! &S+! *,,S! /'! ',,%+A! .(! %PR')%! E.'A! *!
)8*;a+!/',!/>S,%-%A!+'8S!&S+!*/':.*/*&'()'!:%(:'P>/%!:%&%!.(*!
8',*:>@(! 9%i).! G.(*! 8',*:>@(! e'8&'(a.)>:*H! E.'! :%&%! .(*!
8',*:>@(! 9%v:%+*! G.(*! 8',*:>@(! '=>+)'&%,@->:*H! 9! E.'A! '(! '+*!
&'/>/*A! +'! )8*(+D%8&*! '(! .(! '+=*:>%! /'! :%()'&=,*:>@(! 9!
)8*(+D%8&*:>@(!/',!&.(/%B!1()'(/'8!,*!:>'(:>*!/'!'+)*!&*('8*!(%!
+>-(>D>:*! E.'! +'! D.(/*&'()'! '(! :.*,E.>'8*! /'! ,%+! =8>(:>=>%+!
*P+%,.)%+! %! *! =8>%8>! E.'! ,*! D>,%+%D<*! /'! ,*! :>'(:>*! (%+! e*! ,'-*/%!
GsHB!Q,!:%()8*8>%A!+'!)8*)*!/'!:%(:'P>8,*!'(!:.*()%!=8S:)>:*!+%:>*,!
/'! :%(%:>&>'()%A! .(*! )*8'*! E.'! +'! ;*! :.&=,>'(/%! '(! ',! />S,%-%!
:%(!',!&.(/%!9!E.'!*,!D>(*,!+'!D.(/*!'(!,%+!*:%()':>&>'()%+A!'(!,*+!
/%&>(*:>%('+!9!'(!,*+!,.:e*+!E.'!(%+!e*(!e':e%!*:%&%/*8(%+!%!
+'8!8';%,.:>%(*8>%+Å!G"XgX0!"[H!
!
!
!
!
INTELECTUAL
CANÓNICO
INTELECTUAL
PÚBLICO
TRADICIÓN MODERNA
TRADICION NO-MODERNA
!
Intelectual
Ilustrado
Intelectual
Orgánico
Racionalismo
Iluminado
Materialismo
Histórico-dialéctico
Sociedad
Capitalista/
liberal
Lucha
Anti - capitalista
Intelectual
Fronterizo
Pensamiento
Descolonial
Crítica al sistemamundo moderno/
colonial
Intelectual
Específico
Intelectualidad de
masas
Pensamiento
Multitud/
Postestructural Nuevos Movimientossociales
Insurrección de
saberes sometidos y
desnaturalización
Crítica del cognitariado
y articulación social
contrahgemónica
!
!
y#! E8(&2,! .*$$(7&#! +*)*-(&(+! *.! 5,5*.! )*! .,! (&6*'2(0,$(7&!
*)8$,2(6,T!5+(&$(5(%'!)*!5+%$*)(3(*&2%!5,+,!(&($(,+'*!*&!*.!',/*+!
$%35+%3*2()%!
!5#6+5*35#2$#3#%T*$%2.5)*&)*+C35%3#)$#:2*,+&*")M+5*,%$+2.+*P,+*)&'-2)"*$&)/+"*`-+*2%"*
3+56#.+2*#2#$#)5*4*$%2"%&#,)5*5+,+"*,+*#2/+".#')$#:2*$5(.#$)"Z4*%.5)"*`-+*2%R*
7%/8<*&%+! /':>8! E.'! */E.>8>&%+! (.'+)8*! :%(/>:>@(! fe.&*(*h! :.*(/%! +%&%+! ',!
+.R')%!/'!(.'+)8%+!:%&=%8)*&>'()%+A!'+)%!'+A!:.*(/%!(.'+)8*!=8S:)>:*!:%&=8'(/'!
',!:%(%:>&>'()%!9!:.*(/%!(.'+)8%!:%(%:>&>'()%!:%&=8'(/'!,*!=8S:)>:*!G`'8(S(/'?!
/'! $*+)8%! 9! Z%-'8%A! VWW"HB! 7%8! )*()%A! 9! '(! =8>&'8! ,.-*8A! )%/*! :%(+>/'8*:>@(!
/'&%:8S)>:*! E.'! e*-*&%+! +%P8'! ,*! '/.:*:>@(! e*! /'! =*+*8! >('F:.+*P,'&'()'! =%8!
>/'()>D>:*8!/>:e*!*:)>;>/*/!:%(!',!:%(%:>&>'()%!/'!.(%!&>+&%A!/'!+.!'()%8(%!9!/'!
+.+!:%(%:>&>'()%+B!C'!)8*)*!/'A!=%8!.(!,*/%A!*::'/'8!*,!:%(%:>&>'()%!/'!,*!+%:>'/*/!
'(! ,*! E.'! ;>;>&%+A! ='8%A! */'&S+A! +'! )8*)*! /'! *,:*(?*8! ,*! :%(/>:>@(! /'! +.R')%+!
!
!
V\V!
=%8E.'! '(! (.'+)8%! *=8'(/>?*R'! e'&%+! *:).*,>?*/%! (.'+)8*+! :*=*:>/*/'+A!
/'+*88%,,*/%! (.'+)8*+! =%)'(:>*,>/*/'+! /'! +'8! +.R')%+A! (.'+)8*! :*=*:>/*/! 9! eSP>)%!
/'!f:%(%:'8hB!
o! +>(! /./*! E.'! '+)*! *:)>;>/*/! '+! '(%8&'&'()'! :%+)%+*! 9! />D<:>,B! C'8! +.R')%+! /'! ,*!
=8%=>*! ;>/*! +.=%('! .(*! *:)>;>/*/! :%&=,'R*! =%8E.'! ,*! *:)>;>/*/! /'! :%(%:'8!
e>+)@8>:*&'()'! e*! '+)*/%! ,>-*/*! /'&*+>*/%! *! &'(./%! :%(! ,*! 'F=8%=>*:>@(A! *,!
&'(%+! '(! /%+! D%8&*+0! '(! .(*A! ,*! />;>+>@(! )a:(>:*! G+'-_(! :%(%:>&>'()%+!
'+=':>*,>?*/%+H!9!+%:>*,!G+'-_(!'+:*,*!/'!&*(/%H!e*!+.=.'+)%!.(!&':*(>+&%!&.9!
'D>:*?! /'! :%()8%,! /',! )8*P*R%A! /'! +.! %8-*(>?*:>@(! 9! /'! +.+! 8'+.,)*/%+Y! '(! ,*! %)8*A!
=%8E.'! '+*+! &>+&*+! />;>+>%('+! e*(! +.='8;>+*/%! 9! :%(D%8&*/%! ,*+! *:)>;>/*/'+! /'!
:%(%:'8! +'=*8*(/%A! *! )8*;a+! /',! =%/'8! +%:>*,A! ,*+! +':.'(:>*+! 8',*:>%(*/*+! :%(! ',!
:%(%:>&>'()%! 9! ,*+! ='8+%(*+! E.'! ,*+! ,,';*(! *! :*P%A! 8%&=>'(/%! *+<! ,*! .(>/*/! /',!
=8%:'+%!9!,%!E.'!'+!*_(!&.:e%!&S+!-8*;'A!/'+)>).9'(/%!*,!+.R')%!/'!+.!:*=*:>/*/!
/'! ='(+*8A! /':>/>8A! 'R':.)*8A! 8'D,'F>%(*8! 9! ';*,.*8! '(! )*()%! +.R')%! ,>P8'! 9!
8'+=%(+*P,'!/'!+.!=8%=>*!;>/*B!
1(!8'+.&'(A!(%!'+!=%:*!,*!)*8'*!E.'!)'('&%+!=%8!/',*()'!+>!E.'8'&%+!+'8!+.R')%+!
/'! (.'+)8%! =8%=>%! )8*P*R%B! 1,! :*&>(%! /'! ,%! 8'*,&'()'! =_P,>:%! =*+*! =%8!
*.)%/')'8&>(*8(%+! :%&%! +.R')%+! '&*(:>=*/%+! /'! *E.',,%! E.'! (%+! +.R')*! 9! (%+!
>&=>/'!:%(%:'8A!'(!.(!:%()'F)%!/%(/'!e*9!/'&*+>*/%+!>()'8'+'+!E.'!(%+!>&=>/'(!
+'8B! 1()%(:'+A! =*8*! +'8! +.R')%+! (%! (%+! E.'/*! &S+! 8'&'/>%! E.'! (*;'-*8! '()8'!
+'()>/%+!/>D'8'(:>*/%+A!*,-.(%+!/'!,%+!:.*,'+!=8')'(/'(!/*8(%+!e':e*!,*!*:)>;>/*/!
/'! :%(%:'8A! =%8! ,%! E.'! /'P'&%+! =8*:)>:*8! ',! /'+,>?*&>'()%A! P.+:*(/%! '(! %)8%+!
,*/%+! G9! :%(! %)8*+! ='8+%(*+! )*&P>a(! +.R')*/*+H! ','&'()%+! +>-(>D>:*)>;%+! =*8*! ,*!
'(%8&'!)*8'*!E.'!+.=%('!,*!/'!+'8!+.R')%!G'&*(:>=*/%HB!
L'&%+!;>+)%!E.'!(%!=%/'&%+!+'8!+.R')%+!'&*(:>=*/%+!G(%!+.R')*/%+H!+>(!)'('8!,*!
:*=*:>/*/!/'!/':>/>8!*:'8:*!/'!,*!*:)>;>/*/!/'!:%(%:'8!'(!+.+!/>;'8+*+!D*+'+B!7'8%A!
/'+-8*:>*/*&'()'A!*!;':'+!'+)%!(%!'+!+.D>:>'()'!=*8*!*/E.>8>8!(.'+)8*!:%(/>:>@(!/'!
+.R')%+A! /'! *e<! E.'! +'*! (':'+*8>%! %8-*(>?*8+'! :%&%! +.R')%+! :%,':)>;%+! =*8*!
+.=8>&>8! '+*+! +.R':>%('+B! 1+! /'! ,*! :%(D%8&*:>@(! /'! .(! f2%"%.5%"J$%&+$.#/%h! /'! ,%!
E.'!;%9!*!e*P,*8!*!:%()>(.*:>@(B!
3(%! /'! ,%+! =8%P,'&*+! D.(/*&'()*,'+! =*8*! ,*! :%(D%8&*:>@(! /'! .(! (%+%)8%+!
8'*,&'()'! /'&%:8S)>:%! '+! E.'A! '(! /'&*+>*/*+! %:*+>%('+A! ,*! 8',*:>@(! />*,a:)>:*!
'()8'! ,%+! +.R')%+t+.R')*/%+! =*8)>:.,*8'+! GE.'! ,.:e*(! =%8! +.! '&*(:>=*:>@(H! 9! ',!
+>+)'&*!'(!',!E.'!+'!%8-*(>?*(A!+'!8'+.',;'!*!D*;%8!/'!a+)'!_,)>&%!G`'8(S(/'?!2'!
$*+)8%A!"XX[HB!o!*+<A!+.8-'(!+%:>*P>,>/*/'+!*.)%8>)*8>*+!*!)8*;a+!/'!,*!:%(+%,>/*:>@(!
/'! ,%+! &S+! D.'8)'+A! /'! ,%+! &S+! +*P>%+A! =*8*! =8%)'-'8! +.+! =8>;>,'->%+! 9A! '(! _,)>&%!
)a8&>(%A! =*8*! 8'=8%/.:>8! .(! +>+)'&*! E.'! >&=>/'! ,*! :%(+)8.::>@(! /'! +.R')%+! (%!
+.R')*/%+B! 1(! '+*! 8',*:>@(! />*,a:)>:*! ,%+! +.R')%+! =*8)>:.,*8'+! +'! :%(;>'8)'(! '(!
f&'/>%+h!9!(%!'(!f+.R')%+hA!:%(+.&>'(/%!',!+>+)'&*!)%/*+!+.+!'('8-<*+B!
4*!:%(+%,>/*:>@(!/'!'+D'8*+!=_P,>:*+!=*+*!=%8!',!'+)*P,':>&>'()%!/'!.(!f(%+%)8%+h!
:%(D%8&*/%! =%8! *E.',,%+! E.'! )%&*(! :%(:>'(:>*! /'! E.'! ,*! ;>/*! )8*(+:.88'! 9! +'!
:%(+.&'! '()8'! ,*! 'F=8%=>*:>@(! /'! +.! =%/'8! 9! ,*! *)8>P.:>@(! /',! =%/'8! /',! +>+)'&*!
=*8*! E.'! ,%! 'R'8?*(! '(! +.! (%&P8'B! C'! )8*)*! /'! )%&*8! :%(:>'(:>*A! '(! /'D>(>)>;*A! /'!
(.'+)8*! ;>/*! '(! )*()%! +.R')%+! +.R')*/%+! E.'! (%+! %8-*(>?*&%+! :%(! %)8%+! +.R')%+!
=*8)>:.,*8'+! )*&P>a(! +.R')*/%+! =%8! 8*?%('+! /'! '&*(:>=*:>@(! 9! E.'A! '+)%! '+! ,%!
>&=%8)*()'A! >(>:>*(! ,*! *:)>;>/*/! /'! :%(%:'8! /'+/'! .(*! =%+>:>@(! /'! f+.R')%+h!
:%,%:*(/%!*,!+>+)'&*!'(!,*!=%+>:>@(!/'!f&'/>%hB!7%8!)*()%A!+'!)8*)*!/'!8':.='8*8!',!
!
!
V\[!
'R'8:>:>%! /',! =%/'8! =%8! =*8)'! /',! +.R')%! f(%+%)8%+h! E.'! :%&P*)'! ,*! 'F=8%=>*:>@(!
e*:>'(/%!+.9*!.(*!/'!,*+!+>-(>D>:*:>%('+!>&*->(*8>*+!,>-*/*+!*!,%!=_P,>:%0!f=.'P,%!
E.'!=.'P,*!9!E.'!e*!8':.='8*/%!',!e*P,*hB!
C>(! '&P*8-%A! ,*! :%(+%,>/*:>@(! /'! '+'! f(%+%)8%+h! /'! +.R')%+! '&*(:>=*/%+! =*8*!
:%(+)>).>8+'! *_(! )>'('! E.'! %:.=*8+'! /'! %)8%! =8%P,'&*0! {:%(! E.>a('+! e'&%+! /'!
R.()*8(%+! =*8*! ,%-8*8! ',! %PR')>;%! ='8+%(*,! G9! :%,':)>;%H! /'! */E.>8>8! G)%/%+H! ,*!
:%(/>:>@(! /'! +.R')%! /'! (.'+)8*! =8%=>*! ;>/*|! 1,! +'()>/%! :%&_(! 8'+=%(/'8<*!
/>:>'(/%!*E.',,%!/'!f:%(!E.>'(!E.>'8*!'&*(:>=*8+'hB!C>(!'&P*8-%!,*+!:%+*+!(%!+%(!
)*(!DS:>,'+B!o!(%!,%!+%(!=%8E.'A!'(!=8>&'8!,.-*8A!+*P'&%+!/',!=*=',!e'-'&@(>:%!E.'!
R.'-*! ',! %8/'(! +%:>*,! '(! (.'+)8*! ;>/*+A! (%! +@,%! e*:>a(/%(%+! ;<:)>&*+! /',! +>+)'&*!
+>(%A! &.:e%! &S+! :8.',A! (*).8*,>?*(/%! '+'! /%&>(>%! e*:>a(/%(%+! :8''8! E.'! '+! ',!
_(>:%!=%+>P,'B!
7%8!,%!)*()%A!(%!P*+)*!:%(!E.'!E.'8*&%+!+>).*8(%+!*,!,*/%!/'!,*+!;<:)>&*+A!=%8E.'A!
'(!+'-.(/%!,.-*8A!'+)*!%=:>@(!a)>:*!/'P'!>8!*:%&=*T*/*!/'!.(!*(S,>+>+!=%,<)>:%!E.'!
>()'8=8')'! ,*! 8'*,>/*/! +%:>*,! '(! ,*! E.'! ;>;>&%+A! *,-%! /'! '+)%! e'&%+! />:e%!
*()'8>%8&'()'!:.*(/%!e*P,SP*&%+!/'!,*!/>D>:.,)*/!/'!+'8!+.R')%+!*()'!,*!/>;'8+>/*/!
/'! +'()>/%+! :%(! ,%+! E.'! )'('&%+! E.'! e*:'8! D8'()'A! '(! &.:e%+! :*+%+! *()*-@(>:%+!
'()8'! +<B! 7'8%A! */'&S+A! '+)'! =%('8+'! *,! ,*/%! /'! ,*+! ;<:)>&*+! (%! =.'/'! :%(+>+)>8!
_(>:*&'()'!'(!.(*!=%+>:>@(!%P+'8;*:>%(*,!9!=*8)>:>=*)>;*A!=.'+!)*&P>a(!/'+/'!.(*!
=%+>:>@(! D.(:>%(*,! %! 8'=8%/.:)%8*! /',! +>+)'&*! +'! =8')'(/'! '()8*8! '(! ',! e%8>?%()'!
=8S:)>:%!/'!,*+!;<:)>&*+!:%&%!8':.8+%!'D>:*?!=*8*!>()'-8*8,*+!'(!',!%8/'(!+%:>*,!E.'!
,'+! >&=>/'! */E.>8>8! ,*! :%(/>:>@(! /'! +.R')%! '&*(:>=*/%B! Q()'+! *,! :%()8*8>%A! '+)*!
=%+>:>@(!fR.()%!*h!/'P'!+'8;>8!*!,*!G:%+)%+*H!)*8'*!/'!',>&>(*8!)%/*!+.R':>@(!+%P8'!
',,*+B!
1(! /'D>(>)>;*A! (%! )%/*+! ,*+! 'F='8>'(:>*+! E.'! +'! :*,>D>:*(! *+<! &>+&*+! :%&%!
/'&%:8S)>:*+! =%8! ',! e':e%! /'! 'R'8:'8! .(*! :%(+)8.::>@(! :%,':)>;*! /',! +*P'8A!
8'*,&'()'!,%!+%(B!$%(;>'('!8':%8/*8!E.'!,*+!8',*:>%('+!/'!+*P'8!'(!',!:*=>)*,>+&%!
e*(! +>/%! +>'&=8'! 8',*:>%('+! /'! 'F=,%)*:>@(! GN%()*Ta+A! "XX[HB! L*9! .(! =',>-8%!
';>/'()'! '(! &.:e*+! /'! ,*+! =8%=.'+)*+! *:).*,'+! /'! >(;'+)>-*:>@(! =*8)>:>=*)>;*A! 9!
a+)'! (%! '+! %)8%! E.'! ',! /'! +'8! D.(:>%(*,'+! *! ,%+! >()'8'+'+! /',! ('%,>P'8*,>+&%!
&'/>*()'! ',! .+%! /'! +>+)'&*+! />*,@->:%+! 9! 8'D,'F>;%+! *! )8*;a+! /'! ,%+! :.*,'+! +'!
:%(+>-.'!,*!=*8)>:>=*:>@(!/'!,%+!)8*P*R*/%8'+!'(!+.!=8%=>*!/%&>(*:>@(B!C'!=8%/.:'!
.(*! *=8%=>*:>@(! /',! &a)%/%! />*,@->:%A! ('-*(/%! ',! :%&=%('()'! >(';>)*P,'&'()'!
=8SF>:%! E.'! /'P'! )'('8! ',! :%&=*8)>8! 'F='8>'(:>*+! 9! ;>+>%('+! /',! &.(/%! GN*:'/%A!
VWW"HB! 4*! >(;'+)>-*:>@(! +%:>*,! :8<)>:*A! '()%(:'+A! =.'/'! -'('8*8! &S+! =8%P,'&*+! /'!
,%+! E.'! ='(+*P*! 8'+%,;'8A! +>! '+)*P,':'! .(! =8%:'+%! /'! >(;'+)>-*:>@(! '(! ',! E.'! ,*!
>(D%8&*:>@(! %P)'(>/*! +%P8'! ,%+! +.R')%+! '+! .)>,>?*/*! =*8*! 8'-.,*8! +.+! *:)>;>/*/'+A!
=*8*! &'R%8*8A! =%8! 'R'&=,%A! ,*! )*+*! /'! 8'(/>&>'()%! /'! ,*! %8-*(>?*:>@(! G:%&%! *+<!
+.:'/'!'(!,%+!:<8:.,%+!/'!:*,>/*/!=%+D%8/>+)*+HB!$%&%!P>'(!+'T*,*P*!j'+_+!5PST'?0!
f&)*a+5)5`-()*2%"*/+2$+@*&)*$)6)5),+5()*2%"*$%2/+2$+hB!
*
D+'-2,%*35#2$#3#%T*&)*,+6%$5)$#)*+"*-2*+".),%*,+*6),-5+>*,+*-2*$%&+$.#/%*P3%5*-2)*
'+%3%&(.#$)*,+&*$%2%$#6#+2.%*35%9+"#%2)&Z^"%4*,+",+*,%2,+*3#+2"%7R*
4%! =_P,>:%! /'P'! /'+:*(+*8! +%P8'! ',! 8'D'8'()'! f=.'P,%hA! '+)%! '+A! .(! :%(R.()%! /'!
:>./*/*(%+!>-.*,'+!9!,>P8'+A!+%,>/*8>%+A!:%&=8'(+>;%+!9!)%,'8*()'+A!+.R')%!:%,':)>;%!
/'! .(! =%/'8! +%:>*,A! =.'P,%! E.'! +'! %8-*(>?*! '(! /'&%:8*:>*! =*8*! 'R'8:'8,%B! C>(!
'&P*8-%A! e*9! *,-%! E.'! *&'(*?*! '+'! '+)*/%! /'! &*/.8'?A! :%(;>8)>a(/%+'! '(! .(!
!
!
V\\!
=8%P,'&*0!E.'!',!=.'P,%!/';'(-*!'(!&*+*B!o!',!:%(:'=)%!/'!&*+*!;>'('!*+%:>*/%A!*!
+.!;'?A!*!/%+!:.'+)>%('+0!fD*,)*!/'!&*/.8'?h!9!f*,>'(*:>@(hB!!
2'+/'! ',! ='(+*&>'()%! ,>P'8*,A! '+)*! :.'+)>@(! +'! e*! 8'+.',)%! =%8! &'/>%! /'! ,*!
:>8:.,*:>@(! '(! ',! '+=*:>%! =_P,>:%! /'! .(*! +'8>'! /'! +*P'8'+! 9! ;*,%8'+! .(>;'8+*,'+!
;>(:.,*/%+! *! :.'+)>%('+! :%&%0! ',! .+%! /'! ,*! 8*?@(A! ,*! 8'*,>?*:>@(! /'! G:>'8)%+H!
=8>(:>=>%+!.(>;'8+*,'+A!',!8'+=')%!=%8!,%+!/'8':e%+!/',!+'8!e.&*(%A!,*!>-.*,/*/!*()'!
,*! ,'9A! ,*! .(>;'8+*,>/*/! /',! /'8':e%A! '):a)'8*B! 2>:e%+! +*P'8'+! 9! ;*,%8'+! ! +'! e*9*(!
,%:*,>?*/%+! '(! .(%+! :%()'('/%8'+! G,*+! />+:>=,>(*+! :>'()<D>:*+H! E.'! /'P'(! e*:'8+'!
:>8:.,*8!'(!,*!*8'(*!=_P,>:*!*!)8*;a+!/'!:>'8)%+!*-'()'+!=8%D'+>%(*,'+!G>()',':).*,'+!
>,.+)8*/%+HA!.(*!a,>)'!f&*/.8*h!8'+=%(+*P,'!/'!)8*(+&>)>8!',!:%(%:>&>'()%!8*:>%(*,!
(':'+*8>%!=*8*!E.'!',!=.'P,%!/'R'!*)8S+!,*!f&>(%8<*!/'!'/*/h!9!%P)'(-*!,*!:%(/>:>@(!
/'!:>./*/*(%B!
c*&P>a(! e'&%+! *=8'(/>/%! /',! &*)'8>*,>+&%! e>+)@8>:%i/>*,a:)>:%A! E.'! (.'+)8*+!
(*88*:>%('+!9!*::>%('+!+%P8'!',!&.(/%!'+)S(!&'/>*)>?*/*+!=%8!>()'8'+'+!G/'!:,*+'H!
:.9%! 'D':)%! _,)>&%! '+! ',! /'! %:.,)*8! .(*! 8'*,>/*/! :*8*:)'8>?*/*! =%8! ,*! %=8'+>@(!
':%(@&>:*B! 4*! *,>'(*:>@(! (%! '+! &S+! E.'! ,*! :%(D%8&*:>@(! /'! .(*! GD*,+*H! ;>+>@(! /'!
,*+! :%+*+! E.'! ,%+! >(/>;>/.%+! >()'8>%8>?*(A! *! )8*;a+! /'! '+)8.:).8*+! 9t%! *=*8*)%+!
>/'%,@->:%+! GD*&>,>*A! 8',>->@(A! +>+)'&*+! '/.:*)>;%+A! :.,).8*! =%=.,*8A! '):BH! E.'!
>&=%('(! :>'8)%+! +'()>/%+! e'-'&@(>:%+! *+%:>*/%+! *! ,%+! :>8:.>)%+! :*=>)*,>+)*+! /'!
=8%/.::>@(A!/>+)8>P.:>@(A!:%(+.&%!9!8',*:>@(!+%:>*,B!!
7*8*! +*,>8! /'! '+)'! '+)*/%! /'! >(&*/.8'?! %! /'! fD*,+*! :%(:>'(:>*hA! ,*! &*+*! +'! ;'!
(':'+>)*/*! /'! ).)',*! =%8! .(*! ;*(-.*8/>*! G'/.:*/%8! :8<)>:%A! >()',':).*,! %8-S(>:%H!
E.'! =8')'(/'! /'+>/'%,%->?*8! *! *E.a,,*! &'/>*()'! ,*! )8*(+&>+>@(! /'! .(*! +'8>'! /'!
+*P'8'+! :8<)>:%+! 8*:>%(*,'+A! *! )8*;a+! /'! ,%+! :.*,'+! ,*! &*+*! G:%(;'8)>/*! *e%8*! '(!
=8%,')*8>*/%H!+'!.('!*!.(*!)*8'*!.(>;'8+*,!/'!'88*/>:*:>@(!/'!,*!'F=,%)*:>@(B!
1+)%+!/%+!&%/%+!.(>;'8+*,'+!/'!)'8&>(*8!:%(!,*!*,>'(*:>@(!G>()',':).*,!>,.+)8*/%!.!
%8-S(>:%H! e*(! '+)*/%! ;>(:.,*/%+! *! .(*! a=%:*! -'%e>+)@8>:*! :.9%! %8>-'(! ,%!
'(:%()8*&%+! '(! ,%+! =8>(:>=>%+! /'! ,*! 8';%,.:>@(! D8*(:'+*! 9! E.'! +'! 'F)'(/>@! e*+)*A!
=%8!,%!&'(%+A!',!D>(*,!/'!,*!+'-.(/*!-.'88*!&.(/>*,B!7'8%A!*!=*8)>8!/'!,*!/a:*/*!/'!
,%+!+'+'()*A!e'&%+!;>+)%!'&'8-'8!.(*!:%(:'=:>@(!P>'(!/>+)>()*!8'+=':)%!/',!+*P'8!
(':'+*8>%!=*8*!*,:*(?*8!'+'!'+)*/%!/'!&*/.8'?!;>(:.,*/%!*!,*!>/'*!/'!=.'P,%B!!
2'+/'! '()%(:'+A! 9*! (%! +'! )8*)*! /'! 8':%(%:'8! '! >(:%8=%8*8! .(*! +'8>'! /'! ;'8/*/'+!
.(>;'8+*,'+! E.'! /'P'(! +'8! 8';',*/*+! 9! )8*(+&>)>/*+! *! ,%+! /'&S+A! +>(%A! &S+! P>'(A!
*+.&>8! ,*! )*8'*! /'! 8':%(%:'8! ,*+! =%)'(:>*,>/*/'+! 'F>+)'()'+! '(! ,*+! />;'8+*+! 9!
/>;'8-'()'+! &%/*,>/*/'+! /'! 'F>+)'(:>*A! .(*! '+=':>'! /'! .(>;'8+*,>+&%! ('-*)>;%!
GC*()%+A! "XgXH! %! +>).*/%! Gd*,:'8S(A! VWW#H! E.'! (%+! %P,>-*! *! /':%(+)8.>8!
='8&*('()'&'()'!.(!+>+)'&*!/'!;'8/*/'+!e'8'/*/%!/',!='(+*&>'()%!>,.+)8*/%A!*!
+*P'80! G>H! .(*! '+)8.:).8*! /',! :%(%:>&>'()%! P>&%/*,! G`>,%+%D>*i
L.&*(>/*/'+t$>'(:>*H!/%(/'!',!=8>&'8!)a8&>(%!+'!%:.=*P*!/'!,%!P.'(%!9!,%!P',,%A!
&>'()8*+! E.'! ',! +'-.(/%! )'(/8<*! ',! &%(%=%,>%! /'! ,%! ;'8/*/'8%Y! G>>H! E.'! +%(! ,%+!
:>'()<D>:%+! *! E.>'('+! ,'+! :%88'+=%(/'! /':>/>8! 9! ,'->+,*8! +%P8'! ,*! ;'8/*/Y! G>>>H!
/'D'(/'8! ,*! ,>('*,>/*/! '(! ',! /'+*88%,,%! /'! ,%+! =8%:'+%+! ';%,.)>;%+! G+'*(! /'! ,%+!
':%+>+)'&*+! %! /',! :%(%:>&>'()%HA! (%! 8':%(%:>'(/%! ,*! 'F:'=:>%(*,>/*/! /'! ,*+!
+>).*:>%('+! /'! 'E.>,>P8>%! 9! ,*! :8'*)>;>/*/! '(! ,%+! =8%:'+%+! :*@)>:%+! G78>-%->('A!
"XX#HY! G>;H! E.'! e*9*! .(%+! =%+>:>%('+! G.(>;'8+*,'+H! 8'+=':)%! /'! ,*! ;>/*! e.&*(*A!
%:.,)*(/%! )%/*! ,%:*,>?*:>@(! -'%=%,<)>:*! 8'+=':)%! /'! .(! +*P'8! E.'A! *,! >-.*,! E.'! ,*!
':%(%&<*A! +'! %8-*(>?*! '(! :'()8%+! 9! ='8>D'8>*+! GN>-(%,%A! VWW"HY! G;H! E.'! =%/*&%+!
!
!
V\^!
:%(D>(*8! />:e%+! ;*,%8'+! .(>;'8+*,'+! '(! ',! 8'>(%! /'! ,%! P.'(%A! /'! ,%! P',,%! 9! /'! ,%!
;'8/*/'8%Y! G;>H! ',! /'+=8':>%! /'! ,*! 8*:>%(*,>/*/! /',! M)8%A! ,%! E.'! /'P'! ,,';*8! *! .(*!
)*8'*! >(+.8-'()'! =%8! 8'+:*)*8! +*P'8'+! &'(%+=8':>*/%+! .! %,;>/*/%+! G`%.:*.,)A!
VWW[H!E.'!='8&>)*(!.(*!8',*:>@(!e'8&'(a.)>:*!/',!9%i)_A!(%!.(*!8',*:>@(!9%i:%+*B!
!
L+5$+5*35#2$#3#%T*&)"*$-&.-5)"*#2/+".#'),%5)"*$%6%*$)a)*,+*V+55)6#+2.)"Z)M5#+2,%*+&*
$)a:2*,+*")".5+*,+*&)"*+".5).+'#)"*,+*N2/+".#')$#:2*!)5.#$#3).#/)*
c%&*8'&%+! :%&%! =8>(:>=*,! 8'D'8'(:>*! ,*! +.-'8'(:>*! /'! `%.:*.,)! 8'+=':)%! *!
:%(:'P>8! ,*! )'%8<*! :%&%! :*R*! /'! e'88*&>'()*+A! '+)%! '+A! ,*! :%(;'(>'(:>*! /'! .+*8!
(.'+)8%!+*P'8!=8%D'+>%(*,!9!',!=*=',!E.'!R.-*&%+!:%&%!>()',':).*,'+!/'()8%!/'!,*+!
>(+)>).:>%('+!=*8*!*9./*8!*!/'+;',*8!,%+!/>+:.8+%+!E.'!(%+!*)8*;>'+*(A!9!'(!:>'8)*!
&'/>/*A! :%(':)*8! (.'+)8*! *:)>;>/*/! *! ,*+! ,.:e*+! :%)>/>*(*+! E.'! >(/>;>/.%+! 9!
&%;>&>'()%+! +%:>*,'+! 8'*,>?*(! />*8>*&'()'! =*8*! )8*(+D%8&*8! ',! %8/'(! +%:>*,! E.'!
(%+! +%&')'B! C>(! '&P*8-%A! '+)*! )*8'*! /'! :%(:'P>8! ,*! D.(:>@(! +%:>*,! /'! ,*!
>(;'+)>-*:>@(A! *! (.'+)8%! R.>:>%! +@,%! '+! =%+>P,'! +>! *,! &'(%+! :%(+>/'8*&%+! )8'+!
:*8*:)'8<+)>:*+! PS+>:*+! =*8*! /'+*88%,,*8! 9! :%(+%,>/*8! 8'/'+! /'! >(;'+)>-*:>@(!
:8<)>:*+0! >(;'+)>-*:>@(! P*+*/*! '(! ,*+! *.+'(:>*+A! >(;'+)>-*:>@(! *=%9*/*! +%P8'! ,*!
)8*/.::>@(!'!>(;'+)>-*:>@(!=*8*!,*!*8)>:.,*:>@(B!
!
78>&'8!&%;>&>'()%0!,*!>(;'+)>-*:>@(!:%&%!+%:>%,%-<*!/'!,*+!*.+'(:>*+!
4*! >(;'+)>-*:>@(! +%:>*,! :%&%! +%:>%,%-<*! /'! ,*+! *.+'(:>*+! GC*()%+A! VWW^H! =*8)'! /'!
8'*,>?*8!.(*!:8<)>:*!/'!,%!E.'!=%/'&%+!/'(%&>(*8!Ä&:'#$)*,+*35%,-$$#:2*,+*&)*2%J
+C#".+2$#)ÅB! C'! )8*)*! /'! .(*! :8<)>:*! *! '+*+! D%8&*+! /'! *::'+%! *! ,*! 8'*,>/*/! =%8!
('-*:>@(A! '+! /':>8A! Ä+C3+5#+2$#)"* 4* 9%56)"* ,+* 3+2")5* %* ,+* )$.-)5* `-+* "%2*
$%2"#,+5),)"*#55+&+/)2.+"@*2%J$-)&#9#$),)"@*,+"$)5.B2,%&)"*,+*9%56)*#55+/+5"#M&+ÅB!
4%! >-(%8*()'A! ,%! =8>&>)>;%t=8'&%/'8(%t+.P/'+*88%,,*/%A! ,%! >(D'8>%8A! ,%! ,%:*,A! ,%!
>&=8%/.:)>;%A! *=*8':'(! :%&%! ,*+! D%8&*+! +%:>*,'+! '(! ,*+! E.'! '+)*! ,@->:*! /'! ,*! (%i
'F>+)'(:>*! +'! &*)'8>*,>?*B! {x.a! 'D':)%! =8%/.:'|! 4*! +.+)8*::>@(! /',! &.(/%! 9! ,*!
:%()8*::>@(! /',! =8'+'()'B! 1+)*! ,@->:*! /'! =8%/.::>@(! /'! ,*! (%i'F>+)'(:>*! &.'+)8*!
:%&%! ,*! D*,)*! /'! 'F='8>'(:>*! +%:>*,! +'! )8*/.:'A! '(! 8'*,>/*/A! '(! /'+='8/>:>%! /'! ,*!
'F='8>'(:>*! +%:>*,! GC*()%+A! >PB! "^"! v! "X^HB! Z')%&%! *E.<! .(*! >/'*! /'! 9-&.()!
J*.&*(! GVWW^0! "#H! E.>'(! +%+)>'('! E.'! Ä,*! =8%/.::>@(! /'! 8'+>/.%+A! /'! +'8'+! 9!
'F='8>'(:>*+!e.&*(*+!8'+>/.*,'+!G+.='8D,.*+!%!'(!'F:'/'(:>*H!'+!.(*!:%(+':.'(:>*!
>(';>)*P,'!/'!,*!&%/'8(>?*:>@(ÅB!1,!/'+='8/>:>%!/'!'F='8>'(:>*!+%:>*,!(%!'+!&S+!E.'!
',! D.('+)%! +9+$.%* "+$-2,)5#%! /'! ,*! :%(+)8.::>@(! /'! .(! %8/'(! =%,<)>:%! P*+*/%! '(! ,*!
+'=*8*:>@(!'()8'!',!*/'()8%!9!',!*D.'8*A!,%!*=)%!9!,%!(%!*=)%A!*+<!:%&%!/',!=8%-8'+%!
':%(@&>:%! ,>P'8*,! :*=>)*,>+)*A! ',! :.*,! '+! >(:*=*?! /'! /'+*88%,,*8+'! +>(! /'-8*/*8! 9!
/';*,.*8!,%+!&%/%+!/'!-*(*8+'!,*!;>/*!*()*T%!'D':)>;%+B!
4*! ='/*-%-<*! /'! ,*+! *.+'(:>*+! >()'()*! 8';',*8! ,*! />;'8+>/*/! 9! &.,)>=,>:>/*/! (%!
/'+)8.:)>;*! /'! ,*+! =8S:)>:*+! +%:>*,'+! 9! /'! ,%+! *-'()'+! +%:>*,'+A! e*:>a(/%,*+!
;>+>P,'+t:8'<P,'+A! =%8! :%()8*=%+>:>@(! *! ,%+! 8'-<&'('+! /'! ;'8*:>/*/i,'->)>&>/*/!
'F:,.+>;>+)*+!/'!,*+!=8S:)>:*+!e'-'&@(>:*+!+.+)'()*/*+!'(!,*!,@->:*!/',!U&+3V!9!'(!',!
Ä3)2%3.#"6%*,+&*"-a+.%ÅB!!
8)* 9#'-5)* ,+&* #'2%5)2.+! /'P'8<*! e*:'8(%+! ';%:*8! )%/*+! '+*+! =8S:)>:*+! P*+*/*+! '(!
:'8)'?*+!*P+%,.)*+A!*+<!:%&%!)%/*+!'+*+!*:)>)./'+!)'@8>:*+!E.'!,'->)>&*(!.(!:>'8)%!
!
!
V\#!
:*=>)*,!:.,).8*,B!7'8%A!)*&P>a(A!,*!8*?@(!G%!;>+>@(H!)%)*,>?*/%8*!+'!e*:'!=8'+'()'!'(!
*E.',,*+!%)8*+!=8S:)>:*+!=+'./%+i=*8)>:>=*)>;*+!'(!,*+!E.'!.(*!*='8).8*!=8>&'8*!G*,!
/>S,%-%A! *! ,*! =*8)>:>=*:>@(A! *! ,*! ('-%:>*:>@(A! '):BH! '+! :%8)*/*! /'! 8*<?A! :'88*(/%! ',!
'(:.'()8%! '()8'! ,%+! />+)>()%+! +*P'8'+A! *! =*8)>8! /'! .(! +*P'8! E.'! +'! =8')'(/'!
+.='8>%8!'(!P*+'!*!.(*!=%+>:>@(!/'!=%/'8!(%!-*(*/%!+>(%!*/E.>8>/%!=8';>*&'()'B!
8)* 9#'-5)* ,+&* 35+J6%,+52%* 4* ,+&j%* "-M,+")55%&&),%! ,*! '(:%()8*&%+! '(! )%/*+! '+*+!
=8S:)>:*+A!/'!:%8)'!&S+!P>'(!D.(:>%(*,>+)*A!=*8*!E.>'(!',!'(:.'()8%!:%(!'+*+!%)8*+!
D%8&*+! +%:>*,'+! (%! /'P'! +'8;>8! &S+! E.'! =*8*! */E.>8>8! .(*! +'8>'! /'! 8%,'+!
G=8'/')'8&>(*/%+H! /'()8%! /',! +>+)'&*! +%:>*,B! `8'()'! *! '+)*+! =8S:)>:*+! +%:>*,'+!
P*+*/*+! '(! ,*! 'F>+)'(:>*! /'! .(! )>'&=%! ,>('*,! E.'! ,'->)>&*! .(*+! =8S:)>:*+! G,*+!
/'+*88%,,*/*+A! &%/'8(*+H! +%P8'! %)8*+! G,*+! =8'i&%/'8(*+! %! +.P/'+*88%,,*/*+A!
>(D*()>,'+A! *(*:8@(>:*+A! />(%+*_8>:*+HA! =>'(+%! E.'! /'P'&%+! 8'+)>).>8! %)8*+!
)'&=%8*,>/*/'+A! :%()'&=%8S('*+! /'! ,*+! G+.=.'+)*&'()'H! *;*(?*/*+B! 2>:e*+!
=8S:)>:*+! 9*! (%! )'(/8<*(! ',! '+)*).+! /'! 8'+>/.*,'+! G/'! 8'&*('()'+! E.'! ;*&%+!
/'R*(/%!*)8S+H!+>(%!E.'!)'(/8<*(!+.!=8%=>*!)'&=%8*,>/*/A!9A!=%8!)*()%A!/'P>a8*&%+!
*=8'(/'8! /'! ',,*+! '(! )*()%! E.'! (%+! %D8':'(! %)8*+! =%+>P>,>/*/'+B! 7%8! 'R'&=,%A! {(%!
+'8<*(! :%()'&=%8S('%+! ,%+! &%;>&>'()%+! /'! %=%+>:>@(! *! ,*! 1+)8*)'->*! 1.8%='*! /'!
1&=,'%! P*+*/*! '(! ,*! */E.>+>:>@(! /'! :%&=')'(:>*+! =8%D'+>%(*,'+! 9! ,*+! (.';*+!
'+)8*)'->*+! /'! )8*P*R%! =%+)D%8/>+)*|! {M! ='(+*&%+! E.'! ,%+! =8>&'8%+! +%(!
*(*:8@(>:%+A!+'!%=%('(!*,!=8%-8'+%!9A!=%8!)*()%A!(%!+%(!&%/'8(%+|!
8)*9#'-5)*,+&*#29+5#%5A!8'&>)'!*!.(*!=8S:)>:*!&%(%:.,).8*,!'(!/%(/'!+'!(*).8*,>?*(!
,*+! />D'8'(:>*+B! 1+)*+! =8S:)>:*+! +%(A! *:).*,&'()'A! >&=,'&'()*/*+! =%8! ',!
&.,)>:.,).8*,>+&%! ,>P'8*,! 9! +.! :<(>:*! Ä)%,'8*(:>*! e*:>*! ',! M)8%ÅA! *! )8*;a+! /'! .(*!
=%,<)>:*!P*+*/*!'(!',!8':%(%:>&>'()%!/'!.(*!+'8>'!/'!>/'()>/*/'+!=8''F>+)'()'+!'(!
',! >(/>;>/.%A! E.'/*(/%! *,! &*8-'(! )%/*! :%(+>/'8*:>@(! :%,':)>;*! '(! )%8(%! *! ,*!
8''+)8.:).8*:>@(! =8%D.(/*! /'! ,*+! 8',*:>%('+! /'! =8%/.::>@(A! >(;>+>P>,>?*(/%! ,*+!
/'+>-.*,/*/'+! &*)'8>*,'+! 'F*:'8P*/*+! '(! :.*()%! *! ,*! 8'()*! 9! ,*! =8%=>'/*/A! ',!
*::'+%! *,! )8*P*R%! *+*,*8>*/%A! ,*! *+>+)'(:>*! +*(>)*8>*A! ',! :%(+.&%! /'! :*,%8<*+! %! ,*!
'F=%+>:>@(! *! ,*! )%F>:>/*/! &'/>%*&P>'()*,B! 7%8! )*()%A! /'P>a8*&%+! :%(+)8.>8! .(!
'+=*:>%! '(! ',! E.'! (.'+)8*+! />D'8'(:>*+! +'*(! 8':%(%:>/*+! 8':<=8%:*&'()'A! *! D>(! /'!
=%/'8! *8)>:.,*8+'! '(! .(! =8%9':)%! :%,':)>;%! :%&_(! 9! (%! />+:8>&>(*)%8>%! G/'! .(*+!
/>D'8'(:>*+!8'+=':)%!/'!,*+!%)8*+HB!1+)'!'+=*:>%!&.,)>:.,).8*,!/'!%=%+>:>@(A!:%(R.-*!
)*()%! ,*+! (':'+>/*/'+! /'! 8':%(%:>&>'()%! /'! (.'+)8*+! +>(-.,*8>/*/'+A! :%&%! ,*+!
(':'+>/*/'+!/'!8'/>+)8>P.:>@(!/'!,*!8>E.'?*!G+>(!,*!:.*,A!(%!'+!=%+>P,'!/'+*88%,,*8!
(.'+)8*!=%)'(:>*,>/*/!'(!)*()%!+'8'+!e.&*(%+!/>D'8'(:>*/%+HB!
C*P'&%+A!)*&P>a(A!E.'!,*!'+:*,*!/%&>(*()'!'+!,*!'+:*,*!-,%P*,t.(>;'8+*,A!P>'(!+'*!
:.*(/%!e*P,*&%+!/'!=8%:'+%+!)8*(+(*:>%(*,'+A!P>'(!+'*!:.*(/%!(%+!8'D'8>&%+!*!,*!
'F=%8)*:>@(! =,*(')*8>*! /'! (.'+)8*+! f='8D':)*+! /'&%:8*:>*+! %::>/'()*,'+hA! %! P>'(!
+'*! :%&%! '(! ',! *:).*,! =*(%8*&*! '/.:*)>;%A! :.*(/%! 8'/.:>&%+! ,*! :%&=,'R>/*/! /'!
,%+! =8%:'+%+! /'! '(+'T*(?*! 9! *=8'(/>?*R'! *! :>'8)*+! &')%/%,%-<*+! ìf@()>:*&'()'hî!
&S+! */':.*/*+! =*8*! /*8! :.'()*! /'! ,*! :%&=,'R>/*/! /',! &.(/%! =8%D'+>%(*,!
=%+),>P'8*,B! O5+2.+* )* +".)* 9#'-5)* ,+* &%* '&%M)&* $%6%* +"$)&)* ,%6#2)2.+@* ,+M+6%"*
5+$-3+5)5* +2* &%* &%$)&* +C3+5#+2$#)"* ,+* 5+2%/)$#:2* 3%&(.#$)* 4* +,-$).#/)B! 1:%(%&<*+!
*.)%-'+)>%(*/*+! *,'R*/*+! /'! ,%+! >&='8*)>;%+! /'! ,%+! -8*(/'+! :%(-,%&'8*/%+!
D>(*(:>'8%+A! 'F='8>'(:>*+! /'! =*8)>:>=*:>@(! =%=.,*8! %! /'! /'&%:8*:>*! =*8)>:>=*)>;*!
E.'!8%&=*(!:%(!,*!/'&%:8*:>*!/'!8'=8'+'()*()'+!'+:*+*&'()'!8'=8'+'()*)>;%+!G*!
(%! +'8! E.'! *! E.>'('+! +'! 8'=8'+'()'! +'*(! /')'8&>(*/%+! -8.=%+! /'! =%/'8!
':%(@&>:%HY!'F='8>'(:>*+!/'!8'(%;*:>@(!='/*-@->:*!E.'!*=.()*(!*,!'+)*,,>/%!/'!,*!
!
!
V\b!
&%(%:.,).8*! :.88>:.,*8A! *! )8*;a+! /'! >&=.,+*8! ,*! =,.8*,>/*/! '(! ,*+! D%8&*+! /'!
*P%8/*8!,%+!=8%:'+%+!D%8&*)>;%+B!
oA!D>(*,&'()'A!95+2.+*)*&)*6%2%$-&.-5)*,+*&%"*$5#.+5#%"*,+*35%,-$.#/#,),*$)3#.)&#".)"A!
/'+=,'-*8!.(*!+$%&%'()*,+*&)*35%,-$.#/#,),!E.'!=%(-*!'(!:.'+)>@(!',!=*8*/>-&*!/',!
/'+*88%,,%! 9! /',! :8':>&>'()%! ':%(@&>:%! >(D>(>)%! 9! ,*! ,@->:*! /'! ,*! =8>&*:<*! /'! ,%+!
%PR')>;%+! /'! *:.&.,*:>@(! +%P8'! ,%+! %PR')>;%+! /'! />+)8>P.:>@(! E.'! +.+)'()*(! ',!
:*=>)*,>+&%! -,%P*,B! C'! )8*)*A! .(*! ;'?! &S+A! 9! '(! )a8&>(%+! /'! 7*.,%! `8'>8'A! /'!
8'+=%(/'8! *! ,*+! +>-.>'()'+! =8'-.()*+0! {q-W* 35%,-$#5|! {U* 9)/%5* ,+* `-W* %* ,+* `-#W2*
35%,-$#5|!{<2*$%2.5)*,+*`-W*%*,+*`-#W2*35%,-$#5|!{?%2*`-W*%*$%2*`-#W2+"*35%,-$#5|!
!
C'-.(/%!&%;>&>'()%0!,*!>(;'+)>-*:>@(!+%:>*,!:%&%!='/*-%-<*!/'!,*!)8*/.::>@(!
C'! )8*)*8<*! /'! >&=,'&'()*8! .(! 35%$+,#6#+2.%* `-+* 3+56#.)* $5+)5* "+2.#,%"*
$%63)5.#,%"* )* 3)5.#5* ,+* &)"* +C3+5#+2$#)"* ,#"3%2#M&+"* .)2.%* $%6%* ,+* &)"* 3%"#M&+"B! 1,!
=.()%!/',!E.'!=%/'&%+!=*8)>8A!=*8*!:8'*8!+'()>/%+!:%&=*8)>/%+!'!>()',>->P>,>/*/'+!
8':<=8%:*+A! '+! ,*! (':'+>/*/! /'! '()'(/'8! E.'! )%/*+! (.'+)8*+! &%/*,>/*/'+! /'!
'F>+)'(:>*! +%(! >(:%&=,')*+Y! =%8! ,%! E.'A! (':'+*8>*&'()'A! )'('&%+! E.'! '(8>E.':'8!
/>:e*!>(:%&=,')./!*!)8*;a+!/',!/>S,%-%!9!,*!:%(D8%()*:>@(!:%(!'+*+!%)8*+!:.,).8*+!%!
D%8&*+!/'!'+)*8!'(!,*!e>+)%8>*i&.(/%B!*
4*!>(;'+)>-*:>@(!+%:>*,!/'P'!+'8!='(+*/*A!'()%(:'+A!*!=*8)>8!/'!'+)*!/>&'(+>@(!/'!
>(:%&=,')./Y! ,%+! =8%:'+%+! /'! :8'*:>@(! /'! +'()>/%+! :%&=*8)>/%+! e*(! /'! =*8)>8! /'!
'+)'!.(>;'8+*,>+&%!('-*)>;%!E.'!(%+!/>:'!E.'!Ä'+!>&=%+>P,'!:%&=,')*8(%+!'(!.(*!
)%)*,>/*/ÅB! o! '+A! =8':>+*&'()'A! '(! '+)'! 8':%(%:>&>'()%! /'! >(:%&=,')./A! :.*(/%!
=%/'&%+!)'(/'8!*!,*!e')'8%-'('>/*/A!*,!8':%(%:>&>'()%!/'!'+'t'+%+!f&S+!*,,Sh!E.'!
+'!+>)_*t(!D.'8*!/'!(.'+)8%!+'8A!/'!(.'+)8%!e%8>?%()'!>/'%,@->:%A!='8%!+>(!',!:.*,!%!
,%+!:.*,'+A!/'+='8/>:>*8<*&%+!'F='8>'(:>*+!+%:>*,'+!E.'!=%)'(:>*,&'()'!G9!+.P8*9%!
,%!/'!=%)'(:>*,&'()'H!=.'/'(!:%()8>P.>8!*!,*!)8*(+D%8&*:>@(!+%:>*,B*
7%8! )*()%A! (':'+>)*&%+! /'! Ä.(*! ='/*-%-<*! /'! ,*! )8*/.::>@(ÅA! /'! .(%+! =8%:'+%+!
:%&.(>:*:>%(*,'+A!%8-*(>?*)>;%+A!&')%/%,@->:%+A!%P,>-*/%+!*,!'(:.'()8%!:%(!,%!Ä(%!
>/a()>:%ÅA! :%(! ',! 'E.<;%:%A! ',! &*,'()'(/>/%! 9! )%/%! ,%! E.'! +'! /'8>;*! /'! a,B! C>(! '+'!
Ä/>S,%-%! :%(! ,*! *,)'8>/*/Å! &'! =*8':'! E.'! '+)*8<*&%+! :%(/'(*/%+! *! ;>;>8!
='8&*('()'&'()'!'(!,*!)>8*(<*!/',!:8>+)*,!/',!U&+3VA!/'!:.9%+!'D':)%+!='8;'8+%+!9*!
e'&%+!e*P,*(/%!*()'+B!1,!+'()>/%!:%&=*8)>/%A!D8.)%!/'!,*!)8*/.::>@(A!(%!+'!%8>->(*!
&S+! E.'! '(! '+'! '+=*:>%! :%&=*8)>/%A! '(! '+'! >()'8:*&P>%! /'! :8>+)*,'+iU&+3VA! '(! ,*!
/'D%8&*:>@(!/'!,%+!&>+&%+!'A!>(:,.+%A!'(!,*!8.=).8*!:%(!*,-.(%!/'!',,%+B!*
7%/'&%+!:%(+>/'8*8!*!,*!='/*-%-<*!/'!,*!)8*/.::>@(!:%&%!.(!Ä'D':)%!/>/S:)>:%!/'!
,*+! )'%8<*+! +%:>%e>+)@8>:*+! /'! ,*! :%&.(>:*:>@(Å! G]>-%+)k9A! 4.8>*A! N*8)<(! J*8@A!
d%(?S,'?!Z'9HB!7*8*!a+)*+A!,*!+.PR')>;>/*/!G%!'(!(.'+)8%!:*+%A!,*!:%(:>'()>?*:>@(H!+'!
=8%/.:'! '(! '+=*:>%+! +%:>*,'+! :%(+)>).>/%+! e>+)@8>:*&'()'! G:%&%! +%(! ,%+! :<8:.,%+!
:%(+:>'()>?*/%8'+HY! =%8! )*()%A! '(! ,*! -a('+>+! /'! )%/*! +.PR')>;>/*/! >(/>;>/.*,! G',!
>(/>;>/.%! 8'+.,)*()'! /'! .(! =8%:'+%! *,D*P')>?*/%8t'&*(:>=*/%8H! '(:%()8*&%+! ,%+!
'+=*:>%+! :%(+)>).>/%+! /'! .(*! /')'8&>(*/*! +.PR')>;>/*/! +%:>*,! G,*! /'! ,%+! :<8:.,%+!
:%(+:>'()>?*/%8'+H!E.'!*()':'/'(!*!,*!%8-*(>?*:>@(!/',!+.R')%!>(/>;>/.*,!:%(:8')%!
Gd%(?S,'?!Z'9A!VWWV0!"bgHB!!
Q,!>(>:>*8+'!.(!=8%:'+%!/'!*,D*P')>?*:>@(!:%(+:>'()>?*/%8*A!,%+!+.R')%+!=*8)>:>=*(!/'!
.(*! '+)8.:).8*! E.'A! '(! +.! +'(%A! *:%-'! )%/*! .(*! +'8>'! /'! Ä=8S:)>:*+! +%:>*,'+! '(!
:.8+%Å! G28>'8A! "XXX0! VgH0! =8S:)>:*+! =8%=>*+! /'! ,*! >()'8*::>@(! '/.:*/%8i'/.:*(/%A!
!
!
V\g!
=8S:)>:*+! =8%:'/'()'+! /'! Ä%)8*+! ?%(*+! /'! +.PR')>;>/*/! +%:>*,Å! G','&'()%+! /'!
-a('8%A! ','&'()%+! /'8>;*/%+! /'! .(*! /')'8&>(*/*! =%+>:>@(! +%:>%':%(@&>:*A!
','&'()%+!8',*:>%(*/%+!:%(!,*+!:%+).&P8'+!+%:>*,'+!%!D*&>,>*8'+A!'):BHB!!
4*!='/*-%-<*!/'!,*!)8*/.::>@(A!'()%(:'+A!(%!=8')'(/'!,*!:%(+)>).:>@(!/'!.(!+.R')%!
>(/>;>/.*,! '&*(:>=*/%A! +>(%! /'! .(*! Ä+.PR')>;>/*/! +%:>*,! ,>P'8)*8>*AÅ! '+)%! '+A!
>(/>;>/.%+! E.'! +'! :%,%:*(! *:)>;*&'()'! G'+)%! '+A! e*:>'(/%! =8'+'()'+! ','&'()%+!
%8>->(*/%+!'(!%)8*+!?%(*+!/'!+.PR')>;>/*/!+%:>*,A!'(!%)8%+!'+=*:>%+!+%:>*,'+H!D8'()'!
*! ,*! 'F='8>'(:>*! :%(+:>'()>?*/%8*t*,D*P')>?*/%8*! G,*! :.*,! )*&P>a(A! (%! ,%! /'P'&%+!
%,;>/*8A!'+!.(*!?%(*!/'!+.PR')>;>/*/!+%:>*,A!:%(!+.!=8%=>*!e>+)%8>*A!:%(!+.+!=8%=>*+!
,'9'+!'!>()'8'+'+!'(!R.'-%HB!7%8!)*()%A!=*8*!,*!>(;'+)>-*:>@(!>(+=>8*/*!'(!,*+!)'%8<*+!
+%:>%e>+)@8>:*+A! )*(! >&=%8)*()'! '+! ,*! +.PR')>;>/*/! +%:>*,! /'! ,%+! >(/>;>/.%+!
'&*(:>=*/%+A! :%&%! ,*! +.PR')>;>/*/! +%:>*,! /',! :<8:.,%! :%(+:>'()>?*/%8A! *&P%+! '(!
)*()%!*-'()'+!+%:>%e>+)@8>:%+!E.'!+'!:%i/')'8&>(*(!&.).*&'()'B!
1,! :%(%:>&>'()%! ;'8/*/'8%! (%! +.8-'A! '()%(:'+A! _(>:*&'()'! /',! />+)*(:>*&>'()%!
:8<)>:%!8'+=':)%!*!(.'+)8*!+.PR')>;>/*/!*!=*8)>8!/'!.(*!&>8*/*!U&+3V!(.';*A!>(a/>)*A!
:%(! ,*! E.'! ;'&%+! ,*+! :%+*+! :%(! .(*! Ä:%(:>'(:>*! 8';%,.:>%(*8>*ÅB! 4*! ;'8/*/! '+!
'D':)%! /'! ,%+! &.).%+! /'+=,*?*&>'()%+! *! )8*;a+! /'! ,*+! =*,*P8*+! E.'! (%+! /*&%+A!
/'+/'! (.'+)8%! f6%5)5* +2* -2* +"3)$#%* U&+3VhA! 9! '+)'! >()'8:*&P>%! =.'/'! +'8!
:%(D,>:)>;%A!)'88>P,'A!>(:,.+%!>&=%+>P,'B!!
d8*(!=*8)'!/'!,*!>(;'+)>-*:>@(!'/.:*)>;*!:8<)>:*A!'+=':>*,&'()'!,*+!>(+=>8*/*+!'(!,*!
>/'%,%-<*!/'!,*!D*,+*!:%(:>'(:>*A!:%(:>P'(!,*!)*8'*!/'!>(;'+)>-*:>@(t:%(:>'()>?*:>@(!
:%&%! *E.',,*! E.'! =8')'(/'! >()'88%-*8! (.'+)8*+! ';>/'(:>*+A! (.'+)8%+! +>+)'&*+! /'!
:%&=8'(+>@(! /'! ,*! 8'*,>/*/A! /'! D%8&*! E.'! '+)*P,'?:*&%+! =8%:'+%+! /'! 8'D,'F>@(!
/'+(*).8*,>?*/%8'+! %! /'+&>)>D>:*/%8'+! /'! ,*! ;>/*! +%:>*,B! 4*! :.'+)>@(! '+! E.'! />:e%!
=8%:'+%! :%(+:>'()>?*/%8! _(>:*&'()'! '+! =%+>P,'! v! /'+/'! '+)%+! =,*()'*&>'()%+!
:8<)>:%+!v!*!=*8)>8!/'!,*!>(:%8=%8*:>@(!/'!)'%8'&*+!%!/>+:.8+%+!:8<)>:%+!:.9*!'()>/*/!
=%,<)>:*! 9! %()%,@->:*! '+! +.='8>%8B! Q! &>! R.>:>%A! ',! '(D%E.'! />*,@->:%! /'! ,*+!
:%&.(>/*/'+! /'! *.)%*=8'(/>?*R'! G>(+=>8*/*+! '(! L*P'8&*+H! %! ,*! :%(:'=:>@(!
&')%/%,@->:%i/>*,a:)>:*! /'! ,*! '/.:*:>@(! =%=.,*8! G>(+=>8*/*+! '(! ,*! />*,a:)>:*!
D8'>8'*(*H!+%(!:,*8%+!8'=8'+'()*()'+!/'!'+)*!&>8*/*!:8<)>:*B!!
4*!='/*-%-<*!/'!,*!)8*/.::>@(A!'()%(:'+A!/';>'('!'(!V+.+5%.%3()@!.(!8':%(%:'8!E.'!
,%+!=8%:'+%+!/'!)'&*)>?*:>@(A!/'!:%/>D>:*:>@(i/'+:%/>D>:*:>@(!"#+635+*"+*)5.#$-&)2!
"%M5+*Ä-2*+"3)$#%*,+*2%J")M+5Å!E.'!e'&%+!/'!*/&>)>8A!.(*!>(:%&=,')./!E.'!(%!'+!
=%+>P,'! '88*/>:*8! G*D%8).(*/*&'()'! *T*/>8<*HA! ,%! :.*,! +>'&=8'! '+! .(*! &%)>;*:>@(!
=*8*! :%()>(.*8! '+'! =8%:'+%! /'! >()',>->P>,>/*/! :%&=*8)>/*B! 1+)*! :%(:'=:>@(! /'! ,*!
)8*/.::>@(! :%&%! Äe')'8%)%=<*Å! %! Ä+.PR')>;>/*/! +%:>*,Å! G'(! )a8&>(%+! /',! '(D%E.'!
+%:>%e>+)@8>:%H! '+! :8<)>:*! :%(! /%+! :%(:'=)%+! E.'A! )*&P>a(A! =>'(+*(! %)8*+!
=%+>P>,>/*/'+!+%:>*,'+0!',!:%(:'=)%!/'!Ä.)%=<*Å!9!',!:%(:'=)%!/'!Ä/>+)%=<*ÅB!!
8)* 2%$#:2* ,+* -.%3()* +'! 8',*:>%(*! :%(! ,*! =8%&'+*! /'! ,*! )>'88*! =8%&')>/*B! 2>:e%!
:%(:'=)%! +'! '(:.'()8*! =8'+'()'! '(! ,*+! =8%=.'+)*+! =8SF>:*+! /'! ,*! '/.:*:>@(!
&*8F>+)*B!1(!',,*+A!',!'/.:*/%8!=%=.,*8!G',!>()',':).*,!%8-S(>:%H!*+=>8*!*!/%)*8!*!,*+!
&*+*+! /'! .(! +*P'8! E.'! ,'+! e*8S! ,>P8'+A! .(*! ;>+>@(! (.';*! /'! ,*! 8'*,>/*/! E.'! ,'+!
=%(/8S!'(!:*&>(%A!{e*:>*!/@(/'|!e*:>*!Ä,*!)>'88*!=8%&')>/*Å!E.'!(%!'+!%)8*!:%+*!
E.'!,*!>&=,*()*:>@(!/'!.(*!+%:>'/*/!+>(!:,*+'+A!.(*!;'8/*/'8*!+%:>'/*/!:%&.(>+)*B!
1(!'+)'!:*+%A!',!'/.:*/%8!=%=.,*8!8'=8'+'()*!,*!D>-.8*!/',!f6%#"W"*3+,)':'#$%h!E.'!
(%!+@,%!8'P',*!,*+!>(R.+)>:>*+A!+>(%!E.'!=8')'(/'!E.'!',!=.'P,%!'&=8'(/*!',!aF%/%A!
+'! *,'R'! /'! ,*! +%:>'/*/! D*8*@(>:*! :*=>)*,>+)*! e*:>*! .(*! f(.';*! )>'88*hA! .(! (.';%!
!
!
V\X!
%8/'(!+%:>*,B!!
1(! ,%! E.'! 8'+=':)*! *! &)* 2%$#:2* ,+* ,#".%3()! =%/'&%+! *D>8&*8A! :%(! *P+%,.)*!
8%).(/>/*/A! E.'! '+)*! +'8<*! ,*! Ä;>+>@(! =8%Da)>:*! /',! :*=>)*,>+&%ÅB! C'! )8*)*8<*! /'!
='(+*8!',!D.).8%!:%&%!.(*!(%i=%+>P>,>/*/B!1,!=8%-8'+%!+%:>*,A!,*!+.='8*:>@(!/'!,*+!
>(R.+)>:>*+!+%:>*,'+A!,*!/'+>-.*,/*/A!'):BA!+%(!;>+)*+!&S+!:%&%!*&'(*?*+!E.'!:%&%!
=%+>P>,>/*/'+!/'!)8*(+D%8&*:>@(!+%:>*,!9!'&*(:>=*:>@(!/',!+'8!e.&*(%B!1(!,*!,<('*!
/'!,*+!)'+>+!/',!fD>(*,!/'!,*!e>+)%8>*hA!,%!_(>:%!E.'!=%/'&%+!e*:'8!'+!+'8!'+:a=)>:%+!
:%(! ,*! =%+>P>,>/*/! /'! .(! &.(/%! &'R%8B! 4*! D>-.8*! ,#".:3#$)! '+)S! 8'=8'+'()*/*! =%8!
LV+* S).5#CA! .(*! =%/'8%+*! &*E.>(*8>*! )':(%,@->:*! E.'! (%+! =8%&')'! -'('8*8!
=*8*<+%+!,,'(%+!/'!+'()>&>'()%+!*-8*/*P,'+A!=,*:'()'8%+A!=*8*!)'('8(%+!/%&>(*/%+B!
4*!>(;'+)>-*:>@(!,#".:3#$)!'+!*E.',,*!E.'!(%+!=8%&')'8!,>P'8*8(%+!/'!(.'+)8%!/%,%8A!
,%! _(>:%! E.'! (%+! e*8<*! e.&*(%+B! 7%8! )*()%A! ,*! />+)%=<*! (%! '+! &S+! E.'! ,*!
'(:*8(*:>@(!=*8*(%>:*!/'!Ä.(!:*=>)*,>+&%!=%+)e.&*(>+)*!('%,>P'8*,Å!E.'!*+=>8*!*!
E.'!%,;>/'&%+A!*!,*!=a8/>/*!/'!,*!&'&%8>*!e>+)@8>:*A!+.&>a(/%(%+!'(!.(!D*)*,>+&%!
,>P'8*/%8A!=.'+!+@,%!*:'=)*(/%!(.'+)8*!/%&>(*:>@(!=%/8'&%+!'(:%()8*8!',!=,*:'8!
'(!!(.'+)8*+!;>/*+B!
1,! 7+>:%*(S,>+>+! ,*:*(>*(%! (%+! e*! /%(*/%! .(*! '(+'T*(?*! D.(/*&'()*,! '(! )%8(%! *!
'+'! '+=*:>%! /'! (%i+*P'8! E.'A! >(+>+)%A! +'! '(:.'()8*! +%P8'! ,*! P*+'! /'! )%/%!
>()'8:*&P>%! +>&P@,>:%B! 4*! :.'+)>@(! D.(/*&'()*,A! +'T*,*/*! =%8! 4*:*(A! '+! E.'! ,*!
e')'8%)%=<*! %! ',! &*,'()'(/>/%! v! '+'! f6B"* )&&Bh! E.'! +'! e*:'! =8'+'()'! '()8'! ,%+!
>()'8,%:.)%8'+! v! (%! '+! &S+! E.'! Ä',! />+:.8+%! /',! M)8%Å! {E.>a(! '+! '+'! M)8%! E.'! +'!
e*:'! =8'+'()'A! 8%&=>'(/%! ,*! *8&%(<*! '()8'! ,%+! =*8)>:>=*()'+! '(! ,*! +>).*:>@(! /'!
)'&*)>?*:>@(!G:%/>D>:*:>@(i/'+:%/>D>:*:>@(H|!7.'+!(%!'+!%)8*!:%+*!E.'!,*!>/'%,%-<*A!
,%+!>/'%,%-'&*+A!',!Äe%8>?%()'!+%:>%v:.,).8*,Å!E.'!e*P,*!'(!',!+.R')%B!1+A!=.'+A!'+'!
Ä%.5%* $-&.-5)&Å! ',! E.'! &'/>*)>?*! *,! +.R')%A! ='8&>)>a(/%,'! :.*,E.>'8! *::'+%! *! ,*!
8'*,>/*/B!
Q/%(/'!E.>'8%!,,'-*8!'+!*!,*!+>-.>'()'!:.'+)>@(0!+>!8':%(%:'&%+!,%!e')'8%)@=>:%!/',!
>()'8:*&P>%!/'!+'()>/%+!'()8'!,%+!=*8)>:>=*()'+!/'!.(*!*::>@(!:%(+:>'()>?*/%8*A!+>!
'(!,%+!/>S,%-%+!:%/>D>:*/%8'+!9!/'+:%/>D>:*/%8'+!;*!*!'()8*8!'(!'+:'(*!'+'!/>+:.8+%!
/',!M)8%A!%!:%&%!/>8<*!J*)R>(A!',!>()'8:*&P>%!/'!&'(+*R'+!(%!+%(!&S+!E.'!Ä=*,*P8*+!
8'D'8>/*+Å!*!.(!e%8>?%()'!>/'%,@->:%!E.'!+'!:%8=%8*,>?*!*!)8*;a+!/',!/>+:.8+%!/'!,%+!
>()'8,%:.)%8'+A! '()%(:'+A! ,*! D*+'! /'! )'&*)>?*:>@(! /';>'('! '(! .(! =8%:'+%! />*,@->:%!
'(!',!+'()>/%!P*R)>(>*(%!%!/'88>/>*(%A!'+!/':>8A!Ä,%+!*:)%+!/'!e*P,*!=8%/.:>/%+!'(!9!*!
)8*;a+! /'! ,%+! />S,%-%+! /'+:%/>D>:*/%8'+! &.'+)8*(! +.R')%+! />;>/>/%+! =%8! +.!
>(:%(+:>'()'! >/'%,@->:%i:.,).8*,ÅB! oA! =%8! ,%! )*()%A! ,*! 8',*:>@(! '(! ,%+! :<8:.,%+!
:%(+:>'()>?*/%8'+! (%! '+! /'! +.R')%! *! +.R')%A! +>(%! /'! >/'%,%-<*! *! >/'%,%-<*A! Ä,+*
"-Ma+.#/#,),* "%$#)&* )* "-Ma+.#/#,),* "%$#)&ÅA! '+)'! '+! ',! =.()%! D.(/*&'()*,! =*8*! ,*!
='/*-%-<*!/'!,*!)8*/.::>@(B!
4*!='/*-%-<*!/'!,*!)8*/.::>@(!+>!8'*,&'()'!*+=>8*!*!+'8!/>*,@->:*A!/'P'!'()'(/'8!',!
:*8S:)'8! &'+)>?%! /'! ,%+! '(.(:>*/%+! E.'! ;*(! 9! ;>'('(! '(! )%/%! =8%:'+%! /'!
>(;'+)>-*:>@(! +%:>*,B! 2'P'&%+! 8':%(%:'8! '(! ,%! E.'! (%+! />:'(! G',,%+A! ,%+!
>(;'+)>-*/%+H! 9! '(! ,%! E.'! /':>&%+! G(%+%)8%+A! ,%+! >(;'+)>-*/%8'+HA! &.,)>)./! /'!
)'(+>%('+A! /'! *()*-%(>+&%+A! ='8%! )*&P>a(! /'! D%8&*+! :8'*/%8*+B! C@,%! /'+/'! '+)'!
8':%(%:>&>'()%!8':<=8%:%A!(.'+)8%+!'(.(:>*/%+!=.'/'(!*:).*8!=%,a&>:*&'()'A!'+!
/':>8A! />*,@->:*&'()'Y! +>(! +.+)>).>8! %! ('-*8! (>(-.(*! /'! ,*+! D%8&*+! /'! 'F>+)'(:>*A!
='8%! &.9! >&=%8)*()'! )*&P>a(A! +>(! =8')'(/'8! Ä:*(>P*,>?*8Å! ',! />+:.8+%! /',! %)8%!
:%&%! 9*! +'T*,a! *,! 8'D'8>8&'! *,! U&+3VB! 2'! :@&%! '+)*P,':'8! '+)'! />S,%-%! /'! D%8&*!
*8)>:.,*/*!9!E.'A!*!,*!;'?A!=%+>P>,>)'!D%8&*+!:%()8*e'-'&@(>:*+A!/*8a!:.'()*!'(!,*+!
!
!
V^W!
=8@F>&*+!,<('*+!:.*(/%!e*P,'!/'!,*!='/*-%-<*!/'!,*!*8)>:.,*:>@(B!!
U%! %P+)*()'A! E.>+>'8*! :%(:,.>8! '+)*! P8';'! 8'D,'F>@(! 8'+=':)%! *! ,*! 3+,)'%'()* ,+* &)*
.5),-$$#:2A!e*:>'(/%!.(*!+.-'8'(:>*B!N'!=*8':'!D.(/*&'()*,!+'-.>8!'+%+!e>,%+!/',!
/>+:.8+%!/'!,*!%)8'/*/A!/'!,*+!D%8&*+!>/'%,@->:*+!=8'+'()'+!'(!,%+!'(.(:>*/%+!/'!,*!
:%/>D>:*:>@(t/'+:%/>D>:*:>@(B!C>(!'&P*8-%0!+%9!&.9!='+>&>+)*!8'+=':)%!*!:@&%!+'!
'+)S(! e*:>'(/%! :>'8)*+! >(;'+)>-*:>%('+! '(! )%8(%! *! 8'+:*)*8! Äe')'8%-,@+>:%! /',!
+.R')%ÅB!!
4*! :.'+)>@(! (%! '+)SA! :8'%! 9%A! '(! /'+*88%,,*8! )*,,'8'+! '(! /%(/'! ,%+! +.R')%+!
e*P,*(te*P,*&%+! +%P8'! (.'+)8*! D%8&*! /'! ;'8! ',! &.(/%A! *:'8:*! /'! (.'+)8*+!
=8S:)>:*+A! %! :@&%! *(*,>?*&%+! ',! :%()'F)%! E.'! (%+! 8%/'*! G+'8<*! ',! *.)%/>*-(@+)>:%!
:,S+>:%! .)>,>?*/%! =%8! ,*! :%(:'=:>@(! &')%/%,@->:%! />*,a:)>:*! /'! ,*! '/.:*:>@(!
=%=.,*8HB!N'!=*8':'!E.'!',!e>,%!>/'%,@->:%!(%i:%(+:>'()'!/',!/>+:.8+%!/',!%)8%!'(!',!
+.R')%!/'P'&%+!P.+:*8,%!(%!+@,%!*!=*8)>8!/'!,%!E.'!',!+.R')%!/>:'!+%P8'!+<!&>+&%!%!
,%!E.'!,'!8%/'*A!+>(%!&'/>*()'!>(;'+)>-*:>%('+!/'!:*&=%A!)8*P*R%+!')(%-8SD>:%+!'(!
/%(/'!>()'()*&%+!*:'8:*8(%+!*!'+'!.(>;'8+%!e')'8%-,@+>:%!E.'A!_(>:*&'()'!e'&%+!
=%/>/%!>().>8!'(!(.'+)8%+!/>S,%-%+!:%/>D>:*/%8'+t/'+:%/>D>:*/%8'+B!
o!'+)%!,%!/>-%A!=%8E.'!.(*!/'!,*+!&*9%8<*+!:8<)>:*+!E.'!+'!e*(!e':e%!*!,%+!,,*&*/%+!
*.)%/>*-(@+)>:%+! =*8)>:>=*)>;%+! '+! +.! :'-.'8*! =*8*! ,%! E.'! J%.8/>'.! ,,*&*! Ä',!
"+2.#,%*35B$.#$%Å!/'!,%+!+.R')%+!>(&'8+%+!'(!,%+!:<8:.,%+!:%(+:>'()>?*/%8'+B!Q!=*8)>8!
/',! +%:>@,%-%! D8*(:a+A! '(! ,*! '/.:*:>@(! :%(+:>'()>?*/%8*! +'! =8%/.:>8<*(! />+:.8+%+!
&'/>*()'!,*!*/E.>+>:>@(!'(!,*!=8S:)>:*!/',!+'()>/%!/'!,*!+>).*:>@(!+%:>*,!'(!,*!E.'!+'!
=8%/.:'!',!:<8:.,%!:%(+:>'()>?*/%8B!!
7%8!)*()%A!/'P'8<*&%+!=%('8!'(!'()8'/>:e%!&.:e*+!/'!,*+!:%+*+!/>:e*+!'(!/>:e%+!
=8%:'+%+A!=.'+!,%+!+.R')%+!'(!',,%+!/>-*&%+!E.'!*:)_*(!'(!D.(:>@(!/'!,%+!-8.=%+!'(!
=8'+'(:>*A!/'!,*+!8'-,*+!/'!*:'=)*P>,>/*/!/'!,%!E.'!+'!=.'/'!9!(%!+'!=.'/'!/':>8A!%!
/'!,%!E.'!+'!/'P'!9!(%!+'!/'P'!/':>8B!!
1(! /'D>(>)>;*A! ,*! >(;'+)>-*:>@(! :%(+:>'()>?*/%8*! '+! .(*! +>).*:>@(! +%:>*,! '(! ,*! E.'!
)'('&%+0!=%8!.(!,*/%A!6%,+&%"*"%$#%$-&.-5)&+"*,+*)$+3.)M#&#,),*,+*&%"*,#"$-5"%"A!=%8!
%)8%! ,*/%A! #2,#/#,-%"* $%2* ,+.+56#2),%"! V)M#.-"! G:%&=')'(:>*! :%&.(>:*)>;*! 9!
+'()>/%!/'!+.!;*,%8!+%:>*,0!.(!:*=>)*,!+%:>*,A!,>(-w<+)>:%!9!+>&P@,>:%HA!'(!D.(:>@(!/'!
,%+! :.*,'+! e*P8S! .(%+! >(/>;>/.%+! :%(! &*9%8! =%/'8! =*8*! /'D>(>8! ,*! +>).*:>@(! 9! ,*!
'+)8.:).8*!/'!,%!/':>P,'!G9!/'!,%!(%i/':>P,'HB!!
3(*! /'! ,*+! D%8&*+! /'! 8%&='8! :%(! '+)*! :'-.'8*! '+! ,*! /'! >(;'+)>-*8! (%! +@,%! ,%! E.'!
/>:'! ',! >(/>;>/.%A! +>(%! ,%! E.'! e*:'B! 1+)'! *F>%&*! v! )*(! =8'+'()'! '(! ,*! ='/*-%-<*!
D8'>8'*(*A!'(!,*!:%(:'=:>@(!&')%/%,@->:%!/>*,a:)>:*!/'!,*!'/.:*:>@(!=%=.,*8!9!'(!',!
&%;>&>'()%!/'!,*!5(;'+)>-*:>@(tQ::>@(!7*8)>:>=*)>;*v!=>'(+%!E.'!e*!>/%!='8/>'(/%!
D.'8?*! *! &'/>/*! E.'! ,*+! .8-'(:>*+! e*(! ,,';*/%! *! /'+*88%,,*8! =8%:'+%+!
:%(+:>'()>?*/%8'+! /%(/'! ,*! >(;'+)>-*:>@(! )'&S)>:*! :*8':'! /'! .(! :%&=%('()'!
'&=<8>:%!E.'!'F*&>('A!=8':>+*&'()'A!'+'!e*:'8!/'!,%+!+.R')%+B!
!
c'8:'8!&%;>&>'()%0!,*!>(;'+)>-*:>@(!+%:>*,!:%&%!=%,<)>:*!/'!,*!*8)>:.,*:>@(!
1(! ,%! E.'! +>-.'A! E.>+>'8*! e*:'8! *,-.(%+! :%&'()*8>%+! 8'+=':)%! *! ,%! E.'! e'!
/'(%&>(*/%! 3+,)'%'()* ,+* &)* )5.#$-&)$#:2A! '(! )*()%! ,*! f%)8*! :*8*h! /',! =8%:'+%! /'!
>(;'+)>-*:>@(! :%(+:>'()>?*/%8*B! 4*! :.'+)>@(! =8>(:>=*,! '+! E.'! ,*! />D'8'(:>*! /'! ,%+!
/>+:.8+%+A! ,*! e')'8%-,%+>*! /'! ,*! E.'! 9*! e'&%+! e*P,*/%A! >(+)*.8*(! .(*! '+=':>'! /'!
!
!
V^"!
)'(+>@(! ='8&*('()'! E.'! e*:'! >&=%+>P,'! :.*,E.>'8! >()'()%! /'! e%&%-'('>?*:>@(! %!
)%)*,>?*:>@(B!!
2*!>-.*,!E.'!;>+>@(!%!&>8*/*!)'(-*&%+!+%P8'!,*!:%+*+A!:.*(/%!(%+!+.&'8->&%+!'(!
',! '+=*:>%! /'! ,*! *8)>:.,*:>@(A! ',! R.'-%! '+! 8*/>:*,&'()'! %)8%B! 4*! ='/*-%-<*! /'! ,*!
*8)>:.,*:>@(A! '()%(:'+A! /';>'('! '(! .(*! *:)>;>/*/! =%,<)>:*! '(! ',! +'()>/%! '(! E.'! ,*!
:%(:>P'A! =%8! 'R'&=,%A! ',! )'@8>:%! *8-'()>(%! 18('+)%! 4*:,*.B! 7*8*! a+)'A! *=*8':'! ,*!
=%,<)>:*! :.*(/%! e*9A! /'! .(! ,*/%A! Ä/>+,%:*:>@(! /'! %8/'(! +%:>*,ÅA! 9! /',! %)8%! ,*/%A!
Ä8'>(+:8>=:>@(! G>(+)>).:>%(*,>?*:>@(H! /'! '+'! %8/'(Å! %A! />:e%! /'! %)8%! &%/%A!
V+'+6%2#>)$#:2*,+*+")*,#"&%$)$#:2!G4*:,*.A!"XXbHB!]'*&%+!E.'!E.>'8'!/':>8!'+)%!'(!
8',*:>@(!*!,*!='/*-%-<*!/'!,*!*8)>:.,*:>@(B!
{x.a! '+! ,%! E.'! %:.88'! :.*(/%! '+)*P,':'&%+! .(! =8%:'+%! /'!
:%/>D>:*:>@(t/'+:%/>D>:*:>@(! /'! ,*! 8'*,>/*/|! 7.'+! E.'! (%+! '(:%()8*&%+! :%(!
*-'()'+!:.9*!>&=,>:*:>@(!'(!.(*!)*8'*!/'!>(;'+)>-*:>@(!:%(:>'()>?*/%8*!+'!%8>->(*!
*! =*8)>8! /'! Ä&_,)>=,'+! =%+>:>%('+i'F='8>'(:>*+Å0! f$%6%* 6-a+5hA! f$%6%* +".-,#)2.+hA!
f$%6%* 3+5"%2)* #63&#$),)* +2* -2* 35%4+$.%* 2)$#%2)&hA! f$%6%* "#2,#$)&#".)hA! f$%6%*
"-a+.%"*"-6#,%"*+2*&)*35+$)5#+,),hB!4*!:.'+)>@(!'+!E.'A!:*/*!.(*!/'!'+)*+!=%+>:>%('+A!
G=%)'(:>*,&'()'H! )8*)*8<*! /'! +.P;'8)>8! ,%! >(+)>).>/%A! '(! ',! +'()>/%! '(! E.'! a+)'! ,'+!
>&=>/'!+'8!+.R')%+!/'!,*!e>+)%8>*B!$*/*!.(*!/'!'+)*+!=%+>:>%('+!/'!+.R')%!&.'+)8*!
.(*!8',*:>@(!/'!('-*)>;>/*/A!*()*-@(>:*!:%(!8'+=':)%!*,!%8/'(!+%:>*,!'+)*P,':>/%B!!
$.*(/%! )8*)*&%+! /'! >&=,'&'()*8! .(*! ='/*-%-<*! /'! ,*! *8)>:.,*:>@(! (%+!
'(:%()8*&%+! :%(! .(! '+=*:>%! +%:>*,! >(:%&=,')%A! D8*-&'()*/%A! :%&=,'R%! '(! ',! E.'!
8':%(%:'&%+0!=%8!.(!,*/%A!.(!Ä'F:'+%!/'!+'()>/%!/'!/>:e%!'+=*:>%!+%:>*,ÅA!'+!/':>8A!
.(! )%=%+! '(! ',! E.'! +'! -'('8*(! &_,)>=,'+! />D'8'(:>*+! >88'/.:)>P,'+! ,*+! .(*+! *! ,*+!
%)8*+Y! 9A! =%8! %)8%! ,*/%A! .(*! Ä/>D>:.,)*/! /'! D>R*8! />:e*+! />D'8'(:>*+ÅA! '(! )*()%!
&%&'()%+! E.'! ='8&>)>'8*(! .(*! '+)8.:).8*! *8)>:.,*)%8>*! '+)*P,'B! C'8<*! *,-%! *+<!
:%&%! ',! 8':%(%:>&>'()%! /'! ,*! >(:%&=,')./! +%:>%i>/'%,@->:*! '(! )*()%! '+)8.:).8*!
>(e'8'()'!*!,%+!=8%:'+%+!/>+:.8+>;%+!=8'+'()'+!'(!,*!:%/>D>:*:>@(t/'+:%/>D>:*:>@(B!
U%!%P+)*()'A!'+)*!)'(+>@(!%!('-*)>;>/*/!)>'('!*,-%!/'!/':>+>;%0!,*!/>+,%:*:>@(!/'!,%!
>(+)>).:>%(*,>?*/%A!,*!=%+>P>,>/*/!/'!,*!=8*F>+!'(!/'D>(>)>;*B!
7%8!)*()%A!(%!/'P>a8*&%+!%,;>/*8!.(*!:.'+)>@(!D.(/*&'()*,0!+%(!,*+!('-*)>;>/*/'+!
=8'+'()'+!'(!,%+!:<8:.,%+!/'!>(;'+)>-*:>@(!:%(:>'()>?*/%8*!,%+!E.'!e*:'(!=,*.+>P,'!
:.*,E.>'8!=8%9':)%!/'!)8*(+D%8&*:>@(B!C%(!)%/*+!9!:*/*!.(*!/'!'+*+!=%+>:>%('+!E.'!
',! +.R')%! *+.&'! *,! >(:%8=%8*8+'! *! ,%+! '+=*:>%+! /'! :%/>D>:*:>@(t/'+:%/>D>:*:>@(A!
)%/*+! 9! :*/*! .(*! /'! '+*+! />D'8'(:>*+! >(:%(&'(+.8*P,'+A! ,*+! E.'! ='8&>)'(! ,*!
8'*:)>;*:>@(!/'!.(!=8%:'+%!'&*(:>=*/%8!'(!/%(/'!*()'+!(%!e*P<*!(*/*!&S+!E.'!,*!
=.8*! 8'=8%/.::>@(! /',! %8/'(! +%:>*,! >(+)>).>/%B! M)8*! :%+*A! 9*! ,%! e'! *=.()*/%!
*()'8>%8&'()'A! '+! E.'! />:e*+! ('-*)>;>/*/'+! +'! *8)>:.,'(! '(! .(! )%/%! :%()8*i
e'-'&@(>:%B!
N>!=8>&'8*!:%(:,.+>@(A!'()%(:'+A!'+!E.'!&)*3+,)'%'()*,+*&)*)5.#$-&)$#:2*2+$+"#.)*,+*
+&+6+2.%"* `-+* ,#"&%$)2@* 5%63+2* $%2* &)* +".5-$.-5)* "%$#)&* #2".#.-$#%2)&#>),)B! 2>:e%+!
','&'()%+!'+)S(!=8'+'()'+!'(!*E.',,*+!/>D'8'(:>*+!>88':%(:>,>*P,'+!:%(!,%!>(+)>).>/%!
e'-'&@(>:%B! C%(! '+*+! Ä=%+>:>%('+! /'! +.R')%ÅA! '(! /'D>(>)>;*A! /'+/'! ,*+! E.'A! :8'%A!
/'P'&%+!=*8)>8!=*8*!-'('8*8!=8%:'+%+!,>P'8*/%8'+B!
L'&%+! />:e%! E.'! ',! :*8S:)'8! =%,<)>:%! /'! ,%+! :<8:.,%+! /'!
:%/>D>:*:>@(t/'+:%/>D>:*:>@(! /';>'('! /'! .(! /%P,'! =8%:'+%0! =%8! .(! ,*/%A!
Ä/>+,%:*:>@(ÅA! =%8! %)8*! Ä8'*:)>;*:>@(! %! e'-'&%(>?*:>@(ÅB! 7*+'&%+! *e%8*! *! '+)*!
+'-.(/*! :.'+)>@(A! ,*! /'! ,*! 8'*:)>;*:>@(! /'! ,%! +%:>*,! *! =*8)>8! /'! '+)*+A!
!
!
V^V!
*=*8'()'&'()'A!/>D'8'(:>*+!>(:%(&'(+.8*P,'+B!
C>! P>'(! =%/'&%+! 8':%(%:'8! E.'! ',! 'F:'+%! '(! ,*+! >/'()>/*/'+A! ,*! *=*8>:>@(! /'!
&_,)>=,'+! />D'8'(:>*+A! =8'+.=%('! ,*! >&=%+>P>,>/*/! /'! :>'88'A! '+! '+)*! &>+&*! ,*! E.'!
,,';*! *! ,*! (':'+>/*/! G=%,<)>:*H! /'! .(! =8%:'+%! /'! +%P8'/')'8&>(*:>@(! 9!
+%P8'>/'()>D>:*:>@(! *! &>! R.>:>%A! '+! .(%! /'! ,%+! &%&'()%+! =%,<)>:*! 9!
&')%/%,@->:*&'()'! &S+! >&=%8)*()'+! '(! ,*! ='/*-%-<*! :%(+:>'()>?*/%8*! {=%8! E.a|!
=.'+! =%8E.'! +>! e*9! .(*! :%()8*/>::>@(! G)2.)'%2#"6%H! '()8'! :*/*! .(*! /'! '+*+!
=%+>:>%('+! /'! +.R')%A! +.PR')>;>/*/'+! +%:>*,'+! E.'! +%(! ;>;>/*+! :%&%! +>).*:>%('+!
,<&>)'A! 9! E.'! ,%+! >(/>;>/.%+! '+='8*(! +.='8*8! *! )8*;a+! /'! ,*! />+,%:*:>@(! /',! %8/'(!
>(+)>).>/%A! ,*! />+,%:*:>@(! +@,%! +'8S! =%+>P,'! +>! '+)*+! />+)>()*+! >(+)*(:>*+! '(! R.'-%!
G'+*+! Ä+.PR')>;>/*/'+! +%:>*,'+ÅH! +'! .('(! G+'! +%M5+,+.+56#2)2H! '(! .(! =8%:'+%! E.'!
*=.()*!e*:>*!.(!%PR')>;%!:%&_(0!,*!/'+*=*8>:>@(!/',!%8/'(!+%:>*,!'F>+)'()'B!
{1(!E.a!+'()>/%!,%+!=8%:'+%+!/'!:%/>D>:*:>@(t/'+:%/>D>:*:>@(!+'!8',*:>%(*(!:%(!',!
:%(:'=)%!/'!+%P8'/')'8&>(*:>@(|!{7%8!E.a!'()'(/'8!,*!D*+'!/'!)'&*)>?*:>@(!+%:>*,!
:%&%! .(! =8%:'+%! e'-'&@(>:%|! N'! =*8':'! E.'! ,%+! :<8:.,%+! )'&S)>:%+! (%! /'P'(!
:%(+>+)>8!'(!,*!>&=%+>:>@(!/'!.(*!/')'8&>(*/*!;>+>@(!/',!&.(/%!=*8)>:.,*8!/'!.(*!
:,*+'! +%:>*,A! /'! .(*! :%(:'=:>@(! /')'8&>(*/*! 8'+=':)%! *! ,*+! 8',*:>%('+! /'! -a('8%A!
'):BA! +>(%A! &S+! P>'(A! /'P'(! )'('8! ,*! :*=*:>/*/! /'! *8)>:.,*8! '+*+! />D'8'()'+!
=%+>:>%('+A!*()'+!*()*-@(>:*+A!*e%8*!'E.>;*,'()'+A!*!=*8)>8!/'!.(*!=%+>:>@(!:%&_(!
/'!:8<)>:*!*!,*+!=%+>:>%('+!e'-'&@(>:*+B!o!'+)*!+%P8'/')'8&>(*:>@(A!_(>:*&'()'!'+!
=%+>P,'A!*!=*8)>8!/',!*P*(/%(%!/'!=%+>:>%('+!=*8)>:.,*8&'()'!>88'/.:)>P,'+B!4*!D*+'!
/'! )'&*)>?*:>@(! _(>:*&'()'! =.'/'! 8'>(+:8>P>8! ,%! =%,<)>:%A! -'('8*8! *::>%('+! 9!
'+)8.:).8*+!>(+)>).9'()'+!:%()8*e'-'&@(>:*+!+>A!'(!+.!+'(%A!*,P'8-*!Ä('-*)>;>/*/'+!
+%,>/*8>*&'()'!8*/>:*,'+ÅB!
18('+)%! 4*:,*.! GVWW[H! (%+! /*! *,-.(*+! :,*;'+! =*8*! E.'! '+)'! '+=*:>%! +%,>/*8>%! /'!
('-*)>;>/*/'+! 8*/>:*,'+! =.'/*! +'8! 8'*,&'()'! 8';%,.:>%(*8>%B! 1(! =8>&'8! ,.-*8A!
:%&%!9*!e'!*=.()*/%A!:*/*!.(*!/'!,*+!/'&*(/*+!/',!-8.=%!+%:>*,!:%(+:>'()>?*/%8!
/'P'!:%(:'P>8+'!:%&%!.(*!9%56)*3)5.#$-&)5*,+*5+"#".+2$#)*)&*,#"$-5"%*.%.)&#>),%5*%*
V+'+6:2#$%B!1(!+'-.(/%!,.-*8A!&%*`-+*&)"*3%2+*+2*$%6b2!v!*!)%/*+!'+*+!/'&*(/*+!v!
'+! "-* 3%"#$#:2* ,+* $5(.#$)* 5),#$)&* )&* ,#"$-5"%* V+'+6:2#$%@* 4* 3%5* .)2.%* "-*
"%M5+,+.+56#2)$#:2B! c'8:'8%A! '(! '+)*! :*/'(*! /'! 'E.>;*,'(:>*+! D%8&*/*+! '(! ',!
/>S,%-%!'&*(:>=*/%8A!-2)*,+*&)"*3%"#$#%2+"*3)5.#$-&)5+"*)"-6+*&)*5+35+"+2.)$#:2*,+*
&)* '+2+5)&#,),* P,%! E.'! :%(+)>).>8<*! .(*! =%+>:>@(! e'-'&@(>:*RB! C>(! /./*! '+! a+)*!
:.'+)>@(!,*!&S+!:%()8%;'8)>/*!'(!',!*(S,>+>+!/'!4*:,*.A!=.'+!>&=,>:*!,*!('-%:>*:>@(!
'+)8*)a->:*! '()8'! ,*+! />D'8'()'+! /'&*(/*+A! ,%! :.*,! +'! *P8'! *! .(! =8%:'+%! /'!
+'/.::>%('+A!8':e*?%+A!'):B!1(!:.*8)%!,.-*8A!',!:<8:.,%!:%(+:>'()>?*/%8!/'P'!+/#.)5A!
'(! )%/%! &%&'()%A! +&* `-+* &)"* ,#9+5+2$#)"* "+* 3)5.#$-&)5#$+2* V)".)* +&* 3-2.%* ,+* `-+*
)&'-2)"*,+6)2,)"*"+*"+3)5+2*,+&*5+".%*,+&*'5-3%@*&%*$-)&*#63%"#M#&#.)5()*&)*5-3.-5)*
,+&*%5,+2*"%$#)&*V+'+6:2#$)6+2.+*+C#".+2.+B!
4*! +'-.(/*! :%(:,.+>@(A! '()%(:'+A! '+! E.'! (%! +%(! ,*+! =%+>:>%('+! *! =8>%8>! /'! ,%+!
+.R')%+!,*+!E.'!-*8*()>?*(!.(!=8%:'+%!/'!)8*(+D%8&*:>@(!+%:>*,B!NS+!P>'(A!"%2*"-"*
35%$+"%"* $5+).#/%"@* )5.#$-&).%5#%"@* #2".#.-4+2.+"@* &%"* `-+* ,#$.)6#2)5B2* P%* 2%R* &)*
,#"&%$)$#:2*,+&*%5,+2*"%$#)&*V+'+6:2#$%A!*_(!+*P>'(/%!E.'!a+)*!+'!e*,,*!*&'(*?*/*!
=%8! D8%()'8*+! >()'8(*+! 9! 'F)'8(*+! >(e'8'()'+! *,! :<8:.,%! /'! :.,).8*! '(! )*()%!
'+)8.:).8*!=%,<)>:*A!+>'&=8'!f3%5*V)$+5hB!
!
!
!
V^[!
/(/.(%0+,-1,!
QUc14MA! 1B! G"XXXHB! N2".5-$$#%2+"* 3)5)* "+5* 35%9+"%50* !+,)'%'()* 3)5)* )"3#5)2.+"B!
J.'(%+!Q>8'+0!C*()>,,*(*B!
JQZU1ccA! ZB! GVWWWHB! ;+)&#>#2'* .V+* 12#/+5"#.4* #2* U2* U'+* %9* D-3+5$%63&+C#.4B!
J.:k>(-e*&0!M='(!3(>;'8+>)9!78'++B!
JQ3NQUA! B! GVWW^HB! r#,)"* ,+"3+5,#$#),)"0* 8)* 6%,+52#,),* 4* "-"* 3)5#)"B! J*8:',%(*0!
7*>/@+B!
JQ$6iNMZCCA!CB!G"XX^H0!A#)&W$.#$)*,+*&)*6#5),)*P\)&.+5*[+2a)6#2*4*+&*35%4+$.%*,+*
&%"*!)")a+"RB!N*/8>/0!]>+%8B!
JMZ2513A!7B!GVWWWHB!?%")"*,#$V)"B!J*8:',%(*0!d'/>+*B!
JM3Z2513A! 7BA! IQ$x3QUcA! 4B! G"XX^HB! ;+"3-+".)"0* !%5* -2)* )2.5%3%&%'()* 5+9&+C#/)B!
NaF>:%!2B`B0!d8>R*,P%B!
$QCcZMidyN1A! CB! GVWWWHB! f$>'(:>*+! +%:>*,'+A! ;>%,'(:>*! '=>+)a&>:%! 9! ',! =8%P,'&*!
/'! ,*! ï>(;'(:>@(! /',! %)8%ÑA! 4QU21ZA! 1B! G:%&=BH0! 8)* $%&%2#)&#,),* ,+&* ")M+5T*
+-5%$+2.5#"6%* 4* $#+2$#)"* "%$#)&+"0* !+5"3+$.#/)"* &).#2%)6+5#$)2)"B! J.'(%+! *>8'+0!
$4Q$CM0!"\^!v!"#VB!
$QCcZMidyN1A! CB! GVWW[HB! fQ=%-'%! 9! /':*/'(:>*! /'! ,*! )'%8<*! )8*/>:>%(*,B! 3(*!
;>+>@(! /'+/'! ,%+! >()'8+)>:>%+hA! ;+/#".)* NM+5%)6+5#$)2)* P^8%"* +".-,#%"* $-&.-5)&+"*
&).#2%)6+5#$)2%"*V)$#)*+&*"#'&%*__N7RA!VW[0![\[!v![^\B!
$4QZ6A! JB! ZB! G"XXgHB! ?5+).#2'* <2.5+35+2+-5#)&* 12#/+5"#.#+"T* g5')2#>).#%2)&*
!).Vt)4"*%9*L5)2"9%56).#%2B!MFD%8/0!7'8-*&%(B!
2Z51ZA! MB! G"XXXHB! f1+)8.:).8*+! /'! =*8)>:>=*:>@(! *! )8*;a+! /'! :%()'F)%+! /'! =8S:)>:*!
+%:>*,hA!;+/#".)*,+*!"#$%&%'()*4*?#+2$#)*D%$#)&A![!G"HA!Vgi^WB!
23CC14A! 1B! GVWW"HB! f2'P*)'! +%P8'! ,*! -'%:.,).8*! /',! +>+)'&*i&.(/%hA! X)$#)* -2)*
O#&%"%9()*!%&(.#$)*$5(.#$)B!J>,P*%0!2'+:,a'!/'!J8%.O'80!\V[!v!\[\B!
14Cc1ZA! jB! G"Xg\HB! fN*8F>+&%A! D.(:>%(*,>+&%! 9! )'%8<*! /'! R.'-%+B! Q,'-*)%! '(! D*;%8!
/',!>(/>;>/.*,>+&%!&')%/%,@->:%hA!Ä%2)*UM#+5.)A![[A!V"i#VB!
`1ZUnU21! 21! $QCcZMA! 5B! G"XX[HB! f4*! 5Q7! 9! ,*! >(;'+)>-*:>@(! />*,a:)>:*hA!
A%$-6+2.)$#:2*D%$#)&*PN2/+".#')$#:2JU$$#:2*!)5.#$#3).#/)RA!XVA!==B!bXiXWB!
`1ZUnU21! 21! $QCcZM! ! 9! ZMd1ZMA! jB! GVWW"HB! <"$-+&)* 3bM&#$)0* A+6%$5)$#)* 4*
3%,+5B!N*/8>/A!N>T%!9!2S;>,*B!!
`M3$Q34cA! NB! GVWW[HB! X)4* `-+* ,+9+2,+5* &)* "%$#+,),0* ?-5"%"* ,+&* ?%&&Å'+* ,+* O5)2$+*
PIYmK*e*IYmoRB!N*/8>/0!Qk*,B!
`363oQNQA!`B!G"XXVHB!<&*9#2*,+*&)*V#".%5#)*4*+&*b&.#6%*V%6M5+B!J*8:',%(*0!7,*(')*B!
dQ4$1ZnUA!NB!GVWW#HB!f3(>;'8+*,'+!+>).*/%+hA!U5$V#3#W&)'%A!b[ib\A!==B![^i\\B!
dQZ$zQ! cMJzMA! QBA! 9! 7QZ2M! 7ÇZ1A! jB$B! GVWW#HB! fN,+%&%'()"* +635+")5#)#"* 2)*
5+9%56)* ,)* <,-$)$#:2* D-3+5#%5hB! 2%:.&'()%! /'! )8*P*,,%A! />+=%(>P,'! '(!
e))=0ttD>8-%*B.+:B'+t/8.=*,B!!
dQcc5A! dB! G"XXXHB! fL*P>)*(/%! G*+).)*&'()'H! '(! ,*+! 8.>(*+! /',! &*=*0! ',! Q,'=eA! ,*+!
(*:>%('+A! ,%+! :8%(%=>%+A! 9! ,*+! &%/*,>/*/'+! /aP>,'+! /'! ,*! >/'()>/*/! :%,':)>;*hA!
!%&(.#$)*4*D%$#+,),A![W0![Xi^VB!
!
!
V^\!
dMUn41! Z1oA! `B! GVWWVHB! D-a+.%* 4* "-Ma+.#/#,),0* 12)* )35%C#6)$#:2* V#".:5#$%J
$-&.-5)&B!N*/8>/B!ce%&+%(B!
dZQoA! jB! G"XXgHB! O)&"+* A)t20* LV+* A+&-"#%2"* %9* f&%M)&* ?)3#.)&#"6B! U.';*! o%8k0! ce'!
U'O!78'++B!
LQJ1ZNQCA! jB! G"Xg\A! "XgbHB! L+%5()* ,+* &)* U$$#:2* $%6-2#$).#/)! GV! ;%,+BH0! N*/8>/0!
c*.8.+B!
LQZQIQoA! 2B! G"XX^HB! ?#+2$#)@* $4M%5'"* 4* 6-a+5+"0* 8)* 5+#2/+2$#:2* ,+* &)* 2).-5)&+>)B!
N*/8>/0!$S)'/8*B!
L51ZUQ3r! v! U5$M4QCA! 2B! G"XXXHB! fI*,)'8! J'(R*&<(! 9! ,%+! =*+*R'+! /'! 7*8<+0! ',!
*P%8/*R'!&')%/%,@->:%hA!<$%2%6()@*D%$#+,),*4*L+55#.%5#%A!;%,B!55!G#H0!Vbb!v!VX[B!
L5U614QNN1ZcA! `B! GVWW"HB! <&* 2#V#&#"6%* )&* ,+"2-,%0* 8%"* .#+63%"* ,+* &)*
'&%M)&#>)$#:2B!C*()>*-%0!4MN!'/>:>%('+B!
LMZ6L15N1ZA!NBY!Q2MZUMA!cB!G"XgVHB!A#)&W$.#$)*,+*&)*N&-".5)$#:2B!N*/8>/0!c8%))*B!
L3dL1CA! MB! 1B! G"XXgHB! !-M&#$* S)2)'+6+2.* p* U,6#2#".5).#%2T* U2* N2.5%,-$.#%2* PGÇ*
+,0RB!J*+>(-+)%k'0!N*:&>,,*(B!
4Q$4Q3A!1B!G"XXbHB!f7%,<)>:*!9!,%+!,<&>)'+!/'!,*!&%/'8(>/*/hA!J.'(D>,A!ZB!UB!G:%%8/BHB!
A+M).+"* !%&(.#$%"* ?%2.+63%5B2+%"0* <2* &%"* 6B5'+2+"* ,+* &)* 6%,+52#,),B! NaF>:%0!
C7Q72i!7,*?*!9!]*,/a+0!^^ib[B!
4QU21ZA! 1B! GVWWV*HB! f4*! .)%=<*! /',! N'8:*/%! )%)*,! 9! ',! =%/'8! >&='8>*,hA! ;+/#".)*
r+2+>%&)2)* ,+* <$%2%6()* 4* ?#+2$#)"* D%$#)&+"A! ;%,B! g! GVHB! ^"! v! bXA! />+=%(>P,'! '(!
e))=0tt8'/*,9:B.*'&'FB&FB!!
4QU21ZA!1B!GVWWVPHB!f4%+!/'8':e%+!/'!=8%=>'/*/!>()',':).*,!'(!,*!-'%=%,<)>:*!/',!
+*P'8!/'!,*!+%:>'/*/!-,%P*,hA!$*8*:*+A!&>&'%B!
41``A! 1B! GVWW\HB! fN*+! *,,S! /'! ,*! 5()'8/>+:>=,>(*8>'/*/B! Z*:>%(*,>/*/! Q&P>'()*,! 9!
2>S,%-%! /'! C*P'8'+hA! D+6#2)5#%* N2.+52)$#%2)&0* A#B&%'%* "%M5+* &)* #2.+5,#"$#3&#2)B!
d.*/*,*R*8*B!
NQ$12MA! 2B! GVWW"HB! f3(*! ='/*-%-<*! *()>&a)%/%0! .(*! ='8+=':)>;*! D8'>8'*(*hA!
<,-$)$#:2*__N!G[H0!^[i#"B!!
NQZd5UCMUA! CB! G"XX[HB! <,-$).#%2* )2,* !-M&#$* !%&#$4* #2* U-".5)&#)B! N',P%.8('0!
$*&P8>/-'!3(>;'8+>)9!78'++B!
N:4QZ1UA! 7B! G"XXgH0! S-&.#$-&.-5)&#"6%* 5+/%&-$#%2)5#%0* !+,)'%'()"* ,+* &)* ,#"+2"#:2*
3)5)*+&*2-+/%*6#&+2#%B!NaF>:%!2B!`B0!C>-,%!rr5B!
N5dUM4MA! IB! G"XXgHB! f7%+%::>/'()*,>+&%0! ',! *8-.&'()%! /'+/'! Q&a8>:*! 4*)>(*hA!
N1U251cQA! 1BA! $QCcZMidyN1A! CB! L+%5()"* "#2* ,#"$#3&#2)* P&).#2%)6+5#$)2#"6%@*
3%"$%&%2#)&#,),*4*'&%M)&#>)$#:2*+2*,+M).+RB!NaF>:%!2B!`B0!N>-.',!n(-',!7%88_*B!!
N5dUM4MA! IB! GVWW"HB! f$%,%(>*,>/*/! /',! =%/'8! 9! +.P*,)'8(>/*/hA! ZM2Zzd31A! 5B!
G'/BH0! ?%2/+5'+2$#)* ,+* .#+63%"0* <".-,#%"* "-M)&.+52%"j$%2.+C.%"* &).#2%)6+5#$)2%"0*
<".),%@*$-&.-5)@*"-M)&.+52#,),B!Q),*()*A!dB!QB0!Z%/%=>0!"^^!v!"g\B!
N5dUM4MA!IB!GVWW[HB!X#".%5#)"*&%$)&+"jA#"+=%"*'&%M)&+"B!N*/8>/0!Qk*,B!
N5dUM4MA! IB! GVWW#HB! f1,! ='(+*&>'()%! /'+i:%,%(>*,A! /'+=8'(/>&>'()%! 9! *='8).8*0!
.(!&*(>D>'+)%hA!/>+=%(>P,'!'(!ttt0.5#".+".%3#$%"0%5'*
!
!
V^^!
UQjNQUM]5$LA! 2B! GVWW"HB! f7'(+*8! ,*! +.PR')>;>/*/B! $%&=,'R>/*/A! ;<(:.,%+! 9!
'&'8-'(:>*hA! 1.%3()* 4* !5)C#"* 8).#2%)6+5#$)2)A! ;%,B! "\0! "W#! v! """A! />+=%(>P,'! '(!
OOOB='(+*&>'()%:%&=,'R%B:%&B*8t/%:+B!
7`1``1ZA! jBA! 9! CQ4QU$56A! dB! ZB! G"XbgHB! LV+* <C.+52)&* ?%2.5%&* %9* g5')2#>).#%2"T* U*
;+"%-5$+*A+3+2,+2$+*!+5"3+$.#/+B!U'O!o%8k0!L*8='8!}!Z%OA!7.P,>+e'8+B!
7M4QUo5A!6B!G"X^bHB!LV+*f5+).*L5)2"9%56).#%20*LV+*!%&#.#$)&*)2,*<$%2%6#$*g5#'#2"*
%9*g-5*L#6+"B!J%+)%(0!J'*:%(!78'++B!
7Z5dMd5U1A!5B!G"XX#HB!<&*9#2*,+*&)"*$+5.#,-6M5+"B!C*()>*-%!/'!$e>,'0!Q(/8a+!J',,%B!
7Z5dMd5U1A!5B!G"XXbHB!<&*9#2*,+*&)"*$+5.#,-6M5+"B!N*/8>/0!c*.8.+B!
x35jQUMA! QB! GVWWWHB! f$%,%(>*,>/*/! /',! =%/'8! 9! :,*+>D>:*:>@(! +%:>*,hA! ]%-52)&* %9*
\%5&,JD4".+6"*;+"+)5$VA!]5!GVH0![\V!v![g#A!/>+=%(>P,'!'(!e))=0ttRO+8B.:8B'/.B!
Z1UI5$6A!ZB!GVWW\HB!f5(!*!C:*(/*,Ñ+!I*k'0!Q(!5()'8;>'O!O>)e!28B!!U*(:9!M,>;>'8>hA!
3(>;'8+>)9!%D!c%8%()%!N'/>:*,!j%.8(*,!Gc%8%()%HA!]%,B!g"A!Um![A!N*9B!
Z1oUMCMA! $B! GVWWWHB! U3%'+%* 4* ,+$),+2$#)* ,+* &%"* +".-,#%"* $-&.-5)&+"B! J*8:',%(*0!
d'/>+*B!
ZLM21CA!ZB!QB!IB!G"XX"HB!5()8%/.:)>%(!!-M&#$*U,6#2#".5).#%2A!#X!G"H0!"iVB!
CQUcMCA!JB!CB!G"XgXHB!N2.5%,-ÉÑ%*)*-6)*$#+2$#)*3:"J6%,+52)B!Z>%!/'!j*('>8%0!d8**,B!
CQUcMCA! JB! CB! G"XXgHB! A+* &)* S)2%* ,+* U&#$#)0* 8%* D%$#)&* 4* &%* !%&(.#$%* +2* &)*
3%".6%,+52#,),B! `*:.,)*/! /'! 2'8':e%! 3(>;'8+>/*/! /'! ,%+! Q(/'+0! 1/>:>%('+!
3(>*(/'+t!C>-,%!/',!L%&P8'!1/>)%8'+B!
CQUcMCB!JB!GVWW^HB!fL*:>*!.(*!+%:>%,%-<*!/'!,*+!*.+'(:>*+!9!.(*!+%:>%,%-<*!/'!,*+!
'&'8-'(:>*+hA!<&*6#&+2#%*V-W59)2%0*<2")4%"*3)5)*-2)*2-+/)*$-&.-5)*3%&(.#$)B!N*/8>/0!
c8%))*0!"^"!v!"X^B!
C$L3d3Z1UC6oA! 2B! G"XXXHB! fL>-e'8! 1/.:*)>%(! Z'+)8.:).8>(-! >(! )e'! 18*! %D!
d,%P*,>?*)>%(0!c%O*8/+!*!L')'8%(%&%.+!N%/',|hA!QZUM]1A!ZB!`B!*(/!cMZZ1CA!$B!QB!
G'/+BH0! ?%63)5).#/+* <,-$).#%2T* LV+* A#)&+$.#$* %9* .V+* f&%M)&* )2,* .V+* 8%$)&B! 4*(e*&0!
Z%O&*(!}!4>)),'D>',/!7.P,>+e'8+A!5(:B0!Vg[!v![W\B!!
C5CcM!$QN7MCA!]B!GVWW"HB!fc'%8<*!7+>:%,@->:*!'(!Q::>@(0!4*!7+>:%,%-<*!D8'()'!*!,*+!
:%(+':.'(:>*+! =+>:%,@->:*+! 9! +%:>*,'+! /'! ,%+! =8%:'+%+! /'! D,'F>P>,>?*:>@(! ,*P%8*,hA!
U2-)5#%*,+*!"#$%&%'()A!]%,B!"A!Um!"B!
CcZQcL1ZUA!NB!G"XgWHB!fU%!U*).8'A!U%!$.,).8'0!ce'!L*-'(!$*+'lA!N*:$MZNQ$6A!
$B! QU2!CcZQcL1ZUA!NB! G'/+BH0!E).-5+@*?-&.-5+*)2,*f+2,+5B!$*&P8>/-'!3(>;'8+>)9!
78'++A!$*&P8>/-'B!
cL51CC1UA!1B!jB!G"XX[HB!L+)$V#2'*9%5*?%66#.6+2.0*8#M+5)&*<,-$).#%2@*N2,%$.5#2).#%2*
)2,*?V5#".#)2*E-5.-5+B!N*:d>,,!v!x.''(Ñ+!3(>;'8+>)9!78'++B!
]MZZQJ1Z! $MCcQA! NB! G"XXXHB! f1+)./%+! $.,).8*>+! v! .&! :*&=%! =@+i/>+:>=,>(*8|hA!
]MZZQJ1Z! $MCcQA! N! G'/BH0! <".-,%"* ?-&.-5)#"* +6* +,-$)ÉÑ%B! 7%8)%! Q,'-8'0! 1/>)%8*!
/*!3(>;'8+>/*/'A!3`ZCB!
]MZZQJ1Z!$MCcQA!NB!GVWW"HB!fM!/>S,%-%!'()8'!*!:>'(:>*!'!%!&.(/%!v!.&*!*-'(/*!
=*8*! R%;'(+! ='+E.>+*/%8'+! '! ='+E.>+*/%8*+hA! 7*,'+)8*! 8'*,>?*/*! =%8! %:*+>)%! /*!
*P'8).8*!/%!IIF*D+6#2)5#%*,+*N2#$#)ÉÑ%*?#+2.(9#$)!'!78ä&>%!]*+:%(:',,%+!c%88'+!/'!
$>'(:>*! '! c':(%,%-<*A! '&! V#! /'! (%;'&P8%A! (%! *(D>)'*)8%! /*! ;+#.%5#)* ,)* 1OOA!
!
!
V^#!
E#.+5%#j;#%*,+*])2+#5%B!
IQ441ZCc15UA!5B!GVWW#HB!f4*+!'+)8.:).8*+!/',!:%(%:>&>'()%!%!{/'!:.S()*+!&*('8*+!
=%/'&%+!:%(%:'8|hA!<"3)$#%*)M#+5.%A!"^!G"!9!VH0!g[iXWB!
I15CCA! $B! G"XXgHB! f5&=8%;>(-! )e'! .+'! %D! ';*,.*)>%(+0! Ie%+'! R%P! >+! >)! *(9O*9|hA!
U,/)2$+"*#2*<,-$).#%2)&*!5%,-$.#/#.4A!;%,B!b0!V#[!v!Vb#B!
!
!
!
!
!
V^b!
!
!
V^g!
!
!
!
!
!
-,3(.(,!_!*)8$,$(7&T!)(3*&'(%&*'!5,+,!*.!,&l.('('!)*.!
$%&2*U2%!-,3(.(,+*!
!
!
kC:oKI>!5:<<:!3:<HI>=;!
3(>;'8+>/*/!/'!N.8:>*!
!
+*'83*&!
1+)'! )8*P*R%! =8')'(/'! =8'+'()*8! />+)>()*+! D%8&*+! /'! :%(:8')*8! ,*! &*('8*! /'!
'+)./>*8!',!:%()'F)%!D*&>,>*8B!$.*(/%!)'('&%+!*!,*!D*&>,>*!:%&%!%PR')%!/'!'+)./>%!
'(! :>'(:>*+! +%:>*,'+A! '+! DS:>,! :%(+>/'8*8,*! :%&%! .(! )%/%! /'! D%(/%! />D.+%! '!
>&=8':>+%B! Q,! :%&=*8*8,*+! :%(! ,*+! ;*8>*P,'+! +.R')%A! ,*+! ;*8>*P,'+! E.'! /'D>('(! ,%+!
:%()'F)%+!:%&%!,*!D*&>,>*A!',!-8.=%!+%:>*,!/'!>-.*,'+!%!',!*.,*A!(%!+'!e*(!/',>&>)*/%!
9!*:%)*/%B!Z'+.,)*!(':'+*8>%!=*8*!,*!>(;'+)>-*:>@(!'(!-'('8*,!9!=*8*!',!/>*-(@+)>:%!
'(! '/.:*:>@(! '(! =*8)>:.,*8! /'D>(>8! ,*+! />&'(+>%('+! '+'(:>*,'+! E.'! :%&=%('(! ',!
:%()'F)%!D*&>,>*8B!Q!,%!,*8-%!/',!)8*P*R%!>(/>:*&%+!,*!/>&'(+>%('+!:%(+>/'8*/*+!=%8!
,%+! *.)%8'+! /'! >(D%8&'+! >(+)>).:>%(*,'+A! >(+)8.&'()%+! =*8*! ',! />*-(@+)>:%! %! ,*!
';*,.*:>@(! =+>:%='/*-@->:*! :%&'8:>*,>?*/%+! '(! ',! :%()'F)%! '+=*T%,A! *+<! :%&%! ,*+!
'+:*,*+! &S+! 8'=8'+'()*)>;*+! /'! :*8S:)'8! >()'8(*:>%(*,B! c%/%! ',,%A! =*8*! )'8&>(*8!
=8%=%(>'(/%!.(*+!/>&'(+>%('+A!9!+.+!'+=':>D>:*:>%('+A!E.'!*9./'(!*!+>+)'&*)>?*8!
*(S,>+>+!E.'!)'(-*(!=%8!%PR')%!',!:%()'F)%!D*&>,>*8B!
5:L:d<:@! $L:Q=T! D*&>,>*Y! '/.:*:>@(Y! />&'(+>%('+Y! D*:)%8'+Y! '+:*,*+Y! />*-(@+)>:%Y!
';*,.*:>@(!=+>:%='/*-@->:*B!
!
!
-,3(._!,&)!*)8$,2(%&T!)(3*&'(%&'!-%+!,&,._'('!%-!-,3(._!$%&2*U2!
!
,/'2+,$2!
ce>+!=*='8!*>&+!)%!=8'+'()!:%(:8')'!O*9+!%D!e%O!)%!+)./9!)e'!D*&>,9!:%()'F)B!Ie'(!
O'!e*;'!)e'!D*&>,9!*+!*(!%PR':)!%D!+)./9!>(!+%:>*,!+:>'(:'+A!>)!>+!'*+9!)%!:%(+>/'8!>)!
*+! *! P*:k-8%.(/! *,,! D.??9! *(/! >&=8':>+'B! Ie'(! :%&=*8'/! O>)e! )e'! ='8+%(i
;*8>*P,'+A!)e'!;*8>*P,'+!)e*)!/'D>('!)e'!:%()'F)+!+.:e!*+!D*&>,9A!=''8!-8%.=!%8!+%:>*,!
+:e%%,! e*;'! (%)! P''(! /'D>('/B! 5)! >+! (':'++*89! D%8! 8'+'*8:e! >(! -'('8*,! *(/! D%8! )e'!
*++'++&'()!>(!'/.:*)>%(!>(!=*8)>:.,*8!)%!/'D>('!)e'!'++'()>*,!/>&'(+>%(+!)e*)!&*k'!
*
!
Para la realización de este trabajo ha sido decisiva la participación como coautoras de María Ángeles
Gomariz Vicente y María Cristina Sánchez López.
!
V^X!
.=!)e'!D*&>,9!:%()'F)B!ce8%.-e%.)!)e'!+)./9!>(/>:*)'!)e'!/>&'(+>%(+!:%(+>/'8'/!P9!
)e'!*.)e%8+!%D!>(+)>).)>%(*,!8'=%8)>(-A!)%%,+!D%8!)e'!/>*-(%+>+!%8!=+9:e%'/.:*)>%(*,!
';*,.*)>%(!&*8k')'/!>(!)e'!C=*(>+e!:%()'F)A!*(/!)e'!+:*,'!)e'!&%+)!8'=8'+'()*)>;'!
>()'8(*)>%(*,B! `>(*,,9! O'! =8%=%+'! />&'(+>%(+A! *(/! )e'>8! +=':>D>:*)>%(+A! )%! e',=!
+9+)'&*)>?'!*(*,9+>+!%D!D*&>,9!:%()'F)B!
e=NwC<?@T! D*&>,9Y! '/.:*)>%(Y! />&'(+>%(+Y! D*:)%8+Y! +:*,'+Y! />*-(%+)>:Y!
=+9:e%'/.:*)>%(*,!*++'++&'()B!
!
!
J*R%!'+)'!'=<-8*D'!-'('8*,!=8')'(/'&%+!:%&=*8)>8!.(!&*8:%!'(!',!E.'!8'D,'F>%(*8!
+%P8'! ,%+! ','&'()%+! :%(+)>).)>;%+! /',! :%()'F)%! D*&>,>*8! 9! ',! )>=%! /'! *::>%('+! %!
=8%:'+%+!E.'!+'!/*(!'(!+.!+'(%!9!'+)S(!*+%:>*/%+!*!'+%!E.'!,,*&*&%+!'/.:*8B!
U.'+)8*!>()'(:>@(!(%!'+!=8'+'()*8!%!/',>&>)*8!.(*!/'D>(>:>@(!/'!,%!E.'!'+!,*!D*&>,>*!
e%9A!(>!)*&=%:%!/'P*)>8!'(!)%8(%!*!,*+!)>=%,%-<*+!D*&>,>*8'+!'(!,*!*:).*,>/*/!D8'()'!
*! ,%! E.'! +'! e*! ;'(>/%! '()'(/>'(/%! :%&%! D*&>,>*! )8*/>:>%(*,B! 4%! E.'! P.+:*&%+! '+!
>()'()*8! *:'8:*8(%+! G+>'&=8'! /'! &*('8*! =8%;>+>%(*,! 9! ,>&>)*/*H! *! :%(:8')*8! .(*!
8'/! :%(:'=).*,! E.'! (%+! ='8&>)*! *P*8:*8! '+*! 8'*,>/*/! E.'! .)>,>?*&%+! '(! )*()*+!
%:*+>%('+!'(!',!!S&P>)%!/'!,*+!:>'(:>*+!+%:>*,'+!:%&%!'+!,*!D*&>,>*B!
1(! /'D>(>)>;*A! *! E.a! (%+! 8'D'8>&%+! :.*(/%! .+*&%+! 'F=8'+>%('+! :%&%! E.'! f! ,*!
D*&>,>*!>(D,.9'!'(!shA!f',!:%()'F)%!D*&>,>*8!:%(D%8&*!'(!',!*,.&(*/%!shA!'):BY!E.a!
+>-(>D>:*A! *! E.a! (%+! 8'D'8>&%+! :.*(/%! '+)*&%+! .)>,>?*(/%! ,*! 'F=8'+>@(! 9)6#&#)! %!
$%2.+C.%*9)6#&#)5!9!E.a!+>-(>D>:*!'+'!('F%!=8'+'()*/%!:%&%!#29&-4+*+2@*$%2,#$#%2)A!%!
+>&>,*8'+B!
2'+/'!S&P>)%+!&S+!/>D'8'()'+!:%&%!',!/'!,*!8'D,'F>@(!D>,%+@D>:*!%!,*!>/'%,@->:*!/'!
:%8)'! =%,<)>:%i+%:>*,A! e*+)*! *! :%(:8':>@(! /'! .(! />*-(@+)>:%! %! ';*,.*:>@(!
=+>:%='/*-@->:*A! =*+*(/%! =%8! +>).*:>%('+! >()'8&'/>*+! :%&%! =%/8<*! +'8! .(*!
>(;'+)>-*:>@(! %! .! >(D%8&'! )a:(>:%A! e'&%+! =%/>/%! *=8':>*8! =%+>:>%('+! /'! *.)%8'+!
E.'!:%(+>/'8*(!,*!D*&>,>*0!:%&%!*=*8*)%!>/'%,@->:%!/'!'+)*/%!G8':%8/*(/%!,*+!)'+>+!
:,S+>:*+! *,)e.++'8>*(*+H! /%(/'! ,*! D*&>,>*! 8'=8%/.:'! *! )8*;a+! /'! +.+! &>'&P8%+! ',!
'+)*).+! G8',*:>%('+! /'! =8%/.::>@(A! >/'%,%-<*A! '):BHY! E.'! ,*! D*&>,>*! =8%=%8:>%(*!
'+)*P>,>/*/A! /'+*88%,,%! ='8+%(*,! %! P>'('+)*8! =+>:%,@->:%! *! +.+! &>'&P8%+Y! %! E.'! ,*!
D*&>,>*!>(D,.9'!'(!',!8'(/>&>'()%!'+:%,*8A!,*!','::>@(!/'!'+)./>%+A!'):B!
4*!e>+)%8>*!/',!:%(+)8.:)%!:%()'F)%!D*&>,>*8!G=%8!/'D>(>8,%!/'!&*('8*!&.9!-'('8*,!9!
*,! &>+&%! )>'&=%! >8! */',*()*(/%! .(*! )%&*! /'! =%+).8*! >&=,<:>)*! '(! ,*! =8%=>*!
:%(+>/'8*:>@(! /',! )a8&>(%H! 8'E.>'8'! .(! /')'(>&>'()%! '+=':>*,! =*8*!
=%+)'8>%8&'()'! '(:%()8*8! .(*! P*+'! /'+/'! ,*! E.'! >()'()*8! ;*,>/*8! ,%+! >(/>:*/%8'+!
%P+'8;*:>%(*,'+!E.'!=%/8<*(!*9./*8!*!/'D>(>8,%!'&=<8>:*&'()'B!
Q()'! ,*! =8'-.()*! %! =8%P,'&*! 'F=8'+*/%! =%8! ,*! >/'*! f:.*(/%! &'(:>%(*&%+! ',!
:%()'F)%! D*&>,>*8! *! E.a! (%+! '+)*&%+! 8'D>8>'(/%hA! >(&'/>*)*&'()'! (%+! ;>'('! *,!
='(+*&>'()%! ',! :%(:'=)%! fe*:>(*&>'()%hB! NS+! :%(:8')*&'()'A! (%+! *:%8/*&%+! /'!
.(! *8)<:.,%! &.9! '+=':>*,! D>8&*/%! =%8! $*8,%+! C*()%9%! 9! N*8<*! c'8'+*! Q(-.'8*!
G"XXVH!9!)>).,*/%!f1,!e*:>(*&>'()%!:%&%!:%()'F)%0!'+)8*)'->*+!&')%/%,@->:*+!=*8*!
+.! *(S,>+>+hB! 1,! 8':%8/*8! '+)'! *8)<:.,%! (%! '+! =%8! +.! :%()'(>/%A! E.'! :*+>! (*/*! )>'('!
E.'!;'8!:%(!(.'+)8%!%PR')>;%A!:.9%+!*.)%8'+!)8*)*(!&*->+)8*,&'()'A!+>(%!=%8!,%!E.'!
(%+! ';%:*B! {x.a! '+! '+%! E.'! ,,*&*&%+! D*&>,>*! '(! :>'(:>*+! +%:>*,'+! +>(%! .(!
!
!
V#W!
e*:>(*&>'()%!/'+%8/'(*/%!/'!/>&'(+>%('+A!D*:)%8'+A!;*8>*P,'+A!'):|B!c*&P>a(!'8*!
+>-(>D>:*)>;%! =%8! ,*+! :%((%)*:>%('+! E.'! 'F=8'+*! ',! )a8&>(%! E.'! .)>,>?*P*! 1+:*8)<(!
G"XXV0!^#H0!fe%,@(hB!1,!E.'8'8!+.P8*9*8!,%!*&=,>%!/',!:%(+)8.:)%!"#".+6)*9)6#&#)5!9!
,*!;'?!,*!(':'+>/*/!/'!)'('8!.(*!='8+=':)>;*!e%,<+)>:*!,'!e*:'!.)>,>?*8!'+'!)a8&>(%A!
E.'!*/'&S+!=.'/'!>(:%8=%8*8!'+*!>/'*!/'!>(/'D>(>:>@(!%!>&=8':>+>@(!8'+=':)%!*!,%!
E.'!'(-,%P*B!
2'+/'! .(*! :%(:'=:>@(! /'! 2>*-(@+)>:%! '(! 1/.:*:>@(A! :%&%! />+:>=,>(*! )a:(>:%!
:>'()<D>:*! >(&'8+*! /'()8%! /'! ,*+! $>'(:>*+! /'! ,*! 1/.:*:>@(A! =*8*! ,*! E.'! +.! D.(:>@(!
GD>(*,>/*/!_,)>&*H!'+!D*;%8':'8!,*!)%&*!/'!/':>+>%('+!'(!=8%:'+%+!/'!>()'8;'(:>@(!
=+>:%='/*-@->:*A! ;'(>&%+! =8%=%(>'(/%! G7*88*A! "XXVA! "XX#H! :%&%! %PR')%! /'! ,*!
/>+:>=,>(*! *! ,*! ='8+%(*! 9! ,%+! :%()'F)%+! :%(! ,%+! E.'! >()'8*:)_*B! Z'+=':)%! *! ,%! :.*,A!
'()'(/'&%+! E.'! (%! '+! (':'+*8>%! 8'>)'8*8! ,*! )8*/>:>%(*,! />+)>(:>@(! G8'+.',)*! '(!
(.'+)8%! :%()'F)%! =%8! Z%/8<-.'?! 1+=>(*8A! "XgVH! '(! ',! &*8:%! /'! ,*+! $>'(:>*+! /'! ,*!
1/.:*:>@(A! '(! -'('8*,A! 9! /',! 2>*-(@+)>:%! '(! 1/.:*:>@(! %! 1;*,.*:>@(!
7+>:%='/*-@->:*A! '(! =*8)>:.,*8A! '()8'! )""+""6+2.! G*(S,>+>+! /'! ,*! 8'*,>/*/! :'()8*/%!
'(!,*+!;*8>*P,'+!+.R')%A!>()8*=+<E.>:*+A!%8-*(<+&>:*+A!'):BH!9!+,-$).#%2*G*(S,>+>+!/'!,*!
8'*,>/*/! :'()8*/%! '(! ',! :%()'F)%A! ,%+! =8%-8*&*+A! ;*8>*P,'+! (%i+.R')%HA! ='8%! +<! ',!
+'T*,*8!,*!*)'(:>@(!9!:%(+>/'8*:>@(!E.'!+'!,'!e*!;'(>/%!/*(/%!'(!,*!e>+)%8>*!/'!,*+!
:>'(:>*+!+%:>*,'+!*!.(%!9!*!%)8%!:%(:'=)%B!
Q!,%!,*8-%!/',!+>-,%!rr!,%+!'+)./>%+%+!9!)8*P*R*/%8'+!/'!,*+!$>'(:>*+!/'!,*!$%(/.:)*!
9! /'! ,*! 1/.:*:>@(! +'! e*(! /'/>:*/%! *! /',>&>)*8! ,*+! ;*8>*P,'+! 8'D'8>/*+! *,! +.R')%!
G)""+""6+2.H0! >()8*=+<E.>:*+A! :%&%! ',! S8'*! :%-(>)>;*A! ='8+%(*,>/*/A! '):BY!
:%(:8')S(/%,*+! '(! D*:)%8'+v>()',>-'(:>*+A! :%&%! ,%+! 8*?%(*&>'()%+! ;'8P*,A!
(.&a8>:%A! '+=*:>*,'+A! '):BA! =*8*! ',! :*+%! /',! S8'*! :%-(>)>;*A! %! />+)>(-.>'(/%! '()8'!
/>+)>()%+! 8*+-%+! 9! '+)*/%+! =*8*! ',! S&P>)%! /'! ='8+%(*,>/*/Y! 9! +'! e*(! =8%=.'+)%!
&%/',%+! )'@8>:%+! -'('8*,'+! /'! *P%8/*R'A! /'! 'F=,>:*:>@(! %! /'! )8*P*R%! :%&%! e*(!
;'(>/%! +>'(/%! ,*+! /'(%&>(*:>%('+! /'! ,%+! &%/',%+! )8*/>:>%(*,'+A! /'! >()',>-'(:>*+!
&_,)>=,'+A! >()'-8*/%8'+! /',! *&P>'()'A! '):BB! 2>-*&%+! E.'! ,*! 5+,! /'! *=8'e'(/'8! ,*!
8'*,>/*/A! E.'! />8<*! 7%=='8A! +'! e*! >/%! e*:>'(/%! :*/*! ;'?! &*+! ).=>/*! 9! (%+! e'&%+!
/*/%! ,*! =%+>P>,>/*/! /'! ,*(?*8,*! /'+/'! />+)>()*+! =%+>:>%('+! %! ='8+=':)>;*+! 9! :%(!
/>+)>()%+!&*)'8>*,'+!%!8':.8+%+B!7'8%!+>'&=8'!=*8*!*(*,>?*8!,*+!;*8>*P,'+!+.R')%B!
7*8':'! E.'! ,*! :%(+>/'8*:>@(! /'! ,*+! ;*8>*P,'+! f(%i+.R')%hA! )'(>a(/%+'! :%&%!
8',';*()'+!>()'(:>%(*,&'()'A!(%!e*!';%,.:>%(*/%!:%(!,*!&>+&*!>&=8%()*!%!:%(!',!
&>+&%!/')'(>&>'()%B!
C@,%! =%8! ';>/'(:>*8! %! =%8! +.P8*9*8! '+)*! >/'*! =8%=%(/8<*&%+! ,*+! +>-.>'()'+!
=8'-.()*+! :%&%! '+P%?%! /'! .(*! >(;>)*:>@(! *! ,*! 8'D,'F>@(0! {:.S()%+! )'+)+A! '+:*,*+! %!
:.'+)>%(*8>%+! /'! :%8)'! =+>:%&a)8>:%! %! =8%9':)>;%! )>'('(! =%8! %PR')%! ,*+! ;*8>*P,'+!
"-a+.%! '(! ,%+! :*)S,%-%+! /'! ,*+! =8>(:>=*,'+! '/>)%8>*,'+! '+=*T%,*+! :%&'8:>*,>?*/%8*+!
/'! '+)'! )>=%! /'! 8':.8+%+! /'! 'F=,%8*:>@(|! {$.S()*+! =.P,>:*:>%('+! /'! '+%+! &>+&%+!
:*)S,%-%+!)>'('(!=%8!%PR')%!$%2.+C.%"!*!*(*,>?*8!:%&%!,*!D*&>,>*A!',!*.,*!%!',!+%:>*,!
>(&'/>*)%|B!C*P>'(/%!E.'!=*8)>&%+!/'!,*!>/'*!/'!E.'!,%+!+.R')%+!9!,%+!:%()'F)%+!:%(!
,%+!E.'!>()'8*:)_*(!+%(!',!:'()8%!/',!=8%:'+%!/'!,*+!';*,.*:>%('+!=+>:%='/*-@->:*+B!
C>! P>'(! ',! *&P>'()'! +'! )%&*! '(! :%(+>/'8*:>@(! /'+/'! ,%+! =8>&'8%+! &%&'()%+! /',!
+>-,%!rrA!+.!:%(:8':>@(A!'+=':>D>:*:>@(A!*)%&>?*:>@(!9!,*!/'D>(>:>@(!/',!)>=%!/'!('F%!
E.'! 'R'8:'! +%P8'! ,*! ='8+%(*! (%! +'! e*! )'(>/%! '(! :.'()*! /'! ,*! &>+&*! &*('8*! :%(!
8'+=':)%! *,! '+)./>%! /'! ,*+! ;*8>*P,'+! +.R')%B! 2'+/'! ',! :%(/.:)>+&%A! ,*! '+:.',*! /'!
=+>:%,%-<**!+%;>a)>:*A!,*!)'%8<*!-'('8*,!/'!+>+)'&*+A!,%+!&%/',%+!:%-(>)>;%i+%:>*,'+A!
!
!
V#"!
':%,@->:%+! *! ,%+! >()'-8*,'+! +'! e*(! >/%! :%(:8')*(/%! :%()'(>/%+A! ='8+=':)>;*+! '!
>(+)8.&'()%+! =*8*! ',! *(S,>+>+! /'! ,*! 8'*,>/*/A! ='8%! (%! =*8':'(! e*P'8+'! 'F)'(/>/%!
:%&%!,%!e*(!e':e%!%)8*+!)'%8<*+B!!
2'! D%8&*! -'('8*,A! 8'+=':)%! *,! *&P>'()'! 9! ,*! =8%=>*! ';*,.*:>@(! /'! :%()'F)%+! '(!
+'()>/%!*&=,>%A!'(!(.'+)8*+!/>+:>=,>(*+A!/'P'&%+!8':%(%:>&>'()%!*!,%+!)8*P*R%+!/'!
+>+)'&*)>?*:>@(! /'! ,%+! *T%+! +')'()*! 9! %:e'()*! /'! ,*! =8%D'+%8*! Z%:<%! `'8(S(/'?!
J*,,'+)'8%+!G'R'&=,%!/'!',,%+A!'()8'!&.:e%+A!D.'8%(!,%+!)8*P*R%+!/'!"Xg[!@!"Xg#H!B!
U%+!>(;>)*P*A!,*!=8%D'+%8*!`'8(S(/'?!J*,,'+)'8%+!G"Xg\0[^H!*!/'+*88%,,*8!=8%:'+%+!
/'!*(S,>+>+0!*H!"#".+6B.#$%"!9!&%,*8'+!/'!,*+!;*8>*P,'+!:%(/.:).*,'+A!%8-*(<+&>:*+!9!
*&P>'()*,'+! 8',';*()'+! *! :*/*! :*+%A! &'/>*()'! />D'8'()'+! )a:(>:*+A! :%(! ',! %PR')>;%!
/'! 'F=,>:*8A! :,*+>D>:*8! 9! =8'/':>8! ,*+! :%(/.:)*+! /'! .(! +.R')%! %! -8.=%! :%(! ',! D>(! /'!
%8>'()*8A!+','::>%(*8Y!!PH!9-2$#%2)&+"!/'+/'!.(*!='8+=':)>;*!&%,':.,*8!*!)8*;a+!/',!
'+)./>%! )'&=%8*,A! +':.'(:>*,A! ,>('*,! 9! />+:8')%! /'! ,*+! 8',*:>%('+! D.(:>%(*,'+! '()8'!
:%(/.:)*+A! %8-*(>+&%! G:%&%! '()'! P>%,@->:%! '! e>+)@8>:%A! :%(! *()':'/'()'+! 9!
:%(+':.'()'+H!9!',!*&P>'()'B!
4*!:%(+>/'8*:>@(!/'!,*!D*&>,>*!:%&%!+>+)'&*!+'!'F=,>:*!/'+/'!',!=8>&'8!&%&'()%!
'(!',!E.'!,*+!:>'(:>*+!+%:>*,'+!*/%=)*(!,*!)'%8<*!-'('8*,!/'!+>+)'&*+!/',!:*&=%!/'!
,*+!:>'(:>*+!/'!,*!(*).8*,'?*!D%8&.,*/*!=%8!4./O>-!;%(!J'8)*,*(DD9B!3(!'R'&=,%!/'!
',,%! '+! ,*! +<()'+>+! E.'! /'+*88%,,@! 1+:*8)<(! G"XXVHB! 1()>'(/'! ',! +>+)'&*! D*&>,>*8!
:*8*:)'8>?*/%! =%8! ,*+! :%(+)*()'+! 9! '+)8':e*+! >()'8*::>%('+! E.'! +'! /*(! '()8'! +.+!
','&'()%+!:%(+)>).)>;%+A!=%8!,*!:>8:.,*8>/*/!/'!'+*+!>()'8*::>%('+A!R.()%!:%(!,%!E.'!
+'!/'(%&>(*!:%&%!'E.>,>P8>%!/>(S&>:%!'()8'!.(*!)'(/'(:>*!*,!&*()'(>&>'()%!/',!
+>+)'&*! Ge%&'%+)*+>+H! 9! ,*! :%()>(.*! )8*(+D%8&*:>@(! E.'! -'('8*! =%8! +.! />(S&>:*!
G&%8D%-a('+>+HB!
C>!/'D>(>a8*&%+!,*!D*&>,>*!:%&%!+>+)'&*A!.(>/%!*!'+)*+!:*8*:)'8<+)>:*+!*()'8>%8'+A!+'!
=%/8<*! e*:'8! 8'D'8'(:>*! *! +.! D>(*,>/*/! _,)>&*A! ,*! '+)8.:).8*! %! 8',*:>@(! E.'! +'! /*!
'()8'! ,%+! ','&'()%+! G+.P+>+)'&*+H! 9! ,%+! =8%:'+%+! E.'! +'! /*(! '(! ,*! />(S&>:*! E.'!
+>-.'!'(!',!:*&>(%!/'!*,:*(?*8!+.!D>(*,>/*/!_,)>&*B!
Z'+=':)%!*!,%+!D>('+!/'!,*!D*&>,>*!=8%:'/'!/>D'8'(:>*8!'()8'!,*+!8'D'8>/*+!*,!=8%=>%!
+>+)'&*! D*&>,>*8! 9! ,*+! E.'! e*:'(! 8'D'8'(:>*! *,! +>+)'&*! +%:>*,! *,! E.'! ='8)'(':'B! 1(!
:.*()%! *,! =8%=>%! +>+)'&*! D*&>,>*8! =8%:'/'! +'T*,*8! ,*! +*)>+D*::>@(! /'! (':'+>/*/'+!
G&*)'8>*,'+A! P>%,@->:*+A! =+>:%,@->:*+A! +%:>*,'+A! '/.:*)>;*+A! '):BH! 9! ,*! +%:>*,>?*:>@(!
G'/.:*:>@(A! /'+*88%,,%! ='8+%(*,i+%:>*,A! '):BA! )'(>'(/%! :%&%! P*+'! .(! :%(R.()%! /'!
:8''(:>*+H!/'!+.+!&>'&P8%+B!1(!:.*()%!*!,*+!D>(*,>/*/'+!e*:>*!',!+>+)'&*!+%:>*,!*,!
E.'! ='8)'(':'A! ',! +>+)'&*! D*&>,>*8! )>'(/'! *! ,*! &'R%8*! 9! /'+*88%,,%! /'! ,*! =8%=>*!
+%:>'/*/! %! :%&.(>/*/! *! )8*;a+! /'! ,*! D.(:>%('+! :%&%! ,*! 8'=8%/.::>@(! 9!
'&*(:>=*:>@(!/'!&>'&P8%+!'(!',!:*+%!/'!E.'!+'!)8*)'!/'!.(*!D*&>,>*!:%(!e>R%+A!,*!
8',*:>@(!:%(!%)8%+!+>+)'&*+!D*&>,>*8'+!9!,*!=8%=>*!=*8)>:>=*:>@(!+%:>*,B!
4*! '+)8.:).8*! %! :%(R.()%! /'! >()'8*::>%('+! E.'! +'! /*(! '()8'! ,%+! =%+>P,'+!
+.P+>+)'&*+!D*&>,>*8'+!G/'='(/>'(/%!/'!,*+!:>8:.(+)*(:>*+!9!,*!='8+=':)>;*!+'!e*(!
'()'(/>/%! ',! :%(9.-*,A! =*8'()*,A! D>,>*,A! /'! e'8&*(%+A! /'! *.)%(%&<*A! /'! :.>/*/%+!
&.).%+A! *D':)>;%i'&=S)>:%A! '):BH! +'! &*(>D>'+)*! 9! *=8':>*! D.(/*&'()*,&'()'! *!
)8*;a+! /'! )8'+! =8%:'+%+! E.'! =8%=>:>*(! +.! />(S&>:*0! ,*! :%&.(>:*:>@(! G',!
>()'8:*&P>%!/'!+>-(>D>:*)>;%!;'8P*,A!-'+).*,!%!D<+>:%HA!,*!*+.(:>@(!9!',!/'+*88%,,%!/'!
8%,'+! G=8%:'/>&>'()%! =%8! ',! E.'! +'! 'R'8:'! .(! =*=',! E.'! ='8&>)'! %8/'(*8! /'! .(*!
/')'8&>(*/*!D%8&*!,*+!8',*:>%('+!'()8'!,%+!&>'&P8%+H!9!%8-*(>?*:>@(!9!-'+)>@(!/'!
(%8&*+!G=8%:'+%!E.'!*D>8&*!,*!/>(S&>:*!/'!&*()'(>&>'()%!ve%&'%+)S)>:*!v!/'!,*!
!
!
V#V!
D*&>,>*!9!E.'!8'D,'R*!/'!&*('8*!%P+'8;*P,'!=*8)'!/',!+>+)'&*!/'!:8''(:>*+B!
$%&%!:%(:,.+>@(A!*!'+)'!8'+=':)%A!',!+>+)'&*!D*&>,>*8A!:%(!.(%+!D>('+A!.(!:%(R.()%!
/'! :8''(:>*+A! )>'(/'! *,! &*()'(>&>'()%! 9! &'R%8*! /'! ,*! =8%=>*! D*&>,>*! 9! ,*!
:%&.(>/*/A! &'/>*()'! ',! /'+*88%,,%! /'! ,*! :%&.(>:*:>@(A! ',! /'+'&='T%! /'! 8%,'+!
/')'8&>(*/%+! 9! ,*! -'+)>@(! %8-*(>?*/*! /',! :>:,%! ;>)*,A! +>'(/%! :*=*?! /'! -'('8*8!
=8%:'+%+!/'!+%:>*,>?*:>@(!*/':.*/%+!%!>(*/':.*/%+B!
$%(:8')*(/%! '(! ',! :%()'F)%! D*&>,>*8! D.'8%(! .(! e>)%! ,%+! =,*()'*&>'()%+! /'!
J8%(D'(P8'(('8!G"XbbA!"XbXA!"XgbH!9!+.!&%/',%!':%,@->:%B!2'+/'!+.+!=8%=.'+)*+A!
=8'+'()*P*!.(!&%/',%!/'!*(S,>+>+!/'+/'!',!E.'!/'+:%&=%(<*!,*!8'*,>/*/!D*&>,>*8!*!
)8*;a+! /'! :.*)8%! (>;','+! +'-_(! ',! -8*/%! /'! >()'-8*:>@(! /'! 8'*,>/*/! E.'! +'!
:%(+>/'8'0! :%&%! &>:8%+>+)'&*! G:%(R.()%! /'! =%+>:>%('+! '! >()'8*::>%('+!
>()'8='8+%(*,'+! '()8'! ,%+! &>'&P8%+A! *+<! :%&%! ,*+! =8%=>*+! :%(+':.'(:>*+! /'! ,%+!
=8%=>%+! 8%,'+! '! >(D,.'(:>*+HY! :%&%! &'+%+>+)'&*! G)>=%! /'! >()'8*::>%('+! '()8'!
/>+)>()%+! &>:8%+>+)'&*+A! =%8! 'R'&=,%! ,*+! 8',*:>%('+! '()8'! D*&>,>*! 9! :'()8%+!
'+:%,*8'+A! .! %)8%+! &>:8%+>+)'&*+! /'! ,%! E.'! '()'(/'&%+! =%8! :%&.(>/*/HY! :%&%!
':%+>+)'&*! G'()%8(%+! >(/>8':)%+! *! (.'+)8%+! +.R')%+! :%&%! =%/8<*(! +'8! ,%+! :<8:.,%+!
+%:>*,'+! /',! 8'+)%! /'! &>'&P8%+! /'! ,*! D*&>,>*HY! &*:8%+>+)'&*! GS&P>)%! &S+! *&=,>%!
'(! ',! E.'! +'! /'+*88%,,*A! :%&%! 9%2,%A! ,*! 8'*,>/*/! :.,).8*,A! >/'%,@->:*A! ':%(@&>:*A!
e>+)@8>:*A! '):B! Q,-.(*+! :%(:8':>%('+! /'! '+)'! &%/',%! +'! e*(! ;'(>/%! &*)>?*(/%A!
&%/.,*(/%!%!*/*=)*(/%!*,!&*8:%!/'!,*!=+>:%='/*-%-<*!9!'R'&=,%!/'!',,%!e*(!+>/%!
,*+! 8'D,'F>%('+! /'! d*8:<*! CS(:e'?! GVWW"H! =*8*! ,*! >()'8;'(:>@(! '(! Q)'(:>@(!
c'&=8*(*!%!,*+!/'!`8'>F*!GVWW[H!8'+=':)%!*!,*!%8>'()*:>@(!9!,*!*::>@(!).)%8>*,B!
1+)*! _,)>&*! *.)%8*! G`8'>F*A! VWW[H! :.*(/%! :%(:8')*! ,*+! />&'(+>%('+! /',! :%()'F)%!
D*&>,>*8! ,*+! /'+:%&=%('! '(! .(! =8>&'8! (>;',! ,*+! E.'! /'(%&>(*! #2,#/#,-)&+"!
G*=%9S(/%+'!'(!d>&'(%A!"XXXHA!/%(/'!e*P8<*!E.'!:%(+>/'8*80!,%+!*+=':)%+!D<+>:%+!9!
/'! +*,./Y!,%+!*+=':)%+!:%-(>)>;%+A!,*!='8+%(*,>/*/A!,*!:%&=')'(:>*!+%:>*,A!,%+!8%,'+!
'+)8.:).8*,'+!9!D.(:>%(*,'+A!,%+!8':.8+%+!9!,*+!/'&*(/*+!9!(':'+>/*/'+!='8+%(*,'+A!
=*8*!:%(%:'8!E.>a(!,*+!+*)>+D*:'!9!=*8*!%=)>&>?*8!,%+!=8%9':)%+!:%&.('+B!c%/%!',,%!
/'+/'! .(*! ='8+=':)>;*! />*:8@(>:*! E.'! (%+! ='8&>)*! :%&=8'(/'8! ,*! e>+)%8>*! /'!
(.'+)8%!+.R')%!'(!',!%!,%+!(_:,'%+!D*&>,>*8'+!*!,%+!E.'!=.'/*!='8)'(':'8!*!,%!,*8-%!
/'!+.!;>/*B!
1,! +'-.(/%! (>;',! /'! />&'(+>%('+! E.'! +'T*,*! `8'>F*! '+! ',! /'(%&>(*/%! "#".+6)*
9)6#&#)5! '(! ',! E.'! =8%:'/'8<*! :%()'&=,*8! ',! :%(R.()%! /'! >()'8*::>%('+! E.'! '(! ,*!
D*&>,>*!+'!/*(!:%&%!,*!'+)8.:).8*!8',*:>%(*,!/'!:.*,E.>'8!+>+)'&*B!1(!'+)'!:%(R.()%!
/'!>()'8*::>%('+!+'!=.'/'!*:%)*8!,*+!8'D'8'()'+!*0!,*+!D.(:>%('+!G',!/'+*88%,,%!/'!,*!
=8%=>*!>/'()>/*/!%!,*!>/'*!/'!='8)'('(:>*!*!.(!f(%+%)8%+hA!,*!D*&>,>*HY!,*+!8',*:>%('+!
'+=':<D>:*+!/'!+.P+>+)'&*!D*&>,>*8!G,*+!8',*:>%('+!:%(9.-*,'+A!'(!',!:*+%!/'!E.'!(%!
D.'8*(! D*&>,>*+! &%(%=*8'()*,'+A! ,*+! 8',*:>%('+! '(! ',! /'+'&='T%! =*8'()*,! 9! ,*+!
D8*)'8(*,'+A! '(! ',! :*+%! /'! ,*! 'F>+)'(:>*! /'! &S+! /'! .(! e>R%HY! 9! ,*+! /'(%&>(*/*+! /'!
:>:,%! ;>)*,! G';%,.:>@(! /'! ,*! D*&>,>*! *! =*8)>8! /'! e>)%+! 8',';*()'+! =*8*! ,*! &>+&*!
D*&>,>*A! :%(! ,*! =8%=>*! :%(+)>).:>@(A! (*:>&>'()%! /'! e>R%+A! +.! /'+*88%,,%A!
'&*(:>=*:>@(A!'):BHB!
1,! )'8:'8! (>;',! /'! />&'(+>%('+! :%(+>/'8*/%! =%8! `8'>F*A! *=%9*/*! '(! ',! :>)*/%!
)*&P>a(!*E.<!J8%(D'(P8'(('8!G"XgbHA!'+!E.'!e*:'!8'D'8'(:>*!*!,*!D*&>,>*!>(+'8)*!'(!
',!+>+)'&*!+%:>*,!=*8*!,%!E.'!:%)'R*!,*+!>/'*+!/'!&>:8%A!&'+%A!'F%!9!&*:8%!+>+)'&*A!
9*!+'T*,*/*+B!
M)8*! *=%8)*:>@(A! &.9! ;*,>%+*! 9! '(8>E.':'/%8*A! 8'+=':)%! *! ,*! +>+)'&*)>?*:>@(! /',!
!
!
V#[!
:%()'F)%!D*&>,>*8!'(!',!S&P>)%!/',!2>*-(@+)>:%!'(!1/.:*:>@(!D.'!,*!8'*,>?*/*!=%8!,*!
=8%D'+%8*! $'P*,,%+! GVWW#HB! 1(! +.! =8%=.'+)*! +'T*,*! )8'+! -8*(/'+! P,%E.'+! /'!
/>&'(+>%('+0!
i! `<+>:*! G)>=%! /'! ;>;>'(/*A! P*88>%A! :*(*,'+! /'! :%&.(>:*:>@(A! 8':.8+%+! '/.:*)>;%+HA!
+%:>%/'&%-8SD>:*! G+>).*:>@(! ':%(@&>:*A! (>;',! :.,).8*,A! :%&=%+>:>@(A! +*,./A! '):BH! 9!
%8-*(>?*:>%(*,!G%8-*(>?*:>@(A!*:)>;>/*/'+!:%)>/>*(*+A!/>+)8>P.:>@(!/'!8%,'+A!)*8'*+!9!
D.(:>%('+A!8',*:>@(!:%(!%)8%+!:%()'F)%+A!'):BH!!
i!$%-(>)>;%i'/.:*)>;*+!G:%&%!,*+!:8''(:>*+A!&')*+!9!=8S:)>:*+!'/.:*)>;*+A!>/'%,%-<*!
9!;*,%8'+A!'):BH!
i! 78%:'+.*,'+! G:%&%! ,*! :%&.(>:*:>@(A! ',! '+)>,%! 8',*:>%(*,! 9! :,>&*! *D':)>;%A!
'+)8*)'->*+!/'!8'+%,.:>@(!/'!:%(D,>:)%+A!:%&=')'(:>*+!'&%:>%(*,'+A!:%&.(>:*)>;*+!9!
+%:>*,'+A!'):BH!
!
)(3*&'(%&*'!$%&2*35.,),'!)*')*!)('2(&2,'!-(&,.(),)*'!_!l3/(2%'!
)*!,$$(7&!5+%-*'(%&,.#!
j.()%! :%(! '+)*+! 8'D,'F>%('+! =%/8<*&%+! :%)'R*8! ,*! D%8&*! /'! :%()'&=,*8! ,*+!
/>&'(+>%('+!=*8*!*(*,>?*8!',!:%()'F)%!D*&>,>*8!*!)8*;a+!/'!=8%=.'+)*+!'F=8'+*/*+!
=%80!*H!*,-.(%+!>(D%8&'+!/'!P*+'!>(+)>).:>%(*,!:%&%!',!/'+*88%,,*/%!=%8!',!5(+)>).)%!
U*:>%(*,!/'!$*,>/*/!9!1;*,.*:>@(!G5U$1H!G"XXgH!%!=%8!',!'(:*8-*/%!=%8!',!$%(+'R%!
1+:%,*8! /'! ,*! Z'->@(! /'! N.8:>*! Gd%&*8>?A! 7*88*A! d*8:<*! C*(?A! L'8(S(/'?! 9! 7a8'?A!
VWWgHd! PH! ,%+! >(+)8.&'()%+! =*8*! ,*! ';*,.*:>@(! =+>:%='/*-@->:*! %! />*-(@+)>:%! '(!
'/.:*:>@(! =.P,>:*/%+! =%8! ,*+! =8>(:>=*,'+! '/>)%8>*,'+! '(! ',! S&P>)%! '+=*T%,! E.'!
)>'('(! =%8! %PR')%! )%/%! )>=%! /'! )a:(>:*+! /'! 'F=,%8*:>@(! :%&%! +%(! ,*+! '+:*,*+A!
:.'+)>%(*8>%+!%!)'+)Y!:H!,*+!'+:*,*+!/'!8':%(%:>&>'()%!>()'8(*:>%(*,!E.'!e*(!)'(>/%!
8'='8:.+>@(!:%(!&*9%8!'F)'(+>@(!'(!(.'+)8%!=*<+B!
!
)(3*&'(%&*'!)*.!$%&2*U2%!-,3(.(,+!$%&2*35.,),'!*&!(&-%+3*'!$%&!
5,2+%$(&(%!(&'2(28$(%&,.#!
1,! >(D%8&'! +%P8'! ',! +>+)'&*! '/.:*)>;%! '+=*T%,! /'+*88%,,*/%! =%8! ',! 5U$1! G"XXgH!
8':%-<*! '(! .(%! /'! +.+! *=*8)*/%+! .(*! *)'(:>@(! '+=':>*,! *! ,*! 8',*:>@(! D*&>,>*! 9!
'/.:*:>@(B!j.()%!:%(!%)8*+!>(D%8&*:>%('+!&S+!*&=,>*+!:%(+>/'8*P*!,*!+>).*:>@(!/'!
,*! D*&>,>*! '(! ,*+! />+)>()*+! :%&.(>/*/'+! *.)@(%&*+! *! =*8)>8! /'! ,%+! +>-.>'()'+!
>(/>:*/%8'+0! +%:>%/'&%-8SD>:%+! 9! '+=*:>%+A! 8':.8+%+! '/.:*)>;%+! &*)'8>*,'+A!
*:)>;>/*/'+!'F)8*'+:%,*8'+!:%&=,'&'()*8>*+!%!/'!%:>%A!>()'8a+!=%8!,%+!'+)./>%+!/'!
,%+! e>R%+A! +*)>+D*::>@(! :%(! ,*! '+:.',*A! 8'+=%(+*P>,>/*/! '/.:*)>;*A! :%()8%,! 9!
+'-.>&>'()%! /'! :%(D,>:)%+A! )8*+&>+>@(! /'! ;*,%8'+! G:%&%! ',! /'! :%(;>;'(:>*A! ,*!
,>P'8)*/!='8+%(*,A!,*P%8>%+>/*/A!,*!'/.:*:>@(!=*8*!,*!=*?!%!,*!+*,./HA!D%8&*:>@(!/'!
*:)>)./'+! G:%&%! ',! -.+)%! =%8! ',! )8*P*R%! P>'(! e':e%! %! ',! '+=<8>).! :8<)>:%A! '):BHA! %! ,*!
=*8)>:>=*:>@(!/'!,*+!D*&>,>*+!'(!,*!;>/*!/'!,%+!:'()8%+!'+:%,*8'+B!
1,!>(D%8&'!',*P%8*/%!=%8!d%&*8>?A!7*88*A!d*8:<*!C*(?A!L'8(S(/'?!9!7a8'?!GVWWgH!*!
=')>:>@(! /',! $%(+'R%! 1+:%,*8! /'! ,*! Z'->@(! /'! N.8:>*A! P*+*/%! '(! .(! &.'+)8'%! /'!
VB\X\! D*&>,>*+A! "\#! =8%D'+%8'+! /'! ,%+! e>R%+! /'! '+*+! D*&>,>*+A! /'! "[^! :'()8%+!
'+:%,*8'+!G/'+/'!1/.:*:>@(!5(D*()>,!*!J*:e>,,'8*)%H!9!'(:*&>(*/%!*!>(D%8&*8!+%P8'!
,*! :%&.(>:*:>@(! '()8'! D*&>,>*! 9! :'()8%+! '+:%,*8'+! /'! &*('8*! &S+! '+=':<D>:*!
:%(+>/'8*P*! .(! :%(R.()%! /'! />&'(+>%('+0! ,%+! )>=%+! /'! 8':.8+%+! .)>,>?*/%+! '(! ,*!
!
!
V#\!
:%&.(>:*:>@(!'()8'!D*&>,>*+!9!=8%D'+%8'+!/'!,%+!:'()8%+!'+:%,*8'+A!,%+!:%()'(>/%+!
/'!,*!:%&.(>:*:>@(A!',!)>=%!/'!=*8)>:>=*:>@(!/'!,*+!D*&>,>*+!'(!,%+!:'()8%+!'+:%,*8'+A!
,%+! )>=%+! /'! 8',*:>%('+! ='8+%(*,'+! E.'! +'! /*P*(! '()8'! D*&>,>*+! 9! =8%D'+%8*/%A! ,*!
:%()8>P.:>@(!/'!,*+!D*&>,>*+!'(!,%+!*=8'(/>?*R'+!'+:%,*8'+A!',!:%(%:>&>'()%!E.'!,*+!
D*&>,>*+!)>'('(!/'!,*!;>/*!/',!:'()8%A!',!:%(%:>&>'()%!E.'!',!=8%D'+%8*/%!)>'('!/'!,*!
;>/*!/',!*,.&(*/%!9!/'!+.+!D*&>,>*+!9!',!:%&=8%&>+%!E.'!,*+!D*&>,>*+!9!=8%D'+%8'+!
+'!=%/8<*(!=,*()'*8!=*8*!&'R%8*8!:*/*!.(%!/'!,%+!*+=':)%+!*()'8>%8'+!
!
(&'2+83*&2%'! 5,+,! .,! *6,.8,$(7&! 5'($%5*),070($,! %! )(,0&7'2($%!
*&!*)8$,$(7&!E8*!$%&2*35.,&!)(3*&'(%&*'!+*-*+(),'!,.!$%&2*U2%!
-,3(.(,+!*&!*.!l3/(2%!*'5,b%.#!!
?-+".#%2)5#%"j<"$)&)"*,+*$%5.+*3"#$%6W.5#$%T*
N2/+2.)5#%*,+*U,)3.)$#:2*,+*?%2,-$.)*PNU?R!G2'!,*!$8.?!9!$%8/'8%!"XXWHB!
1,! 5Q$! '+! .(! :.'+)>%(*8>%A! /'! :%8)'! =+>:%&a)8>:%! :,S+>:%A! E.'! ='8&>)'! ;*,%8*8! ,*!
*/*=)*:>@(! ='8+%(*,A! '+:%,*8A! +%:>*,! 9! D*&>,>*8! /'+/'! ,*! ='8:'=:>@(! E.'! ,%+!
*/%,'+:'()'+! )>'('(! 8'+=':)%! *! '+)%+! S&P>)%+B! C'! :%()'&=,*(! 8'+=':)%! *! ,*+!
=8>&'8*+!+.P'+:*,*+!)*()%!,*!=8'%:.=*:>@(!=%8!',!=8%=>%!:.'8=%A!,*!*:'=)*:>@(!/'!+<!
&>+&%!/'+/'!',!=.()%!/'!;>+)*!D<+>:%A!:%&%!+.!8',*:>@(!:%(!',!:%()'F)%!'+:%,*8A!%!,*!
D%8&*!/'!>(+'8)*8+'!'(!:%()'F)%+!+%:>*,'+!&S+!/'!D%(/%A!>()'()*(/%!:%)'R*8!:>'8)*+!
*:)>)./'+!+%:>*,'+!*()'!,%+!%)8%+!/'!D%8&*!-'('8*,B!
1,!:%()'F)%!D*&>,>*8!>(:,.>8<*!f*:)>)./'+!:8<)>:*+A!/>D>:.,)*/'+!'(!,*!:%(;>;'(:>*A!D*,)*!
/'!*:'=)*:>@(!/'!,*+!(%8&*+!!'+)*P,':>/*+!9!/'+'%+!/'!e.>8A!>(:,.+%!D<+>:*&'()'A!/',!
*&P>'()'!D*&>,>*8h!G2'!,*!$8.?!9!$%8/'8%A!"XXW0!^HB!
!
<"$)&)"* ,+* $&#6)* "%$#)&T* 9)6#&#)@* .5)M)a%@* #2".#.-$#%2+"* 3+2#.+2$#)5#)"@* $+2.5%* +"$%&)5*
PO<DJ\<DJ?N<DJ?<DR!GN%%+A!N%++!9!c8>:k'))!"Xg\HB!!
4*+! '+:*,*+! /'! :,>&*! +%:>*,! `1CiI1Ci$51Ci$1C! '+! .(! :.'+)>%(*8>%! />8>->/%! *!
*/%,'+:'()'+! 9! *! */.,)%+! E.'! )>'('(! =%8! %PR')>;%A! *! =*8)>8! /'! ,*+! :%()'+)*:>%('+!
G='8:'=:>%('+! /'! ,*+! ='8+%(*+! E.'! 8'+=%(/'(H! /'+:8>P>8! ,%+! f:,>&*+h! '()'(/>/%+!
:%&%! .(! :%(R.()%! /'! >()'8*::>%('+! E.'! +'! /*(! '()8'! ,%+! &>'&P8%+! /'! :*/*!
:%()'F)%B!C'!:'()8*(!'(!:%()'F)%+!+%:>*,'+!:%&%!,*!D*&>,>*!G`1CHA!',!)8*P*R%!GI1CHA!
,*+! >(+)>).:>%('+! ='(>)'(:>*8>*+! G$51CH! %! ,%+! :'()8%+! '+:%,*8'+! G$1CHB! C.','(!
:%(:8')*8+'! '+)%+! f:,>&*+h! '(! P,%E.'+! /'! />&'(+>%('+! :%(! =*)8@(! :*+>! >/a()>:%0!
Z',*:>%('+A! 2'+*88%,,%! G`1CH! %! Q.)%88'*,>?*:>@(! GI1CA! $51C! 9! $1CHA! 1+)*P>,>/*/! 9!
$*&P>%!G$1CHB!
1(!',!:*+%!/',!`1C!,%+!P,%E.'+!/'!/>&'(+>%('+!>()'()*(!*:%)*80!8',*:>%('+A!(>;',!/'!
:%e'+>@(A! *:)>)./'+! /'! *=%9%! '()8'! ,%+! &>'&P8%+! /'! ,*! D*&>,>*A! ',! ='8&>)>8! %!
'F=8'+*8!%=>(>%('+!%!',!:%(D,>:)%Y!/'+*88%,,%A!-8*/%!/'!*.)%(%&<*!/'!,%+!&>'&P8%+!
/'! ,*! D*&>,>*A! -8*/%! /'! >&=,>:*:>@(! '(! ,*+! >(+)*(:>*+! '+:%,*8'+A! :.,).8*,'+! 9!
8':8'*)>;*+! %! ,*! 8',';*(:>*! E.'! +'! ,'! *)8>P.9'! *! ,*+! =8S:)>:*+! a)>:*+! %! 8',>->%+*+Y!
'+)*P>,>/*/A!-8*/%!/'!%8-*(>?*:>@(!9!:%()8%,!/'!,*+!:%(/.:)*+!'(!,*!;>/*!D*&>,>*8B!
Z'*,&'()'! e*! +>/%! .(*! '+:*,*! :.9*! */*=)*:>@(! *,! :%()'F)%! '+=*T%,! e*! %D8':>/%!
/./*+!8'+=':)%!*!,*!+%,>/'?!/'!,%+!:%()'(>/%+!/'!,%+!<)'&+!'!>(:,.+%!,*!='8)>('(:>*!
/'!*,-.(*+!/>&'(+>%('+B!CS(:e'?A!$%8P*,S(A!N*8)<('?!9!4@='?!G"XXgHA!'()8'!%)8%+!
9*!e>:>'8%(!.(*!8';>+>@(!P*+*/*!'(!',!*(S,>+>+!D*:)%8>*,!/',!`1C!=8%=%(>'(/%A!+'-_(!
!
!
V#^!
+.+! 8'D'8'()'+! '&=<8>:%+! /'! &.'+)8*+! /'! D*&>,>*+! '+=*T%,*+A! %)8*+! />'?!
/>&'(+>%('+!/>D'8'()'+!*!,*+!%8>->(*,'+!=,*()'*/*+!=%8!N%%+A!N%%+!9!c8>:k'))B!4*+!
'&*(*/*+! /'! +.! *(S,>+>+! D*:)%8>*,! D.'8%(0! :%&.(>:*:>@(A! >(/'='(/'(:>*A! '+)*).+!
:.,).8*,A! )%,'8*(:>*! (%8&*)>;*A! 'F=8'+>@(! /'! :%(D,>:)%+A! ;*,%8! ,*>:%i8',>->%+%A!
'+D.'8?%!='8+%(*,A!%:>%!8':8'*)>;%A!,>&=>'?*i%8/'(!9!'D>:>'(:>*i'F:','(:>*B!!
!
[).+5()* ,+* "%$#)&#>)$#:2* P3)5)* 35%9+"%5+"* 4* 3),5+"R* P[UDJI@GRB! GC>,;*! 9! N*8)%8',A!
"XgXHB!
4*! '+:*,*! JQCiVA! D%8&*! =*8)'! /'! .(! :%(R.()%! /'! )8'+! '+:*,*+! =8%D'+>%(*,&'()'!
/'(%&>(*/*+!JQCi"!G/>8>->/*!=*8*!E.'!:%()'+)'(!,%+!=8%D'+%8'+HA!J*+iV!G/>8>->/*!*!
=*/8'+H!9!J*+i[!G/>8>->/*!*!='8+%(*+!*!=*8)>8!/'!,*!*/%,'+:'(:>*HB!U%!'+!.(*!'+:*,*!
/'!8'+=.'+)*!+'-_(!='8:'=:>@(!E.'!+'!:'()8'!'(!',!=8%=>%!:%()'F)%!D*&>,>*8!:%&%!
)*,A! +>(%! E.'! D%:*,>?*! ,*+! ;*,%8*:>%('+! '(! .(%! /'! +.+! &>'&P8%+! G.(! e>R%! %! e>R*HB!
L'&%+! '()'(/>/%! ='8)>('()'! +.! 8'D'8'(:>*A! :%(! '+)*! *:,*8*:>@(A! =%8E.'! +%(! ,%+!
=*/8'+! E.>'('+! e*(! /'! :%(+>/'8*8! ,*+! :%(/.:)*+! /'! ,%+! +.+! e>R%+! '(! +.! ;>/*!
:%)>/>*(*B!!
1,! :.'+)>%(*8>%! >()'()*! =8%=%('8! .(! ='8D>,! '(! )%8(%! *! :.*)8%! />&'(+>%('+!
D*:>,>)*/%8*+! /'! ,*! +%:>*,>?*:>@(! :%&%! +%(! 4>/'8*?-%! G:%&=%8)*&>'()%+!
*/*=)*)>;%+A!*-,.)>(*()'+A!=%=.,*8>/*/A!'):BHA!j%;>*,>/*/!GP.'(!S(>&%A!'F)8*;'8+>@(A!
P.'(*! >()'-8*:>@(A! '):BHA! C'(+>P>,>/*/! +%:>*,! G=8'%:.=*:>@(! =%8! ,%+! /'&S+A!
D.(/*&'()*,&'()'!e*:>*!E.>'('+!)>'('(!/>D>:.,)*/'+!%!=8%P,'&*+A!'):BH!9!Z'+=')%i
*.)%:%()8%,!G:.&=,>&>'()%!/'!(%8&*+A!8'+=')%A!8'+=%(+*P>,>/*/!+%:>*,A!'):HA!R.()%!
:%(! %)8*+! )8'+! E.'! =.'/'(! ='8).8P*8! %! >(e>P>8! ,*! +%:>*,>?*:>@(! :%&%! +%(!
Q-8'+>;>/*/i)'8E.'/*/! G:%&=%8)*&>'()%+! /%-&S)>:%+A! >&=%+>)>;%+A! :%(!
*-8'+>;>/*/! ;'8P*,A! '):HA! Q=*)<*i8')8*>&>'()%! G>()8%;'8+>@(A! :>'8)%! *>+,*&>'()%!
+%:>*,A! '):BH! 9! Q(+>'/*/i)>&>/'?! G:%&=%8)*&>'()%+! >()8*(E.>,%+A! &>'/%+A!
*=%:*&>'()%A!;'8-w'(?*A!'):HB!!
5(/'='(/>'()'&'()'!/'!E.'!+'!)8*)'!/'!.(*!'+:*,*!:'()8*/*!'(!.(!&>'&P8%!/'!,*!
D*&>,>*! Ge>R%! %! e>R*HA! (%+! ='8&>)'! %P)'('8! >(D%8&*:>@(! +%P8'! ,*! D%8&*! '(! E.'! '+!
='8:>P>/%!'+)'!&>'&P8%!9!f+.&*8,*hA!=%8!'R'&=,%A!*!,*!='8:'=:>@(!E.'!+'!)>'('!/'!',!
%!',,*!:%&%!'+:%,*8A!8%,!/>D'8'()'!*,!/'+*88%,,*/%!'(!',!:%()'F)%!D*&>,>*8A!:.*(/%!+'!
:%()'&=,*!,*!='8:'=:>@(!/',!=8%D'+%8*/%B!!
!
LUSUNT* .+".* )-.%+/)&-).#/%* 6-&.#9)$.%5#)&* ,+* ),)3.)$#:2* #29)2.#&0! GL'8(S(/'?!
L'8(S(/'?A!"Xg[HB!
1,!:.'+)>%(*8>%!cQNQ5A!*,!>-.*,!E.'!',!5Q$A!(%+!%D8':'!.(*!;>+>%(!/'!,*!*/*=)*:>@(!
='8+%(*,A!'+:%,*8!+%:>*,!9!D*&>,>*8B!1(!'+)*!%:*+>%(!/'+/'!,*!='8+=':)>;*!('-*)>;*0!,*!
f>(*/*=)*:>@(hB! Q! )8*;a+! /'! .(! *&=,>%! (_&'8%! /'! >)'&+! (%+! ='8&>)'! >(D%8&*8!
+%P8'! +>! '+)S! $%2".).),)! '+*! D*,)*! /'! *:%&%/%! '(! ,%+! :%()'F)%! %! ,*! =8%=>*!
*:'=)*:>@(!/'!+<!&>+&%B!
1+! .(! :.'+)>%(*8>%! E.'! ='8&>)'! :%)'R*8! >(D%8&*:>@(! &.9! /'+&'(.?*/*! +'-_(!
/>+)>()%+!*+=':)%+!/'!,*!>(*/*=)*:>@(!'(!',!:%()'F)%!D*&>,>*8B!4*+!/>D'8'(:>*+!'()8'!
+.!+.',%!9!)':e%!G/'!)'8:'8%!/'!=8>&*8>*!*!,*!'/*/!*/.,)*H!='8&>)'!.(!-8*(!8*(-%!/'!
'/*/'+!=%+>P>,>/*/'+!/'!*/&>(>+)8*:>@(B!
1(!)%/%+!,%+!:*+%+!,*!'+:*,*!/'+-,%+*!&.9!*D>(*/*&'()'!&_,)>=,'+!*+=':)%+!'(!:*/*!
!
!
V##!
.(%! /'! '+%+! S&P>)%+! +%:>*,'+! %! ='8+%(*,'+B! 1(! ',! :*+%! /',! :%()'F)%! D*&>,>*8!
/'+-8*(*!,*+!+>-.>'()'+!/>&'(+>%('+0!>(+*)>+D*::>@(!D*&>,>*8A!>(+*)>+D*::>@(!:%(!,%+!
e'8&*(%+A! ,*! '/.:*:>@(! */':.*/*! /',! =*/8'! 9! /'! ,*! &*/8'! =%8! +'=*8*/%!
G='8+%(*,>?*/*A! ='8&>+>;>+&%A! '+)>,%+! =.(>)>;%+A! /'+=8'%:.=*/%! %! ='8D'::>%(>+)*A!
'):H!9!,*!/>+:8'=*(:>*!'/.:*)>;*!'()8'!=*/8'!9!&*/8'B!
!
!<<0*!+59#&*,+*+".#&%"*+,-$).#/%"0*GN*-*?!9!d*8:<*!7a8'?A!"XXgHB!
4%+!*.)%8'+!/',!:.'+)>%(*8>%!711!GN*-*?!9!d*8:<*A!"XXg0!""H!=*8)'(!/'!.(*!>/'*!/'!
'+)>,%+! '/.:*)>;%+! '()'(/>/%+! :%&%! f',! :%(R.()%! /'! >/'*+A! :8''(:>*+A! ;*,%8'+A!
*:)>)./'+! 9! eSP>)%+! /'! :%&=%8)*&>'()%! E.'! =*/8'+! 9! =8%D'+%8'+! &*()>'('(!
8'+=':)%! *! ,*! '/.:*:>@(! /'! +.+! e>R%+! 9! *,.&(%+hB! 1+)'! :.'+)>%(*8>%! ;*! />8>->/%! *!
=*/8'+!9!=8%D'+%8'+!9!+.=%('(!.(*!='8:'=:>@(!+%P8'!,*!=8%=>*!D%8&*!/'!*:).*8B!
78%=%('(A!8'D'8>/%+!*!,%+!=*/8'+A!:.*)8%!'+)>,%+!'/.:*)>;%+0!"%M5+35%.+$.%5!G';>)*(!
*! +.+! e>R%+! %! e>R*+! *:)>;>/*/'+! :%(+>/'8*/*+! *88>'+-*/*+! %! &,'+)*+A! /*(!
:%(+)*()'&'()'!:%(+'R%+!+%P8'!,*!D%8&*!E.'!/'P(!*:).*8!+.+!e>R%+!%!e>R*+A!,'+!/*(!
)%/%! e':e%A! 8'D.'8?*+! %! +*(:>%(*(! :%(/.:)*+! 8'*D>8&*(/%! ,*+! =8%=>*+! :8''(:>*+A!
'):BHA!>2V#M#$#%2#".)!G=8'+)*(!=%:*!*)'(:>@(!*!,*+!:%(/.:)*+!*/':.*/*+A!+*(:>@(!:%(!
:*+)>-%+! *,'*)%8>%+A! =%:%+! 8'D.'8?%+! *! )8*;a+! /'! ',%->%+A! D*,)*! /'! :%()8%,A! '):BHA!
3-2#.#/%! GD>R*:>@(! +%P8'! ',! :%&=%8)*&>'()%! >(*/':.*/%A! ,%+! '88%8'+A! %!
'E.>;%:*:>%('+A! :*+)>-%+! *,'*)%8>%+! :%(! *&'(*?*+! =8';>*+A! (%! *=8':>*(! ',!
:%&=%8)*&>'()%!(%8&*,>?*/%A!'):BH!9!)"+5.#/%!G*=8':>*(!,%+!=8%-8'+%!/'!,%+!e>R%+!%!
e>R*+A!8'D.'8?*(!',!'+D.'8?%!9!',!,%-8%A!+*(:>%(*(!:%(!D>8&'?*!9!='8)>('(:>*A!>-(%8*(!
,%+!'88%8'+!='E.'T%+A!'):BHB!
!
<DOU0*<"$)&)*,+*").#"9)$$#:2*9)6#&#)5*3%5*),a+.#/%"0!GJ*88*:*A!9!4@='?io*8)%A!"XXbHB!
1,!:.'+)>%(*8>%!1C`Q!+'!:8'@!=*8*!=%/'8!+'8!*=,>:*/%!*!:.*,E.>'8!&>'&P8%!/'!.(*!
D*&>,>*!P>'(!+'*!*/%,'+:'()'!%!*/.,)%B!1+)S!:%(+)8.>/%!P*R%!.(*!:%(:'=:>@(!-,%P*,A!
/'! D%(/%A! -'('8*,B! c8*P*R*! +%P8'! ,*! >/'*! /'! .(*! =.().*:>@(! _(>:*! 8'+=':)%! *! ,*!
+*)>+D*::>@(! D*&>,>*8B! 1+)*! :%(:'=:>@(! ,*! '()>'(/'(! J*88*(:*! 9! 4@='?io*)%!
G"XXX0"Vi"[H! :%&%! f.(! =8%/.:)%! /',! :%()>(.%! R.'-%! /'! >()'8*::>%('+! G;'8P*,'+!
9t%!D<+>:*+H!E.'!v+'i!&*()>'('!:%(!,%+!%)8%+!&>'&P8%+!/'!+.!D*&>,>*hB!
Q!)8*;'+!/'!+.+!Vb!>)'&+!+'!=8'+'()*(!=*8'+!/'!*/R')>;%+!*!)8*;a+!/'!,%+!:.*,'+!,*!
='8+%(*!E.'!:%()'+)*!;*!/'D>(>'(/%!,*!;*,%8*:>@(!/'!+.!:%()'F)%!D*&>,>*8B!!
!
<D!U* GY0* <"$)&)* ,+* +".#&%"* ,+* "%$#)&#>)$#:2* 3)5+2.)&* +2* &)* ),%&+"$+2$#)0! GN.+>).! 9!
d*8:<*A!VWW"HB!
7*8*!',!*=%9%!)'@8>:%!/',!1C7Q!VXA!,%+!*.)%8'+!GN.+>).!9!d*8:<*A!VWW"0^HA!*:./>'(/%!
*!=%+).8*+!=8';>*+!8'+=':)%!/',!)'&*A!=*8)'(!/'!f/'D>(>8!v,*!+%:>*,>?*:>@(!v!:%&%!.(!
=8%:'+%!/'!*=8'(/>?*R'!(%!D%8&*,>?*/%!9!'(!-8*(!=*8)'!(%!:%(+:>'()'A!'(!',!E.'!*!
)8*;a+! /'! .(! '()8*&*/%! 9! :%&=,'R%! =8%:'+%! /'! >()'8*::>%('+A! ',! (>T%! *+>&>,*!
:%(%:>&>'()%+A!*:)>)./'+A!;*,%8'+A!:%+).&P8'+A!(':'+>/*/'+A!+'()>&>'()%+!9!/'&S+!
=*)8%('+! :.,).8*,'+! E.'! :*8*:)'8>?*(! =*8*! )%/*! ,*! ;>/*! +.! '+)>,%! /'! */*=)*:>@(! *,!
*&P>'()'hB! $%(:8')*(! ,%+! '+)>,%+! /'! +%:>*,>?*:>@(! :%&%! =*8)'! /'! .(! &%/',%!
8',*:>%(*,A! '()'(/>a(/%,%+! :%&%! .(! :%(R.()%! /'! =*.)*+! =*8'()*,'+! /'!
:%&=%8)*&>'()%! '+)*P,'+! %! ='8+>+)'()'+! E.'! *! )8*;a+! ,*+! =8%=>*+! >()'8*::>%('+!
!
!
V#b!
=*8)'(%iD>,>*,'+!)>'('(!:%&%!:%(+':.'(:>*!,*!&'(:>%(*/*!+%:>*,>?*:>@(B!
4%+! '+)>,%+! /'! +%:>*,>?*:>@(! :%()'&=,*/%+! '(! ',! 1C7Q! VX! +'! 'F=,>:*(! *! )8*;a+! /'!
&%/',%! /'! .(! /%P,'! 'R'! G;'8)>:*,! 9! e%8>?%()*,HA! '(! ',! E.'! '(! .(%! G/>-*&%+! ',!
e%8>?%()*,H!8>-'!',!'+)>,%!/'!*:'=)*:>@(t>&=,>:*:>@(!9!'(!',!%)8%!G',!;'8)>:*,H!,%!e*:'!
',! /'(%&>(*/%! :%'8:>@(t>&=%+>:>@(B! 1,! =8>&'8%! +'! *+%:>*A! '()8'! %)8%+A! *!
:%&=%8)*&>'()%+!e*P>).*,'+!%!8'-.,*8'+!/'!,%+!=*/8'+!/'!*D':)%!9!:*8>T%!*()'!,%+!
:%&=%8)*&>'()%+!*/':.*/%+!/'!,%+!e>R%+!%!e>R*+A!:%(!&.'+)8*+!/'!8*?%(*&>'()%!9!
/>S,%-%! *()'! ,*+! :%(/.:)*+! /'! ,%+! e>R%+! %! e>R*+A! '):BB! 1,! +'-.(/%! 'R'! +'! *+%:>*! *!
:%&=%8)*&>'()%+! =*)'8(%+! '(! ,%+! E.'! 8'-.,*8&'()'! +'! *=8':>*(! >&=%+>:>%('+A!
:*+)>-%+!9!/'+*D':)%!=*8*!+%:>*,>?*8!*!,%+!e>R%+!%!e>R*+B!
C'-_(!+'!'(:.'()8'!',!:%&=%8)*&>'()%!8'-.,*8!/'!,%+!=*/8'+!'(!.(!'F)8'&%!.!%)8%!
/'!:*/*!'R'!G;'8)>:*,!9!e%8>?%()*,HA!,%+!*.)%8'+!/'+:8>P'(!:.*)8%!-8*(/'+!)>=%,%-<*+0!
Q.)%8>)*8>%!G*,)*!:%'8:>@(t>&=%+>:>@(!9!P*R*!*:'=)*:>@(t>&=,>:*:>@(HA!Q.)%8>?*)>;%!
G*,)*! *:'=)*:>@(t>&=,>:*:>@(! 9! *,)*! :%'8:>@(t>&=,>:*:>@(HA! 5(/.,-'()'! G*,)*!
*:'=)*:>@(t>&=,>:*:>@(! 9! P*R*! :%'8:>@(t>&=%+>:>@(H! 9! U'-,>-'()'! GP*R*!
:%'8:>@(t>&=%+>:>@(!9!P*R*!*:'=)*:>@(t>&=,>:*:>@(HB!
!
UOK0*U-.%$%2$+3.%*O%56)*KB!N*/8>/0!c'*!1/>:>%('+B!Gd*8:<*!9!N.+>).A!VWW"HB!
1,!Q`^!'+!.(!:.'+)>%(*8>%!E.'!G*!)8*;a+!/'!,*+!8'+=.'+)*+!/*/*+A!'(!.(!='8<%/%!/'!
)>'&=%!&.9!:%8)%A!=%8!=*8)'!/'!='8+%(*+!:%&=8'(/>/*+!'()8'!,%+!"Wi""!*T%+!i^m!
:.8+%! /'! 1/.:*:>@(! 78>&*8>*i! 9! ,*! '/*/! */.,)*H! (%+! ='8&>)'! %P)'('8! >(D%8&*:>@(!
+%P8'! ,*! *.)%='8:'=:>@(! '(! ',! S&P>)%! +%:>*,A! *:*/a&>:%t=8%D'+>%(*,A! '&%:>%(*,A!
D<+>:%!9!D*&>,>*8B!!
$.*(/%! +'! *)>'(/'! *,! S&P>)%! D*&>,>*8A! /'+/'! ',! .+%! /',! Q`^A! +'! :%()'&=,*! f,*!
='8:'=:>@(!E.'!)>'('!',!+.R')%!/'!+.!>&=,>:*:>@(A!=*8)>:>=*:>@(!'!>()'-8*:>@(!'(!',!
&'/>%!D*&>,>*8h!Gd*8:<*!9!N.+>).A!VWW"0!VWHB!Q,!:%(+>/'8*8!',!*.)%:%(:'=)%!D*&>,>*8A!
,%+! *.)%8'+! )>'('(! =8'+'()'! )*()%! ,*+! >()'8*::>%('+! /'! *D':)%! 9! :%(D>*(?*! /'! ,%+!
=*/8'+A! :%&%! ,*! +*)>+D*::>@(A! *=%9%! D*&>,>*8A! ,*! >&=,>:*:>@(! 9! (>;',! /'! *:'=)*:>@(!
'()8'!+.+!&>'&P8%+B!
!
!<O0*<"$)&)"*,+*#,+2.#9#$)$#:2*,+*^!5B$.#$)"*<,-$).#/)"*9)6#&#)5+"7B!GQ,%(+%!9!Z%&S(A!
VWW[HB!
1,! 71`! '+)S! :%&=.'+)%! =%8! .(! :%(R.()%! /'! '+:*,*+! />8>->/*+! *! =*/8'+A! &*/8'+! G.!
%)8%+! 8'+=%(+*P,'+! */.,)%+H! /'! (>T%+! 9! (>T*+! '()8'! [! 9! "W! *T%+B! Q! )8*;a+! /'! .(!
:%(R.()%!/'!=%+>P,'+!+>).*:>%('+!:%)>/>*(*+!'(!,*+!E.'!=*/8'+!'!e>R%+!+'!=.'/'(!;'8!
'(;.',)%+A! +'! =8'-.()*! *! */.,)%+! 9! &'(%8'+! G*! ,%+! &S+! ='E.'T%+! *! )8*;a+! /'!
'()8';>+)*+H!+%P8'!:.S,!+'8<*!+.!D%8&*!/'!*:).*8!e*P>).*,&'()'B!!
$%(!,*+!8'+=.'+)*+!*!,*+!/>+)>()*+!+>).*:>%('+A!=*/8'+A!&*/8'+A!e>R%+!'!e>R*+!%D8':'(!
>(D%8&*:>@(! E.'! =.'/'! +'8! ;*,%8*/*! :%&%! ='8:'=:>%('+! /',! )>=%! /'! +%:>*,>?*:>@(!
E.'!+'!/*!'(!',!:%()'F)%!D*&>,>*8B!4*+!/>&'(+>%('+!)8*)*/*+!*/%=)*(!',!D%8&*)%!/'!
'+)>,%+!'/.:*)>;%+!)*,'+!:%&%!,%+!/'(%&>(*/%+0!f*.)%8>)*8>%h!G*D':)%!P*R%A!&<(>&*!
+'(+>P>,>/*/A! >&=%+>)>;%A! *(.,*/%8! /'! :%&=%8)*&>'()%+A! '):BHA! f'E.>,>P8*/%h!
G/'&%:8S)>:%A!/>*,%-*()'A!*D':).%+%!9!:%&.(>:*)>;%A!&*()'('/%8!/'!(%8&*+!:,*8*+A!
/',! :%()8%,! D,'F>P,'A! '):BHA! 9! f='8&>+>;%h! G'F=8'+>@(! /'! *D':)%A! +>(! 'F>-'(:>*! (>!
:%()8%,A!>(/.,-'()'+A!'):BHB!!
!
!
V#g!
!
</)&-)$#:2*,+*&)*$%63+.+2$#)*3)5+2.)&0*GJ*9%)!9!L'8(S(/'?i]>*/',A!VWWgHB!
4*!1$77i=!G,*!3!'+!/'!3),5+"H!+'!%:.=*!/'!f,*!>&=,>:*:>@(!/'!,%+!=*/8'+!9!&*/8'+!'(!
,*+! )*8'*+! '+:%,*8'+! /'! +.+! e>R%+A! ,*! /'/>:*:>@(! =*8'()*,A! ',! %:>%! :%&=*8)>/%A! ',!
*+'+%8*&>'()%t%8>'()*:>@(! 9! D>(*,&'()'A! ,*! *+.(:>@(! /',! 8%,! 9A! =%8! )*()%A! ,*!
*/*=)*:>@(!*,!:*&P>%!E.'!+.=%('!,*!,,'-*/*!/'!.(!e>R%!=*8*!,%+!=*/8'+!9!&*/8'+h!
GJ*9%)! 9! L'8(S(/'?A! VWWg0! bHB! 4*! 1$77i=! '+! ',! D8.)%! /',! *(S,>+>+! D*:)%8>*,! /'! .(!
:%(R.()%!/'!>(/>:*/%8'+!GJ*9%)A!L'8(S(/'?i]>*/',!9!2'!j.,>S(A!VWW^H!'(!D%8&*!/'!
8'+=.'+)*! ='8:>P>/*! E.'! ,%+! /'+)>(*)*8>%+! /'! ,*! '+:*,*! G=*/8'+! :.9%+! e>R%+! )>'('(!
'/*/'+!:%&=8'(/>/*+!'()8'!,%+![!9!,%+!"g!*T%+H!/*(!/'!+.!:%()'F)%!D*&>,>*8B!
C>&>,*8!*!,*!*()'8>%8!'(!:.*()%!*!,*!D%8&*!/'!+'8!:8'*/*A!4*!1$77ie!G,*!V!'+!/'!V#a%"H!
*P%8/*!)8'+!D*:)%8'+!8'D'8>/%+!*!,*+!:%&=')'(:>*+!=*8'()*,'+0!>&=,>:*:>@(!=*8'()*,A!
8'+%,.:>@(!/'!:%(D,>:)%+!9!:%(+>+)'(:>*!/>+:>=,>(*8B!1(!'+)*!%:*+>@(!,%+!/'+)>(*)*8>%+!
/'!,*!'+:*,*!+%(!R@;'('+!:.9*+!'/*/'+!;*(!/'!,%+!"W!*!,%+!"b!*T%+B!
!
LW$2#$)"*35%4+$.#/)"T*
4%+! fc'+)+! /'! ,*! `*&>,>*hB! 4%+! /'(%&>(*/%+! f)'+)! /'! ,*! D*&>,>*hA! /'! :*8S:)'8!
=8%9':)>;%A!'(!(.'+)8%!:%()'F)%A!e*(!+>/%!<&*.+".*,+&*,#M-a%*,+*&)*9)6#&#)*,+*$%8&*(!
G"Xb"H!8%"*,#M-a%"*h#2W.#$%"*,+*&)*9)6#&#)*$%6%*.W$2#$)*3"#$%,#)'2:".#$)!!/'!J.8(+A!
6*.D&*(! G"XbgH! 9! ',! L+".* ,+* &)* O)6#&#)B! ?-)2.#9#$)$#:2* 4* )2B&#"#"* ,+* /)5#)M&+"*
"%$#%$-&.-5)&+"*4*,+*+".5-$.-5)*9)6#&#)5!/'!4,.>++iD%()A!jB!G"XbgA!VWW#HB!!
1(!'+)'!)>=%!/'!)a:(>:*+A!D>','+!'(!&*9%8!%!&'(%8!&'/>/*!*,!&%/',%!=+>:%/>(S&>:%!
/'!P*+*&'()%!=+>:%*(*,>+)*A!>(;>)*(!*!,*!>()'8=8')*:>@(!/',!/>P.R%!>(D*()>,!:%&%!.(!
+<&P%,%!E.'!/'R*!)8*+,.:>8!/>(S&>:*+!D*&>,>*8'+!9!='8+%(*,'+B!!
Q! )8*;a+! /',! )*&*T%! /'! ,%+! />P.R%+A! /'! ,*! =%+>:>@(! /'! +.+! ','&'()%+A! /'! ,*+!
:%(D%8&*:>%('+! /'! ,%+! &>'&P8%+A! ,*+! =8'+'(:>*+! %! *.+'(:>*+! /'! ','&'()%+A! ,*!
>(:%8=%8*:>@(!/'!+%&P8*+A!',!P%88*/%!/'!=*8)'+!/>P.R*/*+A!',!%8/'(!'(!/>P.R*8!,*+!
D>-.8*+A! ,%+! %8(*&'()%+A! ,*+! />+)*(:>*+! '()8'! ,%+! />P.R%+A! '):BA! ,%+! *.)%8'+! (%+!
>(;>)*(! *! >(D'8>8! .(! :%(R.()%! /'! *+=':)%+! )8'&'(/*&'()'! ;*8>*/%0! )'(/'(:>*+!
8'=8>&>/*+A!,%+!8%,'+!'(!,*!D*&>,>*A!,%+!:%(D,>:)%+!'(!',!+'(%!D*&>,>*8A!:*8*:)'8<+)>:*+!
/'!='8+%(*,>/*/!/'!E.>'(!/>P.R*!9!='8:'=:>@(!E.'!a+)'!)>'('!/'!,*!='8+%(*,>/*/!/'!
,%+! &>'&P8%+! /'! +.! D*&>,>*A! ='8:'=:>@(! /'! ,*+! 8',*:>%('+! >()'8='8+%(*,'+A! ,%+!
*='-%+A!,*!+%P8'=8%)'::>@(A!'):B!
Q,-%! +>&>,*8! *! ,%! *()'8>%8! =%/8<*! /'8>;*8+'! /'! ,*+! 8'+=.'+)*+! /'! E.>'('+! +'! ,'!
*/&>(>+)8*! .(*! )a:(>:*A! /'! &*8:*/%! :*8S:)'8! :,<(>:%! :%&%! =%/8<*! +'8! <&* .+".* !0E00*
S)2-)&*NB!/'!$%8&*(!G"Xg"HB!1+!.(*!)a:(>:*!E.'!+'!*/&>(>+)8*!*!(>T%+!'()8'!\!9!"^!
*T%+!.+*(/%!:%&%!8':.8+%+!.(!:%(R.()%!/'!'+:'(*+!G9!=%+>P,'+!+>).*:>%('+H!/%(/'!
*=*8':'(!.(%+!/>P.R%+!/'!:'8/>)%+!G'()8'!',,%+!',!','&'()%!:,*;'0!',!:'8/>)%!f7*)*!
U'-8*hHB! C'! P.+:*A! :%(! ,*+! '+:'(*+A! *D,%8*8! *+=':)%+! :,S+>:%+! '(! ',! &.(/%! /'! ,*!
>(D'8'(:>*! =+>:%/>(S&>:*! /'()8%! /',! &*8:%! :,<(>:%! =%8! *()%(%&*+>*0! %8*,>/*/A!
*(*,>/*/A!+'F.*,>/*/A!*-8'+>;>/*/!9!8>;*,>/*/!D8*)'8(*A!/'='(/'(:>*i>(/'='(/'(:>*A!
:.,=*P>,>/*/A!>(;'8+>@(!/'!+'F%A!=*/8'!(.)8>:>%!9!&*/8'!>/'*,A!'):B!
!
c*&P>a(A! =8%=>%! /',! )8*P*R%! :,<(>%i=+>:%/>(S&>:%! (%+! =%/'&%+! '(:%()8*8! :%(! <&*
6W.%,%* ,+* &)"* 9BM-&)"* +2* 3"#$%)2B&#"#"* #29)2.#&* POBM-&)"* ,+* A~""R! /'! 2w++! G"Xg^HB!
!
!
V#X!
1+)*! )a:(>:*! .)>,>?*! :%&%! 8':.8+%+! />'?! DSP.,*+! P8';'+! E.'! =8'+'()*(! .(*+!
+>).*:>%('+i=8%P,'&*! +%P8'! ,*+! E.'! +'! e*:'! .(*! +'8>'! /'! =8'-.()*+B! 4*! ='8+%(*! *!
E.>'(! +'! ,'! */&>(>+)8*! G*! =*8)>8! /'! )8'+! *T%+H! :%(! +.+! 8'+=.'+)*+A! +'! =8%9':)*!
8'+=':)%! *! :*8*:)'8<+)>:*+! /'! +.! ='8+%(*,>/*/A! &>'/%+A! >(+)>()%! /'! =,*:'8! %! /'!
&.'8)'A! :%&=,'R%+A! /'+'%+! %! )'&%8'+A! '):B! 1(! :%(:8')%A! 8'+=':)%! *,! S&P>)%! /'! ,*!
D*&>,>*A! +>'&=8'! /'+/'! .(! &%/',%! =+>:%/>(S&>:%! 9! &*8:%! :,<(>:%A! +'! (%+! >(;>)*! *!
>(D'8>80!,*!D>R*:>@(!/',!(>T%!*!.(%!/'!,%+!=*/8'+!%!+.!-8*/%!/'!>(/'='(/'(:>*!GDSP.,*!
5HA! :',%)>=>*+! 8'+=':)%! *! *,-.(%! /'! ,%+! =*/8'+! GDSP.,*! 55H! %! e'8&*(%+! GDSP.,*! 555HA!
:%&=,'R%+!/'!/'+)')'!9!'/<=>:%+!GDSP.,*!555!9!]555HB!
!
*'$,.,'! )*! +*$%&%$(3(*&2%! (&2*+&,$(%&,.! E8*! 4,&! 2*&()%!
+*5*+$8'(7&!*&!&8*'2+%!5,1'#!
4*!'+:*,*!LMN1!G$*,/O',,!9!J8*/,'9A!"Xg\HB!X%6+*gM"+5/).#%2*9%5*S+)"-5+6+2.*%9*
.V+* <2/#5%26+2.! e*! +>/%! */*=)*/*A! '()8'! %)8*+! ='8+%(*+A! =%8! ,*! =8%D'+%8*! /'! ,*!
3(>;'8+>/*/!/'!C';>,,*!N*8<*!/',!$*8&'(!N%8'(%!i7*,*:>%+A!jBA!4'8*A!NBjB!9!N%8'(%A!
NB$B! G"XX\HB! 1;*,.*:>@(! /'! ,%+! :%()'F)%+! D*&>,>*8'+! 9! 'F)8*D*&>,>*8'+! '(! ,%+! *T%+!
=8''+:%,*8'+0! '+:*,*+! LMN1! 9! 1$1ZCB! N29)2$#)* 4* )35+2,#>)a+A! ##0! b"iggiB! 1+! .(*!
)a:(>:*! /'! 8'->+)8%! />8':)%! *! )8*;a+! /',! /'+*88%,,%! &')%/%,%-<*+! /'! '()8';>+)*!
'+)8.:).8*/*!9!%P+'8;*:>@(!'(!',!&>+&%!&'/>%!'(!',!E.'!;>;'!,*!D*&>,>*B!$%(!',,*!+'!
P.+:*! 8':%-'8! >(D%8&*:>@(! *! )8*;a+! /'! >(/>:*/%8'+! E.'! 8'D,'R'(! ,*! :*,>/*/! /',!
:%()'F)%!D*&>,>*8B!4%+!<)'&+!+'!*-8.=*(!'(!%:e%!+.P'+:*,*+0!&*)'8>*,'+!%!8':.8+%+!
'(!D%8&*!/'!R.'-%+A!&*)'8>*,!/'!'+:8>).8*A!'):BY!/'!'+)>&.,*:>@(!=*8*!',!*=8'(/>?*R'Y!
'+)>&.,*:>@(! ,>(-w<+)>:*! /'! &*('8*! />8':)*! :%(! &%/',*/%! 9! 8'E.'8>&>'()%+!
;'8P*,'+!'F=,<:>)%+Y!'()%8(%!D<+>:%!+'-.8%!9!*:%-'/%8Y!%8-.,,%A!*D':)%A!)'8(.8*!:%&%!
D%8&*+!e*P>).*,'+!'(!',!)8*)%!/>*8>%Y!'+)>&.,*:>@(!*:*/a&>:*!9!=8'%:.=*:>@(!=%8!,*!
;>/*! '+:%,*8Y! &%/',*/%! 9! '+)>&.,*:>@(! /'! ,*! &*/.8'?! +%:>*,! :%(! ,*! *+.(:>@(! /'!
(%8&*+!+%:>*,'+Y!/>;'8+>/*/!/'!'F='8>'(:>*+!9!*='8).8*!*!,*!&.,)>=,>:>/*/!/'!,*!;>/*!
/>D'8'()'Y!9!Q:'=)*:>@(!9!8'D.'8?%!=%+>)>;%B!
7%+)'8>%8&'()'A! d*8:<*A! Z>;'8*A! Z'9'+! 9! 2<*?! GVWW#HA! =%8! .(! ,*/%! 9! C:e&>/)A!
J*88'98%!9!N*-,>%!GVW"WHA!=%8!%)8%A!e*(!'F)8*:)*/%!,%+!*+=':)%+!'+'(:>*,'+!/'!,*+!
'+:*,*+!&*+!8',';*()'+!'(!S&P>)%+!-'%-8SD>:%+!/>D'8'()'+!*,!'+=*T%,B!C%(!)a:(>:*+!
P*+)*()'+!'F)'(/>/*+!='8%!E.'!(%!e*(!+>/%!*/*=)*/*+!*!(.'+)8%!:%()'F)%B!o!a+)'!'+!
.(!8'E.>+>)%!E.'A!+>!'+!PS+>:%!=*8*!,*!*/%=:>@(!/'!:.*,E.>'8!)a:(>:*+!/'!'F=,%8*:>@(A!
8'+.,)*!)%/*;<*!&*+!>&=%8)*()'!:.*(/%!+'!)8*)*!/',!:%()'F)%!D*&>,>*8A!=8':>+*&'()'!
=%8!',!:%&=%('()'!:.,).8*,!9!'+=':<D>:%!/',!%PR')%B!
1()8'!'+)*+!'+:*,*+!+%(!8'+*,)*P,'+!'()8'!%)8*+!,*+!E.'!+'!=8'+'()*(!*!:%()>(.*:>@(B!
!
*O)6#&4*U,)3.)M#&#.4*)2,*?%V+"#%2*</)&-).#%2*D$)&+*OU?<D*NNN*GM,+%(A!"Xg#HB!!
4*! '+:*,*! /'! D.(:>%(*&>'()%! D*&>,>*8! %! /'! :%e'+>@(! 9! D,'F>P>,>/*/! D*&>,>*8! P*+*/*!
'(!&%/',%!:>8:.&=,'R%!/'!M,+%(A!R.()%!:%(!,*!/'!>()'8*::>@(!D*&>,>*8!/'!J'*;'8+!9!
L*&=+%(! G"XX^HA! e*! +>/%! /'! ,*+! &*+! />D.(/>/*+! '(! :%()'F)%+! *(-,%+*R%('+! 9!
,*)>(%*&'8>:*(%+A!D.(/*&'()*,&'()'!*+%:>*/*+!*!'+)./>%+!/'!*::>@(!+%:>*,A!)'8*=>*!
D*&>,>*8!%!+*,./!=_P,>:*B!
7*8*!+.!:%(+)8.::>@(!+'!8'/.R'8%(!.(*!:*()>/*/!'+)>&*P,'+!/'!<)'&+!*!.(*!;'>()'(*!
:%(!,%+!E.'!+'!8':%-<*(!)8'+!/>&'(+>%('+!D.(/*&'()*,'+!*!)8*;a+!/'!,*+!:.*,'+!+'!
!
!
VbW!
=8')'(/<*! /*8! .(*! /'+:8>=:>@(! /'! /')'8&>(*/%+! *+=':)%+! /',! D.(:>%(*&>'()%!
D*&>,>*80! :%e'+>@(A! '()'(/>/*! :%&%! ,*! .(>@(! '&%:>%(*,! ='8:>P>/*A! =8%=>:>*! .(*!
/'+:8>=:>@(! :%(! :.*)8%! (>;','+! /'! ;*8>*P>,>/*/! E.'! ;*(! /'+/'! ',! /'(%&>(*/%!
/'+,>-*/%i/>+='8+%A! +'=*8*/%A! :%(':)*/%! *,! '(&*8*T*/%i*-,.)>(*/%! Y! D,'F>P>,>/*/i
*/*=)*P>,>/*/i:*&P>%A! E.'! (%+! >(D%8&*! +%P8'! ',! :*&P>%! /'! 8%,'+! '()8'! ,%+!
&>'&P8%+!/'!,*!D*&>,>*A!9!E.'!/'!>-.*,!D%8&*!%D8':'!:.*)8%!8*(-%+!E.'!%+:>,*(!'()8'!
,*+!+>).*:>%('+!/'!8>->/'?A!D.(:>%(*&>'()%+!'+)8.:).8*/%+A!D,'F>P,'+!9!:*@)>:%+Y!9!,*!
_,)>&*! />&'(+>@(A! :%&.(>:*:>@(A! (%+! ='8&>)'! /'+:8>P>8! D*&>,>*+! +'-_(! +.!
:*=*:>/*/!/'!'+:.:e*A!,*!=%+>P>,>/*/!/'!'F=8'+*8!>/'*+!9!+'()>&>'()%+A!+.!'&=*)<*A!
*=%9%A!'):B!
!
<"$)&)*#2.+5)$$#:2*,+*$%63+.+2$#)*9)6#&#)5*,+*[+)/+5"*4*X)63"%2!G"XX^HB!!
4*! '+:*,*! /'! >()'8*::>@(! D*&>,>*8! /'! J'*;'8+! 9! L*&=+%(! G"XX^HA! *! )8*;a+! /'! .(!
=8%:'/>&>'()%! '(! ',! E.'! +'! >(:%8=%8*(! '+:*,*+! :%(;'(:>%(*,'+! 9! -8*P*:>%('+! /'!
;>/'%A! :%(+>/'8*(! ,*! :%&=')'(:>*! D*&>,>*8! 9! ,%+! '+)>,%+! 8',*:>%(*,'+! /'+:8>P>'(/%!
*+=':)%+! )*,'+! :%&%0! ,*! '+)8.:).8*! D*&>,>*8A! /'D>(>'(/%! ',! =%/'8! &*(>D>'+)%! 9! ,*+!
:%*,>:>%('+!=*)'8(*+Y!,*!:'8:*(<*A!:*8*:)'8>?*/*!=%8!,*!/'D>(>:>@(!9!*/*=)*P>,>/*/!/'!
,%+! ,<&>)'+! '()8'! ,%+! &>'&P8%+Y! ,*! &>)%,%-<*A! /')'8&>(*/*! =%8! ,*! ='8:'=:>@(! /'! ,*!
8'*,>/*/! 9! ,*! =8%=>*! D*&>,>*! E.'! )>'('(! ,%+! &>'&P8%+Y! ,*! ('-%:>*:>@(! />8>->/*! *,!
%PR')>;%A!E.'!(%+!='8&>)'!*=8':>*8!,*!D%8&*!'(!E.'!+'!8'+.',;'(!,%+!:%(D,>:)%+!'(!,*!
D*&>,>*Y! ,*! =%+>P>,>/*/! /'! 'F=8'+*8! +'()>&>'()%+! '! >/'*+! 9! /'! 'R'8:'8! ,*!
8'+=%(+*P>,>/*/!:%(!*='8).8*!D8'()'!*!,*+!%=>(>%('+!/'!,%+!/'&S+Y!',!/'+*88%,,%!/',!
*D':)%A!*+=':)%!/'+/'!',!:.*,!+'!=.'/'(!*=8':>*8!,*!-*&*!/'!+'()>&>'()%+!E.'!+'!/*!
'(!',!S&P>)%!D*&>,>*8A!',!+'()>/%!/',!e.&%8A!,*!'&=*)<*A!'):B!
!
O)6#&4*U""+""6+2.*A+/#$+!G1=+)'>(A!J*,/O>(!9!J>+e%=A!"Xg[HB!!
4*!'+:*,*!`Q2!!E.'!'+!:%&%!+'!+.','!/'(%&>(*8!',!=8%/.:)%!/',!)8*P*R%!8'*,>?*/%A!
'(!.(*!/'!+.+!;'8+>%('+A!=%8!1=)'>(A!J*,/O>(!9!J>+e%=!G"Xg#H!+'!P*+*!'(!',!&%/',%!
N:N*+)'8!/'!)'8*=>*!D*&>,>*8A!:%&%!D%8&*!/'!;*,>/*8!=8':>+*&'()'!,*!>()'8;'(:>@(!
:,<(>:*B! J*+*/%! '(! ,*! )'%8<*! /'! +>+)'&*+! />+:8>&>(*! '()8'! D*&>,>*+! D.(:>%(*,'+! 9!
/>+D.(:>%(*,'+! *! =*8)>8! /'! +'>+! '+:*,*+! '+=':<D>:*+! E.'! =%+>P>,>)*(! *)'(/'8! *! %)8*+!
)*()*+!/>&'(+>%('+!9!.(*!/'!D.(:>%(*&>'()%!-'('8*,!:%&%!>&*-'(!/'!D%(/%!/'!,*+!
D*&>,>*+0! 8'+%,.:>@(! /'! =8%P,'&*+! GD%8&*! -'('8*,! /'! *P%8/*8! ,%+! =8%P,'&*+A!
>(:%8=%8*:>@(! /'! />+:.+>%('+A! 'F>+)'(:>*! %! (%! /'! :%()'(>/%+! '&%:>%(*,'+A!
/',>P'8*:>@(!+%P8'!,*+!*,)'8(*)>;*+!/'!+%,.:>@(A!'):BHA!:%&.(>:*:>@(!G:%(%:>&>'()%!
/',! &*,'+)*8! /'! ,%+! &>'&P8%+A! +>(:'8>/*/! '(! ,*+! >()'8*::>%('+! ='8+%(*,'+A!
=%+>P>,>/*/!/'!'F=8'+*8!',!:%(D,>:)%A!'):BHA!8%,'+!G*+.(:>@(!/'!,*+!8'+=%(+*P>,>/*/'+!
8'+=')%! *! ,%+! /'&S+! &>'&P8%+! /'! ,*! D*&>,>*A! />D>:.,)*/'+! '(! ',! /'+*88%,,%! /'! ,*+!
D.(:>%('+! /'! ,%+! &>'&P8%+A! :.'+)>%(*&>'()%! /'! ,*! *+.(:>@(! /'! D.(:>%('+A!
+*)>+D*::>@(! :%(! ,*+! 8'+=%(+*P>,>/*/'+! *+>-(*/*+! 9! *+.&>/*+A! '):BHA! :*=*:>/*/! /'!
8'+=.'+)*!*D':)>;*!G/>+=%+>:>@(!*!&%+)8*8!,*!*D':)>;>/*/A!=8>%8>/*/!/'!,%+!*D':)%+!'(!
,*! ;>/*! :%&_(A! '):BHA! =*8)>:>=*:>@(! *D':)>;*! G>(;%,.:8*8+'! *=%9*(/%! '(! ,*+!
/>D>:.,)*/'+! /'! ,%+! /'&S+A! >()'8a+! '(! ,%+! *+.()%+! /*/%+! :%&%! >&=%8)*()'! =%8! ,%+!
&>'&P8%+! /'! ,*! D*&>,>*A! -'('8%+>/*/! 8'+=':)%! *! ,*! D*&>,>*A! '):BHA! :%()8%,! /'! ,*+!
:%(/.:)*+!G:%()8%,!/'!*+!:%(+':.'(:>*+!/'!,*+!:%(/.:)*+!*/':.*/*+!'!>(*/':.*/*+A!
&*()'(>&>'()%! /'! ,*+! (%8&*+! '+'(:>*,'+! /'! :%(;>;'(:>*! 9! eSP>)%+! /'! +*,./! %!
e>->'('A! '):BHA! D.(:>%(*&>'()%! -'('8*,! G*+=':)%+! 8',*:>%(*/%+! :%(! ,*! =,*(>D>:*:>@(!
!
!
Vb"!
/'! ,*! ;>/*! /'! ,*! D*&>,>*A! *:'=)*:>@(! 9! +*)>+D*::>@(! -'('8*,A! :*=*:>/*/! /'! )%&*8!
/':>+>%('+! %! E.'! +'! :%(+>/'8'(! ,*+! %=:>%('+! =8%=.'+)*+! =%8! ,%+! &>'&P8%+! /'! ,*!
D*&>,>*A!:%(D>*(?*A!'):BH!
!
$%&$.8'(%&*'!_!5+%58*'2,'#!
$>)SP*&%+! *,! =8>(:>=>%! ,*! >/'*! /'! fe*:>(*&>'()%h! e*:>'(/%! 8'D'8'(:>*! *! ,*! &'?:,*!
/'! ;*8>*P,'+! :%&%! >(/>:*/%8'+! /'! .(! :%()'F)%! D*&>,>*8! /')'8&>(*/%A! ='8%! ',!
)a8&>(%! )>'('! .(*! /%P,'! *:'=:>@(! 9! E.'! R.+)*! 9! :.8>%+*&'()'! =.'/'! ,,'-*8! '(!
%:*+>%('+! *! +>-(>D>:*8! ,%! :%()8*8>%B! $%&%! P>'(! +*P'(! ,*+! ='8+%(*+! :.9%! %8>-'(!
=8%;>'('!/'!?%(*+!8.8*,'+!:%(+)8.>8!.(*!e*:>(*!Ge*:>(*8H!+.=%('!:%,%:*8!,%+!e*:'+!
G/'! :'8'*,A! *,D*,D*A! '):BH! /'! D%8&*! *=8')*/*A! %8/'(*/*A! .(%+! +%P8'! %)8%+B! o! '+'!
*=>,*&>'()%! (%! '+! 8':%&'(/*P,'! E.'! +'! )8*/.?:*! :%&%! .(! &'8%! *&%()%(*8! %!
R.()*8! +>(! +'()>/%! =%8! ',! 8>'+-%! /'! /'88.&P*&>'()%! E.'! =8'+'()*8<*! ,*! e*:>(*B! C>!
=8%=.+>a8*&%+! '(! '+)%+! &%&'()%+! .(*! 9.F)*=%+>:>@(! /'! />&'(+>%('+A! +>(! &*+A!
/'+=.a+!/'!e*P'8!'F=.'+)%!)%/%+!'+)%+!8':.8+%+!/'!*(S,>+>+!/'!.(*!8'*,>/*/!:%&%!
,*! D*&>,>*! G=*8*! ,*! >(;'+)>-*:>@(! %! =*8*! ',! />*-(@+)>:%H! +'-.>8<*&%+! )'(>'(/%! .(!
:%(-,%&'8*/%!/'!;*8>*P,'+!%!>(/>:*/%8'+!>(:%('F%+B!7%8!:%&'()*8!:%(!:*8S:)'8!/'!
*(a:/%)*A! '(! %:*+>%('+A! '(! >(D%8&'+! /'! ';*,.*:>@(! =+>:%='/*-@->:*! +.:'/'! E.'!
*,-.(%+!G=%:%+A!P>'(!'+!:>'8)%H!=8%D'+>%(*,'+!:.*(/%!)8*)*(!/'!/'+:8>P>8!',!:%()'F)%!
D*&>,>*8! 8'/*:)*(! :%()'(>/%+! +%P8'! :%&=%+>:>%('+! 9! &>'&P8%+! /'! ,*! D*&>,>*A!
>(:%8=%8*(! *+=':)%+! /'! ,*! ;>/*! *D':)>;*A! =,*+&*(! :.'+)>%('+! %8-*(>?*)>;*+! =*8*!
;%,;'8!*!'F=8'+*8!/'!(.';%A!/'+%8/'(*/*&'()'A!*+=':)%+!*D':)>;%+!G',!%8/'(!'+!.(!
'R'&=,%HB!4%+!fe*:'+hA!,*+!/>&'(+>%('+!E.'!:%(D%8&*(!',!:%()'F)%!D*&>,>*8!=*8':'!
8*?%(*P,'!E.'!+'!*(*,>:'(!9!=8'+'()'(!/'!D%8&*!%8/'(*/*B!
7'8%! */'&S+A! =*8)>&%+! /'! *:'=)*8! ',! e':e%! =%8! ',! E.'! .(*! 8'*,>/*/A! ',! :%()'F)%!
D*&>,>*8A! 'R'8:'! .(*! >(D,.'(:>*! /'(%&>(*/*! +%:>*,>?*:>@(! %! '/.:*:>@(A! '(! &*9%8! %!
&'(%8! &'/>/*A! /'! .(*! (*).8*,'?*! .! %)8*A! +%P8'! ,%+! &>'&P8%+! /'! ,*! D*&>,>*B! Q+<A!
/'+:8>P>&%+!*+%:>*:>%('+!'()8'!/')'8&>(*/%+!>(/>:*/%8'+!8'D'8'()'+!*!,*+!D*&>,>*+!
G(>;',!+%:>%:.,).8*,!/'!,%+!=*/8'+A!=*8)>:>=*:>@(!/'!,%+!=*/8'+!'(!,%+!*=8'(/>?*R'+!
'+:%,*8'+A!'F=':)*)>;*+!8'+=':)%!*!,%+!e>R%+A!;>(:.,*:>@(!*D':)>;*A!&*()'(>&>'()%!/'!
,*+! (%8&*+A! '):BH! 9! :>'8)%+! :%&=%8)*&>'()%+! /'! +.+! &>'&P8%+! G8'(/>&>'()%!
'+:%,*8A! */*=)*:>@(! ='8+%(*,! %! +%:>*,A! '+)*P>,>/*/! '&%:>%(*,A! '):BHB! U.'+)8%! =.()%!
/'! =*8)>/*! +.=%('! ,*! *:'=)*:>@(! /'! ,*! (*).8*,'?*! /'! '+*! >(D,.'(:>*! :%&%! .(*!
>()'8*::>@(! /'! '(+'T*(?*i*=8'(/>?*R'! P*+*/*! D.(/*&'()*,&'()'! '(! ',! :,S+>:%!
&%/',%! /'! *=8'(/>?*R'! ;>:*8>%A! +>'&=8'! 8')8%*,>&'()*/%! *! ,%! ,*8-%! /',! :>:,%! ;>)*,!
D*&>,>*8A! E.'! (%+! 'F=,>:*P*! J*(/.8*B! Ç+)'A! :%(! +.+! 'F='8>&'()%+A! /'R*P*!
/'&%+)8*/%!E.'!,*+!:%(/.:)*+!*-8'+>;*+!%P+'8;*/*+!'(!*/.,)%+!G+.!:,S+>:%!;>/'%!',!
E.'! .(! */.,)%! ='-*P*! *! .(! &.T':%i=*9*+%! >(D,*P,'H! '8*(! 8'=')>/*+! =%8! (>T%+! /'!
'/.:*:>@(! >(D*()>,! E.'! e*P<*(! %P+'8;*/%! ,*! D%8&*! /'! :%&=%8)*8+'! /'! *E.',,%+!
&*9%8'+A!*,-%!E.'!(%!e*:<*(!E.>'('+!(%!e*P<*(!;>+)%!'+*+!:%(/.:)*+!/'!,%+!*/.,)%+B!
1,! :%()'F)%!D*&>,>*8!'+!',!f&.(/%h!'(!',!E.'!+'!/*(!=*)8%('+!/'!:%&=%8)*&>'()%!
E.'!.(%+!&.'+)8*(!%!'(+'T*(!9!%)8%+!*=8'(/'(!9!8'=8%/.:'(B!
7%8!%)8*!=*8)'A!'+!:%(;'(>'()'!(%!='8/'8!/'!;>+)*!:>'8)*!=':.,>*8>/*/!/',!:%()'F)%!
D*&>,>*8!:%&%!'+!,*!='8:'=:>@(!E.'!+.+!&>'&P8%+!)>'('(!/'!,*!=8%=>*!+>).*:>@(!/',!
:%()'F)%B! 1(! =*,*P8*+! /'! `'8(S(/'?! J*,,'+)'8%+A! f)*(! >&=%8)*()'! '+! ',! *(S,>+>+!
%PR')>;%! /',! :%()'F)%! '(! ',! E.'! +'! /'+'(;.',;'! ',! +.R')%! :%&%! ,*! ='8:'=:>@(! E.'!
a+)'!)>'('!/'!a,Bh!G`'8(S(/'?!J*,,'+)'8%+A!"XgV0![VHB!!
!
!
VbV!
1(!%:*+>%('+A!:.*(/%!+'!/'P*)'!+%P8'!',!.+%!/'!:.'+)>%(*8>%+!*!)8*;a+!/'!,%+!:.*,'+!
+'! :%)'R*! ,*! *=8':>*:>@(! E.'! ,%+! &>'&P8%+! /'! ,*+! D*&>,>*+! G=*/8'+! %! e>R%+H! e*:'(!
+%P8'! ',! =8%=>%! :%()'F)%A! 8'+.,)*! DS:>,! '(:%()8*8! %=>(>%('+! E.'! =%('(! '(! /./*! ,*!
:*,>/*/! /'! ,*! >(D%8&*:>@(! 8'->+)8*/*A! )*,! ;'?! =%8E.'! +'! %,;>/*! '+)*! >/'*! +'T*,*/*!
:%(! *()'8>%8>/*/B! Z'*,&'()'A! +*,;%! ',! /'+*88%,,%! /'! '()8';>+)*+A! ,*! %P+'8;*:>@(!
+>+)'&S)>:*! 9! '(! ',! .+%! /'! )a:(>:*+! =8%9':)>;*+A! )%/*+! ,*+! '+:*,*+A! /'! :%8)'!
=+>:%&a)8>:%A!+'T*,*/*+!+'!P*+*(!'(!,*!='8:'=:>@(!9!;*,%8*:>@(!E.'!,%+!&>'&P8%+!
e*:'(!/'!+.+!D*&>,>*+B!
U.'+)8*!=8%=.'+)*!,*!>8'&%+!/'+*88%,,*(/%!+'T*,*(/%!,*+!:.*)8%!/>&'(+>%('+!E.'!
'()'(/'&%+! :%&%! S&P>)%+! 5+&).#/)6+2.+! >(/'='(/>'()'+! '()8'! +<A! %! *,! &'(%+!
*:%)*P,'+A!>(/>:*8'&%+!+.!:%&=%+>:>@(!9!,*!8',';*(:>*!'(!'!&*8:%!/'!,*!'/.:*:>@(!9!
',!=8%=>%!/'+*88%,,%!='8+%(*,!9!+%:>*,!/'!,%+!&>'&P8%+!/'!,*!D*&>,>*B!
4*+! />&'(+>%('+! *! )8*;a+! /'! ,*+! :.*,'+! +'! =.'/'! 'F=8'+*8! .(*! ;>+>@(! P*+)*()'!
:%&=,')*!/'!.(*!8'*,>/*/!'/.:*)>;*!:%&%!'+!,*!D*&>,>*!=%/8<*&%+!+>+)'&*)>?*8,*!*!
=*8)>8!/'0!
i! 5(/>:*/%8'+! +>).*:>%(*,'+! /'! ,*! D*&>,>*! 8'+=':)%! *! +.! :%&=%+>:>@(A! +.! e>+)%8>*! 9!
+%:>%':%(%&<*!
i!4*!/>&'(+>@(!*D':)>;*B!
i!4*!/>&'(+>@(!8'D'8'()'!*,!/'+*88%,,%!/'!,%+!*=8'(/>?*R'+B!
i!4*!/>&'(+>@(!8',*)>;*!*!,*!%8-*(>?*:>@(!9!,*!'+)*P>,>/*/B!
!
N2,#$),%5+"* "#.-)$#%2)&+"* ,+* &)* 9)6#&#)* 5+"3+$.%* )* "-* $%63%"#$#:2@* "-* V#".%5#)* 4*
"%$#%+$%2%6()*
Q,!>-.*,!E.'!'(!,*+!>(;'+)>-*:>%('+!/'!:*8S:)'8!P>%&a/>:%!%!=+>:%,@->:%!,*!;*8>*P,'!
-a('8%!+.','!+'8!/'!,*+!=8>&'8*+!E.'!+'!:%()'&=,*!=%8E.'!+'!:%(R').8*!E.'!=.'/'(!
'F>+)>8! />D'8'(:>*+! 'F=,>:*/*+! =%8! :>'8)*+! =8'/>+=%+>:>%('+! P>%,@->:*+! %!
=+>:%,@->:*+A! :.*(/%! +'! )8*)*! ,*! 8'*,>/*/! D*&>,>*8! +.8-'(! >(&'/>*)*&'()'! ,*+!
:%(+>/'8*:>%('+! '(! )%8(%! *! ,%+! *+=':)%+! +%:>%':%(@&>:%+! /'! ,*! D*&>,>*B! 2'+/'! ,%+!
)8*P*R%+!/'!7a8'?!C'88*(%!G"Xg"HA!9!%)8%+!=%+)'8>%8'+!G2<*?iQ-.*/%!9!J*8*R*A!"XX[Y!
N%8*,'+! C'88*(%A! "XXXHA! '(! +.+! *&=,>%! )8*P*R%! +%P8'! ',! %8>-'(! +%:>*,! 9! ',!
8'(/>&>'()%! '+:%,*8! e*+)*! ,*! *:).*,>/*/A! +%(! ;*8>*P,'+! E.'! +>'&=8'! ='8&>)'(!
'F=,>:*8! ,*! 8'*,>/*/! '(! ',! &*8:%! /'! .(*! >(;'+)>-*:>@(! 9t%! :%()'F).*,>?*8A! =*8*!
%P)'('8!.(*!;>+>@(!&*+!:%&=8'(+>;*A!'(!,*!'F=,%8*:>@(!=8%=>*!/'!.(*!';*,.*:>@(!
=+>:%='/*-@->:*B!
4*!:%&=%+>:>@(!D*&>,>*8A!',!(_&'8%!/'!e'8&*(%+A!,*!8',*:>@(!E.'!+'!'+)*P,':'!'()8'!
,%+!e'8&*(%+A!R.()%!:%(!%)8*+!;*8>*P,'+!E.'!'F=8'+*8'&%+!*!:%()>(.*:>@(!=.'/'(!
'+)*8!*+%:>*/%+!)*()%!/'+*88%,,%!='8+%(*,!9!+%:>*,!'(!-'('8*,!:%&%!*,!8'(/>&>'()%!
'+:%,*8! '(! =*8)>:.,*8! G`8'>F*A! "XX[A4*/8@(! /'! d.'8;*8*A! VWWWY! U*;*88%A! c%&S+! 9!
M,>;'8A! VWW#Y! C',)?'8A! d8''(P'8-A! M8+&%(/! 9! 4%.(/+A! VWW#A! HB! Q+<! &>+&%A! +'! e*!
'+)./>*/%A! /'+/'! ,%+! &%&'()%+! >(>:>*,'+! /'! ,*+! :%88>'()'+! =+>:%/>(S&>:*+A! ,*!
8',';*(:>*! /'! ,%+! 8%,'+! '()8'! e'8&*(%+! '(! D.(:>@(! /',! ,.-*8! E.'! %:.=*!
G&*()'(>&>'()%! /'! ,*+! (%8&*+A! :%&=%8)*&>'()%+! 'R'&=,*8'+A! '):BHA! *+<! :%&%! /',!
=8%=>%!)*&*T%!/'!,*!D*&>,>*A!=8':>+*&'()'!=%8!',!)>=%!9!:*()>/*/!/'!>()'8*::>%('+!
='8+%(*,'+! E.'! +'! =.'/*(! /*8! G)*()%! /'! )8*+,*/%! /'! >(D%8&*:>@(! :%&%! /'!
'F=8'+>%('+!*D':)>;*+HA!',!)>=%!/'!*)'(:>@(!/>D'8'(:>*/*!E.'!=.'/*!8':>P>8!:*/*!e>R%!
!
!
Vb[!
=%8!=*8)'!/'!,%+!=*/8'+A!9!=%8!,%!)*()%A!)%/%!',,%!+'!=.'/'!*+%:>*8!:%(!',!/'+*88%,,%!
='8+%(*,!9!+%:>*,!9!',!8'(/>&>'()%!'+:%,*8B!
1(! /'D>(>)>;*A! 4%+! *+=':)%+! *! :%()'&=,*8! P*R%! '+)*! />&'(+>@(! =%/8<*(! +'8! ,%+!
+>-.>'()'+0!
i! N>'&P8%+! /'! ,*! D*&>,>*A! '/*/A! =8%D'+>@(A! '+)./>%+A! ,.-*8! E.'! %:.=*! '()8'! ,%+!
e'8&*(%+B!
i! L>+)%8>*! D*&>,>*8! /'! ,%+! &>'&P8%+! G*()'8>%8'+! D*&>,>*+A! e'8&*(%+! /'! =*/8'+!
:%&=*8)>/%+A!'):BH!!
i!U>;',!':%(@&>:%!/'!,*!D*&>,>*A!!
i!c>=%!/'!;>;>'(/*A!=%+>P>,>/*/!/'!e*P>)*:>@(!>(/>;>/.*,A!:*8*:)'8<+)>:*+!/',!P*88>%!%!
?%(*!'(!,*!E.'!+'!>(+'8)*!,*!;>;>'(/*A!'E.>=*&>'()%+!-'('8*,'+!9!:.,).8*,'+B!
i!$%(/>:>%('+!-'('8*,'+!/'!;>/*!'(!,*!D*&>,>*A!(>;',!/'!+*,./!'!e>->'('!-'('8*,B!
A#6+2"#:2*)9+$.#/)*,+&*$%2.+C.%*9)6#&#)50*
o*! e'&%+! :%&'()*/%! E.'! ,*! D*&>,>*! +'! :*8*:)'8>?*! =%8! +'8! .(! :%()'F)%! '(! ',! E.'!
)>'('(! ,.-*8! :%()>(.*+! '! >()'(+*+! >()'8*::>%('+! *D':)>;*+! 9! +%(! &_,)>=,'+! ,%+!
'+)./>%+! GN.+>).! 9! 4>,*A! "XX[HA! */'&S+! /'! ,%+! E.'! e'&%+! ;'(>/%! +'T*,*(/%! *! ,%!
,*8-%!/',!(.'+)8%!)8*P*R%A!E.'!+'T*,*(!,*!8',';*(:>*!/'!,*!/>&'(+>@(!*D':)>;*!'(!,*!
D*&>,>*! =*8*! ',! /'+*88%,,%! ='8+%(*,! 9! +%:>*,! /'! +.+! &>'&P8%+! GCS(:e'?A! 7*88*! 9!
78>')%A!VWW^HB!!
$.*(/%!+'!:%()'&=,*!,*!:%&.(>:*:>@(!9!,*!:%e'+>@(!'(!',!:%()'F)%!D*&>,>*8!:%&%!
.(%+!/'!,%+!'R'+!8',';*()'+!/',!:%()'F)%!D*&>,>*8!'+!DS:>,!'(:%()8*8,*+!*+%:>*/*+!*,!
/'+*88%,,%!='8+%(*,!9!+%:>*,A!/'!,*!*.)%(%&<*!'&%:>%(*,!GM,>;*!9!7*88*A!VWW"H!9!=%8!
,%!)*()%!8',';*()'!',!:%()'&=,*8,*+B!
Q,! :%(+>/'8*8! '+)*! />&'(+>@(! '()'(/'&%+! >()'-8*/%+! '(! ,*! &>+&*! ,%+! *+=':)%+!
+>-.>'()'+0!
i! 4*! 8',*:>@(! '()8'! ,%+! &>'&P8%+A! D8':.'(:>*! '! >()'(+>/*/! /'! ,*+! >()'8*::>%('+A!
8',*:>%('+!'()8'!*/.,)%+!9!&'(%8'+A!8',*:>%('+!'()8'!e'8&*(%+B!
i!U>;',!/'!:%e'+>@(!/'!,*!D*&>,>*A!*=8':>*:>@(!/',!*=%9%!'()8'!,%+!&>'&P8%+B!
i!7'8:'=:>@(!/'!,*!+*)>+D*::>@(!D*&>,>*8!-'('8*,B!
i!$%&.(>:*:>@(!*/':.*/*!'()8'!,%+!&>'&P8%+A!=%+>P>,>/*/!/'!'F=8'+*8!',!:%(D,>:)%!
8)*,#6+2"#:2*5+9+5+2.+*)&*,+")55%&&%*,+*&%"*)35+2,#>)a+"0*
$%&%!e'&%+!>(/>:*/%A!,*!+%:>*,>?*:>@(!=%8!*=8'(/>?*R'!;>:*8>%!'+!D.(/*&'()*,!'(!
',! :%()'F)%! D*&>,>*8A! ,%! E.'! (%! >&=>/'! E.'! ,%+! =*/8'+! 'R'8?*(! 'F=,<:>)*! 9!
/>8':)*&'()'! *::>%('+! />8>->/*+! *,! *=8'(/>?*R'! '+:%,*8B! J*R%! '+)*! />&'(+>@(!
>()'()*&%+!=,*+&*8!,*+!>()'8*::>%('+A!=8%:'+%+!'/.:*)>;%+!/>8':)%+!%!=*)8%('+!/'!
:%&=%8)*&>'()%! E.'! )>'('(! :%&%! :%(+':.'(:>*! .(! 'D':)%! E.'! =8%=>:>*! ',!
/'+*88%,,%!='8+%(*,!9!+%:>*,!9!/'!*=8'(/>?*R'+B!
j.()%!*!'+)'!&*8:%!/'!D%(/%A!+%(!(%)*P,'+A!:%(!:%(+':.'(:>*+!'(8>E.':'/%8*+!=*8*!
,%+! &>'&P8%+! /'! ,*+! D*&>,>*+A! ,%+! =8%:'+%+! />8':)%+! /'! :%&.(>:*:>@(! 9!
=*8)>:>=*:>@(!:%(!,*!>(+)>).:>@(!'+:%,*8!Gd*8:<*!C*(?A!d%&*8>?A!L'8(S(/'?!9!7*88*A!
VW"WY! N*8)<('?! d%(?S,'?A! Z%/8<-.'?! 9! d>&'(%A! VW"WH! %! ,*! D*:>,>)*:>@(! /'!
*:)>;>/*/'+! 'F)8*'+:%,*8'+! GN%8>*(*A! Q,@+A! 7>(%A! L'88.?%! 9! Z.>?A! VWW#HA! 9! =%8! ,%!
!
!
Vb\!
)*()%A!+'!=.'/'(!:%(+>/'8*8!:%&%!;*8>*P,'+!8',';*()'+!*!:%()'&=,*8B!
o!=%8!+.=.'+)%A!',!+>+)'&*!/'!:8''(:>*+!/')'8&>(*!.(*!:%(:>'(:>*!a)>:*!9!+%:>*,!E.'!
&%/',*A! &%)>;*! 9! -'('8*! 'F=':)*)>;*+! '(! ',! S&P>)%! /'! ,*! '/.:*:>@(! '(! ,%+!
&>'&P8%+!/',!:%()'F)%!D*&>,>*8B!
1()'(/'&%+!E.'!,*!f)*8'*!/'!'/.:*8!'+!(':'+*8>*&'()'!:%&=*8)>/*!=%8!,*!D*&>,>*!9!
'+:.',*A!=%8!',,%A!+'!8'E.>'8'!/'!:%(%:'8!,*+!;<*+!/'!:%&.(>:*:>@(!'F>+)'()'+!9!*P8>8!
%)8*+! (.';*+! E.'! 8'+=%(/*(! *! ,*! *:).*,! 8'*,>/*/! /'! ,*+! D*&>,>*+B! ]<*+! /'!
=*8)>:>=*:>@(!E.'!(%!+'!,>&>)'(!'F:,.+>;*&'()'!*!,*!/>&'(+>%(!=*+>;*!/',!:%(:'=)%A!
/%(/'!,%+!=8%D'+%8'+!+%(!',!@8-*(%!/':>+%8>%!9!,%+!=*/8'+!',!'+,*P@(!'R':.)>;%B!4*!
=*8)>:>=*:>@(!'+!.(!+*P'8!e*:'8!E.'!+%,%!+'!*=8'(/'!'(!,*!=8*F>+A!'(!,*!'F='8>'(:>*B!
C'!=%/8<*!/':>8!E.'!*!=*8)>:>=*8!+'!*=8'(/'!=*8)>:>=*(/%A!+@,%!*+<!+'!=.'/'!-'('8*8!
.(*!:.,).8*!/'!=*8)>:>=*:>@(!E.'!:%(+)>).9*!*!,*!;'?!'(!.(*!+'T*!/'!>/'()>/*/!/',!
:'()8%B! 1,! 8')%! '/.:*)>;%! :%(+>+)'! '(! *:'8:*8! *&P*+! >(+)>).:>%('+! '/.:*)>;*+A! '(!
:%(+)8.>8!.(>/*+!.(!=8%9':)%!'/.:*)>;%!:%&_(!:%(!',!%PR')>;%!/'!E.'!',!*,.&(*/%A!
',! e>R%A! +*,-*! P'('D>:>*/%! '(! +.! D%8&*:>@(! :%&%! ='8+%(*h! Gd*8:<*! C*(?A! d%&*8>?A!
L'8(S(/'?A!7*88*A!VW"W0"#WHB!
1()8'! ,%+! *+=':)%+! 8',';*()'+! *,! :%(+>/'8*8! '+)*! />&'(+>@(! e*(! /'! )'('8+'! '(!
:.'()*!,%+!+>-.>'()'+0!
i!4*!'+)>&.,*:>@(!%!>()'8;'(:>@(!+%P8'!',!S8'*!:%-(>)>;*A!,%+!*=8'(/>?*R'+!'+:%,*8'+A!
,%+!eSP>)%+!/'!*.)%(%&<*A!',!/'+*88%,,%!='8+%(*,!9!+%:>*,A!'):B!
i!5(E.>')./'+!>()',':).*,'+A!:.,).8*,'+A!+%:>*,'+!%!8':8'*)>;*+!/'!,%+!&>'&P8%+!/'!,*!
D*&>,>*!E.'!=.'/*(!&%/',*8!'(!&*9%8!%!&'(%8!&'/>/*!,%+!*=8'(/>?*R'+B!
i! Q/E.>+>:>@(! /'! 8':.8+%+! '/.:*)>;%+! G,>P8%+A! R.'-%+! '/.:*)>;%+A! &_+>:*A! :@&>:+A!
'):BH! %! +>).*:>%('+! /'! >&=8'-(*:>@(! :.,).8*,! G;>+>)*+! *! &.+'%+A! :>('A! )'*)8%A!
'F=%+>:>%('+A!'):BHB!
i! 4*! =8%=>:>*:>@(! =%8! =*8)'! /'! ,%+! =*/8'+! e*:>*! ,%+! e>R%+! /'! *:)>;>/*/'+!
'F)8*'+:%,*8'+!%!:%&=,'&'()*8>*+A!%:>%!8':8'*)>;%A!'):B!
i! 5&=,>:*:>@(! /'! ,%+! =*/8'+! '(! ,*! ;>/*! /'! ,%+! :'()8%+! '+:%,*8'+A! *:)>)./! D8'()'! *,!
:'()8%!'+:%,*8!9!',!=8%D'+%8*/%A!D8':.'(:>*!9!:%()'(>/%!/'!,*!:%&.(>:*:>@(!:%(!',!
=8%D'+%8*/%A!*+>+)'(:>*!*!8'.(>%('+!-8.=*,'+!:%(!',!=8%D'+%8*/%A!=*8)>:>=*:>@(!'(!
)*,,'8'+! %8-*(>?*/%+! =%8! ,%+! :'()8%+A! '(! *+%:>*:>%('+! /'! &*/8'+! 9! =*/8'+A! '(! ',!
:%(+'R%!'+:%,*8A!'):B!
i! 1F=':)*)>;*+! 9! &%)>;*:>%('+! /'! ,%+! =*/8'+! 8'+=':)%! *,! /'+*88%,,%! ='8+%(*,! 9! ,%+!
'+)./>%+!/'!,%+!e>R%+B!
i! C>+)'&*! /'! :8''(:>*+! -'('8*,'+A! :%(:>'(:>*! a)>:*! 9! +%:>*,A! =*8)>:>=*:>@(! '(!
*+%:>*:>%('+!:>./*/*(*+!/'!,%+!&>'&P8%+!/'!,*!D*&>,>*B!
8)*,#6+2"#:2*5+&).#/)*)*&)*%5')2#>)$#:2*4*&)*+".)M#&#,),0*
4*!%8/'(*:>@(!/'!,*!:%&.(>:*:>@(!'()8'!,%+!&>'&P8%+!/',!:%()'F)%!D*&>,>*8!/'D>('!
,%+! 8%,'+! E.'! '+)%+! */%=)*(! '(! ',! &>+&%B! 1+! :>'8)%! E.'! '+)%+A! 8%,'+! +'! ;*(!
&%/>D>:*(/%!:%(!',!:>:,%!;>)*,!/'!,*!=8%=>*!D*&>,>*!='8%A!*!+.!;'?A!+'!=8'+'()*(!:%(!,*!
8'-.,*8>/*/! =8%=>*! /'! .(! +>+)'&*! E.'! )>'(/'! *! &*()'('8+'! '(! '+'! 'E.>,>P8>%!
/>(S&>:%! E.'! ,'! :*8*:)'8>?*B! Q,-.(%+! /'! ,%+! 'R'+! +%P8'! ,%+! E.'! +'! *+>'()*! .(!
D.(:>%(*&>'()%! D*&>,>*8A! +'-_(! ,*+! '+:*,*+! 8';>+*/*+! '(! '+)'! )8*P*R%A! +.','! +'8! ',!
8'D'8>/%! *! ,*! %8-*(>?*:>@(! 9! ,*+! (%8&*+! E.'! 8>-'(! '(! ,*+! D*&>,>*+A! +>(! E.'! +'*!
!
!
Vb^!
'F:,.+>;*&'()'! ',! _(>:%! G7%,*>(%i4%8'()'A! "XXgA! VWWbHB! 1+)*! %8-*(>?*:>@(! '(! .(*!
/>8'::>@(!.!%)8*!%!+.!*.+'(:>*!=.'/'(!)'('8!:%(+':.'(:>*+!'(!',!/'+*88%,,%!/'!+.+!
&>'&P8%+!/'!&*('8*!+*)>+D*:)%8>*!%!>(+*)>+D*:)%8>*!GN*-*()%A!1)F'P'88<*!9!7%8:',A!
VW"WH!
oA! =%8! ,%! )*()%A! >(:%8=%8*/%+! *! '+)*! />&'(+>@(! =8')'(/'&%+! +'T*,*8! ,%+! *+=':)%+!
+>-.>'()'+0!
i! M8-*(>?*:>@(! D*&>,>*8! :%(! (%8&*+! :,*8*+A! )>=%! /'! (%8&*+A! &*()'(>&>'()%! /'! ,*+!
(%8&*+B!
i! c>=%!